Block deal elevates Cummins India

DALAL STREET SPIKES

A block deal of 88.9 lakh shares spurted the share price of Cummins India in morning trades with the stock hitting a high of Rs 120 on the BSE.

While the parties to the deal were not ascertained, market players said the deal was an inter-fund transfer by Capital International. The deal was struck at Rs 120 per share. The stock finally closed at Rs 109.80, down 1.44 per cent from its previous close.

The counter witnessed a volume of more than 89.3 lakh shares, including the block deal. The deal of 88.9 lakh shares constitutes 4.4 per cent of Cummins's total paid-up equity capital of Rs 39.60 crore. Cummins is part of the $5.7-billion Cummins Inc.

Cummins India is the country's largest manufacturer of diesel engines. The company manufactures nearly 10,000 engines per year.