Dixon Technologies (India) rose 1.88% to Rs 5,989 after the company said it has entered into new line of business to manufacture set top boxes.
The total investment in the new business will be about Rs 40-50 lakh and the company expects a revenue of Rs 100-150 crore in fiscal 2021, Dixon Technologies (India) announced post trading hours yesterday, 1 July 2020.On the technical front, the stock's RSI (relative strength index) stood at 68.736. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 4,865.04 and its 200-day moving average (DMA) placed at 3,914.54.
Dixon Technologies (India)'s consolidated net profit jumped 66.8% to Rs 27.58 crore on 0.2% decline in net sales to Rs 857.41 crore in Q4 March 2020 over Q4 March 2019.
Dixon Technologies is a design-focused products and solutions company. The firm engages in manufacturing products in the consumer durables, lighting and mobile phones markets in India.
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