Lumax Inds hits 52-week high as board to consider setting up unit in Chakan

29 Nov 2022 , 12:30 PM

Shares of the Lumax Industries jumped 8.07% in three trading sessions from its previous closing low of Rs 1,827.50 on 24 November 2022. The stock hit its 52-week high of Rs 2,017.55 today. The stock had outperformed the market over the past one month, jumping 29.58% compared with 3.44% rise in the Sensex. The scrip outperformed the market in past one quarter, rising 25.59% as against Sensexs 8.39% jump. The counter had also outperformed the market in past one year, surging 42.45% as against 9.73% increase in Sensex. On the technical front, the stocks daily RSI (relative strength index) stood at 72.056. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 1,665.69, 1,581.16 and 1,309.56 respectively. These levels will act as crucial support zones in near term. Lumax Industries is positioned as one of the leading players in the domestic automotive lighting industry with a product portfolio of automotive lighting systems, such as head lamps, tail lamps, sundry and auxiliary lamps. The companys presence spans all segments of the auto sector, viz., passenger four-wheelers, passenger two-wheelers, commercial vehicles, buses, tractors, etc. The companys consolidated net profit zoomed 32.96 crore in Q2 FY23 from Rs 15.33 crore in Q2 FY22. Revenue from operations jumped 37% year on year to Rs 620.06 crore during the quarter. Powered by Capital Market – Live News