Market Outlook: Dealer's Diary

Market Outlook
June 28, 2013
Dealers Diary
Indian markets are expected to open in green tracking positive opening trades in
SGX Nifty and most of the Asian markets.
US markets closed higher extending the strong upward move that was seen over
the course of the previous two sessions. The markets benefited from a positive
reaction to the latest batch of U.S. economic data from Labor Department which
showed a modest decrease in initial jobless claims in the week ended June 22nd,
with claims falling roughly in line with estimates. Separately, the Commerce
Department said personal income rose by 0.5% in May after edging up by 0.1% in
April while personal spending rebounded by 0.3% in May following a 0.3% drop in
the previous month. Similarly, European markets too extended their gains for third
consecutive session with positive sentiment boosted by upbeat U.S. data.
Meanwhile, Indian shares ended the day higher mirroring firm global cues as a
downward revision in the growth rate of U.S. GDP eased concerns that the Federal
Reserve will soon rein in its bond-buying program. Revival in rupee strength to
60.36 after RBI showed India's current account deficit narrowed to $18.1 billion in
the January-March quarter ($31.9 billion in the previous quarter) eased concerns
about the funding of the deficit and further added to the positive sentiment.
Markets Today
The trend deciding level for the day is 18,830/ 5,671 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,972 19,067 / 5,711 5,739 levels. However, if NIFTY trades below
18,830 / 5,671 levels for the first half-an-hour of trade then it may correct up to
18,734 18,593 / 5,642 5,602 levels.
Indices
SENSEX
NIFTY
S2
18,593
5,602
S1
18,734
5,642
PIVOT
18,830
5,671
R1
18,972
5,711
R2
19,067
5,739
CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013

CCEA approves gas price hike
RCom ties up with Apple, offers 50% discount on 3G plans for iPhone
Purch
3,058
471
Sales
3,619
377
Net
(562)
95
MTD
(9,687)
(273)
YTD
72,149
(12,350)
FII Derivatives (June 27, 2013)

` cr
Index Futures
Stock Futures
Purch
6,771
8,475
Sales
6,724
7,412
Net
47
1,064
Open Interest
7,248
23,618
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
JSW ENERGY
43
7.4
Gitanjali Gems
263
JPPOWER
19
6.5
MMTC
108
(5.0)
HDIL
35
6.5
Sobha Dev
342
(3.6)
(10.0)
Havells India
712
5.5
Dena Bank
66
(3.3)
Emami-$
469
5.3
IRB Infra
94
(3.1)
www.angelbroking.com
(Close)
1.7
1.7
324 18,876
94
5,682
MID CAP
0.3
15
5,833
SMALL CAP
0.3
18
5,567
BSE HC
2.5
210
8,647
BSE PSU
0.8
49
5,953
BANKEX
1.5
190 12,849
AUTO
0.4
45 10,392
METAL
0.4
33
7,406
OIL & GAS
3.2
268
8,611
BSE IT
3.2
190
6,209
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
0.8
NASDAQ
0.8
26
3,402
FTSE
1.3
78
6,243
Nikkei
3.0
380 13,214
Hang Sang
0.5
102 20,440
Straits Times
0.4
14
3,118
(0.1)
(1)
1,950
Chg (%)
(Pts)
(Close)
2.8
1.1
$41.4
Shanghai Com
Indian ADR
INFY
114 15,024
WIT
1.6
0.1
$7.2
IBN
(0.3)
(0.1)
$37.3
2.9
1.0
$35.9
HDB
BSE
NSE
Advances
1,213
720
Declines
1,117
628
129
85
Volumes (` cr)
Net Inflows (June 26, 2013)

` cr
FII
MFs
(Pts)
Nifty
Unchanged
Refer detailed news analysis on the following page
Chg (%)
BSE Sensex
Advances / Declines
News Analysis
Domestic Indices
BSE
1,647
NSE
14,242
Market Outlook
June 28, 2013
CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013

The Current Account Deficit (CAD) moderated significantly in 4Q2013 to
USD18.2bn as compared to USD21.2bn in the corresponding quarter of the
previous year and USD31.8bn in 3QFY2013. This is lower than consensus
estimates of USD21bn. The CAD as a proportion of GDP came in much lower at
3.6% of GDP as compared to the record-high of 6.5% of GDP (6.7% of GDP,
reported earlier) during 3QFY2013. For FY2013 as a whole, CAD has come in at
4.8% of GDP, slightly lower than the estimated 5.0% of GDP. The CAD at a betterthan-expected level is likely to soothe the pressure on the INR on an extent, since it
breached the 60-mark and closed at a record-high on June 26, 2013.
The trade deficit stood at 9.0% of GDP (USD45.6bn) in 4QFY2013 as compared
to 12.0% of GDP (USD58.4bn) in the previous quarter. The improvement can be
attributed to export growth (5.7% yoy) gaining ground. At the same time, imports
recorded a marginal decline of 1.0% in 4Q2013 as against an increase of 22.6%
in 4Q2012. This is because non-oil non-gold imports have decline reflecting
slowdown in domestic economic activity. Overall, for FY2013 as a whole, exports
reported a decline of 1.0% while imports remained almost flat.
We note that growth in invisibles has declined by 7.7% in 4QFY2013 as compared
to robust 27.5% growth in the corresponding quarter of the previous year due to
slowdown in services, transfers and higher investment income outflow. The total
investment outflow increased to USD7.3bn from USD6.3bn the corresponding
quarter of the previous year.
The strong capital inflows continued to support financing of the CAD and resulted
in an accretion of foreign exchange reserve amounting to USD2.7bn during
4QFY2013. For FY2013 as a whole, capital inflows stood at USD89.3bn and led
to accretion of foreign exchange reserve amounting to USD3.8bn in the BoP
account.
Going ahead, we believe that the CAD is likely to rebound in 1QFY2014 since the
trade deficit for April and May 2013 has reached USD37.9bn much higher than
USD30.9bn in the corresponding months during 2012. Gold imports have
increased by 121% in April 2013 and 88% in May 2013 but we believe that this
excessive buying of gold can be attributed to front-ended demand and is likely to
normalize going forward. We believe that with stabilization in the INR, the CAD for
FY2014 is likely to come in the range of 3.8%-4.2% of GDP.
External debt increased by nearly 13%

The external debt as at end-March 2013 increased by 12.9% over a year ago to
USD390bn from US349bn at end-March 2012. Worryingly, the external debt to
GDP ratio reached a 12-year high at 21.2%. Short term debt is on an increasing
trend and stood at 24.8% of total external debt as compared to 23% of total
external debt as at end March 2012. The share of external commercial
borrowings in external debt continued to be the highest at 31.0%. Further, the ratio
of foreign exchange reserves to total debt declined to 74.9% from 85.2% at endMarch 2012 and a high of 138% at end-March 2008.
Market Outlook
June 28, 2013
CCEA approves gas price hike

The Cabinet Committee of Economic Affairs (CCEA) has announced to raise gas
price to US$8.4/mmbtu effective April 2014 for a period of five years. CCEA has
approved Oil Ministry's proposal to price all domestically produced natural gas as
per a complex formula suggested by a panel headed by Prime Minister's economic
advisor Mr. C. Rangarajan. The new price will be applicable to private players as
well as public sector units. The price of gas will be revised on a quarterly basis.
The hike is positive for upstream companies such as ONGC, Oil India and
Reliance Industries. We estimate ONGCs EPS to rise by 4-7% for every
US$1/mmbtu increase in gas price. Reliance Industries EPS is expected to increase
by only 2-5% in FY2015 on account of increase in gas prices as production has
declined from its KG D6 basin to 18mmscmd (against targeted 60mmscmd).
Nevertheless, an increase in gas production by RIL from KG D6 block could
materially impact its earnings going forward. Moreover, the higher gas prices will
incentive upstream companies to raise production from newer blocks.
However, as per Power Ministry, every US$1/mmbtu price increase is likely to
impact power sector by `6,450cr per annum, while as per Fertiliser Ministry, every
US$1/mmbtu price increase is likely to impact the fertiliser sector by `3,155cr per
annum.
With increase in costs of fertiliser (mainly urea) production, the governments
fertilizer subsidy is likely to shoot up during FY2014-15. However, the increase in
fertiliser subsidy can be recovered (atleast partially) from ONGC and Oil India in
various forms including higher subsidies, royalty, income tax and dividends. While
higher payments of royalties, income tax and dividends are unlikely to post a
surprise, increase in subsidy burden (to offset the gain due to rise in gas price)
could partially offset the impact of gas price increase for ONGC. We await further
clarity on gas pricing formula. Until then, we maintain our Buy rating on the
ONGC stock with a target price of `372.
RCom ties up with Apple, offers 50% discount on 3G plans for iPhone
RCom has tied up with Apple to bundle the iPhone handset with its service plans.
The company will offer as much as 50% discount on data service on its 3G
network to iPhone users on its network under these plans. This is Apple's third
operator pact in India, it also offers bundled devices with plans from Aircel and
Bharti Airtel. This marks Apple's first attempt at bringing the CDMA technology
version iPhone to India. Aircel and Bharti Airtel have GSM technology-based
operations.
Apple is also one of the only LTE or 4G technology device makers and the latest
iPhones and iPads come in variants that can operate on the upgraded technology.
RCom is a passive infrastructure - telecom towers and optic fibre - provider for
Mukesh Ambani's Relaince Jio Infocomm, which is the only company in the country
with airwaves to provide high-speed internet connectivity on 4G across India.
The pricing proposed for iPhone data users on RCom at the most discounted plan
offering 6GB of data surfing a month at Rs804, compares favourably with Bharti
Airtel's parallel offer that gives 1.2GB data at the same price. However, Bharti
Airtel offers more free calling minutes and SMS. RComs will offer premium
numbers to new iPhone customers on its network, and free access to applications
Market Outlook
June 28, 2013
WhatsApp, Facebook and Twitter for three months. We continue to remain Neutral
on the stock.
Economic and Political News
March current account deficit narrows to 3.6% in Q4

Karnataka cancels 51 Category C mining leases
Chidambaram says current account gap may go up
Corporate News
Honda launches refreshed CBR 250

Kalpataru Power bags `1,130cr orders
YES Bank to submit decision on Gogia to Bombay HC on July 1
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 28, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
July 1, 2013
1:25PM
Germany PMI Manufacturing
Value
Jun F
48.70
48.70
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
50.00
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
51.30
July 3, 2013
1:25PM
Germany PMI Services
July 4, 2013
4:30PM
UK
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
2:00PM
UK
7:00AM
China
4:29PM
July 5, 2013
July 9, 2013
July 10, 2013
July 12, 2013

July 15, 2013
July 16, 2013
July 17, 2013
BOE Announces rates
Jun F
51.30
51.30
Jul 4
0.50
0.50
Jul 4
0.50
0.50
Thousands
Jun
175.00
165.00
Jun
7.60
7.50
Industrial Production (YoY)
% Change
May
(0.60)
--
Consumer Price Index (YoY)
% Change
Jun
2.10
--
India
Imports YoY%
% Change
Jun
7.00
--
4:29PM
India
Exports YoY%
% Change
Jun
(1.10)
--
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
11:00AM
India
Industrial Production YoY
% Change
May
2.30
--
6:00PM
US
Producer Price Index (mom)
% Change
Jun
0.50
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
4.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Jun
9.20
--
7:30AM
China
Real GDP (YoY)
% Change
2Q
7.70
--
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
Consumer price index (mom)
% Change
Jun
0.10
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Jun F
1.40
--
6:45PM
US
Industrial Production
Jun
0.04
--
6:00PM
US
Housing Starts
Thousands
Jun
914.00
--
6:00PM
US
Building permits
Thousands
Jun
985.00
--
% Change
Jun
(8.60)
--
Million
Jun
5.18
--
2:00PM
UK
Jobless claims change
July 22, 2013
7:30PM
US
Existing home sales
July 24, 2013
7:30PM
US
New home sales
July 30, 2013
7:30PM
US
Consumer Confidence
11:00AM
India
11:00AM
11:00AM
July 31, 2013
Value
% Ratio
Thousands
Jun
476.00
--
S.A./ 1985=100
Jul
81.40
--
RBI Repo rate
Jul 30
7.25
--
India
RBI Cash Reserve ratio
Jul 30
4.00
--
India
RBI Reverse Repo rate
Jul 30
6.25
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q A
1.80
--
11:30PM
US
FOMC rate decision
Jul 31
0.25
--
Source: Bloomberg, Angel Research
Market Outlook
June 28, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Apr-13
Jun-12
Mfg. PMI
58.0
7.5
Mar-13
(4.0)
Exhibit 4: Manufacturing and services PMI
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Services PMI
8.1
7.3
7.3
7.2
7.3
7.3
56.0
5.7
4.9
4.7
54.0
52.0
Source: MOSPI, Angel Research
May-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
Apr-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Mar-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
50.0
Jul-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
Source: CSO, Angel Research
9.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
5.1 5.4 5.2
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-12
9.5
9.3
2QFY10
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
15.0
Reverse Repo rate
CRR
8.00
7.00
6.00
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
5.00
4.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
(15.0)
Jul-12
3.00
Market Outlook
June 28, 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
130
2,529
1,657
1,906
14.1
14.1
7.7
8.9
16.9
14.6
3.5
3.0
22.2
21.9
1.5
1.2
United Phosphorus
Buy
135
232
5,982
10,298
11,310
16.5
16.5
20.5
23.2
6.6
5.8
1.1
0.9
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
257
285
4,392
3,418
3,892
14.5
14.5
18.5
20.4
13.9
12.6
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
56
2,843
13,852
15,487
11.4
11.5
12.8
14.9
4.4
3.8
0.7
0.6
17.5
17.3
0.3
0.3
Ashok Leyland
Buy
20
27
5,268
14,038
16,442
7.6
8.7
1.1
2.2
18.9
8.9
1.6
1.5
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
224
338
834
965
9.3
10.6
17.3
27.1
12.9
8.3
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,837
2,056
53,154
22,684
25,908
18.0
18.5
117.3
137.1
15.7
13.4
5.6
4.5
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
219
5,104
6,198
6,793
14.6
14.9
14.5
17.3
15.1
12.7
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Accumulate
8,663
9,213
27,201
9,821
11,394
17.0
17.3
373.5
438.7
23.2
19.8
4.2
3.5
18.0
17.9
2.4
2.0
CEAT
Buy
107
170
367
5,325
5,974
8.4
8.3
40.8
48.5
2.6
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
121
150
10,268
7,053
8,061
14.2
14.5
7.8
9.1
15.4
13.2
2.6
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,415
2,351
1,525
1,742
14.5
15.7
88.4
109.5
16.0
12.9
2.3
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,653
1,819
33,001
25,274
27,658
14.1
13.7
110.2
139.9
15.0
11.8
5.5
4.3
39.8
40.7
1.1
0.9
JK Tyre
Buy
102
154
419
7,972
8,754
7.1
7.1
37.5
44.0
2.7
2.3
0.4
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
934
1,090
57,361
45,254
51,197
11.4
11.7
61.2
70.2
15.3
13.3
3.2
2.7
22.7
21.9
1.0
0.8
1,522
1,847
45,965
48,455
55,723
11.2
10.9
107.8
123.2
14.1
12.4
2.1
1.8
16.2
16.0
0.8
0.7
197
222
11,552
28,442
31,493
7.5
7.8
12.5
14.8
15.7
13.3
3.9
3.1
27.5
25.8
0.6
0.5
Buy
22
30
130
1,479
1,685
10.0
9.9
5.5
7.5
4.0
2.9
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
270
347
72,605 215,016 237,404
13.3
13.6
36.2
41.5
7.5
6.5
1.7
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
32
41
1,520
7,715
8,584
6.0
6.1
5.0
5.8
6.4
5.5
1.1
1.0
18.1
18.5
0.1
0.1
ABB*
Sell
581
461
12,316
8,073
9,052
5.5
6.9
11.5
16.9
50.4
34.3
4.6
4.4
9.3
13.1
1.5
1.3
BGR Energy
Neutral
124
893
4,114
4,886
11.4
10.7
24.9
28.0
5.0
4.4
0.7
0.6
25.2
22.6
0.5
0.5
BHEL
Neutral
163
39,908
44,054
39,326
16.8
15.1
20.6
16.1
7.9
10.1
1.7
1.6
23.5
16.1
0.8
0.8
Blue Star
Buy
156
230
1,403
2,896
3,087
5.6
6.2
9.3
11.7
16.8
13.3
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
80
117
5,142
13,446
15,272
6.7
7.6
6.6
8.9
12.1
9.0
1.3
1.2
11.4
14.0
0.5
0.4
Jyoti Structures
Neutral
20
164
3,360
3,597
9.7
9.8
7.3
10.2
2.7
2.0
0.6
0.5
8.8
11.4
0.3
0.3
KEC International
Buy
29
63
757
7,709
8,399
6.7
7.2
6.1
8.5
4.9
3.5
0.6
0.5
20.2
23.0
0.3
0.3
Thermax
Neutral
601
7,161
5,780
6,430
9.5
9.6
29.8
33.0
20.2
18.2
3.4
3.0
17.9
17.4
1.0
0.9
1,201
1,361
22,550
11,979
13,254
19.7
21.3
77.1
91.4
15.6
13.1
2.8
2.5
18.7
20.0
1.5
1.3
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Buy
Market Outlook
June 28, 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
181
27,988
10,232
11,762
23.5
24.5
10.3
12.2
17.6
14.9
2.9
2.7
17.2
18.6
2.2
1.8
India Cements
Neutral
56
1,716
4,929
5,434
17.4
17.1
8.9
10.9
6.3
5.1
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
100
143
1,178
2,247
2,742
21.0
23.1
17.8
21.8
5.6
4.6
0.8
0.7
15.5
16.4
0.5
0.9
Madras Cements
Neutral
223
5,295
4,234
4,788
23.9
24.0
18.5
22.8
12.0
9.8
1.9
1.7
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,480
15,606
6,540
7,452
27.4
26.6
319.7
369.9
14.0
12.1
3.5
2.8
27.5
25.4
1.7
1.3
UltraTech Cement
Neutral
1,877
51,450
21,947
25,049
23.8
23.8
106.1
119.8
17.7
15.7
2.9
2.5
17.7
17.3
2.3
2.0
191
255
1,005
1,928
2,234
21.0
21.5
18.0
22.2
10.6
8.6
0.9
0.8
10.2
10.1
1.9
1.9
10
178
2,281
2,492
5.9
6.9
0.7
2.0
14.1
4.8
0.3
0.3
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
94
157
3,139
3,997
4,312
45.5
46.4
15.7
16.6
6.0
5.7
0.9
0.8
15.2
14.5
3.2
3.5
ITNL
Buy
144
230
2,789
7,444
8,041
27.4
28.9
29.8
32.1
4.8
4.5
0.7
0.6
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
14
29
443
5,673
5,892
8.1
8.4
1.4
1.8
10.0
7.9
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
51
90
11,328
14,850
15,631
24.9
25.1
2.5
2.9
20.2
17.9
0.8
0.8
4.2
4.7
2.6
2.5
Larsen & Toubro
Buy
1,350
1,761
83,212
68,946
78,040
10.5
10.5
77.9
88.3
17.3
15.3
2.5
2.3
15.5
15.6
1.3
1.2
Nagarjuna Const.
Buy
22
42
561
6,167
6,945
8.0
8.2
2.7
3.6
8.2
6.0
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
33
1,103
12,954
14,740
9.9
9.9
0.5
0.9
65.4
35.6
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
95
139
1,434
2,462
2,731
10.6
10.6
5.9
6.7
16.1
14.3
1.6
1.4
10.2
10.5
0.9
0.8
Simplex Infra
Buy
76
131
374
6,308
7,033
9.5
9.6
11.9
18.7
6.4
4.0
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
25
41
183
2,146
2,339
13.7
13.8
11.0
11.5
2.3
2.1
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
88
132
4,413
7,120
7,979
2.7
2.7
31.7
36.6
2.8
2.4
0.5
0.4
14.3
14.7
Andhra Bank
Accumulate
79
86
4,396
5,254
5,900
2.8
2.8
21.2
22.9
3.7
3.4
0.5
0.5
13.3
13.0
Axis Bank
Buy
1,273
1,684
59,677
19,079
22,765
3.3
3.2
137.8
156.8
9.2
8.1
1.6
1.4
18.1
17.9
Bank of Baroda
Buy
567
778
23,875
16,163
18,549
2.2
2.3
116.9
137.3
4.9
4.1
0.7
0.6
14.6
15.3
Bank of India
Buy
222
313
13,202
14,272
16,038
2.2
2.2
56.0
64.3
4.0
3.4
0.6
0.5
13.9
14.3
Bank of Maharashtra
Buy
49
63
3,208
4,362
4,707
3.0
2.9
11.2
13.0
4.3
3.7
0.6
0.5
15.1
15.5
Canara Bank
Buy
349
451
15,439
11,928
13,467
2.1
2.2
74.8
86.0
4.7
4.1
0.7
0.6
13.7
14.2
Central Bank
Accumulate
61
69
6,335
8,124
9,075
2.4
2.4
14.0
17.3
4.3
3.5
0.6
0.5
11.8
13.2
Corporation Bank
Buy
342
438
5,235
5,558
6,121
2.0
2.0
98.4
107.7
3.5
3.2
0.5
0.5
14.9
14.5
Dena Bank
Buy
66
89
2,321
3,187
3,582
2.3
2.4
23.8
25.5
2.8
2.6
0.4
0.4
15.9
15.1
Federal Bank
Accumulate
399
459
6,822
2,873
3,413
3.0
3.1
52.7
62.0
7.6
6.4
1.0
0.9
13.4
14.2
Financials
Market Outlook
June 28, 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
Accumulate
837
861
130,095
8,573
10,142
3.6
3.6
37.0
43.6
22.7
19.2
4.7
4.2
30.0
30.3
HDFC Bank
Buy
646
732
154,346
28,361
34,747
4.6
4.6
33.9
41.0
19.0
15.8
3.6
3.1
20.7
21.2
ICICI Bank
Buy
1,033
1,422
119,173
25,914
30,994
3.1
3.2
84.5
99.6
12.2
10.4
1.6
1.5
15.3
16.3
IDBI Bank
Buy
68
80
9,090
9,477
10,678
2.0
2.1
19.6
22.6
3.5
3.0
0.4
0.4
12.8
13.4
Indian Bank
Buy
111
149
4,770
6,185
6,978
3.0
3.0
37.0
42.2
3.0
2.6
0.4
0.4
14.8
15.1
IOB
Accumulate
48
54
4,459
8,142
8,956
2.5
2.5
16.5
20.7
2.9
2.3
0.4
0.3
11.8
13.4
J & K Bank
Accumulate
1,163
1,315
5,640
3,074
3,140
3.5
3.2
224.7
201.5
5.2
5.8
1.0
0.9
20.6
16.1
LIC Housing Finance
Buy
249
298
12,556
2,113
2,525
2.3
2.3
25.4
29.2
9.8
8.5
1.7
1.5
18.4
18.3
Oriental Bank
Buy
199
237
5,797
6,835
7,588
2.6
2.6
56.5
63.8
3.5
3.1
0.5
0.4
13.1
13.4
Punjab Natl.Bank
Buy
637
904
22,500
20,632
23,646
3.3
3.3
147.2
171.8
4.3
3.7
0.7
0.6
15.6
16.1
South Ind.Bank
Buy
22
25
2,909
1,814
2,061
2.9
2.8
4.1
4.4
5.4
5.0
0.9
0.8
17.6
16.6
St Bk of India
Buy
1,914
2,536
130,904
67,431
76,831
3.1
3.0
244.1
286.7
7.8
6.7
1.2
1.1
16.5
17.0
Syndicate Bank
Buy
105
141
6,339
7,158
8,169
2.6
2.6
26.3
29.5
4.0
3.6
0.6
0.5
15.5
15.5
UCO Bank
Accumulate
58
64
4,384
6,150
6,609
2.5
2.5
11.1
13.5
5.2
4.3
0.8
0.6
11.0
12.2
Union Bank
Buy
178
243
10,650
11,107
12,650
2.6
2.6
39.4
46.6
4.5
3.8
0.6
0.6
14.1
15.0
United Bank
Buy
46
58
1,729
3,443
3,998
2.4
2.6
15.1
20.4
3.1
2.3
0.4
0.3
12.1
14.8
Vijaya Bank
Accumulate
43
50
2,146
2,730
3,059
1.9
2.0
10.2
11.3
4.3
3.8
0.5
0.5
11.8
12.0
Yes Bank
Accumulate
444
500
15,949
4,429
5,502
2.8
2.9
42.3
49.5
10.5
9.0
2.3
1.9
23.5
22.8
FMCG
Asian Paints
Neutral
4,542
43,566
12,332
14,524
16.5
16.3
141.6
162.7
32.1
27.9
10.2
8.1
35.4
32.2
3.4
2.8
Britannia
Neutral
659
7,886
6,417
7,502
6.1
6.3
23.2
27.9
28.5
23.6
9.8
7.7
38.3
36.4
1.2
1.0
Colgate
Neutral
1,337
18,182
3,588
4,130
20.5
20.9
44.2
51.8
30.3
25.8
29.5
21.5
108.6
96.2
4.8
4.1
Dabur India
Neutral
154
26,763
7,183
8,340
16.8
16.8
5.4
6.3
28.6
24.4
11.1
8.7
41.5
40.1
3.6
3.1
GlaxoSmith Con*
Neutral
4,748
19,969
3,617
4,259
16.1
16.4
122.2
148.7
38.9
31.9
12.1
9.7
34.1
33.7
4.9
4.1
Godrej Consumer
Neutral
789
26,840
7,801
9,017
16.2
15.9
25.1
29.7
31.4
26.6
6.8
5.6
24.9
24.2
3.5
3.0
HUL
Neutral
589
127,370
29,167
33,164
13.6
13.7
17.1
18.4
34.5
32.0
33.2
24.0
113.4
87.0
4.2
3.7
ITC
Neutral
323
255,111
34,294
39,991
36.8
37.0
11.3
13.3
28.6
24.2
9.4
7.6
36.1
34.9
7.1
6.0
Marico
Neutral
208
13,415
5,273
6,044
14.8
14.9
7.3
8.7
28.7
24.0
5.6
4.6
21.4
21.0
2.5
2.1
Nestle*
Neutral
4,916
47,401
9,447
10,968
22.1
22.3
127.5
154.1
38.6
31.9
19.3
13.9
57.7
50.7
5.0
4.2
Tata Global
Accumulate
129
145
7,996
8,069
8,957
9.8
9.7
7.8
8.6
16.5
15.1
2.0
1.9
9.5
9.7
1.0
0.9
Market Outlook
June 28, 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
795
863
55,363
28,633
32,216
21.5
20.7
57.3
61.7
13.9
12.9
3.3
2.7
24.0
21.5
1.7
1.4
83
96
2,467
2,091
2,289
19.0
18.8
10.6
11.3
7.8
7.3
1.7
1.5
22.8
21.7
1.0
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,477
142,235
43,338
47,244
27.5
27.7
169.4
182.6
14.6
13.6
3.0
2.6
20.8
19.3
2.5
2.2
Infotech Enterprises
Neutral
179
2,003
1,956
2,174
17.9
17.7
20.4
21.9
8.8
8.2
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Accumulate
121
135
2,345
2,513
2,819
16.1
15.5
12.6
14.0
9.7
8.7
1.7
1.4
17.9
16.6
0.9
0.7
Mahindra Satyam
Accumulate
125
126
14,701
8,278
9,062
20.3
20.1
10.5
11.4
11.9
11.0
2.7
2.2
23.1
20.0
1.3
1.1
Mindtree
Accumulate
826
920
3,431
2,599
2,871
19.4
19.2
85.2
92.3
9.7
8.9
2.0
1.7
21.4
18.9
1.0
0.8
Mphasis&
Accumulate
363
395
7,627
6,096
6,646
17.6
17.4
38.1
41.6
9.5
8.7
1.4
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
19
30
310
1,144
1,267
9.0
9.1
4.3
5.4
4.4
3.5
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
500
593
2,001
1,445
1,617
25.2
25.0
55.3
59.3
9.1
8.4
1.6
1.4
18.2
16.5
0.9
0.7
TCS
Accumulate
1,489
1,585
291,391
71,833
81,893
28.4
28.0
78.5
88.0
19.0
16.9
5.7
4.7
30.2
27.9
3.7
3.2
Tech Mahindra
Accumulate
1,075
1,170
13,814
7,779
8,398
19.7
19.3
107.4
117.8
10.0
9.1
2.1
1.7
21.2
19.0
1.7
1.5
Wipro
Accumulate
347
385
85,593
40,173
43,697
20.4
20.6
26.2
28.5
13.3
12.2
2.6
2.3
19.7
18.4
1.6
1.4
D B Corp
Buy
233
290
4,281
1,750
1,925
25.1
26.6
14.2
16.8
16.4
13.9
3.6
3.0
23.4
23.4
2.3
2.0
HT Media
Buy
96
117
2,259
2,205
2,380
15.1
15.6
8.3
9.1
11.6
10.6
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
82
119
2,708
1,664
1,825
20.9
23.0
6.4
7.8
12.7
10.5
2.6
2.3
21.0
23.1
1.7
1.6
PVR
Neutral
320
1,268
1,359
1,540
17.3
17.4
17.2
21.6
18.6
14.9
1.9
1.7
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
369
14,554
2,287
2,551
69.7
70.5
20.0
23.3
18.5
15.9
4.6
4.0
26.4
27.3
6.0
5.3
Bhushan Steel
Neutral
463
10,487
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
287
345
181,248
72,174
76,311
33.3
28.4
28.4
30.9
10.1
9.3
2.8
2.4
37.6
36.2
1.7
1.5
Electrosteel Castings
Buy
12
24
407
1,976
2,017
11.8
12.7
1.3
2.6
9.9
4.8
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
125
193
3,973
1,920
2,239
53.2
52.9
21.6
25.0
5.8
5.0
1.3
1.1
25.1
23.8
1.6
1.2
Hind. Zinc
Buy
97
145
41,028
12,358
13,659
51.4
51.6
16.0
17.6
6.1
5.5
1.1
1.0
19.4
18.4
1.1
0.6
Hindalco
Neutral
96
18,351
89,352
93,672
8.8
9.2
13.4
15.0
7.2
6.4
0.5
0.5
7.3
7.6
0.5
0.5
JSW Steel
Neutral
643
14,349
39,973
40,926
17.2
17.0
71.9
82.8
9.0
7.8
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
190
248
3,189
1,010
1,046
46.5
47.6
26.8
28.8
7.1
6.6
1.0
0.9
15.4
14.7
0.7
0.5
Monnet Ispat
Buy
119
193
759
2,326
2,709
21.4
23.1
33.3
43.1
3.6
2.8
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
29
7,358
7,656
7,988
13.1
13.5
2.6
2.6
11.2
10.9
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
101
156
39,964
10,461
11,892
71.6
72.6
16.3
17.6
6.2
5.7
1.3
1.2
22.1
21.4
2.0
1.8
Media
Metals & Mining
Market Outlook
June 28, 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
Sesa Goa
Buy
49
20,051
44,060
54,786
9.4
11.5
5.2
7.2
9.3
6.8
0.5
0.5
5.2
6.8
0.7
0.6
138
166
12,007
3,742
4,426
32.9
32.8
30.0
29.8
4.6
4.6
0.6
0.5
14.3
12.5
3.9
3.2
Sterlite Inds
Tata Steel
Buy
79
100
26,667
44,462
45,568
23.2
24.7
18.1
20.2
4.4
3.9
0.5
0.4
11.3
11.4
0.5
0.5
Buy
264
378
25,664 140,917 151,537
9.7
10.8
30.9
47.6
8.5
5.6
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
93
153
332
1,494
1,568
19.1
20.3
31.3
36.5
3.0
2.5
0.3
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
28
45
380
2,615
2,776
12.1
12.0
9.8
10.4
2.9
2.7
0.2
0.2
6.5
6.5
0.4
0.4
Buy
74
102
241
2,344
2,509
14.9
15.4
38.7
47.0
1.9
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
288
345
55,016
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.8
16.5
13.6
1.8
1.5
GAIL
Neutral
299
37,902
52,102
52,876
15.7
16.1
34.1
35.7
8.8
8.4
1.4
1.2
16.4
15.3
0.3
0.2
ONGC
Buy
321
372
274,246 170,063 193,024
36.3
36.9
34.7
38.3
9.3
8.4
1.6
1.4
18.3
17.9
1.3
1.0
Reliance Industries
Neutral
830
268,188 380,031 407,721
9.9
69.3
69.3
78.0
12.0
10.7
1.2
1.1
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
189
2,423
3,707
3,850
11.7
12.4
23.7
25.7
8.0
7.4
2.2
1.9
29.6
28.2
0.5
0.5
Indraprastha Gas
Neutral
266
3,718
3,700
4,218
23.4
22.8
26.7
30.4
10.0
8.7
2.1
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
120
167
8,981
40,356
40,872
5.8
6.4
15.0
16.7
8.0
7.2
1.7
1.4
23.0
21.5
0.3
0.3
53
2,985
1,171
1,287
91.9
91.9
10.1
11.3
5.3
4.7
0.9
0.7
17.3
16.8
Alembic Pharma
Accumulate
127
139
2,386
1,736
2,008
17.1
18.9
10.7
13.9
11.8
9.1
3.7
2.8
35.0
34.7
1.4
1.2
Aurobindo Pharma
Buy
177
271
5,146
6,641
7,637
15.9
15.9
17.3
20.6
10.2
8.6
1.6
1.4
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,442
5,623
1,682
1,917
16.6
16.6
92.4
99.1
26.4
24.6
3.7
3.7
15.7
14.8
2.9
2.4
Cadila Healthcare
Buy
762
929
15,610
7,280
8,640
15.5
15.7
38.3
46.5
19.9
16.4
4.3
3.5
23.5
23.5
2.4
2.0
Cipla
Buy
388
477
31,133
9,274
10,796
23.1
23.1
21.0
23.8
18.5
16.3
3.0
2.5
17.2
16.8
3.0
2.5
Dr Reddy's
Buy
2,164
2,535
36,773
13,377
15,350
20.4
20.1
112.3
126.8
19.3
17.1
4.1
3.4
23.5
21.8
2.7
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
55
168
445
1,394
1,534
22.5
22.4
15.0
16.8
3.7
3.3
0.4
0.4
11.0
11.2
1.0
0.8
2,331
19,740
2,854
3,145
28.6
28.6
76.6
83.3
30.4
28.0
9.1
8.3
31.1
31.0
6.0
5.4
64
78
589
760
922
15.3
15.3
6.1
7.8
10.5
8.2
1.3
1.1
12.9
14.7
1.0
0.8
Accumulate
631
665
7,959
3,243
3,826
20.5
21.5
36.0
44.4
17.5
14.2
4.1
3.3
26.0
25.4
2.5
2.1
Lupin
Buy
771
877
34,541
11,641
13,933
21.3
21.3
34.8
41.8
22.2
18.5
5.2
4.1
26.2
24.8
3.0
2.4
Ranbaxy*
Neutral
318
13,438
11,400
12,060
10.5
12.5
17.5
22.5
18.2
14.1
2.9
2.5
17.0
19.1
1.1
1.0
Sun Pharma
Neutral
974
100,663
13,509
15,846
41.0
41.0
33.0
39.8
29.5
24.5
5.9
4.9
22.0
22.0
6.6
5.5
68
78
1,035
1,444
1,482
33.4
33.0
13.7
14.8
5.0
4.6
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
Market Outlook
June 28, 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
Buy
140
163
115,808
76,734
86,680
24.5
24.3
13.4
14.5
10.5
9.7
1.3
1.2
12.8
12.7
2.2
2.1
DLF
Buy
176
236
31,359
8,293
9,622
36.5
36.1
5.7
6.7
30.9
26.1
1.1
1.1
3.7
4.1
5.7
4.8
MLIFE
Buy
402
476
1,641
888
1,002
30.6
30.6
38.8
43.4
10.3
9.3
1.2
1.1
11.2
11.4
2.4
2.1
Bharti Airtel
Buy
281
328
112,367
86,592
95,860
31.4
31.8
10.9
14.5
25.8
19.3
2.0
1.8
7.7
9.3
1.9
1.6
Idea Cellular
Neutral
140
46,252
25,122
27,663
27.0
27.2
4.0
4.8
35.2
29.3
2.9
2.7
8.3
9.1
2.2
2.0
Rcom
Neutral
116
23,870
22,801
24,628
31.0
31.3
3.6
5.3
32.5
22.0
0.7
0.7
2.2
3.1
2.6
2.3
11.8
12.4
71.2
83.0
20.0
17.1
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,422
1,659
3,022
1,863
2,081
Bajaj Electricals
Buy
171
237
1,701
3,885
4,472
5.4
7.2
11.0
19.7
15.6
8.6
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
496
562
628
630
795
14.4
13.6
42.8
51.1
11.6
9.7
2.8
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
305
459
79
248
284
6.5
7.3
27.2
38.2
11.2
8.0
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
48
68
733
2,563
2,899
9.8
9.8
10.1
11.3
4.8
4.2
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
270
437
352
2,304
2,649
3.1
3.6
28.0
43.7
9.6
6.2
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Buy
294
345
679
1,458
1,542
8.3
9.0
32.3
37.0
9.1
7.9
1.7
1.4
19.5
19.3
0.3
0.2
Hitachi
Buy
128
177
347
1,053
1,169
6.3
7.1
13.8
17.7
9.2
7.2
1.3
1.1
15.0
16.7
0.4
0.3
2,362
2,088
1,842
2,131
7.7
7.8
112.4
132.4
21.0
17.8
2.6
2.3
13.3
13.8
1.0
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
144
198
130
495
651
12.7
12.9
29.3
39.5
4.9
3.7
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
154
234
177
1,430
1,573
11.1
11.0
19.1
26.9
8.1
5.7
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Accumulate
178
199
2,953
1,220
1,476
13.3
13.6
5.5
9.0
32.3
19.7
3.7
3.3
12.1
17.7
2.8
2.2
MRF
Buy
12,508
14,416
5,305
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.0
6.9
1.5
1.2
23.5
19.2
0.5
0.5
Page Industries
Accumulate
4,110
4,611
4,584
1,057
1,282
19.4
19.6
124.8
153.7
32.9
26.7
16.3
12.0
56.3
51.8
4.4
3.6
Relaxo Footwears
Neutral
797
957
1,146
1,333
10.9
11.4
45.9
60.9
17.4
13.1
3.6
2.9
23.0
24.6
1.0
0.8
Siyaram Silk Mills
Buy
227
343
212
1,158
1,322
11.9
11.9
72.9
85.7
3.1
2.7
0.6
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
388
617
682
1,068
1,223
9.6
9.6
38.1
44.1
10.2
8.8
1.4
1.2
14.5
14.7
0.6
0.5
TAJ GVK
Buy
60
108
373
300
319
35.8
36.2
7.9
9.1
7.5
6.5
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
284
371
437
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
483
686
375
435
516
6.2
7.1
24.3
33.3
19.9
14.5
3.3
2.8
17.6
20.8
0.7
0.6
Tree House
Buy
240
297
863
153
194
53.0
52.8
12.4
15.6
19.4
15.3
2.3
2.0
11.8
13.1
5.8
4.5
TVS Srichakra
Buy
174
252
133
1,591
1,739
6.1
6.6
24.5
41.9
7.1
4.2
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,226
32,346
12,294
14,162
12.0
12.0
42.1
67.7
52.9
32.9
3.7
3.4
9.1
10.7
3.0
2.6
Market Outlook
June 28, 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
358
439
728
600
638
20.1
19.4
35.7
36.6
10.1
9.8
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 27, 2013
Market Outlook
June 28, 2013

Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

June 28, 2013

CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013

FII Derivatives (June 27, 2013)

OIL & GAS

Net Inflows (June 26, 2013)

Refer detailed news analysis on the following page

CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013

External debt increased by nearly 13%

CCEA approves gas price hike

Economic and Political News

March current account deficit narrows to 3.6% in Q4

Honda launches refreshed CBR 250

Country Event Description

Germany PMI Manufacturing

Germany PMI Services

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

July 12, 2013

July 16, 2013

July 17, 2013

BOE Announces rates

Industrial Production (YoY)

Consumer Price Index (YoY)

Industrial Production YoY

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Industrial Production (YoY)

Real GDP (YoY)

Consumer price index (mom)

Euro Zone Euro-Zone CPI (YoY)

Jobless claims change

July 22, 2013

Existing home sales

July 24, 2013

New home sales

July 30, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

GDP Qoq (Annualised)

FOMC rate decision

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: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

5.1 5.4 5.2

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Buy

72,605 215,016 237,404