Lumax Auto Technologies shines on signing an agreement to acquire a majority stake in IAC India!
Shares of the company have jumped more than 10% in today’s trade.
Agreement to acquire a majority stake
Lumax Auto Technologies has signed an agreement to acquire a majority stake in IAC International Automotive India (IAC India) from the International Automotive Components Group (IAC Group). The IAC Group is a leading global supplier of powertrain-agnostic automotive interior and exterior systems and components including instrument panels, cockpits and consoles, door and trim systems, headliner and overhead systems and other interior and exterior components.
IAC India is a well-established Tier-1 interior systems and components supplier to key automotive OEMs in India including Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles among others.
Lumax and IAC will work as strategic partners and leverage their respective competitive strengths to drive IAC India’s business forward in the coming years and work towards unlocking potential synergies across products, customers, technology and manufacturing excellence.
Share price movement of Lumax Auto Technologies Ltd
Today, the stock opened at Rs 231.25, with a high and low of Rs 250.85 and Rs 231.25. The stock closed trading at Rs 244.65, up by 10.75%.
In the last 6 months, the shares of the company have given 3% returns and on a YTD basis, the stock has given about 0.75% returns.
The stock has a 52-week high of Rs 312 and a 52-week low of Rs 141.35. The company has a ROCE of 18.4% and an ROE of 13% with a market capitalisation of Rs 1637 crore.
About the company
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.
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