Market Outlook, 20-05-13

Market Outlook
May 20, 2013
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are expected to open in green tracking positive opening in
most of the Asian markets, tracking a positive global lead after US indices notched
another record finish on Friday.
BSE Sensex
0.2
39 20,286
Nifty
0.3
17
6,187
MID CAP
0.3
22
6,614
US markets moved sharply higher over the course of the trading day on
Friday, benefiting from some upbeat US economic data as well as comments from
a Federal Reserve official. Thomson Reuters and the University of Michigan
reported that the preliminary reading on their consumer sentiment index for May
came in at 83.7 compared to the final April reading of 76.4, which is the highest
level since July of 2007. A separate report from the Conference Board showed that
its economic index rose by 0.6% in April following a revised 0.2% decrease in
March.
SMALL CAP
Meanwhile Indian markets rose for a fourth straight session on Friday, driven by
renewed FII buying, with power, capital goods and realty stocks led the gainers,
while consumer durable, healthcare, metal and oil/gas stocks ended on a
downbeat note. Sentiment improved late in the session amid reports global ratings
agency Standard & Poor's has affirmed India's sovereign rating at BBB-minus with a
negative outlook.
0.1
6,199
(0.4)
(36)
9,164
BSE PSU
0.5
34
7,011
BANKEX
0.6
85 15,214
AUTO
0.0
2 11,202
METAL
(0.3)
(29)
8,794
OIL & GAS
(0.2)
(22)
9,032
BSE HC
BSE IT
Global Indices
NASDAQ
1.0
34
3,499
FTSE
0.5
35
6,723
Nikkei
0.7
101 15,138
0.2
38 23,083
The trend deciding level for the day is 20,256 / 6,178 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,358 20,430 / 6,209 6,232 levels. However, if NIFTY trades below
20,256 / 6,178 levels for the first half-an-hour of trade then it may correct up to
20,185 20,083 / 6,156 6,124 levels.
Shanghai Com
Straits Times
S1
PIVOT
R1
R2
SENSEX
NIFTY
20,083
6,124
20,185
6,156
20,256
6,178
20,358
6,209
20,430
6,232
News Analysis
3,449
1.4
31
2,283
Chg (%)
(Pts)
(Close)
INFY
1.5
0.6
$43.4
WIT
1.9
0.2
$7.9
IBN
0.8
0.4
$48.4
HDB
1.5
0.6
$43.0
Indian ADR
` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
4,022
647
2,781
761
1,241
(114)
10,999
(1,894)
72,157
(10,484)
FII Derivatives (May 17, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
849
1,835
1,159
1,943
(310)
(108)
17,201
29,824
Gainers / Losers
Gainers
Price (`)
chg (%)
Company
ABB
660
21.0
Crompton Greav
106
9.1
Colgate Palmolive
Siemens
621
9.0
Sun TV Network
Glaxosmithkl Cons
5,094
6.5
Wockhardt
TTK Prestige
3,659
6.1
Jain Irrigation
www.angelbroking.com
BSE
NSE
Advances
1,112
630
Declines
1,245
739
142
112
Volumes (` cr)
Net Inflows (May 16, 2013)
Company
(3)
Unchanged
Refer detailed news analysis on the following page
121 15,354
(0.1)
Advances / Declines
CAT directs cement companies to deposit `630cr

Amalgamation of JCPL with JLL
Result Review: ITC, Sun TV
Result Preview: Coal India
5,947
(Close)
0.8
Hang Sang
S2
19
(Pts)
Dow Jones
Markets Today
Indices
0.3
Chg (%)
Motherson Sumi
Losers
Price (`)
chg (%)
204
(4.1)
1,487
(3.6)
429
(3.2)
1,798
(2.7)
68
(2.6)
BSE
2,135
NSE
11,376
Market Outlook
May 20, 2013
CAT directs cement companies to deposit `630cr

The Competition Appellate Tribunal (CAT) in an interim order has directed cement
companies to deposit 10% of the `6,307cr penalty imposed on them by
Competition Commission of India (CCI) for forming cartel in the sector. Passing an
interim order, a COMPAT bench headed by its Chairman Justice V S Sirpurkar
asked 10 cement producers along with their lobby group Cement Manufacturer's
Association (CMA) to pay around `630cr within a month. The tribunal also
clarified that if the cement firms fail to deposit the amount within a 30 days timeframe, their petition would be dismissed. Cement companies upon whom the
penalty has been imposed include top cement players such as ACC, Ambuja
Cements, UltraTech Cements and JP Associates. We are not revising our financial
estimates as the interim order has not upheld the levy of penalty by CCI. Currently
we have a neutral view on the sector. We maintain an Accumulate on ACC (TP:
`1,361) and Buy on JK Lakshmi Cement (TP: `143).
Amalgamation of JCPL with JLL

The amalgamation of Jyothy Consumer Products Ltd. (JCPL) with Jyothy
Laboratories (JLL) has become effective on May 13, 2013. JLL has informed that
the exchange ratio will be 1:4 i.e. a shareholder, holding 4 equity shares of JCPL
as will be allotted 1 equity shares JLL. Currently JCPLs share is trading at `39 and
as per the exchange ratio JLL has valued JCPL at `42 which is a positive for the
JCPL shareholders.
Result Review
ITC (CMP: `335/ TP: -/ Upside: -)
For 4QFY2013 ITC posted strong set of numbers. Net sales rose by 19.2% on a
yoy basis to `8,180cr. Cigarettes business posted a 11.5% yoy growth in net sales
to `3,623cr aided largely by price hikes. Other FMCG business posted a healthy
26.0% yoy growth in net sales to `2,036cr. Agri business posted a strong 31.1%
yoy growth in net sales to `1,855cr. Hotels and Papers & Packaging businesses
posted a top-line growth of 10.4% and 7.9% respectively. OPM came in at 32.1%
up 51bp on yoy basis. While the cigarette business posted 421bp margin
expansion, other FMCG business posted profit of `12cr (vs. loss of `17cr in
4QFY2012). However, other divisions posted margin contraction on a yoy basis.
The companys bottom-line rose by a healthy 19.4% yoy to `1,928cr. We maintain
our Neutral view on the stock.
Y/E
March
Sales
(` cr)
OPM
PAT
(%)
EPS
ROE
P/E
P/BV EV/EBITDA EV/Sales
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
33,506
36.8 8,670
20.2
35.5
30.2
9.8
20.2
7.4
FY2015E
39,067
37.0 10,147
17.1
34.1
25.8
8.0
17.1
6.3
Market Outlook
May 20, 2013
SUN TV (CMP: `429/ TP: -/ Upside: - )

For 4QFY2013, Sun TVs top-line performance was better than our estimates. The
company reported 10.7% yoy growth in its top-line (vs our expectation of 8%
growth) to `433cr driven by strong growth of 14.6% yoy in advertising revenue to
`269cr. However, on the operating front, margins contracted by 311bp yoy to
73.7%. The company has decided to hike weekday prime-time advertising rates by
19% on an average on Sun TV channel with effect from 15th July 2013. Hence, we
expect OPM to improve going forward. On the bottom-line front, PAT grew by
11.6% yoy to `178cr. We maintain a neutral view on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
2,293
FY2015E
2,571
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
68.7
762 19.3
26.1
22.2
5.6
10.2
7.0
68.7
895 22.7
27.3
18.9
4.9
9.0
6.2
(` cr)
Result Preview
Coal India (CMP: `298/ TP: `345/ Upside: 16%)
Coal India is slated to announce its standalone 4QFY2013 results today. However,
the consolidated 4QFY2013 results are scheduled on 27 th May 2013. The
standalone business of Coal India does not have significant operations and hence
we do not estimate its quarterly standalone numbers. We maintain our Buy rating
on the stock with a target price of `345 based on its consolidated numbers.
Y/E
March
Sales
(` cr)
OPM
PAT
(%)
EPS
ROE
P/E
P/BV EV/EBITDA EV/Sales
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
68,349
31.7 17,504
27.7
36.7
10.8
2.9
5.2
1.6
FY2015E
73,450
31.7 18,703
29.6
35.1
10.1
2.5
4.5
1.4
Quarterly Bloomberg Brokers Consensus Estimate

Adani Enterprise Consolidated (20/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
11,330
10,594
13,610
(17)
1,644
1,086
51
2,038
(19)
EBITDA margin (%)
14.5
10.2
Net profit
263
310
Net sales
EBITDA
15.0
(15)
416
(37)
Coal India Consolidated (20/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
19,468
19,419
17,325
12
5,548
3,786
47
4,288
29
28.5
19.5
4,972
4,008
24.8
24
4,395
13
Market Outlook
May 20, 2013
Divi's Laboratories (20/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
802
708
13
533
50
EBITDA
303
286
182
66
EBITDA margin (%)
37.8
40.4
Net profit
225
215
144
56
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
21,233
18,461
15
15,429
38
2,825
2,561
10
1,475
92
13.3
13.9
1,874
1,920
34.1
Larsen & Toubro (22/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
9.6
(2)
1,122
67
Zee Entertainment Consolidated (22/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
930
869
919
EBITDA
217
160
36
261
(17)
EBITDA margin (%)
23.4
18.4
Net profit
167
160
194
(14)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
18,377
19,260
(5)
10,042
83
4,117
4,937
(17)
1,634
152
22.4
25.6
2,734
3,380
28.4
BHEL (23/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
16.3
(19)
1,182
131
JSW Steel Consolidated (23/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
9,135
10,153
(10)
8,866
EBITDA
(18)
1,331
16
1,544
1,887
EBITDA margin (%)
16.9
18.6
Net profit
359
770
(53)
195
84
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,729
4,050
(8)
3,396
10
15.0
State Bank of India (23/05/2013)

Particulars (` cr)
Net profit
Tata Steel Consolidated (23/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
35,018
33,860
31,822
10
3,244
3,179
2,239
45
9.3
9.4
436
434
7.0
1
(763)
(157)
Market Outlook
May 20, 2013
Crompton Greaves Consolidated (24/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,333
3,077
2,972
12
169
213
(21)
8303
EBITDA margin (%)
5.1
6.9
Net profit
74
100
(26)
(189)
(139)
Net sales
EBITDA
0.1
Bharat Forge (25/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
708
956
(26)
661
EBITDA
155
251
(38)
142
EBITDA margin (%)
21.8
26.3
55
55
Net profit
21.6
(-)
48
Economic and Political News
India invites investment from Japan in infra, electronics

India's investments in Sri Lanka topped US$1bn since 2003
S&P warns India of rating downgrade, retains negative outlook
Corporate News
Income tax department slaps `582cr tax demand notice on Infosys

DGH rejects RIL offer to confirm gas discoveries in KG-D6
Kirloskar Electric bags railway order
Tata Teleservices cancels OFS which was to take place on Friday.
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
15
Market Outlook
May 20, 2013
Result Calendar
Date
Company
May 20, 2013
Coal India, Adani Enterp., Divi's Lab., India Cements
May 21, 2013
Tech Mahindra
May 22, 2013
Larsen & Toubro, Zee Entertainment, Thermax, LMW, Nagarjuna Const., Prakash Industries, Subros
May 23, 2013
St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas
May 24, 2013
Crompton Greaves, Britannia, SpiceJet
May 25, 2013
Bharat Forge, MOIL, Sarda Energy, Force Motors
May 26, 2013

May 27, 2013
May 28, 2013
May 29, 2013
May 30, 2013
Nalco, Tata Chemicals, Bhushan Steel, GSPL, Bajaj Electrical, GIPCL, TTK Healthcare
GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, CESC, Indoco
Remedies, Dishman Pharma, PVR
ONGC, NMDC, Tata Motors, BPCL, Mphasis, HDIL, Anant Raj
IOC, M&M, SAIL, Tata Power Co., Power Fin.Corpn., GMR Infra., Unitech, Aurobindo Pharma, Ipca labs, Page
Industries, Madras Cements
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 21, 2013
2:00PM
UK
CPI (YoY)
% Change
Apr
2.80
2.60
May 22, 2013
7:30PM
US
Existing home sales
Millions
Apr
4.92
4.99
May 23, 2013
6:00PM
US
Initial Jobless claims
Thousands
May 18
360.00
345.50
1:00PM
Germany PMI Services
Value
May A
49.60
50.00
1:00PM
Germany PMI Manufacturing
Value
May A
48.10
48.50
2:00PM
UK
7:30PM
Euro Zone Euro-Zone Consumer Confidence
7:30PM
US
May 24, 2013
11:30AM
Germany GDP nsa (YoY)
May 28, 2013
7:30PM
US
May 29, 2013
1:25PM
Germany Unemployment change (000's)
May 30, 2013
6:00PM
US
GDP Qoq (Annualised)
May 31, 2013
11:00AM
India
Qtrly GDP YoY%
June 1, 2013
6:30AM
China
June 3, 2013
2:00PM
UK
June 5, 2013
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
June 6, 2013
4:30PM
UK
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
4:29PM
China
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
GDP (YoY)
% Change
1Q P
0.60
0.60
Value
May A
(22.30)
(21.80)
Thousands
Apr
417.00
425.00
% Change
1Q F
(1.40)
(1.40)
S.A./ 1985=100
May
68.10
--
Thousands
May
4.00
--
% Change
1Q S
2.50
--
% Change
1Q
4.50
4.90
PMI Manufacturing
Value
May
50.60
--
PMI Manufacturing
Value
May
49.80
--
% Change
1Q P
(0.20)
--
% Ratio
Jun 6
0.50
0.50
Jun 6
0.50
--
Thousands
May
165.00
--
May
7.50
--
Exports YoY%
% Change
May
14.70
--
New home sales

Consumer Confidence
BOE Announces rates
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
--
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
--
4:29PM
India
Imports YoY%
% Change
May
10.96
--
4:29PM
India
Exports YoY%
% Change
May
1.68
--
Market Outlook
May 20, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.2
9.2
6.0
4.0
Mfg. PMI
58.0
8.0
Feb-13
Exhibit 4: Manufacturing and services PMI
(%)
7.5
Jan-13
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(1.0) (0.6)
(0.7)
(2.0)
Dec-12
(0.1)
(1.3)
Apr-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
0.5
(2.0)
7.6
2.5
2.4
2.0
Nov-12
4.5
Source: CSO, Angel Research
8.1
7.3
7.2
7.3
7.3
Services PMI
56.0
6.8
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
(%)
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
15.0
48.0
Feb-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
50.0
May-12
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2.5
2.0
Oct-12
5.3 5.5 5.3
Sep-12
6.0
Aug-12
6.5
5.7
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
8.4
8.0
May-12
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
7.50
8.00
7.00
6.50
6.00
5.00
4.00
4.00
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(15.0)
Apr-12
3.00
Mar-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
May 20, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
136
2,653
1,657
1,906
14.1
14.1
7.7
8.9
17.7
15.3
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
155
232
6,856
10,298
11,310
16.5
16.5
20.5
23.2
7.6
6.7
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
248
285
4,235
3,418
3,892
14.5
14.5
18.5
20.4
13.4
12.2
3.2
2.6
26.6
23.8
1.3
1.1
Apollo Tyres
Accumulate
91
104
4,604
13,852
15,487
11.4
11.5
12.8
14.9
7.1
6.1
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
23
25
6,186
13,778
16,132
7.5
8.6
0.9
2.1
24.9
11.3
1.9
1.7
5.5
11.7
0.5
0.4
Automotive Axle#
Neutral
265
401
834
965
9.3
10.6
17.3
27.1
15.3
9.8
1.4
1.3
9.5
14.0
0.6
0.5
Bajaj Auto
Accumulate
1,834
2,048
53,064
22,839
25,825
18.6
18.5
121.2
136.5
15.1
13.4
5.6
4.4
41.0
36.7
1.9
1.6
Bharat Forge
Neutral
241
5,609
6,198
6,793
14.6
14.9
14.5
17.3
16.6
13.9
2.2
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,009
28,287
9,821
11,394
17.0
17.3
373.5
438.7
24.1
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
113
170
387
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
140
150
11,913
7,053
8,061
14.2
14.5
7.8
9.1
17.9
15.4
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,431
2,378
1,525
1,742
14.5
15.7
88.4
109.5
16.2
13.1
2.3
2.0
15.5
16.5
1.4
1.1
Hero Motocorp
Accumulate
1,686
1,819
33,664
25,274
27,658
14.1
13.7
110.2
139.9
15.3
12.1
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
116
154
475
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.6
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
986
60,508
44,550
50,260
11.4
11.7
59.6
68.3
16.6
14.4
3.4
2.9
22.3
21.6
1.1
0.9
1,709
1,847
51,638
48,455
55,723
11.2
10.9
107.8
123.2
15.9
13.9
2.4
2.1
16.2
16.0
0.9
0.8
204
12,016
28,442
31,493
7.5
7.8
12.5
14.8
16.3
13.8
4.0
3.2
27.5
25.8
0.6
0.5
Accumulate
26
30
156
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
303
324
80,859 206,341 227,695
12.8
13.5
32.3
39.0
9.4
7.8
2.0
1.6
23.1
23.2
0.5
0.4
TVS Motor
Neutral
39
1,853
7,715
8,584
6.0
6.1
5.0
5.8
7.8
6.7
1.3
1.2
18.1
18.5
0.2
0.1
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Capital Goods
ABB*
Sell
660
461
13,989
8,073
9,052
5.5
6.9
11.5
16.9
57.3
39.0
5.2
5.0
9.3
13.1
1.4
1.2
BGR Energy
Neutral
211
1,522
4,114
4,886
11.4
10.7
24.9
28.0
8.5
7.5
1.1
1.0
25.2
22.6
0.7
0.6
BHEL
Neutral
201
49,282
43,757
40,934
17.3
16.9
20.9
19.0
9.6
10.6
2.1
1.9
23.7
18.8
1.0
1.0
Blue Star
Buy
172
230
1,549
2,896
3,087
5.6
6.2
9.3
11.7
18.5
14.7
3.0
2.6
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
106
117
6,787
13,790
15,095
6.4
7.4
6.9
9.4
15.4
11.3
1.7
1.6
11.7
14.5
0.5
0.4
Jyoti Structures
Buy
30
34
250
3,074
3,355
9.0
8.8
8.7
10.2
3.5
3.0
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
48
63
1,240
7,709
8,399
6.7
7.2
6.1
8.5
8.0
5.7
1.0
0.9
20.2
23.0
0.3
0.3
Thermax
Neutral
613
7,305
5,931
6,592
9.6
9.7
31.0
34.3
19.8
17.9
3.4
3.0
18.6
17.9
1.0
0.9
1,259
1,361
23,631
11,979
13,254
19.7
21.3
77.1
91.4
16.3
13.8
2.9
2.6
18.7
20.0
1.7
1.4
Cement
ACC
Accumulate
Market Outlook
May 20, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
190
29,389
10,232
11,762
23.5
24.5
10.3
12.2
18.5
15.7
3.1
2.8
17.2
18.6
2.3
1.9
India Cements
Neutral
87
2,685
4,777
5,276
17.3
17.1
8.8
10.9
9.9
8.1
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
100
143
1,174
2,313
2,728
19.8
20.7
16.6
23.1
6.0
4.3
0.8
0.7
13.6
16.5
1.1
0.8
Madras Cements
Neutral
246
5,852
4,293
4,855
27.4
28.6
21.8
28.2
11.3
8.7
2.0
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,941
17,213
6,540
7,452
27.4
26.6
319.7
369.9
15.5
13.4
3.8
3.1
27.5
25.4
1.9
1.5
UltraTech Cement
Neutral
2,015
55,256
21,947
25,049
23.8
23.8
106.1
119.8
19.0
16.8
3.1
2.7
17.7
17.3
2.6
2.2
213
255
1,123
1,928
2,234
21.0
21.5
18.0
22.2
11.9
9.6
1.0
0.9
10.2
10.1
2.0
1.9
12
220
2,281
2,492
5.9
6.9
0.7
2.0
17.5
5.9
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
131
157
4,351
3,997
4,312
45.5
46.4
15.7
16.6
8.3
7.9
1.2
1.1
15.2
14.5
3.5
3.8
ITNL
Buy
177
230
3,435
7,444
8,041
27.4
28.9
29.8
32.1
5.9
5.5
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
22
35
681
6,287
6,836
8.5
8.5
2.3
3.0
9.5
7.3
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Accumulate
82
90
18,230
14,850
15,631
24.9
25.1
2.5
2.9
32.5
28.8
1.3
1.3
4.2
4.7
3.0
2.9
Larsen & Toubro
Accumulate
1,623
1,795
99,951
69,586
79,247
11.2
11.1
75.1
84.9
21.6
19.1
3.1
2.7
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
37
45
943
6,576
7,264
8.2
8.3
4.1
4.8
9.0
7.7
0.4
0.4
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
54
1,800
12,954
14,740
9.9
9.9
0.5
0.9
106.8
58.2
0.6
0.6
0.6
1.1
0.6
0.5
Sadbhav Engg.
Buy
114
153
1,716
2,511
2,736
10.6
10.6
7.3
7.8
15.7
14.6
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
109
164
539
6,824
7,563
9.2
9.4
18.0
23.4
6.1
4.7
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
34
45
252
2,455
2,734
13.4
13.0
14.6
14.9
2.3
2.3
0.3
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
128
149
6,415
7,137
7,907
2.9
2.8
32.3
36.0
4.0
3.6
0.6
0.5
14.2
14.2
Andhra Bank
Neutral
91
5,106
5,254
5,900
2.8
2.8
21.2
22.9
4.3
4.0
0.6
0.6
13.3
13.0
Axis Bank
Buy
1,533
1,853
71,809
19,055
22,710
3.3
3.2
130.7
152.3
11.7
10.1
1.9
1.7
17.2
17.6
Bank of Baroda
Buy
739
851
31,120
16,365
18,781
2.2
2.3
121.3
142.5
6.1
5.2
0.9
0.8
15.1
15.7
Bank of India
Accumulate
325
361
19,361
14,482
16,383
2.3
2.3
58.1
68.1
5.6
4.8
0.8
0.7
14.4
15.0
Bank of Maharashtra
Accumulate
58
62
3,846
4,451
4,792
3.2
3.0
13.2
14.1
4.4
4.1
0.7
0.6
17.5
16.5
Canara Bank
Neutral
439
19,465
11,928
13,467
2.1
2.2
74.8
86.0
5.9
5.1
0.8
0.7
13.7
14.2
Central Bank
Neutral
70
7,275
8,249
9,211
2.4
2.5
14.9
18.2
4.7
3.8
0.7
0.6
12.5
13.8
Corporation Bank
Accumulate
419
476
6,402
5,558
6,121
2.0
2.0
98.4
107.7
4.3
3.9
0.6
0.6
14.9
14.5
Dena Bank
Neutral
95
3,324
3,187
3,582
2.3
2.4
23.8
25.5
4.0
3.7
0.6
0.5
15.9
15.1
Federal Bank
Neutral
476
8,141
2,873
3,413
3.0
3.1
52.7
62.0
9.0
7.7
1.2
1.0
13.4
14.2
Financials
Market Outlook
May 20, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
904
139,788
8,573
10,142
3.6
3.6
37.0
43.6
24.4
20.7
5.0
4.5
30.0
30.3
HDFC Bank
Neutral
719
171,133
27,682
33,916
4.6
4.6
35.3
42.7
20.4
16.9
4.0
3.4
21.3
21.8
ICICI Bank
Buy
1,229
1,444
141,742
25,705
30,330
3.1
3.2
83.9
96.3
14.7
12.8
1.9
1.8
15.2
15.7
IDBI Bank
Neutral
91
12,081
9,477
10,678
2.0
2.1
19.6
22.6
4.6
4.0
0.6
0.5
12.8
13.4
Indian Bank
Buy
160
186
6,894
6,185
6,978
3.0
3.0
37.0
42.2
4.3
3.8
0.6
0.6
14.8
15.1
IOB
Neutral
64
5,919
8,142
8,956
2.5
2.5
16.5
20.7
3.9
3.1
0.5
0.4
11.8
13.4
J & K Bank
Neutral
1,318
6,391
3,032
3,118
3.8
3.5
218.1
200.9
6.0
6.6
1.1
1.0
19.9
16.0
LIC Housing Finance
Accumulate
276
290
13,911
2,113
2,525
2.3
2.3
25.4
29.2
10.9
9.4
1.9
1.7
18.4
18.3
Oriental Bank
Neutral
266
7,764
6,835
7,588
2.6
2.6
56.5
63.8
4.7
4.2
0.6
0.6
13.1
13.4
Punjab Natl.Bank
Buy
835
994
29,506
20,876
23,929
3.3
3.4
151.7
177.0
5.5
4.7
0.9
0.8
16.1
16.5
South Ind.Bank
Neutral
25
3,324
1,839
2,091
2.9
2.8
4.2
4.5
5.9
5.5
1.0
0.9
18.2
17.0
St Bk of India
Accumulate
2,425
2,669
165,851
67,091
76,746
3.2
3.1
241.2
280.4
10.1
8.7
1.6
1.4
16.5
17.0
Syndicate Bank
Accumulate
130
137
7,846
7,238
8,249
2.7
2.6
27.1
30.4
4.8
4.3
0.7
0.6
16.1
15.9
UCO Bank
Neutral
81
6,077
6,126
6,665
2.6
2.5
12.2
14.4
6.6
5.6
1.0
0.8
11.8
12.6
Union Bank
Accumulate
244
260
14,532
11,229
12,794
2.6
2.6
40.7
48.2
6.0
5.1
0.9
0.8
14.6
15.4
United Bank
Accumulate
58
64
2,156
3,597
4,008
2.6
2.7
16.0
20.8
3.6
2.8
0.4
0.4
12.5
14.7
Vijaya Bank
Neutral
54
2,691
2,730
3,059
1.9
2.0
10.2
11.3
5.3
4.8
0.6
0.6
11.8
12.0
Yes Bank
Neutral
542
19,465
4,390
5,411
2.8
2.8
41.6
47.9
13.1
11.3
2.8
2.3
23.2
22.1
Asian Paints
Neutral
4,809
46,131
12,332
14,524
16.5
16.3
141.6
162.7
34.0
29.6
10.8
8.5
35.4
32.2
3.7
3.1
Britannia
Neutral
571
6,829
6,417
7,446
5.1
5.5
20.3
25.2
28.2
22.7
9.6
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,487
20,221
3,588
4,130
21.1
21.6
44.7
51.9
33.2
28.7
29.9
22.3
100.0
89.1
5.7
4.9
Dabur India
Neutral
157
27,416
7,183
8,340
16.8
16.8
5.4
6.3
29.3
25.0
11.4
8.9
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
5,094
21,423
3,617
4,260
16.1
16.4
120.6
146.4
42.2
34.8
13.0
10.5
33.8
33.4
5.2
4.4
Godrej Consumer
Neutral
871
29,636
7,801
9,017
16.2
15.9
25.1
29.7
34.6
29.3
7.5
6.2
24.9
24.2
4.0
3.4
HUL
Neutral
586
126,688
29,167
33,164
13.6
13.7
17.1
18.4
34.3
31.8
33.0
23.9
113.4
87.0
4.2
3.6
ITC
Neutral
335
264,474
33,506
39,067
36.8
37.0
11.1
13.0
30.2
25.8
9.8
8.0
35.5
34.1
7.6
6.5
Marico
Neutral
222
14,311
5,273
6,044
14.8
14.9
7.3
8.7
30.6
25.6
6.0
4.9
21.4
21.0
2.7
2.3
Nestle*
Neutral
4,970
47,918
9,739
11,307
21.5
22.2
131.6
159.9
37.8
31.1
19.1
13.7
58.8
69.5
4.8
4.1
Tata Global
Neutral
147
9,066
7,998
8,798
9.7
9.8
7.9
8.7
18.6
16.8
2.3
2.2
9.6
9.8
1.0
0.9
FMCG
Market Outlook
May 20, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
720
863
50,123
28,633
32,216
21.5
20.7
57.3
61.7
12.6
11.7
3.0
2.5
24.0
21.5
1.6
1.4
Hexaware*
Buy
79
96
2,353
2,091
2,289
19.0
18.8
10.6
11.3
7.4
7.0
1.7
1.5
22.8
21.7
0.9
0.8
Infosys
Accumulate
2,351
2,465
134,991
43,338
47,244
27.5
27.7
169.4
182.6
13.9
12.9
2.9
2.5
20.8
19.3
2.4
2.1
Infotech Enterprises
Accumulate
168
185
1,873
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.7
1.2
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
105
135
2,030
2,513
2,819
16.1
15.5
12.6
14.0
8.4
7.5
1.5
1.2
17.9
16.6
0.7
0.6
Mahindra Satyam
Buy
107
126
12,650
8,456
9,385
19.3
19.1
10.6
11.9
10.2
9.0
2.3
1.8
22.4
20.1
1.1
0.9
Mindtree
Accumulate
829
920
3,444
2,599
2,871
19.4
19.2
85.2
92.3
9.7
9.0
2.0
1.7
21.4
18.9
1.0
0.8
Mphasis&
Reduce
449
395
9,429
6,096
6,646
17.6
17.4
38.1
41.6
11.8
10.8
1.7
1.5
14.2
13.7
1.1
0.8
NIIT
Buy
22
30
370
1,144
1,267
9.0
9.1
4.3
5.4
5.2
4.2
0.5
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
522
593
2,087
1,445
1,617
25.2
25.0
55.3
59.3
9.4
8.8
1.7
1.5
18.2
16.5
1.0
0.8
TCS
Accumulate
1,468
1,585
287,320
71,833
81,893
28.4
28.0
78.5
88.0
18.7
16.7
5.7
4.7
30.2
27.9
3.7
3.2
Tech Mahindra
Buy
928
1,180
11,915
7,699
8,315
19.3
18.1
107.0
115.0
8.7
8.1
1.9
1.5
21.7
19.1
1.6
1.4
Wipro
Accumulate
344
385
84,727
40,173
43,697
20.4
20.6
26.2
28.5
13.1
12.1
2.6
2.2
19.7
18.4
1.6
1.4
D B Corp
Accumulate
246
272
4,502
1,787
1,974
25.4
26.4
14.5
16.9
16.9
14.6
3.5
3.0
22.4
22.2
2.3
2.1
HT Media
Buy
99
117
2,317
2,205
2,380
15.1
15.6
8.3
9.1
11.9
10.8
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
94
121
3,122
1,698
1,908
23.9
24.5
7.4
8.4
12.8
11.2
3.2
2.8
26.7
26.8
2.0
1.7
PVR
Neutral
348
1,380
1,343
1,521
18.8
18.9
18.3
22.9
19.0
15.2
1.8
2.0
10.6
12.3
1.1
0.9
Sun TV Network
Neutral
429
16,906
2,293
2,571
68.7
68.7
19.3
22.7
22.2
18.9
5.4
4.8
26.1
27.3
7.1
6.1
Bhushan Steel
Neutral
464
10,513
13,794
17,335
30.7
34.8
48.9
83.6
9.5
5.6
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Buy
298
345
187,975
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.6
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
17
24
562
1,976
2,017
11.8
12.7
1.3
2.6
13.6
6.6
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
148
213
4,691
1,944
2,317
49.9
51.7
20.8
25.6
7.1
5.8
1.6
1.3
24.3
24.6
2.0
1.4
Hind. Zinc
Buy
122
145
51,486
12,358
13,659
51.4
51.6
16.0
17.6
7.6
6.9
1.4
1.2
19.4
18.4
1.9
1.3
Hindalco
Neutral
110
21,089
88,987
94,163
9.2
9.7
13.8
15.9
8.0
6.9
0.6
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
706
15,760
39,524
42,064
17.1
16.9
71.8
86.3
9.8
8.2
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
219
243
3,682
954
1,062
45.5
47.4
26.1
29.1
8.4
7.5
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
186
291
1,187
2,883
3,181
21.7
23.6
40.3
57.7
4.6
3.2
0.4
0.4
10.1
13.0
1.3
1.0
Nalco
Neutral
36
9,214
8,187
8,416
14.5
14.7
3.2
3.3
11.2
11.0
0.8
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
122
179
48,389
10,329
12,540
73.8
75.0
16.6
19.0
7.4
6.4
1.4
1.2
20.6
20.2
2.6
2.0
Media
Metals & Mining
Market Outlook
May 20, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
63
26,185
53,685
64,183
9.3
12.2
5.5
8.3
11.6
7.7
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
166
14,423
3,742
4,426
32.9
32.8
30.0
29.8
5.5
5.6
0.7
0.7
14.3
12.5
4.7
3.9
Sterlite Inds
Neutral
97
32,649
44,462
45,568
23.2
24.7
18.1
20.2
5.4
4.8
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
312
430
30,297 141,775 151,672
10.5
11.4
35.3
51.7
8.8
6.0
0.7
0.6
7.6
10.3
0.5
0.5
Sarda
Buy
108
153
386
1,494
1,568
19.1
20.3
31.3
36.5
3.4
3.0
0.4
0.4
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
502
2,668
2,834
10.0
10.1
4.6
5.2
8.1
7.2
0.2
0.2
3.2
3.4
0.5
0.5
Buy
85
118
279
2,425
2,552
13.7
14.8
33.5
45.3
2.6
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
300
345
57,318
16,482
16,228
69.4
53.3
53.3
49.6
5.6
6.1
0.9
0.8
16.5
13.6
2.1
1.8
GAIL
Neutral
337
42,741
55,815
63,013
15.3
15.2
35.9
41.5
9.4
8.1
1.5
1.3
17.0
17.1
0.7
0.5
ONGC
Neutral
340
290,887 157,962 175,367
35.1
36.2
34.3
39.3
9.9
8.7
1.7
1.5
18.2
18.6
1.6
1.4
Reliance Industries
Neutral
834
269,455 380,031 407,721
9.9
69.3
69.3
78.0
12.0
10.7
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
250
3,205
3,707
3,850
11.7
12.4
23.7
25.7
10.6
9.7
3.0
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
285
3,983
3,700
4,218
23.4
22.8
26.6
30.4
10.7
9.4
2.2
1.9
22.6
21.7
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
167
10,763
40,356
40,872
5.8
6.4
15.0
16.7
9.6
8.6
2.0
1.7
23.0
21.5
0.3
0.3
Neutral
63
3,525
1,079
983
91.8
91.9
8.8
7.8
7.2
8.0
1.2
1.1
17.8
14.1
3.0
3.2
Alembic Pharma
Neutral
131
2,471
1,736
2,008
17.1
18.9
10.7
13.9
12.3
9.4
3.8
2.9
35.0
34.7
1.6
1.3
Aurobindo Pharma
Buy
192
264
5,599
6,279
7,033
16.0
16.0
15.2
19.2
12.7
10.0
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,490
5,734
1,682
1,917
16.6
16.6
92.4
99.1
27.0
25.1
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
818
962
16,758
7,386
8,863
18.0
18.0
39.5
48.1
20.7
17.0
4.7
3.8
24.8
24.7
2.6
2.1
Cipla
Accumulate
425
463
34,096
9,130
10,543
24.8
23.0
21.6
23.2
19.7
18.3
3.2
2.8
17.6
16.2
3.4
2.9
Dr Reddy's
Buy
2,078
2,535
35,271
13,377
15,350
20.4
20.1
112.3
126.8
18.5
16.4
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
73
206
585
1,536
1,739
20.2
20.9
15.4
20.6
4.7
3.5
0.5
0.5
11.6
13.7
1.0
0.8
2,321
19,661
2,854
3,145
28.6
28.6
76.6
83.3
30.3
27.9
9.1
8.2
31.1
31.0
5.9
5.3
Buy
65
90
600
784
902
15.2
15.2
7.8
9.0
8.4
7.2
1.2
1.1
15.6
15.8
1.0
0.8
Ipca labs
Buy
585
676
7,377
3,474
4,168
21.0
21.0
37.3
45.1
15.7
13.0
3.7
2.9
26.4
25.3
2.3
1.9
Lupin
Accumulate
804
877
36,001
11,641
13,933
21.3
21.3
34.8
41.8
23.1
19.2
5.4
4.3
26.2
24.8
3.1
2.6
Ranbaxy*
Neutral
471
19,947
11,400
12,060
10.5
10.5
17.5
22.5
26.9
21.0
4.3
3.7
17.0
19.1
1.7
1.6
Sun Pharma
Neutral
965
99,810
12,563
14,698
42.6
42.6
29.8
35.5
32.4
27.2
5.8
4.8
19.2
19.3
7.3
6.1
72
78
1,088
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
May 20, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
160
131,763
76,734
86,680
24.5
24.3
13.4
14.5
11.9
11.0
1.5
1.3
12.8
12.7
2.4
2.2
DLF
Buy
249
288
42,375
9,699
12,010
37.0
36.9
6.0
8.4
41.8
29.7
1.6
1.5
3.8
5.1
5.7
4.6
MLIFE
Accumulate
402
446
1,642
888
1,002
26.7
25.9
36.3
40.6
11.1
9.9
1.2
1.1
10.8
11.0
2.1
1.8
Bharti Airtel
Neutral
316
119,869
86,592
95,860
31.4
31.8
10.9
14.5
29.0
21.7
2.2
2.0
7.7
9.3
2.1
1.7
Idea Cellular
Neutral
132
43,590
25,122
27,663
27.0
27.2
4.0
4.8
33.1
27.6
2.8
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
114
23,447
22,801
24,628
31.0
31.3
3.6
5.3
31.9
21.6
0.7
0.7
2.2
3.1
2.6
2.3
1,451
1,659
3,083
1,863
2,081
11.8
12.4
71.2
83.0
20.4
17.5
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
179
237
1,781
3,929
4,480
7.4
7.7
15.5
19.7
11.5
9.1
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
454
562
574
630
795
14.4
13.6
42.8
51.1
10.6
8.9
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
440
566
114
308
351
7.0
7.0
39.6
47.2
11.1
9.3
2.4
2.0
21.8
21.0
0.4
0.4
Finolex Cables
Buy
57
68
870
2,563
2,899
9.8
9.8
10.1
11.3
5.7
5.0
0.8
0.7
14.3
13.8
0.3
0.2
Force Motors
Buy
396
570
516
2,299
2,621
4.7
4.9
46.3
57.0
8.6
6.9
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
280
352
646
1,453
1,560
9.4
9.8
38.4
41.4
7.3
6.8
1.5
1.3
22.9
20.8
0.3
0.2
Hitachi
Buy
155
177
421
1,053
1,169
6.3
7.1
13.8
17.7
11.2
8.7
1.6
1.4
15.0
16.7
0.4
0.4
2,528
2,235
1,842
2,131
7.7
7.8
112.4
132.4
22.5
19.1
2.8
2.5
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
167
198
150
495
651
12.7
12.9
29.3
39.5
5.7
4.2
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
181
234
208
1,430
1,573
11.1
11.0
19.1
26.9
9.5
6.7
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
169
2,732
979
1,164
14.9
15.1
6.0
7.7
28.2
22.0
3.5
3.2
12.9
15.1
3.0
2.5
MRF
Neutral
14,989
6,357
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.4
8.3
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,860
3,637
4,305
1,047
1,281
19.6
19.8
127.3
158.1
30.3
24.4
14.5
10.5
54.9
50.0
4.2
3.4
Relaxo Footwears
Buy
622
791
747
1,146
1,333
10.9
11.4
45.9
60.9
13.6
10.2
2.8
2.3
23.0
24.6
0.8
0.7
Siyaram Silk Mills
Buy
257
312
241
1,157
1,320
11.9
12.0
66.6
77.9
3.9
3.3
0.7
0.6
18.3
18.2
0.5
0.4
Styrolution ABS India*
Buy
533
617
937
1,068
1,223
9.6
9.6
38.1
44.1
14.0
12.1
1.9
1.7
14.5
14.7
0.9
0.7
TAJ GVK
Buy
61
108
385
300
319
35.8
36.2
7.9
9.1
7.8
6.7
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
298
371
459
814
849
17.0
17.6
64.6
69.2
4.6
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
514
553
400
435
516
6.2
7.1
24.3
33.3
21.2
15.5
3.5
3.0
17.6
20.8
0.7
0.6
Tree House
Neutral
262
943
150
192
52.7
52.5
12.8
16.2
20.4
16.2
2.0
1.8
10.0
11.1
6.0
4.6
TVS Srichakra
Buy
185
226
141
1,591
1,739
7.1
7.4
39.4
56.5
4.7
3.3
0.9
0.8
20.6
25.0
0.3
0.3
United Spirits
Neutral
2,411
31,533
11,886
13,491
14.4
14.0
50.9
74.5
47.4
32.4
3.9
3.5
10.6
11.4
2.9
2.5
Market Outlook
May 20, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
367
439
745
600
638
20.1
19.4
35.7
36.6
10.3
10.0
1.8
1.6
19.4
17.1
1.1
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 17, 2013
Market Outlook
May 20, 2013

Market Outlook, 20-05-13

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Market Outlook

May 20, 2013

OIL & GAS

FII Derivatives (May 17, 2013)

Net Inflows (May 16, 2013)

Refer detailed news analysis on the following page

CAT directs cement companies to deposit `630cr

CAT directs cement companies to deposit `630cr

Amalgamation of JCPL with JLL

P/BV EV/EBITDA EV/Sales

SUN TV (CMP: `429/ TP: -/ Upside: - )

P/BV EV/EBITDA EV/Sales

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Coal India Consolidated (20/05/2013)

Divi's Laboratories (20/05/2013)

EBITDA margin (%)

Larsen & Toubro (22/05/2013)

Zee Entertainment Consolidated (22/05/2013)

EBITDA margin (%)

JSW Steel Consolidated (23/05/2013)

EBITDA margin (%)

State Bank of India (23/05/2013)

Tata Steel Consolidated (23/05/2013)

Crompton Greaves Consolidated (24/05/2013)

EBITDA margin (%)

Bharat Forge (25/05/2013)

EBITDA margin (%)

Economic and Political News

India invites investment from Japan in infra, electronics

Income tax department slaps `582cr tax demand notice on Infosys

May 20, 2013

Coal India, Adani Enterp., Divi's Lab., India Cements

May 21, 2013

May 22, 2013

May 23, 2013

St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas

May 24, 2013

Crompton Greaves, Britannia, SpiceJet

May 25, 2013

Bharat Forge, MOIL, Sarda Energy, Force Motors

May 26, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

May 21, 2013

May 22, 2013

Existing home sales

May 23, 2013

Initial Jobless claims

Germany PMI Services

Germany PMI Manufacturing

Euro Zone Euro-Zone Consumer Confidence

May 24, 2013

Germany GDP nsa (YoY)

May 28, 2013

May 29, 2013

Germany Unemployment change (000's)

May 30, 2013

GDP Qoq (Annualised)

May 31, 2013

Qtrly GDP YoY%

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

Euro Zone ECB announces interest rates