Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 10, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open flat to positive tracking mixed opening in
the Asian markets which are trading mildly higher after a bleak U.S. jobs report as
it sparked hopes of more policy action from the Federal Reserve.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.4
65.9 17,750
Nifty
0.3
16.6
5,359
MID CAP
0.5
31.3
6,143
SMALL CAP
0.6
40.5
6,496
The US markets closed modestly higher on Friday as lackluster August jobs data
fueled speculation that the Federal Reserve may start another round of monetary
stimulus. The Labor Departments report showed that employment increased by
96,000 jobs in August (expected 125,000) following a downwardly revised
increase of 141,000 jobs in July. Despite the weaker than expected job growth, the
unemployment rate dropped to 8.1% in August from 8.3% in July because the
overall workforce shrank by a notable 368,000 people. Central-bank strategies
will be the dominating forces driving US stocks this week, with European policy
makers looking for a high-court ruling on euro-zone bailout programs, and
investors watching for word from the Federal Reserve about another round of
stimulus.
BSE HC
1.2
91.8
7,642
BSE PSU
0.3
20.5
7,034
BANKEX
0.3
34.9 11,646
AUTO
0.5
47.4
9,540
METAL
1.0
94.6
9,837
OIL & GAS
0.4
36.8
8,376
BSE IT
0.3
14.9
5,983
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
0.1
NASDAQ
0.0
0.6
3,136
FTSE
0.3
17.5
5,795
Meanwhile the Indian markets rallied on Friday after the ECB unveiled a bondbuying plan to help lower struggling euro zone countries' borrowing costs. Markets
shed some of the gains before the close of the day.
Nikkei
2.2
191.1
8,872
Hang Seng
3.1
592.9 19,802
Straits Times
0.8
22.4
3,012
Markets Today
Shanghai Com
3.7
75.8
2,128
Chg (%)
(Pts)
(Close)
INFY
2.3
1.0
$45.7
WIT
1.8
0.1
$8.4
IBN
3.0
1.0
$34.4
HDB
1.3
0.4
$35.0
The trend deciding level for the day is 17,739 / 5,356 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,784 17,818 / 5,369 5,379 levels. However, if NIFTY trades below
17,739 / 5,356 levels for the first half-an-hour of trade then it may correct up to
17,705 17,661 / 5,346 5,333 levels.
Indices
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,661
17,705
17,739
17,784
17,818
5,333
5,346
5,356
5,369
5,379
News Analysis
Indian ADRs
Advances / Declines
Advances
14.6 13,307
BSE
NSE
1,559
872
Telecom user base dips for first time, drops by over 20mn
TCS gets `103cr West Bengal contract
Bosch to temporarily suspend production at its plants
Declines
692
446
Unchanged
101
70
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (September 6, 2012)

` cr
Purch
Sales
FII
1,771
352
MFs
Net
MTD
YTD
1,634
137
3,183
60,332
556
(203)
(642)
(9,407)
FII Derivatives (September 7, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,046
1,394
652
10,219
Stock Futures
1,600
925
675
24,688
Gainers / Losers
Gainers
Company
Price (`)
Losers
chg (%)
Company
Aurobindo Pharma
130
5.2
Adani Power
Bharat Forge
294
2.8
Oracle Fin
Cipla
391
2.7
53
351
National Alumunium
Gitanjali Gems
www.angelbroking.com
Price (`)
chg (%)
41
(2.4)
2,960
(1.2)
BHEL
203
(1.2)
2.6
Thermax
490
(0.8)
2.6
Jaiprakash Asso
67
(0.7)
BSE
1,850
NSE
1,048
Market Outlook
September 10, 2012
Telecom user base dips for first time, drops by over 20mn
Telecom subscriber base fell to 944.8mn in July 2012 from 965.5mn in June
2012, the first ever decline in the country. The subscriber base report for the
month of July released by Telecom Regulatory Authority of India (TRAI) shows that
overall telecom user base of the country dropped by 20.7mn subscribers over
June. The decline in total subscriber base for the first time was led by the wireless
segment where users declined by 20.6mn.
The biggest loss in user base came from Reliance Communications (R Com) that
lost 20.5mn users, followed by Tata Teleservices, Uninor, Videocon, Loop and
MTNL. The drop in R Coms subscriber base was due to removal of inactive
customers from its user base as the company decided to deactivate the inactive
prepaid subscribers who have not had any usage in the last 60 days. Tata
Teleservices lost over 2.4mn wireless customers, Uninor lost over 1mn subscribers,
Videocon 0.4mn, and Loop Mobile and MTNL each lost ~0.15mn subscribers in
July. Bharti Airtel, however, led the growth in mobile subscribers in July by adding
1.5mn new customers, taking its total subscriber base to over 188mn. Vodafone
added 1.2mn users, taking its total subscriber base to over 154mn. Idea Cellular,
Aircel, BSNL and HFCL added 0.45mn, 0.28mn, 0.47mn and 23,000 new users,
respectively in July.
The subscriber addition in Bharti Airtel was along the expected lines while addition
in Idea Cellular as well as R Com disappointed. Companies in the telecom sector
remain surrounded by regulatory issues which are yet to resolve. We maintain our
Neutral view on the telecom sector.
TCS gets `103cr West Bengal contract

TCS has signed a `103cr end to end information and communication technology
solutions contract with the West Bengal government. The contract will help in
implementing the Mahatma Gandhi national rural employment guarantee scheme
(MGNREGS) in the state. The TCS MGNREGS solution will enable backward and
forward integration of the process that includes enrollment, biometric-based
authentication, secure wage disbursement, worksite attendance management and
on-line facilities into the system. It will also provide a comprehensive management
information system to ensure effective monitoring and deployment. TCS will
provide a five year support to the system after implementation. It will offer
extensive experience in e-governance and a framework for the scheme. We
maintain our Neutral rating on the stock owing to recent run-up in the stock price.
Bosch to temporarily suspend production at its plants

In a view to avoid unnecessary buildup of inventory at its plants and align the
production as per the market demand, Bosch (BOS) has announced that it will
suspend the manufacturing operations at the Bangalore (partially for five days)
and Jaipur plant (fully for four days) in September. BOS has started adjusting
production at its plants in Bangalore, Nashik and Jaipur to varying degrees since
June 2012 due to economic downturn and declining demand in the medium and
heavy commercial vehicle (MHCV) and tractors segments. The domestic
automobile industry remains the primary driver of companys revenue and weak
domestic demand on account of sluggish economic growth, increasing fuel prices
Market Outlook
September 10, 2012
and weak consumer sentiments has affected BOSs operating performance. At the
CMP of `8,443, the stock is trading at 19.4x CY2013E earnings. We maintain our
Neutral rating on the stock.
Economic and Political News
Government to place views on coal blocks by September 14

BSP demands special session of Parliament for quota bill
2G case: Raja to cross examine A K Srivastava tomorrow
Corporate News
Aurobindo Pharma gets US nod for anti-hypertension pills

Cipla hits new high on winning patent case over Tarvea
Directors working on details to list tower biz: Bharti Airtel
Have begun production from coal blocks: R-Power
Hershey to buy out Indian JV partner Godrej
ONGC buys Hess stake in Azeri field for US$1bn
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 10, 2012
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
September 10, 2012
China
Exports YoY%
% Change
Aug
1.00
2.90
September 12, 2012
UK
Jobless claims change
% Change
Aug
(5.90)
--
India
Industrial Production YoY
% Change
Jul
(1.80)
0.50
US
Initial Jobless claims
Thousands
Sep 8
365.00
370.00
US
Producer Price Index (mom)
% Change
Aug
0.30
1.20
US
FOMC rate decision
Sep 13
0.25
0.25
Euro Zone
Aug
2.40
2.60
% Change
Aug
6.87
7.00
US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Aug
0.65
--
US
Consumer price index (mom)
% Change
Aug
--
0.60
India
RBI Repo rate
Sep 17
8.00
--
India
RBI Cash Reserve ratio
Sep 17
4.75
--
September 13, 2012
September 14, 2012
India
September 17, 2012
India
RBI Reverse Repo rate
September 18, 2012
UK
CPI (YoY)
Sep 17
7.00
--
% Change
Aug
2.60
--
September 19, 2012
US
Existing home sales
Millions
Aug
4.47
4.55
US
Housing Starts
Thousands
Aug
746.00
768.00
US
Building permits
Thousands
Aug
811.00
800.00
Germany
Value
Sep A
48.30
--
Value
Sep A
(24.60)
--
Germany
PMI Services
Euro-Zone Consumer
Confidence
PMI Manufacturing
Sep A
44.70
--
September 25, 2012
US
Consumer Confidence
Sep
60.60
--
September 26, 2012
US
New home sales
Value
S.A./
1985=100
Thousands
Aug
372.00
--
September 27, 2012
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
--
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
India
Imports YoY%
% Change
Aug
(7.60)
--
India
Exports YoY%
% Change
Aug
(14.80)
--
UK
PMI Manufacturing
Value
Sep
49.50
--
China
PMI Manufacturing
UK
BOE Announces rates
Euro Zone
ECB announces interest rates
September 20, 2012
Euro Zone
October 01, 2012
October 04, 2012
Source: Bloomberg, Angel Research
Value
Sep
49.20
--
% Ratio
Oct 4
0.50
0.50
Oct 4
0.75
--
Market Strategy
September 10, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.5
8.0
6.0
6.0
8.0
7.6
7.0
5.3 5.5
5.0
1.0
2.0
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
10.0
9.9
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
Dec-11
(5.0)
60.0
9.8
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
(%)
12.0
Nov-11
Oct-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Source: MOSPI, Angel Research
Aug-12
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

(%)
Aug-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
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
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
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Aug-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
(15.0)
Sep-11
Jul-11
(2.0)
Source: CSO, Angel Research
Aug-11
3.5
3.0
10.0
2.5
2.7
2.5
Sep-11
4.0
3.4
6.1
5.7
6.0
4.3
3.7
4.0
6.7
Market Outlook
September 10, 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
137
2,667
1,466
1,686
14.8
14.8
7.0
8.1
19.6
16.9
4.2
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
121
170
5,573
8,421
9,263
16.5
16.5
15.0
17.0
8.1
7.1
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
389
402
3,320
2,844
3,225
15.4
15.5
31.7
36.6
12.3
10.6
3.2
2.5
28.8
26.2
1.1
0.9
Apollo Tyres
Accumulate
95
99
4,763
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
5,654
14,920
16,850
9.0
9.3
2.2
2.8
9.8
7.7
1.8
1.6
13.3
15.6
0.5
0.4
Automotive Axle
Buy
344
430
520
993
1,140
11.6
11.5
36.9
43.0
9.3
8.0
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,684
48,728
21,285
23,927
18.2
18.3
108.5
121.3
15.5
13.9
6.4
5.2
46.1
41.3
1.9
1.6
Bharat Forge
Buy
294
351
6,852
7,004
7,985
16.2
16.4
20.3
25.1
14.5
11.8
2.7
2.3
20.0
20.9
1.1
0.9
Bosch India
Neutral
8,443
26,510
9,034
10,286
17.8
18.3
373.6
435.8
22.6
19.4
4.6
3.8
20.5
19.8
2.6
2.2
CEAT
Buy
117
164
402
4,989
5,634
8.7
8.5
32.7
41.1
3.6
2.9
0.5
0.5
15.8
16.9
0.3
0.2
Exide Industries
Neutral
144
12,215
5,899
6,771
16.0
17.0
7.4
9.1
19.5
15.7
3.5
3.0
19.0
20.2
1.7
1.4
FAG Bearings
Neutral
1,570
2,609
1,505
1,747
17.7
18.0
111.5
130.0
14.1
12.1
2.9
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,802
2,428
35,991
26,097
29,963
15.0
15.3
139.5
151.8
12.9
11.9
6.1
4.6
54.6
44.3
1.1
0.9
JK Tyre
Buy
114
135
469
7,517
8,329
6.1
6.3
26.2
38.5
4.4
3.0
0.6
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
765
879
46,976
36,536
41,650
11.6
11.5
49.3
54.9
15.5
13.9
3.2
2.7
22.1
21.1
1.0
0.9
1,210
34,947
41,796
47,953
7.6
8.4
67.1
87.6
18.0
13.8
2.1
1.8
12.1
14.1
0.6
0.5
Buy
200
228
7,836
24,173
27,055
6.6
7.1
11.7
15.2
17.1
13.1
3.5
2.9
22.4
24.2
0.5
0.4
Subros
Buy
27
34
161
1,230
1,378
8.8
8.6
4.5
5.7
6.0
4.7
0.6
0.5
9.8
11.8
0.4
0.3
Tata Motors
Buy
246
292
65,482 195,096 219,428
12.8
12.8
39.0
43.9
6.3
5.6
1.8
1.4
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
38
43
1,793
7,545
8,301
6.2
6.1
4.9
5.4
7.7
7.0
1.4
1.2
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Capital Goods
ABB*
Sell
732
498
15,502
8,760
10,023
5.5
7.5
12.4
20.7
58.9
35.3
5.6
5.0
10.1
15.2
1.7
1.5
BGR Energy
Neutral
259
1,872
3,669
4,561
11.0
11.0
24.7
29.6
10.5
8.8
1.6
1.4
15.3
16.7
0.5
BHEL
Neutral
203
49,564
47,801
43,757
19.4
19.8
25.7
23.9
7.9
8.5
1.7
1.5
22.7
18.3
1.0
0.8
Blue Star
Neutral
173
1,556
3,047
3,328
5.4
6.9
12.5
16.2
13.9
10.7
3.3
2.7
26.1
28.2
0.6
0.5
Crompton Greaves
Buy
111
128
7,095
12,691
14,096
7.0
8.5
6.5
9.1
17.0
12.1
1.8
1.6
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
37
59
307
2,622
2,801
10.3
10.7
8.7
13.1
4.3
2.9
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
55
69
1,414
6,858
7,431
7.5
8.3
9.0
11.5
6.1
4.8
1.1
0.9
26.9
27.2
0.3
0.3
LMW
Neutral
2,055
2,314
2,369
2,727
11.7
11.7
143.4
166.0
14.3
12.4
2.4
2.2
17.4
18.4
0.5
0.3
Thermax
Neutral
492
5,858
5,514
5,559
8.9
9.6
26.9
28.4
18.3
17.3
3.2
2.8
18.4
17.1
1.0
1.0
Market Outlook
September 10, 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
1,341
25,176
11,220
12,896
20.0
20.6
71.1
81.2
18.9
16.5
3.3
3.0
18.1
19.0
1.9
1.6
Ambuja Cements
Neutral
190
29,219
10,205
11,659
24.6
24.2
10.8
12.0
17.5
15.8
3.7
3.3
19.7
19.8
2.5
2.0
India Cements
Neutral
84
2,573
4,393
4,914
19.3
19.5
10.1
12.7
8.3
6.6
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
95
1,159
1,964
2,278
19.5
20.4
16.3
17.9
5.8
5.3
0.8
0.7
14.7
14.6
0.7
1.1
Madras Cements
Neutral
184
4,379
3,608
3,928
27.4
26.9
15.6
18.1
11.8
10.2
1.9
1.6
16.8
16.9
1.8
1.6
Shree Cements
Neutral
3,425
11,931
5,767
6,337
28.4
26.9
216.9
253.3
15.8
13.5
3.5
2.9
24.7
23.4
1.5
1.1
UltraTech Cement
Neutral
1,739
47,666
20,167
22,752
21.7
23.0
90.8
107.8
19.2
16.1
3.2
2.8
17.9
18.3
2.2
2.0
259
304
1,366
2,029
2,310
22.4
22.4
27.1
31.7
9.6
8.2
1.2
1.0
13.1
13.4
1.9
2.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
257
2,262
2,522
6.7
7.5
1.5
2.7
9.4
5.2
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
16
971
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.1)
(16.6)
0.9
1.0
(11.4)
(5.6)
1.1
1.1
IRB Infra
Buy
129
166
4,276
3,964
4,582
42.3
40.2
15.5
16.9
8.3
7.6
1.3
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
162
232
3,140
6,840
7,767
26.4
26.1
24.4
28.4
6.6
5.7
1.0
0.9
16.0
16.2
2.6
2.8
IVRCL Infra
Buy
39
51
1,206
5,510
6,722
8.8
9.0
2.5
4.6
15.5
8.6
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
67
91
14,343
15,259
17,502
25.7
24.7
4.2
5.0
15.9
13.5
1.3
1.2
8.5
9.3
2.2
2.0
Larsen & Toubro
Buy
1,372
1,568
84,215
60,474
69,091
12.1
11.5
79.7
85.4
17.2
16.1
2.9
2.6
16.3
15.1
1.5
1.3
Madhucon Proj
Buy
38
56
278
2,206
2,502
10.7
10.7
4.6
4.7
8.1
8.1
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
33
45
849
5,804
6,513
8.0
8.6
3.0
3.5
10.9
9.5
0.4
0.3
3.2
3.6
0.6
0.6
Patel Engg.
Neutral
67
468
3,609
3,836
13.1
13.1
14.0
14.6
4.8
4.6
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
46
1,541
11,892
13,116
8.9
8.9
1.7
3.1
27.4
15.0
0.5
0.5
1.9
3.4
0.5
0.5
Sadbhav Engg.
Buy
133
182
2,002
2,506
3,147
10.3
10.7
7.5
10.4
17.7
12.8
2.2
1.9
13.5
16.0
0.9
0.8
Simplex Infra
Buy
201
265
996
6,732
7,837
8.1
8.4
23.5
29.4
8.6
6.8
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
123
128
6,153
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
92
5,168
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
979
1,373
40,553
15,961
19,583
3.1
3.2
117.3
143.1
8.3
6.8
1.6
1.3
20.1
20.8
Bank of Baroda
Buy
633
829
24,777
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
261
323
14,993
13,159
15,851
2.4
2.5
61.1
71.1
4.3
3.7
0.7
0.6
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
44
2,603
3,471
3,889
3.1
3.1
9.0
11.5
4.9
3.9
0.6
0.6
13.7
15.5
323
421
14,304
11,334
13,629
2.2
2.3
75.4
85.1
4.3
3.8
0.7
0.6
15.2
15.3
64
4,730
7,181
8,365
2.5
2.7
16.3
21.8
3.9
3.0
0.7
0.6
12.7
15.1
Market Outlook
September 10, 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
374
436
5,541
5,067
5,998
2.1
2.3
105.6
111.0
3.5
3.4
0.6
0.5
17.6
16.3
Dena Bank
Buy
89
107
3,098
3,177
3,595
2.8
2.8
25.2
25.4
3.5
3.5
0.6
0.5
18.9
16.4
Federal Bank
Accumulate
406
458
6,941
2,697
3,171
3.4
3.4
47.9
58.0
8.5
7.0
1.1
1.0
13.6
14.7
HDFC
Neutral
731
112,253
7,340
8,805
3.5
3.5
31.5
37.8
23.2
19.3
4.6
4.1
34.8
32.2
HDFC Bank
Neutral
591
139,553
21,936
27,454
4.4
4.4
28.7
36.0
20.6
16.4
4.0
3.3
20.7
22.0
ICICI Bank
Buy
941
1,169
108,158
22,356
27,157
2.9
3.0
68.7
82.0
13.7
11.5
1.7
1.5
14.2
15.5
IDBI Bank
Buy
88
101
11,288
7,952
9,876
1.9
2.2
18.5
23.6
4.8
3.7
0.6
0.6
12.8
14.7
Indian Bank
Buy
163
190
7,022
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
Buy
68
80
5,412
7,473
8,732
2.5
2.5
16.7
22.6
4.1
3.0
0.5
0.4
11.8
14.4
J & K Bank
Accumulate
899
1,026
4,356
2,625
2,921
3.6
3.5
194.4
191.9
4.6
4.7
0.9
0.8
21.2
18.0
LIC Housing Finance
Buy
247
279
12,463
1,867
2,338
2.4
2.4
21.1
28.5
11.7
8.7
1.9
1.6
17.5
20.4
Oriental Bank
Buy
230
278
6,699
6,518
7,458
2.8
2.9
61.3
65.1
3.8
3.5
0.6
0.5
15.2
14.3
Punjab Natl.Bank
Buy
685
950
23,241
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
25
2,475
1,514
1,717
2.8
2.7
4.0
4.2
5.5
5.2
1.1
0.9
20.5
18.5
St Bk of India
Buy
1,895
2,270
127,193
64,470
75,940
3.5
3.5
224.4
258.7
8.5
7.3
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
95
119
5,731
6,840
7,996
2.9
3.0
25.7
29.2
3.7
3.3
0.6
0.5
17.9
17.8
UCO Bank
Neutral
66
4,357
5,488
6,338
2.4
2.5
17.3
17.7
3.8
3.7
0.7
0.7
17.0
15.3
Union Bank
Buy
159
230
8,770
10,299
12,227
2.9
3.0
42.1
49.3
3.8
3.2
0.7
0.6
16.7
17.1
United Bank
Buy
53
79
1,926
3,634
4,194
2.8
2.9
18.2
23.0
2.9
2.3
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
48
2,376
2,579
3,028
2.1
2.3
8.8
11.6
5.4
4.2
0.6
0.6
11.1
13.3
Yes Bank
Buy
337
453
11,981
3,255
4,228
2.8
3.0
34.2
42.7
9.9
7.9
2.1
1.7
23.3
23.8
3,767
36,132
11,198
13,184
16.3
16.3
121.0
144.8
31.1
26.0
10.4
8.2
37.4
35.3
3.1
2.6
497
584
5,942
5,835
6,824
5.7
6.0
20.7
25.4
24.0
19.6
9.5
7.3
43.1
41.9
1.0
0.8
1,231
16,738
3,018
3,429
20.9
22.3
34.6
41.0
35.6
30.0
32.8
24.9
99.5
94.1
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
129
22,527
6,124
7,030
17.0
16.8
4.5
5.2
28.9
25.0
11.9
9.5
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
2,956
12,430
3,124
3,663
17.1
17.6
104.5
123.8
28.3
23.9
8.8
7.1
34.4
32.8
3.6
3.0
Godrej Consumer
Neutral
663
22,576
6,097
7,233
18.4
18.6
21.9
26.5
30.3
25.1
6.7
5.6
25.5
25.4
4.0
3.3
HUL
Neutral
540
116,742
25,350
28,974
13.9
13.9
14.3
16.5
37.9
32.8
22.6
17.4
70.9
59.8
4.3
3.7
ITC
Neutral
263
206,685
29,513
33,885
35.4
35.8
9.3
10.8
28.4
24.4
9.4
7.8
35.6
35.0
6.6
5.7
Market Outlook
September 10, 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
207
13,323
4,840
5,643
13.1
13.1
6.8
8.5
30.5
24.5
8.4
6.4
31.4
29.7
2.7
2.3
Nestle*
Neutral
4,644
44,780
8,610
10,174
20.9
21.2
114.8
139.8
40.5
33.2
24.4
17.0
71.2
60.3
5.2
4.3
Tata Global
Neutral
137
8,450
7,207
7,927
9.7
10.0
6.6
7.9
20.6
17.4
2.1
2.0
8.6
9.5
1.1
1.0
HCL Tech
Neutral
574
39,842
24,400
27,049
18.6
17.5
41.1
45.0
14.0
12.8
3.1
2.7
22.7
21.1
1.6
1.4
Hexaware
Neutral
134
3,965
1,947
2,161
22.0
21.4
11.4
12.1
11.8
11.0
3.0
2.6
26.4
24.0
1.7
1.4
Infosys
Neutral
2,496
143,322
39,151
41,743
31.6
31.9
161.9
174.5
15.4
14.3
3.7
3.2
23.8
22.1
3.0
2.7
Infotech Enterprises
Neutral
186
2,073
1,889
2,065
18.0
17.5
18.0
19.7
10.3
9.5
1.5
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
137
2,438
2,149
2,331
15.6
14.8
10.7
11.2
12.7
12.2
2.7
2.2
20.6
17.8
1.1
0.9
Mahindra Satyam
Neutral
99
11,621
7,574
8,062
19.6
18.4
9.5
9.7
10.4
10.2
1.7
1.4
16.1
14.1
1.1
1.0
Mindtree
Neutral
721
2,943
2,341
2,513
18.6
17.1
66.5
70.8
10.8
10.2
2.4
1.9
22.3
19.3
1.0
0.9
Mphasis
Neutral
402
8,438
5,713
6,005
18.0
16.8
36.9
37.1
10.9
10.8
1.6
1.4
14.3
12.6
0.9
0.8
NIIT
Buy
30
40
495
1,162
1,304
14.8
15.1
7.1
8.8
4.2
3.4
0.7
0.6
16.7
18.4
0.3
0.2
Persistent
Neutral
393
1,574
1,193
1,278
25.6
24.3
42.6
44.3
9.2
8.9
1.6
1.4
17.2
15.5
1.0
0.8
TCS
Neutral
1,383
270,703
61,046
67,507
29.3
29.1
67.3
72.4
20.6
19.1
6.6
5.4
31.9
28.3
4.2
3.8
Tech Mahindra
Accumulate
853
900
10,886
6,553
7,331
18.1
17.1
92.5
100.7
9.2
8.5
2.2
1.8
23.6
20.7
1.7
1.4
Wipro
Accumulate
381
420
93,690
43,492
48,332
19.4
19.3
25.1
28.0
15.2
13.6
2.8
2.5
18.6
18.0
1.8
1.5
D B Corp
Buy
195
236
3,578
1,597
1,785
22.9
24.2
11.1
13.9
17.5
14.0
3.3
2.9
20.2
22.1
2.2
1.9
HT Media
Buy
88
113
2,062
2,111
2,263
15.2
15.2
7.3
8.1
12.0
10.8
1.3
1.2
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
90
112
2,853
1,506
1,687
22.5
23.2
6.2
7.0
14.5
12.9
3.5
3.1
25.0
25.7
2.1
1.9
PVR
Neutral
181
470
625
732
17.4
17.1
13.3
15.6
13.6
11.6
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
313
12,333
1,981
2,239
77.0
76.7
18.6
21.3
16.9
14.7
4.2
3.7
27.1
27.5
5.5
4.7
Bhushan Steel
Neutral
465
9,865
11,979
14,584
31.6
31.0
49.2
61.4
9.4
7.6
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Accumulate
360
385
227,610
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.8
4.0
3.3
32.5
28.1
2.3
2.0
Electrosteel Castings
Buy
18
23
623
1,984
2,074
11.2
12.6
2.5
2.9
7.3
6.3
0.3
0.1
5.1
5.7
0.5
0.4
Hind. Zinc
Accumulate
131
144
55,352
12,446
13,538
52.3
52.9
14.3
15.5
9.2
8.4
1.7
1.5
20.5
18.9
2.4
1.8
Hindalco
Neutral
107
20,457
84,855
92,446
8.7
9.3
13.2
16.2
8.1
6.6
0.6
0.6
7.8
8.9
0.6
0.5
JSW Steel
Neutral
679
15,151
38,740
41,459
17.3
17.0
79.9
89.4
8.5
7.6
0.8
0.8
10.4
10.6
0.8
0.8
MOIL
Accumulate
261
271
4,376
918
993
50.7
50.9
24.5
26.1
10.6
10.0
1.6
1.5
16.0
15.5
2.2
1.9
Monnet Ispat
Buy
293
379
1,883
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
September 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
53
13,543
188
214
74,398
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
7,401
7,841
16.7
19.2
12,934
14,266
79.4
80.1
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
3.4
4.1
15.4
12.8
1.1
1.1
21.1
23.4
8.9
8.0
2.4
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
7.4
8.4
1.3
1.2
29.6
26.5
3.8
3.1
Metals & Mining

Nalco
Neutral
NMDC
Buy
SAIL
Neutral
78
32,342
47,252
60,351
14.2
14.8
9.6
11.7
8.2
6.7
0.7
0.7
9.4
10.6
1.1
0.9
Sesa Goa
Buy
170
192
14,779
7,704
8,034
33.6
34.6
42.0
43.1
4.1
4.0
0.8
0.7
22.3
19.2
2.1
2.0
Sterlite Inds
Buy
98
115
33,035
41,680
45,382
24.2
23.2
16.3
16.9
6.1
5.8
0.7
0.6
11.3
10.7
0.7
0.7
Tata Steel
Buy
374
481
36,304 145,799 150,431
10.3
11.2
48.6
63.3
7.7
5.9
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
117
148
418
1,251
1,321
22.7
23.4
33.0
37.1
3.5
3.1
0.5
0.4
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
654
2,694
2,906
14.6
16.6
16.4
20.8
3.0
2.3
0.3
0.3
11.4
12.8
0.5
0.3
Buy
114
161
361
2,341
2,425
15.6
17.3
33.3
43.2
3.4
2.6
0.4
0.3
13.2
14.4
0.5
0.5
Cairn India
Accumulate
337
380
64,324
16,605
17,258
75.4
71.7
57.0
54.9
5.9
6.1
1.1
0.9
20.2
16.3
2.8
2.2
GAIL
Neutral
363
46,103
50,176
55,815
15.5
15.8
35.4
36.5
10.3
10.0
1.8
1.6
18.9
17.0
0.6
0.5
ONGC
Accumulate
277
312
236,559 147,139 154,821
33.9
33.7
30.7
32.3
9.0
8.6
1.6
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
795
260,474 362,700 380,031
7.9
8.0
61.5
64.3
12.9
12.4
1.3
1.2
10.3
9.9
0.7
0.6
Gujarat Gas
Neutral
296
3,864
11.5
11.3
19.2
22.1
15.5
13.4
4.1
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
241
3,379
3,040
3,135
24.3
26.7
24.8
27.9
9.7
8.7
2.3
1.9
25.5
23.6
1.1
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
158
176
11,843
29,145
33,736
6.6
6.6
14.2
16.0
11.1
9.9
2.7
2.2
26.9
24.4
0.4
0.4
76
4,254
1,041
939
91.8
91.9
8.5
7.4
8.9
10.2
1.5
1.4
18.1
14.0
4.9
5.4
Alembic Pharma
Buy
75
91
1,410
1,624
1,855
14.2
15.6
6.6
9.1
11.3
8.2
2.8
2.2
27.9
29.2
1.0
0.8
Aurobindo Pharma
Buy
128
156
3,722
5,243
5,767
14.6
14.6
11.8
12.6
10.8
10.2
1.4
1.2
17.9
16.4
1.1
1.0
Aventis*
Neutral
2,170
4,998
1,482
1,682
15.5
15.5
95.0
104.0
22.8
20.9
4.1
3.2
18.6
17.0
3.2
2.7
Cadila Healthcare
Accumulate
904
953
18,509
6,148
7,386
18.6
19.6
36.0
46.1
25.1
19.6
5.9
4.7
25.8
26.8
3.2
2.6
Cipla
Accumulate
391
399
31,374
8,031
9,130
23.4
22.4
18.4
20.0
21.2
19.5
3.5
3.0
17.8
16.6
3.5
3.0
Dr Reddy's
Neutral
1,734
29,432
10,696
11,662
20.7
21.0
83.7
92.9
20.7
18.7
4.3
3.6
22.4
21.0
2.9
2.6
Dishman Pharma
Neutral
105
851
1,280
1,536
17.8
17.8
9.2
11.3
11.5
9.3
0.9
0.8
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
2,108
17,852
2,651
2,993
31.7
31.2
76.0
82.4
27.7
25.6
8.0
7.1
20.1
26.3
5.9
5.1
Indoco Remedies
Buy
69
92
634
685
837
15.2
15.2
7.4
8.9
9.3
7.7
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
441
475
5,557
2,850
3,474
20.7
20.7
29.2
36.6
15.1
12.0
3.6
2.8
26.1
26.1
2.1
1.7
Lupin
Accumulate
617
647
27,583
8,426
10,082
19.7
20.0
27.4
32.4
22.5
19.1
5.5
4.4
26.0
24.7
3.3
2.7
Orchid Chemicals
Neutral
111
785
1,667
1,835
13.9
13.9
11.4
13.3
9.8
8.4
0.6
0.6
6.6
7.3
0.9
0.8
Neutral
3,801
3,267
Market Outlook
September 10, 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
553
23,341
12,046
11,980
18.0
15.8
35.7
29.8
15.5
18.6
6.0
4.8
39.1
28.9
1.9
1.9
Sun Pharma
Neutral
666
68,879
9,752
12,134
41.6
41.6
26.0
28.2
25.6
23.6
4.8
4.1
20.3
18.8
6.2
4.8
CESC
Buy
306
342
3,825
5,218
5,644
24.2
23.8
44.6
47.6
6.9
6.4
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
NTPC
Neutral
Power
67
77
1,007
1,557
1,573
29.3
28.7
10.8
11.0
6.2
6.1
0.6
0.6
10.8
10.2
1.2
1.0
171
141,204
74,111
85,789
23.2
23.6
12.4
14.0
13.9
12.2
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
44
78
1,300
657
875
52.0
56.1
8.4
12.7
5.2
3.5
0.3
0.3
6.3
8.9
3.2
2.4
204
34,675
9,878
12,033
44.7
46.1
9.6
13.4
21.3
15.2
1.4
1.3
6.4
8.7
5.8
HDIL
Buy
4.8
72
115
3,011
2,441
3,344
55.1
48.2
22.7
26.6
3.2
2.7
0.3
0.2
8.8
9.4
3.0
MLIFE
2.3
Accumulate
349
396
1,426
813
901
26.2
26.6
32.0
37.1
10.9
9.4
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
255
96,666
79,542
87,535
30.9
32.2
10.3
15.0
24.8
16.9
1.8
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
79
26,004
22,988
25,333
26.4
26.9
3.5
4.9
22.7
16.1
1.8
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
51
10,434
21,553
22,494
31.0
30.7
3.5
4.5
14.5
11.4
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,598
3,396
1,602
1,833
10.4
11.8
54.7
71.7
29.2
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
172
234
1,714
3,569
4,172
8.1
8.8
16.3
21.3
10.6
8.1
2.2
1.8
21.7
24.6
0.5
0.4
Cera Sanitaryware
Neutral
357
451
396
470
16.7
16.5
28.0
33.2
12.7
10.7
2.6
2.1
23.8
23.1
1.2
1.0
Cravatex
Buy
415
682
107
289
340
5.2
6.0
40.7
56.8
10.2
7.3
2.6
1.9
25.2
26.5
0.5
0.4
CRISIL
Neutral
933
6,547
982
1,136
34.3
34.3
34.3
40.0
27.2
23.3
12.3
9.8
50.9
46.9
6.2
5.2
Finolex Cables
Buy
38
61
588
2,334
2,687
8.8
9.3
7.6
10.2
5.0
3.8
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
428
591
558
2,214
2,765
4.5
5.4
39.5
73.9
10.8
5.8
0.5
0.4
4.4
7.6
0.1
0.1
Goodyear India
Neutral
322
744
1,543
1,654
6.5
7.3
24.8
31.1
13.0
10.4
2.1
1.8
17.1
19.0
0.3
0.2
Graphite India
Buy
79
113
1,542
2,158
2,406
18.1
18.9
12.4
14.0
6.4
5.6
0.9
0.8
14.0
14.3
0.8
0.7
Greenply Industries
Buy
187
309
451
1,925
2,235
10.6
10.9
29.6
44.1
6.3
4.2
1.0
0.8
16.8
21.0
0.5
0.4
Hitachi
Accumulate
122
130
279
868
977
3.9
6.6
2.7
10.9
44.4
11.2
1.6
1.4
3.7
13.6
0.4
0.3
Honeywell Automation
Buy
2,453
2,842
2,168
1,847
2,162
4.3
7.3
61.0
120.0
40.2
20.4
3.2
2.7
9.3
16.3
1.0
0.9
INEOS ABS India
Buy
600
744
1,055
1,056
1,081
8.1
10.6
33.8
46.5
17.7
12.9
2.5
2.1
14.7
17.5
0.9
0.8
ITD Cementation
Accumulate
226
241
260
1,451
1,669
12.3
12.4
32.4
41.5
7.0
5.5
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Reduce
158
145
2,543
1,248
1,468
9.8
10.4
5.9
7.2
26.6
22.0
3.8
3.5
15.0
16.6
2.4
2.0
MCX
Buy
1,180
1,440
6,017
553
624
65.3
66.3
62.5
72.0
18.9
16.4
5.2
4.5
27.5
27.4
7.9
6.5
MRF
Buy
10,248
12,884
4,346
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.9
7.2
1.5
1.3
21.3
19.4
0.5
0.4
Telecom
zOthers
Market Outlook
September 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,027
672
684
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
3,376
887
1,108
18.3
18.6
95.0
120.9
31.9
25.0
16.6
13.5
57.4
59.5
3.8
3.1
807
1,019
1,208
12.3
13.0
51.0
68.4
13.2
9.8
3.5
2.6
30.3
30.2
0.9
0.7
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Buy
57
79
1,556
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
0.5
Siyaram Silk Mills
Buy
295
392
276
1,042
1,173
12.4
12.5
66.3
78.5
4.5
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
18
24
528
7,134
7,985
19.7
19.4
12.2
14.1
1.5
1.3
0.2
0.1
11.3
11.5
0.6
0.6
SpiceJet
Buy
30
43
1,455
5,720
6,599
5.3
6.8
3.6
5.4
8.3
5.6
12.1
3.8
0.4
0.3
TAJ GVK
Buy
67
108
418
300
319
35.8
36.2
7.9
9.1
8.4
7.3
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
299
424
460
787
837
16.2
17.5
58.5
66.9
5.1
4.5
0.7
0.6
14.9
15.1
0.2
0.1
TVS Srichakra
Accumulate
319
335
244
1,476
1,643
7.1
8.2
32.3
55.8
9.9
5.7
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
952
12,450
10,289
11,421
13.5
14.3
31.0
42.9
30.7
22.2
2.4
2.2
8.1
10.3
2.0
1.8
Vesuvius India
Neutral
350
710
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 September 08, 2012
Market Outlook
September 10, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

September 10, 2012

OIL & GAS

Refer detailed news analysis on the following page

Net Inflows (September 6, 2012)

FII Derivatives (September 7, 2012)

TCS gets `103cr West Bengal contract

Bosch to temporarily suspend production at its plants

Economic and Political News

Government to place views on coal blocks by September 14

Aurobindo Pharma gets US nod for anti-hypertension pills

Global economic events release calendar

September 10, 2012

September 12, 2012

Jobless claims change

Industrial Production YoY

Initial Jobless claims

Producer Price Index (mom)

FOMC rate decision

Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

September 13, 2012

September 14, 2012

September 17, 2012

RBI Reverse Repo rate

September 18, 2012

September 19, 2012

Existing home sales

September 25, 2012

September 26, 2012

New home sales

September 27, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

ECB announces interest rates

September 20, 2012

October 01, 2012

October 04, 2012

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

Exhibit 6: Key policy rates

Exports yoy growth

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research

Agri / Agri Chemical