Cummins India experiences a surge in stock price and reaches a new high due to strong Q3 results.

Cummins India, a leading manufacturer of diesel and natural gas engines for various markets, has seen its shares reach a record high on Thursday. The stock price rallied 10% on the Bombay Stock Exchange and reached a new high of Rs 1,616.50.

This surge in the stock price can be attributed to the company’s robust earnings report for the December quarter (Q3FY23).

Cummins India reported a profit after tax (PAT) of Rs 479 crore, which represents a 50% increase year-on-year (YoY) and a 42% increase quarter-on-quarter (QoQ).