Market Outlook, 30th January 2013

Market Outlook
January 30, 2013
Dealers Diary
The Indian market is expected to open flat to positive, mirroring flat opening in the
SGX Nifty and positive opening trades in most of the Asian bourses. Asian stocks
are trading higher as South Koreas industrial output has climbed unexpectedly.
The US stocks edged higher over the course of the trading session on Tuesday. The
strength that emerged on Wall Street reflected a positive reaction to the some of
the latest earnings news, although buying interest remained somewhat subdued.
The European markets ended the trading session on Tuesday with mixed results, as
investors remained cautious ahead of U.S. FOMC announcement due today.
Investors are also watching for some key U.S. economic data this week, including
GDP on Wednesday and the jobs report for January, which is due to be released
Friday.
Meanwhile, the Indian markets ended a volatile session lower on Tuesday after the
RBI reduced repo rate by 25 basis points, as expected widely, for the first time in
nine months to support the government's renewed thrust to the reforms agenda.
The central bank also unexpectedly reduced the CRR rate by 25 basis points, but
signaled there was less room for aggressive policy rate cuts in future due to high
inflation and the high level of current account and fiscal deficits.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.6) (112.4) 19,991
Nifty
(0.4)
(24.9)
6,050
MID CAP
(0.6)
(39.9)
6,936
SMALL CAP
(0.9)
(65.1)
7,097
BSE HC
(0.3)
(26.0)
7,960
BSE PSU
(0.7)
(53.1)
7,590
BANKEX
(0.5)
(74.2) 14,589
AUTO
(1.1) (125.5) 11,060
METAL
(0.5)
OIL & GAS
(1.4) (127.4)
9,299
BSE IT
(0.5)
(32.1)
6,411
(Pts)
(Close)
Global Indices
Dow Jones
NASDAQ
Chg (%)
0.5
(51.6) 10,577
72.5 13,954
(0.0)
(0.6)
3,154
FTSE
0.7
44.8
6,339
Nikkei
0.4
42.4
10,867
Markets Today
Hang Seng
(0.1)
(16.7)
23,655
The trend deciding level for the day is 20,055 / 6,068 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,140 20,288 / 6,094 6,137 levels. However, if NIFTY trades below
20,055 / 6,068 levels for the first half-an-hour of trade then it may correct up to
19,906 19,821 / 6,024 5,999 levels.
Straits Times
(0.4)
(14.2)
3,260
0.5
12.5
2,359
Chg (%)
(Pts)
(Close)
INFY
0.5
0.2
$52.5
Indices
S2
S1
PIVOT
R1
R2
WIT
(0.8)
(0.1)
$9.4
SENSEX
19,821
19,906
20,055
20,140
20,288
IBN
1.6
0.7
$47.0
NIFTY
5,999
6,024
6,068
6,094
6,137
HDB
(0.6)
(0.2)
$40.2
News Analysis
RBI cuts Repo, CRR by 25bp each

TTMT plans to hire over 500 people for R&D at JLR
3QFY2013 Result Review: Sterlite, Idea, Dabur, Crompton Greaves, United
Phosphorous, Indoco Remedies
3QFY2013 Result Preview: Colgate, Central Bank, IPCA Labs, KEC, Ashoka
Buildcon, PVR, Jyoti Structures
Refer detailed news analysis on the following page
Net Inflows (January 28, 2013)

` cr
Purch
Sales
FII
3,296
422
MFs
Net
MTD
YTD
2,485
810
18,932
18,932
773
(351)
(3,881)
(3,881)
FII Derivatives (January 29, 2013)

` cr
Purch
Sales
Net
Index Futures
3,821
3,151
670
Open Interest
9,205
Stock Futures
9,999
9,416
583
35,464
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
146
6.5
Unitech
35
(5.9)
1,476
4.3
Opto Circuits
80
(4.8)
Adani Ports
Axis Bank
Company
Price (`)
chg (%)
Eicher Motors
2,717
3.1
Bank of India
341
(4.1)
Strides Arco
1,076
2.7
HDIL
80
(3.9)
468
2.6
Reliance Comm
81
(3.9)
Sun TV Network
www.angelbroking.com
Shanghai Com
Indian ADR
Advances / Declines
BSE
NSE
Advances
786
529
960
966
1,230
84
Declines
Unchanged
Volumes (` cr)
BSE
2,609
NSE
14,975
Market Outlook
January 30, 2013
RBI cuts Repo, CRR by 25bp each

The Reserve Bank of India (RBI) in its Third Quarter Monetary Policy Review for
FY2013 reduced the repo rate by 25bp from 8.0% to 7.75%. Consequently, the
reverse repo rate stands adjusted at 6.75% and the marginal standing facility
(MSF) rate and bank rate stand adjusted at 8.75%. The Cash Reserve Ratio (CRR)
too has been reduced by 25bp from 4.25% to 4.0% of banks net demand and
time liabilities (NDTL) since liquidity remains tight and wedge between credit and
deposit growth persists. The CRR reduction is expected to inject around `18,000cr
of primary liquidity into the banking system.
The RBI has further scaled its growth forecast for FY2013 downwards to 5.5% from
5.8% in its October policy review. Growth is likely to remain subdued for the fiscal
year on the back of slowdown in private consumption, investment and exports. In
light of the slowdown in growth and moderation in inflation, the RBIs policy stance
is increasingly shifting towards supporting growth. At the same time, we believe
that the RBI still remains cautious in its approach on account of any negative
surprise emanating from inflation and the twin deficits, ie current account and
fiscal deficit. The RBI has positively scaled its inflation forecast for FY2013
downwards to 6.8% from 7.5% in its October policy review. Going ahead in
FY2014, the RBI expects inflation to remain range-bound at the current level.
Earlier during the month the government partially deregulated diesel prices by
allowing oil companies to hike retail prices gradually while allowing full price
adjustment for bulk consumers. We believe that this move strengthens the
governments efforts towards fiscal consolidation but release of suppressed
inflation is likely to lend an upward bias to inflation going ahead. In that context,
we believe that favorable movement in international crude oil prices and INR are
pertinent for further moderation in inflation.
We believe that the RBI has adopted a balanced approach weighing the growthinflation dynamics in its policy stance and it marks a material shift from its earlier
hawkish policy stance. We believe that the hike in diesel prices is likely to put some
pressure on inflation in the near-term but it bodes positively for fiscal adjustment
and inflationary pressures in the medium-term. Further, concerted efforts towards
fiscal consolidation are likely to give the central bank more headroom to ease
policy rates. We maintain our view on reduction in repo rate by about 100bp in
2013.
TTMT plans to hire over 500 people for R&D at JLR

Tata Motors (TTMT) in a US filing has indicated that it plans to hire over 500
engineers and designers at Jaguar and Land Rover (JLR) by March 2013, to
support its new product development program. Post the hiring, the total strength of
JLRs R&D team will increase to around 5,500. The recent announcement to hire
additional employees follows companys decision to hire 800 employees at Solihull
plant to support the introduction of new model program. JLR has been on a hiring
spree over the last one year and its total headcount across the world has gone up
to 25,368 as on September 30, 2012 from 20,923 as on September 30, 2011.
This bodes well with the companys intentions of increasing capacity at its existing
plants and increasing spending on its research and development initiatives. JLR
has recently announced a hike in its capital expenditure for FY2014 to GBP2.75bn
Market Outlook
January 30, 2013
from GBP2bn in FY2013. We see JLRs employee expense as a percentage of sales

increasing by 150-160bp in FY2013 as a result of the hiring spree that the
company has undertaken. This would also factor in the recent wage hike that the
company gave to its UK employees in November 2012. We expect JLRs margins
to contract by ~100bp in FY2013 led by increase in employee expenditure and
unfavorable product-mix. However, softening commodity prices coupled with
favorable currency movement would arrest further decline in margins.
Meanwhile, Jaguar Land Rover Automotive plc, the parent company of the JLR
group of companies and a subsidiary of Tata Motors, has raised US$500mn
through senior notes due 2023 at a coupon of 5.625%. The senior notes will be
guaranteed on a senior unsecured basis by JLR Ltd, Land Rover, JLR North
America LLC, Land Rover Exports Ltd and JLR Exports Ltd. The company intends to
utilize the net proceeds towards general corporate purposes, including the ongoing capital expenditure plans. Currently, we have an Accumulate rating on the
stock with an SOTP based target price of `337.
IDBI Bank reduces lending and deposits rate by 25bp

IDBI Bank has become the first bank to cut lending and deposit rates by
25bp, following the announcement of the RBI to reduce Repo rate and CRR by
25bp each. The new base rate for the bank would be 10.25%, effective from
February 1, 2013. The benchmark prime lending rate (BPLR) and fixed deposit
rates on select maturities are also reduced by 25bp. In our view, apart from
impacting loan growth, reduced lending rates are also expected to augur well for
subsiding some of the asset quality pressures. As we understand, other banks are
likely to take a call on reducing rates in coming days, post the ALCO (Asset
Liability Committee) meeting. At the CMP, the bank is trading at valuations of 0.7x
FY2014E P/ABV, (0.9x adjusting for the SASF). We currently recommend Neutral
rating on the stock.
3QFY2013 Result Review

Sterlite Industries (CMP: `113, TP: -, Upside: -)
Sterlite Industries (Sterlite) reported disappointing 3QFY2013 results. Both, the topline as well as net profit were lower than expected, mainly due to lower-thanexpected performance from the copper segment. Net sales increased 4.4% yoy to
`10,692cr below our estimate of `11,288cr. Net sales growth was mainly driven
by increase in Aluminium and Zinc segment revenues. Aluminium, and Zinc
segment revenues grew 3.9% and 11.4% yoy to `823cr and `4,182cr,
respectively. On the operating front, Sterlites EBITDA was flat yoy at `2,327cr;
EBITDA margin was at 21.8% (below our estimate of 22.8%) as higher profitability
from other segments was offset by lower profitability from copper and power
segments. Copper segments profitability was below our estimate as its EBIT
declined 50.8% yoy to `160cr due to lower Tc/Rc charges and lower by-product
realizations. The aluminium segment reported a positive EBIT of `8.9cr compared
to a loss of `23cr in 3QFY2012.
Market Outlook
January 30, 2013
The company reported an exceptional item relating to forex loss of `63cr,

compared to a forex loss of `307cr in 3QFY2012. The interest costs during the
quarter rose by 13.1% yoy to `227cr and other income grew by 6.4% yoy to
`859cr. However, tax rate decreased to 15.1% compared to 23.4% in 3QFY2012,
thereby leading the adjusted net profit to increase by 2.7% yoy to `1,254cr, which
was below our estimate of `1,524cr. The reported net profit increased 30.4% yoy
to `1,191cr.
Balco has received stage-II forest clearance for its coal mine which will result in
significant cost savings once it is operational. Sterlite expects to commence
production from 1QFY2014 which is optimistic in our view. Considering the
ongoing process of group restructuring by the promoter, Vedanta Resources,
valuation of Sterlite will mirror the valuation of consolidated company, Sesa
Sterlite. We maintain our Neutral view on the stock.
(x)
EV/
EBITDA
(x)
EV/
Sales
(x)
6.7
0.7
3.4
0.8
6.0
0.7
2.8
0.7
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
FY13E 42,891
22.8
5,684
16.9
11.7
FY14E 45,864
23.8
6,300
18.7
11.7
Idea (CMP: `114 / TP: - / Upside: -)

Idea Cellular (Idea) reported its 3QFY2013, which were in-line with our estimates
on the revenue front but disappointed on the operating as well as profitability
front. The revenues came in at `5,579cr, up 5.0% qoq, because of 7.0% qoq rise
in MOU to 384min. Overall network traffic grew by 5.2% qoq to 132bn min.
Overall subscriber base of Idea reduced by 1.6mn to 113.9mn in 3QFY2013.
ARPM declined by 0.5% qoq to `0.411/min due to reduction of VAS share in
revenues to 13.6% from 14.6% which was a major negative surprise in the results.
EBITDA margin declined by 36bp qoq to 26.4%. PAT came in at `229cr, down
4.8% qoq, impacted by higher interest charges. The company remain surrounded
by regulatory uncertainties related to spectrum and license fee payments. We
maintain Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
21,797
26.9
1,036
3.1
7.4
36.2
2.7
8.1
2.2
FY2014E
23,142
27.7
1,537
4.7
9.8
24.4
2.4
7.3
2.0
Dabur India (CMP: `130/TP:/Upside:-)

Dabur India (Dabur) posted a 12.3% yoy growth in top-line to `1,631cr. In terms
of category, Foods grew by 22.1% yoy while Home & Personal care grew by 15.7%
yoy. Hair Care portfolio grew by 13.9%, while shampoos grew by 29.6% yoy. The
domestic consumer business posted a volume growth of 9.5% on a yoy basis. OPM
rose by 126bp yoy to 16.6% aided by a 219bp yoy improvement in gross margins.
The companys Advertising and Promotion expenditure as a percentage of sales
rose by 77bp yoy to 14.4%. Bottom-line rose by 22.2% yoy to `211cr aided by
healthy operational performance and decline in finance costs (down 57.5% yoy) to
`7.8cr. We maintain our Neutral recommendation on the stock.
Market Outlook
January 30, 2013
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
6,124
FY2014E
7,101
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
17.0
811 4.7
44.5
27.9
11.8
22.0
3.7
16.8
944 5.4
41.4
23.9
9.2
19.0
3.2
(` cr)
Crompton Greaves (CMP: `109/TP: Under review)

For 3QFY2013, Crompton Greaves top-line performance was below our
expectations and street estimates, coming in at `2,972cr, a decline of 1.9% yoy.
Sales were subdued across all segments with industrial segment being the worst
performer, recording a 6.2% yoy decline to `452cr. The restructuring at Belgium
has led to EBIT losses of `105cr in power segment which has dragged down OPM
by 596bp yoy to 0.1%. Consequently, the company reported a loss of `68cr. The
company also incurred additional one off loss of `121cr (due to VRS scheme
package offered for downsizing of Belgium operations). Currently the stock is
under review.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
FY2013E
FY2014E
12,320
5.5
275
4.3
7.4
14,390
7.2
501
7.8
12.6
P/BV EV/EBITDA
EV/Sales
(x)
(x)
(x)
25.4
1.8
10.5
0.6
14.0
1.7
7.1
0.5
United Phosphorous (CMP: `137/ TP: `170/Upside: 24%)

For 3QFY2013, United Phosphorous reported top-line of `2255cr, a growth of
20.5% yoy. The sales growth during the period was lead by the international
markets, which grew by 23%yoy, while the domestic markets grew by 5%yoy
during the period. In exports, USA and Latin America, were main drivers,
registering a growth of 44% yoy and 25% yoy respectively. Overall, the volumes
during the quarter rose by 15% yoy, while price variance and exchange
contributed around 2% and 4% respectively. On the operating front, even though
the Gross Profit Margins expended by 383bps during the period on back of the
improved sales mix, however, the significant rise in other expenses, aided the
margins to decline by 214bps. However, the net profit still posted a 54.3% yoy,
growth aided by other income, higher income from associates and lower taxation
during the quarter. The net profit came in at `173.5cr V/s `112.4cr during the last
corresponding period. Currently, we maintain our buy recommendation on the
stock with a price target of `170.
Y/E
March
FY2013E
FY2014E
Sales OPM
(` cr)
(%)
8,421 16.5
9,263 16.5
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
EV/Sales
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
695 15.0 15.6

787 17.0 15.5
9.1
8.0
1.3
1.2
5.2
4.4
0.9
0.7
Market Outlook
January 30, 2013
Indoco Remedies (CMP: `63/ TP: Under review)

For 3QFY2013, Indoco Remedies reported results below expectations. While the
top-line came in at `150cr V/s `185cr expected during the period, registering a
growth of 6.0% . The sales growth during the period was impacted by the low
domestic and exports growth, which posted a growth of 11.0% and 1.2%
respectively. On the operating front, the lower sales during the period impacted
the OPMs which came in very low at 10.8% V/s expectation of 16.4%, even
though the Gross Profit Margins expended by 188bps during the period on back
of the improved sales mix. Consequently, the net profit came in at `7.4cr V/s
`18.5cr expected. On the yoy basis, the net profit dipped by 10.7%. Currently, the
stock is under review.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
685 15.2
837 15.2
68
82
7.4 16.4
8.9 17.0
8.3
7.0
1.3
1.1
6.5
5.7
1.0
0.9
FY2014E
P/BV EV/EBITDA
EV/Sales
3QFY2013 Result Preview

Colgate (CMP: `1,365/TP:-/Upside:-)
Colgate is slated to announce its 3QFY2013 results today. The company is
expected to post a 14.3% yoy growth in topline to `787cr. OPM is expected to
decline marginally by 46bp yoy to 21.0%. Bottomline is expected to grow by 7.7%
yoy to `126cr. We maintain a neutral view on the stock.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(%)
(x)
(x)
(x)
(x)
FY2013E
3,146
20.5
495 36.4 101.9
37.5
34.7
29.7
5.7
FY2014E
3,573
21.4
578 42.5
32.1
29.1
24.9
5.0
98.5
Central Bank - (CMP: `85 / TP: - / Upside: -)

Central Bank is scheduled to announce its 3QFY2013 results today. We expect the
bank to report a NII growth of 24.3% yoy to `1,465cr. Non-interest income for the
bank is expected to decline by 2.2% to `349cr. Operating expenses are expected
to increase by 6.7% yoy to `984cr, which would aid operating profit to grow by
35.3% on a yoy basis at `831cr. Provisioning expenses are expected to decline by
21.1% yoy, and would result in Net profit of `349cr for the quarter, more than
triple on a yoy basis (on low base of 3QFY2012). At the CMP, the stock trades at
valuations of 0.7x 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
7,252
2.5
1,388
16.8
94.2
0.5
13.1
5.0
0.9
FY2014E
8,236
2.6
1,726
21.4 115.9
0.6
14.8
3.9
0.7
March
Market Outlook
January 30, 2013
IPCA Labs (CMP: `488/ TP: -/Upside: -%)

We estimate Ipca Laboratories' top line to grow by 21.5% to `731cr for
3QFY2013. The OPM is expected to decline by 300bp yoy to 21.5%. Inspite, of the
same adjusted Net Profit is expected to grow by 45.5% yoy, on back of top-line.
We maintain our neutral recommendation on the stock.
Y/E
Sales OPM
March
(` cr)
FY2013E
FY2014E
(%)
2,850 21.0
3,474 21.0
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
EV/Sales
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
377 29.9 26.7 16.3

470 37.3 26.4 13.1
3.7
2.9
10.6
8.7
2.2
1.8
KEC International (CMP: `62/ TP: `78/Upside: 26%)

For 3QFY2013, KEC International (KEC) is expected to register a strong top-line
growth of 18% yoy to `1,722cr on the back of strong execution of its robust order
book. However, on the EBITDA front, the company's margin is expected to contract
by ~146bp yoy to 6.3% on account of low margin orders in new segments. We
expect PAT to decline by 26.9% to `33cr on account of margin pressure and
elevated interest cost. We recommend Buy on the stock with a target price of `78.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
6,909
6.2
138
5.4
17.0
11.5
1.3
5.8
0.4
FY2014E
7,907
7.2
226
8.8
23.6
7.5
1.2
5.0
0.4
Ashoka Buildcon (CMP: `204 / TP: `286 / Upside: 38%)

For 3QFY2013, Ashoka Buildcon (ABL) is expected to post a robust growth of
47.8% yoy on the consolidated revenue front to `522cr on the back of underconstruction captive road BOT projects, which will drive its E&C revenue. The E&C
segment will continue to dominate the company's revenue by contributing `405cr
(77.7%), while the BOT segment's share is expected to be `117cr. EBITDAM is
expected to come in at 23.0% (19.6%), registering a growth of 341bp yoy. On the
back of healthy execution we expect earnings to come at `54cr for 3QFY2013. We
maintain our Buy recommendation on the stock with a target price of `286.
Y/E
Sales OPM
March
(` cr)
FY2013E
2,032
22.4
FY2014E
2,311
22.4
PAT
(%) (` cr)
EPS ROE
P/E P/BVEV/EBITDA EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
142
27.0
13.0
13.0
0.9
8.6
1.9
166
31.6
13.4
13.4
0.8
9.9
2.2
PVR (CMP: `276/TP: -/Upside: - %)

For 3QFY2013, we expect PVR to report robust 36.5% yoy growth in top-line to
`186cr, on back of good performance in movie exhibition business, with many
successful releases during the quarter. The companys EBITDA margin is likely to
expand by 223bp yoy to 18.5%. Consequently, Net profit is expected to increase
Market Outlook
January 30, 2013
by 62.7% yoy to `15cr. At the current market price, PVR is trading at 13.2x
FY2014E consolidated EPS of `19.6. We believe the stock is fairly valued and
hence, maintain our Neutral rating on the stock.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
682 14.8
46
17.6
14.9
15.7
2.2
7.0
1.1
FY2014E
786 13.2
51
19.6
14.5
14.0
1.9
6.1
0.9
Jyoti Structures (CMP: `41/TP: `51/Upside: 24%)

For 3QFY2013, we expect Jyoti Structures to report a subdued top-line growth of
5.0% yoy to `617cr. On the EBITDA front, the company margin is likely to be flat
yoy at 10.5%. However, the company's PAT is expected to increase by a robust
29.5% yoy to `18cr aided by a lower base. We recommend Buy on the stock with
a target price of `51.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
2,794 10.6
76
9.2
11.9
4.5
0.5
3.1
0.3
FY2014E
3,048 10.6
96
11.7
13.5
3.5
0.4
2.7
0.3
Quarterly Bloomberg Brokers Consensus Estimate

Colgate (30/01/2013)
Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
796
670
19
774
EBITDA
167
149
12
176
(5)
EBITDA margin (%)
21.0
22.3
Net profit
137
116
22.7
18
145
(6)
Power Finance Corporation (30/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,043
1,108
(6)
1,036
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,888
2,440
18
2,258
28
EBITDA
286
213
34
249
15
EBITDA margin (%)
9.9
8.7
Net profit
205
164
Net profit
Titan Industries (30/01/2013)

Particulars (` cr)
Net sales
11.0
25
180
14
Market Outlook
January 30, 2013
Godrej Consumer Products Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,703
1,344
27
1,595
EBITDA
307
272
13
249
23
EBITDA margin (%)
18.0
20.2
Net profit
204
183
Net sales
15.6
11
168
22
y-o-y (%)
2QFY13
q-o-q (%)
Grasim Industries Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
Net sales
6,686
6,260
6,552
EBITDA
1,249
1,413
(12)
1,405
(11)
EBITDA margin (%)
18.7
22.6
Net profit
540
904
(40)
841
(36)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,080
1,728
20
1,956
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,035
971
1,068
(3)
EBITDA
186
179
200
(7)
EBITDA margin (%)
18.0
18.4
Net profit
148
141
161
(8)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,317
1,792
29
2,239
29
516
(6)
21.4
ICICI Bank (31/01/2013)

Particulars (` cr)
Net profit
Cummins India (31/01/2013)

Particulars (` cr)
Net sales
18.7
Lupin Consolidated (31/01/2013)

Particulars (` cr)
Net sales
EBITDA
483
374
EBITDA margin (%)
20.8
20.8
Net profit
300
241
25
297
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,152
1,150
1,066
1QSY13E
1QSY12
y-o-y (%)
4QSY12
q-o-q (%)
23.0
Punjab National Bank (31/01/2013)

Particulars (` cr)
Net profit
Siemens India (31/01/2013)

Particulars (` cr)
Net sales
2,433
2,361
3,269
(26)
EBITDA
161
123
31
99
63
EBITDA margin (%)
6.6
5.2
Net profit
92
71
3.0
30
(56)
(265)
Tata Global Beverage Consolidated (31/01/2013)

Particulars (` cr)
Net sales
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,982
1,793
11
1,843
14
161
29
EBITDA
207
181
EBITDA margin (%)
10.4
10.1
Net profit
113
82
8.7
37
140
(19)
Market Outlook
January 30, 2013
Union Bank of India (31/01/2013)

Particulars (` cr)
Net profit
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
581
197
195
555
Bharti Airtel Consolidated (01/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
20,100
18,477
20,273
(1)
6,271
5,964
6,353
(1)
EBITDA margin (%)
31.2
32.3
Net profit
844
1,022
(17)
702
20
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
10,967
10,548
10,400
1,974
2,080
(5)
1,899
18.0
19.7
1,708
1,433
19
1,274
34
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
478
382
25
478
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
521
415
26
473
10
EBITDA
196
151
30
165
19
EBITDA margin (%)
37.6
36.4
Net profit
146
123
Net sales
EBITDA
31.3
BHEL (01/02/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
18.3
IDFC Consolidated (01/02/2013)

Particulars (` cr)
Net profit
Divi's Laboratories (02/02/2013)

Particulars (` cr)
34.9
19
118
Economic and Political News
RBI cuts FY13 GDP growth outlook further to 5.5%

Govt. extends deadline for PSUs to apply for coal blocks
India committed to reforms: FM tells European investors
Corporate News
NHPC proposes to exit from National Power Exchange

Tata Coffee to relaunch Eight O'Clock brand in US and Canada
HPCL plans `700cr cavern storage for LPG
RIL raises `4,300cr through perpetual bonds
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
24
Market Outlook
January 30, 2013
Result Calendar
Date
Company
January 30, 2013
Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR
ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,
Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan
Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const., Graphite India, TTK
Healthcare
Divi's Lab., Indian Bank
January 31, 2013

February 01, 2013
February 02, 2013
February 03, 2013
February 04, 2013
J & K Bank, Bank of Baroda, Rural Elec.Corp., United Spirits, ITNL, Taj GVK
February 05, 2013
NHPC, UCO Bank, United Bank

Cipla, Tech Mahindra, IRB Infra, MOIL, Apollo Tyres, Bajaj Electrical, Automotive Axle, J K Lakshmi Cements,
Honeywell Automation
Ambuja Cements, ACC, Aurobindo Pharma, Anant Raj, JK Tyre, CEAT, MRF, Jyothy Laboratories
M&M, Sun Pharma, Hindalco, Canara Bank, Cadila Healthcare, GMR Infra., Tata Chemicals, Bharat Forge, GSPL,
BGR Energy , Nagarjuna Const., Subros, Cravatex
Indraprasth Gas, Tata Comm
February 06, 2013

February 07, 2013
February 08, 2013
February 09, 2013
February 10, 2013
February 11, 2013
ONGC, Tata Power Co., Britannia, Hexaware, GIPCL, Dishman Pharma
February 12, 2013
SAIL, HPCL, CESC, HT Media
February 13, 2013
Coal India, BPCL, Madras Cements, PTC India, Finolex Cables
February 14, 2013
Tata Motors, Dr Reddy's, Monnet Ispat, Page Industries, India Cements, FAG Bearings
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
January 30, 2013
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jan F
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.10
1.10
7:00PM
US
Initial Jobless claims
Thousands
Jan 26
330.00
355.00
Thousands
Jan
3.00
8.00
Jan 30
0.25
0.25
Value
Jan F
48.80
48.80
Thousands
Jan
155.00
160.00
Jan
7.80
7.80
Jan
51.40
51.00
Last Reported Estimated
January 31, 2013
February 1, 2013
(23.90)
(23.90)
2:25PM
Germany Unemployment change (000's)
12:45AM
US
2:25PM
Germany PMI Manufacturing
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
3:00PM
UK
PMI Manufacturing
Value
PMI Manufacturing
Value
Jan
50.60
51.00
Value
Jan F
55.30
--
% Ratio
Feb 7
0.50
0.50
Feb 7
0.75
--
FOMC rate decision
6:30AM
China
February 5, 2013
2:25PM
Germany PMI Services
February 7, 2013
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
Industrial Production (YoY)
% Change
Dec
(2.40)
--
February 8, 2013
February 11, 2013
February 12, 2013
February 14, 2013
February 15, 2013
BOE Announces rates
5:29PM
China
Exports YoY%
% Change
Jan
14.10
--
11:00AM
China
Consumer Price Index (YoY)
% Change
Jan
2.50
--
5:29PM
India
Imports YoY%
% Change
Jan
6.30
--
5:29PM
India
Exports YoY%
% Change
Jan
(1.90)
--
3:00PM
UK
CPI (YoY)
% Change
Jan
2.70
--
11:00AM
India
Industrial Production YoY
% Change
Dec
(0.10)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jan
7.18
--
12:30PM
Germany GDP nsa (YoY)
% Change
4Q P
0.40
--
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
7:45PM
US
Jan
0.26
--
Industrial Production
Market Outlook
January 30, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.7
5.7
6.1
4.0
5.3 5.5 5.3
3.5
2.5
4.3
2.7
2.0
1.0
2.0
Nov-12
Oct-12
Sep-12
Jul-12
Jun-12
Aug-12
(0.7)
(0.1)
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
(2.0) (0.1)
(2.8) (1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
May-12
(4.0)
Apr-12
Mar-12
Feb-12
Jan-12
(2.0)
Dec-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Source: MOSPI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Dec-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.3
8.0
9.2
9.0
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
8.00
8.00
7.00
15.0
7.00
6.00
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
5.00
Dec-11
(30.0)
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
Jan-12
0.0
Market Outlook
January 30, 2013
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
131
2,555
1,466
1,686
14.8
14.8
7.0
8.1
18.8
16.2
4.0
3.4
22.6
22.5
1.8
1.6
United Phosphorus
Buy
137
170
6,053
8,421
9,263
16.5
16.5
15.0
17.0
9.1
8.0
1.3
1.2
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
322
5,497
2,983
3,477
16.1
16.0
18.5
21.2
17.4
15.2
5.0
3.9
32.8
28.7
1.8
1.5
Apollo Tyres
Accumulate
85
96
4,284
13,713
15,341
11.2
11.2
12.5
14.8
6.8
5.7
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
25
28
6,598
12,910
14,836
8.8
9.6
1.5
2.2
16.7
11.2
2.2
2.0
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
371
561
1,103
1,240
11.0
11.3
39.1
45.0
9.5
8.3
1.7
1.7
19.5
22.8
0.6
0.4
Bajaj Auto
Neutral
2,032
58,792
20,775
23,889
18.5
19.0
107.6
126.4
18.9
16.1
7.8
6.2
45.8
42.8
2.4
2.0
Bharat Forge
Buy
234
278
5,442
6,754
7,565
15.5
15.7
18.8
23.2
12.5
10.1
2.2
1.9
18.5
19.7
1.0
0.8
Bosch India*
Accumulate
8,886
9,570
27,901
9,973
11,320
17.8
18.0
396.2
455.7
22.4
19.5
4.2
3.6
18.8
18.2
2.4
2.1
CEAT
Buy
105
163
358
4,989
5,634
8.2
8.5
27.1
40.8
3.9
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Neutral
122
10,400
6,112
7,074
13.1
14.9
6.1
8.2
20.0
15.0
3.1
2.6
16.0
18.8
1.4
1.1
FAG Bearings*
Accumulate
1,643
1,807
2,730
1,715
1,939
17.6
18.4
127.7
150.6
12.9
10.9
2.6
2.1
21.7
21.1
1.3
1.1
Hero Motocorp
Accumulate
1,810
1,923
36,148
23,990
27,038
13.8
14.6
105.8
120.2
17.1
15.1
6.9
5.6
44.3
41.0
1.2
1.0
JK Tyre
Buy
116
165
475
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.5
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
896
998
55,037
40,035
46,272
11.5
11.6
54.4
62.1
16.5
14.4
3.7
3.1
24.2
23.2
1.2
1.0
Maruti
Neutral
1,593
46,012
42,304
51,088
7.5
8.7
64.4
92.9
24.7
17.1
2.7
2.4
11.6
14.9
0.9
0.7
Motherson Sumi
Neutral
199
11,678
24,285
27,317
6.7
7.2
8.1
10.6
24.7
18.8
5.2
4.2
22.9
24.7
0.6
0.6
Subros
Buy
28
35
166
1,286
1,479
9.4
9.7
2.6
5.1
10.7
5.5
0.6
0.5
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
304
337
80,930 190,883 217,164
12.8
13.1
35.5
42.5
8.6
7.1
2.3
1.8
30.2
27.6
0.5
0.4
TVS Motor
Accumulate
44
46
2,083
7,298
8,123
6.1
6.4
4.6
5.8
9.6
7.6
1.6
1.4
17.4
19.4
0.3
0.2
Capital Goods
ABB*
Reduce
661
573
13,998
7,790
9,653
4.5
7.8
8.7
22.1
75.9
29.9
5.3
4.6
7.1
16.5
1.8
1.4
BGR Energy
Neutral
247
1,781
3,567
4,357
11.8
10.9
24.6
26.8
10.0
9.2
1.4
1.3
30.7
26.3
0.9
0.8
BHEL
Neutral
224
54,753
47,801
43,757
18.5
18.0
24.6
21.8
9.1
10.3
2.7
2.3
33.5
24.5
1.0
1.1
Blue Star
Buy
165
224
1,487
2,538
2,681
4.6
5.7
7.3
11.3
22.5
14.6
3.3
2.8
15.6
20.7
0.7
0.6
Crompton Greaves
Buy
109
135
6,967
12,320
14,390
5.5
7.2
4.3
7.8
25.3
13.9
1.8
1.7
7.4
12.6
0.6
0.5
Jyoti Structures
Buy
41
51
336
2,794
3,048
10.6
10.6
9.2
11.7
4.4
3.5
0.5
0.4
11.9
13.5
0.3
0.3
KEC International
Buy
62
78
1,593
6,909
7,907
6.2
7.2
5.4
8.8
11.5
7.0
1.3
1.2
17.0
23.6
0.4
0.4
LMW
Reduce
2,141
1,992
2,412
2,369
2,727
11.7
11.7
143.4
166.0
14.9
12.9
2.5
2.3
17.4
18.4
0.6
0.4
Thermax
Neutral
578
6,890
5,552
5,767
9.3
10.2
28.3
30.9
20.4
18.7
3.7
3.2
19.3
18.4
1.1
1.0
Market Outlook
January 30, 2013
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
1,306
24,514
11,012
12,333
21.1
20.9
77.0
80.3
17.0
16.3
3.2
2.9
19.5
18.7
1.9
1.6
Ambuja Cements
Neutral
197
30,342
10,210
11,811
26.0
25.7
11.2
12.6
17.6
15.6
3.8
3.4
20.3
20.7
2.6
2.1
India Cements
Neutral
87
2,657
4,293
4,666
17.7
18.1
8.6
10.8
10.1
8.1
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
140
1,709
2,171
2,544
22.5
22.5
21.6
23.2
6.5
6.0
1.2
1.0
19.0
17.8
0.9
1.1
Madras Cements
Neutral
235
5,593
3,814
4,045
28.8
27.1
18.3
18.7
12.9
12.6
2.3
2.0
19.4
17.0
2.1
1.9
Shree Cements^
Neutral
4,358
15,182
5,678
6,251
29.0
28.6
288.1
334.0
15.1
13.1
4.2
3.3
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,858
50,926
20,466
23,017
23.3
24.3
100.0
117.1
18.6
15.9
3.4
2.9
19.6
19.5
2.4
2.3
204
286
1,074
2,032
2,311
22.4
22.4
27.0
31.6
7.6
6.5
0.9
0.8
13.0
13.4
1.9
2.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
283
2,262
2,522
5.9
6.3
0.9
1.6
16.7
9.8
0.5
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
116
164
3,865
3,843
4,212
43.1
43.6
16.8
17.8
6.9
6.5
1.2
1.0
18.3
17.0
3.1
3.4
ITNL
Accumulate
200
225
3,891
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.9
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Neutral
33
1,004
4,249
6,897
7.8
8.2
0.3
3.4
106.0
9.6
0.5
0.4
0.4
4.4
0.8
0.5
Jaiprakash Asso.
Buy
Larsen & Toubro
Accumulate
Nagarjuna Const.
86
100
18,597
13,842
15,863
26.9
26.4
3.7
4.6
23.6
18.9
1.4
1.3
6.2
7.3
2.8
2.5
1,595
1,788
98,059
60,666
69,525
10.6
11.2
71.9
85.0
22.2
18.8
3.4
3.0
14.5
15.2
1.8
1.6
Neutral
50
1,294
5,947
6,569
8.5
8.6
3.1
4.1
16.3
12.3
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
51
1,677
11,892
13,116
9.0
9.0
1.8
3.2
27.9
15.7
0.6
0.6
2.0
3.5
0.6
0.5
Sadbhav Engg.
Buy
125
168
1,880
2,344
2,804
10.6
10.7
7.2
8.7
17.3
14.3
2.1
1.8
13.0
13.5
1.2
1.0
Simplex Infra
Buy
185
251
916
6,882
8,032
9.1
9.1
23.2
31.3
8.0
5.9
0.7
0.6
9.1
11.2
0.5
0.4
Unity Infra
Buy
39
59
291
2,180
2,455
13.7
13.4
13.3
15.0
3.0
2.6
0.4
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
169
199
8,465
6,403
7,186
2.7
2.8
30.5
33.6
5.5
5.0
0.8
0.7
14.9
14.6
Andhra Bank
Neutral
114
6,362
4,706
5,444
2.9
3.0
21.4
22.4
5.3
5.1
0.9
0.8
15.1
14.2
Axis Bank
Accumulate
1,476
1,641
63,044
15,959
18,660
3.2
3.2
119.2
139.0
12.4
10.6
2.3
2.0
20.3
20.1
Bank of Baroda
Neutral
847
34,828
15,284
18,032
2.5
2.6
109.6
137.7
7.7
6.2
1.1
1.0
15.5
17.1
Bank of India
Neutral
341
19,552
12,568
14,758
2.2
2.4
41.6
64.1
8.2
5.3
1.0
0.9
11.6
16.0
Bank of Maharashtra
Neutral
59
3,505
3,720
4,268
2.9
2.8
10.9
13.0
5.5
4.6
0.8
0.7
16.2
16.9
Canara Bank
Accumulate
475
516
21,060
10,828
12,005
2.1
2.2
64.7
80.4
7.3
5.9
1.0
0.9
13.2
14.7
Central Bank
Neutral
85
6,261
7,252
8,236
2.5
2.6
16.8
21.4
5.1
4.0
0.9
0.7
13.1
14.8
Corporation Bank
Accumulate
465
534
6,887
4,835
5,570
2.0
2.2
105.0
99.8
4.4
4.7
0.8
0.7
17.5
14.8
Dena Bank
Accumulate
112
124
3,936
3,125
3,457
2.7
2.8
26.2
24.2
4.3
4.7
0.8
0.7
19.6
15.6
Financials
Market Outlook
January 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
505
557
8,634
2,667
2,920
3.2
3.2
49.1
51.4
10.3
9.8
1.4
1.2
13.9
13.1
HDFC
Neutral
803
123,812
7,446
8,923
3.5
3.5
32.2
38.5
25.0
20.8
5.1
4.5
35.4
32.6
HDFC Bank
Neutral
ICICI Bank
Buy
IDBI Bank
653
154,516
21,724
26,578
4.3
4.3
28.7
36.1
22.8
18.1
4.4
3.7
20.7
22.1
1,201
1,397
138,090
22,219
26,447
2.9
3.0
69.1
82.9
17.4
14.5
2.1
1.9
14.2
15.6
Accumulate
107
122
13,692
8,196
9,305
1.9
2.1
15.4
22.3
7.0
4.8
0.7
0.7
10.7
14.1
Indian Bank
Buy
205
252
8,800
5,902
6,563
3.2
3.2
41.3
43.2
5.0
4.8
0.8
0.7
18.4
16.8
IOB
Accumulate
J & K Bank
Neutral
LIC Housing Finance
82
90
6,559
7,063
8,308
2.3
2.5
12.6
20.4
6.5
4.0
0.6
0.6
9.0
13.3
1,310
6,350
2,830
2,910
3.6
3.6
234.8
197.4
5.6
6.6
1.3
1.1
25.1
18.0
Buy
285
328
14,393
1,799
2,255
2.3
2.4
20.3
27.3
14.0
10.5
2.2
1.9
16.9
19.7
Oriental Bank
Neutral
322
9,390
6,330
7,105
2.6
2.7
58.4
65.1
5.5
4.9
0.8
0.7
14.5
14.4
Punjab Natl.Bank
Accumulate
859
933
29,146
19,688
22,497
3.2
3.3
138.9
164.5
6.2
5.2
1.1
0.9
16.7
17.3
South Ind.Bank
Buy
27
34
3,608
1,583
1,789
3.0
2.9
3.5
4.1
7.8
6.7
1.3
1.1
19.1
17.7
St Bk of India
Neutral
2,457
164,896
60,677
69,712
3.3
3.3
224.3
257.3
11.0
9.6
1.9
1.6
17.6
17.7
Syndicate Bank
Buy
135
159
8,096
6,673
7,644
2.9
3.0
30.0
27.1
4.5
5.0
0.9
0.8
20.7
16.2
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
76
5,072
5,235
6,086
2.3
2.4
12.0
14.9
6.4
5.1
1.0
0.9
12.0
13.5
249
271
13,709
9,963
11,536
2.8
2.9
40.8
46.8
6.1
5.3
1.0
0.9
16.2
16.4
Buy
76
87
2,726
3,498
3,858
2.5
2.8
15.1
21.6
5.0
3.5
0.6
0.5
12.5
16.1
Vijaya Bank
Neutral
60
2,951
2,333
2,728
2.0
2.2
7.3
10.4
8.2
5.8
0.8
0.7
9.3
12.1
Yes Bank
Accumulate
512
576
18,316
3,364
4,260
2.8
3.0
36.3
42.6
14.1
12.0
3.1
2.6
24.6
23.6
4,427
42,463
11,198
13,319
15.9
15.7
122.1
147.1
36.2
30.1
12.2
9.6
37.7
35.7
3.7
3.1
FMCG
Asian Paints
Neutral
Britannia
Buy
481
584
5,744
5,627
6,581
4.9
5.7
18.3
24.7
26.3
19.5
9.6
7.3
39.1
42.7
0.9
0.8
Colgate
Neutral
1,365
18,557
3,146
3,573
20.6
21.4
36.4
42.5
37.5
32.1
34.7
29.1
102.0
98.5
5.7
5.0
Dabur India
Neutral
130
22,606
6,124
7,101
17.0
16.8
4.7
5.4
27.9
24.0
11.8
9.2
44.5
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,785
15,917
3,084
3,617
15.3
15.5
101.2
118.3
37.4
32.0
11.4
9.2
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
724
24,648
6,355
7,548
16.7
17.4
20.3
25.4
35.7
28.5
7.5
6.2
23.2
25.1
4.1
3.4
HUL
Neutral
469
101,288
25,350
28,974
13.3
13.5
15.1
17.0
31.0
27.7
24.7
17.6
85.7
74.3
3.8
3.3
ITC
Neutral
306
240,876
29,148
34,191
35.7
36.1
9.4
11.1
32.6
27.5
10.9
9.0
35.9
35.7
7.9
6.7
Marico
Neutral
224
14,445
4,840
5,643
13.6
13.6
6.4
8.1
34.8
27.6
6.9
5.6
26.3
23.3
3.1
2.5
Nestle*
Neutral
4,604
44,389
8,487
10,081
21.2
22.1
113.0
142.5
40.8
32.3
24.4
16.8
70.5
61.6
5.3
4.3
Market Outlook
January 30, 2013
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
Neutral
148
9,137
7,207
7,927
9.1
9.5
6.9
8.2
21.4
18.1
2.3
2.2
8.9
9.8
1.2
1.1
HCL Tech^
Neutral
692
48,074
24,453
27,269
19.8
18.7
45.0
50.0
15.4
13.8
3.7
3.1
24.4
22.6
1.9
1.6
Hexaware*
Buy
81
118
2,389
1,941
2,118
20.8
19.0
10.7
10.7
7.5
7.5
1.9
1.6
25.3
22.0
0.9
0.8
Infosys
Neutral
2,798
160,694
40,746
44,283
28.9
28.8
162.6
172.9
17.2
16.2
4.1
3.5
23.5
21.3
3.3
2.9
Infotech Enterprises
Accumulate
176
191
1,963
1,900
2,064
18.2
17.8
19.1
21.2
9.2
8.3
1.4
1.2
15.2
14.6
0.7
0.6
KPIT Cummins
Accumulate
115
130
2,219
2,221
2,390
16.1
15.9
11.3
13.0
10.2
8.9
2.3
1.8
21.9
20.9
1.0
0.9
Mahindra Satyam
Neutral
124
14,648
7,670
8,308
20.3
19.3
9.9
10.8
12.6
11.5
3.5
2.7
28.0
23.5
1.5
1.3
Mindtree
Neutral
797
3,297
2,339
2,502
20.9
18.4
75.4
78.1
10.6
10.2
2.6
2.1
24.6
20.3
1.2
1.0
Mphasis&
Accumulate
370
396
7,777
5,531
5,874
17.6
17.5
35.4
37.7
10.5
9.8
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
27
36
447
1,048
1,161
9.1
10.9
4.1
6.2
6.6
4.4
0.7
0.6
10.3
14.1
0.3
0.2
Persistent
Neutral
539
2,157
1,277
1,398
26.8
25.2
48.0
53.9
11.2
10.0
2.1
1.8
19.0
17.9
1.4
1.2
TCS
Accumulate
1,343
1,465
262,757
62,954
70,871
29.0
28.9
71.6
79.1
18.8
17.0
6.2
5.0
33.2
29.7
4.0
3.5
Tech Mahindra
Accumulate
1,001
1,087
12,798
6,671
7,290
19.8
19.0
94.1
106.4
10.6
9.4
2.5
2.0
24.0
21.6
2.0
1.7
Wipro
Neutral
408
100,390
43,231
47,241
20.0
20.0
26.2
28.1
15.6
14.5
3.0
2.6
19.3
17.9
2.0
1.7
D B Corp
Accumulate
244
264
4,474
1,581
1,784
23.3
25.0
11.6
14.4
21.1
16.9
4.1
3.5
21.0
22.3
2.7
2.4
HT Media
Buy
104
121
2,451
2,111
2,272
15.0
15.2
7.4
8.3
14.2
12.6
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
108
126
3,427
1,503
1,681
23.1
23.1
6.4
7.3
16.9
14.9
4.2
3.7
25.8
26.5
2.5
2.1
PVR
Neutral
276
799
682
786
17.3
16.9
17.6
19.7
15.7
14.0
1.9
1.6
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
468
18,443
1,942
2,237
77.2
75.5
17.6
19.1
26.6
24.5
6.4
5.8
25.8
25.2
9.0
7.8
Bhushan Steel
Neutral
444
10,065
10,746
13,982
30.8
31.1
43.3
55.5
10.3
8.0
1.1
1.0
11.4
12.6
3.0
2.3
Coal India
Accumulate
348
368
219,557
66,666
70,292
25.7
27.3
24.2
26.6
14.4
13.1
4.3
3.4
33.1
29.1
2.3
2.1
Electrosteel Castings
Buy
25
34
875
1,984
2,074
10.6
11.6
1.8
2.6
14.4
9.8
0.5
0.2
3.6
5.1
0.6
0.6
Hind. Zinc
Buy
127
149
53,852
12,002
13,759
49.7
50.8
14.7
16.4
8.7
7.8
1.7
1.4
21.1
19.8
2.6
1.9
Hindalco
Neutral
115
22,056
79,148
89,258
9.4
9.0
15.0
15.6
7.7
7.4
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
868
19,363
39,072
40,493
16.5
18.2
82.4
90.3
10.5
9.6
1.1
1.0
10.7
10.7
0.9
0.9
MOIL
Neutral
256
4,292
941
1,019
47.3
48.3
25.8
28.1
9.9
9.1
1.6
1.4
16.7
16.2
2.2
1.8
Monnet Ispat
Buy
266
344
1,695
2,501
3,264
22.2
24.6
41.8
55.2
6.4
4.8
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
47
44
12,061
6,898
7,841
9.9
14.7
2.0
3.2
23.6
14.7
1.0
1.0
4.3
6.8
1.3
1.2
NMDC
Buy
158
198
62,821
11,209
12,525
78.4
78.3
18.5
20.6
8.6
7.7
2.1
1.7
27.0
24.6
3.7
3.1
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
January 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
89
36,700
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
Sesa Goa
Neutral
183
15,905
2,412
3,911
30.8
33.1
29.6
31.8
6.2
5.8
0.9
0.8
16.3
15.4
8.1
5.0
Sterlite Inds
Neutral
113
38,059
43,185
45,442
23.3
23.7
16.8
17.9
6.7
6.3
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Buy
399
463
38,747 145,725 154,108
8.3
9.5
22.0
44.5
18.1
9.0
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Buy
127
148
455
1,442
1,494
19.0
19.1
29.2
31.7
4.4
4.0
0.5
0.5
12.3
12.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
46
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
110
143
350
2,342
2,470
13.7
15.3
27.7
33.8
4.0
3.3
0.4
0.3
10.9
11.4
0.6
0.5
Cairn India
Buy
327
383
62,438
17,394
17,034
76.4
72.3
60.8
55.1
5.4
5.9
1.1
0.9
21.9
17.0
2.8
2.4
GAIL
Neutral
351
44,485
46,652
54,142
15.7
15.7
34.0
35.3
10.3
10.0
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Reduce
333
312
284,727 147,139 154,821
33.9
33.7
30.7
32.3
10.9
10.3
1.9
1.7
18.3
17.2
1.7
1.5
Reliance Industries
Neutral
883
288,996 362,700 380,031
8.9
8.9
68.1
71.5
13.0
12.4
1.4
1.3
12.4
11.8
0.8
0.7
Gujarat Gas*
Neutral
311
3,993
3,128
3,707
13.2
11.7
22.8
23.5
13.7
13.2
4.1
3.7
33.2
29.2
1.2
1.0
Indraprastha Gas
Neutral
261
3,648
3,213
3,643
23.3
23.5
24.3
25.7
10.7
10.1
2.5
2.1
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
153
179
11,494
32,210
41,362
6.1
5.8
15.4
15.6
10.0
9.8
2.6
2.2
29.1
24.1
0.4
0.3
73
4,127
1,079
1,034
91.8
91.9
8.8
8.4
8.4
8.7
1.4
1.2
17.9
15.0
3.5
3.6
Alembic Pharma
Buy
76
95
1,441
1,490
1,714
16.2
17.1
7.4
9.5
10.3
8.1
2.8
2.2
30.7
30.2
1.1
0.9
Aurobindo Pharma
Accumulate
183
208
5,335
5,463
6,279
15.0
15.0
12.4
14.0
14.8
13.1
1.9
1.6
18.8
17.8
1.6
1.3
Aventis*
Neutral
2,238
5,154
1,482
1,682
17.5
16.6
82.9
87.8
27.0
25.5
4.2
3.4
16.3
14.8
3.3
2.8
Cadila Healthcare
Accumulate
851
926
17,424
6,148
7,386
18.6
19.6
32.7
44.8
26.0
19.0
5.7
4.6
23.7
26.6
3.2
2.6
Cipla
Accumulate
397
419
31,880
8,151
9,130
25.8
24.8
20.2
21.6
19.7
18.4
3.5
3.0
19.4
17.6
3.7
3.2
Dr Reddy's
Neutral
1,940
32,933
10,696
11,662
20.7
21.0
83.7
92.9
23.2
20.9
4.8
4.0
22.4
20.8
3.4
3.0
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
105
145
848
1,280
1,536
20.2
20.2
10.4
14.5
10.1
7.3
0.8
0.8
8.7
11.0
1.3
1.1
2,055
17,406
2,651
2,993
31.7
31.2
76.0
82.4
27.0
24.9
7.8
7.0
20.1
26.3
5.8
5.0
62
89
568
685
837
15.2
15.2
7.4
8.9
8.3
6.9
1.3
1.1
16.4
17.0
1.0
0.8
Neutral
488
6,153
2,850
3,474
21.0
21.0
29.9
37.3
16.3
13.1
3.9
3.1
26.7
26.4
2.4
1.9
Lupin
Accumulate
597
655
26,705
8,426
10,082
19.7
20.0
26.1
31.1
22.9
19.2
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
455
19,266
12,046
11,980
16.0
15.8
37.3
32.1
12.2
14.2
4.7
3.8
45.3
29.7
1.6
1.6
Sun Pharma
Neutral
712
73,589
9,902
12,313
42.6
42.6
26.7
29.1
26.7
24.5
5.1
4.3
20.7
19.1
6.8
5.3
70
78
1,060
1,523
1,568
30.3
30.3
5.4
11.5
13.0
6.1
0.7
0.7
5.6
11.3
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
January 30, 2013
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
157
129,619
72,809
81,951
23.0
23.7
12.0
13.4
13.1
11.7
1.6
1.5
12.5
12.9
2.4
2.3
Power
NTPC
Neutral
Real Estate
Anant Raj
Neutral
84
2,482
657
875
52.0
56.1
8.4
12.7
10.0
6.6
0.6
0.6
6.3
8.9
5.0
3.8
DLF
Neutral
264
44,760
9,878
12,033
44.7
46.1
9.6
13.4
27.5
19.7
1.7
1.7
6.4
8.7
7.0
5.8
HDIL
Buy
80
115
3,369
2,441
3,344
55.1
48.2
22.7
26.6
3.5
3.0
0.3
0.3
8.8
9.4
3.2
2.4
MLIFE
Accumulate
404
446
1,651
786
888
26.3
26.7
31.0
36.3
13.0
11.2
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Neutral
349
132,496
80,353
86,654
30.9
31.3
8.6
11.8
40.8
29.6
2.5
2.3
6.1
7.8
2.4
2.2
Idea Cellular
Neutral
114
37,590
21,797
23,142
26.9
27.7
3.1
4.7
36.2
24.4
2.7
2.4
7.4
9.8
2.2
2.0
Rcom
Neutral
81
16,729
21,032
22,084
31.8
30.2
2.9
4.0
27.7
20.3
0.5
0.4
1.6
2.2
2.5
2.2
Telecom
zOthers
Abbott India
Accumulate
1,455
1,590
3,092
1,629
1,886
11.8
13.3
60.8
79.5
24.0
18.3
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Buy
185
217
1,847
3,497
3,968
6.6
7.6
9.8
15.5
18.9
12.0
2.4
2.1
12.7
17.4
0.5
0.5
Cera Sanitaryware
Buy
409
495
518
460
596
16.4
16.2
34.7
45.0
11.8
9.1
2.9
2.2
27.7
27.8
1.2
1.0
Cravatex
Buy
430
545
111
272
308
7.2
7.3
37.5
45.4
11.5
9.5
2.7
2.2
23.7
22.7
0.5
0.5
CRISIL
Neutral
999
7,020
982
1,136
34.3
34.3
34.3
40.0
29.1
25.0
13.2
10.5
50.9
46.9
6.7
5.7
Finolex Cables
Accumulate
57
61
870
2,304
2,552
9.9
9.1
8.2
10.1
7.0
5.7
1.0
0.8
13.7
14.7
0.3
0.3
Force Motors
Buy
437
550
569
2,027
2,299
4.6
5.1
35.3
50.0
12.4
8.7
0.5
0.5
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
316
360
729
1,494
1,607
6.4
7.8
23.9
33.0
13.2
9.6
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Sell
419
309
1,012
1,925
2,235
10.6
10.9
29.6
44.1
14.2
9.5
2.3
1.9
16.8
21.0
0.8
0.7
Hitachi
Neutral
145
334
873
989
4.4
6.5
6.4
12.2
22.9
12.0
1.8
1.6
8.3
14.4
0.4
0.4
2,588
2,842
2,288
1,809
2,117
5.5
7.5
84.9
135.3
30.5
19.1
3.3
2.8
11.3
16.0
1.2
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
667
744
1,173
1,059
1,116
8.5
9.5
36.0
42.0
18.5
15.9
2.7
2.3
15.4
16.0
1.1
1.1
ITD Cementation
Buy
236
334
272
1,455
1,630
12.4
12.6
29.8
40.5
7.9
5.8
0.6
0.6
8.2
9.8
0.6
0.6
Jyothy Laboratories
Neutral
151
2,439
1,228
1,443
9.0
10.9
3.9
6.4
38.9
23.7
3.9
3.6
10.1
15.6
2.5
2.1
MCX
Neutral
1,407
7,176
553
624
65.3
66.3
62.5
72.0
22.5
19.5
6.2
5.4
27.5
27.4
10.0
8.4
MRF
Neutral
13,061
5,539
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.2
7.8
1.6
1.3
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,391
3,602
3,782
836
1,023
20.2
20.6
105.6
133.4
32.1
25.4
16.3
11.5
59.3
53.2
4.6
3.7
Relaxo Footwears
Buy
795
933
954
1,019
1,208
11.0
12.5
47.0
66.7
16.9
11.9
4.2
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
63
79
1,965
4,751
5,189
16.3
16.6
13.6
15.8
4.6
4.0
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
286
366
268
1,043
1,149
12.3
12.9
65.7
73.3
4.4
3.9
0.8
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
12
358
6,765
7,393
18.1
18.0
6.4
7.5
1.9
1.6
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
January 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
47
43
2,276
5,720
6,599
5.3
6.8
3.6
5.4
13.0
8.8
18.9
6.0
0.5
0.4
TAJ GVK
Buy
68
108
426
300
319
35.8
36.2
7.9
9.1
8.6
7.5
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
307
384
473
750
803
18.6
18.4
65.4
69.1
4.7
4.4
0.7
0.6
16.5
15.3
0.2
0.1
TTK Healthcare
Buy
519
643
403
374
425
7.9
9.5
24.1
32.7
21.6
15.9
19.7
22.5
0.9
0.8
TVS Srichakra
Buy
253
322
194
1,461
1,625
6.9
8.2
24.6
53.7
10.3
4.7
1.3
1.1
12.9
24.9
0.4
0.3
United Spirits
Neutral
1,809
23,666
10,289
11,421
12.8
12.8
26.0
45.3
69.6
39.9
3.2
2.9
5.8
7.6
2.7
2.4
Vesuvius India
Neutral
337
684
560
611
16.1
17.0
24.7
28.8
13.7
11.7
2.0
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 29, 2013
Market Outlook
January 30, 2013

Market Outlook, 30th January 2013

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Market Outlook, 30th January 2013

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Market Outlook

January 30, 2013

(0.6) (112.4) 19,991

(1.1) (125.5) 11,060

OIL & GAS

RBI cuts Repo, CRR by 25bp each

Refer detailed news analysis on the following page

Net Inflows (January 28, 2013)

FII Derivatives (January 29, 2013)

RBI cuts Repo, CRR by 25bp each

TTMT plans to hire over 500 people for R&D at JLR

from GBP2bn in FY2013. We see JLRs employee expense as a percentage of sales

IDBI Bank reduces lending and deposits rate by 25bp

3QFY2013 Result Review

The company reported an exceptional item relating to forex loss of `63cr,

Idea (CMP: `114 / TP: - / Upside: -)

Dabur India (CMP: `130/TP:/Upside:-)

Crompton Greaves (CMP: `109/TP: Under review)

United Phosphorous (CMP: `137/ TP: `170/Upside: 24%)

695 15.0 15.6

Indoco Remedies (CMP: `63/ TP: Under review)

3QFY2013 Result Preview

495 36.4 101.9

Central Bank - (CMP: `85 / TP: - / Upside: -)

IPCA Labs (CMP: `488/ TP: -/Upside: -%)

377 29.9 26.7 16.3

KEC International (CMP: `62/ TP: `78/Upside: 26%)

Ashoka Buildcon (CMP: `204 / TP: `286 / Upside: 38%)

P/E P/BVEV/EBITDA EV/Sales

PVR (CMP: `276/TP: -/Upside: - %)

Jyoti Structures (CMP: `41/TP: `51/Upside: 24%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Power Finance Corporation (30/01/2013)

EBITDA margin (%)

Titan Industries (30/01/2013)

Godrej Consumer Products Consolidated (31/01/2013)

EBITDA margin (%)

Grasim Industries Consolidated (31/01/2013)

EBITDA margin (%)

EBITDA margin (%)

ICICI Bank (31/01/2013)

Cummins India (31/01/2013)

Lupin Consolidated (31/01/2013)

EBITDA margin (%)

Punjab National Bank (31/01/2013)

Siemens India (31/01/2013)

EBITDA margin (%)

Tata Global Beverage Consolidated (31/01/2013)

EBITDA margin (%)

Union Bank of India (31/01/2013)

Bharti Airtel Consolidated (01/02/2013)

EBITDA margin (%)

EBITDA margin (%)

IDFC Consolidated (01/02/2013)

Divi's Laboratories (02/02/2013)

Economic and Political News

RBI cuts FY13 GDP growth outlook further to 5.5%

NHPC proposes to exit from National Power Exchange

January 30, 2013

January 31, 2013

February 05, 2013

NHPC, UCO Bank, United Bank