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Business News/ Markets / Stock Markets/  Share to buy today? LIC, mutual funds-owned Dixon Technologies share price hits record high after 160% rise in one year
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Share to buy today? LIC, mutual funds-owned Dixon Technologies share price hits record high after 160% rise in one year

Share to buy today: LIC-owned Dixon Technologies shares have recently given a breakout at ₹7,236 apiece level, say experts

Stocks to buy today: Dixon Technologies shares have immediate support placed at ₹7,200 apiece level whereas it has strong support placed at ₹6,750 per share mark, say experts. (Photo: iStock)Premium
Stocks to buy today: Dixon Technologies shares have immediate support placed at 7,200 apiece level whereas it has strong support placed at 6,750 per share mark, say experts. (Photo: iStock)

Stock market today: Dixon Technologies shares have been in uptrend for nearly one year. In this time, Dixon Technologies share price has risen from around 2,893 to 7,626.90 apiece level on NSE, logging around 160 percent rally in this time. So, this electronic manufacturing services company share is one of the multibagger stocks in India. However, it seems that the multibagger stock still have some upside potential. Dixon Technologies share price today opened upside and went on to touch an intraday high of 7,626.90 per share mark. While climbing to this intraday high,. the stock went on to touch a new record high. Interestingly, the multibagger stock has been hitting life-time high for the last four straight sessions.

According to stock market experts, Dixon Technologies shares are available at an attractive valuations as the consumer electronics stock is available at a PE multiple of 17 whereas the industry PE is 14. They said that company's balance sheet is also strong. However, they raised eybrows over the growth registered by the company in non-core business. They said that the multibagger stock has made strong base at 6,750 apiece level whereas it has immediate support placed at 7,200 mark. They also maintained that the stock is in a bull trend and it may go up to 8,130 per share level in short term.

Why is Dixon Technologies shares rising?

On reasons that are fueling Dixon Technologies share price rally, Sandeep Pandey, Founder of Basav Capital said, “Dixon Technologies (India) Ltd is a consumer electronics company and the company has a strong balance sheet. Company's earnings and order book looks promising but its core business growth has outpaced core business growth. Dixon Technologies shares are available at a PE multiple of 17 whereas the sector PE is 14. This reflects the reason for bulls betting high on the stock as the stock is still available at attractive valuations despite over 150 percent rise in last one year."

The Basav Capital founder went on to add that the stock has gained faith of institutional investors as well. Mutual funds of big repute have made investments in this multibagger stock while DIIs like Life Insurance Corporation (LIC) of India, Max Life Insurance, and ICICI Prudential Life Insurance has strong equity exposure in this multibagger stock.

Dixon Technologies share price target

On technical outlook for Dixon Technologies shares, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, "Dixon Technologies share price has recently given a breakout at 7,236 apiece and it is looking strong on chart pattern after the breakout. Those who have Dixon Technologies shares in stock portfolio are advised to maintain a trailing stop loss at 7,200 per share level and hold the scrip for short-term target of 8,130 apiece."

On the suggestion to the fresh investors regarding Dixon Technologies shares, Shiju Koothupalakkal of Prabhudas Lilladher said, "Those who want to buy Dixon Technologies shares are advised to maintain the buy-on-dips strategy maintaining strict stop loss at 6,750 for the short-term target of 8,130 apiece."

Dixon Technologies shareholding

As per the shareholding pattern of Dixon Technologies (India) Ltd for the October to December 2023 quarter, Mutual Funds hold 17.39 percent stake in the company. PGIM India, Nippon India, Kotak Emerging Equity Scheme, and HDFC Mutual Fund have made investments in this multibagger stock. Among other DIIs, LIC owns 2.83 percent stake in this multibagger stock. Max Life Insurance holds 1.92 percent stake in this company whereas ICICI Prudential owns 1.95 percent stake in this consumer electronics company.

FPIs too hold 16.71 percent stake in this multibagger stock out of which, Mauritius-based Steadview Capital owns 1.29 percent stake in this company.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 01 Apr 2024, 01:24 PM IST
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