Professional Documents
Culture Documents
Market Outlook Market Outlook: Dealer's Diary
Market Outlook Market Outlook: Dealer's Diary
Market Outlook Market Outlook: Dealer's Diary
Dealers Diary
Domestic Indices
Indian markets are expected to open marginally in the red tracking SGX Nifty,
which too is currently trading marginally lower by ~0.1%. Major Asian indices have
had a mixed opening. While the Hang Seng is trading lower by ~0.8%, Shanghai
and Nikkei are trading marginally in the green.
Chg (%)
(Pts)
(Close)
BSE Sensex
Nifty
(1.1)
(62.9)
5,851
MID CAP
(1.0)
(64.7)
6,396
SMALL CAP
(1.3)
(80.0)
6,238
BSE HC
(0.2)
(15.2)
8,055
BSE PSU
(1.4)
(98.4)
6,868
BANKEX
AUTO
METAL
(1.1) (107.2)
9,232
(1.1)
(97.0)
8,883
BSE IT
(1.2)
(81.7)
6,837
Meanwhile Indian markets extended declines for a third day in a row, weighed
down by renewed concerns about a slowdown in China and uncertainty over
Europe's economic outlook. The Indian markets will keenly await the WPI numbers,
which are to release during the day.
Global Indices
Chg (%)
(Pts)
(Close)
0.1
2.8
3,245
FTSE
(0.4)
(29.1)
6,482
Markets Today
Nikkei
(0.6)
(75.1)
12,240
Hang Seng
(1.5)
(334.0)
22,557
Straits Times
(0.4)
(14.5)
3,289
Shanghai Com
(1.0)
(22.6)
2,264
Chg (%)
(Pts)
(Close)
0.3
0.2
$52.9
The trend deciding level for the day is 19,404/ 5,862 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,470 19,578 / 5,883 5,914 levels. However, if NIFTY trades below
19,404/ 5,862 levels for the first half-an-hour of trade then it may correct up to
19,297 19,231 / 5,831 5,811 levels.
S2
S1
PIVOT
R1
R2
SENSEX
19,231
19,297
19,404
19,470
19,578
NIFTY
5,811
5,831
5,862
5,883
5,914
News Analysis
NASDAQ
Indian ADR
INFY
Indices
Dow Jones
0.0
5.2 14,455
WIT
1.0
0.1
$10.0
IBN
(3.2)
(1.4)
$42.7
HDB
(0.2)
(0.1)
$38.9
Advances / Declines
BSE
NSE
Advances
992
395
Declines
1,893
1,108
128
89
Unchanged
Purch
Sales
FII
2,784
2,003
306
447
MFs
Net
MTD
YTD
781
5,840
50,192
Volumes (` cr)
(141)
(1,001)
(6,562)
BSE
1,688
NSE
9,226
Purch
Sales
Net
Open Interest
Index Futures
1,018
1,241
(223)
9,972
Stock Futures
1,349
1,307
42
25,489
Price (`)
chg (%)
Company
Gainers / Losers
Gainers
Company
Lanco Infra
Losers
12
6.3
Core Projects
122
2.5
Zee Entert
National Alum
46
2.3
Wockhardt
Unitech
28
2.2
205
2.2
IRB Infra
Motherson Sumi
www.angelbroking.com
Price (`)
chg (%)
63
(5.7)
208
(5.6)
2,002
(5.3)
REC
215
(4.8)
Oriental Bank
268
(4.7)
Market Outlook
March 14, 2013
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
March 14, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
6:00PM
US
% Change
Feb
0.20
0.70
12:00PM
India
% Change
Feb
6.62
--
3:30PM
Feb
2.00
--
6:00PM
US
% 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
Mar 19
7.75
--
11:00AM
India
Mar 19
4.00
--
11:00AM
India
Mar 19
6.75
--
8:30PM
3:00PM
UK
10:00PM
US
2:00PM
2:00PM
Value
7:30PM
US
7:30PM
US
Consumer Confidence
7:30PM
US
3:00PM
UK
GDP (YoY)
2:25PM
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Value
Mar A
54.70
--
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)
--
6:00PM
US
% Change
4Q T
0.10
--
April 1, 2013
6:30AM
China
PMI Manufacturing
Value
Mar
50.10
--
April 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Mar
47.90
--
7:30AM
China
% Change
1Q
7.90
--
2:30PM
% Change
1Q A
(0.60)
--
11:30AM
% Change
1Q P
0.10
--
Market Outlook
March 14, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
11.2
6.0
(0.1)
(1.3)
7.6
Jan-13
Dec-12
Nov-12
58.0
7.5
Oct-12
Mar-12
(%)
7.7
(0.8) (0.5)
(0.7)
(2.0)
(2.8)
(4.0)
Feb-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
7.6
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
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
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
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
9.0
8.4
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
(%)
9.50
30.0
15.0
CRR
8.50
7.75
7.50
6.75
6.50
www.angelbroking.com
4.00
4.50
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 14, 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
Neutral
124
2,418
1,466
1,686
14.8
14.8
7.0
8.1
17.8
15.4
3.8
3.2
22.6
22.5
1.6
1.4
United Phosphorus
Buy
126
170
5,570
8,421
9,263
16.5
16.5
15.0
17.0
8.4
7.4
1.2
1.1
15.6
15.5
0.8
0.7
Accumulate
272
323
4,650
2,983
3,477
16.1
16.1
18.5
21.6
14.7
12.6
4.2
3.3
32.9
29.1
1.5
1.4
Apollo Tyres
Accumulate
86
97
4,319
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
Buy
23
28
6,040
12,910
14,836
8.8
9.6
1.5
2.2
15.3
10.2
2.0
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
288
436
934
1,103
10.2
10.7
24.5
34.3
11.8
8.4
1.5
1.3
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,893
54,789
20,775
23,889
18.5
19.0
107.6
126.4
17.6
15.0
7.3
5.8
45.8
42.8
2.4
2.0
Bharat Forge
Neutral
221
5,151
5,973
6,707
14.4
15.2
13.4
18.6
16.6
11.9
2.2
1.9
13.6
16.9
1.1
0.9
Bosch India*
Accumulate
8,619
8,889
27,064
9,717
11,092
16.2
17.0
354.7
423.3
24.3
20.4
4.2
3.6
17.2
17.5
2.4
2.0
CEAT
Buy
99
163
338
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.5
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
126
10,689
6,016
7,026
12.7
14.4
5.8
7.8
21.5
16.0
3.2
2.7
15.4
18.2
1.5
1.2
FAG Bearings*
Neutral
1,559
2,591
1,619
1,879
16.0
16.6
108.6
130.7
14.4
11.9
2.5
2.1
18.8
19.1
1.3
1.1
Hero Motocorp
Accumulate
1,671
1,923
33,372
23,990
27,038
13.8
14.6
105.8
120.2
15.8
13.9
6.4
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
2.5
0.5
0.4
20.5
18.0
0.4
0.3
909
1,019
55,780
40,060
46,301
11.5
11.7
55.3
64.3
16.4
14.1
3.7
3.1
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,373
1,563
39,679
43,381
52,411
7.5
8.9
65.6
97.7
20.9
14.1
2.4
2.1
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
205
209
12,037
25,769
29,010
7.1
7.5
10.2
13.1
20.1
15.7
5.1
4.0
28.1
28.3
0.6
0.5
Subros
Buy
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
Tata Motors
Accumulate
301
326
12.4
13.5
28.0
36.3
10.7
8.3
2.4
1.9
24.6
25.4
0.5
0.4
TVS Motor
Buy
39
47
1,829
7,019
7,827
6.0
6.3
4.3
5.3
9.0
7.3
1.4
1.2
16.4
18.0
0.2
0.2
ABB*
Sell
590
487
12,494
8,073
9,052
5.5
7.2
11.3
17.4
52.3
33.9
4.5
4.1
8.9
12.8
1.5
1.4
BGR Energy
Neutral
206
1,484
3,412
4,104
13.0
11.6
24.6
26.2
8.4
7.9
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
197
48,230
47,801
43,757
18.0
17.1
24.1
20.8
8.2
9.5
2.4
2.1
32.9
23.6
0.9
1.0
Blue Star
Buy
170
238
1,527
2,748
2,896
4.4
5.6
6.8
9.3
25.0
18.2
3.4
3.0
14.5
17.6
0.6
0.6
Crompton Greaves
Buy
97
129
6,190
12,136
13,790
3.8
6.3
3.3
6.9
29.2
14.0
1.7
1.6
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
33
49
269
2,802
3,074
9.5
9.8
7.7
10.9
4.3
3.0
0.4
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
52
75
1,338
6,909
7,723
6.2
7.2
5.4
8.4
9.7
6.2
1.1
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,009
2,263
2,369
2,727
11.7
11.7
143.4
166.0
14.0
12.1
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
581
6,919
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
Capital Goods
www.angelbroking.com
Market Outlook
March 14, 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
1,252
23,506
11,358
12,366
19.9
19.6
75.1
74.9
16.7
16.7
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
188
28,960
9,730
11,221
25.6
25.0
10.2
11.3
18.4
16.6
3.3
3.0
18.7
19.0
2.6
2.2
India Cements
Neutral
85
2,600
4,439
4,789
16.7
17.2
6.8
9.1
12.5
9.3
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
121
143
1,419
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
260
6,184
3,960
4,270
27.4
27.0
18.6
21.1
14.0
12.3
2.5
2.2
19.7
18.9
2.1
1.8
Shree Cement^
Neutral
4,317
15,038
5,678
6,251
29.0
28.6
288.1
334.0
15.0
12.9
4.2
3.3
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,899
52,078
20,466
23,017
23.3
24.3
100.0
117.1
19.0
16.2
3.4
2.9
19.6
19.5
2.5
2.3
202
268
1,064
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
202
2,262
2,522
5.9
6.3
0.9
1.6
11.9
7.0
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
122
164
4,066
3,843
4,212
43.1
43.6
16.8
17.8
7.3
6.9
1.2
1.1
18.3
17.0
3.2
3.4
ITNL
Accumulate
200
225
3,882
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
25
35
778
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.5)
8.8
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
75
97
16,721
14,243
16,382
26.2
26.1
3.2
4.3
23.5
17.4
1.3
1.2
5.4
7.0
2.6
2.4
Buy
1,494
1,788
91,957
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.
Buy
39
44
998
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
1,536
11,892
13,116
10.2
10.2
(0.4)
3.0
(108.5)
15.6
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
115
157
1,734
1,642
2,642
9.7
10.1
3.2
7.2
35.8
15.9
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
140
197
691
6,026
7,135
9.1
9.3
14.1
24.6
9.9
5.7
0.6
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
32
58
233
2,180
2,455
13.7
13.4
12.9
14.8
2.4
2.1
0.3
0.3
12.1
12.5
0.5
0.5
139
160
6,930
6,509
7,264
2.7
2.8
28.2
33.5
4.9
4.1
0.7
0.6
13.8
14.7
98
5,487
4,795
5,475
3.0
3.0
21.8
21.9
4.5
4.5
0.8
0.7
15.4
13.8
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,347
1,678
63,006
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
721
850
29,624
14,889
17,393
2.5
2.6
108.2
134.0
6.7
5.4
1.0
0.9
15.3
16.7
Bank of India
Accumulate
313
350
17,982
12,793
14,823
2.3
2.4
49.5
65.1
6.3
4.8
0.9
0.8
13.6
16.0
Bank of Maharashtra
Neutral
52
3,081
3,720
4,268
2.9
2.8
10.9
13.0
4.8
4.0
0.7
0.6
16.2
16.9
Canara Bank
Accumulate
421
463
18,646
10,783
12,000
2.1
2.3
64.8
82.2
6.5
5.1
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
www.angelbroking.com
72
5,315
7,158
8,217
2.4
2.6
13.1
20.1
5.5
3.6
0.8
0.7
10.3
14.3
400
465
5,919
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
93
107
3,259
3,090
3,462
2.7
2.7
25.6
24.6
3.6
3.8
0.7
0.6
19.2
15.9
Market Outlook
March 14, 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
485
536
8,286
2,667
2,920
3.2
3.2
49.1
51.4
9.9
9.4
1.3
1.2
13.9
13.1
HDFC
Neutral
809
124,895
7,446
8,923
3.5
3.5
32.2
38.5
25.1
21.0
5.1
4.6
35.4
32.6
HDFC Bank
Neutral
635
150,843
21,724
26,578
4.3
4.3
28.7
36.1
22.2
17.6
4.2
3.6
20.7
22.1
ICICI Bank
Buy
1,086
1,302
124,876
22,317
26,217
2.9
3.0
72.0
84.6
15.1
12.8
1.9
1.7
14.9
15.9
IDBI Bank
Buy
89
106
11,333
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
175
208
7,540
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
71
85
5,687
7,231
8,369
2.4
2.5
10.2
20.2
7.0
3.5
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,300
1,406
6,300
2,784
2,932
3.7
3.7
229.2
199.6
5.7
6.5
1.3
1.1
24.6
18.2
Accumulate
237
257
11,935
1,722
2,080
2.2
2.2
19.9
24.6
11.9
9.6
1.9
1.6
16.6
17.9
Oriental Bank
Accumulate
268
314
7,829
6,360
7,004
2.6
2.8
48.1
59.4
5.6
4.5
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
789
957
26,754
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
24
30
3,266
1,583
1,789
3.0
2.9
3.5
4.1
7.0
6.0
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,179
2,514
146,238
60,594
70,439
3.3
3.3
221.9
257.4
9.8
8.5
1.7
1.4
17.4
17.7
Syndicate Bank
Accumulate
120
135
7,250
6,673
7,644
2.9
3.0
32.0
27.9
3.8
4.3
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
60
3,955
5,388
6,262
2.4
2.6
9.0
14.9
6.6
4.0
0.9
0.7
9.1
13.8
226
256
12,467
10,006
11,558
2.8
2.8
36.4
47.0
6.2
4.8
0.9
0.8
14.6
16.6
Buy
63
75
2,267
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
Neutral
51
2,535
2,342
2,763
1.9
2.1
8.0
10.9
6.4
4.7
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
482
526
17,289
3,364
4,260
2.8
3.0
36.3
42.6
13.3
11.3
3.0
2.4
24.6
23.6
4,786
45,911
11,198
13,319
15.9
15.7
122.1
147.1
39.2
32.5
13.2
10.4
37.7
35.7
3.9
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
538
564
6,428
5,580
6,417
4.8
5.0
18.1
21.7
29.7
24.8
10.8
8.6
38.7
38.7
1.0
0.9
Colgate
Neutral
1,310
17,813
3,120
3,588
20.3
21.1
38.4
45.1
34.1
29.1
31.7
25.4
104.6
97.0
5.6
4.8
Dabur India
Neutral
134
23,364
6,196
7,183
16.3
16.8
4.5
5.5
29.8
24.5
12.3
9.6
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,223
17,760
3,084
3,617
15.2
16.3
103.9
123.0
40.7
34.4
13.1
10.7
34.9
34.3
5.2
4.5
Godrej Consumer
Neutral
769
26,178
6,386
7,743
15.7
17.0
20.8
27.1
37.0
28.4
7.9
6.5
23.7
26.4
4.4
3.6
HUL
Neutral
447
96,580
25,350
28,974
13.3
13.5
15.1
17.0
29.6
26.4
23.5
16.8
85.7
74.3
3.5
3.0
ITC
Neutral
302
237,871
29,148
34,191
35.7
36.1
9.4
11.1
32.2
27.2
10.7
8.9
35.9
35.7
7.6
6.4
Marico
Neutral
217
13,972
4,747
5,402
13.6
13.6
6.3
7.8
34.2
27.7
7.0
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,694
45,257
8,302
9,739
22.0
21.5
110.7
130.8
42.4
35.9
25.2
18.1
69.5
58.6
5.5
4.6
www.angelbroking.com
Market Outlook
March 14, 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
134
145
8,256
7,272
7,998
9.1
9.9
6.9
8.1
19.5
16.6
2.0
2.0
8.9
9.7
1.0
0.9
HCL Tech^
Neutral
778
54,090
25,325
28,476
21.7
20.7
51.0
52.8
15.3
14.7
4.0
3.3
26.8
22.9
2.0
1.7
Hexaware*
Buy
89
113
2,640
1,948
2,136
20.9
18.3
10.9
10.1
8.2
8.8
2.2
1.8
27.2
21.0
1.1
0.9
Infosys
Reduce
2,862
2,850
164,372
40,746
44,283
28.9
28.8
162.6
172.9
17.6
16.6
4.2
3.5
23.5
21.3
3.6
3.2
Infotech Enterprises
Accumulate
170
184
1,898
1,881
1,987
17.9
17.4
18.5
19.4
9.2
8.8
1.4
1.2
14.8
13.6
0.7
0.6
KPIT Cummins
Buy
104
134
2,007
2,234
2,477
15.8
15.2
10.9
12.8
9.5
8.1
2.0
1.6
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
128
15,115
7,711
8,683
21.6
20.3
8.7
11.3
14.8
11.3
3.5
2.7
30.6
23.7
1.5
1.2
Mindtree
Neutral
854
3,547
2,357
2,580
21.0
19.3
84.4
86.8
10.1
9.8
2.7
2.1
26.8
21.7
1.3
1.1
Mphasis&
Neutral
386
8,106
5,531
5,874
17.6
17.5
35.4
37.7
10.9
10.2
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
23
36
382
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
570
2,280
1,297
1,433
25.6
24.1
46.5
54.0
12.3
10.6
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,550
1,465
303,379
62,954
70,871
29.0
28.9
71.6
79.1
21.7
19.6
7.2
5.8
33.2
29.7
4.7
4.1
Tech Mahindra
Accumulate
1,087
1,205
13,906
6,789
7,609
21.0
19.6
95.8
110.7
11.3
9.8
2.7
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
439
108,105
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
244
276
4,478
1,583
1,787
23.9
25.4
11.9
14.5
20.6
16.8
4.1
3.5
21.4
22.4
2.7
2.3
HT Media
Accumulate
100
113
2,348
2,061
2,205
14.0
15.1
6.6
7.9
15.0
12.7
1.5
1.3
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
100
125
3,163
1,511
1,698
23.2
23.4
6.4
7.3
15.5
13.7
3.9
3.4
25.9
26.6
2.3
1.9
PVR
Neutral
284
1,126
820
1,307
17.3
17.3
11.2
17.8
25.5
16.0
1.2
1.1
9.7
10.8
1.1
0.7
Sun TV Network
Neutral
430
16,926
1,942
2,237
77.2
75.5
17.6
19.1
24.4
22.5
5.9
5.3
25.8
25.2
8.2
7.1
Bhushan Steel
Neutral
460
10,423
10,746
13,982
30.8
31.1
43.3
55.5
10.6
8.3
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
319
368
201,460
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
19
28
670
1,984
2,074
10.6
11.6
1.8
2.6
11.0
7.5
0.4
0.1
3.6
5.1
0.5
0.4
Hind. Zinc
Buy
119
149
50,239
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
96
18,351
80,205
88,987
9.0
9.2
13.4
13.8
7.1
7.0
0.6
0.5
7.9
7.6
0.6
0.6
JSW Steel
Neutral
703
15,688
39,072
40,493
16.5
18.2
82.4
90.3
8.5
7.8
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Neutral
234
3,923
933
954
46.9
45.5
25.8
26.1
9.0
8.9
1.4
1.3
16.7
15.1
1.8
1.6
Monnet Ispat
Buy
239
318
1,520
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
46
46
11,933
6,630
8,357
11.4
14.5
2.1
3.3
21.8
14.2
1.0
1.0
4.6
6.9
1.0
0.9
NMDC
Buy
143
181
56,676
9,674
11,536
75.2
76.6
16.0
18.6
8.9
7.7
1.9
1.6
23.6
23.0
3.8
3.0
FMCG
Tata Global
IT
Media
www.angelbroking.com
Market Outlook
March 14, 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
Neutral
Sesa Goa
Accumulate
71
29,244
43,438
56,199
12.0
12.2
6.5
8.5
10.9
8.3
0.7
0.7
6.6
8.2
0.9
0.7
164
183
14,219
2,412
3,911
30.8
33.1
29.6
31.8
5.5
5.1
0.8
0.8
16.3
15.4
7.4
4.6
Sterlite Inds
Accumulate
Tata Steel
Buy
99
110
33,102
43,185
45,442
23.3
23.7
16.8
17.9
5.9
5.5
0.7
0.6
11.6
11.2
0.8
0.7
352
443
7.4
9.9
7.2
34.7
49.0
10.1
0.8
0.7
1.6
7.5
0.5
Sarda
Buy
113
148
407
1,442
0.5
1,494
19.0
19.1
29.2
31.7
3.9
3.6
0.5
0.4
12.3
12.0
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
34
52
454
0.6
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
91
112
290
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
297
GAIL
Neutral
340
383
56,742
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
43,109
48,077
55,815
15.3
15.3
34.9
35.9
9.7
9.5
1.7
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
317
Reliance Industries
Neutral
844
357
32.8
34.7
28.7
34.4
11.1
9.2
1.8
1.6
17.0
18.3
1.6
1.4
8.9
8.9
68.1
71.5
12.4
11.8
1.3
1.2
12.4
11.8
0.7
Gujarat Gas*
Neutral
275
3,532
3,707
0.7
3,850
11.7
12.4
23.7
25.7
11.6
10.7
3.2
2.8
29.6
28.2
0.8
Indraprastha Gas
Neutral
271
3,788
0.7
3,365
3,700
22.8
23.4
25.3
26.6
10.7
10.2
2.5
2.1
26.0
22.6
1.2
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
145
179
1.1
10,901
32,210
41,362
6.1
5.8
15.4
15.6
9.5
9.3
2.5
2.1
29.1
24.1
0.4
0.3
Neutral
65
3,660
1,079
983
91.8
91.9
8.8
7.8
7.4
8.3
1.2
1.1
17.8
14.1
3.3
3.6
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
104
1,957
1,490
1,714
16.2
17.1
7.4
9.5
14.0
10.9
3.8
2.9
30.7
30.2
1.3
1.1
161
208
4,677
5,463
6,279
15.0
15.0
12.4
14.0
13.0
11.5
1.7
1.4
18.8
17.8
1.5
1.3
Aventis*
Neutral
2,396
Cadila Healthcare
Accumulate
759
5,517
1,482
1,682
17.5
16.6
82.9
87.8
28.9
27.3
4.5
3.6
16.3
14.8
3.5
3.0
817
15,548
6,148
7,386
15.3
18.0
24.6
39.5
30.9
19.2
5.8
4.7
18.4
25.1
2.8
Cipla
Accumulate
384
2.3
419
30,792
8,151
9,130
25.8
24.8
20.2
21.6
19.0
17.8
3.4
2.9
19.4
17.6
3.6
Dr Reddy's
Neutral
3.1
1,805
30,646
10,696
11,662
20.7
21.0
83.7
92.9
21.6
19.4
4.4
3.7
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
76
155
615
1,280
1,536
20.2
20.2
12.1
15.5
6.3
4.9
0.6
0.5
10.0
11.6
1.2
1.0
2,125
18,001
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
600
642
784
14.2
15.2
5.7
7.8
11.4
8.4
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
501
559
6,322
2,850
3,474
21.0
21.0
29.9
37.3
16.8
13.4
4.0
3.2
26.7
26.4
2.4
2.0
Lupin
Accumulate
601
655
26,881
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
420
17,762
12,253
11,400
14.1
12.5
31.2
21.6
13.5
19.4
4.4
3.7
37.9
20.6
1.3
1.4
Sun Pharma
Neutral
838
86,622
10,111
12,563
42.6
42.6
28.9
29.8
29.0
28.1
5.9
5.0
22.3
19.2
7.6
6.0
75
78
1,134
1,502
1,535
32.1
31.9
11.4
12.5
6.6
6.0
0.8
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
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Market Outlook
March 14, 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
147
163
120,879
72,809
81,951
23.4
24.1
12.2
13.6
12.0
10.8
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
281
47,649
7,953
9,699
34.7
37.0
4.4
6.0
64.2
47.0
1.8
1.8
3.1
3.8
8.1
6.3
MLIFE
Accumulate
396
446
1,618
786
888
26.3
26.7
31.0
36.3
12.8
10.9
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
318
350
120,610
80,521
87,160
30.5
30.5
6.4
10.4
49.7
30.6
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
115
38,172
22,087
23,927
26.6
27.7
2.9
3.9
39.4
29.5
2.7
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
65
13,313
21,087
22,067
31.8
31.9
2.6
4.0
24.6
16.1
0.4
0.4
1.5
2.2
2.3
2.1
13.1
13.5
79.0
90.8
17.2
15.0
3.8
3.1
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,359
1,634
2,887
1,926
2,152
Bajaj Electricals
Buy
175
217
1,742
3,450
3,929
4.5
7.4
10.0
15.5
17.5
11.3
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
445
495
563
460
596
16.4
16.2
34.7
45.0
12.8
9.9
3.2
2.4
27.7
27.8
1.3
1.1
Cravatex
Buy
340
545
88
272
308
7.2
7.3
37.5
45.4
9.1
7.5
2.2
1.7
23.7
22.7
0.4
0.4
CRISIL
Neutral
918
6,449
982
1,136
34.3
34.3
34.3
40.0
26.7
23.0
12.1
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
47
61
715
2,268
2,559
9.5
10.0
9.0
10.1
5.2
4.6
0.8
0.7
14.8
14.6
0.2
0.2
Force Motors
Buy
392
550
511
2,027
2,299
4.6
5.1
35.3
50.0
11.1
7.8
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
280
304
646
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
377
309
910
1,925
2,235
10.6
10.9
29.6
44.1
12.8
8.6
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
129
355
905
1,025
4.8
6.0
7.7
12.4
16.8
10.4
1.6
1.4
9.9
14.4
0.5
0.4
2,530
2,842
2,237
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
Buy
600
744
1,055
1,069
1,223
9.7
9.7
40.0
46.5
15.0
12.9
2.1
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
178
239
205
1,455
1,630
12.0
12.1
23.2
31.2
7.7
5.7
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
166
2,681
816
979
14.5
14.9
5.2
6.0
32.3
27.6
3.7
3.4
8.8
10.2
3.5
2.8
MCX
Buy
928
1,440
4,735
553
624
65.3
66.3
62.5
72.0
14.9
12.9
4.1
3.5
27.5
27.4
6.4
5.2
MRF
Accumulate
12,647
14,331
5,364
12,422
13,767
12.9
7.6
7.1
1.5
1.3
22.0
19.4
0.6
0.5
Page Industries
Neutral
3,330
3,714
856
1,047
19.1
19.6
101.2
127.3
32.9
26.2
16.9
12.5
58.5
54.9
4.6
3.8
Relaxo Footwears
Buy
660
887
793
989
1,148
10.7
11.7
41.8
55.5
15.8
11.9
3.6
2.8
25.5
26.3
0.9
0.8
Sintex Industries
Buy
58
79
1,818
4,751
5,189
16.3
16.6
13.6
15.8
4.3
3.7
0.6
0.5
12.9
13.2
0.7
0.6
Buy
279
332
261
1,048
1,157
11.3
12.0
58.7
66.5
4.8
4.2
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
293
6,765
7,393
18.1
18.0
6.4
7.5
1.5
1.3
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
34
43
1,666
5,720
6,599
5.3
6.8
3.6
5.4
9.5
6.4
13.8
4.4
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
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Market Outlook
March 14, 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
309
379
476
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
437
655
339
393
439
5.9
6.7
21.1
26.7
20.7
16.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
189
276
145
1,461
1,591
5.6
7.1
6.9
39.4
27.3
4.8
1.1
0.9
3.8
20.6
0.3
0.3
1,959
25,620
10,473
11,939
15.0
15.8
30.4
56.9
64.4
34.4
4.9
3.1
10.8
12.3
3.0
2.3
325
355
660
591
623
17.5
17.2
29.0
29.6
11.2
11.0
1.7
1.5
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 13, 2013
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Market Outlook
March 14, 2013
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