Tractor maker Escorts Ltd announced a 2 to 3% hike in tractor prices with effect from September 1. The increase in prices is due to rising input costs, especially that of the raw materials like steel.

The company said in a statement said that the current hike in prices is in the range of 2 to 3% and will be applicable from September 1 across the range of Farmtrac, Powertrac and Escort brand of tractors.

Escorts Agri Machinery CEO S Sridhar said that "Over the past few months, the industry has experienced a significant increase in input costs, especially in the cost of steel and rubber. A maximum part of these increased costs has been absorbed by the company and a small portion has been passed on to the customer.”

He added that "We expect the industry to follow the same trend to cope up with cost pressures".

Source - Post Jagran

(www.steelguru.com)