At a time when all auto companies are reporting a major fall in sales for the month of June, tractor maker, Escorts surprised the market – its sales for June were down but not as much as what the analysts had expected and this has boosted the stock price today.
The company sold 8960 tractors in June, down 10% (YoY). Its domestic sales dropped 11% at 8648 but the good news was on the exports front – it rose 39% to 312 tractors.
The collective quarterly sales for Q1FY20 was down 14% at 21,051 tractors.
The stock price rose 5% to an intraday high of Rs 562.65. Volumes are pretty robust at 1.71 lakh trades today alone v/s two-week average of 1.42 lakh shares.