 "This 'B' group stock plunged 9% on November 04; check reasons here")
Lokesh Machines share price: Lokesh Machines, a 'B' group stock, plunged up to 9.34 per cent to hit an intraday low of Rs 321.10 per share on Monday, November 04, 2024. The 'B' group stocks are a classification on the Bombay Stock Exchange (BSE) that includes stocks not fitting into other predefined categories. The fall in Lokesh Machines share price came despite the company issuing clarifications on November 2 on reports of their name appearing on the sanctions list of the US Department of Treasury.
The company said that it is in the process of contacting the US Department of Treasury to gather further details on the situation.
Lokesh Machines noted that it has been exporting machinery to Russia since 2011, and clarified that these exports are facilitated through distributors who either stock or resell the machines.
Moreover, the company claimed that none of its distributors appear on any sanctions lists, and it has no knowledge of its machines being used by any sanctioned entities or individuals.
On November 1, the US imposed sanctions on 275 individuals and entities, including 15 from India, citing alleged support of Russia’s military-industrial sector.
According to the Treasury’s list, the sanctioned Indian companies include Abhar Technologies and Services Pvt Ltd, Denvas Services Pvt Ltd, Emsystech, Galaxy Bearings Ltd, Orbit Fintrade LLP, Innovio Ventures, KDG Engineering Pvt Ltd, and Khushbu Honing Pvt Ltd, along with Lokesh Machines Ltd, Pointer Electronics, RRG Engineering Technologies Pvt Ltd, Sharpline Automation Pvt Ltd, Shaurya Aeronautics Pvt Ltd, Shreegee Impex Pvt Ltd, and Shreya Life Sciences Pvt Ltd. READ MORE
About Lokesh Machines
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Set up in 1983, Lokesh Machines is a public limited company specialising in the manufacturing of machine tools and automotive components.
The company operates through two main divisions including the Machines Division and the Components Division.
Lokesh's product line includes Horizontal Machining Centers (HMC) and Vertical Machining Centers (VML).
The company also produces special-purpose machines designed for various applications, including duplex and simplex milling, multi-spindle drilling and tapping, gun drilling, fine boring, and broaching. Additionally, their transfer line offerings feature linear, shuttle-type, automatic, and rotary transfer lines.
The market capitalisation of the Lokesh Machines is Rs 605.95 crore, according to BSE.
Lokesh Machines stock performance
Lokesh Machines shares have tanked over 23 per cent in the past six months. The scrip fell 14 per cent in the past month. Lokesh Machines shares, however, rose over 27 per cent in the past year.
The 52-week high of Lokesh Machines share is Rs 475 while its 52-week low is Rs 249.45 apiece.
At 12:50 PM, Lokesh Machines shares were trading 7.26 per cent lower at Rs 328.50 per share. By comparison, BSE Sensex was down 1.58 per cent at 78,467.11 levels.