JP Morgan starts coverage of Cummins India, CG Power, Thermax with 'overweight'

ReutersSep 10, 2025 7:53 AM

JP Morgan initiates coverage of CG Power CGPO.NS, Cummins India CUMM.NS and Thermax THMX.NS with "overweight" rating

Price target for CGPO at 840 rupees, CUMM at 4,649 rupees, and THMX at 3,869 rupees

Shares of CGPO up 3.2%, THMX rise 2%, and CUMM up 0.6%

Brokerage sees CGPO, CUMM and THMX posting over mid-teen growth in earnings per share

Thermax to see margin expansion as older, lower margin projects run out - JP Morgan

Brokerage also initiates coverage on ABB India ABB.NS and Praj Industries PRAJ.NS with "neutral" and Siemens SIEM.NS and Bharat Heavy Electricals BHEL.NS with "underweight"

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