Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 20, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open on a negative note tracking weak
opening of most of the Asian indices following Japanese exports data which
declined 5.8% yoy in August 2012 raising concerns on global economic growth.
BSE Sensex
(0.3)
(46.3) 18,496
Nifty
(0.2)
(10.0)
5,600
0.9
55.7
6,372
The US markets moved modestly higher over the course of the trading day on
Wednesday, although buying interest remained subdued. The modest strength on
Wall Street was partly due to news of additional stimulus from the Bank of Japan.
The US Commerce Department said housing starts rose 2.3% to an annual rate of
750,000 in August 2012 from the revised July 2012 estimate of 733,000; while
building permits, an indicator of future housing demand, fell 1.0% to an annual
rate of 803,000 in August 2012 from 811,000 in July 2012. As per National
Association of Realtors (NAR), existing home sales jumped 7.8% to an annual rate
of 4.82mn in August 2012 from 4.47mn in July 2012, reaching their highest level
since May 2010.
SMALL CAP
Indian shares eased slightly on Tuesday, as caution crept in amid extremely weak
global cues. Going ahead, trading is likely to be impacted by the release of US
economic data, including reports on weekly jobless claims, leading economic
indicators and Philadelphia area manufacturing activity. Further, a preliminary
survey for Chinas manufacturing activity in September is due today which is also
likely to weigh on investors mind.
Markets Today
The trend deciding level for the day is 18,515/5,602 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,561 18,626/5,618 5,636 levels. However, if NIFTY trades below
18,515/5,602 levels for the first half-an-hour of trade then it may correct up to
18,450 18,404/5,584 5,568 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,404
18,450
18,515
18,561
18,626
NIFTY
5,568
5,584
5,602
5,618
5,636
News Analysis
MID CAP
Chg (%)
(Pts)
(Close)
0.7
49.0
6,747
(0.2)
(16.1)
7,370
BSE PSU
1.6
114.4
7,361
BANKEX
0.7
86.9 12,670
AUTO
0.1
10.9 10,136
METAL
(0.2)
(20.4) 10,501
OIL & GAS
(1.1) (100.6)
BSE HC
BSE IT
Global Indices
8,786
(0.5)
(32.7)
5,974
Chg (%)
(Pts)
(Close)
Dow Jones
0.1
NASDAQ
0.2
4.8
3,183
FTSE
0.4
20.3
5,888
Nikkei
0.5
45.2
9,169
Hang Seng
0.7
151.7
20,754
Straits Times
0.1
1.6
3,070
(0.7)
(13.8)
2,046
Chg (%)
(Pts)
(Close)
INFY
(0.4)
(0.2)
$47.5
WIT
(0.6)
(0.0)
$8.8
IBN
(0.3)
(0.1)
$37.9
HDB
(0.1)
(0.0)
$36.2
Shanghai Com
Indian ADRs
Advances / Declines
13.3 13,578
BSE
NSE
CPI inflation for August 2012 reports double-digit growth at 10.03%

IMG recommends some more coal block cancellations
Bajaj Auto enters into marketing tie-up with Kawasaki
HCL bags 5 year, multi-million deal from Freescale Semiconductors
Bajaj Electricals sells its entire 50% stake in Bajaj Ventures for `35.9cr
Tata Sponge Iron denies de-allocation of coal block
Advances
1,674
901
Declines
1,220
554
113
73
Refer detailed news analysis on the following page
BSE
2,582
NSE
13,880
Unchanged
Volumes (` cr)
Net Inflows (September 17, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
5,902
3,588
2,315
8,203
71, 214
883
1,370
(487)
(1,086)
(10,519)
MFs
FII Derivatives (September 18, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,234
1,120
114
13,117
Stock Futures
2,130
2,760
(629)
28,498
Gainers / Losers
Gainers
Company
IFCI
Oriental Bank
Losers
Price (`)
chg (%)
32
13.5
Company
Pantaloon Retl
Price (`)
chg (%)
180
(4.1)
287
13.0
Wipro
370
(3.8)
Lanco Infra
14
10.8
Cairn India
350
(3.4)
Union Bank
195
10.0
Cadila Health
839
(3.4)
Canara Bank
394
9.2
1,239
(3.4)
www.angelbroking.com
Wockhardt
Market Outlook
September 20, 2012
CPI inflation for August 2012 reports double-digit growth

at 10.03%
As per provisional estimates from the Central Statistical office (CSO), combined
Consumer Price Index (CPI) inflation for the month of August 2012 increased to
10.03% as compared to 9.86% in July 2012. Inflation in rural areas stands at
9.9% during August 2012 as against 9.76% in the month of July 2012. Inflation in
urban areas stands at 10.19% in the August 2012 as compared to 10.1% in July
2012.
Inflation in the Food and Beverages category has witnessed an uptrend since
January 2012 and reached 12% during August 2012 as compared to 11.53% in
the previous month. The index reported an increase of 11.68% for rural consumers
and 12.64% for urban consumers. Inflation in Food and Beverages was led by
high vegetable prices which reported an increase of 20.79% for the month. The
Combined Index for Fuel and Light witnessed an increase to 7.55% during the
month as compared to 7.36% in July. Inflation in Housing as well as Clothing,
Bedding and Footwear recorded an increase of 10.75% and 10.71% respectively
in the month of August 2012. Inflation in the Miscellaneous Category comprising
transport and communication, education, recreation etc slipped for the second
quarter to 6.8% in August 2012 as compared to 7.53% in July 2012.
Headline inflation, as measured by the Wholesale Price Index (WPI), also inched
upwards to 7.55% during the month as compared to 6.87% in July 2012 driven by
increase in fuel prices and inflation in manufactured products.
Earlier, on September 17, 2012 the Reserve Bank in its Mid Quarter Review of
Monetary Policy maintained its key policy rates, while reducing the CRR by 25 bps,
in spite of fiscal consolidation and reform measures announced by the
government; signaling that inflation management remains its top priority.
IMG recommends some more coal block cancellations

Inter-Ministerial Group (IMG) has recommended canceling three more mines
allocated to various steel makers including Electrosteel Castings North Dhadu
thermal coal mine. North Dhadu thermal coal mine was allotted to Electrosteel
Castings & others in January 2006. It has extractable reserves of 340mn tonnes
and the coal from the mine was meant to be used in Sponge Iron project. However
the clearance for this mine were in the preliminary stage of development and
hence was not factored in our estimates. Hence, we maintain our estimates and
our Buy rating on the stock with a target price of `23.
Bajaj Auto enters into marketing tie-up with Kawasaki

Bajaj Auto (BJAUT) has entered into marketing tie-up with Japanese major
Kawasaki to penetrate into Brazil and other ASEAN countries. Following the
successful tie-up with Kawasaki in Philippines, BJAUT is planning to replicate the
business model in other emerging countries leveraging upon the distribution
network of Kawasaki. BJAUT and Kawasaki began their Philippines operations in
2004 and has been successful in garnering 45% market share in the country.
Initially, the models introduced in Philippines will be showcased in Indonesia by
mid CY2013. Further, BJAUT will also sell the newly launched Bajaj Pulsar
Market Outlook
September 20, 2012
200NS in Indonesia under the Kawasaki brand. As per the agreement, all the
motorcycles will be manufactured in India and sold under the Kawasaki-Bajaj
brand name. We believe that the tie-up with Kawasaki to enter into emerging
markets is a positive move as it will enable the company to strengthen its position
in the highly competitive exports markets. Also, entering into newer geographies
will help BJAUT sustain its exports momentum. Nonetheless, at `1,748, the stock is
trading at 14.4x FY2014E earnings which is in-line with its historical average of
15x. We therefore recommend Neutral rating on the stock.
HCL bags 5 year, multi-million deal from Freescale

Semiconductors
HCL Tech has bagged a five year contract from US based Freescale
Semiconductor to manage its IT infrastructure across the world. As part of the deal,
HCL Tech will manage and transform infrastructure operations covering desktop
support, compute, storage, database, telecom (network and security), process
automation and compliance. According to media reports, the contract would
generate about US$60-$80mn for HCL Tech over a five year period, starting in
November this year. The company denied to confirm the size of this deal, which it
has won by displacing a large incumbent US based IT firm. HCL Tech will deliver
these services to Freescale across 20 countries, handling a user base of 19,000
employees. HCL Techs infrastructure services business is the fastest growing line of
business of the company. We remain positive on the stock but maintain Neutral
view on it given recent stock run-up.
Bajaj Electricals sells its entire 50% stake in Bajaj Ventures

for `35.9cr
Bajaj electrical Ltd. (BEL) divested its entire 50% stake in Bajaj Ventures for
`35.9cr. BEL held 1.5cr shares of `10 each in its subsidiary Bajaj Ventures Ltd
which is a leading provider of Electrical & Electronic Products & Components. BEL
sold its entire stake to Black & Decker Pvt. Ltd for `35.94cr under share purchase
agreement signed on 17 September 2012 at a consideration of `23.96 per share.
The cost of the investment stood at `11.3cr as on FY2012 thereby leading to net
income of `24.7cr. We maintain our Buy recommendation on the stock with a
target price of `228, based on target PE of 10x for FY2014E.
Tata Sponge Iron denies de-allocation of coal block

Tata Sponge Irons management denied any de-allocation of Radhikapur coal
block. However, there are recommendations to forfeit the bank guarantee, though
the management was uncertain on the quantum of its impact on the company.
This issue continues to be an overhang on the stock; hence we maintain our target
price at `377 based on a target P/B of 0.8x for FY2014E.
Market Outlook
September 20, 2012
Economic and Political News
Union Cabinet to take up discom debt revamp in three weeks : Power Minister
Planning Commission pitches for privatization of coal mining
India's steel exports declined by 1% to 19.19lakh tones YTD in FY2013
Government may reserve 50% of RINL issue for retail subscription
Corporate News
HPCL to raise US$200mn via ECBs

Tribhovandas Bhimji Zaveri to invest `1,200cr to open 43 showrooms
CIL initiates process to set up 20 more washeries
Cairn seeks permission to sell crude oil to RIL's SEZ refinery
Tata Motors bags record order of 1,314 trucks
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 20, 2012
Global economic events release calendar

Date
September 20, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
US
Initial Jobless claims
Thousands
Sep 15
382.00
375.00
Germany
Value
Sep A
48.30
48.50
Value
Sep A
(24.60)
(24.00)
Germany
PMI Services
Euro-Zone Consumer
Confidence
PMI Manufacturing
Sep A
44.70
45.20
September 25, 2012
US
Consumer Confidence
Sep
60.60
63.00
September 26, 2012
US
New home sales
Value
S.A./
1985=100
Thousands
Aug
372.00
381.00
September 27, 2012
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
1.60
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
India
Imports YoY%
% Change
Aug
(7.60)
--
India
Exports YoY%
% Change
Aug
(14.80)
--
UK
PMI Manufacturing
Value
Sep
49.50
--
China
PMI Manufacturing
Value
Sep
49.20
--
UK
BOE Announces rates
% Ratio
Oct 4
0.50
0.50
Euro Zone
ECB announces interest rates
Oct 4
0.75
--
US
Change in Nonfarm payrolls
Thousands
Sep
96.00
--
US
Unnemployment rate
Sep
8.10
--
October 09, 2012
UK
Industrial Production (YoY)
% Change
Aug
(0.80)
--
October 12, 2012
US
Producer Price Index (mom)
% Change
Sep
1.70
--
India
Industrial Production YoY
% Change
Aug
0.10
--
October 13, 2012
China
% Change
Sep
2.70
--
October 15, 2012
India
% Change
Sep
7.55
--
China
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.00
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
US
Consumer price index (mom)
% Change
Sep
0.60
--
October 17, 2012
UK
Jobless claims change
% Change
Sep
(15.00)
--
October 18, 2012
China
Industrial Production (YoY)
% Change
Sep
8.90
--
China
Real GDP (YoY)
% Change
3Q
7.60
--
US
FOMC rate decision
Oct 24
0.25
--
Euro Zone
October 01, 2012
October 04, 2012
October 05, 2012
October 16, 2012
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 20, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
8.0
6.0
8.0
7.6
7.5
6.0
6.7
7.0
4.0
5.3 5.5
5.0
2.0
(6.0)
(%)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
Dec-11
Nov-11
(5.0)
60.0
9.9
(1.8)
Exhibit 4: Manufacturing and services PMI
12.0
10.0
(1.3)
(2.8)
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.6
6.9
7.6
56.0
Source: MOSPI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Aug-11
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
48.0
Jan-12
0.0
Dec-11
50.0
Nov-11
2.0
Oct-11
52.0
Sep-11
4.0
Oct-11
54.0
6.0
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
Repo rate
Reverse Repo rate
CRR
8.00
7.00
6.00
4.50
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Sep-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
Sep-12
15.0
(15.0)
Oct-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
Source: CSO, Angel Research
Aug-11
(2.0)
3.0
Sep-11
3.5
10.0
0.1
1.0
Oct-11
4.0
2.7
2.5
6.1
5.7
6.0
2.5
4.3
3.4
Market Outlook
September 20, 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
138
2,689
1,466
1,686
14.8
14.8
7.0
8.1
19.8
17.1
4.2
3.6
22.6
22.5
1.9
1.6
United Phosphorus
Buy
130
170
5,990
8,421
9,263
16.5
16.5
15.0
17.0
8.7
7.6
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
380
3,246
2,844
3,225
15.4
15.5
31.7
36.6
12.0
10.4
3.1
2.5
28.8
26.2
1.1
0.9
Apollo Tyres
Neutral
100
5,018
13,412
15,041
11.0
11.0
11.5
14.2
8.7
7.0
1.5
1.3
18.7
19.4
0.5
0.5
Ashok Leyland
Buy
23
30
6,133
14,920
16,850
9.0
9.3
2.2
2.8
10.6
8.4
1.9
1.7
13.3
15.6
0.5
0.4
Automotive Axle#
Accumulate
371
430
561
993
1,140
11.6
11.5
36.9
43.0
10.1
8.6
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,748
50,587
21,285
23,927
18.2
18.3
108.5
121.3
16.1
14.4
6.7
5.4
46.1
41.3
2.0
1.7
Bharat Forge
Buy
299
351
6,952
7,004
7,985
16.2
16.4
20.3
25.1
14.7
11.9
2.7
2.3
20.0
20.9
1.1
1.0
Bosch India*
Neutral
8,514
26,733
9,034
10,286
17.8
18.3
373.6
435.8
22.8
19.5
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
116
164
398
4,989
5,634
8.7
8.5
32.7
41.1
3.6
2.8
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
145
12,334
5,899
6,771
16.0
17.0
7.4
9.1
19.7
15.9
3.5
3.0
19.0
20.2
1.7
1.5
FAG Bearings*
Neutral
1,581
2,628
1,505
1,747
17.7
18.0
111.5
130.0
14.2
12.2
2.9
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,925
2,428
38,431
26,097
29,963
15.0
15.3
139.5
151.8
13.8
12.7
6.5
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
112
135
460
7,517
8,329
6.1
6.3
26.2
38.5
4.3
2.9
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
798
879
48,977
36,536
41,650
11.6
11.5
49.3
54.9
16.2
14.5
3.3
2.9
22.1
21.1
1.1
0.9
1,275
36,843
41,796
47,953
7.6
8.4
67.1
87.6
19.0
14.6
2.2
1.9
12.1
14.1
0.7
0.6
220
228
8,608
24,173
27,055
6.6
7.1
11.7
15.2
18.8
14.4
3.9
3.2
22.4
24.2
0.5
0.4
29
34
176
1,230
1,378
8.8
8.6
4.5
5.7
6.5
5.2
0.6
0.6
9.8
11.8
0.4
0.3
Accumulate
274
292
73,037 195,096 219,428
12.8
12.8
39.0
43.9
7.0
6.3
2.0
1.6
32.6
28.2
0.4
0.4
Accumulate
42
43
1,979
7,545
8,301
6.2
6.1
4.9
5.4
8.5
7.8
1.5
1.3
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
768
498
16,284
8,760
10,023
5.5
7.5
12.4
20.7
61.9
37.1
5.9
5.3
10.1
15.2
1.8
1.6
BGR Energy
Neutral
276
1,991
3,669
4,561
11.0
11.0
24.7
29.6
11.2
9.3
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
225
55,071
47,801
43,757
19.4
19.8
25.7
23.9
8.8
9.4
1.8
1.6
22.7
18.3
1.0
0.8
Blue Star
Neutral
171
1,539
3,047
3,328
5.4
6.9
12.5
16.2
13.7
10.5
3.3
2.7
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
114
128
7,297
12,691
14,096
7.0
8.5
6.5
9.1
17.5
12.5
1.9
1.7
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
40
59
332
2,622
2,801
10.3
10.7
8.7
13.1
4.7
3.1
0.5
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
61
69
1,571
6,858
7,431
7.5
8.3
9.0
11.5
6.8
5.3
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
2,008
2,262
2,369
2,727
11.7
11.7
143.4
166.0
14.0
12.1
2.3
2.1
17.4
18.4
0.5
0.4
Thermax
Neutral
519
6,190
5,514
5,559
8.9
9.6
26.9
28.4
19.3
18.3
3.3
3.0
18.4
17.1
1.1
1.0
Market Outlook
September 20, 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
1,368
25,691
11,220
12,896
20.0
20.6
71.1
81.2
19.2
16.9
3.4
3.1
18.1
19.0
2.0
1.6
Ambuja Cements
Neutral
192
29,591
10,205
11,659
24.6
24.2
10.8
12.0
17.7
16.0
3.7
3.3
19.7
19.8
2.5
2.1
India Cements
Neutral
85
2,608
4,393
4,914
19.3
19.5
10.1
12.7
8.4
6.7
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
99
1,211
1,964
2,278
19.5
20.4
16.3
17.9
6.1
5.6
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
181
4,314
3,608
3,928
27.4
26.9
15.6
18.1
11.6
10.0
1.8
1.6
16.8
16.9
1.8
1.5
Shree Cements^
Neutral
3,511
12,232
5,767
6,337
28.4
26.9
216.9
253.3
16.2
13.9
3.6
3.0
24.7
23.4
1.5
1.2
UltraTech Cement
Neutral
1,799
49,322
20,167
22,752
21.7
23.0
90.8
107.8
19.8
16.7
3.3
2.8
17.9
18.3
2.3
2.1
243
304
1,280
2,029
2,310
22.4
22.4
27.1
31.7
9.0
7.7
1.1
1.0
13.1
13.4
1.9
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
262
2,262
2,522
6.7
7.5
1.5
2.7
9.5
5.3
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,086
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.9)
(18.6)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
142
166
4,731
3,964
4,582
42.3
40.2
15.5
16.9
9.2
8.4
1.4
1.2
16.6
15.8
2.7
2.5
ITNL
Buy
171
232
3,321
6,840
7,767
26.4
26.1
24.4
28.4
7.0
6.0
1.1
0.9
16.0
16.2
2.7
2.8
IVRCL Infra
Accumulate
45
51
1,387
5,510
6,722
8.8
9.0
2.5
4.6
17.9
9.9
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
80
91
16,980
15,259
17,502
25.7
24.7
4.2
5.0
18.8
16.0
1.6
1.4
8.5
9.3
2.4
2.1
Larsen & Toubro
Neutral
1,552
95,242
60,474
69,091
12.1
11.5
79.7
85.4
19.5
18.2
3.3
2.9
16.3
15.1
1.7
1.5
Madhucon Proj
Buy
36
56
265
2,206
2,502
10.7
10.7
4.6
4.7
7.7
7.7
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
43
45
1,103
5,804
6,513
8.0
8.6
3.0
3.5
14.1
12.3
0.5
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
73
508
3,609
3,836
13.1
13.1
14.0
14.6
5.2
5.0
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
52
1,727
11,892
13,116
8.9
8.9
1.7
3.1
30.7
16.8
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
145
182
2,185
2,506
3,147
10.3
10.7
7.5
10.4
19.3
13.9
2.4
2.1
13.5
16.0
1.0
0.9
Simplex Infra
Buy
202
265
1,000
6,732
7,837
8.1
8.4
23.5
29.4
8.6
6.9
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
142
7,108
7,233
8,579
3.1
3.3
40.5
40.9
3.5
3.5
0.6
0.6
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
105
5,878
4,959
5,787
3.1
3.1
22.7
24.5
4.6
4.3
0.7
0.7
16.0
15.3
1,070
1,336
44,337
15,961
19,583
3.1
3.2
117.3
143.1
9.1
7.5
1.7
1.4
20.1
20.8
Accumulate
745
829
29,186
15,830
19,300
2.6
2.7
118.9
147.1
6.3
5.1
1.0
0.9
16.7
18.0
Bank of India
Accumulate
296
323
16,995
13,159
15,851
2.4
2.5
61.1
71.1
4.9
4.2
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
48
2,845
3,471
3,889
3.1
3.1
9.0
11.5
5.3
4.2
0.7
0.6
13.7
15.5
394
421
17,432
11,334
13,629
2.2
2.3
75.4
85.1
5.2
4.6
0.8
0.7
15.2
15.3
72
5,282
7,181
8,365
2.5
2.7
16.3
21.8
4.4
3.3
0.8
0.7
12.7
15.1
Market Outlook
September 20, 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
407
436
6,033
5,067
5,998
2.1
2.3
105.6
111.0
3.9
3.7
0.7
0.6
17.6
16.3
Dena Bank
Accumulate
102
107
3,583
3,177
3,595
2.8
2.8
25.2
25.4
4.1
4.0
0.7
0.6
18.9
16.4
Federal Bank
Accumulate
428
453
7,325
2,634
3,104
3.3
3.3
45.4
55.4
9.4
7.7
1.2
1.0
12.9
14.2
HDFC
Neutral
775
119,170
7,340
8,805
3.5
3.5
31.5
37.8
24.6
20.5
4.9
4.4
34.8
32.2
HDFC Bank
Neutral
606
142,939
21,936
27,454
4.4
4.4
28.7
36.0
21.1
16.8
4.1
3.4
20.7
22.0
ICICI Bank
Buy
1,049
1,220
120,569
22,356
27,157
2.9
3.0
68.7
82.0
15.3
12.8
1.8
1.7
14.2
15.5
IDBI Bank
Accumulate
Indian Bank
Neutral
IOB
98
101
12,548
7,867
9,782
1.9
2.1
18.0
23.1
5.4
4.2
0.7
0.6
12.5
14.4
187
8,015
6,294
7,191
3.4
3.4
40.6
44.9
4.6
4.2
0.8
0.7
18.1
17.4
Accumulate
76
80
6,033
7,473
8,732
2.5
2.5
16.7
22.6
4.5
3.4
0.5
0.5
11.8
14.4
J & K Bank
Accumulate
922
1,026
4,471
2,625
2,921
3.6
3.5
194.4
191.9
4.8
4.8
0.9
0.8
21.2
18.0
LIC Housing Finance
Neutral
258
13,010
1,867
2,338
2.4
2.4
21.1
28.5
12.2
9.0
2.0
1.7
17.5
20.4
Oriental Bank
Accumulate
287
289
8,384
6,518
7,458
2.8
2.9
61.3
65.1
4.7
4.4
0.7
0.6
15.2
14.3
Punjab Natl.Bank
Buy
803
950
27,241
20,116
23,625
3.3
3.4
152.8
173.9
5.3
4.6
1.0
0.8
18.2
18.0
South Ind.Bank
Accumulate
23
25
3,012
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
0.9
20.5
18.5
St Bk of India
Accumulate
2,151
2,270
144,318
64,470
75,940
3.5
3.5
224.4
258.7
9.6
8.3
1.6
1.4
17.6
17.8
Syndicate Bank
Buy
103
119
6,179
6,840
7,996
2.9
3.0
25.7
29.2
4.0
3.5
0.7
0.6
17.9
17.8
UCO Bank
Neutral
75
4,992
5,488
6,338
2.4
2.5
17.3
17.7
4.3
4.2
0.9
0.8
17.0
15.3
Union Bank
Buy
195
230
10,711
10,299
12,227
2.9
3.0
42.1
49.3
4.6
4.0
0.8
0.7
16.7
17.1
United Bank
Buy
64
79
2,321
3,634
4,194
2.8
2.9
18.2
23.0
3.5
2.8
0.5
0.5
15.0
16.7
Vijaya Bank
Neutral
54
2,696
2,579
3,028
2.1
2.3
8.8
11.6
6.2
4.7
0.7
0.7
11.1
13.3
Yes Bank
Buy
370
453
13,163
3,255
4,228
2.8
3.0
34.2
42.7
10.8
8.7
2.3
1.9
23.3
23.8
3,896
37,366
11,198
13,184
16.3
16.3
121.0
144.8
32.2
26.9
10.8
8.5
37.4
35.3
3.3
2.7
489
584
5,838
5,835
6,824
5.7
6.0
20.7
25.4
23.6
19.3
9.3
7.1
43.1
41.9
0.9
0.8
1,202
16,351
3,018
3,429
20.9
22.3
34.6
41.0
34.7
29.4
32.0
24.3
99.5
94.1
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
125
21,769
6,124
7,030
17.0
16.8
4.5
5.2
28.0
24.1
11.5
9.1
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
2,918
12,272
3,124
3,663
17.1
17.6
104.5
123.8
27.9
23.6
8.7
7.0
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
645
21,939
6,097
7,233
18.4
18.6
21.9
26.5
29.5
24.4
6.5
5.4
25.5
25.4
3.9
3.2
HUL
Neutral
531
114,839
25,350
28,974
13.9
13.9
14.3
16.5
37.3
32.3
22.2
17.1
70.9
59.8
4.3
3.7
ITC
Neutral
254
199,388
29,513
33,885
35.4
35.8
9.3
10.8
27.4
23.6
9.1
7.6
35.6
35.0
6.4
5.6
Market Outlook
September 20, 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
191
12,301
4,840
5,643
13.1
13.1
6.8
8.5
28.1
22.6
7.8
5.9
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,412
42,542
8,610
10,174
20.9
21.2
114.8
139.8
38.4
31.6
23.2
16.2
71.2
60.3
5.1
4.2
Tata Global
Accumulate
130
136
8,024
7,207
7,927
9.7
10.0
6.6
7.9
19.6
16.5
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech^
Neutral
571
39,633
24,400
27,049
18.6
17.5
41.1
45.0
13.9
12.7
3.1
2.7
22.7
21.1
1.5
1.4
Hexaware*
Neutral
129
3,826
1,947
2,161
22.0
21.4
11.4
12.1
11.4
10.6
2.9
2.5
26.4
24.0
1.7
1.4
Infosys
Neutral
2,600
149,280
39,151
41,743
31.6
31.9
161.9
174.5
16.1
14.9
3.8
3.3
23.8
22.1
3.2
2.9
Infotech Enterprises
Neutral
195
2,170
1,889
2,065
18.0
17.5
18.0
19.7
10.8
9.9
1.6
1.4
14.5
13.7
0.8
0.7
KPIT Cummins
Neutral
127
2,259
2,149
2,331
15.6
14.8
10.7
11.2
11.8
11.3
2.5
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Reduce
104
97
12,192
7,574
8,062
19.6
18.4
9.5
9.7
11.0
10.7
1.8
1.5
16.1
14.1
1.2
1.0
Mindtree
Neutral
690
2,817
2,341
2,513
18.6
17.1
66.5
70.8
10.4
9.8
2.3
1.9
22.3
19.3
1.0
0.9
Mphasis&
Neutral
379
7,952
5,713
6,005
18.0
16.8
36.9
37.1
10.3
10.2
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
31
40
512
1,162
1,304
14.8
15.1
7.1
8.8
4.4
3.5
0.7
0.7
16.7
18.4
0.3
0.2
Persistent
Reduce
414
398
1,655
1,193
1,278
25.6
24.3
42.6
44.3
9.7
9.4
1.7
1.4
17.2
15.5
1.1
0.9
TCS
Neutral
1,300
254,517
61,046
67,507
29.3
29.1
67.3
72.4
19.3
18.0
6.2
5.1
31.9
28.3
4.1
3.7
Tech Mahindra
Neutral
901
11,499
6,553
7,331
18.1
17.1
92.5
100.7
9.7
8.9
2.3
1.9
23.6
20.7
1.8
1.5
Wipro
Accumulate
370
420
90,989
43,492
48,332
19.4
19.3
25.1
28.0
14.7
13.2
2.7
2.4
18.6
18.0
1.9
1.6
D B Corp
Buy
192
236
3,523
1,597
1,785
22.9
24.2
11.1
13.9
17.3
13.8
3.3
2.8
20.2
22.1
2.1
1.8
HT Media
Buy
92
113
2,157
2,111
2,263
15.2
15.2
7.3
8.1
12.5
11.3
1.3
1.2
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
91
112
2,873
1,506
1,687
22.5
23.2
6.2
7.0
14.6
13.0
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
182
473
625
732
17.4
17.1
13.3
15.6
13.7
11.6
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
330
13,001
1,981
2,239
77.0
76.7
18.6
21.3
17.8
15.5
4.5
3.9
27.1
27.5
5.9
5.1
Bhushan Steel
Neutral
465
9,873
11,979
14,584
31.6
31.0
49.2
61.4
9.5
7.6
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Neutral
376
237,622
69,808
75,550
27.4
27.4
26.0
28.3
14.5
13.3
4.2
3.4
32.5
28.1
2.5
2.1
Electrosteel Castings
Buy
18
23
631
1,984
2,074
11.2
12.6
2.5
2.9
7.4
6.4
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Neutral
134
56,725
12,446
13,538
52.3
52.9
14.3
15.5
9.4
8.6
1.8
1.5
20.5
18.9
2.8
2.2
Hindalco
Neutral
115
21,970
84,855
92,446
8.7
9.3
13.2
16.2
8.7
7.1
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
727
16,223
38,740
41,459
17.3
17.0
79.9
89.4
9.1
8.1
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Neutral
265
4,444
918
993
50.7
50.9
24.5
26.1
10.8
10.1
1.7
1.5
16.0
15.5
2.5
2.2
Monnet Ispat
Buy
300
379
1,927
2,511
3,303
23.8
26.0
46.3
57.3
6.5
5.2
0.7
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 20, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
54
48
13,930
7,401
7,841
16.7
19.2
3.4
4.1
15.8
13.2
1.1
1.1
7.4
8.4
1.4
1.4
192
214
75,924
12,934
14,266
79.4
80.1
21.1
23.4
9.1
8.2
2.4
2.0
29.6
26.5
4.0
3.4
SAIL
Sesa Goa
Neutral
88
36,473
47,252
60,351
14.2
14.8
9.6
11.7
9.2
7.5
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
176
15,283
7,704
8,034
33.6
34.6
42.0
43.1
4.2
4.1
0.9
0.7
22.3
19.2
2.3
2.1
Sterlite Inds
Neutral
102
34,245
41,680
45,382
24.2
23.2
16.3
16.9
6.3
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
405
481
39,324 145,799 150,431
10.3
11.2
48.6
63.3
8.3
6.4
0.8
0.8
10.5
12.4
0.5
0.5
Sarda
Buy
123
148
441
1,251
1,321
22.7
23.4
33.0
37.1
3.7
3.3
0.5
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
51
73
690
2,694
2,906
14.6
16.6
16.4
20.8
3.1
2.5
0.3
0.3
11.4
12.8
0.5
0.4
Buy
121
161
384
2,341
2,425
15.6
17.3
33.3
43.2
3.6
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Neutral
350
66,825
16,605
17,258
75.4
71.7
57.0
54.9
6.1
6.4
1.1
1.0
20.2
16.3
3.2
2.5
GAIL
Neutral
388
49,204
50,176
55,815
15.5
15.8
35.4
36.5
11.0
10.6
1.9
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
281
312
240,666 147,139 154,821
33.9
33.7
30.7
32.3
9.2
8.7
1.6
1.4
18.3
17.2
1.4
1.2
Reliance Industries
Neutral
855
280,040 362,700 380,031
7.9
8.0
61.5
64.3
13.9
13.3
1.4
1.3
10.3
9.9
0.8
0.7
Gujarat Gas*
Neutral
294
3,864
11.5
11.3
19.2
22.1
15.4
13.3
4.1
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
257
3,604
3,040
3,135
24.3
26.7
24.8
27.9
10.4
9.2
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
168
176
12,581
29,145
33,736
6.6
6.6
14.2
16.0
11.8
10.5
2.9
2.3
26.9
24.4
0.5
0.4
75
4,234
1,041
939
91.8
91.9
8.5
7.4
8.9
10.2
1.5
1.4
18.1
14.0
5.0
5.5
Alembic Pharma
Buy
70
91
1,313
1,624
1,855
14.2
15.6
6.6
9.1
10.6
7.7
2.6
2.0
27.9
29.2
1.0
0.8
Aurobindo Pharma
Buy
129
156
3,755
5,243
5,767
14.6
14.6
11.8
12.6
10.9
10.2
1.4
1.2
17.9
16.4
1.2
1.0
Aventis*
Neutral
2,308
5,316
1,482
1,682
15.5
15.5
95.0
104.0
24.3
22.2
4.3
3.4
18.6
17.0
3.4
2.9
Cadila Healthcare
Accumulate
839
953
17,171
6,148
7,386
18.6
19.6
36.0
46.1
23.3
18.2
5.5
4.4
25.8
26.8
3.1
2.5
Cipla
Accumulate
365
399
29,295
8,031
9,130
23.4
22.4
18.4
20.0
19.8
18.2
3.3
2.8
17.8
16.6
3.5
3.0
Dr Reddy's
Neutral
1,676
28,453
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.5
22.4
21.0
2.9
2.6
Dishman Pharma
Neutral
101
818
1,280
1,536
17.8
17.8
9.2
11.3
11.0
9.0
0.8
0.8
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
2,000
16,939
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.3
7.6
6.8
20.1
26.3
5.6
4.9
Indoco Remedies
Buy
71
92
653
685
837
15.2
15.2
7.4
8.9
9.6
8.0
1.5
1.3
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
421
475
5,311
2,850
3,474
20.7
20.7
29.2
36.6
14.4
11.5
3.4
2.7
26.1
26.1
2.0
1.6
Lupin
Accumulate
568
647
25,382
8,426
10,082
19.7
20.0
27.4
32.4
20.7
17.5
5.1
4.1
26.0
24.7
3.1
2.5
Orchid Chemicals
Neutral
114
806
1,667
1,835
13.9
13.9
11.4
13.3
10.0
8.6
0.7
0.6
6.6
7.3
0.9
0.8
Neutral
3,772
3,267
Market Outlook
September 20, 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
Pharmaceuticals
Ranbaxy*
Neutral
527
22,232
12,046
11,980
18.0
15.8
35.7
29.8
14.8
17.7
5.7
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
672
69,515
9,752
12,134
41.6
41.6
26.0
28.2
25.9
23.8
4.8
4.1
20.3
18.8
6.4
5.0
CESC
Neutral
322
4,022
5,218
5,644
24.2
23.8
44.6
47.6
7.2
6.8
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
68
77
1,027
1,557
1,573
29.3
28.7
10.8
11.0
6.3
6.2
0.7
0.6
10.8
10.2
1.1
1.0
166
137,246
74,111
85,789
23.2
23.6
12.4
14.0
13.5
11.9
1.7
1.5
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
53
78
1,564
657
875
52.0
56.1
8.4
12.7
6.3
4.2
0.4
0.4
6.3
8.9
3.6
2.7
227
38,566
9,878
12,033
44.7
46.1
9.6
13.4
23.7
16.9
1.5
1.4
6.4
8.7
6.5
HDIL
Buy
5.3
84
115
3,536
2,441
3,344
55.1
48.2
22.7
26.6
3.7
3.2
0.3
0.3
8.8
9.4
3.3
MLIFE
2.5
Accumulate
372
396
1,520
813
901
26.2
26.6
32.0
37.1
11.6
10.1
1.2
1.1
10.4
11.0
2.2
1.9
Bharti Airtel
Neutral
268
101,793
79,542
87,535
30.9
32.2
10.3
15.0
26.1
17.8
1.9
1.7
7.2
9.6
2.0
1.7
Idea Cellular
Neutral
86
28,487
22,988
25,333
26.4
26.9
3.5
4.9
24.8
17.6
2.0
1.8
8.1
10.2
1.7
1.4
Rcom
Neutral
57
11,775
21,553
22,494
31.0
30.7
3.5
4.5
16.4
12.8
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,600
3,400
1,602
1,833
10.4
11.8
54.7
71.7
29.3
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
190
234
1,889
3,569
4,172
8.1
8.8
16.3
21.3
11.6
8.9
2.4
2.0
21.7
24.6
0.5
0.5
Cera Sanitaryware
Accumulate
340
387
430
396
470
16.7
16.5
28.0
33.2
12.1
10.2
2.5
2.0
23.8
23.1
1.2
1.0
Cravatex
Buy
425
682
110
289
340
5.2
6.0
40.7
56.8
10.4
7.5
2.6
2.0
25.2
26.5
0.5
0.4
CRISIL
Neutral
928
6,508
982
1,136
34.3
34.3
34.3
40.0
27.0
23.2
12.2
9.8
50.9
46.9
6.2
5.2
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
Force Motors
Buy
430
591
560
2,214
2,765
4.5
5.4
39.5
73.9
10.9
5.8
0.5
0.4
4.4
7.6
0.1
0.1
Goodyear India
Neutral
321
740
1,543
1,654
6.5
7.3
24.8
31.1
12.9
10.3
2.1
1.8
17.1
19.0
0.3
0.2
Graphite India
Buy
84
113
1,640
2,158
2,406
18.1
18.9
12.4
14.0
6.8
6.0
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
190
309
458
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.1
0.9
16.8
21.0
0.5
0.4
Hitachi
Accumulate
130
130
297
868
977
3.9
6.6
2.7
10.9
47.2
11.9
1.7
1.5
3.7
13.6
0.4
0.3
Honeywell Automation
Accumulate
2,526
2,842
2,233
1,847
2,162
4.3
7.3
61.0
120.0
41.4
21.1
3.3
2.8
9.3
16.3
1.1
0.9
Styrolution ABS India
Buy
634
744
1,114
1,056
1,081
8.1
10.6
33.8
46.5
18.7
13.6
2.6
2.2
14.7
17.5
1.0
0.9
ITD Cementation
Accumulate
230
241
265
1,451
1,669
12.3
12.4
32.4
41.5
7.1
5.6
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
158
2,555
1,248
1,468
9.8
10.4
5.9
7.2
26.7
22.1
3.8
3.5
15.0
16.6
2.4
2.0
MCX
Accumulate
1,290
1,440
6,580
553
624
65.3
66.3
62.5
72.0
20.7
17.9
5.7
4.9
27.5
27.4
9.1
7.5
MRF
Buy
10,359
12,884
4,393
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.0
7.2
1.6
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
September 20, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Page Industries
Neutral
3,288
3,667
887
1,108
18.3
18.6
95.0
120.9
34.6
27.2
18.1
14.7
57.4
59.5
4.3
3.4
Relaxo Footwears
Neutral
706
847
1,019
1,208
12.3
13.0
51.0
68.4
13.9
10.3
3.7
2.7
30.3
30.2
1.0
0.8
Sintex Industries
Buy
63
79
1,732
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.0
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
294
392
275
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
20
24
595
7,134
7,985
19.7
19.4
12.2
14.1
1.6
1.4
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Accumulate
38
43
1,845
5,720
6,599
5.3
6.8
3.6
5.4
10.6
7.1
15.3
4.9
0.5
0.4
TAJ GVK
Buy
68
108
424
300
319
35.8
36.2
7.9
9.1
8.6
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
308
377
474
787
837
16.2
17.5
58.5
66.9
5.3
4.6
0.7
0.7
14.9
15.1
0.3
0.1
TVS Srichakra
Neutral
308
236
1,476
1,643
7.1
8.2
32.3
55.8
9.6
5.5
1.5
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
969
12,672
10,289
11,421
13.5
14.3
31.0
42.9
31.2
22.6
2.4
2.2
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
333
676
560
611
16.1
17.0
24.7
28.8
13.5
11.6
2.0
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 17, 2012
Market Outlook
September 20, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

September 20, 2012

OIL & GAS

CPI inflation for August 2012 reports double-digit growth at 10.03%

Refer detailed news analysis on the following page

Net Inflows (September 17, 2012)

FII Derivatives (September 18, 2012)

CPI inflation for August 2012 reports double-digit growth

IMG recommends some more coal block cancellations

Bajaj Auto enters into marketing tie-up with Kawasaki

HCL bags 5 year, multi-million deal from Freescale

Bajaj Electricals sells its entire 50% stake in Bajaj Ventures

Tata Sponge Iron denies de-allocation of coal block

Economic and Political News

HPCL to raise US$200mn via ECBs

Global economic events release calendar

September 20, 2012

Initial Jobless claims

September 25, 2012

September 26, 2012

New home sales

September 27, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

October 09, 2012

Industrial Production (YoY)

October 12, 2012

Producer Price Index (mom)

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

Consumer price index (mom)

October 17, 2012

Jobless claims change

October 18, 2012

Industrial Production (YoY)

Real GDP (YoY)

FOMC rate decision

October 01, 2012

October 04, 2012

October 05, 2012

October 16, 2012

October 24, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Exports yoy growth

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research