Dixon Technologies shares stare at a 37% downside, price target revised 

Shares of Dixon Technologies slipped over 2% in early deals on Wednesday after Phillip Capital maintained its sell rationg on the EMS stock. The brokerage trimmed its price target to Rs 9085, 37% lower to the previous close. Earlier, the price target for the multibagger stock stood at Rs 14,502. 

Phillip Capital said the firm's domestic business is facing increasing competition. Motorola, Dixon’s largest client, has started outsourcing domestic volumes to Karbonn, said the brokerage. These moves could impact Dixon’s future growth.
 
Motorola, Dixon’s largest client, has started outsourcing domestic volumes to Karbonn; Longcheer may follow. These moves could impact Dixon’s future growth.

Dixon Technologies shares slipped 2.55% to Rs 14,132.55 in the current session against the previous close of Rs 14,502 on BSE. Market cap of the firm fell to Rs 85,521 crore. Turnover rose to Rs 16.46 crore as 0.12 lakh shares of the firm changed hands on BSE. 

The relative strength index (RSI) of Dixon Technologies stands at 45.5, signaling it's trading in the neither in the overbought nor in the oversold territory.

Shares of Dixon Technologies are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

In Q4 of the last fiscal, Dixon Technologies reported a 322% year-on-year rise in profit to Rs 401 crore led by an one-time exceptional gain of Rs 250.4 crore. Revenue rose 121% year-on-year to Rs 10,292.5 crore against Rs 4,658 crore in the previous year.

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.