Cummins India can touch Rs 600: Religare Capital

Cummins India can touch Rs 600, says Tirthankar Patnaik, EVP - Institutional Sales, Religare Capital Markets.

Patnaik told CNBC-TV18, "Cummins India is our top pick in the capital goods space. We have just recently rolled over our target price to about Rs 585 and we expect it to go to that level in about 8-9 months, so you should see Rs 600 odd levels on this stock in a 12 months period."
The company's trailing 12-month (TTM) EPS was at Rs 31.71 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 15.85. The latest book value of the company is Rs 73.71 per share. At current value, the price-to-book value of the company was 6.82. The dividend yield of the company was 2.19%.
The share touched its 52-week high Rs 550 and 52-week low Rs 406.85 on 09 January, 2013 and 23 May, 2012, respectively. Currently, it is trading 8.6% below its 52-week high and 23.56% above its 52-week low. Market capitalisation stands at Rs 13,934.84 crore.