Market Outlook 7-11-12

Market Outlook
November 7, 2012
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat to negative today tracing negative trades
in the SGX Nifty and most of the Asian indices. Most of the Asian bourses have
declined as exit polls suggest that US presidential elections results remain too close
to call.
BSE Sensex
0.3
54.5 18,817
Nifty
0.4
20.2
5,724
MID CAP
0.6
36.9
6,665
SMALL CAP
0.4
25.0
7,082
U.S markets moved mostly higher during the trading session on Tuesday, adding to
the gains posted in the previous session. The strength on Wall Street came even as
traders express continued uncertainty about the outcome of the presidential race
between President Barack Obama and Republican challenger Mitt Romney. Most of
the European bourses ended the trading session on Tuesday in positive territory,
rebounding from the weakness of the prior session. The U.S. presidential election
overshadowed some weaker than expected economic reports in Europe, like the
larger than expected decline in German factory orders.
BSE HC
1.0
73.6
7,817
BSE PSU
0.5
32.7
7,250
BANKEX
0.6
78.8 13,256
AUTO
(0.5)
(54.1) 10,586
METAL
0.0
OIL & GAS
0.2
12.9
8,364
(0.0)
(0.5)
5,779
(Pts)
(Close)
Meanwhile, Indian markets swung between gains and losses before ending
modestly higher on Tuesday. Stocks saw some late-session boost after reports
suggested that the government is mulling options to defer some spending to the
next financial year to keep its rising fiscal deficit under control.
Dow Jones
1.0
NASDAQ
0.4
12.3
3,012
FTSE
0.8
45.8
5,885
Nikkei
(0.4)
(32.3)
8,975
Hang Seng
(0.3)
(62.0) 21,944
The trend deciding level for the day is 18,791 / 5,716 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,855 18,893 / 5,739 5,753 levels. However, if NIFTY trades below
18,791 / 5,716 levels for the first half-an-hour of trade then it may correct up to
18,753 18,689 / 5,702 5,679 levels.
Straits Times
(0.4)
(12.4)
3,019
Shanghai Com
(0.4)
(8.0)
2,106
Chg (%)
(Pts)
(Close)
0.5
0.2
$44.0
Indices
S2
S1
PIVOT
R1
R2
WIT
(0.9)
(0.1)
$8.5
SENSEX
NIFTY
18,689
5,679
18,753
5,702
18,791
5,716
18,855
5,739
18,893
5,753
IBN
1.1
0.4
$40.3
HDB
0.8
0.3
$38.2
Markets Today
BSE IT
Global Indices
Indian ADRs
INFY
Chg (%)
1.4 10,267
133.2 13,246
News Analysis
SAILs production to be lower on closure of an iron ore mine

BHEL signs agreement with Shell for gas turbine supply
USL-Diageo deal likely this week.
2QFY2013 Result Review: Bosch, Hindalco, Canara Bank, ABB, Motherson
Sumi, Andhra Bank, Britannia, Central Bank, Dena Bank, ITNL, GIPCL, Relaxo
Footwear, Cravatex
2QFY2013 Result Preview: Bharti Airtel, Tata Motors, NMDC
Refer detailed news analysis on the following page
Net Inflows (November 05, 2012)

` cr
FII
MFs
Purch
1,363
316
Sales
950
406
Net
413
(89)
MTD
2,248
(840)
YTD
55,100
(10,290)
FII Derivatives (November 06, 2012)

` cr
Index Futures
Stock Futures
Purch
696
914
Sales
851
935
Price (`)
chg (%)
Company
1,310
7.8
Voltas
Net
(155)
(21)
Open Interest
11,097
29,011
Gainers / Losers
Gainers
Company
J&K Bank
HDIL
Losers
106
5.9
JUBL FOOD
2,542
5.7
IDFC
Adani Ports
135
5.6
Astrazeneca Phar
Apollo Hosp
821
4.9
Hindalco Inds
Eicher Motors
www.angelbroking.com
Price (`)
chg (%)
114
(2.9)
1,282
(2.4)
163
(2.3)
1,521
(2.1)
113
(1.9)
Advances / Declines
BSE
NSE
Advances
1,519
791
Declines
1,318
690
141
94
Unchanged
Volumes (` cr)
BSE
2,269
NSE
9,455
Market Outlook
November 7, 2012
SAILs production to be lower on closure of an iron ore mine

Media reports suggest that SAIL is expected to stop mining iron ore in Odisha state
on account of delay in getting environment and forest clearances. Its 4.5mn tonne
iron ore mines two year extension will expire on November 10 post which SAIL will
need a fresh clearance in order to operate the mine. The closure of the iron ore
mine will affect its 1.8mn tonne Durgapur steel plant (SAILs production capacity 13.5mn tonne). The stoppage could also delay the companys US$13bn capex
plan to increase steelmaking capacity to 24mn tonne annually by FY2015,
improve products and develop mines. We await further clarity from the
management post its results on November 8, 2012. Until then, we maintain our
estimates and our Neutral stance on the stock.
BHEL signs agreement with Shell for gas turbine supply

Bharat Heavy Electricals Ltd (BHEL) has signed an agreement with Shell, a
Netherlands-based global energy and petrochemicals giant, for supply of gas
turbines and generators over the next five years. Under the Enterprise Framework
Agreement (EFA), BHEL will supply Gas Turbine Generator (GTG) packages to
Shell in select locations including Asia-Pacific, Middle-East, Central Asia, Eastern
Europe and Africa,The agreement covers supply ofGTG packages in three
categories Frame 5 (26 Mw), Frame 6E (42 Mw) and Frame 9E (126 Mw) for
power generation and includes installation and commissioning services.This
agreement will give BHEL an opportunity to extend its GTG business in untapped
geographies globally. We maintain Neutral rating on the stock.
USL-Diageo deal likely this week.

As per media reports Britain's Diageo Plc is set to pick up a 51% stake USL this
week in a transaction worth around US $2 billion. The deal would involve the
direct purchase of promoters holding, the issue of fresh shares and an open offer
to buy stock from public shareholders. Both USL and Diageo had earlier confirmed
that they are in talks for a deal. USL is expected to declare its 2QFY2013 on Friday
and announcement of the deal could coincide with the same. We currently have a
neutral view on the stock.
Result Review
Bosch (CMP: `8,888/ TP: - / Upside: -)
Bosch (BOS) reported poor performance for 3QCY2012 largely due sequential
decline in operating margins (down 182bp) led by sequential decline in the topline. Top-line posted a sluggish growth of 3% yoy (down 5.6% qoq) to `2,052cr,
broadly in-line with estimates, on account of weakness in medium and heavy
commercial vehicle (MHCV) and tractor sales. The automotive segment posted a
subdued growth of 1.6% yoy (down 5.7% qoq) due to marginal decline in diesel
system sales and 17.6% yoy decline in exports revenue. EBITDA margin declined
182bp sequentially to 13.3% primarily due to increase in employee and other
expenditure as a percentage of sales. However on a yoy basis, margins contracted
steeply by 600bp due to INR depreciation which resulted in a 342bp increase in
Market Outlook
November 7, 2012
raw-material cost as a percentage of sales. Further, other expenditure too

witnessed a 170bp yoy expansion during the quarter. As a result, operating profit
declined 29% yoy (17% qoq) to `273cr. Net profit for the quarter stood at `203cr,
down 29.6% yoy and 18% qoq as negative impact of higher depreciation expense
was mitigated by higher other income and lower tax rate. We revise downwards
our earnings estimates for BOS by 5%/4% for CY2012/13E to factor in the poor
operating performance during the quarter. At the CMP of `8,888, the stock is
trading at 21.2x CY2013E earnings which we believe is on the higher side. We
therefore maintain our Neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
Dec.
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
8,776
16.6 1,042331.9
18.7
26.7
5.0
17.0
2.7
CY2013E
10,276
18.0 1,312417.7
19.5
21.2
4.1
13.0
2.2
Hindalco (CMP: `113/ TP: -/ Upside :-)

Hindalcos 2QFY2013 EBITDA was better than our estimate on account of betterthan-expected profitability from Copper segment; however, its PAT was in line with
our estimates due to lower-than-expected interest expenses. Hindalcos net sales
declined 1.7% yoy to `6,115cr (below our estimate of `6,423cr). In aluminium
segment, alumina production fell by 1.3% yoy to 328kt whereas aluminium metal
production declined by 10.7% yoy to 128kt. The downstream sales stood at 62kt.
Aluminium segment net sales declined by 4.9% yoy to `2,105cr due to lower LME
aluminium prices and operational disturbances at both the smelters of the
company. In copper segment, copper cathode production increased by 4.6% yoy
to 78kt whereas CCR production grew by 8.9% yoy to 37kt. Copper segment net
sales remained flat yoy at `4,066cr.
On the operating front, aluminium segment EBIT decreased by 60.4% yoy to
`170cr due to decrease in realizations coupled with increase in fuel and power
costs. Copper segment EBIT however improved by 41.3% yoy to `209cr (better
than our expectation). Overall, Hindalcos EBITDA declined by 23.0% yoy to
`515cr and EBITDA margin slipped 233bp yoy to 8.4% during 2QFY2013.
However, Interest expenses declined substantially by 58.7% yoy to `28cr due to
prepayment of high interest bearing debt (~`6,000cr) by the company. The
company has raised equivalent amount of debt (via bond issue) which will be used
to fund expansion projects and hence, it did not flow through in the 2QFY2012
income statement. Other income was also lower by 24.8% yoy to `132cr.
Consequently, net profit declined by 28.6% yoy to `359cr (in line with our estimate
of `364cr). The company has reported no changes in the status of its projects from
its previous update of August 2012.
Hindalcos fully-owned subsidiary Novelis reported subdued 2QFY2013 results. Its
net sales declined 15.2% yoy to $2,41mn due to decline in realizations (aluminium
prices were down 20% yoy). Shipments were flat yoy at 719kt during the quarter.
EBITDA also fell by 7.9% to $277mn due to higher employee and project start up
costs associated with its expansion. The companys PAT however, fell substantially
by 59.2% yoy to $49mn mainly due to higher tax provisions of $37mn, compared
to a tax benefit of $7mn in 2QFY2012. During October, Novelis opened Asia's
largest fully integrated recycling and casting facility in South Korea. Once fully
Market Outlook
November 7, 2012
commissioned, the facility will have an annual capacity of approx. 265kt once it
ramps up fully.We maintain our Neutral rating on the Hindalcos stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
84,855
8.7 2,529 13.2
7.8
8.5
0.6
7.4
0.6
FY2014E
92,446
9.3 3,107 16.2
8.9
6.9
0.6
6.1
0.6
Canara Bank- (CMP: `420/ TP: `449/ Upside: 6.9%)

During 2QFY2013, Canara Bank posted disappointing performance on the
operating front, with a decline of 8.1% and 20.1% yoy in operating income and
operating profit to `2,565cr and `1,282cr, respectively. On the earnings front, the
bank witnessed de-growth of 22.4% to `661cr. On the asset quality front, on an
absolute basis, Gross and Net NPA levels increased by 24.7% and 21.6% qoq,
respectively. Gross and Net NPA ratios were higher by 60bps and 46bps during
the quarter to 2.58% and 2.12%, respectively. At CMP, the stock trades at relatively
expensive valuations of 0.8x FY2014 ABV. We recommend an Accumulate rating
on the stock, with a target price of `449.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
(`)
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2013E
10,905
2.1
3,317
74.9 499.0
0.8
15.1
5.7
0.9
FY2014E
12,783
2.2
3,771
85.1 560.9
0.9
15.3
5.0
0.8
ABB (CMP: `722/TP: `593/Downside: 22 %)

For 3QCY2012, ABB India (ABB) posted subdued top-line growth of 3.7% yoy to
`1,809cr, below our expectations, due to project delays in process automation and
power segment. ABBs margin came in flat at 3.7% on account of cost overruns
and impact of forex loss of `30cr included in other expenses. Consequently, ABBs
bottom-line declined by 3.5% yoy to `21cr. Given the high valuations, we maintain
our Sell recommendation on the stock with a target price of `593.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
CY2012E
CY2013E
P/BV EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
8,760
6.2
306
14.5
11.6
50.0
5.5
27.6
1.7
10,023
8.7
524
24.7
17.6
29.2
4.8
17.1
1.5
Motherson Sumi Systems (CMP: `156/ TP: -/ Upside: -)

Motherson Sumi Systems (MSS) registered a 7.8% yoy decline in consolidated
revenues on a sequential basis to `5,891cr, which was below our estimates, due to
sluggish revenue growth in standalone operations (down 9.3% qoq) and 10.1%
qoq decline in revenues at Samvardhana Motherson Peguform (SMP). On a yoy
basis, top-line grew by 151.9% primarily due to consolidation of Peguform
operations which contributed `2,954cr to the top-line. Samvardhana Motherson
Reflectec (SMR) revenues for the quarter reported a strong growth of 17.3% (EUR
terms) and 25.1% yoy (INR terms) to `1,583cr led by pick-up in order execution at
Market Outlook
November 7, 2012
the new plants in Hungary. The top-line growth on a yoy basis was strong even
after adjusting for Peguform operations and came in at 25.6% yoy. However it
declined 5.3% on a sequential basis, led by decline in domestic revenues at the
standalone level due to lock out at Maruti Suzukis Manesar plant.
On the operating front, consolidated margins stood flat sequentially (down 174bp
yoy) at 7.1% led by stable performance at SMR (EBITDA margin at 5%). The
standalone (down 150bp to 15.1%) and SMP (down 50bp qoq to 3.7%) operations
however witnessed margin contraction during the quarter. On a yoy basis though,
SMR reported substantial improvement in margins due to improving utilization
levels at the new plants. While reported net profit stood at `138cr as against `24cr
in 2QFY2012; adjusted for the forex gains, net profit declined 29% yoy to `70cr.
During 2QFY2013, Peguform and SMR turned profitable and posted profits of
`8cr (loss of `67cr in 1QFY2013) and `6cr (loss of `2cr in 1QFY2013)
respectively. At `156, the stock is trading at 14.8x FY2014 earnings. The stock
rating is currently under review. We shall revise our estimates post earnings
conference call with the management which is scheduled today.
Y/E
Sales OPM
PAT
EPS
RoE
March
(` cr)
(%) (` cr)
(`)
(%)
P/E P/BV
(x)
EV/EBITDA EV/Sales
(x)
(x)
(x)
FY2013E
24,285
6.7
473
8.0
22.9
19.4 4.1
7.9
0.5
FY2014E
27,317
7.2
622
10.6
24.7
14.8 3.3
6.5
0.5
Andhra Bank- (CMP: `105/ TP: -/ Upside: -)

During 2QFY2013, Andhra Bank posted a modest set of numbers with net profit
growing by 3.0% yoy to `326cr. The NII income was weak, de-growing by 6.0%
yoy. However, non interest income growth was strong at 23.4% yoy to `219cr. The
provisioning expenses declined by 46.5% yoy to `139cr. The gross NPA of the
bank stood at 3.48%, while the net NPA stood at 2.2%. The PCR ratio of the bank
declined by 720bp to 53.2%. We remain Neutral on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
4,929
3.1
1,327
23.7 144.2
1.0
16.6
4.5
0.7
FY2014E
5,633
3.1
1,373
24.5 162.1
0.9
15.3
4.4
0.7
March
Britannia Industries (CMP: `480/TP: `584/Upside:-22%)

For 2QFY2013, Britannia Industries posted an 8.4% yoy growth in top-line to
`1,403cr, which was below our estimates. The OPM was down by 52bp yoy due to
increase in cost of raw materials such as wheat and sugar, as well as higher fuel
costs. The companys advertising costs too went up by 61bp on a yoy basis. The
bottom-line rose by 21.6% yoy to `46cr, aided by higher other income at `26cr (vs
`11cr in 2QFY2012). We maintain our Buy recommendation on the stock with a
target price of `584.
Market Outlook
November 7, 2012
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,835
5.7
247 20.7
43.1
23.2
9.1
15.9
0.9
FY2014E
6,824
5.9
303 25.4
41.9
18.9
7.0
13.0
0.8
Central Bank- (CMP: `73/ TP: -/ Upside: -)

During 2QFY2013, Central Bank reported a decent set of numbers. The net profit
was up by 35.1% yoy on a low base. The banks tier-1 ratio is on the lower side at
just above 7%. Hence the bank has asked the GOI for capital to the tune of
`2,500cr. The slippages were high at `1,783cr but on expected lines. The bank
has one of the highest restructured book as a proportion of its advances within the
banking industry. Due to asset quality overhang and limited growth options due to
lower tier-1 ratio, we maintain our Neutral stance on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
7,095
2.5
1,299
15.6
94.2
0.5
12.2
4.6
0.8
FY2014E
8,102
2.7
1,698
21.0 107.0
0.6
14.7
3.4
0.7
March
Dena Bank- (CMP: `111/ TP: -/ Upside: -)

During 2QFY2013, Dena Bank posted healthy performance on the operating
front, with a growth of 15.9% and 24.2% yoy in operating income and operating
profit to `728cr and `437cr, respectively. On the earnings front, the bank
witnessed healthy growth of 23.8% to `240cr.
Advances for the bank grew at a strong pace of 37.8% yoy, while growth in
deposits came in at 30.1% yoy. The management expects credit and deposit
growth of ~18% and 17%, yoy respectively for FY2013E. CASA ratio came in
sequentially higher by ~100bp to 31.9%. NIMs for the bank declined sequentially
by 20bp to 2.86%. On the asset quality front, on an absolute basis, Gross and Net
NPA levels increased by 8.8% and 20.7% qoq, respectively. Slippages came in
higher sequentially at `288cr compared to `192cr in 1QFY2013. Incremental
slippages were granular in nature, except for `90cr coming in from two accounts.
Gross and Net NPA ratios were higher by 17bps and 21bps during the quarter to
1.97% and 1.22%, respectively. Additionally the bank restructured advances worth
`300cr during the quarter compared to `750cr in 1QFY2013, thereby taking its
outstanding restructured book to `4,500cr. At CMP, the stock trades at relatively
expensive valuations of 0.7x FY2014 ABV. We recommend Neutral rating on the
stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
3,147
2.8
869
24.8 143.4
0.9
18.7
4.4
0.8
FY2014E
3,495
2.9
853
24.4 163.7
0.8
15.9
4.5
0.7
March
ITNL (CMP: `189 / TP: `225/ Upside: 19%)

For 2QFY2013, on a consolidated basis, IL&FS Transportation Networks (ITNL)
posted mixed set of numbers with modest growth on the top-line front however
Market Outlook
November 7, 2012
bottomline was ahead of our estimate mainly due to better-than-expected

performance at the operating level. The companys revenue for the quarter came
in at `1,370cr (`1,256cr), registering 9.1% yoy growth, which was lower than our
estimate of `1,507cr. EBITDA margins for the quarter stood at 33.0% vs. 28.4% in
2QFY2013, an increase of 462bp and 351bp on yoy and qoq basis respectively,
against our estimate of 27.1%. This was mainly on account of higher revenue
contribution from the relatively high-margin toll/annuity segment during the
quarter. ITNLs interest cost grew by 65.6% yoy / 11.3% qoq to `280cr in 2QFY13,
ahead of our estimate of `265cr. On the earnings front, ITNL reported flat yoy
earnings of `116cr in 2QFY13 which was higher than our estimate of `98cr. This
was mainly on back better-than-expected performance at the operating level. We
recommend Buy on the stock with a target price of `225.
Y/E
Sales
OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
FY2013E
6,564
27.2
FY2014E
7,054
27.4
ROE P/E
(%)
P/BV EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
510 26.3
17.0 7.2
2.7
6,564
27.2
564 29.0
16.3 6.5
2.7
7,054
27.4
GIPCL (CMP: `68/TP: `77/Upside: 13 %)

For 2QFY2013, GIPCL reported a robust 20% yoy growth in its top-line to `360cr,
in line with our expectations. OPM expanded by 456bp yoy to 36.2%. The
company also benefited from an exceptional gain of `60cr, `40 due to realization
of contractual claims and `20cr due to energy billing claims being settled during
the quarter. However, the company reported a loss of `28cr on account of higher
tax (`94cr) booked in the quarter. We maintain Accumulate rating on the stock.
Y/E
March
Sales OPM
(` cr)
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
1,557 29.3
163
10.8
10.8
6.2
0.6
3.9
1.1
FY2014E
1,573 28.7
166
11.0
10.2
6.1
0.6
3.4
1.0
Relaxo Footwear (CMP `803 / TP - `932 / Upside: 16%)

Relaxo reported lower than expected numbers for 2QFY2013. The revenue for the
quarter stood at `242cr marginally lower than our expectation of `248cr, while it
grew by 21.6% yoy from `199cr in 2QFY2012. The EBITDA margin witnessed an
expansion of 204bp yoy to 9.9% during the quarter; however, it was lower than
our expectation of 12.5%. Operating margin contracted by 221bp on a qoq basis
from 12.1% in 1QFY2013 on account of higher other expenses as a percentage of
net sales (mainly advertisement expense). Subsequently, the profit for the quarter
grew by 139.4% yoy at `10cr (on a lower base of `4cr for 2QFY2012), which was
32.9% lower than our estimate of `15cr.
However, we remain positive on the company with the growth triggers in place,
which includes 1) capacity expansion plan, 2) store expansion, 3) improved sales
mix and 4) brand revamping. At `803, the stock is trading at 12.0x FY2014E
earnings. We maintain our Buy rating on the stock with a revised target price of
`932, based on a target PE of 14x for FY2014E.
Market Outlook
November 7, 2012
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2012E
1,019
11.0
56
47.0
28.2
17.1
4.2
9.9
1.1
FY2013E
1,208
13.0
80
66.6
30.0
12.0
3.2
7.1
0.9
Cravatex (CMP: `450/ TP: `545/ Upside: 21%)

Cravatex reported a marginally higher top-line of `56cr yoy on a consolidated
basis, vis--vis our estimate of `69cr. The contribution from the domestic sales has
reduced from 98% in 2QFY2012 to 88% in 2QFY2013 with subsequent increase
in international segments share. On the operating front the EBITDA grew by 9%
yoy to `5.4cr. Other expenses cost reduced by 400bps which was offset by a total
355bps increase in raw material and employee cost, thus leading to expansion of
EBITDA margin by 46 bps to 9.6%. However on the segmental front, the EBIT
margin for the domestic segment contracted by 105 bps yoy while the international
segment reported a margin of 8.2% as compared to a loss in the same quarter
previous year. The company reported a bottom-line of `3.3cr vis--vis our estimate
of `2.1cr, low by 5.9% yoy. We maintain our Buy recommendation on the stock
with a revised target price of `545 based on target PE of 12x for FY2014E
earnings.
Y/E
Sales
OPM
PAT
EPS
ROIC
P/E
P/BV
EV/EBITDA
EV/sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
280
5.8
10
38
19.4
11.9
2.8
8.9
0.5
FY2014E
320
5.8
12
45
19.7
9.9
2.2
7.8
0.4
Result Preview
Bharti Airtel (CMP: `273 / TP: - / Upside: -)

Bharti Airtel is slated to announce its 2QFY2013 results today. We expect the
company to record revenue of `19,382cr, almost flat qoq. In domestic mobile
servies, MOU is expected to decline by 2.0% to 424min and almost flat ARPM at
`0.43/min. Africa business is expected to post ~4% qoq growth in revenues.
Consolidated EBITDA margin of the company is expected to improve by 71bp qoq
to 30.9%. EBITDA margin of Africa business is expected to remain flat qoq at
~26%. PAT is expected to be at `862cr. We maintain our Neutral view on the
stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
79,147
31.3
3,771
9.9
7.0
27.5
1.9
6.5
2.0
FY2014E
86,745
32.5
5,721
15.1
9.7
18.1
1.8
5.2
1.7
Market Outlook
November 7, 2012
Tata Motors (CMP: `267/ TP: `316/ Upside: 19%)

Tata Motors (TTMT) will be announcing its 2QFY2013 results today. On a
consolidated basis, we expect the companys top-line to grow by a robust ~25%
yoy (3.7% qoq) to `44,781cr driven by an impressive revenue growth of 37.4% yoy
in Jaguar and Land Rover (17.4% yoy in GBP terms and 18.2% yoy due to
depreciation of INR versus GBP). On the operating front, EBITDA margin is
expected to expand marginally by 40bp yoy to 12.9%. As a result, the bottom line
is expected to grow sharply by ~38% yoy `2,591cr. At the CMP of `267, the stock
is trading at 5.9x FY2014E earnings. Currently, we have a Buy rating on the stock
with a target price of `316.
Y/E
Sales
March
OPM
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
195,096
12.8 12,370 39.0
32.6
6.8
2.0
3.8
0.5
FY2014E
219,428
13.0 14,253 44.9
28.8
5.9
1.5
3.2
0.4
NMDC (CMP: `186, TP: `214 Upside: 15%)

NMDC is slated to announce its 2QFY2013 results today. We expect the
companys top line to decrease by 3.7% yoy to `2,950cr on account of decrease in
sales volumes. On the operating front, EBITDA margin is expected to decrease by
535bp yoy to 74.1%. The bottom line is expected to decrease by 6.4% yoy to
`1,838cr. We maintain our Buy view on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
12,934
79.4 8,349 21.1
29.6
8.8
2.3
4.8
3.8
FY2014E
14,266
80.1 9,267 23.4
26.5
8.0
1.9
4.0
3.2
Quarterly Bloomberg Brokers Consensus Estimate

Bharti Airtel Consolidated (07/11/2012)
Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
19,533
17,270
13
19,350
5,872
5,815
6,009
(2)
EBITDA margin (%)
30.1
33.7
Net profit
719
1,023
(30)
775
(7)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
2,870
3,062
(6)
2,838
EBITDA
2,307
2,435
(5)
2,302
(5)
1,906
Net sales
EBITDA
31.1
NMDC (07/11/2012)
Particulars (` cr)
EBITDA margin (%)

Net profit
80.4
79.5
1,861
1,963
81.1
(2)
Market Outlook
November 7, 2012
Tata Motors Consolidated (07/11/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
43,917
35,938
22
43,171
5,599
2,222
152
5,575
12.7
6.2
2,382
1,911
25
2,273
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
3,219
3,095
2,941
EBITDA
274
331
(17)
241
14
EBITDA margin (%)
8.5
10.7
Net profit
91
154
(41)
67
35
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
1,204
1,070
13
1,241
(3)
20
232
(9)
Net sales
EBITDA
EBITDA margin (%)
Net profit
12.9
Ashok Leyland (08/11/2012)

Particulars (` cr)
Net sales
8.2
Cummins India (08/11/2012)

Particulars (` cr)
Net sales
EBITDA
211
176
EBITDA margin (%)
17.5
16.4
Net profit
157
129
22
181
(13)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
20,989
22,616
(7)
20,084
EBITDA
11,712
14,469
(19)
9,930
18
55.8
64.0
6,144
8,642
18.7
ONGC (08/11/2012)
Particulars (` cr)
EBITDA margin (%)

Net profit
49.4
(29)
6,078
Ranbaxy Consolidated (08/11/2012)

Particulars (` cr)
3QCY12E
3QCY11
y-o-y (%)
2QCY12
q-o-q (%)
2,668
2,023
32
3,174
(16)
EBITDA
406
174
133
511
(21)
EBITDA margin (%)
15.2
8.6
Net profit
347
(461)
Net sales
16.1
-
(584)
Reliance Communication Consolidated (08/11/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
5,243
4,689
12
4,878
EBITDA
16
1,595
(2)
1,569
1,357
EBITDA margin (%)
29.9
28.9
Net profit
158
323
(51)
192
(18)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
11,096
10,837
10,641
1,412
1,327
1,515
(7)
EBITDA margin (%)
12.7
12.2
Net profit
771
495
32.7
SAIL (08/11/2012)
Particulars (` cr)
Net sales
EBITDA
14.2
56
696
11
Market Outlook
November 7, 2012
Sun Pharmaceutical Consolidated (08/11/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
2,603
1,895
37
2,658
(2)
EBITDA
1,079
784
38
1,242
(13)
EBITDA margin (%)
41.5
41.4
Net profit
773
707
46.7
9
921
(16)
Economic and Political News
Cancel mines allotted to Chhattisgarh, Odisha govt cos: IMG

RBI may ease monetary policy in January, says Duvvuri Subbarao
Government will defer spending to rein in fiscal deficit, says finance ministry
Real Estate Regulation Bill in Winter session: Maken
Corporate News
EGoM to decide price band for Nalco stake sale

Lenders may take legal action against Deccan Chronicle Holdings after audit
KFA will not fly if it doesn't get capital by Nov 30: SBI
Tata Steel to contest `6,000cr fine imposed by Odisha govt
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
November 07, 2012
Result Calendar
Date
Company
November 07, 2012
Bharti Airtel, NMDC, Tata Motors, Cadila Healthcare, Indraprasth Gas, GSPL, UCO Bank
ONGC, Sun Pharma, SAIL, Ranbaxy, Rcom, Cummins India, Ashok Leyland, Areva, Monnet Ispat, Page Industries, PTC
India, Nagarjuna Const., Prakash Industries, Finolex Cables, Goodyear
Coal India, St Bk of India, IOC, Jindal Steel, Tata Steel, BPCL, Power Fin.Corpn., GSK Pharma, United Spirits, HPCL,
Essar Oil, Sun TV Network, Tata Chemicals, Suzlon Energy, Corporation Bank, MOIL, HDIL, Aurobindo Pharma,
CESC, Sadbhav Engg., Punj Lloyd, Anant Raj, Graphite India, Orchid Chemicals, Patel Engg., Subros, Disa
Unitech, TVS Srichakra, Abbott India, S. Kumars Nationwide
November 08, 2012

November 09, 2012
November 10, 2012
November 11, 2012
November 12, 2012
DLF, Nestle, Jaiprakash Asso., GMR Infra., Bhushan Steel, Simplex Infra, SpiceJet
November 13, 2012

November 14, 2012
Madhucon Proj
November 15, 2012
Consolidated Co
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
November 06, 2012
2:25PM
Germany PMI Services
3:00PM
UK
Industrial Production (YoY)
5:30PM
UK
BOE Announces rates
6:15PM
Euro Zone ECB announces interest rates
7:00PM
US
7:00AM
China
11:00AM
November 10, 2012
November 12, 2012
November 13, 2012
November 14, 2012
November 08, 2012
November 09, 2012
Value
Oct F
48.40
49.30
% Change
Sep
(2.60)
(1.60)
% Ratio
Nov 8
0.50
0.50
Nov 8
0.75
0.75
Initial Jobless claims
Thousands
Nov 3
363.00
366.00
Consumer Price Index (YoY)
% Change
Oct
1.90
1.90
China
Industrial Production (YoY)
% Change
Oct
9.20
9.40
5:29PM
China
Exports YoY%
% Change
Oct
9.90
10.00
11:00AM
India
Industrial Production YoY
% Change
Sep
2.70
2.90
3:00PM
UK
CPI (YoY)
% Change
Oct
2.20
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Oct
7.81
8.00
3:00PM
UK
Jobless claims change
% Change
Oct
(4.00)
--
Producer Price Index (mom)
% Change
Oct
1.10
0.10
% Change
3Q P
0.50
--
Oct
2.60
--
7:00PM
US
12:30PM
Germany GDP nsa (YoY)
3:30PM
Euro Zone Euro-Zone CPI (YoY)
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
(0.20)
--
7:00PM
US
Consumer price index (mom)
% Change
Oct
0.60
0.10
November 16, 2012
7:45PM
US
Industrial Production
Oct
0.41
0.20
November 19, 2012
8:30PM
US
Existing home sales
Millions
Oct
4.75
--
November 20, 2012
7:00PM
US
Housing Starts
Thousands
Oct
872.00
--
7:00PM
US
Building permits
Thousands
Oct
890.00
--
2:00PM
Germany PMI Manufacturing
Value
Nov A
46.00
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Nov A
(25.70)
--
3:00PM
UK
GDP (YoY)
% Change
3Q P
--
--
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Nov
72.20
--
November 28, 2012
8:30PM
US
New home sales
Thousands
Oct
389.00
--
November 29, 2012
2:25PM
Germany Unemployment change (000's)
Thousands
Nov
20.00
--
7:00PM
US
% Change
3Q S
2.00
--
November 15, 2012
November 22, 2012

November 27, 2012
GDP Qoq (Annualised)
Market Strategy
November 07, 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
1.0
(%)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
(2.8)
(4.0)
(1.8)
(6.0)
(5.0)
Mfg. PMI
60.0
Services PMI
58.0
9.5
7.7
8.0
(0.2)
Exhibit 4: Manufacturing and services PMI
12.0
9.9
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
10.0
Jan-12
Nov-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
Oct-11
(2.0)
3.0
Dec-11
3.5
4QFY09
2.5
2.7
2.5
2.0
6.9
7.4
7.7
7.5
7.6
7.6
7.5
7.6
7.8
56.0
Source: MOSPI, Angel Research
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Sep-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
48.0
Feb-12
0.0
Jan-12
50.0
Dec-11
2.0
Nov-11
52.0
Oct-11
4.0
Nov-11
54.0
6.0
Oct-11
4.0
4.3
2.7
Sep-11
6.0
4.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
4.25
Source: RBI, Angel Research
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
5.00
Nov-11
(30.0)
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
(15.0)
Oct-11
0.0
Market Outlook
November 07, 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
143
2,780
1,466
1,686
14.8
14.8
7.0
8.1
20.4
17.7
4.3
3.7
22.6
22.5
2.0
1.7
United Phosphorus
Buy
119
170
5,476
8,421
9,263
16.5
16.5
15.0
17.0
7.9
7.0
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
258
4,412
2,844
3,275
15.4
15.6
15.9
18.8
16.3
13.7
4.2
3.3
28.9
26.9
1.3
1.1
Apollo Tyres
Buy
85
103
4,277
13,755
15,389
11.3
11.3
12.8
15.1
6.6
5.6
1.3
1.0
20.6
20.3
0.5
0.4
Ashok Leyland
Buy
24
30
6,465
14,920
16,850
9.0
9.3
2.2
2.8
11.2
8.8
2.0
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Accumulate
370
430
560
993
1,140
11.6
11.5
36.9
43.0
10.0
8.6
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,849
53,505
21,121
23,642
18.4
18.5
108.7
122.6
17.0
15.1
7.1
5.7
46.2
41.6
2.2
1.9
Bharat Forge
Buy
267
324
6,213
6,754
7,565
15.5
15.7
18.8
23.2
14.2
11.5
2.5
2.1
18.5
19.7
1.1
0.9
Bosch India*
Neutral
8,888
27,907
8,776
10,276
16.6
18.0
331.9
417.7
26.8
21.3
5.0
4.2
18.7
19.5
2.8
2.4
CEAT
Buy
107
163
366
4,989
5,634
8.2
8.5
27.1
40.8
3.9
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
139
155
11,781
6,229
7,200
14.8
15.8
7.2
9.0
19.3
15.5
3.4
2.9
18.5
19.9
1.6
1.4
FAG Bearings*
Neutral
1,715
2,850
1,489
1,750
16.5
17.5
103.3
126.9
16.6
13.5
3.2
2.7
21.3
21.6
1.7
1.4
Hero Motocorp
Neutral
1,935
38,648
24,743
27,996
14.8
15.2
118.2
130.4
16.4
14.8
7.0
5.6
48.3
41.9
1.3
1.1
JK Tyre
Buy
116
165
477
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
914
986
56,142
40,035
46,272
11.5
11.6
54.7
62.8
16.7
14.6
3.7
3.1
24.3
23.4
1.2
1.0
Maruti
Neutral
1,455
42,023
42,019
50,246
7.3
8.6
66.1
94.4
22.0
15.4
2.5
2.2
11.9
15.1
0.8
0.7
Motherson Sumi
Neutral
156
9,191
24,285
27,317
6.7
7.2
8.1
10.6
19.4
14.8
4.1
3.3
22.9
24.7
0.5
0.5
Subros
Accumulate
32
34
191
1,230
1,378
8.8
8.6
4.5
5.7
7.1
5.6
0.7
0.6
9.8
11.8
0.4
0.4
Tata Motors
Buy
267
316
71,118 195,096 219,428
12.8
13.0
39.0
44.9
6.9
5.9
2.0
1.5
32.6
28.8
0.4
0.4
TVS Motor
Buy
38
45
1,827
7,466
8,290
6.2
6.3
4.8
5.6
8.0
6.9
1.4
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
728
593
15,431
8,760
10,023
6.2
8.7
14.5
24.7
50.4
29.5
5.5
4.8
11.6
17.6
1.7
1.5
BGR Energy
Neutral
269
1,940
3,669
4,561
11.0
11.0
24.7
29.6
10.9
9.1
1.6
1.5
15.3
16.7
1.0
1.0
BHEL
Neutral
232
56,894
47,801
43,757
18.5
18.0
24.6
21.8
9.5
10.7
2.8
2.4
33.5
24.5
1.0
1.2
Blue Star
Buy
193
249
1,739
2,763
2,948
3.2
5.6
3.5
9.1
56.0
21.2
4.2
3.7
7.7
18.4
0.8
0.7
Crompton Greaves
Buy
111
145
7,124
12,370
14,277
5.2
7.3
4.0
7.8
27.8
14.2
1.9
1.7
6.9
12.6
0.7
0.6
Jyoti Structures
Buy
43
54
357
2,622
2,744
10.7
10.5
9.6
12.2
4.5
3.6
0.5
0.4
10.8
12.3
0.4
0.3
KEC International
Buy
62
73
1,594
6,858
7,431
7.1
7.5
8.3
9.8
7.5
6.4
1.3
1.1
25.1
24.0
0.4
0.3
LMW
Reduce
2,125
1,992
2,394
2,369
2,727
11.7
11.7
143.4
166.0
14.8
12.8
2.5
2.3
17.4
18.4
0.5
0.4
Thermax
Neutral
574
6,838
5,514
5,559
8.9
10.2
26.9
30.3
21.4
19.0
3.7
3.2
18.4
18.2
1.1
1.1
Capital Goods
Market Outlook
November 07, 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
1,471
27,613
11,085
12,415
21.6
21.4
79.4
83.1
18.5
17.7
3.6
3.2
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
215
33,104
10,272
11,884
26.4
26.1
11.5
12.9
18.8
16.7
4.1
3.7
20.8
21.1
2.7
2.2
India Cements
Neutral
97
2,967
4,354
4,929
18.6
18.7
9.8
12.3
9.8
7.9
0.8
0.8
8.6
10.2
1.1
1.0
J K Lakshmi Cements
Buy
127
143
1,552
2,082
2,423
22.9
23.1
20.8
22.5
6.1
5.7
1.1
0.9
18.4
17.4
0.9
1.1
Madras Cements
Neutral
213
5,057
3,608
3,928
27.6
27.0
15.7
18.3
13.5
11.6
2.1
1.8
16.9
17.0
2.0
1.7
Shree Cements^
Neutral
4,324
15,063
5,701
6,210
29.7
28.1
240.7
260.7
18.0
16.6
4.4
3.6
27.1
23.6
2.0
1.6
UltraTech Cement
Neutral
2,020
55,367
21,368
24,043
22.5
23.5
103.5
121.4
19.5
16.6
3.6
3.1
20.2
20.1
2.5
2.4
212
304
1,116
2,034
2,315
22.4
22.4
27.1
31.7
7.8
6.7
1.0
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
241
2,262
2,522
6.7
7.5
1.5
2.7
8.8
4.9
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
17
1,034
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.6)
(17.7)
0.9
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
123
164
4,073
3,843
4,212
43.1
43.6
16.8
17.8
7.3
6.9
1.3
1.1
18.3
17.0
3.2
3.4
ITNL
Buy
189
232
3,673
6,840
7,767
26.4
26.1
24.4
30.3
7.7
6.3
1.2
1.0
16.0
16.2
2.7
2.9
IVRCL Infra
Buy
42
51
1,287
5,510
6,722
8.8
9.0
2.5
4.6
16.6
9.2
0.6
0.5
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Neutral
89
18,851
15,259
17,502
25.7
24.7
4.0
4.8
22.1
18.6
1.7
1.6
8.5
9.3
2.6
2.2
Larsen & Toubro
Neutral
1,665
102,212
60,556
69,167
11.2
11.6
73.8
85.5
22.6
19.5
3.6
3.1
13.5
14.1
1.9
1.6
Madhucon Proj
Buy
31
56
225
2,206
2,502
10.7
10.7
4.6
4.7
6.6
6.5
0.3
0.3
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
45
1,160
5,804
6,513
8.0
8.6
3.0
3.5
14.9
12.9
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
78
543
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
53
1,752
11,892
13,116
8.9
8.9
1.7
3.1
31.1
17.1
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
141
182
2,124
2,506
3,147
10.3
10.7
7.5
10.4
18.7
13.5
2.3
2.0
13.5
16.0
1.0
0.9
Simplex Infra
Buy
200
265
987
6,732
7,837
8.1
8.4
23.4
29.4
8.5
6.8
0.8
0.7
9.2
10.6
0.5
0.5
Allahabad Bank
Neutral
137
6,833
6,944
7,884
3.0
3.1
35.5
37.0
3.9
3.7
0.6
0.6
17.2
15.7
Andhra Bank
Reduce
Axis Bank
Buy
Bank of Baroda
Financials
105
97
5,856
4,929
5,633
3.1
3.1
23.7
24.5
4.4
4.3
0.7
0.7
16.6
15.3
1,221
1,476
52,075
15,686
18,687
3.1
3.2
116.8
138.0
10.5
8.8
1.9
1.7
20.0
20.2
Accumulate
753
817
29,489
15,436
18,208
2.5
2.6
111.8
137.4
6.7
5.5
1.0
0.9
15.8
17.0
Bank of India
Neutral
279
16,008
12,491
14,883
2.2
2.4
43.8
63.7
6.4
4.4
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
Canara Bank
Accumulate
Central Bank
Neutral
53
3,148
3,563
3,876
3.1
3.1
9.7
12.0
5.5
4.4
0.8
0.7
14.6
16.1
419
449
18,577
10,905
12,783
2.1
2.2
74.9
85.1
5.6
4.9
0.8
0.8
15.1
15.3
73
5,381
7,095
8,102
2.5
2.7
15.6
21.0
4.7
3.5
0.8
0.7
12.2
14.7
Market Outlook
November 07, 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
398
447
5,892
4,886
5,669
2.1
2.2
101.3
101.8
3.9
3.9
0.7
0.6
17.0
15.1
Dena Bank
Neutral
111
3,875
3,147
3,495
2.8
2.9
24.8
24.4
4.5
4.5
0.8
0.7
18.7
15.9
Federal Bank
Neutral
477
8,162
2,617
2,968
3.3
3.2
45.9
51.7
10.4
9.2
1.3
1.2
13.1
13.3
HDFC
Neutral
782
120,536
7,336
8,802
3.5
3.5
31.5
37.8
24.8
20.7
5.0
4.4
34.8
32.1
HDFC Bank
Neutral
640
151,223
21,696
26,811
4.4
4.5
28.7
36.0
22.3
17.8
4.3
3.6
20.7
22.0
ICICI Bank
Buy
1,082
1,270
124,367
22,271
26,690
3.0
3.0
69.2
83.1
15.6
13.0
1.9
1.7
14.2
15.7
IDBI Bank
Accumulate
98
103
12,554
7,684
9,264
1.8
2.1
15.6
22.0
6.3
4.5
0.7
0.6
10.9
13.9
Indian Bank
Accumulate
166
181
7,149
5,874
6,551
3.2
3.2
40.6
41.8
4.1
4.0
0.7
0.6
18.1
16.4
IOB
Neutral
73
5,794
7,050
8,313
2.3
2.5
12.3
19.9
5.9
3.7
0.5
0.5
8.8
13.1
J & K Bank
Neutral
1,310
6,349
2,762
2,885
3.6
3.6
226.7
193.0
5.8
6.8
1.3
1.1
24.4
17.7
LIC Housing Finance
Buy
254
298
12,803
1,799
2,255
2.3
2.4
20.3
27.3
12.5
9.3
2.0
1.7
16.9
19.7
Oriental Bank
Neutral
325
9,475
6,277
7,090
2.6
2.7
60.5
65.1
5.4
5.0
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
757
819
25,681
19,652
22,601
3.2
3.3
135.0
164.3
5.6
4.6
1.0
0.8
16.3
17.3
South Ind.Bank
Accumulate
23
25
3,072
1,556
1,750
2.8
2.7
3.5
3.9
6.6
6.0
1.1
1.0
19.1
16.9
St Bk of India
Accumulate
2,173
2,353
145,808
63,806
73,435
3.5
3.6
225.7
258.4
9.6
8.4
1.6
1.4
17.7
17.8
Syndicate Bank
Neutral
119
7,187
6,756
7,783
3.0
3.0
26.3
27.1
4.5
4.4
0.8
0.7
18.3
16.6
UCO Bank
Neutral
74
4,896
5,411
6,124
2.4
2.5
17.0
16.5
4.3
4.5
0.8
0.8
16.7
14.4
Union Bank
Accumulate
218
235
12,007
9,912
11,536
2.8
2.9
40.4
46.7
5.4
4.7
0.9
0.8
16.1
16.4
United Bank
Accumulate
65
74
2,336
3,572
4,041
2.8
2.9
17.2
22.1
3.8
2.9
0.5
0.5
14.2
16.2
Vijaya Bank
Neutral
54
2,688
2,490
2,881
2.1
2.2
9.2
11.4
5.9
4.8
0.7
0.7
11.5
13.0
Yes Bank
Buy
421
492
14,989
3,270
4,240
2.8
3.0
34.5
42.2
12.2
10.0
2.6
2.1
23.5
23.5
4,098
39,305
11,198
13,184
16.2
16.2
123.7
146.4
33.1
28.0
11.3
8.9
38.1
35.4
3.3
2.8
480
584
5,735
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
1,308
17,782
3,018
3,429
20.9
22.2
35.7
42.3
36.6
30.9
33.8
25.2
101.0
93.5
5.6
4.9
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
127
22,161
6,124
7,101
17.0
16.8
4.5
5.2
28.5
24.3
11.7
9.3
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
3,069
12,908
3,124
3,663
17.1
17.6
104.5
123.8
29.4
24.8
9.2
7.3
34.4
32.8
3.8
3.2
Godrej Consumer
Neutral
685
23,321
6,097
7,233
18.4
18.6
21.9
26.5
31.3
25.9
6.9
5.7
25.5
25.4
4.2
3.5
HUL
Neutral
533
115,165
25,350
28,974
13.3
13.5
14.7
17.1
36.2
31.2
28.6
20.2
84.5
75.8
4.4
3.8
ITC
Neutral
289
227,440
29,409
34,060
35.7
36.1
9.3
10.9
31.0
26.5
10.3
8.6
35.8
35.3
7.3
6.2
Market Outlook
November 07, 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
209
13,452
4,840
5,643
13.1
13.1
6.8
8.5
30.8
24.7
8.5
6.5
31.4
29.7
2.8
2.3
Nestle*
Neutral
4,860
46,859
8,610
10,174
20.9
21.2
114.8
139.8
42.3
34.8
25.6
17.8
71.2
60.3
5.4
4.5
Tata Global
Neutral
158
9,761
7,207
7,927
9.7
10.0
6.6
7.8
23.9
20.2
2.4
2.3
8.6
9.5
1.3
1.1
HCL Tech^
Accumulate
609
648
42,279
24,214
26,772
19.5
18.1
44.0
48.0
13.8
12.7
3.3
2.8
24.0
22.0
1.7
1.5
Hexaware*
Buy
115
135
3,405
1,944
2,159
21.8
21.1
11.4
12.2
10.1
9.4
2.6
2.2
26.4
24.1
1.4
1.2
Infosys
Accumulate
2,384
2,573
136,891
39,174
41,580
29.5
30.4
159.2
171.6
15.0
13.9
3.6
3.2
24.1
23.1
2.9
2.7
Infotech Enterprises
Neutral
201
2,241
1,886
2,032
17.9
17.3
18.7
20.2
10.8
10.0
1.6
1.4
14.9
14.0
0.8
0.7
KPIT Cummins
Accumulate
122
132
2,180
2,195
2,317
15.5
15.0
10.7
12.1
11.4
10.1
2.4
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
111
115
13,022
7,597
8,141
20.0
18.8
9.7
10.4
11.5
10.6
3.2
2.4
27.5
22.9
1.3
1.1
Mindtree
Accumulate
675
747
2,766
2,324
2,437
20.0
17.7
73.3
74.7
9.2
9.0
2.2
1.8
24.1
19.7
0.9
0.8
Mphasis&
Neutral
392
8,235
5,700
5,993
18.0
16.9
37.0
37.3
10.6
10.5
1.5
1.3
14.3
12.6
1.0
0.8
NIIT
Accumulate
34
36
553
1,034
1,146
9.9
11.0
5.2
6.4
6.4
5.2
0.8
0.8
12.8
14.3
0.4
0.3
Persistent
Neutral
482
1,926
1,261
1,352
26.4
24.7
48.2
54.0
10.0
8.9
1.9
1.6
19.0
17.9
1.2
1.0
TCS
Accumulate
1,321
1,410
258,549
61,053
67,313
28.7
29.1
69.7
76.2
19.0
17.3
6.2
5.1
32.6
29.1
4.1
3.6
Tech Mahindra
Accumulate
963
1,046
12,294
6,603
7,196
18.2
17.1
92.7
99.6
10.4
9.7
2.5
2.0
23.6
20.5
1.9
1.7
Wipro
Buy
366
421
90,103
43,219
47,241
20.0
20.0
26.1
28.1
14.0
13.0
2.7
2.3
19.3
17.9
1.7
1.5
D B Corp
Buy
212
259
3,878
1,581
1,784
23.3
25.0
11.6
14.4
18.3
14.7
3.5
3.0
21.0
22.3
2.3
2.0
HT Media
Accumulate
98
113
2,291
2,111
2,272
15.0
15.2
7.4
8.3
13.2
11.8
1.4
1.3
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
102
117
3,229
1,503
1,681
23.1
23.1
6.4
7.3
16.0
14.1
4.0
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
234
609
625
732
17.4
17.1
13.3
15.6
17.6
15.0
1.9
1.7
13.2
13.8
1.4
1.1
Sun TV Network
Neutral
343
13,523
1,981
2,239
77.0
76.7
18.6
21.3
18.5
16.1
4.7
4.1
27.1
27.5
6.3
5.4
Bhushan Steel
Neutral
491
10,423
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
351
385
221,862
69,808
75,550
27.4
27.4
26.0
28.3
13.5
12.4
3.9
3.2
32.5
28.1
2.2
1.9
Electrosteel Castings
Accumulate
28
29
983
1,984
2,074
10.6
11.6
0.8
2.0
34.0
14.0
0.5
0.2
1.7
4.1
0.7
0.6
Hind. Zinc
Accumulate
140
145
59,007
12,446
13,538
52.3
52.9
15.0
16.4
9.3
8.5
1.8
1.6
21.4
19.7
2.8
2.1
Hindalco
Neutral
113
21,549
84,855
92,446
8.7
9.3
13.2
16.2
8.5
6.9
0.6
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
749
16,704
39,586
41,459
17.6
17.0
78.7
90.1
9.5
8.3
0.9
0.9
10.2
10.7
0.8
0.8
MOIL
Accumulate
248
271
4,169
918
993
50.7
50.9
24.5
26.1
10.1
9.5
1.5
1.4
16.0
15.5
2.2
1.9
Monnet Ispat
Buy
289
379
1,862
2,511
3,303
23.8
26.0
46.3
57.3
6.3
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
November 07, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
FY14E
OPM(%)
EPS ( )
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
Buy
46
44
11,958
6,898
7,841
9.9
14.7
2.0
3.2
23.4
14.6
1.0
1.0
4.3
6.8
1.3
1.2
186
214
73,803
12,934
14,266
79.4
80.1
21.1
23.4
8.8
8.0
2.4
1.9
29.6
26.5
3.6
3.0
SAIL
Sesa Goa
Neutral
82
34,036
47,252
60,351
14.2
14.8
9.6
11.7
8.6
7.0
0.8
0.7
9.4
10.6
1.2
1.0
Neutral
175
15,244
4,551
6,640
32.8
34.4
33.7
39.3
5.2
4.5
0.9
0.8
18.3
18.3
4.0
2.7
Sterlite Inds
Accumulate
102
110
34,195
43,185
45,442
23.3
23.7
16.8
17.9
6.1
5.7
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
399
481
38,722 145,799 150,431
10.3
11.2
48.6
63.3
8.2
6.3
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
144
153
515
1,442
1,494
17.6
17.3
27.2
28.7
5.3
5.0
0.6
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
53
73
718
2,694
2,906
14.6
16.6
16.4
20.8
3.3
2.6
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
Accumulate
330
382
62,964
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
1.0
22.0
17.5
2.8
2.4
GAIL
Neutral
363
46,052
46,652
54,142
15.7
15.7
34.0
35.3
10.7
10.3
1.9
1.6
18.5
16.8
0.7
0.6
ONGC
Buy
267
312
228,474 147,139 154,821
33.9
33.7
30.7
32.3
8.7
8.3
1.5
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
805
263,651 362,700 380,031
7.9
8.0
60.0
63.3
13.4
12.7
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
300
3,819
11.5
11.3
19.2
22.1
15.6
13.6
4.2
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
261
3,648
3,040
3,135
24.3
26.7
24.8
27.9
10.5
9.4
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
171
183
12,803
30,077
33,570
6.6
6.3
15.1
15.3
11.3
11.2
2.9
2.4
28.4
23.1
0.5
0.4
75
4,237
1,041
939
91.8
91.9
8.5
7.4
8.9
10.2
1.5
1.4
18.1
14.0
4.9
5.4
Alembic Pharma
Buy
67
91
1,271
1,624
1,855
14.2
15.6
6.6
9.1
10.2
7.4
2.6
2.0
27.9
29.9
0.9
0.8
Aurobindo Pharma
#VALUE!
5,109
5,243
5,767
14.6
14.6
11.8
12.6
14.9
13.9
1.9
1.6
17.9
16.4
1.4
1.3
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
Lupin
Accumulate
Orchid Chemicals
Neutral
Neutral
176
3,843
3,228
2,216
5,103
1,482
1,682
15.5
15.5
95.1
104.4
23.3
21.2
4.1
3.2
18.6
17.0
3.3
2.8
887
953
18,154
6,148
7,386
18.6
19.6
36.0
46.1
24.6
19.2
5.8
4.7
25.8
26.8
3.1
2.5
396
419
31,824
8,151
9,130
25.0
24.0
19.5
20.9
20.3
19.0
3.5
3.0
18.8
17.2
3.5
3.0
1,786
30,318
10,696
11,662
20.7
21.0
83.7
92.9
21.3
19.2
4.4
3.7
22.4
20.8
3.1
2.7
99
145
798
1,280
1,536
20.2
20.2
10.4
14.5
9.5
6.8
0.8
0.7
8.7
11.0
1.3
1.1
1,999
16,934
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
65
89
598
685
837
15.2
15.2
7.4
8.9
8.8
7.3
1.3
1.2
16.4
17.0
1.0
0.9
462
5,826
2,850
3,474
21.0
21.0
29.9
37.3
15.5
12.4
3.7
2.9
26.7
26.4
2.2
1.8
587
652
26,244
8,426
10,082
19.7
20.0
26.3
31.3
22.3
18.8
5.2
4.2
26.0
24.7
3.2
2.6
104
735
1,667
1,835
13.9
13.9
11.4
13.3
9.2
7.8
0.6
0.6
6.6
7.3
0.9
0.8
Market Outlook
November 07, 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
547
23,122
12,046
11,980
18.0
15.8
31.3
29.8
17.5
18.4
6.0
4.8
39.1
28.9
1.9
1.9
Sun Pharma
Neutral
698
72,182
9,752
12,134
41.6
41.6
26.0
28.2
26.9
24.8
5.0
4.3
20.3
18.8
6.7
5.2
CESC
Neutral
281
3,508
5,218
5,644
24.2
23.8
44.6
47.6
6.3
5.9
0.7
0.6
11.0
10.6
1.5
1.5
GIPCL
Accumulate
NTPC
Neutral
Power
68
77
1,035
1,557
1,573
29.3
28.7
10.8
11.0
6.4
6.2
0.7
0.6
10.8
10.2
1.1
1.0
168
138,854
74,111
85,789
22.7
23.1
12.1
13.7
13.9
12.3
1.7
1.6
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Neutral
85
2,499
657
875
52.0
56.1
8.4
12.7
10.1
6.7
0.6
0.6
6.3
8.9
4.8
3.6
DLF
Neutral
206
35,059
9,878
12,033
44.7
46.1
9.6
13.4
21.6
15.4
1.4
1.3
6.4
8.7
6.0
5.0
HDIL
Buy
106
115
4,437
2,441
3,344
55.1
48.2
22.7
26.6
4.7
4.0
0.4
0.4
8.8
9.4
3.6
2.7
MLIFE
Neutral
415
1,695
813
901
26.2
26.6
32.0
37.1
13.0
11.2
1.4
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
274
103,862
79,147
86,745
31.1
32.5
9.9
15.1
27.6
18.2
1.9
1.8
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
85
28,160
22,234
24,161
26.9
27.7
3.3
4.9
25.7
17.2
2.0
1.8
7.7
10.3
1.7
1.5
Rcom
Neutral
56
11,641
20,650
20,935
32.3
33.0
4.2
5.8
13.3
9.8
0.3
0.3
2.3
3.1
2.2
2.0
Abbott India
Neutral
1,494
3,175
1,602
1,833
10.4
11.8
54.7
71.7
27.3
20.8
5.2
4.4
20.0
22.7
1.7
1.4
Bajaj Electricals
Accumulate
197
217
1,964
3,497
3,968
6.6
7.6
9.8
15.5
20.1
12.7
2.6
2.2
12.7
17.4
0.6
0.5
Cera Sanitaryware
Accumulate
375
411
475
427
528
15.7
14.6
30.0
34.0
12.5
11.0
2.7
2.2
24.6
22.5
1.2
1.0
Cravatex
Buy
450
682
116
289
340
5.2
5.9
41.0
57.0
11.0
7.9
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
933
6,554
982
1,136
34.3
34.3
34.3
40.0
27.2
23.3
12.3
9.8
50.9
46.9
6.3
5.2
Finolex Cables
Buy
43
61
657
2,334
2,687
6.2
6.5
8.0
10.0
5.4
4.3
0.7
0.6
13.0
14.9
0.2
0.2
Force Motors
Accumulate
478
537
622
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Neutral
330
761
1,543
1,654
6.5
7.3
24.8
31.1
13.3
10.6
2.2
1.9
17.1
19.0
0.3
0.2
Disa India
Buy
2,701
3,353
408
176
203
22.7
22.6
182.5
209.6
14.8
12.9
7.7
6.1
51.8
47.1
2.2
1.8
Greenply Industries
Neutral
293
708
1,925
2,235
10.6
10.9
29.6
44.1
9.9
6.7
1.6
1.3
16.8
21.0
0.7
0.5
Hitachi
Neutral
135
309
868
977
3.9
6.6
2.7
10.9
49.1
12.4
1.8
1.6
3.7
13.6
0.4
0.4
2,602
2,842
2,300
1,745
1,993
4.0
5.3
59.5
90.4
43.7
28.8
3.3
2.9
8.1
11.3
1.3
1.1
1,134
1,059
1,116
8.5
9.5
36.0
42.0
17.9
15.4
2.6
2.3
15.4
16.0
1.1
1.0
Telecom
zOthers
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
645
744
ITD Cementation
Neutral
249
287
1,323
1,455
12.4
12.4
23.2
27.7
10.8
9.0
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
173
2,796
1,228
1,443
9.0
10.9
3.9
6.4
44.6
27.2
4.4
4.1
10.1
15.6
2.8
2.4
MCX
Neutral
1,435
7,316
553
624
65.3
66.3
62.5
72.0
23.0
19.9
6.3
5.5
27.5
27.4
10.1
8.4
MRF
Buy
10,307
12,884
4,371
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.0
7.2
1.5
1.3
21.3
19.4
0.5
0.5
Market Outlook
November 07, 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
3,333
3,717
887
1,108
18.3
18.6
95.0
120.9
35.1
27.6
18.3
14.9
57.4
59.5
4.2
3.4
Relaxo Footwears
Reduce
803
821
964
1,019
1,208
12.3
13.0
51.0
68.4
15.8
11.7
4.2
3.1
30.3
30.2
1.2
1.0
Sintex Industries
Buy
65
79
1,768
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.1
0.6
0.6
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
301
366
282
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
422
7,134
7,985
19.7
19.4
12.2
14.1
1.2
1.0
0.1
0.1
11.3
11.5
0.6
0.6
SpiceJet
Buy
36
43
1,732
5,720
6,599
5.3
6.8
3.6
5.4
9.9
6.7
14.4
4.6
0.4
0.3
TAJ GVK
Buy
73
108
459
300
319
35.8
36.2
7.9
9.1
9.3
8.1
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
327
384
504
750
803
18.6
18.4
65.4
69.1
5.0
4.7
0.8
0.7
16.5
15.3
0.3
0.2
TVS Srichakra
Accumulate
302
335
231
1,476
1,643
7.0
8.2
32.6
55.9
9.3
5.4
1.5
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,244
16,269
10,289
11,421
13.5
14.3
31.0
42.9
40.1
29.0
3.1
2.8
8.1
10.3
2.2
2.0
Vesuvius India
Neutral
343
696
560
611
16.1
17.0
24.7
28.8
13.9
11.9
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 November 06, 2012
Market Outlook
November 07, 2012

Market Outlook 7-11-12

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Market Outlook 7-11-12

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Market Outlook

OIL & GAS

SAILs production to be lower on closure of an iron ore mine

Net Inflows (November 05, 2012)

FII Derivatives (November 06, 2012)

SAILs production to be lower on closure of an iron ore mine

BHEL signs agreement with Shell for gas turbine supply

USL-Diageo deal likely this week.

raw-material cost as a percentage of sales. Further, other expenditure too

Hindalco (CMP: `113/ TP: -/ Upside :-)

8.7 2,529 13.2

9.3 3,107 16.2

Canara Bank- (CMP: `420/ TP: `449/ Upside: 6.9%)

ABB (CMP: `722/TP: `593/Downside: 22 %)

Motherson Sumi Systems (CMP: `156/ TP: -/ Upside: -)

Andhra Bank- (CMP: `105/ TP: -/ Upside: -)

Britannia Industries (CMP: `480/TP: `584/Upside:-22%)

Central Bank- (CMP: `73/ TP: -/ Upside: -)

Dena Bank- (CMP: `111/ TP: -/ Upside: -)

ITNL (CMP: `189 / TP: `225/ Upside: 19%)

bottomline was ahead of our estimate mainly due to better-than-expected

GIPCL (CMP: `68/TP: `77/Upside: 13 %)

Relaxo Footwear (CMP `803 / TP - `932 / Upside: 16%)

Cravatex (CMP: `450/ TP: `545/ Upside: 21%)

Bharti Airtel (CMP: `273 / TP: - / Upside: -)

Tata Motors (CMP: `267/ TP: `316/ Upside: 19%)

12.8 12,370 39.0

13.0 14,253 44.9

NMDC (CMP: `186, TP: `214 Upside: 15%)

79.4 8,349 21.1

80.1 9,267 23.4

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Tata Motors Consolidated (07/11/2012)

EBITDA margin (%)

Ashok Leyland (08/11/2012)

Cummins India (08/11/2012)

EBITDA margin (%)

EBITDA margin (%)

Ranbaxy Consolidated (08/11/2012)

EBITDA margin (%)

Reliance Communication Consolidated (08/11/2012)

EBITDA margin (%)

EBITDA margin (%)

Sun Pharmaceutical Consolidated (08/11/2012)

EBITDA margin (%)

Economic and Political News

Cancel mines allotted to Chhattisgarh, Odisha govt cos: IMG

EGoM to decide price band for Nalco stake sale

November 07, 2012

November 08, 2012

November 13, 2012

November 15, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

November 06, 2012

Germany PMI Services

Industrial Production (YoY)

BOE Announces rates

Euro Zone ECB announces interest rates

November 08, 2012