Endurance Technologies to receive Rs. 283 crore subsidy

The stock of Endurance Tech was buzzing on Monday on back of news that the company is eligible to receive industrial promotion subsidy.

The stock was locked in its upper circuit at Rs. 1,269.35 per share, up by 5.50 per cent in the early morning session on Monday.

The company has received Eligibility Certificate for industrial promotion subsidy under the Government of Maharashtra's 2013 Package Scheme of Incentives. The incentive of Rs. 283 crore is given for the company's investments in fixed assets between April 2013 to September 2017.

According to the scheme, the admissible incentive is up to Rs. 40.44 crore per annum, which the company plans to use the subsidy by way of SOST refund payable by the from August, 2017 to July, 2024.

Endurance Technologies Limited is a leading automotive component manufacturer. The company is the largest manufacturer of aluminium die casting in India. The company provides auto components including aluminium die casting, suspension, transmission and brake systems for motorcycles and three-wheelers.