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Sharekhan has maintained its "buy" rating on Lumax Auto Technologies with a target price of Rupees 288 apiece.

The company is a manufacturer of automotive parts for the two-wheeler and three-wheeler industries.

The stock has gained 64% in the last one year and has risen 86% since its 52-week low.

Lumax Auto is shifting its business mix towards four-wheelers, which is expected to positively impact its profitability.

Lumax Auto has secured orders in the EV market in the metallic frame business.

The company has received orders from leading OEMs for the supply of gear shifters, plastic parts, and air filter assemblies for their upcoming models.

Lumax Auto has introduced new products like urea tanks for PVs and CVs and oxygen sensors for two-wheelers.

The company reported a 12% rise in its consolidated net profit to 28 crore in Q3FY23.

The company recently signed an agreement to acquire a majority stake in IAC International Automotive India.

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Lumax Auto stock soars 64% in a year; Find out why

In the last one year, the stock has gained 64%, rallying from ₹159.25 apiece to the current market price of ₹261. Despite such strong performance, the Sharekhan maintains a bullish outlook on the Lumax Auto, citing the company's shift in business mix towards four-wheelers as a key factor that is expected to positively impact its profitability.

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Lumax Auto stock soars 64% in a year; Find out why

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