Dixon Technologies rises 9.5% after subsidairy opens Xiaomi plant
Dixon Technologies Ltd witnessed a 9.5 per cent surge in its shares, reaching a record high of Rs 6,034.95 on December 1.
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This rise in share prices follows the inauguration of a Xiaomi smartphone manufacturing facility by its wholly-owned subsidiary, Padget Electronics, in Noida.
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Over the past six months, Dixon Technologies stock has delivered a remarkable 50% return, outperforming the Nifty50 index, which posted a 9.71% return during the same period.
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Padget Electronics invested Rs 256 crore in the new facility, boasting an annual production capacity of 25 million units.
Source: Unsplash
Dixon Technologies Executive Chairman, Sunil Vachani, expressed that collaboration with Xiaomi is a significant step towards enhancing local smartphone manufacturing in India.
Source: Sunil Vachani/Twitter
Union Minister Ashwini Vaishnaw noted that Dixon's new plant is expected to create 5,000 jobs, emphasising its role in countering claims that India only engages in assembly.