Beruflich Dokumente
Kultur Dokumente
Dealers Diary
Indian markets are expected to open in the red tracking negative opening trades in
SGX Nifty and most of the other Asian markets.
Domestic Indices
BSE Sensex
(1.3)
The US markets turned in a relatively lackluster performance over the course of the
trading day on Tuesday before ending the session roughly flat. Lingering
uncertainty about the Federal Reserve contributed to the choppy trading on the
day. The Dow ended the day down 1.38 points to 15,521, while the S&P 500
inched up 0.63 points to 1,686. Meanwhile, The European markets ended
Tuesday's session in positive territory. Investor sentiment received a boost from the
better than expected German GfK consumer sentiment report and the continued
gains in Eurozone economic confidence. Investors were also confronted by a large
number of earnings reports on Tuesday, the results of which were mixed.
Nifty
(1.3)
(77)
5,755
MID CAP
(2.0)
(112)
5,592
SMALL CAP
(2.0)
(108)
5,361
BSE HC
(1.1)
(101)
9,046
BSE PSU
(3.1)
(174)
5,421
BANKEX
(1.3)
(151) 11,656
AUTO
(2.1)
(220) 10,469
METAL
(1.9)
(131)
6,722
(3.9)
(341)
8,421
Meanwhile, Indian shares fell sharply on Tuesday as the Reserve Bank of India (RBI)
left its key interest rates unchanged, but lowered its growth projection for 2013-14
to 5.5 percent from 5.7 percent. The Indian rupee slumped below the
psychological 60 mark against the dollar after the central bank sounded more
dovish, saying the time available now should be used with alacrity to institute
structural measures to bring the current account deficit down to sustainable levels.
The RBI didn't give a specific timeline for rolling back the recent liquidity tightening
measures.
BSE IT
0.9
66
7,363
Chg (%)
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 19,450/ 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 19,571 19,794 / 5,828 5,902 levels. However, if NIFTY trades below
19,450 / 5,788 levels for the first half-an-hour of trade then it may correct up to
19,227 19,106 / 5,715 5,674 levels.
Global Indices
Dow Jones
3,616
11
6,571
Nikkei
1.5
209 13,870
Hang Sang
0.5
104 21,954
Straits Times
0.3
3,245
Shanghai Com
0.7
14
1,990
Chg (%)
(Pts)
(Close)
(0.2)
(0.1)
$49.7
Indian ADR
INFY
WIT
0.8
0.1
$8.5
(3.5)
(1.2)
$33.0
(4.8)
(1.7)
$33.3
S1
PIVOT
R1
R2
19,227
19,450
19,571
19,794
HDB
NIFTY
5,674
5,715
5,788
5,828
5,902
Purch
Sales
Net
MTD
YTD
FII
MFs
2,171
326
2,381
684
(209)
(359)
(6,313)
(1,982)
64,993
(14,159)
Purch
1,733
1,756
Sales
2,592
1,910
Net
(859)
(154)
Open Interest
11,559
24,687
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Neyveli Lignite
Company
57
6.3
JPPOWER
230
4.4
400
Bharti Infratel
Wipro
www.angelbroking.com
Losers
Price (`)
chg (%)
11
(15.8)
Havells India
660
(12.6)
3.1
HPCL
199
(11.3)
149
2.8
TV18 Broadcast
17
(9.1)
420
2.8
BPCL
312
(8.4)
(1) 15,521
17
S2
(0.0)
0.2
19,106
(245) 19,348
0.5
SENSEX
(Close)
FTSE
Indices
(Pts)
NASDAQ
IBN
News Analysis
Chg (%)
Advances / Declines
BSE
NSE
Advances
677
295
1,593
1,022
140
70
Declines
Unchanged
Volumes (` cr)
BSE
1,753
NSE
10,265
Market Outlook
July 31, 2013
Policy outlook
Overall, we believe the RBIs recent stabilization measures signal a reversal from
the RBIs earlier stance of supporting growth until the INR is at a comfortable level.
We believe that in the near-term, coupled with the growth-inflation scenario,
developments on the CAD front and capital flows (which depend on global
liquidity) would continue determining the monetary policy stance. The calibrated
withdrawal of the RBIs tightening measures is conditional on forex stability, which
itself could be challenging in the near-term due to global and domestic factors
unless there are sharper measures from the government to address imports and
exports. We believe that with these measures likely to continue over the next 1-2
months, we might see transmission of higher-than-anticipated interest rates into
broader segments.
www.angelbroking.com
Market Outlook
July 31, 2013
Result Review
NTPC (CMP: `138/TP: `163 /Upside: 18.1%)
For 1QFY2014, NTPC reported mixed set of results. The companys top-line
declined by 2.2% yoy to `15,613cr (compared to our expectation of `16,519cr).
Generation revenues fell by 3% yoy to `15,711cr as power generation declined by
3.2% yoy to 57,007GWH.
However, EBITDA margin has beaten our expectations and street estimates,
expanding by 457bp yoy to 27.3% (our expectation of 24.1%). Consequently, net
profit came in almost flat yoy at `2,527cr (our expectation of `2,515cr). NTPC is
currently trading at relatively cheap valuations of 1.2x 2015E BV. We recommend
Buy rating on the stock.
Y/E
Sales
March
(` cr)
OPM
PAT
(%)
EPS
ROE
P/E
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E 76,734
24.5 11,039
13.4
12.8
10.3
1.3
8.9
2.2
FY2015E 86,680
24.3 11,933
14.5
12.7
9.5
1.2
8.5
2.1
www.angelbroking.com
Market Outlook
July 31, 2013
Y/E
Sales OPM
March
(` cr)
PAT
(%)
EPS ROE
(` cr)
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
13,377 20.4
4.1
14.6
3.0
FY2015E
15,350 20.1
3.4
12.8
2.6
Sales
OPM
PAT
EPS
(%)
(` cr)
(` cr)
ROE
P/E
P/BV
EV/EBITDA EV/tonne*
(`)
(%)
(x)
(x)
(x)
(US $)
FY2014E
6,607
27.8
13.4
3.3
5.9
130
FY2015E
7,520
25.6
11.5
2.7
4.6
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2014E 39,582
5.4
1,052
14.0
21.6
8.2
1.6
5.3
0.3
FY2015E 43,315
5.9
1,287
17.2
22.2
6.7
1.4
4.1
0.2
www.angelbroking.com
Market Outlook
July 31, 2013
The OPM came in at 19.9% lower than expectation of 20.8% and a yoy dip of
190bps. The adjusted net profit came in at `107cr a de-growth of 7.0% yoy. This
was just in line with the expectation of `109cr during the quarter. Higher other
income compensated the lower than expected operating profit during the period,
thus aiding the net profit to come in line with expectations. We maintain neutral on
the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
3,243 20.5
4.2
13.0
2.7
FY2015E
3,826 21.5
3.4
10.3
2.2
Sales OPM
Dec
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
CY2013E
1,682 16.6
3.6
17.3
2.9
CY2014E
1,917 16.6
3.6
14.1
2.3
Sales
OPM
March
(` cr)
(%)
FY2014E
1,776
FY2015E
2,124
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
52.7
653 19.9
23.3
4.7
1.0
2.3
1.2
52.6
776 23.6
23.0
3.9
0.8
1.6
0.8
(` cr)
www.angelbroking.com
Market Outlook
July 31, 2013
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS
ROE
P/E
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2014E
1,359 17.3
68
17.2
10.6
19.9
2.0
6.2
0.9
FY2015E
1,540 17.4
85
21.5
12.3
15.9
1.8
5.4
0.8
Sales OPM
March
(` cr)
PAT
EPS ROE
(`)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
761 15.3
56
6.1 12.9
9.8
1.3
6.4
1.0
FY2015E
922 15.3
72
7.8 14.7
7.7
1.1
5.5
0.8
Result Preview
Bharti Airtel (CMP: `321/ TP: -/ Upside: -)
Bharti Airtel is slated to announce its 1QFY2014 results today. We expect the
company to record revenue of `20,859cr, up 1.9% qoq. In domestic mobile
services, MOU as well as ARPM is expected to go up by ~1.0% qoq each to
460min and `0.43/min, respectively. Africa business is expected to post ~3% qoq
growth in revenues. Consolidated EBITDA margin of the company is expected to
inch up by 49bp qoq to 32.2%. PAT is expected to be at `780cr. We maintain our
Neutral view on the stock.
Y/E
March
Sales OPM
(` cr)
PAT
EPS ROE
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
85,489 31.9
3,883
10.2
7.2 31.4
2.3
6.6
2.1
FY2015E
94,229 31.9
5,553
14.6
9.4 22.0
2.1
5.7
1.8
www.angelbroking.com
Market Outlook
July 31, 2013
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
26,119
3.1
9,943
86.2 634.0
1.6
15.6
10.8
1.5
FY2015E
30,474
3.1 11,481
99.5 698.0
1.6
16.2
9.3
1.3
March
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
29,424 22.6
4,187
3.7
8.7
2.0
FY2015E
32,837 22.0
4,459
3.1
7.6
1.7
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,294
12.0
612 42.1
9.1
60.2
4.2
27.9
3.4
FY2015E
14,162
12.0
983 67.7
10.7
37.5
3.8
24.0
2.9
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
47,631
16.1
1,173 47.9
6.6
11.1
0.7
4.1
0.7
FY2015E
49,721
16.6
1,652 67.5
8.8
7.9
0.7
3.8
0.6
www.angelbroking.com
Market Outlook
July 31, 2013
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
28,442
7.5
736
12.5
27.5
15.9
3.9
7.3
0.5
FY2015E
31,493
7.8
869
14.8
25.8
13.5
3.1
6.3
0.5
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
1,394 22.5
3.0
0.3
3.9
0.9
FY2015E
1,534 22.4
2.7
0.3
3.2
0.7
Op. Inc
NIM
PAT
EPS
ABV
(`)
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,180
2.7
1,064
19.0 143.8
0.7
12.0
3.7
0.5
FY2015E
5,815
2.7
1,281
22.9 160.8
0.7
13.2
3.1
0.4
www.angelbroking.com
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
1,664
20.9
203 6.4
26.7
14.0
2.8
8.9
1.8
FY2015E
1,825
23.0
246 7.8
26.8
11.6
2.5
7.2
1.7
Market Outlook
July 31, 2013
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
21,264
19,350
9.9
20,460
3.9
6,700
6,009
11.5
6,501
3.1
31.5
31.1
Net profit
720
762
Net sales
EBITDA
31.8
(5.5)
509
41.5
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
6,772
5,919
14.4
6,451
5.0
EBITDA
1,560
1,301
19.9
1,439
8.4
23.0
22.0
1,061
854
24.2
1,044
1.6
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,233
1,815
23.0
2,304
(3.1)
22.3
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
10,525
9,902
6.3
9,898
6.3
1,654
1,909
(13.3)
1,733
(4.6)
15.7
19.3
Net profit
311
50
522.4
296
5.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
1,565
1,399
11.9
1,038
50.8
EBITDA
1,038
904
14.8
602
72.3
66.3
3.0
Net profit
649
670
(3.1)
583
11.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
EBITDA
17.5
NHPC (31/07/2013)
Particulars (` cr)
58.0
2,333
2,057
13.4
2,058
13.4
EBITDA
365
351
4.1
236
54.6
15.6
17.0
Net profit
140
145
(3.2)
56
150.7
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
863
774
11.5
772
11.8
EBITDA
608
632
(3.8)
640
(5.0)
70.5
81.7
Net profit
428
418
11.5
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83.0
2.3
491
(12.8)
Market Outlook
July 31, 2013
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,082
1,139
(5.0)
1,029
5.1
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,270
1,040
22.0
1,336
(4.9)
EBITDA
252
165
52.8
255
(1.0)
19.9
15.9
Net profit
151
78
92.9
167
(9.5)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
6,347
5,502
15.4
6,027
5.3
EBITDA
1,786
1,436
24.4
1,673
6.7
28.1
26.1
Net profit
395
234
68.6
308
28.0
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,264
1,241
1.8
1,128
12.0
EBITDA
213
232
(8.6)
194
9.6
16.8
18.7
Net profit
173
181
Net sales
19.1
27.8
17.2
(4.2)
189
(8.2)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,077
870
23.8
1,109
(2.9)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
5,776
4,878
18.4
4,985
15.9
EBITDA
1,884
1,595
18.1
1,392
35.3
32.6
32.7
Net profit
230
162
27.9
42.0
303
(24.1)
y-o-y (%)
4QFY13
q-o-q (%)
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1QFY14E
1QFY13
1,866
1,715
8.8
1,811
3.1
EBITDA
219
181
21.0
223
(2.1)
11.7
10.5
Net profit
105
78
12.3
34.9
96
9.4
Market Outlook
July 31, 2013
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,727
2,206
23.6
2,593
5.1
EBITDA
271
212
27.8
267
1.8
9.9
9.6
Net profit
188
156
20.6
185
1.7
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
636
512
24.4
789
(19.4)
Net sales
10.3
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
July 31, 2013
Result Calendar
Date
July 31, 2013
August 01, 2013
August 02, 2013
August 03, 2013
Company
Bharti Airtel, ICICI Bank, NHPC, HCL Tech, JSW Steel , United Spirits, Motherson Sumi, Andhra Bank, Jagran
Prakashan, Dishman Pharma, HSIL
J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Titan Inds., Adani Power, Rcom, Union
Bank, Cummins India, GlaxoSmith Con, Glenmark Pharma., Tata Global, Tree House
Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra
Coal India, BHEL, Grasim Inds, Canara Bank, Godrej Consumer, Divi's Lab., Oriental Bank, PTC India, Godawari
Ispat
Sarda Energy
ONGC, HPCL, Marico, Indraprasth Gas, Britannia, India Cements, Jyothy Laboratories
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
1:25PM
Thousands
Jul
(12.00)
--
6:00PM
US
% Change
2Q A
1.80
1.00
11:30PM
US
Jul 31
0.25
0.25
6:00PM
US
Thousands
Jul 27
343.00
345.00
1:25PM
Value
Jul F
50.30
50.30
6:30AM
China
PMI Manufacturing
Value
Jul
50.10
49.80
2:00PM
UK
PMI Manufacturing
4:30PM
UK
5:15PM
6:00PM
US
6:00PM
US
Unnemployment rate
August 5, 2013
1:25PM
August 6, 2013
2:00PM
UK
August 8, 2013
4:29PM
China
Exports YoY%
August 1, 2013
August 2, 2013
August 9, 2013
August 12, 2013
Value
Jul
52.50
52.80
% Ratio
Aug 1
0.50
0.50
Aug 1
0.50
0.50
Thousands
Jul
195.00
185.00
Jul
7.60
7.50
Value
Jul F
52.50
--
% Change
Jun
(2.30)
--
% Change
Jul
(3.10)
--
7:00AM
China
% Change
Jul
2.70
--
11:00AM
China
% Change
Jul
8.90
--
4:29PM
India
Imports YoY%
% Change
Jul
(0.37)
--
4:29PM
India
Exports YoY%
% Change
Jul
(4.60)
--
5:30PM
India
% Change
Jun
(1.60)
--
2:00PM
UK
CPI (YoY)
% Change
Jul
2.90
--
2:00PM
UK
% Change
Jul
(21.20)
--
11:30AM
% Change
2Q P
(1.40)
--
12:00PM
India
% Change
Jul
4.86
--
2:30PM
% Change
2Q A
(0.30)
--
6:00PM
US
% Change
Jul
0.80
--
Market Outlook
July 31, 2013
Macro watch
Exhibit1: Quarterly GDP trends
(%)
(%)
10.0
11.4
6.0
4.0
0.6
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
7.2
May-13
8.0
(1.6)
Apr-13
Jul-12
Jun-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
(1.0) (0.6)
(0.7)
(2.0)
Feb-13
(0.1)
(2.0)
Jan-13
4.7 4.8
9.0
1.9
2.0
Dec-12
6.0
3.4
2.5
2.0
Nov-12
6.5
Mar-13
7.5
Oct-12
9.2
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
7.3
7.3
7.3
Services PMI
56.0
7.0
6.0
5.7
4.8
5.0
4.7
4.9
4.0
54.0
52.0
(%)
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
15.0
Mar-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
48.0
Sep-12
50.0
1.0
0.0
Aug-12
2.0
Apr-12
3.0
(%)
9.00
CRR
8.00
7.00
6.00
www.angelbroking.com
4.00
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
3.00
Sep-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
5.00
Aug-12
(15.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
0.0
Market Outlook
July 31, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
142
2,763
1,674
1,923
13.7
13.7
6.8
7.6
20.9
18.7
3.9
3.5
20.0
19.6
1.8
1.6
United Phosphorus
Buy
137
225
6,084
10,091
11,302
16.5
16.5
19.2
22.5
7.2
6.1
1.1
1.0
17.0
17.2
0.7
0.6
Buy
243
285
4,148
3,418
3,892
14.5
14.5
18.5
20.4
13.1
11.9
3.2
2.6
26.6
23.8
1.2
1.0
Apollo Tyres
Neutral
68
3,427
13,852
15,487
11.4
11.5
12.8
14.9
5.3
4.6
0.9
0.7
17.5
17.3
0.4
0.4
Ashok Leyland
Buy
14
22
3,619
13,450
15,853
6.5
8.5
0.4
1.9
35.6
7.3
1.2
1.1
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
219
331
834
965
9.3
10.6
17.3
27.1
12.7
8.1
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,928
2,102
55,787
21,696
25,239
19.2
19.3
119.3
140.2
16.2
13.8
5.7
4.5
38.9
36.6
2.2
1.8
Bharat Forge
Neutral
200
4,648
6,198
6,793
14.6
14.9
14.5
17.3
13.7
11.5
1.8
1.6
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,902
27,953
9,821
11,394
17.0
17.3
373.5
438.7
23.8
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
120
170
412
5,325
5,974
8.4
8.3
40.8
48.5
3.0
2.5
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
126
148
10,702
6,899
7,873
14.7
14.7
7.9
9.0
15.9
13.9
2.7
2.4
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,365
2,269
1,336
1,572
13.8
16.0
75.6
102.4
18.1
13.3
2.3
2.0
13.4
15.8
1.5
1.2
Hero Motocorp
Accumulate
1,848
2,048
36,894
25,562
28,297
14.5
14.4
111.2
146.3
16.6
12.6
6.1
4.7
40.1
42.1
1.2
1.1
JK Tyre
Buy
98
154
403
7,972
8,754
7.1
7.1
37.5
44.0
2.6
2.2
0.4
0.3
16.4
16.6
0.3
0.3
897
1,103
55,242
45,254
51,197
11.4
11.7
61.2
70.2
14.7
12.8
3.1
2.6
22.7
21.9
1.0
0.8
1,342
1,648
40,553
45,862
52,647
11.2
11.1
94.6
109.9
14.2
12.2
1.9
1.7
14.4
14.6
0.7
0.6
199
222
11,719
28,442
31,493
7.5
7.8
12.5
14.8
15.9
13.5
3.9
3.1
27.5
25.8
0.6
0.5
Buy
20
23
117
1,230
1,398
10.5
10.5
2.3
3.8
8.4
5.1
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Buy
284
347
13.3
13.6
36.2
41.5
7.9
6.9
1.8
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
29
35
1,397
7,715
8,584
6.0
6.1
5.0
5.8
5.9
5.1
1.0
0.9
18.1
18.5
0.1
0.1
502
461
10,646
8,073
9,052
5.5
6.9
11.5
16.9
43.6
29.7
4.0
3.8
9.3
13.1
1.3
1.1
77
140
557
3,756
4,569
11.4
9.7
21.7
24.1
3.6
3.2
0.4
0.4
22.3
20.3
0.5
0.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
ABB*
Reduce
BGR Energy
Buy
BHEL
Neutral
153
37,363
44,054
39,326
16.8
15.1
20.6
16.1
7.4
9.5
1.6
1.5
23.5
16.1
0.7
0.8
Blue Star
Buy
154
208
1,387
2,941
3,099
3.4
4.2
6.0
9.3
25.8
16.6
3.2
2.8
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
85
117
5,462
13,446
15,272
6.7
7.6
6.6
8.9
12.9
9.6
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
17
138
3,360
3,597
9.7
9.8
7.3
10.2
2.3
1.7
0.5
0.4
8.8
11.4
0.3
0.3
KEC International
Buy
29
49
738
7,709
8,399
6.7
7.2
6.1
8.5
4.7
3.4
0.6
0.5
20.2
23.0
0.3
0.3
Thermax
Neutral
588
7,011
5,832
6,397
9.1
9.6
28.8
32.9
20.4
17.9
3.3
2.9
17.2
17.3
1.2
1.0
1,177
1,361
22,102
11,820
13,254
19.3
20.9
74.9
93.1
15.7
12.7
2.7
2.4
18.1
20.3
1.6
1.3
Cement
ACC
Buy
www.angelbroking.com
Market Outlook
July 31, 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
168
25,904
10,171
11,762
23.5
24.6
10.2
12.2
16.4
13.8
2.7
2.5
17.1
18.7
2.0
1.6
India Cements
Neutral
50
1,531
4,929
5,434
17.4
17.1
8.9
10.9
5.6
4.6
0.4
0.4
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
66
100
774
2,256
2,709
20.2
22.2
17.0
20.4
3.9
3.2
0.5
0.5
14.8
15.4
0.4
0.9
Madras Cements
Neutral
169
4,017
4,234
4,788
23.9
24.0
18.5
22.8
9.1
7.4
1.5
1.3
17.2
18.2
1.3
1.0
Shree Cement^
Neutral
4,313
15,027
6,607
7,520
27.5
26.7
322.8
374.3
13.4
11.5
3.3
2.7
27.8
25.6
1.6
1.2
UltraTech Cement
Neutral
1,866
51,175
21,947
25,049
23.8
23.8
106.1
119.8
17.6
15.6
2.9
2.5
17.7
17.3
2.4
2.1
53
84
837
1,928
2,234
21.0
21.5
6.0
7.4
8.9
7.2
0.8
0.8
10.5
10.8
1.8
1.8
148
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.7)
(22.2)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
74
157
2,469
3,997
4,312
45.5
46.4
15.7
16.6
4.7
4.5
0.7
0.6
15.2
14.5
3.1
3.3
ITNL
Buy
125
230
2,428
7,444
8,041
27.4
28.9
29.8
32.1
4.2
3.9
0.6
0.5
14.9
14.2
2.4
2.5
IVRCL Infra
Buy
12
29
370
5,673
5,892
8.1
8.4
1.4
1.8
8.4
6.6
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
38
53
8,377
12,946
14,897
24.7
25.6
1.2
2.7
30.8
14.1
0.6
0.6
2.0
4.3
2.5
2.3
Buy
850
1,128
78,573
68,946
78,040
10.0
10.0
49.0
55.2
17.4
15.4
2.5
2.2
14.9
15.3
1.3
1.1
Nagarjuna Const.
Buy
23
42
588
6,167
6,945
8.0
8.2
2.7
3.6
8.6
6.3
0.2
0.2
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
25
825
12,954
14,740
9.9
9.9
0.5
0.9
49.0
26.7
0.3
0.3
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
77
139
1,169
2,462
2,731
10.6
10.6
5.9
6.7
13.2
11.6
1.3
1.2
10.2
10.5
0.8
0.7
Simplex Infra
Buy
64
131
317
6,308
7,033
9.5
9.6
11.9
18.7
5.4
3.4
0.2
0.2
4.5
6.7
0.5
0.5
Unity Infra
Buy
19
41
143
2,146
2,339
13.7
13.8
11.0
11.5
1.8
1.7
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Neutral
70
3,505
6,705
7,535
2.5
2.5
27.6
33.2
2.5
2.1
0.4
0.3
12.5
13.6
Andhra Bank
Neutral
69
3,858
5,180
5,815
2.7
2.7
19.0
22.9
3.6
3.0
0.5
0.4
12.0
13.2
Axis Bank
Buy
1,093
1,348
51,257
19,280
22,886
3.3
3.3
130.7
157.1
8.4
7.0
1.4
1.2
17.3
18.1
Bank of Baroda
Neutral
554
23,327
16,287
18,707
2.2
2.3
120.6
144.6
4.6
3.8
0.7
0.6
15.0
16.0
Bank of India
Neutral
174
10,378
14,482
16,069
2.3
2.2
55.0
62.2
3.2
2.8
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
45
2,957
4,291
4,724
3.0
3.0
12.1
12.9
3.7
3.5
0.6
0.5
16.2
15.3
Canara Bank
Neutral
261
11,560
12,045
13,495
2.1
2.2
76.7
86.4
3.4
3.0
0.5
0.4
14.1
14.2
Central Bank
Neutral
55
5,787
8,196
9,202
2.4
2.4
6.1
15.9
9.1
3.5
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
296
4,522
5,554
6,156
2.0
2.0
94.9
104.9
3.1
2.8
0.4
0.4
14.3
14.2
Dena Bank
Neutral
56
1,945
3,255
3,623
2.3
2.4
22.0
24.9
2.5
2.2
0.4
0.3
14.7
14.7
Federal Bank
Neutral
336
5,753
2,798
3,250
3.0
3.0
38.1
51.9
8.8
6.5
0.8
0.8
9.8
12.3
Financials
www.angelbroking.com
Market Outlook
July 31, 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
Accumulate
808
867
125,495
8,679
10,350
3.6
3.6
37.5
44.7
21.5
18.1
4.5
4.0
30.1
30.7
HDFC Bank
Buy
626
745
149,439
27,392
33,264
4.6
4.6
36.3
45.1
17.2
13.9
3.5
2.9
21.9
22.8
ICICI Bank
Buy
927
1,131
106,941
26,119
30,474
3.1
3.2
86.2
99.5
10.8
9.3
1.5
1.3
15.7
16.2
IDBI Bank
Neutral
65
8,630
9,518
10,468
2.0
2.0
15.5
22.1
4.2
2.9
0.4
0.4
10.2
13.3
Indian Bank
Neutral
86
3,715
6,077
6,845
2.9
3.0
35.2
41.0
2.5
2.1
0.4
0.3
14.1
14.8
IOB
Neutral
43
3,969
7,709
8,645
2.2
2.3
8.2
17.1
5.2
2.5
0.4
0.3
6.0
11.7
J & K Bank
Neutral
1,101
5,338
3,101
3,427
3.6
3.6
215.5
210.3
5.1
5.2
0.9
0.8
19.9
16.9
Neutral
173
8,705
2,180
2,732
2.4
2.5
26.3
32.1
6.6
5.4
1.2
1.0
19.0
19.9
Oriental Bank
Neutral
145
4,229
6,790
7,676
2.6
2.7
55.7
62.3
2.6
2.3
0.3
0.3
12.8
12.9
Punjab Natl.Bank
Neutral
566
20,000
20,766
23,515
3.4
3.4
135.0
164.8
4.2
3.4
0.7
0.5
14.4
15.7
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
22
2,888
1,800
2,023
2.7
2.7
3.7
4.2
5.8
5.1
0.9
0.8
16.2
16.2
1,724
1,979
117,904
66,417
76,734
3.0
3.0
227.4
284.8
7.6
6.1
1.1
1.0
15.4
17.1
Neutral
87
5,207
7,125
8,188
2.6
2.6
27.4
27.9
3.2
3.1
0.5
0.4
16.2
14.6
UCO Bank
Neutral
58
4,395
6,736
6,979
2.7
2.6
15.3
15.7
3.8
3.7
0.7
0.6
14.8
13.6
Union Bank
Neutral
124
7,409
11,101
12,543
2.6
2.6
39.3
47.4
3.2
2.6
0.4
0.4
14.1
15.2
United Bank
Neutral
39
1,445
3,386
3,884
2.3
2.5
12.4
20.0
3.1
1.9
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
40
1,975
2,714
3,046
1.9
2.0
9.2
10.8
4.3
3.7
0.5
0.4
10.7
11.5
Yes Bank
Neutral
349
12,551
4,417
5,486
2.7
2.8
42.9
49.5
8.1
7.0
1.8
1.5
23.9
22.8
Asian Paints
Neutral
510
48,943
12,332
14,524
16.3
16.1
138.9
160.4
3.7
3.2
1.2
0.9
35.2
32.5
3.9
3.2
Britannia
Neutral
697
8,349
6,417
7,502
6.1
6.3
21.3
25.5
32.8
27.4
10.6
8.5
35.7
34.6
1.3
1.1
Colgate
Neutral
1,349
18,349
3,588
4,130
20.5
20.9
44.2
51.8
30.5
26.1
29.8
21.7
108.6
96.2
5.0
4.2
Dabur India
Neutral
165
28,779
7,183
8,340
16.8
16.8
5.4
6.3
30.7
26.2
12.0
9.3
41.5
40.1
4.0
3.4
GlaxoSmith Con*
Neutral
4,727
19,881
3,617
4,259
16.1
16.4
122.2
148.7
38.7
31.8
12.0
9.7
34.1
33.7
5.0
4.2
Godrej Consumer
Neutral
823
27,994
7,801
9,017
16.2
15.9
25.1
29.7
32.7
27.7
7.1
5.9
24.9
24.2
3.7
3.2
HUL
Neutral
626
135,317
29,167
33,164
13.6
13.7
17.1
18.4
36.6
34.0
35.2
25.5
113.4
87.0
4.5
3.9
ITC
Neutral
351
277,173
34,294
39,991
36.8
37.0
11.3
13.3
31.1
26.3
10.2
8.3
36.1
34.9
7.8
6.6
Marico
Neutral
215
13,841
5,273
6,044
14.8
14.9
7.3
8.7
29.6
24.8
5.8
4.8
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,328
51,373
9,447
10,968
22.1
22.3
127.5
154.1
41.8
34.6
20.9
15.1
57.7
50.7
5.5
4.6
Tata Global
Neutral
159
9,823
8,069
8,957
9.8
9.7
7.8
8.6
20.3
18.5
2.4
2.3
9.5
9.7
1.2
1.1
FMCG
www.angelbroking.com
Market Outlook
July 31, 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^
Neutral
906
63,126
29,424
32,837
22.6
22.0
59.5
63.3
15.2
14.3
3.7
3.1
24.6
21.7
2.0
1.7
Hexaware*
Accumulate
113
123
3,375
2,213
2,479
21.5
20.5
12.1
12.9
9.3
8.8
2.3
2.0
25.4
23.5
1.4
1.2
Infosys
Neutral
2,956
169,727
47,001
51,196
26.2
26.4
171.3
189.4
17.3
15.6
3.5
3.0
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
180
190
2,011
2,052
2,263
17.2
17.6
20.7
22.5
8.7
8.0
1.3
1.1
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
131
144
2,533
2,614
2,923
17.2
16.8
13.2
14.4
10.0
9.1
1.8
1.5
18.5
16.7
0.9
0.7
Mindtree
Accumulate
961
1,050
3,992
2,768
3,006
19.7
19.9
103.1
105.3
9.3
9.1
2.3
1.8
24.8
20.3
1.1
0.9
Mphasis&
Neutral
400
8,398
6,372
6,852
18.0
18.2
38.0
43.5
10.5
9.2
1.5
1.3
14.3
14.2
0.8
0.7
NIIT
Neutral
16
258
1,144
1,267
9.0
9.1
4.3
5.4
3.6
2.9
0.4
0.4
10.3
12.0
Persistent
Accumulate
523
595
2,091
1,505
1,677
25.9
26.2
53.6
59.7
9.8
8.8
1.7
1.5
17.7
16.7
1.0
0.8
TCS
Buy
1,791
2,060
350,509
79,005
91,576
29.7
30.0
88.6
103.1
20.2
17.4
6.4
5.1
31.5
29.2
4.2
3.6
Tech Mahindra
Accumulate
1,231
1,390
28,581
8,102
8,709
19.7
19.2
107.5
117.0
11.5
10.5
2.4
2.0
21.2
18.9
3.5
3.2
Wipro
Neutral
420
103,446
41,659
45,137
21.2
21.4
27.7
29.9
15.2
14.0
3.1
2.7
20.5
19.0
2.0
1.7
D B Corp
Buy
260
302
4,760
1,783
1,968
25.2
26.8
14.6
17.2
17.8
15.1
4.6
4.0
23.9
24.2
2.6
2.3
HT Media
Buy
98
117
2,291
2,205
2,380
15.1
15.6
8.3
9.3
11.7
10.5
1.4
1.3
11.6
11.6
0.7
0.5
Jagran Prakashan
Buy
90
107
2,997
1,664
1,825
20.9
23.0
6.4
7.8
14.1
11.6
2.8
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
341
1,352
1,359
1,540
17.3
17.4
17.2
21.6
19.8
15.8
2.0
1.8
10.3
12.0
1.4
1.3
Sun TV Network
Neutral
373
14,688
2,287
2,551
69.7
70.5
20.0
23.3
18.6
16.0
4.6
4.0
26.4
27.3
6.1
5.3
Bhushan Steel
Neutral
460
10,425
13,794
17,088
30.9
33.5
49.3
66.6
9.3
6.9
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
275
345
173,732
72,174
76,311
33.3
28.4
28.4
30.9
9.7
8.9
2.7
2.3
37.6
36.2
1.6
1.4
Electrosteel Castings
Buy
10
18
338
1,976
2,017
11.8
12.7
1.3
2.6
8.2
4.0
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
92
155
2,929
1,920
2,239
53.2
52.9
21.6
25.0
4.3
3.7
1.0
0.8
25.1
23.8
1.0
0.7
Hind. Zinc
Buy
99
140
41,936
12,389
13,093
48.5
51.7
15.2
17.0
6.5
5.8
1.1
1.0
18.5
18.0
1.2
0.8
Hindalco
Neutral
86
16,542
89,352
93,672
8.8
9.2
13.4
15.0
6.5
5.8
0.5
0.4
7.3
7.6
0.5
0.5
JSW Steel
Neutral
534
12,899
47,613
48,385
17.4
18.8
81.8
109.6
6.5
4.9
0.7
0.6
11.1
13.4
0.6
0.5
MOIL
Buy
191
248
3,211
1,010
1,046
46.5
47.6
26.8
28.8
7.1
6.6
1.0
0.9
15.4
14.7
0.8
0.5
Monnet Ispat
Buy
111
193
708
2,326
2,709
21.4
23.1
33.3
43.1
3.3
2.6
0.3
0.2
8.3
9.9
1.3
1.0
Nalco
Neutral
28
7,255
7,656
7,988
13.1
13.5
2.6
2.6
11.0
10.7
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
99
140
39,132
10,610
11,400
66.3
64.2
15.6
16.1
6.4
6.2
1.3
1.2
21.3
19.9
1.6
1.4
SAIL
Neutral
42
17,243
44,060
54,786
9.4
11.5
5.2
7.2
8.0
5.8
0.4
0.4
5.2
6.8
0.6
0.6
Media
www.angelbroking.com
Market Outlook
July 31, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Buy
124
166
10,773
3,742
4,426
32.9
32.8
30.0
29.8
4.1
4.2
0.6
0.5
14.3
12.5
3.7
3.0
Sterlite Inds
Buy
73
97
24,566
44,493
45,599
22.4
23.9
16.8
19.2
4.3
3.8
0.4
0.4
10.5
10.9
0.5
0.4
Tata Steel
Buy
210
378
9.7
10.8
30.9
47.6
6.8
4.4
0.6
0.6
9.6
13.4
0.5
0.5
Sarda
Buy
83
153
299
1,494
1,568
19.1
20.3
31.3
36.5
2.7
2.3
0.3
0.3
11.8
12.4
0.5
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
404
2,615
2,776
12.1
12.0
9.8
10.4
3.1
2.9
0.2
0.2
6.5
6.5
0.4
0.4
Buy
66
102
217
2,344
2,509
14.9
15.4
38.7
47.0
1.7
1.4
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
292
364
55,781
18,403
17,925
71.9
62.1
62.1
57.4
4.7
5.1
1.0
0.8
22.6
17.8
1.8
1.6
GAIL
Neutral
307
38,917
49,700
48,822
16.0
16.6
32.9
33.4
9.3
9.2
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
281
387
36.3
38.3
34.7
41.9
8.1
6.7
1.4
1.2
18.3
19.5
1.1
0.8
Reliance Industries
Neutral
859
8.9
8.7
72.3
76.8
11.9
11.2
1.2
1.1
12.3
11.8
0.7
0.6
Gujarat Gas*
Neutral
184
2,360
3,707
3,850
11.7
12.4
23.7
25.7
7.8
7.2
2.2
1.9
29.6
28.2
0.5
0.5
Indraprastha Gas
Neutral
265
3,714
3,700
4,218
23.4
22.8
26.7
30.4
10.0
8.7
2.1
1.7
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
115
167
8,618
40,356
40,872
5.8
6.4
15.0
16.7
7.7
6.9
1.6
1.4
23.0
21.5
0.3
0.3
Neutral
49
2,766
1,171
1,287
91.9
91.9
10.1
11.3
4.9
4.3
0.8
0.7
17.3
16.8
Alembic Pharma
Neutral
158
2,982
1,736
2,008
17.1
18.9
10.7
13.9
14.8
11.4
4.6
3.5
35.0
34.7
1.8
1.5
Aurobindo Pharma
Buy
165
271
4,809
6,641
7,637
15.9
15.9
17.3
20.6
9.6
8.0
1.5
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,375
5,470
1,682
1,917
16.6
16.6
92.4
99.1
25.7
24.0
3.6
3.6
15.7
14.8
2.9
2.3
Cadila Healthcare
Buy
732
929
14,995
7,280
8,640
15.5
15.7
38.3
46.5
19.1
15.8
4.1
3.4
23.5
23.5
2.4
2.0
Cipla
Buy
408
477
32,763
9,274
10,796
23.1
23.1
21.0
23.8
19.4
17.1
3.1
2.7
17.2
16.8
3.3
2.7
Dr Reddy's
Buy
2,179
2,535
37,049
13,377
15,350
20.4
20.1
112.3
126.8
19.4
17.2
4.1
3.4
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
45
168
366
1,394
1,534
22.5
22.4
15.0
16.8
3.0
2.7
0.3
0.3
11.0
11.2
0.9
0.7
GSK Pharma*
Neutral
2,384
20,194
2,854
3,145
28.6
28.6
76.6
83.3
31.1
28.6
9.3
8.5
31.1
31.0
6.2
5.6
Indoco Remedies
Buy
59
78
546
760
922
15.3
15.3
6.1
7.8
9.7
7.6
1.2
1.1
12.9
14.7
0.9
0.8
Ipca labs
Neutral
654
8,246
3,243
3,826
20.5
21.5
36.0
44.4
18.2
14.7
4.2
3.4
26.0
25.4
2.7
2.3
Lupin
Neutral
840
37,614
11,641
13,933
21.3
21.3
34.8
41.8
24.1
20.1
5.7
4.5
26.2
24.8
3.3
2.7
Ranbaxy*
Buy
280
384
11,841
11,400
12,060
10.5
12.5
17.5
22.5
16.0
12.4
2.6
2.2
17.0
19.1
1.0
0.9
Sun Pharma
Neutral
575
118,856
13,509
15,846
41.0
41.0
33.0
39.8
17.4
14.4
3.5
2.9
22.0
22.0
8.2
6.8
Power
GIPCL
Buy
61
78
918
1,444
1,482
33.4
33.0
13.7
14.8
4.4
4.1
0.5
0.5
12.3
12.0
0.7
0.5
NTPC
Buy
138
163
113,746
76,734
86,680
24.5
24.3
13.4
14.5
10.3
9.5
1.3
1.2
12.8
12.7
2.2
2.1
www.angelbroking.com
Market Outlook
July 31, 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(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Real Estate
DLF
Buy
159
236
28,263
8,293
9,622
36.5
36.1
5.7
6.7
27.8
23.6
1.0
1.0
3.7
4.1
5.5
4.6
MLIFE
Accumulate
453
483
1,848
888
1,002
27.0
29.9
33.9
42.1
13.4
10.8
1.3
1.2
9.9
11.2
2.7
2.4
Bharti Airtel
Neutral
321
128,496
85,489
94,229
31.9
31.9
10.2
14.6
31.4
22.0
2.3
2.1
7.2
9.4
2.2
1.9
Idea Cellular
Neutral
157
51,955
25,640
28,459
26.9
27.2
4.0
4.9
39.1
31.7
3.3
3.0
8.4
9.4
2.4
2.1
Rcom
Neutral
127
26,162
22,751
24,628
30.9
31.3
3.4
5.3
37.0
24.1
0.8
0.8
2.1
3.1
2.7
2.4
Telecom
Others
Abbott India*
Buy
1,405
1,659
2,985
1,863
2,081
11.8
12.4
71.2
83.0
19.7
16.9
4.0
3.4
21.6
21.5
1.4
1.1
Bajaj Electricals
Buy
171
237
1,706
3,885
4,472
5.4
7.2
11.0
19.7
15.6
8.7
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Buy
500
613
632
631
797
14.5
13.7
42.6
51.1
11.7
9.8
2.8
2.2
26.5
25.3
1.0
0.8
Cravatex
Buy
283
459
73
248
284
6.5
7.3
27.2
38.2
10.4
7.4
1.6
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
54
68
831
2,563
2,899
9.8
9.8
10.1
11.3
5.4
4.8
0.8
0.7
14.3
13.8
0.2
0.2
Force Motors
Buy
257
349
335
2,304
2,649
3.1
3.6
28.0
43.7
9.2
5.9
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
314
345
724
1,458
1,542
8.3
9.0
32.3
37.0
9.7
8.5
1.8
1.5
19.5
19.3
0.3
0.3
Hitachi
Buy
112
191
304
1,080
1,199
8.9
9.1
18.3
19.1
6.1
5.9
1.1
0.9
19.2
17.0
0.4
0.3
2,382
2,106
1,842
2,131
7.7
7.8
111.1
130.9
21.4
18.2
2.7
2.4
13.3
13.9
1.0
0.9
IFB Agro
Buy
139
198
125
495
651
12.7
12.9
29.3
39.5
4.8
3.5
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
157
234
180
1,430
1,573
11.1
11.0
19.1
26.9
8.2
5.8
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Buy
169
199
2,800
1,220
1,476
13.3
13.6
5.5
9.0
30.6
18.7
3.5
3.1
12.1
17.7
2.6
2.1
MRF
Buy
13,170
16,218
5,585
11,799
12,587
14.1
7.4
7.3
1.6
1.3
23.5
19.2
0.6
0.6
Page Industries
Neutral
4,503
5,022
1,057
1,282
19.4
19.6
124.8
153.7
36.1
29.3
17.9
13.2
56.3
51.8
4.8
4.0
Relaxo Footwears
Buy
781
982
937
1,196
1,401
12.3
13.4
58.3
81.9
13.4
9.5
3.3
2.5
28.2
29.8
0.9
0.8
Buy
218
311
204
1,158
1,322
10.8
11.2
62.1
77.8
3.5
2.8
0.6
0.5
17.2
18.4
0.4
0.4
Buy
388
492
682
1,007
1,108
8.4
8.7
30.3
35.1
12.8
11.0
1.4
1.3
11.7
12.2
0.7
0.6
TAJ GVK
Buy
59
108
369
300
319
35.8
36.2
7.9
9.1
7.5
6.5
1.0
0.9
13.9
14.4
1.5
1.3
Buy
245
371
377
814
849
17.0
17.6
64.6
69.2
3.8
3.5
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
520
632
404
416
481
4.5
6.1
16.2
25.3
32.1
20.5
4.0
3.5
12.6
18.1
0.8
0.7
Tree House
Accumulate
269
297
969
153
194
53.0
52.8
12.4
15.6
21.8
17.2
2.6
2.3
11.8
13.1
6.5
5.0
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
www.angelbroking.com
167
230
128
1,591
1,720
6.1
6.4
24.5
38.3
6.8
4.4
0.7
0.7
10.9
15.9
0.3
0.2
2,535
36,839
12,294
14,162
12.0
12.0
42.1
67.7
60.2
37.4
4.3
3.8
9.1
10.7
3.3
2.9
372
439
756
600
638
20.1
19.4
35.7
36.6
10.4
10.2
1.9
1.6
19.4
17.1
1.1
0.9
Market Outlook
July 31, 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
79
117
524
2,042
2,363
14.6
14.8
12.3
16.5
6.5
4.8
0.5
0.5
7.6
9.4
0.7
0.6
Others
HSIL
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 30, 2013
www.angelbroking.com
Market Outlook
July 31, 2013
E-mail: research@angelbroking.com
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