The stock was the top gainer from the BSE midcap space. It has touched a 52-week high of Rs 851.05 per share.
Domestic tractor sales in January grew by 1.4 percent to 5,845 units, but exports declined 4.8 percent YoY to 218 units during the month.
The agri sector will continue to drive growth whereas Infrastructure sector may take some time to recover (35-40 percent of sales).
HSBC has a buy rating on the stock and says that a strong margin recovery in Q3 should allay street concerns.
It meant Jhunjhunwala sold 5.25 lakh equity shares of Escorts during the quarter and at the end of December quarter, he has 94.75 lakh equity shares of the company in the portfolio.
Company said domestic tractor sales dropped 9.6 percent to 3,806 units.
Investors are not confident in mid-caps and small-caps due to slowdown and are focusing on large-caps and that is why large-caps have outperformed.
Net Sales are expected to decrease by 4.6 percent Y-o-Y (down 6.2 percent Q-o-Q) to Rs. 1,334.1 crore, according to Reliance Securities.
HSBC has maintained buy rating on the stock, though it slashed price target to Rs 770 from Rs 980 per share amid lower sales growth.
HSBC has maintained buy rating on the stock, though it slashed price target to Rs 770 from Rs 980 per share amid lower sales growth
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 0.05 percent loss or 6 points. Nifty futures were trading around 10,935-level on the Singaporean Exchange.
Rupee successfully retested its multi-year breakout zone of 69 and is poised to retest its previous zone of Rs 74.5/$ and could even breach it
The company's export rose 179.5 percent at 355 tractors versus 127 tractors sold in July 2018.
Total income was down 5.70 per cent during the quarter under review to Rs 1,458.38 crore as against Rs 1,546.67 crore in the corresponding period a year ago.
Net Sales are expected to decrease by 7.7 percent Y-o-Y (down 14.5 percent Q-o-Q) to Rs. 1,394.6 crore, according to Kotak.
Even its sales for the quarter ended June 2019 declined 14.1 percent to 21,051 tractors against 24,494 tractors sold in the same quarter previous year
ICICI Direct recommended hold rating on Escorts with a target price of Rs 600 in its research report dated May 08, 2019.
For 2018-19, the company reported a net profit of Rs 484.91 crore, up 40.7 per cent as compared with Rs 344.72 crore in 2017-18.