Cummins India advances on brokerage rating

Cummins India rose 1.09% to Rs 934 at 12:50 IST on BSE on reports a foreign brokerage has upgraded its rating on the stock to buy and increased target price on the stock to Rs 1,130 from Rs 840 earlier.

Meanwhile, the S&P BSE Sensex was down 225.47 points or 0.77% at 29,195.93.

On the BSE, 9,258 shares were traded on the counter so far as against the average daily volumes of 24,399 shares in the past one quarter. The stock had hit a high of Rs 943.75 and a low of Rs 930.90 so far during the day.

The stock had hit a 52-week high of Rs 946.50 on 9 September 2016 and a 52-week low of Rs 746.80 on 26 May 2016. It had outperformed the market over the past one month till 24 March 2017, advancing 4.52% compared with the Sensex's 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 15.61% as against the Sensex's 12.98% rise.

The large-cap company has equity capital of Rs 55.44 crore. Face value per share is Rs 2.

Cummins India's net profit rose 11.3% to Rs 198.09 crore on 19.6% growth in net sales to Rs 1324.13 crore in Q3 December 2016 over Q3 December 2015.

Cummins India is a leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.

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