Dixon Technologies (India) Ltd. said on Friday that its wholly owned subsidiary has signed a memorandum of understanding with Asus India Pvt. to manufacture notebooks. The pact between Padget Electronics Pvt. and Asus will be subject to the signing of definitive agreements in due course, according to an exchange filing.
Asus is a global supplier of motherboards, laptops, computers, graphic cards and related IT products.
"Asus has established a strong and trusted foothold worldwide, thanks to its advanced technology and we see them as our ideal long-term strategic partner who shares our core values," Atul Lall, managing director of Dixon, said.
Shares of Dixon closed 1.36% higher at Rs 13,027.65 apiece on the NSE, compared to a 0.13% decline in the benchmark Nifty. The share price has risen 157.3% in the last 12 months and 98.3% on a year-to-date basis.
The total traded volume in the day stood at 0.56 times its 30-day average. The relative strength index was at 43.1.
Sixteen out of the 32 analysts tracking the company have a 'buy' rating on the stock, six suggest 'hold' and 10 recommend 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.2%.
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