Shares of jewellery exporter Rajesh Exports rose 5.07 percent to end at Rs 549.20 a piece on the BSE on June 13, in an otherwise weak market, a day after its subsidiary Elest announced it will be setting up the country's first display fab facility in Telangana with investments worth Rs 24,000 crore.
In comparison, the S&P BSE Sensex plunged 2.68 percent to close at 52,846.70 points at the close.
Telangana IT Minister K T Rama Rao along with Chairman of Rajesh Exports Rajesh Mehta announced the setting up of Generation 6 AMOLED Display FAB on June 12.
The Telangana government signed the MoU with Karnataka-based Elest for the proposed fabrication unit which will manufacture next generation displays for smartphones, tablet computers, and laptops. With the announcement, Telangana emerged as a front-runner in the semiconductor and display fab sector.
The display fab would be set up under the India Semiconductor Mission programme of the Ministry of Electronics and Information Technology, Government of India.
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.
The company has qualified for incentives under a $2.4-billion PLI scheme for battery manufacturing in India.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
