Cummins: Firing on all cylinders - Karvy initiates coverage on Cummins India Ltd with a Buy Rating. Power availability could swing the powergen segment to grow at a CAGR of 6.2% during FY14-17E. Recovery in CapEx cycle to accelerate growth for distribution, industrial and automotive segments. Low HP engines to act as a fulcrum to exports growth. We expect Cummins to deliver a RoE of 31.4% by FY17E which is superior compared to the industry as well as MNC peers. Cummins currently trades at 25.6x FY17E EPS of Rs.35.7 and we recommend BUY for a target of Rs.1,054 representing an upside potential of 15%.