Kaynes Technology shares rally 9% as Jefferies upgrades to buy rating, sees 6% upside

 

Shares of Kaynes Technology India surged by as much as 9% on Wednesday, reaching ₹5,085.25 on the BSE, after Jefferies upgraded the stock from ‘Hold’ to ‘Buy’. This upgrade came despite the brokerage reducing its target price to ₹5,400, which suggests a potential upside of 6% from current levels. Jefferies’ upgrade follows a significant 28% decline in the stock over the past month, which the brokerage believes was overdone.