Lumax Industries jumps on getting nod to set up new greenfield project in Pune
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Lumax Industries is currently trading at Rs. 1928.75, up by 82.40 points or 4.46% from its previous closing of Rs. 1846.35 on the BSE.
The scrip opened at Rs. 1904.90 and has touched a high and low of Rs. 1955.95 and Rs. 1904.30 respectively. So far 1594 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 2023.00 on 02-Dec-2022 and a 52 week low of Rs. 840.00 on 16-May-2022.
Last one week high and low of the scrip stood at Rs. 2023.00 and Rs. 1808.40 respectively. The current market cap of the company is Rs. 1725.92 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 1.03% and 23.96% respectively.
Lumax Industries has received an approval for setting up of the new Greenfield Project at Chakan, Pune (Maharashtra) with the Capital outlay up to Rs 175 crore for Phase 1. This project will cater to the new orders received from OEM customers for advance lighting solutions.
The Capex will be funded by mix of Debt and internal accruals and peak annualized turnover is expected to the tune of Rs 600 crore post commissioning. The Project is expected to be commissioned by Q2 FY 24. The Board also approved availing of Long Term Credit Facilities to fund the aforesaid Project. The Board of Directors, at their Meeting held on December 07, 2022, has considered and approved the same.
Lumax Industries is a market leader in the Indian Automobile Lighting Business.
