Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 12, 2013
Dealers Diary
Domestic Indices
Indian markets are expected to open in the green tracking positive trade in the
major Asian Indices like Nikkei, Hangseng and Shanghai which are higher by 0.4%
to 0.6%. SGX Nifty too is currently trading higher by ~0.3%.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.2)
Nifty
(0.1)
(3.4)
5,942
MID CAP
0.2
14.3
6,502
US markets which opened marginally lower during the opening trade, ended the
day higher after shrugging off some disappointing news from overseas, including
weaker than expected readings on Chinese industrial production and retail sales.
Lack of major U.S. economic news kept some traders on the sidelines, enabling the
upmove in the markets. However, European markets were mixed on Monday with
poor economic data from China and downgrade of Italian credit by Fitch resulted
in decline of some of the markets.
SMALL CAP
0.3
17.6
6,351
BSE HC
0.5
42.6
8,101
BSE PSU
(0.1)
(10.0)
6,986
BANKEX
(0.2)
(34.1) 13,945
AUTO
(0.4)
(48.7) 10,827
METAL
(0.6)
(53.2)
9,405
OIL & GAS
(0.5)
(40.6)
8,982
Meanwhile Indias Key benchmark indices fell marginally on Monday snapping the
four-day gaining streak. The EXIM data released on Monday indicated that the
countrys trade deficit had reduced in February, which is a positive for the
economy. The markets would keenly observe the economic data to be released
pertaining to IIP and Inflation expected to be released during the week.
BSE IT
(0.7)
(47.0)
6,964
(Pts)
(Close)
Markets Today
Global Indices
Chg (%)
(37.0) 19,646
Dow Jones
0.3
NASDAQ
0.3
8.5
3,253
FTSE
0.3
20.0
6,504
Nikkei
0.5
65.4 12,349
(0.0)
(1.1) 23,091
Hang Seng
50.2 14,447
The trend deciding level for the day is 19,668/ 5,948 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,733 19,820 / 5,966 5,989 levels. However, if NIFTY trades below
19,668/ 5,948 levels for the first half-an-hour of trade then it may correct up to
19,581 19,516 / 5,925 5,907 levels.
Straits Times
INFY
(1.3)
(0.7)
$54.4
Indices
WIT
0.0
0.0
$10.1
IBN
0.6
0.3
$45.2
HDB
(0.1)
(0.0)
$40.3
S2
SENSEX
NIFTY
S1
PIVOT
R1
R2
19,516
19,581
19,668
19,733
19,820
5,907
5,925
5,948
5,966
5,989
News Analysis
Shanghai Com
Indian ADR
Advances / Declines
IPO Note REPCO HOME FINANCE

Trade deficit cools down to USD14bn in February 2013 as exports pick up
CDMA auction over: Sistema bids for eight circles
Refer detailed news analysis on the following page
Net Inflows (March 08, 2013)
0.1
3.4
3,293
(0.3)
(7.8)
2,311
Chg (%)
(Pts)
(Close)
BSE
NSE
Advances
1,395
733
Declines
1,474
762
134
93
Unchanged
Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
BSE
1,908
FII
3,443
2,076
1,367
4,052
48,404
NSE
10,115
244
369
(125)
(320)
(5,882)
MFs
FII Derivatives (March 07, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,325
Stock Futures
1,361
1,394
(68)
10,195
980
381
25,691
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Company
Price (`)
chg (%)
59
7.3
Oracle Fin
2,748
(3.4)
Siemens
561
5.2
Max India
224
(3.3)
Indraprastha Gas
285
4.8
Gujarat Mnrl
174
(3.3)
71
4.2
NHPC
20
(3.1)
257
3.7
Neyveli Lignite
73
(2.9)
Opto Circuits
Jain Irrigation
Madras Cements
www.angelbroking.com
Market Outlook
March 12, 2013
IPO Note REPCO HOME FINANCE

Operates in attractive loan segment - Priority sector home loans: RHFL is largely
focused on providing home loans in tier-II and tier-III cities (with a sub-`10lakh
average loan ticket size), due to which a large part of its book qualifies as priority
sector lending (PSL) for banks. In our view, NBFCs operating in PSL segments enjoy
competitive advantages, as most banks (especially in the private sector) have a
perennial shortage in meeting their PSL targets, creating favorable demand-supply
dynamics for those NBFCs that can source higher-yielding PSL loans at reasonable
asset quality.
REPCOs loan book profile also allows it to procure 44% of its total borrowing via
low-cost NHB refinance averaging about 7.5-8% (NHB refinance is available
under various schemes, primarily for rural loans upto `15lakh and also for low
cost urban housing loans up to `10lakhs). Moreover, the funding that it gets from
banks in turn largely qualifies as PSL for the banks (loans by banks to NBFCs,
which are on-lent as home loans less than `10lakhs qualify as PSL). This makes it
attractive for banks to lend to RHFL at a reasonable cost (about 100bps above
base rate), as against alternatives such as parking funds under RIDF at extremely
low yields, to meet their PSL targets. Relatively low-cost NHB and bank funding
enables it to maintain healthy margins and return ratios (NIMs at 3.8% and RoE at
22.2% in 1HFY2013, calculated on an annualized basis)
In terms of borrower profile, around 53% of RHFLs outstanding loan book
constituted loans to relatively higher-yielding higher-risk non-salaried segment. To
mitigate risks, the company, lends at a low LTV of about 65%, as per the
management. In terms of geographical presence, 67% and 98% of its business is
concentrated in Tamil Nadu and South India, respectively, largely in tier-II and tierIII cities.
Management expects strong growth to continue: Over FY2008-12, the company
grew its loan book at a CAGR of 43.8% (albeit on a small base) to `2,802cr,
driving PAT CAGR of 43.3%. As of September 30, 2012, its CRAR stood at a
comfortable 15.9% (entirely tier-I). Further, IPO proceeds would increase its capital
base by nearly 0.9x, providing enough headroom for maintaining strong loan
growth for the next few years as well. Funding mix is also expected to remain
stable (In FY2014 NHB refinance facility for Rural housing fund increased by 50%
to `6,000cr; bank demand for PSL opportunities is also expected to remain strong
and future outlook is favorable, in our view, given governments priority sector
focus).
Outlook & Valuation: RHFL generated 22.2% RoE in 1HFY2013E and would trade
at 1.8x FY2013E ABV (at the upper end of its price band, based on post-issue
networth). Closest comparable peer - Gruh HF (mainly western India, rural and
semi-urban focus, largely PSL qualifying home loans) appears extremely expensive
at valuations of 7.3x FY2013E BV, notwithstanding its ~30% earnings growth
trajectory and ~35% ROEs (FY2013E). Other NBFCs like Mahindra Finance and
Shriram Transport Finance operating in different priority sector segments to a
varying degree and generating similar return ratios, are trading at 2.6x and 2.3x
FY2013E ABV, respectively (but they have larger, relatively more seasoned loan
books and longer proven track record). Overall, keeping in mind RHFLs attractive
niche loan segment, strong growth prospects and reasonable valuations, we
recommend subscribe to the issue at the upper band.
Market Outlook
March 12, 2013
Trade deficit cools down to USD14bn in February 2013 as

exports pick up
Indias exports gained traction in February 2013 and reported growth for the
second straight month at 4.2% yoy (USD26.3bn) as compared to marginal 0.8%
yoy growth in January 2013 signaling an improvement in external demand.
Moreover, growth in imports during the month decelerated to 2.6% yoy
(USD41.2bn) as against 6.1% yoy in January 2013. On account of the positive
trend in both imports as well as exports, the trade deficit narrowed to USD14.9bn,
the lowest in 10 months, from USD20bn in the previous month and USD15.3bn in
February 2012. Oil imports reported 15.5% yoy growth (as against a steep 44.6%
yoy growth in February 2012) while non oil imports reported a 3.9% yoy
contraction (as against 13.2% yoy growth in February 2012).
On a cumulative basis, exports in the April February 2013 period contracted by
4.0% yoy in USD terms while import growth during the period remain flat to a
large extent. The trade deficit in April February 2013 period, came at
USD182.1bn as compared to USD169.8bn in the corresponding period of the
previous year widening by 7.2%.
Surging trade deficit at 11.7% of GDP in 2QFY2013 is the primary reason for a
record-high current account deficit at 5.4% of GDP in 2QFY2013. As the trade
deficit widens, the possibility of CAD reaching a record-high (nearing 5% of GDP)
for FY2013 as a whole cannot be ruled out. We believe that the Foreign Trade
Policy likely to be announced by the end of the month, would aim to enhance
export competitiveness by giving some sops to exporters particularly in the
manufacturing industry.
CDMA auction over: Sistema bids for eight circles

The second round of CDMA auction has completed. CDMA operator Sistema
Shyam Teleservices (SSTL) has bid for eight circles in the auction. However, a detail
of which circles the company has bid is yet to be disclosed. SSTL, which is majority
owned by Russian conglomerate Sistema, was the lone bidder for this round of
auction. According to its application, SSTL intended to acquire 3.75MHz of
spectrum each in 11 telecom zones in the 800MHz band. The government had, in
November, failed to get any bidder for the 800MHz spectrum and then it had
reduced the reserve price by 50%. The government has offered 76.25MHz of
spectrum in the 800MHz band across the country. SSTL, which had lost its license
in 21 circles due to a Supreme Court order in February 2012, had not bid in
November. SSTL has already closed operations in 10 circles, and it is expected to
bid for Delhi, Gujarat, Karnataka, Kerala, Kolkata, Maharashtra, Mumbai, Tamil
Nadu, UP (East), UP (West) and West Bengal. As per media reports, there have
been no bids for Mumbai, Maharashtra and UP (East). SSTL had deposited
`613.75cr for the auction, which made it eligible to bid for minimum quantum of
2.5MHz spectrum (two blocks of 1.25MHz airwaves frequency) in 11 circles.
However, the company bid for only eight circles, which means it may curtail
operations in three more circles. We maintain our Neutral rating on the overall
telecom sector.
Market Outlook
March 12, 2013
Economic and Political News
Animal spirits shouldn't create maneaters: Jairam

India will grow at 6% next year: World Bank
`2,800cr free laptop scheme rolls out in UP
Corporate News
GVK, Aurizon to develop Oz basin infrastructure

Mahindra bets on maiden e-car launch
Viacom to buy TV18's residual stake in ETV's regional play
ONGC-led consortium to study feasibility of M'lore LNG terminal
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 12, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 12, 2013
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
11:00AM
India
Industrial Production YoY
% Change
Jan
(0.60)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
0.70
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
--
0.50
6:45PM
US
Industrial Production
Feb
(0.10)
0.30
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
2:00PM
2:00PM
7:30PM
US
Existing home sales
7:30PM
US
Consumer Confidence
7:30PM
US
New home sales
March 27, 2013
3:00PM
UK
GDP (YoY)
March 28, 2013
2:25PM
Germany Unemployment change (000's)
6:00PM
US
GDP Qoq (Annualised)
April 1, 2013
6:30AM
China
April 2, 2013
2:00PM
UK
April 15, 2013
7:30AM
China
March 14, 2013

March 15, 2013
March 19, 2013
March 20, 2013
March 21, 2013
March 26, 2013
May 15, 2013
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Germany PMI Services
Value
Mar A
54.70
--
Germany PMI Manufacturing
Value
Mar A
50.30
--
Millions
Feb
4.92
--
S.A./ 1985=100
Mar
69.60
--
Thousands
Feb
437.00
--
% Change
4Q F
0.30
--
Thousands
Mar
(3.00)
--
% Change
4Q T
0.10
--
PMI Manufacturing
Value
Mar
50.10
--
PMI Manufacturing
Value
Mar
47.90
--
Real GDP (YoY)
% Change
1Q
7.90
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
Source: Bloomberg, Angel Research
Market Outlook
March 12, 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
58.0
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
Services PMI
8.1
7.3
7.2
7.2
56.0
6.6
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-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
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.50
Mar-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(15.0)
Mar-12
0.0
Market Outlook
March 12, 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
125
2,432
1,466
1,686
14.8
14.8
7.0
8.1
17.9
15.4
3.8
3.2
22.6
22.5
1.6
1.4
United Phosphorus
Buy
128
170
5,670
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
281
323
4,803
2,983
3,477
16.1
16.1
18.5
21.6
15.2
13.0
4.4
3.4
32.9
29.1
1.5
1.4
Apollo Tyres
Accumulate
89
97
4,481
13,066
14,503
11.5
11.8
13.0
14.5
6.8
6.2
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
24
28
6,279
12,910
14,836
8.8
9.6
1.5
2.2
15.9
10.6
2.1
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
290
438
934
1,103
10.2
10.7
24.5
34.3
11.8
8.4
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,986
57,465
20,775
23,889
18.5
19.0
107.6
126.4
18.5
15.7
7.6
6.0
45.8
42.8
2.4
2.0
Bharat Forge
Neutral
232
5,397
5,973
6,707
14.4
15.2
13.4
18.6
17.4
12.5
2.3
2.0
13.6
16.9
1.1
0.9
Bosch India*
Accumulate
8,428
8,889
26,462
9,717
11,092
16.2
17.0
354.7
423.3
23.8
19.9
4.1
3.5
17.2
17.5
2.4
2.0
CEAT
Buy
97
163
333
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
128
10,884
6,016
7,026
12.7
14.4
5.8
7.8
21.9
16.3
3.2
2.8
15.4
18.2
1.5
1.2
FAG Bearings*
Neutral
1,548
2,572
1,619
1,879
16.0
16.6
108.6
130.7
14.3
11.8
2.5
2.1
18.8
19.1
1.3
1.1
Hero Motocorp
Accumulate
1,699
1,923
33,930
23,990
27,038
13.8
14.6
105.8
120.2
16.1
14.1
6.5
5.2
44.3
41.0
1.1
1.0
JK Tyre
Buy
105
165
432
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.6
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
912
1,019
56,013
40,060
46,301
11.5
11.7
55.3
64.3
16.5
14.2
3.7
3.1
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,419
1,563
41,001
43,381
52,411
7.5
8.9
65.6
97.7
21.6
14.5
2.4
2.1
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
195
209
11,437
25,769
29,010
7.1
7.5
10.2
13.1
19.1
14.9
4.8
3.8
28.1
28.3
0.6
0.5
Subros
Buy
26
35
155
1,296
1,476
9.8
9.9
3.4
5.0
7.7
5.1
0.5
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
301
326
80,339 184,201 209,642
12.4
13.5
28.0
36.3
10.8
8.3
2.4
1.9
24.6
25.4
0.5
0.4
TVS Motor
Buy
40
47
1,896
7,019
7,827
6.0
6.3
4.3
5.3
9.4
7.6
1.5
1.3
16.4
18.0
0.2
0.2
ABB*
Sell
622
487
13,175
8,073
9,052
5.5
7.2
11.3
17.4
55.2
35.8
4.8
4.3
8.9
12.8
1.5
1.4
BGR Energy
Neutral
213
1,539
3,412
4,104
13.0
11.6
24.6
26.2
8.7
8.2
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
205
50,274
47,801
43,757
18.0
17.1
24.1
20.8
8.5
9.9
2.5
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
181
238
1,629
2,748
2,896
4.4
5.6
6.8
9.3
26.7
19.5
3.7
3.2
14.5
17.6
0.6
0.6
Crompton Greaves
Buy
100
129
6,383
12,136
13,790
3.8
6.3
3.3
6.9
30.1
14.5
1.7
1.6
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
33
49
273
2,802
3,074
9.5
9.8
7.7
10.9
4.3
3.1
0.4
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
54
75
1,387
6,909
7,723
6.2
7.2
5.4
8.4
10.1
6.4
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,044
2,302
2,369
2,727
11.7
11.7
143.4
166.0
14.3
12.3
2.4
2.2
17.4
18.4
0.5
0.3
Thermax
Neutral
587
6,992
5,529
5,798
9.0
9.6
27.1
30.3
21.6
19.4
3.8
3.3
18.6
18.2
1.1
1.0
Capital Goods
Market Outlook
March 12, 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
1,266
23,777
11,358
12,366
19.9
19.6
75.1
74.9
16.9
16.9
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
187
28,906
9,730
11,221
25.6
25.0
10.2
11.3
18.3
16.5
3.3
3.0
18.7
19.0
2.6
2.2
India Cements
Neutral
86
2,636
4,439
4,789
16.7
17.2
6.8
9.1
12.6
9.5
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
121
143
1,420
2,119
2,478
22.9
22.3
20.3
22.8
5.9
5.3
1.0
0.9
18.0
17.7
0.8
1.1
Madras Cements
Neutral
256
6,097
3,960
4,270
27.4
27.0
18.6
21.1
13.8
12.2
2.5
2.1
19.7
18.9
2.1
1.8
Shree Cement^
Neutral
4,343
15,128
5,678
6,251
29.0
28.6
288.1
334.0
15.1
13.0
4.2
3.3
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,893
51,911
20,466
23,017
23.3
24.3
100.0
117.1
18.9
16.2
3.4
2.9
19.6
19.5
2.5
2.3
202
268
1,065
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.5
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
203
2,262
2,522
5.9
6.3
0.9
1.6
12.0
7.1
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
122
164
4,042
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
3.4
ITNL
Accumulate
200
225
3,890
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
Buy
26
35
787
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
77
97
17,176
14,243
16,382
26.2
26.1
3.2
4.3
24.1
17.9
1.3
1.2
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,506
1,788
92,665
60,666
69,525
10.6
11.2
71.9
85.0
21.0
17.7
3.3
2.9
14.5
15.2
1.7
1.5
Nagarjuna Const.
Buy
39
44
1,001
5,863
6,576
8.1
8.2
3.1
4.1
12.7
9.5
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
46
1,534
11,892
13,116
10.2
10.2
(0.4)
3.0
(108.4)
15.6
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
113
157
1,698
1,642
2,642
9.7
10.1
3.2
7.2
35.1
15.6
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
146
197
724
6,026
7,135
9.1
9.3
14.1
24.6
10.4
6.0
0.6
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
33
58
242
2,180
2,455
13.7
13.4
12.9
14.8
2.5
2.2
0.3
0.3
12.1
12.5
0.5
0.5
Financials
Allahabad Bank
Accumulate
144
160
7,210
6,509
7,264
2.7
2.8
28.2
33.5
5.1
4.3
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
102
5,688
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
1,399
1,678
65,384
15,959
18,660
3.2
3.2
119.2
139.0
11.7
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
740
850
30,425
14,889
17,393
2.5
2.6
108.2
134.0
6.8
5.5
1.0
0.9
15.3
16.7
Bank of India
Accumulate
323
350
18,539
12,793
14,823
2.3
2.4
49.5
65.1
6.5
5.0
0.9
0.8
13.6
16.0
Bank of Maharashtra
Neutral
53
3,113
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
436
463
19,333
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
74
5,436
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.7
0.8
0.7
10.3
14.3
404
465
5,984
4,919
5,634
2.1
2.2
96.7
99.9
4.2
4.0
0.7
0.6
16.3
14.9
97
107
3,397
3,090
3,462
2.7
2.7
25.6
24.6
3.8
4.0
0.7
0.6
19.2
15.9
Market Outlook
March 12, 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
496
536
8,482
2,667
2,920
3.2
3.2
49.1
51.4
10.1
9.7
1.3
1.2
13.9
13.1
HDFC
Neutral
829
127,992
7,446
8,923
3.5
3.5
32.2
38.5
25.8
21.5
5.3
4.7
35.4
32.6
HDFC Bank
Neutral
656
155,688
21,724
26,578
4.3
4.3
28.7
36.1
22.9
18.2
4.4
3.7
20.7
22.1
ICICI Bank
Buy
1,130
1,302
129,959
22,317
26,217
2.9
3.0
72.0
84.6
15.7
13.4
2.0
1.8
14.9
15.9
IDBI Bank
Buy
93
106
11,838
8,196
9,305
1.9
2.1
15.4
22.3
6.0
4.2
0.6
0.6
10.7
14.1
Indian Bank
Buy
177
208
7,600
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
Accumulate
75
85
5,962
7,231
8,369
2.4
2.5
10.2
20.2
7.3
3.7
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,278
1,406
6,194
2,784
2,932
3.7
3.7
229.2
199.6
5.6
6.4
1.3
1.1
24.6
18.2
LIC Housing Finance
Accumulate
245
257
12,384
1,722
2,080
2.2
2.2
19.9
24.6
12.3
10.0
1.9
1.7
16.6
17.9
Oriental Bank
Accumulate
288
314
8,413
6,360
7,004
2.6
2.8
48.1
59.4
6.0
4.9
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
814
957
27,597
19,202
22,040
3.2
3.4
146.8
167.9
5.5
4.9
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
30
3,346
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
2,205
2,514
147,979
60,594
70,439
3.3
3.3
221.9
257.4
9.9
8.6
1.7
1.4
17.4
17.7
Syndicate Bank
Accumulate
125
135
7,512
6,673
7,644
2.9
3.0
32.0
27.9
3.9
4.5
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
63
4,168
5,388
6,262
2.4
2.6
9.0
14.9
7.0
4.2
0.9
0.8
9.1
13.8
236
256
12,990
10,006
11,558
2.8
2.8
36.4
47.0
6.5
5.0
0.9
0.8
14.6
16.6
Buy
65
75
2,328
3,549
3,814
2.5
2.7
12.0
21.4
5.4
3.0
0.6
0.5
10.1
16.3
Vijaya Bank
Neutral
53
2,602
2,342
2,763
1.9
2.1
8.0
10.9
6.6
4.8
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
494
526
17,694
3,364
4,260
2.8
3.0
36.3
42.6
13.6
11.6
3.0
2.5
24.6
23.6
4,760
45,660
11,198
13,319
15.9
15.7
122.1
147.1
39.0
32.4
13.2
10.3
37.7
35.7
3.9
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
536
564
6,405
5,580
6,417
4.8
5.0
18.1
21.7
29.6
24.7
10.7
8.6
38.7
38.7
1.0
0.9
Colgate
Neutral
1,315
17,885
3,120
3,588
20.3
21.1
38.4
45.1
34.3
29.2
31.8
25.5
104.6
97.0
5.6
4.8
Dabur India
Neutral
134
23,303
6,196
7,183
16.3
16.8
4.5
5.5
29.7
24.4
12.3
9.5
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,280
17,999
3,084
3,617
15.2
16.3
103.9
123.0
41.2
34.8
13.2
10.9
34.9
34.3
5.2
4.5
Godrej Consumer
Neutral
807
27,456
6,386
7,743
15.7
17.0
20.8
27.1
38.8
29.8
8.3
6.8
23.7
26.4
4.4
3.6
HUL
Neutral
439
94,915
25,350
28,974
13.3
13.5
15.1
17.0
29.1
25.9
23.1
16.5
85.7
74.3
3.5
3.0
ITC
Neutral
297
234,399
29,148
34,191
35.7
36.1
9.4
11.1
31.7
26.8
10.6
8.7
35.9
35.7
7.6
6.4
Marico
Neutral
216
13,949
4,747
5,402
13.6
13.6
6.3
7.8
34.1
27.7
7.0
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,729
45,594
8,302
9,739
22.0
21.5
110.7
130.8
42.7
36.2
25.4
18.2
69.5
58.6
5.5
4.6
Market Outlook
March 12, 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
133
145
8,209
7,272
7,998
9.1
9.9
6.9
8.1
19.4
16.5
2.0
2.0
8.9
9.7
1.0
0.9
HCL Tech^
Neutral
784
54,462
25,325
28,476
21.7
20.7
51.0
52.8
15.4
14.9
4.1
3.4
26.8
22.9
2.0
1.7
Hexaware*
Buy
93
113
2,760
1,948
2,136
20.9
18.3
10.9
10.1
8.5
9.2
2.3
1.9
27.2
21.0
1.1
0.9
Infosys
Reduce
2,946
2,850
169,156
40,746
44,283
28.9
28.8
162.6
172.9
18.1
17.0
4.3
3.6
23.5
21.3
3.6
3.2
Infotech Enterprises
Accumulate
171
184
1,913
1,881
1,987
17.9
17.4
18.5
19.4
9.3
8.8
1.4
1.2
14.8
13.6
0.7
0.6
KPIT Cummins
Buy
107
134
2,059
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
Neutral
129
15,179
7,711
8,683
21.6
20.3
8.7
11.3
14.8
11.4
3.5
2.7
30.6
23.7
1.5
1.2
Mindtree
Neutral
881
3,661
2,357
2,580
21.0
19.3
84.4
86.8
10.5
10.2
2.8
2.2
26.8
21.7
1.3
1.1
Mphasis&
Neutral
403
8,471
5,531
5,874
17.6
17.5
35.4
37.7
11.4
10.7
1.7
1.5
14.7
13.5
1.0
0.8
NIIT
Buy
24
36
395
1,048
1,161
9.1
10.9
4.1
6.2
5.8
3.9
0.6
0.6
10.3
14.1
0.2
0.1
Persistent
Neutral
576
2,305
1,297
1,433
25.6
24.1
46.5
54.0
12.4
10.7
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,568
1,465
306,804
62,954
70,871
29.0
28.9
71.6
79.1
21.9
19.8
7.3
5.9
33.2
29.7
4.7
4.1
Tech Mahindra
Accumulate
1,109
1,205
14,195
6,789
7,609
21.0
19.6
95.8
110.7
11.6
10.0
2.8
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
439
108,130
43,514
47,304
20.1
19.4
26.6
27.7
16.5
15.9
3.2
2.8
19.7
17.9
2.2
1.9
D B Corp
Buy
242
276
4,432
1,583
1,787
23.9
25.4
11.9
14.5
20.4
16.6
4.0
3.5
21.4
22.4
2.7
2.3
HT Media
Accumulate
104
113
2,434
2,061
2,205
14.0
15.1
6.6
7.9
15.6
13.2
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
99
125
3,134
1,511
1,698
23.2
23.4
6.4
7.3
15.4
13.6
3.8
3.4
25.9
26.6
2.3
1.9
PVR
Neutral
289
837
820
1,307
17.3
17.3
11.2
17.8
25.9
16.2
1.2
1.1
9.7
10.8
1.1
0.7
Sun TV Network
Neutral
424
16,715
1,942
2,237
77.2
75.5
17.6
19.1
24.1
22.2
5.8
5.2
25.8
25.2
8.2
7.1
Bhushan Steel
Neutral
464
10,500
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
320
368
202,250
66,666
70,292
25.7
27.3
24.2
26.6
13.2
12.0
3.9
3.2
33.1
29.1
2.0
1.8
Electrosteel Castings
Buy
20
28
680
1,984
2,074
10.6
11.6
1.8
2.6
11.2
7.6
0.4
0.1
3.6
5.1
0.5
0.4
Hind. Zinc
Buy
120
149
50,598
12,002
13,759
49.7
50.8
14.7
16.4
8.1
7.3
1.6
1.3
21.1
19.8
2.3
1.6
Hindalco
Neutral
101
19,280
80,205
88,987
9.0
9.2
13.4
13.8
7.5
7.3
0.6
0.5
7.9
7.6
0.6
0.6
JSW Steel
Neutral
726
16,195
39,072
40,493
16.5
18.2
82.4
90.3
8.8
8.0
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Neutral
240
4,035
933
954
46.9
45.5
25.8
26.1
9.3
9.2
1.5
1.3
16.7
15.1
1.8
1.6
Monnet Ispat
Buy
240
318
1,530
2,287
2,883
21.8
21.8
35.3
40.7
6.8
5.9
0.6
0.6
9.6
10.2
1.9
1.4
Nalco
Accumulate
45
46
11,675
6,630
8,357
11.4
14.5
2.1
3.3
21.3
13.9
1.0
1.0
4.6
6.9
1.0
0.9
NMDC
Buy
145
181
57,469
9,674
11,536
75.2
76.6
16.0
18.6
9.1
7.8
2.0
1.7
23.6
23.0
3.8
3.0
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 12, 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
70
29,100
43,438
56,199
12.0
12.2
6.5
8.5
10.8
8.3
0.7
0.7
6.6
8.2
0.9
0.7
Sesa Goa
Accumulate
166
183
14,466
2,412
3,911
30.8
33.1
29.6
31.8
5.6
5.2
0.9
0.8
16.3
15.4
7.4
4.6
Sterlite Inds
Accumulate
100
110
33,623
43,185
45,442
23.3
23.7
16.8
17.9
6.0
5.6
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
359
443
34,886 142,732 146,575
7.4
9.9
7.2
34.7
50.0
10.4
0.8
0.8
1.6
7.5
0.5
0.5
Sarda
Buy
113
148
407
1,442
1,494
19.0
19.1
29.2
31.7
3.9
3.6
0.5
0.4
12.3
12.0
0.6
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
36
52
481
2,512
2,816
12.4
13.7
10.0
12.6
3.6
2.8
0.2
0.2
7.2
8.4
0.5
0.4
Buy
92
112
293
2,367
2,425
14.2
13.7
33.3
33.5
2.8
2.8
0.3
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
308
383
58,786
17,394
17,034
76.4
72.3
60.8
55.1
5.1
5.6
1.0
0.9
21.9
17.0
2.4
2.1
GAIL
Neutral
345
43,750
48,077
55,815
15.3
15.3
34.9
35.9
9.9
9.6
1.8
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
324
357
277,540 144,089 158,065
32.8
34.7
28.7
34.4
11.3
9.4
1.8
1.6
17.0
18.3
1.6
1.4
Reliance Industries
Neutral
844
272,386 362,700 380,031
8.9
8.9
68.1
71.5
12.4
11.8
1.3
1.2
12.4
11.8
0.7
0.7
Gujarat Gas*
Neutral
274
3,510
3,707
3,850
11.7
12.4
23.7
25.7
11.6
10.7
3.2
2.8
29.6
28.2
0.8
0.7
Indraprastha Gas
Neutral
285
3,994
3,365
3,700
22.8
23.4
25.3
26.6
11.3
10.7
2.7
2.2
26.0
22.6
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
148
179
11,104
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.5
2.5
2.1
29.1
24.1
0.4
0.3
Neutral
67
3,776
1,079
983
91.8
91.9
8.8
7.8
7.7
8.6
1.3
1.2
17.8
14.1
3.3
3.6
Alembic Pharma
Neutral
109
2,050
1,490
1,714
16.2
17.1
7.4
9.5
14.7
11.5
4.0
3.1
30.7
30.2
1.3
1.1
Aurobindo Pharma
Buy
167
208
4,866
5,463
6,279
15.0
15.0
12.4
14.0
13.5
11.9
1.7
1.5
18.8
17.8
1.5
1.3
Aventis*
Neutral
2,402
5,532
1,482
1,682
17.5
16.6
82.9
87.8
29.0
27.4
4.5
3.7
16.3
14.8
3.5
3.0
Cadila Healthcare
Accumulate
750
817
15,352
6,148
7,386
15.3
18.0
24.6
39.5
30.5
19.0
5.7
4.6
18.4
25.1
2.8
2.3
Cipla
Accumulate
391
419
31,418
8,151
9,130
25.8
24.8
20.2
21.6
19.4
18.1
3.5
3.0
19.4
17.6
3.6
3.1
Dr Reddy's
Neutral
1,814
30,803
10,696
11,662
20.7
21.0
83.7
92.9
21.7
19.5
4.5
3.7
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
74
155
600
1,280
1,536
20.2
20.2
12.1
15.5
6.1
4.8
0.6
0.5
10.0
11.6
1.2
1.0
2,125
17,996
2,651
2,993
31.7
31.2
76.0
82.4
28.0
25.8
8.1
7.2
20.1
26.3
5.9
5.1
65
78
598
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
512
559
6,458
2,850
3,474
21.0
21.0
29.9
37.3
17.1
13.7
4.1
3.2
26.7
26.4
2.4
2.0
Lupin
Accumulate
601
655
26,879
8,426
10,082
19.7
20.0
26.1
31.1
23.0
19.3
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
408
17,244
12,253
11,400
14.1
12.5
31.2
21.6
13.1
18.9
4.2
3.6
37.9
20.6
1.3
1.4
Sun Pharma
Neutral
833
86,120
10,111
12,563
42.6
42.6
28.9
29.8
28.8
28.0
5.9
5.0
22.3
19.2
7.6
6.0
74
78
1,124
1,502
1,535
32.1
31.9
11.4
12.5
6.5
5.9
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
March 12, 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
149
163
123,187
72,809
81,951
23.4
24.1
12.2
13.6
12.3
11.0
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
286
48,532
7,953
9,699
34.7
37.0
4.4
6.0
65.4
47.9
1.9
1.8
3.1
3.8
8.1
6.3
MLIFE
Accumulate
405
446
1,653
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
Accumulate
322
350
122,299
80,521
87,160
30.5
30.5
6.4
10.4
50.4
31.0
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
118
39,017
22,087
23,927
26.6
27.7
2.9
3.9
40.3
30.2
2.8
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
65
13,499
21,087
22,067
31.8
31.9
2.6
4.0
24.9
16.3
0.4
0.4
1.5
2.2
2.3
2.1
13.1
13.5
79.0
90.8
17.7
15.4
3.9
3.2
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,396
1,634
2,966
1,926
2,152
Bajaj Electricals
Buy
180
217
1,799
3,450
3,929
4.5
7.4
10.0
15.5
18.1
11.7
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
447
495
566
460
596
16.4
16.2
34.7
45.0
12.9
9.9
3.2
2.5
27.7
27.8
1.3
1.1
Cravatex
Buy
353
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
926
6,504
982
1,136
34.3
34.3
34.3
40.0
27.0
23.2
12.2
9.8
50.9
46.9
6.2
5.2
Finolex Cables
Buy
48
61
737
2,268
2,559
9.5
10.0
9.0
10.1
5.4
4.8
0.8
0.7
14.8
14.6
0.2
0.2
Force Motors
Buy
397
550
517
2,027
2,299
4.6
5.1
35.3
50.0
11.2
7.9
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
282
304
650
1,559
1,676
7.1
7.4
27.5
30.5
10.2
9.2
1.6
1.5
16.9
16.7
0.2
0.2
Greenply Industries
Sell
392
309
947
1,925
2,235
10.6
10.9
29.6
44.1
13.3
8.9
2.2
1.8
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
130
359
905
1,025
4.8
6.0
7.7
12.4
17.0
10.5
1.6
1.4
9.9
14.4
0.5
0.4
2,522
2,842
2,230
2,117
2,491
8.1
7.8
140.5
157.9
18.0
16.0
2.7
2.4
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
604
744
1,062
1,069
1,223
9.7
9.7
40.0
46.5
15.1
13.0
2.1
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
176
239
203
1,455
1,630
12.0
12.1
23.2
31.2
7.6
5.7
0.5
0.4
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
166
2,679
816
979
14.5
14.9
5.2
6.0
32.2
27.6
3.7
3.4
8.8
10.2
3.5
2.8
MCX
Buy
979
1,440
4,993
553
624
65.3
66.3
62.5
72.0
15.7
13.6
4.3
3.7
27.5
27.4
6.4
5.2
MRF
Accumulate
12,912
14,331
5,476
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.8
7.2
1.5
1.3
22.0
19.4
0.6
0.5
Page Industries
Neutral
3,301
3,682
856
1,047
19.1
19.6
101.2
127.3
32.6
25.9
16.7
12.4
58.5
54.9
4.6
3.8
Relaxo Footwears
Buy
645
887
774
989
1,148
10.7
11.7
41.8
55.5
15.5
11.6
3.5
2.7
25.5
26.3
0.9
0.8
Sintex Industries
Buy
57
79
1,774
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
286
332
268
1,048
1,157
11.3
12.0
58.7
66.5
4.9
4.3
0.9
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
305
6,765
7,393
18.1
18.0
6.4
7.5
1.6
1.4
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
36
43
1,734
5,720
6,599
5.3
6.8
3.6
5.4
9.9
6.7
14.4
4.6
0.4
0.3
TAJ GVK
Buy
66
108
411
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 12, 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
17.5
19.1
0.8
0.7
zOthers
Tata Sponge Iron
Buy
310
379
477
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
468
655
364
393
439
5.9
6.7
21.1
26.7
22.2
17.6
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
202
276
155
1,461
1,591
5.6
7.1
6.9
39.4
29.2
5.1
1.1
1.0
3.8
20.6
0.3
0.3
1,946
25,453
10,473
11,939
15.0
15.8
30.4
56.9
64.0
34.2
4.9
3.1
10.8
12.3
3.0
2.3
337
355
684
591
623
17.5
17.2
29.0
29.6
11.6
11.4
1.8
1.6
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 11, 2013
Market Outlook
March 12, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

March 12, 2013

OIL & GAS

IPO Note REPCO HOME FINANCE

Net Inflows (March 08, 2013)

FII Derivatives (March 07, 2013)

IPO Note REPCO HOME FINANCE

Trade deficit cools down to USD14bn in February 2013 as

CDMA auction over: Sistema bids for eight circles

Economic and Political News

Animal spirits shouldn't create maneaters: Jairam

GVK, Aurizon to develop Oz basin infrastructure

Country Event Description

March 12, 2013

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

Existing home sales

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

April 15, 2013

March 14, 2013

March 19, 2013

March 20, 2013

March 21, 2013

March 26, 2013

May 15, 2013

Germany PMI Services

Germany PMI Manufacturing

Real GDP (YoY)

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

Germany GDP nsa (YoY)

Source: Bloomberg, Angel Research

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