Dixon Technologies' arm inks pact with Nokia Solutions to make telecom products

Electronic goods contract manufacturer Dixon Technologies said its subsidiary Dixon Electro Appliances Private Limited has inked an agreement with Nokia Solutions and Networks OY for development and manufacturing of telecom products. The announcement was made after market hours on Tuesday.

Dixon Technologies shares ended flat at Rs 8360.75 against the previous close of Rs 8410.20 on BSE. The stock of the electronic goods contract manufacturer opened higher at Rs 8,419. The market cap of the consumer durables firm stood at Rs 50,015 crore. Total 8716 shares of the firm changed hands over the counter amounting to a turnover of Rs 7.28 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Dixon Technologies stands at 66.9, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Dixon Technologies are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.   

Nokia Solutions and Networks OY is a developer and supplier of sophisticated communications equipment and terminals, accessories and connectivity solutions, said  Dixon Technologies.

Commenting on this association, Atul B. Lall, Vice Chairman & Managing Director, Dixon Technologies (India) Limited said, “We are ecstatic to announce that we have partnered with an iconic brand ‘Nokia’ for undertaking development and manufacturing of Telecom products. This association will give a strong impetus to India’s manufacturing competitiveness. We are honored to be associated with Nokia brand and we aspire to take forward their legacy of high quality, commitment, ethics and trust. There is tremendous scope and potential in the Telecom product’s market and it’s gratifying that Nokia has partnered with Dixon for its Telecom products segment. We are sure that with their vision and stringent industry-leading processes, combined with our expertise in manufacturing, Nokia’s customers are going to have an enriching experience. We are confident that this relationship shall go a long way and we keep on strengthening our relationship in times to come.”

Dixon Technologies (India) is the largest home-grown design-focused and solutions company engaged in contract manufacturing products in the consumer durables, lighting and mobile phones markets in India.