India's Lokesh Machines hits record high on getting firearms manufacturing licence

Lokesh Machines

04/04/2024 09:19

** Shares of Lokesh Machines  LOMA.NS  rise as much as 6.3%
to record high of 448 rupees
    ** Machine tools maker says it has received license for
manufacturing, proof-testing, and sales of firearms from the
India's home ministry
    ** Last week, LOMA received arms license for manufacturing
and in-house proof testing of small arms by the ministry
    ** Stock has since risen ~25% and is on track for a ninth
consecutive session of gain, if trend holds
    ** Trading vol 4.1x 30-day daily avg    
    ** Stock rose 1.7% in March qtr, its seventh straight
quarterly gain
    ** Stock gained more than threefold in 2023, its biggest
yearly rise since listing in 2006




 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))