Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 10, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open flat to positive mirroring the positive
opening trades in most of the Asian markets aided by Chinese November industrial
output data which showed some strength and came at 10.1% yoy.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.3)
(62.7) 19,424
Nifty
(0.4)
(23.5)
5,907
MID CAP
(0.1)
(5.5)
7,070
The U.S. markets closed modestly higher on Friday after gains from a better-thanexpected November jobs report shook off a drop in December consumer
sentiment. A report from the Labor Department indicated that the non-farm payroll
employment increased by 146,000 jobs in November compared to economist
estimates for an increase of about 85,000 jobs and the unemployment rate fell to
7.7% from 7.9%. Gains were pared following the release of the University of
Michigan preliminary consumer-sentiment index for December that showed a
decline to 74.5 from 82.7 in November. Worries about the fiscal cliff offset some
of the positive sentiment generated by the jobs report, with lawmakers continuing
to struggle to reach an agreement to avoid the US$600bn in automatic tax
increases and spending cuts currently due to go into effect at the end of the year.
SMALL CAP
(0.1)
(7.8)
7,446
BSE HC
(0.1)
(5.3)
7,971
BSE PSU
(0.3)
(25.1)
7,280
BANKEX
(0.5)
(74.0) 14,183
AUTO
0.5
55.7 10,936
METAL
(0.8)
(82.4) 10,569
OIL & GAS
(0.5)
(44.1)
8,511
BSE IT
(1.0)
(55.8)
5,644
(Pts)
(Close)
(0.4)
(11.2)
2,978
Meanwhile the Indian markets moved in a tight range before ending modestly
lower on Friday, as the win on FDI vote in the Rajya Sabha was already mostly
discounted. Investors will now watch out for the domestic industrial output data of
October due to be released on Wednesday.
FTSE
0.2
13.0
5,914
Nikkei
0.2
19.2
9,564
Hang Seng
0.5
Straits Times
0.9
27.1
3,106
Shanghai Com
1.3
26.2
2,055
Chg (%)
(Pts)
(Close)
INFY
(0.4)
(0.2)
$42.8
WIT
(2.1)
(0.2)
$8.5
IBN
0.2
0.1
$43.7
HDB
0.1
0.0
$42.3
Markets Today
The trend deciding level for the day is 19,450 / 5,915 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,536 19,648 / 5,942 5,977 levels. However, if NIFTY trades below
19,450 / 5,915 levels for the first half-an-hour of trade then it may correct up to
19,338 19,251 / 5,881 5,854 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,251
5,854
19,338
5,881
19,450
5,915
19,536
5,942
19,648
5,977
News Analysis
Go-ahead for FDI in multi-brand retail in RS too

IPO Note Bharti lnfratel
2G auction: EGoM slashes base price 30% for unsold spectrum in 4 circles
Hexaware Guidance cut
Sales
2,004
686
Net
2,140
(230)
MTD
4,487
(657)
YTD
109,506
(18,254)
FII Derivatives (December 07, 2012)

` cr
Index Futures
Stock Futures
Purch
1,239
1,285
Sales
869
1,589
Net
369
(304)
Open Interest
11,588
32,011
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Gitanjali Gems
521
8.9
Hexaware Tech
97
(9.3)
Motherson Sumi
195
7.0
Eicher Motors
2,675
(3.8)
JSW Energy
68
5.6
Indusind Bank
411
(3.5)
Glenmark Pharma
447
3.8
NMDC
159
(3.1)
United Phos
127
3.2
Lanco Infra
14
(3.1)
www.angelbroking.com
NASDAQ
Indian ADR
Advances / Declines
Chg (%)
0.6
81.1 13,155
107.9 22,358
BSE
NSE
Advances
1,436
678
Declines
1,486
855
130
77
Volumes (` cr)
Net Inflows (December 08 2012)

Purch
4,144
457
Dow Jones
Unchanged
Refer detailed news analysis on the following page
` cr
FII
MFs
Global Indices
BSE
2,908
NSE
13,417
Market Outlook
December 10, 2012
Go-ahead for FDI in multi-brand retail in RS too

The parliamentary hurdles in the way for foreign investment in multi-brand retail
(up to 51%) stand cleared with the government winning the vote in both houses.
The Rajya Sabha too voted against the oppositions motion to withdraw FDI in
multi-brand retail and led the UPA government to win the debate with a majority
of 123 votes, defeating the opposition by 14 votes. The UPA with 91 seats in the
244-member house was supported by Bahujan Samajwadi Party (15 members)
which decided to vote in favor of the governments decision while the Samajwadi
Party (9 members) staged a walk-out similar to the Lok Sabha vote. Now, the
decision rests with the respective State governments.
Following the intensely-debated vote, we expect the logjam in the winter session of
parliament to end. Further, we believe that the government is likely to confidently
step up momentum on further reforms drive thereby enabling it to push through
difficult legislations. The session lined up with heavy legislative agenda is expected
to conclude on December 20, 2012. Amongst the 25 bills for consideration and
passing are the Companies Bill, 2011, the PFRDA Bill, 2011, the Banking Laws
(Amendment) Bill, 2011, the Insurance Laws (Amendment) Bill, 2008 and
The Lokpal and Lokayuktas Bill, 2011; while 10 bills are up for introduction
including the Competition (Amendment) Bill, 2012.
IPO Note Bharti Infratel

Bharti Infratel is a tower and related infrastructure providing company of Bharti
group. It is one of the largest tower infrastructure providers in terms of number of
towers owned and operated by a company having pan India presence on a
consolidated basis.
Largest player in the sector: Bharti Infratel is one of the largest tower infrastructure
providers in terms of number of towers owned and operated by a company on a
consolidated basis. Given the nationwide network of towers we believe the
company is well placed to gain advantage over their existing and potential
competitors.
Extensive presence across India: Bharti Infratel has a pan India presence with
operations in all 22 telecommunications circles in India, with Bharti Infratels and
Indus operations overlapping in four telecommunications circles. The company
has a significant presence in B-category and C-category telecommunications
circles, while Indus operates in the Metro and A-category and B-category
telecommunications circles.
Long term contract provides revenue visibility: Bharti Infratel has entered into MSAs
with leading wireless telecommunications service providers in India. We believe
long term contract agreement and the adverse consequences of contract
termination provide stability to Bharti Infratels business, throughout the term of the
MSAs, thereby providing comfortable visibility of future revenues.
Strong parental, an advantage: The Bharti group has been one of Indias leading
business conglomerates, with operations in the telecommunications, retail,
insurance and real estate sectors. Over more than a decade, the company created
Market Outlook
December 10, 2012
a strong brand and credibility which we believe Bharti Infratel can leverage on to
grow its business.
Outlook and valuation: Bharti Infratel has registered a 3.4% and 9.6% CAGR in
towers and tenancies, respectively over the last three years. The company posted
15.9% and 21.0% revenue and EBITDA CAGR over FY2010-12. In terms of
valuation, the current IPO price band of `210-240 implies a June 2012
annualized EV/EBITDA of 11-13x, EV/tower of `0.5-0.56cr; P/E of 45-53x, and
P/BV of 2.7-3.0x, which we believe is at a premium. In addition, low asset turnover
and minimal use of leverage in a capital intensive industry have resulted in low
RoE for Bharti Infratel over the past three years. Bharti Infratels RoE has remained
in the range of 4.0-5.2 in the past couple of years. Also, the overcapacity in the
industry is expected to limit the demand for rollout of new towers. Further,
regulatory changes and the resultant uncertainty pose a risk to telecom players as
their network rollout plans could be hampered. Hence, we recommend Avoid to
the issue on account of its premium valuations.
2G auction: EGoM slashes base price 30% for unsold

spectrum in 4 circles
The EGoM on telecom has decided to reduce the base price for unsold airwaves in
four regions - Delhi, Mumbai, Karnataka and Rajasthan - by 30% and approved
the telecom department's plan to simultaneously sell these airwaves along with a
portion of spectrum held by incumbent operators before March 31, 2013. The
recently conducted 2G auctions turned out to be a damp squib, with the
government getting less than a fourth of its revenue target of `40,000cr as there
were no takers for about 57% of the airwaves put on sale. The ministerial panel
also decided that the spectrum under the 900MHz would be auctioned in the
Delhi, Mumbai and Kolkata circles. Both auctions would be held simultaneously.
No decision was taken on the 800MHz band of CDMA spectrum. With the revision
in base price, the government has reduced the pan-India reserve price to about
`12,000cr, from the `14,000cr fixed for the November auction. If the government
sells all the blocks, it would get `9,530cr, at the revised price, from Delhi, Mumbai
and Karnataka. Eight blocks are available for auction in each circle. The four
circles Delhi, Mumbai, Karnataka and Rajasthan in the 1,800MHz band
accounted for more than 48% of the pan India reserve price. The price for the
900MHz band spectrum would be double of the auction discovered price of
1,800MHz spectrum. The inter-ministerial panel would seek the Cabinet's approval
on the reduced base price for unsold airwaves in Delhi, Mumbai, Karnataka and
Rajasthan.
We believe this move is positive for the telecom players but these circles are
saturated with more than 100% teledensity, which might keep new entrants away
from bidding. Incumbent players will benefit from this as the payout for license
renewal coming up from FY2014 will happen at lower rates. We maintain Neutral
view on the overall telecom sector.
Market Outlook
December 10, 2012
Hexaware Guidance cut

Hexaware has announced downward revision of its 4QCY2012 revenue guidance
to US$92mn from US$94.7-96.5mn earlier; and thereby its full year CY2012 USD
revenue growth guidance is now lowered down to 18% yoy from 20% earlier. The
company attributed this due to a sudden change in project scope and deliverables
from a large client which is amongst companys top-10 clients.
Unanticipated change in a large project scope drives guidance downgrade:
Hexaware has downgraded its 4QCY2012 revenue guidance from a range of
US$94.7-96.5mn (2-4% qoq growth) to US$92mn (1% qoq decline) due to
changes in the scope and timeline of one specific project with one of its top 10
clients. Also, Hurricane Sandys negative impact of US$0.45mn is built in into the
guidance cut. Management also hinted that growth and margin in 1QCY2013
could also be impacted, but reiterated that the worst is behind.
Margin impact worse: Management indicated that this will have a material adverse
impact on the profitability margin metrics during 4QCY2012 and could impact
operating margins by 500-700bp qoq. This downward revision seems to be
disproportionate as the revenue cut is of US$2.5-4.5mn while EBITDA is being cut
by US$6-7mn.
Change in estimates: The downward revision in guidance and margin decline has
lead to our CY2013E revenue growth estimate being revised down to 13.5% from
15.0% and EBITDA margin to 19.8% from 21.1% earlier. EPS estimate of CY2012
and CY2013 is being revised down by 6% and 8.5% to `10.7 and `11.2,
respectively.
Outlook and valuation: We believe that this is a one-off event and the rest of the
business currently continues to operate as earlier. This move is undoubtedly
negative, but we believe the steep ~25% fall in Hexawares stock price over the
past three months, captures most of the negatives at this juncture and the current
level makes a good entry to the stock. We maintain our Buy rating on the stock
with a revised target price of `123.
Economic and Political News
Regulatory IT spends to grow five times by 2015: Goldman Sachs

Telcos' FY2011 revenue collection at `1.62lakh cr: Government
7.3 magnitude earthquake hits Japan, but no reports of any serious damage
Corporate News
DLF to raise up to `3,000cr by this fiscal end

Dr Reddy's launches Pamorelin LA in India
Government to infuse `2,000cr into Air India
SKS raises `54cr via securitization
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 10, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 10, 2012
December 12, 2012
December 13, 2012

December 14, 2012
December 18, 2012
5:29PM
China
Exports YoY%
% Change
Nov
11.60
9.00
5:29PM
India
Imports YoY%
% Change
Nov
7.37
--
5:29PM
India
Exports YoY%
% Change
Nov
(1.63)
--
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
5.00
3:00PM
UK
Jobless claims change
% Change
Nov
10.10
7.00
11:00PM
US
FOMC rate decision
Dec 12
0.25
0.25
7:00PM
US
Initial Jobless claims
Thousands
Dec 8
370.00
370.00
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
(0.50)
2:00PM
Germany PMI Manufacturing
Value
Dec A
46.80
47.30
2:00PM
Germany PMI Services
Value
Dec A
49.70
50.00
12:00PM
India
% Change
Nov
7.45
7.57
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Nov
2.50
2.20
7:00PM
US
Consumer price index (mom)
% Change
Nov
0.10
(0.20)
Monthly Wholesale Prices YoY%
7:45PM
US
Industrial Production
Nov
(0.43)
0.20
11:00AM
India
RBI Repo rate
Dec 18
8.00
--
11:00AM
India
RBI Cash Reserve ratio
Dec 18
4.25
--
% Change
Nov
2.70
--
Dec 18
7.00
--
Nov
894.00
868.00
3:00PM
UK
CPI (YoY)
11:00AM
India
RBI Reverse Repo rate
7:00PM
US
Housing Starts
Thousands
7:00PM
US
Building permits
Thousands
Nov
868.00
875.00
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec A
(26.90)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
2.70
2.80
8:30PM
US
Existing home sales
Millions
Nov
4.79
4.84
December 21, 2012
3:00PM
UK
GDP (YoY)
% Change
3Q F
(0.10)
--
December 27, 2012
8:30PM
US
Consumer Confidence
8:30PM
US
New home sales
January 1, 2013
6:30AM
China
PMI Manufacturing
January 2, 2013
3:00PM
UK
2:25PM
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
5:30PM
UK
BOE Announces rates
December 19, 2012

December 20, 2012
January 4, 2013
January 10, 2013
S.A./ 1985=100
Dec
73.70
--
Thousands
Nov
368.00
--
Value
Dec F
50.60
--
PMI Manufacturing
Value
Dec
49.10
--
Germany Unemployment change (000's)
Thousands
Dec
5.00
--
Thousands
Dec
146.00
--
Dec
7.70
--
% Ratio
Jan 10
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Jan 10
0.75
--
January 11, 2013
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(3.00)
--
January 13, 2013
5:29PM
China
Real GDP (YoY)
% Change
4Q
7.40
--
Source: Bloomberg, Angel Research
Market Outlook
December 10, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

(%)
(%)
8.0
11.2
6.0
6.0
9.2
9.0
8.5
7.6
7.5
8.2
8.0
5.7
6.1
5.3 5.5 5.3
2.7
2.0
2.3
2.5
1.0
(4.0)
(6.0)
Sep-12
Aug-12
(0.2)
(1.3)
(2.8)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
(2.0)
Oct-11
3.5
(0.4)
(2.0)
(5.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
Services PMI
9.5
7.7
6.9
7.4
7.7
7.5
7.6
7.6
7.5
8.0
7.8
58.0
7.5
56.0
54.0
52.0
Source: MOSPI, Angel Research
Nov-12
Oct-12
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

(%)
48.0
Nov-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Nov-11
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
6.7
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
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
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 10, 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
3,080
1,466
1,686
14.8
14.8
7.0
8.1
22.6
19.6
4.8
4.1
22.6
22.5
2.2
1.9
United Phosphorus
Buy
127
170
5,870
8,421
9,263
16.5
16.5
15.0
17.0
8.5
7.5
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
255
4,357
2,911
3,321
16.2
16.2
17.3
19.8
14.7
12.9
4.0
3.2
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
86
96
4,347
13,713
15,341
11.2
11.2
12.5
14.8
6.9
5.8
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
28
31
7,463
14,490
16,606
9.5
9.6
2.2
2.9
12.6
9.8
2.4
2.1
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
361
546
1,103
1,240
11.0
11.3
39.1
45.0
9.2
8.0
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
1,940
56,129
21,121
23,642
18.4
18.5
108.7
122.6
17.9
15.8
7.4
5.9
46.2
41.6
2.3
1.9
Bharat Forge
Buy
261
324
6,074
6,754
7,565
15.5
15.7
18.8
23.2
13.9
11.3
2.4
2.1
18.5
19.7
1.1
0.9
Bosch India*
Neutral
9,141
28,703
8,776
10,276
16.6
18.0
331.9
417.7
27.5
21.9
5.1
4.3
18.7
19.5
2.9
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
148
155
12,580
6,229
7,200
14.8
15.8
7.2
9.0
20.6
16.5
3.6
3.1
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,692
2,812
1,489
1,750
16.5
17.5
103.3
126.9
16.4
13.3
3.2
2.6
21.3
21.6
1.7
1.4
Hero Motocorp
Accumulate
1,826
1,956
36,471
24,743
27,996
14.8
15.2
118.2
130.4
15.5
14.0
6.6
5.3
48.3
41.9
1.2
1.0
JK Tyre
Buy
122
165
502
7,517
8,329
6.6
6.6
37.2
41.3
3.3
3.0
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
937
986
57,521
40,035
46,272
11.5
11.6
54.7
62.8
17.1
14.9
3.8
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,510
43,627
42,019
50,246
7.3
8.6
66.1
94.4
22.8
16.0
2.6
2.3
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
195
11,434
24,285
27,317
6.7
7.2
8.1
10.6
24.2
18.4
5.1
4.1
22.9
24.7
0.6
0.5
Subros
Accumulate
30
35
182
1,286
1,479
9.4
9.7
2.6
5.1
11.7
6.0
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
282
319
75,106 192,330 219,770
12.8
13.1
37.0
44.5
7.6
6.3
2.1
1.6
31.2
28.9
0.4
0.4
TVS Motor
Accumulate
39
45
1,872
7,466
8,290
6.2
6.3
4.8
5.6
8.2
7.0
1.4
1.2
18.2
18.7
0.2
0.2
Capital Goods
ABB*
Sell
717
573
15,194
7,796
9,907
4.8
7.8
9.2
22.0
77.9
32.6
5.7
5.0
7.5
16.4
1.9
1.5
BGR Energy
Neutral
268
1,937
3,605
4,542
11.8
10.7
25.1
27.9
10.7
9.6
1.6
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
243
59,452
47,801
43,757
18.5
18.0
24.6
21.8
9.9
11.1
3.0
2.5
33.5
24.5
1.1
1.2
Blue Star
Buy
196
242
1,766
2,763
2,948
3.1
5.6
2.6
8.6
74.7
23.0
4.3
3.8
5.9
17.6
0.7
0.7
Crompton Greaves
Buy
119
145
7,605
12,370
14,277
5.2
7.3
4.0
7.8
29.6
15.2
2.0
1.8
6.9
12.6
0.7
0.6
Jyoti Structures
Accumulate
49
53
400
2,794
3,048
10.6
10.6
9.2
11.7
5.3
4.2
0.6
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
66
73
1,698
6,858
7,431
7.1
7.5
8.3
9.8
8.0
6.8
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Reduce
2,147
1,992
2,419
2,369
2,727
11.7
11.7
143.4
166.0
15.0
12.9
2.5
2.3
17.4
18.4
0.5
0.4
Thermax
Neutral
608
7,241
5,514
5,813
9.3
10.2
28.1
31.2
21.6
19.5
3.9
3.4
19.2
18.5
1.2
1.1
Market Outlook
December 10, 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
1,414
26,550
11,085
12,415
21.6
21.4
79.4
83.1
17.8
17.0
3.5
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
206
31,792
10,272
11,884
26.4
26.1
11.5
12.9
18.0
16.0
3.9
3.5
20.8
21.1
2.7
2.2
India Cements
Neutral
91
2,786
4,293
4,666
17.7
18.1
8.6
10.8
10.6
8.4
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Accumulate
131
143
1,605
2,082
2,423
22.9
23.1
20.8
22.5
6.3
5.8
1.1
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
206
4,897
3,814
4,045
29.3
27.5
18.7
19.2
11.0
10.7
2.0
1.7
19.9
17.4
1.9
1.7
Shree Cements^
Neutral
4,299
14,977
5,701
6,210
29.7
28.1
240.7
260.7
17.9
16.5
4.3
3.5
27.1
23.6
2.1
1.7
UltraTech Cement
Neutral
1,959
53,694
21,368
24,043
22.5
23.5
103.5
121.4
18.9
16.1
3.5
3.0
20.2
20.1
2.5
2.3
210
304
1,106
2,034
2,315
22.4
22.4
27.1
31.7
7.8
6.6
1.0
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
265
2,262
2,522
6.7
7.5
1.5
2.7
9.6
5.4
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
142
164
4,703
3,843
4,212
43.1
43.6
16.8
17.8
8.4
7.9
1.4
1.3
18.3
17.0
3.3
3.6
ITNL
Buy
213
225
4,137
6,564
7,054
27.2
27.4
26.3
29.0
8.1
7.3
1.3
1.1
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
46
1,422
4,249
6,897
7.8
8.2
0.3
3.3
150.3
14.0
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
105
22,418
13,842
15,863
26.9
26.4
3.7
4.6
28.6
23.0
1.7
1.6
6.2
7.3
3.0
2.7
Larsen & Toubro
Neutral
1,673
102,849
60,556
69,167
11.2
11.6
73.8
85.5
22.7
19.6
3.6
3.2
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
48
44
1,239
5,947
6,569
8.5
8.6
3.1
4.1
15.6
11.8
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
60
2,001
11,892
13,116
9.0
9.0
1.8
3.2
33.3
18.8
0.7
0.7
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
129
168
1,952
2,344
2,804
10.6
10.7
7.2
8.7
18.0
14.9
2.2
1.9
13.0
13.5
1.2
1.0
Simplex Infra
Buy
205
251
1,014
6,882
8,032
9.1
9.1
23.2
31.3
8.8
6.5
0.8
0.7
9.1
11.2
0.5
0.4
Allahabad Bank
Neutral
159
7,955
6,392
7,238
2.7
2.8
30.3
33.3
5.3
4.8
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
118
6,586
4,731
5,431
2.9
3.0
21.5
21.8
5.5
5.4
0.9
0.8
15.2
13.8
Axis Bank
Accumulate
1,334
1,476
56,958
15,686
18,687
3.1
3.2
116.8
138.0
11.4
9.7
2.1
1.8
20.0
20.2
Bank of Baroda
Neutral
797
31,222
15,436
18,208
2.5
2.6
111.8
137.4
7.1
5.8
1.1
0.9
15.8
17.0
Bank of India
Neutral
293
16,835
12,491
14,883
2.2
2.4
43.8
63.7
6.7
4.6
0.9
0.8
12.1
15.8
Bank of Maharashtra
Neutral
58
3,396
3,563
3,876
3.1
3.1
9.7
12.0
5.9
4.8
0.8
0.7
14.6
16.1
Canara Bank
Neutral
480
21,262
10,699
12,213
2.1
2.2
67.3
80.1
7.1
6.0
1.0
0.9
13.7
14.6
Central Bank
Neutral
81
5,948
7,171
8,236
2.5
2.6
16.4
21.5
4.9
3.8
0.9
0.7
12.7
14.9
Corporation Bank
Neutral
428
6,342
4,780
5,569
2.0
2.1
101.8
99.2
4.2
4.3
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
117
123
4,083
3,087
3,453
2.7
2.8
25.9
24.1
4.5
4.8
0.8
0.7
19.4
15.6
Federal Bank
Neutral
482
8,241
2,617
2,968
3.3
3.2
45.9
51.7
10.5
9.3
1.3
1.2
13.1
13.3
Financials
Market Outlook
December 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
837
129,013
7,336
8,802
3.5
3.5
31.5
37.8
26.6
22.1
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
693
163,819
21,696
26,811
4.4
4.5
28.7
36.0
24.2
19.2
4.6
3.9
20.7
22.0
ICICI Bank
Accumulate
1,131
1,270
130,005
22,271
26,690
3.0
3.0
69.2
83.1
16.3
13.6
2.0
1.8
14.2
15.7
IDBI Bank
Neutral
109
13,992
7,684
9,264
1.8
2.1
15.6
22.0
7.0
5.0
0.8
0.7
10.9
13.9
Indian Bank
Accumulate
193
202
8,297
5,874
6,551
3.2
3.2
40.6
41.8
4.8
4.6
0.8
0.7
18.1
16.4
IOB
Neutral
84
6,695
7,050
8,313
2.3
2.5
12.3
19.9
6.9
4.2
0.6
0.6
8.8
13.1
J & K Bank
Neutral
1,403
6,801
2,762
2,885
3.6
3.6
226.7
193.0
6.2
7.3
1.4
1.2
24.4
17.7
LIC Housing Finance
Accumulate
273
298
13,795
1,799
2,255
2.3
2.4
20.3
27.3
13.4
10.0
2.1
1.8
16.9
19.7
Oriental Bank
Neutral
346
10,102
6,277
7,090
2.6
2.7
60.5
65.1
5.7
5.3
0.9
0.8
15.0
14.4
Punjab Natl.Bank
Neutral
821
27,847
19,652
22,601
3.2
3.3
135.0
164.3
6.1
5.0
1.0
0.9
16.3
17.3
South Ind.Bank
Reduce
St Bk of India
Accumulate
Syndicate Bank
26
25
3,534
1,556
1,750
2.8
2.7
3.5
3.9
7.6
6.9
1.3
1.1
19.1
16.9
2,311
2,437
155,069
61,883
71,546
3.4
3.4
227.2
257.5
10.2
9.0
1.8
1.5
17.8
17.7
Neutral
130
7,849
6,756
7,783
3.0
3.0
26.3
27.1
5.0
4.8
0.9
0.8
18.3
16.6
UCO Bank
Neutral
79
5,255
5,234
6,097
2.3
2.4
11.8
14.7
6.7
5.4
1.1
0.9
11.9
13.4
Union Bank
Neutral
252
13,857
9,912
11,536
2.8
2.9
40.4
46.7
6.2
5.4
1.0
0.9
16.1
16.4
United Bank
Neutral
76
2,726
3,500
3,912
2.6
2.8
15.8
21.2
4.8
3.6
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
62
3,065
2,354
2,754
2.0
2.2
7.4
10.2
8.4
6.1
0.8
0.8
9.3
11.9
Yes Bank
Accumulate
455
492
16,261
3,270
4,240
2.8
3.0
34.5
42.2
13.2
10.8
2.8
2.3
23.5
23.5
4,309
41,335
11,198
13,184
16.2
16.2
123.7
146.4
34.9
29.4
11.9
9.3
38.1
35.4
3.7
3.1
495
584
5,922
5,627
6,581
4.9
5.7
18.3
24.7
27.1
20.1
9.9
7.6
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,419
19,304
3,146
3,573
20.6
21.4
36.4
42.5
39.0
33.4
36.1
30.2
102.0
98.5
6.1
5.3
Dabur India
Neutral
130
22,658
6,124
7,101
17.0
16.8
4.5
5.2
29.1
24.9
12.0
9.5
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,760
15,813
3,124
3,663
17.1
17.6
104.5
123.8
36.0
30.4
11.2
9.0
34.4
32.8
4.8
4.0
Godrej Consumer
Neutral
712
24,236
6,355
7,548
18.4
18.6
22.8
27.6
31.2
25.8
7.1
5.9
26.4
26.1
4.1
3.4
HUL
Neutral
531
114,778
25,350
28,974
13.3
13.5
14.7
17.1
36.0
31.1
28.5
20.1
84.5
75.8
4.3
3.8
ITC
Neutral
301
237,273
29,409
34,060
35.7
36.1
9.3
10.9
32.3
27.6
10.7
8.9
35.8
35.3
7.7
6.6
Marico
Neutral
220
14,174
4,840
5,643
13.1
13.1
6.2
7.8
35.6
28.2
6.8
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,827
46,541
8,529
10,079
20.8
21.1
113.1
137.8
42.7
35.0
25.6
17.9
70.5
60.2
5.5
4.6
Tata Global
Neutral
170
10,504
7,207
7,927
9.7
10.0
6.6
7.8
25.7
21.7
2.6
2.5
8.6
9.5
1.3
1.2
Market Outlook
December 10, 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
614
42,634
24,214
26,772
19.5
18.1
44.0
48.0
14.0
12.8
3.3
2.8
24.0
22.0
1.8
1.5
97
135
2,863
1,944
2,159
21.8
21.1
11.4
12.2
8.5
7.9
2.2
1.9
26.4
24.1
1.4
1.2
IT
HCL Tech^
Neutral
Hexaware*
Buy
Infosys
Accumulate
2,320
2,573
133,205
39,174
41,580
29.5
30.4
159.2
171.6
14.6
13.5
3.5
3.1
24.1
23.1
2.9
2.7
Infotech Enterprises
Neutral
194
2,170
1,886
2,032
17.9
17.3
18.7
20.2
10.4
9.6
1.6
1.4
14.9
14.0
0.8
0.7
KPIT Cummins
Accumulate
121
132
2,163
2,195
2,317
15.5
15.0
10.7
12.1
11.3
10.0
2.4
1.9
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
98
115
11,557
7,597
8,141
20.0
18.8
9.7
10.4
10.2
9.4
2.8
2.2
27.5
22.9
1.2
1.0
Mindtree
Accumulate
677
747
2,781
2,324
2,437
20.0
17.7
73.3
74.7
9.2
9.1
2.2
1.8
24.1
19.7
1.0
0.8
Mphasis&
Neutral
391
8,224
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
33
36
545
1,048
1,161
9.3
10.9
4.2
6.2
7.9
5.3
0.8
0.8
10.5
14.1
0.3
0.2
Persistent
Neutral
491
1,966
1,261
1,352
26.4
24.7
48.2
54.0
10.2
9.1
1.9
1.6
19.0
17.9
1.2
1.1
TCS
Accumulate
1,268
1,410
248,166
61,053
67,313
28.7
29.1
69.7
76.2
18.2
16.6
5.9
4.8
32.6
29.1
4.0
3.5
Tech Mahindra
Buy
881
1,070
11,249
6,603
7,150
19.8
18.4
92.9
102.0
9.5
8.6
2.2
1.8
23.7
21.0
1.8
1.6
Wipro
Accumulate
380
421
93,459
43,219
47,241
20.0
20.0
26.1
28.1
14.5
13.5
2.8
2.4
19.3
17.9
1.8
1.6
D B Corp
Buy
217
259
3,987
1,581
1,784
23.3
25.0
11.6
14.4
18.8
15.1
3.6
3.1
21.0
22.3
2.4
2.1
HT Media
Accumulate
103
113
2,420
2,111
2,272
15.0
15.2
7.4
8.3
14.0
12.5
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Accumulate
101
117
3,197
1,503
1,681
23.1
23.1
6.4
7.3
15.8
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
307
888
682
786
17.3
16.9
17.6
19.7
17.5
15.7
2.1
1.8
14.9
14.5
1.7
1.4
Sun TV Network
Neutral
419
16,502
1,942
2,237
77.2
75.5
17.6
19.1
23.8
21.9
5.9
5.3
25.8
25.2
8.0
6.9
Bhushan Steel
Neutral
450
9,561
11,307
14,287
29.5
29.1
45.1
51.0
10.0
8.8
1.2
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
363
229,410
66,666
70,292
25.7
27.3
24.2
26.6
15.0
13.6
4.4
3.6
33.1
29.1
2.5
2.2
Electrosteel Castings
Buy
25
29
856
1,984
2,074
10.6
11.6
0.8
2.0
29.6
12.2
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Neutral
139
58,605
12,446
13,538
52.3
52.9
15.0
16.4
9.3
8.5
1.8
1.5
21.4
19.7
2.8
2.2
Hindalco
Neutral
124
23,712
79,148
89,258
9.4
9.0
15.0
15.6
8.3
8.0
0.7
0.7
8.8
8.4
0.7
0.6
JSW Steel
Neutral
766
17,081
39,586
41,459
17.6
17.0
78.7
90.1
9.7
8.5
1.0
0.9
10.2
10.7
0.8
0.8
MOIL
Neutral
257
4,322
941
1,019
47.3
48.3
25.8
28.1
10.0
9.2
1.6
1.4
16.7
16.2
2.2
1.9
Monnet Ispat
Buy
296
344
1,901
2,501
3,264
22.2
24.6
41.8
55.2
7.1
5.4
0.7
0.7
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
48
44
12,409
6,898
7,841
9.9
14.7
2.0
3.2
24.3
15.1
1.1
1.0
4.3
6.8
1.3
1.2
159
198
62,920
11,209
12,525
78.4
78.3
18.5
20.6
8.6
7.7
2.1
1.7
27.0
24.6
3.9
3.2
82
34,056
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
Market Outlook
December 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Metals & Mining

Sesa Goa
Neutral
188
16,348
4,551
6,640
32.8
34.4
33.7
39.3
5.6
4.8
1.0
0.8
18.3
18.3
4.3
2.9
Sterlite Inds
Neutral
113
37,925
43,185
45,442
23.3
23.7
16.8
17.9
6.7
6.3
0.7
0.7
11.6
11.2
0.9
0.8
Tata Steel
Buy
395
463
8.3
9.5
22.0
44.5
17.9
8.9
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Accumulate
136
153
489
1,442
1,494
17.6
17.3
27.2
28.7
5.0
4.8
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
50
73
678
2,694
2,906
14.6
16.6
16.4
20.8
3.1
2.4
0.3
0.3
11.4
12.8
0.5
0.4
Buy
119
143
377
2,342
2,470
13.7
15.3
27.7
33.8
4.3
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Accumulate
333
382
63,599
17,567
17,643
76.2
72.3
61.1
56.8
5.5
5.9
1.1
1.0
22.0
17.5
2.8
2.4
GAIL
Neutral
353
44,720
46,652
54,142
15.7
15.7
34.0
35.3
10.4
10.0
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
268
312
228,902 147,139 154,821
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
834
273,163 362,700 380,031
7.9
8.0
60.0
63.3
13.9
13.2
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
302
3,877
3,128
3,707
13.2
11.7
22.8
23.5
13.3
12.8
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
262
3,674
3,213
3,643
23.3
23.5
24.3
25.7
10.8
10.2
2.5
2.1
25.0
22.1
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
162
183
12,176
30,077
33,570
6.6
6.3
15.1
15.3
10.7
10.6
2.7
2.2
28.4
23.1
0.4
0.4
77
4,347
1,079
1,034
91.8
91.9
8.8
8.4
8.8
9.2
1.5
1.3
17.9
15.0
3.7
3.7
Alembic Pharma
Buy
66
91
1,235
1,624
1,855
14.2
15.6
6.6
9.1
9.9
7.2
2.5
1.9
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
192
5,603
5,243
5,767
14.6
14.6
11.8
12.6
16.3
15.3
2.0
1.7
17.9
16.4
1.6
1.4
Aventis*
Neutral
2,185
5,033
1,482
1,682
15.5
15.5
95.1
104.4
23.0
20.9
4.1
3.2
18.6
17.0
3.2
2.8
Cadila Healthcare
Accumulate
846
926
17,317
6,148
7,386
18.6
19.6
32.7
44.8
25.9
18.9
5.7
4.5
23.7
26.6
3.2
2.6
Cipla
Neutral
410
32,936
8,151
9,130
25.0
24.0
19.5
20.9
21.0
19.6
3.7
3.1
18.8
17.2
3.9
3.3
Dr Reddy's
Neutral
1,838
31,208
10,696
11,662
20.7
21.0
83.7
92.9
22.0
19.8
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
118
145
950
1,280
1,536
20.2
20.2
10.4
14.5
11.3
8.1
0.9
0.9
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,058
17,429
2,651
2,993
31.7
31.2
76.0
82.4
27.1
25.0
7.8
7.0
20.1
26.3
5.7
5.0
Indoco Remedies
Buy
66
89
606
685
837
15.2
15.2
7.4
8.9
8.9
7.4
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
462
485
5,822
2,850
3,474
21.0
21.0
29.9
37.3
15.4
12.4
3.7
2.9
26.7
26.4
2.2
1.8
Lupin
Accumulate
599
652
26,791
8,426
10,082
19.7
20.0
26.3
31.3
22.8
19.1
5.3
4.3
26.0
24.7
3.3
2.7
Ranbaxy*
Neutral
506
21,392
12,046
11,980
18.0
15.8
31.3
29.8
16.2
17.0
5.5
4.4
39.1
28.9
1.8
1.8
Sun Pharma
Neutral
700
72,327
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
326
4,071
5,218
5,644
24.2
23.8
44.6
47.6
7.3
6.9
0.8
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
70
78
1,054
1,523
1,568
30.3
30.3
5.4
11.5
12.9
6.1
0.7
0.7
5.6
11.3
1.2
1.0
Neutral
38,353 145,725 154,108
Power
Market Outlook
December 10, 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
160
131,886
74,111
85,789
22.7
23.1
12.1
13.7
13.2
11.6
1.6
1.5
12.6
13.2
2.4
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
98
78
2,892
657
875
52.0
56.1
8.4
12.7
11.7
7.7
0.7
0.7
6.3
8.9
5.8
4.4
DLF
Neutral
221
37,488
9,878
12,033
44.7
46.1
9.6
13.4
23.0
16.5
1.5
1.4
6.4
8.7
6.3
5.2
HDIL
Neutral
117
4,904
2,441
3,344
55.1
48.2
22.7
26.6
5.2
4.4
0.4
0.4
8.8
9.4
3.9
2.9
MLIFE
Neutral
414
1,691
813
901
26.2
26.6
32.0
37.1
12.9
11.2
1.3
1.2
10.4
11.0
2.5
2.1
Bharti Airtel
Neutral
323
122,470
81,984
90,718
32.1
33.8
10.9
16.9
29.6
19.1
2.3
2.0
7.6
10.6
2.2
1.8
Idea Cellular
Neutral
97
32,103
22,234
24,161
26.9
27.7
3.3
4.9
29.3
19.7
2.3
2.0
7.7
10.3
1.9
1.7
Rcom
Neutral
74
15,202
21,090
22,308
31.8
29.9
3.0
3.8
24.2
19.4
0.4
0.4
1.7
2.1
2.4
2.1
Telecom
zOthers
Abbott India
Accumulate
1,446
1,590
3,072
1,629
1,886
11.8
13.3
60.8
79.5
23.8
18.2
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
205
2,039
3,497
3,968
6.6
7.6
9.8
15.5
20.9
13.2
2.7
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
415
525
427
528
15.7
14.6
30.0
34.0
13.8
12.2
3.0
2.5
24.6
22.5
1.3
1.1
Cravatex
Buy
429
545
111
272
308
7.2
7.3
37.5
45.4
11.5
9.5
2.7
2.2
23.7
22.7
0.5
0.4
CRISIL
Neutral
1,024
7,189
982
1,136
34.3
34.3
34.3
40.0
29.8
25.6
13.5
10.8
50.9
46.9
6.9
5.8
Finolex Cables
Neutral
60
919
2,304
2,552
9.9
9.1
8.2
10.1
7.4
6.0
1.0
0.9
13.7
14.7
0.4
0.3
Force Motors
Accumulate
501
537
653
2,318
2,700
5.0
5.7
45.0
67.0
11.1
7.5
0.6
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
335
360
774
1,494
1,607
6.4
7.8
23.9
33.0
14.0
10.2
2.2
1.9
16.5
20.1
0.3
0.3
Greenply Industries
Neutral
310
748
1,925
2,235
10.6
10.9
29.6
44.1
10.5
7.0
1.7
1.4
16.8
21.0
0.7
0.6
Hitachi
Buy
129
146
295
873
989
4.4
6.5
6.4
12.2
20.3
10.6
1.6
1.4
8.3
14.4
0.4
0.3
Honeywell Automation* Buy
2,354
2,842
2,081
1,745
1,993
4.0
5.3
59.5
90.4
39.6
26.0
3.0
2.6
8.1
11.3
1.1
0.9
Styrolution ABS India*
Accumulate
701
744
1,233
1,059
1,116
8.5
9.5
36.0
42.0
19.5
16.7
2.8
2.5
15.4
16.0
1.2
1.1
ITD Cementation
Neutral
235
270
1,323
1,455
12.4
12.4
23.2
27.7
10.1
8.5
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
184
2,967
1,228
1,443
9.0
10.9
3.9
6.4
47.3
28.8
4.7
4.3
10.1
15.6
3.0
2.5
MCX
Reduce
1,538
1,440
7,843
553
624
65.3
66.3
62.5
72.0
24.6
21.4
6.8
5.8
27.5
27.4
11.1
9.4
MRF
Accumulate
11,811
12,884
5,009
11,804
12,727
10.4
10.5 1,289.9 1,431.3
9.2
8.3
1.8
1.5
21.3
19.4
0.6
0.5
Page Industries
Neutral
3,432
3,828
836
1,023
20.2
20.6
105.6
133.4
32.5
25.7
16.5
11.7
59.3
53.2
4.7
3.8
Relaxo Footwears
Buy
792
933
950
1,019
1,208
11.0
12.5
47.0
66.7
16.9
11.9
4.2
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
65
79
1,932
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
302
366
283
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
16
468
7,134
7,985
19.7
19.4
12.2
14.1
1.3
1.1
0.1
0.1
11.3
11.5
0.6
0.6
Market Outlook
December 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
49
43
2,388
5,720
6,599
5.3
6.8
3.6
5.4
13.7
9.2
19.8
6.3
0.5
0.5
TAJ GVK
Buy
73
108
458
300
319
35.8
36.2
7.9
9.1
9.3
8.0
1.2
1.1
13.9
14.4
1.9
1.6
Tata Sponge Iron
Buy
309
384
476
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.3
0.2
TVS Srichakra
Buy
279
335
214
1,476
1,643
7.0
8.2
32.6
55.9
8.6
5.0
1.4
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,916
25,054
10,289
11,421
12.8
12.8
26.0
45.3
73.7
42.3
3.3
3.1
5.8
7.6
2.9
2.6
Vesuvius India
Neutral
351
713
560
611
16.1
17.0
24.7
28.8
14.2
12.2
2.1
1.9
15.8
16.2
1.2
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 07, 2012
Market Outlook
December 10, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

December 10, 2012

OIL & GAS

Go-ahead for FDI in multi-brand retail in RS too

FII Derivatives (December 07, 2012)

Net Inflows (December 08 2012)

Refer detailed news analysis on the following page

Go-ahead for FDI in multi-brand retail in RS too

IPO Note Bharti Infratel

2G auction: EGoM slashes base price 30% for unsold

Hexaware Guidance cut

Economic and Political News

Regulatory IT spends to grow five times by 2015: Goldman Sachs

DLF to raise up to `3,000cr by this fiscal end

Country Event Description

December 10, 2012

December 12, 2012

December 13, 2012

December 18, 2012

Industrial Production YoY

Jobless claims change

FOMC rate decision

Initial Jobless claims

Producer Price Index (mom)

Germany PMI Manufacturing

Germany PMI Services

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

Monthly Wholesale Prices YoY%

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

GDP Qoq (Annualised)

Existing home sales

December 21, 2012

December 27, 2012

New home sales

Change in Nonfarm payrolls

BOE Announces rates

December 19, 2012

Germany Unemployment change (000's)

Euro Zone ECB announces interest rates

January 11, 2013

Industrial Production (YoY)

January 13, 2013

Real GDP (YoY)

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

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