Endurance Technologies Looks Well-Placed to Capitalize on Auto Sector's Growth Opportunities — Market Talk
Endurance Technologies looks well-placed to capitalize on the auto sector's growth opportunities, Axis Securities' Sanchit Karekar says in a research report. This view is backed by the Indian auto components manufacturer's strong product portfolio for electric vehicles, healthy order book and strategic capacity expansions, the analyst says. As of June, Endurance Technologies has secured new business orders valued around INR43.29 billion together with cumulative replacement orders of INR7.17 billion in India. The company also plans capital expenditure of INR2.86 billion for its standalone Indian operations across all segments. The brokerage raises the stock's target price to INR2,730.00 from INR2,160.00, but keeps its hold rating as positives are mostly factored in. Shares are 10.0% higher at INR2,864.80. (ronnie.harui@wsj.com)