Shares of Dixon Technologies (India) Ltd. rose as high as 2.8% in trade to Rs 14,420 apiece on Tuesday, a day after the Ministry of Electronics and Information Technology of India approved the fifth tranche of ECMS applications.
As of 12:40 p.m., the stock pared gains to trade 0.86% higher at 14,146 apiece on the NSE, as against 0.35% decline in the benchmark Nifty index. Under the approval, Dixon Tech's new facility to be operational in 4 months.
Syrma SGS and Minda Instrument are also among companies that have received approvals for investments under the government's electronics manufacturing scheme, with projects worth a combined Rs 7,877 crore expected to generate Rs 82,243 crore in investment.
ALSO READ: Syrma SGS Technology Stock Surges Over 3% After ECMS Application Gets Approved By Govt
Centum Electronics has received approval for an investment of Rs 50 crore, while Acutaas Chemicals has been approved for Rs 119 crore for manufacturing electrolyte additives.
The latest approvals take the total value of approved investments to Rs 69,500 crore, exceeding the target of Rs 59,000 crore. The production target has also been surpassed, with production reaching Rs 5.34 lakh crore against the target of Rs 4.56 lakh crore.
The government said applications for the scheme remain open and more investments are expected to be approved.
Share Price History
The scrip has risen 16.64% year-to-date, but fallen 15.7% in the last 12 months.
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