Shares of Kaynes Technology India Ltd gained 2.41% to ₹6,900 in Tuesday’s early session (October 28), following the Indian government’s announcement approving six companies under the Electronics Component Manufacturing Scheme (ECMS) with a total proposed investment of ₹5,532 crore.
Among the approved entities is Kaynes Circuits, a subsidiary of Kaynes Technology, alongside Syrma Strategic Electronics (subsidiary of Syrma SGS), SRF Ltd, and Ascent Circuits. The approved projects have a combined production target of ₹44,406 crore.
Union Minister Ashwini Vaishnaw stated that the approvals are expected to save an import bill of ₹20,000 crore and boost domestic manufacturing of Printed Circuit Boards (PCBs), high-density and multi-layer PCBs, copper laminates, camera modules, and capacitor films.
Kaynes Circuits’ approval marks a significant boost for Kaynes Technology’s expansion in India’s electronics manufacturing ecosystem. Under ECMS, companies are projected to meet 20% of national demand for multi-layer PCBs, 100% for copper laminates, and 15% for camera modules.
The ECMS has an overall outlay of ₹22,805 crore, aimed at building a robust component ecosystem and generating over 1.4 lakh jobs.
At 9:20 AM, Kaynes Technology’s market capitalization stood at ₹4.51 lakh crore, with shares trading between ₹6,850 and ₹6,950, compared to the previous close of ₹6,737.50.
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