Fashionable Tractor maker Escorts Kubota, which just lately posted a 93 per cent improve within the first-quarter revenue of Rs 283 crore, introduced that it’s going to hike the costs of its tractors from September 16.
In a regulatory submitting on Monday, the corporate, which has about 10 per cent share of the nation’s tractor market, mentioned the rise in costs would range throughout fashions/variants and geographies.
Final week, CNBC-TV18 had reported that Escorts Kubota is contemplating the sale of its railway tools enterprise, which makes brake programs, couplers, suspension programs, friction and rubber product, to focus extra on its core tractor enterprise. The report had mentioned the corporate is in talks with potential traders on the market.
The corporate’s tractor gross sales had dipped within the April-June quarter, owing to irregular monsoon.
Escorts Kubota ended the day in pink on Monday because the shares declined over three per cent to shut at Rs 3,038. Nevertheless, over the previous yr, it registered a formidable progress of fifty per cent. The The 52-week excessive for the Escorts Kubota inventory is ₹3,344.