Shares of Dixon Technologies jumped over 4% during the early trading hours on December 1 after its subsidiary began producing Xiaomi smartphones at its new Noida factory. 

Dixon Technologies shares hit an intraday high of Rs 5,632.00, up 4.4% from the last closing price on the National Stock Exchange (NSE). At 11:45 am, the stock was trading 4.18% higher at Rs 5,740.85.

According to the company’s exchange filing, Dixon Technologies’ subsidiary Padget Electronics has inaugurated its smartphone manufacturing facility in Noida, Uttar Pradesh, and started production of smartphones for global technology giant Xiaomi.

The Noida factory is built across 2.7 lakh square feet with a Rs 256 crore investment and has an annual production capacity of 25 million units. The factory, inaugurated by IT Minister Ashwini Vaishnaw, will likely generate around 5,000 new jobs. 

Sunil Vachani, executive chairman of Dixon Technologies, said at the opening ceremony that this is a “momentous step towards our commitment to boosting the local smartphone manufacturing ecosystem in India”.