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Lumax Auto Technology shares advanced 6.8 per cent in Wednesday's trade and logged an intraday high at Rs 547.85 per share on BSE. The scrip climbed after the company completed the acquisition of a 60 per cent stake in Greenfuel Energy Solutions.
Around 12:45 PM, Lumax Auto's share price rose 2.10 per cent at Rs 523.3 per share on BSE. In comparison, the BSE Sensex was up 0.39 per cent at 80,312.08. The market capitalisation of the company stood at Rs 3,566.69 crore.
"Lumax Auto Technologies Limited (“LATL”), a leading Tier-1 automotive systems and components supplier, has completed the acquisition of a 60 per cent stake in Greenfuel Energy Solutions’ alternate fuels business for Rs 153.09 crore through its wholly owned subsidiary Lumax Resources Pvt Ltd," the filing read.
As per the company, this acquisition grants Lumax Auto entry into the green and alternate fuels segment (across CNG, hydrogen, and other applications), which is expected to witness strong and accelerated growth in the coming years.
Green Fuel is a supplier to Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles among others.
“This partnership enables us to expand our product portfolio for key OEMs while increasing our per-vehicle content in the four-wheeler segment. Collaborating with Greenfuel, we aim to capitalise on the significant growth potential of this business by leveraging synergies in customer relationships, advanced technologies, and manufacturing excellence," said Anmol Jain, managing director of Lumax Auto Technologies.
Lumax Auto Technologies together with its subsidiaries, is a manufacturer of a wide range of products. The company is a market leader in the design, testing, and manufacturing of gear shifters and interior solutions in India and has a robust pan‐India distribution network with 26 manufacturing plants across India in all major automotive clusters. The key customers include Bajaj Auto, Honda Motorcycles and Scooters, Mahindra & Mahindra, Maruti Suzuki, Tata Motors, and Toyota.
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Greenfuel is a prominent supplier of high-pressure fuel delivery and storage systems (including related components and sub-systems) primarily for CNG and hydrogen automobiles and fire and smoke alarm, detection, and suppression systems (including related components and subsystems) for the automotive industry. It is a supplier to large OEMs in this sector. It also has strong technology collaborations, which provide a competitive advantage in delivering industry-leading solutions to customers.
In the past one year, Lumax Auto shares have gained 41.5 per cent against Sensex's rise of 20.8 per cent.
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