Lumax Auto Technologies rose 2.47% to Rs 138.90 at 10:31 IST on BSE after the company announced its joint venture with Germany's JOPP to manufacture and supply transmission products to the Indian automotive industry.
The announcement was made after market hours yesterday, 11 April 2019.Meanwhile, the S&P BSE Sensex was up 66.34 points, or 0.17% to 38,673.35.
On the BSE, 5,554 shares were traded in the counter so far compared with average daily volumes of 3,500 shares in the past two weeks. The stock had hit a high of Rs 142.50 and a low of Rs 136.10 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 announced its joint venture with JOPP, Germany to manufacture and supply transmission products to the Indian automotive industry. Under the joint venture, both the partners will hold an equal 50% share in the new entity to be named Lumax JOPP Allied Technologies. While JOPP will bring the world class technology for its products to joint venture, Lumax will provide its 7 decades' rich experience towards management of the JV in India. Focus of JV is towards self-reliance in technology & establish a state of art R&D centre in India along with manufacturing operations.
JOPP is a European company with expertise in transmission & shift systems parts serving OEMs worldwide. Gear shift systems are a major focus area with high in-house value add for shift towers, integrated all gear sensor technology & AMT kits for various applications for manual & automated transmissions.
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 a wide range of products (lighting module, frame chassis, integrated plastic modules, gear shift lever, intake systems, seat frames & mechanisms etc). The company is a market leaders in design, testing and manufacturing gear shift levers in India.
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