Shares of Syrma SGS Technology surged 4.84% to Rs 1,400.90 in Tuesday’s trading session after the electronics manufacturing services (EMS) company announced a strategic joint venture with Japan-based Kaga Electronics India Pvt. Ltd. to establish a state-of-the-art EMS manufacturing facility in India.

The partnership marks a significant step in Syrma’s efforts to strengthen its presence in the high-value electronics manufacturing segment while catering to the growing requirements of Japanese customers looking to expand their sourcing footprint in India.

According to the company’s regulatory filing, Syrma and Kaga signed an agreement to jointly establish, develop, and operate an advanced EMS manufacturing facility in India. The proposed venture will primarily focus on serving Japanese clients and leveraging the technical expertise and market reach of both partners.

Under the agreement, Syrma SGS Technology will hold up to a 60% stake in the proposed joint venture company (JVCo), while Kaga Electronics India will own up to 40%. Syrma plans to invest approximately Rs 15 crore in the venture, with Kaga contributing around Rs 10 crore. The transaction remains subject to customary regulatory approvals, conditions precedent, and closing requirements.

The governance structure of the JVCo will comprise a four-member board, with both partners nominating two directors each. The agreement also includes standard joint venture provisions such as rights of first refusal on share transfers, reserved matter protections, future funding mechanisms, rights issues, and capital structure safeguards.

Importantly, the company clarified that Kaga is not related to Syrma’s promoter or promoter group, and the transaction does not qualify as a related-party transaction.
Market participants viewed the collaboration positively, as it strengthens Syrma’s manufacturing capabilities and positions the company to benefit from increasing global supply-chain diversification and the growing trend of Japanese companies expanding production and sourcing operations in India.The announcement triggered buying interest in the counter, pushing Syrma SGS Technology shares nearly 5% higher during the session.

Share Price Performance

Syrma SGS Technology has delivered a strong rally over recent periods, gaining nearly 80% in the last three months and surging around 165% over the past year. The company currently commands a market capitalisation of approximately Rs 25,766 crore. During intraday trade today, the stock also touched a fresh 52-week high of Rs 1,410, reflecting strong bullish momentum.

From a technical standpoint, the stock appears stretched in the short term. The 14-day Relative Strength Index (RSI) stands at 76, a level typically considered overbought, suggesting the possibility of near-term consolidation or a pullback. However, the broader trend remains firmly positive, with the stock trading above all 8 key simple moving averages (SMAs), underscoring sustained bullish strength across timeframes.

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However, Moore, who was chief minister from July 2022 to 2024, when her government was brought down in a vote of no confidence, said she thought the challenge for Farnham this political term would be balancing ministers elected on wanting to cut costs and Senator Tom Binet who had previously called for more spending.

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The chairman of KPMG Australia is stepping down and two partners are leaving the firm after a bruising parliamentary hearing and allegations of wrongdoing at the major consultancy.

National chairman Martin Sheppard will leave the company shortly, along with audit partners Paul Rogers and Eileen Hoggett.

Mr Rogers and Ms Hoggett had been named in parliament for allegedly accessing confidential information from long-term audit client Lendlease with other KPMG staff to help them win additional contracts.

A whistleblower revealed the purported misconduct while also alleging mishandling of documents from Macquarie Group, Westpac, Dexus and Optus.

Several top KPMG staff including former chief executive Andrew Yates have already resigned over the scandal, which was the subject of a blockbuster hearing on Friday that included scorching criticism of the firm.

“The parliamentary committee’s inquiries highlighted issues, including unethical behaviour by senior personnel and the human impact of KPMG’s handling of the whistleblower,” said KPMG’s interim chief executive, Stan Stavros.

“KPMG Australia is focused on ensuring those failings are understood, addressed and not repeated.”

Mr Sheppard was hauled over the coals by senators at the committee hearing for his firm’s initial refusal to hand over internal documents, citing confidentiality, professional privilege and the risk of prejudicing the administration of justice.

Committee chair Deborah O’Neill described the move as an insult while flagging that KPMG could be investigated for contempt.

The consulting firm later relented and began producing material for the committee.

KPMG on Tuesday said it would overhaul its governance arrangements, including appointing its first independent chair and independent members to its Australian board.

The firm will also review and update the board’s role and remit, and appoint new independent board members in priority areas such as audit quality, ethics, whistleblower oversight and other matters of public interest.

An external third party will be appointed to undertake an immediate lessons-learned review into the whistleblower matter.

“The decisions announced today are necessary and immediate,” Mr Stavros said in a statement.

“We did not meet the standards expected of us and we recognise the impact this has had on the whistleblower, our people, our clients and the community.

“Trust will only be rebuilt through sustained action and demonstrable change. We are determined to confront what went wrong, act transparently and ensure these failings are not repeated.”