Kaynes Tech rallies 8% on govt approval for semiconductor unit in Gujarat

Shares of Kaynes Technologies rallied 8 per cent to Rs 5,052.25 on the BSE in Tuesday’s intra-day trade after the Union Cabinet approved the proposal of Kaynes Semicon Pvt Ltd, a wholly owned subsidiary of the company, to set up a semiconductor unit in Sanand, Gujarat.

The proposed unit will be set up with an investment of Rs 3,300 crore. The fabrication unit will have the capacity to produce six million chips per day.