Dixon Technologies declined 2.78% to Rs 4,230 after promoter Sunil Vachani decreased his stake from 36.27% to 34.67% in the company on 20 February 2020.
Sunil Vachani, the current executive chairman of Dixon Technologies, sold 1.85 lakh equity shares or 1.60% stake held in the company, the firm said in its disclosure after market hours on Thursday, 20 February 2020.
On the technical front, the stock's RSI (relative strength index) stood at 41.968. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading between its 20-day moving average (DMA) placed at Rs 4,543.83 and its 50-DMA placed at Rs 4,205.63.
Dixon Technologies' consolidated net profit jumped 49.1% to Rs 26.30 crore on a 25.2% surge in net sales to Rs 993.81 crore in Q3 December 2019 over Q3 December 2018.
Dixon Technologies is a design-focused products and solutions company. The firm engages in manufacturing products in the consumer durables, lighting and mobile phones markets in India.
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