Kaynes Technology shares hit a 52-week high of Rs 2,149.95 during the early trade on 25 August after the company signed a MoU (Memorandum of Understanding) with the Karnataka government. 

The company signed an MoU with the electronics and IT department for an investment of Rs 3,750 crore to set up a semiconductor assembly and testing facility and a printed circuit board manufacturing facility through its subsidiaries. 

Kaynes Semicon Pvt. Ltd. will lead the setup of a Semiconductor Assembly and Testing facility. In contrast, Kaynes Circuits India Private Ltd will take charge of the Printed Circuit Board manufacturing plant for producing complex multi-layered boards.

Through this investment, the company will create 3,200 employment opportunities in the state. 

The dignitaries present during the event included Chief Minister Siddaramiah, IT-BT and Rural Development and Panchayati Raj Minister Priyank Kharge, Commissioner for Industrial Development and Director of the Department of Industries & Commerce Gunjan Krishna, Chief Secretary Vandita Sharma, and KDEM CEO Sanjeev Gupta. 

At 10:45 am, the shares of Kaynes Technology India were trading at Rs 2,016.60 or 8.61% above its previous close of Rs 1,856.80 on NSE.