Shares of TVS Electronics hit a 52-week high of Rs 344.6, surging 18% in intraday trade on Wednesday, helped by heavy volume in a subdued market.

Shares of the computer hardware and equipment company surpassed the previous high of Rs 333 touched on September 2, 2022. Today’s average volume in floor trades rose 8-fold to 1.36 million shares, or 7% of the company’s total share capital TVS Electronics changed hands on the NSE and BSE by 1:43 pm. The S&P BSE Sensex fell 0.73% to 60,847.

TVS Electronics Limited (TVS-E) is a leading and one of the most prominent players in the IT peripherals and consumer electronics market. Under the purview of the Products & Solutions Group (PSG), the company designs, manufactures, assembles, sells and services a wide variety of products, such as dot matrix printers, thermal receipt printers, label printers, mobile printers, mechanical keyboards, membrane keyboards, mouse, barcode scanner, currency counter, surveillance camera, touch POS system, handheld device and electronic cash register, etc.

Within the Customer Support Services (CSS) business line, the company provides customer support services for OEMs and end customer service. These services include breakdown repairs, maintenance engineering, installations, demonstrations, protection plans, IT infrastructure management, remote technical support, call centre services and e-waste management.

TVS Electronics said the PSG segment is expected to continue its growth momentum as it focuses on offering bundled solutions and products and capitalising on emerging opportunities in electric vehicles and rooftop solar. In addition, B2C business and rising customer visibility will shortly drive the company’s CSS vertical growth.

Meanwhile, the Ministry of Electronics and Information Technology has approved 14 applicants for the IT Hardware Products (PLI) program. The government is offering incentives of $983.76 million to manufacture these products in India over the next four years. During this period, production is expected to be worth $21.62 billion and exports to $8.06 billion.

The Ministry of Electronics and Information Technology (MeitY) has announced India’s Semiconductor Ecosystem Promotion Programme, which will cost Rs 76,000 crore ($9.48 billion) by 2022. The Ministry of Electronics and Information Technology (MeitY) has allocated Rs 14,300 crore ($1.85 billion) under the 2022-23 Union Budget.

The electronics industry is one of the largest and fastest-growing industries in the world. Electronics continue to influence and shape lifestyles in today’s digital age significantly.

The size of the global electronics industry is estimated at $2.9 trillion in 2020, equivalent to India’s GDP, TVS Electronics said in an investor note. The US and EU account for over 40% of the global market. The global market for laptops, tablets, and desktops is expected to stabilise at around $220 billion by 2025.

The Indian electronics industry has grown at a CAGR of 13% from Rs 4.72 trillion in FY2016 to Rs 8.72 trillion in FY21. The Indian electronics industry is expected to grow at a CAGR of 25% from Rs 8.72 trillion in FY21 to Rs 26.5 trillion in FY25, the company said.