Market Outlook: Dealer's Diary

Market Outlook
May 22, 2013
Dealers Diary
The Indian markets are expected to open in green tracking marginally positive
opening in most of the Asian markets, as indications that the Federal Reserve Bank
wasnt close to slowing its asset purchases lifted investor sentiment.
US markets ended modestly higher in yesterdays trading session, after comments
from two Federal Reserve officials suggested that the central bank is not close to
tapering its bond-buying program. St. Louis Fed President said that the central
bank should continue with its present bond-buying program and adjust the rate of
purchases in view of incoming data on growth and inflation. The Feds US$85bn a
month asset-purchase program aims to boost economic growth and lower the
jobless rate. The program has buoyed the stock market and its end - if not properly
managed - may hurt sentiment among equity investors, potentially triggering a
correction in the market.
Meanwhile Indian markets ended a choppy session notably lower on Tuesday,
mirroring weak global cues as investors turned their focus to Fed chairman Ben
Bernanke's Congressional testimony to Congress and the release of the Fed's May
minutes due this Wednesday for cues on the outlook for interest rates.
Markets Today
The trend deciding level for the day is 20,164 / 6,136 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,256 20,399 / 6,158 6,202 levels. However, if NIFTY trades below
20,164 / 6,136 levels for the first half-an-hour of trade then it may correct up to
20,020 19,929 / 6,092 6,070 levels.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.6)
Nifty
(0.7)
(43)
6,114
MID CAP
(0.6)
(41)
6,547
SMALL CAP
(0.4)
(27)
6,160
BSE HC
(0.9)
(77)
8,923
BSE PSU
(1.0)
(69)
6,897
BANKEX
(0.9)
(133) 14,941
AUTO
(1.7)
(197) 11,097
METAL
(0.7)
(58)
8,735
OIL & GAS
(0.8)
(73)
8,881
BSE IT
Global Indices
(112) 20,112
0.8
48
6,031
Chg (%)
(Pts)
(Close)
Dow Jones
0.3
NASDAQ
0.2
3,502
FTSE
0.7
48
6,804
Nikkei
0.1
20
15,381
Hang Sang
(0.5)
(127)
23,366
Straits Times
(0.3)
(10)
3,444
0.2
2,305
Chg (%)
(Pts)
(Close)
1.0
0.4
$43.5
Shanghai Com
Indian ADR
INFY
52 15,388
Indices
S2
S1
PIVOT
R1
R2
WIT
0.4
0.0
$7.8
SENSEX
NIFTY
19,929
6,070
20,020
6,092
20,164
6,136
20,256
6,158
20,399
6,202
IBN
(1.6)
(0.8)
$47.0
HDB
(0.9)
(0.4)
$42.0
News Analysis
Advances / Declines
JSW Ispat reports 4QFY2013 results

Result Review: Tech Mahindra
Result Preview: L&T, Thermax, NCC
Advances
Declines
Unchanged
Refer detailed news analysis on the following page
Net Inflows (May 20, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
3,259
346
2,224
656
1,035
(310)
12,992
(2,499)
74,165
(11,595)
FII Derivatives (May 21, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
2,057
1,872
1,673
2,081
385
(209)
18,198
29,462
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Adani Power
Company
Losers
Price (`)
chg (%)
61
12.2
Divis Lab
1,008
(7.3)
Emami
731
5.1
Bajaj Finance
1,493
(5.6)
Crompton Greaves
105
3.0
Karnataka Bank
148
(5.0)
5,246
2.8
Aurobindo Phar
181
(4.9)
70
2.5
Ultratech Cem
1,934
(4.3)
Nestle India
Dish TV India
www.angelbroking.com
BSE
NSE
938
444
1,425
883
143
102
Volumes (` cr)
BSE
1,967
NSE
10,235
Market Outlook
May 22, 2013
JSW Ispat reports 4QFY2013 results

JSW Ispat, which is expected to be merged with JSW Steel during CY2013,
reported its 4QFY2013 results. Its net sales declined by 3.6% yoy to `2,621cr. The
EBITDA also decreased by 2.5% yoy to `190cr mainly due to lower steel prices and
higher power costs. However, the company's interest cost declined by 13.4% yoy to
`232cr and therefore this coupled with deferred tax credit benefits helped the
company to post a positive PAT of `94cr in 4QFY2013 compared to a loss of
`141cr in 4QFY2012. We maintain our Neutral view on the JSW Steel.
Result Review
Tech Mahindra (CMP: `910/ TP: Under review/ Target: -)
Tech Mahindra reported better than expected revenue growth but disappointed
slightly on the operational margin front. The dollar revenues came in at
US$353.2mn, up 7.2% qoq, aided by acquisition of HGS and Comviva. USD
revenues from non-BT accounts grew by ~13.3% qoq to US$265mn. Revenue
from BT declined by 7.6% qoq and BT now contributes 25% to revenues 37% in
4QFY2012. In INR terms, the revenue came in at `1,907cr, up 6.5% qoq. The two
acquisitions which the company did HGS and Comviva has got lower margin
profile than company average, due to which EBITDA margin of the company
declined by ~105bp qoq to 19.9%. The companys utilization level went up by
~100bp qoq to 77%, majorly because of reduction in its employee base by 1,560
employees. Management indicated that US is on a path of recovery in terms of IT
send from telecom clients while Europe still remains patchy. Deal pipeline of the
company from emerging markets remains strong. The consolidated reported PAT
came in at `377cr while adjusted PAT (adjusting for exceptional item in Mahindra
Satyam) came in at `320cr, down 20% qoq.
The overall results were healthy on the back of acquitsions and new deals. The
Management indicated that the proposed Tech Mahindra - Satyam merger had
been approved by the Bombay High Court, while it awaits the Andhra Pradesh
High Court approval. Management indicated that hearings at Andhra Pradesh
High Court are complete and the judgment has been reserved and expects that the
judgment will become available in the first two weeks of June. We continue to
remain positive on the stock with Buy rating on it. The target price is currently
under review.
Y/E
Sales OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
FY2014E
7,699
19.3
FY2015E
8,315
18.1
ROE P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
1,421
106.8 21.6 8.5
1.8
7.9
1.5
1,505
113.1 18.9 8.0
1.5
7.3
1.3
(%)
Result Preview
L&T (CMP: `1,607/ TP: `1,795/ Upside: 12%)
For 4QFY2013, we expect Larsen & Toubro (L&T) to record a revenue of
`20,303cr, indicating a growth of 10.0% yoy. This growth can be attributed to the
company's large order book (~`1.6trillion). On the EBITDA front, we expect the
company's margin to witness a decline of 187bp yoy to 12.0%. We project net
profit to decline by 18.3% yoy to `1,536cr in 4QFY2013. This is mainly due to
Market Outlook
May 22, 2013
lower-than-expected operating performance and higher base of last year. We

estimate the company's order inflow to be at ~`23,275cr for the quarter, which is
in-line with the Management's guidance of 15-20% growth in order book.
At the CMP, the stock is trading at 18.9x FY2015E earnings and 2.7x FY2015E
P/BV, on a standalone basis. We have used the sum-of-the-parts (SOTP)
methodology to value the company to capture all its business initiatives and
investments/stakes in the different businesses. Ascribing separate values to its
parent business on a P/E basis and investments in subsidiaries on P/E, P/BV and
mcap basis, our target price works out to `1,795. We continue to recommend
Accumulate rating on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
FY2014E
69,586
FY2015E
79,247
PAT
EPS
ROE
(` cr)
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
11.2
4,604 75.1 15.2 21.4
3.0
14.4
1.6
11.1
5,199 84.8 15.0 18.9
2.7
12.8
1.4
Thermax (CMP: `583/ TP: -/ Upside: -)

For 4QFY2013, we expect Thermax to report a 3% yoy decline in top-line to
`1,636cr, as weak order inflow since the past few quarters will drag down the
company's revenue. The company's EBITDA margin is likely to compress by
~129bp yoy to 9.7%. Falling revenue and margin contraction are expected to
result in a yoy fall of 19.3% in the PAT to `105cr. We maintain our Neutral rating
on the stock.
Y/E
March
Sales OPM
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,931
9.6
369
31.0
18.6
18.8
3.3
10.7
1.0
FY2015E
6,592
9.7
409
34.3
17.9
17.0
2.9
9.3
1.0
NCC (CMP: `35/ TP: `45/ Upside: 27%)

NCC is expected to post a modest performance for the quarter. It is expected to
post a revenue growth of 7.1% yoy to `1,879cr while EBITDA margin is expected to
witness an expansion of 269bp yoy to 8.5% for the quarter. On the earnings front,
we expect net profit of `45cr, an increase of 317.6% yoy. This would be primarily
on account of pick up in execution and lower base of last year. We expect interest
cost to jump by 4.7% yoy to `103cr owing to an elongated working capital cycle.
We maintain Buy rating on the stock with a target price of `45.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
6,576
8.2
FY2015E
7,264
8.2
PAT EPS
P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
105 4.1
4.2 8.6
0.4
6.2
0.5
122 4.8
4.7 7.4
0.3
5.9
0.5
(` cr)
(`)
ROE P/E
(%)
Market Outlook
May 22, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Larsen & Toubro (22/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
21,233
18,461
15
15,429
38
2,825
2,561
10
1,475
92
13.3
13.9
1,874
1,920
9.6
(2)
1,122
67
Zee Entertainment Consolidated (22/05/2013)

Particulars (` cr)
Net sales
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
930
869
919
35
261
(17)
EBITDA
217
160
EBITDA margin (%)
23.3
18.4
Net profit
167
160
194
(14)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
18,377
19,260
(5)
10,042
83
4,117
4,937
(17)
1,634
152
22.4
25.6
2,734
3,380
28.4
BHEL (23/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
16.3
(19)
1,182
131
JSW Steel Consolidated (23/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
9,135
10,153
(10)
8,866
EBITDA
(18)
1,331
16
1,544
1,887
EBITDA margin (%)
16.9
18.6
Net profit
359
770
(53)
195
84
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,732
4,050
(8)
3,396
10
15.0
State Bank of India (23/05/2013)

Particulars (` cr)
Net profit
Tata Steel Consolidated (23/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
34,905
33,860
31,822
10
3,233
3,179
2,239
44
9.3
9.4
419
434
7.0
(3)
(763)
(155)
Crompton Greaves Consolidated (24/05/2013)

Particulars (` cr)
Net sales
EBITDA
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,333
3,077
2,972
12
169
213
(21)
8303
(26)
(189)
EBITDA margin (%)
5.1
6.9
Net profit
74
100
0.1
(139)
Market Outlook
May 22, 2013
Bharat Forge (25/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
708
956
(26)
661
EBITDA
155
251
(38)
142
EBITDA margin (%)
21.8
26.3
55
55
Net profit
21.6
(1)
48
15
y-o-y (%)
3QFY13
q-o-q (%)
Tata Chemical Consolidated (27/05/2013)

Particulars (` cr)
Net sales
4QFY13E
4QFY12
3,673
3,398
4,171
(12)
EBITDA
527
541
(3)
536
(2)
EBITDA margin (%)
14.3
15.9
Net profit
199
189
12.9
5
224
Economic and Political News
Barclays lowers India growth forecast to 6% for FY2014

CCI to seek more info from CAG on telecom spectrum auctions
Finance Ministry opposes cut in duty on coal for power generation
Panel to look into supply issues to power sector on May 31
Corporate News
After US, India to probe Ranbaxys documents

BHEL: Desperate bid to preserve cash
Coal India set to achieve highest production growth rate in five years
RInfra awaits regulatory nod to start work on stalled projects
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(11)
Market Outlook
May 22, 2013
Result Calendar
Date
Company
May 22, 2013
Larsen & Toubro, Zee Entertainment, Thermax, LMW, Nagarjuna Const., Prakash Industries, Subros, TVS Srichakra
May 23, 2013
St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas
May 24, 2013
Crompton Greaves, Britannia, SpiceJet
May 25, 2013
Bharat Forge, MOIL, Sarda Energy, Consolidated Co, Siyaram Silk Mills, Force Motors
May 26, 2013

May 27, 2013
May 28, 2013
May 29, 2013
May 30, 2013
Nalco, Tata Chemicals, Bhushan Steel, GSPL, Bajaj Electrical, GIPCL, TTK Healthcare, Tree House
GAIL, Sun Pharma, Power Grid Corpn, DLF, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, Tata
Comm, CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, PVR, Cravatex
ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, BGR Energy , Anant Raj, Madhucon Proj,
Jyoti Structures, J K Lakshmi Cements, Greenply
IOC, M&M, SAIL, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Unitech, Central Bank, Suzlon
Energy, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCL Infra
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 22, 2013
7:30PM
US
Existing home sales
Millions
Apr
4.92
4.98
May 23, 2013
6:00PM
US
Initial Jobless claims
Thousands
May 18
360.00
345.50
1:00PM
Germany PMI Services
Value
May A
49.60
50.00
1:00PM
Germany PMI Manufacturing
Value
May A
48.10
48.50
2:00PM
UK
7:30PM
Euro Zone Euro-Zone Consumer Confidence
7:30PM
US
May 24, 2013
11:30AM
Germany GDP nsa (YoY)
May 28, 2013
7:30PM
US
May 29, 2013
1:25PM
May 30, 2013

May 31, 2013
June 1, 2013
June 3, 2013
GDP (YoY)
New home sales
% Change
1Q P
0.60
0.60
Value
May A
(22.30)
(21.80)
Thousands
Apr
417.00
425.00
% Change
1Q F
(1.40)
(1.40)
S.A./ 1985=100
May
68.10
69.15
Germany Unemployment change (000's)
Thousands
May
4.00
--
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q S
2.50
2.60
11:00AM
India
Qtrly GDP YoY%
% Change
1Q
4.50
4.90
6:30AM
China
PMI Manufacturing
Value
May
50.60
--
2:00PM
UK
PMI Manufacturing
Value
May
49.80
--
June 5, 2013
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
--
June 6, 2013
4:30PM
UK
% Ratio
Jun 6
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jun 6
0.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
165.00
--
6:00PM
US
Unnemployment rate
May
7.50
--
4:29PM
China
Exports YoY%
% Change
May
14.70
--
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
Consumer Confidence
BOE Announces rates
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
--
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
--
4:29PM
India
Imports YoY%
% Change
May
10.96
--
4:29PM
India
Exports YoY%
% Change
May
1.68
--
June 11, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(1.40)
--
June 12, 2013
2:00PM
UK
Jobless claims change
% Change
May
(7.30)
--
11:00AM
India
Industrial Production YoY
% Change
Apr
2.50
--
Market Outlook
May 22, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.2
9.2
6.0
4.0
(0.1)
(1.3)
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Exhibit 4: Manufacturing and services PMI
(%)
7.6
Nov-12
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
0.5
(2.0)
8.0
2.5
2.4
2.0
Oct-12
4.5
2QFY10
2.5
2.0
5.3 5.5 5.3
Sep-12
6.0
Aug-12
6.5
5.7
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
May-12
9.0
Source: CSO, Angel Research
Services PMI
8.1
7.3
7.2
7.3
7.3
56.0
6.8
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-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
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
50.0
May-12
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.4
8.0
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
(%)
9.00
Imports yoy growth
15.0
Reverse Repo rate
CRR
7.50
8.00
7.00
6.50
6.00
5.00
4.00
4.00
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(15.0)
Apr-12
3.00
Mar-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
May 22, 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
139
2,705
1,657
1,906
14.1
14.1
7.7
8.9
18.1
15.6
3.8
3.2
22.2
21.9
1.6
1.3
United Phosphorus
Buy
155
232
6,838
10,298
11,310
16.5
16.5
20.5
23.2
7.5
6.7
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
250
285
4,275
3,418
3,892
14.5
14.5
18.5
20.4
13.6
12.3
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Accumulate
91
104
4,607
13,852
15,487
11.4
11.5
12.8
14.9
7.1
6.1
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
24
27
6,372
14,038
16,442
7.6
8.7
1.1
2.2
22.9
10.7
2.0
1.8
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
267
403
834
965
9.3
10.6
17.3
27.1
15.4
9.9
1.4
1.3
9.5
14.0
0.6
0.5
Bajaj Auto
Accumulate
1,865
2,056
53,964
22,684
25,908
18.0
18.5
117.3
137.1
15.9
13.6
5.7
4.5
39.9
37.2
2.0
1.7
Bharat Forge
Neutral
232
5,408
6,198
6,793
14.6
14.9
14.5
17.3
16.0
13.4
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,028
28,346
9,821
11,394
17.0
17.3
373.5
438.7
24.2
20.6
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
112
170
384
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
141
150
11,981
7,053
8,061
14.2
14.5
7.8
9.1
18.0
15.4
3.1
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,455
2,419
1,525
1,742
14.5
15.7
88.4
109.5
16.5
13.3
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,701
1,819
33,968
25,274
27,658
14.1
13.7
110.2
139.9
15.4
12.2
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
117
154
480
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
1,004
61,616
44,550
50,260
11.4
11.7
59.6
68.3
16.9
14.7
3.5
2.9
22.3
21.6
1.1
1.0
Maruti
Accumulate
1,742
1,847
52,618
48,455
55,723
11.2
10.9
107.8
123.2
16.2
14.1
2.4
2.1
16.2
16.0
0.9
0.8
Motherson Sumi
Neutral
216
12,669
28,442
31,493
7.5
7.8
12.5
14.8
17.2
14.6
4.3
3.4
27.5
25.8
0.6
0.5
Subros
Accumulate
26
30
157
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
302
324
80,606 206,341 227,695
12.8
13.5
32.3
39.0
9.4
7.8
2.0
1.6
23.1
23.2
0.5
0.4
TVS Motor
Neutral
39
1,848
7,715
8,584
6.0
6.1
5.0
5.8
7.8
6.7
1.3
1.2
18.1
18.5
0.2
0.1
Capital Goods
ABB*
Sell
663
461
14,057
8,073
9,052
5.5
6.9
11.5
16.9
57.6
39.2
5.2
5.0
9.3
13.1
1.7
1.5
BGR Energy
Neutral
208
1,501
4,114
4,886
11.4
10.7
24.9
28.0
8.3
7.4
1.1
1.0
25.2
22.6
0.7
0.6
BHEL
Neutral
202
49,417
43,757
40,934
17.3
16.9
20.9
19.0
9.7
10.6
2.1
1.9
23.7
18.8
1.0
1.0
Blue Star
Buy
170
230
1,528
2,896
3,087
5.6
6.2
9.3
11.7
18.3
14.5
3.0
2.6
17.6
19.2
0.6
0.5
Crompton Greaves
Accumulate
102
117
6,550
13,790
15,095
6.4
7.4
6.9
9.4
14.8
10.9
1.7
1.5
11.7
14.5
0.5
0.5
Jyoti Structures
Accumulate
30
34
249
3,074
3,355
9.0
8.8
8.7
10.2
3.5
3.0
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
49
63
1,251
7,709
8,399
6.7
7.2
6.1
8.5
8.0
5.7
1.0
0.9
20.2
23.0
0.3
0.3
Thermax
Neutral
599
7,139
5,931
6,592
9.6
9.7
31.0
34.3
19.3
17.5
3.4
2.9
18.6
17.9
1.0
0.9
1,248
1,361
23,431
11,979
13,254
19.7
21.3
77.1
91.4
16.2
13.7
2.9
2.6
18.7
20.0
1.7
1.4
Cement
ACC
Accumulate
Market Outlook
May 22, 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
188
29,041
10,232
11,762
23.5
24.5
10.3
12.2
18.3
15.5
3.0
2.8
17.2
18.6
2.3
1.9
India Cements
Neutral
87
2,659
4,777
5,276
17.3
17.1
8.8
10.9
9.8
8.0
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
105
143
1,233
2,313
2,728
19.8
20.7
16.6
23.1
6.3
4.5
0.8
0.7
13.6
16.5
1.1
0.9
Madras Cements
Neutral
249
5,935
4,293
4,855
27.4
28.6
21.8
28.2
11.5
8.8
2.1
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,998
17,411
6,540
7,452
27.4
26.6
319.7
369.9
15.6
13.5
3.8
3.1
27.5
25.4
2.0
1.6
UltraTech Cement
Neutral
2,020
55,372
21,947
25,049
23.8
23.8
106.1
119.8
19.0
16.9
3.1
2.7
17.7
17.3
2.6
2.2
210
255
1,104
1,928
2,234
21.0
21.5
18.0
22.2
11.7
9.5
1.0
0.9
10.2
10.1
2.0
1.9
12
216
2,281
2,492
5.9
6.9
0.7
2.0
17.2
5.8
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
133
157
4,415
3,997
4,312
45.5
46.4
15.7
16.6
8.5
8.0
1.2
1.1
15.2
14.5
3.5
3.8
ITNL
Buy
176
230
3,416
7,444
8,041
27.4
28.9
29.8
32.1
5.9
5.5
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
23
35
692
6,287
6,836
8.5
8.5
2.3
3.0
9.6
7.4
0.3
0.3
3.4
4.2
0.6
0.5
Jaiprakash Asso.
Accumulate
80
90
17,786
14,850
15,631
24.9
25.1
2.5
2.9
31.7
28.1
1.3
1.2
4.2
4.7
3.0
2.9
Larsen & Toubro
Accumulate
1,619
1,795
99,677
69,586
79,247
11.2
11.1
75.1
84.9
21.5
19.1
3.1
2.7
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
36
45
925
6,576
7,264
8.2
8.3
4.1
4.8
8.8
7.6
0.4
0.4
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
53
1,770
12,954
14,740
9.9
9.9
0.5
0.9
105.0
57.2
0.6
0.6
0.6
1.1
0.6
0.5
Sadbhav Engg.
Buy
113
153
1,706
2,511
2,736
10.6
10.6
7.3
7.8
15.6
14.5
2.0
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
110
164
546
6,824
7,563
9.2
9.4
18.0
23.4
6.1
4.7
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
33
45
247
2,455
2,734
13.4
13.0
14.6
14.9
2.3
2.3
0.3
0.2
12.3
11.3
0.5
0.5
130
149
6,495
7,137
7,907
2.9
2.8
32.3
36.0
4.0
3.6
0.6
0.5
14.2
14.2
92
5,173
5,254
5,900
2.8
2.8
21.2
22.9
4.4
4.0
0.6
0.6
13.3
13.0
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,530
1,853
71,680
19,055
22,710
3.3
3.2
130.7
152.3
11.7
10.1
1.9
1.7
17.2
17.6
Bank of Baroda
Buy
737
851
31,053
16,365
18,781
2.2
2.3
121.3
142.5
6.1
5.2
0.9
0.8
15.1
15.7
Bank of India
Accumulate
322
361
19,176
14,482
16,383
2.3
2.3
58.1
68.1
5.5
4.7
0.8
0.7
14.4
15.0
Bank of Maharashtra
Accumulate
58
62
3,866
4,451
4,792
3.2
3.0
13.2
14.1
4.4
4.1
0.7
0.6
17.5
16.5
Canara Bank
Neutral
446
19,756
11,928
13,467
2.1
2.2
74.8
86.0
6.0
5.2
0.8
0.7
13.7
14.2
Central Bank
Neutral
70
7,343
8,249
9,211
2.4
2.5
14.9
18.2
4.7
3.9
0.7
0.6
12.5
13.8
Corporation Bank
Accumulate
420
476
6,416
5,558
6,121
2.0
2.0
98.4
107.7
4.3
3.9
0.6
0.6
14.9
14.5
Dena Bank
Neutral
95
3,338
3,187
3,582
2.3
2.4
23.8
25.5
4.0
3.7
0.6
0.5
15.9
15.1
Federal Bank
Neutral
470
8,027
2,873
3,413
3.0
3.1
52.7
62.0
8.9
7.6
1.1
1.0
13.4
14.2
Market Outlook
May 22, 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
897
138,844
8,573
10,142
3.6
3.6
37.0
43.6
24.3
20.6
5.0
4.5
30.0
30.3
HDFC Bank
Neutral
715
170,157
27,682
33,916
4.6
4.6
35.3
42.7
20.3
16.8
4.0
3.4
21.3
21.8
ICICI Bank
Buy
1,209
1,444
139,450
25,705
30,330
3.1
3.2
83.9
96.3
14.4
12.6
1.9
1.7
15.2
15.7
IDBI Bank
Neutral
91
12,082
9,477
10,678
2.0
2.1
19.6
22.6
4.6
4.0
0.6
0.5
12.8
13.4
Indian Bank
Buy
159
186
6,846
6,185
6,978
3.0
3.0
37.0
42.2
4.3
3.8
0.6
0.6
14.8
15.1
IOB
Neutral
64
5,956
8,142
8,956
2.5
2.5
16.5
20.7
3.9
3.1
0.5
0.4
11.8
13.4
J & K Bank
Neutral
1,316
6,382
3,032
3,118
3.8
3.5
218.1
200.9
6.0
6.6
1.1
1.0
19.9
16.0
LIC Housing Finance
Accumulate
275
290
13,893
2,113
2,525
2.3
2.3
25.4
29.2
10.8
9.4
1.9
1.7
18.4
18.3
Oriental Bank
Neutral
273
7,953
6,835
7,588
2.6
2.6
56.5
63.8
4.8
4.3
0.6
0.6
13.1
13.4
Punjab Natl.Bank
Buy
834
994
29,469
20,876
23,929
3.3
3.4
151.7
177.0
5.5
4.7
0.9
0.8
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
25
3,364
1,839
2,091
2.9
2.8
4.2
4.5
6.0
5.6
1.1
0.9
18.2
17.0
2,413
2,669
165,068
67,091
76,746
3.2
3.1
241.2
280.4
10.0
8.6
1.6
1.3
16.5
17.0
Neutral
133
7,997
7,238
8,249
2.7
2.6
27.1
30.4
4.9
4.4
0.7
0.7
16.1
15.9
UCO Bank
Neutral
81
6,108
6,126
6,665
2.6
2.5
12.2
14.4
6.7
5.6
1.0
0.8
11.8
12.6
Union Bank
Accumulate
241
260
14,407
11,229
12,794
2.6
2.6
40.7
48.2
5.9
5.0
0.9
0.7
14.6
15.4
United Bank
Accumulate
58
64
2,177
3,597
4,008
2.6
2.7
16.0
20.8
3.6
2.8
0.5
0.4
12.5
14.7
Vijaya Bank
Neutral
55
2,706
2,730
3,059
1.9
2.0
10.2
11.3
5.4
4.8
0.6
0.6
11.8
12.0
Yes Bank
Neutral
530
19,023
4,390
5,411
2.8
2.8
41.6
47.9
12.8
11.1
2.7
2.2
23.2
22.1
Asian Paints
Neutral
4,777
45,825
12,332
14,524
16.5
16.3
141.6
162.7
33.8
29.4
10.7
8.5
35.4
32.2
3.6
3.0
Britannia
Neutral
568
6,797
6,417
7,446
5.1
5.5
20.3
25.2
28.1
22.6
9.5
7.5
37.4
37.3
1.0
0.8
Colgate
Neutral
1,425
19,378
3,588
4,130
21.1
21.6
44.7
51.9
31.9
27.5
28.7
21.4
100.0
89.1
5.2
4.5
Dabur India
Neutral
156
27,155
7,183
8,340
16.8
16.8
5.4
6.3
29.0
24.8
11.3
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
4,787
20,133
3,617
4,260
16.1
16.4
120.6
146.4
39.7
32.7
12.2
9.9
33.8
33.4
5.2
4.4
Godrej Consumer
Neutral
850
28,936
7,801
9,017
16.2
15.9
25.1
29.7
33.8
28.7
7.3
6.1
24.9
24.2
3.8
3.3
HUL
Neutral
586
126,786
29,167
33,164
13.6
13.7
17.1
18.4
34.3
31.9
33.0
23.9
113.4
87.0
4.2
3.7
ITC
Neutral
335
264,435
33,506
39,067
36.8
37.0
11.1
13.0
30.2
25.8
9.8
8.0
35.5
34.1
7.6
6.4
Marico
Neutral
218
14,085
5,273
6,044
14.8
14.9
7.3
8.7
30.1
25.2
5.9
4.8
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,105
49,215
9,447
10,968
22.1
22.3
127.5
154.1
40.0
33.1
20.0
14.5
57.7
50.7
5.2
4.4
Tata Global
Neutral
144
8,908
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
May 22, 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
728
863
50,712
28,633
32,216
21.5
20.7
57.3
61.7
12.7
11.8
3.0
2.5
24.0
21.5
1.6
1.3
Hexaware*
Buy
78
96
2,331
2,091
2,289
19.0
18.8
10.6
11.3
7.4
6.9
1.6
1.5
22.8
21.7
0.9
0.8
Infosys
Neutral
2,376
136,416
43,338
47,244
27.5
27.7
169.4
182.6
14.0
13.0
2.9
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Accumulate
167
185
1,864
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.6
1.2
1.1
14.7
13.7
0.6
0.4
KPIT Cummins
Buy
109
135
2,099
2,513
2,819
16.1
15.5
12.6
14.0
8.7
7.8
1.5
1.3
17.9
16.6
0.8
0.6
Mahindra Satyam
Buy
108
126
12,686
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
829
920
3,446
2,599
2,871
19.4
19.2
85.2
92.3
9.7
9.0
2.0
1.7
21.4
18.9
1.0
0.8
Mphasis&
Reduce
446
395
9,374
6,096
6,646
17.6
17.4
38.1
41.6
11.7
10.7
1.7
1.5
14.2
13.7
1.0
0.8
NIIT
Buy
22
30
369
1,144
1,267
9.0
9.1
4.3
5.4
5.2
4.2
0.5
0.5
10.3
12.0
0.1
Persistent
Buy
511
593
2,042
1,445
1,617
25.2
25.0
55.3
59.3
9.2
8.6
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,478
1,585
289,228
71,833
81,893
28.4
28.0
78.5
88.0
18.8
16.8
5.7
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
922
1,180
11,839
7,699
8,315
19.3
18.1
107.0
115.0
8.6
8.0
1.9
1.5
21.7
19.1
1.5
1.3
Wipro
Accumulate
338
385
83,287
40,173
43,697
20.4
20.6
26.2
28.5
12.9
11.9
2.5
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
244
285
4,475
1,750
1,925
25.1
26.6
14.2
16.8
17.2
14.5
3.7
3.1
23.4
23.4
2.5
2.2
HT Media
Buy
98
117
2,311
2,205
2,380
15.1
15.6
8.3
9.1
11.9
10.8
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
93
121
3,070
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
342
1,355
1,343
1,521
18.8
18.9
18.3
22.9
18.7
15.0
1.8
1.9
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
423
16,680
2,287
2,551
69.7
70.5
20.0
23.3
21.2
18.2
5.2
4.6
26.4
27.3
6.9
6.1
Bhushan Steel
Neutral
464
10,518
13,794
17,335
30.7
34.8
48.9
83.6
9.5
5.6
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Accumulate
301
345
189,965
72,174
76,311
33.3
28.4
28.4
30.9
10.6
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
18
24
593
1,976
2,017
11.8
12.7
1.3
2.6
14.4
7.0
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
146
213
4,633
1,944
2,317
49.9
51.7
20.8
25.6
7.0
5.7
1.6
1.3
24.3
24.6
1.9
1.4
Hind. Zinc
Buy
120
145
50,704
12,358
13,659
51.4
51.6
16.0
17.6
7.5
6.8
1.4
1.2
19.4
18.4
1.8
1.3
Hindalco
Neutral
110
21,051
88,987
94,163
9.2
9.7
13.8
15.9
8.0
6.9
0.6
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
701
15,637
39,524
42,064
17.1
16.9
71.8
86.3
9.8
8.1
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
220
243
3,701
954
1,062
45.5
47.4
26.1
29.1
8.5
7.6
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
183
291
1,164
2,883
3,181
21.7
23.6
40.3
57.7
4.5
3.2
0.4
0.4
10.1
13.0
1.3
1.0
Nalco
Neutral
35
9,072
8,187
8,416
14.5
14.7
3.2
3.3
11.0
10.8
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
122
179
48,290
10,329
12,540
73.8
75.0
16.6
19.0
7.3
6.4
1.4
1.2
20.6
20.2
2.5
1.9
Media
Metals & Mining
Market Outlook
May 22, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
63
25,834
53,685
64,183
9.3
12.2
5.5
8.3
11.4
7.6
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
165
14,371
3,742
4,426
32.9
32.8
30.0
29.8
5.5
5.5
0.7
0.7
14.3
12.5
4.6
3.8
Sterlite Inds
Neutral
97
32,682
44,462
45,568
23.2
24.7
18.1
20.2
5.4
4.8
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
315
430
30,622 141,775 151,672
10.5
11.4
35.3
51.7
8.9
6.1
0.7
0.6
7.6
10.3
0.6
0.5
Sarda
Buy
109
153
391
1,494
1,568
19.1
20.3
31.3
36.5
3.5
3.0
0.4
0.4
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
39
48
527
2,668
2,834
10.0
10.1
4.6
5.2
8.5
7.6
0.2
0.2
3.2
3.4
0.5
0.5
Buy
86
118
280
2,425
2,552
13.7
14.8
33.5
45.3
2.6
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Accumulate
301
345
57,461
16,482
16,228
69.4
53.3
53.3
49.6
5.6
6.1
0.9
0.8
16.5
13.6
2.1
1.8
GAIL
Neutral
336
42,659
55,815
63,013
15.3
15.2
35.9
41.5
9.4
8.1
1.5
1.3
17.0
17.1
0.6
0.5
ONGC
Accumulate
333
354
284,812 157,962 175,367
35.1
36.2
34.3
39.3
9.7
8.5
1.7
1.5
18.2
18.6
1.6
1.4
Reliance Industries
Neutral
831
268,325 380,031 407,721
9.9
69.3
69.3
78.0
12.0
10.7
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
250
3,211
3,707
3,850
11.7
12.4
23.7
25.7
10.6
9.7
3.0
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
285
3,987
3,700
4,218
23.4
22.8
26.6
30.4
10.7
9.4
2.2
1.9
22.6
21.7
1.2
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
167
10,781
40,356
40,872
5.8
6.4
15.0
16.7
9.6
8.6
2.0
1.7
23.0
21.5
0.3
0.3
62
3,497
1,079
983
91.8
91.9
8.8
7.8
7.1
7.9
1.2
1.1
17.8
14.1
3.0
3.2
Alembic Pharma
Accumulate
130
139
2,455
1,736
2,008
17.1
18.9
10.7
13.9
12.2
9.4
3.8
2.9
35.0
34.7
1.5
1.2
Aurobindo Pharma
Buy
190
264
5,534
6,279
7,033
16.0
16.0
15.2
19.2
12.5
9.9
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,501
5,759
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
808
962
16,537
7,386
8,863
18.0
18.0
39.5
48.1
20.5
16.8
4.6
3.8
24.8
24.7
2.5
2.1
Cipla
Accumulate
417
463
33,514
9,130
10,543
24.8
23.0
21.6
23.2
19.3
18.0
3.2
2.7
17.6
16.2
3.4
2.8
Dr Reddy's
Buy
2,048
2,535
34,760
13,377
15,350
20.4
20.1
112.3
126.8
18.2
16.2
3.9
3.2
23.5
21.8
2.7
2.3
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
72
206
580
1,536
1,739
20.2
20.9
15.4
20.6
4.7
3.5
0.5
0.5
11.6
13.7
1.0
0.8
2,281
19,321
2,854
3,145
28.6
28.6
76.6
83.3
29.8
27.4
8.9
8.1
31.1
31.0
5.9
5.3
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
Accumulate
599
676
7,558
3,474
4,168
21.0
21.0
37.3
45.1
16.1
13.3
3.8
3.0
26.4
25.3
2.3
1.9
Lupin
Accumulate
768
877
34,381
11,641
13,933
21.3
21.3
34.8
41.8
22.1
18.4
5.2
4.1
26.2
24.8
3.0
2.4
Ranbaxy*
Neutral
444
18,792
11,400
12,060
10.5
10.5
17.5
22.5
25.4
19.7
4.1
3.5
17.0
19.1
1.6
1.5
Sun Pharma
Neutral
966
99,898
12,563
14,698
42.6
42.6
29.8
35.5
32.4
27.2
5.8
4.9
19.2
19.3
7.3
6.1
72
78
1,083
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
May 22, 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
159
131,185
76,734
86,680
24.5
24.3
13.4
14.5
11.9
11.0
1.5
1.3
12.8
12.7
2.4
2.3
DLF
Buy
248
288
42,137
9,699
12,010
37.0
36.9
6.0
8.4
41.6
29.5
1.6
1.5
3.8
5.1
5.8
4.7
MLIFE
Accumulate
409
446
1,670
888
1,002
26.7
25.9
36.3
40.6
11.3
10.1
1.2
1.1
10.8
11.0
2.1
1.9
Bharti Airtel
Accumulate
308
338
116,964
86,592
95,860
31.4
31.8
10.9
14.5
28.3
21.2
2.2
2.0
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
130
42,944
25,122
27,663
27.0
27.2
4.0
4.8
32.6
27.2
2.7
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
113
23,324
22,801
24,628
31.0
31.3
3.6
5.3
31.7
21.5
0.7
0.7
2.2
3.1
2.6
2.3
11.8
12.4
71.2
83.0
20.0
17.2
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,425
1,659
3,027
1,863
2,081
Bajaj Electricals
Buy
177
237
1,767
3,929
4,480
7.4
7.7
15.5
19.7
11.4
9.0
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
451
562
571
630
795
14.4
13.6
42.8
51.1
10.6
8.8
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
396
566
102
308
351
7.0
7.0
39.6
47.2
10.0
8.4
2.2
1.8
21.8
21.0
0.4
0.4
Finolex Cables
Buy
57
68
872
2,563
2,899
9.8
9.8
10.1
11.3
5.7
5.1
0.8
0.7
14.3
13.8
0.3
0.2
Force Motors
Buy
395
570
515
2,299
2,621
4.7
4.9
46.3
57.0
8.5
6.9
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
279
352
644
1,453
1,560
9.4
9.8
38.4
41.4
7.3
6.7
1.5
1.3
22.9
20.8
0.3
0.2
Hitachi
Buy
151
177
411
1,053
1,169
6.3
7.1
13.8
17.7
11.0
8.5
1.5
1.3
15.0
16.7
0.4
0.4
2,497
2,208
1,842
2,131
7.7
7.8
112.4
132.4
22.2
18.9
2.8
2.5
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
168
198
152
495
651
12.7
12.9
29.3
39.5
5.7
4.3
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
180
234
207
1,430
1,573
11.1
11.0
19.1
26.9
9.5
6.7
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
170
2,736
979
1,164
14.9
15.1
6.0
7.7
28.2
22.0
3.5
3.2
12.9
15.1
2.9
2.4
MRF
Neutral
14,964
6,346
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.4
8.3
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,843
3,637
4,286
1,047
1,281
19.6
19.8
127.3
158.1
30.2
24.3
14.4
10.5
54.9
50.0
4.2
3.4
Relaxo Footwears
Buy
611
791
733
1,146
1,333
10.9
11.4
45.9
60.9
13.3
10.0
2.8
2.2
23.0
24.6
0.8
0.7
Siyaram Silk Mills
Buy
261
312
244
1,157
1,320
11.9
12.0
66.6
77.9
3.9
3.3
0.7
0.6
18.3
18.2
0.5
0.4
Styrolution ABS India*
Buy
512
617
900
1,068
1,223
9.6
9.6
38.1
44.1
13.5
11.6
1.8
1.6
14.5
14.7
0.8
0.7
TAJ GVK
Buy
61
108
385
300
319
35.8
36.2
7.9
9.1
7.8
6.8
1.0
0.9
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
299
371
460
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
505
553
392
435
516
6.2
7.1
24.3
33.3
20.8
15.2
3.4
2.9
17.6
20.8
0.7
0.6
Tree House
Accumulate
259
275
932
150
192
52.7
52.5
12.8
16.2
20.2
16.0
2.0
1.8
10.0
11.1
5.8
4.4
TVS Srichakra
Buy
180
226
138
1,591
1,739
7.1
7.4
39.4
56.5
4.6
3.2
0.9
0.7
20.6
25.0
0.3
0.3
United Spirits
Neutral
2,391
31,274
11,886
13,491
14.4
14.0
50.9
74.5
47.0
32.1
3.9
3.5
10.6
11.4
2.9
2.6
Market Outlook
May 22, 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
369
439
749
600
638
20.1
19.4
35.7
36.6
10.3
10.1
1.9
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 21, 2013
Market Outlook
May 22, 2013

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Market Outlook

May 22, 2013

OIL & GAS

JSW Ispat reports 4QFY2013 results

Refer detailed news analysis on the following page

Net Inflows (May 20, 2013)

FII Derivatives (May 21, 2013)

JSW Ispat reports 4QFY2013 results

ROE P/E P/BV

106.8 21.6 8.5

113.1 18.9 8.0

lower-than-expected operating performance and higher base of last year. We

4,604 75.1 15.2 21.4

5,199 84.8 15.0 18.9

Thermax (CMP: `583/ TP: -/ Upside: -)

NCC (CMP: `35/ TP: `45/ Upside: 27%)

Quarterly Bloomberg Brokers Consensus Estimate

Zee Entertainment Consolidated (22/05/2013)

EBITDA margin (%)

JSW Steel Consolidated (23/05/2013)

EBITDA margin (%)

State Bank of India (23/05/2013)

Tata Steel Consolidated (23/05/2013)

Crompton Greaves Consolidated (24/05/2013)

EBITDA margin (%)

Bharat Forge (25/05/2013)

EBITDA margin (%)

Tata Chemical Consolidated (27/05/2013)

EBITDA margin (%)

Economic and Political News

Barclays lowers India growth forecast to 6% for FY2014

After US, India to probe Ranbaxys documents

May 22, 2013

May 23, 2013

St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas

May 24, 2013

Crompton Greaves, Britannia, SpiceJet

May 25, 2013

May 26, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

May 22, 2013

Existing home sales

May 23, 2013

Initial Jobless claims

Germany PMI Services

Germany PMI Manufacturing

Euro Zone Euro-Zone Consumer Confidence

May 24, 2013

Germany GDP nsa (YoY)

May 28, 2013

May 29, 2013

May 30, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%