Escorts gush on signing MoU with IndusInd Bank
Escorts rose 3.75% to Rs 1,430 after the company signed a memorandum of understanding with IndusInd Bank to provide financial offers to its clients.
Escorts and IndusInd Bank would work together to understand clients’ financial needs and jointly develop various financial programs to enable clients to invest in modern farm machinery to improve their productivity and farm income. The deal was formalized by Shenu Agarwal, CEO of Escorts Agri Machinery and Shiban Kaul, Executive Vice President of Induslnd Bank.
The company reported a 92.8% increase in consolidated net profit to Rs 178.45 crore on a 56.2% increase in net sales to Rs 1,701.79 crore in the first quarter of fiscal 22 compared to first quarter of fiscal year 21.
The Escorts Group is an Indian engineering company operating in the agricultural machinery, construction and handling equipment and railway equipment industries.
Meanwhile, IndusInd Bank shares gained 0.36% to Rs 999.50 on BSE. IndusInd Bank meets the needs of individual and corporate clients. As of June 30, 2021, IndusInd Bank’s distribution network included 2,015 bank branches and outlets and 2,870 on-site and off-site ATMs in 760 geographic locations, compared to 1,911 bank branches and outlets and 2,721 ATMs. ticket machines on and off site in 751 geographic locations as of June 30, 2020.
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