DIXON

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)

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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)

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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:]

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** Electronic manufacturer Dixon Technologies DIXO.NS rises 3% to 16,774 rupees ($193.04)

** Emkay Research initiates coverage with "buy"

** Sets Street-high PT of 20,000 rupees, marking ~20% upside to current stock price

** Brokerage says several medium- to long-term growth avenues yet to be priced in stock value

** Co works with nearly all major Android brands, can take advantage of constraints on Chinese investments in India and benefits from govt's production linked incentive (PLI) scheme - Emkay

** Co's focus on backward integration in both mobile and IT hardware to help bridge bulk of cost disability compared to China, leading to market share gains

** Emkay sees Dixon's market share in smartphone manufacturing services rising to ~44% in 10 years from ~25% with these advantages

** Adds - only ~30%-35% share gain priced in

** Stock extends 12-month gain to 164.2%; rated "hold" on avg by 25 analysts, as per data compiled by LSEG

($1 = 86.4900 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 8 (Reuters) - Hon Hai Precision Industry Co Ltd 2317.TW:

• FOXCONN, DIXON URGE INDIA TO PAY PENDING PRODUCTION SUBSIDIES - BLOOMBERG NEWS

• FOXCONN COULD GET AS MUCH AS 6 BILLION RUPEES AND DIXON 1 BILLION RUPEES IF THE INDIAN GOVERNMENT RELEASES THE FUNDS- BLOOMBERG NEWS

Source https://tinyurl.com/3v4jjape

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** Shares of Dixon Technologies (India) Ltd DIXO.NS rise as much as 3.2% to 18,608.65 rupees

** Consumer durables maker says its unit has entered into an MOU with Cellecor Gadgets Ltd CELE.NS for manufacturing refrigerators and related components

** Stock on track to gain for 11th straight month; has gained 15.2% so far this month.

** Mean rating on the stock is 'hold'; the median PT is 15,225 rupees - LSEG data

** DIXO last up 0.8%, adding to YTD gains of 176.7%

(Reporting by Meenakshi Maidas in Bengaluru)

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** Shares of Dixon Technologies (India) DIXO.NS rise 4.3% to hit record high of 18,730 rupees

** Co and Vivo Mobile India to form joint venture in India for manufacturing smartphones and other electronic devices

** DIXO to hold 51% stake in proposed JV, Vivo Mobile India to hold 49% stake

** Stock set to gain for fifth straight session

** DIXO up ~180% YTD vs 68% gains in 2023

(Reporting by Vijay Malkar)

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** Shares of electronics manufacturer Dixon Technologies DIXO.NS jump 5.6% to 16,697.7 rupees

** DIXO among top gainers in midcap index .NIFMDCP100, which is up 0.4%

** Co says its unit Padget Electronics enters into a contract manufacturing agreement with Compal Smart Device India

** Deal pertains to the mass production of Google Pixel smartphones for Google Information Services India

** Production to commence at Padget Electronics' plant at Noida in the state of Uttar Pradesh

** DIXO has gained about 154.3% in 2024 so far, about 7x that of midcap index - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

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

• DIXON TECHNOLOGIES (INDIA)- PADGET ELECTRONICS WITH COMPAL TO LAUNCH MASS PRODUCTION OF GOOGLE PIXEL

Source text: ID:nBSEbYlhJc

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** Shares of electronics makers Amber Enterprises AMBE.NS and Dixon Technologies DIXO.NS rise 7% and 2%, respectively

** AMBE gained as much as 8.3% to a record high of 6,679.5 rupees

** Apple AAPL.O in talks with over 40 Indian firms, including AMBE and DIXO, for component supply chain as China allies step back, Moneycontrol reported citing sources

** AAPL bullish on Indian partners as its Chinese component suppliers have been reluctant to invest in India due to ongoing tax and legal challenges Chinese smartphone co's are facing - report

** Amber and Dixon did not immediately respond to Reuters request for comment

** The iPhone maker has also roped in major tech co's including HCLTech HCLT.NS, Wipro WIPR.NS, and Motherson Group SAMD.NS, the report added

** AMBE and DIXO have both surged over two-fold so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 8 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• UNIT ENTERED INTO AN AGREEMENT WITH NOKIA SOLUTIONS AND NETWORKS OY

• AGREEMENT FOR DEVELOPMENT, MANUFACTURING OF TELECOM PRODUCTS

• UNIT WITH NOKIA LAUNCHED MANUFACTURING OF FIXED BROADBAND DEVICES

Source text: ID:nNSE7JnBdR

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Nov 4 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• INCORPORATED WHOLLY OWNED SUBSIDIARY DIXON TELETECH PRIVATE LIMITED

Source text: ID:nNSE2fsQM9

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Oct 28 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• ENTERS INTO MOU WITH CELLECOR GADGETS FOR MANUFACTURING OF WASHING MACHINES

Source text: ID:nBSE6YPzlR

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By Shivangi Acharya

NEW DELHI, Oct 17 (Reuters) - India is expected to limit imports of laptops, tablets and personal computers after January, two government sources with direct knowledge of the matter said, a move to push companies such as Apple AAPL.O to increase domestic manufacturing.

This plan, if implemented, could disrupt an industry worth $8 billion to $10 billion and reshape the dynamics of the IT hardware market in India, which is heavily reliant on imports.

A similar plan to restrict imports was withdrawn last year following backlash from companies and lobbying from the United States. India has since monitored imports under a system set to expire this year and has asked firms to seek fresh approvals for imports next year.

The government feels it has given the industry enough time to adapt, said the sources, who did not want to be identified as discussions are private.

One of the sources said New Delhi will begin consultations with all sides starting next week. It could delay implementing the import restrictions by a few months if needed, the source added.

India's Ministry of Electronics and Information Technology (MeitY) is working on a new import authorisation system, where companies will have to get prior approvals for their imports, one of the two sources said.

Under the current regime, laptop importers are free to bring in as many devices after an automated online registration.

The industry is dominated by the likes of HP HPQ.N, Dell DELL.N, Apple, Lenovo 0992.HK and Samsung 005930.KS, with two-thirds of Indian demand being currently met through imports, a significant amount from China. India's IT hardware market, including laptops, is estimated at nearly $20 billion, of which $5 billion is domestic production, according to consultancy Mordor Intelligence.

The government is considering minimum quality standards under its 'compulsory registration order' for laptops, notebooks and tablets, as one of the ways to weed out low quality devices, the officials said.

"We are working on such restrictions as global treaties stop us from any tariff action on laptops and tablets. It leaves us with few policy options to limit imports," the second official said.

The federal electronics ministry did not respond to request for comment. The trade ministry said an appropriate decision on the import management system would be taken after consultation with the electronics ministry and other stakeholders.

Such a move will benefit contract manufacturers such as Dixon Technologies DIXO.NS who have entered separate pacts with global firms like HP to make laptops and computers in India. Dixon aims to cater to 15% of India's total demand.

LOCAL PRODUCTION

Limits to India's imports should be calibrated based on India's domestic production capacity, an industry source who is part of the government's consultations said.

The nation's key production incentive scheme for IT hardware has drawn participation from global firms including Acer 2353.TW, Dell, HP and Lenovo. Most of the approved participants are ready to start manufacturing, India's electronic minister said last year.

India has federal subsidies worth nearly $2.01 billion to promote domestic production.

Data from research firm Counterpoint shows imports of laptops completely assembled abroad in the first five months of 2024 fell 4% from a year earlier, with firms such as Lenovo and Acer increasing local assembly for entry-level laptops.

India has been long emphasised the need for "trusted sources" for electronics and communication devices amid growing concerns over cyberattacks and data theft.

In 2022, Indian Prime Minister Narendra Modi said India should cut reliance on foreign countries for communication technology such as servers.

India will implement mandatory testing of "essential security parameters" for all CCTV cameras from April 2025.

($1 = 84.0390 Indian rupees)

(Additional Reporting by Munsif Vengattil in Bangalore; Editing by Jacqueline Wong)

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By Manoj Kumar and Shivangi Acharya

NEW DELHI, Sept 25 (Reuters) - India's cash incentives to boost domestic manufacturing have attracted over $17 billion of investment since the 2020 launch of the production-linked scheme, a government official said on Wednesday, amid efforts to reduce imports from China.

The scheme, which offers 4-6% cash incentives on incremental sales to manufacturers, was launched across 14 sectors including electronics, pharmaceuticals, textiles and white goods.

"The PLI scheme has been successful to attract investments and boost manufacturing," said Amardeep Singh Bhatia, Secretary of the Department of Promotion of Industry and Internal Trade.

India has emerged as a global hub for electronics manufacturing, particularly smartphones, and is now the second-largest producer of mobile phones, he said, citing Apple's iPhone exports - exceeding $12 billion in the 2023/24 fiscal year ending March.

The incentives have resulted in production worth about 11 trillion rupees ($131.6 billion) and nearly one million jobs over four years, he said.

After reducing mobile imports from China by attracting global players like Apple, India now plans to produce more laptops, tablets, computers and servers, official sources said.

On Tuesday, the government extended by three months the "import management system", launched in November 2023, which requires companies to register their laptop and tablet imports.

"We have signalled to the industry that we want to cut imports particularly from China," one of the government official sources, said.

India's IT hardware market, including laptops, is estimated at nearly $20 billion, with nearly $5 billion domestic production, according to Mordor Intelligence, a consultancy.

India announced the new system for laptops, tablets, personal computers and servers after it rolled back an earlier plan to impose a licensing regime, requiring the likes of Apple AAPL.O, Dell DELL.N and HP HPQ.N to obtain licences for shipments of imported laptops and tablets.

In the first phase, the government has approved incentives for 27 IT hardware manufacturers including Acer, Dell, HP, and Lenovo to manufacturer in India, expecting production of about $42 billion over the next few years, government officials said.

"India has a strong case for building its own laptop manufacturing capabilities," said Ajay Srivastava, founder of Global Trade Research Initiative (GTRI), a Delhi-based think tank, noting that China contributed significantly to these imports worth over $9 billion in 2023/24.

In India, rising incomes, expanding business activities and education have boosted demand for laptops and other devices, that favour local manufacturing.

Among local electronics manufacturers, Dixon Technologies DIXO.NS has qualified for the incentives scheme and hopes to meet 15% of India's domestic demand by the fiscal year 2025/26.

"Dixon plans to create a capacity of 2 million units by FY26, which shall cater to 15% of India's total requirement," Prithvi Vachani, Executive Director at Dixon Technologies told Reuters.

Dixon, that has separate pacts with global firms like HP to make laptops and computers in India, will secure manufacturing components locally "in times to come", Vachani added.

($1 = 83.5750 Indian rupees)

(Reporting by Manoj Kumar and Shivangi Acharya)

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By Sai Ishwarbharath B

BENGALURU, Sept 17 (Reuters) - China's Lenovo Group 0992.HK will start making artificial intelligence (AI) servers at its plant in southern India and opened an AI servers-focussed R&D lab in the tech hub of Bengaluru, the electronics hardware maker said on Tuesday.

Lenovo said it aims to make 50,000 AI rack servers and 2,400 graphic processing unit (GPU) servers, which are designed specifically for resource-heavy tasks like machine learning, annually at the plant in Puducherry.

"The servers are not only for local consumption but also for exports," Amar Babu, president of Asia Pacific at Lenovo, told Reuters.

He declined to disclose any investment or hiring targets for the R&D lab or the Puducherry plant, at which Lenovo already makes laptops, notebooks and personal computers (PCs).

The demand for GPUs or AI chips has skyrocketed since the generative AI wave that kicked off in late 2023, boosting the fortunes of the likes of Nvidia NVDA.O and AMD AMD.0.

AI hardware is expected to corner 12% of the global AI market, which is to nearly triple to $380 billion in 2027, according to a Nasscom-BCG report released earlier this year.

Lenovo, which gets about 47% of its revenue from its non-PC businesses, follows the likes of Apple AAPL.O, Foxconn 2317.TW and Dell DELL.N in increasing manufacturing capacity in India, in part to lower their dependence on China.

India too has been luring companies, including tech-focussed ones, by providing manufacturing-linked incentives.

While the AI-server manufacturing plan is not linked to any government incentive scheme, its partnership with India's Dixon Technologies DIXO.NS to make PCs and Motorola phones does take advantage such schemes, said Babu.

(Reporting by Sai Ishwarbharath B; Editing by Savio D'Souza)

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** Shares of Dixon Technologies India DIXO.NS rise 5.7% to a record high of 13,772.75 rupees

** The electronics maker's unit entered into a memorandum of understanding with Taiwanese laptop giant, Asus' 2357.TW Indian arm

** MOU for manufacturing information technology products, including notebooks, in India

** Stock eyes busiest trading day in 10 sessions

** Analysts' avg rating on stock is "Hold", median PT is 12,100 rupees - a 7% discount on last close, per LSEG data

** Stock up ~110% YTD

(Reporting by Manvi Pant in Bengaluru)

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** Electronics maker Dixon Technologies DIXO.NS rises 3.1%; explorer Oil India OILI.NS up 2.7% after hitting record high earlier

** DIXO, OILI among Indian stocks that will be added to MSCI emerging markets index effective Aug. 30

** Other inclusions - Rail Vikas Nigam RAIV.NS adds 2.3%; Oracle Financial Services ORCL.NS up 1.5% in fifth straight session of gains

** Sole exclusion, Bandhan Bank BANH.NS, sheds ~2%

** Benchmark NSE Nifty 50 .NSEI down 0.3% on the day .BO

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Dixon Technologies (India) DIXO.NS up 5.2% at 12,601 rupees, its biggest intraday gain since June 13

** Electronics maker's Q1 consol rev jumped 101% Y/Y; net profit surged 94%

** CLSA expects DIXO earnings momentum to continue; raises TP to 11,400 rupees from 9,000 rupees

** Investec says DIXO aiming at increasing value addition by collaborating with global majors will help improve margins and competitive strength; raises TP to 12,700 rupees from 8,550 rupees

** Stock sees second-busiest day in a week, with more than 800,000 shares changing hands

** Avg rating of 25 analysts covering the stock is "hold;" median PT is 9,180 rupees - LSEG

** DIXO up 87% YTD, after climbing 68% in 2023

(Reporting by Aleef Jahan in Bengaluru)

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July 30 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• DIXON TECHNOLOGIES (INDIA) LTD JUNE-QUARTER CONSOL NET PROFIT 1.34 BILLION RUPEES

• DIXON TECHNOLOGIES (INDIA) LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 65.80 BILLION RUPEES

Source text for Eikon: ID:nBSEgq7zX

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** Shares of Dixon Technologies (India) DIXO.NS trims losses, last down 1.3% at 11,206.5 rupees

** India's Finance Minister Nirmala Sitharaman proposed reduction of import tax on mobile phones and some mobile parts in budget speech

** DIXO counts mobile phone-makers Xiaomi 1810.HK and Samsung 005930.KS as customers

** Stock was down as much as 2.3% before announcement

(Reporting by Varun Vyas in Bengaluru)

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July 18 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• INDIA COMPETITION REGULATOR: APPROVES DIXON TECHNOLOGIES PURCHASE OF 56% STAKE OF ISMARTU INDIA

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July 8 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• APPROVED ACQUISITION OF MINORITY STAKE IN ADITYA INFOTECH

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** Shares of electronics maker Dixon Technologies (India) DIXO.NS rise as much as 5.5% to a record high of 11455.7 rupees

** The Ministry of Electronics and Information Technology plans to offer subsidies for procuring land to set up factories within specific high-value electronics component categories, according to a Moneycontrol report on Friday
** The plan, as part of an incentive programme, is slated for launch in August-September

** Expected outlay for the plan at 300 bln rupees, report adds

** DIXO on track to rise for eight straight sessions, if gains hold

** Mean rating of all analysts covering DIXO is "buy"; median PT is 8,575 rupees - LSEG data

** Stock has gained 73.7%, YTD

(Reporting by Yagnoseni Das in Bengaluru)

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** Shares of Dixon Technologies (India) DIXO.NS rise as much as 3.3% to a record high, last up 2.7% to 10,029 rupees

** Co enters term sheet for joint venture with semiconductor display panels-maker HKC Corporation

** DIXO on track to rise in seven out of eight straight sessions if trend holds

** Stock slumped 10.5% on Tuesday amid broader market weakness after weakened mandate for PM Narendra Modi in India's election

** Stock up 52.7% YTD

(Reporting by Varun Vyas in Bengaluru)

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June 6 (Reuters) - Dixon Technologies (India) Ltd DIXO.NS:

• ENTERS INTO A TERM SHEET WITH HKC CORPORATION LIMITED

• TERM SHEET WITH HKC CORPORATION TO FORM A JOINT VENTURE

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By Praveen Paramasivam

May 23 (Reuters) - Alphabet's Google GOOGL.O is planning to make its Pixel smartphone in India's southern state of Tamil Nadu and has tied up with Taiwan's Foxconn 2317.TW, two sources with direct knowledge said on Thursday.

"It will be making the latest models of its smartphones in the state... at the existing Foxconn facility (in Tamil Nadu)," one of the sources said on condition of anonymity as they are not authorized to talk to the media.

Foxconn already assembles Apple's AAPL.O iPhones at a facility near Chennai in Tamil Nadu.

Big global manufacturers are looking to diversify their supply chain beyond China amid geopolitical tensions between Beijing and Washington and are considering India as an option.

"The investment in Tamil Nadu is separate from the reported tie-up between Dixon DIXO.NS and Google (to make smartphones in India)," the source said, adding the decision came about after the state's officials met with Google executives recently.

News website Moneycontrol first reported on Google's plans.

Google, Foxconn and the Tamil Nadu government did not immediately respond to Reuters' requests for comment.

(Reporting by Praveen Paramasivam; Editing by Anil D'Silva)

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** Shares of Dixon Technologies (India) DIXO.NS gain as much as 9.7% to hit record high of 9,062 rupees

** DIXO last up 6.6%, set to gain for the third straight session if trends hold

** Brokerage HSBC dials up mobile segment growth ests by 8%, says opportunities in that segment overshadow weak Q4 performance

** Huge opportunity in mobile phones set to contribute highest to the revenue, says Haitong

** MS expects DIXO's total smartphone volumes to increase from 6.5 million units (MU) in FY24 to 29 MU in FY25, says "more constructive on earnings progression"

** Co, on an average, rated "hold" with median TP 6,900 rupees - LSEG data

** YTD stock up ~35%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Indian electronics manufacturer Dixon Technologies DIXO.NS up 2.5% at 8,304 rupees

** Co on Wednesday posted Q4 profit below estimates, but forecast shipment of 28-30 mln smartphone units in FY25 from 6.5 mln units in FY24

** Estimate co's EPS to more than treble in next 3 yrs helped by 40% rev CAGR on smartphone rampup, CLSA analysts said in a note

** Brokerage raised PT to 9,000 rupees from 7,070 rupees, keeping "out-perform" rating

** At least 5 brokerages out of 24 raised PT after results; median PT at 6,740 rupees from 6,595 rupees, a month back

** Stk up 26.3% YTD

(Reporting by Sethuraman NR in Bengaluru)

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BENGALURU, May 15 (Reuters) - Indian electronics manufacturer Dixon Technologies India DIXO.NS on Wednesday reported fourth quarter profit below estimates as higher raw material costs ate into margins.

Dixon reported an 18% rise in consolidated net profit to 951.7 million rupees from a year ago, that however missed analysts' estimate of 1.03 billion rupees as per LSEG data.

The company, which counts South Korea's Samsung 005930.KS and Germany's Robert Bosch among its clients, said its expenses rose 54% year-on-year to 44.76 billion rupees, primarily driven by higher raw material costs.

Revenue from operations rose 52% to 46.58 billion rupees.

While the company's earnings before interest, taxes, depreciation, and amortization rose 26%, margins dropped 90 basis points to 4.3%.

Operating profit at Dixon's mobile and electronic manufacturing services division surged 78%, while the consumer electronics and appliances segment saw a 19% drop.

Dixon's full-year revenue rose 45%, mostly inline with its forecast in January.

(Reporting by Sethuraman NR in Bengaluru; Editing by Nivedita Bhattacharjee)

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