Rs 18/Share Dividend: HDFC Securities Lists Engineering Stock To Buy, TP Rs 3006

Brokerage firm HDFC Securities appears upbeat on large cap company from the engineering sector, Cummins India and recommended investors to buy Cummins India shares with target price of Rs 3006. Current market price of Cummins India shares on BSE is Rs 2592.60 apiece with intraday fall of 0.43%.

If you buy Cummins India stock now at the current market price of Rs 2592.60 apiece, you can fetch potential return of 15.95%. Cummins India shares witnessed a rally of 10.35% in last 1-week. Check details below:

Cummins India Shares To Go Ex-Dividend Soon: According to the regulatory filing of the company issued on February 7, 2024, "We further wish to inform the exchange that the Board of Directors have approved and declared an Interim Dividend of Rs 18/- per equity share i.e. at the rate of 900% on 277,200,000 equity shares (Face Value Rs. 2/- each) for the Financial Year 2023-24. The Interim Dividend will be paid on or before March 06, 2024."

Cummins India Q3 Results: The company on February 6, 2024 announced a surge of 26.32% YoY in its standalone net profit to Rs 454.92 crore for the quarter ended December 2023. It announced its net profit at Rs 360.14 crore in the corresponding quarter of last year, as per its BSE filing. Cummins declared its standalone net profit at Rs 454.92 crore, up 26.32% YoY from Rs 360.14 crore declared in the corresponding quarter of last year, pushed by strong demand in domestic and global markets. The company's EPS came at Rs 16.41 for December 2023 quarter as against Rs 12.99 in the corresponding quarter of last year.

Cummins India Stock Performance & Return: The 52-week high price of Cummins India shares on BSE is Rs 2642.45 per share and 52-week low price is Rs 1481.10 per share, respectively. Its market capitalisation is Rs 71,866.87 crore. Cummins India shares rallied 15% in last 2-weeks, soared 46% in last 3-months, surged 49% in last 6-months, and gave return of 62% in last 1-year. In last 2-years, Cummins India stock on BSE gained 176% and rallied 243% in last 3-years. In last 5-years, Cummins India shares jumped 265%.

Cummins India Q3 Results: Cummins, from the industry of Compressors, Pumps & Diesel Engines, today declared its standalone net profit at Rs 454.92 crore, up 26.32% YoY from Rs 360.14 crore declared in the corresponding quarter of last year, pushed by strong demand in domestic and global markets. The company's EPS came at Rs 16.41 for December 2023 quarter as against Rs 12.99 in the corresponding quarter of last year.

Total expenses of Cummins announced at Rs 2044.32 crore for the December 2023 quarter as compared to Rs 1805.33 crore in the same quarter of last year. Total income announced at Rs 2647.67 crore for the quarter under consideration as compared to Rs 2284.30 crore for the similar quarter of last year.

Cummins India About: Formed in 1962, the largest entity of Cummins in India, Cummins India Limited is the country's leading manufacturer of diesel and natural gas engines. One of the seven legal entities of the Cummins Group in India, Cummins India Limited comprises three business units - Engine, Power Systems, and Distribution, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.