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Escorts shares fall 3% despite robust November sales

Domestic tractor sales in November was at 9,662 tractors registering a growth of 30.9 percent against 7,379 tractors in November 2019.

December 01, 2020 / 09:39 AM IST
 
 
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Escorts share price fell nearly 3 percent in early trade on December 1 despite better-than-expected sales for the month of November 2020.

Escorts' agri machinery segment (EAM) in November 2020 sold 10,165 tractors, highest ever November sales and registering a growth of 33 percent against 7,642 tractors sold in November 2019, company said in the release.

Domestic tractor sales in November was at 9,662 tractors registering a growth of 30.9 percent against 7,379 tractors in November 2019.

The dealer and depot stocks continue to be low. Stock correction in the coming months would continue to push the industry upwards, supported by healthy water reservoir levels and a good harvest, it added.

The supply chain still is volatile but should improve going forward. We have taken a price increase this month to pass on the inflation in the commodity prices, it further said.

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It's export tractor sales in November 2020 was at 503 tractors against 263 tractors exported in November 2019, registering a growth of 91.3 percent.

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At 09:27 hrs Escorts was quoting at Rs 1,369.00, down Rs 34.85, or 2.48 percent on the BSE.
Moneycontrol News
first published: Dec 1, 2020 09:39 am

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