Shares of tractor and farm equipment maker, VST Tiller Tractors, rose as much as 9.3 per cent to hit record high of Rs 2,890 after the company post market hours on Monday informed exchanges that it has launched range of tractors and power tillers in Southern African countries. “The company has entered into an agreement with ETG (Export Trading Group), for distribution of its Tractors, Power Tillers, Power Reapers and Diesel Engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia,” the company said in a press release.
The objective behind the distribution model of VST Tillers Tractors in ETGL’s portfolio is to expand its offering in the industry. The launch introduces the complete range of VST’s Tractors and Power Tillers into the Southern African market, VST Tillers said.
ETGL operates an established automotive and farm equipment distribution business in South African region.
“The launch of VST Tillers & Tractors will create more opportunities for the Group to delve deeper into the Southern African Farm Equipment Market serving a wide range of customers, this also aligns with our commitment to the farming community,” Rajeev Saxena, CEO, ETGL said in a statement.
“VST is one of the fastest growing brands in the agriculture segment and commands a leadership position in Power Tillers and 4WD Compact Tractors. We are focussed on international business with exports of Tractors, Power Tillers, Power Reapers and Diesel Engines to more than 40 countries in Europe, Asia and Africa,” Antony Cherukara, CEO of VST Tillers Tractors said.
As of 10:48 am, VST Tiller Tractors shares traded 9 per cent higher at Rs 2,884, outperforming the Sensex which was down 0.22 per cent.