Padget Electronics Private News Today

Dixon Tech is design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India.

The companys shares, which saw a decline of almost 29% in CY22, have shown a remarkable rebound in the current year. They have rallied 68% in CY23 so far, spiking from ₹3,927 apiece to ₹6,605 apiece, and are up by 159% from their one-year low of ₹2,553 apiece.

Foreign research firm Morgan Stanley has kept under-weight rating on the stock with target of Rs 4,374 per share.

The company said the contract is subject to signing of definitive agreement in due course.

Twenty-seven companies have successfully obtained approvals under the Production Linked Incentive (PLI) scheme 2.0 in the IT hardware sector, Union Minister for Electronics and IT Ashwini Vaishnaw has announced.

India, as the worlds second-largest smartphone market, is a fiercely competitive arena for the worlds leading phone brands.

Analysts say the deal will help Xiaomi India leverage Dixons status of being cleared to receive sops under the governments production-linked incentive (PLI) scheme for mobile manufacturing.

Dixon has entered into an agreement with Xiaomi for manufacturing phones and other devices

The production will take place at Padget’s manufacturing facility situated in Noida, Uttar Pradesh.

The WOS has received approval for disbursement of Rs53.28 crore from Empowered Committee of MEITY- Government of India.