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Escorts share price rises 7% post Q3 results, Jan sales data

Its domestic tractor sales in January 2021 was at 8,510 tractors registering a growth of 45.6 percent against 5,845 tractors in January 2020.

February 02, 2021 / 03:01 PM IST
 
 
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Escorts share price rose 7 percent intraday after the company announced its December quarter numbers. The company also stands to gain from the voluntary scrappage policy announced by the government in the Union Budget 2021.

The tractor maker reported December quarter net profit at Rs 280.7 crore against Rs 153 crore in a year ago period, while revenue was at Rs 2,017.4 crore versus Rs 1633.44 crore.

The auto index rose 3 percent after Finance Minister Nirmala Sitharaman in her Union Budget 2021 speech proposed voluntary scrappage policy to replace personal vehicles older than 20 years and commercial vehicles older than 15 years.

The move is expected to be positive for the auto sector as it would support vehicle sales, especially commercial vehicles in the long-run.

The company's agri machinery segment (EAM) in January 2021 sold 9,021 tractors, the highest ever January sales and registering a growth of 48.8 percent against 6,063 tractors sold in January 2020.

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Its domestic tractor sales in January 2021 was at 8,510 tractors registering a growth of 45.6 percent against 5,845 tractors in January 2020.

The export tractor sales in January 2021 was at 511 tractors against 218 tractors sold in January 2020, registering a growth of 134.4 percent.

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At 14:29 hrs Escorts was quoting at Rs 1,321.10, up Rs 55.70, or 4.40 percent on the BSE.

The share touched its 52-week high Rs 1,452.85 and 52-week low Rs 527.10 on 04 December, 2020 and 19 March, 2020, respectively.

Currently, it is trading 9.07 percent below its 52-week high and 150.64 percent above its 52-week low.
Moneycontrol News
first published: Feb 2, 2021 03:01 pm

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