Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 4, 2013
Dealers Diary
The Indian market is expected to open in the red today mirroring negative opening
trades in the SGX Nifty and mixed opening in the Asian markets.
After recovering from an early move, US markets slid on Friday. They then saw
modest strength for much of the remainder of the trading session. The strength on
the day came as upbeat economic data overshadowed concerns about the impact
of automatic government spending cuts. The major averages moved roughly
sideways going into the close, hovering in positive territory. The European markets
ended Friday's session with mixed results. A number of weaker-than-expected
economic reports weighed on investor sentiments at the end of the trading week.
Manufacturing data from China and the UK were disappointing, while
unemployment in the Eurozone climbed to a record high. The markets managed to
recover some ground in the afternoon, following some better-than-expected
economic reports in the US, including the stronger-than-expected ISM
manufacturing data.
Meanwhile, Indian shares rose on Friday, rebounding from three-month lows after
the finance ministry clarified it would not question the validity of tax residency
certificates held by foreign investors. India's indexes, however, ended lower for a
fifth consecutive week after the budget on Thursday disappointed investors by
financing increased revenues in part by raising taxes on some companies and
high-earners.
Markets Today
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,741
18,830
18,909
18,998
19,077
NIFTY
5,653
5,687
5,713
5,746
5,773
News Analysis
Net Inflows (February 28, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
7,182
8,456
(1,275)
22,122
44,352
MFs
1,669
1,199
470
(848)
(5,561)
FII Derivatives (March 01, 2013)

` cr
Purch
Sales
Net
Index Futures
1,707
1,970
(263)
8,662
Stock Futures
2,254
1,683
570
23,705
Open Interest
Price (`)
chg (%)
Company
65
18.8
NHPC
Gainers / Losers
Gainers
Core Projects
Suzlon Energy
Losers
Price (`)
chg (%)
24
(10.6)
19
18.1
DLF
260
(6.3)
Sun TV Network
438
6.0
REC
214
(6.2)
Gujarat Fluo
295
6.0
Astrazeneca Phar
898
(5.5)
Opto Circuits
53
5.8
MMTC
407
(5.5)
www.angelbroking.com
(Close)
0.3
57.0 18,919
0.5
26.6
5,720
MID CAP
0.3
18.2
6,321
SMALL CAP
(0.2)
(10.9)
6,195
BSE HC
0.1
8.8
7,819
BSE PSU
0.1
3.6
6,866
BANKEX
0.3
38.0 13,242
AUTO
1.5
157.0 10,616
METAL
OIL & GAS
BSE IT
Global Indices
0.6
56.8
9,125
(0.0)
(3.5)
8,645
0.1
8.7
6,763
(Pts)
(Close)
Chg (%)
Dow Jones
0.3
35.2 14,090
NASDAQ
0.3
9.6
3,170
FTSE
0.3
17.8
6,379
Nikkei
0.4
47.0 11,606
Hang Seng
(0.6) (140.1) 22,880
Straits Times
(0.0)
(0.5)
3,270
Shanghai Com
(0.3)
(6.1)
2,360
Chg (%)
(Pts)
(Close)
0.1
0.0
$54.0
INFY
WIT
0.5
0.0
$9.7
IBN
(0.3)
(0.1)
$41.8
0.3
0.1
$38.2
HDB
Advances / Declines
BSE
NSE
Advances
1,336
687
Declines
1,522
819
112
78
Volumes (` cr)
Refer detailed news analysis on the following page
Company
(Pts)
Nifty
Unchanged
Quick clarification on TRC issue to soothe investor sentiments

Auto sales numbers February 2013
SKNL plans to raise `600cr by selling Reid & Taylor shares
Chg (%)
BSE Sensex
Indian ADR
The trend deciding level for the day is 18,909 / 5,713 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,998 19,077 / 5,746 5,773 levels. However, if NIFTY trades below
18,909 / 5,713 levels for the first half-an-hour of trade then it may correct up to
18,830 18,741 / 5,687 5,653 levels.
Domestic Indices
BSE
2,045
NSE
12,135
Market Outlook
March 4, 2013
Quick clarification on TRC issue to soothe investor sentiments

Markets reacted negatively post the budget on account of confusion regarding
amendment to the requirements for claiming the benefit of DTAA (double taxation
avoidance agreement). But the finance ministry was quick to clear the confusion
regarding its statement on furnishing of TRC (tax residency certificate) being a
necessary but not sufficient condition to qualify for the benefits. It elucidated that
the validity of TRCs held by foreign investors will not be questioned and accepted
as evidence of residence while concerns over DTAA will be addressed suitably in
the Finance Bill.
We believe that the government is unlikely to fray nerves of foreign investors since
capital inflows are of utmost importance to finance the widening current account
deficit. In fact, the Finance Minister in his budget speech admitted that the current
account deficit is more worrying than the fiscal deficit and the economy needs to
find over USD 75bn to finance the CAD in this as well as the coming year too.
Auto sales numbers February 2013

Ashok Leyland
Ashok Leyland (AL) reported slightly lower-than-expected volumes led by continued
weakness in the medium and heavy commercial vehicle (MHCV) segment, which
declined by 26% yoy (up 2.6% mom) to 7,045 units. Consequently, total volumes
declined 9.5% yoy (4.9% mom) to 10,046 units. Dost volumes, however,
maintained its steady performance and recorded sales of 3,001 units.
Tata Motors
Tata Motors (TTMT) reported in-line volumes for February 2013 with total volumes
registering a decline of 32.7% yoy to 61,998 units led by 33.1% and 26.2% yoy
decline in domestic and export volumes respectively. The domestic performance
was severely impacted on account of deteriorating sales performance in the MHCV
and passenger vehicle segments which witnessed a significant decline of 45% and
69.5% yoy respectively. The light commercial vehicle sales however, maintained its
momentum posting a strong growth of 13% yoy.
Mahindra and Mahindra

Mahindra and Mahindra (MM) reported an in-line volume growth of 7.3% yoy
(down 6.4% mom) in February 2013 as the farm equipment segment continued to
post decline in sales. However, the automotive segment registered a healthy
growth of 11% yoy (down 3.4% mom) driven by continued traction in the
passenger vehicle segment (up 13.8% yoy) on the back of the new launches
XUV5OO, Quanto and Rexton. The three-wheeler segment however registered a
sluggish growth with volumes declining by 6% yoy (17.3% mom). The export
volumes staged a recovery during the month and posted a strong 30.4% yoy
growth (106.1% mom) to 3,425 units. In the farm-equipment segment, MM
posted a decline of 3% yoy led by weakness in domestic markets, which posted a
decline of 3% yoy during the month.
Market Outlook
March 4, 2013
Maruti Suzuki
Maruti Suzuki (MSIL) reported in-line volumes for February 2013, primarily driven
by growth in the Super Compact (up 21.6% yoy and 7.4% mom) and Utility Vehicle
segments led by Dzire and Ertiga respectively. Total volumes for the month
registered a decline of 7.9% yoy (4.1% mom) to 109,567 units largely due to the
slowdown in the demand for entry levels cars and vans. As a result, the Mini and
Vans segments witnessed a steep decline of 15.9% yoy (11.1% mom) and 38.9%
yoy (2.9% mom) respectively. The Compact segment too registered a decline of
13.9% yoy during the month. Export volumes on the other hand registered a
modest growth of 2.8% yoy (3.9% mom) as demand in key export markets
continues to remain weak. We believe that MSIL will miss out on its volume growth
guidance of 5.5-6% for FY2013; though by a small amount. MSIL has registered a
total volume growth of 4.3% YTD in FY2013.
Hero MotoCorp
Hero MotoCorp (HMCL) registered lower-than-expected performance in February
2013 with total sales posting a decline of 4.2% yoy (10.1% mom) to 501,271 units
led by slowdown in the industry volumes. Meanwhile, the workers at the companys
Gurgaon plant have resorted to indefinite hunger strike as announced earlier to
pressurize the management to reach a wage settlement. This is following an
inconclusive meeting with the management on February 22, 2013. However, as
per the reports, the production at the plant has not been impacted.
TVS Motor
TVS Motor (TVSL) reported lower-than-expected volumes in February 2013 with
total volumes posting a decline of 3.7% yoy (5.8% mom) to 165,696 units. The
weakness was primarily on account of slowdown in two-wheeler volumes (down
4.8% yoy) led by motorcycle and scooter sales which registered a decline of 3.2%
and 16.6% yoy during the month. The three-wheeler sales however, maintained its
momentum and posted an impressive growth of 56.6% yoy.
SKNL plans to raise `600cr by selling Reid & Taylor shares

According to the media news, S. Kumars Nationwide (SKNL) plans to raise
~`600cr by selling shares of subsidiary, Reid & Taylor (R&T), through a QIP. The
money raised will be used to pay off the companys debt. SKNL had planned to list
its Reid and Taylor business in 2010, however, due to the unfavorable market
conditions, the listing didnt happen. As per the article, the promoters have
dropped the IPO plans as of now as the market conditions has not improved
substantially yet; and, in addition, the performance of SKNLs stock isnt well either
in the market. We currently have a Neutral view on the stock.
Economic and Political News
Government says FY2014 gross borrowing at `5.79 lakh cr

Diesel price for bulk consumers up by `1/litre
Budget poses fertiliser spending crunch in FY2014
Digitisation Phase II: Over 55% target achieved
SIAM wants roll-back of extra tax on SUVs
Market Outlook
March 4, 2013
Corporate News
HDFC Bank raises USD 500mn in overseas bond sale at 3% coupon

ONGC plans capex of `35,050cr for next fiscal
Tata Comm transfers data center biz to subsidiary
NTPC plans `20,200cr capex for FY2014
UltraTech shuts Awarpur plant as workers go on strike
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 04, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 5, 2013
2:25PM
Germany PMI Services
Value
Feb F
54.10
54.10
March 6, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q P
(0.60)
(0.60)
March 7, 2013
7:00PM
US
Initial Jobless claims
Thousands
Mar 2
344.00
355.00
5:30PM
UK
BOE Announces rates
% Ratio
Mar 7
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Mar 7
0.75
0.75
5:29PM
China
Exports YoY%
% Change
Feb
25.00
7.60
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
157.00
151.00
7:00PM
US
Unnemployment rate
Feb
7.90
7.90
March 8, 2013
March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
2.00
3.00
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
10.30
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
4:29PM
India
Exports YoY%
% Change
Feb
0.80
--
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Feb
2.00
--
6:00PM
US
Consumer price index (mom)
% Change
Feb
--
--
6:45PM
US
Industrial Production
Feb
(0.10)
--
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
6:00PM
US
Building permits
Thousands
Feb
904.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
Jobless claims change
10:00PM
US
FOMC rate decision
March 21, 2013
7:30PM
US
Existing home sales
March 26, 2013
7:30PM
US
Consumer Confidence
March 15, 2013
March 19, 2013
March 20, 2013
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Millions
Feb
4.92
--
S.A./ 1985=100
Mar
69.60
--
7:30PM
US
New home sales
Thousands
Feb
437.00
--
March 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q F
0.30
--
March 28, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Mar
(3.00)
--
6:00PM
US
% Change
4Q T
0.10
--
Source: Bloomberg, Angel Research
GDP Qoq (Annualised)
Market Outlook
March 4, 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
7.5
6.5
5.7
6.0
5.3 5.5 5.3

4.5
2.5
2.0
1.0
2.0
(4.0)
7.5
7.6
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
60.0
7.7
Jun-12
Source: MOSPI, Angel Research
(%)
7.6
May-12
Apr-12
Mar-12
(2.0)
Feb-12
Jan-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
Exhibit 3: Monthly WPI inflation trends
7.6
7.5
8.0
8.1
7.3
7.2
7.2
Services PMI
58.0
6.6
56.0
54.0
52.0
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
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
50.0
Feb-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
Source: CSO, Angel Research
9.0
8.3
8.0
9.2
9.0
1QFY10
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
(%)
9.50
Imports yoy growth
30.0
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.50
Mar-12
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
March 04, 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
113
2,205
1,466
1,686
14.8
14.8
7.0
8.1
16.2
14.0
3.4
2.9
22.6
22.5
1.6
1.4
United Phosphorus
Buy
116
170
5,125
8,421
9,263
16.5
16.5
15.0
17.0
7.7
6.8
1.1
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
271
323
4,632
2,983
3,477
16.1
16.1
18.5
21.6
14.7
12.6
4.2
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Buy
83
97
4,181
13,066
14,503
11.5
11.8
13.0
14.5
6.4
5.7
1.2
1.0
21.0
19.4
0.5
0.4
Ashok Leyland
Buy
22
28
5,907
12,910
14,836
8.8
9.6
1.5
2.2
15.0
10.0
2.0
1.8
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
329
497
934
1,103
10.2
10.7
24.5
34.3
13.4
9.6
1.7
1.5
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
1,972
57,052
20,775
23,889
18.5
19.0
107.6
126.4
18.3
15.6
7.6
6.0
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
214
242
4,976
5,973
6,707
14.4
15.2
13.4
18.6
16.0
11.5
2.1
1.8
13.6
16.9
1.0
0.8
Bosch India*
Accumulate
8,771
9,570
27,540
9,973
11,320
17.8
18.0
396.2
455.7
22.1
19.3
4.2
3.5
18.8
18.2
2.4
2.0
CEAT
Buy
92
163
314
4,822
5,403
8.2
8.3
29.8
40.8
3.1
2.2
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
125
10,612
6,016
7,026
12.7
14.4
5.8
7.8
21.4
15.9
3.1
2.7
15.4
18.2
1.5
1.2
FAG Bearings*
Neutral
1,522
2,529
1,619
1,879
16.0
16.6
108.6
130.7
14.0
11.6
2.4
2.1
18.8
19.1
1.3
1.1
Hero Motocorp
Buy
1,668
1,923
33,304
23,990
27,038
13.8
14.6
105.8
120.2
15.8
13.9
6.4
5.1
44.3
41.0
1.1
0.9
JK Tyre
Buy
104
165
426
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.5
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy

Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
871
1,019
53,481
40,060
46,301
11.5
11.7
55.3
64.3
15.8
13.6
3.6
3.0
24.5
23.8
1.1
0.9
1,357
1,563
39,195
43,381
52,411
7.5
8.9
65.6
97.7
20.7
13.9
2.3
2.0
11.8
15.6
0.7
0.6
196
209
11,534
25,769
29,010
7.1
7.5
10.2
13.1
19.3
15.0
4.9
3.8
28.1
28.3
0.6
0.5
25
35
152
1,296
1,476
9.8
9.9
3.4
5.0
7.5
5.0
0.5
0.5
7.2
10.2
0.4
0.4
287
326
76,607 184,201 209,642
12.4
13.5
28.0
36.3
10.3
7.9
2.3
1.8
24.6
25.4
0.5
0.4
39
47
1,834
7,019
7,827
6.0
6.3
4.3
5.3
9.1
7.3
1.4
1.2
16.4
18.0
0.2
0.2
Capital Goods
ABB*
Reduce
571
487
12,097
8,073
9,052
5.5
7.2
11.3
17.4
50.7
32.8
4.4
4.0
8.9
12.8
1.5
1.3
BGR Energy
Neutral
209
1,507
3,412
4,104
13.0
11.6
24.6
26.2
8.5
8.0
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
201
49,246
47,801
43,757
18.0
17.1
24.1
20.8
8.4
9.7
2.5
2.1
32.9
23.6
0.9
1.0
Blue Star
Buy
171
238
1,540
2,748
2,896
4.4
5.6
6.8
9.3
25.2
18.4
3.5
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
91
129
5,822
12,136
13,790
3.8
6.3
3.3
6.9
27.5
13.2
1.6
1.5
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
33
49
267
2,802
3,074
9.5
9.8
7.7
10.9
4.2
3.0
0.4
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
51
75
1,302
6,909
7,723
6.2
7.2
5.4
8.4
9.4
6.0
1.1
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
1,989
2,241
2,369
2,727
11.7
11.7
143.4
166.0
13.9
12.0
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
581
6,927
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
March 04, 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
1,271
23,864
11,358
12,366
19.9
19.6
75.1
74.9
16.9
17.0
3.2
2.9
19.4
18.1
1.8
1.7
Ambuja Cements
Neutral
192
29,587
9,730
11,221
25.6
25.0
10.2
11.3
18.8
16.9
3.4
3.1
18.7
19.0
2.6
2.2
India Cements
Neutral
84
2,591
4,439
4,789
16.7
17.2
6.8
9.1
12.4
9.3
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cements
Accumulate
131
143
1,607
2,119
2,478
22.9
22.3
20.3
22.8
6.5
5.8
1.1
1.0
18.0
17.7
0.9
1.1
Madras Cements
Neutral
243
5,777
3,960
4,270
27.4
27.0
18.6
21.1
13.1
11.5
2.4
2.0
19.7
18.9
2.1
1.8
Shree Cements^
Neutral
4,358
15,180
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
1,870
51,274
20,466
23,017
23.3
24.3
100.0
117.1
18.7
16.0
3.4
2.9
19.6
19.5
2.5
2.3
205
268
1,078
20,466
23,017
22.5
22.5
24.4
27.0
8.4
7.6
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
212
2,262
2,522
5.9
6.3
0.9
1.6
12.5
7.4
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
115
164
3,809
3,843
4,212
43.1
43.6
16.8
17.8
6.8
6.4
1.2
1.0
18.3
17.0
3.1
3.4
ITNL
Buy
190
225
3,696
6,564
7,054
27.2
27.4
26.3
29.0
7.3
6.6
1.2
1.0
17.0
16.3
2.7
2.7
IVRCL Infra
Buy
26
35
789
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.6)
8.9
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
70
97
15,456
14,243
16,382
26.2
26.1
3.2
4.3
21.7
16.1
1.2
1.1
5.4
7.0
2.5
2.3
Larsen & Toubro
Buy
1,366
1,788
84,049
60,666
69,525
10.6
11.2
71.9
85.0
19.0
16.1
3.0
2.6
14.5
15.2
1.6
1.4
Nagarjuna Const.
Buy
38
44
962
5,863
6,576
8.1
8.2
3.1
4.1
12.2
9.2
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
41
1,350
11,892
13,116
10.2
10.2
(0.4)
3.0
(95.4)
13.7
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
108
157
1,632
1,642
2,642
9.7
10.1
3.2
7.2
33.7
15.0
1.9
1.7
6.0
12.1
1.2
0.8
Simplex Infra
Buy
152
197
752
6,026
7,135
9.1
9.3
14.1
24.6
10.8
6.2
0.6
0.6
5.6
9.2
0.5
0.5
Unity Infra
Buy
31
58
228
2,180
2,455
13.7
13.4
12.9
14.8
2.4
2.1
0.3
0.2
12.1
12.5
0.5
0.5
Allahabad Bank
Buy
138
160
6,900
6,509
7,264
2.7
2.8
28.2
33.5
4.9
4.1
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
92
5,126
4,795
5,475
3.0
3.0
21.8
21.9
4.2
4.2
0.7
0.6
15.4
13.8
Axis Bank
Buy
1,343
1,678
62,731
15,959
18,660
3.2
3.2
119.2
139.0
11.3
9.7
2.1
1.8
20.3
20.1
Bank of Baroda
Buy
703
850
28,898
14,889
17,393
2.5
2.6
108.2
134.0
6.5
5.3
1.0
0.8
15.3
16.7
Bank of India
Accumulate
320
350
18,367
12,793
14,823
2.3
2.4
49.5
65.1
6.5
4.9
0.9
0.8
13.6
16.0
Bank of Maharashtra
Accumulate
53
56
3,119
3,720
4,268
2.9
2.8
10.9
13.0
4.9
4.1
0.7
0.6
16.2
16.9
Canara Bank
Accumulate
416
463
18,431
10,783
12,000
2.1
2.3
64.8
82.2
6.4
5.1
0.9
0.8
13.2
15.0
Central Bank
Neutral
71
5,252
7,158
8,217
2.4
2.6
13.1
20.1
5.4
3.6
0.8
0.7
10.3
14.3
Corporation Bank
Buy
399
465
5,906
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
Dena Bank
Buy
89
107
3,116
3,090
3,462
2.7
2.7
25.6
24.6
3.5
3.6
0.6
0.5
19.2
15.9
Financials
Market Outlook
March 04, 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
494
536
8,439
2,667
2,920
3.2
3.2
49.1
51.4
10.1
9.6
1.3
1.2
13.9
13.1
HDFC
Neutral
760
117,385
7,446
8,923
3.5
3.5
32.2
38.5
23.6
19.7
4.8
4.3
35.4
32.6
HDFC Bank
Accumulate
626
666
148,409
21,724
26,578
4.3
4.3
28.7
36.1
21.8
17.3
4.2
3.5
20.7
22.1
ICICI Bank
Buy
1,040
1,302
119,632
22,317
26,217
2.9
3.0
72.0
84.6
14.4
12.3
1.8
1.7
14.9
15.9
IDBI Bank
Buy
89
106
11,340
8,196
9,305
1.9
2.1
15.4
22.3
5.8
4.0
0.6
0.6
10.7
14.1
Indian Bank
Buy
177
208
7,611
5,716
6,362
3.2
3.2
37.7
41.1
4.7
4.3
0.8
0.7
16.9
16.2
IOB
Buy
70
85
5,571
7,231
8,369
2.4
2.5
10.2
20.2
6.8
3.5
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,265
1,406
6,131
2,784
2,932
3.7
3.7
229.2
199.6
5.5
6.3
1.2
1.1
24.6
18.2
LIC Housing Finance
Accumulate
232
257
11,706
1,722
2,080
2.2
2.2
19.9
24.6
11.7
9.4
1.8
1.6
16.6
17.9
Oriental Bank
Accumulate
276
314
8,038
6,360
7,004
2.6
2.8
48.1
59.4
5.7
4.6
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
788
957
26,724
19,202
22,040
3.2
3.4
146.8
167.9
5.4
4.7
1.0
0.8
17.6
17.5
South Ind.Bank
Buy
25
30
3,360
1,583
1,789
3.0
2.9
3.5
4.1
7.2
6.2
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,085
2,514
139,940
60,594
70,439
3.3
3.3
221.9
257.4
9.4
8.1
1.6
1.4
17.4
17.7
Syndicate Bank
Buy
117
135
7,028
6,673
7,644
2.9
3.0
32.0
27.9
3.7
4.2
0.7
0.7
22.0
16.5
UCO Bank
Neutral
57
3,772
5,388
6,262
2.4
2.6
9.0
14.9
6.3
3.8
0.8
0.7
9.1
13.8
Union Bank
Buy
212
256
11,680
10,006
11,558
2.8
2.8
36.4
47.0
5.8
4.5
0.8
0.7
14.6
16.6
United Bank
Buy
62
75
2,240
3,549
3,814
2.5
2.7
12.0
21.4
5.2
2.9
0.5
0.5
10.1
16.3
Vijaya Bank
Accumulate
50
54
2,465
2,342
2,763
1.9
2.1
8.0
10.9
6.2
4.6
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
473
526
16,919
3,364
4,260
2.8
3.0
36.3
42.6
13.0
11.1
2.9
2.4
24.6
23.6
4,290
41,154
11,198
13,319
15.9
15.7
122.1
147.1
35.1
29.2
11.9
9.3
37.7
35.7
3.6
3.0
FMCG
Asian Paints
Neutral
Britannia
Buy
480
564
5,741
5,580
6,417
4.8
5.0
18.1
21.7
26.6
22.2
9.6
7.7
38.7
38.7
0.9
0.8
Colgate
Neutral
1,276
17,348
3,120
3,588
20.3
21.1
38.4
45.1
33.3
28.3
30.9
24.8
104.6
97.0
5.4
4.6
Dabur India
Neutral
126
22,039
6,196
7,183
16.3
16.8
4.5
5.5
28.1
23.1
11.6
9.0
43.4
44.0
3.6
3.0
GlaxoSmith Con*
Neutral
3,957
16,639
3,084
3,617
15.2
16.3
103.9
123.0
38.1
32.2
12.2
10.1
34.9
34.3
4.9
4.2
Godrej Consumer
Neutral
723
24,612
6,386
7,743
15.7
17.0
20.8
27.1
34.7
26.7
7.5
6.1
23.7
26.4
4.1
3.3
HUL
Neutral
444
95,974
25,350
28,974
13.3
13.5
15.1
17.0
29.4
26.2
23.4
16.7
85.7
74.3
3.6
3.1
ITC
Neutral
295
232,758
29,148
34,191
35.7
36.1
9.4
11.1
31.5
26.6
10.5
8.7
35.9
35.7
7.7
6.5
Marico
Neutral
214
13,768
4,747
5,402
13.6
13.6
6.3
7.8
33.7
27.3
6.9
5.6
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,753
45,825
8,302
9,739
22.0
21.5
110.7
130.8
43.0
36.3
25.5
18.3
69.5
58.6
5.6
4.6
Market Outlook
March 04, 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
125
7,742
7,272
7,998
9.1
9.5
6.9
8.1
18.3
15.4
1.9
1.8
8.9
9.8
1.0
0.9
HCL Tech^
Accumulate
725
765
50,341
25,325
28,476
21.7
20.7
51.0
52.8
14.2
13.7
3.8
3.1
26.8
22.9
1.9
1.6
Hexaware*
Buy
86
113
2,553
1,948
2,136
20.9
18.3
10.9
10.1
7.9
8.5
2.1
1.7
27.2
21.0
1.1
0.9
Infosys
Neutral
2,906
166,873
40,746
44,283
28.9
28.8
162.6
172.9
17.9
16.8
4.2
3.6
23.5
21.3
3.5
3.1
Infotech Enterprises
Accumulate
169
184
1,884
1,881
1,987
17.9
17.4
18.5
19.4
9.1
8.7
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
107
134
2,067
2,234
2,477
15.8
15.2
10.9
12.8
9.8
8.4
2.1
1.7
22.2
20.6
0.9
0.7
Mahindra Satyam
Accumulate
119
125
13,954
7,711
8,683
21.6
20.3
8.7
11.3
13.6
10.5
3.2
2.5
30.6
23.7
1.4
1.2
Mindtree
Neutral
858
3,562
2,357
2,580
21.0
19.3
84.4
86.8
10.2
9.9
2.7
2.1
26.8
21.7
1.2
1.0
Mphasis&
Accumulate
374
396
7,854
5,531
5,874
17.6
17.5
35.4
37.7
10.6
9.9
1.6
1.3
14.7
13.5
0.9
0.8
NIIT
Buy
23
36
381
1,048
1,161
9.1
10.9
4.1
6.2
5.6
3.8
0.6
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
550
2,202
1,297
1,433
25.6
24.1
46.5
54.0
11.8
10.2
2.2
1.8
18.5
18.0
1.4
1.2
TCS
Neutral
1,515
296,470
62,954
70,871
29.0
28.9
71.6
79.1
21.2
19.1
7.0
5.7
33.2
29.7
4.5
3.9
Tech Mahindra
Buy
1,047
1,205
13,394
6,789
7,609
21.0
19.6
95.8
110.7
10.9
9.5
2.6
2.1
24.3
22.3
2.0
1.7
Wipro
Neutral
417
102,576
43,514
47,304
20.1
19.4
26.6
27.7
15.7
15.1
3.1
2.7
19.7
17.9
2.0
1.8
D B Corp
Buy
232
276
4,263
1,583
1,787
23.9
25.4
11.9
14.5
19.6
16.0
3.9
3.3
21.4
22.4
2.6
2.2
HT Media
Accumulate
104
113
2,447
2,061
2,205
14.0
15.1
6.6
7.9
15.7
13.3
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
97
125
3,080
1,511
1,698
23.2
23.4
6.4
7.3
15.1
13.3
3.8
3.4
25.9
26.6
2.2
1.9
PVR
Neutral
267
773
820
1,307
17.3
17.3
11.2
17.8
23.9
15.0
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
413
16,278
1,942
2,237
77.2
75.5
17.6
19.1
23.5
21.6
5.7
5.1
25.8
25.2
7.9
6.8
Bhushan Steel
Neutral
462
10,454
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.3
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
310
368
195,997
66,666
70,292
25.7
27.3
24.2
26.6
12.8
11.7
3.8
3.1
33.1
29.1
2.0
1.7
Electrosteel Castings
Buy
20
28
687
1,984
2,074
10.6
11.6
1.8
2.6
11.3
7.7
0.4
0.2
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
115
149
48,760
12,002
13,759
49.7
50.8
14.7
16.4
7.9
7.1
1.5
1.3
21.1
19.8
2.1
1.5
Hindalco
Neutral
99
19,021
80,205
88,987
9.0
9.2
13.4
13.8
7.4
7.2
0.6
0.5
7.9
7.6
0.6
0.5
JSW Steel
Neutral
738
16,471
39,072
40,493
16.5
18.2
82.4
90.3
9.0
8.2
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Neutral
242
4,066
933
954
46.9
45.5
25.8
26.1
9.4
9.3
1.5
1.3
16.7
15.1
1.9
1.8
Monnet Ispat
Buy
235
318
1,496
2,287
2,883
21.8
21.8
35.3
40.7
6.7
5.8
0.6
0.5
9.6
10.2
1.8
1.4
Nalco
Neutral
44
11,379
6,630
8,357
11.4
14.5
2.1
3.3
20.8
13.6
1.0
0.9
4.6
6.9
1.0
0.9
NMDC
Buy
137
181
54,317
9,674
11,536
75.2
76.6
16.0
18.6
8.6
7.4
1.9
1.6
23.6
23.0
3.4
2.7
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 04, 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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Buy
71
29,368
43,438
56,199
12.0
12.2
6.5
8.5
10.9
8.4
0.7
0.7
6.6
8.2
0.9
0.7
155
183
13,428
2,412
3,911
30.8
33.1
29.6
31.8
5.2
4.9
0.8
0.7
16.3
15.4
7.0
4.4
Sterlite Inds
Tata Steel
Buy
94
110
31,557
43,185
45,442
23.3
23.7
16.8
17.9
5.6
5.2
0.6
0.6
11.6
11.2
0.7
0.6
Buy
342
443
33,250 142,732 146,575
7.4
9.9
7.2
34.7
47.7
9.9
0.8
0.7
1.6
7.5
0.5
0.5
Sarda
Buy
101
148
363
1,442
1,494
19.0
19.1
29.2
31.7
3.5
3.2
0.4
0.4
12.3
12.0
0.6
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
33
52
449
2,512
2,816
12.4
13.7
10.0
12.6
3.4
2.7
0.2
0.2
7.2
8.4
0.5
0.4
Buy
90
112
287
2,367
2,425
14.2
13.7
33.3
33.5
2.7
2.7
0.3
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
298
383
56,922
17,394
17,034
76.4
72.3
60.8
55.1
4.9
5.4
1.0
0.9
21.9
17.0
2.4
2.1
GAIL
Neutral
333
42,190
48,077
55,815
15.3
15.3
34.9
35.9
9.5
9.3
1.7
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
313
357
268,086 144,089 158,065
32.8
34.7
28.7
34.4
10.9
9.1
1.8
1.6
17.0
18.3
1.6
1.4
Reliance Industries
Neutral
815
263,008 362,700 380,031
8.9
8.9
68.1
71.5
12.0
11.4
1.3
1.2
12.4
11.8
0.7
0.6
Gujarat Gas*
Neutral
277
3,555
3,707
3,850
11.7
12.4
23.7
25.7
11.7
10.8
3.3
2.8
29.6
28.2
0.8
0.8
Indraprastha Gas
Neutral
256
3,589
3,365
3,700
22.8
23.4
25.3
26.6
10.1
9.6
2.4
2.0
26.0
22.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
141
179
10,564
32,210
41,362
6.1
5.8
15.4
15.6
9.2
9.0
2.4
2.0
29.1
24.1
0.4
0.3
65
3,655
1,079
983
91.8
91.9
8.8
7.8
7.4
8.3
1.2
1.1
17.8
14.1
3.1
3.4
Alembic Pharma
Accumulate
83
95
1,569
1,490
1,714
16.2
17.1
7.4
9.5
11.3
8.8
3.1
2.4
30.7
30.2
1.2
1.0
Aurobindo Pharma
Buy
162
208
4,703
5,463
6,279
15.0
15.0
12.4
14.0
13.0
11.5
1.7
1.4
18.8
17.8
1.4
1.3
Aventis*
Neutral
2,341
5,391
1,482
1,682
17.5
16.6
82.9
87.8
28.2
26.7
4.4
3.6
16.3
14.8
3.4
2.9
Cadila Healthcare
Accumulate
759
817
15,542
6,148
7,386
15.3
18.0
24.6
39.5
30.9
19.2
5.8
4.7
18.4
25.1
2.9
2.4
Cipla
Buy
361
419
28,965
8,151
9,130
25.8
24.8
20.2
21.6
17.9
16.7
3.2
2.7
19.4
17.6
3.3
2.9
Dr Reddy's
Accumulate
1,761
1,859
29,887
10,696
11,662
20.7
21.0
83.7
92.9
21.0
19.0
4.3
3.6
22.4
20.8
3.1
2.7
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
69
155
557
1,280
1,536
20.2
20.2
12.1
15.5
5.7
4.5
0.6
0.5
10.0
11.6
1.1
1.0
2,110
17,873
2,651
2,993
31.7
31.2
76.0
82.4
27.8
25.6
8.0
7.2
20.1
26.3
5.9
5.2
65
78
596
642
784
14.2
15.2
5.7
7.8
11.4
8.3
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
497
559
6,276
2,850
3,474
21.0
21.0
29.9
37.3
16.6
13.3
4.0
3.2
26.7
26.4
2.4
2.0
Lupin
Accumulate
585
655
26,187
8,426
10,082
19.7
20.0
26.1
31.1
22.4
18.8
5.2
4.2
25.8
24.7
3.2
2.7
Ranbaxy*
Neutral
380
16,059
12,253
11,400
14.1
12.5
31.2
21.6
12.2
17.6
3.9
3.4
37.9
20.6
1.3
1.3
Sun Pharma
Neutral
803
82,977
10,111
12,563
42.6
42.6
28.9
29.8
27.8
26.9
5.6
4.8
22.3
19.2
7.6
5.9
72
78
1,089
1,502
1,535
32.1
31.9
11.4
12.5
6.3
5.8
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
March 04, 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
Accumulate
151
163
124,300
72,809
81,951
23.4
24.1
12.2
13.6
12.4
11.1
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
277
47,020
7,953
9,699
34.7
37.0
4.4
6.0
63.3
46.4
1.8
1.7
3.1
3.8
8.0
6.3
MLIFE
Accumulate
403
446
1,647
786
888
26.3
26.7
31.0
36.3
13.0
11.1
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
324
350
122,869
80,521
87,160
30.5
30.5
6.4
10.4
50.6
31.1
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
117
38,867
22,087
23,927
26.6
27.7
2.9
3.9
40.1
30.1
2.8
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
61
12,622
21,087
22,067
31.8
31.9
2.6
4.0
23.3
15.3
0.3
0.3
1.5
2.2
2.3
2.1
11.8
13.3
60.8
79.5
22.4
17.1
4.6
3.8
22.0
24.4
1.6
1.3
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,361
1,590
2,891
1,629
1,886
Bajaj Electricals
Buy
180
217
1,795
3,450
3,929
4.5
7.4
10.0
15.5
18.0
11.6
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Buy
413
495
523
460
596
16.4
16.2
34.7
45.0
11.9
9.2
2.9
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
354
545
91
272
308
7.2
7.3
37.5
45.4
9.4
7.8
2.2
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
962
6,757
982
1,136
34.3
34.3
34.3
40.0
28.0
24.1
12.7
10.1
50.9
46.9
6.5
5.4
Finolex Cables
Buy
48
61
727
2,304
2,552
9.9
9.1
8.2
10.1
5.8
4.7
0.8
0.7
13.7
14.7
0.3
0.2
Force Motors
Buy
401
550
522
2,027
2,299
4.6
5.1
35.3
50.0
11.4
8.0
0.5
0.4
3.9
5.3
0.1
0.1
Goodyear India
Buy
285
360
657
1,494
1,607
6.4
7.8
23.9
33.0
11.9
8.6
1.9
1.6
16.5
20.1
0.2
0.2
Greenply Industries
Reduce
344
309
831
1,925
2,235
10.6
10.9
29.6
44.1
11.6
7.8
1.9
1.5
16.8
21.0
0.7
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
131
301
905
1,025
4.8
6.0
7.7
12.4
17.1
10.6
1.6
1.4
9.9
14.4
0.4
0.3
2,600
2,842
2,299
2,117
2,491
8.1
7.8
140.5
157.9
18.5
16.5
2.8
2.4
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
617
744
1,085
1,059
1,116
8.5
9.5
36.0
42.0
17.1
14.7
2.5
2.2
15.4
16.0
1.1
1.0
ITD Cementation
Buy
201
334
232
1,455
1,630
12.4
12.6
29.8
40.5
6.8
5.0
0.5
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Accumulate
158
167
2,548
816
979
14.5
14.9
5.2
6.0
30.7
26.3
3.5
3.3
8.8
10.2
3.4
2.7
MCX
Buy
1,145
1,440
5,839
553
624
65.3
66.3
62.5
72.0
18.3
15.9
5.0
4.4
27.5
27.4
7.6
6.2
MRF
Buy
11,491
13,416
4,874
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.1
6.9
1.4
1.2
19.1
18.7
0.5
0.4
Page Industries
Neutral
3,298
3,679
856
1,047
19.1
19.6
101.2
127.3
32.6
25.9
16.7
12.4
58.5
54.9
4.4
3.6
Relaxo Footwears
Buy
636
887
763
989
1,148
10.7
11.7
41.8
55.5
15.2
11.5
3.5
2.7
25.5
26.3
0.9
0.8
Sintex Industries
Buy
55
79
1,721
4,751
5,189
16.3
16.6
13.6
15.8
4.0
3.5
0.5
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
264
332
248
1,048
1,157
11.3
12.0
58.7
66.5
4.5
4.0
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
269
6,765
7,393
18.1
18.0
6.4
7.5
1.4
1.2
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
35
43
1,717
5,720
6,599
5.3
6.8
3.6
5.4
9.8
6.6
14.2
4.5
0.4
0.4
TAJ GVK
Buy
66
108
412
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 04, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
19.7
22.5
0.7
0.6
zOthers
Tata Sponge Iron
Buy
308
379
475
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
428
643
333
374
425
7.9
9.5
24.1
32.7
17.8
13.1
TVS Srichakra
Buy
212
276
162
1,461
1,591
5.6
7.1
6.9
39.4
30.6
5.4
1.2
1.0
3.8
20.6
0.3
0.3
United Spirits
Neutral
1,841
24,075
10,473
11,939
15.0
15.8
30.4
56.9
60.6
32.4
4.6
2.9
10.8
12.3
3.0
2.3
Vesuvius India
Neutral
325
659
560
611
16.1
17.0
24.7
28.8
13.2
11.3
2.0
1.7
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 March 01, 2013
Market Outlook
March 04, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

Net Inflows (February 28, 2013)

FII Derivatives (March 01, 2013)

(0.6) (140.1) 22,880

Refer detailed news analysis on the following page

Quick clarification on TRC issue to soothe investor sentiments

Quick clarification on TRC issue to soothe investor sentiments

Auto sales numbers February 2013

Mahindra and Mahindra

SKNL plans to raise `600cr by selling Reid & Taylor shares

Economic and Political News

Government says FY2014 gross borrowing at `5.79 lakh cr

HDFC Bank raises USD 500mn in overseas bond sale at 3% coupon

Country Event Description

Germany PMI Services

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

Initial Jobless claims

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Jobless claims change

FOMC rate decision

March 21, 2013

Existing home sales

March 26, 2013

March 15, 2013

March 19, 2013

March 20, 2013

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

Source: Bloomberg, Angel Research

GDP Qoq (Annualised)

Exhibit 2: IIP trends

5.3 5.5 5.3

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries