Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 4, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open flat with a positive bias, following a
marginally positive opening in the SGX Nifty. Most of the Asian markets are
currently trading in red.
BSE Sensex
(0.3)
Nifty
(0.1)
(4.8)
5,254
0.1
5.6
6,011
The US markets remained closed on Monday. The European markets ended the
day higher on Monday despite news that Chinas manufacturing activity fell to its
lowest level in three years. Germanys manufacturing activity too fell below
estimates for the month of August. The final Markit/BME Purchasing Managers'
Index came in at 44.7 in August, down from the flash reading of 45.1, but rose
from 43 in July.
Meanwhile, the Indian benchmark indices which opened in the green on Monday
fell shortly due to the growing concerns about the domestic economy. The markets
remained weak for most part of the day, before ending the day lower by ~0.3%.
The markets would be keenly awaiting some announcements on the reforms front
after the implementation of GAAR has been postponed by three years.
MID CAP
SMALL CAP
2.2
6,397
(25.2)
7,470
BSE PSU
(0.0)
(2.9)
6,936
BANKEX
(0.7)
SENSEX
NIFTY
R1
R2
17,254
17,319
17,415
17,480
17,575
5,212
5,233
5,264
5,285
5,317
News Analysis
Supreme Court permits mining operations for category A mines in Karnataka

Cement dispatches August 2012
BJAUT, AL Monthly volumes: August 2012
Infosys top executive Shaji Farooq quits, possibly to join Wipro
L&T bags orders worth `1,063cr
Tech Mahindra to announce strategic move today, might buy Hutch's India
BPO business
UB group considering stake sale in Whyte and Mckay
Refer detailed news analysis on the following page
Net Inflows (August 31, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,126
3,272
(146)
4,430
61,880
314
372
(58)
(807)
(9,020)
MFs
FII Derivatives (September 3, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,003
1,193
(190)
10,659
Stock Futures
1,020
1,274
(254)
23,720
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Aurobindo Phar
118
6.8
Exide Inds
138
5.3
IFCI
32
5.1
Jet Air India
68
4.2
JSW Ispat
(4.0)
128
4.2
Divis Lab
1,110
(3.8)
Shree Renuka Sug

Chambal Fert
IRB Infra
www.angelbroking.com
Company
Piramal Health
Price (`)
chg (%)
457
(6.4)
25
(4.8)
338
(4.5)
(74.4) 11,442
AUTO
0.4
37.2
9,278
METAL
(0.6)
(57.5)
9,630
OIL & GAS
(0.8)
(65.7)
8,146
BSE IT
(0.1)
(7.6)
5,734
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
0.7
90.1 13,091
NASDAQ
0.6
18.3
3,067
FTSE
0.5
28.5
5,740
(0.6)
(56.0)
8,784
Hang Seng
PIVOT
(45.2) 17,384
0.0
Nikkei
S1
(Close)
(0.3)
The trend deciding level for the day is 17,415 / 5,264 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,480 17,575 / 5,285 5,317 levels. However, if NIFTY trades below
17,415 / 5,264 levels for the first half-an-hour of trade then it may correct up to
17,319 17,254 / 5,233 5,212 levels.
S2
(Pts)
BSE HC
Markets Today
Indices
Chg (%)
Straits Times
0.4
76.6 19,559
(0.3)
(8.2)
3,017
0.6
11.6
2,059
Chg (%)
(Pts)
(Close)
0.3
0.1
$42.5
WIT
(2.5)
(0.2)
$7.8
IBN
(0.4)
(0.1)
$32.5
HDB
(1.5)
(0.5)
$33.6
Shanghai Com
Indian ADRs
INFY
Advances / Declines
BSE
NSE
Advances
1,387
786
Declines
1,428
633
106
93
Unchanged
Volumes (` cr)
BSE
1,644
NSE
7,821
Market Outlook
September 4, 2012
Supreme Court permits mining operations for category A

mines in Karnataka
The Supreme Court has allowed 18 mines (category A) to resume iron ore
mining in Karnataka after a suspension of over a year on environmental concerns.
This is in line with our expectations given that the Central Empowered Committee
had earlier recommended category A mines to resume operations. The A category
mines are the ones that are either free of any illegality or had committed marginal
illegalities in their mining operations. However, the mines need to get fresh
environmental and pollution clearances from the Ministry of Environment and
Forest before they resume operations which could delay the commencement of
operations in our view. Further, there is no clarity on the quantum of annual
production capacity of these mines as of now (although some media reports
suggest that the new mines could produce ~7mn tonne p.a.). NMDC has been
producing iron ore at a run rate of 8-10mn tonne in Karnataka over the past one
year. Given the Karnataka steel industrys requirement of 30mn tonne, we believe
the commencement of production from these 18 mines is slightly positive for the
steel industry in Karnataka, especially JSW Steel which operates a 10mn tonne
plant in Karnataka with annual iron ore requirement of 18mn tonne. For JSW
Steel, the eventual start-up of production from these mines will be positive as this
will result in higher availability of iron ore at slightly lower prices. However,
currently it is challenging to quantify the impact on JSW Steels financials given the
uncertainty on the timelines and production quantity. As far as Sesa Goa is
concerned, there is no clarity whether any of its Tumkur mines are a part of these
18 mines which have been cleared to resume operations.
Until further update,
we maintain our Neutral rating on JSW Steel and recommend Accumulate on Sesa
Goa with a target price of `192.
Cement dispatches August 2012

For August 2012 Ambuja cements posted a 2.4% yoy decline in its dispatches to
1.45mn tonnes (1.49 mn tonnes). The south west monsoon monsoons picked up
in the month of August after remaining weak in June and July, resulting in lower
cement demand. We remain neutral on Ambuja Cements.
Monthly volumes: August 2012

Ashok Leyland (ALL)
Ashok Leyland (AL) reported in-line sales for August 2012 riding on the strong
growth of its small commercial vehicle, Dost. Total volumes ex-Dost registered a
8.6% yoy (5.5% mom) decline to 6,597 units on account of sluggish demand led
by slowdown in economic activity. However, Dosts sales continued to be strong at
2,835 units. As a result, total volumes grew by a strong 30.4% yoy (down by 3.6%
mom) to 9,432 units. ALL continues to witness strong growth traction YTD in
FY2013 mainly led by the success of the Dost and a gradual pick-up in demand in
South India. While medium and heavy commercial vehicle (MHCV) sales going
ahead will remain under pressure due to slowdown in industrial activity, we expect
the sales momentum in Dost to continue with it gets introduced across India
Market Outlook
September 4, 2012
(currently available in seven states). At `21, the company is trading at an attractive

valuation of 7.5x FY2014E earnings. We maintain our Buy rating on the stock with
a target price of `30.
Bajaj Auto (BJAUT)

BJAUT reported in-line sales for August 2012 with total volumes registering a
decline of 9.9% yoy (flat mom), due to weak demand in the domestic motorcycle
segment. Three-wheeler sales on the other hand recovered (volumes up 14.9%
mom) as demand in Sri Lanka and Egypt picked up considerably during the
month. The company dispatched around 7,500 units in Sri Lanka during the
month as against 3,000 units in July 2012. The total motorcycle sales however,
declined by 10% yoy (1.5% mom), led by subdued demand in the domestic
markets. The motorcycle volumes continues to benefit from the new launches Pulsar NS (7,200 units) and Discover 125ST (25,000 units). Exports posted a 4.8%
yoy decline (up 4.8% mom) during the month to 131,562 units mainly due to
under performance in the key export markets of Sri Lanka and Egypt. Going
ahead, as domestic demand continues to remain sluggish, we believe that revival
in exports will be necessary for the company to maintain its volume momentum. At
`1,664, BJAUT is trading at 13.7x FY2014E earnings. We maintain our

Neutral rating on the stock.
Infosys top executive Shaji Farooq quits, possibly to join Wipro

As per media reports, in yet another senior-level exit at software major Infosys,
Shaji Farooq, senior vice-president and head of financial services, Americas at
Infosys has quit and is headed to join Wipro. Shaji Farooq has been in Infosys for
the last ten years and has over 20 years of industry experience. He is unit head for
financial services, Americas and responsible for all client facing activities,
delivery/execution and operations. Farooq's exit is the latest in a series of seniorlevel exits at Infosys in the last one year. Other top executives who quit in the last
year include board member Mohandas Pai, sales head Subhash Dhar and Infosys
BPO COO Ritesh Idnani. Infosys is currently witnessing near-term challenges in
terms of growth after the restructuring exercise it went through in the last year. We
maintain Accumulate rating on the stock with a target price of `2,530.
L&T bags orders worth `1,063cr

Larsen & Toubro (L&T) Construction has bagged orders worth `1,063cr across
business segments in the month of August 2012. A major order worth `377cr has
been bagged from Delhi Metro Rail Corporation for the construction of elevated
viaduct and stations. This project is a part of Phase-III of Delhi MRTS. Another
order valued at `212cr has been secured from Rail Vikas Nigam for doubling the
lines of the Rewari - Manheru section on the Bikaner division of North Western
Railway. The company has also secured orders aggregating `474cr which include
design and construction of an IT campus in the southern part of India and
construction of residential towers in Mumbai. This also includes additional orders
from various ongoing building projects.
Market Outlook
September 4, 2012
At the current market price of `1,353, the stock is trading at PE of 13.5x FY2014E
earnings, after adjusting for investments, which is below the historical trading
multiple for L&T. We have used the sum-of-the-parts (SOTP) methodology to value
the company to capture all its business initiatives and investments/stakes in the
different businesses. Ascribing separate values to its parent business on a P/E basis
and investments in subsidiaries on P/E, P/BV and mcap basis, our target price
works out to `1,553. We recommend Accumulate on the stock.
Tech Mahindra to announce strategic move today, might buy

Hutch's India BPO business
Tech Mahindra is expected to announce a strategic move today. As per media
reports, Tech Mahindra could seal a deal to acquire BPO services firm Hutchison
Global Services for ~US$100mn. As part of the deal, it is also expected that Hutch
has also made a revenue commitment of US$1bn over the next 5-7 years to Tech
Mahindra. Hutch's India BPO business caters to three geographies UK, Australia
and Ireland. This deal is expected to give a revenue boost to Tech Mahindra and
give it a much larger BPO footprint. Hutchison Global Services has ~12,000
employees operating out of five facilities in India. This move is positive for Tech
Mahindra as it would give inorganic boost to revenues when the company is not
able to grow in tandem with other IT services players organically. We continue to
remain positive on the stock and maintain Accumulate rating on the stock with a
target price of `850.
UB group considering stake sale in Whyte and Mckay

As per media reports, UB group, which is the promoter of United Spirits (USL) with
a 28% stake is considering to offload up to 48% stake in its flagship brand Whyte
& Mackay (W&M). USL bought Whyte and Mckay in 2007 for a consideration of
US$1.2bn. UB group has been looking at selling its stake in USL to raise funds for
repaying the debts of its other group company Kingfisher Airlines. The proposal to
off-load stake in W&M is intended to enable the sale of 27% stake in USL for a
consideration of ~`3,000cr to UK based Diageo, without attracting UK anticompetition laws as USL and Diageo put together have a considerable market
share in the scotch and vodka segments. However, off-loading of stake in W&M
might make the deal financially unattractive for Diageo. We continue to remain
neutral on USL.
Economic and Political News
July exports down 14.8% at USD$22.4bn

Govt will ensure stable tax regime: Chidambaram
Finance Mininster wants loss-making banks, insurers out of CCI ambit
Govt taking steps to bridge demand, supply gap in power: Moily
Corporate News
Wockhardt gets USFDA nod for anti-depressant tablets

Reliance Power starts production at controversial Sasan mines
Strides Arcolab gets USFDA nod for cancer drug
Suzlon arm REpower bags 131.2 MW contract
Uflex aims to double revenue to USD$2bn in 3 years
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 04, 2012
Global economic events release calendar

Date
Country
Event Description
September 05, 2012
Germany
PMI Services
September 06, 2012
US
Unit
Period
Bloomberg Data
Last Reported
Estimated
Value
Aug F
48.30
48.30
Initial Jobless claims
Thousands
Sep 1
374.00
370.00
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
(0.20)
(0.20)
UK
BOE Announces rates
% Ratio
Sep 6
0.50
0.50
Euro Zone
ECB announces interest rates
Sep 6
0.75
0.50
UK
Industrial Production (YoY)
% Change
Jul
(4.30)
(2.70)
US
Change in Nonfarm payrolls
Thousands
Aug
163.00
125.00
US
Unnemployment rate
Aug
8.30
8.30
China
Industrial Production (YoY)
% Change
Aug
9.20
9.10
China
Consumer Price Index (YoY)
% Change
Aug
1.80
2.00
September 10, 2012
China
Exports YoY%
% Change
Aug
1.00
3.00
September 12, 2012
UK
Jobless claims change
% Change
Aug
(5.90)
--
India
Industrial Production YoY
% Change
Jul
(1.80)
--
US
Producer Price Index (mom)
% Change
Aug
0.30
1.00
US
FOMC rate decision
Sep 13
0.25
--
Euro Zone
Aug
2.40
--
% Change
Aug
6.87
--
US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Aug
0.65
0.20
US
Consumer price index (mom)
% Change
Aug
--
0.50
India
RBI Repo rate
Sep 17
8.00
--
India
RBI Cash Reserve ratio
Sep 17
4.75
--
India
RBI Reverse Repo rate
Sep 17
7.00
--
September 18, 2012
UK
CPI (YoY)
% Change
Aug
2.60
--
September 19, 2012
US
Existing home sales
Millions
Aug
4.47
--
US
Housing Starts
Thousands
Aug
746.00
--
US
Building permits
Euro-Zone Consumer
Confidence
Thousands
Aug
811.00
--
Value
Sep A
(24.60)
--
September 07, 2012
September 09, 2012
September 13, 2012
September 14, 2012
India
September 17, 2012
September 20, 2012
Euro Zone
September 25, 2012
US
Consumer Confidence
September 26, 2012
US
September 27, 2012
Germany
Sep
60.60
--
New home sales
S.A./
1985=100
Thousands
Aug
372.00
--
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
--
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
October 01, 2012
China
PMI Manufacturing
Value
Sep
49.20
--
October 18, 2012
China
Real GDP (YoY)
% Change
3Q
7.60
--
November 15, 2012
Germany
GDP nsa (YoY)
% Change
3Q P
0.50
--
Source: Bloomberg, Angel Research
Market Strategy
September 4, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.6
7.5
8.0
6.0
6.0
8.0
5.3 5.5
5.0
1.0
2.0
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
(%)
Mfg. PMI
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Services PMI
58.0
9.5
7.7
8.0
Jan-12
(5.0)
60.0
9.9
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
12.0
10.0
Dec-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
9.8
Nov-11
Oct-11
Sep-11
(2.0)
Source: CSO, Angel Research
Aug-11
3.5
3.0
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Source: MOSPI, Angel Research
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
Jul-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
48.0
Dec-11
0.0
Nov-11
50.0
Oct-11
2.0
Sep-11
52.0
Aug-11
4.0
Oct-11
54.0
6.0
Aug-11
10.0
2.5
2.7
2.5
Jul-11
4.0
3.4
6.1
5.7
6.0
4.3
3.7
4.0
6.7
7.0
Exhibit 6: Key policy rates
Imports yoy growth
75.0
(%)
9.00
60.0
8.00
45.0
7.00
30.0
Repo rate
Reverse Repo rate
CRR
6.00
15.0
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Aug-11
(30.0)
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
(15.0)
Jul-11
0.0
Market Outlook
September 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
2,631
1,466
1,686
14.8
14.8
7.0
8.1
19.3
16.7
4.1
3.5
22.6
22.5
1.8
1.6
United Phosphorus
Buy
119
170
5,502
8,421
9,263
16.5
16.5
15.0
17.0
8.0
7.0
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
374
402
3,191
2,844
3,225
15.4
15.5
31.7
36.6
11.8
10.2
3.0
2.4
28.8
26.2
1.0
0.9
Apollo Tyres
Accumulate
92
99
4,617
13,412
15,041
11.0
11.0
11.5
14.2
8.0
6.5
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
21
30
5,481
14,920
16,850
9.0
9.3
2.2
2.8
9.5
7.5
1.7
1.5
13.3
15.6
0.5
0.4
Automotive Axle
Buy
341
430
515
993
1,140
11.6
11.5
36.9
43.0
9.2
7.9
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Accumulate
1,664
1,698
48,164
21,285
23,927
18.2
18.3
108.5
121.3
15.3
13.7
6.4
5.1
46.1
41.3
1.8
1.5
Bharat Forge
Buy
279
351
6,503
7,004
7,985
16.2
16.4
20.3
25.1
13.7
11.2
2.6
2.2
20.0
20.9
1.1
0.9
Bosch India
Neutral
8,651
27,164
9,034
10,286
17.8
18.3
373.6
435.8
23.2
19.9
4.8
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
110
164
376
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Accumulate
138
149
11,743
5,899
6,771
16.0
17.0
7.4
9.1
18.8
15.1
3.4
2.8
19.0
20.2
1.6
1.3
FAG Bearings
Neutral
1,589
2,640
1,505
1,747
17.7
18.0
111.5
130.0
14.3
12.2
3.0
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,797
2,428
35,891
26,097
29,963
15.0
15.3
139.5
151.8
12.9
11.8
6.1
4.6
54.6
44.3
1.1
0.9
JK Tyre
Buy
107
135
439
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.4
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
757
879
46,497
36,536
41,650
11.6
11.5
49.3
54.9
15.4
13.8
3.2
2.7
22.1
21.1
1.0
0.9
1,159
1,227
33,483
42,887
49,079
5.5
6.6
66.8
87.6
17.3
13.2
2.0
1.8
12.1
14.1
0.6
0.5
Buy
190
228
7,462
24,173
27,055
6.6
7.1
11.7
15.2
16.3
12.5
3.4
2.8
22.4
24.2
0.5
0.4
Subros
Buy
27
34
163
1,230
1,378
8.8
8.6
4.5
5.7
6.0
4.8
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
231
292
61,524 195,096 219,428
12.8
12.8
39.0
43.9
5.9
5.3
1.7
1.3
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
37
43
1,739
7,545
8,301
6.2
6.1
4.9
5.4
7.4
6.8
1.3
1.2
18.8
18.2
0.2
0.2
Maruti
Accumulate
Motherson Sumi
Capital Goods
ABB*
Sell
720
498
15,264
8,760
10,023
5.5
7.5
12.4
20.7
58.0
34.7
5.6
4.9
10.1
15.2
1.7
1.5
BGR Energy
Neutral
258
1,865
3,669
4,561
11.0
11.0
24.7
29.6
10.5
8.7
1.5
1.4
15.3
16.7
0.5
BHEL
Neutral
216
52,978
47,801
43,757
19.4
19.8
25.7
23.9
8.4
9.1
1.8
1.6
22.7
18.3
1.0
0.8
Blue Star
Neutral
176
1,584
3,047
3,328
5.4
6.9
12.5
16.2
14.1
10.8
3.4
2.8
26.1
28.2
0.6
0.5
Crompton Greaves
Buy
107
128
6,842
12,691
14,096
7.0
8.5
6.5
9.1
16.4
11.7
1.8
1.6
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
37
59
305
2,622
2,801
10.3
10.7
8.7
13.1
4.3
2.8
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
56
69
1,449
6,858
7,431
7.5
8.3
9.0
11.5
6.3
4.9
1.1
0.9
26.9
27.2
0.3
0.3
LMW
Neutral
1,989
2,241
2,369
2,727
11.7
11.7
143.4
166.0
13.9
12.0
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
485
5,783
5,514
5,559
8.9
9.6
26.9
28.4
18.1
17.1
3.1
2.8
18.4
17.1
1.0
1.0
Market Outlook
September 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
1,308
24,564
11,220
12,896
20.0
20.6
71.1
81.2
18.4
16.1
3.2
2.9
18.1
19.0
1.9
1.6
Ambuja Cements
Neutral
182
28,003
10,205
11,659
24.6
24.2
10.8
12.0
16.8
15.1
3.5
3.2
19.7
19.8
2.4
2.0
India Cements
Neutral
85
2,600
4,393
4,914
19.3
19.5
10.1
12.7
8.4
6.7
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
96
1,177
1,964
2,278
19.5
20.4
16.3
17.9
5.9
5.4
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
182
4,335
3,608
3,928
27.4
26.9
15.6
18.1
11.7
10.1
1.8
1.6
16.8
16.9
1.8
1.5
Shree Cements
Neutral
3,359
11,702
5,767
6,337
28.4
26.9
216.9
253.3
15.5
13.3
5.3
4.6
24.7
23.4
1.5
1.2
UltraTech Cement
Neutral
1,666
45,659
20,167
22,752
21.7
23.0
90.8
107.8
18.3
15.5
18.3
15.5
1.9
1.7
250
304
1,316
2,014
2,293
22.4
22.4
22.6
26.7
11.1
9.4
1.2
1.1
11.4
11.9
2.5
2.8
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
255
2,262
2,522
6.7
7.5
1.5
2.7
9.3
5.2
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
16
965
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.0)
(16.5)
0.9
1.0
(11.4)
(5.6)
1.1
1.1
IRB Infra
Buy
128
166
4,258
3,964
4,582
42.3
40.2
15.5
16.9
8.3
7.6
1.3
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
166
232
3,222
6,840
7,767
26.4
26.1
24.4
28.4
6.8
5.9
1.0
0.9
16.0
16.2
2.6
2.8
IVRCL Infra
Buy
39
61
1,192
5,510
6,722
8.8
9.0
2.5
4.6
15.3
8.5
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
64
91
13,609
15,259
17,502
25.7
24.7
4.2
5.0
15.1
12.8
1.2
1.2
8.5
9.3
2.2
2.0
Larsen & Toubro
Buy
1,353
1,553
83,064
60,474
69,091
12.1
11.5
79.7
85.4
17.0
15.9
2.9
2.5
16.3
15.1
1.5
1.3
Madhucon Proj
Buy
30
56
220
2,206
2,502
10.7
10.7
4.6
4.7
6.4
6.4
0.3
0.3
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
33
45
842
5,804
6,513
8.0
8.6
3.0
3.5
10.8
9.4
0.3
0.3
3.2
3.6
0.6
0.6
Patel Engg.
Neutral
66
459
3,609
3,836
13.1
13.1
14.0
14.6
4.7
4.5
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
45
1,498
11,892
13,116
8.9
8.9
1.7
3.1
26.6
14.6
0.5
0.5
1.9
3.4
0.5
0.5
Sadbhav Engg.
Buy
129
182
1,942
2,789
3,147
10.6
10.7
8.4
10.4
15.3
12.4
2.1
1.8
15.0
15.6
0.9
0.8
Simplex Infra
Buy
194
265
960
6,732
7,837
8.1
8.4
23.5
29.4
8.3
6.6
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
120
128
6,008
7,233
8,579
3.1
3.3
40.5
40.9
3.0
2.9
0.5
0.5
19.4
17.0
Andhra Bank
Neutral
91
5,098
4,959
5,787
3.1
3.1
22.7
24.5
4.0
3.7
0.6
0.6
16.0
15.3
Axis Bank
Buy
978
1,373
40,512
15,961
19,583
3.1
3.2
117.3
143.1
8.3
6.8
1.6
1.3
20.1
20.8
Bank of Baroda
Buy
628
829
24,581
15,830
19,300
2.6
2.7
118.9
147.1
5.3
4.3
0.8
0.7
16.7
18.0
Bank of India
Buy
256
323
14,686
13,159
15,851
2.4
2.5
61.1
71.1
4.2
3.6
0.7
0.6
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
44
2,591
3,471
3,889
3.1
3.1
9.0
11.5
4.9
3.8
0.6
0.6
13.7
15.5
320
421
14,156
11,334
13,629
2.2
2.3
75.4
85.1
4.2
3.8
0.6
0.6
15.2
15.3
66
4,855
7,181
8,365
2.5
2.7
16.3
21.8
4.0
3.0
0.7
0.6
12.7
15.1
Market Outlook
September 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
Buy
372
436
5,507
5,067
5,998
2.1
2.3
105.6
111.0
3.5
3.4
0.6
0.5
17.6
16.3
Dena Bank
Buy
87
107
3,060
3,177
3,595
2.8
2.8
25.2
25.4
3.5
3.5
0.6
0.5
18.9
16.4
Federal Bank
Accumulate
406
459
6,946
2,697
3,171
3.4
3.4
47.9
58.0
8.5
7.0
1.1
1.0
13.6
14.7
HDFC
Reduce
734
671
112,476
7,340
8,805
3.5
3.5
31.5
37.8
23.3
19.4
4.7
4.2
34.8
32.2
HDFC Bank
Neutral
590
139,258
21,936
27,454
4.4
4.4
28.7
36.0
20.6
16.4
3.9
3.3
20.7
22.0
ICICI Bank
Buy
903
1,169
103,848
22,356
27,157
2.9
3.0
68.7
82.0
13.2
11.0
1.6
1.5
14.2
15.5
IDBI Bank
Buy
85
101
10,847
7,952
9,876
1.9
2.2
18.5
23.6
4.6
3.6
0.6
0.5
12.8
14.7
Indian Bank
Buy
156
190
6,689
6,294
7,191
3.4
3.4
40.6
44.9
3.8
3.5
0.6
0.6
18.1
17.4
IOB
Buy
68
80
5,408
7,473
8,732
2.5
2.5
16.7
22.6
4.1
3.0
0.5
0.4
11.8
14.4
J & K Bank
Accumulate
905
1,026
4,385
2,625
2,921
3.6
3.5
194.4
191.9
4.7
4.7
0.9
0.8
21.2
18.0
LIC Housing Finance
Buy
239
279
12,084
1,867
2,338
2.4
2.4
21.1
28.5
11.4
8.4
1.9
1.6
17.5
20.4
Oriental Bank
Buy
223
278
6,500
6,518
7,458
2.8
2.9
61.3
65.1
3.6
3.4
0.5
0.5
15.2
14.3
Punjab Natl.Bank
Buy
669
950
22,705
20,116
23,625
3.3
3.4
152.8
173.9
4.4
3.9
0.8
0.7
18.2
18.0
South Ind.Bank
Buy
22
27
2,475
1,514
1,717
2.8
2.7
4.0
4.2
5.5
5.2
1.1
0.9
20.5
18.5
St Bk of India
Buy
1,849
2,270
124,090
64,470
75,940
3.5
3.5
224.4
258.7
8.2
7.2
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
94
119
5,652
6,840
7,996
2.9
3.0
25.7
29.2
3.7
3.2
0.6
0.5
17.9
17.8
UCO Bank
Neutral
64
4,228
5,488
6,338
2.4
2.5
17.3
17.7
3.7
3.6
0.7
0.6
17.0
15.3
Union Bank
Buy
158
230
8,723
10,299
12,227
2.9
3.0
42.1
49.3
3.8
3.2
0.7
0.6
16.7
17.1
United Bank
Buy
50
79
1,818
3,634
4,194
2.8
2.9
18.2
23.0
2.8
2.2
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
47
2,344
2,579
3,028
2.1
2.3
8.8
11.6
5.4
4.1
0.6
0.6
11.1
13.3
Yes Bank
Buy
328
453
11,642
3,255
4,228
2.8
3.0
34.2
42.7
9.6
7.7
2.0
1.7
23.3
23.8
3,653
35,041
11,198
13,184
16.3
16.3
121.0
144.8
30.2
25.2
10.1
8.0
37.4
35.3
3.1
2.6
504
584
6,026
5,835
6,824
5.7
6.0
20.7
25.4
24.4
19.9
9.6
7.4
43.1
41.9
1.0
0.8
1,216
16,533
3,018
3,429
20.9
22.3
34.6
41.0
35.1
29.7
32.4
24.6
99.5
94.1
5.3
4.7
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
125
21,795
6,124
7,030
17.0
16.8
4.5
5.2
28.0
24.2
11.5
9.1
43.2
41.5
3.5
3.0
GlaxoSmith Con*
Neutral
2,910
12,237
3,124
3,663
17.1
17.6
104.5
123.8
27.9
23.5
8.7
7.0
34.4
32.8
3.6
3.0
Godrej Consumer
Neutral
679
23,115
6,097
7,233
18.4
18.6
21.9
26.5
31.1
25.7
6.9
5.7
25.5
25.4
4.0
3.4
HUL
Neutral
515
111,380
25,350
28,974
13.9
13.9
14.3
16.5
36.1
31.3
21.5
16.6
70.9
59.8
4.2
3.6
ITC
Neutral
268
209,883
29,513
33,885
35.4
35.8
9.3
10.8
28.8
24.8
9.5
8.0
35.6
35.0
6.8
5.9
Market Outlook
September 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
204
13,123
4,840
5,643
13.1
13.1
6.8
8.5
30.0
24.1
8.3
6.3
31.4
29.7
2.7
2.2
Nestle*
Neutral
4,601
44,361
8,610
10,174
20.9
21.2
114.8
139.8
40.1
32.9
24.2
16.8
71.2
60.3
5.3
4.4
Tata Global
Neutral
130
8,064
7,207
7,927
9.7
10.0
6.6
7.9
19.7
16.6
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech
Accumulate
556
585
38,541
24,400
27,049
18.6
17.5
41.1
45.0
13.5
12.3
3.0
2.6
22.7
21.1
1.5
1.3
Hexaware
Accumulate
125
133
3,710
1,947
2,161
22.0
21.4
11.4
12.1
11.0
10.3
2.8
2.4
26.4
24.0
1.6
1.4
Infosys
Accumulate
2,370
2,530
136,067
39,151
41,743
31.6
31.9
161.9
174.5
14.6
13.6
3.5
3.0
23.8
22.1
2.9
2.6
Infotech Enterprises
Neutral
181
2,018
1,889
2,065
18.0
17.5
18.0
19.7
10.0
9.2
1.5
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
128
2,280
2,149
2,331
15.6
14.8
10.7
11.2
11.9
11.4
2.5
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Neutral
94
11,050
7,574
8,062
19.6
18.4
9.5
9.7
9.9
9.7
1.6
1.4
16.1
14.1
1.1
0.9
Mindtree
Accumulate
665
708
2,716
2,341
2,513
18.6
17.1
66.5
70.8
10.0
9.4
2.2
1.8
22.3
19.3
1.0
0.8
Mphasis
Neutral
382
8,026
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
31
40
504
1,162
1,304
14.8
15.1
7.1
8.8
4.3
3.5
0.7
0.6
16.7
18.4
0.3
0.2
Persistent
Neutral
387
1,547
1,193
1,278
25.6
24.3
42.6
44.3
9.1
8.7
1.6
1.4
17.2
15.5
0.9
0.8
TCS
Neutral
1,339
261,974
61,046
67,507
29.3
29.1
67.3
72.4
19.9
18.5
6.3
5.2
31.9
28.3
4.1
3.7
Tech Mahindra
Accumulate
811
840
10,342
6,148
6,434
18.4
17.6
91.8
97.6
8.8
8.3
2.1
1.7
23.4
20.2
1.6
1.5
Wipro
Accumulate
365
420
89,727
43,492
48,332
19.4
19.3
25.1
28.0
14.5
13.0
2.7
2.3
18.6
18.0
1.8
1.5
D B Corp
Buy
189
236
3,463
1,597
1,785
22.9
24.2
11.1
13.9
17.0
13.6
3.2
2.8
20.2
22.1
2.1
1.8
HT Media
Buy
92
113
2,156
2,111
2,263
15.2
15.2
7.3
8.1
12.5
11.3
1.3
1.2
11.2
11.2
0.6
0.4
Jagran Prakashan
Buy
91
112
2,881
1,506
1,687
22.5
23.2
6.2
7.0
14.7
13.0
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
186
482
625
732
17.4
17.1
13.3
15.6
13.9
11.9
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
292
11,525
1,981
2,239
77.0
76.7
18.6
21.3
15.8
13.7
4.0
3.5
27.1
27.5
5.4
4.6
Bhushan Steel
Neutral
462
9,818
11,979
14,584
31.6
31.0
49.2
61.4
9.4
7.5
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Accumulate
360
385
227,673
69,808
75,550
27.4
27.4
26.0
28.3
13.9
12.8
4.0
3.3
32.5
28.1
2.3
1.9
Electrosteel Castings
Buy
18
23
616
1,984
2,074
11.2
12.6
2.5
2.9
7.2
6.2
0.3
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Buy
125
144
52,795
12,446
13,538
52.3
52.9
14.3
15.5
8.8
8.0
1.7
1.4
20.5
18.9
2.3
1.7
Hindalco
Neutral
104
19,902
84,855
92,446
8.7
9.3
13.2
16.2
7.9
6.4
0.6
0.6
7.8
8.9
0.6
0.5
JSW Steel
Neutral
670
14,947
38,740
41,459
17.3
17.0
79.9
89.4
8.4
7.5
0.8
0.8
10.4
10.6
0.8
0.8
MOIL
Accumulate
241
271
4,055
918
993
50.7
50.9
24.5
26.1
9.8
9.3
1.5
1.4
16.0
15.5
2.0
1.7
Monnet Ispat
Buy
291
379
1,869
2,511
3,303
23.8
26.0
46.3
57.3
6.3
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
50
12,822
187
214
74,081
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
7,401
7,841
16.7
19.2
12,934
14,266
79.4
80.1
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
3.4
4.1
14.5
12.2
1.1
1.0
21.1
23.4
8.9
8.0
2.4
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
7.4
8.4
1.3
1.2
29.6
26.5
4.0
3.4
Metals & Mining

Nalco
Neutral
NMDC
Accumulate
SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
77
31,640
47,252
60,351
14.2
14.8
9.6
11.7
8.0
6.5
0.7
0.7
9.4
10.6
1.1
0.9
170
192
14,736
7,704
8,034
33.6
34.6
42.0
43.1
4.0
3.9
0.8
0.7
22.3
19.2
0.2
(0.2)
Buy
96
115
32,195
41,680
45,382
24.2
23.2
16.3
16.9
5.9
5.7
0.6
0.6
11.3
10.7
0.4
0.3
Buy
358
481
34,774 145,799 150,431
10.3
11.2
48.6
63.3
7.4
5.7
0.7
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
117
148
419
1,251
1,321
22.7
23.4
33.0
37.1
3.5
3.2
0.5
0.4
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
654
2,694
2,906
14.6
16.6
17.9
22.6
2.7
2.2
0.3
0.3
11.4
12.8
0.5
0.3
Buy
113
161
360
2,341
2,425
15.6
17.3
33.8
43.8
3.4
2.6
0.4
0.3
13.2
14.4
0.5
0.5
Cairn India
Accumulate
340
380
64,862
16,605
17,258
75.4
71.7
57.0
54.9
6.0
6.2
1.1
0.9
20.2
16.3
2.9
2.3
GAIL
Neutral
350
44,359
50,176
55,815
15.5
15.8
35.4
36.5
9.9
9.6
1.7
1.5
18.9
17.0
0.1
ONGC
Accumulate
273
312
233,437 147,139 154,821
33.9
33.7
30.7
32.3
8.9
8.5
1.5
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
764
250,258 362,700 380,031
Gujarat Gas
Neutral
291
Indraprastha Gas
Neutral
239
3,350
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
157
176
11,775
78
4,400
Alembic Pharma
Buy
70
91
Aurobindo Pharma
Buy
118
156
Aventis*
Neutral
2,189
Cadila Healthcare
Neutral
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Reduce
GSK Pharma*
Neutral
Indoco Remedies
Buy
70
92
642
Ipca labs
Accumulate
447
475
5,631
Lupin
Accumulate
589
647
26,330
Orchid Chemicals
Neutral
111
783
Neutral
7.9
8.0
61.5
64.3
12.4
11.9
1.2
1.1
10.3
9.9
0.7
0.6
3,267
16.1
11.5
21.2
19.2
13.7
15.2
4.7
4.0
33.4
28.7
1.4
1.1
3,040
3,135
24.3
26.7
24.8
27.9
9.7
8.6
2.2
1.9
25.5
23.6
1.2
1.0
22,696
29,145
8.1
6.6
14.1
14.2
11.1
11.1
3.4
2.7
34.1
26.9
0.6
0.4
1,041
939
91.8
91.9
8.5
7.4
9.2
10.6
1.6
1.4
18.1
14.0
5.2
5.7
1,323
1,624
1,855
14.2
15.6
6.6
9.1
10.6
7.7
2.6
2.0
27.9
29.2
0.9
0.8
3,441
5,243
5,767
14.6
14.6
11.8
12.6
10.0
9.4
1.0
0.4
17.9
16.4
1.1
1.0
5,041
1,482
1,682
15.5
15.5
95.0
104.0
23.0
21.1
4.1
3.2
18.6
17.0
3.2
2.7
902
18,468
6,148
7,386
18.6
19.6
36.0
46.1
25.1
19.6
5.9
4.7
25.8
26.8
3.3
2.7
385
399
30,904
8,031
9,130
23.4
22.4
18.4
20.0
20.9
19.2
3.5
3.0
17.8
16.6
3.6
3.0
1,670
28,341
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.4
22.4
21.0
3.0
2.6
100
92
809
1,280
1,536
17.8
17.8
9.2
11.3
10.9
8.9
0.8
0.8
7.7
8.5
1.3
1.1
2,098
17,771
2,651
2,993
31.7
31.2
76.0
82.4
27.6
25.5
8.0
7.1
20.1
26.3
6.0
5.2
685
837
15.2
15.2
7.4
8.9
9.4
7.8
1.4
1.2
16.4
17.0
1.1
0.9
2,850
3,474
20.7
20.7
29.2
36.6
15.3
12.2
3.6
2.9
26.1
26.1
2.1
1.7
8,426
10,082
19.7
20.0
27.4
32.4
21.5
18.2
5.2
4.2
26.0
24.7
3.2
2.6
1,667
1,835
13.9
13.9
11.4
13.3
9.8
8.4
0.6
0.6
6.6
7.3
0.9
0.8
3,738
2,472
Market Outlook
September 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
Pharmaceuticals
Ranbaxy*
Neutral
570
24,061
12,046
11,980
18.0
15.8
35.7
29.8
16.0
19.1
6.2
5.0
39.1
28.9
2.0
1.9
Sun Pharma
Neutral
667
69,013
9,752
12,134
41.6
41.6
26.0
28.2
25.7
23.7
4.8
4.1
20.3
18.8
6.3
4.9
CESC
Accumulate
303
342
3,784
5,218
5,644
24.2
23.8
44.6
47.6
6.8
6.4
0.7
0.7
11.0
10.6
1.0
1.1
GIPCL
Accumulate
NTPC
Neutral
Power
70
77
1,065
1,557
1,573
29.3
28.7
10.8
11.0
6.5
6.4
0.7
0.6
10.8
10.2
1.1
1.0
169
139,637
74,111
85,789
23.2
23.6
12.4
14.0
13.7
12.1
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
44
78
1,300
657
875
52.0
56.1
8.4
12.7
5.2
3.5
0.3
0.3
6.3
8.9
3.3
2.5
195
33,070
9,878
12,033
44.7
46.1
9.6
13.4
20.3
14.5
1.3
1.2
6.4
8.7
5.9
HDIL
Buy
4.8
67
115
2,805
2,441
3,344
55.1
48.2
22.7
26.6
3.0
2.5
0.3
0.2
8.8
9.4
3.0
MLIFE
2.3
Accumulate
348
396
1,420
813
901
26.2
26.6
32.0
37.1
10.9
9.4
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
247
93,780
79,542
87,535
30.9
32.2
10.3
15.0
24.0
16.4
1.7
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
75
24,675
22,988
25,333
26.4
26.9
3.5
4.9
21.5
15.3
1.7
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
48
9,887
21,553
22,494
31.0
30.7
3.5
4.5
13.8
10.8
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,598
3,395
1,602
1,833
10.4
11.8
54.7
71.7
29.2
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
170
234
1,694
3,569
4,172
8.1
8.8
16.3
21.3
10.4
8.0
2.1
1.8
21.7
24.6
0.5
0.4
Cera Sanitaryware
Neutral
350
443
396
470
16.7
16.5
28.0
33.2
12.5
10.5
2.6
2.1
23.8
23.1
1.2
1.0
Cravatex
Buy
412
785
106
302
364
5.7
6.0
49.0
71.0
8.4
5.8
2.5
1.8
29.8
30.7
0.5
0.4
CRISIL
Neutral
927
6,501
982
1,136
34.3
34.3
34.3
40.0
27.0
23.2
12.2
9.8
50.9
46.9
6.1
5.1
Finolex Cables
Buy
36
61
552
2,334
2,687
8.8
9.3
7.6
10.2
4.7
3.5
0.6
0.5
13.7
16.1
0.2
0.1
Force Motors
Buy
425
591
554
2,214
2,765
4.5
5.4
39.5
73.9
10.8
5.8
0.5
0.4
4.4
7.6
0.1
0.1
Goodyear India
Accumulate
320
370
738
1,543
1,646
8.1
9.2
32.3
39.4
9.9
8.1
2.0
1.7
21.7
22.4
0.3
0.2
Graphite India
Buy
77
113
1,509
2,158
2,406
18.1
18.9
12.4
14.0
6.2
5.5
0.8
0.8
14.0
14.3
0.8
0.7
Greenply Industries
Buy
190
309
458
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Accumulate
201
229
803
1,586
1,685
17.9
18.1
16.1
25.7
12.5
7.8
0.9
0.9
7.5
11.6
1.2
1.1
Hitachi
Accumulate
114
130
261
868
977
3.9
6.6
2.7
10.9
41.5
10.5
1.5
1.3
3.7
13.6
0.4
0.3
Honeywell Automation
Buy
2,481
2,842
2,193
1,847
2,162
4.3
7.3
61.0
120.0
40.7
20.7
3.2
2.8
9.3
16.3
1.1
0.9
INEOS ABS India
Buy
643
744
1,131
1,056
1,081
8.1
10.6
33.8
46.5
19.0
13.8
2.6
2.2
14.7
17.5
1.0
0.9
ITD Cementation
Accumulate
229
241
264
1,451
1,669
12.3
12.4
32.4
41.5
7.1
5.5
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Reduce
153
145
2,465
1,248
1,468
9.8
10.4
5.9
7.2
25.8
21.3
3.7
3.4
15.0
16.6
2.4
2.0
MCX
Buy
1,168
1,440
5,956
553
624
65.3
66.3
62.5
72.0
18.7
16.2
5.1
4.4
27.5
27.4
7.6
6.3
Telecom
zOthers
Market Outlook
September 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
10,090
12,884
4,279
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.8
7.1
3,024
3,373
887
1,108
18.3
18.6
95.0
120.9
31.9
25.0
FY14E
FY13E
PER(x)
FY14E
FY13E
P/BV(x)
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
1.5
1.3
21.3
19.4
0.5
0.4
16.6
13.5
57.4
59.5
3.9
3.1
zOthers
MRF
Buy
Page Industries
Neutral
Relaxo Footwears
Accumulate
632
684
758
1,019
1,208
12.3
13.0
51.0
68.4
12.4
9.2
3.3
2.4
30.3
30.2
0.9
0.7
Sintex Industries
Buy
54
79
1,470
4,751
5,189
16.3
16.6
13.6
15.8
4.0
3.4
0.5
0.5
12.9
13.2
0.7
0.5
Siyaram Silk Mills
Buy
293
392
274
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
19
38
575
7,279
8,290
20.5
20.5
13.4
16.3
1.5
1.2
0.2
0.2
12.3
13.1
0.7
0.6
SpiceJet
Buy
30
43
1,460
5,720
6,599
5.3
6.8
3.6
5.4
8.4
5.6
12.1
3.8
0.4
0.3
TAJ GVK
Buy
64
108
400
300
319
35.8
36.2
7.9
9.1
8.1
7.0
1.1
1.0
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
289
424
446
787
837
16.2
17.5
58.5
66.9
5.0
4.3
0.7
0.6
14.9
15.1
0.2
0.1
TVS Srichakra
Accumulate
318
335
244
1,476
1,643
7.1
8.2
24.7
42.8
12.9
7.4
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
987
12,903
10,289
11,421
13.5
14.3
31.0
42.9
31.8
23.0
2.5
2.3
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
351
713
560
611
16.1
17.0
24.7
28.8
14.2
12.2
2.1
1.9
15.8
16.2
1.2
1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 03, 2012
Market Outlook
September 04, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

Supreme Court permits mining operations for category A mines in Karnataka

Refer detailed news analysis on the following page

Net Inflows (August 31, 2012)

FII Derivatives (September 3, 2012)

Jet Air India

Shree Renuka Sug

OIL & GAS

Supreme Court permits mining operations for category A

Cement dispatches August 2012

Monthly volumes: August 2012

(currently available in seven states). At `21, the company is trading at an attractive

Bajaj Auto (BJAUT)

`1,664, BJAUT is trading at 13.7x FY2014E earnings. We maintain our

Infosys top executive Shaji Farooq quits, possibly to join Wipro

L&T bags orders worth `1,063cr

Tech Mahindra to announce strategic move today, might buy

UB group considering stake sale in Whyte and Mckay

Economic and Political News

July exports down 14.8% at USD$22.4bn

Wockhardt gets USFDA nod for anti-depressant tablets

Global economic events release calendar

September 05, 2012

September 06, 2012

Initial Jobless claims

Euro-Zone GDP s.a. (QoQ)

BOE Announces rates

ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Industrial Production (YoY)

Consumer Price Index (YoY)

September 10, 2012

September 12, 2012

Jobless claims change

Industrial Production YoY

Producer Price Index (mom)

FOMC rate decision

Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

September 18, 2012

September 19, 2012

Existing home sales

September 07, 2012

September 09, 2012

September 13, 2012

September 14, 2012

September 17, 2012

September 20, 2012

September 25, 2012

September 26, 2012

September 27, 2012

New home sales

Unemployment change (000's)

GDP Qoq (Annualised)

October 01, 2012

October 18, 2012

Real GDP (YoY)

November 15, 2012