Kaynes Technology India and Syrma SGS stocks gain on Morgan Stanley rating upgrade
Shares of electronics manufacturing services (EMS) companies Kaynes Technology India and Syrma SGS gained in morning trade on September 21 following a favourable rating initiation by brokerage firm Morgan Stanley.
Morgan Stanley initiated “overweight” ratings for these two companies and assigned a target price of Rs 2,440 a share for Kaynes Tech and Rs 671 for Syrma SGS.
The foreign brokerage firm sees India’s increasing potential in the electronic manufacturing landscape, forecasting a 21 percent compound annual growth rate (CAGR) in revenue from FY22 to FY32, ultimately reaching $604 billion by FY32.
Kaynes Technology is a prominent end-to-end electronics manufacturing company specializing in Internet of Things (IoT) solutions.
Syrma SGS Technology Limited is an engineering and design company engaged in electronics manufacturing services. It provides integrated services and solutions to original equipment manufacturers, guiding them from the initial product concept stage to volume production through concept co-creation and product realization.
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