Lokesh Machines enters into MoU with IIT Madras for developing critical technologies

Lokesh Machines Limited (Hereinafter "the Company or LML") has entered into a Memorandum of Understanding (hereinafter "MOU") with Advanced Manufacturing Technology Development Centre, IIT Madras (hereinafter "AMTDC") and the confirmation letter for the same has been received by the Company today on November 21, 2022.

The MOU is to develop critical technologies like Rotary Drive unit for Milling Head and Integrated Milling Spindle which will replace critical imported technologies required for the development of 5-axis machine tools and also to work on building a thermally stable machine tool structure and other machine tool elements which will ensure a thermally efficient high precision machine.

AMTDC was established as a Centre of Excellence for Machine Tools and Production Technology under the DHI's Capital Goods Scheme - Enhancement of Competitiveness of Indian Capital Goods Sector Constituted as a Special Purpose Vehicle by the Governing Board of IIT Madras.

Shares of Lokesh Machines Limited was last trading in BSE at Rs. 106.25 as compared to the previous close of Rs. 108.00. The total number of shares traded during the day was 3277 in over 73 trades.

The stock hit an intraday high of Rs. 110.00 and intraday low of 103.90. The net turnover during the day was Rs. 349720.00.

Source : Equity Bulls

Keywords

LokeshMachines INE397H01017 MoU AMTDC IITMadras