Cummins India share rose over 6% today after Kotak Institutional Equities retained its buy call on the stock with a target price of Rs 1,030 per share.
The stock touched an intraday high of Rs 901.95, rising 5.92% against previous close of Rs 851.50.
Cummins India stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 126% in one year and risen 54.65% since the beginning of this year.
Total 2.56 lakh shares changed hands amounting to turnover of Rs 22.75 crore on BSE.
Market cap of the firm rose to Rs 24,880 crore. The stock hit 52-week high of Rs 933.45 on April 1, 2021 and 52-week low of Rs 373.60 on July 16, 2020
The firm has increased fair value by 10 percent to account for modest business benefits of CPCB-IV norms, the brokerage said.
“Transition to CPCB-IV is much steeper than the transition to CPCB-II. Peers to the company don’t have margin to cede this time, would boost company’s pricing power,” the research firm added.
In Q4 of current fiscal, the firm reported around 9 per cent rise in its consolidated net profit to Rs 170.24 crore in last quarter against net profit of Rs 156.31 crore in the quarter ended on March 31, 2019.
Total income fell to Rs 1,129.41 crore in the March quarter from Rs 1,408.98 crore in the same period year ago.
For 2019-20, consolidated net profit fell to Rs 705.61 crore from Rs 742.61 crore in 2018-19. Total income was lower at Rs 5,448.94 crore in 2019-20 against Rs 5,932.38 crore in 2018-19.
The board of directors has recommended final dividend of Rs 7 per equity shares of face value of Rs 2 each for the financial year ended on March 31, 2020, in addition to the interim dividend of Rs 7 per share declared on January 28, 2020.
