Lumax Auto Technologies jumped 10.86% to Rs 372.80 at 12:50 IST on BSE after the company announced its entry into the Indian aerospace and defence sector by formation of its new joint venture with an Italian company.
The company made announcement during market hours today, 26 November 2015.
Meanwhile, the BSE Sensex was up 130.87 points, or 0.5%, to 25,905.65.
Huge volumes were traded on the counter. On BSE, so far 54,934 shares were traded in the counter, compared with an average volume of 5,635 shares in the past one quarter.
The stock hit high of Rs 387 and low of Rs 342 so far during the day. The stock hit a record high of Rs 387.15 on 16 January 2015. The stock hit a 52-week low of Rs 218.20 on 15 June 2015.
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The stock had outperformed the market over the past one month till 24 November 2015, rising 8.06% compared with Sensex's 6.17% fall. The scrip had also outperformed the market in past one quarter, surging 33.2% as against Sensex's 0.13% rise.
The small-cap company has an equity capital of Rs 13.63 crore. Face value per share is Rs 10.
Lumax Auto Technologies said it formed a new joint venture (JV) with SIPAL S.p.A of Italy (part of the Turin based Euro 240 million FININC S.p.A. group). As per the JV agreement, Lumax will hold 51% equity with management control over the JV and SIPAL S.p.A. will hold 49% equity in the new JV company under formation as Lumax SIPAL Engineering Private limited. The proposed JV is expected to become operational in the year ending 31 March 2017 (FY 2017) and will be a full service provider for all types of integrated logistic support engineering having a strong knowledge and experience in technical publishing, product/manufacturing engineering, process engineering, design and manufacture of toolings, design of systems of production lines related to the aerospace, defence & automotive sectors.
SIPAL S.p.A. has presence in aerospace and defence, automotive and electronics sector.
Lumax Auto Technologies' consolidated net profit rose 21% to Rs 10.43 crore on 3% rise in net sales to Rs 226.38 crore in Q2 September 2015 over Q2 September 2014.
Founded in the year 1981, Lumax Auto Technologies is a part of the D.K. Jain Group of companies that has carved its strong position in automotive parts like sheet metal parts, fabricated assemblies, tubular parts, for two wheeler and three wheeler industry.
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