Dixon Technologies Shares End With Gains On Stock-Split Plan
Shares of Dixon Technologies Ltd. pared losses to end with gains on Thursday after the company announced that it will consider a stock split.
The company will consider a sub-division of shares at its board meeting on Feb. 2, along with quarterly results for the October-December period, according to its filings.
Shares recovered losses of as much as 3.2% to end 2.7% higher at Rs 15,100 on Thursday. The stock has surged 850% since its listing in September 2017 and hit a record of Rs 16,787 apiece on Jan. 8.
- Dixon Technologies was the fourth best performer among small caps in 2020 with 254% compared with a 21.5% rise in the Nifty Smallcap index itself.
- At the current levels, it is trading at 158 times its 12-month forward earnings.
- The promoter holding has remained around the 36% mark in the last three quarters.
- Foreign investors have increased their holdings to 16.21% as of September from 12.27% in June and 7.67% a year earlier.
Of the 21 analysts tracking Dixon Technologies, 17 have a 'buy' recommendation, three suggest 'hold' while one has a 'sell' rating. It is trading 18.5% higher than its 12-month consensus price target, according to Bloomberg data. Only two analysts have target prices that imply gains from current the current market price.