Market Outlook Market Outlook: Dealer's Diary

Market Outlook
October 4, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the green today, tracing positive
opening in SGX Nifty and most Asian markets. Asian stocks are trading higher with
export stocks rising on positive U.S. jobs data and as expansion in service
industries in US beat economist estimates.
Investors reacted positively to the upbeat US economic reports as stocks moved
mostly higher during trading on Wednesday. Private sector employment increased
by 162,000 jobs in September compared to economist estimates of an increase of
about 140,000 jobs. A separate report from the Institute for Supply Management
also helped push stocks higher, as it showed an unexpected acceleration in the
pace of service sector growth in the month of September.
BSE Sensex
0.2
46.1 18,870
Nifty
0.2
12.2
5,731
MID CAP
0.6
38.1
6,704
SMALL CAP
1.0
68.6
7,186
BSE HC
0.5
40.7
7,602
46.1
7,481
Indian shares rose modestly on Wednesday, extending the recent rally, on

continued hopes for further policy reforms in the coming months. The rupee rose to
a fresh over five-month high and crude prices continued to fall in Asian trading,
pressured by worries of slowing economic growth and uncertainty about a Spanish
bailout, helping market sentiment amid lackluster global cues.
BSE IT
Markets Today
Nikkei
The trend deciding level for the day is 18,864 / 5,730 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,911 18,953 / 5,744 5,758 levels. However, if NIFTY trades below
18,864 / 5,730 levels for the first half-an-hour of trade then it may correct up to
18,822 18,775 / 5,717 5,703 levels.
S2
S1
PIVOT
R1
R2
SENSEX
18,775
5,703
18,822
5,717
18,864
5,730
18,911
5,744
18,953
5,758
NIFTY
News Analysis
Cement dispatches September 2012

Delhi HC relief to Bharti Airtel: Ban on 3G roaming pacts stayed
Maruti Suzuki hikes car prices by 1% with immediate effect
BG group to sell its stake in Gujarat Gas
(Pts)
(Close)
BSE PSU
0.6
BANKEX
(0.1)
(11.3) 13,106
AUTO
(0.4)
(38.0) 10,443
METAL
0.5
48.9 10,609
OIL & GAS
1.0
84.5
8,724
(0.2)
(9.2)
6,025
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
0.1
12.3 13,495
NASDAQ
0.5
15.2
3,135
FTSE
0.3
16.4
5,826
(0.5)
(39.2)
8,747
Hang Seng
Straits Times
Shanghai Com
Indian ADRs
INFY
Indices
Chg (%)
0.2
47.9 20,888
(0.1)
(2.0)
3,077
1.5
29.9
2,086
Chg (%)
(Pts)
(Close)
0.0
0.0
$49.5
WIT
0.9
0.1
$9.2
IBN
(0.1)
(0.0)
$40.5
HDB
(0.0)
(0.0)
$38.3
Advances / Declines
BSE
NSE
Advances
1,756
907
Declines
1,177
568
129
69
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (October 01, 2012)

` cr
Purch
Sales
Net
MTD
YTD
BSE
2,597
FII
2,103
1,872
232
232
84,012
NSE
13,925
275
449
(174)
(174)
(12,615)
MFs
FII Derivatives (October 03, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,033
1,063
970
15,351
Stock Futures
1,299
1,373
(74)
29,691
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Company
Price (`)
chg (%)
Tata Global
155
6.6
Jindal steel
416
(4.6)
Max India
233
6.4
Astrazeneca Phar.
Adani Enter.
209
5.3
Tech Mah.
REC
224
4.5
IDFC
162
4.5
www.angelbroking.com
1643
(2.6)
995
(2.5)
Oriental Bank
291
(2.2)
Gujarat Gas
337
(2.1)
Market Outlook
October 4, 2012
Cement dispatches September 2012

Ambuja Cements (Ambuja) posted a 4.9% yoy growth in its dispatches during
September to 1.55mn tonne. The tepid growth in September follows de-growth of
2.4% yoy posted by the company in August 2012. The improved performance by
the company in September indicates an improvement in cement demand in the
companys key market situated in north India. For 1HFY2013, Ambujas
dispatches have grown by a marginal 3.6%. We continue to remain Neutral on
Ambuja.
Delhi HC relief to Bharti Airtel: Ban on 3G roaming pacts stayed

In a major relief to Bharti Airtel, the Delhi High Court yesterday granted a stay on
a government order asking the telecom major to stop offering 3G mobile services
outside their licensed areas through roaming pacts. The Delhi HC has asked the
department of telecommunications (DoT) to not take any coercive action until the
next hearing of the case. This effectively means that Bharti Airtel can continue to
offer 3G services in the seven circles - Maharashtra, Madhya Pradesh, Kolkata,
Uttar Pradesh East, Gujarat, Kerala and Haryana - where it does not have 3G
spectrum, but offers 3G services through roaming pacts. The date for next hearing
has not been decided. However, the court has asked Bharti Airtel to respond to the
show cause notice issued to them by DoT within 60 days.
Bharti Airtel, on Monday, had filed a petition in the Delhi High Court challenging
an advisory by DoT which asked the operator to stop intra-circle 3G roaming
services within three days. In its plea, Bharti Airtel had sought quashing of the
government's September 28, 2012 decision directing the service provider to stop
providing intra-circle roaming (ICR) services and alleged that the decision is
contrary to the interim orders passed by the Telecom Disputes Settlement and
Appellate Tribunal (TDSAT).
DoT had also indicated that similar notices would be sent to Vodafone and Idea
Cellular. Though, both Vodafone and Idea are yet to receive notices from the DoT,
the Delhi HC stay order augurs well for them as well. DoT had earlier ruled such
pacts illegal in December 2011 and asked the operators to stop offering 3G
services beyond their licensed circles through roaming agreements.
Though the operators paid higher prices for bagging 3G airwaves, but the uptake
of the service remained, slow among the subscribers partly due to the high cost of
such services. We maintain our Neutral on telecom sector.
Maruti Suzuki hikes car prices by 1% with immediate effect

Maruti Suzuki (MSIL) has increased the prices of its vehicles by 1% with immediate
effect to mitigate the impact of adverse foreign exchange movement and rising
input cost pressures on operating margins. The average increase in vehicle prices
across models post the hike will be in the range of `2,500 - `5,250. While the
company has increased the prices ahead of the festival season wherein demand
increases substantially, considering the current environment (demand for petrol
cars remains extremely weak in spite of higher discounts) the move to hike prices
may dampen consumer sentiments further. However, we believe it is less likely to
Market Outlook
October 4, 2012
impact the consumer demand for diesel cars. At the CMP of `1,364 the stock is
trading at 14.7x FY2014E earnings which is in-line with its historical average of
15x. We maintain our Neutral rating on the stock.
BG group to sell its stake in Gujarat Gas

The promoters of Gujarat Gas, BG group, have agreed to sell their 65.12% stake
in the company for `2,464cr to Gujarat State Petroleum Corporation (GSPC). The
deal is subject to the customary regulatory approvals and is expected to close
pursuant to completion of open offer as per SEBI Takeover Code and the approval
of the Competition Commission of India and Reserve Bank of India; it is expected
to be completed by 1HCY2013. The deal implies price of `295/share (current
market price - `337). GSPC is engaged in oil and gas exploration and gas
trading. Also, it has a significant presence in the gas transmission and gas
distribution businesses. We do not expect any material impact on Gujrat Gas
financials as a result of this deal. Hence, we continue to remain Neutral on the
Gujarat Gas.
Economic and Political News
FDI in multi-brand retail will help increase productivity: RBI

Irda favours 49% FDI for insurance sector
Irda to bar arbitrary hike in renewal premium on health policy
Coalgate: PMO declines to share info citing CBI probe
Corporate News
Mahindra Satyam gives 7-12% wage hikes

ICICI Prudential MF ties up with Syndicate Bank
Kingfisher to seek DGCA's nod for resuming operations
Sobha Developers sets record new space sale
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
October 04, 2012
Global economic events release calendar

Date
October 04, 2012
Country
Event Description
US
Initial Jobless claims
UK
BOE Announces rates
Euro Zone
US
US
Unnemployment rate
October 09, 2012
UK
October 12, 2012
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
Sep 29
359.00
370.00
% Ratio
Oct 4
0.50
0.50
ECB announces interest rates
Oct 4
0.75
0.75
Change in Nonfarm payrolls
Thousands
Sep
96.00
115.00
Sep
8.10
8.20
Industrial Production (YoY)
% Change
Aug
(0.80)
--
US
Producer Price Index (mom)
% Change
Sep
1.70
0.70
India
Industrial Production YoY
% Change
Aug
0.10
--
October 13, 2012
China
% Change
Sep
2.70
5.10
October 15, 2012
India
% Change
Sep
7.55
--
China
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.00
1.90
UK
CPI (YoY)
% Change
Sep
2.50
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
US
Consumer price index (mom)
% Change
Sep
0.60
0.50
US
Housing Starts
Thousands
Sep
750.00
--
US
Building permits
Thousands
Sep
801.00
--
UK
Jobless claims change
% Change
Sep
(15.00)
--
China
Industrial Production (YoY)
% Change
Sep
8.90
--
China
Real GDP (YoY)
% Change
3Q
7.60
--
October 19, 2012
US
Millions
Sep
4.82
--
October 23, 2012
Euro Zone
Value
Oct A
(25.90)
--
October 24, 2012
Germany
Existing home sales

Euro-Zone Consumer
Confidence
PMI Services
Value
Oct A
49.70
--
Germany
PMI Manufacturing
Value
Oct A
47.40
--
US
New home sales
Thousands
Sep
373.00
--
US
FOMC rate decision
Oct 24
0.25
--
October 25, 2012
UK
GDP (YoY)
% Change
3Q A
(0.50)
--
October 26, 2012
US
GDP Qoq (Annualised)
3Q A
1.30
--
October 30, 2012
US
Consumer Confidence
Oct
70.30
--
India
RBI Repo rate
% Change
S.A./
1985=100
%
Oct 30
8.00
--
India
RBI Cash Reserve ratio
Oct 30
4.50
--
India
RBI Reverse Repo rate
Oct 30
7.00
--
October 31, 2012
Germany
Unemployment change (000's)
Thousands
Oct
9.00
--
November 01, 2012
India
Imports YoY%
% Change
Sep
(5.10)
--
India
Exports YoY%
% Change
Sep
(9.70)
--
UK
PMI Manufacturing
Value
Oct
48.40
--
China
PMI Manufacturing
Value
Oct
49.80
--
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
(0.20)
--
Germany
GDP nsa (YoY)
% Change
3Q P
0.50
--
October 05, 2012
October 16, 2012
October 17, 2012
October 18, 2012
November 15, 2012
Source: Bloomberg, Angel Research
Market Strategy
October 04, 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
8.0
6.0
8.0
7.6
7.5
6.0
6.7
7.0
4.0
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
Dec-11
Nov-11
(5.0)
60.0
9.9
(1.8)
Exhibit 4: Manufacturing and services PMI
12.0
10.0
(1.3)
(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
48.0
Jan-12
0.0
Dec-11
50.0
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
Aug-11
(2.0)
3.0
Sep-11
3.5
10.0
0.1
1.0
Oct-11
4.0
2.7
2.5
6.1
5.7
6.0
2.5
4.3
3.4
Market Outlook
October 04, 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
150
2,919
1,466
1,686
14.8
14.8
7.0
8.1
21.4
18.5
4.6
3.9
22.6
22.5
2.0
1.7
United Phosphorus
Buy
132
170
6,103
8,421
9,263
16.5
16.5
15.0
17.0
8.8
7.8
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
225
3,843
2,844
3,275
15.4
15.6
15.9
18.8
14.2
12.0
3.8
3.1
29.5
28.3
1.2
1.1
Apollo Tyres
Accumulate
93
99
4,685
13,412
15,041
11.3
11.0
12.1
14.2
7.7
6.6
1.4
1.2
19.6
19.2
0.5
0.4
Ashok Leyland
Buy
24
30
6,505
14,920
16,850
9.0
9.3
2.2
2.8
11.2
8.9
2.1
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Neutral
402
607
993
1,140
11.6
11.5
36.9
43.0
10.9
9.4
2.2
1.8
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,784
51,620
21,285
23,927
18.2
18.3
108.5
121.3
16.4
14.7
6.8
5.5
46.1
41.3
2.1
1.8
Bharat Forge
Accumulate
309
351
7,200
7,004
7,985
16.2
16.4
20.3
25.1
15.2
12.4
2.8
2.4
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,785
27,583
8,793
10,294
17.4
18.5
348.3
435.8
25.2
20.2
4.9
4.0
19.4
20.1
2.8
2.3
CEAT
Buy
116
164
397
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
151
12,865
5,913
6,787
16.0
17.0
7.4
9.2
20.5
16.5
3.7
3.1
19.1
20.3
1.9
1.6
FAG Bearings*
Neutral
1,722
2,862
1,505
1,768
17.5
18.0
111.2
132.7
15.5
13.0
3.2
2.6
22.8
22.2
1.7
1.4
Hero Motocorp
Accumulate
1,850
2,077
36,942
24,941
28,706
15.0
15.5
122.5
134.0
15.1
13.8
6.6
5.2
49.6
42.2
1.2
1.0
JK Tyre
Buy
112
135
458
7,517
8,329
6.1
6.3
26.2
38.5
4.3
2.9
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
870
944
53,407
37,434
42,860
11.6
11.5
50.4
56.3
17.3
15.5
3.6
3.1
22.6
21.5
1.2
1.0
Maruti
Neutral
1,364
39,417
41,796
49,350
7.6
8.6
66.6
92.6
20.5
14.7
2.3
2.0
12.0
14.8
0.7
0.6
Motherson Sumi
Neutral
157
9,238
24,285
27,317
6.7
7.2
12.1
15.9
13.0
9.9
2.8
2.2
23.0
24.9
0.5
0.5
Subros
Buy
30
34
179
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
Buy
273
316
72,824 195,096 219,428
12.8
13.0
39.0
44.9
7.0
6.1
2.0
1.6
32.6
28.8
0.4
0.4
TVS Motor
Buy
45
49
2,121
7,611
8,443
7.9
7.9
4.7
5.4
9.5
8.3
1.6
1.4
17.9
18.1
0.2
0.2
ABB*
Sell
793
593
16,801
8,760
10,023
6.2
8.7
14.5
24.7
54.9
32.1
6.0
5.2
11.6
17.6
1.9
1.7
BGR Energy
Neutral
280
2,022
3,669
4,561
11.0
11.0
24.7
29.6
11.4
9.5
1.7
1.5
15.3
16.7
1.1
1.0
BHEL
Neutral
250
61,104
47,801
43,757
19.0
18.8
25.3
22.8
9.9
11.0
3.0
2.6
34.3
25.3
1.1
1.2
Blue Star
Neutral
188
1,692
3,047
3,328
5.4
6.9
12.5
16.2
15.1
11.6
3.6
3.0
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
130
141
8,317
12,691
14,126
7.4
8.9
7.0
9.7
18.6
13.4
2.1
1.9
11.9
15.0
0.7
0.6
Jyoti Structures
Buy
50
54
413
2,622
2,744
10.7
10.5
9.6
12.2
5.2
4.1
0.6
0.5
10.8
12.3
0.4
0.3
KEC International
Accumulate
72
78
1,841
6,858
7,431
7.1
7.5
8.3
9.8
8.6
7.3
1.5
1.3
25.1
24.0
0.4
0.4
LMW
Neutral
2,098
2,363
2,369
2,727
11.7
11.7
143.4
166.0
14.6
12.6
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
560
6,675
5,514
5,559
8.9
10.2
26.9
30.3
20.9
18.5
3.6
3.2
18.4
18.2
1.1
1.0
Capital Goods
Market Outlook
October 04, 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
1,463
27,463
10,964
12,417
21.6
21.5
76.9
82.2
19.0
17.8
3.6
3.2
19.5
19.1
2.2
1.9
Ambuja Cements
Neutral
214
32,986
10,163
11,729
25.4
24.9
11.2
12.5
19.2
17.2
4.1
3.7
20.3
20.5
2.7
2.2
India Cements
Neutral
96
2,960
4,354
4,929
18.6
18.7
9.8
12.3
9.8
7.8
0.8
0.8
8.6
10.2
1.1
1.0
J K Lakshmi Cements
Neutral
113
1,381
1,964
2,278
19.5
20.4
16.3
17.9
6.9
6.3
1.0
0.9
14.7
14.6
0.9
1.2
Madras Cements
Neutral
194
4,611
3,608
3,928
27.6
27.0
15.7
18.3
12.3
10.6
1.9
1.7
16.9
17.0
1.9
1.6
Shree Cements^
Neutral
4,016
13,990
5,630
6,187
29.6
27.9
222.5
259.3
18.1
15.5
4.1
3.4
25.3
23.8
1.9
1.5
UltraTech Cement
Neutral
2,010
55,092
20,913
23,530
21.3
22.7
93.2
110.5
21.6
18.2
3.7
3.2
18.4
18.7
2.5
2.3
242
304
1,275
2,034
2,315
22.4
22.4
27.1
31.7
8.9
7.6
1.1
1.0
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
280
2,262
2,522
6.7
7.5
1.5
2.7
10.2
5.7
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,113
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.1)
(19.0)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
157
166
5,221
3,964
4,582
42.3
40.2
15.7
16.9
10.0
9.3
1.6
1.4
16.6
15.8
2.8
2.7
ITNL
Buy
195
232
3,779
6,840
7,767
26.4
26.1
24.4
30.3
8.0
6.4
1.2
1.0
16.0
16.2
2.7
2.9
IVRCL Infra
Accumulate
51
51
1,559
5,510
6,722
8.8
9.0
2.5
4.6
20.1
11.1
0.7
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
88
91
18,628
15,259
17,502
25.7
24.7
4.0
4.8
21.8
18.4
1.7
1.6
8.5
9.3
2.5
2.2
Larsen & Toubro
Accumulate
1,609
1,721
98,784
60,474
69,091
12.1
11.5
79.7
85.4
20.2
18.9
3.4
3.0
16.3
15.1
1.8
1.6
Madhucon Proj
Buy
37
56
274
2,206
2,502
10.7
10.7
4.6
4.7
8.0
7.9
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
50
1,274
5,804
6,513
8.0
8.6
3.0
3.5
16.3
14.2
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
81
565
3,609
3,836
13.1
13.1
14.0
14.6
5.8
5.6
0.4
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
57
1,883
11,892
13,116
8.9
8.9
1.7
3.1
33.4
18.4
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
142
182
2,136
2,506
3,147
10.3
10.7
7.5
10.4
18.9
13.6
2.4
2.0
13.5
16.0
1.0
0.9
Simplex Infra
Buy
209
265
1,036
6,732
7,837
8.1
8.4
23.4
29.4
9.0
7.1
0.8
0.7
9.2
10.6
0.5
0.5
Allahabad Bank
Reduce
150
131
7,500
6,944
7,884
3.0
3.1
35.5
37.0
4.2
4.1
0.7
0.6
17.2
15.7
Andhra Bank
Reduce
Axis Bank
Buy
Bank of Baroda
Financials
112
97
6,278
4,929
5,633
3.1
3.1
23.7
24.5
4.7
4.6
0.8
0.7
16.6
15.3
1,114
1,326
46,164
15,425
18,500
3.1
3.2
115.9
137.5
9.6
8.1
1.8
1.5
19.9
20.1
Neutral
781
30,560
15,473
18,142
2.6
2.6
115.3
139.4
6.8
5.6
1.0
0.9
16.2
17.2
Bank of India
Accumulate
305
330
17,477
12,573
14,971
2.3
2.4
58.2
68.0
5.2
4.5
0.9
0.7
15.9
16.3
Bank of Maharashtra
Reduce
51
47
2,992
3,442
3,802
3.1
3.2
8.9
11.4
5.7
4.4
0.7
0.6
13.5
15.5
Canara Bank
Neutral
435
19,290
10,905
12,783
2.1
2.2
74.9
85.1
5.8
5.1
0.9
0.8
15.1
15.3
Central Bank
Neutral
80
5,885
7,095
8,102
2.5
2.7
15.6
21.0
5.1
3.8
0.9
0.8
12.2
14.7
Market Outlook
October 04, 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
Neutral
423
6,262
4,886
5,669
2.1
2.2
101.3
101.8
4.2
4.2
0.7
0.6
17.0
15.1
Dena Bank
Neutral
109
3,807
3,147
3,495
2.8
2.9
24.8
24.4
4.4
4.5
0.8
0.7
18.7
15.9
Federal Bank
Neutral
449
7,682
2,593
3,009
3.2
3.2
44.9
52.5
10.0
8.6
1.2
1.1
12.8
13.5
HDFC
Neutral
776
119,474
7,340
8,805
3.5
3.5
31.5
37.8
24.6
20.5
4.9
4.4
34.8
32.2
HDFC Bank
Neutral
619
146,260
21,753
26,811
4.4
4.5
28.7
35.9
21.6
17.3
4.1
3.5
20.7
21.9
ICICI Bank
Buy
1,053
1,245
121,028
22,304
26,855
2.9
3.0
68.6
82.0
15.4
12.8
1.9
1.7
14.2
15.6
IDBI Bank
Neutral
104
13,308
7,761
9,484
1.9
2.2
17.1
22.9
6.1
4.5
0.7
0.7
11.9
14.4
Indian Bank
Reduce
193
181
8,290
6,062
6,818
3.4
3.4
40.5
41.6
4.8
4.6
0.8
0.7
18.1
16.3
IOB
Accumulate
82
83
6,547
7,343
8,391
2.5
2.5
16.0
21.3
5.1
3.9
0.6
0.5
11.3
13.6
J & K Bank
Accumulate
1,009
1,021
4,892
2,600
2,850
3.6
3.5
192.3
188.0
5.3
5.4
1.0
0.9
21.0
17.7
LIC Housing Finance
Accumulate
275
301
13,863
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
292
8,509
6,278
7,125
2.7
2.8
56.7
62.6
5.2
4.7
0.7
0.6
14.1
13.9
Punjab Natl.Bank
Accumulate
828
941
28,098
19,934
22,705
3.3
3.3
147.8
166.2
5.6
5.0
1.0
0.8
17.7
17.3
South Ind.Bank
Accumulate
24
25
3,138
1,535
1,760
2.9
2.8
3.5
3.9
6.6
6.0
1.1
1.0
19.5
17.1
St Bk of India
Accumulate
2,296
2,353
154,038
63,806
73,435
3.5
3.6
225.7
258.4
10.2
8.9
1.7
1.5
17.7
17.8
Syndicate Bank
Accumulate
112
117
6,712
6,722
7,719
2.9
3.0
24.3
27.2
4.6
4.1
0.7
0.7
17.0
16.8
UCO Bank
Neutral
79
5,271
5,411
6,124
2.4
2.5
17.0
16.5
4.7
4.8
0.9
0.8
16.7
14.4
Union Bank
Accumulate
205
226
11,292
9,924
11,647
2.8
2.9
38.6
46.3
5.3
4.4
0.9
0.7
15.4
16.3
United Bank
Buy
64
78
2,298
3,572
4,041
2.8
2.9
17.2
22.1
3.7
2.9
0.5
0.5
14.2
16.2
Vijaya Bank
Neutral
58
2,874
2,490
2,881
2.1
2.2
9.2
11.4
6.3
5.1
0.8
0.7
11.5
13.0
Yes Bank
Buy
400
452
14,259
3,270
4,253
2.8
3.0
33.9
42.2
11.8
9.5
2.5
2.0
23.1
23.6
3,908
37,485
11,198
13,184
16.3
16.3
121.0
144.8
32.3
27.0
10.8
8.5
37.4
35.3
3.3
2.8
473
584
5,648
5,835
6,824
5.7
6.0
20.7
25.4
22.9
18.6
9.0
6.9
43.1
41.9
0.9
0.7
1,226
16,667
3,018
3,429
20.9
22.2
35.7
42.3
34.3
29.0
31.7
23.6
101.0
93.5
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
129
22,475
6,124
7,030
17.0
16.8
4.5
5.2
28.9
24.9
11.9
9.4
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
2,976
12,514
3,124
3,663
17.1
17.6
104.5
123.8
28.5
24.0
8.9
7.1
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
703
23,932
6,097
7,233
18.4
18.6
21.9
26.5
32.2
26.6
7.1
5.9
25.5
25.4
3.9
3.3
HUL
Neutral
556
120,095
25,350
28,974
13.9
13.9
14.3
16.5
39.0
33.7
23.2
17.9
70.9
59.8
4.4
3.8
ITC
Neutral
270
212,356
29,513
33,885
35.4
35.8
9.3
10.8
29.1
25.1
9.6
8.1
35.6
35.0
6.9
6.0
Market Outlook
October 04, 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
205
13,239
4,840
5,643
13.1
13.1
6.8
8.5
30.3
24.3
8.4
6.4
31.4
29.7
2.7
2.2
Nestle*
Neutral
4,555
43,915
8,610
10,174
20.9
21.2
114.8
139.8
39.7
32.6
24.0
16.7
71.2
60.3
5.0
4.1
Tata Global
Neutral
155
9,610
7,207
7,927
9.7
10.0
6.6
7.8
23.5
19.9
2.4
2.3
8.6
9.5
1.1
1.0
HCL Tech^
Accumulate
590
632
40,934
24,569
27,002
18.8
17.6
41.4
45.1
14.2
13.1
3.2
2.7
22.8
21.1
1.6
1.4
Hexaware*
Accumulate
124
140
3,660
1,966
2,161
22.5
21.4
11.6
12.2
10.7
10.2
2.8
2.4
26.8
23.9
1.5
1.3
Infosys
Accumulate
2,579
2,687
148,069
39,383
41,380
31.7
31.9
163.2
173.4
15.8
14.9
3.8
3.3
23.9
22.0
3.1
2.8
Infotech Enterprises
Neutral
191
2,130
1,895
2,049
18.0
17.5
18.1
19.5
10.6
9.8
1.5
1.3
14.5
13.7
0.8
0.6
KPIT Cummins
Buy
125
142
2,228
2,191
2,364
16.1
16.5
11.3
13.0
11.1
9.7
2.4
1.9
21.8
20.0
1.0
0.8
Mahindra Satyam
Neutral
114
13,452
7,628
8,062
19.9
18.4
9.7
10.0
11.8
11.4
3.3
2.5
27.7
22.2
1.3
1.1
Mindtree
Buy
660
772
2,700
2,334
2,481
19.5
17.6
70.4
77.2
9.4
8.6
2.2
1.7
23.3
20.4
0.9
0.8
Mphasis&
Neutral
421
8,843
5,700
5,993
18.0
16.9
37.0
37.3
11.4
11.3
1.6
1.4
14.3
12.6
1.0
0.9
NIIT
Accumulate
34
36
562
1,034
1,146
9.9
11.0
5.2
6.4
6.5
5.3
0.8
0.8
12.8
14.3
0.3
0.2
Persistent
Reduce
439
398
1,756
1,207
1,278
26.2
24.3
42.4
44.3
10.4
9.9
1.8
1.5
17.1
15.5
1.1
0.9
TCS
Accumulate
1,322
1,405
258,676
61,611
67,507
29.3
29.1
69.0
74.0
19.1
17.9
6.2
5.1
32.4
28.6
3.9
3.5
Tech Mahindra
Accumulate
995
1,046
12,696
6,603
7,196
18.2
17.1
92.7
99.6
10.7
10.0
2.5
2.1
23.6
20.5
1.9
1.7
Wipro
Accumulate
381
421
93,761
43,800
48,332
19.5
19.3
25.6
28.1
14.9
13.6
2.8
2.4
18.9
17.9
1.8
1.5
D B Corp
Buy
202
236
3,700
1,604
1,786
22.3
23.8
11.2
13.7
18.1
14.8
3.4
3.0
20.3
21.4
2.2
2.0
HT Media
Buy
97
113
2,284
2,111
2,263
14.7
14.8
7.3
8.1
13.3
12.0
1.4
1.3
11.3
11.2
0.7
0.6
Jagran Prakashan
Buy
94
112
2,986
1,488
1,664
22.7
22.8
6.2
7.1
15.2
13.2
3.7
3.3
25.2
26.3
2.1
1.8
PVR
Neutral
209
542
625
732
17.4
17.1
13.3
15.6
15.7
13.3
1.7
1.5
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
365
14,382
1,981
2,239
77.0
76.7
18.6
21.3
19.7
17.1
4.9
4.3
27.1
27.5
6.4
5.5
Bhushan Steel
Neutral
493
10,471
11,979
14,584
31.6
31.0
49.2
61.4
10.0
8.0
1.3
1.1
14.1
15.2
2.9
2.4
Coal India
Accumulate
365
385
230,516
69,808
75,550
27.4
27.4
26.0
28.3
14.0
12.9
4.1
3.3
32.5
28.1
2.3
2.0
Electrosteel Castings
Accumulate
20
23
695
1,984
2,074
11.2
12.6
2.5
2.9
8.1
7.0
0.4
0.2
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
137
144
57,718
12,446
13,538
52.3
52.9
14.3
15.5
9.6
8.8
1.8
1.5
20.5
18.9
2.7
2.1
Hindalco
Neutral
125
23,856
84,855
92,446
8.7
9.3
13.2
16.2
9.4
7.7
0.7
0.7
7.8
8.9
0.7
0.6
JSW Steel
Neutral
738
16,465
38,740
41,459
17.3
17.0
79.9
89.4
9.2
8.3
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
256
271
4,308
918
993
50.7
50.9
24.5
26.1
10.5
9.8
1.6
1.5
16.0
15.5
2.3
2.0
Monnet Ispat
Buy
318
379
2,043
2,511
3,303
23.8
26.0
46.3
57.3
6.9
5.5
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
October 04, 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
13,157
7,401
7,841
16.7
19.2
3.4
4.1
14.9
12.5
1.1
1.0
7.4
8.4
1.3
1.2
194
214
76,836
12,934
14,266
79.4
80.1
21.1
23.4
9.2
8.3
2.5
2.0
29.6
26.5
4.1
3.4
SAIL
Sesa Goa
Neutral
87
35,936
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
177
15,340
7,704
8,034
33.6
34.6
42.0
43.1
4.2
4.1
0.9
0.7
22.3
19.2
2.2
2.1
Sterlite Inds
Neutral
102
34,245
41,680
45,382
24.2
23.2
16.3
16.9
6.3
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
403
481
39,140 145,799 150,431
10.3
11.2
48.6
63.3
8.3
6.4
0.8
0.8
10.5
12.4
0.5
0.5
Sarda
Accumulate
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
0.8
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
57
73
767
2,694
2,906
14.6
16.6
16.4
20.8
3.5
2.7
0.3
0.3
11.4
12.8
0.5
0.4
Buy
123
161
390
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.9
0.5
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
327
380
62,339
16,605
17,258
75.4
71.7
57.0
54.9
5.7
6.0
1.1
0.9
20.2
16.3
2.8
2.2
GAIL
Neutral
385
48,843
50,176
55,815
15.5
15.8
35.4
36.5
10.9
10.5
1.9
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
281
312
240,709 147,139 154,821
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
846
277,109 362,700 380,031
7.9
8.0
61.5
64.3
13.8
13.2
1.4
1.3
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
337
3,819
11.5
11.3
19.2
22.1
17.6
15.2
4.7
4.2
28.7
29.0
1.3
1.0
Indraprastha Gas
Neutral
263
3,681
3,040
3,135
24.3
26.7
24.8
27.9
10.6
9.4
2.5
2.0
25.5
23.6
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
161
176
12,109
29,145
33,736
6.6
6.6
14.2
16.0
11.4
10.1
2.8
2.2
26.9
24.4
0.4
0.4
81
4,558
1,041
939
91.8
91.9
8.5
7.4
9.6
10.9
1.6
1.5
18.1
14.0
5.2
5.8
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Neutral
Dr Reddy's
Accumulate
Dishman Pharma
Neutral
4,318
3,228
72
91
1,350
1,624
1,855
14.2
15.6
6.6
9.1
10.9
7.9
2.7
2.1
27.9
29.9
1.0
0.8
147
156
4,268
5,243
5,767
14.6
14.6
11.8
12.6
12.4
11.6
1.5
1.3
17.9
16.4
1.3
1.1
2,302
5,302
1,482
1,682
15.5
15.5
95.1
104.4
24.2
22.1
4.3
3.3
18.6
17.0
3.5
3.0
862
953
17,641
6,148
7,386
18.6
19.6
36.0
46.1
23.9
18.7
5.6
4.5
25.8
26.8
3.1
2.6
381
30,599
8,031
9,130
23.4
22.4
18.4
20.0
20.7
19.1
3.4
3.0
17.8
16.6
3.6
3.1
1,682
1,859
28,550
10,696
11,662
20.7
21.0
83.7
92.9
20.1
18.1
4.1
3.5
22.4
20.8
2.9
2.6
Neutral
99
802
1,280
1,536
17.8
17.8
9.2
11.3
10.8
8.8
0.8
0.8
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
1,982
16,790
2,651
2,993
31.7
31.2
76.0
82.4
26.1
24.1
7.5
6.7
20.1
26.3
5.5
4.8
Indoco Remedies
Buy
69
92
637
685
837
15.2
15.2
7.4
8.9
9.3
7.8
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
463
5,838
2,850
3,474
20.7
20.7
29.2
36.6
15.9
12.7
3.7
3.0
26.1
26.1
2.3
1.9
Lupin
Accumulate
598
647
26,712
8,426
10,082
19.7
20.0
26.3
31.3
22.7
19.1
5.3
4.3
26.0
24.7
3.2
2.6
Orchid Chemicals
Neutral
116
818
1,667
1,835
13.9
13.9
11.4
13.3
10.2
8.7
0.7
0.6
6.6
7.3
0.9
0.8
Market Outlook
October 04, 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
539
22,758
12,046
11,980
18.0
15.8
31.3
29.8
17.2
18.1
5.9
4.7
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
698
72,131
9,752
12,134
41.6
41.6
26.0
28.2
26.8
24.7
5.0
4.3
20.3
18.8
6.6
5.1
CESC
Neutral
336
4,197
5,218
5,644
24.2
23.8
44.6
47.6
7.5
7.1
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
70
77
1,056
1,557
1,573
29.3
28.7
10.8
11.0
6.5
6.3
0.7
0.6
10.8
10.2
1.2
1.0
170
140,214
74,111
85,789
22.7
23.1
12.1
13.7
14.1
12.4
1.7
1.6
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Accumulate
84
78
2,483
657
875
52.0
56.1
8.4
12.7
10.0
6.6
0.6
0.6
6.3
8.9
4.5
3.4
DLF
Neutral
229
38,872
9,878
12,033
44.7
46.1
9.6
13.4
23.9
17.1
1.5
1.4
6.4
8.7
6.5
5.4
HDIL
Buy
101
115
4,226
2,441
3,344
55.1
48.2
22.7
26.6
4.4
3.8
0.4
0.3
8.8
9.4
3.5
2.7
MLIFE
Neutral
401
1,637
813
901
26.2
26.6
32.0
37.1
12.5
10.8
1.3
1.2
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
266
100,881
79,147
86,745
31.1
32.5
9.9
15.1
26.8
17.6
1.9
1.7
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
83
27,364
22,582
24,684
26.4
26.9
3.3
4.7
24.9
17.5
1.9
1.7
7.8
9.9
1.7
1.5
Rcom
Neutral
62
12,849
20,650
20,935
32.3
33.0
4.2
5.8
14.7
10.8
0.3
0.3
2.3
3.1
2.3
2.1
Abbott India
Neutral
1,610
3,421
1,602
1,833
10.4
11.8
54.7
71.7
29.4
22.5
5.6
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
204
228
2,035
3,670
4,290
7.6
8.8
15.0
23.0
13.6
8.9
2.5
2.0
18.6
22.4
0.5
0.5
Cera Sanitaryware
Buy
338
388
427
396
470
16.7
16.6
31.0
35.0
10.9
9.7
2.5
2.0
24.8
23.0
1.1
1.0
Cravatex
Buy
443
682
114
289
340
5.2
5.9
41.0
57.0
10.8
7.8
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
959
6,729
982
1,136
34.3
34.3
34.3
40.0
27.9
24.0
12.6
10.1
50.9
46.9
6.5
5.4
Finolex Cables
Buy
46
61
701
2,334
2,687
6.2
6.5
8.0
10.0
5.7
4.6
0.8
0.7
13.0
14.9
0.2
0.2
Force Motors
Buy
441
591
575
2,214
2,765
4.5
5.4
39.0
74.0
11.3
6.0
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
319
735
1,543
1,654
6.5
7.3
24.8
31.1
12.8
10.3
2.1
1.8
17.1
19.0
0.3
0.2
Disa India
Buy
3,065
3,353
463
176
203
22.7
22.6
182.5
209.6
16.8
14.6
8.7
6.9
51.8
47.1
2.2
1.8
Greenply Industries
Buy
206
309
498
1,925
2,235
10.6
10.9
29.6
44.1
7.0
4.7
1.1
0.9
16.8
21.0
0.5
0.4
Hitachi
Neutral
131
301
868
977
3.9
6.6
2.7
10.9
47.9
12.1
1.7
1.6
3.7
13.6
0.4
0.4
Honeywell Automation
Neutral
2,798
2,473
1,847
2,162
4.3
7.3
69.0
135.0
40.5
20.7
3.6
3.1
9.3
16.3
1.3
1.1
Styrolution ABS India
Buy
637
744
1,120
1,056
1,081
8.1
10.6
34.0
47.0
18.7
13.6
2.6
2.2
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
252
290
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
159
2,558
1,248
1,468
9.8
10.4
5.9
7.2
26.8
22.1
3.8
3.5
15.0
16.6
2.5
2.0
MCX
Accumulate
1,244
1,440
6,346
553
624
65.3
66.3
62.5
72.0
19.9
17.3
5.5
4.7
27.5
27.4
8.9
7.4
MRF
Buy
10,610
12,884
4,500
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.2
7.4
1.6
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
October 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,204
725
821
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
3,574
887
1,108
18.3
18.6
95.0
120.9
33.7
26.5
17.6
14.3
57.4
59.5
4.0
3.2
869
1,019
1,208
12.3
13.0
51.0
68.4
14.2
10.6
3.8
2.8
30.3
30.2
1.0
0.8
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Buy
71
79
1,940
4,751
5,189
16.3
16.6
13.6
15.8
5.2
4.5
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
330
392
309
1,042
1,173
12.4
12.5
66.3
78.5
5.0
4.2
1.0
0.8
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
20
24
583
7,134
7,985
19.7
19.4
12.2
14.1
1.6
1.4
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Buy
37
43
1,775
5,720
6,599
5.3
6.8
3.6
5.4
10.2
6.8
14.7
4.7
0.4
0.4
TAJ GVK
Buy
70
108
442
300
319
35.8
36.2
7.9
9.1
8.9
7.7
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
326
377
501
787
837
16.2
17.5
58.5
66.9
5.6
4.9
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Accumulate
308
335
236
1,476
1,643
7.0
8.2
32.6
55.9
9.5
5.5
1.5
1.3
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,250
16,344
10,289
11,421
13.5
14.3
31.0
42.9
40.3
29.1
3.1
2.9
8.1
10.3
2.2
2.0
Vesuvius India
Neutral
344
697
560
611
16.1
17.0
24.7
28.8
13.9
12.0
2.1
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 October 03, 2012
Market Outlook
October 04, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

Indian shares rose modestly on Wednesday, extending the recent rally, on

Cement dispatches September 2012

OIL & GAS

Refer detailed news analysis on the following page

Net Inflows (October 01, 2012)

FII Derivatives (October 03, 2012)

Cement dispatches September 2012

Delhi HC relief to Bharti Airtel: Ban on 3G roaming pacts stayed

Maruti Suzuki hikes car prices by 1% with immediate effect

BG group to sell its stake in Gujarat Gas

Economic and Political News

FDI in multi-brand retail will help increase productivity: RBI

Mahindra Satyam gives 7-12% wage hikes

Global economic events release calendar

October 04, 2012

Initial Jobless claims

BOE Announces rates

October 09, 2012

October 12, 2012

ECB announces interest rates

Change in Nonfarm payrolls

Industrial Production (YoY)

Producer Price Index (mom)

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

Consumer price index (mom)

Jobless claims change

Industrial Production (YoY)

Real GDP (YoY)

October 19, 2012

October 23, 2012

October 24, 2012

Existing home sales

New home sales

FOMC rate decision

October 25, 2012

October 26, 2012

GDP Qoq (Annualised)

October 30, 2012

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

October 31, 2012

Unemployment change (000's)

November 01, 2012

Euro-Zone GDP s.a. (QoQ)

GDP nsa (YoY)

October 05, 2012

October 16, 2012

October 17, 2012

October 18, 2012

November 15, 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