Market Outlook Market Outlook: Dealer's Diary

Market Outlook
June 22, 2012
Dealers Diary
The Indian markets are expected to open in red taking cues from negative opening
in most of the Asia markets, tracking sharp falls on Wall Street, as signs of a
deepening global economic slowdown wiped away investor appetite for risk. Most
of the Asian markets closed lower mixed yesterday, as investors hoping for major
new Federal Reserve stimulus were disappointed.
Domestic Indices
US markets ended mostly lower yesterday as economic reports indicating a

slowdown in global manufacturing increased investor anxiety. Business activity
across the euro zone shrank for a fifth straight month in June and Chinese
manufacturing contracted which pummeled commodities, with oil falling below
US$80 a barrel and gold prices below US$1,600 an ounce. In the U.S., NAR
reported that existing home sales fell by 1.5% to a seasonally adjusted annual rate
of 4.55mn in May from 4.62mn in April. Also, PMI manufacturing index flash of
U.S. dropped to 52.9 for May 2012 from 53.9 in April 2012.
Meanwhile, Indian markets rose modestly yesterday, with the market sentiment
boosted by provisional data showing resumption of buying of Indian stocks by
foreign institutional investors on Wednesday.
Markets Today
Chg (%)
(Pts)
(Close)
BSE Sensex
0.8
Nifty
0.9
44.5
5,165
MID CAP
0.8
48.1
6,002
SMALL CAP
0.8
48.6
6,405
BSE HC
0.5
30.6
6,716
BSE PSU
1.3
92.9
7,095
BANKEX
2.1
AUTO
0.7
METAL
0.6
135.9 17,033
233.2 11,563
68.3
9,329
63.8 10,501
OIL & GAS
(0.9)
(71.2)
7,908
BSE IT
(0.2)
(11.0)
5,678
Chg (%)
(Pts)
(Close)
Global Indices
Dow Jones
(2.0) (250.8) 12,574
NASDAQ
(2.4)
(71.4)
2,859
FTSE
(1.0)
(55.9)
5,566
0.8
71.8
8,824
Nikkei
The trend deciding level for the day is 16,961 / 5,143 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,122 17,212 / 5,192 5,220 levels. However, if NIFTY trades below
16,961 / 5,143 levels for the first half-an-hour of trade then it may correct up to
16,871 16,710 / 5,116 5,066 levels.
Hang Seng
(1.3) (253.8) 19,265
Straits Times
(0.9)
(25.5)
2,830
Shanghai Com
(1.4)
(32.0)
2,261
Chg (%)
(Pts)
(Close)
Indices
S2
S1
PIVOT
R1
R2
INFY
(3.6)
(1.6)
$42.4
SENSEX
16,710
16,871
16,961
17,122
17,212
WIT
(3.3)
(0.3)
$8.8
NIFTY
5,066
5,116
5,143
5,192
5,220
IBN
(2.8)
(0.9)
$29.2
HDB
(2.3)
(0.7)
$30.2
News Analysis
CCI imposes penalty of `6,300cr on 11 cement companies

May 2012 - GSM net subscriber addition
Digitalization deferred by four months
Niko Resources downgrades reserve estimates for KG D6 block by 80%
Indian ADRs
Advances / Declines
BSE
NSE
Advances
1,629
915
Declines
1,121
497
Unchanged
Refer detailed news analysis on the following page
Net Inflows (June 20, 2012)
122
81
Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
BSE
1,961
FII
1,972
1,720
252
642
42,581
NSE
9,754
536
348
188
559
(5,907)
MFs
FII Derivatives (June 21, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,115
1,993
122
12,887
Stock Futures
2,506
2,602
(96)
24,261
Gainers / Losers
Gainers
Company
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
HDIL
79
8.3
IOB
85
(4.5)
Jaypee Infra Tech
49
7.2
RIL
719
(2.6)
Essar Oil
Petronet LNG
IVRCL Ltd.
www.angelbroking.com
57
5.4
Jubilant Food
1,183
(2.5)
136
5.1
Nestle India
4,478
(2.4)
51
4.9
Ambuja Cements
172
(2.2)
Market Outlook
June 22, 2012
CCI imposes penalty of `6,300cr on 11 cement companies

Competition Commission of India (CCI) has imposed a penalty of `6,300cr on 11
cement companies for violating the provisions of the Competition Act 2002, which
deals with anticompetitive agreements including Cartels. Cement companies upon
which the penalty has been imposed are ACC, Ambuja Cements Limited,
UltraTech Cements, Grasim Cements (now merged with UltraTech Cements), JK
Cements, India Cements, Madras Cements, Century Cements, Binani Cements,
Lafarge India and Jaypee Cements. The commission has imposed a penalty of
50% on profit for two years FY2010 and FY2011 on all the 11 companies,
amounting to a cumulative sum of `6,300cr. While imposing the penalty, the
commission has considered the parallel and coordinated behavior of cement
companies on price, dispatch and supplies in the market. We believe this ruling
of CCI would curtail the pricing power of the cement makers in the near to
medium term and would have a significant effect on their profitability. We have
a Neutral view on the cement sector.
May 2012 GSM net subscriber addition

Cellular Operators Association of India (COAI) reported GSM net subscriber
addition data for May 2012, which improved on mom basis and stood decent. The
subscriber base grew by merely 1.1% mom to 677.8mn. Net subscriber addition
number stood at just 7.3mn in May 2012, up 12.1% mom. GSM subscriber net
addition was led by incumbents.
Operator-wise highlights: In May 2012, Bharti Airtel (Bharti) maintained its lead in
net GSM subscriber addition by adding 2.0mn subscribers (28% of the total net
subscriber addition), almost flat mom. We believe this was primarily because
1) subscribers now want to switch to a more reliable service provider after the
cancellation of 2G licenses of various other telecom players and 2) aggressive
marketing campaigns and special vouchers launched by the company. Bharti was
followed by Idea, which added 1.8mn subscribers in May 2012, up 18.1% mom.
Uninor (whose net subscribers are growing aggressively since the past nine months
despite its licenses being cancelled in all the 22 circles) again reported addition of
1.5mn subscribers in May 2012. This was followed by Vodafone and Aircel, which
added 1.2mn and 0.8mn subscribers, respectively.
Net subscriber addition of BSNL again remained subdued. Amongst new players,
S Tel and DB Etisalat, which have stated their intentions to shut down their
operations in India post the cancellation of 2G licenses, have not been adding any
subscriber since February 2012. Videocon added merely 0.1mn subscribers and,
according to media reports, Videocon is going to wind up its services in all circles,
excluding those having over 5lakh customers, following the cancellation of its
licenses by the Supreme Court. Circles namely Tamil Nadu, Haryana, Gujarat,
Mumbai and MP have the largest Videocon subscriber base.
Outlook and valuation: The Indian telecom sector is currently experiencing heat
due to a number of policy uncertainties related to spectrum and license fee
payments. The recent discussion in the market after the release of a fresh set of
recommendations by TRAI on April 23, 2012, regarding reserve prices of various
spectrum bands points that these recommendations would appear to be
burdensome on existing telecom players in the medium term. Also, INR has
depreciated by 12-15% against USD in the past nine months, which has increased
Market Outlook
June 22, 2012
the liabilities of telecom companies such as Bharti and RCom in INR terms due to
huge forex debt in their books. In our view, the telecom sector is poised for
improvement in its revenue mix only if data revenue starts to pick post the launch
of 3G and 4G services.
We prefer Bharti amongst telcos due to its low-cost integrated model (owned tower
infrastructure), potential opportunity to scale up in Africa, established leadership in
revenue and subscriber market share, and relatively better KPIs. However, overall,
due to the risk of increasing license and spectrum charges, slowing voice growth
and higher debt/interest burden (adjusted for forex movement), we remain Neutral
on the sector.
Digitalization deferred by four months

The digitalization of cable TV services in four metros Delhi, Mumbai, Chennai and
Kolkata has been postponed by four months beyond the initial deadline of July 1,
2012. The installation of set top boxes has not picked up the necessary pace for
completion of digitalization by July 1. Hence, the I&B Ministry has postponed the
deadline to October 31, 2012.
Although the news is disappointing for DTH players, the delay was expected by us.
The I&B Ministry is still committed to digitalization and we expect DTH contribution
to SUN TVs top line to significantly increase as and when digitalization is fully
implemented. However, the continued loss of cable revenue from Tamil Nadu is
still a matter of concern. We maintain our Neutral view on the stock.
Niko Resources downgrades reserve estimates for KG D6

block by 80%
Niko resources (holds 10% stake in KG D6 block) has lowered its estimates of the
reserves in KG D6 block by 80%. Niko Resources stated that proved and probable
reserves at KG D6 block has decreased to 1.93tcf from its previous estimate of
about 9.65tcf. In its FY2012 annual report, Reliance Industries had lowered its
reserves estimate for KG D6 block by 7%. We await further clarity on this matter.
Until then, we maintain our Buy rating on the stock with a target price of `897.
Economic and Political News
BJP supports Sangma as presidential candidate after division in NDA

Government may clear power distribution companys debt recast by monthend
India can soon export rice to China: Official
JPMorgan upgrades Indian equities to overweight
Corporate News
Mastek signs US$30mn deal with U.S. based finance major

Moody's puts Tata Power under review for downgrade
RILs KG-D6 block holds 80% less reserves than estimated: Niko
Suzlon bags 21-MW order from Serum Institute
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 22, 2012
Global economic events release calendar

Date
Country
Event Description
Jun 25 2012 12:00AM US
New home sales
Jun 26 2012 12:00AM US
Consumer Confidence
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
S.A./
1985=100
MAY
343.00
345.50
JUN
64.90
64.00
Value
JUN F
(19.60)
--
Germany
Euro-Zone Consumer
Confidence
Unemployment change (000's)
Thousands
JUN
--
--
US
GDP Qoq (Annualised)
% Change
1Q T
1.90
1.90
% Change
1Q F
(0.10)
(0.10)
Value
JUN
50.40
--
Jun 28 2012 12:00AM Euro Zone
UK
GDP (YoY)
Jul 1 2012 12:00AM
China
PMI Manufacturing
Jul 2 2012 12:00AM
India
Imports YoY%
% Change
MAY
3.80
--
India
Exports YoY%
% Change
MAY
3.20
--
UK
PMI Manufacturing
Value
JUN
45.90
--
Jul 4 2012 12:00AM
Germany
PMI Services
Value
JUN F
50.30
--
Jul 5 2012 12:00AM
UK
BOE Announces rates
% Ratio
JUL 5
0.50
0.50
Euro Zone
ECB announces interest rates
JUL 5
1.00
--
US
Change in Nonfarm payrolls
Thousands
JUN
69.00
--
US
Unnemployment rate
JUN
8.20
--
Jul 7 2012 12:00AM
Germany
PMI Manufacturing
Value
JUN F
44.70
--
Jul 9 2012 12:00AM
China
Consumer Price Index (YoY)
% Change
JUN
3.00
--
Jul 10 2012 12:00AM
UK
Industrial Production (YoY)
% Change
MAY
(1.00)
--
Jul 6 2012 12:00AM
China
Exports YoY%
% Change
JUN
15.30
--
Jul 12 2012 12:00AM
India
% Change
MAY
0.10
--
Jul 13 2012 12:00AM
India
% Change
JUN
7.55
--
US
Industrial Production YoY

Monthly Wholesale Prices
YoY%
Producer Price Index (mom)
% Change
JUN
(1.00)
--
China
Industrial Production (YoY)
% Change
JUN
9.60
--
% Change
2Q
8.10
--
JUN
2.40
--
% Change
JUN
2.80
--
JUN
(0.09)
--
China
Real GDP (YoY)
Jul 16 2012 12:00AM
Euro Zone
Euro-Zone CPI (YoY)
Jul 17 2012 12:00AM
UK
CPI (YoY)
US
Industrial Production
US
Consumer price index (mom)
% Change
JUN
(0.30)
--
US
Housing Starts
Thousands
JUN
708.00
--
US
Building permits
Thousands
JUN
780.00
--
UK
Jobless claims change
% Change
JUN
8.10
--
India
RBI Repo rate
JUL 31
8.00
--
Jul 18 2012 12:00AM
Jul 31 2012 12:00AM
Source: Bloomberg, Angel Research
Market Strategy
June 22, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
1.0
(6.0)
Mfg. PMI
60.0
9.8
9.4
10.0
9.9
Apr-12
Services PMI
58.0
9.5
7.7
8.0
6.9
7.4
7.7
7.2
7.6
56.0
Source: MOSPI, Angel Research
(%)
Exports yoy growth
Exhibit 6: Key policy rates
Imports yoy growth
60
45
30
15
Source: Bloomberg, Angel Research
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

75
May-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Aug-11
Dec-11
48.0
Nov-11
0.0
Oct-11
50.0
Sep-11
2.0
Jul-11
52.0
Jun-11
4.0
Jun-11
54.0
6.0
(15)
(3.2)
(5.0)
Exhibit 4: Manufacturing and services PMI
(%)
9.5
0.1
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

12.0
2.7
2.5
Mar-12
(4.0)
4.1
3.4
Feb-12
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(2.0)
3QFY10
3.0
2QFY10
1QFY10
4.0
4QFY09
2.0
Source: CSO, Angel Research
3.7
4.0
Jan-12
5.3
5.0
10.0
6.0
Dec-11
5.9
6.0
6.2
6.0
6.1
Nov-11
8.0
6.7
Oct-11
7.6
7.4
9.5
10.0
8.0
Sep-11
8.2
Aug-11
7.5
8.0
7.0
9.2
8.5
9.0
12.0
Jul-11
9.4
Jun-11
9.8
May-11
(%)
10.0
Exhibit 2: IIP trends
Source: RBI, Angel Research
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
137
2,670
1,432
1,647
14.7
14.7
7.0
8.0
19.6
17.2
4.1
3.5
22.8
22.3
1.9
1.6
United Phosphorus
Buy
114
183
5,250
8,191
8,764
16.5
16.5
17.1
18.3
6.7
6.2
1.1
0.9
17.5
16.2
0.8
0.7
Amara Raja Batteries
Accumulate
300
345
2,564
2,715
3,041
15.3
15.3
29.2
32.8
10.3
9.2
2.4
1.9
26.0
23.3
0.9
0.8
Apollo Tyres
Buy
79
100
3,977
13,699
15,184
10.5
10.2
12.1
13.3
6.5
5.9
1.2
1.0
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,732
14,798
16,687
9.6
9.6
2.4
3.0
10.4
8.5
2.1
1.8
14.8
16.5
0.5
0.5
Automotive Axle
Accumulate
451
514
681
1,211
1,387
12.1
11.7
50.3
57.1
9.0
7.9
2.3
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,537
1,835
44,486
22,118
24,889
19.0
18.6
115.7
126.5
13.3
12.2
5.3
4.2
45.0
38.9
1.6
1.3
Bharat Forge
Buy
304
372
7,078
7,173
7,998
16.3
16.5
22.3
26.6
13.6
11.4
2.6
2.2
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,893
9,429
27,923
9,390
10,716
19.5
19.1
420.2
471.4
21.2
18.9
4.9
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
95
164
327
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Accumulate
137
146
11,603
5,787
6,595
15.5
17.0
7.1
9.0
19.2
15.3
3.4
2.9
18.6
20.3
1.7
1.4
FAG Bearings
Accumulate
1,473
1,594
2,447
1,531
1,748
18.8
18.5
118.0
132.8
12.5
11.1
2.7
2.2
24.0
21.9
1.3
1.1
Hero Motocorp
Accumulate
2,074
2,221
41,406
26,106
29,296
15.0
15.2
140.3
148.1
14.8
14.0
7.0
5.4
54.8
43.3
1.3
1.0
JK Tyre
Buy
86
135
353
7,950
8,904
5.5
6.0
25.1
38.6
3.4
2.2
0.4
0.3
12.1
16.4
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
695
821
42,672
36,010
40,882
10.0
10.0
47.7
53.3
14.6
13.0
2.9
2.5
21.3
20.6
0.9
0.8
Maruti
Buy
1,091
1,510
31,506
42,683
48,736
7.1
7.5
86.6
100.6
12.6
10.8
1.8
1.6
15.3
15.5
0.5
0.4
Motherson Sumi
Buy
162
216
6,349
23,342
26,366
7.8
8.2
13.3
18.0
12.2
9.0
2.9
2.3
26.2
28.4
0.4
0.4
Subros
Accumulate
31
36
189
1,244
1,402
8.4
8.3
4.5
5.1
7.0
6.2
0.7
0.7
9.9
11.0
0.4
0.3
Tata Motors
Buy
248
299
66,121 189,676 210,905
12.5
12.6
39.8
45.2
6.2
5.5
2.6
2.1
44.3
41.6
0.4
0.4
TVS Motor
Buy
34
44
1,608
7,690
8,459
6.1
6.0
5.0
5.5
6.8
6.1
1.2
1.1
19.0
18.6
0.2
0.1
ABB*
Sell
797
498
16,894
8,760
10,023
7.6
7.5
18.2
20.7
43.7
38.4
5.9
5.3
14.4
14.6
1.9
1.7
BGR Energy
Neutral
295
2,130
4,195
4,837
11.0
11.0
30.1
32.4
9.8
9.1
1.7
1.5
18.4
17.6
1.0
1.0
BHEL
Neutral
223
54,520
46,344
46,916
18.3
18.6
23.5
24.1
9.5
9.3
1.9
1.6
21.3
18.9
1.1
1.0
Blue Star
Neutral
165
1,487
3,047
3,328
5.4
6.9
9.6
16.2
17.2
10.2
3.4
2.7
20.7
29.7
0.6
0.5
Crompton Greaves
Buy
121
142
7,778
12,451
14,265
7.9
8.3
8.0
9.5
15.2
12.8
2.0
1.8
13.9
14.9
0.7
0.6
Jyoti Structures
Buy
39
67
319
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
56
73
1,449
6,686
7,200
8.5
8.8
10.6
12.2
5.3
4.6
1.0
0.8
25.9
24.0
0.4
0.4
LMW
Buy
1,658
1,992
1,868
2,369
2,727
11.7
11.7
143.4
166.0
11.6
10.0
1.9
1.8
17.4
18.4
0.3
0.2
Thermax
Neutral
467
5,570
5,514
5,559
9.8
9.6
29.7
28.4
15.8
16.5
3.0
2.6
20.2
16.9
0.9
0.8
Capital Goods
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,256
23,581
11,018
12,663
19.9
21.2
70.7
81.2
17.8
15.5
3.1
2.8
18.0
19.0
1.9
1.5
Ambuja Cements
Neutral
172
26,395
10,035
11,504
23.5
23.8
10.1
10.6
17.0
16.3
3.3
3.0
18.5
19.4
2.2
1.8
India Cements
Neutral
84
2,593
4,423
4,906
18.2
18.8
9.9
12.7
8.6
6.7
0.7
0.7
8.6
10.5
0.9
0.8
J K Lakshmi Cements
Buy
64
79
783
1,938
2,246
19.1
20.1
14.6
16.1
4.4
4.0
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
156
3,714
3,444
3,786
25.5
24.9
14.6
17.1
10.7
9.2
1.6
1.4
15.6
16.0
1.7
1.4
Shree Cements
Neutral
2,712
9,449
5,465
6,249
24.3
23.7
151.5
222.1
17.9
12.2
4.3
3.7
21.6
25.8
1.4
1.1
UltraTech Cement
Neutral
1,464
40,114
20,116
22,655
21.3
22.5
82.1
97.5
17.8
15.0
2.8
2.4
16.8
17.4
1.9
1.8
200
273
1,053
2,014
2,293
22.4
22.4
22.6
26.7
8.8
7.5
1.0
0.8
11.4
11.9
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
251
2,526
2,792
5.7
6.6
1.8
2.8
7.4
4.8
0.4
0.4
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
20
1,207
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.1)
(25.5)
1.1
1.3
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
126
166
4,183
3,821
4,582
42.3
40.2
15.0
16.9
8.4
7.4
1.3
1.1
16.1
15.8
2.7
2.5
ITNL
Buy
183
265
3,556
6,619
7,925
23.8
23.3
22.0
26.7
8.3
6.9
1.2
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
51
61
1,371
5,510
6,722
8.8
9.0
2.5
4.6
20.3
11.2
0.7
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
75
88
15,853
15,259
17,502
25.7
24.7
4.2
5.0
17.6
14.9
1.5
1.3
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,373
1,553
84,119
59,559
69,089
12.1
11.5
70.8
76.5
19.4
18.0
2.9
2.6
16.1
15.3
1.6
1.4
Madhucon Proj
Buy
36
70
266
2,206
2,502
10.7
10.7
4.6
4.7
7.8
7.7
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
43
1,094
5,453
6,169
8.1
8.5
1.6
1.9
26.0
22.1
0.5
0.5
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
93
649
3,609
3,836
13.1
13.1
14.0
14.6
6.6
6.4
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
48
1,596
11,592
12,993
8.4
8.4
1.8
3.2
26.7
15.0
0.5
0.5
2.0
3.4
0.6
0.6
Sadbhav Engg.
Buy
140
182
2,098
2,789
3,147
10.6
10.7
8.4
10.4
16.5
13.4
2.3
1.9
15.0
15.6
0.9
0.8
Simplex Infra
Buy
210
265
1,039
6,732
7,837
8.1
8.4
23.5
29.4
8.9
7.1
0.8
0.8
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
147
7,368
7,392
8,542
3.1
3.1
38.3
42.1
3.9
3.5
0.7
0.6
18.4
17.6
Andhra Bank
Neutral
118
6,581
5,151
5,843
3.2
3.1
22.4
25.7
5.2
4.6
0.8
0.7
15.8
16.0
Axis Bank
Buy
1,026
1,476
42,490
16,157
19,557
3.2
3.2
116.4
139.1
8.8
7.4
1.6
1.4
20.0
20.3
Bank of Baroda
Buy
699
925
27,361
15,993
18,918
2.6
2.6
127.3
149.9
5.5
4.7
0.9
0.8
17.8
18.2
Bank of India
Accumulate
342
389
19,615
13,558
15,551
2.5
2.4
61.6
70.8
5.6
4.8
0.9
0.8
16.8
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Neutral
Financials
49
53
2,877
3,580
4,050
3.2
3.2
11.5
13.1
4.2
3.7
0.7
0.6
17.4
17.2
415
493
18,382
12,061
13,906
2.3
2.3
83.1
92.7
5.0
4.5
0.8
0.7
16.7
16.4
79
5,782
6,838
7,912
2.3
2.4
13.8
20.3
5.7
3.9
0.8
0.7
10.9
14.4
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Accumulate
416
468
6,158
5,203
5,880
2.2
2.1
107.5
112.7
3.9
3.7
0.7
0.6
17.9
16.5
Dena Bank
Accumulate
97
107
3,396
3,149
3,522
2.8
2.8
23.3
26.1
4.2
3.7
0.7
0.6
17.7
17.0
Federal Bank
Neutral
434
7,423
2,743
3,131
3.4
3.3
49.7
57.4
8.7
7.6
1.2
1.0
14.1
14.6
HDFC
Neutral
648
96,041
7,393
8,844
3.5
3.4
31.7
37.9
20.4
17.1
4.1
3.6
34.7
31.9
HDFC Bank
Neutral
543
127,810
21,831
27,477
4.3
4.3
28.3
35.5
19.2
15.3
3.7
3.1
20.8
22.1
ICICI Bank
Buy
851
1,174
97,761
22,209
26,512
2.8
2.8
67.9
81.1
12.5
10.5
1.5
1.4
14.7
16.0
IDBI Bank
Buy
92
113
11,761
8,004
9,589
1.9
2.0
19.9
23.9
4.6
3.9
0.6
0.6
13.8
14.9
Indian Bank
Accumulate
177
190
7,613
6,312
7,119
3.4
3.3
41.1
43.7
4.3
4.1
0.7
0.7
18.2
16.9
IOB
Accumulate
85
92
6,782
7,354
8,283
2.5
2.4
16.3
21.7
5.2
3.9
0.6
0.5
11.5
13.9
J & K Bank
Neutral
928
4,496
2,535
2,861
3.5
3.4
176.3
184.4
5.3
5.0
1.0
0.8
19.3
17.6
LIC Housing Finance
Accumulate
260
286
13,134
2,108
2,607
2.6
2.6
24.5
30.6
10.6
8.5
2.0
1.7
20.1
21.4
Oriental Bank
Accumulate
244
262
7,110
6,431
7,315
2.7
2.6
54.4
63.8
4.5
3.8
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
779
1,041
26,437
19,893
23,653
3.1
3.2
153.4
175.2
5.1
4.5
0.9
0.8
18.3
18.1
South Ind.Bank
Neutral
23
2,661
1,440
1,635
2.7
2.5
3.8
4.1
6.3
5.7
1.2
1.1
19.9
18.6
St Bk of India
Accumulate
2,178
2,469
146,150
68,311
79,649
3.6
3.6
230.4
273.4
9.5
8.0
1.5
1.3
18.2
18.8
Syndicate Bank
Buy
103
126
6,185
7,133
8,255
3.0
3.0
25.9
30.0
4.0
3.4
0.6
0.6
16.9
17.1
UCO Bank
Neutral
77
5,125
5,623
6,380
2.4
2.4
16.9
17.9
4.6
4.3
0.9
0.8
16.5
15.4
Union Bank
Buy
201
261
11,055
10,215
11,854
2.9
2.8
42.7
50.3
4.7
4.0
0.8
0.7
17.0
17.5
United Bank
Buy
62
78
2,226
3,551
4,128
2.7
2.8
18.8
22.6
3.3
2.7
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
60
2,951
2,668
3,001
2.2
2.2
10.6
12.2
5.6
4.9
0.8
0.7
13.3
13.8
Yes Bank
Buy
342
450
12,113
3,209
4,144
2.7
2.8
33.9
41.5
10.1
8.2
2.1
1.8
23.1
23.3
3,904
37,450
11,423
13,309
16.3
16.3
125.3
148.4
31.2
26.3
10.6
8.3
38.0
35.4
3.2
2.7
522
633
6,235
5,835
6,824
6.3
6.7
20.7
27.5
25.2
19.0
9.8
7.3
42.7
44.3
1.0
0.9
1,107
15,056
3,007
3,417
21.1
22.1
38.2
43.8
29.0
25.3
34.5
27.1
130.2
119.9
4.9
4.3
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Reduce
113
106
19,668
5,878
6,799
16.8
17.0
4.2
4.9
27.2
23.0
9.9
8.1
39.3
42.0
3.4
2.9
GlaxoSmith Con*
Neutral
2,640
11,104
3,124
3,663
17.1
11.6
103.0
123.3
25.7
21.4
7.9
6.3
34.0
32.9
3.2
2.7
Godrej Consumer
Neutral
557
18,948
5,973
7,000
18.4
18.6
22.8
27.2
24.4
20.5
6.7
5.4
31.3
38.4
3.3
2.8
HUL
Neutral
460
99,462
25,350
29,309
14.3
14.4
14.1
16.4
32.6
28.1
24.4
19.0
82.7
76.2
3.7
3.2
ITC
Neutral
251
196,516
29,638
34,159
35.4
35.8
9.3
10.9
26.9
23.1
8.7
7.1
35.3
33.8
6.4
5.5
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
175
11,282
4,667
5,427
12.8
12.9
6.6
8.1
26.3
21.5
7.1
5.5
30.0
28.8
2.4
2.0
Nestle*
Neutral
4,478
43,175
8,731
10,539
21.0
21.4
119.3
147.9
37.5
30.3
23.0
15.7
73.0
61.6
5.0
4.0
Tata Global
Buy
108
136
6,660
7,011
7,711
9.7
10.0
6.3
7.5
17.2
14.4
1.7
1.6
9.5
10.9
0.9
0.8
HCL Tech
Buy
482
560
33,414
22,792
25,743
17.4
17.4
37.8
43.0
12.8
11.2
2.8
2.4
22.3
21.3
1.4
1.2
Hexaware
Neutral
126
3,716
1,821
2,105
19.0
18.6
9.8
10.7
12.8
11.7
3.0
2.6
23.7
22.5
1.8
1.5
Infosys
Accumulate
2,492
2,792
143,110
37,615
42,491
31.1
30.6
158.5
174.5
15.7
14.3
3.6
3.0
22.5
20.8
3.1
2.6
Infotech Enterprises
Accumulate
155
177
1,724
1,758
1,972
17.0
16.6
16.8
18.6
9.2
8.3
1.3
1.1
13.6
13.2
0.6
0.5
KPIT Cummins
Neutral
115
2,043
2,028
2,239
15.0
14.8
9.0
11.4
12.8
10.0
2.3
1.9
19.3
18.7
1.0
0.8
Mahindra Satyam
Accumulate
76
86
8,979
7,097
7,812
16.2
16.0
7.5
8.0
10.2
9.6
1.3
1.2
13.2
12.3
0.9
0.7
Mindtree
Accumulate
609
643
2,476
2,172
2,450
16.1
15.5
53.9
58.5
11.3
10.4
2.1
1.8
18.9
17.0
0.9
0.8
Mphasis
Accumulate
351
373
7,366
5,608
5,964
17.7
17.3
35.5
36.8
9.9
9.5
1.4
1.2
13.9
12.6
0.8
0.7
NIIT
Buy
42
52
698
1,162
1,304
14.8
15.1
7.1
8.8
6.0
4.8
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Reduce
388
361
1,552
1,109
1,224
23.3
22.4
37.2
40.1
10.4
9.7
1.6
1.4
15.4
14.5
1.1
0.9
TCS
Neutral
1,225
239,720
57,189
66,329
29.3
28.7
63.2
70.9
19.4
17.3
5.9
4.8
30.5
27.7
4.0
3.3
Tech Mahindra
Accumulate
685
725
8,734
5,880
6,314
15.6
15.2
75.9
82.2
9.0
8.3
1.8
1.5
20.1
18.1
1.4
1.3
Wipro
Accumulate
402
452
98,890
43,150
48,541
20.0
20.5
25.9
30.1
15.5
13.4
3.0
2.5
19.1
19.0
2.0
1.6
D B Corp
Buy
192
269
3,513
1,652
1,863
25.7
26.3
13.5
16.1
14.2
11.9
3.2
2.7
24.1
24.4
2.0
1.7
HT Media
Buy
98
148
2,294
2,255
2,555
16.3
16.7
9.0
10.6
10.8
9.2
1.4
1.2
13.4
13.8
0.6
0.5
Jagran Prakashan
Buy
85
137
2,691
1,499
1,642
27.4
28.8
7.6
9.1
11.2
9.4
3.8
3.4
34.6
37.7
1.8
1.6
PVR
Neutral
151
391
625
732
17.4
16.9
12.4
15.8
12.1
9.6
1.9
2.1
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
278
10,967
2,135
2,458
75.2
74.4
20.9
24.0
13.3
11.6
3.1
2.6
26.0
25.1
4.1
3.3
Bhushan Steel
Reduce
460
436
9,766
9,232
13,557
30.8
31.1
48.0
58.6
9.6
7.9
1.2
1.1
14.5
7.5
3.2
2.2
Coal India
Neutral
342
215,925
68,841
74,509
25.3
25.3
24.1
26.1
14.2
13.1
3.9
3.2
30.4
26.8
2.2
1.9
Electrosteel Castings
Buy
17
22
588
1,984
2,074
11.2
12.6
2.0
2.7
8.4
6.3
0.3
0.1
4.2
5.5
0.5
0.4
Hind. Zinc
Buy
120
139
50,640
13,043
14,223
51.8
52.8
14.8
16.6
8.1
7.2
1.6
1.3
21.2
19.9
2.2
1.6
Hindalco
Neutral
121
23,223
83,463
91,313
9.0
9.9
13.7
18.1
8.9
6.7
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
660
14,716
39,592
44,910
18.0
17.7
74.7
88.9
8.8
7.4
0.8
0.8
10.7
11.6
0.7
0.7
MOIL
Accumulate
272
296
4,561
1,007
1,091
56.6
56.9
29.4
31.9
9.2
8.5
1.7
1.5
19.0
18.2
2.3
1.9
Monnet Ispat
Buy
362
447
2,329
3,115
3,748
22.1
25.1
59.1
66.8
6.1
5.4
0.9
0.8
15.6
15.3
1.5
1.1
IT
Media
Metals & Mining
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
60
54
15,399
174
187
69,026
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
8,474
9,024
12.6
16.2
11,959
13,062
78.2
78.6
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
2.6
3.6
23.4
16.7
1.3
1.2
19.1
20.9
9.1
8.3
2.2
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
5.6
7.5
1.4
1.3
27.1
24.4
3.7
3.2
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
92
37,856
50,914
60,785
14.6
15.1
9.4
10.5
9.8
8.7
0.9
0.8
9.2
9.6
1.2
1.1
186
206
16,161
9,067
9,316
35.7
35.5
44.5
44.3
4.2
4.2
0.9
0.8
23.5
19.5
0.4
0.1
Buy
99
123
33,388
45,805
49,029
21.2
23.5
16.5
19.1
6.0
5.2
0.7
0.6
11.5
12.0
0.3
0.2
Buy
430
499
41,787 143,088 148,011
10.9
12.1
53.9
66.0
8.0
6.5
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Accumulate
328
372
62,568
15,513
16,074
74.0
69.7
51.1
48.6
6.4
6.8
1.1
0.9
18.3
14.8
2.9
2.1
GAIL
Accumulate
340
389
43,135
50,472
55,502
15.3
15.6
35.4
37.0
9.6
9.2
1.7
1.5
19.0
17.2
0.1
ONGC
Buy
275
321
235,575 156,331 159,043
37.7
36.3
31.3
32.6
8.8
8.5
1.6
1.4
18.7
17.3
1.2
1.1
Reliance Industries
Buy
719
897
235,309 316,404 319,119
11.2
12.0
63.5
68.7
11.3
10.5
1.1
1.0
11.7
11.4
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
56
91
1,063
1,624
1,855
14.2
15.6
6.6
9.1
8.6
6.2
2.1
1.6
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
108
156
3,147
5,243
5,767
14.6
14.6
13.8
14.7
7.8
7.4
0.9
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
2,171
4,999
1,482
1,682
15.5
15.5
95.0
104.0
22.9
20.9
4.1
3.2
18.6
17.0
3.2
2.7
Cadila Healthcare
Buy
762
953
15,602
6,196
7,443
18.5
19.5
43.3
50.8
17.6
15.0
4.5
3.6
25.4
24.8
2.5
2.0
Cipla
Buy
310
379
24,875
7,687
8,804
21.4
21.4
16.5
18.9
18.8
16.4
2.9
2.6
16.7
16.8
3.2
2.7
Dr Reddy's
Neutral
1,588
26,948
10,696
11,662
20.7
21.0
83.7
92.9
19.0
17.1
3.9
3.3
22.4
21.0
2.6
2.4
Dishman Pharma
Buy
62
92
499
1,280
1,536
17.8
17.8
9.2
11.3
6.7
5.5
0.5
0.5
7.7
8.5
1.1
0.9
GSK Pharma*
Neutral
2,019
17,100
2,651
2,993
31.7
31.2
76.0
82.4
26.6
24.5
7.6
6.7
30.8
29.0
5.5
4.8
Indoco Remedies
Buy
54
82
498
685
837
15.2
15.2
7.4
8.9
7.3
6.1
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
344
435
4,326
2,850
3,474
20.3
20.3
26.6
32.7
12.9
10.5
3.3
2.6
28.2
27.9
1.7
1.4
Lupin
Buy
527
647
23,547
8,426
10,082
19.7
20.0
29.7
32.4
17.7
16.3
4.6
3.7
27.0
25.2
2.7
2.2
Orchid Chemicals
Buy
113
178
795
2,117
2,434
17.7
17.7
16.7
22.2
6.8
5.1
0.6
0.6
9.5
11.5
1.0
0.8
Ranbaxy*
Neutral
488
20,616
12,046
11,980
18.0
15.8
35.7
29.8
13.7
16.4
5.1
4.2
43.1
28.1
1.7
1.7
Sun Pharma
Reduce
615
569
63,344
9,272
11,080
38.6
38.0
22.7
22.6
27.1
27.2
4.5
4.0
17.9
15.6
5.0
3.9
CESC
Buy
283
342
3,538
5,084
5,512
24.2
23.8
45.2
48.5
6.3
5.8
0.7
0.6
11.2
10.9
1.1
1.2
GIPCL
Buy
63
77
948
1,557
1,573
28.8
28.5
10.4
10.9
6.1
5.8
0.6
0.6
10.4
10.2
1.1
0.9
NTPC
Neutral
152
124,919
74,766
86,549
23.1
23.4
12.4
14.1
12.2
10.8
1.5
1.4
13.0
13.5
2.4
2.2
46
78
1,363
657
875
52.0
56.1
8.4
12.7
5.5
3.6
0.3
0.3
6.3
8.9
3.3
2.5
193
32,856
9,878
12,033
44.7
46.1
9.6
13.4
20.2
14.4
1.3
1.2
6.4
8.7
5.8
4.8
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Real Estate
HDIL
Buy
79
115
3,323
2,441
3,344
53.0
46.7
21.4
25.4
3.7
3.1
0.3
0.3
8.4
9.1
3.2
2.4
MLIFE
Buy
312
376
1,276
814
897
26.9
27.0
31.3
33.9
10.0
9.2
1.0
0.9
10.2
10.1
1.9
1.7
Bharti Airtel
Neutral
312
118,502
80,961
86,705
33.5
34.0
17.2
20.8
18.2
15.0
2.1
1.9
11.5
12.3
2.1
1.9
Idea Cellular
Neutral
78
25,665
22,558
25,326
26.4
27.5
3.2
4.7
24.1
16.4
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
64
13,261
22,288
23,871
32.1
32.7
4.4
6.0
14.6
10.7
0.4
0.3
2.4
3.2
2.0
1.7
Telecom
zOthers
Bajaj Electricals
Buy
191
246
1,899
3,569
4,172
8.6
9.2
17.3
22.3
11.0
8.5
2.4
2.0
22.9
25.3
0.5
0.5
Abbott India
Accumulate
1,437
1,628
3,053
1,661
1,918
9.7
12.0
60.7
90.4
23.7
15.9
4.9
3.9
22.0
27.3
1.6
1.3
CRISIL
Neutral
1,075
7,542
982
1,136
34.3
34.3
34.3
40.0
31.3
26.9
14.2
11.3
50.9
46.9
7.3
6.1
Cera Sanitaryware
Accumulate
252
288
319
385
444
17.2
17.4
28.9
32.0
8.7
7.9
1.8
1.5
23.4
21.1
1.0
0.9
Force Motors
Buy
446
680
581
2,346
2,753
6.7
7.0
50.9
61.9
8.8
7.2
0.5
0.5
5.5
6.3
0.2
0.2
Finolex Cables
Buy
40
61
616
2,334
2,687
8.8
9.3
7.6
10.2
5.3
3.9
0.7
0.6
13.7
16.1
0.2
0.1
Goodyear India
Buy
319
374
735
1,511
1,692
7.9
9.0
31.5
41.3
10.1
7.7
2.0
1.7
21.2
23.5
0.3
0.2
Graphite India
Buy
88
124
1,723
2,158
2,406
18.1
18.9
12.4
14.0
7.1
6.3
1.0
0.9
14.0
14.3
0.9
0.8
HEG
Buy
203
242
809
1,746
1,946
16.5
17.7
22.5
32.9
9.0
6.2
0.9
0.8
10.4
14.2
1.1
1.0
Hitachi
Buy
114
160
262
857
968
6.9
8.4
10.2
16.0
11.3
7.1
1.4
1.2
12.9
17.8
0.4
0.3
Honeywell Automation
Neutral
2,605
2,303
1,542
1,739
9.4
10.0
116.1
140.8
22.4
18.5
3.2
2.7
15.5
15.9
1.3
1.2
INEOS ABS India
Accumulate
716
777
1,259
900
1,011
10.2
11.5
35.6
45.7
20.1
15.7
2.9
2.5
15.4
17.2
1.2
1.0
ITD Cementation
Accumulate
221
236
255
1,535
1,842
11.1
11.1
27.3
38.3
8.1
5.8
0.6
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Buy
225
268
1,817
1,315
1,568
8.6
11.1
6.4
10.9
35.4
20.7
3.0
2.8
8.4
13.9
1.7
1.4
MCX
Buy
1,013
1,598
5,168
610
702
65.5
67.0
67.9
79.9
14.9
12.7
4.4
3.7
29.1
28.9
5.6
4.3
MRF
Buy
10,281
13,106
4,360
12,390
14,400
10.4
11.3 1,334.6 1,638.2
7.7
6.3
1.5
1.2
16.5
17.4
0.5
0.5
Greenply Industries
Buy
200
309
484
1,925
2,235
10.6
10.9
29.6
44.1
6.8
4.6
1.1
0.9
16.8
21.0
0.5
0.4
Page Industries
Neutral
2,858
3,188
887
1,108
18.3
18.6
95.0
120.9
30.1
23.6
15.7
12.7
57.4
59.5
3.6
2.9
Relaxo Footwears
Neutral
462
554
1,019
1,208
11.0
10.8
44.9
53.1
10.3
8.7
2.5
1.9
27.2
25.0
0.7
0.6
Sintex Industries
Buy
62
79
1,686
4,751
5,189
16.3
16.6
13.6
15.8
4.5
3.9
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
261
392
244
1,042
1,173
12.4
12.5
66.3
78.5
3.9
3.3
0.8
0.6
21.1
20.8
0.5
0.4
SpiceJet
Buy
33
40
1,586
5,647
6,513
3.5
6.5
1.9
4.9
16.9
6.7
39.6
5.7
0.4
0.4
TVS Srichakra
Buy
307
462
235
1,612
1,827
9.5
9.8
72.3
92.5
4.2
3.3
1.2
0.9
33.1
32.1
0.4
0.3
TAJ GVK
Buy
60
108
376
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Market Outlook
June 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Tata Sponge Iron
Buy
341
420
525
757
875
19.0
19.1
63.5
72.9
5.4
4.7
0.8
0.7
16.1
16.1
0.3
0.1
United Spirits
Accumulate
678
730
8,864
10,289
11,421
13.5
14.3
31.0
42.9
21.8
15.8
1.7
1.6
8.1
10.3
1.6
1.4
Vesuvius India
Accumulate
375
413
761
628
716
16.4
16.5
29.8
34.4
12.6
10.9
2.2
1.9
18.8
18.6
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 21, 2012
Market Outlook
June 22, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

June 22, 2012

US markets ended mostly lower yesterday as economic reports indicating a

OIL & GAS

(2.0) (250.8) 12,574

(1.3) (253.8) 19,265

CCI imposes penalty of `6,300cr on 11 cement companies

Refer detailed news analysis on the following page

Net Inflows (June 20, 2012)

FII Derivatives (June 21, 2012)

Jaypee Infra Tech

CCI imposes penalty of `6,300cr on 11 cement companies

May 2012 GSM net subscriber addition

Digitalization deferred by four months

Niko Resources downgrades reserve estimates for KG D6

Economic and Political News

BJP supports Sangma as presidential candidate after division in NDA

Mastek signs US$30mn deal with U.S. based finance major

Global economic events release calendar

Jun 25 2012 12:00AM US

New home sales

Jun 26 2012 12:00AM US

GDP Qoq (Annualised)

Jun 28 2012 12:00AM Euro Zone

Jul 1 2012 12:00AM

Jul 2 2012 12:00AM

Jul 4 2012 12:00AM

Jul 5 2012 12:00AM

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

Jul 7 2012 12:00AM

Jul 9 2012 12:00AM

Consumer Price Index (YoY)

Jul 10 2012 12:00AM

Industrial Production (YoY)

Jul 6 2012 12:00AM

Jul 12 2012 12:00AM

Jul 13 2012 12:00AM

Industrial Production YoY

Industrial Production (YoY)

Real GDP (YoY)

Jul 16 2012 12:00AM

Euro-Zone CPI (YoY)

Jul 17 2012 12:00AM

Consumer price index (mom)

Jobless claims change

RBI Repo rate

Jul 18 2012 12:00AM

Jul 31 2012 12:00AM

Source: Bloomberg, Angel Research

Source: MOSPI, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Source: Bloomberg, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research