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Wednesday, April 14, 2021

Escorts gains 4% as tractor sales jump 80% in August

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Shares of Escorts advanced over 4 per cent in Tuesday’s trade after the company said it sold 7,268 tractors in August, registering a growth of 80.1 per cent against 4,035 tractors sold in the same month last year.

While the domestic tractor sales jumped 79.40 per cent to 6,750 units, tractor exports also increased by 90.40 per cent YoY to 518 units last month.

The scrip traded 4.56 per cent higher at Rs 1,136 at around 9.37 am (IST), while the benchmark BSE Sensex 0.85 per cent higher at 38,956.

“The market sentiment continues to be highly positive with good monsoons, better Kharif sowing, crop prices holding up well, and good supply of retail finance. We remain optimistic for the coming festive months,” Escorts said in a release.

It further added that the supply side situation improved significantly as compared to last month. Escorts is currently operating close to peak capacity now.

“In August 2020 we could build some inventory both at dealer and depots, which since last few months was at very low levels,” it said.

Overall, the company witnessed 2.70 per cent YoY growth in tractors sales to 30,740 units since the beginning of the ongoing financial year.

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