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The company said that it is currently reviewing the contents of the notice and will take all appropriate legal and procedural steps, including providing a timely response to the SEBI.
Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, having capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) services.
The company reported 47.1% increase in consolidated net profit to Rs 66.46 crore in Q3 FY25 as compared with Rs 45.19 crore in Q3 FY24. Net sales jumped 29.8% YoY to Rs 661.8 crore during the quarter.
At 13:25 IST, the barometer index, the S&P BSE Sensex, dropped 149.86 points or 0.20% to 73,952.46. The Nifty 50 index lost 62.30 points or 0.28% to 22,435.60.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.96% and the S&P BSE Small-Cap index declined 0.47%.
The market breadth was weak. On the BSE, 1,407 shares rose and 2,451 shares fell. A total of 139 shares were unchanged.
Gainers & Losers:
IndusInd Bank (up 5.10%), Tata Motors (up 2.65%), Kotak Mahindra Bank (up 2.40%), HDFC Bank (up 1.92%) and Sun Pharmaceutical Industries (up 1.36%) were the major Nifty50 gainers.
Infosys (down 5.52%), Wipro (down 4.79%), Tech Mahindra (down 4.11%), HCL Technologies (down 2.57%) and Nestle India (down 2.16%) were the major Nifty50 losers.
Stocks in Spotlight:
Bharti Airtel shed 0.70%. The company announced an agreement with SpaceX to bring Starlink’s high-speed internet services to its customers in India. This is the first agreement to be signed in India, which is subject to SpaceX receiving its own authorizations to sell Starlink in India. It enables Airtel and SpaceX to further explore how Starlink can complement and expand Airtel’s offerings, and how Airtel’s expertise in the Indian market complements SpaceX’s direct offerings to consumers and businesses.
Reliance Industries rose 0.33%. The company said that Jio Platforms (JPL) has entered into an agreement with SpaceX to offer Starlink’s broadband internet services to its customers in India. This agreement, which is subject to SpaceX receiving its own authorizations to sell Starlink in India, enables Jio and SpaceX to explore how Starlink can extend Jio’s offerings and how Jio can complement SpaceX’s direct offerings to consumers and businesses.
Ola Electric Mobility (OLA) rose 1%, following the successful completion of its Network Transformation and Opex Reduction Program, a company-wide initiative launched in November 2024.
FSN E-Commerce Ventures (Nykaa) declined 2.47%. The company announced that it has incorporated a new wholly owned subsidiary, Nykaa Essentials, with its registered office in Mumbai, Maharashtra.
Kaynes Technology India rose 0.26%. The firm said that its managing director (MD), Ramesh Kunhikannan, received show cause notice (SCN) from Securities and Exchange Board of India (SEBI) for violating regulations.
Carysil added 1.84% after the company announced that it has entered into an agreement with KARRAN INC., USA, for the supply of Quartz kitchen sinks to fulfill requirements of new major U.S. home retail chain.
SEPC surged 17.69% after the company announced the execution of a Framework Agreement with ROSHN Group, a leading real estate developer in Riyadh, Kingdom of Saudi Arabia (KSA).
Godrej Agrovet shed 0.47% after the company’s board approved the acquisition of the remaining 48.06% stake in Creamline Dairy Products (CDPL) for total consideration of Rs 930 crore
Global Markets:
US Dow Jones index futures were up 112 points, indicating a positive opening in US stocks today.
European shares traded higher as traders awaited earnings from clothing giants Inditex and Puma, and carmaker Porsche.
Asian stocks traded mixed on Wednesday after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.
Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.
In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.
Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario’s new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.
Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week’s Federal Reserve interest rate decision.
Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, having capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) services. It has experience in providing Conceptual Design, Process Engineering, Integrated Manufacturing and Life Cycle Support for major players in the Automotive, Industrial, Aerospace, Outer-space, Strategic electronics, Medical, Railways, Internet of Things (“IoT”), Information Technology (“IT”) and other segments. The company also has Service centres in Cochin and Mumbai, catering to Railway, Aerospace, Defence and Industrial Clients.
The company reported 86.35% increase in consolidated net profit to Rs 60.21 crore in Q2 FY25 as against Rs 32.31 crore posted in Q2 FY24. Revenue from operations jumped 58.55% YoY to Rs 572.12 crore in the quarter ended 30 September 2024.
Shares of Kaynes Technology jumped 3.39% to Rs 4,955.80 on the BSE.
At 11:28 IST, the barometer index, the S&P BSE Sensex, advanced 284.43 points or 0.37% to 77,785. The Nifty 50 index added 94.15 points or 0.40% to 23,602.55.
In the broader market, the S&P BSE Mid-Cap index advanced 0.40% and the S&P BSE Small-Cap index added 0.78%.
The market breadth was strong. On the BSE, 2,507 shares rose and 1,111 shares fell. A total of 161 shares were unchanged.
Union Budget 2025:
Finance Minister Nirmala Sitharaman began presenting the Union Budget in Parliament, outlining a plan focused on 'transformative' reforms across six key areas: taxation, the financial sector, power, urban development, mining, and regulatory frameworks. The budget prioritized agriculture as the primary engine of growth, with the introduction of the Developing Agri Districts Programme, modeled after the aspirational districts initiative. This program will promote crop diversification, improve irrigation, and expand credit access for 1.7 crore farmers, while also addressing post-harvest storage issues. Sitharaman announced a special focus on tur, urad, and masur dal in a plan to achieve self-reliance in pulses, with NAFED and NCCF procuring these pulses from farmers as part of the DHAN DHANYA YOJANA. To further support the agricultural sector, a Makhana Board will be set up in Bihar, and a National Mission on High-Yielding Seeds will be launched.
The budget emphasizes GYAN – Garib (poor), Youth, Annadata (farmers), and Nari (women) – and commits to energy security and export promotion. Sitharaman identified agriculture, MSMEs, and exports as key drivers of economic growth, highlighting India's status as the fastest-growing major economy.
The 2025-26 budget builds on the government's commitment to accelerated and inclusive development, aiming to boost household confidence and empower the Indian middle class. Sitharaman emphasized India's rapid economic growth compared to other major economies, citing the country's development record and structural reforms of the past decade. She noted the increased global confidence in India's capabilities and potential, and expressed the government's view of the next five years as a unique opportunity to achieve Sabka Vikas, stimulating balanced growth across all regions.
Buzzing Index:
The Nifty Private Bank index advanced 0.85% to 24,593.80. The index jumped 4.06% in five consecutive trading sessions.
Axis Bank (up 1.51%), IndusInd Bank (up 1.38%), Bandhan Bank (up 0.71%), City Union Bank (up 0.65%) and Kotak Mahindra Bank (up 0.45%), RBL Bank (up 0.33%), ICICI Bank (up 0.26%), HDFC Bank (up 0.16%) advanced.
On the other hand, IDFC First Bank (down 1.2%), Federal Bank (down 0.06%), edged lower.
Kaynes Technology India jumped 3.39%. The company announced that its deputy chief financial officer, R. Balasubramanian, has resigned, with effect from 30 January 2025, due to personal reasons.
RailTel Corporation of India rallied 2.53% after the firm said that it has received the work order from Department of Education Samagra Shiksha for supply and service amounting to Rs 15.98 crore.
Oil & Natural Gas Corporation (ONGC) fell 0.42% after the company’s standalone net profit fell 16.7% to Rs 8,239.92 crore in Q3 FY25 compared with Rs 9,891.71 crore in Q4 FY24. Revenue from operations declined 3.08% YoY to Rs 33,716.80 crore in Q3 FY25.
The Trump administration announced new tariffs on imports from Mexico, Canada, and China, starting Saturday. These tariffs are partly in response to illegal fentanyl distribution. Potential tariffs include 25% on Mexican and Canadian imports, 10% on Chinese goods, and future tariffs on chips, oil, gas (possibly by February 18th), steel, aluminum, and copper. Trump insists these tariffs are unavoidable and will generate substantial revenue, even hinting at possible European tariffs. He contrasted the US’s historical reliance on tariffs with its current dependence on income tax.
The news caused US stock market declines. At the close in NYSE, the Dow Jones Industrial Average fell 0.75%, while the S&P 500 index declined 0.5%, and the NASDAQ Composite index declined 0.28%.
Apple shares closed lower as the broader market selloff erased earlier gains. The company expects sales growth in the low- to mid-single digits for its fiscal second quarter, easing concerns about flagship handset sales, which slightly missed estimates in the holiday season. CEO Tim Cook remains optimistic, citing Apple Intelligence (AI features) as a driver of future sales.
Exxon Mobil stock fell 2.5%, despite exceeding fourth-quarter profit expectations. Higher oil and gas production helped offset lower crude prices and weaker refining margins.