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Investing.com - Phillip Securities maintained its Sell rating and INR9,085.00 price target on Dixon Technologies India Ltd (NS:DIXON) on Tuesday.
The research firm cited Motorola (NYSE:MSI)’s recent shift toward diversifying its manufacturing partners as a key factor in its assessment. While Dixon served as Motorola’s sole manufacturing partner throughout 2024, the smartphone maker began routing some production volumes to Karbonn in 2025.
The outsourcing to Karbonn was minimal during February and March 2025, but increased significantly to represent approximately 25% of Motorola’s monthly volume by April-May, according to Phillip Securities.
Initial estimates suggest Motorola’s outsourcing to Karbonn could rise to 35% by June. Phillip Securities noted this shift aligns with Motorola’s strategy to diversify its supply chain as the company grows beyond its smaller 2023 footprint.
Karbonn, like Motorola and Dixon, benefits from India’s Production Linked Incentive (PLI) scheme for mobile phones, which enables it to remain cost-competitive in the assembly space.
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