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Endurance Technologies surges as its arm acquires 100% stake in Grimeca

  • May-22-2020
  • 14 Hrs IST

Endurance Technologies is currently trading at Rs. 639.20, up by 10.05 points or 1.60% from its previous closing of Rs. 629.15 on the BSE.

The scrip opened at Rs. 638.00 and has touched a high and low of Rs. 641.55 and Rs. 619.80 respectively. So far 833 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1237.00 on 29-May-2019 and a 52 week low of Rs. 562.00 on 22-Apr-2020.

Last one week high and low of the scrip stood at Rs. 664.70 and Rs. 602.00 respectively. The current market cap of the company is Rs. 8889.19 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 23.70% and 1.30% respectively.

Endurance Technologies’ step-down subsidiary -- Endurance Adler SpA, Italy (EA SpA) has acquired 100% stake in Grimeca Srl (Grimeca), Italy, with an effective date of May 21, 2020. Grimeca is an advanced service company involved in designing and developing new braking products for motorcycle and light-vehicles, including ‘co-design’ with OEM customers. Grimeca has been a technology provider for braking solutions to the Company since 2015.

This strategic acquisition aims to strengthen technological prowess of the Company in the area of braking systems. This acquisition is expected to provide impetus to the growth opportunities for the Company’s braking business in India, both for domestic and export markets.

Endurance Technologies manufactures aluminium casting (including alloy wheels), suspension, transmission and braking products. The company’s products include aluminium casting, which offers high pressure die castings, low pressure die castings, gravity die castings etc.