Outsourcing plans crank up Cummins counter

DALAL STREET SPIKES

Cummins India was in limelight on Monday, rising 5.22 per cent on strong buying support. The stock touched an intra-day high of Rs 119.50 before closing at Rs 116.

More than 3.2 lakh shares were traded at this counter on the Bombay Stock Exchange on Monday. The counter has been on a roll in the last two trading sessions gaining more than 12 per cent.

The share spurted after the company on Friday said it expects its revenue to grow 15-20 per cent in this business year and exports to double from the previous year. On Friday the stock was up 6.6 per cent.

Cummins Inc said on Friday that it plans to buy engines and auto parts worth more than $150 million from India in the business year to March 2005. CIL already is the sole supplier of 28 litre, 38 litre and 50 litre diesel engines for power generation applications for Cummins Inc's global network.