Shares of this auto company zoomed more than 5 per cent post acquisition announcement!
The company announced on February 19, 2023, that it had acquired a 75 per cent stake in auto component supplier IAC International Automotive India for a total cash consideration of Rs 587 crore.
On Tuesday, shares of Lumax Auto Technologies zoomed more than 5 per cent to make an intraday high of Rs 257 apiece. The scrip witnessed a massive spurt in volume by more than 4.1 times.
The company announced on February 19, 2023, that it had acquired a 75 per cent stake in auto component supplier IAC International Automotive India for a total cash consideration of Rs 587 crore. The stake will be acquired from IAC India's current shareholder, IACNA Mauritius Ltd. and the transaction is expected to close in March 2023.
The partnership also provides an opportunity for industry leaders in lighting and interior systems to offer integrated solutions to meet the rapidly evolving technological advancements in the automotive sector, according to the company.
Lumax Auto Technologies is engaged in the business of manufacturing and supplying of automotive lamps, plastic moulded parts and frame chassis to two, three and four-wheeler segments. It has partnerships with 7 Global players like Yokowo (Japan), JOPP(Germany) and few others.
The stock has shown positive performance as it has surged more than 40 per cent in just 1 year and more than 18 per cent in just 5 days. Keep a close eye on this trending stock.