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    Rajesh Exports rallies 8% as firm to set up India's first electronic-display plant

    Synopsis

    Amid the continuous shortage of vital supplies for the auto and electronics industry, India and governments around the globe are trying to support the construction of semiconductor and display factories.

    Rajesh Exports rallies 8% as firm to set up India's first electronic-display plantiStock
    (Representative image)
    New Delhi: Shares of Rajesh Exports rallied around 8 per cent to Rs 562.15 in Monday's trade after the jeweller agreed to invest Rs 24,000 crore in Telangana to set up the country's first electronic-display plant.

    "What was hitherto possible only in Japan, Korea, and Taiwan, will now happen in Telangana, the creation of a large-scale ecosystem of partners and ancillaries supplying world-class television, smartphone and tablet makers," said K. T. Rama Rao, Minister of Urban Development, Industries & Commerce of Telangana, announcing the investment.

    Due to the continuous shortage of vital supplies for the auto and electronics industry, India and governments around the globe are trying to support the construction of semiconductor and display factories.

    At 12:40 pm, the scrip traded at Rs 562.15 around 7.55 per cent above its previous close of Rs 522.70.

    Rajesh Exports is an applicant for Prime Minister Narendra Modi's $10 billion incentive plan to push companies to set up semiconductor and display operations in India, the government's next big bet on electronics manufacturing.

    It is making the investment through its subsidiary Elest which makes products such as displays and electric vehicles.

    The company is a Fortune 500 company operating in the Gems and Jewellery sector with a market share of Rs 15,433.24 crore.

    The scrip over the last three years has declined -21.9 per cent as compared to 55 per cent rise in Nifty Midcap 100.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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