Market Outlook Market Outlook: Dealer's Diary

Market Outlook
April 30, 2013
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are expected to open in the green following strong start to SGX
Nifty and major Asian indices after better-than-expected reading on US housing
sales and amid speculation that central banks will continue the stimulation
measures.
BSE Sensex
0.5
Nifty
0.6
33
5,904
MID CAP
0.7
42
6,318
0.3
16
6,040
The US markets ended on a positive note on Monday with S&P 500 closing at a
record high as traders reacted positively to the latest batch of economic news. The
strength on Wall Street reflected a positive reaction a report from the National
Association of Realtors showing a bigger than expected rebound in pending home
sales in the month of March. The pending home sales index rose by 1.5% in March
2013 after falling by 1% in February 2013. A separate report from the Commerce
Department showed that personal spending climbed 0.2% in March 2013
following a 0.7% increase in February 2013.
BSE HC
(0.1)
(7)
8,618
BSE PSU
0.2
17
6,854
BANKEX
0.5
68 14,411
AUTO
0.5
57 10,906
METAL
Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetary
policy meet that is scheduled on May 3 helped stocks close higher on Monday.
Going ahead, release of economic data points is likely to remain in focus on
Tuesday, with traders likely to keep an eye on reports on home prices, consumer
confidence, and Chicago-area business activity.
Dow Jones
0.7
NASDAQ
0.8
28
3,307
FTSE
0.5
32
6,458
(0.3)
(42)
13,884
Hang Sang
0.1
33
22,581
Markets Today
Straits Times
0.4
13
3,362
The trend deciding level for the day is 19,367 / 5,897 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,449 19,511 / 5,926 5,947 levels. However, if NIFTY trades below
19,367 / 5,897 levels for the first half-an-hour of trade then it may correct up to
19,305 19,222 / 5,876 5,847 levels.
Shanghai Com
(1.0)
(21)
2,178
Chg (%)
(Pts)
(Close)
INFY
1.8
0.7
$40.8
WIT
1.0
0.1
$7.7
Indices
S2
S1
PIVOT
R1
R2
0.2
0.1
$45.5
SENSEX
19,222
19,305
19,367
19,449
19,511
IBN
NIFTY
5,847
5,876
5,897
5,926
5,947
HDB
0.0
0.0
$42.2
News Analysis
SMALL CAP
101 19,388
(0.8)
(68)
8,569
OIL & GAS
0.5
48
8,739
BSE IT
1.0
58
5,673
(Pts)
(Close)
Global Indices
Nikkei
Indian ADR
Advances / Declines
Chg (%)
106 14,819
BSE
NSE
HMCL reaches on a wage settlement agreement with Gurgaon union

Result Review: Hindustan Unilever, Sterlite Industries, Bosch, Shree Cements,
Exide Industries, Bank of Maharashtra, Hexaware, KPIT
Result Preview: Godrej Consumer, Dabur, GSK Consumer, Marico, Sanofi
India, TVS Motor
Advances
1,289
753
Declines
1,070
588
131
111
Refer detailed news analysis on the following page
BSE
2,359
NSE
9,598
Net Inflows (April 26, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,367
3,064
303
4,754
59,504
349
492
(143)
(1,172)
(8,339)
MFs
FII Derivatives (April 29, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
870
863
10,138
Stock Futures
1,345
1,733
(388)
23,255
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Coromandel Int.
200
8.3
IOB
Reliance Comm.
100
7.8
Jindal Steel
Hindustan Unilever
498
7.0
Indiabulls Real Est.
75
6.7
534
6.3
Siemens
www.angelbroking.com
Company
Price (`)
chg (%)
64
(5.1)
301
(4.2)
Bajaj Finance
1,215
(3.6)
Federal Bank
448
(3.0)
Exide Industries
135
(2.8)
Unchanged
Volumes (` cr)
Market Outlook
April 30, 2013
HMCL reaches on a wage settlement agreement with

Gurgaon union
According to media reports, Hero MotoCorp (HMCL) has finally arrived at a wage
settlement agreement with the Gurgaon union. While the entire terms of the
agreement are not fully disclosed, according to media sources, the company has
agreed to hike wages of permanent workers by `9,000 a month over a three year
period taking effect retrospectively from August 2012. According to the agreement,
in the first year, the workers will get a hike of `5,400 and the remaining `3,600
will to be divided equally over the next two years. Besides the wage hikes, the
management has also conceded to offer other benefits and bonuses to the
workforce.
The workers at the Gurgaon unit have been agitating for higher wages in a
peaceful manner since the past few months. As a mark of protest, the workers
have been sporting black arm-bands at the workplace and had also stopped
taking tea and snacks offered by the company. The company currently employs
around 1,200 permanent workers and 4,000 contract workers at its Gurgaon
facility. The Gurgaon facility accounts for ~30% of HMCLs total annual installed
capacity of ~7mn units.
We see this as a positive development for HMCL as amicable solution to the
ongoing wage settlement dispute removes the uncertainty associated with the
disruption of operations at the plant. Further the impact of the wage settlement
agreement on companys profitability is unlikely to be material as we expect a
marginal impact of 10-20bp on FY2014s operating margins. We retain our
FY2014/15E earnings estimates for the company. At `1,649, the stock is trading
at 11.8x FY2015 earnings. We maintain our Accumulate rating on the stock with a
target price of `1,819.
Result Review
Hindustan Unilever (CMP: `465/ TP:-/ Upside:-)
HUL delivered healthy set of numbers for 4QFY2013. The companys top-line and
bottom-line rose by 12.5% and 18.1% respectively. OPM stood at 13.7%, ahead of
our estimates of 13.4%. The most positive aspect of the result is the 6% yoy volume
growth posted by the company for the quarter. HUL managed to revive the volume
growth by passing on some benefits of reduction in raw material costs to
customers by way of price cuts and increased A&P expenditure. Soaps and
Detergents segment grew by 12.6% yoy, led by key brands such as Dove, Lux,
Lifebuoy, Rin and Surf. The high margin Personal Products segment rose by 12.1%.
Beverages segment rose by 18.3% yoy. We maintain our Neutral recommendation
on the stock.
Y/E
March
Sales
(` cr)
OPM
PAT
EPS
(%)
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
28,974
13.5 3,663 16.9
74.3
29.4
18.7
26.0
3.5
FY2015E
32,970
13.5 3,913 18.1
58.3
27.5
14.0
22.6
3.1
Market Outlook
April 30, 2013
Sterlite Industries (CMP: `92/ TP: `98/ Upside: 7%)

Sterlite Industries (Sterlite) reported better than expected 4QFY2013 results
both on both top line and net profit front. Net sales increased 17.2% yoy to
`12,609cr above our estimate of `11,334cr. Net sales growth was driven by
increase in all the segments. Aluminium, Copper and Zinc segment revenues
grew 9.8%, 16.9% and 21.6% yoy to `953cr, `5783cr and `4,950cr,
respectively. On the operating front, Sterlites EBITDA grew 14.6% yoy at
`3,306cr and EBITDA margin was 26.2% (above our estimate of 23.1%)
mainly due to higher profitability from all the segments and hence, adjusted
net profit increased by 19.7% yoy to `2,041cr, which was above our estimate
of `1,522cr. We maintain our Accumulate rating on the stock with a target
price of `98.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
44,462
23.2 5,855 17.4
10.9
5.3
0.5
2.3
0.5
FY2015E
45,568
24.7 6,573 19.6
11.1
4.7
0.5
1.9
0.5
Bosch (CMP: `8,995/ TP: -/ Upside: -)

Bosch (BOS) reported better-than-expected results for 1QCY2013 led by
sequential expansion of 482bp in operating margins to 17.3% driven by a sharp
23.4% qoq decline in other expenditure. However, on a yoy basis the performance
was impacted due to the ongoing slowdown in the automotive industry.
For 1QCY2013, top-line posted a decline of 3.8% yoy to `2,207cr as medium and
heavy commercial vehicle and tractor segments of the automotive industry, the key
drivers of the companys performance, witnessed a decline of 39% and 8.5% yoy
respectively. As a result, the diesel systems segment of the company posted a
decline of 13% yoy. While domestic sales declined 2.5% yoy, export sales posted a
decline of 9.5% yoy during the quarter. On the operating front, EBITDA margin
declined by a sharp 349bp yoy to 17.3% as employee and other expenditure as
percentage of sales surged 210bp and 180bp yoy respectively. However, on a
sequential basis, EBITDA margins improved 482bp led by lower other expenditure
which benefitted from the cost reduction initiatives undertaken by the company.
Hence, operating profit grew by a strong 43.5% qoq to `382cr, significantly higher
than our estimates of `258cr. Led by a strong sequential operating performance,
net profit posted a better-than-expected growth of 51% to `260cr. Nonetheless, it
declined 22.6% yoy largely due to contraction in operating margins.
While we are positive on the long term prospects of BOS due to its technological
leadership and strong and diversified product portfolio, we expect the near-term
environment to remain challenging given the continued slowdown in the domestic
automotive industry. Nevertheless, current valuations of 20.5x CY2014E earnings,
leaves limited room for any potential upside. Hence, we maintain our Neutral
rating on the stock.
Y/E
Sales
OPM
PAT
Dec.
(` cr)
(%)
(` cr)
EPS ROE
(`)
(%)
P/E
P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
CY2013E
9,821
17.0 1,173 373.5 18.0 24.1
4.3
15.1
2.4
CY2014E
11,394
17.2 1,378 438.7 17.9 20.5
3.7
12.5
2.0
Market Outlook
April 30, 2013
Exide Industries (CMP: `135/ TP: `146/ Upside: 8%)

For 4QFY2013, Exide Industries (EXID) operating performance was slightly ahead
of our estimates led by expansion in EBITDA margins on account of the sustained
momentum in the four-wheeler (4W) replacement battery segment. The top-line for
the quarter grew broadly in-line with our estimates and stood at `1,541cr (6% yoy
and 5.3% qoq) led by continued traction in the 4W replacement battery segment.
However, sluggish demand in the 4W and 2W OEM battery segments restricted
further growth in the top-line. The growth in the industrial battery segment too
remained healthy led by pick-up in the home UPS battery segment. On the
operating front, EBITDA margins improved sharply by ~200bp qoq to 13.3%,
which was slightly ahead of our estimates of 12.5%. The margin expansion was
carried out purely due to the decline in other expenditure (7% qoq). As a
percentage of sales, other expenditure declined 190bp sequentially. The
raw-material and staff cost as percentage of sales however remained stable on a
sequential basis. Consequently, net profit surged 40.7% qoq (2.8% yoy) to `146cr
as against our estimates of `126cr. The net profit also benefitted from a sharp
jump of 148.8% qoq (105.9% yoy) in other income to `30cr. We shall revise our
estimates and release a detailed result note post our interaction with the
management during the earnings conference call. At `135 the stock is trading at
15.2x FY2015 earnings. Currently, we maintain our Accumulate rating on the
stock with a target price of `146.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA EV/Sales

(x)
(x)
(x)
FY2014E
7,026
14.2
657
7.7
18.0
17.5
3.0
9.3
1.3
FY2015E
8,026
14.2
753
8.9
17.9
15.2
2.6
7.8
1.1
Bank of Maharashtra (CMP: `56 / TP: Under Review)

Bank of Maharashtra reported stellar performance during the quarter, registering
a bottom-line growth of 255.6% yoy, which was ahead of our expectation of
192.5% yoy growth. Strong NII growth (34.6% yoy, aided by similar growth in
advance), robust non-interest income performance (more than double on a yoy
basis) and flat provisioning expenses (on sequential improvement in asset quality
and also due to high base), resulted in stellar earnings performance for the bank.
Asset quality for the bank improved sequentially, as both Gross and net NPA levels
declined by 11.4% and 19.3% qoq, respectively. At CMP, the stock trades at 0.6x
FY2015x ABV. Post the recent surge in the stock, our target price has been
achieved and hence our rating and recommendation on the stock is currently
under review.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
4,289
2.9
826
11.6
79.3
0.6
15.7
4.8
0.7
FY2015E
4,670
2.8
922
13.1
89.4
0.6
15.6
4.3
0.6
March
Hexaware (CMP: `82 / TP:-/ Under review:- )

For 1QCY2013, Hexaware reported broadly in-line set of results with operating
margins coming ahead of expectations. The USD revenue came in at US$94mn,
up 1.8% qoq volume growth. In INR terms, revenue came in at `508cr, up 1.1%.
The companys EBITDA margin grew by ~240bp (estimate 190bp) qoq to 19.3%
Market Outlook
April 30, 2013
on account of considerable increase in utilization by ~550bp qoq to 70.3% and

offshore effort shift. PAT came in at `79cr, up 19.8% qoq.
Management has given 0-2% qoq USD revenue growth for 2QCY2013, which is
lower than the expectation of 13%. We maintain our accumulate rating on the
stock. The stock is currently under review and will be releasing a detailed result
update shortly.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
2,137
18.8
311
10.4
22.6
8.0
1.7
5.1
1.0
FY2015E
2,350
19.2
352
11.7
22.1
7.0
1.5
4.4
0.8
March
KPIT (CMP: `98 / TP:-/ Under review:- )

KPIT Cummins Infosystems (KPIT) reported its 4QFY2013 results which were
broadly in-line with our estimates on the revenue front but ahead on the operating
front. The dollar revenues came in at US$105.5mn, up 2% qoq. In INR terms,
revenues came in at `569cr, up 1.2% qoq. EBITDA margin of the company
expanded by 207bp qoq to 17.7%. For 4QFY2013, the company reported PAT of
`51cr, down ~15% qoq, while on a yoy basis the PAT grew 51.5%.
KPITs USD revenue for FY2013 grew by 33%, exceeding management gudance of
32% and much ahead of industrys FY2013 growth rate.
For FY2014,
management has cited guidance of 1416%, which is encouraging. We maintain
our buy rating on the stock. The stock is currently under review and will be
releasing a detailed result update shortly.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
2,458
15.5
241
13.1
20.9
7.5
1.5
3.9
0.6
FY2015E
2,729
15.2
267
14.5
18.8
6.8
1.2
3.0
0.5
March
Result Preview
Godrej Consumer (CMP: `856/ TP: -/ Upside: -)
Godrej Consumer is expected to declare its 4QFY2013 results today. We expect
the top-line to grow by 29.3% yoy to `1,711cr. OPM is expected to increase by
18bp yoy to 18.9%. Bottom-line is expected to increase by 27.2% yoy to `213cr.
We maintain our Neutral recommendation on the stock.
Y/E
March
Sales
OPM
PAT
EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,801
17.0
902 26.5
26.5
32.3
7.3
22.7
3.8
FY2015E
9,017
17.0 1,085 31.9
25.9
26.8
6.0
19.3
3.3
Dabur India (CMP: `147/ TP: -/ Upside: -)

Dabur is expected to declare its 4QFY2013 results today. We expect the top-line
to grow by 15.9% yoy to `1,581cr. OPM is expected to increase by 11bp yoy to
15.9%. Bottom-line is expected to increase by 18.5% yoy to `202cr. We maintain
our Neutral recommendation on the stock.
Market Outlook
April 30, 2013
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,183
16.8
942
5.4
43.9
27.2
10.6
21.3
3.6
FY2015E
8,340
16.8 1,102
6.3
39.9
23.2
8.2
18.2
3.1
GSK Consumer (CMP: `3,817/ TP: -/ Upside: -)

GSK Consumer is expected to declare its 1QCY2013 results tomorrow. We expect
the top-line to grow by 8.6% yoy to `883cr. OPM is expected to decline by 89bp
yoy to 19.0%. Bottom-line is expected to increase by 7.3% yoy to `142cr. We
maintain our Neutral recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
3,617
16.1
507120.6
33.7
31.6
9.8
25.4
4.1
CY2014E
4,259
16.4
616146.4
33.4
26.1
7.9
20.7
3.4
Marico (CMP: `223/ TP: -/ Upside: -)

Marico is expected to declare its 4QFY2013 results today. We expect the top-line
to grow by 21.8% yoy to `1,118cr. OPM is expected to increase by 212bp yoy to
11.1%. Bottom-line is expected to increase by 44.5% yoy to `103cr. We maintain
our Neutral recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,352
14.0
510
7.9
22.8
28.1
5.8
19.5
2.8
FY2015E
6,204
14.0
631
9.8
22.9
22.7
4.7
16.5
2.4
Sanofi India (CMP: `2502/ Target:-/ Upside: -)

Sanofi India for the, 1QCY2013 is expected to post a good set of numbers. The
top line will grow by 24.3% to `401cr. The OPM is expected to come to end the
period at 14.6%, a decline of 70bps. Inspite, of the same the adjusted Net Profit is
expected to grow by 25.0% yoy to end the period at `50.1cr, on back of top-line
growth. We recommend a neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,682
16.6
213 92.4
15.7
27.1
3.8
18.4
3.0
FY2015E
1,917
16.6
228 99.1
14.8
25.3
3.5
17.4
2.9
TVS Motor (CMP: `39/ TP: -/ Upside: -)

TVS Motor is scheduled to announce its 4QFY2013 results today. We expect the
company to report a healthy top-line growth of ~11% yoy to `1,800cr led by
~15% yoy growth in net average realization driven by higher share of threewheelers in the product-mix. The total volumes however declined 3.6% yoy during
the quarter on account of weak motorcycle (down 4% yoy) and scooter sales (down
16.8% yoy) amidst rising competition and moderating demand environment. We
expect the EBITDA margin to remain flat yoy at 6% as increase in other expenditure
is expected to be offset by easing raw-material expenses. Nevertheless, bottom-line
is expected to decline 8% yoy to `53cr due to higher tax outgo (tax rate expected to
Market Outlook
April 30, 2013
be at 22% as against 8% in 4QFY2012). At the CMP of `39, the stock is trading at

6.8x FY2015E earnings. Currently, we have a Neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,714
6.1
228
4.8
16.5
8.1
1.3
2.8
0.2
FY2015E
8,532
6.3
274
5.8
17.5
6.8
1.1
2.2
0.1
Quarterly Bloomberg Brokers Consensus Estimates

Dabur India Consolidated (30/04/2013)
Particulars (` cr)
Net sales
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,566
1,364
14.7
1,631
(4.1)
16.5
275
(4.8)
EBITDA
261
224
EBITDA margin (%)
16.7
16.5
Net profit
199
171
16.8
16.8
211
(5.7)
Godrej Consumer Products Consolidated (30/04/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,694
1,323
28.0
1,691
0.2
EBITDA
310
250
24.0
285
8.8
EBITDA margin (%)
18.3
18.9
Net profit
209
193
8.5
172
21.4
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
483
335
44.3
455
6.2
Net sales
16.8
IDFC Consolidated (01/05/2013)

Particulars (` cr)
Net profit
Bharti Airtel Consolidated (02/05/2013)

Particulars (` cr)
Net sales
EBITDA
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
20,836
18,729
11.2
20,240
2.9
2.8
6,199
3.7
6,430
6,253
EBITDA margin (%)
30.9
33.4
Net profit
729
1,006
(27.5)
284
156.9
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
778
829
(6.2)
711
9.4
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
401
297
35.1
362
10.9
30.6
Canara Bank (02/05/2013)

Particulars (` cr)
Net profit
Kotak Mahindra Bank (02/05/2013)

Particulars (` cr)
Net profit
Market Outlook
April 30, 2013
Economic and Political News
In-principle approval given for 12 NIMZs

India may have to continue coal imports till 2017: Government
India's GDP likely to improve to 5.7% in 2013: IMF
Overseas fundraising down 13% in 2012-13
Corporate News
CERC upholds NTPC's PPAs to supply 37,000 MW to 37 beneficiaries

Lanco settles legal dispute with Perdaman Chemicals
BP seeks $1.5 per mmBtu incentive for deepsea gas
Airtel launches flat roaming rates for African customers
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
April 30, 2013
Result Calendar
Date
Company
April 30, 2013
Dabur India, Godrej Consumer, Petronet LNG, Marico, Aventis, TVS Motor, Finolex Cables, Taj GVK
May 01, 2013
May 03, 2013
IDFC, GlaxoSmith Con

Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,
Automotive Axle
Ambuja Cements, ACC, Titan Inds., Hind. Const., Honeywell Automation
May 04, 2013
Grasim Inds, Jaiprakash Asso., Gujarat Gas
May 02, 2013
May 05, 2013

May 06, 2013
Mundra Port, Adani Power, South Ind.Bank
May 07, 2013
GSK Pharma, Shriram Trans., Glenmark Pharma., ITNL, CEAT
May 08, 2013
HDFC, Ranbaxy, ABB, Corporation Bank
May 09, 2013
Asian Paints, Union Bank
May 10, 2013
NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, Punj Lloyd
May 13, 2013
Nestle, Amara Raja Batteries
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
April 30, 2013

May 1, 2013
May 2, 2013
May 3, 2013
1:25PM
Germany Unemployment change (000's)
7:30PM
US
Consumer Confidence
Thousands
Apr
13.00
2.00
S.A./ 1985=100
Apr
59.70
59.75
2:00PM
UK
6:30AM
China
PMI Manufacturing
Value
Apr
48.30
48.30
PMI Manufacturing
Value
Apr
50.90
50.70
11:30PM
US
FOMC rate decision
May 1
0.25
0.25
1:25PM
Germany PMI Manufacturing
5:15PM
Euro Zone ECB announces interest rates
Value
Apr F
47.90
47.90
May 2
0.75
0.50
6:00PM
US
Change in Nonfarm payrolls
Thousands
Apr
88.00
145.00
6:00PM
US
Unnemployment rate
Apr
7.60
7.60
11:00AM
India
RBI Repo rate
May 3
7.50
7.25
11:00AM
India
RBI Cash Reserve ratio
May 3
4.00
4.00
11:00AM
India
RBI Reverse Repo rate
May 3
6.50
6.25
May 6, 2013
1:25PM
Germany PMI Services
Value
Apr F
49.20
--
May 8, 2013
4:29PM
China
Exports YoY%
% Change
Apr
10.00
--
May 9, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Mar
(2.20)
--
4:30PM
UK
BOE Announces rates
% Ratio
May 9
0.50
0.50
7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
2.10
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
2.10
--
4:29PM
India
Exports YoY%
% Change
Apr
7.00
--
11:00AM
India
Industrial Production YoY
% Change
Mar
0.60
--
May 10, 2013
Market Outlook
April 30, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
4.0
0.6
(0.1)
Jan-13
Dec-12
Nov-12
(2.8)
Mfg. PMI
58.0
7.5
(0.5)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(0.7)
(2.0)
Oct-12
(4.0)
(1.3)
Mar-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
5.3 5.5 5.3

4.5
7.5
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
56.0
6.8
6.0
54.0
52.0
Mar-13
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
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Source: MOSPI, Angel Research
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
7.50
8.00
15.0
7.00
6.50
6.00
4.00
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: RBI, Angel Research
Mar-13
4.00
3.00
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.00
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
0.0
(15.0)
Feb-13
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
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
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
129
2,509
1,657
1,906
14.1
14.1
7.7
8.9
16.8
14.5
3.5
3.0
22.2
21.9
1.4
1.2
United Phosphorus
Buy
138
232
6,126
10,298
11,310
16.5
16.5
20.5
23.2
6.8
6.0
1.1
1.0
18.0
17.4
0.6
0.5
Amara Raja Batteries
Buy
265
326
4,532
3,418
3,892
15.1
14.9
19.8
21.7
13.4
12.2
3.2
2.6
27.1
23.7
1.3
1.2
Apollo Tyres
Accumulate
95
103
4,796
14,401
15,841
11.4
11.5
13.6
15.9
7.0
6.0
1.2
1.0
18.4
18.2
0.5
0.4
Ashok Leyland
Buy
23
27
5,987
13,833
16,192
9.6
9.7
2.0
2.7
11.4
8.5
1.9
1.7
12.1
15.2
0.5
0.4
Automotive Axle#
Accumulate
293
309
443
934
1,103
10.2
10.7
24.5
34.3
11.9
8.5
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Accumulate
1,897
2,014
54,891
22,552
25,498
18.6
18.6
117.9
134.3
16.1
14.1
5.8
4.7
40.2
36.6
2.0
1.7
Bharat Forge
Neutral
230
5,358
6,198
6,793
14.6
14.9
14.5
17.3
15.8
13.3
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
8,995
28,242
9,821
11,394
17.0
17.3
373.5
438.7
24.1
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
108
155
369
5,403
6,057
8.3
8.3
36.4
41.3
3.0
2.6
0.4
0.4
15.3
16.6
0.2
0.2
Exide Industries
Accumulate
135
146
11,479
7,026
8,027
14.2
14.2
7.7
8.9
17.5
15.3
3.0
2.6
18.0
17.9
1.3
1.1
FAG Bearings*
Neutral
1,341
2,228
1,525
1,742
14.5
15.7
88.4
109.5
15.2
12.3
2.2
1.9
15.5
16.5
1.3
1.1
Hero Motocorp
Accumulate
1,649
1,819
32,921
25,274
27,658
14.1
13.8
106.8
140.0
15.4
11.8
5.5
4.3
38.8
41.1
1.1
1.0
JK Tyre
Buy
114
154
468
7,972
8,754
7.1
7.1
37.5
44.0
3.0
2.6
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
903
1,006
55,427
44,550
50,260
11.4
11.7
59.6
68.3
15.2
13.2
3.1
2.6
22.3
21.6
1.0
0.8
1,681
1,847
48,557
48,455
55,723
11.2
10.9
107.8
123.2
15.6
13.7
2.4
2.0
16.2
16.0
0.8
0.7
Buy
189
222
11,131
28,442
31,493
7.5
7.8
12.5
14.8
15.1
12.8
3.7
3.0
27.5
25.8
0.5
0.5
Subros
Buy
26
30
154
1,479
1,685
10.0
9.9
5.5
7.5
4.7
3.4
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
296
324
78,913 206,341 227,695
12.8
13.5
32.3
39.0
9.2
7.6
1.9
1.6
23.1
23.2
0.5
0.4
TVS Motor
Neutral
39
1,853
7,714
8,532
6.1
6.3
4.8
5.8
8.1
6.8
1.3
1.1
16.5
17.5
0.2
0.1
ABB*
Reduce
512
452
10,843
8,073
9,052
5.5
7.2
11.3
17.4
45.4
29.4
3.9
3.6
8.9
12.8
1.3
1.2
BGR Energy
Neutral
187
1,352
4,114
4,886
11.4
10.7
24.9
28.0
7.5
6.7
1.0
0.9
25.2
22.6
0.6
0.6
BHEL
Neutral
191
46,823
43,757
40,934
17.3
16.9
20.9
19.0
9.2
10.1
2.0
1.8
23.7
18.8
0.9
0.9
Blue Star
Buy
161
230
1,445
2,896
3,087
5.6
6.2
9.3
11.7
17.3
13.7
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
92
117
5,927
13,790
15,095
6.4
7.4
6.9
9.4
13.4
9.9
1.5
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Accumulate
30
34
244
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
53
67
1,369
7,750
8,631
6.8
7.0
7.7
9.2
6.9
5.8
1.0
0.9
20.8
20.8
0.3
0.3
Thermax
Neutral
573
6,828
5,931
6,592
9.6
9.7
31.0
34.3
18.5
16.7
3.2
2.8
18.6
17.9
1.0
0.9
1,244
1,361
23,346
12,182
13,435
21.0
22.4
78.7
98.8
15.8
12.6
2.9
2.6
19.0
21.4
1.6
1.4
Maruti
Accumulate
Motherson Sumi
Capital Goods
Cement
ACC
Accumulate
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
186
28,641
10,681
11,991
25.0
25.5
10.8
12.8
17.1
14.6
3.0
2.7
18.1
19.4
2.2
1.8
India Cements
Neutral
83
2,548
4,777
5,276
17.3
17.1
8.8
10.9
9.4
7.7
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
98
143
1,156
2,313
2,728
19.8
20.7
16.6
23.1
5.9
4.3
0.8
0.7
13.6
16.5
1.1
0.8
Madras Cements
Neutral
241
5,727
4,293
4,855
27.4
28.6
21.8
28.2
11.1
8.5
2.0
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,411
15,366
6,706
7,751
28.7
27.7
338.2
375.5
13.0
11.8
3.3
2.7
28.5
25.2
1.6
1.2
UltraTech Cement
Neutral
1,920
52,637
21,947
25,049
23.8
23.8
106.1
119.8
18.1
16.0
3.0
2.6
17.7
17.3
2.5
2.1
190
272
1,000
2,013
2,293
22.5
22.5
26.0
24.4
7.3
7.8
0.8
0.7
11.7
9.9
2.1
1.9
12
217
2,281
2,492
5.9
6.9
0.7
2.0
17.3
5.9
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
117
167
3,890
4,152
4,624
44.4
45.0
17.0
17.2
6.9
6.8
1.1
0.9
16.2
14.6
3.3
3.4
ITNL
Buy
173
230
3,360
7,177
7,772
27.4
28.9
29.4
32.4
5.9
5.3
0.9
0.8
16.5
15.9
2.6
2.7
IVRCL Infra
Buy
20
35
626
6,287
6,836
8.5
8.5
2.3
3.0
8.7
6.7
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
77
95
17,098
14,914
15,699
26.2
26.4
4.2
4.4
18.4
17.7
1.2
1.1
6.8
6.6
2.5
2.4
Larsen & Toubro
Buy
1,530
1,795
94,190
69,586
79,247
11.2
11.1
75.1
84.9
20.4
18.0
2.9
2.5
15.2
15.0
1.5
1.4
Nagarjuna Const.
Buy
32
45
819
6,576
7,264
8.2
8.3
4.1
4.8
7.8
6.7
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
53
1,750
1,338
1,542
10.2
10.2
3.0
4.8
17.8
11.1
0.6
0.6
3.4
5.2
5.5
5.3
Sadbhav Engg.
Buy
115
153
1,737
2,511
2,736
10.6
10.6
7.3
7.8
15.9
14.8
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
117
164
579
6,824
7,563
9.2
9.4
18.0
23.4
6.5
5.0
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
31
45
232
2,455
2,734
13.4
13.0
14.6
14.9
2.2
2.1
0.3
0.2
12.3
11.3
0.5
0.5
136
155
6,808
7,137
7,907
2.9
2.8
32.3
36.0
4.2
3.8
0.6
0.5
14.2
14.2
92
5,151
5,285
5,937
3.0
2.9
21.2
23.4
4.3
3.9
0.6
0.6
13.4
13.4
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,474
1,737
68,991
19,055
22,710
3.3
3.2
130.7
152.3
11.3
9.7
1.8
1.6
17.2
17.6
Bank of Baroda
Buy
699
815
29,433
16,318
18,682
2.4
2.4
121.4
144.6
5.8
4.8
0.8
0.7
15.2
16.0
Bank of India
Accumulate
328
360
19,543
14,284
16,295
2.3
2.3
55.9
68.4
5.9
4.8
0.8
0.7
13.9
15.2
Bank of Maharashtra
Neutral
56
3,724
4,289
4,670
2.9
2.8
11.6
13.1
4.9
4.3
0.7
0.6
15.7
15.6
Canara Bank
Accumulate
422
461
18,708
11,673
13,208
2.3
2.3
74.8
85.8
5.6
4.9
0.8
0.7
13.7
14.1
Central Bank
Neutral
70
7,343
8,079
9,086
2.6
2.6
14.9
18.0
4.7
3.9
0.7
0.6
12.2
13.3
Corporation Bank
Buy
379
453
5,792
5,397
5,973
2.2
2.2
96.3
105.9
3.9
3.6
0.6
0.5
14.6
14.4
Dena Bank
Accumulate
93
101
3,252
3,334
3,700
2.7
2.7
23.6
26.5
3.9
3.5
0.6
0.5
15.5
15.3
Federal Bank
Neutral
448
7,664
2,916
3,389
3.3
3.3
50.1
59.4
8.9
7.6
1.1
1.0
12.8
13.7
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
864
133,596
8,928
10,684
3.7
3.7
38.4
45.3
22.5
19.1
4.9
4.3
32.5
32.4
HDFC Bank
Neutral
694
165,182
27,682
33,916
4.6
4.6
35.3
42.7
19.7
16.3
3.9
3.3
21.3
21.8
ICICI Bank
Accumulate
1,152
1,306
132,935
26,371
31,618
3.0
3.0
84.1
96.7
13.7
11.9
1.8
1.7
15.8
16.5
IDBI Bank
Accumulate
90
96
11,948
9,309
10,541
2.1
2.2
20.1
23.4
4.5
3.8
0.6
0.5
12.8
13.5
Indian Bank
Buy
165
200
7,085
6,276
6,968
3.1
3.1
38.3
42.3
4.3
3.9
0.6
0.6
15.2
14.9
IOB
Buy
64
78
5,886
8,205
9,048
2.6
2.5
16.4
20.3
3.9
3.1
0.5
0.4
11.6
13.1
J & K Bank
Neutral
1,321
6,404
3,032
3,118
3.8
3.5
218.1
200.9
6.1
6.6
1.1
1.0
19.9
16.0
LIC Housing Finance
Neutral
252
12,725
2,127
2,498
2.2
2.2
25.1
28.2
10.1
8.9
1.7
1.5
18.3
17.9
Oriental Bank
Neutral
272
7,923
6,791
7,478
2.7
2.7
56.7
63.4
4.8
4.3
0.6
0.6
12.9
13.1
Punjab Natl.Bank
Accumulate
784
889
27,709
21,161
24,166
3.3
3.3
153.4
176.4
5.1
4.4
0.8
0.7
16.1
16.3
South Ind.Bank
Neutral
24
3,192
1,826
2,081
3.0
2.9
4.0
4.5
5.9
5.3
1.0
0.9
17.6
17.1
St Bk of India
Accumulate
2,272
2,567
155,443
67,091
76,746
3.2
3.1
241.2
280.4
9.4
8.1
1.5
1.3
16.5
17.0
Syndicate Bank
Accumulate
118
130
7,088
7,340
8,212
2.9
2.8
26.4
28.7
4.5
4.1
0.7
0.6
15.8
15.2
UCO Bank
Neutral
69
5,186
6,126
6,665
2.6
2.5
12.2
14.4
5.7
4.8
0.9
0.7
11.8
12.6
Union Bank
Accumulate
246
264
14,657
11,226
12,769
2.7
2.7
41.0
47.8
6.0
5.1
0.9
0.7
14.8
15.4
United Bank
Accumulate
60
68
2,244
3,597
4,008
2.6
2.7
16.0
20.8
3.8
2.9
0.5
0.4
12.5
14.7
Vijaya Bank
Neutral
53
2,641
2,600
2,946
2.0
2.1
9.7
11.0
5.5
4.9
0.6
0.6
11.4
11.7
Yes Bank
Neutral
504
18,084
4,390
5,411
2.8
2.8
41.6
47.9
12.1
10.5
2.6
2.1
23.2
22.1
Asian Paints
Neutral
4,701
45,094
13,319
15,805
15.7
15.7
143.8
170.2
32.7
27.6
10.2
8.1
35.1
32.7
3.3
2.8
Britannia
Neutral
564
6,747
6,417
7,446
5.1
5.5
20.3
25.2
27.9
22.4
9.5
7.5
37.4
37.3
1.0
0.8
Colgate
Neutral
1,390
18,902
3,588
4,130
21.1
21.6
44.7
51.9
31.1
26.8
28.0
20.8
100.0
89.1
5.1
4.4
Dabur India
Neutral
147
25,612
7,183
8,340
16.8
16.8
5.4
6.3
27.2
23.2
10.6
8.2
43.9
39.9
3.5
3.0
GlaxoSmith Con*
Neutral
3,817
16,051
3,617
4,260
16.1
16.4
120.6
146.4
31.6
26.1
9.8
7.9
33.8
33.4
4.1
3.4
Godrej Consumer
Neutral
856
29,125
7,801
9,017
17.0
17.0
26.5
31.9
32.3
26.8
7.3
6.0
26.5
25.9
3.9
3.3
HUL
Neutral
498
107,605
28,974
32,970
13.5
13.5
17.0
18.1
29.4
27.5
18.7
14.0
74.3
58.3
3.5
3.0
ITC
Neutral
324
256,296
33,506
39,067
36.8
37.0
11.1
13.0
29.3
25.0
9.5
7.7
35.5
34.1
7.3
6.2
Marico
Neutral
223
14,366
5,352
6,204
14.0
14.0
7.9
9.8
28.1
22.8
5.8
4.7
22.8
22.9
2.7
2.2
Nestle*
Neutral
4,720
45,509
9,739
11,307
21.5
22.2
131.6
159.9
35.9
29.5
18.1
13.0
58.8
69.5
4.6
3.9
Tata Global
Neutral
144
8,920
7,998
8,798
9.7
9.8
7.9
8.7
18.3
16.6
2.2
2.1
9.6
9.8
1.0
0.9
FMCG
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
701
863
48,812
28,633
32,216
21.5
20.7
57.3
61.7
12.2
11.4
2.9
2.4
24.0
21.5
1.5
1.3
Hexaware*
Buy
82
105
2,458
2,137
2,350
18.8
19.2
10.4
11.7
8.0
7.0
1.8
1.5
22.6
22.1
1.0
0.9
Infosys
Accumulate
2,229
2,465
128,000
43,338
47,244
27.5
27.7
169.4
182.6
13.2
12.2
2.7
2.4
20.8
19.3
2.3
2.0
Infotech Enterprises
Accumulate
171
196
1,914
1,994
2,039
18.1
18.5
20.2
21.8
8.5
7.9
1.2
1.0
13.8
13.1
0.5
0.4
KPIT Cummins
Buy
98
130
1,887
2,458
2,729
15.5
15.2
13.1
14.5
7.5
6.8
1.5
1.2
20.9
18.8
0.7
0.5
Mahindra Satyam
Buy
108
143
12,668
8,456
9,385
19.3
19.1
10.6
11.9
10.2
9.1
2.3
1.8
22.4
20.1
1.1
0.9
Mindtree
Accumulate
805
926
3,345
2,587
2,823
19.4
19.4
87.2
92.6
9.2
8.7
2.0
1.6
21.8
18.8
1.0
0.8
Mphasis&
Accumulate
374
395
7,858
6,096
6,646
17.6
17.4
38.1
41.6
9.8
9.0
1.4
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
24
30
396
1,144
1,267
9.0
9.1
4.3
5.4
5.6
4.5
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Buy
520
602
2,080
1,433
1,591
24.7
24.6
55.5
60.2
9.4
8.6
1.7
1.5
18.4
16.8
1.1
0.8
TCS
Buy
1,371
1,585
268,276
71,833
81,893
28.4
28.0
78.5
88.0
17.5
15.6
5.3
4.4
30.2
27.9
3.5
3.0
Tech Mahindra
Buy
945
1,230
12,105
7,699
8,315
19.3
18.1
107.0
115.0
8.8
8.2
1.9
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
342
385
84,208
40,173
43,697
20.4
20.6
26.2
28.5
13.1
12.0
2.6
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
234
272
4,292
1,787
1,974
25.4
26.4
14.5
16.9
16.1
13.9
3.4
2.9
22.4
22.2
2.3
2.0
HT Media
Accumulate
104
117
2,448
2,205
2,380
15.1
15.6
8.0
9.1
13.0
11.5
1.4
1.2
11.2
11.4
0.7
0.6
Jagran Prakashan
Buy
93
121
3,075
1,698
1,908
23.9
24.5
7.4
8.4
12.6
11.1
3.2
2.8
26.7
26.8
1.9
1.7
PVR
Neutral
338
1,337
1,343
1,521
18.8
18.9
18.3
22.9
18.4
14.8
1.7
1.9
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
421
16,607
2,293
2,571
68.7
68.7
19.3
22.7
21.8
18.6
5.3
4.7
26.1
27.3
6.7
5.8
Bhushan Steel
Neutral
457
10,340
13,794
17,335
30.7
34.8
48.9
83.6
9.3
5.5
1.0
0.8
11.2
16.7
2.4
1.9
Coal India
Accumulate
314
345
198,050
72,174
76,311
33.3
28.4
28.4
30.9
11.0
10.2
3.0
2.6
37.6
36.2
1.9
1.7
Electrosteel Castings
Buy
17
26
585
2,074
2,176
10.4
11.3
1.9
2.3
8.9
7.4
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
153
213
4,865
1,944
2,317
49.9
51.7
20.8
25.6
7.4
6.0
1.6
1.3
24.3
24.6
2.0
1.5
Hind. Zinc
Buy
119
145
50,429
12,358
13,659
51.4
51.6
16.0
17.6
7.4
6.8
1.4
1.2
19.4
18.4
1.8
1.3
Hindalco
Neutral
99
18,916
88,987
94,163
9.2
9.7
13.8
15.9
7.2
6.2
0.5
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
699
15,605
39,524
42,064
17.1
16.9
71.8
86.3
9.7
8.1
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
225
243
3,778
954
1,062
45.5
47.4
26.1
29.1
8.6
7.7
1.2
1.1
15.1
15.2
1.5
1.1
Monnet Ispat
Buy
199
291
1,267
2,883
3,181
21.7
23.6
40.3
57.7
4.9
3.5
0.5
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
36
9,162
8,187
8,416
14.5
14.7
3.2
3.3
11.1
10.9
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
124
179
49,004
10,329
12,540
73.8
75.0
16.6
19.0
7.4
6.5
1.4
1.2
20.6
20.2
2.6
2.0
Media
Metals & Mining
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
63
25,896
53,685
155
163
13,471
3,742
30,834
45,864
OPM(%)
EPS ( )
FY14E
FY15E
64,183
9.3
12.2
4,426
32.9
32.8
46,970
23.8
25.3
29,370 141,775 151,672
10.5
11.4
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
5.5
8.3
11.5
7.6
0.6
0.6
31.3
31.2
5.0
5.0
0.7
0.6
18.8
20.9
4.9
4.4
0.5
0.5
35.3
51.7
8.6
5.9
0.6
0.6
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
5.4
7.7
0.8
0.8
14.8
12.9
4.3
3.6
11.7
11.8
0.6
0.5
7.6
10.3
0.5
0.5
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
92
98
Tata Steel
Buy
302
430
Sarda
Buy
105
153
375
1,494
1,568
19.1
20.3
31.3
36.5
3.3
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
36
48
484
2,668
2,834
10.0
10.1
4.6
5.2
7.8
7.0
0.2
0.2
3.2
3.4
0.5
0.4
Buy
88
118
290
2,425
2,552
13.7
14.8
33.5
45.3
2.6
2.0
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Accumulate
307
345
58,654
16,482
16,228
69.4
53.3
53.3
49.6
5.8
6.2
0.9
0.8
16.5
13.6
2.2
1.9
GAIL
Neutral
351
44,511
55,815
63,013
15.3
15.2
35.9
41.5
9.8
8.5
1.6
1.4
17.0
17.1
0.7
0.5
ONGC
Accumulate
329
354
281,305 157,962 175,367
35.1
36.2
34.3
39.3
9.6
8.4
1.7
1.5
18.2
18.6
1.5
1.4
Reliance Industries
Neutral
793
255,956 380,031 407,721
9.9
69.3
69.3
78.0
11.4
10.2
1.1
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
248
3,179
3,707
3,850
11.7
12.4
23.7
25.7
10.5
9.7
2.9
2.5
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
311
4,358
3,700
4,218
23.4
22.8
26.6
30.4
11.7
10.2
2.4
2.0
22.6
21.7
1.3
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
138
174
10,384
41,362
40,852
5.8
6.5
15.6
17.4
8.9
8.0
2.0
1.7
24.1
22.5
0.3
0.3
68
3,812
1,079
983
91.8
91.9
8.8
7.8
7.7
8.7
1.3
1.2
17.8
14.1
3.3
3.5
Alembic Pharma
Accumulate
113
122
2,130
1,714
1,976
17.1
19.0
9.5
12.2
11.9
9.3
3.2
2.4
30.2
29.8
1.3
1.1
Aurobindo Pharma
Buy
192
264
5,591
6,279
7,033
16.0
16.0
15.2
19.2
12.6
10.0
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,502
5,761
1,682
1,917
16.6
16.6
92.4
99.1
27.1
25.2
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
774
962
15,850
7,386
8,863
18.0
18.0
39.5
48.1
19.6
16.1
4.4
3.6
24.8
24.7
2.4
2.0
Cipla
Accumulate
408
463
32,723
9,130
10,543
24.8
23.0
21.6
23.2
18.9
17.6
3.1
2.7
17.6
16.2
3.3
2.7
Dr Reddy's
Neutral
1,993
33,828
11,662
13,101
21.0
20.8
92.9
103.9
21.5
19.2
4.1
3.5
20.8
19.6
3.1
2.7
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
69
206
554
1,536
1,739
20.2
20.9
15.4
20.6
4.5
3.3
0.5
0.4
11.6
13.7
1.0
0.8
2,219
18,793
2,993
3,319
30.4
30.2
78.1
86.7
28.4
25.6
8.6
7.7
31.6
31.9
5.5
4.8
Buy
64
90
587
784
902
15.2
15.2
7.8
9.0
8.2
7.1
1.2
1.0
15.6
15.8
1.0
0.8
Ipca labs
Buy
517
676
6,518
3,474
4,168
21.0
21.0
37.3
45.1
13.9
11.5
3.3
2.6
26.4
25.3
2.0
1.7
Lupin
Buy
686
792
30,699
11,564
13,847
21.1
21.1
32.8
39.6
20.9
17.3
4.8
3.9
25.7
24.7
2.7
2.2
Ranbaxy*
Neutral
457
19,327
11,400
12,060
12.5
12.5
21.6
22.5
21.2
20.3
4.0
3.5
20.6
18.5
1.6
1.5
Sun Pharma
Reduce
942
888
97,355
12,563
14,698
42.6
42.6
29.8
35.5
31.6
26.5
5.6
4.7
19.2
19.3
7.1
5.9
72
78
1,086
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
156
128,629
81,951
92,264
24.1
24.3
13.6
14.9
11.5
10.5
1.4
1.3
13.0
13.1
2.3
2.1
DLF
Buy
242
288
41,033
9,699
12,010
37.0
36.9
6.0
8.4
40.5
28.7
1.5
1.4
3.8
5.1
5.6
4.6
MLIFE
Accumulate
415
446
1,695
888
1,002
26.7
25.9
36.3
40.6
11.5
10.2
1.2
1.1
10.8
11.0
2.1
1.9
Bharti Airtel
Neutral
318
120,799
86,933
96,121
30.2
31.2
10.3
15.7
31.0
20.3
2.2
2.0
7.0
9.7
2.1
1.8
Idea Cellular
Neutral
126
41,734
24,959
27,232
27.1
27.5
3.7
4.7
33.9
26.8
2.7
2.5
8.1
9.2
2.1
1.9
Rcom
Neutral
100
20,702
22,221
24,253
32.0
32.2
4.3
6.4
23.1
15.6
0.6
0.5
2.4
3.4
2.5
2.1
11.8
12.4
71.2
83.0
19.6
16.8
3.9
3.4
21.6
21.5
1.3
1.0
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,396
1,659
2,967
1,863
2,081
Bajaj Electricals
Buy
175
237
1,750
3,929
4,480
7.4
7.7
15.5
19.7
11.3
8.9
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
452
620
572
596
743
16.2
16.1
45.0
56.3
10.0
8.0
2.5
1.9
27.8
26.9
1.0
0.8
Cravatex
Buy
319
566
82
308
351
7.0
7.0
39.6
47.2
8.1
6.8
1.8
1.4
21.8
21.0
0.3
0.3
Finolex Cables
Buy
54
68
820
2,559
2,893
9.8
9.8
9.8
11.3
5.5
4.7
0.8
0.7
14.1
14.1
0.3
0.2
Force Motors
Buy
383
570
499
2,299
2,621
4.7
4.9
46.3
57.0
8.3
6.7
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
277
352
638
1,453
1,560
9.4
9.8
38.4
41.4
7.2
6.7
1.5
1.3
22.9
20.8
0.3
0.2
Hitachi
Buy
133
177
361
1,053
1,169
6.3
7.1
13.8
17.7
9.6
7.5
1.4
1.2
15.0
16.7
0.4
0.3
Honeywell Automation* Buy
2,410
2,842
2,131
2,117
2,491
8.1
7.8
137.9
157.9
17.5
15.3
2.6
2.3
16.0
15.8
0.9
0.8
IFB Agro
Accumulate
173
198
155
495
651
12.7
12.9
29.3
39.5
5.9
4.4
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
178
238
205
1,430
1,573
12.1
12.2
21.8
30.6
8.2
5.8
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
174
2,813
979
1,164
14.9
15.1
6.0
7.7
29.0
22.6
3.6
3.3
12.9
15.1
3.0
2.5
MRF
Accumulate
13,668
14,416
5,797
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.6
7.6
1.6
1.3
23.5
19.2
0.6
0.5
Page Industries
Neutral
3,549
3,959
1,047
1,281
19.6
19.8
127.3
158.1
27.9
22.5
13.3
9.7
54.9
50.0
3.9
3.2
Relaxo Footwears
Buy
609
786
731
1,148
1,360
11.7
11.9
55.5
71.4
11.0
8.5
2.6
2.0
26.3
26.2
0.8
0.6
Siyaram Silk Mills
Buy
241
312
226
1,157
1,320
11.9
12.0
66.6
77.9
3.6
3.1
0.6
0.5
18.3
18.2
0.4
0.4
S. Kumars Nationwide
Neutral
220
6,765
7,393
18.1
18.0
6.4
7.5
1.2
1.0
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Buy
487
744
856
1,069
1,223
9.7
9.7
40.0
46.5
12.2
10.5
1.7
1.5
15.1
15.3
0.8
0.7
TAJ GVK
Buy
64
108
401
300
319
35.8
36.2
7.9
9.1
8.1
7.0
1.1
1.0
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
295
371
454
814
849
17.0
17.6
64.6
69.2
4.6
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
482
553
375
435
516
6.2
7.1
24.3
33.3
19.9
14.5
3.3
2.8
17.6
20.8
0.7
0.6
Tree House
Neutral
268
964
150
192
52.7
52.5
12.8
16.2
20.9
16.5
2.1
1.8
10.0
11.1
6.0
4.6
TVS Srichakra
Buy
196
226
150
1,591
1,739
7.1
7.4
39.4
56.5
5.0
3.5
1.0
0.8
20.6
25.0
0.3
0.3
Market Outlook
April 30, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
2,078
27,177
11,886
13,491
14.4
14.0
50.9
74.5
40.8
27.9
3.4
3.0
10.6
11.4
2.6
2.3
361
439
733
600
638
20.1
19.4
35.7
36.6
10.1
9.9
1.8
1.6
19.4
17.1
1.0
0.9
Others
United Spirits
Neutral
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 29, 2013
Market Outlook
April 30, 2013

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Market Outlook

April 30, 2013

OIL & GAS

HMCL reaches on a wage settlement agreement with Gurgaon union

Refer detailed news analysis on the following page

Net Inflows (April 26, 2013)

FII Derivatives (April 29, 2013)

Indiabulls Real Est.

HMCL reaches on a wage settlement agreement with

13.5 3,663 16.9

13.5 3,913 18.1

Sterlite Industries (CMP: `92/ TP: `98/ Upside: 7%)

23.2 5,855 17.4

24.7 6,573 19.6

Bosch (CMP: `8,995/ TP: -/ Upside: -)

17.0 1,173 373.5 18.0 24.1

17.2 1,378 438.7 17.9 20.5

Exide Industries (CMP: `135/ TP: `146/ Upside: 8%)

P/BV EV/EBITDA EV/Sales

Bank of Maharashtra (CMP: `56 / TP: Under Review)

Hexaware (CMP: `82 / TP:-/ Under review:- )

on account of considerable increase in utilization by ~550bp qoq to 70.3% and

KPIT (CMP: `98 / TP:-/ Under review:- )

17.0 1,085 31.9

Dabur India (CMP: `147/ TP: -/ Upside: -)

GSK Consumer (CMP: `3,817/ TP: -/ Upside: -)

Marico (CMP: `223/ TP: -/ Upside: -)

Sanofi India (CMP: `2502/ Target:-/ Upside: -)

TVS Motor (CMP: `39/ TP: -/ Upside: -)

be at 22% as against 8% in 4QFY2012). At the CMP of `39, the stock is trading at

Quarterly Bloomberg Brokers Consensus Estimates

EBITDA margin (%)

Godrej Consumer Products Consolidated (30/04/2013)

EBITDA margin (%)

IDFC Consolidated (01/05/2013)

Bharti Airtel Consolidated (02/05/2013)

EBITDA margin (%)

Canara Bank (02/05/2013)

Kotak Mahindra Bank (02/05/2013)

Economic and Political News

In-principle approval given for 12 NIMZs

CERC upholds NTPC's PPAs to supply 37,000 MW to 37 beneficiaries

April 30, 2013

May 01, 2013

May 03, 2013

IDFC, GlaxoSmith Con

May 04, 2013

Grasim Inds, Jaiprakash Asso., Gujarat Gas

May 02, 2013

May 05, 2013

Mundra Port, Adani Power, South Ind.Bank

May 07, 2013

GSK Pharma, Shriram Trans., Glenmark Pharma., ITNL, CEAT

May 08, 2013

HDFC, Ranbaxy, ABB, Corporation Bank

May 09, 2013

Asian Paints, Union Bank