Cummins India - Tomorrow Never Dies - Emkay

- FY14E is a washout for Cummins with climax in earnings performance in Q2FY14E; FY15E has several positives

- Genset industry structure impeccable. Channel checks hints at retention of pricing discipline even in tough business environment

- Underlying fundamentals of Gensets revisited. Spares business remains on strong footing. Rupee depreciation is making stronger case for export business

- Bypass earnings trajectory & focus on capabilities; Reiterate positive bias with a target price of Rs460

Source : Equity Bulls

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