Cummins India has surged 12% to Rs 825 after reporting a better than expected net profit of Rs 202 crore for the second quarter ended September 2014, primarily due to higher exports and other income. The company had a profit of Rs 145 crore in the second quarter of last fiscal.
Net sales in July-September quarter grew by 22.6% to Rs 1,144 crore from Rs 933 crore in the corresponding quarter of previous fiscal. Export sales for the quarter were at record high levels of Rs 484 crore, Cummins India said in a statement.
Analysts on an average had expected a profit of Rs 155 crore on net sales of Rs 1,020 crore for the quarter.
Operating profit increased by 24% to Rs 190 crore, while the margins improved to 16.6% from 16.4% over the previous year's quarter.
Although there is not much resurgence in domestic demand, Cummins India will gain from the new government’s attempt to make India a manufacturing hub, tax reforms and infrastructure investments, the company said in a press release.
The stock opened at Rs 765 and touched a record high of Rs 849 on NSE. The trading volumes on the counter more than doubled with a combined 996,350 shares changing hands till 1435 hours on NSE and BSE.
Net sales in July-September quarter grew by 22.6% to Rs 1,144 crore from Rs 933 crore in the corresponding quarter of previous fiscal. Export sales for the quarter were at record high levels of Rs 484 crore, Cummins India said in a statement.
Analysts on an average had expected a profit of Rs 155 crore on net sales of Rs 1,020 crore for the quarter.
Operating profit increased by 24% to Rs 190 crore, while the margins improved to 16.6% from 16.4% over the previous year's quarter.
Although there is not much resurgence in domestic demand, Cummins India will gain from the new government’s attempt to make India a manufacturing hub, tax reforms and infrastructure investments, the company said in a press release.
The stock opened at Rs 765 and touched a record high of Rs 849 on NSE. The trading volumes on the counter more than doubled with a combined 996,350 shares changing hands till 1435 hours on NSE and BSE.
