Morgan Stanley sees 19% upside in this stock, which has gained over 200% in a year

Global brokerage firm Morgan Stanley is bullish on Kaynes Technology India, an integrated electronics manufacturer, which has given a return of over 203 per cent in a year. The brokerage has initiated an 'overweight' rating on the stock and sees an upside potential of nearly 19 per cent from Wednesday's closing.

In its report, Morgan Stanley has stated that India plays a vital role in electronic manufacturing and has estimated the revenue growth of the segment at a 21 per cent compound annual growth rate (CAGR) by FY22–32. It believes that by FY32, the revenue will grow to $604 billion.

The brokerage has given a target price of Rs 2,440 on the stock.

Anil Singhvi's recommendation

Echoing a similar view, Zee Business Managing Editor Anil Singhvi has recommended buying shares of Kaynes Technology India for a target price of Rs 2,120 apiece and has chosen it as the stock of the day for today.

How has the company fared in the June quarter?

The company logged a net profit of Rs 25.19 crore in the June quarter against Rs 12.25 crore logged a year ago, up 105.66 per cent. The net sales for the quarter stood at Rs 290.59 crore, up 51.61 per cent, from Rs 191.67 crore recorded in the June 2022 quarter.

The total income of the company stood at Rs 299.08 crore in Q1 FY24, against Rs 191.9 crore in the year-ago period.

Kaynes Technology share price: Historic performance 

So far in 2023, shares of Kaynes Technologies have jumped over 182 per cent against the headline index's rise of over 8 per cent.

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