Reduce Cummins India Ltd., target Rs 690.0 : Nomura, India

Nomura, India has Reduce call on Cummins India Ltd. with a target price of Rs 690.0. The current market price of Cummins India Ltd. is 901.7. Time period given by analyst is year, when Cummins India Ltd. price can reach defined target. The revenue growth was driven by sequential improvement in exports and stable domestic performance. Operationally, the June quarter result was in-line but lower other income leads to PAT miss. Exports falter on unsustainably high base from the previous year. The domestic sales growth remained stable at over 9 per cent YoY. The weakening Powergen sales from a slowdown in real estate will lead to muted domestic growth, said the Nomura note.