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Dealers Diary
The Indian markets are expected to open in the green tracking SGX Nifty and
minor gains in the Asian markets amidst optimism on Chinas stimulus outlook.
Stocks in US closed moderately lower on account of the release of a disappointing
report on US retail sales. Weakness on Wall Street stemmed from continued
concerns about the economic outlook following the release of a report from the
Commerce Department showing an unexpected drop in retail sales by 0.5% in
June, which came in below consensus estimates.
Indian shares fell modestly on Monday although June inflation numbers added to
pressure on the RBI to cut rates at the forthcoming monetary policy review on
July 31. India's headline inflation unexpectedly slowed to 7.3%, its lowest level in
five months in June, mainly driven by lower prices of fuel and manufacturing items.
Globally, trading on Tuesday could be impacted by reaction to remarks by Federal
Reserve Chairman Ben Bernanke, who is due to testify before the Senate Banking
Committee. Reports on US CPI, industrial production, and homebuilder confidence
may also attract some attention.
Markets Today
The trend deciding level for the day is 17,155/5,212 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,231 17,358/5,233 5,268 levels. However, if NIFTY trades below
17,155/5,212 levels for the first half-an-hour of trade then it may correct up to
17,028 16,952/5,176 5,155 levels.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
Nifty
(0.6)
(30.0)
5,197
MID CAP
(0.6)
(39.0)
6,209
SMALL CAP
(0.6)
(41.4)
6,696
BSE HC
0.9
65.0
6,996
BSE PSU
(0.4)
(26.6)
7,296
BANKEX
(0.3)
(36.5) 12,146
AUTO
(0.7)
(65.7)
METAL
0.1
9,244
5.6
8,034
(2.3) (125.3)
5,235
Chg (%)
(Pts)
(Close)
Dow Jones
(0.4)
(49.9) 12,727
NASDAQ
(0.4)
(11.5)
2,897
FTSE
(0.1)
(3.7)
5,662
Nikkei
0.1
4.1
8,724
Hang Seng
0.2
Straits Times
0.1
3.2
2,999
(1.7)
(37.9)
2,148
Chg (%)
(Pts)
(Close)
$39.3
Shanghai Com
28.7 19,121
Indices
S2
S1
PIVOT
R1
R2
SENSEX
16,952
17,028
17,155
17,231
17,358
INFY
(2.2)
(0.9)
NIFTY
5,155
5,176
5,212
5,233
5,268
WIT
(0.5)
(0.0)
$8.1
IBN
0.1
0.0
$33.9
(0.7)
(0.2)
$34.1
Indian ADRs
News Analysis
HDB
Advances / Declines
BSE
NSE
Advances
1,160
542
Declines
1,661
938
112
68
Unchanged
Volumes (` cr)
Purch
Sales
Net
MTD
YTD
FII
1,984
1,604
380
7,736
49,855
336
509
(174)
(1,855)
(7,890)
MFs
Purch
Index Futures
1,036
Stock Futures
1,287
Sales
Net
Open Interest
979
57
14,965
1,383
(96)
26,295
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
320
3.9
Lupin
571
3.0
Adani Enter
212
(4.6)
Cadila Health
799
2.6
Tata Steel
409
(4.0)
Godrej Ind.
257
2.4
United Brew
516
(3.9)
Cummins India
442
2.2
Century Tex
304
(3.6)
Bharti Airtel
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Company
JP Infra
Price (`)
chg (%)
56
(5.0)
BSE
1,838
NSE
7,978
Market Outlook
July 17, 2012
Apr-12 May-12
Jun-12
9.5%
9.4%
9.8%
10.0%
9.9%
9.5%
7.7%
6.9%
7.4%
7.7%
7.5%
7.5%
7.3%
Primary Articles
11.3%
11.5%
12.5%
12.2%
11.0%
8.9%
3.6%
2.8%
7.1%
10.4%
9.6%
10.9%
10.5%
12.8%
12.0%
12.9%
14.0%
14.8%
15.5%
15.0%
14.6%
13.6%
12.8%
12.1%
11.5%
10.3%
7.9%
7.7%
7.9%
8.0%
8.0%
8.2%
7.6%
6.7%
5.8%
5.2%
5.3%
5.0%
5.0%
Manufactured Products
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Market Outlook
July 17, 2012
Result Reviews
Exide Industries (CMP: `136 / TP: `146 / Upside: 7%)
Exide Industries (EXID) reported better-than-expected 1QFY2013 results driven by
robust growth in revenues. Top-line registered better-than-expected 24.5% yoy
(7.3% qoq) growth to `1,554cr driven by ~28% and ~19% yoy volume growth in
two-wheeler and industrial battery segments, respectively. However, four-wheeler
automotive segment registered ~10% yoy growth as demand in the segment
continues to remain subdued. On the operating front, EBITDA margin declined
285bp yoy (up 30bp qoq) to 15%, led by 140bp and 170bp increase in
raw-material expenses and other expenditure, respectively. While the lead prices
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Market Outlook
July 17, 2012
declined 22% yoy and 6% qoq, depreciation of rupee against the dollar negated
most of the resulting advantages. Other expenditure increased primarily led by
foreign exchange loss of `10cr. Net profit witnessed a decline of 6.9% yoy to
`152cr mainly due to contraction in operating margins and higher tax outgo.
However, it jumped 6.7% sequentially, led by strong growth in top-line. We expect
the company to report improvement in its performance in FY2013 led by likely
revival in demand in the four-wheeler OEM as well as replacement batteries and
decline in lead prices. At `136, the stock is trading at 15.2x FY2014E earnings.
Currently we have an Accumulate rating on the stock with a target price of `146.
We shall revise our estimates and release a detailed note post earnings conference
call with the management.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,787
15.5
605
7.1
18.6
19.1
3.4
10.9
1.7
FY2014E
6,595
17.0
761
20.3
15.2
2.9
8.2
1.4
9.0
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
1,498
2.8
442
3.9
20.7
1.0
20.1
6.5
1.2
FY2014E
1,677
2.7
456
4.0
21.6
0.9
17.9
6.3
1.1
Y/E
March
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Market Outlook
July 17, 2012
EBITDA margin was negatively impacted by 100bp qoq due to wage hikes given to
80% of the employee base from 1 June, but this negative impact got
overshadowed by 230bp qoq positive impact from INR depreciation against USD
and 80bp qoq benefit derived from operational efficiency. PAT came in above
expectations at `89cr, up 29.1% qoq, aided by forex gain of `8.6cr vs. `4cr loss in
4QFY2012.
The management indicated that the company will achieve Nasscoms current
industry growth guidance of 11-14% yoy in FY2013. To achieve this, the company
requires minimum ask rate of 3.8% from 2QFY2013-4QFY2013, which looks a bit
stretched. Keeping that in notice, we expect USD revenue to grow by 9.5% yoy in
FY2013. Overall, we expect the company to record a 9.8% and 14.8% CAGR in
USD and INR revenue, respectively, over FY2012-14E. At the CMP of `643, the
stock is trading at 9.1x FY2014E EPS of `70.8. We value the stock at 10x FY2014E
EPS, i.e., with a target price of `708, and maintain Accumulate rating on the stock.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,341
18.6
274 66.5
22/3
9.7
2.1
5.0
0.9
FY2014E
2,513
17.1
292 70.8
19.3
9.1
1.7
4.7
0.8
Result Previews
Axis Bank - (CMP: `1,045 / TP: `1,489 / Upside: 42.4%)
Axis Bank is slated to announce its 1QFY2013 results. We expect the bank to
report healthy NII growth of 26.0% yoy to `2,172cr. Non-interest income is
expected to increase by healthy 24.1% yoy to `1,450cr. Pre-provision profit of the
bank is expected to register growth of 23.3% yoy. However, owing to higher
provisioning burden (an increase of 37.4% yoy), net profit is expected to increase
by relatively low pace of 20.4% yoy to `1,135cr.
The stock is currently trading at attractive valuations of 1.4x FY2014E ABV more
than 50% discount to HDFC Bank, despite similar earnings quality, profitability
and growth expectations over FY2013-14. Hence, we maintain our Buy
recommendation on the stock with a target price of `1,489.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
16,488
3.2
5,054
118.4 632.3
1.6
20.3
8.7
1.6
FY2014E
20,297
3.3
6,198
145.1 744.8
1.6
21.1
7.1
1.4
March
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Market Outlook
July 17, 2012
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
1,135
1,118
1,277
(11)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
4,860
4,587
4,516
EBITDA
942
911
921
19.4
19.9
Net profit
727
711
772
(6)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
Net sales
20.4
6,339
5,638
12
5,963
EBITDA
907
906
1,030
(12)
14.3
16.1
Net profit
640
558
17.3
15
604
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
412
416
(1)
529
(22)
1QFY12E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
Net sales
2,570
1,978
30
2,658
(3)
Net profit
373
263
42
343
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Market Outlook
July 17, 2012
Result Calendar
Date
Company
Axis Bank
Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, D B Corp, Persistent, Automotive Axle, Tata Sponge
Reliance Industries, Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, United
Phosphorus, Indiabulls Fin., HT Media
Bank of Maharashtra
Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Indian Bank, Tata Global, Rallis, Greenply
Wipro, Jindal Steel, Lupin, Canara Bank, Sesa Goa, Shriram Trans., LIC Housing Fin., Ashok Leyland, Page Industries,
Ineos ABS
GAIL, Power Grid Corpn, HCL Tech, Yes Bank, Aventis, Madras Cements, GIPCL, MRF
BHEL, Ambuja Cements, ACC, JSW Steel , Gujarat Gas, Tata Comm, Thermax, Bajaj Electrical
ICICI Bank, Punjab Natl.Bank, Grasim Inds, Rural Elec.Corp., Central Bank, CESC, TVS Motor, Hind. Const.
Subros
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
UK
CPI (YoY)
% Change
Jun
2.80
2.80
US
Industrial Production
US
Jun
(0.09)
0.30
% Change
Jun
(0.30)
--
US
Housing Starts
Thousands
Jun
708.00
745.00
US
Building permits
Thousands
Jun
784.00
765.00
UK
% Change
Jun
8.10
5.00
US
Thousands
Jul 14
350.00
365.00
US
Millions
Jun
4.55
4.62
Value
Jul A
(19.80)
--
Value
Jul A
49.90
--
Value
Jul A
45.00
--
Euro Zone
Germany
Germany
PMI Manufacturing
UK
GDP (YoY)
% Change
2Q A
(0.20)
--
US
Thousands
Jun
369.00
371.00
US
2Q A
1.90
1.50
US
Consumer Confidence
Jul
62.00
--
Germany
% Change
S.A./
1985=100
Thousands
Jul
7.00
--
India
Jul 31
8.00
--
India
Jul 31
4.75
--
India
Jul 31
7.00
--
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Market Strategy
July 17, 2012
Macro watch
Exhibit1: Quarterly GDP trends
(%)
8.0
5.3
2.7
2.5
(6.0)
10.0
9.9
Dec-11
Nov-11
(5.0)
Mfg. PMI
60.0
9.8
(3.2)
(0.9)
(%)
9.4
Oct-11
Sep-11
Aug-11
(4.0)
2.4
1.0
Jul-11
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
1QFY10
3.0
4QFY09
4.0
Services PMI
58.0
9.5
7.7
8.0
6.9
7.4
7.7
7.5
7.6
7.3
56.0
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jul-12
Jun-12
May-12
CRR
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Repo rate
Jul-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
Sep-11
75.0
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Aug-11
Jun-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
0.0
Oct-11
50.0
Sep-11
2.0
Aug-11
52.0
Jul-11
4.0
Jul-11
54.0
6.0
(15.0)
4.3
3.4
2.0
5.0
10.0
3.7
4.0
May-12
5.9
6.0
6.0
6.1
Jun-12
6.7
Jun-11
6.0
7.4
9.5
10.0
8.0
Aug-11
7.0
8.2
Apr-12
7.5
8.0
7.6
May-12
8.5
9.0
12.0
9.2
Mar-12
9.4
Feb-12
9.8
Jan-12
(%)
10.0
Market Outlook
July 17, 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
Neutral
127
2,478
1,432
1,647
14.7
14.7
7.0
8.0
18.2
15.9
3.8
3.3
22.8
22.3
1.7
1.5
United Phosphorus
Buy
123
183
5,651
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
Accumulate
304
345
2,597
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
82
100
4,156
13,699
15,184
10.5
10.2
12.1
13.3
6.8
6.2
1.2
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
24
33
6,399
14,798
16,687
9.6
9.6
2.4
3.0
9.9
8.1
2.0
1.7
14.8
16.5
0.5
0.4
Automotive Axle
Buy
444
514
670
1,211
1,387
12.1
11.7
50.3
57.1
8.8
7.8
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,483
1,787
42,920
21,665
24,334
18.6
18.4
111.7
123.2
13.3
12.0
5.2
4.2
43.8
38.5
1.6
1.3
Bharat Forge
Buy
302
372
7,030
7,173
7,998
16.3
16.5
22.3
26.6
13.5
11.4
2.6
2.2
21.0
21.0
1.1
0.9
Bosch India
Neutral
8,809
27,658
9,106
10,255
19.4
19.3
410.2
460.3
21.5
19.1
4.7
3.9
22.1
20.4
2.7
2.3
CEAT
Buy
97
164
333
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
136
146
11,526
5,787
6,595
15.5
17.0
7.1
9.0
19.1
15.2
3.4
2.9
18.6
20.3
1.7
1.4
FAG Bearings
Neutral
1,500
2,492
1,492
1,703
18.8
18.5
115.3
129.8
13.0
11.6
2.8
2.3
23.5
21.6
1.4
1.1
Hero Motocorp
Buy
2,096
2,473
41,846
25,970
29,772
15.0
15.5
139.7
154.5
15.0
13.6
7.1
5.3
54.7
44.9
1.3
1.0
JK Tyre
Buy
94
135
388
7,950
8,904
5.5
6.0
25.1
38.6
3.8
2.5
0.4
0.4
12.1
16.4
0.3
0.3
Accumulate
Motherson Sumi
Buy
Subros
Neutral
Tata Motors
Buy
TVS Motor
Neutral
718
824
44,065
35,881
40,746
10.0
10.0
47.5
53.2
15.1
13.5
3.0
2.6
21.3
20.5
1.0
0.8
1,203
1,364
34,750
39,959
46,670
6.0
7.0
71.4
90.9
16.9
13.2
2.0
1.8
12.8
14.4
0.7
0.6
169
216
6,625
23,342
26,366
7.8
8.2
13.3
18.0
12.7
9.4
3.0
2.4
26.2
28.4
0.5
0.4
35
209
1,244
1,402
8.4
8.3
4.5
5.1
7.8
6.8
0.8
0.7
9.9
11.0
0.4
0.4
229
305
13.0
12.9
40.7
43.8
5.6
5.2
1.9
1.6
36.0
33.1
0.4
0.4
40
1,907
7,442
8,198
6.2
6.1
4.8
5.2
8.4
7.7
1.5
1.3
18.2
17.9
0.2
0.2
Capital Goods
ABB*
Sell
777
498
16,465
8,760
10,023
7.6
7.5
18.2
20.7
42.6
37.5
5.7
5.1
14.4
14.6
1.8
1.6
BGR Energy
Neutral
301
2,172
4,195
4,837
11.0
11.0
30.1
32.4
10.0
9.3
1.7
1.6
18.4
17.6
1.0
1.0
BHEL
Neutral
230
56,295
46,344
46,916
18.3
18.6
23.5
24.1
9.8
9.6
1.9
1.7
21.3
18.9
1.1
1.1
Blue Star
Neutral
189
1,702
3,047
3,328
5.4
6.9
9.6
16.2
19.7
11.7
3.9
3.1
20.7
29.7
0.7
0.5
Crompton Greaves
Accumulate
128
142
8,227
12,451
14,265
7.9
8.3
8.0
9.5
16.1
13.6
2.1
1.9
13.9
14.9
0.7
0.6
Jyoti Structures
Buy
42
67
343
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
56
73
1,431
6,686
7,200
8.5
8.8
10.6
12.2
5.3
4.6
1.0
0.8
25.9
24.0
0.4
0.4
LMW
Buy
1,635
1,992
1,842
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
493
5,874
5,514
5,559
9.8
9.6
29.7
28.4
16.6
17.4
3.1
2.8
20.2
16.9
0.9
0.9
www.angelbroking.com
Market Outlook
July 17, 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
1,257
23,605
11,096
12,607
21.0
21.7
76.1
82.9
16.5
15.2
3.1
2.8
19.3
19.3
1.9
1.6
Ambuja Cements
Neutral
168
25,910
10,205
11,659
24.6
24.2
10.8
12.0
15.6
14.0
3.2
2.9
19.7
19.8
2.2
1.8
India Cements
Neutral
81
2,480
4,364
4,791
18.9
19.1
9.2
11.4
8.8
7.1
0.7
0.7
8.0
9.5
0.5
0.4
J K Lakshmi Cements
Neutral
80
979
1,938
2,246
19.1
20.1
15.2
16.8
5.3
4.8
0.7
0.6
13.8
14.0
0.6
1.0
Madras Cements
Neutral
155
3,694
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
1.4
Shree Cements
Neutral
2,895
10,085
5,519
6,293
24.5
23.7
156.6
225.3
18.5
12.9
4.6
3.9
22.3
26.0
1.5
1.2
UltraTech Cement
Neutral
1,567
42,959
20,099
22,642
21.7
22.9
89.6
104.7
17.5
15.0
2.9
2.5
17.7
17.9
2.0
1.9
212
273
1,117
2,014
2,293
22.4
22.4
22.6
26.7
9.4
8.0
1.0
0.9
11.4
11.9
2.4
2.7
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
17
314
2,489
2,755
7.0
7.8
3.0
4.0
5.7
4.3
0.5
0.4
8.7
10.8
0.3
0.3
Hind. Const.
Neutral
19
1,180
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.8)
(24.9)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
133
166
4,425
3,821
4,582
42.3
40.2
15.0
16.9
8.9
7.9
1.3
1.2
16.1
15.8
2.8
2.6
ITNL
Buy
184
265
3,567
6,619
7,925
23.8
23.3
22.9
27.8
8.0
6.6
1.2
1.0
15.5
16.4
2.2
2.1
IVRCL Infra
Buy
47
61
1,266
5,510
6,722
8.8
9.0
2.5
4.6
18.7
10.4
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
77
88
16,459
15,259
17,502
25.7
24.7
4.2
5.0
18.3
15.5
1.5
1.4
8.5
9.3
2.4
2.1
Accumulate
1,383
1,553
84,769
59,559
69,089
12.1
11.5
78.4
85.2
17.7
16.2
2.9
2.6
16.1
15.3
1.6
1.4
Madhucon Proj
Buy
36
56
263
2,206
2,502
10.7
10.7
4.6
4.7
7.7
7.6
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
40
1,037
5,453
6,169
8.1
8.5
1.6
1.9
24.6
20.9
0.4
0.4
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
96
668
3,609
3,836
13.1
13.1
14.0
14.6
6.8
6.6
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
56
1,845
11,592
12,993
8.4
8.4
1.8
3.2
30.9
17.4
0.6
0.6
2.0
3.4
0.6
0.6
Sadbhav Engg.
Buy
137
182
2,066
2,789
3,147
10.6
10.7
8.4
10.4
16.3
13.2
2.2
1.9
15.0
15.6
0.9
0.8
Simplex Infra
Buy
225
265
1,114
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
Accumulate
143
153
7,133
7,467
8,685
3.2
3.3
37.5
41.5
3.8
3.4
0.7
0.6
18.1
17.4
Andhra Bank
Reduce
113
107
6,343
5,225
6,024
3.3
3.3
22.7
25.4
5.0
4.5
0.8
0.7
16.0
15.8
Axis Bank
Buy
1,045
1,489
43,306
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
725
921
28,405
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
Buy
333
388
19,133
13,657
15,902
2.5
2.6
59.5
70.6
5.6
4.7
0.9
0.8
16.2
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Reduce
Financials
www.angelbroking.com
48
52
2,812
3,506
3,925
3.2
3.2
10.2
11.9
4.7
4.0
0.7
0.6
15.3
15.8
419
492
18,568
12,296
14,445
2.4
2.5
81.5
92.2
5.2
4.5
0.8
0.7
16.4
16.3
79
72
5,848
7,001
8,211
2.5
2.6
14.0
20.6
5.7
3.9
0.8
0.7
11.0
14.5
Market Outlook
July 17, 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
423
465
6,269
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
Neutral
101
3,551
3,170
3,577
2.9
2.9
22.8
25.3
4.5
4.0
0.7
0.6
17.2
16.6
Federal Bank
Neutral
431
7,375
2,736
3,165
3.4
3.4
49.3
57.4
8.8
7.5
1.2
1.0
13.9
14.5
HDFC
Neutral
679
101,061
7,340
8,805
3.5
3.5
31.5
37.8
21.5
18.0
4.3
3.8
34.8
32.2
HDFC Bank
Neutral
583
137,327
21,936
27,454
4.4
4.4
28.7
36.0
20.3
16.2
3.9
3.3
20.7
22.0
ICICI Bank
Buy
919
1,169
105,681
22,368
26,857
2.8
2.9
68.2
80.4
13.5
11.4
1.6
1.5
14.2
15.4
IDBI Bank
Buy
Indian Bank
Neutral
IOB
95
113
12,107
8,152
9,907
1.9
2.1
19.7
24.1
4.8
3.9
0.6
0.6
13.6
15.0
188
8,093
6,417
7,292
3.5
3.5
40.2
43.1
4.7
4.4
0.8
0.7
17.9
16.9
Accumulate
83
91
6,619
7,578
8,662
2.6
2.7
17.2
22.5
4.8
3.7
0.6
0.5
12.1
14.3
J & K Bank
Accumulate
932
979
4,517
2,525
2,858
3.5
3.5
175.8
183.1
5.3
5.1
1.0
0.8
19.3
17.5
Accumulate
261
286
13,194
2,108
2,607
2.6
2.6
24.5
30.6
10.7
8.5
2.0
1.7
20.1
21.4
Oriental Bank
Neutral
258
7,513
6,497
7,533
2.8
2.8
53.4
63.9
4.8
4.0
0.7
0.6
13.3
14.3
Punjab Natl.Bank
Buy
852
1,050
28,910
20,142
23,929
3.2
3.3
153.3
174.3
5.6
4.9
1.0
0.9
18.3
18.0
South Ind.Bank
Neutral
25
2,854
1,498
1,677
2.8
2.7
3.9
4.0
6.5
6.3
1.2
1.2
20.1
17.9
St Bk of India
Accumulate
2,194
2,443
147,257
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
103
118
6,197
7,176
8,299
3.1
3.1
25.1
29.1
4.1
3.5
0.7
0.6
17.6
17.8
UCO Bank
Reduce
79
71
5,218
5,642
6,438
2.5
2.5
16.4
17.6
4.8
4.5
0.9
0.8
16.2
15.4
Union Bank
Buy
208
256
11,449
10,623
12,404
3.0
3.0
42.5
49.6
4.9
4.2
0.8
0.7
16.9
17.2
United Bank
Buy
61
78
2,186
3,599
4,212
2.8
3.0
18.2
22.3
3.3
2.7
0.5
0.4
15.0
16.2
Vijaya Bank
Reduce
58
52
2,859
2,695
3,097
2.2
2.3
9.6
12.0
6.0
4.8
0.8
0.7
12.0
13.6
Yes Bank
Buy
350
454
12,390
3,250
4,261
2.8
2.9
34.1
42.8
10.3
8.2
2.2
1.8
23.2
23.9
3,689
35,388
11,423
13,309
16.3
16.3
125.3
148.4
29.5
24.9
10.0
7.8
38.0
35.4
3.0
2.6
516
633
6,163
5,835
6,824
6.3
6.7
20.7
27.5
24.9
18.8
9.7
7.2
42.7
44.3
1.0
0.9
1,136
15,445
3,007
3,417
21.1
22.1
38.2
43.8
29.7
26.0
35.4
27.8
130.2
119.9
5.0
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
114
19,781
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
2,652
11,154
3,124
3,663
17.1
17.6
103.0
123.3
25.8
21.5
7.9
6.4
34.0
32.9
3.2
2.7
Godrej Consumer
Neutral
577
19,618
5,973
7,000
18.4
18.6
22.8
27.2
25.3
21.2
6.9
5.6
31.3
38.4
3.5
2.9
HUL
Neutral
441
95,400
25,350
29,309
14.3
14.4
14.1
16.4
31.2
26.9
23.4
18.3
82.7
76.2
3.6
3.1
ITC
Neutral
252
197,060
29,588
34,063
35.4
35.8
9.3
10.9
27.0
23.2
8.7
7.1
35.2
33.8
6.4
5.5
www.angelbroking.com
Market Outlook
July 17, 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
181
11,663
4,667
5,427
12.8
12.9
6.6
8.1
27.2
22.3
7.3
5.7
30.0
28.8
2.5
2.1
Nestle*
Neutral
4,523
43,606
8,731
10,539
21.0
21.4
114.4
143.0
39.5
31.6
23.8
16.4
71.1
61.4
5.0
4.1
Tata Global
Buy
114
136
7,078
7,011
7,711
9.7
10.0
6.3
7.5
18.3
15.3
1.8
1.7
9.5
10.9
0.9
0.8
HCL Tech
Buy
481
562
33,333
24,029
26,633
18.3
17.2
39.6
43.2
12.1
11.1
2.8
2.3
22.9
21.0
1.4
1.2
Hexaware
Buy
114
132
3,363
1,921
2,178
20.6
20.0
10.4
11.4
10.9
9.9
2.6
2.3
24.7
23.4
1.5
1.2
Infosys
Buy
2,173
2,747
124,757
39,364
42,981
32.2
30.5
161.6
171.7
13.5
12.7
3.1
2.6
22.9
20.5
2.5
2.2
Infotech Enterprises
Neutral
181
2,020
1,825
2,008
17.5
17.1
16.9
18.7
10.7
9.7
1.5
1.3
13.7
13.3
0.7
0.6
KPIT Cummins
Neutral
116
2,066
2,145
2,316
16.0
14.8
9.9
11.3
11.7
10.3
2.3
1.9
20.8
19.1
0.9
0.8
Mahindra Satyam
Accumulate
81
87
9,479
7,492
8,038
17.0
16.3
8.1
8.3
9.9
9.7
1.4
1.2
14.1
12.6
0.9
0.7
Mindtree
Accumulate
643
710
2,619
2,324
2,533
18.3
16.9
62.4
64.5
10.3
10.0
2.2
1.8
21.2
18.0
0.9
0.8
Mphasis
Neutral
382
8,034
5,704
6,009
18.6
17.7
36.0
37.1
10.6
10.3
1.5
1.3
14.0
12.6
0.9
0.8
NIIT
Buy
42
52
691
1,162
1,304
14.8
15.1
7.1
8.8
5.9
4.8
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Neutral
TCS
Accumulate
Tech Mahindra
Wipro
IT
389
1,555
1,187
1,274
26.7
26.0
34.5
42.6
11.3
9.1
1.6
1.4
14.4
15.4
1.0
0.9
1,210
1,289
236,863
60,787
68,558
30.1
29.2
65.5
73.6
18.5
16.4
5.8
4.6
31.3
28.2
3.7
3.2
Neutral
706
9,010
6,282
6,477
17.5
16.5
82.9
85.0
8.5
8.3
1.8
1.5
21.6
18.4
1.4
1.2
Buy
356
451
87,478
44,597
49,033
20.3
20.5
26.6
30.1
13.4
11.8
2.6
2.2
19.5
18.9
1.6
1.4
D B Corp
Buy
196
269
3,594
1,638
1,851
25.8
26.6
13.5
16.1
14.5
12.2
3.2
2.7
23.9
24.2
2.1
1.8
HT Media
Buy
96
148
2,257
2,224
2,509
16.6
17.2
8.6
10.8
11.2
8.9
1.4
1.2
12.9
14.3
0.6
0.5
Jagran Prakashan
Buy
84
125
2,652
1,521
1,698
22.6
23.1
6.2
6.4
13.6
13.0
3.3
2.9
20.7
23.9
2.0
1.8
PVR
Neutral
169
438
625
732
16.5
15.7
11.9
13.3
14.2
12.7
1.4
1.3
11.9
12.0
1.1
0.9
Sun TV Network
Neutral
300
11,821
2,002
2,296
77.1
76.7
18.9
22.1
15.9
13.6
4.1
3.5
27.7
28.3
5.4
4.5
Bhushan Steel
Reduce
474
429
10,074
11,408
13,773
31.0
30.0
53.7
60.8
8.8
7.8
1.3
1.1
15.3
14.9
2.6
2.2
Coal India
Neutral
352
222,020
68,841
74,509
25.3
25.3
24.1
26.1
14.6
13.5
4.0
3.3
30.4
26.8
2.3
2.0
Electrosteel Castings
Accumulate
20
22
676
1,984
2,074
11.2
12.6
2.0
2.7
9.6
7.2
0.4
0.1
4.2
5.5
0.5
0.5
Hind. Zinc
Buy
119
141
50,112
13,050
14,585
51.4
52.1
14.5
16.5
8.2
7.2
1.6
1.3
20.8
19.9
2.0
1.4
Hindalco
Accumulate
118
125
22,668
83,212
91,057
9.0
9.9
13.7
18.1
8.7
6.6
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
677
15,099
39,592
44,910
18.0
17.7
74.7
88.9
9.1
7.6
0.9
0.8
10.7
11.6
0.7
0.7
MOIL
Neutral
283
4,749
1,007
1,091
56.6
56.9
29.4
31.9
9.6
8.9
1.7
1.5
19.0
18.2
2.5
2.1
Monnet Ispat
Accumulate
390
447
2,507
3,115
3,748
22.1
25.1
59.1
66.8
6.6
5.8
0.9
0.8
15.6
15.3
1.5
1.2
Media
www.angelbroking.com
Market Outlook
July 17, 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
Reduce
57
54
14,626
8,474
9,024
12.6
16.2
2.6
3.6
22.2
15.8
1.2
1.2
5.6
7.5
1.3
1.2
NMDC
Neutral
187
74,160
11,959
13,062
78.2
78.6
19.1
20.9
9.8
9.0
2.4
2.0
27.1
24.4
4.1
3.6
SAIL
Neutral
93
38,228
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
187
16,222
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
0.1
Sterlite Inds
Buy
102
123
34,110
45,294
48,059
25.7
25.3
16.5
18.0
6.2
5.7
0.7
0.6
12.0
11.2
0.4
0.3
Tata Steel
Buy
409
499
10.9
12.1
53.9
66.0
7.6
6.2
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Buy
315
372
60,127
15,513
16,074
74.0
69.7
51.1
48.6
6.2
6.5
1.0
0.9
18.3
14.8
2.7
2.0
GAIL
Neutral
355
45,006
50,472
55,502
15.3
15.6
35.4
37.0
10.0
9.6
1.8
1.6
19.0
17.2
0.1
ONGC
Accumulate
287
321
37.7
36.3
31.3
32.6
9.2
8.8
1.6
1.4
18.7
17.3
1.3
1.2
Reliance Industries
Neutral
720
11.2
12.0
63.5
68.7
11.3
10.5
1.2
1.0
11.7
11.4
0.7
0.7
Pharmaceuticals
Alembic Pharma
Buy
57
91
1,083
1,624
1,855
14.2
15.6
6.6
9.1
8.7
6.3
2.1
1.7
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
111
156
3,218
5,243
5,767
14.6
14.6
11.8
12.6
9.4
8.8
1.0
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
1,482
1,682
15.5
15.5
95.0
104.0
18.6
17.0
Cadila Healthcare
Buy
799
953
16,354
6,196
7,443
18.5
19.5
37.6
47.7
21.2
16.8
4.8
3.8
26.8
27.5
2.6
2.1
Cipla
Accumulate
333
379
26,717
7,687
8,804
21.4
21.4
16.5
18.9
20.2
17.6
3.1
2.8
16.7
16.8
3.4
2.9
Dr Reddy's
Neutral
1,676
28,439
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.5
22.4
21.0
2.8
2.5
Dishman Pharma
Buy
62
92
502
1,280
1,536
17.8
17.8
9.2
11.3
6.8
5.5
0.5
0.5
7.7
8.5
1.1
0.9
GSK Pharma*
Neutral
2,054
17,402
2,651
2,993
31.7
31.2
76.0
82.4
27.0
24.9
7.8
6.8
30.8
29.0
5.6
4.9
Indoco Remedies
Buy
56
82
515
685
837
15.2
15.2
7.4
8.9
7.6
6.3
1.1
1.0
15.9
16.3
0.9
0.8
Ipca labs
Buy
378
435
4,770
2,850
3,474
20.3
20.3
31.9
36.3
11.9
10.4
3.6
2.9
26.2
26.8
1.8
1.5
Lupin
Accumulate
571
647
25,519
8,426
10,082
19.7
20.0
27.4
32.4
20.8
17.6
5.0
4.0
27.0
25.2
2.9
2.4
Orchid Chemicals
Buy
122
178
860
2,117
2,434
17.7
17.7
16.7
22.2
7.3
5.5
0.7
0.6
9.5
11.5
1.1
0.9
Ranbaxy*
Neutral
493
20,825
12,046
11,980
18.0
15.8
35.7
29.8
13.8
16.6
5.2
4.2
43.1
28.1
1.8
1.7
Sun Pharma
Neutral
621
63,957
9,272
11,080
38.6
38.0
22.7
22.6
27.4
27.5
4.6
4.1
17.9
15.6
5.5
4.4
CESC
Accumulate
299
342
3,739
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
996
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
158
130,567
74,766
86,549
23.1
23.4
12.4
14.1
12.7
11.3
1.6
1.5
13.0
13.5
2.5
2.3
55
78
1,627
657
875
52.0
56.1
8.4
12.7
6.6
4.3
0.4
0.4
6.3
8.9
3.7
2.8
205
34,886
9,878
12,033
44.7
46.1
9.6
13.4
21.4
15.3
1.4
1.3
6.4
8.7
6.0
5.0
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
www.angelbroking.com
Market Outlook
July 17, 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
86
115
3,616
2,441
3,344
55.1
48.2
22.7
26.6
3.8
3.2
0.3
0.3
8.8
9.4
3.3
2.5
MLIFE
Buy
323
376
1,317
814
897
26.9
27.0
31.3
33.9
10.3
9.5
1.1
1.0
10.2
10.1
2.0
1.8
Bharti Airtel
Neutral
320
121,388
80,076
86,613
32.8
33.5
15.5
19.8
20.7
16.1
2.2
1.9
10.5
11.9
2.2
1.9
Idea Cellular
Neutral
84
27,885
23,209
26,063
26.2
27.5
3.3
4.9
25.6
17.1
2.0
1.8
7.7
10.3
1.7
1.4
Rcom
Neutral
67
13,860
22,125
23,734
31.9
32.0
4.5
5.9
15.0
11.5
0.4
0.4
2.5
3.1
2.1
1.7
Telecom
zOthers
Abbott India
Accumulate
1,477
1,628
3,138
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
197
246
1,961
3,569
4,172
8.6
9.2
17.3
22.3
11.4
8.8
2.5
2.1
22.9
25.3
0.5
0.5
Cera Sanitaryware
Accumulate
291
327
368
405
477
15.8
17.2
31.0
41.0
9.4
7.1
2.1
1.6
24.3
25.8
1.1
0.9
Cravatex
Buy
651
785
168
302
364
5.7
6.0
49.0
71.0
13.3
9.2
4.0
2.8
29.8
30.7
0.7
0.5
CRISIL
Neutral
1,050
7,367
982
1,136
34.3
34.3
34.3
40.0
30.6
26.3
13.8
11.1
50.9
46.9
7.1
6.0
Finolex Cables
Buy
42
61
639
2,334
2,687
8.8
9.3
7.6
10.2
5.5
4.1
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
480
615
626
2,346
2,753
5.8
6.7
44.0
68.0
10.9
7.1
0.5
0.5
4.8
7.0
0.2
0.2
Goodyear India
Accumulate
340
374
785
1,511
1,692
7.9
9.0
31.5
41.3
10.8
8.3
2.1
1.8
21.2
23.5
0.3
0.2
Graphite India
Buy
89
124
1,730
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
Greenply Industries
Buy
200
309
482
1,925
2,235
10.6
10.9
29.6
44.1
6.8
4.5
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Buy
207
242
826
1,746
1,946
16.5
17.7
22.5
32.9
9.2
6.3
0.9
0.9
10.4
14.2
1.1
1.0
Hitachi
Buy
135
160
310
857
968
6.9
8.4
10.2
16.0
13.3
8.4
1.6
1.4
12.9
17.8
0.4
0.4
Honeywell Automation
Accumulate
2,631
2,864
2,326
1,761
2,024
6.7
8.2
95.0
127.0
27.7
20.7
3.3
2.8
14.1
16.3
1.2
1.1
Accumulate
708
804
1,245
900
1,020
9.0
11.1
33.0
45.0
21.5
15.7
2.9
2.5
14.3
17.0
1.2
1.0
ITD Cementation
Neutral
230
265
1,535
1,842
11.1
11.1
27.3
38.3
8.4
6.0
0.7
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Buy
128
268
2,056
1,315
1,568
8.6
11.1
6.4
10.9
20.0
11.7
1.7
1.6
8.4
13.9
1.9
1.6
MCX
Buy
1,096
1,598
5,589
610
702
65.5
67.0
67.9
79.9
16.2
13.7
4.7
4.0
29.1
28.9
6.2
4.9
MRF
Buy
10,198
13,106
4,325
12,390
14,400
10.4
7.6
6.2
1.5
1.2
16.5
17.4
0.5
0.5
Page Industries
Neutral
2,887
3,220
887
1,108
18.3
18.6
95.0
120.9
30.4
23.9
15.9
12.9
57.4
59.5
3.7
2.9
Relaxo Footwears
Buy
537
618
645
1,019
1,220
11.2
12.2
44.2
61.8
12.2
8.7
2.9
2.2
26.8
28.6
0.8
0.7
Sintex Industries
Buy
66
79
1,798
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.2
0.6
0.6
12.9
13.2
0.7
0.6
Buy
290
392
272
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.7
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
34
45
998
7,279
8,290
21.0
21.0
15.0
17.6
2.2
1.9
0.3
0.3
13.7
13.9
0.7
0.7
SpiceJet
Buy
32
40
1,540
5,647
6,513
3.5
6.5
1.9
4.9
16.4
6.5
38.5
5.6
0.4
0.3
www.angelbroking.com
Market Outlook
July 17, 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
zOthers
TAJ GVK
Buy
69
108
432
300
319
35.8
36.2
7.9
9.1
8.7
7.6
1.2
1.0
13.9
14.4
1.8
1.5
Buy
339
420
523
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
334
462
256
1,612
1,827
9.5
9.8
72.3
92.5
4.6
3.6
1.4
1.0
33.1
32.1
0.4
0.3
United Spirits
Reduce
779
730
10,183
10,289
11,421
13.5
14.3
31.0
42.9
25.1
18.1
2.0
1.8
8.1
10.3
1.7
1.5
Vesuvius India
Accumulate
383
413
778
628
716
16.4
16.5
29.8
34.4
12.9
11.1
2.2
1.9
18.8
18.6
1.1
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 16, 2012
www.angelbroking.com
Market Outlook
July 17, 2012
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