Cummins extends gains on Macquarie outperform rating

Engine manufacturer Cummins India rose as much as 1.5 percent on Monday as the research firm Macquarie maintained an outperform rating on the stock with a target price of Rs 600.

"Outlook remains positive as domestic demand for gensets remain robust, coupled with some pick-up in the industrial and export segment," Macquarie reasoned.

The company's Q3 net profit jumped 66 percent year-on-year to Rs 234.1 crore while net sales increased 13.73 percent YoY to Rs 1,071.3 crore in the third quarter of financial year 2012-13. Shares moved up nearly 3 percent on Friday.

At 10:18 hours IST, the stock went up 1.29 percent to Rs 508.85 on Bombay Stock Exchange.