Market Outlook 3rd May 2012

Market Outlook
May 3, 2012
Dealers Diary
The Indian markets are expected to open flat to negative tracking negative cues
from Asian markets. Asian stocks fell as growth in Chinas services industries
slowed and employment reports from Europe to the U.S. and New Zealand fueled
concern the global economy is faltering.
Domestic Indices
US stocks turned a mixed performance on Wednesday trading session. The early

weakness on Wall Street came following the release of a report showing much
weaker than expected private sector job growth in the month of April. The private
sector employment increased by 119,000 jobs in April against an estimate of
183,000 jobs. While April's increase was the twenty-seventh consecutive monthly
advance, it nonetheless reflected a deceleration in the recent pace of hiring.
Investors would now keenly watch out for the jobless claims data due for release
today.
Indian shares ended modestly lower on Wednesday, erasing early gains, as
investors waited for the government's clarification on GAAR before deciding on the
future course of action. Weak PMI and infrastructure output data and growing
weakness in the rupee, which fell below 53 to touch a near 4-month low against
the dollar today, also weighed on investor sentiment.
Markets Today
The trend deciding level for the day is 17,333 / 5,248 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,401 17,500 / 5,270 5,302 levels. However, if NIFTY trades below
17,333 / 5,248 levels for the first half-an-hour of trade then it may correct up to
17,234 17,166 / 5,217 5,195 levels.
S2
S1
PIVOT
R1
R2
SENSEX
17,166
17,234
17,333
17,401
17,500
NIFTY
5,195
5,217
5,248
5,270
5,302
(Pts)
(Close)
BSE Sensex
(0.1)
Nifty
(0.2)
(9.0)
5,239
MID CAP
(0.3)
(16.9)
6,299
SMALL CAP
0.2
13.3
6,778
BSE HC
0.0
2.4
6,798
BSE PSU
(0.6)
(40.4)
7,209
BANKEX
0.3
(16.9) 17,302
31.7 11,860
AUTO
(1.7) (182.6) 10,463
METAL
(0.4)
(40.2) 11,026
OIL & GAS
(0.6)
(46.0)
7,919
0.7
41.8
5,746
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
Chg (%)
(0.1)
(10.8) 13,269
0.3
9.4
3,060
(0.9)
(54.1)
5,758
Nikkei
0.3
29.3
9,380
Hang Seng
1.0
Straits Times
0.7
21.0
2,999
Shanghai Com
1.8
42.1
2,438
Chg (%)
(Pts)
(Close)
0.5
0.2
$47.6
WIT
(0.2)
(0.0)
$9.6
IBN
(1.9)
(0.6)
$33.4
HDB
(1.2)
(0.4)
$33.4
NASDAQ
FTSE
Indian ADRs
INFY
Indices
Chg (%)
214.9 21,309
News Analysis
Auto sales numbers April 2012

4QFY2012 Result Reviews Bharti Airtel, HMCL
4QFY2012 Result Previews Marico, Aventis Pharma, KEC International
Advances / Declines
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
2,114
1,573
541
(1,865)
43,461
725
876
(152)
(676)
(6,249)
FII Derivatives (May 02, 2012)

` cr
Purch
Index Futures
1,064
984
80
8,598
Stock Futures
903
1,029
(125)
20,433
Sales
Net
Open Interest
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Sun TV Network
301
5.1
Titan Inds
243
4.3
88
4.2
Tata Motors
MMTC
805
3.6
United Breweries
555
3.6
India Cements
www.angelbroking.com
NSE
Advances
1,333
660
Declines
1,465
792
135
91
Unchanged
Net Inflows (April 30, 2012)
MFs
BSE
Company
Price (`)
chg (%)
Ashok Leyland
31
(5.4)
Pipavav Defence
80
(4.2)
305
(3.8)
Manappuram Fin.
29
(3.7)
Sintex Industries
71
(3.7)
Volumes (` cr)
BSE
1,805
NSE
9,876
Market Outlook
May 3, 2012
Auto sales numbers April 2012

Ashok Leyland (AL)
Ashok Leyland reported 57% yoy increase in total volumes to 8,686 units largely
on account of base effect in the MHCV segment and also due to incremental sales
from recently launched small commercial vehicle Dost. Excluding Dost volumes
jumped 17% yoy during the month.
Bajaj Auto (BJAUT)

BJAUT reported a modest 4% yoy growth in total volumes as the commercial
vehicle segment posted a 13% yoy decline during the month. Motorcycle sales too
posted a moderate 6% yoy growth to 342,324 units. The volume momentum in the
motorcycle segment continues to be impacted by general slowdown in the sector
and increasing competitive activity especially from Honda Motorcycles and
Scooters India. Exports too remained subdued and registered 7% yoy growth
during the month.
Result Reviews
Bharti Airtel (CMP: `318/TP: - /Upside: -)
Bharti Airtel (Bharti) reported a mixed performance for 3QFY2012, with operating
margins coming in ahead of our expectations while profitability came lower than
ours as well as street expectations due to higher than expected forex losses and
interest expenditure. Bhartis consolidated revenue stood at `18,477cr, up just
1.4% qoq. Revenue from mobile services for India came in at `10,510cr, up 3.3%
qoq on the back of 5.1% qoq growth in overall network traffic and 2.8% qoq
increase in MOU to 431min. However, APRM declined by 1.7% qoq to `0.44/min.
Zain Africas revenue stood at `5,308cr, down 0.9% qoq due to MOU as well as
ARPU declining sequentially by 2.1% and ~4.1% to 122min and US$6.8/month.
EBITDA margin of mobile India as well as Africa business increased by 15bp and
114bp qoq to 34.0% and 27.8%, respectively. Consolidated EBITDA margin of the
company grew by 100bp qoq to 33.3%. PAT came in at 1,006cr, down0.5% qoq,
negatively impacted by higher interest cost of `1057cr (due to forex fluctuations)
vs. 788cr in 3QFY2012 and higher tax rates. Overall the results of Bharti were
modest as the company continued to maintain its leadership with an increasing
subscriber base. But regulatory uncertainty remains an overhang of the stock as
the telecom industry is currently going through various operational and policy
uncertainties. We remain Neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2013E
80,967
33.1 6,791 17.9
11.5
17.8
2.0
6.5
2.2
FY2014E
88,684
33.4 8,367 22.0
12.5
14.4
1.8
5.5
1.8
Note: Estimates are subject to change post conference call
P/E P/BV
Market Outlook
May 3, 2012
Hero MotoCorp (CMP: `2,245/TP: - /Upside: -)

Hero MotoCorp (HMCL) reported in-line net sales growth of 11.9% yoy (flat qoq)
to `6,035cr driven by volume growth of 8.1% yoy and increase in average net
realization by 3.1% yoy. HMCLs volume performance was led by 7.4% and 17%
yoy increase in motorcycle and scooter sales, respectively. On the operating front,
EBITDA margins (adjusted for change in accounting for royalty payments) declined
20bp yoy to 11.9% primarily on account of increase in raw-material expenses.
Further savings in employee expenses and other expenses supported the margins.
Net profit however, jumped 20.3% yoy to `604cr as higher other income and
lower tax rate benefitted the profitability. At the CMP of `2,245, HMCL is
reasonably valued at 14.9x FY2014E earnings (historical multiple - 15x). Thus we
maintain our Neutral rating on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS
ROE
EV/EBITDA
EV/Sales
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
(x)
(x)
FY2013E
26,161
15.4 2,868 143.6
56.3
15.6
7.5
9.0
1.3
FY2014E
29,681
15.3 3,007 150.6
43.8
14.9
5.8
7.3
1.0
Result Previews
Marico
Marico is expected to announce its 4QFY2012results. For the quarter, we expect
Marico to report 21.7% yoy growth in its consolidated top line to `910cr, driven by
improved volumes and realizations. We expect OPM to contract by 211bp yoy to
13% due to increased input costs. Maricos earnings for the quarter are expected
to decline by 2.1% yoy to `70cr. We maintain our Neutral recommendation on the
stock.
Aventis Pharma
For the 2QCY2012, Aventis Pharma is expected to post a net sales and profits of
around `312cr and `51.5cr, registering a yoy growth of 12.9% and 1.8%. On the
operating front, the margins are expected to dip by 110bps to end the period at
14.6%. We maintain our neutral view on the stock.
KEC International
For 4QFY2012, KEC International (KEC) is expected to register strong growth of
22.0% yoy to `1,902cr on the back of strong execution of its robust order book.
On the EBITDA front, the companys margin is expected to contract by ~250bp
yoy to 8.0% because of margin pressures in the domestic business (as was the case
in the previous quarter). Nonetheless, increased contribution from SAE Towers is
likely to support the companys margins. Interest cost is expected to remain at
elevated levels, resulting in a yoy decline of 13.2% at the earnings level to `68.2cr.
We recommend Buy on the stock with a target price of `72.
Market Outlook
May 3, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Bank of Baroda - (04/05/2012)
Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,306
1,294
1,290
Grasim Industries Ltd - Consolidated (05/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
6,942
6,390
6,260
11
EBITDA
1,541
1,650
(7)
1,413
EBITDA margin (%)
22.2
25.8
Net profit
757
865
22.6
(12)
669
Economic and Political News
India Manufacturing PMI rose to 54.9 in April from 54.7 in March 2012
TRAI allows MSOs to charge a carriage fee from broadcasters
Oil ministry seeks clarifications from RIL on CBM gas price
Vodafone ignored CBDT advice on tax liability: Government
Corporate News
BGR Energy bags `1,855cr order from Meja Urja Nigam

Petronet signs pact for `4,500cr Gangavaram LNG terminal
Tata Motors ends distribution alliance with Fiat
Kingfisher staff likely to move Labour Court over non-payment of salaries
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
13
Market Outlook
May 03, 2012
Result Calendar
Date
Company
May 03, 2012
Marico, Aventis, KEC International, Finolex Cables
May 04, 2012
Bank of Baroda, Corporation Bank, ITNL, D B Corp, ITD Cementation
May 05, 2012
Grasim Inds, Allahabad Bank, IOB, Syndicate Bank, UCO Bank, United Bank, Bank of Maharashtra
May 06, 2012
May 07, 2012
HDFC, Bosch India, GSK Pharma, GlaxoSmith Con, Andhra Bank, South Ind.Bank
May 08, 2012
Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., Central Bank, CESC, Dena Bank, CEAT
May 09, 2012
Punjab Natl.Bank, Ranbaxy, ABB, Union Bank, IRB Infra, NIIT
May 10, 2012
NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Sintex, Apollo Tyres, HEG
May 11, 2012
Dr Reddy's, Indian Bank, Federal Bank, Thermax, Goodyear
May 12, 2012
Madhucon Proj
May 13, 2012
May 14, 2012
Mundra Port, Ashok Leyland, Indraprasth Gas
May 15, 2012
May 16, 2012
J K Lakshmi Cements
May 17, 2012
Bajaj Auto
May 18, 2012
St Bk of India
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
May 03, 2012

May 04, 2012
May 10, 2012
May 11, 2012
Country
Event Description
US
Initial Jobless claims
Euro Zone
ECB announces interest rates
Germany
PMI Services
US
Change in Nonfarm payrolls
US
Unnemployment rate
China
Exports YoY%
UK
BOE Announces rates
UK
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
21-Apr-12
388.00
376.50
Apr-12
1.00
1.00
Value
Apr-12
52.60
52.60
Thousands
Mar-12
120.00
161.00
Mar-12
8.20
8.20
% Change
Mar-12
8.90
8.50
% Ratio
May-12
0.50
0.50
Industrial Production (YoY)
% Change
Feb-12
(2.30)
--
India
Industrial Production YoY
% Change
Feb-12
4.10
--
US
Producer Price Index (mom)
% Change
Mar-12
--
--
China
Industrial Production (YoY)
% Change
Mar-12
11.90
12.00
China
% Change
Mar-12
3.60
3.40
% Change
Mar-12
6.89
--
% Change
Mar-12
0.30
--
May 14, 2012
India
May 15, 2012
US
Consumer Price Index (YoY)

Monthly Wholesale Prices
YoY%
Consumer price index (mom)
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
Dec-11
(0.30)
--
Germany
GDP nsa (YoY)
% Change
Dec-11
1.50
--
Euro Zone
Euro-Zone CPI (YoY)
Mar-12
2.70
--
US
Industrial Production
Mar-12
--
--
US
Housing Starts
Thousands
Mar-12
654.00
--
US
Building permits
Thousands
Mar-12
764.00
--
UK
Jobless claims change
% Change
Mar-12
3.60
--
May 16, 2012
Market Strategy
May 03, 2012
Macro watch
Exhibit 1: Quarterly GDP trends

(%)
Exhibit 2: IIP trends

(%)
9.8
10.0
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.5
2.5
1.1
2.0
(6.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
9.7
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Feb-12
Jan-12
Services PMI
58.0
9.5
6.9
7.0
56.0
6.9
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Repo rate
(%)
9.00
Imports yoy growth
90
75
Reverse Repo rate
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
May-11
Mar-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jun-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
May-11
52.0
Apr-11
4.0
Jun-11
54.0
6.0
Apr-11
10.0
Dec-11
(5.0)
Source: CSO, Angel Research
12.0
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
(4.0)
May-11
(2.0)
5.0
Apr-11
Mar-11
6.0
9.5
9.4
10.0
8.5
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source: RBI, Angel Research
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
4.00
Apr-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Apr-12
15
(15)
7.00
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Buy
115
133
2,243
1,570
1,884
17.9
17.9
9.8
11.1
11.8
10.4
2.8
2.3
25.9
24.3
1.4
1.1
United Phosphorus
Buy
120
210
5,522
7,797
8,150
19.7
19.7
16.0
18.6
7.5
6.4
1.1
1.0
16.1
16.4
0.7
0.7
Amara Raja Batteries
Buy
289
345
2,470
2,691
3,032
15.6
15.5
29.4
32.8
9.8
8.8
2.3
1.9
26.5
23.6
0.9
0.7
Apollo Tyres
Accumulate
88
100
4,428
13,580
15,007
10.1
10.2
10.5
12.5
8.3
7.0
1.4
1.2
21.8
30.7
0.5
0.4
Ashok Leyland
Buy
31
37
8,115
15,008
16,906
9.5
9.5
2.6
3.1
11.9
9.9
2.5
2.1
15.5
17.0
0.6
0.5
Automotive Axle
Neutral
516
779
1,211
1,390
11.6
11.4
48.1
55.3
10.7
9.3
2.6
2.1
26.8
25.2
0.7
0.6
Bajaj Auto
Buy
1,593
1,888
46,101
22,362
25,633
19.8
19.0
115.9
125.9
13.7
12.7
5.4
4.3
44.4
37.9
1.7
1.4
Bharat Forge
Accumulate
326
372
7,587
7,173
7,998
16.3
16.5
22.3
26.6
14.6
12.3
2.8
2.4
21.0
21.0
1.1
1.0
Bosch India
Neutral
8,800
27,629
9,335
10,564
18.3
18.3
394.5
439.3
22.3
20.0
4.5
3.7
20.1
18.7
2.6
2.2
CEAT
Buy
106
140
364
5,057
5,620
5.4
5.6
22.2
31.1
4.8
3.4
0.5
0.5
11.9
16.8
0.3
0.3
Exide Industries
Buy
126
155
10,672
5,812
6,710
16.2
16.5
7.6
8.9
16.6
14.1
3.1
2.6
19.4
19.8
1.5
1.2
FAG Bearings
Accumulate
1,512
1,594
2,513
1,531
1,748
18.8
18.5
118.0
132.8
12.8
11.4
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Neutral
2,245
44,830
26,161
29,681
15.4
15.3
143.6
150.6
15.6
14.9
7.6
5.8
56.4
43.8
1.4
1.1
JK Tyre
Buy
84
113
345
8,058
9,025
5.4
5.5
24.8
32.2
3.4
2.6
0.4
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
715
802
43,896
35,095
40,213
10.7
10.5
44.6
48.7
16.0
14.7
2.8
2.5
18.8
18.1
0.9
0.8
1,332
1,510
38,486
42,683
48,736
7.1
7.5
86.6
100.6
15.4
13.2
2.2
1.9
15.3
15.5
0.7
0.6
177
216
6,864
11,167
12,516
9.5
10.0
11.3
14.4
15.6
12.3
3.4
2.8
23.3
24.7
0.7
0.6
32
193
1,225
1,393
8.5
8.2
4.2
5.0
7.7
6.5
0.8
0.8
10.3
11.8
0.4
0.3
305
328
81,998 191,183 213,150
12.6
12.6
38.7
42.9
7.9
7.1
2.8
2.2
39.8
33.9
0.5
0.5
42
56
1,972
7,965
8,897
6.4
6.3
5.0
5.6
8.3
7.4
1.5
1.3
18.9
18.3
0.2
0.2
Sell
802
503
16,992
8,926
10,220
7.7
7.5
18.6
20.9
43.0
38.3
5.9
5.2
14.5
14.5
1.9
1.6
Sell
334
274
2,409
4,170
5,396
11.5
10.4
27.2
30.4
12.3
11.0
2.0
1.8
17.3
17.4
1.2
1.1
BHEL
Neutral
224
54,790
46,344
46,916
18.3
18.6
23.5
24.1
9.5
9.3
1.9
1.7
21.3
18.9
1.1
1.0
Blue Star
Buy
185
221
1,665
3,250
3,551
5.9
5.9
12.4
15.8
14.9
11.7
3.0
2.6
21.2
23.8
0.6
0.5
Crompton Greaves
Buy
131
164
8,413
12,936
14,101
9.6
10.0
10.9
11.7
12.1
11.2
2.1
1.8
18.4
17.3
0.7
0.6
Jyoti Structures
Buy
45
67
368
2,622
2,801
10.6
11.0
10.9
13.4
4.1
3.3
0.5
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
57
72
1,467
6,865
7,650
8.5
8.7
9.7
12.1
5.9
4.7
1.1
0.9
27.6
27.0
0.5
0.4
LMW
Buy
1,624
2,609
1,830
2,663
3,130
12.8
12.8
185.0
217.4
8.8
7.5
1.7
1.5
21.2
21.7
0.2
0.2
Thermax
Neutral
442
5,261
5,473
5,497
10.1
9.8
30.4
28.7
14.5
15.4
2.8
2.5
20.5
16.9
0.8
0.8
Maruti
Accumulate
Motherson Sumi
Buy
Subros
Neutral
Tata Motors
Accumulate
TVS Motor
Buy
ABB*
BGR Energy
Capital Goods
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,211
22,742
11,018
12,663
19.9
21.2
70.7
81.2
17.1
14.9
3.0
2.7
18.0
19.0
1.8
1.5
Ambuja Cements
Neutral
148
22,797
10,035
11,504
23.5
23.8
10.1
10.6
14.7
14.1
2.9
2.6
18.5
19.4
1.9
1.5
India Cements
Neutral
88
2,688
4,423
4,906
18.2
18.8
9.9
12.7
8.9
6.9
0.8
0.7
8.6
10.5
0.9
0.8
J K Lakshmi Cements
Buy
64
79
784
1,880
2,201
19.0
22.6
12.2
16.4
5.3
3.9
0.6
0.5
11.9
14.3
0.6
0.9
Madras Cements
Neutral
149
3,555
3,434
3,777
25.5
26.1
14.1
18.1
10.6
8.3
1.5
1.3
15.2
16.9
1.7
1.4
Shree Cements
Neutral
2,825
9,842
5,552
6,193
25.7
26.0
130.3
182.0
21.7
15.5
4.5
3.8
19.1
22.3
1.5
1.1
UltraTech Cement
Neutral
1,414
38,765
20,116
22,655
21.3
22.5
82.1
97.5
17.2
14.5
2.7
2.4
16.8
17.4
1.8
1.8
210
302
1,106
2,014
2,294
22.4
22.4
28.4
30.8
7.4
6.8
1.0
0.9
14.1
13.3
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
277
2,526
2,792
5.7
6.6
1.8
2.8
8.2
5.3
0.5
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
21
1,283
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.8)
(27.1)
1.2
1.4
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
168
228
5,582
3,821
4,582
42.3
40.2
15.0
16.9
11.2
9.9
1.7
1.5
16.3
15.9
3.1
2.8
ITNL
Buy
185
265
3,596
6,619
7,263
23.8
24.2
24.7
26.2
7.5
7.1
1.2
1.0
17.0
15.7
2.1
2.2
IVRCL Infra
Buy
61
79
1,627
5,758
6,860
9.2
9.2
4.7
6.0
13.0
10.1
0.8
0.7
6.0
7.3
0.7
0.7
Jaiprakash Asso.
Buy
74
104
15,704
16,017
18,359
24.4
23.5
4.2
5.0
17.6
14.7
1.5
1.4
8.8
9.7
2.3
2.0
Larsen & Toubro
Buy
1,215
1,641
74,410
60,258
69,900
12.1
11.5
70.7
76.3
17.2
15.9
2.6
2.3
16.1
15.2
1.4
1.2
Madhucon Proj
Buy
55
84
403
2,503
2,903
10.7
10.7
5.8
6.6
9.4
8.3
0.6
0.6
6.6
7.0
0.7
0.7
Nagarjuna Const.
Buy
47
76
1,215
5,790
7,022
9.2
9.5
3.5
5.4
13.6
8.8
0.5
0.5
3.7
5.6
0.8
0.8
Patel Engg.
Neutral
106
742
3,609
3,836
13.1
13.1
14.0
14.6
7.6
7.3
0.5
0.4
6.3
6.1
1.1
1.1
Punj Lloyd
Neutral
52
1,734
10,592
12,193
8.4
8.4
2.9
4.6
18.0
11.5
0.6
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
138
199
2,077
2,989
3,315
10.6
10.6
10.2
11.3
13.6
12.2
2.2
1.9
17.6
16.3
0.9
0.8
Simplex Infra
Buy
234
316
1,156
6,732
7,902
9.3
9.6
27.2
35.1
8.6
6.7
0.9
0.8
11.0
12.6
0.5
0.5
Allahabad Bank
Accumulate
170
193
8,513
7,700
8,677
3.4
3.3
37.4
40.9
4.6
4.2
0.8
0.7
19.0
17.0
Andhra Bank
Neutral
119
6,653
5,284
5,998
3.3
3.2
23.6
27.0
5.0
4.4
0.8
0.7
16.5
16.7
Axis Bank
Buy
1,102
1,587
45,543
16,157
19,557
3.2
3.2
116.4
139.1
9.5
7.9
1.8
1.5
20.0
20.3
Bank of Baroda
Buy
757
943
29,656
16,013
18,849
2.7
2.7
131.4
153.3
5.8
4.9
1.0
0.9
19.7
19.2
Bank of India
Accumulate
348
386
19,956
13,558
15,551
2.5
2.4
54.9
63.1
6.3
5.5
1.1
0.9
16.8
16.9
Bank of Maharashtra
Buy
54
62
3,172
3,665
4,107
3.5
3.5
10.7
13.5
5.0
4.0
0.8
0.7
17.8
17.5
Canara Bank
Buy
435
532
19,286
12,120
14,009
2.2
2.2
85.7
95.4
5.1
4.6
0.8
0.7
17.2
16.7
Central Bank
Reduce
98
92
7,218
6,860
7,934
2.4
2.4
13.1
19.9
7.5
4.9
0.9
0.9
10.5
13.8
Financials
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
408
508
6,047
5,361
5,995
2.2
2.1
108.3
111.5
3.8
3.7
0.7
0.6
17.9
16.2
Dena Bank
Buy
95
118
3,331
3,003
3,366
3.0
2.9
23.2
25.6
4.1
3.7
0.7
0.6
18.0
16.9
Federal Bank
Neutral
419
7,168
2,766
3,163
3.4
3.3
49.5
57.2
8.5
7.3
1.1
1.0
14.0
14.5
HDFC
Neutral
672
99,265
7,244
8,625
3.3
3.3
31.2
37.2
21.6
18.1
4.2
3.8
34.2
31.3
HDFC Bank
Neutral
550
129,021
21,831
27,477
4.3
4.3
28.3
35.5
19.4
15.5
3.7
3.2
20.8
22.1
ICICI Bank
Buy
882
1,183
101,331
22,209
26,512
2.8
2.8
67.9
81.1
13.0
10.9
1.6
1.5
14.7
16.0
IDBI Bank
Buy
101
117
9,974
8,004
9,589
1.9
2.0
19.9
23.9
5.1
4.2
0.7
0.6
13.8
14.9
Indian Bank
Accumulate
221
240
9,476
6,469
7,244
3.5
3.3
45.5
48.8
4.9
4.5
0.9
0.8
19.6
18.2
IOB
Buy
89
104
7,113
7,328
8,264
2.5
2.5
15.9
21.1
5.6
4.2
0.6
0.6
12.7
13.9
J & K Bank
Neutral
910
4,410
2,420
2,792
3.5
3.6
178.0
195.8
5.1
4.7
0.9
0.8
19.5
18.6
LIC Housing Finance
Accumulate
258
286
12,268
2,108
2,607
2.6
2.6
24.5
30.6
10.6
8.5
2.0
1.7
20.1
21.4
Oriental Bank
Buy
233
285
6,808
6,431
7,315
2.7
2.6
54.4
63.8
4.3
3.7
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
866
1,138
27,426
20,708
24,094
3.5
3.5
156.3
178.7
5.5
4.8
1.0
0.8
19.7
18.5
South Ind.Bank
Neutral
24
2,715
1,368
1,557
2.8
2.7
3.7
3.9
6.5
6.1
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,139
2,593
143,567
69,568
81,445
3.7
3.7
220.9
269.8
9.7
7.9
1.6
1.4
18.9
19.1
Syndicate Bank
Buy
106
128
6,363
7,069
7,961
3.1
3.0
23.3
27.5
4.6
3.9
0.7
0.6
17.4
17.2
UCO Bank
Neutral
78
4,913
5,727
6,443
2.5
2.5
17.8
18.8
4.4
4.2
0.9
0.8
17.8
16.2
Union Bank
Buy
227
266
11,889
10,352
11,988
2.9
2.9
40.7
49.5
5.6
4.6
0.9
0.8
16.8
17.4
United Bank
Buy
68
87
2,437
3,666
4,128
2.9
2.9
18.4
21.7
3.7
3.1
0.6
0.5
15.9
16.0
Vijaya Bank
Neutral
58
2,763
2,668
3,001
2.2
2.2
10.1
11.7
5.8
5.0
0.8
0.7
13.2
13.7
Yes Bank
Buy
348
470
12,296
3,209
4,144
2.7
2.8
33.9
41.5
10.3
8.4
2.2
1.8
23.1
23.3
3,533
33,893
10,961
12,773
16.3
16.3
120.3
142.5
29.4
24.8
9.7
7.7
36.9
34.7
3.0
2.5
559
650
6,671
5,906
6,856
6.9
7.0
22.3
28.3
25.0
19.8
10.2
7.6
45.2
44.1
1.1
1.0
1,118
15,198
3,007
3,417
21.1
22.1
37.7
42.6
29.6
26.3
35.3
28.5
129.4
120.1
4.9
4.3
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
110
19,154
6,010
6,929
17.4
17.6
4.4
5.2
24.9
21.2
9.4
7.6
41.4
42.1
3.2
2.8
GlaxoSmith Con*
Neutral
2,778
11,684
3,111
2,687
16.9
15.8
100.6
86.1
27.6
32.3
8.4
10.2
33.3
33.8
3.4
4.0
Godrej Consumer
Reduce
548
512
18,648
5,904
6,905
17.8
18.1
22.6
26.9
24.3
20.3
6.6
5.4
29.9
36.3
3.3
2.9
HUL
Neutral
425
91,864
25,546
29,031
15.2
15.3
14.1
16.1
30.1
26.4
23.0
28.4
84.3
76.7
3.4
3.0
ITC
Neutral
245
191,160
28,955
33,595
35.9
35.7
9.2
10.5
26.7
23.3
8.5
7.0
34.8
33.1
6.3
5.4
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
180
11,060
4,669
5,467
13.0
12.9
6.8
8.2
26.6
22.0
7.2
5.7
30.5
28.8
2.4
2.0
Nestle*
Neutral
4,606
44,407
8,731
10,539
21.0
21.4
119.3
147.9
38.6
31.1
23.7
16.1
73.0
61.6
5.1
4.2
Tata Global
Accumulate
119
136
7,381
7,011
7,712
9.7
10.0
6.0
7.1
20.1
16.7
1.8
1.8
8.9
10.2
0.9
0.9
HCL Tech
Accumulate
518
560
35,875
22,792
25,743
17.4
17.4
37.8
43.0
13.7
12.0
3.0
2.5
22.3
21.3
1.5
1.3
Hexaware
Neutral
128
3,794
1,821
2,105
19.0
18.6
9.8
10.7
13.1
12.0
3.0
2.6
23.7
22.5
1.8
1.5
Infosys
Accumulate
2,471
2,792
141,907
37,615
42,491
31.1
30.6
158.5
174.5
15.6
14.2
3.5
3.0
22.5
20.8
3.1
2.6
Infotech Enterprises
Accumulate
168
177
1,877
1,758
1,972
17.0
16.6
16.8
18.6
10.0
9.1
1.4
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Neutral
102
1,820
2,042
2,139
15.2
14.9
9.6
10.9
10.7
9.4
1.9
1.5
19.2
18.0
0.8
0.7
Mahindra Satyam
Buy
76
89
8,908
7,142
8,042
15.4
15.0
7.7
8.3
9.9
9.2
1.4
1.2
13.8
13.0
0.9
0.7
Mindtree
Neutral
602
2,439
2,172
2,450
16.1
15.5
53.9
58.5
11.2
10.3
2.1
1.7
18.9
17.0
0.9
0.8
Mphasis
Accumulate
377
433
7,914
5,904
6,320
18.3
17.9
38.7
41.2
9.7
9.1
1.5
1.3
14.9
13.7
0.9
0.7
NIIT
Buy
44
61
726
1,105
1,200
16.4
16.9
7.5
9.2
5.8
4.8
1.0
0.9
17.6
19.0
0.4
0.2
Persistent
Neutral
375
1,501
1,109
1,224
23.3
22.4
37.2
40.1
10.1
9.4
1.6
1.4
15.4
14.5
1.0
0.9
TCS
Neutral
1,268
248,117
57,189
66,329
29.3
28.7
63.2
70.9
20.1
17.9
6.1
5.0
30.5
27.7
4.1
3.5
Tech Mahindra
Accumulate
693
750
8,835
6,030
6,511
16.3
15.7
81.1
87.0
8.6
8.0
1.7
1.4
20.1
18.0
1.4
1.2
Wipro
Accumulate
405
430
99,457
41,918
46,879
19.4
19.9
25.1
28.7
16.1
14.1
3.0
2.6
18.6
18.3
2.0
1.7
D B Corp
Buy
209
274
3,838
1,656
1,869
26.0
26.8
14.0
16.1
15.0
13.0
3.4
2.9
24.8
24.1
2.2
1.9
HT Media
Buy
125
170
2,947
2,255
2,555
17.8
18.3
10.0
12.0
12.6
10.4
1.7
1.5
14.7
15.4
1.0
0.9
Jagran Prakashan
Buy
99
137
3,123
1,499
1,642
27.4
28.8
7.6
9.1
12.9
10.9
4.4
3.9
34.6
37.7
2.0
1.9
PVR
Neutral
150
389
625
732
17.4
16.9
12.4
15.8
12.1
9.5
1.9
2.0
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
301
11,862
2,135
2,458
75.2
74.4
20.9
24.0
14.4
12.5
3.4
2.8
26.0
25.1
4.5
3.7
Bhushan Steel
Neutral
434
9,223
9,232
13,557
30.8
31.1
48.0
58.6
9.0
7.4
1.2
1.0
14.5
7.5
3.1
2.2
Coal India
Neutral
346
218,451
65,654
71,756
26.8
27.3
24.0
26.3
14.4
13.1
3.9
3.2
30.4
27.0
2.3
2.0
Electrosteel Castings
Buy
20
27
701
1,984
2,074
10.6
12.0
2.7
3.3
7.5
6.2
0.4
0.2
5.2
6.2
0.5
0.4
Hind. Zinc
Accumulate
127
139
53,514
13,043
14,223
51.8
52.8
14.8
16.6
8.6
7.7
1.7
1.4
21.2
19.9
2.4
1.8
Hindalco
Accumulate
120
136
22,975
84,638
88,753
9.6
10.5
15.2
17.3
7.9
6.9
0.7
0.6
8.7
9.2
0.5
0.5
JSW Steel
Neutral
697
15,541
39,161
43,958
17.8
17.9
72.2
89.5
9.7
7.8
0.9
0.8
10.1
11.4
0.7
0.6
MOIL
Neutral
254
4,270
979
1,061
45.7
46.8
24.5
26.6
10.4
9.6
1.6
1.4
16.1
15.8
2.2
1.9
Monnet Ispat
Buy
479
585
3,082
2,986
3,908
22.1
28.9
50.5
83.4
9.5
5.7
1.2
1.0
13.5
19.2
1.9
1.3
IT
Media
Metals & Mining
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Sell
NMDC
Accumulate
61
51
15,644
8,276
8,578
12.7
16.4
2.5
3.5
23.9
17.3
1.3
1.3
5.6
7.5
1.4
1.4
176
185
69,938
11,726
12,890
77.8
78.4
18.6
20.6
9.5
8.6
2.3
1.9
26.1
23.8
3.8
3.3
SAIL
Sesa Goa
Accumulate
96
102
39,756
52,461
62,935
18.0
18.8
13.2
14.5
7.3
6.6
0.9
0.8
12.4
12.3
1.1
1.0
Accumulate
188
206
16,356
9,067
9,316
35.7
35.5
44.5
44.3
4.2
4.2
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
105
123
35,303
45,805
49,029
21.2
23.5
16.5
19.1
6.4
5.5
0.7
0.6
11.5
12.0
0.4
0.3
Tata Steel
Accumulate
462
503
44,885 141,358 142,265
11.1
13.7
45.8
58.9
10.1
7.9
1.0
0.9
10.0
11.7
0.6
0.6
Cairn India
Accumulate
345
372
65,751
15,513
16,074
74.0
69.7
51.1
48.6
6.8
7.1
1.1
1.0
18.3
14.8
3.1
2.3
GAIL
Buy
329
392
41,669
50,472
55,503
15.3
15.6
35.4
37.0
9.3
8.9
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
267
319
228,389 148,157 150,563
37.6
39.5
31.0
33.6
8.6
7.9
1.5
1.4
18.8
18.1
1.2
1.0
Reliance Industries
Buy
743
872
243,414 325,734 328,669
10.9
11.7
65.8
70.1
11.3
10.6
1.2
1.1
11.9
11.5
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
54
95
1,011
1,576
1,813
15.9
16.9
8.2
9.5
6.5
5.7
2.3
1.9
35.0
34.3
0.9
0.7
Aurobindo Pharma
Buy
129
175
3,753
5,243
5,767
14.6
14.6
13.8
14.7
9.3
8.8
1.1
0.5
11.4
10.9
1.1
0.9
Aventis*
Neutral
2,197
5,059
1,401
1,569
15.3
15.0
89.7
110.3
24.5
19.9
4.0
3.2
17.1
15.4
3.1
2.6
Cadila Healthcare
Buy
723
1,016
14,805
6,196
7,443
18.5
19.5
43.3
50.8
16.7
14.2
4.3
3.4
25.4
24.8
2.4
1.9
Cipla
Buy
317
380
25,489
7,006
8,164
20.0
21.2
17.0
19.0
18.7
16.7
3.4
2.9
16.8
18.2
3.6
3.1
Dr Reddy's
Neutral
1,761
29,843
9,183
10,063
25.7
25.1
92.1
89.9
19.1
19.6
4.1
3.6
22.8
18.8
3.3
3.0
Dishman Pharma
Buy
46
91
368
1,282
1,538
17.9
17.9
10.1
13.0
4.5
3.5
0.4
0.3
8.5
10.1
1.0
0.9
GSK Pharma*
Neutral
2,171
18,392
2,788
3,148
35.6
35.2
87.9
96.7
24.7
22.5
8.0
6.7
34.8
32.1
5.8
5.0
Indoco Remedies
Buy
471
665
578
685
837
15.2
15.2
55.5
66.5
8.5
7.1
1.3
1.1
16.4
16.9
1.0
0.9
Ipca labs
Buy
361
443
4,545
2,907
3,541
21.5
21.5
32.7
40.6
11.1
8.9
2.8
2.2
27.8
27.7
1.7
1.4
Lupin
Buy
546
656
24,403
8,272
9,929
19.7
20.0
29.7
32.8
18.4
16.7
4.8
3.7
25.0
22.9
3.0
2.4
Orchid Chemicals
Buy
181
270
1,276
2,143
2,508
21.8
21.8
28.3
38.1
6.4
4.8
1.3
1.0
19.3
23.4
1.5
1.2
Ranbaxy*
Neutral
500
21,091
12,023
12,264
19.9
16.9
41.1
36.9
12.2
13.5
2.6
2.3
30.0
17.6
1.5
1.4
Sun Pharma
Accumulate
598
634
61,573
9,272
11,080
40.3
36.3
26.7
28.8
22.4
20.8
4.5
3.9
22.1
20.8
5.6
4.6
CESC
Buy
252
342
3,148
4,927
5,429
23.8
23.9
41.0
46.2
6.1
5.5
0.6
0.6
10.4
10.7
1.2
1.2
GIPCL
Buy
67
98
1,010
1,557
1,573
28.7
27.5
10.4
10.2
6.4
6.6
0.7
0.6
10.5
9.6
1.1
0.9
NTPC
Buy
160
201
131,721
73,558
84,843
23.4
23.6
12.6
14.1
12.7
11.3
1.6
1.5
13.3
13.6
2.5
2.3
56
78
1,663
657
875
52.0
56.1
8.4
12.7
6.7
4.4
0.4
0.4
6.3
8.9
3.8
2.9
192
32,609
9,878
12,033
44.7
46.1
9.6
13.4
20.0
14.3
1.3
1.2
6.4
8.7
5.8
4.8
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
May 03, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
80
115
3,333
2,441
3,344
53.0
46.7
21.4
25.4
3.7
3.1
0.3
0.3
8.4
9.1
3.2
2.4
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
318
120,742
80,967
88,684
33.1
33.4
17.9
22.0
17.8
14.4
2.1
1.8
11.5
12.5
2.2
1.8
Idea Cellular
Neutral
80
26,620
22,558
25,326
26.4
27.5
3.2
4.7
25.0
17.0
1.9
1.7
7.5
10.0
1.7
1.4
Rcom
Neutral
76
15,676
21,899
23,740
32.7
32.7
4.2
6.7
18.0
11.4
0.4
0.4
2.1
3.2
2.1
1.7
196
245
1,951
3,670
4,384
8.5
8.5
18.3
22.3
10.7
8.8
2.4
2.0
23.9
24.3
0.5
0.5
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,034
7,242
982
1,136
34.3
34.3
34.3
40.0
30.1
25.9
13.6
10.9
50.9
46.9
7.0
5.9
Finolex Cables
Buy
34
60
515
2,341
2,656
8.5
8.8
8.0
10.0
4.2
3.4
0.6
0.5
18.1
20.2
0.2
0.1
Graphite India
Buy
90
116
1,764
2,053
2,437
22.6
22.4
13.5
16.3
6.7
5.5
1.0
0.9
15.4
16.5
1.0
0.8
Greenply
Buy
211
298
509
1,800
2,047
11.1
11.6
34.1
49.6
6.2
4.3
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
3,134
3,496
935
1,168
19.6
19.6
99.7
122.2
31.4
25.6
18.2
14.6
64.2
63.1
3.8
3.0
Sintex
Buy
71
129
1,944
5,219
5,912
16.5
16.9
15.8
21.4
4.5
3.3
0.7
0.6
14.7
17.1
0.6
0.5
Siyaram Silk Mills
Buy
261
439
245
1,045
1,173
12.3
12.4
61.5
73.2
4.2
3.6
0.8
0.7
20.2
20.4
0.5
0.5
SpiceJet
Neutral
28
1,245
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.3)
11.8
(11.4)
24.0
0.4
0.4
Taj GVK
Buy
60
116
378
322
355
36.3
35.8
8.3
9.6
7.3
6.3
1.0
0.9
14.5
14.9
1.5
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 02, 2012
Market Outlook
May 03, 2012

Market Outlook 3rd May 2012

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Market Outlook 3rd May 2012

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Market Outlook

US stocks turned a mixed performance on Wednesday trading session. The early

(1.7) (182.6) 10,463

OIL & GAS

Auto sales numbers April 2012

Refer detailed news analysis on the following page

FII Derivatives (May 02, 2012)

Net Inflows (April 30, 2012)

Auto sales numbers April 2012

Bajaj Auto (BJAUT)

33.1 6,791 17.9

33.4 8,367 22.0

Note: Estimates are subject to change post conference call

Hero MotoCorp (CMP: `2,245/TP: - /Upside: -)

15.4 2,868 143.6

15.3 3,007 150.6

Quarterly Bloomberg Brokers Consensus Estimate

Grasim Industries Ltd - Consolidated (05/05/2012)

EBITDA margin (%)

Economic and Political News

BGR Energy bags `1,855cr order from Meja Urja Nigam

May 03, 2012

Marico, Aventis, KEC International, Finolex Cables

May 04, 2012

Bank of Baroda, Corporation Bank, ITNL, D B Corp, ITD Cementation

May 05, 2012

May 06, 2012

May 07, 2012

May 08, 2012

May 09, 2012

Punjab Natl.Bank, Ranbaxy, ABB, Union Bank, IRB Infra, NIIT

May 10, 2012

May 11, 2012

Dr Reddy's, Indian Bank, Federal Bank, Thermax, Goodyear

May 12, 2012

May 13, 2012

May 14, 2012

Mundra Port, Ashok Leyland, Indraprasth Gas

May 15, 2012

May 16, 2012

May 17, 2012

May 18, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

May 03, 2012

May 10, 2012

May 11, 2012

Initial Jobless claims

ECB announces interest rates

Change in Nonfarm payrolls

BOE Announces rates

Industrial Production (YoY)

Industrial Production YoY

Producer Price Index (mom)

Industrial Production (YoY)

May 14, 2012

May 15, 2012

Consumer Price Index (YoY)

Euro-Zone GDP s.a. (QoQ)

GDP nsa (YoY)

Euro-Zone CPI (YoY)

Jobless claims change

May 16, 2012