Shares of Bosch soared 12 percent in trade on Wednesday, continuing its recent uptrend in the market. The stock ended 12.1 percent higher at Rs 17,349.90 on the BSE.Market participants believe the stock has the potential for a significant upside from current levels.“I believe Bosch can witness a strong upmove in the near future given its underperformance,” Ajit Mishra, Vice-President, Research at Religare Broking told CNBC-TV18.com.The scrip has the potential to touch Rs 21,500 which is a 24 percent upside from today’s high, Mishra added.Today, the stock touched an intraday high of Rs 17,422.80 which also happens to be its 52-week high.Today's surge was backed by strong trading volumes. About 25,000 Bosch shares changed hands on BSE during the day, as against a daily average of 2,293 recorded in the past two weeks, exchange data showed.Shares of the auto ancillary company have gained about 20 percent in a month and 11 percent in three months.Whereas, the stock has shed over 9 percent in the past three years as compared to the Nifty Auto index that has risen over 18 percent during the same period.Also Read | Supply chain disruption big challenge; PV demand uncertain, says Bosch’s Soumitra BhattacharyaToday's stellar upmove comes amid market chatter that Bosch is planning to invest in the semiconductor space.“The rumour is that Bosch is planning to invest in the semiconductor space,” said Koushik Mohan, a fund manager at Moat PMS.With the company foraying into semi-conductor space, it will also become a chip supplier and this is at a time when the global auto industry has been facing chip shortage, added Mohan.Several automakers have flagged the semiconductor issue as a serious one.Also Read | Ramkrishna Forgings says chip shortage impacted co’s growth by 15% MoMAuto major Tata Motors cautioned about the supply shortage resulting in a moderation of production and offtake volumes, while carmaker Maruti Suzuki India’s sales tanked 46 percent on-year in September due to the global semiconductor shortage issue.“In September, the production was almost 55 percent down. This month, we have also informed the stock exchange that we will probably be down 40 percent in terms of production,” Shashank Srivastava, ED-Marketing and Sales at Maruti Suzuki, had said in an interview with CNBC-TV18.Even as Mahindra & Mahindra reported better-than-expected tractor sales, the tractor maker warned that the challenges around the supply of semiconductors continue to pose difficulties for the auto industry globally.“We expect the company to be a key beneficiary of the revival in automotive demand, driven by pent-up offtake and normalisation of economic activities,” Sharekhan had said in its result update note.The brokerage firm further added that Bosch is a strong technological company with a robust balance sheet, zero debt and healthy return ratios. Plus, the auto ancillary company’s strong brand positioning, focus on technology and electrification of vehicles enable high growth visibility, Sharekhan had said.Catch all LIVE stock market updates here.