Market Outlook Market Outlook: Dealer's Diary

Market Outlook
April 25, 2013
Dealers Diary
The Indian markets are expected to open flat mirroring flat opening trades in the
SGX Nifty and mixed opening across major Asian bourses.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.0
Nifty
0.0
10 19,179
3
5,837
(0.4)
(24)
6,284
SMALL CAP
0.4
22
6,051
BSE HC
0.7
56
8,520
BSE PSU
(0.3)
(22)
6,823
BANKEX
(0.3)
(47) 14,348
AUTO
0.1
12 10,466
METAL
The US markets, after moving mostly higher over the course of the three previous
sessions, showed a lack of direction throughout the trading session on Wednesday.
The lackluster performance came as traders remained uncertain about the nearterm outlook for the markets. Meanwhile, the European markets extended their
recent gains to a fourth consecutive session on Wednesday. The larger than
expected decrease in German business confidence added to speculation that the
ECB might cut rates in its upcoming meeting scheduled next week on Thursday.
MID CAP
(0.3)
(23)
8,636
Meanwhile, Indian markets were closed yesterday on account of a holiday. On

Tuesday, Indian markets reversed early losses to end largely unchanged ahead of
the F&O expiry slated for Thursday. The Indian economy has bottomed out and
growth will pick up to 6.4% in the current fiscal, PMEAC Chairman Rangarajan
said while releasing the Economic Review for 2012-13, helping spur some buying
late in the session.
OIL & GAS
0.5
44
8,710
BSE IT
0.6
37
5,797
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 19,144 / 5,824 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,246 19,312 / 5,857 5,877 levels. However, if NIFTY trades below
19,144 / 5,824 levels for the first half-an-hour of trade then it may correct up to
19,078 18,976 / 5,804 5,772 levels.
Global Indices
Dow Jones
Chg (%)
(0.3)
(43) 14,676
NASDAQ
0.0
3,270
FTSE
0.4
26
6,432
Nikkei
2.3
314 13,843
Hang Seng
1.7
376 22,183
Straits Times
1.2
38
3,323
Shanghai Com
1.5
34
2,218
Chg (%)
(Pts)
(Close)
INFY
(0.9)
(0.4)
$40.8
Indian ADR
Indices
S2
S1
PIVOT
R1
R2
WIT
(0.4)
(0.0)
$7.8
SENSEX
18,976
19,078
19,144
19,246
19,312
IBN
1.0
0.5
$46.2
NIFTY
5,772
5,804
5,824
5,857
5,877
HDB
2.0
0.8
$42.2
News Analysis
Advances / Declines
Bharti Airtel, Reliance Jio Sign Pact for International Data Connectivity
Bharti Airtel buys Warid Telecom Uganda, ups Africa reach
Jet Airways announces strategic alliance with Etihad
Result Review: HDFC Bank, Axis Bank
Result Preview: Hindustan Zinc, Idea, Fag Bearings, Infotech,
` cr
Purch
Sales
Net
MTD
YTD
FII
3,677
2,644
1,033
1,629
56,380
358
468
(109)
(435)
(7,602)
FII Derivatives (April 23, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
6,132
5,201
931
11,799
Stock Futures
8,910
9,471
(561)
26,144
Price (`)
chg (%)
Company
71
8.7
271
Gainers / Losers
Gainers
chg (%)
Jindal Steel
329
(3.8)
4.8
Motherson Sumi
184
(3.7)
13,820
4.5
Adani Enter
217
(3.5)
574
4.4
Reliance Comm
95
(3.3)
66
4.2
Glaxosmithkl Cons
3,668
(3.2)
Amara Raja
MRF
Losers
Price (`)
Indiabulls Real Est
Jet Air India

JSW ENERGY
www.angelbroking.com
Advances
1,134
678
Declines
1,227
701
131
91
Volumes (` cr)
Net Inflows (April 18, 2013)
Company
NSE
Unchanged
Refer detailed news analysis on the following page
MFs
BSE
BSE
1,894
NSE
9,973
Market Outlook
April 25, 2013
Bharti Airtel, Reliance Jio Sign Pact for International Data

Connectivity
Reliance Jio Infocomm, the broadband subsidiary of Mukesh Ambani-led Reliance
Industries Ltd. (RIL), on Tuesday, signed an indefeasible right to use agreement
with Bharti Airtel to use the latters i2i submarine cable for its 4G service for an
unspecified amount. Bharti Airtels i2i connects India to Singapore and the cable
consists of eight fibre pairs using DWDM (dense wavelength division multiplexing),
capable of supporting multiple terabits of capacity per fibre pair. Its landing points
are in Chennai and Tuas in Singapore. Reliance Jio, which is gearing up to launch
4G services, will utilize a dedicated fibre pair on i2i. According to RIL, the high
speed link will enable Reliance Jio to extend its network and service reach to
customers across the Asia Pacific region. It will connect Reliance Jio directly to the
worlds major business hubs and ISPs, thereby, helping in meeting the bandwidth
demand and provide ultra-fast data experience to customers. Earlier this month,
Reliance Jio had entered into an agreement with Anil Ambani-controlled RCom to
use RComs optic fibre network for a total payment of `1,200cr. Earlier, it was
speculated that Reliance Jio would outsource much of its infrastructure requirement
from RCom. Reliance Jio, by tying up with multiple carriers and service providers,
is adopting a cost saving strategy to rapidly grow and expand its international and
domestic networks. Such deals are good from industry point of view as it results in
sharing of infrastructure which is costly to build. It is a part of industry
consolidation and could be a win-win for all including the ultimate consumer. We
maintain our Neutral view on the overall telecom sector.
Bharti Airtel buys Warid Telecom Uganda, ups Africa reach

Bharti Airtel signed an agreement to buy rival Warid Telecom Uganda for an
undisclosed sum on April 23, 2013 reinforcing its position as the second-largest
mobile phone firm in Uganda with a ~39% market share, just behind market
leader MTN, which controls ~49%. With the deal, Bharti Airtel will have 7.4mn
subscribers in Uganda, coming close to the segment leader, MTN, which had
7.7mn customers till the quarter ending December 2012. Warid, the third largest,
had 2.8mn, while Bharti Airtel had 4.6mn. However, the average revenue per user
(ARPU) is very low, at less than US$4 as of end December 2012. Bhartis ARPU in
the entire African region was US$6.2 in 3QFY2013. Though a low ARPU market,
Uganda would have 11.9% of Bhartis total customers in Africa. Bharti did not
disclose the price paid and other financial details of the deal and said it was
subject to regulatory and statutory approvals. While the move could help Bharti
increase its base in the country, the impact on revenue would not be much, given
Uganda fetches Bharti just about three per cent of its Africa revenues. Bharti Airtel
has a presence across 17 African countries with over 62mn customers at the end
of quarter ended December 31, 2012. We maintain our Accumulate rating on the
stock.
Jet Airways announces strategic alliance with Etihad

Jet Airways has announced a strategic alliance with Etihad Airways. Jet would sell
24% stake to the Etihad for about `2,058cr, which would mark the first investment
by a foreign carrier in an Indian airline since the change in FDI policy, made last
calendar year. The deal is subject to shareholders' nod and other regulatory
Market Outlook
April 25, 2013
approvals. In the short term, the deal brings much-needed cash and will help Jet
improve its debt-laden balance sheet and improve its financial ratios. In the long
term, too, the strategic alliance with Etihad will help Jet to improve operational
efficiency and be more competitive in the domestic market as well as on
international routes.
Result Review
HDFC Bank - (CMP: `685/ TP: - / Upside: -)
HDFC Bank delivered yet another quarter of consistent performance on the bottom
line front, with a growth of 30.1% yoy. On the operating front, while the growth in
NII came in relatively lower at 20.6% (similar to last quarter), non-interest income
grew only by moderate 10.7%, leading to growth of around 17% yoy in both
operating income and pre-provisioning profits. On the asset quality front, the bank
reported stability, as its Gross and Net NPA levels, on an absolute basis, came
down sequentially by around 4% each, which aided it to report 27% yoy lower
provisioning expenses and clock earnings growth of 30% yoy.
Balance sheet growth robust; Asset quality stable: The bank registered a robust
growth in its balance sheet, with net advances and deposits growing at 22.7% and
20.1% yoy. On the deposits front, the current and saving deposits accretion was
healthy, growing at 15.2% and 19.2% yoy, respectively. CASA ratio declined by
around 100bp on a yoy basis to 47.4%. Within loan book, the bank manage to
grow its retail loan book by 27.3% yoy and hence, share of retail advances to
overall loan book increased by around 200bp yoy and 300bp qoq to 56.9%.
NIMs for the bank came in at 4.5%, higher by 20bp qoq and 10bp yoy, primarily
on higher retail lending. Non-interest income (excluding treasury) grew at subdued
pace of 2.3% yoy, as fee income growth came in moderate at 10.8% and income
from exchange transactions declined by 38.1% yoy. The bank reported treasury
gains of `65cr for the quarter compared to a loss of `72cr in 4QFY2012. On
asset quality front, the bank reported stability, as its Gross NPA ratio improved
marginally by 5bp to 0.97%, while Net NPA ratio remained flat at 0.2%. PCR
(excluding write-offs) for the bank remained stable sequentially at 79.9%.
Outlook and valuation: HDFC Bank is currently trading at one-year forward
3.8x P/ABV (3.3x FY2015E ABV), higher than its median of 3.5x (over FY2005-13).
We believe the current valuations largely factor in the positives, leaving limited
upside in the stock. Hence we maintain our Neutral rating on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
27,473
4.5
8,230
34.6 178.9
1.8
20.9
19.9
3.9
FY2015E
33,677
4.5
9,729
40.9 210.5
1.8
21.0
16.9
3.3
March
Axis Bank - (CMP: `1,444 / TP: `1,698 / Upside: 18%)

During 4QFY2013, Axis Bank reported a 21.8% yoy growth in its net profit, which
was in-line with our estimates. Key highlights from the result were sequential
improvement in NIMs, robust growth in fee income and stable NPA ratios.
NIMs improve sequentially; Asset quality remains stable: During 4QFY2013, the
bank reported a healthy growth in business, with advances and deposits
registering a growth of 16.0% and 14.8% yoy, respectively. Growth in the loan
Market Outlook
April 25, 2013
book was primarily on account of strong traction witnessed in the retail loan book,
which grew by 43.6% yoy, while SME loans grew at a robust pace of 25.7% yoy.
Within retail loan book, auto loan grew by 54.7% yoy and now constitute around
4% of total loan book. Growth in the large and mid-corporate segment remained
moderate at 7.5% yoy. CASA deposits grew at a healthy pace of 22.6% yoy, aided
by a robust growth of 23.4% and 21.6% yoy in savings deposits and current
deposits, respectively. Overall, the reported NIM improved by 13bp qoq to 3.7%.
The bank registered robust growth in its non-interest income excluding treasury,
largely driven by a healthy growth in fee income from the Retail & SME segments.
On the asset quality front, slippages came in lower sequentially at `398cr,
compared to `541cr witnessed in 3QFY2013, however, slippages and fresh
restructuring, taken together amounted to ~`1,200cr during the quarter, higher
than the Managements guidance of around `1,000cr. Going forward, the
Management expects slippages and restructuring per quarter to remain at similar
levels for the next few quarters. Along with sequentially lower slippages, the bank
also reported sequentially higher recoveries and upgrades at `205cr, which
helped it to contain the sequential increase in its gross and net NPA levels, on an
absolute basis, to 5.2% and 3.7%, respectively. The gross and net NPA ratio
remained stable sequentially at 1.06% and 0.32%, respectively. The banks PCR
dipped by 200bp qoq to 79%. Of the total restructuring during the quarter
(`791cr), nearly `500cr came from Engineering and Iron & Steel. Its total
restructured book, as of 4QFY2013 stands at `4,368cr.
Outlook and valuation: Axis Bank is trading at 1.6x FY2015E ABV more than
50% discount to HDFC Bank vs an average discount of around 38% over the past
five years (which we believe over-discounts asset quality concerns). We remain
positive on the bank, owing to its attractive CASA franchise, multiple sources of
sustainable fee income and reasonable growth outlook. We maintain our Buy
recommendation, with a target price of `1,698.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
18,901
3.3
6,003
128.5 803.5
1.6
17.0
11.2
1.8
FY2015E
22,625
3.3
7,030
150.5 918.0
1.6
17.5
9.6
1.6
March
Result Preview
Hindustan Zinc (CMP: `114, TP: `140, Upside: 23%)
Hindustan Zinc is slated to announce its 4QFY2013 results today. The companys
top-line is expected to remain flat at `3,091cr mainly on account of flat zinc prices
in this quarter. EBITDA margin is expected to expand modestly by 25bp to 56.5%
in line with flat growth in top line. Its bottom-line is however expected to increase
by 17.0% yoy to `1,663cr due to higher other income. We maintain our Buy rating
on the stock with a target price of `140.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BVEV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2014E 13,759
50.8
6,908
16.3
19.7
7.0
1.3
2.8
1.4
FY2015E 14,506
50.4
7,231
17.1
17.7
6.7
1.1
2.0
1.0
Market Outlook
April 25, 2013
Idea Cellular (CMP: `115 / TP: - / Upside: -)

Idea Cellular is slated to announce its 4QFY2013 results today. We expect the
company to record revenue of `5,747cr, up 3.0% qoq. This is expected primarily
on the back of 0.5% qoq growth in ARPM to `0.41/min and marginal growth in
MOU to 386min. APRU is expected to increase by 1.0% qoq to `159/month.
EBITDA margin of the company is expected to decline by 36bp qoq to 26.7%. PAT
is expected at `248cr. We maintain Neutral rating on the stock.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
24,959
27.1
1,227
3.7
8.1
30.9
2.5
7.3
2.0
FY2015E
27,232
27.5
1,550
4.7
9.2
24.4
2.3
6.2
1.7
FAG Bearings (CMP: `1,359/ TP: `1,517/ Upside: 12%)

FAG Bearings is set to announce its 1QCY2013 results today. We expect the
company to post a revenue decline of ~9% yoy to `329cr as the performance is
expected to be impacted by a slowdown in the automotive and industrial sectors
which are the primary drivers of the companys performance. On the operating
front, we expect the company to post a ~460bp yoy contraction in margins to
12.9% due to lower utilization levels and adverse currency movement. As a result,
net profit is expected to decline by ~34% yoy to `30cr. At `1,359, the stock is
trading at 10.8x CY2014E earnings. Currently, we have an Accumulate rating on
the stock with a target price of `1,517.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV EV/EBITDA EV/Sales
Dec.
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
(` cr)
(%)
CY2013E
1,567
16.0
176 105.8
18.4
12.9
2.2
7.5
1.1
CY2014E
1,805
16.6
210 126.4
18.6
10.8
1.8
5.9
0.9
Infotech Enterprises (CMP: `166/ TP: `196 / Upside: 18%)

Infotech Enterprises is slated to announce its 4QFY2013 results today. We expect
the company to post revenues of US$86mn, down 1.7% qoq. In rupee terms,
revenues are expected to come in at `475cr. EBITDA margin is expected to remain
flat qoq at 18.6%. PAT is expected to come in at `46cr. We maintain our Buy
rating on the stock with a target price of `196.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,994
18.1
224
20.1
13.8
8.4
1.2
2.8
0.5
FY2015E
2,039
18.5
242
21.8
13.1
7.7
1.0
2.2
0.4
Market Outlook
April 25, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Hindustan Zinc (25/04/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
3,577
3,094
16
3,140
14
EBITDA
1,824
1,659
10
1,494
22
51.0
53.6
1,817
1,413
29
1,613
13
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
567
771
(26)
417
36
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
5,816
5,273
10
5,572
EBITDA
34
1,473
EBITDA margin (%)

Net profit
47.6
IDBI Bank (25/04/2013)

Particulars (` cr)
Net profit
Idea Consolidated (25/04/2013)

Particulars (` cr)
1,548
1,155
EBITDA margin (%)
26.6
21.9
Net profit
269
190
26.4
42
229
18
Jindal Steel & Power Consolidated (25/04/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
5,328
5,465
-3
4,683
14
EBITDA
2,962
1,914
55
1,790
66
EBITDA margin (%)
55.6
35.0
Net profit
975
1,171
38.2
(17)
878
11
United Phosphorous Consolidated (25/04/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,412
2,119
14
2,255
EBITDA
433
387
12
404
EBITDA margin (%)
17.9
18.2
Net profit
210
211
(0)
177
19
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
17.9
Hero Moto Corp (26/04/2013)

Particulars (` cr)
Net sales
6,042
5,963
6,151
(2)
EBITDA
749
925
(19)
779
(4)
EBITDA margin (%)
12.4
15.5
Net profit
501
604
(17)
488
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,301
1,744
32
2,250
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
254
219
16
236
12.7
ICICI Bank (26/04/2013)

Particulars (` cr)
Net profit
LIC Housing Finance (26/04/2013)

Particulars (` cr)
Net profit
Market Outlook
April 25, 2013
Maruti Suzuki (26/04/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
12,747
11,525
11
10,957
16
1,154
729
58
891
29
EBITDA margin (%)
9.1
6.3
Net profit
713
640
12
501
42
2QSY13E
2QSY12
y-o-y (%)
1QSY13
q-o-q (%)
Net sales
EBITDA
8.1
Siemens India (26/04/2013)

Particulars (` cr)
Net sales
3,573
3,760
(5)
2,451
46
EBITDA
306
494
(38)
162
89
EBITDA margin (%)
8.6
13.1
Net profit
179
304
6.6
(41)
73
Economic and Political News
Lower inflation gives RBI greater space to cut rate: Rangarajan

Cancel coal blocks given since 1993: parliament panel
GDP growth in FY14 seen at 6.4%: PMEAC
Bengal raises taxes on cigarettes to fund relief for Saradha depositors
Corporate News
Marico case against Adani Wilmar's Fortune oil dismissed

Union Bank raises USD 350mn from bond sale in Hong Kong
Etihad checks into Jet with 24% stake
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
145
Market Outlook
April 25, 2013
Result Calendar
Date
Company
April 26, 2013
Hind. Zinc, Jindal Steel, Idea Cellular, IDBI Bank, United Phosphorus, Rallis, FAG Bearings, Infotech Enterprises,
Vesuvius India, Abbott India, Cera Sanitaryware Ltd
ICICI Bank, Hero Motocorp, Maruti, Siemens, LIC Housing Fin., Vijaya Bank, Goodyear
April 27, 2013
Sesa Goa, Federal Bank
April 29, 2013
Sterlite Inds, Bosch India, Exide Industries, IOB, Areva, Hexaware, Bank of Maharashtra, KPIT Cummins
April 30, 2013
Dabur India, Godrej Consumer, Petronet LNG, Marico, Aventis, TVS Motor, Finolex Cables, Taj GVK
May 01, 2013
May 03, 2013
IDFC, GlaxoSmith Con

Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,
Automotive Axle
Ambuja Cements, ACC, Titan Inds.
May 04, 2013
Grasim Inds
April 25, 2013
May 02, 2013
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
April 25, 2013
2:00PM
UK
GDP (YoY)
% Change
1Q A
0.20
0.40
6:00PM
US
Initial Jobless claims
Thousands
Apr 20
352.00
350.00
April 26, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q A
0.40
3.00
April 29, 2013
2:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Apr F
(22.30)
(22.30)
April 30, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
Apr
13.00
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Apr
59.70
60.25
2:00PM
UK
PMI Manufacturing
Value
Apr
48.30
--
6:30AM
China
PMI Manufacturing
Value
Apr
50.90
50.90
11:30PM
US
FOMC rate decision
1:25PM
Germany PMI Manufacturing
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
11:00AM
11:00AM
May 1, 2013
May 2, 2013
May 1
0.25
--
Value
Apr F
47.90
--
May 2
0.75
0.50
Thousands
Apr
88.00
150.00
Unnemployment rate
Apr
7.60
7.60
India
RBI Repo rate
May 3
7.50
7.25
India
RBI Cash Reserve ratio
May 3
4.00
4.00
11:00AM
India
RBI Reverse Repo rate
May 3
6.50
6.25
May 6, 2013
1:25PM
Germany PMI Services
Value
Apr F
49.20
--
May 8, 2013
4:29PM
China
Exports YoY%
% Change
Apr
10.00
--
May 9, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Mar
(2.20)
--
4:30PM
UK
BOE Announces rates
% Ratio
May 9
0.50
0.50
7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
2.10
--
May 3, 2013
Market Outlook
April 25, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
4.0
7.5
7.6
7.5
Jan-13
Apr-12
(0.5)
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.6
(1.0)
Source: MOSPI, Angel Research
(%)
7.5
(0.7)
(2.0)
(2.8)
Mar-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(4.0)
(1.3)
Dec-12
(0.1)
(2.0)
Exhibit 3: Monthly WPI inflation trends
8.0
7.0
6.0
5.0
4.0
0.6
Nov-12
4.5
Oct-12
5.3 5.5 5.3
2.4
2.0
Sep-12
6.0
Aug-12
5.7
2.5
2.0
Jul-12
6.5
Jun-12
7.6
7.5
8.2
Feb-13
9.2
8.5
Source: CSO, Angel Research
9.0
8.4
8.0
May-12
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
8.0
8.1
7.3
7.2
7.3
6.6
Services PMI
56.0
6.8
6.0
54.0
52.0
3.0
2.0
1.0
0.0
Source: MOSPI, Angel Research
(%)
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
7.50
8.00
15.0
7.00
6.50
6.00
4.00
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: RBI, Angel Research
Mar-13
4.00
3.00
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.00
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
0.0
(15.0)
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

30.0
48.0
Feb-12
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Market Outlook
April 25, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
126
2,444
1,466
1,686
14.8
14.8
7.0
8.1
18.0
15.5
3.8
3.3
22.6
22.5
1.8
1.5
United Phosphorus
Buy
129
170
5,712
8,421
9,263
16.5
16.5
15.0
17.0
8.6
7.6
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
271
326
4,632
3,418
3,892
15.1
14.9
19.8
21.7
13.7
12.5
3.3
2.7
27.1
23.7
1.4
1.2
Apollo Tyres
Accumulate
92
103
4,647
14,401
15,841
11.4
11.5
13.6
15.9
6.8
5.8
1.2
1.0
18.4
18.2
0.5
0.4
Ashok Leyland
Buy
23
27
6,053
13,833
16,192
9.6
9.7
2.0
2.7
11.6
8.6
1.9
1.7
12.1
15.2
0.5
0.4
Automotive Axle#
Accumulate
293
309
443
934
1,103
10.2
10.7
24.5
34.3
11.9
8.5
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Accumulate
1,804
2,014
52,206
22,552
25,498
18.6
18.6
117.9
134.3
15.3
13.4
5.5
4.4
40.2
36.6
1.9
1.6
Bharat Forge
Reduce
237
225
5,523
6,198
6,793
14.6
14.9
14.5
17.3
16.3
13.7
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
8,947
28,092
9,717
11,092
16.2
17.0
354.7
423.3
25.2
21.1
4.3
3.7
17.2
17.5
2.6
2.2
CEAT
Buy
103
155
353
5,403
6,057
8.3
8.3
36.4
41.3
2.8
2.5
0.4
0.4
15.3
16.6
0.2
0.2
Exide Industries
Accumulate
133
146
11,263
7,026
8,027
14.2
14.2
7.7
8.9
17.2
15.0
2.9
2.5
18.0
17.9
1.3
1.1
FAG Bearings*
Buy
1,359
1,569
2,258
1,619
1,879
16.0
16.6
108.6
130.7
12.5
10.4
2.2
1.8
18.8
19.1
1.2
1.0
Hero Motocorp
Buy
1,572
1,824
31,392
25,351
28,047
13.9
13.8
104.1
140.3
15.1
11.2
5.1
4.0
36.7
40.4
1.0
0.9
JK Tyre
Buy
115
154
472
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.6
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate

Maruti
Neutral
Motherson Sumi
Buy
Subros
Accumulate
Tata Motors
Buy
TVS Motor
Accumulate
885
1,006
54,331
44,550
50,260
11.4
11.7
59.6
68.3
14.9
13.0
3.1
2.6
22.3
21.6
1.0
0.8
1,536
44,377
48,078
55,133
9.1
9.3
87.4
102.9
17.6
14.9
2.3
2.0
14.1
14.6
0.8
0.6
184
222
10,796
28,442
31,493
7.5
7.8
12.5
14.8
14.7
12.4
3.6
2.9
27.5
25.8
0.5
0.5
27
30
161
1,479
1,685
10.0
9.9
5.5
7.5
4.9
3.6
0.5
0.5
11.1
13.7
0.4
0.3
281
324
75,008 206,341 227,695
12.8
13.5
32.3
39.0
8.7
7.2
1.8
1.5
23.1
23.2
0.4
0.4
36
40
1,715
7,714
8,532
6.1
6.3
4.8
5.8
7.5
6.3
1.2
1.0
16.5
17.5
0.2
0.1
Capital Goods
ABB*
Reduce
509
452
10,777
8,073
9,052
5.5
7.2
11.3
17.4
45.1
29.3
3.9
3.6
8.9
12.8
1.3
1.2
BGR Energy
Neutral
191
1,378
4,114
4,886
11.4
10.7
24.9
28.0
7.7
6.8
1.0
0.9
25.2
22.6
0.6
0.6
BHEL
Neutral
189
46,260
43,757
40,934
17.3
16.9
20.9
19.0
9.1
10.0
2.0
1.8
23.7
18.8
0.9
0.9
Blue Star
Buy
163
230
1,468
2,896
3,087
5.6
6.2
9.3
11.7
17.5
13.9
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
94
117
6,043
13,790
15,095
6.4
7.4
6.9
9.4
13.7
10.1
1.5
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Accumulate
30
34
244
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
54
67
1,399
7,750
8,631
6.8
7.0
7.7
9.2
7.1
5.9
1.0
0.9
20.8
20.8
0.3
0.3
Thermax
Neutral
577
6,870
5,931
6,592
9.6
9.7
31.0
34.3
18.6
16.8
3.2
2.8
18.6
17.9
1.0
0.9
1,215
1,361
22,809
12,182
13,435
21.0
22.4
78.7
98.8
15.5
12.3
2.8
2.5
19.0
21.4
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
April 25, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
186
28,695
10,681
11,991
25.0
25.5
10.8
12.8
17.2
14.6
3.0
2.7
18.1
19.4
2.2
1.8
India Cements
Neutral
82
2,508
4,777
5,276
17.3
17.1
8.8
10.9
9.3
7.5
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
90
143
1,062
2,313
2,728
19.8
20.7
16.6
23.1
5.5
3.9
0.7
0.6
13.6
16.5
1.0
0.8
Madras Cements
Neutral
233
5,533
4,293
4,855
27.4
28.6
21.8
28.2
10.7
8.2
1.9
1.6
19.6
21.3
1.8
1.4
Shree Cement^
Neutral
4,360
15,189
6,706
7,751
28.7
27.7
338.2
375.5
12.9
11.6
3.3
2.6
28.5
25.2
1.6
1.2
UltraTech Cement
Neutral
1,864
51,117
22,456
25,445
23.2
23.5
103.5
122.8
18.0
15.2
2.9
2.5
17.5
17.9
2.3
2.0
187
272
985
2,013
2,293
22.5
22.5
26.0
24.4
7.2
7.7
0.8
0.7
11.7
9.9
2.1
1.9
12
215
2,281
2,492
5.9
6.9
0.7
2.0
17.0
5.8
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
118
167
3,917
4,152
4,624
44.4
45.0
17.0
17.2
7.0
6.8
1.1
0.9
16.2
14.6
3.3
3.4
ITNL
Buy
182
230
3,535
7,177
7,772
27.4
28.9
29.4
32.4
6.2
5.6
1.0
0.8
16.5
15.9
2.7
2.7
IVRCL Infra
Buy
21
35
632
6,287
6,836
8.5
8.5
2.3
3.0
8.8
6.8
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
78
95
17,364
14,914
15,699
26.2
26.4
4.2
4.4
18.7
18.0
1.2
1.2
6.8
6.6
2.5
2.4
Larsen & Toubro
Buy
1,504
1,795
92,589
69,586
79,247
11.2
11.1
75.1
84.9
20.0
17.7
2.9
2.5
15.2
15.0
1.5
1.4
Nagarjuna Const.
Buy
34
45
860
6,576
7,264
8.2
8.3
4.1
4.8
8.2
7.0
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
53
1,757
1,338
1,542
10.2
10.2
3.0
4.8
17.9
11.2
0.6
0.6
3.4
5.2
5.5
5.3
Sadbhav Engg.
Buy
114
153
1,722
2,511
2,736
10.6
10.6
7.3
7.8
15.7
14.6
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
118
164
582
6,824
7,563
9.2
9.4
18.0
23.4
6.5
5.0
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
32
45
237
2,455
2,734
13.4
13.0
14.6
14.9
2.2
2.2
0.3
0.2
12.3
11.3
0.5
0.5
137
155
6,868
7,137
7,907
2.9
2.8
32.3
36.0
4.3
3.8
0.6
0.5
14.2
14.2
93
5,224
5,285
5,937
3.0
2.9
21.2
23.4
4.4
4.0
0.6
0.6
13.4
13.4
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,444
1,698
67,563
18,901
22,625
3.3
3.3
128.5
150.5
11.2
9.6
1.8
1.6
17.0
17.5
Bank of Baroda
Buy
692
815
29,164
16,318
18,682
2.4
2.4
121.4
144.6
5.7
4.8
0.8
0.7
15.2
16.0
Bank of India
Accumulate
335
360
19,972
14,284
16,295
2.3
2.3
55.9
68.4
6.0
4.9
0.9
0.7
13.9
15.2
Bank of Maharashtra
Accumulate
50
56
3,317
4,289
4,670
2.9
2.8
11.6
13.1
4.3
3.8
0.6
0.6
15.7
15.6
Canara Bank
Accumulate
437
461
19,350
11,673
13,208
2.3
2.3
74.8
85.8
5.8
5.1
0.8
0.7
13.7
14.1
Central Bank
Neutral
70
7,281
8,079
9,086
2.6
2.6
14.9
18.0
4.7
3.9
0.7
0.6
12.2
13.3
Corporation Bank
Buy
378
453
5,784
5,397
5,973
2.2
2.2
96.3
105.9
3.9
3.6
0.6
0.5
14.6
14.4
Dena Bank
Accumulate
95
101
3,327
3,334
3,700
2.7
2.7
23.6
26.5
4.0
3.6
0.6
0.5
15.5
15.3
Federal Bank
Neutral
451
7,708
2,916
3,389
3.3
3.3
50.1
59.4
9.0
7.6
1.1
1.0
12.8
13.7
Market Outlook
April 25, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
839
129,660
8,928
10,684
3.7
3.7
38.4
45.3
21.9
18.5
4.7
4.2
32.5
32.4
HDFC Bank
Neutral
689
164,087
26,559
32,720
4.4
4.4
35.5
42.5
19.4
16.2
3.9
3.3
21.7
22.0
ICICI Bank
Accumulate
1,162
1,306
134,014
26,371
31,618
3.0
3.0
84.1
96.7
13.8
12.0
1.9
1.7
15.8
16.5
IDBI Bank
Accumulate
87
96
11,602
9,309
10,541
2.1
2.2
20.1
23.4
4.3
3.7
0.5
0.5
12.8
13.5
Indian Bank
Buy
166
200
7,117
6,276
6,968
3.1
3.1
38.3
42.3
4.3
3.9
0.6
0.6
15.2
14.9
IOB
Buy
67
78
6,219
8,205
9,048
2.6
2.5
16.4
20.3
4.1
3.3
0.5
0.4
11.6
13.1
J & K Bank
Neutral
1,279
6,199
3,032
3,118
3.8
3.5
218.1
200.9
5.9
6.4
1.1
1.0
19.9
16.0
LIC Housing Finance
Accumulate
233
253
11,736
2,127
2,498
2.2
2.2
25.1
28.2
9.3
8.2
1.6
1.4
18.3
17.9
Oriental Bank
Neutral
280
8,166
6,791
7,478
2.7
2.7
56.7
63.4
4.9
4.4
0.6
0.6
12.9
13.1
Punjab Natl.Bank
Accumulate
778
889
27,516
21,161
24,166
3.3
3.3
153.4
176.4
5.1
4.4
0.8
0.7
16.1
16.3
South Ind.Bank
Neutral
24
3,172
1,826
2,081
3.0
2.9
4.0
4.5
5.9
5.3
1.0
0.9
17.6
17.1
St Bk of India
Accumulate
2,287
2,567
156,415
67,091
76,746
3.2
3.1
241.2
280.4
9.5
8.2
1.5
1.3
16.5
17.0
Syndicate Bank
Accumulate
119
130
7,163
7,340
8,212
2.9
2.8
26.4
28.7
4.5
4.2
0.7
0.6
15.8
15.2
UCO Bank
Neutral
66
4,960
6,126
6,665
2.6
2.5
12.2
14.4
5.4
4.6
0.8
0.7
11.8
12.6
Union Bank
Accumulate
237
264
14,171
11,226
12,769
2.7
2.7
41.0
47.8
5.8
5.0
0.8
0.7
14.8
15.4
United Bank
Accumulate
60
68
2,256
3,597
4,008
2.6
2.7
16.0
20.8
3.8
2.9
0.5
0.4
12.5
14.7
Vijaya Bank
Neutral
52
2,599
2,600
2,946
2.0
2.1
9.7
11.0
5.4
4.8
0.6
0.6
11.4
11.7
Yes Bank
Neutral
495
17,743
4,260
5,344
3.0
3.0
42.1
50.2
11.8
9.9
2.5
2.1
23.3
22.9
Asian Paints
Neutral
4,649
44,591
13,319
15,805
15.7
15.7
143.8
170.2
32.3
27.3
10.1
8.0
35.1
32.7
3.3
2.7
Britannia
Neutral
556
6,647
6,417
7,446
5.1
5.5
20.3
25.2
27.5
22.1
9.3
7.4
37.4
37.3
0.9
0.8
Colgate
Neutral
1,383
18,806
3,588
4,130
21.1
21.6
44.7
51.9
30.9
26.7
27.8
20.7
100.0
89.1
5.0
4.3
Dabur India
Neutral
142
24,802
7,183
8,340
16.8
16.8
5.4
6.3
26.3
22.5
10.3
8.0
43.9
39.9
3.4
2.9
GlaxoSmith Con*
Neutral
3,668
15,428
3,617
4,260
16.1
16.4
120.6
146.4
30.4
25.1
9.4
7.6
33.8
33.4
3.9
3.3
Godrej Consumer
Neutral
844
28,724
7,801
9,017
17.0
17.0
26.5
31.9
31.8
26.5
7.2
5.9
26.5
25.9
3.8
3.2
HUL
Neutral
480
103,734
28,974
32,970
13.5
13.5
17.0
18.1
28.3
26.5
18.0
13.5
74.3
58.3
3.4
2.9
ITC
Neutral
317
250,804
33,506
39,067
36.8
37.0
11.1
13.0
28.6
24.5
9.3
7.6
35.5
34.1
7.1
6.1
Marico
Neutral
216
13,924
5,352
6,204
14.0
14.0
7.9
9.8
27.3
22.1
5.6
4.6
22.8
22.9
2.6
2.2
Nestle*
Neutral
4,664
44,963
9,739
11,307
21.5
22.2
131.6
159.9
35.4
29.2
17.9
12.8
58.8
69.5
4.5
3.9
Tata Global
Neutral
138
8,556
7,998
8,798
9.7
9.8
7.9
8.7
17.5
15.9
2.1
2.0
9.6
9.8
1.0
0.9
FMCG
Market Outlook
April 25, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
733
863
50,991
28,633
32,216
21.5
20.7
57.3
61.7
12.8
11.9
3.0
2.5
24.0
21.5
1.6
1.4
Hexaware*
Buy
86
105
2,567
2,137
2,350
18.8
19.2
10.4
11.7
8.3
7.4
1.8
1.6
22.6
22.1
1.0
0.9
Infosys
Accumulate
2,262
2,465
129,898
43,338
47,244
27.5
27.7
169.4
182.6
13.4
12.4
2.8
2.4
20.8
19.3
2.3
2.0
Infotech Enterprises
Buy
169
196
1,882
1,994
2,039
18.1
18.5
20.2
21.8
8.4
7.7
1.2
1.0
13.8
13.1
0.5
0.4
KPIT Cummins
Buy
95
130
1,828
2,458
2,729
15.5
15.2
13.1
14.5
7.3
6.5
1.5
1.2
20.9
18.8
0.6
0.5
Mahindra Satyam
Buy
107
143
12,544
8,456
9,385
19.3
19.1
10.6
11.9
10.1
9.0
2.3
1.8
22.4
20.1
1.0
0.8
Mindtree
Accumulate
828
926
3,439
2,587
2,823
19.4
19.4
87.2
92.6
9.5
8.9
2.0
1.7
21.8
18.8
1.0
0.8
Mphasis&
Accumulate
373
395
7,833
6,096
6,646
17.6
17.4
38.1
41.6
9.8
9.0
1.4
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
23
30
383
1,144
1,267
9.0
9.1
4.3
5.4
5.4
4.3
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
552
602
2,210
1,433
1,591
24.7
24.6
55.5
60.2
10.0
9.2
1.8
1.5
18.4
16.8
1.2
0.9
TCS
Accumulate
1,430
1,585
279,804
71,833
81,893
28.4
28.0
78.5
88.0
18.2
16.2
5.5
4.5
30.2
27.9
3.7
3.2
Tech Mahindra
Buy
925
1,230
11,847
7,699
8,315
19.3
18.1
107.0
115.0
8.6
8.0
1.9
1.5
21.7
19.1
1.5
1.3
Wipro
Accumulate
343
385
84,417
40,173
43,697
20.4
20.6
26.2
28.5
13.1
12.0
2.6
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
227
272
4,170
1,787
1,974
25.4
26.4
14.5
16.9
15.6
13.5
3.3
2.8
22.4
22.2
2.2
1.9
HT Media
Accumulate
103
117
2,416
2,205
2,380
15.1
15.6
8.0
9.1
12.9
11.4
1.4
1.2
11.2
11.4
0.7
0.6
Jagran Prakashan
Buy
89
121
2,944
1,698
1,908
23.9
24.5
7.4
8.4
12.0
10.6
3.0
2.7
26.7
26.8
1.8
1.6
PVR
Neutral
325
1,286
1,343
1,521
18.8
18.9
18.3
22.9
17.7
14.2
1.7
1.8
10.6
12.3
1.0
0.8
Sun TV Network
Neutral
402
15,858
2,293
2,571
68.7
68.7
19.3
22.7
20.8
17.7
5.1
4.5
26.1
27.3
6.4
5.5
Bhushan Steel
Neutral
456
10,325
13,794
17,335
30.7
34.8
48.9
83.6
9.3
5.5
1.0
0.8
11.2
16.7
2.4
1.9
Coal India
Accumulate
312
345
196,786
72,174
76,311
33.3
28.4
28.4
30.9
11.0
10.1
3.0
2.6
37.6
36.2
1.9
1.7
Electrosteel Castings
Buy
17
26
578
2,074
2,176
10.4
11.3
1.9
2.3
8.8
7.3
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
149
213
4,735
1,944
2,317
49.9
51.7
20.8
25.6
7.2
5.8
1.6
1.3
24.3
24.6
2.0
1.5
Hind. Zinc
Buy
114
140
48,148
13,759
14,506
50.8
50.4
16.4
17.1
7.0
6.7
1.3
1.1
19.7
17.7
1.4
1.0
Hindalco
Neutral
96
18,447
88,987
94,163
9.2
9.7
13.8
15.9
7.0
6.1
0.5
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
725
16,177
39,524
42,064
17.1
16.9
71.8
86.3
10.1
8.4
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Neutral
232
3,894
954
1,062
45.5
47.4
26.1
29.1
8.9
8.0
1.3
1.2
15.1
15.2
1.6
1.3
Monnet Ispat
Buy
199
291
1,269
2,883
3,181
21.7
23.6
40.3
57.7
4.9
3.5
0.5
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
35
8,982
8,187
8,416
14.5
14.7
3.2
3.3
10.9
10.7
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
129
179
51,244
10,329
12,540
73.8
75.0
16.6
19.0
7.8
6.8
1.5
1.3
20.6
20.2
2.8
2.2
Media
Metals & Mining
Market Outlook
April 25, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
63
25,834
53,685
151
163
13,145
3,742
29,591
45,864
OPM(%)
EPS ( )
FY14E
FY15E
64,183
9.3
12.2
4,426
32.9
32.8
46,970
23.8
25.3
29,967 141,775 151,672
10.5
11.4
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
5.5
8.3
11.4
7.6
0.6
0.6
31.3
31.2
4.8
4.9
0.7
0.6
18.8
20.9
4.7
4.2
0.5
0.5
35.3
51.7
8.8
6.0
0.6
0.6
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
5.4
7.7
0.8
0.8
14.8
12.9
4.3
3.5
11.7
11.8
0.6
0.5
7.6
10.3
0.5
0.5
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
88
98
Tata Steel
Buy
309
430
Sarda
Buy
106
153
379
1,494
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
501
2,668
2,834
10.0
10.1
4.6
5.2
8.0
7.2
0.2
0.2
3.2
3.4
0.5
0.5
Buy
85
118
277
2,425
2,552
13.7
14.8
33.5
45.3
2.5
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
289
345
55,178
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.8
16.5
13.6
2.0
1.7
GAIL
Neutral
331
41,936
55,815
63,013
15.3
15.2
35.9
41.5
9.2
8.0
1.5
1.3
17.0
17.1
0.6
0.5
ONGC
Accumulate
327
354
279,465 157,962 175,367
35.1
36.2
34.3
39.3
9.5
8.3
1.6
1.5
18.2
18.6
1.5
1.4
Reliance Industries
Neutral
804
259,455 380,031 407,721
9.9
69.3
69.3
78.0
11.6
10.3
1.2
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
249
3,192
3,707
3,850
11.7
12.4
23.7
25.7
10.5
9.7
2.9
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
296
4,149
3,700
4,218
23.4
22.8
26.6
30.4
11.1
9.7
2.3
1.9
22.6
21.7
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
135
174
10,121
41,362
40,852
5.8
6.5
15.6
17.4
8.7
7.8
1.9
1.6
24.1
22.5
0.3
0.3
69
3,863
1,079
983
91.8
91.9
8.8
7.8
7.9
8.8
1.3
1.2
17.8
14.1
3.3
3.6
Alembic Pharma
Accumulate
111
122
2,093
1,714
1,976
17.1
19.0
9.5
12.2
11.7
9.1
3.1
2.4
30.2
29.8
1.3
1.1
Aurobindo Pharma
Buy
188
264
5,485
6,279
7,033
16.0
16.0
15.2
19.2
12.4
9.8
1.6
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,586
5,955
1,682
1,917
16.6
16.6
92.4
99.1
28.0
26.1
3.9
3.9
15.7
14.8
3.2
2.6
Cadila Healthcare
Buy
771
962
15,793
7,386
8,863
18.0
18.0
39.5
48.1
19.5
16.0
4.4
3.6
24.8
24.7
2.4
2.0
Cipla
Buy
397
463
31,844
9,130
10,543
24.8
23.0
21.6
23.2
18.4
17.1
3.0
2.6
17.6
16.2
3.2
2.7
Dr Reddy's
Accumulate
1,903
2,078
32,304
11,662
13,101
21.0
20.8
92.9
103.9
20.5
18.3
3.9
3.3
20.8
19.6
2.9
2.6
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
69
206
560
1,536
1,739
20.2
20.9
15.4
20.6
4.5
3.4
0.5
0.4
11.6
13.7
1.0
0.8
2,198
18,615
2,993
3,319
30.4
30.2
78.1
86.7
28.1
25.4
8.5
7.7
31.6
31.9
5.4
4.8
Buy
63
90
576
784
902
15.2
15.2
7.8
9.0
8.0
7.0
1.2
1.0
15.6
15.8
0.9
0.8
Ipca labs
Buy
512
676
6,459
3,474
4,168
21.0
21.0
37.3
45.1
13.7
11.4
3.2
2.6
26.4
25.3
2.0
1.7
Lupin
Buy
681
792
30,457
11,564
13,847
21.1
21.1
32.8
39.6
20.8
17.2
4.8
3.8
25.7
24.7
2.7
2.2
Ranbaxy*
Neutral
459
19,412
11,400
12,060
12.5
12.5
21.6
22.5
21.2
20.4
4.1
3.5
20.6
18.5
1.6
1.5
Sun Pharma
Reduce
950
888
98,270
12,563
14,698
42.6
42.6
29.8
35.5
31.9
26.8
5.7
4.8
19.2
19.3
7.2
6.0
72
78
1,092
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
April 25, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Accumulate
149
163
122,940
81,951
92,264
24.1
24.3
13.6
14.9
11.0
10.0
1.4
1.3
13.0
13.1
2.2
2.1
DLF
Buy
247
288
41,933
9,699
12,010
37.0
36.9
6.0
8.4
41.4
29.4
1.5
1.5
3.8
5.1
5.7
4.7
MLIFE
Accumulate
390
446
1,594
888
1,002
26.7
25.9
36.3
40.6
10.8
9.6
1.2
1.1
10.8
11.0
2.0
1.8
Bharti Airtel
Accumulate
299
325
113,717
86,933
96,121
30.2
31.2
10.3
15.7
29.1
19.1
2.0
1.9
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
115
38,065
24,959
27,232
27.1
27.5
3.7
4.7
30.9
24.4
2.5
2.3
8.1
9.2
1.9
1.7
Rcom
Neutral
95
19,505
22,221
24,253
32.0
32.2
4.3
6.4
21.8
14.7
0.5
0.5
2.4
3.4
2.4
2.1
13.1
13.5
79.0
90.8
17.4
15.2
3.8
3.2
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,375
1,634
2,922
1,926
2,152
Bajaj Electricals
Buy
174
237
1,733
3,929
4,480
7.4
7.7
15.5
19.7
11.2
8.8
2.0
1.6
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
445
620
563
596
743
16.2
16.1
45.0
56.3
9.9
7.9
2.4
1.9
27.8
26.9
1.0
0.8
Cravatex
Buy
325
566
84
308
351
7.0
7.0
39.6
47.2
8.2
6.9
1.8
1.4
21.8
21.0
0.3
0.3
Finolex Cables
Buy
50
68
763
2,559
2,893
9.8
9.8
9.8
11.3
5.1
4.4
0.7
0.6
14.1
14.1
0.2
0.2
Force Motors
Buy
369
570
481
2,299
2,621
4.7
4.9
46.3
57.0
8.0
6.5
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
249
304
575
1,559
1,676
7.1
7.4
27.5
30.5
9.1
8.2
1.5
1.3
16.9
16.7
0.2
0.1
Hitachi
Buy
127
177
346
1,053
1,169
6.3
7.1
13.8
17.7
9.2
7.2
1.3
1.1
15.0
16.7
0.4
0.3
Honeywell Automation* Buy
2,443
2,842
2,160
2,117
2,491
8.1
7.8
137.9
157.9
17.7
15.5
2.6
2.3
16.0
15.8
0.9
0.8
IFB Agro
Buy
167
198
150
495
651
12.7
12.9
29.3
39.5
5.7
4.2
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
182
238
210
1,430
1,573
12.1
12.2
21.8
30.6
8.4
6.0
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
174
2,803
979
1,164
14.9
15.1
6.0
7.7
28.9
22.6
3.6
3.3
12.9
15.1
3.0
2.5
MRF
Neutral
13,820
5,861
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.7
7.7
1.6
1.4
23.5
19.2
0.6
0.5
Page Industries
Neutral
3,539
3,948
1,047
1,281
19.6
19.8
127.3
158.1
27.8
22.4
13.3
9.7
54.9
50.0
3.9
3.2
Relaxo Footwears
Buy
565
786
678
1,148
1,360
11.7
11.9
55.5
71.4
10.2
7.9
2.4
1.8
26.3
26.2
0.7
0.6
Siyaram Silk Mills
Buy
240
312
225
1,157
1,320
11.9
12.0
66.6
77.9
3.6
3.1
0.6
0.5
18.3
18.2
0.4
0.4
S. Kumars Nationwide
Neutral
257
6,765
7,393
18.1
18.0
6.4
7.5
1.3
1.2
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Buy
501
744
881
1,069
1,223
9.7
9.7
40.0
46.5
12.5
10.8
1.8
1.5
15.1
15.3
0.8
0.7
TAJ GVK
Buy
64
108
400
300
319
35.8
36.2
7.9
9.1
8.1
7.0
1.1
1.0
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
298
371
459
814
849
17.0
17.6
64.6
69.2
4.6
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Buy
453
553
352
435
516
6.2
7.1
24.3
33.3
18.6
13.6
3.1
2.6
17.6
20.8
0.6
0.5
Tree House
Accumulate
260
275
936
150
192
52.7
52.5
12.8
16.2
20.3
16.1
2.0
1.8
10.0
11.1
5.8
4.4
TVS Srichakra
Buy
182
226
139
1,591
1,739
7.1
7.4
39.4
56.5
4.6
3.2
0.9
0.7
20.6
25.0
0.3
0.3
Market Outlook
April 25, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Others
United Spirits
Neutral
2,099
27,450
11,886
13,491
14.4
14.0
50.9
74.5
41.2
28.2
3.4
3.0
10.6
11.4
2.6
2.3
Vesuvius India*
Neutral
351
712
591
623
17.5
17.2
29.0
29.6
12.1
11.9
1.8
1.6
16.0
14.5
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 23, 2013
Market Outlook
April 25, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

April 25, 2013

Meanwhile, Indian markets were closed yesterday on account of a holiday. On

OIL & GAS

FII Derivatives (April 23, 2013)

Indiabulls Real Est

Jet Air India

Net Inflows (April 18, 2013)

Refer detailed news analysis on the following page

Bharti Airtel, Reliance Jio Sign Pact for International Data

Bharti Airtel buys Warid Telecom Uganda, ups Africa reach

Jet Airways announces strategic alliance with Etihad

Axis Bank - (CMP: `1,444 / TP: `1,698 / Upside: 18%)

Idea Cellular (CMP: `115 / TP: - / Upside: -)

FAG Bearings (CMP: `1,359/ TP: `1,517/ Upside: 12%)

P/BV EV/EBITDA EV/Sales

Infotech Enterprises (CMP: `166/ TP: `196 / Upside: 18%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

IDBI Bank (25/04/2013)

Idea Consolidated (25/04/2013)

EBITDA margin (%)

Jindal Steel & Power Consolidated (25/04/2013)

EBITDA margin (%)

United Phosphorous Consolidated (25/04/2013)

EBITDA margin (%)

Hero Moto Corp (26/04/2013)

EBITDA margin (%)

ICICI Bank (26/04/2013)

LIC Housing Finance (26/04/2013)

Maruti Suzuki (26/04/2013)

EBITDA margin (%)

Siemens India (26/04/2013)

EBITDA margin (%)

Economic and Political News

Lower inflation gives RBI greater space to cut rate: Rangarajan

Marico case against Adani Wilmar's Fortune oil dismissed

April 26, 2013

April 27, 2013

Sesa Goa, Federal Bank

April 29, 2013

April 30, 2013

May 01, 2013

May 03, 2013

IDFC, GlaxoSmith Con

May 04, 2013

April 25, 2013

May 02, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

April 25, 2013

Initial Jobless claims

April 26, 2013

GDP Qoq (Annualised)

April 29, 2013

Euro Zone Euro-Zone Consumer Confidence

April 30, 2013

Germany Unemployment change (000's)

FOMC rate decision

Germany PMI Manufacturing

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls