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“India is an alternative to China. But you cannot take it for granted. You have to have the right policy and regulatory environment to make sure that the capital that is leaving China is going to come to India. There are plenty of other countries both in Asia and around the world that could be sources of friendshoring.”

Cummins India, incorporated in the year 1962, is a Mid Cap company (having a market cap of Rs 44748.40 Crore) operating in Engineering sector.

According to the letter, the government reiterated dissent to the "related party transaction". "We would urge the company to explore other cashless methods of acquisition of these assets."

A total of 406,669 shares changed hands on the counter till 12:25PM (IST)

Though the brokerage remains positive on growth, Astral continues to trade at expensive valuation of 60x on FY24E EPS of Rs 31.9.

“In the case of auto ancillary companies. valuations are cheap, earnings growth should be strong over the next couple of years and that is the main theme. It is less to do with an overall auto revival story rather than the company gaining market share and capturing a market which is moving away from natural leather to high quality PU leather where most of the global OEMs are moving to.”

Choice Broking values the stock based on Sep-24E EPS to arrive at a target price of Rs 893 (valuing at 25x) and improve its rating from neutral to Add on the stock.

Brokerage firm Morgan Stanley remained overweight on Shriram Transport, Motilal Oswal has a buy on Tata Motors, Nuvama Institutional Equities retained its buy stance on Nestle India and Prabhudas Lilladher maintained its buy stance on Bharat Forge.

As of 31-Dec-2022, promoters held 74.99 per cent stake in the company, while FIIs held 8.63 per cent and domestic institutional investors had 6.4 per cent.

The stock quoted a 52-week high price of Rs 54262.3 and a 52-week low of Rs 37138.95.