Dixon Tech hits record high after subsidiary gets nod under PLI scheme

Dixon Technologies (India) rose 3.79% to Rs 5724.05 after the company said its wholly owned subsidiary has received approval under PLI scheme of Government of India.

Shares of Dixon Technologies (India) hit a record high of Rs 5759.95 in morning trade today.

Dixon Electro Appliances, a wholly owned subsidiary company of Dixon Technologies (India) has received approval from Government of India under Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products in India.

Atul B. Lall, vice chairman & managing director, Dixon Technologies (India) said, "We are extremely happy to have received this approval from Government of India. This is the third PLI approval received by Dixon or its Group Companies and this wouldn't have been possible without the relentless hard work of our employees and the faith reposed by our investor family in this Group. Opportunities like PLI will definitely contribute in generating employment;reduce dependency on imports and thereby making India an 'Atmanirbhar Bharat'. We are glad and consider ourselves extremely fortunate to be made a part of opportunities like these by Government of India itself. Also, with this, Dixon will be venturing into a new segment of Telecom devices and we expect to begin production mainly for routers, modems and GPONs. With our expertise in manufacturing space and support of our anchor partner, we are confident about the deliverables in this new segment."

Separately, the media reported that Dixon Technologies has started making 5G millimeter waves smartphones. It will be the first set of devices in the category to be exported from the country, reports added.

On a consolidated basis, Dixon Technologies posted a 901.10% surge in net profit to Rs 18.22 crore on 228.69% increase in net sales to Rs 1530.96 crore in Q1 FY21 over Q1 FY20.

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

Powered by Capital Market - Live News