Page 1

Market welcomes Endurance Technologies with Open Hands Endurance Technologies, the auto component maker on 19th October 2016, Wednesday made a stellar debut on the Bombay Stock Exchange by listing at Rs 570, thereby marking a 20.76 per cent premium to its issue price of Rs 472 apiece. On the National Stock Exchange, the stock got listed at Rs 572, up 21.19 per cent. The initial public offering (IPO) Rs 1,161 crores, which was sold between 5th October 2016 and 7th October 2016, was subscribed almost 44 times. Strong demand was observed from high net worth individuals or the HNIs and qualified institutional buyers or the QIBs as the quota for the two categories was subscribed to about 127 times and 53.43 times of the quota limits, respectively. The quota for retail investors was oversubscribed 2.60 times. Analysts are of opinion that Endurance Technologies’ valuations are comparable with those of Gabriel India along with Rico Auto, which are trading at Financial Year 2016 earnings multiples of around 22.9 times as well as 29.6 timers, respectively.

Endurance Technologies is engaged in the designing, development, validation, testing, manufacturing, delivery as well as aftermarket sales and service of a wide range of technology intensive auto component products. It also supplies auto parts directly to original equipment manufacturers (OEMs). The auto component maker has 18 established plants in the Country and seven in Europe. It has 12 distribution centres along with 256 distributors in India and exports products to 20 countries, directly and indirectly. Some experts are of opinion sales in the two-wheeler segment, which accounts for about two-thirds of the company’s total sales, may grow at a healthy pace going forward on the back of good monsoon, which may boost rural spending. Additionally with the festive season at hand, auto and auto components manufacturers have performed quite well in the past few months. Besides, the seventh Pay Commission payout will add to demand for twowheelers. At the moment Endurance Technologies share price is trading at Rs 636.25 apiece on the National Stock Exchange up by 11.23 per cent or 64.25 points. The daily high of the share went as up as Rs 649.00 and the daily low touched Rs 572.00. A total of 3,36,39,675 shares of the newly listed Company have already been traded on the counter of NSE amounting to a total money value of Rs 2,02,971.71 lacs. The Lower Price Band is 457.60 and the Upper Price Band is 686.40.

For more details news on Endurance Technologies please refer “Endurance Technology Day 2 saw massive subscription of 92%” and “Endurance Technologies IPO Subscribed 12% On Day One“.

Disclaimer The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making investment decision. Dynamic Equities Pvt. Ltd - SEBI Investment Advisory Reg. No.: INA300002022

Disclosure Dynamic Equities Pvt. Ltd. is a member of NSE, BSE, MCX SX and a DP with NSDL & CDSL. It is also engaged in Investment Advisory Services and Portfolio Management Services. Dynamic Commodities Pvt. Ltd., associate company, is a member of MCX & NCDEX. We declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered. SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on for certain operational deviations. Answers to the Best of our knowledge and belief of Dynamic/ its Associates/ Research Analyst: DYNAMIC/its Associates/ Research Analyst/ his Relative: Do not have any financial interest / any actual/beneficial ownership in the subject company. Do not have any other material conflict of interest at the time of publication of the research report Have not received any compensation from the subject company in the past twelve months Have not managed or co-managed public offering of securities for the subject company. Have not received any compensation for brokerage services or any products / services or any compensation or other benefits from the subject company, nor engaged in market making activity for the subject company Have not served as an officer, director or employee of the subject company

Article Written by Tanaya Nath

Endurance technologies  
Endurance technologies