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Power back-up providers surge after blackout
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Reuters Market Eye - Shares in diesel power generators rally after a two-day blackout in India spurs hopes of increased sales of back-up electricity units.
Cummins India (CUMM.NS) rises 2.5 percent, helped as well after U.S. parent company Cummins Inc (CMI.N) posted on Tuesday better-than-expected earnings.
Deutsche Bank says Cummins Inc is seeing potential for increased sales of standby generators after this week's blackouts.
"With respect to the recent grid failures in India, the company sees an opportunity for standby generators.
The company is trying to provide solutions to stabilize the grid as well as provide emergency services," Deutsche says U.S. company told analysts in conference call.
Deutsche adds Cummins Inc expressed confidence on its Indian operations, noting demand outlook is robust. Maintains "buy" rating on the stock with a target price of 515 rupees.
Among other diesel generator manufacturers Greaves Cotton (GRVL.NS) gains 2.6 percent, after surging 3.5 percent on Tuesday.
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