India's Syrma SGS Tech jumps on strong qtrly report, its first since debut

Syrma SGS Technology

15/11/2022 09:00

** Shares of recently-listed Syrma SGS Technology  SYRM.NS 
rise as much as 8.88% to 302.90 rupees
    ** Stock marks sharpest intraday pct gain since Aug. 29
    ** The semiconductor firm reports a 45.1% Y/Y rise in
Sept-qtr consol profit, boosted by an 118.6% surge in rev from
ops
    ** Besides the growth in domestic consumption, Indian
electronics firms to also benefit from import substitution by
local players, China Plus One sourcing strategy and govt.
support - ICICI said in a note on Saturday
    ** More than 1.7 mln SYRM shares change hands by 0806 GMT,
4x 30-day avg of 437,452 shares
    ** Stock last up 4.8% at 291.45 rupees, having gained ~32.5%
from its Aug. 26 issue price of 220 rupees
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))