market outlook, 14.03.13

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Market OutlookMarch 14, 2013

www.angelbroking.com


Dealers Diary

Indian markets are expected to open marginally in the red tracking SGX Nifty,

which too is currently trading marginally lower by ~0.1%. Major Asian indices have

had a mixed opening. While the Hang Seng is trading lower by ~0.8%, Shanghaiand Nikkei are trading marginally in the green.

US stocks moved modestly higher on Wednesday after recovering from an early

move on the downside. The Dow ended the day slightly higher, recording its first

nine-day winning streak since November of 1996 and setting another new closing

record high. Before the start of trading, the Commerce Department released a

report showing a strong jump in retail sales in February, although the increase was

largely due to higher gas prices. Most of the European markets were down on

Wednesday.

Meanwhile Indian markets extended declines for a third day in a row, weighed

down by renewed concerns about a slowdown in China and uncertainty overEurope's economic outlook. The Indian markets will keenly await the WPI numbers,

which are to release during the day.

Markets Today

The trend deciding level for the day is 19,404/ 5,862 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally

up to 19,470 19,578 / 5,883 5,914 levels. However, if NIFTY trades below

19,404/ 5,862 levels for the first half-an-hour of trade then it may correct up to

19,297 19,231 / 5,831 5,811 levels.

SENSEX 19,231 19,297 19,404 19,470 19,578NIFTY 5,811 5,831 5,862 5,883 5,914

News Analysis

TTMT global sales dip sharply in February 2013 BGR Energy pulls out of `800cr contract with NTPC

Refer detailed news analysis on the following page

Net Inflows (March 12, 2013)

FII 2,784 2,003 781 5,840 50,192

MFs 306 447 (141) (1,001) (6,562)

FII Derivatives (March 13, 2013)

Index Futures 1,018 1,241 (223) 9,972

Stock Futures 1,349 1,307 42 25,489

Gainers / Losers

Lanco Infra 12 6.3 Core Projects 63 (5.7)

IRB Infra 122 2.5 Zee Entert 208 (5.6)

National Alum 46 2.3 Wockhardt 2,002 (5.3)

Unitech 28 2.2 REC 215 (4.8)

Motherson Sumi 205 2.2 Oriental Bank 268 (4.7)

BSE Sensex (1.0) (202.4) 19,363

Nifty (1.1) (62.9) 5,851

MID CAP (1.0) (64.7) 6,396

SMALL CAP (1.3) (80.0) 6,238

BSE HC (0.2) (15.2) 8,055

BSE PSU (1.4) (98.4) 6,868

BANKEX (2.2) (301.3) 13,516

AUTO (1.5) (166.3) 10,669

METAL (1.1) (107.2) 9,232

OIL & GAS (1.1) (97.0) 8,883

BSE IT (1.2) (81.7) 6,837

Dow Jones 0.0 5.2 14,455NASDAQ 0.1 2.8 3,245

FTSE (0.4) (29.1) 6,482

Nikkei (0.6) (75.1) 12,240

Hang Seng (1.5) (334.0) 22,557

Straits Times (0.4) (14.5) 3,289

Shanghai Com (1.0) (22.6) 2,264

INFY 0.3 0.2 $52.9

WIT 1.0 0.1 $10.0IBN (3.2) (1.4) $42.7

HDB (0.2) (0.1) $38.9

Advances 992 395

Declines 1,893 1,108

Unchanged 128 89

BSE 1,688

NSE 9,226

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TTMT global sales dip sharply in February 2013

The global sales of Tata Motors (TTMT) reported a sharp decline of 22.4% yoy to

98,837 units primarily due to the poor performance by the domestic passenger

(down 68.5% yoy) and medium and heavy commercial vehicle (down 45% yoy)

segments. While, global commercial vehicle sales posted a decline of 10.2% yoy;global passenger vehicle volumes fell significantly by 32.8% yoy.

Jaguar and Land Rover (JLR) recorded a healthy 10% yoy (down 7% mom) growth

in overall wholesale volumes to 35,485 units; however, it was slightly below our

expectations of 36,500 units. The growth during the month was impacted largely

due to the weeklong holidays in China on account of the New Year (holidays fell in

January in 2012). Jaguar sales posted a robust 68% yoy (10.3% mom) growth,

which was ahead of our estimates, led by the model year 2013 vehicles - XF

Sportbrake, XF AWD and smaller engine variants of XF and XJ. Land Rover sales

registered a modest growth of 1.3% yoy (10.6% mom) largely due to the holidays

in China which impacted the overall deliveries. While deliveries of Evoque stood at~10,800 units (down 8.5% mom); the new Range Rover dispatches stood at

~4,000 units (flat mom).

We retain our positive view on JLR and expect the company to sustain its growth

momentum driven by Evoque and new product launches (Range Rover, Range

Rover Sport, Jaguar XF Sportbrake andAWD and smaller engine variants ofXF and

XJ models).

BGR Energy pulls out of`

800cr contract with NTPCBGR Energy has pulled out of a contract worth `800cr, for supply of power

equipment to NTPC's proposed 1,600 MW Darlipali project in Odisha. The

company pulled out since the project got delayed on account of non-availability of

various clearances.

NTPC was supposed to provide BGR Energy with the Notice of Authorization to

start the work on the contract. However, NTPC is yet to receive the requisite land

for the project due to non-availability of various clearances.

Economic and Political News

Delinking of environment and forest clearances gets SC nod World Bank to lend $5 bn for poverty eradication Indirect tax collections rise by 20% in Apr-Feb

Corporate News

Apollo Global Management to sell 11% stake in Dish TV MRPL retracts Haldia PetChem buyout plan SC disposes petitions to free up Tata Teleservices' GSM spectrum Wave Infra to invest Rs 500 cr in affordable housingSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 0.70

12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

March 15, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb 2.00 --

6:00PM US Consumer price index (mom) % Change Feb -- 0.50

6:45PM US Industrial Production % Feb (0.10) 0.30

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --

6:00PM US Building permits Thousands Feb 904.00 --

3:00PM UK CPI (YoY) % Change Feb 2.70 --

11:00AM India RBI Repo rate % Mar 19 7.75 --

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --

March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --

3:00PM UK Jobless claims change % Change Feb (12.50) --

10:00PM US FOMC rate decision % Mar 20 0.25 --

March 21, 2013 2:00PM Germany PMI Services Value Mar A 54.70 --

2:00PM Germany PMI Manufacturing Value Mar A 50.30 --

7:30PM US Existing home sales Millions Feb 4.92 --

March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --

7:30PM US New home sales Thousands Feb 437.00 --

March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --

March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --

6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 --

April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --

April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --

May 15, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --

11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

Source: Bloomberg, Angel Research

March 14, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

4.3

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(0.8) (0.5)

2.4

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

(%)

7.6 7.7 7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.26.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Exports yoy growth Imports yoy growth(%)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Repo rate Reverse Repo rate CRR(%)

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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

Agri / Agri Chemical

Rallis Neutral 124 - 2,418 1,466 1,686 14.8 14.8 7.0 8.1 17.8 15.4 3.8 3.2 22.6 22.5 1.6 1.4

United Phosphorus Buy 126 170 5,570 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 272 323 4,650 2,983 3,477 16.1 16.1 18.5 21.6 14.7 12.6 4.2 3.3 32.9 29.1 1.5 1.4

Apollo Tyres Accumulate 86 97 4,319 13,066 14,503 11.5 11.8 13.0 14.5 6.6 5.9 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,040 12,910 14,836 8.8 9.6 1.5 2.2 15.3 10.2 2.0 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 288 - 436 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.3 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,893 - 54,789 20,775 23,889 18.5 19.0 107.6 126.4 17.6 15.0 7.3 5.8 45.8 42.8 2.4 2.0

Bharat Forge Neutral 221 - 5,151 5,973 6,707 14.4 15.2 13.4 18.6 16.6 11.9 2.2 1.9 13.6 16.9 1.1 0.9

Bosch India* Accumulate 8,619 8,889 27,064 9,717 11,092 16.2 17.0 354.7 423.3 24.3 20.4 4.2 3.6 17.2 17.5 2.4 2.0

CEAT Buy 99 163 338 4,822 5,403 8.2 8.3 29.8 40.8 3.3 2.4 0.5 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 126 - 10,689 6,016 7,026 12.7 14.4 5.8 7.8 21.5 16.0 3.2 2.7 15.4 18.2 1.5 1.2

FAG Bearings* Neutral 1,559 - 2,591 1,619 1,879 16.0 16.6 108.6 130.7 14.4 11.9 2.5 2.1 18.8 19.1 1.3 1.1

Hero Motocorp Accumulate 1,671 1,923 33,372 23,990 27,038 13.8 14.6 105.8 120.2 15.8 13.9 6.4 5.2 44.3 41.0 1.1 1.0

JK Tyre Buy 105 165 432 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.5 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Buy 909 1,019 55,780 40,060 46,301 11.5 11.7 55.3 64.3 16.4 14.1 3.7 3.1 24.5 23.8 1.1 0.9

Maruti Accumulate 1,373 1,563 39,679 43,381 52,411 7.5 8.9 65.6 97.7 20.9 14.1 2.4 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 205 209 12,037 25,769 29,010 7.1 7.5 10.2 13.1 20.1 15.7 5.1 4.0 28.1 28.3 0.6 0.5

Subros Buy 25 35 152 1,296 1,476 9.8 9.9 3.4 5.0 7.5 5.0 0.5 0.5 7.2 10.2 0.4 0.4

ata Motors Accumulate 301 326 80,179 184,201 209,642 12.4 13.5 28.0 36.3 10.7 8.3 2.4 1.9 24.6 25.4 0.5 0.4

VS Motor Buy 39 47 1,829 7,019 7,827 6.0 6.3 4.3 5.3 9.0 7.3 1.4 1.2 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 590 487 12,494 8,073 9,052 5.5 7.2 11.3 17.4 52.3 33.9 4.5 4.1 8.9 12.8 1.5 1.4BGR Energy Neutral 206 - 1,484 3,412 4,104 13.0 11.6 24.6 26.2 8.4 7.9 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 197 - 48,230 47,801 43,757 18.0 17.1 24.1 20.8 8.2 9.5 2.4 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 170 238 1,527 2,748 2,896 4.4 5.6 6.8 9.3 25.0 18.2 3.4 3.0 14.5 17.6 0.6 0.6

Crompton Greaves Buy 97 129 6,190 12,136 13,790 3.8 6.3 3.3 6.9 29.2 14.0 1.7 1.6 5.8 11.5 0.6 0.5

Jyoti Structures Buy 33 49 269 2,802 3,074 9.5 9.8 7.7 10.9 4.3 3.0 0.4 0.3 9.6 12.1 0.3 0.3

KEC International Buy 52 75 1,338 6,909 7,723 6.2 7.2 5.4 8.4 9.7 6.2 1.1 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,009 - 2,263 2,369 2,727 11.7 11.7 143.4 166.0 14.0 12.1 2.3 2.1 17.4 18.4 0.5 0.3

hermax Neutral 581 - 6,919 5,529 5,798 9.0 9.6 27.1 30.3 21.4 19.2 3.7 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 14, 2013

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Cement

ACC Neutral 1,252 - 23,506 11,358 12,366 19.9 19.6 75.1 74.9 16.7 16.7 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 188 - 28,960 9,730 11,221 25.6 25.0 10.2 11.3 18.4 16.6 3.3 3.0 18.7 19.0 2.6 2.2

India Cements Neutral 85 - 2,600 4,439 4,789 16.7 17.2 6.8 9.1 12.5 9.3 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cement Buy 121 143 1,419 2,119 2,478 22.9 22.3 20.3 22.8 5.9 5.3 1.0 0.9 18.0 17.7 0.8 1.1

Madras Cements Neutral 260 - 6,184 3,960 4,270 27.4 27.0 18.6 21.1 14.0 12.3 2.5 2.2 19.7 18.9 2.1 1.8

Shree Cement^ Neutral 4,317 - 15,038 5,678 6,251 29.0 28.6 288.1 334.0 15.0 12.9 4.2 3.3 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,899 - 52,078 20,466 23,017 23.3 24.3 100.0 117.1 19.0 16.2 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 202 268 1,064 20,466 23,017 22.5 22.5 24.4 27.0 8.3 7.5 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 11 - 202 2,262 2,522 5.9 6.3 0.9 1.6 11.9 7.0 0.3 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 122 164 4,066 3,843 4,212 43.1 43.6 16.8 17.8 7.3 6.9 1.2 1.1 18.3 17.0 3.2 3.4

ITNL Accumulate 200 225 3,882 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.9 1.2 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Buy 25 35 778 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.5) 8.8 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 75 97 16,721 14,243 16,382 26.2 26.1 3.2 4.3 23.5 17.4 1.3 1.2 5.4 7.0 2.6 2.4

Larsen & Toubro Buy 1,494 1,788 91,957 60,666 69,525 10.6 11.2 71.9 85.0 20.8 17.6 3.2 2.8 14.5 15.2 1.7 1.5

Nagarjuna Const. Buy 39 44 998 5,863 6,576 8.1 8.2 3.1 4.1 12.7 9.5 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 46 - 1,536 11,892 13,116 10.2 10.2 (0.4) 3.0 (108.5) 15.6 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 115 157 1,734 1,642 2,642 9.7 10.1 3.2 7.2 35.8 15.9 2.0 1.8 6.0 12.1 1.3 0.8

Simplex Infra Buy 140 197 691 6,026 7,135 9.1 9.3 14.1 24.6 9.9 5.7 0.6 0.5 5.6 9.2 0.5 0.5

Unity Infra Buy 32 58 233 2,180 2,455 13.7 13.4 12.9 14.8 2.4 2.1 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 139 160 6,930 6,509 7,264 2.7 2.8 28.2 33.5 4.9 4.1 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 98 - 5,487 4,795 5,475 3.0 3.0 21.8 21.9 4.5 4.5 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,347 1,678 63,006 15,959 18,660 3.2 3.2 119.2 139.0 11.3 9.7 2.1 1.8 20.3 20.1 - -

Bank of Baroda Buy 721 850 29,624 14,889 17,393 2.5 2.6 108.2 134.0 6.7 5.4 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 313 350 17,982 12,793 14,823 2.3 2.4 49.5 65.1 6.3 4.8 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Neutral 52 - 3,081 3,720 4,268 2.9 2.8 10.9 13.0 4.8 4.0 0.7 0.6 16.2 16.9 - -

Canara Bank Accumulate 421 463 18,646 10,783 12,000 2.1 2.3 64.8 82.2 6.5 5.1 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 72 - 5,315 7,158 8,217 2.4 2.6 13.1 20.1 5.5 3.6 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 400 465 5,919 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Accumulate 93 107 3,259 3,090 3,462 2.7 2.7 25.6 24.6 3.6 3.8 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

March 14, 2013

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Financials

Federal Bank Accumulate 485 536 8,286 2,667 2,920 3.2 3.2 49.1 51.4 9.9 9.4 1.3 1.2 13.9 13.1 - -

HDFC Neutral 809 - 124,895 7,446 8,923 3.5 3.5 32.2 38.5 25.1 21.0 5.1 4.6 35.4 32.6 - -

HDFC Bank Neutral 635 - 150,843 21,724 26,578 4.3 4.3 28.7 36.1 22.2 17.6 4.2 3.6 20.7 22.1 - -

ICICI Bank Buy 1,086 1,302 124,876 22,317 26,217 2.9 3.0 72.0 84.6 15.1 12.8 1.9 1.7 14.9 15.9 - -

IDBI Bank Buy 89 106 11,333 8,196 9,305 1.9 2.1 15.4 22.3 5.8 4.0 0.6 0.6 10.7 14.1 - -

Indian Bank Buy 175 208 7,540 5,716 6,362 3.2 3.2 37.7 41.1 4.7 4.3 0.8 0.7 16.9 16.2 - -

IOB Accumulate 71 85 5,687 7,231 8,369 2.4 2.5 10.2 20.2 7.0 3.5 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,300 1,406 6,300 2,784 2,932 3.7 3.7 229.2 199.6 5.7 6.5 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 237 257 11,935 1,722 2,080 2.2 2.2 19.9 24.6 11.9 9.6 1.9 1.6 16.6 17.9 - -

Oriental Bank Accumulate 268 314 7,829 6,360 7,004 2.6 2.8 48.1 59.4 5.6 4.5 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 789 957 26,754 19,202 22,040 3.2 3.4 146.8 167.9 5.4 4.7 1.0 0.8 17.6 17.5 - -

South Ind.Bank Buy 24 30 3,266 1,583 1,789 3.0 2.9 3.5 4.1 7.0 6.0 1.2 1.0 19.1 17.7 - -

St Bk of India Buy 2,179 2,514 146,238 60,594 70,439 3.3 3.3 221.9 257.4 9.8 8.5 1.7 1.4 17.4 17.7 - -

Syndicate Bank Accumulate 120 135 7,250 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.3 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 60 - 3,955 5,388 6,262 2.4 2.6 9.0 14.9 6.6 4.0 0.9 0.7 9.1 13.8 - -

Union Bank Accumulate 226 256 12,467 10,006 11,558 2.8 2.8 36.4 47.0 6.2 4.8 0.9 0.8 14.6 16.6 - -

United Bank Buy 63 75 2,267 3,549 3,814 2.5 2.7 12.0 21.4 5.2 2.9 0.5 0.5 10.1 16.3 - -

Vijaya Bank Neutral 51 - 2,535 2,342 2,763 1.9 2.1 8.0 10.9 6.4 4.7 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 482 526 17,289 3,364 4,260 2.8 3.0 36.3 42.6 13.3 11.3 3.0 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,786 - 45,911 11,198 13,319 15.9 15.7 122.1 147.1 39.2 32.5 13.2 10.4 37.7 35.7 3.9 3.2

Britannia Accumulate 538 564 6,428 5,580 6,417 4.8 5.0 18.1 21.7 29.7 24.8 10.8 8.6 38.7 38.7 1.0 0.9

Colgate Neutral 1,310 - 17,813 3,120 3,588 20.3 21.1 38.4 45.1 34.1 29.1 31.7 25.4 104.6 97.0 5.6 4.8Dabur India Neutral 134 - 23,364 6,196 7,183 16.3 16.8 4.5 5.5 29.8 24.5 12.3 9.6 43.4 44.0 3.8 3.2

GlaxoSmith Con* Neutral 4,223 - 17,760 3,084 3,617 15.2 16.3 103.9 123.0 40.7 34.4 13.1 10.7 34.9 34.3 5.2 4.5

Godrej Consumer Neutral 769 - 26,178 6,386 7,743 15.7 17.0 20.8 27.1 37.0 28.4 7.9 6.5 23.7 26.4 4.4 3.6

HUL Neutral 447 - 96,580 25,350 28,974 13.3 13.5 15.1 17.0 29.6 26.4 23.5 16.8 85.7 74.3 3.5 3.0

ITC Neutral 302 - 237,871 29,148 34,191 35.7 36.1 9.4 11.1 32.2 27.2 10.7 8.9 35.9 35.7 7.6 6.4

Marico Neutral 217 - 13,972 4,747 5,402 13.6 13.6 6.3 7.8 34.2 27.7 7.0 5.7 26.0 22.6 3.0 2.5

Nestle* Neutral 4,694 - 45,257 8,302 9,739 22.0 21.5 110.7 130.8 42.4 35.9 25.2 18.1 69.5 58.6 5.5 4.6


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FMCG

ata Global Accumulate 134 145 8,256 7,272 7,998 9.1 9.9 6.9 8.1 19.5 16.6 2.0 2.0 8.9 9.7 1.0 0.9

IT

HCL Tech^ Neutral 778 - 54,090 25,325 28,476 21.7 20.7 51.0 52.8 15.3 14.7 4.0 3.3 26.8 22.9 2.0 1.7

Hexaware* Buy 89 113 2,640 1,948 2,136 20.9 18.3 10.9 10.1 8.2 8.8 2.2 1.8 27.2 21.0 1.1 0.9

Infosys Reduce 2,862 2,850 164,372 40,746 44,283 28.9 28.8 162.6 172.9 17.6 16.6 4.2 3.5 23.5 21.3 3.6 3.2

Infotech Enterprises Accumulate 170 184 1,898 1,881 1,987 17.9 17.4 18.5 19.4 9.2 8.8 1.4 1.2 14.8 13.6 0.7 0.6

KPIT Cummins Buy 104 134 2,007 2,234 2,477 15.8 15.2 10.9 12.8 9.5 8.1 2.0 1.6 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 128 - 15,115 7,711 8,683 21.6 20.3 8.7 11.3 14.8 11.3 3.5 2.7 30.6 23.7 1.5 1.2

Mindtree Neutral 854 - 3,547 2,357 2,580 21.0 19.3 84.4 86.8 10.1 9.8 2.7 2.1 26.8 21.7 1.3 1.1

Mphasis& Neutral 386 - 8,106 5,531 5,874 17.6 17.5 35.4 37.7 10.9 10.2 1.6 1.4 14.7 13.5 1.0 0.8

NIIT Buy 23 36 382 1,048 1,161 9.1 10.9 4.1 6.2 5.6 3.8 0.6 0.5 10.3 14.1 0.2 0.1

Persistent Neutral 570 - 2,280 1,297 1,433 25.6 24.1 46.5 54.0 12.3 10.6 2.3 1.9 18.5 18.0 1.4 1.2

CS Reduce 1,550 1,465 303,379 62,954 70,871 29.0 28.9 71.6 79.1 21.7 19.6 7.2 5.8 33.2 29.7 4.7 4.1

ech Mahindra Accumulate 1,087 1,205 13,906 6,789 7,609 21.0 19.6 95.8 110.7 11.3 9.8 2.7 2.2 24.3 22.3 2.1 1.8

Wipro Neutral 439 - 108,105 43,514 47,304 20.1 19.4 26.6 27.7 16.5 15.9 3.2 2.8 19.7 17.9 2.2 1.9

Media

D B Corp Buy 244 276 4,478 1,583 1,787 23.9 25.4 11.9 14.5 20.6 16.8 4.1 3.5 21.4 22.4 2.7 2.3

HT Media Accumulate 100 113 2,348 2,061 2,205 14.0 15.1 6.6 7.9 15.0 12.7 1.5 1.3 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 100 125 3,163 1,511 1,698 23.2 23.4 6.4 7.3 15.5 13.7 3.9 3.4 25.9 26.6 2.3 1.9

PVR Neutral 284 - 1,126 820 1,307 17.3 17.3 11.2 17.8 25.5 16.0 1.2 1.1 9.7 10.8 1.1 0.7

Sun TV Network Neutral 430 - 16,926 1,942 2,237 77.2 75.5 17.6 19.1 24.4 22.5 5.9 5.3 25.8 25.2 8.2 7.1

Metals & Mining

Bhushan Steel Neutral 460 - 10,423 10,746 13,982 30.8 31.1 43.3 55.5 10.6 8.3 1.1 1.0 11.4 12.6 3.1 2.4Coal India Buy 319 368 201,460 66,666 70,292 25.7 27.3 24.2 26.6 13.2 12.0 3.9 3.2 33.1 29.1 2.0 1.8

Electrosteel Castings Buy 19 28 670 1,984 2,074 10.6 11.6 1.8 2.6 11.0 7.5 0.4 0.1 3.6 5.1 0.5 0.4

Hind. Zinc Buy 119 149 50,239 12,002 13,759 49.7 50.8 14.7 16.4 8.1 7.3 1.6 1.3 21.1 19.8 2.3 1.6

Hindalco Neutral 96 - 18,351 80,205 88,987 9.0 9.2 13.4 13.8 7.1 7.0 0.6 0.5 7.9 7.6 0.6 0.6

JSW Steel Neutral 703 - 15,688 39,072 40,493 16.5 18.2 82.4 90.3 8.5 7.8 0.9 0.8 10.7 10.7 0.8 0.8

MOIL Neutral 234 - 3,923 933 954 46.9 45.5 25.8 26.1 9.0 8.9 1.4 1.3 16.7 15.1 1.8 1.6

Monnet Ispat Buy 239 318 1,520 2,287 2,883 21.8 21.8 35.3 40.7 6.8 5.9 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Accumulate 46 46 11,933 6,630 8,357 11.4 14.5 2.1 3.3 21.8 14.2 1.0 1.0 4.6 6.9 1.0 0.9

NMDC Buy 143 181 56,676 9,674 11,536 75.2 76.6 16.0 18.6 8.9 7.7 1.9 1.6 23.6 23.0 3.8 3.0


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Metals & Mining

SAIL Neutral 71 - 29,244 43,438 56,199 12.0 12.2 6.5 8.5 10.9 8.3 0.7 0.7 6.6 8.2 0.9 0.7

Sesa Goa Accumulate 164 183 14,219 2,412 3,911 30.8 33.1 29.6 31.8 5.5 5.1 0.8 0.8 16.3 15.4 7.4 4.6

Sterlite Inds Accumulate 99 110 33,102 43,185 45,442 23.3 23.7 16.8 17.9 5.9 5.5 0.7 0.6 11.6 11.2 0.8 0.7

ata Steel Buy 352 443 34,182 142,732 146,575 7.4 9.9 7.2 34.7 49.0 10.1 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 113 148 407 1,442 1,494 19.0 19.1 29.2 31.7 3.9 3.6 0.5 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 34 52 454 2,512 2,816 12.4 13.7 10.0 12.6 3.4 2.7 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 91 112 290 2,367 2,425 14.2 13.7 33.3 33.5 2.7 2.7 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 297 383 56,742 17,394 17,034 76.4 72.3 60.8 55.1 4.9 5.4 1.0 0.9 21.9 17.0 2.4 2.1

GAIL Neutral 340 - 43,109 48,077 55,815 15.3 15.3 34.9 35.9 9.7 9.5 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 317 357 270,952 144,089 158,065 32.8 34.7 28.7 34.4 11.1 9.2 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 844 - 272,451 362,700 380,031 8.9 8.9 68.1 71.5 12.4 11.8 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 275 - 3,532 3,707 3,850 11.7 12.4 23.7 25.7 11.6 10.7 3.2 2.8 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 271 - 3,788 3,365 3,700 22.8 23.4 25.3 26.6 10.7 10.2 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 145 179 10,901 32,210 41,362 6.1 5.8 15.4 15.6 9.5 9.3 2.5 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 65 - 3,660 1,079 983 91.8 91.9 8.8 7.8 7.4 8.3 1.2 1.1 17.8 14.1 3.3 3.6

Pharmaceuticals

Alembic Pharma Neutral 104 - 1,957 1,490 1,714 16.2 17.1 7.4 9.5 14.0 10.9 3.8 2.9 30.7 30.2 1.3 1.1

Aurobindo Pharma Buy 161 208 4,677 5,463 6,279 15.0 15.0 12.4 14.0 13.0 11.5 1.7 1.4 18.8 17.8 1.5 1.3

Aventis* Neutral 2,396 - 5,517 1,482 1,682 17.5 16.6 82.9 87.8 28.9 27.3 4.5 3.6 16.3 14.8 3.5 3.0

Cadila Healthcare Accumulate 759 817 15,548 6,148 7,386 15.3 18.0 24.6 39.5 30.9 19.2 5.8 4.7 18.4 25.1 2.8 2.3

Cipla Accumulate 384 419 30,792 8,151 9,130 25.8 24.8 20.2 21.6 19.0 17.8 3.4 2.9 19.4 17.6 3.6 3.1Dr Reddy's Neutral 1,805 - 30,646 10,696 11,662 20.7 21.0 83.7 92.9 21.6 19.4 4.4 3.7 22.4 20.8 3.2 2.8

Dishman Pharma Buy 76 155 615 1,280 1,536 20.2 20.2 12.1 15.5 6.3 4.9 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,125 - 18,001 2,651 2,993 31.7 31.2 76.0 82.4 28.0 25.8 8.1 7.2 20.1 26.3 5.9 5.1

Indoco Remedies Buy 65 78 600 642 784 14.2 15.2 5.7 7.8 11.4 8.4 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Accumulate 501 559 6,322 2,850 3,474 21.0 21.0 29.9 37.3 16.8 13.4 4.0 3.2 26.7 26.4 2.4 2.0

Lupin Accumulate 601 655 26,881 8,426 10,082 19.7 20.0 26.1 31.1 23.0 19.3 5.3 4.3 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 420 - 17,762 12,253 11,400 14.1 12.5 31.2 21.6 13.5 19.4 4.4 3.7 37.9 20.6 1.3 1.4

Sun Pharma Neutral 838 - 86,622 10,111 12,563 42.6 42.6 28.9 29.8 29.0 28.1 5.9 5.0 22.3 19.2 7.6 6.0

Power

GIPCL Accumulate 75 78 1,134 1,502 1,535 32.1 31.9 11.4 12.5 6.6 6.0 0.8 0.7 7.6 11.9 1.2 1.0


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Power

NTPC Accumulate 147 163 120,879 72,809 81,951 23.4 24.1 12.2 13.6 12.0 10.8 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Neutral 281 - 47,649 7,953 9,699 34.7 37.0 4.4 6.0 64.2 47.0 1.8 1.8 3.1 3.8 8.1 6.3

MLIFE Accumulate 396 446 1,618 786 888 26.3 26.7 31.0 36.3 12.8 10.9 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 318 350 120,610 80,521 87,160 30.5 30.5 6.4 10.4 49.7 30.6 2.3 2.2 4.6 7.0 2.4 2.1

Idea Cellular Neutral 115 - 38,172 22,087 23,927 26.6 27.7 2.9 3.9 39.4 29.5 2.7 2.5 6.9 8.4 2.3 2.1Rcom Neutral 65 - 13,313 21,087 22,067 31.8 31.9 2.6 4.0 24.6 16.1 0.4 0.4 1.5 2.2 2.3 2.1

zOthers

Abbott India Buy 1,359 1,634 2,887 1,926 2,152 13.1 13.5 79.0 90.8 17.2 15.0 3.8 3.1 23.7 22.8 1.3 1.1

Bajaj Electricals Buy 175 217 1,742 3,450 3,929 4.5 7.4 10.0 15.5 17.5 11.3 2.3 2.0 13.0 17.4 0.5 0.5

Cera Sanitaryware Accumulate 445 495 563 460 596 16.4 16.2 34.7 45.0 12.8 9.9 3.2 2.4 27.7 27.8 1.3 1.1

Cravatex Buy 340 545 88 272 308 7.2 7.3 37.5 45.4 9.1 7.5 2.2 1.7 23.7 22.7 0.4 0.4

CRISIL Neutral 918 - 6,449 982 1,136 34.3 34.3 34.3 40.0 26.7 23.0 12.1 9.7 50.9 46.9 6.2 5.2

Finolex Cables Buy 47 61 715 2,268 2,559 9.5 10.0 9.0 10.1 5.2 4.6 0.8 0.7 14.8 14.6 0.2 0.2

Force Motors Buy 392 550 511 2,027 2,299 4.6 5.1 35.3 50.0 11.1 7.8 0.4 0.4 3.9 5.3 0.1 0.1

Goodyear India Accumulate 280 304 646 1,559 1,676 7.1 7.4 27.5 30.5 10.2 9.2 1.6 1.5 16.9 16.7 0.2 0.2

Greenply Industries Sell 377 309 910 1,925 2,235 10.6 10.9 29.6 44.1 12.8 8.6 2.1 1.7 16.8 21.0 0.8 0.6

Hitachi Neutral 129 - 355 905 1,025 4.8 6.0 7.7 12.4 16.8 10.4 1.6 1.4 9.9 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,530 2,842 2,237 2,117 2,491 8.1 7.8 140.5 157.9 18.0 16.0 2.7 2.4 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 600 744 1,055 1,069 1,223 9.7 9.7 40.0 46.5 15.0 12.9 2.1 1.9 15.1 15.3 1.0 0.8

ITD Cementation Buy 178 239 205 1,455 1,630 12.0 12.1 23.2 31.2 7.7 5.7 0.5 0.5 6.5 8.1 0.6 0.6

Jyothy Laboratories Neutral 166 - 2,681 816 979 14.5 14.9 5.2 6.0 32.3 27.6 3.7 3.4 8.8 10.2 3.5 2.8MCX Buy 928 1,440 4,735 553 624 65.3 66.3 62.5 72.0 14.9 12.9 4.1 3.5 27.5 27.4 6.4 5.2

MRF Accumulate 12,647 14,331 5,364 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.6 7.1 1.5 1.3 22.0 19.4 0.6 0.5

Page Industries Neutral 3,330 - 3,714 856 1,047 19.1 19.6 101.2 127.3 32.9 26.2 16.9 12.5 58.5 54.9 4.6 3.8

Relaxo Footwears Buy 660 887 793 989 1,148 10.7 11.7 41.8 55.5 15.8 11.9 3.6 2.8 25.5 26.3 0.9 0.8

Sintex Industries Buy 58 79 1,818 4,751 5,189 16.3 16.6 13.6 15.8 4.3 3.7 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 279 332 261 1,048 1,157 11.3 12.0 58.7 66.5 4.8 4.2 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 293 6,765 7,393 18.1 18.0 6.4 7.5 1.5 1.3 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 34 43 1,666 5,720 6,599 5.3 6.8 3.6 5.4 9.5 6.4 13.8 4.4 - - 0.4 0.3

AJ GVK Buy 66 108 411 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


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zOthers

ata Sponge Iron Buy 309 379 476 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TK Healthcare Buy 437 655 339 393 439 5.9 6.7 21.1 26.7 20.7 16.4 17.5 19.1 0.8 0.7

VS Srichakra Buy 189 276 145 1,461 1,591 5.6 7.1 6.9 39.4 27.3 4.8 1.1 0.9 3.8 20.6 0.3 0.3

United Spirits Neutral 1,959 - 25,620 10,473 11,939 15.0 15.8 30.4 56.9 64.4 34.4 4.9 3.1 10.8 12.3 3.0 2.3

Vesuvius India Accumulate 325 355 660 591 623 17.5 17.2 29.0 29.6 11.2 11.0 1.7 1.5 16.0 14.5 0.9 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 13, 2013


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March 14, 2013

7/29/2019 Market Outlook, 14.03.13

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market outlook, 14.03.13

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