Market Outlook Market Outlook: Dealer's Diary

Market Outlook
November 22, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open in the green following positive start to SGX
Nifty and major Asian indices on news of Gaza cease fire.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.7
Nifty
0.8
43.3
5,615
The US markets moved modestly higher over the course of the trading day on
Wednesday due to news that Israel and Hamas have agreed to a cease fire, easing
concerns about a further escalation of the conflict in the Gaza strip. The Labor
Department released a report showing a notable decrease in initial jobless claims
in the week ended 17th November 2012 fell to 410,000 from the previous week's
revised figure of 451,000. Moreover, the consumer sentiment index for
November12 came in at 82.7, down sharply from the preliminary reading of
84.9. With the downward revision, the index was only just above the final October
reading of 82.6. The European markets recovered from early weakness on
Wednesday and ended the session with modest gains. The early losses were
caused by the failure of the Eurozone finance ministers to come to an agreement
on Greece at their meeting in Brussels on Tuesday.
MID CAP
0.4
24.0
6,573
SMALL CAP
0.4
27.0
7,015
BSE HC
0.8
60.8
7,696
BSE PSU
(0.2)
(13.4)
7,023
BANKEX
1.3
165.3 13,156
AUTO
(0.2)
(25.1) 10,550
METAL
0.7
69.1
9,791
OIL & GAS
0.4
33.0
8,005
BSE IT
0.9
47.7
5,684
(Pts)
(Close)
The Indian markets rose notably on Wednesday despite mixed Asian and weak
European cues on disappointment over a lack of deal on Greek aid.
Markets Today
The trend deciding level for the day is 18,416 / 5,599 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,523 18,585 / 5,636 5,658 levels. However, if NIFTY trades below
18,416 / 5,599 levels for the first half-an-hour of trade then it may correct up to
18,354 18,248 / 5,577 5,540 levels.
Indices
SENSEX
NIFTY
S2
18,248
5,540
S1
18,354
5,577
PIVOT
18,416
5,599
R1
18,523
5,636
R2
18,585
5,658
News Analysis
Refer detailed news analysis on the following page
Purch
2,380
381
Sales
2,206
327
Net
174
54
MTD
4,995
(1,016)
YTD
99,048
(16,223)
FII Derivatives (November 21, 2012)

` cr
Index Futures
Stock Futures
Purch
1,053
1,918
Sales
1,150
1,661
Net
(97)
257
Open Interest
8,276
29,827
Gainers / Losers
Gainers
Company
0.4
NASDAQ
0.3
9.9
2,927
FTSE
0.1
3.9
5,752
Nikkei
0.9
79.9
9,223
Hang Seng
1.4
Straits Times
0.1
1.5
2,960
Shanghai Com
1.1
21.4
2,030
Chg (%)
(Pts)
(Close)
INFY
0.7
0.3
$42.4
WIT
0.6
0.1
$8.1
IBN
1.4
0.5
$38.2
HDB
3.0
1.2
$40.2
Indian ADR
Losers
Price (`)
chg (%)
Jet Air India
452
9.2
Hindustan Copper
239
(3.9)
Union Bank
227
4.9
NTPC
162
(3.5)
Pantaloon Retail
188
4.6
BHEL
HDIL
105
4.6
Astrazeneca Pharm.
62
4.5
Gujarat Fluoro.
Reliance Comm.
www.angelbroking.com
Company
Price (`)
chg (%)
222
(2.7)
1,425
(2.4)
307
(2.1)
48.4 12,837
296.1 21,524
BSE
NSE
Advances
1,487
769
Declines
1,362
726
135
74
Unchanged
Net Inflows (November 20, 2012)
Chg (%)
Dow Jones
Advances / Declines
Cipla set to buy 51% of South Africa's Cipla Medpro for US$220mn
Promoters of HAIL to reduce stake
` cr
FII
MFs
Global Indices
131.1 18,460
Volumes (` cr)
BSE
1,954
NSE
9,353
Market Outlook
November 22, 2012
Cipla set to buy 51% of South Africa's Cipla Medpro for

US$220mn
Cipla, India's second-largest drug firm, has agreed to acquire South African drug
maker Cipla Medpro, taking an important step towards consolidating its
international business that now makes up more than half its quarterly revenues.
Cipla said on Wednesday it will buy 51% of Cipla Medpro for about $220 million,
valuing the beleaguered South African company at about $440mn. This is Cipla's
first international acquisition in its 75-year-old history.
With this acquisition, South Africa will become the second-largest drug market for
Cipla, where the company hopes to capture 5% of the market. Medpro used to
source 80% of its products from Cipla, and the companies agreed Medpro would
use the brand name of Cipla for selling products in Africa. Medpro is South
Africa's third-biggest drug maker with annual sales of about `1,000cr. The South
African market is estimated at about $4 billion, growing at about 10% and
comprises about 35% of the total African market. While the profitability of the
acquired business is not known, the business is likely to add `75cr on the net profit
level. On the valuation front, the company has been valued at 2.2xEV/Sales, which
is not very expensive. Further the acquisition would not put any strain on the
balance sheet, as the company is almost debt free. Currently on lack of clarity on
the profitability of the acquired business, we maintain our numbers and our target
on the stock of `419, with an Accumulate rating.
Promoters of HAIL to reduce stake

Honeywell Automation India Ltd (HAIL) has 81% of its stake held by the promoters
implying 19% public share holding. We expected a delisting offer from HAIL in
response to the stipulation which requires minimum 25% of public shareholding.
However, the company has announced that the promoters intend to reduce their
stake in due course through an offer for sale (OFS) in one or more tranches. We
maintain our Accumulate rating on the stock with a target price of `2,842 based
on target PE of 21x for CY2013E.
Economic and Political News
Liquidity is comfortable at the moment: RBI

Inflation partly responsible for slowdown: RBI
DoT to declare final spectrum auction result within two days
IRDA to bring out final investment guidelines by next week
Working towards depoliticization of passenger fares: Railway minister
Indirect tax collection rises 17% in April-Oct
Corporate News
ONGC Videsh plans to raise US$1b via dollar bond issue

Government to offload 4% equity in Hindustan Copper on Friday
Wipro to develop smartphone based car connectivity solutions
Not seeking revision in gas price before April 2014: RIL
DB Realty arm may sell stake in hotel project in Delhi
Blue Dart promoter to prune 6% stake, may fetch over `245cr
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
November 22, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
November 22, 2012
2:00PM
Germany PMI Services
Value
Nov A
48.40
48.30
2:00PM
Germany PMI Manufacturing
Value
Nov A
46.00
46.00
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Nov A
(25.70)
(25.90)
November 23, 2012
12:30PM
Germany GDP nsa (YoY)
% Change
3Q F
0.40
0.40
November 27, 2012
3:00PM
UK
GDP (YoY)
% Change
3Q P
--
--
S.A./ 1985=100
Nov
72.20
73.50
Thousands
Oct
389.00
385.00
8:30PM
US
Consumer Confidence
November 28, 2012
8:30PM
US
New home sales
November 29, 2012
2:25PM
Germany Unemployment change (000's)
Thousands
Nov
20.00
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q S
2.00
3.00
November 30, 2012
11:00AM
India
Qtrly GDP YoY%
% Change
3Q
5.50
--
December 1, 2012
6:30AM
China
PMI Manufacturing
Value
Nov
50.20
--
December 3, 2012
3:00PM
UK
PMI Manufacturing
December 6, 2012
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
7:00PM
7:00PM
December 7, 2012
December 9, 2012
Value
Nov
47.50
--
% Change
3Q P
(0.10)
--
% Ratio
Dec 6
0.50
0.50
Dec 6
0.75
--
Industrial Production (YoY)
% Change
Oct
(2.60)
--
US
Change in Nonfarm payrolls
Thousands
Nov
171.00
--
US
Unnemployment rate
Nov
7.90
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
1.70
--
BOE Announces rates
11:00AM
China
Industrial Production (YoY)
% Change
Nov
9.60
--
December 10, 2012
5:29PM
China
Exports YoY%
% Change
Nov
11.60
--
December 12, 2012
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
--
3:00PM
UK
Jobless claims change
% Change
Nov
10.10
--
11:00PM
US
FOMC rate decision
Dec 12
0.25
--
December 13, 2012
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
--
December 14, 2012
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
7.45
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Nov
2.50
--
7:00PM
US
Consumer price index (mom)
% Change
Nov
0.10
--
7:45PM
US
Industrial Production
Nov
(0.40)
--
11:00AM
India
RBI Repo rate
Dec 18
8.00
--
11:00AM
India
RBI Cash Reserve ratio
Dec 18
4.25
--
3:00PM
UK
CPI (YoY)
% Change
Nov
2.70
--
December 18, 2012
Source: Bloomberg, Angel Research
Market Strategy
November 22, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
10.0
9.2
9.0
8.5
9.0
8.2
8.0
7.6
7.5
8.0
6.7
7.0
6.1
5.7
6.0
5.3 5.5
5.0
4.0
3.5
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3.0
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
12.0
9.9
10.0
58.0
9.5
7.7
8.0
Services PMI
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
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
5.00
Nov-11
(30.0)
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
(15.0)
Oct-11
0.0
Market Outlook
November 22, 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
153
2,969
1,466
1,686
14.8
14.8
7.0
8.1
21.8
18.9
4.6
3.9
22.6
22.5
2.2
1.9
United Phosphorus
Buy
110
170
5,082
8,421
9,263
16.5
16.5
15.0
17.0
7.4
6.5
1.1
0.9
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
255
4,353
2,911
3,321
16.2
16.2
17.3
19.8
14.7
12.9
4.0
3.2
31.1
27.6
1.4
1.2
Apollo Tyres
Buy
81
104
4,075
13,713
15,341
11.2
11.2
12.5
14.8
6.5
5.5
1.2
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
25
31
6,745
14,490
16,606
9.5
9.6
2.2
2.9
11.4
8.9
2.1
1.9
13.6
16.1
0.6
0.5
Automotive Axle#
Buy
367
430
555
993
1,140
11.6
11.5
36.9
43.0
10.0
8.5
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,820
52,668
21,121
23,642
18.4
18.5
108.7
122.6
16.7
14.8
6.9
5.6
46.2
41.6
2.1
1.8
Bharat Forge
Buy
251
324
5,845
6,754
7,565
15.5
15.7
18.8
23.2
13.4
10.9
2.3
2.0
18.5
19.7
1.1
0.9
Bosch India*
Neutral
8,811
27,664
8,776
10,276
16.6
18.0
331.9
417.7
26.6
21.1
5.0
4.1
18.7
19.5
2.8
2.3
CEAT
Buy
104
163
355
4,989
5,634
8.2
8.5
27.1
40.8
3.8
2.5
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
139
155
11,836
6,229
7,200
14.8
15.8
7.2
9.0
19.4
15.6
3.4
2.9
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,670
2,775
1,489
1,750
16.5
17.5
103.3
126.9
16.2
13.2
3.2
2.6
21.3
21.6
1.6
1.3
Hero Motocorp
Accumulate
1,806
1,956
36,070
24,743
27,996
14.8
15.2
118.2
130.4
15.3
13.9
6.6
5.2
48.3
41.9
1.2
1.0
JK Tyre
Buy
113
165
464
7,517
8,329
6.6
6.6
37.2
41.3
3.0
2.7
0.5
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
943
986
57,889
40,035
46,272
11.5
11.6
54.7
62.8
17.2
15.0
3.9
3.2
24.3
23.4
1.1
1.0
Maruti
Neutral
1,492
43,100
42,019
50,246
7.3
8.6
66.1
94.4
22.6
15.8
2.6
2.2
11.9
15.1
0.8
0.7
Motherson Sumi
Neutral
160
9,406
24,285
27,317
6.7
7.2
8.1
10.6
19.9
15.1
4.2
3.4
22.9
24.7
0.6
0.5
Subros
Buy
30
35
181
1,286
1,479
9.4
9.7
2.6
5.1
11.6
6.0
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
265
319
70,745 192,330 219,770
12.8
13.1
37.0
44.5
7.2
6.0
2.0
1.5
31.2
28.9
0.4
0.4
TVS Motor
Buy
38
45
1,786
7,466
8,290
6.2
6.3
4.8
5.6
7.9
6.7
1.3
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
709
573
15,019
7,796
9,907
4.8
7.8
9.2
22.0
77.0
32.2
5.6
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
260
1,878
3,605
4,542
11.8
10.7
25.1
27.9
10.4
9.3
1.5
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
222
54,337
47,801
43,757
18.5
18.0
24.6
21.8
9.0
10.2
2.7
2.3
33.5
24.5
1.0
1.2
Blue Star
Buy
188
242
1,690
2,763
2,948
3.1
5.6
2.6
8.6
71.5
22.0
4.1
3.6
5.9
17.6
0.7
0.6
Crompton Greaves
Buy
109
145
6,986
12,370
14,277
5.2
7.3
4.0
7.8
27.2
14.0
1.8
1.7
6.9
12.6
0.6
0.5
Jyoti Structures
Buy
45
53
368
2,794
3,048
10.6
10.6
9.2
11.7
4.9
3.8
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Buy
61
73
1,568
6,858
7,431
7.1
7.5
8.3
9.8
7.4
6.2
1.2
1.1
25.1
24.0
0.4
0.3
LMW
Reduce
2,078
1,992
2,341
2,369
2,727
11.7
11.7
143.4
166.0
14.5
12.5
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
564
6,721
5,514
5,813
9.3
10.2
28.1
31.2
20.1
18.1
3.6
3.1
19.2
18.5
1.1
1.0
Capital Goods
Market Outlook
November 22, 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
1,384
25,978
11,085
12,415
21.6
21.4
79.4
83.1
17.4
16.7
3.4
3.1
20.1
19.2
2.0
1.7
Ambuja Cements
Neutral
200
30,746
10,272
11,884
26.4
26.1
11.5
12.9
17.4
15.5
3.8
3.4
20.8
21.1
2.7
2.2
India Cements
Neutral
84
2,573
4,293
4,666
17.7
18.1
8.6
10.8
9.8
7.8
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
126
1,539
2,082
2,423
22.9
23.1
20.8
22.5
6.0
5.6
1.1
0.9
18.4
17.4
0.9
1.2
Madras Cements
Neutral
205
4,886
3,814
4,045
29.3
27.5
18.7
19.2
11.0
10.7
2.0
1.7
19.9
17.4
2.0
1.7
Shree Cements^
Neutral
4,080
14,214
5,701
6,210
29.7
28.1
240.7
260.7
17.0
15.7
4.1
3.4
27.1
23.6
2.0
1.6
UltraTech Cement
Neutral
1,928
52,846
21,368
24,043
22.5
23.5
103.5
121.4
18.6
15.9
3.5
2.9
20.2
20.1
2.4
2.2
219
304
1,153
2,034
2,315
22.4
22.4
27.1
31.7
8.1
6.9
1.0
0.9
13.1
13.4
1.8
2.0
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
235
2,262
2,522
6.7
7.5
1.5
2.7
8.5
4.8
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
17
1,031
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.5)
(17.6)
0.9
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
120
164
3,982
3,843
4,212
43.1
43.6
16.8
17.8
7.1
6.7
1.2
1.1
18.3
17.0
3.2
3.5
ITNL
Buy
185
225
3,588
6,564
7,054
27.2
27.4
26.3
29.0
7.0
6.4
1.1
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
39
1,203
4,249
6,897
7.8
8.2
0.3
3.3
127.1
11.9
0.5
0.5
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Accumulate
89
100
18,934
13,842
15,863
26.9
26.4
3.7
4.6
24.3
19.5
1.5
1.4
6.2
7.3
2.9
2.6
Larsen & Toubro
Accumulate
1,564
1,748
96,174
60,556
69,167
11.2
11.6
73.8
85.5
21.2
18.3
3.4
3.0
13.5
14.1
1.8
1.6
Madhucon Proj
Buy
33
56
244
2,206
2,502
10.7
10.7
4.6
4.7
7.1
7.1
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
42
1,066
5,947
6,569
8.5
8.6
3.1
4.1
13.4
10.1
0.4
0.4
3.3
4.2
0.6
0.6
Patel Engg.
Neutral
73
513
3,609
3,836
13.1
13.1
14.0
14.6
5.2
5.1
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
50
1,664
11,892
13,116
9.0
9.0
1.8
3.2
27.7
15.6
0.6
0.5
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
138
182
2,077
2,506
3,147
10.3
10.7
7.5
10.4
18.3
13.2
2.3
2.0
13.5
16.0
1.0
0.8
Simplex Infra
Buy
181
251
895
6,882
8,032
9.1
9.1
23.2
31.3
7.8
5.8
0.7
0.6
9.1
11.2
0.5
0.4
Allahabad Bank
Accumulate
133
152
6,650
6,392
7,238
2.7
2.8
30.3
33.3
4.4
4.0
0.6
0.6
14.8
14.5
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
102
5,697
4,731
5,431
2.9
3.0
21.5
21.8
4.7
4.7
0.8
0.7
15.2
13.8
1,234
1,476
52,675
15,686
18,687
3.1
3.2
116.8
138.0
10.6
8.9
2.0
1.7
20.0
20.2
Accumulate
730
817
28,573
15,436
18,208
2.5
2.6
111.8
137.4
6.5
5.3
1.0
0.9
15.8
17.0
Bank of India
Accumulate
266
294
15,283
12,491
14,883
2.2
2.4
43.8
63.7
6.1
4.2
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
55
3,243
3,563
3,876
3.1
3.1
9.7
12.0
5.7
4.6
0.8
0.7
14.6
16.1
Canara Bank
Neutral
428
18,949
10,699
12,213
2.1
2.2
67.3
80.1
6.4
5.3
0.9
0.8
13.7
14.6
Central Bank
Neutral
73
5,392
7,171
8,236
2.5
2.6
16.4
21.5
4.5
3.4
0.8
0.6
12.7
14.9
Market Outlook
November 22, 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
394
445
5,836
4,780
5,569
2.0
2.1
101.8
99.2
3.9
4.0
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
105
123
3,674
3,087
3,453
2.7
2.8
25.9
24.1
4.1
4.4
0.7
0.6
19.4
15.6
Federal Bank
Accumulate
463
491
7,921
2,617
2,968
3.3
3.2
45.9
51.7
10.1
9.0
1.3
1.1
13.1
13.3
HDFC
Neutral
777
119,780
7,336
8,802
3.5
3.5
31.5
37.8
24.7
20.6
4.9
4.4
34.8
32.1
HDFC Bank
Neutral
662
156,565
21,696
26,811
4.4
4.5
28.7
36.0
23.1
18.4
4.4
3.7
20.7
22.0
ICICI Bank
Buy
1,044
1,270
119,990
22,271
26,690
3.0
3.0
69.2
83.1
15.1
12.6
1.8
1.7
14.2
15.7
IDBI Bank
Neutral
101
12,944
7,684
9,264
1.8
2.1
15.6
22.0
6.5
4.6
0.7
0.6
10.9
13.9
Indian Bank
Accumulate
174
195
7,478
5,874
6,551
3.2
3.2
40.6
41.8
4.3
4.2
0.7
0.6
18.1
16.4
IOB
Neutral
74
5,870
7,050
8,313
2.3
2.5
12.3
19.9
6.0
3.7
0.6
0.5
8.8
13.1
J & K Bank
Neutral
1,330
6,447
2,762
2,885
3.6
3.6
226.7
193.0
5.9
6.9
1.3
1.1
24.4
17.7
LIC Housing Finance
Buy
243
298
12,286
1,799
2,255
2.3
2.4
20.3
27.3
12.0
8.9
1.9
1.6
16.9
19.7
Oriental Bank
Accumulate
320
347
9,329
6,277
7,090
2.6
2.7
60.5
65.1
5.3
4.9
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
728
843
24,682
19,652
22,601
3.2
3.3
135.0
164.3
5.4
4.4
0.9
0.8
16.3
17.3
South Ind.Bank
Accumulate
23
25
3,045
1,556
1,750
2.8
2.7
3.5
3.9
6.6
5.9
1.1
1.0
19.1
16.9
St Bk of India
Buy
2,061
2,437
138,282
61,883
71,546
3.4
3.4
227.2
257.5
9.1
8.0
1.6
1.3
17.8
17.7
Syndicate Bank
Accumulate
118
131
7,124
6,756
7,783
3.0
3.0
26.3
27.1
4.5
4.4
0.8
0.7
18.3
16.6
UCO Bank
Neutral
71
4,726
5,234
6,097
2.3
2.4
11.8
14.7
6.0
4.8
1.0
0.8
11.9
13.4
Union Bank
Accumulate
227
250
12,484
9,912
11,536
2.8
2.9
40.4
46.7
5.6
4.9
0.9
0.8
16.1
16.4
United Bank
Accumulate
67
74
2,406
3,500
3,912
2.6
2.8
15.8
21.2
4.2
3.1
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
55
2,738
2,354
2,754
2.0
2.2
7.4
10.2
7.5
5.4
0.8
0.7
9.3
11.9
Yes Bank
Buy
422
492
15,049
3,270
4,240
2.8
3.0
34.5
42.2
12.2
10.0
2.6
2.1
23.5
23.5
3,915
37,556
11,198
13,184
16.2
16.2
123.7
146.4
31.7
26.8
10.8
8.5
38.1
35.4
3.3
2.8
475
584
5,679
5,627
6,581
4.9
5.7
18.3
24.7
26.0
19.3
9.5
7.3
39.1
42.7
0.9
0.8
1,341
18,238
3,146
3,573
20.6
21.4
36.4
42.5
36.9
31.6
34.1
28.6
102.0
98.5
5.6
4.9
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
124
21,682
6,124
7,101
17.0
16.8
4.5
5.2
27.8
23.8
11.5
9.1
43.2
41.5
3.6
3.1
GlaxoSmith Con*
Neutral
3,030
12,743
3,124
3,663
17.1
17.6
104.5
123.8
29.0
24.5
9.0
7.2
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
672
22,868
6,355
7,548
18.4
18.6
22.8
27.6
29.5
24.3
6.7
5.5
26.4
26.1
3.8
3.2
HUL
Neutral
524
113,274
25,350
28,974
13.3
13.5
14.7
17.1
35.6
30.7
28.1
19.9
84.5
75.8
4.3
3.7
ITC
Neutral
286
224,678
29,409
34,060
35.7
36.1
9.3
10.9
30.6
26.1
10.2
8.5
35.8
35.3
7.0
6.0
Market Outlook
November 22, 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
211
13,607
4,840
5,643
13.1
13.1
6.2
7.8
34.2
27.1
6.5
5.3
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,614
44,482
8,529
10,079
20.8
21.1
113.1
137.8
40.8
33.5
24.5
17.1
70.5
60.2
5.4
4.4
Tata Global
Neutral
161
9,947
7,207
7,927
9.7
10.0
6.6
7.8
24.3
20.6
2.5
2.4
8.6
9.5
1.4
1.3
HCL Tech^
Accumulate
617
648
42,800
24,214
26,772
19.5
18.1
44.0
48.0
14.0
12.8
3.3
2.8
24.0
22.0
1.7
1.5
Hexaware*
Buy
101
135
2,992
1,944
2,159
21.8
21.1
11.4
12.2
8.9
8.3
2.3
1.9
26.4
24.1
1.3
1.1
Infosys
Accumulate
2,348
2,573
134,850
39,174
41,580
29.5
30.4
159.2
171.6
14.8
13.7
3.6
3.2
24.1
23.1
2.9
2.6
Infotech Enterprises
Neutral
190
2,123
1,886
2,032
17.9
17.3
18.7
20.2
10.2
9.4
1.5
1.3
14.9
14.0
0.8
0.7
KPIT Cummins
Accumulate
119
132
2,134
2,195
2,317
15.5
15.0
10.7
12.1
11.1
9.9
2.4
1.9
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
104
115
12,181
7,597
8,141
20.0
18.8
9.7
10.4
10.7
9.9
3.0
2.3
27.5
22.9
1.2
1.1
Mindtree
Accumulate
663
747
2,716
2,324
2,437
20.0
17.7
73.3
74.7
9.0
8.9
2.2
1.7
24.1
19.7
0.9
0.8
Mphasis&
Neutral
395
8,297
5,700
5,993
18.0
16.9
37.0
37.3
10.7
10.6
1.5
1.3
14.3
12.6
1.0
0.8
NIIT
Accumulate
32
36
531
1,048
1,161
9.3
10.9
4.2
6.2
7.7
5.2
0.8
0.7
10.5
14.1
0.3
0.3
Persistent
Neutral
TCS
Accumulate
Tech Mahindra
Wipro
IT
472
1,888
1,261
1,352
26.4
24.7
48.2
54.0
9.8
8.7
1.9
1.6
19.0
17.9
1.2
1.0
1,282
1,410
250,828
61,053
67,313
28.7
29.1
69.7
76.2
18.4
16.8
6.0
4.9
32.6
29.1
3.9
3.5
Buy
904
1,070
11,537
6,603
7,150
19.8
18.4
92.9
102.0
9.7
8.9
2.3
1.9
23.7
21.0
1.8
1.6
Buy
367
421
90,303
43,219
47,241
20.0
20.0
26.1
28.1
14.0
13.1
2.7
2.3
19.3
17.9
1.7
1.5
D B Corp
Buy
212
259
3,887
1,581
1,784
23.3
25.0
11.6
14.4
18.3
14.7
3.6
3.1
21.0
22.3
2.3
2.0
HT Media
Buy
99
113
2,320
2,111
2,272
15.0
15.2
7.4
8.3
13.4
12.0
1.4
1.3
11.3
11.4
0.7
0.6
Jagran Prakashan
Buy
101
117
3,190
1,503
1,681
23.1
23.1
6.4
7.3
15.8
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
246
709
625
732
17.4
17.1
13.3
15.6
18.4
15.7
2.0
1.8
13.2
13.8
1.5
1.3
Sun TV Network
Neutral
383
15,080
1,942
2,237
77.2
75.5
17.6
19.1
21.7
20.0
5.4
4.9
25.8
25.2
6.8
5.8
Bhushan Steel
Neutral
493
10,465
11,307
14,287
29.5
29.1
45.1
51.0
10.9
9.7
1.3
1.1
12.2
12.2
3.0
2.4
Coal India
Neutral
354
223,789
66,666
70,292
25.7
27.3
24.2
26.6
14.7
13.3
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Accumulate
24
29
844
1,984
2,074
10.6
11.6
0.8
2.0
29.2
12.1
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Accumulate
135
145
56,894
12,446
13,538
52.3
52.9
15.0
16.4
9.0
8.2
1.8
1.5
21.4
19.7
2.7
2.1
Hindalco
Neutral
107
20,505
79,148
89,258
9.4
9.0
15.0
15.6
7.2
6.9
0.6
0.6
8.8
8.4
0.6
0.6
JSW Steel
Neutral
703
15,675
39,586
41,459
17.6
17.0
78.7
90.1
8.9
7.8
0.9
0.8
10.2
10.7
0.8
0.8
MOIL
Accumulate
240
261
4,027
941
1,019
47.3
48.3
25.8
28.1
9.3
8.5
1.5
1.3
16.7
16.2
2.0
1.6
Monnet Ispat
Buy
284
344
1,827
2,501
3,264
22.2
24.6
41.8
55.2
6.8
5.1
0.7
0.6
11.3
13.4
1.8
1.3
Media
Metals & Mining
Market Outlook
November 22, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
44
11,430
6,898
171
198
67,638
11,209
FY13E
FY14E
OPM(%)
EPS ( )
FY13E
FY14E
7,841
9.9
14.7
12,525
78.4
78.3
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
2.0
3.2
22.4
13.9
1.0
0.9
18.5
20.6
9.2
8.3
2.3
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
4.3
6.8
1.2
1.1
27.0
24.6
4.1
3.4
Metals & Mining

Nalco
Neutral
NMDC
Buy
SAIL
Neutral
77
31,950
47,252
60,351
14.2
14.8
9.6
11.7
8.1
6.6
0.7
0.7
9.4
10.6
1.1
0.9
Sesa Goa
Accumulate
166
183
14,418
4,551
6,640
32.8
34.4
33.7
39.3
4.9
4.2
0.8
0.7
18.3
18.3
3.8
2.6
Sterlite Inds
Accumulate
96
110
32,296
43,185
45,442
23.3
23.7
16.8
17.9
5.7
5.4
0.6
0.6
11.6
11.2
0.7
0.7
Tata Steel
Buy
364
463
35,386 145,725 154,108
8.3
9.5
22.0
44.5
16.5
8.2
0.8
0.7
4.9
9.3
0.5
0.5
Sarda
Accumulate
134
153
479
1,442
1,494
17.6
17.3
27.2
28.7
4.9
4.7
0.5
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
47
73
625
2,694
2,906
14.6
16.6
16.4
20.8
2.8
2.2
0.3
0.3
11.4
12.8
0.5
0.3
Buy
117
143
371
2,342
2,470
13.7
15.3
27.7
33.8
4.2
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
328
382
62,566
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
0.9
22.0
17.5
2.8
2.3
GAIL
Neutral
348
44,086
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
252
312
215,855 147,139 154,821
33.9
33.7
30.7
32.3
8.2
7.8
1.4
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
770
252,222 362,700 380,031
7.9
8.0
60.0
63.3
12.8
12.2
1.2
1.1
11.1
10.6
0.7
0.6
Gujarat Gas*
Neutral
300
3,707
13.2
11.7
22.8
23.5
13.1
12.7
4.0
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
256
3,585
3,213
3,643
23.3
23.5
24.3
25.7
10.5
10.0
2.4
2.0
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
158
183
11,831
30,077
33,570
6.6
6.3
15.1
15.3
10.4
10.3
2.6
2.2
28.4
23.1
0.4
0.4
72
4,060
1,079
1,034
91.8
91.9
8.8
8.4
8.2
8.6
1.4
1.2
17.9
15.0
3.5
3.6
Alembic Pharma
Buy
63
91
1,187
1,624
1,855
14.2
15.6
6.6
9.1
9.5
6.9
2.4
1.8
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
179
5,201
5,243
5,767
14.6
14.6
11.8
12.6
15.1
14.2
1.9
1.6
17.9
16.4
1.5
1.3
Aventis*
Neutral
2,200
5,066
1,482
1,682
15.5
15.5
95.1
104.4
23.1
21.1
4.1
3.2
18.6
17.0
3.1
2.7
Cadila Healthcare
Accumulate
798
926
16,335
6,148
7,386
18.6
19.6
32.7
44.8
24.4
17.8
5.4
4.3
23.7
26.6
3.1
2.5
Cipla
Accumulate
390
419
31,290
8,151
9,130
25.0
24.0
19.5
20.9
20.0
18.7
3.5
3.0
18.8
17.2
3.5
3.0
Dr Reddy's
Accumulate
1,736
1,859
29,463
10,696
11,662
20.7
21.0
83.7
92.9
20.7
18.7
4.3
3.6
22.4
20.8
3.1
2.7
Dishman Pharma
Buy
114
145
917
1,280
1,536
20.2
20.2
10.4
14.5
10.9
7.8
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
1,997
16,912
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.2
7.6
6.8
20.1
26.3
5.6
4.8
Indoco Remedies
Buy
66
89
609
685
837
15.2
15.2
7.4
8.9
8.9
7.4
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
419
485
5,284
2,850
3,474
21.0
21.0
29.9
37.3
14.0
11.2
3.4
2.7
26.7
26.4
2.1
1.7
Lupin
Accumulate
563
652
25,195
8,426
10,082
19.7
20.0
26.3
31.3
21.4
18.0
5.0
4.0
26.0
24.7
3.2
2.6
Orchid Chemicals
Neutral
99
694
1,667
1,835
13.9
13.9
11.4
13.3
8.6
7.4
0.6
0.5
6.6
7.3
0.9
0.8
Neutral
3,841
3,128
Market Outlook
November 22, 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
517
21,861
12,046
11,980
18.0
15.8
31.3
29.8
16.5
17.4
5.6
4.5
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
699
72,312
9,752
12,134
41.6
41.6
26.0
28.2
26.9
24.8
5.0
4.3
20.3
18.8
6.5
5.0
CESC
Neutral
277
3,457
5,218
5,644
24.2
23.8
44.6
47.6
6.2
5.8
0.7
0.6
11.0
10.6
1.4
1.5
GIPCL
Accumulate
NTPC
Neutral
Power
67
78
1,019
1,523
1,568
30.3
30.3
5.4
11.5
12.5
5.9
0.7
0.6
5.6
11.3
1.1
1.0
162
133,577
74,111
85,789
22.7
23.1
12.1
13.7
13.4
11.8
1.6
1.5
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Sell
94
78
2,761
657
875
52.0
56.1
8.4
12.7
11.1
7.4
0.7
0.6
6.3
8.9
5.4
4.1
DLF
Neutral
202
34,295
9,878
12,033
44.7
46.1
9.6
13.4
21.1
15.1
1.3
1.3
6.4
8.7
6.0
4.9
HDIL
Accumulate
105
115
4,381
2,441
3,344
55.1
48.2
22.7
26.6
4.6
3.9
0.4
0.4
8.8
9.4
3.6
2.7
MLIFE
Neutral
431
1,758
813
901
26.2
26.6
32.0
37.1
13.5
11.6
1.4
1.3
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
307
116,698
81,984
90,718
32.1
33.8
10.9
16.9
28.2
18.2
2.2
1.9
7.6
10.6
2.1
1.7
Idea Cellular
Neutral
93
30,627
22,234
24,161
26.9
27.7
3.3
4.9
28.0
18.8
2.2
1.9
7.7
10.3
1.9
1.7
Rcom
Neutral
62
12,704
21,090
22,308
31.8
29.9
3.0
3.8
20.2
16.2
0.3
0.3
1.7
2.1
2.3
2.0
11.8
13.3
60.8
79.5
23.9
18.2
4.9
4.1
22.0
24.4
1.7
1.4
Telecom
zOthers
Abbott India
Accumulate
1,450
1,590
3,081
1,629
1,886
Bajaj Electricals
Accumulate
199
217
1,981
3,497
3,968
6.6
7.6
9.8
15.5
20.3
12.8
2.6
2.2
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
407
515
427
528
15.7
14.6
30.0
34.0
13.6
12.0
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
424
545
110
272
308
7.2
7.3
37.5
45.4
11.3
9.3
2.7
2.1
23.7
22.7
0.5
0.4
CRISIL
Neutral
922
6,474
982
1,136
34.3
34.3
34.3
40.0
26.8
23.1
12.2
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
48
61
740
2,304
2,552
9.9
9.1
8.2
10.1
5.9
4.8
0.8
0.7
13.7
14.7
0.3
0.2
Force Motors
Accumulate
475
537
619
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Buy
308
360
710
1,494
1,607
6.4
7.8
23.9
33.0
12.9
9.3
2.0
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
301
726
1,925
2,235
10.6
10.9
29.6
44.1
10.2
6.8
1.7
1.4
16.8
21.0
0.7
0.5
Hitachi
Buy
Honeywell Automation* Neutral
124
146
284
873
989
4.4
6.5
6.4
12.2
19.5
10.2
1.6
1.4
8.3
14.4
0.4
0.3
2,504
2,213
1,745
1,993
4.0
5.3
59.5
90.4
42.1
27.7
3.2
2.8
8.1
11.3
1.3
1.2
Styrolution ABS India*
Accumulate
632
744
1,111
1,059
1,116
8.5
9.5
36.0
42.0
17.6
15.0
2.6
2.2
15.4
16.0
1.1
1.0
ITD Cementation
Neutral
250
288
1,323
1,455
12.4
12.4
23.2
27.7
10.8
9.1
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
175
2,816
1,228
1,443
9.0
10.9
3.9
6.4
44.9
27.3
4.4
4.1
10.1
15.6
2.8
2.3
MCX
Reduce
1,499
1,440
7,645
553
624
65.3
66.3
62.5
72.0
24.0
20.8
6.6
5.7
27.5
27.4
11.1
9.3
MRF
Buy
9,991
12,884
4,237
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.8
7.0
1.5
1.2
21.3
19.4
0.5
0.4
Page Industries
Accumulate
3,345
3,602
3,730
836
1,023
20.2
20.6
31.7
25.1
16.1
11.4
59.3
53.2
4.5
3.7
105.6
133.4
Market Outlook
November 22, 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
zOthers
Relaxo Footwears
Accumulate
797
933
956
1,019
1,208
11.0
12.5
47.0
66.7
17.0
12.0
4.2
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
60
79
1,782
4,751
5,189
16.3
16.6
13.6
15.8
4.4
3.8
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
297
366
278
1,043
1,149
12.3
12.9
65.7
73.3
4.5
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
13
394
7,134
7,985
19.7
19.4
12.2
14.1
1.1
0.9
0.1
0.1
11.3
11.5
0.6
0.6
SpiceJet
Buy
37
43
1,811
5,720
6,599
5.3
6.8
3.6
5.4
10.4
7.0
15.0
4.8
0.4
0.4
TAJ GVK
Buy
74
108
462
300
319
35.8
36.2
7.9
9.1
9.3
8.1
1.2
1.1
13.9
14.4
1.8
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
Buy
283
335
216
1,476
1,643
7.0
8.2
32.6
55.9
8.7
5.1
1.4
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,810
23,673
10,289
11,421
12.8
12.8
26.0
45.3
69.6
40.0
3.2
2.9
5.8
7.6
2.6
2.4
Vesuvius India
Neutral
344
698
560
611
16.1
17.0
24.7
28.8
13.9
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 November 21, 2012
Market Outlook
November 22, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

November 22, 2012

OIL & GAS

Refer detailed news analysis on the following page

FII Derivatives (November 21, 2012)

Jet Air India

Net Inflows (November 20, 2012)

Cipla set to buy 51% of South Africa's Cipla Medpro for

Promoters of HAIL to reduce stake

Economic and Political News

Liquidity is comfortable at the moment: RBI

ONGC Videsh plans to raise US$1b via dollar bond issue

Country Event Description

November 22, 2012

Germany PMI Services

Germany PMI Manufacturing

Euro Zone Euro-Zone Consumer Confidence

November 23, 2012

Germany GDP nsa (YoY)

November 27, 2012

November 28, 2012

New home sales

November 29, 2012

Germany Unemployment change (000's)

GDP Qoq (Annualised)

November 30, 2012

Qtrly GDP YoY%

Euro Zone Euro-Zone GDP s.a. (QoQ)

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

BOE Announces rates

Industrial Production (YoY)

December 10, 2012

December 12, 2012

Industrial Production YoY

Jobless claims change

FOMC rate decision

December 13, 2012

Producer Price Index (mom)

December 14, 2012

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

December 18, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research