BackDixon Technologies gains 5% on deal with Motorola
Padget Electronics is a wholly owned subsidiary of Dixon Technologies, and is among five domestic manufacturers who have been approved to receive benefits of the government’s new production linked incentive scheme
PremiumMumbai: Shares of Dixon Technologies gained as much as 5% on Monday after its wholly owned subsidiary Padget Electronics Pvt Ltd entered into an agreement with Lenovo-owned Motorola to manufacture smartphones for the company in India.
At 01:15 pm, Dixon Technologies stock was 4.55% higher at ₹13,300.8 apiece on the BSE, while the benchmark index, Sensex gained 0.77% to 47337.21.
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Homegrown electronics manufacturer Padget Electronics is a wholly owned subsidiary of Dixon Technologies, and is among five domestic manufacturers who have been approved to receive benefits of the government’s new production linked incentive (PLI) scheme for smartphones.
The products will be manufactured at Padget's manufacturing facility situated at Noida, Uttar Pradesh, the company added.
"To partner with them (Motorola) gives us immense pride as one has to tick each and every box to be on their Board. We are honored to be associated with Motorola brand and we aspire to take forward their legacy of high quality, commitment, ethics and trust. We are positive that this is just a starting leg of a long and prolific relation," said Atul B. Lall, Vice Chairman & Managing Director- Dixon.
"Dixon's wholly owned subsidiary- Padget Electronics has signed an agreement with Motorola for manufacturing of smart phones, which contributes more than 10% of total revenue and the development is positive for the company, which would boost the revenue growth in the mobile segment going ahead", said Amarjeet Maurya, AVP at Angel Broking.
Dixon Technologies (India) Limited is the largest home grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones/smart phones markets in India.
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