Indian chip shares rise as semiconductor investment plan reaches $13.5 billion
BUZZ-Indian chip shares rise as semiconductor investment plan reaches $13.5 billion ** India's semiconductor mission 2.0 has a higher outlay of $13.5 billion vs $8 billion budget in previous plan
** Semiconductor stocks rise; Avalon AVAL.NS jumps more than 10%, Syrma SYRM.NS climbs 7.8%, Cyient DLM CYIT.NS rises 4%, Kaynes KAYN.NS up 1%
** Kaynes signed 2 MoUs for advanced packaging assembly and testing
** Govt approvals, funding arrangements and improvement in working-capital intensity to remain key for co, Kotak says
** Adds, Avalon and Cyient to be key beneficiaries of the chip ecosystem development in India, with potential in power box assembly
** Syrma to form joint venture with South Korea's Shinhyup Electronics for printed circuit board manufacturing facility, which is expected to come online by FY2027
** Govt focused on reforms in chip sector, with two new commercial plants added and investment commitments including chemicals, wafers and substrates, JP Morgan says
(Reporting by Aishwarya Jain in Bengaluru)
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