Market Outlook, 12th February, 2013

Market Outlook
February 12, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open flat with a negative bias, mirroring SGX
Nifty which is trading lower in the opening trades. Major Asian indices except
Nikkei are still closed for the Lunar New Year holiday.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.1)
Nifty
(0.1)
(5.7)
5,898
MID CAP
(0.2)
(12.0)
6,744
The US market saw modest weakness throughout the trading session. Selling
pressure prevailed although subdued. The major averages climbed near the
unchanged line in the final hour of trading but still ended the day in the red. The
European markets finished Monday's trading session with mixed results. Some
negative news for pharmaceutical company Novo Nordisk weighed on investor
sentiment at the start of the new trading week.
SMALL CAP
Meanwhile Indian shares swung between gains and losses before ending modestly
lower on Monday, dragged down by capital goods, IT and FMCG stocks. Adding
to growth concerns, Reserve Bank of India Governor cautioned that the country was
headed for the highest ever current account deficit this fiscal year.
OIL & GAS
(0.2)
(16.6)
9,000
BSE IT
(0.3)
(21.6)
6,456
(Pts)
(Close)
Markets Today
(24.2) 19,461
(0.3)
(21.0)
6,773
BSE HC
0.7
58.4
7,933
BSE PSU
0.5
34.3
7,297
BANKEX
0.3
48.2 14,151
AUTO
0.1
12.2 10,822
METAL
Global Indices
0.1
Chg (%)
6.4 10,073
Dow Jones
(0.2)
NASDAQ
(0.1)
(1.9)
3,192
0.2
13.1
6,277
(1.8)
(203.9)
11,153
Hang Seng
0.2
38.2
23,215
Straits Times
0.3
8.5
3,270
Shanghai Com
0.6
13.9
2,432
Chg (%)
(Pts)
(Close)
$51.1
FTSE
(21.7) 13,971
The trend deciding level for the day is 19,474 / 5,900 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,530 19,600 / 5,922 5,945 levels. However, if NIFTY trades below
19,474 / 5,900 levels for the first half-an-hour of trade then it may correct up to
19,404 19,347 / 5,877 5,855 levels.
Nikkei
Indices
S2
S1
PIVOT
R1
R2
Indian ADR
SENSEX
19,347
19,404
19,474
19,530
19,600
INFY
(2.4)
(1.3)
NIFTY
5,855
5,877
5,900
5,922
5,945
WIT
(1.8)
(0.2)
$9.3
IBN
0.5
0.2
$43.7
HDB
0.1
0.0
$38.4
News Analysis
3QFY2013 Result Review: ONGC, Jaiprakash Associates, Britannia Industries,

Indraprasth Gas, JSW Ispat, Hexaware, Sadbhav Engineering, Punj Lloyd,
Electrosteel Castings, GIPCL, Dishman Pharma, Godawari Power and Ispat
3QFY2013 Result Preview: SAIL, Motherson Sumi Systems, HT Media, CCCL
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
4,424
2,897
1,528
17,696
39,941
383
492
(110)
(1,362)
(6,574)
FII Derivatives (February 11, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,196
877
319
8,331
Stock Futures
1,106
809
296
30,952
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
MMTC
610
19.0
Cadila Health
Hindustan Copp
137
10.5
Astrazeneca Phar
1,134
(6.4)
Indian Bank
193
5.4
Financial Tech
1,011
(4.6)
Cipla
395
3.6
United Brew-$
721
(3.7)
Oberoi Realty
284
3.4
Jain Irrigation
63
(3.4)
www.angelbroking.com
BSE
NSE
Advances
1,221
586
Declines
1,613
868
139
73
Unchanged
Net Inflows (February 07, 2013)
MFs
Advances / Declines
Company
Price (`)
chg (%)
740
(6.4)
Volumes (` cr)
BSE
2,140
NSE
9,461
Market Outlook
February 12, 2013
3QFY2013 Result Review

ONGC (CMP: `308/ TP: -/ Upside: -)
ONGC reported better than expected 3QFY2013 results. The companys top line
increased by 15.7% yoy to `21,093cr (above our expectation of `19,294cr).
ONGCs crude oil net realization increased by 6.7% yoy to US$47.9/bbl and gas
realizations increased 10.5% yoy to 8.4/scm due to INR depreciation against the
USD. Crude oil sales volumes grew 7.0% yoy to 6mn tonnes while gas sales
volumes remained flat yoy at 5bcm. The company shared a subsidy burden of
`12433cr in 3QFY2013. The company's EBITDA increased by 5.4% yoy to
`11,342cr. Other income grew by 33.7% yoy to `1,280cr which resulted in
adjusted net profit growing by 54.5% yoy to `5,562cr (above our expectation of
`4,843cr). The company has maintained its oil/gas production guidance to
27.0mn tonnes/25.7bcm and 29.1mn tonnes /26.4bcm for FY2013 and FY2014,
respectively. We keep our rating and target price under review.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
144,089
32.8 24,508 28.6
17.0
10.8
1.7
5.2
1.5
FY2014E
152,165
32.7 26,125 30.5
16.4
10.1
1.6
4.5
1.4
Jaiprakash Associates (CMP: `73/ TP: Under review)

For 3QFY2013, Jaiprakash Associates posted mixed set of numbers with strong
performance on revenue however earnings were lower than our estimate owing to
lower-than-expected operating performance On the top-line front, companys
reported revenue of `3,431cr in 3QFY2013, registering a growth of 15.5% yoy
which was higher than our estimate by 4.3%. The cement segment had growth of
7% on a yoy basis while construction segment and real estate revenue grew by
2.7% and 98.9% on a yoy basis respectively. Blended EBITDA margins decline by
603bp/395bp on a yoy/qoq basis to 23.2% and was below our expectation of
25.9%. Cement margins came in at 8.0% which led to decline in margins. Interest
cost stood at `533cr a jump of 20.7%/14.7% on yoy/qoq basis and marginally
higher than our estimate of `478cr. Depreciation cost came at `181cr a jump of
9.9% on yoy basis. On the bottom-line front, company reported a PAT `111cr a
dip of 64.2% on a yoy basis owing to lower-than-expected at operating level and
high interest cost. The stock rating is currently under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
13,842
FY2014E
15,863
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
26.9
778 3.7
6.2
19.9
1.2
9.6
2.6
26.4
970 4.6
7.3
15.9
1.1
8.8
2.3
(` cr)
Britannia Industries (CMP: `465/ TP: `584/ Upside: 26%)

Britannia Industries posted a 16.8% yoy growth in standalone topline to `1,453cr,
which was in-line with estimates. The topline growth was aided by price hikes
carried out by the company. OPM fell by 20bp yoy to 6.4%. Net Profit rose by
5.4% yoy to `57cr. We maintain a Buy on the stock with a Target Price of `584.
Market Outlook
February 12, 2013
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
5,627
FY2014E
6,581
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
4.9
219 18.3
39.1
25.5
9.3
18.6
0.9
5.7
295 24.7
42.7
18.9
7.1
13.6
0.8
(` cr)
Indraprasth Gas (CMP: `257/ TP: -/ Upside: -)

Indraprasth Gas reported robust 3QFY2013 results. Net sales grew by 31.1% yoy
to `869cr which was driven by increases in both, sales as well as realizations.
CNG and PNG volumes increased by 7.6% and 17.4% yoy to 194mn kg and
84mmscm, respectively. Average CNG realisation increased 20.0% yoy to `38/kg,
whereas average PNG realizations increased by 11.3% yoy to `26/scm. EBITDA
increased by 24.9% yoy to `188cr. However, EBITDA margin slipped 107bp yoy to
21.6% due to higher cost of gas purchases. Further, interest expense was flat yoy
at `14cr in 3QFY2013. Tax provisions for this quarter were also higher at 32.4%
compared to 31.9% in 3QFY2012. Hence, net profit grew by 24.3% yoy to `86cr.
We recommend Neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
3,365
22.8
355
25.3
26.0
10.1
2.4
5.1
1.1
FY2014E
3,700
23.4
373
26.6
22.6
9.6
2.0
4.4
1.0
JSW Ispat reports weak 3QFY2013 results

JSW Ispat, which is expected to be merged with JSW Steel during CY2013 reported
weak results for 3QFY2013. Its net sales grew by 4.4% yoy to `2,678cr. However,
its EBITDA decreased by 12.4% yoy to `129cr mainly due to lower steel prices and
higher costs. It reported an interest cost of `248cr which resulted in a net loss of
`131cr in 3QFY2013, compared to a loss of `301cr in 3QFY2012. We maintain
our Neutral view on the JSW Steel.
Hexaware (CMP: `84/ TP: Under review)

For 4QCY2012, Hexaware reported broadly in-line set of results. The USD
revenue came in at US$92.4mn, down 0.4% qoq. In INR terms, revenue came in
at `502cr, down 1.0%. The companys EBITDA and EBIT margin declined by
~480bp qoq each to 16.9% and 15.1%, respectively. Margin decline was less
than expectations as well as less than managements guidance of ~500-700bp
qoq. PAT came in at `66cr.
Management has guided for double digit revenue growth in CY2013 and
indicated intention to retain ~50% dividend payout ahead. Management has
given 2-3% qoq USD revenue growth for 1QCY2013 and expects margins to
improve by ~150-200bp qoq in 1QCY2013. The company expects growth to be
driven by aggressive client mining outside of top 10 clients and BFSI vertical. We
continue to remain positive on the stock and the target price in currently under
review.
Market Outlook
February 12, 2013
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
1,941
20.8
321
10.7
25.3
7.9
1.9
4.7
1.0
CY2014E
2,118
19.0
321
10.7
22.0
7.9
1.7
4.4
0.8
Sadbhav Engineering (CMP: `121/ TP: Under review)

For 3QFY2013, Sadbhav Engineering (SEL) reported a disappointing poor set of
numbers, which were significantly below our and consensus estimates. On the topline front, SEL reported a revenue decline 51.3% yoy to `353cr which was
significantly below our and street estimate by 53% and 40% respectively. This
dismal performance has been owing to slower execution pace in remaining under
construction projects. On the margin front, the company posted EBITDAM of 9.4%
a dip of 200bp on yoy basis and was lower than our estimate of 10.3%. Interest
cost grew by 28.2% yoy/17.1% qoq to `21cr and was in line with our estimate. On
the bottom-line front, companys PAT reported a decline of 91.1% yoy to `4cr in
3QFY2013 against our estimate of `38cr. This was mainly due to lower-thanexpected revenues and higher interest expense during the quarter. At CMP, the
stock is trading at P/E and P/BV of 13.7x and 2.1 FY2014 earnings. The stock
rating is currently under review. We shall revise our estimates post earnings
conference call with the management which is expected to be scheduled on 13th
February 2013.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
1,966
10.6
FY2014E
2,594
10.7
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
9.9 22.4
2.1
10.2
1.1
116 7.7 12.4 15.7
1.8
8.3
0.9
(` cr)
(`)
81 5.4
Punj Lloyd (CMP: `52/ TP: -/ Upside: -)

For 3QFY2013, Punj posted mixed set of numbers with muted performance on
revenue and EBITDAM front, however higher share of profits from associates led to
a profit at earnings level. The company reported a flat top-line growth of 2.6% yoy
to `2,881cr in 3QFY2013. EBITDA margins showed an improvement of 431bp
yoy to 10.1% in 3QFY2013. For the quarter, interest cost increase by 22.2% yoy to
`198cr while depreciation came in flat at `88cr respectively. On the bottom-line
front, PAT came in at `9cr in 3Q FY2013 vs. `70cr in 2QFY2013. This was
mainly due to higher share of profit from associate (`8cr vs. a loss of `5cr in
2QFY2013). We continue to maintain our Neutral view on the stock.
Y/E
March
Sales
(` cr)
OPM
PAT EPS ROE
(%) (` cr)
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
FY2013E
11,892
9.0
60 1.8
2.0 28.8
0.6
6.2
0.6
FY2014E
13,116
9.0
107 3.2
3.5 16.2
0.6
5.8
0.5
Electrosteel Castings associate, Electrosteel Steels, reports

3QFY2013 results
Electrosteel Steels (ESL), an associate of Electrosteel Castings (ECL) reported an
operating loss during 3QFY2013 as most of its integrated steel plants are yet to
commission operations. ESLs top-line stood at `55cr compared to `0.2cr in
Market Outlook
February 12, 2013
3QFY2012 as the company commenced partial operations at its plant (pig iron
and DI pipes) during 1HFY2013. It reported an operating loss of `16cr during the
quarter. Depreciation and interest expenses stood at `14cr and `34cr, respectively.
Hence, it reported a loss at the PAT level of `64cr. We maintain our Buy rating on
ECL with a target price of `34.
GIPCL (CMP: `70/ TP: `78/ Upside: 11 %)

For 3QFY2013, GIPCL reported sluggish top-line performance in-line with our
expectations. Top-line declined by 4.8% yoy to `369cr, in spite of 6.6% yoy
increase in power generation. OPM expanded by 1,344bp yoy to 37% mainly on
account of 1,207bp yoy reduction in fuel cost. The company posted robust growth
in net profit to `70cr (v/s `17cr in 3QFY2012) aided by margin expansion and
lower tax provision. We maintain Accumulate rating on the stock.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
1,523 35.1
184
12.2
12.1
5.8
0.7
3.4
1.2
FY2014E
1,568 31.4
198
13.1
11.9
5.4
0.6
3.1
1.0
Dishman Pharma (CMP: `94/ Target: `145/ Upside: 54%)

Dishman Pharma reported sales mostly in line with expectations, while the net
profit came in below expectations. The top-line grew by 19.6% to `318cr , mostly
in line with expectations of `315cr during the quarter 3QFY2013. The top-line
growth was mainly driven by the CRAMS, which grew by 23.8%, while MM grew by
12.4% yoy. The OPM came in slightly lower than expectations at 19.1%, a 120bp
decline. This along with high interest expenses led the net profit to come in at
`16.4cr, almost same as `16.7cr.We maintain a Buy with a target on the stock of
`145.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
(` cr)
(`)
(%)
(x)
(x)
EV/Sales
(x)
(x)
FY2013E
1,280 20.2
89
10.4
8.7
9.0
0.8
6.6
1.3
FY2014E
1,536 20.2
123
14.5
11.0
6.5
0.7
5.5
1.1
Godawari Power and Ispat (CMP: `103/ TP: `112/ Upside: 9%)
Godawari Power and Ispat (GPIL) reported healthy 3QFY2013 results. The
companys net sales grew by 25.3% yoy to `603cr on account of higher sales
volumes of Billets, HB wire and ferro alloys partially offset by lower realizations.
On the operating front EBITDA margin was flat at 11.6% and EBITDA grew by
24.9% yoy to `70cr. Interest expenses increased by 8.9% yoy to `30cr however,
net profit increased by 75.8% yoy to `20cr. We recommend an Accumulate on the
stock with a target price of `112.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
2,367 14.2
107
33.8
12.9
3.1
0.4
4.3
0.6
FY2014E
2,425 13.7
108
34.0
11.2
3.1
0.3
3.9
0.5
Market Outlook
February 12, 2013
3QFY2013 Result Preview

SAIL (CMP: `81/ TP: -/ Upside :-)
SAIL is expected to announce its 3QFY2013 results today. We expect the
companys top-line to grow by 10.7% yoy to `11,730cr due to better realizations.
We expect EBITDA margin to contract by 310bp yoy to 10.6% on account of higher
staff costs and other expenses. The bottom-line is expected to fall by 34.9% yoy to
`716cr. We maintain our Neutral rating 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
45,873
11.8 2,800 6.8
6.9
11.9
0.8
7.3
0.9
FY2014E
57,250
10.4 2,863 6.9
6.7
11.7
0.8
7.8
0.8
Motherson Sumi Systems (CMP: `190/ TP: -/ Upside: -)

Motherson Sumi Systems (MSS) is scheduled to announce its 3QFY2013 results
today. We expect MSS to report improvement in its operating performance driven
by pick-up in order execution at the new plant in Hungary. On a consolidated
basis, we expect the company to record revenues of `6,169cr from `3,841cr in
3QFY2012 mainly on account of consolidation of Peguform operations. On the
operating front, the company is expected to report a ~75bp yoy expansion in
margins to 7.4%. As a result, adjusted net profit is expected to increase ~115.9%
yoy to `127cr. At the CMP of `190, the stock is trading at 17.9x FY2014E
earnings. Currently we have a Neutral rating on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
24,285
FY2014E
27,317
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
6.7
473 8.0
22.9
23.6
5.0
9.1
0.6
7.2
622 10.6
24.7
17.9
4.0
7.5
0.5
(` cr)
HTMedia (CMP: `97/ TP: `121/ Upside: 25%)

HTMedia is slated to announce its 3QFY2013 results. The companys top-line is
expected to register subdued growth of 3% yoy to `535cr. Its OPM is expected to
expand by 106bp yoy to 15%. Consequently, profit is expected to grow by 3% yoy
to `50cr. At the current market price, HTMedia is trading at 13.2x FY2014E
consolidated EPS of `8.3. We maintain Buy 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
2,111
15.0
173 7.4
11.3
13.2
1.4
4.7
0.7
FY2014E
2,272
15.1
194 8.3
11.4
11.7
1.3
4.0
0.6
CCCL (CMP: `15 / TP: - / Upside: -)

Consolidated Construction Consortium (CCCL) is expected to post a decent set of
numbers for 3QFY2013. We expect the top-line to register a growth of 10.0% yoy
to `491cr, given the pickup in execution across projects. On the EBITDA front, we
expect the company to continue its dismal performance; however, owing to the low
Market Outlook
February 12, 2013
base of 3QFY2012, its EBITDAM is expected to register an improvement of 162bp

yoy to 6.2%. On the bottom-line front, the company is expected to post a profit of
`3cr for 3QFY2013 vs. a loss of `3cr in 3QFY2012. We maintain neutral view on
the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
2,262
FY2014E
2,522
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
5.9
17 0.9
2.7
16.2
0.4
6.9
0.4
6.3
29 1.6
4.5
9.5
0.4
6.3
0.4
(` cr)
Quarterly Bloomberg Brokers Consensus Estimate

HPCL (12/02/2013)
Particulars (` cr)
Net sales
EBITDA
3QFY13E
3QFY12
51,328
67
0
(462)
2,725
EBITDA margin (%)

Net profit
y-o-y (%)
2QFY13
q-o-q (%)
47,917
48,464
3,703
(98)
2,914
(98)
6
(117)
2,327
(120)
Jindal Steel & Power Consolidated (12/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
4,875
4,355
12
4,606
EBITDA
(2)
2,112
(19)
1,707
1,742
EBITDA margin (%)
35.0
40.0
Net profit
931
1,018
45.9
(9)
909
Power Grid Corporation (12/02/2013)

Particulars (` cr)
Net profit
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,022
809
26
1,126
(9)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
11,341
10,594
10,663
1,263
1,581
(20)
1,109
14
EBITDA margin (%)
11.1
14.9
Net profit
597
632
(6)
543
10
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
SAIL (12/02/2013)
Particulars (` cr)
Net sales
EBITDA
10.4
BPCL (13/02/2013)
Particulars (` cr)
Net sales
57,870
58,824
(2)
56,860
EBITDA
196
3,710
5,388
EBITDA margin (%)
0.3
(550)
3,140
Net profit
9
-
5,035
Market Outlook
February 12, 2013
Coal India Consolidated (13/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
17,008
15,349
11
14,573
17
5,092
4,547
12
2,862
78
29.9
29.6
4,170
4,038
3,078
35
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
111,189
98,272
13
105,791
1,766
11,158
(84)
11,562
(85)
1.6
11
(1,878)
2,488
(175)
9,611
(120)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
2,199
2,822
(22)
2,612
(16)
EBITDA
1,526
2,261
(32)
1,935
(21)
69.4
80.1
1,427
1,859
Net sales
EBITDA
EBITDA margin (%)
Net profit
19.6
Indian Oil Corp (13/02/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
11
NMDC (13/02/2013)
Particulars (` cr)
EBITDA margin (%)

Net profit
74.1
(23)
1,679
(15)
Tata Steel Consolidated (13/02/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
32,684
32,964
(1)
33,867
(3)
2,595
1,717
51
2,310
12
7.9
5.2
(193)
(667)
(71)
(391)
(51)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
577
514
12
540
(1)
82
30
6.8
Unitech Consolidated (13/02/2013)

Particulars (` cr)
Net sales
EBITDA
106
107
EBITDA margin (%)
18.4
20.8
76
57
33
47
62
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,274
2,034
12
2,040
11
EBITDA
947
823
15
746
27
EBITDA margin (%)
41.6
40.4
Net profit
435
247
Net profit
15.2
DLF Consolidated (14/02/2013)

Particulars (` cr)
Net sales
36.6
76
118
269
Dr. Reddy Laboratories Consolidated (14/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
2,918
2,769
2,881
Net profit
433
513
(16)
407
Market Outlook
February 12, 2013
Gail (14/02/2013)
Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
11,565
11,260
11,361
1,712
1,795
(5)
1,412
21
14.8
15.9
1,033
1,091
(5)
985
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
325
423
(23)
255
27
EBITDA
241
157
53
331
(27)
EBITDA margin (%)
74.1
37.2
Net profit
154
156
Net sales
EBITDA
EBITDA margin (%)
Net profit
12.4
HDIL Consolidated (14/02/2013)

Particulars (` cr)
129.8
(1)
141
LIC Housing Finance (14/02/2013)

Particulars (` cr)
Net profit
3QFY13E
3QFY12
265
306
y-o-y (%)
2QFY13
(13)
q-o-q (%)
243
State Bank of India (14/02/2013)

Particulars (` cr)
Net profit
3QFY13E
3QFY12
3,598
3,263
y-o-y (%)
2QFY13
q-o-q (%)
10
3,658
(2)
Tata Motors Consolidated (14/02/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
49,101
45,199
42,819
15
6,612
6,827
(3)
5,334
24
13.5
15.1
2,913
3,427
12.5
(15)
2,098
39
Economic and Political News
Chidambaram to meet state FMs on February 14 on GST rollout

Domestic car sales decline 12.45%, bike sales up 7.45% in January
Government to give `25,000cr additional fuel subsidy
Corporate News
Court to decide on Bharti-Vodafone chargesheet on February 19

InterContinental signs contract with HCC's Lavasa township to open 200 room
hotel
Nalco to hit market after budget, to raise `1,400cr
Nielsen increases TCS contract size to US$2.5bn
RCom, Ericsson sign US$1bn managed services contract
RIL to shut Jamnagar crude distillation unit for four weeks
Shree Renuka Sugars to set up US$220mn refinery complex in Lanka
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
February 12, 2013
Result Calendar
Date
Company
February 12, 2013
Jindal Steel, Power Grid Corpn, SAIL, HPCL, Motherson Sumi, CESC, HT Media
Coal India, NMDC, IOC, Tata Steel, BPCL, Unitech, Madras Cements, PTC India, Orchid Chemicals, Finolex Cables,
Madhucon Proj
St Bk of India, Tata Motors, GAIL, DLF, Dr Reddy's, LIC Housing Fin., Suzlon Energy, CRISIL, HDIL, Monnet Ispat, Page
Industries, India Cements, FAG Bearings, Simplex Infra, IVRCL Infra, Patel Engg., Siyaram Silk Mills, TVS Srichakra, S.
Kumars Nationwide
GlaxoSmith Con
February 13, 2013

February 14, 2013
February 15, 2013
February 16, 2013
February 17, 2013
February 18, 2013
February 19, 2013
GSK Pharma
February 20, 2013
Nestle
February 21, 2013
ABB
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 12, 2013

February 14, 2013
3:00PM
UK
CPI (YoY)
% Change
Jan
2.70
2.70
11:00AM
India
Industrial Production YoY
% Change
Dec
(0.10)
1.00
Initial Jobless claims
Thousands
Feb 9
366.00
360.00
% Change
4Q P
0.40
0.20
Jan
0.26
0.20
7:00PM
US
12:30PM
Germany GDP nsa (YoY)
February 15, 2013
7:45PM
US
February 20, 2013
8:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
2:00PM
Germany PMI Services
8:30PM
US
Existing home sales
8:30PM
US
Consumer Confidence
February 21, 2013

February 26, 2013
Industrial Production
Jobless claims change
Value
Feb A
(23.90)
--
% Change
Jan
(12.10)
--
Value
Feb A
55.70
--
Millions
Jan
4.94
4.92
S.A./ 1985=100
Feb
58.60
--
8:30PM
US
New home sales
Thousands
Jan
369.00
--
February 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q P
--
--
February 28, 2013
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Jan
2.20
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
(0.10)
--
3:00PM
UK
PMI Manufacturing
Value
Feb
50.80
--
6:30AM
China
PMI Manufacturing
5:30PM
UK
BOE Announces rates
6:15PM
Euro Zone ECB announces interest rates
5:29PM
China
Exports YoY%
7:00PM
US
Unnemployment rate
March 1, 2013
March 7, 2013
March 8, 2013
Value
Feb
50.40
--
% Ratio
Mar 7
0.50
0.50
Mar 7
0.75
--
% Change
Feb
25.00
--
Feb
7.90
--
Market Outlook
February 12, 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
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
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
February 12, 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
136
2,637
1,466
1,686
14.8
14.8
7.0
8.1
19.4
16.7
4.1
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
128
170
5,648
8,421
9,263
16.5
16.5
15.0
17.0
8.5
7.5
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
299
323
5,111
2,983
3,477
16.1
16.1
18.5
21.6
16.2
13.9
4.7
3.6
32.9
29.1
1.6
1.5
Apollo Tyres
Accumulate
85
97
4,299
13,066
14,503
11.5
11.8
13.0
14.5
6.6
5.9
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Accumulate
25
28
6,625
12,910
14,836
8.8
9.6
1.5
2.2
16.8
11.2
2.2
2.0
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
363
548
934
1,103
10.2
10.7
24.5
34.3
14.8
10.6
1.9
1.7
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
2,062
59,673
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
Neutral
226
5,263
5,973
6,707
14.4
15.2
13.4
18.6
16.9
12.2
2.2
1.9
13.6
16.9
1.0
0.9
Bosch India*
Accumulate
9,023
9,570
28,332
9,973
11,320
17.8
18.0
396.2
455.7
22.8
19.8
4.3
3.6
18.8
18.2
2.5
2.1
CEAT
Buy
109
163
372
4,822
5,403
8.2
8.3
29.8
40.8
3.6
2.7
0.5
0.4
14.5
17.0
0.3
0.2
Exide Industries
Accumulate
122
131
10,387
6,016
7,026
12.7
14.4
5.8
7.8
20.9
15.6
3.1
2.7
15.4
18.2
1.4
1.2
FAG Bearings*
Buy
1,420
1,807
2,360
1,715
1,939
17.6
18.4
127.7
150.6
11.1
9.4
2.2
1.8
21.7
21.1
1.1
0.9
Hero Motocorp
Accumulate
1,759
1,923
35,117
23,990
27,038
13.8
14.6
105.8
120.2
16.6
14.6
6.7
5.4
44.3
41.0
1.2
1.0
JK Tyre
Buy
116
165
478
7,169
7,929
6.9
7.1
40.4
41.3
2.9
2.8
0.6
0.5
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
895
1,019
54,979
40,060
46,301
11.5
11.7
55.3
64.3
16.2
13.9
3.7
3.0
24.5
23.8
1.1
0.9
Maruti
Neutral
1,625
46,954
42,304
51,088
7.5
8.7
64.4
92.9
25.3
17.5
2.8
2.4
11.6
14.9
0.9
0.7
Motherson Sumi
Neutral
191
11,240
24,285
27,317
6.7
7.2
8.1
10.6
23.8
18.1
5.0
4.1
22.9
24.7
0.6
0.5
Subros
Buy
27
35
160
1,296
1,476
9.8
9.9
3.4
5.0
8.0
5.3
0.6
0.5
7.2
10.2
0.4
0.4
Tata Motors
Buy
286
337
76,945 190,883 217,164
12.8
13.1
35.5
42.5
8.1
6.7
2.1
1.7
30.2
27.6
0.4
0.4
TVS Motor
Buy
40
47
1,915
7,019
7,827
6.0
6.3
4.3
5.3
9.5
7.6
1.5
1.3
16.4
18.0
0.2
0.2
Capital Goods
ABB*
Reduce
654
573
13,859
7,790
9,653
4.5
7.8
8.7
22.1
75.2
29.6
5.2
4.6
7.1
16.5
1.8
1.4
BGR Energy
Neutral
237
1,707
3,567
4,357
11.8
10.9
24.6
26.8
9.6
8.8
1.4
1.3
30.7
26.3
0.9
0.8
BHEL
Neutral
206
50,421
47,801
43,757
18.0
17.1
24.1
20.8
8.6
9.9
2.5
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
174
238
1,564
2,748
2,896
4.4
5.6
6.8
9.3
25.6
18.7
3.5
3.1
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
104
129
6,691
12,136
13,790
3.8
6.3
3.3
6.9
31.6
15.2
1.8
1.7
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
39
49
322
2,802
3,074
9.5
9.8
7.7
10.9
5.1
3.6
0.5
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
57
75
1,455
6,909
7,723
6.2
7.2
5.4
8.4
10.5
6.7
1.2
1.1
17.0
22.8
0.3
0.3
LMW
Reduce
2,101
1,992
2,367
2,369
2,727
11.7
11.7
143.4
166.0
14.7
12.7
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
581
6,924
5,529
5,798
9.0
9.6
27.1
30.3
21.4
19.2
3.7
3.3
18.6
18.2
1.1
1.0
Market Outlook
February 12, 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
1,345
25,259
11,012
12,333
21.1
20.9
77.0
80.3
17.5
16.8
3.3
3.0
19.5
18.7
2.0
1.7
Ambuja Cements
Neutral
200
30,851
10,210
11,811
26.0
25.7
11.2
12.6
17.9
15.9
3.8
3.4
20.3
20.7
2.6
2.2
India Cements
Neutral
87
2,674
4,293
4,666
17.7
18.1
8.6
10.8
10.1
8.1
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
134
1,643
2,171
2,544
22.5
22.5
21.6
23.2
6.2
5.8
1.1
1.0
19.0
17.8
0.9
1.1
Madras Cements
Neutral
237
5,647
3,814
4,045
28.8
27.1
18.3
18.7
13.0
12.7
2.3
2.0
19.4
17.0
2.1
1.9
Shree Cements^
Neutral
4,509
15,708
5,678
6,251
29.0
28.6
288.1
334.0
15.7
13.5
4.4
3.4
31.7
28.4
2.2
1.8
UltraTech Cement
Neutral
1,922
52,686
20,466
23,017
23.3
24.3
100.0
117.1
19.2
16.4
3.5
3.0
19.6
19.5
2.5
2.3
229
268
1,205
20,466
23,017
22.5
22.5
24.4
27.0
9.4
8.5
1.1
1.0
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
273
2,262
2,522
5.9
6.3
0.9
1.6
16.2
9.5
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
122
164
4,048
3,843
4,212
43.1
43.6
16.8
17.8
7.2
6.8
1.2
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
199
225
3,858
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.9
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Neutral
32
976
4,249
6,897
7.8
8.2
0.3
3.4
103.1
9.4
0.4
0.4
0.4
4.4
0.8
0.5
Jaiprakash Asso.
Buy
74
100
16,332
13,842
15,863
26.9
26.4
3.7
4.6
20.1
16.1
1.2
1.1
6.2
7.3
2.6
2.4
Larsen & Toubro
Buy
1,496
1,788
91,996
60,666
69,525
10.6
11.2
71.9
85.0
20.8
17.6
3.2
2.8
14.5
15.2
1.7
1.5
Nagarjuna Const.
Neutral
42
1,085
5,863
6,576
8.5
8.6
3.1
4.1
13.6
10.3
0.4
0.4
3.2
4.2
0.6
0.6
Punj Lloyd
Neutral
51
1,684
11,892
13,116
9.0
9.0
1.8
3.2
28.0
15.8
0.6
0.6
2.0
3.5
0.6
0.5
Sadbhav Engg.
Buy
119
168
1,799
2,344
2,804
10.6
10.7
7.2
8.7
16.6
13.7
2.0
1.8
13.0
13.5
1.1
1.0
Simplex Infra
Buy
171
251
846
6,882
8,032
9.1
9.1
23.2
31.3
7.4
5.5
0.7
0.6
9.1
11.2
0.5
0.4
Unity Infra
Buy
38
59
282
2,180
2,455
13.7
13.4
13.3
15.0
2.9
2.5
0.3
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
149
188
7,440
6,509
7,264
2.7
2.8
28.2
33.5
5.3
4.4
0.7
0.7
13.8
14.7
Andhra Bank
Neutral
103
5,786
4,795
5,475
3.0
3.0
21.8
21.9
4.7
4.7
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,461
1,753
68,221
15,959
18,660
3.2
3.2
119.2
139.0
12.3
10.5
2.3
2.0
20.3
20.1
Bank of Baroda
Neutral
773
31,784
15,284
18,032
2.5
2.6
109.6
137.7
7.1
5.6
1.0
0.9
15.5
17.1
Bank of India
Accumulate
343
380
19,686
12,793
14,823
2.3
2.4
49.5
65.1
6.9
5.3
1.0
0.9
13.6
16.0
Bank of Maharashtra
Neutral
56
3,316
3,720
4,268
2.9
2.8
10.9
13.0
5.2
4.3
0.8
0.7
16.2
16.9
Canara Bank
Accumulate
460
516
20,385
10,828
12,005
2.1
2.2
64.7
80.4
7.1
5.7
1.0
0.9
13.2
14.7
Central Bank
Neutral
77
5,698
7,158
8,217
2.4
2.6
13.1
20.1
5.9
3.9
0.9
0.7
10.3
14.3
Corporation Bank
Buy
414
517
6,138
4,835
5,570
2.0
2.2
105.0
99.8
4.0
4.2
0.7
0.6
17.5
14.8
Dena Bank
Buy
105
132
3,658
3,090
3,462
2.7
2.7
25.6
24.6
4.1
4.3
0.7
0.6
19.2
15.9
Financials
Market Outlook
February 12, 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
Financials
Federal Bank
Accumulate
517
557
8,842
2,667
2,920
3.2
3.2
49.1
51.4
10.5
10.1
1.4
1.3
13.9
13.1
HDFC
Neutral
811
125,071
7,446
8,923
3.5
3.5
32.2
38.5
25.2
21.1
5.1
4.6
35.4
32.6
HDFC Bank
Neutral
642
152,229
21,724
26,578
4.3
4.3
28.7
36.1
22.4
17.8
4.3
3.6
20.7
22.1
ICICI Bank
Buy
1,145
1,404
131,676
22,317
26,217
2.9
3.0
72.0
84.6
15.9
13.5
2.0
1.8
14.9
15.9
IDBI Bank
Buy
101
122
12,874
8,196
9,305
1.9
2.1
15.4
22.3
6.6
4.5
0.7
0.6
10.7
14.1
Indian Bank
Buy
188
245
8,062
5,902
6,563
3.2
3.2
41.3
43.2
4.5
4.4
0.8
0.7
18.4
16.8
IOB
Buy
J & K Bank
Neutral
LIC Housing Finance
76
88
6,073
7,231
8,369
2.4
2.5
10.2
20.2
7.5
3.8
0.6
0.5
7.4
13.4
1,329
6,442
2,830
2,910
3.6
3.6
234.8
197.4
5.7
6.7
1.3
1.1
25.1
18.0
Buy
272
328
13,747
1,799
2,255
2.3
2.4
20.3
27.3
13.4
10.0
2.1
1.8
16.9
19.7
Oriental Bank
Neutral
306
8,924
6,360
7,004
2.6
2.8
48.1
59.4
6.4
5.2
0.8
0.7
12.1
13.5
Punjab Natl.Bank
Buy
878
1,053
29,780
19,202
22,040
3.2
3.4
146.8
167.9
6.0
5.2
1.1
0.9
17.6
17.5
South Ind.Bank
Buy
27
34
3,561
1,583
1,789
3.0
2.9
3.5
4.1
7.7
6.6
1.3
1.1
19.1
17.7
St Bk of India
Accumulate
2,327
2,600
156,159
60,677
69,712
3.3
3.3
224.3
257.3
10.4
9.0
1.8
1.5
17.6
17.7
Syndicate Bank
Buy
130
157
7,795
6,673
7,644
2.9
3.0
32.0
27.6
4.0
4.7
0.8
0.7
22.0
16.4
UCO Bank
Neutral
68
4,510
5,235
6,086
2.3
2.4
12.0
14.9
5.7
4.6
0.9
0.8
12.0
13.5
Union Bank
Buy
233
286
12,809
10,006
11,558
2.8
2.8
36.4
47.0
6.4
5.0
0.9
0.8
14.6
16.6
United Bank
Buy
68
87
2,467
3,498
3,858
2.5
2.8
15.1
21.6
4.5
3.2
0.6
0.5
12.5
16.1
Vijaya Bank
Accumulate
56
62
2,768
2,342
2,763
1.9
2.1
8.0
10.9
7.0
5.1
0.7
0.7
10.1
12.6
Yes Bank
Accumulate
508
576
18,195
3,364
4,260
2.8
3.0
36.3
42.6
14.0
11.9
3.1
2.6
24.6
23.6
4,602
44,144
11,198
13,319
15.9
15.7
122.1
147.1
37.7
31.3
12.7
10.0
37.7
35.7
3.9
3.2
FMCG
Asian Paints
Neutral
Britannia
Buy
466
584
5,569
5,627
6,581
4.9
5.7
18.3
24.7
25.5
18.9
9.3
7.1
39.1
42.7
0.9
0.7
Colgate
Neutral
1,356
18,436
3,120
3,588
20.3
21.1
38.4
45.1
35.3
30.1
32.8
26.3
104.6
97.0
5.7
4.9
Dabur India
Neutral
132
23,007
6,196
7,183
16.3
16.8
4.5
5.5
29.3
24.1
12.1
9.4
43.4
44.0
3.7
3.2
GlaxoSmith Con*
Neutral
3,777
15,884
3,084
3,617
15.3
15.5
101.2
118.3
37.3
31.9
11.4
9.2
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
741
25,223
6,386
7,743
15.7
17.0
20.8
27.1
35.6
27.3
7.6
6.3
23.7
26.4
4.1
3.4
HUL
Neutral
457
98,737
25,350
28,974
13.3
13.5
15.1
17.0
30.2
27.0
24.1
17.2
85.7
74.3
3.7
3.2
ITC
Neutral
304
239,654
29,148
34,191
35.7
36.1
9.4
11.1
32.4
27.4
10.8
8.9
35.9
35.7
7.9
6.7
Marico
Neutral
219
14,122
4,747
5,402
13.6
13.6
6.3
7.8
34.5
28.0
7.1
5.7
26.0
22.6
3.0
2.6
Nestle*
Neutral
4,703
45,343
8,487
10,081
21.2
22.1
113.0
142.5
41.6
33.0
25.0
17.2
70.5
61.6
5.4
4.4
Market Outlook
February 12, 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
145
8,958
7,272
7,998
9.1
9.5
6.9
8.1
21.1
17.8
2.2
2.1
8.9
9.8
1.2
1.0
HCL Tech^
Accumulate
669
765
46,452
25,325
28,476
21.7
20.7
51.0
52.8
13.1
12.7
3.5
2.9
26.8
22.9
1.7
1.5
Hexaware*
Buy
81
118
2,392
1,941
2,118
20.8
19.0
10.7
10.7
7.5
7.5
1.9
1.6
25.3
22.0
0.9
0.8
Infosys
Neutral
2,790
160,200
40,746
44,283
28.9
28.8
162.6
172.9
17.2
16.1
4.0
3.4
23.5
21.3
3.3
2.9
Infotech Enterprises
Accumulate
161
184
1,801
1,881
1,987
17.9
17.4
18.5
19.4
8.7
8.3
1.3
1.1
14.8
13.6
0.6
0.5
KPIT Cummins
Buy
110
140
2,126
2,234
2,477
15.8
15.2
10.9
12.8
10.1
8.6
2.2
1.7
22.2
20.6
0.9
0.8
Mahindra Satyam
Accumulate
119
126
13,954
7,711
8,467
21.6
19.8
8.7
11.3
13.6
10.5
3.2
2.5
30.6
23.7
1.4
1.2
Mindtree
Accumulate
774
868
3,205
2,357
2,580
21.0
19.3
84.4
86.8
9.2
8.9
2.4
1.9
26.8
21.7
1.1
0.9
Mphasis&
Accumulate
359
396
7,547
5,531
5,874
17.6
17.5
35.4
37.7
10.1
9.5
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
26
36
433
1,048
1,161
9.1
10.9
4.1
6.2
6.4
4.3
0.7
0.6
10.3
14.1
0.2
0.2
Persistent
Accumulate
523
550
2,091
1,297
1,433
25.6
24.1
46.5
54.0
11.3
9.7
2.1
1.7
18.5
18.0
1.3
1.1
TCS
Accumulate
1,388
1,465
271,564
62,954
70,871
29.0
28.9
71.6
79.1
19.4
17.5
6.4
5.2
33.2
29.7
4.1
3.6
Tech Mahindra
Accumulate
990
1,105
12,655
6,789
7,609
21.0
19.6
95.8
110.7
10.3
8.9
2.5
2.0
24.3
22.3
1.9
1.6
Wipro
Accumulate
405
429
99,762
43,514
47,304
20.1
19.4
26.6
27.7
15.3
14.6
3.0
2.6
19.7
17.9
2.0
1.7
D B Corp
Accumulate
239
266
4,385
1,583
1,787
23.9
25.4
11.9
14.5
20.2
16.5
4.0
3.4
21.4
22.4
2.7
2.3
HT Media
Buy
99
121
2,329
2,111
2,272
15.0
15.2
7.4
8.3
13.5
12.0
1.5
1.3
11.3
11.4
0.7
0.6
Jagran Prakashan
Buy
106
125
3,354
1,511
1,698
23.2
23.4
6.4
7.3
16.5
14.5
4.1
3.7
25.9
26.6
2.4
2.1
PVR
Neutral
261
755
820
1,307
17.3
17.3
11.2
17.8
23.4
14.7
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
467
18,416
1,942
2,237
77.2
75.5
17.6
19.1
26.6
24.5
6.4
5.8
25.8
25.2
9.0
7.8
Bhushan Steel
Neutral
466
10,548
10,746
13,982
30.8
31.1
43.3
55.5
10.8
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
344
368
217,283
66,666
70,292
25.7
27.3
24.2
26.6
14.2
12.9
4.2
3.4
33.1
29.1
2.3
2.0
Electrosteel Castings
Buy
24
34
818
1,984
2,074
10.6
11.6
1.8
2.6
13.4
9.1
0.4
0.2
3.6
5.1
0.6
0.5
Hind. Zinc
Buy
125
149
52,964
12,002
13,759
49.7
50.8
14.7
16.4
8.5
7.7
1.7
1.4
21.1
19.8
2.5
1.8
Hindalco
Neutral
113
21,702
79,148
89,258
9.4
9.0
15.0
15.6
7.6
7.3
0.6
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
835
18,635
39,072
40,493
16.5
18.2
82.4
90.3
10.1
9.3
1.0
0.9
10.7
10.7
0.9
0.9
MOIL
Neutral
248
4,162
933
954
46.9
45.5
25.8
26.1
9.6
9.5
1.5
1.4
16.7
15.1
2.0
1.9
Monnet Ispat
Buy
248
344
1,578
2,501
3,264
22.2
24.6
41.8
55.2
5.9
4.5
0.6
0.5
11.3
13.4
1.7
1.2
Nalco
Neutral
47
12,036
6,630
8,357
11.4
14.5
2.1
3.3
22.0
14.3
1.0
1.0
4.6
6.9
1.1
1.0
NMDC
Buy
150
198
59,471
11,209
12,525
78.4
78.3
18.5
20.6
8.1
7.3
2.0
1.6
27.0
24.6
3.4
2.8
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 12, 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
83
34,469
47,252
60,351
14.2
14.8
9.6
11.7
8.7
7.1
0.8
0.7
9.4
10.6
1.2
1.0
Sesa Goa
Accumulate
174
183
15,135
2,412
3,911
30.8
33.1
29.6
31.8
5.9
5.5
0.9
0.8
16.3
15.4
7.7
4.8
Sterlite Inds
Neutral
105
35,152
43,185
45,442
23.3
23.7
16.8
17.9
6.2
5.8
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
391
463
37,941 145,725 154,108
8.3
9.5
22.0
44.5
17.7
8.8
0.9
0.8
4.9
9.3
0.5
0.5
Sarda
Buy
126
148
453
1,442
1,494
19.0
19.1
29.2
31.7
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
44
52
593
2,512
2,816
12.4
13.7
10.0
12.6
4.4
3.5
0.3
0.3
7.2
8.4
0.5
0.4
Accumulate
101
112
320
2,367
2,425
14.2
13.7
33.3
33.5
3.0
3.0
0.4
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
320
383
61,123
17,394
17,034
76.4
72.3
60.8
55.1
5.3
5.8
1.1
0.9
21.9
17.0
2.7
2.3
GAIL
Neutral
336
42,576
46,652
54,142
15.7
15.7
34.0
35.3
9.9
9.5
1.7
1.5
18.5
16.8
0.7
0.5
ONGC
Neutral
320
273,690 147,139 154,821
33.9
33.7
30.7
32.3
10.4
9.9
1.8
1.6
18.3
17.2
1.6
1.5
Reliance Industries
Neutral
871
285,230 362,700 380,031
8.9
8.9
68.1
71.5
12.8
12.2
1.4
1.2
12.4
11.8
0.8
0.7
Gujarat Gas*
Neutral
312
4,007
3,128
3,707
13.2
11.7
22.8
23.5
13.7
13.3
4.1
3.7
33.2
29.2
1.2
1.0
Indraprastha Gas
Neutral
253
3,539
3,365
3,700
22.8
23.4
25.3
26.6
10.0
9.5
2.4
2.0
26.0
22.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
147
179
11,018
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.4
2.5
2.1
29.1
24.1
0.4
0.3
71
4,015
1,079
983
91.8
91.9
8.8
7.8
8.2
9.1
1.4
1.2
17.8
14.1
3.4
3.7
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Cadila Healthcare
Neutral
75
95
1,421
1,490
1,714
16.2
17.1
7.4
9.5
10.2
7.9
2.8
2.1
30.7
30.2
1.1
0.9
187
208
5,433
5,463
6,279
15.0
15.0
12.4
14.0
15.0
13.3
2.0
1.7
18.8
17.8
1.6
1.4
Neutral
2,261
5,207
1,482
1,682
17.5
16.6
82.9
87.8
27.3
25.8
4.3
3.4
16.3
14.8
3.3
2.8
Neutral
816
16,707
6,148
7,386
15.3
18.0
24.6
39.5
33.2
20.7
6.2
5.0
18.4
25.1
3.1
2.5
Cipla
Accumulate
394
419
31,639
8,151
9,130
25.8
24.8
20.2
21.6
19.5
18.2
3.5
3.0
19.4
17.6
3.7
3.2
Dr Reddy's
Neutral
1,894
32,158
10,696
11,662
20.7
21.0
83.7
92.9
22.6
20.4
4.7
3.9
22.4
20.8
3.3
2.9
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
104
145
836
1,280
1,536
20.2
20.2
10.4
14.5
10.0
7.1
0.8
0.8
8.7
11.0
1.3
1.1
2,075
17,579
2,651
2,993
31.7
31.2
76.0
82.4
27.3
25.2
7.9
7.0
20.1
26.3
5.8
5.1
Buy
61
78
563
642
784
14.2
15.2
5.7
7.8
10.7
7.8
1.3
1.1
12.9
16.4
1.1
0.9
Ipca labs
Buy
483
559
6,098
2,850
3,474
21.0
21.0
29.9
37.3
16.2
13.0
3.9
3.1
26.7
26.4
2.3
1.9
Lupin
Accumulate
594
655
26,566
8,426
10,082
19.7
20.0
26.1
31.1
22.8
19.1
5.3
4.2
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
436
18,435
12,046
11,980
16.0
15.8
37.3
32.1
11.7
13.6
4.5
3.6
45.3
29.7
1.6
1.5
Sun Pharma
Neutral
749
77,419
10,111
12,563
42.6
42.6
28.9
29.8
25.9
25.1
5.3
4.5
22.3
19.2
7.0
5.5
68
78
1,033
1,523
1,568
35.1
31.4
12.2
13.1
5.6
5.2
0.7
0.6
12.1
11.9
1.1
0.9
Power
GIPCL
Accumulate
Market Outlook
February 12, 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
Accumulate
148
163
122,157
72,809
81,951
23.0
23.7
12.0
13.4
12.4
11.1
1.5
1.4
12.5
12.9
2.3
2.2
DLF
Neutral
270
45,822
9,878
12,033
44.7
46.1
9.6
13.4
28.2
20.1
1.8
1.7
6.4
8.7
7.1
5.9
HDIL
Neutral
72
3,031
2,441
3,344
55.1
48.2
22.7
26.6
3.2
2.7
0.3
0.2
8.8
9.4
3.1
2.3
MLIFE
Accumulate
409
446
1,668
786
888
26.3
26.7
31.0
36.3
13.2
11.3
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Neutral
320
121,426
80,521
87,160
30.5
30.5
6.4
10.4
50.0
30.8
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
108
35,762
22,087
23,927
26.6
27.7
2.9
3.9
36.9
27.7
2.5
2.3
6.9
8.4
2.2
2.0
Rcom
Neutral
76
15,583
21,087
22,067
31.8
31.9
2.6
4.0
28.8
18.9
0.4
0.4
1.5
2.2
2.5
2.3
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Accumulate
1,388
1,590
2,950
1,629
1,886
11.8
13.3
60.8
79.5
22.9
17.5
4.7
3.9
22.0
24.4
1.6
1.3
Bajaj Electricals
Accumulate
189
217
1,887
3,497
3,968
6.6
7.6
9.8
15.5
19.3
12.2
2.5
2.1
12.7
17.4
0.5
0.5
Cera Sanitaryware
Buy
411
495
520
460
596
16.4
16.2
34.7
45.0
11.8
9.1
2.9
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
408
545
105
272
308
7.2
7.3
37.5
45.4
10.9
9.0
2.6
2.0
23.7
22.7
0.5
0.4
CRISIL
Neutral
964
6,768
982
1,136
34.3
34.3
34.3
40.0
28.1
24.1
12.7
10.2
50.9
46.9
6.5
5.4
Finolex Cables
Accumulate
55
61
843
2,304
2,552
9.9
9.1
8.2
10.1
6.8
5.5
0.9
0.8
13.7
14.7
0.3
0.3
Force Motors
Buy
434
550
566
2,027
2,299
4.6
5.1
35.3
50.0
12.3
8.7
0.5
0.5
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
313
360
722
1,494
1,607
6.4
7.8
23.9
33.0
13.1
9.5
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Sell
408
309
985
1,925
2,235
10.6
10.9
29.6
44.1
13.8
9.3
2.3
1.8
16.8
21.0
0.8
0.7
Hitachi
Neutral
139
320
905
1,025
4.8
6.0
7.7
12.4
18.2
11.3
1.7
1.5
9.9
14.4
0.4
0.4
2,616
2,842
2,313
1,809
2,117
5.5
7.5
84.9
135.3
30.8
19.3
3.3
2.9
11.3
16.0
1.2
1.0
1,145
1,059
1,116
8.5
9.5
36.0
42.0
18.1
15.5
2.6
2.3
15.4
16.0
1.1
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
651
744
ITD Cementation
Buy
208
334
240
1,455
1,630
12.4
12.6
29.8
40.5
7.0
5.1
0.6
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Neutral
146
2,349
1,228
1,443
9.0
10.9
3.9
6.4
37.5
22.8
3.7
3.4
10.1
15.6
2.4
2.0
MCX
Accumulate
1,340
1,440
6,834
553
624
65.3
66.3
62.5
72.0
21.5
18.6
5.9
5.1
27.5
27.4
9.4
7.8
MRF
Neutral
13,160
5,582
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.3
7.9
1.6
1.4
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,221
3,602
3,592
836
1,023
20.2
20.6
105.6
133.4
30.5
24.1
15.5
10.9
59.3
53.2
4.4
3.5
Relaxo Footwears
Buy
729
887
875
989
1,148
10.7
11.7
41.8
55.5
17.5
13.1
4.0
3.1
25.5
26.3
1.0
0.9
Sintex Industries
Buy
61
79
1,913
4,751
5,189
16.3
16.6
13.6
15.8
4.5
3.9
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
282
366
264
1,043
1,149
12.3
12.9
65.7
73.3
4.3
3.8
0.8
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
11
321
6,765
7,393
18.1
18.0
6.4
7.5
1.7
1.4
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Neutral
43
2,100
5,720
6,599
5.3
6.8
3.6
5.4
12.0
8.1
17.4
5.5
0.5
0.4
Market Outlook
February 12, 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
zOthers
TAJ GVK
Buy
67
108
420
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
306
379
472
782
818
16.5
17.0
61.8
65.4
5.0
4.7
0.7
0.7
15.7
14.7
0.2
0.2
TTK Healthcare
Buy
496
643
385
374
425
7.9
9.5
24.1
32.7
20.6
15.2
19.7
22.5
0.9
0.7
TVS Srichakra
Buy
247
322
189
1,461
1,625
6.9
8.2
24.6
53.7
10.0
4.6
1.3
1.1
12.9
24.9
0.4
0.3
United Spirits
Neutral
1,926
25,192
10,473
11,939
15.0
15.8
30.4
56.9
63.4
33.9
4.8
3.1
10.8
12.3
3.1
2.4
Vesuvius India
Neutral
334
678
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 February 11, 2013
Market Outlook
February 12, 2013

Market Outlook, 12th February, 2013

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Market Outlook

February 12, 2013

OIL & GAS

3QFY2013 Result Review: ONGC, Jaiprakash Associates, Britannia Industries,

Refer detailed news analysis on the following page

FII Derivatives (February 11, 2013)

Net Inflows (February 07, 2013)

3QFY2013 Result Review

32.8 24,508 28.6

32.7 26,125 30.5

Jaiprakash Associates (CMP: `73/ TP: Under review)

Britannia Industries (CMP: `465/ TP: `584/ Upside: 26%)

Indraprasth Gas (CMP: `257/ TP: -/ Upside: -)

JSW Ispat reports weak 3QFY2013 results

Hexaware (CMP: `84/ TP: Under review)

Sadbhav Engineering (CMP: `121/ TP: Under review)

116 7.7 12.4 15.7

Punj Lloyd (CMP: `52/ TP: -/ Upside: -)

PAT EPS ROE

Electrosteel Castings associate, Electrosteel Steels, reports

GIPCL (CMP: `70/ TP: `78/ Upside: 11 %)

Dishman Pharma (CMP: `94/ Target: `145/ Upside: 54%)

3QFY2013 Result Preview

11.8 2,800 6.8

10.4 2,863 6.9

Motherson Sumi Systems (CMP: `190/ TP: -/ Upside: -)

HTMedia (CMP: `97/ TP: `121/ Upside: 25%)

CCCL (CMP: `15 / TP: - / Upside: -)

base of 3QFY2012, its EBITDAM is expected to register an improvement of 162bp

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Jindal Steel & Power Consolidated (12/02/2013)

EBITDA margin (%)

Power Grid Corporation (12/02/2013)

EBITDA margin (%)

EBITDA margin (%)

Coal India Consolidated (13/02/2013)

Indian Oil Corp (13/02/2013)

EBITDA margin (%)

Tata Steel Consolidated (13/02/2013)

Unitech Consolidated (13/02/2013)

EBITDA margin (%)

EBITDA margin (%)

DLF Consolidated (14/02/2013)

Dr. Reddy Laboratories Consolidated (14/02/2013)

EBITDA margin (%)

HDIL Consolidated (14/02/2013)

LIC Housing Finance (14/02/2013)

State Bank of India (14/02/2013)

Tata Motors Consolidated (14/02/2013)

Economic and Political News

Chidambaram to meet state FMs on February 14 on GST rollout

Court to decide on Bharti-Vodafone chargesheet on February 19

February 12, 2013

February 13, 2013

February 20, 2013

February 21, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

February 12, 2013

Industrial Production YoY

Initial Jobless claims

Germany GDP nsa (YoY)