Escorts, today morning reported its monthly sales for May. It stated that it sold 6,594 tractors v/s 6,827 tractors (YoY).
Domestic tractor sales were at 6,454 tractors v/s 6,488 tractors while exports showed a huge dip, from 339 to 140.
The market is happy despite this lower sales number for May is because it expects the second half to be almost a bumper with volumes expected to recover much earlier than anticipated due to repressed demand and more importantly, a bountiful rabi output and monsoon season also expected to be normal.
The stock today hit a new 52-week high at Rs.949.95. Its life time high stands at Rs.1018.50, which it had hit on 2d May, 2018.