The company had sold 4,871 tractors in the same month last year. The stock is currently trading at its two-year high on the Bombay Stock Exchange (BSE). The automobile stock has outperformed the market by surging 94% since April this year on BSE as compared to 7% gain in benchmark index and 16% rise in auto sector index. The company’s Agri Machinery Segment (EAM) in September 2013 sold 6,397 tractors in domestic market, growth 34% against 4,793 tractors in September 2012, Escorts said in a statement. On Monday, Escorts Agri Machinery launched a 14 horse-power (HP) mini tractor Steetrac in Gujarat in association with Rajkot-based Adico Group. Escorts have entered into a strategic alliance with Rajkot-based auto component maker Adico Group, which is a major supplier to automotive original equipment makers, to manufacture the Steeltrac tractor, the Business Standard report suggests. Meanwhile, the company had reported over three-fold jumped in net profit at Rs 58.30 crore for the quarter ended June 2013 as against Rs 18.47 crore in the corresponding quarter of previous year.
Escorts shares nearly double in six months
The stock has surged 94% to Rs 96.25 from Rs 49.55 on March 28, 2013 on the Bombay Stock Exchange.
SI Reporter |