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Last Updated : Aug 09, 2019 10:56 AM IST | Source: Moneycontrol.com

In 24 hours: Endurance Tech shelves tyre manufacturing plans; stock surges 16%

The company board has decided not to pursue the project of manufacturing of tyres for two and three wheelers.

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Shares of Endurance Technologies rose nearly 17 percent in the early trade on August 9 after the company reported strong set of numbers in the quarter ended June 2019.

The company's consolidated Q1FY20 net profit rose 32.9 percent at Rs 165.6 crore, against Rs 124.6 crore in the year-ago period.

Its revenue grew 2.6 percent at Rs 1,909.2 crore against Rs 1,860.4 crore.

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The earnings before interest, tax, depreciation and amortization (EBITDA) rallied 25.8 percent at Rs 341.4 crore. Meanwhile, the margin increased 330 bps at 17.9 percent.

The company's board has decided not to pursue the project of manufacturing of tyres for two and three wheelers, as per BSE release.

At 0922 hrs, Endurance Technologies was quoting at Rs 830, up Rs 86.95, or 11.70 percent on the BSE.

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First Published on Aug 9, 2019 09:46 am
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