Shares of Dixon Technologies (India) Ltd. hit an all-time high on Friday after it signed a term sheet with HKC Corp. for a prospective joint-venture arrangement for manufacturing of liquid crystal modules.
The proposed venture will undertake manufacturing of liquid crystal modules and thin film transistor liquid crystal display modules, and assembly of products like, smartphones, TVs, monitors and auto displays and selling HKC-branded products in India, according to an exchange filing.
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Dixon's stock rose as much as 3.34% during the day to Rs 10,088.10 apiece on the NSE. It was trading 2.39% higher at Rs 10,000 per share, compared to a 0.96% advance in the benchmark Nifty as of 10:48 a.m.
The share price has risen 52.59% on a year-to-date basis and 128.32% in the last 12 months. The total traded volume on the NSE so far in the day was times 0.63 its 30-day average. The relative strength index was at 65.93.
Seventeen out of the 29 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and eight suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15%.
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