Share News: The stock has fallen 11 percent in three months. Last week UBS advised to sell the stock.
This company is Cummins India. The company said in the information given to the exchange that it has announced the resignation of Steven Chapman from the post of Chairman of the Cummins India Board and Non-Executive Non-Independent Director. However, he has given personal reasons behind his resignation.
What does Cummins India do: Formed in 1962, Cummins India is the largest unit of Cummins in India. Cummins India Limited manufactures engines running on diesel and natural gas.
According to market experts, management has a direct impact on the performance of a company. In such a situation, the effect of the change is visible on the stock but it is usually of short duration only.
Brokerage house UBS advises to sell shares-Last week, the stock was under pressure after UBS Securities gave ‘Sell’ rating on the stock of the engine manufacturing company.
It has been said in the report that there are concerns regarding the company’s exports. In such a situation, the company’s rating may be affected.
Promoters hold 51 percent stake in the company. There has been no change in this since the last 5 quarters. At the same time, the share of FIIs i.e. foreign institutional investors has increased. In June 2022, the stake was 10.35 percent. It will increase to 10.37 percent in September 2022. The share will increase to 12.2 percent in December 2022, 13.99 percent in March 2023, and 14.37 percent in June 2023.
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