Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 13, 2012
Domestic Indices
Dealers Diary
The Indian market is expected to open flat mirroring almost flat to positive opening
trades in most of the Asian markets after the U.S. Federal Reserve announced an
expansion to its asset-buying program and new policy targets.
The U.S. markets closed roughly flat yesterday after Federal Reserve Chairman Ben
Bernanke warned the Fed does not have the ability to shield the economy from the
fiscal cliff. Fed announced that it will replace its Operation Twist program, which
expires at the end of the year, with the purchase of longer-term Treasury securities
at a pace of US$45bn per month. The central bank also said it will continue
purchasing additional agency mortgage-backed securities at a pace of US$40bn
per month.
Meanwhile the Indian markets moved in a tight range before ending marginally
lower yesterday, as strong IIP data (8.2%) coupled with a rise in consumer inflation
(9.9%) for the second consecutive month, driven mainly by prices of food items,
diminished chances of a rate cut at the upcoming monetary policy meeting next
week. Investors will now watch out for the monthly inflation figures, which will be
released on Friday, for cues with regards the mid-quarter monetary policy review
on December 18.
Markets Today
The trend deciding level for the day is 19,384 / 5,896 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,450 19,545 / 5,917 5,946 levels. However, if NIFTY trades below
19,384 / 5,896 levels for the first half-an-hour of trade then it may correct up to
19,289 19,222 / 5,867 5,845 levels.
Indices
SENSEX
NIFTY
S2
19,222
5,845
S1
19,289
5,867
PIVOT
19,384
5,896
R1
19,450
5,917
R2
19,545
5,946
Growth in industrial production surprises positively

CPI inflation for November 2012 nearly touches double-digits at 9.9%
L&T bagged orders worth `1,002cr
JLR retail sales up by a strong 13.5% yoy in November 2012
Honeywell Automation India - Offer for sale of shares by promoter
Sales
1,854
1,096
Net
786
(725)
MTD
5,882
(2,186)
YTD
110,902
(19,727)
FII Derivatives (December 12, 2012)

` cr
Index Futures
Stock Futures
Purch
710
1,158
Sales
786
1,506
Net
(76)
(348)
Open Interest
11,914
32,928
Gainers / Losers
Company
(0.2)
(31.9) 19,355
(0.2)
(10.8)
5,888
MID CAP
0.1
4.2
7,039
SMALL CAP
0.2
18.1
7,420
BSE HC
0.2
16.3
8,056
BSE PSU
(0.8)
(58.3)
7,169
BANKEX
(0.3)
(45.9) 14,130
AUTO
0.9
102.8 11,000
METAL
(0.7)
(74.9) 10,453
OIL & GAS
0.3
25.7
8,399
BSE IT
0.4
20.9
5,576
(Pts)
(Close)
Global Indices
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Satyam Comp
104
6.4
Piramal Ent
568
Bharat Forge
267
5.1
Gitanjali Gems
497
(4.6)
Jet Air India
563
4.7
JSW ENERGY
66
(4.0)
(5.7)
IPCA Lab
469
4.6
Gujarat Mineral
200
(3.2)
Core Projects
324
4.4
NMDC
154
(3.2)
www.angelbroking.com
Chg (%)
Dow Jones
(0.0)
NASDAQ
(3.0) 13,245
(0.3)
(8.5)
3,014
FTSE
0.4
20.9
5,946
Nikkei
0.6
56.1
9,581
Hang Seng
0.8
Straits Times
0.8
23.2
3,142
Shanghai Com
0.4
8.0
2,083
Chg (%)
(Pts)
(Close)
(0.5)
(0.2)
$42.8
Indian ADR
INFY
179.4 22,503
WIT
0.5
0.0
$8.7
IBN
(0.2)
(0.1)
$43.2
HDB
(1.1)
(0.5)
$41.6
BSE
NSE
Advances
1,382
611
Declines
1,554
836
123
86
Volumes (` cr)
Net Inflows (December 11, 2012)

Purch
2,639
371
(Close)
Nifty
Unchanged
Refer detailed news analysis on the following page
` cr
FII
MFs
(Pts)
BSE Sensex
Advances / Declines
News Analysis
Chg (%)
BSE
2,825
NSE
13,911
Market Outlook
December 13, 2012
Growth in industrial production surprises positively

As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth
at 8.2% during October 2012 (as against 5.1% yoy expected growth) surprised
positively. Growth is largely attributed to an exceptionally low base effect coupled
with ramping up of production in anticipation of festival-related demand and an
improvement in the core sector output.
Owing to the healthy growth in October 2012, the index has witnessed some
traction on a cumulative basis with 1.2% yoy growth in the April - October 2012
period. On a sequential 3-month moving-average (3MMA) basis, growth in IIP
witnessed improvement, reaching a 9-month high at 3.2% yoy.
Performance on sectoral basis
The Manufacturing sector, accounting for 75.5% of the overall index surged to a
16-month high. It reported a robust 9.6% growth during the month as compared
to a decline of 1.5% in September 2012 and 6.0% decline in October 2011. On a
3MMA basis, growth in manufacturing has witnessed sequential improvement. On
a cumulative basis, in the April - October 2012 period, Mining reported a slight
decline of 0.7% while the Manufacturing and Electricity sectors reported growth of
1.0% and 4.7% respectively.
Performance in the Use-based category
While Capital goods continued to remain volatile they witnessed a healthy 7.5%
growth as compared to a steep de-growth of 26.5% in October 2011. The
dramatic growth, following seven months of contraction, is mainly aided by a low
base effect and is unlikely to be sustained going forward. Even on a sequential
3MMA basis the index witnessed some improvement; however a recovery in the
near term is unlikely in the absence of catalysts to investment revival.
Consumer goods witnessed growth at their fastest pace in the year (13.2% in
October 2012 as compared to 0.1% growth in the corresponding period of the
previous year). This can be mainly attributed to ramping up of production in the
period preceding the festival season (particularly in the case of durable consumer
goods) owing to expectation of higher demand. Consequently, Consumer durables
reported a robust 16.5% growth while Consumer non-durables reported a growth
of 10.1%.
Future outlook
Despite the better-than-expected print for the month (supported by a low base) we
believe that industrial activity is unlikely to improve dramatically even in the
second-half of the fiscal in the absence of positive catalysts to revival. In addition,
the high base for 2HFY2013 does not augur favorably for sustainable expansion.
On a positive note however, healthy performance during the month is likely to
marginally support overall IIP growth for the fiscal year.
As far as monetary policy stance is concerned, we continue to believe that at least
in the near term policy easing is unlikely, with inflation remaining sticky and above
the Reserve Bank of Indias comfort level. In 4QFY2013 we expect an easing of
about 25 50bp in the policy rate.
Market Outlook
December 13, 2012
CPI inflation for November 2012 nearly touches doubledigits at 9.9%

Inflation as measured by the Consumer Price Index (CPI) nearly touched double
digits at 9.9% in November 2012 as compared to 9.75% in the previous month.
Rural inflation surged to 10.0% as compared to 9.0% in October 2012. At the
same time, inflation in urban areas too inched upwards slightly to 9.7% from 9.5%
in the previous month. Food inflation with almost 50% weightage in the overall
index continued its uptrend at 11.8% led by rise in prices of oils and fat, sugar and
vegetables. In rural areas food inflation touched a high of 12.0% while in urban
areas it stood at a lower 11.4% during the month. Inflation in clothing, bedding
and footwear followed closely at 11.1%, increasing at a higher rate of 11.4% in
rural areas as compared to 10.7% in urban areas. Fuel inflation stood at 7.4%
during the month.
L&T bagged orders worth `1,002cr

Larsen & Toubro (L&T) has bagged orders worth `742cr in domestic and
international markets. This includes a major order for setting up a 220 kV, 515
MVA cable system and construction of a 220/66/11 KV substation in Qatar. On
the domestic front, the company has bagged orders in the EPC segment for setting
transmission lines from Tamil Nadu Transmission Corporation Ltd and West
Bengal State Electricity Transmission Company Ltd. Also, L&T has received orders
worth `260cr from ongoing projects across various business units. We continue to
maintain our Accumulate rating on the stock with a target price of `1,748.
JLR retail sales up by a strong 13.5% yoy in November

2012
Jaguar and Land Rover (JLR) reported a strong retail volume growth of 13.5% yoy
(18.7% mom) in November 2012 to 29,893 units driven by strong growth in Land
Rover volumes (Evoque in particular, sales up 38.9% yoy) which posted betterthan-expected growth of 17.2% yoy (16.7% mom). Total volumes ex. Evoque
however, grew by a modest 4.1% yoy largely due to a 38% yoy decline in Range
Rover volumes which is set to be replaced by new Range Rover (retail deliveries to
begin from January 2013). Nevertheless, total volumes ex. Evoque on a mom
basis reported a strong 17.3% growth as the performance benefited from the
ramp-up in production at the Halewood plant which is now running on three shift
basis. This resulted in a 28.8% and 21.8% mom growth in Freelander and Evoque
sales. Jaguar sales however, registered a decline of 5.4% yoy ahead of the
impending launch of the model year 2013 products, XF Sportbrake and all-wheel
drive and smaller engine options in the XF and XJ models. Jaguar sales during the
month witnessed a yoy de-growth across all the models. Nonetheless on a mom
basis Jaguar volumes surged 33.9% led by robust growth in China (up 250.3%
mom) and Rest of the World (42.8% mom). Geographically, the growth in China
continues to remain strong as it posted a 43% yoy (47.9% mom) growth during the
month.
The company would be reporting the JLR wholesale volumes and global sales
numbers on November 15 2012. We maintain our Buy rating on the stock with an
SOTP based target price of `319.
Market Outlook
December 13, 2012
Honeywell Automation India - Offer for sale of shares by

promoter
Honeywell Asia Pacific Inc., the promoter of Honeywell Automation India Ltd., has
submitted to BSE a notice of Offer for Sale of 5,51,333 equity shares of Rs. 10/each representing 6.24% of the equity share capital of on December 12, 2012.
The floor price for the same will be declared today after closure of trading hours of
stock exchange. We maintain our Buy recommendation on the stock with a target
price of `2,842 based on a target PE of 21.0x for CY2013E.
Economic and Political News
Government rules out referring Banking Bill to House panel again

October IIP soars to 8.2%, beats estimates
Wheat exports may touch record 5mn tonne
Corporate News
ABG Shipyard bags `485cr order from Navy

Hitachi opens Sanand facility; to hold first board meet in New Delhi tomorrow
NMDC US$1.1bn share sale fully covered: NSE
PFC to set up US$1bn PE fund in tie-up with Tata Capital
TCS signs multi-year contract with UK's Mitchells & Butlers
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 13, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 13, 2012

December 14, 2012
December 18, 2012
December 19, 2012

December 20, 2012
7:00PM
US
Initial Jobless claims
Thousands
Dec 8
370.00
369.00
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
(0.50)
2:00PM
Germany PMI Manufacturing
Value
Dec A
46.80
47.30
2:00PM
Germany PMI Services
12:00PM
India
3:30PM
Euro Zone Euro-Zone CPI (YoY)
7:00PM
US
Consumer price index (mom)
7:45PM
US
11:00AM
11:00AM
Monthly Wholesale Prices YoY%
Value
Dec A
49.70
50.00
% Change
Nov
7.45
7.60
Nov
2.50
2.20
% Change
Nov
0.10
(0.20)
Industrial Production
Nov
(0.43)
0.25
India
RBI Repo rate
Dec 18
8.00
8.00
India
RBI Cash Reserve ratio
Dec 18
4.25
4.00
3:00PM
UK
CPI (YoY)
% Change
Nov
2.70
--
11:00AM
India
RBI Reverse Repo rate
Dec 18
7.00
7.00
7:00PM
US
Housing Starts
Thousands
Nov
894.00
873.00
7:00PM
US
Building permits
Thousands
Nov
868.00
875.00
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec A
(26.90)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
2.70
2.80
8:30PM
US
Existing home sales
December 21, 2012
3:00PM
UK
GDP (YoY)
December 27, 2012
8:30PM
US
Consumer Confidence
Millions
Nov
4.79
4.85
% Change
3Q F
(0.10)
--
S.A./ 1985=100
Dec
73.70
--
Thousands
Nov
368.00
--
Value
Dec
50.60
--
8:30PM
US
New home sales
January 1, 2013
6:30AM
China
PMI Manufacturing
January 2, 2013
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
--
January 3, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Dec
5.00
--
January 4, 2013
7:00PM
US
Change in Nonfarm payrolls
Thousands
Dec
146.00
--
7:00PM
US
Unnemployment rate
Dec
7.70
--
5:29PM
China
Consumer Price Index (YoY)
% Change
Dec
2.00
--
5:29PM
China
Industrial Production (YoY)
% Change
Dec
10.10
--
5:29PM
India
Imports YoY%
% Change
Dec
6.40
--
5:29PM
India
Exports YoY%
% Change
Dec
(4.20)
--
5:29PM
China
Exports YoY%
% Change
Dec
2.90
--
5:30PM
UK
BOE Announces rates
% Ratio
Jan 10
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Jan 10
0.75
--
January 11, 2013
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(3.00)
--
January 13, 2013
5:29PM
China
Real GDP (YoY)
% Change
4Q
7.40
--
January 9, 2013
January 10, 2013
Source: Bloomberg, Angel Research
Market Outlook
December 13, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.0
6.7
5.7
6.1
5.3 5.5 5.3
4.3
4.0
2.7
2.0
2.5
2.3
1.0
3.5
(0.7)
Oct-12
Sep-12
(2.0)
(2.8)
(4.0)
(0.1)
Aug-12
(1.3)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
Services PMI
9.5
7.7
6.9
7.4
7.7
7.5
7.6
7.6
7.5
8.0
7.8
58.0
7.5
56.0
54.0
52.0
Source: MOSPI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Nov-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Nov-11
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.2
8.0
9.2
9.0
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
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
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 13, 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
153
2,975
1,466
1,686
14.8
14.8
7.0
8.1
21.9
18.9
4.6
4.0
22.6
22.5
2.1
1.8
United Phosphorus
Buy
123
170
5,672
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.2
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
249
4,255
2,911
3,321
16.2
16.2
17.3
19.8
14.4
12.6
3.9
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
86
96
4,345
13,713
15,341
11.2
11.2
12.5
14.8
6.9
5.8
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Buy
27
31
7,051
14,490
16,606
9.5
9.6
2.2
2.9
11.9
9.3
2.2
1.9
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
360
544
1,103
1,240
11.0
11.3
39.1
45.0
9.2
8.0
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
2,056
59,479
21,121
23,642
18.4
18.5
108.7
122.6
18.9
16.8
7.8
6.3
46.2
41.6
2.4
2.0
Bharat Forge
Buy
267
324
6,207
6,754
7,565
15.5
15.7
18.8
23.2
14.2
11.5
2.5
2.1
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,257
29,064
8,776
10,276
16.6
18.0
331.9
417.7
27.9
22.2
5.2
4.3
18.7
19.5
3.0
2.5
CEAT
Buy
106
163
364
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
Neutral
145
12,321
6,229
7,200
14.8
15.8
7.2
9.0
20.2
16.2
3.5
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,691
2,809
1,489
1,750
16.5
17.5
103.3
126.9
16.4
13.3
3.2
2.6
21.3
21.6
1.7
1.4
Hero Motocorp
Accumulate
1,885
1,956
37,644
24,743
27,996
14.8
15.2
118.2
130.4
16.0
14.5
6.9
5.4
48.3
41.9
1.2
1.0
JK Tyre
Buy
121
165
496
7,517
8,329
6.6
6.6
37.2
41.3
3.2
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
948
986
58,230
40,035
46,272
11.5
11.6
54.7
62.8
17.3
15.1
3.9
3.3
24.3
23.4
1.2
1.0
Maruti
Neutral
1,476
42,629
42,019
50,246
7.3
8.6
66.1
94.4
22.3
15.6
2.5
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
195
11,472
24,285
27,317
6.7
7.2
8.1
10.6
24.3
18.5
5.1
4.2
22.9
24.7
0.6
0.6
Subros
Buy
30
35
182
1,286
1,479
9.4
9.7
2.6
5.1
11.7
6.0
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
276
319
73,680 192,330 219,770
12.8
13.1
37.0
44.5
7.5
6.2
2.1
1.6
31.2
28.9
0.4
0.4
TVS Motor
Buy
39
45
1,865
7,466
8,290
6.2
6.3
4.8
5.6
8.2
7.0
1.4
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
711
573
15,076
7,796
9,907
4.8
7.8
9.2
22.0
77.3
32.3
5.6
5.0
7.5
16.4
1.9
1.5
BGR Energy
Neutral
264
1,901
3,605
4,542
11.8
10.7
25.1
27.9
10.5
9.4
1.5
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
232
56,870
47,801
43,757
18.5
18.0
24.6
21.8
9.5
10.7
2.8
2.4
33.5
24.5
1.1
1.2
Blue Star
Buy
194
242
1,742
2,763
2,948
3.1
5.6
2.6
8.6
73.6
22.7
4.3
3.8
5.9
17.6
0.8
0.7
Crompton Greaves
Buy
113
145
7,278
12,370
14,277
5.2
7.3
4.0
7.8
28.4
14.5
1.9
1.8
6.9
12.6
0.6
0.6
Jyoti Structures
Accumulate
47
53
383
2,794
3,048
10.6
10.6
9.2
11.7
5.1
4.0
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
66
73
1,684
6,858
7,431
7.1
7.5
8.3
9.8
7.9
6.7
1.3
1.1
25.1
24.0
0.4
0.4
LMW
Reduce
2,151
1,992
2,423
2,369
2,727
11.7
11.7
143.4
166.0
15.0
13.0
2.5
2.3
17.4
18.4
0.6
0.4
Thermax
Neutral
612
7,296
5,514
5,813
9.3
10.2
28.1
31.2
21.8
19.6
3.9
3.4
19.2
18.5
1.2
1.1
Capital Goods
Market Outlook
December 13, 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
1,421
26,678
11,085
12,415
21.6
21.4
79.4
83.1
17.9
17.1
3.5
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
211
32,478
10,272
11,884
26.4
26.1
11.5
12.9
18.4
16.3
4.0
3.6
20.8
21.1
2.8
2.3
India Cements
Neutral
90
2,758
4,293
4,666
17.7
18.1
8.6
10.8
10.5
8.4
0.8
0.7
7.5
9.0
1.1
0.9
J K Lakshmi Cements
Accumulate
134
143
1,641
2,082
2,423
22.9
23.1
20.8
22.5
6.4
6.0
1.1
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
212
5,046
3,814
4,045
29.3
27.5
18.7
19.2
11.3
11.0
2.1
1.8
19.9
17.4
2.0
1.7
Shree Cements^
Neutral
4,311
15,019
5,701
6,210
29.7
28.1
240.7
260.7
17.9
16.5
4.4
3.5
27.1
23.6
2.0
1.7
UltraTech Cement
Neutral
1,948
53,400
21,368
24,043
22.5
23.5
103.5
121.4
18.8
16.1
3.5
3.0
20.2
20.1
2.5
2.3
209
304
1,102
2,034
2,315
22.4
22.4
27.1
31.7
7.7
6.6
1.0
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
245
2,262
2,522
6.7
7.5
1.5
2.7
8.9
5.0
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
141
164
4,670
3,843
4,212
43.1
43.6
16.8
17.8
8.3
7.9
1.4
1.3
18.3
17.0
3.3
3.6
ITNL
Accumulate
207
225
4,028
6,564
7,054
27.2
27.4
26.3
29.0
7.9
7.2
1.3
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
44
1,343
4,249
6,897
7.8
8.2
0.3
3.3
141.9
13.3
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
105
22,407
13,842
15,863
26.9
26.4
3.7
4.6
28.6
23.0
1.7
1.6
6.2
7.3
3.1
2.8
Larsen & Toubro
Neutral
1,648
101,321
60,556
69,167
11.2
11.6
73.8
85.5
22.3
19.3
3.5
3.1
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
49
44
1,247
5,947
6,569
8.5
8.6
3.1
4.1
15.7
11.8
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
60
1,998
11,892
13,116
9.0
9.0
1.8
3.2
33.3
18.7
0.7
0.7
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
133
168
2,001
2,344
2,804
10.6
10.7
7.2
8.7
18.4
15.3
2.2
1.9
13.0
13.5
1.2
1.1
Simplex Infra
Buy
209
251
1,032
6,882
8,032
9.1
9.1
23.2
31.3
9.0
6.7
0.8
0.7
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
161
181
8,065
6,392
7,238
2.7
2.8
30.3
33.3
5.3
4.9
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
118
6,581
4,731
5,431
2.9
3.0
21.5
21.8
5.5
5.4
0.9
0.8
15.2
13.8
Axis Bank
Buy
1,328
1,550
56,678
15,686
18,687
3.1
3.2
116.8
138.0
11.4
9.6
2.1
1.8
20.0
20.2
Bank of Baroda
Neutral
819
32,048
15,436
18,208
2.5
2.6
111.8
137.4
7.3
6.0
1.1
1.0
15.8
17.0
Bank of India
Accumulate
309
334
17,704
12,491
14,883
2.2
2.4
43.8
63.7
7.1
4.8
0.9
0.8
12.1
15.8
Bank of Maharashtra
Accumulate
59
64
3,461
3,563
3,876
3.1
3.1
9.7
12.0
6.1
4.9
0.8
0.7
14.6
16.1
Canara Bank
Accumulate
478
544
21,160
10,699
12,213
2.1
2.2
67.3
80.1
7.1
6.0
1.0
0.9
13.7
14.6
Central Bank
Neutral
81
5,981
7,171
8,236
2.5
2.6
16.4
21.5
5.0
3.8
0.9
0.7
12.7
14.9
Corporation Bank
Accumulate
446
480
6,604
4,780
5,569
2.0
2.1
101.8
99.2
4.4
4.5
0.7
0.7
17.0
14.7
Dena Bank
Accumulate
118
132
4,138
3,087
3,453
2.7
2.8
25.9
24.1
4.6
4.9
0.8
0.7
19.4
15.6
Federal Bank
Neutral
498
8,520
2,617
2,968
3.3
3.2
45.9
51.7
10.9
9.6
1.4
1.2
13.1
13.3
Financials
Market Outlook
December 13, 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
860
132,542
7,336
8,802
3.5
3.5
31.5
37.8
27.3
22.7
5.5
4.9
34.8
32.1
HDFC Bank
Neutral
693
164,020
21,696
26,811
4.4
4.5
28.7
36.0
24.2
19.2
4.6
3.9
20.7
22.0
ICICI Bank
Buy
1,113
1,296
127,926
22,271
26,690
3.0
3.0
69.2
83.1
16.1
13.4
2.0
1.8
14.2
15.7
IDBI Bank
Accumulate
111
119
14,216
7,684
9,264
1.8
2.1
15.6
22.0
7.1
5.1
0.8
0.7
10.9
13.9
Indian Bank
Buy
196
230
8,402
5,874
6,551
3.2
3.2
40.6
41.8
4.8
4.7
0.8
0.7
18.1
16.4
IOB
Neutral
86
6,870
7,050
8,313
2.3
2.5
12.3
19.9
7.0
4.3
0.6
0.6
8.8
13.1
J & K Bank
Neutral
1,403
6,802
2,762
2,885
3.6
3.6
226.7
193.0
6.2
7.3
1.4
1.2
24.4
17.7
LIC Housing Finance
Accumulate
272
313
13,707
1,799
2,255
2.3
2.4
20.3
27.3
13.4
10.0
2.1
1.8
16.9
19.7
Oriental Bank
Accumulate
348
370
10,150
6,277
7,090
2.6
2.7
60.5
65.1
5.8
5.3
0.9
0.8
15.0
14.4
Punjab Natl.Bank
Accumulate
826
890
28,009
19,652
22,601
3.2
3.3
135.0
164.3
6.1
5.0
1.0
0.9
16.3
17.3
South Ind.Bank
Accumulate
27
29
3,621
1,556
1,750
2.8
2.7
3.5
3.9
7.8
7.1
1.3
1.2
19.1
16.9
St Bk of India
Accumulate
2,295
2,520
153,988
61,883
71,546
3.4
3.4
227.2
257.5
10.1
8.9
1.7
1.5
17.8
17.7
Syndicate Bank
Accumulate
132
139
7,952
6,756
7,783
3.0
3.0
26.3
27.1
5.0
4.9
0.9
0.8
18.3
16.6
UCO Bank
Neutral
80
5,341
5,234
6,097
2.3
2.4
11.8
14.7
6.8
5.5
1.1
0.9
11.9
13.4
Union Bank
Accumulate
258
285
14,196
9,912
11,536
2.8
2.9
40.4
46.7
6.4
5.5
1.1
0.9
16.1
16.4
United Bank
Buy
77
91
2,774
3,500
3,912
2.6
2.8
15.8
21.2
4.9
3.6
0.6
0.6
13.1
15.7
Vijaya Bank
Accumulate
63
66
3,132
2,354
2,754
2.0
2.2
7.4
10.2
8.6
6.2
0.9
0.8
9.3
11.9
Yes Bank
Buy
454
542
16,222
3,270
4,240
2.8
3.0
34.5
42.2
13.2
10.8
2.8
2.3
23.5
23.5
4,319
41,423
11,198
13,184
16.2
16.2
123.7
146.4
34.9
29.5
11.9
9.3
38.1
35.4
3.6
3.0
494
584
5,904
5,627
6,581
4.9
5.7
18.3
24.7
27.0
20.0
9.9
7.6
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,400
19,042
3,146
3,573
20.6
21.4
36.4
42.5
38.5
33.0
35.6
29.8
102.0
98.5
5.9
5.2
Dabur India
Neutral
130
22,597
6,124
7,101
17.0
16.8
4.5
5.2
29.0
24.8
12.0
9.4
43.2
41.5
3.8
3.2
GlaxoSmith Con*
Neutral
3,741
15,735
3,124
3,663
17.1
17.6
104.5
123.8
35.8
30.2
11.2
8.9
34.4
32.8
4.7
4.0
Godrej Consumer
Neutral
718
24,442
6,355
7,548
18.4
18.6
22.8
27.6
31.5
26.0
7.2
5.9
26.4
26.1
4.0
3.3
HUL
Neutral
530
114,562
25,350
28,974
13.3
13.5
14.7
17.1
36.0
31.1
28.5
20.1
84.5
75.8
4.5
3.9
ITC
Neutral
306
240,737
29,409
34,060
35.7
36.1
9.3
10.9
32.8
28.0
10.9
9.1
35.8
35.3
7.8
6.7
Marico
Neutral
220
14,190
4,840
5,643
13.1
13.1
6.2
7.8
35.7
28.3
6.8
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,810
46,372
8,529
10,079
20.8
21.1
113.1
137.8
42.5
34.9
25.5
17.9
70.5
60.2
5.5
4.5
Tata Global
Neutral
172
10,640
7,207
7,927
9.7
10.0
6.6
7.8
26.0
22.0
2.6
2.5
8.6
9.5
1.4
1.2
Market Outlook
December 13, 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
616
648
42,777
24,214
26,772
19.5
18.1
44.0
48.0
14.0
12.8
3.3
2.8
24.0
22.0
1.7
1.5
91
135
2,699
1,944
2,159
21.8
21.1
11.4
12.2
8.0
7.4
2.1
1.8
26.4
24.1
1.1
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Accumulate
2,299
2,573
132,010
39,174
41,580
29.5
30.4
159.2
171.6
14.4
13.4
3.5
3.1
24.1
23.1
2.8
2.6
Infotech Enterprises
Neutral
197
2,195
1,886
2,032
17.9
17.3
18.7
20.2
10.5
9.8
1.6
1.4
14.9
14.0
0.8
0.7
KPIT Cummins
Accumulate
114
132
2,037
2,195
2,317
15.5
15.0
10.7
12.1
10.6
9.5
2.3
1.8
21.0
19.8
0.9
0.8
Mahindra Satyam
Buy
104
115
12,217
7,597
8,141
20.0
18.8
9.7
10.4
10.8
10.0
3.0
2.3
27.5
22.9
1.1
1.0
Mindtree
Accumulate
711
747
2,921
2,324
2,437
20.0
17.7
73.3
74.7
9.7
9.5
2.3
1.9
24.1
19.7
1.0
0.8
Mphasis&
Neutral
384
8,069
5,700
5,993
18.0
16.9
37.0
37.3
10.4
10.3
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Accumulate
32
36
528
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
484
1,935
1,261
1,352
26.4
24.7
48.2
54.0
10.0
9.0
1.9
1.6
19.0
17.9
1.2
1.0
TCS
Buy
1,226
1,410
239,955
61,053
67,313
28.7
29.1
69.7
76.2
17.6
16.1
5.7
4.7
32.6
29.1
3.7
3.3
Tech Mahindra
Buy
911
1,070
11,636
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
375
421
92,278
43,219
47,241
20.0
20.0
26.1
28.1
14.3
13.3
2.8
2.4
19.3
17.9
1.8
1.6
D B Corp
Buy
222
259
4,071
1,581
1,784
23.3
25.0
11.6
14.4
19.2
15.4
3.7
3.2
21.0
22.3
2.4
2.1
HT Media
Accumulate
103
113
2,424
2,111
2,272
15.0
15.2
7.4
8.3
14.0
12.5
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
101
117
3,183
1,503
1,681
23.1
23.1
6.4
7.3
15.7
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
306
883
682
786
17.3
16.9
17.6
19.7
17.4
15.6
2.1
1.8
14.9
14.5
1.6
1.4
Sun TV Network
Neutral
405
15,949
1,942
2,237
77.2
75.5
17.6
19.1
23.0
21.2
5.7
5.1
25.8
25.2
7.8
6.7
Bhushan Steel
Neutral
441
9,372
11,307
14,287
29.5
29.1
45.1
51.0
9.8
8.7
1.1
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
356
224,989
66,666
70,292
25.7
27.3
24.2
26.6
14.7
13.4
4.4
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Buy
24
29
822
1,984
2,074
10.6
11.6
0.8
2.0
28.4
11.7
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Neutral
137
58,056
12,446
13,538
52.3
52.9
15.0
16.4
9.2
8.4
1.8
1.5
21.4
19.7
2.8
2.2
Hindalco
Neutral
118
22,649
79,148
89,258
9.4
9.0
15.0
15.6
7.9
7.6
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
751
16,755
39,586
41,459
17.6
17.0
78.7
90.1
9.6
8.3
0.9
0.9
10.2
10.7
0.8
0.8
MOIL
Neutral
264
4,438
941
1,019
47.3
48.3
25.8
28.1
10.2
9.4
1.6
1.4
16.7
16.2
2.5
2.1
Monnet Ispat
Accumulate
305
344
1,961
2,501
3,264
22.2
24.6
41.8
55.2
7.3
5.5
0.8
0.7
11.3
13.4
1.9
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
47
44
12,165
6,898
7,841
9.9
14.7
2.0
3.2
23.8
14.8
1.0
1.0
4.3
6.8
1.3
1.2
154
198
61,156
11,209
12,525
78.4
78.3
18.5
20.6
8.3
7.5
2.0
1.7
27.0
24.6
3.7
3.1
82
33,850
47,252
60,351
14.2
14.8
9.6
11.7
8.6
7.0
0.8
0.7
9.4
10.6
1.2
1.0
Market Outlook
December 13, 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
Neutral
188
16,300
4,551
6,640
32.8
34.4
33.7
39.3
5.6
4.8
1.0
0.8
18.3
18.3
4.2
2.9
Sterlite Inds
Neutral
113
37,975
43,185
45,442
23.3
23.7
16.8
17.9
6.7
6.3
0.7
0.7
11.6
11.2
0.9
0.8
Tata Steel
Buy
395
463
8.3
9.5
22.0
44.5
17.9
8.9
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Accumulate
135
153
485
1,442
1,494
17.6
17.3
27.2
28.7
5.0
4.7
0.5
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
662
2,694
2,906
14.6
16.6
16.4
20.8
3.0
2.4
0.3
0.3
11.4
12.8
0.5
0.3
Buy
118
143
374
2,342
2,470
13.7
15.3
27.7
33.8
4.3
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
318
382
60,677
17,567
17,643
76.2
72.3
61.1
56.8
5.2
5.6
1.1
0.9
22.0
17.5
2.6
2.2
GAIL
Neutral
348
44,187
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
260
312
222,186 147,139 154,821
33.9
33.7
30.7
32.3
8.5
8.0
1.5
1.3
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
832
272,492 362,700 380,031
7.9
8.0
60.0
63.3
13.9
13.2
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
301
3,865
3,128
3,707
13.2
11.7
22.8
23.5
13.2
12.8
4.0
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
260
3,634
3,213
3,643
23.3
23.5
24.3
25.7
10.7
10.1
2.4
2.1
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
163
183
12,248
30,077
33,570
6.6
6.3
15.1
15.3
10.8
10.7
2.7
2.3
28.4
23.1
0.4
0.4
75
4,215
1,079
1,034
91.8
91.9
8.8
8.4
8.6
8.9
1.4
1.3
17.9
15.0
3.6
3.7
Alembic Pharma
Buy
68
91
1,286
1,624
1,855
14.2
15.6
6.6
9.1
10.3
7.5
2.6
2.0
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
193
5,632
5,243
5,767
14.6
14.6
11.8
12.6
16.4
15.4
2.0
1.8
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,245
5,170
1,482
1,682
15.5
15.5
95.1
104.4
23.6
21.5
4.2
3.3
18.6
17.0
3.3
2.8
Cadila Healthcare
Accumulate
845
926
17,305
6,148
7,386
18.6
19.6
32.7
44.8
25.9
18.9
5.7
4.5
23.7
26.6
3.2
2.6
Cipla
Neutral
415
33,353
8,151
9,130
25.0
24.0
19.5
20.9
21.3
19.9
3.7
3.2
18.8
17.2
3.9
3.4
Dr Reddy's
Neutral
1,874
31,817
10,696
11,662
20.7
21.0
83.7
92.9
22.4
20.2
4.6
3.9
22.4
20.8
3.3
2.9
Dishman Pharma
Buy
114
145
918
1,280
1,536
20.2
20.2
10.4
14.5
10.9
7.8
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,044
17,309
2,651
2,993
31.7
31.2
76.0
82.4
26.9
24.8
7.8
6.9
20.1
26.3
5.7
5.0
Indoco Remedies
Buy
65
89
603
685
837
15.2
15.2
7.4
8.9
8.8
7.4
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
469
485
5,913
2,850
3,474
21.0
21.0
29.9
37.3
15.7
12.6
3.8
3.0
26.7
26.4
2.2
1.8
Lupin
Accumulate
607
652
27,142
8,426
10,082
19.7
20.0
26.3
31.3
23.1
19.4
5.4
4.3
26.0
24.7
3.3
2.7
Ranbaxy*
Neutral
502
21,206
12,046
11,980
18.0
15.8
31.3
29.8
16.0
16.8
5.5
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
725
74,933
9,752
12,134
41.6
41.6
26.0
28.2
27.9
25.7
5.2
4.5
20.3
18.8
6.8
5.3
CESC
Neutral
313
3,912
5,218
5,644
24.2
23.8
44.6
47.6
7.0
6.6
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
71
78
1,068
1,523
1,568
30.3
30.3
5.4
11.5
13.1
6.1
0.7
0.7
5.6
11.3
1.2
1.0
Neutral
38,387 145,725 154,108
Power
Market Outlook
December 13, 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
153
126,321
74,111
85,789
22.7
23.1
12.1
13.7
12.7
11.2
1.5
1.4
12.6
13.2
2.3
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
96
78
2,826
657
875
52.0
56.1
8.4
12.7
11.4
7.5
0.7
0.6
6.3
8.9
5.6
4.2
DLF
Neutral
217
36,911
9,878
12,033
44.7
46.1
9.6
13.4
22.7
16.2
1.4
1.4
6.4
8.7
6.2
5.1
HDIL
Neutral
118
4,934
2,441
3,344
55.1
48.2
22.7
26.6
5.2
4.4
0.4
0.4
8.8
9.4
3.9
2.9
MLIFE
Neutral
407
1,664
813
901
26.2
26.6
32.0
37.1
12.7
11.0
1.3
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
312
118,464
81,984
90,718
32.1
33.8
10.9
16.9
28.6
18.5
2.2
2.0
7.6
10.6
2.1
1.8
Idea Cellular
Neutral
95
31,425
22,234
24,161
26.9
27.7
3.3
4.9
28.7
19.2
2.2
2.0
7.7
10.3
1.8
1.6
Rcom
Neutral
77
15,945
21,090
22,308
31.8
29.9
3.0
3.8
25.4
20.3
0.4
0.4
1.7
2.1
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,453
1,590
3,088
1,629
1,886
11.8
13.3
60.8
79.5
23.9
18.3
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
214
2,133
3,497
3,968
6.6
7.6
9.8
15.5
21.8
13.8
2.8
2.4
12.7
17.4
0.6
0.6
Cera Sanitaryware
Neutral
429
542
427
528
15.7
14.6
30.0
34.0
14.3
12.6
3.1
2.6
24.6
22.5
1.3
1.1
Cravatex
Buy
449
545
116
272
308
7.2
7.3
37.5
45.4
12.0
9.9
2.8
2.2
23.7
22.7
0.5
0.5
CRISIL
Neutral
1,057
7,426
982
1,136
34.3
34.3
34.3
40.0
30.8
26.4
13.9
11.2
50.9
46.9
6.9
5.8
Finolex Cables
Neutral
59
907
2,304
2,552
9.9
9.1
8.2
10.1
7.3
5.9
1.0
0.9
13.7
14.7
0.4
0.3
Force Motors
Accumulate
501
537
653
2,318
2,700
5.0
5.7
45.0
67.0
11.1
7.5
0.6
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
324
360
748
1,494
1,607
6.4
7.8
23.9
33.0
13.6
9.8
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
310
749
1,925
2,235
10.6
10.9
29.6
44.1
10.5
7.0
1.7
1.4
16.8
21.0
0.7
0.6
Hitachi
Accumulate
129
146
297
873
989
4.4
6.5
6.4
12.2
20.4
10.6
1.6
1.4
8.3
14.4
0.4
0.3
2,324
2,842
2,055
1,745
1,993
4.0
5.3
59.5
90.4
39.1
25.7
3.0
2.6
8.1
11.3
1.1
0.9
Honeywell Automation* Buy

Styrolution ABS India*
Neutral
755
1,328
1,059
1,116
8.5
9.5
36.0
42.0
21.0
18.0
3.1
2.7
15.4
16.0
1.3
1.2
ITD Cementation
Neutral
231
266
1,323
1,455
12.4
12.4
23.2
27.7
10.0
8.4
0.7
0.6
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
1,497
1,440
7,636
553
624
65.3
66.3
62.5
72.0
24.0
20.8
6.6
5.7
27.5
27.4
11.0
9.3
MRF
Accumulate
12,325
12,884
5,227
11,804
12,727
10.4
10.5 1,289.9 1,431.3
9.6
8.6
1.9
1.5
21.3
19.4
0.6
0.5
Page Industries
Neutral
3,441
3,839
836
1,023
20.2
20.6
105.6
133.4
32.6
25.8
16.6
11.7
59.3
53.2
4.7
3.8
Relaxo Footwears
Buy
775
933
930
1,019
1,208
11.0
12.5
47.0
66.7
16.5
11.6
4.1
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
66
79
1,974
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.2
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
314
366
295
1,043
1,149
12.3
12.9
65.7
73.3
4.8
4.3
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
421
7,134
7,985
19.7
19.4
12.2
14.1
1.2
1.0
0.1
0.1
11.3
11.5
0.6
0.6
Market Outlook
December 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
47
43
2,296
5,720
6,599
5.3
6.8
3.6
5.4
13.1
8.8
19.0
6.0
0.5
0.4
TAJ GVK
Buy
72
108
450
300
319
35.8
36.2
7.9
9.1
9.1
7.9
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
0.1
TVS Srichakra
Buy
270
335
207
1,476
1,643
7.0
8.2
32.6
55.9
8.3
4.8
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,992
26,052
10,289
11,421
12.8
12.8
26.0
45.3
76.6
44.0
3.5
3.2
5.8
7.6
2.9
2.6
Vesuvius India
Neutral
346
702
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
1.8
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 December 12, 2012
Market Outlook
December 13, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

December 13, 2012

Growth in industrial production surprises positively

FII Derivatives (December 12, 2012)

OIL & GAS

Jet Air India

Net Inflows (December 11, 2012)

Refer detailed news analysis on the following page

Growth in industrial production surprises positively

CPI inflation for November 2012 nearly touches doubledigits at 9.9%

L&T bagged orders worth `1,002cr

JLR retail sales up by a strong 13.5% yoy in November

Honeywell Automation India - Offer for sale of shares by

Economic and Political News

Government rules out referring Banking Bill to House panel again

ABG Shipyard bags `485cr order from Navy

Country Event Description

December 13, 2012

December 18, 2012

December 19, 2012

Initial Jobless claims

Producer Price Index (mom)

Germany PMI Manufacturing

Germany PMI Services

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

Monthly Wholesale Prices YoY%

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

GDP Qoq (Annualised)

Existing home sales

December 21, 2012

December 27, 2012

New home sales

Germany Unemployment change (000's)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

BOE Announces rates

Euro Zone ECB announces interest rates

January 11, 2013

Industrial Production (YoY)

January 13, 2013

Real GDP (YoY)

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Source: CSO, Angel Research

Source: MOSPI, 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

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research