Shares of Dixon Technologies India Ltd rose over 3% today after firm said it has inked a binding term sheet with Signify Innovations India Limited (Signify) to form a joint venture for carrying out the OEM business of lighting products and accessories.
Dixon Technologies shares rose 3.14% to Rs 13,669 on BSE on Thursday. Market cap of the multibagger stock stood at Rs 80,856 crore.
Turnover rose to Rs 20.08 crore as 0.15 lakh shares of the firm changed hands on BSE. In terms of technicals, the relative strength index (RSI) of Dixon Technologies stands at 41.5, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Dixon Technologies are trading lower than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
"Dixon and Signify are pleased to announce the execution of a binding term sheet on March 27, 2025 for a proposed joint venture in India for carrying on the business as an original equipment manufacturer (OEM) of lighting products and accessories. Each of Dixon and Signify will hold 50% stake in the joint venture entity to be incorporated for this purpose," said Dixon Technologies.
“Aligned to the government’s Make in India vision, this proposed joint venture with Dixon Technologies will create a world-class manufacturing company that combines the technology leadership, pricing, and offerings to the customers. With Signify’s unparalleled understanding of lighting technologies and Dixon’s manufacturing excellence, this joint venture will manufacture high-quality competitive lighting products in India.” said Sumit Joshi, MD and CEO, Signify Innovations India.
Dixon Technologies reported a strong set of earnings for the quarter ended December 2024. Net profit rose 124% year-on-year to Rs 217 crore. Profit in Q3 of last fiscal stood at Rs 97 crore. Revenue rose 117% to Rs 10,461 crore in the December 2024 quarter. Dixon Technologies EBITDA more than doubled to Rs 398 crore in the October-December quarter.
Dixon Technologies (India) is the largest home-grown design-focused and solutions company engaged in contract manufacturing products in the consumer durables, lighting and mobile phones markets in India.