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Market Outlook: Dealer's Diary
Market Outlook: Dealer's Diary
Market Outlook: Dealer's Diary
July 3, 2013
Dealers Diary
Indian markets are expected to flat to negative tracking negative opening in most
Domestic Indices
of the Asian markets after a batch of US data reinforced views that the days of easy
BSE Sensex
(0.6)
Nifty
(0.7)
(41)
5,858
MID CAP
(0.4)
(22)
6,050
SMALL CAP
US markets ended lower on Tuesday, losing steam gained from reports showing
Chg (%)
(Pts)
(Close)
(114) 19,464
(0.1)
(5)
5,748
solid growth for car sales and factory orders as investors anticipated the jobs report
BSE HC
0.5
47
9,001
at the end of the week. During early trade buying interest was generated on
BSE PSU
(1.1)
(66)
6,187
account of a report released from the Commerce Department which showed that
BANKEX
(0.8)
(104) 13,278
AUTO
(0.8)
(83) 10,832
increase in April. However, stocks came under pressure in later due to part to
METAL
(0.5)
(39)
7,868
(1.0)
(91)
8,948
BSE IT
(0.6)
(40)
6,115
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 19,499/ 5,870 levels. If NIFTY trades above
Global Indices
Chg (%)
Dow Jones
(0.3)
NASDAQ
(0.0)
(1)
3,433
FTSE
(0.1)
(4)
6,304
Nikkei
Hang Sang
(43) 14,932
1.8
246 14,099
(0.7)
(145) 20,659
this level during the first half-an-hour of trade then we may witness a further rally
Straits Times
1.0
32
3,173
Shanghai Com
0.6
11
2,007
Chg (%)
(Pts)
(Close)
INFY
(1.3)
(0.5)
$40.5
WIT
(0.3)
(0.0)
$7.3
IBN
(1.8)
(0.7)
$38.3
0.2
0.1
$36.2
19,499 / 5,870 levels for the first half-an-hour of trade then it may correct up to
19,408 19,352/ 5,840 5,823 levels.
Indices
SENSEX
NIFTY
S2
19,352
5,823
S1
19,408
5,840
Indian ADR
PIVOT
19,499
5,870
R1
19,554
5,887
R2
19,645
5,916
HDB
News Analysis
Advances / Declines
BSE
NSE
Advances
1,120
632
Declines
1,231
735
144
86
Unchanged
Volumes (` cr)
Purch
Sales
Net
MTD
YTD
FII
MFs
8,104
437
6,892
426
1,211
11
1,211
11
72,518
(12,166)
Purch
1,160
1,837
Sales
1,315
1,750
Net
(154)
87
Open Interest
10,402
25,592
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
JP Infratec
Company
Losers
Price (`)
chg (%)
27
7.7
Hindustan Copp
73
Future Retail
101
7.4
Gitanjali Gems
214
(5.0)
Ranbaxy Lab
345
6.5
MMTC
93
(5.0)
50
(4.9)
214
(4.2)
Glaxosmithkl Cons
United Breweries
www.angelbroking.com
5,685
6.0
Jain Irrigation
866
5.0
Jindal Steel
(6.6)
BSE
1,795
NSE
10,377
Market Outlook
July 3, 2013
Company overview
HCL was incorporated in 1967 to take over NMDCs copper mines and plants.
The companys core business includes exploration, mining beneficiation, smelting,
refining and casting of finished copper.The company has four operating units
namely Khetri Copper Complex in Rajasthan, Indian Copper Complex in Bihar
(both mining cum metallurgical complex), Malanjkhand Copper Complex in M.P.
(mining complex) & Taloja copper project in Maharastra (collaboration with
Southwire Company, US). The company's copper reserves and resources in
accordance with JORC standard are 411mn tonnes (average grade 1.05%) and
623mn tonnes (Average grade 1.04%) as on April 1, 2010, respectively, making it
the largest copper company in India.
Investment arguments
Expanding capacity to fully exploit Indias copper ore demand: India has a large
imbalance between its smelting/refining capacity as against its copper mining
capacity. Currently Indias smelting/refining capacity stands at 1MTPA for which
100MT of copper ore is required (assuming 1% cu). Currently Indias actual
copper ore production stands at 3.2MTPA which is entirely produced by HCL. So in
order to capitalize on this sustained demand, HCL plans to ramp up its production
capacity from the current 3.2MTPA to 12.4MTPA by FY2018 at a capex of
`2,500cr. The company aims to expand its Malanjkhand, Khetri, Kolihan and
Surda mines and Banwas Mine; further, it aims to re-open Rakha and Kendadih
mines and develop new mine Chapri-Sidheswar.
Single vertially integrated player in India: HCL is the only vertically integrated
player in India which has its operations span across the entire value chain. Their
core operations include mining of copper ore, concentration of copper ore into
copper concentrate through a beneficiation process and also smelting, refining
and extruding of the copper concentrate into refined copper in downstream
saleable products.
Possesses first mover advantage: Copper mining requires substantial investments
and time for greenfield projects to be set up. Also many clearances need to be
obtained from the Government for the same. This entails a lot of entry barriers in
this industry. HCL on the other hand has all its mining complexes near the major
copper ore deposits of the country. Thus any greenfield projects undertaken by the
company can rely on its existing infrastructure. Moreover, HCL has applied for
prospecting, mining and Reconnaissance Permit in the states of Rajasthan,
Jharkhand, Madhya Pradesh and Haryana.
Valuation
HCL is the only vertically integrated copper producer in India. However, at the OFS
price of `70, the stock is trading at an expensive valuation of 21.0x FY2012 PE.
Miners such as Coal India, MOIL and NMDC are trading in the range of 10-15x
FY2012 PE. Hence, we recommend investors to AVOID subscribing to HCL issue.
www.angelbroking.com
Market Outlook
July 3, 2013
www.angelbroking.com
Market Outlook
July 3, 2013
base of about 13.1mn making it the largest player. Currently, Dish TV having
subscriber base of 10.7 million is the largest player. We maintain Neutral rating
on the stock.
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
July 03, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
July 3, 2013
Thousands
Jun 29
346.00
345.00
Value
Jun F
51.30
51.30
% Ratio
Jul 4
0.50
0.50
Jul 4
0.50
0.50
Thousands
Jun
175.00
165.00
Jun
7.60
7.50
May
(0.60)
--
2.10
2.50
Jun
7.00
--
Jun
(1.10)
--
% Change
Jun
1.00
4.10
% Change
May
2.30
--
% Change
Jun
0.50
0.50
India
% Change
Jun
4.70
--
China
% Change
Jun
9.20
9.10
7:30AM
China
% Change
2Q
7.70
7.60
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
% Change
Jun
0.10
--
2:30PM
Jun F
1.60
--
6:45PM
US
Industrial Production
Jun
0.04
--
6:00PM
US
Housing Starts
Thousands
Jun
914.00
--
6:00PM
US
Building permits
Thousands
Jun
985.00
--
2:00PM
UK
% Change
Jun
(8.60)
--
7:30PM
US
Million
Jun
5.18
--
7:30PM
Value
Jul A
(18.80)
--
1:00PM
Value
Jul A
48.60
--
July 4, 2013
July 5, 2013
July 9, 2013
July 10, 2013
6:00PM
US
1:25PM
4:30PM
UK
5:15PM
6:00PM
US
6:00PM
US
Unnemployment rate
2:00PM
UK
% Change
7:00AM
China
% Change
Jun
4:29PM
India
Imports YoY%
% Change
4:29PM
India
Exports YoY%
% Change
4:29PM
China
Exports YoY%
11:00AM
India
6:00PM
US
12:00PM
7:30AM
7:30PM
US
Thousands
Jun
476.00
--
2:00PM
UK
GDP (YoY)
% Change
2Q A
0.30
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jul
81.40
--
11:00AM
India
Jul 30
7.25
--
11:00AM
India
Jul 30
4.00
--
11:00AM
India
Jul 30
6.25
--
1:25PM
Thousands
Jul
(12.00)
--
6:00PM
US
% Change
2Q A
1.80
--
11:30PM
US
Jul 31
0.25
--
6:30AM
China
PMI Manufacturing
Value
Jul
50.10
--
2:00PM
UK
PMI Manufacturing
Value
Jul
52.50
--
11:30AM
% Change
2Q P
(1.40)
--
2:30PM
% Change
2Q A
(0.20)
--
11:00AM
India
% Change
2Q
4.80
--
August 1, 2013
August 14, 2013
August 30, 2013
Market Outlook
July 3, 2013
Macro watch
Exhibit 1: Quarterly GDP 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)
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
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
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
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
9.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
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
(%)
9.00
15.0
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
www.angelbroking.com
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
July 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
Neutral
143
2,790
1,657
1,906
14.1
14.1
7.7
8.9
18.6
16.1
3.9
3.3
22.2
21.9
1.6
1.4
United Phosphorus
Buy
137
232
6,081
10,298
11,310
16.5
16.5
20.5
23.2
6.7
5.9
1.1
1.0
18.0
17.4
0.6
0.5
Accumulate
265
285
4,533
3,418
3,892
14.5
14.5
18.5
20.4
14.4
13.0
3.5
2.8
26.6
23.8
1.4
1.1
Apollo Tyres
Neutral
60
3,022
13,852
15,487
11.4
11.5
12.8
14.9
4.7
4.0
0.8
0.7
17.5
17.3
0.4
0.3
Ashok Leyland
Buy
20
27
5,375
14,038
16,442
7.6
8.7
1.1
2.2
19.3
9.1
1.7
1.5
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
220
333
834
965
9.3
10.6
17.3
27.1
12.7
8.1
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,918
2,096
55,501
23,005
26,460
18.0
18.5
118.8
139.7
16.1
13.7
5.9
4.6
40.4
37.7
2.0
1.7
Bharat Forge
Neutral
221
5,133
6,198
6,793
14.6
14.9
14.5
17.3
15.2
12.7
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,854
27,800
9,821
11,394
17.0
17.3
373.5
438.7
23.7
20.2
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
105
170
359
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
Buy
122
141
10,340
7,053
8,061
14.2
14.5
7.8
9.1
15.5
13.3
2.6
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,441
2,394
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,680
1,820
33,552
25,298
27,665
14.1
13.7
110.3
140.0
15.2
12.0
5.6
4.4
39.9
40.7
1.1
1.0
JK Tyre
Buy
104
154
426
7,972
8,754
7.1
7.1
37.5
44.0
2.8
2.4
0.4
0.4
16.4
16.6
0.3
0.3
980
1,103
60,351
45,254
51,197
11.4
11.7
61.2
70.2
16.0
14.0
3.3
2.8
22.7
21.9
1.1
0.9
1,579
1,822
47,704
47,923
55,002
11.2
10.9
106.6
121.4
14.8
13.0
2.2
1.9
16.1
15.8
0.8
0.7
196
222
11,525
28,442
31,493
7.5
7.8
12.5
14.8
15.7
13.3
3.9
3.1
27.5
25.8
0.5
0.5
Buy
22
27
133
1,426
1,624
10.0
9.9
4.9
6.8
4.5
3.2
0.4
0.4
10.0
12.7
0.4
0.3
Tata Motors
Buy
286
347
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
Neutral
33
1,575
7,715
8,584
6.0
6.1
5.0
5.8
6.7
5.7
1.1
1.0
18.1
18.5
0.1
0.1
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
ABB*
Sell
617
461
13,071
8,073
9,052
5.5
6.9
11.5
16.9
53.5
36.4
4.9
4.7
9.3
13.1
1.6
1.4
BGR Energy
Neutral
131
949
3,756
4,569
11.4
10.7
21.7
28.3
6.1
4.6
0.7
0.7
22.3
23.4
0.6
0.5
BHEL
Neutral
184
44,962
44,054
39,326
16.8
15.1
20.6
16.1
8.9
11.4
1.9
1.8
23.5
16.1
0.9
1.0
Blue Star
Buy
161
230
1,452
2,896
3,087
5.6
6.2
9.3
11.7
17.3
13.8
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
94
117
6,030
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
Neutral
22
178
3,360
3,597
9.7
9.8
7.3
10.2
3.0
2.1
0.6
0.6
8.8
11.4
0.3
0.3
KEC International
Buy
34
49
861
7,709
8,399
6.7
7.2
6.1
8.5
5.5
3.9
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
600
7,149
5,780
6,430
9.5
9.6
29.8
33.0
20.1
18.2
3.4
3.0
17.9
17.4
1.0
0.9
1,233
1,361
23,146
11,820
13,254
19.3
20.9
74.9
93.1
16.5
13.3
2.9
2.6
18.1
20.3
1.7
1.4
Cement
ACC
Accumulate
www.angelbroking.com
Market Outlook
July 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
188
28,969
10,171
11,762
23.5
24.6
10.2
12.2
18.4
15.4
3.0
2.7
17.1
18.7
2.3
1.9
India Cements
Neutral
59
1,814
4,929
5,434
17.4
17.1
8.9
10.9
6.6
5.4
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
98
143
1,151
2,247
2,742
21.0
23.1
17.8
21.8
5.5
4.5
0.8
0.7
15.5
16.4
0.4
0.9
Madras Cements
Neutral
217
5,158
4,234
4,788
23.9
24.0
18.5
22.8
11.7
9.5
1.9
1.6
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,710
16,410
6,607
7,520
27.5
26.7
322.8
374.3
14.6
12.6
3.6
2.9
27.8
25.6
1.8
1.4
UltraTech Cement
Neutral
1,924
52,749
21,947
25,049
23.8
23.8
106.1
119.8
18.1
16.1
3.0
2.6
17.7
17.3
2.5
2.1
185
255
975
1,928
2,234
21.0
21.5
18.0
22.2
10.3
8.4
0.9
0.8
10.2
10.1
1.9
1.9
10
177
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(3.3)
(26.5)
0.4
0.4
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
98
157
3,272
3,997
4,312
45.5
46.4
15.7
16.6
6.3
5.9
0.9
0.8
15.2
14.5
3.3
3.5
ITNL
Buy
145
230
2,821
7,444
8,041
27.4
28.9
29.8
32.1
4.9
4.5
0.7
0.6
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
17
29
508
5,673
5,892
8.1
8.4
1.4
1.8
11.5
9.0
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
57
90
12,604
14,850
15,631
24.9
25.1
2.5
2.9
22.4
19.9
0.9
0.9
4.2
4.7
2.7
2.6
Buy
1,430
1,761
88,114
68,946
78,040
10.5
10.5
77.9
88.3
18.4
16.2
2.7
2.4
15.5
15.6
1.4
1.3
Nagarjuna Const.
Buy
27
42
702
6,167
6,945
8.0
8.2
2.7
3.6
10.2
7.5
0.3
0.3
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
36
1,199
12,954
14,740
9.9
9.9
0.5
0.9
71.1
38.7
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
94
139
1,425
2,462
2,731
10.6
10.6
5.9
6.7
16.0
14.2
1.6
1.4
10.2
10.5
0.9
0.8
Simplex Infra
Buy
83
131
410
6,308
7,033
9.5
9.6
11.9
18.7
7.0
4.4
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
27
41
199
2,146
2,339
13.7
13.8
11.0
11.5
2.5
2.3
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
93
123
4,643
6,705
7,535
2.5
2.5
27.6
33.2
3.4
2.8
0.5
0.4
12.5
13.6
Andhra Bank
Neutral
84
4,726
5,195
5,834
2.7
2.7
19.2
23.1
4.4
3.7
0.6
0.5
12.2
13.3
Axis Bank
Buy
1,309
1,778
61,355
19,237
23,261
3.2
3.2
133.8
161.5
9.8
8.1
1.6
1.4
17.6
18.5
Bank of Baroda
Buy
590
761
24,856
16,287
18,707
2.2
2.3
120.6
144.6
4.9
4.1
0.7
0.6
15.0
16.0
Bank of India
Accumulate
235
270
14,004
14,459
16,176
2.3
2.2
55.2
68.2
4.3
3.5
0.6
0.5
13.7
15.1
Bank of Maharashtra
Buy
52
61
3,453
4,291
4,724
3.0
3.0
12.1
12.9
4.3
4.1
0.7
0.6
16.2
15.3
Canara Bank
Accumulate
373
422
16,528
12,045
13,495
2.1
2.2
76.7
86.4
4.9
4.3
0.7
0.6
14.1
14.2
Central Bank
Accumulate
63
69
6,534
8,406
9,546
2.5
2.5
12.6
18.7
5.0
3.3
0.6
0.6
10.6
14.3
Corporation Bank
Buy
354
436
5,408
5,554
6,156
2.0
2.0
94.9
104.9
3.7
3.4
0.5
0.5
14.3
14.2
Dena Bank
Accumulate
71
79
2,478
3,255
3,623
2.3
2.4
22.0
24.9
3.2
2.8
0.5
0.4
14.8
14.8
Federal Bank
Accumulate
415
455
7,100
2,802
3,274
2.9
2.9
49.8
56.6
8.3
7.3
1.0
0.9
12.7
13.1
Financials
www.angelbroking.com
Market Outlook
July 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
877
136,219
8,573
10,142
3.6
3.6
37.0
43.6
23.7
20.1
4.9
4.4
30.0
30.3
HDFC Bank
Accumulate
658
752
157,056
27,560
33,766
4.6
4.6
36.3
45.1
18.1
14.6
3.7
3.1
21.9
22.8
ICICI Bank
Buy
1,079
1,454
124,546
26,119
30,474
3.1
3.2
86.2
99.5
12.5
10.8
1.7
1.6
15.7
16.2
IDBI Bank
Accumulate
73
80
9,783
9,416
10,392
2.0
2.0
19.8
22.8
3.7
3.2
0.5
0.4
12.9
13.5
Indian Bank
Buy
116
141
4,964
6,077
6,845
2.9
2.9
35.2
41.0
3.3
2.8
0.5
0.4
14.2
14.8
IOB
Accumulate
50
53
4,611
8,027
9,204
2.4
2.6
12.5
19.7
4.0
2.5
0.4
0.3
9.1
13.0
J & K Bank
Accumulate
1,237
1,315
5,999
3,101
3,426
3.6
3.6
215.5
210.2
5.7
5.9
1.1
0.9
19.9
16.9
Buy
253
298
12,776
2,113
2,525
2.3
2.3
25.4
29.2
10.0
8.7
1.8
1.5
18.4
18.3
Oriental Bank
Accumulate
211
236
6,161
6,790
7,676
2.6
2.7
55.7
62.3
3.8
3.4
0.5
0.5
12.9
13.1
Punjab Natl.Bank
Buy
656
883
23,195
20,914
23,879
3.3
3.4
152.4
176.2
4.3
3.7
0.7
0.6
16.2
16.5
South Ind.Bank
Neutral
23
3,116
1,795
2,054
2.8
2.8
4.0
4.3
5.9
5.4
1.0
0.9
17.2
16.5
St Bk of India
Buy
1,991
2,518
136,181
66,417
76,734
3.0
3.0
227.4
284.8
8.8
7.0
1.3
1.1
15.4
17.1
Syndicate Bank
Buy
110
136
6,637
7,125
8,188
2.6
2.6
27.4
27.9
4.0
4.0
0.6
0.6
16.2
14.6
UCO Bank
Neutral
63
4,738
6,545
6,859
2.7
2.6
14.8
15.7
4.3
4.0
0.8
0.7
14.4
13.6
Union Bank
Buy
185
243
11,038
11,101
12,543
2.6
2.6
39.3
47.4
4.7
3.9
0.7
0.6
14.1
15.2
United Bank
Buy
48
57
1,810
3,386
3,884
2.3
2.5
12.4
20.0
3.9
2.4
0.4
0.4
10.1
14.8
Vijaya Bank
Accumulate
45
49
2,230
2,714
3,046
1.9
2.0
9.2
10.8
4.9
4.2
0.5
0.5
10.7
11.6
Yes Bank
Neutral
468
16,828
4,451
5,526
2.8
2.8
43.0
49.7
10.9
9.4
2.4
2.0
23.9
22.8
Asian Paints
Neutral
4,673
44,828
12,332
14,524
16.5
16.3
141.6
162.7
33.0
28.7
10.4
8.3
35.4
32.2
3.5
2.9
Britannia
Neutral
681
8,147
6,417
7,502
6.1
6.3
21.3
25.5
32.0
26.7
10.4
8.3
35.7
34.6
1.3
1.1
Colgate
Neutral
1,348
18,328
3,588
4,130
20.5
20.9
44.2
51.8
30.5
26.0
29.7
21.7
108.6
96.2
5.0
4.2
Dabur India
Neutral
156
27,164
7,183
8,340
16.8
16.8
5.4
6.3
29.0
24.8
11.3
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
5,664
23,820
3,617
4,259
16.1
16.4
122.2
148.7
46.4
38.1
14.4
11.6
34.1
33.7
6.1
5.1
Godrej Consumer
Neutral
826
28,109
7,801
9,017
16.2
15.9
25.1
29.7
32.9
27.8
7.1
5.9
24.9
24.2
3.7
3.2
HUL
Neutral
588
127,143
29,167
33,164
13.6
13.7
17.1
18.4
34.4
32.0
33.1
24.0
113.4
87.0
4.2
3.7
ITC
Neutral
325
256,770
34,294
39,991
36.8
37.0
11.3
13.3
28.8
24.4
9.5
7.7
36.1
34.9
7.2
6.1
Marico
Neutral
204
13,138
5,273
6,044
14.8
14.9
7.3
8.7
28.1
23.5
5.5
4.5
21.4
21.0
2.5
2.2
Nestle*
Neutral
5,162
49,766
9,447
10,968
22.1
22.3
127.5
154.1
40.5
33.5
20.2
14.6
57.7
50.7
5.3
4.5
Tata Global
Neutral
140
8,664
8,069
8,957
9.8
9.7
7.8
8.6
17.9
16.3
2.2
2.1
9.5
9.7
1.1
0.9
FMCG
www.angelbroking.com
Market Outlook
July 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
767
870
53,405
29,424
32,837
22.6
22.0
59.5
63.3
12.9
12.1
3.1
2.6
24.6
21.7
1.6
1.4
87
105
2,601
2,158
2,374
19.6
19.8
10.7
11.7
8.1
7.4
1.8
1.6
23.0
22.3
1.0
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Accumulate
2,406
2,530
138,135
45,153
48,993
27.6
26.8
170.7
187.5
14.1
12.8
2.9
2.5
20.8
19.5
2.4
2.1
Infotech Enterprises
Accumulate
174
190
1,939
2,037
2,254
17.9
17.7
21.2
22.6
8.2
7.7
1.3
1.1
15.2
14.1
0.6
0.5
KPIT Cummins
Buy
120
144
2,320
2,614
2,923
17.2
16.8
13.2
14.4
9.1
8.3
1.6
1.4
18.5
16.7
0.8
0.7
Mahindra Satyam
Buy
115
135
13,576
8,590
9,324
20.9
20.6
10.9
11.7
10.6
9.9
2.5
2.0
23.7
20.3
1.2
1.0
Mindtree
Accumulate
835
925
3,471
2,707
2,978
20.3
20.2
87.4
97.0
9.6
8.6
2.0
1.6
21.8
19.5
1.0
0.8
Mphasis&
Accumulate
372
391
7,811
6,372
6,852
18.0
18.2
38.0
43.5
9.8
8.6
1.4
1.2
14.3
14.2
0.7
0.6
NIIT
Buy
19
30
319
1,144
1,267
9.0
9.1
4.3
5.4
4.5
3.6
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
502
595
2,008
1,505
1,677
25.9
26.2
53.6
59.7
9.4
8.4
1.7
1.4
17.7
16.7
0.9
0.7
TCS
Accumulate
1,500
1,640
293,573
74,795
84,926
28.8
28.7
82.2
91.5
18.2
16.4
5.6
4.6
30.8
28.1
3.7
3.2
Tech Mahindra
Buy
1,003
1,250
12,886
8,102
8,709
19.7
19.2
107.5
117.0
9.3
8.6
2.0
1.6
21.2
18.9
1.6
1.4
Wipro
Accumulate
353
389
86,986
41,659
45,137
21.2
21.4
27.7
29.9
12.8
11.8
2.6
2.2
20.5
19.0
1.6
1.3
D B Corp
Buy
238
290
4,364
1,750
1,925
25.1
26.6
14.2
16.8
16.7
14.2
3.6
3.1
23.4
23.4
2.4
2.1
HT Media
Buy
96
117
2,256
2,205
2,380
15.1
15.6
8.3
9.1
11.6
10.6
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
81
107
2,703
1,664
1,825
20.9
23.0
6.4
7.8
12.7
10.5
2.6
2.3
21.0
23.1
1.7
1.6
PVR
Neutral
331
1,310
1,359
1,540
17.3
17.4
17.2
21.6
19.2
15.3
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
383
15,080
2,287
2,551
69.7
70.5
20.0
23.3
19.1
16.4
4.7
4.1
26.4
27.3
6.2
5.5
Bhushan Steel
Neutral
463
10,496
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
300
345
189,396
72,174
76,311
33.3
28.4
28.4
30.9
10.6
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
13
18
432
1,976
2,017
11.8
12.7
1.3
2.6
10.5
5.1
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
119
193
3,795
1,920
2,239
53.2
52.9
21.6
25.0
5.5
4.8
1.3
1.0
25.1
23.8
1.5
1.1
Hind. Zinc
Buy
105
145
44,155
12,358
13,659
51.4
51.6
16.0
17.6
6.5
5.9
1.2
1.0
19.4
18.4
1.3
0.8
Hindalco
Neutral
103
19,634
89,352
93,672
8.8
9.2
13.4
15.0
7.7
6.8
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
642
15,523
47,613
48,385
17.4
18.8
81.8
109.6
7.9
5.9
0.8
0.7
11.1
13.4
0.6
0.5
MOIL
Buy
199
248
3,348
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
125
193
794
2,326
2,709
21.4
23.1
33.3
43.1
3.7
2.9
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
30
7,796
7,656
7,988
13.1
13.5
2.6
2.6
11.9
11.5
0.6
0.6
5.5
5.5
0.5
0.5
NMDC
Buy
103
156
40,936
10,461
11,892
71.6
72.6
16.3
17.6
6.4
5.9
1.3
1.2
22.1
21.4
2.1
1.9
Media
www.angelbroking.com
Market Outlook
July 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
Neutral
Sesa Goa
Accumulate
52
21,559
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
151
166
13,119
3,742
4,426
32.9
32.8
30.0
29.8
5.0
5.1
0.7
0.6
14.3
12.5
4.3
3.5
Sterlite Inds
Accumulate
Tata Steel
Buy
88
100
29,691
44,462
45,568
23.2
24.7
18.1
20.2
4.9
4.4
0.5
0.5
11.3
11.4
0.6
0.5
282
378
9.7
10.8
30.9
47.6
9.1
5.9
0.8
0.8
9.6
13.4
0.6
Sarda
Buy
96
153
345
1,494
0.5
1,568
19.1
20.3
31.3
36.5
3.1
2.6
0.3
0.3
11.8
12.4
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
397
0.5
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
75
102
244
2,344
2,509
14.9
15.4
38.7
47.0
1.9
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
296
GAIL
Neutral
332
345
56,506
16,482
16,228
69.4
53.3
53.3
49.6
5.6
6.0
0.9
0.8
16.5
13.6
2.1
1.7
42,094
52,102
52,876
15.7
16.1
34.1
35.7
9.7
9.3
1.5
1.3
16.4
15.3
0.3
0.2
ONGC
Buy
322
Reliance Industries
Neutral
871
387
36.3
38.3
34.7
41.9
9.3
7.7
1.6
1.4
18.3
19.5
1.3
1.0
9.4
8.6
75.0
76.4
11.6
11.4
1.2
1.1
12.4
11.4
0.7
Gujarat Gas*
Neutral
201
2,582
3,707
0.6
3,850
11.7
12.4
23.7
25.7
8.5
7.8
2.4
2.1
29.6
28.2
0.6
Indraprastha Gas
Neutral
284
3,978
0.5
3,700
4,218
23.4
22.8
26.7
30.4
10.7
9.3
2.2
1.9
22.7
21.8
1.2
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
125
167
0.9
9,398
40,356
40,872
5.8
6.4
15.0
16.7
8.4
7.5
1.8
1.5
23.0
21.5
0.3
0.3
Neutral
58
3,238
1,171
1,287
91.9
91.9
10.1
11.3
5.7
5.1
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
139
2,614
1,736
2,008
17.1
18.9
10.7
13.9
13.0
10.0
4.1
3.1
35.0
34.7
1.6
1.3
186
271
5,409
6,641
7,637
15.9
15.9
17.3
20.6
10.7
9.0
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,482
Cadila Healthcare
Buy
773
5,716
1,682
1,917
16.6
16.6
92.4
99.1
26.9
25.0
3.8
3.8
15.7
14.8
3.0
2.5
929
15,833
7,280
8,640
15.5
15.7
38.3
46.5
20.2
16.6
4.3
3.6
23.5
23.5
2.5
Cipla
Buy
397
2.1
477
31,896
9,274
10,796
23.1
23.1
21.0
23.8
18.9
16.7
3.0
2.6
17.2
16.8
3.2
Dr Reddy's
Accumulate
2.6
2,263
2,535
38,458
13,377
15,350
20.4
20.1
112.3
126.8
20.2
17.9
4.3
3.6
23.5
21.8
3.0
2.6
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
57
168
459
1,394
1,534
22.5
22.4
15.0
16.8
3.8
3.4
0.4
0.4
11.0
11.2
1.0
0.8
2,469
20,911
2,854
3,145
28.6
28.6
76.6
83.3
32.2
29.6
9.7
8.8
31.1
31.0
6.5
5.8
62
78
573
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
672
8,477
3,243
3,826
20.5
21.5
36.0
44.4
18.7
15.1
4.4
3.5
26.0
25.4
2.8
2.3
Lupin
Accumulate
801
877
35,878
11,641
13,933
21.3
21.3
34.8
41.8
23.0
19.2
5.4
4.3
26.2
24.8
3.1
2.5
Ranbaxy*
Neutral
345
14,608
11,400
12,060
10.5
12.5
17.5
22.5
19.7
15.3
3.2
2.7
17.0
19.1
1.2
1.1
Sun Pharma
Neutral
1,007
104,163
13,509
15,846
41.0
41.0
33.0
39.8
30.5
25.3
6.2
5.1
22.0
22.0
7.2
5.9
68
78
1,035
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
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Market Outlook
July 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
146
163
120,178
76,734
86,680
24.5
24.3
13.4
14.5
10.9
10.1
1.3
1.2
12.8
12.7
2.3
2.1
DLF
Buy
183
236
32,649
8,293
9,622
36.5
36.1
5.7
6.7
32.1
27.2
1.2
1.1
3.7
4.1
6.0
5.0
MLIFE
Accumulate
432
476
1,765
888
1,002
30.6
30.6
38.8
43.4
11.1
10.0
1.2
1.1
11.2
11.4
2.6
2.3
Bharti Airtel
Accumulate
303
321
121,021
85,489
94,229
31.9
31.9
10.2
14.6
29.6
20.7
2.1
2.0
7.2
9.4
2.1
1.8
Idea Cellular
Neutral
143
47,263
25,640
28,459
26.9
27.2
4.0
4.9
35.6
28.8
3.0
2.7
8.4
9.4
2.2
2.0
Rcom
Neutral
131
27,028
22,751
24,628
30.9
31.3
3.4
5.3
38.2
24.9
0.8
0.8
2.1
3.1
2.8
2.4
1,463
1,659
3,109
1,863
2,081
11.8
12.4
71.2
83.0
20.6
17.6
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
176
237
1,752
3,885
4,472
5.4
7.2
11.0
19.7
16.1
8.9
2.2
1.8
13.5
20.3
0.5
0.4
Cera Sanitaryware
Accumulate
495
562
626
630
795
14.4
13.6
42.8
51.1
11.6
9.7
2.8
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
305
459
79
248
284
6.5
7.3
27.2
38.2
11.2
8.0
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
52
68
791
2,563
2,899
9.8
9.8
10.1
11.3
5.1
4.6
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
274
437
357
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*
Accumulate
304
345
700
1,458
1,542
8.3
9.0
32.3
37.0
9.4
8.2
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
124
177
337
1,053
1,169
6.3
7.1
13.8
17.7
9.0
7.0
1.3
1.1
15.0
16.7
0.4
0.3
2,448
2,164
1,842
2,131
7.7
7.8
112.4
132.4
21.8
18.5
2.7
2.4
13.3
13.8
1.1
0.9
Buy
149
198
134
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
157
234
181
1,430
1,573
11.1
11.0
19.1
26.9
8.2
5.9
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Accumulate
179
199
2,979
1,220
1,476
13.3
13.6
5.5
9.0
32.5
19.9
3.7
3.3
12.1
17.7
2.8
2.2
MRF
Accumulate
12,806
14,416
5,431
11,799
12,587
14.1
7.1
7.1
1.5
1.3
23.5
19.2
0.5
0.5
Page Industries
Accumulate
4,186
4,611
4,669
1,057
1,282
19.4
19.6
124.8
153.7
33.6
27.2
16.6
12.3
56.3
51.8
4.5
3.7
Relaxo Footwears
Neutral
805
966
1,146
1,333
10.9
11.4
45.9
60.9
17.5
13.2
3.7
2.9
23.0
24.6
1.0
0.9
Buy
237
343
222
1,158
1,322
11.9
11.9
72.9
85.7
3.3
2.8
0.6
0.5
19.9
19.6
0.4
0.4
Buy
396
617
697
1,068
1,223
9.6
9.6
38.1
44.1
10.4
9.0
1.4
1.2
14.5
14.7
0.6
0.5
TAJ GVK
Buy
60
108
374
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
Buy
279
371
429
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
514
686
399
435
516
6.2
7.1
24.3
33.3
21.2
15.4
3.5
3.0
17.6
20.8
0.8
0.6
Tree House
Accumulate
262
297
943
153
194
53.0
52.8
12.4
15.6
21.2
16.8
2.5
2.2
11.8
13.1
6.3
4.9
TVS Srichakra
Buy
172
230
132
1,591
1,720
6.1
6.4
24.5
38.3
7.1
4.5
0.8
0.7
10.9
15.9
0.3
0.3
United Spirits
Neutral
2,421
35,189
12,294
14,162
12.0
12.0
42.1
67.7
57.5
35.8
4.1
3.7
9.1
10.7
3.2
2.8
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Market Outlook
July 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
364
439
738
600
638
20.1
19.4
35.7
36.6
10.2
10.0
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 July 02, 2013
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Market Outlook
July 03, 2013
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