Moneycontrol Bureau
Shares of Escorts rallied 5 percent intraday Monday on a joint venture with Rajot-based Amul Group for manufacturing specialised tractors.
Escorts had joined hands with Amul Industries in 2012 for development and distribution of Steeltrac, a highly successful speciality tractor.
"The Escorts-Amul joint venture is an excellent strategic fit, presenting a unique opportunity to leverage the complementary strengths of our robust product portfolio," said Rajan Nanda, chairman and managing director of the company.
According to him, there has been an exponential growth in the specialised tractors market.
Steeltrac is a specialised tractor, which is complimentary to general purpose tractors which can efficiently facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower. At 14:29 hours IST, the scrip of Escorts was quoting at Rs 139.10, up Rs 5.40, or 4.04 percent on the BSE.
Posted by Rakesh Nana Patil
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