Market Outlook Market Outlook: Dealer's Diary

Market Outlook
February 22, 2013
Dealers Diary
The Indian market is expected to open on a weak note tracking negative cues from
SGX Nifty which is trading lower. A majority of the Asian indices too are trading in
the red following data points from Europe that signal that the regions recession is
deepening, and on concerns that China will do more to control economic growth.
The US market ended lower as traders continued to cash in on the recent strength
in the markets, which lifted the major indices to multi-year highs. The concerns
about the outlook for monetary stimulus from the Federal Reserve also weighed on
stocks along with the disappointing reports on weekly jobless claims and
Philadelphia manufacturing activity. According to the Labor Department report,
initial jobless claims climbed to 362,000 in the week ended February 16th vs
expectations of 359,000. Separately, the Philadelphia Federal Reserve report stated
that the regional manufacturing activity fell to a negative 12.5 in February from a
negative 5.8 in January. However, the National Association of Realtors released a
report showing that existing home sales saw a modest rebound (up 0.4%) in
January 2013.
Back home in India, markets suffered their biggest losses in seven months on
Thursday amid a global sell-off, after minutes from the latest Federal Reserve
policy meeting stoked concerns the central bank may scale back its bond-buying
program sooner rather than later. Going ahead, market participants would keep
an eye on the proceedings in the Budget session.
Markets Today
The trend deciding level for the day is 19,390 / 5,873 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,490 19,655 / 5,901 5,949 levels. However, if NIFTY trades below
19,390 / 5,873 levels for the first half-an-hour of trade then it may correct up to
19,225 19,125 / 5,824 5,796 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
19,125
19,225
19,390
19,490
19,655
NIFTY
5,796
5,824
5,873
5,901
5,949
Net Inflows (February 20, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,161
2,706
455
20,838
43,068
245
202
43
(1,216)
(5,929)
FII Derivatives (February 21, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,951
2,436
(486)
10,898
Stock Futures
2,545
2,462
83
30,320
Price (`)
chg (%)
Company
Videocon Inds
202
5.3
CRISIL
987
Godrej Cons
Britannia Inds
Gainers / Losers
Gainers
Company
Hexaware Tech
www.angelbroking.com
(Close)
(1.6) (317.4) 19,325

(1.5)
(90.8)
5,852
MID CAP
(1.6) (110.4)
6,607
SMALL CAP
(1.7) (116.1)
6,558
BSE HC
(0.5)
(38.1)
7,958
BSE PSU
(1.7) (126.6)
7,249
BANKEX
(2.5) (356.9) 13,832
AUTO
(1.5) (163.8) 10,761
METAL
(3.2) (320.6)
9,612
OIL & GAS
(1.8) (162.6)
9,007
BSE IT
(0.6)
(41.2)
6,550
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(0.3)
(46.9) 13,881
NASDAQ
(1.0)
(32.9)
3,131
FTSE
(1.6) (103.8)
6,292
Nikkei
(1.4) (159.2) 11,309
Hang Seng
(1.7) (400.7) 22,907
Straits Times
(0.6)
(21.3)
3,288
Shanghai Com
(3.0)
(71.2)
2,326
Chg (%)
(Pts)
(Close)
INFY
(1.4)
(0.7)
$51.2
WIT
(1.8)
(0.2)
$9.1
IBN
(1.7)
(0.7)
$41.7
HDB
(2.6)
(1.0)
$39.0
Indian ADR
Advances / Declines
BSE
NSE
Advances
904
316
1,929
1,202
128
51
Volumes (` cr)
Refer detailed news analysis on the following page
MFs
(Pts)
Nifty
Unchanged
Markets impacted by unfavorable global cues

GSM subscribers addition in January 2013 stood at 0.4mn
4QCY2012 Result Review: ABB, Gujarat Gas
Chg (%)
BSE Sensex
Declines
News Analysis
Domestic Indices
Losers
Price (`)
chg (%)
Shriram Transport
699
(7.7)
2.0
Sun TV Network
411
(7.2)
758
1.2
United Breweries
647
(5.9)
504
1.1
Pantaloon Retail
212
(5.2)
88
1.1
JSW Steel
769
(5.0)
BSE
1,958
NSE
13,295
Market Outlook
February 22, 2013
Markets impacted by unfavorable global cues

Markets were jittery yesterday on unfavorable global cues. The Sensex posted a
1.6% fall and closed 317 points lower at 19325 mirroring the fall in global equity
indices. This can be mainly attributed to the minutes of the Federal Open Market
Committee (FOMC) meet on January 29 30, 2013 released yesterday which
indicated that some officials expressed concern over the Feds asset purchase
program (even as most participants agreed that financial conditions had eased
and helped to stimulate economic activity).
Excerpts for the minutes: However, many participants also expressed some
concerns about potential costs and risks arising from further asset purchases.
Several participants discussed the possible complications that additional purchases
could cause for the eventual withdrawal of policy accommodation, a few
mentioned the prospect of inflationary risks, and some noted that further asset
purchases could foster market behavior that could undermine financial stability.
Following this, they indicated that the Committee should be prepared to vary the
pace of asset purchases through evaluation of changes in the economic outlook
and costs of the asset purchases. In the end though the Fed voted 11-1 in January
to keep its bond-buying program open-ended and at the same size and reiterated
its stance on the monetary policy.
In its December policy along with an open-ended asset purchase program, the Fed
had committed to keep interest rates at near-zero levels at least until
unemployment remains above 6% -6.5%. It also decided to keep the target range
for the federal funds rate at 0% to 0.25% at least through mid-2015. It maintained
the banks holdings of longer-term securities at USD 85 billion each month thereby
putting downward pressure on longer-term interest rates, supporting mortgage
markets, and easing broader financial conditions.
GSM subscribers addition in January 2013 stood at 0.4mn

After falling drastically for two straight months, the subscriber base for the GSM
industry grew marginally in January by 0.4mn. The subscribers added by the top
three incumbents Bharti Airtel, Idea and Vodafone were almost cancelled out by
subscribers lost by Aircel, Uninor and others. The subscriber base of the GSM
industry stood at 657.6mn. Idea added the highest number of subscribers in
January at 2.5mn. Idea was followed by Bharti Airtel which added 2.3mn
subscribers while Vodafone added a marginal 0.2mn subscribers. The addition of
subscribers by incumbents post adherence to stricter KYC norms by TRAI is a
positive sign as majority of the subscribers added are expected to be active. We
continue to remain Neutral on the overall telecom sector.
4QCY2012 Result Review

ABB (CMP: `615/ TP: `573/ Downside: 7 %)
For 4QCY2012, ABB Indias (ABB) top-line and bottom-line performance was
below our expectations. Top-line declined by 5.3% yoy to `2,082cr, mainly on
account of an 18% yoy decline in revenues from the power system segment to
`599cr.
Market Outlook
February 22, 2013
ABB's operating margins continue to remain under pressure, coming in at 3.2%,

due to lower margins in power systems and the process automation segment.
Cost over-runs due to project delays and delay in payment of receipts have
resulted in margin erosion. Consequently, ABB's bottom-line sharply declined yoy
to `17cr (against `64cr in 4QCY2011). On account of high valuation and
declining order book, we recommend Reduce on the stock with a target price of
`573.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
7,790
4.5
184
8.7
7.1
70.2
4.9
33.8
1.6
CY2013E
9,653
7.8
467 22.1
16.5
27.6
4.3
16.4
1.3
Gujarat Gas (CMP: `290 / TP: - / Upside: -)

Gujarat Gas reported its 4QCY2012 results. The companys top line increased
17.9% yoy to `756cr mainly on account of higher realization partially offset by
lower volumes. Natural gas volume sold declined by 14.4% yoy to 270mmscm
during the quarter. The decline was mainly in the industrial PNG segment. The
companys cost of goods sold increased by only 5.7% yoy to `603cr. Hence,
EBITDA grew by 385.7% yoy to `108cr aided by lower other expenses and muted
staff costs. Other income declined by 47.0% yoy to `10cr. Consequently
companys net profit grew by 187.5% yoy to `69cr. The company stated that it has
received the sanction of the PNGRB to lay city gas distribution pipelines in Surat,
Bharuch and Ankleshwar. We maintain our Neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
3,177
13.2
292 22.8
33.2
12.7
3.8
7.5
2.5
CY2013E
3,765
11.7
302 23.5
29.2
12.3
3.4
6.9
2.1
Economic and Political News
Banks require `2.7lakh cr capital for Basel-3: Crisil

DoT announces third round of 2G GSM auction
Government committed to enact Food Bill: President
Healthcare providers to spend `5,700cr on IT in 2013: Gartner
India's wheat exports may rise by 23%
Pharma exports expected to touch `75,000cr in 2012-13
Corporate News
Exide gets CCI nod for stake buy in ING Vysya Life Insurance
New energy norms to hike AC prices by 10%
Pennar Industries bags `50cr contract for pre-engineered buildings
SAT adjourns RIL-Sebi case hearing till March 14
TPG sells 10% stake in Shriram Transport Finance
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
February 22, 2013
Result Calendar
Date
Company
February 22, 2013

February 23, 2013
February 24, 2013
February 25, 2013
Styrolution
February 26, 2013
Ranbaxy
February 27, 2013
Bosch India, Goodyear
February 28, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 22, 2013
12:30PM
Germany GDP nsa (YoY)
February 26, 2013
8:30PM
US
Consumer Confidence
% Change
4Q F
0.10
0.10
S.A./ 1985=100
Feb
58.60
61.20
8:30PM
US
New home sales
Thousands
Jan
369.00
385.00
3:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
Value
Feb F
(23.60)
--
% Change
4Q P
--
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
2:25PM
Germany Unemployment change (000's)
Thousands
Jan
2.20
--
Feb
(16.00)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
(0.10)
0.60
11:00AM
India
Qtrly GDP YoY%
% Change
3:00PM
UK
PMI Manufacturing
Value
4Q
5.30
4.90
Feb
50.80
--
6:30AM
China
PMI Manufacturing
Value
Feb
50.40
--
March 6, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
March 7, 2013
5:30PM
UK
% Change
4Q P
(0.60)
--
% Ratio
Mar 7
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
5:29PM
China
Exports YoY%
Mar 7
0.75
--
% Change
Feb
25.00
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
157.00
--
7:00PM
US
Unnemployment rate
7:00AM
China
Consumer Price Index (YoY)
Feb
7.90
--
% Change
Feb
2.00
--
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
--
4:29PM
India
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
Exports YoY%
% Change
Feb
0.80
--
March 12, 2013
3:00PM
March 14, 2013
6:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
US
Producer Price Index (mom)
% Change
Feb
0.20
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
March 15, 2013
6:45PM
US
Industrial Production
Feb
(0.10)
--
March 19, 2013
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
6:00PM
US
Building permits
Thousands
Feb
925.00
--
February 27, 2013

February 28, 2013
March 1, 2013
March 8, 2013
March 9, 2013
March 11, 2013
March 20, 2013

April 15, 2013
GDP (YoY)
BOE Announces rates
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
3:00PM
UK
Jobless claims change
% Change
Feb
(12.50)
--
10:00PM
US
FOMC rate decision
Mar 20
0.25
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
7.90
--
Market Outlook
February 22, 2013
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
6.7
5.7
6.1
4.3
4.0
5.3 5.5 5.3
3.5
2.0
2.5
2.0
1.0
(4.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
Jun-12
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
May-12
Apr-12
Mar-12
Feb-12
(2.0)
Jan-12
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Source: MOSPI, Angel Research
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.3
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
30.0
Reverse Repo rate
CRR
8.00
8.00
7.00
15.0
7.00
6.00
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.00
Dec-11
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
February 22, 2013
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
122
2,373
1,466
1,686
14.8
14.8
7.0
8.1
17.4
15.1
3.7
3.2
22.6
22.5
1.7
1.5
United Phosphorus
Buy
123
170
5,424
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.2
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
284
323
4,856
2,983
3,477
16.1
16.1
18.5
21.6
15.4
13.2
4.4
3.4
32.9
29.1
1.6
1.4
Apollo Tyres
Accumulate
87
97
4,380
13,066
14,503
11.5
11.8
13.0
14.5
6.7
6.0
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,080
12,910
14,836
8.8
9.6
1.5
2.2
15.4
10.3
2.0
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
341
515
934
1,103
10.2
10.7
24.5
34.3
13.9
9.9
1.8
1.6
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
1,986
57,480
20,775
23,889
18.5
19.0
107.6
126.4
18.5
15.7
7.6
6.0
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
223
242
5,180
5,973
6,707
14.4
15.2
13.4
18.6
16.7
12.0
2.2
1.9
13.6
16.9
1.0
0.9
Bosch India*
Accumulate
9,025
9,570
28,338
9,973
11,320
17.8
18.0
396.2
455.7
22.8
19.8
4.3
3.6
18.8
18.2
2.5
2.1
CEAT
Buy
98
163
335
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
130
11,008
6,016
7,026
12.7
14.4
5.8
7.8
22.2
16.5
3.3
2.8
15.4
18.2
1.6
1.3
FAG Bearings*
Accumulate
1,459
1,569
2,424
1,619
1,879
16.0
16.6
108.6
130.7
13.4
11.2
2.3
2.0
18.8
19.1
1.3
1.0
Hero Motocorp
Accumulate
1,687
1,923
33,687
23,990
27,038
13.8
14.6
105.8
120.2
15.9
14.0
6.4
5.2
44.3
41.0
1.1
1.0
JK Tyre
Buy
111
165
456
7,169
7,929
6.9
7.1
40.4
41.3
2.8
2.7
0.5
0.5
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
887
1,019
54,429
40,060
46,301
11.5
11.7
55.3
64.3
16.0
13.8
3.6
3.0
24.5
23.8
1.1
1.0
Maruti
Neutral
1,483
42,845
43,381
52,411
7.5
8.9
65.6
97.7
22.6
15.2
2.6
2.2
11.8
15.6
0.8
0.7
Motherson Sumi
Neutral
198
11,660
25,769
29,010
7.1
7.5
10.2
13.1
19.5
15.2
4.9
3.8
28.1
28.3
0.6
0.5
Subros
Buy
27
35
160
1,296
1,476
9.8
9.9
3.4
5.0
7.9
5.3
0.6
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
298
326
79,357 184,201 209,642
12.4
13.5
28.0
36.3
10.6
8.2
2.3
1.9
24.6
25.4
0.5
0.4
TVS Motor
Accumulate
41
47
1,967
7,019
7,827
6.0
6.3
4.3
5.3
9.7
7.9
1.5
1.3
16.4
18.0
0.2
0.2
Capital Goods
ABB*
Reduce
594
573
12,593
7,790
9,653
4.5
7.8
8.7
22.1
68.3
26.9
4.7
4.2
7.1
16.5
1.6
1.3
BGR Energy
Neutral
218
1,572
3,412
4,104
13.0
11.6
24.6
26.2
8.9
8.3
1.3
1.2
30.7
25.7
0.8
0.8
BHEL
Neutral
207
50,665
47,801
43,757
18.0
17.1
24.1
20.8
8.6
10.0
2.5
2.2
32.9
23.6
1.0
1.1
Blue Star
Buy
171
238
1,538
2,748
2,896
4.4
5.6
6.8
9.3
25.2
18.4
3.5
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
96
129
6,152
12,136
13,790
3.8
6.3
3.3
6.9
29.0
14.0
1.7
1.5
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
36
49
299
2,802
3,074
9.5
9.8
7.7
10.9
4.8
3.3
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
55
75
1,406
6,909
7,723
6.2
7.2
5.4
8.4
10.2
6.5
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Reduce
2,065
1,992
2,326
2,369
2,727
11.7
11.7
143.4
166.0
14.4
12.4
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
571
6,800
5,529
5,798
9.0
9.6
27.1
30.3
21.0
18.9
3.7
3.2
18.6
18.2
1.1
1.0
Market Outlook
February 22, 2013
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
1,298
24,368
11,358
12,366
19.9
19.6
75.1
74.9
17.3
17.3
3.3
3.0
19.4
18.1
1.9
1.7
Ambuja Cements
Neutral
197
30,420
9,730
11,221
25.6
25.0
10.2
11.3
19.3
17.4
3.5
3.2
18.7
19.0
2.7
2.3
India Cements
Neutral
84
2,576
4,439
4,789
16.7
17.2
6.8
9.1
12.4
9.2
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cements
Accumulate
130
143
1,591
2,119
2,478
22.9
22.3
20.3
22.8
6.4
5.7
1.1
0.9
18.0
17.7
0.9
1.1
Madras Cements
Neutral
249
5,929
3,960
4,270
27.4
27.0
18.6
21.1
13.4
11.8
2.4
2.1
19.7
18.9
2.2
1.9
Shree Cements^
Neutral
4,395
15,310
5,678
6,251
29.0
28.6
288.1
334.0
15.3
13.2
4.3
3.3
31.7
28.4
2.2
1.8
UltraTech Cement
Neutral
1,940
53,189
20,466
23,017
23.3
24.3
100.0
117.1
19.4
16.6
3.5
3.0
19.6
19.5
2.6
2.4
205
268
1,079
20,466
23,017
22.5
22.5
24.4
27.0
8.4
7.6
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
12
224
2,262
2,522
5.9
6.3
0.9
1.6
13.2
7.8
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
119
164
3,963
3,843
4,212
43.1
43.6
16.8
17.8
7.1
6.7
1.2
1.1
18.3
17.0
3.2
3.4
ITNL
Accumulate
197
225
3,823
6,564
7,054
27.2
27.4
26.3
29.0
7.5
6.8
1.2
1.0
17.0
16.3
2.7
2.8
IVRCL Infra
Accumulate
30
35
911
3,773
6,706
6.9
8.4
(3.9)
2.9
(7.6)
10.3
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
72
97
15,966
14,243
16,382
26.2
26.1
3.2
4.3
22.4
16.6
1.2
1.1
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,428
1,788
87,902
60,666
69,525
10.6
11.2
71.9
85.0
19.9
16.8
3.1
2.7
14.5
15.2
1.7
1.5
Nagarjuna Const.
Neutral
41
1,052
5,863
6,576
8.1
8.2
3.1
4.1
13.3
10.0
0.4
0.4
3.2
4.2
0.6
0.6
Punj Lloyd
Neutral
47
1,561
11,892
13,116
10.2
10.2
(0.4)
3.0
(110.3)
15.9
0.5
0.5
3.8
0.6
0.5
Sadbhav Engg.
Buy
111
157
1,676
1,642
2,642
9.7
10.1
3.2
7.2
34.6
15.4
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
169
197
834
6,026
7,135
9.1
9.3
14.1
24.6
12.0
6.9
0.7
0.6
5.6
9.2
0.5
0.5
Unity Infra
Buy
35
59
257
2,180
2,455
13.7
13.4
13.3
15.0
2.6
2.3
0.3
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
146
183
7,300
6,509
7,264
2.7
2.8
28.2
33.5
5.2
4.4
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
101
5,643
4,795
5,475
3.0
3.0
21.8
21.9
4.6
4.6
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,409
1,753
65,785
15,959
18,660
3.2
3.2
119.2
139.0
11.8
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
749
935
30,795
14,889
17,393
2.5
2.6
108.2
134.0
6.9
5.6
1.0
0.9
15.3
16.7
Bank of India
Accumulate
340
380
19,497
12,793
14,823
2.3
2.4
49.5
65.1
6.9
5.2
1.0
0.9
13.6
16.0
Bank of Maharashtra
Neutral
55
3,252
3,720
4,268
2.9
2.8
10.9
13.0
5.1
4.3
0.8
0.7
16.2
16.9
Canara Bank
Accumulate
439
517
19,439
10,783
12,000
2.1
2.3
64.8
82.2
6.8
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
76
5,572
7,158
8,217
2.4
2.6
13.1
20.1
5.8
3.8
0.9
0.7
10.3
14.3
Corporation Bank
Buy
406
517
6,020
4,919
5,634
2.1
2.2
96.7
99.9
4.2
4.1
0.7
0.6
16.3
14.9
Dena Bank
Buy
100
124
3,501
3,090
3,462
2.7
2.7
25.6
24.6
3.9
4.1
0.7
0.6
19.2
15.9
Financials
Market Outlook
February 22, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
495
557
8,463
2,667
2,920
3.2
3.2
49.1
51.4
10.1
9.6
1.3
1.2
13.9
13.1
HDFC
Neutral
815
125,703
7,446
8,923
3.5
3.5
32.2
38.5
25.3
21.2
5.2
4.6
35.4
32.6
HDFC Bank
Neutral
671
159,132
21,724
26,578
4.3
4.3
28.7
36.1
23.4
18.6
4.5
3.8
20.7
22.1
ICICI Bank
Buy
1,085
1,404
124,725
22,317
26,217
2.9
3.0
72.0
84.6
15.1
12.8
1.9
1.7
14.9
15.9
IDBI Bank
Buy
97
122
12,401
8,196
9,305
1.9
2.1
15.4
22.3
6.3
4.4
0.7
0.6
10.7
14.1
Indian Bank
Buy
184
221
7,893
5,716
6,362
3.2
3.2
37.7
41.1
4.9
4.5
0.8
0.7
16.9
16.2
IOB
Accumulate
75
88
5,981
7,231
8,369
2.4
2.5
10.2
20.2
7.3
3.7
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,313
1,406
6,366
2,784
2,932
3.7
3.7
229.2
199.6
5.7
6.6
1.3
1.1
24.6
18.2
LIC Housing Finance
Buy
243
328
12,278
1,799
2,255
2.3
2.4
20.3
27.3
12.0
8.9
1.9
1.6
16.9
19.7
Oriental Bank
Accumulate
293
336
8,553
6,360
7,004
2.6
2.8
48.1
59.4
6.1
4.9
0.7
0.7
12.1
13.5
Punjab Natl.Bank
Buy
848
1,053
28,762
19,202
22,040
3.2
3.4
146.8
167.9
5.8
5.1
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
34
3,366
1,583
1,789
3.0
2.9
3.5
4.1
7.2
6.2
1.2
1.1
19.1
17.7
St Bk of India
Buy
2,204
2,600
147,895
60,677
69,712
3.3
3.3
224.3
257.3
9.8
8.6
1.7
1.4
17.6
17.7
Syndicate Bank
Buy
128
153
7,705
6,673
7,644
2.9
3.0
32.0
27.9
4.0
4.6
0.8
0.7
22.0
16.5
UCO Bank
Neutral
65
4,327
5,388
6,262
2.4
2.6
9.0
14.9
7.2
4.4
0.9
0.8
9.1
13.8
Union Bank
Buy
228
286
12,531
10,006
11,558
2.8
2.8
36.4
47.0
6.3
4.8
0.9
0.8
14.6
16.6
United Bank
Buy
67
83
2,426
3,566
3,832
2.5
2.7
13.3
21.8
5.1
3.1
0.6
0.5
11.1
16.3
Vijaya Bank
Neutral
54
2,668
2,342
2,763
1.9
2.1
8.0
10.9
6.7
4.9
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
489
576
17,510
3,364
4,260
2.8
3.0
36.3
42.6
13.5
11.5
3.0
2.5
24.6
23.6
4,490
43,068
11,198
13,319
15.9
15.7
122.1
147.1
36.8
30.5
12.4
9.7
37.7
35.7
3.8
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
503
564
6,014
5,580
6,417
4.8
5.0
18.1
21.7
27.8
23.2
10.1
8.1
38.7
38.7
1.0
0.8
Colgate
Neutral
1,333
18,128
3,120
3,588
20.3
21.1
38.4
45.1
34.8
29.6
32.3
25.9
104.6
97.0
5.7
4.9
Dabur India
Neutral
131
22,789
6,196
7,183
16.3
16.8
4.5
5.5
29.0
23.9
12.0
9.3
43.4
44.0
3.7
3.2
GlaxoSmith Con*
Neutral
3,840
16,149
3,084
3,617
15.3
15.5
101.2
118.3
37.9
32.5
11.6
9.4
33.5
31.9
4.9
4.1
Godrej Consumer
Neutral
750
25,528
6,386
7,743
15.7
17.0
20.8
27.1
36.0
27.7
7.7
6.3
23.7
26.4
4.2
3.4
HUL
Neutral
464
100,404
25,350
28,974
13.3
13.5
15.1
17.0
30.8
27.4
24.5
17.4
85.7
74.3
3.9
3.4
ITC
Neutral
297
233,862
29,148
34,191
35.7
36.1
9.4
11.1
31.6
26.7
10.5
8.7
35.9
35.7
7.8
6.6
Marico
Neutral
221
14,267
4,747
5,402
13.6
13.6
6.3
7.8
34.9
28.3
7.1
5.8
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,595
44,303
8,487
10,081
21.2
22.1
113.0
142.5
40.7
32.3
24.4
16.8
70.5
61.6
5.3
4.3
Market Outlook
February 22, 2013
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
Neutral
138
8,552
7,272
7,998
9.1
9.5
6.9
8.1
20.2
17.0
2.1
2.0
8.9
9.8
1.2
1.0
HCL Tech^
Accumulate
723
765
50,202
25,325
28,476
21.7
20.7
51.0
52.8
14.2
13.7
3.7
3.1
26.8
22.9
1.9
1.6
Hexaware*
Buy
88
113
2,616
1,948
2,136
20.9
18.3
10.9
10.1
8.1
8.8
2.1
1.8
27.2
21.2
1.1
0.9
Infosys
Neutral
2,800
160,786
40,746
44,283
28.9
28.8
162.6
172.9
17.2
16.2
4.1
3.5
23.5
21.3
3.4
3.0
Infotech Enterprises
Accumulate
167
184
1,864
1,881
1,987
17.9
17.4
18.5
19.4
9.0
8.6
1.3
1.2
14.8
13.6
0.6
0.5
KPIT Cummins
Buy
109
140
2,097
2,234
2,477
15.8
15.2
10.9
12.8
10.0
8.5
2.1
1.7
22.2
20.6
0.9
0.8
Mahindra Satyam
Neutral
119
13,989
7,711
8,683
21.6
20.3
8.7
11.3
13.7
10.5
3.2
2.5
30.6
23.7
1.4
1.2
Mindtree
Neutral
851
3,520
2,357
2,580
21.0
19.3
84.4
86.8
10.1
9.8
2.7
2.1
26.8
21.7
1.2
1.0
Mphasis&
Accumulate
369
396
7,744
5,531
5,874
17.6
17.5
35.4
37.7
10.4
9.8
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
25
36
413
1,048
1,161
9.1
10.9
4.1
6.2
6.1
4.1
0.6
0.6
10.3
14.1
0.2
0.1
Persistent
Neutral
541
2,162
1,297
1,433
25.6
24.1
46.5
54.0
11.6
10.0
2.2
1.8
18.5
18.0
1.4
1.1
TCS
Neutral
1,449
283,513
62,954
70,871
29.0
28.9
71.6
79.1
20.2
18.3
6.7
5.4
33.2
29.7
4.3
3.8
Tech Mahindra
Accumulate
1,046
1,105
13,380
6,789
7,609
21.0
19.6
95.8
110.7
10.9
9.5
2.6
2.1
24.3
22.3
2.0
1.7
Wipro
Neutral
410
100,996
43,514
47,304
20.1
19.4
26.6
27.7
15.4
14.8
3.0
2.6
19.7
17.9
2.0
1.7
D B Corp
Buy
237
276
4,347
1,583
1,787
23.9
25.4
11.9
14.5
20.0
16.3
4.0
3.4
21.4
22.4
2.6
2.3
HT Media
Accumulate
103
113
2,421
2,061
2,205
14.0
15.1
6.6
7.9
15.5
13.1
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
102
125
3,213
1,511
1,698
23.2
23.4
6.4
7.3
15.8
13.9
3.9
3.5
25.9
26.6
2.4
2.0
PVR
Neutral
281
813
820
1,307
17.3
17.3
11.2
17.8
25.2
15.8
1.1
1.1
9.7
10.8
1.0
0.7
Sun TV Network
Neutral
414
16,327
1,942
2,237
77.2
75.5
17.6
19.1
23.5
21.7
5.7
5.1
25.8
25.2
8.5
7.3
Bhushan Steel
Neutral
460
10,421
10,746
13,982
30.8
31.1
43.3
55.5
10.6
8.3
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
339
368
213,809
66,666
70,292
25.7
27.3
24.2
26.6
14.0
12.7
4.1
3.3
33.1
29.1
2.3
2.0
Electrosteel Castings
Buy
21
28
720
1,984
2,074
10.6
11.6
1.8
2.6
11.8
8.0
0.4
0.2
3.6
5.1
0.6
0.5
Hind. Zinc
Buy
120
149
50,746
12,002
13,759
49.7
50.8
14.7
16.4
8.2
7.4
1.6
1.3
21.1
19.8
2.4
1.7
Hindalco
Neutral
108
20,678
80,205
88,987
9.0
9.2
13.4
13.8
8.1
7.8
0.6
0.6
7.9
7.6
0.7
0.6
JSW Steel
Neutral
774
17,268
39,072
40,493
16.5
18.2
82.4
90.3
9.4
8.6
1.0
0.9
10.7
10.7
0.9
0.9
MOIL
Neutral
249
4,183
933
954
46.9
45.5
25.8
26.1
9.6
9.5
1.5
1.4
16.7
15.1
2.1
1.9
Monnet Ispat
Buy
260
318
1,657
2,287
2,883
21.8
21.8
35.3
40.7
7.4
6.4
0.7
0.6
9.6
10.2
1.9
1.4
Nalco
Neutral
46
11,804
6,630
8,357
11.4
14.5
2.1
3.3
21.5
14.1
1.0
1.0
4.6
6.9
1.1
1.0
NMDC
Buy
148
198
58,480
11,209
12,525
78.4
78.3
18.5
20.6
8.0
7.2
2.0
1.6
27.0
24.6
3.4
2.8
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 22, 2013
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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
118
148
424
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
41
52
550
Accumulate
101
112
Cairn India
Buy
305
GAIL
Neutral
338
ONGC
Accumulate
323
Reliance Industries
Neutral
856
Gujarat Gas*
Neutral
292
3,746
3,128
Indraprastha Gas
Neutral
263
3,686
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
149
179
70
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
2,300
Cadila Healthcare
Accumulate
772
Cipla
Accumulate
381
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
77
31,619
43,438
56,199
12.0
12.2
6.5
8.5
11.7
9.0
0.8
0.7
6.6
8.2
1.0
0.8
164
183
14,258
2,412
3,911
30.8
33.1
29.6
31.8
5.5
5.2
0.9
0.8
16.3
15.4
7.6
4.7
98
110
33,086
43,185
45,442
23.3
23.7
16.8
17.9
5.9
5.5
0.7
0.6
11.6
11.2
0.8
0.7
366
463
35,508 145,725 154,108
8.3
9.5
22.0
44.5
16.6
8.2
0.8
0.7
4.9
9.3
0.5
0.5
1,494
19.0
19.1
29.2
31.7
4.1
3.7
0.5
0.4
12.3
12.0
0.7
0.6
2,512
2,816
12.4
13.7
10.0
12.6
4.1
3.3
0.3
0.2
7.2
8.4
0.5
0.4
321
2,367
2,425
14.2
13.7
33.3
33.5
3.0
3.0
0.4
0.3
12.9
11.2
0.6
0.5
383
58,279
17,394
17,034
76.4
72.3
60.8
55.1
5.0
5.5
1.0
0.9
21.9
17.0
2.5
2.2
42,913
48,077
55,815
15.3
15.3
34.9
35.9
9.7
9.4
1.7
1.5
19.0
17.0
0.6
0.5
357
276,000 144,089 158,065
32.8
34.7
28.7
34.4
11.3
9.4
1.8
1.6
17.0
18.3
1.7
1.5
276,438 362,700 380,031
8.9
8.9
68.1
71.5
12.6
12.0
1.4
1.2
12.4
11.8
0.8
0.7
3,707
13.2
11.7
22.8
23.5
12.8
12.4
3.9
3.4
33.2
29.2
1.1
0.9
3,365
3,700
22.8
23.4
25.3
26.6
10.4
9.9
2.5
2.1
26.0
22.6
1.2
1.1
11,171
32,210
41,362
6.1
5.8
15.4
15.6
9.7
9.6
2.5
2.1
29.1
24.1
0.4
0.3
3,956
1,079
983
91.8
91.9
8.8
7.8
8.0
9.0
1.3
1.2
17.8
14.1
3.4
3.7
77
95
1,452
1,490
1,714
16.2
17.1
7.4
9.5
10.4
8.1
2.8
2.2
30.7
30.2
1.1
0.9
180
208
5,229
5,463
6,279
15.0
15.0
12.4
14.0
14.5
12.8
1.9
1.6
18.8
17.8
1.6
1.4
5,297
1,482
1,682
17.5
16.6
82.9
87.8
27.7
26.2
4.3
3.5
16.3
14.8
3.4
2.9
817
15,802
6,148
7,386
15.3
18.0
24.6
39.5
31.4
19.5
5.9
4.7
18.4
25.1
3.0
2.4
419
30,591
8,151
9,130
25.8
24.8
20.2
21.6
18.9
17.6
3.4
2.9
19.4
17.6
3.5
3.1
1,816
30,837
10,696
11,662
20.7
21.0
83.7
92.9
21.7
19.6
4.5
3.7
22.4
20.8
3.2
2.8
82
155
660
1,280
1,536
20.2
20.2
12.1
15.5
6.8
5.3
0.7
0.6
10.0
11.6
1.2
1.0
2,097
17,762
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
Buy
65
78
594
642
784
14.2
15.2
5.7
7.8
11.3
8.3
1.4
1.2
12.9
16.4
1.1
1.0
Ipca labs
Buy
468
559
5,908
2,850
3,474
21.0
21.0
29.9
37.3
15.7
12.6
3.8
3.0
26.7
26.4
2.3
1.9
Lupin
Accumulate
593
655
26,554
8,426
10,082
19.7
20.0
26.1
31.1
22.7
19.1
5.3
4.2
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
415
17,542
12,046
11,980
16.0
15.8
37.3
32.1
11.1
12.9
4.3
3.5
45.3
29.7
1.5
1.4
Sun Pharma
Neutral
796
82,295
10,111
12,563
42.6
42.6
28.9
29.8
27.5
26.7
5.6
4.7
22.3
19.2
7.5
5.9
74
78
1,119
1,502
1,535
32.1
31.9
11.4
12.5
6.5
5.9
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
February 22, 2013
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
Accumulate
152
163
125,125
72,809
81,951
23.4
24.1
12.2
13.6
12.4
11.2
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
271
46,093
7,953
9,699
34.7
37.0
4.4
6.0
62.1
45.5
1.8
1.7
3.1
3.8
8.1
6.3
HDIL
Neutral
68
2,858
2,441
3,344
55.1
48.2
22.7
26.6
3.0
2.6
0.3
0.2
8.8
9.4
3.0
2.3
MLIFE
Accumulate
409
446
1,669
786
888
26.3
26.7
31.0
36.3
13.2
11.3
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
302
350
114,666
80,521
87,160
30.5
30.5
6.4
10.4
47.2
29.0
2.2
2.0
4.6
7.0
2.3
2.0
Idea Cellular
Neutral
109
36,093
22,087
23,927
26.6
27.7
2.9
3.9
37.3
27.9
2.6
2.4
6.9
8.4
2.2
2.0
Rcom
Neutral
70
14,397
21,087
22,067
31.8
31.9
2.6
4.0
26.6
17.4
0.4
0.4
1.5
2.2
2.4
2.2
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Accumulate
1,395
1,590
2,964
1,629
1,886
11.8
13.3
60.8
79.5
23.0
17.5
4.7
3.9
22.0
24.4
1.6
1.3
Bajaj Electricals
Buy
183
217
1,822
3,450
3,929
4.5
7.4
10.0
15.5
18.3
11.8
2.4
2.1
13.0
17.4
0.5
0.5
Cera Sanitaryware
Buy
415
495
525
460
596
16.4
16.2
34.7
45.0
12.0
9.2
2.9
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
350
545
90
272
308
7.2
7.3
37.5
45.4
9.3
7.7
2.2
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
984
6,911
982
1,136
34.3
34.3
34.3
40.0
28.7
24.6
13.0
10.4
50.9
46.9
6.5
5.5
Finolex Cables
Accumulate
53
61
806
2,304
2,552
9.9
9.1
8.2
10.1
6.5
5.2
0.9
0.8
13.7
14.7
0.3
0.3
Force Motors
Buy
416
550
542
2,027
2,299
4.6
5.1
35.3
50.0
11.8
8.3
0.5
0.4
3.9
5.3
0.1
0.1
Goodyear India
Buy
288
360
664
1,494
1,607
6.4
7.8
23.9
33.0
12.0
8.7
1.9
1.6
16.5
20.1
0.2
0.2
Greenply Industries
Sell
393
309
947
1,925
2,235
10.6
10.9
29.6
44.1
13.3
8.9
2.2
1.8
16.8
21.0
0.8
0.7
Hitachi
Neutral
133
306
905
1,025
4.8
6.0
7.7
12.4
17.3
10.8
1.7
1.5
9.9
14.4
0.4
0.4
2,623
2,842
2,320
2,117
2,491
8.1
7.8
140.5
157.9
18.7
16.6
2.8
2.5
16.3
15.8
1.0
0.8
1,064
1,059
1,116
8.5
9.5
36.0
42.0
16.8
14.4
2.5
2.1
15.4
16.0
1.0
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Buy
605
744
ITD Cementation
Buy
215
334
248
1,455
1,630
12.4
12.6
29.8
40.5
7.2
5.3
0.6
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Accumulate
154
167
2,479
816
979
14.5
14.9
5.2
6.0
29.8
25.6
3.4
3.2
8.8
10.2
3.2
2.6
MCX
Buy
1,186
1,440
6,046
553
624
65.3
66.3
62.5
72.0
19.0
16.5
5.2
4.5
27.5
27.4
8.2
6.8
MRF
Accumulate
12,320
13,416
5,225
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.7
7.4
1.5
1.3
19.1
18.7
0.5
0.5
Page Industries
Neutral
3,315
3,698
856
1,047
19.1
19.6
101.2
127.3
32.8
26.0
16.8
12.4
58.5
54.9
4.5
3.6
Relaxo Footwears
Buy
665
887
798
989
1,148
10.7
11.7
41.8
55.5
15.9
12.0
3.6
2.8
25.5
26.3
1.0
0.9
Sintex Industries
Buy
58
79
1,810
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.7
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
281
332
263
1,048
1,157
11.3
12.0
58.7
66.5
4.8
4.2
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
302
6,765
7,393
18.1
18.0
6.4
7.5
1.6
1.4
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Accumulate
38
43
1,850
5,720
6,599
5.3
6.8
3.6
5.4
10.6
7.1
15.3
4.9
0.5
0.4
Market Outlook
February 22, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
TAJ GVK
Buy
66
108
414
300
319
35.8
36.2
7.9
9.1
8.4
7.3
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
309
379
476
782
818
16.5
17.0
61.8
65.4
5.0
4.7
0.7
0.7
15.7
14.7
0.3
0.2
TTK Healthcare
Buy
463
643
359
374
425
7.9
9.5
24.1
32.7
19.2
14.1
19.7
22.5
0.8
0.7
TVS Srichakra
Buy
222
276
170
1,461
1,591
5.6
7.1
6.9
39.4
32.1
5.6
1.3
1.1
3.8
20.6
0.3
0.3
United Spirits
Neutral
1,822
23,831
10,473
11,939
15.0
15.8
30.4
56.9
59.9
32.0
4.6
2.9
10.8
12.3
3.0
2.3
Vesuvius India
Neutral
330
670
560
611
16.1
17.0
24.7
28.8
13.4
11.5
2.0
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 February 21, 2013
Market Outlook
February 22, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

February 22, 2013

Net Inflows (February 20, 2013)

FII Derivatives (February 21, 2013)

(1.6) (317.4) 19,325

(2.5) (356.9) 13,832

(1.5) (163.8) 10,761

OIL & GAS

(1.4) (159.2) 11,309

(1.7) (400.7) 22,907

Refer detailed news analysis on the following page

Markets impacted by unfavorable global cues

Markets impacted by unfavorable global cues

GSM subscribers addition in January 2013 stood at 0.4mn

4QCY2012 Result Review

ABB's operating margins continue to remain under pressure, coming in at 3.2%,

Gujarat Gas (CMP: `290 / TP: - / Upside: -)

Economic and Political News

Banks require `2.7lakh cr capital for Basel-3: Crisil

February 22, 2013

February 26, 2013

February 27, 2013

Bosch India, Goodyear

February 28, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

February 22, 2013

Germany GDP nsa (YoY)

February 26, 2013

New home sales

Euro Zone Euro-Zone Consumer Confidence

Euro Zone Euro-Zone CPI (YoY)

Germany Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%

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

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

March 12, 2013

March 14, 2013

Industrial Production (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

March 15, 2013

March 19, 2013

February 27, 2013

March 20, 2013

BOE Announces rates

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Jobless claims change

FOMC rate decision

Real GDP (YoY)

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research