Lumax Industries surges 13% on order win from Maruti Suzuki

 

Lumax Industries surges 13% on order win from Maruti Suzuki

  Lumax Industries has surged 13.5% to Rs 1,540, also its record high on  the BSE, after the company said it has received order to supply new age headlamps and rear lamps for the new generation Maruti Suzuki Swift.

The company expects to commence production later this year at its Gujarat facility in Mehsana district. The order, however, will be fulfilled from the Sanand plant.

“The company has done a capex of about Rs 120 crores at Sanand, which is expected to commence operations from November 2017. The capex has been funded through internal accruals,” Lumax Industries said.

Going forward, the plant is expected to cater to the needs of TATA Tigor at Sanand as well as Honda Motorcycle & Scooter India’s (HMSI) existing models at Gujarat. The facility will have a capacity of about 300,000 car-sets annually. The plant is expected to be operational at its full capacity by FY19-20, it added.

In past one-year, Lumax Industries has zoomed 235% as compared to 14% rise in the S&P BSE Sensex.

At 10:52 am; the stock was up 12.7% at Rs 1,530 against 0.44% gain in the benchmark index. A combined 91,390 shares changed hands on the counter against an average sub 10,000 shares that were traded daily in past two weeks on BSE and NSE.