)
Shares of Escorts moved higher by 5% to Rs 141 on the BSE after the commercial vehicles maker said it has entered into a joint venture (JV) with Amul Group for manufacturing specialty tractor – Steeltrac.
Steeltrac is a specialised tractor which is complimentary to general purpose tractors which can efficiently facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower.
The market for specialised tractors has been growing tremendously and this strategic investment will further enhance Escort’s commitment towards bringing a wider range of products to Indian farmers, the company said in a press release.
The stock opened at Rs 134 and has seen a combined 1.68 million shares changed hands on the counter on the BSE and NSE till 1435 hours.
Steeltrac is a specialised tractor which is complimentary to general purpose tractors which can efficiently facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower.
The market for specialised tractors has been growing tremendously and this strategic investment will further enhance Escort’s commitment towards bringing a wider range of products to Indian farmers, the company said in a press release.
The stock opened at Rs 134 and has seen a combined 1.68 million shares changed hands on the counter on the BSE and NSE till 1435 hours.
