Syrma SGS Technology Ltd.'s shares rose 3.60% in trade on Tuesday to a high of Rs 1,521 apiece on the NSE after Ministry of Electronics and Information Technology of India approved its ECMS application a day prior.
The engineering and electronics manufacturing services company received a go-ahead to manufacture coils worth Rs 60 crore.
The shares pared some gains to trade 3.4% higher at Rs 1,518.
Syrma SGS, Minda Instrument and Dixon Technologies were among the companies to receive 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.
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 stock has more than doubled year-to-date and in the last 12 months.
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