Budget 2023: Dixon Tech soars 7% on duty cut on mobile phone, TV components

Union Budget 2023-24: The cut in the custom duty will not only bring down prices but will also manufacturing in the country, experts have said

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Shares of Dixon Technologies gained 7 percent in the afternoon trade after Finance Minister Nirmala Sitharaman lowered the duty on mobile phone components and TV sets in her Budget 2023-24.

The Budget cut customs duty on mobile components like cameras and batteries and offered concession on lithium-ion batteries. Duty on open cells used televisions was cut to 2.5 percent, which is likely to make TVs cheaper and boost demand.

These announcements are seen benefiting contract manufacturers like Dixon Technologies, said market participants. The reduction in custom duty on certain mobile phone components and television parts will help promote their manufacturing in India.

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