UBS maintains neutral rating on Siemens, Jefferies recommends buy on IIFL Finance, JPMorgan has overweight rating on Max Healthcare, and Macquarie maintains outperform rating on Tata Motors.
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Brokerage Haitong has raised its price target on engineering firm Siemens to ₹4,800 from ₹4,300 as it remains positive on the long-term prospects of the company amid the upturn in the capex cycle. The target price implies an upside of almost 20% over Tuesday’s closing price of ₹3,991.
German MNC Siemens has announced plans to demerge its Indian unit, Siemens Ltd, in 2025. To accelerate the demerger process, Siemens AG will acquire an 18% stake in Siemens Ltd for €2.1 billion. The acquisition will increase Siemens’ stake in the Indian subsidiary from 51% to 69%, while Siemens Energy’s stake will decrease from 24% to 6%. The demerger aims to separate the business activities of Siemens in India.
Cummins India reported a 23% rise in second-quarter profit as lower expenses helped offset slowing engine demand. The Indian unit of U.S. engine maker Cummins reported a consolidated profit of 3.29 billion rupees, up from 2.67 billion rupees last year. Total expenses fell 5.1% on lower cost of raw materials. Income from operations marginally dipped 1.8% due to weaker demand for newly launched and more expensive power generator sets made to meet revised emissions guidelines.
