Dixon Technologies India Ltd.'s share price rose to a fresh high on Monday after the company's wholly owned subsidiary signed a contract with the manufacturer which makes Google Pixel. Padget Electronics Pvt. Ltd. signed a manufacturing agreement with Compal Smart Device India Pvt. Ltd. to launch the mass production of Google Pixel.
The production of Google Pixel will commence at the plant located at Sector 68, Noida, the exchange filing said.
Google Information Services India Pvt. Ltd. is the designated customer of Compal Smart Device, Dixon Technologies said in an exchange filing.
"This is a significant opportunity for Dixon and marks an exciting step in our growth and commitment to delivering cutting edge, high quality products to global and domestic market. Through this launch, Dixon shall be leveraging its state of the art facilities, effective manufacturing techniques and workforce and this also highlights the immense potential of India’s electronics manufacturing sector in global scenario,” said Atul B. Lall, Vice Chairman and Managing Director of Dixon Technologies.
Dixon Technologies India share price rose 6.12% to a record high of Rs 16,774.95 apiece. It was trading 4.58% higher at Rs 16,532.15 apiece as of 10:00 a.m., as compared to 0.01% advance in the NSE Nifty 50 index.
The stock gained 179.21% in 12 months, and 153.44% on year to date basis. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 70.1.
Out of 31 analysts tracking the company, 14 maintain a 'buy' rating, eight recommend a 'hold,' and nine suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.2%.
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