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Escorts share price climbs 12% on report of Kubota Tractor buying stake

Kubota Tractor may buy stake in Escorts at around Rs 750 per share, sources said.

March 20, 2020 / 01:46 PM IST
 
 
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The share price of Escorts shot up over 12 percent intraday on March 20 after a report said that the US-based Kubota Tractor may acquire 15-20 percent stake in the Indian company.

The deal could be announced soon and Escorts’ board would meet during the day to finalise the deal, CNBC-TV18 quoted sources as saying.

Kubota Tractor may buy stake in Escorts at approximately Rs 750 per share, sources said.

Escorts entered into a 60:40 joint venture with Kubota in December 2018. Both were yet to respond to CNBC-TV18's queries.

The stock was quoting at Rs 638, up Rs 64.50, or 11.25 percent, on the BSE at 1324 hours.

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The stock has fallen 37 percent in the last one month, with markets stumbling across the globe on fears of a recession brought by the coronavirus outbreak.
Moneycontrol News
first published: Mar 20, 2020 01:46 pm

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