Shares of Dixon Technologies and Syrma SGS Technology Ltd. rose over 4% during the trade after the government announced increase in allocation of funds, in a move to capitalise on momentum of semiconductor mission.
Finance Minister Nirmala Sitharaman, in her Budget speech on Sunday, announced changes to the government's semiconductor programme. She said the scope of India Semiconductor Mission 1.0 will be expanded and announced a new phase. “We will launch India Semiconductor Mission 2.0,” she told Parliament.
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Sitharaman said the new mission will focus on industry-led research and training centres for semiconductors. She also announced a higher allocation for the programme. “The outlay will be increased to Rs 40,000 crore,” she said.
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The move sent shares of Dixon tech to rise as much as 5.5% to Rs 11,026 and shares of Syrma SGS to rise as much as 4.2% to Rs 793.3.
This is a developing story and will be updated shortly.
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