Shares of tractor and farm gear maker, VST Tiller Tractors, rose as a lot as 9.3 per cent to hit file excessive of Rs 2,890 after the corporate submit market hours on Monday knowledgeable exchanges that it has launched vary of tractors and energy tillers in Southern African nations. “The corporate has entered into an settlement with ETG (Export Buying and selling Group), for distribution of its Tractors, Energy Tillers, Energy Reapers and Diesel Engines within the Southern African markets together with South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia,” the corporate mentioned in a press launch.
The target behind the distribution mannequin of VST Tillers Tractors in ETGL’s portfolio is to broaden its providing within the trade. The launch introduces the entire vary of VST’s Tractors and Energy Tillers into the Southern African market, VST Tillers mentioned.
ETGL operates a longtime automotive and farm gear distribution enterprise in South African area.
“The launch of VST Tillers & Tractors will create extra alternatives for the Group to delve deeper into the Southern African Farm Tools Market serving a variety of consumers, this additionally aligns with our dedication to the farming neighborhood,” Rajeev Saxena, CEO, ETGL mentioned in a press release.
“VST is likely one of the quickest rising manufacturers within the agriculture section and instructions a management place in Energy Tillers and 4WD Compact Tractors. We’re focussed on worldwide enterprise with exports of Tractors, Energy Tillers, Energy Reapers and Diesel Engines to greater than 40 nations in Europe, Asia and Africa,” Antony Cherukara, CEO of VST Tillers Tractors mentioned.
As of 10:48 am, VST Tiller Tractors shares traded 9 per cent larger at Rs 2,884, outperforming the Sensex which was down 0.22 per cent.