Endurance Technologies gained 4.35% to Rs 580.05 at 09:46 IST on BSE after the company announced that its wholly owned subsidiary in Germany has commenced operations at its new machining plant from 10 January 2017.
The announcement was made after market hours yesterday, 10 January 2017.Meanwhile, the S&P BSE Sensex was up 167.59 points or 0.62% at 27,067.15
On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 592.40 and a low of Rs 576.60 so far during the day.
The stock had hit a record high of Rs 674.90 on 20 October 2016. The stock had hit a record low of Rs 518.25 on 21 November 2016.
The mid-cap company has equity capital of Rs 140.66 crore. Face value per share is Rs 10.
Endurance Technologies said that the company's wholly owned subsidiary in Germany, Endurance Amann GmbH, has commenced operations at its new machining plant from 10 January 2017. The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities.
Shares of Endurance Technologies had debuted on BSE on 19 October 2016 at Rs 570, a premium of 20.76% over its initial public offer (IPO) of Rs 472 per share. The IPO of Endurance Technologies had seen strong response from investors. The issue had received bids for 75.52 crore shares and it was subscribed 43.84 times.
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Endurance Technologies' consolidated net profit rose 14.78% to Rs 89.30 crore on 7.3% rise in total income to Rs 1453.55 crore in Q2 September 2016 over Q2 September 2015.
Endurance Technologies is a two-wheeler and three-wheeler automotive component manufacturer. The company has operations in Europe with highly-automated manufacturing facilities in Italy and Germany. The company is a tier one supplier to original equipment manufacturers (OEMs) for most of its products. In India, the company manufactures a diverse range of technology-intensive automotive components for the two-wheeler and three-wheeler segments. The company also manufactures specified components for four-wheeler passenger vehicles, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).
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