Escorts Agri Machinery a division of the Farm machinery and constructions equipment major Escorts Ltd on Monday said that it would increase the prices of its farm machinery including tractors from November 21 in order to offset the rise in the commodity prices.
The company also said during filing that “there has been a steady rise in commodity prices necessitating a price hike to offset the impact of continuing inflation. The increase in prices would vary across models and variants.
This however did not include the minimum amount by which the commodity’s price would increase. In a separate filing, the company also stated that the board of directors will meet on November 18 to consider and evaluate proposals for raising funds through the issuance of debentures/bonds/any other securities, including through preferential issue on a private placement basis, as well as to assess the feasibility of reducing the number of shares held by Escorts Benefit and Welfare Trust.
About Escorts:
Escorts Agri machinery is a pioneer of farm mechanization in India, and has in the last seven decades, committed itself to enhance India’s agricultural productivity and continues to add value to the lives of Indian farmers.
Escorts currently provides a technologically superior range of 22 HP to 80 HP tractors with under two-star brands - namely Farmtrac and Powertrac. With a growing network of over 800 customer touch-points, Escorts Agri Machinery ensures the satisfaction of its customer base of over 14,00,000 and also promises maximum uptime of their tractors and equipment.
Escorts Ltd., founded in 1944, is a Mid Valuation business (with a market cap of Rs 21994.21 Crore) in the Auto industry.
For the fiscal year ending 31-Mar-2021, Escorts Ltd.'s primary products/revenue segments include Tractors Agricultural, Other Operating Revenue, Scrap, Sale of Services, and Export Incentives. This is actually a good time for people who are actually willing to buy stocks in this company
