Market Outlook Market Outlook: Dealer's Diary

Market Outlook
June 29, 2012
Dealers Diary
The Indian markets are expected to open in green tracking positive cues from SGX
Nifty. Asian shares and the euro were under pressure as European leaders argued
over how to ease borrowing strains in Italy and Spain and stop the euro zone debt
crisis spreading, with investors fearful of US reaction to the deadlock.
US stocks saw significant weakness throughout much of the trading day on
Thursday, the markets staged a significant recovery attempt in the final hour of
trading. The major averages climbed well off their worst levels of the day but still
closed in negative territory. Lingering concerns about the financial situation in
Europe contributed to the early weakness on Wall Street along with a negative
reaction to the Supreme Court's decision to uphold President Obama's healthcare
reform law, including the law's individual insurance mandate.
Continued expectations of government action to revive domestic growth helped
Indian shares shrug off weak global cues on Thursday. The rupee also traded firm,
bolstered by dollar selling by banks and exporters after PM sought to give a big
push to the sagging economy.
Markets Today
The trend deciding level for the day is 16,981 / 5,145 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,043 17,096 / 5,164 5,178 levels. However, if NIFTY trades below
16,981 / 5,145 levels for the first half-an-hour of trade then it may correct up to
16,928 16,866 / 5,130 5,111 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
16,866
16,928
16,981
17,043
17,096
NIFTY
5,111
5,130
5,145
5,164
5,178
News Analysis
Coal India gets NTPC's de-allocated coal mines

SBI cuts its lending rates for exporters by 50bp
CG inaugurates new EHV switchgear manufacturing facility in Brazil
Petrol price cut by `2.46/litre
DoT to slap penalties `1,594cr on five mobile phone firms this week
PM moves to soften GAAR
EU summit works on short-term support for Spain, Italy
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.1
Nifty
0.1
7.3
5,149
MID CAP
0.1
4.0
6,055
0.2
14.5
6,459
(0.0)
(1.3)
6,757
21.9
7,133
SMALL CAP
BSE HC
BSE PSU
0.3
BANKEX
(0.3)
AUTO
METAL
OIL & GAS
BSE IT
Global Indices
0.1
0.2
23.0 16,991
(36.8) 11,508
7.8
9,256
17.2 10,426
(0.4)
(29.1)
7,941
0.2
12.3
5,688
(Pts)
(Close)
Chg (%)
Dow Jones
(0.2)
(24.8) 12,602
NASDAQ
(0.9)
(25.8)
2,849
FTSE
(0.6)
(30.9)
5,493
1.7
143.6
8,874
Nikkei
Hang Seng
(0.8) (151.7) 19,025

0.2
5.2
2,847
(1.0)
(21.1)
2,196
Chg (%)
(Pts)
(Close)
INFY
(1.0)
(0.4)
$42.8
WIT
(0.9)
(0.1)
$8.7
IBN
(0.5)
(0.1)
$30.4
HDB
(0.6)
(0.2)
$31.0
Straits Times
Shanghai Com
Indian ADRs
Advances / Declines
BSE
NSE
Advances
1,448
736
Declines
1,312
690
138
82
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (June 27, 2012)

` cr
Purch
Sales
Net
MTD
YTD
BSE
4,307
FII
1,918
1,651
267
856
42,794
NSE
11,322
383
319
64
118
(6,348)
MFs
FII Derivatives (June 28, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
5,385
5,354
31
10,982
Stock Futures
6,243
6,198
46
21,369
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Bajaj Finserv
679
5.4
Educomp Sol
171
4.3
MMTC
738
3.8
Manappuram Fin
32
(3.2)
Century Tex
300
3.3
Axis Bank
971
(3.0)
61
3.1
Sesa Goa
186
(2.9)
Indian Hotels
www.angelbroking.com
Company
Price (`)
chg (%)
JPPOWER
35
(4.4)
JSW Ispat
10
(3.5)
Market Outlook
June 29, 2012
Coal India gets NTPC's de-allocated coal mines

Media reports suggest that Coal Ministry has given three de-allocated mines to
Coal India (CIL) and has asked CIL to appoint mine developers to begin the
production from these blocks at the earliest. The three allocated blocks include
Brahmini, Chichro Patsimal and Damogoria blocks. We believe CIL will start
developing these blocks, but it is unlikely to commence production from these
blocks in the near term. Hence, we await further clarity on this matter. Thus, we
maintain our estimates on CIL and recommend a Neutral rating on the stock.
SBI cuts its lending rates for exporters by 50bp

State Bank of India (SBI) has reduced its lending rates for export credit by 50bp
w.e.f. June 23, 2012, responding to recent RBI action of enhancing the limit for
export credit refinance (ECR) from 15% to 50%. We expect the bank to report NIM
of 3.7% and 3.4% for FY2013 and FY2014, respectively. At the CMP, the stock is
trading at 1.2x FY2014E ABV (after adjusting for value of subsidiaries). We
recommend a Buy rating on the stock with a target price of `2,469.
CG inaugurates new EHV switchgear manufacturing facility in

Brazil
CG (Crompton Greaves Ltd) commenced operations of its new Extra High Voltage
(EHV) Switchgear manufacturing facility in Brazil. It will manufacture a full range of
EHV switchgear targeted at the Brazilian Utility market segment. It intends to
differentiate by introducing its latest models and provide Brazilian customers with a
30 per cent reduced lead time. CG expects to reach $50mn during the first year
of operations. CG has already received more than USD 6 million worth of orders
from Utilities such as CEMIG, CPFL, CEEE, RGE and Toshiba. We maintain our Buy
on the stock with a target of `142.
Petrol price cut by `2.46/litre

Oil marketing companies (OMCs) have reduced petrol prices by `2.46/liter.
OMCs had already cut petrol prices by `2.02/liter on June 3, 2012. Petrol prices
have been lowered due to declining global crude oil prices over the past one
month. Brent crude oil price has declined from US$103/bbl on May 31, 2012, to
US$93/bbl as on June 28, 2012. Since petrol prices are not included in the
calculation of under-recoveries, we do not change our estimates for underrecoveries for FY2013. We maintain our Buy rating on ONGC with a target price
of `321 and maintain our Accumulate rating on GAIL with a target price of `389.
Market Outlook
June 29, 2012
DoT to slap penalties `1,594cr on five mobile phone firms this

week
The telecoms department (DoT) will this week formally slap penalties totaling
`1,594crore on five mobile phone firms, after it rejected their defence against
charges that accused them of understating revenues and paying less levies. The
DoT plans to send demand notices to Bharti Airtel, Idea Cellular, Vodafone, Tata
Teleservices, Tata Communications and RCom by the month-end. Earlier this year,
these companies were slapped with showcause notices after a DoT appointed
panel endorsed the findings of external auditors, which said these operators had
understated revenues by `10,268cr during 2006-07 and 2007-08. Since telcos
pay 6-10% of their annual revenue as license fee and 2-6% as spectrum usage
charges, reporting lower revenue brings down the component they have to share
with the government. The DoT had also obtained the law ministry's approval prior
to sending out showcause notices. But all telcos had denied any wrongdoing and
slammed the DoT panel's findings.
The department has estimated that Bharti Airtel will have to pay penalties to the
tune of `292cr while for Vodafone it will be `254cr. The penalty for Idea works to
`113cr, Tata Teleservices at `273cr and Tata Communications at about `120cr
while RCom will have to pay about `551crore. This includes interest and other
related fines for the alleged violations. We continue to maintain our Neutral view
on the overall telecom sector owing to regularity uncertainties as well as increase
in interest payments of various companies (Bharti Airtel, RCom) which has got
forex debt in their books due to sharp INR depreciation.
PM moves to soften GAAR

As per media reports, Prime Minister Manmohan Singh has kicked off a review of
the controversial changes that scared away foreign investors. PM has asked
finance ministry officials to examine the whole gamut of tax issues concerning
portfolio investors which include the General Anti-avoidance Rules (GAAR)
intended to check tax evasion by creating structures sans commercial substance.
With regard to the new provision to tax overseas transactions involving Indian
assets for capital gains, the sources did not even rule out a clarification that no
past deals would be taken up in such cases even if the assessment process was not
complete. The PMO has sought clarifications on all tax issues (pertaining to
investors) and expects clarifications on indirect transfers pertaining to FIIs will be
issued in a few weeks.
EU summit works on short-term support for Spain, Italy

Italy and Spain, battling searing market pressure in the euro zone's widening debt
crisis, blocked agreement on measures to promote growth at a European Union
summit on Thursday to demand urgent action to bring down their borrowing costs.
As per three EU sources, work was focused on using the euro zone's temporary
EFSF rescue fund and a future permanent ESM bailout fund to buy new Spanish
and Italian bonds as they were issued to underpin their bond auctions. The funds
will have a maximum firepower of 500bn once the ESM is fully stocked in 2013,
minus 100bn already earmarked to aid Spanish banks. It is expected that an
Market Outlook
June 29, 2012
agreement could be clinched at a meeting of the 17 euro zone leaders today after
the regular 27-nation EU summit ends.
In draft summit conclusions, subject to amendment today, the leaders were set to
ask the EU's top four officials to produce a detailed, time-bound roadmap in
December leading to a genuine economic and monetary union. European Council
President and European Commission President have set long-term goals of
creating a euro zone treasury to issue joint bonds in the medium-term, and
establishing a banking union with central supervision, a joint deposit guarantee
and a resolution fund.
Economic and Political News
Private airlines may get subsidy for flying to northeast

Petrol price cut by Rs 2.46/litre, scope for more reduction
Indian economic confidence slips in May on weak rupee, inflation
Land deals in India to drop by 20% this yr to Rs 15k cr: C&W
Corporate News
SAIL consortium may sigh pact with Afghanistan next month

Bajaj Auto may hike prices as rupee fall raises input costs
Gati forms JV with Japanese firm to reduce debt, interest cost
Lanco commissions Bangalore-Mangalore toll road
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 29, 2012
Global economic events release calendar

Date
Country
Event Description
July 01, 2012
China
PMI Manufacturing
July 02, 2012
India
Unit
Period
Bloomberg Data
Last Reported
Estimated
Value
JUN
50.40
49.80
Imports YoY%
% Change
MAY
3.80
--
India
Exports YoY%
% Change
MAY
3.20
--
UK
PMI Manufacturing
Value
JUN
45.90
--
Germany
PMI Manufacturing
Value
JUN F
44.70
44.70
July 04, 2012
Germany
PMI Services
Value
JUN F
50.30
50.30
July 05, 2012
UK
BOE Announces rates
% Ratio
JUL 5
0.50
0.50
Euro Zone
ECB announces interest rates
JUL 5
1.00
0.75
US
Change in Nonfarm payrolls
Thousands
JUN
69.00
92.50
US
Unnemployment rate
JUN
8.20
8.20
July 09, 2012
China
Consumer Price Index (YoY)
% Change
JUN
3.00
2.30
July 10, 2012
UK
Industrial Production (YoY)
% Change
MAY
(1.00)
--
China
Exports YoY%
% Change
JUN
15.30
10.10
July 12, 2012
India
% Change
MAY
0.10
--
July 13, 2012
India
% Change
JUN
7.55
--
US
Industrial Production YoY

Monthly Wholesale Prices
YoY%
Producer Price Index (mom)
% Change
JUN
(1.00)
--
China
Industrial Production (YoY)
% Change
JUN
9.60
--
China
Real GDP (YoY)
% Change
2Q
8.10
--
July 16, 2012
Euro Zone
Euro-Zone CPI (YoY)
JUN
2.40
--
July 17, 2012
UK
CPI (YoY)
% Change
JUN
2.80
--
US
Industrial Production
JUN
(0.09)
--
US
Consumer price index (mom)
% Change
JUN
(0.30)
--
US
Housing Starts
Thousands
JUN
708.00
--
US
Building permits
Thousands
JUN
784.00
--
UK
Jobless claims change
% Change
JUN
8.10
--
July 19, 2012
US
Existing home sales
July 25, 2012
US
New home sales
July 31, 2012
US
Consumer Confidence
India
RBI Repo rate
India
July 06, 2012
July 18, 2012
Millions
JUN
4.55
--
Thousands
S.A./
1985=100
%
JUN
369.00
--
JUL
62.00
--
JUL 31
8.00
--
RBI Cash Reserve ratio
JUL 31
4.75
--
India
RBI Reverse Repo rate
JUL 31
7.00
--
August 01, 2012
US
FOMC rate decision
AUG 1
0.25
--
July 31, 2012
US
Consumer Confidence
JUL
62.00
--
India
RBI Repo rate
%
S.A./
1985=100
%
JUL 31
8.00
--
India
RBI Cash Reserve ratio
JUL 31
4.75
--
India
RBI Reverse Repo rate
JUL 31
7.00
--
US
FOMC rate decision
AUG 1
0.25
--
August 01, 2012
Source: Bloomberg, Angel Research
Market Strategy
June 29, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(6.0)
9.4
9.8
10.0
Mar-12
0.1
Feb-12
(4.0)
(3.2)
(5.0)
Mfg. PMI
60.0
9.9
Services PMI
58.0
9.5
7.7
8.0
6.9
7.4
7.7
7.2
7.6
56.0
Source: MOSPI, Angel Research
Source: Bloomberg, Angel Research
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Source: RBI, Angel Research
Jun-12
May-12
Apr-12
CRR
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Reverse Repo rate
Oct-11
Repo rate
Jun-11
Apr-12
Mar-12
4.00
Feb-12
0.0
Jan-12
5.00
Dec-11
15.0
Nov-11
6.00
Oct-11
30.0
Sep-11
7.00
Aug-11
45.0
Jul-11
8.00
Jun-11
60.0
May-11
(%)
9.00
Sep-11
Imports yoy growth
Aug-11
Exports yoy growth
Exhibit 6: Key policy rates
75.0
Jul-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
May-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
48.0
Oct-11
0.0
Sep-11
50.0
Aug-11
2.0
Jul-11
52.0
Jun-11
4.0
Jun-11
54.0
6.0
(15.0)
1.0
Exhibit 4: Manufacturing and services PMI
(%)
9.5
2.7
2.5
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

12.0
4.1
3.4
Jan-12
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(2.0)
3QFY10
3.0
2QFY10
1QFY10
4.0
4QFY09
2.0
Source: CSO, Angel Research
3.7
4.0
Dec-11
5.3
5.0
10.0
6.0
Nov-11
5.9
6.0
6.2
6.0
6.1
Apr-12
8.0
6.7
Oct-11
7.4
Jul-11
7.0
9.5
10.0
8.0
Sep-11
7.5
8.0
8.2
7.6
Aug-11
8.5
9.0
12.0
9.2
Jul-11
9.4
Jun-11
9.8
May-11
(%)
10.0
Exhibit 2: IIP trends
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
135
2,629
1,432
1,647
14.7
14.7
7.0
8.0
19.3
16.9
4.1
3.5
22.8
22.3
1.9
1.6
United Phosphorus
Buy
123
183
5,654
8,191
8,764
16.5
16.5
17.1
18.3
7.2
6.7
1.2
1.0
17.5
16.2
0.8
0.7
Amara Raja Batteries
Accumulate
304
345
2,600
2,715
3,041
15.3
15.3
29.2
32.8
10.4
9.3
2.4
2.0
26.0
23.3
0.9
0.8
Apollo Tyres
Buy
78
100
3,926
13,699
15,184
10.5
10.2
12.1
13.3
6.4
5.9
1.2
1.0
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,572
14,798
16,687
9.6
9.6
2.4
3.0
10.2
8.3
2.0
1.8
14.8
16.5
0.5
0.5
Automotive Axle
Accumulate
448
514
677
1,211
1,387
12.1
11.7
50.3
57.1
8.9
7.9
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,550
1,835
44,865
22,118
24,889
19.0
18.6
115.7
126.5
13.4
12.3
5.4
4.3
45.0
38.9
1.6
1.3
Bharat Forge
Buy
291
372
6,772
7,173
7,998
16.3
16.5
22.3
26.6
13.0
11.0
2.5
2.1
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,768
9,429
27,530
9,390
10,716
19.5
19.1
420.2
471.4
20.9
18.6
4.9
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
98
164
337
5,067
5,631
8.0
7.6
39.4
41.0
2.5
2.4
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Accumulate
135
146
11,467
5,787
6,595
15.5
17.0
7.1
9.0
19.0
15.1
3.3
2.9
18.6
20.3
1.7
1.4
FAG Bearings
Accumulate
1,433
1,594
2,381
1,531
1,748
18.8
18.5
118.0
132.8
12.2
10.8
2.6
2.2
24.0
21.9
1.3
1.1
Hero Motocorp
Accumulate
2,088
2,221
41,691
26,106
29,296
15.0
15.2
140.3
148.1
14.9
14.1
7.0
5.4
54.8
43.3
1.3
1.0
JK Tyre
Buy
94
135
386
7,950
8,904
5.5
6.0
25.1
38.6
3.7
2.4
0.4
0.4
12.1
16.4
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
690
821
42,343
36,010
40,882
10.0
10.0
47.7
53.3
14.5
12.9
2.9
2.5
21.3
20.6
0.9
0.8
Maruti
Buy
1,119
1,510
32,315
42,683
48,736
7.1
7.5
86.6
100.6
12.9
11.1
1.9
1.6
15.3
15.5
0.5
0.4
Motherson Sumi
Buy
164
216
6,417
23,342
26,366
7.8
8.2
13.3
18.0
12.3
9.1
2.9
2.3
26.2
28.4
0.4
0.4
Subros
Accumulate
34
36
202
1,244
1,402
8.4
8.3
4.5
5.1
7.5
6.6
0.7
0.7
9.9
11.0
0.4
0.3
Tata Motors
Buy
240
299
63,936 189,676 210,905
12.5
12.6
39.8
45.2
6.0
5.3
2.5
2.0
44.3
41.6
0.4
0.4
TVS Motor
Buy
34
44
1,615
7,690
8,459
6.1
6.0
5.0
5.5
6.8
6.2
1.2
1.1
19.0
18.6
0.2
0.1
ABB*
Sell
791
498
16,768
8,760
10,023
7.6
7.5
18.2
20.7
43.4
38.2
5.8
5.2
14.4
14.6
1.9
1.7
BGR Energy
Neutral
294
2,120
4,195
4,837
11.0
11.0
30.1
32.4
9.8
9.1
1.7
1.5
18.4
17.6
1.0
1.0
BHEL
Neutral
221
54,141
46,344
46,916
18.3
18.6
23.5
24.1
9.4
9.2
1.9
1.6
21.3
18.9
1.1
1.0
Blue Star
Neutral
162
1,459
3,047
3,328
5.4
6.9
9.6
16.2
16.9
10.0
3.3
2.7
20.7
29.7
0.6
0.5
Crompton Greaves
Buy
120
142
7,669
12,451
14,265
7.9
8.3
8.0
9.5
15.0
12.6
2.0
1.8
13.9
14.9
0.7
0.6
Jyoti Structures
Buy
39
67
318
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
55
73
1,424
6,686
7,200
8.5
8.8
10.6
12.2
5.3
4.5
1.0
0.8
25.9
24.0
0.4
0.4
LMW
Buy
1,603
1,992
1,806
2,369
2,727
11.7
11.7
143.4
166.0
11.2
9.7
1.9
1.7
17.4
18.4
0.3
0.2
Thermax
Neutral
478
5,700
5,514
5,559
9.8
9.6
29.7
28.4
16.1
16.9
3.0
2.7
20.2
16.9
0.9
0.8
Capital Goods
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,222
22,941
11,018
12,663
19.9
21.2
70.7
81.2
17.3
15.1
3.0
2.7
18.0
19.0
1.9
1.5
Ambuja Cements
Neutral
173
26,610
10,035
11,504
23.5
23.8
10.1
10.6
17.1
16.4
3.4
3.0
18.5
19.4
2.2
1.8
India Cements
Neutral
84
2,582
4,423
4,906
18.2
18.8
9.9
12.7
8.5
6.6
0.7
0.7
8.6
10.5
0.9
0.8
J K Lakshmi Cements
Buy
67
79
820
1,938
2,246
19.1
20.1
14.6
16.1
4.6
4.2
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
151
3,592
3,444
3,786
25.5
24.9
14.6
17.1
10.4
8.9
1.5
1.3
15.6
16.0
1.7
1.4
Shree Cements
Neutral
2,918
10,165
5,465
6,249
24.3
23.7
151.5
222.1
19.3
13.1
4.6
4.0
21.6
25.8
1.4
1.1
UltraTech Cement
Neutral
1,505
41,255
20,116
22,655
21.3
22.5
82.1
97.5
18.3
15.4
2.9
2.5
16.8
17.4
1.9
1.8
212
273
1,119
2,014
2,293
22.4
22.4
22.6
26.7
9.4
8.0
1.0
0.9
11.4
11.9
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
249
2,526
2,792
5.7
6.6
1.8
2.8
7.3
4.8
0.4
0.4
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
20
1,186
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.9)
(25.0)
1.1
1.3
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
122
166
4,048
3,821
4,582
42.3
40.2
15.0
16.9
8.1
7.2
1.2
1.1
16.1
15.8
2.7
2.5
ITNL
Buy
179
265
3,470
6,619
7,925
23.8
23.3
22.0
26.7
8.1
6.7
1.1
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
52
61
1,376
5,510
6,722
8.8
9.0
2.5
4.6
20.4
11.3
0.7
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
72
88
15,204
15,259
17,502
25.7
24.7
4.2
5.0
16.9
14.3
1.4
1.3
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,341
1,553
82,183
59,559
69,089
12.1
11.5
70.8
76.5
19.0
17.5
2.8
2.5
16.1
15.3
1.6
1.4
Madhucon Proj
Buy
37
56
274
2,206
2,502
10.7
10.7
4.6
4.7
8.0
7.9
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
40
1,029
5,453
6,169
8.1
8.5
1.6
1.9
24.4
20.8
0.4
0.4
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
89
623
3,609
3,836
13.1
13.1
14.0
14.6
6.4
6.1
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
47
1,556
11,592
12,993
8.4
8.4
1.8
3.2
26.0
14.6
0.5
0.5
2.0
3.4
0.6
0.6
Sadbhav Engg.
Buy
144
182
2,164
2,789
3,147
10.6
10.7
8.4
10.4
17.1
13.8
2.3
2.0
15.0
15.6
0.9
0.8
Simplex Infra
Buy
210
265
1,040
6,732
7,837
8.1
8.4
23.5
29.4
8.9
7.2
0.8
0.8
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
147
7,345
7,392
8,542
3.1
3.1
38.3
42.1
3.8
3.5
0.7
0.6
18.4
17.6
Andhra Bank
Neutral
116
6,491
5,151
5,843
3.2
3.1
22.4
25.7
5.2
4.5
0.8
0.7
15.8
16.0
Axis Bank
Buy
971
1,476
40,228
16,157
19,557
3.2
3.2
116.4
139.1
8.3
7.0
1.5
1.3
20.0
20.3
Bank of Baroda
Buy
721
925
28,238
15,993
18,918
2.6
2.6
127.3
149.9
5.7
4.8
0.9
0.8
17.8
18.2
Bank of India
Accumulate
345
389
19,784
13,558
15,551
2.5
2.4
61.6
70.8
5.6
4.9
0.9
0.8
16.8
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Neutral
Financials
49
53
2,874
3,580
4,050
3.2
3.2
11.5
13.1
4.2
3.7
0.7
0.6
17.4
17.2
406
493
17,981
12,061
13,906
2.3
2.3
83.1
92.7
4.9
4.4
0.8
0.7
16.7
16.4
78
5,705
6,838
7,912
2.3
2.4
13.8
20.3
5.6
3.8
0.8
0.7
10.9
14.4
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Accumulate
413
468
6,122
5,203
5,880
2.2
2.1
107.5
112.7
3.9
3.7
0.7
0.6
17.9
16.5
Dena Bank
Accumulate
97
107
3,380
3,149
3,522
2.8
2.8
23.3
26.1
4.1
3.7
0.7
0.6
17.7
17.0
Federal Bank
Neutral
445
7,600
2,743
3,131
3.4
3.3
49.7
57.4
9.0
7.7
1.2
1.1
14.1
14.6
HDFC
Neutral
645
96,124
7,393
8,844
3.5
3.4
31.7
37.9
20.4
17.0
4.1
3.6
34.7
31.9
HDFC Bank
Neutral
547
128,751
21,831
27,477
4.3
4.3
28.3
35.5
19.3
15.4
3.7
3.1
20.8
22.1
ICICI Bank
Buy
857
1,174
98,445
22,209
26,512
2.8
2.8
67.9
81.1
12.6
10.6
1.5
1.4
14.7
16.0
IDBI Bank
Buy
91
113
11,621
8,004
9,589
1.9
2.0
19.9
23.9
4.6
3.8
0.6
0.5
13.8
14.9
Indian Bank
Accumulate
168
190
7,239
6,312
7,119
3.4
3.3
41.1
43.7
4.1
3.9
0.7
0.6
18.2
16.9
IOB
Accumulate
82
92
6,571
7,354
8,283
2.5
2.4
16.3
21.7
5.1
3.8
0.6
0.5
11.5
13.9
J & K Bank
Neutral
974
4,724
2,535
2,861
3.5
3.4
176.3
184.4
5.5
5.3
1.0
0.9
19.3
17.6
LIC Housing Finance
Accumulate
263
286
13,285
2,108
2,607
2.6
2.6
24.5
30.6
10.8
8.6
2.0
1.7
20.1
21.4
Oriental Bank
Accumulate
246
262
7,163
6,431
7,315
2.7
2.6
54.4
63.8
4.5
3.9
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
788
1,041
26,727
19,893
23,653
3.1
3.2
153.4
175.2
5.1
4.5
0.9
0.8
18.3
18.1
South Ind.Bank
Neutral
24
2,684
1,440
1,635
2.7
2.5
3.8
4.1
6.3
5.8
1.2
1.1
19.9
18.6
St Bk of India
Accumulate
2,095
2,469
140,614
68,311
79,649
3.6
3.6
230.4
273.4
9.1
7.7
1.5
1.3
18.2
18.8
Syndicate Bank
Buy
105
126
6,302
7,133
8,255
3.0
3.0
25.9
30.0
4.0
3.5
0.6
0.6
16.9
17.1
UCO Bank
Neutral
76
5,078
5,623
6,380
2.4
2.4
16.9
17.9
4.5
4.3
0.8
0.8
16.5
15.4
Union Bank
Buy
206
261
11,330
10,215
11,854
2.9
2.8
42.7
50.3
4.8
4.1
0.8
0.7
17.0
17.5
United Bank
Buy
60
78
2,161
3,551
4,128
2.7
2.8
18.8
22.6
3.2
2.7
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
57
2,802
2,668
3,001
2.2
2.2
10.6
12.2
5.3
4.6
0.7
0.7
13.3
13.8
Yes Bank
Buy
332
450
11,755
3,209
4,144
2.7
2.8
33.9
41.5
9.8
8.0
2.1
1.7
23.1
23.3
3,748
35,946
11,423
13,309
16.3
16.3
125.3
148.4
29.9
25.3
10.2
8.0
38.0
35.4
3.2
2.7
525
633
6,274
5,835
6,824
6.3
6.7
20.7
27.5
25.4
19.1
9.9
7.4
42.7
44.3
1.0
0.9
1,173
15,947
3,007
3,417
21.1
22.1
38.2
43.8
30.7
26.8
36.5
28.7
130.2
119.9
4.9
4.3
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Reduce
114
106
19,782
5,878
6,799
16.8
17.0
4.2
4.9
27.4
23.1
9.9
8.1
39.3
42.0
3.4
2.9
GlaxoSmith Con*
Neutral
2,750
11,564
3,124
3,663
17.1
11.6
103.0
123.3
26.7
22.3
8.2
6.6
34.0
32.9
3.2
2.7
Godrej Consumer
Neutral
568
19,320
5,973
7,000
18.4
18.6
22.8
27.2
24.9
20.9
6.8
5.5
31.3
38.4
3.3
2.8
HUL
Neutral
450
97,367
25,350
29,309
14.3
14.4
14.1
16.4
31.9
27.5
23.9
18.6
82.7
76.2
3.7
3.2
ITC
Neutral
251
196,594
29,638
34,159
35.4
35.8
9.3
10.9
26.9
23.1
8.7
7.1
35.3
33.8
6.4
5.5
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
182
11,739
4,667
5,427
12.8
12.9
6.6
8.1
27.4
22.4
7.3
5.8
30.0
28.8
2.4
2.0
Nestle*
Neutral
4,495
43,343
8,731
10,539
21.0
21.4
119.3
147.9
37.7
30.4
23.1
15.7
73.0
61.6
5.0
4.0
Tata Global
Buy
116
136
7,158
7,011
7,711
9.7
10.0
6.3
7.5
18.5
15.5
1.8
1.7
9.5
10.9
0.9
0.8
HCL Tech
Buy
461
560
31,970
22,792
25,743
17.4
17.4
37.8
43.0
12.2
10.7
2.7
2.3
22.3
21.3
1.4
1.2
Hexaware
Neutral
127
3,762
1,821
2,105
19.0
18.6
9.8
10.7
12.9
11.9
3.0
2.6
23.7
22.5
1.8
1.5
Infosys
Accumulate
2,473
2,792
141,990
37,615
42,491
31.1
30.6
158.5
174.5
15.6
14.2
3.5
3.0
22.5
20.8
3.1
2.6
Infotech Enterprises
Accumulate
162
177
1,805
1,758
1,972
17.0
16.6
16.8
18.6
9.6
8.7
1.3
1.2
13.6
13.2
0.6
0.5
KPIT Cummins
Neutral
114
2,026
2,028
2,239
15.0
14.8
9.0
11.4
12.6
10.0
2.3
1.9
19.3
18.7
1.0
0.8
Mahindra Satyam
Accumulate
78
86
9,120
7,097
7,812
16.2
16.0
7.5
8.0
10.3
9.7
1.4
1.2
13.2
12.3
0.9
0.7
Mindtree
Accumulate
641
643
2,606
2,172
2,450
16.1
15.5
53.9
58.5
11.9
11.0
2.2
1.9
18.9
17.0
0.9
0.8
Mphasis
Accumulate
364
373
7,637
5,608
5,964
17.7
17.3
35.5
36.8
10.2
9.9
1.4
1.3
13.9
12.6
0.8
0.7
NIIT
Buy
41
52
682
1,162
1,304
14.8
15.1
7.1
8.8
5.8
4.7
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Reduce
398
361
1,590
1,109
1,224
23.3
22.4
37.2
40.1
10.7
9.9
1.6
1.4
15.4
14.5
1.1
0.9
TCS
Neutral
1,259
246,375
57,189
66,329
29.3
28.7
63.2
70.9
19.9
17.8
6.1
4.9
30.5
27.7
4.0
3.3
Tech Mahindra
Accumulate
700
725
8,923
5,880
6,314
15.6
15.2
75.9
82.2
9.2
8.5
1.9
1.5
20.1
18.1
1.4
1.3
Wipro
Accumulate
399
452
98,029
43,150
48,541
20.0
20.5
25.9
30.1
15.4
13.2
2.9
2.5
19.1
19.0
2.0
1.6
D B Corp
Buy
206
269
3,775
1,652
1,863
25.7
26.3
13.5
16.1
15.3
12.8
3.4
2.9
24.1
24.4
2.0
1.7
HT Media
Buy
96
148
2,256
2,255
2,555
16.3
16.7
9.0
10.6
10.7
9.1
1.3
1.2
13.4
13.8
0.6
0.5
Jagran Prakashan
Buy
87
137
2,744
1,499
1,642
27.4
28.8
7.6
9.1
11.4
9.6
3.8
3.4
34.6
37.7
1.8
1.6
PVR
Neutral
149
387
625
732
17.4
16.9
12.4
15.8
12.0
9.5
1.9
2.0
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
298
11,744
2,135
2,458
75.2
74.4
20.9
24.0
14.3
12.4
3.3
2.8
26.0
25.1
4.1
3.3
Bhushan Steel
Reduce
460
436
9,767
9,232
13,557
30.8
31.1
48.0
58.6
9.6
7.9
1.2
1.1
14.5
7.5
3.2
2.2
Coal India
Neutral
348
219,746
68,841
74,509
25.3
25.3
24.1
26.1
14.5
13.3
4.0
3.3
30.4
26.8
2.2
1.9
Electrosteel Castings
Buy
17
22
586
1,984
2,074
11.2
12.6
2.0
2.7
8.3
6.3
0.3
0.1
4.2
5.5
0.5
0.4
Hind. Zinc
Buy
118
139
49,838
13,043
14,223
51.8
52.8
14.8
16.6
8.0
7.1
1.6
1.3
21.2
19.9
2.2
1.6
Hindalco
Neutral
115
22,075
83,463
91,313
9.0
9.9
13.7
18.1
8.4
6.4
0.6
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
669
14,927
39,592
44,910
18.0
17.7
74.7
88.9
9.0
7.5
0.9
0.8
10.7
11.6
0.7
0.7
MOIL
Accumulate
281
296
4,728
1,007
1,091
56.6
56.9
29.4
31.9
9.6
8.8
1.7
1.5
19.0
18.2
2.3
1.9
Monnet Ispat
Buy
378
447
2,430
3,115
3,748
22.1
25.1
59.1
66.8
6.4
5.7
0.9
0.8
15.6
15.3
1.5
1.1
IT
Media
Metals & Mining
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
60
54
15,463
8,474
9,024
12.6
16.2
2.6
3.6
23.5
16.7
1.3
1.2
5.6
7.5
1.4
1.3
182
187
72,158
11,959
13,062
78.2
78.6
19.1
20.9
9.6
8.7
2.3
1.9
27.1
24.4
3.7
3.2
SAIL
Sesa Goa
Neutral
88
36,493
50,914
60,785
14.6
15.1
9.4
10.5
9.4
8.4
0.8
0.8
9.2
9.6
1.2
1.1
Neutral
186
16,131
9,067
9,316
35.7
35.5
44.5
44.3
4.2
4.2
0.9
0.8
23.5
19.5
0.4
Sterlite Inds
0.1
Buy
98
123
32,884
45,805
49,029
21.2
23.5
16.5
19.1
5.9
5.1
0.7
0.6
11.5
12.0
0.3
Tata Steel
0.2
Buy
428
499
41,607 143,088 148,011
10.9
12.1
53.9
66.0
8.0
6.5
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Accumulate
328
372
62,482
15,513
16,074
74.0
69.7
51.1
48.6
6.4
6.8
1.1
0.9
18.3
14.8
2.9
2.1
GAIL
Accumulate
346
389
43,858
50,472
55,502
15.3
15.6
35.4
37.0
9.8
9.3
1.7
1.5
19.0
17.2
0.1
ONGC
Buy
278
321
237,672 156,331 159,043
37.7
36.3
31.3
32.6
8.9
8.5
1.6
1.4
18.7
17.3
1.2
1.1
Reliance Industries
Buy
719
897
235,555 316,404 319,119
11.2
12.0
63.5
68.7
11.3
10.5
1.1
1.0
11.7
11.4
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
54
91
1,026
1,624
1,855
14.2
15.6
6.6
9.1
8.3
6.0
2.0
1.6
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
107
156
3,115
5,243
5,767
14.6
14.6
13.8
14.7
7.8
7.3
0.9
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
2,146
4,943
1,482
1,682
15.5
15.5
95.0
104.0
22.6
20.6
4.0
3.1
18.6
17.0
3.2
2.7
Cadila Healthcare
Buy
765
953
15,661
6,196
7,443
18.5
19.5
43.3
50.8
17.7
15.1
4.6
3.6
25.4
24.8
2.5
2.0
Cipla
Buy
308
379
24,702
7,687
8,804
21.4
21.4
16.5
18.9
18.7
16.3
2.9
2.5
16.7
16.8
3.2
2.7
Dr Reddy's
Neutral
1,611
27,338
10,696
11,662
20.7
21.0
83.7
92.9
19.3
17.3
4.0
3.4
22.4
21.0
2.6
2.4
Dishman Pharma
Buy
65
92
523
1,280
1,536
17.8
17.8
9.2
11.3
7.0
5.7
0.5
0.5
7.7
8.5
1.1
0.9
GSK Pharma*
Neutral
2,001
16,951
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.3
7.6
6.6
30.8
29.0
5.5
4.8
Indoco Remedies
Buy
55
82
502
685
837
15.2
15.2
7.4
8.9
7.4
6.1
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
351
435
4,427
2,850
3,474
20.3
20.3
26.6
32.7
13.2
10.7
3.4
2.7
28.2
27.9
1.7
1.4
Lupin
Buy
533
647
23,822
8,426
10,082
19.7
20.0
29.7
32.4
18.0
16.5
4.7
3.7
27.0
25.2
2.7
2.2
Orchid Chemicals
Buy
116
178
815
2,117
2,434
17.7
17.7
16.7
22.2
6.9
5.2
0.6
0.6
9.5
11.5
1.0
0.8
Ranbaxy*
Neutral
488
20,584
12,046
11,980
18.0
15.8
35.7
29.8
13.7
16.4
5.1
4.2
43.1
28.1
1.7
1.7
Sun Pharma
Reduce
616
569
63,478
9,272
11,080
38.6
38.0
22.7
22.6
27.2
27.3
4.6
4.0
17.9
15.6
5.0
3.9
CESC
Buy
286
342
3,569
5,084
5,512
24.2
23.8
45.2
48.5
6.3
5.9
0.7
0.6
11.2
10.9
1.1
1.2
GIPCL
Buy
63
77
959
1,557
1,573
28.8
28.5
10.4
10.9
6.1
5.8
0.6
0.6
10.4
10.2
1.1
0.9
NTPC
Neutral
157
129,660
74,766
86,549
23.1
23.4
12.4
14.1
12.7
11.2
1.6
1.4
13.0
13.5
2.4
2.2
47
78
1,388
657
875
52.0
56.1
8.4
12.7
5.6
3.7
0.3
0.3
6.3
8.9
3.3
2.5
194
32,924
9,878
12,033
44.7
46.1
9.6
13.4
20.2
14.5
1.3
1.2
6.4
8.7
5.8
4.8
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Real Estate
HDIL
Buy
85
115
3,564
2,441
3,344
53.0
46.7
21.4
25.4
4.0
3.4
0.3
0.3
8.4
9.1
3.2
2.4
MLIFE
Buy
327
376
1,336
814
897
26.9
27.0
31.3
33.9
10.5
9.6
1.1
1.0
10.2
10.1
1.9
1.7
Bharti Airtel
Neutral
303
115,236
80,961
86,705
33.5
34.0
17.2
20.8
17.7
14.6
2.0
1.8
11.5
12.3
2.1
1.9
Idea Cellular
Neutral
75
24,706
22,558
25,326
26.4
27.5
3.2
4.7
23.2
15.7
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
62
12,776
22,288
23,871
32.1
32.7
4.4
6.0
14.0
10.3
0.3
0.3
2.4
3.2
2.0
1.7
Telecom
zOthers
Bajaj Electricals
Buy
198
246
1,973
3,569
4,172
8.6
9.2
17.3
22.3
11.5
8.9
2.5
2.1
22.9
25.3
0.5
0.5
Abbott India
Accumulate
1,456
1,628
3,094
1,661
1,918
9.7
12.0
60.7
90.4
24.0
16.1
4.9
4.0
22.0
27.3
1.6
1.3
CRISIL
Neutral
1,062
7,455
982
1,136
34.3
34.3
34.3
40.0
30.9
26.6
14.0
11.2
50.9
46.9
7.3
6.1
Cera Sanitaryware
Accumulate
271
288
343
385
444
17.2
17.4
28.9
32.0
9.4
8.5
2.0
1.6
23.4
21.1
1.0
0.9
Force Motors
Buy
453
680
590
2,346
2,753
6.7
7.0
50.9
61.9
8.9
7.3
0.5
0.5
5.5
6.3
0.2
0.2
Finolex Cables
Buy
41
61
621
2,334
2,687
8.8
9.3
7.6
10.2
5.3
4.0
0.7
0.6
13.7
16.1
0.2
0.1
Goodyear India
Buy
313
374
723
1,511
1,692
7.9
9.0
31.5
41.3
10.0
7.6
2.0
1.6
21.2
23.5
0.3
0.2
Graphite India
Buy
88
124
1,720
2,158
2,406
18.1
18.9
12.4
14.0
7.1
6.3
1.0
0.9
14.0
14.3
0.9
0.8
HEG
Buy
205
242
820
1,746
1,946
16.5
17.7
22.5
32.9
9.1
6.2
0.9
0.9
10.4
14.2
1.1
1.0
Hitachi
Buy
112
160
257
857
968
6.9
8.4
10.2
16.0
11.0
7.0
1.4
1.2
12.9
17.8
0.4
0.3
Honeywell Automation
Neutral
2,650
2,343
1,542
1,739
9.4
10.0
116.1
140.8
22.8
18.8
3.2
2.8
15.5
15.9
1.3
1.2
INEOS ABS India
Accumulate
703
777
1,236
900
1,011
10.2
11.5
35.6
45.7
19.8
15.4
2.9
2.5
15.4
17.2
1.2
1.0
ITD Cementation
Accumulate
225
236
259
1,535
1,842
11.1
11.1
27.3
38.3
8.2
5.9
0.6
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Buy
234
268
1,884
1,315
1,568
8.6
11.1
6.4
10.9
36.6
21.5
3.1
2.9
8.4
13.9
1.7
1.4
MCX
Buy
1,035
1,598
5,278
610
702
65.5
67.0
67.9
79.9
15.3
13.0
4.5
3.7
29.1
28.9
5.6
4.3
MRF
Buy
9,882
13,106
4,191
12,390
14,400
10.4
11.3 1,334.6 1,638.2
7.4
6.0
1.5
1.2
16.5
17.4
0.5
0.5
Greenply Industries
Buy
189
309
456
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.0
0.9
16.8
21.0
0.5
0.4
Page Industries
Neutral
2,876
3,208
887
1,108
18.3
18.6
95.0
120.9
30.3
23.8
15.8
12.8
57.4
59.5
3.6
2.9
Relaxo Footwears
Neutral
506
607
1,019
1,208
11.0
10.8
44.9
53.1
11.3
9.5
2.7
2.1
27.2
25.0
0.7
0.6
Sintex Industries
Buy
59
79
1,600
4,751
5,189
16.3
16.6
13.6
15.8
4.3
3.7
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
266
392
250
1,042
1,173
12.4
12.5
66.3
78.5
4.0
3.4
0.8
0.7
21.1
20.8
0.5
0.4
SpiceJet
Buy
33
40
1,581
5,647
6,513
3.5
6.5
1.9
4.9
16.8
6.7
39.5
5.7
0.4
0.4
TVS Srichakra
Buy
318
462
243
1,612
1,827
9.5
9.8
72.3
92.5
4.4
3.4
1.3
1.0
33.1
32.1
0.4
0.3
TAJ GVK
Buy
62
108
386
300
319
35.8
36.2
7.9
9.1
7.8
6.8
1.0
0.9
13.9
14.4
1.6
1.3
Market Outlook
June 29, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Tata Sponge Iron
Buy
346
420
532
700
806
18.2
18.2
55.6
65.1
6.2
5.3
0.8
0.7
14.2
14.8
0.3
0.2
United Spirits
Accumulate
663
730
8,674
10,289
11,421
13.5
14.3
31.0
42.9
21.4
15.5
1.7
1.5
8.1
10.3
1.6
1.4
Vesuvius India
Accumulate
366
413
743
628
716
16.4
16.5
29.8
34.4
12.3
10.6
2.1
1.8
18.8
18.6
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 28, 2012
Market Outlook
June 29, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

June 29, 2012

Coal India gets NTPC's de-allocated coal mines

(0.8) (151.7) 19,025

Refer detailed news analysis on the following page

Net Inflows (June 27, 2012)

FII Derivatives (June 28, 2012)

Coal India gets NTPC's de-allocated coal mines

SBI cuts its lending rates for exporters by 50bp

CG inaugurates new EHV switchgear manufacturing facility in

Petrol price cut by `2.46/litre

DoT to slap penalties `1,594cr on five mobile phone firms this

PM moves to soften GAAR

EU summit works on short-term support for Spain, Italy

Economic and Political News

Private airlines may get subsidy for flying to northeast

SAIL consortium may sigh pact with Afghanistan next month

Global economic events release calendar

July 01, 2012

July 02, 2012

July 04, 2012

July 05, 2012

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

July 09, 2012

Consumer Price Index (YoY)

July 10, 2012

Industrial Production (YoY)

July 12, 2012

July 13, 2012

Industrial Production YoY

Industrial Production (YoY)

Real GDP (YoY)

July 16, 2012

Euro-Zone CPI (YoY)

July 17, 2012

Consumer price index (mom)

Jobless claims change

July 19, 2012

Existing home sales

July 25, 2012

New home sales

July 31, 2012

RBI Repo rate

July 06, 2012

July 18, 2012

RBI Cash Reserve ratio

RBI Reverse Repo rate

August 01, 2012

FOMC rate decision

July 31, 2012

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

FOMC rate decision

August 01, 2012

Source: Bloomberg, Angel Research

Source: MOSPI, Angel Research

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Reverse Repo rate