New Delhi, Sept. 10 -- Shares of MIC Electronics, which have been running high in recent sessions, gained another 9% in Wednesday's intraday trade to hit the day's high of Rs.77 apiece. The rally follows after the company said it entered into an MOU (Memorandum of Understanding) with Top2 PTE Limited, a Singapore-based entity, to explore, identify, and finalize a semiconductor partner from Taiwan.

"The purpose of this MOU is to establish a framework under which MIC shall engage Top2 to explore, identify, and finalize a semiconductor fabrication partner from Taiwan. The objective is to initiate semiconductor wafer production with a monthly target capacity of 25,000 to 30,000 wafers, subject to feasibility, negotiations, and regulatory com...