Market Outlook: Dealer's Diary

Market Outlook
May 17, 2013
Dealers Diary
Domestic Indices
The Indian markets are expected to open flat today with a positive bias tracking
positive opening in SGX Nifty which is trading higher by 0.4%. Most of the Asian
markets too are trading in the green.
US markets saw modest strength earlier in the session, however, came under
pressure towards the close on Thursday. Investors were disappointed by the larger
than expected increase in U.S. weekly jobless claims, the drop in U.S. housing
starts and the weak Philly Fed data. The major indices ended the day in negative
pulling back off the record highs. Meanwhile, European markets too finished in
negative following the sharp rise of the previous two trading sessions. Some of the
day's losses were attributed to profit booking, following the strong gains in recent
days.
(Pts)
(Close)
BSE Sensex
0.2
34 20,247
Nifty
0.4
23
6,170
MID CAP
0.4
28
6,592
SMALL CAP
0.2
14
6,191
BSE HC
1.5
139
9,200
BSE PSU
0.3
19
6,977
BANKEX
1.1
166 15,129
AUTO
(0.6)
(68) 11,200
METAL
0.6
53
8,823
OIL & GAS
1.6
146
9,054
(1.0)
(59)
5,927
Chg (%)
(Pts)
(Close)
Meanwhile Indian markets ended higher for a third straight day in a row on
Thursday. Key Benchmark indices closed higher by 0.2% after remaining volatile
during the day. The markets which rose higher in the morning trade but turned
negative in the after-noon trade. However, the recovery in the late afternoon trade
resulted in the positive closing to the days trade. RBI Governor had earlier in the
week said that the central bank will take note of falling inflation when discussing
potential interest rate cuts, which resulted in improving the market sentiments.
BSE IT
Markets Today
The trend deciding level for the day is 20,245 / 6,162 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,329 20,410 / 6,195 6,221 levels. However, if NIFTY trades below
20,245 / 6,162 levels for the first half-an-hour of trade then it may correct up to
20,164 20,081 / 6,136 6,103 levels.
Chg (%)
Global Indices
Dow Jones
(0.3)
NASDAQ
(0.2)
(6)
3,465
FTSE
(0.1)
(6)
6,688
Nikkei
(0.4)
(59) 15,037
Hang Sang
0.2
38 23,083
Straits Times
0.3
11
3,452
Shanghai Com
1.2
27
2,252
Chg (%)
(Pts)
(Close)
0.6
0.2
$42.7
Indian ADR
INFY
(42) 15,233
Indices
S2
S1
PIVOT
R1
R2
WIT
(2.0)
(0.2)
$7.7
SENSEX
NIFTY
20,081
6,103
20,164
6,136
20,245
6,162
20,329
6,195
20,410
6,221
IBN
0.3
0.1
$48.0
(1.5)
(0.6)
$42.4
HDB
News Analysis
ICICI Bank repatriates CAD 75mn from capital from its Canadian subsidiary
L&T has bagged various new orders worth `2,542cr
Yes Bank reiterates its plan to raise USD 500mn
Result Review: Baja Auto, Mahindra Satyam, DB Corp., Hitachi Home
Result Preview: ITC, Sun TV, Motherson Sumi
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
4,369
647
2,668
761
1,701
(114)
9,759
(1,894)
70,917
(10,484)
FII Derivatives (May 16, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
1,915
1,889
1,853
2,085
62
(195)
17,328
29,362
Gainers / Losers
Gainers
Price (`)
chg (%)
Apollo Hosp
Company
Losers
Price (`)
chg (%)
1,048
8.5
Oracle Fin
2,410
(4.6)
41
7.7
Bajaj Finserv
724
(4.2)
4,783
7.7
Tata Comm
229
(4.1)
Adani Ports
162
6.3
Amara Raja
248
(3.7)
IRB Infra
132
6.1
M&M Fin
248
(2.9)
JP Infratech
Glaxosmithkl Cons
www.angelbroking.com
BSE
NSE
Advances
1,197
674
Declines
1,278
709
140
91
Unchanged
Volumes (` cr)
Net Inflows (May 15, 2013)
Company
Advances / Declines
BSE
2,387
NSE
12,697
Market Outlook
May 17, 2013
ICICI Bank repatriates CAD 75mn from capital from its

Canadian subsidiary
ICICI Bank has repatriated equity capital of CAD 75mn (`404cr) from its
Canadian subsidiary, in-line with the management's guidance of consolidation in
the overseas operations. As of 4QFY2013, total equity investment of ICICI Bank in
its Canadian subsidiary was `3,350cr and the capital adequacy of its Canadian
subsidiary was strong at 33.2%. The repatriation would marginally improve the
already strong capital adequacy of ICICI Bank at 18.7% (tier-I capital ratio at
12.8%), apart from slightly aiding its net interest margins and overall RoEs. At
CMP, the stock trades at 1.7x FY2015E ABV. We maintain our Buy rating on the
stock, with a target price of `1,444.
L&T has bagged various new orders worth `2,542cr

Larsen & Toubro (L&T) said it has bagged new orders worth `1,021cr in the
building and factories business segment. Also, its civil infrastructure segment has
bagged orders worth `866cr from Kochi Metro Rail project. The Transportation
segment secured an order worth `315cr which involves the design and
construction of electrification, signaling, telecommunication and associated works
for a double track railway line between Karwandiya to Durgauti section of the
eastern corridor. The company has secured orders worth `148cr from the Public
Health Engineering Department, Rajasthan for a water supply system to 97
villages. Additional orders have been received for `192cr, under the power
transmission and distribution business. We continue to maintain Accumulate rating
on the stock with a target price of `1,795.
Yes Bank reiterates its plan to raise USD 500mn

There were media reports at the beginning of the day, suggesting that Yes Bank
has initiated process for raising equity capital worth USD 300mn by issuing shares
to institutional investors. The banks management during later part of the day
denied these developments and reiterated that equity raising upto USD 500mn is
yet to be considered by the banks shareholders in June 2013, post which the
timing of capital raising would be decided after factoring in market conditions. As
of 4QFY2013, the banks capital adequacy ratio (CAR) continued to be strong at
18.3%, with tier-I ratio at 9.5%. With RoE of above 22%, the banks retained
earnings itself are capable for funding a balance sheet growth of 18-20%. At
CMP, post the recent rise, the stock trades at a valuation of 2.8x FY2014E ABV
and 2.3x FY2015E ABV, which in our view, factors in most of the positives for the
bank and offers limited scope for upside from the current levels. Hence, we
recommend a Neutral rating on the stock.
Market Outlook
May 17, 2013
Result Review
Bajaj Auto (CMP: `1,808/ TP: Under Review/ Upside: -)
Bajaj Auto (BJAUT) reported lower-than-expected operating performance for
4QFY2013, nevertheless, the bottom-line was slightly ahead of our estimates
driven by higher other income and lower tax-rate. For 4QFY2013, the top-line
posted an in-line growth of 2% yoy (down 12.3% yoy) to `4,746cr, following a
3.5% yoy (13% qoq) drop in volumes to 981,242 units. The net average
realization, however, improved strongly by 6.8% yoy (0.7% qoq) led by favorable
foreign exchange rate on the exports front and also due to price hike in the export
markets (effective November 2012) to pass on the impact of reduction in export
incentives. While, the domestic revenues declined 3.3% yoy (13.2% qoq) led by 8%
yoy (18% qoq) decline in volumes; export revenues surged 18.2% yoy led a 5.1%
yoy growth in volumes and a 12.5% yoy growth in net average realization. The
EBITDA margin declined 217bp yoy (107bp qoq) to 17.6%, below our expectations
of 18.6%, mainly due to adverse product-mix (higher share of less than 125cc
motorcycles in the product-mix) and increase in other expenditure. The adjusted
net profit registered a marginal growth of 1.9% yoy (down 6.5% qoq) to `766cr.
However, it was slightly ahead of our expectations driven by higher other income
(74.6% yoy and 19.9% qoq) and lower tax-rate (at 25.9% as against 30.2% in
3QFY2013). At the CMP of `1,808, the stock is trading at 13.2x FY2015E
earnings. The stock rating is currently under review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA EV/Sales

(x)
(x)
(x)
FY2014E
22,839
18.6 3,508 121.1
41.0
14.9
5.5
10.1
1.9
FY2015E
25,825
18.5 3.950 136.5
36.7
13.2
4.4
8.6
1.6
Mahindra Satyam (CMP: `109/ TP: Under review/ Upside: -)

For 4QFY2013, Mahindra Satyam reported net profit while disappointed on the
operational front. The dollar revenues came in US$359cr, up 1% qoq. In INR
terms, revenues came in at `1,936cr, down 0.2% qoq. The companys operational
performance was below expectations as EBITDA margin declined by ~145bp qoq
to 20.1% (vs. our expectation of margin inching up qoq), due to subdued revenue
growth. The company reported exceptional gain of `134cr during the quarter,
adjusting for this profit came in at `320cr, down 14% qoq impacted by lower other
income of `72cr as against `111cr in 3QFY2013. We wait for management clarity
on decline in operational margins as the company continued to deliver operational
exuberance with decent volume growth since last five quarters (till 3QFY2013).
Management indicated that they are in penultimate stage in the merger process of
Tech Mahindra and Mahindra Satyam as it has been approved by the Bombay
High Court, while it awaits the Andhra Pradesh High Court approval. We remain
positive on the stock and the target price is currently under review.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
8,456
19.3 1,245 10.6
22.4
10.3
2.3
5.6
1.1
FY2015E
9,385
19.1 1,399 11.9
20.1
9.2
1.8
4.5
0.9
Market Outlook
May 17, 2013
DBCorp (CMP: `242 / TP: Under review)

For 4QFY2013, DB Corps top-line performance was in-line with our expectations,
growing by 12.7% yoy to `398cr, primarily on account of 13.1% yoy growth in
advertising revenue to `298cr. On the operating front, the company reported
303bp yoy expansion in OPM to 23.6% aided by reduction in losses of emerging
editions (`5.8cr loss in 4QFY2013 vs a loss of `18.5cr in corresponding quarter
last year). Consequently, net profit grew by 22.0% yoy to `55cr. At the current
market price, DB Corp is trading at 14.3x FY2015E consolidated EPS of `16.9. We
recommend Buy on the stock with the target price under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
1,787
FY2015E
1,974
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
25.4
267 14.5
22.4
16.6
3.5
9.1
2.3
26.4
309 16.9
22.2
14.3
3.0
7.7
2.0
(` cr)
Hitachi Home (CMP: `151/ TP: 184/ Upside: 22.0%)

For 4QFY2013, Hitachi Home (HHLS) reported a yoy revenue growth of 14.6% to
`270cr in line with our expectation of `269cr. The company disappointed on the
EBITDA front with a margin of 5.5%, yoy contraction on 111bp from 6.6% in
4QFY2012. However, forex gain of `5.3cr led to 6.3% yoy growth in net profit to
`8cr during 4QFY2013 as compared to `7cr in 4QFY2012.
For FY2013, HHLSs topline growth came in at 20.3% to `960cr, while the EBITDA
margin expanded by 506bp yoy to 8.7% from 3.7% in FY2012 owing to lower raw
material costs and declining other expenses. This led to a 1411% growth in net
profit to `49cr in FY2013 from `3cr in FY2012.
As we rollover to FY2015, we upgrade the stock to Buy with a target price of `184
based on a target PE of 10x for FY2015E.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,080
8.9
49 17.9
18.8
8.4
1.5
5.5
0.5
FY2015E
1,199
9.1
50 18.4
16.5
8.2
1.3
4.6
0.4
Result Preview
ITC (CMP: `337/TP:-/Upside:-)
ITC is expected to announce its 4QFY2013 results today. We expect the
top-line to grow by 15.9% yoy to `7,949cr. OPM is expected to increase by 490bp
on yoy basis 36.5%. Bottom-line is expected to increase by 22.2% yoy to `1,973cr.
We maintain our Neutral recommendation on the stock.
Market Outlook
May 17, 2013
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
33,506
36.8 8,670 20.4
35.5
30.4
9.9
20.4
7.5
FY2015E
39,067
37.0 10,147 17.3
34.1
26.0
8.0
17.3
6.4
Sun TV (CMP: `443/TP: -/Upside : -)

Sun TV is slated to announce its 4QFY2013 results. The company is expected to
post healthy 7.9% yoy growth in its top-line to `461cr on the back of uptick in
advertising revenues. On the EBITDA front, the companys margins are expected to
expand by 144bp yoy to 78.3%. Consequently, net profit is expected to grow by
10.3% yoy to `175cr. At the current market price, Sun TV is trading at 19.5x
FY2015E consolidated EPS of `22.7. We maintain a neutral view on the stock.
Y/E
Sales
March
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
2,293
68.7
762 19.3
26.1
22.9
5.8
10.6
7.3
FY2015E
2,571
68.7
895 22.7
27.3
19.5
5.1
9.3
6.4
Motherson Sumi Systems (CMP: `213/ TP: -/ Upside: -)

Motherson Sumi Systems (MSS) is scheduled to announce its 4QFY2013 results
today. On a consolidated basis, we expect MSS to post a ~10% yoy increase in
top-line to `7,095cr driven by a 24.1% yoy growth in Samvardhana Motherson
Reflectec (SMR) revenues led by a steady ramp-up of the new plants. However, led
by a slowdown in the domestic demand, standalone top-line is expected to register
a decline of ~7% yoy. We expect Peguform to report a top-line of `3,518cr (up
~4% yoy) for the quarter. On the operating front, EBITDA margins are expected to
expand by ~80bp yoy to 7.5% driven by improving utilization levels at SMR.
Consequently, adjusted bottom-line (for foreign exchange gains) is expected to
register a growth of ~41% yoy to `144cr. At the CMP of `213, the stock is trading
at 14.4x FY2015E earnings. Currently we have a Neutral rating 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)
FY2014E
28,442
7.5
736
12.5
27.5
17.0
4.2
7.7
0.6
FY2015E
31,493
7.8
869
14.8
25.8
14.4
3.3
6.7
0.5
Quarterly Bloomberg Brokers Consensus Estimate

ITC (17/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
8,044
6,361
26
7,627
EBITDA
2,694
2,263
19
2,858
(6)
33.5
35.6
1,899
1,614
EBITDA margin (%)

Net profit
37.5
18
2,052
(7)
Market Outlook
May 17, 2013
Adani Enterprise Consolidated (20/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
11,330
10,594
13,610
(17)
1,644
1,086
51
2,038
(19)
EBITDA margin (%)
14.5
10.2
Net profit
263
310
Net sales
EBITDA
15.0
(15)
416
(37)
Coal India Consolidated (20/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
19,478
19,419
17,325
12
5,591
3,786
48
4,288
30
28.7
19.5
4,988
4,008
24
4,395
13
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
802
708
13
533
50
182
66
24.8
Divi's Laboratories (20/05/2013)

Particulars (` cr)
Net sales
EBITDA
303
286
EBITDA margin (%)
37.8
40.4
Net profit
225
215
144
56
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
21,217
18,461
15
15,429
38
2,812
2,561
10
1,475
91
13.3
13.9
1,865
1,920
34.1
Larsen & Toubro (22/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
9.6
(3)
1,122
66
y-o-y (%)
3QFY13
q-o-q (%)
Zee Entertainment Consolidated (22/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
Net sales
928
869
919
EBITDA
216
160
35
261
(17)
EBITDA margin (%)
23.2
18.4
Net profit
166
160
194
(14)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
18,377
19,260
(5)
10,042
83
4,117
4,937
(17)
1,634
152
(19)
1,182
131
28.4
BHEL (23/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
22.4
25.6
2,734
3,380
16.3
JSW Steel Consolidated (23/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
9,135
10,153
(10)
8,866
EBITDA
1,544
1,887
(18)
1,331
16
EBITDA margin (%)
16.9
18.6
Net profit
359
770
15.0
(53)
195
84
Market Outlook
May 17, 2013
State Bank of India (23/05/2013)

Particulars (` cr)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,729
4,050
(8)
3,396
10
Tata Steel Consolidated (23/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
35,018
33,860
31,822
10
3,244
3,179
2,239
45
9.3
9.4
436
434
7.0
1
Economic and Political News
Need to boost mfg to bridge CAD, trade gap: DIPP

India to step up coal imports quality checks
MEA to draw roadmap for Missions to push exports
Govt slashes import tariff value of gold, silver
Crossholding in same telecom circle may go
Corporate News
Suzlon wins orders worth `3480cr

GMR to file technical bid for Philippines airport project
Cairn India to spend $3bn on oil exploration in 3 yrs
Suzuki gives more power to Maruti in group affairs
Fortis Healthcare to raise `322cr via IPP
CoalMin takes up issue of power cos' `9,000cr dues to CIL
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(763)
(157)
Market Outlook
May 17, 2013
Result Calendar
Date
Company
May 17, 2013
ITC, Sun TV Network, Motherson Sumi, NIIT
May 18, 2013

May 19, 2013
May 20, 2013
Coal India, Adani Enterp., India Cements
May 21, 2013
Tech Mahindra
May 22, 2013
Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros
May 23, 2013
BHEL, Indraprasth Gas
May 24, 2013
Britannia
May 25, 2013
MOIL, Force Motors
May 26, 2013

May 27, 2013
Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare
May 28, 2013
GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR
May 29, 2013
BPCL, Anant Raj
May 30, 2013
M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
May 21, 2013
2:00PM
UK
CPI (YoY)
May 22, 2013
7:30PM
US
Existing home sales
May 23, 2013
1:00PM
Germany PMI Services
1:00PM
Germany PMI Manufacturing
2:00PM
UK
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Unit
Period
Bloomberg Data
% Change
Apr
2.80
2.70
Millions
Apr
4.92
4.97
Value
May A
49.60
49.90
Last Reported Estimated
GDP (YoY)
May A
48.10
48.30
1Q P
0.60
0.60
Value
May A
(22.30)
(21.80)
Thousands
Apr
417.00
425.00
% Change
1Q F
(1.40)
--
7:30PM
US
May 24, 2013
11:30AM
Germany GDP nsa (YoY)
May 28, 2013
7:30PM
US
S.A./ 1985=100
May
68.10
--
May 29, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
May
4.00
--
May 30, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q S
2.50
--
May 31, 2013
11:00AM
India
Qtrly GDP YoY%
% Change
1Q
4.50
4.90
June 1, 2013
6:30AM
China
PMI Manufacturing
Value
May
50.60
--
June 3, 2013
2:00PM
UK
PMI Manufacturing
Value
May
49.80
--
June 5, 2013
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
--
June 6, 2013
4:30PM
UK
% Ratio
Jun 6
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
June 8, 2013
4:29PM
China
June 9, 2013
7:00AM
China
11:00AM
China
June 7, 2013
New home sales
Value
% Change
Consumer Confidence
BOE Announces rates
Jun 6
0.50
--
Thousands
May
165.00
--
May
7.50
--
Exports YoY%
% Change
May
14.70
--
Consumer Price Index (YoY)
% Change
May
2.40
--
Industrial Production (YoY)
% Change
May
9.30
--
Market Outlook
May 17, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.2
9.2
6.0
4.0
(0.1)
(1.3)
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Exhibit 4: Manufacturing and services PMI
(%)
7.6
Nov-12
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
0.5
(2.0)
8.0
2.5
2.4
2.0
Oct-12
4.5
2QFY10
2.5
2.0
5.3 5.5 5.3
Sep-12
6.0
Aug-12
6.5
5.7
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
May-12
9.0
Source: CSO, Angel Research
Services PMI
8.1
7.3
7.2
7.3
7.3
56.0
6.8
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
50.0
May-12
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.4
8.0
1QFY10
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
15.0
Reverse Repo rate
CRR
7.50
8.00
7.00
6.50
6.00
5.00
4.00
4.00
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(15.0)
Apr-12
3.00
Mar-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
137
2,662
1,657
1,906
14.1
14.1
7.7
8.9
17.8
15.4
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
154
232
6,807
10,298
11,310
16.5
16.5
20.5
23.2
7.5
6.6
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
248
285
4,237
3,418
3,892
14.5
14.5
18.5
20.4
13.4
12.2
3.2
2.6
26.6
23.8
1.3
1.1
Apollo Tyres
Accumulate
92
104
4,632
13,852
15,487
11.4
11.5
12.8
14.9
7.2
6.2
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
23
25
6,226
13,778
16,132
7.5
8.6
0.9
2.1
25.0
11.4
1.9
1.7
5.5
11.7
0.5
0.4
Automotive Axle#
Neutral
268
405
834
965
9.3
10.6
17.3
27.1
15.5
9.9
1.5
1.3
9.5
14.0
0.6
0.5
Bajaj Auto
Accumulate
1,808
2,048
52,310
22,839
25,825
18.6
18.5
121.2
136.5
14.9
13.2
5.5
4.4
41.0
36.7
1.9
1.6
Bharat Forge
Neutral
233
5,412
6,198
6,793
14.6
14.9
14.5
17.3
16.0
13.4
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
8,989
28,225
9,821
11,394
17.0
17.3
373.5
438.7
24.1
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
114
170
389
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.4
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
142
150
12,062
7,053
8,061
14.2
14.5
7.8
9.1
18.1
15.5
3.1
2.7
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,402
2,330
1,525
1,742
14.5
15.7
88.4
109.5
15.9
12.8
2.3
2.0
15.5
16.5
1.4
1.1
Hero Motocorp
Accumulate
1,695
1,819
33,853
25,274
27,658
14.1
13.7
110.2
139.9
15.4
12.1
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
118
154
485
7,972
8,754
7.1
7.1
37.5
44.0
3.2
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
985
60,492
44,550
50,260
11.4
11.7
59.6
68.3
16.5
14.4
3.4
2.9
22.3
21.6
1.1
0.9
1,727
1,847
52,157
48,455
55,723
11.2
10.9
107.8
123.2
16.0
14.0
2.4
2.1
16.2
16.0
0.9
0.8
213
12,530
28,442
31,493
7.5
7.8
12.5
14.8
17.0
14.4
4.2
3.4
27.5
25.8
0.6
0.5
Accumulate
26
30
158
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
303
324
80,819 206,341 227,695
12.8
13.5
32.3
39.0
9.4
7.8
2.0
1.6
23.1
23.2
0.5
0.4
TVS Motor
Neutral
39
1,853
7,715
8,584
6.0
6.1
5.0
5.8
7.8
6.7
1.3
1.2
18.1
18.5
0.2
0.1
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Capital Goods
ABB*
Sell
546
461
11,561
8,073
9,052
5.5
6.9
11.5
16.9
47.4
32.2
4.3
4.1
9.3
13.1
1.4
1.2
BGR Energy
Neutral
198
1,431
4,114
4,886
11.4
10.7
24.9
28.0
8.0
7.1
1.1
1.0
25.2
22.6
0.7
0.6
BHEL
Neutral
194
47,386
43,757
40,934
17.3
16.9
20.9
19.0
9.3
10.2
2.0
1.8
23.7
18.8
1.0
1.0
Blue Star
Buy
164
230
1,477
2,896
3,087
5.6
6.2
9.3
11.7
17.6
14.0
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
97
117
6,219
13,790
15,095
6.4
7.4
6.9
9.4
14.1
10.4
1.6
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Buy
29
34
242
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
46
63
1,189
7,709
8,399
6.7
7.2
6.1
8.5
7.6
5.4
1.0
0.8
20.2
23.0
0.3
0.3
Thermax
Neutral
608
7,240
5,931
6,592
9.6
9.7
31.0
34.3
19.6
17.7
3.4
3.0
18.6
17.9
1.0
0.9
1,250
1,361
23,464
11,979
13,254
19.7
21.3
77.1
91.4
16.2
13.7
2.9
2.6
18.7
20.0
1.7
1.4
Cement
ACC
Accumulate
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
187
28,795
10,232
11,762
23.5
24.5
10.3
12.2
18.1
15.4
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
89
2,734
4,777
5,276
17.3
17.1
8.8
10.9
10.1
8.2
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
100
143
1,176
2,313
2,728
19.8
20.7
16.6
23.1
6.0
4.3
0.8
0.7
13.6
16.5
1.1
0.8
Madras Cements
Neutral
248
5,892
4,293
4,855
27.4
28.6
21.8
28.2
11.4
8.8
2.1
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,802
16,728
6,540
7,452
27.4
26.6
319.7
369.9
15.0
13.0
3.7
3.0
27.5
25.4
1.9
1.5
UltraTech Cement
Neutral
2,000
54,836
21,947
25,049
23.8
23.8
106.1
119.8
18.9
16.7
3.1
2.7
17.7
17.3
2.6
2.2
212
255
1,116
1,928
2,234
21.0
21.5
18.0
22.2
11.8
9.6
1.0
0.9
10.2
10.1
2.0
1.9
12
223
2,281
2,492
5.9
6.9
0.7
2.0
17.7
6.0
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
132
157
4,382
3,997
4,312
45.5
46.4
15.7
16.6
8.4
7.9
1.2
1.1
15.2
14.5
3.5
3.8
ITNL
Buy
178
230
3,459
7,444
8,041
27.4
28.9
29.8
32.1
6.0
5.6
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
21
35
648
6,287
6,836
8.5
8.5
2.3
3.0
9.0
6.9
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Accumulate
80
90
17,775
14,850
15,631
24.9
25.1
2.5
2.9
31.7
28.1
1.3
1.2
4.2
4.7
3.0
2.9
Larsen & Toubro
Accumulate
1,594
1,795
98,147
69,586
79,247
11.2
11.1
75.1
84.9
21.2
18.8
3.0
2.7
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
36
45
929
6,576
7,264
8.2
8.3
4.1
4.8
8.8
7.6
0.4
0.4
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
54
1,805
12,954
14,740
9.9
9.9
0.5
0.9
107.1
58.3
0.6
0.6
0.6
1.1
0.6
0.5
Sadbhav Engg.
Buy
114
153
1,725
2,511
2,736
10.6
10.6
7.3
7.8
15.8
14.7
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
111
164
548
6,824
7,563
9.2
9.4
18.0
23.4
6.2
4.7
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
32
45
236
2,455
2,734
13.4
13.0
14.6
14.9
2.2
2.1
0.3
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
127
149
6,353
7,137
7,907
2.9
2.8
32.3
36.0
3.9
3.5
0.6
0.5
14.2
14.2
Andhra Bank
Neutral
93
5,182
5,254
5,900
2.8
2.8
21.2
22.9
4.4
4.1
0.6
0.6
13.3
13.0
Axis Bank
Buy
1,530
1,853
71,683
19,055
22,710
3.3
3.2
130.7
152.3
11.7
10.1
1.9
1.7
17.2
17.6
Bank of Baroda
Buy
728
851
30,665
16,365
18,781
2.2
2.3
121.3
142.5
6.0
5.1
0.9
0.8
15.1
15.7
Bank of India
Accumulate
322
361
19,173
14,482
16,383
2.3
2.3
58.1
68.1
5.5
4.7
0.8
0.7
14.4
15.0
Bank of Maharashtra
Accumulate
58
62
3,866
4,451
4,792
3.2
3.0
13.2
14.1
4.4
4.1
0.7
0.6
17.5
16.5
Canara Bank
Neutral
433
19,200
11,928
13,467
2.1
2.2
74.8
86.0
5.8
5.0
0.8
0.7
13.7
14.2
Central Bank
Neutral
70
7,349
8,249
9,211
2.4
2.5
14.9
18.2
4.7
3.9
0.7
0.6
12.5
13.8
Corporation Bank
Accumulate
416
476
6,355
5,558
6,121
2.0
2.0
98.4
107.7
4.2
3.9
0.6
0.6
14.9
14.5
Dena Bank
Neutral
95
3,329
3,187
3,582
2.3
2.4
23.8
25.5
4.0
3.7
0.6
0.5
15.9
15.1
Federal Bank
Neutral
482
8,240
2,873
3,413
3.0
3.1
52.7
62.0
9.1
7.8
1.2
1.1
13.4
14.2
Financials
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
908
140,476
8,573
10,142
3.6
3.6
37.0
43.6
24.6
20.8
5.1
4.5
30.0
30.3
HDFC Bank
Neutral
723
172,086
27,682
33,916
4.6
4.6
35.3
42.7
20.5
16.9
4.0
3.4
21.3
21.8
ICICI Bank
Buy
1,205
1,444
139,066
25,705
30,330
3.1
3.2
83.9
96.3
14.4
12.5
1.9
1.7
15.2
15.7
IDBI Bank
Neutral
90
12,055
9,477
10,678
2.0
2.1
19.6
22.6
4.6
4.0
0.6
0.5
12.8
13.4
Indian Bank
Buy
159
186
6,814
6,185
6,978
3.0
3.0
37.0
42.2
4.3
3.8
0.6
0.6
14.8
15.1
IOB
Neutral
64
5,914
8,142
8,956
2.5
2.5
16.5
20.7
3.9
3.1
0.5
0.4
11.8
13.4
J & K Bank
Neutral
1,315
6,375
3,032
3,118
3.8
3.5
218.1
200.9
6.0
6.6
1.1
1.0
19.9
16.0
LIC Housing Finance
Accumulate
263
290
13,295
2,113
2,525
2.3
2.3
25.4
29.2
10.4
9.0
1.8
1.6
18.4
18.3
Oriental Bank
Neutral
266
7,758
6,835
7,588
2.6
2.6
56.5
63.8
4.7
4.2
0.6
0.6
13.1
13.4
Punjab Natl.Bank
Buy
817
994
28,882
20,876
23,929
3.3
3.4
151.7
177.0
5.4
4.6
0.9
0.7
16.1
16.5
South Ind.Bank
Neutral
25
3,364
1,839
2,091
2.9
2.8
4.2
4.5
6.0
5.6
1.1
0.9
18.2
17.0
St Bk of India
Accumulate
2,415
2,669
165,181
67,091
76,746
3.2
3.1
241.2
280.4
10.0
8.6
1.6
1.4
16.5
17.0
Syndicate Bank
Accumulate
130
137
7,798
7,238
8,249
2.7
2.6
27.1
30.4
4.8
4.3
0.7
0.6
16.1
15.9
UCO Bank
Neutral
81
6,074
6,126
6,665
2.6
2.5
12.2
14.4
6.6
5.6
1.0
0.8
11.8
12.6
Union Bank
Accumulate
243
260
14,508
11,229
12,794
2.6
2.6
40.7
48.2
6.0
5.1
0.9
0.8
14.6
15.4
United Bank
Accumulate
59
64
2,218
3,597
4,008
2.6
2.7
16.0
20.8
3.7
2.8
0.5
0.4
12.5
14.7
Vijaya Bank
Neutral
55
2,713
2,730
3,059
1.9
2.0
10.2
11.3
5.4
4.8
0.6
0.6
11.8
12.0
Yes Bank
Neutral
543
19,476
4,390
5,411
2.8
2.8
41.6
47.9
13.1
11.3
2.8
2.3
23.2
22.1
Asian Paints
Neutral
4,859
46,609
13,319
15,805
15.7
15.7
143.8
170.2
33.8
28.6
10.6
8.4
35.1
32.7
3.4
2.9
Britannia
Neutral
572
6,835
6,417
7,446
5.1
5.5
20.3
25.2
28.2
22.7
9.6
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,542
20,967
3,588
4,130
21.1
21.6
44.7
51.9
34.5
29.7
31.0
23.1
100.0
89.1
5.7
4.9
Dabur India
Neutral
159
27,695
7,183
8,340
16.8
16.8
5.4
6.3
29.6
25.3
11.5
9.0
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
4,783
20,117
3,617
4,260
16.1
16.4
120.6
146.4
39.7
32.7
12.2
9.9
33.8
33.4
5.2
4.4
Godrej Consumer
Neutral
880
29,959
7,801
9,017
16.2
15.9
25.1
29.7
35.0
29.7
7.6
6.3
24.9
24.2
4.0
3.4
HUL
Neutral
583
126,040
29,167
33,164
13.6
13.7
17.1
18.4
34.1
31.7
32.8
23.7
113.4
87.0
4.2
3.6
ITC
Neutral
337
266,134
33,506
39,067
36.8
37.0
11.1
13.0
30.4
26.0
9.9
8.0
35.5
34.1
7.6
6.5
Marico
Neutral
219
14,127
5,273
6,044
14.8
14.9
7.3
8.7
30.2
25.3
5.9
4.9
21.4
21.0
2.7
2.3
Nestle*
Neutral
4,925
47,484
9,739
11,307
21.5
22.2
131.6
159.9
37.4
30.8
18.9
13.5
58.8
69.5
4.8
4.1
Tata Global
Neutral
143
8,859
7,998
8,798
9.7
9.8
7.9
8.7
18.2
16.5
2.2
2.1
9.6
9.8
1.0
0.9
FMCG
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
738
863
51,380
28,633
32,216
21.5
20.7
57.3
61.7
12.9
12.0
3.1
2.5
24.0
21.5
1.6
1.4
Hexaware*
Buy
78
96
2,334
2,091
2,289
19.0
18.8
10.6
11.3
7.4
6.9
1.6
1.5
22.8
21.7
0.9
0.8
Infosys
Accumulate
2,332
2,465
133,921
43,338
47,244
27.5
27.7
169.4
182.6
13.8
12.8
2.9
2.5
20.8
19.3
2.4
2.1
Infotech Enterprises
Accumulate
171
185
1,904
1,956
2,174
17.9
17.7
20.4
21.9
8.4
7.8
1.2
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
102
135
1,978
2,513
2,819
16.1
15.5
12.6
14.0
8.2
7.3
1.4
1.2
17.9
16.6
0.7
0.6
Mahindra Satyam
Buy
109
135
12,856
8,456
9,385
19.3
19.1
10.6
11.9
10.3
9.2
2.3
1.9
22.4
20.1
1.1
0.9
Mindtree
Accumulate
836
920
3,472
2,599
2,871
19.4
19.2
85.2
92.3
9.8
9.1
2.1
1.7
21.4
18.9
1.0
0.8
Mphasis&
Reduce
447
395
9,394
6,096
6,646
17.6
17.4
38.1
41.6
11.7
10.8
1.7
1.5
14.2
13.7
1.1
0.8
NIIT
Buy
23
30
371
1,144
1,267
9.0
9.1
4.3
5.4
5.2
4.2
0.5
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
526
593
2,105
1,445
1,617
25.2
25.0
55.3
59.3
9.5
8.9
1.7
1.5
18.2
16.5
1.0
0.8
TCS
Accumulate
1,454
1,585
284,619
71,833
81,893
28.4
28.0
78.5
88.0
18.5
16.5
5.6
4.6
30.2
27.9
3.7
3.2
Tech Mahindra
Buy
942
1,180
12,090
7,699
8,315
19.3
18.1
107.0
115.0
8.8
8.2
1.9
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
347
385
85,528
40,173
43,697
20.4
20.6
26.2
28.5
13.3
12.2
2.6
2.3
19.7
18.4
1.6
1.4
D B Corp
Accumulate
242
272
4,441
1,787
1,974
25.4
26.4
14.5
16.9
16.7
14.4
3.5
3.0
22.4
22.2
2.3
2.1
HT Media
Buy
100
117
2,343
2,205
2,380
15.1
15.6
8.0
9.1
12.5
11.0
1.3
1.2
11.2
11.4
0.6
0.5
Jagran Prakashan
Buy
94
121
3,133
1,698
1,908
23.9
24.5
7.4
8.4
12.8
11.3
3.2
2.8
26.7
26.8
2.0
1.7
PVR
Neutral
357
1,416
1,343
1,521
18.8
18.9
18.3
22.9
19.5
15.6
1.8
2.0
10.6
12.3
1.1
0.9
Sun TV Network
Neutral
443
17,460
2,293
2,571
68.7
68.7
19.3
22.7
22.9
19.5
5.6
4.9
26.1
27.3
7.1
6.1
Bhushan Steel
Neutral
464
10,513
13,794
17,335
30.7
34.8
48.9
83.6
9.5
5.6
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Buy
299
345
188,543
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
17
24
557
1,976
2,017
11.8
12.7
1.3
2.6
13.5
6.6
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
148
213
4,711
1,944
2,317
49.9
51.7
20.8
25.6
7.1
5.8
1.6
1.3
24.3
24.6
2.0
1.4
Hind. Zinc
Buy
121
145
51,253
12,358
13,659
51.4
51.6
16.0
17.6
7.6
6.9
1.4
1.2
19.4
18.4
1.9
1.3
Hindalco
Neutral
111
21,281
88,987
94,163
9.2
9.7
13.8
15.9
8.1
7.0
0.6
0.6
7.6
8.1
0.6
0.5
JSW Steel
Neutral
704
15,697
39,524
42,064
17.1
16.9
71.8
86.3
9.8
8.2
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
220
243
3,688
954
1,062
45.5
47.4
26.1
29.1
8.4
7.6
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
186
291
1,185
2,883
3,181
21.7
23.6
40.3
57.7
4.6
3.2
0.4
0.4
10.1
13.0
1.3
1.0
Nalco
Neutral
36
9,239
8,187
8,416
14.5
14.7
3.2
3.3
11.2
11.0
0.8
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
125
179
49,420
10,329
12,540
73.8
75.0
16.6
19.0
7.5
6.6
1.4
1.2
20.6
20.2
2.6
2.0
Media
Metals & Mining
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
63
26,164
53,685
64,183
9.3
12.2
5.5
8.3
11.6
7.7
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
168
14,597
3,742
4,426
32.9
32.8
30.0
29.8
5.6
5.6
0.8
0.7
14.3
12.5
4.7
3.9
Sterlite Inds
Neutral
98
33,086
44,462
45,568
23.2
24.7
18.1
20.2
5.4
4.9
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
311
430
30,239 141,775 151,672
10.5
11.4
35.3
51.7
8.8
6.0
0.7
0.6
7.6
10.3
0.5
0.5
Sarda
Buy
106
153
381
1,494
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
493
2,668
2,834
10.0
10.1
4.6
5.2
7.9
7.1
0.2
0.2
3.2
3.4
0.5
0.5
Buy
87
118
285
2,425
2,552
13.7
14.8
33.5
45.3
2.6
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
297
345
56,735
16,482
16,228
69.4
53.3
53.3
49.6
5.6
6.0
0.9
0.8
16.5
13.6
2.1
1.8
GAIL
Neutral
338
42,843
55,815
63,013
15.3
15.2
35.9
41.5
9.4
8.2
1.5
1.3
17.0
17.1
0.7
0.5
ONGC
Neutral
338
289,047 157,962 175,367
35.1
36.2
34.3
39.3
9.9
8.6
1.7
1.5
18.2
18.6
1.6
1.4
Reliance Industries
Neutral
840
271,312 380,031 407,721
9.9
69.3
69.3
78.0
12.1
10.8
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
250
3,210
3,707
3,850
11.7
12.4
23.7
25.7
10.6
9.7
3.0
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
284
3,976
3,700
4,218
23.4
22.8
26.6
30.4
10.7
9.3
2.2
1.9
22.6
21.7
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
143
167
10,751
40,356
40,872
5.8
6.4
15.0
16.7
9.6
8.6
2.0
1.7
23.0
21.5
0.3
0.3
Neutral
62
3,494
1,079
983
91.8
91.9
8.8
7.8
7.1
7.9
1.2
1.1
17.8
14.1
3.0
3.2
Alembic Pharma
Neutral
137
2,586
1,736
2,008
17.1
18.9
10.7
13.9
12.8
9.9
4.0
3.0
35.0
34.7
1.6
1.3
Aurobindo Pharma
Buy
193
264
5,617
6,279
7,033
16.0
16.0
15.2
19.2
12.7
10.1
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,501
5,760
1,682
1,917
16.6
16.6
92.4
99.1
27.1
25.2
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
836
962
17,113
7,386
8,863
18.0
18.0
39.5
48.1
21.2
17.4
4.8
3.9
24.8
24.7
2.6
2.1
Cipla
Accumulate
422
463
33,903
9,130
10,543
24.8
23.0
21.6
23.2
19.6
18.2
3.2
2.8
17.6
16.2
3.4
2.9
Dr Reddy's
Buy
2,116
2,535
35,916
13,377
15,350
20.4
20.1
112.3
126.8
18.8
16.7
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
74
206
595
1,536
1,739
20.2
20.9
15.4
20.6
4.8
3.6
0.5
0.5
11.6
13.7
1.0
0.8
2,279
19,301
2,854
3,145
28.6
28.6
76.6
83.3
29.8
27.4
8.9
8.1
31.1
31.0
5.9
5.3
Buy
65
90
600
784
902
15.2
15.2
7.8
9.0
8.4
7.2
1.2
1.1
15.6
15.8
1.0
0.8
Ipca labs
Buy
579
676
7,304
3,474
4,168
21.0
21.0
37.3
45.1
15.5
12.8
3.7
2.9
26.4
25.3
2.3
1.9
Lupin
Accumulate
807
877
36,122
11,641
13,933
21.3
21.3
34.8
41.8
23.2
19.3
5.4
4.3
26.2
24.8
3.1
2.6
Ranbaxy*
Neutral
475
20,102
11,400
12,060
10.5
10.5
17.5
22.5
27.2
21.1
4.4
3.8
17.0
19.1
1.7
1.6
Sun Pharma
Neutral
969
100,141
12,563
14,698
42.6
42.6
29.8
35.5
32.5
27.3
5.8
4.9
19.2
19.3
7.3
6.1
72
78
1,089
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
156
128,877
76,734
86,680
24.5
24.3
13.4
14.5
11.7
10.8
1.4
1.3
12.8
12.7
2.4
2.2
DLF
Buy
243
288
41,253
9,699
12,010
37.0
36.9
6.0
8.4
40.7
28.9
1.5
1.4
3.8
5.1
5.7
4.6
MLIFE
Accumulate
402
446
1,642
888
1,002
26.7
25.9
36.3
40.6
11.1
9.9
1.2
1.1
10.8
11.0
2.1
1.8
Bharti Airtel
Neutral
322
122,261
86,592
95,860
31.4
31.8
10.9
14.5
29.5
22.1
2.3
2.1
7.7
9.3
2.1
1.7
Idea Cellular
Neutral
130
42,993
25,122
27,663
27.0
27.2
4.0
4.8
32.7
27.2
2.7
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
114
23,499
22,801
24,628
31.0
31.3
3.6
5.3
32.0
21.6
0.7
0.7
2.2
3.1
2.6
2.3
1,450
1,659
3,082
1,863
2,081
11.8
12.4
71.2
83.0
20.4
17.5
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
175
237
1,749
3,929
4,480
7.4
7.7
15.5
19.7
11.3
8.9
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
451
562
571
630
795
14.4
13.6
42.8
51.1
10.6
8.8
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
425
566
110
308
351
7.0
7.0
39.6
47.2
10.7
9.0
2.3
1.9
21.8
21.0
0.4
0.4
Finolex Cables
Buy
58
68
888
2,563
2,899
9.8
9.8
10.1
11.3
5.8
5.1
0.8
0.7
14.3
13.8
0.3
0.2
Force Motors
Buy
388
570
506
2,299
2,621
4.7
4.9
46.3
57.0
8.4
6.8
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
283
352
653
1,453
1,560
9.4
9.8
38.4
41.4
7.4
6.8
1.6
1.3
22.9
20.8
0.3
0.2
Hitachi
Buy
151
177
410
1,053
1,169
6.3
7.1
13.8
17.7
10.9
8.5
1.5
1.3
15.0
16.7
0.4
0.4
2,462
2,177
1,842
2,131
7.7
7.8
112.4
132.4
21.9
18.6
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
165
198
148
495
651
12.7
12.9
29.3
39.5
5.6
4.2
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
180
234
207
1,430
1,573
11.1
11.0
19.1
26.9
9.5
6.7
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
175
2,828
979
1,164
14.9
15.1
6.0
7.7
29.2
22.8
3.6
3.3
12.9
15.1
3.0
2.5
MRF
Neutral
15,151
6,426
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.5
8.4
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,881
3,637
4,329
1,047
1,281
19.6
19.8
127.3
158.1
30.5
24.6
14.6
10.6
54.9
50.0
4.2
3.4
Relaxo Footwears
Buy
620
791
743
1,146
1,333
10.9
11.4
45.9
60.9
13.5
10.2
2.8
2.3
23.0
24.6
0.8
0.7
Siyaram Silk Mills
Buy
265
312
249
1,157
1,320
11.9
12.0
66.6
77.9
4.0
3.4
0.7
0.6
18.3
18.2
0.5
0.4
Styrolution ABS India*
Buy
528
617
928
1,068
1,223
9.6
9.6
38.1
44.1
13.9
12.0
1.9
1.7
14.5
14.7
0.9
0.7
TAJ GVK
Buy
61
108
385
300
319
35.8
36.2
7.9
9.1
7.8
6.8
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
296
371
456
814
849
17.0
17.6
64.6
69.2
4.6
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
514
553
399
435
516
6.2
7.1
24.3
33.3
21.2
15.4
3.5
3.0
17.6
20.8
0.7
0.6
Tree House
Neutral
267
959
150
192
52.7
52.5
12.8
16.2
20.8
16.5
2.1
1.8
10.0
11.1
6.0
4.6
TVS Srichakra
Buy
176
226
135
1,591
1,739
7.1
7.4
39.4
56.5
4.5
3.1
0.9
0.7
20.6
25.0
0.3
0.3
United Spirits
Neutral
2,314
30,266
11,886
13,491
14.4
14.0
50.9
74.5
45.5
31.1
3.7
3.3
10.6
11.4
2.9
2.5
Market Outlook
May 17, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
374
439
758
600
638
20.1
19.4
35.7
36.6
10.5
10.2
1.9
1.6
19.4
17.1
1.1
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 16, 2013
Market Outlook
May 17, 2013

Market Outlook: Dealer's Diary

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Market Outlook: Dealer's Diary

Încărcat de

Drepturi de autor:

Formate disponibile

Market Outlook

May 17, 2013

OIL & GAS

FII Derivatives (May 16, 2013)

Net Inflows (May 15, 2013)

ICICI Bank repatriates CAD 75mn from capital from its

L&T has bagged various new orders worth `2,542cr

Yes Bank reiterates its plan to raise USD 500mn

P/BV EV/EBITDA EV/Sales

18.6 3,508 121.1

18.5 3.950 136.5

Mahindra Satyam (CMP: `109/ TP: Under review/ Upside: -)

19.3 1,245 10.6

19.1 1,399 11.9

DBCorp (CMP: `242 / TP: Under review)

Hitachi Home (CMP: `151/ TP: 184/ Upside: 22.0%)

36.8 8,670 20.4

37.0 10,147 17.3

Sun TV (CMP: `443/TP: -/Upside : -)

Motherson Sumi Systems (CMP: `213/ TP: -/ Upside: -)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Adani Enterprise Consolidated (20/05/2013)

EBITDA margin (%)

Coal India Consolidated (20/05/2013)

Divi's Laboratories (20/05/2013)

EBITDA margin (%)

Larsen & Toubro (22/05/2013)

Zee Entertainment Consolidated (22/05/2013)

EBITDA margin (%)

JSW Steel Consolidated (23/05/2013)

EBITDA margin (%)

State Bank of India (23/05/2013)

Tata Steel Consolidated (23/05/2013)

Economic and Political News

Need to boost mfg to bridge CAD, trade gap: DIPP

Suzlon wins orders worth `3480cr

May 17, 2013

ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

Coal India, Adani Enterp., India Cements

May 21, 2013

May 22, 2013

Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013

BHEL, Indraprasth Gas

May 24, 2013

May 25, 2013

MOIL, Force Motors

May 26, 2013

Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013

May 29, 2013

BPCL, Anant Raj

May 30, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

May 21, 2013

May 22, 2013

Existing home sales

May 23, 2013

Germany PMI Services