Lumax surges 10% as Edelweiss initiates coverage with 'buy' rating

In past one week, post Q2FY18 earnings, the stock rallied 18%, as compared to 1% decline in the S&P BSE Sensex

Lumax Industries has surged 10% to Rs 1,999, also its new high on the BSE, after Edelweiss Investment Research initiated coverage of the company with a recommendation of 'buy'.

“The healthy demand scenario for all key user industries in near-to-medium term period, owing to economic buoyancy is to drive growth for Lumax Industries. Also rising share of high realisation LED lightings and continued focus on improving efficiency is expected to spur growth not only in topline but also profitability,” the broking firm said in a report with ‘BUY’ recommendation and target price of Rs 2,560 based on 18x FY20E