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Shares of Dixon Technologies India gained nearly 4 percent and touched their five-month high in morning trade after the company's arm, Padget Electronics Private Limited, received approval to get an incentive of Rs 53.2.8 crore from the government under the production-linked incentive scheme for the manufacture of mobile phones.

At 1:41 pm, shares of Dixon Technologies were trading at Rs 4,607, up by 2.44 percent from the previous close on the BSE.

After achieving the government-set output targets under the PLI scheme for large-scale electronics manufacturing, Padget Electronics has become the first business to receive payment.

The first payout of Rs 53.28 crore to the company for the financial year 2021–22 was approved by an empowered committee on Friday, according to a statement from the ministry of electronics and information technology.

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On April 1, 2020, the PLI strategy for large-scale electronics production was announced. This programme offers, subject to circumstances, a 4 percent to 6 percent reward on the incremental net sale of manufactured items, including mobile phones and some electronic components.

According to the ministry, 16 businesses were authorised under the programme, including five international businesses under the category of mobile phones with invoice values of Rs 15,000 or above, five domestic businesses, and six businesses under the category of certain electronic components.

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