Documente Academic
Documente Profesional
Documente Cultură
March 5, 2014
Dealers Diary
Indian Markets are expected to open in green tracking positive opening trades in
most of the Asian indices, as concerns about a confrontation between Russia and
Ukraine eased.
The US markets rallied on Tuesday, with the S&P 500 closing at a record after
reports that Russian troops ended military exercises in the border regions with
Ukraine, easing political tensions between Ukraine and Russia over the Crimean
peninsula. With no economic reports scheduled, geopolitical news dominated
Tuesdays trading. Investors welcomed news that Russian President Vladimir Putin
ordered troops stationed on the border with Ukraine back to base after the
completion of military exercises. Meanwhile, European stocks also rallied on
Tuesday amid hopes for a diplomatic solution to the conflict between Russia and
Ukraine.
The Indian markets rallied on Tuesday as concerns over the crisis in Ukraine eased.
The safe-have Japanese yen fell sharply, gold prices dropped from a 17-week
high, Brent crude prices fell below US$110 a barrel and the rupee pulled back
from its day's low of 62.14 per dollar in the wake of reports that Russia has ended
military exercise along its western border.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.3
Nifty
1.2
77
6,298
MID CAP
1.3
85
6,566
67
6,516
SMALL CAP
263 21,210
1.0
BSE HC
(0.4)
BSE PSU
2.0
111
BANKEX
2.5
301 12,482
AUTO
0.5
59 12,508
METAL
3.3
287
8,935
1.6
132
8,579
(0.0)
(1)
9,669
(Pts)
(Close)
BSE IT
Global Indices
Chg (%)
(43) 10,629
5,598
Dow Jones
1.4
NASDAQ
1.7
75
4,352
FTSE
1.7
115
6,824
Nikkei
0.5
69 14,721
Hang Sang
0.7
157 22,658
Markets Today
Straits Times
0.6
17
3,105
The trend deciding level for the day is 21,125 / 6,272 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 21,309 21,409 / 6,328 6,358 levels. However, if NIFTY trades below
21,125 / 6,272 levels for the first half-an-hour of trade then it may correct 21,025
20,841 / 6,242 6,185 levels.
Shanghai Com
(0.2)
(4)
2,071
Chg (%)
(Pts)
(Close)
INFY
3.2
1.9
$61.9
WIT
3.1
0.4
$14.1
Indices
S2
S1
PIVOT
R1
R2
IBN
3.4
1.2
$36.6
SENSEX
20,841
21,025
21,125
21,309
21,409
HDB
3.0
1.0
$34.0
NIFTY
6,185
6,242
6,272
6,328
6,358
News Analysis
Indian ADR
Advances / Declines
228 16,396
BSE
NSE
Advances
1,602
950
Declines
1,109
509
143
75
Unchanged
Volumes (` cr)
Purch
2,511
323
Sales
2,308
402
Net
203
(78)
MTD
203
(1,207)
YTD
2,655
(3,723)
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
2,349
2,561
1,644
2,241
705
320
9,969
31,073
Price (`)
chg (%)
Company
Tata Chemicals
288
8.1
Motherson Sumi
Hindalco Inds
114
7.8
Glaxosmithkl Phar
Gainers / Losers
Gainer
Company
Loser
Price (`)
chg (%)
230
(4.1)
2,960
(3.1)
Yes Bank
320
5.9
JPPower
14
(2.1)
BOB
577
5.7
Sobha Dev
313
(2.1)
Oriental Bank
179
5.5
Mcleod Russel
279
(1.8)
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BSE
2,196
NSE
11,228
Market Outlook
March 5, 2014
Corporate News
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Market Outlook
March 05, 2014
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
March 5, 2014
2:25PM
Value
Feb F
55.40
55.40
3:30PM
% Change
4Q P
0.30
0.30
7:00PM
US
Thousands
Mar 1
348.00
336.50
5:30PM
UK
% Ratio
Mar 6
0.50
0.50
6:15PM
Mar 6
0.25
0.25
7:00PM
US
Thousands
Feb
113.00
150.00
7:00PM
US
Unnemployment rate
Feb
6.60
6.60
March 8, 2014
5:29PM
China
Exports YoY%
% Change
Feb
10.60
7.60
March 9, 2014
7:00AM
China
% Change
Feb
2.50
2.10
5:29PM
India
Imports YoY%
% Change
Feb
(18.00)
--
5:29PM
India
Exports YoY%
% Change
Feb
3.80
--
3:00PM
UK
% Change
Jan
1.80
--
5:30PM
India
% Change
Jan
(0.60)
--
12:00PM
India
% Change
Feb
5.05
--
3:30PM
Feb F
0.80
--
6:45PM
US
Industrial Production
Feb
(0.33)
--
6:00PM
US
% Change
Feb
0.14
--
6:00PM
US
Building permits
Thousands
Feb
945.00
--
6:00PM
US
Housing Starts
Thousands
Feb
880.00
--
March 6, 2014
March 7, 2014
3:00PM
UK
% Change
Feb
(27.60)
--
11:30PM
US
Mar 19
0.25
--
7:30PM
US
Million
Feb
4.62
--
8:30PM
Value
Mar A
(12.70)
--
2:00PM
Value
Mar A
54.80
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Mar
78.10
--
7:30PM
US
Thousands
Feb
468.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
1.90
--
6:00PM
US
% Change
4Q T
2.40
--
3:00PM
UK
GDP (YoY)
% Change
4Q F
2.70
--
April 1, 2014
2:00PM
UK
PMI Manufacturing
Value
Mar
56.90
--
6:30AM
China
PMI Manufacturing
Value
Mar
50.20
--
1:25PM
Thousands
Mar
(14.00)
--
11:00AM
India
Apr 1
8.00
--
11:00AM
India
Apr 1
4.00
--
11:00AM
India
Apr 1
7.00
--
7:30AM
China
% Change
Mar
9.70
--
7:30AM
China
% Change
1Q
7.70
--
11:30AM
% Change
1Q P
1.30
--
5:30PM
India
% Change
1Q
4.70
--
Market Outlook
March 5, 2014
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
4.0
9.9
1.5
0.6
1.0
6.0
(1.0)
(0.6)
Mfg. PMI
60.0
8.0
7.0
5.0
7.5
7.2
7.1
4.6
Dec-13
Nov-13
Services PMI
58.0
6.2
5.9
4.8
May-13
Apr-13
Mar-13
Feb-13
(%)
5.7
(2.5)
(1.3)
7.0
(1.6)
(1.8)
(3.0)
Jan-13
3QFY14
2QFY14
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
(2.0)
Oct-13
Sep-13
5.1
0.4
Aug-13
6.5
2.7
2.6
2.0
7.5
5.2
56.0
5.1
54.0
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
(%)
15.0
12.0
9.0
6.0
3.0
0.0
(3.0)
(6.0)
(9.0)
(12.0)
(15.0)
(18.0)
(21.0)
Nov-12
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
44.0
Jun-13
46.0
0.0
May-13
48.0
1.0
Apr-13
50.0
2.0
Mar-13
3.0
Dec-12
52.0
4.0
Repo rate
(%)
9.00
CRR
8.00
7.00
6.00
5.00
4.00
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Feb-14
Jan-14
Jan-14
Dec-13
Nov-13
Nov-13
Oct-13
Sep-13
Sep-13
Aug-13
Jul-13
Jul-13
Jun-13
May-13
May-13
Apr-13
Mar-13
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
3.00
Apr-13
6.0
3.5
2.5
Jul-13
8.6
9.2
3.0
Jun-13
9.5
1QFY11
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
March 5, 2014
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
9.0
8.0
7.0
6.0
5.0
4.0
2.7
Japan
0.8
France
1.3
Germany
2.5
USA
2.7
UK
Thailand
5.1
Malaysia
5.7
Indonesia
2.0
South
Africa
7.7
China
4.7
India
Brazil
Russia 1.2
1.0
1.9
2.0
0.6
3.0
Exhibit 2: 2014 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.0
6.0
5.0
4.0
3.0
1.2
Japan
1.0
France
USA
UK
Thailand
Malaysia
Indonesia
Germany 1.4
2.6
2.9
South
Africa
1.9
7.3
China
5.2
5.1
India
4.9
3.0
Russia
5.5
2.5
1.0
Brazil
2.0
16.2
12.3
13.3
15.6
13.1
Malaysia
Thailand
UK
USA
Germany
4.8
14.5
Indonesia
Japan
14.8
South
Africa
13.5
8.1
China
France
14.3
India
Russia 2.5
Brazil
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
9.5
Exhibit 3: One year forward P-E ratio across select developing and developed countries
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Market Outlook
March 05, 2014
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
Neutral
171
3,321
1,696
1,983
14.9
14.9
7.7
8.8
22.2
19.4
4.6
3.9
22.4
21.9
2.1
1.8
United Phosphorus
Buy
182
250
7,820
10,091
11,302
16.5
16.5
19.2
22.5
9.5
8.1
1.5
1.3
17.0
17.2
0.9
0.8
Neutral
394
6,734
3,445
3,945
16.6
16.4
22.3
24.1
17.7
16.4
4.9
3.9
31.1
26.3
1.9
1.6
Apollo Tyres
Neutral
132
6,656
13,395
14,352
13.3
13.0
17.0
17.9
7.8
7.4
1.6
1.3
22.7
19.8
0.6
0.6
Ashok Leyland
Neutral
16
4,151
10,007
11,873
1.0
5.0
(2.0)
(0.5)
1.6
1.7
(12.9)
(3.4)
0.6
0.5
Automotive Axle#
Neutral
291
439
739
984
9.4
10.4
15.5
29.8
18.8
9.8
1.5
1.4
8.3
15.0
0.6
0.5
Bajaj Auto
Buy
1,923
2,250
55,654
20,418
23,659
20.8
20.3
116.3
135.8
16.5
14.2
5.7
4.6
38.1
35.9
2.3
1.9
Bharat Forge
Neutral
391
9,093
6,339
6,593
17.0
17.3
17.6
20.9
22.1
18.7
3.6
3.2
17.2
18.0
1.6
1.5
Bosch India*
Buy
9,199
11,215
28,883
10,074
11,708
17.0
18.0
369.0
448.6
24.9
20.5
4.0
3.4
15.9
16.6
2.5
2.1
CEAT
Neutral
311
1,118
5,391
6,019
11.7
11.5
72.0
81.1
4.3
3.8
1.1
0.9
29.7
25.7
0.3
0.3
Exide Industries
Neutral
113
9,601
5,730
6,508
13.6
14.3
5.6
6.8
20.0
16.7
2.6
2.3
13.4
14.5
1.3
1.1
FAG Bearings*
Neutral
1,720
2,858
1,646
1,967
14.2
15.2
95.1
122.1
18.1
14.1
2.5
2.2
14.9
16.5
1.5
1.2
Hero Motocorp
Accumulate
1,979
2,180
39,517
25,494
27,912
13.9
14.4
104.4
145.4
19.0
13.6
7.0
5.5
39.0
45.1
1.4
1.2
JK Tyre
Buy
140
169
575
7,128
7,852
11.3
11.2
62.4
67.6
2.3
2.1
0.5
0.4
25.0
21.8
0.4
0.4
956
1,061
58,864
38,927
43,784
12.9
12.6
61.8
66.7
15.5
14.3
3.2
2.8
22.7
20.7
1.2
1.1
Maruti
Neutral
1,598
48,281
44,203
51,105
12.1
11.6
96.9
108.6
16.5
14.7
2.3
2.0
14.7
14.4
0.9
0.8
Motherson Sumi
Neutral
230
20,317
30,650
35,181
9.4
9.7
10.0
13.6
23.1
17.0
6.6
5.0
32.6
33.2
0.8
0.7
Subros
Neutral
142
1,139
1,296
10.3
10.3
1.6
2.5
14.8
9.3
0.5
0.5
3.3
5.2
0.4
0.4
Tata Motors
Accumulate
15.0
14.7
48.7
52.8
8.5
7.8
2.5
1.9
34.8
28.0
0.5
0.5
TVS Motor
Neutral
8,882
5.8
6.2
5.0
6.7
17.6
13.0
3.0
2.5
18.0
21.0
0.5
0.4
24
413
451
87
4,150
7,814
Capital Goods
BGR Energy
Buy
102
120
737
3,883
3,987
11.5
10.7
23.1
22.6
4.4
4.5
0.6
0.5
23.6
18.9
0.5
0.4
BHEL
Neutral
167
40,801
41,082
36,844
12.2
10.8
15.2
11.6
11.0
14.4
1.9
1.7
17.8
12.4
0.8
1.0
Blue Star
Buy
152
193
1,369
2,941
3,099
3.4
4.2
6.0
9.3
25.5
16.4
3.2
2.8
12.9
18.0
0.6
0.5
Crompton Greaves
Accumulate
133
140
8,304
13,246
14,863
5.2
6.6
4.6
7.7
29.1
17.2
2.3
2.1
8.0
12.5
0.7
0.7
KEC International
Accumulate
54
62
1,390
7,709
8,507
6.2
7.0
4.7
7.3
11.5
7.4
1.1
1.0
15.3
15.3
0.4
0.3
Thermax
Neutral
714
8,510
5,284
6,241
9.1
9.8
25.1
31.8
28.4
22.4
4.1
3.6
15.2
17.2
1.5
1.3
Cement
ACC
Accumulate
1,134
1,225
21,294
11,169
12,303
14.9
15.2
46.5
58.1
24.4
19.5
2.7
2.5
11.5
13.5
1.6
1.5
Ambuja Cements
Neutral
169
26,094
9,176
10,067
18.3
21.5
6.6
8.3
25.5
20.3
2.8
2.6
11.2
13.1
2.3
2.1
India Cements
Neutral
55
1,688
4,480
5,235
10.5
11.7
0.4
4.1
127.1
13.4
0.5
0.5
0.4
3.6
0.9
0.7
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Market Outlook
March 05, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Cement
J K Lakshmi Cement
Neutral
81
953
1,968
2,353
14.0
15.2
7.1
9.1
11.3
8.9
0.7
0.7
6.5
7.8
0.7
1.2
Ramco Cements
Neutral
178
4,237
3,722
4,382
17.4
19.0
6.9
12.1
25.7
14.8
1.7
1.5
6.8
10.9
1.9
1.6
Shree Cement^
Neutral
4,760
16,581
5,741
6,648
23.7
23.9
208.0
270.3
22.9
17.6
3.7
3.1
17.4
19.3
2.6
2.1
UltraTech Cement
Neutral
1,876
51,459
19,983
23,360
18.2
18.1
67.3
75.8
27.9
24.8
3.1
2.8
11.5
11.8
2.6
2.5
108
156
2,094
7,273
7,970
30.4
30.4
24.3
28.4
4.4
3.8
0.5
0.5
12.2
12.9
2.5
2.5
40
8,899
13,509
15,701
25.8
26.9
0.1
2.1
401.0
19.1
0.7
0.7
0.2
3.5
2.5
2.2
1,117
1,237
103,504
66,667
74,669
10.0
10.0
46.9
52.0
23.8
21.5
3.3
3.0
14.2
14.5
1.7
1.5
Construction
ITNL
Buy
Jaiprakash Asso.
Neutral
Accumulate
Nagarjuna Const.
Neutral
29
734
6,032
6,520
7.5
7.6
1.4
1.9
20.4
15.1
0.3
0.3
1.4
2.0
0.5
0.5
Sadbhav Engg.
Accumulate
91
102
1,372
2,465
2,827
10.6
10.6
5.7
6.8
15.9
13.3
1.5
1.4
9.9
10.8
0.9
0.8
Simplex Infra
Neutral
93
458
5,924
6,457
10.1
10.4
13.1
19.1
7.1
4.9
0.3
0.3
4.9
6.7
0.5
0.5
Financials
Axis Bank
Accumulate
1,295
1,461
60,784
18,955
21,663
3.4
3.4
128.0
148.2
10.1
8.7
1.6
1.4
16.9
17.2
Bank of Baroda
Neutral
577
24,758
16,255
18,016
2.1
2.2
105.8
121.9
5.5
4.7
0.7
0.7
13.4
13.8
Bank of India
Buy
176
219
11,307
15,082
16,656
2.2
2.1
45.8
56.2
3.8
3.1
0.5
0.4
12.1
13.2
Canara Bank
Neutral
219
10,120
12,414
13,429
2.0
2.0
49.7
53.6
4.4
4.1
0.5
0.4
9.6
9.5
Dena Bank
Neutral
53
2,484
3,377
3,570
2.3
2.4
13.2
14.5
4.0
3.7
0.4
0.4
11.2
10.6
Federal Bank
Accumulate
80
87
6,822
2,838
3,135
3.0
3.0
8.9
10.1
9.0
7.9
1.0
0.9
11.4
11.9
HDFC
Neutral
822
128,175
8,153
9,631
3.4
3.4
35.2
41.5
23.3
19.8
4.6
4.1
28.3
28.6
HDFC Bank
Accumulate
670
730
160,729
26,614
32,019
4.4
4.4
35.8
45.3
18.7
14.8
3.7
3.1
21.6
22.9
ICICI Bank
Accumulate
1,068
1,220
123,361
26,609
30,636
3.2
3.3
84.1
96.9
12.7
11.0
1.7
1.5
15.0
15.4
IDBI Bank
Neutral
57
9,175
8,924
9,735
1.9
1.9
6.4
13.7
8.9
4.2
0.5
0.4
5.0
9.6
J & K Bank
Accumulate
1,336
1,449
6,474
3,195
3,571
3.9
4.0
254.8
245.7
5.2
5.4
1.1
1.0
23.2
19.0
Accumulate
208
232
10,517
2,063
2,507
2.3
2.3
24.5
28.9
8.5
7.2
1.5
1.3
17.7
18.2
Punjab Natl.Bank
Buy
566
657
20,490
20,760
23,179
3.4
3.4
99.1
145.6
5.7
3.9
0.7
0.6
10.9
14.4
South Ind.Bank
Accumulate
St Bk of India
Buy
UCO Bank
Accumulate
Union Bank
Yes Bank
21
24
2,789
1,773
1,954
2.7
2.6
3.9
4.0
5.3
5.2
0.9
0.8
17.0
15.3
1,550
1,867
115,696
66,539
75,419
3.1
3.1
171.1
235.8
9.1
6.6
1.1
1.0
11.7
14.5
65
74
4,911
7,241
8,008
3.0
3.0
18.6
20.6
3.5
3.2
0.7
0.6
17.8
17.2
Neutral
106
6,659
10,669
11,798
2.4
2.3
24.3
35.1
4.4
3.0
0.4
0.4
9.3
12.1
Buy
320
373
11,556
4,405
5,222
2.7
2.9
44.9
50.0
7.1
6.4
1.6
1.3
24.9
22.7
Neutral
476
45,615
12,473
14,581
15.8
16.0
13.2
15.7
36.0
30.3
11.1
8.8
33.7
32.4
3.6
3.0
FMCG
Asian Paints
www.angelbroking.com
Market Outlook
March 05, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
FY14E
EPS ( )
PER(x)
P/BV(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FMCG
Britannia
Accumulate
864
945
10,362
6,470
7,339
8.9
9.2
33.7
40.1
25.7
21.6
11.2
8.0
51.5
43.4
1.6
1.4
Colgate
Neutral
1,315
17,882
3,588
4,165
17.6
17.7
37.2
43.5
35.3
30.3
31.0
25.8
94.9
92.9
4.8
4.1
Dabur India
Neutral
174
30,377
7,074
8,135
16.8
17.1
5.3
6.3
32.8
27.7
11.5
9.1
39.0
36.8
4.3
3.7
GlaxoSmith Con*
Neutral
4,298
18,074
3,603
4,259
13.8
16.6
119.6
149.8
35.9
28.7
11.1
8.9
33.8
34.3
4.6
3.8
Godrej Consumer
Neutral
779
26,505
7,801
9,094
15.0
15.5
23.0
28.4
33.8
27.5
6.8
5.7
23.1
23.7
3.6
3.0
HUL
Neutral
554
119,854
27,612
30,844
13.9
13.7
16.9
18.2
32.7
30.5
30.0
22.2
109.8
83.7
4.2
3.7
ITC
Buy
332
382
263,448
32,945
38,295
36.3
36.9
11.0
12.8
30.1
25.8
9.8
8.0
35.4
34.0
7.7
6.5
Marico
Buy
209
254
13,465
4,738
5,406
15.8
15.6
7.4
8.6
28.4
24.4
5.6
4.6
21.6
20.8
2.8
2.5
Nestle*
Neutral
4,703
45,342
9,190
10,590
21.9
22.5
119.1
146.4
39.5
32.1
19.1
14.0
55.0
50.2
5.0
4.3
Tata Global
Neutral
140
8,682
7,761
8,615
9.6
10.5
6.8
9.2
20.7
15.2
2.2
2.1
10.4
10.3
1.1
0.9
HCL Tech^
Neutral
1,482
103,609
33,340
37,907
25.8
24.8
86.0
95.8
17.2
15.5
5.3
4.1
31.1
26.8
2.9
2.4
Hexaware*
Reduce
160
142
4,815
2,297
2,727
22.7
22.8
12.6
14.2
12.7
11.3
3.2
2.7
25.6
24.5
2.0
1.6
Infosys
Neutral
3,800
218,204
50,545
57,612
27.2
26.4
184.8
213.3
20.6
17.8
4.4
3.7
21.7
20.5
3.7
3.1
Infotech Enterprises
Reduce
372
350
4,159
2,203
2,559
19.3
19.1
26.0
29.4
14.3
12.7
2.7
2.3
18.6
17.9
1.6
1.3
KPIT Cummins
Neutral
166
3,224
2,692
3,050
15.7
16.6
12.8
16.3
13.0
10.2
2.3
1.8
19.5
19.7
1.2
0.9
Mindtree
Neutral
1,598
6,654
3,020
3,513
19.8
19.9
109.2
125.2
14.6
12.8
3.7
2.9
26.1
23.2
1.9
1.5
Mphasis&
Buy
387
455
8,125
6,666
7,134
18.0
18.4
39.7
45.3
9.7
8.5
1.4
1.3
14.8
14.6
0.9
0.7
NIIT
Neutral
28
470
984
1,066
7.1
7.0
2.0
4.0
14.0
7.2
0.7
0.7
5.1
9.4
0.2
0.2
Persistent
Reduce
1,130
1,060
4,519
1,674
1,971
25.8
26.2
63.8
79.7
17.7
14.2
3.6
2.9
20.3
20.5
2.3
1.8
TCS
Buy
2,243
2,625
439,333
82,169
97,331
30.8
30.2
96.6
114.6
23.2
19.6
9.6
7.8
41.2
40.1
5.2
4.3
Tech Mahindra
Neutral
1,901
44,356
18,775
21,671
22.3
22.5
126.8
134.8
15.0
14.1
4.8
3.6
29.5
25.7
2.1
1.7
Wipro
Accumulate
589
660
145,276
43,764
50,307
22.7
23.7
31.4
37.8
18.8
15.6
4.3
3.5
22.5
22.2
2.9
2.4
D B Corp
Buy
289
340
5,311
1,876
2,086
27.1
27.7
16.8
19.2
17.3
15.0
5.2
4.3
27.1
25.8
2.7
2.4
HT Media
Accumulate
80
84
1,857
2,174
2,353
14.3
14.9
8.9
9.6
9.0
8.3
1.2
1.1
12.3
11.8
0.5
0.3
Jagran Prakashan
Buy
87
114
2,894
1,692
1,867
21.9
23.7
7.7
8.1
11.3
10.8
2.6
2.4
24.8
23.0
1.7
1.6
Sun TV Network
Accumulate
370
400
14,579
2,287
2,580
68.3
69.7
19.5
23.2
19.0
16.0
4.6
4.0
25.8
27.4
6.0
5.2
Bhushan Steel
Reduce
453
399
10,255
9,407
12,013
32.2
35.7
16.1
29.3
28.1
15.5
1.0
1.0
3.7
6.4
3.8
3.0
Coal India
Buy
247
290
156,141
67,779
74,606
28.2
30.0
23.7
26.4
10.4
9.4
4.0
3.5
34.4
40.1
1.5
1.3
Electrosteel Castings
Accumulate
13
15
461
1,976
2,017
14.4
15.3
1.2
2.1
10.8
6.3
0.1
0.1
0.7
3.2
0.8
0.5
IT
Media
www.angelbroking.com
Market Outlook
March 05, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Buy
105
127
3,331
1,332
1,681
46.5
50.7
13.2
18.0
7.9
5.8
1.2
1.1
16.1
19.2
2.2
1.6
Hind. Zinc
Buy
120
154
50,809
12,863
13,835
54.3
52.4
16.3
17.2
7.4
7.0
1.4
1.2
19.7
17.9
1.8
1.3
Hindalco
Accumulate
114
124
23,485
89,198 101,309
8.6
8.9
10.8
13.5
10.6
8.4
0.6
0.6
5.8
6.9
0.8
0.7
JSW Steel
Neutral
891
21,529
46,117
48,969
19.5
19.5
86.6
98.0
10.3
9.1
1.3
1.1
12.2
13.0
1.0
0.9
MOIL
Neutral
237
3,977
1,036
1,064
44.8
44.0
26.0
28.4
9.1
8.3
1.3
1.2
16.4
14.6
1.4
1.5
Monnet Ispat
Neutral
73
465
2,041
2,674
25.0
22.4
28.3
30.3
2.6
2.4
0.2
0.2
6.7
6.7
2.0
1.6
Nalco
Neutral
34
8,763
6,655
7,094
13.2
14.3
2.5
2.8
13.8
12.2
0.7
0.7
5.2
5.8
0.5
0.5
NMDC
Buy
133
158
52,572
11,372
12,198
67.4
66.8
16.3
17.2
8.2
7.7
1.8
1.6
21.9
22.1
2.7
2.5
SAIL
Neutral
57
23,335
45,080
52,477
9.0
11.5
3.9
6.3
14.4
8.9
0.6
0.5
6.1
6.1
1.1
1.1
Sesa Sterlite
Accumulate
183
204
54,105
66,982
72,995
34.1
33.8
18.1
20.5
10.1
8.9
0.5
0.5
7.0
5.8
1.3
1.1
Tata Steel
Buy
352
459
9.9
10.2
37.5
45.4
9.4
7.7
0.9
0.9
10.3
11.4
0.6
0.6
Sarda
Accumulate
103
114
369
1,101
1,139
16.6
17.1
17.9
19.9
5.8
5.2
0.4
0.4
6.8
7.1
0.4
0.3
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
37
41
501
2,412
2,701
14.5
13.9
11.0
11.7
3.4
3.2
0.2
0.2
7.4
7.4
0.5
0.4
Accumulate
70
78
229
2,061
2,155
17.2
19.8
22.1
33.4
3.2
2.1
0.2
0.2
7.4
10.3
0.9
0.8
Cairn India
Buy
330
384
63,088
19,470
19,621
73.0
63.4
63.4
61.9
5.2
5.3
1.1
0.9
23.1
19.0
2.1
1.7
GAIL
Neutral
380
48,196
60,768
66,123
12.5
11.4
34.9
34.7
10.9
11.0
1.7
1.6
17.1
15.0
0.8
0.7
ONGC
Accumulate
296
318
31.2
34.7
31.2
36.8
9.5
8.0
1.5
1.3
16.6
17.5
1.2
1.0
Reliance Industries
Buy
815
1,017
7.3
7.0
74.0
79.5
11.0
10.3
1.2
1.1
11.5
11.2
0.6
0.5
Gujarat Gas*
Neutral
223
2,859
3,647
14.5
14.4
26.9
28.1
8.3
7.9
2.0
1.8
26.4
23.6
0.6
0.5
Indraprastha Gas
Neutral
253
3,541
4,488
5,418
17.6
15.5
25.7
27.4
9.9
9.2
2.0
1.8
22.1
20.3
0.8
0.6
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Neutral
124
9,274
37,312
43,463
4.2
4.4
9.7
10.7
12.8
11.5
1.8
1.6
15.3
15.0
0.3
0.3
58
64
3,244
1,053
1,031
88.7
88.5
7.8
7.6
7.4
7.6
1.0
0.9
14.0
12.3
2.6
2.5
Alembic Pharma
Neutral
275
5,186
1,736
2,008
17.1
18.9
10.5
13.8
26.2
19.9
8.0
6.1
34.4
34.7
3.1
2.6
Aurobindo Pharma
Accumulate
527
581
15,367
7,718
11,296
26.0
14.0
46.7
32.3
11.3
16.3
3.9
3.2
41.5
21.3
2.3
1.8
Aventis*
Neutral
2,702
6,224
1,682
1,917
15.6
15.6
94.8
104.7
28.5
25.8
4.1
3.4
16.1
17.6
3.2
2.6
Cadila Healthcare
Neutral
1,020
20,882
7,123
8,367
15.5
15.7
37.3
44.7
27.3
22.8
5.8
4.8
22.9
22.9
3.3
2.8
Cipla
Buy
379
496
30,411
9,706
11,400
20.6
21.0
18.5
23.6
20.5
16.1
3.0
2.5
15.4
17.0
2.9
2.4
Dr Reddy's
Accumulate
2,803
3,008
47,654
13,617
15,590
24.8
24.3
144.4
161.6
19.4
17.3
5.0
4.0
29.2
25.7
3.6
3.0
Dishman Pharma
Buy
87
117
704
1,331
1,464
22.5
22.4
12.9
14.6
6.8
6.0
0.6
0.6
9.5
9.9
1.2
1.0
Accumulate
www.angelbroking.com
3,467
Market Outlook
March 05, 2014
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
Pharmaceuticals
GSK Pharma*
Neutral
2,960
25,073
2,538
2,640
19.9
19.7
59.0
54.5
50.2
54.3
12.6
12.8
25.0
23.4
9.2
8.8
Indoco Remedies
Neutral
146
1,350
747
906
15.3
16.0
5.9
8.1
24.8
18.1
3.0
2.6
12.5
15.4
2.0
1.7
Ipca labs
Neutral
892
11,256
3,296
4,087
23.5
23.5
42.8
52.7
20.8
16.9
5.5
4.3
30.1
28.4
3.5
2.8
Lupin
Accumulate
989
1,007
44,320
11,813
14,377
23.8
23.8
39.9
48.8
24.8
20.3
6.5
5.1
29.8
28.1
3.8
3.1
Ranbaxy*
Neutral
362
15,343
13,261
10,651
6.6
8.4
14.3
15.2
25.3
23.8
3.3
2.9
13.8
12.8
1.2
1.5
Sun Pharma
Neutral
621
128,512
14,510
16,450
44.0
42.0
26.6
25.2
23.3
24.6
8.0
6.2
36.4
28.4
8.5
7.2
Power
GIPCL
Neutral
58
870
1,339
1,402
31.2
29.8
10.2
11.1
5.7
5.2
0.5
0.5
9.2
9.4
0.8
0.6
NTPC
Buy
114
146
93,875
73,564
78,676
24.7
23.7
13.1
12.8
8.7
8.9
1.1
1.0
12.7
11.6
2.0
2.0
Buy
358
478
1,462
888
1,002
27.0
29.9
33.9
42.1
10.6
8.5
1.0
1.0
9.9
11.2
2.2
2.0
Bharti Airtel
Neutral
288
114,965
86,199
94,347
32.1
32.5
7.2
14.1
39.7
20.4
2.1
1.9
5.4
9.7
2.0
1.8
Idea Cellular
Neutral
132
43,881
26,232
28,312
31.3
31.6
5.6
6.9
23.5
19.2
2.7
2.4
11.4
12.2
2.0
1.8
Rcom
Neutral
112
23,024
21,818
24,183
33.0
33.7
3.6
5.9
30.8
18.9
0.7
0.7
2.2
3.4
2.8
2.4
Abbott India*
Neutral
1,732
3,680
1,996
2,184
12.3
11.9
80.1
84.7
21.6
20.4
4.2
3.7
20.2
19.0
1.6
1.4
Bajaj Electricals
Accumulate
262
280
2,610
3,991
4,713
3.7
6.6
3.9
16.1
67.9
16.3
3.6
3.0
5.2
18.6
0.7
0.6
Cera Sanitaryware
Accumulate
751
846
951
647
836
13.5
11.6
40.4
51.1
18.6
14.7
4.2
3.4
25.4
25.6
1.5
1.2
Cravatex
Neutral
292
76
248
284
6.5
7.3
27.2
38.2
10.8
7.7
1.7
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Accumulate
86
96
1,318
2,439
2,756
9.5
10.1
11.4
12.1
7.6
7.1
1.2
1.1
16.1
14.7
0.4
0.4
Goodyear India*
Neutral
424
979
1,581
1,724
8.9
8.7
38.8
41.2
10.9
10.3
2.3
2.0
23.0
20.6
0.4
0.4
Hitachi
Neutral
148
403
1,080
1,199
8.9
9.1
8.5
14.2
17.5
10.4
1.6
1.4
9.4
14.2
0.5
0.4
2,626
2,322
1,805
1,927
7.0
7.1
106.0
114.6
24.8
22.9
2.7
2.4
11.4
11.1
1.1
1.0
Real Estate
MLIFE
Telecom
zOthers
IFB Agro
Buy
199
249
179
504
580
10.6
11.2
32.6
39.9
6.1
5.0
0.9
0.8
17.3
17.8
0.2
0.2
Jyothy Laboratories
Accumulate
191
213
3,452
1,244
1,523
13.6
13.9
5.6
9.3
34.3
20.6
3.2
2.8
11.2
14.4
2.9
2.3
MRF
Neutral
19,635
8,328
13,240
14,229
13.9
9.5
8.7
1.9
1.5
21.4
19.3
0.7
0.6
Page Industries
Neutral
6,318
7,048
1,162
1,428
19.8
19.8
137.2
168.7
46.1
37.5
23.9
17.1
60.2
53.2
6.2
5.0
Relaxo Footwears
Neutral
264
1,584
1,125
1,300
11.3
12.0
9.5
12.8
27.7
20.6
6.2
4.9
24.3
26.6
1.6
1.3
Accumulate
275
315
258
1,216
1,396
10.7
10.9
63.9
78.7
4.3
3.5
0.7
0.6
17.6
18.5
0.4
0.4
Accumulate
413
457
727
1,172
1,290
7.2
7.2
32.0
35.1
12.9
11.8
1.4
1.3
11.2
11.2
0.6
0.6
TAJ GVK
Buy
60
108
373
300
319
35.8
36.2
7.9
9.1
7.5
6.5
1.0
0.9
13.9
14.4
1.6
1.3
Sell
507
405
780
735
836
14.7
16.2
50.1
63.5
10.1
8.0
1.1
1.0
11.5
13.2
0.6
0.4
www.angelbroking.com
Market Outlook
March 05, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
zOthers
Tree House
Buy
226
313
839
154
206
54.1
54.0
12.1
16.3
18.7
13.9
2.2
2.0
12.0
14.3
5.2
3.8
TVS Srichakra
Accumulate
272
309
208
1,628
1,781
6.6
6.6
44.1
51.5
6.2
5.3
1.1
0.9
18.3
18.4
0.2
0.2
United Spirits
Neutral
2,373
34,485
11,446
12,934
12.0
12.0
20.3
43.0
117.0
55.2
3.9
3.7
4.4
6.9
3.4
3.0
Vesuvius India*
Neutral
451
915
600
638
20.1
19.4
35.7
36.6
12.6
12.3
2.3
2.0
19.4
17.1
1.3
1.2
HSIL
Accumulate
102
114
671
1,638
1,814
14.9
15.0
8.5
10.6
12.0
9.6
0.6
0.6
5.0
6.1
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 04, 2014
www.angelbroking.com
Market Outlook
March 05, 2014
E-mail: research@angelbroking.com
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