Market Outlook: Dealer's Diary

Market Outlook
September 6, 2013
Dealers Diary
Indian markets are expected to open in the positive territory tracking a positive
opening in SGX Nifty and most of the Asian markets.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
2.2
412 18,980
The US markets closed moderately higher for the third consecutive session. The
strength came in on the heels of release of batch of largely upbeat US economic
data. The report from Institute for Supply Management said non-manufacturing
index climbed to 58.6 in August from 56.0 in July vis--vis expected reading of
55.0. Also, the Labor Department released a report showing that initial jobless
claims fell by more than expected in the week ended August 31st. The European
markets too finished in positive territory after the European Central Bank and the
Bank of England left their respective interest rates unchanged.
Nifty
2.7
145
5,593
MID CAP
1.7
90
5,420
METAL
1.2
93
8,117
Meanwhile, Indian shares soared on Thursday after Raghuram Rajan's big-bang

entry as India's new RBI chief strengthened the rupee, with the currency last trading
up 84 paise at `66.24 per dollar. RBI unveiled a slew of measures, including a shift
in focus to inflation control, market reforms, reduction of banks' requirement to
invest in government securities in a calibrated way, steps to internationalize the
rupee etc. to rescue the battered financial markets and bolster capital inflows.
OIL & GAS
2.0
166
8,388
(2.9)
(239)
7,857
Chg (%)
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 18,981 / 5,590 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a further
rally up to 19,116 19,252 / 5,628 5,664 levels. However, if NIFTY trades
below 18,981 / 5,590 levels for the first half-an-hour of trade then it may correct
up to 18,845 18,711 / 5,555 5,517 levels.
Indices
SMALL CAP
1.5
79
5,310
BSE HC
(0.2)
(20)
9,050
BSE PSU
4.5
228
5,293
BANKEX
9.3
938 11,015
AUTO
0.9
88 10,419
BSE IT
Global Indices
Dow Jones
0.0
NASDAQ
0.3
10
3,659
FTSE
0.9
58
6,532
Nikkei
0.1
11 14,065
Hang Sang
1.2
272 22,598
Straits Times
0.8
24
3,039
(0.2)
(5)
2,122
Chg (%)
(Pts)
(Close)
(1.2)
(0.6)
$46.1
WIT
0.3
0.0
$9.4
IBN
13.0
3.5
$30.5
HDB
6.5
1.9
$30.5
Shanghai Com
Indian ADR
INFY
S2
S1
PIVOT
R1
R2
SENSEX
18,711
18,845
18,981
19,116
19,252
NIFTY
5,517
5,555
5,590
5,628
5,664
7 14,937
News Analysis
Advances / Declines
HCL Tech bags deal from North American firm Direct Energy
PNGRB slashes pipeline tariff for Gujarat Gas HAPI Pipeline by 32%
Net Inflows (September 04, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
2,785
2,682
103
(122)
59,076
532
441
90
(250)
(13,247)
FII Derivatives (September 05, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
4,062
2,864
1,198
9,569
Stock Futures
3,179
2,784
395
27,442
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Yes Bank
287
21.6
Pipavav Defence
Financial Tech
131
16.4
Axis Bank
927
Federal Bank
JPPOWER
www.angelbroking.com
NSE
1,486
922
Declines
850
394
Unchanged
138
84
Advances
Refer detailed news analysis on the following page
MFs
BSE
Losers
Price (`)
chg (%)
43
(4.9)
Sesa Goa
179
(4.3)
15.6
Dabur India
164
(3.5)
274
12.4
TCS
1,996
(3.4)
14
11.3
Infosys
3,003
(3.3)
Volumes (` cr)
BSE
2,062
NSE
14,291
Market Outlook
September 6, 2013
HCL Tech bags deal from North American firm Direct Energy
HCL Technologies (HCL Tech) has bagged a contract from Direct Energy, a North
American energy services firm, to implement and manage residential billing and
customer care operations. Under the agreement, HCL Tech will implement and
manage residential billing and customer care operations of Direct Energy in the
Alberta market. HCL Tech will also provide infrastructure hosting, application
management and business process services. This outcome-based deal includes
efficiencies gained through customer-focused self-service channels. This will
enhance delivery on current and future customer expectations, while providing new
capabilities to strengthen customer retention and acquisition. In addition,
optimization initiatives are expected to reduce overall operating costs for Direct
Energy. We maintain Accumulate rating on the stock with a target price of 1,070.
PNGRB slashes pipeline tariff for Gujarat Gas HAPI Pipeline by 32%
The Petroleum and Natural Gas Regulatory Board (PNGRB) has slashed the
pipeline tariff for Gujarat Gas Hazira-Ankleshwar Natural Gas Pipeline (HAPI) by
32%. The HAPI pipeline has a system capacity of 5.06mmscmd and the tariff has
been slashed from `7.2/mmbtu to `4.9/mmbtu. The HAPI pipeline does not have
a significant contribution to the total volumes transmitted by the company and
hence the impact is not more than 1to1.5% on the financials of the company and
therefore we maintain our Neutral view on the stock.
Economic and Political News
Expect Rajan to cut rates, boost growth and spur investments: CII
Monsoon rainfall 30% below average in past week
Emerging mkt output edges higher in Aug; India posts sharp fall
Corporate News
Force Motors to go ahead with `1,000cr planned investment

Govt move to force old gas price for KG-D6 gas illegal: RIL
NSEL e-series investors on tenterhooks as delivery eludes
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 06, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
September 6, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Jul
1.20
(1.70)
6:00PM
US
Change in Nonfarm payrolls
Thousands
Aug
162.00
180.00
6:00PM
US
Unnemployment rate
Aug
7.40
7.40
September 8, 2013
4:29PM
China
Exports YoY%
% Change
Aug
5.10
5.50
September 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Aug
2.70
2.60
September 10, 2013
11:00AM
China
Industrial Production (YoY)
% Change
Aug
9.70
9.90
4:29PM
India
Imports YoY%
% Change
Aug
(6.20)
--
4:29PM
India
Exports YoY%
% Change
Aug
11.64
--
September 11, 2013
2:00PM
UK
Jobless claims change
% Change
Aug
(29.20)
--
September 12, 2013
5:30PM
India
Industrial Production YoY
% Change
Jul
(2.20)
--
September 13, 2013
6:00PM
US
Producer Price Index (mom)
% Change
Aug
--
0.10
September 16, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Aug
5.79
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Aug F
1.30
--
6:45PM
US
Industrial Production
Aug
0.04
--
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
--
6:00PM
US
Consumer price index (mom)
% Change
Aug
0.20
--
6:00PM
US
Housing Starts
Thousands
Aug
896.00
--
6:00PM
US
Building permits
Thousands
Aug
954.00
--
11:30PM
US
FOMC rate decision
Sep 18
0.25
--
September 19, 2013
7:30PM
US
Existing home sales
Million
Aug
5.39
--
September 20, 2013
11:00AM
India
RBI Repo rate
Sep 20
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 20
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 20
6.25
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Sep A
(15.60)
--
1:00PM
Germany PMI Services
Value
Sep A
52.80
--
1:00PM
Germany PMI Manufacturing
Value
Sep A
51.80
--
September 24, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
81.50
--
September 25, 2013
7:30PM
US
New home sales
Thousands
Aug
394.00
--
September 26, 2013
2:00PM
UK
GDP (YoY)
% Change
2Q F
1.50
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q T
2.50
--
September 17, 2013

September 18, 2013
September 23, 2013
Source: Bloomberg, Angel Research
Market Outlook
September 06, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
(1.0) (0.6)
(0.7)
(4.0)
Mfg. PMI
60.0
8.1
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
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
May-13
(2.8)
Jun-13
(0.1)
Jul-12
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
Source: CSO, Angel Research
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
4.9
4.6
56.0
54.0
52.0
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
Sep-12
48.0
Oct-12
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: Bloomberg, Angel Research
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
(2.0)
Mar-13
4.7 4.8 4.4
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
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-12
9.5
3QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
September 06, 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
151
2,927
1,674
1,923
13.7
13.7
6.8
7.6
22.1
19.8
4.2
3.7
20.0
19.6
1.9
1.7
United Phosphorus
Buy
135
225
5,984
10,091
11,302
16.5
16.5
19.2
22.5
7.0
6.0
1.1
1.0
17.0
17.2
0.8
0.6
Amara Raja Batteries
Accumulate
272
305
4,648
3,474
3,952
15.5
15.5
19.0
21.0
14.3
13.0
3.5
2.8
27.2
24.2
1.4
1.2
Apollo Tyres
Neutral
65
3,281
13,409
15,106
11.8
11.6
13.1
15.4
5.0
4.2
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
13
18
3,448
12,945
15,049
6.3
8.2
0.2
1.5
74.5
8.6
1.1
1.1
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
198
299
700
890
8.7
10.7
11.1
25.8
17.8
7.7
1.1
1.0
6.2
13.9
0.5
0.4
Bajaj Auto
Accumulate
1,898
2,115
54,922
22,042
25,399
19.3
19.3
121.1
141.0
15.7
13.5
5.6
4.4
39.4
36.6
2.1
1.7
Bharat Forge
Neutral
246
5,728
5,942
6,417
15.2
15.5
15.6
19.7
15.7
12.5
2.3
2.0
15.4
17.3
1.2
1.0
Bosch India*
Accumulate
8,155
9,096
25,605
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
104
170
375
5,159
5,628
9.3
9.0
43.5
48.6
2.4
2.2
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
122
148
10,408
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
1,163
1,932
1,336
1,572
13.8
16.0
75.6
102.4
15.4
11.4
1.9
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Accumulate
1,944
2,073
38,815
25,543
28,228
14.5
14.5
110.5
148.1
17.6
13.1
6.7
5.3
40.8
44.9
1.3
1.2
JK Tyre
Buy
86
152
354
7,376
8,262
10.0
9.8
56.0
60.9
1.5
1.4
0.3
0.3
22.7
20.2
0.4
0.4
Mahindra and Mahindra Buy
777
1,011
47,836
42,318
48,067
12.0
12.2
58.5
67.1
13.3
11.6
2.7
2.3
21.6
21.1
0.9
0.7
Auto & Auto Ancillary
Maruti
Buy
1,299
1,571
39,234
45,877
52,733
11.2
11.2
93.0
104.7
14.0
12.4
1.9
1.6
14.2
14.0
0.7
0.6
Motherson Sumi
Buy
200
242
11,734
28,442
31,914
8.4
8.7
13.0
16.1
15.4
12.4
4.0
3.2
29.4
28.6
0.5
0.5
Subros
Buy
19
23
113
1,230
1,398
10.5
10.5
2.3
3.8
8.1
5.0
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Accumulate
317
355
85,308 215,043 240,077
13.5
13.7
35.1
39.4
9.0
8.0
2.1
1.7
26.2
23.3
0.5
0.4
TVS Motor
Buy
30
36
1,444
7,659
8,528
6.0
6.2
4.9
5.9
6.2
5.1
1.0
0.9
17.8
19.0
0.1
0.1
Capital Goods
ABB*
Reduce
470
442
9,963
8,037
9,087
5.8
6.9
12.2
17.0
38.5
27.7
3.7
3.6
9.8
13.1
1.2
1.0
BGR Energy
Neutral
105
754
3,541
4,041
11.8
10.7
21.1
22.9
5.0
4.6
0.6
0.5
21.8
19.5
0.5
0.4
BHEL
Neutral
137
33,581
42,227
38,453
16.0
14.4
18.8
15.0
7.3
9.2
1.5
1.4
21.7
15.4
0.6
0.8
Blue Star
Buy
133
208
1,198
2,941
3,099
3.4
4.2
6.0
9.3
22.3
14.3
2.8
2.4
12.9
18.0
0.5
0.5
Crompton Greaves
Buy
84
103
5,385
13,418
14,654
5.8
6.7
5.8
7.8
14.5
10.8
1.4
1.3
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
18
145
3,312
3,555
9.0
9.0
4.5
6.5
3.9
2.7
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
24
36
625
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
535
6,374
5,832
6,397
9.1
9.6
28.8
32.9
18.6
16.3
3.0
2.7
17.2
17.3
1.0
0.9
Buy
940
1,225
17,656
11,581
13,009
17.6
19.3
63.9
81.5
14.7
11.5
2.2
2.0
15.6
18.2
1.2
1.0
Cement
ACC
Market Outlook
September 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Cement
Ambuja Cements
Neutral
170
26,305
9,975
11,409
22.4
23.1
9.4
11.1
18.2
15.3
2.8
2.5
15.7
17.2
2.1
1.8
India Cements
Neutral
49
1,519
4,796
5,357
16.4
16.1
7.3
9.5
6.8
5.2
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
58
79
688
2,235
2,684
19.4
21.4
15.0
18.4
3.9
3.2
0.5
0.4
13.2
14.3
0.4
0.9
Madras Cements
Neutral
157
3,747
4,010
4,524
23.5
23.4
14.9
18.3
10.6
8.6
1.4
1.2
14.0
15.2
1.6
1.3
Shree Cement^
Neutral
3,814
13,285
6,316
7,162
26.5
25.7
294.6
340.5
13.0
11.2
2.8
2.3
24.0
22.7
1.6
1.3
UltraTech Cement
Neutral
1,533
42,041
22,021
25,274
22.0
21.6
99.5
113.3
15.4
13.5
2.4
2.1
16.7
16.6
1.9
1.8
45
60
714
1,912
2,131
21.0
21.5
5.0
5.5
9.0
8.3
0.7
0.6
8.8
7.6
1.7
1.7
96
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(1.8)
(14.4)
0.2
0.2
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
64
106
2,139
3,805
4,248
45.1
45.3
15.0
15.8
4.3
4.1
0.6
0.5
14.5
13.9
2.8
3.0
ITNL
Buy
114
156
2,222
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
318
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(6.3)
(5.3)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Accumulate
38
41
8,333
12,946
14,897
24.7
25.6
1.2
2.7
30.6
14.0
0.6
0.6
2.0
4.3
2.5
2.3
Larsen & Toubro
Buy
728
1,002
67,322
68,946
78,040
10.0
10.0
49.0
55.2
14.9
13.2
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
741
12,726
14,226
8.2
8.2
0.9
1.0
26.0
21.8
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
56
99
846
2,462
2,731
10.6
10.6
5.3
6.0
10.6
9.3
0.9
0.9
9.2
9.6
0.6
0.6
Simplex Infra
Buy
40
56
197
6,237
6,908
9.1
9.0
9.9
13.9
4.0
2.9
0.2
0.1
3.7
5.0
0.5
0.4
Unity Infra
Neutral
18
133
2,146
2,339
12.9
13.0
9.3
9.6
1.9
1.9
0.2
0.1
8.0
7.7
0.6
0.7
Allahabad Bank
Neutral
71
3,573
6,843
7,528
2.5
2.5
26.0
30.1
2.8
2.4
0.4
0.4
11.8
12.4
Andhra Bank
Neutral
51
2,879
4,868
5,390
2.4
2.5
12.3
16.6
4.2
3.1
0.4
0.4
7.9
10.0
Axis Bank
Neutral
927
43,503
19,280
22,886
3.3
3.3
130.7
157.1
7.1
5.9
1.2
1.0
17.3
18.1
Bank of Baroda
Neutral
503
21,174
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
145
8,647
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
2,510
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
Neutral
211
9,336
11,454
12,378
2.0
2.0
52.4
60.5
4.0
3.5
0.4
0.4
9.8
10.4
Central Bank
Neutral
53
5,515
8,196
9,202
2.4
2.4
6.1
15.9
8.7
3.3
0.6
0.5
5.2
12.8
Corporation Bank
Neutral
251
3,833
5,641
6,083
2.0
2.0
82.7
98.1
3.0
2.6
0.4
0.4
12.6
13.5
Dena Bank
Neutral
48
1,668
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
274
4,688
2,798
3,250
3.0
3.0
38.1
51.9
7.2
5.3
0.7
0.6
9.8
12.3
Financials
Market Outlook
September 06, 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
Reduce
750
708
116,655
8,679
10,350
3.6
3.6
37.5
44.7
20.0
16.8
4.2
3.7
30.1
30.7
HDFC Bank
Accumulate
609
692
145,513
27,392
33,264
4.6
4.6
36.3
45.1
16.8
13.5
3.4
2.9
21.9
22.8
ICICI Bank
Accumulate
893
951
103,099
25,727
29,969
3.2
3.2
83.2
96.7
10.7
9.2
1.4
1.3
14.9
15.4
IDBI Bank
Neutral
57
7,583
9,518
10,468
2.0
2.0
15.5
22.1
3.7
2.6
0.4
0.3
10.2
13.3
Indian Bank
Neutral
65
2,787
5,940
6,396
2.7
2.7
24.9
32.9
2.6
2.0
0.3
0.3
10.3
12.4
IOB
Neutral
42
3,918
7,692
8,627
2.2
2.3
8.1
15.2
5.3
2.8
0.4
0.3
5.9
10.5
J & K Bank
Neutral
1,121
5,436
3,038
3,370
3.7
3.9
214.2
202.6
5.2
5.5
1.0
0.9
19.8
16.3
LIC Housing Finance
Neutral
167
8,433
2,001
2,495
2.2
2.3
23.8
28.8
7.0
5.8
1.2
1.0
17.3
18.2
Oriental Bank
Neutral
144
4,200
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
443
15,654
20,766
23,515
3.4
3.4
135.0
164.8
3.3
2.7
0.5
0.4
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
Neutral
1,636
111,925
65,392
74,467
3.0
3.0
178.5
226.1
9.2
7.2
1.2
1.0
12.1
14.0
Syndicate Bank
Neutral
70
4,211
6,740
7,512
2.5
2.5
21.0
23.5
3.3
3.0
0.4
0.4
12.6
12.8
UCO Bank
Neutral
54
4,064
6,770
7,017
2.8
2.6
14.8
15.5
3.6
3.5
0.6
0.5
14.4
13.5
Union Bank
Neutral
111
6,604
10,458
11,809
2.5
2.5
32.0
40.6
3.5
2.7
0.4
0.4
11.6
13.4
United Bank
Neutral
30
1,139
3,386
3,884
2.3
2.5
12.4
20.0
2.5
1.5
0.3
0.2
10.0
14.7
Vijaya Bank
Neutral
37
1,836
2,718
2,941
1.8
1.9
7.0
9.0
5.3
4.1
0.4
0.4
8.2
9.8
Yes Bank
Neutral
287
10,350
4,417
5,486
2.7
2.8
42.9
49.5
6.7
5.8
1.5
1.2
23.9
22.8
Asian Paints
Neutral
407
38,991
12,332
14,524
16.3
16.1
13.9
16.0
29.3
25.3
9.3
7.4
35.2
32.5
3.1
2.6
Britannia
Neutral
748
8,965
6,422
7,367
6.9
7.3
24.2
29.7
31.0
25.2
10.9
8.4
39.6
37.7
1.4
1.2
Colgate
Neutral
1,230
16,721
3,588
4,130
18.9
19.4
41.2
48.4
29.9
25.4
26.5
20.5
100.0
91.0
4.5
3.9
Dabur India
Neutral
164
28,596
7,183
8,297
16.8
16.9
5.4
6.3
30.7
26.1
10.8
8.6
39.2
36.7
4.0
3.4
GlaxoSmith Con*
Neutral
4,302
18,091
3,617
4,259
16.1
16.4
122.2
148.7
35.2
28.9
11.0
8.8
34.1
33.7
4.5
3.8
Godrej Consumer
Neutral
817
27,804
7,801
9,017
16.2
15.9
25.1
29.7
32.5
27.5
7.0
5.8
24.9
24.2
3.7
3.1
HUL
Neutral
627
135,667
28,415
31,962
13.6
14.1
16.7
18.2
37.6
34.5
36.1
26.2
112.2
88.1
4.6
4.1
ITC
Neutral
312
246,596
34,294
39,991
36.8
37.0
11.3
13.3
27.6
23.4
9.1
7.4
36.1
34.9
6.9
5.8
Marico
Neutral
206
13,290
5,104
5,876
15.1
15.2
7.2
8.6
28.8
24.0
5.6
4.6
21.1
20.9
2.7
2.3
Nestle*
Neutral
4,993
48,137
9,330
10,860
21.8
21.9
123.3
149.7
40.5
33.4
19.9
14.5
56.4
50.3
5.2
4.4
Tata Global
Neutral
147
9,103
8,070
8,958
9.8
9.9
7.6
8.5
19.5
17.3
2.3
2.2
9.3
9.7
1.1
1.0
FMCG
Market Outlook
September 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
IT
HCL Tech^
Accumulate
1,017
1,070
70,888
32,266
35,103
23.5
22.6
69.7
74.0
14.6
13.7
3.9
3.2
26.5
23.0
2.0
1.7
Hexaware*
Accumulate
126
134
3,772
2,273
2,575
22.2
21.5
12.4
13.4
10.2
9.4
2.6
2.2
25.4
23.5
1.5
1.3
Infosys
Neutral
3,003
172,426
48,731
52,962
26.9
27.1
180.8
200.3
16.6
15.0
3.6
3.1
20.4
19.3
2.9
2.6
Infotech Enterprises
Neutral
189
2,110
2,128
2,341
17.2
17.6
21.3
23.2
8.9
8.2
1.4
1.2
14.9
14.0
0.7
0.5
KPIT Cummins
Buy
133
155
2,575
2,769
3,122
18.3
17.8
15.3
16.6
8.7
8.0
1.8
1.5
20.9
18.4
0.9
0.7
Mindtree
Neutral
1,043
4,335
2,871
3,110
20.4
20.7
102.6
111.2
10.2
9.4
2.4
2.0
24.8
20.3
1.2
1.0
Mphasis&
Accumulate
427
450
8,967
6,827
7,342
21.0
21.2
47.0
51.3
9.1
8.3
1.6
1.4
14.3
14.2
0.9
0.7
NIIT
Neutral
19
317
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
Neutral
582
2,326
1,590
1,774
23.5
23.8
48.5
56.9
12.0
10.2
1.9
1.7
16.4
16.1
1.1
0.9
TCS
Neutral
1,996
390,740
80,353
91,576
30.0
30.0
91.0
103.2
22.0
19.4
7.1
5.7
31.5
29.2
4.6
4.0
Tech Mahindra
Accumulate
1,379
1,485
32,042
17,749
19,406
22.5
21.0
113.6
114.2
12.1
12.1
3.5
2.8
27.9
22.1
1.5
1.3
Wipro
Neutral
468
115,439
43,610
47,320
21.6
22.2
30.0
33.0
15.6
14.2
3.5
3.0
20.7
19.4
2.2
1.9
D B Corp
Accumulate
242
267
4,438
1,783
1,968
23.8
25.0
13.6
16.0
17.8
15.1
4.3
3.7
22.5
22.9
2.4
2.1
HT Media
Buy
89
112
2,083
2,205
2,380
14.1
14.4
7.6
8.4
11.7
10.5
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
83
104
2,738
1,683
1,845
19.7
20.8
5.9
6.9
14.0
12.0
2.6
2.4
19.4
21.2
1.7
1.5
PVR
Neutral
395
1,569
1,359
1,540
17.3
17.4
17.2
21.6
22.9
18.3
2.3
2.1
10.3
12.0
1.6
1.4
Sun TV Network
Neutral
402
15,848
2,287
2,551
69.7
70.5
20.0
23.3
20.1
17.3
5.0
4.4
26.4
27.3
6.6
5.8
Bhushan Steel
Reduce
459
419
10,400
12,640
15,667
28.5
31.5
25.9
38.6
17.8
11.9
1.1
1.0
6.1
8.5
2.6
2.1
Coal India
Neutral
283
179,037
68,303
69,884
32.5
30.3
27.5
25.0
10.3
11.3
3.9
2.8
40.2
33.1
1.8
1.7
Electrosteel Castings
Buy
11
15
362
1,976
2,017
11.8
12.7
0.1
1.2
173.6
9.2
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
84
115
2,658
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
124
143
52,352
12,389
13,093
48.5
51.7
15.2
17.0
8.1
7.3
1.4
1.2
18.5
18.0
2.0
1.6
Hindalco
Neutral
108
20,649
95,465 102,491
8.4
9.0
13.9
17.2
7.8
6.3
0.6
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
563
13,604
45,022
48,140
16.0
15.9
68.5
77.0
8.2
7.3
0.7
0.7
9.3
9.7
0.8
0.7
MOIL
Accumulate
211
223
3,548
956
982
42.3
44.3
25.3
26.2
8.4
8.1
1.2
1.1
14.6
13.7
1.0
1.1
Monnet Ispat
Accumulate
127
139
811
2,199
2,575
21.6
22.8
30.7
38.6
4.1
3.3
0.3
0.3
7.7
8.9
1.4
1.1
Nalco
Neutral
34
8,685
7,270
7,521
13.6
13.8
2.8
2.9
12.2
11.6
0.7
0.7
5.9
6.0
0.6
0.6
NMDC
Buy
122
142
48,191
10,718
11,514
66.6
64.5
15.5
16.1
7.9
7.6
1.6
1.4
21.2
20.0
2.4
2.2
SAIL
Neutral
48
19,824
44,060
54,227
9.2
10.9
5.3
6.8
9.1
7.1
0.5
0.5
5.2
6.5
0.7
0.6
Media
Metals & Mining
Market Outlook
September 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
53,023
3,817
5,781
12.1
17.7
27.0
29.6
6.6
6.0
0.8
0.7
12.9
12.5
14.7
9.7
28,034 153,862 167,209
9.4
10.5
32.8
53.5
8.8
5.4
0.8
0.7
9.0
13.2
0.5
0.5
Metals & Mining

Sesa Goa*
Neutral
179
Tata Steel
Accumulate
289
317
Sarda
Accumulate
85
98
306
1,323
1,398
17.2
17.9
25.3
27.8
3.4
3.1
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
37
405
2,486
2,637
15.2
15.0
13.7
14.2
2.2
2.1
0.2
0.2
9.1
8.7
0.4
0.3
Neutral
79
259
2,171
2,317
14.9
15.8
36.4
46.6
2.2
1.7
0.2
0.2
11.6
13.0
0.5
0.5
Cairn India
Accumulate
335
364
63,982
18,403
17,925
71.9
62.1
62.1
57.4
5.4
5.8
1.1
1.0
22.6
17.8
2.3
2.0
GAIL
Neutral
297
37,725
49,700
48,822
16.0
16.6
32.9
33.4
9.0
8.9
1.4
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
270
350
230,827 164,816 196,050
33.7
36.6
30.0
38.7
9.0
7.0
1.4
1.2
16.0
18.5
1.1
0.8
Reliance Industries
Accumulate
861
953
278,255 417,018 442,434
8.4
8.4
70.3
75.2
12.3
11.5
1.3
1.1
12.0
11.6
0.7
0.6
Gujarat Gas*
Neutral
205
2,635
3,270
3,414
12.8
12.6
22.6
23.1
9.1
8.9
2.4
2.2
28.2
25.6
0.7
0.6
Indraprastha Gas
Neutral
259
3,623
3,656
4,456
21.5
18.6
25.7
26.8
10.1
9.7
2.1
1.8
22.1
19.6
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
118
135
8,828
39,449
43,315
5.3
5.9
14.1
16.9
8.4
7.0
1.7
1.4
21.7
21.9
0.3
0.3
Buy
51
67
2,887
1,002
1,021
91.4
91.5
8.2
8.4
6.3
6.1
0.9
0.8
14.3
13.0
2.4
2.2
Alembic Pharma
Buy
137
165
2,576
1,736
2,008
17.1
18.9
10.5
13.8
13.0
9.9
4.0
3.0
34.4
34.7
1.6
1.3
Aurobindo Pharma
Buy
189
271
5,489
6,641
7,637
15.9
15.9
17.3
20.6
10.9
9.2
1.7
1.5
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,403
5,534
1,682
1,917
15.6
15.6
91.9
101.7
26.2
23.6
3.7
3.7
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
644
894
13,187
7,123
8,367
15.5
15.7
37.3
44.7
17.3
14.4
3.6
3.0
22.9
22.9
2.2
1.8
Cipla
Accumulate
419
477
33,626
9,274
10,796
23.1
23.1
21.0
23.8
19.9
17.6
3.2
2.8
17.2
16.8
3.4
2.8
Dr Reddy's
Accumulate
2,293
2,535
38,984
13,377
15,350
20.4
20.1
112.1
126.6
20.5
18.1
4.4
3.6
23.5
21.8
3.0
2.6
Dishman Pharma
Buy
43
73
348
1,394
1,534
22.5
22.4
14.8
16.6
2.9
2.6
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,262
19,164
2,744
2,964
22.0
23.4
59.2
66.6
38.2
34.0
9.5
9.2
24.9
27.5
6.2
5.7
Indoco Remedies
Buy
62
78
573
747
906
15.3
15.3
5.9
7.6
10.5
8.2
1.3
1.1
12.5
14.4
1.0
0.8
Ipca labs
Neutral
706
8,907
3,296
4,087
20.5
21.7
36.8
48.3
19.2
14.6
4.6
3.6
26.5
27.3
2.8
2.3
Lupin
Accumulate
853
904
38,221
11,576
13,855
22.0
22.0
35.8
43.0
23.8
19.9
5.8
4.6
27.1
25.8
3.4
2.8
Ranbaxy*
Neutral
440
18,601
10,400
11,331
6.6
8.4
11.4
15.2
38.6
28.9
4.1
3.6
11.1
13.1
1.9
1.7
Sun Pharma
Neutral
518
107,283
13,509
15,846
41.0
41.0
16.5
19.9
31.4
26.0
6.3
5.2
22.0
22.0
7.4
6.2
Power
GIPCL
Accumulate
59
65
895
1,444
1,482
33.4
33.0
13.7
14.8
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.4
NTPC
Buy
130
163
107,480
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
Buy
138
179
24,526
8,293
9,622
36.5
36.1
5.7
6.7
24.1
20.4
0.9
0.8
3.7
4.1
5.1
4.2
Real Estate
DLF
Market Outlook
September 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Buy
399
483
1,630
888
1,002
27.0
29.9
33.9
42.1
11.8
9.5
1.2
1.1
9.9
11.2
2.4
2.2
Bharti Airtel
Buy
297
350
118,843
83,535
92,173
32.0
33.1
9.2
12.9
32.4
23.0
2.1
1.9
6.8
8.9
2.1
1.8
Idea Cellular
Neutral
154
51,011
26,717
29,443
30.6
29.8
5.5
6.7
28.3
22.9
3.1
2.8
11.1
12.0
2.3
2.0
Rcom
Neutral
136
28,060
22,050
23,647
30.6
30.8
3.2
5.2
42.6
26.1
0.8
0.8
1.9
3.1
2.9
2.6
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,386
1,628
2,945
1,788
1,996
12.5
12.7
71.7
81.4
19.3
17.0
3.9
3.4
21.7
21.2
1.4
1.2
Bajaj Electricals
Buy
154
184
1,534
3,885
4,472
4.0
5.8
6.8
15.4
22.8
10.0
2.0
1.7
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
503
613
637
631
797
14.5
13.7
42.6
51.1
11.8
9.8
2.8
2.2
26.5
25.3
1.0
0.8
Cravatex
Buy
266
307
69
248
284
6.5
7.3
27.2
38.2
9.8
7.0
1.5
1.3
15.7
18.5
0.4
0.4
Finolex Cables
Buy
52
68
793
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
285
349
371
2,304
2,649
3.1
3.6
28.0
43.7
10.2
6.5
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
305
345
703
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
102
153
278
1,080
1,199
8.9
9.1
18.3
19.1
5.6
5.4
1.0
0.8
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,433
2,152
1,842
2,131
7.7
7.8
111.1
130.9
21.9
18.6
2.8
2.4
13.3
13.9
1.1
0.9
IFB Agro
Buy
135
156
121
491
642
12.3
13.8
35.0
50.9
3.9
2.6
0.6
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
163
194
188
1,365
1,502
10.9
11.2
18.2
28.0
9.0
5.8
0.5
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
147
199
2,443
1,244
1,523
14.1
14.2
5.9
10.0
24.9
14.8
3.0
2.6
12.7
18.8
2.3
1.8
MRF
Buy
13,127
16,218
5,567
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.3
7.3
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Buy
3,995
4,669
4,456
1,059
1,296
19.5
19.8
125.0
155.6
32.0
25.7
15.8
11.6
56.3
52.2
4.3
3.5
Relaxo Footwears
Buy
720
981
864
1,196
1,401
11.9
12.6
55.6
75.4
13.0
9.5
3.1
2.4
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
192
228
180
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.5
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
343
492
604
1,007
1,108
8.4
8.7
30.3
35.1
11.3
9.8
1.3
1.1
11.7
12.2
0.6
0.5
TAJ GVK
Buy
56
108
352
300
319
35.8
36.2
7.9
9.1
7.1
6.2
0.9
0.8
13.9
14.4
1.5
1.2
Tata Sponge Iron
Buy
264
371
407
814
849
17.0
17.6
64.6
69.2
4.1
3.8
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
503
632
390
416
481
4.5
6.1
16.2
25.3
31.0
19.8
3.8
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
237
297
852
153
194
53.0
52.8
12.4
15.6
19.1
15.2
2.3
2.0
11.8
13.1
5.8
4.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
173
230
133
1,591
1,720
6.1
6.4
30.5
38.3
5.7
4.5
0.7
0.7
13.5
15.5
0.3
0.2
2,450
35,607
12,294
14,162
12.0
12.0
42.1
67.7
58.2
36.2
4.1
3.7
9.1
10.7
3.2
2.8
364
439
739
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
5.0
0.5
0.5
7.6
9.4
0.7
0.6
HSIL
Buy
81
117
538
2,042
2,363
14.6
14.8
12.3
16.5
6.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 05, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.
Market Outlook
September 06, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.

Market Outlook: Dealer's Diary

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Market Outlook: Dealer's Diary

Uploaded by

Copyright:

Available Formats

Market Outlook

Meanwhile, Indian shares soared on Thursday after Raghuram Rajan's big-bang

OIL & GAS

Net Inflows (September 04, 2013)

FII Derivatives (September 05, 2013)

Refer detailed news analysis on the following page

Economic and Political News

Force Motors to go ahead with `1,000cr planned investment

Country Event Description

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

September 10, 2013

Industrial Production (YoY)

September 11, 2013

Jobless claims change

September 12, 2013

Industrial Production YoY

September 13, 2013

Producer Price Index (mom)

September 16, 2013

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

FOMC rate decision

September 19, 2013

Existing home sales

September 20, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Germany PMI Services

Germany PMI Manufacturing

September 24, 2013

September 25, 2013

New home sales

September 26, 2013

GDP Qoq (Annualised)

September 17, 2013

September 23, 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

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

4.7 4.8 4.4

5.1 5.4 5.2

Agri / Agri Chemical

Amara Raja Batteries

Mahindra and Mahindra Buy

Auto & Auto Ancillary

85,308 215,043 240,077

Larsen & Toubro