Dixon Technologies shares rally 5% to hit 52-week high on Lenovo contract

Foreign research firm Morgan Stanley has kept under-weight rating on the stock with target of Rs 4,374 per share.

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Shares of Dixon Technologies zoomed 5 percent to hit a 52-week high of Rs 6,710.40 in the early trade on December 12 after a subsidiary company received a contract from Lenovo.

At 9:20am, Dixon Technologies was quoting Rs 6,691.90, up Rs 319.75, or 5.02 percent, on the BSE.

Lenovo has awarded Padget Electronics Private Limited, a wholly owned subsidiary of the company, the manufacturing contract for IT hardware products for laptops and notebooks under the Production Linked Incentive 2.0 scheme, subject to signing of definitive agreement in due course, the company said.

On November 30, Padget Electronics launched a smartphone manufacturing plant in the Noida, Uttar Pradesh.

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Foreign research firm Morgan Stanley has kept an ‘under-weight’ rating on the stock with a target of Rs 4,374 per share.

The Total Addressable Market (TAM) for IT hardware products is $12 billion and out of the $12 billion TAM, imports account for $9 billion. IT hardware includes laptops, tablets, all-in-one PCs, servers & ultra-small form factor devices.

Lenovo’s global market share for desktops and laptops would be 20-23 percent and tablets would be 7-10 percent.

The company had posted a 39 percent jump in the September quarter net profit at Rs 107.32 crore, while revenue was up 28 percent to Rs 4,943.18 crore.

Dixon Technologies (India) is engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India. Its diversified product portfolio includes (i) consumer electronics like LED TVs; (ii) home appliances like washing machines; (iii) lighting products like LED bulbs and tubelights, downlighters; (iv) mobile phones; and (v) CCTV & DVRs (vi) Medical Equipment (vii) wearables.

Dixon also provides solutions in reverse logistics i.e. repair and refurbishment services of LED TV panels.