India's CG Power, others jump after govt nod to build chip plants

CG Power and Industrial Solutions

01/03/2024 08:42

** Shares of Moschip Technologies  MOSC.BO , Dixon
Technologies  DIXO.NS  and CG Power and Industrial Solutions
 CGPO.NS  rise 3%-6%  
    ** India on Thursday approved construction of three
semiconductor plants worth 1.26 trln rupees ($15.21 bln) by cos
including Tata Group 
    ** Tata to partner with Taiwan's Powerchip  6770.TW  to set
up chipmaking plant in Gujarat state 
    ** CGPO to tie-up with Japan's Renesas Electronics  6723.T ,
Thailand's Stars Microelectronics  SMT.BK  for semiconductor
plant in Gujarat
    ** Jefferies says while establishing chip ecosystem is a
long journey, believes India benefits from rising demand, low
manufacturing cost, large fiscal support, strategic goodwill
with the West
    ** MOSC set to snap five straight sessions of losses, if
gains hold; up 0.2% YTD  
    ** DIXO rises 6.5% YTD, while CGPO up 3.4% 

($1 = 82.8410 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))