Agriculture and construction-related products manufacturer Escorts on Thursday reported a 75 per cent fall in net profit at Rs 18.12 crore for the quarter ended March 31, against Rs 73.2 crore in the same quarter last year.
Recently, 4.2 million shares of Escorts (it makes tractors and other farm equipment, construction equipment, automobile components and railway equipment) were purchased by a company called Har Parshad & Co from Reliance Asset Management for Rs 32
Escorts is trading higher by 4% to Rs 84.20, extending its previous day’s 5.5% rally after its promoters hiked their holding in the company by acquiring 4% through open market purchases on Wednesday.
Amid market speculation of rival groups looking to buy into Escorts Ltd, the promoters on Thursday bought 4.2 million shares in the company from Reliance Asset Management.
Escorts Ltd, a maker of critical railway components, today said it has inked a licencing and technology pact with a US-based firm 'Honeywell' for technical assistance on railway brake systems.
Agri machinery products maker Escorts today said its consolidated net profit has declined by 5.47% to Rs 125.06 crore for the fiscal ended November 30, 2011, due to rise in raw material costs.
Tractor maker Escorts Ltd has taken an "in principle" decision to separately list its big verticals to provide investors a window to choose their preferred businesses, but there is "nothing immediate," a top executive told Reuters on
With the launch of its 'Jai Kisan Series' of tractors, Escorts Ltd, expects to double its sales in Gujarat this fiscal. For this, the company has developed specialised tractors to suit specific farming needs.
Buoyed by a robust 76.56% jump in its net profit for the quarter ended March 31, tractor maker Escorts today said it will set up a new production facility within the next two years with a total installed capacity of 50,000 units per annum.
Tractor maker Escorts today reported 8.55 per cent increase in its net profit for the quarter ended December 31, 2010, at Rs 25.4 crore on account of robust demand.
Coming out of its balance-sheet deleveraging exercise last year, Escorts is poised to benefit from the expected upswing in tractor demand while its infrastructure equipment business also looks promising.
The North India-based tractor and construction equipment manufacturer, Escorts, has been steadily tilling the fields of productivity and is set to reap the harvest. Making the company lean and mean seems to be the mandate.
The company, which has three verticals -- farm mechanisation, engineering products and construction equipment -- has a plant at Rudrapur, in Uttarakhand, which produces railway equipment.
Farm and construction equipment major Escorts today reported over two-fold jump in net profit for the quarter ended June 30 at Rs 45.84 crore against Rs 22.2 crore in the year-ago period.
Escorts recently received a Rs 185 crore order from the Government of Tanzania for 1,430 units of its premium Farmtrac tractors, giving a fillip to revenues amounting to nearly 6% of estimates for FY11 according to Edelweiss research.
