Rajesh Exports shines on plan to set up India's first display plant

Rajesh Exports

13/06/2022 07:31

** Shares of Indian jewellery maker  REXP.NS  surge as much
as 8.4% to 566.40 rupees, post their biggest intraday percentage
gain since March 17
    ** Stock up after two straight sessions of losses; hits
highest since May 31 
    ** REXP agreed to invest 240 bln rupees ($3.07 bln) in the
southern Indian state of Telangana to set up the country's first
electronic-display plant, the state govt said on Sunday
 urn:newsml:reuters.com:*:nL1N2Y008E
    ** Co, which has no prior experience in electronics
manufacturing, is making the investment through Elest, a unit it
incorporated for diversifying into making products such as 
AMOLED displays, lithium-ion cells, batteries, and electric
vehicles
    ** Co has qualified for incentives under a $2.4 bln federal
government scheme for battery manufacturing
    ** Elest would also set up a centre for research in advanced
display technology - Telangana government statement
    ** More than 1.3 mln shares traded by 0621 GMT, 15.3 times
their 30-day avg
    ** Up to last close, stock had fallen 29.1% this year
($1 = 78.1350 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))