Midcap stock declares a dividend of ₹ 12 per share; reaches new 52 week high

The shares of Cummins India (NS: CUMM ) Ltd opened 4 percent higher at Rs 1,540 levels on Thursday as against its previous close of Rs 1,474. It further gained and reached a new 52-week high of Rs 1,618 in the early hours.

The scrip gained after the company reported positive Q3 numbers. In Q3FY23, the company reported a consolidated total revenue of Rs 2,269.89 Crores, an increase of 26 percent YoY from Rs 1,804.69 Crore and 12 percent QoQ from Rs 2,026.26 Crore.

Their net profit in the period stood at Rs 413.80 Crore which increased 66 percent from Rs 249.60 Crore in the same period a year ago. In the previous quarter, their net profit stood at Rs 267.31 Crore.

Along with the quarterly results, the board of the company has also declared payment of an interim dividend. It will pay a dividend of 600% of its face value of Rs 2 amounting to Rs 12 per share. The record date for the purpose is set as February 21st, 2023.

Cummins India Limited, part of the Cummins Group, is the country’s leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.

It has a country-wide network of 20 dealerships with over 450 service points that provides products, services, and after-market solutions for the uptime of Cummins equipment and engines to customers in India, Nepal, and Bhutan.

The company has a market capitalization of Rs 43,459 Crore and a dividend yield of 1.18%. The promoters of Cummins India hold a 51 percent stake in the company with zero pledge while the Foreign Institutional Investors (FIIs) hold a 12.2 percent stake.

Written by Anoushka Roy

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