Cummins India is having quite a volatile session today; opening 1% higher, it went on to hit a new 52-week high again today at Rs.1475.80. After two days of new highs, profit booking has come in and pushed the price into the red at Rs.1444.70; it is currently trading at Rs.1453 levels.
The stock price surged on news reports that the company will provide technology in collaboration with the EPC player Tecnimont Private Limited (TCMPL), the Indian subsidiary of Maire Tecnimont Group. This is for building one of India’s largest proton exchange membrane (PEM) electrolyzer for GAIL at Vijaipur, in Madhya Pradesh.
This project is anticipated to produce 4.3 tonnes of green hydrogen per day (equivalent to ~10 MW of electrical power input).