Following the appointment of Shenu Agarwal as temporary CEO of Escorts Ltd’s Agri Machinery Business, the company’s stock climbed as much as 2% on Tuesday, despite the market’s overall recovery.
On the BSE, Escorts’ stock finished 2.27% higher at Rs 1,516,90.
On Tuesday, the company announced that Ajay Mandhar, the business’s Chief Executive Officer For Agri Machinery Business, has resigned.
“We would like to inform you that Mr. Ajay Mandhar has tendered his resignation from the post of Chief Executive Officer, Agri Machinery Business, via his email dated June 20, 2022, citing personal reasons and requested, among other things, for acceptance of his resignation, which has been accepted,” Escorts Kubota, formerly Escorts, said in an exchange filing.
According to the corporation, Shenu Agarwal, President, Agri Machinery and Construction Equipment Business, would serve as interim CEO until a permanent replacement is found.
In May, a senior corporate executive told CNBC-TV18 that the company has budgeted up to Rs 400 crore in capital expenditure for the current fiscal year to launch new products and expand production capacity.
Electric tractors, which have begun to be exported to markets such as the United States and Europe, are expected to account for up to 15% of the business’s entire overseas shipments in the next five to six years, according to the company.
The market closed the day in the green, with the Sensex up 1.81 percent and the Nifty up 1.88 percent, following a six-session sell-off.