Equity Alert
Dixon Tech up 7%; gets MeitY nod to form JV with HKC Overseas
This story was originally published at 11:14 IST on 10 March 2026
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Equity Alert: Dixon Tech up 7%; gets MeitY nod to form JV with HKC Overseas
MUMBAI--1045 IST--Shares of Dixon Technologies rose as much as 7.4% to an intraday high of INR 10,530 after the company late Monday said it received approval from the Ministry of Electronics and Information Technology for its proposed joint venture with HKC Overseas, an affiliate of HKC Corp. At 1043 IST, shares of the company traded nearly 5% higher at INR 10,265 and were among the top gainers in the Nifty 200 index.
The joint venture company will develop, manufacture, and distribute liquid crystal modules and thin film transistor liquid crystal display modules and other advanced display modules, for mobile phones, notebooks, automotive displays, televisions, monitors, and industrial displays, Dixon Tech said in an exchange filing Monday. Under the proposed structure, Dixon Display Technologies Pvt. Ltd., presently a wholly-owned subsidiary of Dixon Tech, will become a joint venture company, in which Dixon Tech will hold 74% and HKC Overseas will hold 26% stake.
However, the formation of the joint venture and HKC's capital investment are subject to the completion of the conditions precedent under the share subscription agreement signed between Dixon Tech, Dixon Display Tech, and HKC Overseas, in addition to the already obtained Press Note 3 approval from the electronics and IT ministry.
The PN3 approval clears a key regulatory hurdle for Dixon Tech to operationalise its display module joint venture with HKC Overseas, brokerage firm ICICI Direct Research said in a report. With the construction of the display module facility nearing completion and phase-1 capacity planned at 24 million units annually for smartphones and around 2 million units for notebooks and automotive displays, the project is expected to largely support Dixon Tech's captive requirements, the brokerage said.
The trial production at the facility is expected to commence in Apr-Jun, followed by mass production from Jul-Sept, ICICI Direct Research said. It expects this to support Dixon Tech improve backward integration, enhance value addition in its electronics manufacturing business, and improve its margin profile. The joint venture is investing around INR 4 billion for display assembly, with asset return likely to be seven times at optimal level with margin accretive profile, the brokerage said.
On the other hand, another brokerage, Nomura, expects trial production to start from Jul-Sept and see a ramping up of production in the second half of 2026-27 (Apr-Mar). Within components, display module assembly has healthy double-digit margins and can potentially add around 50 basis points to overall margins for Dixon Tech by FY28 and up to 100 bps later, with full ramp up, Nomura said. This, along with camera modules, which is already in ramp-up stage, will increase value addition by Dixon Tech and remain a longer-term structural margin tailwind, the brokerage added.
Nomura has maintained its 'buy' recommendation on Dixon Tech with a target price of INR 14,678. The target price implies a near-50% upside from the stock's closing price Monday. Of the 13 research reports on the company available with Informist, 12 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 13,952 and the remaining one has a 'sell' recommendation on the stock. (Arya S. Biju)
Equity Alert: Jefferies says buy Uno Minda with target INR 1,350, upside 22%
MUMBAI--1026 IST--Investment banking firm Jefferies has initiated coverage on Uno Minda Ltd. with a "buy" recommendation with a target price of INR 1,350. This is over 22% higher than the current market price. Uno Minda provides "excellent coverage" to the Indian automobile sector due to its fast-growing, well-diversified, and largely power-agnostic portfolio, the investment banking firm said.
Jefferies said it expects Uno Minda's earnings per share to grow at an compounded annual rate of 25% in 2026–28 (Apr-Mar) and its average return on equity to be 20%. The company's price-to-earnings multiple for FY27 is 42. Jefferies believes the valuation is justified due the company's strong growth, low volatility margin, and high return on equity. Around 90% of the company's revenue comes from domestic sales with balanced exposure between the passenger-vehicle and two-wheeler segments.
At 1026 IST shares of Uno Minda traded at INR 1,107, up 2% on the National Stock Exchange. All six brokerage recommendations available with Informist on the company have a 'buy' recommendaation with an average target price of INR 1,426. For the December quarter, Uno Minda reported a consolidated net profit of INR 2.77 billion on consolidated revenues of INR 50.18 billion. (Shruti Nair)
Equity Alert: Bulls return to domestic indices as crude oil prices ease
MUMBAI--0947 IST--Benchmark indices opened higher as crude oil prices eased after US President Donald Trump said he was considering taking control of the strategically vital Strait of Hormuz and also indicated that the conflict with Iran will end "very soon". The Nifty 50 was supported by gains in the heavyweight banking stocks, HDFC Bank and ICICI Bank, which rose 1?ch.
At 0945 IST, the Nifty 50 was at 24132.35 points, up 104.30 poinst or 0.4%, and the BSE Sensex was at 77922.53 points, up 356.37 points or 0.5%.
InterGlobe Aviation rose over 3% to be the top gainer in the 50-stock index. The stock rose on the positive optimism that the West Asia conflict would come to a halt soon. This is likely to lead to a resumption of IndiGo's operations throughout the region. Shares of Asian Paints rose nearly 4?ter crude oil prices eased. The company uses crude oil as a critical raw material for manufacturing.
Automobile companies Eicher Motors, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Bajaj Auto, and Maruti Suzuki India rose 1-2%. Among individual stocks, Shriram Finance, UltraTech Cement, Adani Ports and Special Economic Zone, Titan Co., and Dr. Reddy's Laboratories were up 2-3%.
In contrast, the upstream company Oil and Natural Gas Corp. was the worst hit in the index, down nearly 2%. The stock fell as crude oil prices declined. The heavyweight stock Reliance Industries was down over 1%. Information technology companies Infosys, HCL Technologies, and Tech Mahindra were down 1?ch. Shares of Hindalco Industries and Coal India fell around 1?ch as well.
On Tuesday, the May futures of Brent crude oil hit a low of $88 per barrel. This came after President Trump said the war between Iran and the US-Israel combine is "very complete, pretty much." At 0941 IST, the May futures of Brent crude oil were at $94.26 per barrel, down nearly 5% from the previous close of $98.96 per barrel.
In the Nifty 200, Dixon Technologies was the top gainer, up over 5%. The stock rose after the company received approval from the Ministry of Electronics and Information Technology to form a joint venture with HKC Overseas. Hitachi Energy India rose 4%.
Meanwhile, oil exploration companies Oil India and ONGC were the worst-hit stocks in the Nifty 200. These stocks were down nearly 2?ch. Shares of Coforge fell nearly 2% as well. In the Nifty 500, Redington was the top gaining stock, up nearly 10%, and Balrampur Chini Mills was the worst-hit stock, down over 2%. (Adhithya Aji)
Equity Alert: Jefferies ups Amber Ent's target price by 3%, maintains 'buy'
MUMBAI--0929 IST--Global brokerage Jefferies has raised the target price on the stock of Amber Enterprises by nearly 3% to INR 9,120 and maintained a 'buy' recommendation. The brokerage sees multiple catalysts ahead for the company. The upcoming summer season, acquisition ramp-up, and two new customers in the data centre business are expected to be positive for the company, NDTV Profit reported, citing Jefferies.
The brokerage estimated volumes in the air conditioning industry to grow significantly in the calendar year 2026 on the back of a low base from last year. Moreover, in the electronics segment, the company secured three electronics component manufacturing scheme approvals from the government, the brokerage said. The company also acquired technology and land for printed circuit board manufacturing, Jefferies said.
The compounded annual growth rate of the company's earnings per share is estimated at over 48% from 2024-25 (Apr-Mar) to FY28, according to Jefferies. After the 40% rally in the stock from January lows, it is now at 47 times the price-to-earnings estimate for FY27. At 0929 IST, shares of Amber Enterprises were nearly 2% higher at INR 7,731. The stock shed nearly 6% over the last seven days and gained 13% over the last 30 days. (Adhithya Aji)
Equity Alert: Asian stocks rally as oil prices fall after Trump's comments
MUMBAI--0825 IST--Asian indices rebounded on Tuesday, driven by a fall in oil prices to below $90 per barrel after US President Donald Trump hinted that the conflict in West Asia is likely to end soon. South Korea's KOSPI led the gains and climbed up over 6%, recovering from its losses on Monday. Japan's Nikkei 225 rose over 3% in early trade. The moderation in oil prices, along with the recovery in US indices, helped Asian markets to rise after they closed in the red on Monday.
On Monday, Trump said he was considering taking control of the Strait of Hormuz, a key trade route that handles 20% of the world's oil supply. Further, he told CBS News that "the war (with Iran) is very complete, pretty much." His comments contradict the events in Iran, where hardliners rallied behind new Supreme Leader Mojtaba Khamenei, Reuters reported. Nevertheless, the US president's comments brought about a fall in oil prices, which had touched nearly $120 per barrel on Monday. At 0810 IST, May futures of Brent crude oil were at $89.11 per barrel.
"While all of this has helped ease some of the short-term panic, it's hard to reconcile the idea of the conflict being 'very complete'," Tony Sycamore, a market analyst at IG, told Reuters. "Nonetheless, the toning down of President Trump's rhetoric, from demanding full surrender to declaring the mission 'very complete', is a welcome development that should help settle nerves for today's session in Asia, at least."
Following are the levels of key Asian indices at 0823 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4657.64 |
0.91 |
|
Hang Seng Index |
25624.63 |
0.85 |
|
Nikkei 225 Day |
54399.08 |
3.17 |
|
TOPIX FIRST SECTION |
3674.24 |
2.75 |
|
KOSPI |
5567.52 |
6.01 |
|
FTSE Singapore Strait Times |
4823.46 |
1.41 |
|
S&P/ASX 200 Index |
8710.80 |
1.30 |
(Shruti Nair)
Equity Alert: Indices may open higher as oil prices cool on Trump's remark
MUMBAI--0815 IST--Headline equity indices are expected to open higher Tuesday as oil prices cooled down to around $88 per barrel after hitting a near four-year high of $119.50 per barrel Monday. Oil prices fell after US President Donald Trump late Monday said he was considering seizing control of the Strait of Hormuz, and said that he believes the war between Iran and US-Isreal combine is "very complete, pretty much."
"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on his Truth Social platform early Tuesday. The comments came after a spokesperson for Iran's Ministry of Foreign Affairs Monday warned that oil tankers transiting the Strait of Hormuz "must be very careful."
Iran's Islamic Revolutionary Guard Corps declared that Iran's armed forces wouldn't allow "the export of even one litre of oil from the region to hostile parties and their partners" as long as attacks by the US and Israel continue. The comments pointed to a showdown over oil transit through the Strait of Hormuz, as President Trump threatened to escalate strikes if Iran holds up oil flow in the strait, The Wall Street Journal reported.
At 0755 IST, the May futures contract of Brent Crude Oil on the Intercontinental Exchange was at $88.71 per barrel. So far, oil prices have fallen around 26% from the high of $119.50 per barrel hit on Monday. Overnight, major equity indices in the US advanced, with the Nasdaq Composite and S&P 500 closing around 1% higher each and the Dow Jones Industrial Average ending up 0.5%. Most Asian indices also traded higher early Tuesday, led by South Korea's KOSPI, which was up over 6%.
The GIFT Nifty indicated a gap-up opening for the domestic markets following a rebound in the global equity market, Vipin Kumaar, assistant vice president, technical and derivatives, Globe Capital Market, said. At 0803 IST, the GIFT Nifty was at 24380.50, over 30 points higher than the Nifty 50's previous close. "On levels front, sustained trading above 24200 (points) might lead it (Nifty 50) towards 24400 spot levels. On the flip side, a fall below 23800 might drag it to 23600 spot levels," Kumaar said. (Arya S. Biju)
Equity Alert: US indices recover as Trump says conflict with Iran to end soon
MUMBAI--0738 IST--US benchmark indices recovered from intraday losses on Monday as oil prices fell after US President Donald Trump predicted a swift end to the hostilities with Iran. All three major indices ended higher, with the Nasdaq Composite being the top performer, closing 1.4% higher. The Dow Jones Industrial Average, too, recovered after falling 900 points or nearly 2?rlier in the session, and closed 0.5% higher.
On Monday, Trump said in a press conference that the war with Iran could end "very soon", though not this week, CNBC reported. Further, in a phone interview with CBS News, Trump said ships are moving through the Strait of Hormuz, but claimed that he is still "thinking about taking it over." Following his comments, oil prices fell. At 0727 IST, the Brent crude May futures were $89.11 per barrel, sharply down from the intraday high of nearly $120 per barrel on Monday.
The closure of the Strait of Hormuz along with the announcement of oil output cuts by key producers in West Asia had sent oil prices soaring on Monday. Oil prices saw some moderation when Saudi Aramco offered over 4 million barrels of crude oil supply into the spot market.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6795.99 |
0.83 |
|
NASDAQ Composite |
22695.95 |
1.38 |
|
Dow Jones Industrial Average |
47740.80 |
0.50 |
(Shruti Nair)
US$1 = INR 92.06
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
All prices from National Stock Exchange, unless otherwise specified.
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