Cyient Ltd's shares rose 7% after announcing expansion of semiconductor business with a new subsidiary focused on ASIC turnkey design and manufacturing.

Cyient Ltd, an IT services firm, saw shares rise 7% after announcing a strategic expansion of its semiconductor business with a new fully-owned subsidiary. This move aims to enhance capabilities in ASIC turnkey design and manufacturing. The global semiconductor market is forecast to reach $1 trillion by 2030, and India aims to grow its electronics and semiconductor industry to $100 billion by 2030, with India's government approving three semiconductor plant proposals and a Rs 1.26 lakh crore investment.

July 12, 2024
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