India, Sept. 1 -- India's electronics manufacturing story has moved fast over the last five years, and most of that growth came from assembling phones rather than making the parts that go inside them. That's now changing. A new government scheme is trying to fix this gap, and Jefferies knows which kind of company stands to gain the most from it.

From Assembly To Components, The Focus Is Shifting Jefferies has put out a report comparing three EMS names, Kaynes Technology, Dixon Technologies and Syrma SGS Technology, and it's not treating them the same way at all. It has a Buy on Kaynes, while Dixon and Syrma SGS both get a Hold.

The logic starts with a simple number. India's electronics production has more than doubled in five years, goi...