Kaynes Tech shares rise on appointment of Muthukumar Narayanaswamy as MD

Kaynes Technology on Wednesday, September 24, informed the bourses that it has appointed Muthukumar Narayanaswamy as the Managing Director for a five-year term.The company has also re-designated Ramesh Kunhikannan, formerly MD, as Executive Vice Chairman in the whole-time director category.

Last week, Kaynes Tech’s Chief Executive Officer (CEO) Rajesh Sharma resigned from the company. In an exchange filing, the company said Sharma will step down effective October 31, 2025, to pursue opportunities outside the organisation. “At this juncture, I believe it is time for me to embark on a new professional journey to take up another exciting and challenging assignment,” Sharma said.CFO Jairam Sampath told CNBC-TV18 that the company expects to announce the new CEO within the next three to four days. The successor will be an internal candidate who has been with the company for the past year. Sampath also clarified that Sharma’s exit was well planned and that he had been in discussions with management for some time.

He added that the company’s growth trajectory remains on track, with the current earmarked capital expenditure expected to be completed over the next 2–3 years.

Since its IPO at ₹587 per share, Kaynes Tech stock has surged nearly 12 times. Shares were trading 2% higher at ₹7,369.