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Buy Cummins India, target of 560: India Infoline

By siliconindia   |   Friday, April 30, 2010
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Mumbai: India Infoline is bullish on Cummins India and has recommended buy rating on the stock with a target price of Rs. 560. According to the brokerage, on Wednesday, Cummins India surged sharply on impressive volumes above its 20-day DMA. It now faces a resistance at Rs 560 levels and should have a minimum upside till that level. Cummins India is an India-based company operating in two segments: engines business and others. The engines business segment is engaged in the manufacture of internal combustion engines, gensets and parts thereof used for various applications, such as power generation, construction, compressor, mining, marine, locomotive and fire-fighting. Others segment includes sale and leasing of diesel power generating sets and allied equipment, including operation and maintenance facilities of these equipments. The company has 50 percent interest in joint ventures, such as Cummins Exhaust, Cummins Research and Technology and Valvoline Cummins. India Infoline says, the stock has rallied smartly from a low of Rs. 437 in February 2010 to the present levels. Despite the ongoing volatility in the market, the stock has managed to hold on to the support of its 50-day DMA. The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels. With the recommended target price of Rs. 560, if the stock is bought at Thursday's closing price of Rs. 578.85, the percentage of gain would be 3.25 percent.
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