Multibagger stock in news today on JV with China's Vivo 

Shares of multibagger Dixon Technologies (India) Ltd are in news today after the electronic goods contract manufacturer said it has inked a a joint venture (JV) with Chinese smartphone maker Vivo to manufacture smartphones for Vivo as well as others. Dixon will have a majority stake in the joint venture, said the company.

The stock of the electronic goods contract manufacturer opened lower at Rs 17,640 on December 13. Total 0.25 lakh shares of the firm changed hands over the counter amounting to a turnover of Rs 44.28 crore on BSE. It closed at Rs 17,954 in the same session.

In terms of technicals, the relative strength index (RSI) of Dixon Technologies stands at 77.5, signaling it's trading in the overbought territory. Shares of Dixon Technologies are trading higher than the 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

"Dixon Technologies (India) Limited has entered into a binding term sheet with vivo Mobile India Private Limited (“vivo India”) to form a joint venture for carrying out the OEM business of electronic devices including smartphones, subject to signing of definitive agreements, receipt of necessary statutory approvals and completion of customary conditions precedent," said the company.

Atul B. Lall, Vice Chairman and Managing Director of Dixon, said "This partnership further strengthens our strong foothold in the android smartphone ecosystem in India. There is immense potential to further build on shared capabilities together in times to come, to deliver sustainable growth for the proposed venture.”

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.