 "Escorts AGM: Institutions dissent heavily on three resolutions")
Escorts has moved higher by 5% to Rs 273, recovering 7% from intra-day low on the BSE, after the company announced divestment of its OEM & export business of auto product division to Badve Engineering, Pune in an all cash deal.
This is as a part of the planned strategic reorientation of the business to focus on core verticals in the agri-machinery, construction equipment and railway equipment, Escorts said in a press release.
The auto products business comprise an extensive product basket catering to OEMs and replacement market in India and overseas markets for all vehicle categories including motorcycle, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.
At 02:28 pm, the stock was up 3% at Rs 268 after hitting a low of Rs 255 on the BSE in intra-day trade. A combined 2.58 million shares changed hands on the counter on the BSE and NSE.
This is as a part of the planned strategic reorientation of the business to focus on core verticals in the agri-machinery, construction equipment and railway equipment, Escorts said in a press release.
The auto products business comprise an extensive product basket catering to OEMs and replacement market in India and overseas markets for all vehicle categories including motorcycle, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.
At 02:28 pm, the stock was up 3% at Rs 268 after hitting a low of Rs 255 on the BSE in intra-day trade. A combined 2.58 million shares changed hands on the counter on the BSE and NSE.
