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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  |  Mumbai 

has surged 5% at Rs 96.25,extending its previous day’s nearly 6% rally, after reporting a strong 33% year-on-year (yoy) growth in total sales at 6,465 in September 2013. The company had sold 4,871 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 sector index.

The company’s Agri Machinery Segment (EAM) in September 2013 sold 6,397 in domestic market, growth 34% against 4,793 tractors in September 2012, said in a statement.

On Monday, 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 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.

First Published: Tue, October 08 2013. 10:10 IST