spot_img
Monday, September 26, 2022
HomeBusinessVedanta Share Price: Buying increased due to chip project, shares jumped 13%...

Vedanta Share Price: Buying increased due to chip project, shares jumped 13% in a single day

- Advertisement -spot_img

Vedanta Share Price: Veteran mining MNC Vedanta is about to set up a semiconductor and glass display plant in Gujarat. After this announcement, there was a lot of buying in its shares today. On September 14, on the strength of strong buying, its shares had jumped 13 percent in intraday to reach a price of Rs 314.80. However, after this, there was a slight decline in the price due to profit booking and it closed at Rs 305.45 with a gain of 10.01 per cent on the BSE.

The shares of Vedanta are showing a great buying trend due to the announcement of the new plant. However, if we talk about this whole year 2022, it has weakened by about 14 percent. On April 11 this year, it had reached a 52-week record price of Rs 440.75, but it could not sustain the momentum and slipped to a 52-week record low of Rs 206.10 on July 1. After this, buying increased in Vedanta and till now it has recovered 48 percent.

Vedanata is making major investment in Gujarat Vedanta is setting up a chip and display FAB plant in Gujarat with an investment of Rs 1.54 lakh crore in collaboration with Taiwanese company Foxconn. This is one of Vedanta’s biggest investments. The semiconductor market is growing rapidly and it may reach $6300 million in the coming four years i.e. by the year 2026. In the year 2020, it was only $1500 million.

Semiconductors are used extensively in the auto and smartphone industries. Apart from this, it is also used in electric goods. Right now most of the countries of the world are dependent on other countries including Taiwan for the supply of chip but soon India may also join it.

- Advertisement -spot_img
- Advertisement -spot_img
Must Read
- Advertisement -spot_img
Related News
- Advertisement -spot_img