SYRMA

** Shares of Syrma SGS Technology SYRM.NS rise 6.5% to 819.90 rupees

** Morgan Stanley upgrades rating to 'overweight' from 'equal-weight'; raises price target to 992 rupees from 712 rupees

** Morgan Stanley says we turn constructive due to relative resilience in revenue growth, improving margins, and healthy net working capital

** Adds, SYRM's exports rose to 25% of revenues vs 20% year ago, despite macro headwinds

** Tie-up with tech partner Shinhyup (Korean entity) could aid capability building and drive offtake as well - Morgan Stanley says

** Gains in stock also supported by India-U.S. trade deal

** Trading vols at 2.9 mln shares so far, over 2x the 30-day average

** SYRM rose ~24% in 2025

(Reporting by Vijay Malkar)

(([email protected];))

** India's electronics manufacturing services sector seen benefiting from federal budget's pivot toward higher value addition and backward integration, brokerages say

** Government proposed increasing outlay for Electronic Components Manufacturing Scheme by 400 billion rupees ($4.36 billion), scaling up manufacturing and boosting semiconductor development

** CLSA says the budget marks a "pivot point" for electronics manufacturing, government allocation supports domestic component manufacturing and integration but flags near-term risks from lower smartphone assembly incentives

** Jefferies says higher allocation supports the medium-term outlook for electronic companies, but flags execution timelines and the expiry of assembly-linked incentives as near-term risks for some players

** Nomura flags continued policy support for electronics and semiconductors in the budget as a key positive within a fiscally restrained framework

** Dixon Technologies DIXO.NS flat, Kaynes Technology India KAYN.NS down 5%, Syrma SGS up 0.73% and Amber Enterprises AMBE.NS down 2.7% on the day

($1 = 91.7125 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Updates

** Shares of Indian electronics manufacturing services firms Dixon Technologies DIXO.NS, Kaynes Technology KAYN.NS, Syrma SGSSYRM.NS, Amber Enterprises AMBE.NS rise

** Stocks gain between 3.25% and 4.83% after government proposes increasing outlay for electronic components manufacturing by 400 billion rupees ($4.36 billion)in federal budget

** Government also proposes scaling up manufacturing and boosting semiconductor development

** EMS firms are seen as key beneficiaries of India's push to localise electronics manufacturing

($1 = 91.6710 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Jan 29 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.03 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.64 BILLION RUPEES

Source text: ID:nBSE2TcyFw

Further company coverage: SYRM.NS

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** Jefferies expects Indian electronics manufacturing services (EMS) firms to deliver strong earnings per share with CAGR of 44% between FY25 and FY28, based on execution

** Indian government's component manufacturing production-linked incentive (PLI) scheme has benefited companies in the segment, according to analysts at Jefferies

** Brokerage prefers Indian component makers over original equipment manufacturers in 2026

** It estimates total capex of Amber Enterprises AMBE.NS, Syrma SGS Technology SYRM.NS, Kaynes Technology India KAYN.NS and Dixon Technologies DIXO.NS to be ~100 bln rupees between FY26 and FY28; RoCE at 15-17%

** AMBE down 0.6%, KAYN and DIXO slip 5.8% and 2.5%, respectively while SYRM adds 0.2%

** Brokerage's top picks:

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

** Syrma SGS Technology SYRM.NS rises as much as 5.98% to 856.4 rupees; last up 4%

** Electronics manufacturer posts 77% surge in net profit in September quarter

** Morgan Stanley, Jefferies attribute strong results to rising sales, lower interest costs, improving product mix

** Macquarie sees results as beat in profitability terms vs brokerages' expectations

** Meanwhile, co planning to buy majority stake in Elcome Integrated systems, marking foray into defence, maritime business

** SYRM gains 43.5% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Nov 10 (Reuters) - Syrma SGS Technology SYRM.NS:

• SEPT-QUARTER CONSOL NET PROFIT 640.6 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 11.46 BILLION RUPEES

Source text: ID:nBSE9PVwn0

Further company coverage: SYRM.NS

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** Syrma SGS Technology SYRM.NS jumps 4.2% to a record high of 824 rupees, set for sixth straight session of gains

** Andhra Pradesh government approves a 8.56 bln rupees ($97.8 mln) incentive package for co for a mega printed circuit board plant, news website Moneycontrol reports citing sources

** Report adds, project to be commissioned by October 2026 and is expected to add 62 bln rupees to top line of Syrma in FY 2027

** Syrma did not immediately respond to a request for comment

** Avg rating of 23 analysts is "buy", median PT is 750 rupees-LSEG data

** YTD stock up ~34%

($1 = 87.5060 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

** Syrma SGS Technology SYRM.NS rises 2% to 735 rupees

** JPMorgan maintains "overweight"; raises PT to 950 rupees from 880 rupees, implying 32% upside from last close

** Expects co to be third-fastest growing EMS firm in India

** Forecasts 30% revenue CAGR over FY25–28, led by industrial, automotive segments

** Bakes in 10 bln-rupee ($115 mln) QIP at 699 rupees/share, citing higher interest income, increased share count

** Raises FY26–28 EPS forecasts by 5%–9% on QIP proceeds, with additional upside if new acquisitions occur

** Stock rated "buy" on avg; median PT is 750 rupees, per data compiled by LSEG

** SYRM gains 24.4% YTD

($1 = 86.9437 Indian rupees)

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

Aug 12 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• SYRMA SGS TECHNOLOGY - APPROVED QIP ISSUE PRICE OF 699 RUPEESPER SHARE

Source text: ID:nNSE8XkVHk

Further company coverage: SYRM.NS

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** J.P. Morgan expects India’s electronic manufacturing services (EMS) sector to grow rapidly, supported by the Make in India push, rising electronics demand, and global supply chain shifts under the China+1 strategy

** Initiates coverage of Syrma SSG Technology SYRM.NS, Dixon Technologies DIXO.NS and Kaynes Technology KAYN.NS at "overweight"

** Brokerage expects EMS to continue its strong growth and forecasts a 32% revenue CAGR over FY25-30E, as it takes an increasing share of domestic electronics production

** Adds, outsourced semiconductor assembly and testing and printed circuit board manufacturing as emerging opportunities, with exports poised to be the next frontier

** Shares of SYRM, DIXO and KAYN rise between 2% and 3.1%

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

** Syrma SGS Technology SYRM.NS falls 6.5% to 526.9 rupees, and is the biggest pct loser among Nifty 500 .NIFTY500 stocks

** The electronics design co's fourth-quarter revenue falls 18% y/y on weakness in consumer and healthcare segments

** More than 3.2 million shares change hands on the day, ~2x six-month average daily volume

** Analysts, on average, rate the stock as "buy"; median PT 555 rupees, as per data compiled by LSEG

** YTD, SYRM stock down 11%

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of Syrma SGS Technology SYRM.NS rise 2% to 426.7 rupees

** Investec upgrades rating on co to "hold" from "sell"; maintains PT of 460 rupees

** The brokerage says rating upgrade post sharp share price correction, sees reasonable valuation

** Adds, co valued 25x its projected price-to-earnings ratio for FY27

** 19 analysts covering the stock on avg have a "buy" rating; median PT is 580 rupees - data compiled by LSEG

** Stock down 29% YTD

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of Syrma SGS Technology SYRM.NS jump by an exchange-allowed maximum of 20% to touch 505.10 rupees

** Electronics design co's Q3 consol net profit jumps over three-fold to 487.9 mln rupees ($5.6 mln), driven by strength in auto and industrial segments

** Stock on track to log busiest trading session in three months, volumes at 7.1x the 30-day avg

** Still, SYRM down ~14% for the month, on track to log biggest monthly fall since listing in August 2022

** Nifty 500 .NIFTY500, which SYRM is a constituent of, is down ~5% so far in Jan

($1 = 86.5725 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Jan 10 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• MSI SELECTS SYRMA SGS TO MANUFACTURE 'MAKE IN INDIA' LAPTOPS

Source text: ID:nBSE3Pckqq

Further company coverage: SYRM.NS

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** Shares of Syrma SGS Technology SYRM.NS gain 12.5% to 486 rupees, eye best day since late May

** Stock closed 13.9% higher in previous session on posting 30% Y/Y rise in Q2 consol profit after tax

** BOB Capital Markets hikes TP on stock to 480 rupees from 450 rupees, 11% premium to last close; keeps "hold"

** Says co's auto and healthcare business, which led growth in Q2, will drive future growth

** Motilal Oswal expects recovery in margins to continue, fuelled by higher exports, design and manufacturing businesses

** Co faces margin challenges as consumer segment, which comprises 35%-38% of topline, operates with lower margins, according to BOB Capital; management aims to lower this segment's share

** Analysts' rating on stock "buy", median PT 510 rupees - LSEG data

** Stock down ~27% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 17 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• TO INAUGURATE NEW MANUFACTURING FACILITY AT PUNE, MAHARASHTRA

Source text for Eikon: ID:nBSE9Gx1jK

Further company coverage: SYRM.NS

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** Shares of electronic systems maker Syrma SGS Technology SYRM.NS fall as much as 9.3% to 423 rupees, hits lowest level since June 5

** SYRM on Monday reported a 32.3% fall in consolidated net profit to 193 million rupees

** Missed analyst estimates of 289 million rupees, per LSEG data

** Gross margins contracted by 7 percentage points (ppt) to 15% year-on-year, likely on mix change and intense competition, Investec analysts noted

** Despite operating leverage benefits, EBITDA margins stood at 3.8%, contracting by 2.3 ppt year-on-year - Investec

** Stock last down 1.6%, taking YTD losses to 31.4%

(Reporting by Anisha Ajith in Bengaluru)

(([email protected];))

May 10 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• FINAL DIVIDEND OF 1.5 RUPEES PER SHARE

• IN PRINCIPAL APPROVAL FOR RAISING OF FUNDS WORTH UP TO 10 BILLION RUPEES

Source text for Eikon: ID:nBSE6Y3gfR

Further company coverage: SYRM.NS

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** Shares of electronic products maker Syrma SGS Technology SYRM.NS up 1.8% at 483 rupees, trimming gains after jumping 4.1% earlier in the day

** Stock on track to snap two consecutive sessions of losses, if trend holds

** Jefferies initiates coverage with "buy," PT of 640 rupees per share

** Brokerage says the co's business is well-diversified with clients across industrial, consumer electronics, auto, medical, rail and others

** SYRM's target P/E for March 2026 EPS is 38x, aligning with historical trading averages - Jefferies

** Avg rating of 12 analysts close to equivalent of "buy," median PT is 604 rupees - LSEG data

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

** Shares of Syrma SGS Technology SYRM.NS up 3% at 535 rupees, trimming gains after jumping 9.65% to 569.95 rupees in early trade

** Rise after CLSA initiates coverage of stock, citing strong runway for growth

** Diversified electronics manufacturing services company could see 36% revenue CAGR between fiscal 2023 and 2026, forecasts CLSA

** SYRM's plans to enter new segments like lighting, aerospace and healthcare, inorganic expansion plans, rise in addressable market and strong demand environment augur well for company - brokerage

** CLSA's target price of 645 rupees implies a 24% upside potential for shares in next 12 months

** Mean recommendation of 11 analysts, excluding CLSA, is equivalent to "buy"; median target price is 602.50 rupees - LSEG data

** Including day's gains, stock down 20% in 2024 so far after rising 139% previous year - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Syrma SGS Technology SYRM.NS drop 8.4% to 522.95 rupees apiece after profit drop

** Electronics product design and manufacturing firm's stock set for highest percentage drop in three months, when it reported weak Q2 results

** Dec qtr net profit halves Y/Y to 155.20 million rupees, hurt by 52% surge in raw material costs

** But, rev from ops jumps 38% Y/Y

** Stock has fallen over 20% already this year, compared to an over two-fold surge in 2023

** Mean recommendation of 11 analysts tracking SYRM is "buy"; median PT at 668.50 rupees, 28% above the current price - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Nov 24 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• INCORPORATED UNIT SYRMA SEMICON

Source text for Eikon: ID:nBSEk036f

Further company coverage: SYRM.NS

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** India's domestic electronics industry is at an inflection point, says domestic brokerage Motilal Oswal and initiates coverage on five companies

** Motilal assigns "buy" to Kaynes Technologies KAYN.NS, Avalon Technologies AVAL.NS, Syrma SGS Technology SYRM.NS, Cyient DLM CYIT.NS and "neutral" to Data Patterns DATP.NS

** Adds electronics market evolving rapidly with the onset of electric vehicles (EVs), clearn energy, artificial intelligence and Internet of Things

** India's EMS industry's growth to be led by easy availability of low-cost labour and indigenization of raw materials - Motilal Oswal

** Believes EMS to be a sunrise sector in India propelled by government's PLI support to electronics ecosystem, China + 1 shift

** Shares of KAYN, AVAL, SYRM and CYIT, up between 0.2% and 1%; DATP down 2%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** Shares of Syrma SGS Technology SYRM.NS climb as much as 9.40% to a record high of 588 rupees

** Rise comes after the electronic components and products maker completes acquisition of 51% stake in electro-medical devices maker Johari Digital Healthcare for 2.30 billion rupees ($27.69 million)

** Acquisition to enhance co's capabilities in electro-medical devices segment, says SYRM

** Adds, acquisition will be earnings-accretive

** Trading volume is 1.97 mln shares as of 11:52 a.m. IST, 2.2x the 30-day avg - LSEG data

** Of ten analysts tracking SYRM, five maintain "strong buy", five suggest "buy"; median TP is 590 rupees

** SYRM's shares up ~106% in 2023 so far, including the day's gains

($1 = 83.0675 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** Shares of Syrma SGS Technology SYRM.NS rise as much as 4.74% to a record 517.45 rupees

** Co appoints Satendra Singh as CEO, with immediate effect

** Relative strength index rises above 70 on Friday, suggesting stock may be overbought - Refinitiv data

** Of the eight analysts tracking SYRM, four have "strong buy," four "buy;" median TP is 570 rupees

** SYRM up ~83% this year

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

Aug 24 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• NAMES SATENDRA SINGH AS CEO

Source text for Eikon: ID:nBSE8DqxB4

Further company coverage: SYRM.NS

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** Shares of Zen Technologies ZETE.NS rise as much as 9.63% to 453.20 rupees, their sharpest intraday pct gain since May 17

** The maker of training simulators for armed forces secured order worth 2.02 billion rupees ($24.46 million) from Ministry of Defence, Government of India

** ZETE also foresees additional orders within the next quarter

** Over 1.6 mln shares traded as of 9:37 a.m. IST, 1.3x the 30-day avg - Refinitiv data

** Stock has surged more than 140% in 2023

($1 = 82.5750 Indian rupees)

(Reporting by Nishit Navin in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of KPI Green Energy KPIG.NS rise as much as 2.90% to a two-week high of 544.90 rupees

** Stock gains after the solar power generating firm gets its largest single letter of intent (LoI) to execute wind-solar hybrid power project of 40 MW from Anupam Rasayan nFWN37Z0GO

** Co says the largest single LoI for hybrid power project showcases its strength in renewable energy market

** Trading volume is 192,443 shares, 0.7x the 30-day avg - Refinitiv data

** The moving average convergence divergence (MACD) line reverses above the signal line, suggesting bullish momentum

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Thermax Ltd THMX.NS fall as much as 3.52% to 2,295.05 rupees

** Arbitral tribunal directs the energy and environment solutions firm to repair and reinstate two Gas Turbo Generators (GTGs) at a customer's plant at THMX's expense

** THMX also asked to pay 1.74 billion rupees with interest along with 9.5 million rupees as arbitration cost to customer

** Financial impact on co is approximately 2.50 billion rupees: THMX

** THMX in the process of challenging the award before appellate authority

** Trading volume is 87,907 shares as of 12:54 p.m. IST, nearly twice the 30-day avg - Refinitiv data

** Of 25 analysts tracking THMX, nine maintain "buy", seven suggest "sell" and nine recommend "hold"; median TP is 2,337.50 rupees

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))