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

Shares of Escorts Ltd rose as much as 2 percent on Tuesday amid an overall rebound in the market, after the company appointed Shenu Agarwal as the interim CEO of Agri Machinery Business.

Shares of Escorts ended 2.27percent higher at Rs 1,516,90 on the BSE.

The company on Tuesday informed the exchanges that Ajay Mandhar had resigned from his position of Chief Executive Officer – Agri Machinery Business.

“We would like to inform you that Mr. Ajay Mandhar vide his email dated June 20, 2022 has tendered his resignation from the post of Chief Executive Officer, Agri Machinery Business, citing personal reasons and requested, inter alia, for acceptance of his resignation which has been accepted,” said Escorts Kubota, formerly Escorts, in an exchange filing.

Shenu Agarwal, President, Agri Machinery and Construction Equipment Business, will be the interim CEO till a successor is finalised, said the company.

 

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In May, a senior company official had told CNBC-TV18 that the firm had lined up a capital expenditure of up to Rs 400 crore for the ongoing fiscal for new product introduction and creation of production capacity for the same.

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

Following a sell-off that lasted for six sessions in a row, the market today ended in the green with the Sensex up 1.81 percent and the Nifty up 1.88 percent.