Cummins India dropped 5.38% to Rs 814.95 at 15:20 IST on BSE after net profit declined 13.8% to Rs 164.15 crore on 6.91% drop in total income to Rs 1116.67 crore in Q4 March 2016 over Q4 March 2015.
The result was announced after market hours yesterday, 25 May 2016.Meanwhile, the S&P BSE Sensex was up 488.48 points or 1.89% at 26,369.65.
Huge volumes were witnessed on the counter. On BSE, so far 3.24 lakh shares were traded in the counter as against average daily volume of 13,025 shares in the past one quarter. The stock hit a high of Rs 845.60 and a low of Rs 746.80 so far during the day.
The large-cap company has equity capital of Rs 55.44 crore. Face value per share is Rs 2.
Cummins India announced that the board of directors of the company recommended final dividend of Rs 9 per share for the year ended 31 March 2016 (FY 2016).
Anant J. Talaulicar, Chairman & Managing Director, Cummins India said that disciplined and judicious investments in new products, technology capabilities in new upcoming technical center and people development position the company to continue to deliver profitable growth in the future. Earnings in Q4 March 2016 declined as export markets declined 30%, although the company continued to drive significant cost reduction activities. Even as exports demand from around the world remains sluggish, given the positive domestic outlook the company remains confident about the future growth prospects of the company and its ability to continue generating positive results, he added.
Cummins in India is a group of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, air handling, filtration, emission solutions and electrical power generation systems.
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