Market Outlook: Dealer's Diary

Market Outlook
June 7, 2013
Dealers Diary
The Indian markets are expected to open in the red following negative opening
Domestic Indices
trades in the SGX Nifty and across major Asian bourses.
BSE Sensex
(0.2)
Nifty
(0.0)
(2)
5,921
0.1
6,424
The US markets continued to experience volatility over the course of the trading
session on Thursday before ending the day mostly higher. The volatility was due to
MID CAP
(Pts)
(Close)
(49) 19,519
0.1
5,968
BSE HC
(1.2)
(107)
8,895
Friday. The report could have a substantial impact on the near-term outlook for
BSE PSU
(0.2)
(15)
6,612
both the economy and the Federal Reserve's stimulus program as Fed officials have
BANKEX
0.8
117 14,176
suggested that signs of sustained improvement in the labor market could lead the
AUTO
(0.0)
(3) 11,045
central bank to scale back its asset purchase program within the next few meetings.
METAL
(0.4)
(35)
8,500
Meanwhile, the European markets finished to the downside on Thursday, after the
OIL & GAS
(0.7)
(62)
8,565
ECB and BoE left their respective interest rates unchanged.
BSE IT
(0.2)
(11)
6,042
Chg (%)
(Pts)
(Close)
uncertainty ahead of the release of the Labor Department's monthly jobs report on
Indian markets edged lower on Thursday, mirroring weak global cues as investors
were reluctant to make big bets ahead of Friday's all-important US monthly jobs
report, which will give clues to the next move from the Fed at its upcoming policy
meeting on June 18-19.
Markets Today
The trend deciding level for the day is 19,517 / 5,916 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,638 19,757 / 5,962 6,003 levels. However, if NIFTY trades below
19,517 / 5,916 levels for the first half-an-hour of trade then it may correct up to
19,398 19,277 / 5,875 5,829 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,277
5,829
19,398
5,875
19,517
5,916
19,638
5,962
19,757
6,003
News Analysis
Dow Jones
NASDAQ
Net Inflows (June 5, 2013)

Purch
2,341
411
Sales
2,181
492
Net
160
(80)
MTD
840
(309)
YTD
82,677
(12,386)
FII Derivatives (June 6, 2013)

` cr
Index Futures
Stock Futures
Purch
1,111
1,372
Sales
2,246
1,416
Net
(1,135)
(44)
Open Interest
6,889
28,344
Gainers / Losers
Gainers
Price (`)
chg (%)
Muthoot Finance
Company
Losers
Price (`)
chg (%)
142
5.0
Container Corp.
1,154
(3.7)
82
4.9
Glenmark Pharma
579
(3.6)
Britannia Industries
693
4.2
Godrej Consumer
856
(3.2)
Canara Bank
415
3.6
Neyveli Lignite
63
(2.8)
Syndicate Bank
135
3.2
GlaxoS. Consumer
5,669
(2.8)
Uco Bank
www.angelbroking.com
0.5
80 15,041
0.7
23
3,424
FTSE
(1.3)
(83)
6,336
Nikkei
(0.9)
(111) 12,904
Hang Sang
(1.0)
(231) 21,838
Straits Times
(1.5)
(50)
3,194
Shanghai Com
(1.1)
(25)
2,242
Chg (%)
(Pts)
(Close)
INFY
0.2
0.1
$42.7
WIT
0.0
0.0
$7.5
IBN
2.0
0.9
$44.0
(0.1)
(0.0)
$39.1
Indian ADR
HDB
BSE
NSE
Advances
1,140
637
Declines
1,226
705
136
102
Unchanged
Refer detailed news analysis on the following page
Company
Global Indices
Advances / Declines
L&T has bagged various orders worth `2,002cr

Maruti Suzuki announces a one day shutdown at its plants
Swedish company Meda expands collaboration with Cipla
` cr
FII
MFs
SMALL CAP
Chg (%)
Volumes (` cr)
BSE
1,689
NSE
9,207
Market Outlook
June 7, 2013
L&T has bagged various orders worth `2,002cr

Larsen & Toubro (L&T) said it has bagged `528cr order for construction of office
building at Bangalore and Ahmedabad from esteemed clients. Also, in the water &
renewable energy segment it has bagged order worth `806cr primarily for EPC of
a solar photovoltaic power plant in Tamil Nadu. The company has bagged various
orders worth `451cr and `217cr in the transportation and power segment. We
continue to maintain our Buy rating on the stock with a target price of `1,761.
Maruti Suzuki announces a one day shutdown at its plants

According to media reports, Maruti Suzuki (MSIL) has announced a one day
shutdown across its plants on June 7, 2013 to avoid unnecessary build up of
inventory and align the production in-line with the market demand.The company's
plants in Gurgaon and Manesar will also remain closed on June 8, 2013 for a
scheduled holiday. The decision has been taken considering the weak demand in
the passenger vehicle industry which continues to witness slowdown in sales. MSIL
reported 14.4% yoy decline in its monthly sales in May 2013 with the compact
(down 20.4% mom and 29.4% yoy), super compact (down 11.2% mom and 2.5%
yoy) and utility vehicles (down 19% mom and 44.3% yoy) segments witnessing
sluggish performance during the month. Nevertheless, we expect MSIL's volumes to
improve in 2HFY2014 (expect ~8% volume growth in FY2014) driven by the
expected easing of interest rates which is likely to boost consumer sentiments
leading to demand revival in the passenger car segment. At `1,587, the stock is
trading at 12.9x FY2015 earnings. Currently, we have a Buy rating on the stock
with a target price of `1,847.
Swedish company Meda expands collaboration with Cipla

Swedish generic maker Meda pharma is broadening its collaboration with the
Indian drug major Cipla, expanding its exclusive rights to Dymista and future
product development. Through the extended partnership, Meda now have full
coverage in all growth markets in Latin- and South America, Middle East
and Africa and Asia, including more than 120 new markets. Meda and Cipla will
cooperate on product development of Dymista. Cipla will be responsible for
formulation, while Meda will be responsible for clinical development, registration,
marketing and sales. The companies will also collaborate on future production of
Dymista and any new products developed. Dymista by the Meda was launched in
the US in autumn 2012 and in Europe in 2013. Registration is underway in other
key markets.
According to Meda, the product can be worth US $6 bn in US and European
Union. The company has been receiving the milestone payment for the product
during FY2013. Once the supplies are initiated the product will be a long term
growth driver for the company, while the product being new in the market, would
take time to scale up, the product can contribute meaningfully during FY2015. We
conservatively estimate the product to contribute US $40mn in FY2014 and
US$80mn in FY2015. We maintain our buy with a target price of `477.
Market Outlook
June 7, 2013
Economic and Political News
RBI asks banks not to sell gold coins: P Chidambaram

New real estate Bill will curb fraud, money laundering: Ajay Maken
Government planning 10% stake sale in IOC
Pass on rate cut benefit to borrowers: FM tells banks
Corporate News
RIL plans to invest `150,000cr over three years

India Cements to restructure non-core business to improve valuation
Coal India allots contract for drilling of Mozambique mines
L&T bags `528cr office construction orders from Ahmedabad, Bangalore
Atul Auto unveils diesel run three-wheeler
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 07, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
June 11, 2013
June 12, 2013
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
Thousands
May
165.00
165.00
May
7.50
7.50
4:29PM
China
Exports YoY%
% Change
May
14.70
6.50
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
2.50
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
9.20
4:29PM
India
Imports YoY%
% Change
May
10.96
--
4:29PM
India
Exports YoY%
% Change
May
1.68
--
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(1.40)
--
2:00PM
UK
Jobless claims change
% Change
May
(7.30)
--
11:00AM
India
Industrial Production YoY
% Change
Apr
2.50
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
May F
1.20
--
6:00PM
US
Producer Price Index (mom)
% Change
May
(0.70)
0.10
6:45PM
US
Industrial Production
May
(0.53)
0.30
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
May
4.89
--
11:00AM
India
RBI Repo rate
Jun 17
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Jun 17
4.00
--
11:00AM
India
RBI Reverse Repo rate
Jun 17
6.25
--
2:00PM
UK
CPI (YoY)
% Change
May
2.40
--
6:00PM
US
Housing Starts
Thousands
May
853.00
--
6:00PM
US
Building permits
Thousands
May
1,005.00
--
6:00PM
US
Consumer price index (mom)
% Change
May
(0.40)
--
June 19, 2013
11:30PM
US
FOMC rate decision
Jun 19
0.25
--
June 20, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun A
(21.90)
--
7:30PM
US
Existing home sales
Million
May
4.97
--
7:30PM
US
Consumer Confidence
7:30PM
US
New home sales
June 26, 2013
6:00PM
US
GDP Qoq (Annualised)
June 27, 2013
1:25PM
Germany Unemployment change (000's)
2:00PM
UK
% Change
June 14, 2013
June 17, 2013
June 18, 2013
June 25, 2013
Source: Bloomberg, Angel Research
GDP (YoY)
S.A./ 1985=100
Jun
76.20
--
Thousands
May
454.00
--
% Change
1Q T
2.40
--
Thousands
Jun
21.00
--
1Q F
0.60
--
Market Outlook
June 07, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Nov-12
(4.0)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(0.1)
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Services PMI
8.1
7.3
7.2
7.3
7.3
7.3
56.0
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
May-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
Apr-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Mar-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Jun-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0.5
(2.0)
8.0
2.5
2.4
2.0
Oct-12
4.7 4.8
Source: CSO, Angel Research
9.0
2.5
2.0
5.1 5.4 5.2
Sep-12
6.0
Aug-12
6.5
Mar-13
7.5
Jul-12
7.7
Jun-12
8.6
8.4
8.0
9.9
May-12
9.5
9.3
2QFY10
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
7.25
8.00
7.00
6.00
6.25
5.00
4.00
4.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
(15.0)
Jun-12
3.00
May-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
June 07, 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
129
2,500
1,657
1,906
14.1
14.1
7.7
8.9
16.7
14.4
3.5
3.0
22.2
21.9
1.4
1.2
United Phosphorus
Buy
163
232
7,203
10,298
11,310
16.5
16.5
20.5
23.2
7.9
7.0
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
253
285
4,328
3,418
3,892
14.5
14.5
18.5
20.4
13.7
12.4
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Accumulate
93
104
4,700
13,852
15,487
11.4
11.5
12.8
14.9
7.3
6.3
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
24
27
6,332
14,038
16,442
7.6
8.7
1.1
2.2
22.8
10.7
2.0
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
237
358
834
965
9.3
10.6
17.3
27.1
13.7
8.8
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Buy
1,748
2,056
50,593
22,684
25,908
18.0
18.5
117.3
137.1
14.9
12.8
5.4
4.3
39.9
37.2
1.8
1.5
Bharat Forge
Neutral
235
5,475
6,198
6,793
14.6
14.9
14.5
17.3
16.2
13.6
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,052
28,423
9,821
11,394
17.0
17.3
373.5
438.7
24.2
20.6
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
110
170
375
5,325
5,974
8.4
8.3
40.8
48.5
2.7
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
141
150
12,015
7,053
8,061
14.2
14.5
7.8
9.1
18.1
15.5
3.1
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,460
2,426
1,525
1,742
14.5
15.7
88.4
109.5
16.5
13.3
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,643
1,819
32,808
25,274
27,658
14.1
13.7
110.2
139.9
14.9
11.7
5.4
4.3
39.8
40.7
1.1
0.9
JK Tyre
Buy
118
154
482
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
990
1,090
60,756
45,254
51,197
11.4
11.7
61.2
70.2
16.2
14.1
3.4
2.8
22.7
21.9
1.1
0.9
1,587
1,847
47,946
48,455
55,723
11.2
10.9
107.8
123.2
14.7
12.9
2.2
1.9
16.2
16.0
0.8
0.7
207
222
12,163
28,442
31,493
7.5
7.8
12.5
14.8
16.5
14.0
4.1
3.3
27.5
25.8
0.6
0.5
24
30
145
1,479
1,685
10.0
9.9
5.5
7.5
4.4
3.2
0.5
0.4
11.1
13.7
0.4
0.3
Accumulate
307
347
82,100 215,016 237,404
13.3
13.6
36.2
41.5
8.5
7.4
1.9
1.6
24.6
23.2
0.5
0.4
Accumulate
36
41
1,703
7,715
8,584
6.0
6.1
5.0
5.8
7.2
6.2
1.2
1.1
18.1
18.5
0.2
0.1
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
635
461
13,461
8,073
9,052
5.5
6.9
11.5
16.9
55.1
37.5
5.0
4.8
9.3
13.1
1.6
1.4
BGR Energy
Neutral
164
1,183
4,114
4,886
11.4
10.7
24.9
28.0
6.6
5.9
0.9
0.8
25.2
22.6
0.6
0.6
BHEL
Neutral
192
47,043
44,054
39,326
16.8
15.1
20.6
16.1
9.3
12.0
2.0
1.8
23.5
16.1
0.9
1.0
Blue Star
Buy
166
230
1,492
2,896
3,087
5.6
6.2
9.3
11.7
17.8
14.1
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
92
117
5,882
13,446
15,272
6.7
7.6
6.6
8.9
13.8
10.3
1.5
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
26
213
3,360
3,597
9.7
9.8
7.3
10.2
3.5
2.6
0.7
0.7
8.8
11.4
0.3
0.3
KEC International
Buy
39
63
1,013
7,709
8,399
6.7
7.2
6.1
8.5
6.5
4.6
0.8
0.7
20.2
23.0
0.3
0.3
Thermax
Neutral
580
6,907
5,780
6,430
9.5
9.6
29.8
33.0
19.4
17.6
3.3
2.9
17.9
17.4
1.0
0.9
1,207
1,361
22,669
11,979
13,254
19.7
21.3
77.1
91.4
15.7
13.2
2.8
2.5
18.7
20.0
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
June 07, 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
175
26,997
10,232
11,762
23.5
24.5
10.3
12.2
17.0
14.4
2.8
2.6
17.2
18.6
2.1
1.7
India Cements
Neutral
68
2,084
4,929
5,434
17.4
17.1
8.9
10.9
7.6
6.2
0.6
0.6
7.7
9.1
0.8
0.7
J K Lakshmi Cement
Buy
104
143
1,220
2,247
2,742
21.0
23.1
17.8
21.8
5.8
4.8
0.9
0.7
15.5
16.4
0.4
0.9
Madras Cements
Neutral
236
5,614
4,234
4,788
23.9
24.0
18.5
22.8
12.8
10.4
2.0
1.8
17.2
18.2
1.7
1.4
Shree Cement^
Neutral
4,691
16,341
6,540
7,452
27.4
26.6
319.7
369.9
14.7
12.7
3.6
2.9
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,899
52,062
21,947
25,049
23.8
23.8
106.1
119.8
17.9
15.9
3.0
2.6
17.7
17.3
2.4
2.1
200
255
1,053
1,928
2,234
21.0
21.5
18.0
22.2
11.1
9.0
1.0
0.9
10.2
10.1
1.9
1.9
11
198
2,281
2,492
5.9
6.9
0.7
2.0
15.7
5.3
0.4
0.3
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
117
157
3,874
3,997
4,312
45.5
46.4
15.7
16.6
7.4
7.0
1.1
1.0
15.2
14.5
3.4
3.6
ITNL
Buy
174
230
3,383
7,444
8,041
27.4
28.9
29.8
32.1
5.8
5.4
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
19
29
585
5,673
5,892
8.1
8.4
1.4
1.8
13.2
10.4
0.3
0.3
2.0
2.6
0.6
0.6
Jaiprakash Asso.
Buy
67
90
14,812
14,850
15,631
24.9
25.1
2.5
2.9
26.4
23.4
1.1
1.0
4.2
4.7
2.8
2.7
Larsen & Toubro
Buy
1,428
1,761
88,010
68,946
78,040
10.5
10.5
77.9
88.3
18.3
16.2
2.7
2.4
15.5
15.6
1.4
1.3
Nagarjuna Const.
Buy
31
42
783
6,167
6,945
8.0
8.2
2.7
3.6
11.4
8.4
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
44
1,476
12,954
14,740
9.9
9.9
0.5
0.9
87.6
47.7
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
106
139
1,593
2,462
2,731
10.6
10.6
5.9
6.7
17.9
15.8
1.8
1.6
10.2
10.5
0.9
0.9
Simplex Infra
Buy
102
131
502
6,308
7,033
9.5
9.6
11.9
18.7
8.5
5.4
0.4
0.4
4.5
6.7
0.5
0.5
Unity Infra
Buy
29
41
218
2,146
2,339
13.7
13.8
11.0
11.5
2.7
2.6
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
120
144
6,005
6,876
7,545
2.6
2.5
28.2
30.9
4.3
3.9
0.6
0.5
12.8
12.7
Andhra Bank
Neutral
90
5,014
5,254
5,900
2.8
2.8
21.2
22.9
4.2
3.9
0.6
0.6
13.3
13.0
Axis Bank
Buy
1,419
1,853
66,477
19,055
22,710
3.3
3.2
130.7
152.3
10.9
9.3
1.8
1.5
17.2
17.6
Bank of Baroda
Buy
675
851
28,414
16,365
18,781
2.2
2.3
121.3
142.5
5.6
4.7
0.8
0.7
15.1
15.7
Bank of India
Buy
294
350
17,528
14,482
16,383
2.3
2.3
58.1
68.1
5.1
4.3
0.8
0.7
14.4
15.0
Bank of Maharashtra
Buy
54
64
3,559
4,392
4,743
3.1
3.0
12.6
13.7
4.3
3.9
0.7
0.6
16.8
16.0
Canara Bank
Buy
415
481
18,362
11,928
13,467
2.1
2.2
74.8
86.0
5.5
4.8
0.8
0.7
13.7
14.2
Central Bank
Accumulate
65
69
6,832
8,249
9,211
2.4
2.5
14.9
18.2
4.4
3.6
0.6
0.6
12.5
13.8
Corporation Bank
Buy
379
495
5,799
5,558
6,121
2.0
2.0
98.4
107.7
3.9
3.5
0.6
0.5
14.9
14.5
Dena Bank
Accumulate
86
97
2,993
3,187
3,582
2.3
2.4
23.8
25.5
3.6
3.4
0.6
0.5
15.9
15.1
Federal Bank
Neutral
455
7,772
2,873
3,413
3.0
3.1
52.7
62.0
8.6
7.3
1.1
1.0
13.4
14.2
Financials
Market Outlook
June 07, 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
Accumulate
845
933
130,823
8,573
10,142
3.6
3.6
37.0
43.6
22.9
19.4
4.7
4.2
30.0
30.3
HDFC Bank
Neutral
683
162,900
27,682
33,916
4.6
4.6
35.3
42.7
19.4
16.0
3.8
3.2
21.3
21.8
ICICI Bank
Buy
1,154
1,503
133,132
25,705
30,330
3.1
3.2
83.9
96.3
13.8
12.0
1.8
1.7
15.2
15.7
IDBI Bank
Buy
79
93
10,569
9,477
10,678
2.0
2.1
19.6
22.6
4.1
3.5
0.5
0.5
12.8
13.4
Indian Bank
Buy
143
185
6,135
6,185
6,978
3.0
3.0
37.0
42.2
3.9
3.4
0.6
0.5
14.8
15.1
IOB
Accumulate
61
66
5,600
8,142
8,956
2.5
2.5
16.5
20.7
3.7
2.9
0.5
0.4
11.8
13.4
J & K Bank
Neutral
1,269
6,150
3,074
3,140
3.5
3.2
224.7
201.5
5.7
6.3
1.1
1.0
20.6
16.1
LIC Housing Finance
Accumulate
266
298
13,414
2,113
2,525
2.3
2.3
25.4
29.2
10.5
9.1
1.8
1.6
18.4
18.3
Oriental Bank
Buy
242
285
7,056
6,835
7,588
2.6
2.6
56.5
63.8
4.3
3.8
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
775
994
27,389
20,876
23,929
3.3
3.4
151.7
177.0
5.1
4.4
0.8
0.7
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
United Bank
26
3,431
1,839
2,091
2.9
2.8
4.2
4.5
6.1
5.7
1.1
0.9
18.2
17.0
2,049
2,637
140,169
67,243
76,612
3.1
3.0
242.4
284.8
8.5
7.2
1.3
1.1
16.3
16.8
135
142
8,111
7,238
8,249
2.7
2.6
27.1
30.4
5.0
4.4
0.8
0.7
16.1
15.9
82
6,160
6,250
6,738
2.6
2.5
12.1
14.7
6.8
5.6
1.0
0.9
11.8
13.0
Buy
222
260
13,276
11,229
12,794
2.6
2.6
40.7
48.2
5.5
4.6
0.8
0.7
14.6
15.4
Buy
52
65
1,958
3,443
3,998
2.4
2.6
15.1
20.4
3.5
2.6
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
52
2,582
2,730
3,059
1.9
2.0
10.2
11.3
5.1
4.6
0.6
0.6
11.8
12.0
Yes Bank
Neutral
508
18,236
4,390
5,411
2.8
2.8
41.6
47.9
12.2
10.6
2.6
2.2
23.2
22.1
Asian Paints
Neutral
4,623
44,348
12,332
14,524
16.5
16.3
141.6
162.7
32.7
28.4
10.3
8.2
35.4
32.2
3.5
2.9
Britannia
Neutral
693
8,287
6,417
7,502
6.1
6.3
23.2
27.9
29.9
24.8
10.3
8.1
38.3
36.4
1.3
1.1
Colgate
Neutral
1,465
19,920
3,588
4,130
20.5
20.9
44.2
51.8
33.2
28.3
32.3
23.5
108.6
96.2
5.4
4.6
Dabur India
Neutral
158
27,504
7,183
8,340
16.8
16.8
5.4
6.3
29.4
25.1
11.5
8.9
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
5,669
23,843
3,617
4,259
16.1
16.4
122.2
148.7
46.4
38.1
14.4
11.6
34.1
33.7
6.1
5.1
Godrej Consumer
Neutral
856
29,146
7,801
9,017
16.2
15.9
25.1
29.7
34.1
28.9
7.3
6.1
24.9
24.2
3.9
3.3
HUL
Neutral
591
127,780
29,167
33,164
13.6
13.7
17.1
18.4
34.6
32.1
33.3
24.1
113.4
87.0
4.2
3.7
ITC
Neutral
334
264,158
34,294
39,991
36.8
37.0
11.3
13.3
29.7
25.1
9.8
7.9
36.1
34.9
7.4
6.3
Marico
Neutral
234
15,079
5,273
6,044
14.8
14.9
7.3
8.7
32.2
27.0
6.3
5.2
21.4
21.0
2.9
2.4
Nestle*
Neutral
5,293
51,035
9,447
10,968
22.1
22.3
127.5
154.1
41.5
34.4
20.7
15.0
57.7
50.7
5.4
4.5
Tata Global
Neutral
150
9,251
8,069
8,957
9.8
9.7
7.8
8.6
19.1
17.4
2.3
2.2
9.5
9.7
1.1
1.0
FMCG
Market Outlook
June 07, 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
748
863
52,070
28,633
32,216
21.5
20.7
57.3
61.7
13.1
12.1
3.1
2.6
24.0
21.5
1.6
1.4
Hexaware*
Buy
82
96
2,459
2,091
2,289
19.0
18.8
10.6
11.3
7.8
7.3
1.7
1.5
22.8
21.7
1.0
0.9
Infosys
Neutral
2,428
139,396
43,338
47,244
27.5
27.7
169.4
182.6
14.3
13.3
3.0
2.6
20.8
19.3
2.6
2.2
Infotech Enterprises
Accumulate
167
185
1,863
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.6
1.2
1.1
14.7
13.7
0.6
0.4
KPIT Cummins
Buy
117
135
2,255
2,513
2,819
16.1
15.5
12.6
14.0
9.3
8.4
1.6
1.3
17.9
16.6
0.9
0.7
Mahindra Satyam
Buy
105
126
12,374
8,278
9,062
20.3
20.1
10.5
11.4
10.0
9.2
2.3
1.8
23.1
20.0
1.1
0.9
Mindtree
Accumulate
819
920
3,403
2,599
2,871
19.4
19.2
85.2
92.3
9.6
8.9
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Reduce
456
395
9,581
6,096
6,646
17.6
17.4
38.1
41.6
12.0
11.0
1.7
1.5
14.2
13.7
1.1
0.9
NIIT
Buy
21
30
342
1,144
1,267
9.0
9.1
4.3
5.4
4.8
3.9
0.5
0.5
10.3
12.0
0.1
Persistent
Accumulate
528
593
2,112
1,445
1,617
25.2
25.0
55.3
59.3
9.6
8.9
1.7
1.5
18.2
16.5
1.0
0.8
TCS
Accumulate
1,472
1,585
288,074
71,833
81,893
28.4
28.0
78.5
88.0
18.7
16.7
5.7
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
925
1,170
11,879
7,779
8,398
19.7
19.3
107.4
117.8
8.6
7.9
1.8
1.5
21.2
19.0
1.5
1.3
Wipro
Buy
330
385
81,309
40,173
43,697
20.4
20.6
26.2
28.5
12.6
11.6
2.5
2.1
19.7
18.4
1.5
1.3
D B Corp
Buy
250
290
4,590
1,750
1,925
25.1
26.6
14.2
16.8
17.6
14.9
3.8
3.2
23.4
23.4
2.5
2.2
HT Media
Buy
99
117
2,335
2,205
2,380
15.1
15.6
8.3
9.1
12.0
10.9
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
89
119
2,939
1,664
1,825
20.9
23.0
6.4
7.8
13.8
11.4
2.8
2.5
21.0
23.1
1.9
1.7
PVR
Neutral
335
1,328
1,359
1,540
17.3
17.4
17.2
21.6
19.4
15.6
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
435
17,127
2,287
2,551
69.7
70.5
20.0
23.3
21.7
18.7
5.4
4.7
26.4
27.3
7.1
6.3
Bhushan Steel
Neutral
464
10,514
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Accumulate
323
345
204,303
72,174
76,311
33.3
28.4
28.4
30.9
11.4
10.5
3.1
2.7
37.6
36.2
2.0
1.8
Electrosteel Castings
Buy
16
24
511
1,976
2,017
11.8
12.7
1.3
2.6
12.4
6.0
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
135
193
4,298
1,920
2,239
53.2
52.9
21.6
25.0
6.3
5.4
1.4
1.2
25.1
23.8
1.8
1.3
Hind. Zinc
Buy
114
145
48,253
12,358
13,659
51.4
51.6
16.0
17.6
7.1
6.5
1.3
1.1
19.4
18.4
1.6
1.1
Hindalco
Neutral
103
19,653
89,352
93,672
8.8
9.2
13.4
15.0
7.7
6.9
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
736
16,428
39,973
40,926
17.2
17.0
71.9
82.8
10.2
8.9
0.9
0.8
9.0
9.6
0.8
0.7
MOIL
Buy
203
248
3,414
1,010
1,046
46.5
47.6
26.8
28.8
7.6
7.1
1.1
1.0
15.4
14.7
1.0
0.7
Monnet Ispat
Buy
144
291
916
2,883
3,181
21.7
23.6
40.3
57.7
3.6
2.5
0.3
0.3
10.1
13.0
1.2
1.0
Nalco
Neutral
33
8,402
7,656
7,988
13.1
13.5
2.6
2.6
12.8
12.4
0.7
0.7
5.5
5.5
0.5
0.6
NMDC
Buy
116
156
45,852
10,461
11,892
71.6
72.6
16.3
17.6
7.1
6.6
1.5
1.3
22.1
21.4
2.6
2.3
Media
Metals & Mining
Market Outlook
June 07, 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
Reduce
Sesa Goa
Accumulate
57
53
23,583
44,060
54,786
9.4
11.5
5.2
7.2
10.9
8.0
0.6
0.6
5.2
6.8
0.8
0.7
157
166
13,628
3,742
4,426
32.9
32.8
30.0
29.8
5.2
5.3
0.7
0.6
14.3
12.5
4.4
3.7
Sterlite Inds
Accumulate
Tata Steel
Buy
91
100
30,464
44,462
45,568
23.2
24.7
18.1
20.2
5.0
4.5
0.5
0.5
11.3
11.4
0.6
0.6
295
378
28,675 140,917 151,537
9.7
10.8
30.9
47.6
9.6
6.2
0.9
0.8
9.6
13.4
0.6
Sarda
Buy
105
153
376
1,494
0.5
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
34
45
458
0.5
2,615
2,776
12.1
12.0
9.8
10.4
3.5
3.3
0.2
0.2
6.5
6.5
0.4
0.4
Buy
81
102
267
2,344
2,509
14.9
15.4
38.7
47.0
2.1
1.7
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
288
GAIL
Neutral
311
345
55,026
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.8
16.5
13.6
2.0
1.6
39,386
52,102
52,876
15.7
16.1
34.1
35.7
9.1
8.7
1.4
1.3
16.4
15.3
0.3
0.2
ONGC
Accumulate
324
Reliance Industries
Neutral
792
372
277,198 170,063 193,024
36.3
36.9
34.7
38.3
9.4
8.5
1.6
1.4
18.3
17.9
1.3
1.1
255,860 380,031 407,721
9.9
69.3
69.3
78.0
11.4
10.2
1.1
1.0
11.5
11.7
0.6
Gujarat Gas*
Neutral
218
2,800
3,707
0.6
3,850
11.7
12.4
23.7
25.7
9.2
8.5
2.6
2.2
29.6
28.2
0.6
Indraprastha Gas
Neutral
278
3,891
0.6
3,700
4,218
23.4
22.8
26.7
30.4
10.4
9.1
2.2
1.8
22.7
21.8
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
142
167
0.9
10,673
40,356
40,872
5.8
6.4
15.0
16.7
9.5
8.5
2.0
1.7
23.0
21.5
0.3
0.3
Neutral
58
3,261
1,171
1,287
91.9
91.9
10.1
11.3
5.8
5.1
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
141
2,658
1,736
2,008
17.1
18.9
10.7
13.9
13.2
10.1
4.1
3.1
35.0
34.7
1.6
1.3
186
271
5,408
6,641
7,637
15.9
15.9
17.3
20.6
10.7
9.0
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,573
Cadila Healthcare
Buy
769
5,926
1,682
1,917
16.6
16.6
92.4
99.1
27.9
26.0
3.9
3.9
15.7
14.8
3.2
2.6
929
15,739
7,280
8,640
15.5
15.7
38.3
46.5
20.1
16.5
4.3
3.6
23.5
23.5
2.5
Cipla
Buy
375
2.1
444
30,122
9,192
10,535
22.1
22.1
19.6
22.2
19.1
16.9
2.9
2.5
16.2
15.9
3.0
Dr Reddy's
Buy
2.6
2,132
2,535
36,201
13,377
15,350
20.4
20.1
112.3
126.8
19.0
16.8
4.1
3.4
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
70
168
564
1,394
1,534
22.5
22.4
15.0
16.8
4.7
4.2
0.5
0.4
11.0
11.2
1.0
0.9
2,709
22,946
2,854
3,145
28.6
28.6
76.6
83.3
35.4
32.5
10.6
9.6
31.1
31.0
7.2
6.4
63
78
581
760
922
15.3
15.3
6.1
7.8
10.3
8.1
1.3
1.1
12.9
14.7
1.0
0.8
Accumulate
602
665
7,595
3,243
3,826
20.5
21.5
36.0
44.4
16.7
13.6
3.9
3.1
26.0
25.4
2.5
2.1
Lupin
Buy
754
877
33,735
11,641
13,933
21.3
21.3
34.8
41.8
21.7
18.0
5.1
4.0
26.2
24.8
2.9
2.4
Ranbaxy*
Neutral
379
16,027
11,400
12,060
10.5
12.5
17.5
22.5
21.7
16.8
3.5
3.0
17.0
19.1
1.4
1.2
Sun Pharma
Neutral
1,019
105,352
13,509
15,846
41.0
41.0
33.0
39.8
30.9
25.6
6.2
5.2
22.0
22.0
7.2
6.0
72
78
1,087
1,444
1,482
33.4
33.0
13.7
14.8
5.2
4.9
0.6
0.6
12.3
12.0
0.8
0.6
Power
GIPCL
Accumulate
Market Outlook
June 07, 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
Accumulate
151
163
124,671
76,734
86,680
24.5
24.3
13.4
14.5
11.3
10.4
1.4
1.3
12.8
12.7
2.3
2.2
DLF
Buy
203
236
36,040
8,293
9,622
36.5
36.1
5.7
6.7
35.5
30.0
1.3
1.2
3.7
4.1
6.4
5.4
MLIFE
Buy
387
476
1,579
888
1,002
30.6
30.6
38.8
43.4
10.0
8.9
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
295
338
112,198
86,592
95,860
31.4
31.8
10.9
14.5
27.1
20.3
2.1
1.9
7.7
9.3
2.0
1.6
Idea Cellular
Neutral
133
44,043
25,122
27,663
27.0
27.2
4.0
4.8
33.5
27.9
2.8
2.5
8.3
9.1
2.2
1.9
Rcom
Neutral
118
24,366
22,801
24,628
31.0
31.3
3.6
5.3
33.1
22.4
0.7
0.7
2.2
3.1
2.7
2.3
1,464
1,659
3,111
1,863
2,081
11.8
12.4
71.2
83.0
20.6
17.7
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
171
237
1,708
3,885
4,472
5.4
7.2
11.0
19.7
15.6
8.7
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Neutral
547
692
630
795
14.4
13.6
42.8
51.1
12.8
10.7
3.0
2.4
26.6
25.2
1.1
0.9
Cravatex
Buy
334
459
86
248
284
6.5
7.3
27.2
38.2
12.3
8.8
1.9
1.6
15.7
18.5
0.5
0.5
Finolex Cables
Buy
53
68
804
2,563
2,899
9.8
9.8
10.1
11.3
5.2
4.7
0.8
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
320
437
417
2,304
2,649
3.1
3.6
28.0
43.7
11.4
7.3
0.4
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Neutral
338
780
1,458
1,542
8.3
9.0
32.3
37.0
10.5
9.1
1.9
1.6
19.5
19.3
0.3
0.3
Hitachi
Buy
140
177
379
1,053
1,169
6.3
7.1
13.8
17.7
10.1
7.9
1.4
1.2
15.0
16.7
0.4
0.4
2,436
2,154
1,842
2,131
7.7
7.8
112.4
132.4
21.7
18.4
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
155
198
140
495
651
12.7
12.9
29.3
39.5
5.3
3.9
0.8
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
174
234
200
1,430
1,573
11.1
11.0
19.1
26.9
9.1
6.5
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
200
3,225
1,220
1,476
13.3
13.6
5.5
9.0
36.3
22.1
4.2
3.7
12.1
17.7
3.0
2.4
MRF
Reduce
15,200
14,416
6,447
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
Accumulate
4,049
4,611
4,516
1,057
1,282
19.4
19.6
124.8
153.7
32.5
26.3
16.1
11.9
56.3
51.8
4.4
3.6
Relaxo Footwears
Accumulate
693
791
832
1,146
1,333
10.9
11.4
45.9
60.9
15.1
11.4
3.2
2.5
23.0
24.6
0.9
0.8
Siyaram Silk Mills
Buy
258
343
242
1,158
1,322
11.9
11.9
72.9
85.7
3.5
3.0
0.7
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
430
617
756
1,068
1,223
9.6
9.6
38.1
44.1
11.3
9.8
1.5
1.4
14.5
14.7
0.7
0.6
TAJ GVK
Buy
61
108
381
300
319
35.8
36.2
7.9
9.1
7.7
6.7
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
285
371
438
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
527
686
409
435
516
6.2
7.1
24.3
33.3
21.7
15.8
3.6
3.1
17.6
20.8
0.8
0.6
Tree House
Accumulate
276
297
994
153
194
53.0
52.8
12.4
15.6
22.3
17.7
2.6
2.3
11.8
13.1
6.7
5.1
TVS Srichakra
Buy
187
252
143
1,591
1,739
6.1
6.6
24.5
41.9
7.7
4.5
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,497
36,285
12,294
14,162
12.0
12.0
42.1
67.7
59.3
36.9
4.2
3.8
9.1
10.7
3.3
2.8
Market Outlook
June 07, 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
365
439
741
600
638
20.1
19.4
35.7
36.6
10.2
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 06, 2013
Market Outlook
June 07, 2013

Market Outlook: Dealer's Diary

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Market Outlook

trades in the SGX Nifty and across major Asian bourses.

OIL & GAS

ECB and BoE left their respective interest rates unchanged.

Net Inflows (June 5, 2013)

FII Derivatives (June 6, 2013)

Refer detailed news analysis on the following page

L&T has bagged various orders worth `2,002cr

L&T has bagged various orders worth `2,002cr

Maruti Suzuki announces a one day shutdown at its plants

Swedish company Meda expands collaboration with Cipla

Economic and Political News

RBI asks banks not to sell gold coins: P Chidambaram

RIL plans to invest `150,000cr over three years

Country Event Description

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Jobless claims change

Industrial Production YoY

Euro Zone Euro-Zone CPI (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Consumer price index (mom)

June 19, 2013

FOMC rate decision

June 20, 2013

Euro Zone Euro-Zone Consumer Confidence

Existing home sales

New home sales

June 26, 2013

GDP Qoq (Annualised)

June 27, 2013

Germany Unemployment change (000's)

June 14, 2013

June 17, 2013

June 18, 2013

June 25, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

5.1 5.4 5.2

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

82,100 215,016 237,404