Market Outlook: Dealer's Diary

Market Outlook
May 24, 2013
Dealers Diary
The Indian markets are expected to open flat tracking flat to marginally positive
Domestic Indices
opening in most of the Asian markets, with relief buying emerging after the
BSE Sensex
(1.9)
(388) 19,674
extreme losses indices suffered the previous day.
Nifty
(2.1)
(127)
5,967
MID CAP
(2.0)
(129)
6,364
SMALL CAP
(2.2)
(135)
5,974
BSE HC
(1.3)
(117)
8,843
seen at the start of trading reflected lingering concerns about the Federal Reserve
BSE PSU
(2.7)
(184)
6,676
scaling back its asset purchase program as well as disappointing Chinese
BANKEX
(2.8)
(423) 14,453
manufacturing data. A report released by Markit Economics and HSBC showed
AUTO
(1.6)
(175) 10,878
that Chinese manufacturing activity unexpectedly contracted in May as purchasing
METAL
(1.9)
(165)
8,521
managers index fell to 49.6 in May from 50.4 in April. The subsequent recovery by
OIL & GAS
(2.7)
(233)
8,561
the markets was partly due to the release of a report from the Commerce
BSE IT
(0.6)
(39)
5,999
Department showing that new home sales in US climbed 2.3% to a seasonally
Global Indices
Chg (%)
(Pts)
(Close)
adjusted annual rate of 454,000 in April from the revised March rate of 444,000.
Dow Jones
(0.1)
NASDAQ
(0.1)
(4)
3,459
FTSE
(2.1)
(143)
6,697
Nikkei
(7.3)
(1,143) 14,484
Hang Sang
(2.5)
(591) 22,670
Straits Times
(1.8)
(61)
3,393
Shanghai Com
(1.1)
(26)
2,276
Chg (%)
(Pts)
(Close)
INFY
(1.4)
(0.6)
$42.5
WIT
(0.4)
(0.0)
$7.8
IBN
(1.2)
(0.6)
$46.2
0.5
0.2
$41.5
US markets ended modestly on Thursday, substantially paring intraday losses, as

upbeat housing data helped offset worries about the Federal Reserve. The sell-off
Meanwhile Indian markets ended sharply lower in yesterdays trading session,

following a global rout amid expectations that the Federal Reserve may reverse its
ultra-easy monetary policy earlier than expected.
Markets Today
The trend deciding level for the day is 19,779 / 6,001 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,923 20,172 / 6,047 6,127 levels. However, if NIFTY trades below
19,779 / 6,001 levels for the first half-an-hour of trade then it may correct up to
19,530 19,386 / 5,921 5,876 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,386
5,876
19,530
5,921
19,779
6,001
19,923
6,047
20,172
6,127
News Analysis
HDB
Advances / Declines
Advances
Ranbaxy Labs-Daiichi Sankyo weighing legal options against earlier promoters

Result Review: SBI, BHEL, Tata Steel, JSW Steel, Indraprastha Gas
Result Preview: Crompton Greaves, MOIL
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
3,812
479
2,182
688
1,630
(209)
17,204
(2,704)
78,362
(11,294)
FII Derivatives (May 23, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
3,055
3,063
3,550
2,985
(495)
78
17,748
28,878
Gainers / Losers
Gainers
Price (`)
chg (%)
Oracle Finance
Company
Losers
Price (`)
chg (%)
2,660
8.9
Wockhardt
1,315
(20.0)
Marico
223
2.0
Unitech
25
(11.0)
Britannia Industries
576
1.9
Crompton Greav
97
(10.2)
Colgate Palmolive
1,440
1.9
HDIL
51
(9.9)
Glenmark Pharma
572
1.6
Reliance Infra
368
(9.8)
www.angelbroking.com
Declines
Unchanged
(Pts)
(Close)
(13) 15,295
BSE
NSE
592
226
1,737
1,155
117
82
Volumes (` cr)
Net Inflows (May 22, 2013)
Company
Indian ADR
Chg (%)
BSE
3,910
NSE
13,432
Market Outlook
May 24, 2013
Ranbaxy Labs-Daiichi Sankyo weighing legal options

against earlier promoters
Daiichi Sankyo the Japanese parent of Ranbaxy Laboratories, is said to be
weighing legal options to sue the former promoter-shareholders of the generics
drugmaker. The Singh brothers -- Shivinder & Malvinder -- had sold Ranbaxy to
Daiichi in 2008 for $4.6 billion. Daiichi bought a 51% stake -- including 34.8%
that the Singhs held -- in June 2008. In a statement, the company said it believes
certain former shareholders of Ranbaxy concealed and misrepresented critical
information concerning the US Department of Justice and Food and Drug
Administration (FDA) investigations. This will add to the overall legal tussle of the
company which has again started with the DGCI probe into the company. The
stock after all the negative news, is valued attractively for long term investors, but
given the uncertainty in the short term we recommend a Neutral on the stock.
Result Review
SBI (CMP: `2,176/ TP: `2,669/ Upside: 22.6%)
State Bank of India announced moderate set of numbers for the quarter, which
came largely on expected lines. While NII declined by 5.3% yoy to `11,078cr,
non-interest income grew at modest 5.4% yoy to `5,547cr. As guided by the
management earlier, the bank has provided around `950cr for wage revisions
and other employee benefits during the quarter. Operating expenses for the bank
expectedly grew by 20.3% yoy to `8,860cr. The banks provisioning expenses grew
by 33.1% yoy to `4,181cr, as the bank witnessed higher write-offs during the
quarter (to take tax benefits, in-line with what seen in other PSU banks). Overall,
earnings declined by 18.5% yoy to `3,299cr, in-line with what we had estimated.
The banks performance on the asset quality front, with slippages at `5,868cr and
incremental restructuring at `8,669cr, also came on the guided lines. Overall, the
bank reported improvement in the asset quality, as absolute Gross and Net NPA
levels declined sequentially by 4.2% and 13.5% respectively (primarily due to
sequentially lower slippages and healthy recoveries/upgrades). At the current
market price, the stock trades at a valuation of 1.2x FY2015E P/ABV. We would
recommend a Buy rating on the stock, with a target price of `2,669.
Y/E
PAT
EPS
ABV
ROA
(` cr)
(`)
(%)
(x)
FY2014E
67,091 3.2 16,500
241.2
1,550.1
FY2015E
76,746 3.1 19,182
280.4
1,794.2
March
Op. Inc NIM

(` cr)
(%)
ROE P/E
(x)
P/ABV
(x)
(x)
1.0
16.5 9.0
1.4
1.0
17.0 7.8
1.2
BHEL (CMP: `196/ TP: -/ Upside: -)

BHELs 4QFY2013 results were better than our expectations as well as street
estimates. BHEL reported a 2.1% yoy decline in top-line to `18,850cr. However,
the company positively surprised on the operating front, with margin contraction of
only 100bp yoy to 24.2%, due to softening of commodity prices and cost control
measures. Consequently, PAT declined by only 4.2% yoy to `3,238cr. However,
slowdown in investment cycle (resulting in lower order intake) and various
problems in power sector continue to remain overhang on the stock. Also, we still
expect BHELs margin to gradually decline over next few years due to tough
competition. Hence, we maintain Neutral rating on the stock.
Market Outlook
May 24, 2013
Y/E
Sales OPM
March
(` cr)
(%)
FY2014E
43,757
FY2015E
40,934
PAT
(` cr)
EPS ROE P/E P/BV

(`)
(%)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
17.3
5,113 20.9 23.7 9.4
2.1
5.6
1.0
16.9
4,642 19.0 18.8 10.3
1.8
5.7
1.0
Tata Steel (CMP: `300/ TP: Under Review/ Upside :-)

Tata Steel reported mixed set of results for 4QFY2013 due to better-than-expected
profitability performance from both its European and Indian operations. Its
consolidated net sales grew by 1.9% yoy to `34,650cr (below of our estimate of
`35,323cr). Consolidated steel sales volumes increased 9.0% yoy to 6.56mn
tonnes in 4QFY2013. Its India operations net sales grew by 13.1% yoy to
`10,603cr due to higher sales volumes (+29.0% yoy to 2.3mn tonnes). On the
international front, Tata Steel Europes (TSE) volumes declined by 4.0% yoy to
3.4mn tonne. During the quarter the company wrote off `8,356cr of non cash
goodwill pertaining mainly to the European operations and hence adjusting for
this exceptional item the adjusted PAT grew by 104.0% yoy to `884cr (above our
expectation of `505cr. Consolidated net debt increased to `54,405cr as on March
31, 2013, compared to `47,657cr as on March 31, 2012. We maintain our Buy
view on the stock but keep our target price under review.
Y/E
March
Sales OPM
PAT
(` cr)
EPS ROE P/E P/BV

(`)
(%)
EV/EBITDA
EV/Sales
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
140,917
10.0
2,875 29.6
8.4 10.1
0.7
5.9
0.6
FY2015E
151,537
11.3
5,011 51.6 12.9 5.8
0.7
4.7
0.5
JSW Steel (CMP: `688/ TP: -/ Upside: -)

JSW Steel reported better than expected standalone performance both on top-line
and PAT front. JSW Steels standalone top line declined by 2.8% yoy to `9249cr
(better than our expectation of `8,779cr). The companys EBITDA however grew by
2.8% yoy to `1,697cr mainly due to lower raw material and power costs and
therefore EBITDA margin also improved by 98bp yoy to 18.4%. The company
reported exceptional item related to forex gain of `130cr during the quarter.
Interest expenses grew by 20.3% yoy to `443cr and depreciation expenses grew by
11.7% yoy to 527cr. The tax rate for the company increased to 37.1% in
4QFY2013 compared to 29.0% in 4QFY2012. Hence, adjusted net profit
(excluding exceptional items) decreased by 19.8% yoy to `443cr (much better than
our expectation of `271cr.) We maintain our Neutral view on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
FY2014E
39,440
18.1
FY2015E
41,447
17.7
PAT
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
1,769 79.3
8.6 8.7
0.7
3.6
0.7
2,043 91.6
9.2 7.5
0.7
3.1
0.5
(` cr)
EPS ROE P/E P/BV

(`)
(%)
Market Outlook
May 24, 2013
Indraprastha Gas (CMP: `280/ TP: -/ Upside: -)

Indraprastha Gas reported robust 4QFY2013 results. Its net sales grew by 22.5%
yoy to `882cr. The company's EBITDA grew by 10.7% yoy to `186cr. The cost of
gas sold also increased by 20.1% yoy to `585cr due to greater mix of high cost
RLNG. The interest cost for the company declined by 8.7% yoy to `13cr and other
income grew by 88.2% yoy to `3cr. Therefore the company reported a PAT growth
of 5.3% yoy to `84cr. We maintain our Neutral view on IGL due to the regulatory
overhang on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
FY2014E
3,700
FY2015E
4,218
PAT
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
23.4
373 26.6 22.6 10.5
2.2
4.8
1.1
22.8
426 30.4 21.7 9.2
1.8
4.1
0.9
(` cr)
EPS ROE P/E P/BV

(`)
(%)
Result Preview
Crompton Greaves (CMP: `97/ TP: `117/ Upside: 21%)
For 4QFY2013, we project Crompton Greaves to report a modest top-line growth
of 8% yoy to `3,324cr. On the EBITDA front, the company's margin is expected at
5.0%. Though we expect a modest revenue growth, however, due to stress on
margins, we expect the company's PAT to fall by 19.8% yoy to `77cr. We
recommend Buy on the stock with a target price of `117 since we believe that
companys margins have bottomed out and expect gradual improvement over next
couple of years
Y/E
Sales OPM
March
(` cr)
(%)
(` cr)
PAT
EPS ROE P/E P/BV

(`)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
FY2014E
13,595
5.5
275
4.3
7.4 14.1
1.6
7.3
0.5
FY2015E
15,095
7.2
501
7.8 12.6 10.4
1.4
5.6
0.4
(%)
MOIL (CMP: `206/ TP: `243/ Upside: 18%)

MOIL is slated to report its 4QFY2013 on Saturday. We expect its 4QFY2013 net
sales to increase by 16.8% yoy to `236cr mainly on account of higher manganese
ore price realizations. EBITDA margin is also expected to expand by 531bp yoy to
47.9% in 4QFY2013. Net profit is expected to increase by 14.1% yoy to `113cr.
We maintain our Buy rating on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
FY2014E
954
FY2015E
1,011
PAT
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
45.5
438 26.1 15.1 7.9
1.1
2.5
1.1
45.7
460 27.4 14.4 7.5
1.0
2.0
0.9
(` cr)
EPS ROE P/E P/BV

(`)
(%)
Market Outlook
May 24, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Crompton Greaves Consolidated (24/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,328
3,077
2,972
12
168
213
(21)
8263
EBITDA margin (%)
5.1
6.9
Net profit
73
100
(27)
(189)
(139)
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 sales
EBITDA
0.1
Bharat Forge (25/05/2013)

Particulars (` cr)
Net profit
21.6
(1)
48
15
y-o-y (%)
3QFY13
q-o-q (%)
Tata Chemical Consolidated (27/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
Net sales
3,673
3,398
4,171
(12)
EBITDA
527
541
(3)
536
(2)
EBITDA margin (%)
14.3
15.9
Net profit
199
189
224
(11)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
797
686
16
763
150
21
12.9
Colgate (28/05/2013)
Particulars (` cr)
Net sales
EBITDA
181
170
EBITDA margin (%)
22.7
24.8
Net profit
141
131
111
27
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
11,737
10,455
12
12,474
(6)
1,439
768
87
2,002
(28)
EBITDA margin (%)
12.3
7.3
Net profit
853
483
76
1,285
(34)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
7,016
7,563
(7)
6,790
626
865
(28)
582
8.9
11.4
378
640
19.7
Gail (28/05/2013)
Particulars (` cr)
Net sales
EBITDA
16.0
Hindalco Industries (28/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
8.6
(41)
434
(13)
Market Outlook
May 24, 2013
HPCL (28/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
55,821
52,394
52,751
7,148
5,516
30
1,051
580
13
11
6,240
4,631
35
147
4142
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,138
1,386
(18)
912
25
EBITDA
667
994
(33)
614
EBITDA margin (%)
58.7
71.8
Net profit
439
802
Net sales
EBITDA
EBITDA margin (%)
Net profit
NHPC (28/05/2013)
Particulars (` cr)
Net sales
67.3
(45)
312
41
Power Grid Corporation (28/05/2013)

Particulars (` cr)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,116
1,032
1,129
(1)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,012
763
33
1,027
(1)
Rural Electrification (28/05/2013)

Particulars (` cr)
Net profit
Sun Pharmaceutical Consolidated (28/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
2,992
2,330
28
2,852
EBITDA
1,285
963
33
1,275
EBITDA margin (%)
42.9
41.3
Net profit
912
820
44.7
11
881
Tata Global Beverage Consolidated (28/05/2013)

Particulars (` cr)
Net sales
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,890
1,724
10
1,902
(1)
203
(2)
EBITDA
199
187
EBITDA margin (%)
10.5
10.9
99
54
Net profit
10.7
83
80
24
Economic and Political News
Government to pay state-run fuel retailers `45,000cr in Q4 oil subsidy

Trai proposes Rs 0.05 termination charge on commercial SMS, Rs 0.02 for
normal SMS
FinMin, OilMin spar over imported fuel pricing
Government sets guidelines to meet EU drug import rules
Corporate News
Siyaram Silk Mills expands retail biz, inks 27 franchise pacts

JSW Steel eyeing coal mines in Africa, US and Canada
Naresh Goyal buys 29% stake in Jet from promoter entity
Vedanta raises US$1.7bn via bonds to repay part of Cairn debt
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 24, 2013
Result Calendar
Date
Company
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, Bajaj Electrical, GIPCL, JK Tyre, TTK Healthcare, Tree House
GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, Tata Comm,
CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, Godawari Ispat, PVR, Cravatex
ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, Monnet Ispat, BGR Energy , Anant Raj,
Madhucon Proj, Jyoti Structures, J K Lakshmi Cements, Greenply
IOC, M&M, SAIL, DLF, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Central Bank, Suzlon
Energy, GSPL, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCL
Infra, Patel Engg.
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 24, 2013
11:30AM
Germany GDP nsa (YoY)
May 28, 2013
7:30PM
US
May 29, 2013
1:25PM
Germany Unemployment change (000's)
May 30, 2013
2:30PM
Euro Zone Euro-Zone Consumer Confidence
6:00PM
US
May 31, 2013
11:00AM
June 1, 2013
6:30AM
June 3, 2013
June 5, 2013
June 6, 2013
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
June 11, 2013
June 12, 2013
June 14, 2013
June 17, 2013
Consumer Confidence
% Change
1Q F
(1.40)
(1.40)
S.A./ 1985=100
May
68.10
70.00
Thousands
May
4.00
5.00
Value
May F
(21.90)
--
GDP Qoq (Annualised)
% Change
1Q S
2.50
2.50
India
Qtrly GDP YoY%
% Change
1Q
4.50
4.80
China
PMI Manufacturing
Value
May
50.60
49.90
1:25PM
Germany PMI Manufacturing
Value
May F
49.00
--
2:00PM
UK
Value
May
49.80
--
1:25PM
Germany PMI Services
Value
May F
49.80
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
--
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
--
PMI Manufacturing
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
--
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(1.40)
--
2:00PM
UK
Jobless claims change
% Change
May
(7.30)
--
11:00AM
India
Industrial Production YoY
% Change
Apr
2.50
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
May F
1.20
--
6:00PM
US
Producer Price Index (mom)
% Change
May
(0.70)
--
6:45PM
US
Industrial Production
May
(0.53)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
May
4.89
--
11:00AM
India
RBI Repo rate
Jun 17
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Jun 17
4.00
--
11:00AM
India
RBI Reverse Repo rate
Jun 17
6.25
--
Market Outlook
May 24, 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 24, 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
138
2,689
1,657
1,906
14.1
14.1
7.7
8.9
18.0
15.5
3.7
3.2
22.2
21.9
1.6
1.3
United Phosphorus
Buy
157
232
6,947
10,298
11,310
16.5
16.5
20.5
23.2
7.7
6.8
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Buy
244
285
4,171
3,418
3,892
14.5
14.5
18.5
20.4
13.2
12.0
3.2
2.6
26.6
23.8
1.2
1.0
Apollo Tyres
Buy
86
104
4,350
13,852
15,487
11.4
11.5
12.8
14.9
6.7
5.8
1.1
0.9
17.5
17.3
0.5
0.4
Ashok Leyland
Buy
23
27
6,093
14,038
16,442
7.6
8.7
1.1
2.2
21.9
10.3
1.9
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
255
385
834
965
9.3
10.6
17.3
27.1
14.8
9.4
1.4
1.3
9.5
14.0
0.5
0.5
Bajaj Auto
Accumulate
1,813
2,056
52,469
22,684
25,908
18.0
18.5
117.3
137.1
15.5
13.2
5.6
4.4
39.9
37.2
2.0
1.6
Bharat Forge
Neutral
226
5,266
6,198
6,793
14.6
14.9
14.5
17.3
15.6
13.1
2.0
1.8
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,096
28,562
9,821
11,394
17.0
17.3
373.5
438.7
24.4
20.7
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
105
170
360
5,325
5,974
8.4
8.3
40.8
48.5
2.6
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
137
150
11,654
7,053
8,061
14.2
14.5
7.8
9.1
17.5
15.0
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,440
2,393
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,649
1,819
32,931
25,274
27,658
14.1
13.7
110.2
139.9
15.0
11.8
5.5
4.3
39.8
40.7
1.1
1.0
JK Tyre
Buy
113
154
464
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 Neutral
961
58,979
44,550
50,260
11.4
11.7
59.6
68.3
16.1
14.1
3.3
2.8
22.3
21.6
1.1
0.9
1,647
1,847
49,753
48,455
55,723
11.2
10.9
107.8
123.2
15.3
13.4
2.3
2.0
16.2
16.0
0.9
0.7
214
12,598
28,442
31,493
7.5
7.8
12.5
14.8
17.1
14.5
4.2
3.4
27.5
25.8
0.6
0.5
Accumulate
25
30
152
1,479
1,685
10.0
9.9
5.5
7.5
4.6
3.4
0.5
0.4
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
291
324
77,856 206,341 227,695
12.8
13.5
32.3
39.0
9.0
7.5
1.9
1.6
23.1
23.2
0.4
0.4
TVS Motor
Neutral
37
1,746
7,715
8,584
6.0
6.1
5.0
5.8
7.4
6.4
1.3
1.1
18.1
18.5
0.2
0.1
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Capital Goods
ABB*
Sell
629
461
13,323
8,073
9,052
5.5
6.9
11.5
16.9
54.6
37.1
5.0
4.8
9.3
13.1
1.7
1.4
BGR Energy
Neutral
190
1,369
4,114
4,886
11.4
10.7
24.9
28.0
7.6
6.8
1.0
0.9
25.2
22.6
0.7
0.6
BHEL
Neutral
196
47,924
43,757
40,934
17.3
16.9
20.9
19.0
9.4
10.3
2.1
1.8
23.7
18.8
1.0
1.0
Blue Star
Buy
167
230
1,500
2,896
3,087
5.6
6.2
9.3
11.7
17.9
14.2
3.0
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Accumulate
97
117
6,242
13,790
15,095
6.4
7.4
6.9
9.4
14.1
10.4
1.6
1.4
11.7
14.5
0.5
0.5
Jyoti Structures
Buy
28
34
230
3,074
3,355
9.0
8.8
8.7
10.2
3.2
2.7
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
45
63
1,154
7,709
8,399
6.7
7.2
6.1
8.5
7.4
5.3
0.9
0.8
20.2
23.0
0.3
0.3
Thermax
Neutral
594
7,076
5,931
6,592
9.6
9.7
31.0
34.3
19.2
17.3
3.3
2.9
18.6
17.9
1.0
0.9
1,207
1,361
22,659
11,979
13,254
19.7
21.3
77.1
91.4
15.7
13.2
2.8
2.5
18.7
20.0
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
May 24, 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
185
28,548
10,232
11,762
23.5
24.5
10.3
12.2
18.0
15.2
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
73
2,232
4,777
5,276
17.3
17.1
8.8
10.9
8.3
6.7
0.6
0.6
7.5
8.8
0.8
0.7
J K Lakshmi Cement
Buy
98
143
1,148
2,313
2,728
19.8
20.7
16.6
23.1
5.9
4.2
0.8
0.7
13.6
16.5
1.1
0.8
Madras Cements
Neutral
244
5,810
4,293
4,855
27.4
28.6
21.8
28.2
11.2
8.6
2.0
1.7
19.6
21.3
1.9
1.5
Shree Cement^
Neutral
4,932
17,182
6,540
7,452
27.4
26.6
319.7
369.9
15.4
13.3
3.8
3.1
27.5
25.4
2.0
1.5
UltraTech Cement
Neutral
1,949
53,426
21,947
25,049
23.8
23.8
106.1
119.8
18.4
16.3
3.0
2.6
17.7
17.3
2.5
2.2
202
255
1,062
1,928
2,234
21.0
21.5
18.0
22.2
11.2
9.1
1.0
0.9
10.2
10.1
1.9
1.9
12
222
2,281
2,492
5.9
6.9
0.7
2.0
17.6
6.0
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
122
157
4,047
3,997
4,312
45.5
46.4
15.7
16.6
7.8
7.3
1.1
1.0
15.2
14.5
3.5
3.7
ITNL
Buy
171
230
3,326
7,444
8,041
27.4
28.9
29.8
32.1
5.7
5.3
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
19
35
589
6,287
6,836
8.5
8.5
2.3
3.0
8.2
6.3
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
67
90
14,934
14,850
15,631
24.9
25.1
2.5
2.9
26.6
23.6
1.1
1.1
4.2
4.7
2.9
2.8
Larsen & Toubro
Buy
1,419
1,761
87,364
68,946
78,040
10.5
10.5
77.9
88.3
18.2
16.1
2.7
2.4
15.5
15.6
1.5
1.3
Nagarjuna Const.
Buy
31
45
802
6,576
7,264
8.2
8.3
4.1
4.8
7.6
6.6
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
46
1,523
12,954
14,740
9.9
9.9
0.5
0.9
90.3
49.2
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
107
153
1,617
2,511
2,736
10.6
10.6
7.3
7.8
14.8
13.8
1.9
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
106
164
524
6,824
7,563
9.2
9.4
18.0
23.4
5.9
4.5
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
31
45
226
2,455
2,734
13.4
13.0
14.6
14.9
2.1
2.1
0.2
0.2
12.3
11.3
0.5
0.5
122
136
6,105
7,137
7,907
2.9
2.8
32.3
36.0
3.8
3.4
0.5
0.5
14.2
14.2
88
4,902
5,254
5,900
2.8
2.8
21.2
22.9
4.1
3.8
0.6
0.5
13.3
13.0
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,456
1,853
68,198
19,055
22,710
3.3
3.2
130.7
152.3
11.1
9.6
1.8
1.6
17.2
17.6
Bank of Baroda
Buy
689
851
29,037
16,365
18,781
2.2
2.3
121.3
142.5
5.7
4.8
0.8
0.7
15.1
15.7
Bank of India
Accumulate
307
361
18,318
14,482
16,383
2.3
2.3
58.1
68.1
5.3
4.5
0.8
0.7
14.4
15.0
Bank of Maharashtra
Accumulate
57
64
3,754
4,392
4,743
3.1
3.0
12.6
13.7
4.5
4.2
0.7
0.6
16.8
16.0
Canara Bank
Accumulate
427
481
18,929
11,928
13,467
2.1
2.2
74.8
86.0
5.7
5.0
0.8
0.7
13.7
14.2
Central Bank
Accumulate
67
75
6,962
8,249
9,211
2.4
2.5
14.9
18.2
4.5
3.7
0.7
0.6
12.5
13.8
Corporation Bank
Buy
405
495
6,194
5,558
6,121
2.0
2.0
98.4
107.7
4.1
3.8
0.6
0.5
14.9
14.5
Dena Bank
Accumulate
87
97
3,051
3,187
3,582
2.3
2.4
23.8
25.5
3.7
3.4
0.6
0.5
15.9
15.1
Federal Bank
Neutral
449
7,684
2,873
3,413
3.0
3.1
52.7
62.0
8.5
7.3
1.1
1.0
13.4
14.2
Market Outlook
May 24, 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
903
139,703
8,573
10,142
3.6
3.6
37.0
43.6
24.4
20.7
5.0
4.5
30.0
30.3
HDFC Bank
Neutral
699
166,371
27,682
33,916
4.6
4.6
35.3
42.7
19.8
16.4
3.9
3.3
21.3
21.8
ICICI Bank
Buy
1,173
1,444
135,389
25,705
30,330
3.1
3.2
83.9
96.3
14.0
12.2
1.9
1.7
15.2
15.7
IDBI Bank
Accumulate
85
98
11,315
9,477
10,678
2.0
2.1
19.6
22.6
4.3
3.8
0.5
0.5
12.8
13.4
Indian Bank
Buy
153
185
6,565
6,185
6,978
3.0
3.0
37.0
42.2
4.1
3.6
0.6
0.5
14.8
15.1
IOB
Accumulate
61
70
5,637
8,142
8,956
2.5
2.5
16.5
20.7
3.7
3.0
0.5
0.4
11.8
13.4
J & K Bank
Accumulate
1,263
1,380
6,124
3,074
3,140
3.5
3.2
224.7
201.5
5.6
6.3
1.1
1.0
20.6
16.1
LIC Housing Finance
Accumulate
268
298
13,500
2,113
2,525
2.3
2.3
25.4
29.2
10.5
9.2
1.9
1.6
18.4
18.3
Oriental Bank
Accumulate
257
285
7,484
6,835
7,588
2.6
2.6
56.5
63.8
4.5
4.0
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
772
994
27,276
20,876
23,929
3.3
3.4
151.7
177.0
5.1
4.4
0.8
0.7
16.1
16.5
South Ind.Bank
Accumulate
25
26
3,284
1,839
2,091
2.9
2.8
4.2
4.5
5.9
5.4
1.0
0.9
18.2
17.0
St Bk of India
Accumulate
2,176
2,669
148,859
67,091
76,746
3.2
3.1
241.2
280.4
9.0
7.8
1.4
1.2
16.5
17.0
Syndicate Bank
Accumulate
127
142
7,636
7,238
8,249
2.7
2.6
27.1
30.4
4.7
4.2
0.7
0.6
16.1
15.9
UCO Bank
Accumulate
75
82
5,648
6,126
6,665
2.6
2.5
12.2
14.4
6.2
5.2
0.9
0.8
11.8
12.6
Union Bank
Accumulate
226
260
13,502
11,229
12,794
2.6
2.6
40.7
48.2
5.6
4.7
0.8
0.7
14.6
15.4
United Bank
Accumulate
56
65
2,098
3,443
3,998
2.4
2.6
15.1
20.4
3.7
2.7
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
51
2,542
2,730
3,059
1.9
2.0
10.2
11.3
5.0
4.5
0.6
0.5
11.8
12.0
Yes Bank
Accumulate
497
543
17,860
4,390
5,411
2.8
2.8
41.6
47.9
12.0
10.4
2.5
2.1
23.2
22.1
FMCG
Asian Paints
Neutral
4,801
46,049
12,332
14,524
16.5
16.3
141.6
162.7
33.9
29.5
10.7
8.5
35.4
32.2
3.6
3.0
Britannia
Neutral
576
6,885
6,417
7,446
5.1
5.5
20.3
25.2
28.4
22.9
9.7
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,440
19,581
3,588
4,130
21.1
21.6
44.7
51.9
32.2
27.8
29.0
21.6
100.0
89.1
5.2
4.4
Dabur India
Neutral
155
27,068
7,183
8,340
16.8
16.8
5.4
6.3
28.9
24.7
11.3
8.8
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
4,929
20,730
3,617
4,260
16.1
16.4
120.6
146.4
40.9
33.7
12.6
10.2
33.8
33.4
5.4
4.5
Godrej Consumer
Neutral
825
28,062
7,801
9,017
16.2
15.9
25.1
29.7
32.8
27.8
7.1
5.9
24.9
24.2
3.8
3.2
HUL
Neutral
585
126,559
29,167
33,164
13.6
13.7
17.1
18.4
34.3
31.8
32.9
23.8
113.4
87.0
4.2
3.7
ITC
Neutral
332
262,578
33,506
39,067
36.8
37.0
11.1
13.0
30.0
25.6
9.7
7.9
35.5
34.1
7.6
6.5
Marico
Neutral
223
14,362
5,273
6,044
14.8
14.9
7.3
8.7
30.7
25.7
6.0
4.9
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,269
50,804
9,447
10,968
22.1
22.3
127.5
154.1
41.3
34.2
20.7
14.9
57.7
50.7
5.3
4.5
Tata Global
Neutral
139
8,580
7,998
8,798
9.7
9.8
7.9
8.7
17.6
15.9
2.1
2.0
9.6
9.8
1.0
0.9
Market Outlook
May 24, 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
737
863
51,314
28,633
32,216
21.5
20.7
57.3
61.7
12.9
11.9
3.1
2.5
24.0
21.5
1.6
1.4
Hexaware*
Buy
76
96
2,276
2,091
2,289
19.0
18.8
10.6
11.3
7.2
6.7
1.6
1.4
22.8
21.7
0.9
0.8
Infosys
Neutral
2,359
135,457
43,338
47,244
27.5
27.7
169.4
182.6
13.9
12.9
2.9
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Accumulate
168
185
1,873
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.7
1.2
1.1
14.7
13.7
0.6
0.4
KPIT Cummins
Buy
107
135
2,057
2,513
2,819
16.1
15.5
12.6
14.0
8.5
7.6
1.5
1.2
17.9
16.6
0.8
0.6
Mahindra Satyam
Accumulate
110
126
12,928
8,278
9,062
20.3
20.1
10.5
11.4
10.4
9.6
2.4
1.9
23.1
20.0
1.2
1.0
Mindtree
Accumulate
804
920
3,338
2,599
2,871
19.4
19.2
85.2
92.3
9.4
8.7
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Reduce
435
395
9,148
6,096
6,646
17.6
17.4
38.1
41.6
11.4
10.5
1.6
1.4
14.2
13.7
1.1
0.9
NIIT
Buy
21
30
347
1,144
1,267
9.0
9.1
4.3
5.4
4.9
3.9
0.5
0.5
10.3
12.0
0.1
Persistent
Buy
507
593
2,026
1,445
1,617
25.2
25.0
55.3
59.3
9.2
8.5
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,494
1,585
292,370
71,833
81,893
28.4
28.0
78.5
88.0
19.0
17.0
5.8
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
951
1,180
12,214
7,779
8,398
19.7
19.3
107.4
117.8
8.9
8.1
1.9
1.5
21.2
19.0
1.6
1.4
Wipro
Accumulate
337
385
83,007
40,173
43,697
20.4
20.6
26.2
28.5
12.9
11.8
2.5
2.2
19.7
18.4
1.6
1.3
D B Corp
Accumulate
249
285
4,557
1,750
1,925
25.1
26.6
14.2
16.8
17.5
14.8
3.8
3.2
23.4
23.4
2.5
2.2
HT Media
Buy
97
117
2,288
2,205
2,380
15.1
15.6
8.3
9.1
11.8
10.7
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
91
121
3,005
1,698
1,908
23.9
24.5
7.4
8.4
12.3
10.8
3.1
2.7
26.7
26.8
1.9
1.7
PVR
Neutral
326
1,293
1,343
1,521
18.8
18.9
18.3
22.9
17.8
14.3
1.7
1.8
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
409
16,104
2,287
2,551
69.7
70.5
20.0
23.3
20.4
17.5
5.1
4.4
26.4
27.3
6.9
6.0
Bhushan Steel
Neutral
460
10,420
13,794
17,335
30.7
34.8
48.9
83.6
9.4
5.5
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Accumulate
308
345
194,639
72,174
76,311
33.3
28.4
28.4
30.9
10.8
10.0
3.0
2.6
37.6
36.2
1.9
1.7
Electrosteel Castings
Buy
17
24
555
1,976
2,017
11.8
12.7
1.3
2.6
13.5
6.5
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
139
213
4,417
1,944
2,317
49.9
51.7
20.8
25.6
6.7
5.4
1.5
1.2
24.3
24.6
1.9
1.4
Hind. Zinc
Buy
114
145
48,021
12,358
13,659
51.4
51.6
16.0
17.6
7.1
6.5
1.3
1.1
19.4
18.4
1.7
1.2
Hindalco
Neutral
109
20,859
88,987
94,163
9.2
9.7
13.8
15.9
7.9
6.9
0.6
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
688
15,353
39,524
42,064
17.1
16.9
71.8
86.3
9.6
8.0
0.8
0.7
8.6
9.6
0.7
0.6
MOIL
Accumulate
206
243
3,464
954
1,062
45.5
47.4
26.1
29.1
7.9
7.1
1.1
1.0
15.1
15.2
1.3
1.0
Monnet Ispat
Buy
171
291
1,090
2,883
3,181
21.7
23.6
40.3
57.7
4.2
3.0
0.4
0.4
10.1
13.0
1.3
1.0
Nalco
Neutral
34
8,685
8,187
8,416
14.5
14.7
3.2
3.3
10.5
10.3
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
116
179
46,169
10,329
12,540
73.8
75.0
16.6
19.0
7.0
6.1
1.3
1.2
20.6
20.2
2.5
1.9
Media
Metals & Mining
Market Outlook
May 24, 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
59
24,388
53,685
64,183
9.3
12.2
5.5
8.3
10.8
7.2
0.6
0.5
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
157
13,636
3,742
4,426
32.9
32.8
30.0
29.8
5.2
5.3
0.7
0.6
14.3
12.5
4.5
3.7
Sterlite Inds
Accumulate
92
100
30,935
44,462
45,568
23.2
24.7
18.1
20.2
5.1
4.6
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
300
430
29,088 141,775 151,672
10.5
11.4
35.3
51.7
8.5
5.8
0.6
0.6
7.6
10.3
0.5
0.5
Sarda
Buy
104
153
373
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
482
2,668
2,834
10.0
10.1
4.6
5.2
7.7
7.0
0.2
0.2
3.2
3.4
0.5
0.5
Buy
80
118
263
2,425
2,552
13.7
14.8
33.5
45.3
2.4
1.8
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
278
345
53,163
16,482
16,228
69.4
53.3
53.3
49.6
5.2
5.6
0.8
0.7
16.5
13.6
2.0
1.7
GAIL
Neutral
325
41,200
55,815
63,013
15.3
15.2
35.9
41.5
9.0
7.8
1.4
1.3
17.0
17.1
0.6
0.5
ONGC
Accumulate
328
354
280,363 157,962 175,367
35.1
36.2
34.3
39.3
9.6
8.3
1.6
1.5
18.2
18.6
1.5
1.4
Reliance Industries
Neutral
785
253,551 380,031 407,721
9.9
69.3
69.3
78.0
11.3
10.1
1.1
1.0
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
241
3,093
3,707
3,850
11.7
12.4
23.7
25.7
10.2
9.4
2.8
2.5
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
280
3,926
3,700
4,218
23.4
22.8
26.6
30.4
10.5
9.2
2.2
1.8
22.6
21.7
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
140
167
10,470
40,356
40,872
5.8
6.4
15.0
16.7
9.3
8.3
2.0
1.7
23.0
21.5
0.3
0.3
59
3,337
1,079
983
91.8
91.9
8.8
7.8
6.8
7.6
1.1
1.0
17.8
14.1
2.9
3.1
Alembic Pharma
Accumulate
120
139
2,260
1,736
2,008
17.1
18.9
10.7
13.9
11.2
8.6
3.5
2.6
35.0
34.7
1.4
1.2
Aurobindo Pharma
Buy
175
264
5,082
6,279
7,033
16.0
16.0
15.2
19.2
11.5
9.1
1.5
1.3
19.2
18.0
1.3
1.2
Aventis*
Neutral
2,505
5,768
1,682
1,917
16.6
16.6
92.4
99.1
27.1
25.3
3.8
3.8
15.7
14.8
3.0
2.5
Cadila Healthcare
Buy
788
962
16,124
7,386
8,863
18.0
18.0
39.5
48.1
19.9
16.4
4.5
3.7
24.8
24.7
2.5
2.0
Cipla
Accumulate
415
463
33,321
9,130
10,543
24.8
23.0
21.6
23.2
19.2
17.9
3.1
2.7
17.6
16.2
3.3
2.8
Dr Reddy's
Buy
2,051
2,535
34,820
13,377
15,350
20.4
20.1
112.3
126.8
18.3
16.2
3.9
3.2
23.5
21.8
2.7
2.3
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
68
206
551
1,536
1,739
20.2
20.9
15.4
20.6
4.4
3.3
0.5
0.4
11.6
13.7
1.0
0.8
2,280
19,308
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
Buy
60
89
553
774
938
15.2
15.2
7.2
8.9
8.3
6.7
1.1
1.0
14.5
15.8
0.9
0.8
Ipca labs
Buy
578
676
7,296
3,474
4,168
21.0
21.0
37.3
45.1
15.5
12.8
3.7
2.9
26.4
25.3
2.3
1.9
Lupin
Accumulate
749
877
33,524
11,641
13,933
21.3
21.3
34.8
41.8
21.5
17.9
5.0
4.0
26.2
24.8
3.0
2.4
Ranbaxy*
Neutral
393
16,634
11,400
12,060
10.5
12.5
17.5
22.5
22.5
17.5
3.6
3.1
17.0
19.1
1.6
1.4
Sun Pharma
Neutral
1,007
104,075
12,563
14,698
42.6
42.6
29.8
35.5
33.8
28.4
6.0
5.1
19.2
19.3
7.6
6.3
71
78
1,079
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 24, 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
Accumulate
149
163
122,569
76,734
86,680
24.5
24.3
13.4
14.5
11.1
10.3
1.4
1.3
12.8
12.7
2.4
2.2
DLF
Buy
211
288
37,561
9,699
12,010
37.0
36.9
6.0
8.4
35.4
25.1
1.3
1.3
3.8
5.1
5.6
4.6
MLIFE
Buy
395
476
1,614
888
1,002
30.6
30.6
38.8
43.4
10.2
9.1
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
301
338
114,154
86,592
95,860
31.4
31.8
10.9
14.5
27.6
20.7
2.1
1.9
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
130
43,192
25,122
27,663
27.0
27.2
4.0
4.8
32.8
27.4
2.7
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
106
21,868
22,801
24,628
31.0
31.3
3.6
5.3
29.7
20.1
0.6
0.6
2.2
3.1
2.6
2.3
1,425
1,659
3,028
1,863
2,081
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*
Accumulate
Bajaj Electricals
Buy
169
237
1,684
3,929
4,480
7.4
7.7
15.5
19.7
10.9
8.6
1.9
1.6
17.4
18.7
0.4
0.4
Cera Sanitaryware
Buy
444
562
562
630
795
14.4
13.6
42.8
51.1
10.4
8.7
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
357
566
92
308
351
7.0
7.0
39.6
47.2
9.0
7.6
2.0
1.6
21.8
21.0
0.4
0.3
Finolex Cables
Buy
53
68
804
2,563
2,899
9.8
9.8
10.1
11.3
5.2
4.7
0.8
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
381
570
497
2,299
2,621
4.7
4.9
46.3
57.0
8.2
6.7
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
265
352
610
1,453
1,560
9.4
9.8
38.4
41.4
6.9
6.4
1.5
1.2
22.9
20.8
0.2
0.2
Hitachi
Buy
144
177
391
1,053
1,169
6.3
7.1
13.8
17.7
10.4
8.1
1.5
1.3
15.0
16.7
0.4
0.4
2,462
2,176
1,842
2,131
7.7
7.8
112.4
132.4
21.9
18.6
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
163
198
147
495
651
12.7
12.9
29.3
39.5
5.6
4.1
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
178
234
205
1,430
1,573
11.1
11.0
19.1
26.9
9.3
6.6
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
183
2,954
979
1,164
14.9
15.1
6.0
7.7
30.5
23.8
3.8
3.4
12.9
15.1
3.0
2.5
MRF
Reduce
14,884
14,416
6,313
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.3
8.3
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Neutral
3,722
4,151
1,047
1,281
19.6
19.8
127.3
158.1
29.2
23.5
14.0
10.2
54.9
50.0
4.1
3.4
Relaxo Footwears
Buy
627
791
753
1,146
1,333
10.9
11.4
45.9
60.9
13.7
10.3
2.9
2.3
23.0
24.6
0.8
0.7
Siyaram Silk Mills
Buy
260
312
243
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
430
617
756
1,068
1,223
9.6
9.6
38.1
44.1
11.3
9.8
1.5
1.3
14.5
14.7
0.7
0.6
TAJ GVK
Buy
62
108
386
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
300
371
462
814
849
17.0
17.6
64.6
69.2
4.7
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
528
553
410
435
516
6.2
7.1
24.3
33.3
21.7
15.9
3.6
3.1
17.6
20.8
0.7
0.6
Tree House
Accumulate
252
275
905
150
192
52.7
52.5
12.8
16.2
19.6
15.5
2.0
1.7
10.0
11.1
5.8
4.4
TVS Srichakra
Buy
187
252
143
1,591
1,739
6.1
6.6
24.5
41.9
7.7
4.5
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,412
31,543
11,886
13,491
14.4
14.0
50.9
74.5
47.4
32.4
3.9
3.5
10.6
11.4
3.0
2.6
Market Outlook
May 24, 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
368
439
746
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 23, 2013
Market Outlook
May 24, 2013

Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

May 24, 2013

extreme losses indices suffered the previous day.

scaling back its asset purchase program as well as disappointing Chinese

manufacturing data. A report released by Markit Economics and HSBC showed

that Chinese manufacturing activity unexpectedly contracted in May as purchasing

OIL & GAS

Department showing that new home sales in US climbed 2.3% to a seasonally

US markets ended modestly on Thursday, substantially paring intraday losses, as

Meanwhile Indian markets ended sharply lower in yesterdays trading session,

Ranbaxy Labs-Daiichi Sankyo weighing legal options against earlier promoters

FII Derivatives (May 23, 2013)

Net Inflows (May 22, 2013)

Ranbaxy Labs-Daiichi Sankyo weighing legal options

67,091 3.2 16,500

76,746 3.1 19,182

Op. Inc NIM

BHEL (CMP: `196/ TP: -/ Upside: -)

EPS ROE P/E P/BV

5,113 20.9 23.7 9.4

4,642 19.0 18.8 10.3

Tata Steel (CMP: `300/ TP: Under Review/ Upside :-)

EPS ROE P/E P/BV

5,011 51.6 12.9 5.8

JSW Steel (CMP: `688/ TP: -/ Upside: -)

EPS ROE P/E P/BV

Indraprastha Gas (CMP: `280/ TP: -/ Upside: -)

373 26.6 22.6 10.5

426 30.4 21.7 9.2

EPS ROE P/E P/BV

EPS ROE P/E P/BV

7.8 12.6 10.4

MOIL (CMP: `206/ TP: `243/ Upside: 18%)

438 26.1 15.1 7.9

460 27.4 14.4 7.5

EPS ROE P/E P/BV

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Bharat Forge (25/05/2013)

Tata Chemical Consolidated (27/05/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Hindalco Industries (28/05/2013)

EBITDA margin (%)

Power Grid Corporation (28/05/2013)

Rural Electrification (28/05/2013)

Sun Pharmaceutical Consolidated (28/05/2013)

EBITDA margin (%)

Tata Global Beverage Consolidated (28/05/2013)

EBITDA margin (%)

Economic and Political News

Government to pay state-run fuel retailers `45,000cr in Q4 oil subsidy

Siyaram Silk Mills expands retail biz, inks 27 franchise pacts

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