Market Outlook Market Outlook: Dealer's Diary

Market Outlook
February 28, 2013
Dealers Diary
The Indian market is expected to open in the green today mirroring positive
opening trades in the SGX Nifty and most of the Asian markets. Asian markets are
trading higher, as better-than-estimated US economic data has bolstered
confidence in the global recovery. Moreover, the Indian markets will closely watch
out for the Union Budget today.
The US market, after moving mostly higher over the course of the previous session,
saw considerable further upside during the trading session on Wednesday. The
substantial strength that emerged on Wall Street was partly due to a positive
reaction to a pair of reports on durable goods orders and pending home sales.
Traders also kept a close eye on Capitol Hill, where Bernanke, appearing before
the House Financial Services Committee, reaffirmed his support for maintaining the
Feds highly accommodative monetary policy. Most of the European bourses
finished in the green on Wednesday, rebounding from the weakness of the
previous trading session, which was due to the uncertainty created by the results of
the Italian parliamentary elections, where no single party or coalition secured
enough seats to form a government on its own.
Meanwhile, Indian markets rose notably on Wednesday, after Ben Bernanke
signaled that the Fed will stick to its easy monetary policy for a long time. The preBudget Economic Survey, tabled by Finance Minister yesterday, projected an
optimistic 6.1 to 6.7% growth for the next fiscal and indicated that the downturn in
growth is more or less over.
Markets Today
The trend deciding level for the day is 19,121 / 5,788 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,244 19,336 / 5,827 5,857 levels. However, if NIFTY trades below
19,121 / 5,788 levels for the first half-an-hour of trade then it may correct up to
19,029 18,906 / 5,758 5,720 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,906
19,029
19,121
19,244
19,336
NIFTY
5,720
5,758
5,788
5,827
5,857
News Analysis
Net Inflows (February 26, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
2,537
2,271
266
#NAME?
44,701
476
575
(99)
#NAME?
(6,302)
FII Derivatives (February 27, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
4,240
4,239
18,345
Stock Futures
8,356
7,207
1,149
31,411
chg (%)
Company
Gainers / Losers
Gainers
Price (`)
Jet Air India
Losers
Price (`)
chg (%)
535
19.3
Core Projects
60
(46.1)
Suzlon Energy
24
13.9
Opto Circuits
48
(6.7)
JPINFRATEC
45
6.2
Pipavav Defence
78
(5.0)
Jaiprakash Asso
72
5.4
Neyveli Lignite
72
(4.9)
Motherson Sumi
197
5.2
Ranbaxy Lab
400
(4.2)
www.angelbroking.com
(Pts)
(Close)
0.7
Nifty
0.6
35.6
5,797
MID CAP
0.7
47.4
6,462
SMALL CAP
137.3 19,152
0.2
12.7
6,331
BSE HC
(0.0)
(3.4)
7,864
BSE PSU
1.0
72.1
7,061
BANKEX
0.8
109.3 13,696
AUTO
0.6
65.4 10,553
METAL
1.1
102.9
9,343
OIL & GAS
1.2
102.0
8,792
(1.0)
(65.0)
6,723
(Pts)
(Close)
BSE IT
Global Indices
Chg (%)
Dow Jones
1.3
NASDAQ
1.0
32.6
3,162
FTSE
0.9
55.4
6,326
(1.3)
(144.8)
11,254
Hang Seng
0.3
57.3
22,577
Straits Times
0.2
6.9
3,261
Shanghai Com
0.9
19.9
2,313
Chg (%)
(Pts)
(Close)
INFY
0.1
0.1
$54.6
WIT
2.7
0.2
$9.6
IBN
1.9
0.8
$42.6
HDB
0.6
0.2
$39.5
Nikkei
Indian ADR
Advances / Declines
175.2 14,075
BSE
NSE
Advances
1,441
824
Declines
1,359
694
130
76
Volumes (` cr)
Refer detailed news analysis on the following page
Company
Chg (%)
BSE Sensex
Unchanged
Economic Survey paints an optimistic picture

L&T bags orders worth `1,504cr in various segments
4QCY2012 Result Review Bosch, Goodyear India
1QFY2013 Result Preview Mphasis
MFs
Domestic Indices
BSE
2,107
NSE
11,915
Market Outlook
February 28, 2013
Economic Survey paints an optimistic picture

The Economic Survey of India (ESI) tabled in Parliament, estimates real GDP
growth for FY2014 to improve in the range of 6.1% to 6.7% even as the growth
estimate for FY2013 has been revised to a moderate 5.0% and it further indicates
that the downturn in growth is more or less over. The ESI also estimates headline
WPI inflation to decline in the range of 6.2% to 6.6% for FY2013 owing to the
moderation in core inflation. In January 2013, inflation moderated to a three year
low of 6.62% as core inflation moderated for the fifth straight month to 4.1%.
The Survey highlights the current account deficit as one of the key concerns in the
economy and it has acknowledged that there is limited room to increase exports in
the near term. The CAD has widened to 4.6% in the first half of the fiscal year as
compared to 4.0% in the first half of FY2012 as the trade deficit widened to 10.8%
of GDP in the period. We expect it to touch almost 5% for FY2013, so we believe
that attracting capital inflows in the economy is pertinent to finance the CAD. In
this context, the Survey has rightly observed that long term and stable capital
inflows should be accorded priority to minimize the reversal of capital in risk-off
phases. At present, the maturity profile of India's external debt continues to be
dominated by long-term loans. In the first half of FY2013, long-term external debt
stood at US$280.8billion, ie 76.9% of total external debt, while the remaining
23.1% was short-term debt.
Another key concern in the economy is that the savings rate has decelerated
dramatically to 30.8% from its peak level of 36.8% in FY2008. The high
preference of households for savings in non-productive physical assets like gold is
also adding to pressure on the already burgeoning trade and current account
deficit and the saving investment gap has also widened. In this regard, the
forthcoming budget can take some steps to boost savings in financial assets, and
thus discourage demand for gold, by increasing the tax saving deduction limit in
investment instruments such as ELSS, equities, longer-duration fixed deposits, taxfree bonds etc.
The Survey also notes that a higher tax/GDP ratio is desirable to meet fiscal
consolidation in the economy by broadening the base rather than increasing
marginal tax rates in addition to prioritizing expenditure. It has termed the
medium-term fiscal consolidation path of a fiscal deficit of 3% of GDP for FY2017
as credible owing to the recent reforms in diesel prices and efforts at curtailing
expenditure.
L&T bags orders worth `1,504cr in various segments

Larsen & Toubro (L&T) has bagged orders worth over `413cr from Kiran Energy
for construction of PV solar plants in Tamil Nadu in the solar segment. In the
water segment, the company has bagged various orders worth over `621cr. Also,
it has bagged an order worth `265cr from Tamil Nadu Generation and
Distribution Corporation for power distribution work across various districts in
Tamil Nadu. From ongoing projects, various orders worth `205cr have been
secured in the heavy civil business segment. We continue to maintain our Buy
rating on the stock with a target price of `1,788.
Market Outlook
February 28, 2013
4QCY2012 Result Review
Bosch (CMP: `8,862/ TP: `9,570/ Upside: 8%)

Bosch (BOS) reported poor results for 4QCY2012 largely due to contraction in
operating margins which declined 82bp sequentially (429bp yoy) to 12.5%. Topline posted a subdued growth of 5.1% yoy (3.8% qoq) to `2,132cr, which was
slightly below our expectations of `2,202cr. The poor performance can be
attributed to the weakness in the medium and heavy commercial vehicle (MHCV)
and tractor industries which are the key drivers of the companys performance.
While the automotive segment posted a growth of 3.9% yoy (4.7% qoq) due to
slowdown in OEM sales; non-auto segment registered a 6.2% yoy (down 2.7%
qoq) growth. On the operating front, EBITDA margin declined by a sharp 429bp
yoy to 12.5% primarily on account of increase in raw-material costs and employee
expenditure. The raw-material cost as a percentage of sales surged 140bp yoy on
account of INR depreciation; while, employee expenditure as a percentage of sales
jumped 290bp yoy due to negative impact of change in actuarial assumptions and
wage hikes given to the employees. On a sequential basis, the margins were
impacted largely due to increase in employee and other expenditure which grew
by 18.7% and 27.1% qoq. Therefore, net profit at `172cr (down 38.8% yoy and
15.2% qoq) was lower than our expectations of `199cr. The net profit performance
was further impacted due to high depreciation expense (up 33.7% yoy) and higher
tax rate (29.7% vs 22.5% in 4QCY2012). At the CMP of `8,862, the stock is
trading at 19.4x CY2014 earnings. We maintain our Accumulate rating on the
stock with a target price of `9,570.
Y/E
Sales
OPM
PAT
EPS
Dec.
(` cr)
(%)
(` cr)
(`)
ROE P/E
(%)
P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
CY2013E
9,973
17.8 1,244 396.2
18.8 22.4
4.2
13.7
2.4
CY2014E
11,320
18.0 1,431 455.7
18.2 19.4
3.5
11.5
2.1
Goodyear India (CMP: `284/ TP: `304/ Upside: 7.1%)

For 4QCY2012, Goodyear India reported a lower-than-expected top-line of
`384cr, marginally lower on a yoy basis from `395cr in 4QCY2011. While for the
full year CY2012, revenue declined by 2% yoy to `1,486cr due to slowdown in
auto industry. Increase in other expenses led to contraction of EBITDA margin by
248bp yoy from 8.7% in 4QCY2011 to 6.2% during the quarter. Consequently,
net profit for the quarter declined by 20.7% to `16cr from `20cr in 4QCY2011.
EBITDA margin for CY2012 contracted by 39bp to 7.1%, inspite of a decline in
raw material cost, which was offset by higher employee expense. Thus, net profit
for CY2012 declined by 14.9% yoy at `56cr from `66cr in CY2011. We maintain
Accumulate rating on the stock with a target price of `304 based on a target PE of
9x for CY2014E.
Y/E
Sales
Dec.
(` cr)
OPM
PAT
(%) (` cr)
CY2013E
1,559
7.1
CY2014E
1,676
7.3
EPS ROE P/E P/BV

(`)
(%)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
63
27.5 16.910.3
1.7
3.2
0.2
70
30.5 16.7 9.3
1.5
2.4
0.2
Market Outlook
February 28, 2013
Result Preview
Mphasis - 1QFY2013 (CMP: `389/ TP: `396/ Upside: 5%)
Mphasis is slated to announce its 1QFY2013 results today. We expect the
company to record revenues of US$250mn, up 0.8% qoq. In INR terms, revenues
are expected to come in at `1,353cr, up 3.5% qoq. EBITDA margin is expected to
come down by 114bp qoq to 19.5%. PAT is expected to be at `195cr. We currently
maintain our Accumulate view on the stock with a target price of `396.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,531
17.6
742
35.4
14.7
10.6
1.6
5.2
0.9
FY2014E
5,874
17.5
790
37.7
13.5
10.0
1.3
4.3
0.8
Economic and Political News
Power exchanges get extension to achieve statutory shareholding pattern

India has negative trade balance with 110 countries: Government
CBI seeks AgustaWestland deal documents from Defence Ministry
Iron ore exports fall 68.27% in 10-month
Corporate News
Lack of capacity addition may restrict Ambuja Cements' growth

Jet agrees to let Etihad set the rules
SBI increase deposits rates across select maturities by 25bp
JSPL to increase stake in Australia's Apollo Minerals
Jet Airways sells Heathrow slots to Etihad for $70 mn
Infosys moves consultants in Europe to Lodestone to remove overlapping
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
February 28, 2013
Result Calendar
Date
Company
February 28, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 28, 2013
March 1, 2013
7:00PM
US
Initial Jobless claims
Thousands
Feb 23
362.00
360.00
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Jan
2.20
2.00
2:25PM
Germany Unemployment change (000's)
7:00PM
US
GDP Qoq (Annualised)
Thousands
Feb
(16.00)
--
% Change
4Q S
(0.10)
0.50
11:00AM
India
Qtrly GDP YoY%
% Change
4Q
5.30
4.90
2:25PM
Germany PMI Manufacturing
Value
Feb F
50.10
50.10
3:00PM
UK
PMI Manufacturing
Value
Feb
50.80
51.00
PMI Manufacturing
Value
Feb
50.40
50.50
Value
Feb F
54.10
--
% Change
4Q P
(0.60)
--
% Ratio
Mar 7
0.50
0.50
Mar 7
0.75
0.75
6:30AM
China
March 5, 2013
2:25PM
Germany PMI Services
March 6, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
March 7, 2013
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
5:29PM
China
Exports YoY%
% Change
Feb
25.00
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
157.00
150.00
7:00PM
US
Unnemployment rate
Feb
7.90
7.90
March 8, 2013
March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013
March 15, 2013
March 19, 2013
March 20, 2013
BOE Announces rates
7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
2.00
--
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
--
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
4:29PM
India
Exports YoY%
% Change
Feb
0.80
--
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
6:00PM
US
Consumer price index (mom)
% Change
Feb
--
--
6:45PM
US
Industrial Production
Feb
(0.10)
--
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
6:00PM
US
Building permits
Thousands
Feb
904.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
(23.60)
--
3:00PM
UK
Jobless claims change
% Change
Feb
(12.50)
--
10:00PM
US
FOMC rate decision
Mar 20
0.25
--
March 21, 2013
7:30PM
US
Existing home sales
Millions
Feb
4.92
--
March 26, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Mar
69.60
--
7:30PM
US
New home sales
Thousands
Feb
437.00
--
Market Outlook
February 28, 2013
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
6.7
5.7
6.1
5.3 5.5 5.3
3.5
2.5
(4.0)
7.5
7.6
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
60.0
7.7
May-12
Apr-12
Mar-12
Feb-12
Jan-12
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
(2.0)
Source: MOSPI, Angel Research
(%)
7.6
2.0
1.0
2.0
-
Exhibit 3: Monthly WPI inflation trends
7.6
7.5
8.0
8.1
7.3
7.2
7.2
Services PMI
58.0
6.6
56.0
54.0
52.0
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
50.0
Feb-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
Source: CSO, Angel Research
9.0
8.3
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
(%)
9.50
Imports yoy growth
30.0
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.50
Mar-12
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
February 28, 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
116
2,255
1,466
1,686
14.8
14.8
7.0
8.1
16.6
14.3
3.5
3.0
22.6
22.5
1.7
1.5
United Phosphorus
Buy
123
170
5,424
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.2
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
263
323
4,493
2,983
3,477
16.1
16.1
18.5
21.6
14.2
12.2
4.1
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Accumulate
86
97
4,345
13,066
14,503
11.5
11.8
13.0
14.5
6.6
6.0
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,053
12,910
14,836
8.8
9.6
1.5
2.2
15.4
10.2
2.0
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
335
507
934
1,103
10.2
10.7
24.5
34.3
13.7
9.8
1.7
1.6
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
1,965
56,852
20,775
23,889
18.5
19.0
107.6
126.4
18.3
15.5
7.5
6.0
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
218
242
5,084
5,973
6,707
14.4
15.2
13.4
18.6
16.4
11.8
2.1
1.9
13.6
16.9
1.0
0.8
Bosch India*
Accumulate
8,862
9,570
27,826
9,973
11,320
17.8
18.0
396.2
455.7
22.4
19.5
4.2
3.5
18.8
18.2
2.4
2.1
CEAT
Buy
95
163
324
4,822
5,403
8.2
8.3
29.8
40.8
3.2
2.3
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
126
10,685
6,016
7,026
12.7
14.4
5.8
7.8
21.5
16.0
3.2
2.7
15.4
18.2
1.5
1.2
FAG Bearings*
Accumulate
1,511
1,569
2,510
1,619
1,879
16.0
16.6
108.6
130.7
13.9
11.6
2.4
2.0
18.8
19.1
1.2
1.0
Hero Motocorp
Accumulate
1,673
1,923
33,410
23,990
27,038
13.8
14.6
105.8
120.2
15.8
13.9
6.4
5.2
44.3
41.0
1.1
1.0
JK Tyre
Buy
107
165
438
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.6
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
891
1,019
54,724
40,060
46,301
11.5
11.7
55.3
64.3
16.1
13.9
3.6
3.0
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,409
1,563
40,716
43,381
52,411
7.5
8.9
65.6
97.7
21.5
14.4
2.4
2.1
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
197
209
11,560
25,769
29,010
7.1
7.5
10.2
13.1
19.3
15.1
4.9
3.8
28.1
28.3
0.6
0.5
Subros
Buy
26
35
157
1,296
1,476
9.8
9.9
3.4
5.0
7.8
5.2
0.6
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
286
326
76,234 184,201 209,642
12.4
13.5
28.0
36.3
10.2
7.9
2.2
1.8
24.6
25.4
0.5
0.4
TVS Motor
Buy
39
47
1,860
7,019
7,827
6.0
6.3
4.3
5.3
9.2
7.4
1.4
1.3
16.4
18.0
0.2
0.2
ABB*
Sell
582
487
12,336
8,073
9,052
5.5
7.2
11.3
17.4
51.7
33.5
4.5
4.1
8.9
12.8
1.5
1.4
BGR Energy
Neutral
207
1,493
3,412
4,104
13.0
11.6
24.6
26.2
8.4
7.9
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
206
50,531
47,801
43,757
18.0
17.1
24.1
20.8
8.6
10.0
2.5
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
172
238
1,542
2,748
2,896
4.4
5.6
6.8
9.3
25.3
18.4
3.5
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
95
129
6,107
12,136
13,790
3.8
6.3
3.3
6.9
28.8
13.8
1.7
1.5
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
35
49
287
2,802
3,074
9.5
9.8
7.7
10.9
4.6
3.2
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
52
75
1,324
6,909
7,723
6.2
7.2
5.4
8.4
9.6
6.1
1.1
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,039
2,297
2,369
2,727
11.7
11.7
143.4
166.0
14.2
12.3
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
594
7,075
5,529
5,798
9.0
9.6
27.1
30.3
21.9
19.6
3.8
3.3
18.6
18.2
1.1
1.0
Capital Goods
Market Outlook
February 28, 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
1,301
24,431
11,358
12,366
19.9
19.6
75.1
74.9
17.3
17.4
3.3
3.0
19.4
18.1
1.9
1.7
Ambuja Cements
Neutral
197
30,427
9,730
11,221
25.6
25.0
10.2
11.3
19.3
17.4
3.5
3.2
18.7
19.0
2.8
2.3
India Cements
Neutral
86
2,642
4,439
4,789
16.7
17.2
6.8
9.1
12.7
9.5
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cements
Accumulate
126
143
1,538
2,119
2,478
22.9
22.3
20.3
22.8
6.2
5.5
1.1
0.9
18.0
17.7
0.9
1.1
Madras Cements
Neutral
243
5,780
3,960
4,270
27.4
27.0
18.6
21.1
13.1
11.5
2.4
2.0
19.7
18.9
2.1
1.8
Shree Cements^
Neutral
4,312
15,020
5,678
6,251
29.0
28.6
288.1
334.0
15.0
12.9
4.2
3.3
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,901
52,128
20,466
23,017
23.3
24.3
100.0
117.1
19.0
16.2
3.5
2.9
19.6
19.5
2.5
2.3
203
268
1,069
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.5
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
12
222
2,262
2,522
5.9
6.3
0.9
1.6
13.1
7.7
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
118
164
3,917
3,843
4,212
43.1
43.6
16.8
17.8
7.0
6.6
1.2
1.1
18.3
17.0
3.1
3.4
ITNL
Accumulate
197
225
3,818
6,564
7,054
27.2
27.4
26.3
29.0
7.5
6.8
1.2
1.0
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
29
35
884
3,773
6,706
6.9
8.4
(3.9)
2.9
(7.4)
10.0
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
72
97
16,022
14,243
16,382
26.2
26.1
3.2
4.3
22.5
16.7
1.2
1.1
5.4
7.0
2.5
2.3
Larsen & Toubro
Buy
1,410
1,788
86,797
60,666
69,525
10.6
11.2
71.9
85.0
19.6
16.6
3.0
2.7
14.5
15.2
1.6
1.4
Nagarjuna Const.
Accumulate
39
44
1,005
5,863
6,576
8.1
8.2
3.1
4.1
12.7
9.6
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
43
1,441
11,892
13,116
10.2
10.2
(0.4)
3.0
(101.8)
14.7
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
111
157
1,674
1,642
2,642
9.7
10.1
3.2
7.2
34.6
15.3
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
157
197
776
6,026
7,135
9.1
9.3
14.1
24.6
11.1
6.4
0.6
0.6
5.6
9.2
0.5
0.5
Unity Infra
Buy
32
58
239
2,180
2,455
13.7
13.4
12.9
14.8
2.5
2.2
0.3
0.3
12.1
12.5
0.5
0.5
Allahabad Bank
Buy
145
171
7,233
6,509
7,264
2.7
2.8
28.2
33.5
5.1
4.3
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
96
5,389
4,795
5,475
3.0
3.0
21.8
21.9
4.4
4.4
0.7
0.7
15.4
13.8
Axis Bank
Buy
1,399
1,678
65,318
15,959
18,660
3.2
3.2
119.2
139.0
11.7
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
736
871
30,253
14,889
17,393
2.5
2.6
108.2
134.0
6.8
5.5
1.0
0.9
15.3
16.7
Bank of India
Neutral
338
19,411
12,793
14,823
2.3
2.4
49.5
65.1
6.8
5.2
1.0
0.9
13.6
16.0
Bank of Maharashtra
Accumulate
54
58
3,160
3,720
4,268
2.9
2.8
10.9
13.0
4.9
4.1
0.7
0.7
16.2
16.9
Canara Bank
Accumulate
435
463
19,255
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
Financials
73
5,407
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.7
0.8
0.7
10.3
14.3
400
465
5,921
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
96
111
3,348
3,090
3,462
2.7
2.7
25.6
24.6
3.7
3.9
0.7
0.6
19.2
15.9
Market Outlook
February 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
500
536
8,550
2,667
2,920
3.2
3.2
49.1
51.4
10.2
9.7
1.3
1.2
13.9
13.1
HDFC
Neutral
779
120,179
7,446
8,923
3.5
3.5
32.2
38.5
24.2
20.2
4.9
4.4
35.4
32.6
HDFC Bank
Neutral
ICICI Bank
Buy
IDBI Bank
Accumulate
Indian Bank
Buy
IOB
Buy
J & K Bank
Accumulate
LIC Housing Finance
643
152,478
21,724
26,578
4.3
4.3
28.7
36.1
22.4
17.8
4.3
3.6
20.7
22.1
1,082
1,302
124,439
22,317
26,217
2.9
3.0
72.0
84.6
15.0
12.8
1.9
1.7
14.9
15.9
94
110
12,049
8,196
9,305
1.9
2.1
15.4
22.3
6.1
4.2
0.7
0.6
10.7
14.1
181
214
7,764
5,716
6,362
3.2
3.2
37.7
41.1
4.8
4.4
0.8
0.7
16.9
16.2
74
88
5,874
7,231
8,369
2.4
2.5
10.2
20.2
7.2
3.6
0.6
0.5
7.4
13.4
1,301
1,406
6,307
2,784
2,932
3.7
3.7
229.2
199.6
5.7
6.5
1.3
1.1
24.6
18.2
Neutral
246
12,425
1,722
2,080
2.2
2.2
19.9
24.6
12.4
10.0
1.9
1.7
16.6
17.9
Oriental Bank
Accumulate
284
314
8,283
6,360
7,004
2.6
2.8
48.1
59.4
5.9
4.8
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
836
981
28,366
19,202
22,040
3.2
3.4
146.8
167.9
5.7
5.0
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
30
3,340
1,583
1,789
3.0
2.9
3.5
4.1
7.2
6.2
1.2
1.0
19.1
17.7
St Bk of India
Accumulate
2,214
2,514
148,559
60,594
70,439
3.3
3.3
221.9
257.4
10.0
8.6
1.7
1.4
17.4
17.7
Syndicate Bank
Accumulate
124
139
7,440
6,673
7,644
2.9
3.0
32.0
27.9
3.9
4.4
0.8
0.7
22.0
16.5
UCO Bank
Neutral
64
4,224
5,388
6,262
2.4
2.6
9.0
14.9
7.1
4.3
0.9
0.8
9.1
13.8
Union Bank
Buy
225
256
12,360
10,006
11,558
2.8
2.8
36.4
47.0
6.2
4.8
0.9
0.8
14.6
16.6
United Bank
Buy
65
78
2,357
3,549
3,814
2.5
2.7
12.0
21.4
5.4
3.1
0.6
0.5
10.1
16.3
Vijaya Bank
Neutral
53
2,629
2,342
2,763
1.9
2.1
8.0
10.9
6.6
4.9
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
491
526
17,571
3,364
4,260
2.8
3.0
36.3
42.6
13.5
11.5
3.0
2.5
24.6
23.6
4,352
41,748
11,198
13,319
15.9
15.7
122.1
147.1
35.6
29.6
12.0
9.4
37.7
35.7
3.8
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
491
564
5,872
5,580
6,417
4.8
5.0
18.1
21.7
27.2
22.7
9.8
7.9
38.7
38.7
1.0
0.8
Colgate
Neutral
1,300
17,673
3,120
3,588
20.3
21.1
38.4
45.1
33.9
28.9
31.4
25.2
104.6
97.0
5.5
4.7
Dabur India
Neutral
129
22,493
6,196
7,183
16.3
16.8
4.5
5.5
28.6
23.6
11.9
9.2
43.4
44.0
3.6
3.1
GlaxoSmith Con*
Neutral
3,888
16,353
3,084
3,617
15.2
16.3
103.9
123.0
37.4
31.6
12.0
9.9
34.9
34.3
4.9
4.2
Godrej Consumer
Neutral
731
24,866
6,386
7,743
15.7
17.0
20.8
27.1
35.1
27.0
7.5
6.2
23.7
26.4
4.1
3.3
HUL
Neutral
454
98,104
25,350
28,974
13.3
13.5
15.1
17.0
30.1
26.8
23.9
17.0
85.7
74.3
3.7
3.2
ITC
Neutral
295
232,758
29,148
34,191
35.7
36.1
9.4
11.1
31.5
26.6
10.5
8.7
35.9
35.7
7.6
6.4
Marico
Neutral
217
13,993
4,747
5,402
13.6
13.6
6.3
7.8
34.2
27.7
7.0
5.7
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,660
44,925
8,302
9,739
22.0
21.5
110.7
130.8
42.1
35.6
25.0
17.9
69.5
58.6
5.4
4.5
Market Outlook
February 28, 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
Neutral
132
8,175
7,272
7,998
9.1
9.5
6.9
8.1
19.3
16.3
2.0
1.9
8.9
9.8
1.1
0.9
HCL Tech^
Neutral
720
50,004
25,325
28,476
21.7
20.7
51.0
52.8
14.1
13.6
3.7
3.1
26.8
22.9
1.9
1.6
Hexaware*
Buy
86
113
2,559
1,948
2,136
20.9
18.3
10.9
10.1
7.9
8.5
2.1
1.7
27.2
21.0
1.1
0.9
Infosys
Neutral
2,914
167,321
40,746
44,283
28.9
28.8
162.6
172.9
17.9
16.9
4.2
3.6
23.5
21.3
3.5
3.1
Infotech Enterprises
Accumulate
169
184
1,886
1,881
1,987
17.9
17.4
18.5
19.4
9.1
8.7
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
106
140
2,049
2,234
2,477
15.8
15.2
10.9
12.8
9.8
8.3
2.1
1.7
22.2
20.6
0.9
0.8
Mahindra Satyam
Accumulate
117
125
13,742
7,711
8,683
21.6
20.3
8.7
11.3
13.4
10.3
3.2
2.4
30.6
23.7
1.4
1.2
Mindtree
Neutral
851
3,522
2,357
2,580
21.0
19.3
84.4
86.8
10.1
9.8
2.7
2.1
26.8
21.7
1.3
1.0
Mphasis&
Accumulate
376
396
7,906
5,531
5,874
17.6
17.5
35.4
37.7
10.6
10.0
1.6
1.4
14.7
13.5
0.9
0.8
NIIT
Buy
24
36
390
1,048
1,161
9.1
10.9
4.1
6.2
5.7
3.8
0.6
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
555
2,220
1,297
1,433
25.6
24.1
46.5
54.0
11.9
10.3
2.2
1.9
18.5
18.0
1.4
1.2
TCS
Neutral
1,483
290,266
62,954
70,871
29.0
28.9
71.6
79.1
20.7
18.7
6.9
5.6
33.2
29.7
4.4
3.8
Tech Mahindra
Accumulate
1,027
1,105
13,140
6,789
7,609
21.0
19.6
95.8
110.7
10.7
9.3
2.6
2.1
24.3
22.3
2.0
1.7
Wipro
Neutral
419
103,102
43,514
47,304
20.1
19.4
26.6
27.7
15.8
15.1
3.1
2.7
19.7
17.9
2.0
1.8
D B Corp
Buy
235
276
4,313
1,583
1,787
23.9
25.4
11.9
14.5
19.9
16.2
3.9
3.4
21.4
22.4
2.6
2.3
HT Media
Accumulate
103
113
2,427
2,061
2,205
14.0
15.1
6.6
7.9
15.6
13.2
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
99
125
3,131
1,511
1,698
23.2
23.4
6.4
7.3
15.4
13.6
3.8
3.4
25.9
26.6
2.3
2.0
PVR
Neutral
274
794
820
1,307
17.3
17.3
11.2
17.8
24.6
15.4
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
424
16,725
1,942
2,237
77.2
75.5
17.6
19.1
24.1
22.2
5.8
5.2
25.8
25.2
8.2
7.0
Bhushan Steel
Neutral
463
10,487
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
312
368
196,849
66,666
70,292
25.7
27.3
24.2
26.6
12.9
11.7
3.8
3.1
33.1
29.1
2.1
1.9
Electrosteel Castings
Buy
20
28
678
1,984
2,074
10.6
11.6
1.8
2.6
11.1
7.6
0.4
0.1
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
120
149
50,767
12,002
13,759
49.7
50.8
14.7
16.4
8.2
7.4
1.6
1.3
21.1
19.8
2.2
1.5
Hindalco
Neutral
102
19,615
80,205
88,987
9.0
9.2
13.4
13.8
7.6
7.4
0.6
0.5
7.9
7.6
0.6
0.6
JSW Steel
Neutral
777
17,334
39,072
40,493
16.5
18.2
82.4
90.3
9.4
8.6
1.0
0.9
10.7
10.7
0.9
0.8
MOIL
Neutral
243
4,087
933
954
46.9
45.5
25.8
26.1
9.4
9.3
1.5
1.3
16.7
15.1
2.0
1.8
Monnet Ispat
Buy
243
318
1,551
2,287
2,883
21.8
21.8
35.3
40.7
6.9
6.0
0.6
0.6
9.6
10.2
1.9
1.4
Nalco
Neutral
45
11,649
6,630
8,357
11.4
14.5
2.1
3.3
21.3
13.9
1.0
0.9
4.6
6.9
1.1
0.9
NMDC
Buy
141
181
56,061
9,674
11,536
75.2
76.6
16.0
18.6
8.9
7.6
1.9
1.6
23.6
23.0
3.7
2.9
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 28, 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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
112
148
402
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
52
502
Accumulate
94
112
Cairn India
Buy
305
GAIL
Neutral
334
ONGC
Accumulate
315
Reliance Industries
Neutral
831
Gujarat Gas*
Neutral
279
3,575
3,707
Indraprastha Gas
Neutral
264
3,690
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
179
68
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
2,366
Cadila Healthcare
Accumulate
760
Cipla
Accumulate
364
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
74
30,710
43,438
56,199
12.0
12.2
6.5
8.5
11.4
8.8
0.7
0.7
6.6
8.2
1.0
0.7
161
183
13,980
2,412
3,911
30.8
33.1
29.6
31.8
5.4
5.1
0.8
0.7
16.3
15.4
7.2
4.5
96
110
32,397
43,185
45,442
23.3
23.7
16.8
17.9
5.7
5.4
0.6
0.6
11.6
11.2
0.7
0.7
357
443
34,648 142,732 146,575
7.4
9.9
7.2
34.7
49.7
10.3
0.8
0.7
1.6
7.5
0.5
0.5
1,494
19.0
19.1
29.2
31.7
3.9
3.5
0.5
0.4
12.3
12.0
0.6
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.8
3.0
0.2
0.2
7.2
8.4
0.5
0.4
298
2,367
2,425
14.2
13.7
33.3
33.5
2.8
2.8
0.3
0.3
12.9
11.2
0.6
0.5
383
58,164
17,394
17,034
76.4
72.3
60.8
55.1
5.0
5.5
1.0
0.9
21.9
17.0
2.5
2.2
42,329
48,077
55,815
15.3
15.3
34.9
35.9
9.6
9.3
1.7
1.5
19.0
17.0
0.6
0.5
357
269,669 144,089 158,065
32.8
34.7
28.7
34.4
11.0
9.2
1.8
1.6
17.0
18.3
1.6
1.4
268,351 362,700 380,031
8.9
8.9
68.1
71.5
12.2
11.6
1.3
1.2
12.4
11.8
0.7
0.7
3,850
11.7
12.4
23.7
25.7
11.8
10.9
3.3
2.8
29.6
28.2
0.9
0.8
3,365
3,700
22.8
23.4
25.3
26.6
10.4
9.9
2.5
2.1
26.0
22.6
1.2
1.1
10,819
32,210
41,362
6.1
5.8
15.4
15.6
9.4
9.3
2.5
2.0
29.1
24.1
0.4
0.3
3,840
1,079
983
91.8
91.9
8.8
7.8
7.8
8.7
1.3
1.2
17.8
14.1
3.3
3.5
83
95
1,568
1,490
1,714
16.2
17.1
7.4
9.5
11.2
8.8
3.1
2.3
30.7
30.2
1.1
0.9
172
208
5,022
5,463
6,279
15.0
15.0
12.4
14.0
13.9
12.3
1.8
1.5
18.8
17.8
1.5
1.3
5,450
1,482
1,682
17.5
16.6
82.9
87.8
28.5
27.0
4.5
3.6
16.3
14.8
3.4
2.9
817
15,556
6,148
7,386
15.3
18.0
24.6
39.5
30.9
19.2
5.8
4.7
18.4
25.1
3.0
2.4
419
29,246
8,151
9,130
25.8
24.8
20.2
21.6
18.0
16.9
3.2
2.8
19.4
17.6
3.4
3.0
1,755
29,797
10,696
11,662
20.7
21.0
83.7
92.9
21.0
18.9
4.3
3.6
22.4
20.8
3.2
2.8
70
155
562
1,280
1,536
20.2
20.2
12.1
15.5
5.8
4.5
0.6
0.5
10.0
11.6
1.2
1.0
2,090
17,703
2,651
2,993
31.7
31.2
76.0
82.4
27.5
25.4
8.0
7.1
20.1
26.3
5.9
5.1
65
78
600
642
784
14.2
15.2
5.7
7.8
11.4
8.4
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
493
559
6,218
2,850
3,474
21.0
21.0
29.9
37.3
16.5
13.2
3.9
3.1
26.7
26.4
2.4
1.9
Lupin
Accumulate
598
655
26,745
8,426
10,082
19.7
20.0
26.1
31.1
22.9
19.2
5.3
4.3
25.8
24.7
3.4
2.8
Ranbaxy*
Neutral
400
16,903
12,046
11,980
16.0
15.8
37.3
32.1
10.7
12.5
4.1
3.3
45.3
29.7
1.5
1.5
Sun Pharma
Neutral
799
82,646
10,111
12,563
42.6
42.6
28.9
29.8
27.7
26.8
5.6
4.8
22.3
19.2
7.7
6.1
71
78
1,079
1,502
1,535
32.1
31.9
11.4
12.5
6.3
5.7
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
February 28, 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
Accumulate
154
163
126,898
72,809
81,951
23.4
24.1
12.2
13.6
12.6
11.3
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Accumulate
278
288
47,148
7,953
9,699
34.7
37.0
4.4
6.0
63.5
46.5
1.8
1.7
3.1
3.8
7.9
6.2
MLIFE
Accumulate
409
446
1,669
786
888
26.3
26.7
31.0
36.3
13.2
11.3
1.3
1.2
10.1
10.8
2.5
2.1
Bharti Airtel
Accumulate
322
350
122,110
80,521
87,160
30.5
30.5
6.4
10.4
50.3
30.9
2.3
2.2
4.6
7.0
2.3
2.1
Idea Cellular
Neutral
118
39,207
22,087
23,927
26.6
27.7
2.9
3.9
40.5
30.3
2.8
2.6
6.9
8.4
2.3
2.1
Rcom
Neutral
69
14,314
21,087
22,067
31.8
31.9
2.6
4.0
26.4
17.3
0.4
0.4
1.5
2.2
2.4
2.2
11.8
13.3
60.8
79.5
22.6
17.3
4.6
3.9
22.0
24.4
1.6
1.3
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,372
1,590
2,915
1,629
1,886
Bajaj Electricals
Buy
181
217
1,800
3,450
3,929
4.5
7.4
10.0
15.5
18.1
11.7
2.4
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Buy
411
495
520
460
596
16.4
16.2
34.7
45.0
11.9
9.1
2.9
2.3
27.7
27.8
1.2
0.9
Cravatex
Buy
345
545
89
272
308
7.2
7.3
37.5
45.4
9.2
7.6
2.2
1.7
23.7
22.7
0.4
0.4
CRISIL
Neutral
975
6,847
982
1,136
34.3
34.3
34.3
40.0
28.4
24.4
12.9
10.3
50.9
46.9
6.5
5.4
Finolex Cables
Buy
50
61
768
2,304
2,552
9.9
9.1
8.2
10.1
6.2
5.0
0.8
0.7
13.7
14.7
0.3
0.3
Force Motors
Buy
411
550
535
2,027
2,299
4.6
5.1
35.3
50.0
11.6
8.2
0.5
0.4
3.9
5.3
0.1
0.1
Goodyear India
Buy
284
360
655
1,494
1,607
6.4
7.8
23.9
33.0
11.9
8.6
1.9
1.6
16.5
20.1
0.2
0.2
Greenply Industries
Sell
368
309
887
1,925
2,235
10.6
10.9
29.6
44.1
12.4
8.3
2.0
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
131
301
905
1,025
4.8
6.0
7.7
12.4
17.1
10.6
1.6
1.4
9.9
14.4
0.4
0.4
2,629
2,842
2,324
2,117
2,491
8.1
7.8
140.5
157.9
18.7
16.7
2.8
2.5
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
635
744
1,116
1,059
1,116
8.5
9.5
36.0
42.0
17.6
15.1
2.6
2.2
15.4
16.0
1.1
1.0
ITD Cementation
Buy
205
334
236
1,455
1,630
12.4
12.6
29.8
40.5
6.9
5.1
0.5
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Accumulate
MCX
Buy
MRF
Accumulate
Page Industries
Neutral
Relaxo Footwears
Sintex Industries
157
167
2,534
816
979
14.5
14.9
5.2
6.0
30.5
26.1
3.5
3.2
8.8
10.2
3.3
2.7
1,118
1,440
5,703
553
624
65.3
66.3
62.5
72.0
17.9
15.5
4.9
4.3
27.5
27.4
7.7
6.4
12,198
13,416
5,173
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.6
7.3
1.5
1.3
19.1
18.7
0.5
0.4
3,350
3,736
856
1,047
19.1
19.6
101.2
127.3
33.1
26.3
17.0
12.6
58.5
54.9
4.4
3.6
Buy
630
887
756
989
1,148
10.7
11.7
41.8
55.5
15.1
11.4
3.4
2.7
25.5
26.3
0.9
0.8
Buy
58
79
1,804
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.7
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
268
332
251
1,048
1,157
11.3
12.0
58.7
66.5
4.6
4.0
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
275
6,765
7,393
18.1
18.0
6.4
7.5
1.4
1.2
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
38
43
1,850
5,720
6,599
5.3
6.8
3.6
5.4
10.6
7.1
15.3
4.9
0.4
0.4
TAJ GVK
Buy
66
108
412
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.5
Market Outlook
February 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
19.7
22.5
0.8
0.6
zOthers
Tata Sponge Iron
Buy
308
379
474
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
438
643
340
374
425
7.9
9.5
24.1
32.7
18.2
13.4
TVS Srichakra
Buy
213
276
163
1,461
1,591
5.6
7.1
6.9
39.4
30.8
5.4
1.2
1.0
3.8
20.6
0.3
0.3
United Spirits
Neutral
1,810
23,675
10,473
11,939
15.0
15.8
30.4
56.9
59.5
31.8
4.6
2.9
10.8
12.3
3.0
2.3
Vesuvius India
Neutral
331
672
560
611
16.1
17.0
24.7
28.8
13.4
11.5
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 February 27, 2013
Market Outlook
February 28, 2013

Market Outlook Market Outlook: Dealer's Diary

Hochgeladen von

Dokumentinformationen

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

February 28, 2013

Net Inflows (February 26, 2013)

FII Derivatives (February 27, 2013)

Jet Air India

OIL & GAS

Refer detailed news analysis on the following page

Economic Survey paints an optimistic picture

Economic Survey paints an optimistic picture

L&T bags orders worth `1,504cr in various segments

4QCY2012 Result Review

Bosch (CMP: `8,862/ TP: `9,570/ Upside: 8%)

17.8 1,244 396.2

18.0 1,431 455.7

Goodyear India (CMP: `284/ TP: `304/ Upside: 7.1%)

EPS ROE P/E P/BV

30.5 16.7 9.3

Economic and Political News

Power exchanges get extension to achieve statutory shareholding pattern

Lack of capacity addition may restrict Ambuja Cements' growth

February 28, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

February 28, 2013

Initial Jobless claims

Euro Zone Euro-Zone CPI (YoY)

Germany Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%

Germany PMI Manufacturing

Germany PMI Services

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

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

March 20, 2013

BOE Announces rates

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Jobless claims change

FOMC rate decision

March 21, 2013

Existing home sales

March 26, 2013

New home sales

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research