Lumax Auto Technologies, a part of the D.K. Jain Group of companies, gained on Wednesday after it 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 are trading at Rs 96, up Rs 1.5, or 1.59% at the Bombay Stock Exchange (BSE) on Wednesday at 11:40 a.m.

The scrip has touched an intra-day high of Rs 96.05 and low of Rs 94.70. The total volume of shares traded at the BSE is 1,775.

In the earlier session, the shares rose 1.78%, or Rs 1.65, at Rs 94.50. Currently, the stock is trading down 35.35% from its 52-week high of Rs 148.50 and above 7.26% over the 52-week low of Rs 89.50.