India's Lumax Auto Technologies up 11% on IAC International Automotive deal

Lumax Auto Technologies

20/02/2023 04:19

** Shares of automotive components manufacturer Lumax Auto
Technologies Ltd  LUAT.NS  up as much as 10.9% to 244.90 rupees,
their highest in one week since Feb. 13, 2023
    ** Stock posted biggest intra day pct gain since Dec. 26,
2022
    ** Co on Saturday said it approved acquisition of 75% stake
in IAC International Automotive India, also an automotive
components co
    ** Cost of acquisition at 58.7 bln rupees ($710.05 mln)
    ** IAC India, which is a unit of IAC Mauritius, saw a
turnover of 4.81 bln rupees in FY22
    ** 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 - Lumax Auto
Technologies
    ** Over 368,000 shares change hands as of 09:38 a.m. IST,
6.4x the 30-day moving avg
    ** As of last close, stock down 7.8% so far this year after
rising 53.2% in 2022
($1 = 82.6700 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))