Shares of Dixon Technologies (India) Ltd, the largest home-grown design-focused and solutions company, gained 2% to hit a record high on Monday after the company told stock exchanges that its wholly-owned subsidiary — Padget Electronics has entered into a contract manufacturing agreement with Compal Smart Device India Private Ltd for manufacturing of mobile phones.
With this, Dixon Technologies will now manufacture mobile phones for Compal and its designated customers, the company said in a filing.
"It gives us an immense pleasure to partner with a global leader of technological products ‘Compal’ for manufacturing of mobile phones. This association will give a strong impetus to India’s manufacturing competitiveness. Compal is one of the world’s leading manufacturers of notebook, PCs, smart devices, data center equipment and LCD products with world class R&D, manufacturing and supply chain management," said Atul B Lall, Vice Chairman and Managing Director at Dixon Technologies.
In another development, Dixon Technologies on February 23 announced the launch of its new manufacturing unit in Uttarakhand's Dehradun. "This new manufacturing unit in Dehradun symbolises Dixon's growth trajectory, and its commitment to economic development, infrastructure enhancement, and social welfare," the company said.
The Dehradun manufacturing unit is expected to generate employment opportunities for more than 1000 people, and boasts an annual production capacity of 24 lakh washing machines. The factory is poised to stimulate local businesses, attract investments, and contribute significantly to the region's revenue.
"We are thrilled to launch our latest factory, which represents a significant step forward in our journey towards innovation and excellence," said Sunil Vachani, Executive Chairman at Dixon Technologies. He elaborates, “The new plant will enable us to deliver high-quality output to our customers both in the domestic as well as international markets at an accelerated rate. We are very proud to have opened a future-oriented production facility here in Dehradun.”
On Friday, Dixon Technologies shares settled 1.14% higher at ₹6,854 apiece on NSE. The stock has risen 16.73% in the last one month and has rallied nearly 150% in the last one year.
Also Watch
| Atul Lall, MD of Dixon Technologies, discussed Padget Electronics, a subsidiary of the company, signing a contract manufacturing deal with Compal Smart Device India to produce mobile phones. Additionally, Dixon inaugurated a new facility in Dehradun for manufacturing washing machines.
First Published: Feb 26, 2024 8:03 AM IST
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