Cummins India closes higher on HSBC's upgrade to 'buy'

Cummins India

20/03/2024 10:57

** Shares of Cummins India  CUMM.NS  closed 2.9% higher at
2,793.80 rupees 
    ** HSBC Global Research upgrades its rating to 'buy' from
'hold' and raises PT to 3,300 rupees from 2,600 rupees
    ** HSBC expects the power generator maker's growth to be
driven by a transition to products compliant with stricter
emission norms and favorable demand in sectors like residential
construction
    ** The brokerage also sees the distribution business - which
sells its products through a network of dealers and distributors
- as a growth driver
    ** Mean rating of 22 brokerages on CUMM is "hold", median PT
is 2,465 rupees - LSEG data
    ** Stock up 42.3% so far this year

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))