Background: Lumax Industries Ltd, incorporated in 1945 was set up in Delhi by S.C. Jain as a trading company under the name Globe Auto Industries. In 1956, Lumax setup manufacturing units for automotive lighting equipment and other components. In 1984, Lumax embarked on collaboration with Stanley Electric Co. Ltd., Japan and converted itself from private limited to public limited company. Company derives ~48% of sales from PV segment, 31% of sales from 2Ws, 7% from CVs and 13% from...