 "Escorts hits 52-week high; zooms over 75% in two months")
Shares of Escorts are trading higher by 3.5% at Rs 177, extending their previous day’s 18% rally on the Bombay Stock Exchange (BSE).
The stock has hit a 52-week high of Rs 180 in intra-day trades. It has zoomed by 76% in the past two months from its 52-week low of Rs 102 touched on June 16, 2015.
Escorts, India’s leading tractor manufacturer, and Tata International, its Cambodian business partner for tractors, launched their exclusive Farmtrac showroom in Kampong Thom Province, Cambodia on Thursday.
“Launch of this Farmtrac outlet is a boon for Cambodian farmers engaged in cultivation of paddy, sugarcane, palm and rubber plantations in the country. Escorts Ltd. has already sold more than a million tractors worldwide and is now eyeing Cambodia with a long-term strategic perspective on entire South East Asia,” Escorts said in a press release.
Meanwhile, earlier this month, ace investor Rakesh Jhunjunwala had increased his stake in Escorts through the open market.
Rakesh Jhunjhunwala had purchased 625,000 equity shares representing 0.51% of total equity of the company in three trading sessions between August 6 and August 10 through open market purchases on the BSE and NSE.
The total stake of Rakesh Jhunjhunwala in Escorts increased to 9.79% from 9.28% earlier, Escorts said in a statement.
Till 10:04 AM, a combined 2.25 million shares changed hands on the counter on the BSE and NSE.
The stock has hit a 52-week high of Rs 180 in intra-day trades. It has zoomed by 76% in the past two months from its 52-week low of Rs 102 touched on June 16, 2015.
Escorts, India’s leading tractor manufacturer, and Tata International, its Cambodian business partner for tractors, launched their exclusive Farmtrac showroom in Kampong Thom Province, Cambodia on Thursday.
“Launch of this Farmtrac outlet is a boon for Cambodian farmers engaged in cultivation of paddy, sugarcane, palm and rubber plantations in the country. Escorts Ltd. has already sold more than a million tractors worldwide and is now eyeing Cambodia with a long-term strategic perspective on entire South East Asia,” Escorts said in a press release.
Meanwhile, earlier this month, ace investor Rakesh Jhunjunwala had increased his stake in Escorts through the open market.
Rakesh Jhunjhunwala had purchased 625,000 equity shares representing 0.51% of total equity of the company in three trading sessions between August 6 and August 10 through open market purchases on the BSE and NSE.
The total stake of Rakesh Jhunjhunwala in Escorts increased to 9.79% from 9.28% earlier, Escorts said in a statement.
Till 10:04 AM, a combined 2.25 million shares changed hands on the counter on the BSE and NSE.