Jaykay Enterprises shares were locked at 5% upper circuit on 11 December after the company announced signing an MoU (Memorandum of Understanding) with Philips Machine Tools India Private Limited.

In its regulatory filing, the company said, “Jaykay Enterprises has completed the execution of MoU on 09 December, 2023 with Philips Machine Tools India Private Limited, a subsidiary of Philips Corporation, USA, engaged in the business of advanced manufacturing technology products and services, to synergistically expand each other businesses on Pan India and in Global markets.”

Through this MoU, both parties have mutually agreed to set up a Joint Venture (VJ) LLP within 3 months of the execution of this MoU.

The JV aims to participate in supplying and installing manufacturing systems and accessories in India and global locations, as discussed between both parties.

The MoU allows both parties to explore possibilities of setting up a manufacturing facility for the supply of machine systems and accessories into Philips Corp’s Machine tools supply chain and also explore options of setting up an Industry 4.0 consulting & manufacturing systems.

At 3:30 pm, the shares of Jaykay Enterprises closed 5.00% higher at Rs 99.14 on BSE.