Multibagger Stock: Dixon Tech shares set for best year since 2020 after 190% surge in 2024 – CNBC TV18
| Company | Value | Change | %Change |
|---|
The latest bout of surge comes after the company signed a binding term sheet with Vivo India to form a joint venture, which will not only cater to OEMs for Vivo India’s orders but for other companies as well.
Dixon will hold a 51% stake in this JV company, while Vivo India will hold the rest.
With today’s surge, Dixon Technologies’ market capitalisation has crossed ₹1.1 lakh crore. The stock had crossed ₹1 lakh crore in market capitalisation last week.
2024 has been a stellar year for Dixon Technologies, with the stock having gained 190% so far during the year. This is the second-best calendar year return that the stock has had since it was listed in 2017.
The stock has delivered negative calendar year returns only twice, once in 2018 and the other in 2022.
| Calendar Year | Dixon Tech Share Returns |
| 2018 | -51% |
| 2019 | 84% |
| 2020 | 254% |
| 2021 | 105% |
| 2022 | -29% |
| 2023 | 68% |
| 2024 (YTD) | 190% |
Shares of Dixon Technologies had earlier touched levels of ₹20,000 in 2021 before the company carried out a stock split, where it divided one share of ₹10 into five shares of ₹2 each.
The stock made an intraday high of ₹18,830 in today’s trading session, which means that the stock crossed its most bullish price target on the street as well. Brokerage firm CLSA had the highest target for Dixon on the street at ₹18,800, followed by Nomura’s ₹18,654.
Out of the 31 analysts that have coverage on Dixon Technologies, 15 of them have a “buy” rating on the stock, seven of them have a “hold” rating, and nine of them have a “sell” recommendation on the stock. Consensus is now implying a potential downside of 21% on the stock post this run-up.
To show the kind of year that Dixon’s shares have had, the stock declined 9% in January this year. Since then, it has gained every single month of the year, with a 19% surge already in December. This is the second-best month that Dixon has had this year, having gained 27% in June.
Shares of Dixon Technologies are trading 4.1% higher on Monday at ₹18,700.
First Published: Dec 16, 2024 11:03 AM IST
