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    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

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India approves $1 billion plan to boost IT product exports

02/24/2021 | 06:18am EDT

NEW DELHI (Reuters) - India on Wednesday approved a 73.5 billion rupee ($1.02 billion) plan to boost local manufacturing and exports of IT products such as laptops, tablets, personal computers and servers, the technology minister said.

The production-linked incentive (PLI) plan will help India export IT goods worth 2.45 trillion rupees, minister Ravi Shankar Prasad told a news conference.

It provides manufacturers cash-backs of between 1% and 4% of additional sales of locally made goods over four years, with 2019-2020 as the base year.

"The focus of the scheme is to get global champions to India and to make national champions out of local manufacturers," Prasad said, adding that the plan could create roughly 180,000 jobs.

The PLI plan is also likely to help U.S. tech giant Apple Inc assemble some of its iPad tablets in India, Reuters previously reported.

Prime Minister Narendra Modi's policy push in the electronics sector has prompted Apple suppliers Foxconn and Wistron to expand in India, and driven Pegatron to set up base there.

The three Taiwan companies have committed to invest roughly $900 million to make iPhones in India as part of a $6.7 billion PLI plan launched by the government last year.

Modi's strategy, coupled with India's huge market, have also helped turned the country into the world's second-biggest mobile maker after China.

New Delhi now wants to replicate the success of smartphone manufacturing with other electronics in a bid to cut imports.

The federal cabinet last week approved a $1.68 billion plan to promote local manufacturing and export of telecoms and networking gear.

(Reporting by Sankalp Phartiyal, editing by Louise Heavens and Nick Macfie)

By Sankalp Phartiyal


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.51% 134.84 Delayed Quote.1.62%
FOXCONN TECHNOLOGY CO., LTD. -0.84% 71.1 End-of-day quote.33.15%
HON HAI PRECISION INDUSTRY CO., LTD. -1.62% 121.5 End-of-day quote.32.07%
MSCI TAIWAN (STRD, UHD) 0.51% 699.9 Real-time Quote.15.88%
PEGATRON CORPORATION 0.41% 73.8 End-of-day quote.9.66%
WISTRON CORPORATION 0.30% 33.05 End-of-day quote.6.61%
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Financials
Sales 2021 5 876 B 209 B 209 B
Net income 2021 135 B 4 803 M 4 803 M
Net cash 2021 327 B 11 627 M 11 627 M
P/E ratio 2021 12,5x
Yield 2021 4,06%
Capitalization 1 684 B 59 848 M 59 973 M
EV / Sales 2021 0,23x
EV / Sales 2022 0,21x
Nbr of Employees -
Free-Float 87,4%
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Technical analysis trends HON HAI PRECISION INDUSTRY CO., LTD.
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 138,05 TWD
Last Close Price 121,50 TWD
Spread / Highest target 44,0%
Spread / Average Target 13,6%
Spread / Lowest Target -25,1%
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Managers and Directors
NameTitle
Yang-wei Liu Chairman & Chief Executive Officer
Te Tsai Huang Head-Finance & Deputy Spokesman
Kuo Cheng Wang Independent Director
Kuo Chuan Kung Independent Director
Ta wei Kuo Independent Director
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