VST Tillers' share price rose today following the company's unveiling of its first-ever electric Power Tiller and electric Power Weeder at the 9th EIMA AGRIMACH held at PUSA, New Delhi.
Technical charts suggest that commercial vehicles stocks such as Mahindra & Mahindra, Ashok Leyland, Escorts Kubota, Force Motors and VST Tillers are favourably placed and can rally up to 16%.
A normal monsoon, as predicted by the India Meteorological Department (IMD), is likely to boost farmers' income which may drive up tractor demand, analysts said
The company announced its March sales data at the beginning of the month. Total sales plunged to 4,823 units in March 2024, from 6,468 units in March 2023
The company registered a rise in its YTD sales data until November 2023, which stood at 22,875 units, 6.9% more when compared to 21,393 units sold during the same period last year
The company has entered into a Master Service agreement with US-based Solectrac Inc. to jointly develop electric power tiller and other agricultural machineries
Currently, overall power tiller industry in India is around 60,000 units and it is expected to grow to 100,000 units by the year 2025, VST Tillers said.
