Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 18, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the green tracking positive cues from
the Asian markets. The Reserve Bank of India (RBI) in its mid quarter monetary
policy review slashed the cash reserve ratio (CRR) by 25bp from 4.75% to 4.50%,
while maintaining the key policy rates unchanged.
The U.S. markets ended on a negative note on Monday after last weeks rally due
to profit booking and disappointing manufacturing data, but selling pressure
remained relatively subdued limiting the downside for the markets. The New York
Federal Reserve report showed that conditions for New York manufacturers have
deteriorated at an accelerated rate in the month of September with index falling to
a negative 10.41 in September from a negative 5.85 in August.
Indian shares extended their recent steep gains on Monday as the government's
decision last week to raise diesel prices and relax norms for foreign direct
investment in the retail, aviation, broadcasting and power sectors cheered
investors. Going ahead, traders are likely to keep an eye on a report on US
homebuilder confidence in September.
Markets Today
Chg (%)
(Pts)
(Close)
BSE Sensex
0.4
78.0 18,542
Nifty
0.6
32.4
5,610
MID CAP
1.1
71.1
6,316
1.1
74.5
6,698
(1.8) (135.9)
7,386
SMALL CAP
BSE HC
BSE PSU
0.9
BANKEX
3.2
394.5 12,583
AUTO
1.8
179.5 10,125
METAL
1.5
150.8 10,521
OIL & GAS
2.0
169.7
8,887
(3.2) (197.4)
6,006
BSE IT
Global Indices
Chg (%)
66.7
(Pts)
7,247
(Close)
Dow Jones
(0.3)
(40.3) 13,553
NASDAQ
(0.2)
(5.3)
3,179
FTSE
(0.4)
(22.0)
5,894
Nikkei
1.8
164.2
9,159
Hang Seng
0.1
The trend deciding level for the day is 18,579/5,616 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,678 18,814/5,646 5,683 levels. However, if NIFTY trades below
18,579/5,616 levels for the first half-an-hour of trade then it may correct up to
18,444 18,345/5,579 5,549 levels.
Straits Times
0.3
8.3
3,079
(2.1)
(45.4)
2,079
Chg (%)
(Pts)
(Close)
0.1
0.0
$48.2
Indices
S2
S1
PIVOT
R1
R2
WIT
(0.8)
(0.1)
$8.9
SENSEX
18,345
18,444
18,579
18,678
18,814
NIFTY
5,549
5,579
5,616
5,646
5,683
IBN
2.4
0.9
$39.1
(0.3)
(0.1)
$37.0
News Analysis
Shanghai Com
Indian ADRs
INFY
HDB
Advances / Declines
28.3 20,658
BSE
NSE
Reserve bank maintains status quo on repo rate, reduces CRR by 25 bps
Government likely to raise LPG cap from 6 to 10 cylinders
TTMT reports 11.2% yoy growth in global sales for August 2012
Tech Mahindra buys 51% stake in Comviva for `260cr
BGR Energy wins `1,901cr contract from Damodar Valley Corporation
Advances
1,628
896
Declines
1,262
616
117
68
Refer detailed news analysis on the following page
BSE
3,172
NSE
18,236
Unchanged
Volumes (` cr)
Net Inflows (September 14, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
5,340
2,483
2,857
5,633
61,821
823
1,025
(202)
(150)
(8,344)
MFs
FII Derivatives (September 17, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
3,288
2,166
1,122
12,628
Stock Futures
3,272
2,844
428
27,605
Gainers / Losers
Gainers
Company
Pantaloon Retail
Losers
Price (`)
chg (%)
Company
Price (`)
chg (%)
(5.9)
188
19.0
Hexaware Tech.
128
GVK Power
13
14.0
ITC
253
(5.5)
HDIL
82
13.6
TCS
1,341
(5.0)
GMR Infra.
24
12.3
Dr Reddys Lab
1,671
(4.3)
Lanco Infra.
12
10.0
HPCL
288
(4.1)
www.angelbroking.com
Market Outlook
September 18, 2012
Reserve bank maintains status quo on repo rate, reduces

CRR by 25 bps
The Reserve Bank of India (RBI) in its Mid Quarter Monetary Policy Review slashed
the cash reserve ratio (CRR) by 25 basis points (bps) from 4.75% to 4.50%. The RBI
maintained its key policy rate the repo rate unchanged at 8.0%, in line with
market expectations. Consequently, the reverse repo rate remains at 7.0% and the
marginal standing facility (MSF) rate and bank rate remain unchanged at 9.0%.
The statutory liquidity ratio (SLR) stands at 23% of banks net demand and time
liabilities (NDTL).
The reduction in CRR, effective from September 22, 2012, is expected to inject
about `17,000cr of primary liquidity in the banking system. Although liquidity
conditions are comfortable, the RBI expects a pick-up in credit demand on account
of the combined impact of outflows from advance tax payment and currency
demand due to onset of the festival season.
Through a reduction in the CRR, while maintaining the repo rate, we believe, the
RBI has signaled that even as it continues to ensure availability of adequate
liquidity to the productive sectors of the economy, management of inflation is its
top-priority.
We believe that upside risks to inflation will persist in the near-term due to supplyside constraints in agriculture, revision in minimum support prices (MSP) of kharif
crops and a rise in core inflation. Coupled with these factors, an increase in global
liquidity flows is likely to intensify inflationary pressures by leading to a spike in
commodity prices including crude oil. Increase in diesel and LPG prices is likely to
be reflected in WPI inflation directly as well as indirectly on account of the passthrough effect in generalized inflation.
Going ahead, we believe that the monetary policy stance will continue to be
guided by inflationary pressures in the economy. The RBIs policy marks a slight
shift in the RBIs tone, with some concerns regarding growth being expressed in
this policy unlike in recent policies. However, we believe the scale is still tilted in
favor of inflation control rather than growth at least in the near future, a stance
which the RBI may re-assess post December 2012.
Government likely to raise LPG cap from 6 to 10 cylinders

Media reports suggest that the government is considering a partial rollback of the
cap on subsidised LPG cylinders. It is considering raising the limit on the number
of subsidized LPG cylinders from six to ten per household per year. However, later
on the finance ministry sources stated that there would not be any roll back of
subsidized LPG cap or the diesel price hike. On September 13, 2012, the Cabinet
Committee of Economic Affairs had decided to cap the number of subsidized
cylinder to six per household in a year which would have lowered Oil Marketing
Companies under-recoveries by approximately `5,300cr for the remaining part of
FY2013. However, some members of the Congress and its allies (the Trinamool
Congress, NCP and DMK) are demanding a rollback of the cap on LPG cylinders.
The Delhi government has already announced to raise the cap on LPG cylinders
from six to nine for below poverty line (BPL) families. We await further clarity on
Market Outlook
September 18, 2012
this matter. Until then, we maintain our under-recoveries estimate of `155,332cr

for FY2013.
TTMT reports 11.2% yoy growth in global sales for

August 2012
Tata Motors (TTMT) reported a healthy growth of 11.2% yoy (down 4.3% mom) for
August 2012 to 97,225 units driven by a 19.5% yoy (down 12.4% mom) growth in
the global passenger vehicle (PV) sales. Global commercial vehicle (CV) sales on
the other hand registered a modest growth of 4.3% yoy (4.8% mom) mainly due to
weak demand in the domestic medium and heavy commercial vehicle (MHCV)
segment. Global PV volumes were boosted by strong growth (up 34.8% yoy) in the
domestic passenger vehicle sales led by the Nano. Jaguar Land Rover (JLR)
however, posted a lower-than-expected volume growth of 13.3% yoy (down 10.6%
mom) to 24,060 units mainly on account of poor volume performance by Jaguar
which witnessed a 13.2% yoy (sharp 27.2% mom) decline in volumes. Land Rover
sales too registered a slightly lower-than-expected sales growth of 18.3% yoy
(down 7.7% mom) probably on account of lower production of Range Rover which
is set to be re-launched later in the year.
We expect JLR to sustain its volume momentum (expect a ~14% volume growth in
FY2013) driven by the success of the Evoque and the new XF 2.2 coupled with the
launch of the new Range Rover and the Jaguar XE in FY2013. Further, a strong
growth in China (sales up 98% in FY2012) will also benefit the overall volume
growth of the company. At the current market price of `278, the stock is trading at
6.3x and 3.4x FY2014E earnings and EV/EBITDA, respectively. Due to the recent
run up in the stock price we recommend Accumulate on the stock with a SOTP
based target price of `292.
Tech Mahindra buys 51% stake in Comviva for `260cr

Tech Mahindra has announced the acquisition of 51% stake in mobile software
and value added services provider Comviva Technologies (Comviva) for `260cr.
The new brand identity will be Mahindra Comviva. As part of this arrangement,
Tech Mahindra will make an upfront payment of `125cr to buy the 51% stake
from Bharti Group, private-equity firm Sequoia Capital and networking equipment
maker Cisco Systems. The balance `135cr will be paid out over a period of five
years based on Comviva achieving mutually agreed performance target. Sequoia
held 9% stake in Comviva and Cisco held 6%, both of whom have exited the firm
after the deal with Tech Mahindra. Tech Mahindra will buy 13% out of 22% stake
of private equity firm WestBridge.
Comviva has annual revenues of ~US$70mn with operating margin in mid teens.
This deal is valued at ~1.3x sales, which is modest. The topmost customer of
Comviva is Bharti Airtel and it continues to remain one of their key customers even
after promoters diluting their stake. According to the management, this acquisition
will enhance Tech Mahindras capabilities in the mobile VAS domain and will
provide access to a marquee client base. It aligns well with the stated strategy of
investing in emerging areas like network, mobility, analytics, cloud and security
and further focus on non-linear growth. Comviva was founded in 1999 as Bharti
Market Outlook
September 18, 2012
Telesoft Ltd which changed its name to Comviva Technologies in 2009. The
companys solutions are deployed with over 130 service providers and banks in
over 90 countries across Asia, Africa, Middle East, Latin America and Europe, and
powers services to more than a billion mobile subscribers.
The overall annual revenue contribution from this deal to Tech Mahindra is ~3%
(negligible) of Tech Mahindras current revenue run rate. We remain positive on
the stock, keeping the target price under review.
BGR Energy wins `1,901cr contract from Damodar Valley

Corporation
BGR Energy has been awarded the contract for supply of 2x660MW steam
generators from Damodar Valley Corporation for the Raghunathpur Thermal
Power Project Phase-II. The order is valued at Euro 109.79mn plus rupee
component of `112cr totaling to `1,901cr implying `1.44cr/MW. The contract
provides for price variation and foreign exchange changes. The execution period is
58 months. The order book of BGR Energy stands at `14,577cr. At the current
market price, the stock is trading at 9.2x FY2014E earnings. We maintain our
Neutral view on the stock.
Economic and Political News
Rain revival not to salvage kharif production loss

Oil price hike an achievement but will fuel inflation: RBI
India seeks Canadian expertise on GST reform
Reforms too small for sovereign credit benefits: Moody's
'Multi-brand retail may attract FDI of up to $3bn in 2 years
Draft steel policy pegs capacity at 244-281MT by FY2026
Corporate News
Tech Mahindra set to buy stake in Comviva: sources

Wockhardt gets USFDA approval for anti-ulcer drug
Hindalco raises `9,896cr debt for Odisha smelter
RIL seeks three-fold rise in KG-D6 gas price from April 2014
Tata Motors launches six commercial vehicles
Welspun Corp raises `252cr through debentures
Unitech to reply to Telenor's plea of `6,400cr indemnity
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 18, 2012
Global economic events release calendar

Date
Country
Event Description
September 18, 2012
UK
CPI (YoY)
September 19, 2012
US
Existing home sales
US
US
Unit
Period
Bloomberg Data
Last Reported
Estimated
% Change
Aug
2.60
2.50
Millions
Aug
4.47
4.56
Housing Starts
Thousands
Aug
746.00
765.00
Building permits
Thousands
Aug
811.00
795.00
US
Initial Jobless claims
Thousands
Sep 15
382.00
375.00
Germany
Value
Sep A
48.30
48.50
Value
Sep A
(24.60)
(24.00)
Germany
PMI Services
Euro-Zone Consumer
Confidence
PMI Manufacturing
Sep A
44.70
45.20
September 25, 2012
US
Consumer Confidence
Sep
60.60
62.00
September 26, 2012
US
New home sales
Value
S.A./
1985=100
Thousands
Aug
372.00
381.50
September 27, 2012
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
1.70
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
India
Imports YoY%
% Change
Aug
(7.60)
--
India
Exports YoY%
% Change
Aug
(14.80)
--
UK
PMI Manufacturing
Value
Sep
49.50
--
China
PMI Manufacturing
Value
Sep
49.20
--
UK
BOE Announces rates
% Ratio
Oct 4
0.50
0.50
Euro Zone
ECB announces interest rates
Oct 4
0.75
--
US
Change in Nonfarm payrolls
Thousands
Sep
96.00
--
US
Unnemployment rate
Sep
8.10
--
October 09, 2012
UK
Industrial Production (YoY)
% Change
Aug
(0.80)
--
October 12, 2012
US
Producer Price Index (mom)
% Change
Sep
1.70
--
India
Industrial Production YoY
% Change
Aug
0.10
--
October 13, 2012
China
% Change
Sep
2.70
--
October 15, 2012
India
% Change
Sep
7.55
--
China
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.00
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
US
Consumer price index (mom)
% Change
Sep
0.60
--
October 17, 2012
UK
Jobless claims change
% Change
Sep
(15.00)
--
October 18, 2012
China
Industrial Production (YoY)
% Change
Sep
8.90
--
China
Real GDP (YoY)
% Change
3Q
7.60
--
US
FOMC rate decision
Oct 24
0.25
--
September 20, 2012
Euro Zone
October 01, 2012
October 04, 2012
October 05, 2012
October 16, 2012
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 18, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.5
8.0
6.0
8.0
7.6
6.0
6.7
7.0
6.1
5.7
5.3 5.5
5.0
2.0
(6.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
(1.8)
(5.0)
60.0
9.9
(1.3)
Exhibit 4: Manufacturing and services PMI
(%)
10.0
Dec-11
Nov-11
(2.8)
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.6
6.9
7.6
56.0
Source: MOSPI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Aug-11
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
48.0
Dec-11
50.0
0.0
Nov-11
2.0
Oct-11
52.0
Sep-11
4.0
Oct-11
54.0
6.0
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
Repo rate
Reverse Repo rate
CRR
8.00
7.00
6.00
4.50
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Sep-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
Sep-12
15.0
(15.0)
Oct-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
Source: CSO, Angel Research
Sep-11
(2.0)
10.0
0.1
1.0
3.5
3.0
12.0
2.7
2.5
Oct-11
4.0
2.5
4.3
3.4
Aug-11
6.0
4.0
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
137
2,660
1,466
1,686
14.8
14.8
7.0
8.1
19.5
16.9
4.2
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
128
170
5,912
8,421
9,263
16.5
16.5
15.0
17.0
8.6
7.5
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
384
3,276
2,844
3,225
15.4
15.5
31.7
36.6
12.1
10.5
3.1
2.5
28.8
26.2
1.1
0.9
Apollo Tyres
Neutral
100
5,038
13,412
15,041
11.0
11.0
11.5
14.2
8.7
7.1
1.5
1.3
18.7
19.4
0.5
0.5
Ashok Leyland
Buy
23
30
6,120
14,920
16,850
9.0
9.3
2.2
2.8
10.6
8.4
1.9
1.7
13.3
15.6
0.5
0.4
Automotive Axle#
Accumulate
377
430
570
993
1,140
11.6
11.5
36.9
43.0
10.2
8.8
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,737
50,272
21,285
23,927
18.2
18.3
108.5
121.3
16.0
14.3
6.6
5.3
46.1
41.3
2.0
1.7
Bharat Forge
Buy
288
351
6,693
7,004
7,985
16.2
16.4
20.3
25.1
14.1
11.5
2.6
2.2
20.0
20.9
1.1
1.0
Bosch India*
Neutral
8,527
26,772
9,034
10,286
17.8
18.3
373.6
435.8
22.8
19.6
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
115
164
394
4,989
5,634
8.7
8.5
32.7
41.1
3.5
2.8
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
144
12,244
5,899
6,771
16.0
17.0
7.4
9.1
19.6
15.8
3.5
3.0
19.0
20.2
1.7
1.5
FAG Bearings*
Neutral
1,566
2,602
1,505
1,747
17.7
18.0
111.5
130.0
14.1
12.0
2.9
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,916
2,428
38,253
26,097
29,963
15.0
15.3
139.5
151.8
13.7
12.6
6.5
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
113
135
463
7,517
8,329
6.1
6.3
26.2
38.5
4.3
2.9
0.6
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
791
879
48,566
36,536
41,650
11.6
11.5
49.3
54.9
16.1
14.4
3.3
2.8
22.1
21.1
1.1
0.9
1,282
37,024
41,796
47,953
7.6
8.4
67.1
87.6
19.1
14.6
2.2
1.9
12.1
14.1
0.7
0.6
207
228
8,101
24,173
27,055
6.6
7.1
11.7
15.2
17.7
13.6
3.7
3.0
22.4
24.2
0.5
0.4
29
34
175
1,230
1,378
8.8
8.6
4.5
5.7
6.5
5.1
0.6
0.6
9.8
11.8
0.4
0.3
Accumulate
278
292
73,997 195,096 219,428
12.8
12.8
39.0
43.9
7.1
6.3
2.0
1.6
32.6
28.2
0.4
0.4
Accumulate
40
43
1,903
7,545
8,301
6.2
6.1
4.9
5.4
8.1
7.5
1.4
1.3
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
769
498
16,289
8,760
10,023
5.5
7.5
12.4
20.7
61.9
37.1
5.9
5.3
10.1
15.2
1.8
1.6
BGR Energy
Neutral
273
1,969
3,669
4,561
11.0
11.0
24.7
29.6
11.1
9.2
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
213
52,232
47,801
43,757
19.4
19.8
25.7
23.9
8.3
8.9
1.7
1.5
22.7
18.3
1.0
0.8
Blue Star
Neutral
169
1,518
3,047
3,328
5.4
6.9
12.5
16.2
13.5
10.4
3.3
2.7
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
112
128
7,188
12,691
14,096
7.0
8.5
6.5
9.1
17.2
12.3
1.8
1.7
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
37
59
305
2,622
2,801
10.3
10.7
8.7
13.1
4.3
2.8
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
58
69
1,498
6,858
7,431
7.5
8.3
9.0
11.5
6.5
5.1
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
2,039
2,297
2,369
2,727
11.7
11.7
143.4
166.0
14.2
12.3
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
510
6,072
5,514
5,559
8.9
9.6
26.9
28.4
19.0
18.0
3.3
2.9
18.4
17.1
1.1
1.0
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,369
25,700
11,220
12,896
20.0
20.6
71.1
81.2
19.3
16.9
3.4
3.1
18.1
19.0
2.0
1.6
Ambuja Cements
Neutral
193
29,711
10,205
11,659
24.6
24.2
10.8
12.0
17.8
16.0
3.7
3.3
19.7
19.8
2.5
2.1
India Cements
Neutral
83
2,548
4,393
4,914
19.3
19.5
10.1
12.7
8.2
6.5
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
97
1,189
1,964
2,278
19.5
20.4
16.3
17.9
6.0
5.4
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
181
4,310
3,608
3,928
27.4
26.9
15.6
18.1
11.6
10.0
1.8
1.6
16.8
16.9
1.8
1.5
Shree Cements^
Neutral
3,404
11,859
5,767
6,337
28.4
26.9
216.9
253.3
15.7
13.4
3.5
2.9
24.7
23.4
1.5
1.2
UltraTech Cement
Neutral
1,761
48,259
20,167
22,752
21.7
23.0
90.8
107.8
19.4
16.3
3.2
2.8
17.9
18.3
2.3
2.1
244
304
1,285
2,029
2,310
22.4
22.4
27.1
31.7
9.0
7.7
1.1
1.0
13.1
13.4
1.9
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
265
2,262
2,522
6.7
7.5
1.5
2.7
9.7
5.4
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
19
1,122
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.2)
(19.2)
1.0
1.2
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
132
166
4,384
3,964
4,582
42.3
40.2
15.5
16.9
8.5
7.8
1.3
1.2
16.6
15.8
2.7
2.5
ITNL
Buy
170
232
3,304
6,840
7,767
26.4
26.1
24.4
28.4
7.0
6.0
1.1
0.9
16.0
16.2
2.7
2.8
IVRCL Infra
Accumulate
45
51
1,366
5,510
6,722
8.8
9.0
2.5
4.6
17.6
9.7
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
78
91
16,565
15,259
17,502
25.7
24.7
4.2
5.0
18.4
15.6
1.5
1.4
8.5
9.3
2.4
2.1
Larsen & Toubro
Neutral
1,552
95,242
60,474
69,091
12.1
11.5
79.7
85.4
19.5
18.2
3.3
2.9
16.3
15.1
1.7
1.5
Madhucon Proj
Buy
36
56
265
2,206
2,502
10.7
10.7
4.6
4.7
7.8
7.7
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
41
45
1,048
5,804
6,513
8.0
8.6
3.0
3.5
13.4
11.7
0.4
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
68
476
3,609
3,836
13.1
13.1
14.0
14.6
4.9
4.7
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
52
1,715
11,892
13,116
8.9
8.9
1.7
3.1
30.4
16.7
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
143
182
2,155
2,506
3,147
10.3
10.7
7.5
10.4
19.1
13.7
2.4
2.1
13.5
16.0
1.0
0.9
Simplex Infra
Buy
196
265
970
6,732
7,837
8.1
8.4
23.5
29.4
8.3
6.7
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
133
6,655
7,233
8,579
3.1
3.3
40.5
40.9
3.3
3.3
0.6
0.5
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
99
5,512
4,959
5,787
3.1
3.1
22.7
24.5
4.3
4.0
0.7
0.6
16.0
15.3
1,054
1,336
43,668
15,961
19,583
3.1
3.2
117.3
143.1
9.0
7.4
1.7
1.4
20.1
20.8
Accumulate
726
829
28,411
15,830
19,300
2.6
2.7
118.9
147.1
6.1
4.9
1.0
0.8
16.7
18.0
Bank of India
Accumulate
281
323
16,126
13,159
15,851
2.4
2.5
61.1
71.1
4.6
4.0
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
46
2,715
3,471
3,889
3.1
3.1
9.0
11.5
5.1
4.0
0.7
0.6
13.7
15.5
360
421
15,966
11,334
13,629
2.2
2.3
75.4
85.1
4.8
4.2
0.7
0.6
15.2
15.3
67
4,943
7,181
8,365
2.5
2.7
16.3
21.8
4.1
3.1
0.7
0.6
12.7
15.1
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Accumulate
388
436
5,750
5,067
5,998
2.1
2.3
105.6
111.0
3.7
3.5
0.6
0.6
17.6
16.3
Dena Bank
Accumulate
99
107
3,464
3,177
3,595
2.8
2.8
25.2
25.4
3.9
3.9
0.7
0.6
18.9
16.4
Federal Bank
Accumulate
429
453
7,339
2,634
3,104
3.3
3.3
45.4
55.4
9.5
7.8
1.2
1.0
12.9
14.2
HDFC
Neutral
779
119,774
7,340
8,805
3.5
3.5
31.5
37.8
24.7
20.6
4.9
4.4
34.8
32.2
HDFC Bank
Neutral
607
143,341
21,936
27,454
4.4
4.4
28.7
36.0
21.2
16.9
4.1
3.4
20.7
22.0
ICICI Bank
Buy
1,061
1,220
121,914
22,356
27,157
2.9
3.0
68.7
82.0
15.5
12.9
1.9
1.7
14.2
15.5
IDBI Bank
Accumulate
Indian Bank
Neutral
IOB
94
101
12,043
7,867
9,782
1.9
2.1
18.0
23.1
5.2
4.1
0.7
0.6
12.5
14.4
179
7,674
6,294
7,191
3.4
3.4
40.6
44.9
4.4
4.0
0.7
0.6
18.1
17.4
Accumulate
72
80
5,707
7,473
8,732
2.5
2.5
16.7
22.6
4.3
3.2
0.5
0.5
11.8
14.4
J & K Bank
Accumulate
921
1,026
4,463
2,625
2,921
3.6
3.5
194.4
191.9
4.7
4.8
0.9
0.8
21.2
18.0
LIC Housing Finance
Neutral
266
13,424
1,867
2,338
2.4
2.4
21.1
28.5
12.6
9.3
2.1
1.8
17.5
20.4
Oriental Bank
Accumulate
254
289
7,421
6,518
7,458
2.8
2.9
61.3
65.1
4.2
3.9
0.6
0.6
15.2
14.3
Punjab Natl.Bank
Buy
749
950
25,399
20,116
23,625
3.3
3.4
152.8
173.9
4.9
4.3
0.9
0.8
18.2
18.0
South Ind.Bank
Accumulate
22
25
2,965
1,514
1,717
2.8
2.7
4.0
4.2
5.6
5.3
1.1
0.9
20.5
18.5
St Bk of India
Accumulate
2,076
2,270
139,319
64,470
75,940
3.5
3.5
224.4
258.7
9.3
8.0
1.6
1.3
17.6
17.8
Syndicate Bank
Buy
99
119
5,944
6,840
7,996
2.9
3.0
25.7
29.2
3.9
3.4
0.6
0.6
17.9
17.8
UCO Bank
Neutral
72
4,766
5,488
6,338
2.4
2.5
17.3
17.7
4.2
4.1
0.8
0.7
17.0
15.3
Union Bank
Buy
177
230
9,734
10,299
12,227
2.9
3.0
42.1
49.3
4.2
3.6
0.7
0.6
16.7
17.1
United Bank
Buy
60
79
2,153
3,634
4,194
2.8
2.9
18.2
23.0
3.3
2.6
0.5
0.4
15.0
16.7
Vijaya Bank
Neutral
52
2,572
2,579
3,028
2.1
2.3
8.8
11.6
5.9
4.5
0.7
0.6
11.1
13.3
Yes Bank
Buy
377
453
13,408
3,255
4,228
2.8
3.0
34.2
42.7
11.0
8.8
2.3
1.9
23.3
23.8
3,882
37,233
11,198
13,184
16.3
16.3
121.0
144.8
32.1
26.8
10.8
8.5
37.4
35.3
3.3
2.7
491
584
5,862
5,835
6,824
5.7
6.0
20.7
25.4
23.7
19.3
9.3
7.2
43.1
41.9
0.9
0.8
1,215
16,517
3,018
3,429
20.9
22.3
34.6
41.0
35.1
29.7
32.3
24.5
99.5
94.1
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
124
21,656
6,124
7,030
17.0
16.8
4.5
5.2
27.8
24.0
11.5
9.1
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
2,991
12,579
3,124
3,663
17.1
17.6
104.5
123.8
28.6
24.2
8.9
7.2
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
657
22,373
6,097
7,233
18.4
18.6
21.9
26.5
30.1
24.9
6.7
5.5
25.5
25.4
3.9
3.2
HUL
Neutral
532
115,077
25,350
28,974
13.9
13.9
14.3
16.5
37.3
32.3
22.2
17.1
70.9
59.8
4.3
3.7
ITC
Neutral
253
198,838
29,513
33,885
35.4
35.8
9.3
10.8
27.3
23.5
9.0
7.5
35.6
35.0
6.4
5.6
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
196
12,633
4,840
5,643
13.1
13.1
6.8
8.5
28.9
23.2
8.0
6.1
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,474
43,135
8,610
10,174
20.9
21.2
114.8
139.8
39.0
32.0
23.5
16.4
71.2
60.3
5.1
4.2
Tata Global
Accumulate
129
136
7,946
7,207
7,927
9.7
10.0
6.6
7.9
19.4
16.4
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech^
Neutral
567
39,346
24,400
27,049
18.6
17.5
41.1
45.0
13.8
12.6
3.1
2.6
22.7
21.1
1.5
1.4
Hexaware*
Neutral
128
3,804
1,947
2,161
22.0
21.4
11.4
12.1
11.3
10.6
2.9
2.5
26.4
24.0
1.7
1.4
Infosys
Neutral
2,563
147,152
39,151
41,743
31.6
31.9
161.9
174.5
15.8
14.7
3.8
3.3
23.8
22.1
3.2
2.9
Infotech Enterprises
Neutral
193
2,150
1,889
2,065
18.0
17.5
18.0
19.7
10.7
9.8
1.6
1.4
14.5
13.7
0.8
0.7
KPIT Cummins
Neutral
123
2,197
2,149
2,331
15.6
14.8
10.7
11.2
11.5
11.0
2.4
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Reduce
104
97
12,210
7,574
8,062
19.6
18.4
9.5
9.7
11.0
10.8
1.8
1.5
16.1
14.1
1.2
1.0
Mindtree
Neutral
697
2,846
2,341
2,513
18.6
17.1
66.5
70.8
10.5
9.9
2.3
1.9
22.3
19.3
1.0
0.9
Mphasis&
Neutral
386
8,111
5,713
6,005
18.0
16.8
36.9
37.1
10.5
10.4
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
31
40
518
1,162
1,304
14.8
15.1
7.1
8.8
4.4
3.6
0.7
0.7
16.7
18.4
0.3
0.2
Persistent
Reduce
420
398
1,680
1,193
1,278
25.6
24.3
42.6
44.3
9.9
9.5
1.7
1.5
17.2
15.5
1.1
0.9
TCS
Neutral
1,341
262,444
61,046
67,507
29.3
29.1
67.3
72.4
19.9
18.5
6.4
5.3
31.9
28.3
4.1
3.7
Tech Mahindra
Neutral
903
11,529
6,553
7,331
18.1
17.1
92.5
100.7
9.8
9.0
2.3
1.9
23.6
20.7
1.8
1.5
Wipro
Accumulate
384
420
94,568
43,492
48,332
19.4
19.3
25.1
28.0
15.3
13.7
2.9
2.5
18.6
18.0
1.9
1.6
D B Corp
Buy
193
236
3,529
1,597
1,785
22.9
24.2
11.1
13.9
17.3
13.8
3.3
2.8
20.2
22.1
2.1
1.8
HT Media
Buy
89
113
2,099
2,111
2,263
15.2
15.2
7.3
8.1
12.2
11.0
1.3
1.2
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
93
112
2,925
1,506
1,687
22.5
23.2
6.2
7.0
14.9
13.2
3.6
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
182
473
625
732
17.4
17.1
13.3
15.6
13.7
11.6
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
323
12,741
1,981
2,239
77.0
76.7
18.6
21.3
17.4
15.2
4.4
3.8
27.1
27.5
5.9
5.1
Bhushan Steel
Neutral
466
9,892
11,979
14,584
31.6
31.0
49.2
61.4
9.5
7.6
1.3
1.1
14.1
15.2
2.8
2.3
Coal India
Neutral
375
236,548
69,808
75,550
27.4
27.4
26.0
28.3
14.4
13.3
4.2
3.4
32.5
28.1
2.5
2.1
Electrosteel Castings
Buy
18
23
618
1,984
2,074
11.2
12.6
2.5
2.9
7.2
6.2
0.3
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Neutral
138
58,225
12,446
13,538
52.3
52.9
14.3
15.5
9.7
8.9
1.8
1.6
20.5
18.9
2.8
2.2
Hindalco
Neutral
117
22,448
84,855
92,446
8.7
9.3
13.2
16.2
8.9
7.2
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
724
16,160
38,740
41,459
17.3
17.0
79.9
89.4
9.1
8.1
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Neutral
265
4,449
918
993
50.7
50.9
24.5
26.1
10.8
10.2
1.7
1.5
16.0
15.5
2.5
2.2
Monnet Ispat
Buy
304
379
1,955
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.7
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
55
48
14,162
7,401
7,841
16.7
19.2
3.4
4.1
16.1
13.4
1.2
1.1
7.4
8.4
1.4
1.4
191
214
75,607
12,934
14,266
79.4
80.1
21.1
23.4
9.1
8.2
2.4
2.0
29.6
26.5
4.0
3.4
SAIL
Sesa Goa
Neutral
87
35,874
47,252
60,351
14.2
14.8
9.6
11.7
9.1
7.4
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
176
15,270
7,704
8,034
33.6
34.6
42.0
43.1
4.2
4.1
0.9
0.7
22.3
19.2
2.3
2.1
Sterlite Inds
Neutral
103
34,530
41,680
45,382
24.2
23.2
16.3
16.9
6.3
6.1
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
410
481
39,820 145,799 150,431
10.3
11.2
48.6
63.3
8.4
6.5
0.9
0.8
10.5
12.4
0.5
0.5
Sarda
Buy
122
148
437
1,251
1,321
22.7
23.4
33.0
37.1
3.7
3.3
0.5
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
52
73
693
2,694
2,906
14.6
16.6
16.4
20.8
3.1
2.5
0.3
0.3
11.4
12.8
0.5
0.4
Buy
122
161
388
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Neutral
363
69,191
16,605
17,258
75.4
71.7
57.0
54.9
6.4
6.6
1.2
1.0
20.2
16.3
3.2
2.5
GAIL
Neutral
377
47,765
50,176
55,815
15.5
15.8
35.4
36.5
10.6
10.3
1.9
1.6
18.9
17.0
0.7
0.5
ONGC
Accumulate
281
312
240,195 147,139 154,821
33.9
33.7
30.7
32.3
9.2
8.7
1.6
1.4
18.3
17.2
1.4
1.2
Reliance Industries
Neutral
874
286,081 362,700 380,031
7.9
8.0
61.5
64.3
14.2
13.6
1.4
1.3
10.3
9.9
0.8
0.7
Gujarat Gas*
Neutral
296
3,864
11.5
11.3
19.2
22.1
15.5
13.4
4.1
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
258
3,608
3,040
3,135
24.3
26.7
24.8
27.9
10.4
9.3
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
167
176
12,495
29,145
33,736
6.6
6.6
14.2
16.0
11.7
10.4
2.8
2.3
26.9
24.4
0.5
0.4
76
4,265
1,041
939
91.8
91.9
8.5
7.4
8.9
10.2
1.5
1.4
18.1
14.0
5.0
5.5
Alembic Pharma
Buy
71
91
1,333
1,624
1,855
14.2
15.6
6.6
9.1
10.7
7.8
2.7
2.1
27.9
29.2
1.0
0.8
Aurobindo Pharma
Buy
127
156
3,697
5,243
5,767
14.6
14.6
11.8
12.6
10.8
10.1
1.3
1.2
17.9
16.4
1.2
1.0
Aventis*
Neutral
2,325
5,355
1,482
1,682
15.5
15.5
95.0
104.0
24.5
22.4
4.3
3.4
18.6
17.0
3.4
2.9
Cadila Healthcare
Accumulate
868
953
17,774
6,148
7,386
18.6
19.6
36.0
46.1
24.1
18.8
5.7
4.6
25.8
26.8
3.1
2.5
Cipla
Accumulate
370
399
29,676
8,031
9,130
23.4
22.4
18.4
20.0
20.1
18.5
3.3
2.9
17.8
16.6
3.5
3.0
Dr Reddy's
Neutral
1,671
28,362
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.4
22.4
21.0
2.9
2.6
Dishman Pharma
Neutral
98
794
1,280
1,536
17.8
17.8
9.2
11.3
10.7
8.7
0.8
0.7
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
2,011
17,035
2,651
2,993
31.7
31.2
76.0
82.4
26.5
24.4
7.7
6.8
20.1
26.3
5.6
4.9
Indoco Remedies
Buy
71
92
651
685
837
15.2
15.2
7.4
8.9
9.6
7.9
1.5
1.3
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
419
475
5,281
2,850
3,474
20.7
20.7
29.2
36.6
14.3
11.4
3.4
2.7
26.1
26.1
2.0
1.6
Lupin
Accumulate
573
647
25,612
8,426
10,082
19.7
20.0
27.4
32.4
20.9
17.7
5.1
4.1
26.0
24.7
3.1
2.5
Orchid Chemicals
Neutral
113
796
1,667
1,835
13.9
13.9
11.4
13.3
9.9
8.5
0.6
0.6
6.6
7.3
0.9
0.8
Neutral
3,796
3,267
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Pharmaceuticals
Ranbaxy*
Neutral
526
22,203
12,046
11,980
18.0
15.8
35.7
29.8
14.7
17.6
5.7
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
673
69,540
9,752
12,134
41.6
41.6
26.0
28.2
25.9
23.9
4.9
4.1
20.3
18.8
6.4
5.0
CESC
Neutral
331
4,131
5,218
5,644
24.2
23.8
44.6
47.6
7.4
7.0
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
68
77
1,031
1,557
1,573
29.3
28.7
10.8
11.0
6.3
6.2
0.7
0.6
10.8
10.2
1.1
1.0
169
139,348
74,111
85,789
23.2
23.6
12.4
14.0
13.7
12.0
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
52
78
1,520
657
875
52.0
56.1
8.4
12.7
6.1
4.1
0.4
0.4
6.3
8.9
3.6
2.7
231
39,203
9,878
12,033
44.7
46.1
9.6
13.4
24.1
17.2
1.5
1.5
6.4
8.7
6.5
HDIL
Buy
5.3
82
115
3,453
2,441
3,344
55.1
48.2
22.7
26.6
3.6
3.1
0.3
0.3
8.8
9.4
3.3
MLIFE
2.5
Accumulate
367
396
1,499
813
901
26.2
26.6
32.0
37.1
11.5
9.9
1.2
1.1
10.4
11.0
2.2
1.9
Bharti Airtel
Neutral
265
100,521
79,542
87,535
30.9
32.2
10.3
15.0
25.7
17.6
1.9
1.7
7.2
9.6
2.0
1.7
Idea Cellular
Neutral
86
28,553
22,988
25,333
26.4
26.9
3.5
4.9
24.9
17.7
2.0
1.8
8.1
10.2
1.7
1.4
Rcom
Neutral
53
11,022
21,553
22,494
31.0
30.7
3.5
4.5
15.3
12.0
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,616
3,434
1,602
1,833
10.4
11.8
54.7
71.7
29.6
22.5
5.6
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
190
234
1,889
3,569
4,172
8.1
8.8
16.3
21.3
11.6
8.9
2.4
2.0
21.7
24.6
0.5
0.5
Cera Sanitaryware
Neutral
342
433
396
470
16.7
16.5
28.0
33.2
12.2
10.3
2.5
2.0
23.8
23.1
1.2
1.0
Cravatex
Buy
425
682
110
289
340
5.2
6.0
40.7
56.8
10.4
7.5
2.6
2.0
25.2
26.5
0.5
0.4
CRISIL
Neutral
922
6,469
982
1,136
34.3
34.3
34.3
40.0
26.9
23.1
12.2
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
41
61
622
2,334
2,687
8.8
9.3
7.6
10.2
5.3
4.0
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
439
591
572
2,214
2,765
4.5
5.4
39.5
73.9
11.1
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
321
740
1,543
1,654
6.5
7.3
24.8
31.1
12.9
10.3
2.1
1.8
17.1
19.0
0.3
0.2
Graphite India
Buy
82
113
1,602
2,158
2,406
18.1
18.9
12.4
14.0
6.6
5.8
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
189
309
456
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.0
0.9
16.8
21.0
0.5
0.4
Hitachi
Accumulate
119
130
273
868
977
3.9
6.6
2.7
10.9
43.3
10.9
1.6
1.4
3.7
13.6
0.4
0.3
Honeywell Automation
Accumulate
2,506
2,842
2,216
1,847
2,162
4.3
7.3
61.0
120.0
41.1
20.9
3.3
2.8
9.3
16.3
1.1
0.9
Styrolution ABS India
Buy
610
744
1,073
1,056
1,081
8.1
10.6
33.8
46.5
18.0
13.1
2.5
2.1
14.7
17.5
1.0
0.9
ITD Cementation
Accumulate
228
241
263
1,451
1,669
12.3
12.4
32.4
41.5
7.0
5.5
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
159
2,566
1,248
1,468
9.8
10.4
5.9
7.2
26.8
22.2
3.9
3.5
15.0
16.6
2.4
2.0
MCX
Accumulate
1,306
1,440
6,662
553
624
65.3
66.3
62.5
72.0
20.9
18.1
5.7
5.0
27.5
27.4
9.1
7.5
MRF
Buy
10,324
12,884
4,379
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.0
7.2
1.6
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
September 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Page Industries
Neutral
3,382
3,773
887
1,108
18.3
18.6
95.0
120.9
35.6
28.0
18.6
15.1
57.4
59.5
4.3
3.4
Relaxo Footwears
Neutral
715
858
1,019
1,208
12.3
13.0
51.0
68.4
14.0
10.5
3.7
2.8
30.3
30.2
1.0
0.8
Sintex Industries
Buy
62
79
1,698
4,751
5,189
16.3
16.6
13.6
15.8
4.6
3.9
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
296
392
278
1,042
1,173
12.4
12.5
66.3
78.5
4.5
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
19
24
559
7,134
7,985
19.7
19.4
12.2
14.1
1.5
1.3
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Accumulate
39
43
1,870
5,720
6,599
5.3
6.8
3.6
5.4
10.7
7.2
15.5
4.9
0.5
0.4
TAJ GVK
Buy
67
108
423
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
307
424
473
787
837
16.2
17.5
58.5
66.9
5.3
4.6
0.7
0.7
14.9
15.1
0.3
0.1
TVS Srichakra
Neutral
323
247
1,476
1,643
7.1
8.2
32.3
55.8
10.0
5.8
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
934
12,212
10,289
11,421
13.5
14.3
31.0
42.9
30.1
21.8
2.3
2.1
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
328
666
560
611
16.1
17.0
24.7
28.8
13.3
11.4
2.0
1.7
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 17, 2012
Market Outlook
September 18, 2012

Market Outlook Market Outlook: Dealer's Diary

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Market Outlook Market Outlook: Dealer's Diary

Hochgeladen von

Copyright:

Verfügbare Formate

Market Outlook

September 18, 2012

OIL & GAS

Refer detailed news analysis on the following page

Net Inflows (September 14, 2012)

FII Derivatives (September 17, 2012)

Reserve bank maintains status quo on repo rate, reduces

Government likely to raise LPG cap from 6 to 10 cylinders

this matter. Until then, we maintain our under-recoveries estimate of `155,332cr

TTMT reports 11.2% yoy growth in global sales for

Tech Mahindra buys 51% stake in Comviva for `260cr

BGR Energy wins `1,901cr contract from Damodar Valley

Economic and Political News

Rain revival not to salvage kharif production loss

Tech Mahindra set to buy stake in Comviva: sources

Global economic events release calendar

September 18, 2012

September 19, 2012

Existing home sales

Initial Jobless claims

September 25, 2012

September 26, 2012

New home sales

September 27, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

October 09, 2012

Industrial Production (YoY)

October 12, 2012

Producer Price Index (mom)

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

Consumer price index (mom)

October 17, 2012

Jobless claims change

October 18, 2012

Industrial Production (YoY)

Real GDP (YoY)

FOMC rate decision

September 20, 2012

October 01, 2012

October 04, 2012

October 05, 2012

October 16, 2012

October 24, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Exports yoy growth

Imports yoy growth

Reverse Repo rate