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Cummins India share price rises after Kotak retains buy with 16% upside

Kotak Institutional Equities has retained its buy call on the stock with a target price of Rs 1,030 per share.

June 30, 2021 / 09:44 AM IST
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Cummins India share price gained over 3 percent at open on June 30. The stock has surged over 120 percent in the 12 months. It was trading at Rs 878.95, up Rs 27.45, or 3.22 percent, at the time of writing this copy.

The IT firm reported a net profit of Rs 168.56 crore for the fourth quarter of March 2021 which was lower by 0.99 percent YoY on the back of sharp spike in input costs during the quarter.

Net margins came in at 13.42 percent for March 2021 quarter which was lower than 16.02 percent NPM in the March 2020 quarter.

Cummins reported 18.24 percent YoY increase in consolidated revenues for the March 2021 quarter at Rs 1,256.25 crore. On a sequential basis, the total sales revenues were down by 12.21 percent.

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The Board of Directors of Cummins India recommended a final dividend of Rs 8 per equity share, on 277,200,000 equity shares (Face Value Rs 2 each fully paid up) for the financial year ended on March 31, 2021 to the Members of the Company in addition to the interim dividend of Rs 7 per share declared on January 28, 2021, the company said in an exchange filing.

Research and broking firm Kotak Institutional Equities has retained its buy call on the stock with a target price of Rs 1,030 per share. The firm has increased fair value by 10 percent to account for modest business benefits of CPCB-IV norms, according to a CNBC-TV18 report.

"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.

Sameet Chavan, Chief Technical & Derivatives Analyst at Angel Broking has a buy call on the stock in the short term with a target of Rs 906. "This stock has been consolidating with small corrections in between since the beginning of April. Recently, the declining trend seems to have arrested around Rs 750 mark which coincided with the 89-EMA on the daily chart," he said.

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Moneycontrol News
first published: Jun 30, 2021 09:44 am
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