Indian Semiconductor stocks such as RIR Power Electronics, SPEL Semiconductor, CG Power, ASM Technologies, and Moschip Technologies gained on Wednesday afternoon after Prime Minister Narendra Modi asserted India’s skills to develop semiconductor infrastructure.

What Happened: On Tuesday, Modi said “the world can bet on India when the chips are down” at the Semicon India 2024 event. Modi, during his address, underscored that India is a safe bet in times of crisis, stating that the current period is opportune for investment in the country.

He also highlighted India’s escalating prominence in the global chip manufacturing industry, noting that the country contributes 20 percent of the world’s talent, a number that is on an upward trajectory.

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Moreover, the Prime Minister stated that the government is adopting a comprehensive approach towards the chip industry and is aiming to augment the production of semiconductors in the country.

IT Minister Ashwani Vaishnaw also echoed the government’s commitment to cultivating a robust talent pool of 85,000 engineers and technicians in the next decade in India.

CG Power had received approval to built an Outsourced Semiconductor Assembly and Test (OSAT) facility in India.

Price Action: Shares of RIR Power Electronics rose 5% to hit upper circuit at ₹2,852.60.

Shares of SPEL Semiconductor also gained 4.98% and hit upper circuit at ₹197.10.

Shares of CG Power were up 4.39% at ₹693.80.

ASM Technologies stock was up 5.17% to ₹1,539.

Moschip Technologies also rallied 4.99% to hit upper circuit at ₹248.15.

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