VST Tillers Tractors share price gained 4.5 percent in the morning trade on January 27 after the company signed a memorandum of understanding (MoU) with a Europe-based manufacturer.
"We entered in to a Memorandum of Understanding (MoU) with Zetor Tractors a.s. from Czech Republic manufacturers of tractors, components, engines and transmission over seven decades and having the
registered office at Brno, Czech Republic," the company said in a BSE filing.
"These players with over 120 years of combined experience agreed upon the joint product development, manufacturing and business plan for tractors with a horsepower greater than 36 HP for India and global
markets."
VST Tillers has manufacturing facilities in Tamil Nadu’s Hosur and Maluru and Mysuru in Karnataka, where it also has its corporate office in Bengaluru.
Zetor Tractors exports to more than 56 countries and has a customer base of 1.3 million.
The stock has rallied more than 30 percent in the last one month. It was quoting at Rs 1,400, up Rs 53.75, or 3.99 percent, on the BSE at 1024 hours.
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