.

follow-on-google-news

Shares of this auto ancillary stock under the ‘large-cap’ category jumped around 8 percent in Thursday’s trading session after the company reported financial results for the quarter ended December 2023. In the past month, the company’s stock has gained nearly 30 percent for its shareholders. 

With a market capitalization of Rs 71,933.40 crores, the stocks of Cummins India Limited started their trading session on Thursday at Rs 2,544 and currently trade at Rs 2,595, gaining nearly 8 percent compared to the previous closing levels of Rs 2,399.20 apiece. 

The company’s shares witnessed an intra-day high price of Rs 2,642.45 which is also marked as the company’s fresh 52-week high price. 

Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023. 

During the recent financial quarters, the company reported a jump in both the prime indicators of business, viz, operating revenues as well as after-tax profits with the former taking a shift from Rs 1,893 crores during Q2FY24 to Rs 2,510 crores during Q3FY24, and the after-tax profits, during the same period, rose nearly 52 percent, from Rs 329 crores to Rs 500 crores. 

Moreover, the company, yearly, reported an increase in both metrics mentioned above with the operating revenues rising from Rs 2,150 crores during Q3FY23 to Rs 2,510 crores during Q3FY24, and the latter, keeping the timeframe the same, shifted from Rs 414 crores to Rs 500 crores. 

As per the latest shareholding pattern data for the December 2023 quarter, the company’s Promoters hold a 51 percent stake, and the Foreign Institutional Investors (FIIs), marginally increasing their stake in the recent period, currently hold a considerable stake of 16.51 percent in the company. 

As per the recent presentations, the company is actively exploring opportunities in battery-based powertrains, hydrogen-based ICE engines, and electrolyzers. 

Cummins India Limited is engaged in the business of designing and manufacturing service engines and other associated technologies. The company produces fuel systems, filtration, air handling, emission solutions, etc. Apart from the domestic operations, the company exports its products overseas to Europe, North America, and other Asian countries.

Written by Amit Madnani 

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

×