Jobaaj Stories
Industrial machine manufacturer Lokesh Machines had a great day at the bourses today as its shares surged 10% in today's session.
Lokesh Machines Ltd. is a Hyderabad-based industrial machines manufacturer incorporated in 1983. The company manufactures a wide variety of machines like CNC machines, Milling machines, Drilling machines, boring machines, and transfer lines and is a market leader in Cam & Crank borers, Fine borers and Finish Milling machines.
It also provides automation solutions and auto components. It caters to famous companies such as Suzuki, Wipro, Tata Motors, Honda, Bajaj and Maruti. The company also exports CNC machines to Japan, China, Russia, Turkiye, Italy, Germany and the Netherlands.
The sudden surge in share prices was due to the company's announcement regarding the setup of a new division in Hyderabad catering to the manufacture of defence and aerospace components.
Meaning that the company was foraying into a new sector in which the company did not operate earlier.
The share of Lokesh Machines, which had recently been consolidating, saw a gap-up opening today, opening at Rs 119 per share. It saw volumes surpassing the 500K mark against the daily average of 30K!
Bulls remained dominant during the day as the share surged 10% and closed at its day high of Rs 129.25 per share, a price level the stock had fallen from in August 2022.
- Aman Agarwal
