Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 27, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open flat today tracing flat to marginally
positive opening trades in most of the Asian bourses and the SGX Nifty. Major
Asian markets are trading slightly higher as a drop in Chinese industrial profits
has reignited speculation that Chinese central bank will take measures to
support economic growth.
BSE Sensex
(0.3)
(62.2) 18,632
Nifty
(0.2)
(10.5)
5,663
MID CAP
0.3
17.7
6,501
SMALL CAP
0.7
44.7
6,948
BSE HC
0.6
41.8
7,420
US markets saw considerable weakness during the trading session on Wednesday,

which added further to the steep losses posted in the previous session. Lingering
concerns about the financial situation in Europe continued to weigh on the markets
along with a negative reaction to U.S. housing data. As per the Commerce
department, new home sales edged down 0.3% in contrast to economist
expectation of growth. Most of the European bourses closed solidly lower on
Wednesday, as investors concerns over the situation in Spain took center stage.
BSE PSU
(0.6)
(42.2)
7,384
BANKEX
(0.1)
(6.4) 13,099
AUTO
(0.3)
(26.9) 10,248
METAL
(1.2) (123.7) 10,439
Meanwhile, Indian markets posted modest losses on Wednesday, as investors

booked some profits on F&O expiry amid extremely weak global cues. Global cues
were subdued, with continued tensions between China and Japan, lingering
uncertainty over when Spain will seek a bailout and apprehensions about the
effectiveness of recent central bank actions cast a shadow on global growth
prospects.
Markets Today
The trend deciding level for the day is 18,625 / 5,658 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,677 18,723 / 5,678 5,692 levels. However, if NIFTY trades below
18,625 / 5,658 levels for the first half-an-hour of trade then it may correct up to
18,580 18,528 / 5,644 5,624 levels.
OIL & GAS

BSE IT
Global Indices
0.1
12.4
8,721
(0.3)
(18.6)
5,955
(Pts)
(Close)
Chg (%)
(44.0) 13,414
NASDAQ
(0.8)
(24.0)
3,094
FTSE
(1.6)
(91.6)
5,768
Nikkei
(2.0) (184.8)
8,907
Hang Seng
(0.8) (171.0) 20,528
Straits Times
(0.7)
(20.5)
3,047
Shanghai Com
(1.2)
(25.1)
2,004
Chg (%)
(Pts)
(Close)
INFY
(0.3)
(0.2)
$47.3
WIT
(0.3)
(0.0)
$8.8
(0.4)
(0.1)
$39.3
(0.2)
(0.1)
$36.7
Indian ADRs
S2
S1
PIVOT
R1
R2
SENSEX
18,528
18,580
18,625
18,677
18,723
HDB
NIFTY
5,624
5,644
5,658
5,678
5,692
Advances / Declines
Coal India notifies new supply pact with power companies

Infosys bags contract for MCA's e-governance program
L&T bags orders worth `1,241cr
(Close)
(0.3)
Indices
(Pts)
Dow Jones
IBN
News Analysis
Chg (%)
BSE
NSE
Advances
1,412
704
Declines
1,476
737
122
91
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (September 25, 2012)

` cr
Purch
Sales
Net
MTD
YTD
BSE
3,120
FII
7,223
2,667
4,556
15,348
67,800
NSE
14,340
MFs
1,525
1,144
381
(1,815)
(9,544)
FII Derivatives (September 26, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
5,773
5,372
400
21,471
Stock Futures
8,531
9,300
(769)
33,072
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
92
7.6
IFCI
Voltas
135
6.0
Power Finance
189
(4.4)
HDIL
98
4.5
Bharti Airtel
265
(3.9)
Cummins India
503
4.4
Lanco Infra
15
(3.8)
Pantaloon Retl
215
4.0
Manappuram Fin
39
(3.7)
India Cements
www.angelbroking.com
Company
Price (`)
chg (%)
30
(5.8)
Market Outlook
September 27, 2012
Coal India notifies new supply pact with power companies

As per the new agreement, Coal India will reduce the proportion of imported coal
in its fuel supply to power producers from 15% during FY2013 to 5% in FY2017.
Further, there will be no force majeure clauses, which has excused Coal India from
meeting its obligations during unforeseen events beyond its control (in the past).
Coal India will meet 80% of the coal requirements of power companies, a part of
which will be imported. The volume of imported coal will be considered 1.5 times
the volume of domestic coal as imported coal has less ash content than coal
mined in India. The new FSA will be applicable to power generation units
commissioned after December 2009 and units that will commission before March
2015. In case Coal India defaults to supply the stipulated quantity of imported
coal, it will pay a penalty of 1.5% of the price of shortfall quantity. Since Coal India
is likely to bear any loss on account of imported coal, we believe these new FSA
terms will be profit-neutral for Coal India. Hence, we maintain our Neutral view on
the stock.
Infosys bags contract for MCA's e-governance program

Infosys has bagged the contract to do a makeover for Ministry of Corporate Affairs
(MCA). Infosys will execute the second phase of the ministrys e-governance
program - MCA21, which will start from January and continue till July 2021 with a
total project outlay of `358cr. Under the program, Infosys will gradually replace all
desktops, printers and scanners at the ministry with fully automated systems. This
also includes replacement of out-of-support servers and associated infrastructure.
The project will be continued as public private partnership, with service level-based
equated quarterly payments to Infosys. This move is likely to help companies as it
envisages electronic filing of documents, registration of companies and public
access to corporate information online through a secure interactive portal. Owing
to recent stock run-up, we maintain Neutral view on the stock.
L&T bags orders worth `1,241cr

Larsen & Toubro (L&T) Construction has secured new orders worth `1,241cr across
various business segments in the month of September 2012. The Buildings &
Factories IC has bagged new orders worth `697cr for the construction of
residential towers, cement plants and factory structures across the country. In the
Railways Business sector, the Company has won orders aggregating `544cr from
Rail Vikas Nigam Limited (RVNL). The scope of work includes Railway electrification
works between GuntakalRaichurWadi stations of South Central Railway and
another order for railway construction, track work, signaling and
telecommunication in the Lucknow and Izatnagar divisions of North Eastern
Railway. We recommend Accumulate on the stock with a SOTP target price of
`1,721.
Market Outlook
September 27, 2012
Economic and Political News
India sovereign ratings remain 'stable': Moody's

DoT to haul up GSM biggies over 3G roaming pacts: Kapil Sibal
GoM on drug pricing policy to meet tomorrow
Corporate News
Kingfisher in talks with foreign carriers to sell stake

ONGC-Teri JV to bid for $3bn Kuwait contract
Bharti-Walmart not to wait for all states for retail FDI
JSL gets shareholders' nod to raise up to Rs 1,552 crore
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 27, 2012
Global economic events release calendar

Date
September 27, 2012
October 01, 2012
October 04, 2012
October 05, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
1.60
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
UK
BOE Announces rates
Euro Zone
Value
Sep
49.20
--
% Ratio
Oct 4
0.50
0.50
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
--
October 16, 2012
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 27, 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 27, 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
147
2,864
1,466
1,686
14.8
14.8
7.0
8.1
21.0
18.2
4.5
3.8
22.6
22.5
2.0
1.7
United Phosphorus
Buy
124
170
5,730
8,421
9,263
16.5
16.5
15.0
17.0
8.3
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
220
402
3,754
2,844
3,225
15.4
15.5
31.7
36.6
6.9
6.0
1.8
1.4
28.8
26.2
1.2
1.1
Apollo Tyres
Accumulate
90
99
4,531
13,412
15,041
11.0
11.0
11.5
14.2
7.9
6.4
1.4
1.1
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
24
30
6,439
14,920
16,850
9.0
9.3
2.2
2.8
11.1
8.8
2.0
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Accumulate
405
430
612
993
1,140
11.6
11.5
36.9
43.0
11.0
9.4
2.2
1.9
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,797
52,011
21,285
23,927
18.2
18.3
108.5
121.3
16.6
14.8
6.9
5.5
46.1
41.3
2.1
1.8
Bharat Forge
Buy
300
351
6,973
7,004
7,985
16.2
16.4
20.3
25.1
14.7
12.0
2.7
2.3
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,453
26,543
9,034
10,286
17.8
18.3
373.6
435.8
22.6
19.4
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
113
164
386
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
148
12,601
5,899
6,771
16.0
17.0
7.4
9.1
20.1
16.2
3.6
3.1
19.0
20.2
1.8
1.5
FAG Bearings*
Neutral
1,645
2,734
1,505
1,747
17.7
18.0
111.5
130.0
14.8
12.7
3.1
2.5
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,924
2,428
38,414
26,097
29,963
15.0
15.3
139.5
151.8
13.8
12.7
6.5
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
107
135
440
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.4
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
846
895
51,958
36,536
41,650
11.6
11.5
49.3
54.9
17.2
15.4
3.5
3.0
22.1
21.1
1.2
1.0
Maruti
Neutral
1,314
37,970
41,796
47,953
7.6
8.4
67.1
87.6
19.6
15.0
2.3
2.0
12.1
14.1
0.7
0.6
Motherson Sumi
Neutral
220
8,626
24,173
27,055
6.6
7.1
11.7
15.2
18.8
14.5
3.9
3.2
22.4
24.2
0.5
0.5
Subros
Buy
30
34
178
1,230
1,378
8.8
8.6
4.5
5.7
6.6
5.2
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Accumulate
263
292
70,119 195,096 219,428
12.8
12.8
39.0
43.9
6.8
6.0
1.9
1.5
32.6
28.2
0.4
0.4
TVS Motor
Neutral
42
2,017
7,545
8,301
6.2
6.1
4.9
5.4
8.6
7.9
1.5
1.4
18.8
18.2
0.2
0.2
Capital Goods
ABB*
Sell
779
498
16,509
8,760
10,023
5.5
7.5
12.4
20.7
62.7
37.6
6.0
5.4
10.1
15.2
1.8
1.6
BGR Energy
Neutral
274
1,977
3,669
4,561
11.0
11.0
24.7
29.6
11.1
9.3
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
253
61,949
47,801
43,757
19.4
19.8
25.7
23.9
9.8
10.6
2.1
1.8
22.7
18.3
1.2
1.1
Blue Star
Neutral
179
1,611
3,047
3,328
5.4
6.9
12.5
16.2
14.4
11.0
3.5
2.8
26.1
28.2
0.6
0.5
Crompton Greaves
Neutral
129
8,291
12,691
14,096
7.0
8.5
6.5
9.1
19.9
14.2
2.1
1.9
11.1
14.2
0.7
0.6
Jyoti Structures
Buy
46
59
382
2,622
2,801
10.3
10.7
8.7
13.1
5.4
3.6
0.5
0.5
10.3
14.0
0.4
0.4
KEC International
Accumulate
71
80
1,825
6,858
7,431
7.5
8.3
9.0
11.5
7.9
6.2
1.4
1.2
26.9
27.2
0.4
0.4
LMW
Neutral
1,987
2,238
2,369
2,727
11.7
11.7
143.4
166.0
13.9
12.0
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
564
6,719
5,514
5,559
8.9
9.6
26.9
28.4
21.0
19.9
3.6
3.2
18.4
17.1
1.2
1.1
Market Outlook
September 27, 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
1,429
26,836
11,220
12,896
20.0
20.6
71.1
81.2
20.1
17.6
3.5
3.2
18.1
19.0
2.0
1.7
Ambuja Cements
Neutral
202
31,169
10,205
11,659
24.6
24.2
10.8
12.0
18.7
16.8
3.9
3.5
19.7
19.8
2.6
2.1
India Cements
Neutral
92
2,840
4,393
4,914
19.3
19.5
10.1
12.7
9.2
7.3
0.8
0.8
8.8
10.6
1.1
0.9
J K Lakshmi Cements
Neutral
106
1,295
1,964
2,278
19.5
20.4
16.3
17.9
6.5
5.9
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
185
4,404
3,608
3,928
27.4
26.9
15.6
18.1
11.9
10.2
1.9
1.6
16.8
16.9
1.8
1.6
Shree Cements^
Neutral
3,700
12,889
5,767
6,337
28.4
26.9
216.9
253.3
17.1
14.6
3.8
3.1
24.7
23.4
1.6
1.3
UltraTech Cement
Neutral
1,883
51,608
20,167
22,752
21.7
23.0
90.8
107.8
20.7
17.5
3.5
3.0
17.9
18.3
2.4
2.2
227
304
1,195
2,029
2,310
22.4
22.4
27.1
31.7
8.4
7.2
1.0
0.9
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
270
2,262
2,522
6.7
7.5
1.5
2.7
9.8
5.5
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,116
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.2)
(19.1)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
158
166
5,248
3,964
4,582
42.3
40.2
15.5
16.9
10.2
9.3
1.6
1.4
16.6
15.8
2.8
2.7
ITNL
Buy
183
232
3,562
6,840
7,767
26.4
26.1
24.4
28.4
7.5
6.5
1.1
1.0
16.0
16.2
2.7
2.8
IVRCL Infra
Neutral
48
1,473
5,510
6,722
8.8
9.0
2.5
4.6
19.0
10.5
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
82
91
17,437
15,259
17,502
25.7
24.7
4.2
5.0
19.3
16.4
1.6
1.5
8.5
9.3
2.5
2.2
Larsen & Toubro
Neutral
1,562
95,865
60,474
69,091
12.1
11.5
79.7
85.4
19.6
18.3
3.3
2.9
16.3
15.1
1.7
1.5
Madhucon Proj
Buy
38
56
281
2,206
2,502
10.7
10.7
4.6
4.7
8.2
8.2
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
45
1,152
5,804
6,513
8.0
8.6
3.0
3.5
14.8
12.8
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
77
539
3,609
3,836
13.1
13.1
14.0
14.6
5.5
5.3
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
54
1,792
11,892
13,116
8.9
8.9
1.7
3.1
31.8
17.5
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
208
265
1,031
6,732
7,837
8.1
8.4
23.5
29.4
8.9
7.1
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
146
7,283
7,233
8,579
3.1
3.3
40.5
40.9
3.6
3.6
0.7
0.6
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
111
6,200
4,959
5,787
3.1
3.1
22.7
24.5
4.9
4.5
0.8
0.7
16.0
15.3
1,125
1,336
46,627
15,961
19,583
3.1
3.2
117.3
143.1
9.6
7.9
1.8
1.5
20.1
20.8
Accumulate
774
829
30,310
15,830
19,300
2.6
2.7
118.9
147.1
6.5
5.3
1.0
0.9
16.7
18.0
Bank of India
Accumulate
302
323
17,302
13,159
15,851
2.4
2.5
61.1
71.1
4.9
4.2
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
49
2,860
3,471
3,889
3.1
3.1
9.0
11.5
5.4
4.2
0.7
0.6
13.7
15.5
Canara Bank
Neutral
438
19,406
11,334
13,629
2.2
2.3
75.4
85.1
5.8
5.2
0.9
0.8
15.2
15.3
Central Bank
Neutral
77
5,701
7,181
8,365
2.5
2.7
16.3
21.8
4.7
3.6
0.8
0.7
12.7
15.1
Market Outlook
September 27, 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
408
436
6,037
5,067
5,998
2.1
2.3
105.6
111.0
3.9
3.7
0.7
0.6
17.6
16.3
Dena Bank
Neutral
103
3,597
3,177
3,595
2.8
2.8
25.2
25.4
4.1
4.1
0.7
0.6
18.9
16.4
Federal Bank
Neutral
438
7,486
2,634
3,104
3.3
3.3
45.4
55.4
9.7
7.9
1.2
1.1
12.9
14.2
HDFC
Neutral
761
117,126
7,340
8,805
3.5
3.5
31.5
37.8
24.1
20.1
4.8
4.3
34.8
32.2
HDFC Bank
Neutral
630
148,721
21,936
27,454
4.4
4.4
28.7
36.0
22.0
17.5
4.2
3.6
20.7
22.0
ICICI Bank
Accumulate
1,064
1,220
122,306
22,356
27,157
2.9
3.0
68.7
82.0
15.5
13.0
1.9
1.7
14.2
15.5
IDBI Bank
Neutral
98
12,503
7,867
9,782
1.9
2.1
18.0
23.1
5.4
4.2
0.7
0.6
12.5
14.4
Indian Bank
Reduce
189
183
8,110
6,294
7,191
3.4
3.4
40.6
44.9
4.7
4.2
0.8
0.7
18.1
17.4
IOB
Neutral
78
6,197
7,473
8,732
2.5
2.5
16.7
22.6
4.7
3.4
0.6
0.5
11.8
14.4
J & K Bank
Accumulate
921
1,026
4,465
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
274
13,825
1,867
2,338
2.4
2.4
21.1
28.5
13.0
9.6
2.1
1.8
17.5
20.4
Oriental Bank
Neutral
283
8,245
6,518
7,458
2.8
2.9
61.3
65.1
4.6
4.3
0.7
0.6
15.2
14.3
Punjab Natl.Bank
Buy
833
950
28,262
20,116
23,625
3.3
3.4
152.8
173.9
5.5
4.8
1.0
0.8
18.2
18.0
South Ind.Bank
Accumulate
23
25
3,018
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
0.9
20.5
18.5
St Bk of India
Neutral
2,228
149,522
64,470
75,940
3.5
3.5
224.4
258.7
9.9
8.6
1.7
1.4
17.6
17.8
Syndicate Bank
Accumulate
107
119
6,420
6,840
7,996
2.9
3.0
25.7
29.2
4.2
3.7
0.7
0.6
17.9
17.8
UCO Bank
Neutral
75
5,002
5,488
6,338
2.4
2.5
17.3
17.7
4.4
4.3
0.9
0.8
17.0
15.3
Union Bank
Accumulate
203
230
11,154
10,299
12,227
2.9
3.0
42.1
49.3
4.8
4.1
0.9
0.7
16.7
17.1
United Bank
Buy
62
79
2,220
3,634
4,194
2.8
2.9
18.2
23.0
3.4
2.7
0.5
0.4
15.0
16.7
Vijaya Bank
Neutral
56
2,763
2,579
3,028
2.1
2.3
8.8
11.6
6.3
4.8
0.7
0.7
11.1
13.3
Yes Bank
Buy
374
453
13,298
3,255
4,228
2.8
3.0
34.2
42.7
11.0
8.8
2.3
1.9
23.3
23.8
3,888
37,289
11,198
13,184
16.3
16.3
121.0
144.8
32.1
26.9
10.8
8.5
37.4
35.3
3.3
2.8
479
584
5,727
5,835
6,824
5.7
6.0
20.7
25.4
23.2
18.9
9.1
7.0
43.1
41.9
0.9
0.7
1,200
16,325
3,018
3,429
20.9
22.3
34.6
41.0
34.7
29.3
32.0
24.3
99.5
94.1
5.1
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
124
21,647
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
2,926
12,305
3,124
3,663
17.1
17.6
104.5
123.8
28.0
23.6
8.7
7.0
34.4
32.8
3.6
3.0
Godrej Consumer
Neutral
661
22,499
6,097
7,233
18.4
18.6
21.9
26.5
30.2
25.0
6.7
5.5
25.5
25.4
3.9
3.3
HUL
Neutral
528
114,094
25,350
28,974
13.9
13.9
14.3
16.5
37.0
32.0
22.0
17.0
70.9
59.8
4.3
3.7
ITC
Neutral
263
206,778
29,513
33,885
35.4
35.8
9.3
10.8
28.4
24.4
9.4
7.8
35.6
35.0
6.6
5.7
Market Outlook
September 27, 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
201
12,965
4,840
5,643
13.1
13.1
6.8
8.5
29.7
23.8
8.2
6.2
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,343
41,870
8,610
10,174
20.9
21.2
114.8
139.8
37.8
31.1
22.8
15.9
71.2
60.3
4.9
4.1
Tata Global
Accumulate
131
136
8,073
7,207
7,927
9.7
10.0
6.6
7.9
19.7
16.6
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech^
Neutral
568
39,393
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*
Accumulate
120
133
3,553
1,947
2,161
22.0
21.4
11.4
12.1
10.6
9.9
2.7
2.3
26.4
24.0
1.6
1.4
Infosys
Neutral
2,587
148,542
39,151
41,743
31.6
31.9
161.9
174.5
16.0
14.8
3.8
3.3
23.8
22.1
3.2
2.9
Infotech Enterprises
Neutral
189
2,102
1,889
2,065
18.0
17.5
18.0
19.7
10.5
9.6
1.5
1.3
14.5
13.7
0.8
0.7
KPIT Cummins
Neutral
125
2,227
2,149
2,331
15.6
14.8
10.7
11.2
11.6
11.1
2.4
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Reduce
107
97
12,634
7,574
8,062
19.6
18.4
9.5
9.7
11.4
11.1
1.8
1.6
16.1
14.1
1.3
1.1
Mindtree
Neutral
667
2,725
2,341
2,513
18.6
17.1
66.5
70.8
10.0
9.4
2.2
1.8
22.3
19.3
1.0
0.9
Mphasis&
Neutral
394
8,281
5,713
6,005
18.0
16.8
36.9
37.1
10.7
10.6
1.5
1.3
14.3
12.6
1.0
0.9
NIIT
Buy
32
40
524
1,162
1,304
14.8
15.1
7.1
8.8
4.5
3.6
0.8
0.7
16.7
18.4
0.3
0.2
Persistent
Neutral
411
1,644
1,193
1,278
25.6
24.3
42.6
44.3
9.7
9.3
1.7
1.4
17.2
15.5
1.0
0.9
TCS
Neutral
1,286
251,767
61,046
67,507
29.3
29.1
67.3
72.4
19.1
17.8
6.1
5.0
31.9
28.3
4.0
3.5
Tech Mahindra
Neutral
938
11,973
6,553
7,331
18.1
17.1
92.5
100.7
10.1
9.3
2.4
1.9
23.6
20.7
1.9
1.6
Wipro
Accumulate
380
420
93,477
43,492
48,332
19.4
19.3
25.1
28.0
15.1
13.6
2.8
2.4
18.6
18.0
1.8
1.5
D B Corp
Buy
198
236
3,631
1,597
1,785
22.9
24.2
11.1
13.9
17.8
14.2
3.4
2.9
20.2
22.1
2.2
1.9
HT Media
Buy
92
113
2,172
2,111
2,263
15.2
15.2
7.3
8.1
12.6
11.4
1.4
1.2
11.2
11.2
0.6
0.5
Jagran Prakashan
Buy
91
112
2,884
1,506
1,687
22.5
23.2
6.2
7.0
14.7
13.0
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
187
485
625
732
17.4
17.1
13.3
15.6
14.0
11.9
1.5
1.4
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
328
12,916
1,981
2,239
77.0
76.7
18.6
21.3
17.7
15.4
4.4
3.9
27.1
27.5
5.9
5.0
Bhushan Steel
Neutral
473
10,043
11,979
14,584
31.6
31.0
49.2
61.4
9.6
7.7
1.3
1.1
14.1
15.2
2.8
2.4
Coal India
Neutral
358
226,221
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.7
4.0
3.2
32.5
28.1
2.4
2.1
Electrosteel Castings
Buy
19
23
668
1,984
2,074
11.2
12.6
2.5
2.9
7.8
6.7
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
133
144
56,070
12,446
13,538
52.3
52.9
14.3
15.5
9.3
8.5
1.8
1.5
20.5
18.9
2.6
2.0
Hindalco
Neutral
117
22,334
84,855
92,446
8.7
9.3
13.2
16.2
8.8
7.2
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
741
16,522
38,740
41,459
17.3
17.0
79.9
89.4
9.3
8.3
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
255
271
4,284
918
993
50.7
50.9
24.5
26.1
10.4
9.8
1.6
1.5
16.0
15.5
2.4
2.1
Monnet Ispat
Buy
305
379
1,965
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 27, 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
51
48
13,260
7,401
7,841
16.7
19.2
3.4
4.1
15.0
12.6
1.1
1.0
7.4
8.4
1.3
1.3
188
214
74,675
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.1
2.4
1.9
29.6
26.5
3.9
3.3
SAIL
Sesa Goa
Neutral
89
36,803
47,252
60,351
14.2
14.8
9.6
11.7
9.3
7.6
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
176
15,279
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
101
33,841
41,680
45,382
24.2
23.2
16.3
16.9
6.2
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
396
481
38,460 145,799 150,431
10.3
11.2
48.6
63.3
8.1
6.3
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
131
148
471
1,251
1,321
22.7
23.4
33.0
37.1
4.0
3.5
0.6
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
56
73
751
2,694
2,906
14.6
16.6
16.4
20.8
3.4
2.7
0.3
0.3
11.4
12.8
0.5
0.4
Buy
121
161
385
2,341
2,425
15.6
17.3
33.3
43.2
3.6
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
333
380
63,647
16,605
17,258
75.4
71.7
57.0
54.9
5.9
6.1
1.1
0.9
20.2
16.3
2.9
2.2
GAIL
Neutral
386
48,900
50,176
55,815
15.5
15.8
35.4
36.5
10.9
10.6
1.9
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
281
312
240,452 147,139 154,821
33.9
33.7
30.7
32.3
9.2
8.7
1.6
1.4
18.3
17.2
1.4
1.3
Reliance Industries
Neutral
844
276,405 362,700 380,031
7.9
8.0
61.5
64.3
13.7
13.1
1.4
1.3
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
310
3,864
11.5
11.3
19.2
22.1
16.2
14.0
4.3
3.9
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
260
3,633
3,040
3,135
24.3
26.7
24.8
27.9
10.5
9.3
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
161
176
12,064
29,145
33,736
6.6
6.6
14.2
16.0
11.3
10.1
2.7
2.2
26.9
24.4
0.5
0.4
79
4,465
1,041
939
91.8
91.9
8.5
7.4
9.4
10.7
1.6
1.4
18.1
14.0
5.1
5.6
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
71
92
653
Ipca labs
Accumulate
460
475
5,799
Lupin
Accumulate
585
647
26,159
Orchid Chemicals
Neutral
115
812
Neutral
3,973
3,267
73
91
1,374
1,624
1,855
14.2
15.6
6.6
9.1
11.1
8.0
2.8
2.1
27.9
29.2
1.0
0.8
140
156
4,087
5,243
5,767
14.6
14.6
11.8
12.6
11.9
11.1
1.5
1.3
17.9
16.4
1.2
1.1
2,267
5,221
1,482
1,682
15.5
15.5
95.0
104.0
23.9
21.8
4.2
3.3
18.6
17.0
3.3
2.9
845
953
17,295
6,148
7,386
18.6
19.6
36.0
46.1
23.5
18.3
5.5
4.4
25.8
26.8
3.0
2.4
373
399
29,917
8,031
9,130
23.4
22.4
18.4
20.0
20.3
18.6
3.4
2.9
17.8
16.6
3.4
2.9
1,627
27,617
10,696
11,662
20.7
21.0
83.7
92.9
19.4
17.5
4.0
3.4
22.4
21.0
2.9
2.6
97
784
1,280
1,536
17.8
17.8
9.2
11.3
10.6
8.6
0.8
0.7
7.7
8.5
1.3
1.1
2,000
16,944
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.3
7.6
6.8
20.1
26.3
5.6
4.8
685
837
15.2
15.2
7.4
8.9
9.6
8.0
1.5
1.3
16.4
17.0
1.1
0.9
2,850
3,474
20.7
20.7
29.2
36.6
15.8
12.6
3.7
2.9
26.1
26.1
2.1
1.7
8,426
10,082
19.7
20.0
27.4
32.4
21.4
18.1
5.2
4.2
26.0
24.7
3.1
2.6
1,667
1,835
13.9
13.9
11.4
13.3
10.1
8.7
0.7
0.6
6.6
7.3
0.9
0.8
Market Outlook
September 27, 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
536
22,648
12,046
11,980
18.0
15.8
35.7
29.8
15.0
18.0
5.8
4.7
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
676
69,877
9,752
12,134
41.6
41.6
26.0
28.2
26.0
24.0
4.9
4.2
20.3
18.8
6.4
5.0
CESC
Neutral
332
4,149
5,218
5,644
24.2
23.8
44.6
47.6
7.5
7.0
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
70
77
1,060
1,557
1,573
29.3
28.7
10.8
11.0
6.5
6.4
0.7
0.6
10.8
10.2
1.2
1.0
165
135,968
74,111
85,789
23.2
23.6
12.4
14.0
13.3
11.8
1.7
1.5
13.0
13.5
2.6
2.3
Real Estate
Anant Raj
Buy
DLF
Neutral
67
78
1,980
657
875
52.0
56.1
8.4
12.7
8.0
5.3
0.5
0.5
6.3
8.9
4.2
3.1
234
39,695
9,878
12,033
44.7
46.1
9.6
13.4
24.4
17.4
1.5
1.5
6.4
8.7
6.6
HDIL
Buy
5.4
98
115
4,085
2,441
3,344
55.1
48.2
22.7
26.6
4.3
3.7
0.4
0.3
8.8
9.4
3.5
MLIFE
2.6
Neutral
378
1,543
813
901
26.2
26.6
32.0
37.1
11.8
10.2
1.2
1.1
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
265
100,711
79,542
87,535
30.9
32.2
10.3
15.0
25.8
17.6
1.9
1.7
7.2
9.6
2.0
1.7
Idea Cellular
Neutral
86
28,457
22,988
25,333
26.4
26.9
3.5
4.9
24.8
17.6
2.0
1.8
8.1
10.2
1.7
1.5
Rcom
Neutral
63
13,045
21,553
22,494
31.0
30.7
3.5
4.5
18.2
14.2
0.4
0.3
1.9
2.4
2.1
1.9
Abbott India
Neutral
1,584
3,365
1,602
1,833
10.4
11.8
54.7
71.7
29.0
22.1
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
199
234
1,980
3,569
4,172
8.1
8.8
16.3
21.3
12.2
9.3
2.5
2.1
21.7
24.6
0.6
0.5
Cera Sanitaryware
Accumulate
338
387
427
396
470
16.7
16.5
28.0
33.2
12.1
10.2
2.5
2.0
23.8
23.1
1.2
1.0
Cravatex
Buy
443
682
114
289
340
5.2
6.0
40.7
56.8
10.9
7.8
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
940
6,594
982
1,136
34.3
34.3
34.3
40.0
27.4
23.5
12.4
9.9
50.9
46.9
6.2
5.2
Finolex Cables
Buy
42
61
639
2,334
2,687
8.8
9.3
7.6
10.2
5.5
4.1
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
435
591
567
2,214
2,765
4.5
5.4
39.5
73.9
11.0
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
320
738
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
83
113
1,627
2,158
2,406
18.1
18.9
12.4
14.0
6.7
5.9
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
195
309
471
1,925
2,235
10.6
10.9
29.6
44.1
6.6
4.4
1.1
0.9
16.8
21.0
0.5
0.4
Hitachi
Neutral
126
289
868
977
3.9
6.6
2.7
10.9
45.9
11.6
1.7
1.5
3.7
13.6
0.4
0.4
Honeywell Automation
Accumulate
2,712
2,842
2,397
1,847
2,162
4.3
7.3
61.0
120.0
44.5
22.6
3.5
3.0
9.3
16.3
1.2
1.0
Styrolution ABS India
Buy
630
744
1,107
1,056
1,081
8.1
10.6
33.8
46.5
18.6
13.5
2.6
2.2
14.7
17.5
1.0
0.9
ITD Cementation
Neutral
254
292
1,451
1,669
12.3
12.4
32.4
41.5
7.8
6.1
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
165
2,664
1,248
1,468
9.8
10.4
5.9
7.2
27.9
23.1
4.0
3.7
15.0
16.6
2.4
2.0
MCX
Accumulate
1,300
1,440
6,628
553
624
65.3
66.3
62.5
72.0
20.8
18.1
5.7
4.9
27.5
27.4
9.2
7.6
MRF
Buy
10,203
12,884
4,327
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.9
7.1
1.5
1.3
21.3
19.4
0.5
0.4
Telecom
zOthers
Market Outlook
September 27, 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
3,226
3,598
887
1,108
18.3
18.6
95.0
120.9
34.0
26.7
17.7
14.4
57.4
59.5
4.1
3.2
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
66
79
1,798
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.2
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
290
392
272
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.7
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
20
24
607
7,134
7,985
19.7
19.4
12.2
14.1
1.7
1.5
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Buy
38
43
1,821
5,720
6,599
5.3
6.8
3.6
5.4
10.4
7.0
15.1
4.8
0.4
0.4
TAJ GVK
Buy
68
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
309
377
476
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
Accumulate
303
335
232
1,476
1,643
7.1
8.2
32.3
55.8
9.4
5.4
1.5
1.2
16.6
24.8
0.4
0.3
United Spirits
Neutral
1,158
15,140
10,289
11,421
13.5
14.3
31.0
42.9
37.3
27.0
2.9
2.6
8.1
10.3
2.2
1.9
Vesuvius India
Neutral
336
682
560
611
16.1
17.0
24.7
28.8
13.6
11.7
2.0
1.8
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 26, 2012
Market Outlook
September 27, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

September 27, 2012

US markets saw considerable weakness during the trading session on Wednesday,

(1.2) (123.7) 10,439

Meanwhile, Indian markets posted modest losses on Wednesday, as investors

OIL & GAS

(0.8) (171.0) 20,528

Coal India notifies new supply pact with power companies

Refer detailed news analysis on the following page

Net Inflows (September 25, 2012)

FII Derivatives (September 26, 2012)

Coal India notifies new supply pact with power companies

Infosys bags contract for MCA's e-governance program

L&T bags orders worth `1,241cr

Economic and Political News

India sovereign ratings remain 'stable': Moody's

Kingfisher in talks with foreign carriers to sell stake

Global economic events release calendar

September 27, 2012

October 01, 2012

October 04, 2012

October 05, 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

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

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary