Legendary investor Rakesh Jhunjhunwala has invested in Tractor Manufacturer Escorts. Due to good demand from tractors, the stock may continue to rise further. Profit of the company is also increasing rapidly.
New Delhi. The veteran investor Rakesh Jhunjhunwala (Rakesh Jhunjhunwala), who is known as India’s Buffet, is said to be the one who touches the stock, the gold starts pouring. The shares he holds include Escorts. The stock of Escorts on Bombay Stock Exchange (BSE) stood at Rs 527.10 in March 2020, but has now risen 152%.
Escorts profit up 83 percent
Escorts’ profit rose 83.4 per cent to Rs 280.7 crore in the September 2020 quarter. Market experts believe that as the economy improves, sales of tractors are likely to increase in the coming days. Due to this, shares of the company can be seen rising. The company’s stock was trading at around Rs 1,384, up about 4 per cent after Wednesday afternoon. Jhunjhunwala has a 4.75 per cent stake in this company.
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The position of internal audit tractor industry. The
tractor industry looks strong due to increased mechanization and infrastructure development due to better crop production and prices in the country. Has been This will benefit tractor-making companies like Escorts and Mahindra & Mahindra. Analysts say Escorts shares are likely to rise up to 28 per cent after the December 2020 quarterly results.
How many ratings have been given by experts
Kotak Institutional Equities has maintained a Buy rating for this stock. The price target has been increased from Rs 1,680 to Rs 1,700. Philips Capital and HDFC Securities have also given a Buy and Add rating to the stock of Escorts. Philips Capital has set a target price of Rs 1,615 and HDFC Securities has kept Rs 1,480.
