Dixon Tech Shares Rise On Announcement Of JV With Signify Innovations
Shares of Dixon Technologies (India) Ltd. rose over 3% on Thursday after the company announced a partnership with Signify Innovations India Ltd., previously called Philips Lighting, to make lighting products and accessories.
The companies signed a binding term sheet to start a joint venture in India for carrying on the business as an original equipment manufacturer, according to a stock exchange filing.
Both companies will hold 50% stake in the JV entity to be incorporated for this purpose. Neither Dixon nor Signify will have any stake in each other, the filing said.
They will finalise the details regarding the JV, its governance, valuation, and other terms and conditions in definitive agreements. The transaction is contingent upon the execution of these agreements and regulatory approvals.
The proposed association will bolster Dixon Tech's operational efficiency backed by Signify's process orientation and strong understanding of lighting technologies, said Vice Chairman and Managing Director Atul Lall.
Dixon Tech already makes consumer electronics like LED TVs, washing machines, LED bulbs and tube lights, down lighters; mobile phones, wearables and hearables, refrigerators, telecom and IT hardware products.
Dixon Tech Share Price Up
Dixon Tech's shares rose 3.1% intraday to Rs 13,673 apiece. However, it pared some of the gains to trade 1.4% higher as of 1:10 p.m. This compares to 0.5% jump in the benchmark Nifty 50 Index.
The stock has risen 81% in the last 12 months and fallen 21% so far this year. The relative strength index was at 38.
Out of 31 analysts tracking the company, 17 maintain a 'buy' rating, five recommend a 'hold,' and nine suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 25%.
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