Popular Tractor maker Escorts Kubota, which recently posted a 93 per cent increase in the first-quarter profit of Rs 283 crore, announced that it will hike the prices of its tractors from September 16.
In a regulatory filing on Monday, the company, which has about 10 per cent share of the country's tractor market, said the increase in prices would vary across models/variants and geographies.
Last week, CNBC-TV18 had reported that Escorts Kubota is considering the sale of its railway equipment business, which makes brake systems, couplers, suspension systems, friction and rubber product, to focus more on its core tractor business. The report had said the company is in talks with potential investors for sale.
The company's tractor sales had dipped in the April-June quarter, owing to irregular monsoon.
Escorts Kubota ended the day in red on Monday as the shares declined over three per cent to close at Rs 3,038. However, over the past year, it registered an impressive growth of 50 per cent. The The 52-week high for the Escorts Kubota stock is ₹3,344.
