Lumax Auto gains after unit kicks off production

Lumax Auto Technologies rose 2.56% to Rs 142 at 9:31 IST on BSE after the company said that its newly set-up unit at Aurangabad started commercial production from 12 February 2019.

The announcement was made after trading hours yesterday, 12 February 2019.

Meanwhile, the S&P BSE Sensex was up 130.97 points, or 0.36% to 36,284.59.

On the BSE, 400 lakh shares were traded in the counter so far compared with average daily volumes of 2901 lakh shares in the past two weeks. The stock had hit a high of Rs 142 and a low of Rs 141.95 so far during the day. The stock hit a 52-week high of Rs 224.10 on 16 August 2018. The stock hit a 52-week low of Rs 127 on 28 June 2018.

Lumax Auto Technologies informed that, the newly set-up unit of the company situated at Aurangabad in Pune (Maharashtra) has started commercial production/supply with effect from 12 February 2019. This unit has been set-up to manufacture and supply chassis frame, swing arm and trail arm to its customer, Bajaj Auto. The unit has been setup with a capacity of about 700,000 annually. The unit was inaugurated by D.V. Rangnath, Sr. Vice President - Materials, Bajaj Auto and Anmol Jain, managing director of the company.

On a consolidated basis, net profit of Lumax Auto Technologies rose 33.41% to Rs 17.37 crore on 15.44% rise in net sales to Rs 320.01 crore in Q3 December 2018 over Q3 December 2017.

Lumax Auto Technologies manufactures is an integrated auto component manufacturer.

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