Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 21, 2012
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.8) (146.8) 18,349
The Indian markets are expected to open in the green tracking positive opening of
SGX Nifty and most of the Asian indices.
Nifty
(0.8)
(45.8)
5,554
MID CAP
(0.7)
(41.4)
6,330
The US markets moved down during early trade on account of disappointing jobs
report. The Labor Department released a report showing that jobless claims came
in above estimates in the week ended 15Th September 2012, at 385,000 from
382,000 last week, as against an expectation of 373,000. A report showing a
continued contraction in Chinese manufacturing activity also helped to drag stocks
lower, although selling pressure was relatively subdued.
SMALL CAP
(0.5)
(35.7)
6,711
BSE HC
(0.4)
(26.6)
7,343
BSE PSU
(1.1)
(77.5)
7,283
BANKEX
(1.1) (139.9) 12,530
AUTO
(0.3)
METAL
(2.3) (239.2) 10,262
Indian shares fell notably on Thursday, mirroring weak cues from Asia and Europe
as disappointing economic data from China, Japan and Europe stoked worries
that the global slowdown could be more severe than meets the eye.
OIL & GAS
(1.4) (125.7)
Global Indices
Dow Jones
Markets Today
The trend deciding level for the day is 18,362/5,557 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,431 18,514/5,579 5,603 levels. However, if NIFTY trades below
18,362/5,557 levels for the first half-an-hour of trade then it may correct up to
18,279 18,210/5,532 5,510 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,210
18,279
18,362
18,431
18,514
NIFTY
5,510
5,532
5,557
5,579
5,603
News Analysis
BSE IT
No need to cancel dual tech licenses issued in 2007: DoT

FDI in insurance may be hiked to 49%
Ambuja Cements, Grasim to lose coal blocks
MM launches Quanto at a competitive price of `5.8lakhs
Net Inflows (September 18, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,767
2,676
1,091
9,049
63,145
628
1,098
(471)
(1,491)
(9,574)
MFs
` cr
Purch
Sales
Net
Open Interest
Index Futures
1,519
1,524
(5)
13,670
Stock Futures
2,625
3,055
(429)
28,335
Gainers / Losers
Gainers
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
M&M Financial Serv.
845
6.7
GVK Power
13
(7.3)
HPCL
296
3.4
GMR Infrastructure
23
(5.5)
Indiabulls Real Estate
56
3.0
Lanco Infratech
13
(5.4)
Canara Bank
405
2.8
JP Power
32
(5.3)
Andhra Bank
108
2.5
Suzlon Energy
17
(3.7)
www.angelbroking.com
0.1
50.2
6,024
(Pts)
(Close)
19.0 13,597
(0.2)
(6.7)
3,176
FTSE
(0.6)
(33.8)
5,855
Nikkei
(1.6) (145.2)
9,087
Hang Seng
(1.2) (251.0) 20,591
Straits Times
(0.4)
(13.0)
3,063
Shanghai Com
(2.1)
(43.0)
2,025
Chg (%)
(Pts)
(Close)
0.7
0.3
$47.9
Indian ADRs
INFY
WIT
0.7
0.1
$8.8
IBN
(0.6)
(0.2)
$37.7
HDB
(0.5)
(0.2)
$36.0
BSE
NSE
Advances
1,204
515
Declines
1,591
966
114
85
Unchanged
Volumes (` cr)
FII Derivatives (September 20, 2012)
Company
Chg (%)
8,660
NASDAQ
Advances / Declines
Refer detailed news analysis on the following page
0.8
(30.5) 10,105
BSE
2,048
NSE
12,407
Market Outlook
September 21, 2012
No need to cancel dual tech licenses issued in 2007: DoT

In major relief to the dual technology telecom players such as RCom and Tata
Teleservices Ltd (TTSL), the Department of Telecommunications (DoT) has informed
the Supreme Court that licenses granted to those players in 2007 should not be
cancelled. DoT has filed an affidavit in the apex court stating that the decision to
permit the use of dual technology by these companies required no interference as
the GSM licenses the companies held were different from those cancelled by the
verdict in the 2G case.
DoTs affidavit came after the Supreme Court sought a reply on Cellular
Operators Association of Indias (COAI) query of asking the apex court to
withdraw the dual technology licences granted to RCom, TTSL, HFCL in 2007 and
redistribute the same through auctions as laid down in its February 2012
judgment. According to COAI, these licenses were mala fide, in context of the
Supreme Courts verdict in the 2G spectrum case which terminated 122 mobile
permits. Further, COAIs petition stated that the government's decision to grant
dual-technology licenses was illegal, since this fell between September 2007 and
March 2008, the same time other mobile permits were given which were annulled
by the Supreme Court. DoT said that the present application is totally misconceived
and based on a misreading of the judgment dated 02.02.2012. The decision of
the answering respondent dated 17.10.2007 granting permission for use of dual
technology, which has been impugned in the present appeal, did not fall for
consideration in the judgement dated 02.02.2012. It further added that the
present application by the COAI deserves to be dismissed. This move is positive
for dual technology players in the telecom industry but we maintain our Neutral
view on the telecom sector given the low business returns and uncertain
environment which might pose huge risk to the overall profitability of these
companies.
FDI in insurance may be hiked to 49%

The government after undertaking reforms in the aviation, retail and
broadcasting sectors is now expected to go ahead with insurance reforms by
raising the foreign direct investment (FDI) limit in the insurance sector to 49% from
26%. FDI in insurance, according to news sources, is expected to come up in the
Cabinet meeting that has been postponed till Tuesday next week. Media reports
are also suggesting that the Cabinet Committee on Economic Affairs

(CCEA) would take up the issue of enhancing FDI in the pension sector as
well. If passed, the higher limit of FDI in insurance is expected to benefit
institutions like HDFC, ICICI Bank and State Bank of India which have a significant
presence in the insurance market.
Ambuja Cements, Grasim to lose coal blocks

The Inter Ministerial Group (IMG) on Thursday decided to de-allocate two more
coal blocks. The de-allocated coal blocks are Dahegaon Makardhokra IV
allocated in June 2009 to IST Steel & Power Ltd and Ambuja Cements. The other
coal block facing de-allocation is Bhaskarpara in Chattisgarh allocated in
November 2008 to Electrotherm (India) and Grasim Industries. We maintain our
Neutral view on Ambuja Cements.
Market Outlook
September 21, 2012
MM launches Quanto at a competitive price of `5.8lakhs

Mahindra and Mahindra (MM) launched its much awaited compact spors utility
vehicle (SUV) Quanto at an attractive price point of `5.8lakhs (ex-showroom
Thane) for the base version and `7.4lakhs for the higher end model. Quanto, the
smallest SUV in MM's product portfolio is based on the Ingenio platform (same as
Xylo) and is powered by a 1.5litre mCR100 diesel engine giving an output of
100bhp and 240nm of torque. The new SUV which boasts of an impressive
mileage of 17.2kmpl will be manufactured at MM's facility in Nashik and will
immediately go on sale through a network of 200 dealers. While the company
currently has a capacity to manufacture 7,000 units of Xylo and Quanto together,
the actual production will depend on the consumer demand.
MM has been sucessful in launching the new vehicle at an attractive price point
mainly due to the length of the vehicle which is below four metres. A vehicle lesser
than four meter in length and engine capacity not exceeding 1500cc for
diesel vehicles (1200cc for petrol vehicles) attracts an excise duty of 12% as
against 27% for bigger cars. We believe that with the the launch of the compact
SUV, MM has created a new segment which will enable buyers of diesel hatchback
and entry level sedans to upgrade to the utility vehicle segment. Quanto is
currently the cheapest SUV in the market and due to competitive pricing it will take
on Maruti Suzuki's Swift and Hyundai's i20. With the launch of Quanto
we expect MM to further consolidate its position in the utility vehicle segment
amid rising competition and will also enable MM to sustain the growth momentum
in the automotive segment. At `785, the stock is trading at 14.3x FY2014E
earnings. We maintain our Accumulate rating on the stock with SOTP based target
price of `879.
Economic and Political News
Rolling back excise on diesel to deal `6,000cr blow

Government initiates process of 9.5% stake sale in NTPC
FDI in retail to benefit farmers, consumers and artisans
Corporate News
Orchid Chemicals and Pharmaceuticals plans entry into the therapeutic biz
Glenmark Pharma gets tentative nod from US FDA for migraine tablets
JSW Steel likely to delay West Bengal plant construction
Dr Reddy's launches new ENT, skin drugs
JSW Steel likely to delay West Bengal plant construction
JSL gets CDR cell nod to reschedule Rs 9,000 cr debt payments
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 21, 2012
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
Sep
60.60
63.00
New home sales
S.A./
1985=100
Thousands
Aug
372.00
381.00
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
1.60
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
--
October 09, 2012
UK
Industrial Production (YoY)
% Change
Aug
(0.80)
--
October 12, 2012
US
Producer Price Index (mom)
% Change
Sep
1.70
--
India
Industrial Production YoY
% Change
Aug
0.10
--
October 13, 2012
China
% Change
Sep
2.70
--
October 15, 2012
India
% Change
Sep
7.55
--
China
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.00
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
US
Consumer price index (mom)
% Change
Sep
0.60
--
October 17, 2012
UK
Jobless claims change
% Change
Sep
(15.00)
--
October 18, 2012
China
Industrial Production (YoY)
% Change
Sep
8.90
--
China
Real GDP (YoY)
% Change
3Q
7.60
--
US
FOMC rate decision
Oct 24
0.25
--
September 25, 2012
US
Consumer Confidence
September 26, 2012
US
September 27, 2012
October 01, 2012
October 04, 2012
October 05, 2012
October 16, 2012
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 21, 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
8.0
7.6
6.0
6.7
7.0
6.1
5.7
5.3 5.5
5.0
2.0
(6.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
(1.8)
(5.0)
60.0
9.9
(1.3)
Exhibit 4: Manufacturing and services PMI
(%)
10.0
Dec-11
Nov-11
(2.8)
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.6
6.9
7.6
56.0
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
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
48.0
Dec-11
50.0
0.0
Nov-11
2.0
Oct-11
52.0
Sep-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
8.00
7.00
6.00
4.50
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
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Sep-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
Sep-12
15.0
(15.0)
Oct-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
Source: CSO, Angel Research
Sep-11
(2.0)
10.0
0.1
1.0
3.5
3.0
12.0
2.7
2.5
Oct-11
4.0
2.5
4.3
3.4
Aug-11
6.0
4.0
Market Outlook
September 21, 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
2,620
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
128
170
5,907
8,421
9,263
16.5
16.5
15.0
17.0
8.5
7.5
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
377
3,216
2,844
3,225
15.4
15.5
31.7
36.6
11.9
10.3
3.1
2.4
28.8
26.2
1.1
0.9
Apollo Tyres
Neutral
96
4,831
13,412
15,041
11.0
11.0
11.5
14.2
8.4
6.8
1.4
1.2
18.7
19.4
0.5
0.5
Ashok Leyland
Buy
24
30
6,293
14,920
16,850
9.0
9.3
2.2
2.8
10.9
8.6
2.0
1.8
13.3
15.6
0.5
0.4
Automotive Axle#
Accumulate
370
430
559
993
1,140
11.6
11.5
36.9
43.0
10.0
8.6
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,789
51,755
21,285
23,927
18.2
18.3
108.5
121.3
16.5
14.7
6.8
5.5
46.1
41.3
2.0
1.7
Bharat Forge
Buy
293
351
6,831
7,004
7,985
16.2
16.4
20.3
25.1
14.4
11.7
2.7
2.3
20.0
20.9
1.1
1.0
Bosch India*
Neutral
8,458
26,558
9,034
10,286
17.8
18.3
373.6
435.8
22.6
19.4
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
115
164
394
4,989
5,634
8.7
8.5
32.7
41.1
3.5
2.8
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
146
12,427
5,899
6,771
16.0
17.0
7.4
9.1
19.9
16.0
3.5
3.0
19.0
20.2
1.7
1.5
FAG Bearings*
Neutral
1,585
2,634
1,505
1,747
17.7
18.0
111.5
130.0
14.2
12.2
3.0
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,894
2,428
37,830
26,097
29,963
15.0
15.3
139.5
151.8
13.6
12.5
6.4
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
111
135
457
7,517
8,329
6.1
6.3
26.2
38.5
4.3
2.9
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
785
879
48,194
36,536
41,650
11.6
11.5
49.3
54.9
15.9
14.3
3.3
2.8
22.1
21.1
1.1
0.9
1,282
37,048
41,796
47,953
7.6
8.4
67.1
87.6
19.1
14.6
2.2
1.9
12.1
14.1
0.7
0.6
218
228
8,540
24,173
27,055
6.6
7.1
11.7
15.2
18.6
14.3
3.9
3.2
22.4
24.2
0.5
0.4
29
34
173
1,230
1,378
8.8
8.6
4.5
5.7
6.4
5.1
0.6
0.6
9.8
11.8
0.4
0.3
Accumulate
273
292
72,637 195,096 219,428
12.8
12.8
39.0
43.9
7.0
6.2
2.0
1.6
32.6
28.2
0.4
0.4
Accumulate
43
43
2,019
7,545
8,301
6.2
6.1
4.9
5.4
8.6
7.9
1.5
1.4
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
746
498
15,814
8,760
10,023
5.5
7.5
12.4
20.7
60.1
36.0
5.8
5.1
10.1
15.2
1.8
1.6
BGR Energy
Neutral
270
1,947
3,669
4,561
11.0
11.0
24.7
29.6
10.9
9.1
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
217
53,076
47,801
43,757
19.4
19.8
25.7
23.9
8.4
9.1
1.8
1.6
22.7
18.3
1.0
0.8
Blue Star
Neutral
171
1,533
3,047
3,328
5.4
6.9
12.5
16.2
13.7
10.5
3.3
2.7
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
112
128
7,191
12,691
14,096
7.0
8.5
6.5
9.1
17.2
12.3
1.8
1.7
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
43
59
356
2,622
2,801
10.3
10.7
8.7
13.1
5.0
3.3
0.5
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
61
69
1,558
6,858
7,431
7.5
8.3
9.0
11.5
6.7
5.3
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
2,016
2,271
2,369
2,727
11.7
11.7
143.4
166.0
14.1
12.1
2.3
2.1
17.4
18.4
0.5
0.4
Thermax
Neutral
514
6,129
5,514
5,559
8.9
9.6
26.9
28.4
19.2
18.1
3.3
2.9
18.4
17.1
1.1
1.0
Market Outlook
September 21, 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
1,358
25,489
11,220
12,896
20.0
20.6
71.1
81.2
19.1
16.7
3.4
3.0
18.1
19.0
2.0
1.6
Ambuja Cements
Neutral
192
29,490
10,205
11,659
24.6
24.2
10.8
12.0
17.7
15.9
3.7
3.3
19.7
19.8
2.5
2.1
India Cements
Neutral
84
2,580
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
100
1,228
1,964
2,278
19.5
20.4
16.3
17.9
6.2
5.6
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
178
4,242
3,608
3,928
27.4
26.9
15.6
18.1
11.4
9.9
1.8
1.6
16.8
16.9
1.8
1.5
Shree Cements^
Neutral
3,531
12,300
5,767
6,337
28.4
26.9
216.9
253.3
16.3
13.9
3.6
3.0
24.7
23.4
1.5
1.2
UltraTech Cement
Neutral
1,834
50,270
20,167
22,752
21.7
23.0
90.8
107.8
20.2
17.0
3.4
2.9
17.9
18.3
2.3
2.1
245
304
1,287
2,029
2,310
22.4
22.4
27.1
31.7
9.0
7.7
1.1
1.0
13.1
13.4
1.9
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
261
2,262
2,522
6.7
7.5
1.5
2.7
9.5
5.3
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
17
1,043
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.6)
(17.8)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
140
166
4,648
3,964
4,582
42.3
40.2
15.5
16.9
9.1
8.3
1.4
1.2
16.6
15.8
2.7
2.5
ITNL
Buy
172
232
3,333
6,840
7,767
26.4
26.1
24.4
28.4
7.0
6.1
1.1
0.9
16.0
16.2
2.7
2.8
IVRCL Infra
Accumulate
44
51
1,341
5,510
6,722
8.8
9.0
2.5
4.6
17.3
9.6
0.6
0.5
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
79
91
16,714
15,259
17,502
25.7
24.7
4.2
5.0
18.5
15.7
1.5
1.4
8.5
9.3
2.4
2.1
Larsen & Toubro
Neutral
1,521
93,367
60,474
69,091
12.1
11.5
79.7
85.4
19.1
17.8
3.2
2.8
16.3
15.1
1.7
1.5
Madhucon Proj
Buy
35
56
257
2,206
2,502
10.7
10.7
4.6
4.7
7.5
7.5
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
41
45
1,047
5,804
6,513
8.0
8.6
3.0
3.5
13.4
11.7
0.4
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
73
507
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
50
1,675
11,892
13,116
8.9
8.9
1.7
3.1
29.7
16.3
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
144
182
2,170
2,506
3,147
10.3
10.7
7.5
10.4
19.2
13.8
2.4
2.1
13.5
16.0
1.0
0.9
Simplex Infra
Buy
199
265
986
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
143
7,173
7,233
8,579
3.1
3.3
40.5
40.9
3.5
3.5
0.6
0.6
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
108
6,024
4,959
5,787
3.1
3.1
22.7
24.5
4.7
4.4
0.8
0.7
16.0
15.3
1,044
1,336
43,278
15,961
19,583
3.1
3.2
117.3
143.1
8.9
7.3
1.7
1.4
20.1
20.8
Accumulate
747
829
29,264
15,830
19,300
2.6
2.7
118.9
147.1
6.3
5.1
1.0
0.9
16.7
18.0
Bank of India
Accumulate
286
323
16,430
13,159
15,851
2.4
2.5
61.1
71.1
4.7
4.0
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
48
2,824
3,471
3,889
3.1
3.1
9.0
11.5
5.3
4.2
0.7
0.6
13.7
15.5
405
421
17,926
11,334
13,629
2.2
2.3
75.4
85.1
5.4
4.8
0.8
0.7
15.2
15.3
72
5,329
7,181
8,365
2.5
2.7
16.3
21.8
4.4
3.3
0.8
0.7
12.7
15.1
Market Outlook
September 21, 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
Accumulate
403
436
5,962
5,067
5,998
2.1
2.3
105.6
111.0
3.8
3.6
0.7
0.6
17.6
16.3
Dena Bank
Accumulate
103
107
3,600
3,177
3,595
2.8
2.8
25.2
25.4
4.1
4.1
0.7
0.6
18.9
16.4
Federal Bank
Accumulate
423
453
7,233
2,634
3,104
3.3
3.3
45.4
55.4
9.3
7.6
1.2
1.0
12.9
14.2
HDFC
Neutral
760
116,939
7,340
8,805
3.5
3.5
31.5
37.8
24.1
20.1
4.8
4.3
34.8
32.2
HDFC Bank
Neutral
607
143,211
21,936
27,454
4.4
4.4
28.7
36.0
21.2
16.8
4.1
3.4
20.7
22.0
ICICI Bank
Buy
1,022
1,220
117,529
22,356
27,157
2.9
3.0
68.7
82.0
14.9
12.5
1.8
1.6
14.2
15.5
IDBI Bank
Accumulate
Indian Bank
Neutral
IOB
96
101
12,266
7,867
9,782
1.9
2.1
18.0
23.1
5.3
4.2
0.7
0.6
12.5
14.4
187
8,050
6,294
7,191
3.4
3.4
40.6
44.9
4.6
4.2
0.8
0.7
18.1
17.4
Accumulate
75
80
5,997
7,473
8,732
2.5
2.5
16.7
22.6
4.5
3.3
0.5
0.5
11.8
14.4
J & K Bank
Accumulate
916
1,026
4,442
2,625
2,921
3.6
3.5
194.4
191.9
4.7
4.8
0.9
0.8
21.2
18.0
LIC Housing Finance
Neutral
258
13,025
1,867
2,338
2.4
2.4
21.1
28.5
12.2
9.0
2.0
1.7
17.5
20.4
Oriental Bank
Accumulate
286
289
8,330
6,518
7,458
2.8
2.9
61.3
65.1
4.7
4.4
0.7
0.6
15.2
14.3
Punjab Natl.Bank
Buy
796
950
26,995
20,116
23,625
3.3
3.4
152.8
173.9
5.2
4.6
0.9
0.8
18.2
18.0
South Ind.Bank
Accumulate
23
25
3,005
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
0.9
20.5
18.5
St Bk of India
Accumulate
2,121
2,270
142,355
64,470
75,940
3.5
3.5
224.4
258.7
9.5
8.2
1.6
1.4
17.6
17.8
Syndicate Bank
Buy
102
119
6,140
6,840
7,996
2.9
3.0
25.7
29.2
4.0
3.5
0.7
0.6
17.9
17.8
UCO Bank
Neutral
75
5,009
5,488
6,338
2.4
2.5
17.3
17.7
4.4
4.3
0.9
0.8
17.0
15.3
Union Bank
Buy
195
230
10,752
10,299
12,227
2.9
3.0
42.1
49.3
4.6
4.0
0.8
0.7
16.7
17.1
United Bank
Buy
63
79
2,260
3,634
4,194
2.8
2.9
18.2
23.0
3.4
2.7
0.5
0.4
15.0
16.7
Vijaya Bank
Neutral
55
2,740
2,579
3,028
2.1
2.3
8.8
11.6
6.3
4.8
0.7
0.7
11.1
13.3
Yes Bank
Buy
364
453
12,923
3,255
4,228
2.8
3.0
34.2
42.7
10.6
8.5
2.3
1.8
23.3
23.8
3,896
37,367
11,198
13,184
16.3
16.3
121.0
144.8
32.2
26.9
10.8
8.5
37.4
35.3
3.3
2.7
484
584
5,787
5,835
6,824
5.7
6.0
20.7
25.4
23.4
19.1
9.2
7.1
43.1
41.9
0.9
0.8
1,196
16,263
3,018
3,429
20.9
22.3
34.6
41.0
34.6
29.2
31.8
24.2
99.5
94.1
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
124
21,586
6,124
7,030
17.0
16.8
4.5
5.2
27.7
23.9
11.4
9.1
43.2
41.5
3.6
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
3.7
3.1
Godrej Consumer
Neutral
660
22,470
6,097
7,233
18.4
18.6
21.9
26.5
30.2
25.0
6.7
5.5
25.5
25.4
3.9
3.2
HUL
Neutral
528
114,094
25,350
28,974
13.9
13.9
14.3
16.5
37.0
32.0
22.0
17.0
70.9
59.8
4.3
3.7
ITC
Neutral
256
201,232
29,513
33,885
35.4
35.8
9.3
10.8
27.6
23.8
9.1
7.6
35.6
35.0
6.4
5.6
Market Outlook
September 21, 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
192
12,372
4,840
5,643
13.1
13.1
6.8
8.5
28.3
22.7
7.8
5.9
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,375
42,178
8,610
10,174
20.9
21.2
114.8
139.8
38.1
31.3
23.0
16.0
71.2
60.3
5.1
4.2
Tata Global
Accumulate
127
136
7,878
7,207
7,927
9.7
10.0
6.6
7.9
19.2
16.2
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech^
Neutral
568
39,373
24,400
27,049
18.6
17.5
41.1
45.0
13.8
12.6
3.1
2.6
22.7
21.1
1.5
1.4
Hexaware*
Neutral
129
3,833
1,947
2,161
22.0
21.4
11.4
12.1
11.4
10.7
2.9
2.5
26.4
24.0
1.7
1.4
Infosys
Neutral
2,616
150,193
39,151
41,743
31.6
31.9
161.9
174.5
16.2
15.0
3.9
3.3
23.8
22.1
3.2
2.9
Infotech Enterprises
Neutral
196
2,188
1,889
2,065
18.0
17.5
18.0
19.7
10.9
10.0
1.6
1.4
14.5
13.7
0.8
0.7
KPIT Cummins
Neutral
124
2,212
2,149
2,331
15.6
14.8
10.7
11.2
11.6
11.0
2.4
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Reduce
104
97
12,221
7,574
8,062
19.6
18.4
9.5
9.7
11.0
10.8
1.8
1.5
16.1
14.1
1.2
1.0
Mindtree
Neutral
696
2,842
2,341
2,513
18.6
17.1
66.5
70.8
10.5
9.8
2.3
1.9
22.3
19.3
1.0
0.9
Mphasis&
Neutral
389
8,172
5,713
6,005
18.0
16.8
36.9
37.1
10.5
10.5
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
31
40
504
1,162
1,304
14.8
15.1
7.1
8.8
4.3
3.5
0.7
0.6
16.7
18.4
0.3
0.2
Persistent
Reduce
409
398
1,637
1,193
1,278
25.6
24.3
42.6
44.3
9.6
9.3
1.7
1.4
17.2
15.5
1.1
0.9
TCS
Neutral
1,322
258,647
61,046
67,507
29.3
29.1
67.3
72.4
19.6
18.2
6.3
5.2
31.9
28.3
4.1
3.7
Tech Mahindra
Neutral
898
11,464
6,553
7,331
18.1
17.1
92.5
100.7
9.7
8.9
2.3
1.9
23.6
20.7
1.8
1.5
Wipro
Accumulate
373
420
91,839
43,492
48,332
19.4
19.3
25.1
28.0
14.9
13.3
2.8
2.4
18.6
18.0
1.9
1.6
D B Corp
Buy
193
236
3,530
1,597
1,785
22.9
24.2
11.1
13.9
17.3
13.8
3.3
2.9
20.2
22.1
2.1
1.8
HT Media
Buy
91
113
2,136
2,111
2,263
15.2
15.2
7.3
8.1
12.4
11.2
1.3
1.2
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
91
112
2,862
1,506
1,687
22.5
23.2
6.2
7.0
14.6
12.9
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
189
490
625
732
17.4
17.1
13.3
15.6
14.2
12.1
1.5
1.4
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
318
12,532
1,981
2,239
77.0
76.7
18.6
21.3
17.1
14.9
4.3
3.8
27.1
27.5
5.9
5.1
Bhushan Steel
Neutral
463
9,826
11,979
14,584
31.6
31.0
49.2
61.4
9.4
7.5
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Neutral
365
230,516
69,808
75,550
27.4
27.4
26.0
28.3
14.0
12.9
4.1
3.3
32.5
28.1
2.5
2.1
Electrosteel Castings
Buy
18
23
607
1,984
2,074
11.2
12.6
2.5
2.9
7.1
6.1
0.3
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Neutral
130
54,824
12,446
13,538
52.3
52.9
14.3
15.5
9.1
8.4
1.7
1.5
20.5
18.9
2.8
2.2
Hindalco
Neutral
114
21,807
84,855
92,446
8.7
9.3
13.2
16.2
8.6
7.0
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
707
15,764
38,740
41,459
17.3
17.0
79.9
89.4
8.8
7.9
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Neutral
263
4,411
918
993
50.7
50.9
24.5
26.1
10.7
10.1
1.6
1.5
16.0
15.5
2.5
2.2
Monnet Ispat
Buy
295
379
1,900
2,511
3,303
23.8
26.0
46.3
57.3
6.4
5.2
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 21, 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
54
48
13,788
7,401
7,841
16.7
19.2
3.4
4.1
15.6
13.1
1.1
1.1
7.4
8.4
1.4
1.4
188
214
74,418
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.0
2.4
1.9
29.6
26.5
4.0
3.4
SAIL
Sesa Goa
Neutral
86
35,502
47,252
60,351
14.2
14.8
9.6
11.7
9.0
7.3
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
171
14,849
7,704
8,034
33.6
34.6
42.0
43.1
4.1
4.0
0.8
0.7
22.3
19.2
2.3
2.1
Sterlite Inds
Neutral
99
33,287
41,680
45,382
24.2
23.2
16.3
16.9
6.1
5.9
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
394
481
38,251 145,799 150,431
10.3
11.2
48.6
63.3
8.1
6.2
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
120
148
429
1,251
1,321
22.7
23.4
33.0
37.1
3.6
3.2
0.5
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
50
73
672
2,694
2,906
14.6
16.6
16.4
20.8
3.0
2.4
0.3
0.3
11.4
12.8
0.5
0.4
Buy
119
161
377
2,341
2,425
15.6
17.3
33.3
43.2
3.6
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Neutral
341
65,126
16,605
17,258
75.4
71.7
57.0
54.9
6.0
6.2
1.1
0.9
20.2
16.3
3.2
2.5
GAIL
Neutral
375
47,574
50,176
55,815
15.5
15.8
35.4
36.5
10.6
10.3
1.9
1.6
18.9
17.0
0.7
0.5
ONGC
Accumulate
285
312
243,575 147,139 154,821
33.9
33.7
30.7
32.3
9.3
8.8
1.6
1.4
18.3
17.2
1.4
1.2
Reliance Industries
Neutral
832
272,492 362,700 380,031
7.9
8.0
61.5
64.3
13.5
13.0
1.3
1.2
10.3
9.9
0.8
0.7
Gujarat Gas*
Neutral
293
3,864
11.5
11.3
19.2
22.1
15.3
13.3
4.1
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
256
3,585
3,040
3,135
24.3
26.7
24.8
27.9
10.3
9.2
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
167
176
12,533
29,145
33,736
6.6
6.6
14.2
16.0
11.8
10.5
2.8
2.3
26.9
24.4
0.5
0.4
77
4,330
1,041
939
91.8
91.9
8.5
7.4
9.1
10.4
1.5
1.4
18.1
14.0
5.0
5.5
Alembic Pharma
Buy
71
91
1,330
1,624
1,855
14.2
15.6
6.6
9.1
10.7
7.8
2.7
2.1
27.9
29.2
1.0
0.8
Aurobindo Pharma
Buy
129
156
3,747
5,243
5,767
14.6
14.6
11.8
12.6
10.9
10.2
1.4
1.2
17.9
16.4
1.2
1.0
Aventis*
Neutral
2,269
5,225
1,482
1,682
15.5
15.5
95.0
104.0
23.9
21.8
4.2
3.3
18.6
17.0
3.4
2.9
Cadila Healthcare
Accumulate
839
953
17,177
6,148
7,386
18.6
19.6
36.0
46.1
23.3
18.2
5.5
4.4
25.8
26.8
3.1
2.5
Cipla
Accumulate
361
399
28,945
8,031
9,130
23.4
22.4
18.4
20.0
19.6
18.0
3.2
2.8
17.8
16.6
3.5
3.0
Dr Reddy's
Neutral
1,667
28,286
10,696
11,662
20.7
21.0
83.7
92.9
19.9
17.9
4.1
3.4
22.4
21.0
2.9
2.6
Dishman Pharma
Neutral
100
806
1,280
1,536
17.8
17.8
9.2
11.3
10.9
8.8
0.8
0.8
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
1,980
16,767
2,651
2,993
31.7
31.2
76.0
82.4
26.1
24.0
7.5
6.7
20.1
26.3
5.6
4.9
Indoco Remedies
Buy
71
92
655
685
837
15.2
15.2
7.4
8.9
9.6
8.0
1.5
1.3
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
419
475
5,286
2,850
3,474
20.7
20.7
29.2
36.6
14.4
11.5
3.4
2.7
26.1
26.1
2.0
1.6
Lupin
Accumulate
579
647
25,871
8,426
10,082
19.7
20.0
27.4
32.4
21.1
17.9
5.1
4.1
26.0
24.7
3.1
2.5
Orchid Chemicals
Neutral
113
797
1,667
1,835
13.9
13.9
11.4
13.3
9.9
8.5
0.6
0.6
6.6
7.3
0.9
0.8
Neutral
3,755
3,267
Market Outlook
September 21, 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
530
22,367
12,046
11,980
18.0
15.8
35.7
29.8
14.8
17.8
5.8
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
670
69,272
9,752
12,134
41.6
41.6
26.0
28.2
25.8
23.8
4.8
4.1
20.3
18.8
6.4
5.0
CESC
Neutral
316
3,952
5,218
5,644
24.2
23.8
44.6
47.6
7.1
6.7
0.7
0.7
11.0
10.6
1.6
1.6
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
1.1
1.0
164
135,432
74,111
85,789
23.2
23.6
12.4
14.0
13.3
11.7
1.7
1.5
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
51
78
1,506
657
875
52.0
56.1
8.4
12.7
6.1
4.0
0.4
0.3
6.3
8.9
3.6
2.7
230
39,092
9,878
12,033
44.7
46.1
9.6
13.4
24.0
17.2
1.5
1.5
6.4
8.7
6.5
HDIL
Buy
5.3
84
115
3,499
2,441
3,344
55.1
48.2
22.7
26.6
3.7
3.1
0.3
0.3
8.8
9.4
3.3
MLIFE
2.5
Accumulate
373
396
1,524
813
901
26.2
26.6
32.0
37.1
11.7
10.1
1.2
1.1
10.4
11.0
2.2
1.9
Bharti Airtel
Neutral
268
101,907
79,542
87,535
30.9
32.2
10.3
15.0
26.1
17.9
1.9
1.7
7.2
9.6
2.0
1.7
Idea Cellular
Neutral
88
29,099
22,988
25,333
26.4
26.9
3.5
4.9
25.4
18.0
2.1
1.8
8.1
10.2
1.7
1.4
Rcom
Neutral
58
11,878
21,553
22,494
31.0
30.7
3.5
4.5
16.5
12.9
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,603
3,407
1,602
1,833
10.4
11.8
54.7
71.7
29.3
22.4
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
186
234
1,849
3,569
4,172
8.1
8.8
16.3
21.3
11.4
8.7
2.3
2.0
21.7
24.6
0.5
0.5
Cera Sanitaryware
Accumulate
340
387
430
396
470
16.7
16.5
28.0
33.2
12.1
10.2
2.5
2.0
23.8
23.1
1.2
1.0
Cravatex
Buy
425
682
110
289
340
5.2
6.0
40.7
56.8
10.4
7.5
2.6
2.0
25.2
26.5
0.5
0.4
CRISIL
Neutral
917
6,432
982
1,136
34.3
34.3
34.3
40.0
26.7
22.9
12.1
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
40
61
612
2,334
2,687
8.8
9.3
7.6
10.2
5.2
3.9
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
432
591
563
2,214
2,765
4.5
5.4
39.5
73.9
10.9
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
321
741
1,543
1,654
6.5
7.3
24.8
31.1
12.9
10.3
2.1
1.8
17.1
19.0
0.3
0.2
Graphite India
Buy
85
113
1,659
2,158
2,406
18.1
18.9
12.4
14.0
6.8
6.1
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
Hitachi
Accumulate
128
130
294
868
977
3.9
6.6
2.7
10.9
46.7
11.8
1.7
1.5
3.7
13.6
0.4
0.3
Honeywell Automation
Accumulate
2,511
2,842
2,220
1,847
2,162
4.3
7.3
61.0
120.0
41.2
20.9
3.3
2.8
9.3
16.3
1.1
0.9
Styrolution ABS India
Buy
628
744
1,104
1,056
1,081
8.1
10.6
33.8
46.5
18.6
13.5
2.6
2.2
14.7
17.5
1.0
0.9
ITD Cementation
Accumulate
230
241
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
Neutral
155
2,503
1,248
1,468
9.8
10.4
5.9
7.2
26.2
21.7
3.8
3.4
15.0
16.6
2.4
2.0
MCX
Accumulate
1,277
1,440
6,511
553
624
65.3
66.3
62.5
72.0
20.4
17.7
5.6
4.9
27.5
27.4
9.1
7.5
MRF
Buy
10,191
12,884
4,322
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.9
7.1
1.5
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
September 21, 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
3,316
3,699
887
1,108
18.3
18.6
95.0
120.9
34.9
27.4
18.2
14.8
57.4
59.5
4.3
3.4
Relaxo Footwears
Neutral
689
826
1,019
1,208
12.3
13.0
51.0
68.4
13.5
10.1
3.6
2.7
30.3
30.2
1.0
0.8
Sintex Industries
Buy
62
79
1,703
4,751
5,189
16.3
16.6
13.6
15.8
4.6
4.0
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
294
392
276
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
19
24
565
7,134
7,985
19.7
19.4
12.2
14.1
1.6
1.4
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Accumulate
37
43
1,782
5,720
6,599
5.3
6.8
3.6
5.4
10.2
6.9
14.8
4.7
0.5
0.4
TAJ GVK
Buy
67
108
420
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
304
377
468
787
837
16.2
17.5
58.5
66.9
5.2
4.6
0.7
0.7
14.9
15.1
0.3
0.1
TVS Srichakra
Neutral
306
234
1,476
1,643
7.1
8.2
32.3
55.8
9.5
5.5
1.5
1.2
16.6
24.8
0.4
0.3
United Spirits
Neutral
944
12,352
10,289
11,421
13.5
14.3
31.0
42.9
30.4
22.0
2.4
2.2
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
329
668
560
611
16.1
17.0
24.7
28.8
13.3
11.5
2.0
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 20, 2012
Market Outlook
September 21, 2012

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Market Outlook

September 21, 2012

(0.8) (146.8) 18,349

(1.1) (139.9) 12,530

(2.3) (239.2) 10,262

OIL & GAS

No need to cancel dual tech licenses issued in 2007: DoT

Net Inflows (September 18, 2012)

M&M Financial Serv.

Indiabulls Real Estate

(1.2) (251.0) 20,591

FII Derivatives (September 20, 2012)

Refer detailed news analysis on the following page

No need to cancel dual tech licenses issued in 2007: DoT

FDI in insurance may be hiked to 49%

are also suggesting that the Cabinet Committee on Economic Affairs

Ambuja Cements, Grasim to lose coal blocks

MM launches Quanto at a competitive price of `5.8lakhs

Economic and Political News

Rolling back excise on diesel to deal `6,000cr blow

Global economic events release calendar

New home sales

Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

October 09, 2012

Industrial Production (YoY)

October 12, 2012

Producer Price Index (mom)

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

Consumer price index (mom)

October 17, 2012

Jobless claims change

October 18, 2012

Industrial Production (YoY)

Real GDP (YoY)

FOMC rate decision

September 25, 2012

September 26, 2012

September 27, 2012

October 01, 2012

October 04, 2012

October 05, 2012

October 16, 2012

October 24, 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