Escorts share fell nearly 3% today despite the firm reporting a 33 per cent rise in tractor sales in November 2020. The share fell 2.79% to Rs 1363 today. Later, the stock closed 2.05% lower at Rs 1373 on BSE.
The stock stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. The share has gained 115% in one year and risen 118% since the beginning of this year.
In a month, the share has climbed 14.37%. Market cap of the firm fell to Rs 18,569 crore.
The farm equipment manufacturer Escorts Agri Machinery reported a 33 per cent rise in tractor sales to 10,165 units for November 2020. The company had sold 7,642 tractor units in November last year.
Domestic tractor sales increased 30.9 per cent to 9,662 units, against 7,379 sold in November 2019.
"The dealer and depot stocks continue to be low. Stock correction in the coming months would continue to push the industry upwards, supported by healthy water reservoir levels and a good harvest," Escorts Agri Machinery said in a regulatory filing.
Tractor exports in November 2020 stood at 503 units, against 263 in the same month last year.
In Q2 of current fiscal, the firm reported over two-fold rise in consolidated net profit at Rs 227.22 crore against net profit of Rs 101.54 crore for the year-ago period. Revenue from operations in Q2 stood at Rs 1,654.18 crore as against Rs 1,333.77 crore in the second quarter last fiscal.