Market Outlook 1st Jan

Market Outlook
January 1, 2013
Domestic Indices
Dealers Diary
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.1)
Nifty
(0.1)
(3.3)
5,905
MID CAP
0.3
20.0
7,113
SMALL CAP
0.5
37.7
7,380
BSE HC
0.1
4.6
8,132
US markets moved sharply higher during the trading session on Monday and
ended in the green, as traders kept a close eye on developments in Washington,
with comments from lawmakers indicating that a budget agreement could be
reached in the near future. The rally on the day came on the heels of the
downward trend seen over the past several sessions. Major European bourses
declined during the trading session, as investor concerns over the ongoing budget
negotiations in the United States continued to weigh on the markets.
BSE PSU
0.6
42.7
7,335
BANKEX
0.1
14.5 14,345
AUTO
0.4
47.7 11,426
METAL
0.3
29.4 11,071
OIL & GAS
0.1
8.1
8,519
(0.1)
(2.9)
5,684
Meanwhile, the Indian markets ended the last trading session of the year 2012 on
a quiet note. Traders remained cautious and reduced their positions as uncertainty
persisted over the fiscal cliff issue.
Global Indices
(Pts)
(Close)
The Indian market is expected to open in the green today tracing the positive
opening trades in the SGX Nifty. SGX Nifty is currently trading 0.4% higher,
following reports that U.S. lawmakers are hopeful of reaching a sweeping deal to
resolve the fiscal crisis that would let income taxes rise significantly for the first time
in more than two decades.
Markets Today
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,356
5,885
19,391
5,895
19,441
5,907
19,477
5,917
19,527
5,929
News Analysis
Current account deficit widens to record high of 5.4% of GDP

Fiscal cliff uncertainty continues
Indian Overseas Bank to raise funds by rights issue
MoEF rejects IVRCL's sand mining projects in UP
NASDAQ
` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
2,719
290
1,814
401
905
(111)
23,438
(2,615)
128,447
(20,212)
FII Derivatives (December 31, 2012)

Purch
368
375
Sales
618
621
Net
(250)
(246)
Open Interest
7,659
30,631
Gainers / Losers
Gainers
Losers
Price (`)
chg (%)
3,386
4.2
TTK Prestige
Company
Suzlon Energy
Price (`)
chg (%)
19
(3.9)
1,092
(3.1)
Gitanjali Gems
531
4.0
M&M Fin
Muthoot Fin
209
3.9
Piramal Ent
521
(2.8)
Hindustan Copp
142
3.8
Bajaj Holdings
976
(2.4)
2,890
3.5
Astrazeneca Phar
1,313
(2.1)
Eicher Motors
www.angelbroking.com
Chg (%)
1.3
166.0 13,104
2.0
59.2
3,020
(0.5)
(27.6)
5,898
- 10,395
Hang Seng
(0.0)
Straits Times
(0.8)
(24.7)
3,167
1.6
35.9
2,269
Chg (%)
(Pts)
(Close)
INFY
1.2
0.5
$42.3
WIT
0.8
0.1
$8.8
Shanghai Com
Indian ADR
(9.7) 22,657
IBN
0.3
0.1
$43.6
HDB
(0.1)
(0.1)
$40.7
BSE
NSE
Advances
1,558
811
Declines
1,317
637
138
79
Unchanged
Net Inflows (December 28, 2012)
` cr
Index Futures
Stock Futures
Nikkei
Advances / Declines
Refer detailed news analysis on the following page
Company
Dow Jones
FTSE
The trend deciding level for the day is 19,441 / 5,907 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,477 19,527 / 5,917 5,929 levels. However, if NIFTY trades below
19,441 / 5,907 levels for the first half-an-hour of trade then it may correct up to
19,391 19,356 / 5,895 5,885 levels.
BSE IT
(18.1) 19,427
Volumes (` cr)
BSE
1,782
NSE
7,547
Market Outlook
January 1, 2013
Current account deficit widens to record high of 5.4% of

GDP
Indias Current Account Deficit (CAD) for 2QFY2013 stood at US$ 22.3 billion as
compared to US$ 18.9 billion in the corresponding period of the previous year
owing to a large trade deficit. In 1QFY2013, the CAD had narrowed to US$ 16.6
billion i.e. 3.9% of GDP. The CAD to GDP ratio during Q2 of 2012-13 reported a
steep rise to 5.4% as compared with 4.2% in the corresponding quarter of the
previous year. For 1HFY2012-13, the CAD increased to US$ 38.7 billion as
compared to US$ 36.3 billion in the corresponding period of the previous year.
The CAD as a percentage of GDP also marked an increase during 1HFY2012-13
to 4.6% from 4.0% during the same period of the previous year.
Merchandise exports declined dramatically by 12.2% during 2QFY2013 as against
growth of 45.3% in the same quarter of previous year. Merchandise imports too
declined by 4.8% during the quarter as against an increase of 38.1% in Q2 of
2011-12. Sharper decline in exports as compared to imports led to the widening
of trade deficit to US$ 48.3 billion during Q2 from 44.5 billion during the
corresponding quarter of the previous year.
Despite the surge in net financial inflows during Q2 of 2012-13 by US$ 24.2
billion led by foreign direct investment (FDI) and portfolio investment, there was a
marginal drawdown of reserves by US $ 0.2 billion during the quarter, mainly due
to the higher level of current account deficit. Therefore, the net financial inflows
excluding changes in reserves rose to US$ 24.0 billion during Q2 of 2012-13 as
compared to US$ 19.3 billion during Q2 in the previous year.
The government recently announced export sops to tackle the declining exports in
the economy by extending the 2% interest subsidy on rupee-denominated loans for
export-oriented labour-intensive and small-scale industries as well as engineering
sector such as hand tools, electrical machinery and boilers until March 2014. We
believe that although positive, the impact of these measures on export growth is
likely to be limited by the weak external demand environment.
Fiscal cliff uncertainty continues

Lawmakers in the United States are still struggling to reach a last-minute deal to
avert the fiscal cliff which is a combination of dramatic spending cuts and tax
increases mandated to take effect from January 1, 2013 in order to reduce the
nation's budget deficit and debt. Failure to reach a mutually agreed deal to reduce
the deficit could lead to about US$600 billion in tax increases and wide spending
pushing the fragile economy into a recession. President Obama, however, was
confident about a deal in sight that seeks to raise income taxes on high-income
Americans, but leave taxes at current levels for the middle class. We believe that
lawmakers could still vote for a deal on January 1, 2013 or later and vote
retrospectively to avoid the economic consequences of the fiscal cliff. The U.S
treasury too is about to hit its $16.4 trillion ceiling on borrowing. So, the Senate is
also preparing to vote on raising the debt ceiling.
Market Outlook
January 1, 2013
Indian Overseas Bank to raise funds by rights issue

Indian Overseas Bank has proposed to raise funds by offering 20cr equity shares
via rights issue. At CMP, it would amount to `1,713cr. The bank has also
proposed to issue 20cr fully convertible preference shares via private placement,
which would be convertible into equity shares within a period not exceeding five
years from the date of issue. Equity capital raising can be expected to aid its tier-I
capital adequacy, which as of 2QFY2013 stood at 7.6% by roughly 120bp and is
most likely to be book dilutive, as it currently trades below book. At CMP, the stock
trades at 0.6x FY2014 ABV; we maintain an Accumulate recommendation on the
stock with a target price of `90.
MoEF rejects IVRCL's sand mining projects in UP
IVRCLs two sand mining projects in Uttar Pradesh (UP) have been rejected by the
Ministry of Environment and Forest (MOEF) owing to improper documentation of
mining area and environmental issues. We seek further clarity on this matter and
continue to maintain our Neutral rating on the stock.
Economic and Political News
Direct cash transfer in 20 districts from January 1st: FM

FIPB seeks more info from IKEA
Government invites bids for 17 coal blocks from PSUs
Corporate News
Suven Life gets 3 patent approvals for CNS molecules

Powergrid inks JV with Bihar State Power company
Ramky Infra ties up funds for Agra-Etawah project in UP
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
January 01, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
January 2, 2013
2:25PM
Germany PMI Manufacturing
Value
Dec F
46.30
46.30
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
49.10
7:00PM
US
Initial Jobless claims
Thousands
Dec 29
350.00
360.00
2:25PM
Germany Unemployment change (000's)
Thousands
Dec
5.00
11.00
2:25PM
Germany PMI Services
Value
Dec F
52.10
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Dec
146.00
150.00
7:00PM
US
Unnemployment rate
Dec
7.70
7.70
January 8, 2013
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec F
(26.60)
--
January 10, 2013
5:29PM
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
5.10
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
0.75
7:00AM
China
Consumer Price Index (YoY)
% Change
Dec
2.00
2.40
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(3.00)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
7.24
--
11:00AM
India
Industrial Production YoY
% Change
Nov
8.20
--
3:00PM
UK
CPI (YoY)
% Change
Dec
2.70
--
7:00PM
US
Producer Price Index (mom)
% Change
Dec
(0.80)
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
7:00PM
US
Consumer price index (mom)
7:45PM
US
Industrial Production
7:00PM
US
Housing Starts
7:00PM
US
Building permits
7:30AM
China
7:30AM
China
January 22, 2013
8:30PM
US
Existing home sales
January 23, 2013
3:00PM
UK
Jobless claims change
January 25, 2013
3:00PM
UK
GDP (YoY)
8:30PM
US
New home sales
8:30PM
US
Consumer Confidence
11:00AM
India
11:00AM
11:00AM
January 30, 2013
January 3, 2013
January 4, 2013
January 11, 2013

January 14, 2013
January 15, 2013
January 16, 2013
January 17, 2013

January 18, 2013
Dec
2.20
--
% Change
Dec
(0.30)
--
Dec
1.05
--
Thousands
Dec
861.00
--
Thousands
Dec
900.00
--
Industrial Production (YoY)
% Change
Dec
10.10
--
Real GDP (YoY)
% Change
4Q
7.40
--
Millions
Dec
5.04
--
% Change
Dec
(3.00)
--
% Change
4Q A
--
--
Thousands
Dec
377.00
--
S.A./ 1985=100
Jan
65.10
--
RBI Repo rate
Jan 29
8.00
--
India
RBI Cash Reserve ratio
Jan 29
4.25
--
India
RBI Reverse Repo rate
Jan 29
7.00
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.10
--
January 31, 2013
12:45AM
US
FOMC rate decision
Jan 30
0.25
--
February 14, 2013
12:30PM
Germany GDP nsa (YoY)
% Change
4Q P
0.40
--
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
February 28, 2013
11:00AM
India
% Change
4Q
5.30
--
January 29, 2013
Source: Bloomberg, Angel Research
Qtrly GDP YoY%
Market Outlook
January 01, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
9.0
10.0
8.0
9.2
8.5
7.6
7.5
8.2
6.7
6.1
6.0
4.3
4.0
5.3 5.5 5.3
3.5
2.7
2.5
2.3
1.0
2.0
(0.1)
8.0
7.7
7.5
7.6
7.6
Mfg. PMI
60.0
8.1
(0.7)
Services PMI
58.0
7.5
56.0
7.5
7.2
6.9
54.0
52.0
(%)
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

Exports yoy growth
30.0
48.0
Nov-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Source: MOSPI, Angel Research
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
8.00
15.0
7.00
7.00
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
5.00
Dec-11
(30.0)
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
0.0
(15.0)
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
May-12
(2.0)
(1.3)
(2.8)
Exhibit 4: Manufacturing and services PMI
(%)
7.4
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.2
6.0
8.0
5.7
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
January 01, 2013
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
2,910
1,466
1,686
14.8
14.8
7.0
8.1
21.4
18.5
4.5
3.9
22.6
22.5
2.1
1.8
United Phosphorus
Buy
130
170
6,006
8,421
9,263
16.5
16.5
15.0
17.0
8.7
7.7
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
238
270
4,070
2,911
3,321
16.2
16.2
17.3
19.8
13.8
12.0
3.8
3.0
31.1
27.6
1.3
1.1
Apollo Tyres
Accumulate
89
96
4,481
13,713
15,341
11.2
11.2
12.5
14.8
7.1
6.0
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
365
552
1,103
1,240
11.0
11.3
39.1
45.0
9.3
8.1
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
2,131
61,664
21,121
23,642
18.4
18.5
108.7
122.6
19.6
17.4
8.1
6.5
46.2
41.6
2.6
2.2
Bharat Forge
Buy
252
324
5,876
6,754
7,565
15.5
15.7
18.8
23.2
13.5
10.9
2.3
2.0
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,476
29,752
8,776
10,276
16.6
18.0
331.9
417.7
28.6
22.7
5.3
4.4
18.7
19.5
3.1
2.5
CEAT
Buy
105
163
360
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
144
155
12,232
6,229
7,200
14.8
15.8
7.2
9.0
20.1
16.1
3.5
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,700
2,824
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
Neutral
1,898
37,908
24,743
27,996
14.8
15.2
118.2
130.4
16.1
14.6
6.9
5.5
48.3
41.9
1.2
1.1
JK Tyre
Buy
121
165
497
7,517
8,329
6.6
6.6
37.2
41.3
3.3
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
930
986
57,100
40,035
46,272
11.5
11.6
54.7
62.8
17.0
14.8
3.8
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,489
43,017
42,019
50,246
7.3
8.6
66.1
94.4
22.5
15.8
2.6
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
198
11,625
24,285
27,317
6.7
7.2
8.1
10.6
24.6
18.7
5.2
4.2
22.9
24.7
0.6
0.6
Subros
Buy
30
35
178
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
Neutral
83,262 192,330 219,770
12.8
13.1
37.0
44.5
8.4
7.0
2.3
1.8
31.2
28.9
0.5
0.4
TVS Motor
Accumulate
6.2
6.3
4.8
5.6
8.7
7.5
1.5
1.3
18.2
18.7
0.2
0.2
312
42
45
1,986
7,466
8,290
Capital Goods
ABB*
Sell
700
573
14,842
7,796
9,907
4.8
7.8
9.2
22.0
76.1
31.8
5.5
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
262
1,891
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
0.8
BHEL
Neutral
228
55,903
47,801
43,757
18.5
18.0
24.6
21.8
9.3
10.5
2.8
2.4
33.5
24.5
1.0
1.1
Blue Star
Buy
179
224
1,610
2,538
2,681
4.6
5.7
7.3
11.3
24.4
15.9
3.6
3.0
15.6
20.7
0.7
0.7
Crompton Greaves
Buy
116
145
7,435
12,370
14,277
5.2
7.3
4.0
7.8
29.0
14.9
2.0
1.8
6.9
12.6
0.6
0.6
Jyoti Structures
Buy
45
53
369
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
Accumulate
67
73
1,725
6,858
7,431
7.1
7.5
8.3
9.8
8.1
6.9
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Reduce
2,237
1,992
2,520
2,369
2,727
11.7
11.7
143.4
166.0
15.6
13.5
2.6
2.4
17.4
18.4
0.6
0.4
Thermax
Neutral
614
7,320
5,514
5,813
9.3
10.2
28.1
31.2
21.9
19.7
3.9
3.4
19.2
18.5
1.2
1.1
Market Outlook
January 01, 2013
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
1,429
26,836
11,085
12,415
21.6
21.4
79.4
83.1
18.0
17.2
3.5
3.2
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
201
30,975
10,272
11,884
26.4
26.1
11.5
12.9
17.6
15.6
3.8
3.4
20.8
21.1
2.6
2.2
India Cements
Neutral
91
2,788
4,293
4,666
17.7
18.1
8.6
10.8
10.6
8.4
0.8
0.7
7.5
9.0
1.1
0.9
J K Lakshmi Cements
Neutral
161
1,973
2,082
2,423
22.9
23.1
20.8
22.5
7.8
7.2
1.4
1.2
18.4
17.4
1.1
1.3
Madras Cements
Neutral
245
5,830
3,814
4,045
29.3
27.5
18.7
19.2
13.1
12.8
2.4
2.1
19.9
17.4
2.2
1.9
Shree Cements^
Neutral
4,651
16,204
5,701
6,210
29.7
28.1
240.7
260.7
19.3
17.8
4.7
3.8
27.1
23.6
2.3
1.9
UltraTech Cement
Neutral
1,982
54,343
21,368
24,043
22.5
23.5
103.5
121.4
19.1
16.3
3.6
3.0
20.2
20.1
2.5
2.3
204
304
1,072
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
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
238
2,262
2,522
6.7
7.5
1.5
2.7
8.7
4.9
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
128
164
4,246
3,843
4,212
43.1
43.6
16.8
17.8
7.6
7.2
1.3
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
200
225
3,879
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.9
1.2
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
46
1,399
4,249
6,897
7.8
8.2
0.3
3.3
147.9
13.8
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
Larsen & Toubro
Accumulate
Nagarjuna Const.
97
20,902
13,842
15,863
26.9
26.4
3.7
4.6
26.5
21.3
1.6
1.5
6.2
7.3
3.0
2.7
1,606
1,748
98,748
60,556
69,167
11.2
11.6
73.8
85.5
21.8
18.8
3.5
3.0
13.5
14.1
1.8
1.6
Sell
58
44
1,479
5,947
6,569
8.5
8.6
3.1
4.1
18.6
14.0
0.6
0.6
3.3
4.2
0.7
0.6
Punj Lloyd
Neutral
60
1,996
11,892
13,116
9.0
9.0
1.8
3.2
33.2
18.7
0.7
0.7
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
134
168
2,015
2,344
2,804
10.6
10.7
7.2
8.7
18.6
15.4
2.2
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Neutral
255
1,261
6,882
8,032
9.1
9.1
23.2
31.3
11.0
8.1
1.0
0.9
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
170
187
8,495
6,403
7,186
2.7
2.8
30.5
33.6
5.6
5.1
0.8
0.7
14.9
14.6
Andhra Bank
Neutral
118
6,595
4,706
5,444
2.9
3.0
21.4
22.4
5.5
5.3
0.9
0.8
15.1
14.2
Axis Bank
Buy
1,357
1,587
57,944
15,903
18,707
3.1
3.2
118.2
139.1
11.5
9.8
2.2
1.8
20.3
20.3
Bank of Baroda
Neutral
867
33,945
15,284
18,032
2.5
2.6
109.6
137.7
7.9
6.3
1.2
1.0
15.5
17.1
Bank of India
Neutral
343
19,672
12,568
14,758
2.2
2.4
41.6
64.1
8.2
5.4
1.0
0.9
11.6
16.0
Bank of Maharashtra
Accumulate
60
64
3,541
3,576
3,893
3.1
3.1
9.3
12.0
6.5
5.0
0.9
0.8
14.0
16.1
Canara Bank
Neutral
496
21,951
10,828
12,005
2.1
2.2
64.7
80.4
7.7
6.2
1.0
0.9
13.2
14.7
Central Bank
Neutral
84
6,161
7,252
8,236
2.5
2.6
16.8
21.4
5.0
3.9
0.9
0.7
13.1
14.8
Corporation Bank
Buy
462
534
6,841
4,835
5,570
2.0
2.2
105.0
99.8
4.4
4.6
0.8
0.7
17.5
14.8
Dena Bank
Accumulate
115
132
4,013
3,125
3,457
2.7
2.8
26.2
24.2
4.4
4.8
0.8
0.7
19.6
15.6
Federal Bank
Neutral
538
9,203
2,682
2,968
3.3
3.2
48.6
51.7
11.1
10.4
1.5
1.3
13.8
13.2
Financials
Market Outlook
January 01, 2013
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
828
127,660
7,336
8,802
3.5
3.5
31.5
37.8
26.3
21.9
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
679
160,744
21,615
26,671
4.4
4.5
28.7
35.9
23.7
18.9
4.5
3.8
20.7
22.0
ICICI Bank
Buy
1,137
1,320
130,755
22,219
26,447
2.9
3.0
69.1
82.9
16.5
13.7
2.0
1.8
14.2
15.6
IDBI Bank
Accumulate
111
119
14,242
7,990
9,279
1.8
2.1
16.8
22.1
6.6
5.1
0.8
0.7
11.7
13.9
Indian Bank
Buy
198
231
8,516
5,902
6,563
3.2
3.2
41.3
43.2
4.8
4.6
0.8
0.7
18.4
16.8
IOB
Accumulate
86
90
6,826
7,063
8,308
2.3
2.5
12.6
20.4
6.8
4.2
0.6
0.6
9.0
13.3
J & K Bank
Accumulate
1,297
1,410
6,289
2,830
2,910
3.6
3.6
234.8
197.4
5.5
6.6
1.3
1.1
25.1
18.0
LIC Housing Finance
Accumulate
291
328
14,703
1,799
2,255
2.3
2.4
20.3
27.3
14.3
10.7
2.3
2.0
16.9
19.7
Oriental Bank
Accumulate
349
369
10,175
6,330
7,105
2.6
2.7
58.4
65.1
6.0
5.4
0.9
0.8
14.5
14.4
Punjab Natl.Bank
Accumulate
871
933
29,554
19,688
22,497
3.2
3.3
138.9
164.5
6.3
5.3
1.1
0.9
16.7
17.3
South Ind.Bank
Buy
27
32
3,635
1,560
1,755
2.8
2.7
3.5
3.9
7.8
7.0
1.3
1.2
19.2
17.1
St Bk of India
Accumulate
2,384
2,600
159,960
60,677
69,712
3.3
3.3
224.3
257.3
10.6
9.3
1.8
1.5
17.6
17.7
Syndicate Bank
Accumulate
128
141
7,714
6,810
7,807
3.0
3.0
28.0
27.2
4.6
4.7
0.8
0.7
19.4
16.4
UCO Bank
Neutral
79
5,235
5,235
6,086
2.3
2.4
12.0
14.9
6.6
5.3
1.1
0.9
12.0
13.5
Union Bank
Neutral
274
15,096
9,963
11,536
2.8
2.9
40.8
46.8
6.7
5.9
1.1
1.0
16.2
16.4
United Bank
Accumulate
80
90
2,901
3,498
3,858
2.5
2.8
15.1
21.6
5.3
3.7
0.7
0.6
12.5
16.1
Vijaya Bank
Accumulate
62
66
3,087
2,333
2,728
2.0
2.2
7.3
10.4
8.5
6.0
0.9
0.8
9.3
12.1
Yes Bank
Buy
464
541
16,579
3,292
4,243
2.8
3.0
35.0
42.2
13.3
11.0
2.9
2.4
23.8
23.5
4,420
42,399
11,198
13,184
16.2
16.2
123.7
146.4
35.8
30.2
12.2
9.6
38.1
35.4
3.7
3.1
499
584
5,967
5,627
6,581
4.9
5.7
18.3
24.7
27.3
20.2
10.0
7.6
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,567
21,310
3,146
3,573
20.6
21.4
36.4
42.5
43.1
36.9
39.8
33.4
102.0
98.5
6.6
5.8
Dabur India
Neutral
129
22,440
6,124
7,101
17.0
16.8
4.5
5.2
28.8
24.6
11.9
9.4
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,825
16,086
3,124
3,663
17.1
17.6
104.5
123.8
36.6
30.9
11.4
9.1
34.4
32.8
4.8
4.0
Godrej Consumer
Neutral
722
24,568
6,355
7,548
18.4
18.6
22.8
27.6
31.7
26.1
7.2
5.9
26.4
26.1
4.1
3.4
HUL
Neutral
525
113,438
25,350
28,974
13.3
13.5
14.7
17.1
35.6
30.8
28.2
19.9
84.5
75.8
4.3
3.7
ITC
Neutral
287
225,949
29,409
34,060
35.7
36.1
9.3
10.9
30.8
26.3
10.2
8.5
35.8
35.3
7.4
6.3
Marico
Neutral
218
14,068
4,840
5,643
13.1
13.1
6.2
7.8
35.4
28.0
6.7
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,990
48,115
8,529
10,079
20.8
21.1
113.1
137.8
44.1
36.2
26.5
18.5
70.5
60.2
5.7
4.7
Tata Global
Neutral
160
9,891
7,207
7,927
9.7
10.0
6.6
7.8
24.2
20.5
2.5
2.4
8.6
9.5
1.3
1.2
Market Outlook
January 01, 2013
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
619
43,011
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
85
123
2,522
1,924
2,116
20.7
19.8
10.7
11.2
8.0
7.6
2.0
1.7
25.3
22.8
1.0
0.9
IT
HCL Tech^
Neutral
Hexaware*
Buy
Infosys
Accumulate
2,319
2,573
133,137
39,174
41,580
29.5
30.4
159.2
171.6
14.6
13.5
3.5
3.1
24.1
23.1
2.8
2.6
Infotech Enterprises
Accumulate
179
202
2,001
1,886
2,032
17.9
17.3
18.7
20.2
9.6
8.9
1.4
1.2
14.9
14.0
0.7
0.6
KPIT Cummins
Buy
110
132
2,115
2,195
2,317
15.5
15.0
10.7
12.1
10.3
9.1
2.2
1.8
21.0
19.8
1.0
0.8
Mahindra Satyam
Accumulate
107
115
12,582
7,597
8,141
20.0
18.8
9.7
10.4
11.1
10.3
3.1
2.4
27.5
22.9
1.3
1.1
Mindtree
Accumulate
682
747
2,804
2,324
2,437
20.0
17.7
73.3
74.7
9.3
9.1
2.2
1.8
24.1
19.7
1.0
0.8
Mphasis&
Neutral
383
8,052
5,700
5,993
18.0
16.9
37.0
37.3
10.4
10.3
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
28
36
469
1,048
1,161
9.3
10.9
4.2
6.2
6.8
4.6
0.7
0.7
10.5
14.1
0.3
0.2
Persistent
Accumulate
512
540
2,048
1,261
1,352
26.4
24.7
48.2
54.0
10.6
9.5
2.0
1.7
19.0
17.9
1.3
1.1
TCS
Accumulate
1,259
1,410
246,326
61,053
67,313
28.7
29.1
69.7
76.2
18.1
16.5
5.9
4.8
32.6
29.1
3.8
3.4
Tech Mahindra
Accumulate
931
1,070
11,899
6,603
7,150
19.8
18.4
92.9
102.0
10.0
9.1
2.4
1.9
23.7
21.0
1.9
1.6
Wipro
Accumulate
394
421
97,108
43,219
47,241
20.0
20.0
26.1
28.1
15.1
14.0
2.9
2.5
19.3
17.9
1.9
1.6
D B Corp
Accumulate
229
259
4,205
1,581
1,784
23.3
25.0
11.6
14.4
19.8
15.9
3.8
3.3
21.0
22.3
2.6
2.2
HT Media
Accumulate
107
113
2,518
2,111
2,272
15.0
15.2
7.4
8.3
14.6
13.0
1.6
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Accumulate
105
117
3,324
1,503
1,681
23.1
23.1
6.4
7.3
16.4
14.5
4.1
3.6
25.8
26.5
2.4
2.1
PVR
Neutral
282
816
682
786
17.3
16.9
17.6
19.7
16.0
14.4
1.9
1.7
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
427
16,837
1,942
2,237
77.2
75.5
17.6
19.1
24.3
22.4
6.1
5.4
25.8
25.2
8.2
7.0
Bhushan Steel
Neutral
481
10,206
11,307
14,287
29.5
29.1
45.1
51.0
10.7
9.4
1.2
1.1
12.2
12.2
3.0
2.3
Coal India
Neutral
355
224,263
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
Accumulate
26
29
891
1,984
2,074
10.6
11.6
0.8
2.0
30.8
12.7
0.5
0.2
1.7
4.1
0.7
0.6
Hind. Zinc
Accumulate
136
145
57,485
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
131
25,004
79,148
89,258
9.4
9.0
15.0
15.6
8.7
8.4
0.7
0.7
8.8
8.4
0.7
0.6
JSW Steel
Neutral
812
18,117
39,586
41,459
17.6
17.0
78.7
90.1
10.3
9.0
1.0
0.9
10.2
10.7
0.9
0.9
MOIL
Neutral
265
4,446
941
1,019
47.3
48.3
25.8
28.1
10.3
9.4
1.6
1.4
16.7
16.2
2.4
2.0
Monnet Ispat
Buy
280
344
1,803
2,501
3,264
22.2
24.6
41.8
55.2
6.7
5.1
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
49
44
12,654
6,898
7,841
9.9
14.7
2.0
3.2
24.8
15.4
1.1
1.0
4.3
6.8
1.4
1.3
165
198
65,457
11,209
12,525
78.4
78.3
18.5
20.6
8.9
8.0
2.2
1.8
27.0
24.6
3.9
3.3
91
37,423
47,252
60,351
14.2
14.8
9.6
11.7
9.5
7.7
0.9
0.8
9.4
10.6
1.2
1.0
Market Outlook
January 01, 2013
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
195
16,969
4,551
6,640
32.8
34.4
33.7
39.3
5.8
5.0
1.0
0.9
18.3
18.3
4.4
3.0
Sterlite Inds
Neutral
117
39,202
43,185
45,442
23.3
23.7
16.8
17.9
6.9
6.5
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Accumulate
428
463
8.3
9.5
22.0
44.5
19.4
9.6
0.9
0.9
4.9
9.3
0.6
0.5
Sarda
Buy
132
153
471
1,442
1,494
17.6
17.3
27.2
28.7
4.8
4.6
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
660
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
375
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
319
382
60,926
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
356
45,170
46,652
54,142
15.7
15.7
34.0
35.3
10.5
10.1
1.8
1.6
18.5
16.8
0.7
0.6
ONGC
Buy
267
312
228,731 147,139 154,821
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
839
274,768 362,700 380,031
7.9
8.0
60.0
63.3
14.0
13.3
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
305
3,907
3,128
3,707
13.2
11.7
22.8
23.5
13.4
12.9
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
249
3,484
3,213
3,643
23.3
23.5
24.3
25.7
10.2
9.7
2.3
2.0
25.0
22.1
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
157
183
11,790
30,077
33,570
6.6
6.3
15.1
15.3
10.4
10.3
2.6
2.2
28.4
23.1
0.4
0.4
77
4,324
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
3.8
Alembic Pharma
Buy
72
91
1,363
1,624
1,855
14.2
15.6
6.6
9.1
11.0
8.0
2.7
2.1
27.9
29.9
1.0
0.8
Aurobindo Pharma
Neutral
189
5,511
5,243
5,767
14.6
14.6
11.8
12.6
16.0
15.0
2.0
1.7
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,291
5,275
1,482
1,682
17.5
16.6
82.9
87.8
27.6
26.1
4.3
3.5
16.3
14.8
3.4
2.9
Cadila Healthcare
Neutral
901
18,442
6,148
7,386
18.6
19.6
32.7
44.8
27.5
20.1
6.1
4.8
23.7
26.6
3.4
2.8
Cipla
Neutral
414
33,249
8,151
9,130
25.0
24.0
19.5
20.9
21.2
19.8
3.7
3.2
18.8
17.2
3.9
3.3
Dr Reddy's
Neutral
1,829
31,041
10,696
11,662
20.7
21.0
83.7
92.9
21.9
19.7
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
116
145
932
1,280
1,536
20.2
20.2
10.4
14.5
11.1
8.0
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,166
18,344
2,651
2,993
31.7
31.2
76.0
82.4
28.5
26.3
8.2
7.3
20.1
26.3
6.1
5.3
Indoco Remedies
Buy
64
89
588
685
837
15.2
15.2
7.4
8.9
8.6
7.2
1.3
1.1
16.4
17.0
1.0
0.9
Ipca labs
Reduce
519
485
6,547
2,850
3,474
21.0
21.0
29.9
37.3
17.4
13.9
4.2
3.3
26.7
26.4
2.5
2.0
Lupin
Accumulate
613
652
27,440
8,426
10,082
19.7
20.0
26.3
31.3
23.3
19.6
5.5
4.4
26.0
24.7
3.4
2.8
Ranbaxy*
Neutral
503
21,240
12,046
11,980
18.0
15.8
31.3
29.8
16.1
16.9
5.5
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
736
76,049
9,752
12,134
41.6
41.6
26.0
28.2
28.3
26.1
5.3
4.5
20.3
18.8
7.1
5.5
CESC
Neutral
319
3,982
5,218
5,644
24.2
23.8
44.6
47.6
7.2
6.7
0.8
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
69
78
1,041
1,523
1,568
30.3
30.3
5.4
11.5
12.8
6.0
0.7
0.6
5.6
11.3
1.2
1.0
Neutral
41,597 145,725 154,108
Power
Market Outlook
January 01, 2013
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
156
129,000
74,111
85,789
22.7
23.1
12.1
13.7
12.9
11.4
1.6
1.4
12.6
13.2
2.4
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Reduce
90
78
2,650
657
875
52.0
56.1
8.4
12.7
10.7
7.1
0.7
0.6
6.3
8.9
5.3
4.0
DLF
Neutral
231
39,153
9,878
12,033
44.7
46.1
9.6
13.4
24.1
17.2
1.5
1.5
6.4
8.7
6.5
5.3
HDIL
Neutral
111
4,670
2,441
3,344
55.1
48.2
22.7
26.6
4.9
4.2
0.4
0.4
8.8
9.4
3.8
2.8
MLIFE
Neutral
407
1,663
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
Accumulate
317
352
120,306
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
104
34,345
22,234
24,161
26.9
27.7
3.3
4.9
31.3
21.0
2.4
2.2
7.7
10.3
2.0
1.8
Rcom
Neutral
74
15,233
21,090
22,308
31.8
29.9
3.0
3.8
24.3
19.4
0.4
0.4
1.7
2.1
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,485
1,590
3,156
1,629
1,886
11.8
13.3
60.8
79.5
24.5
18.7
5.0
4.2
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
209
2,083
3,497
3,968
6.6
7.6
9.8
15.5
21.3
13.5
2.7
2.4
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
406
513
427
528
15.7
14.6
30.0
34.0
13.5
11.9
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
439
545
113
272
308
7.2
7.3
37.5
45.4
11.7
9.7
2.8
2.2
23.7
22.7
0.5
0.5
1,084
7,611
982
1,136
34.3
34.3
34.3
40.0
31.6
27.1
14.3
11.4
50.9
46.9
7.3
6.2
Accumulate
57
61
878
2,304
2,552
9.9
9.1
8.2
10.1
7.0
5.7
1.0
0.8
13.7
14.7
0.3
0.3
Force Motors
Accumulate
467
537
609
2,318
2,700
5.0
5.7
45.0
67.0
10.4
7.0
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Neutral
365
842
1,494
1,607
6.4
7.8
23.9
33.0
15.3
11.1
2.4
2.1
16.5
20.1
0.4
0.3
Greenply Industries
Neutral
319
770
1,925
2,235
10.6
10.9
29.6
44.1
10.8
7.2
1.8
1.4
16.8
21.0
0.7
0.6
Hitachi
Neutral
150
343
873
989
4.4
6.5
6.4
12.2
23.6
12.3
1.9
1.7
8.3
14.4
0.5
0.4
Honeywell Automation* Neutral
2,761
2,441
1,745
1,993
4.0
5.3
59.5
90.4
46.4
30.5
3.5
3.0
8.1
11.3
1.3
1.1
Styrolution ABS India*
Neutral
740
1,301
1,059
1,116
8.5
9.5
36.0
42.0
20.6
17.6
3.0
2.6
15.4
16.0
1.3
1.2
ITD Cementation
Neutral
239
275
1,323
1,455
12.4
12.4
23.2
27.7
10.3
8.6
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
162
2,620
1,228
1,443
9.0
10.9
3.9
6.4
41.8
25.4
4.1
3.8
10.1
15.6
2.6
2.2
MCX
Neutral
1,472
7,508
553
624
65.3
66.3
62.5
72.0
23.6
20.4
6.5
5.6
27.5
27.4
10.6
8.9
MRF
Neutral
12,807
5,432
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.0
7.6
1.6
1.3
19.1
18.7
0.5
0.5
Page Industries
Neutral
3,433
3,829
836
1,023
20.2
20.6
105.6
133.4
32.5
25.7
16.5
11.7
59.3
53.2
4.6
3.8
Relaxo Footwears
Buy
804
933
965
1,019
1,208
11.0
12.5
47.0
66.7
17.1
12.1
4.3
3.2
28.2
30.1
1.1
0.9
Sintex Industries
Buy
65
79
1,954
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.1
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
301
366
282
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
13
391
6,765
7,393
18.1
18.0
6.4
7.5
2.0
1.8
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
January 01, 2013
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
Neutral
44
2,131
5,720
6,599
5.3
6.8
3.6
5.4
12.2
8.2
17.7
5.6
0.5
0.4
TAJ GVK
Buy
71
108
442
300
319
35.8
36.2
7.9
9.1
8.9
7.7
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
309
384
475
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.2
0.2
TTK Healthcare
Buy
544
643
422
374
425
7.9
9.5
24.1
32.7
22.6
16.6
19.7
22.5
1.0
0.8
TVS Srichakra
Buy
265
335
203
1,476
1,643
7.0
8.2
32.6
55.9
8.1
4.7
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,899
24,843
10,289
11,421
12.8
12.8
26.0
45.3
73.1
41.9
3.3
3.1
5.8
7.6
2.8
2.5
Vesuvius India
Neutral
333
676
560
611
16.1
17.0
24.7
28.8
13.5
11.6
2.0
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 December 31, 2012
Market Outlook
January 01, 2013

Market Outlook 1st Jan

Hochgeladen von

Dokumentinformationen

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 1st Jan

Hochgeladen von

Copyright:

Verfügbare Formate

Market Outlook

OIL & GAS

Current account deficit widens to record high of 5.4% of GDP

FII Derivatives (December 31, 2012)

Net Inflows (December 28, 2012)

Refer detailed news analysis on the following page

Current account deficit widens to record high of 5.4% of

Fiscal cliff uncertainty continues

Indian Overseas Bank to raise funds by rights issue

MoEF rejects IVRCL's sand mining projects in UP

Economic and Political News

Direct cash transfer in 20 districts from January 1st: FM

Suven Life gets 3 patent approvals for CNS molecules

Country Event Description

Germany PMI Manufacturing

Initial Jobless claims

Germany Unemployment change (000's)

Germany PMI Services

Change in Nonfarm payrolls

Euro Zone Euro-Zone Consumer Confidence

January 10, 2013

BOE Announces rates

Euro Zone ECB announces interest rates

Consumer Price Index (YoY)

Industrial Production (YoY)

Monthly Wholesale Prices YoY%

Industrial Production YoY

Producer Price Index (mom)

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

January 22, 2013

Existing home sales

January 23, 2013

Jobless claims change

January 25, 2013

New home sales

January 11, 2013

January 17, 2013

Industrial Production (YoY)

Real GDP (YoY)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

GDP Qoq (Annualised)

January 31, 2013

FOMC rate decision

February 14, 2013

Germany GDP nsa (YoY)

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

February 28, 2013

January 29, 2013

Source: Bloomberg, Angel Research

Qtrly GDP YoY%

Exhibit 2: IIP trends

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

Exhibit 5: Exports and imports growth trends

Source: MOSPI, Angel Research

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research