Lumax Industries rallies over 10% on Rs 100 crore capex plan

 

Festival demand, good monsoon put car sales in full throttle

  Lumax Industries gained 11% to Rs 1,180, also its record high on the BSE, after the auto ancillary company announced capital expenditure (capex) plan of upto Rs 100 crore.

“The board has approved a capital expenditure plan upto Rs 100 crore (rounded off) to be done 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 statement.

The stock has strong run-up in past one month, appreciating 61% since December 26, as compared to 8% rise in the S&P BSE Sensex.

Lumax Industries offers a wide array of complete automobile lighting systems and solutions, which includes; stellar quality head lamps and tail lamps, sundry and auxiliary lamps and other related products and accessories for four wheeler, two wheeler, trucks, buses, earth-movers, tractors and a variety of diverse applications.

At 11:30 am; the stock was up 10% at Rs 1,169 on the BSE as compared to 0.87% gain in the benchmark index. A combined 57,877 shares changed hands on the counter on the BSE and NSE so far.