Mumbai/IBNS, July 10 -- Shares of Dixon Technologies Ltd. rallied on Friday after the Centre approved the company's proposed joint venture with Vivo Mobile India, boosting investor sentiment.

The approval for the joint venture was granted on Thursday.

Dixon to hold majority stake

According to the company's filing, Dixon Technologies will hold a 51 percent stake in the joint venture, while Vivo Mobile India (VMI) will own the remaining 49 percent.

"The share capital of the JV Co will be held in the proportion of 51:49 by the company (Dixon Tech) and VMI, respectively," the filing said, as quoted by NDTV Profit.

Focus on local smartphone manufacturing

The joint venture will manufacture smartphones and other electronic products for Viv...