EMS stocks: Dixon Technologies, Kaynes Technology jump 8-10% as Trump leads in US Presidential Election race

  • EMS stocks surged on Wednesday as Trump leads the Presidential race, raising expectations for increased tariffs on China. Dixon Technologies and Kaynes Technology shares jumped nearly 10% and 8%, respectively, driven by potential shifts in trade dynamics favouring India.

Dhanya Nagasundaram
Published6 Nov 2024, 11:56 AM IST
EMS stocks: Dixon Technologies and Kaynes Technology stocks rose significantly during Wednesday trading, attributed to Trump's lead in the Presidential race and potential tariff increases on China.
EMS stocks: Dixon Technologies and Kaynes Technology stocks rose significantly during Wednesday trading, attributed to Trump’s lead in the Presidential race and potential tariff increases on China. (Pixabay)

EMS stocks: Electronic Manufacturing Services (EMS) stocks have increased during Wednesday's trading session as Donald Trump takes the lead in the US Presidential race, with expectations that the upcoming administration will enforce tougher tariffs on China due to the ongoing trade conflict between the two nations. Dixon Technologies share price has jumped by almost 10% today, while Kaynes Technology share price has risen by nearly 8% in the context of the US Presidential Election race.

The race is extremely close between Democratic candidate Kamala Harris and Republican nominee Donald Trump. If he returns to power, Trump has promised to raise tariffs on Chinese imports to a significant 60%. On the other hand, Kamala Harris is likely to maintain the existing tariff policy towards China, which has stayed consistent during the Biden administration, according to a report by Economic Times.

Also Read | US Presidential Elections 2024: Market Impact & trading strategies by Religare

According to a report by the Economic Times, analysts suggest that if the US adopts a firmer position against China, India could emerge as a competitive hub alongside Mexico and Vietnam and as it has good labour force and government initiatives aimed at enhancing domestic manufacturing.

Prashanth Tapse, Senior Vice President of Research at Mehta Equities, highlighted that Donald Trump in the White House means negative for China, and later, the China+1 strategy would benefit India a bit. Kaynes is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company, and Dixon is an Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical, such as consumer electronics, lighting, home appliances, closed-circuit television cameras (CCTVs), and mobile phones.

It is assumed that if Donald Trump comes, more Chinese demand may swift to India, and these companies would get benefited to serve the incremental demand. Today's action in share price would be a sentimental reaction looking at Trump leading the race as of now. On the long term, both are best-in-class business models to tap the growth.

Also Read | How could a Trump or Harris win impact India’s economy & sectors? Key scenarios

Technical Views

Dixon Technologies share price today opened at an intraday low of 14,499.95 apiece on the BSE, the stock touched an intraday high of 15,812 apiece. After a sharp fall on October 25, the prices have made a strong reversal in today's session continuing with its formation of higher top higher bottom, highlighted Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One. Dixon Technologies share price is expected to extend move towards 17,000 with an immediate support at 14,800.

Coming to Kaynes Technology, the stock opened at 5,424 apiece on the BSE, the stock touched an intraday high of 5,724.45, and an intraday low of 5,373.20. According to Bhosale, the stock was consolidating for last few weeks around the 50DEMA but it has resumed its primary uptrend in today's session. The next possible target would be 6,200 whereas 5,500 is immediate support.

Also Read | Stock Market Live Updates | Sensex jumps over 400 points, Nifty 50 above 24,300

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:6 Nov 2024, 11:56 AM IST
Business NewsMarketsStock MarketsEMS stocks: Dixon Technologies, Kaynes Technology jump 8-10% as Trump leads in US Presidential Election race

Most Active Stocks

Zee Entertainment Enterprises share price

128.30
11:08 AM | 29 NOV 2024
5.15 (4.18%)

Adani Power share price

549.15
11:08 AM | 29 NOV 2024
-11.05 (-1.97%)

Tata Steel share price

144.75
11:08 AM | 29 NOV 2024
1.3 (0.91%)

Indian Oil Corporation share price

138.00
11:08 AM | 29 NOV 2024
0.2 (0.15%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Lloyds Metals & Energy share price

1,055.00
11:05 AM | 29 NOV 2024
86.55 (8.94%)

Praj Industries share price

843.05
11:05 AM | 29 NOV 2024
47.15 (5.92%)

Laurus Labs share price

569.50
11:05 AM | 29 NOV 2024
18.05 (3.27%)

Computer Age Management Services share price

5,040.60
11:05 AM | 29 NOV 2024
144.15 (2.94%)
More from 52 Week High

Creditaccess Grameen share price

906.70
11:04 AM | 29 NOV 2024
-80.25 (-8.13%)

Poonawalla Fincorp share price

357.80
11:04 AM | 29 NOV 2024
-15.8 (-4.23%)

Intellect Design Arena share price

695.00
11:05 AM | 29 NOV 2024
-22.65 (-3.16%)

National Aluminium Company share price

241.35
11:04 AM | 29 NOV 2024
-7.75 (-3.11%)
More from Top Losers

Lloyds Metals & Energy share price

1,055.00
11:05 AM | 29 NOV 2024
86.55 (8.94%)

Piramal Pharma share price

264.30
11:05 AM | 29 NOV 2024
18.7 (7.61%)

Praj Industries share price

843.05
11:05 AM | 29 NOV 2024
47.15 (5.92%)

Honasa Consumer share price

265.85
11:05 AM | 29 NOV 2024
14.3 (5.68%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,355.00-180.00
    Chennai
    77,361.00-180.00
    Delhi
    77,513.00-180.00
    Kolkata
    77,365.00-180.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L-0.10
    Chennai
    100.80/L-0.10
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts