Lumax Auto Technologies climbs on inking agreement to acquire majority stake in Greenfuel Energy Solutions
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Lumax Auto Technologies is currently trading at Rs. 550.45, up by 29.75 points or 5.71% from its previous closing of Rs. 520.70 on the BSE.
The scrip opened at Rs. 553.75 and has touched a high and low of Rs. 567.95 and Rs. 550.00 respectively. So far 23735 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 608.15 on 02-Jul-2024 and a 52 week low of Rs. 334.50 on 25-Oct-2023.
Last one week high and low of the scrip stood at Rs. 567.95 and Rs. 501.50 respectively. The current market cap of the company is Rs. 3751.74 crore.
The promoters holding in the company stood at 55.98%, while Institutions and Non-Institutions held 22.78% and 21.24% respectively.
Lumax Auto Technologies (LATL) has signed an agreement to acquire majority stake in Greenfuel Energy Solutions (Greenfuel) from its existing shareholders. The proposed acquisition will be LATL’s 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.
Greenfuel is a prominent supplier of (1) high-pressure fuel delivery and storage systems (including related components and sub-systems) primarily for CNG and hydrogen automobiles and (2) fire and smoke alarm, detection and suppression systems (including related components and sub-systems) for the automotive industry (Business). It is a supplier to key OEMs including Maruti Suzuki, TATA Motors and Volvo Eicher Commercial Vehicles among others. Greenfuel has established strong technology collaborations which provide a competitive advantage in delivering industry leading solutions to customers. Greenfuel currently also has other ancillary businesses which will be carved out and will not form a part of the proposed acquisition.
The proposed partnership with Greenfuel offers LATL the opportunity to expand and diversify the range of solutions it provides to automotive OEMs in India. Lumax and Greenfuel’s management team will collaborate as strategic partners and leverage their respective competitive strengths to unlock the potential of the Business in the coming years and together, strive to position Greenfuel as an industry leader for systems and components in the ‘alternate fuels’ segment.
Lumax Auto Technologies manufactures a wide range of automotive components. The company's products include drive transmission and steering components, body and chassis, and electrical components.
