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The Aurangabad-based company aims to mop up nearly Rs 1,162 crore (at higher end of price band) by diluting 17.5 percent stake through the issue that will close on October 7. It already raised Rs 348.52 crore through anchor investors’ portion on Tuesday, the day before issue opening. October 06, 2016 / 07:58 IST Moneycontrol BureauThe 2.46 crore equity shares’ IPO of Endurance Technologies, the auto component manufacturer, has opened for subscription with a price band of Rs 467-472 per share on Wednesday.The Aurangabad-based company aims to mop up nearly Rs 1,162 crore (at higher end of price band) by diluting 17.5 percent stake through the issue that will close on October 7. It already raised Rs 348.52 crore through anchor investors’ portion on Tuesday, the day before issue opening.It is an offer for sale of up to 1.93 crore equity shares by Actis Components and System Investments and up to 53.17 lakh shares by Anurang Jain, founder and managing director of the company. Hence, the company will not receive any proceeds from the offer.Considering Endurance’s strong business model, financial position (return on equity & return on capital employed over 20 percent during FY13-16), track record of organic and inorganic growth, customer relationships with big clients in India as well as Europe, R&D capabilities and the largest two-wheeler & three-wheeler auto component supplier in India, analysts from top brokerage houses gave thumbs up to the issue.While recommending to subscribe, Angel Broking says it believes the issue is fairly priced at the current valuation considering its growth initiatives, scalability in operations, focus on profitability and strong return on equity (RoE) profile.At the higher end of the price band, company is asking for a valuation 22.9x of its FY16 EPS of Rs 20.6. This valuation looks at par with its peers, it feels.KR Choksey has maintained a positive view on the company with long term upward bias and expects the company to deliver healthy profitable growth going forward. It advised investors to subscribe the IPO and remain invested in Endurance’s long term story.Asit C Mehta, which also recommended subscribing the issue for medium to long-term time horizon, believes it is available at discount to its peer such as Motherson Sumi (32.81x FY16 EPS), Bharat Forge (32.98x FY16 EPS), and at par with Gabriel India (22xof FY16 EPS).Endurance commands greater brand image in its product portfolio compared with its peers. It has a stable and long-term relationship with leading original equipment manufacturers (OEMs), which command greater market share in the Indian two and three wheeler segments. Focus on aftermarket sales service, which is high margin business, improving demand of scooter and moped among female and student customer, decreasing ownership cost places the company in a sweet spot to tap growth opportunities, Asit C Mehta says.Incorporated in 1999, the company is prominently 2-wheeler and 3-wheeler component supplier in India and 4-wheeler auto component supplier in Europe. It has 25 manufacturing facilities of which 18 are in India and 7 are in Europe (5 plants in Italy and 2 in Germany). Its India business has been an organic growth story while European business is fully acquired. It derives 70 percent revenue from India and 30 percent from Europe.The company is expected to commission an additional machining plant in Germany in current financial year. It is currently in the initial stages of planning an automotive proving ground (test track) in Aurangabad, Maharashtra, which it is expected to be operational by the end of 2018.It is also planning on setting up a new plant at Halol (Gujarat), which it is expected to complete in FY18 for the supply of suspension parts to Hero.Its largest customer in India is Bajaj Auto that contributed 40 percent to net revenue, followed by Royal Enfield, Honda Motorcycle and Yamaha. In addition to that, it also supplies products to Hero Motocorp, Mahindra & Mahindra, Tata and Suzuki. In Europe, its largest customer is FCA Italy SpA and it is also a supplier to Daimler.Currently it operates in five segments namely die-casting (that contributed 62.8 percent to revenue in FY16), suspension (23.3 percent), transmission (5.5 percent), brake systems (4.6 percent) and aftermarket (3.8 percent). The company has 4 patents, one design registered for an aluminium wheel casting and has applied for 39 patents and 3 design registrations for a wide range of products.Endurance is the largest aluminium die-casting company in India and has strong market share in its other products. The die-casting market is expected to grow at a CAGR of 8-10 percent between FY16-FY19 whereas market for suspension, transmission and brake systems is expected to grow at a CAGR of 14.3 percent during the same period, Angel Broking says.The brokerage house believes that there is ample scope of growth from here considering recovery of Indian automobile industry has been better than expected.JHP Securities expects 2-wheeler industry to grow at 13.6 percent CAGR between FY16-18 which is expected to aid growth for Endurance. Two-wheeler business contributed 55 percent to consolidated revenue in FY16.The auto ancillary company has strong record of financials with revenue and net profit growing at a CAGR of over 8 percent & 12 percent during FY12-16 and 11.5 percent & 20 percent during FY14-16, respectively. In FY16, profit, revenue and EBITDA grew by 16 percent to Rs 292 crore, 6.5 percent to Rs 5,241 crore and 11 percent to Rs 711 crore compared with FY15, respectively.It reduced its debt to equity ratio from 0.60 percent in FY15 to 0.42 percent in FY16 due to focus on high margin replacement market and European market where the cash flow generation is better.Endurance has strong business in Europe, with net revenue from operations growing from Rs 1,098.68 crore in FY14 to Rs 1,566.65 crore in FY16, a CAGR of 19.4 percent. It entered into Europe with the acquisition of Endurance Amann (German subsidiary) in FY07 and Fondalmec (Italian subsidiary) in FY08.Aditya Birla Money Research, ICICIdirect, Nirmal Bang, Ajcon Global, Centrum Wealth Research, JHP Securities, SPA Securities, Hem Securities, NVS Wealth Managers and

business Global liquidity tailwinds are unlikely to get any better from now and that makes Arvind Sanger, Managing Partner at Geosphere Capital Management “cautiously optimistic” on the Indian markets. first published: Oct 5, 2016 09:00 am A collection of the most-viewed Moneycontrol videos. Watch and Follow our leading shows Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347 Read More

“In large parts of Africa, it is likely that technology could fundamentally disrupt this pattern. Research based on World Bank data has predicted that the proportion of jobs threatened in India by automation is 69 percent, in China it is 77 percent and in Ethiopia, the percentage of jobs threatened by automation is 85 percent,” he said. October 05, 2016 / 11:14 IST Automation threatens 69 percent of the jobs in India, while 77 percent in China, according to a World Bank research which has said that technology could fundamentally disrupt the pattern of traditional economic path in developing countries. “As we continue to encourage more investment in infrastructure to promote growth, we also have to think about the kinds of infrastructure that countries will need in the economy of the future. We all know that technology has and will continue to fundamentally reshape the world,” World Bank President Jim Kim said. “But the traditional economic path from increasing productivity of agriculture to light manufacturing and then to full-scale industrialisation may not be possible for all developing countries,” Kim said in response to a question at the Brookings Institute during a discussion on extreme poverty yesterday. “In large parts of Africa, it is likely that technology could fundamentally disrupt this pattern. Research based on World Bank data has predicted that the proportion of jobs threatened in India by automation is 69 percent, in China it is 77 percent and in Ethiopia, the percentage of jobs threatened by automation is 85 percent,” he said. “Now, if this is true, and if these countries are going to lose these many jobs, we then have to understand what paths to economic growth will be available for these countries and then adapt our approach to infrastructure accordingly,” Kim said. He said one child policy could have been reason of sharp decline in child stunting and malnutrition, which is now at 10 percent. “The one child policy could have been part of it, but anyway the point is, that if you look at educational outcomes and things like child stunting, India is at 38.7 percent child stunting, they are literally walking into the future with 40 percent of their workforce probably being unable to compete in the global digital economy, whereas China over the years has brought it down very, very low,” Kim said. “In India, it is probably partly because of sanitation that children are often in a just constant diarrheal stage, because of open defecation. There is a lot of different pieces of it. But I have been saying to the leaders of these countries that have these high stunting rates, there is like an emergency for you, you have got to tackle it,” Kim said. Discover the latest Business News, Budget 2025 News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated! Read More

This audio is auto-generated. Please let us know if you have feedback. Dive Brief: The U.S. Department of Transportation on Monday revived the $5 billion National Electric Vehicle Infrastructure formula program, which it suspended in February pending a review of implementation policies and funding guidance. NEVI was included in the bipartisan infrastructure law passed by Congress in 2021 and required states to develop EV charging infrastructure plans in order to access funds to install charging stations. The new guidance for states to access the charging funds cuts red tape and waste, DOT officials said. EV advocates cheered the “greater flexibility” for states and “regulatory certainty” around funding rollouts. The Sierra Club, however, said the Trump administration is “still illegally withholding billions Congress dedicated to EV charging.” Dive Insight: The DOT’s guidance follows a U.S. district court preliminary injunction in June that lifted the Trump administration’s NEVI freeze. The February program hold blocked states from accessing more than $2.5 billion in funds that had already been allocated for 2022–2025, according to the Sierra Club. The June injunction allowed some states to access roughly $1 billion in funding that had been frozen.  “If Congress is requiring the federal government to support charging stations, let’s cut the waste and do it right,” Transportation Secretary Sean Duffy said in a statement. “Our revised NEVI guidance slashes red tape and makes it easier for states to efficiently build out this infrastructure.” The Biden administration developed the NEVI program in an effort to ease range anxiety and facilitate wider adoption of EVs throughout rural and urban areas of the country. The former president had set a goal for half of new U.S. car sales to be electric by 2030. “While I don’t agree with subsidizing green energy, we will respect Congress’ will and make sure this program uses federal resources efficiently,” Duffy added. The revised guidance requires states to file plans within 30 days. DOT said the new guidance “simplifies” the process by minimizing state plans to statutory and regulatory requirements. The new guidance allows states to determine appropriate distance between stations along alternative fuel corridors, DOT said. The initial guidance required states to build EV charging stations every 50 miles along alternative fuel corridors. DOT’s also said its changes minimize requirements for “states to consider electric grid integration and renewable energy” and “eliminates requirements for states to address consumer protections, emergency evacuation plans, environmental siting, resilience and terrain considerations.” EV advocates cheered the guidance and its potential impacts. “We are encouraged by the Department’s commitment to removing unnecessary barriers and enabling states to advance EV infrastructure projects more efficiently,” Electrification Coalition Executive Director Ben Prochazka said in a statement. “We appreciate the Department’s efforts to streamline the program and provide states with greater flexibility to accelerate the deployment of EV charging infrastructure nationwide.” Prochazka said the guidance “unlocks projects to move forward,” but added, “we look forward to providing input to improve the program further.”  The number of U.S. public charging connectors has more than doubled since 2021, and 2025 “is projected to be the strongest year yet for EV charging infrastructure expansion,” Zero Emission Transportation Association Executive Director Albert Gore said in a statement. But more charging stations are needed and initiatives like the NEVI program play an important role in the buildout, he said. “The new interim final guidance provides important regulatory certainty for the companies and state departments of transportation that are implementing this program on the ground,” Gore said. The Sierra Club was less impressed, and said the new guidance adds nothing except time to build out the nation’s EV charging network. “It’s ironic that this guidance was sold as cutting red tape, yet all it has accomplished is more than half a year of needless delay,” Sierra Club Clean Transportation for All Director Katherine García said in a statement. “The guidance only restates requirements already in law, making clear that the real purpose of the Trump administration’s freeze was to try to stall electric vehicle momentum.” The Trump administration “is still illegally withholding billions Congress dedicated to EV charging,” García added. “We will continue to work towards the recovery of nationwide NEVI funding.” The June preliminary injunction lifted the freeze for some states, but Sierra Club officials say NEVI funds remain frozen for three plaintiffs — the District of Columbia, Vermont, and Minnesota — along with 34 other states and Puerto Rico who were not party to the lawsuit. The Department of Transportation did not immediately respond to a request for comment. Read More

An article from Project Milestones AECOM Hunt Clayco Bowa is building the 19-gate satellite concourse in Chicago. Published Aug. 19, 2025 Rendering of the exterior of the new Concourse D at O’Hare International Airport in Chicago, Ill. Courtesy of Skidmore, Owings & Merrill This audio is auto-generated. Please let us know if you have feedback. Construction work officially took off Monday on O’Hare International Airport’s $1.3 billion new Terminal D project, according to an Aug. 18 news release from Chicago Mayor Brandon Johnson’s office. A joint venture composed of AECOM Hunt Clayco Bowa is the construction manager at-risk for the project, which will be the first major concourse built at the airport in more than 30 years. It’s part of a broader effort to set ORD up to handle growth in the coming years.  “By breaking ground on Concourse D, we are taking a critical first step toward enhancing how the airport welcomes and serves more than 80 million passengers each year,” Michael McMurray, commissioner of the Chicago Department of Aviation, said in the release. He was one of the officials who joined the mayor and other aviation leaders to mark the beginning of construction. New York City-based architecture and design firm Skidmore, Owings & Merrill designed Terminal D, with the assistance of Ross Barney Architects and JGMA of Chicago and London-headquartered Arup, per the project website. The concourse’s tree-like structural design, inspired by the apple orchard that once stood in the area, opens up the building for easy wayfinding and unobstructed views. Rendering of the south end overlook in Concourse D. Courtesy of Skidmore, Owings & Merrill Concourse D will include 19 new gates designed for narrow-body aircraft, with the flexibility to adapt 18 of those gates into nine larger ports that can accommodate wide-body planes, per the release. Planned amenities include more than 20,000 square feet of lounge space, 30,000 square feet of commercial space and a 450-square-foot children’s play area. The project also entails approximately $300 million in related infrastructure improvements, such as a new central cooling facility located in the center of the airfield, along with pavement and utility work to support the upcoming Concourse E, according to the release.  Rendering of O’Hare’s new concourses D and E. Courtesy of Skidmore, Owings & Merrill Terminal D is the first of two new satellite concourses planned in the ORD Next modernization effort, a series of improvement projects that include: Replacing Terminal 2 with the O’Hare Global Terminal.  Constructing the 24-gate Concourse E. Building a new underground tunnel to connect the expanded facilities. The project is anticipated to create more than 3,800 construction jobs, per the release. Vertical construction will begin in spring 2026, and work is scheduled to wrap up in 2028. Read More

An article from Dive Brief The Business Roundtable sees opportunities to solve the labor gap on a large scale. A technician and a trainee work together on an AC unit repair. Members of the Business Roundtable are collaborating to boost skilled trades as a career choice among young people. Hiraman via Getty Images First published on This audio is auto-generated. Please let us know if you have feedback. Dive Brief: The CEOs of Carrier Global Corp. and Lowe’s are leading a Business Roundtable workforce initiative announced this summer to address worker shortages in the skilled trades. The program will focus on trades in four industries: industrial and manufacturing, construction and building, maintenance and repair, and energy. For every 20 job openings in the skilled trades, there is only one net new employee, according to the Business Roundtable’s news release. Dive Insight: Dane Linn, the Business Roundtable’s senior vice president of corporate initiatives, said the initiative will help companies identify potential solutions to workforce challenges more quickly, even if that means sharing tips with a competitor.  “Why pretend that the problem that Lowe’s is facing is so unique from the problem that Home Depot is facing?” Linn said.  Linn added that he sees this as an issue that impacts a broad swath of companies. For example, JP Morgan Chase needs electricians for its facilities.  Some companies have focused on boosting training opportunities at postsecondary schools. Lowe’s, for example, has issued $43 million in grants since 2023 to community and technical colleges for recruitment and training in carpentry and construction, HVAC, electrical, plumbing and property maintenance, according to a company news release.  Carrier Global Corp. recently announced a program “to hire 1,000 U.S. service technicians and train more than 100,000 climate solutions service and sales professionals over the next five years.”  Carrier Chairman and CEO David Gitlin said one of the ways to enhance training in the skilled trades is through new technologies.  “What has changed is using things like virtual reality and augmented reality because it can give a much different virtual training experience than on-site training,” he said during the Business Roundtable’s CEO Workforce Forum, where the new initiative was announced. “It really supplements it very well.” While technology continues to advance, Lowe’s Chairman and CEO Marvin Ellison said skilled trades workers will be more in demand than ever.  “AI isn’t gonna fix a hole in your roof, it’s not going to respond to an electrical issue in your home, it’s not going to stop your water heater from leaking,” he said during the forum.  He added that “corporate jobs” are the ones most likely to be “supplemented” by AI. Linn said the workforce initiative is still in the early stages and that a little under 20 companies have joined the effort. The Business Roundtable is planning to recruit more companies in the coming months.   “An electrician is an electrician is an electrician, and they all go through the same training,” he said. “So what does that look like to train individuals at scale? And I think that’s what we’re solving for, and that’s the beauty and the value of trying to solve this problem with some of America’s largest companies. We have the opportunity to produce significant numbers of individuals who have the skills to fill these gaps.” Read More

An article from Dive Brief Several states in the South rank as the most efficient, according to a new report that aggregates data from building departments, zoning boards and state environmental agencies. Published Aug. 19, 2025 Don Wu via Getty Images This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Tennessee ranks first for construction permitting efficiency in the United States, according to the Red Tape Index from regulatory intelligence firm Labrynth.  The measure tracks how quickly and effectively states process building permits and zoning changes. The index aggregates state-level data from public sources, including building departments, zoning boards and state environmental agencies, according to the report. The index spotlights where regulatory delays are most prevalent, and aims to provide actionable insights for public officials to identify bottlenecks. Dive Insight: The launch of the index arrives as demand for large-scale projects surges, boosted in part by the Trump administration’s push to accelerate permitting for projects valued at $500 million or more. That could make or break timelines on major construction projects, especially when review periods stretch from months into years, according to the report. For example, data center builders often cite permitting friction as a top challenge, alongside power constraints and equipment lead times. About one in eight contractors hold an active data center contract, according to Associated Builders and Contractors. Here are the top 10 states for permitting efficiency, according to the Red Tape Index: Tennessee Florida Texas Indiana Arizona North Carolina Georgia Virginia Michigan New Hampshire On the other end of the spectrum, here are the bottom 10 states: Rhode Island Maine Vermont Maryland Massachusetts Connecticut New York New Jersey California Hawaii Read More

An article from Demand for infrastructure to support the AI boom is strong, but tariff uncertainty persists, leaders of major public construction firms said in the latest round of earnings calls. Published Aug. 19, 2025 By Construction Dive Staff iStock / Getty Images Plus via Getty Images The demand for data centers and related infrastructure to support the artificial intelligence boom continues to balloon, leaders of major public construction firms said in the latest round of earnings calls. With some election-related fog clearing, builders have more insight into the priorities of President Donald Trump, as well as other new administrations around the world. However, amid a frequently shifting tariff environment, some clients are awaiting more market clarity before forging ahead on projects. Nonetheless, many state DOTs are still flush with cash from the 2021 Infrastructure Investment and Jobs Act, and are rushing to get shovels in the ground while funding is still available. Read on for our full roundup of earnings coverage below. Read More