Shares of Escorts Ltd. hit its highest in more than four years

Escorts Ltd., a mid-sized tractor and heavy vehicles maker, hit its highest in more than four years after a series of bulk deals in the past month changed sentiment for the better on the automotive stock.

On August 24th, Greater India Portfolio bought more than 6.60 lakh shares in Escorts for a price of 154.41 rupees on the NSE, totalling 10.19 crore rupees.

On August 11th, well known investor Rakesh Jhunjhunwala purchased an additional 625,000 shares in Escorts at a price of 155 rupees each, totalling 9.68 crore rupees.

Mr. Jhunjhunwala has been a long-term investor in the coming, buying the stock from sub-100 rupee levels.

As a consequence, Escorts surged 9.20 rupees, or 5.5 percent, to 176.40 rupees on National Stock Exchange, where 30 lakh shares were traded versus the 5-day average of 29.88 lakh shares.

Escorts has seen is market capitalisation rise 55 percent in the past one year to 2,176 crore rupees. The stock, a traders' favourite, is quoting at 1.2 times its book value of 146.8 rupees.

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