Escorts to hike tractor prices from 21 Nov

Escorts on Monday announced that it will increase the prices of its tractors effective 21 November 2021.

Escorts Agri Machinery (EAM), division of Escorts will be increasing the prices of its tractors effective from 21 November 2021. Escorts said that there has been a steady rise in commodity prices necessitating a price hike that will offset the impact of the continuing inflation. The increase in prices would vary across models and variants.

Earlier in June 2021, Escorts announced that it will be increasing the prices of its tractors with effect from 1 July 2021.

In a separate announcement, Escorts informed that it is considering raising funds by issuing bonds, debentures, nonconvertible debt instruments, and equity through preferential issue on a private placement basis, QIPs (Qualified Institutional Placements), rights issue or any other methods or combination thereof. The meeting to decide upon the fundraising plan is scheduled to be held on Thursday, 18 November 2021.

Shares of Escorts were trading 0.4% lower at Rs 1,635.25 on BSE.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment. Escorts reported 23.1% fall in standalone net profit to Rs 176.7 crore on a 1.4% rise in revenue from operations to Rs 1,662.3 crore in Q2 FY22 over Q2 FY21.

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