Académique Documents
Professionnel Documents
Culture Documents
June 1, 2012
Dealers Diary
The domestic markets are expected to edge lower, tracing negative opening in
most of the Asian bourses and the SGX Nifty, after Chinas manufacturing and U.S.
economic data missed estimates, adding to concern the worlds two largest
economies are slowing.
Globally, US markets moved sharply lower in early trading on Thursday as traders
reacted negatively to a another batch of U.S. economic data, including reports that
provided further signs of sluggishness in the labor market. Selling pressure reemerged in late-day trading resulting in a lower close. The European markets gave
back their early gains yesterday and largely finished in negative territory, following
the release of the weaker than expected U.S. employment data, the downwardly
revised GDP result and the sharp decline in the Chicago PMI result. Meanwhile,
ECB President Mario Draghi on Thursday said that the bank cannot fix the turmoil
in the currency bloc and urged Eurozone leaders to come up with a 'vision' for
years ahead.
Indian markets fell sharply on Thursday, extending the previous session's losses,
after government data showed that the country's 4QFY2012 GDP slumped to a
nine-year low of 5.3%, reflecting weak business sentiment, high fiscal and current
account deficits and government policy inaction.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.6)
(93.6) 16,219
Nifty
(0.5)
(26.5)
4,924
0.4
21.0
5,908
SMALL CAP
(0.6)
(36.2)
6,271
BSE HC
(0.1)
(4.9)
6,645
19.9
6,760
MID CAP
BSE PSU
0.3
BANKEX
(0.9)
AUTO
(2.0) (177.1)
METAL
(0.2)
(95.3) 10,885
8,873
(21.5) 10,106
0.1
3.4
7,588
BSE IT
0.4
19.5
5,666
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(0.2)
(26.4) 12,393
NASDAQ
(0.4)
(10.0)
2,827
0.5
23.6
5,321
Nikkei
(1.1)
(90.5)
8,543
Hang Seng
(0.3)
(60.7) 18,630
Straits Times
(0.4)
(11.4)
2,773
The trend deciding level for the day is 16,194 / 4,919 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,302 16,385 / 4,954 4,985 levels. However, if NIFTY trades below
16,194 / 4,919 levels for the first half-an-hour of trade then it may correct up to
16,111 16,003 / 4,889 4,853 levels.
Shanghai Com
(0.5)
(12.4)
2,372
Chg (%)
(Pts)
(Close)
INFY
(1.0)
(0.4)
$42.1
WIT
(0.5)
(0.0)
$8.6
Indices
S2
S1
PIVOT
R1
R2
IBN
(0.4)
(0.1)
$28.2
SENSEX
16,003
16,111
16,194
16,302
16,385
HDB
(3.3)
(0.9)
$28.0
NIFTY
4,853
4,889
4,919
4,954
4,985
Markets Today
Indian ADRs
Advances / Declines
News Analysis
FTSE
BSE
NSE
Advances
1165
622
Declines
1,449
819
104
57
Unchanged
Volumes (` cr)
BSE
1,783
NSE
16,178
` cr
Purch
Sales
FII
1,593
241
MFs
Net
MTD
YTD
1,405
187
(974)
42,488
363
-122
360
(5,741)
Purch
Sales
Net
Open Interest
Index Futures
3,773
5,025
(1,252)
6,755
Stock Futures
5,646
5,500
146
19,890
Gainers / Losers
Gainers
Company
Bank of India
Losers
Price (`)
chg (%)
Company
Price (`)
chg (%)
340
6.6
Suzlon Energy
18
(8.6)
Dena Bank
92
5.7
United Spirits
564
(7.9)
Uco Bank
69
5.6
Amtek Auto-$
99
(4.7)
4,035
5.6
Tata Motors
233
(4.2)
76
5.1
ICICI Bank
784
(4.0)
Asian Paints
Central Bank
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Market Outlook
June 1, 2012
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Market Outlook
June 1, 2012
4QFY12
3QFY11
% chg
FY2012
FY2011
193,955
190,778
1.7
728,668
709,104
2.8
30,798
29,520
4.3
108,468
109,422
(0.9)
208,999
209,523
(0.3)
793,468
774,162
2.5
% chg
24,839
23,684
4.9
98,105
90,946
7.9
Construction
108,385
103,378
4.8
404,617
384,199
5.3
391,527
365,994
7.0
1,462,774
1,330,455
9.9
243,294
221,114
10.0
931,715
849,995
9.6
193,275
180,493
7.1
674,703
637,675
5.8
1,395,072
1,324,484
5.3
5,202,518
4,885,958
6.5
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
1.7
2.8
3.1
3.7
7.5
11.0
4.9
3.1
4.3
(2.8)
(5.4)
(0.2)
0.6
6.1
7.3
6.9
(0.3)
0.6
2.9
7.3
7.3
7.8
6.1
9.1
4.9
9.0
9.8
7.9
5.1
3.8
0.3
2.9
Construction
4.8
6.6
6.3
3.5
8.9
8.7
6.0
8.4
7.0
10.0
9.5
13.8
11.6
9.7
10.6
12.6
10.0
9.1
9.9
9.4
10.0
11.2
10.4
10.0
7.1
6.4
6.1
3.2
9.5
(0.8)
4.5
4.4
5.3
6.1
6.7
8.0
9.2
8.2
7.6
8.5
Manufacturing
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Market Outlook
June 1, 2012
generator and steam turbine generator along with associated auxiliaries and
controls and instrumentation. We maintain our Neutral view on the stock.
Result preview
MphasiS 2QFY2012 (CMP: `375, TP: `433, Upside: 15%)
MphasiS is slated to announce its 2QFY2012 results. We expect the company to
record revenue of US$275mn, up 3% qoq. In INR terms, revenue is expected to
come in at `1,380cr, up 0.9% qoq. EBITDA margin is expected to increase by
66bp qoq to 19.1%. PAT is expected to come in at `189cr, up 2.2% qoq. We
continue to maintain our Buy rating on the stock with a target price of `433.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,904
18.3
811
38.7
14.9
9.7
1.4
4.8
0.9
FY2014E
6,320
17.9
864
41.2
113.7
9.1
1.2
4.0
0.7
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Market Outlook
June 01, 2012
Result Calendar
Date
Company
Mphasis
Country
Event Description
Germany
PMI Manufacturing
US
US
Unnemployment rate
China
PMI Manufacturing
India
Unit
Period
Bloomberg Data
Last Reported
Estimated
Value
May-12
45.00
45.00
Thousands
Apr-12
115.00
150.00
Apr-12
8.10
8.10
Value
Apr-12
53.30
52.00
Imports YoY%
% Change
Mar-12
24.28
--
India
Exports YoY%
% Change
Mar-12
(5.71)
--
UK
PMI Manufacturing
Value
Apr-12
50.50
49.70
Germany
PMI Services
Value
May-12
52.20
52.20
Euro Zone
% Change
Mar-12
--
--
Euro Zone
May-12
1.00
1.00
UK
% Ratio
May-12
0.50
0.50
China
% Change
Apr-12
9.30
9.80
China
% Change
Apr-12
3.40
3.20
China
Exports YoY%
% Change
Apr-12
4.90
7.50
India
% Change
Mar-12
(3.50)
--
UK
% Change
Mar-12
(2.60)
--
US
% Change
Apr-12
(0.20)
--
US
% Change
Apr-12
--
--
Euro Zone
Apr-12
2.60
--
% Change
Apr-12
7.23
--
Apr-12
1.09
--
US
India
8.00
--
India
4.75
--
India
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Market Strategy
June 01, 2012
Macro watch
(%)
4.0
4.1
3.4
2.7
2.5
(6.0)
(%)
Mfg. PMI
60.0
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Mar-12
Services PMI
58.0
9.5
6.9
7.4
6.9
7.2
56.0
(%)
Repo rate
(%)
9.00
90
75
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
Jun-11
52.0
May-11
4.0
Jun-11
54.0
6.0
May-11
10.0
(3.5)
(5.0)
12.0
Feb-12
(4.0)
Jan-12
1.1
Dec-11
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
(2.0)
4QFY10
3.0
3QFY10
2QFY10
2.0
4.0
1QFY10
5.0
4QFY09
6.0
3.7
Nov-11
5.3
6.2
5.3
6.0
6.1
5.9
Oct-11
6.0
8.0
6.7
Sep-11
7.0
7.6
7.4
9.5
10.0
8.0
Aug-11
7.5
8.0
8.2
Jul-11
8.5
9.0
12.0
9.2
Jun-11
9.4
May-11
9.8
Apr-11
(%)
10.0
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
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Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
4.00
May-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
May-12
15
(15)
7.00
Market Outlook
June 01, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
124
2,419
1,432
1,647
14.7
14.7
7.0
8.0
17.8
15.6
3.8
3.2
22.8
22.3
1.7
1.5
United Phosphorus
Buy
111
183
5,107
8,191
8,764
16.5
16.5
17.1
18.3
6.5
6.1
1.1
0.9
17.5
16.2
0.8
0.7
Accumulate
301
345
2,568
2,691
3,032
15.6
15.5
29.4
32.8
10.2
9.2
2.4
2.0
26.5
23.6
0.9
0.8
Apollo Tyres
Buy
87
100
4,360
13,699
15,184
10.5
10.2
12.1
13.3
7.2
6.5
1.3
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,652
14,798
16,687
9.6
9.6
2.4
3.0
10.3
8.4
2.1
1.8
14.8
16.5
0.5
0.4
Automotive Axle
Buy
445
514
673
1,211
1,387
12.1
11.7
50.3
57.1
8.9
7.8
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,513
1,835
43,781
22,118
24,889
19.0
18.6
115.7
126.5
13.1
12.0
5.2
4.2
45.0
38.9
1.6
1.3
Bharat Forge
Buy
312
372
7,268
7,173
7,998
16.3
16.5
22.3
26.6
14.0
11.8
2.7
2.3
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,683
9,429
27,264
9,390
10,716
19.5
19.1
420.2
471.4
20.7
18.4
4.8
4.0
23.3
21.8
2.6
2.2
CEAT
Buy
93
164
317
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Buy
119
146
10,081
5,787
6,595
15.5
17.0
7.1
9.0
16.7
13.3
2.9
2.5
18.6
20.3
1.4
1.2
FAG Bearings
Neutral
1,525
2,535
1,531
1,748
18.8
18.5
118.0
132.8
12.9
11.5
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Buy
1,837
2,280
36,683
26,106
29,296
15.0
15.2
140.3
148.1
13.1
12.4
6.2
4.8
54.8
43.3
1.1
0.8
JK Tyre
Buy
78
113
322
8,058
9,025
5.4
5.5
24.8
32.2
3.2
2.4
0.3
0.3
11.4
13.2
0.3
0.3
652
793
40,013
34,740
39,263
10.7
11.0
44.9
51.7
14.5
12.6
2.6
2.3
18.9
19.1
0.8
0.7
Maruti
Buy
1,106
1,510
31,966
42,683
48,736
7.1
7.5
86.6
100.6
12.8
11.0
1.8
1.6
15.3
15.5
0.5
0.5
Motherson Sumi
Buy
163
216
6,330
11,167
12,516
9.5
10.0
11.3
14.4
14.4
11.4
3.1
2.6
23.3
24.7
0.7
0.6
Subros
Neutral
33
197
1,225
1,393
8.5
8.2
4.2
5.0
7.9
6.6
0.8
0.8
10.3
11.8
0.4
0.3
Tata Motors
Buy
233
312
12.8
12.8
39.4
43.6
5.9
5.3
2.1
1.6
40.4
34.3
0.4
0.4
TVS Motor
Buy
34
55
1,615
7,982
8,816
6.4
6.3
5.0
5.6
6.8
6.1
1.2
1.0
18.9
18.2
0.2
0.2
ABB*
Sell
734
498
15,560
8,760
10,023
6.4
6.4
18.2
20.7
40.3
35.4
5.4
4.9
14.4
14.6
1.7
1.5
BGR Energy
Neutral
286
2,065
4,170
5,396
11.5
10.4
27.2
30.4
10.5
9.4
1.7
1.6
17.3
17.4
1.1
1.0
BHEL
Neutral
212
51,877
46,344
46,916
18.3
18.6
23.5
24.1
9.0
8.8
1.8
1.6
21.3
18.9
1.0
1.0
Blue Star
Buy
163
221
1,467
3,250
3,551
5.9
5.9
12.4
15.8
13.1
10.3
2.7
2.3
21.2
23.8
0.5
0.4
Crompton Greaves
Buy
112
164
7,182
12,936
14,101
9.6
10.0
10.9
11.7
10.3
9.5
1.8
1.6
18.4
17.3
0.6
0.5
Jyoti Structures
Buy
39
67
317
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.4
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
51
73
1,302
6,686
7,200
7.7
7.9
10.6
12.2
4.8
4.2
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,549
2,609
1,745
2,663
3,130
12.8
12.8
185.0
217.4
8.4
7.1
1.7
1.5
21.2
21.7
0.2
0.1
Thermax
Neutral
447
5,323
5,514
5,559
8.3
8.0
29.7
28.4
15.1
15.8
2.8
2.5
20.2
16.9
0.8
0.8
Capital Goods
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Market Outlook
June 01, 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
1,140
21,407
11,018
12,663
19.9
21.2
70.7
81.2
16.1
14.1
2.8
2.5
18.0
19.0
1.7
1.4
Ambuja Cements
Neutral
151
23,211
10,035
11,504
23.5
23.8
10.1
10.6
14.9
14.3
2.9
2.6
18.5
19.4
1.9
1.6
India Cements
Neutral
75
2,316
4,423
4,906
18.2
18.8
9.9
12.7
7.6
6.0
0.6
0.6
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
61
79
748
1,938
2,246
19.1
20.1
14.6
16.1
4.2
3.8
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
137
3,252
3,444
3,786
25.5
24.9
14.6
17.1
9.4
8.0
1.4
1.2
15.6
16.0
1.6
1.3
Shree Cements
Neutral
2,421
8,433
5,465
6,249
24.3
23.7
151.5
222.1
16.0
10.9
3.8
3.3
21.6
25.8
1.3
0.9
UltraTech Cement
Neutral
1,417
38,822
20,116
22,655
21.3
22.5
82.1
97.5
17.3
14.5
2.7
2.4
16.8
17.4
1.9
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
14
256
2,526
2,792
5.7
6.6
1.8
2.8
7.5
4.9
0.4
0.4
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
18
1,071
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(9.8)
(22.6)
1.0
1.1
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
113
166
3,744
3,821
4,582
42.3
40.2
15.0
16.9
7.5
6.7
1.1
1.0
16.1
15.8
2.6
2.4
ITNL
Buy
182
265
3,532
6,619
7,925
23.8
23.3
22.0
26.7
8.3
6.8
1.2
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
41
79
1,087
5,758
6,860
9.2
9.2
4.7
6.0
8.7
6.8
0.5
0.5
6.0
7.3
0.6
0.6
Jaiprakash Asso.
Buy
62
104
13,195
16,017
18,359
24.4
23.5
4.2
5.0
14.8
12.4
1.3
1.2
8.8
9.7
2.1
1.9
Buy
1,172
1,553
71,792
59,559
69,089
12.1
11.5
70.8
76.5
16.6
15.3
2.5
2.2
16.1
15.3
1.3
1.2
Madhucon Proj
Buy
41
70
303
2,206
2,502
10.7
10.7
4.6
4.7
8.8
8.8
0.5
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
31
76
785
5,790
7,022
9.2
9.5
3.5
5.4
8.8
5.7
0.3
0.3
3.7
5.6
0.7
0.7
Patel Engg.
Neutral
86
599
3,609
3,836
13.1
13.1
14.0
14.6
6.1
5.9
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
45
1,486
10,592
12,193
8.4
8.4
2.9
4.6
15.4
9.8
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
126
199
1,889
2,989
3,315
10.6
10.6
10.2
11.3
12.4
11.1
2.0
1.7
17.6
16.3
0.8
0.8
Simplex Infra
Buy
223
316
1,103
6,732
7,902
9.3
9.6
27.2
35.1
8.2
6.4
0.9
0.8
11.0
12.6
0.5
0.4
Allahabad Bank
Accumulate
131
147
6,565
7,392
8,542
3.1
3.1
38.3
42.1
3.4
3.1
0.6
0.5
18.4
17.6
Andhra Bank
Neutral
108
6,069
5,151
5,843
3.2
3.1
22.4
25.7
4.8
4.2
0.7
0.7
15.8
16.0
Axis Bank
Buy
972
1,476
40,204
16,157
19,557
3.2
3.2
116.4
139.1
8.4
7.0
1.5
1.3
20.0
20.3
Bank of Baroda
Buy
687
925
26,899
15,993
18,918
2.6
2.6
127.3
149.9
5.4
4.6
0.9
0.8
17.8
18.2
Bank of India
Accumulate
340
389
19,534
13,558
15,551
2.5
2.4
61.6
70.8
5.5
4.8
0.9
0.8
16.8
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Neutral
Financials
www.angelbroking.com
51
53
2,989
3,580
4,050
3.2
3.2
11.5
13.1
4.4
3.9
0.7
0.6
17.4
17.2
403
493
17,871
12,061
13,906
2.3
2.3
83.1
92.7
4.9
4.4
0.8
0.7
16.7
16.4
76
5,628
6,838
7,912
2.3
2.4
13.8
20.3
5.6
3.8
0.8
0.7
10.9
14.4
Market Outlook
June 01, 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
417
468
6,171
5,203
5,880
2.2
2.1
107.5
112.7
3.9
3.7
0.7
0.6
17.9
16.5
92
107
3,207
3,149
3,522
2.8
2.8
23.3
26.1
3.9
3.5
0.6
0.6
17.7
17.0
Financials
Corporation Bank
Accumulate
Dena Bank
Buy
Federal Bank
Neutral
419
7,158
2,743
3,131
3.4
3.3
49.7
57.4
8.4
7.3
1.1
1.0
14.1
14.6
HDFC
Neutral
655
96,832
7,393
8,844
3.5
3.4
31.7
37.9
20.7
17.3
4.1
3.7
34.7
31.9
HDFC Bank
Accumulate
506
567
118,806
21,831
27,477
4.3
4.3
28.3
35.5
17.9
14.3
3.4
2.9
20.8
22.1
ICICI Bank
Buy
784
1,174
90,144
22,209
26,512
2.8
2.8
67.9
81.1
11.6
9.7
1.4
1.3
14.7
16.0
IDBI Bank
Buy
85
113
10,924
8,004
9,589
1.9
2.0
19.9
23.9
4.3
3.6
0.6
0.5
13.8
14.9
Indian Bank
Accumulate
169
190
7,263
6,312
7,119
3.4
3.3
41.1
43.7
4.1
3.9
0.7
0.6
18.2
16.9
IOB
Accumulate
81
92
6,488
7,354
8,283
2.5
2.4
16.3
21.7
5.0
3.8
0.6
0.5
11.5
13.9
J & K Bank
Neutral
929
4,502
2,535
2,861
3.5
3.4
176.3
184.4
5.3
5.0
1.0
0.8
19.3
17.6
Buy
237
286
11,981
2,108
2,607
2.6
2.6
24.5
30.6
9.7
7.8
1.8
1.5
20.1
21.4
Oriental Bank
Accumulate
229
262
6,690
6,431
7,315
2.7
2.6
54.4
63.8
4.2
3.6
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
756
1,041
25,628
19,893
23,653
3.1
3.2
153.4
175.2
4.9
4.3
0.9
0.7
18.3
18.1
South Ind.Bank
Neutral
24
2,741
1,440
1,635
2.7
2.5
3.8
4.1
6.5
5.9
1.2
1.1
19.9
18.6
St Bk of India
Buy
2,056
2,469
137,940
68,311
79,649
3.6
3.6
230.4
273.4
8.9
7.5
1.5
1.2
18.2
18.8
Syndicate Bank
Buy
93
126
5,568
7,133
8,255
3.0
3.0
25.9
30.0
3.6
3.1
0.6
0.5
16.9
17.1
UCO Bank
Neutral
69
4,613
5,623
6,380
2.4
2.4
16.9
17.9
4.1
3.9
0.8
0.7
16.5
15.4
Union Bank
Buy
202
261
11,099
10,215
11,854
2.9
2.8
42.7
50.3
4.7
4.0
0.8
0.7
17.0
17.5
United Bank
Buy
60
78
2,171
3,551
4,128
2.7
2.8
18.8
22.6
3.2
2.7
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
55
2,735
2,668
3,001
2.2
2.2
10.6
12.2
5.2
4.5
0.7
0.6
13.3
13.8
Yes Bank
Buy
330
450
11,681
3,209
4,144
2.7
2.8
33.9
41.5
9.7
8.0
2.1
1.7
23.1
23.3
4,035
38,700
11,423
13,309
16.3
16.3
125.3
148.4
32.2
27.2
10.9
8.6
38.0
35.4
3.3
2.8
533
650
6,372
5,906
6,856
6.9
7.0
22.3
28.3
23.9
18.9
9.8
7.3
45.2
44.1
1.1
0.9
1,201
16,326
3,007
3,417
21.1
22.1
37.7
42.6
31.8
28.2
37.9
30.6
129.4
120.1
5.3
4.7
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
104
18,179
5,878
6,799
16.8
17.0
4.2
4.9
25.2
21.2
9.1
7.5
39.3
42.0
3.1
2.7
GlaxoSmith Con*
Neutral
2,792
11,741
3,124
3,663
17.1
11.6
103.0
123.3
27.1
22.7
8.4
6.7
34.0
32.9
3.4
2.9
Godrej Consumer
Neutral
575
19,559
5,973
7,000
18.4
18.6
22.8
27.2
25.2
21.2
6.9
5.6
31.3
38.4
3.4
2.9
HUL
Neutral
427
92,232
25,350
29,309
14.3
14.4
14.1
16.4
30.2
26.0
22.6
17.7
82.7
76.2
3.5
3.0
ITC
Accumulate
230
252
180,019
29,638
34,159
35.4
35.8
9.3
10.9
24.6
21.1
8.0
6.5
35.3
33.8
5.8
5.0
www.angelbroking.com
Market Outlook
June 01, 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
175
11,282
4,667
5,427
12.8
12.9
6.6
8.1
26.3
21.5
7.1
5.5
30.0
28.8
2.4
2.0
Nestle*
Neutral
4,504
43,430
8,731
10,539
21.0
21.4
119.3
147.9
37.8
30.5
23.1
15.8
73.0
61.6
5.0
4.1
Tata Global
Buy
108
136
6,654
7,011
7,712
9.7
10.0
6.0
7.1
18.1
15.1
1.7
1.6
8.9
10.2
0.8
0.8
HCL Tech
Accumulate
504
560
34,926
22,792
25,743
17.4
17.4
37.8
43.0
13.4
11.7
3.0
2.5
22.3
21.3
1.5
1.3
Hexaware
Accumulate
119
128
3,532
1,821
2,105
19.0
18.6
9.8
10.7
12.2
11.2
2.8
2.4
23.7
22.5
1.7
1.4
Infosys
Accumulate
2,440
2,792
140,104
37,615
42,491
31.1
30.6
158.5
174.5
15.4
14.0
3.5
2.9
22.5
20.8
3.1
2.6
Infotech Enterprises
Neutral
172
1,914
1,758
1,972
17.0
16.6
16.8
18.6
10.2
9.2
1.4
1.2
13.6
13.2
0.7
0.6
KPIT Cummins
Neutral
119
2,111
2,028
2,239
15.0
14.8
9.0
11.4
13.2
10.4
2.4
2.0
19.3
18.7
1.0
0.9
Mahindra Satyam
Accumulate
75
86
8,855
7,097
7,812
16.2
16.0
7.5
8.0
10.0
9.5
1.3
1.2
13.2
12.3
0.8
0.7
Mindtree
Neutral
630
2,556
2,172
2,450
16.1
15.5
53.9
58.5
11.7
10.8
2.2
1.8
18.9
17.0
1.0
0.8
Mphasis
Buy
375
433
7,875
5,904
6,320
18.3
17.9
38.7
41.2
9.7
9.1
1.4
1.3
14.9
13.7
0.9
0.7
NIIT
Buy
42
52
699
1,162
1,304
14.8
15.1
7.1
8.8
6.0
4.8
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Accumulate
TCS
Neutral
Tech Mahindra
Wipro
IT
343
361
1,371
1,109
1,224
23.3
22.4
37.2
40.1
9.2
8.6
1.4
1.2
15.4
14.5
0.9
0.7
1,246
243,831
57,189
66,329
29.3
28.7
63.2
70.9
19.7
17.6
6.0
4.9
30.5
27.7
4.0
3.4
Accumulate
671
725
8,552
5,880
6,314
15.6
15.2
75.9
82.2
8.8
8.2
1.8
1.5
20.1
18.1
1.4
1.2
Neutral
410
100,714
41,918
46,879
19.4
19.9
25.1
28.7
16.3
14.3
3.0
2.6
18.6
18.3
2.1
1.7
D B Corp
Buy
196
269
3,584
1,652
1,863
25.7
26.3
13.5
16.1
14.5
12.2
3.2
2.7
24.1
24.4
2.1
1.8
HT Media
Buy
110
148
2,595
2,255
2,555
16.3
16.7
9.0
10.6
12.3
10.4
1.5
1.4
13.4
13.8
0.7
0.6
Jagran Prakashan
Buy
93
137
2,925
1,499
1,642
27.4
28.8
7.6
9.1
12.1
10.2
4.1
3.6
34.6
37.7
1.9
1.7
PVR
Neutral
153
396
625
732
17.4
16.9
12.4
15.8
12.3
9.7
2.0
2.1
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
239
9,417
2,135
2,458
75.2
74.4
20.9
24.0
11.5
10.0
2.7
2.3
26.0
25.1
3.4
2.7
Bhushan Steel
Neutral
441
9,364
9,232
13,557
30.8
31.1
48.0
58.6
9.2
7.5
1.2
1.0
14.5
7.5
3.2
2.2
Coal India
Accumulate
322
353
203,197
68,841
74,509
25.3
25.3
24.1
26.1
13.4
12.3
3.7
3.0
30.4
26.8
2.1
1.8
Electrosteel Castings
Buy
17
27
588
1,984
2,074
10.6
12.0
2.7
3.3
6.3
5.2
0.3
0.1
5.2
6.2
0.4
0.4
Hind. Zinc
Buy
117
139
49,521
13,043
14,223
51.8
52.8
14.8
16.6
7.9
7.1
1.5
1.3
21.2
19.9
2.1
1.5
Hindalco
Neutral
117
22,343
84,652
88,766
9.6
10.5
17.0
18.9
6.9
6.2
0.6
0.6
9.7
9.8
0.5
0.5
JSW Steel
Accumulate
629
663
14,034
39,592
44,910
18.0
17.7
74.7
88.9
8.4
7.1
0.8
0.7
10.7
11.6
0.7
0.7
MOIL
Accumulate
278
296
4,665
1,007
1,091
56.6
56.9
29.4
31.9
9.5
8.7
1.7
1.5
19.0
18.2
2.4
2.0
Monnet Ispat
Buy
400
593
2,571
3,115
3,748
22.1
25.1
59.1
66.8
6.8
6.0
1.0
0.8
15.6
15.3
1.6
1.2
Media
www.angelbroking.com
Market Outlook
June 01, 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
Reduce
NMDC
Accumulate
58
54
14,845
8,474
9,024
12.6
16.2
2.6
3.6
22.5
16.1
1.2
1.2
5.6
7.5
1.3
1.2
166
187
65,874
11,959
13,062
78.2
78.6
19.1
20.9
8.7
8.0
2.1
1.8
27.1
24.4
3.4
2.9
SAIL
Sesa Goa
Accumulate
95
102
39,199
52,461
62,935
18.0
18.8
13.2
14.5
7.2
6.6
0.9
0.8
12.4
12.3
1.1
1.0
Accumulate
187
206
16,248
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
Sterlite Inds
0.1
Buy
94
123
31,623
45,805
49,029
21.2
23.5
16.5
19.1
5.7
4.9
0.6
0.6
11.5
12.0
0.3
Tata Steel
0.2
Buy
403
499
10.9
12.1
53.9
66.0
7.5
6.1
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Accumulate
332
372
63,395
15,513
16,074
74.0
69.7
51.1
48.6
6.5
6.8
1.1
0.9
18.3
14.8
2.9
2.2
GAIL
Buy
322
392
40,902
50,472
55,503
15.3
15.6
35.4
37.0
9.1
8.7
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
254
319
37.6
39.5
31.0
33.6
8.2
7.6
1.5
1.3
18.8
18.1
1.1
1.0
Reliance Industries
Buy
706
872
10.9
11.7
65.8
70.1
10.7
10.1
1.1
1.0
11.9
11.5
0.7
0.7
Pharmaceuticals
Alembic Pharma
Buy
50
91
933
1,624
1,855
14.2
15.6
6.6
9.1
7.5
5.4
1.8
1.4
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
109
175
3,178
5,243
5,767
14.6
14.6
13.8
14.7
7.9
7.4
0.9
0.4
11.4
10.9
0.9
0.8
Aventis*
Neutral
2,080
4,790
1,482
1,682
15.5
15.5
95.0
104.0
21.9
20.0
3.9
3.0
18.6
17.0
3.0
2.6
Cadila Healthcare
Buy
731
953
14,957
6,196
7,443
18.5
19.5
43.3
50.8
16.9
14.4
4.4
3.5
25.4
24.8
2.4
1.9
Cipla
Buy
310
379
24,862
7,687
8,804
21.4
21.4
16.5
18.9
18.8
16.4
2.9
2.6
16.7
16.8
3.2
2.7
Dr Reddy's
Neutral
1,691
28,656
10,696
11,662
20.7
21.0
83.7
92.9
20.2
18.2
4.2
3.5
22.4
21.0
2.8
2.5
Dishman Pharma
Buy
51
92
410
1,280
1,536
17.8
17.8
9.2
11.3
5.5
4.5
0.4
0.4
7.7
8.5
1.0
0.8
GSK Pharma*
Neutral
2,011
17,032
2,651
2,993
31.7
31.2
76.0
82.4
26.5
24.4
7.6
6.6
30.8
29.0
5.5
4.7
Indoco Remedies
Buy
55
665
507
685
837
15.2
15.2
55.5
66.5
1.0
0.8
0.2
0.1
16.4
16.9
0.9
0.9
Ipca labs
Buy
341
443
4,289
2,907
3,541
21.5
21.5
32.4
40.6
10.5
8.4
2.6
2.1
27.8
27.7
1.6
1.3
Lupin
Buy
539
646
24,099
8,426
10,082
19.7
20.0
29.7
32.4
18.2
16.7
4.7
3.8
27.0
25.2
2.8
2.2
Orchid Chemicals
Buy
121
178
852
2,117
2,434
17.7
17.7
16.7
22.2
7.2
5.5
0.7
0.6
9.5
11.5
1.1
0.9
Ranbaxy*
Neutral
517
21,830
12,046
11,980
18.0
15.8
35.7
29.8
14.5
17.4
5.4
4.4
43.1
28.1
1.8
1.8
Sun Pharma
Accumulate
568
634
58,447
9,272
11,080
40.3
36.3
26.7
28.8
21.3
19.7
4.3
3.7
22.1
20.8
5.6
4.6
CESC
Buy
268
342
3,352
5,084
5,512
24.2
23.8
45.2
48.5
5.9
5.5
0.6
0.6
11.2
10.9
1.1
1.1
GIPCL
Buy
57
98
869
1,557
1,573
28.7
27.5
10.4
10.2
5.5
5.6
0.6
0.5
10.5
9.6
1.0
0.9
NTPC
Accumulate
147
158
121,126
74,766
86,549
23.1
23.4
12.4
14.1
11.8
10.4
1.5
1.4
13.0
13.5
2.3
2.1
46
78
1,359
657
875
52.0
56.1
8.4
12.7
5.5
3.6
0.3
0.3
6.3
8.9
3.3
2.5
185
31,386
9,878
12,033
44.7
46.1
9.6
13.4
19.3
13.8
1.2
1.2
6.4
8.7
5.7
4.7
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
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Market Outlook
June 01, 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
67
115
2,824
2,441
3,344
53.0
46.7
21.4
25.4
3.2
2.7
0.3
0.2
8.4
9.1
3.0
2.3
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
302
114,723
80,967
88,684
33.1
33.4
17.9
22.0
16.9
13.7
1.9
1.7
11.5
12.5
2.1
1.8
Idea Cellular
Neutral
76
25,234
22,558
25,326
26.4
27.5
3.2
4.7
23.7
16.1
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
65
13,334
21,899
23,740
32.7
32.7
4.2
6.7
15.3
9.7
0.3
0.3
2.1
3.2
2.0
1.6
185
245
1,846
3,670
4,384
8.5
8.5
18.3
22.3
10.1
8.3
2.2
1.8
23.9
24.3
0.5
0.4
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,064
7,467
982
1,136
34.3
34.3
34.3
40.0
31.0
26.6
14.0
11.2
50.9
46.9
7.2
6.1
Finolex Cables
Buy
37
61
562
2,334
2,687
8.8
9.3
7.6
10.2
4.8
3.6
0.6
0.5
13.7
16.1
0.2
0.1
Graphite India
Buy
89
124
1,747
2,158
2,406
18.1
18.9
12.4
14.0
7.2
6.4
1.0
0.9
14.0
14.3
0.9
0.8
Greenply
Buy
212
298
512
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
3,089
3,445
935
1,168
19.6
19.6
99.7
122.2
31.0
25.3
17.9
14.4
64.2
63.1
3.7
3.0
Sintex
Buy
54
129
1,473
4,751
5,189
16.3
16.6
13.6
15.8
4.0
3.4
0.5
0.5
13.1
13.4
0.7
0.5
Buy
263
439
246
1,042
1,173
12.4
12.5
66.3
78.5
4.0
3.4
0.8
0.6
21.1
20.8
0.5
0.4
SpiceJet
Neutral
28
1,363
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
108
374
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Goodyear
Buy
321
372
739
1,571
1,753
7.2
8.6
29.8
42.4
10.7
7.6
2.0
1.7
20.2
24.3
0.3
0.2
HEG
Buy
198
242
792
1,746
1,946
16.5
17.7
22.5
32.9
8.8
6.0
0.9
0.8
10.4
14.2
1.1
1.0
Hitachi
Buy
117
160
269
857
968
6.9
8.4
10.2
16.0
11.5
7.3
1.4
1.2
12.9
17.8
0.4
0.4
Honeywell Automation
Neutral
2,607
2,305
1,542
1,739
9.4
10.0
116.1
140.8
22.5
18.5
3.2
2.7
15.5
15.9
Ineos ABS
Accumulate
722
777
1,270
900
1,011
10.2
11.5
35.6
45.7
20.3
15.8
2.9
2.5
15.4
17.2
ITD Cementation
Accumulate
212
236
244
1,535
1,842
11.1
11.1
27.3
38.3
7.8
5.5
0.6
0.5
7.9
10.2
0.6
0.6
MRF
Buy
10,929
13,106
4,635
12,390
14,400
10.4
8.2
6.7
1.6
1.3
16.5
17.4
0.6
0.5
Relaxo
Accumulate
433
478
520
1,019
1,208
11.0
10.8
44.9
53.1
9.7
8.2
2.3
1.8
27.2
25.0
0.7
0.6
Tata Sponge
Buy
270
420
416
757
875
19.0
19.1
63.5
72.9
4.3
3.7
0.6
0.6
16.1
16.1
0.1
TVS Srichakra
Buy
323
462
247
1,612
1,827
9.5
9.8
72.3
92.5
4.5
3.5
1.3
1.0
33.1
32.1
0.4
0.3
Vesuvius India
Accumulate
Abbott India
Buy
370
413
752
628
716
16.4
16.5
29.8
34.4
12.4
10.8
2.2
1.9
18.8
18.6
1.0
0.8
1,405
1,628
2,986
1,661
1,918
9.7
12.0
60.7
90.4
23.2
15.5
4.8
3.9
22.0
27.3
1.6
1.3
Accumulate
252
288
319
385
444
17.2
17.4
28.9
32.0
8.7
7.9
1.8
1.5
23.4
21.1
1.0
0.9
Buy
219
268
1,769
1,315
1,568
8.6
11.1
6.4
10.9
34.4
20.2
2.9
2.7
8.4
13.9
1.7
1.4
Buy
449
680
586
2,346
2,753
6.7
7.0
50.9
61.9
8.8
7.3
0.5
0.5
5.5
6.3
0.2
0.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 31, 2012
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Market Outlook
June 01, 2012
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