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Endurance Technologies set to receive Rs283.1cr from Maharashtra Government under Package Scheme of Incentives

The company is eligible for incentives for undertaking capex between April 1, 2013 and March 31, 2018

Auto ancillary company, Endurance Technologies Limited (Endurance) is set to receive Rs283.12cr from the Government of Maharashtra (MahGov) under a scheme which promotes capacity building / expansion by companies. The MahGov has issued an Eligibility Certificate to the company dated May 15, 2018. The scheme is called Expansion under Mega Projects – Investment based under the Package Scheme of Incentives – 2013. Endurance is entitled to incentive an amount to the extent of Rs 283cr on the investments made in fixed assets during the period from April 1, 2013 to September 30, 2017. It intends to avail this incentive as the Industrial Promotion Subsidy by way of SGST refund payable by the company between August 1, 2017 and July 31, 2024. The total admissible incentive for each year is up to Rs40.45cr based on investment in fixed assets up to September 30, 2017. For the remainder period from October 1, 2017 to March 31, 2018, the eligibility certificate is expected in due course.

Endurance has seen uptick in business from 2W OEMs due to increase in content per vehicle and faster growth in scooters vis-à-vis motorcycles. Implementation of 2W safety regulations (compulsory ABS/CBS) presents significant opportunity over next 1-1.5 years. Endurance is an auto ancillary company with a diversified product portfolio comprising of aluminum die casting & machining, suspension, transmission and braking systems. Endurance derives 69% revenues from India and 31% from overseas (mainly Europe) through its five subsidiaries located in Italy (4) and Germany (1) (FY17).

Endurance Technologies Ltd is currently trading at Rs1,253.05 down by Rs16.3 or 1.28% from its previous closing of Rs1,269.35 on the BSE.

The scrip opened at Rs1,262 and has touched a high and low of Rs1,293.95 and Rs1,248 respectively. So far 12,368 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs17,855.04cr.

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