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Escorts spurts on signing a MoU with IndusInd Bank

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Escorts advanced 3.75% to Rs 1,430 after the company signed a Memorandum of Understanding (MoU) with IndusInd Bank in a bid to provide financial offerings to its customers.

Escorts and IndusInd Bank is said to work together to understand the financial needs of the customers and will jointly come up with various financial programs to enable customers invest in modern farm machinery to enhance their farm productivity and income. The deal was formalised by Shenu Agarwal, the chief executive officer (CEO) of Escorts Agri Machinery and Shiban Kaul, the executive vice president of Induslnd Bank.

The company reported 92.8% rise in consolidated net profit to Rs 178.45 crore on a 56.2% increase in net sales to Rs 1,701.79 crore in Q1 FY22 over Q1 FY21.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

Meanwhile, shares of IndusInd Bank gained 0.36% to Rs 999.50 on BSE. IndusInd Bank caters to the needs of both consumer and corporate customers. As of 30 June 2021, the IndusInd Bank's distribution network included 2,015 branches and banking outlets and 2,870 onsite and offsite ATMS across 760 geographic locations, as against 1,911 branches and banking outlets and 2,721 onsite and offsite ATMs across 751 geographic locations as of 30 June 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 14 2021. 10:41 IST