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Cummins India jumped the most in over 3 years on upbeat Q2 results. The engine maker shares surged as much as 14.3 per cent to Rs 769.40, their biggest intraday percentage gain since August 6, 2015.
The company had on Monday reported over 38 per cent jump in Q2 profit after tax at Rs 212 crore ($28.64 million) on strong domestic sales. Cummins India remains confident on medium-to-long-term outlook for domestic sales as the underlying demand remains positive.
Deutsche Bank expects strong export and domestic growth to spur consensus upgrades despite election-related hiccups. It has a price target of Rs 880 and a “buy” rating on the stock. More than 1.3 million shares traded as of 0508 GMT, 3.4 times their 30-day average of 395,404 shares.
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