Dixon Technologies shares hit record high after subsidiary launches smartphone plant in Noida

Shares of Dixon Technologies (India) Ltd zoomed over 9% to a record high after the firm said its subsidiary Padget Electronics inaugurated a new state of the art smartphone manufacturing plant in Noida, Uttar Pradesh on November 30. Dixon Technologies shares gained 9.54% to a record high of Rs 6034.75 against the previous close of Rs 5,508.90 on BSE. At 2:35 pm, the Dixon Technologies stock was trading 7.92% higher at Rs 5935.10 on BSE.

The stock of the electronic goods contract manufacturer Dixon Technologies shares opened higher at Rs 5526.10. The market cap of the consumer durables firm rose to Rs 35,611 crore. Total 0.67 lakh shares of the firm changed hands over the counter amounting to a turnover of Rs 39.19 crore.

“The latest manufacturing facility by Padget Electronics, subsidiary of Dixon Technologies, engaged in the manufacturing of smartphones has commenced the production of smartphones for global technology giant - Xiaomi India in Q3, 2023,” said Dixon Technologies.

In terms of technicals, the relative strength index (RSI) of Dixon Technologies stands at 61.5, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Dixon Technologies are trading higher than the 10 day 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

“The said state of art manufacturing facility at Noida is build across 2.7 lakh square feet and at an annual capacity of 25 million units, the new manufacturing plant represents a significant stride in India's efforts to bolster its footprint in local smartphone manufacturing,” added Dixon Technologies.

Sunil Vachani, Executive Chairman at Dixon Technologies said, “We are delighted about the new state of the art manufacturing facility, quality processes and efficient production lines. It’s a momentous step towards our commitment of boosting local smartphone manufacturing system in India. We believe that this association will leverage our excellence and superior execution and Xiaomi’s expertise & leadership in Indian business ecosystem.”

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.

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