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Last Updated : Oct 11 2024 | 2:51 PM IST
Cummins India dropped 5.03% to Rs 3,591 after a foreign broker downgraded the stock to ‘sell’ and cut target to Rs 2,900.
The brokerage highlighted the growing adoption of Battery Energy Storage Systems (BESS) and other alternative energy solutions, which could lead to decreased demand for traditional diesel generators. Additionally, they pointed to a challenging macroeconomic environment that could negatively impact the company’s export growth rates. Further, the brokerage emphasized the impact of increasingly stringent emission norms being implemented worldwide, which could put pressure on the firm’s operations.
Cummins India is a leading manufacturer of diesel and natural gas engines. The company is engaged in the business of manufacturing trading and selling of engines and allied activities. Its standalone net profit increased 33% to 419.8 crore on 4.02% rise in revenue from operations to Rs 2,262.03 crore in Q1 FY25 over Q1 FY24.
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First Published: Oct 11 2024 | 2:38 PM IST
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