Courtesy: indiacar.net
Archive for the 'Escorts' Category
Courtesy: indiacar.net
A leading newspaper had reported that the company is in talks with DLF to sell its surplus land assets at Faridabad in Haryana.
“A land transaction where the name of our company and a developer has been covered in certain sections of the media has been incorrectly reported. More
Courtesy:www.indiacar.net
In his new role, he will lead the operations of the company and will drive the business growth initiatives of Escorts, the company informed in a release. More
Courtesy:www.indiacar.net
During the quarter, the company reported a loss of Rs 62.4 million as compared with a profit of Rs 15.70 million in the corresponding quarter of the previous year. More
Courtesy:www.indiacar.net
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Published June 12th, 2007 in Chevrolet India and Escorts. 0 CommentsNew Delhi Escorts Ltd is looking at raising $70 million in the next two-three months. The equity raised would be used to fund the Escorts Ltd’s future expansion plans and retire its remaining debts.
“Fifty per cent of the equity raised would be through future convertible bonds and the other 50 per cent through direct equity (from private investors),” Mr Rajan Nanda, Chairman, Escorts Ltd, told Business Line on Thursday.
The Escorts Ltd, which currently has 45 variants of tractors from 25 to 80 hp, is looking at introducing four new products in the coming six months. “We at the moment are not going in for any capacity expansion but are looking at optimising the existing production facilities. And in continuation with the policy of the Escorts Ltd to upgrade its tractors by phasing out the old versions we are looking at launching these four new products,” Mr Nanda said.
Escorts, for the second quarter ended 31 March 2007 (the company follows a October-September financial year), has posted a net profit of Rs 6.71 crore as compared to a net loss of Rs 16.18 crore in the corresponding previous quarter. The Escorts Ltd’s net sales for the second quarter rose 32 per cent to Rs 574 crore as compared to Rs 435 crore in the corresponding previous quarter.
“This is the second consecutive good quarter that the Escorts Ltd had and we expect to build on this in the coming two quarters. Moving forward we expect a 20-25 per cent growth in revenues for the third quarter and an increase of around 50 per cent for the full year,” Mr Nanda said.
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Courtesy:www.indiacar.net
Oriental Bank of Commerce (OBC), a public sector bank, has entered into a tie-up with Escorts Ltd, a tractor manufacturer, for providing retail tractor finance to farmers. The bank will also offer credit facilities to authorised dealers of Escorts under a Channel Financing Arrangement.
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Courtesy:www.indiacar.net
