CD Equisearch's research report on Escorts Kubota
According to a report by Arizton Advisory and Intelligence, the Indian tractor market is estimated to grow by CAGR of 5.8% during 2022-27 driven by growing adoption of precision farming which would be an important driver of tractor sales in India. By its estimate, 41-60 hp segment is expected to lead the market growth. It reckons that government strategies to enhance welfare of farmers by converting agriculture in to a viable activity are paving ways for new tractor sales. Further boost would come from increasing awareness of advanced agriculture equipment to improve hectare per yield, reduce overall cost of crop production and increase income centric inclination of farmers.
Balancing odds, we retain hold rating on the stock with revised target of Rs 1550 (previous target: Rs 1750) based on 16x FY24e earnings.
At 17:30 Escorts Kubota was quoting at Rs 1,442.15, down Rs 17.95, or 1.23 percent.
It has touched an intraday high of Rs 1,452.40 and an intraday low of Rs 1,400.00.
It was trading with volumes of 32,276 shares, compared to its thirty day average of shares, a decrease of percent.
In the previous trading session, the share closed down 4.79 percent or Rs 73.40 at Rs 1,460.10.
The share touched its 52-week high Rs 1,930.00 and 52-week low Rs 1,128.40 on 05 April, 2022 and 28 July, 2021, respectively.
Currently, it is trading 25.28 percent below its 52-week high and 27.8 percent above its 52-week low.Market capitalisation stands at Rs 19,027.81 crore.
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