On Friday, Lumax Auto Technologies Ltd shares surged 10 per cent to hit a record high of Rs 228 on the BSE.

On August 16, 2018, it surpassed its previous high of Rs 224. The S&P BSE Sensex was up 0.24 per cent 53,540 points in the morning trade.

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The wholly owned subsidiaries and the joint venture has been a manufacturer of a wide product range. The product is named chassis, gear shifter, shift towers, emission systems, seat frames, oxygen sensors, and electric devices & components.

“With high growth prospects in the Vehicle industry, the Auto Component sector is expected to rise by double digits in FY 2022-23. The Government’s recent announcements of Production Linked Incentive (PLI) schemes regarding Advanced Chemistry Cell (ACC) Batteries and Auto & Auto Components is expected to pave the way for the creation of a state-of-the automotive value chain” the company said.