Citi downgrades Cummins India to 'sell', prefers LT

Oct 10, 2013, 10.30 AM IST

Citigroup says power demand in India has eased since November 2012, while diesel prices have risen, posing a challenge for the diesel engine maker.

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Citi downgrades Cummins India to 'sell', prefers L&T

Citigroup says power demand in India has eased since November 2012, while diesel prices have risen, posing a challenge for the diesel engine maker.

Like this story, share it with millions of investors on M3

Citi downgrades Cummins India to 'sell', prefers L&T

Citigroup says power demand in India has eased since November 2012, while diesel prices have risen, posing a challenge for the diesel engine maker.

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Citigroup has downgraded Cummins India to "sell" from "neutral" and cut the price target to Rs 377 from Rs 410, noting that its shares rallied in the last month despite a difficult operating environment.

Citigroup says power demand in India has eased since November 2012, while diesel prices have risen, posing a challenge for the diesel engine maker.

"Given the tougher operating environment, we would not be surprised if this guidance gets revised downwards," Citi said in a note to its clients.

Citi added that investors should switch to Larsen & Toubro instead. *At 0359 GMT, shares of Cummins were up 0.59 percent at Rs 404 .

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