Escorts

Farm and construction equipment manufacturer Escorts Kubota Ltd on Wednesday posted a 6.7 per cent decline in consolidated net profit to Rs 180.8 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 193.71 crore in the same period last fiscal, Escorts Kubota Ltd said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 2,291.35 crore as against Rs 1,998.29 crore in the year-ago period, it added. Total expenses were higher at Rs 2,141.47 crore, up from Rs 1,756.7 crore in the corresponding quarter a year ago. During the quarter the company sold 28,025 units, up 10.7 per cent from 25,325 units in the year-ago period. The agri segment revenue rose 12.4 per cent at Rs 1,708 crore as compared to Rs 1,519.3 crore in the same period last fiscal. Construction equipment sales volume were at 1,209 machines, up 5 per cent as against 1,151 machines in the same period a year ago, with the

Shenu joins Ashok Leyland from Escorts Kubota Ltd, where he was president

Near-term worries for the stock include volume uncertainty, premium valuations

The management has laid out a target revenue of Rs 22,700 crore by FY28 driven by amalgamation with Kubota JVs, ramp-up of vehicle/component exports, and continuing growth in domestic businesses

The stock traded lower for the third straight day has fallen 9 per cent during this period; it aslo turned ex-dividend for Rs 7 per share on Thursday.

The name change comes in the wake of Japan's Kubota Corporation increasing its stake in Escorts to 44.8% by subscribing to new equity shares and through

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The ace investor held 5.68% in the company at the end of February. Escort's latest shareholding pattern doesn't have his name in the public investors' list

Till Friday, March 25, 2022, around 43.62 million equity shares had been tendered in the open offer, against 37.49 million shares proposed by Japan's Kubota Corporation

The brokerage said the options data suggests that the Nifty has strong support around 17,000 and then 16,800, which can act as a stop-loss for those initiating long positions

The index closed at 16,245 on Friday, down 11 per cent over its 2022 peak of 18,308

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The transaction involves Kubota's acquisition of certain additional equity shares of Escorts by way of preferential allotment

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The gains came even as India's manufacturing activity lost some momentum in December, with the Manufacturing PMI easing to a three-month low of 55.5

Shareholders of Escorts have approved the preferential allotment of 94 lakh shares to Japan's Kubota Corporation

Farm machinery and construction equipment major Escorts Ltd on Wednesday reported a 30% decline in total tractor sales at 7,116 units in November 2021.

The stock hit a new high of Rs 1,874, and has appreciated 15% in the past six trading days

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Kubota will soon launch an open offer in tractor manufacturer Escorts to acquire 26 per cent stake at Rs 2,000 per share