Lumax Auto Technologies zooms on getting nod to incorporate Wholly Owned Subsidiary
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Lumax Auto Technologies is currently trading at Rs. 415.00, up by 26.85 points or 6.92% from its previous closing of Rs. 388.15 on the BSE.
The scrip opened at Rs. 393.45 and has touched a high and low of Rs. 434.80 and Rs. 375.00 respectively. So far 63520 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 469.00 on 08-Aug-2023 and a 52 week low of Rs. 210.20 on 15-Feb-2023.
Last one week high and low of the scrip stood at Rs. 434.80 and Rs. 375.00 respectively. The current market cap of the company is Rs. 2937.60 crore.
The promoters holding in the company stood at 55.98%, while Institutions and Non-Institutions held 24.21% and 19.82% respectively.
Lumax Auto Technologies has received approval for incorporation of a Wholly Owned Subsidiary (WOS) Company in the name of ‘Lumax Resources’ or any other name, as may be approved by the Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre.
The operations of new WOS, will be in line with the company's vision, will enable the company to further address growth opportunities in automotive sector. The Board of Directors of the Company, at their Meeting held on February 13, 2024, have inter-alia, considered and approved the same.
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.
