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Shares of Kirloskar Oil Engines hit a record high as a media report said that Cummins Group is in talks to buy a controlling stake in the company.
Shares of Kirloskar Oil Engines Ltd surged as much as 19.8 per cent to a record high of Rs 454.30. The stock of diesel engine and agricultural pumpsets manufacturer posted its biggest intraday percentage gain since February 4, 2015.
The Cummins Group, one of the world’s largest manufacturers of engines and power generation products, is in talks to acquire a controlling stake in the auto parts and equipment company Kirloskar Oil Engines, the media report said quoting two people aware of talks between the companies.
Shares of Cummins India Ltd rose as much as 3.9 per cent, in their biggest intraday percentage gain since September 29. Cummins India said “no comments” when contacted by Reuters, while Kirloskar Oil Engines was not immediately available for comment.
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