You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

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

Capital Market 

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 18 2021. 12:18 IST