Market Outlook: Dealer's Diary

Market Outlook
June 24, 2013
Dealers Diary
Indian markets are expected to open in the red tracking negative opening trades in
SGX Nifty and the other Asian indices which are trading in the negative zone.
The US markets showed lack of direction throughout much of the trading on Friday
before ending the day mixed. The choppy trading seen over the course of the
session was on the back of the comments from Federal Reserve Chairman Ben
Bernanke that the Fed might be able to unwind some of its asset purchases if
economic conditions warrant later this year. European markets extended their
losses and finished the day in red for fourth consecutive session reacting negatively
to the comments of Fed Chairman.
Meanwhile, Indian markets rebounded from two month low and ended the session
marginally higher on Friday. Weakness came in on the heel of heightened worries
about the Federal Reserve scaling back its stimulus measures sooner than expected
before and the rupee slipping in early trade.
Markets Today
The trend deciding level for the day is 18,737/ 5,657 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,858 18,942 / 5,697 5,726 levels. However, if NIFTY trades below
18,737 / 5,657 levels for the first half-an-hour of trade then it may correct up to
18,653 18,531 / 5,628 5,588 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
18,531
5,588
18,653
5,628
18,737
5,657
18,858
5,697
18,942
5,726
News Analysis
CCEA approves coal price pass-through mechanism

Bharti Airtel to cut 4G charges by 31%
Sterlite's copper plant to restart from today
Refer detailed news analysis on the following page
Net Inflows (June 20, 2013)

` cr
FII
MFs
Purch
2,255
366
Sales
4,392
344
Net
(2,136)
22
MTD
(4,532)
(481)
YTD
77,304
(12,558)
Purch
2,227
3,184
Sales
2,495
2,605
Net
(269)
579
Open Interest
13,843
28,866
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Gujarat Mnrl
133
6.2
Future Retail
Indian Hotels
52
4.9
Karnataka Bank
Godrej Cons
798
4.7
South Indian Bank
Prestige Estates
160
4.2
Indusind Bank
464
3.3
www.angelbroking.com
Chg (%)
(Pts)
(Close)
BSE Sensex
0.3
55 18,774
Nifty
0.2
12
5,668
MID CAP
(1.3)
(78)
6,038
SMALL CAP
(0.4)
(21)
5,717
BSE HC
(0.3)
(22)
8,657
6,075
BSE PSU
0.0
BANKEX
(0.4)
(48) 12,967
AUTO
0.3
36 10,648
METAL
(1.4)
(112)
7,605
OIL & GAS
0.2
14
8,350
BSE IT
1.4
85
6,011
Chg (%)
(Pts)
(Close)
Global Indices
Dow Jones
0.3
41 14,799
NASDAQ
(0.2)
(7)
3,357
FTSE
(0.7)
(43)
6,116
Nikkei
1.7
216 13,230
Hang Sang
(0.6)
(120) 20,263
Straits Times
(0.3)
(9)
3,124
Shanghai Com
(0.5)
(10)
2,073
Chg (%)
(Pts)
(Close)
INFY
0.9
0.3
$40.1
WIT
1.3
0.1
$7.2
IBN
0.7
0.3
$38.0
HDB
1.8
0.6
$35.5
Indian ADR
Advances / Declines
BSE
NSE
Advances
946
471
1,381
890
135
84
Declines
Unchanged
Volumes (` cr)
FII Derivatives (June 21, 2013)

` cr
Index Futures
Stock Futures
Domestic Indices
Losers
Price (`)
chg (%)
99
(32.8)
117
(15.5)
21
(8.7)
Jindal Steel
204
(8.1)
Apollo Tyres
57
(6.9)
BSE
2,269
NSE
11,939
Market Outlook
June 24, 2013
CCEA approves coal price pass-through mechanism

The Cabinet Committee on Economic Affairs (CCEA) has approved coal price
pass-through mechanism which allows power producers to pass on the cost of
expensive imported coal to Distribution Company/ consumers.
According to Fuel Supply Agreement (FSA), Coal India is supposed to supply 65%
of the total coal requirement through domestic mines and 15% can be imported
through CIL or independently by the power producer. Since imported coal is
expensive, PPAs signed by some of the private companies were rendered
unviable. However, CCEAs decision to directly pass on the higher cost of imported
coal to the Distribution Company/ consumers will ensure viability of these
contracts. The move is expected to benefit power plants commissioned after 2009
by power generation companies such as Reliance Power, Tata Power, Adani Power
and Lanco Infratech, among others.
Bharti Airtel to cut 4G charges by 31%

As per media reports, Bharti Airtel will cut 4G data charges by 31% today in an
aggressive bid to boost mass appetite for 4G wireless broadband services and
also make life more difficult for future challengers. The move comes barely a week
after Bharti Airtel cut 2G data charges by ~90% to shore up data usage and spur
revenue streams. According to the report, Bharti Airtel will offer 4G speeds at 3G
price-points to make fourth generation wireless broadband services more
affordable and stiffen the challenge for new competition. Bharti Airtel is expected
to lower its base 4G data plan from 650 to 450 to offer more value to customers
in Kolkata, Bangalore, Pune and Chandigarh where it runs 4G wireless
broadband services.
Under the revised data tariff plan, entry-level customers will be allowed 2GB, 3GB
and 4GB of free data usage at faster 4G speeds at 3G data charges of Rs.450,
Rs.650 and Rs.750 a month respectively. But they won't have access to Bharti
Airtel's 4G entertainment library services, which will be reserved for customers on
higher data plans, from Rs.999 and above. Bharti Airtel customers on these
higher-end 4G plans will have free access to a digital library of 1,000-odd movies
and 100 games evolved in partnership with BigFlix and Indiagames. At the highest
end, Bharti Airtel 4G customers on Rs.2,999 and Rs.4,799 data plans will be
offered bigger free usage limits of 45GB and 80GB compared with the earlier
levels of 30GB and 50GB respectively. It is expected to be a consumer-friendly
move to increase penetration but is unlikely to result in serious market expansion
in near-term since currently Bharti Airtel's 4G operation is confined to only four
cities. We maintain our Buy rating on the stock with a target price of Rs.328.
Sterlite's copper plant to restart from today

Sterlite Industries copper smelter plant in Tuticorin is expected to commence
production from today. The Supreme Court on 10th June 2013 had refused to stay
the National Green Tribunal order permitting Sterlite to start operations. The
National Green tribunal in its preliminary inspection had not found any severe
violation of pollution norms and had permitted the company to re-start operations.
The green tribunal is to hear the case against Sterlite in second week of July. This
development is as per our expectations and hence we maintain our Buy rating on
the stock with a target price of `100.
Market Outlook
June 24, 2013
Economic and Political News
Rupee weakness affects India credit profile: Moody's

FIIs put in bids worth `39,000cr to buy government bonds
CCEA okays sale of 10.5mn tonne FCI food grains in open market
Proposed FDI cap review by Cabinet in 3rd week of July: FM
Corporate News
SBI objects to Paramount's revival plan over dues

Reliance Capital suspends sale of gold coins, gold saving fund
Hitachi Solutions forms new subsidiary in India
Unilever's USD 5.4bn open offer for HUL begins
Blackstone, Temasek eye stake in Shriram Ventures
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 24, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 25, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jun
76.20
75.00
7:30PM
US
New home sales
Thousands
May
454.00
460.00
June 26, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q T
2.40
2.40
June 27, 2013
6:00PM
US
Initial Jobless claims
Thousands
Jun 22
354.00
345.00
2:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun F
(18.80)
(18.80)
1:25PM
Germany Unemployment change (000's)
Thousands
Jun
21.00
8.00
2:00PM
UK
% Change
1Q F
0.60
0.60
1:25PM
Germany PMI Manufacturing
Value
Jun F
48.70
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
--
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
--
July 3, 2013
1:25PM
Germany PMI Services
Value
Jun F
51.30
--
July 4, 2013
4:30PM
UK
% Ratio
Jul 4
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jul 4
0.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Jun
175.00
165.00
6:00PM
US
Unnemployment rate
Jun
7.60
7.50
2:00PM
UK
Industrial Production (YoY)
% Change
May
(0.60)
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Jun
2.10
--
4:29PM
India
Imports YoY%
% Change
Jun
7.00
--
4:29PM
India
Exports YoY%
% Change
Jun
(1.10)
--
July 1, 2013
July 5, 2013
July 9, 2013
July 10, 2013
GDP (YoY)
BOE Announces rates
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
July 12, 2013
11:00AM
India
Industrial Production YoY
% Change
May
2.30
--
6:00PM
US
Producer Price Index (mom)
% Change
Jun
0.50
--
July 15, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
4.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Jun
9.20
--
7:30AM
China
Real GDP (YoY)
% Change
2Q
7.70
--
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
Consumer price index (mom)
% Change
Jun
0.10
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Jun F
1.40
--
6:45PM
US
Jun
0.04
--
July 16, 2013
Source: Bloomberg, Angel Research
Industrial Production
Market Outlook
June 24, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Apr-13
Jun-12
Mfg. PMI
58.0
7.5
Mar-13
(4.0)
Exhibit 4: Manufacturing and services PMI
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Services PMI
8.1
7.3
7.3
7.2
7.3
7.3
56.0
5.7
4.9
4.7
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
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
50.0
Jul-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
Source: CSO, Angel Research
9.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
5.1 5.4 5.2
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-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
8.00
7.00
6.00
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
5.00
4.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
(15.0)
Jul-12
3.00
Market Outlook
June 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
137
2,660
1,657
1,906
14.1
14.1
7.7
8.9
17.8
15.4
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
136
232
6,017
10,298
11,310
16.5
16.5
20.5
23.2
6.6
5.9
1.1
1.0
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
249
285
4,254
3,418
3,892
14.5
14.5
18.5
20.4
13.5
12.2
3.2
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
57
2,886
13,852
15,487
11.4
11.5
12.8
14.9
4.5
3.9
0.7
0.6
17.5
17.3
0.3
0.3
Ashok Leyland
Buy
21
27
5,654
14,038
16,442
7.6
8.7
1.1
2.2
20.3
9.5
1.8
1.6
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
234
353
834
965
9.3
10.6
17.3
27.1
13.5
8.6
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,830
2,056
52,954
22,684
25,908
18.0
18.5
117.3
137.1
15.6
13.4
5.6
4.5
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
219
5,104
6,198
6,793
14.6
14.9
14.5
17.3
15.1
12.7
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,908
27,969
9,821
11,394
17.0
17.3
373.5
438.7
23.9
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
110
170
375
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
Buy
122
150
10,370
7,053
8,061
14.2
14.5
7.8
9.1
15.6
13.4
2.7
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,430
2,376
1,525
1,742
14.5
15.7
88.4
109.5
16.2
13.1
2.3
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,625
1,819
32,447
25,274
27,658
14.1
13.7
110.2
139.9
14.8
11.6
5.4
4.2
39.8
40.7
1.1
0.9
JK Tyre
Buy
109
154
448
7,972
8,754
7.1
7.1
37.5
44.0
2.9
2.5
0.4
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
942
1,090
57,840
45,254
51,197
11.4
11.7
61.2
70.2
15.4
13.4
3.2
2.7
22.7
21.9
1.0
0.9
1,555
1,847
46,972
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
200
222
11,778
28,442
31,493
7.5
7.8
12.5
14.8
16.0
13.6
4.0
3.2
27.5
25.8
0.6
0.5
Buy
22
30
132
1,479
1,685
10.0
9.9
5.5
7.5
4.0
2.9
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
287
347
77,361 215,016 237,404
13.3
13.6
36.2
41.5
7.9
6.9
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Buy
33
41
1,551
7,715
8,584
6.0
6.1
5.0
5.8
6.6
5.6
1.1
1.0
18.1
18.5
0.1
0.1
ABB*
Sell
608
461
12,893
8,073
9,052
5.5
6.9
11.5
16.9
52.8
35.9
4.8
4.6
9.3
13.1
1.6
1.4
BGR Energy
Neutral
130
941
4,114
4,886
11.4
10.7
24.9
28.0
5.2
4.7
0.7
0.6
25.2
22.6
0.5
0.5
BHEL
Neutral
171
41,768
44,054
39,326
16.8
15.1
20.6
16.1
8.3
10.6
1.8
1.6
23.5
16.1
0.8
0.9
Blue Star
Buy
160
230
1,439
2,896
3,087
5.6
6.2
9.3
11.7
17.2
13.6
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
81
117
5,190
13,446
15,272
6.7
7.6
6.6
8.9
12.2
9.1
1.3
1.2
11.4
14.0
0.5
0.4
Jyoti Structures
Neutral
21
169
3,360
3,597
9.7
9.8
7.3
10.2
2.8
2.0
0.6
0.5
8.8
11.4
0.3
0.3
KEC International
Buy
32
63
818
7,709
8,399
6.7
7.2
6.1
8.5
5.2
3.7
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
587
6,997
5,780
6,430
9.5
9.6
29.8
33.0
19.7
17.8
3.3
2.9
17.9
17.4
1.0
0.9
1,166
1,361
21,889
11,979
13,254
19.7
21.3
77.1
91.4
15.1
12.8
2.7
2.4
18.7
20.0
1.5
1.3
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Buy
Market Outlook
June 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
186
28,760
10,232
11,762
23.5
24.5
10.3
12.2
18.1
15.3
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
61
1,863
4,929
5,434
17.4
17.1
8.9
10.9
6.8
5.6
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
110
143
1,298
2,247
2,742
21.0
23.1
17.8
21.8
6.2
5.1
0.9
0.8
15.5
16.4
0.5
0.9
Madras Cements
Neutral
221
5,253
4,234
4,788
23.9
24.0
18.5
22.8
12.0
9.7
1.9
1.6
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,645
16,182
6,540
7,452
27.4
26.6
319.7
369.9
14.5
12.6
3.6
2.9
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,814
49,734
21,947
25,049
23.8
23.8
106.1
119.8
17.1
15.1
2.8
2.4
17.7
17.3
2.3
2.0
183
255
964
1,928
2,234
21.0
21.5
18.0
22.2
10.2
8.3
0.9
0.8
10.2
10.1
1.9
1.8
10
192
2,281
2,492
5.9
6.9
0.7
2.0
15.3
5.2
0.3
0.3
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
110
157
3,653
3,997
4,312
45.5
46.4
15.7
16.6
7.0
6.6
1.0
0.9
15.2
14.5
3.3
3.6
ITNL
Buy
164
230
3,185
7,444
8,041
27.4
28.9
29.8
32.1
5.5
5.1
0.8
0.7
14.9
14.2
2.5
2.6
IVRCL Infra
Buy
15
29
465
5,673
5,892
8.1
8.4
1.4
1.8
10.5
8.3
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
58
90
12,793
14,850
15,631
24.9
25.1
2.5
2.9
22.8
20.2
0.9
0.9
4.2
4.7
2.7
2.6
Larsen & Toubro
Buy
1,394
1,761
85,896
68,946
78,040
10.5
10.5
77.9
88.3
17.9
15.8
2.6
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
24
42
616
6,167
6,945
8.0
8.2
2.7
3.6
9.0
6.6
0.2
0.2
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
35
1,156
12,954
14,740
9.9
9.9
0.5
0.9
68.6
37.3
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
95
139
1,439
2,462
2,731
10.6
10.6
5.9
6.7
16.2
14.3
1.6
1.4
10.2
10.5
0.9
0.8
Simplex Infra
Buy
86
131
425
6,308
7,033
9.5
9.6
11.9
18.7
7.2
4.6
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
26
41
193
2,146
2,339
13.7
13.8
11.0
11.5
2.4
2.3
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
101
136
5,030
6,782
7,440
2.5
2.5
15.5
22.8
6.5
4.4
0.5
0.5
7.2
9.9
Andhra Bank
Accumulate
81
89
4,541
5,254
5,900
2.8
2.8
21.2
22.9
3.8
3.6
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,259
1,871
59,025
19,079
22,765
3.3
3.2
137.8
156.8
9.1
8.0
1.6
1.4
18.1
17.9
Bank of Baroda
Buy
549
849
23,140
16,163
18,549
2.2
2.3
116.9
137.3
4.7
4.0
0.7
0.6
14.6
15.3
Bank of India
Buy
244
335
14,549
14,272
16,038
2.2
2.2
56.0
64.3
4.4
3.8
0.6
0.6
13.9
14.3
Bank of Maharashtra
Neutral
51
3,383
4,328
4,669
3.0
2.9
10.9
12.7
4.7
4.0
0.8
0.7
17.7
17.9
Canara Bank
Buy
355
481
15,727
11,928
13,467
2.1
2.2
74.8
86.0
4.8
4.1
0.7
0.6
13.7
14.2
Central Bank
Accumulate
61
68
6,419
8,124
9,075
2.4
2.4
14.2
17.7
4.3
3.5
0.6
0.5
12.0
13.5
Corporation Bank
Buy
367
476
5,605
5,558
6,121
2.0
2.0
98.4
107.7
3.7
3.4
0.5
0.5
14.9
14.5
Dena Bank
Buy
74
97
2,599
3,187
3,582
2.3
2.4
23.8
25.5
3.1
2.9
0.5
0.4
15.9
15.1
Federal Bank
Accumulate
417
459
7,138
2,873
3,413
3.0
3.1
52.7
62.0
7.9
6.7
1.0
0.9
13.4
14.2
Financials
Market Outlook
June 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
Accumulate
822
898
127,379
8,573
10,142
3.6
3.6
37.0
43.6
22.2
18.8
4.6
4.1
30.0
30.3
HDFC Bank
Buy
636
732
151,814
28,361
34,747
4.6
4.6
33.9
41.0
18.7
15.5
3.6
3.0
20.7
21.2
ICICI Bank
Buy
1,043
1,503
120,414
25,705
30,330
3.1
3.2
83.9
96.3
12.4
10.8
1.7
1.5
15.2
15.7
IDBI Bank
Buy
73
89
9,696
9,477
10,678
2.0
2.1
19.6
22.6
3.7
3.2
0.5
0.4
12.8
13.4
Indian Bank
Buy
125
164
5,355
6,185
6,978
3.0
3.0
37.0
42.2
3.4
3.0
0.5
0.4
14.8
15.1
IOB
Buy
52
62
4,847
8,142
8,956
2.5
2.5
16.5
20.7
3.2
2.5
0.4
0.3
11.8
13.4
J & K Bank
Accumulate
1,179
1,315
5,714
3,074
3,140
3.5
3.2
224.7
201.5
5.3
5.9
1.0
0.9
20.6
16.1
LIC Housing Finance
Buy
258
298
13,018
2,113
2,525
2.3
2.3
25.4
29.2
10.2
8.8
1.8
1.6
18.4
18.3
Oriental Bank
Buy
214
261
6,248
6,835
7,588
2.6
2.6
56.5
63.8
3.8
3.4
0.5
0.5
13.1
13.4
Punjab Natl.Bank
Buy
667
987
23,584
20,632
23,646
3.3
3.3
147.2
171.8
4.5
3.9
0.7
0.6
15.6
16.1
South Ind.Bank
Buy
20
25
2,741
1,814
2,061
2.9
2.8
4.1
4.4
5.0
4.7
0.9
0.8
17.6
16.6
St Bk of India
Buy
1,990
2,637
136,150
67,243
76,612
3.1
3.0
242.4
284.8
8.2
7.0
1.3
1.1
16.3
16.8
Syndicate Bank
Buy
115
141
6,916
7,158
8,169
2.6
2.6
26.7
30.0
4.3
3.8
0.6
0.6
15.8
15.7
UCO Bank
Accumulate
67
76
5,020
6,250
6,738
2.6
2.5
12.1
14.7
5.5
4.6
0.9
0.7
11.8
13.0
Union Bank
Buy
193
259
11,542
11,107
12,650
2.6
2.6
39.4
46.8
4.9
4.1
0.7
0.6
14.2
15.0
United Bank
Buy
47
65
1,752
3,443
3,998
2.4
2.6
15.1
20.4
3.1
2.3
0.4
0.3
12.1
14.8
Vijaya Bank
Neutral
46
2,297
2,730
3,059
1.9
2.0
10.2
11.3
4.6
4.1
0.5
0.5
11.8
12.0
Yes Bank
Buy
453
524
16,280
4,429
5,502
2.8
2.9
42.3
49.5
10.7
9.2
2.3
1.9
23.5
22.8
FMCG
Asian Paints
Neutral
4,548
43,627
12,332
14,524
16.5
16.3
141.6
162.7
32.1
28.0
10.2
8.1
35.4
32.2
3.4
2.9
Britannia
Neutral
663
7,925
6,417
7,502
6.1
6.3
23.2
27.9
28.6
23.7
9.8
7.7
38.3
36.4
1.2
1.0
Colgate
Neutral
1,304
17,731
3,588
4,130
20.5
20.9
44.2
51.8
29.5
25.2
28.8
21.0
108.6
96.2
4.8
4.1
Dabur India
Neutral
154
26,876
7,183
8,340
16.8
16.8
5.4
6.3
28.7
24.5
11.2
8.7
41.5
40.1
3.7
3.1
GlaxoSmith Con*
Neutral
4,930
20,734
3,617
4,259
16.1
16.4
122.2
148.7
40.4
33.2
12.6
10.1
34.1
33.7
5.3
4.4
Godrej Consumer
Neutral
798
27,141
7,801
9,017
16.2
15.9
25.1
29.7
31.7
26.9
6.8
5.7
24.9
24.2
3.6
3.1
HUL
Neutral
591
127,770
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
323
255,111
34,294
39,991
36.8
37.0
11.3
13.3
28.6
24.2
9.4
7.6
36.1
34.9
7.1
6.0
Marico
Neutral
209
13,480
5,273
6,044
14.8
14.9
7.3
8.7
28.8
24.1
5.6
4.6
21.4
21.0
2.6
2.2
Nestle*
Neutral
5,048
48,668
9,447
10,968
22.1
22.3
127.5
154.1
39.6
32.8
19.8
14.3
57.7
50.7
5.2
4.3
Tata Global
Accumulate
136
145
8,435
8,069
8,957
9.8
9.7
7.8
8.6
17.4
15.9
2.1
2.0
9.5
9.7
1.0
0.9
Market Outlook
June 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
759
863
52,892
28,633
32,216
21.5
20.7
57.3
61.7
13.3
12.3
3.1
2.6
24.0
21.5
1.7
1.4
79
96
2,364
2,091
2,289
19.0
18.8
10.6
11.3
7.5
7.0
1.7
1.5
22.8
21.7
1.0
0.8
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,419
138,916
43,338
47,244
27.5
27.7
169.4
182.6
14.3
13.3
3.0
2.6
20.8
19.3
2.6
2.2
Infotech Enterprises
Accumulate
174
185
1,946
1,956
2,174
17.9
17.7
20.4
21.9
8.5
8.0
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Accumulate
120
135
2,319
2,513
2,819
16.1
15.5
12.6
14.0
9.6
8.6
1.7
1.4
17.9
16.6
0.9
0.7
Mahindra Satyam
Accumulate
115
126
13,494
8,278
9,062
20.3
20.1
10.5
11.4
10.9
10.1
2.5
2.0
23.1
20.0
1.2
1.0
Mindtree
Accumulate
818
920
3,399
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&
Neutral
389
8,177
6,096
6,646
17.6
17.4
38.1
41.6
10.2
9.4
1.5
1.3
14.2
13.7
0.9
0.7
NIIT
Buy
20
30
329
1,144
1,267
9.0
9.1
4.3
5.4
4.6
3.7
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
504
593
2,018
1,445
1,617
25.2
25.0
55.3
59.3
9.1
8.5
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,423
1,585
278,424
71,833
81,893
28.4
28.0
78.5
88.0
18.1
16.2
5.5
4.5
30.2
27.9
3.6
3.1
Tech Mahindra
Buy
993
1,170
12,756
7,779
8,398
19.7
19.3
107.4
117.8
9.2
8.4
2.0
1.6
21.2
19.0
1.6
1.4
Wipro
Accumulate
349
385
85,948
40,173
43,697
20.4
20.6
26.2
28.5
13.3
12.2
2.6
2.3
19.7
18.4
1.6
1.4
D B Corp
Buy
228
290
4,182
1,750
1,925
25.1
26.6
14.2
16.8
16.0
13.6
3.5
2.9
23.4
23.4
2.3
2.0
HT Media
Buy
97
117
2,276
2,205
2,380
15.1
15.6
8.3
9.1
11.7
10.6
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
86
119
2,856
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
327
1,295
1,359
1,540
17.3
17.4
17.2
21.6
19.0
15.2
1.9
1.7
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
366
14,429
2,287
2,551
69.7
70.5
20.0
23.3
18.3
15.7
4.5
4.0
26.4
27.3
6.0
5.2
Bhushan Steel
Neutral
462
10,467
13,794
17,088
30.9
33.5
49.3
66.6
9.4
6.9
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
299
345
188,986
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
14
24
448
1,976
2,017
11.8
12.7
1.3
2.6
10.9
5.3
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
133
193
4,234
1,920
2,239
53.2
52.9
21.6
25.0
6.2
5.3
1.4
1.2
25.1
23.8
1.7
1.3
Hind. Zinc
Buy
107
145
45,000
12,358
13,659
51.4
51.6
16.0
17.6
6.6
6.1
1.2
1.0
19.4
18.4
1.4
0.9
Hindalco
Neutral
94
17,921
89,352
93,672
8.8
9.2
13.4
15.0
7.0
6.2
0.5
0.5
7.3
7.6
0.5
0.5
JSW Steel
Neutral
670
14,941
39,973
40,926
17.2
17.0
71.9
82.8
9.3
8.1
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
199
248
3,349
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
0.7
Monnet Ispat
Buy
139
193
883
2,326
2,709
21.4
23.1
33.3
43.1
4.2
3.2
0.3
0.3
8.3
9.9
1.4
1.1
Nalco
Neutral
30
7,603
7,656
7,988
13.1
13.5
2.6
2.6
11.6
11.3
0.6
0.6
5.5
5.5
0.4
0.5
NMDC
Buy
105
156
41,669
10,461
11,892
71.6
72.6
16.3
17.6
6.5
6.0
1.4
1.2
22.1
21.4
2.2
1.9
Media
Metals & Mining
Market Outlook
June 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
Sesa Goa
Buy
52
21,621
44,060
54,786
9.4
11.5
5.2
7.2
10.0
7.3
0.5
0.5
5.2
6.8
0.7
0.6
138
166
12,028
3,742
4,426
32.9
32.8
30.0
29.8
4.6
4.6
0.6
0.5
14.3
12.5
4.0
3.3
Sterlite Inds
Tata Steel
Buy
81
100
27,087
44,462
45,568
23.2
24.7
18.1
20.2
4.5
4.0
0.5
0.4
11.3
11.4
0.5
0.5
Buy
272
378
26,383 140,917 151,537
9.7
10.8
30.9
47.6
8.8
5.7
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
101
153
362
1,494
1,568
19.1
20.3
31.3
36.5
3.2
2.8
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
45
397
2,615
2,776
12.1
12.0
9.8
10.4
3.0
2.8
0.2
0.2
6.5
6.5
0.4
0.4
Buy
77
102
253
2,344
2,509
14.9
15.4
38.7
47.0
2.0
1.7
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
293
345
55,952
16,482
16,228
69.4
53.3
53.3
49.6
5.5
5.9
0.9
0.8
16.5
13.6
2.0
1.7
GAIL
Neutral
290
36,830
52,102
52,876
15.7
16.1
34.1
35.7
8.5
8.1
1.3
1.2
16.4
15.3
0.3
0.2
ONGC
Buy
308
372
263,509 170,063 193,024
36.3
36.9
34.7
38.3
8.9
8.1
1.5
1.4
18.3
17.9
1.3
1.0
Reliance Industries
Neutral
794
256,385 380,031 407,721
9.9
69.3
69.3
78.0
11.5
10.2
1.1
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
206
2,636
3,707
3,850
11.7
12.4
23.7
25.7
8.7
8.0
2.4
2.1
29.6
28.2
0.6
0.5
Indraprastha Gas
Neutral
275
3,851
3,700
4,218
23.4
22.8
26.7
30.4
10.3
9.0
2.2
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
123
167
9,259
40,356
40,872
5.8
6.4
15.0
16.7
8.2
7.4
1.7
1.5
23.0
21.5
0.3
0.3
Neutral
53
2,957
1,171
1,287
91.9
91.9
10.1
11.3
5.2
4.6
0.8
0.7
17.3
16.8
Alembic Pharma
Neutral
133
2,511
1,736
2,008
17.1
18.9
10.7
13.9
12.5
9.6
3.9
2.9
35.0
34.7
1.5
1.3
Aurobindo Pharma
Buy
171
271
4,978
6,641
7,637
15.9
15.9
17.3
20.6
9.9
8.3
1.6
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,525
5,815
1,682
1,917
16.6
16.6
92.4
99.1
27.3
25.5
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
771
929
15,795
7,280
8,640
15.5
15.7
38.3
46.5
20.1
16.6
4.3
3.6
23.5
23.5
2.5
2.1
Cipla
Buy
381
477
30,623
9,274
10,796
23.1
23.1
21.0
23.8
18.2
16.0
2.9
2.5
17.2
16.8
3.0
2.5
Dr Reddy's
Buy
2,124
2,535
36,088
13,377
15,350
20.4
20.1
112.3
126.8
18.9
16.8
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
61
168
493
1,394
1,534
22.5
22.4
15.0
16.8
4.1
3.6
0.4
0.4
11.0
11.2
1.0
0.8
2,485
21,044
2,854
3,145
28.6
28.6
76.6
83.3
32.4
29.8
9.7
8.8
31.1
31.0
6.5
5.8
62
78
572
760
922
15.3
15.3
6.1
7.8
10.2
8.0
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
676
8,531
3,243
3,826
20.5
21.5
36.0
44.4
18.8
15.2
4.4
3.5
26.0
25.4
2.8
2.3
Lupin
Accumulate
788
877
35,266
11,641
13,933
21.3
21.3
34.8
41.8
22.6
18.8
5.3
4.2
26.2
24.8
3.1
2.5
Ranbaxy*
Neutral
349
14,785
11,400
12,060
10.5
12.5
17.5
22.5
20.0
15.5
3.2
2.8
17.0
19.1
1.2
1.1
Sun Pharma
Neutral
950
98,213
13,509
15,846
41.0
41.0
33.0
39.8
28.8
23.9
5.8
4.8
22.0
22.0
6.7
5.5
69
78
1,039
1,444
1,482
33.4
33.0
13.7
14.8
5.0
4.6
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
Market Outlook
June 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
143
163
117,951
76,734
86,680
24.5
24.3
13.4
14.5
10.7
9.9
1.3
1.2
12.8
12.7
2.2
2.1
DLF
Buy
175
236
31,145
8,293
9,622
36.5
36.1
5.7
6.7
30.7
26.0
1.1
1.1
3.7
4.1
5.9
4.9
MLIFE
Buy
380
476
1,554
888
1,002
30.6
30.6
38.8
43.4
9.8
8.8
1.1
1.0
11.2
11.4
2.3
2.1
Bharti Airtel
Accumulate
293
328
111,097
86,592
95,860
31.4
31.8
10.9
14.5
26.8
20.1
2.1
1.9
7.7
9.3
1.9
1.6
Idea Cellular
Neutral
140
46,397
25,122
27,663
27.0
27.2
4.0
4.8
35.3
29.4
2.9
2.7
8.3
9.1
2.3
2.0
Rcom
Neutral
120
24,727
22,801
24,628
31.0
31.3
3.6
5.3
33.6
22.8
0.7
0.7
2.2
3.1
2.7
2.3
11.8
12.4
71.2
83.0
20.2
17.3
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,436
1,659
3,051
1,863
2,081
Bajaj Electricals
Buy
172
237
1,717
3,885
4,472
5.4
7.2
11.0
19.7
15.7
8.7
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
516
562
654
630
795
14.4
13.6
42.8
51.1
12.1
10.1
2.9
2.3
26.6
25.2
1.0
0.8
Cravatex
Buy
307
459
79
248
284
6.5
7.3
27.2
38.2
11.3
8.0
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
50
68
767
2,563
2,899
9.8
9.8
10.1
11.3
5.0
4.4
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
274
437
358
2,304
2,649
3.1
3.6
28.0
43.7
9.8
6.3
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Buy
295
345
680
1,458
1,542
8.3
9.0
32.3
37.0
9.1
8.0
1.7
1.4
19.5
19.3
0.3
0.2
Hitachi
Buy
129
177
350
1,053
1,169
6.3
7.1
13.8
17.7
9.3
7.3
1.3
1.1
15.0
16.7
0.4
0.3
2,426
2,145
1,842
2,131
7.7
7.8
112.4
132.4
21.6
18.3
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
150
198
135
495
651
12.7
12.9
29.3
39.5
5.1
3.8
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
160
234
184
1,430
1,573
11.1
11.0
19.1
26.9
8.4
6.0
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Neutral
199
3,299
1,220
1,476
13.3
13.6
5.5
9.0
36.0
22.0
4.2
3.7
12.1
17.7
3.0
2.4
MRF
Accumulate
12,971
14,416
5,501
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,034
4,611
4,499
1,057
1,282
19.4
19.6
124.8
153.7
32.3
26.3
16.0
11.8
56.3
51.8
4.3
3.6
Relaxo Footwears
Accumulate
737
791
884
1,146
1,333
10.9
11.4
45.9
60.9
16.1
12.1
3.4
2.7
23.0
24.6
0.9
0.8
Siyaram Silk Mills
Buy
235
343
220
1,158
1,322
11.9
11.9
72.9
85.7
3.2
2.7
0.6
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
415
617
730
1,068
1,223
9.6
9.6
38.1
44.1
10.9
9.4
1.5
1.3
14.5
14.7
0.7
0.6
TAJ GVK
Buy
60
108
375
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
278
371
427
814
849
17.0
17.6
64.6
69.2
4.3
4.0
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
510
686
396
435
516
6.2
7.1
24.3
33.3
21.0
15.3
3.5
3.0
17.6
20.8
0.8
0.6
Tree House
Accumulate
269
297
968
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
177
252
136
1,591
1,739
6.1
6.6
24.5
41.9
7.3
4.2
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,410
35,024
12,294
14,162
12.0
12.0
42.1
67.7
57.2
35.6
4.0
3.6
9.1
10.7
3.2
2.7
Market Outlook
June 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
360
439
731
600
638
20.1
19.4
35.7
36.6
10.1
9.9
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 21, 2013
Market Outlook
June 24, 2013

Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

June 24, 2013

CCEA approves coal price pass-through mechanism

Net Inflows (June 20, 2013)

South Indian Bank

OIL & GAS

FII Derivatives (June 21, 2013)

CCEA approves coal price pass-through mechanism

Bharti Airtel to cut 4G charges by 31%

Sterlite's copper plant to restart from today

Economic and Political News

Rupee weakness affects India credit profile: Moody's

SBI objects to Paramount's revival plan over dues

Country Event Description

June 25, 2013

New home sales

June 26, 2013

GDP Qoq (Annualised)

June 27, 2013

Initial Jobless claims

Euro Zone Euro-Zone Consumer Confidence

Germany Unemployment change (000's)

Germany PMI Manufacturing

Germany PMI Services

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Industrial Production (YoY)

Consumer Price Index (YoY)

BOE Announces rates

July 12, 2013

Industrial Production YoY

Producer Price Index (mom)

July 15, 2013

Monthly Wholesale Prices YoY%

Industrial Production (YoY)

Real GDP (YoY)

Consumer price index (mom)

Euro Zone Euro-Zone CPI (YoY)

July 16, 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

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Buy

77,361 215,016 237,404

Larsen & Toubro

LIC Housing Finance