Mumbai: “Tractors and construction equipment maker Escorts Ltd has raised prices of tractors by 3-4% in January but does not forsee further hikes in the near term,” Escorts chairman Rajan Nanda said on Tuesday.
“The firm has effected a price increase of 3-4% from 1 January, 2010 this year to offset rising costs of rubber and steel,” Nanda told newschannel CNBC-TV18.
“But we cannot predict further inflation, we will take a call on that after six months,” Nanda said.
“There have recently been price increases of 3-4% that have been effected by most tractor companies,” he added.
Nanda said that the firm would moderate its price changes going ahead to obtain more stability in the market.
At 10:11am, Escorts shares were trading down 2.58% at Rs141.7 in a firm Mumbai market.