Shares of Escorts surged over 9 per cent to Rs 852.95 on the BSE on Monday after the tractor manufacturing company reported strong sales numbers for February.
Escorts announced that its agri machinery segment (EAM) sold 8,601 tractors in February, an 18.8 per cent growth against 7,240 tractors sold in February 2019. Domestic tractor sales stood at 8,049 tractors, up 16.3 per cent against 6,918 tractors in the same month last fiscal, the company said in a filing to the BSE. The company exported 552 tractors in February, up 71.4 per cent on a year-on-year basis. READ THE BSE FILING HERE
On month-on-month (MoM) basis, Escorts' volumes grew 41.9 per cent. The company has diversified business in three different segments namely, Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) and Railway Equipment Division (RED).
At 10 AM, the stock was up 8.69 per cent at Rs 847.90 as compared to 1.48 per cent gain in the benchmark S&P BSE Sensex. Around 21.4 lakh shares have changed hands on the counter on the NSE and BSE so far. Till now in 2020, Escorts' stock has outperformed the benchmark by gaining 28.6 per cent as compared to 7.28 per cent decline in the S&P BSE Sensex during the same period.