Lumax Auto shares zoom nearly 10% on JV with Italy's SIPAL

Shares of Lumax Auto Technologies today zoomed nearly 10 per cent after the company said it has entered the Indian aerospace and defence sector through a joint venture with Italy's SIPAL.
The stock jumped 9.53 per cent to settle at Rs 370 on BSE. Intra-day, it soared 14.56 per cent to Rs 387.
At NSE, shares of the company surged 9.67 per cent to Rs 370.05.
"As per the JV agreement, Lumax will hold 51 per cent equity with management control over the JV and SIPAL will hold 49 per cent equity in the new JV company under formation as Lumax SIPAL Engineering Private Ltd," Lumax Auto Technologies said in a BSE filing today.

It further said: "The proposed JV is expected to become operational in fiscal 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 or Manufacturing engineering, Process engineering, design and manufacture of toolings, design of systems of production lines related to the Aerospace, Defence & Automotive sectors.