Dixon Technlogies arm to manufacture laptops, notebook for Lenovo - Daily Market Update - Equity 12 Dec 2023 | Globe Capital Market LTD.
Dixon Technlogies arm to manufacture laptops, notebook for Lenovo – Daily Market Update – Equity 12 Dec 2023

Dixon Technologies (India) Ltd's unit Padget Electronics Pvt has bagged a contract from Lenovo for manufacturing laptops and notebooks under the Production-Linked Incentive Scheme 2.0. An exchange filing on Monday stated that the parties will sign the definitive agreement for the contract in due course. This (contract) will give a strong impetus to India’s manufacturing competitiveness. Lenovo will bring in the global know-how and processes to manufacture IT hardware products," said Atul B. Lall, vice chairman and managing director of Dixon Technologies.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.20% to 0.43%.
  • Barring FTSE, other European equity markets settled on a positive note
  • Asian equity markets trading higher
  • GIFT Nifty is up by 53 points, Nifty futures likely to open around 21140 levels (as on 8:30AM)


News highlights from across the globe

  • The U.S. consumer price index is scheduled for release later today, and is expected to provide final cue before the Federal Reserve’s policy outcome on Wednesday. According to a Bloomberg Survey, the annul CPI print is expected to come at 3.1% for November from 3.2% in the preceding month.
  • Market participants will also keep an eye on the European Central Bank, and the Bank of England’s policy meeting on Thursday.
  • Brent crude was trading 0.25% higher at $76.03 a barrel


Important news updates from the domestic front

  • Infosys chief financial officer and key managerial personnel, Nilanjan Roy, will resign from the position effective March 31, 2024. The company appointed Jayesh Sanghrajka as the chief financial officer and key managerial personnel of the company effective April 1, 2024.
  • Canara Bank has raised Rs 1,403 crore through the issue of additional tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40%.
  • Dixon Technologies: The company’s arm, Padget Electronics, received a manufacturing contract from Lenovo for manufacturing laptops and notebooks under the PLI 2.0 scheme.
  • Rail Vikas Nigam with its JV URC (51:49) wins a bid of Rs 543 crore from the Madhya Pradesh metro project.
  • Sterling and Wilson Renewable Energy launched its qualified institutional placement to raise Rs 1500 crore. The floor price for the QIP is set at Rs 365.02 per share, which is a discount of 13.75% to the stock’s previous close of Rs 423.20 on the NSE.
  • Wipro has supported Marelli electronic systems in the development of its cabin digital twin, which enables original equipment manufacturers to introduce connected vehicle services to the market quickly.
  • DLF: The company’s CFO, Vivek Anand, tendered his resignation due to professional reasons. Managing Director Ashok Kumar Tyagi will now have oversight of the group’s finances.


Nifty Overview & Outlook

Nifty index settled on flat to positive note after a lackluster trading session, closed shop at 20997 levels after adding 27 points to its previous closing values.

The broader markets outperformed the benchmark as Small cap & Mid cap index rose 0.84% and 0.48% respectively against flat closing of the frontline index.

All the sectoral indices, barring Healthcare & Pharma index,  tracked at NSE settled in green. Amongst them, Nifty PSU Bank was at the top of the tally, gained nearly 1.5% followed by Nifty Metal and Media index that were up over 1% each.

Technically, Nifty index is hovering around an important resistance of 21050 levels, on the down side, support is placed around 20800 levels. An either side break from this range will drive the market in that direction in short term.


Derivatives Overview & Outlook

Yesterday, no significant changes was seen in Nifty and Banknifty futures on price as well as on open interest front. Finnifty futures too remained almost unchanged on price front whereas on open interest front it added around 5.6% of open interest.

On the sectoral front, long buildup was seen among Cement, Automobile and Capital Goods stocks whereas some short buildup was seen among Oil & Gas and Pharma stocks. Short covering was seen in Media and Infrastructure stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 21000 CE and 20900 PE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1261 Cr in the cash segment, bought stocks futures worth Rs 273 Cr and sold index futures worth Rs. 234 Cr. DIIs were net seller in the cash segment to the tune of Rs 1033 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21150-21250; Supports 20870-20750

Banknifty – Resistances 47800-48200; Supports 46700-46230

Finnifty – Resistances 21400-21490; Supports 20880-20700




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