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Business News/ Markets / Stock Markets/  Dixon Technologies share price hits record high; what's driving the rally?
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Dixon Technologies share price hits record high; what's driving the rally?

Padget Electronics, a subsidiary fully owned by Dixon Tech, has signed a contract manufacturing deal with Compal Smart Device India for the production of mobile phones.

Dixon Technologies Premium
Dixon Technologies

The shares of Dixon Technologies surged to an all-time high of 7,048 per share on Monday's trading session, up by a 2.6 percent. This remarkable upswing came as a result of the company's announcement of signing a contract with Compal Smart for mobile phone manufacturing.

Padget Electronics, a subsidiary fully owned by Dixon Tech, has signed a contract manufacturing deal with Compal Smart Device India for the production of mobile phones.

Also read: Indian stock market today: Multibagger stock sets record date for 1:10 stock split. Rises 350% in five years

“It gives us an immense pleasure to partner with a global leader of technological products ‘Compal’ for manufacturing of mobile phones. This association will give a strong impetus to India’s manufacturing competitiveness. We are ecstatic and encouraged by the trust they have reposed on Dixon group for the proposed association," said Atul Lall, mamaging director at Dixon Technologies.

Furthermore, Dixon Tech revealed the inauguration of a fresh manufacturing facility in Dehradun, Uttarakhand, scheduled for February 23, 2024, dedicated to the production of washing machines.

Anticipated to provide job prospects for over 1000 individuals, the Dehradun plant is set to operate with an impressive annual production capacity of 2.4 million washing machines.

"The factory is poised to stimulate local businesses, attract investments, and contribute significantly to the region's revenue," the company said in an exchange filing.

Also read: Multibagger: This small-cap stock turned 10,000 into 14.4 lakh in 10 years

Dixon Technologies (India) Limited operates as a design-centric solutions provider, specializing in manufacturing consumer durables, lighting, and mobile phones for the Indian market.

In the preceding six months, the company's stock has surged approximately 40 percent, surpassing the 14 percent increase seen in the Nifty 50 index, a benchmark for frontline stocks, over the same period.

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Published: 26 Feb 2024, 04:36 PM IST
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