Small BusinessCummins rallies 2% on healthy payout plans
Cummins ended at Rs 444, higher by Rs 11 or 2.6%, on the BSE.
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The stock had opened at Rs 433, and touched a high of Rs 467 and a low of Rs 431 during the day.
The counter saw trades of 1.62 lakh shares as against the two-week average of 0.17 lakh shares.
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Cummins India has soared 6% to Rs 459 after the company announced 300% interim dividend (Rs 6 per share on Rs 2 paid-up share capital) for FY10.
The company is a leading manufacturer of diesel and gas engines for power generation, industrial and automotive markets. It had posted marginal 3.2% growth in net profit to Rs 325.58 crore in first nine months ended December, 2009 as compared to Rs 315.48 crore in same period of previous year.
“At the end of December, we fully caught up on all customer deliveries. Unfortunately, we did not see an uptick in exports demand, although we believe the worst is behind us. I am happy to report that we were successful in improving profitability by focusing on improving efficiencies and reducing costs” said Anant Talaulicar, chairman & managing director.