Shares of VST Tillers Tractors soared 14 per cent to a new high of Rs 3,790 on the BSE in Friday’s intra-day trade after the company tied up with US-based Soultrack Inc to jointly develop electric power tillers and other agricultural announced entering into an agreement with machinery. 01:24 PM; The stock was trading 10 per cent higher at Rs 3,655, compared to a 0.36 per cent rise in the S&P BSE Sensex. So far in the current calendar year 2023, it has gained 57 per cent as against the 6.3 per cent gain in the benchmark index. VST Tiller is a leading manufacturer of agricultural gear and equipment in India. The company offers a wide variety of accessories aimed at improving agricultural productivity with a focus on power tillers and mini tractors. VST Tillers are known for providing efficient, user friendly and cost effective solutions to small and marginal farms. The company has modern tractor manufacturing facilities in Hosur, Tamil Nadu and power tiller manufacturing facilities in Malur, Karnataka, as well as a precision components plant in Mysore. VST has expanded globally over the last 10 years with a major presence in Europe and has become a popular brand for compact tractors. The company has witnessed 20 per cent growth in power tiller business and it is expected to continue for the next two-three years. The company is targeting a CAGR of over 20 per cent in three years. The management expects the tractor business to grow faster than the industry as the company is entering the utility tractor segment and already has a “good presence” in compact tractors. With new product launches, import curbs on power tillers and a strong focus on the tractor segment, the company is on a growth path and is set to achieve its top-line target of becoming a Rs 3,000 crore company by FY26, VST Tillers said in its FY23 Annual Report.
first published: 25 August 2023 | 1:48 pm First