Shares of Syrma SGS Technology Limited rose around 3.9% on Wednesday to ₹675 after reports suggested the company was setting up a ₹1,800 crore PCB plant in Andhra Pradesh. The company later issued a clarification to the exchanges, stating that while discussions and preparatory work for the project are ongoing, no binding agreements have been finalised yet.
In response to a query from the BSE Surveillance Department regarding the Moneycontrol article dated July 9, 2025, Syrma SGS provided a detailed timeline of events. The company first engaged with Shinhyup Electronics Co., Ltd. in December 2024, signing an NDA to explore collaboration. This was followed by a non-binding MoU in January 2025, a visit to Korea in March, and a non-binding term sheet in April.
Additionally, Syrma submitted an application to the Ministry of Electronics and Information Technology (MEITY) in May 2025 under the ECMS scheme for a Multi-Layer PCB project. Discussions with the Andhra Pradesh government on land and incentives have been ongoing, and a detailed project report was submitted to the IT Secretary of Andhra Pradesh on June 26, 2025.
However, Syrma SGS clarified that there is no unannounced material information at this stage to justify the sharp move in its share price. The company also confirmed that no regulatory or legal proceedings are currently underway in relation to the project.
Komal Malik, Company Secretary and Compliance Officer, assured investors of the company’s transparency and compliance with all regulatory requirements.
The stock gained 3.9%, closing at ₹675, amid heightened investor interest following the media report.