Moschip Technologies Share Price Surges Over 34% In Six Days: What's Fueling The Rally?

Moschip Technologies Ltd. share price rallied for six session to Friday and recorded gains over 34%. The stock has been rising on government's push for semiconductor manufacturing and GST reforms.

The Ministry of Electronics and Information Technology is framing the India Semiconductor Mission 2.0. The first version was launched in 2021. Out of the

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.

Minister of Electronics and Information Ashwini Vaishnaw announced tech alliance with a commitment of $1 billion to drive semiconductor revolution in clean energy, quantum and frontier sectors, the ministry said in a press release on Tuesday,

In the Semicon 2025, 12 memorandum of understandings were announced with a focus on building indigenous capabilities in design and building products like camera modules, microphone buds, miniature packaging and talent development ecosystem.

Moreover, on Wednesday GST Council approved the two-slab rate structure for existing GST rate which is expected to boost demand in the economy. This added to the bullish sentiment for Moschip Technologies

Moschip Technologies share price jumped 10.28% to a fresh high of 244.79 apiece. It was trading 6.02% higher at Rs 235.31 apiece as of 9:56 a.m.

Since its listing on Feb 5, the stock surged 18.42%. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 83.83, which implied the stock is overbought.