Escorts Ltd. shares surged after the company announced the sale of its auto products business in an all cash deal.
The original equipment manufacturing and export business in the auto product division will be divested to Pune-based Badve Engineering Ltd., Escorts said in a press release. The deal will enable Escorts to focus on its core agri-machinery, construction equipment, and railway equipment verticals, the company added.
The auto products business caters to motor cycles, scooters, passenger cars, and commercial vehicles segments.
Following the announcement, the company's shares rose as much as 7 percent to Rs 278.4 as of 2:50 pm.
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