Lumax Auto shares soar 9% after large deal worth Rs 134.50 crore

Shares of Lumax Auto Technologies soared 9 percent in afternoon trade on February 29 after a large deal worth Rs 134.50 crore took place on the exchanges. Around 30 lakh shares, representing a 4.4 percent stake in the company changed hands at an average price of Rs 455 per share. The floor price of the deal reflected a 1 percent discount to the stock's previous close.

Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.

The large deal also tipped off a spike in volumes in the counter as 51 lakh shares changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 6 lakh shares.

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At 1.02 pm, shares of Lumax Auto were trading at Rs 489.50 on the NSE. The stock has also garnered strong buying across the past month, surging around 35 percent in the tenure.

The company had also posted stellar earnings for the October-December quarter, with its net profit surging over 56 percent on-year to Rs 36.44 crore. Net sales also grew 65 percent year-on-year to Rs 732.48 crore in Q3, up from Rs 445.20 crore in the year ago period.

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