New Delhi, June 8 -- Shares of Marvell Technology resumed their winning run on Monday, 8 June, surging 15.7% to $305 and recovering all of the previous session's losses after the chipmaker was set to join the benchmark S&P 500 index.

The semiconductor company, which trades on the Nasdaq, will join the broad-market index on 22 June and will sit alongside 500 leading US companies, S&P Global said in a press release on Friday.

The inclusion comes after Marvell reported a GAAP profit in the three months through December and across its most recent four quarters, overcoming a key hurdle that had previously kept it out of the index.

Joining the S&P 500 typically boosts a stock, as passive index funds tracking the benchmark are required to buy...