Smallcap multibagger stock Lokesh Machines skyrockets 10% today on receipt of arms license; up 1,150% in 3 years
₹395.00 apiece on the BSE. In a regulatory filing on Wednesday, Lokesh Machines said that the Ministry of Home Affairs, Government of India has granted the Arms License in Form VII for the manufacture and In-House Proof testing of small arms. “Subject to the receipt of commercial license.
This will extend our existing product portfolio and enable us to manufacture Pistols, Assault Rifles and Rifles of various calibers and to conduct the Proof test and firing of small arms at our In-house facility," the company said. Also Read: ICICI Securities delisting gets nod from institutional investors despite retail resistance; shares fall 4% The smallcap stock Lokesh Machines jumped after the receipt of the licence with its market capitalisation scaling above ₹710 crore. Lokesh Machines shares have given multibagger returns as the stock surged more than 270% in the past one year and by a staggering 1,150% in three years.
In one week, Lokesh Machines shares have gained over 27%. Lokesh Machines is among the top machine tool manufacturers in the country. Approximately 20% of the company’s machines are supplied to auto OEMs, 60% of supplies to auto ancillaries and 20% to general industries and exports, as per the company.
It operates from six locations in Hyderabad and Pune. The company exports CNC machines to Japan, Germany, Netherlands, Italy, Turkey and Russia. Also Read: T+0 settlement kick starts today. What does it mean? How does it affect you? Lokesh Machines reported a net profit of ₹5.11 crore in the quarter ended December 2023, registering a growth of 41.79% from ₹3.60 crore in the year-ago quarter.
Read more on livemint.com
