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Escorts jumps 4% after June tractor sales beat analyst expectations

Even its sales for the quarter ended June 2019 declined 14.1 percent to 21,051 tractors against 24,494 tractors sold in the same quarter previous year

July 01, 2019 / 12:05 PM IST
 
 
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Escorts shares rallied 4.5 percent intraday on July 1 after tractor sales in June surpassed analyst expectations.

The company said its agri machinery segment in June 2019 sold 8,960 tractors, lower by 10.2 percent compared to 9,983 tractors sold in the corresponding month last year. However, it was higher than Emkay expectation of 8,200 tractors.

Domestic sales dropped 11.4 percent year-on-year to 8,648 tractors in June but exports increased 38.7 percent to 312 tractors.

Even its sales for the quarter ended June 2019 declined 14.1 percent to 21,051 tractors against 24,494 tractors sold in the same quarter previous year.

The stock was quoting at Rs 556.85, up Rs 20.30, or 3.78 percent on the BSE at 1148 hours IST.
Moneycontrol News
first published: Jul 1, 2019 12:05 pm

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