Dixon Technologies hits highest level since listing; up 15% in three days
In past three trading sessions, the stock appreciated by 15% from Rs 2,685 on Wednesday, November 15, 2017 after the Birla Sun Life Asset Management Company bought more than one percentage point stake in Dixon Technologies through open market.
On November 16, Birla Sun Life Asset Management Company had purchased 180,000 shares or 1.59% stake of Dixon Technologies at price of Rs 2,700 per share on the BSE, the bulk deal data shows.
India Business Excellence had sold its entire 4.37% or 495,417 shares of Dixon Technologies through open market on November 16, 2017, the company said in a regulatory filing.
India Business Excellence Fund sold 403,127 shares at price of Rs 2,700.63 on the BSE, while offloaded 91,790 shares at Rs 2,707.82 per share on the NSE, the exchanges data shows.
The name of the other buyers not ascertained immediately.
Dixon Technologies, a consumer electronics and lighting product manufacturer for global and Indian brands, raised Rs 600 crore though initial public offer (IPO), which got tremendous response, over-subscribed by 118 times. The stock appreciated 74% against its issue price of Rs 1,766.
The company said it is optimistic regarding the performance in the forthcoming quarters on back of new customer additions in the last few months, new business of CCTV’s and DVR’s at Tirupati facility & the investments in projects with backward integration.