Market Outlook: Dealer's Diary

Market Outlook
August 8, 2013
Dealers Diary
Indian markets are expected to open flat to positive tracking marginally positive
opening in most of the Asian markets.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.4)
(68) 18,665
The US markets fell in yesterdays trading session, third consecutive session of fall,
as uncertainty over the timing of cuts in the Federal Reserves monthly bond buys
had equities retreating from recent highs. Atlanta Fed President Dennis Lockhart
and Chicago Fed President Charles Evans both delivered remarks on Tuesday
suggesting that the central bank will begin scaling back its bond purchases later
this year, potentially as soon as the September meeting. While the remarks should
not have come as a surprise to anyone, the negative reaction in the markets
reflected the continued jitters over the outlook for the program. Later in the day,
Cleveland Fed President Sandra Pianalto said she would be prepared to scale back
the pace of asset purchases if the labor market continues to improve, although she
did not specify a time frame.
Nifty
(0.4)
(23)
5,519
0.7
36
5,337
Meanwhile, Indian markets extended the previous session's losses on Wednesday,

weighed down by QE tapering worries after comments from two Federal Reserve
officials suggested the U.S. central bank might start reducing stimulus as early as
the September policy meeting.
Dow Jones
(0.3)
(48) 15,471
NASDAQ
(0.3)
(12)
3,654
FTSE
(1.4)
(93)
6,511
Nikkei
(4.0)
(576) 13,825
Markets Today
Hang Sang
(1.5)
(335) 21,589
S2
S1
PIVOT
R1
SMALL CAP
1.3
65
5,166
BSE HC
(0.4)
(35)
8,828
BSE PSU
2.4
121
5,179
BANKEX
0.5
57 11,139
(1.5)
(149) 10,076
AUTO
METAL
3.3
214
6,681
OIL & GAS
2.8
224
8,362
(1.6)
(121)
7,427
(Pts)
(Close)
BSE IT
Global Indices
Straits Times
3,230
(0.7)
(14)
2,047
Chg (%)
(Pts)
(Close)
INFY
(1.2)
(0.6)
$48.5
R2
WIT
(0.3)
(0.0)
$8.9
(0.9)
(0.3)
$30.9
(1.9)
(0.6)
$31.0
Shanghai Com
Indian ADR
SENSEX
18,416
18,540
18,676
18,800
18,936
IBN
NIFTY
5,448
5,483
5,522
5,558
5,597
HDB
News Analysis
Advances / Declines
Result Review: Tata Motors, Lupin, NMDC, GSK Pharmaceutical, Cadila

Healthcare, Ranbaxy Labs, Apollo Tyres, MOIL, Alembic Pharmaceutical,
Gujarat Gas, NCC, Unity Infraprojects
Result Preview: Sun Pharmaceuticals, Cipla, Aurobindo Pharmaceuticals,
Bharat Forge, IRB Infra, ITNL
Refer detailed news analysis on the following page
Net Inflows (August 6, 2013)

` cr
FII
MFs
Purch
3,269
382
Sales
2,912
854
Net
357
(472)
MTD
1,229
(639)
YTD
66,626
(14,985)
FII Derivatives (August 7, 2013)

` cr
Index Futures
Stock Futures
Purch
2,991
2,442
Sales
3,526
2,463
Net
(535)
(22)
Open Interest
11,094
26,302
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Hindustan Copper
18.4
MCX
811
16.8
Lupin
17
14.7
Shree Cement
Adani Power
34
10.5
HDIL
30
9.7
Strides Arco
Unitech
www.angelbroking.com
57
Company
Chg (%)
0.2
The trend deciding level for the day is 18,676/ 5,522 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,800 18,936 / 5,558 5,597 levels. However, if NIFTY trades below
18,676 / 5,522 levels for the first half-an-hour of trade then it may correct up to
18,540 18,416 / 5483 5,448 levels.
Indices
MID CAP
Losers
Price (`)
chg (%)
299
(10.0)
828
(6.5)
3,836
(5.5)
Wockhardt
362
(5.0)
Apollo Tyres
60
(4.5)
BSE
NSE
Advances
1,248
776
Declines
1,044
506
140
98
Unchanged
Volumes (` cr)
BSE
1,879
NSE
12,346
Market Outlook
August 8, 2013
Result Review
Tata Motors (CMP: `279/ TP: Under Review/ Upside: NA)
Tata Motors (TTMT) reported an in-line operating performance for 1QFY2014
largely led by strong Jaguar and Land Rover (JLR) performance. However, adjusted
bottom-line at `1,905cr was significantly lower than our estimates of `2,683cr
owing to sharp increase in interest (up 17.9% yoy) and depreciation expense (up
49.9% yoy) and also due to significantly higher tax-rate (39.8% as against 27.3%
in 1QFY2013).
The consolidated top-line registered a healthy growth of 8% yoy to `46,785cr, inline with our estimates of `46,989cr, driven by a strong top-line growth of 13.3%
yoy at JLR. The JLR performance was driven by a healthy volume and net average
realization growth of 8.6% yoy and 4.4% yoy respectively. The JLR volume growth
was primarily driven by Jaguar (up 57.8% yoy) on the back of the new launches (Ftype and AWD and smaller engine options for XF and XJ and XF Sportbrake). Land
Rover sales however, remained flat yoy and were impacted mainly due to the
phasing out of the old Range Rover Sport ahead of the introduction of the new
Range Rover Sport. The standalone top-line posted a significant decline of 14% yoy
following 18.9% yoy decline in volumes.
On the operating front, consolidated EBITDA margins stood at 13.3% (flat yoy),
broadly in-line with our estimates of 13.5%. The benefit of softening of commodity
prices was mitigated by sharp increase in staff cost and other expenditure. The
performance was led by JLR with EBITDA margins at 16.5%, ahead of our
expectations of 15.4% and driven by richer product-mix and favorable exchange
rate movement. The standalone operations on the other hand continued to witness
margin pressures (down 83bp qoq to 1.2%) on account of increased discounts and
marketing spends in the passenger and medium and heavy commercial vehicle
businesses and lower utilization levels. Adjusted net profit declined 29.1% yoy
despite an 8.1% increase in operating profit primarily due to increase in
depreciation and interest expense and also due to higher tax-rate. JLR bottom-line
grew strongly by 28.9% yoy to 304mn driven by strong operating performance
partially offset by higher depreciation expense as well as higher finance expense.
The standalone adjusted bottom-line stood at `857cr aided by other income of
`1,621cr (as against `447cr in 1QFY2013) boosted by dividend income of
150mn from JLR. Adjusting for the JLR dividend income, standalone adjusted
bottom-line posted a loss of over `400cr, higher than our expectations of a loss of
`270cr.
We retain our positive view on Tata Motors on the back of the expected strong
performance of JLR driven by the new product launches and the success of the
models launched in 4QFY2013. We shall release a detailed result note soon. The
stock rating and target price is currently Under Review.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE P/E P/BV

(`)
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
215,016 13.3
11,870 36.2 24.6 7.7
1.7
3.6
0.4
FY2015E
237,404 13.6
13,786 41.5 23.2 6.7
1.4
3.1
0.4
Market Outlook
August 8, 2013
Lupin (CMP: `828/ TP: `878/ Upside: 6.1%)

Lupin, posted lower than expected sales growth during the period. The company
posted sales of `2421cr V/s expectations of `2910cr, registering a yoy growth of
9.1%.The growth during the period was impacted by the domestic formulation
business which contributes 24% of the sales, declined by 5% yoy. The key region
US & Europe which together contributed 46% of sales, increased by 29% yoy.
Japan on the other hand dipped 12% during the period. Its OPM, on the other
expanded by 300bps to end the period at 22.1% V/s expectations of 21.2%. The
margin expansion was aided by the gross margin expansion of 80bps and, a dip
in the other expenditure. This along with the higher other income during the period
which was at `156.5cr v/s. `58.2cr (in1QFY2013) aided the net profit to come in
at `401.1cr V/s expectation of `367.3cr, registering a yoy growth of 43.0%. We
recommend an Accumulate rating on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
11,641
21.3 1,553 34.8
26.2
23.7
5.6
15.1
3.2
FY2015E
13,933
21.3 1,866 41.8
24.8
19.8
4.4
12.3
2.6
NMDC (CMP: `100/ TP: `123/ Upside: 23%)

NMDC reported better than expected 1QFY2014 results both on top-line and
profitability front due to better than expected realizations. NMDCs net sales
increased by 1.1% yoy to `2,871cr (above our estimates of `2,695cr) mainly due
to higher volumes which increased 6.8% yoy to 7.3mn tonnes. However, its
realizations decreased 5.6% yoy to `3,907/tonne, although above our
expectations. EBITDA/tonne decreased by 19.8% yoy to `2,715 due to lower
realizations and EBITDA declined by 14.4% yoy to `1,971cr. Other income
declined by 5.7% yoy to `521cr and tax rate was also higher at 34.2% in
1QFY2014 compared to 32.4% in 1QFY2013. Consequently, adjusted net profit
decreased by 14.1% yoy to `1,638cr (above our estimate of `1,540cr). We
maintain our Buy rating on the stock with a target price of `123.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
10,610
66.3 6,165 15.6
21.3
6.4
1.3
2.4
1.6
FY2015E
11,400
64.2 6,366 16.1
19.9
6.2
1.2
2.3
1.5
GSK Pharmaceutical (CMP: `2,392/ TP: -/ Upside: -)

GSK Pharmaceutical, reported lower than expected numbers during the period.
The sales declined by 2.3% during the period to end at `637cr, V/s expectation of
`662cr. Its OPMs also witnessed a sharp dip during the quarter, ending the
period at 17.8%, a yoy dip of 13.3%, on account of contraction in gross margins
of 490bps, and high rise in employee and other expenses which rose by 25.7%
and 29.0% yoy. This lead the reported net profit to come in at `115cr V/s
`163.6cr in 2QCY2012, a dip of 29.7%. However, the adj. net profit came in at
`102cr V/s `144.3cr expected, posting a dip of 37.8%.We remain neutral on the
stock.
Market Outlook
August 8, 2013
Y/E
Sales OPM
Dec
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
CY2013E
2,859 28.6
649 76.6 31.1 31.2
9.3
21.8
6.2
CY2014E
3,145 28.6
706 83.3 31.0 28.7
8.5
19.5
5.6
Cadila Healthcare (CMP: `746/ TP: `929/ Upside: 24.5%)

Cadila reported numbers, lower than expected for the quarter. On the sales front,
the company posted a 6.0% growth on the topline to end the period at `1,608cr,
V/s expectations of `1,820cr. The growth in the topline was subdued, as both
exports and domestic sales posted mute growth during the period. While the
domestic sales grew by 8.6% yoy, while exports grew by 5.0% yoy. On the
operating front, the margins while dipped by 168bps yoy came ahead of
expectations of 15.7%. While the other income came in lower than the expected,
the lower than expected interest expenses and taxations lead the net profit come in
at `196cr V/s expectations of `237cr during the period, posting a flat 0.5% yoy
growth during the period. We maintain our buy on the stock.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,280
15.5
785 38.3
23.5
19.5
4.2
15.3
2.4
FY2015E
8,640
15.7
951 46.5
23.5
16.5
3.4
12.6
2.0
Ranbaxy Labs (CMP: `282/ TP: `384/ Upside: 36.2%)

Ranbaxy labs reported numbers lower than expected during the quarter. The net
sales came in at `2,663.3cr a decline of 17.8% in sales. This was much lower than
expectation of `2,850cr during 2QCY2013.However excluding the exclusivities,
the base business clocked a double digit growth during the period.
The growth was mainly lead by the branded business Emerging business of LATAM
and branded business of Africa, APAC and Russia Indian sales during the period
came in flat, on back of the new drug policy. With this the branded and OTC part
of business contributes 51% of sales of the company in 2QCY2013.On the
operating front, the OPM come in at 6.3% lower than our expectations of 10.5%
and 14.4% in 2QCY2012. However, higher than expected other income and lower
tax during the quarter aided the adj. net profit came in at `135cr V/s `148cr
during the corresponding period of last year. On back of attractive valuations, we
maintain our buy on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
11,400
FY2015E
12,060
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
10.5
744 17.5
17.0
16.1
2.6
9.0
1.0
12.5
956 22.5
19.0
12.5
2.2
7.0
0.9
(` cr)
MOIL Ltd (CMP: `186/ TP: Under review/ Upside: -)

MOILs 1QFY2014 profitability was ahead of our expectation whereas the top-line
was broadly in line with our expectations. Net sales decreased by 1.5% yoy to
`239cr (in-line with our estimate of `241cr) however, EBITDA increased by 14.0%
yoy to `117cr and EBITDA margin expanded by 666bps yoy to 48.8% due to lower
costs. Other income increased by 17.4% yoy to `61cr and therefore the Net profit
Market Outlook
August 8, 2013
increased by 12.7% yoy to `112cr which was above our estimate of `104cr.
Looking ahead, although we estimate MOILs sales volumes to increase only
modestly during FY2013-15, we believe the valuations are attractive at 1.6x
FY2014 EV/EBITDA. Net cash per share of `136/share (~73% of its market cap)
as on March 31, 2013 is likely to limit any meaningful downside in our view. We
maintain our Buy rating on the stock but keep our target price under review.
Y/E
Sales
March
OPM
PAT
EPS
ROE P/E P/BV

(%)
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
908
38.9
388
23.1
13.4 8.1
1.0
1.7
0.7
FY2015E
939
38.6
393
23.4
12.4 8.0
0.9
1.3
0.5
Apollo Tyres (CMP: `60/ TP: -/ Upside: -)

Apollo Tyres (APTY) reported strong results for 1QFY2014 beating our estimates
on the top-line as well bottom-line front. The consolidated top-line grew 0.8% yoy
(5% qoq) to `3,190cr, slightly ahead of our estimates of `3,091cr. The growth was
led by a strong revenue growth of 11% yoy in Europe. The standalone operations
reported a growth of 0.7% yoy as against our expectations of a decline of ~2%.
On the operating front, EBITDA margins expanded 62bp sequentially (123bp yoy)
to 12.3%, beating our estimates of 11.5%, and were driven primarily on account
of softening of raw-material prices. The expansion of margins on a sequential
basis surprised positively given that the company had reduced the tyre prices by 12% in 4QFY2013. Led by a strong operating performance, consolidated net profit
grew robustly by 19% yoy to `165cr, beating our expectations of `123cr. On a
standalone basis, the EBITDA margins declined 35bp qoq (up 144bp yoy) to
11.7% slightly lower than our expectations of 12%. Nevertheless, led by 60.6% yoy
increase in other income, standalone net profit surged 24.3% yoy to `94cr. The
stock rating is currently Under Review. We shall come up with a detailed result
note soon.
Y/E
March
Sales
OPM
PAT
EPS
ROE P/E P/BV

(%)
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
13,852
11.4
647
12.8
17.5 4.9
0.8
3.2
0.4
FY2015E
15,487
11.5
750
14.9
17.3 4.2
0.7
2.9
0.3
Alembic Pharmaceutical (CMP: `154/ TP: -/ Upside: -)

Alembic Pharmaceutical posted numbers in line with expectations. The sales came
in at `426cr, tad lower than the expectations of `434cr, registering a growth of
16.4% yoy. The growth was lead by the exports, which grew by 41.5% yoy,
contributing around 43% of the overall sales of the company. The domestic
markets on the other hand grew by only 6.0% yoy. The growth in the domestic
markets was impacted on back of the dip in the API sales, which dipped by 33.8%.
The domestic formulations on the other hand grew by 12% yoy during the period.
In spite of the same the OPM, came in at 16.7% V/s expectations of 15.7%, mainly
on back of the gross margin expansion, which came in at 59.5% V/s 52.3% in
1QFY2013, on back of improved sales mix. The formulations contributed around
75% of the sales mix in 1QFY2014 V/s 68% in 1QFY2013.
The key expenditure which restricted a significant expansion in the OPM in
comparison to the gross margin expansion was R&D and other expenditure. R&D
Market Outlook
August 8, 2013
expenses during the quarter was 5.3% V/s 3.8% in 1QFY2013, while the other
expenditure grew by 29.4% yoy during the period. This lead the net profit to come
in at `46.6cr V/s expectations of `46.4cr, registering a growth of 51.3% yoy.
However, on back of valuations, we maintain our neutral stance on the stock.
Y/E
March
Sales
OPM
PAT
EPS
ROE P/E P/BV

(%)
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
1,736
17.1
202
10.7
35.0 14.3
4.5
10.2
1.7
FY2015E
2,008
18.9
262
13.9
34.7 11.0
3.4
7.8
1.5
Gujarat Gas (CMP: `162/ TP: -/ Upside: -)

Gujarat Gas reported mixed set of 2QCY2013 results. The companys top line
decreased 2.6% yoy to `747cr mainly on account of lower volumes. Natural gas
volume sold declined by 9.5% yoy to 239mmscm during the quarter. The decline
was mainly in the industrial PNG segment. The companys cost of goods sold
decreased by 14.5% yoy to `542cr on account of fall in the price of RLNG. Hence,
EBITDA increased by 87.9% yoy to `156cr. Other income also increased by 33%
yoy to `13cr. Consequently companys net profit increased by 90.6% yoy to
`101cr. We maintain our Neutral rating on the stock.
Y/E
Sales
OPM
December
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
3,765
11.7
304 23.7
29.6
6.8
1.9
3.2
0.4
CY2014E
3,910
12.4
330 25.7
28.2
6.3
1.7
2.7
0.3
NCC (CMP: `19/ TP: Under review/ Upside: -)

NCC posted poor set of numbers for 1QFY2014 below our and street
expectations. The poor performance in slow execution and lower profitability was
primarily due to slower order inflows and high interest expense during the quarter.
On the top line front, NCC reported a decline of 6.3% yoy to `1,379cr, which was
significant lower than our estimate of `1,511cr. On the EBITDAM front, the
companys EBITDA margins stood at 7.9% (down 116bp sequentially) and was
below our estimate of 8.0%. This was mainly on back of lower-than-expected
execution during the quarter. Interest cost came in at `97cr a growth of 4.3% yoy.
On the bottom line level, NCC reported PAT of `11cr (our estimate was `18cr) in
1QFY2014, indicating a decline of 36.6% yoy. This was mainly due to lower-thanexpected revenue performance, higher tax rate (39%) and high interest cost for the
quarter. The current outstanding order book of NCC stands at `18,098cr as on
1QFY2014, with order inflows of ~`1,045cr during the quarter. We continue to
remain positive on the stock with Buy rating on it. The target price is currently
under review.
Y/E
Sales
OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
ROE P/E P/BV

(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
6,044
8.0
62
2.4
2.5 7.7
0.2
6.0
0.5
FY2015E
6,533
8.0
68
2.6
2.7 7.0
0.2
6.3
0.5
Market Outlook
August 8, 2013
Unity Infraprojects (CMP: `20/ TP: -/ Upside-)

For 1QFY2014, Unity Infraprojects (UIP) posted better-than-expected numbers on
the revenue front; however high interest burden continues to impact the earnings
growth. On the top line front, UIP reported a growth of 6.6% yoy to `421cr, which
was above our estimate of `408cr. On the EBITDAM front, the companys EBITDA
margins stood at 12.4% (down 115bp on a yoy basis), which were below our
estimate of 13.5%. Interest cost came in at `39cr in 1QFY2014, registering a
growth of 32.6% yoy. On the bottom line level, UIP reported a decline of 26.5%
yoy to `13cr against our estimate of `15cr owing to high interest expense (at 9.3%
of revenues). On the back of slower-than-anticipated order inflows, we continue to
maintain Neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
ROE P/E P/BV

(%)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
2,146
13.7
81
11.0
9.3 1.8
0.2
4.4
0.6
FY2015E
2,339
13.8
85
11.5
9.0 1.7
0.2
4.3
0.6
Result Preview
Sun Pharmaceuticals (CMP: `524/ TP: -/ Upside: -)
For 1QFY2014, Sun Pharma is likely to clock 27.1% yoy growth on the sales front,
led by both exports and domestic sales. The operating profit margin (OPM) for the
company would decline by around 640bp yoy to around 39.4%. The net profit is
likely to grow to 20.8% yoy during the quarter. We maintain our neutral on the
stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
7,280 15.5
785 38.3 23.5 31.7
6.4
18.7
7.6
FY2015E
8,640 15.7
951 46.5 23.5 26.3
5.3
15.4
6.3
Cipla (CMP: `391/ TP: `477/ Upside: 21.9%)

Cipla is expected to post a net sales growth of 10.2% to `2,113cr. Its OPM
(excluding technical know-how fees) is expected to come in at 22.2%, down by
380bp from the last corresponding period. This is expected to aid the net profit to
dip by 8.4% yoy to `367cr. We maintain our buy on the stock.
Y/E
March
Sales OPM
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
FY2014E
7,280 15.5
785 38.3 23.5 18.6
3.0
14.5
3.3
FY2015E
8,640 15.7
951 46.5 23.5 16.4
2.6
12.1
2.8
Aurobindo Pharmaceuticals (CMP: `158/ TP: `237/ Upside:

50.0%)
Aurobindo Pharma is expected to post a net sales growth of 38.7% yoy. The
margins are likely to expand to 16.2% vs. 10.3% in 1QFY2013, which will lead the
net profit of `182cr vs. `79cr in 1QFY2013. We maintain our buy on the stock.
Market Outlook
August 8, 2013
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
7,280 15.5
785 38.3 23.5
9.1
1.5
7.0
1.1
FY2015E
8,640 15.7
951 46.5 23.5
7.7
1.2
5.9
0.9
Bharat Forge (CMP: `198/ TP: -/ Upside: -)

Bharat Forge (BHFC) is slated to announce its 1QFY2014 results today. On a
standalone basis, we expect the company to report a ~22% yoy decline in
revenues to `727cr, following a ~24% yoy decline in volumes (tonnage terms).
The volume is expected to decline due to continued weakness in the domestic and
export markets (mainly the US and Europe). We expect operating margins to
decline sharply by ~290bp yoy to 22.2%, largely on account of lower utilization
levels, which is likely to result in an ~37% yoy decline in the company's bottomline to `66cr. At `198, the stock is trading at 11.5x its FY2015E earnings.
Currently, we have a Neutral rating on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
6,198 14.6
338.5 14.5 13.6 13.6
1.8
5.8
0.8
FY2015E
6,793 14.9
403.0 17.3 14.7 11.5
1.6
5.0
0.7
IRB Infra (CMP: `70/ TP: `105/ Upside: 50%)

IRB Infrastructure Developers (IRB) is expected to post a mixed performance for the
quarter. We expect E&C segment revenues to decline by 19.4% yoy to `605cr, as
Jaipur-Deoli and Talegaon-Amravati road BOT projects are near completion
(~95% complete) and hence, will contribute meagerly to E&C revenue. However,
the BOT segment is expected to report a healthy 45% yoy growth to `378cr,
leading to a modest top-line growth of 0.4% to `983cr. We expect the blended
EBITDA margin to be at 44.8%, a growth of 137bp yoy. Depreciation for the
quarter is expected to jump 36.3% yoy, owing to commissioning of the JaipurDeoli and Talegaon- Amravati project. We project net profit before tax and after
tax (post minority interest) at `156cr and `111cr, respectively, after factoring a
blended tax rate of 29% for the quarter. We recommend Buy on the stock with
target price of `105.
Y/E
Sales
OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
ROE P/E P/BV

(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
3,997
45.5
586
17.6
16.9 4.0
0.6
5.9
2.7
FY2015E
4,312
46.4
588
17.7
15.1 3.9
0.6
6.5
3.0
ITNL (CMP: `109/ TP: `150/ Upside: 38%)

We expect IL&FS Transportation Networks (ITNL) to post a mixed set of numbers
for the quarter, with decent performance on the revenue front, but muted show at
the earnings level, owing to high interest cost. The company's consolidated
revenue is expected to grow by 6.0% yoy to `1,675cr for 1QFY2014. We expect
the company to register an EBITDAM of 27.4%. Further, on the back of higher
interest cost, which is expected to come in at `313cr, we expect ITNL's earnings to
Market Outlook
August 8, 2013
decline by 13.2% yoy to `106cr. We recommend Buy rating on the stock with
target price of `150.
Y/E
Sales
OPM
PAT
EPS
March
(` cr)
(%)
(` cr)
(`)
FY2014E
7,423
27.7
608
FY2015E
7,970
27.8
566
ROE P/E P/BV

(%)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
31.3
15.5 3.5
0.5
8.7
2.4
29.2
12.8 3.7
0.5
8.9
2.5
Quarterly Bloomberg Consensus Estimate

Adani Enterprise Consolidated (08/08/2013)
Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
12,704
11,025
15.2
11,472
10.7
1,896
1,080
75.6
1,550
22.3
EBITDA margin (%)
14.9
9.8
Net profit
308
403
(23.6)
474
(35.0)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
715
916
(21.9)
660
8.3
EBITDA
151
235
(35.7)
142
6.0
EBITDA margin (%)
21.1
25.7
55
105
(47.6)
50
10.0
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,035
877
18.0
960
7.8
2QCY13E
2QCY12
y-o-y (%)
1QCY13
q-o-q (%)
1,993
1,859
7.2
1,953
2.0
EBITDA
118
106
11.3
107
10.3
EBITDA margin (%)
5.9
5.7
Net profit
57
52
9.6
43
32.6
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,141
1,917
11.7
1,906
12.3
EBITDA
500
540
(7.4)
410
22.0
EBITDA margin (%)
23.4
28.2
Net profit
339
401
Net sales
EBITDA
13.5
Bharat Forge (08/08/2013)

Particulars (` cr)
Net profit
21.6
Rural Electrification (08/08/2013)

Particulars (` cr)
Net profit
ABB (09/08/2013)
Particulars (` cr)
Net sales
5.5
Cipla (09/08/2013)
Particulars (` cr)
Net sales
21.5
(16.0)
268
25.7
q-o-q (%)
Sun Pharmaceutical Consolidated (09/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
Net sales
3,318
2,658
24.8
3,072
8.0
EBITDA
1,441
1,242
16.0
1,275
13.0
EBITDA margin (%)
43.4
46.7
Net profit
919
796
41.5
15.5
1,012
(9.2)
Market Outlook
August 8, 2013
DLF Consolidated (12/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,063
2,198
(6.1)
2,226
(7.3)
EBITDA
766
1,067
(28.2)
726
5.5
EBITDA margin (%)
37.1
48.5
Net profit
118
293
(59.7)
(4)
(3,050.0)
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
32.6
HPCL (12/08/2013)
Particulars (` cr)
1QFY14E
1QFY13
Net sales
49,962
44,077
13.4
61,238
(18.4)
EBITDA
(1,430)
(8,455)
(83.1)
6,635
(121.6)
(2.9)
(19.2)
(2,196)
(9,249)
(76.3)
7,679
(128.6)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
20,175
20,084
0.5
21,389
(5.7)
EBITDA
10,492
9,930
5.7
5,995
75.0
52.0
49.4
5,096
6,078
(16.2)
3,389
50.4
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
3,463
3,752
(7.7)
3,299
5.0
EBITDA margin (%)

Net profit
10.8
ONGC (12/08/2013)
Particulars (` cr)
EBITDA margin (%)

Net profit
28.0
State Bank of India (12/08/2013)

Particulars (` cr)
Net profit
Economic and Political News
Direct tax collection rises 10% in first four months of 2013-14

Economy is likely to grow at 5.5% growth this fiscal: Montek
Imported packaged food export norms to be relaxed
Indian retail market to touch US$1.3tn by 2020: K V Thomas, Consumer
Affairs Minister
Corporate News
BHEL wins `265cr order from BPCL for Kochi Refinery project
Emami to invest `1,000cr in cement, hospital biz in Bengal
L&T bags `646.56cr lift irrigation contract in Odisha
Lupin bags exclusive US rights for diarrhoea drug
NMDC slashes iron ore lump price by `200/tonne; fines unchanged
RBI imposes `5.6lakh fine on SBI for violation of norms
TCS deploys its core banking solutions for Panzhihua (PZH) Commercial Bank
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 08, 2013
Result Calendar
Date
Company
August 09, 2013
Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, BGR Energy , Prakash Industries, ITD
Cementation
Sun Pharma, Cipla, ABB, Aurobindo Pharma, TVS Motor, Automotive Axle, Finolex Cables, Goodyear
August 10, 2013
Sarda Energy
August 08, 2013
August 11, 2013

August 12, 2013
August 13, 2013
August 14, 2013
ONGC, St Bk of India, DLF, HPCL, Marico, Tech Mahindra, Indraprasth Gas, Britannia, United Bank, India Cements,
Jyothy Laboratories
IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL, Sadbhav Engg., IVRCL Infra, Cravatex
SAIL, Nalco, LIC Housing Fin., Essar Oil, Bhushan Steel, HDIL, Monnet Ispat, Amara Raja Batteries, Anant Raj, Orchid
Chemicals, Simplex Infra, Electrosteel Castings, Patel Engg., Madhucon Proj, JK Tyre, Abbott India
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
August 8, 2013
August 9, 2013
August 12, 2013
6:00PM
US
Initial Jobless claims
Thousands
Aug 3
326.00
335.00
4:29PM
China
Exports YoY%
% Change
Jul
(3.10)
2.00
7:00AM
China
Consumer Price Index (YoY)
% Change
Jul
2.70
2.80
11:00AM
China
Industrial Production (YoY)
% Change
Jul
8.90
8.90
4:29PM
India
Imports YoY%
% Change
Jul
(0.37)
--
4:29PM
India
Exports YoY%
% Change
Jul
(4.60)
--
5:30PM
India
Industrial Production YoY
% Change
Jun
(1.60)
(0.80)
August 13, 2013
2:00PM
UK
CPI (YoY)
% Change
Jul
2.90
--
August 14, 2013
2:00PM
UK
Jobless claims change
% Change
Jul
(21.20)
--
11:30AM
Germany GDP nsa (YoY)
% Change
2Q P
(1.40)
--
12:00PM
India
% Change
Jul
4.86
5.00
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
(0.30)
--
6:00PM
US
Producer Price Index (mom)
% Change
Jul
0.80
0.40
6:00PM
US
Consumer price index (mom)
% Change
Jul
0.50
0.20
6:45PM
US
Industrial Production
Jul
0.31
0.25
6:00PM
US
Housing Starts
Thousands
Jul
836.00
900.00
6:00PM
US
Building permits
Thousands
Jul
918.00
945.00
August 15, 2013

August 16, 2013
Monthly Wholesale Prices YoY%
2:30PM
Euro Zone Euro-Zone CPI (YoY)
August 21, 2013
7:30PM
US
Jul F
1.60
--
Million
Jul
5.08
--
August 22, 2013
1:00PM
Germany PMI Services
Value
Aug A
51.30
--
1:00PM
Germany PMI Manufacturing
Value
Aug A
50.70
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Aug A
(17.40)
--
7:30PM
US
New home sales
Thousands
Jul
497.00
--
2:00PM
UK
GDP (YoY)
% Change
2Q P
1.40
--
August 27, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Aug
80.30
--
August 29, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q S
1.70
--
1:25PM
Germany Unemployment change (000's)
Thousands
Aug
(7.00)
--
5:30PM
India
% Change
2Q
4.80
--
August 23, 2013
August 30, 2013
Existing home sales
Qtrly GDP YoY%
Market Outlook
August 8, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
0.6
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
7.2
May-13
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
8.0
(1.6)
Apr-13
Jul-12
Jun-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
(1.0) (0.6)
(0.7)
(2.0)
Feb-13
(0.1)
(2.0)
Jan-13
4.7 4.8
Source: CSO, Angel Research
9.0
1.9
2.0
5.1 5.4 5.2
Dec-12
6.0
3.4
2.5
2.0
Nov-12
6.5
Mar-13
7.5
Oct-12
9.2
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-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
7.3
7.3
Services PMI
56.0
7.0
6.0
5.7
4.8
5.0
4.7
4.9
4.0
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
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
15.0
Mar-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
48.0
Sep-12
50.0
1.0
0.0
Aug-12
2.0
Apr-12
3.0
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
7.00
6.00
4.00
Source: RBI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
3.00
Sep-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
5.00
Aug-12
(15.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
0.0
Market Outlook
August 08, 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
2,666
1,674
1,923
13.7
13.7
6.8
7.6
20.2
18.0
3.8
3.3
20.0
19.6
1.7
1.5
United Phosphorus
Buy
127
225
5,621
10,091
11,302
16.5
16.5
19.2
22.5
6.6
5.6
1.1
0.9
17.0
17.2
0.7
0.6
Amara Raja Batteries
Buy
218
285
3,715
3,418
3,892
14.5
14.5
18.5
20.4
11.8
10.7
2.8
2.3
26.6
23.8
1.1
0.9
Apollo Tyres
Neutral
60
3,039
13,852
15,487
11.4
11.5
12.8
14.9
4.7
4.1
0.8
0.7
17.5
17.3
0.4
0.3
Ashok Leyland
Buy
12
18
3,313
13,450
15,853
6.5
8.5
0.4
1.9
32.6
6.7
1.1
1.0
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
195
295
834
965
9.3
10.6
17.3
27.1
11.3
7.2
1.1
1.0
9.5
14.0
0.4
0.4
Bajaj Auto
Buy
1,771
2,102
51,253
21,696
25,239
19.2
19.3
119.3
140.2
14.9
12.6
5.2
4.2
38.9
36.6
1.9
1.6
Bharat Forge
Neutral
198
4,615
6,198
6,793
14.6
14.9
14.5
17.3
13.6
11.5
1.8
1.6
13.6
14.7
0.9
0.7
Bosch India*
Accumulate
8,450
9,096
26,532
9,301
10,895
16.8
18.0
339.9
423.1
24.9
20.0
4.1
3.5
16.6
17.6
2.5
2.1
CEAT
Buy
122
170
416
5,159
5,628
9.3
9.0
43.5
48.6
2.8
2.5
0.5
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
123
148
10,447
6,899
7,873
14.7
14.7
7.9
9.0
15.5
13.6
2.7
2.3
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,133
1,883
1,336
1,572
13.8
16.0
75.6
102.4
15.0
11.1
1.9
1.6
13.4
15.8
1.2
1.0
Hero Motocorp
Accumulate
1,830
2,048
36,537
25,562
28,297
14.5
14.4
111.2
146.3
16.5
12.5
6.0
4.7
40.1
42.1
1.2
1.1
JK Tyre
Buy
94
154
385
7,972
8,754
7.1
7.1
37.5
44.0
2.5
2.1
0.4
0.3
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
843
1,103
51,938
45,254
51,197
11.4
11.7
61.2
70.2
13.8
12.0
2.9
2.4
22.7
21.9
0.9
0.7
Maruti
Buy
1,334
1,648
40,305
45,862
52,647
11.2
11.1
94.6
109.9
14.1
12.2
1.9
1.7
14.4
14.6
0.7
0.6
Motherson Sumi
Buy
208
242
12,219
28,442
31,914
8.4
8.7
13.0
16.1
16.0
12.9
4.2
3.3
29.4
28.6
0.5
0.5
Subros
Buy
19
23
114
1,230
1,398
10.5
10.5
2.3
3.8
8.2
5.0
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Buy
279
347
75,124 215,016 237,404
13.3
13.6
36.2
41.5
7.7
6.7
1.7
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
30
35
1,411
7,715
8,584
6.0
6.1
5.0
5.8
6.0
5.1
1.0
0.9
18.1
18.5
0.1
0.1
Capital Goods
ABB*
Neutral
475
10,067
8,073
9,052
5.5
6.9
11.5
16.9
41.2
28.0
3.8
3.6
9.3
13.1
1.2
1.0
BGR Energy
Neutral
85
617
3,756
4,569
11.4
9.7
21.7
24.1
3.9
3.6
0.5
0.4
22.3
20.3
0.5
0.4
BHEL
Neutral
116
28,368
43,140
39,692
16.8
15.9
20.2
17.1
5.7
6.8
1.2
1.1
23.1
17.2
0.5
0.6
Blue Star
Buy
142
208
1,276
2,941
3,099
3.4
4.2
6.0
9.3
23.7
15.3
2.9
2.6
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
88
103
5,639
13,446
15,272
6.7
7.6
6.6
8.9
13.3
9.9
1.5
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
17
136
3,312
3,555
9.0
9.0
4.5
6.5
3.7
2.6
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
25
36
652
7,709
8,399
6.2
6.9
5.1
8.1
5.0
3.1
0.5
0.5
16.6
21.5
0.3
0.2
Thermax
Neutral
559
6,663
5,832
6,397
9.1
9.6
28.8
32.9
19.4
17.0
3.2
2.8
17.2
17.3
1.1
1.0
1,160
1,361
21,780
11,581
13,009
17.6
19.3
63.9
81.5
18.2
14.2
2.7
2.5
15.6
18.2
1.6
1.4
Cement
ACC
Buy
Market Outlook
August 08, 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
177
27,379
9,975
11,409
22.4
23.1
9.4
11.1
18.9
15.9
2.9
2.6
15.7
17.2
2.2
1.8
India Cements
Neutral
45
1,390
4,929
5,434
17.4
17.1
8.9
10.9
5.1
4.2
0.4
0.4
7.7
9.1
0.6
0.5
J K Lakshmi Cement
Buy
55
79
642
2,235
2,684
19.4
21.4
15.0
18.4
3.6
3.0
0.5
0.4
13.2
14.3
0.4
0.9
Madras Cements
Neutral
154
3,675
4,234
4,788
23.9
24.0
18.5
22.8
8.4
6.8
1.3
1.1
17.2
18.2
1.2
1.0
Shree Cement^
Neutral
3,856
13,434
6,607
7,520
27.5
26.7
322.8
374.3
12.0
10.3
3.0
2.4
27.8
25.6
1.4
1.0
UltraTech Cement
Neutral
1,643
45,049
22,021
25,274
22.0
21.6
99.5
113.3
16.5
14.5
2.6
2.3
16.7
16.6
2.1
1.9
46
60
723
1,928
2,234
21.0
21.5
6.0
7.4
7.6
6.2
0.7
0.7
10.5
10.8
1.8
1.7
126
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.3)
(19.0)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
69
105
2,308
3,997
4,312
45.5
46.4
15.7
16.6
4.4
4.2
0.6
0.6
15.2
14.5
3.0
3.3
ITNL
Buy
109
150
2,113
7,444
8,041
27.4
28.9
29.8
32.1
3.6
3.4
0.5
0.5
14.9
14.2
2.4
2.4
IVRCL Infra
Neutral
11
335
5,673
5,892
8.1
8.4
1.4
1.8
7.6
6.0
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
31
41
6,890
12,946
14,897
24.7
25.6
1.2
2.7
25.3
11.6
0.5
0.5
2.0
4.3
2.4
2.2
Larsen & Toubro
Buy
781
1,044
72,229
68,946
78,040
10.0
10.0
49.0
55.2
16.0
14.2
2.3
2.1
14.9
15.3
1.2
1.1
Nagarjuna Const.
Buy
19
30
488
6,167
6,945
8.0
8.2
2.7
3.6
7.1
5.2
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
24
797
12,726
14,226
8.2
8.2
0.9
1.0
28.0
23.5
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
69
100
1,042
2,462
2,731
10.6
10.6
5.9
6.7
11.7
10.4
1.1
1.0
10.2
10.5
0.7
0.7
Simplex Infra
Neutral
50
248
6,308
7,033
9.5
9.6
11.9
18.7
4.2
2.7
0.2
0.2
4.5
6.7
0.5
0.5
Unity Infra
Neutral
20
149
2,146
2,339
13.7
13.8
11.0
11.5
1.8
1.8
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Neutral
70
3,515
6,843
7,528
2.5
2.5
26.0
30.1
2.7
2.3
0.4
0.4
11.8
12.4
Andhra Bank
Reduce
59
51
3,282
4,868
5,390
2.4
2.5
12.3
16.6
4.8
3.5
0.5
0.4
7.9
10.0
Axis Bank
Buy
1,069
1,255
50,115
19,280
22,886
3.3
3.3
130.7
157.1
8.2
6.8
1.3
1.2
17.3
18.1
Bank of Baroda
Neutral
502
21,143
15,896
17,947
2.2
2.3
95.4
124.4
5.3
4.0
0.6
0.6
12.0
14.2
Bank of India
Neutral
172
10,270
14,482
16,069
2.3
2.2
55.0
62.2
3.1
2.8
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
40
2,646
4,529
4,780
3.0
2.8
12.3
11.8
3.3
3.4
0.5
0.5
16.5
14.1
Canara Bank
Neutral
247
10,935
11,454
12,378
2.0
2.0
52.4
60.5
4.7
4.1
0.5
0.5
9.8
10.4
Central Bank
Neutral
55
5,756
8,196
9,202
2.4
2.4
6.1
15.9
9.1
3.5
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
272
4,152
5,641
6,083
2.0
2.0
82.7
98.1
3.3
2.8
0.4
0.4
12.6
13.5
Dena Bank
Neutral
47
1,651
3,307
3,531
2.2
2.4
17.5
21.6
2.7
2.2
0.3
0.3
11.9
13.2
Federal Bank
Neutral
334
5,717
2,798
3,250
3.0
3.0
38.1
51.9
8.8
6.4
0.8
0.8
9.8
12.3
Financials
Market Outlook
August 08, 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
729
830
113,358
8,679
10,350
3.6
3.6
37.5
44.7
19.4
16.3
4.1
3.6
30.1
30.7
HDFC Bank
Buy
601
745
143,660
27,392
33,264
4.6
4.6
36.3
45.1
16.6
13.3
3.4
2.8
21.9
22.8
ICICI Bank
Buy
868
1,038
100,199
25,727
29,969
3.2
3.2
83.2
96.7
10.4
9.0
1.4
1.3
14.9
15.4
IDBI Bank
Neutral
59
7,803
9,518
10,468
2.0
2.0
15.5
22.1
3.8
2.7
0.4
0.3
10.2
13.3
Indian Bank
Neutral
72
3,096
5,940
6,396
2.7
2.7
24.9
32.9
2.9
2.2
0.3
0.3
10.3
12.4
IOB
Neutral
40
3,669
7,692
8,627
2.2
2.3
8.1
15.2
4.9
2.6
0.3
0.3
5.9
10.5
J & K Bank
Neutral
1,038
5,033
3,038
3,370
3.7
3.9
214.2
202.6
4.9
5.1
0.9
0.8
19.8
16.3
LIC Housing Finance
Neutral
166
8,360
2,180
2,732
2.4
2.5
26.3
32.1
6.3
5.2
1.1
1.0
19.0
19.9
Oriental Bank
Neutral
143
4,158
6,918
7,459
2.6
2.5
46.7
52.5
3.1
2.7
0.4
0.3
10.8
11.1
Punjab Natl.Bank
Neutral
533
18,828
20,766
23,515
3.4
3.4
135.0
164.8
3.9
3.2
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
20
2,734
1,800
2,023
2.7
2.7
3.7
4.2
5.5
4.9
0.9
0.8
16.2
16.2
St Bk of India
Neutral
1,714
117,213
66,417
76,734
3.0
3.0
227.4
284.8
7.5
6.0
1.1
1.0
15.4
17.1
Syndicate Bank
Neutral
73
4,376
6,740
7,512
2.5
2.5
21.0
23.5
3.5
3.1
0.4
0.4
12.6
12.8
UCO Bank
Neutral
56
4,226
6,770
7,017
2.8
2.6
14.8
15.5
3.8
3.6
0.6
0.5
14.4
13.5
Union Bank
Neutral
118
7,018
10,458
11,809
2.5
2.5
32.0
40.6
3.7
2.9
0.5
0.4
11.6
13.4
United Bank
Neutral
34
1,289
3,386
3,884
2.3
2.5
12.4
20.0
2.8
1.7
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
37
1,851
2,718
2,941
1.8
1.9
7.0
9.0
5.3
4.2
0.4
0.4
8.2
9.8
Yes Bank
Neutral
293
10,531
4,417
5,486
2.7
2.8
42.9
49.5
6.8
5.9
1.5
1.2
23.9
22.8
Asian Paints
Neutral
424
40,636
12,332
14,524
16.3
16.1
13.9
16.0
30.5
26.4
9.7
7.7
35.2
32.5
3.2
2.7
Britannia
Neutral
703
8,410
6,417
7,502
6.1
6.3
21.3
25.5
33.0
27.6
10.7
8.6
35.7
34.6
1.3
1.1
Colgate
Neutral
1,258
17,111
3,588
4,130
20.5
20.9
44.2
51.8
28.5
24.3
27.7
20.2
108.6
96.2
4.6
3.9
Dabur India
Neutral
158
27,480
7,183
8,297
16.8
16.9
5.4
6.3
29.5
25.1
10.4
8.2
39.2
36.7
3.9
3.3
GlaxoSmith Con*
Neutral
3,998
16,814
3,617
4,259
16.1
16.4
122.2
148.7
32.7
26.9
10.2
8.2
34.1
33.7
4.2
3.5
Godrej Consumer
Neutral
849
28,898
7,801
9,017
16.2
15.9
25.1
29.7
33.8
28.6
7.3
6.0
24.9
24.2
3.8
3.3
HUL
Neutral
603
130,444
28,415
31,962
13.6
14.1
16.7
18.2
36.2
33.2
34.7
25.2
112.2
88.1
4.5
3.9
ITC
Neutral
323
255,189
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
202
13,000
5,273
6,044
14.8
14.9
7.3
8.7
27.8
23.3
5.4
4.5
21.4
21.0
2.5
2.2
Nestle*
Neutral
4,965
47,872
9,447
10,968
22.1
22.3
127.5
154.1
39.0
32.2
19.5
14.1
57.7
50.7
5.1
4.3
Tata Global
Neutral
142
8,775
8,069
8,957
9.8
9.7
7.8
8.6
18.1
16.5
2.2
2.1
9.5
9.7
1.1
0.9
FMCG
Market Outlook
August 08, 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^
Accumulate
906
1,012
63,154
30,698
33,933
22.1
21.5
65.3
69.8
13.9
13.0
3.5
2.9
26.5
23.0
1.8
1.6
Hexaware*
Neutral
118
3,524
2,213
2,479
21.5
20.5
12.1
12.9
9.7
9.1
2.4
2.1
25.4
23.5
1.4
1.2
Infosys
Neutral
2,955
169,713
47,001
51,196
26.2
26.4
171.3
189.4
17.3
15.6
3.5
3.0
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
179
190
1,994
2,052
2,263
17.2
17.6
20.7
22.5
8.6
7.9
1.3
1.1
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
131
145
2,525
2,670
3,018
17.3
16.7
14.1
15.3
9.3
8.6
1.8
1.5
20.9
18.4
0.9
0.7
Mindtree
Accumulate
979
1,050
4,068
2,768
3,006
19.7
19.9
103.1
105.3
9.5
9.3
2.3
1.8
24.8
20.3
1.2
1.0
Mphasis&
Neutral
408
8,573
6,372
6,852
18.0
18.2
38.0
43.5
10.7
9.4
1.5
1.3
14.3
14.2
0.9
0.7
NIIT
Reduce
16
15
265
1,144
1,267
9.0
9.1
4.3
5.4
3.7
3.0
0.4
0.4
10.3
12.0
Persistent
Accumulate
520
568
2,079
1,533
1,715
22.2
22.5
49.2
56.8
10.6
9.2
1.7
1.5
16.4
16.1
1.0
0.8
TCS
Accumulate
1,820
2,060
356,156
79,005
91,576
29.7
30.0
88.6
103.1
20.5
17.7
6.5
5.2
31.5
29.2
4.3
3.6
Tech Mahindra
Accumulate
1,229
1,390
28,541
8,102
8,709
19.7
19.2
107.5
117.0
11.4
10.5
2.4
2.0
21.2
18.9
3.5
3.2
Wipro
Neutral
450
110,913
42,196
45,890
21.0
21.6
28.3
31.2
15.9
14.4
3.3
2.8
20.7
19.4
2.2
1.9
D B Corp
Buy
248
302
4,546
1,783
1,968
25.2
26.8
14.6
17.2
17.0
14.4
4.4
3.8
23.9
24.2
2.4
2.2
HT Media
Buy
95
117
2,232
2,205
2,380
15.1
15.6
8.3
9.3
11.4
10.3
1.4
1.3
11.6
11.6
0.7
0.5
Jagran Prakashan
Buy
86
116
2,859
1,683
1,845
22.3
23.7
6.5
7.8
13.2
11.1
2.7
2.4
21.3
23.1
1.8
1.6
PVR
Neutral
353
1,402
1,359
1,540
17.3
17.4
17.2
21.6
20.5
16.4
2.0
1.9
10.3
12.0
1.5
1.3
Sun TV Network
Neutral
416
16,376
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
461
10,433
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
Neutral
263
165,962
70,158
74,443
29.8
30.2
25.2
27.1
10.4
9.7
2.6
2.2
33.3
33.1
1.5
1.4
Electrosteel Castings
Buy
10
13
337
1,976
2,017
11.8
12.7
1.3
2.6
8.2
4.0
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
87
115
2,773
1,701
1,985
47.8
48.8
17.4
20.6
5.0
4.2
1.0
0.8
20.7
20.9
1.2
0.8
Hind. Zinc
Buy
100
120
42,295
12,389
13,093
48.5
51.7
15.2
17.0
6.6
5.9
1.1
1.0
18.5
18.0
1.2
0.8
Hindalco
Neutral
87
16,590
89,352
93,672
8.8
9.2
13.4
15.0
6.5
5.8
0.5
0.4
7.3
7.6
0.5
0.5
JSW Steel
Neutral
521
12,596
44,605
47,040
15.7
16.0
62.5
75.6
8.3
6.9
0.7
0.6
8.5
9.6
0.8
0.7
MOIL
Buy
186
248
3,117
1,010
1,046
46.5
47.6
26.8
28.8
6.9
6.4
1.0
0.9
15.4
14.7
0.7
0.4
Monnet Ispat
Buy
101
125
641
2,326
2,709
21.4
23.1
33.3
43.1
3.0
2.3
0.2
0.2
8.3
9.9
1.3
1.0
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
26
6,675
7,656
7,988
13.1
13.5
2.6
2.6
10.2
9.9
0.6
0.5
5.5
5.5
0.3
0.3
100
120
39,627
10,610
11,400
66.3
64.2
15.6
16.1
6.4
6.2
1.3
1.2
21.3
19.9
1.6
1.5
39
15,963
44,060
54,786
9.4
11.5
5.2
7.2
7.4
5.4
0.4
0.4
5.2
6.8
0.6
0.5
Market Outlook
August 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Metals & Mining

Sesa Goa
Buy
130
155
11,316
3,817
5,781
12.1
17.7
27.0
29.6
4.8
4.4
0.6
0.5
12.9
12.5
3.8
2.5
Sterlite Inds
Buy
75
92
25,205
44,493
45,599
22.4
23.9
16.8
19.2
4.5
3.9
0.5
0.4
10.5
10.9
0.5
0.5
Tata Steel
Buy
208
260
9.7
10.8
30.9
47.6
6.7
4.4
0.6
0.6
9.6
13.4
0.5
0.5
Sarda
Accumulate
75
85
268
1,494
1,568
19.1
20.3
31.3
36.5
2.4
2.1
0.3
0.2
11.8
12.4
0.5
0.4
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
29
33
389
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
64
78
210
2,171
2,317
14.9
15.8
36.4
46.6
1.8
1.4
0.2
0.2
11.6
13.0
0.5
0.4
Cairn India
Buy
292
364
55,833
18,403
17,925
71.9
62.1
62.1
57.4
4.7
5.1
1.0
0.8
22.6
17.8
1.8
1.6
GAIL
Neutral
304
38,581
49,700
48,822
16.0
16.6
32.9
33.4
9.3
9.1
1.4
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
273
330
233,180 170,063 198,461
36.3
38.3
34.7
41.9
7.9
6.5
1.4
1.2
18.3
19.5
1.1
0.8
Reliance Industries
Neutral
871
281,294 397,546 421,695
8.9
8.7
72.3
76.8
12.0
11.3
1.3
1.1
12.3
11.8
0.7
0.6
Gujarat Gas*
Neutral
162
2,082
3,707
3,850
11.7
12.4
23.7
25.7
6.9
6.3
1.9
1.7
29.6
28.2
0.4
0.4
Indraprastha Gas
Neutral
256
3,583
3,700
4,218
23.4
22.8
26.7
30.4
9.6
8.4
2.0
1.7
22.7
21.8
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
117
135
8,790
39,449
43,315
5.3
5.9
14.1
16.9
8.3
6.9
1.7
1.4
21.7
21.9
0.3
0.3
Buy
50
64
2,808
1,171
1,287
91.9
91.9
10.1
11.3
5.0
4.4
0.8
0.7
17.3
16.8
1.9
1.5
Alembic Pharma
Neutral
154
2,901
1,736
2,008
17.1
18.9
10.7
13.9
14.4
11.1
4.5
3.4
35.0
34.7
1.7
1.5
Aurobindo Pharma
Buy
158
237
4,595
6,641
7,637
15.9
15.9
17.3
20.6
9.1
7.7
1.5
1.2
19.5
18.9
1.1
1.0
Aventis*
Neutral
2,411
5,553
1,682
1,917
15.6
15.6
91.9
101.7
26.2
23.7
3.7
3.7
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
746
929
15,276
7,280
8,640
15.5
15.7
38.3
46.5
19.5
16.1
4.2
3.5
23.5
23.5
2.4
2.0
Cipla
Buy
391
477
31,378
9,274
10,796
23.1
23.1
21.0
23.8
18.6
16.4
3.0
2.6
17.2
16.8
3.1
2.6
Dr Reddy's
Accumulate
2,254
2,535
38,312
13,377
15,350
20.4
20.1
112.1
126.6
20.1
17.8
4.3
3.6
23.5
21.8
3.0
2.5
Dishman Pharma
Buy
44
73
357
1,394
1,534
22.5
22.4
14.8
16.6
3.0
2.7
0.3
0.3
10.8
11.0
0.9
0.8
GSK Pharma*
Neutral
2,392
20,261
2,854
3,145
28.6
28.6
76.6
83.3
31.2
28.7
9.4
8.5
31.1
31.0
6.2
5.6
Indoco Remedies
Buy
63
78
576
747
906
15.3
15.3
5.9
7.6
10.6
8.2
1.3
1.1
12.5
14.4
1.0
0.8
Ipca labs
Neutral
652
8,221
3,246
3,830
20.5
21.7
36.2
44.9
18.0
14.5
4.2
3.3
26.1
25.7
2.7
2.2
Lupin
Neutral
828
37,065
11,641
13,933
21.3
21.3
34.8
41.8
23.8
19.8
5.6
4.4
26.2
24.8
3.2
2.6
Ranbaxy*
Buy
282
384
11,928
11,400
12,060
10.5
12.5
17.5
22.5
16.1
12.5
2.6
2.2
17.0
19.1
1.0
0.9
Sun Pharma
Neutral
524
108,382
13,509
15,846
41.0
41.0
16.5
19.9
31.8
26.3
6.4
5.3
22.0
22.0
7.5
6.2
20,172 140,917 151,537
Power
GIPCL
Buy
55
65
832
1,444
1,482
33.4
33.0
13.7
14.8
4.0
3.7
0.5
0.4
12.3
12.0
0.7
0.4
NTPC
Buy
137
163
112,551
76,734
86,680
24.5
24.3
13.4
14.5
10.2
9.4
1.3
1.1
12.8
12.7
2.2
2.0
Market Outlook
August 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Real Estate
DLF
Buy
131
175
23,315
8,293
9,622
36.5
36.1
5.7
6.7
22.9
19.4
0.8
0.8
3.7
4.1
4.9
4.1
MLIFE
Accumulate
435
483
1,776
888
1,002
27.0
29.9
33.9
42.1
12.8
10.3
1.3
1.2
9.9
11.2
2.6
2.3
Bharti Airtel
Accumulate
327
350
130,635
83,535
92,173
32.0
33.1
9.2
12.9
35.6
25.3
2.3
2.1
6.8
8.9
2.3
2.0
Idea Cellular
Neutral
153
50,771
25,640
28,459
26.9
27.2
4.0
4.9
38.2
31.0
3.2
2.9
8.4
9.4
2.4
2.1
Rcom
Neutral
125
25,759
22,751
24,628
30.9
31.3
3.4
5.3
36.4
23.7
0.8
0.7
2.1
3.1
2.7
2.4
Telecom
Others
Abbott India*
Buy
1,348
1,659
2,865
1,863
2,081
11.8
12.4
71.2
83.0
18.9
16.3
3.8
3.2
21.6
21.5
1.3
1.0
Bajaj Electricals
Buy
159
237
1,591
3,885
4,472
5.4
7.2
11.0
19.7
14.6
8.1
2.0
1.6
13.5
20.3
0.4
0.4
Cera Sanitaryware
Buy
511
613
646
631
797
14.5
13.7
42.6
51.1
12.0
10.0
2.9
2.3
26.5
25.3
1.0
0.8
Cravatex
Buy
269
459
70
248
284
6.5
7.3
27.2
38.2
9.9
7.0
1.6
1.3
15.7
18.5
0.4
0.4
Finolex Cables
Buy
52
68
794
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
252
349
328
2,304
2,649
3.1
3.6
28.0
43.7
9.0
5.8
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
302
345
696
1,458
1,542
8.3
9.0
32.3
37.0
9.4
8.1
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
107
153
290
1,080
1,199
8.9
9.1
18.3
19.1
5.8
5.6
1.0
0.9
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,327
2,057
1,842
2,131
7.7
7.8
111.1
130.9
20.9
17.8
2.6
2.3
13.3
13.9
1.0
0.9
IFB Agro
Buy
123
156
111
491
642
12.3
13.8
35.0
50.9
3.5
2.4
0.6
0.5
18.2
21.6
0.2
0.1
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
5.4
7.1
0.5
0.5
Jyothy Laboratories
Buy
160
199
2,648
1,220
1,476
13.3
13.6
5.5
9.0
28.9
17.7
3.3
3.0
12.1
17.7
2.5
2.0
MRF
Buy
12,838
16,218
5,445
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.1
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,338
4,611
4,839
1,057
1,282
19.4
19.6
124.8
153.7
34.8
28.2
17.2
12.7
56.3
51.8
4.7
3.8
Relaxo Footwears
Buy
732
981
879
1,196
1,401
11.9
12.6
55.6
75.4
13.2
9.7
3.2
2.4
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
189
228
177
1,158
1,322
10.6
11.0
60.5
75.9
3.1
2.5
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
352
492
619
1,007
1,108
8.4
8.7
30.3
35.1
11.6
10.0
1.3
1.2
11.7
12.2
0.6
0.5
TAJ GVK
Buy
57
108
354
300
319
35.8
36.2
7.9
9.1
7.2
6.2
1.0
0.9
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
245
371
377
814
849
17.0
17.6
64.6
69.2
3.8
3.5
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
497
632
386
416
481
4.5
6.1
16.2
25.3
30.7
19.6
3.8
3.3
12.6
18.1
0.8
0.7
Tree House
Buy
246
297
885
153
194
53.0
52.8
12.4
15.6
19.9
15.7
2.3
2.1
11.8
13.1
6.0
4.6
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
165
230
126
1,591
1,720
6.1
6.4
30.5
38.3
5.4
4.3
0.7
0.6
13.5
15.5
0.3
0.2
2,293
33,324
12,294
14,162
12.0
12.0
42.1
67.7
54.5
33.9
3.8
3.5
9.1
10.7
3.1
2.6
347
439
704
600
638
20.1
19.4
35.7
36.6
9.7
9.5
1.7
1.5
19.4
17.1
1.0
0.8
Market Outlook
August 08, 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
78
117
517
2,042
2,363
14.6
14.8
12.3
16.5
6.4
4.8
0.5
0.5
7.6
9.4
0.7
0.6
Others
HSIL
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 07, 2013
Market Outlook
August 08, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Market Outlook

Meanwhile, Indian markets extended the previous session's losses on Wednesday,

OIL & GAS

Result Review: Tata Motors, Lupin, NMDC, GSK Pharmaceutical, Cadila

Net Inflows (August 6, 2013)

FII Derivatives (August 7, 2013)

EPS ROE P/E P/BV

11,870 36.2 24.6 7.7

13,786 41.5 23.2 6.7

Lupin (CMP: `828/ TP: `878/ Upside: 6.1%)

21.3 1,553 34.8

21.3 1,866 41.8

NMDC (CMP: `100/ TP: `123/ Upside: 23%)

66.3 6,165 15.6

64.2 6,366 16.1

GSK Pharmaceutical (CMP: `2,392/ TP: -/ Upside: -)

649 76.6 31.1 31.2

706 83.3 31.0 28.7

Cadila Healthcare (CMP: `746/ TP: `929/ Upside: 24.5%)

Ranbaxy Labs (CMP: `282/ TP: `384/ Upside: 36.2%)

MOIL Ltd (CMP: `186/ TP: Under review/ Upside: -)

ROE P/E P/BV

Apollo Tyres (CMP: `60/ TP: -/ Upside: -)

ROE P/E P/BV

Alembic Pharmaceutical (CMP: `154/ TP: -/ Upside: -)

ROE P/E P/BV

Gujarat Gas (CMP: `162/ TP: -/ Upside: -)

NCC (CMP: `19/ TP: Under review/ Upside: -)

ROE P/E P/BV

Unity Infraprojects (CMP: `20/ TP: -/ Upside-)

ROE P/E P/BV

785 38.3 23.5 31.7

951 46.5 23.5 26.3

Cipla (CMP: `391/ TP: `477/ Upside: 21.9%)

785 38.3 23.5 18.6

951 46.5 23.5 16.4

Aurobindo Pharmaceuticals (CMP: `158/ TP: `237/ Upside:

785 38.3 23.5

951 46.5 23.5

Bharat Forge (CMP: `198/ TP: -/ Upside: -)

338.5 14.5 13.6 13.6

403.0 17.3 14.7 11.5

IRB Infra (CMP: `70/ TP: `105/ Upside: 50%)

ROE P/E P/BV

ITNL (CMP: `109/ TP: `150/ Upside: 38%)

ROE P/E P/BV

Quarterly Bloomberg Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Bharat Forge (08/08/2013)

Rural Electrification (08/08/2013)

Sun Pharmaceutical Consolidated (09/08/2013)

EBITDA margin (%)

DLF Consolidated (12/08/2013)

EBITDA margin (%)