Shares of Lumax Industries, supplier of lighting products for the automobile industry, rose by over 4 per cent after the company earmarked up to Rs 100 crore to invest on expanding existing facilities as well as operations over a period of one year.
The stock gained 4.40 per cent to end at Rs 1,114.40 on BSE. During the day, it surged 10.54 per cent to Rs 1,180 -- its 52-week high.
At NSE, shares of the company jumped 3.66 per cent to settle at Rs 1,110.45.
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The company's board has approved a capital expenditure plan of up to Rs 100 crore over a period of 12 months for expanding existing manufacturing facilities in Sanand and future expansion for supply of automotive lighting products to its customers, Lumax Industries said in a regulatory filing.
The company manufactures products such as head lamps for four-wheelers and two-wheelers, rear combination lamps, auxiliary lamps and sundry lamps for Indian as well as global leading brands such as Hero MotoCorp, Honda Cars, Maruti Suzuki and Tata Motors.
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