Dixon Technologies, a company backed by life insurance corporation (LIC), has been witnessing strong performance on both the BSE and NSE stock exchanges. Over the past year, the company's stock has surged from Rs 2,893 to Rs 7,626.90 on the NSE, delivering impressive returns of approximately 160% to investors. Consequently, shares of this electronic manufacturing services company have emerged as multi-bagger stocks.
On the first day of the financial year 2024-25, april 1, the company's shares rose by 1.51%, closing at Rs 7,592.05 on the NSE. Beginning the day on a positive note, the shares reached an all-time high of Rs 7,626.90 in the afternoon before experiencing a slight decline. Nonetheless, the stock managed to end the day in the green. Remarkably, this multi-bagger stock has achieved the feat of touching all-time high levels for four consecutive sessions, leading experts to anticipate further growth, with expectations of reaching the Rs 8,130 mark soon.
The robust balance sheet of the company, coupled with the rapid growth of its consumer electronics business, has garnered confidence from institutional investors. Besides mutual funds, significant insurance companies such as lic, Max Life Insurance, and ICICI Prudential Life Insurance have expressed faith in this multi-bagger stock.
As of the end of the december 2023 quarter, mutual funds held a 17.39% stake in Dixon Technologies. Notable names such as PGIM India, Nippon India, Kotak, and hdfc Mutual Fund have made substantial investments in this company. Additionally, lic holds a 2.83% stake, while Max Life Insurance and ICICI Prudential Life Insurance possess 1.92% and 1.95% stakes, respectively. Foreign Portfolio Investors (FPIs) own 16.71%, with Mauritius's Steadview capital holding a 1.29% stake.
