Market Outlook 23-11-12

Market Outlook
November 23, 2012
Dealers Diary
The Indian market is expected to open flat with a positive bias tracking SGX Nifty
and major Asian indices.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.3
57.0 18,517
Nifty
0.2
12.9
5,628
The US markets were closed on Thursday following Thanksgiving holiday.

However, the European markets ended on a positive note on Thursday, after the
Chinese manufacturing sector expanded for the first time in thirteen months in
November. The headline Markit/HSBC purchasing managers' index in China rose
to 50.4 in November from 49.5 in October, driven by a rebound in output and
new export orders. Further, the Egypt sponsored ceasefire that ended the eight-day
conflict around the Gaza Strip also boosted investor sentiments. Meanwhile, activity
in Eurozone's private sector decreased at a steady pace in November as new
business intakes continued to fall. The seasonally adjusted composite output index
moved up to 45.8 in November from 45.7 last month.
MID CAP
0.3
21.1
6,594
SMALL CAP
0.4
27.5
7,043
BSE HC
0.5
35.8
7,732
BSE PSU
0.6
38.4
7,061
BANKEX
0.5
67.8 13,224
(0.2)
(25.5) 10,524
The domestic markets ended on a positive note on Thursday supported by positive

global cues, declaration of a ceasefire on the Gaza strip after eight days of conflict
and encouraging Chinese manufacturing data. However, uncertainty surrounding
the passage of crucial economic bills in the winter session of the Parliament
weighed on investor sentiment limiting any major upside. Going ahead, domestic
traders will keep an eye on the proceedings in the Parliament during the ongoing
winter session and report on Germanys GDP data.
Global Indices
Markets Today
S2
18,402
5,591
S1
18,460
5,609
PIVOT
18,514
5,626
R1
18,571
5,645
R2
18,625
5,662
News Analysis
Cabinet clears the new drug policy with minor changes

Winter Session of Parliament commences
Stake sale in Hindustan Copper
Cabinet approves 9.5% stake sale in NTPC
PVR to acquire Cinemax for `500cr
OIL & GAS

BSE IT
` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
2,068
373
1,805
350
263
24
5,258
(993)
99,310
(16,199)
FII Derivatives (November 22, 2012)

Purch
1,152
2,209
Sales
1,189
2,270
Net
(36)
(61)
Open Interest
8,683
30,131
Gainers / Losers
Gainers
Losers
Price (`)
chg (%)
Hindustan Copper
266
11.3
Strides Arcolab
994
IPCA Labs
Shree Cement
JP Power
www.angelbroking.com
Company
40.8
9,831
(39.1)
7,966
0.9
48.1
5,732
(Pts)
(Close)
Chg (%)
0.4
NASDAQ
0.3
9.9
2,927
FTSE
0.7
39.0
5,791
Nikkei
1.6
144.3
9,367
Hang Seng
1.0
218.8 21,743
Straits Times
0.9
26.3
2,987
(0.7)
(14.7)
2,016
Chg (%)
(Pts)
(Close)
INFY
0.7
0.3
$42.4
WIT
0.6
0.1
$8.1
IBN
1.4
0.5
$38.2
HDB
3.0
1.2
$40.2
Indian ADR
Advances / Declines
48.4 12,837
BSE
NSE
Advances
1,431
786
Declines
1,366
704
146
91
Volumes (` cr)
Net Inflows (November 21, 2012)
` cr
Index Futures
Stock Futures
0.4
(0.5)
Dow Jones
Unchanged
Refer detailed news analysis on the following page
Company
METAL
Shanghai Com
The trend deciding level for the day is 18,514 / 5,626 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,571 18,625 / 5,645 5,662 levels. However, if NIFTY trades below
18,514 / 5,626 levels for the first half-an-hour of trade then it may correct up to
18,460 18,402 / 5,609 5,591 levels.
Indices
SENSEX
NIFTY
AUTO
Price (`)
chg (%)
Pantaloon Retail
177
(5.6)
5.5
Max India
234
(3.4)
441
5.3
Jet Air India
437
(3.3)
4,280
4.9
Oberoi Realty
275
(2.7)
37
4.9
Tata Motors
259
(2.5)
BSE
1,931
NSE
8,852
Market Outlook
November 23, 2012
Cabinet clears the new drug policy with minor changes

Yesterday the Cabinet cleared the drug Policy, with little changes from the draft
presented earlier. The proposed policy has recommended that the retail price of
essential 348 drugs will be fixed at simple average as proposed to weighted
average price of brands that have more than
1% market share. The extent of
control will be limited to all drugs and combinations mentioned as part of NLEM.
However, any future combinations that include one or more molecules under
NLEM will also come under the preview of price control (under automatic
route).Along with this, the ceiling price of essential drugs will be open to upward or
downward revision by NPPA based on market conditions. The proposed policy is
expected to hit the revenues of the industry by 2%, as per the consultancy firm IMS
Pharmaceuticals.
We do believe that the policy in its current form is negative, but the policy is based
on average price mechanism, much better than the feared cost-plus method and
follows competition. Given the price competition, the policy is unlikely to imply any
major negative for the sector.
However amongst the domestic and MNC players, MNC players would be
impacted the most, as they mostly price their products much higher than the
competition and derive 100% of their sales from domestic markets. The domestic
companies not having a significantly high exposure to the domestic market, will be
insulated to a large extent, as the pricing is not the key growth driver for their
growth. Thus their products are competitively priced. Thus, we maintain our
positive view on the sector and our recommendations.
Winter Session of Parliament commences

After a stormy monsoon session, the Winter Session of the Parliament commenced
yesterday and is expected to conclude on December 20, 2012 providing about 20
sittings over 29 days. The session has been lined up with some heavy legislative
agenda with the Parliament scheduled to consider and pass 25 bills and introduce
10 bills. In addition, financial business of the house includes discussion and voting
on supplementary demand for grants during the year.
The key bills for consideration and passing include the Companies Bill, 2011, the
PFRDA Bill, 2011, the Banking Laws (Amendment) Bill, 2011, the Insurance Laws
(Amendment) Bill, 2008 and The Lokpal and Lokayuktas Bill, 2011. The
Competition (Amendment) Bill, 2012 is amongst the bills to be introduced in the
Parliament. In the disrupted monsoon session the government managed to pass
merely 4 of the 30 bills planned.
The government has faced heat against its stance on FDI in retail from the
opposition as well as some of its allies and outside supporters. The policy does not
require parliamentary approval but we believe that the decision may be debated.
However the government is unlikely to take a vote on the issue. The bills that are
likely to face opposition include the opening up of insurance sector and pension
sector to foreign investment.
The Trinamool Congress (TMC), which had earlier withdrawn support from the
government in September 2012 on its opposition to some of the key reforms
unleashed, attempted to move a no-confidence motion against the government.
Market Outlook
November 23, 2012
However it was rejected since it did not have the numbers to support such a
motion. A no-confidence motion in the Lok Sabha (LS) would require at least 10%
or 54 members to vote for it and the TMC with 19 members in the LS is not likely
to garner the support. We do believe that the government is unlikely to face a risk
of survival in spite of being in the minority owing to outside support from the
Bahujan Samaj Party and Samajwadi Party.
Stake sale in Hindustan Copper

The government is kick-starting its divestment process by offloading its stake in
Hindustan Copper through the offer for sale (OFS) route. Hindustan Copper Ltd.
(HCL) is a public sector undertaking and the only company in India engaged in
mining of copper ore, beneficiation, smelting, refining and manufacturing of
down-stream products.
At present, the government stake in the company stands at 99.59% and it intends
to divest 9.59% stake in the company through two tranches of which 4% stake will
be disinvested today. The remaining 5.59% stake will be disinvested in the second
tranche in order to bring down government shareholding to 90%. The paid-up
equity capital of the company, as on March 31, is `462.61cr.
Other than HCL, the Cabinet Committee on Economic Affairs (CCEA) has
approved sale of shares in NALCO, SAIL, RINL, BHEL, OIL, MMTC, NMDC and
HAL for disinvestment purpose. Amongst our coverage companies we reiterate our
Accumulate rating on NMDC and Neutral rating on NALCO, SAIL and BHEL. HCL
is the first PSU to be divested during the fiscal year since stake sale in RINL and
NALCO was deferred. In view of the improved market sentiments, the government
is hopeful of achieving its budgeted divestment target of `30,000cr during FY2013
in order to meet its revised fiscal deficit target of 5.3% of GDP.
Cabinet approves 9.5% stake sale in NTPC

The cabinet has cleared the sale of 9.5% stake in NTPC to raise around `13,000cr
and provide boost to the selloff process. The government holds 84.5% stake in
NTPC and post the offering its stake will come down to 75%. The power ministry
had earlier opposed any immediate sale in NTPC on grounds that the current
stock price of NTPC is much below its 2010 FPO price of `205 per share, and any
sale at this juncture would go at a massive discount. However, the government still
decided to go ahead with NTPCs stake sale. The Cabinet also directed the coal
ministry to re-allocate four coal blocks to NTPC that were de-allocated earlier
following slow progress by the company in developing these blocks. We remain
Neutral on NTPC.
Market Outlook
November 23, 2012
PVR to acquire Cinemax for `500cr

PVR is set to buy promoters stake of 69% in Cinemax for `500cr. Further, PVR will
acquire another 26% through open offer. The final negotiations over pricing are
still on, but PVR has offered `170-180 per share to buy out the promoters. This is
a premium of 6.25-12.5% to the current trading price of Cinemax, which closed
on Thursday at `160. PVR has an ambitious plan to set up 500 screens in India
over next few years. The decision to acquire 141 screens of Cinemax is part of the
plan. We remain Neutral on the stock.
Quarterly Bloomberg Brokers Consensus Estimate

Siemens India (23/11/2012)
Particulars (` cr)
4QSY12E
4QSY11
y-o-y (%)
3QSY12
q-o-q (%)
2,793
28
97
244
Net sales
3,584
3,604
(1)
EBITDA
332
292
14
EBITDA margin (%)
9.3
8.1
Net profit
210
169
3.5
24
36
Economic and Political News
Indian economy could have grown by over 5.5% in 2QFY2013: Moody's

Eight FDI proposals in pharma for `1,842cr approved
Shome panel recommendations on GAAR being examined: Government
Government clears pharma policy; caps prices of 348 drugs
Government to re-allocate three coal blocks to NTPC
Corporate News
Sterlite Technologies bags `200cr order to provide set top boxes

Hindustan Copper share price fixed at `155/share
REC to raise up to `5,000cr via tax free bonds
United Bank board approves capital raising plan of `800cr
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
477
Market Outlook
November 23, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
November 23, 2012
12:30PM
Germany GDP nsa (YoY)
% Change
3Q F
0.40
0.40
November 27, 2012
3:00PM
UK
GDP (YoY)
% Change
3Q P
--
--
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Nov
72.20
73.50
November 28, 2012
8:30PM
US
New home sales
Thousands
Oct
389.00
385.00
November 29, 2012
2:25PM
Germany Unemployment change (000's)
Thousands
Nov
20.00
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q S
2.00
3.00
November 30, 2012
11:00AM
India
Qtrly GDP YoY%
% Change
3Q
5.50
--
December 1, 2012
6:30AM
China
PMI Manufacturing
Value
Nov
50.20
--
December 3, 2012
3:00PM
UK
PMI Manufacturing
December 6, 2012
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
Industrial Production (YoY)
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
7:00AM
China
December 7, 2012
December 9, 2012
Value
Nov
47.50
--
% Change
3Q P
(0.10)
--
% Ratio
Dec 6
0.50
0.50
Dec 6
0.75
--
% Change
Oct
(2.60)
--
Thousands
Nov
171.00
--
Nov
7.90
--
Consumer Price Index (YoY)
% Change
Nov
1.70
--
BOE Announces rates
11:00AM
China
Industrial Production (YoY)
% Change
Nov
9.60
--
December 10, 2012
5:29PM
China
Exports YoY%
% Change
Nov
11.60
--
December 12, 2012
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
--
% Change
Nov
10.10
--
Dec 12
0.25
--
3:00PM
UK
Jobless claims change
11:00PM
US
FOMC rate decision
December 13, 2012
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
--
December 14, 2012
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
7.45
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Nov
2.50
--
7:00PM
US
Consumer price index (mom)
% Change
Nov
0.10
--
7:45PM
US
Industrial Production
Nov
(0.40)
--
11:00AM
India
RBI Repo rate
Dec 18
8.00
--
11:00AM
India
RBI Cash Reserve ratio
Dec 18
4.25
--
3:00PM
UK
CPI (YoY)
% Change
Nov
2.70
--
December 18, 2012
Source: Bloomberg, Angel Research
Market Strategy
November 23, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
10.0
9.2
9.0
8.5
9.0
8.2
8.0
7.6
7.5
8.0
6.7
7.0
6.1
5.7
6.0
5.3 5.5
5.0
4.0
3.5
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3.0
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
12.0
9.9
10.0
58.0
9.5
7.7
8.0
Services PMI
6.9
7.4
7.7
7.5
7.6
7.6
7.5
7.6
7.8
56.0
Source: MOSPI, Angel Research
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Sep-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
48.0
Jan-12
50.0
0.0
Dec-11
2.0
Nov-11
52.0
Oct-11
4.0
Oct-11
54.0
6.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
5.00
Nov-11
(30.0)
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
(15.0)
Oct-11
0.0
Market Outlook
November 23, 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
154
2,991
1,466
1,686
14.8
14.8
7.0
8.1
22.0
19.0
4.7
4.0
22.6
22.5
2.1
1.8
United Phosphorus
Buy
110
170
5,077
8,421
9,263
16.5
16.5
15.0
17.0
7.3
6.5
1.1
0.9
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
258
4,411
2,911
3,321
16.2
16.2
17.3
19.8
14.9
13.0
4.1
3.2
31.1
27.6
1.4
1.2
Apollo Tyres
Buy
83
104
4,191
13,713
15,341
11.2
11.2
12.5
14.8
6.7
5.6
1.2
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Buy
26
31
6,918
14,490
16,606
9.5
9.6
2.2
2.9
11.7
9.1
2.2
1.9
13.6
16.1
0.6
0.5
Automotive Axle#
Buy
370
430
559
993
1,140
11.6
11.5
36.9
43.0
10.0
8.6
2.0
1.7
21.2
21.3
0.6
0.5
Bajaj Auto
Neutral
1,816
52,536
21,121
23,642
18.4
18.5
108.7
122.6
16.7
14.8
6.9
5.6
46.2
41.6
2.1
1.8
Bharat Forge
Buy
254
324
5,914
6,754
7,565
15.5
15.7
18.8
23.2
13.6
11.0
2.4
2.0
18.5
19.7
1.0
0.9
Bosch India*
Neutral
8,886
27,901
8,776
10,276
16.6
18.0
331.9
417.7
26.8
21.3
5.0
4.2
18.7
19.5
2.8
2.4
CEAT
Buy
105
163
359
4,989
5,634
8.2
8.5
27.1
40.8
3.9
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
141
155
11,947
6,229
7,200
14.8
15.8
7.2
9.0
19.6
15.7
3.4
2.9
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,649
2,740
1,489
1,750
16.5
17.5
103.3
126.9
16.0
13.0
3.1
2.6
21.3
21.6
1.6
1.3
Hero Motocorp
Accumulate
1,803
1,956
35,996
24,743
27,996
14.8
15.2
118.2
130.4
15.3
13.8
6.6
5.2
48.3
41.9
1.2
1.0
JK Tyre
Buy
117
165
478
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
954
58,592
40,035
46,272
11.5
11.6
54.7
62.8
17.5
15.2
3.9
3.3
24.3
23.4
1.2
1.0
Maruti
Neutral
1,494
43,166
42,019
50,246
7.3
8.6
66.1
94.4
22.6
15.8
2.6
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
165
9,709
24,285
27,317
6.7
7.2
8.1
10.6
20.5
15.6
4.3
3.5
22.9
24.7
0.6
0.5
Subros
Buy
30
35
178
1,286
1,479
9.4
9.7
2.6
5.1
11.4
5.9
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
259
319
68,986 192,330 219,770
12.8
13.1
37.0
44.5
7.0
5.8
1.9
1.5
31.2
28.9
0.4
0.3
TVS Motor
Buy
37
45
1,758
7,466
8,290
6.2
6.3
4.8
5.6
7.7
6.6
1.3
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
706
573
14,962
7,796
9,907
4.8
7.8
9.2
22.0
76.7
32.1
5.6
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
259
1,866
3,605
4,542
11.8
10.7
25.1
27.9
10.3
9.3
1.5
1.4
31.1
27.1
1.0
0.8
BHEL
Neutral
221
54,165
47,801
43,757
18.5
18.0
24.6
21.8
9.0
10.2
2.7
2.3
33.5
24.5
1.0
1.1
Blue Star
Buy
189
242
1,699
2,763
2,948
3.1
5.6
2.6
8.6
71.8
22.1
4.2
3.7
5.9
17.6
0.7
0.6
Crompton Greaves
Buy
111
145
7,108
12,370
14,277
5.2
7.3
4.0
7.8
27.7
14.2
1.9
1.7
6.9
12.6
0.6
0.5
Jyoti Structures
Buy
44
53
365
2,794
3,048
10.6
10.6
9.2
11.7
4.8
3.8
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Buy
61
73
1,579
6,858
7,431
7.1
7.5
8.3
9.8
7.4
6.3
1.3
1.1
25.1
24.0
0.4
0.3
LMW
Reduce
2,100
1,992
2,366
2,369
2,727
11.7
11.7
143.4
166.0
14.7
12.7
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
575
6,856
5,514
5,813
9.3
10.2
28.1
31.2
20.5
18.4
3.7
3.2
19.2
18.5
1.1
1.0
Capital Goods
Market Outlook
November 23, 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
1,391
26,121
11,085
12,415
21.6
21.4
79.4
83.1
17.5
16.8
3.4
3.1
20.1
19.2
2.1
1.7
Ambuja Cements
Neutral
202
31,116
10,272
11,884
26.4
26.1
11.5
12.9
17.6
15.6
3.9
3.5
20.8
21.1
2.6
2.2
India Cements
Neutral
84
2,568
4,293
4,666
17.7
18.1
8.6
10.8
9.7
7.8
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Accumulate
126
143
1,543
2,082
2,423
22.9
23.1
20.8
22.5
6.1
5.6
1.1
0.9
18.4
17.4
0.9
1.1
Madras Cements
Neutral
202
4,806
3,814
4,045
29.3
27.5
18.7
19.2
10.8
10.5
2.0
1.7
19.9
17.4
1.9
1.7
Shree Cements^
Neutral
4,276
14,895
5,701
6,210
29.7
28.1
240.7
260.7
17.8
16.4
4.3
3.5
27.1
23.6
2.0
1.7
UltraTech Cement
Neutral
1,896
51,970
21,368
24,043
22.5
23.5
103.5
121.4
18.3
15.6
3.4
2.9
20.2
20.1
2.4
2.2
205
304
1,079
2,034
2,315
22.4
22.4
27.1
31.7
7.6
6.5
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
12
227
2,262
2,522
6.7
7.5
1.5
2.7
8.3
4.6
0.4
0.3
4.4
7.5
0.4
0.3
IRB Infra
Buy
123
164
4,090
3,843
4,212
43.1
43.6
16.8
17.8
7.3
6.9
1.3
1.1
18.3
17.0
3.2
3.5
ITNL
Buy
185
225
3,592
6,564
7,054
27.2
27.4
26.3
29.0
7.0
6.4
1.1
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
40
1,218
4,249
6,897
7.8
8.2
0.3
3.3
128.7
12.0
0.5
0.5
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Accumulate
90
100
19,158
13,842
15,863
26.9
26.4
3.7
4.6
24.6
19.7
1.5
1.4
6.2
7.3
2.8
2.6
Larsen & Toubro
Accumulate
1,591
1,748
97,831
60,556
69,167
11.2
11.6
73.8
85.5
21.6
18.6
3.4
3.0
13.5
14.1
1.8
1.6
Nagarjuna Const.
Neutral
42
1,080
5,947
6,569
8.5
8.6
3.1
4.1
13.6
10.2
0.4
0.4
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
50
1,654
11,892
13,116
9.0
9.0
1.8
3.2
27.5
15.5
0.6
0.5
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
137
182
2,072
2,506
3,147
10.3
10.7
7.5
10.4
18.3
13.2
2.3
2.0
13.5
16.0
1.0
0.8
Simplex Infra
Buy
181
251
894
6,882
8,032
9.1
9.1
23.2
31.3
7.8
5.8
0.7
0.6
9.1
11.2
0.5
0.4
Allahabad Bank
Accumulate
134
152
6,723
6,392
7,238
2.7
2.8
30.3
33.3
4.4
4.0
0.7
0.6
14.8
14.5
Andhra Bank
Neutral
103
5,741
4,731
5,431
2.9
3.0
21.5
21.8
4.8
4.7
0.8
0.7
15.2
13.8
Axis Bank
Buy
1,257
1,476
53,654
15,686
18,687
3.1
3.2
116.8
138.0
10.8
9.1
2.0
1.7
20.0
20.2
Bank of Baroda
Accumulate
734
817
28,741
15,436
18,208
2.5
2.6
111.8
137.4
6.6
5.3
1.0
0.9
15.8
17.0
Bank of India
Accumulate
269
294
15,406
12,491
14,883
2.2
2.4
43.8
63.7
6.1
4.2
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
55
3,249
3,563
3,876
3.1
3.1
9.7
12.0
5.7
4.6
0.8
0.7
14.6
16.1
Canara Bank
Neutral
430
19,065
10,699
12,213
2.1
2.2
67.3
80.1
6.4
5.4
0.9
0.8
13.7
14.6
Central Bank
Neutral
74
5,425
7,171
8,236
2.5
2.6
16.4
21.5
4.5
3.4
0.8
0.6
12.7
14.9
Corporation Bank
Accumulate
394
445
5,838
4,780
5,569
2.0
2.1
101.8
99.2
3.9
4.0
0.7
0.6
17.0
14.7
Dena Bank
Buy
105
123
3,674
3,087
3,453
2.7
2.8
25.9
24.1
4.1
4.4
0.7
0.6
19.4
15.6
Federal Bank
Accumulate
463
491
7,916
2,617
2,968
3.3
3.2
45.9
51.7
10.1
9.0
1.3
1.1
13.1
13.3
Financials
Market Outlook
November 23, 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
Financials
HDFC
Neutral
775
119,487
7,336
8,802
3.5
3.5
31.5
37.8
24.6
20.5
4.9
4.4
34.8
32.1
HDFC Bank
Reduce
669
621
158,184
21,696
26,811
4.4
4.5
28.7
36.0
23.4
18.6
4.5
3.8
20.7
22.0
ICICI Bank
Buy
1,033
1,270
118,748
22,271
26,690
3.0
3.0
69.2
83.1
14.9
12.4
1.8
1.7
14.2
15.7
IDBI Bank
Neutral
103
13,142
7,684
9,264
1.8
2.1
15.6
22.0
6.6
4.7
0.7
0.7
10.9
13.9
Indian Bank
Accumulate
176
195
7,583
5,874
6,551
3.2
3.2
40.6
41.8
4.4
4.2
0.7
0.6
18.1
16.4
IOB
Neutral
75
5,958
7,050
8,313
2.3
2.5
12.3
19.9
6.1
3.8
0.6
0.5
8.8
13.1
J & K Bank
Neutral
1,311
6,354
2,762
2,885
3.6
3.6
226.7
193.0
5.8
6.8
1.3
1.1
24.4
17.7
LIC Housing Finance
Buy
246
298
12,432
1,799
2,255
2.3
2.4
20.3
27.3
12.1
9.0
1.9
1.7
16.9
19.7
Oriental Bank
Accumulate
321
347
9,360
6,277
7,090
2.6
2.7
60.5
65.1
5.3
4.9
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
734
843
24,897
19,652
22,601
3.2
3.3
135.0
164.3
5.4
4.5
0.9
0.8
16.3
17.3
South Ind.Bank
Accumulate
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
United Bank
23
25
3,072
1,556
1,750
2.8
2.7
3.5
3.9
6.6
6.0
1.1
1.0
19.1
16.9
2,100
2,437
140,896
61,883
71,546
3.4
3.4
227.2
257.5
9.2
8.2
1.6
1.4
17.8
17.7
119
131
7,142
6,756
7,783
3.0
3.0
26.3
27.1
4.5
4.4
0.8
0.7
18.3
16.6
71
4,716
5,234
6,097
2.3
2.4
11.8
14.7
6.0
4.8
1.0
0.8
11.9
13.4
Accumulate
231
250
12,712
9,912
11,536
2.8
2.9
40.4
46.7
5.7
5.0
0.9
0.8
16.1
16.4
Accumulate
67
74
2,417
3,500
3,912
2.6
2.8
15.8
21.2
4.2
3.2
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
55
2,725
2,354
2,754
2.0
2.2
7.4
10.2
7.5
5.4
0.8
0.7
9.3
11.9
Yes Bank
Buy
421
492
15,018
3,270
4,240
2.8
3.0
34.5
42.2
12.2
10.0
2.6
2.1
23.5
23.5
3,963
38,008
11,198
13,184
16.2
16.2
123.7
146.4
32.0
27.1
10.9
8.6
38.1
35.4
3.3
2.8
478
584
5,719
5,627
6,581
4.9
5.7
18.3
24.7
26.2
19.4
9.5
7.3
39.1
42.7
0.9
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,331
18,097
3,146
3,573
20.6
21.4
36.4
42.5
36.6
31.3
33.8
28.3
102.0
98.5
5.6
4.9
Dabur India
Neutral
123
21,412
6,124
7,101
17.0
16.8
4.5
5.2
27.5
23.5
11.3
9.0
43.2
41.5
3.5
3.0
GlaxoSmith Con*
Neutral
3,047
12,816
3,124
3,663
17.1
17.6
104.5
123.8
29.2
24.6
9.1
7.3
34.4
32.8
3.8
3.1
Godrej Consumer
Neutral
670
22,800
6,355
7,548
18.4
18.6
22.8
27.6
29.4
24.3
6.7
5.5
26.4
26.1
3.8
3.1
HUL
Neutral
524
113,328
25,350
28,974
13.3
13.5
14.7
17.1
35.6
30.8
28.2
19.9
84.5
75.8
4.3
3.7
ITC
Neutral
289
227,313
29,409
34,060
35.7
36.1
9.3
10.9
31.0
26.4
10.3
8.6
35.8
35.3
7.4
6.4
Marico
Neutral
214
13,784
4,840
5,643
13.1
13.1
6.2
7.8
34.7
27.5
6.6
5.4
25.4
22.6
2.9
2.4
Nestle*
Neutral
4,616
44,504
8,529
10,079
20.8
21.1
113.1
137.8
40.8
33.5
24.5
17.1
70.5
60.2
5.3
4.4
Tata Global
Neutral
160
9,891
7,207
7,927
9.7
10.0
6.6
7.8
24.2
20.5
2.5
2.4
8.6
9.5
1.3
1.2
Market Outlook
November 23, 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
IT
HCL Tech^
Neutral
627
43,529
24,214
26,772
19.5
18.1
44.0
48.0
14.3
13.1
3.4
2.8
24.0
22.0
1.7
1.5
Hexaware*
Buy
102
135
3,020
1,944
2,159
21.8
21.1
11.4
12.2
9.0
8.3
2.3
2.0
26.4
24.1
1.3
1.1
Infosys
Accumulate
2,385
2,573
136,940
39,174
41,580
29.5
30.4
159.2
171.6
15.0
13.9
3.6
3.2
24.1
23.1
2.9
2.7
Infotech Enterprises
Accumulate
188
202
2,096
1,886
2,032
17.9
17.3
18.7
20.2
10.1
9.3
1.5
1.3
14.9
14.0
0.8
0.6
KPIT Cummins
Accumulate
123
132
2,204
2,195
2,317
15.5
15.0
10.7
12.1
11.5
10.2
2.5
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
104
115
12,293
7,597
8,141
20.0
18.8
9.7
10.4
10.8
10.0
3.0
2.3
27.5
22.9
1.2
1.1
Mindtree
Accumulate
659
747
2,702
2,324
2,437
20.0
17.7
73.3
74.7
9.0
8.8
2.1
1.7
24.1
19.7
0.9
0.8
Mphasis&
Neutral
395
8,309
5,700
5,993
18.0
16.9
37.0
37.3
10.7
10.6
1.5
1.3
14.3
12.6
1.0
0.8
NIIT
Accumulate
32
36
529
1,048
1,161
9.3
10.9
4.2
6.2
7.6
5.2
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
475
1,900
1,261
1,352
26.4
24.7
48.2
54.0
9.9
8.8
1.9
1.6
19.0
17.9
1.2
1.0
TCS
Accumulate
1,278
1,410
250,152
61,053
67,313
28.7
29.1
69.7
76.2
18.3
16.8
6.0
4.9
32.6
29.1
3.9
3.5
Tech Mahindra
Buy
910
1,070
11,624
6,603
7,150
19.8
18.4
92.9
102.0
9.8
8.9
2.3
1.9
23.7
21.0
1.8
1.6
Wipro
Accumulate
371
421
91,251
43,219
47,241
20.0
20.0
26.1
28.1
14.2
13.2
2.7
2.4
19.3
17.9
1.8
1.5
D B Corp
Buy
212
259
3,884
1,581
1,784
23.3
25.0
11.6
14.4
18.3
14.7
3.5
3.1
21.0
22.3
2.4
2.0
HT Media
Accumulate
98
113
2,314
2,111
2,272
15.0
15.2
7.4
8.3
13.4
11.9
1.4
1.3
11.3
11.4
0.7
0.6
Jagran Prakashan
Buy
102
117
3,212
1,503
1,681
23.1
23.1
6.4
7.3
15.9
14.0
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
250
722
625
732
17.4
17.1
13.3
15.6
18.8
16.0
2.0
1.8
13.2
13.8
1.6
1.3
Sun TV Network
Neutral
378
14,883
1,942
2,237
77.2
75.5
17.6
19.1
21.5
19.8
5.4
4.8
25.8
25.2
7.2
6.2
Bhushan Steel
Neutral
493
10,464
11,307
14,287
29.5
29.1
45.1
51.0
10.9
9.7
1.3
1.1
12.2
12.2
3.0
2.4
Coal India
Neutral
355
224,073
66,666
70,292
25.7
27.3
24.2
26.6
14.7
13.3
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Accumulate
25
29
877
1,984
2,074
10.6
11.6
0.8
2.0
30.3
12.5
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Accumulate
133
145
56,091
12,446
13,538
52.3
52.9
15.0
16.4
8.9
8.1
1.7
1.5
21.4
19.7
2.6
2.0
Hindalco
Neutral
108
20,697
79,148
89,258
9.4
9.0
15.0
15.6
7.2
7.0
0.6
0.6
8.8
8.4
0.6
0.6
JSW Steel
Neutral
715
15,953
39,586
41,459
17.6
17.0
78.7
90.1
9.1
7.9
0.9
0.8
10.2
10.7
0.8
0.8
MOIL
Accumulate
241
261
4,050
941
1,019
47.3
48.3
25.8
28.1
9.3
8.6
1.5
1.3
16.7
16.2
1.9
1.6
Monnet Ispat
Buy
284
344
1,827
2,501
3,264
22.2
24.6
41.8
55.2
6.8
5.1
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
46
11,778
6,898
7,841
9.9
14.7
2.0
3.2
23.1
14.4
1.0
1.0
4.3
6.8
1.2
1.1
170
198
67,281
11,209
12,525
78.4
78.3
18.5
20.6
9.2
8.3
2.2
1.9
27.0
24.6
4.1
3.4
78
32,218
47,252
60,351
14.2
14.8
9.6
11.7
8.2
6.7
0.7
0.7
9.4
10.6
1.1
0.9
Market Outlook
November 23, 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
Metals & Mining

Sesa Goa
Accumulate
167
183
14,536
4,551
6,640
32.8
34.4
33.7
39.3
5.0
4.3
0.9
0.7
18.3
18.3
3.8
2.6
Sterlite Inds
Accumulate
97
110
32,649
43,185
45,442
23.3
23.7
16.8
17.9
5.8
5.4
0.6
0.6
11.6
11.2
0.7
0.7
Tata Steel
Buy
366
463
35,537 145,725 154,108
8.3
9.5
22.0
44.5
16.6
8.2
0.8
0.7
4.9
9.3
0.5
0.5
Sarda
Accumulate
141
153
504
1,442
1,494
17.6
17.3
27.2
28.7
5.2
4.9
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
47
73
627
2,694
2,906
14.6
16.6
16.4
20.8
2.8
2.2
0.3
0.3
11.4
12.8
0.5
0.3
Buy
117
143
372
2,342
2,470
13.7
15.3
27.7
33.8
4.2
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
327
382
62,461
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
0.9
22.0
17.5
2.7
2.3
GAIL
Neutral
347
43,984
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.8
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
251
312
214,914 147,139 154,821
33.9
33.7
30.7
32.3
8.2
7.8
1.4
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
766
250,913 362,700 380,031
7.9
8.0
60.0
63.3
12.8
12.1
1.2
1.1
11.1
10.6
0.7
0.6
Gujarat Gas*
Neutral
299
3,840
3,128
3,707
13.2
11.7
22.8
23.5
13.1
12.7
4.0
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
257
3,603
3,213
3,643
23.3
23.5
24.3
25.7
10.6
10.0
2.4
2.0
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
156
183
11,719
30,077
33,570
6.6
6.3
15.1
15.3
10.3
10.2
2.6
2.2
28.4
23.1
0.4
0.4
72
4,068
1,079
1,034
91.8
91.9
8.8
8.4
8.3
8.6
1.4
1.2
17.9
15.0
3.5
3.6
Alembic Pharma
Buy
65
91
1,226
1,624
1,855
14.2
15.6
6.6
9.1
9.9
7.2
2.5
1.9
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
177
5,143
5,243
5,767
14.6
14.6
11.8
12.6
15.0
14.0
1.9
1.6
17.9
16.4
1.5
1.3
Aventis*
Neutral
2,127
4,898
1,482
1,682
15.5
15.5
95.1
104.4
22.4
20.4
4.0
3.1
18.6
17.0
3.1
2.7
Cadila Healthcare
Accumulate
818
926
16,744
6,148
7,386
18.6
19.6
32.7
44.8
25.0
18.3
5.5
4.4
23.7
26.6
3.1
2.5
Cipla
Accumulate
388
419
31,133
8,151
9,130
25.0
24.0
19.5
20.9
19.9
18.6
3.5
3.0
18.8
17.2
3.6
3.1
Dr Reddy's
Accumulate
1,731
1,859
29,387
10,696
11,662
20.7
21.0
83.7
92.9
20.7
18.6
4.3
3.6
22.4
20.8
3.0
2.7
Dishman Pharma
Buy
116
145
937
1,280
1,536
20.2
20.2
10.4
14.5
11.2
8.0
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,015
17,067
2,651
2,993
31.7
31.2
76.0
82.4
26.5
24.5
7.7
6.8
20.1
26.3
5.6
4.9
Indoco Remedies
Buy
68
89
627
685
837
15.2
15.2
7.4
8.9
9.2
7.7
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
441
485
5,565
2,850
3,474
21.0
21.0
29.9
37.3
14.8
11.8
3.5
2.8
26.7
26.4
2.1
1.8
Lupin
Buy
564
652
25,253
8,426
10,082
19.7
20.0
26.3
31.3
21.5
18.0
5.0
4.0
26.0
24.7
3.1
2.6
Orchid Chemicals
Neutral
98
693
1,667
1,835
13.9
13.9
11.4
13.3
8.6
7.4
0.6
0.5
6.6
7.3
0.8
0.7
Ranbaxy*
Neutral
513
21,660
12,046
11,980
18.0
15.8
31.3
29.8
16.4
17.2
5.6
4.5
39.1
28.9
1.8
1.8
Sun Pharma
Neutral
698
72,208
9,752
12,134
41.6
41.6
26.0
28.2
26.9
24.8
5.0
4.3
20.3
18.8
6.7
5.2
Neutral
279
3,484
5,218
5,644
24.2
23.8
44.6
47.6
6.3
5.9
0.7
0.6
11.0
10.6
1.4
1.5
Neutral
Power
CESC
Market Outlook
November 23, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
PER(x)
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
Power
GIPCL
Buy
NTPC
Neutral
67
78
1,019
1,523
1,568
30.3
30.3
5.4
11.5
12.5
5.9
0.7
0.6
5.6
11.3
1.1
1.0
164
134,978
74,111
85,789
22.7
23.1
12.1
13.7
13.5
11.9
1.6
1.5
12.6
13.2
2.4
2.2
94
78
2,780
657
875
52.0
56.1
8.4
12.7
11.2
7.4
0.7
0.6
6.3
8.9
5.5
4.1
Real Estate
Anant Raj
Sell
DLF
Neutral
201
34,125
9,878
12,033
44.7
46.1
9.6
13.4
21.0
15.0
1.3
1.3
6.4
8.7
5.9
4.9
HDIL
Accumulate
105
115
4,383
2,441
3,344
55.1
48.2
22.7
26.6
4.6
3.9
0.4
0.4
8.8
9.4
3.6
2.7
MLIFE
Reduce
422
396
1,722
813
901
26.2
26.6
32.0
37.1
13.2
11.4
1.4
1.3
10.4
11.0
2.5
2.2
Bharti Airtel
Neutral
308
117,040
81,984
90,718
32.1
33.8
10.9
16.9
28.2
18.3
2.2
1.9
7.6
10.6
2.1
1.8
Idea Cellular
Neutral
93
30,776
22,234
24,161
26.9
27.7
3.3
4.9
28.1
18.8
2.2
2.0
7.7
10.3
1.8
1.6
Rcom
Neutral
63
13,065
21,090
22,308
31.8
29.9
3.0
3.8
20.8
16.6
0.4
0.4
1.7
2.1
2.3
2.1
Telecom
zOthers
Abbott India
Accumulate
1,459
1,590
3,099
1,629
1,886
11.8
13.3
60.8
79.5
24.0
18.3
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Accumulate
199
217
1,988
3,497
3,968
6.6
7.6
9.8
15.5
20.3
12.9
2.6
2.2
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
407
515
427
528
15.7
14.6
30.0
34.0
13.6
12.0
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
431
545
111
272
308
7.2
7.3
37.5
45.4
11.5
9.5
2.7
2.2
23.7
22.7
0.5
0.5
CRISIL
Neutral
918
6,451
982
1,136
34.3
34.3
34.3
40.0
26.8
23.0
12.1
9.7
50.9
46.9
6.1
5.2
Finolex Cables
Buy
48
61
732
2,304
2,552
9.9
9.1
8.2
10.1
5.9
4.8
0.8
0.7
13.7
14.7
0.3
0.2
Force Motors
Accumulate
477
537
622
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Buy
308
360
710
1,494
1,607
6.4
7.8
23.9
33.0
12.9
9.3
2.0
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Accumulate
290
309
701
1,925
2,235
10.6
10.9
29.6
44.1
9.8
6.6
1.6
1.3
16.8
21.0
0.6
0.5
Hitachi
Buy
122
146
281
873
989
4.4
6.5
6.4
12.2
19.3
10.1
1.5
1.4
8.3
14.4
0.4
0.3
Honeywell Automation* Accumulate
2,523
2,842
2,230
1,745
1,993
4.0
5.3
59.5
90.4
42.4
27.9
3.2
2.8
8.1
11.3
1.2
1.0
Styrolution ABS India*
Accumulate
652
744
1,147
1,059
1,116
8.5
9.5
36.0
42.0
18.1
15.5
2.6
2.3
15.4
16.0
1.1
1.0
ITD Cementation
Neutral
252
290
1,323
1,455
12.4
12.4
23.2
27.7
10.9
9.1
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
174
2,811
1,228
1,443
9.0
10.9
3.9
6.4
44.8
27.3
4.4
4.1
10.1
15.6
2.8
2.3
MCX
Reduce
62.5
MRF
Buy
Page Industries
Accumulate
Relaxo Footwears
1,519
1,440
7,746
553
624
65.3
66.3
72.0
24.3
21.1
6.7
5.8
27.5
27.4
11.0
9.3
10,070
12,884
4,271
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.8
7.0
1.5
1.3
21.3
19.4
0.5
0.4
3,350
3,602
3,737
836
1,023
20.2
20.6
105.6
133.4
31.7
25.1
16.1
11.4
59.3
53.2
4.5
3.7
Buy
792
933
951
1,019
1,208
11.0
12.5
47.0
66.7
16.9
11.9
4.2
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
59
79
1,763
4,751
5,189
16.3
16.6
13.6
15.8
4.3
3.7
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
295
366
277
1,043
1,149
12.3
12.9
65.7
73.3
4.5
4.0
0.9
0.7
21.0
19.6
0.5
0.5
Market Outlook
November 23, 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)
FY13E
FY14E
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
S. Kumars Nationwide
Neutral
13
385
7,134
7,985
19.7
19.4
12.2
14.1
1.1
0.9
0.1
0.1
11.3
11.5
0.6
0.6
SpiceJet
Buy
36
43
1,765
5,720
6,599
5.3
6.8
3.6
5.4
10.1
6.8
14.6
4.6
0.4
0.4
TAJ GVK
Buy
73
108
457
300
319
35.8
36.2
7.9
9.1
9.2
8.0
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
308
384
474
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.2
0.2
TVS Srichakra
Buy
282
335
216
1,476
1,643
7.0
8.2
32.6
55.9
8.7
5.1
1.4
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,829
23,924
10,289
11,421
12.8
12.8
26.0
45.3
70.4
40.4
3.2
3.0
5.8
7.6
2.7
2.4
Vesuvius India
Neutral
344
699
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 22, 2012
Market Outlook
November 23, 2012

Market Outlook 23-11-12

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Market Outlook 23-11-12

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Market Outlook

November 23, 2012

The US markets were closed on Thursday following Thanksgiving holiday.

The domestic markets ended on a positive note on Thursday supported by positive

Cabinet clears the new drug policy with minor changes

OIL & GAS

FII Derivatives (November 22, 2012)

Net Inflows (November 21, 2012)

Refer detailed news analysis on the following page

Jet Air India

Cabinet clears the new drug policy with minor changes

Winter Session of Parliament commences

Stake sale in Hindustan Copper

Cabinet approves 9.5% stake sale in NTPC

PVR to acquire Cinemax for `500cr

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Economic and Political News

Indian economy could have grown by over 5.5% in 2QFY2013: Moody's

Sterlite Technologies bags `200cr order to provide set top boxes

Country Event Description

November 23, 2012

Germany GDP nsa (YoY)

November 27, 2012

November 28, 2012

New home sales

November 29, 2012

Germany Unemployment change (000's)

GDP Qoq (Annualised)

November 30, 2012

Qtrly GDP YoY%

Euro Zone Euro-Zone GDP s.a. (QoQ)

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

BOE Announces rates

Industrial Production (YoY)

December 10, 2012

December 12, 2012

Industrial Production YoY

Jobless claims change

FOMC rate decision

December 13, 2012

Producer Price Index (mom)

December 14, 2012

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

December 18, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth

Exhibit 6: Key policy rates