Moschip Technologies Ltd. share price hit a record high in Thursday's session as India is planning the second version of its national semiconductor mission. The stock has been rallying for sessions in a row.
The Ministry of Electronics and Information Technology is framing the India Semiconductor Mission 2.0. The first version was launched in 2021.
Moreover, Prime Minister Narendra Modi said that India will capture a major share of semiconductor in the coming years at Semicon 2025 event. He also said the government will work in building a supportive ecosystem to support the sector.
Moschips Technologies provide engineering solutions comprising of systems and product designs, artificial intelligence, and machine learning. Its business is spread across India and the US. The company brings product and digital transformation for business across industries.
Moschip Technologies share price surged 18.78% to a record high of Rs 228.87 apiece. The stock was trading 17.70% higher at Rs 226.8 apiece as of 11:35 a.m., compared to 0.42% advance in the NSE Nifty 50 index.
The stock rose 13.88% since its listing on Feb 5. Total traded volume so far in the day stood at 33 times its 30-day average. The relative strength index was at 81.93, which implied the stock is overbought. Moschip Technologies has been rallying for last five sessions and gained 36.51%.
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