Market Outlook: Dealer's Diary

Market Outlook
June 3, 2013
Dealers Diary
The Indian markets are expected to open in the red today tracking negative
opening trades in the SGX Nifty and most of Asian markets. Asian markets are
trading lower, after improving U.S. economic data added to concern the Federal
Reserve will scale back its stimulus.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(2.3)
(455) 19,760
Nifty
(2.3)
(138)
5,986
MID CAP
(1.3)
(86)
6,389
US markets moved sharply lower in the latter part of the trading day on Friday.
The sell-off seen in late-day trading came as a pair of economic reports added to
recent concerns that the Federal Reserve could scale back its stimulus program
within the next few meetings. Major European markets too ended in negative
territory on Friday, due to some weaker than expected economic data from Europe.
Eurozone unemployment rate climbed to a new record high, while German retail
sales unexpectedly fell.
SMALL CAP
(1.6)
(94)
5,943
BSE HC
(0.9)
(83)
8,847
BSE PSU
(2.1)
(146)
6,656
BANKEX
(2.5)
(360) 14,261
AUTO
(1.8)
(203) 11,166
METAL
(1.9)
(163)
8,503
OIL & GAS
(2.7)
(241)
8,655
Meanwhile, Indian markets fell sharply on Friday, as RBI Governors hawkish

comments on inflation, current account deficit and commodity price movements
dented hopes for an interest-rate cut at the RBIs June 17 policy meeting. Weak
GDP data also added to growth worries, dampening investor sentiments.
BSE IT
0.9
52
6,065
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(1.4)
NASDAQ
(1.0)
(35)
3,456
Markets Today
FTSE
(1.1)
(74)
6,583
The trend deciding level for the day is 19,894 / 6,023 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,058 20,355 / 6,070 6,153 levels. However, if NIFTY trades below
19,894 / 6,023 levels for the first half-an-hour of trade then it may correct up to
19,597 19,433 / 5,939 5,892 levels.
Indices
SENSEX
NIFTY
Nikkei
S2
19,433
5,892
S1
19,597
5,939
PIVOT
19,894
6,023
R1
20,058
6,070
R2
20,355
6,153
News Analysis
Real GDP growth at 4.8% in 4QFY2013, in line with expectations

Auto Monthly - May 2013
Infosys Board appoints Mr. N R Narayana Murthy as Executive Chairman of
the Board
National Green Tribunal (NGT) allows Sterlite to restart copper smelter
India's Sun Pharmaceuticals reported to be in talks to be in a US $5bn deal for
Sweden's Meda
Result Review: IFB Agro
Refer detailed news analysis on the following page
Net Inflows (May 30, 2013)

` cr
FII
MFs
Purch
6,423
527
Sales
4,926
623
Net
1,497
(96)
MTD
21,175
(3,486)
YTD
82,333
(12,077)
FII Derivatives (May 31, 2013)

` cr
Index Futures
Stock Futures
Purch
1,522
2,149
Sales
3,350
1,887
Net
(1,828)
262
Open Interest
8,836
27,656
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Glaxosmithkl Cons
5,822
10.6
Glaxosmithkl Phar
2,507
9.0
Corporation Bank
388
(8.9)
Wockhardt
1,223
7.2
Indiabulls Real Est
70
(7.1)
Videocon Inds
Apollo Hosp
www.angelbroking.com
Suzlon Energy
Losers
Price (`)
chg (%)
12
(9.9)
218
5.2
Berger Paints
225
(7.0)
1,003
4.5
Jet Air India
492
(7.0)
(209) 15,116
1.4
186 13,775
Hang Sang
(0.4)
(92) 22,392
Straits Times
(0.7)
(25)
3,311
Shanghai Com
(0.7)
(17)
2,301
Chg (%)
(Pts)
(Close)
0.1
0.0
$41.8
WIT
(2.6)
(0.2)
$7.6
IBN
(4.1)
(1.9)
$45.0
HDB
(3.9)
(1.7)
$40.2
Indian ADR
INFY
Advances / Declines
BSE
NSE
Advances
791
350
1,591
1,042
117
75
Declines
Unchanged
Volumes (` cr)
BSE
2,039
NSE
13,855
Market Outlook
June 3, 2013
Real GDP growth at 4.8% in 4QFY2013, in line with expectations

Real GDP growth for 4QFY2013 came in at 4.8%, in line with our as well as
market expectations, as against 4.7% in the previous quarter and 5.1% in
4QFY2012. Growth in the services sector has decelerated to 6.6% the lowest in
about 4 years resulting in a sub-5% reading for GDP growth for the second
consecutive quarter. While 3QFY2013 GDP growth has been revised upwards to
4.7% from 4.5% estimated earlier, it has been revised slightly downwards in the
three preceding quarters. Overall for FY2013 as a whole, real GDP growth stands
at a decadal-low of 5% as compared to 6.2% during FY2012. We believe growth
has bottomed out in 3QFY2013 and we expect a gradual pick up with recovery in
consumption as well as investment to about 5.8% in FY2014.
Trends in economic growth
Growth in agriculture and allied activities continued to remain muted and stood at
1.4% as against 1.8% yoy in 3QFY2013 and 2.0% yoy in 4QFY2012. For FY2013,
agriculture reported 1.9% growth, impacted by the decline in food-grain
production by 1.5% particularly in the kharif season owing to below-normal
monsoon. Non-farm GDP is relatively higher at 5.5% as compared to total output
growth of 5% but it has almost halved since FY2010.
The growth in industrial sector recovered to 2.7% during the quarter as compared
to 2.1% in 4QFY2012 owing to the 2.6% growth in manufacturing sector. For
FY2013 as a whole, the mining sector reported 0.6% de-growth despite a low
base effect from a similar decline in the previous year reflecting the impact of
persistent regulatory hurdles. Growth in the manufacturing sector disappointed
coming in at 1.0% in FY2013, a 15 year low. It has decelerated for the third
straight year from 11.3% in FY2010. Even growth in electricity and construction
decelerated to 4.2% and 4.3% from 6.5% and 5.6% in FY2012 respectively.
Growth in the services sector decelerated further to 6.6% during 4QFY2013, the
lowest in about 4 years. As the government stepped up its fiscal consolidation drive
and curtailed expenditure, the pace of growth in community, social and personal
services slowed down for the fourth straight quarter to a moderate 4.0% during the
quarter. Overall, growth in the services sector has slipped to 7.1% for FY2013, a
3-year low. The share of services in total GDP has reached 59.6%, its highest level.
Demand-side GDP trends
Despite high discrepancies in data, the sharp slump in economic activity is clearly
evident in terms of growth in GDP at market prices which slowed to 3.2%, its
lowest level since FY1993. The growth in major components consumption,
investment and exports has more than halved as compared to FY2012. The share
of consumption in GDP at market prices is the highest at 71% and its growth stood
at 3.9% as compared to 8.1% in the previous year owing to deceleration in both
government and private consumption. During 4QFY2013, government
consumption reported a low 0.6% growth as compared to 7.6% in 4QFY2012 and
this corresponds to the slow growth in community, social and personal services.
Gross fixed capital formation (GFCF) decelerated to 1.7% in FY2013 as compared
to 4.4% in FY2012 and 14.0% in FY2011 concurring with the weak investment
climate in the economy. Net exports declined by 17.3% and continued to weigh on
growth during FY2013.
Market Outlook
June 3, 2013
Auto Monthly - May - 2013

Ashok Leyland
Ashok Leyland reported broadly in-line volumes for May 2013 with total sales
witnessing a decline of 2.9% qoq to 7,267 units. The volumes continue to be
impacted by the slowdown in the medium and heavy commercial vehicle (MHCV)
segment which led to a 6.1% qoq decline in commercial vehicle sales (ex. Dost) to
4,932 units. Dost volumes on the other hand reported a healthy growth of 4.4%
qoq to 2,335 units. Total volumes on a yoy basis though, posted a decline of 16%
yoy mainly led by the impact of the slowdown in the MHCV sales.
Maruti Suzuki
Maruti Suzuki registered a lower than expected volume performance in May 2013
as total volumes declined by 13% qoq (14.4% yoy) to 84,677 units. Continued
slowdown in the domestic demand and macroeconomic uncertainty in key export
markets attributed to the weak performance. While domestic volumes declined
14% qoq (13% yoy), exports posted a marginal growth of 1.1% qoq (down 27.1%
yoy). The compact (down 20.4% qoq and 29.4% yoy), super compact (down
11.2% qoq and 2.5% yoy) and utility vehicles (down 19% qoq and 44.3% yoy)
segments which have been driving the growth over the last one year witnessed
sluggish performance on account of continued slowdown in demand and also due
to increasing competition.
Mahindra and Mahindra

Mahindra and Mahindra's automotive segment reported an in-line volume growth
of 4.9% qoq (down marginally by1.2% yoy) to 43,460 units driven by a healthy
growth of 5.5% qoq (5.4% yoy) in domestic volumes. Export volumes however
remained sluggish and registered a decline of 11.4% qoq (down 66.5% yoy)
during the month. The growth in the domestic segment was driven primarily by a
healthy growth of 7.2% qoq (5.2% yoy) in the utility vehicle segment which has
been witnessing an increased competitive activity recently. The pick-up segment
growth was modest and the segment reported a growth of 3% qoq (12% yoy)
during the month.
Tata Motors
Tata Motors (TTMT) continued with its poor performance in the domestic markets
with total volumes registering a decline of 3.6% qoq to 49,304 units led by
continued demand slowdown in the commercial (CV) and passenger vehicle (PV)
segments. The performance was sluggish across the CV and PV segments during
the month. While CV sales witnessed a decline of 4.8% qoq, PV sales reported a
decline of 3.8% qoq. Exports however posted a healthy growth of 8.7% qoq.
TVS Motor
TVS Motor reported an in-line volume performance with total volumes remaining
flat qoq (down 6.2%yoy) at 165,151 units. The company continued with its weak
performance in the two-wheeler segment (flat qoq and down 7.9% yoy) led by
sluggish demand and rising competition in the motorcycle (down 1.8% qoq) and
scooter (up 13.7% qoq on a low base, however down 13.1% yoy) segments. On
the positive side, the three-wheeler sales continued its strong momentum and
Market Outlook
June 3, 2013
posted a growth of 98.8% yoy (23.2% qoq) driven by exports. The overall exports
however, registered a growth of 6.9% yoy (12.3% qoq) during the month.
Infosys Board appoints Mr. N R Narayana Murthy as Executive

Chairman of the Board
Infosys Limited, in a board meeting held on June 1, 2013 announced the
appointment of Mr. N R Narayana Murthy into the Board and executive leadership
of the Company with effect from June 1, 2013. Mr. Narayana Murthy will serve at
the position for 5 years. During his tenure, he will have his son Rohan Murty as
Executive Assistant. Mr. K V Kamath would step down from his position as
Chairman of the Board and take up the position of Lead Independent Director
effective June 1, 2013. The move is aimed to strengthen the leadership and put
the company back on high growth path. Apart from Mr. Narayana Murthys
appointment as Executive Chairman and Director, the other change at the top
level is the re designation of Mr. S.Gopalakrishnan as Executive Vice Chairman
with a focus key client relationships. Mr. Shibulal will be the MD & CEO of the
company. We believe the move is positive for the company. Maintain Neutral
rating on the stock.
National Green Tribunal (NGT) allows Sterlite to restart copper

smelter
Media reports suggest that the National Green Tribunal (NGT) has given its nod to
restart Sterlite Industries Tuticorin copper smelter. The Tuticorin smelter was shut
down on 29th March, 2013 following an order by the Tamil Nadu Pollution control
board (TNPCB) after a case of gas leak was reported by the local residents of the
area. This relief order is in line with our expectation that the closure will be
temporary and hence we maintain our estimates on Sterlite Industries and a
Neutral view on the stock.
India's Sun Pharmaceuticals reported to be in talks to be in a US

$5bn deal for Sweden's Meda
Sun has been reported to be in talks to acquire the Sweden Meda, the branded
generics, which have products in respiratory, cardiology, dermatology and pain
and inflammation drugs. Meda makes respiratory, cardiology, dermatology and
pain and inflammation drugs. It also makes over-the-counter products which treat
warts, skin infections and other maladies that account for roughly one-quarter of
its revenue. The company is said to have sales of ~US $1.98bn, with most of the
sales in the Western Europe and USA region. The company is said to be valued at
around US$ 5bn. , valuing the business at around 20xCY2012, which is not
expensive given the product portfolio. While its not certain whether the acquisition,
would be through, but if through, Sun Pharmaceuticals product portfolio would be
more focused on the regulated markets. Us already accounts for almost 54% of its
overall sales (in FY2013). As terms of funding the acquisition, the company is
already cash rich and has a cash of around of `5,000cr, thus making it easier to
fund the acquisition. We maintain our neutral on the stock.
Market Outlook
June 3, 2013
Result Review
IFB Agro (CMP: `167/ TP: `224/ Upside: 34%)
IFB Agro reported better than expected results for 4QFY2013. Revenue came in at
`86cr as compared to our estimate of `82cr, while on a yoy basis, revenue decline
dby 9.3% primarily due to fall in revenue in the alcohol division due to closure of
the molasses distillery. However, EBITDA margin expanded by 298bp yoy to 6.8%
in 4QFY2013 from 3.8% in 4QFY2012, due to a sharp decline in other expenses
during the quarter. This coupled with lower depreciation and higher other income
led to a net profit `4cr during the quarter as compared to a net profit of `0.3cr in
4QFY2012.
For FY2013, overall revenue growth stood at 4.5% yoy to `462cr from `442cr in
FY2012. Decline in revenue growth is attributable to lower contribution from the
alcohol division. EBITDA margin contracted by 71bp to 10.3% on account of
increase in net raw material cost. This was offset by lower depreciation and higher
other income which led to 2.5% yoy growth in net profit to `26cr for FY2013.
Going forward we expect the revenue to post a 19.2% CAGR to `657cr over
FY2013-15 at the back of new distillery capacity, which is expected to be
operational by FY2015E. We expect the net profit to post a CAGR of 32.4% on the
back of margin expansion arising from high margin distillery business. At the
current market price, the stock is trading at P/B of 0.6x for FY2015E, which we feel
is attractive. Hence, we maintain our buy recommendation on the stock with a
target price of `224 based on a target P/B of 0.8x for FY2015E.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
502
12.3
31 34.9
17.3
4.8
0.7
1.7
0.2
FY2015E
657
13.8
46 51.0
20.1
3.3
0.6
0.8
0.1
Economic and Political News
GDP growth likely to be between 6-6.5% in FY2014: CII

FDI dips by 38% to US $22.4 billion in 2012-13
CII for de-regulation of coal sector
Inflation to come under greater control in coming months: PM
Corporate News
Pantaloons to invest `175cr on store expansion in 12 months

DLF to invest about `3,000cr to build new projects in FY2014
RIL plans to shut VGO unit at 580,000 bpd refinery
Jet's promoters to sell 1.54% more stake to comply SEBI norms
BPCL-run Assam refinery mostly closed after fire breaks out at crude unit
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 03, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 3, 2013
June 5, 2013
June 6, 2013
June 7, 2013
1:25PM
Germany PMI Manufacturing
Value
May F
49.00
49.00
2:00PM
UK
Value
May
49.80
50.30
1:25PM
Germany PMI Services
Value
May F
49.80
49.80
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
(0.20)
6:00PM
US
Initial Jobless claims
Thousands
Jun 1
354.00
345.00
4:30PM
UK
BOE Announces rates
% Ratio
Jun 6
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jun 6
0.50
0.50
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
165.00
165.00
PMI Manufacturing
6:00PM
US
Unnemployment rate
May
7.50
7.50
June 8, 2013
4:29PM
China
Exports YoY%
% Change
May
14.70
6.50
June 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
2.50
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
9.20
4:29PM
India
Imports YoY%
% Change
May
10.96
--
June 10, 2013
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
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
May F
1.20
--
6:00PM
US
Producer Price Index (mom)
% Change
May
(0.70)
0.10
June 14, 2013
May
(0.53)
0.30
% Change
May
4.89
--
RBI Repo rate
Jun 17
7.25
--
RBI Cash Reserve ratio
Jun 17
4.00
--
India
RBI Reverse Repo rate
Jun 17
6.25
--
2:00PM
UK
CPI (YoY)
% Change
May
2.40
--
6:00PM
US
Housing Starts
Thousands
May
853.00
--
6:00PM
US
Building permits
Thousands
May
1,005.00
--
6:00PM
US
Consumer price index (mom)
% Change
May
(0.40)
--
June 19, 2013
11:30PM
US
FOMC rate decision
Jun 19
0.25
--
June 20, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun A
(21.90)
--
7:30PM
US
Existing home sales
Million
May
4.97
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jun
76.20
--
June 17, 2013
June 18, 2013
June 25, 2013
6:45PM
US
Industrial Production
12:00PM
India
Monthly Wholesale Prices YoY%
11:00AM
India
11:00AM
India
11:00AM
7:30PM
US
New home sales
Thousands
May
454.00
--
June 26, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q T
2.40
--
June 27, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
Jun
21.00
--
2:00PM
UK
GDP (YoY)
% Change
1Q F
0.60
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
--
July 15, 2013
7:30AM
China
Real GDP (YoY)
August 14, 2013
11:30AM
Germany GDP nsa (YoY)
July 1, 2013
Source: Bloomberg, Angel Research
% Change
2Q
7.70
--
% Change
2Q P
(1.40)
--
Market Outlook
June 03, 2013
Macro watch
Exhibit1: Quarterly GDP trends
Exhibit2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
8.1
8.0
Feb-13
Jan-13
Exhibit4: Manufacturing and services PMI

Mfg. PMI
58.0
7.5
Nov-12
(4.0)
Source: MOSPI, Angel Research
(%)
7.6
(1.0) (0.6)
(0.7)
(2.0)
Dec-12
(0.1)
(1.3)
Apr-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
0.5
(2.0)
Exhibit3: Monthly WPI inflation trends
8.0
2.5
2.4
2.0
Oct-12
4.7 4.8
Source: CSO, Angel Research
9.0
2.5
2.0
5.1 5.4 5.2
Sep-12
6.0
Aug-12
6.5
Mar-13
7.5
Jul-12
9.2
7.7
Jun-12
8.6
8.4
8.0
9.9
May-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
7.3
7.2
7.3
7.3
7.3
7.0
6.0
Services PMI
56.0
6.0
4.9
5.0
4.0
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
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit5: Exports and imports growth trends

Exports yoy growth
15.0
Feb-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Aug-12
Sep-12
48.0
Jul-12
50.0
1.0
0.0
Jun-12
2.0
Mar-12
3.0
Exhibit6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
7.25
8.00
7.00
6.00
Source: Bloomberg, Angel Research
4.00
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Source: RBI, Angel Research
May-13
4.00
3.00
Jul-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
6.25
5.00
Jun-12
(15.0)
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
June 03, 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
128
2,490
1,657
1,906
14.1
14.1
7.7
8.9
16.6
14.4
3.5
2.9
22.2
21.9
1.4
1.2
United Phosphorus
Buy
155
232
6,858
10,298
11,310
16.5
16.5
20.5
23.2
7.6
6.7
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
267
285
4,556
3,418
3,892
14.5
14.5
18.5
20.4
14.4
13.1
3.5
2.8
26.6
23.8
1.4
1.1
Apollo Tyres
Buy
89
104
4,486
13,852
15,487
11.4
11.5
12.8
14.9
6.9
6.0
1.1
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
24
27
6,306
14,038
16,442
7.6
8.7
1.1
2.2
22.7
10.6
2.0
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
238
360
834
965
9.3
10.6
17.3
27.1
13.8
8.8
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,823
2,056
52,741
22,684
25,908
18.0
18.5
117.3
137.1
15.5
13.3
5.6
4.4
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
234
5,457
6,198
6,793
14.6
14.9
14.5
17.3
16.1
13.5
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,113
28,615
9,821
11,394
17.0
17.3
373.5
438.7
24.4
20.8
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
108
170
369
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
138
150
11,705
7,053
8,061
14.2
14.5
7.8
9.1
17.6
15.1
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,450
2,409
1,525
1,742
14.5
15.7
88.4
109.5
16.4
13.3
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,731
1,819
34,560
25,274
27,658
14.1
13.7
110.2
139.9
15.7
12.4
5.7
4.5
39.8
40.7
1.2
1.0
JK Tyre
Buy
118
154
485
7,972
8,754
7.1
7.1
37.5
44.0
3.2
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
965
59,268
44,550
50,260
11.4
11.7
59.6
68.3
16.2
14.1
3.3
2.8
22.3
21.6
1.1
0.9
1,606
1,847
48,517
48,455
55,723
11.2
10.9
107.8
123.2
14.9
13.0
2.3
1.9
16.2
16.0
0.8
0.7
214
12,577
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
24
30
145
1,479
1,685
10.0
9.9
5.5
7.5
4.4
3.2
0.5
0.4
11.1
13.7
0.4
0.3
Neutral
313
83,921 206,341 227,695
12.8
13.5
32.3
39.0
9.7
8.0
2.1
1.7
23.1
23.2
0.5
0.4
Neutral
36
1,708
7,715
8,584
6.0
6.1
5.0
5.8
7.2
6.2
1.2
1.1
18.1
18.5
0.2
0.1
Maruti
Buy
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
641
461
13,580
8,073
9,052
5.5
6.9
11.5
16.9
55.6
37.8
5.1
4.9
9.3
13.1
1.7
1.4
BGR Energy
Neutral
192
1,388
4,114
4,886
11.4
10.7
24.9
28.0
7.7
6.9
1.0
0.9
25.2
22.6
0.6
0.6
BHEL
Neutral
200
48,940
44,054
39,326
16.8
15.1
20.6
16.1
9.7
12.4
2.1
1.9
23.5
16.1
1.0
1.1
Blue Star
Buy
166
230
1,494
2,896
3,087
5.6
6.2
9.3
11.7
17.8
14.2
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
94
117
6,033
13,446
15,272
6.7
7.6
6.6
8.9
14.2
10.6
1.6
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Buy
28
34
227
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
42
63
1,073
7,709
8,399
6.7
7.2
6.1
8.5
6.9
4.9
0.9
0.8
20.2
23.0
0.3
0.3
Thermax
Neutral
579
6,902
5,780
6,430
9.5
9.6
29.8
33.0
19.4
17.5
3.3
2.9
17.9
17.4
1.0
0.9
1,219
1,361
22,883
11,979
13,254
19.7
21.3
77.1
91.4
15.8
13.3
2.8
2.5
18.7
20.0
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
June 03, 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
183
28,278
10,232
11,762
23.5
24.5
10.3
12.2
17.8
15.1
2.9
2.7
17.2
18.6
2.2
1.8
India Cements
Neutral
67
2,050
4,929
5,434
17.4
17.1
8.9
10.9
7.5
6.1
0.6
0.5
7.7
9.1
0.8
0.7
J K Lakshmi Cement
Buy
108
143
1,272
2,313
2,728
19.8
20.7
16.1
22.1
6.7
4.9
0.9
0.7
13.2
15.8
1.1
0.9
Madras Cements
Neutral
223
5,303
4,293
4,855
27.4
28.6
21.8
28.2
10.2
7.9
1.9
1.5
19.6
21.3
1.7
1.4
Shree Cement^
Neutral
4,893
17,046
6,540
7,452
27.4
26.6
319.7
369.9
15.3
13.2
3.8
3.0
27.5
25.4
2.0
1.5
UltraTech Cement
Neutral
1,889
51,797
21,947
25,049
23.8
23.8
106.1
119.8
17.8
15.8
2.9
2.6
17.7
17.3
2.4
2.1
201
255
1,059
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
11
206
2,281
2,492
5.9
6.9
0.7
2.0
16.4
5.6
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
119
157
3,960
3,997
4,312
45.5
46.4
15.7
16.6
7.6
7.2
1.1
1.0
15.2
14.5
3.4
3.7
ITNL
Buy
167
230
3,243
7,444
8,041
27.4
28.9
29.8
32.1
5.6
5.2
0.8
0.7
14.9
14.2
2.5
2.6
IVRCL Infra
Buy
18
35
540
6,287
6,836
8.5
8.5
2.3
3.0
7.5
5.8
0.3
0.2
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
66
90
14,590
14,850
15,631
24.9
25.1
2.5
2.9
26.0
23.1
1.0
1.0
4.2
4.7
2.8
2.7
Larsen & Toubro
Buy
1,402
1,761
86,314
68,946
78,040
10.5
10.5
77.9
88.3
18.0
15.9
2.6
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
31
42
803
6,167
6,945
8.0
8.2
2.7
3.6
11.7
8.6
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
43
1,431
12,954
14,740
9.9
9.9
0.5
0.9
84.9
46.3
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
109
153
1,649
2,511
2,736
10.6
10.6
7.3
7.8
15.1
14.0
1.9
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
103
164
507
6,824
7,563
9.2
9.4
18.0
23.4
5.7
4.4
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
29
45
216
2,455
2,734
13.4
13.0
14.6
14.9
2.0
2.0
0.2
0.2
12.3
11.3
0.4
0.5
Allahabad Bank
Buy
121
144
6,060
6,876
7,545
2.6
2.5
28.2
30.9
4.3
3.9
0.6
0.6
12.8
12.7
Andhra Bank
Neutral
86
4,810
5,254
5,900
2.8
2.8
21.2
22.9
4.1
3.8
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,431
1,853
67,033
19,055
22,710
3.3
3.2
130.7
152.3
11.0
9.4
1.8
1.5
17.2
17.6
Bank of Baroda
Buy
654
851
27,548
16,365
18,781
2.2
2.3
121.3
142.5
5.4
4.6
0.8
0.7
15.1
15.7
Bank of India
Buy
288
350
17,135
14,482
16,383
2.3
2.3
58.1
68.1
5.0
4.2
0.7
0.6
14.4
15.0
Bank of Maharashtra
Buy
54
64
3,572
4,392
4,743
3.1
3.0
12.6
13.7
4.3
4.0
0.7
0.6
16.8
16.0
Canara Bank
Buy
411
481
18,203
11,928
13,467
2.1
2.2
74.8
86.0
5.5
4.8
0.8
0.7
13.7
14.2
Central Bank
Neutral
66
6,847
8,249
9,211
2.4
2.5
14.9
18.2
4.4
3.6
0.7
0.6
12.5
13.8
Corporation Bank
Buy
388
495
5,925
5,558
6,121
2.0
2.0
98.4
107.7
3.9
3.6
0.6
0.5
14.9
14.5
Dena Bank
Buy
85
97
2,958
3,187
3,582
2.3
2.4
23.8
25.5
3.6
3.3
0.6
0.5
15.9
15.1
Federal Bank
Neutral
449
7,685
2,873
3,413
3.0
3.1
52.7
62.0
8.5
7.3
1.1
1.0
13.4
14.2
Financials
Market Outlook
June 03, 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
890
137,784
8,573
10,142
3.6
3.6
37.0
43.6
24.1
20.4
5.0
4.4
30.0
30.3
HDFC Bank
Neutral
700
166,788
27,682
33,916
4.6
4.6
35.3
42.7
19.9
16.4
3.9
3.3
21.3
21.8
ICICI Bank
Buy
1,154
1,503
133,191
25,705
30,330
3.1
3.2
83.9
96.3
13.8
12.0
1.8
1.7
15.2
15.7
IDBI Bank
Buy
80
93
10,636
9,477
10,678
2.0
2.1
19.6
22.6
4.1
3.5
0.5
0.5
12.8
13.4
Indian Bank
Buy
143
185
6,146
6,185
6,978
3.0
3.0
37.0
42.2
3.9
3.4
0.6
0.5
14.8
15.1
IOB
Accumulate
59
66
5,466
8,142
8,956
2.5
2.5
16.5
20.7
3.6
2.9
0.4
0.4
11.8
13.4
J & K Bank
Accumulate
1,221
1,315
5,920
3,074
3,140
3.5
3.2
224.7
201.5
5.4
6.1
1.0
0.9
20.6
16.1
LIC Housing Finance
Buy
256
298
12,919
2,113
2,525
2.3
2.3
25.4
29.2
10.1
8.8
1.8
1.6
18.4
18.3
Oriental Bank
Buy
244
285
7,115
6,835
7,588
2.6
2.6
56.5
63.8
4.3
3.8
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
759
994
26,837
20,876
23,929
3.3
3.4
151.7
177.0
5.0
4.3
0.8
0.7
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
United Bank
25
3,351
1,839
2,091
2.9
2.8
4.2
4.5
6.0
5.6
1.0
0.9
18.2
17.0
2,048
2,637
140,070
67,243
76,612
3.1
3.0
242.4
284.8
8.5
7.2
1.3
1.1
16.3
16.8
128
142
7,693
7,238
8,249
2.7
2.6
27.1
30.4
4.7
4.2
0.7
0.6
16.1
15.9
76
5,705
6,250
6,738
2.6
2.5
12.1
14.7
6.3
5.2
1.0
0.8
11.8
13.0
Buy
220
260
13,121
11,229
12,794
2.6
2.6
40.7
48.2
5.4
4.6
0.8
0.7
14.6
15.4
Buy
52
65
1,960
3,443
3,998
2.4
2.6
15.1
20.4
3.5
2.6
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
51
2,535
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
Neutral
487
17,514
4,390
5,411
2.8
2.8
41.6
47.9
11.7
10.2
2.5
2.1
23.2
22.1
Asian Paints
Neutral
4,864
46,657
12,332
14,524
16.5
16.3
141.6
162.7
34.4
29.9
10.9
8.6
35.4
32.2
3.7
3.1
Britannia
Neutral
724
8,654
6,417
7,502
6.1
6.3
23.2
27.9
31.3
25.9
10.7
8.4
38.3
36.4
1.3
1.1
Colgate
Neutral
1,454
19,767
3,588
4,130
20.5
20.9
44.2
51.8
32.9
28.1
32.1
23.4
108.6
96.2
5.4
4.6
Dabur India
Neutral
157
27,286
7,183
8,340
16.8
16.8
5.4
6.3
29.1
24.9
11.4
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
5,822
24,484
3,617
4,259
16.1
16.4
122.2
148.7
47.6
39.2
14.8
11.9
34.1
33.7
6.3
5.3
Godrej Consumer
Neutral
865
29,421
7,801
9,017
16.2
15.9
25.1
29.7
34.4
29.1
7.4
6.2
24.9
24.2
3.9
3.3
HUL
Neutral
593
128,126
29,167
33,164
13.6
13.7
17.1
18.4
34.7
32.2
33.3
24.1
113.4
87.0
4.2
3.7
ITC
Neutral
340
268,544
34,294
39,991
36.8
37.0
11.3
13.3
30.1
25.5
9.9
8.0
36.1
34.9
7.5
6.4
Marico
Neutral
235
15,182
5,273
6,044
14.8
14.9
7.3
8.7
32.5
27.2
6.3
5.2
21.4
21.0
2.9
2.5
Nestle*
Neutral
5,316
51,254
9,447
10,968
22.1
22.3
127.5
154.1
41.7
34.5
20.8
15.1
57.7
50.7
5.4
4.6
Tata Global
Neutral
146
9,022
7,998
8,798
9.7
9.8
7.9
8.7
18.5
16.8
2.2
2.1
9.5
9.8
1.0
0.9
FMCG
Market Outlook
June 03, 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
747
863
52,014
28,633
32,216
21.5
20.7
57.3
61.7
13.0
12.1
3.1
2.6
24.0
21.5
1.6
1.4
Hexaware*
Buy
81
96
2,404
2,091
2,289
19.0
18.8
10.6
11.3
7.6
7.1
1.7
1.5
22.8
21.7
1.0
0.9
Infosys
Neutral
2,408
138,253
43,338
47,244
27.5
27.7
169.4
182.6
14.2
13.2
3.0
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Accumulate
167
185
1,863
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
108
135
2,086
2,513
2,819
16.1
15.5
12.6
14.0
8.6
7.7
1.5
1.2
17.9
16.6
0.8
0.6
Mahindra Satyam
Accumulate
110
126
12,992
8,278
9,062
20.3
20.1
10.5
11.4
10.5
9.7
2.4
1.9
23.1
20.0
1.2
1.0
Mindtree
Accumulate
820
920
3,407
2,599
2,871
19.4
19.2
85.2
92.3
9.6
8.9
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Sell
485
395
10,181
6,096
6,646
17.6
17.4
38.1
41.6
12.7
11.7
1.8
1.6
14.2
13.7
1.2
1.0
NIIT
Buy
22
30
357
1,144
1,267
9.0
9.1
4.3
5.4
5.0
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Buy
512
593
2,048
1,445
1,617
25.2
25.0
55.3
59.3
9.3
8.6
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,500
1,585
293,505
71,833
81,893
28.4
28.0
78.5
88.0
19.1
17.0
5.8
4.8
30.2
27.9
3.9
3.3
Tech Mahindra
Buy
967
1,170
12,412
7,779
8,398
19.7
19.3
107.4
117.8
9.0
8.2
1.9
1.6
21.2
19.0
1.6
1.4
Wipro
Buy
327
385
80,434
40,173
43,697
20.4
20.6
26.2
28.5
12.5
11.5
2.5
2.1
19.7
18.4
1.5
1.2
D B Corp
Buy
251
290
4,607
1,750
1,925
25.1
26.6
14.2
16.8
17.7
15.0
3.8
3.2
23.4
23.4
2.5
2.2
HT Media
Buy
99
117
2,330
2,205
2,380
15.1
15.6
8.3
9.1
12.0
10.9
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
86
119
2,851
1,664
1,825
20.9
23.0
6.4
7.8
13.4
11.1
2.7
2.4
21.0
23.1
1.8
1.6
PVR
Neutral
338
1,339
1,343
1,521
18.8
18.9
18.3
22.9
18.5
14.8
1.7
1.9
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
415
16,370
2,287
2,551
69.7
70.5
20.0
23.3
20.8
17.8
5.1
4.5
26.4
27.3
6.8
6.0
Bhushan Steel
Neutral
464
10,507
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Accumulate
325
345
205,250
72,174
76,311
33.3
28.4
28.4
30.9
11.4
10.5
3.2
2.7
37.6
36.2
2.0
1.8
Electrosteel Castings
Buy
16
24
516
1,976
2,017
11.8
12.7
1.3
2.6
12.5
6.1
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
138
213
4,403
1,944
2,317
49.9
51.7
20.8
25.6
6.7
5.4
1.5
1.2
24.3
24.6
1.8
1.3
Hind. Zinc
Buy
116
145
49,035
12,358
13,659
51.4
51.6
16.0
17.6
7.2
6.6
1.3
1.1
19.4
18.4
1.7
1.2
Hindalco
Neutral
102
19,577
88,987
94,163
9.2
9.7
13.8
15.9
7.4
6.5
0.5
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
685
15,286
39,973
40,926
17.2
17.0
71.9
82.8
9.5
8.3
0.8
0.8
9.0
9.6
0.7
0.6
MOIL
Buy
198
248
3,331
1,010
1,046
46.5
47.6
26.8
28.8
7.4
6.9
1.1
1.0
15.4
14.7
0.9
0.6
Monnet Ispat
Buy
150
291
957
2,883
3,181
21.7
23.6
40.3
57.7
3.7
2.6
0.4
0.3
10.1
13.0
1.2
1.0
Nalco
Neutral
34
8,698
7,656
7,988
13.1
13.5
2.6
2.6
13.2
12.9
0.7
0.7
5.5
5.5
0.6
0.6
NMDC
Buy
117
179
46,546
10,329
12,540
73.8
75.0
16.6
19.0
7.1
6.2
1.4
1.2
20.6
20.2
2.3
1.8
Media
Metals & Mining
Market Outlook
June 03, 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
56
23,170
53,685
64,183
9.3
12.2
5.5
8.3
10.3
6.8
0.5
0.5
5.4
7.7
0.7
0.8
Sesa Goa
Neutral
163
14,201
3,742
4,426
32.9
32.8
30.0
29.8
5.4
5.5
0.7
0.6
14.3
12.5
4.6
3.8
Sterlite Inds
Accumulate
94
100
31,439
44,462
45,568
23.2
24.7
18.1
20.2
5.2
4.6
0.6
0.5
11.3
11.4
0.6
0.6
Tata Steel
Buy
292
378
28,340 140,917 151,537
9.7
10.8
30.9
47.6
9.4
6.1
0.9
0.8
9.6
13.4
0.6
0.5
Sarda
Buy
106
153
378
1,494
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
35
45
467
2,615
2,776
12.1
12.0
9.8
10.4
3.5
3.3
0.2
0.2
6.5
6.5
0.4
0.4
Buy
82
118
268
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
285
345
54,500
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.7
16.5
13.6
2.0
1.6
GAIL
Neutral
307
38,936
55,815
63,013
15.3
15.2
35.9
41.5
8.6
7.4
1.4
1.2
17.0
17.1
0.6
0.4
ONGC
Accumulate
327
354
279,636 157,962 175,367
35.1
36.2
34.3
39.3
9.5
8.3
1.6
1.5
18.2
18.6
1.5
1.4
Reliance Industries
Neutral
806
260,155 380,031 407,721
9.9
69.3
69.3
78.0
11.6
10.3
1.2
1.1
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
232
2,971
3,707
3,850
11.7
12.4
23.7
25.7
9.8
9.0
2.7
2.4
29.6
28.2
0.7
0.6
Indraprastha Gas
Neutral
277
3,875
3,700
4,218
23.4
22.8
26.7
30.4
10.4
9.1
2.2
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
142
167
10,673
40,356
40,872
5.8
6.4
15.0
16.7
9.5
8.5
2.0
1.7
23.0
21.5
0.3
0.3
Neutral
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
2.8
3.0
Alembic Pharma
Neutral
136
2,565
1,736
2,008
17.1
18.9
10.7
13.9
12.7
9.8
4.0
3.0
35.0
34.7
1.5
1.3
Aurobindo Pharma
Buy
171
264
4,970
6,279
7,033
16.0
16.0
15.2
19.2
11.2
8.9
1.5
1.3
19.2
18.0
1.3
1.1
Aventis*
Neutral
2,518
5,799
1,682
1,917
16.6
16.6
92.4
99.1
27.3
25.4
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
774
962
15,844
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
Buy
370
444
29,744
9,192
10,535
22.1
22.1
19.6
22.2
18.9
16.7
2.9
2.5
16.2
15.9
3.0
2.5
Dr Reddy's
Buy
2,093
2,535
35,525
13,377
15,350
20.4
20.1
112.3
126.8
18.6
16.5
4.0
3.3
23.5
21.8
2.7
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
71
206
572
1,536
1,739
20.2
20.9
15.4
20.6
4.6
3.4
0.5
0.4
11.6
13.7
1.0
0.8
2,507
21,235
2,854
3,145
28.6
28.6
76.6
83.3
32.7
30.1
9.8
8.9
31.1
31.0
6.6
5.9
63
78
580
760
922
15.3
15.3
6.1
7.8
10.3
8.1
1.3
1.1
12.9
14.7
1.0
0.8
Accumulate
594
676
7,500
3,474
4,168
21.0
21.0
37.3
45.1
15.9
13.2
3.8
3.0
26.4
25.3
2.3
1.9
Lupin
Buy
740
877
33,132
11,641
13,933
21.3
21.3
34.8
41.8
21.3
17.7
5.0
3.9
26.2
24.8
2.9
2.3
Ranbaxy*
Neutral
375
15,885
11,400
12,060
10.5
12.5
17.5
22.5
21.5
16.7
3.5
3.0
17.0
19.1
1.3
1.2
Sun Pharma
Neutral
1,046
108,103
13,509
15,846
41.0
41.0
33.0
39.8
31.7
26.3
6.4
5.3
22.0
22.0
7.4
6.2
73
78
1,107
1,535
1,570
31.9
31.6
13.1
14.1
5.6
5.2
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
June 03, 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
154
163
127,310
76,734
86,680
24.5
24.3
13.4
14.5
11.5
10.7
1.4
1.3
12.8
12.7
2.4
2.2
DLF
Buy
195
288
34,678
9,699
12,010
37.0
36.9
6.0
8.4
32.6
23.2
1.2
1.2
3.8
5.1
5.0
4.1
MLIFE
Buy
403
476
1,645
888
1,002
30.6
30.6
38.8
43.4
10.4
9.3
1.2
1.1
11.2
11.4
2.4
2.2
Bharti Airtel
Accumulate
301
338
114,135
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
1.6
Idea Cellular
Neutral
130
43,248
25,122
27,663
27.0
27.2
4.0
4.8
32.9
27.4
2.7
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
106
21,951
22,801
24,628
31.0
31.3
3.6
5.3
29.9
20.2
0.6
0.6
2.2
3.1
2.5
2.2
11.8
12.4
71.2
83.0
20.0
17.1
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,420
1,659
3,018
1,863
2,081
Bajaj Electricals
Buy
164
237
1,636
3,885
4,472
5.4
7.2
11.0
19.7
15.0
8.3
2.0
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
494
562
625
630
795
14.4
13.6
42.8
51.1
11.6
9.7
2.7
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
370
459
96
248
284
6.5
7.3
27.2
38.2
13.6
9.7
2.1
1.8
15.7
18.5
0.5
0.5
Finolex Cables
Buy
52
68
801
2,563
2,899
9.8
9.8
10.1
11.3
5.2
4.6
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
347
437
453
2,304
2,649
3.1
3.6
28.0
43.7
12.4
8.0
0.4
0.4
3.1
4.7
0.1
0.1
Goodyear India*
Buy
263
345
607
1,458
1,542
8.3
9.0
32.3
37.0
8.2
7.1
1.5
1.3
19.5
19.3
0.2
0.2
Hitachi
Buy
142
177
387
1,053
1,169
6.3
7.1
13.8
17.7
10.3
8.0
1.5
1.3
15.0
16.7
0.4
0.4
2,399
2,121
1,842
2,131
7.7
7.8
112.4
132.4
21.4
18.1
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
160
198
144
495
651
12.7
12.9
29.3
39.5
5.5
4.1
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
204
3,284
1,220
1,476
13.3
13.6
5.5
9.0
36.9
22.5
4.3
3.8
12.1
17.7
3.0
2.4
MRF
Neutral
14,905
6,322
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
Accumulate
4,240
4,611
4,729
1,057
1,282
19.4
19.6
124.8
153.7
34.0
27.6
16.8
12.4
56.3
51.8
4.6
3.8
Relaxo Footwears
Buy
656
791
787
1,146
1,333
10.9
11.4
45.9
60.9
14.3
10.8
3.0
2.4
23.0
24.6
0.9
0.7
Siyaram Silk Mills
Buy
261
331
244
1,157
1,320
11.9
11.8
72.2
82.8
3.6
3.2
0.7
0.6
19.7
19.0
0.4
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
1.4
14.5
14.7
0.7
0.6
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
1.3
Tata Sponge Iron
Buy
286
371
440
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
553
686
430
435
516
6.2
7.1
24.3
33.3
22.8
16.6
3.7
3.2
17.6
20.8
0.8
0.7
Tree House
Accumulate
273
297
981
153
194
53.0
52.8
12.4
15.6
22.0
17.5
2.6
2.3
11.8
13.1
6.6
5.1
TVS Srichakra
Buy
185
252
141
1,591
1,739
6.1
6.6
24.5
41.9
7.6
4.4
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,416
31,595
12,294
14,162
12.0
12.0
42.1
67.7
57.4
35.7
4.1
3.6
9.1
10.7
2.9
2.5
Market Outlook
June 03, 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
370
439
752
600
638
20.1
19.4
35.7
36.6
10.4
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 31, 2013
Market Outlook
June 03, 2013

Market Outlook: Dealer's Diary

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Market Outlook

OIL & GAS

Meanwhile, Indian markets fell sharply on Friday, as RBI Governors hawkish

Real GDP growth at 4.8% in 4QFY2013, in line with expectations

Net Inflows (May 30, 2013)

FII Derivatives (May 31, 2013)

Indiabulls Real Est

Jet Air India

Real GDP growth at 4.8% in 4QFY2013, in line with expectations

Auto Monthly - May - 2013

Mahindra and Mahindra

Infosys Board appoints Mr. N R Narayana Murthy as Executive

National Green Tribunal (NGT) allows Sterlite to restart copper

India's Sun Pharmaceuticals reported to be in talks to be in a US

Economic and Political News

GDP growth likely to be between 6-6.5% in FY2014: CII

Pantaloons to invest `175cr on store expansion in 12 months

Country Event Description

Germany PMI Manufacturing

Germany PMI Services

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

Initial Jobless claims

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

June 10, 2013

June 11, 2013

Industrial Production (YoY)

June 12, 2013

Jobless claims change

Industrial Production YoY

Euro Zone Euro-Zone CPI (YoY)

Producer Price Index (mom)

June 14, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Consumer price index (mom)

June 19, 2013

FOMC rate decision

June 20, 2013

Euro Zone Euro-Zone Consumer Confidence

Existing home sales

June 17, 2013

June 18, 2013

June 25, 2013

Monthly Wholesale Prices YoY%

New home sales

June 26, 2013

GDP Qoq (Annualised)

June 27, 2013

Germany Unemployment change (000's)

July 15, 2013

Real GDP (YoY)

August 14, 2013

Germany GDP nsa (YoY)

Source: Bloomberg, Angel Research

Exhibit2: IIP trends

Exhibit4: Manufacturing and services PMI

Source: MOSPI, Angel Research