Escorts to hike prices of tractors from July 1

Representative image

Farm equipment manufacturer Escorts Agri Machinery, a division of Escorts Limited, on June 28 announced that it is all set to increase the prices of its tractors, which will be effective from July 1 onwards, its said in a regulatory filing.

Citing the reason for increasing the prices, the firm said steady rise in commodity prices necessitated a price hike to offset the impact of the continuing inflation. However, it added that increase in prices would vary across models and variants.

Escorts share price falls despite price hike announcement

Earlier on April 24 also, EAM had announced a price hike of its tractors, effective from April 1, citing the same reason.

Currently, Escorts Limited is trading at 1290.05 with increase of 1.84 percent from previous close at BSE. However it is still trading below from its 52-week high of 1,468 and higher from its 52-week low of 1,002.

Escorts Limited has diversified business into three different segments. Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) and Railway Equipment Division (RED). The company`s product range includes Tractors i.e. Farmtrac, Powertrac, Escort, Engines, Implements & Trailors, Lubricants ECEL, Hydraulic Mobile Cranes, Compactors, Forklifts, Articulated Boom Cranes, Railway Equipment and Auto Component.