Buy Cummins India, target price Rs 1790: Shrikant Chouhan

Shrikant Chouhan of Kotak Securities has buy call on Cummins India with a target price of Rs 1790. The current market price of Cummins India is Rs 1745.65. Shrikant Chouhan recommended to keep stop loss at Rs 1715.

Cummins India, incorporated in the year 1962, is a Mid Cap company (having a market cap of Rs 48361.70 Crore) operating in Engineering sector.

Cummins India key Products/Revenue Segments include Engines, Sale of services, Other Operating Revenue, Export Incentives and Scrap for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 2307.23 Crore, up 14.15 % from last quarter Total Income of Rs 2021.30 Crore and up 30.89 % from last year same quarter Total Income of Rs 1762.79 Crore. Company has reported net profit after tax of Rs 288.16 Crore in latest quarter.

Investment Rationale
Recent formation of the bullish candlestick pattern suggests a strong reversal from the current levels.

Promoter/FII Holdings
Promoters held 51 per cent stake in the company as of 30-Jun-2023, while FIIs owned 14.37 per cent, DIIs 23.74 per cent.