Buy Cummins India, target price Rs 1135: IIFL

IIFL has buy call on Cummins India with a target price of Rs 1135. The current market price of Cummins India is Rs 1086.5. Time period given by analyst is Intra Day when Cummins India price can reach defined target. IIFL recommended to keep stoploss at Rs 1050.

Cummins India, incorporated in the year 1962, is a Mid Cap company (having a market cap of Rs 30133.03 Crore) operating in Engineering sector.

Cummins India key Products/Revenue Segments include Engines, Sale of services, Other Operating Revenue, Export Incentives, Scrap for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 1804.69 Crore, up 0.81% from last quarter Total Income of Rs 1790.24 Crore and up 20.99% from last year same quarter Total Income of Rs 1491.57 Crore. Company has reported net profit after tax of Rs 216.84 Crore in latest quarter.

Investment Rationale
Stock has given a rounding bottom breakout.

Promoter/FII Holdings
Promoters held 51.0 per cent stake in the company as of 31-Dec-2021, while FIIs owned 12.54 per cent, DIIs 23.75 per cent.