Kaynes Tech Jumps 10% on Macquarie's 102% Upside, Admits Accounting Errors

• Kaynes Technology shares jumped 10% on December 9, ending a four-day losing streak due to positive brokerage notes.
• Macquarie maintained an 'Outperform' rating on Kaynes Tech, setting a price target of Rs 7,700, implying over 102% upside.
• Kaynes Tech admitted to disclosure shortfalls in standalone FY24 financials regarding a related-party transaction with its subsidiary Iskraemeco.
• Kotak Institutional Equities identified inconsistencies in inter-company transactions and year-end balances, which Kaynes Tech clarified as inadvertent.
• The company plans to strengthen internal reporting and is considering replacing its current auditors.

Why It Matters: Kaynes Tech's accounting lapses raise transparency concerns, impacting investor confidence.