We maintain a BUY with a slightly revised TP of Rs1,610 (earlier Rs1,650) as we remain positive on Lumax Industries (LMXI) strong entry segment client mix and excellent R&D; support of Stanley. Being the largest in India and catering to mainly the PV lighting (~67%), makes LMXI more resistant to reversion to halogen lamps as PV auto lighting systems are complex and difficult to meddle with. We are convinced that greater LED penetration, higher local content and the recently announced PLI...