Shares of Archean Chemicals Ltd shot up 10% on Wednesday, 13 August, after the company announced a favourable development under the India Semiconductor Mission.

In an exchange filing, the business stated that the Union Cabinet had approved the proposal of SiCSem Pvt. Ltd., a subsidiary of Archean Chemicals under the ISM, to establish a Silicon Carbide-based Compound Semiconductor fab in Info Valley, Bhubaneshwar, Odisha.

SiCSem Pvt. Ltd. is cooperating with Clas-SiC Wafer Fab Ltd., UK, to build an integrated Silicon Carbide-based Compounded Semiconductor fab.

This will be the country’s first commercial compound fab, capable of producing 60,000 wafers per year and packaging 96 million units.

According to Archean’s exchange filing, the products intended for manufacture in this unit will have applications in missiles, defence equipment, electric vehicles, railways, fast chargers, data centre racks, consumer appliances, and solar power inverters.

The proposed unit is expected to cost around Rs 2,067 crore.

At 2:00 pm, the shares of Archean Chemicals were up 7.97% at Rs 703.65 on NSE. With today’s rise, the stock has now turned positive year-to-date.

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