Stocks Of Electronics Manufacturers Rise Up To 2% As Govt Clears 31 Projects Worth ₹7,877 Crore Under Component Scheme
Shares of electronics manufacturing companies gained on August 18 after the government approved 31 fresh projects worth Rs 7,877 crore under the Electronics Component Manufacturing Scheme (ECMS). The latest approvals take the total number of sanctioned projects to 106 across five tranches, with cumulative investments crossing Rs 69,000 crore. The announcement boosted investor interest in the…
On August 18, electronic manufacturers' stocks experienced a 2% rise following the government's approval of 31 new projects under the Electronics Component Manufacturing Scheme (ECMS). This brings the total sanctioned projects to 106 across five tranches, with cumulative investments surpassing Rs 69,000 crore. The announcement sparked investor interest in the sector, leading Syrma SGS and Dixon Technologies to also climb around 2% each.
Other companies such as PCBL and Jyoti CNC saw gains of approximately 1%. The newly-approved projects span a wide array of products, from camera and display modules to rare earth permanent magnets, and are spread across 10 states. These initiatives aim to bolster domestic value addition, reduce reliance on imported components, and create nearly 10,000 jobs.
The government had initially targeted Rs 59,000 crore in investments, but the approved projects have already resulted in committed investments of Rs 69,000 crore. The latest investments are projected to generate Rs 82,243 crore in production. Union Electronics and IT Minister Ashwini Vaishnaw emphasized the importance of focusing on design capabilities, indigenous supply chains, and workforce development to maintain India's competitiveness in the global electronics market.
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