Market Outlook Market Outlook: Dealer's Diary

Market Outlook
July 4, 2012
Dealers Diary
The Indian markets are expected to open flat to positive tracing positive opening in
most of the Asian bourses and the SGX Nifty. Most of the Asian shares are trading
higher in the opening trades on speculation that Chinese and European central
bankers will ease monetary policy.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
Nifty
0.2
26.7 17,426
8.3
5,287
MID CAP
0.5
29.7
6,239
US markets, after initially showing a lack of direction, moved mostly higher over
the course of the abbreviated trading session on Tuesday. Strength that emerged
on Wall Street was partly due to the release of a report from the Commerce
department showing a bigger than expected increase in factory orders in the month
of May. The markets also benefited from news of strong sales by U.S. automakers
in the month of June. Most of the European markets closed in the green again on
Tuesday, driven by hopes for a rate cut by the European Central Bank. The bank is
expected to announce its decision on interest rates on Thursday.
SMALL CAP
0.8
52.7
6,668
BSE HC
0.2
11.0
6,916
BSE PSU
1.0
75.1
7,387
BANKEX
0.6
72.8 12,060
AUTO
0.2
21.0
METAL
0.8
83.5 10,934
OIL & GAS
0.6
51.8
8,147
(0.5)
(28.9)
5,721
Meanwhile, Indian markets briefly dipped into the red before rebounding to close
modestly higher, on the back of improved risk appetite and speculation concerning
additional stimulus measures from major central banks.
Global Indices
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 17,435 / 5,290 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,518 17,610 / 5,315 5,341 levels. However, if NIFTY trades below
17,435 / 5,290 levels for the first half-an-hour of trade then it may correct up to
17,343 17,259 / 5,264 5,239 levels.
S2
S1
PIVOT
R1
R2
SENSEX
17,259
17,343
17,435
17,518
17,610
NIFTY
5,239
5,264
5,290
5,315
5,341
News Analysis
Telecom tribunal gives split verdict in 3G roaming case

MOIL raises prices by 12-15% for 2QFY2013
Lupin receives USFDA approval for Generic Ortho Tri-cyclen Lo Tablets
Ashok Leyland reports above-expectations volumes in June 2012
Chg (%)
Dow Jones
0.6
72.4 12,944
NASDAQ
0.8
24.9
2,976
FTSE
0.8
47.1
5,688
Nikkei
0.7
63.1
9,067
Hang Seng
1.5
Straits Times
1.2
34.7
2,945
Shanghai Com
0.1
3.1
2,229
Chg (%)
(Pts)
(Close)
1.4
0.6
$46.1
WIT
3.0
0.3
$9.3
IBN
2.6
0.8
$33.3
HDB
2.8
0.9
$34.0
Indian ADRs
Indices
BSE IT
9,426
INFY
BSE
NSE
Advances
1,680
896
Refer detailed news analysis on the following page
Declines
1,194
560
Net Inflows (July 2, 2012)
Unchanged
89
59
Advances / Declines
294.1 19,736
` cr
Purch
Sales
Net
MTD
YTD
FII
6,933
3,038
3,895
3895
45,994
Volumes (` cr)
322
543
(222)
(222)
(6,067)
BSE
2,063
NSE
10,364
MFs
FII Derivatives (July 3, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,446
1,030
416
13,001
Stock Futures
1,245
1,397
(152)
23,936
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Mangalore Ref
60
8.4
Sun TV Network
323
5.8
Castrol India
528
(1.8)
59
5.8
Amtek Auto
106
(1.8)
Gujarat Fluo
421
5.5
Apollo Tyres
78
(1.8)
Idea Cellular
82
5.4
GMR Infra
25
(1.8)
Essar Oil
www.angelbroking.com
Company
PTC India
Price (`)
chg (%)
63
(2.2)
Market Outlook
July 4, 2012
Telecom tribunal gives split verdict in 3G roaming case

Telecom tribunal TDSAT gave a split verdict in the 3G intra-circle roaming case
with its Chairman allowing operators' plea against the governments order to stop
the service, while its member dismissed it. The two-member bench comprising its
Chairman, Justice S B Sinha, and Member, P K Rastogi, differed in their findings.
Justice Sinha allowed the telecom operators' plea against the government's
directive to stop intra-circle 3G roaming saying that it was violative of natural
justice. According to him, it was a violation of natural justice. Setting aside the
DoTs order to operators to stop ICR roaming, he asked DoT to start the procedure
afresh by giving proper time to operators to respond. Rastogi, however, dismissed
telecom operators plea saying they cannot provide roaming. The chairman was of
the view that the DoT had not followed the proper procedure and the operators
were not given proper time to put their views. TDSAT has a sanctioned strength of
three people, including the Chairman. However, due to retirement of its technical
member, the tribunal now have two people, which led to the split verdict. The
telecom enforcement, resource and monitoring (TERM) cell of the DoT had earlier
said that action must be taken against those operators that have entered into such
roaming deals, whereby a mobile operator without 3G spectrum is able to offer
services. The operators, on their part, have defended their action by saying that the
DoT itself had clarified before the 3G auction that intra-circle roaming will be
permitted.
Bharti Airtel got 3G licenses in 13 circles and paid `12,300cr for this. If Bharti has
to buy the spectrum at the 2010 3G auction prices in its remaining nine circles, it
will have to shell out `4,460cr. Idea paid `5,770cr for 3G licenses in 11 circles.
Idea will have to spend `10,980cr for the remaining 11 circles. The telecom sector
currently remains surrounded by lot of regulatory uncertainties, which could be
structurally negative for the overall sector. We maintain our Neutral view on the
telecom sector.
MOIL raises prices by 12-15% for 2QFY2013

MOIL has raised prices of manganese ore by 12-15% for 2QFY2013, depending
on various grades. MOIL had frequently lowered prices after January 2011 on
account of oversupply of manganese ore in international markets. However,
international manganese ore prices have increased in the past three months.
Moreover, given the recent INR depreciation against the USD, the increase in
manganese ore price by MOIL does not surprise us. Further, given the 10% rise in
the stock price over the past three months, we maintain our Neutral
recommendation on the stock.
Market Outlook
July 4, 2012
Lupin receives USFDA approval for Generic Ortho Tri-cyclen Lo

Tablets
Lupins subsidiary, Lupin Pharmaceuticals Inc. has received approval for its
Norgestimate and Ethinyl Estradiol Tablets, 0.18 mg/0.025 mg, 0.215 mg/0.025
mg, and 0.25 mg/0.025 mg from the U.S. FDA (FDA). Lupins Norgestimate and
Ethinyl Estradiol Tablets are the AB-rated generic equivalent of Ortho Tri-cyclen
Lo Tablets, 0.18 mg/0.025 mg, 0.215 mg/0.025 mg and 0.25 mg/0.025 mg,
of Janssen Pharmaceuticals, Inc. Norgestimate and Ethinyl Estradiol Tablets are
indicated for the prevention of pregnancy in women who elect to use oral
contraceptives as a method of contraception. Ortho Tri-cyclen Lo Tablets had
annual U.S. sales of ~US$421mn for the 12 months ending March 2012
(IMS Health sales data). We maintain our Buy recommendation on the stock with a
target price of `647.
Ashok Leyland reports above-expectations volumes in June 2012

Ashok Leyland (AL) registered strong growth of 27.9% yoy (18.5% mom) in June
2012, ahead of our expectations, primarily driven by incremental volumes from
the recently launched small commercial vehicle Dost (2,725 units, up 18.2%
mom). While commercial vehicle sales (ex. Dost) declined by 6.1% yoy, they
surged by 18.5% sequentially led by gradual pick-up in demand in the southern
region. AL has witnessed strong growth traction in 1QFY2013, where volumes
have grown by 38.5% yoy, mainly led by the success of Dost. We expect sales
momentum in Dost to continue going ahead and expect it to post total sales of
30,000 units (7,383 units in FY2012) in FY2013, enabling AL to register 29.2%
yoy growth for the fiscal. At `25, the company is trading at attractive valuations of
8.3x FY2014E earnings. We maintain our Buy rating on the stock with a target
price of `33.
Economic and Political News
Diesel prices should also go on a float, says Basu

Inflation expected to soften from mid-October: Basu
Deficient rains not worrisome for paddy: Minister for Agriculture
Corporate News
PMO asks Coal Ministry to help CBI in mines allocation probe

TDSAT gives notice to DoT on Aircel's plea for more spectrum
Home ministry okays paramilitary forces for SAIL mine
LIC hikes stake in Cairn India to over 5%
SAIL, Kobe to seal pact for `1,500cr plant next week
Bharti Airtel launches cloud computing services
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
July 04, 2012
Global economic events release calendar

Date
July 05, 2012
Country
Event Description
US
Initial Jobless claims
UK
BOE Announces rates
Euro Zone
US
US
Unnemployment rate
July 09, 2012
China
July 10, 2012
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
Jun 30
386.00
385.00
% Ratio
Jul 5
0.50
0.50
ECB announces interest rates
Jul 5
1.00
0.75
Change in Nonfarm payrolls
Thousands
Jun
69.00
90.00
Jun
8.20
8.20
Consumer Price Index (YoY)
% Change
Jun
3.00
2.30
UK
Industrial Production (YoY)
% Change
May
(1.00)
--
China
Exports YoY%
% Change
Jun
15.30
10.90
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)
(0.60)
China
Industrial Production (YoY)
% Change
Jun
9.60
9.90
% Change
2Q
8.10
7.70
Jun
2.40
--
% Change
Jun
2.80
--
Jun
(0.09)
--
July 06, 2012
China
Real GDP (YoY)
July 16, 2012
Euro Zone
Euro-Zone CPI (YoY)
July 17, 2012
UK
CPI (YoY)
US
Industrial Production
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
Millions
Jun
4.55
--
July 23, 2012
Euro Zone
Value
Jul A
(19.80)
--
July 24, 2012
Germany
Existing home sales

Euro-Zone Consumer
Confidence
PMI Manufacturing
Value
Jul A
45.00
--
July 25, 2012
UK
GDP (YoY)
% Change
2Q A
(0.20)
--
US
New home sales
Thousands
Jun
369.00
--
July 27, 2012
US
GDP Qoq (Annualised)
2Q A
1.90
--
July 31, 2012
US
Consumer Confidence
Jul
62.00
--
Germany
Unemployment change (000's)
% Change
S.A./
1985=100
Thousands
Jul
7.00
--
India
RBI Repo rate
Jul 31
8.00
--
India
RBI Cash Reserve ratio
Jul 31
4.75
--
India
RBI Reverse Repo rate
Jul 31
7.00
--
India
Imports YoY%
% Change
Jun
(7.36)
--
India
Exports YoY%
% Change
Jun
(4.16)
--
UK
PMI Manufacturing
Value
Jul
48.60
--
China
PMI Manufacturing
Value
Jul
50.20
--
US
FOMC rate decision
Aug 1
0.25
--
July 18, 2012
August 01, 2012
Source: Bloomberg, Angel Research
Market Strategy
July 4, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(6.0)
9.4
9.8
10.0
Mar-12
0.1
Feb-12
Jan-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
Reverse Repo rate
Nov-11
Repo rate
Jun-11
May-12
Apr-12
4.00
Mar-12
0.0
Feb-12
5.00
Jan-12
15.0
Dec-11
6.00
Nov-11
30.0
Oct-11
7.00
Sep-11
45.0
Aug-11
8.00
Jul-11
60.0
Jun-11
(%)
9.00
Oct-11
Imports yoy growth
Sep-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
Dec-11
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
Nov-11
5.3
5.0
10.0
6.0
Oct-11
5.9
6.2
6.0
6.1
Apr-12
8.0
6.7
Aug-11
6.0
7.4
9.5
10.0
8.0
Jul-11
7.0
8.2
Sep-11
7.5
8.0
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
July 04, 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
127
183
5,843
8,191
8,764
16.5
16.5
17.1
18.3
7.4
6.9
1.2
1.1
17.5
16.2
0.8
0.7
Amara Raja Batteries
Accumulate
307
345
2,621
2,715
3,041
15.3
15.3
29.2
32.8
10.5
9.4
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
24
33
6,492
14,798
16,687
9.6
9.6
2.4
3.0
10.1
8.2
2.0
1.8
14.8
16.5
0.5
0.4
Automotive Axle
Accumulate
438
514
662
1,211
1,387
12.1
11.7
50.3
57.1
8.7
7.7
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Accumulate
1,562
1,787
45,201
21,665
24,334
18.6
18.4
111.7
123.2
14.0
12.7
5.5
4.4
43.8
38.5
1.7
1.4
Bharat Forge
Buy
307
372
7,157
7,173
7,998
16.3
16.5
22.3
26.6
13.8
11.6
2.7
2.2
21.0
21.0
1.1
0.9
Bosch India
Neutral
9,057
28,439
9,106
10,255
19.4
19.3
410.2
460.3
22.1
19.7
4.9
4.0
22.1
20.4
2.8
2.4
CEAT
Buy
96
164
329
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Accumulate
139
146
11,790
5,787
6,595
15.5
17.0
7.1
9.0
19.5
15.5
3.4
2.9
18.6
20.3
1.7
1.4
FAG Bearings
Accumulate
1,458
1,557
2,422
1,492
1,703
18.8
18.5
115.3
129.8
12.6
11.2
2.7
2.2
23.5
21.6
1.3
1.1
Hero Motocorp
Accumulate
2,098
2,274
41,888
25,843
29,093
14.9
15.2
138.1
146.7
15.2
14.3
7.1
5.5
54.2
43.3
1.3
1.1
JK Tyre
Buy
94
135
387
7,950
8,904
5.5
6.0
25.1
38.6
3.8
2.4
0.4
0.4
12.1
16.4
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
717
824
43,995
35,881
40,746
10.0
10.0
47.5
53.2
15.1
13.5
3.0
2.6
21.3
20.5
0.9
0.8
Maruti
Buy
1,191
1,364
34,415
39,959
46,670
6.0
7.0
71.4
90.9
16.7
13.1
2.0
1.8
12.8
14.4
0.6
0.6
Motherson Sumi
Buy
165
216
6,459
23,342
26,366
7.8
8.2
13.3
18.0
12.4
9.2
3.0
2.3
26.2
28.4
0.5
0.4
Subros
Neutral
36
214
1,244
1,402
8.4
8.3
4.5
5.1
8.0
7.0
0.8
0.8
9.9
11.0
0.4
0.4
Tata Motors
Buy
238
305
63,350 191,303 211,004
13.0
12.9
40.7
43.8
5.8
5.4
2.0
1.7
36.0
33.1
0.4
0.4
TVS Motor
Buy
35
42
1,665
7,442
8,198
6.2
6.1
4.8
5.2
7.4
6.7
1.3
1.1
18.2
17.9
0.2
0.2
ABB*
Sell
803
498
17,017
8,760
10,023
7.6
7.5
18.2
20.7
44.1
38.7
5.9
5.3
14.4
14.6
1.9
1.7
BGR Energy
Neutral
314
2,262
4,195
4,837
11.0
11.0
30.1
32.4
10.4
9.7
1.8
1.6
18.4
17.6
1.0
1.0
BHEL
Neutral
231
56,637
46,344
46,916
18.3
18.6
23.5
24.1
9.8
9.6
2.0
1.7
21.3
18.9
1.1
1.1
Blue Star
Neutral
163
1,465
3,047
3,328
5.4
6.9
9.6
16.2
17.0
10.0
3.3
2.7
20.7
29.7
0.6
0.5
Crompton Greaves
Buy
131
142
8,394
12,451
14,265
7.9
8.3
8.0
9.5
16.4
13.8
2.2
2.0
13.9
14.9
0.7
0.6
Jyoti Structures
Buy
41
67
337
2,622
2,801
10.6
11.0
10.9
13.4
3.8
3.1
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
58
73
1,487
6,686
7,200
8.5
8.8
10.6
12.2
5.5
4.8
1.0
0.9
25.9
24.0
0.4
0.4
LMW
Buy
1,637
1,992
1,844
2,369
2,727
11.7
11.7
143.4
166.0
11.4
9.9
1.9
1.7
17.4
18.4
0.3
0.2
Thermax
Neutral
505
6,021
5,514
5,559
9.8
9.6
29.7
28.4
17.0
17.8
3.2
2.8
20.2
16.9
0.9
0.9
Capital Goods
Market Outlook
July 04, 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
1,297
24,350
11,096
12,900
21.0
22.5
76.1
89.1
17.0
14.6
3.2
2.9
19.3
20.6
1.9
1.5
Ambuja Cements
Neutral
176
27,010
10,035
11,504
23.5
23.8
10.1
10.6
17.3
16.6
3.4
3.1
18.5
19.4
2.3
1.9
India Cements
Neutral
89
2,719
4,364
4,791
18.9
19.1
9.2
11.4
9.6
7.8
0.8
0.7
8.0
9.5
0.5
0.5
J K Lakshmi Cements
Buy
75
79
916
1,938
2,246
19.1
20.1
15.2
16.8
4.9
4.5
0.7
0.6
13.8
14.0
0.6
0.9
Madras Cements
Neutral
156
3,706
3,444
3,786
25.5
24.9
14.6
17.1
10.7
9.1
1.6
1.4
15.6
16.0
1.7
1.5
Shree Cements
Neutral
3,096
10,785
5,519
6,293
24.5
23.7
156.6
225.3
19.8
13.7
4.9
4.2
22.3
26.0
1.6
1.3
UltraTech Cement
Neutral
1,531
41,949
20,099
22,642
21.7
22.9
89.6
104.7
17.1
14.6
2.8
2.4
17.7
17.9
1.9
1.8
218
273
1,147
2,014
2,293
22.4
22.4
22.6
26.7
9.6
8.2
1.0
0.9
11.4
11.9
2.4
2.7
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
16
286
2,489
2,755
7.0
7.8
3.0
4.0
5.2
3.9
0.4
0.4
8.7
10.8
0.3
0.3
Hind. Const.
Neutral
21
1,286
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.8)
(27.2)
1.2
1.4
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
135
166
4,485
3,821
4,582
42.3
40.2
15.0
16.9
9.0
8.0
1.4
1.2
16.1
15.8
2.7
2.5
ITNL
Buy
185
265
3,589
6,619
7,925
23.8
23.3
22.9
27.8
8.1
6.7
1.2
1.0
15.5
16.4
2.2
2.1
IVRCL Infra
Buy
53
61
1,426
5,510
6,722
8.8
9.0
2.5
4.6
21.1
11.7
0.7
0.7
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
75
88
15,916
15,259
17,502
25.7
24.7
4.2
5.0
17.7
15.0
1.5
1.3
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,404
1,553
86,022
59,559
69,089
12.1
11.5
78.4
85.2
17.9
16.5
3.0
2.6
16.1
15.3
1.6
1.4
Madhucon Proj
Buy
38
56
282
2,206
2,502
10.7
10.7
4.6
4.7
8.2
8.2
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
45
1,150
5,453
6,169
8.1
8.5
1.6
1.9
27.3
23.2
0.5
0.5
1.8
2.1
0.7
0.7
Patel Engg.
Neutral
98
683
3,609
3,836
13.1
13.1
14.0
14.6
7.0
6.7
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
52
1,730
11,592
12,993
8.4
8.4
1.8
3.2
28.9
16.3
0.6
0.5
2.0
3.4
0.6
0.6
Sadbhav Engg.
Buy
148
182
2,219
2,789
3,147
10.6
10.7
8.4
10.4
17.5
14.2
2.4
2.1
15.0
15.6
0.9
0.9
Simplex Infra
Buy
225
265
1,115
6,732
7,837
8.1
8.4
23.5
29.4
9.6
7.7
0.9
0.8
9.6
11.0
0.5
0.5
Allahabad Bank
Neutral
151
7,560
7,467
8,685
3.2
3.3
37.5
41.5
4.0
3.6
0.7
0.6
18.1
17.4
Andhra Bank
Reduce
119
107
6,642
5,225
6,024
3.3
3.3
22.7
25.4
5.2
4.7
0.8
0.7
16.0
15.8
Axis Bank
Buy
1,044
1,489
43,260
16,488
20,297
3.2
3.3
118.4
145.2
8.8
7.2
1.7
1.4
20.3
21.1
Bank of Baroda
Buy
724
921
28,338
16,157
19,475
2.7
2.7
123.7
148.3
5.9
4.9
1.0
0.8
17.3
18.1
Bank of India
Accumulate
352
388
20,209
13,657
15,902
2.5
2.6
59.5
70.6
5.9
5.0
0.9
0.8
16.2
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Reduce
Financials
50
52
2,927
3,506
3,925
3.2
3.2
10.2
11.9
4.9
4.2
0.7
0.6
15.3
15.8
420
492
18,599
12,296
14,445
2.4
2.5
81.5
92.2
5.2
4.6
0.8
0.7
16.4
16.3
82
72
6,040
7,001
8,211
2.5
2.6
14.0
20.6
5.9
4.0
0.9
0.8
11.0
14.5
Market Outlook
July 04, 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
421
465
6,237
5,294
6,070
2.3
2.3
106.3
110.1
4.0
3.8
0.7
0.6
17.7
16.2
Dena Bank
Accumulate
99
106
3,457
3,170
3,577
2.9
2.9
22.8
25.3
4.3
3.9
0.7
0.6
17.2
16.6
Federal Bank
Neutral
451
7,705
2,736
3,165
3.4
3.4
49.3
57.4
9.2
7.9
1.2
1.1
13.9
14.5
HDFC
Neutral
674
100,398
7,372
8,812
3.6
3.5
31.5
37.7
21.4
17.9
4.3
3.8
34.8
32.1
HDFC Bank
Neutral
575
135,418
22,076
27,921
4.3
4.4
28.7
35.8
20.1
16.1
3.8
3.3
20.7
21.9
ICICI Bank
Buy
901
1,169
103,612
22,368
26,857
2.8
2.9
68.2
80.4
13.2
11.2
1.6
1.5
14.2
15.4
IDBI Bank
Buy
Indian Bank
Neutral
IOB
Accumulate
J & K Bank
96
113
12,298
8,152
9,907
1.9
2.1
19.7
24.1
4.9
4.0
0.7
0.6
13.6
15.0
182
7,807
6,417
7,292
3.5
3.5
40.2
43.1
4.5
4.2
0.8
0.7
17.9
16.9
84
91
6,699
7,578
8,662
2.6
2.7
17.2
22.5
4.9
3.7
0.6
0.5
12.1
14.3
Neutral
999
4,842
2,525
2,858
3.5
3.5
175.8
183.1
5.7
5.5
1.0
0.9
19.3
17.5
LIC Housing Finance
Accumulate
268
286
13,520
2,108
2,607
2.6
2.6
24.5
30.6
11.0
8.8
2.0
1.7
20.1
21.4
Oriental Bank
Accumulate
261
269
7,619
6,497
7,533
2.8
2.8
53.4
63.9
4.9
4.1
0.7
0.6
13.3
14.3
Punjab Natl.Bank
Buy
830
1,050
28,164
20,142
23,929
3.2
3.3
153.3
174.3
5.4
4.8
1.0
0.8
18.3
18.0
South Ind.Bank
Neutral
24
2,707
1,447
1,664
2.8
2.7
3.8
4.1
6.3
5.8
1.2
1.0
19.5
18.2
St Bk of India
Accumulate
2,184
2,443
146,553
67,783
78,208
3.7
3.6
226.0
264.2
9.7
8.3
1.6
1.3
17.7
18.1
Syndicate Bank
Accumulate
107
118
6,438
7,176
8,299
3.1
3.1
25.1
29.1
4.3
3.7
0.7
0.6
17.6
17.8
UCO Bank
Reduce
82
71
5,434
5,642
6,438
2.5
2.5
16.4
17.6
5.0
4.6
0.9
0.8
16.2
15.4
Union Bank
Buy
211
256
11,603
10,623
12,404
3.0
3.0
42.5
49.6
5.0
4.3
0.8
0.7
16.9
17.2
United Bank
Buy
61
78
2,200
3,599
4,212
2.8
3.0
18.2
22.3
3.4
2.7
0.5
0.4
15.0
16.2
Vijaya Bank
Reduce
59
52
2,914
2,695
3,097
2.2
2.3
9.6
12.0
6.1
4.9
0.8
0.7
12.0
13.6
Yes Bank
Buy
351
454
12,410
3,250
4,261
2.8
2.9
34.1
42.8
10.3
8.2
2.2
1.8
23.2
23.9
3,938
37,775
11,423
13,309
16.3
16.3
125.3
148.4
31.4
26.5
10.7
8.4
38.0
35.4
3.2
2.7
536
633
6,400
5,835
6,824
6.3
6.7
20.7
27.5
25.9
19.5
10.1
7.5
42.7
44.3
1.1
0.9
1,190
16,185
3,007
3,417
21.1
22.1
38.2
43.8
31.1
27.2
37.0
29.1
130.2
119.9
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
113
19,668
5,878
6,799
16.8
17.0
4.2
4.9
27.2
23.0
9.9
8.1
39.3
42.0
3.4
2.9
GlaxoSmith Con*
Neutral
2,714
11,414
3,124
3,663
17.1
17.6
103.0
123.3
26.4
22.0
8.1
6.5
34.0
32.9
3.4
2.8
Godrej Consumer
Neutral
580
19,739
5,973
7,000
18.4
18.6
22.8
27.2
25.4
21.4
7.0
5.6
31.3
38.4
3.4
2.9
HUL
Neutral
442
95,638
25,350
29,309
14.3
14.4
14.1
16.4
31.3
27.0
23.4
18.3
82.7
76.2
3.7
3.2
ITC
Neutral
247
192,998
29,588
34,063
35.4
35.8
9.3
10.9
26.5
22.7
8.5
7.0
35.2
33.8
6.6
5.6
Market Outlook
July 04, 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
11,743
4,667
5,427
12.8
12.9
6.6
8.1
27.4
22.4
7.3
5.8
30.0
28.8
2.6
2.1
Nestle*
Neutral
4,527
43,652
8,731
10,539
21.0
21.4
119.3
147.9
38.0
30.6
23.3
15.8
73.0
61.6
5.0
4.1
Tata Global
Buy
120
136
7,393
7,011
7,711
9.7
10.0
6.3
7.5
19.1
16.0
1.8
1.8
9.5
10.9
0.9
0.8
HCL Tech
Buy
484
562
33,561
24,029
26,633
18.3
17.2
39.6
43.2
12.2
11.2
2.8
2.3
22.9
21.0
1.3
1.2
Hexaware
Neutral
127
3,744
1,921
2,178
20.6
20.0
10.4
11.4
12.2
11.1
2.9
2.5
24.7
23.4
1.7
1.4
Infosys
Accumulate
2,496
2,747
143,314
39,364
42,981
32.2
30.5
161.6
171.7
15.4
14.5
3.5
3.0
22.9
20.5
3.0
2.6
Infotech Enterprises
Accumulate
163
177
1,812
1,825
2,008
17.5
17.1
16.9
18.7
9.6
8.7
1.3
1.2
13.7
13.3
0.6
0.5
KPIT Cummins
Neutral
119
2,120
2,145
2,316
16.0
14.8
9.9
11.3
12.0
10.5
2.3
1.9
20.8
19.1
0.9
0.8
Mahindra Satyam
Accumulate
81
87
9,550
7,492
8,038
17.0
16.3
8.1
8.3
10.0
9.7
1.4
1.2
14.1
12.6
0.8
0.7
Mindtree
Accumulate
702
710
2,853
2,324
2,533
18.3
16.9
62.4
64.5
11.3
10.9
2.4
2.0
21.2
18.0
0.9
0.8
Mphasis
Accumulate
381
395
8,002
5,749
6,053
18.9
18.0
36.8
37.6
10.3
10.1
1.5
1.3
14.2
12.7
0.9
0.7
NIIT
Buy
43
52
709
1,162
1,304
14.8
15.1
7.1
8.8
6.1
4.9
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Neutral
396
1,585
1,187
1,274
26.7
26.0
34.5
42.6
11.5
9.3
1.7
1.4
14.4
15.4
1.0
0.9
TCS
Neutral
1,242
243,126
60,787
68,558
30.1
29.2
65.5
73.6
19.0
16.9
5.9
4.8
31.3
28.2
3.9
3.4
Tech Mahindra
Neutral
727
9,267
6,282
6,477
17.5
16.5
82.9
85.0
8.8
8.6
1.9
1.6
21.6
18.4
1.4
1.3
Wipro
Accumulate
401
451
98,546
44,597
49,033
20.3
20.5
26.6
30.1
15.1
13.3
2.9
2.5
19.5
18.9
1.9
1.6
D B Corp
Buy
202
269
3,700
1,652
1,863
25.7
26.3
13.5
16.1
15.0
12.6
3.4
2.8
24.1
24.4
2.2
1.9
HT Media
Buy
97
148
2,275
2,255
2,555
16.3
16.7
9.0
10.6
10.8
9.1
1.3
1.2
13.4
13.8
0.6
0.5
Jagran Prakashan
Buy
85
137
2,687
1,499
1,642
27.4
28.8
7.6
9.1
11.1
9.4
3.7
3.3
34.6
37.7
1.8
1.6
PVR
Neutral
150
388
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
323
12,743
2,135
2,458
75.2
74.4
20.9
24.0
15.5
13.5
3.6
3.0
26.0
25.1
4.5
3.7
Bhushan Steel
Reduce
465
436
9,868
9,232
13,557
30.8
31.1
48.0
58.6
9.7
7.9
1.2
1.1
14.5
7.5
3.2
2.2
Coal India
Neutral
357
225,242
68,841
74,509
25.3
25.3
24.1
26.1
14.8
13.7
4.1
3.3
30.4
26.8
2.3
2.0
Electrosteel Castings
Buy
18
22
626
1,984
2,074
11.2
12.6
2.0
2.7
8.9
6.7
0.4
0.1
4.2
5.5
0.5
0.5
Hind. Zinc
Accumulate
122
139
51,612
13,043
14,223
51.8
52.8
14.8
16.6
8.3
7.4
1.6
1.4
21.2
19.9
2.3
1.7
Hindalco
Neutral
124
23,712
83,463
91,313
9.0
9.9
13.7
18.1
9.1
6.9
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
695
15,501
39,592
44,910
18.0
17.7
74.7
88.9
9.3
7.8
0.9
0.8
10.7
11.6
0.7
0.7
MOIL
Neutral
290
4,880
1,007
1,091
56.6
56.9
29.4
31.9
9.9
9.1
1.8
1.6
19.0
18.2
2.5
2.1
Monnet Ispat
Buy
376
447
2,417
3,115
3,748
22.1
25.1
59.1
66.8
6.4
5.6
0.9
0.8
15.6
15.3
1.5
1.1
IT
Media
Metals & Mining
Market Outlook
July 04, 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
61
54
15,631
8,474
9,024
12.6
16.2
2.6
3.6
23.7
16.9
1.3
1.2
5.6
7.5
1.4
1.3
NMDC
Neutral
198
78,561
11,959
13,062
78.2
78.6
19.1
20.9
10.4
9.5
2.6
2.1
27.1
24.4
4.1
3.5
SAIL
Neutral
93
38,249
50,914
60,785
14.6
15.1
9.4
10.5
9.9
8.8
0.9
0.8
9.2
9.6
1.2
1.1
Sesa Goa
Neutral
195
16,961
9,067
9,316
35.7
35.5
44.5
44.3
4.4
4.4
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
105
123
35,404
45,805
49,029
21.2
23.5
16.5
19.1
6.4
5.5
0.7
0.6
11.5
12.0
0.4
0.2
Tata Steel
Accumulate
446
499
43,282 143,088 148,011
10.9
12.1
53.9
66.0
8.3
6.8
1.0
0.9
12.2
13.4
0.6
0.6
Cairn India
Buy
313
372
59,697
15,513
16,074
74.0
69.7
51.1
48.6
6.1
6.4
1.0
0.9
18.3
14.8
2.6
1.9
GAIL
Neutral
362
45,900
50,472
55,502
15.3
15.6
35.4
37.0
10.2
9.8
1.8
1.6
19.0
17.2
0.1
ONGC
Accumulate
290
321
247,681 156,331 159,043
37.7
36.3
31.3
32.6
9.2
8.9
1.6
1.5
18.7
17.3
1.2
1.1
Reliance Industries
Neutral
736
241,007 316,404 319,119
11.2
12.0
63.5
68.7
11.6
10.7
1.2
1.1
11.7
11.4
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
55
91
1,040
1,624
1,855
14.2
15.6
6.6
9.1
8.4
6.1
2.0
1.6
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
116
156
3,389
5,243
5,767
14.6
14.6
11.8
12.6
9.9
9.2
1.0
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
2,214
5,099
1,482
1,682
15.5
15.5
95.0
104.0
23.3
21.3
4.1
3.2
18.6
17.0
3.1
2.7
Cadila Healthcare
Buy
758
953
15,510
6,196
7,443
18.5
19.5
37.6
47.7
20.2
15.9
4.5
3.6
25.4
24.8
2.5
2.0
Cipla
Buy
314
379
25,240
7,687
8,804
21.4
21.4
16.5
18.9
19.1
16.6
3.0
2.6
16.7
16.8
3.2
2.8
Dr Reddy's
Neutral
1,668
28,303
10,696
11,662
20.7
21.0
83.7
92.9
19.9
18.0
4.1
3.5
22.4
21.0
2.7
2.5
Dishman Pharma
Buy
68
92
547
1,280
1,536
17.8
17.8
9.2
11.3
7.4
6.0
0.6
0.5
7.7
8.5
1.1
0.9
GSK Pharma*
Neutral
2,030
17,191
2,651
2,993
31.7
31.2
76.0
82.4
26.7
24.6
7.7
6.7
30.8
29.0
5.5
4.7
Indoco Remedies
Buy
56
82
516
685
837
15.2
15.2
7.4
8.9
7.6
6.3
1.1
1.0
15.9
16.3
0.9
0.7
Ipca labs
Buy
367
435
4,634
2,850
3,474
20.3
20.3
31.9
36.3
11.5
10.1
3.5
2.8
28.2
27.9
1.7
1.4
Lupin
Buy
537
647
24,009
8,426
10,082
19.7
20.0
29.7
32.4
18.1
16.6
4.7
3.8
27.0
25.2
2.8
2.2
Orchid Chemicals
Buy
122
178
856
2,117
2,434
17.7
17.7
16.7
22.2
7.3
5.5
0.7
0.6
9.5
11.5
1.0
0.9
Ranbaxy*
Neutral
502
21,194
12,046
11,980
18.0
15.8
35.7
29.8
14.1
16.9
5.3
4.3
43.1
28.1
1.7
1.7
Sun Pharma
Neutral
631
65,018
9,272
11,080
38.6
38.0
22.7
22.6
27.8
27.9
4.7
4.1
17.9
15.6
5.7
4.5
CESC
Buy
299
342
3,736
5,084
5,512
24.2
23.8
45.2
48.5
6.6
6.2
0.7
0.6
11.2
10.9
1.2
1.2
GIPCL
Buy
66
77
999
1,557
1,573
28.8
28.5
10.4
10.9
6.4
6.1
0.6
0.6
10.4
10.2
1.1
0.9
NTPC
Neutral
161
132,793
74,766
86,549
23.1
23.4
12.4
14.1
13.0
11.4
1.6
1.5
13.0
13.5
2.5
2.3
47
78
1,396
657
875
52.0
56.1
8.4
12.7
5.6
3.7
0.3
0.3
6.3
8.9
3.4
2.6
213
36,236
9,878
12,033
44.7
46.1
9.6
13.4
22.3
15.9
1.4
1.4
6.4
8.7
5.9
4.9
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
July 04, 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
89
115
3,729
2,441
3,344
53.0
46.7
21.4
25.4
4.2
3.5
0.3
0.3
8.4
9.1
3.3
2.5
MLIFE
Accumulate
333
376
1,358
814
897
26.9
27.0
31.3
33.9
10.6
9.8
1.1
1.0
10.2
10.1
2.0
1.8
Bharti Airtel
Neutral
320
121,331
80,076
86,613
32.8
33.5
15.5
19.8
20.7
16.1
2.2
1.9
10.5
11.9
2.1
1.8
Idea Cellular
Neutral
82
27,105
23,209
26,063
26.2
27.5
3.3
4.9
24.9
16.6
1.9
1.7
7.7
10.3
1.6
1.3
Rcom
Neutral
66
13,561
22,125
23,734
31.9
32.0
4.5
5.9
14.7
11.2
0.4
0.4
2.5
3.1
2.0
1.7
Telecom
zOthers
Abbott India
Accumulate
1,475
1,628
3,134
1,661
1,918
9.7
12.0
60.7
90.4
24.3
16.3
5.0
4.0
22.0
27.3
1.7
1.4
Bajaj Electricals
Buy
198
246
1,970
3,569
4,172
8.6
9.2
17.3
22.3
11.4
8.9
2.5
2.1
22.9
25.3
0.5
0.5
Cera Sanitaryware
Accumulate
286
306
361
395
469
15.4
16.6
30.0
38.0
9.5
7.5
2.1
1.6
23.7
24.5
1.0
0.9
Cravatex
Buy
576
785
149
302
364
5.7
6.0
49.0
71.0
11.8
8.1
3.5
2.5
29.8
30.7
0.6
0.5
CRISIL
Neutral
1,070
7,510
982
1,136
34.3
34.3
34.3
40.0
31.2
26.8
14.1
11.3
50.9
46.9
7.2
6.1
Finolex Cables
Buy
43
61
650
2,334
2,687
8.8
9.3
7.6
10.2
5.6
4.2
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
489
615
637
2,346
2,753
5.8
6.7
44.0
68.0
11.1
7.2
0.5
0.5
4.8
7.0
0.2
0.2
Goodyear India
Buy
320
374
738
1,511
1,692
7.9
9.0
31.5
41.3
10.2
7.8
2.0
1.7
21.2
23.5
0.3
0.2
Graphite India
Buy
89
124
1,746
2,158
2,406
18.1
18.9
12.4
14.0
7.2
6.4
1.0
0.9
14.0
14.3
0.9
0.8
Greenply Industries
Buy
195
309
470
1,925
2,235
10.6
10.9
29.6
44.1
6.6
4.4
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Buy
215
242
858
1,746
1,946
16.5
17.7
22.5
32.9
9.5
6.5
1.0
0.9
10.4
14.2
1.1
1.1
Hitachi
Buy
126
160
288
857
968
6.9
8.4
10.2
16.0
12.4
7.9
1.5
1.3
12.9
17.8
0.4
0.3
Honeywell Automation
Neutral
2,752
2,433
1,761
2,024
6.7
8.2
95.0
127.0
29.0
21.7
3.4
2.9
14.1
16.3
1.3
1.1
INEOS ABS India
Accumulate
723
804
1,271
900
1,020
9.0
11.1
33.0
45.0
21.9
16.1
3.0
2.6
14.3
17.0
1.2
1.0
ITD Cementation
Neutral
226
260
1,535
1,842
11.1
11.1
27.3
38.3
8.3
5.9
0.6
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Accumulate
236
268
1,901
1,315
1,568
8.6
11.1
6.4
10.9
37.0
21.7
3.1
2.9
8.4
13.9
1.7
1.4
MCX
Buy
1,063
1,598
5,423
610
702
65.5
67.0
67.9
79.9
15.7
13.3
4.6
3.9
29.1
28.9
5.9
4.7
MRF
Buy
10,140
13,106
4,300
12,390
14,400
10.4
11.3 1,334.6 1,638.2
7.6
6.2
1.5
1.2
16.5
17.4
0.5
0.5
Page Industries
Neutral
2,968
3,310
887
1,108
18.3
18.6
95.0
120.9
31.3
24.6
16.3
13.2
57.4
59.5
3.7
2.9
Relaxo Footwears
Reduce
522
478
626
1,019
1,208
11.0
10.8
44.9
53.1
11.6
9.8
2.8
2.2
27.2
25.0
0.8
0.6
Sintex Industries
Buy
65
79
1,781
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.1
0.6
0.6
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
277
392
259
1,042
1,173
12.4
12.5
66.3
78.5
4.2
3.5
0.8
0.7
21.1
20.8
0.5
0.4
SpiceJet
Buy
35
40
1,710
5,647
6,513
3.5
6.5
1.9
4.9
18.2
7.2
42.7
6.2
0.4
0.4
TAJ GVK
Buy
65
108
407
300
319
35.8
36.2
7.9
9.1
8.2
7.1
1.1
1.0
13.9
14.4
1.6
1.4
Market Outlook
July 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Tata Sponge Iron
Buy
338
420
520
700
806
18.2
18.2
55.6
65.1
6.1
5.2
0.8
0.7
14.2
14.8
0.3
0.2
TVS Srichakra
Buy
321
462
246
1,612
1,827
9.5
9.8
72.3
92.5
4.4
3.5
1.3
1.0
33.1
32.1
0.4
0.3
United Spirits
Accumulate
744
730
9,735
10,289
11,421
13.5
14.3
31.0
42.9
24.0
17.3
1.9
1.7
8.1
10.3
1.6
1.4
Vesuvius India
Accumulate
368
413
747
628
716
16.4
16.5
29.8
34.4
12.4
10.7
2.2
1.9
18.8
18.6
1.0
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 03, 2012
Market Outlook
July 04, 2012

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Market Outlook

OIL & GAS

Telecom tribunal gives split verdict in 3G roaming case

Refer detailed news analysis on the following page

Net Inflows (July 2, 2012)

FII Derivatives (July 3, 2012)

Telecom tribunal gives split verdict in 3G roaming case

MOIL raises prices by 12-15% for 2QFY2013

Lupin receives USFDA approval for Generic Ortho Tri-cyclen Lo

Ashok Leyland reports above-expectations volumes in June 2012

Economic and Political News

Diesel prices should also go on a float, says Basu

PMO asks Coal Ministry to help CBI in mines allocation probe

Global economic events release calendar

July 05, 2012

Initial Jobless claims

BOE Announces rates

July 09, 2012

July 10, 2012

ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

July 12, 2012

July 13, 2012

Industrial Production YoY

Industrial Production (YoY)

July 06, 2012

Real GDP (YoY)

July 16, 2012

Euro-Zone CPI (YoY)

July 17, 2012

Consumer price index (mom)

Jobless claims change

July 19, 2012

July 23, 2012

July 24, 2012

Existing home sales

July 25, 2012

New home sales

July 27, 2012

GDP Qoq (Annualised)

July 31, 2012

Unemployment change (000's)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

FOMC rate decision

July 18, 2012

August 01, 2012

Source: Bloomberg, Angel Research

Source: MOSPI, Angel Research

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Reverse Repo rate

Imports yoy growth

Exports yoy growth