Bulk deal effect: Kaynes Technology stock resumed winning run in last session

Shares of Kaynes Technology resumed their winning run for the second straight session on December 12 on the back of a bulk deal. Sentiment was also positive with some brokerages turning bullish on the recently battered stock. 

In a bulk deal, Smallcap World Fund Inc purchased 4,46,921 shares of Kaynes at an average price of Rs 4206.38 on NSE. The value of the deal amounted to Rs 188 crore. 

On Friday, Kaynes stock ended 5.51% higher at Rs 4267. Market cap of Kaynes Technology rose to Rs 28,603 crore. However, the stock has fallen 44% this year and lost 33% in a month.

Total 7.59 lakh shares of the firm changed hands amounting to a high turnover of Rs 320.07 crore on BSE. 

The stock  fell to a 52-week low of Rs 3713.75 on December 9.

Prior to that, the Kaynes stock crashed 30% to during four sessions. The selloff was triggered after Kotak Institutional Equities raised concerns regarding inconsistencies in the company’s related-party disclosures for FY2025.

In a note, Kotak said it had identified multiple mismatches between the disclosures made by Kaynes Technology, Kaynes Electronics Manufacturing, and its subsidiary Iskraemeco for FY2025. Subsequently, the stock closed 6.3% lower at Rs 4,971.50 on December 4.