Escorts has moved up significantly since our initial Stock Idea on July 5 at Rs 74.4 and reached the target of Rs 90. Now, post the Q3FY13 results we see further upside in the stock and maintain our BUY rating and raise our target to Rs 116. Stellar Performance in Q3FY13 (Sep ending) Escorts reported splendid results for Q3FY13. Net sales increased by 16% yoy to Rs 1176 cr driven by strong growth numbers from the Agri Machinery segment. EBITDA went up by 71.6% to Rs 92.7 cr while margin increased to 7.9%, the highest in the past 12 quarters, growing by 256 bps yoy. Price hike in the months of Feb and May, change in product mix and better cost control led to...