Dixon Tech edges higher after subsidiary inks manufacturing agreement with Nokia

Dixon Technologies (India) rose 1.74% to Rs 8442.25 after the company announced that its subsidiary Dixon Electro Appliances (DEAPL) has entered into an agreement with Nokia for development and manufacturing of Telecom products.

Nokia Solutions and Networks OY (Nokia) is a developer and supplier of sophisticated communications equipment & terminals, accessories and connectivity solutions.

The manufacturing shall take place at DEAPLs manufacturing facility situated at Noida, Uttar Pradesh.

Atul B. Lall, vice chairman & managing director, Dixon Technologies (India), said: We are ecstatic to announce that we have partnered with an iconic brand Nokia for undertaking development and manufacturing of Telecom products.

There is tremendous scope and potential in the Telecom products market and its gratifying that Nokia has partnered with Dixon for its Telecom products segment.

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. Their diversified product portfolio includes consumer electronics like LED TVs; home appliances like washing machines; lighting products like LED bulbs and tubelights, downlighters; mobile phones; and CCTV & DVRs Medical Equipment; wearables; refrigerators. Dixon also provides solutions in reverse logistics i.e. repair and refurbishment services of LED TV panels.

The company reported 87% jump in consolidated net profit to Rs 970.7 crore on 100% increase in revenue from operations to Rs 4,818.25 crore in Q3FY24 over Q3 FY23.

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