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The quarterly numbers were in line with expectations on the back of lower volumes
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Escorts April futures have surged by 4.52 percent, accompanied by a 2.5 percent increase in cumulative open interest across the current and far series.
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Weak product mix and higher raw material costs dent performance
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In the latest second quarter, Escorts said its tractor sales were at 21,073 units as against 24,441 units in the corresponding period last fiscal, down 14 per cent.
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This tractor maker has underperformed the Nifty so far in 2021. The stock could retest its 52-week high of Rs 1,468 in 2-3 months. Vaishali Parekh of Prabhudas Lilladher recommends a target of Rs 1,440 – 1,500.
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Under the deal, Escorts will allot about 1.23 crore equity shares through a preferential issue to Kubota Corp at Rs 850 per share, it had said.
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For the full 2019-20 fiscal, the company posted a consolidated net profit of Rs 471.7 crore as compared with Rs 477.9 crore in 2018-19.
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Revenue from operations, however, declined to Rs 1,633.4 crore during the October-December quarter as against Rs 1,655.1 crore in the corresponding period last fiscal, Escorts Ltd said in a statement.
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The company had sold a total of 10,617 units in the same month last year, Escorts Ltd said in a regulatory filing.
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Domestic sales last month were down by 18.2 per cent at 4,986 units as against 6,094 units in the year-ago period.
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If Nifty manages to hold above 10,750 on a closing basis, then bulls have a fighting chance of pushing the index back above 10,800-10,850 levels. However, a slip below 10,600 levels could put bears back in control.
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The Nifty formed a long bearish candlestick pattern on both weekly and daily price chart suggesting sell-off pressure in both time frames
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Earnings, macro data will dictate the trend for markets. IT majors TCS and Infosys will declare their results on 10th and 11th January.
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We expect that the current trend is likely to continue towards the north and on the technical front any break above 11,000 levels will definitely add further buying momentum towards 11,100 levels in Nifty.
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Most experts are of the view that as long as Nifty holds above 10800-10850, bulls should remain in charge of D-Street.
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Domestic tractor sales stood at 9,758 units as against 5,669 units in June last year, up 72.1 percent.
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Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 38.5 points or 0.36 percent. Nifty futures were trading around 10,655-level on the Singaporean Exchange.
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The shares were disposed of at an average price of Rs 701.15 apiece, valuing the transaction at Rs 252.41 crore, the data showed.
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The company had posted net profit of Rs 34.11 crore during the same period of previous fiscal. Net sales of the company declined to Rs 973.22 crore during the April-June quarter, compared to Rs 1,122.10 crore in the same period of 2014-15, Escorts Ltd said in a filing to the BSE.
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Exports were also down 40 percent at 60 units in March this year as compared to 100 units in the year-ago month, it said. For the fiscal 2014-15, Escorts said its total sales were at 59,772 units as against 68,963 units in the previous close, down 13.3 percent.
