Lumax Auto Tech is doing pretty well today morning, opening almost 3.5% to Rs.143.05. The stock has gained after 2 days of consecutive fall.
The company’s Board on 18th March itself had decided to shut down its PCB unit in Harayana, w.e.f 1st April’19. In addition, the Board had also approved the disposal of Plant & Machinery to Lumax Industries for Rs.16 crore.
PCBs are a critical part to the lighting systems.
Yesterday, Lumax Auto confirmed that the PCB unit has been discontinued.
The market is happy because this unit, as such was making PCBs to be supplied to Lumax Inds.