The sales growth compares favourably with the national sales growth for February of 10 per cent, and for the April to February period of a mere 4.1 per cent.

Punjab Tractors' marketshare for the entire April to February period grew from 16.3 per cent in the corresponding period of 1997-98 to 18.8 per cent.

In February alone, in fact, Punjab Tractors gained an even larger marketshare of 20.6 per cent against 18.4 per cent in the corresponding period last year.

Punjab Tractors sold 4,709 vehicles in February 1998-99 compared with 3,826 vehicles in the corresponding period last year, marking an increase of 23.1 per cent. The company also notched up its marketshare by a marginal0.4 per cent to 20.6 per cent from 18.4 per cent, during the same period.

TAFE, another tractor manufacturing concern, was the major loser in February 1998-99 with the fall in sale by a huge 24.1 per cent compared with the corresponding period last year. It sold 1,099 tractors less by 3,456 units in February 1998-99 compared with 4,555 in the previous corresponding period. The company also conceded a marketshare by 6.8 per cent during the period.

Mahindra & Mahindra, who recently picked up stake in HMT, also managed to increase sales by 11.8 per cent in February 98-99 over February 97-98. It registered a 3.6 per cent increase in sales for the 11-month from April to February 1998-99. Another important player in the market, HMT, increased marketshare by 3.5 per cent in February 1998-99 over the corresponding period last year. Overall, there was a 10 per cent increase in the tractor sales in February 1998-99 over the corresponding period last year and a 4.10 per cent increase for the period from April toFebruary 1998-99.

Chetan Shah with Shailesh Merchant Brokers said: "Punjab Tractors is a big catch in the Tractors segment. Investment in this market will bear fruits in the current year because looking at the negative agricultural growth rate previous year the segment has grown. This year the agricultural output is slated to be higher and the direct impact would be on tractor with their stock prices increasing".