Dixon Tech share price surged in trade on Thursday after it proposed forming a joint venture with Signify Innovations India Limited for carrying out the OEM business of lighting products and accessories.
Shares of Dixon Technologies (India) jumped 3.12 percent intraday to a high of Rs 13,673.95 per share on the NSE. Later, it trimmed some of its gains to trade at Rs 13,386.2 up 0.95 percent.
Atul B. Lall, Vice Chairman and Managing Director of Dixon, added "We believe this proposed association will bolster our operational efficiency backed by Signify’s process orientation and strong understanding of lighting technologies."
Each of Dixon and Signify will hold 50 percent of the share capital in the proposed joint venture entity, while neither of them will have any stake in each other. The joint venture will undertake part of Signify’s OEM orders of lighting products in India, and will also engage in OEM business of various lighting products of other brands.
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