CUMMINSIND

Nov 6 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA Q2 CONSOL PAT 6.22 BILLION RUPEES

• CUMMINS INDIA Q2 CONSOL INCOME FROM OPERATIONS 31.22 BILLION RUPEES

Source text: ID:nBSE6HkhvP

Further company coverage: CUMM.NS

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Updates with DOE statement, more details

By Valerie Volcovici, David Shepardson and Nichola Groom

WASHINGTON, Oct 7 (Reuters) -

The U.S. government is considering cancelling billions of dollars in funding for clean energy programs, including awards for auto manufacturing and carbon capture, according to a list of targeted projects seen by Reuters.

Projects on the list include two major direct air capture hubs that received billion-dollar awards from former President Joe Biden's administration, including one that involves oil company Occidental OXY.N.

Semafor reported the list earlier and said it could impact $12 billion in projects.

Also on the list is $500 million awarded last year to General Motors GM.N to convert its Lansing Grand River Assembly Plant in Michigan to EVs; $335 million for Stellantis STLAM.MI to convert the shuttered Belvidere Assembly plant in Illinois to build mid-size electric trucks; and $250 million for Stellantis to convert its Indiana Transmission Plant in Kokomo to produce EV components.

Last week, the Department of Energy announced plans to cancel $7.56 billion in financing for hundreds of energy projects it said would not provide sufficient returns to taxpayers.

The Energy Department is also considering rescinding a $32 million award to Hyundai Mobis 005380.KS which operates a Stellantis supplier in Ohio to produce plug-in hybrid components and battery packs and $89 million for Harley-Davidson HOG.N expand its York, Pennsylvania plant for EV motorcycle manufacturing.

Also on the list is a $80 million award for Blue Bird BLBD.O to convert a former Georgia plant to build electric school buses; and $75 million to engine company Cummins CMI.N to convert part of an existing Indiana plant to make zero-emission components and electric powertrain systems.

The DOE also is considering cutting $208 million for the Volvo Group VOLVb.ST to upgrade plants in Maryland, Virginia and Pennsylvania to increase EV production capacity.

The Energy Department said in a statement it "continues to conduct an individualized and thorough review of financial awards made by the previous administration. No determinations have been made other than what has been previously announced."

Occidental, GM, Harley-Davidson and Stellantis declined or did not immediately comment.

The total sum of the grants in question was uncertain. The list included some projects that DOE said in May it canceled.

The previous cancellations included $331 million at an olefins plant carbon reduction at Exxon's Baytown, Texas refinery; $500 million to Heidelberg Materials, US in Louisiana; and $375 million to Eastman Chemical Company EMN.N in Texas

White House budget director Russell Vought said in a post on X last week that the administration would terminate nearly $8 billion in climate-related funding in 16 Democratic-led states, including California and New York.

(Reporting by Valerie Volcovici in Washington, additional reporting by Chandni Shah in Bengaluru, Nichola Groom in Los Angeles and David Shepardson and Timothy Gardner in Washington; Editing by Nia Williams and David Gregorio)

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** Shares of Cummins India CUMM.NS rise 2.9% to 3,780 rupees, highest since October 16, 2024

** Stock marks biggest intraday pct gain since May 30

** Co posts 30.5% Y/Y rise in June-qtr consol PAT, helped by robust demand for its engines and power generators

** Consolidated revenue from operations up 25.7% Y/Y

** CUMM rated "buy" by 22 analysts on average; median target price is 3,500 rupees – data compiled by LSEG

** Stock up 15.4% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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Aug 7 (Reuters) - Cummins India Ltd CUMM.NS:

• Q1 CONSOL PAT 6.04 BILLION RUPEES

• Q1 CONSOL INCOME FROM OPERATIONS 28.59 BILLION RUPEES

Further company coverage: CUMM.NS

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July 25 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA LTD - RECEIVES CUSTOMS ORDER DEMANDING 14.3 MILLION RUPEES

Source text: ID:nBSE842Vrz

Further company coverage: CUMM.NS

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May 28 (Reuters) - Cummins India CUMM.NS reported a lower fourth-quarter profit on Wednesday, as ballooning costs offset the benefit of price hikes it took for some of its generator sets.

The company, a unit of U.S. truck engine maker Cummins Inc CMI.N, said its consolidated profit after tax came in at 5.30 billion rupees ($62.1 million), 1.7% lower than 5.39 billion rupees a year ago.

The company's sales increased 6.4% to 24.14 billion rupees, which analysts attributed to price hikes during the quarter, particularly for its CPCB 4+ generator sets.

The CPCB 4+ generator sets comply with the latest emission standards set by India's federal pollution control board, and make up about 40% of sales.

Cummins India's total expenses rose 9.2% to 19.88 billion rupees, mainly due to a 16.8% increase in raw material costs.

The company in February said that demand growth is expected to continue supported by government capital expenditure and demand across power cars, tower cars in railways and the construction sectors.

Meanwhile, parent Cummins Inc withdrew its annual forecast, joining other vehicle manufacturers that are reassessing expectations as the industry grapples with the mounting uncertainty generated by U.S. President Donald Trump's tariffs.

Shares of Cummins India closed flat ahead of results on Wednesday.

($1 = 85.3850 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Varun H K and Leroy Leo)

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Corrects to year-earlier quarter from the latest quarter in paragraph 7; also corrects to gain from charge in the same paragraph

May 5 (Reuters) - Cummins CMI.N withdrew its annual forecast on Monday, joining other vehicle manufacturers that are reassessing expectations as the industry grapples with the mounting uncertainty generated by U.S. President Donald Trump's sweeping import tariffs.

The U.S. truck-engine maker had previously projected 2025 revenue growth ranging from a 2% decrease to a 3% increase, with core profit expected to comprise 16.2% to 17.2% of sales.

"Due to growing economic uncertainty, the company is not providing an outlook for revenue or profitability for the remainder of 2025," Cummins said in its earnings release.

The North American trucking market, already dealing with an oversupply of equipment, is now confronted with new challenges arising due to the erratic import tariffs.

General Motors GM.N pulled its annual forecast earlier this month, days after pausing plans to buy back $2 billion of shares in the first half of the year.

For the quarter ended March 31, Cummins reported net income of $824 million, or $5.96 per share, compared with $2 billion, or $14.03 apiece, last year.

The company said its first-quarter profit last year included a $9.08 per share gain related to the split-off of its remaining interest in Atmus Filtration Technologies ATMU.N and restructuring expenses of 15 cents per share.

Net sales for the first quarter came in at $8.17 billion, slightly below the estimates of $8.19 billion, according to data compiled by LSEG.

Shares of the company fell 1.5% in premarket trading.

(Reporting by Raechel Thankam Job and Aishwarya Jain in Bengaluru; Editing by Tasim Zahid)

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Feb 7 (Reuters) - Cummins India Ltd CUMM.NS:

• APPROVES SALE OF 100% STAKE IN CSSPL

• SALE CONSIDERATION AMOUNTS TO 565 MILLION RUPEES

Source text: ID:nNSE3NtZpG

Further company coverage: CUMM.NS

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** Cummins India CUMM.NS soars as much as 5.8% to 3,090 rupees; set to gain for third straight day

** Co, a unit of U.S.-based truck engine maker Cummins CMI.N, reports ~12% y/y rise in Q3 consol PAT

** Says overall sales up ~22% y/y, which largely included the sales of engines and power generators

** Adds co remains cautiously optimistic about demand outlook for the near-term

** More than 1 mln shares traded vs 30-day avg of 679,642

** Stock rated "hold" on avg; median PT is 3,650 rupees - LSEG

** CUMM last up 1.7%, trims YTD losses to 10.8%

(Reporting by Meenakshi Maidas in Bengaluru)

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Feb 5 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA LTD - REMAINS OPTIMISTIC ABOUT RECOVERY IN EXPORTS DEMAND

• CUMMINS INDIA - REMAIN CAUTIOUSLY OPTIMISTIC ABOUT DEMAND OUTLOOK FOR NEAR-TERM

Source text: ID:nBSE9WJ1Nt

Further company coverage: CUMM.NS

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Jan 15 (Reuters) - Cummins India Ltd CUMM.NS:

• GOT TOTAL TAX DEMAND ORDER FOR 133 MILLION RUPEES

Source text: [ID:]

Further company coverage: CUMM.NS

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Dec 5 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA - AJAY SHRIRAM PATIL RESIGNS AS CFO

Source text: ID:nBSE1LdwV

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Nov 7 (Reuters) - Cummins India CUMM.NS, a unit of U.S.-based truck engine maker Cummins CMI.N, reported a higher second-quarter profit on Thursday, helped by robust demand for its engines and power generators.

The diesel and natural gas engine maker's consolidated profit after tax came in at 4.49 billion rupees ($53.3 million) for the three months ended Sept. 30, up from 3.29 billion rupees a year earlier.

The company's revenue increased due to price hikes, particularly for its CPCB 4+ generator sets, analysts said.

These generator sets comply with the latest environment-friendly emission standards set by India's federal pollution control board.

A restock in inventory and steady demand across all its segments helped increase volumes, analysts added.

Sales in its engine segment, which includes power generator sets and contributes nearly 80% to overall sales, grew 30% during the quarter.

The segment boosted overall quarterly sales to 30.09 billion rupees.

India's infrastructure is growing in tandem with power demand, ensuring that sales for the company's products remain high despite price increases, the company had said in August.

Cummins India's income from operations grew 30% to 24.65 billion rupees in the second quarter. Costs of materials, which account for more than half of its total expenses, rose 38.4%.

Parent Cummins Inc beat third-quarter profit estimates earlier this week, due to robust demand for its power generation products.

Cummins' shares closed 1.6% lower ahead of the results and have climbed 81% so far in 2024.

($1 = 84.2900 Indian rupees)

(Reporting by Meenakshi Maidas and Kashish Tandon in Bengaluru; Editing by Abinaya Vijayaraghavan and Shreya Biswas)

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** Shares of Cummins India CUMM.NS fall 5.1% to 3,588 rupees

** Stock among top losers on Nifty midcap 150 index .NIMI150, which is up 0.03%

** Goldman Sachs double downgrades stock to "sell" from "neutral"

** Brokerage says near-term margins coming under pressure, medium-term growth moderating

** Weak macro environment and stringent emission norms to keep export growth rates low- Goldman Sachs

** More than 920,000 shares change hands, 2.1x its 30-day avg

** Twenty-two analysts covering the stock on avg have a "hold" rating; median PT is 3,390 rupees - LSEG data

** Stock up 83% so far this year vs 28% rise in Nifty midcap 150

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Brokerage Motilal Oswal sees Cummins India CUMM.NS "well positioned" to encash on strong demand of diesel generator sets after tighter emission norms

** CUMM rose as much as ~2% in the day

** Transition to CPCB IV+ emission norms, part of the government's efforts to reduce pollution, has kept demand strong "contrary to expectations" - note

** Adds powergen segment will be driven by strong demand and pricing gains in FY25; strong construction cycle to help industrial segment

** Brokerage maintains "buy" rating, TP 4,300 rupees

** Co, on an avg, rated "hold", median TP 3,500 rupees - LSEG

** Rivals Thermax THMX.NS flat, ABB India ABB.NS and Siemens SIEM.NS drop 2.4% and 1.4% respectively

** YTD CUMM has surged 94%

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 13 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA LTD - APPOINTS SHVETA ARYA AS MANAGING DIRECTOR

Source text for Eikon: ID:nBSE4G4fXc

Further company coverage: CUMM.NS

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** Shares of Cummins India CUMM.NS up 8% to 3,803.9 rupees

** Stock eyes best day since early Feb.

** The power generator maker's Q1 profit surged 31% on strong domestic demand

** Over 2.4 mln shares traded, 2.6x the 30-day avg

** Analysts' avg rating on stock is "Hold", median PT is 3,235 rupees, an 8% discount on last close, per LSEG data

** Including session's gains, stock is up ~94% YTD vs ~23% rise in the Nifty mid-cap index .NIFMDCP100

(Reporting by Manvi Pant in Bengaluru)

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Aug 6 (Reuters) - Cummins India Ltd CUMM.NS:

• CUMMINS INDIA LTD - ASHWATH RAM RESIGNS AS MD

• CUMMINS INDIA LTD - APPOINTD SHVETA ARYA AS MD (DESIGNATE)

Source text for Eikon: ID:nNSE90WkDM

Further company coverage: CUMM.NS

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Adds analyst estimates on likely inflows into Adani Ports in paragraph 5

By Bharath Rajeswaran

BENGALURU, May 24 (Reuters) - India's Adani Ports and Special Economic Zone APSE.NS will replace Wipro WIPR.NS in the 30-stock blue-chip S&P BSE Sensex .BSESN, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. .BO

Two Adani Group companies - Adani Enterprises ADEL.NS and Adani Ports are already part of the other benchmark index NSE Nifty 50 .NSEI.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power ADAN.NS have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC RECM.NS, HDFC Asset Management HDFA.NS, Canara Bank CNBK.NS, Cummins India CUMM.NS and Punjab National Bank PNBK.NS have been included in the BSE 100 index .BSE100.

The stocks replaced in that index are Page Industries PAGE.NS, SBI Cards and Payment Services SBIC.NS, ICICI Prudential Life Insurance ICIR.NS, Jubilant FoodWorks JUBI.NS and Zee Entertainment Enterprises ZEE.NS.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

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BENGALURU, May 10 - India's Thermax THMX.NS reported a higher fourth-profit on Friday, helped by strong demand for its products.

The industrial machines maker reported a consolidated net profit of 1.88 billion rupees ($22.5 million) in the quarter ended March 31, up 20.5% from last year and in line with analysts' estimates of 1.87 billion rupees, as per LSEG data.

Capital goods companies in India have benefitted from the government's push on infrastructure and clean energy through increased capital expenditure and production-linked incentive schemes.

Rival KEC International KECL.NS reported a more than doubling of profit earlier this week, while Larsen and Toubro's LART.NS profit beat analysts' estimates.

Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose 2% from last year.

Sales of industrial products such electric boilers, heat pumps and wastewater treatment plants increased 23% to 12.07 billion rupees during the quarter.

Revenue from its industrial infrastructure business, which includes large boilers, power plants and refinery process units, increased by 17%.

A 22% rise in raw material's costs pushed Thermax's expenses up 19% to 25.68 billion rupees.

Shares of the company closed 2.2% higher ahead of results.

($1 = 83.4950 Indian rupees)

(Reporting by Aleef Jahan and Kashish Tandon in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)

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** Shares of Cummins India CUMM.NS jump as much as ~3% to hit record high of 3,133.20 rupees

** Stock ends session 2.6% up at 3,120.65 rupees, 25% higher than median TP set by 24 analysts, as per LSEG data

** Reuters could not immediately ascertain reason behind the move

** Avg rating on stock "hold" - LSEG data

** YTD stock up ~59% vs a ~42% climb in 2023

(Reporting by Hritam Mukherjee in Bengaluru)

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April 2 (Reuters) - Marine Electricals (India) Ltd MARN.NS:

• GETS ORDER WORTH 143.3 MILLION RUPEES

• GETS ORDER FROM CUMMINS INDIA

Source text for Eikon: [ID:]

Further company coverage: MARN.NS

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** Shares of Cummins India CUMM.NS closed 2.9% higher at 2,793.80 rupees

** HSBC Global Research upgrades its rating to 'buy' from 'hold' and raises PT to 3,300 rupees from 2,600 rupees

** HSBC expects the power generator maker's growth to be driven by a transition to products compliant with stricter emission norms and favorable demand in sectors like residential construction

** The brokerage also sees the distribution business - which sells its products through a network of dealers and distributors - as a growth driver

** Mean rating of 22 brokerages on CUMM is "hold", median PT is 2,465 rupees - LSEG data

** Stock up 42.3% so far this year

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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** Shares of Cummins India CUMM.NS up as much as 5.5% at a record 2,753.75 rupees

** Reuters could not immediately confirm the reason for the stock move

** CUMM had hit a record high on Feb. 8 after reporting an ~21% jump in Q3 profit

** Eighteen analysts have hiked PT on "hold"-rated stock since results - LSEG data

** Median PT is 2,450 rupees vs 1,770 rupees a month earlier - LSEG

** Stock up ~39% YTD, after rising for four straight years

(Reporting by Kashish Tandon in Bengaluru)

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Changes headline, recasts paragraph 1, and adds chart of historic weightage data of India and China in MSCI Global Standard index

By Bharath Rajeswaran

BENGALURU, Feb 13 (Reuters) - India has narrowed the gap with China in MSCI's Global Standard index, which tracks emerging market stocks for investors, after the latest revision.

Index provider MSCI raised India's weightage in the index to an all-time high of 18.2% on Tuesday, which could lead to inflows of about $1.2 billion, analysts said.

In comparison, China's weight in the index fell to 25.4% after the February revision, from 26.6% a year ago.

The convergence of weights between Indian and Chinese stocks has intensified since August 2020, when China's weightage was five times that of India's.

MSCI's revisions will come into effect after market close on Feb. 29. Indian shares had a 17.9% weight on the index ahead of the February review.

The gain for India can be attributed to a sustained rally in equities and relative underperformance of other emerging markets, especially China, Nuvama Alternative & Quantitative Research said in a note on Tuesday.

India could surpass a 20% weight on the MSCI index by early 2024, on consistent flows from domestic institutional investors and steady foreign portfolio investor participation, Nuvama said.

MSCI added five Indian stocks to its Global Standard index and did not move any out. In contrast, the index provider removed 66 Chinese stocks while adding five.

India's state-owned lenders Punjab National Bank PNBK.NS and Union Bank of India UNBK.NS were added to the large-cap category, while Bharat Heavy Electricals BHEL.NS and NMDC NMDC.NS were included in the mid-cap category. GMR Airports Infrastructure GMRI.NS was moved to the mid-cap category from small-caps.

India could witness up to $1.2 billion of passive foreign flows after the February review, Nuvama said.

About 27 small-cap stocks were added to the MSCI Domestic index, while six were either moved to other categories or removed.

Tata Motors TAMO.NS and Macrotech Developers MACE.NS were added to the domestic index under the large-cap category while Punjab National Bank, Canara Bank CNBK.NS and Embassy Office Park REIT EMBA.NS to the mid-caps.

Bharat Heavy Electricals BHEL.NS, Persistent Systems PERS.NS, MRF MRF.NS, Suzlon Energy SUZL.NS and Cummins India CUMM.NS were moved to the mid-cap index from small-caps.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)

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