Murugappa Group Co To Set Up Semiconductor Assembly Unit, Hit 20% Upper Circuit

CG Power and Industrial Solutions Ltd shares hit 20% upper circuit in trade today after it filed an application with Ministry Of Electronics and Information Technology (MeitY) to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility. The estimated investment on the project over a period of five years is USD 791 million and the same is expected to be funded by a combination of subsidy, JV Partners equity contribution and debt, as required.

Soon after the announcement, CG Power and Industrial Solutions shares hit 20% upper circuit to hit its all time high. CG Power and Industrial Solutions shares also traded its fresh 52-week high today. CG Power and Industrial Solutions shares BSE also recorded a spurt in volume by more than 10.81 times.

CG Power To Venture Into Semiconductor Space Soon: The Murugappa Group company stated in its BSE filing dated today, "We wish to inform you that the Company has today filed an application with Ministry of Electronics and Information Technology (MeitY), Government of India seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project under the Modified scheme for setting up of Compound Semiconductors / Silicon Photonics / Sensors Fab/ Discrete Semiconductors Fab and Semiconductor Assembly, Testing, Marking and Packaging (ATMP)/ Outsourced Semiconductor Assembly and Test (OSAT) facilities in India."

CG Power Stock Performance & Return: Last trading price of CG Power share on BSE is Rs 469.00 after the rally of 19.99%. Its 52-week high price is Rs 469.00 per share and 52-week low price is Rs 245.55 per share, respectively.

CG Power has a market capitalisation of Rs 71,629 crore. CG Power shares BSE soared 73% YTD, gained 74% in last 1-year, jumped 207% in last 2-years, and gained 1267% in last 3-years.

CG Power About: It is engaged in the offering end-to-end solutions to utilities, industries and consumers for the management and application of electrical energy. It provides products, services and solutions via two segments namely Power Systems and Industrial Systems.