Refile: BUZZ-India's Syrma SGS, Jyoti CNC rise after government approves investment proposals
REFILE-BUZZ-India's Syrma SGS, Jyoti CNC rise after government approves investment proposals Corrects headline to say investment proposals, not approvals
** Shares of India's Syrma SGS Technology SYRM.NS and Jyoti CNC Automation JYCA.NS rise about 2% and 3.57%, respectively
** Stocks gain after the Indian government approved investment proposals under the fifth tranche of the Electronics Components Manufacturing Scheme (ECMS)
** Syrma SGS' 600 million-rupee ($6.27 million) coil manufacturing project and Jyoti CNC's 10.21-billion-rupee electronics manufacturing equipment proposal approved
** The approvals are expected to boost domestic electronics manufacturing, improve localization and reduce import dependence, brokerage ICICI Securities says
** YTD, SYRM up 103.93% and JYCA down 10.24%
($1 = 95.6675 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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