Why did Kaynes Tech, Syrma SGS share price jump up to 8% despite weakness in Indian stock market? Explained

Shares of Electronics Manufacturing Services (EMS) companies, including Kaynes Technology India and Syrma SGS Technology, traded in the green during Tuesday’s session, October 28, defying the broader market weakness after the government approved the first batch of seven projects under the Electronics Components Manufacturing Scheme.

Union Electronics and IT Minister Ashwini Vaishnaw on Monday said that the government has cleared seven projects worth ₹5,532 crore out of 249 proposals received under the scheme.