Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 11, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open in red tracking negative opening in most
of the Asian markets which matched losses on Wall Street as investors grew
cautious ahead of key event risks from the U.S. and Europe later in the week, and
with a weak euro hitting exporter stocks in Japan.
The US markets closed lower yesterday as apprehension ahead of the Federal
Reserve's upcoming monetary policy meeting contributed to the weakness. The Fed
is due to announce its latest decision on monetary policy Thursday afternoon
followed by a news conference by Chairman Ben Bernanke. Uncertainty about
whether the Fed will announce another round of quantitative easing dragged
stocks lower, although selling pressure remained relatively subdued. Some
negative sentiment was also generated by disappointing trade data from China,
with a report showing an unexpected year-over-year drop in imports in the month
of August.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.1
Nifty
0.1
4.8
5,363
MID CAP
0.3
17.0
6,160
SMALL CAP
0.7
45.4
6,542
BSE HC
1.0
73.0
7,715
6.0
7,040
BSE PSU
0.1
BANKEX
(0.8)
AUTO
METAL
OIL & GAS
BSE IT
Global Indices
17.1 17,767
(89.1) 11,557
0.5
46.7
9,586
0.7
69.7
9,907
(0.0)
(3.7)
8,372
0.0
(0.1)
5,983
(Pts)
(Close)
Chg (%)
Dow Jones
(0.4)
(52.4) 13,254
Meanwhile the Indian markets moved in a lackluster manner on Monday, as a

lack of progress on fiscal reforms to cut down the government's expenditure on
wasteful subsidies kept investor mood subdued ahead of industrial output and
inflation data due on Wednesday and Friday, respectively.
NASDAQ
(1.0)
(32.4)
3,104
FTSE
(0.0)
(1.6)
5,793
Nikkei
(0.0)
(2.3)
8,869
Markets Today
Straits Times
The trend deciding level for the day is 17,769 / 5,363 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,809 17,851 / 5,376 5,389 levels. However, if NIFTY trades below
17,769 / 5,363 levels for the first half-an-hour of trade then it may correct up to
17,726 17,686 / 5,350 5,336 levels.
Shanghai Com
Indices
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,686
17,726
17,769
17,809
17,851
5,336
5,350
5,363
5,376
5,389
News Analysis
Hang Seng
0.1
25.0 19,827
(0.1)
(3.0)
3,009
0.3
7.1
2,135
Chg (%)
(Pts)
(Close)
INFY
(0.8)
(0.4)
$45.3
WIT
(0.5)
(0.0)
$8.3
IBN
(1.3)
(0.4)
$34.0
HDB
(2.0)
(0.7)
$34.3
Indian ADRs
Advances / Declines
BSE
NSE
Infosys acquires Lodestone for US$350mn

Government bans mining in Goa until further notice
Advances
1,526
782
Declines
1,308
660
Refer detailed news analysis on the following page
Unchanged
116
77
Net Inflows (September 7, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
2,653
2,137
516
760
63,772
352
556
(203)
(642)
(9,407)
MFs
FII Derivatives (September 7, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
931
1,402
(471)
9,272
Stock Futures
941
919
23
24,589
Gainers / Losers
Gainers
Company
Adani Enter
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
(3.5)
170
9.4
Reliance Comm
49
37
5.4
HDIL
70
(3.3)
Engineers India
228
4.6
IRB Infra
125
(3.1)
Pidilite Inds
209
4.2
Hindustan Copp
263
(3.0)
Century Tex
339
4.2
Axis Bank
953
(2.6)
Manappuram Finance
www.angelbroking.com
Volumes (` cr)
BSE
1,778
NSE
81,23
Market Outlook
September 11, 2012
Infosys acquires Lodestone for US$350mn

Infosys has announced acquisition of Lodestone, a Zurich-based SAP
implementation and management consultancy company. This will be an all cash
deal valued at 330mn Swiss Franc (US$345 mn), 2/3 of consideration to be paid
up-front with the other 1/3 to be paid after 3 years subject to certain conditions.
We believe this is a step in the right direction and in tandem with Infosyss strategy
to focus more on high-margin software and consulting services and less on laborintensive outsourcing services.
About Lodestone: It is a global consulting firm, headquartered in Switzerland
which advises clients on strategy and process optimization and provides business
transformation solutions enabled by SAP. Lodestone reported revenues of 207mn
Swiss Franc (US$220mn) in FY2011 and has over 850 employees including 750
consultants. Lodestone derives 83% of its revenues from Europe and it has more
than 200 clients (negligible overall with Infosys existing client base) across
industries including manufacturing (17%), automotive (16%), life sciences (28%),
and consumer goods (14%) sector. Lodestone has presence in 17 countries across
five continents
The deal: This deal is valued at ~1.3x FY2012 EV/sales, which is decent for a
consulting firm. Post acquisition, Infosys will have about a billion dollars coming
from its SAP practice. The transaction is expected to close by the end of October
2012, subject to customary closing conditions and will be EPS accretive in 18
months.
Infosys Consulting and Systems Integration business currently has more than
30,000 consultants across 10 industry verticals and accounts for 31% of the
company's revenue. From the revenue side, the gains are not substantial but what
works for Infosys with this acquisition is that the company is strengthening its
presence in Europe, where its other peers have significant presence. We see this
acquisition as a step in the right direction and much needed inorganic booster for
the company. We currently maintain our estimates for Infosys as this deal will be
EPS accretive in 18 months. We maintain our Accumulate rating on the stock.
Government bans mining in Goa until further notice

Goa government has imposed a ban on iron ore mining in Goa until further
review. There are 90 mines which are currently operational in Goa. Sesa Goa
operates several mines in Goa with an annual production of 12mn tonne. Sesa
Goa generates a significant proportion of its revenues and profit from its Goa
mines. However, 2QFY2013 is a seasonally weak quarter for Sesa Goa given that
it sells only 10-15% of its annual output during second quarter of a fiscal year on
account of monsoon in Goa. The companys Karnataka mines with annual
capacity of 6mn tonne are also facing a ban currently. In the short-term the stock
of Sesa Goa is likely to decline due to the ban in Goa. With no clarity on the
timelines on lifting the ban on Goa mines, we recommend Neutral rating on the
stock.
Over the long-term, however, Sesa Goa's stock price performance will be
determined by the operating performance of Sterlite Industries and Sesa Goa
(combined) on account of the proposed merger (which will result in new entity Sesa
Sterlite). Approximately 22% of valuation of Sesa Sterlite is derived from Sesa Goa
Market Outlook
September 11, 2012
operations (mainly iron ore business) in our SOTP based target price. Hence, in
light of this, we recommend a Neutral rating on Sterlite Industries until further
clarity emerges.
Economic and Political News
Car sales may miss growth forecast, will revise after September: SIAM
Modi hits out at CBI for being 'hostile' to Gujarat
Power debt restructuring won't hit India's sovereign rating: S&P
Corporate News
Adani Power expects to earn `600cr from carbon credits

Opto Circuits' arm launches new drug eluting stent
RIL may see larger drop in KG-D6 gas
Zydus gets FDA nod for Ultracet painkiller
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 11, 2012
Global economic events release calendar

Date
September 12, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
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
7.05
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
8.00
India
RBI Cash Reserve ratio
Sep 17
4.75
4.75
India
RBI Reverse Repo rate
Sep 17
7.00
7.00
September 18, 2012
UK
CPI (YoY)
% Change
Aug
2.60
--
September 19, 2012
US
Existing home sales
Millions
Aug
4.47
4.55
US
Housing Starts
Thousands
Aug
746.00
770.00
US
Building permits
Thousands
Aug
811.00
796.00
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
Value
Sep
49.20
--
UK
BOE Announces rates
% Ratio
Oct 4
0.50
0.50
Euro Zone
ECB announces interest rates
Oct 4
0.75
--
US
Change in Nonfarm payrolls
Thousands
Sep
96.00
--
US
Unnemployment rate
Sep
8.10
--
September 13, 2012
September 14, 2012
India
September 17, 2012
September 20, 2012
Euro Zone
October 01, 2012
October 04, 2012
October 05, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 11, 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
7.6
7.5
8.0
6.0
6.0
8.0
5.3 5.5
5.0
1.0
2.0
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
(%)
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
10.0
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
12.0
9.8
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
48.0
Dec-11
0.0
Nov-11
50.0
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
7.0
Market Outlook
September 11, 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
Neutral
389
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
Neutral
95
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
1.2
1.0
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
1.5
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
1.0
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 Accumulate
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
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
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
Accumulate
Subros
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
0.4
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 11, 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
2.1
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
1.9
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
1.2
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
2.3
2.1
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
1.2
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
0.7
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
2.3
2.0
Larsen & Toubro
Accumulate
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
1.4
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
1.0
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
Neutral
123
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 11, 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
108,161
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
Accumulate
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
Accumulate
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
3.2
2.7
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
0.9
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
5.4
4.7
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
3.2
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
3.9
3.2
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
4.4
3.8
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
6.7
5.8
Market Outlook
September 11, 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
2.8
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
5.3
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
1.5
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
3.1
2.8
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
Reduce
137
124
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
1.0
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
1.1
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
1.0
0.9
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
2.1
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
5.7
4.9
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
0.5
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
2.6
2.0
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
0.6
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
Neutral
261
4,376
918
993
50.7
50.9
24.5
26.1
10.6
10.0
1.6
1.5
16.0
15.5
2.4
2.1
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 11, 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
Accumulate
53
48
13,543
7,401
7,841
16.7
19.2
3.4
4.1
15.4
12.8
1.1
1.1
7.4
8.4
1.4
1.3
188
214
74,398
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.0
2.4
1.9
29.6
26.5
3.9
3.3
SAIL
Sesa Goa
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
Neutral
170
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
2.2
2.1
Sterlite Inds
Neutral
98
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
0.8
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
2.9
2.3
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
0.7
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
1.2
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
5.0
5.5
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
0.9
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
1.2
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
Neutral
391
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
3.7
3.2
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
3.0
2.7
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
5.2
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
Neutral
617
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 11, 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
2.0
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
6.3
4.9
CESC
Accumulate
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
Buy
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
1.1
0.9
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
6.0
HDIL
Buy
4.9
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
3.1
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
1.3
1.1
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
1.1
0.9
Styrolution 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
Neutral
158
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
0.5
Telecom
zOthers
Market Outlook
September 11, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
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
zOthers
Page Industries
Neutral
3,027
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
3.9
3.1
Relaxo Footwears
Neutral
672
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
1.0
0.8
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
0.6
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
1.5
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
1.9
1.7
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 10, 2012
Market Outlook
September 11, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

September 11, 2012

Meanwhile the Indian markets moved in a lackluster manner on Monday, as a

Infosys acquires Lodestone for US$350mn

Refer detailed news analysis on the following page

Net Inflows (September 7, 2012)

FII Derivatives (September 7, 2012)

Infosys acquires Lodestone for US$350mn

Government bans mining in Goa until further notice

Economic and Political News

Adani Power expects to earn `600cr from carbon credits

Global economic events release calendar

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

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

Change in Nonfarm payrolls

September 13, 2012

September 14, 2012

September 17, 2012

September 20, 2012

October 01, 2012

October 04, 2012

October 05, 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

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

65,482 195,096 219,428