JP Morgan starts coverage of Cummins India, CG Power, Thermax with 'overweight'

ABB India

10/09/2025 08:53

** JP Morgan initiates coverage of CG Power CGPO.NS, Cummins India CUMM.NS and Thermax THMX.NS with "overweight" rating

** Price target for CGPO at 840 rupees, CUMM at 4,649 rupees, and THMX at 3,869 rupees

** Shares of CGPO up 3.2%, THMX rise 2%, and CUMM up 0.6%

** Brokerage sees CGPO, CUMM and THMX posting over mid-teen growth in earnings per share

** Thermax to see margin expansion as older, lower margin projects run out - JP Morgan

** Brokerage also initiates coverage on ABB India ABB.NS and Praj Industries PRAJ.NS with "neutral" and Siemens SIEM.NS and Bharat Heavy Electricals BHEL.NS with "underweight"

 (Reporting by Vijay Malkar)

 ((VijayDattaram.Malkar@thomsonreuters.com;))