Dixon Tech at new high

Dixon Tech has been the limelight for quite some time now. Today too, it remains a bright star. The stock, which had closed yesterday at Rs.17,342.55, rose to hit a new high today at Rs.18,249.95.

The company, which now makes televisions for Xiaomi Corp., washing machines for LG Electronics Inc. and lighting products for Philips, is vying to become the biggest smart phone maker in India.

It began producing mobile phones in 2016 for brands like Panasonic Corp. and Samsung Electronics Co.

The Indian Cellular Association estimates phone exports from India to rise from the current $7 billion to $110 billion by 2025. And Dixon is positioning itself to get a major share of this by manufacturing and exporting globally for large brands.

In an interview with Business Standard, the Sunil Vachani, the founder of the company said that Motorola, now owned by China’s Lenovo Group Ltd., has contracted Dixon to make devices for the U.S. market. Finland’s HMD Global, which has a license for the Nokia brand, has signed a similar deal recently. Vachani said that by next year, the company plans to produce about 75 million mobile phones and expand into categories like tablets, laptops and wearables.