Shares of Dixon Technologies (India) Ltd. gained over 3% on Tuesday after MSCI Inc. listed the stock in its global gauge for emerging markets in its August review. The global index provider upgraded the Dixon Technologies stock to mid-cap from the earlier small-cap status.
Dixon Technologies was among three companies, along with Phoenix Mills Ltd. and PB Fintech Ltd., to be upgraded from small to mid-cap section in the latest MSCI review.
The stock of the electronics component manufacturer had a Performa index weightage of 0.28%.
MSCI India Domestic Indexes saw seven additions and no deletions in the August review.
Late last month, Dixon Technologies (India) Ltd. reported a sharp spike in its revenue and net profit for the first quarter of FY25, surpassing the estimates by analysts.
Dixon Technologies Q1 FY25 Result Highlights (Consolidates YoY)
Revenue up by 101.1% at Rs 6,588 crore versus Rs 3,274 crore.
Ebitda is up by 90% at Rs 256 crore against Rs 135 crore.
Operating profit margin 3.8% versus 4%.
PAT up 109% at Rs 140 crore against Rs 67 crore.
Shares of Dixon Technologies rose 3.34% before paring some gains to trade 3.03% higher at Rs 352.90 per share as of 11:31 a.m., compared to a 0.05% gain in the NSE Nifty 50.
The stock has risen 158.36% in the last 12 months and 82.96% year-to-date. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index stood at 56.6.
Of the 30 analysts tracking the company, 14 maintain a 'buy', six recommend a 'hold' and 10 suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implied a downside of 5.2%.
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