Dixon Technologies India Limited shares hit a 52-week high of Rs 5,299.80 on 27 September after the company announced that its subsidiary had entered into an agreement with Xiaomi India.

The company announced that its wholly owned subsidiary Padget Electronics Private Limited has made an agreement with Xiaomi Technologies India Pvt Ltd for manufacturing smartphones and other related products of Xiaomi in its manufacturing facility located in Noida, Uttar Pradesh.

Atul B Lall, Vice Chairman & Managing Director, Dixon Technologies (India) Limited, said that he is very confident that this collaboration will leverage the company’s strong track record of execution and is proud to join hands with an iconic brand.

He further added that this is a significant step towards the Indian Government’s “Make in India” initiative.

The company sees Xiaomi as the perfect ally that aligns with its fundamental principles of engineering expertise, quality, and a commitment towards customer satisfaction.

He added, “We are confident this is just a beginning of a long and prolific relationship and there is immense potential to further build on shared capabilities to deliver sustainable growth,”

At 3:30 pm, the shares of Dixon Technologies closed at Rs 5,282 or 3.61% above its previous close on NSE.