Sequentially, the company's tractor sales surged 63.1% in September 2020 from 7,268 units sold in August 2020.

While the domestic tractor sales jumped 8.9% to 11,453 units, tractor exports surged 19.2% to 398 units in September 2020 over September 2019.

Escorts said that the rural demand continues to remain positive led by lower base of last year, pent-up demand from COVID-19 related lockdowns, and fundamentally positive macroeconomic factors. Timely and widespread monsoon, record rabi crop production, early kharif sowing, and good availability of retail finance have helped drive positive farmer sentiment.

“While currently operating close to our peak capacity, we are trying to further ramp up production and supply to meet the excess demand. We remain optimistic for the coming festive season”, the tractor maker said.

On a consolidated basis, the tractor maker's net profit rose 5.6% to Rs 92.58 crore on 24.4% decline in net sales to Rs 1,089.26 crore in Q1 June 2020 over Q1 June 2019.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

The scrip fell 3.07% to Rs 1278.20 on the BSE. It traded in the range of 1262.65 and 1314.60 so far during the day.

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Escorts Agri Machinery Segment in September 2020 sold 11,851 tractors, its highest ever September sales and registering a growth of 9.2% against 10,855 tractors sold in September 2019.

Domestic tractor sales in September was at 11,453 tractors registering a growth of 8.9% against 10,521 tractors in September 2019.

The rural demand continues to remain positive led by lower base of last year, pent-up demand from Covid-19 related lockdowns, and fundamentally positive macroeconomic factors. Timely and widespreadmonsoon, record Rabi crop production, early Kharif sowing, and good availability of retail finance have helped drive positive farmer sentiment. While currently operating close to our peak capacity, we are trying to further ramp up production and supply to meet the excess demand. We remain optimistic for the coming festive season.

Export tractor sales in September 2020 stood at 398 tractors against 334 tractors exported in September 2019, registering a growth of 19.2%.

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Escorts announced that Escorts Kubota, a 60:40 joint venture between Kubota Corporation, Japan and Escorts, has started the commercial production of Kubota Tractors from 25 September 2020.

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Fine Organic Industries Ltd, Kansai Nerolac Paints Ltd, V-Mart Retail Ltd and Amara Raja Batteries Ltd are among the other gainers in the BSE's 'A' group today, 09 September 2020.

Escorts Ltd soared 5.14% to Rs 1179.3 at 11:54 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 1.33 lakh shares were traded on the counter so far as against the average daily volumes of 1.14 lakh shares in the past one month.

Fine Organic Industries Ltd surged 3.60% to Rs 2710.85. The stock was the second biggest gainer in 'A' group. On the BSE, 6149 shares were traded on the counter so far as against the average daily volumes of 8212 shares in the past one month.

Kansai Nerolac Paints Ltd spiked 3.29% to Rs 499. The stock was the third biggest gainer in 'A' group. On the BSE, 7420 shares were traded on the counter so far as against the average daily volumes of 8279 shares in the past one month.

V-Mart Retail Ltd exploded 3.09% to Rs 1923.9. The stock was the fourth biggest gainer in 'A' group. On the BSE, 1508 shares were traded on the counter so far as against the average daily volumes of 2456 shares in the past one month.

Amara Raja Batteries Ltd jumped 2.40% to Rs 735. The stock was the fifth biggest gainer in 'A' group. On the BSE, 10269 shares were traded on the counter so far as against the average daily volumes of 39467 shares in the past one month.

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