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Why Archean Chemicals's shares are up 10% today
Archean Chemicals's stock shot up as much as 10% this Wednesday after the government approved a project under the India Semiconductor Mission.
Their subsidiary, SiCSem Pvt. Ltd., now has the go-ahead to build a Silicon Carbide semiconductor plant in Bhubaneshwar, Odisha—a move that pushed share prices higher.
The plant will support electric vehicles and solar power tech
This will be India's first commercial compound semiconductor fab, built with UK partner Clas-SiC Wafer Fab Ltd.
The plant aims to produce 60,000 wafers and package 96 million units each year, supporting tech like electric vehicles, solar power, and defense gear.
With an investment of ₹2,067 crore riding on it, the project signals major growth ahead for Archean Chemicals.