Market Outlook Report, 23rd January

Market Outlook
January 23, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open flat to positive mirroring similar opening in
SGX Nifty.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.6) (120.2) 19,982
Nifty
(0.6)
(33.8)
6,049
The US markets moved higher over the course of the trading day on Tuesday, on
the back of a positive reaction to the latest earnings news, although buying interest
was somewhat subdued. The major European markets ended the day in the red on
Tuesday for a third consecutive session after the Bank of Japan disappointed
investors hoping for a bolder policy by introducing a 2% inflation target and
announced additional easing steps; but investors appeared somewhat
disappointed that additional asset buying will not start until 2014. However, the
stronger than expected German economic sentiment helped to curb market losses.
MID CAP
(0.9)
(65.3)
7,090
SMALL CAP
(0.8)
(59.4)
7,312
BSE HC
(0.5)
(37.8)
7,997
BSE PSU
(0.9)
(71.4)
7,779
BANKEX
(0.6)
(84.9) 14,435
AUTO
(0.5)
(56.7) 11,206
METAL
(0.7)
(79.8) 10,689
OIL & GAS
(0.6)
(59.0)
9,637
The Indian markets snapped three days of gains on Tuesday, weighed down by
weak European cues as investors waited for key US earnings and housing data for
directional cues. Going ahead investors would be watchful of the earnings data
coupled with reports on weekly jobless claims, leading economic indicators, and
new and existing home sales.
BSE IT
(0.8)
(51.4)
6,345
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 20,030 / 6,063 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,108 20,234 / 6,086 6,124 levels. However, if NIFTY trades below
20,030 / 6,063 levels for the first half-an-hour of trade then it may correct up to
19,904 19,826 / 6,026 6,003 levels.
Global Indices
Dow Jones
Chg (%)
0.4
53.7 13,650
NASDAQ
(0.0)
(1.3)
3,135
FTSE
(0.0)
(2.4)
6,179
Nikkei
(0.4)
(37.8) 10,710
Hang Seng
Straits Times
Shanghai Com
0.3
(0.1)
(0.6)
68.1 23,659
(1.5) 3,220
(13.1) 2,315
Indian ADR
Chg (%)
(Pts)
(Close)
INFY
(0.4)
(0.2)
$52.0
Indices
S2
S1
PIVOT
R1
R2
WIT
SENSEX
19,826
19,904
20,030
20,108
20,234
0.1
0.0
$9.2
IBN
NIFTY
6,003
6,026
6,063
6,086
6,124
1.9
0.8
$45.0
HDB
1.8
0.7
$40.3
News Analysis
RIL shuts 8th well in KG-D6 basin

JP Associates to sell 2.78cr shares of Jaypee Infratech
3QFY2013 Result Review: HUL, Bank of Maharashtra, Tata Sponge Iron
3QFY2013 Result Preview: Sun TV, Syndicate Bank
Purch
Sales
Net
MTD
YTD
FII
3,441
2,578
863
14,585
14,585
613
863
(250)
(2,198)
(2,198)
FII Derivatives (January 22, 2013)

Purch
Sales
Net
Index Futures
850
883
(33)
7,586
Stock Futures
2,264
2,366
(102)
33,987
Open Interest
Gainers / Losers
Gainers
Losers
Price (`)
chg (%)
Pantaloon Retail
266
9.7
HDIL
Berger Paints
167
3.2
CRISIL
1,027
Asian Paints
ACC
www.angelbroking.com
Advances
853
424
1,479
1,103
676
64
Volumes (` cr)
` cr
Company
NSE
Unchanged
Net Inflows (January 21, 2013)
` cr
BSE
Declines
Refer detailed news analysis on the following page
MFs
Advances / Declines
Company
Price (`)
chg (%)
112
(7.0)
Dish TV India
74
(5.0)
2.4
Indian Bank
201
(4.8)
4,400
2.4
Gail India
371
(4.5)
1,363
2.0
REC
242
(4.5)
BSE
2,435
NSE
12,363
Market Outlook
January 23, 2013
RIL shuts 8th well in KG-D6 basin

Media reports suggests that Reliance Industries (RIL) has shut its eighth well on the
main gas fields in KG-D6 block on January 9, 2013, leading to output
plummeting to all time low of 21mmscmd. Prior to this, on November 29, 2012, it
had shut B4, the seventh well on D1&D3 field. This development is on the
expected lines since the management had guided for lower production during
CY2013. Hence, we maintain our estimates and Neutral rating on the stock.
JP Associates to sell 2.78cr shares of Jaypee Infratech

Jaiprakash Associates has proposed to sell 2,78,64,584 equity shares of face
value of `10 each of Jaypee Infratech Ltd on January 24, 2013 through a sale on
the separate window provided by the stock exchanges for this purpose. If the offer
is fully subscribed at the current market price of `53.15 of Jaypee Infratech, the
company will be able to raise ~`148cr. Further, the company has also kept the
option of selling up to 70,619,430 additional shares of Jaypee Infratech. We
continue to maintain our Accumulate rating on the stock with a target price of
`100.
3QFY2013 Result Review

HUL (CMP: `482 / TP: - / Upside: -)
HUL has delivered a disappointing set of numbers for 3QFY2013. 5% underlying
volume growth for domestic consumer business is the lowest in the last three years.
Net sales rose by 10.3% yoy to `6,434cr. While the low margin Soaps and
Detergents division posted a 20% sales growth, the Personal Products division
disappointed with a modest 13% sales growth. OPM fell by 122bp yoy to 13.5%,
due to higher input costs and `132cr of higher advertisement and promotion
expenses (up 100bp yoy). The bottom-line rose by 15.6% yoy to `871cr, aided
largely by the 85.5% increase in other income to `355cr.
The Board of Directors of the company has approved an incremental royalty
payment of 1.75% of turnover payable to the parent group Unilever. Currently the
company pays 1.4% of turnover as royalty, which will be increased to 3.15% based
on a new agreement which would be effective from February 1, 2013.The royalty
would be increased in a phased manner from February 2013 till March 31, 2018.
For the period February 1, 2013 to March 31, 2014 the additional impact would
be 0.5% of turnover. We expect the increase in royalty to have an impact of
`0.5/share on FY2014E EPS. We maintain our Neutral view on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
25,350
13.3 3,185 14.7
84.5
32.7
25.9
29.5
3.9
FY2014E
28,974
13.5 3,685 17.0
75.8
28.2
18.3
25.2
3.4
Market Outlook
January 23, 2013
Bank of Maharashtra (CMP: `59 / TP: `64 / Upside: 7.9%)

Bank of Maharashtra reported strong performance for 3QFY2013, both on the
operating as well as on the asset quality front. While strong advance growth of
48.5% yoy, resulted in operating income growth of 23.4% yoy, earnings growth
came in much higher at 43.2% yoy, further aided by decline in provisioning
expenses on a yoy basis.
Business growth strong; Asset quality witnessed improvement: During 3QFY2013,
the bank reported a strong growth in its business, with advances and deposits
growth of 16.0% and 14.7% qoq, respectively. Owing to strong traction in term
deposits, CASA ratio for the bank declined by around 350bp sequentially to 34%.
Reported NIMs for the bank came off by 6bp qoq to 2.9%, on back of lower CASA
ratio. The non-interest income for the bank grew by 15.9% yoy to `174cr. On the
asset quality front, the bank witnessed improvement, as annualized slippage ratio
came in at 1.8%, much below the levels of 2.3% witnessed in 1HFY2013. Apart
from normalized slippages, the bank also registered inspired performance on
recoveries/upgrades front, resulting in sequentially flat gross NPA levels, on an
absolute basis. Net NPA levels were also lower sequentially by 12.9%, on an
absolute basis. Gross and Net NPA ratio declined sequentially by 29bp and 22bp,
respectively to 1.7% and 0.7%. The banks PCR (including technically written-off
accounts) improved by 270bp qoq to 82.8%. Owing to strong growth, as of
3QFY2013, excluding profits, the banks total CAR stood at 10.7%, with tier-1
ratio at 6.0%, which still remains on the lower side. Apart from likely Government
infusion of ~`400cr, the bank has evinced interest to raise funds from the equity
markets.
Outlook and valuation: At the CMP, the stock is trading at valuations of 0.7x
FY2014E ABV. We recommend Accumulate rating on the stock with a target price
of `64.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
3,576
3.1
605
9.3
70.7
0.6
14.0
6.4
0.8
FY2014E
3,893
3.1
765
12.0
79.8
0.7
16.1
4.9
0.7
Tata Sponge Iron (CMP: `308/ TP: `379/ Upside: 22.8%)

For 3QFY2013, TSIL reported a mixed set of results. Revenue grew by a
stupendous 52.8% yoy to `200cr, 10.5% higher than our expectation of `181cr.
However, EBITDA margin contracted by 512bp on a yoy basis to 13.7% on
account of higher raw material costs (as percentage of net sales) as compared to
same quarter last year. Conversely, net profit for 3QFY2013 grew by 22.6% yoy to
`21cr on account of higher other income and lower tax outgo for the quarter as
compared to 3QFY2012. TSIL received a notice in Nov 2012 from the Ministry of
Coal (MoC) for encashment of bank guarantee (BG) of `32.5cr on the grounds
that there was a delay in commissioning the Radhikapur coal block allotted to the
company. This amount has been disclosed as a contingent liability in the books of
TSIL. The company has applied to the MoC for extension of the normative date of
production after it contended that the delays in commissioning of the project were
mainly attributable to both Central and State Government in granting approval,
which is still pending. Even though TSIL has obtained a stay from the Honble High
Market Outlook
January 23, 2013
Court of Delhi against revocation of BG by the MoC till April 11, 2013, it
continues to remain an overhang on the stock. At CMP, the stock is currently
trading at a P/B of 0.7x for FY2014E, which we believe is attractive. Hence, we
maintain our Buy recommendation on the stock with a target price of `379 based
on a target P/B of 0.8x for FY2014E.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
782
FY2014E
818
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
16.5
95 61.8
30.6
5.0
0.7
1.5
0.2
17.0
101 65.4
30.1
4.7
0.7
0.9
0.2
(` cr)
3QFY2013 Result Preview

Sun TV (CMP: `424/ TP: -/ Upside: -)
Sun TV is slated to announce its 3QFY2013 results. The company is expected to
post a healthy 12.1% yoy growth in its top-line to `477cr on the back of uptick in
advertising revenue aided by festive season as well as increase in cable revenues.
On the EBITDA front, the companys margins are expected to contract by 113bp
yoy to 79%. However, net profit is expected to grow by 10.3% yoy to `185cr. At the
current market price, Sun TV is trading at 22.3x FY2014E consolidated EPS of
`19.1. We maintain our Neutral view on the stock.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
1,942
77.2
692 17.6
25.8
24.2
6.0
10.7
8.3
FY2014E
2,237
75.5
751 19.1
25.2
22.3
5.4
9.5
7.2
Syndicate Bank (CMP: `140 / TP: `158 / Upside: 12.8%)

Syndicate Bank is scheduled to announce its 3QFY2013 results today. We
expect the bank to report a moderate 8.4% yoy growth in Net Interest Income
to `1,437cr. Growth in non-interest income is expected to be healthy at 19.7%
yoy to `288cr. Operating expenses are expected to increase at a higher pace
of 24.5% yoy to `800cr. While, provisioning expenses are expected to decline
by 23.9% yoy, tax expenses are expected to come in at `128cr compared to
`41cr in 3QFY2012, which would result in net profit growth of 13.4% yoy to
`383cr. At the CMP, the stock is trading at 0.8x FY2014E ABV. We
recommend Accumulate rating on the stock, with a target price of `158.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
6,810
3.0
1,687
28.0 155.1
0.9
19.4
5.0
0.9
FY2014E
7,807
3.0
1,637
27.2 175.9
0.7
16.4
5.1
0.8
March
Market Outlook
January 23, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Reliance Communication - Consolidated (23/01/2013)
Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
5,281
4,737
11
4,634
14
EBITDA
1,684
1,383
22
1,467
15
EBITDA margin (%)
31.9
29.2
Net profit
162
242
31.7
(33)
132
23
Zee Entertainment - Consolidated (23/01/2013)

Particulars (` cr)
Net sales
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
912
755
21
923
(1)
218
EBITDA
231
216
EBITDA margin (%)
25.3
28.6
Net profit
173
138
26
187
(8)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,474
2,880
(14)
3,222
(23)
EBITDA
189
210
(10)
334
(44)
EBITDA margin (%)
7.6
7.3
Net profit
12
67
(83)
143
(92)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
16,157
13,999
15
13,195
22
EBITDA
1,672
1,343
24
1,405
19
EBITDA margin (%)
10.3
9.6
Net profit
1,089
992
23.6
Ashok Leyland (24/01/2013)

Particulars (` cr)
Net sales
10.4
Larsen & Toubro (24/01/2013)

Particulars (` cr)
10.6
10
1,137
(4)
Sesa Goa - Consolidated (24/01/2013)

Particulars (` cr)
Net sales
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
288
(14)
(690)
249
2,604
(90)
EBITDA
(34)
1,085
(103)
EBITDA margin (%)
(14)
41.7
Net profit
580
692
(16)
522
11
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
10,871
7,664
42
8,070
35
EBITDA
861
417
106
509
69
EBITDA margin (%)
7.9
5.4
Net profit
494
206
2.0
Maruti Suzuki (25/01/2013)

Particulars (` cr)
Net sales
6.3
140
227
118
Market Outlook
January 23, 2013
Reliance Power - Consolidated (25/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,284
457
181
1,079
19
EBITDA
441
140
215
393
12
EBITDA margin (%)
34.3
30.6
Net profit
246
204
Net sales
36.4
21
240
Shriram Transport Finance Company (25/01/2013)

Particulars (` cr)
Net profit
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
354
303
17
338
Economic and Political News
Cotton output estimate at 325lakh bales for 2012-13

Government issues spectrum auction guidelines
IT industry concerned over property tax hike proposal
Indian packaging industry likely to touch US$44bn by 2016
Retail credit for NBFCs to grow by 17% in 2012-13: ICRA
Corporate News
Allahabad Bank to off-load `540cr worth NPAs this quarter

Larsen and Toubro bags `447cr order from Defense Ministry
Law Min approves re-allocation of coal blocks to NTPC
Lupin gets USFDA nod to market oral contraceptive
Tata Steel halts Sukinda mine operation as lease term ends
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
January 23, 2013
Result Calendar
Date
Company
January 23, 2013
Rcom, Zee Entertainment, Sun TV Network, Syndicate Bank, Rallis, Greenply
January 24, 2013
Larsen & Toubro, Sesa Goa, Andhra Bank, Ashok Leyland, Vijaya Bank
January 25, 2013
Maruti, Reliance Power, Shriram Trans., Oriental Bank, LMW, Sarda Energy
January 26, 2013

January 27, 2013
Persistent
January 28, 2013
Mundra Port, Bank of India, Adani Power, JSW Steel , Reliance Infra., Amara Raja Batteries, KPIT Cummins
Sterlite Inds, Idea Cellular, Dabur India, Crompton Greaves, Reliance Capital, Glenmark Pharma., United Phosphorus,
Areva, Indoco Remedies
Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR
ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,
Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan
Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const.
January 29, 2013

January 30, 2013
January 31, 2013
February 01, 2013
February 02, 2013
February 03, 2013
February 04, 2013
J & K Bank, Bank of Baroda, Rural Elec.Corp., ITNL, Taj GVK
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
January 23, 2013

January 24, 2013
January 25, 2013

January 29, 2013
3:00PM
UK
GDP (YoY)
8:30PM
US
Existing home sales
8:30PM
US
Consumer Confidence
11:00AM
India
7:00PM
US
7:00PM
US
Unnemployment rate
3:00PM
UK
PMI Manufacturing
5:30PM
UK
BOE Announces rates
11:00AM
China
% Change
4Q A
0.20
Millions
Dec
5.04
5.10
S.A./ 1985=100
Jan
65.10
65.50
RBI Cash Reserve ratio
Jan 29
4.25
4.25
GDP Qoq (Annualised)
% Change
4Q A
3.10
1.00
Jan
7.80
7.80
Value
Jan
51.40
--
% Ratio
Feb 7
0.50
0.50
Consumer Price Index (YoY)
% Change
Jan
2.50
--
3:00PM
UK
CPI (YoY)
% Change
Jan
2.70
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jan
7.18
--
January 30, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
January 31, 2013
7:00PM
US
Housing Starts
Thousands
Jan
954.00
--
7:00PM
US
Consumer price index (mom)
% Change
Jan
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jan A
(26.50)
(26.00)
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Jan
2.20
--
11:00AM
India
Qtrly GDP YoY%
% Change
4Q
5.30
--
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
--
7:00PM
US
Initial Jobless claims
Thousands
Jan 19
335.00
355.00
2:00PM
Germany PMI Services
Value
Jan A
52.00
52.00
3:00PM
UK
Jobless claims change
% Change
Dec
(3.00)
0.50
8:30PM
US
New home sales
Thousands
Dec
377.00
385.00
11:00AM
India
RBI Repo rate
Jan 29
8.00
7.75
11:00AM
India
RBI Reverse Repo rate
Jan 29
7.00
6.75
2:25PM
Germany Unemployment change (000's)
Thousands
Jan
3.00
--
February 1, 2013
February 7, 2013
February 8, 2013
February 11, 2013
--
Market Outlook
January 23, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.7
5.7
6.1
4.0
5.3 5.5 5.3
3.5
2.5
4.3
2.7
2.0
1.0
2.0
Nov-12
Oct-12
Sep-12
Jul-12
Jun-12
Aug-12
(0.7)
(0.1)
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
(2.0) (0.1)
(2.8) (1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
May-12
(4.0)
Apr-12
Mar-12
Feb-12
Jan-12
(2.0)
Dec-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Source: MOSPI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Dec-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.3
8.0
9.2
9.0
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
8.00
8.00
7.00
15.0
7.00
6.00
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
5.00
Dec-11
(30.0)
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
Jan-12
0.0
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
139
2,703
1,466
1,686
14.8
14.8
7.0
8.1
19.9
17.2
4.2
3.6
22.6
22.5
1.9
1.7
United Phosphorus
Buy
140
170
6,183
8,421
9,263
16.5
16.5
15.0
17.0
9.3
8.2
1.4
1.2
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
294
5,029
2,911
3,321
16.2
16.2
17.3
19.8
17.0
14.8
4.7
3.7
31.1
27.6
1.7
1.4
Apollo Tyres
Accumulate
86
96
4,330
13,713
15,341
11.2
11.2
12.5
14.8
6.9
5.8
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Buy
26
31
6,825
14,226
16,256
9.4
10.0
2.1
2.8
12.2
9.1
2.2
1.9
12.9
16.0
0.6
0.5
Automotive Axle#
Neutral
385
582
1,103
1,240
11.0
11.3
39.1
45.0
9.9
8.6
1.8
1.7
19.5
22.8
0.6
0.5
Bajaj Auto
Neutral
2,063
59,692
20,775
23,889
18.5
19.0
107.6
126.4
19.2
16.3
7.9
6.3
45.8
42.8
2.5
2.1
Bharat Forge
Accumulate
246
278
5,729
6,754
7,565
15.5
15.7
18.8
23.2
13.1
10.6
2.3
1.9
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,153
28,739
9,973
11,320
17.8
18.0
396.2
455.7
23.1
20.1
4.4
3.7
18.8
18.2
2.5
2.1
CEAT
Buy
109
163
373
4,989
5,634
8.2
8.5
27.1
40.8
4.0
2.7
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Neutral
126
10,727
6,112
7,074
13.1
14.9
6.1
8.2
20.6
15.4
3.2
2.7
16.0
18.8
1.4
1.2
FAG Bearings*
Accumulate
1,645
1,807
2,734
1,715
1,939
17.6
18.4
127.7
150.6
12.9
10.9
2.6
2.1
21.7
21.1
1.3
1.1
Hero Motocorp
Accumulate
1,764
1,923
35,225
23,990
27,038
13.8
14.6
105.8
120.2
16.7
14.7
6.7
5.4
44.3
41.0
1.2
1.0
JK Tyre
Buy
121
165
497
7,517
8,329
6.6
6.6
37.2
41.3
3.3
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
882
998
54,153
40,035
46,272
11.5
11.6
54.4
62.1
16.2
14.2
3.6
3.0
24.2
23.2
1.1
0.9
Maruti
Neutral
1,570
45,362
43,384
51,903
7.3
8.6
67.3
94.6
23.3
16.6
2.7
2.3
12.1
15.1
0.9
0.7
Motherson Sumi
Neutral
201
11,798
24,285
27,317
6.7
7.2
8.1
10.6
24.9
19.0
5.3
4.3
22.9
24.7
0.6
0.6
Subros
Buy
29
35
172
1,286
1,479
9.4
9.7
2.6
5.1
11.1
5.7
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
319
337
84,914 190,883 217,164
12.8
13.1
35.5
42.5
9.0
7.5
2.4
1.9
30.2
27.6
0.5
0.4
TVS Motor
Neutral
45
2,114
7,298
8,123
6.1
6.4
4.6
5.8
9.8
7.7
1.6
1.4
17.4
19.4
0.3
0.2
Capital Goods
ABB*
Sell
683
573
14,471
7,790
9,653
4.5
7.8
8.7
22.1
78.5
30.9
5.4
4.8
7.1
16.5
1.8
1.5
BGR Energy
Neutral
257
1,856
3,567
4,357
11.8
10.9
24.6
26.8
10.5
9.6
1.5
1.4
30.7
26.3
1.0
0.9
BHEL
Neutral
230
56,405
47,801
43,757
18.5
18.0
24.6
21.8
9.4
10.6
2.8
2.4
33.5
24.5
1.0
1.2
Blue Star
Buy
171
224
1,538
2,538
2,681
4.6
5.7
7.3
11.3
23.3
15.1
3.4
2.9
15.6
20.7
0.7
0.6
Crompton Greaves
Buy
112
135
7,191
12,320
14,390
5.5
7.2
4.3
7.8
26.1
14.4
1.9
1.7
7.4
12.6
0.6
0.6
Jyoti Structures
Buy
42
51
348
2,794
3,048
10.6
10.6
9.2
11.7
4.6
3.6
0.5
0.4
11.9
13.5
0.3
0.3
KEC International
Buy
64
78
1,645
6,909
7,907
6.2
7.2
5.4
8.8
11.9
7.3
1.4
1.2
17.0
23.6
0.4
0.4
LMW
Reduce
2,265
1,992
2,551
2,369
2,727
11.7
11.7
143.4
166.0
15.8
13.6
2.6
2.4
17.4
18.4
0.6
0.4
Thermax
Neutral
577
6,875
5,552
5,767
9.3
10.2
28.3
30.9
20.4
18.7
3.7
3.2
19.3
18.4
1.1
1.0
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,361
25,552
11,012
12,333
21.1
20.9
77.0
80.3
17.7
16.9
3.3
3.0
19.5
18.7
2.0
1.7
Ambuja Cements
Neutral
198
30,535
10,210
11,811
26.0
25.7
11.2
12.6
17.7
15.7
3.8
3.4
20.3
20.7
2.6
2.1
India Cements
Neutral
87
2,657
4,293
4,666
17.7
18.1
8.6
10.8
10.1
8.1
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
144
1,758
2,171
2,544
22.5
22.5
21.6
23.2
6.7
6.2
1.2
1.0
19.0
17.8
0.9
1.2
Madras Cements
Neutral
230
5,476
3,814
4,045
28.8
27.1
18.3
18.7
12.6
12.3
2.3
2.0
19.4
17.0
2.1
1.8
Shree Cements^
Neutral
4,470
15,572
5,701
6,210
29.7
28.1
240.7
260.7
18.6
17.2
4.5
3.7
27.1
23.6
2.2
1.8
UltraTech Cement
Neutral
1,956
53,613
20,466
23,017
23.3
24.3
100.0
117.1
19.6
16.7
3.5
3.0
19.6
19.5
2.6
2.4
199
286
1,048
2,032
2,311
22.4
22.4
27.0
31.6
7.4
6.3
0.9
0.8
13.0
13.4
1.9
2.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
17
307
2,262
2,522
5.9
6.3
0.9
1.6
18.1
10.7
0.5
0.5
2.7
4.6
0.4
0.4
IRB Infra
Buy
128
164
4,264
3,843
4,212
43.1
43.6
16.8
17.8
7.6
7.2
1.3
1.2
18.3
17.0
3.2
3.5
ITNL
Accumulate
209
225
4,054
6,564
7,054
27.2
27.4
26.3
29.0
8.0
7.2
1.3
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Neutral
42
1,292
4,249
6,897
7.8
8.2
0.3
3.4
136.5
12.4
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Accumulate
90
100
19,362
13,842
15,863
26.9
26.4
3.7
4.6
24.6
19.7
1.5
1.4
6.2
7.3
2.9
2.6
Larsen & Toubro
Accumulate
1,553
1,748
95,498
61,031
69,753
11.2
11.6
73.8
85.5
21.1
18.2
3.3
2.9
13.5
14.1
1.7
1.5
Nagarjuna Const.
Neutral
54
1,395
5,947
6,569
8.5
8.6
3.1
4.1
17.5
13.2
0.6
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
54
1,787
11,892
13,116
9.0
9.0
1.8
3.2
29.7
16.7
0.6
0.6
2.0
3.5
0.6
0.5
Sadbhav Engg.
Buy
129
168
1,947
2,344
2,804
10.6
10.7
7.2
8.7
17.9
14.8
2.1
1.9
13.0
13.5
1.2
1.0
Simplex Infra
Buy
197
251
974
6,882
8,032
9.1
9.1
23.2
31.3
8.5
6.3
0.7
0.7
9.1
11.2
0.5
0.4
Unity Infra
Buy
43
59
316
2,180
2,455
13.7
13.4
13.3
15.0
3.2
2.9
0.4
0.3
12.5
12.5
0.5
0.5
Financials
Allahabad Bank
Accumulate
182
199
9,113
6,403
7,186
2.7
2.8
30.5
33.6
6.0
5.4
0.9
0.8
14.9
14.6
Andhra Bank
Neutral
121
6,774
4,706
5,444
2.9
3.0
21.4
22.4
5.7
5.4
0.9
0.8
15.1
14.2
Axis Bank
Buy
1,388
1,641
59,302
15,959
18,660
3.2
3.2
119.2
139.0
11.7
10.0
2.2
1.9
20.3
20.1
Bank of Baroda
Neutral
872
35,831
15,284
18,032
2.5
2.6
109.6
137.7
8.0
6.3
1.2
1.0
15.5
17.1
Bank of India
Neutral
373
21,376
12,568
14,758
2.2
2.4
41.6
64.1
9.0
5.8
1.1
1.0
11.6
16.0
Bank of Maharashtra
Accumulate
59
64
3,479
3,576
3,893
3.1
3.1
9.3
12.0
6.4
4.9
0.8
0.7
14.0
16.1
Canara Bank
Neutral
503
22,272
10,828
12,005
2.1
2.2
64.7
80.4
7.8
6.3
1.1
0.9
13.2
14.7
Central Bank
Neutral
87
6,412
7,252
8,236
2.5
2.6
16.8
21.4
5.2
4.1
0.9
0.8
13.1
14.8
Corporation Bank
Buy
464
551
6,874
4,835
5,570
2.0
2.2
105.0
99.8
4.4
4.7
0.8
0.7
17.5
14.8
Dena Bank
Accumulate
117
132
4,101
3,125
3,457
2.7
2.8
26.2
24.2
4.5
4.9
0.8
0.7
19.6
15.6
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
504
576
8,608
2,682
2,968
3.3
3.2
48.6
51.7
10.4
9.8
1.4
1.2
13.8
13.2
HDFC
Neutral
814
125,524
7,336
8,802
3.5
3.5
31.5
37.8
25.8
21.5
5.2
4.6
34.8
32.1
HDFC Bank
Neutral
ICICI Bank
Buy
IDBI Bank
653
154,729
21,615
26,671
4.4
4.5
28.7
35.9
22.8
18.2
4.4
3.7
20.7
22.0
1,170
1,397
134,535
22,219
26,447
2.9
3.0
69.1
82.9
16.9
14.1
2.1
1.9
14.2
15.6
Accumulate
110
119
14,050
7,990
9,279
1.8
2.1
16.8
22.1
6.5
5.0
0.8
0.7
11.7
13.9
Indian Bank
Buy
207
252
8,885
5,902
6,563
3.2
3.2
41.3
43.2
5.0
4.8
0.8
0.7
18.4
16.8
IOB
Buy
J & K Bank
Neutral
LIC Housing Finance
85
98
6,751
7,063
8,308
2.3
2.5
12.6
20.4
6.7
4.2
0.6
0.6
9.0
13.3
1,300
6,303
2,830
2,910
3.6
3.6
234.8
197.4
5.5
6.6
1.3
1.1
25.1
18.0
Buy
281
328
14,156
1,799
2,255
2.3
2.4
20.3
27.3
13.8
10.3
2.2
1.9
16.9
19.7
Oriental Bank
Accumulate
333
369
9,716
6,330
7,105
2.6
2.7
58.4
65.1
5.7
5.1
0.8
0.7
14.5
14.4
Punjab Natl.Bank
Accumulate
882
933
29,914
19,688
22,497
3.2
3.3
138.9
164.5
6.4
5.4
1.1
1.0
16.7
17.3
South Ind.Bank
Buy
28
34
3,755
1,583
1,789
3.0
2.9
3.5
4.1
8.1
6.9
1.3
1.2
19.1
17.7
St Bk of India
Accumulate
2,462
2,600
165,211
60,677
69,712
3.3
3.3
224.3
257.3
11.0
9.6
1.9
1.6
17.6
17.7
Syndicate Bank
Accumulate
139
158
8,385
6,810
7,807
3.0
3.0
28.0
27.2
5.0
5.1
0.9
0.8
19.4
16.4
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
80
5,344
5,235
6,086
2.3
2.4
12.0
14.9
6.7
5.4
1.1
0.9
12.0
13.5
262
286
14,400
9,963
11,536
2.8
2.9
40.8
46.8
6.4
5.6
1.1
0.9
16.2
16.4
Buy
76
90
2,729
3,498
3,858
2.5
2.8
15.1
21.6
5.0
3.5
0.6
0.5
12.5
16.1
Vijaya Bank
Accumulate
62
66
3,062
2,333
2,728
2.0
2.2
7.3
10.4
8.5
6.0
0.8
0.8
9.3
12.1
Yes Bank
Accumulate
508
576
18,164
3,364
4,260
2.8
3.0
36.3
42.6
14.0
11.9
3.1
2.6
24.6
23.6
4,392
42,129
11,198
13,184
15.4
15.7
117.1
141.5
37.5
31.0
12.3
9.7
36.4
35.0
3.7
3.1
FMCG
Asian Paints
Neutral
Britannia
Buy
490
584
5,857
5,627
6,581
4.9
5.7
18.3
24.7
26.8
19.9
9.8
7.5
39.1
42.7
1.0
0.8
Colgate
Neutral
1,479
20,113
3,146
3,573
20.6
21.4
36.4
42.5
40.7
34.8
37.6
31.5
102.0
98.5
6.2
5.4
Dabur India
Neutral
130
22,606
6,124
7,101
17.0
16.8
4.7
5.4
27.9
24.0
11.8
9.2
44.5
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,781
15,901
3,084
3,617
15.3
15.5
101.2
118.3
37.4
32.0
11.4
9.2
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
702
23,891
6,355
7,548
16.7
17.4
20.3
25.4
34.6
27.6
7.3
6.1
23.2
25.1
4.0
3.3
HUL
Neutral
479
103,515
25,350
28,974
13.3
13.5
14.7
17.1
32.5
28.1
25.7
18.2
84.5
75.8
3.9
3.4
ITC
Neutral
288
227,091
29,148
34,191
35.7
36.1
9.4
11.1
30.8
26.0
10.2
8.5
35.9
35.7
7.5
6.3
Marico
Neutral
224
14,441
4,840
5,643
13.6
13.6
6.4
8.1
34.8
27.6
6.9
5.6
26.3
23.3
3.1
2.5
Nestle*
Neutral
4,695
45,267
8,487
10,081
21.2
22.1
113.0
142.5
41.6
33.0
24.9
17.1
70.5
61.6
5.4
4.4
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
152
9,387
7,207
7,927
9.1
9.5
6.9
8.2
22.0
18.6
2.3
2.2
8.9
9.8
1.2
1.1
HCL Tech^
Neutral
697
48,439
24,453
27,269
19.8
18.7
45.0
50.0
15.5
13.9
3.7
3.1
24.4
22.6
1.9
1.7
Hexaware*
Buy
88
118
2,613
1,941
2,118
20.8
19.0
10.7
10.7
8.2
8.2
2.0
1.8
25.3
22.0
1.1
0.9
Infosys
Neutral
2,778
159,534
40,746
44,283
28.9
28.8
162.6
172.9
17.1
16.1
4.0
3.4
23.5
21.3
3.3
2.9
Infotech Enterprises
Accumulate
175
191
1,954
1,900
2,064
18.2
17.8
19.1
21.2
9.2
8.3
1.4
1.2
15.2
14.6
0.7
0.5
KPIT Cummins
Accumulate
116
130
2,226
2,221
2,390
16.1
15.9
11.3
13.0
10.3
8.9
2.3
1.8
21.9
20.9
1.0
0.9
Mahindra Satyam
Neutral
117
13,771
7,670
8,308
20.3
19.3
9.9
10.8
11.9
10.8
3.3
2.5
28.0
23.5
1.4
1.2
Mindtree
Neutral
786
3,239
2,339
2,502
20.9
18.4
75.4
78.1
10.4
10.1
2.5
2.0
24.6
20.3
1.1
1.0
Mphasis&
Accumulate
375
396
7,873
5,531
5,874
17.6
17.5
35.4
37.7
10.6
9.9
1.6
1.3
14.7
13.5
0.9
0.8
NIIT
Buy
28
36
460
1,048
1,161
9.1
10.9
4.1
6.2
6.8
4.5
0.7
0.6
10.3
14.1
0.3
0.2
Persistent
Reduce
572
539
2,289
1,277
1,398
26.8
25.2
48.0
53.9
11.9
10.6
2.3
1.9
19.0
17.9
1.5
1.3
TCS
Accumulate
1,318
1,465
257,962
62,954
70,871
29.0
28.9
71.6
79.1
18.4
16.7
6.1
5.0
33.2
29.7
3.9
3.4
Tech Mahindra
Accumulate
977
1,087
12,488
6,671
7,290
19.8
19.0
94.1
106.4
10.4
9.2
2.5
2.0
24.0
21.6
1.9
1.7
Wipro
Accumulate
399
421
98,170
43,231
47,241
20.0
20.0
26.2
28.1
15.3
14.2
2.9
2.5
19.3
17.9
1.9
1.7
D B Corp
Accumulate
237
264
4,337
1,581
1,784
23.3
25.0
11.6
14.4
20.4
16.4
4.0
3.4
21.0
22.3
2.6
2.3
HT Media
Buy
105
121
2,468
2,111
2,272
15.0
15.2
7.4
8.3
14.3
12.7
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
108
126
3,416
1,503
1,681
23.1
23.1
6.4
7.3
16.9
14.9
4.2
3.7
25.8
26.5
2.5
2.1
PVR
Neutral
262
758
682
786
17.3
16.9
17.6
19.7
14.9
13.3
1.8
1.5
14.9
14.5
1.4
1.2
Sun TV Network
Neutral
424
16,717
1,942
2,237
77.2
75.5
17.6
19.1
24.1
22.2
5.8
5.2
25.8
25.2
8.1
7.0
Bhushan Steel
Neutral
434
9,841
11,307
14,287
29.5
29.1
45.1
51.0
9.6
8.5
1.1
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
351
221,578
66,666
70,292
25.7
27.3
24.2
26.6
14.5
13.2
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Buy
25
34
875
1,984
2,074
10.6
11.6
1.8
2.6
14.4
9.8
0.5
0.2
3.6
5.1
0.6
0.6
Hind. Zinc
Accumulate
131
145
55,394
12,446
13,538
52.3
52.9
15.0
16.4
8.8
8.0
1.7
1.5
21.4
19.7
2.6
1.9
Hindalco
Neutral
119
22,870
79,148
89,258
9.4
9.0
15.0
15.6
8.0
7.7
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
857
19,121
39,586
41,459
17.6
17.0
78.7
90.1
10.9
9.5
1.1
1.0
10.2
10.7
0.9
0.9
MOIL
Neutral
256
4,297
941
1,019
47.3
48.3
25.8
28.1
9.9
9.1
1.6
1.4
16.7
16.2
2.2
1.8
Monnet Ispat
Buy
267
344
1,702
2,501
3,264
22.2
24.6
41.8
55.2
6.4
4.8
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
49
44
12,577
6,898
7,841
9.9
14.7
2.0
3.2
24.6
15.3
1.1
1.0
4.3
6.8
1.4
1.3
NMDC
Buy
160
198
63,515
11,209
12,525
78.4
78.3
18.5
20.6
8.7
7.8
2.1
1.8
27.0
24.6
3.7
3.1
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
91
37,402
47,252
60,351
14.2
14.8
9.6
11.7
9.5
7.7
0.9
0.8
9.4
10.6
1.2
1.0
Sesa Goa
Neutral
185
16,052
4,551
6,640
32.8
34.4
33.7
39.3
5.5
4.7
0.9
0.8
18.3
18.3
4.2
2.8
Sterlite Inds
Neutral
113
37,908
43,185
45,442
23.3
23.7
16.8
17.9
6.7
6.3
0.7
0.7
11.6
11.2
0.9
0.8
Tata Steel
Accumulate
409
463
39,718 145,725 154,108
8.3
9.5
22.0
44.5
18.6
9.2
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Buy
128
153
459
1,442
1,494
17.6
17.3
27.2
28.7
4.7
4.5
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
664
2,694
2,906
14.6
16.6
16.4
20.8
3.0
2.4
0.3
0.3
11.4
12.8
0.5
0.3
Buy
116
143
367
2,342
2,470
13.7
15.3
27.7
33.8
4.2
3.4
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
332
382
63,355
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
1.0
22.0
17.5
2.8
2.4
GAIL
Neutral
371
47,067
46,652
54,142
15.7
15.7
34.0
35.3
10.9
10.5
1.9
1.7
18.5
16.8
0.8
0.6
ONGC
Reduce
337
312
287,978 147,139 154,821
33.9
33.7
30.7
32.3
11.0
10.4
1.9
1.7
18.3
17.2
1.7
1.6
Reliance Industries
Neutral
920
301,324 362,700 380,031
8.9
8.9
68.1
71.5
13.5
12.9
1.5
1.3
12.4
11.8
0.8
0.8
Gujarat Gas*
Neutral
310
3,976
3,128
3,707
13.2
11.7
22.8
23.5
13.6
13.2
4.1
3.6
33.2
29.2
1.2
0.9
Indraprastha Gas
Neutral
267
3,735
3,213
3,643
23.3
23.5
24.3
25.7
11.0
10.4
2.5
2.1
25.0
22.1
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
157
179
11,775
32,210
41,362
6.1
5.8
15.4
15.6
10.2
10.1
2.7
2.2
29.1
24.1
0.4
0.4
76
4,262
1,079
1,034
91.8
91.9
8.8
8.4
8.6
9.0
1.4
1.3
17.9
15.0
3.7
3.8
Alembic Pharma
Buy
70
95
1,310
1,490
1,714
16.2
17.1
7.4
9.5
9.4
7.3
2.6
2.0
30.7
30.2
1.0
0.8
Aurobindo Pharma
Accumulate
189
208
5,504
5,463
6,279
15.0
15.0
12.4
14.0
15.2
13.5
2.0
1.7
18.8
17.8
1.6
1.4
Aventis*
Neutral
2,302
5,302
1,482
1,682
17.5
16.6
82.9
87.8
27.8
26.2
4.3
3.5
16.3
14.8
3.4
2.9
Cadila Healthcare
Accumulate
880
926
18,018
6,148
7,386
18.6
19.6
32.7
44.8
26.9
19.6
5.9
4.7
23.7
26.6
3.3
2.7
Cipla
Neutral
404
32,474
8,151
9,130
25.8
24.8
20.2
21.6
20.0
18.7
3.6
3.1
19.4
17.6
3.8
3.3
Dr Reddy's
Neutral
1,913
32,479
10,696
11,662
20.7
21.0
83.7
92.9
22.9
20.6
4.7
3.9
22.4
20.8
3.3
2.9
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
107
145
859
1,280
1,536
20.2
20.2
10.4
14.5
10.2
7.3
0.9
0.8
8.7
11.0
1.4
1.1
2,146
18,180
2,651
2,993
31.7
31.2
76.0
82.4
28.2
26.1
8.2
7.3
20.1
26.3
6.1
5.3
63
89
577
685
837
15.2
15.2
7.4
8.9
8.5
7.0
1.3
1.1
16.4
17.0
1.0
0.8
Neutral
526
6,634
2,850
3,474
21.0
21.0
29.9
37.3
17.6
14.1
4.2
3.3
26.7
26.4
2.5
2.1
Lupin
Accumulate
585
655
26,183
8,426
10,082
19.7
20.0
26.1
31.1
22.4
18.8
5.2
4.2
25.8
24.7
3.2
2.7
Ranbaxy*
Neutral
474
20,029
12,046
11,980
16.0
15.8
37.3
32.1
12.7
14.8
4.9
4.0
45.3
29.7
1.7
1.6
Sun Pharma
Neutral
711
73,464
9,902
12,313
42.6
42.6
26.7
29.1
26.6
24.4
5.1
4.3
20.7
19.1
6.8
5.3
71
78
1,078
1,523
1,568
30.3
30.3
5.4
11.5
13.2
6.2
0.7
0.7
5.6
11.3
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
164
135,349
72,809
81,951
23.0
23.7
12.0
13.4
13.7
12.3
1.7
1.5
12.5
12.9
2.5
2.4
Power
NTPC
Neutral
Real Estate
Anant Raj
Neutral
88
2,604
657
875
52.0
56.1
8.4
12.7
10.5
6.9
0.6
0.6
6.3
8.9
5.2
3.9
DLF
Neutral
254
43,087
9,878
12,033
44.7
46.1
9.6
13.4
26.5
18.9
1.7
1.6
6.4
8.7
6.9
5.6
HDIL
Neutral
112
4,701
2,441
3,344
55.1
48.2
22.7
26.6
4.9
4.2
0.4
0.4
8.8
9.4
3.8
2.8
MLIFE
Neutral
415
1,694
813
901
26.2
26.6
32.0
37.1
13.0
11.2
1.4
1.2
10.4
11.0
2.5
2.1
Bharti Airtel
Neutral
351
133,312
80,353
86,654
30.9
31.3
8.6
11.8
41.0
29.7
2.5
2.3
6.1
7.8
2.4
2.2
Idea Cellular
Neutral
117
38,882
21,797
23,142
26.9
27.7
3.1
4.7
37.4
25.2
2.8
2.5
7.4
9.8
2.2
2.1
Rcom
Neutral
87
18,029
21,032
22,084
31.8
30.2
2.9
4.0
29.8
21.9
0.5
0.5
1.6
2.2
2.5
2.3
Telecom
zOthers
Abbott India
Accumulate
1,446
1,590
3,073
1,629
1,886
11.8
13.3
60.8
79.5
23.8
18.2
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Accumulate
198
217
1,976
3,497
3,968
6.6
7.6
9.8
15.5
20.2
12.8
2.6
2.2
12.7
17.4
0.6
0.5
Cera Sanitaryware
Buy
429
495
543
460
596
16.4
16.2
34.7
45.0
12.4
9.5
3.0
2.4
27.7
27.8
1.2
1.0
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
Accumulate
Force Motors
423
545
109
272
308
7.2
7.3
37.5
45.4
11.3
9.3
2.7
2.1
23.7
22.7
0.5
0.5
1,028
7,217
982
1,136
34.3
34.3
34.3
40.0
29.9
25.7
13.6
10.8
50.9
46.9
6.9
5.8
57
61
873
2,304
2,552
9.9
9.1
8.2
10.1
7.0
5.7
1.0
0.8
13.7
14.7
0.3
0.3
Buy
455
537
593
2,318
2,700
5.0
5.7
45.0
67.0
10.1
6.8
0.5
0.5
5.0
7.0
0.1
0.1
Goodyear India
Accumulate
320
360
739
1,494
1,607
6.4
7.8
23.9
33.0
13.4
9.7
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Sell
428
309
1,033
1,925
2,235
10.6
10.9
29.6
44.1
14.5
9.7
2.4
1.9
16.8
21.0
0.8
0.7
Hitachi
Neutral
152
350
873
989
4.4
6.5
6.4
12.2
24.0
12.5
1.9
1.7
8.3
14.4
0.5
0.4
2,580
2,842
2,281
1,809
2,117
5.5
7.5
84.9
135.3
30.4
19.1
3.3
2.8
11.3
16.0
1.2
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
693
744
1,219
1,059
1,116
8.5
9.5
36.0
42.0
19.3
16.5
2.8
2.4
15.4
16.0
1.2
1.1
ITD Cementation
Buy
240
334
276
1,455
1,630
12.4
12.6
29.8
40.5
8.1
5.9
0.6
0.6
8.2
9.8
0.6
0.6
Jyothy Laboratories
Neutral
152
2,443
1,228
1,443
9.0
10.9
3.9
6.4
39.0
23.7
3.9
3.6
10.1
15.6
2.5
2.1
MCX
Neutral
1,401
7,145
553
624
65.3
66.3
62.5
72.0
22.4
19.5
6.2
5.3
27.5
27.4
9.9
8.3
MRF
Neutral
13,398
5,682
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.5
8.0
1.7
1.4
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,401
3,602
3,793
836
1,023
20.2
20.6
105.6
133.4
32.2
25.5
16.4
11.6
59.3
53.2
4.6
3.7
Relaxo Footwears
Accumulate
862
933
1,035
1,019
1,208
11.0
12.5
47.0
66.7
18.4
12.9
4.6
3.4
28.2
30.1
1.2
1.0
Sintex Industries
Accumulate
69
79
2,071
4,751
5,189
16.3
16.6
13.6
15.8
5.1
4.4
0.7
0.6
12.9
13.2
0.8
0.7
Siyaram Silk Mills
Buy
297
366
278
1,043
1,149
12.3
12.9
65.7
73.3
4.5
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
13
400
6,765
7,393
18.1
18.0
6.4
7.5
2.1
1.8
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
January 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
47
43
2,255
5,720
6,599
5.3
6.8
3.6
5.4
12.9
8.7
18.7
5.9
0.5
0.4
TAJ GVK
Buy
69
108
435
300
319
35.8
36.2
7.9
9.1
8.8
7.6
1.2
1.0
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
309
384
476
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.2
0.2
TTK Healthcare
Buy
532
643
413
374
425
7.9
9.5
24.1
32.7
22.1
16.3
19.7
22.5
0.9
0.8
TVS Srichakra
Buy
257
322
196
1,461
1,625
6.9
8.2
24.6
53.7
10.4
4.8
1.3
1.1
12.9
24.9
0.4
0.3
United Spirits
Neutral
1,754
22,941
10,289
11,421
12.8
12.8
26.0
45.3
67.5
38.7
3.1
2.9
5.8
7.6
2.6
2.3
Vesuvius India
Neutral
345
700
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
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 January 22, 2013
Market Outlook
January 23, 2013

Market Outlook Report, 23rd January

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Market Outlook Report, 23rd January

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Market Outlook

January 23, 2013

(0.6) (120.2) 19,982

OIL & GAS

RIL shuts 8th well in KG-D6 basin

FII Derivatives (January 22, 2013)

Net Inflows (January 21, 2013)

Refer detailed news analysis on the following page

RIL shuts 8th well in KG-D6 basin

JP Associates to sell 2.78cr shares of Jaypee Infratech

3QFY2013 Result Review

13.3 3,185 14.7

13.5 3,685 17.0

Bank of Maharashtra (CMP: `59 / TP: `64 / Upside: 7.9%)

Tata Sponge Iron (CMP: `308/ TP: `379/ Upside: 22.8%)

3QFY2013 Result Preview

Syndicate Bank (CMP: `140 / TP: `158 / Upside: 12.8%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Zee Entertainment - Consolidated (23/01/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Ashok Leyland (24/01/2013)

Larsen & Toubro (24/01/2013)

Sesa Goa - Consolidated (24/01/2013)

EBITDA margin (%)

EBITDA margin (%)

Maruti Suzuki (25/01/2013)

Reliance Power - Consolidated (25/01/2013)

EBITDA margin (%)

Shriram Transport Finance Company (25/01/2013)

Economic and Political News

Cotton output estimate at 325lakh bales for 2012-13

Allahabad Bank to off-load `540cr worth NPAs this quarter

January 23, 2013

Rcom, Zee Entertainment, Sun TV Network, Syndicate Bank, Rallis, Greenply

January 24, 2013

January 25, 2013

January 26, 2013

January 28, 2013

January 29, 2013

J & K Bank, Bank of Baroda, Rural Elec.Corp., ITNL, Taj GVK

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

January 23, 2013

January 25, 2013

Existing home sales

BOE Announces rates

RBI Cash Reserve ratio

GDP Qoq (Annualised)

Consumer Price Index (YoY)

Monthly Wholesale Prices YoY%

January 30, 2013

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

January 31, 2013

Consumer price index (mom)

Euro Zone Euro-Zone Consumer Confidence

Euro Zone Euro-Zone CPI (YoY)

Qtrly GDP YoY%

Industrial Production (YoY)

Initial Jobless claims

Germany PMI Services