Cummins India hits record high on Q3 profit jump

Cummins India

08/02/2024 04:35

** Shares of power generators maker Cummins India  CUMM.NS 
up 5.9% to a record high of 2,542.7 rupees
    ** Shares log their steepest rise since June 2023
    ** Co reported a 20.6% rise in Q3 profit on Wednesday,
signaling recovery in demand for power generator sets and
engines
    ** Avg rating of analysts on stock is an equivalent of
"hold" - LSEG
    ** However, the median PT of 1,770 rupees represents a ~26%
discount to last close
    ** Over 1.3 mln shares change hands, 2.5x the 30-day avg
    ** Shares gained ~16% in the Dec-qtr, but are up ~36% since
its Q2 results on Nov. 7

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))