Escorts has Moved up 18% in One Month

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Escorts has Moved up 18% in One Month

By Aditya Raghunath

Investing.com -- Tractor maker Escorts Ltd (NS: ESCO )’ shares are slowly building forward momentum. The stock has rallied 18% in the last month. It closed today at Rs 1,345.3

It was in a consolidation phase from March 31 when it closed at Rs 1,287.8 to July 30 when it closed at Rs 1,184.35. Since then, the stock has been on a steady rise.

Brokerages are bullish on the stock as well. Kotak has given a target of Rs 1,700 on the stock. It said that the tractor industry will grow at a rapid pace based on good monsoon, stable crop prices and a solid rabi crop outlook.

The company reported total income of Rs 1,750.61 crore for Q1 FY22. This was 56.33% more than the Rs 1,119.85 crore it reported in the corresponding quarter for FY21. Net profit for the June 2021 quarter came in at Rs 188.84 crore.

Angel Broking has a target of Rs 1,573 on Escorts with a buy call. It said that Escorts hold 11.3% of India’s tractor market. It forecasts that the tractor industry will outperform the larger automobile sector in India in FY22. It says that a good monsoon and food prices will ensure that Escorts is a key beneficiary.

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