Dixon Technologies Rallies On Tie-Up With boAT For Making Wireless Speakers

Shares of electronic goods maker - Dixon Technologies - rose as much as 5.2 per cent to hit another record high of Rs 15,214.20 on the BSE after the company, post market hours on Wednesday, said that it signed an agreement with Imagine Marketing, the maker of popular boAt wearable gadgets for manufacturing of twin wireless speakers. On the National Stock Exchange, Dixon Technologies shares rose as much as 5.35 per cent to hit a record high of 15,218.95. (Track Dixon Technologies share price here)

"Dixon Technologies (India) Limited and boAt have entered into agreement for manufacturing of twin wireless speakers. Dixon shall be manufacturing the said products from its manufacturing facility located at Noida, Uttar Pradesh," the Noida-based company said in a press release.

"boAt is the leader in the earwear segment. Their high quality audio devices are known for their style and efficiency. We are delighted and encouraged by the trust they have bestowed on Dixon for this collaboration. Dixon Group is committed to have pivotal impact in making India an 'Atmanirbhar Bharat' backed by our commitment and performance," Atul B. Lall, Vice Chairman & Managing Director, Dixon Technologies, said in a statement.

Dixon Technologies shares have surged 253 per cent in calendar year 2020, massively outperforming the Nifty which rose 15 per cent. Ever since its initial public offering in September 2017, Dixon Technologies shares have rallied nearly 9 times from its IPO price of Rs 1,766.

As of 10:50 am, Dixon Technologies shares were up nearly 5 per cent at Rs 15,150, outperforming the Nifty which was up 0.31 per cent.