Shares of Dixon Technologies were trading 2% higher on Thursday's early trade after the company announced that it has entered into a new line of business to manufacture set-top boxes.
Following the announcement, Dixon Tech shares touched an intraday high of Rs 5998.05, rising 2.04% against the last closing price of Rs 5,878 on BSE. The stock earlier opened at Rs 5,960.05 and hit an intraday low of Rs 5,816.90.
Dixon Tech shares were trading higher than 5, 20, 50, 100 and 200-day moving averages. Dixon Tech shares currently trade 1.44% away from 52 weeks high of Rs 6,050.
Dixon Technologies stock has agined 7.07% in the last 3 days. Market capitalisation of the Consumer Electronics firm stood at Rs 6,907.37 crore as of today's session.
Dixon Technologies stock has risen 4.28% in one week, 14% in one month and 57% year-to-date.
The company said the total investment will be Rs 40-50 lakh and it expects a revenue of Rs 100-150 crore in fiscal 2021with a decent profitability.
Earlier on June 18, the company announced that Samsung is set to bring down the tally of TVs imported from its plants in other countries and locally manufacture almost 85-90% of the televisions they sell in India, expanding their partnership with Dixon Technologies. Dixon Technologies has clients like Xiaomi, Samsung, Voltas, LG, Flipkart and Foxconn. The contract manufacturer of lighting, televisions, mobile phones and home appliances expects to grow at the rate of 20-25% each year.