Moschip Technologies shares rally 10% to hit 52-week high on Meity nod under DLI scheme

2 min read | Updated on June 17, 2024, 11:51 IST

SUMMARY

Moschip Technologies Limited informed the stock exchanges that its application for the development of a smart energy meter Integrated Circuit (IC) for India and Overseas markets has been approved by the MeitY.

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MOSCHIP

Moschip Technologies stock soars 10% following DLI scheme approval

Shares of Moschip Technologies surged over 10% to hit a fresh 52-week high of ₹209.95 apiece on the BSE on Friday, June 14, after the company announced receiving central government’s approval under the Design Linked Incentive (DLI) scheme.

The company has received the approval from the Ministry of Electronics and Information Technology (MeitY) for its application under the government semiconductor Design Linked Incentive (DLI) scheme.

MosChip Technologies Limited, in a stock exchange filing, said that its application for the development of a smart energy meter Integrated Circuit (IC) for India and overseas markets has been approved by the MeitY.

Centre for Development of Advanced Computing (C-DAC) is the nodal agency for the DLI scheme. The scheme aims to offer incentives along with design infrastructure support across various stages of development and deployment of semiconductor designs.

The scheme aims to offer support for designing of Integrated Circuits (ICs), Chipsets, System on Chips (SoCs), Systems and Intellectual Property Cores, and other semiconductor linked designs for a period of 5 years.

The Ministry of Electronics and Information Technology had launched the Design Linked Incentive (DLI) Scheme with the aim to offset the disabilities in the domestic industry involved in semiconductor design, with the larger aim of strengthening the semiconductor chip design ecosystem in the country.

The company said that the smart energy meter IC market is expected to grow at 7% Compound Annual Growth Rate (CAGR) reaching 60 million units in India and 2 billion units in the overseas global market by 2028.

The company informed the exchanges about its financial results for the fourth quarter and full fiscal year ended March 31, 2024. The company’s consolidated revenue from operations for the March quarter grew 40% to ₹75.42 crore compared to ₹53.83 crore. Sequentially, the company’s revenue from operations fell nearly 16% from ₹89.62 crore in the December quarter.

The semiconductor maker’s net profit for the March quarter fell 43% to ₹86.56 lakh compared to ₹1.52 crore on a year-on-year basis. The company’s net profit for the March quarter fell 60% quarter-on-quarter from ₹2.18 crore in the December quarter.

Shares of Moschip Technology closed 5.96% higher at ₹201.75 apiece on the BSE.

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