Endurance Tech spikes 17% as board decides not to enter tyre manufacturing

NEW DELHI: Shares of Endurance Technologies spurted 17 per cent in Friday’s trade after the company said its management has decided not to go ahead with the proposed expansion into tyre manufacturing.

While the management believed that the proposal for expansion into tyre manufacturing is the appropriate strategy for the growth of the company, the investors on the call expressed their reservations and requested the management to reconsider the same, the company told stock exchanges post market hours of Thursday.

“To the wishes of the important stakeholders' feedback, the management reconsidered the same and decided not to pursue the aforementioned project. Management has recommended to the board to the above effect,” it said.


Following the development, the scrip climbed 16.95 per cent to hit a high of Rs 869 on BSE.

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.a