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Business Standard
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- Business Standard
Buy on dips as Cummins India Q1 strong but outlook priced into stock
Cummins India Q1 profit rose on Powergen and exports growth, with analysts bullish on long-term prospects but cautioning that current valuations reflect the optimism premium Devangshu Datta New Delhi Listen to This Article Cummins India (Cummins) reported strong results for the April–June quarter (Q1) of FY26, comfortably beating consensus estimates. Revenue growth was driven by gains in the Powergen and exports segments, along with some increase in Powergen market share. Demand improvement in the Powergen segment may be on the horizon, with prices stabilising. Consolidated revenues increased 26 per cent year-on-year (Y-o-Y) to Rs 2,910 crore. Domestic sales at Rs 2,340 crore grew 25 per cent Y-o-Y (21 per cent quarter-on-quarter, Q-o-Q), while export sales rose 34 per cent Y-o-Y (9 per cent Q-o-Q) to Rs 520 crore. Exports have been rising continuously
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Business Standard
18 minutes ago
- Business Standard
CapitaLand Investment to invest Rs 19,200 crore in Maharashtra by 2030
CapitaLand Investment Limited (CLI), a global real asset manager, has signed a memorandum of understanding (MoU) with the Maharashtra government, outlining its plans to invest over Rs 19,200 crore (SGD 2.83 billion) by 2030. The planned investments in Maharashtra are part of CLI's broader growth strategy for India, where the company aims to increase its funds under management from over SGD 8 billion to about SGD 15 billion by 2028. The investments will be across business parks, data centres, logistics and industrial parks in the Mumbai Metropolitan Region (MMR) and Pune. CLI's presence in Maharashtra began in 2013 with the launch of International Tech Park Pune, Hinjawadi (ITPP-H), developed in partnership with the Maharashtra Industrial Development Corporation (MIDC). Over the past decade, CLI has expanded its footprint in Mumbai and Pune, investing over Rs 6,800 crore (SGD 1 billion) across 10 assets spanning business parks, data centres and logistics facilities. Sanjeev Dasgupta, chief executive officer of CLI India, said: 'India is a core market for CLI, and Maharashtra, with its strong economic fundamentals and well-developed IT and industrial ecosystem, presents significant opportunities for us to grow our footprint. The state has been a steadfast partner in our growth journey over the past decade, and we value the strong support and collaboration. We will continue to scale our investments in Maharashtra through our listed trust, CLINT; our private funds; and the Ascendas-Firstspace platform.' CLI has five operational business parks in Maharashtra with a total leasable area of 9.7 million square feet (msf) and plans to add another 4.5 msf. It has invested in four of the business parks through CapitaLand Investment Trust (CLINT), Asia's largest India-focused property trust listed in Singapore. The fifth business park, International Tech Park Pune, Kharadi, is held under CLI's private fund, Ascendas India Growth Programme. CLI also has five logistics and industrial parks in Mumbai and Pune under Ascendas-Firstspace, spanning 5.3 msf, as well as a 1.2 msf warehousing park in Panvel, Mumbai, under CLINT. In addition, CLI has a development pipeline of logistics projects totalling 17 msf under Ascendas-Firstspace.
Economic Times
18 minutes ago
- Economic Times
Hindalco Q1 profit rises 30% as Novelis outlook brightens for H2
The worst is behind for Novelis in several ways, said Satish Pai, managing director of Hindalco Industries. ADVERTISEMENT 'By the second half of this year, you should start to see a very positive turn to Novelis,' he said on Tuesday. Hindalco Industries, which reported its consolidated earnings on Tuesday, saw a 30% jump in its consolidated net profit for the June quarter at Rs 4,004 crore, with consolidated revenue from operations 13% higher at Rs 64,232 crore. Novelis, the wholly-owned US-based subsidiary of the company, reported a 36% fall in its net income for the June quarter at $96 million, while the adjusted EBITDA made on each tonne of aluminium stood at $432, down by 18% on-year. Structurally higher scrap prices negatively impacted performance during the quarter, Novelis said on Monday.'Scrap spreads have started to improve, most particularly in the US. So, we are now hoping, that will get better in the coming quarters,' Pai said on Tuesday. 'The supply of scrap in the US has also gone up, so scrap spreads are no more a headwind, but have started to become a tailwind,' he said on a call after the company's quarterly September and December quarters of the last fiscal were the peak in terms of scrap prices, he said, with prices now turning favourable. ADVERTISEMENT While the June quarter is the 'bottom' in many ways, the September quarter will be similar. 'By Q3, Q4 of this year, you are going to see a much stronger and healthier Novelis,' he said. Earnings in the second half of the year will reflect the impact of mitigation of the spreads, cost reduction programmes and the scrap spreads improving, Pai said. Unlock 500+ Stock Recos on App For its upstream aluminium business in India, Hindalco's earnings before interest, tax, depreciation and amortization (EBITDA) rose 17% on-year to Rs 4,080 crore. The upstream EBITDA per tonne stood at $1,467, up 15% compared to the previous year. In the downstream aluminium business, EBITDA per tonne surged 92% on-year to $264, while EBITDA was at a record high of Rs 229 crore, up 108% on-year. ADVERTISEMENT In the copper business, EBITDA stood at Rs 673 crore, with the sharply declining TC/RCs offset by higher realisation from sulphuric acid, the company said in a statement. At a consolidated level, the company's EBITDA rose 9% on-year to Rs 8,673 reported its earnings during market hours and its shares closed at Rs 666.95 apiece on the BSE, down 0.7% from the previous close. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
