Escorts hits new high

 

Escorts AGM: Institutions dissent heavily on three resolutions

  Escorts hit new high of Rs 478, up 4.4% on the BSE in intra-day trade after the company’s Agri Machinery Segment (EAM) in February 2017, sold 4,247 tractors, with a growth of 29.5% against 3,280 tractors in February 2016.

The tractor sales growth was highest in past four months in percentage terms. Earlier in October 2016, EMA volumes grew by 53% to 8,970 units.

“The company’s domestic sales is up by 28.7% at 4,104 units versus 3,190 units year on year (YoY) while, export sales up 59% at 143 tractors against 90 tractors in February 2016,” Escorts said in a release.

Escorts Limited is an engineering company, which offers agricultural tractors and construction equipment. The company’s segments are agri machinery, railway equipment, auto ancillary products, construction equipments & others.

In past one month, the stock outperformed the market by surging 23% as compared to 1.8% rise in the S&P BSE Sensex.

Escorts had reported 55% YoY jump in net profit at Rs 101 crore for the first nine months (April to December) of the current financial year 2016-17. EBITDA ((earnings before interest, taxes, depreciation and amortization) margin improved to 8% against 5.1% last year.

At 10:35 am; the stock was up 3.4% at Rs 474 on BSE against 0.2% decline in the benchmark index. A combined 1.74 million shares changed hands on the counter on BSE and NSE so far.