• Mon. Oct 3rd, 2022

Escorts shares after company appoints Shenu Agarwal as interim CEO of Agri Machinery Business

ByJanice K. Merrill

Jun 21, 2022
Shares of Escorts Ltd rose 2% on Tuesday amid a general market rebound, after the company appointed Shenu Agarwal as interim CEO of Agri Machinery Business.

Shares of Escorts ended up 2.27% at Rs 1,516.90 on BSE.

The company informed the exchanges on Tuesday that Ajay Mandhar had resigned from his position as Managing Director – Agri Machinery Business.

“We would like to inform you that Mr. Ajay Mandhar, in his email dated 20th June 2022, tendered his resignation from the position of Managing Director of Agri Machinery Business citing personal reasons and requested, among others, l acceptance of his resignation, which was accepted,” Escorts Kubota, formerly Escorts, said in an exchange filing.

Shenu Agarwal, president, Agri Machinery and Construction Equipment Business, will serve as interim CEO until a successor is finalized, the company said.

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In May, a senior company official told CNBC-TV18 that the company had planned capital expenditure of up to Rs 400 crore in the current financial year for the introduction of new products and building production capacity. for the same.

The company, which has started exporting electric tractors to markets like the United States and Europe, expects it to contribute up to 15% of its overall overseas shipments in the next five to the next six years.

After a sell-off that lasted six consecutive sessions, the market ended today in the green with the Sensex up 1.81% and the Nifty up 1.88%.