Escorts was down 0.58% to Rs 119.05 at 15:22 IST on BSE after the company said it has partnered IT major Cognizant to digitally transform its businesses.
The announcement was made during trading hours today, 24 June 2015.
Meanwhile, the BSE Sensex was down 124.37 points, or 0.45%, to 27,680.
On BSE, so far 3.58 lakh shares were traded in the counter, compared with an average volume of 2.32 lakh shares in the past two weeks.
Trading in the counter was volatile. The stock rose 4.01% at the day's high of Rs 124.55 so far during the day. The stock fell 1.04% at the day's low of Rs 118.50 so far during the day.
The stock hit a 52-week high of Rs 174.25 on 29 October 2014. The stock hit a 52-week low of Rs 101.60 on 16 June 2015.
Escorts announced a strategic relationship with the US-based IT major Cognizant to modernize its technology landscape and achieve the company's vision of digitally transforming its businesses to deliver innovative products, provide superior customer experience, and drive growth. This multi-year, multi-million dollar engagement spans all of Escorts businesses, including agri machinery, material handling and construction equipment, railway equipment and auto components, Escorts said.
Cognizant will enable Escorts to improve control and collaboration across its value chain by mobile-enabling its workforce and integrating multiple systems used by vendors, sales partners, and customers. This will help Escorts continuously improve product quality and offer a broad range of customized, configurable, and value-added products and services, strengthening existing customer relationships and building new ones, the company said in a statement.
Cognizant will set up a transformation office to help Escorts embrace adaptive production lines and demand-based manufacturing practices, and develop new digital capabilities in areas such as mobility, analytics, cloud, telematics, and machine-to-machine communication. Complementing traditional channels with new digital ones, Escorts will be able to better align manufacturing and business strategies, and expand into newer geographies. By enabling connected worksites, remote product monitoring and diagnostics, and platform-based governance, Escorts will be able to harness and analyze real-time data from multiple sources for improved customer insight, decision-making, and productivity, the statement added.
US-based Cognizant is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses.
Net profit of Escorts declined 59.82% to Rs 12.77 crore on 16.98% rise in net sales to Rs 811.22 crore in Q4 March 2015 over Q4 March 2014.
The Escorts Group is among India's leading engineering conglomerates operating in high growth sectors of agri machinery, material handling and construction equipment, railway equipment and auto components.
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