Lakshmi Machine Works gains on inking MoU with Govt of Tamil Nadu

25 Jan 2019

Lakshmi Machine Works is currently trading at Rs. 5507.20, up by 42.15 points or 0.77% from its previous closing of Rs. 5465.05 on the BSE.

The scrip opened at Rs. 5505.80 and has touched a high and low of Rs. 5555.00 and Rs. 5490.00 respectively. So far 155 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 9380.00 on 09-May-2018 and a 52 week low of Rs. 5353.05 on 21-Jan-2019.

Last one week high and low of the scrip stood at Rs. 5658.25 and Rs. 5353.05 respectively. The current market cap of the company is Rs. 5883.34 crore.

The promoters holding in the company stood at 30.83%, while Institutions and Non-Institutions held 20.47% and 48.70% respectively.

Lakshmi Machine Works has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu at the Global Investors Meeting (GIM) held at Chennai on January 24, 2019. As per the MoU the Company proposes to invest Rs 600 crore over a period until 2024 in its existing business operations.

The investment funded through internal accruals would be for modernizing/upgrading existing business operations of the company in the areas of Textile Machinery, Machine Tools, Foundry castings and Aerospace products. As per the MoU the Government of Tamil Nadu will support by extending fiscal and other incentives, infrastructural support like uninterrupted power supply and regulatory facilitation.

Lakshmi Machine Works is one among the three manufacturers of the entire range of Textile Machinery. LMW diversified into CNC Machine Tools and is a brand leader in manufacturing customized products.

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