Escorts share price dropped in early trade today after the farm equipment major suffered a 14.9 per cent downside in its tractor sales at 5,264 units in April. Escorts share price fell to an intra day low of 684.45 level, down 7.49% compared to the previous close of 739.90 level on BSE.
Escorts share price opened at a loss of 3.39% at 715.20 on BSE. Escorts share price has lost 29.61% during the last one year and 1.78% since the beginning of this year.
The stock is trading above its 50 day moving average of 778.19 but below its 200 day moving average of 699.53 level in trade today. Escorts share reported a turnover of Rs 4.74 crore with 69,000 shares changing hands on BSE.
10 of 14 brokerages rate the stock “buy” or ‘outperform’ and four “hold”, according to analysts’ recommendations tracked by Reuters. Escorts sold 6,186 units in the same month last year, the firm said in a regulatory filing.
Domestic sales last month were down by 18.2 per cent at 4,986 units as against 6,094 units in the year-ago period, it said. Exports in April stood at 278 units as compared to 92 units in the same month last year, it added.
Escorts is an engineering company that lends agricultural tractors and construction equipment. The company’s segments are agri machinery, auto ancillary products, railway equipment, construction equipment and others.
It is engaged in the business of manufacturing of engines for agricultural tractors, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, center buffer couplers, automobile shock absorbers, telescopic front fork and Mcpherson struts, brake block, internal combustion engine and various types of brake used by railways.
