CUMMINSIND

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

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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

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

• GOT TOTAL TAX DEMAND ORDER FOR 133 MILLION RUPEES

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

• CUMMINS INDIA - AJAY SHRIRAM PATIL RESIGNS AS CFO

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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

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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)

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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

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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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** Shares of power generators maker Cummins India CUMM.NS up 5.9% to a record high of 2,542.7 rupees

** Shares log their steepest rise since June 2023

** Co reported a 20.6% rise in Q3 profit on Wednesday, signaling recovery in demand for power generator sets and engines

** Avg rating of analysts on stock is an equivalent of "hold" - LSEG

** However, the median PT of 1,770 rupees represents a ~26% discount to last close

** Over 1.3 mln shares change hands, 2.5x the 30-day avg

** Shares gained ~16% in the Dec-qtr, but are up ~36% since its Q2 results on Nov. 7

(Reporting by Manvi Pant in Bengaluru)

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

• CUMMINS INDIA DEC-QUARTER CONSOL PAT 4.99 BILLION RUPEES VERSUS PROFIT 4.14 BILLION RUPEES

• CUMMINS INDIA DEC-QUARTER CONSOL INCOME FROM OPERATIONS 25.1 BILLION RUPEES VERSUS 21.49 BILLION RUPEES

Source text for Eikon: [ID:]

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Jan 18 (Reuters) - Accelera, a zero-emissions business unit of Cummins CMI.N, Daimler Trucks & Buses US Holding, and PACCAR PCAR.O, on Thursday picked Marshall County, Mississippi as the site for advanced battery cell manufacturing in the United States.

Last year, the three companies had come together for battery cell production in the United States for commercial electric vehicles, with each owning about 30% in the joint venture.

The 21-gigawatt hour factory is expected to start producing battery cells in 2027.

It is expected to create more than 2,000 manufacturing jobs with an option for further expansion as demand grows.

More companies are rushing to set up manufacturing facilities in the United States to take advantage of the federal subsidies offered amid strong demand for lithium iron phosphate (LFP) battery technology from companies such as Tesla TSLA.O, Toyota Motor 7203.T, Ford Motor F.N and Hyundai Motor 005380.KS.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Maju Samuel)

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Dec 12 (Reuters) - Cummins India Ltd CUMM.NS:

• CO IN COLLABORATION WITH REPOS ENERGY LAUNCHES DATUM, A FUEL MANAGEMENT SYSTEM FOR DIESEL APPLICATIONS

Source text for Eikon: ID:nBSEb1KC6T

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** Shares of Cummins India CUMM.NS up as much as 5.9% at 1789.90 rupees, their biggest intraday pct gain since Feb 9

** Stock posts highest level since Aug 11

** Lower costs helped co post a 23% rise in Q2 profit to 3.29 bln rupees ($39.52 mln), while income from ops dipped 1.8%

** Expect demand to normalise for rest of the year, CUMM said

** About 1.8 mln shares change hands, 3.4x the 30-day avg

** Mean recommendation of 22 analysts eyeing the stock is "hold", median TP is 1,708.50 rupees - LSEG data

** Cummins stock up ~27%, YTD

($1 = 83.2560 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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

• APPOINTED JENNIFER BUSH AS CHAIRPERSON

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BENGALURU, Nov 3 (Reuters) - Indian engineering company Thermax THMX.NS reported a roughly 45% jump in second-quarter profit on Friday, helped by higher demand for its industrial products and infrastructure.

Consolidated net profit rose to 1.58 billion rupees ($19 million) in the three months ended Sept. 30, from 1.09 billion rupees a year ago.

The Pune, Maharashtra-based company's revenue rose 11% to 23.02 billion rupees.

Sales of industrial products -- including for heating, cooling, water and waste management increased 18%.

Its infrastructure business, which includes building large boilers, turnkey power plants and wastewater treatment plants, posted a 13% increase in revenue.

Thermax's order balance was 102.64 billion rupees at the end of September, compared to 94.85 billion rupees at the end of June.

It also said it has approved an investment up to $2 million in its Singapore unit.

Peer KEC International KECL.NS reported a muted 1.1% year-on-year rise in profit earlier this week, while Cummins India CUMM.NS will post its result next week.

Thermax's shares closed up just under 1% ahead of the results and have gained more than 36% during the Sept. quarter.

($1 = 83.2463 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D'Souza)

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Adds details from release, background throughout

Sept 6 (Reuters) - Accelera, a zero-emissions business unit of Cummins CMI.N, Daimler Trucks & Buses US Holding DTGEe.DE and PACCAR PCAR.O said on Wednesday they formed a joint venture to advance battery cell production in the United States.

Demand for lithium-iron-phosphate (LFP) battery technology remains strong from companies such as Tesla TSLA.O, Toyota Motor 7203.T, Ford Motor F.N and Hyundai Motor 005380.KS, looking to cut back expenses and push out more affordable electric vehicles (EV).

Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on LFP battery technology family for commercial battery-electric trucks.

The companies, which expect to see growing demand for their battery technology through the decade, added they expect to invest between $2 billion and $3 billion to set up a 21-gigawatt hour (GWh) factory to manufacture LFP battery cells.

"This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck.

LFP battery-cell maker EVE Energy 300014.SZ will also serve as the technology partner in the joint venture with a 10% ownership.

The transaction is subject to customary closing conditions and regulatory approvals.

LFP battery cells were developed in the United States, but Chinese companies such as BYD 002594.SZ and CATL 300750.SZ currently dominate global production.

Additionally, more companies have been trying to set up manufacturing facilities in the United States and take advantage of the federal subsidies offered.

(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)

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Aug 3 (Reuters) -

Engine maker Cummins India CUMM.NS on Thursday reported an almost 79% increase in profit, led by the strong sales in engines segment.

The company's consolidated profit after tax was 3.54 billion rupees ($42.8 million) in the three months ended June 30, compared with 1.98 billion rupees a year earlier.

Income from operations rose more than 31% to 21.85 billion rupees. Engines division, which accounts for more than three-fourths of the revenue on a standalone basis, surged more than 31%.

The local unit of the U.S. truck engine maker Cummins Inc CMI.N benefitted from the demand for diesel engines as chip shortages eased and vehicle production rebounded.

For further earnings highlights, click (Full Story)

KEY CONTEXT

Rival Thermax THMX.NS posted a smaller-than-expected 1.7% rise in first-quarter profit, dragged by slower sales growth and an exceptional cost, while others like ABB ABB.NS and Siemens SIEM.NS are yet to report results.

PEER COMPARISON

** The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from Refinitiv

-- $1 = 82.7050 Indian rupees

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Dhanya Ann Thoppil)

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** Shares of Cummins India CUMM.NS rise as much as 2.14% to a record high of 1,828 rupees

** Co receives CPCB IV+ emissions compliance from Automotive Research Association of India (ARAI) for its genset engines

** CPCB IV+ emission standards, brought forth by Central Pollution Control Board, will be effective from July 1

** Certification reaffirms readiness to sell gensets complying with emission norms, says co

** Compared to CPCB II standards, the IV+ will lead to 90% reduction in particulate matter and harmful oxides of nitrogen

** The relative strength index rose above 70 on Tuesday, suggesting the stock may be overbought - Refinitiv data

** Trading volume is ~826,000 shares as of 2:09 p.m. IST, 1.1x the 30-day avg

** Avg rating of 25 analysts close to 'buy' with median PT of 1,648.00 rupees

** Stock has risen 33.2% in 2023 so far, compared to 3.2% rise in Nifty 50 .NSEI

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Cummins India Ltd CUMM.NS rise as much as 4.20% after co posts 61.3% jump in Q4 profit after tax

** Income from operations jumps over 28% YoY; co declares final dividend of 13 rupees per share

** Stock posts highest intraday pct gain in over three months

** Trading volume is 2.36 mln shares as of 3:07 p.m. IST, nearly 4x the 30-day avg - Refinitiv data

** Thirteen analysts rate stock 'buy' or higher, five 'hold' and eight 'sell' or lower; median PT is 1,565.00 rupees

(Reporting by Bharath Rajeswaran in Bengaluru)

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May 24 (Reuters) - Cummins India Ltd CUMM.NS:

• MARCH-QUARTER CONSOL PAT 3.49 BILLION RUPEES VERSUS PROFIT 2.16 BILLION RUPEES

• MARCH-QUARTER CONSOL INCOME FROM OPERATIONS 18.97 BILLION RUPEES VERSUS 14.77 BILLION RUPEES

• FINAL DIVIDEND OF 13 RUPEES PER SHARE

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