Escorts Kubota to increase prices of tractors, shares gain

Shares of Escorts Kubota rose over 2% in early deals on Monday after tractor maker and seller said the company would increase the prices of its tractors effective May 1, 2024 onwards. The increase in prices would vary across models/variants and geographies, it added.

The stock of the tractor maker zoomed 98% in two years and rallied 168% in three years. In the last one year, the multibagger stock has gained 61.75% and fallen 3% in six months.

The stock rose 2.16% to Rs 3174.50 in early deals today against the previous close of Rs 3107.55.  Market cap of the firm stood at Rs 34,783 crore on BSE.  

In terms of technicals, the relative strength index (RSI) of the Escorts Kubota stock stands at 66.1, signaling it's trading neither in the overbought not in the oversold zone. Escorts Kubota shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.  

The share opened higher at Rs 3119.95. Total 6305 shares of the firm changed hands amounting to a turnover of Rs 1.98 crore on BSE. The share hit a record high of Rs 3435.20 on October 11 , 2023 and a 52-week low of Rs 1934.85 on April 27, 2023.