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Endurance Technologies trades at decent premium on debut

Capital Market 

Endurance Technologies was trading at Rs 591.10 at 10:30 on BSE, a premium of 25.23% over the initial public offer price of Rs 472 per share on its debut on the bourses today, 19 October 2016.

Meanwhile, the S&P Sensex was down 45.35 points or 0.2% at 27,993.91.

On BSE, so far 32.95 lakh shares were traded in the counter. The stock made its debut on the bourses at Rs 570, a premium of 20.76% over its initial public offer (IPO) of Rs 472 per share. The stock hit high of Rs 601 and low of Rs 570 so far during the day.

The initial public offer (IPO) of Endurance Technologies saw strong response from investors. The issue had received bids for 75.52 crore shares and it was subscribed 43.84 times. The issue price was fixed at top end of the price band of Rs 467 to Rs 472 per share.

Endurance Technologies' consolidated net profit rose 15.38% to Rs 29.11 crore on 6.58% rise in net revenue from operations to Rs 524.05 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 10:19 IST