Cummins India hits record high on Q3 profit jump

Cummins India

09/02/2023 04:04

** Shares of auto parts maker Cummins India Ltd  CUMM.NS 
rise as much as 8.4% to a record high of 1,598 rupees
    ** Co reported on Wednesday a 49% jump in profit after tax
to 3.60 bln rupees ($43.59 mln), aided by strong demand and
increased exports for its engines
    ** Its engine segment contributed ~78% of total sales for
the quarter, where sales grew 26% YOY
    ** Exports during the quarter grew 23% to 5.41 bln rupees on
the back of a higher order-book, improved execution and
normalising supply chain situation
    ** Co saw a 25% rise in its income from ops to 22.84 bln
rupees during the qtr
    ** Co on track for its fourth consecutive session of gains
    ** Cummins stock has been trading above its 50-day, 100-day
and 200-day simple moving averages and also above its moving
average convergence divergence line (MACD), indicating bullish
sentiment
    ** More than 766,000 shares change hands vs 1.7x 30-day avg
of 451,000 shares
    ** Fourteen of the 25 analysts covering the stock have a
"buy" or "strong buy" rating, six has "hold" while five rate it
at "sell" or "strong sell"; median PT is 1,410 rupees -
Refinitiv data
    ** Stock up 46.6% during 2022 
    ($1 = 82.5970 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))