Market Outlook, 11th February, 2013

Market Outlook
February 11, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open flat, mirroring SGX Nifty which is trading flat
to marginally lower in the opening trade. Major Asian markets Hong Kong,
China, Taiwan, Malaysia and Japan are closed today.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.5)
(95.6) 19,485
Nifty
(0.6)
(35.3)
5,904
MID CAP
(0.7)
(49.1)
6,756
US markets ended higher on Friday partly due to a positive reaction to a commerce

department report showing a much narrower than expected US trade deficit for the
month of December, with the data potentially leading to an upward revision to the
disappointing fourth quarter GDP data. The report showed that the US trade deficit
fell almost 21% in December to US$38.5bn, marking the biggest drop in four
years, from a revised US$48.6bn in November, while economists had expected the
deficit to shrink to US$46.0bn. In another positive sign for the global economy, a
separate report released by the Chinese National Bureau of Statistics showed that
the Chinese trade surplus came in at US$29.2bn in January compared to the
US$24.2bn surplus expected by economists.
SMALL CAP
(0.9)
(65.0)
6,794
BSE HC
(1.1)
(84.7)
7,874
BSE PSU
(1.2)
(90.5)
7,263
BANKEX
(0.6)
(79.7) 14,103
AUTO
(1.2) (129.2) 10,810
METAL
(1.7) (174.2) 10,067
OIL & GAS
(1.1) (104.3)
Dow Jones
0.4
48.9 13,993
The Indian markets fell for the seventh session in a row as growth concerns and
weaker earnings overshadowed firm global cues.
NASDAQ
0.9
28.7
3,194
FTSE
0.6
35.5
6,264
(1.8)
(203.9)
11,153
Hang Seng
0.2
38.2
23,215
The trend deciding level for the day is 19,516 / 5,914 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,617 19,749 / 5,944 5,984 levels. However, if NIFTY trades below
19,516 / 5,914 levels for the first half-an-hour of trade then it may correct up to
19,384 19,283 / 5,874 5,844 levels.
Straits Times
0.3
8.5
3,270
Shanghai Com
0.6
13.9
2,432
Chg (%)
(Pts)
(Close)
0.4
0.2
$52.4
Indices
S2
S1
PIVOT
R1
R2
WIT
1.7
0.2
$9.5
SENSEX
19,283
19,384
19,516
19,617
19,749
NIFTY
5,844
5,874
5,914
5,944
5,984
IBN
(1.1)
(0.5)
$43.5
HDB
0.6
0.2
$38.4
News Analysis
Global Indices
Nikkei
Markets Today
BSE IT
3QFY2013 Result Review: Sun Pharma, M&M, Hindalco, Canara Bank, Cadila
Healthcare, Bharat Forge, GSPL, BGR Energy, NCC, Subros, Cravatex
3QFY2013 Result Preview: ONGC, DRL, JP Associates, Britannia, Hexaware,
Sadbhav
Indian ADR
INFY
0.9
Chg (%)
9,017
55.3
6,477
(Pts)
(Close)
Advances / Declines
BSE
NSE
Advances
763
436
1,397
1,072
799
70
Declines
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (February 07, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
8,632
2,278
6,354
16,169
38,398
343
825
(481)
(1,335)
(6,048)
MFs
FII Derivatives (February 08, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,040
1,341
(301)
7,647
Stock Futures
1,543
1,263
280
31,026
chg (%)
Company
Gainers / Losers
Gainers
Company
Price (`)
Exide Industries
Essar Oil
Strides Arco
TCS
Gujarat Mnrl
www.angelbroking.com
Losers
130
6.0
Ambuja Cements
93
5.4
Ashok Leyland
Price (`)
chg (%)
190
(5.1)
24
(4.8)
955
4.2
Indiabulls Fin
284
(4.5)
1,423
2.6
Adani Enter
232
(4.4)
192
2.4
JPInfratec
46
(4.4)
BSE
2,519
NSE
12,477
Market Outlook
February 11, 2013
3QFY2013 Result Review

Sun Pharmaceuticals (CMP-`744, Target:-/Upside :-)
Sun Pharmaceutical Industries (Sun Pharma) reported a much higher-thanexpected 3QFY2013 performance. Its net sales reported a 33.0% yoy growth. The
Adj. net profit grew by 31.9% yoy, driven by a higher-than-expected improvement
in sales and a higher-than-expected expansion in the OPM, which in at 44.2% V/s
expectation of 40.6%. However, on account of the stocks rich valuation, we
recommend a Neutral rating on the stock.
Y/E
Sales
March
OPM
PAT
EPS
ROE
(` cr)
(%) (` cr)
(`)
(%)
FY2013E
10,111
FY2014E
12,563
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
42.6 2,993
28.9 22.3 25.7
5.2
15.3
6.5
42.6 3,086
29.8 19.2 25.0
4.4
11.7
5.0
M&M (CMP: `883/ TP: `1,019/ Upside: 15%)

Mahindra and Mahindra (MM) reported slightly lower-than-expected bottom-line
performance for 3QFY2013 primarily due to the contraction in EBITDA margins
led by sequential decline in net average realization. The top-line registered a
strong growth of 28.5% yoy (9.8% qoq) to `10,774cr; however it was lower than
our expectations of `11,070cr largely due to the sequential decline in net average
realization in the AS (1% qoq) and farm equipment segment (FES, 1.3% qoq). The
top-line growth on a yoy basis was driven by a robust volume (17.5% yoy) and net
average realization growth in the AS (22.5% yoy). Total volumes, however, posted
a growth of 10.9% yoy (10.8% qoq) as tractor sales witnessed a decline of 1.6%
yoy on account of weak domestic demand. The EBITDA margins contracted 96bp
yoy (16bp qoq) to 11.2% owing to raw-material cost pressures, which as a
percentage of sales increased 153bp yoy (97bp qoq) to 75.9%. As a result,
bottom-line came in at `836cr, a growth of 26.3% yoy; however it was down 7.3%
qoq largely due to absence of dividend income from the subsidiaries. The bottomline benefitted from the reduced tax rate on account of higher R&D spends.
We broadly retain our top-line and EBITDA margin estimates for FY2013/14.
However our earnings estimates are revised slightly upwards to factor in the lower
tax-rate going ahead as guided by the management. We expect AS to drive the
total volume growth of the company led by the success of the new launches
(XUV5OO, Quanto and Rexton) in the utility vehicle (UV) segment. We expect
tractor volumes to recover in FY2014 and clock a growth rate of 8% after posting
a decline of 4% in FY2013. At `883, MM is trading at 13.7x FY2014E earnings.
We retain our positive bias on MM and recommend a Buy rating on the stock with
an SOTP based target price of `1,019.
Meanwhile, MM has announced that it will acquire BAE Systems 26% stake in the
joint venture, Defence Land Systems India (DLSI) for an undisclosed amount. MM
already holds 74% stake in DLSI. The stake would be acquired through MMs
100% subsidiary, Mahindra Defence Systems Ltd. The JV was incorporated in 2009
with the purpose of supplying artillery howitzers and anti-mine vehicles to the
Indian armed forces. MM has so far invested `50cr in the JV. The JV reported a
loss of ~`24cr in FY2012. We would await more clarity from the management on
this front.
Market Outlook
February 11, 2013
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS
ROE
EV/EBITDA
EV/Sales
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
(x)
(x)
FY2013E
40,060
11.5 3,255
55.3
24.5
16.0
3.6
9.3
1.0
FY2014E
46,301
11.7 3,787
64.3
23.8
13.7
3.0
7.5
0.8
Hindalco (CMP: `109/ TP: -/ Upside :-)

Hindalcos reported lower than expected performance both on the top line and
bottom-line front. Hindalcos net sales grew 3.0% yoy to `6,790cr (below our
estimate of `7,199cr) mainly on account of lower than expected volumes. In
aluminium segment, both alumina and aluminium production fell by 5.0% yoy
each to 326kt and 139kt respectively. The downstream sales stood at 59kt.
Aluminium segment net sales declined by 0.9% yoy to `2,215cr mainly due to
lower production at the Belgaum refinery due to lack of bauxite availability. In
copper segment, copper cathode production decreased by 4.3% yoy to 84kt
whereas CCR production declined by 3.7% yoy to 37kt. However, the Copper
segment net sales increased by 5.5% yoy to `4,661cr.
On the operating front, aluminium segment EBIT decreased by 33.4% yoy to
`206cr due to decrease in realizations coupled with increase in fuel and power
costs. Nevertheless, Copper segment EBIT however improved by 4.3% yoy to
`225cr. Overall, Hindalcos EBITDA declined by 18.6% yoy to `582cr and EBITDA
margin slipped 228bp yoy to 8.6% during 3QFY2013. Interest expenses increased
substantially by 113.0% yoy to `169cr on the back of new bonds raised during
1HFY2013. Other income was also higher by 93.2% yoy to `174cr. The company
reported an exceptional item of `144cr related to some write-backs. Consequently,
adjusted net profit declined by 35.8% yoy to `289cr (below our estimate of
`404cr).
The company aims to start the Mahan smelter by April 2013 while it is in the
process of commissioning Utkal refinery by March 2014. At current aluminium
prices, we anticipate Mahan smelter to make loss during FY14 as it will not be
able to commence coal production from the Mahan coal block until atleast 18
months in our view. We maintain our Neutral rating on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
79,148
9.4 2,868 15.0
8.8
7.3
0.6
6.9
0.7
FY2014E
89,258
9.0 3,024 15.8
8.6
6.9
0.6
6.2
0.6
Canara Bank- (CMP: `446 / TP: `516 / Upside: 16%)

Canara Bank reported subdued operating performance, as its pre-provisioning
profit declined by 3.8% yoy, which was in-line with our expectations. Asset quality
pressures continued for the bank during the quarter, as slippages remained
elevated, which resulted in 24.9% yoy increase in provisioning expenses and hence
the bank witnessed 18.9% yoy decline in its bottom-line.
NIMs decline 17bp sequentially; Asset quality pressures continue: During
3QFY2013, the banks advance book remained almost flat on a yoy basis, while
Market Outlook
February 11, 2013
deposits grew at a subdued pace of 2.7% yoy. Current deposits grew by 3.4% yoy,
while the saving deposits grew by 8.4% yoy. Calculated CASA ratio for the bank
improved by 24bp sequentially to 25.1%. Sequentially, the banks yield on
advances came in 8bp lower to 11.1%, which resulted in 17bp sequential fall in
reported NIMs. Non-interest income (excluding treasury) witnessed a decline of
4.4% yoy, on back of lower recoveries from written off accounts and de-growth in
CEB income. During 3QFY2013, the bank witnessed continued asset quality
pressures, as slippages, on an absolute basis, remained elevated at `1,314cr,
(though lower sequentially considering slippages of `1,922cr in 2QFY2013 and
`1,497cr in 1QFY2013). However, recoveries/upgrades came in at `217cr
compared to `662cr in 2QFY2013 and `657cr in 1QFY2013. Hence, gross and
net NPA levels for the bank increased sequentially by 8.6% and 12.4%,
respectively. As of 3QFY2013, the gross NPA ratio stood at 2.8%, higher by 19bp
sequentially, while the net NPA ratio stood at 2.4%, higher sequentially by 23bp
from. PCR dipped sequentially by 202bp to 61.0%. Additionally, the bank
restructured `857cr worth of accounts during the quarter (of which around 50%
came from 3 chunky accounts in the steel sector), which was higher than `610cr
restructured in 2QFY2013, thereby taking its outstanding restructured book to
`14,501cr.
Outlook and valuation: At the current market price, the stock trades at cyclically
moderate valuation of 0.8x FY2014E ABV vs. eight-year average of 1.1x and
range of 0.7-1.4x. We value the bank at 1.0x FY2014E ABV and retain a Buy
rating on the stock with a target price of `516.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
10,828
2.1
2,868
64.7 481.0
0.7
13.2
6.9
0.9
FY2014E
12,005
2.2
3,560
80.4 542.8
0.8
14.7
5.5
0.8
March
Cadila Healthcare (CMP-`791, Target:-, Upside :-)

Cadila Healthcare reported below expected numbers for 3QFY2013, except on the
sales front. The companys sales for the quarter were just-in-line with estimates at
`1,561cr.On the operating front, the gross and operating margins came below
expectations. This along with, a higher tax expense during the quarter resulted in
net profit coming in a tad lower than expectations. Overall, the Adj. net profit
came in at `103cr, a dip of 31.0%. Management expects the company to be US
$3bn by 2015.We recommend a Neutral.
Y/E
March
FY2013E
FY2014E
Sales
(` cr)
OPM
(%)
PAT
(` cr)
6,148
7,386
15.3
18.0
504
808
EPS
(`)
ROE
(%)
P/E
(x)
24.6
39.5
18.4
25.1
30.2
18.8
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
5.2
4.3
18.6
12.9
2.8
2.3
Bharat Forge (CMP: `219/ TP: -/ Upside: -)

Bharat Forge (BHFC) reported disappointing performance for 3QFY2013 led by
severe weakness in the domestic as well as the export markets which resulted in a
volume decline of 32.4% yoy (19.1% qoq). For 3QFY2013, standalone revenue
posted a significant decline of 28.5% yoy (22.5% qoq) to `673cr led by 22.1%
(9.3% qoq) and 33.2% yoy (33.5% qoq) decline in domestic and export revenues
Market Outlook
February 11, 2013
respectively. BHFC witnessed significant decline in revenues across all the

geographies with the key markets of India, US and Europe experiencing a decline
of 24%, 24.2% and 42.4% respectively. The net average realization however,
registered a growth of 6.1% yoy as it benefitted from the higher share of
machining component. On the operating front, margins contracted 424bp yoy
(124bp qoq) to 21.2% which was below our estimates of 23.3% primarily on
account of lower utilization levels (~50% in domestic operations). The company
also initiated production cuts in an attempt to reduce inventories and align
production levels with the demand environment. Hence operating profit and net
profit registered a sharp decline of 40.5% (26.8% qoq) and 53.9% yoy (48.5%
qoq) respectively.
BHFC also posted a disappointing performance in its wholly owned overseas
subsidiaries (wos) with top-line registering a decline of 2.2% yoy. BHFC posted a
net loss of `6cr at wos as against a profit of `1cr in 3QFY2012. Even the
subsidiary in China posted a net loss of `12cr during the quarter. The subsidiaries
performance continues to be impacted due to the lower utilization levels caused by
downturn in the heavy truck market in China and decline in demand in Europe. At
`219, the stock is trading at 9.5x FY2014 earnings. The stock rating is currently
under review.
Y/E
Sales
OPM
PAT
March
(` cr)
(%)
(` cr)
FY2013E
6,754
15.5
FY2014E
7,565
15.7
EPS ROE
(`)
P/E P/BV
(%)
EV/EBITDA EV/Sales
(x)
(x)
(x)
(x)
436.5
18.7 18.5 11.7
2.0
5.9
0.9
539.0
23.1 19.7
1.7
4.9
0.7
9.5
Gujarat State Petronet (CMP: `70 / TP: -/ Upside: -)

Gujarat State Petronet Ltd (GSPL) reported disappointing 3QFY2013 results. Total
operating revenues decreased by 2.8% yoy to `266cr mainly due to decline in
transmission volumes, partially offset by higher tariffs. Transmission volumes for
3QFY2013 decreased by 16.0% yoy to 27.56mmscmd whereas transmission
tariffs increased by 15.5% yoy to `1/scm. EBIDTA also decreased by 4.9% yoy
to `239cr mainly due to higher operating expenses. Depreciation expenses rose by
3.8% yoy to `48cr. Tax rate declined marginally to 33.0% in 3QFY2013 compared
to 33.9% in 3QFY2012. Hence, PAT decreased by 5.7% yoy to `119cr. We
maintain our Neutral view on the stock.
Y/E
March
FY2013E
FY2014E
Sales
(` cr)
OPM
(%)
PAT
(` cr)
EPS
(`)
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
1,079
1,034
91.8
91.9
493
474
8.8
8.4
17.9
15.0
8.0
8.3
1.3
1.2
3.7
3.7
3.4
3.4
BGR (CMP: `235/TP: -/Upside: -)

For 3QFY2013, BGR Energy's (BGR) top-line growth came in flat yoy at `805cr.
The 22% yoy decline in revenue from the Capital Goods segment at `59cr (`75cr
in 3QFY2012) was offset by a 2.4% yoy growth in revenue from the Construction
and EPC segment at `746cr (`729cr in 3QFY2012).
Market Outlook
February 11, 2013
On the operating front, the EBITDA margin contracted by 259bp yoy to 13.7%,
mainly on account of a 289bp yoy contraction in margin of the Construction and
EPC segment. Interest cost grew by 9% yoy to `50cr (owing to elevated interest rate
scenario and enhanced working capital requirements). Consequently, the net profit
declined by 24% yoy to `41cr. We recommend Neutral on the stock due to the
structural issues (slowdown of order inflow in BTG space and working capital
deterioration due to high receivables) faced by the company.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2013E
3,567 11.8
178
24.6
30.7
9.6
1.4
8.6
1.0
FY2014E
4,357 10.9
194
26.8
26.3
8.8
1.2
8.1
0.9
NCC (CMP: `41 / TP: 44 - Upside: 7%)

For 3QFY2013, NCC posted poor performance on the revenue front; however
higher other income due to asset sale and lower tax expense help boost the
bottom line growth. On the top line front, NCC reported a decline of 6.3% yoy to
`1,184cr, which was significant lower than our estimate of `1,427cr. On the
EBITDAM front, the companys EBITDA margins stood at 7.2% (down 116bp
sequentially), which were below our estimate of 8.4%. This was mainly on back of
slower-than-expected execution during the quarter. Interest cost came in at `99cr a
decline of 7.6% on a yoy basis. On the bottom line level, NCC reported PAT of
`11cr (was in line with our estimate of `11cr) against a loss of 9cr in 3QFY2012
owing to higher other income and lower tax expense. The current outstanding
order book of NCC stands at `18,799cr, with order inflow of `3200cr till date.
Further, on account of the recent decline in the stock price, we recommend
Accumulate rating on the stock with a target price of `44.
Y/E
Sales OPM
March
(` cr)
PAT EPS
(%) (` cr)
(`)
ROE
(%)
P/E P/BV EV/EBITDA EV/Sales

(x)
(x)
(x)
(x)
FY2013E
5,863
8.1
79 3.1
3.2 13.3
0.4
7.0
0.6
FY2014E
6,576
8.2
105 4.1
4.2 10.0
0.4
6.6
0.5
Subros (CMP: `28/ TP: `35/ Upside: 26%)

Subros posted better-than-expected results for 3QFY2013 driven by a strong
volume growth of 30.7% yoy (41.1% qoq) leading to a 28.6% yoy (17.1% qoq)
growth in the top-line. The volumes during the quarter were boosted by the festival
demand and also due to the low base of last year. The 3QFY2012 volumes were
impacted due to the strike at one of its largest customer, Maruti Suzuki. The
EBITDA margin jumped 346bp yoy to 10.3% primarily due to the operating
leverage benefits. On a sequential basis too, it expanded by 77bp. Hence,
operating profit grew by 94% yoy (26.6% qoq) to `33cr. Led by strong operating
performance, the net profit stood at `6cr as against `2cr in 3QFY2012 and `3r in
2QFY2013. At `28 the stock is trading at 5.5x FY2014E earnings. We maintain
our Buy rating on the stock with a target price of `35.
Market Outlook
February 11, 2013
Y/E
March
Sales
OPM
PAT
EPS
ROE
(%)
(x)
(x)
(x)
(x)
7.2
5.0 10.1
8.3
5.5
0.6
0.5
4.2
3.8
0.4
0.3
(` cr)
(%)
(` cr)
(`)
FY2013E
1,296
9.8
20
3.4
FY2014E
1,476
9.8
30
P/E
P/BV EV/EBITDAEV/Sales
Cravatex (CMP: `401/ TP: `545/ Upside: 36%)

Cravatex reported poor set of numbers for 3QFY2013. Top-line plunged by 42.6%
yoy to `49cr on a consolidated basis on account of order lumpiness in the same
quarter previous year. Net sales from International segment and domestic segment
fell significantly by 68% (due to high base effect) and 39% yoy. The contribution
from the domestic sales has increased from 83% in 3QFY2012 to 89% in
3QFY2013. On the operating front the EBITDA dip by 32.7% yoy to `4cr. However
the EBITDA margins expanded by 109bp yoy mainly on account of 52.2% lower
raw material cost. On the segmental front, the EBIT margin for the domestic
segment contracted by 20bp yoy while the international segment reported a
margin of 5.7%, higher by 203bp yoy. The company reported a bottom-line of
`1.4cr, low by 52.3% yoy. We maintain our Buy recommendation on the stock with
a target price of `545 based on target PE of 12x for FY2014E earnings.
Y/E
Sales
March
OPM
PAT
(` cr)
(%)
(` cr)
FY2013E
228
7.6
FY2014E
308
7.7
12
EPS
ROE
P/E
(`)
(%)
P/BV EV/EBITDAEV/Sales
(x)
(x)
(x)
(x)
28 23.9 14.2
2.7
7.1
0.5
45 31.1
2.1
5.0
0.4
8.8
3QFY2013 Result Preview

ONGC (CMP: `313/TP: -/ Upside: -)
ONGC is slated to announce its 3QFY2013 results today. We expect the
companys top line to increase by 6.5% yoy to `19,294cr. On the operating front,
EBITDA margin is expected to contract by 946bp yoy to 51.5%. The bottom line is
expected to increase by 34.6% yoy to `4,843cr. 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
144,089
32.8 24,508 28.6
17.0
10.9
1.8
5.3
1.6
FY2014E
152,165
32.7 26,125 30.5
16.4
10.3
1.6
4.6
1.4
DRL (CMP-`1855, Target:-, Upside :-)

DRL is expected to post a top-line de-growth of 2.5% to `2,700cr, on the back of
base impact. The company is expected to see strong traction in its Indian and
Russian formulation businesses as well. The company is expected to post an OPM
of 20.7%, down from 31.4%. On the net profit front, the company is expected to
post a net profit of `339cr, a de-growth of 33.9% over the last corresponding
period. We recommend a neutral on the stock
Market Outlook
February 11, 2013
Y/E
Sales OPM
PAT EPS
March
(` cr)
(`cr)
(%)
(`)
ROE
(%)
(x)
(x)
(x)
(x)
FY2013E
10,696
20.7 1,420 83.7 22.4 22.2
4.3
15.4
3.2
FY2014E
11,662
21.0 1,576 92.9 20.8 20.0
3.6
13.4
2.8
JP Associates (CMP: `73 / TP: `100 / Upside: 37%)

We expect Jaiprakash Associates (JAL) to post modest top-line growth of 13.3%
yoy to `3,288cr for the quarter. We expect C&EPC revenue to growth 12.4% yoy to
`1,390cr. On the cement front, we expect JAL to post revenue of `1,663cr
volume of 4.0mt with realization of `4,158/tonne for the quarter. We expect the
company to post blended EBITDA margin of 25.9%, registering a decline of 136bp
for the quarter. The bottom line is expected to be at `144cr, registering a yoy
decline of 29.7% for the quarter. We recommend Buy rating on the stock.
Y/E
Sales OPM
PAT EPS
March
(` cr)
(%)
(`cr)
FY2013E
13,842
26.9
FY2014E
15,863
26.4
(`)
ROE
(%)
(x)
(x)
(x)
(x)
778 3.7
6.2 20.0
1.2
9.6
2.6
970 4.6
7.3 16.0
1.1
8.8
2.3
Britannia Industries (CMP:`465/TP:584:/Upside:26%)

Britannia Industries is slated to announce its 3QFY2013 results today. Topline is
expected to grow by 18.6% yoy to `1,480cr. OPM is expected to decline by 114bp
yoy to 5.4%. Net Profit is expected to grow by 6.8% yoy to `58cr. We maintain a
Buy on the stock with a Target Price of 584.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,627
4.9
219 18.3
39.1
25.5
9.3
18.6
0.9
FY2014E
6,581
5.7
295 24.7
42.7
18.9
7.1
13.6
0.8
Hexaware (CMP: `82 / TP: `118 / Upside: 44%)

Hexaware is slated to announce its 4QCY2012 results today. We expect the
company to post revenue decline of 1.3% qoq to US$91.6mn, majorly because of
a change in project scope and deliverables from a large client which is amongst
companys top-10 clients. In rupee terms, revenues are expected to come in at
`495cr, down 2.4% qoq. EBITDA margin is expected to decline by 520bp qoq to
16.4%. PAT is expected to come in at `60cr. We maintain our Buy rating on the
stock with a target price of `118.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
1,941
20.8
321
10.7
25.3
7.6
1.9
4.5
0.9
FY2014E
2,118
19.0
321
10.7
22.0
7.6
1.6
4.2
0.8
Market Outlook
February 11, 2013
Sadbhav Engineering (CMP: `122 / TP: `168 / Upside: 38%)

We expect a subdued performance from Sadbhav Engineering (SEL) for
3QFY2013. On the top-line front, SEL is expected to report a muted revenue
growth of 4% yoy to `753cr. EBITDA margin is expected to witness a dip of 10bp
yoy to 10.3%. On the earnings front, the company is expected to post a dip of
9.8% yoy to `38cr. We maintain a Buy on the stock with a target price of `168.
Y/E
Sales OPM
March
(` cr)
PAT EPS
(%) (` cr)
ROE
(`)
(%)

(x)
(x)
(x)
(x)
FY2013E
2,344
10.6
108 7.2 13.0 17.0
2.0
8.9
0.9
FY2014E
2,804
10.7
131 8.7 13.5 14.0
1.8
7.7
0.8
Quarterly Bloomberg Brokers Consensus Estimate

Jaiprakash Associates (11/02/2013)
Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
Net sales
q-o-q (%)
3,202
3,258
(2)
2,983
EBITDA
795
816
(3)
804
(1)
EBITDA margin (%)
24.8
25.0
Net profit
158
205
(23)
128
23
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
19,863
18,124
10
19,788
EBITDA
10,434
11,051
(6)
8,289
26
52.5
61.0
5,327
6,741
26.9
ONGC (11/02/2013)
Particulars (` cr)
EBITDA margin (%)

Net profit
41.9
(21)
5,897
(10)
Tata Power Consolidated (11/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
8,017
6,646
21
7,649
EBITDA
57
1,509
1,573
1,003
EBITDA margin (%)
19.6
15.1
Net profit
271
274
(1)
(54)
(598)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
51,241
47,917
48,464
(170)
3,703
(105)
2,914
(106)
(0)
(694)
2,725
19.7
HPCL (12/02/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
6
(125)
2,327
(130)
Market Outlook
February 11, 2013
Jindal Steel & Power Consolidated (12/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
4,875
4,355
12
4,606
EBITDA
1,707
1,742
(2)
2,112
(19)
EBITDA margin (%)
35.0
40.0
Net profit
931
1,018
45.9
(9)
909
Power Grid Corporation (12/02/2013)

Particulars (` cr)
3QFY13E
Net profit
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,023
809
26
1,126
(9)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
11,341
10,594
10,663
1,263
1,581
(20)
1,109
14
EBITDA margin (%)
11.1
14.9
Net profit
597
632
(6)
543
10
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
57,870
58,824
(2)
56,860
EBITDA
196
3,710
5,388
EBITDA margin (%)
0.3
(550)
3,140
SAIL (12/02/2013)
Particulars (` cr)
Net sales
EBITDA
10.4
BPCL (13/02/2013)
Particulars (` cr)
Net sales
Net profit
9
-
5,035
Coal India Consolidated (13/02/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
17,008
15,349
11
14,573
17
5,092
4,547
12
2,862
78
29.9
29.6
4,170
4,038
3,078
35
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
111,189
98,272
13
105,791
1,766
11,158
(84)
11,562
(85)
1.6
11
(1,878)
2,488
(175)
9,611
(120)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
2,199
2,822
(22)
2,612
(16)
EBITDA
1,526
2,261
(32)
1,935
(21)
(23)
1,679
Net sales
EBITDA
EBITDA margin (%)
Net profit
19.6
Indian Oil Corp (13/02/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
11
NMDC (13/02/2013)
Particulars (` cr)
EBITDA margin (%)

Net profit
69.4
80.1
1,427
1,859
Tata Steel Consolidated (13/02/2013)
74.1
(15)
Market Outlook
February 11, 2013
Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
32,684
32,964
(1)
33,867
(3)
2,595
1,717
51
2,310
12
7.9
5.2
(193)
(667)
(71)
(391)
(51)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
577
514
12
540
EBITDA
106
107
(1)
82
30
EBITDA margin (%)
18.4
20.8
76
57
Net sales
EBITDA
EBITDA margin (%)
Net profit
6.8
Unitech Consolidated (13/02/2013)

Particulars (` cr)
Net profit
15.2
33
47
Economic and Political News
Irda uncomfortable with investment flow into insurance from tax havens
India developing Agni-VI ballistic missile
Energy prices need to gradually align with intl mkt: Chaturvedi
Foodgrain output over 250mn tonne despite drought: Pawar
Corporate News
HCC-Samsung wins `866cr Delhi Metro contract

Starbucks, Tata Coffee open roasting plant in Karnataka
Indo-German JV company Schott Kaisha launches new plant
Telcos continue removing inactive SIMs, 26mn users lost in Dec
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
62
Market Outlook
February 11, 2013
Result Calendar
Date
Company
February 11, 2013
ONGC, Tata Power Co., Jaiprakash Asso., Britannia, Hexaware, Sadbhav Engg., Punj Lloyd, GIPCL, Dishman Pharma
February 12, 2013
Jindal Steel, Power Grid Corpn, SAIL, HPCL, Motherson Sumi, CESC, HT Media
Coal India, NMDC, IOC, Tata Steel, BPCL, Unitech, Madras Cements, PTC India, Orchid Chemicals, Finolex Cables,
Madhucon Proj
St Bk of India, Tata Motors, GAIL, DLF, Dr Reddy's, LIC Housing Fin., Suzlon Energy, CRISIL, HDIL, Monnet Ispat, Page
Industries, India Cements, FAG Bearings, Simplex Infra, IVRCL Infra, Patel Engg., Siyaram Silk Mills, TVS Srichakra, S.
Kumars Nationwide
GlaxoSmith Con
February 13, 2013

February 14, 2013
February 15, 2013
February 16, 2013
February 17, 2013
February 18, 2013
February 19, 2013
GSK Pharma
February 20, 2013
Nestle
February 21, 2013
ABB
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 11, 2013

February 12, 2013
February 14, 2013
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
2.70
11:00AM
India
Industrial Production YoY
% Change
Dec
(0.10)
1.10
Initial Jobless claims
Thousands
Feb 9
366.00
360.00
% Change
4Q P
0.40
0.20
Jan
0.26
0.20
7:00PM
US
12:30PM
Germany GDP nsa (YoY)
February 15, 2013
7:45PM
US
February 20, 2013
8:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
2:00PM
Germany PMI Services
8:30PM
US
Existing home sales
8:30PM
US
Consumer Confidence
February 21, 2013

February 26, 2013
Industrial Production
Jobless claims change
--
Value
Feb A
(23.90)
--
% Change
Jan
(12.10)
--
Value
Feb A
55.70
--
Millions
Jan
4.94
4.92
S.A./ 1985=100
Feb
58.60
--
8:30PM
US
New home sales
Thousands
Jan
369.00
--
February 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q P
--
--
February 28, 2013
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Jan
2.20
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
(0.10)
--
3:00PM
UK
PMI Manufacturing
Value
Feb
50.80
--
6:30AM
China
PMI Manufacturing
5:30PM
UK
BOE Announces rates
6:15PM
Euro Zone ECB announces interest rates
March 1, 2013
March 7, 2013
Value
Feb
50.40
--
% Ratio
Mar 7
0.50
0.50
Mar 7
0.75
--
Market Outlook
February 11, 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
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
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
February 11, 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
136
2,637
1,466
1,686
14.8
14.8
7.0
8.1
19.4
16.7
4.1
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
128
170
5,648
8,421
9,263
16.5
16.5
15.0
17.0
8.5
7.5
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
299
323
5,111
2,983
3,477
16.1
16.1
18.5
21.6
16.2
13.9
4.7
3.6
32.9
29.1
1.6
1.5
Apollo Tyres
Accumulate
85
97
4,299
13,066
14,503
11.5
11.8
13.0
14.5
6.6
5.9
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Accumulate
25
28
6,625
12,910
14,836
8.8
9.6
1.5
2.2
16.8
11.2
2.2
2.0
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
363
548
934
1,103
10.2
10.7
24.5
34.3
14.8
10.6
1.9
1.7
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
2,062
59,673
20,775
23,889
18.5
19.0
107.6
126.4
19.2
16.3
7.9
6.3
45.8
42.8
2.5
2.1
Bharat Forge
Buy
226
278
5,263
6,754
7,565
15.5
15.7
18.8
23.2
12.1
9.8
2.1
1.8
18.5
19.7
0.9
0.8
Bosch India*
Accumulate
9,023
9,570
28,332
9,973
11,320
17.8
18.0
396.2
455.7
22.8
19.8
4.3
3.6
18.8
18.2
2.5
2.1
CEAT
Buy
109
163
372
4,822
5,403
8.2
8.3
29.8
40.8
3.6
2.7
0.5
0.4
14.5
17.0
0.3
0.2
Exide Industries
Accumulate
122
131
10,387
6,016
7,026
12.7
14.4
5.8
7.8
20.9
15.6
3.1
2.7
15.4
18.2
1.4
1.2
FAG Bearings*
Buy
1,420
1,807
2,360
1,715
1,939
17.6
18.4
127.7
150.6
11.1
9.4
2.2
1.8
21.7
21.1
1.1
0.9
Hero Motocorp
Accumulate
1,759
1,923
35,117
23,990
27,038
13.8
14.6
105.8
120.2
16.6
14.6
6.7
5.4
44.3
41.0
1.2
1.0
JK Tyre
Buy
116
165
478
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
895
998
54,979
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
1,625
46,954
42,304
51,088
7.5
8.7
64.4
92.9
25.3
17.5
2.8
2.4
11.6
14.9
0.9
0.7
Motherson Sumi
Neutral
191
11,240
24,285
27,317
6.7
7.2
8.1
10.6
23.8
18.1
5.0
4.1
22.9
24.7
0.6
0.5
Subros
Buy
27
35
160
1,296
1,476
9.8
9.9
3.4
5.0
8.0
5.3
0.6
0.5
7.2
10.2
0.4
0.4
Tata Motors
Buy
289
337
76,945 190,883 217,164
12.8
13.1
35.5
42.5
8.1
6.8
2.1
1.7
30.2
27.6
0.4
0.4
TVS Motor
Buy
40
47
1,915
7,019
7,827
6.0
6.3
4.3
5.3
9.5
7.6
1.5
1.3
16.4
18.0
0.2
0.2
Capital Goods
ABB*
Reduce
654
573
13,859
7,790
9,653
4.5
7.8
8.7
22.1
75.2
29.6
5.2
4.6
7.1
16.5
1.8
1.4
BGR Energy
Neutral
237
1,707
3,567
4,357
11.8
10.9
24.6
26.8
9.6
8.8
1.4
1.3
30.7
26.3
0.9
0.8
BHEL
Neutral
206
50,421
47,801
43,757
18.0
17.1
24.1
20.8
8.6
9.9
2.5
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
174
238
1,564
2,748
2,896
4.4
5.6
6.8
9.3
25.6
18.7
3.5
3.1
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
104
129
6,691
12,136
13,790
3.8
6.3
3.3
6.9
31.6
15.2
1.8
1.7
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
39
49
322
2,802
3,074
9.5
9.8
7.7
10.9
5.1
3.6
0.5
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
57
75
1,455
6,909
7,723
6.2
7.2
5.4
8.4
10.5
6.7
1.2
1.1
17.0
22.8
0.3
0.3
LMW
Reduce
2,101
1,992
2,367
2,369
2,727
11.7
11.7
143.4
166.0
14.7
12.7
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
581
6,924
5,529
5,798
9.0
9.6
27.1
30.3
21.4
19.2
3.7
3.3
18.6
18.2
1.1
1.0
Market Outlook
February 11, 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
1,345
25,259
11,012
12,333
21.1
20.9
77.0
80.3
17.5
16.8
3.3
3.0
19.5
18.7
2.0
1.7
Ambuja Cements
Neutral
200
30,851
10,210
11,811
26.0
25.7
11.2
12.6
17.9
15.9
3.8
3.4
20.3
20.7
2.6
2.2
India Cements
Neutral
87
2,674
4,293
4,666
17.7
18.1
8.6
10.8
10.1
8.1
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
134
1,643
2,171
2,544
22.5
22.5
21.6
23.2
6.2
5.8
1.1
1.0
19.0
17.8
0.9
1.1
Madras Cements
Neutral
237
5,647
3,814
4,045
28.8
27.1
18.3
18.7
13.0
12.7
2.3
2.0
19.4
17.0
2.1
1.9
Shree Cements^
Neutral
4,509
15,708
5,678
6,251
29.0
28.6
288.1
334.0
15.7
13.5
4.4
3.4
31.7
28.4
2.2
1.8
UltraTech Cement
Neutral
1,922
52,686
20,466
23,017
23.3
24.3
100.0
117.1
19.2
16.4
3.5
3.0
19.6
19.5
2.5
2.3
229
268
1,205
20,466
23,017
22.5
22.5
24.4
27.0
9.4
8.5
1.1
1.0
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
273
2,262
2,522
5.9
6.3
0.9
1.6
16.2
9.5
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
122
164
4,048
3,843
4,212
43.1
43.6
16.8
17.8
7.2
6.8
1.2
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
199
225
3,858
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
32
976
4,249
6,897
7.8
8.2
0.3
3.4
103.1
9.4
0.4
0.4
0.4
4.4
0.8
0.5
Jaiprakash Asso.
Buy
74
100
16,332
13,842
15,863
26.9
26.4
3.7
4.6
20.1
16.1
1.2
1.1
6.2
7.3
2.6
2.4
Larsen & Toubro
Buy
1,496
1,788
91,996
60,666
69,525
10.6
11.2
71.9
85.0
20.8
17.6
3.2
2.8
14.5
15.2
1.7
1.5
Nagarjuna Const.
Neutral
42
1,085
5,947
6,569
8.5
8.6
3.1
4.1
13.6
10.3
0.4
0.4
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
51
1,684
11,892
13,116
9.0
9.0
1.8
3.2
28.0
15.8
0.6
0.6
2.0
3.5
0.6
0.5
Sadbhav Engg.
Buy
119
168
1,799
2,344
2,804
10.6
10.7
7.2
8.7
16.6
13.7
2.0
1.8
13.0
13.5
1.1
1.0
Simplex Infra
Buy
171
251
846
6,882
8,032
9.1
9.1
23.2
31.3
7.4
5.5
0.7
0.6
9.1
11.2
0.5
0.4
Unity Infra
Buy
38
59
282
2,180
2,455
13.7
13.4
13.3
15.0
2.9
2.5
0.3
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
149
188
7,440
6,509
7,264
2.7
2.8
28.2
33.5
5.3
4.4
0.7
0.7
13.8
14.7
Andhra Bank
Neutral
103
5,786
4,795
5,475
3.0
3.0
21.8
21.9
4.7
4.7
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,461
1,753
68,221
15,959
18,660
3.2
3.2
119.2
139.0
12.3
10.5
2.3
2.0
20.3
20.1
Bank of Baroda
Neutral
773
31,784
15,284
18,032
2.5
2.6
109.6
137.7
7.1
5.6
1.0
0.9
15.5
17.1
Bank of India
Accumulate
343
380
19,686
12,793
14,823
2.3
2.4
49.5
65.1
6.9
5.3
1.0
0.9
13.6
16.0
Bank of Maharashtra
Neutral
56
3,316
3,720
4,268
2.9
2.8
10.9
13.0
5.2
4.3
0.8
0.7
16.2
16.9
Canara Bank
Accumulate
460
516
20,385
10,828
12,005
2.1
2.2
64.7
80.4
7.1
5.7
1.0
0.9
13.2
14.7
Central Bank
Neutral
77
5,698
7,158
8,217
2.4
2.6
13.1
20.1
5.9
3.9
0.9
0.7
10.3
14.3
Corporation Bank
Buy
414
517
6,138
4,835
5,570
2.0
2.2
105.0
99.8
4.0
4.2
0.7
0.6
17.5
14.8
Dena Bank
Buy
105
132
3,658
3,090
3,462
2.7
2.7
25.6
24.6
4.1
4.3
0.7
0.6
19.2
15.9
Financials
Market Outlook
February 11, 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
Financials
Federal Bank
Accumulate
517
557
8,842
2,667
2,920
3.2
3.2
49.1
51.4
10.5
10.1
1.4
1.3
13.9
13.1
HDFC
Neutral
811
125,071
7,446
8,923
3.5
3.5
32.2
38.5
25.2
21.1
5.1
4.6
35.4
32.6
HDFC Bank
Neutral
642
152,229
21,724
26,578
4.3
4.3
28.7
36.1
22.4
17.8
4.3
3.6
20.7
22.1
ICICI Bank
Buy
1,145
1,404
131,676
22,317
26,217
2.9
3.0
72.0
84.6
15.9
13.5
2.0
1.8
14.9
15.9
IDBI Bank
Buy
101
122
12,874
8,196
9,305
1.9
2.1
15.4
22.3
6.6
4.5
0.7
0.6
10.7
14.1
Indian Bank
Buy
188
245
8,062
5,902
6,563
3.2
3.2
41.3
43.2
4.5
4.4
0.8
0.7
18.4
16.8
IOB
Buy
J & K Bank
Neutral
LIC Housing Finance
76
88
6,073
7,231
8,369
2.4
2.5
10.2
20.2
7.5
3.8
0.6
0.5
7.4
13.4
1,329
6,442
2,830
2,910
3.6
3.6
234.8
197.4
5.7
6.7
1.3
1.1
25.1
18.0
Buy
272
328
13,747
1,799
2,255
2.3
2.4
20.3
27.3
13.4
10.0
2.1
1.8
16.9
19.7
Oriental Bank
Neutral
306
8,924
6,360
7,004
2.6
2.8
48.1
59.4
6.4
5.2
0.8
0.7
12.1
13.5
Punjab Natl.Bank
Buy
878
1,053
29,780
19,202
22,040
3.2
3.4
146.8
167.9
6.0
5.2
1.1
0.9
17.6
17.5
South Ind.Bank
Buy
27
34
3,561
1,583
1,789
3.0
2.9
3.5
4.1
7.7
6.6
1.3
1.1
19.1
17.7
St Bk of India
Accumulate
2,327
2,600
156,159
60,677
69,712
3.3
3.3
224.3
257.3
10.4
9.0
1.8
1.5
17.6
17.7
Syndicate Bank
Buy
130
157
7,795
6,673
7,644
2.9
3.0
32.0
27.6
4.0
4.7
0.8
0.7
22.0
16.4
UCO Bank
Neutral
68
4,510
5,235
6,086
2.3
2.4
12.0
14.9
5.7
4.6
0.9
0.8
12.0
13.5
Union Bank
Buy
233
286
12,809
10,006
11,558
2.8
2.8
36.4
47.0
6.4
5.0
0.9
0.8
14.6
16.6
United Bank
Buy
68
87
2,467
3,498
3,858
2.5
2.8
15.1
21.6
4.5
3.2
0.6
0.5
12.5
16.1
Vijaya Bank
Accumulate
56
62
2,768
2,342
2,763
1.9
2.1
8.0
10.9
7.0
5.1
0.7
0.7
10.1
12.6
Yes Bank
Accumulate
508
576
18,195
3,364
4,260
2.8
3.0
36.3
42.6
14.0
11.9
3.1
2.6
24.6
23.6
4,602
44,144
11,198
13,319
15.9
15.7
122.1
147.1
37.7
31.3
12.7
10.0
37.7
35.7
3.9
3.2
FMCG
Asian Paints
Neutral
Britannia
Buy
466
584
5,569
5,627
6,581
4.9
5.7
18.3
24.7
25.5
18.9
9.3
7.1
39.1
42.7
0.9
0.7
Colgate
Neutral
1,356
18,436
3,120
3,588
20.3
21.1
38.4
45.1
35.3
30.1
32.8
26.3
104.6
97.0
5.7
4.9
Dabur India
Neutral
132
23,007
6,196
7,183
16.3
16.8
4.5
5.5
29.3
24.1
12.1
9.4
43.4
44.0
3.7
3.2
GlaxoSmith Con*
Neutral
3,777
15,884
3,084
3,617
15.3
15.5
101.2
118.3
37.3
31.9
11.4
9.2
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
741
25,223
6,386
7,743
15.7
17.0
20.8
27.1
35.6
27.3
7.6
6.3
23.7
26.4
4.1
3.4
HUL
Neutral
457
98,737
25,350
28,974
13.3
13.5
15.1
17.0
30.2
27.0
24.1
17.2
85.7
74.3
3.7
3.2
ITC
Neutral
304
239,654
29,148
34,191
35.7
36.1
9.4
11.1
32.4
27.4
10.8
8.9
35.9
35.7
7.9
6.7
Marico
Neutral
219
14,122
4,747
5,402
13.6
13.6
6.3
7.8
34.5
28.0
7.1
5.7
26.0
22.6
3.0
2.6
Nestle*
Neutral
4,703
45,343
8,487
10,081
21.2
22.1
113.0
142.5
41.6
33.0
25.0
17.2
70.5
61.6
5.4
4.4
Market Outlook
February 11, 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
145
8,958
7,272
7,998
9.1
9.5
6.9
8.1
21.1
17.8
2.2
2.1
8.9
9.8
1.2
1.0
HCL Tech^
Accumulate
669
765
46,452
25,325
28,476
21.7
20.7
51.0
52.8
13.1
12.7
3.5
2.9
26.8
22.9
1.7
1.5
Hexaware*
Buy
81
118
2,392
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
2,790
160,200
40,746
44,283
28.9
28.8
162.6
172.9
17.2
16.1
4.0
3.4
23.5
21.3
3.3
2.9
Infotech Enterprises
Accumulate
161
184
1,801
1,881
1,987
17.9
17.4
18.5
19.4
8.7
8.3
1.3
1.1
14.8
13.6
0.6
0.5
KPIT Cummins
Buy
110
140
2,126
2,234
2,477
15.8
15.2
10.9
12.8
10.1
8.6
2.2
1.7
22.2
20.6
0.9
0.8
Mahindra Satyam
Accumulate
119
126
13,954
7,711
8,467
21.6
19.8
8.7
11.3
13.6
10.5
3.2
2.5
30.6
23.7
1.4
1.2
Mindtree
Accumulate
774
868
3,205
2,357
2,580
21.0
19.3
84.4
86.8
9.2
8.9
2.4
1.9
26.8
21.7
1.1
0.9
Mphasis&
Accumulate
359
396
7,547
5,531
5,874
17.6
17.5
35.4
37.7
10.1
9.5
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
26
36
433
1,048
1,161
9.1
10.9
4.1
6.2
6.4
4.3
0.7
0.6
10.3
14.1
0.2
0.2
Persistent
Accumulate
523
550
2,091
1,297
1,433
25.6
24.1
46.5
54.0
11.3
9.7
2.1
1.7
18.5
18.0
1.3
1.1
TCS
Accumulate
1,388
1,465
271,564
62,954
70,871
29.0
28.9
71.6
79.1
19.4
17.5
6.4
5.2
33.2
29.7
4.1
3.6
Tech Mahindra
Accumulate
990
1,105
12,655
6,789
7,609
21.0
19.6
95.8
110.7
10.3
8.9
2.5
2.0
24.3
22.3
1.9
1.6
Wipro
Accumulate
405
429
99,762
43,514
47,304
20.1
19.4
26.6
27.7
15.3
14.6
3.0
2.6
19.7
17.9
2.0
1.7
D B Corp
Accumulate
239
266
4,385
1,583
1,787
23.9
25.4
11.9
14.5
20.2
16.5
4.0
3.4
21.4
22.4
2.7
2.3
HT Media
Buy
99
121
2,329
2,111
2,272
15.0
15.2
7.4
8.3
13.5
12.0
1.5
1.3
11.3
11.4
0.7
0.6
Jagran Prakashan
Buy
106
125
3,354
1,511
1,698
23.2
23.4
6.4
7.3
16.5
14.5
4.1
3.7
25.9
26.6
2.4
2.1
PVR
Neutral
261
755
820
1,307
17.3
17.3
11.2
17.8
23.4
14.7
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
467
18,416
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
466
10,548
10,746
13,982
30.8
31.1
43.3
55.5
10.8
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
344
368
217,283
66,666
70,292
25.7
27.3
24.2
26.6
14.2
12.9
4.2
3.4
33.1
29.1
2.3
2.0
Electrosteel Castings
Buy
24
34
818
1,984
2,074
10.6
11.6
1.8
2.6
13.4
9.1
0.4
0.2
3.6
5.1
0.6
0.5
Hind. Zinc
Buy
125
149
52,964
12,002
13,759
49.7
50.8
14.7
16.4
8.5
7.7
1.7
1.4
21.1
19.8
2.5
1.8
Hindalco
Neutral
113
21,702
79,148
89,258
9.4
9.0
15.0
15.6
7.6
7.3
0.6
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
835
18,635
39,072
40,493
16.5
18.2
82.4
90.3
10.1
9.3
1.0
0.9
10.7
10.7
0.9
0.9
MOIL
Neutral
248
4,162
933
954
46.9
45.5
25.8
26.1
9.6
9.5
1.5
1.4
16.7
15.1
2.0
1.9
Monnet Ispat
Buy
248
344
1,578
2,501
3,264
22.2
24.6
41.8
55.2
5.9
4.5
0.6
0.5
11.3
13.4
1.7
1.2
Nalco
Neutral
47
12,036
6,630
8,357
11.4
14.5
2.1
3.3
22.0
14.3
1.0
1.0
4.6
6.9
1.1
1.0
NMDC
Buy
150
198
59,471
11,209
12,525
78.4
78.3
18.5
20.6
8.1
7.3
2.0
1.6
27.0
24.6
3.4
2.8
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 11, 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
83
34,469
47,252
60,351
14.2
14.8
9.6
11.7
8.7
7.1
0.8
0.7
9.4
10.6
1.2
1.0
Sesa Goa
Accumulate
174
183
15,135
2,412
3,911
30.8
33.1
29.6
31.8
5.9
5.5
0.9
0.8
16.3
15.4
7.7
4.8
Sterlite Inds
Neutral
105
35,152
43,185
45,442
23.3
23.7
16.8
17.9
6.2
5.8
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
391
463
37,941 145,725 154,108
8.3
9.5
22.0
44.5
17.7
8.8
0.9
0.8
4.9
9.3
0.5
0.5
Sarda
Buy
126
148
453
1,442
1,494
19.0
19.1
29.2
31.7
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
44
73
593
2,694
2,906
14.6
16.6
16.4
20.8
2.7
2.1
0.3
0.2
11.4
12.8
0.4
0.3
Buy
101
143
320
2,342
2,470
13.7
15.3
27.7
33.8
3.6
3.0
0.4
0.3
10.9
11.4
0.6
0.5
Cairn India
Buy
320
383
61,123
17,394
17,034
76.4
72.3
60.8
55.1
5.3
5.8
1.1
0.9
21.9
17.0
2.7
2.3
GAIL
Neutral
336
42,576
46,652
54,142
15.7
15.7
34.0
35.3
9.9
9.5
1.7
1.5
18.5
16.8
0.7
0.5
ONGC
Neutral
320
273,690 147,139 154,821
33.9
33.7
30.7
32.3
10.4
9.9
1.8
1.6
18.3
17.2
1.6
1.5
Reliance Industries
Neutral
871
285,230 362,700 380,031
8.9
8.9
68.1
71.5
12.8
12.2
1.4
1.2
12.4
11.8
0.8
0.7
Gujarat Gas*
Neutral
312
4,007
3,128
3,707
13.2
11.7
22.8
23.5
13.7
13.3
4.1
3.7
33.2
29.2
1.2
1.0
Indraprastha Gas
Neutral
253
3,539
3,213
3,643
23.3
23.5
24.3
25.7
10.4
9.8
2.4
2.0
25.0
22.1
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
147
179
11,018
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.4
2.5
2.1
29.1
24.1
0.4
0.3
71
4,015
1,079
1,034
91.8
91.9
8.8
8.4
8.1
8.5
1.4
1.2
17.9
15.0
3.4
3.5
Alembic Pharma
Buy
75
95
1,421
1,490
1,714
16.2
17.1
7.4
9.5
10.2
7.9
2.8
2.1
30.7
30.2
1.1
0.9
Aurobindo Pharma
Accumulate
187
208
5,433
5,463
6,279
15.0
15.0
12.4
14.0
15.0
13.3
2.0
1.7
18.8
17.8
1.6
1.4
Aventis*
Neutral
2,261
5,207
1,482
1,682
17.5
16.6
82.9
87.8
27.3
25.8
4.3
3.4
16.3
14.8
3.3
2.8
Cadila Healthcare
Accumulate
816
926
16,707
6,148
7,386
18.6
19.6
32.7
44.8
25.0
18.2
5.5
4.4
23.7
26.6
3.1
2.5
Cipla
Accumulate
394
419
31,639
8,151
9,130
25.8
24.8
20.2
21.6
19.5
18.2
3.5
3.0
19.4
17.6
3.7
3.2
Dr Reddy's
Neutral
1,894
32,158
10,696
11,662
20.7
21.0
83.7
92.9
22.6
20.4
4.7
3.9
22.4
20.8
3.3
2.9
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
104
145
836
1,280
1,536
20.2
20.2
10.4
14.5
10.0
7.1
0.8
0.8
8.7
11.0
1.3
1.1
2,075
17,579
2,651
2,993
31.7
31.2
76.0
82.4
27.3
25.2
7.9
7.0
20.1
26.3
5.8
5.1
Buy
61
78
563
642
784
14.2
15.2
5.7
7.8
10.7
7.8
1.3
1.1
12.9
16.4
1.1
0.9
Ipca labs
Buy
483
559
6,098
2,850
3,474
21.0
21.0
29.9
37.3
16.2
13.0
3.9
3.1
26.7
26.4
2.3
1.9
Lupin
Accumulate
594
655
26,566
8,426
10,082
19.7
20.0
26.1
31.1
22.8
19.1
5.3
4.2
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
436
18,435
12,046
11,980
16.0
15.8
37.3
32.1
11.7
13.6
4.5
3.6
45.3
29.7
1.6
1.5
Sun Pharma
Neutral
749
77,419
9,902
12,313
42.6
42.6
26.7
29.1
28.0
25.7
5.3
4.5
20.7
19.1
7.2
5.6
68
78
1,033
1,523
1,568
30.3
30.3
5.4
11.5
12.7
5.9
0.7
0.6
5.6
11.3
1.1
1.0
Power
GIPCL
Accumulate
Market Outlook
February 11, 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
148
163
122,157
72,809
81,951
23.0
23.7
12.0
13.4
12.4
11.1
1.5
1.4
12.5
12.9
2.3
2.2
Power
NTPC
Accumulate
Real Estate
Anant Raj
Neutral
75
2,218
657
875
52.0
56.1
8.4
12.7
8.9
5.9
0.6
0.5
6.3
8.9
4.6
3.5
DLF
Neutral
270
45,822
9,878
12,033
44.7
46.1
9.6
13.4
28.2
20.1
1.8
1.7
6.4
8.7
7.1
5.9
HDIL
Neutral
72
3,031
2,441
3,344
55.1
48.2
22.7
26.6
3.2
2.7
0.3
0.2
8.8
9.4
3.1
2.3
MLIFE
Accumulate
409
446
1,668
786
888
26.3
26.7
31.0
36.3
13.2
11.3
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Neutral
320
121,426
80,521
87,160
30.5
30.5
6.4
10.4
50.0
30.8
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
108
35,762
22,087
23,927
26.6
27.7
2.9
3.9
36.9
27.7
2.5
2.3
6.9
8.4
2.2
2.0
Rcom
Neutral
76
15,583
21,087
22,067
31.8
31.9
2.6
4.0
28.8
18.9
0.4
0.4
1.5
2.2
2.5
2.3
Telecom
zOthers
Abbott India
Accumulate
1,388
1,590
2,950
1,629
1,886
11.8
13.3
60.8
79.5
22.9
17.5
4.7
3.9
22.0
24.4
1.6
1.3
Bajaj Electricals
Accumulate
189
217
1,887
3,497
3,968
6.6
7.6
9.8
15.5
19.3
12.2
2.5
2.1
12.7
17.4
0.5
0.5
Cera Sanitaryware
Buy
411
495
520
460
596
16.4
16.2
34.7
45.0
11.8
9.1
2.9
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
408
545
105
272
308
7.2
7.3
37.5
45.4
10.9
9.0
2.6
2.0
23.7
22.7
0.5
0.4
CRISIL
Neutral
964
6,768
982
1,136
34.3
34.3
34.3
40.0
28.1
24.1
12.7
10.2
50.9
46.9
6.5
5.4
Finolex Cables
Accumulate
55
61
843
2,304
2,552
9.9
9.1
8.2
10.1
6.8
5.5
0.9
0.8
13.7
14.7
0.3
0.3
Force Motors
Buy
434
550
566
2,027
2,299
4.6
5.1
35.3
50.0
12.3
8.7
0.5
0.5
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
313
360
722
1,494
1,607
6.4
7.8
23.9
33.0
13.1
9.5
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Sell
408
309
985
1,925
2,235
10.6
10.9
29.6
44.1
13.8
9.3
2.3
1.8
16.8
21.0
0.8
0.7
Hitachi
Neutral
139
320
905
1,025
4.8
6.0
7.7
12.4
18.2
11.3
1.7
1.5
9.9
14.4
0.4
0.4
2,616
2,842
2,313
1,809
2,117
5.5
7.5
84.9
135.3
30.8
19.3
3.3
2.9
11.3
16.0
1.2
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
651
744
1,145
1,059
1,116
8.5
9.5
36.0
42.0
18.1
15.5
2.6
2.3
15.4
16.0
1.1
1.0
ITD Cementation
Buy
208
334
240
1,455
1,630
12.4
12.6
29.8
40.5
7.0
5.1
0.6
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Neutral
146
2,349
1,228
1,443
9.0
10.9
3.9
6.4
37.5
22.8
3.7
3.4
10.1
15.6
2.4
2.0
MCX
Accumulate
1,340
1,440
6,834
553
624
65.3
66.3
62.5
72.0
21.5
18.6
5.9
5.1
27.5
27.4
9.4
7.8
MRF
Neutral
13,160
5,582
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.3
7.9
1.6
1.4
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,221
3,602
3,592
836
1,023
20.2
20.6
105.6
133.4
30.5
24.1
15.5
10.9
59.3
53.2
4.4
3.5
Relaxo Footwears
Buy
729
887
875
989
1,148
10.7
11.7
41.8
55.5
17.5
13.1
4.0
3.1
25.5
26.3
1.0
0.9
Sintex Industries
Buy
61
79
1,913
4,751
5,189
16.3
16.6
13.6
15.8
4.5
3.9
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
282
366
264
1,043
1,149
12.3
12.9
65.7
73.3
4.3
3.8
0.8
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
11
321
6,765
7,393
18.1
18.0
6.4
7.5
1.7
1.4
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
February 11, 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
Neutral
43
2,100
5,720
6,599
5.3
6.8
3.6
5.4
12.0
8.1
17.4
5.5
0.5
0.4
TAJ GVK
Buy
67
108
420
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
306
379
472
782
818
16.5
17.0
61.8
65.4
5.0
4.7
0.7
0.7
15.7
14.7
0.2
0.2
TTK Healthcare
Buy
496
643
385
374
425
7.9
9.5
24.1
32.7
20.6
15.2
19.7
22.5
0.9
0.7
TVS Srichakra
Buy
247
322
189
1,461
1,625
6.9
8.2
24.6
53.7
10.0
4.6
1.3
1.1
12.9
24.9
0.4
0.3
United Spirits
Neutral
1,926
25,192
10,289
11,421
12.8
12.8
26.0
45.3
74.1
42.5
3.4
3.1
5.8
7.6
2.8
2.5
Vesuvius India
Neutral
334
678
560
611
16.1
17.0
24.7
28.8
13.5
11.6
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 February 08, 2013
Market Outlook
February 11, 2013

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Market Outlook, 11th February, 2013

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Market Outlook

February 11, 2013

US markets ended higher on Friday partly due to a positive reaction to a commerce

(1.2) (129.2) 10,810

(1.7) (174.2) 10,067

OIL & GAS

Refer detailed news analysis on the following page

Net Inflows (February 07, 2013)

FII Derivatives (February 08, 2013)

3QFY2013 Result Review

28.9 22.3 25.7

29.8 19.2 25.0

M&M (CMP: `883/ TP: `1,019/ Upside: 15%)

Hindalco (CMP: `109/ TP: -/ Upside :-)

9.4 2,868 15.0

9.0 3,024 15.8

Canara Bank- (CMP: `446 / TP: `516 / Upside: 16%)

Cadila Healthcare (CMP-`791, Target:-, Upside :-)

Bharat Forge (CMP: `219/ TP: -/ Upside: -)

respectively. BHFC witnessed significant decline in revenues across all the

18.7 18.5 11.7

Gujarat State Petronet (CMP: `70 / TP: -/ Upside: -)

BGR (CMP: `235/TP: -/Upside: -)

NCC (CMP: `41 / TP: 44 - Upside: 7%)

P/E P/BV EV/EBITDA EV/Sales

Subros (CMP: `28/ TP: `35/ Upside: 26%)

Cravatex (CMP: `401/ TP: `545/ Upside: 36%)

3QFY2013 Result Preview

32.8 24,508 28.6

32.7 26,125 30.5

DRL (CMP-`1855, Target:-, Upside :-)

P/E P/BV EV/EBITDA EV/Sales

20.7 1,420 83.7 22.4 22.2

21.0 1,576 92.9 20.8 20.0

JP Associates (CMP: `73 / TP: `100 / Upside: 37%)

P/E P/BV EV/EBITDA EV/Sales

Britannia Industries (CMP:`465/TP:584:/Upside:26%)

Hexaware (CMP: `82 / TP: `118 / Upside: 44%)

Sadbhav Engineering (CMP: `122 / TP: `168 / Upside: 38%)

P/E P/BV EV/EBITDA EV/Sales

108 7.2 13.0 17.0

131 8.7 13.5 14.0

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Tata Power Consolidated (11/02/2013)

EBITDA margin (%)

Jindal Steel & Power Consolidated (12/02/2013)

EBITDA margin (%)

Power Grid Corporation (12/02/2013)

EBITDA margin (%)

EBITDA margin (%)

Coal India Consolidated (13/02/2013)

Indian Oil Corp (13/02/2013)

EBITDA margin (%)

Tata Steel Consolidated (13/02/2013)

EBITDA margin (%)

Unitech Consolidated (13/02/2013)