Market Outlook Market Outlook: Dealer's Diary

Market Outlook
October 5, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the green today on account of another
round of reforms undertaken by the government yesterday. The Union cabinet has
cleared the amendments to the pension and insurance bills which are expected to
further boost the positive sentiments that have been created post the first round of
reforms.
BSE Sensex
1.0
Nifty
1.0
57.0
5,788
MID CAP
0.4
27.0
6,731
0.3
25.0
7,211
(0.9)
(70.0)
7,532
US stocks moved mostly higher during trading on Thursday, adding to the gains
that were posted in the previous session. The markets benefited from a positive
reaction to the latest U.S. economic data, although buying interest was somewhat
subdued ahead of todays jobs report. Investors also reacted positively to comments
from European Central Bank President Mario Draghi, who spoke following the
central bank's widely expected decision to leave interest rates unchanged. Draghi
said the ECB is prepared to start buying government bonds and said the decision
to institute the bond buying program has helped to alleviate tensions in euro area
financial markets.
BSE PSU
0.9
71.0
7,552
BANKEX
1.9
251.0 13,357
AUTO
(0.1)
(8.0) 10,435
METAL
0.2
23.0 10,632
OIL & GAS
1.1
92.0
8,816
(0.3)
(17.0)
6,008
(Pts)
(Close)
Indian shares had rallied yesterday on expectations the Union Cabinet will clear a
slew of big-ticket reform bills in the Cabinet meeting. The government has
responded positively to these expectations by increasing the FDI limit in insurance
and pension sectors (has to be passed by the parliament) which should bolster
investor confidence and provide support to the slowing economy.
SMALL CAP
BSE HC
BSE IT
Global Indices
Chg (%)
Chg (%)
(Pts)
(Close)
188.0 19,058
Dow Jones
0.6
80.8 13,575
NASDAQ
0.5
14.2
3,149
FTSE
0.0
2.0
5,828
Nikkei
0.9
77.7
8,825
Hang Seng
0.1
19.7 20,908
Straits Times
0.3
9.5
3,087
Shanghai Com
1.5
29.9
2,086
Chg (%)
(Pts)
(Close)
INFY
0.3
0.2
$49.7
WIT
0.1
0.0
$9.2
IBN
3.6
1.4
$41.9
HDB
2.5
0.9
$39.3
Markets Today
The trend deciding level for the day is 19,035 / 5,782 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,130 19,202 / 5,813 5,838 levels. However, if NIFTY trades below
19,035 / 5,782 levels for the first half-an-hour of trade then it may correct up to
18,963 18,868 / 5,757 5,726 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,868
18,963
19,035
19,130
19,202
NIFTY
5,726
5,757
5,782
5,813
5,838
News Analysis
Net Inflows (October 03, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,764
2,951
813
21,706
66,287
483
775
(292)
(3,155)
(10,078)
FII Derivatives (October 04, 2012)

Purch
Index Futures
1,577
Stock Futures
1,281
Sales
Net
Open Interest
863
714
15,448
1,439
(158)
30,154
Gainers / Losers
Gainers
Company
Indiabulls Real Est.
Losers
Price (`)
chg (%)
Company
Price (`)
chg (%)
(8.5)
63
8.4
Gujarat Gas
308
Adani enter.
224
7.6
Hexaware tech.
119
(4.1)
Oberoi Realty
278
7.4
Mphasis
404
(3.9)
BHEL
266
6.6
IFCI
30
(3.9)
16
5.7
Cipla
366
(3.8)
Lanco Infra
www.angelbroking.com
BSE
NSE
Advances
1,695
896
Declines
1,261
579
116
63
Volumes (` cr)
Refer detailed news analysis on the following page
` cr
Advances / Declines
Unchanged
Reform momentum continues

Cabinet approves 49% FDI in insurance
TDSAT issues notice to Bharti Airtel on Asergis plea
MFs
Indian ADRs
BSE
2,958
NSE
14,642
Market Outlook
October 5, 2012
Reform momentum continues

In a positive move on the reform agenda, the Union cabinet on October 4, 2012
continued to maintain its thrust on policy reform measures in the financial sector.
The Cabinet approved official amendments to the Pension Fund Regulatory and
Development Authority Bill and opened up the pension sector to FDI with a cap of
up to 26%. Further, it also approved key proposals such as:
Amendment to the Companies Bill, 20011, so that spending on corporate social
responsibility is mandatory for companies above a threshold size.
Amendment to the Competition Act, 2002 whereby it attempts to bring all
voluntary mergers and acquisitions under the purview of the Competition
Commission of India.
Amendment to the Forward Contracts (Regulation) Amendment Bill, 2010 giving
the regulator, Forward Market Commission (FMC), more autonomy and power to
regulate the market effectively and allowing options in the commodity market with
the objective of price discovery and price risk management.
Following the approval of these proposed changes, the bills will have to be cleared
by both houses of parliament in order to take effect. However, the implementation
of these measures is likely to face challenges since some of the opposition parties
have expressed dissent regarding FDI in insurance and pension sector.
Nevertheless, we expect markets to react positively to the reform measures since
the government has signaled its intent to drive the momentum on reforms ahead.
Sensex regained the 19,000 mark in anticipation of positive reforms.
Cabinet approves 49% FDI in insurance

Cabinet has given its nod to the Insurance Laws (Amendment) Bill which inter-alia
include amendments like increasing the foreign investment ceiling in the insurance
sector to 49% from the present 26%, reducing the minimum capital requirement
for health insurance company to `50cr instead of `100cr. However the bill is still
not law and is likely to be taken up by Parliament for passage as Law in the
forthcoming winter session.
Overall, increasing FDI in insurance is expected to ensure greater flow of capital
into the industry and attract foreign investors to increase their stake. Most of the
private life insurers in the country are in joint ventures with foreign insurers and it is
likely that once the bil is passed the foreign counterparts might increase their stake
upto 49%. It would be beneficial for companies like ICICI Bank (ICICI Prudential
Life), HDFC Ltd (HDFC Standard Life), SBI Bank (SBI Life), Bharti Group (Bharti Axa
Life), Max India (Max Life), Future group (Future Generali Life), AB Nuvo (Birla Sun
Life) and several others.
TDSAT issues notice to Bharti Airtel on Asergis plea

Telecom tribunal, TDSAT, yesterday issued notice to Bharti Airtel over a petition
filed by Asergis Telecom Services, alleging that Bharti Airtel had blocked its toll free
Intelligent Network (INservices) number leased from Tata Teleservices. The TDSAT
asked Bharti Airtel to file a short reply by Tuesday over Asergis's allegations.
Market Outlook
October 5, 2012
Asergis, a fully owned subsidiary of UK-based Asergis Global Services, has been
given two days after that to file its rejoinder to the reply.
Asergis has alleged that Bharti Airtel is blocking its subscribers from accessing its
toll-free numbers on the plea that calls were terminating outside India. Asergis has
leased toll-free numbers of 1800 series from Tata Teleservices for audio
conferencing with its customers. Bharti Airtel and Tata Teleservices have an
interconnection agreement between them. Callers don't have to bear the cost of
toll-free calls and charges are paid by the company holding the 1800 series
number.
Asergis, after getting license for Voice Mail/Audiotex services from the government,
had set up the network with 71 toll free numbers leased from Tata Teleservices for
providing audio conferencing to its IN customers. The firm contended that from
September 11, 2012 Bharti Airtel had blocked access to calls originating from its
subscribers in India on IN services, alleging that it was using it to provide to its
customer outside India. We maintain our Neutral view on Bharti Airtel.
Economic and Political News
Economy would come back to path of growth: Pranab

Cereals, dairy and meat drive global food prices in Sep: FAO
Government initiates discussions on crucial issues through committees
Corporate News
Oil India, IOC to acquire 30% in Carrizo's shale gas asset

Indiabulls, Doha Bank tie up for NRI home loans
Tata Steel to invest 400mn pound in European unit
TDSAT issues notice to Airtel on Asergis plea
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
October 05, 2012
Global economic events release calendar

Date
Oct 5 2012 12:00AM

Oct 9 2012 12:00AM
Country
Event Description
US
Change in Nonfarm payrolls
US
Unnemployment rate
UK
Oct 12 2012 12:00AM US

India
Oct 13 2012 12:00AM China
Oct 15 2012 12:00AM India
China
Oct 16 2012 12:00AM UK
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
Sep
96.00
115.00
Sep
8.10
8.20
Industrial Production (YoY)
% Change
Aug
(0.80)
(1.00)
Producer Price Index (mom)
% Change
Sep
1.70
0.70
Industrial Production YoY
% Change
Aug
0.10
--
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.70
5.60
% Change
Sep
7.55
--
% Change
Sep
2.00
1.90
CPI (YoY)
% Change
Sep
2.50
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
US
Consumer price index (mom)
% Change
Sep
0.60
0.50
Oct 17 2012 12:00AM US
Housing Starts
Thousands
Sep
750.00
--
US
Building permits
Thousands
Sep
801.00
--
UK
Jobless claims change
% Change
Sep
(15.00)
--
Industrial Production (YoY)
% Change
Sep
8.90
--
Real GDP (YoY)
% Change
3Q
7.60
--
Millions
Sep
4.82
--
Value
Oct A
(25.90)
--
Value
Oct A
49.70
--
Value
Oct A
47.40
--
Thousands
Sep
373.00
--
Oct 18 2012 12:00AM China

China
Oct 19 2012 12:00AM US
Oct 23 2012 12:00AM Euro Zone
Oct 24 2012 12:00AM Germany
Existing home sales

Euro-Zone Consumer
Confidence
PMI Services
Germany
PMI Manufacturing
US
New home sales
US
FOMC rate decision
Oct 24
0.25
--
Oct 25 2012 12:00AM UK
GDP (YoY)
% Change
3Q A
(0.50)
--
Oct 26 2012 12:00AM US
GDP Qoq (Annualised)
3Q A
1.30
--
Oct 30 2012 12:00AM US
Consumer Confidence
% Change
S.A./
1985=100
%
Oct
70.30
--
Oct 30
8.00
--
Oct 30
4.50
--
India
RBI Repo rate
India
RBI Cash Reserve ratio
India
RBI Reverse Repo rate
Oct 30
7.00
--
Oct 31 2012 12:00AM Germany
Unemployment change (000's)
Thousands
Oct
9.00
--
Nov 1 2012 12:00AM India
Imports YoY%
% Change
Sep
(5.10)
--
India
Exports YoY%
% Change
Sep
(9.70)
--
UK
PMI Manufacturing
Value
Oct
48.40
--
China
PMI Manufacturing
Value
Oct
49.80
--
% Ratio
Nov 8
0.50
--
Nov 8
0.75
--
Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
(0.20)
--
GDP nsa (YoY)
% Change
3Q P
0.50
--
Nov 8 2012 12:00AM UK

Euro Zone
Nov 15 2012 12:00AM Euro Zone
Germany
Source: Bloomberg, Angel Research
BOE Announces rates

ECB announces interest rates
Market Strategy
October 05, 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
October 05, 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
148
2,871
1,466
1,686
14.8
14.8
7.0
8.1
21.1
18.2
4.5
3.8
22.6
22.5
2.0
1.7
United Phosphorus
Buy
132
170
6,083
8,421
9,263
16.5
16.5
15.0
17.0
8.8
7.8
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
222
3,786
2,844
3,275
15.4
15.6
15.9
18.8
14.0
11.8
3.6
2.8
28.9
26.9
1.2
1.1
Apollo Tyres
Accumulate
90
99
4,546
13,412
15,041
11.3
11.0
12.1
14.2
7.5
6.4
1.3
1.1
19.6
19.2
0.5
0.4
Ashok Leyland
Buy
25
30
6,572
14,920
16,850
9.0
9.3
2.2
2.8
11.3
9.0
2.1
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Neutral
400
605
993
1,140
11.6
11.5
36.9
43.0
10.8
9.3
2.1
1.8
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,765
51,081
21,285
23,927
18.2
18.3
108.5
121.3
16.3
14.6
6.7
5.4
46.1
41.3
2.1
1.8
Bharat Forge
Accumulate
310
351
7,222
7,004
7,985
16.2
16.4
20.3
25.1
15.3
12.4
2.8
2.4
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,925
28,023
8,793
10,294
17.4
18.5
348.3
435.8
25.6
20.5
5.0
4.1
19.4
20.1
2.8
2.3
CEAT
Buy
113
164
388
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
152
12,878
5,913
6,787
16.0
17.0
7.4
9.2
20.5
16.5
3.7
3.1
19.1
20.3
1.9
1.6
FAG Bearings*
Neutral
1,711
2,842
1,505
1,768
17.5
18.0
111.2
132.7
15.4
12.9
3.2
2.6
22.8
22.2
1.7
1.4
Hero Motocorp
Accumulate
1,831
2,077
36,565
24,941
28,706
15.0
15.5
122.5
134.0
14.9
13.7
6.6
5.2
49.6
42.2
1.2
1.0
JK Tyre
Buy
109
135
448
7,517
8,329
6.1
6.3
26.2
38.5
4.2
2.8
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
859
944
52,744
37,434
42,860
11.6
11.5
50.4
56.3
17.1
15.3
3.6
3.1
22.6
21.5
1.2
1.0
Maruti
Neutral
1,391
40,193
41,796
49,350
7.6
8.6
66.6
92.6
20.9
15.0
2.4
2.1
12.0
14.8
0.7
0.6
Motherson Sumi
Neutral
161
14,162
24,285
27,317
6.7
7.2
8.1
10.6
20.0
15.2
4.2
3.4
22.9
24.7
0.5
0.5
Subros
Buy
30
34
180
1,230
1,378
8.8
8.6
4.5
5.7
6.7
5.3
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
274
316
73,077 195,096 219,428
12.8
13.0
39.0
44.9
7.0
6.1
2.0
1.6
32.6
28.8
0.4
0.4
TVS Motor
Buy
46
49
2,181
7,611
8,443
7.9
7.9
4.7
5.4
9.8
8.5
1.6
1.4
17.9
18.1
0.2
0.2
ABB*
Sell
794
593
16,830
8,760
10,023
6.2
8.7
14.5
24.7
55.0
32.2
6.0
5.2
11.6
17.6
1.9
1.7
BGR Energy
Neutral
293
2,116
3,669
4,561
11.0
11.0
24.7
29.6
11.9
9.9
1.8
1.6
15.3
16.7
1.1
1.0
BHEL
Neutral
266
65,118
47,801
43,757
19.0
18.8
25.3
22.8
10.5
11.7
3.2
2.7
34.3
25.3
1.1
1.2
Blue Star
Neutral
199
1,789
3,047
3,328
5.4
6.9
12.5
16.2
15.9
12.3
3.8
3.1
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
133
141
8,513
12,691
14,126
7.4
8.9
7.0
9.7
19.0
13.7
2.2
2.0
11.9
15.0
0.7
0.6
Jyoti Structures
Buy
51
54
420
2,622
2,744
10.7
10.5
9.6
12.2
5.3
4.2
0.6
0.5
10.8
12.3
0.4
0.3
KEC International
Accumulate
71
78
1,815
6,858
7,431
7.1
7.5
8.3
9.8
8.5
7.2
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Neutral
2,055
2,315
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
556
6,626
5,514
5,559
8.9
10.2
26.9
30.3
20.7
18.4
3.6
3.1
18.4
18.2
1.1
1.0
Capital Goods
Market Outlook
October 05, 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
1,480
27,793
10,964
12,417
21.6
21.5
76.9
82.2
19.3
18.0
3.6
3.3
19.5
19.1
2.2
1.9
Ambuja Cements
Neutral
217
33,471
10,163
11,729
25.4
24.9
11.2
12.5
19.5
17.4
4.2
3.7
20.3
20.5
2.7
2.2
India Cements
Neutral
95
2,924
4,354
4,929
18.6
18.7
9.8
12.3
9.7
7.8
0.8
0.8
8.6
10.2
1.1
1.0
J K Lakshmi Cements
Neutral
112
1,370
1,964
2,278
19.5
20.4
16.3
17.9
6.9
6.3
1.0
0.9
14.7
14.6
0.9
1.2
Madras Cements
Neutral
196
4,663
3,608
3,928
27.6
27.0
15.7
18.3
12.5
10.7
2.0
1.7
16.9
17.0
1.9
1.6
Shree Cements^
Neutral
4,073
14,190
5,630
6,187
29.6
27.9
222.5
259.3
18.3
15.7
4.2
3.4
25.3
23.8
1.9
1.5
UltraTech Cement
Neutral
1,986
54,442
20,913
23,530
21.3
22.7
93.2
110.5
21.3
18.0
3.6
3.1
18.4
18.7
2.5
2.3
242
304
1,274
2,034
2,315
22.4
22.4
27.1
31.7
8.9
7.6
1.1
1.0
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
286
2,262
2,522
6.7
7.5
1.5
2.7
10.4
5.8
0.5
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
19
1,162
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.5)
(19.9)
1.1
1.2
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
157
166
5,223
3,964
4,582
42.3
40.2
15.7
16.9
10.0
9.3
1.6
1.4
16.6
15.8
2.8
2.7
ITNL
Buy
196
232
3,801
6,840
7,767
26.4
26.1
24.4
30.3
8.0
6.5
1.2
1.1
16.0
16.2
2.7
2.9
IVRCL Infra
Accumulate
48
51
1,464
5,510
6,722
8.8
9.0
2.5
4.6
18.8
10.4
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
91
91
19,329
15,259
17,502
25.7
24.7
4.0
4.8
22.7
19.1
1.8
1.6
8.5
9.3
2.5
2.2
Larsen & Toubro
Accumulate
1,633
1,721
100,241
60,474
69,091
12.1
11.5
79.7
85.4
20.5
19.1
3.5
3.0
16.3
15.1
1.8
1.6
Madhucon Proj
Buy
40
56
295
2,206
2,502
10.7
10.7
4.6
4.7
8.6
8.5
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
52
1,329
5,804
6,513
8.0
8.6
3.0
3.5
17.0
14.8
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
84
586
3,609
3,836
13.1
13.1
14.0
14.6
6.0
5.8
0.4
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
57
1,896
11,892
13,116
8.9
8.9
1.7
3.1
33.7
18.5
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
150
182
2,250
2,506
3,147
10.3
10.7
7.5
10.4
19.9
14.4
2.5
2.1
13.5
16.0
1.0
0.9
Simplex Infra
Buy
212
265
1,049
6,732
7,837
8.1
8.4
23.4
29.4
9.1
7.2
0.8
0.7
9.2
10.6
0.5
0.5
Allahabad Bank
Reduce
151
131
7,533
6,944
7,884
3.0
3.1
35.5
37.0
4.2
4.1
0.7
0.6
17.2
15.7
Andhra Bank
Reduce
Axis Bank
Buy
Bank of Baroda
Financials
113
97
6,320
4,929
5,633
3.1
3.1
23.7
24.5
4.8
4.6
0.8
0.7
16.6
15.3
1,141
1,326
47,308
15,425
18,500
3.1
3.2
115.9
137.5
9.9
8.3
1.8
1.6
19.9
20.1
Neutral
792
31,007
15,473
18,142
2.6
2.6
115.3
139.4
6.9
5.7
1.1
0.9
16.2
17.2
Bank of India
Accumulate
306
330
17,529
12,573
14,971
2.3
2.4
58.2
68.0
5.3
4.5
0.9
0.7
15.9
16.3
Bank of Maharashtra
Reduce
51
47
2,977
3,442
3,802
3.1
3.2
8.9
11.4
5.7
4.4
0.7
0.6
13.5
15.5
Canara Bank
Neutral
436
19,304
10,905
12,783
2.1
2.2
74.9
85.1
5.8
5.1
0.9
0.8
15.1
15.3
Central Bank
Neutral
80
5,896
7,095
8,102
2.5
2.7
15.6
21.0
5.1
3.8
0.9
0.8
12.2
14.7
Market Outlook
October 05, 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
Neutral
424
6,277
4,886
5,669
2.1
2.2
101.3
101.8
4.2
4.2
0.7
0.6
17.0
15.1
Dena Bank
Neutral
109
3,823
3,147
3,495
2.8
2.9
24.8
24.4
4.4
4.5
0.8
0.7
18.7
15.9
Federal Bank
Neutral
459
7,844
2,593
3,009
3.2
3.2
44.9
52.5
10.2
8.7
1.3
1.1
12.8
13.5
HDFC
Neutral
788
121,344
7,340
8,805
3.5
3.5
31.5
37.8
25.0
20.9
5.0
4.5
34.8
32.2
HDFC Bank
Neutral
631
149,011
21,753
26,811
4.4
4.5
28.7
35.9
22.0
17.6
4.2
3.6
20.7
21.9
ICICI Bank
Buy
1,084
1,245
124,575
22,304
26,855
2.9
3.0
68.6
82.0
15.8
13.2
1.9
1.7
14.2
15.6
IDBI Bank
Neutral
104
13,289
7,761
9,484
1.9
2.2
17.1
22.9
6.1
4.5
0.7
0.7
11.9
14.4
Indian Bank
Reduce
195
181
8,363
6,062
6,818
3.4
3.4
40.5
41.6
4.8
4.7
0.8
0.7
18.1
16.3
IOB
Accumulate
83
83
6,583
7,343
8,391
2.5
2.5
16.0
21.3
5.2
3.9
0.6
0.5
11.3
13.6
J & K Bank
Accumulate
1,007
1,021
4,883
2,600
2,850
3.6
3.5
192.3
188.0
5.2
5.4
1.0
0.9
21.0
17.7
LIC Housing Finance
Accumulate
277
301
13,969
1,867
2,338
2.4
2.4
21.1
28.5
13.1
9.7
2.2
1.8
17.5
20.4
Oriental Bank
Neutral
294
8,565
6,278
7,125
2.7
2.8
56.7
62.6
5.2
4.7
0.7
0.6
14.1
13.9
Punjab Natl.Bank
Accumulate
832
941
28,225
19,934
22,705
3.3
3.3
147.8
166.2
5.6
5.0
1.0
0.8
17.7
17.3
South Ind.Bank
Accumulate
24
25
3,152
1,535
1,760
2.9
2.8
3.5
3.9
6.7
6.0
1.1
1.0
19.5
17.1
St Bk of India
Accumulate
2,345
2,353
157,347
63,806
73,435
3.5
3.6
225.7
258.4
10.4
9.1
1.8
1.5
17.7
17.8
Syndicate Bank
Accumulate
113
117
6,808
6,722
7,719
2.9
3.0
24.3
27.2
4.7
4.2
0.7
0.7
17.0
16.8
UCO Bank
Neutral
79
5,255
5,411
6,124
2.4
2.5
17.0
16.5
4.7
4.8
0.9
0.8
16.7
14.4
Union Bank
Accumulate
206
226
11,333
9,924
11,647
2.8
2.9
38.6
46.3
5.3
4.5
0.9
0.7
15.4
16.3
United Bank
Buy
64
78
2,319
3,572
4,041
2.8
2.9
17.2
22.1
3.7
2.9
0.5
0.5
14.2
16.2
Vijaya Bank
Neutral
58
2,889
2,490
2,881
2.1
2.2
9.2
11.4
6.4
5.1
0.8
0.7
11.5
13.0
Yes Bank
Buy
398
452
14,180
3,270
4,253
2.8
3.0
33.9
42.2
11.7
9.4
2.5
2.0
23.1
23.6
3,875
37,168
11,198
13,184
16.3
16.3
121.0
144.8
32.0
26.8
10.7
8.5
37.4
35.3
3.3
2.8
477
584
5,701
5,835
6,824
5.7
6.0
20.7
25.4
23.1
18.8
9.1
7.0
43.1
41.9
0.9
0.7
1,226
16,678
3,018
3,429
20.9
22.2
35.7
42.3
34.4
29.0
31.7
23.6
101.0
93.5
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
129
22,492
6,124
7,030
17.0
16.8
4.5
5.2
28.9
24.9
11.9
9.4
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,002
12,625
3,124
3,663
17.1
17.6
104.5
123.8
28.7
24.3
9.0
7.2
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
698
23,745
6,097
7,233
18.4
18.6
21.9
26.5
31.9
26.4
7.1
5.9
25.5
25.4
3.9
3.3
HUL
Neutral
556
120,116
25,350
28,974
13.9
13.9
14.3
16.5
39.0
33.7
23.2
17.9
70.9
59.8
4.4
3.8
ITC
Neutral
275
216,127
29,513
33,885
35.4
35.8
9.3
10.8
29.7
25.5
9.8
8.2
35.6
35.0
6.9
6.0
Market Outlook
October 05, 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
204
13,117
4,840
5,643
13.1
13.1
6.8
8.5
30.0
24.1
8.3
6.3
31.4
29.7
2.7
2.2
Nestle*
Neutral
4,590
44,251
8,610
10,174
20.9
21.2
114.8
139.8
40.0
32.8
24.1
16.8
71.2
60.3
5.0
4.1
Tata Global
Neutral
152
9,393
7,207
7,927
9.7
10.0
6.6
7.8
23.0
19.4
2.3
2.2
8.6
9.5
1.1
1.0
HCL Tech^
Accumulate
590
632
40,934
24,569
27,002
18.8
17.6
41.4
45.1
14.2
13.1
3.2
2.7
22.8
21.1
1.6
1.4
Hexaware*
Accumulate
119
140
3,512
1,966
2,161
22.5
21.4
11.6
12.2
10.2
9.8
2.7
2.3
26.8
23.9
1.5
1.3
Infosys
Accumulate
2,575
2,687
147,888
39,383
41,380
31.7
31.9
163.2
173.4
15.8
14.9
3.8
3.3
23.9
22.0
3.1
2.8
Infotech Enterprises
Neutral
193
2,151
1,895
2,049
18.0
17.5
18.1
19.5
10.7
9.9
1.6
1.4
14.5
13.7
0.8
0.6
KPIT Cummins
Buy
123
142
2,189
2,191
2,364
16.1
16.5
11.3
13.0
10.9
9.5
2.4
1.9
21.8
20.0
1.0
0.8
Mahindra Satyam
Neutral
112
13,199
7,628
8,062
19.9
18.4
9.7
10.0
11.5
11.2
3.2
2.5
27.7
22.2
1.3
1.1
Mindtree
Buy
648
772
2,653
2,334
2,481
19.5
17.6
70.4
77.2
9.2
8.4
2.1
1.7
23.3
20.4
0.9
0.8
Mphasis&
Neutral
404
8,495
5,700
5,993
18.0
16.9
37.0
37.3
10.9
10.8
1.6
1.4
14.3
12.6
1.0
0.9
NIIT
Accumulate
34
36
558
1,034
1,146
9.9
11.0
5.2
6.4
6.5
5.3
0.8
0.8
12.8
14.3
0.3
0.2
Persistent
Reduce
433
398
1,730
1,207
1,278
26.2
24.3
42.4
44.3
10.2
9.8
1.8
1.5
17.1
15.5
1.1
0.9
TCS
Accumulate
1,315
1,405
257,384
61,611
67,507
29.3
29.1
69.0
74.0
19.1
17.8
6.2
5.1
32.4
28.6
3.9
3.5
Tech Mahindra
Accumulate
972
1,046
12,400
6,603
7,196
18.2
17.1
92.7
99.6
10.5
9.8
2.5
2.0
23.6
20.5
1.9
1.7
Wipro
Accumulate
383
421
94,302
43,800
48,332
19.5
19.3
25.6
28.1
15.0
13.7
2.8
2.5
18.9
17.9
1.8
1.5
D B Corp
Buy
209
236
3,839
1,604
1,786
22.3
23.8
11.2
13.7
18.8
15.3
3.5
3.1
20.3
21.4
2.2
2.0
HT Media
Buy
101
113
2,368
2,111
2,263
14.7
14.8
7.3
8.1
13.8
12.4
1.5
1.3
11.3
11.2
0.7
0.6
Jagran Prakashan
Buy
96
112
3,039
1,488
1,664
22.7
22.8
6.2
7.1
15.5
13.5
3.7
3.4
25.2
26.3
2.1
1.8
PVR
Neutral
203
527
625
732
17.4
17.1
13.3
15.6
15.3
13.0
1.7
1.5
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
365
14,376
1,981
2,239
77.0
76.7
18.6
21.3
19.7
17.1
4.9
4.3
27.1
27.5
6.4
5.5
Bhushan Steel
Neutral
500
10,610
11,979
14,584
31.6
31.0
49.2
61.4
10.2
8.1
1.3
1.2
14.1
15.2
2.9
2.4
Coal India
Accumulate
362
385
228,400
69,808
75,550
27.4
27.4
26.0
28.3
13.9
12.8
4.0
3.3
32.5
28.1
2.3
2.0
Electrosteel Castings
Accumulate
20
23
699
1,984
2,074
11.2
12.6
2.5
2.9
8.2
7.0
0.4
0.2
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
137
144
57,950
12,446
13,538
52.3
52.9
14.3
15.5
9.6
8.8
1.8
1.6
20.5
18.9
2.7
2.1
Hindalco
Neutral
124
23,722
84,855
92,446
8.7
9.3
13.2
16.2
9.4
7.6
0.7
0.7
7.8
8.9
0.7
0.6
JSW Steel
Neutral
743
16,576
38,740
41,459
17.3
17.0
79.9
89.4
9.3
8.3
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
257
271
4,318
918
993
50.7
50.9
24.5
26.1
10.5
9.9
1.6
1.5
16.0
15.5
2.3
2.0
Monnet Ispat
Buy
316
379
2,033
2,511
3,303
23.8
26.0
46.3
57.3
6.8
5.5
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
October 05, 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
52
48
13,324
7,401
7,841
16.7
19.2
3.4
4.1
15.1
12.6
1.1
1.0
7.4
8.4
1.3
1.2
195
214
77,431
12,934
14,266
79.4
80.1
21.1
23.4
9.3
8.4
2.5
2.0
29.6
26.5
4.1
3.4
SAIL
Sesa Goa
Neutral
87
36,039
47,252
60,351
14.2
14.8
9.6
11.7
9.1
7.4
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
175
15,209
7,704
8,034
33.6
34.6
42.0
43.1
4.2
4.1
0.9
0.7
22.3
19.2
2.2
2.1
Sterlite Inds
Neutral
102
34,211
41,680
45,382
24.2
23.2
16.3
16.9
6.3
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
410
481
39,771 145,799 150,431
10.3
11.2
48.6
63.3
8.4
6.5
0.9
0.8
10.5
12.4
0.5
0.5
Sarda
Accumulate
135
148
483
1,251
1,321
22.7
23.4
33.0
37.1
4.1
3.6
0.6
0.5
15.1
14.8
0.8
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
57
73
771
2,694
2,906
14.6
16.6
16.4
20.8
3.5
2.8
0.4
0.3
11.4
12.8
0.5
0.4
Buy
124
161
394
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.9
0.5
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
327
380
62,396
16,605
17,258
75.4
71.7
57.0
54.9
5.7
6.0
1.1
0.9
20.2
16.3
2.8
2.2
GAIL
Neutral
392
49,705
50,176
55,815
15.5
15.8
35.4
36.5
11.1
10.7
2.0
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
284
312
243,061 147,139 154,821
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
853
279,237 362,700 380,031
7.9
8.0
61.5
64.3
13.9
13.3
1.4
1.3
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
308
3,819
11.5
11.3
19.2
22.1
16.1
13.9
4.3
3.8
28.7
29.0
1.3
1.0
Indraprastha Gas
Neutral
260
3,642
3,040
3,135
24.3
26.7
24.8
27.9
10.5
9.3
2.4
2.0
25.5
23.6
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
162
176
12,113
29,145
33,736
6.6
6.6
14.2
16.0
11.4
10.1
2.8
2.2
26.9
24.4
0.4
0.4
83
4,673
1,041
939
91.8
91.9
8.5
7.4
9.8
11.2
1.7
1.5
18.1
14.0
5.2
5.8
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Neutral
Dr Reddy's
Accumulate
Dishman Pharma
Neutral
3,950
3,228
71
91
1,341
1,624
1,855
14.2
15.6
6.6
9.1
10.8
7.8
2.7
2.1
27.9
29.9
1.0
0.8
144
156
4,201
5,243
5,767
14.6
14.6
11.8
12.6
12.2
11.5
1.5
1.3
17.9
16.4
1.3
1.1
2,266
5,218
1,482
1,682
15.5
15.5
95.1
104.4
23.8
21.7
4.2
3.3
18.6
17.0
3.5
3.0
831
953
17,022
6,148
7,386
18.6
19.6
36.0
46.1
23.1
18.0
5.4
4.4
25.8
26.8
3.1
2.6
366
29,419
8,031
9,130
23.4
22.4
18.4
20.0
19.9
18.3
3.3
2.8
17.8
16.6
3.6
3.1
1,718
1,859
29,165
10,696
11,662
20.7
21.0
83.7
92.9
20.5
18.5
4.2
3.5
22.4
20.8
2.9
2.6
Neutral
98
789
1,280
1,536
17.8
17.8
9.2
11.3
10.6
8.7
0.8
0.7
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
1,956
16,566
2,651
2,993
31.7
31.2
76.0
82.4
25.7
23.7
7.4
6.6
20.1
26.3
5.5
4.8
Indoco Remedies
Buy
68
92
625
685
837
15.2
15.2
7.4
8.9
9.2
7.6
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
449
5,665
2,850
3,474
20.7
20.7
29.2
36.6
15.4
12.3
3.6
2.9
26.1
26.1
2.3
1.9
Lupin
Accumulate
579
647
25,899
8,426
10,082
19.7
20.0
26.3
31.3
22.0
18.5
5.2
4.1
26.0
24.7
3.2
2.6
Orchid Chemicals
Neutral
116
820
1,667
1,835
13.9
13.9
11.4
13.3
10.2
8.8
0.7
0.6
6.6
7.3
0.9
0.8
Market Outlook
October 05, 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
534
22,547
12,046
11,980
18.0
15.8
31.3
29.8
17.1
17.9
5.8
4.7
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
698
72,213
9,752
12,134
41.6
41.6
26.0
28.2
26.9
24.8
5.0
4.3
20.3
18.8
6.6
5.1
CESC
Neutral
335
4,182
5,218
5,644
24.2
23.8
44.6
47.6
7.5
7.0
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
71
77
1,072
1,557
1,573
29.3
28.7
10.8
11.0
6.6
6.4
0.7
0.6
10.8
10.2
1.2
1.0
171
140,626
74,111
85,789
22.7
23.1
12.1
13.7
14.1
12.4
1.7
1.6
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Accumulate
80
78
2,361
657
875
52.0
56.1
8.4
12.7
9.5
6.3
0.6
0.5
6.3
8.9
4.5
3.4
DLF
Neutral
241
40,969
9,878
12,033
44.7
46.1
9.6
13.4
25.2
18.0
1.6
1.5
6.4
8.7
6.5
5.4
HDIL
Buy
107
115
4,464
2,441
3,344
55.1
48.2
22.7
26.6
4.7
4.0
0.4
0.4
8.8
9.4
3.5
2.7
MLIFE
Neutral
411
1,680
813
901
26.2
26.6
32.0
37.1
12.9
11.1
1.3
1.2
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
270
102,362
79,147
86,745
31.1
32.5
9.9
15.1
27.2
17.9
1.9
1.7
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
84
27,811
22,582
24,684
26.4
26.9
3.3
4.7
25.3
17.8
2.0
1.8
7.8
9.9
1.7
1.5
Rcom
Neutral
63
13,045
20,650
20,935
32.3
33.0
4.2
5.8
14.9
11.0
0.4
0.3
2.3
3.1
2.3
2.1
Abbott India
Neutral
1,602
3,405
1,602
1,833
10.4
11.8
54.7
71.7
29.3
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
201
228
2,005
3,670
4,290
7.6
8.8
15.0
23.0
13.4
8.7
2.5
2.0
18.6
22.4
0.5
0.5
Cera Sanitaryware
Buy
349
388
442
396
470
16.7
16.6
31.0
35.0
11.3
10.0
2.6
2.1
24.8
23.0
1.1
1.0
Cravatex
Buy
444
682
115
289
340
5.2
5.9
41.0
57.0
10.8
7.8
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
934
6,554
982
1,136
34.3
34.3
34.3
40.0
27.2
23.4
12.3
9.9
50.9
46.9
6.5
5.4
Finolex Cables
Buy
47
61
712
2,334
2,687
6.2
6.5
8.0
10.0
5.8
4.7
0.8
0.7
13.0
14.9
0.2
0.2
Force Motors
Buy
439
591
572
2,214
2,765
4.5
5.4
39.0
74.0
11.3
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
Disa India
Buy
3,027
3,353
457
176
203
22.7
22.6
182.5
209.6
16.6
14.4
8.6
6.8
51.8
47.1
2.2
1.8
Greenply Industries
Buy
209
309
505
1,925
2,235
10.6
10.9
29.6
44.1
7.1
4.8
1.2
0.9
16.8
21.0
0.5
0.4
Hitachi
Neutral
134
307
868
977
3.9
6.6
2.7
10.9
48.7
12.3
1.8
1.6
3.7
13.6
0.4
0.4
Honeywell Automation
Neutral
2,775
2,453
1,847
2,162
4.3
7.3
69.0
135.0
40.2
20.6
3.6
3.1
9.3
16.3
1.3
1.1
Styrolution ABS India
Buy
660
744
1,160
1,056
1,081
8.1
10.6
34.0
47.0
19.4
14.0
2.7
2.3
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
246
283
1,451
1,669
12.3
12.4
32.4
41.5
7.6
5.9
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
160
2,576
1,248
1,468
9.8
10.4
5.9
7.2
27.0
22.3
3.9
3.5
15.0
16.6
2.5
2.0
MCX
Accumulate
1,295
1,440
6,603
553
624
65.3
66.3
62.5
72.0
20.7
18.0
5.7
4.9
27.5
27.4
8.9
7.4
MRF
Buy
10,493
12,884
4,450
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.1
7.3
1.6
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
October 05, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,298
721
821
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
3,679
887
1,108
18.3
18.6
95.0
120.9
34.7
27.3
18.1
14.7
57.4
59.5
4.0
3.2
865
1,019
1,208
12.3
13.0
51.0
68.4
14.1
10.5
3.7
2.8
30.3
30.2
1.0
0.8
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Buy
72
79
1,957
4,751
5,189
16.3
16.6
13.6
15.8
5.3
4.6
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
324
392
303
1,042
1,173
12.4
12.5
66.3
78.5
4.9
4.1
1.0
0.8
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
20
24
596
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
Buy
38
43
1,845
5,720
6,599
5.3
6.8
3.6
5.4
10.6
7.1
15.3
4.9
0.4
0.4
TAJ GVK
Buy
74
108
465
300
319
35.8
36.2
7.9
9.1
9.4
8.2
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
332
377
511
787
837
16.2
17.5
58.5
66.9
5.7
5.0
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Accumulate
306
335
235
1,476
1,643
7.0
8.2
32.6
55.9
9.4
5.5
1.5
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,254
16,402
10,289
11,421
13.5
14.3
31.0
42.9
40.4
29.2
3.2
2.9
8.1
10.3
2.2
2.0
Vesuvius India
Neutral
346
701
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
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 October 04, 2012
Market Outlook
October 05, 2012

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Market Outlook

OIL & GAS

Net Inflows (October 03, 2012)

FII Derivatives (October 04, 2012)

Refer detailed news analysis on the following page

Reform momentum continues

Reform momentum continues

Cabinet approves 49% FDI in insurance

TDSAT issues notice to Bharti Airtel on Asergis plea

Economic and Political News

Economy would come back to path of growth: Pranab

Oil India, IOC to acquire 30% in Carrizo's shale gas asset

Global economic events release calendar

Oct 5 2012 12:00AM

Change in Nonfarm payrolls

Oct 12 2012 12:00AM US

Industrial Production (YoY)

Producer Price Index (mom)

Industrial Production YoY

Euro-Zone CPI (YoY)

Consumer price index (mom)

Oct 17 2012 12:00AM US

Jobless claims change

Industrial Production (YoY)

Real GDP (YoY)

Oct 18 2012 12:00AM China

Existing home sales

New home sales

FOMC rate decision

Oct 25 2012 12:00AM UK

Oct 26 2012 12:00AM US

GDP Qoq (Annualised)

Oct 30 2012 12:00AM US

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Oct 31 2012 12:00AM Germany

Unemployment change (000's)

Nov 1 2012 12:00AM India

Euro-Zone GDP s.a. (QoQ)

GDP nsa (YoY)

Nov 8 2012 12:00AM UK

BOE Announces rates

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