Cummins India stock rises 2 per cent in early trade, then gives up most gains – Brokerages raise target

Cummins India share price: In the morning trade on Wednesday, Cummins India stock rose more than 2 per cent as of 11:26 am. However, Cummins India share gave up most of its gains in the early hours.

Cummins India announced its result for the quarter ending September 30, on November 4, where it announced a total sale for the quarter at Rs 1,922 crore increased by 14 per cent compared to the same quarter last year which was Rs 1,689 crore.

The Cummins India stock on Wednesday, opened at Rs 1330 apiece on the NSE. As of 12:13, it quoted Rs 1346, which was 0.81 per cent on the upside.

Brokerages are bullish on Cummins India Limited after it declared its quarterly earnings for the month ending September 30.

Cummins India Q2 results

Cummins India recorded a Domestic sale of Rs 1,391 crore which was according to the earnings call report of the company an increase of 11 per cent compared to the same quarter last year and by 19 per cent compared to the previous quarter.

Exports Sales were recorded at Rs 531 crore an increase of 21 per cent compared to the same quarter last year and by 9 per cent compared to the previous quarter.

Profit before tax was at Rs 336 crore which was higher by 15 per cent as compared to the same quarter last year.  Profit after tax was Rs 252.38 crore.

Company’s equity standing was of Rs 5 013.16 crore.

Cummins India said that it reported a record revenue for the quarter with sustained demand visible across most of their domestic and exports end markets. Despite headwinds of inflation, geo-political issues etc. economic activities were sustaining growth momentum.

While the supply chain constraint continues, the company remains cautiously optimistic about the short to medium term demand outlook.

The company did not provide any guidance for FY’23, “Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23,” the company said.

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