Technology

We have a positive outlook on Lumax from a long term perspective and we expect the company to grow above the industry growth rate going ahead. At the CMP of `1,620, stock is available at 14x its FY20E EPS of `119. We maintain our BUY recommendation on Lumax with a target price of `2,500 (reduced from `2,550), implying a potential upside of 54%.

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