Market Outlook: Dealer's Diary

Market Outlook
June 5, 2013
Dealers Diary
The Indian markets are expected to open on o negative note tracking weak cues
from SGX Nifty and most of the Asian indices on concerns that the Federal Reserve
will scale back stimulus efforts as the U.S. economy improves.
The US markets experienced continued volatility over the course of the trading
session on Tuesday before ending the day mostly lower. The lower close on Wall
Street came as traders continued to express concerns about the timing of the Fed's
plan to scale back its stimulus program. The markets were concerned after recent
comments from some Fed officials that the central bank may taper the program
within the next meetings. While traders largely shrugged off a report on the US
trade deficit, anxiety ahead of the release of some more closely watched data later
in the week generated some negative sentiment.
Meanwhile, Indian shares erased early gains to end modestly lower on Tuesday,
with strength in the rupee and renewed hopes that the Federal Reserve would not
taper its bond-buying program anytime soon helping to limit the downside to some
extent. Going ahead, trading on Wednesday may be impacted by the release of
some key economic data, including reports on private sector employment, labor
productivity, and service sector activity. The Federal Reserve is also scheduled to
release its Beige Book, a report consisting of anecdotal evidence on economic
conditions in each of the twelve Fed districts.
Markets Today
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.3)
(65) 19,546
Nifty
(0.3)
(20)
5,919
MID CAP
0.1
6,412
SMALL CAP
0.3
16
5,952
BSE HC
1.9
166
8,978
BSE PSU
(0.1)
(6)
6,606
BANKEX
(0.9)
(134) 14,049
AUTO
(0.5)
(51) 11,021
METAL
(0.4)
(35)
8,501
OIL & GAS
(0.2)
(19)
8,477
BSE IT
(0.5)
(28)
6,099
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(0.5)
(76) 15,178
NASDAQ
(0.6)
(20)
3,445
FTSE
0.5
33
6,559
Nikkei
2.1
272 13,534
Hang Sang
0.0
3 22,286
Straits Times
0.0
3,291
(1.2)
(27)
2,272
Chg (%)
(Pts)
(Close)
Shanghai Com
The trend deciding level for the day is 19,604 / 5,937 levels. If NIFTY trades above
Indian ADR
this level during the first half-an-hour of trade then we may witness a further rally
INFY
0.6
0.3
$43.7
up to 19,685 19,824 / 5,964 6,008 levels. However, if NIFTY trades below
WIT
(0.3)
(0.0)
$7.6
19,604 / 5,937 levels for the first half-an-hour of trade then it may correct up to
IBN
(0.5)
(0.2)
$43.9
19,465 19,383 / 5,893 5,866 levels.
HDB
(0.0)
(0.0)
$39.4
Indices
SENSEX
NIFTY
S2
19,383
5,866
S1
19,465
5,893
PIVOT
19,604
5,937
R1
19,685
5,964
R2
19,824
6,008
News Analysis
Net Inflows (June 3, 2013)

Sales
2,508
561
Net
415
(188)
MTD
415
(188)
YTD
82,251
(12,265)
FII Derivatives (June 4, 2013)

` cr
Index Futures
Stock Futures
Purch
1,040
1,435
Sales
1,460
1,484
Net
(420)
(49)
Open Interest
7,722
27,834
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Bata India
Company
Losers
Price (`)
chg (%)
864
6.6
JP Infratech
29
(5.2)
GlaxoS. Consumer
5,847
6.0
Dish TV India
64
(3.3)
Cadila Healthcare
814
5.5
Mphasis
461
(3.2)
1,024
5.4
Adani Power
56
(3.1)
378
4.4
Titan Industries
282
(2.8)
Apollo Hospitals
Ranbaxy Labs
www.angelbroking.com
NSE
Advances
1,119
662
Declines
1,215
700
162
95
Volumes (` cr)
Refer detailed news analysis on the following page
Purch
2,923
373
BSE
Unchanged
Cabinet clears real estate regulation bill

Bank of Baroda announces single rate of interest for home loans
` cr
FII
MFs
Advances / Declines
BSE
1,472
NSE
9,353
Market Outlook
June 5, 2013
Cabinet clears real estate regulation bill

The Real Estate (Regulation and Development) Bill which provides creation of a
regulator for the sector and tighter norms for selling housing projects has been
cleared by the cabinet. The bill seeks to provide a uniform regulatory environment
to the real estate sector in the country. As per the bill, for all the projects on plots
measuring 4,000 sq meters or more, builders will have to now register with a
regulatory authority. Builders can only launch a project after acquiring all the
statutory clearances from relevant authorities. There is also a provision to deter
builders from putting misleading advertisements related to the projects provided in
the bill. First time breach of this provision could attract a penalty, which may be up
to 10% of the project cost, and a repeat offence could land the developer in jail
(up to three years). The bill also makes it mandatory for a developer to maintain a
separate bank account for every project to ensure that the money raised for a
particular task is not diverted to other projects. There is a clear definition of carpet
area provided in the bill and would prohibit private developers from selling houses
or flats on the basis of super built up. Until further clarity emerges on the bill we
continue to remain Neutral on the overall real estate sector.
Bank of Baroda announces single rate of interest for home

loans
Bank of Baroda did away with differential rates for home loan borrowers. Unlike
its peer, for all home loans, irrespective of the tenor and amount of the loan, it will
now charge 10.25%, which is its base rate. As per the management, the move
aims at increasing the average size of home loans, however, in our view, it is also
a way to shore up their home loan book (4.9% of their overall advances, as of
FY2013) and retail advances (around 11.6% of their overall advances, as of
FY2013), which grew 13.5% yoy and 6.6% yoy, respectively in last fiscal, primarily
due to its interest rate differential with SBI and other large private lenders. At CMP,
it trades at 0.7x FY2015E ABV. We recommend Buy rating on the stock, with a
target price of `851.
Economic and Political News
India, China to be largest investors by 2030: World Bank Report

Government likely to raise FII's investments in govt. bonds by US$5bn
Bengal government likely to hike power tariff next month
Retirement age of central government employee may be increased to 62 years
Corporate News
Lanco Infra wins `3,294cr EPC contract from Gujarat Industries Power
TCS Finland to sack up to 290 employees
OnMobile to acquire US based Livewire Mobile for US$17.8mn
Sun Pharma gets USFDA nod for generic Depo Testosterone Injection
Suzlon unit REpower bags contract from European firm ABO Wind
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 05, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 5, 2013
June 6, 2013
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
June 11, 2013
June 12, 2013
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
6:00PM
US
Unnemployment rate
May
7.50
7.50
4:29PM
China
Exports YoY%
% Change
May
14.70
6.50
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
--
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)
0.10
6:45PM
US
Industrial Production
May
(0.53)
0.30
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
--
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
--
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)
June 14, 2013
June 17, 2013
June 18, 2013
June 25, 2013
July 1, 2013
Source: Bloomberg, Angel Research
% Change
2Q
7.70
--
% Change
2Q P
(1.40)
--
Market Outlook
June 05, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Nov-12
(4.0)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(0.1)
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Services PMI
8.1
7.3
7.2
7.3
7.3
7.3
56.0
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
May-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
Apr-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Mar-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Jun-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0.5
(2.0)
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
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
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
15.0
Reverse Repo rate
CRR
7.25
8.00
7.00
6.00
6.25
5.00
4.00
4.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
(15.0)
Jun-12
3.00
May-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
June 05, 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
132
2,557
1,657
1,906
14.1
14.1
7.7
8.9
17.1
14.8
3.5
3.0
22.2
21.9
1.5
1.3
United Phosphorus
Buy
163
232
7,228
10,298
11,310
16.5
16.5
20.5
23.2
8.0
7.0
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
256
285
4,371
3,418
3,892
14.5
14.5
18.5
20.4
13.9
12.6
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Buy
90
104
4,521
13,852
15,487
11.4
11.5
12.8
14.9
7.0
6.0
1.1
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
24
27
6,253
14,038
16,442
7.6
8.7
1.1
2.2
22.5
10.5
1.9
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
230
347
834
965
9.3
10.6
17.3
27.1
13.3
8.5
1.2
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Buy
1,769
2,056
51,188
22,684
25,908
18.0
18.5
117.3
137.1
15.1
12.9
5.4
4.3
39.9
37.2
1.9
1.5
Bharat Forge
Neutral
239
5,570
6,198
6,793
14.6
14.9
14.5
17.3
16.5
13.8
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,056
28,435
9,821
11,394
17.0
17.3
373.5
438.7
24.3
20.6
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
110
170
376
5,325
5,974
8.4
8.3
40.8
48.5
2.7
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
140
150
11,904
7,053
8,061
14.2
14.5
7.8
9.1
17.9
15.3
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,465
2,434
1,525
1,742
14.5
15.7
88.4
109.5
16.6
13.4
2.4
2.1
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,668
1,819
33,312
25,274
27,658
14.1
13.7
110.2
139.9
15.2
11.9
5.5
4.3
39.8
40.7
1.1
1.0
JK Tyre
Buy
117
154
479
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 Accumulate

Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Neutral
984
1,090
60,437
45,254
51,197
11.4
11.7
61.2
70.2
16.1
14.0
3.4
2.8
22.7
21.9
1.1
0.9
1,549
1,847
46,786
48,455
55,723
11.2
10.9
107.8
123.2
14.4
12.6
2.2
1.9
16.2
16.0
0.8
0.7
208
222
12,216
28,442
31,493
7.5
7.8
12.5
14.8
16.6
14.1
4.1
3.3
27.5
25.8
0.6
0.5
24
30
144
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
306
347
82,047 215,016 237,404
13.3
13.6
36.2
41.5
8.5
7.4
1.9
1.6
24.6
23.2
0.5
0.4
37
1,734
7,715
8,584
6.0
6.1
5.0
5.8
7.3
6.3
1.3
1.1
18.1
18.5
0.2
0.1
Capital Goods
ABB*
Sell
643
461
13,626
8,073
9,052
5.5
6.9
11.5
16.9
55.8
38.0
5.1
4.9
9.3
13.1
1.7
1.4
BGR Energy
Neutral
164
1,183
4,114
4,886
11.4
10.7
24.9
28.0
6.6
5.9
0.9
0.8
25.2
22.6
0.6
0.6
BHEL
Neutral
196
47,851
44,054
39,326
16.8
15.1
20.6
16.1
9.5
12.2
2.1
1.9
23.5
16.1
1.0
1.0
Blue Star
Buy
167
230
1,503
2,896
3,087
5.6
6.2
9.3
11.7
18.0
14.2
3.0
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
91
117
5,828
13,446
15,272
6.7
7.6
6.6
8.9
13.7
10.2
1.5
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Buy
27
34
220
3,074
3,355
9.0
8.8
8.7
10.2
3.1
2.6
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
42
63
1,080
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
578
6,888
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
1,218
1,361
22,867
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 05, 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
175
26,989
10,232
11,762
23.5
24.5
10.3
12.2
17.0
14.4
2.8
2.6
17.2
18.6
2.1
1.7
India Cements
Neutral
68
2,093
4,929
5,434
17.4
17.1
8.9
10.9
7.7
6.3
0.6
0.6
7.7
9.1
0.8
0.7
J K Lakshmi Cement
Buy
106
143
1,253
2,313
2,728
19.8
20.7
16.1
22.1
6.6
4.8
0.8
0.7
13.2
15.8
1.1
0.9
Madras Cements
Neutral
225
5,347
4,293
4,855
27.4
28.6
21.8
28.2
10.3
8.0
1.9
1.6
19.6
21.3
1.7
1.4
Shree Cement^
Neutral
4,777
16,643
6,540
7,452
27.4
26.6
319.7
369.9
14.9
12.9
3.7
3.0
27.5
25.4
1.9
1.5
UltraTech Cement
Neutral
1,861
51,023
21,947
25,049
23.8
23.8
106.1
119.8
17.5
15.5
2.9
2.5
17.7
17.3
2.4
2.1
201
255
1,056
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
203
2,281
2,492
5.9
6.9
0.7
2.0
16.2
5.5
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
116
157
3,864
3,997
4,312
45.5
46.4
15.7
16.6
7.4
7.0
1.1
1.0
15.2
14.5
3.4
3.6
ITNL
Buy
174
230
3,378
7,444
8,041
27.4
28.9
29.8
32.1
5.8
5.4
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
18
35
537
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
14,690
14,850
15,631
24.9
25.1
2.5
2.9
26.2
23.2
1.1
1.0
4.2
4.7
2.8
2.7
Larsen & Toubro
Buy
1,409
1,761
86,782
68,946
78,040
10.5
10.5
77.9
88.3
18.1
16.0
2.7
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
31
42
798
6,167
6,945
8.0
8.2
2.7
3.6
11.6
8.6
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
44
1,451
12,954
14,740
9.9
9.9
0.5
0.9
86.1
46.9
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
108
153
1,633
2,511
2,736
10.6
10.6
7.3
7.8
14.9
13.9
1.9
1.7
13.3
12.7
0.8
0.8
Simplex Infra
Buy
100
131
495
6,308
7,033
9.5
9.6
11.9
18.7
8.4
5.3
0.4
0.4
4.5
6.7
0.5
0.5
Unity Infra
Buy
29
45
215
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
124
144
6,190
6,876
7,545
2.6
2.5
28.2
30.9
4.4
4.0
0.6
0.6
12.8
12.7
Andhra Bank
Neutral
87
4,877
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
1,397
1,853
65,451
19,055
22,710
3.3
3.2
130.7
152.3
10.7
9.2
1.7
1.5
17.2
17.6
Bank of Baroda
Buy
660
851
27,822
16,365
18,781
2.2
2.3
121.3
142.5
5.5
4.6
0.8
0.7
15.1
15.7
Bank of India
Buy
289
350
17,248
14,482
16,383
2.3
2.3
58.1
68.1
5.0
4.3
0.7
0.6
14.4
15.0
Bank of Maharashtra
Buy
53
64
3,536
4,392
4,743
3.1
3.0
12.6
13.7
4.2
3.9
0.7
0.6
16.8
16.0
Canara Bank
Buy
399
481
17,654
11,928
13,467
2.1
2.2
74.8
86.0
5.3
4.6
0.8
0.7
13.7
14.2
Central Bank
Accumulate
65
69
6,785
8,249
9,211
2.4
2.5
14.9
18.2
4.4
3.6
0.6
0.6
12.5
13.8
Corporation Bank
Buy
387
495
5,921
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
83
97
2,900
3,187
3,582
2.3
2.4
23.8
25.5
3.5
3.2
0.5
0.5
15.9
15.1
Federal Bank
Neutral
458
7,825
2,873
3,413
3.0
3.1
52.7
62.0
8.7
7.4
1.1
1.0
13.4
14.2
Financials
Market Outlook
June 05, 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
Accumulate
855
933
132,434
8,573
10,142
3.6
3.6
37.0
43.6
23.1
19.6
4.8
4.3
30.0
30.3
HDFC Bank
Neutral
684
163,019
27,682
33,916
4.6
4.6
35.3
42.7
19.4
16.0
3.8
3.2
21.3
21.8
ICICI Bank
Buy
1,140
1,503
131,574
25,705
30,330
3.1
3.2
83.9
96.3
13.6
11.9
1.8
1.6
15.2
15.7
IDBI Bank
Buy
79
93
10,476
9,477
10,678
2.0
2.1
19.6
22.6
4.0
3.5
0.5
0.4
12.8
13.4
Indian Bank
Buy
142
185
6,096
6,185
6,978
3.0
3.0
37.0
42.2
3.8
3.4
0.6
0.5
14.8
15.1
IOB
Accumulate
59
66
5,438
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
1,225
1,315
5,940
3,074
3,140
3.5
3.2
224.7
201.5
5.5
6.1
1.0
0.9
20.6
16.1
LIC Housing Finance
Accumulate
262
298
13,202
2,113
2,525
2.3
2.3
25.4
29.2
10.3
9.0
1.8
1.6
18.4
18.3
Oriental Bank
Accumulate
248
285
7,249
6,835
7,588
2.6
2.6
56.5
63.8
4.4
3.9
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
760
994
26,860
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
2,026
2,637
138,585
67,243
76,612
3.1
3.0
242.4
284.8
8.4
7.1
1.3
1.1
16.3
16.8
129
142
7,774
7,238
8,249
2.7
2.6
27.1
30.4
4.8
4.3
0.7
0.6
16.1
15.9
75
5,675
6,250
6,738
2.6
2.5
12.1
14.7
6.3
5.1
1.0
0.8
11.8
13.0
Buy
219
260
13,085
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
54
65
2,020
3,443
3,998
2.4
2.6
15.1
20.4
3.6
2.6
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
51
2,512
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
493
17,728
4,390
5,411
2.8
2.8
41.6
47.9
11.9
10.3
2.5
2.1
23.2
22.1
Asian Paints
Neutral
4,689
44,979
12,332
14,524
16.5
16.3
141.6
162.7
33.1
28.8
10.5
8.3
35.4
32.2
3.5
3.0
Britannia
Neutral
677
8,098
6,417
7,502
6.1
6.3
23.2
27.9
29.3
24.3
10.1
7.9
38.3
36.4
1.2
1.0
Colgate
Neutral
1,444
19,639
3,588
4,130
20.5
20.9
44.2
51.8
32.7
27.9
31.8
23.2
108.6
96.2
5.3
4.6
Dabur India
Neutral
159
27,704
7,183
8,340
16.8
16.8
5.4
6.3
29.6
25.3
11.5
9.0
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
5,847
24,591
3,617
4,259
16.1
16.4
122.2
148.7
47.9
39.3
14.9
12.0
34.1
33.7
6.3
5.3
Godrej Consumer
Neutral
885
30,122
7,801
9,017
16.2
15.9
25.1
29.7
35.2
29.8
7.6
6.3
24.9
24.2
4.0
3.4
HUL
Neutral
591
127,748
29,167
33,164
13.6
13.7
17.1
18.4
34.6
32.1
33.3
24.1
113.4
87.0
4.2
3.7
ITC
Neutral
337
266,647
34,294
39,991
36.8
37.0
11.3
13.3
29.9
25.3
9.9
8.0
36.1
34.9
7.5
6.3
Marico
Neutral
233
15,027
5,273
6,044
14.8
14.9
7.3
8.7
32.1
26.9
6.3
5.2
21.4
21.0
2.9
2.4
Nestle*
Neutral
5,294
51,043
9,447
10,968
22.1
22.3
127.5
154.1
41.5
34.4
20.7
15.0
57.7
50.7
5.4
4.5
Tata Global
Neutral
150
9,270
8,069
8,957
9.8
9.7
7.8
8.6
19.2
17.5
2.3
2.2
9.5
9.7
1.1
1.0
FMCG
Market Outlook
June 05, 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
736
863
51,269
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
78
96
2,329
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
2,495
143,275
43,338
47,244
27.5
27.7
169.4
182.6
14.7
13.7
3.1
2.6
20.8
19.3
2.7
2.3
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
115
135
2,211
2,513
2,819
16.1
15.5
12.6
14.0
9.1
8.2
1.6
1.3
17.9
16.6
0.8
0.7
Mahindra Satyam
Buy
106
126
12,533
8,278
9,062
20.3
20.1
10.5
11.4
10.1
9.3
2.3
1.9
23.1
20.0
1.1
0.9
Mindtree
Accumulate
816
920
3,389
2,599
2,871
19.4
19.2
85.2
92.3
9.6
8.8
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Reduce
461
395
9,688
6,096
6,646
17.6
17.4
38.1
41.6
12.1
11.1
1.7
1.5
14.2
13.7
1.1
0.9
NIIT
Buy
22
30
356
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
Accumulate
517
593
2,068
1,445
1,617
25.2
25.0
55.3
59.3
9.4
8.7
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,465
1,585
286,694
71,833
81,893
28.4
28.0
78.5
88.0
18.7
16.6
5.6
4.7
30.2
27.9
3.8
3.2
Tech Mahindra
Buy
942
1,170
12,101
7,779
8,398
19.7
19.3
107.4
117.8
8.8
8.0
1.9
1.5
21.2
19.0
1.6
1.4
Wipro
Buy
331
385
81,494
40,173
43,697
20.4
20.6
26.2
28.5
12.6
11.6
2.5
2.1
19.7
18.4
1.5
1.3
D B Corp
Buy
250
290
4,586
1,750
1,925
25.1
26.6
14.2
16.8
17.6
14.9
3.8
3.2
23.4
23.4
2.5
2.2
HT Media
Buy
100
117
2,357
2,205
2,380
15.1
15.6
8.3
9.1
12.1
11.0
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
85
119
2,816
1,664
1,825
20.9
23.0
6.4
7.8
13.2
10.9
2.7
2.4
21.0
23.1
1.8
1.6
PVR
Neutral
328
1,300
1,359
1,540
17.3
17.4
17.2
21.6
19.0
15.2
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
428
16,871
2,287
2,551
69.7
70.5
20.0
23.3
21.4
18.4
5.3
4.6
26.4
27.3
7.0
6.2
Bhushan Steel
Neutral
464
10,513
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
205,282
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
506
1,976
2,017
11.8
12.7
1.3
2.6
12.3
6.0
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
139
193
4,425
1,920
2,239
53.2
52.9
21.6
25.0
6.4
5.6
1.5
1.2
25.1
23.8
1.8
1.4
Hind. Zinc
Buy
115
145
48,507
12,358
13,659
51.4
51.6
16.0
17.6
7.2
6.5
1.3
1.1
19.4
18.4
1.7
1.1
Hindalco
Neutral
101
19,356
89,352
93,672
8.8
9.2
13.4
15.0
7.6
6.8
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
710
15,836
39,973
40,926
17.2
17.0
71.9
82.8
9.9
8.6
0.9
0.8
9.0
9.6
0.7
0.7
MOIL
Buy
203
248
3,410
1,010
1,046
46.5
47.6
26.8
28.8
7.6
7.0
1.1
1.0
15.4
14.7
1.0
0.7
Monnet Ispat
Buy
152
291
970
2,883
3,181
21.7
23.6
40.3
57.7
3.8
2.6
0.4
0.3
10.1
13.0
1.2
1.0
Nalco
Neutral
34
8,685
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
116
156
46,110
10,461
11,892
71.6
72.6
16.3
17.6
7.2
6.6
1.5
1.3
22.1
21.4
2.6
2.3
Media
Metals & Mining
Market Outlook
June 05, 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
Sesa Goa
Accumulate
57
23,521
53,685
64,183
9.3
12.2
5.5
8.3
10.4
6.9
0.6
0.5
5.4
7.7
0.7
0.8
157
166
13,684
3,742
4,426
32.9
32.8
30.0
29.8
5.3
5.3
0.7
0.6
14.3
12.5
4.4
3.7
Sterlite Inds
Accumulate
Tata Steel
Buy
91
100
30,716
44,462
45,568
23.2
24.7
18.1
20.2
5.0
4.5
0.5
0.5
11.3
11.4
0.6
0.6
298
378
28,971 140,917 151,537
9.7
10.8
30.9
47.6
9.7
6.3
0.9
0.8
9.6
13.4
0.6
Sarda
Buy
103
153
367
1,494
0.5
1,568
19.1
20.3
31.3
36.5
3.3
2.8
0.4
0.3
11.8
12.4
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
34
45
462
0.5
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
102
267
2,344
2,509
14.9
15.4
38.7
47.0
2.1
1.7
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
289
GAIL
Neutral
311
345
55,131
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.8
16.5
13.6
2.0
1.7
39,450
52,102
52,876
15.7
16.1
34.1
35.7
9.1
8.7
1.4
1.3
16.4
15.3
0.3
0.2
ONGC
Accumulate
318
Reliance Industries
Neutral
781
354
272,364 157,962 175,367
35.1
36.2
34.3
39.3
9.3
8.1
1.6
1.4
18.2
18.6
1.5
1.3
252,081 380,031 407,721
9.9
69.3
69.3
78.0
11.3
10.0
1.1
1.0
11.5
11.7
0.6
Gujarat Gas*
Neutral
226
2,902
3,707
0.6
3,850
11.7
12.4
23.7
25.7
9.6
8.8
2.7
2.3
29.6
28.2
0.7
Indraprastha Gas
Neutral
278
3,891
0.6
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
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
140
167
0.9
10,489
40,356
40,872
5.8
6.4
15.0
16.7
9.3
8.4
2.0
1.7
23.0
21.5
0.3
0.3
Neutral
58
3,264
1,171
1,287
91.9
91.9
10.1
11.3
5.8
5.1
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
141
2,655
1,736
2,008
17.1
18.9
10.7
13.9
13.2
10.1
4.1
3.1
35.0
34.7
1.6
1.3
185
264
5,398
6,279
7,033
16.0
16.0
15.2
19.2
12.2
9.7
1.6
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,634
Cadila Healthcare
Buy
814
6,067
1,682
1,917
16.6
16.6
92.4
99.1
28.5
26.6
4.0
4.0
15.7
14.8
3.2
2.6
962
16,676
7,386
8,863
18.0
18.0
39.5
48.1
20.6
16.9
4.7
3.8
24.8
24.7
2.5
Cipla
Buy
375
2.1
444
30,130
9,192
10,535
22.1
22.1
19.6
22.2
19.2
16.9
2.9
2.5
16.2
15.9
3.0
Dr Reddy's
Buy
2.6
2,153
2,535
36,548
13,377
15,350
20.4
20.1
112.3
126.8
19.2
17.0
4.1
3.4
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
73
206
588
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
2,755
23,334
2,854
3,145
28.6
28.6
76.6
83.3
36.0
33.1
10.8
9.8
31.1
31.0
7.3
6.6
66
78
605
760
922
15.3
15.3
6.1
7.8
10.8
8.4
1.3
1.2
12.9
14.7
1.0
0.9
Accumulate
610
676
7,701
3,474
4,168
21.0
21.0
37.3
45.1
16.4
13.5
3.9
3.1
26.4
25.3
2.4
2.0
Lupin
Accumulate
768
877
34,382
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
378
16,008
11,400
12,060
10.5
12.5
17.5
22.5
21.6
16.8
3.5
3.0
17.0
19.1
1.4
1.2
Sun Pharma
Neutral
1,019
105,342
13,509
15,846
41.0
41.0
33.0
39.8
30.9
25.6
6.2
5.2
22.0
22.0
7.2
6.0
73
78
1,098
1,444
1,482
33.4
33.0
13.7
14.8
5.3
4.9
0.6
0.6
12.3
12.0
0.8
0.6
Power
GIPCL
Accumulate
Market Outlook
June 05, 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
126,939
76,734
86,680
24.5
24.3
13.4
14.5
11.5
10.6
1.4
1.3
12.8
12.7
2.4
2.2
DLF
Buy
193
288
34,331
9,699
12,010
37.0
36.9
6.0
8.4
32.3
23.0
1.2
1.1
3.8
5.1
5.0
4.1
MLIFE
Buy
391
476
1,596
888
1,002
30.6
30.6
38.8
43.4
10.1
9.0
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
304
338
115,483
86,592
95,860
31.4
31.8
10.9
14.5
27.9
20.9
2.1
2.0
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
135
44,806
25,122
27,663
27.0
27.2
4.0
4.8
34.1
28.4
2.8
2.6
8.3
9.1
2.2
1.9
Rcom
Neutral
111
22,808
22,801
24,628
31.0
31.3
3.6
5.3
31.0
21.0
0.7
0.7
2.2
3.1
2.6
2.3
1,491
1,659
3,169
1,863
2,081
11.8
12.4
71.2
83.0
21.0
18.0
4.2
3.6
21.6
21.5
1.5
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
163
237
1,630
3,885
4,472
5.4
7.2
11.0
19.7
14.9
8.3
2.0
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
510
562
646
630
795
14.4
13.6
42.8
51.1
11.9
10.0
2.8
2.3
26.6
25.2
1.0
0.8
Cravatex
Buy
352
459
91
248
284
6.5
7.3
27.2
38.2
13.0
9.2
2.0
1.7
15.7
18.5
0.5
0.5
Finolex Cables
Buy
52
68
799
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
344
437
449
2,304
2,649
3.1
3.6
28.0
43.7
12.3
7.9
0.4
0.4
3.1
4.7
0.1
0.1
Goodyear India*
Buy
288
345
665
1,458
1,542
8.3
9.0
32.3
37.0
8.9
7.8
1.6
1.4
19.5
19.3
0.3
0.2
Hitachi
Buy
142
177
386
1,053
1,169
6.3
7.1
13.8
17.7
10.3
8.0
1.5
1.2
15.0
16.7
0.4
0.4
2,390
2,113
1,842
2,131
7.7
7.8
112.4
132.4
21.3
18.1
2.7
2.4
13.3
13.8
1.0
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
159
198
143
495
651
12.7
12.9
29.3
39.5
5.4
4.0
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
181
234
208
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
202
3,258
1,220
1,476
13.3
13.6
5.5
9.0
36.6
22.4
4.2
3.7
12.1
17.7
3.0
2.4
MRF
Neutral
15,142
6,422
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.5
8.4
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Accumulate
4,205
4,611
4,690
1,057
1,282
19.4
19.6
124.8
153.7
33.7
27.4
16.7
12.3
56.3
51.8
4.5
3.7
Relaxo Footwears
Buy
675
791
810
1,146
1,333
10.9
11.4
45.9
60.9
14.7
11.1
3.1
2.5
23.0
24.6
0.9
0.7
Siyaram Silk Mills
Buy
261
343
245
1,158
1,322
11.9
11.9
72.9
85.7
3.6
3.1
0.7
0.6
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
429
617
755
1,068
1,223
9.6
9.6
38.1
44.1
11.3
9.7
1.5
1.3
14.5
14.7
0.7
0.6
TAJ GVK
Buy
61
108
382
300
319
35.8
36.2
7.9
9.1
7.7
6.7
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
287
371
442
814
849
17.0
17.6
64.6
69.2
4.4
4.2
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
550
686
427
435
516
6.2
7.1
24.3
33.3
22.6
16.5
3.7
3.2
17.6
20.8
0.8
0.7
Tree House
Accumulate
268
297
965
153
194
53.0
52.8
12.4
15.6
21.7
17.2
2.6
2.3
11.8
13.1
6.5
5.0
TVS Srichakra
Buy
180
252
138
1,591
1,739
6.1
6.6
24.5
41.9
7.4
4.3
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,517
36,584
12,294
14,162
12.0
12.0
42.1
67.7
59.8
37.2
4.2
3.8
9.1
10.7
3.3
2.9
Market Outlook
June 05, 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
751
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 June 04, 2013

Market Outlook: Dealer's Diary

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Market Outlook

OIL & GAS

up to 19,685 19,824 / 5,964 6,008 levels. However, if NIFTY trades below

19,465 19,383 / 5,893 5,866 levels.

Net Inflows (June 3, 2013)

FII Derivatives (June 4, 2013)

Refer detailed news analysis on the following page

Cabinet clears real estate regulation bill

Cabinet clears real estate regulation bill

Bank of Baroda announces single rate of interest for home

Economic and Political News

India, China to be largest investors by 2030: World Bank Report

Country Event Description

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)

Industrial Production (YoY)

Jobless claims change

Industrial Production YoY

Euro Zone Euro-Zone CPI (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

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

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)

June 14, 2013

June 17, 2013

June 18, 2013

June 25, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

5.1 5.4 5.2

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth