Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 14, 2012
Domestic Indices
Dealers Diary
The Indian market is expected to open flat mirroring positive opening trades in
most of the Asian markets and SGX Nifty. Also the investors sentiment is likely to
be boosted following clearance of Cabinet Committee on Investment by
government.
The US markets ended mostly lower yesterday with lingering concerns about the
looming fiscal cliff overshadowing a batch of largely upbeat economic data. The
weakness that emerged on Wall Street came amid indications that lawmakers in
Washington continue to struggle to reach an agreement to avoid the fiscal cliff.
Meanwhile, a report from Labor Department showed that jobless claims fell to
343,000 in the week ended December 8th, a decrease of 29,000 from the
previous week's revised figure of 372,000.
Meanwhile, the Indian markets fell notably on Thursday as investors awaited
monthly inflation data due to be released today and the passing of the much
awaited Banking Laws Amendment Bill for further directional cues.
Markets Today
(0.7) (126.0) 19,229

(0.6)
(36.5)
5,852
MID CAP
(1.2)
(81.5)
6,958
SMALL CAP
(1.0)
(72.0)
7,348
BSE HC
(0.6)
(51.1)
8,005
BSE PSU
(0.7)
(53.6)
7,115
BANKEX
(0.3)
(44.1) 14,086
0.9
96.4 11,097
AUTO
METAL
OIL & GAS
BSE IT
Global Indices
2,992
5,930
1.7
161.3
9,743
R1
R2
Indian ADR
19,508
5,933
Net Inflows (December 12, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
6,417
1,151
3,398
732
3,020
419
10,311
(1,766)
115,331
(19,308)
FII Derivatives (December 13, 2012)

` cr
Index Futures
Stock Futures
Purch
813
1,319
Sales
1,163
1,955
Net
(350)
(637)
Open Interest
12,053
32,818
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Jet Air India
604
7.3
United Spirits
1,889
(5.2)
Tata Motors
287
4.0
Financial Tech
1,048
(5.0)
Glenmark Pharma
467
3.9
Gitanjali Gems
478
(4.5)
Bajaj Finserv
934
2.5
Videocon Industries
222
(4.3)
71
2.4
Hexaware Tech
87
(4.2)
Jain Irrigation
www.angelbroking.com
(Close)
(16.2)
19,368
5,892
Refer detailed news analysis on the following page
(Pts)
Chg (%)
(21.7)
PIVOT
5,549
(0.3)
19,283
5,867
(26.2)
(0.7)
S1
(0.5)
FTSE
19,143
5,826
8,406
NASDAQ
S2
6.7
(74.7) 13,171
19,058
5,801
0.1
(0.6)
SENSEX
NIFTY
(1.2) (121.7) 10,331
Dow Jones
Indices
RBI releases draft guidelines to address issues and concerns in the NBFC sector
Cabinet Committee on investment cleared
HC order may force power companies to cut rates
RIL shuts seventh well on KG-D6 gas block
JLR union expresses concerns over expansion outside UK
JSW Steels November plant utilization contracts
Mahindra Satyam settles Aberdeen Global claims
Honeywell Automation India - Floor Price for Offer for Sale
(Close)
Nifty
Nikkei
(Pts)
BSE Sensex
The trend deciding level for the day is 19,283 / 5,867 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,368 19,508 / 5,892 5,933 levels. However, if NIFTY trades below
19,283 / 5,867 levels for the first half-an-hour of trade then it may correct up to
19,143 19,058 / 5,826 5,801 levels.
News Analysis
Chg (%)
Hang Seng
Straits Times
(0.3)
(57.8) 22,446
0.5
15.0
3,157
(1.0)
(21.2)
2,061
Chg (%)
(Pts)
(Close)
INFY
(2.4)
(1.0)
$41.8
WIT
(0.8)
(0.1)
$8.7
IBN
(0.7)
(0.3)
$42.9
HDB
(0.4)
(0.2)
$41.4
Shanghai Com
Advances / Declines
BSE
NSE
Advances
1,078
420
Declines
1,882
1,072
116
45
Unchanged
Volumes (` cr)
BSE
2,828
NSE
13,990
Market Outlook
December 14, 2012
RBI releases draft guidelines to address issues and

concerns in the NBFC sector
The RBI has released draft guidelines, based on the recommendations of Working
Group led by Usha Thorat to address issues and concerns in the NBFC sector.
Major imminent changes are those made in the existing norms for capital
adequacy, asset classification & provisioning and disclosures for NBFCs.
Tier-I capital requirement raised to 12%/10% from existing 7.5%: Tier-l capital
requirement has been raised to 12%, for all captive NBFCs (90% and above of net
total assets are on financing parent companys products/services) and for NBFCs
lending to/investing in sensitive sectors namely, capital market, commodities and
real estate (more than 75% of their net total assets), and 10% for other NBFCs
(existing requirement of 7.5%). To comply with the increased tier-I capital
adequacy requirement, they have been granted a period of three years.
Change in Asset classification and provisioning norms: The period of classifying
loans into NPAs, in case of NBFCs, which is presently higher at 180/360 days, is
to be made similar to those of banks (90 days). The transition would be done in a
phased manner, a 120-day norm shall be applied from April 01, 2014 to March
31, 2015 and a 90-day norm thereafter, with a permission of one-time adjustment
to the repayment schedule (not amount to restructuring). Moreover, the
provisioning requirement for standard asset is to be raised from 0.25% to 0.4% of
the outstanding amount as of March 31, 2014.
Disclosure requirement made comprehensive: The existing disclosure requirements
for NBFCs, with asset size more than `1,000cr, has been made comprehensive,
in-line with those applicable to banks, i.e now they will need to disclose their
provision coverage ratio, liquidity ratio, asset liability profile, extent of financing of
parent company products, NPAs and movement of NPAs, details of all off-balance
sheet
exposures,
structured
products
issued
by
them
as
also
securitization/assignment transactions and also comply with mandatory disclosure
requirement of Clause 49 of listing agreement irrespective of whether they are
listed or not.
Other Changes: Additionally, the existing framework on liquidity management has
been changed. All NBFCs, both deposit taking and non-deposit taking, must now
ensure that there should not be any liquidity gap in the 1-30 day maturity bucket,
as against a negative gap of 15% of cash outflows permitted earlier. The existing
requirement of 15% SLR for deposit taking NBFC has been maintained.
We believe, these draft guidelines, (as and when implemented) would go a long
way in ensuring a strong and resilient non banking finance sector.
Cabinet Committee on investment cleared

The Union Cabinet has cleared a proposal to set up a Cabinet Committee on
investment (CCI) to fast-track clearances of large investments, particularly above
`1,000cr. The committee will be chaired by the Prime Minister and is expected to
set timelines for regulatory and administrative clearances from various individual
ministries.
Market Outlook
December 14, 2012
The panel is likely to intervene when timelines are not being met; however the final
decision is likely to rest with the respective ministry. We believe that the committee
is likely to benefit large infrastructure projects in power, roads, highways, ports,
airports, coal and mining sector facing hurdles such as land acquisition issues,
environment clearances, mining clearances in particular etc.
The idea was initially mooted by Finance Minister P. Chidambaram and envisaged
as National Investment Board (NIB) for speeding up clearances of projects.
However it was rechristened as the CCI in view of opposition from the environment
ministry particularly as well as concerns raised by ministry of tribal affairs and
defense.
Although we await further clarity on the proposal we believe that it has various
advantages, namely:
Speedy and time-bound clearance of investment projects thereby reversing the

deterioration in investment cycle of the economy.
Grievance redressal in case of inter ministerial disputes
Offer clarity on project pipeline resulting in more certainty in decision making

to investors as well as other stakeholders.
Reviewing the progress of existing infrastructure projects.
Meanwhile, the Cabinet Committee on Infrastructure is likely to be dissolved and

its powers vested with the Cabinet Committee of Economic Affairs.
HC order may force power companies to cut rates

The Calcutta High Court has quashed the regulation that empowers the Central
Electricity Regulatory Commission to fix provisional tariffs for generation and
transmission. Power plants producing almost a quarter of India's total capacity will
be affected by the order and may have to cut tariffs. The high court passed the
order after 46 large power consumers, led by Balaji Industries Ltd, challenged the
provisional tariff fixed by CERC for power generated by state-run DVC. This is a
negative development for NTPC. CERC and DVC have filed an appeal in Supreme
Court. We maintain Neutral on NTPC.
RIL shuts seventh well on KG-D6 gas block

Media reports suggest that Reliance Industries (RIL) has shut its seventh well on KGD6 gas block due to high water and sand ingress issues. It awaits regulatory
approval to carry out urgent work to resolve the problem and curb the decline in
gas production. RIL has shut well B4 on the main producing fields of Dhirubhai-1
and 3 (D1& D3) in KG-D6 block due to high water cut and sanding issues. Due to
this shutdown the production from D1& D3 fields in KG-D6 block has declined to
19mmscmd during November compared to 20mmscmd reported during October.
We maintain our Neutral view on the stock.
Market Outlook
December 14, 2012
JLR union expresses concerns over expansion outside UK

As per media reports, the main union of Jaguar and Land Rover (JLR), Unite, has
raised concerns over the companys plans to assemble vehicles in China and
Saudi Arabia. The union is demanding an urgent meeting with senior executives of
Tata Motors to seek assurances over the future of manufacturing plants in UK. This
is following the announcement earlier in the week that JLR has signed a letter of
intent to form an automotive partnership in Saudi Arabia. While we remain
watchful of the further development on this front; we believe that the concerns of
the JLR union would be allayed by the company management. Tata Motors have
expressed its commitment towards UK plants in the past and have been increasing
its investments in the country since the JLR acquisition. Recently, JLR offered an
overall wage hike of 7.5% to all its employees, which was amongst the best in the
country. Further, the company is also setting up a new engine plant in
Wolverhampton, UK at an investment of 355mn which is expected to create
around 750 new jobs. We would await more clarity on this issue. Currently we
have an Accumulate rating on the stock with an SOTP based target price of `319.
JSW Steels November plant utilization contracts

JSW Steels November 2012 crude steel production remained flat yoy to 0.6mn
tonnes. Crude steel production for the month of November was flat mainly due to
shutdown of one of its Corex furnaces for capital repairs purpose. The rolled flat
production increased by 20.0% yoy to 0.51mn tonne whereas the rolled long
production increased 30.0% yoy to 0.16mn tonne. The capacity utilization for the
balance units at the Vijaynagar plant has declined to 70% due to shortage of iron
ore in the region. We maintain our Neutral rating on the stock.
Capacity Utilization
82
80
80
80
80
78
75
(%)
76
75
75
75
74
72
70
70
68
66
Capacity Utilisation
Source: Company, Angel Research
Nov.
Oct.
Sept.
Aug.
July
June
May
April
64
Market Outlook
December 14, 2012
Mahindra Satyam settles Aberdeen Global claims

Mahindra Satyam has entered into an agreement to settle claims worth US$68mn
from Aberdeen Asset Management Plc. Mahindra Satyam has entered into a
confidential settlement agreement to settle claims brought in the commercial court
in London by Aberdeen Global and 22 other funds (collectively, the claimants)
managed by Aberdeen Asset Management and its units. The claims included
certain allegations of fraudulent misrepresentations said to have been made by the
former management of Mahindra Satyam in London and relied upon by the
claimants investment manager and communicated in meetings alleged to have
taken place in London. The claimants have said that they have suffered losses of
an estimated sum of US$298.34mn and additional consequential losses. By virtue
of the settlement, the claims have been fully and finally disposed of on the basis
of, inter alia, a payment by Mahindra Satyam of US$68mn. In July, the company
settled claims other Aberdeen-affiliated former investors brought in the US. A class
action brought in the US on behalf of other former investors in the company was
also settled in February 2011. We maintain our positive view on the stock with a
target price of `115.
Honeywell Automation India - Floor Price for Offer for Sale

Honeywell Asia Pacific Inc., the promoter of Honeywell Automation India Ltd., has
submitted to BSE a notice of Offer for Sale of 5,51,333 equity shares of Rs. 10/each representing 6.24% of the equity share capital of on December 12, 2012.
The floor price for the same is intimated to be `2,150 which is at a 10% discount
to its last trading price of `2,388. We continue to maintain our Buy
recommendation on the stock with a target price of `2,842 based on a target PE
of 21.0x for CY2013E.
Economic and Political News
Domestic air demand down 5-8% in December

Government to auction spectrum held by telcos in 900 MHz band
Government notifies new drug pricing policy
India Inc raises US$4.29bn via ECB, FCCB
Indian Railway Fin Corp to raise `9,000cr via bonds
Corporate News
Cyrus Mistry to become Tata Motors Chairman from Dec 28

EID Parry buys out foreign partner's stake in Silk Road Refinery
Hitachi to invest `4,700cr in India by 2016
Kingfisher caps FII holding at 3%
PFC's `4,590cr tax-free bond issue opens on Dec 13
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 14, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 14, 2012
December 18, 2012
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
7.60
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)
0.30
11:00AM
India
RBI Repo rate
Dec 18
8.00
8.00
11:00AM
India
RBI Cash Reserve ratio
Dec 18
4.25
4.00
% Change
Nov
2.70
--
Dec 18
7.00
7.00
Nov
894.00
873.00
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
870.00
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
4.85
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
January 3, 2013
2:25PM
January 4, 2013
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
5:29PM
China
5:29PM
5:29PM
December 19, 2012

December 20, 2012
January 9, 2013
January 10, 2013
S.A./ 1985=100
Dec
73.70
--
Thousands
Nov
368.00
--
Value
Dec
50.60
--
PMI Manufacturing
Value
Dec
49.10
--
Germany Unemployment change (000's)
Thousands
Dec
5.00
--
Thousands
Dec
146.00
--
Dec
7.70
--
Consumer Price Index (YoY)
% Change
Dec
2.00
--
China
Industrial Production (YoY)
% Change
Dec
10.10
--
India
Imports YoY%
% Change
Dec
6.40
--
5:29PM
India
Exports YoY%
% Change
Dec
(4.20)
--
5:29PM
China
Exports YoY%
% Change
Dec
2.90
--
5:30PM
UK
BOE Announces rates
% 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
--
January 14, 2013
11:00AM
India
Industrial Production YoY
% Change
Nov
8.20
--
January 23, 2013
3:00PM
UK
Jobless claims change
% Change
Dec
(3.00)
--
January 31, 2013
12:45AM
US
FOMC rate decision
Jan 30
0.25
--
Source: Bloomberg, Angel Research
Market Outlook
December 14, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.0
6.7
5.7
6.1
5.3 5.5 5.3
4.3
4.0
2.7
2.0
2.5
2.3
1.0
3.5
(0.7)
Oct-12
Sep-12
(2.0)
(2.8)
(4.0)
(0.1)
Aug-12
(1.3)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
Source: MOSPI, 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
8.2
8.0
9.2
9.0
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 14, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
150
2,918
1,466
1,686
14.8
14.8
7.0
8.1
21.4
18.5
4.6
3.9
22.6
22.5
2.1
1.8
United Phosphorus
Buy
126
170
5,792
8,421
9,263
16.5
16.5
15.0
17.0
8.4
7.4
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
250
4,275
2,911
3,321
16.2
16.2
17.3
19.8
14.5
12.6
4.0
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
86
96
4,332
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
Buy
27
31
7,171
14,490
16,606
9.5
9.6
2.2
2.9
12.1
9.5
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
360
544
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
2,083
60,282
21,121
23,642
18.4
18.5
108.7
122.6
19.2
17.0
7.9
6.4
46.2
41.6
2.4
2.0
Bharat Forge
Buy
261
324
6,084
6,754
7,565
15.5
15.7
18.8
23.2
13.9
11.3
2.4
2.1
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,155
28,745
8,776
10,276
16.6
18.0
331.9
417.7
27.6
21.9
5.2
4.3
18.7
19.5
3.0
2.5
CEAT
Buy
104
163
355
4,989
5,634
8.2
8.5
27.1
40.8
3.8
2.5
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Neutral
143
12,142
6,229
7,200
14.8
15.8
7.2
9.0
19.9
16.0
3.5
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,704
2,832
1,489
1,750
16.5
17.5
103.3
126.9
16.5
13.4
3.2
2.6
21.3
21.6
1.7
1.4
Hero Motocorp
Accumulate
1,873
1,956
37,403
24,743
27,996
14.8
15.2
118.2
130.4
15.9
14.4
6.8
5.4
48.3
41.9
1.2
1.0
JK Tyre
Buy
120
165
495
7,517
8,329
6.6
6.6
37.2
41.3
3.2
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
941
986
57,766
40,035
46,272
11.5
11.6
54.7
62.8
17.2
15.0
3.9
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,475
42,604
42,019
50,246
7.3
8.6
66.1
94.4
22.3
15.6
2.5
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
193
11,337
24,285
27,317
6.7
7.2
8.1
10.6
24.0
18.2
5.0
4.1
22.9
24.7
0.6
0.6
Subros
Buy
30
35
179
1,286
1,479
9.4
9.7
2.6
5.1
11.5
5.9
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
287
319
76,598 192,330 219,770
12.8
13.1
37.0
44.5
7.8
6.5
2.1
1.7
31.2
28.9
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
706
573
14,959
7,796
9,907
4.8
7.8
9.2
22.0
76.7
32.1
5.6
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
261
1,882
3,605
4,542
11.8
10.7
25.1
27.9
10.4
9.4
1.5
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
228
55,818
47,801
43,757
18.5
18.0
24.6
21.8
9.3
10.5
2.8
2.4
33.5
24.5
1.1
1.2
Blue Star
Buy
192
242
1,729
2,763
2,948
3.1
5.6
2.6
8.6
73.1
22.5
4.2
3.7
5.9
17.6
0.8
0.7
Crompton Greaves
Buy
111
145
7,140
12,370
14,277
5.2
7.3
4.0
7.8
27.8
14.3
1.9
1.7
6.9
12.6
0.6
0.6
Jyoti Structures
Accumulate
45
53
370
2,794
3,048
10.6
10.6
9.2
11.7
4.9
3.9
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
65
73
1,658
6,858
7,431
7.1
7.5
8.3
9.8
7.8
6.6
1.3
1.1
25.1
24.0
0.4
0.4
LMW
Reduce
2,149
1,992
2,421
2,369
2,727
11.7
11.7
143.4
166.0
15.0
13.0
2.5
2.3
17.4
18.4
0.6
0.4
Thermax
Neutral
612
7,292
5,514
5,813
9.3
10.2
28.1
31.2
21.8
19.6
3.9
3.4
19.2
18.5
1.2
1.1
Capital Goods
Market Outlook
December 14, 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
1,396
26,209
11,085
12,415
21.6
21.4
79.4
83.1
17.6
16.8
3.4
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
206
31,777
10,272
11,884
26.4
26.1
11.5
12.9
18.0
16.0
3.9
3.5
20.8
21.1
2.8
2.3
India Cements
Neutral
88
2,689
4,293
4,666
17.7
18.1
8.6
10.8
10.2
8.1
0.8
0.7
7.5
9.0
1.1
0.9
J K Lakshmi Cements
Accumulate
130
143
1,591
2,082
2,423
22.9
23.1
20.8
22.5
6.3
5.8
1.1
0.9
18.4
17.4
0.9
1.2
Madras Cements
Neutral
212
5,041
3,814
4,045
29.3
27.5
18.7
19.2
11.3
11.0
2.1
1.8
19.9
17.4
2.0
1.7
Shree Cements^
Neutral
4,309
15,013
5,701
6,210
29.7
28.1
240.7
260.7
17.9
16.5
4.3
3.5
27.1
23.6
2.0
1.7
UltraTech Cement
Neutral
1,948
53,417
21,368
24,043
22.5
23.5
103.5
121.4
18.8
16.1
3.5
3.0
20.2
20.1
2.5
2.3
201
304
1,057
2,034
2,315
22.4
22.4
27.1
31.7
7.4
6.3
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
234
2,262
2,522
6.7
7.5
1.5
2.7
8.5
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
137
164
4,552
3,843
4,212
43.1
43.6
16.8
17.8
8.1
7.7
1.4
1.2
18.3
17.0
3.3
3.6
ITNL
Accumulate
205
225
3,985
6,564
7,054
27.2
27.4
26.3
29.0
7.8
7.1
1.2
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
41
1,272
4,249
6,897
7.8
8.2
0.3
3.3
134.4
12.6
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
103
22,011
13,842
15,863
26.9
26.4
3.7
4.6
28.1
22.6
1.7
1.6
6.2
7.3
3.1
2.8
Larsen & Toubro
Neutral
1,626
99,956
60,556
69,167
11.2
11.6
73.8
85.5
22.0
19.0
3.5
3.1
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
48
44
1,226
5,947
6,569
8.5
8.6
3.1
4.1
15.4
11.6
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
58
1,923
11,892
13,116
9.0
9.0
1.8
3.2
32.0
18.0
0.7
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
131
168
1,983
2,344
2,804
10.6
10.7
7.2
8.7
18.3
15.1
2.2
1.9
13.0
13.5
1.2
1.1
Simplex Infra
Buy
212
251
1,050
6,882
8,032
9.1
9.1
23.2
31.3
9.2
6.8
0.8
0.7
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
157
181
7,870
6,392
7,238
2.7
2.8
30.3
33.3
5.2
4.7
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
114
6,388
4,731
5,431
2.9
3.0
21.5
21.8
5.3
5.2
0.9
0.8
15.2
13.8
Axis Bank
Buy
1,325
1,550
56,580
15,686
18,687
3.1
3.2
116.8
138.0
11.4
9.6
2.1
1.8
20.0
20.2
Bank of Baroda
Neutral
816
31,933
15,436
18,208
2.5
2.6
111.8
137.4
7.3
5.9
1.1
1.0
15.8
17.0
Bank of India
Accumulate
304
334
17,420
12,491
14,883
2.2
2.4
43.8
63.7
6.9
4.8
0.9
0.8
12.1
15.8
Bank of Maharashtra
Accumulate
58
64
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
Accumulate
465
544
20,577
10,699
12,213
2.1
2.2
67.3
80.1
6.9
5.8
1.0
0.9
13.7
14.6
Central Bank
Neutral
80
5,867
7,171
8,236
2.5
2.6
16.4
21.5
4.9
3.7
0.9
0.7
12.7
14.9
Corporation Bank
Accumulate
438
480
6,486
4,780
5,569
2.0
2.1
101.8
99.2
4.3
4.4
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
114
132
3,996
3,087
3,453
2.7
2.8
25.9
24.1
4.4
4.7
0.8
0.7
19.4
15.6
Federal Bank
Neutral
485
8,299
2,617
2,968
3.3
3.2
45.9
51.7
10.6
9.4
1.3
1.2
13.1
13.3
Financials
Market Outlook
December 14, 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
854
131,664
7,336
8,802
3.5
3.5
31.5
37.8
27.1
22.6
5.4
4.8
34.8
32.1
HDFC Bank
Neutral
691
163,559
21,696
26,811
4.4
4.5
28.7
36.0
24.1
19.2
4.6
3.9
20.7
22.0
ICICI Bank
Buy
1,122
1,296
128,950
22,271
26,690
3.0
3.0
69.2
83.1
16.2
13.5
2.0
1.8
14.2
15.7
IDBI Bank
Accumulate
108
119
13,743
7,684
9,264
1.8
2.1
15.6
22.0
6.9
4.9
0.8
0.7
10.9
13.9
Indian Bank
Buy
193
230
8,290
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
83
6,643
7,050
8,313
2.3
2.5
12.3
19.9
6.8
4.2
0.6
0.6
8.8
13.1
J & K Bank
Neutral
1,362
6,603
2,762
2,885
3.6
3.6
226.7
193.0
6.0
7.1
1.3
1.2
24.4
17.7
LIC Housing Finance
Accumulate
272
313
13,739
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
Accumulate
340
370
9,926
6,277
7,090
2.6
2.7
60.5
65.1
5.6
5.2
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
819
890
27,770
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
Accumulate
26
29
3,488
1,556
1,750
2.8
2.7
3.5
3.9
7.5
6.8
1.3
1.1
19.1
16.9
St Bk of India
Accumulate
2,262
2,520
151,777
61,883
71,546
3.4
3.4
227.2
257.5
10.0
8.8
1.7
1.5
17.8
17.7
Syndicate Bank
Accumulate
128
139
7,699
6,756
7,783
3.0
3.0
26.3
27.1
4.9
4.7
0.8
0.7
18.3
16.6
UCO Bank
Neutral
77
5,148
5,234
6,097
2.3
2.4
11.8
14.7
6.6
5.3
1.0
0.9
11.9
13.4
Union Bank
Accumulate
256
285
14,080
9,912
11,536
2.8
2.9
40.4
46.7
6.3
5.5
1.0
0.9
16.1
16.4
United Bank
Buy
75
91
2,718
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
Accumulate
60
66
2,983
2,354
2,754
2.0
2.2
7.4
10.2
8.2
5.9
0.8
0.7
9.3
11.9
Yes Bank
Buy
448
542
15,999
3,270
4,240
2.8
3.0
34.5
42.2
13.0
10.6
2.8
2.3
23.5
23.5
4,301
41,252
11,198
13,184
16.2
16.2
123.7
146.4
34.8
29.4
11.8
9.3
38.1
35.4
3.6
3.0
495
584
5,921
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
1,404
19,095
3,146
3,573
20.6
21.4
36.4
42.5
38.6
33.0
35.7
29.9
102.0
98.5
5.9
5.2
Dabur India
Neutral
130
22,684
6,124
7,101
17.0
16.8
4.5
5.2
29.1
24.9
12.0
9.5
43.2
41.5
3.8
3.2
GlaxoSmith Con*
Neutral
3,741
15,733
3,124
3,663
17.1
17.6
104.5
123.8
35.8
30.2
11.2
8.9
34.4
32.8
4.7
4.0
Godrej Consumer
Neutral
719
24,452
6,355
7,548
18.4
18.6
22.8
27.6
31.5
26.0
7.2
5.9
26.4
26.1
4.0
3.3
HUL
Neutral
520
112,378
25,350
28,974
13.3
13.5
14.7
17.1
35.3
30.5
27.9
19.7
84.5
75.8
4.5
3.9
ITC
Neutral
295
232,197
29,409
34,060
35.7
36.1
9.3
10.9
31.6
27.0
10.5
8.7
35.8
35.3
7.8
6.7
Marico
Neutral
221
14,261
4,840
5,643
13.1
13.1
6.2
7.8
35.9
28.4
6.8
5.6
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,844
46,707
8,529
10,079
20.8
21.1
113.1
137.8
42.8
35.2
25.7
18.0
70.5
60.2
5.5
4.5
Tata Global
Neutral
168
10,392
7,207
7,927
9.7
10.0
6.6
7.8
25.4
21.5
2.6
2.5
8.6
9.5
1.4
1.2
Market Outlook
December 14, 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
620
648
43,048
24,214
26,772
19.5
18.1
44.0
48.0
14.1
12.9
3.3
2.8
24.0
22.0
1.7
1.5
87
135
2,586
1,944
2,159
21.8
21.1
11.4
12.2
7.7
7.1
2.0
1.7
26.4
24.1
1.1
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Accumulate
2,283
2,573
131,097
39,174
41,580
29.5
30.4
159.2
171.6
14.3
13.3
3.5
3.1
24.1
23.1
2.8
2.6
Infotech Enterprises
Neutral
194
2,168
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
111
132
1,980
2,195
2,317
15.5
15.0
10.7
12.1
10.3
9.2
2.2
1.8
21.0
19.8
0.9
0.8
Mahindra Satyam
Buy
103
115
12,099
7,597
8,141
20.0
18.8
9.7
10.4
10.7
9.9
2.9
2.3
27.5
22.9
1.1
1.0
Mindtree
Accumulate
698
747
2,868
2,324
2,437
20.0
17.7
73.3
74.7
9.5
9.4
2.3
1.8
24.1
19.7
1.0
0.8
Mphasis&
Neutral
382
8,024
5,700
5,993
18.0
16.9
37.0
37.3
10.3
10.2
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Accumulate
31
36
513
1,048
1,161
9.3
10.9
4.2
6.2
7.4
5.0
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
493
1,970
1,261
1,352
26.4
24.7
48.2
54.0
10.2
9.1
2.0
1.6
19.0
17.9
1.2
1.0
TCS
Buy
1,223
1,410
239,349
61,053
67,313
28.7
29.1
69.7
76.2
17.6
16.0
5.7
4.7
32.6
29.1
3.7
3.3
Tech Mahindra
Buy
917
1,070
11,714
6,603
7,150
19.8
18.4
92.9
102.0
9.9
9.0
2.3
1.9
23.7
21.0
1.8
1.6
Wipro
Accumulate
374
421
91,983
43,219
47,241
20.0
20.0
26.1
28.1
14.3
13.3
2.8
2.4
19.3
17.9
1.8
1.6
D B Corp
Buy
218
259
3,988
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
105
113
2,462
2,111
2,272
15.0
15.2
7.4
8.3
14.2
12.7
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
101
117
3,182
1,503
1,681
23.1
23.1
6.4
7.3
15.7
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
294
848
682
786
17.3
16.9
17.6
19.7
16.7
15.0
2.0
1.7
14.9
14.5
1.6
1.4
Sun TV Network
Neutral
400
15,773
1,942
2,237
77.2
75.5
17.6
19.1
22.7
21.0
5.7
5.1
25.8
25.2
7.8
6.7
Bhushan Steel
Neutral
446
9,468
11,307
14,287
29.5
29.1
45.1
51.0
9.9
8.7
1.1
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
354
223,694
66,666
70,292
25.7
27.3
24.2
26.6
14.7
13.3
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Buy
23
29
798
1,984
2,074
10.6
11.6
0.8
2.0
27.6
11.4
0.4
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Neutral
137
57,739
12,446
13,538
52.3
52.9
15.0
16.4
9.1
8.4
1.8
1.5
21.4
19.7
2.8
2.2
Hindalco
Neutral
116
22,190
79,148
89,258
9.4
9.0
15.0
15.6
7.7
7.5
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
733
16,344
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
Neutral
261
4,384
941
1,019
47.3
48.3
25.8
28.1
10.1
9.3
1.6
1.4
16.7
16.2
2.5
2.1
Monnet Ispat
Accumulate
302
344
1,942
2,501
3,264
22.2
24.6
41.8
55.2
7.2
5.5
0.8
0.7
11.3
13.4
1.9
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
47
44
12,023
6,898
7,841
9.9
14.7
2.0
3.2
23.5
14.7
1.0
1.0
4.3
6.8
1.3
1.2
157
198
62,306
11,209
12,525
78.4
78.3
18.5
20.6
8.5
7.6
2.1
1.7
27.0
24.6
3.7
3.1
81
33,478
47,252
60,351
14.2
14.8
9.6
11.7
8.5
6.9
0.8
0.7
9.4
10.6
1.2
1.0
Market Outlook
December 14, 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
181
15,744
4,551
6,640
32.8
34.4
33.7
39.3
5.4
4.6
0.9
0.8
18.3
18.3
4.2
2.9
Sterlite Inds
Neutral
109
36,732
43,185
45,442
23.3
23.7
16.8
17.9
6.5
6.1
0.7
0.7
11.6
11.2
0.9
0.8
Tata Steel
Buy
388
463
8.3
9.5
22.0
44.5
17.6
8.7
0.8
0.8
4.9
9.3
0.6
0.5
Sarda
Accumulate
133
153
476
1,442
1,494
17.6
17.3
27.2
28.7
4.9
4.6
0.5
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
658
2,694
2,906
14.6
16.6
16.4
20.8
3.0
2.4
0.3
0.3
11.4
12.8
0.5
0.3
Buy
118
143
374
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
Buy
320
382
61,116
17,567
17,643
76.2
72.3
61.1
56.8
5.2
5.6
1.1
0.9
22.0
17.5
2.6
2.2
GAIL
Neutral
348
44,124
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
260
312
222,657 147,139 154,821
33.9
33.7
30.7
32.3
8.5
8.1
1.5
1.3
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
833
272,737 362,700 380,031
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
301
3,865
3,128
3,707
13.2
11.7
22.8
23.5
13.2
12.8
4.0
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
256
3,585
3,213
3,643
23.3
23.5
24.3
25.7
10.5
10.0
2.4
2.0
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
161
183
12,109
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
73
4,099
1,079
1,034
91.8
91.9
8.8
8.4
8.3
8.7
1.4
1.2
17.9
15.0
3.6
3.7
Alembic Pharma
Buy
67
91
1,269
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
Neutral
188
5,461
5,243
5,767
14.6
14.6
11.8
12.6
15.9
14.9
2.0
1.7
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,247
5,174
1,482
1,682
15.5
15.5
95.1
104.4
23.6
21.5
4.2
3.3
18.6
17.0
3.3
2.8
Cadila Healthcare
Accumulate
859
926
17,585
6,148
7,386
18.6
19.6
32.7
44.8
26.3
19.2
5.8
4.6
23.7
26.6
3.2
2.6
Cipla
Neutral
407
32,639
8,151
9,130
25.0
24.0
19.5
20.9
20.9
19.5
3.6
3.1
18.8
17.2
3.9
3.4
Dr Reddy's
Neutral
1,852
31,442
10,696
11,662
20.7
21.0
83.7
92.9
22.1
19.9
4.6
3.8
22.4
20.8
3.3
2.9
Dishman Pharma
Buy
112
145
905
1,280
1,536
20.2
20.2
10.4
14.5
10.8
7.7
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,075
17,574
2,651
2,993
31.7
31.2
76.0
82.4
27.3
25.2
7.9
7.0
20.1
26.3
5.7
5.0
Indoco Remedies
Buy
66
89
612
685
837
15.2
15.2
7.4
8.9
9.0
7.5
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
473
485
5,966
2,850
3,474
21.0
21.0
29.9
37.3
15.8
12.7
3.8
3.0
26.7
26.4
2.2
1.8
Lupin
Accumulate
609
652
27,248
8,426
10,082
19.7
20.0
26.3
31.3
23.2
19.5
5.4
4.4
26.0
24.7
3.3
2.7
Ranbaxy*
Neutral
500
21,115
12,046
11,980
18.0
15.8
31.3
29.8
16.0
16.8
5.4
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
718
74,199
9,752
12,134
41.6
41.6
26.0
28.2
27.6
25.5
5.2
4.4
20.3
18.8
6.8
5.3
CESC
Neutral
309
3,860
5,218
5,644
24.2
23.8
44.6
47.6
6.9
6.5
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
70
78
1,052
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
37,703 145,725 154,108
Power
Market Outlook
December 14, 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
151
124,177
74,111
85,789
22.7
23.1
12.1
13.7
12.5
11.0
1.5
1.4
12.6
13.2
2.3
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
92
78
2,708
657
875
52.0
56.1
8.4
12.7
10.9
7.2
0.7
0.6
6.3
8.9
5.6
4.2
DLF
Neutral
214
36,427
9,878
12,033
44.7
46.1
9.6
13.4
22.4
16.0
1.4
1.4
6.4
8.7
6.2
5.1
HDIL
Neutral
116
4,846
2,441
3,344
55.1
48.2
22.7
26.6
5.1
4.3
0.4
0.4
8.8
9.4
3.9
2.9
MLIFE
Neutral
410
1,673
813
901
26.2
26.6
32.0
37.1
12.8
11.1
1.3
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
317
120,287
81,984
90,718
32.1
33.8
10.9
16.9
29.0
18.8
2.2
2.0
7.6
10.6
2.1
1.8
Idea Cellular
Neutral
96
31,656
22,234
24,161
26.9
27.7
3.3
4.9
28.9
19.4
2.2
2.0
7.7
10.3
1.8
1.6
Rcom
Neutral
75
15,408
21,090
22,308
31.8
29.9
3.0
3.8
24.6
19.6
0.4
0.4
1.7
2.1
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,458
1,590
3,099
1,629
1,886
11.8
13.3
60.8
79.5
24.0
18.3
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
211
2,104
3,497
3,968
6.6
7.6
9.8
15.5
21.5
13.6
2.8
2.4
12.7
17.4
0.6
0.6
Cera Sanitaryware
Neutral
428
542
427
528
15.7
14.6
30.0
34.0
14.3
12.6
3.1
2.6
24.6
22.5
1.3
1.1
Cravatex
Buy
460
545
119
272
308
7.2
7.3
37.5
45.4
12.3
10.1
2.9
2.3
23.7
22.7
0.5
0.5
CRISIL
Neutral
1,044
7,334
982
1,136
34.3
34.3
34.3
40.0
30.4
26.1
13.8
11.0
50.9
46.9
6.9
5.8
Finolex Cables
Neutral
59
905
2,304
2,552
9.9
9.1
8.2
10.1
7.3
5.9
1.0
0.9
13.7
14.7
0.4
0.3
Force Motors
Accumulate
486
537
633
2,318
2,700
5.0
5.7
45.0
67.0
10.8
7.3
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
324
360
747
1,494
1,607
6.4
7.8
23.9
33.0
13.5
9.8
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
309
746
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
Accumulate
131
146
300
873
989
4.4
6.5
6.4
12.2
20.6
10.8
1.7
1.5
8.3
14.4
0.4
0.3
2,388
2,842
2,111
1,745
1,993
4.0
5.3
59.5
90.4
40.1
26.4
3.0
2.6
8.1
11.3
1.1
0.9
Honeywell Automation* Buy

Styrolution ABS India*
Neutral
733
1,288
1,059
1,116
8.5
9.5
36.0
42.0
20.4
17.4
3.0
2.6
15.4
16.0
1.3
1.2
ITD Cementation
Neutral
233
268
1,323
1,455
12.4
12.4
23.2
27.7
10.1
8.4
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
172
2,771
1,228
1,443
9.0
10.9
3.9
6.4
44.2
26.9
4.4
4.0
10.1
15.6
2.8
2.3
MCX
Reduce
1,503
1,440
7,667
553
624
65.3
66.3
62.5
72.0
24.1
20.9
6.6
5.7
27.5
27.4
11.0
9.3
MRF
Accumulate
12,091
12,884
5,128
11,804
12,727
10.4
10.5 1,289.9 1,431.3
9.4
8.5
1.8
1.5
21.3
19.4
0.6
0.5
Page Industries
Neutral
3,408
3,802
836
1,023
20.2
20.6
105.6
133.4
32.3
25.6
16.4
11.6
59.3
53.2
4.7
3.8
Relaxo Footwears
Buy
771
933
925
1,019
1,208
11.0
12.5
47.0
66.7
16.4
11.6
4.1
3.0
28.2
30.1
1.1
0.9
Sintex Industries
Buy
64
79
1,914
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
307
366
288
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
406
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
Market Outlook
December 14, 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
48
43
2,330
5,720
6,599
5.3
6.8
3.6
5.4
13.3
9.0
19.3
6.1
0.5
0.4
TAJ GVK
Buy
72
108
450
300
319
35.8
36.2
7.9
9.1
9.1
7.9
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
306
384
472
750
803
18.6
18.4
65.4
69.1
4.7
4.4
0.7
0.6
16.5
15.3
0.2
0.1
TVS Srichakra
Buy
271
335
207
1,476
1,643
7.0
8.2
32.6
55.9
8.3
4.8
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,889
24,703
10,289
11,421
12.8
12.8
26.0
45.3
72.6
41.7
3.3
3.1
5.8
7.6
2.9
2.6
Vesuvius India
Neutral
342
695
560
611
16.1
17.0
24.7
28.8
13.9
11.9
2.1
1.8
15.8
16.2
1.2
1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 13, 2012
Market Outlook
December 14, 2012

Market Outlook Market Outlook: Dealer's Diary

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Market Outlook Market Outlook: Dealer's Diary

Hochgeladen von

Copyright:

Verfügbare Formate

Market Outlook

December 14, 2012

(0.7) (126.0) 19,229

Net Inflows (December 12, 2012)

FII Derivatives (December 13, 2012)

Jet Air India

Refer detailed news analysis on the following page

(1.2) (121.7) 10,331

RBI releases draft guidelines to address issues and

Cabinet Committee on investment cleared

Speedy and time-bound clearance of investment projects thereby reversing the

Grievance redressal in case of inter ministerial disputes

Offer clarity on project pipeline resulting in more certainty in decision making

Reviewing the progress of existing infrastructure projects.

Meanwhile, the Cabinet Committee on Infrastructure is likely to be dissolved and

HC order may force power companies to cut rates

RIL shuts seventh well on KG-D6 gas block

JLR union expresses concerns over expansion outside UK

JSW Steels November plant utilization contracts

Mahindra Satyam settles Aberdeen Global claims

Honeywell Automation India - Floor Price for Offer for Sale

Economic and Political News

Domestic air demand down 5-8% in December

Cyrus Mistry to become Tata Motors Chairman from Dec 28

Country Event Description

December 14, 2012

December 18, 2012

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

December 19, 2012

Germany Unemployment change (000's)

Consumer Price Index (YoY)

Industrial Production (YoY)

BOE Announces rates

Euro Zone ECB announces interest rates

January 11, 2013

Industrial Production (YoY)

January 13, 2013

Real GDP (YoY)

January 14, 2013

Industrial Production YoY

January 23, 2013

Jobless claims change

January 31, 2013

FOMC rate decision

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Source: CSO, Angel Research