Dixon Tech hits all time high; rises 9% in three day
Dixon Technologies jumped 3.19% to Rs 20,725.80, rising for the third consecutive trading session.
Shares of Dixon Tech have rallied 9% in three sessions from its previous closing low of Rs 19,000.60 on 8 March 2021. The counter hit a record high of Rs 20,855.60 in intraday today. The stock has rallied 614% from its 52-week low of Rs 2,899.95 posted on 24 March 2020.
In last one month, shares of Dixon Tech added 11% compared with a 4.2% rise in BSE Mid Cap index.
Shares of Dixon Tech witnessed strong demand after the company fixed 19 March 2021 as record date for stock split. Earlier in February 2021, the company’s board approved stock split in the ratio 1:5 (one equity share of Rs 10 to be split into five equity shares of face value Rs 2 each).
On the technical front, the stock’s RSI (relative strength index) stood at 67.861. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 16911.88 and 13994.33 respectively. These levels will act as crucial support zones in near term.
Dixon Technologies (India) 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.
The company’s consolidated net profit jumped by 134.2% to Rs 61.59 crore on a 120% rise in revenue from operations to Rs 2,182.78 crore in Q3 FY21 over Q3 FY20.
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