Dixon Tech shares jump 4% on govt nod to form JV with Vivo. What are experts saying?

Dixon Technologies shares rose 4 percent after the government approved its 51:49 joint venture with Vivo India for smartphone manufacturing, removing a key regulatory overhang under Press Note 3 of 2020. Brokerages Emkay and Nomura maintained Buy ratings, with Emkay raising its target price to Rs 15,200 from Rs 13,477 citing 14-17 percent EPS upgrades for FY27 and FY28, while Nomura set a target of Rs 13,813. The JV is expected to commence operations from September 2026, with VMI production estimated at 12 million units in FY27 rising to 17 million in FY28, potentially lifting Dixons mobile output to around 55 million units in FY28 and 35-38 percent market share.