Market Outlook: Dealer's Diary

Market Outlook
August 22, 2013
Dealers Diary
Indian markets are expected to open in the red today tracking negative opening
trades in the SGX Nifty and most of the Asian markets.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(1.9)
US stocks saw considerable volatility on Wednesday, before ending the day in the
red. The weakness seen at the close of trading on Wall Street came on the heels of
the release of the minutes of the Federal Reserve meeting which seemed to confirm
expectations that the Fed will begin tapering its asset purchase program at its next
meeting in mid-September. The minutes of the Fed meeting largely overshadowed
a report from the National Association of Realtors showing that existing home sales
jumped to a three-year high in the month of July. Meanwhile, European stocks fell
for a third consecutive session on Wednesday
Nifty
(1.8)
(340) 17,906
(99)
5,303
MID CAP
(1.2)
(66)
5,274
SMALL CAP
(0.8)
(42)
5,181
BSE HC
(2.6)
(224)
8,398
BSE PSU
(1.4)
(71)
5,020
BANKEX
0.5
51 10,562
AUTO
(1.6)
(156)
9,899
METAL
(3.6)
(269)
7,151
Indian shares erased early gains to end in the red on FII selling as the rupee
continued its slide, dipping to a another record low of `64.45/dollar on the back
of dollar demand from oil companies and amid worries over Fed policy as
investors waited for hints from the July FOMC meeting minutes, due to be released
later in the day.
OIL & GAS
(3.5)
(284)
7,785
BSE IT
(1.4)
(105)
7,258
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 18,094/ 5,358 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,380 18,854 / 5,448 5,594 levels. However, if NIFTY trades below
18,094/ 5,358 levels for the first half-an-hour of trade then it may correct up to
17,620 17,333 / 5,213 5,123 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
17,333
17,620
18,094
18,380
18,854
NIFTY
5,123
5,213
5,358
5,448
5,594
News Analysis
Fed minutes offer no clarity on timing of tapering

RIL_Upgrade to Buy
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
3,019
4,384
(1,365)
(1,097)
64,300
546
476
71
82
(14,264)
FII Derivatives (August 21, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
4,728
4,529
199
16,285
Stock Futures
4,152
2,746
1,406
26,610
Gainers / Losers
Gainers
Company
Price (`)
chg (%)
879
6.7
Ranbaxy Lab
359.000
6.2
JPPOWER
255.55
5.3
81
282
Apollo Hosp
Indusind Bank
Yes Bank
Losers
Gitanjali Gems
MCX
www.angelbroking.com
Company
Price (`)
chg (%)
333
(12.8)
13
(9.5)
Hindustan Zinc
108
(9.3)
5.0
Sesa Goa
137
(8.8)
5.0
Financial Tech
130
(8.2)
Chg (%)
Dow Jones
(0.7)
NASDAQ
(0.4)
(14)
3,600
FTSE
(1.0)
(63)
6,391
0.2
28
13,424
Hang Sang
(0.7)
(153)
21,818
Straits Times
(0.6)
(20)
3,109
0.0
2,073
Chg (%)
(Pts)
(Close)
INFY
(2.2)
(1.1)
$46.4
WIT
(4.2)
(0.4)
$8.8
IBN
(4.2)
(1.2)
$26.7
HDB
(3.4)
(1.1)
$29.5
Nikkei
Shanghai Com
Indian ADR
(105) 14,898
Advances / Declines
BSE
NSE
Advances
886
427
1,372
863
146
75
Declines
Net Inflows (August 20, 2013)
MFs
Global Indices
Unchanged
Volumes (` cr)
BSE
2,261
NSE
13,631
Market Outlook
August 22, 2013
Fed minutes offer no clarity on timing of tapering

The minutes of the Federal Reserve released yesterday maintained uncertainty over
the timing of QE taper. The markets continue to expect bond purchase program of
USD85bn per month to be tapered down gradually since September at the latest
or by the year end. Economic data from the US suggests an improvement in labor
outlook but some of the other data remains mixed.
Reliance Industries Upgrade to Buy

We upgrade Reliance Industries (RIL) from Neutral to Buy. The stock price has
declined by 14% over the past one month on account of concerns on the possibility
of the government rolling back the announced gas price hike. However, these
concerns are overdone in our view.
On expectations of the Fed tapering off QE-3 and elevated domestic current
account deficit, the INR continues to weaken against the USD. This, in turn, has
resulted in tightening measures by the RBI which is not likely to support the
domestic cyclical businesses earnings growth in the near-term. RIL, on the other
hand, generates a majority of its revenue from exports while it has relatively better
pricing power in the domestic market. Moreover, cheap valuations (10.1x FY2015
PE) make it a better play than other defensives such as FMCG, Pharma and IT
stocks in our view.
Refining segment to gain due to INR depreciation: INR has depreciated against the
USD by 8% over the past one month. Since RIL exports a significant proportion of
its refined products, INR depreciation results in higher realizations and hence
higher profits for RIL. We opine that RIL is well-poised to benefit from the domestic
currency depreciation going forward.
Exhibit 1: Sensitivity of RILs GRMs and exchange rate with EPS (FY2014)
Exchange rate
GRMs
$7.0
$8.0
$8.5
$9.5
$10.5
55
55
61
64
71
77
57
59
66
69
76
83
59
64
71
74
81
88
61
68
76
79
86
94
63
73
80
84
92
99
Source: Company, Angel Research
Regulatory concerns on gas price hike overdone: During June 2013, the Cabinet
Committee of Economic Affairs (CCEA) had announced to raise gas price to
~US$8.4/mmbtu effective April 1, 2014 for a period of five years. However, since
then there have been concerns on price hike by some of the political parties.
Hence, RILs stock price has declined to factor in the uncertainty on gas price hike.
However, in our opinion, the government is unlikely to rollback the gas price hike
given its focus on increasing domestic gas production and its intent to lower
energy imports going forward. Hence, we believe that the gas price hike is likely to
stay.
Outlook and Valuation: RIL is likely to be a key beneficiary of the increase in gas
price. Moreover, higher gas price will incentivize RIL to explore gas blocks which
were unviable previously. Over the medium term, the company is likely to benefit
Market Outlook
August 22, 2013
via upcoming polyester capacity, petcoke gasification and off gases cracker. We
upgrade the stock from Neutral to Buy with a SOTP-based target price of `956.
Exhibit 2: SOTP valuation (FY2015E)

Business segment
`/share
Refining (EV/EBITDA 6.5x)
306
Petrochemical (EV/EBITDA 6.5x)
258
KG-D6 gas (DCF)
60
KG-MA oil (DCF)
45
NEC-25 (EV/boe 4.5x)
54
D3 (EV/boe 4.5x)
60
D9 (EV/boe 4.5x)
35
Shale gas ventures (EV/boe 3.0x)
60
Other prospective basins
20
Retail
23
Investment/Others
Total EV
1,037
Net debt
(81)
Equity value (`)
956
Source: Company, Angel Research
Economic and Political News
NPAs of banks could rise on account of slowing economy: PMEAC

RBI move to ease liquidity is to cut govt. borrowing cost, not easing: DBS
Food security Bill to aggravate food prices: RBI advisors
Corporate News
Kumar Birla to raise Hindalco stake to 37% for `2,165cr

Maruti launches WagonR Stingray at `4.1 lakh
Zydus gets USFDA approval for Lansoprazole
IOC to invest `8,000cr in Koyali refinery expansion
NMDC, IL&FS Energy sign pact to set up 500MW power plant in UP
ONGC to use RILs surplus infra to cut costs
ICICI Bank raises deposit rates by upto 0.75%
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
117
Market Outlook
August 22, 2013
Result Calendar
Date
Company
August 29, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
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
490.00
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)
--
August 30, 2013
5:30PM
India
Qtrly GDP YoY%
% Change
2Q
4.80
--
September 1, 2013
6:30AM
China
PMI Manufacturing
Value
Aug
50.30
--
September 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Aug
54.60
--
September 5, 2013
4:30PM
UK
BOE Announces rates
% Ratio
Sep 5
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Sep 5
0.50
--
2:00PM
UK
Industrial Production (YoY)
% Change
Jul
1.20
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Aug
162.00
--
6:00PM
US
Unnemployment rate
Aug
7.40
--
September 8, 2013
4:29PM
China
Exports YoY%
% Change
Aug
5.10
--
September 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Aug
2.70
--
September 10, 2013
4:29PM
India
Imports YoY%
% Change
Aug
(6.20)
--
Last Reported Estimated
August 23, 2013
September 6, 2013
4:29PM
India
Exports YoY%
% Change
Aug
11.64
--
11:00AM
China
Industrial Production (YoY)
% Change
Aug
9.70
--
5:30PM
India
Industrial Production YoY
% Change
Jul
(2.20)
--
September 17, 2013
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
--
September 18, 2013
11:30PM
US
FOMC rate decision
Sep 18
0.25
--
11:00AM
India
RBI Repo rate
Sep 18
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 18
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 18
6.25
--
7:30AM
China
Real GDP (YoY)
% Change
3Q
7.50
--
September 12, 2013
October 18, 2013
Market Outlook
August 22, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
2.0
(1.0) (0.6)
(0.7)
(4.0)
Mfg. PMI
60.0
7.2
7.3
Apr-13
Exhibit 4: Manufacturing and services PMI
(%)
7.3
(2.2)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

8.1
May-13
(2.8)
Jun-13
(0.1)
Jul-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
Source: CSO, Angel Research
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
5.0
4.6
4.9
56.0
54.0
52.0
4.0
3.0
2.0
1.0
0.0
50.0
Source: MOSPI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
15.0
12.0
9.0
6.0
3.0
0.0
(3.0)
(6.0)
(9.0)
(12.0)
(15.0)
46.0
May-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
48.0
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
9.00
Reverse Repo rate
CRR
8.00
7.00
6.00
5.00
4.00
Source: RBI, Angel Research
Aug-13
Jul-13
Jun-13
Jun-13
May-13
Apr-13
Apr-13
Mar-13
Feb-13
Feb-13
Jan-13
Dec-12
Dec-12
Nov-12
Oct-12
Oct-12
Sep-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
3.00
Aug-12
9.0
8.0
7.0
6.0
(2.0)
Mar-13
4.7 4.8
1.9
0.6
Jan-13
5.1 5.4 5.2
Dec-12
6.0
3.5
2.5
2.0
Nov-12
6.5
Feb-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
Market Outlook
August 22, 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
138
2,685
1,674
1,923
13.7
13.7
6.8
7.6
20.3
18.2
3.8
3.4
20.0
19.6
1.8
1.5
United Phosphorus
Buy
139
225
6,150
10,091
11,302
16.5
16.5
19.2
22.5
7.2
6.2
1.2
1.0
17.0
17.2
0.7
0.6
Amara Raja Batteries
Buy
255
305
4,357
3,474
3,952
15.5
15.5
19.0
21.0
13.4
12.1
3.3
2.7
27.2
24.2
1.3
1.1
Apollo Tyres
Neutral
63
3,170
13,409
15,106
11.8
11.6
13.1
15.4
4.8
4.1
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
12
18
3,251
12,945
15,049
6.3
8.2
0.2
1.5
70.3
8.1
1.1
1.0
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
207
313
700
890
8.7
10.7
11.1
25.8
18.6
8.0
1.2
1.1
6.2
13.9
0.5
0.4
Bajaj Auto
Buy
1,733
2,102
50,157
21,696
25,239
19.2
19.3
119.3
140.2
14.5
12.4
5.1
4.1
38.9
36.6
1.9
1.6
Bharat Forge
Buy
220
256
5,125
5,942
6,417
15.2
15.5
15.6
19.7
14.1
11.2
2.1
1.8
15.4
17.3
1.1
0.9
Bosch India*
Accumulate
8,159
9,096
25,619
9,301
10,895
16.8
18.0
339.9
423.1
24.0
19.3
4.0
3.4
16.6
17.6
2.4
2.0
CEAT
Buy
116
170
419
5,159
5,628
9.3
9.0
43.5
48.6
2.7
2.4
0.5
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
123
148
10,442
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
1,153
1,915
1,336
1,572
13.8
16.0
75.6
102.4
15.2
11.3
1.9
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Accumulate
1,870
2,048
37,338
25,562
28,297
14.5
14.4
111.2
146.3
16.8
12.8
6.2
4.8
40.1
42.1
1.3
1.1
JK Tyre
Buy
88
152
362
7,376
8,262
10.0
9.8
56.0
60.9
1.6
1.5
0.3
0.3
22.7
20.2
0.4
0.4
Auto & Auto Ancillary
Mahindra and Mahindra Buy
784
1,011
48,277
42,318
48,067
12.0
12.2
58.5
67.1
13.4
11.7
2.7
2.3
21.6
21.1
0.9
0.7
Maruti
Buy
1,285
1,648
38,820
45,862
52,647
11.2
11.1
94.6
109.9
13.6
11.7
1.8
1.6
14.4
14.6
0.7
0.6
Motherson Sumi
Buy
206
242
12,107
28,442
31,914
8.4
8.7
13.0
16.1
15.9
12.8
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
284
355
76,377 215,043 240,077
13.5
13.7
38.7
44.1
7.3
6.4
1.8
1.4
28.5
25.1
0.4
0.4
TVS Motor
Buy
31
36
1,466
7,659
8,528
6.0
6.2
4.9
5.9
6.3
5.2
1.1
0.9
17.8
19.0
0.1
0.1
Capital Goods
ABB*
Reduce
466
442
9,878
8,037
9,087
5.8
6.9
12.2
17.0
38.2
27.4
3.7
3.5
9.8
13.1
1.2
1.0
BGR Energy
Neutral
99
711
3,541
4,041
11.8
10.7
21.1
22.9
4.7
4.3
0.5
0.5
21.8
19.5
0.5
0.4
BHEL
Neutral
105
25,626
43,140
39,692
16.8
15.9
20.2
17.1
5.2
6.1
1.1
1.0
23.1
17.2
0.4
0.5
Blue Star
Buy
137
208
1,229
2,941
3,099
3.4
4.2
6.0
9.3
22.9
14.7
2.8
2.5
12.9
18.0
0.5
0.5
Crompton Greaves
Buy
82
103
5,270
13,446
15,272
6.7
7.6
6.6
8.9
12.4
9.3
1.4
1.2
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
17
137
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
24
36
626
7,709
8,399
6.2
6.9
5.1
8.1
4.8
3.0
0.5
0.4
16.6
21.5
0.3
0.2
Thermax
Neutral
555
6,611
5,832
6,397
9.1
9.6
28.8
32.9
19.3
16.9
3.1
2.8
17.2
17.3
1.1
1.0
1,010
1,361
18,971
11,581
13,009
17.6
19.3
63.9
81.5
15.8
12.4
2.4
2.2
15.6
18.2
1.4
1.1
Cement
ACC
Buy
Market Outlook
August 22, 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
155
24,012
9,975
11,409
22.4
23.1
9.4
11.1
16.6
14.0
2.5
2.3
15.7
17.2
1.9
1.6
India Cements
Neutral
49
1,501
4,796
5,357
16.4
16.1
7.3
9.5
6.7
5.2
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
62
79
728
2,235
2,684
19.4
21.4
15.0
18.4
4.1
3.4
0.5
0.5
13.2
14.3
0.5
0.9
Madras Cements
Neutral
149
3,548
4,010
4,524
23.5
23.4
14.9
18.3
10.0
8.2
1.3
1.2
14.0
15.2
1.5
1.3
Shree Cement^
Neutral
3,730
12,994
6,316
7,162
26.5
25.7
294.6
340.5
12.7
11.0
2.8
2.3
24.0
22.7
1.6
1.2
UltraTech Cement
Neutral
1,623
44,501
22,021
25,274
22.0
21.6
99.5
113.3
16.3
14.3
2.5
2.2
16.7
16.6
2.0
1.8
48
60
757
1,912
2,131
21.0
21.5
5.0
5.5
9.5
8.8
0.7
0.6
8.8
7.6
1.7
1.8
120
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.2)
(18.0)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
67
106
2,224
3,805
4,248
45.1
45.3
15.0
15.8
4.5
4.2
0.6
0.6
14.5
13.9
2.8
3.0
ITNL
Buy
115
156
2,234
7,423
7,970
27.5
28.7
30.3
32.0
3.8
3.6
0.5
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
10
309
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(6.1)
(5.1)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Buy
30
41
6,735
12,946
14,897
24.7
25.6
1.2
2.7
24.7
11.3
0.5
0.5
2.0
4.3
2.4
2.2
Larsen & Toubro
Buy
709
1,002
65,564
68,946
78,040
10.0
10.0
49.0
55.2
14.5
12.8
2.1
1.9
14.9
15.3
1.1
1.0
Nagarjuna Const.
Buy
18
30
467
6,167
6,945
8.0
8.2
2.7
3.6
6.8
5.0
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
22
724
12,726
14,226
8.2
8.2
0.9
1.0
25.4
21.3
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
59
99
897
2,462
2,731
10.6
10.6
5.3
6.0
11.3
9.9
1.0
0.9
9.2
9.6
0.7
0.6
Simplex Infra
Buy
45
56
224
6,237
6,908
9.1
9.0
9.9
13.9
4.6
3.3
0.2
0.2
3.7
5.0
0.5
0.5
Unity Infra
Neutral
19
137
2,146
2,339
12.9
13.0
9.3
9.6
2.0
1.9
0.2
0.1
8.0
7.7
0.7
0.7
Allahabad Bank
Neutral
68
3,400
6,843
7,528
2.5
2.5
26.0
30.1
2.6
2.3
0.4
0.3
11.8
12.4
Andhra Bank
Neutral
53
2,983
4,868
5,390
2.4
2.5
12.3
16.6
4.3
3.2
0.4
0.4
7.9
10.0
Axis Bank
Buy
978
1,255
45,852
19,280
22,886
3.3
3.3
130.7
157.1
7.5
6.2
1.2
1.1
17.3
18.1
Bank of Baroda
Accumulate
453
510
19,070
15,896
17,947
2.2
2.3
95.4
124.4
4.8
3.6
0.6
0.5
12.0
14.2
Bank of India
Buy
145
174
8,664
14,482
16,069
2.3
2.2
55.0
62.2
2.6
2.3
0.4
0.3
13.7
13.9
Bank of Maharashtra
Neutral
38
2,514
4,529
4,780
3.0
2.8
12.3
11.8
3.1
3.2
0.5
0.4
16.5
14.1
Canara Bank
Buy
207
241
9,163
11,454
12,378
2.0
2.0
52.4
60.5
4.0
3.4
0.4
0.4
9.8
10.4
Central Bank
Neutral
52
5,442
8,196
9,202
2.4
2.4
6.1
15.9
8.6
3.3
0.6
0.5
5.2
12.8
Corporation Bank
Neutral
253
3,873
5,641
6,083
2.0
2.0
82.7
98.1
3.1
2.6
0.4
0.4
12.6
13.5
Dena Bank
Neutral
45
1,582
3,307
3,531
2.2
2.4
17.5
21.6
2.6
2.1
0.3
0.3
11.9
13.2
Federal Bank
Buy
286
331
4,898
2,798
3,250
3.0
3.0
38.1
51.9
7.5
5.5
0.7
0.7
9.8
12.3
Financials
Market Outlook
August 22, 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
747
824
116,087
8,679
10,350
3.6
3.6
37.5
44.7
19.9
16.7
4.2
3.7
30.1
30.7
HDFC Bank
Buy
594
724
141,844
27,392
33,264
4.6
4.6
36.3
45.1
16.4
13.2
3.3
2.8
21.9
22.8
ICICI Bank
Buy
829
1,038
95,650
25,727
29,969
3.2
3.2
83.2
96.7
10.0
8.6
1.3
1.2
14.9
15.4
IDBI Bank
Accumulate
55
61
7,377
9,518
10,468
2.0
2.0
15.5
22.1
3.6
2.5
0.4
0.3
10.2
13.3
Indian Bank
Neutral
68
2,903
5,940
6,396
2.7
2.7
24.9
32.9
2.7
2.1
0.3
0.3
10.3
12.4
IOB
Accumulate
39
41
3,567
7,692
8,627
2.2
2.3
8.1
15.2
4.8
2.5
0.3
0.3
5.9
10.5
J & K Bank
Neutral
1,092
5,293
3,038
3,370
3.7
3.9
214.2
202.6
5.1
5.4
0.9
0.8
19.8
16.3
LIC Housing Finance
Accumulate
159
172
8,027
2,001
2,495
2.2
2.3
23.8
28.8
6.7
5.5
1.1
1.0
17.3
18.2
Oriental Bank
Accumulate
129
147
3,759
6,918
7,459
2.6
2.5
46.7
52.5
2.8
2.5
0.3
0.3
10.8
11.1
Punjab Natl.Bank
Accumulate
479
546
16,946
20,766
23,515
3.4
3.4
135.0
164.8
3.6
2.9
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
20
2,695
1,800
2,023
2.7
2.7
3.7
4.2
5.4
4.8
0.9
0.8
16.2
16.2
St Bk of India
Accumulate
1,550
1,637
105,998
65,392
74,467
3.0
3.0
192.5
240.5
8.1
6.4
1.1
1.0
13.1
14.7
Syndicate Bank
Accumulate
63
73
3,807
6,740
7,512
2.5
2.5
21.0
23.5
3.0
2.7
0.4
0.3
12.6
12.8
UCO Bank
Accumulate
52
55
3,948
6,770
7,017
2.8
2.6
14.8
15.5
3.5
3.4
0.6
0.5
14.4
13.5
Union Bank
Accumulate
108
119
6,448
10,458
11,809
2.5
2.5
32.0
40.6
3.4
2.7
0.4
0.4
11.6
13.4
United Bank
Accumulate
34
37
1,257
3,386
3,884
2.3
2.5
12.4
20.0
2.7
1.7
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
35
1,729
2,718
2,941
1.8
1.9
7.0
9.0
5.0
3.9
0.4
0.4
8.2
9.8
Yes Bank
Buy
256
298
9,204
4,417
5,486
2.7
2.8
42.9
49.5
6.0
5.2
1.3
1.1
23.9
22.8
Asian Paints
Neutral
415
39,778
12,332
14,524
16.3
16.1
13.9
16.0
29.9
25.9
9.5
7.5
35.2
32.5
3.1
2.6
Britannia
Neutral
687
8,229
6,422
7,367
6.9
7.3
24.2
29.7
28.4
23.2
10.0
7.7
39.6
37.7
1.3
1.1
Colgate
Neutral
1,268
17,242
3,588
4,130
18.9
19.4
41.2
48.4
30.8
26.2
27.3
21.2
100.0
91.0
4.6
4.0
Dabur India
Neutral
149
26,050
7,183
8,297
16.8
16.9
5.4
6.3
27.9
23.8
9.8
7.8
39.2
36.7
3.7
3.1
GlaxoSmith Con*
Neutral
4,007
16,854
3,617
4,259
16.1
16.4
122.2
148.7
32.8
27.0
10.2
8.2
34.1
33.7
4.2
3.5
Godrej Consumer
Neutral
823
28,003
7,801
9,017
16.2
15.9
25.1
29.7
32.7
27.7
7.1
5.9
24.9
24.2
3.7
3.2
HUL
Neutral
588
127,114
28,415
31,962
13.6
14.1
16.7
18.2
35.2
32.3
33.9
24.6
112.2
88.1
4.3
3.8
ITC
Neutral
300
237,546
34,294
39,991
36.8
37.0
11.3
13.3
26.6
22.5
8.8
7.1
36.1
34.9
6.6
5.6
Marico
Neutral
208
13,425
5,104
5,876
15.1
15.2
7.2
8.6
29.1
24.3
5.6
4.6
21.1
20.9
2.7
2.3
Nestle*
Neutral
4,855
46,810
9,330
10,860
21.8
21.9
123.3
149.7
39.4
32.4
19.3
14.1
56.4
50.3
5.0
4.3
Tata Global
Neutral
142
8,775
8,070
8,958
9.8
9.9
7.6
8.5
18.8
16.7
2.2
2.1
9.3
9.7
1.1
0.9
FMCG
Market Outlook
August 22, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
884
1,070
61,628
32,266
35,103
23.5
22.6
69.7
74.0
12.7
12.0
3.4
2.8
26.5
23.0
1.7
1.5
Hexaware*
Accumulate
116
128
3,467
2,273
2,575
22.2
21.5
12.4
13.4
9.4
8.7
2.4
2.1
25.4
23.5
1.4
1.2
Infosys
Neutral
2,953
169,592
48,731
52,962
26.9
27.1
180.8
200.3
16.3
14.7
3.5
3.0
20.4
19.3
2.9
2.5
Infotech Enterprises
Accumulate
174
190
1,944
2,128
2,341
17.2
17.6
21.3
23.2
8.2
7.5
1.3
1.1
14.9
14.0
0.6
0.4
KPIT Cummins
Buy
126
155
2,440
2,769
3,122
18.3
17.8
15.3
16.6
8.2
7.6
1.7
1.4
20.9
18.4
0.8
0.6
Mindtree
Accumulate
980
1,060
4,072
2,871
3,110
20.4
20.7
102.6
111.2
9.6
8.8
2.3
1.8
24.8
20.3
1.1
0.9
Mphasis&
Buy
374
450
7,868
6,827
7,342
21.0
21.2
47.0
51.3
8.0
7.3
1.4
1.2
14.3
14.2
0.7
0.5
NIIT
Neutral
18
302
1,144
1,267
9.0
9.1
4.3
5.4
4.3
3.4
0.4
0.4
10.3
12.0
0.1
Persistent
Neutral
556
2,223
1,590
1,774
23.5
23.8
48.5
56.9
11.5
9.8
1.9
1.6
16.4
16.1
1.0
0.8
TCS
Buy
1,717
2,015
336,055
80,353
91,576
30.0
30.0
91.0
103.2
18.9
16.6
6.1
4.9
31.5
29.2
4.0
3.4
Tech Mahindra
Buy
1,236
1,485
28,715
17,749
19,406
22.5
21.0
113.6
114.2
10.9
10.8
3.2
2.5
27.9
22.1
1.3
1.1
Wipro
Neutral
442
108,878
43,610
47,320
21.6
22.2
30.0
33.0
14.7
13.4
3.3
2.8
20.7
19.4
2.0
1.8
D B Corp
Accumulate
234
267
4,285
1,783
1,968
23.8
25.0
13.6
16.0
17.2
14.6
4.2
3.6
22.5
22.9
2.3
2.0
HT Media
Buy
91
112
2,142
2,205
2,380
14.1
14.4
7.6
8.4
12.0
10.8
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
85
104
2,806
1,683
1,845
19.7
20.8
5.9
6.9
14.4
12.3
2.7
2.5
19.4
21.2
1.7
1.6
PVR
Neutral
367
1,455
1,359
1,540
17.3
17.4
17.2
21.6
21.3
17.0
2.1
2.0
10.3
12.0
1.5
1.3
Sun TV Network
Neutral
381
15,028
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
Reduce
451
419
10,216
12,640
15,667
28.5
31.5
25.9
38.6
17.4
11.7
1.0
1.0
6.1
8.5
2.6
2.1
Coal India
Neutral
261
164,604
68,303
69,884
32.5
30.3
27.5
25.0
9.5
10.4
3.6
2.5
40.2
33.1
1.6
1.5
Electrosteel Castings
Buy
10
15
328
1,976
2,017
11.8
12.7
0.1
1.2
157.1
8.3
0.1
0.1
1.9
0.6
GMDC
Buy
84
115
2,655
1,701
1,985
47.8
48.8
17.4
20.6
4.8
4.1
0.9
0.8
20.7
20.9
1.1
0.8
Hind. Zinc
Buy
108
143
45,528
12,389
13,093
48.5
51.7
15.2
17.0
7.1
6.3
1.2
1.1
18.5
18.0
1.5
1.0
Hindalco
Neutral
93
17,873
95,465 102,491
8.4
9.0
13.9
17.2
6.7
5.4
0.5
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
497
12,014
45,022
48,140
16.0
15.9
68.5
77.0
7.3
6.5
0.7
0.6
9.3
9.7
0.8
0.7
MOIL
Accumulate
202
223
3,390
956
982
42.3
44.3
25.3
26.2
8.0
7.7
1.1
1.0
14.6
13.7
0.9
1.0
Monnet Ispat
Buy
95
139
604
2,199
2,575
21.6
22.8
30.7
38.6
3.1
2.5
0.2
0.2
7.7
8.9
1.3
1.0
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
27
7,010
7,270
7,521
13.6
13.8
2.8
2.9
9.8
9.4
0.6
0.6
5.9
6.0
0.4
0.4
109
132
43,374
10,718
11,514
66.6
64.5
15.5
16.1
7.1
6.8
1.4
1.3
21.2
20.0
2.0
1.8
43
17,553
44,060
54,227
9.2
10.9
5.3
6.8
8.0
6.3
0.4
0.4
5.2
6.5
0.7
0.6
Market Outlook
August 22, 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
137
164
11,946
3,817
5,781
12.1
17.7
27.0
29.6
5.1
4.6
0.6
0.6
12.9
12.5
4.0
2.6
Sterlite Inds
Buy
79
99
26,616
44,493
45,599
22.4
23.9
16.8
19.2
4.7
4.1
0.5
0.4
10.5
10.9
0.5
0.5
Tata Steel
Buy
248
313
9.9
10.7
39.0
56.0
6.4
4.4
0.6
0.6
10.6
13.6
0.5
0.4
Sarda
Buy
80
98
288
1,323
1,398
17.2
17.9
25.3
27.8
3.2
2.9
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
28
37
374
2,486
2,637
15.2
15.0
13.7
14.2
2.0
2.0
0.2
0.2
9.1
8.7
0.4
0.3
Accumulate
69
78
227
2,171
2,317
14.9
15.8
36.4
46.6
1.9
1.5
0.2
0.2
11.6
13.0
0.5
0.4
Cairn India
Buy
301
364
57,457
18,403
17,925
71.9
62.1
62.1
57.4
4.8
5.2
1.0
0.9
22.6
17.8
1.9
1.7
GAIL
Neutral
300
37,997
49,700
48,822
16.0
16.6
32.9
33.4
9.1
9.0
1.4
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
251
352
214,486 169,963 196,050
35.3
36.6
33.4
38.7
7.5
6.5
1.3
1.1
17.7
18.2
1.0
0.7
Reliance Industries
Buy
784
959
253,226 417,856 442,434
8.6
8.4
74.2
77.7
10.6
10.1
1.1
1.0
12.6
11.9
0.6
0.5
Gujarat Gas*
Neutral
199
2,557
3,270
3,414
12.8
12.6
22.6
23.1
8.8
8.6
2.4
2.1
28.2
25.6
0.6
0.5
Indraprastha Gas
Neutral
262
3,666
3,656
4,456
21.5
18.6
25.7
26.8
10.2
9.8
2.1
1.8
22.1
19.6
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
124
135
9,304
39,449
43,315
5.3
5.9
14.1
16.9
8.8
7.4
1.8
1.5
21.7
21.9
0.3
0.3
Buy
52
67
2,898
1,002
1,021
91.4
91.5
8.2
8.4
6.3
6.2
0.9
0.8
14.3
13.0
2.4
2.2
Alembic Pharma
Buy
129
165
2,437
1,736
2,008
17.1
18.9
10.7
13.9
12.1
9.3
3.8
2.8
35.0
34.7
1.5
1.2
Aurobindo Pharma
Buy
172
259
5,019
6,641
7,637
15.9
15.9
17.3
20.6
10.0
8.4
1.6
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,400
5,528
1,682
1,917
15.6
15.6
91.9
101.7
26.1
23.6
3.7
3.6
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
658
894
13,481
7,123
8,367
15.5
15.7
37.3
44.7
17.7
14.7
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Buy
392
477
31,499
9,274
10,796
23.1
23.1
21.0
23.8
18.7
16.5
3.0
2.6
17.2
16.8
3.1
2.6
Dr Reddy's
Buy
2,045
2,535
34,768
13,377
15,350
20.4
20.1
112.1
126.6
18.2
16.2
3.9
3.2
23.5
21.8
2.7
2.3
Dishman Pharma
Buy
46
73
368
1,394
1,534
22.5
22.4
14.8
16.6
3.1
2.7
0.3
0.3
10.8
11.0
0.9
0.8
GSK Pharma*
Neutral
2,247
19,033
2,744
2,964
22.0
23.4
59.2
66.6
38.0
33.7
9.4
9.1
24.9
27.5
6.1
5.6
Indoco Remedies
Buy
61
78
560
747
906
15.3
15.3
5.9
7.6
10.3
8.0
1.2
1.1
12.5
14.4
1.0
0.8
Ipca labs
Accumulate
622
674
7,853
3,246
3,830
20.5
21.7
36.2
44.9
17.2
13.9
4.0
3.2
26.1
25.7
2.6
2.2
Lupin
Buy
767
904
34,354
11,576
13,855
22.0
22.0
35.8
43.0
21.4
17.8
5.2
4.1
27.1
25.8
3.0
2.5
Ranbaxy*
Buy
333
426
14,078
10,400
11,331
6.6
8.4
11.4
15.2
29.2
21.9
3.1
2.7
11.1
13.1
1.4
1.3
Sun Pharma
Neutral
483
99,931
13,509
15,846
41.0
41.0
16.5
19.9
29.2
24.3
5.9
4.9
22.0
22.0
6.8
5.6
24,081 153,862 167,209
Power
GIPCL
Accumulate
NTPC
Buy
57
65
856
1,444
1,482
33.4
33.0
13.7
14.8
4.1
3.8
0.5
0.4
12.3
12.0
0.7
0.4
130
163
107,438
75,046
81,780
23.5
23.9
12.7
13.6
10.3
9.6
1.2
1.1
12.2
12.0
2.1
2.1
Market Outlook
August 22, 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
151
179
26,858
8,293
9,622
36.5
36.1
5.7
6.7
26.4
22.4
0.9
0.9
3.7
4.1
5.3
4.4
MLIFE
Accumulate
436
483
1,779
888
1,002
27.0
29.9
33.9
42.1
12.9
10.4
1.3
1.2
9.9
11.2
2.6
2.3
Bharti Airtel
Buy
299
350
119,362
83,535
92,173
32.0
33.1
9.2
12.9
32.5
23.1
2.1
2.0
6.8
8.9
2.1
1.8
Idea Cellular
Neutral
160
53,191
26,717
29,443
30.6
29.8
5.5
6.7
29.5
23.9
3.3
2.9
11.1
12.0
2.4
2.1
Rcom
Neutral
115
23,664
22,050
23,647
30.6
30.8
3.2
5.2
35.9
22.0
0.7
0.7
1.9
3.1
2.7
2.4
Telecom
Others
Abbott India*
Buy
1,319
1,628
2,803
1,788
1,996
12.5
12.7
71.7
81.4
18.4
16.2
3.7
3.2
21.7
21.2
1.3
1.2
Bajaj Electricals
Sell
160
184
1,596
3,885
4,472
4.0
5.8
6.8
15.4
23.7
10.4
2.1
1.8
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
505
613
639
631
797
14.5
13.7
42.6
51.1
11.9
9.9
2.8
2.3
26.5
25.3
1.0
0.8
Cravatex
Buy
260
307
67
248
284
6.5
7.3
27.2
38.2
9.6
6.8
1.5
1.3
15.7
18.5
0.4
0.4
Finolex Cables
Buy
52
68
788
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
289
349
376
2,304
2,649
3.1
3.6
28.0
43.7
10.3
6.6
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
310
345
715
1,458
1,542
8.3
9.0
32.3
37.0
9.6
8.4
1.8
1.5
19.5
19.3
0.3
0.3
Hitachi
Buy
102
153
276
1,080
1,199
8.9
9.1
18.3
19.1
5.6
5.3
1.0
0.8
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,317
2,049
1,842
2,131
7.7
7.8
111.1
130.9
20.9
17.7
2.6
2.3
13.3
13.9
1.0
0.9
IFB Agro
Buy
134
156
121
491
642
12.3
13.8
35.0
50.9
3.8
2.6
0.6
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
155
194
178
1,365
1,502
10.9
11.2
18.2
28.0
8.5
5.5
0.4
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
162
199
2,681
1,244
1,523
14.1
14.2
5.9
10.0
27.3
16.2
3.3
2.9
12.7
18.8
2.5
2.0
MRF
Buy
13,005
16,218
5,515
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.3
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,174
4,669
4,656
1,059
1,296
19.5
19.8
125.0
155.6
33.4
26.8
16.5
12.1
56.3
52.2
4.5
3.7
Relaxo Footwears
Buy
738
981
885
1,196
1,401
11.9
12.6
55.6
75.4
13.3
9.8
3.2
2.4
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Accumulate
198
228
186
1,158
1,322
10.6
11.0
60.5
75.9
3.3
2.6
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
347
492
611
1,007
1,108
8.4
8.7
30.3
35.1
11.5
9.9
1.3
1.1
11.7
12.2
0.6
0.5
TAJ GVK
Buy
55
108
345
300
319
35.8
36.2
7.9
9.1
7.0
6.0
0.9
0.8
13.9
14.4
1.5
1.2
Tata Sponge Iron
Buy
256
371
395
814
849
17.0
17.6
64.6
69.2
4.0
3.7
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
500
632
388
416
481
4.5
6.1
16.2
25.3
30.9
19.7
3.8
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
233
297
837
153
194
53.0
52.8
12.4
15.6
18.8
14.9
2.2
2.0
11.8
13.1
5.7
4.3
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
170
230
130
1,591
1,720
6.1
6.4
30.5
38.3
5.6
4.4
0.7
0.7
13.5
15.5
0.3
0.2
2,110
30,661
12,294
14,162
12.0
12.0
42.1
67.7
50.1
31.2
3.5
3.2
9.1
10.7
2.8
2.4
356
439
723
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
Market Outlook
August 22, 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
84
117
556
2,042
2,363
14.6
14.8
12.3
16.5
6.8
5.1
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 21, 2013
Market Outlook
August 22, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Market Outlook: Dealer's Diary

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Market Outlook

August 22, 2013

OIL & GAS

Fed minutes offer no clarity on timing of tapering

FII Derivatives (August 21, 2013)

Net Inflows (August 20, 2013)

Fed minutes offer no clarity on timing of tapering

Reliance Industries Upgrade to Buy

Source: Company, Angel Research

Exhibit 2: SOTP valuation (FY2015E)

Refining (EV/EBITDA 6.5x)

Petrochemical (EV/EBITDA 6.5x)

KG-D6 gas (DCF)

KG-MA oil (DCF)

NEC-25 (EV/boe 4.5x)

Shale gas ventures (EV/boe 3.0x)

Other prospective basins

Equity value (`)

Source: Company, Angel Research

Economic and Political News

NPAs of banks could rise on account of slowing economy: PMEAC

Kumar Birla to raise Hindalco stake to 37% for `2,165cr

August 29, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

August 22, 2013

Germany PMI Services

Germany PMI Manufacturing

Euro Zone Euro-Zone Consumer Confidence

New home sales

August 27, 2013

August 29, 2013

GDP Qoq (Annualised)

Germany Unemployment change (000's)

August 30, 2013

Qtrly GDP YoY%

BOE Announces rates

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

September 10, 2013

Last Reported Estimated

August 23, 2013

Industrial Production (YoY)

Industrial Production YoY

September 17, 2013

September 18, 2013

FOMC rate decision

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Real GDP (YoY)

September 12, 2013

October 18, 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: CSO, Angel Research