Market Outlook Market Outlook: Dealer's Diary

Market Outlook
November 19, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open on a positive note following positive start to
SGX Nifty and major Asian indices after U.S. President Barack Obama expressed
confidence on resolving the fiscal cliff problem.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.9) (162.0) 18,309
Nifty
(1.0)
(57.0)
5,574
MID CAP
(0.9)
(59.8)
6,658
SMALL CAP
(1.1)
(81.2)
7,111
The US markets ended modestly higher on Friday as it pared early losses following
a constructive meeting in Washington on the fiscal cliff. The market participants
were initially concerned that the President and the Congressional leadership would
not be able to work out a long-term solution to the looming fiscal cliff.
BSE HC
(0.3)
(19.6)
7,686
BSE PSU
(0.6)
(40.7)
7,091
BANKEX
(1.6) (212.6) 13,021
AUTO
(1.5) (158.2) 10,400
Meanwhile, the domestic markets fell sharply in the last hour of trading, after RBI
Governor D Subbarao stated inflation is still quite high, dampening hopes for an
interest rate cut next month. The fall was led by interest rate sensitive stocks. Going
ahead, investor would be watchful of series of global data that are scheduled to be
released this week. The key data points to watch out today will be US existing home
sales housing starts numbers coupled with initial jobless claims data.
METAL
(0.6)
(59.1)
9,860
OIL & GAS
(0.8)
(65.7)
8,067
0.4
24.3
5,669
(Pts)
(Close)
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
18,083
5,504
18,196
5,539
18,380
5,595
18,493
5,630
18,676
5,685
News Analysis
JLR Cherry JV starts work on China plant
Disa India's Promoters offer for stake sale
Net Inflows (November 17, 2012)

Purch
3,741
28
Sales
3,557
11
` cr
Index Futures
Stock Futures
Purch
1,026
1,609
Net
183
18
MTD
4,073
(1,417)
YTD
52,628
(10,563)
Sales
1,752
1,331
Net
(726)
278
Open Interest
8,207
29,386
Gainers / Losers
Gainers
Losers
Price (`)
chg (%)
Strides Arco
927
4.7
Unitech
Apollo Hosp
830
4.6
J&K Bank
Bharti Airtel
301
3.5
Biocon
292
(4.7)
4,250
3.4
HDIL
102
(4.1)
113
2.5
Adani Enter
226
(4.1)
Shree Cement
United Phos
www.angelbroking.com
Hang Seng
Company
Price (`)
chg (%)
27
(5.6)
1,320
(5.3)
Chg (%)
0.4
45.9 12,588
0.6
16.2
2,853
(1.3)
(72.2)
5,606
2.2
194.4
9,024
0.2
50.1 21,159
Straits Times
(0.0)
(0.3)
2,946
Shanghai Com
(0.8)
(15.6)
2,015
Chg (%)
(Pts)
(Close)
1.6
0.7
$42.6
Indian ADR
INFY
WIT
0.2
0.0
$8.2
IBN
(2.0)
(0.8)
$37.4
HDB
1.0
0.4
$37.7
BSE
NSE
Advances
1,112
483
Declines
1,738
1,021
113
76
Unchanged
FII Derivatives (November 16, 2012)
Company
NASDAQ
Advances / Declines
Refer detailed news analysis on the following page
` cr
FII
MFs
Dow Jones
Nikkei
The trend deciding level for the day is 18,380 / 5,595 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,493 18,676 / 5,630 5,685 levels. However, if NIFTY trades below
18,380 / 5,595 levels for the first half-an-hour of trade then it may correct up to
18,196 18,083 / 5,539 5,504 levels.
Global Indices
FTSE
Markets Today
BSE IT
Volumes (` cr)
BSE
2,388
NSE
11,882
Market Outlook
November 19, 2012
JLR Cherry JV starts work on China plant

As per media reports, Jaguar Land Rover (JLR) and Chery Automobile Company
(Chery) has laid the foundation stone for their first manufacturing facility in
Changshu, China. The joint venture (JV) had recently received regulatory approval
to manufacture Jaguar and Land Rover branded vehicles in China. The JV which
entails an investment of US$1.8bn (10.9bn Yuan) will set up a new plant with an
annual capacity of 130,000 vehicles. The scope of the JV includes manufacturing
JLR and JV branded vehicles, manufacturing engines and establishing a research
and development facility. We see this as a positive development for JLR as local
production (will lead to zero import duty as against 25% currently) along with
localization of components and lower labor cost will result in lower cost of
production and therefore higher profitability. We believe that localization will pave
way for faster growth for JLR in China which accounted for ~23% of companys
volumes in 2QFY2013. JLR is also in the process of increasing its dealer network in
China, which is likely to increase to 150 by end of FY2013. We expect JLR to
sustain its volume momentum (expect a ~14% volume growth in FY2013) driven
by the success of Evoque and new XF 2.2 coupled with the launch of new Range
Rover and Jaguar XE in FY2013. We maintain our Buy rating on the stock with an
SOTP based target price of `319.
Disa India's Promoters offer for stake sale

DISA Holding A/S has submitted to BSE a Notice of Offer for sale of an aggregate
of upto 173,483 equity shares of face value of Rs. 10/- each of Disa India Ltd.
aggregating to 11.487% of the total paid up share capital of the Company as on
November 15, 2012. The Sale shall take place at the separate window of the BSE
Ltd and shall commence on November 20, 2012. Since, expectation of a delisting
offer was the key reason for our recommendation, whose likelihood would cease
post the stake sale offer; we recommend investors to Book Profit on the stock.
Economic and Political News
2G spectrum auction flop, positive for telcos

Oil companies resume issuance of new subsidised LPG connections
Sebi to auction over `10,000cr debt investment for FIIs
Corporate News
IL&FS Transportation refinances term loan worth `530cr in APEL

SREI Infra to raise US$500mn from infrastructure debt fund
BHEL lowest bidder for Odisha thermal power project
Dr Reddy's signs pact with OctoPlus for public offer
Biocon finally gets Bristol-Myers to partner on oral insulin
Nalco's bauxite mining comes to a halt
GMR Energy seeks rescheduling of `2,600cr loan
RIL pitches for market-driven price for natural gas
Uttam Galva acquires Lloyds Steel, to invest `380cr more
NMDC aims 48mn tonne per annum iron ore production capacity by FY15
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
November 19, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Nov 19 2012
12:00AM
Nov 20 2012
12:00AM
Nov 21 2012
12:00AM
Nov 22 2012
12:00AM
Nov 23 2012
12:00AM
Nov 27 2012
12:00AM
Nov 28 2012
12:00AM
Nov 29 2012
12:00AM
Nov 30 2012
12:00AM
Dec 1 2012 12:00AM
12:00AM
US
Existing home sales
Millions
Oct
4.75
4.74
12:00AM
US
Housing Starts
Thousands
Oct
872.00
840.00
12:00AM
US
Initial Jobless claims
Thousands
Nov 17
439.00
395.00
12:00AM
Germany PMI Services
Value
Nov A
48.40
48.30
12:00AM
Germany GDP nsa (YoY)
% Change
3Q F
0.40
0.40
12:00AM
UK
GDP (YoY)
% Change
3Q P
--
--
12:00AM
US
New home sales
Thousands
Oct
389.00
--
12:00AM
Germany Unemployment change (000's)
Thousands
Nov
20.00
--
12:00AM
India
Qtrly GDP YoY%
% Change
3Q
5.50
--
12:00AM
China
PMI Manufacturing
Value
Nov
50.20
--
Dec 3 2012 12:00AM 12:00AM
UK
PMI Manufacturing
Dec 6 2012 12:00AM 12:00AM
Euro Zone Euro-Zone GDP s.a. (QoQ)
Dec 6 2012 12:00AM
UK
BOE Announces rates
Dec 7 2012 12:00AM 12:00AM
UK
Industrial Production (YoY)
Dec 9 2012 12:00AM 12:00AM
China
Consumer Price Index (YoY)
Dec 10 2012 12:00AM12:00AM
China
Dec 12 2012 12:00AM12:00AM
India
Dec 13 2012 12:00AM12:00AM
US
Dec 14 2012 12:00AM12:00AM
Euro Zone Euro-Zone CPI (YoY)
Dec 14 2012 12:00AM
US
Consumer price index (mom)
Dec 14 2012 12:00AM
India
Monthly Wholesale Prices YoY%
Dec 18 2012 12:00AM12:00AM
India
RBI Repo rate
Source: Bloomberg, Angel Research
Value
Nov
47.50
--
% Change
3Q P
(0.10)
--
% Ratio
Dec 6
0.50
0.50
% Change
Oct
(2.60)
--
% Change
Nov
1.70
--
Exports YoY%
% Change
Nov
11.60
--
Industrial Production YoY
% Change
Oct
(0.40)
--
Producer Price Index (mom)
% Change
Nov
(0.20)
--
Nov
2.50
--
% Change
Nov
0.10
--
% Change
Nov
7.45
--
Dec 18
8.00
--
Market Strategy
November 19, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
10.0
9.2
9.0
8.5
9.0
8.2
8.0
7.6
7.5
8.0
6.7
7.0
6.1
5.7
6.0
5.3 5.5
5.0
4.0
3.5
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3.0
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
12.0
9.9
10.0
58.0
9.5
7.7
8.0
Services PMI
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
Nov-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
Oct-11
54.0
6.0
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
Source: Bloomberg, Angel Research
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 19, 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
158
3,070
1,466
1,686
14.8
14.8
7.0
8.1
22.6
19.5
4.8
4.1
22.6
22.5
2.2
1.9
United Phosphorus
Buy
113
170
5,209
8,421
9,263
16.5
16.5
15.0
17.0
7.5
6.6
1.1
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
253
4,314
2,911
3,321
16.2
16.2
17.3
19.8
14.6
12.7
4.0
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Buy
80
104
4,045
13,713
15,341
11.2
11.2
12.5
14.8
6.4
5.4
1.2
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
27
31
7,290
14,490
16,606
9.5
9.6
2.2
2.9
12.3
9.6
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Buy
361
430
546
993
1,140
11.6
11.5
36.9
43.0
9.8
8.4
1.9
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,814
52,480
21,121
23,642
18.4
18.5
108.7
122.6
16.7
14.8
6.9
5.6
46.2
41.6
2.1
1.8
Bharat Forge
Buy
259
324
6,018
6,754
7,565
15.5
15.7
18.8
23.2
13.8
11.2
2.4
2.0
18.5
19.7
1.1
0.9
Bosch India*
Neutral
8,794
27,612
8,776
10,276
16.6
18.0
331.9
417.7
26.5
21.1
5.0
4.1
18.7
19.5
2.8
2.3
CEAT
Buy
101
163
346
4,989
5,634
8.2
8.5
27.1
40.8
3.7
2.5
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
139
155
11,807
6,229
7,200
14.8
15.8
7.2
9.0
19.4
15.5
3.4
2.9
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,683
2,797
1,489
1,750
16.5
17.5
103.3
126.9
16.3
13.3
3.2
2.6
21.3
21.6
1.6
1.3
Hero Motocorp
Accumulate
1,818
1,956
36,294
24,743
27,996
14.8
15.2
118.2
130.4
15.4
13.9
6.6
5.2
48.3
41.9
1.2
1.0
JK Tyre
Buy
114
165
467
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.5
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
894
986
54,918
40,035
46,272
11.5
11.6
54.7
62.8
16.4
14.2
3.7
3.1
24.3
23.4
1.1
1.0
Maruti
Neutral
1,439
41,571
42,019
50,246
7.3
8.6
66.1
94.4
21.8
15.2
2.5
2.2
11.9
15.1
0.8
0.7
Motherson Sumi
Neutral
163
9,597
24,285
27,317
6.7
7.2
8.1
10.6
20.3
15.4
4.3
3.5
22.9
24.7
0.6
0.5
Subros
Buy
30
35
180
1,286
1,479
9.4
9.7
2.6
5.1
11.6
5.9
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
265
319
70,639 192,330 219,770
12.8
13.1
37.0
44.5
7.2
6.0
2.0
1.5
31.2
28.9
0.4
0.4
TVS Motor
Buy
38
45
1,805
7,466
8,290
6.2
6.3
4.8
5.6
7.9
6.8
1.4
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
719
573
15,239
7,796
9,907
4.8
7.8
9.2
22.0
78.2
32.7
5.7
5.0
7.5
16.4
1.9
1.5
BGR Energy
Neutral
266
1,918
3,605
4,542
11.8
10.7
25.1
27.9
10.6
9.5
1.6
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
230
56,283
47,801
43,757
18.5
18.0
24.6
21.8
9.4
10.6
2.8
2.4
33.5
24.5
1.0
1.2
Blue Star
Buy
190
242
1,710
2,763
2,948
3.1
5.6
2.6
8.6
72.3
22.2
4.2
3.7
5.9
17.6
0.7
0.6
Crompton Greaves
Buy
110
145
7,079
12,370
14,277
5.2
7.3
4.0
7.8
27.6
14.2
1.9
1.7
6.9
12.6
0.6
0.5
Jyoti Structures
Buy
45
53
370
2,794
3,048
10.6
10.6
9.2
11.7
4.9
3.8
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Buy
62
73
1,589
6,858
7,431
7.1
7.5
8.3
9.8
7.5
6.3
1.3
1.1
25.1
24.0
0.4
0.3
LMW
Reduce
2,100
1,992
2,366
2,369
2,727
11.7
11.7
143.4
166.0
14.7
12.7
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
572
6,814
5,514
5,813
9.3
10.2
28.1
31.2
20.4
18.3
3.7
3.2
19.2
18.5
1.1
1.0
Capital Goods
Market Outlook
November 19, 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
1,381
25,929
11,085
12,415
21.6
21.4
79.4
83.1
17.4
16.6
3.4
3.0
20.1
19.2
2.0
1.7
Ambuja Cements
Neutral
203
31,270
10,272
11,884
26.4
26.1
11.5
12.9
17.7
15.7
3.9
3.5
20.8
21.1
2.7
2.2
India Cements
Neutral
86
2,642
4,293
4,666
17.7
18.1
8.6
10.8
10.0
8.0
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
139
1,705
2,082
2,423
22.9
23.1
20.8
22.5
6.7
6.2
1.2
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
215
5,118
3,814
4,045
29.3
27.5
18.7
19.2
11.5
11.2
2.1
1.8
19.9
17.4
2.0
1.7
Shree Cements^
Neutral
4,192
14,602
5,701
6,210
29.7
28.1
240.7
260.7
17.4
16.1
4.2
3.5
27.1
23.6
2.0
1.6
UltraTech Cement
Neutral
1,918
52,570
21,368
24,043
22.5
23.5
103.5
121.4
18.5
15.8
3.5
2.9
20.2
20.1
2.4
2.2
203
304
1,066
2,034
2,315
22.4
22.4
27.1
31.7
7.5
6.4
0.9
0.8
13.1
13.4
1.8
2.0
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
233
2,262
2,522
6.7
7.5
1.5
2.7
8.5
4.7
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
17
1,059
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.7)
(18.1)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
124
164
4,106
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
3.5
ITNL
Buy
187
225
3,628
6,564
7,054
27.2
27.4
26.3
29.0
7.1
6.4
1.1
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
40
1,238
4,249
6,897
7.8
8.2
0.3
3.3
130.9
12.2
0.6
0.5
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
91
19,594
15,259
17,502
25.7
24.7
4.0
4.8
22.7
19.1
1.8
1.6
8.5
9.3
2.6
2.3
Larsen & Toubro
Accumulate
1,578
1,748
97,038
60,556
69,167
11.2
11.6
73.8
85.5
21.4
18.5
3.4
3.0
13.5
14.1
1.8
1.6
Madhucon Proj
Buy
34
56
250
2,206
2,502
10.7
10.7
4.6
4.7
7.3
7.2
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
43
1,111
5,947
6,569
8.5
8.6
3.1
4.1
14.0
10.5
0.5
0.4
3.3
4.2
0.6
0.6
Patel Engg.
Neutral
76
533
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
51
1,697
11,892
13,116
9.0
9.0
1.8
3.2
28.2
15.9
0.6
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
137
182
2,074
2,506
3,147
10.3
10.7
7.5
10.4
18.3
13.2
2.3
2.0
13.5
16.0
1.0
0.8
Simplex Infra
Buy
192
251
948
6,882
8,032
9.1
9.1
23.2
31.3
8.3
6.1
0.7
0.7
9.1
11.2
0.5
0.4
Allahabad Bank
Accumulate
137
152
6,865
6,392
7,238
2.7
2.8
30.3
33.3
4.5
4.1
0.7
0.6
14.8
14.5
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
104
5,800
4,731
5,431
2.9
3.0
21.5
21.8
4.8
4.8
0.8
0.7
15.2
13.8
1,226
1,476
52,334
15,686
18,687
3.1
3.2
116.8
138.0
10.5
8.9
1.9
1.7
20.0
20.2
Accumulate
736
817
28,828
15,436
18,208
2.5
2.6
111.8
137.4
6.6
5.4
1.0
0.9
15.8
17.0
Bank of India
Accumulate
274
294
15,716
12,491
14,883
2.2
2.4
43.8
63.7
6.3
4.3
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
54
3,207
3,563
3,876
3.1
3.1
9.7
12.0
5.6
4.5
0.8
0.7
14.6
16.1
Canara Bank
Neutral
428
18,956
10,699
12,213
2.1
2.2
67.3
80.1
6.4
5.3
0.9
0.8
13.7
14.6
Central Bank
Neutral
75
5,499
7,171
8,236
2.5
2.6
16.4
21.5
4.6
3.5
0.8
0.6
12.7
14.9
Market Outlook
November 19, 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
396
445
5,862
4,780
5,569
2.0
2.1
101.8
99.2
3.9
4.0
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
108
123
3,791
3,087
3,453
2.7
2.8
25.9
24.1
4.2
4.5
0.8
0.7
19.4
15.6
Federal Bank
Accumulate
459
491
7,843
2,617
2,968
3.3
3.2
45.9
51.7
10.0
8.9
1.2
1.1
13.1
13.3
HDFC
Neutral
775
119,350
7,336
8,802
3.5
3.5
31.5
37.8
24.6
20.5
4.9
4.4
34.8
32.1
HDFC Bank
Neutral
642
151,849
21,696
26,811
4.4
4.5
28.7
36.0
22.4
17.8
4.3
3.6
20.7
22.0
ICICI Bank
Buy
1,027
1,270
118,006
22,271
26,690
3.0
3.0
69.2
83.1
14.8
12.4
1.8
1.7
14.2
15.7
IDBI Bank
Neutral
103
13,193
7,684
9,264
1.8
2.1
15.6
22.0
6.6
4.7
0.7
0.7
10.9
13.9
Indian Bank
Accumulate
174
195
7,459
5,874
6,551
3.2
3.2
40.6
41.8
4.3
4.2
0.7
0.6
18.1
16.4
IOB
Neutral
75
5,997
7,050
8,313
2.3
2.5
12.3
19.9
6.1
3.8
0.6
0.5
8.8
13.1
J & K Bank
Neutral
1,320
6,400
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
250
298
12,591
1,799
2,255
2.3
2.4
20.3
27.3
12.3
9.1
2.0
1.7
16.9
19.7
Oriental Bank
Accumulate
317
347
9,255
6,277
7,090
2.6
2.7
60.5
65.1
5.2
4.9
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
743
843
25,211
19,652
22,601
3.2
3.3
135.0
164.3
5.5
4.5
0.9
0.8
16.3
17.3
South Ind.Bank
Accumulate
23
25
3,085
1,556
1,750
2.8
2.7
3.5
3.9
6.7
6.0
1.1
1.0
19.1
16.9
St Bk of India
Buy
2,108
2,437
141,423
61,883
71,546
3.4
3.4
227.2
257.5
9.3
8.2
1.6
1.4
17.8
17.7
Syndicate Bank
Accumulate
119
131
7,184
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
72
4,763
5,411
6,124
2.4
2.5
17.0
16.5
4.2
4.3
0.8
0.7
16.7
14.4
Union Bank
Accumulate
222
250
12,244
9,912
11,536
2.8
2.9
40.4
46.7
5.5
4.8
0.9
0.8
16.1
16.4
United Bank
Accumulate
67
74
2,410
3,500
3,912
2.6
2.8
15.8
21.2
4.2
3.2
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
54
2,693
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
416
492
14,821
3,270
4,240
2.8
3.0
34.5
42.2
12.1
9.9
2.6
2.1
23.5
23.5
3,950
37,892
11,198
13,184
16.2
16.2
123.7
146.4
32.0
27.0
10.9
8.5
38.1
35.4
3.3
2.8
477
584
5,700
5,835
6,824
5.7
6.0
20.7
25.4
23.0
18.8
9.1
7.0
43.1
41.9
0.9
0.7
1,330
18,086
3,146
3,573
20.6
21.4
36.4
42.5
36.6
31.3
33.8
28.3
102.0
98.5
5.6
4.9
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
126
21,987
6,124
7,101
17.0
16.8
4.5
5.2
28.2
24.1
11.6
9.2
43.2
41.5
3.6
3.1
GlaxoSmith Con*
Neutral
3,035
12,765
3,124
3,663
17.1
17.6
104.5
123.8
29.1
24.5
9.0
7.3
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
678
23,067
6,355
7,548
18.4
18.6
22.8
27.6
29.7
24.6
6.8
5.6
26.4
26.1
3.8
3.2
HUL
Neutral
521
112,712
25,350
28,974
13.3
13.5
14.7
17.1
35.4
30.6
28.0
19.8
84.5
75.8
4.3
3.7
ITC
Neutral
275
215,882
29,409
34,060
35.7
36.1
9.3
10.9
29.5
25.1
9.8
8.1
35.8
35.3
7.0
6.0
Market Outlook
November 19, 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
218
14,045
4,840
5,643
13.1
13.1
6.2
7.8
35.3
28.0
6.7
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,709
45,405
8,610
10,174
20.9
21.2
114.8
139.8
41.0
33.7
24.8
17.2
71.2
60.3
5.3
4.4
Tata Global
Neutral
173
10,723
7,207
7,927
9.7
10.0
6.6
7.8
26.2
22.2
2.7
2.6
8.6
9.5
1.4
1.3
HCL Tech^
Accumulate
608
648
42,241
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
105
135
3,115
1,944
2,159
21.8
21.1
11.4
12.2
9.2
8.6
2.4
2.0
26.4
24.1
1.3
1.1
Infosys
Accumulate
2,342
2,573
134,477
39,174
41,580
29.5
30.4
159.2
171.6
14.7
13.7
3.6
3.2
24.1
23.1
2.9
2.6
Infotech Enterprises
Neutral
199
2,218
1,886
2,032
17.9
17.3
18.7
20.2
10.7
9.9
1.6
1.4
14.9
14.0
0.8
0.7
KPIT Cummins
Accumulate
123
132
2,198
2,195
2,317
15.5
15.0
10.7
12.1
11.5
10.2
2.4
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
104
115
12,258
7,597
8,141
20.0
18.8
9.7
10.4
10.8
10.0
3.0
2.3
27.5
22.9
1.2
1.1
Mindtree
Accumulate
671
747
2,751
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
395
8,309
5,700
5,993
18.0
16.9
37.0
37.3
10.7
10.6
1.5
1.3
14.3
12.6
1.0
0.8
NIIT
Accumulate
33
36
549
1,048
1,161
9.3
10.9
4.2
6.2
7.9
5.4
0.8
0.8
10.5
14.1
0.3
0.3
Persistent
Neutral
TCS
Accumulate
Tech Mahindra
Wipro
IT
476
1,902
1,261
1,352
26.4
24.7
48.2
54.0
9.9
8.8
1.9
1.6
19.0
17.9
1.2
1.0
1,286
1,410
251,689
61,053
67,313
28.7
29.1
69.7
76.2
18.5
16.9
6.0
4.9
32.6
29.1
3.9
3.5
Buy
910
1,070
11,623
6,603
7,150
19.8
18.4
92.9
102.0
9.8
8.9
2.3
1.9
23.7
21.0
1.8
1.6
Buy
360
421
88,518
43,219
47,241
20.0
20.0
26.1
28.1
13.8
12.8
2.7
2.3
19.3
17.9
1.7
1.5
D B Corp
Buy
208
259
3,808
1,581
1,784
23.3
25.0
11.6
14.4
17.9
14.4
3.5
3.0
21.0
22.3
2.3
2.0
HT Media
Buy
97
113
2,280
2,111
2,272
15.0
15.2
7.4
8.3
13.2
11.8
1.4
1.3
11.3
11.4
0.7
0.6
Jagran Prakashan
Buy
101
117
3,180
1,503
1,681
23.1
23.1
6.4
7.3
15.7
13.8
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
238
686
625
732
17.4
17.1
13.3
15.6
17.9
15.2
1.9
1.7
13.2
13.8
1.5
1.3
Sun TV Network
Neutral
357
14,081
1,942
2,237
77.2
75.5
17.6
19.1
20.3
18.7
5.1
4.5
25.8
25.2
6.8
5.8
Bhushan Steel
Neutral
490
10,402
11,979
14,584
31.6
31.0
49.2
61.4
10.0
8.0
1.3
1.1
14.1
15.2
2.8
2.4
Coal India
Neutral
351
221,673
66,666
70,292
25.7
27.3
24.2
26.6
14.5
13.2
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Accumulate
26
29
882
1,984
2,074
10.6
11.6
0.8
2.0
30.5
12.6
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Accumulate
135
145
57,232
12,446
13,538
52.3
52.9
15.0
16.4
9.1
8.3
1.8
1.5
21.4
19.7
2.7
2.1
Hindalco
Neutral
109
20,850
79,148
89,258
9.4
9.0
15.0
15.6
7.3
7.0
0.6
0.6
8.8
8.4
0.6
0.6
JSW Steel
Neutral
730
16,296
39,586
41,459
17.6
17.0
78.7
90.1
9.3
8.1
0.9
0.8
10.2
10.7
0.8
0.8
MOIL
Accumulate
243
261
4,076
941
1,019
47.3
48.3
25.8
28.1
9.4
8.6
1.5
1.3
16.7
16.2
2.0
1.6
Monnet Ispat
Buy
289
379
1,860
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
Media
Metals & Mining
Market Outlook
November 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
45
11,585
6,898
170
198
67,460
11,209
FY13E
FY14E
OPM(%)
EPS ( )
FY13E
FY14E
7,841
9.9
14.7
12,525
78.4
78.3
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
2.0
3.2
22.7
14.1
1.0
0.9
18.5
20.6
9.2
8.3
2.3
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
4.3
6.8
1.2
1.1
27.0
24.6
4.1
3.4
Metals & Mining

Nalco
Neutral
NMDC
Buy
SAIL
Neutral
79
32,755
47,252
60,351
14.2
14.8
9.6
11.7
8.3
6.8
0.8
0.7
9.4
10.6
1.1
0.9
Sesa Goa
Accumulate
168
183
14,570
4,551
6,640
32.8
34.4
33.7
39.3
5.0
4.3
0.9
0.7
18.3
18.3
3.8
2.6
Sterlite Inds
Accumulate
97
110
32,699
43,185
45,442
23.3
23.7
16.8
17.9
5.8
5.4
0.6
0.6
11.6
11.2
0.7
0.7
Tata Steel
Buy
370
463
35,940 145,725 154,108
8.3
9.5
22.0
44.5
16.8
8.3
0.8
0.7
4.9
9.3
0.5
0.5
Sarda
Accumulate
142
153
509
1,442
1,494
17.6
17.3
27.2
28.7
5.2
4.9
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
48
73
639
2,694
2,906
14.6
16.6
16.4
20.8
2.9
2.3
0.3
0.3
11.4
12.8
0.5
0.3
Buy
121
143
385
2,342
2,470
13.7
15.3
27.7
33.8
4.4
3.6
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
331
382
63,251
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
2.3
GAIL
Neutral
346
43,934
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.8
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
255
312
218,550 147,139 154,821
33.9
33.7
30.7
32.3
8.3
7.9
1.4
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
775
253,925 362,700 380,031
7.9
8.0
60.0
63.3
12.9
12.3
1.2
1.1
11.1
10.6
0.7
0.6
Gujarat Gas*
Neutral
299
3,707
13.2
11.7
22.8
23.5
13.1
12.7
3.9
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
262
3,668
3,213
3,643
23.3
23.5
24.3
25.7
10.8
10.2
2.5
2.1
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
159
183
11,903
30,077
33,570
6.6
6.3
15.1
15.3
10.5
10.4
2.7
2.2
28.4
23.1
0.4
0.4
72
4,071
1,079
1,034
91.8
91.9
8.8
8.4
8.3
8.6
1.4
1.2
17.9
15.0
3.5
3.6
Alembic Pharma
Buy
66
91
1,242
1,624
1,855
14.2
15.6
6.6
9.1
10.0
7.2
2.5
1.9
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
177
5,156
5,243
5,767
14.6
14.6
11.8
12.6
15.0
14.1
1.9
1.6
17.9
16.4
1.5
1.3
Aventis*
Neutral
2,140
4,928
1,482
1,682
15.5
15.5
95.1
104.4
22.5
20.5
4.0
3.1
18.6
17.0
3.1
2.7
Cadila Healthcare
Accumulate
820
926
16,788
6,148
7,386
18.6
19.6
32.7
44.8
25.1
18.3
5.5
4.4
23.7
26.6
3.1
2.5
Cipla
Accumulate
380
419
30,519
8,151
9,130
25.0
24.0
19.5
20.9
19.5
18.2
3.4
2.9
18.8
17.2
3.5
3.0
Dr Reddy's
Accumulate
1,757
1,859
29,833
10,696
11,662
20.7
21.0
83.7
92.9
21.0
18.9
4.3
3.6
22.4
20.8
3.1
2.7
Dishman Pharma
Buy
113
145
908
1,280
1,536
20.2
20.2
10.4
14.5
10.8
7.8
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
1,989
16,844
2,651
2,993
31.7
31.2
76.0
82.4
26.2
24.1
7.6
6.7
20.1
26.3
5.6
4.8
Indoco Remedies
Buy
68
89
629
685
837
15.2
15.2
7.4
8.9
9.2
7.7
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
427
485
5,385
2,850
3,474
21.0
21.0
29.9
37.3
14.3
11.5
3.4
2.7
26.7
26.4
2.1
1.7
Lupin
Accumulate
575
652
25,731
8,426
10,082
19.7
20.0
26.3
31.3
21.9
18.4
5.1
4.1
26.0
24.7
3.2
2.6
Orchid Chemicals
Neutral
99
701
1,667
1,835
13.9
13.9
11.4
13.3
8.7
7.5
0.6
0.5
6.6
7.3
0.9
0.8
Neutral
3,835
3,128
Market Outlook
November 19, 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
521
22,026
12,046
11,980
18.0
15.8
31.3
29.8
16.7
17.5
5.7
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
679
70,218
9,752
12,134
41.6
41.6
26.0
28.2
26.1
24.1
4.9
4.2
20.3
18.8
6.5
5.0
CESC
Neutral
280
3,494
5,218
5,644
24.2
23.8
44.6
47.6
6.3
5.9
0.7
0.6
11.0
10.6
1.4
1.5
GIPCL
Accumulate
NTPC
Neutral
Power
68
78
1,033
1,523
1,568
30.3
30.3
5.4
11.5
12.7
5.9
0.7
0.6
5.6
11.3
1.1
1.0
166
137,040
74,111
85,789
22.7
23.1
12.1
13.7
13.8
12.1
1.7
1.5
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Sell
93
78
2,736
657
875
52.0
56.1
8.4
12.7
11.0
7.3
0.7
0.6
6.3
8.9
5.4
4.1
DLF
Neutral
204
34,617
9,878
12,033
44.7
46.1
9.6
13.4
21.3
15.2
1.4
1.3
6.4
8.7
6.0
4.9
HDIL
Accumulate
102
115
4,272
2,441
3,344
55.1
48.2
22.7
26.6
4.5
3.8
0.4
0.3
8.8
9.4
3.6
2.7
MLIFE
Neutral
406
1,656
813
901
26.2
26.6
32.0
37.1
12.7
11.0
1.3
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
301
114,344
81,984
90,718
32.1
33.8
10.9
16.9
27.6
17.8
2.1
1.9
7.6
10.6
2.1
1.7
Idea Cellular
Neutral
95
31,504
22,234
24,161
26.9
27.7
3.3
4.9
28.8
19.3
2.2
2.0
7.7
10.3
1.9
1.7
Rcom
Neutral
61
12,673
21,090
22,308
31.8
29.9
3.0
3.8
20.2
16.2
0.3
0.3
1.7
2.1
2.3
2.0
11.8
13.3
60.8
79.5
23.8
18.2
4.9
4.1
22.0
24.4
1.7
1.4
Telecom
zOthers
Abbott India
Accumulate
1,444
1,590
3,068
1,629
1,886
Bajaj Electricals
Accumulate
202
217
2,010
3,497
3,968
6.6
7.6
9.8
15.5
20.6
13.0
2.6
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
406
514
427
528
15.7
14.6
30.0
34.0
13.5
12.0
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
421
545
109
272
308
7.2
7.3
37.5
45.4
11.2
9.3
2.7
2.1
23.7
22.7
0.5
0.4
CRISIL
Neutral
926
6,502
982
1,136
34.3
34.3
34.3
40.0
27.0
23.2
12.2
9.8
50.9
46.9
6.2
5.2
Finolex Cables
Buy
50
61
759
2,304
2,552
9.9
9.1
8.2
10.1
6.1
4.9
0.8
0.7
13.7
14.7
0.3
0.2
Force Motors
Accumulate
491
537
639
2,318
2,700
5.0
5.7
45.0
67.0
10.9
7.3
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Buy
312
360
719
1,494
1,607
6.4
7.8
23.9
33.0
13.0
9.4
2.1
1.8
16.5
20.1
0.3
0.2
Disa India
Buy
2,721
3,275
411
138
174
17.2
21.5
103.7
163.8
26.2
16.6
10.0
8.5
37.9
51.0
2.7
2.1
Greenply Industries
Neutral
295
711
1,925
2,235
10.6
10.9
29.6
44.1
10.0
6.7
1.6
1.3
16.8
21.0
0.7
0.5
Hitachi
Buy
126
146
290
873
989
4.4
6.5
6.4
12.2
19.9
10.4
1.6
1.4
8.3
14.4
0.4
0.3
2,858
2,527
1,745
1,993
4.0
5.3
59.5
90.4
48.0
31.6
3.6
3.1
8.1
11.3
1.3
1.2
1,142
1,059
1,116
8.5
9.5
36.0
42.0
18.0
15.5
2.6
2.3
15.4
16.0
1.1
1.0
Honeywell Automation* Neutral

Styrolution ABS India*
Accumulate
649
744
ITD Cementation
Neutral
251
289
1,323
1,455
12.4
12.4
23.2
27.7
10.8
9.1
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
175
2,826
1,228
1,443
9.0
10.9
3.9
6.4
45.1
27.5
4.5
4.1
10.1
15.6
2.8
2.3
MCX
Reduce
1,525
1,440
7,778
553
624
65.3
66.3
62.5
72.0
24.4
21.2
6.7
5.8
27.5
27.4
11.1
9.3
MRF
Buy
10,066
12,884
4,269
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.8
7.0
1.5
1.3
21.3
19.4
0.5
0.4
Market Outlook
November 19, 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
Accumulate
3,359
3,602
3,747
836
1,023
20.2
20.6
105.6
133.4
31.8
25.2
16.2
11.4
59.3
53.2
4.5
3.7
Relaxo Footwears
Accumulate
825
933
990
1,019
1,208
11.0
12.5
47.0
66.7
17.6
12.4
4.4
3.2
28.2
30.1
1.1
0.9
Sintex Industries
Buy
64
79
1,746
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
306
366
287
1,043
1,149
12.3
12.9
65.7
73.3
4.7
4.2
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
412
7,134
7,985
19.7
19.4
12.2
14.1
1.1
1.0
0.1
0.1
11.3
11.5
0.6
0.6
SpiceJet
Buy
35
43
1,707
5,720
6,599
5.3
6.8
3.6
5.4
9.8
6.6
14.2
4.5
0.4
0.4
TAJ GVK
Buy
73
108
456
300
319
35.8
36.2
7.9
9.1
9.2
8.0
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
314
384
483
750
803
18.6
18.4
65.4
69.1
4.8
4.5
0.7
0.7
16.5
15.3
0.3
0.2
TVS Srichakra
Buy
285
335
218
1,476
1,643
7.0
8.2
32.6
55.9
8.8
5.1
1.4
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,792
23,432
10,289
11,421
12.8
12.8
26.0
45.3
68.9
39.6
3.1
2.9
5.8
7.6
2.6
2.4
Vesuvius India
Neutral
346
702
560
611
16.1
17.0
24.7
28.8
14.0
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 November 16, 2012
Market Outlook
November 19, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

November 19, 2012

(0.9) (162.0) 18,309

(1.6) (212.6) 13,021

(1.5) (158.2) 10,400

OIL & GAS

Net Inflows (November 17, 2012)

FII Derivatives (November 16, 2012)

Refer detailed news analysis on the following page

JLR Cherry JV starts work on China plant

Disa India's Promoters offer for stake sale

Economic and Political News

2G spectrum auction flop, positive for telcos

IL&FS Transportation refinances term loan worth `530cr in APEL

Country Event Description

Existing home sales

Initial Jobless claims

Germany PMI Services

Germany GDP nsa (YoY)

New home sales

Germany Unemployment change (000's)

Qtrly GDP YoY%

Dec 3 2012 12:00AM 12:00AM

Dec 6 2012 12:00AM 12:00AM

Euro Zone Euro-Zone GDP s.a. (QoQ)

Dec 6 2012 12:00AM

BOE Announces rates

Dec 7 2012 12:00AM 12:00AM

Industrial Production (YoY)

Dec 9 2012 12:00AM 12:00AM

Consumer Price Index (YoY)

Dec 10 2012 12:00AM12:00AM

Dec 12 2012 12:00AM12:00AM

Dec 13 2012 12:00AM12:00AM

Dec 14 2012 12:00AM12:00AM

Euro Zone Euro-Zone CPI (YoY)

Dec 14 2012 12:00AM

Consumer price index (mom)

Dec 14 2012 12:00AM

Monthly Wholesale Prices YoY%

Dec 18 2012 12:00AM12:00AM

RBI Repo rate

Source: Bloomberg, Angel Research

Industrial Production YoY

Producer Price Index (mom)

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary