Market Outlook Market Outlook: Dealer's Diary

Market Outlook
August 28, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open flat following SGX Nifty and weak opening of
most of the Asian indices after the Japanese government downgraded its
assessment of the economy amid slowing growth in China.
BSE Sensex
(0.6) (104.4) 17,679
Nifty
(0.7)
(36.5)
5,350
MID CAP
(1.0)
(62.1)
6,057
The US stocks ended Mondays session on a mixed note as investors remained

cautious ahead of the speeches from Ben Bernanke on Friday and Mario Draghi
on Saturday at the Federal Reserves annual symposium in Jackson Hole. A lack of
major US economic data contributed to the lackluster performance on the Wall
Street. Meanwhile, the major European indices moved notably higher over the
course of the trading day on Monday.
SMALL CAP
(1.0)
(63.2)
6,512
BSE HC
(0.2)
(12.9)
7,407
BSE PSU
(0.7)
(51.5)
7,078
BANKEX
(1.8) (215.4) 11,657
AUTO
(0.5)
METAL
(1.4) (145.3) 10,277
Indian shares fell on Monday, as high crude prices amid concerns about a
disruption to supplies from the Gulf of Mexico and hints of another round of
stimulus by the Federal Reserve sparked fears over India's persistent high fiscal
deficit and a worsening trade deficit.
OIL & GAS
The trading on Tuesday could be impacted by the release of reports on US home

prices and US consumer confidence. On the domestic front, the key data to watch
out for would be the quarterly GDP growth rate for 1QFY2013, which would be
released on August 31, 2012.
Markets Today
The trend deciding level for the day is 17,621/5,332 levels. If Nifty trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,720 17,779/5,365 5,384 levels. However, if Nifty trades below
17,621/5,332 levels for the first half-an-hour of trade then it may correct up to
17,563 17,679/5,313 5,350 levels.
Indices
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,679
17,563
17,621
17,720
17,779
5,350
5,313
5,332
5,365
5,384
Global Indices
Dow Jones
Supreme Court extends 2G auction deadline till January 11, 2013

L&T bags orders worth `2,051cr
L&T to divest Plastics Machinery Business
Alembic Pharmaceuticals - Update
Sales
FII
2,075
387
MFs
Net
MTD
YTD
1,736
339
2,172
59,480
626
(239)
(144)
(8,991)
FII Derivatives (August 27, 2012)

` cr
Purch
Sales
Index Futures
3,140
Stock Futures
4,968
Net
Open Interest
2,756
383
18,008
5,519
(551)
26,936
Gainers / Losers
Gainers
Company
Mangalore Refineries
Shree Cement
United Breweries
Neyveli Lignite
GlaxoSmithkline Cons.
www.angelbroking.com
Losers
Price (`)
chg (%)
Company
65
5.1
Adani Enterprises
3,498
2.9
JP power
9,551
0.3
28.5
8,426
(0.9)
(53.1)
5,745
(Pts)
(Close)
Chg (%)
(0.3)
(33.3) 13,125
0.1
3.4
3,073
0.0
0.0
5,777
Nikkei
0.2
14.6
9,085
Hang Seng
(0.4)
Straits Times
(0.2)
(6.0)
3,044
Shanghai Com
(1.7)
(36.4)
2,056
Chg (%)
(Pts)
(Close)
INFY
(1.0)
(0.4)
$43.2
WIT
(2.0)
(0.2)
$7.9
IBN
(1.2)
(0.4)
$34.1
HDB
(0.8)
(0.3)
$34.2
Indian ADRs
(81.4) 19,799
BSE
NSE
Advances
1,022
444
Declines
1,784
1,037
130
76
Volumes (` cr)
Net Inflows (August 25, 2012)

Purch
(45.3)
(Close)
FTSE
Unchanged
Refer detailed news analysis on the following page
` cr
(Pts)
NASDAQ
Advances / Declines
News Analysis
BSE IT
Chg (%)
Price (`)
chg (%)
159
(9.0)
28
(8.4)
576
2.7
Lanco Infra
11
(5.8)
82
2.4
GMR Infra
18
(5.7)
2,914
2.3
IFCI
28
(5.5)
BSE
1,748
NSE
7,572
Market Outlook
August 28, 2012
Supreme Court extends 2G auction deadline till January 11,

2013
The Supreme Court has extended the deadline for a fresh auction of the 2G
spectrum licenses till January 13, 2013. The court has said that if the orders are
not complied with, the court will issue contempt proceedings against the officers
responsible. The court has also ruled that the existing license owners can continue
to operate till January 18, 2013. The court had earlier ordered the government to
conduct the auction by end-August and had said the affected companies can
operate on their existing permits until September 7, 2012. The government later
sought time until November 12, 2012 to begin the auction and 40 days from the
completion of auction to allocate frequencies. It estimates the auction to take about
two months to be completed. We maintain our Neutral view on the overall telecom
sector.
L&T bags orders worth `2,051cr

Larsen & Toubro (L&T) has bagged orders worth `2,051cr comprising of domestic
and international orders. A major order worth `1,302cr has been bagged from
Petroleum Development Oman LLC, involving engineering, procurement &
construction (EPC) of the Saih Rawl Depletion Compression phase 2 (SRDC2)
project. The order was won against stiff competition from nine international EPC
bidders. The SRDC2 involves installation of 76MW of gas compression capacity
with 4 trains, and modification of the condensate handling system at CPP. This will
enable the Saih Rawl Main field to produce Maximum Annual Daily Load (MADL)
of 30 MMSCMD gas. Further, L&T has secured an offshore contract valued at
`749cr from the ONGC for total EPCI engineering, procurement, construction
and installation of four wellhead platforms.
At the current market price of `1,398, the stock is trading at a PE of 14.0x
FY2014E earnings, after adjusting for investments, which is below the historical
trading multiple for L&T. We have used the sum-of-the-parts (SOTP) methodology
to value the company to capture all its business initiatives and investments/stakes
in the different businesses. Ascribing separate values to its parent business on a
P/E basis and investments in subsidiaries on P/E, P/BV and mcap basis, our target
price works out to `1,553. Owing to the recent surge in stock price we recommend
Accumulate on the stock.
L&T to divest Plastics Machinery Business

Larsen & Toubro (L&T) is looking to sell its plastics machinery business arm, L&T
Plastics Machinery, to Toshiba Machine. As per L&Ts management this move is in
line with the company's strategic road-map to exit non-core businesses and
rationalize its portfolio. L&T Plastics Machinery manufactures and markets injection
moulding machines. It caters to different sectors such as the automotive,
packaging, and stationery sectors. It has manufacturing units in Japan and China,
and primarily caters to the Asian and North American markets. L&T Plastics
Machinery recorded sales and PAT of `206cr and `11cr respectively for FY2012.
The divestment is subject to final closing conditions and L&T has yet not disclosed
the financial value of the deal.
Market Outlook
August 28, 2012
At the current market price of `1,398, the stock is trading at a PE of 14.0x

FY2014E earnings, after adjusting for investments, which is below the historical
trading multiple for L&T. We have used the SOTP methodology to value the
company to capture all its business initiatives and investments/stakes in different
businesses. Ascribing separate values to its parent business on a P/E basis and
investments in subsidiaries on P/E, P/BV and mcap basis, our target price works
out to `1,553. Owing to the recent surge in stock price we recommend
Accumulate on the stock.
Alembic Pharmaceuticals- Update

Alembic Pharmaceuticals, API 1 plant at Panelav in solvent recovery area had
caught fire on August 26, 2012. The fire was brought under control in about three
hours of firefighting by fire brigade. The exact cause of fire is still not known and is
being investigated. The company is covered by insurance. The incidence is unlikely
to have any impact on the companys financials. We maintain our Buy
recommendation with a target price of `91.
Economic and Political News
Deficit monsoon may pose downside risk to growth outlook

Controlling inflation will lead to interest rate cut: K C Chakrabarty
No cartelization in steel sector: Beni Prasad Verma
Corporate News
Lupin awaits USFDA nod for more drugs launches

Suzuki Motor to stay invested in Haryana despite labour stir
SpiceJet to start flights to China, Riyadh by October
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 28, 2012
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
S.A./
1985=100
% Change
Aug
65.90
66.00
2Q S
1.50
1.70
Initial Jobless claims

Euro-Zone Consumer
Confidence
Unemployment change (000's)
Thousands
Aug 25
372.00
370.00
Value
Aug F
(24.60)
(24.60)
Thousands
Aug
7.00
7.00
Aug 31 2012 12:00AM India
Qtrly GDP YoY%
% Change
2Q
5.30
5.30
Sep 1 2012 12:00AM
China
PMI Manufacturing
Value
Aug
50.10
50.00
Sep 3 2012 12:00AM
Germany
PMI Manufacturing
Value
Aug F
45.10
--
India
Imports YoY%
% Change
Jul
(13.46)
--
India
Exports YoY%
% Change
Jul
(5.45)
--
Aug 28 2012 12:00AM US
Consumer Confidence
Aug 29 2012 12:00AM US
GDP Qoq (Annualised)
Aug 30 2012 12:00AM US

Euro Zone
Germany
UK
PMI Manufacturing
Value
Aug
45.40
--
Sep 5 2012 12:00AM
Germany
PMI Services
Value
Aug F
48.30
--
Sep 6 2012 12:00AM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
(0.20)
--
UK
BOE Announces rates
% Ratio
Sep 6
0.50
0.50
Euro Zone
ECB announces interest rates
Sep 6
0.75
--
UK
Industrial Production (YoY)
% Change
Jul
(4.30)
--
US
Change in Nonfarm payrolls
Thousands
Aug
163.00
90.00
US
Unnemployment rate
Aug
8.30
8.20
China
Industrial Production (YoY)
% Change
Aug
9.20
--
China
Sep 7 2012 12:00AM
Sep 9 2012 12:00AM
Consumer Price Index (YoY)
% Change
Aug
1.80
--
Sep 10 2012 12:00AM China
Exports YoY%
% Change
Aug
1.00
--
Sep 12 2012 12:00AM UK
Jobless claims change
% Change
Aug
(5.90)
--
Industrial Production YoY
% Change
Jul
(1.80)
--
Producer Price Index (mom)
India
Sep 13 2012 12:00AM US
% Change
Aug
0.30
--
FOMC rate decision
Sep 13
0.25
--
Aug
2.40
--
% Change
Aug
6.87
--
US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Aug
0.65
--
US
Consumer price index (mom)
% Change
Aug
--
--
US
Sep 14 2012 12:00AM Euro Zone
India
Sep 17 2012 12:00AM India
RBI Repo rate
Sep 17
8.00
--
India
RBI Cash Reserve ratio
Sep 17
4.75
--
India
RBI Reverse Repo rate
Sep 17
7.00
--
% Change
Aug
2.60
--
Millions
Aug
4.47
--
Sep 18 2012 12:00AM UK
CPI (YoY)
Sep 19 2012 12:00AM US
Existing home sales
US
Housing Starts
Thousands
Aug
746.00
--
US
Building permits
Thousands
Aug
811.00
--
Sep 26 2012 12:00AM US
New home sales
Thousands
Aug
372.00
--
Sep 27 2012 12:00AM UK
GDP (YoY)
% Change
2Q F
(0.50)
--
Oct 18 2012 12:00AM China
Real GDP (YoY)
% Change
3Q
7.60
--
Source: Bloomberg, Angel Research
Market Strategy
August 28, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
9.8
10.0
9.4
7.5
8.0
8.0
9.2
8.5
9.0
6.0
8.2
7.4
6.0
8.0
7.6
3.4
5.3
5.0
2.5
2.7
2.5
6.1
5.9
6.0
1.0
2.0
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
9.9
Mfg. PMI
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Services PMI
58.0
9.5
7.7
8.0
Jan-12
(5.0)
60.0
10.0
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
(%)
9.8
Dec-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

12.0
Nov-11
Oct-11
Sep-11
(2.0)
3.0
Source: CSO, Angel Research
Aug-11
4.0
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Source: MOSPI, Angel Research
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
Jul-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
50.0
0.0
Oct-11
2.0
Sep-11
52.0
Aug-11
4.0
Oct-11
54.0
6.0
Aug-11
10.0
4.3
3.7
4.0
6.7
Jul-11
7.0
Exhibit 2: IIP trends
Exhibit 6: Key policy rates
Imports yoy growth
75.0
(%)
9.00
60.0
8.00
45.0
7.00
30.0
Repo rate
Reverse Repo rate
CRR
6.00
15.0
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Aug-11
(30.0)
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
(15.0)
Jul-11
0.0
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
135
2,616
1,466
1,686
14.8
14.8
7.0
8.1
19.2
16.6
4.1
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
115
170
5,299
8,421
9,263
16.5
16.5
15.0
17.0
7.7
6.8
1.1
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
376
402
3,208
2,844
3,225
15.4
15.5
31.7
36.6
11.9
10.3
3.0
2.4
28.8
26.2
1.1
0.9
Apollo Tyres
Neutral
95
4,806
13,412
15,041
11.0
11.0
11.5
14.2
8.3
6.7
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
21
30
5,667
14,920
16,850
9.0
9.3
2.2
2.8
9.8
7.8
1.8
1.6
13.3
15.6
0.5
0.4
Automotive Axle
Buy
339
430
512
993
1,140
11.6
11.5
36.9
43.0
9.2
7.9
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,723
49,854
21,285
23,927
18.2
18.3
108.5
121.3
15.9
14.2
6.6
5.3
46.1
41.3
2.0
1.7
Bharat Forge
Buy
279
351
6,500
7,004
7,985
16.2
16.4
20.3
25.1
13.7
11.2
2.5
2.2
20.0
20.9
1.1
1.0
Bosch India
Neutral
8,653
27,171
9,034
10,286
17.8
18.3
373.6
435.8
23.2
19.9
4.8
3.9
20.5
19.8
2.7
2.3
CEAT
Buy
120
164
412
4,989
5,634
8.7
8.5
32.7
41.1
3.7
2.9
0.5
0.5
15.8
16.9
0.3
0.2
Exide Industries
Accumulate
135
149
11,471
5,899
6,771
16.0
17.0
7.4
9.1
18.3
14.8
3.3
2.8
19.0
20.2
1.6
1.3
FAG Bearings
Neutral
1,608
2,672
1,505
1,747
17.7
18.0
111.5
130.0
14.4
12.4
3.0
2.5
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,930
2,428
38,544
26,097
29,963
15.0
15.3
139.5
151.8
13.8
12.7
6.5
5.0
54.6
44.3
1.2
1.0
JK Tyre
Buy
114
135
466
7,517
8,329
6.1
6.3
26.2
38.5
4.3
3.0
0.6
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
773
879
47,448
36,536
41,650
11.6
11.5
49.3
54.9
15.7
14.1
3.2
2.8
22.1
21.1
1.0
0.9
1,169
33,762
42,887
49,079
5.5
6.6
66.8
87.6
17.5
13.3
2.0
1.8
12.1
14.1
0.6
0.5
Buy
188
216
7,382
23,342
26,366
7.8
8.2
13.3
18.0
14.2
10.5
3.4
2.7
26.2
28.4
0.5
0.4
Subros
Buy
28
34
168
1,230
1,378
8.8
8.6
4.5
5.7
6.2
4.9
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
241
292
64,256 195,096 219,428
12.8
12.8
39.0
43.9
6.2
5.5
1.8
1.4
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
40
43
1,893
7,545
8,301
6.2
6.1
4.9
5.4
8.1
7.4
1.4
1.3
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Capital Goods
ABB*
Sell
740
498
15,690
8,760
10,023
5.5
7.5
12.4
20.7
59.6
35.7
5.7
5.1
10.1
15.2
1.8
1.6
BGR Energy
Neutral
263
1,899
3,669
4,561
11.0
11.0
24.7
29.6
10.7
8.9
1.6
1.4
15.3
16.7
0.6
BHEL
Neutral
225
55,047
47,801
43,757
19.4
19.8
25.7
23.9
8.7
9.4
1.8
1.6
22.7
18.3
1.1
0.9
Blue Star
Neutral
183
1,646
3,047
3,328
5.4
6.9
12.5
16.2
14.7
11.3
3.5
2.9
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
117
128
7,473
12,691
14,096
7.0
8.5
6.5
9.1
17.9
12.8
1.9
1.7
11.1
14.2
0.6
0.6
Jyoti Structures
Buy
39
59
317
2,622
2,801
10.3
10.7
8.7
13.1
4.5
3.0
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
58
69
1,485
6,858
7,431
7.5
8.3
9.0
11.5
6.4
5.0
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
2,007
2,261
2,369
2,727
11.7
11.7
143.4
166.0
14.0
12.1
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
500
5,958
5,514
5,559
8.9
9.6
26.9
28.4
18.6
17.6
3.2
2.9
18.4
17.1
1.0
1.0
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,347
25,280
11,220
12,896
20.0
20.6
71.1
81.2
18.9
16.6
3.3
3.0
18.1
19.0
1.9
1.6
Ambuja Cements
Neutral
188
28,988
10,205
11,659
24.6
24.2
10.8
12.0
17.4
15.7
3.6
3.3
19.7
19.8
2.5
2.1
India Cements
Neutral
88
2,695
4,393
4,914
19.3
19.5
10.1
12.7
8.7
6.9
0.8
0.7
8.8
10.6
1.1
0.9
J K Lakshmi Cements
Neutral
96
1,175
1,964
2,278
19.5
20.4
16.3
17.9
5.9
5.4
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
185
4,398
3,608
3,928
27.4
26.9
15.6
18.1
11.9
10.2
1.9
1.6
16.8
16.9
1.9
1.6
Shree Cements
Neutral
3,498
12,186
5,519
6,293
24.5
23.7
156.6
225.3
22.3
15.5
5.5
4.7
22.3
26.0
1.9
1.5
UltraTech Cement
Neutral
1,752
48,026
20,167
22,752
21.7
23.0
90.8
107.8
19.3
16.3
19.3
16.3
1.9
1.8
255
304
1,342
2,014
2,293
22.4
22.4
22.6
26.7
11.3
9.6
1.2
1.1
11.4
11.9
2.5
2.8
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
272
2,262
2,522
6.7
7.5
1.5
2.7
9.9
5.5
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
16
968
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.1)
(16.5)
0.9
1.0
(11.4)
(5.6)
1.1
1.2
IRB Infra
Buy
126
166
4,191
3,964
4,582
42.3
40.2
15.5
16.9
8.2
7.4
1.3
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
170
232
3,299
6,840
7,767
26.4
26.1
24.4
28.4
7.0
6.0
1.0
0.9
16.0
16.2
2.7
2.8
IVRCL Infra
Buy
40
61
1,057
5,510
6,722
8.8
9.0
2.5
4.6
15.6
8.7
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
73
91
15,512
15,259
17,502
25.7
24.7
4.2
5.0
17.2
14.6
1.4
1.3
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,398
1,553
85,783
60,474
69,091
12.1
11.5
79.7
85.4
17.5
16.4
3.0
2.6
16.3
15.1
1.6
1.4
Madhucon Proj
Buy
33
56
243
2,206
2,502
10.7
10.7
4.6
4.7
7.1
7.1
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
35
45
898
5,804
6,513
8.0
8.6
3.0
3.5
11.5
10.0
0.4
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
73
508
3,609
3,836
13.1
13.1
14.0
14.6
5.2
5.0
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
48
1,577
11,892
13,116
8.9
8.9
1.7
3.1
28.0
15.4
0.5
0.5
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
135
182
2,031
2,789
3,147
10.6
10.7
8.4
10.4
16.0
13.0
2.2
1.9
15.0
15.6
0.9
0.8
Simplex Infra
Buy
201
265
994
6,732
7,837
8.1
8.4
23.5
29.4
8.5
6.8
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
123
6,150
7,233
8,579
3.1
3.3
40.5
40.9
3.0
3.0
0.6
0.5
19.4
17.0
Andhra Bank
Neutral
93
5,204
4,959
5,787
3.1
3.1
22.7
24.5
4.1
3.8
0.7
0.6
16.0
15.3
Axis Bank
Buy
1,039
1,373
43,056
15,961
19,583
3.1
3.2
117.3
143.1
8.9
7.3
1.6
1.4
20.1
20.8
Bank of Baroda
Buy
625
829
24,476
15,830
19,300
2.6
2.7
118.9
147.1
5.3
4.3
0.8
0.7
16.7
18.0
Bank of India
Buy
266
323
15,277
13,159
15,851
2.4
2.5
61.1
71.1
4.4
3.7
0.7
0.6
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Accumulate
Financials
44
2,612
3,471
3,889
3.1
3.1
9.0
11.5
4.9
3.9
0.6
0.6
13.7
15.5
324
421
14,347
11,334
13,629
2.2
2.3
75.4
85.1
4.3
3.8
0.7
0.6
15.2
15.3
65
70
4,788
7,181
8,365
2.5
2.7
16.3
21.8
4.0
3.0
0.7
0.6
12.7
15.1
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
375
436
5,560
5,067
5,998
2.1
2.3
105.6
111.0
3.6
3.4
0.6
0.5
17.6
16.3
Dena Bank
Buy
87
107
3,042
3,177
3,595
2.8
2.8
25.2
25.4
3.5
3.4
0.6
0.5
18.9
16.4
Federal Bank
Accumulate
415
459
7,087
2,697
3,171
3.4
3.4
47.9
58.0
8.7
7.2
1.1
1.0
13.6
14.7
HDFC
Reduce
723
671
110,684
7,340
8,805
3.5
3.5
31.5
37.8
22.9
19.1
4.6
4.1
34.8
32.2
HDFC Bank
Neutral
595
140,231
21,936
27,454
4.4
4.4
28.7
36.0
20.8
16.5
4.0
3.4
20.7
22.0
ICICI Bank
Buy
935
1,169
107,526
22,356
27,157
2.9
3.0
68.7
82.0
13.6
11.4
1.6
1.5
14.2
15.5
IDBI Bank
Buy
84
101
10,764
7,952
9,876
1.9
2.2
18.5
23.6
4.6
3.6
0.6
0.5
12.8
14.7
Indian Bank
Accumulate
163
190
7,007
6,294
7,191
3.4
3.4
40.6
44.9
4.0
3.6
0.7
0.6
18.1
17.4
IOB
Accumulate
69
80
5,511
7,473
8,732
2.5
2.5
16.7
22.6
4.1
3.1
0.5
0.4
11.8
14.4
J & K Bank
Accumulate
938
1,026
4,548
2,625
2,921
3.6
3.5
194.4
191.9
4.8
4.9
1.0
0.8
21.2
18.0
LIC Housing Finance
Accumulate
248
279
12,513
1,867
2,338
2.4
2.4
21.1
28.5
11.8
8.7
1.9
1.7
17.5
20.4
Oriental Bank
Buy
222
278
6,464
6,518
7,458
2.8
2.9
61.3
65.1
3.6
3.4
0.5
0.5
15.2
14.3
Punjab Natl.Bank
Buy
680
950
23,068
20,116
23,625
3.3
3.4
152.8
173.9
4.5
3.9
0.8
0.7
18.2
18.0
South Ind.Bank
Buy
22
27
2,509
1,514
1,717
2.8
2.7
4.0
4.2
5.6
5.3
1.1
0.9
20.5
18.5
St Bk of India
Buy
1,846
2,270
123,872
64,470
75,940
3.5
3.5
224.4
258.7
8.2
7.1
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
93
119
5,622
6,840
7,996
2.9
3.0
25.7
29.2
3.6
3.2
0.6
0.5
17.9
17.8
UCO Bank
Neutral
64
4,248
5,488
6,338
2.4
2.5
17.3
17.7
3.7
3.6
0.7
0.6
17.0
15.3
Union Bank
Buy
155
230
8,528
10,299
12,227
2.9
3.0
42.1
49.3
3.7
3.1
0.7
0.5
16.7
17.1
United Bank
Buy
52
79
1,870
3,634
4,194
2.8
2.9
18.2
23.0
2.8
2.3
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
49
2,441
2,579
3,028
2.1
2.3
8.8
11.6
5.6
4.3
0.7
0.6
11.1
13.3
Yes Bank
Buy
337
453
11,956
3,255
4,228
2.8
3.0
34.2
42.7
9.9
7.9
2.1
1.7
23.3
23.8
3,663
35,140
11,198
13,184
16.3
16.3
121.0
144.8
30.3
25.3
10.2
8.0
37.4
35.3
3.1
2.6
489
584
5,843
5,835
6,824
5.7
6.0
20.7
25.4
23.6
19.3
9.3
7.1
43.1
41.9
0.9
0.8
1,184
16,098
3,018
3,429
20.9
22.3
34.6
41.0
34.2
28.9
31.5
23.9
99.5
94.1
5.2
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
123
21,401
6,124
7,030
17.0
16.8
4.5
5.2
27.5
23.7
11.3
9.0
43.2
41.5
3.5
3.0
GlaxoSmith Con*
Neutral
2,914
12,256
3,124
3,663
17.1
17.6
104.5
123.8
27.9
23.6
8.7
7.0
34.4
32.8
3.5
2.9
Godrej Consumer
Neutral
662
22,536
6,097
7,233
18.4
18.6
21.9
26.5
30.3
25.0
6.7
5.6
25.5
25.4
3.8
3.2
HUL
Neutral
521
112,634
25,350
28,974
13.9
13.9
14.3
16.5
36.6
31.6
21.8
16.7
70.9
59.8
4.2
3.6
ITC
Neutral
265
208,157
29,513
33,885
35.4
35.8
9.3
10.8
28.6
24.6
9.5
7.9
35.6
35.0
6.7
5.8
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
195
12,539
4,840
5,643
13.1
13.1
6.8
8.5
28.7
23.0
7.9
6.0
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,717
45,484
8,610
10,174
20.9
21.2
114.8
139.8
41.1
33.7
24.8
17.3
71.2
60.3
5.3
4.4
Tata Global
Accumulate
128
136
7,943
7,207
7,927
9.7
10.0
6.6
7.9
19.4
16.4
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech
Neutral
559
38,766
24,400
27,049
18.6
17.5
41.1
45.0
13.6
12.4
3.1
2.6
22.7
21.1
1.5
1.3
Hexaware
Accumulate
120
133
3,561
1,947
2,161
22.0
21.4
11.4
12.1
10.6
9.9
2.7
2.3
26.4
24.0
1.6
1.4
Infosys
Neutral
2,411
138,421
39,151
41,743
31.6
31.9
161.9
174.5
14.9
13.8
3.5
3.1
23.8
22.1
3.0
2.7
Infotech Enterprises
Neutral
179
1,994
1,889
2,065
18.0
17.5
18.0
19.7
9.9
9.1
1.4
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
123
2,192
2,149
2,331
15.6
14.8
10.7
11.2
11.5
10.9
2.4
2.0
20.6
17.8
1.1
0.9
Mahindra Satyam
Neutral
99
11,692
7,574
8,062
19.6
18.4
9.5
9.7
10.5
10.3
1.7
1.5
16.1
14.1
1.2
1.0
Mindtree
Neutral
675
2,755
2,341
2,513
18.6
17.1
66.5
70.8
10.2
9.5
2.2
1.8
22.3
19.3
1.0
0.9
Mphasis
Neutral
373
7,828
5,704
6,009
18.6
17.7
36.0
37.1
10.4
10.1
1.5
1.3
14.0
12.6
0.9
0.8
NIIT
Buy
33
40
537
1,162
1,304
14.8
15.1
7.1
8.8
4.6
3.7
0.8
0.7
16.7
18.4
0.3
0.2
Persistent
Accumulate
379
398
1,516
1,193
1,278
25.6
24.3
42.6
44.3
8.9
8.6
1.5
1.3
17.2
15.5
0.9
0.8
TCS
Neutral
1,319
258,187
61,046
67,507
29.3
29.1
67.3
72.4
19.6
18.2
6.2
5.2
31.9
28.3
4.0
3.6
Tech Mahindra
Neutral
876
11,175
6,148
6,434
18.4
17.6
91.8
97.6
9.5
9.0
2.2
1.8
23.4
20.2
1.8
1.6
Wipro
Buy
361
420
88,885
43,492
48,332
19.4
19.3
25.1
28.0
14.4
12.9
2.7
2.3
18.6
18.0
1.7
1.5
D B Corp
Buy
186
236
3,415
1,597
1,785
22.9
24.2
11.1
13.9
16.7
13.4
3.2
2.8
20.2
22.1
2.0
1.7
HT Media
Buy
91
113
2,138
2,111
2,263
15.2
15.2
7.3
8.1
12.4
11.2
1.3
1.2
11.2
11.2
0.6
0.4
Jagran Prakashan
Buy
92
112
2,919
1,506
1,687
22.5
23.2
6.2
7.0
14.9
13.2
3.6
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
183
476
625
732
17.4
17.1
13.3
15.6
13.8
11.7
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
295
11,610
1,981
2,239
77.0
76.7
18.6
21.3
15.9
13.8
4.0
3.5
27.1
27.5
5.4
4.6
Bhushan Steel
Neutral
465
9,873
11,979
14,584
31.6
31.0
49.2
61.4
9.5
7.6
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Accumulate
364
385
230,074
69,808
75,550
27.4
27.4
26.0
28.3
14.0
12.9
4.1
3.3
32.5
28.1
2.4
2.0
Electrosteel Castings
Buy
19
23
647
1,984
2,074
11.2
12.6
2.5
2.9
7.6
6.5
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
130
144
54,718
12,446
13,538
52.3
52.9
14.3
15.5
9.1
8.3
1.7
1.5
20.5
18.9
2.6
2.0
Hindalco
Neutral
110
21,070
84,855
92,446
8.7
9.3
13.2
16.2
8.3
6.8
0.6
0.6
7.8
8.9
0.6
0.6
JSW Steel
Neutral
721
16,085
38,740
41,459
17.3
17.0
79.9
89.4
9.0
8.1
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
243
271
4,075
918
993
50.7
50.9
24.5
26.1
9.9
9.3
1.5
1.4
16.0
15.5
2.1
1.8
Monnet Ispat
Buy
293
379
1,884
2,511
3,303
23.8
26.0
46.3
57.3
6.3
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Buy
52
48
13,299
7,401
7,841
16.7
19.2
3.4
4.1
15.1
12.6
1.1
1.0
7.4
8.4
1.3
1.3
187
214
74,061
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.0
2.4
1.9
29.6
26.5
3.8
3.2
SAIL
Sesa Goa
Neutral
84
34,634
47,252
60,351
14.2
14.8
9.6
11.7
8.8
7.2
0.8
0.7
9.4
10.6
1.2
1.0
Neutral
187
16,291
7,704
8,034
33.6
34.6
42.0
43.1
4.5
4.4
0.9
0.8
22.3
19.2
0.4
0.1
Sterlite Inds
Neutral
110
37,017
41,680
45,382
24.2
23.2
16.3
16.9
6.8
6.5
0.7
0.7
11.3
10.7
0.6
0.4
Tata Steel
Buy
386
481
37,440 145,799 150,431
10.3
11.2
48.6
63.3
7.9
6.1
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
125
148
449
1,251
1,321
22.7
23.4
33.0
37.1
3.8
3.4
0.5
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
56
73
757
2,694
2,906
14.6
16.6
17.9
22.6
3.2
2.5
0.3
0.3
11.4
12.8
0.5
0.4
Buy
120
161
379
2,341
2,425
15.6
17.3
33.8
43.8
3.5
2.7
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
345
380
65,912
16,605
17,258
75.4
71.7
57.0
54.9
6.1
6.3
1.1
0.9
20.2
16.3
3.0
2.3
GAIL
Neutral
365
46,306
50,176
55,815
15.5
15.8
35.4
36.5
10.3
10.0
1.8
1.6
18.9
17.0
0.1
ONGC
Accumulate
288
312
246,056 147,139 154,821
33.9
33.7
30.7
32.3
9.4
8.9
1.6
1.5
18.3
17.2
1.4
1.3
Reliance Industries
Neutral
787
257,838 362,700 380,031
Gujarat Gas
Neutral
299
Indraprastha Gas
Neutral
257
3,592
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
150
176
11,261
77
4,324
Alembic Pharma
Buy
69
91
Aurobindo Pharma
Buy
111
156
Aventis*
Neutral
2,115
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
67
92
613
Ipca labs
Buy
418
475
5,275
Lupin
Accumulate
573
647
25,626
Orchid Chemicals
Buy
113
178
798
Neutral
7.9
8.0
61.5
64.3
12.8
12.3
1.3
1.2
10.3
9.9
0.7
0.6
3,267
16.1
11.5
21.2
19.2
14.1
15.6
4.9
4.1
33.4
28.7
1.4
1.1
3,040
3,135
24.3
26.7
24.8
27.9
10.4
9.2
2.4
2.0
25.5
23.6
1.3
1.1
22,696
29,145
8.1
6.6
14.1
14.2
10.7
10.6
3.2
2.6
34.1
26.9
0.6
0.4
1,041
939
91.8
91.9
8.5
7.4
9.1
10.4
1.5
1.4
18.1
14.0
5.1
5.7
1,295
1,624
1,855
14.2
15.6
6.6
9.1
10.4
7.6
2.5
2.0
27.9
29.2
1.0
0.8
3,236
5,243
5,767
14.6
14.6
11.8
12.6
9.4
8.8
1.0
0.4
17.9
16.4
1.1
1.0
4,872
1,482
1,682
15.5
15.5
95.0
104.0
22.3
20.3
4.0
3.1
18.6
17.0
3.2
2.7
884
953
18,104
6,148
7,386
18.6
19.6
36.0
46.1
24.6
19.2
5.8
4.6
25.8
26.8
3.1
2.6
368
399
29,560
8,031
9,130
23.4
22.4
18.4
20.0
20.0
18.4
3.3
2.9
17.8
16.6
3.4
3.0
1,672
28,381
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.5
22.4
21.0
3.0
2.6
101
815
1,280
1,536
17.8
17.8
9.2
11.3
11.0
8.9
0.8
0.8
7.7
8.5
1.3
1.0
2,089
17,694
2,651
2,993
31.7
31.2
76.0
82.4
27.5
25.4
7.9
7.1
20.1
26.3
5.9
5.1
685
837
15.2
15.2
7.4
8.9
9.0
7.5
1.4
1.2
16.4
17.0
1.1
0.9
2,850
3,474
20.7
20.7
29.2
36.6
14.3
11.4
3.4
2.7
26.1
26.1
2.0
1.6
8,426
10,082
19.7
20.0
27.4
32.4
20.9
17.7
5.1
4.1
26.0
24.7
3.1
2.6
2,117
2,434
17.7
17.7
16.7
22.2
6.8
5.1
0.6
0.6
9.5
11.5
1.1
0.9
3,835
2,472
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Pharmaceuticals
Ranbaxy*
Neutral
554
23,406
12,046
11,980
18.0
15.8
35.7
29.8
15.5
18.6
6.0
4.9
39.1
28.9
2.0
1.9
Sun Pharma
Neutral
670
69,261
9,752
12,134
41.6
41.6
26.0
28.2
25.8
23.8
4.8
4.1
20.3
18.8
6.3
4.9
CESC
Accumulate
314
342
3,919
5,218
5,644
24.2
23.8
44.6
47.6
7.0
6.6
0.7
0.7
11.0
10.6
1.1
1.1
GIPCL
Accumulate
NTPC
Neutral
Power
69
77
1,038
1,557
1,573
29.3
28.7
10.8
11.0
6.4
6.2
0.7
0.6
10.8
10.2
1.1
1.0
169
139,266
74,111
85,789
23.2
23.6
12.4
14.0
13.7
12.0
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
47
78
1,396
657
875
52.0
56.1
8.4
12.7
5.6
3.7
0.3
0.3
6.3
8.9
3.3
2.5
201
34,157
9,878
12,033
44.7
46.1
9.6
13.4
21.0
15.0
1.3
1.3
6.4
8.7
6.1
HDIL
Buy
5.0
73
115
3,044
2,441
3,344
55.1
48.2
22.7
26.6
3.2
2.7
0.3
0.2
8.8
9.4
3.1
MLIFE
2.4
Accumulate
346
396
1,411
813
901
26.2
26.6
32.0
37.1
10.8
9.3
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
249
94,596
79,542
87,535
30.9
32.2
10.3
15.0
24.2
16.6
1.8
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
75
24,808
22,988
25,333
26.4
26.9
3.5
4.9
21.6
15.3
1.7
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
52
10,764
21,553
22,494
31.0
30.7
3.5
4.5
15.0
11.7
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,581
3,360
1,602
1,833
10.4
11.8
54.7
71.7
28.9
22.1
5.5
4.6
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
177
234
1,759
3,569
4,172
8.1
8.8
16.3
21.3
10.8
8.3
2.2
1.9
21.7
24.6
0.5
0.4
Cera Sanitaryware
Neutral
294
372
396
470
16.7
16.5
28.0
33.2
10.5
8.9
2.2
1.8
23.8
23.1
1.2
1.0
Cravatex
Buy
442
785
114
302
364
5.7
6.0
49.0
71.0
9.0
6.2
2.7
1.9
29.8
30.7
0.5
0.4
CRISIL
Neutral
899
6,308
982
1,136
34.3
34.3
34.3
40.0
26.2
22.5
11.9
9.5
50.9
46.9
6.1
5.1
Finolex Cables
Buy
37
61
564
2,334
2,687
8.8
9.3
7.6
10.2
4.8
3.6
0.6
0.5
13.7
16.1
0.2
0.1
Force Motors
Buy
439
591
573
2,214
2,765
4.5
5.4
39.5
73.9
11.1
6.0
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Accumulate
334
370
771
1,543
1,646
8.1
9.2
32.3
39.4
10.3
8.5
2.1
1.8
21.7
22.4
0.3
0.2
Graphite India
Buy
79
113
1,547
2,158
2,406
18.1
18.9
12.4
14.0
6.4
5.6
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
187
309
452
1,925
2,235
10.6
10.9
29.6
44.1
6.3
4.3
1.0
0.8
16.8
21.0
0.5
0.4
HEG
Accumulate
204
229
814
1,586
1,685
17.9
18.1
16.1
25.7
12.7
7.9
0.9
0.9
7.5
11.6
1.2
1.1
Hitachi
Accumulate
113
130
260
868
977
3.9
6.6
2.7
10.9
41.2
10.4
1.5
1.3
3.7
13.6
0.4
0.3
Honeywell Automation
Accumulate
2,461
2,842
2,175
1,847
2,162
4.3
7.3
61.0
120.0
40.3
20.5
3.2
2.8
9.3
16.3
1.1
0.9
INEOS ABS India
Accumulate
670
744
1,178
1,056
1,081
8.1
10.6
33.8
46.5
19.8
14.4
2.7
2.3
14.7
17.5
1.0
0.9
ITD Cementation
Neutral
230
265
1,451
1,669
12.3
12.4
32.4
41.5
7.1
5.5
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Reduce
154
145
2,489
1,248
1,468
9.8
10.4
5.9
7.2
26.0
21.5
3.7
3.4
15.0
16.6
2.4
2.0
MCX
Buy
1,125
1,440
5,738
553
624
65.3
66.3
62.5
72.0
18.0
15.6
5.0
4.3
27.5
27.4
7.7
6.3
Telecom
zOthers
Market Outlook
August 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
10,643
12,884
4,514
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.3
7.4
3,095
3,452
887
1,108
18.3
18.6
95.0
120.9
32.6
25.6
FY14E
FY13E
PER(x)
FY14E
FY13E
P/BV(x)
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
1.6
1.3
21.3
19.4
0.5
0.5
17.0
13.8
57.4
59.5
3.8
3.0
zOthers
MRF
Buy
Page Industries
Neutral
Relaxo Footwears
Accumulate
594
684
713
1,019
1,208
12.3
13.0
51.0
68.4
11.7
8.7
3.1
2.3
30.3
30.2
0.9
0.7
Sintex Industries
Buy
57
79
1,546
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
290
392
272
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.7
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
19
38
578
7,279
8,290
20.5
20.5
13.4
16.3
1.5
1.2
0.2
0.2
12.3
13.1
0.7
0.6
SpiceJet
Buy
32
43
1,555
5,720
6,599
5.3
6.8
3.6
5.4
8.9
6.0
12.9
4.1
0.4
0.4
TAJ GVK
Buy
63
108
396
300
319
35.8
36.2
7.9
9.1
8.0
6.9
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
305
424
470
787
837
16.2
17.5
58.5
66.9
5.2
4.6
0.7
0.7
14.9
15.1
0.2
0.1
TVS Srichakra
Accumulate
323
335
247
1,476
1,643
7.1
8.2
24.7
42.8
13.1
7.6
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
934
12,212
10,289
11,421
13.5
14.3
31.0
42.9
30.1
21.8
2.3
2.1
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
352
713
560
611
16.1
17.0
24.7
28.8
14.2
12.2
2.1
1.9
15.8
16.2
1.2
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 27, 2012
Market Outlook
August 28, 2012

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Market Outlook

August 28, 2012

(0.6) (104.4) 17,679

The US stocks ended Mondays session on a mixed note as investors remained

(1.8) (215.4) 11,657

(1.4) (145.3) 10,277

OIL & GAS

The trading on Tuesday could be impacted by the release of reports on US home

Supreme Court extends 2G auction deadline till January 11, 2013

FII Derivatives (August 27, 2012)

Net Inflows (August 25, 2012)

Refer detailed news analysis on the following page

Supreme Court extends 2G auction deadline till January 11,

L&T bags orders worth `2,051cr

L&T to divest Plastics Machinery Business

At the current market price of `1,398, the stock is trading at a PE of 14.0x

Alembic Pharmaceuticals- Update

Economic and Political News

Deficit monsoon may pose downside risk to growth outlook

Lupin awaits USFDA nod for more drugs launches

Global economic events release calendar

Initial Jobless claims

Aug 31 2012 12:00AM India

Qtrly GDP YoY%

Sep 1 2012 12:00AM

Sep 3 2012 12:00AM

Aug 28 2012 12:00AM US

Aug 29 2012 12:00AM US

GDP Qoq (Annualised)

Aug 30 2012 12:00AM US

Sep 5 2012 12:00AM

Sep 6 2012 12:00AM

Euro-Zone GDP s.a. (QoQ)

BOE Announces rates

ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Industrial Production (YoY)

Sep 7 2012 12:00AM

Sep 9 2012 12:00AM

Consumer Price Index (YoY)

Sep 10 2012 12:00AM China

Sep 12 2012 12:00AM UK

Jobless claims change

Industrial Production YoY

Producer Price Index (mom)

FOMC rate decision

Euro-Zone CPI (YoY)

Consumer price index (mom)

Sep 17 2012 12:00AM India

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Sep 18 2012 12:00AM UK

Sep 19 2012 12:00AM US

Existing home sales

Sep 26 2012 12:00AM US