Lumax Auto Technologies zooms on getting nod to invest funds in three entities
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Lumax Auto Technologies is currently trading at Rs. 515.00, up by 31.85 points or 6.59% from its previous closing of Rs. 483.15 on the BSE.
The scrip opened at Rs. 514.05 and has touched a high and low of Rs. 534.45 and Rs. 510.00 respectively. So far 18770 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. 363.05 on 25-Jan-2024.
Last one week high and low of the scrip stood at Rs. 534.45 and Rs. 481.15 respectively. The current market cap of the company is Rs. 3518.98 crore.
The promoters holding in the company stood at 55.98%, while Institutions and Non-Institutions held 21.91% and 22.11% respectively.
Lumax Auto Technologies has received approval from board of directors to invest an amount up to Rs 50 crore in the form of Optionally Convertible Redeemable Debentures (OCRDs) and/ or loan to Lumax Resources, a Wholly owned subsidiary of the Company, as recommended by the Audit Committee.
The company has also received approval to invest Rs 0.77 crore to acquire upto 5% in the Equity Share Capital of FPEL Ujwal (the Special Purpose Vehicle ‘SPV’) for being qualified as Captive User in terms of the provisions of Electricity Act, 2003 and Electricity Rules, 2005, for the energy to be generated from the Hybrid Power Project of the SPV for Bengaluru Plant of the Company.
Further, it has secured nod for investment of Rs 0.76 crore to acquire upto 49% stake in the Equity Share Capital of Clean Max Magnus (the Special Purpose Vehicle ‘SPV’) for being qualified as Captive User in terms of the provisions of Electricity Act, 2003 and Electricity Rules, 2005, for the solar energy to be generated by the power plant of the SPV for Pant Nagar Plant of the Company.
The Board of Directors of Lumax Auto Technologies at their meeting held on November 13, 2024 has 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.
