Dixon Tech advances after JV starts manufacturing of products

Dixon Technologies (India) gained 1.71% to Rs 4,204.65 at 13:03 IST on BSE after the company announced that its joint venture company commenced manufacturing of closed-circuit televisions and digital video recorders.

The announcement was made after market hours yesterday, 2 January 2018.

Meanwhile, the BSE Sensex was up 68.60 points, or 0.2%, to 33,880.86. The BSE Small-Cap index was up 186.14 points, or 0.97%, to 19,344.38, outperforming the Sensex.

On the BSE, 8,942 shares were traded in the counter so far, compared with an average volume of 30,000 shares in the past two weeks. The stock of small-cap company had hit a high of Rs 4,298.95 and a low of Rs 4,185.90 so far during the day. The stock had hit a 52-week high of Rs 4,490.85 on 26 December 2017. The stock had hit a 52-week low of Rs 2,510 on 25 September 2017.

AIL Dixon Technologies, a joint venture company of Dixon Technologies (India), commenced manufacturing of closed-circuit televisions (CCTV) and digital video recorders (DVR) on 2 January, 2018. The products will be manufactured at company's manufacturing facility situated at Tirupati, India.

The company had entered into joint venture agreement on 8 May 2017 with Aditya Infotech and AIL Dixon Technologies.

Shares of the company had made debut on the bourses on 18 September 2017.

Dixon Technologies' consolidated net profit rose 18.34% to Rs 50.38 crore on 76.81% rise in net sales to Rs 2456.76 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

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

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