The share price of Escorts Kubota rallied nearly 2 percent in early trade on September 5 after the company decided to raise the price of tractors from September 16.
The increase in prices would vary across models or variants and geographies.
The company sold 5,593 tractors in August as against 6,111 units sold a year back. In the domestic market, tractor sales of the company were down at 5,198 units from 5,308 units over the last one year. Exports went down to 395 units from 803 units in this period.
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The company is reportedly considering the sale of its railway business, sources with knowledge of the matter told CNBC-TV18 in August. Sources told the business news channel that the company is engaged in discussions with investors regarding a potential sale of its railway division.
The company had recorded a robust 33 percent on-year growth in railway business revenue to Rs 842 crore, and a highest-ever quarterly net profit of Rs 283 crore for the three months to June 2023.
At 9:24am, the Escorts Kubota stock was quoting Rs 3,093.90, up Rs 57.45, or 1.89 percent, on the BSE.
The share touched a 52-week high of Rs 3,344.00 and a 52-week low of Rs 1,809.95 on August 30, 2023 and March 27, 2023, respectively. The stock is trading 7.48 percent below its 52-week high and 70.94 percent above its 52-week low.
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