Shares of Dixon Technologies rose over 6 percent and hit a 52-week high of Rs 13,848.15 after its subsidiary Padget Electronics signed an MoU with ASUS to manufacture notebooks in India.
At 12.23 PM, Dixon Tech's share traded 5.7 percent higher at Rs 13,764. Dixon Tech's shares have gained over 95 percent in the past six months, vastly outperforming the Nifty 50 which gained 15 percent during the same period.
Today, marked the sixth consecutive session of gain for Dixon Tech. The stock has been giving positive monthly returns since February.
ASUS is a multi-national company known for motherboards and high-quality personal computers as well as a leading consumer notebook vendor.
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Dixon said it sees Asus as a long-term partner. "Asus has established a strong and trusted foothold worldwide, thanks to its advanced technology and we see them as our ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess and customer satisfaction & we intend to leverage each other's strengths to manufacture notebook products," Atul Lall, Vice Chairman & Managing Director of Dixon Technologies said.
The company is regarding laptops and IT hardware products as a significant growth engine. "What we, as a team, have been successfully able to execute on the mobile front, we aspire to do the same in the IT products," the company said.
Dixon already has contracts with Lenovo and Acer to manufacture notebooks and is already manufacturing for Acer. "We have the top four customers out of the top five global brands operating in the country," the company said during the earnings call for the June quarter. It has also started the New Product Introduction (NPI) process for Lenovo notebooks and its mass production will commence in Q3FY25.
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