Kaynes Tech shares rebound 4% in relief rally after 40% crash in 1 month.
AI Summary1 min read
TL;DR
Kaynes Technology India shares rose 4% following a 40% monthly crash, driven by oversold conditions and Nomura's Buy rating. Despite target price cuts, analysts see significant upside potential, with concerns over smart meters segment issues contributing to the earlier decline.
Tags
Kaynes Technologystock reboundNomura ratingsmart meterstarget price
Kaynes Technology India shares rebounded 4% after a 40% crash in a month. Oversold technicals and Nomura's Buy rating contributed to the rise. The brokerage cut its target price to Rs 5,455 from Rs 8,478, but still sees a 40% upside. Morgan Stanley retained its Equal-weight rating with a target price of Rs 6,155. The sharp correction was partly due to concerns about accounting and collection issues in the smart meters segment.
