New Delhi, (Delhi) [India], August 16 (ANI/NewsVoir): Under its Corporate Social Responsibility program, Escorts Ltd., India's leading engineering conglomerate, conducted over last 42 days free COVID-19 vaccination camps, inoculating over 37,000 residents in and around Faridabad district in Haryana. The initiative named "COWINNER" commenced on 2nd July at QRG Health City, Sector 16, Faridabad and concluded on 12th August 2021.
Q1 of this fiscal is expected to be challenging due to Covid second wave
Agri equipment maker Escorts says its capex plans to ramp up tractor capacity and other programmes are intact as the company sees positive growth outlook for FY22 amid the impact of second wave on tractor demand.
The company, which will be celebrating its Platinum Jubilee this year, says macroeconomic factors (under-penetration of farm mechanisation, expectation of normal monsoon, continued government focus on boosting rural incomes) are extremely positive and will augur well for the tractor industry.
Escorts admitted that Q1 will be challenging for the industry after ending FY21 with record volumes. The second wave of the pandemic has proved to be dampener so far and this time has also affected the rural heartland. Sales and manufacturing have been disrupted due to the lockdown. About 70 per cent of Escorts’ dealers are closed. Overall, the second wave is seen clouding the demand environment over the shor
Covid hit in the hinterland threatens to spoil it for Jhunjhunwala’s top agri bet
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If good monsoon predictions could have added buoyancy to the stocks linked to the rural sector and agriculture, Covid 2.0 is playing spoiler.
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Ace investor Rakesh Jhunjhunwala held 6,400,000 shares, or 4.8%, stake in the company as of March end.
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NEW DELHI: The second wave of Covid-19 pandemic is hitting India’s hinterland very hard, not something seen during the first wave.
That has altered the equations for Dalal Street.
So, if good monsoon predictions could have added buoyancy to the stocks linked to the rural sector and agriculture, Covid 2.0 is playing spoiler.
The company, which has a joint venture with Japan s Kubota, is looking at around 55 per cent growth in exports in 2021-22 with Europe serving as one of the main drivers while it plans to enter markets in South East Asia and Brazil through its partner.
Tractor sales will be impacted in the short term although in the second half of the fiscal they are likely to pick up, Escorts Ltd Group CFO Bharat Madan said