Escorts share rises 4% after firm posts strong tractor sales in December
BusinessToday.In January 1, 2021
Escorts share rose 4% intra day after the farm equipment manufacturer reported an 88 per cent jump in tractor sales for December 2020. Escorts stock opened with a gain of 2.41% at Rs 1,290 today. Later, it touched an intraday high of Rs 1,310, rising 4% against the previous close of Rs 1,259.65 on BSE.
At 2:54 pm, the share was trading 2.40% or Rs 30.25 higher at Rs 1289 on BSE.
Market cap of the firm rose to Rs 17,392 crore.
Escorts share price has gained after 2 days of consecutive fall. The stock trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages.
Escorts stock has risen 2.33% since the beginning of the year and 112.64% in a year's period. In three years, the share has gained 66%. Total 1.29 lakh shares changed hands on BSE.
Escorts Agri Machinery posted tractor sales of 7,733 units in December against 4,114 units in December 2019.
Domestic tractor sales in last month stood at 7,230 units as against 3,806 units in December 2019, up 90 per cent.
Escorts said post lockdown, this is the first month where the company could supply as per demand of customers, some of whom waited long to get their preferred tractor brand."'Going forward all macroeconomic factors remain in favour of continued growth and we do not expect any significant supply-demand gaps. Rising inflation, however, continues to be a worry," the company said.
Exports last month grew to 503 units compared with 308 units in December 2019.