Endurance Tech recovers from yesterday's plunge on withdrawing tyre manufacturing plans

Shares of the company fell 20% yesterday after the board announced plans to foray into tyre manufacturing, which investors expressed their reservations about.

Aug 09, 2019 04:08 IST India Infoline News Service

Endurance Technologies shares soared 17% in early trade after it shed 20% yesterday.

The company announced plans to foray into the tyre business along with its quarterly earnings, however, it withdrew the plans as investors refused to be on board with the proposal.

The company's shares gave up 20% after the plans and capex for the proposed manufacturing facility were announced.

The company stated that after a call between investors and the board, the plan was shelved as investors had reservations about the same and asked the board to reconsider the decision.

Post this, the plan was withdrawn.

Meanwhile, the company's consolidated profit jumped 32.9% yoy to Rs165.6cr vs. Rs124.6cr in the year-ago quarter.

Revenue rose 2.6% yoy to Rs1,909.2cr vs. Rs1,860.4cr.

Endurance Technologies Ltd is currently trading at Rs801 up by Rs57.95 or 7.8% from its previous closing of Rs743.05 on the BSE.

The scrip opened at Rs816.60 and has touched a high and low of Rs869 and Rs801 respectively. So far 5,51,358 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs10,451.95cr.

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