Moneycontrol
Last Updated : Jul 01, 2020 10:02 AM IST | Source: Moneycontrol.com

Escorts share price hits 52-week high on better Agri machinery sales

On export front, the tractor sales in June 2020 stood at 228 tractors against 312 tractors sold in June 2019.

 
 
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Escorts share price touched 52-week high of Rs 1,069.50, rising over 2 percent in early trade after the company's Agri machinery segment posted better sales numbers for the month of June 2020.

Company's Agri machinery segment (EAM) in June 2020 sold 10,851 tractors registering a growth of 21.1 percent against 8,960 tractors sold in June 2019.

Domestic tractor sales in June 2020 at 10,623 tractors registering a growth of 22.8 percent against 8,648 tractors in June 2019.

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On the export front, the tractor sales in June 2020 stood at 228 tractors against 312 tractors sold in June 2019.

"We have seen unprecedented demand in this month. The industry is expected to grow significantly backed by pent-up demand of the lockdown period, better farmer sentiment due to good monsoon prediction reflected in better than normal Kharif sowing, better rural cash flows owing to record crop output and crop prices, and reasonably good availability of retail finance," company said in the release.

"Our inventory levels, both with the company and with channel have been lowest ever. After necessary permissions, we were able to run our factories in multiple shifts to achieve production at about 90% of the capacity. Supply chain situation, though better than before, continues to remain volatile,” it added.

At 09:49 hrs, Escorts was quoting at Rs 1,041.00, up Rs 0.75, or 0.07 percent on the BSE.
First Published on Jul 1, 2020 10:01 am
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