Market Outlook Market Outlook: Dealer's Diary

Market Outlook
October 26, 2012
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are expected to open in the red following negative start to SGX
Nifty and other major Asian indices.
BSE Sensex
0.3
48.6 18,759
Nifty
0.2
13.9
5,705
The US markets ended slightly higher on Thursday as several reports indicated a

more favorable outlook for the global economy. The initial strength on Wall Street
was partly due to a positive reaction to a batch of largely upbeat economic data,
including a report showing that the UK emerged from recession in 3QCY2012.
The UK economy grew 1% after contracting in each of the three previous quarters.
According to the US Labor Department release, initial jobless claims showed a
bigger than expected drop to 369,000 from the previous week's revised figure of
392,000. Additionally, a report from the Commerce Department showed that
durable goods orders rebounded by 9.9% in September after tumbling by 13.1% in
August. However, pending home sales numbers increased slightly
lower-than-expected by 0.3% to a reading of 99.5 in September.
MID CAP
0.2
10.1
6,659
SMALL CAP
(0.2)
(12.1)
7,161
BSE HC
(0.4)
(27.5)
7,570
BSE PSU
(0.2)
(12.4)
7,347
BANKEX
0.4
46.6 13,340
AUTO
0.6
59.3 10,207
METAL
(0.2)
(20.9) 10,235
Going ahead, earning releases and economic data may attract attention on Friday.
The Commerce Department is scheduled to release its initial report on US GDP in
the third quarter.
Dow Jones
0.2
NASDAQ
0.2
4.4
2,986
FTSE
0.0
0.3
5,805
Markets Today
Nikkei
1.1
100.9
9,055
Hang Seng
0.2
46.5 21,810
The trend deciding level for the day is 18,749 / 5,703 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,799 18,840 / 5,721 5,736 levels. However, if NIFTY trades below
18,749 / 5,703 levels for the first half-an-hour of trade then it may correct up to
18,708 18,658 / 5,688 5,670 levels.
Straits Times
0.4
12.8
3,058
(0.7)
(14.4)
2,102
Chg (%)
(Pts)
(Close)
INFY
1.1
0.5
$43.5
Indices
SENSEX
NIFTY
WIT
(0.2)
(0.0)
$8.1
IBN
1.4
0.5
$40.3
HDB
1.6
0.6
$37.4
S2
18,658
5,670
S1
18,708
5,688
PIVOT
18,749
5,703
R1
18,799
5,721
R2
18,840
5,736
OIL & GAS

BSE IT
Global Indices
Shanghai Com
Indian ADRs
0.2
13.9
8,470
(0.1)
(5.8)
5,692
(Pts)
(Close)
Chg (%)
26.3 13,104
News Analysis
Sun TV buys IPL franchise

Apollo Tyres workers at Limda plant goes on strike
CESC to acquire controlling stake in Firstsource
IRB shocks crashes on reports of Gadkari links
2QFY2013 Result Review: MM, Asian Paints, Nalco, OBC, Ipca Labs, BEL
2QFY2013 Result Preview: NTPC, ICICI, HUL, Gail, PNB, Dabur JSW Steel,
Sesa Goa, IOB, United Bank
Refer detailed news analysis on the following page
Net Inflows (October 23, 2012)

` cr
FII
MFs
Purch
2,319
297
Sales
1,893
495
Net
427
(198)
MTD
12,637
(2,284)
YTD
57,842
(10,206)
FII Derivatives (October 25, 2012)

` cr
Index Futures
Stock Futures
Purch
6,317
8,429
Sales
5,413
9,160
Net
904
(731)
Open Interest
10,172
27,933
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Price (`)
chg (%)
Oriental Bank
314
7.1
IRB Infra.
119
(15.7)
Indiabulls Fin.
254
4.7
Havells India
620
(4.2)
Bajaj Finserve
922
4.4
Sun TV Network
344
(3.5)
Yes Bank
417
4.3
Oberoi Realty
270
(3.4)
M&M
858
3.6
United Spirits
1,225
(3.1)
www.angelbroking.com
Company
Advances / Declines
BSE
NSE
Advances
1,288
603
Declines
1,556
903
138
67
Unchanged
Volumes (` cr)
BSE
2,543
NSE
13,541
Market Outlook
October 26, 2012
Sun TV buys IPL franchise

Sun TV has bought the Indian Premier League (IPL) Hyderabad franchise for
`85.05 crores per year. The BCCI had set a base price of `300 crore for the 10year contract for the new IPL team to replace Deccan Chargers. According to
media reports, Sun TV has submitted a `20cr performance deposit during the
submission of bids, which BCCI would forfeit if they fail to provide an annual bank
guarantee of `405.3cr. V C Unnikrishnan, CFO of Sun TV said that the acquisition
of IPL team in Hyderabad will be funded through internal accruals. He expected
the acquisition to enhance the brand image of Sun TV. We maintain our Neutral
view on the stock.
Apollo Tyres workers at Limda plant goes on strike

Apollo Tyres Limda plant has witnessed a labor strike due to which the production
at the plant has been disrupted from October 23, 2012. The workers have been
protesting against the company's refusal to recognize the newly formed workers'
union Bharatiya Majdoor Sangh (BMS) within the plant as well as suspension of
two employees. According to media reports, workers are unhappy as two
committees formed for the welfare of the workers in the past could not address the
workers' concerns. As per reports, ~1,500 workers (total strength ~7,000) have
stopped going to work since October 23, 2012 and have threatened to go on
indefinite strike soon if their demands are not met. The management is making all
efforts to resolve the issue. The Limda plant has a production capacity of
475MT/day and manufactures passenger car radial, truck and bus (bias) and off
the road tyres. While, we see this as negative for the company; we would await
more clarity on this development. At `86, the stock is trading at 6.1x FY2014E
earnings. Currently, we have a Buy rating on the stock with a target price of `99.
CESC to acquire controlling stake in Firstsource

CESC has agreed to pay around `400cr for a 49.5% holding in Firstsource. The
deal values Firstsource at `795cr on its expanded equity base. At its current stock
price, Firstsource has a market capitalization of `613cr. CESC will acquire 34.5%
in Firstsource through a preferential allotment and a further 15% from the existing
investors (ICICI Bank, Aranda Investment of Temasek Holdings, and Metavante
Investments) for `12.2 apiece. CESC will also offer to buy another 26% from
public shareholders. We maintain Neutral on the stock.
IRB shocks crashes on reports of Gadkari links

The share price of IRB Infrastructure came under pressure for its improper business
link with Nitin Gadkari as alleged in the media reports. IRB has denied this
allegation in the clarification issued to the stock exchange. We await for clarity on
this matter and continue to maintain our Buy view on the stock since we dont see
any serious concerns relating to the companys fundamentals.
Market Outlook
October 26, 2012
Result Review
Mahindra and Mahindra (CMP: `858/ TP: `944/ Upside: 10%)
Mahindra and Mahindra (MM) reported extremely strong results for 2QFY2013
riding on the robust growth of its automotive segment. For 2QFY2013, top-line
registered an in-line growth of 33.4% yoy (4.8% qoq) to `9,813cr driven by 58.3%
yoy (13.9% qoq) growth in the automotive segment revenues. Total volumes
registered a modest growth of 6.9% yoy (2.9% qoq) as the farm equipment
segment volumes declined 13.1% yoy (16.3% qoq) in the wake of a below normal
monsoon. Automotive segment volumes, however, posted a strong 16.3% yoy
(12.1% qoq) growth led by 31.5% yoy growth in the utility vehicle portfolio backed
by XUV5OO. The net average realization jumped 15.6% yoy (down 6% qoq) led by
higher share of premium products (mainly XUV5OO) in the volume-mix and price
increases over the last one year.
On the operating front, EBITDA margins contracted 60bp yoy (44bp qoq) to 11.4%
largely due to raw-material cost pressures. As a result, total raw-material cost as a
percentage of sales increased 234bp yoy (flat qoq) to 74.9%. However, employee
and other expenditure declined by 100bp and 80bp yoy respectively mainly due to
operating leverage benefits. EBIT margins in the automotive and farm equipment
segments declined by 53bp (up 59bp qoq) and 55bp yoy (90bp qoq) to 9.4% and
14.8%, respectively. Nonetheless, led by strong volume growth in the automotive
segment, automotive EBIT registered an impressive growth of 49.9% yoy (21.5%
qoq). As a result, MMs adjusted net profit grew strongly by 22.4% yoy (24.3%
qoq) to `902cr. The benefits of 30% yoy growth in other income (due to 28.2%
increase in dividends from subsidaries) were negated by 41.9% yoy (15.2% qoq)
increase in depreciation expense (related to Quanto launch) during the quarter. At
`858, the stock is trading at 15.2x FY2014E earnings. Currently we have an
Accumulate rating on the stock with a target price of `944. We shall revise our
estimates and come up with a detailed result update soon.
Y/E
March
FY2013
FY2014
Sales
(` cr)
OPM
(%)
PAT
(` cr)
EPS
(`)
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
37,434
42,860
11.6
11.5
2,966
3,317
50.4
56.3
22.6
21.5
17.0
15.2
3.6
3.0
9.5
8.1
1.0
0.8
Asian paints (CMP: `3,898/ TP: -/Upside: -)

Asian Paints posted a 16.2% yoy growth in its consolidated topline to `2,616cr,
which was slightly ahead of our estimates. The topline growth is largely on account
of price hikes taken by the company as volume growth is expected to have been
muted. OPM fell by 54bp yoy to 13.8%. Bottomline rose by 14.6% yoy to `239cr.
We maintain a neutral view on the stock.
Y/E
March
FY2013
FY2014
Sales
(` cr)
OPM
(%)
PAT
(` cr)
EPS
(`)
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
11,198
16.3
1,161
121.0
37.4
32.4
10.9
20.0
3.3
13,184
16.3
1,389
144.8
35.3
27.0
8.5
16.8
2.7
Nalco (CMP: `50 /TP: /Upside: -)

Nalco reported an operating loss for 2QFY2013 due to lower aluminium prices
and higher power and fuel costs. Results were significantly below our expectations.
Market Outlook
October 26, 2012
Net sales grew marginally by 0.1% yoy to `1,586cr (below our estimate of
`1,890cr). Its aluminium production decreased by 2.9% yoy to 102,000 tonnes
while alumina production increased by 2.6% yoy to 398,000 tonnes. Power costs
as a percentage of net sales stood at 47.5%, compared to 40.3% in 2QFY2012.
Further, other manufacturing expenses as a percentage of net sales stood at
19.4%, compared to 6.3% in 2QFY2012. Hence, Nalco reported an EBITDA loss
of `2cr, compared to an EBITDA of `153cr reported in 2QFY2012. Other income,
however, grew by 5.3% yoy to `139cr. Consequently, the company reported a net
profit of `5cr (significantly above our estimate of `212cr), compared to `139cr in
2QFY2012. We recommend Reduce rating on the stock while we keep our target
price under review.
Y/E
March
FY2013
FY2014
Sales
(` cr)
OPM
(%)
PAT
(` cr)
EPS
(`)
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
7,401
7,841
16.7
19.2
882
1,055
3.4
4.1
7.4
8.4
14.6
12.2
1.1
1.0
7.5
6.3
1.3
1.2
OBC (CMP: `314/ TP: -/ Upside: -)

OBC reported a strong performance for 2QFY2013. The banks net profit grew by
a strong 80.2% yoy to `302cr, which were lower than our estimates due to higher
tax rate than estimated by us.
The bank has shed ~6,000cr of bulk deposits during the last 6 months
leading to slower growth on the advances front. The bank is expected to pick
up pace in its loan growth hereon and as per the management excess SLR and
traction in retail deposits, despite further reduction in bulk deposits, should be
able to fund higher loan growth. Reduction in bulk deposits has led to
improvement in margins for the bank on a sequential basis.
The banks restructuring book increased by `329cr during 2QFY2013, taking
the total restructuring book to `11,493cr. The management expects `2,500cr
of restructuring during 2QFY2013. Slippages were under control during
2QFY2012 with annualised slippage rate at 2.3%. Gross NPA stood at 2.9%
while the net NPA for the bank stood at 2.1%.
Following the strong run-up in the stock recently, we recommend Neutral
rating on the stock
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013
6,278
2.7
1,654
56.7
405.6
0.9
14.1
5.0
0.7
FY2014
7,125
2.8
1,827
62.6
457.2
0.9
13.9
4.5
0.6
IPCA Labs (CMP `463/ TP: -/ Upside: -)

IPCA Labs results were above expectations. Ipcas top-line grew by 22.6% to
`758cr for 2QFY2013. The OPM came just in line with the expectations at 21.8%,
a decline of 280bp yoy. However, in spite of the same the net profit came in at
Rs125cr, up 60.5% yoy, on account of the higher rise in other income and the
interest expenses. We maintain our Neutral rating on the stock.
Market Outlook
October 26, 2012
Y/E
March
FY2013
FY2014
Sales
(` cr)
OPM
(%)
PAT
(` cr)
EPS
(`)
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
2,850
3,474
20.7
20.7
368
462
29.2
36.6
26.1
26.1
15.9
12.6
3.7
3.0
10.7
8.7
2.2
1.8
Bajaj Electricals Ltd (CMP: `215/ TP: `238/ Upside: 10%)

Bajaj Electricals Ltd. (BEL) reported decent set of numbers for 2QFY2013. Top-line
grew by 4.7% yoy and 10.2% qoq and came in at `734cr, vis--vis our expectation
of `830cr. EBITDA stood at `24cr which was lower by 53.7% yoy and 29.6% qoq.
Overall operating margins dip by 250bp qoq and 418bp yoy and came in at
3.3%.
Revenue from consumer durables segment grew by 17.5% yoy and came in at
`399cr (54.3% of total revenue). EBIT for the segment came in at `37cr, 14.3%
higher yoy while the margins declined by 20bp yoy to 9.3%.
Lighting segment grew by 6.6% yoy and came in at `202cr contributing 27.5% to
BELs total revenue. Profit for the segment stood at `13cr almost flat yoy while the
margins declined by 40bp to 6.5%.
Engineering & Projects segments revenue de-grew by 22.5% yoy and came in at
`133cr (18% of total revenue) and reported a loss of `27cr which was though
offset by onetime income of `24.7cr accrued from sale of BELs entire 50%
holdings in Bajaj Ventures to Black and Decker during the quarter. E&P projects
which have been hurting the profitability, on account of delay in completion
coupled with cost overrun is expected to end 18 of its 24 old sites by FY2013
thereby improving the profitability thereafter.
Tax expense for the quarter was low at `5cr, 17% of PBT which helped to sustain
the bottom line at `27cr vis--vis `25cr in the same quarter previous year and our
estimate of `27.6cr. We maintain our Buy recommendation on the stock with
target price of `238 based on target PE of 13x for FY2014E.
Y/E
Sales
OPM
PAT
EPS
Mar
(` cr)
(%)
(` cr)
(`)
FY2013E
FY2014E
3,649
4,235
5.3
7.7
98
182
10
18
ROIC
P/E
P/BV
EV/EBITDA
EV/sales
(%)
(x)
(x)
(x)
(x)
18.3
29.4
21.8
11.8
2.8
2.3
12.0
7.0
0.6
0.5
Market Outlook
October 26, 2012
Result Preview
NTPC (CMP: `170 / TP: - / Upside: - %)
For 2QFY2013, we expect NTPC to record a 4.9% yoy increase in its top line to
`16,126cr, driven largely by better realizations. Operating Margins are expected
to expand by 114bp yoy to 22.2% due to better plant availability. However, Net
profit is expected to decline by a marginal 2.5% yoy to `2,365cr. We remain
Neutral on the stock.
Y/E
March
Sales OPM
(` cr)
PAT
EPS ROE
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(x)
(x)
(x)
(x)
FY2013E
74,111 22.7
9,972
12.1 12.6 14.0
1.7
11.0
2.5
FY2014E
85,789 23.1
11,333
13.7 13.2 12.3
1.6
10.0
2.3
ICICI Bank- (CMP: `1,079 / TP: - 1,245/ Upside: - 15.4%)

ICICI Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a strong 31.8% yoy growth in Net Interest Income to `3,303cr.
Growth in non-interest income is expected to reasonable healthy at 16.9% yoy to
`2,033cr. Provisioning expenses are expected to increase by 51.9% yoy to `484cr,
hence PAT is expected to grow by a relatively lower, but stills strong 24.2% yoy to
`1,868cr.
At the CMP, the stock is trading at 1.7x FY2014E ABV. We maintain our Buy
recommendation on the stock with a target price of `1,245.
Y/E
March
Op. Inc
NIM
PAT
(` cr)
(%)
(` cr)
EPS ABV ROA ROE

(`)
(%)
(x)
P/E
P/ABV
(x)
(x)
(x)
FY2013E
22,304
2.9
7,904
68.6 568.6
1.4 14.2
15.7
1.9
FY2014E
26,855
3.0
9,456
82.0 622.1
1.4 15.5
13.2
1.7
HUL (CMP: `564/ TP: -/Upside: -)

HUL is expected to announce its 2QFY2013 results today. We expect the topline to
grow by 11.5% yoy to `6,155cr aided by healthy double-digit growth in both the
Soaps & Detergents and the Personal Products segments. OPM is expected to
remain flat at 13.3%. Bottomline is expected to grow by 11.4% yoy to `718cr. We
maintain a neutral view on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2013E
25,350 13.9
3,081
14.3 70.9 39.6 23.5
33.2
4.6
FY2014E
28,974 13.9
3,561
16.5 59.8 34.2 18.1
28.6
4.0
Market Outlook
October 26, 2012
GAIL (CMP: `360/ TP: -/ Upside: -)

GAIL is expected to announce its 2QFY2013 results today. We expect the
companys top-line to grow by 25.7% yoy to `12,196cr. However, the operating
margin is expected to contract by 159bp yoy to 15.7% on the back of higher
depreciation and interest costs. On the bottom-line front, we expect GAIL to report
an increase of 3.2% yoy to `1,129cr due to decrease in operating margins. We
maintain our Neutral view on the stock.
Y/E
Sales OPM
March
(` cr)
PAT
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
4,488
35.4 18.9 10.2
1.8
5.2
0.8
4,634
36.5 17.0
1.6
4.3
0.7
(%)
(` cr)
FY2013E
50,176 15.5
FY2014E
55,815 15.8
EPS ROE
(`)
P/E P/BV
(%)
9.9
Punjab National Bank (CMP: `818 / TP: - 966/ Upside: - 18%)

PNB is scheduled to announce its 2QFY2013 results today. We expect the bank to
report a flat bottom-line growth to `1,210cr. Operating income is expected to
grow by moderate 11.1% yoy, driven by 20.9% yoy growth in non-interest income.
The banks asset quality has been deteriorating lately and hence we have factored
in a 39.1% yoy growth in provisioning expenses. At the CMP, the stock is trading at
0.8x FY2014E ABV. We maintain our Buy recommendation on the stock with a
target price of `966.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
19,934
3.3
5,011
147.7
843.3
1.0
17.7
5.4
0.9
FY2014E
22,705
3.3
5,638
166.2
990.5
1.0
17.3
4.8
0.8
Dabur (CMP: `133/ TP: -/ Upside: -)

Dabur is expected to announce its 2QFY2013 results today. We expect the topline
to grow by 21.3% yoy to `1,531cr. Topline growth is expected to be driven by both
higher volume and price hikes. OPM is expected to decline by 189bp yoy to
16.9%. Bottomline is expected to grow by 9.5% yoy to `190cr. We maintain a
neutral view on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2013E
6,124 17.0
779
4.5 43.2 29.7 12.2
22.6
3.8
FY2014E
7,030 16.8
902
5.2 41.4 25.6
19.7
3.3
9.7
JSW Steel (CPM: `730/ TP: -/ Upside: -)

JSW Steel is slated to announce its 2QFY2013 results on 28.10.2012. We expect
its standalone net sales to grow by 9.0% yoy to `8,315cr mainly on account of
increased sales volumes as well as realizations and operating margin is expected
to expand by 220bp yoy to 19.2% mainly on account of lower raw material costs.
Nevertheless, the net profit is expected to increase by 27.8% yoy to `818cr. We
maintain our Neutral view on the stock.
Market Outlook
October 26, 2012
Y/E
Sales OPM
March
(` cr)
PAT
(%)
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
FY2013E
38,740 17.2
1,782
79.9 10.4
9.1
0.9
4.9
0.9
FY2014E
41,459 17.0
1,994
89.4 10.6
8.2
0.8
4.8
0.8
Sesa Goa (CMP: `169/ TP:-/ Upside :-)

Sesa Goa is slated to announce its 2QFY2013 result today. We expect the
companys top-line to decrease by 8.2% yoy to `725cr and its EBITDA margin to
contract by 781bp yoy to 25.1% due to decline in iron ore prices, rising costs and
higher export duty. Nevertheless, the bottom-line is expected to grow by 5.1% yoy
to `247cr despite a decline in operating profits due to contribution of share of
profits from its associate, Cairn India. We maintain our Neutral view on the stock.
Y/E
March
Sales OPM
(` cr)
PAT
EPS ROE
(`)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2013E
7,704 33.6
3,737
42.0 22.3
4.0
0.8
6.6
2.2
FY2014E
8,034 34.6
3,830
43.1 19.2
3.9
0.7
6.0
2.1
Indian Overseas Bank (CMP: `80 / TP: - / Upside: -)

Indian Overseas Bank is slated to announce its 2QFY2013 results today. We
expect the bank to report a moderate Net Interest Income (NII) growth of 9.8% yoy
to `1,390cr. Non-interest income is expected to decline by 5.9% yoy to `402cr.
Operating expenses of the bank are expected to be higher by 11.3% yoy to
`876cr. However, Net Profit is expected to go up by strong 44.6% yoy to `300cr,
on account of 21.9% yoy decline in provisioning expenses (on high base of
2QFY2012). At the CMP, the stock trades at a valuation of 0.5x FY2014E ABV. We
maintain our Neutral recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
7,343
2.5
1,274
16.0 139.8
0.5
11.3
4.9
0.6
FY2014E
8,391
2.5
1,697
21.3 157.7
0.6
13.6
3.7
0.5
March
United Bank (CMP: `66 / TP: `81 / Upside: 22.7%)

United Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a moderate NII growth of 13.5% yoy to `707cr. Operating
expenses are expected to increase by 8.6% yoy, leading to operating profit growth
of 7.1% on a yoy basis at `482cr. However, 6.9% yoy decline in provisioning
expenses would aid strong Net Profit growth of 30.2% on a yoy basis to `162cr. At
the CMP, the stock is trading at 0.5x FY2014E ABV. We maintain our Buy
recommendation on the stock with a target price of `81.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
3,572
2.8
700
17.2 121.7
0.7
14.2
3.7
0.5
FY2014E
4,041
2.9
875
22.0 141.0
0.7
16.2
2.9
0.5
March
Market Outlook
October 26, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Dabur India Consolidated (26/10/2012)
Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
1,515
1,262
20
1,462
EBITDA
272
241
13
232
17
EBITDA margin (%)
18.0
19.1
Net profit
199
174
14
172
16
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
11,270
9,699
16
11,089
1,761
1,676
1,922
(8)
15.6
17.3
1,060
1,094
(3)
1,134
(7)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
6,273
5,522
14
6,250
EBITDA
929
827
12
976
(5)
EBITDA margin (%)
14.8
15.0
Net profit
772
689
12
1,331
(42)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
1,874
1,815
1,503
25
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
428
524
(18)
381
12
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
15,552
15,378
15,960
(3)
3,392
3,560
(5)
3,837
(12)
21.8
23.1
2,170
2,424
Net sales
15.9
Gail (26/10/2012)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
17.3
Hindustan Unilever (26/10/2012)

Particulars (` cr)
Net sales
15.6
ICICI Bank (26/10/2012)

Particulars (` cr)
Net profit
IDFC Consolidated (26/10/2012)

Particulars (` cr)
Net profit
NTPC (26/10/2012)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
24.0
(10)
2,499
(13)
Punjab National Bank (26/10/2012)

Particulars (` cr)
Net profit
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
1,241
1,205
1,246
(0)
Sesa Goa Consolidated (26/10/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
373
784
(52)
1,725
(78)
96
260
(63)
676
(86)
EBITDA margin (%)
25.6
33.2
Net profit
596
Net sales
EBITDA
39.2
45746
964
(38)
Market Outlook
October 26, 2012
IDBI Bank (27/10/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
532
516
427
25
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
8,972
8,134
10
9,902
(9)
EBITDA
1,529
1,394
10
1,908
(20)
EBITDA margin (%)
17.0
17.1
Net profit
496
(665)
(175)
51
873
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
11,176
10,299
83,262
(87)
1,886
1,959
(4)
1,202
57
16.9
19.0
1,346
1,412
(5)
921
46
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
779
491
59
887
(12)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
780
657
19
736
EBITDA
157
131
20
162
(3)
EBITDA margin (%)
20.1
19.9
Net profit
122
100
Net profit
JSW Steel Consolidated (28/10/2012)

Particulars (` cr)
19.3
BHEL (29/10/2012)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
1.4
Bank of India (29/10/2012)

Particulars (` cr)
Net profit
Colgate (29/10/2012)
Particulars (` cr)
22.0
22
117
Economic and Political News
Decision on sugar import duty revision after three months: Sharad Pawar
India seeks Israeli expertise in renewable energy sector
Commerce ministry to approach Cabinet over tax incentives to SEZs
Corporate News
Sun TV Network buys new IPL franchise

Kingfisher Airlines staff agrees to resume work
Adani to hike stake in power subsidiary to 75%
Lupin gets USFDA nod to market generic contraceptive tablets
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
October 26, 2012
Result Calendar
Date
Company
October 26, 2012
NTPC, ICICI Bank, HUL, GAIL, Punjab Natl.Bank, Sesa Goa, IDFC, Dabur India, IOB, United Bank, Hind. Const.
October 27, 2012
IDBI Bank, Sarda Energy, Siyaram Silk Mills
October 28, 2012
JSW Steel
October 29, 2012
October 31, 2012
BHEL, Bank of India, Colgate, Jagran Prakashan, Greenply, Styrolution

Maruti, Dr Reddy's, Grasim Inds, Shriram Trans., Mahindra Satyam, Glenmark Pharma., IRB Infra, Thermax, Taj GVK,
Jyoti Structures, PVR, JK Tyre
J & K Bank, Power Grid Corpn, NHPC, Titan Inds., LIC Housing Fin., Bharat Forge, Tata Global, Aventis, TVS Motor
November 01, 2012
Hexaware, BGR Energy , Jyothy Laboratories
November 02, 2012
Wipro, Rural Elec.Corp., Union Bank, Marico, Apollo Tyres, Indoco Remedies, Dishman Pharma
November 03, 2012
Godrej Consumer, Divi's Lab.
October 30, 2012
November 04, 2012
November 07, 2012
Tech Mahindra, Allahabad Bank, Gujarat Gas, Vijaya Bank, Madras Cements, India Cements, CEAT, ITD
Cementation, Vesuvius India
Hindalco, Tata Power Co., Bosch India, ABB, Andhra Bank, Central Bank, Britannia, ITNL, Dena Bank, Amara Raja
Batteries, GIPCL
Bharti Airtel, Cadila Healthcare, Indraprasth Gas, GSPL
November 08, 2012
Ranbaxy, Ashok Leyland, Page Industries, Nagarjuna Const.
November 09, 2012
ONGC, BPCL, GSK Pharma, GlaxoSmith Con, Tata Chemicals, Aurobindo Pharma, Subros
November 05, 2012

November 06, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 26 2012 12:00AM US
GDP Qoq (Annualised)
Oct 30 2012 12:00AM Euro Zone
Euro-Zone Consumer Confidence
India
3Q A
1.30
1.80
Value
Oct F
(25.60)
(25.60)
Oct 30
8.00
8.00
Nov 1 2012 12:00AM China
PMI Manufacturing
Value
Oct
49.80
50.40
Nov 2 2012 12:00AM Germany
PMI Manufacturing
Value
Oct F
45.70
45.70
Thousands
Oct
114.00
121.00
Value
Oct F
49.30
--
% Change
Sep
(1.20)
--
% Ratio
Nov 8
0.50
0.50
US
Nov 6 2012 12:00AM Germany
UK
RBI Repo rate
% Change
Change in Nonfarm payrolls

PMI Services
Industrial Production (YoY)
Nov 8 2012 12:00AM UK
BOE Announces rates
Nov 9 2012 12:00AM China

Nov 10 2012
China
12:00AM
Nov 12 2012
India
12:00AM
Nov 13 2012
UK
12:00AM
Nov 14 2012
India
12:00AM
Nov 15 2012
Germany
12:00AM
Nov 16 2012
US
12:00AM
Consumer Price Index (YoY)
% Change
Oct
1.90
--
Exports YoY%
% Change
Oct
9.90
--
Industrial Production YoY
% Change
Sep
2.70
--
CPI (YoY)
% Change
Oct
2.20
--
Monthly Wholesale Prices YoY%
% Change
Oct
7.81
--
GDP nsa (YoY)
% Change
3Q P
0.50
--
Oct
0.41
--
Industrial Production
Market Strategy
October 26, 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
(%)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
(2.8)
(4.0)
(1.8)
(6.0)
(5.0)
Mfg. PMI
60.0
Services PMI
58.0
9.5
7.7
8.0
(0.2)
Exhibit 4: Manufacturing and services PMI
12.0
9.9
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
10.0
Jan-12
Dec-11
Nov-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
Oct-11
(2.0)
4QFY09
1.0
3.5
3.0
6.9
7.4
7.7
7.5
7.6
7.6
7.5
7.6
7.8
56.0
Source: MOSPI, Angel Research
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Sep-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
48.0
Jan-12
50.0
0.0
Dec-11
2.0
Nov-11
52.0
Oct-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: 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)
2.5
2.7
2.5
2.0
Oct-11
4.0
4.3
2.7
Sep-11
6.0
4.0
Market Outlook
October 26, 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
147
2,864
1,466
1,686
14.8
14.8
7.0
8.1
21.0
18.2
4.5
3.8
22.6
22.5
2.0
1.7
United Phosphorus
Buy
124
170
5,730
8,421
9,263
16.5
16.5
15.0
17.0
8.3
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
220
3,754
2,844
3,275
15.4
15.6
15.9
18.8
13.8
11.7
3.6
2.8
28.9
26.9
1.3
1.1
Apollo Tyres
Accumulate
90
99
4,531
13,412
15,041
11.3
11.0
12.1
14.2
7.4
6.4
1.3
1.1
19.6
19.2
0.5
0.4
Ashok Leyland
Buy
24
30
6,439
14,920
16,850
9.0
9.3
2.2
2.8
11.1
8.8
2.0
1.8
13.3
15.6
0.5
0.4
Automotive Axle#
Accumulate
405
430
612
993
1,140
11.6
11.5
36.9
43.0
11.0
9.4
2.2
1.9
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,797
52,011
21,121
23,642
18.4
18.5
108.7
122.6
16.5
14.7
6.9
5.5
46.2
41.6
2.1
1.8
Bharat Forge
Buy
300
351
6,973
7,004
7,985
16.2
16.4
20.3
25.1
14.7
12.0
2.7
2.3
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,453
26,543
8,793
10,294
17.4
18.5
348.3
435.8
24.3
19.4
4.7
3.9
19.4
20.1
2.8
2.4
CEAT
Buy
113
164
386
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Accumulate
148
155
12,601
6,229
7,200
14.8
15.8
7.2
9.0
20.7
16.6
3.6
3.1
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,645
2,734
1,505
1,768
17.5
18.0
111.2
132.7
14.8
12.4
3.1
2.5
22.8
22.2
1.7
1.4
Hero Motocorp
Accumulate
1,924
1,956
38,414
24,743
27,996
14.8
15.2
118.2
130.4
16.3
14.8
7.0
5.5
48.3
41.9
1.2
1.0
JK Tyre
Accumulate
107
135
440
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.4
13.4
17.2
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
846
944
51,958
37,434
42,860
11.6
11.5
50.4
56.3
16.8
15.0
3.5
3.0
22.6
21.5
1.1
0.9
Maruti
Neutral
1,314
37,970
41,796
49,350
7.6
8.6
66.6
92.6
19.7
14.2
2.3
2.0
12.0
14.8
0.7
0.6
Motherson Sumi
Neutral
220
8,626
24,285
27,317
6.7
7.2
8.1
10.6
27.4
20.8
5.8
4.7
22.9
24.7
0.5
0.5
Subros
Buy
30
34
178
1,230
1,378
8.8
8.6
4.5
5.7
6.6
5.2
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
263
316
70,119 195,096 219,428
12.8
13.0
39.0
44.9
6.8
5.9
1.9
1.5
32.6
28.8
0.4
0.4
TVS Motor
Buy
42
49
2,017
7,611
8,443
7.9
7.9
4.7
5.4
9.0
7.8
1.5
1.3
17.9
18.1
0.2
0.2
ABB*
Sell
779
593
16,509
8,760
10,023
6.2
8.7
14.5
24.7
53.9
31.5
5.9
5.1
11.6
17.6
1.8
1.6
BGR Energy
Neutral
274
1,977
3,669
4,561
11.0
11.0
24.7
29.6
11.1
9.3
1.6
1.5
15.3
16.7
1.0
1.0
BHEL
Neutral
253
61,949
47,801
43,757
19.0
18.8
25.3
22.8
10.0
11.1
3.1
2.6
34.3
25.3
1.1
1.2
Blue Star
Buy
179
249
1,611
2,763
2,948
3.2
5.6
3.5
9.1
51.8
19.7
3.9
3.4
7.7
18.4
0.7
0.7
Crompton Greaves
Accumulate
129
141
8,291
12,691
14,126
7.4
8.9
7.0
9.7
18.5
13.3
2.1
1.9
11.9
15.0
0.7
0.6
Jyoti Structures
Buy
46
54
382
2,622
2,744
10.7
10.5
9.6
12.2
4.9
3.8
0.5
0.5
10.8
12.3
0.4
0.3
KEC International
Accumulate
71
78
1,825
6,858
7,431
7.1
7.5
8.3
9.8
8.6
7.3
1.5
1.2
25.1
24.0
0.4
0.4
LMW
Neutral
1,987
2,238
2,369
2,727
11.7
11.7
143.4
166.0
13.9
12.0
2.3
2.1
17.4
18.4
0.5
0.4
Thermax
Neutral
564
6,719
5,514
5,559
8.9
10.2
26.9
30.3
21.0
18.6
3.6
3.2
18.4
18.2
1.1
1.0
Capital Goods
Market Outlook
October 26, 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
1,429
26,836
11,085
12,415
21.6
21.4
79.4
83.1
18.0
17.2
3.5
3.2
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
202
31,169
10,272
11,884
26.4
26.1
11.5
12.9
17.7
15.7
3.9
3.5
20.8
21.1
2.7
2.2
India Cements
Neutral
92
2,840
4,354
4,929
18.6
18.7
9.8
12.3
9.4
7.5
0.8
0.8
8.6
10.2
1.2
1.0
J K Lakshmi Cements
Neutral
106
1,295
1,964
2,278
19.5
20.4
16.3
17.9
6.5
5.9
0.9
0.8
14.7
14.6
0.9
1.3
Madras Cements
Neutral
185
4,404
3,608
3,928
27.6
27.0
15.7
18.3
11.8
10.1
1.9
1.6
16.9
17.0
1.9
1.6
Shree Cements^
Neutral
3,700
12,889
5,701
6,210
29.7
28.1
240.7
260.7
15.4
14.2
3.7
3.0
27.1
23.6
2.0
1.6
UltraTech Cement
Neutral
1,883
51,608
21,368
24,043
22.5
23.5
103.5
121.4
18.2
15.5
3.4
2.9
20.2
20.1
2.5
2.4
227
304
1,195
2,034
2,315
22.4
22.4
27.1
31.7
8.4
7.2
1.0
0.9
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
270
2,262
2,522
6.7
7.5
1.5
2.7
9.8
5.5
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,116
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.2)
(19.1)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
158
166
5,248
3,964
4,582
42.3
40.2
15.7
16.9
10.0
9.3
1.6
1.4
16.6
15.8
2.7
2.6
ITNL
Buy
183
232
3,562
6,840
7,767
26.4
26.1
24.4
30.3
7.5
6.1
1.1
1.0
16.0
16.2
2.7
2.9
IVRCL Infra
Buy
48
51
1,473
5,510
6,722
8.8
9.0
2.5
4.6
19.0
10.5
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Neutral
82
17,437
15,259
17,502
25.7
24.7
4.0
4.8
20.5
17.2
1.6
1.5
8.5
9.3
2.6
2.3
Larsen & Toubro
Neutral
1,562
95,865
60,474
69,091
12.1
11.5
79.7
85.4
19.6
18.3
3.3
2.9
16.3
15.1
1.9
1.7
Madhucon Proj
Buy
38
56
281
2,206
2,502
10.7
10.7
4.6
4.7
8.2
8.2
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Reduce
45
45
1,152
5,804
6,513
8.0
8.6
3.0
3.5
14.8
12.8
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
77
539
3,609
3,836
13.1
13.1
14.0
14.6
5.5
5.3
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
54
1,792
11,892
13,116
8.9
8.9
1.7
3.1
31.8
17.5
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
143
182
2,155
2,506
3,147
10.3
10.7
7.5
10.4
19.1
13.7
2.4
2.1
13.5
16.0
1.0
0.9
Simplex Infra
Buy
208
265
1,031
6,732
7,837
8.1
8.4
23.4
29.4
8.9
7.1
0.8
0.7
9.2
10.6
0.5
0.5
Allahabad Bank
Reduce
146
131
7,283
6,944
7,884
3.0
3.1
35.5
37.0
4.1
3.9
0.7
0.6
17.2
15.7
Andhra Bank
Reduce
111
97
6,200
4,929
5,633
3.1
3.1
23.7
24.5
4.7
4.5
0.8
0.7
16.6
15.3
Axis Bank
Accumulate
1,125
1,402
46,627
15,686
18,687
3.1
3.2
116.8
138.0
9.6
8.2
1.8
1.5
20.0
20.2
Bank of Baroda
Accumulate
774
864
30,310
15,473
18,142
2.6
2.6
115.3
139.4
6.7
5.6
1.0
0.9
16.2
17.2
Bank of India
Accumulate
302
340
17,302
12,573
14,971
2.3
2.4
58.2
68.0
5.2
4.4
0.9
0.7
15.9
16.3
Bank of Maharashtra
Neutral
49
2,860
3,442
3,802
3.1
3.2
8.9
11.4
5.5
4.2
0.7
0.6
13.5
15.5
Canara Bank
Neutral
438
19,406
10,905
12,783
2.1
2.2
74.9
85.1
5.9
5.2
0.9
0.8
15.1
15.3
Central Bank
Neutral
77
5,701
7,095
8,102
2.5
2.7
15.6
21.0
5.0
3.7
0.8
0.7
12.2
14.7
Financials
Market Outlook
October 26, 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
408
447
6,037
4,886
5,669
2.1
2.2
101.3
101.8
4.0
4.0
0.7
0.6
17.0
15.1
Dena Bank
Neutral
103
3,597
3,147
3,495
2.8
2.9
24.8
24.4
4.1
4.2
0.7
0.6
18.7
15.9
Federal Bank
Neutral
438
7,486
2,617
2,968
3.3
3.2
45.9
51.7
9.6
8.5
1.2
1.1
13.1
13.3
HDFC
Neutral
761
117,126
7,336
8,802
3.5
3.5
31.5
37.8
24.1
20.1
4.8
4.3
34.8
32.1
HDFC Bank
Neutral
630
148,721
21,696
26,811
4.4
4.5
28.7
36.0
22.0
17.5
4.2
3.6
20.7
22.0
ICICI Bank
Buy
1,064
1,245
122,306
22,304
26,855
2.9
3.0
68.6
82.0
15.5
13.0
1.9
1.7
14.2
15.6
IDBI Bank
Accumulate
Indian Bank
Neutral
IOB
Accumulate
J & K Bank
98
112
12,503
7,761
9,484
1.9
2.2
17.1
22.9
5.7
4.3
0.7
0.6
11.9
14.4
189
8,110
6,062
6,818
3.4
3.4
40.5
41.6
4.7
4.5
0.8
0.7
18.1
16.3
78
87
6,197
7,343
8,391
2.5
2.5
16.0
21.3
4.9
3.7
0.6
0.5
11.3
13.6
Neutral
921
4,465
2,600
2,850
3.6
3.5
192.3
188.0
4.8
4.9
0.9
0.8
21.0
17.7
LIC Housing Finance
Buy
274
301
13,825
1,867
2,338
2.4
2.4
21.1
28.5
13.0
9.6
2.1
1.8
17.5
20.4
Oriental Bank
Neutral
283
8,245
6,278
7,125
2.7
2.8
56.7
62.6
5.0
4.5
0.7
0.6
14.1
13.9
Punjab Natl.Bank
Buy
833
966
28,262
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
23
25
3,018
1,556
1,750
2.8
2.7
3.5
3.9
6.5
5.9
1.1
1.0
19.1
16.9
St Bk of India
Accumulate
2,228
2,353
149,522
63,806
73,435
3.5
3.6
225.7
258.4
9.9
8.6
1.7
1.4
17.7
17.8
Syndicate Bank
Neutral
107
6,420
6,722
7,719
2.9
3.0
24.3
27.2
4.4
3.9
0.7
0.6
17.0
16.8
UCO Bank
Neutral
75
5,002
5,411
6,124
2.4
2.5
17.0
16.5
4.4
4.6
0.9
0.8
16.7
14.4
Union Bank
Accumulate
203
226
11,154
9,924
11,647
2.8
2.9
38.6
46.3
5.2
4.4
0.9
0.7
15.4
16.3
United Bank
Buy
62
81
2,220
3,572
4,041
2.8
2.9
17.2
22.1
3.6
2.8
0.5
0.4
14.2
16.2
Vijaya Bank
Neutral
56
2,763
2,490
2,881
2.1
2.2
9.2
11.4
6.1
4.9
0.7
0.7
11.5
13.0
Yes Bank
Accumulate
374
453
13,298
3,270
4,240
2.8
3.0
34.5
42.2
10.9
8.9
2.3
1.9
23.5
23.5
3,888
37,289
11,198
13,184
16.3
16.3
121.0
144.8
32.1
26.9
10.8
8.5
37.4
35.3
3.3
2.8
479
584
5,727
5,835
6,824
5.7
6.0
20.7
25.4
23.2
18.9
9.1
7.0
43.1
41.9
0.9
0.8
1,200
16,325
3,018
3,429
20.9
22.2
35.7
42.3
33.6
28.4
31.1
23.1
101.0
93.5
5.5
4.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
124
21,647
6,124
7,030
17.0
16.8
4.5
5.2
27.8
24.0
11.5
9.1
43.2
41.5
3.8
3.2
GlaxoSmith Con*
Neutral
2,926
12,305
3,124
3,663
17.1
17.6
104.5
123.8
28.0
23.6
8.7
7.0
34.4
32.8
3.8
3.2
Godrej Consumer
Neutral
661
22,499
6,097
7,233
18.4
18.6
21.9
26.5
30.2
25.0
6.7
5.5
25.5
25.4
4.1
3.4
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
4.7
4.0
ITC
Neutral
263
206,778
29,409
34,060
35.7
36.1
9.3
10.9
28.2
24.1
9.4
7.8
35.8
35.3
7.4
6.4
Market Outlook
October 26, 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
201
12,965
4,840
5,643
13.1
13.1
6.8
8.5
29.7
23.8
8.2
6.2
31.4
29.7
2.8
2.3
Nestle*
Neutral
4,343
41,870
8,610
10,174
20.9
21.2
114.8
139.8
37.8
31.1
22.8
15.9
71.2
60.3
5.3
4.4
Tata Global
Neutral
131
8,073
7,207
7,927
9.7
10.0
6.6
7.8
19.8
16.7
2.0
1.9
8.6
9.5
1.3
1.1
HCL Tech^
Accumulate
568
648
39,393
24,214
26,772
19.5
18.1
44.0
48.0
12.9
11.8
3.1
2.6
24.0
22.0
1.7
1.5
Hexaware*
Buy
120
140
3,553
1,966
2,161
22.5
21.4
11.6
12.2
10.3
9.9
2.7
2.3
26.8
23.9
1.4
1.2
Infosys
Accumulate
2,587
2,573
148,542
39,174
41,580
29.5
30.4
159.2
171.6
16.3
15.1
3.9
3.5
24.1
23.1
2.9
2.6
Infotech Enterprises
Accumulate
189
202
2,102
1,886
2,032
17.9
17.3
18.7
20.2
10.1
9.4
1.5
1.3
14.9
14.0
0.8
0.7
KPIT Cummins
Buy
125
142
2,227
2,191
2,364
16.1
16.5
11.3
13.0
11.1
9.6
2.4
1.9
21.8
20.0
1.0
0.8
Mahindra Satyam
Neutral
107
12,634
7,628
8,062
19.9
18.4
9.7
10.0
11.0
10.7
3.1
2.4
27.7
22.2
1.2
1.1
Mindtree
Accumulate
667
747
2,725
2,324
2,437
20.0
17.7
73.3
74.7
9.1
8.9
2.2
1.7
24.1
19.7
0.9
0.8
Mphasis&
Neutral
394
8,281
5,700
5,993
18.0
16.9
37.0
37.3
10.6
10.6
1.5
1.3
14.3
12.6
1.0
0.9
NIIT
Accumulate
32
36
524
1,034
1,146
9.9
11.0
5.2
6.4
6.1
5.0
0.8
0.7
12.8
14.3
0.3
0.2
Persistent
Neutral
411
1,644
1,261
1,352
26.4
24.7
48.2
54.0
8.5
7.6
1.6
1.4
19.0
17.9
1.2
1.0
TCS
Accumulate
1,286
1,410
251,767
61,053
67,313
28.7
29.1
69.7
76.2
18.5
16.9
6.0
4.9
32.6
29.1
4.0
3.6
Tech Mahindra
Accumulate
938
1,046
11,973
6,603
7,196
18.2
17.1
92.7
99.6
10.1
9.4
2.4
1.9
23.6
20.5
1.9
1.6
Wipro
Buy
380
421
93,477
43,800
48,332
19.5
19.3
25.6
28.1
14.9
13.5
2.8
2.4
18.9
17.9
1.6
1.3
D B Corp
Buy
198
259
3,631
1,581
1,784
23.3
25.0
11.6
14.4
17.1
13.7
3.3
2.9
21.0
22.3
2.4
2.1
HT Media
Accumulate
92
113
2,172
2,111
2,272
15.0
15.2
7.4
8.3
12.6
11.2
1.4
1.2
11.3
11.4
0.8
0.7
Jagran Prakashan
Accumulate
91
112
2,884
1,488
1,664
22.7
22.8
6.2
7.1
14.7
12.8
3.6
3.2
25.2
26.3
2.4
2.1
PVR
Neutral
187
485
625
732
17.4
17.1
13.3
15.6
14.0
11.9
1.5
1.4
13.2
13.8
1.3
1.1
Sun TV Network
Neutral
328
12,916
1,981
2,239
77.0
76.7
18.6
21.3
17.7
15.4
4.4
3.9
27.1
27.5
6.6
5.6
Bhushan Steel
Neutral
473
10,043
11,979
14,584
31.6
31.0
49.2
61.4
9.6
7.7
1.3
1.1
14.1
15.2
2.9
2.4
Coal India
Accumulate
358
385
226,221
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.7
4.0
3.2
32.5
28.1
2.3
2.0
Electrosteel Castings
Buy
19
29
668
1,984
2,074
10.6
11.6
0.8
2.0
23.1
9.5
0.4
0.1
1.7
4.1
0.6
0.5
Hind. Zinc
Accumulate
133
145
56,070
12,446
13,538
52.3
52.9
15.0
16.4
8.9
8.1
1.7
1.5
21.4
19.7
2.6
2.0
Hindalco
Neutral
117
22,334
84,855
92,446
8.7
9.3
13.2
16.2
8.8
7.2
0.7
0.6
7.8
8.9
0.6
0.6
JSW Steel
Neutral
741
16,522
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
255
271
4,284
918
993
50.7
50.9
24.5
26.1
10.4
9.8
1.6
1.5
16.0
15.5
2.2
1.9
Monnet Ispat
Buy
305
379
1,965
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
October 26, 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
Neutral
NMDC
Buy
51
13,260
7,401
7,841
16.7
19.2
3.4
4.1
15.0
12.6
1.1
1.0
7.4
8.4
1.3
1.2
188
214
74,675
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.1
2.4
1.9
29.6
26.5
3.8
3.2
SAIL
Sesa Goa
Neutral
89
36,803
47,252
60,351
14.2
14.8
9.6
11.7
9.3
7.6
0.8
0.8
9.4
10.6
1.2
1.0
Neutral
176
15,279
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
2.0
Sterlite Inds
Neutral
101
33,841
41,680
45,382
24.2
23.2
16.3
16.9
6.2
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
396
481
38,460 145,799 150,431
10.3
11.2
48.6
63.3
8.1
6.3
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
131
148
471
1,251
1,321
22.7
23.4
33.0
37.1
4.0
3.5
0.6
0.5
15.1
14.8
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
56
73
751
2,694
2,906
14.6
16.6
16.4
20.8
3.4
2.7
0.3
0.3
11.4
12.8
0.5
0.4
Buy
121
161
385
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
Accumulate
333
380
63,647
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
386
48,900
50,176
55,815
15.5
15.8
35.4
36.5
10.9
10.6
1.9
1.7
18.9
17.0
0.6
0.5
ONGC
Accumulate
281
312
240,452 147,139 154,821
33.9
33.7
30.7
32.3
9.2
8.7
1.6
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
844
276,405 362,700 380,031
7.9
8.0
60.0
63.3
14.1
13.3
1.4
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
310
3,819
11.5
11.3
19.2
22.1
16.2
14.0
4.3
3.9
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
260
3,633
3,040
3,135
24.3
26.7
24.8
27.9
10.5
9.3
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
161
183
12,064
30,077
33,570
6.6
6.3
15.1
15.3
10.6
10.5
2.7
2.2
28.4
23.1
0.4
0.4
79
4,465
1,041
939
91.8
91.9
8.5
7.4
9.4
10.7
1.6
1.4
18.1
14.0
5.1
5.6
Alembic Pharma
Buy
73
91
1,374
1,624
1,855
14.2
15.6
6.6
9.1
11.1
8.0
2.8
2.1
27.9
29.9
1.0
0.8
Aurobindo Pharma
Neutral
140
4,087
5,243
5,767
14.6
14.6
11.8
12.6
11.9
11.1
1.5
1.3
17.9
16.4
1.4
1.2
Aventis*
Neutral
2,267
5,221
1,482
1,682
15.5
15.5
95.1
104.4
23.8
21.7
4.2
3.3
18.6
17.0
3.3
2.8
Cadila Healthcare
Accumulate
845
953
17,295
6,148
7,386
18.6
19.6
36.0
46.1
23.5
18.3
5.5
4.4
25.8
26.8
3.1
2.5
Cipla
Accumulate
373
399
29,917
8,031
9,130
23.4
22.4
18.4
20.0
20.3
18.6
3.4
2.9
17.8
16.6
3.4
2.9
Dr Reddy's
Accumulate
1,627
1,859
27,617
10,696
11,662
20.7
21.0
83.7
92.9
19.4
17.5
4.0
3.4
22.4
20.8
3.0
2.7
Dishman Pharma
Neutral
97
784
1,280
1,536
17.8
17.8
9.2
11.3
10.6
8.6
0.8
0.7
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
2,000
16,944
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.3
7.6
6.8
20.1
26.3
5.6
4.8
Indoco Remedies
Buy
71
92
653
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
Neutral
460
5,799
2,850
3,474
20.7
20.7
29.2
36.6
15.8
12.6
3.7
2.9
26.1
26.1
2.2
1.8
Lupin
Accumulate
585
647
26,159
8,426
10,082
19.7
20.0
26.3
31.3
22.3
18.7
5.2
4.2
26.0
24.7
3.0
2.5
Orchid Chemicals
Neutral
115
812
1,667
1,835
13.9
13.9
11.4
13.3
10.1
8.7
0.7
0.6
6.6
7.3
0.9
0.8
Neutral
3,973
3,228
Market Outlook
October 26, 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
536
22,648
12,046
11,980
18.0
15.8
31.3
29.8
17.1
18.0
5.8
4.7
39.1
28.9
1.9
1.9
Sun Pharma
Neutral
676
69,877
9,752
12,134
41.6
41.6
26.0
28.2
26.0
24.0
4.9
4.2
20.3
18.8
6.7
5.2
CESC
Neutral
332
4,149
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
70
77
1,060
1,557
1,573
29.3
28.7
10.8
11.0
6.5
6.4
0.7
0.6
10.8
10.2
1.1
1.0
165
135,968
74,111
85,789
22.7
23.1
12.1
13.7
13.6
12.0
1.7
1.5
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Neutral
67
1,980
657
875
52.0
56.1
8.4
12.7
8.0
5.3
0.5
0.5
6.3
8.9
4.9
3.7
DLF
Neutral
234
39,695
9,878
12,033
44.7
46.1
9.6
13.4
24.4
17.4
1.5
1.5
6.4
8.7
6.0
5.0
HDIL
Accumulate
98
115
4,085
2,441
3,344
55.1
48.2
22.7
26.6
4.3
3.7
0.4
0.3
8.8
9.4
3.6
2.7
MLIFE
Neutral
378
1,543
813
901
26.2
26.6
32.0
37.1
11.8
10.2
1.2
1.1
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
265
100,711
79,147
86,745
31.1
32.5
9.9
15.1
26.7
17.6
1.9
1.7
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
86
28,457
22,234
24,161
26.9
27.7
3.3
4.9
26.0
17.4
2.0
1.8
7.7
10.3
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
2.2
2.1
Abbott India
Neutral
1,584
3,365
1,602
1,833
10.4
11.8
54.7
71.7
29.0
22.1
5.5
4.7
20.0
22.7
1.7
1.5
Bajaj Electricals
Neutral
199
1,980
3,670
4,290
7.6
8.8
15.0
23.0
13.2
8.6
2.4
2.0
18.6
22.4
0.6
0.5
Cera Sanitaryware
Accumulate
338
411
427
427
528
15.7
14.6
30.0
34.0
11.3
9.9
2.5
2.0
24.6
22.5
1.2
1.0
Cravatex
Buy
443
682
114
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
940
6,594
982
1,136
34.3
34.3
34.3
40.0
27.4
23.5
12.4
9.9
50.9
46.9
6.4
5.4
Finolex Cables
Buy
42
61
639
2,334
2,687
6.2
6.5
8.0
10.0
5.2
4.2
0.7
0.6
13.0
14.9
0.2
0.2
Force Motors
Accumulate
435
537
567
2,318
2,700
5.0
5.7
45.0
67.0
9.7
6.5
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Neutral
320
738
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
#N/A
Greenply Industries
Accumulate
195
309
471
1,925
2,235
10.6
10.9
29.6
44.1
6.6
4.4
1.1
0.9
16.8
21.0
0.6
0.5
Hitachi
Neutral
126
289
868
977
3.9
6.6
2.7
10.9
45.9
11.6
1.7
1.5
3.7
13.6
0.4
0.4
Honeywell Automation
Accumulate
2,712
2,842
2,397
1,745
1,993
4.0
5.3
59.5
90.4
45.6
30.0
3.5
3.0
8.1
11.3
1.2
1.1
Styrolution ABS India
Buy
630
744
1,107
1,056
1,081
8.1
10.6
34.0
47.0
18.5
13.4
2.6
2.2
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
254
292
1,451
1,669
12.3
12.4
32.4
41.5
7.8
6.1
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
165
2,664
1,248
1,468
9.8
10.4
5.9
7.2
27.9
23.1
4.0
3.7
15.0
16.6
2.6
2.1
MCX
Neutral
1,300
6,628
553
624
65.3
66.3
62.5
72.0
20.8
18.1
5.7
4.9
27.5
27.4
9.9
8.3
MRF
Buy
10,203
12,884
4,327
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
83
1,627
Market Outlook
October 26, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,226
715
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
3,598
887
1,108
18.3
18.6
95.0
120.9
34.0
26.7
17.7
14.4
57.4
59.5
4.2
3.4
858
1,019
1,208
12.3
13.0
51.0
68.4
14.0
10.5
3.7
2.8
30.3
30.2
1.0
0.9
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Accumulate
66
79
1,798
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.2
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
290
392
272
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.7
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
20
24
607
7,134
7,985
19.7
19.4
12.2
14.1
1.7
1.5
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Buy
38
43
1,821
5,720
6,599
5.3
6.8
3.6
5.4
10.4
7.0
15.1
4.8
0.4
0.3
TAJ GVK
Buy
68
108
423
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.9
1.6
Tata Sponge Iron
Buy
309
384
476
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.3
0.2
TVS Srichakra
Accumulate
303
335
232
1,476
1,643
7.0
8.2
32.6
55.9
9.3
5.4
1.5
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,158
15,140
10,289
11,421
13.5
14.3
31.0
42.9
37.3
27.0
2.9
2.6
8.1
10.3
2.3
2.1
Vesuvius India
Neutral
336
682
560
611
16.1
17.0
24.7
28.8
13.6
11.7
2.0
1.8
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 October 25, 2012
Market Outlook
October 26, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

October 26, 2012

The US markets ended slightly higher on Thursday as several reports indicated a

OIL & GAS

Sun TV buys IPL franchise

Refer detailed news analysis on the following page

Net Inflows (October 23, 2012)

FII Derivatives (October 25, 2012)

Sun TV buys IPL franchise

Apollo Tyres workers at Limda plant goes on strike

CESC to acquire controlling stake in Firstsource

IRB shocks crashes on reports of Gadkari links

Asian paints (CMP: `3,898/ TP: -/Upside: -)

Nalco (CMP: `50 /TP: /Upside: -)

OBC (CMP: `314/ TP: -/ Upside: -)

IPCA Labs (CMP `463/ TP: -/ Upside: -)

Bajaj Electricals Ltd (CMP: `215/ TP: `238/ Upside: 10%)

12.1 12.6 14.0

13.7 13.2 12.3

ICICI Bank- (CMP: `1,079 / TP: - 1,245/ Upside: - 15.4%)

EPS ABV ROA ROE

HUL (CMP: `564/ TP: -/Upside: -)

14.3 70.9 39.6 23.5

16.5 59.8 34.2 18.1

GAIL (CMP: `360/ TP: -/ Upside: -)

35.4 18.9 10.2

Punjab National Bank (CMP: `818 / TP: - 966/ Upside: - 18%)

Dabur (CMP: `133/ TP: -/ Upside: -)

4.5 43.2 29.7 12.2

5.2 41.4 25.6

JSW Steel (CPM: `730/ TP: -/ Upside: -)

Sesa Goa (CMP: `169/ TP:-/ Upside :-)

Indian Overseas Bank (CMP: `80 / TP: - / Upside: -)

United Bank (CMP: `66 / TP: `81 / Upside: 22.7%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Hindustan Unilever (26/10/2012)

ICICI Bank (26/10/2012)

IDFC Consolidated (26/10/2012)

Punjab National Bank (26/10/2012)

Sesa Goa Consolidated (26/10/2012)

EBITDA margin (%)

IDBI Bank (27/10/2012)

EBITDA margin (%)

EBITDA margin (%)

JSW Steel Consolidated (28/10/2012)

Bank of India (29/10/2012)

Economic and Political News

Sun TV Network buys new IPL franchise

October 26, 2012

October 27, 2012

IDBI Bank, Sarda Energy, Siyaram Silk Mills

October 28, 2012

October 29, 2012

October 31, 2012

BHEL, Bank of India, Colgate, Jagran Prakashan, Greenply, Styrolution

November 01, 2012

Hexaware, BGR Energy , Jyothy Laboratories

November 02, 2012

November 03, 2012

Godrej Consumer, Divi's Lab.