Dixon Tech shares hit lifetime high on signing contract with Compal Smart, new factory launch

Dixon Technologies (India) shares on February 26 hit a record high at Rs 7,048 per share, up 2.6 percent as the firm signed a contract with Compal Smart contract for mobile phone manufacturing.

At 10.15 am, Dixon Tech shares were trading higher by 1.75 percent on the NSE at Rs 6,988 apiece.

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Padget Electronics,  a wholly-owned subsidiary of Dixon Tech, entered into a contract manufacturing agreement with Compal Smart Device India for manufacturing of mobile phones.

Atul Lall, managing director, said: “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.”

Additionally, Dixon Tech announced the launch of a new factory in Dehradun, Uttarakhand on February 23, 2024, for manufacturing of washing machines.

The Dehradun manufacturing unit is expected to generate employment opportunities for more than 1000 people, and boasts an annual production capacity of 24 lakh washing machines. “The factory is poised to stimulate local businesses, attract investments, and contribute significantly to the region’s revenue,” said the company in a filing with the exchanges.

Dixon Technologies (India) Limited is a design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India.

Over the past six months, shares of the company have risen around 40 percent as compared to a 14 percent rise in the frontline index, Nifty 50 during the same time period.

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