Lumax Auto Technologies has signed a joint venture agreement (JV) with Mannoh Industrial, Japan by forming a new company Lumax Mannoh Allied Technologies to design and manufacture complete gear shift lever systems for manual, automatic and AMT & CVT transmissions in India.

As per the agreement, Mannoh will pick up 45% equity in the new company effective Apr. 1, 2014.

Shares of the company gained Rs 1.65, or 1.78%, to settle at Rs 94.50. The total volume of shares traded was 3,164 at the BSE (Tuesday).