DIXON

** Shares of Dixon Technologies DIXO.NS rise ~7% to 10,340 rupees

** A unit of Dixon Technologies was given the nod for making display modules under the electronics component manufacturing scheme

** On Monday, India approved over $750 million in projects under its electronics component manufacturing program

** Under the scheme, the company will receive ~1–4% of its revenues as incentive from the government, depending on incentive slabs, brokerage firm Nomura says

** Stock rated "buy" on average by 30 analysts; median PT 13,250 rupees - data compiled by LSEG

**YTD, stock down about 15%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

By Tanvi Mehta

NEW DELHI, March 30 (Reuters) - India on Monday approved 29 proposals from various companies under its electronics component manufacturing program, with a total investment of 71.04 billion rupees ($751.21 million), the Electronics and Information Technology Ministry said.

India has launched a series of incentive programs to attract global and domestic investors, expand local manufacturing capacity, reduce import dependence and strengthen supply chains as it looks to improve its electronics manufacturing.

India's electronics manufacturing sector produced goods worth $125 billion in the year to March 2025. The government hopes to increase this to $500 billion by fiscal 2031.

The proposals cover mobile manufacturing, telecom, consumer electronics, automotive and hardware products, according to a statement from the ministry.

A unit of India's Dixon Technologies DIXO.NS was given the nod for making display modules, while Lohum Cleantech secured the approval to manufacture rare-earth permanent magnets.

According to the statement, Lohum's project is India's first for manufacturing rare-earth permanent magnets from rare-earth oxide.

Reuters reported this month that the Indian government is planning fresh incentives for local production of mobile phones with the flagship program for the burgeoning sector expiring in March, citing two sources. The move is expected to boost firms such as Apple and Samsung.

($1 = 94.5680 Indian rupees)

(Reporting by Tanvi Mehta
Editing by Rod Nickel)

((tanvi.mehta@thomsonreuters.com))

Repeats Thursday's story with no changes to the text

By Aditya Kalra and Munsif Vengattil

NEW DELHI, March 19 (Reuters) - India's government privately proposed in January that firms like Apple, Samsung and Google consider pre-installing its biometric identification app Aadhaar on phones, a move opposed by a group representing the smartphone giants, industry letters show.

The tussle over preloading state-run apps has become a recurring flashpoint between Prime Minister Narendra Modi's government and tech firms, with the Aadhaar request one of six that Indian IT industry body MAIT has pushed back against, according to the letters.

Aadhaar is a unique 12-digit identity number tied to an individual's fingerprints and iris scans, held by nearly 1.34 billion residents. It is widely used for verification purposes in banking and telecom services, as well as for faster airport entry.

While the government maintains that the system is safe and secure, it has faced persistent criticism from privacy advocates, including for data leaks where personal details of hundreds of millions of holders surfaced on the dark web.

COMPANIES PUSHED BACK AGAINST AADHAAR REQUEST

According to an internal email sent by MAIT on January 13, the government's Aadhaar body UIDAI asked the IT ministry in January to engage Google, Apple, and leading smartphone manufacturers to explore pre-installing the new version of its Aadhaar app.

The request, while not an outright order, drew opposition from companies concerned that pre-installations raise production costs and risks creating functional issues for users, according to the MAIT documents.

Apple AAPL.O and Samsung 005930.KS in particular both had concerns with the proposal due to questions over safety and security, two industry sources said. The companies did not respond to Reuters requests for comment.

UIDAI believed the pre-installation would allow citizens to "readily access essential Aadhaar functionalities without the need for separate downloads" and "enhance its reach and accessibility", according to an email sent from MAIT to its members in January.

MAIT's member companies, however, were of the view that pre-installation "would not drive greater public good", and that such mandates would require companies to maintain separate production lines for India and export markets, one of its January documents showed.

It also argued that no other country apart from Russia mandates pre-installation of government apps on mobile phones.

The new Aadhaar app, launched in January, allows users to update their personal details, manage profiles of their family members, and lock biometric details to prevent misuse.

The pre-installation proposal "shows and evidences a greater amount of government desire of controlling smartphone usage from the very beginning," said Apar Gupta, founder of the Internet Freedom Foundation, a New Delhi-based digital advocacy group.

"It is clearly problematic."

It was not immediately clear whether the proposal is still being pursued by the government or if it was dropped.

In a statement to Reuters, MAIT said its internal communications are confidential, and use of such material in reporting "risks distorting the true context of industry discussions" and is likely to undermine its advocacy efforts.

UIDAI CEO Bhuvnesh Kumar, India's IT ministry, and Google did not respond to requests for comment.

PRE-LOADING APPS ALREADY A POINT OF CONTENTION

In December, New Delhi faced criticism from opposition parties and activists over an order mandating smartphone makers to pre-install a telecom security app, forcing the government to roll back its decision within days.

The letters reviewed by Reuters on the latest proposal show growing discontent among smartphone companies against app pre-installation requests by the Indian government.

MAIT also wrote to Indian IT ministry official Ravinder Kumar Meena on March 10, opposing the government's request for pre-installation of another app, Sachet, a disaster alert service.

Referring to the request to pre-install Aadhaar and five other government apps in the letter, MAIT said that in each instance the industry "has been consistent in its recommendation against pre-installation".

Meena did not respond to a request for comment.

(Reporting by Aditya Kalra and Munsif Vengattil; Editing by Jan Harvey)

((munsif.vengattil@thomsonreuters.com;))

By Aditya Kalra and Munsif Vengattil

NEW DELHI, March 19 (Reuters) - India's government privately proposed in January that firms like Apple, Samsung and Google consider pre-installing its biometric identification app Aadhaar on phones, a move opposed by a group representing the smartphone giants, industry letters show.

The tussle over preloading state-run apps has become a recurring flashpoint between Prime Minister Narendra Modi's government and tech firms, with the Aadhaar request one of six that Indian IT industry body MAIT has pushed back against, according to the letters.

Aadhaar is a unique 12-digit identity number tied to an individual's fingerprints and iris scans, held by nearly 1.34 billion residents. It is widely used for verification purposes in banking and telecom services, as well as for faster airport entry.

While the government maintains that the system is safe and secure, it has faced persistent criticism from privacy advocates, including for data leaks where personal details of hundreds of millions of holders surfaced on the dark web.

COMPANIES PUSHED BACK AGAINST AADHAAR REQUEST

According to an internal email sent by MAIT on January 13, the government's Aadhaar body UIDAI asked the IT ministry in January to engage Google, Apple, and leading smartphone manufacturers to explore pre-installing the new version of its Aadhaar app.

The request, while not an outright order, drew opposition from companies concerned that pre-installations raise production costs and risks creating functional issues for users, according to the MAIT documents.

Apple AAPL.O and Samsung 005930.KS in particular both had concerns with the proposal due to questions over safety and security, two industry sources said. The companies did not respond to Reuters requests for comment.

UIDAI believed the pre-installation would allow citizens to "readily access essential Aadhaar functionalities without the need for separate downloads" and "enhance its reach and accessibility", according to an email sent from MAIT to its members in January.

MAIT's member companies, however, were of the view that pre-installation "would not drive greater public good", and that such mandates would require companies to maintain separate production lines for India and export markets, one of its January documents showed.

It also argued that no other country apart from Russia mandates pre-installation of government apps on mobile phones.

The new Aadhaar app, launched in January, allows users to update their personal details, manage profiles of their family members, and lock biometric details to prevent misuse.

The pre-installation proposal "shows and evidences a greater amount of government desire of controlling smartphone usage from the very beginning," said Apar Gupta, founder of the Internet Freedom Foundation, a New Delhi-based digital advocacy group.

"It is clearly problematic."

It was not immediately clear whether the proposal is still being pursued by the government or if it was dropped.

In a statement to Reuters, MAIT said its internal communications are confidential, and use of such material in reporting "risks distorting the true context of industry discussions" and is likely to undermine its advocacy efforts.

UIDAI CEO Bhuvnesh Kumar, India's IT ministry, and Google did not respond to requests for comment.

PRE-LOADING APPS ALREADY A POINT OF CONTENTION

In December, New Delhi faced criticism from opposition parties and activists over an order mandating smartphone makers to pre-install a telecom security app, forcing the government to roll back its decision within days.

The letters reviewed by Reuters on the latest proposal show growing discontent among smartphone companies against app pre-installation requests by the Indian government.

MAIT also wrote to Indian IT ministry official Ravinder Kumar Meena on March 10, opposing the government's request for pre-installation of another app, Sachet, a disaster alert service.

Referring to the request to pre-install Aadhaar and five other government apps in the letter, MAIT said that in each instance the industry "has been consistent in its recommendation against pre-installation".

Meena did not respond to a request for comment.

(Reporting by Aditya Kalra and Munsif Vengattil; Editing by Jan Harvey)

((munsif.vengattil@thomsonreuters.com;))

** Dixon Technologies' DIXO.NS shares down 2% at 10,126 rupees after CLSA flags near-term earnings risk from rising memory prices, availability concerns cloud

** Key customers like Motorola, Transsion, Oppo, Realme have seen 20-68% YoY volume declines, raising concerns about meeting co's FY26 guidance, FY27 growth estimates - CLSA

** Adds, new growth avenues will be crucial for contract electronics manufacturer in medium term

** Says Xiaomi, Transsion, which account for about 40% of Dixon’s volumes, continue to lose market share

** Indian smartphone shipments fell about 25% YoY in January, reflecting weak demand amid rising memory prices - CLSA

** Stock rated "buy" on avg by 30 analysts; median PT 13,250 rupees - data compiled by LSEG

** YTD, stock down 16.3%

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

**Shares of Dixon Technologies DIXO.NS up 4.6% to 10,254 rupees

** DIXO says it got government approval for JV with China's HKC Overseas to manufacture display modules for mobiles, notebooks, automotive displays, TVs, monitors, and industrial displays

** DIXO owns 74% of JV's stake, HKC Overseas owns 26%

**J.P.Morgan ("Overweight", PT: 13,000 rupees) believes this is positive for DIXO as approval was pending for more than 1.5 years

** Says JV would largely be for its own equipment, so won't add much to co's revenues

** Notes approval should pave the way for government approval on DIXO's JV with Vivo

** Stock rated "Buy" on average by 30 analysts; median PT 13,250 rupees - data compiled by LSEG

**YTD, stock down about 15%

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))

March 9 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• APPROVAL FROM MEITY FOR INVESTMENT BY HKC OVERSEAS IN DIXON DISPLAY

Source text: ID:nNSE9G8kBR

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 3 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• CO INVESTS 73.9 MILLION RUPEES IN DIXTEL INFOCOM, LONGCHEER INVESTS 26 MILLION RUPEES

Source text: ID:nBSE9GRCtb

Further company coverage: DIXO.NS

((Reutersbriefs@thomsonreuters.com;))

Jan 29 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• DIXON TECHNOLOGIES (INDIA) DEC-QUARTER CONSOL NET PROFIT 2.87 BILLION RUPEES

• DIXON TECHNOLOGIES (INDIA) DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 106.72 BILLION RUPEES

Source text: [ID:]

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 2 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• UNITS GRANTED APPROVAL FOR ELECTRONICS COMPONENT MANUFACTURING

Source text: [ID:]

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;))

By Nikunj Ohri and Shivangi Acharya

NEW DELHI, Dec 12 (Reuters) - India has cut red tape to speed business visas for Chinese professionals, two officials said, a major step to boost ties between the Asian giants and end chronic delays that cost output worth billions of dollars because of scarce technicians.

As Prime Minister Narendra Modi cautiously rekindles ties with Beijing in the face of punishing U.S. tariffs, the officials said New Delhi dropped a layer of bureaucratic scrutiny and shortened visa approval times to less than a month.

Reuters is the first to report the development.

India had blocked virtually all Chinese visits after the nuclear-armed neighbours clashed on their Himalayan frontier in mid-2020, widening its vetting of business visas beyond the home and foreign ministries.

The issues around securing visas have now been completely resolved, said one of the officials with knowledge of the matter, who both spoke on condition of anonymity.

"We have removed the layer of administrative vetting and are processing the business visas within four weeks," the official added.

India's ministries of external affairs, home and trade, as well as the prime minister's office and the top think tank on policy, did not respond to e-mail requests for comment.

Think tank the Observer Research Foundation estimates the tougher scrutiny led to production losses of $15 billion over four years to Indian electronics makers, which import key machinery from China to make mobile telephones.

Major Chinese electronics companies, such as Xiaomi, struggled to get visas, Reuters reported last year.

Industry executives have said such curbs hit their plans to expand in India, while the solar industry was also hit by shortages of skilled labour.

The removal of red tape comes after Modi visited China this year for the first time in seven years, meeting Chinese President Xi Jinping and discussing ways to improve ties.

Subsequently, both countries resumed direct flights, for the first time since 2020.

The easing of curbs was prompted by a high-level committee headed by a former cabinet secretary, Rajiv Gauba, now a member of the top government think tank, which also aims to ease investment curbs on China that hurt foreign investor sentiment.

"We welcome the government's decision to expedite skilled-visa approvals for professionals from land-bordering countries," said Pankaj Mohindroo, head of industry body the Indian Cellular and Electronics Association.

"This reflects a collaborative approach and the government's acceptance of our recommendations."

The changes come at a crucial time for India, which is scaling up production across categories from finished goods to components and sub-assemblies, he added.

WARMING CHINA TIES FOLLOW US TARIFFS

India's warmer ties with China follow the surprise levy of a 50% tariff on Indian goods by U.S. President Donald Trump, including a penal tariff of 25% for buying Russian oil.

That prompted India to reshape its diplomatic calculus, reworking ties with China and strengthening ties with Russia, while continuing to negotiate a trade deal with Washington.

In this effort, Modi has doubled down on focusing measures to boost growth by improving the environment for foreign investment, including business with China.

India also recently cut consumption tax and eased labour laws to lure foreign investors.

"We are cautiously easing some rules around restriction on China, which, we hope, will improve the overall business environment," the second official said.

(Reporting by Nikunj Ohri and Shivangi Acharya in New Delhi; Editing by Aftab Ahmed and Clarence Fernandez)

((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

** Shares of electronics components manufacturer Dixon Technologies DIXO.NS fall 3% to 15,713 rupees

** Stock extends falls after dropping nearly 4% on Monday

** Co reports profit after tax of 6.70 billion rupees ($76.2 million), up 71% yoy

** However, cuts its FY27 mobile phone volume guidance to 55-60 mln units from 60–65 mln units previously

** Mobile phone and electronic manufacturing services segment accounts for 90% of its revenue

** Co missed Street's PAT estimates by 13% due to increase in minority interest in its Ismartu and Bharti subsidiary - Phillip Capital

** Adds, achieving volume guidance seems tricky given that festive season is over and H2 is generally weak

** Stock rated "Buy" on average; median PT at 18,470 rupees - data compiled by LSEG

** YTD, DIXO down 12%

($1 = 87.8950 Indian rupees)

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))

** UBS raises rating on India's Dixon Technologies DIXO.NS to "buy" from "neutral" earlier, hikes price target to Street high of 23,000 rupees ($259.39) from 13,000 rupees

** New PT reflects a ~27% upside on last close

** DIXO shares rose as much as 1.7% to 18,471 rupees, hitting their highest level since early January

** UBS says co's backward integration into non-semiconductor smartphone components will likely aid 110-basis-point improvement in EBITDA margins by FY28

** Expects co to deliver $11 billion revenue by FY28; sees components' expansion, steady exports, new verticals as strong growth prospects beyond FY28

** Brokerage says co's pace of inorganic growth, based on recent JVs, underscores DIXO's ability to unlock new growth drivers

** Estimates FY25-28 revenue CAGR of 36% and PAT CAGR of 46%

** Stock rated "buy" on avg, median PT at 18,311 rupees - data compiled by LSEG

** YTD, DIXO up ~2%

($1 = 88.6700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

** Shares of Dixon Technologies DIXO.NS rise 0.5% to 17,852 rupees

** Macquarie initiates coverage with "outperform" rating; sets PT at 20,000 rupees, implying a 12.6% upside to last close

** Brokerage cites Dixon's dominance in smartphone manufacturing and its emerging component business as key growth drivers

** Notes global supply-chain realignment is creating new opportunities for the co

** Sees room to expand free cash flow margins from 1% in FY25 to 4% by FY30, supporting long-term ROCE improvement

** Dixon rated "buy" by 29 analysts on average; median target price is 18,235.5 rupees – data compiled by LSEG

** Stock down 0.5% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

((rudrapratap.singh@thomsonreuters.com))

** Shares of Dixon technologies DIXO.NS rise 2.5% to 16,223 rupees

**Top pct gainer on Nifty Midcap 50 index .NIMDCP50, which is up 0.1%

** CLSA expects new acquisitions and JVs to boost value addition in smartphones, drive growth; margin expansion of 150–200 bps, with additional revenue streams from external sales

** Maintains "high conviction outperform" rating with PT at 15,800 rupees

** DIXO rated "buy" by 29 analysts on avg; median PT at 17,552 rupees - data compiled by LSEG

** YTD, stock down 9.5%, NIMDCP50 up 5%

(Reporting by Rudra Pratap Singh in Bengaluru)

((rudrapratap.singh@thomsonreuters.com))

July 15 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• ENTERS BINDING TERM SHEET WITH CHONGQING YUHAI PRECISION MANUFACTURING CO

• JV TO MANUFACTURE PRECISION COMPONENTS FOR LAPTOPS AND MOBILES

Source text: ID:nBSE9bpQjw

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Electronics manufacturer Dixon Technologies DIXO.NS rises as much as 3% to 15,668 rupees; last up 1.2%

** Batlivala & Karani Securities initiates stock coverage with "buy", sets PT at 18,946 rupees, implying a ~23% upside to current price

** Brokerage says, co has evolved from a traditional electronics services provider to a backward integrated, export oriented manufacturer, that is backed by structural tail winds such as India's manufacturing goals and the China plus one strategy

** Adds, continued scale up of mobile and IT hardware segments as well as exports should help DIXO post revenue and profit after tax CAGR of 42% and 69% respectively over FY25-27E

** Points out room for expansion given its current market share of 12%-14% in electronic manufacturing services (EMS)

** Stock rated 'buy' on avg by 28 analysts; median PT at 17,552 rupees

** DIXO down 14.2% YTD

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

** Electronics manufacturer Dixon Technologies DIXO.NS falls 3% to 14,035 rupees, steepest intraday drop since May 21

** Morgan Stanley downgrades to "underweight"; sets PT at 11,563 rupees, implying nearly 23% downside from last close

** MS cites rising competition in core electronics manufacturing services (EMS) segment

** MS forecasts core EMS earnings to slow 46% in FY25-FY27 and 18% in FY27-FY30

** Adds, post expiry of production-linked incentives in FY26, clients may shift to cheaper EMS rivals

** DIXO rated "hold" by 27 analysts on avg; median PT at 17,473 rupees - data compiled by LSEG

** Stock down 19% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

((rudrapratap.singh@thomsonreuters.com;))

** Shares of Dixon Technologies DIXO.NS rise as much as 4.46% to 14,954 rupees, their highest since June 11

** Multiple brokerages reiterate positive view on the electronics manufacturer's growth and earnings outlook over fiscal 2026 and 2027 after meeting with the management

** Nomura reiterates "Buy" and says DIXO is ahead of peers in diversifying its customer base

** Kotak Institutional Equities reiterates "Add", sees gains from increasing domestic smartphone volumes, a high export mix, and ramp-up in new tie-ups

** The average rating of 27 analysts tracking DIXO is "Hold"; the median price target is 17,473.50 rupees, according to data compiled by LSEG

** DIXO shares are down 20.2% in 2025 so far, underperforming the 4.3% rise in the mid-cap 100 index .NIFMDCP100, according to exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Corrects share price to 14,152 rupees from 372 rupees in bullet 1

** Dixon Technologies DIXO.NS falls 2.6% to 14,152 rupees

** PhillipCapital says Motorola MSI.N, co's largest client, outsourcing domestic volumes to rival Karbonn in 2025 a risk to domestic business

** Maintains "sell", cuts PT to 9,085 rupees from 11,077 rupees

** Says Motorola's reliance on Indian manufacturers DIXO and Karbonn raises concerns over potential export risks for DIXO, given Motorola's ties to China

** Cuts FY27 revenue and profit estimates by 4% and 9%, respectively, taking into account competition

** Stock rated "hold" on avg; median PT is 17,473.50 rupees, per data compiled by LSEG

** YTD, DIXO loses 21%

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

** Shares of Dixon Technologies DIXO.NS jump 6% to 16,098 rupees

** Electronic manufacturing services (EMS) provider's unit Padget Electronics enters into a contract manufacturing agreement with Nxtcell India

** Under the agreement, Dixon and Nxtcell will make smartphones for the French tech brand Alcatel in the Indian market

** The average rating of 24 analysts tracking DIXO is "buy", the median target price is 16,500 rupees - data compiled by LSEG

** DIXO shares are down 15.3% in 2025 so far, underperforming the Nifty midcap 100 index .NIFMDCP100 which is down about 4%, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

May 9 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• HAS ENTERED INTO CONTRACT MANUFACTURING AGREEMENT WITH NXTCELL INDIA

• TO MANUFACTURE SMARTPHONES FOR FRENCH TECH BRAND ALCATEL

Source text: ID:nBSExggmL

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Dixon Technologies (India) DIXO.NS jumps 6% to three-month high of 16,828 rupees; on course for eighth consecutive session of gains

** Alphabet GOOGL.O initiates talks with co and Foxconn to shift part of Google Pixel smartphones' global production to India from Vietnam amid U.S. tariffs, as per a report from The Economic Times

** More than 870,000 shares change hands on the day, double their 30-day avg daily volume

** DIXO trims YTD losses to 6.2%

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

** The U.S. exemption of key electronics like smartphones, computers and semiconductors from reciprocal tariffs could provide a boost to India's electronics sector, says Nomura

** Tariffs had ranged from 10% to 145% across countries

** U.S. removed smartphones and other electronics from its tariffs on China over the weekend but President Donald Trump warned levies on semiconductors would come soon

** Nomura sees gains for Samvardhana Motherson SAMD.NS due to its partner BIEL, which supplies Apple with displays

** Dixon Technologies DIXO.NS is also expected to benefit, having produced 11.5 million units for Motorola in FY25

** Shares of SAMD and DIXO jumped 8% and 2.5%, respectively

** Nomura notes prolonged tariff uncertainty could drive companies to diversify supply chains away from China

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

** Shares of Dixon Technologies India DIXO.NS gain 3.3% to 13,355.65 rupees

** Brokerage Kotak Institutional Equities upgrades to "add" from "reduce", raises fair value to 15,000 rupees from 14,770 rupees earlier

** DIXO, which assembles Google's Pixel smartphones, is expected to be a key beneficiary of India's 230 billion rupees ($2.7 billion) PLI scheme aimed at boosting electronics components manufacturing - Kotak

** Kotak expects Signify deal to help improve DIXO's lighting segment growth

** Expects co to report 132% y/y rise in Q4FY25 revenue, driven by continued growth in mobile segment's demand

** New FV on stock is at 16% premium on last close

** DIXO rated "hold" on avg, median PT at 16,450 rupees - data compiled by LSEG

** Year-to-date, stock is down ~28%

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364))

March 27 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• ENTERED INTO A BINDING TERM SHEET WITH SIGNIFY INNOVATIONS INDIA

• TERM SHEET TO FORM JV FOR BUSINESS OF LIGHTING PRODUCTS AND ACCESSORIES

• DIXON AND SIGNIFY WILL HOLD 50% EACH IN PROPOSED JOINT VENTURE

Source text: ID:nBSE2nK4Rh

Further company coverage: DIXO.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Praveen Paramasivam

CHENNAI, March 15 (Reuters) - India's Zetwerk is considering a stock market listing within 24 months, at a time when the contract manufacturer is ramping up electronics production, its CEO and co-founder said on Saturday.

"Global companies are moving production to India. This is happening today; this will happen once in our lives probably," Amrit Acharya, CEO and co-founder of Zetwerk, told reporters.

Electronics manufacturing has gained momentum in India over the last few years as global technology giants, including Alphabet's GOOGL.O Google and Apple AAPL.O diversify their supply chain away from China.

"India is going to be a long-term bet for any global supply chains," Josh Foulger, electronics president at Zetwerk, told Reuters.

Zetwerk, which raised roughly $90 million at a valuation of $3.1 billion last year, has room to invest in its electronics business, Acharya said, adding it plans to go public in the next 15-24 months.

The upstart's peer Dixon Technologies DIXO.NS went public in 2017, a year before Acharya co-founded Zetwerk.

On Saturday, Zetwerk opened its seventh Indian factory in Chennai, aiming to make it an export hub, including for the United States.

The move comes at a time when U.S. President Donald Trump has hit China with extra tariffs, sparking a trade war.

Trump's policies are expected to boost production in India, but with potential tariffs on India, Acharya said Zetwerk had fast-tracked its European entry by up to four years, signing up a few customers.

Electronics currently account for 15% of revenue at Zetwerk.

In the year ended March 2024, Zetwerk's sales climbed 26% to 144.36 billion rupees ($1.66 billion), while its net loss widened to 9.19 billion rupees, from 1.09 billion rupees a year earlier.

($1 = 86.9410 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai. Editing by Mark Potter)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

By Praveen Paramasivam

Feb 20 (Reuters) - Dixon Technologies India DIXO.NS, which assembles Google's Pixel smartphones, is set to more than double its revenue this fiscal year, driven by rapid growth in local electronics manufacturing, a top executive told Reuters.

Electronics manufacturing has gained momentum in India as global giants, including Alphabet's GOOGL.O Google and Apple AAPL.O, expand their supply chain away from China.

"(For) the sector and Dixon, the growth path is going to be extremely aggressive in the coming future," Managing Director Atul Lall said on Wednesday.

The contract manufacturer reported a revenue of 177.13 billion rupees ($2.04 billion) for the 2024 financial year that ended in March, up 45% from a year earlier. Its revenue stood at 285.77 billion rupees for the nine months ended December 31.

Noida-based Dixon, which also assembles smartphones for firms such as China's Xiaomi and Oppo, has branched out into component manufacturing as India plans to offer billions of dollars in incentives to make parts for mobiles and laptops.

India's electronics manufacturing sector is set to grow to 6 trillion rupees in fiscal year 2027, from 1.46 trillion rupees in 2022, brokerage Motilal Oswal said in a note in December.

However, U.S. President Donald Trump's threat to impose reciprocal tariffs from early April could pose a risk, with analysts estimating potential losses at about $7 billion a year for India's export sectors.

Lall said Dixon, which has invested heavily to cater to rising export demand for electronics, is awaiting more details on the issue as the U.S. has made only broader statements so far.

($1 = 86.8580 Indian rupees)

(Reporting by Praveen Paramasivam; Editing by Sonia Cheema)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

Jan 20 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.71 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 104.54 BILLION RUPEES

Source text: [ID:]

Further company coverage: DIXO.NS

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