market outlook 21-11-12

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Market OutlookNovember 21, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the green following positive start to SGX

Nifty and major Asian indices after U.S. home building rose to a four-year high,

adding to signs that the U.S. economy is recovering well.

The US markets ended on a flat note after lack of direction throughout the trading

day on Tuesday. A mixed batch of news contributed to the lackluster performance

as investors remained on the sidelines ahead of the Thanksgiving Day holiday.

While, negative sentiment was on account of news that Moody's Investors Service

downgraded France's Government bond rating by one notch to Aa1 from Aaa;

better-than-expected report on U.S. housing starts (up 3.6% to a seasonally

adjusted annual rate of 894,000 in October) cheered the market participants.

However, traders reacted negatively to remarks by Federal Reserve Chairman Ben

Bernanke, who warned that the Fed does not have the tools to offset the negative

impact of the U.S. going over the fiscal cliff.Meanwhile, domestic markets ended on a positive note on Tuesday, mirroring

strong global cues, as concerns over the U.S. fiscal cliff eased and U.S. housing

data surprised on the upside. Going ahead, reports on weekly jobless claims,

consumer sentiment, and leading economic indicators may attract attention on

Wednesday, although trading activity is likely to be relatively subdued ahead of the

upcoming Thanksgiving Day holidayon Thursday.

Markets TodayThe trend deciding level for the day is 18,351 / 5,578 levels. If NIFTY trades above

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

up to 18,446 18,563 / 5,607 5,643 levels. However, if NIFTY trades below18,351 / 5,578 levels for the first half-an-hour of trade then it may correct up to

18,234 18,139 / 5,542 5,513 levels.

SENSEX 18,139 18,234 18,351 18,446 18,563NIFTY 5,513 5,542 5,578 5,607 5,643

News Analysis L&T bagged orders worth `2,503cr Sterlite may close 600 MW unit on payment delays

Refer detailed news analysis on the following page

Net Inflows (November 19, 2012)

FII 2,405 1,719 686 4,822 98,874

MFs 328 412 (84) (1,070) (16,276)

FII Derivatives (November 20, 2012)

Index Futures 1,098 822 276 7,825

Stock Futures 1,778 1,507 271 29,250

Gainers / Losers

Apollo Hospitals 856 4.6 Unitech 26 (5.9)Gitanjali Gems 446 3.9 R Com 59 (5.2)

Jet Air India 413 3.6 HDIL 100 (4.0)

M&M 938 3.3 JP Associates 86 (3.5)

MCX 1,529 3.1 Lanco Infratech 12 (3.5)

BSE Sensex (0.1) (9.7) 18,329

Nifty 0.0 0.2 5,572

MID CAP (0.8) (50.4) 6,549

SMALL CAP (0.9) (62.1) 6,988

BSE HC 0.1 6.7 7,635

BSE PSU (0.4) (29.1) 7,036

BANKEX (0.1) (13.8) 12,991

AUTO 0.6 67.0 10,575

METAL (0.7) (71.7) 9,722

OIL & GAS (0.9) (71.0) 7,972

BSE IT (0.3) (17.6) 5,636

Dow Jones (0.1) (7.5) 12,789NASDAQ 0.0 0.6 2,917

FTSE 0.2 10.4 5,748

Nikkei (0.1) (10.6) 9,143

Hang Seng (0.2) (33.8) 21,228

Straits Times 0.3 7.9 2,959

Shanghai Com (0.4) (8.1) 2,009

INFY (2.8) (1.2) $42.1

WIT (1.7) (0.1) $8.1IBN (0.5) (0.2) $37.7

HDB 0.6 0.2 $39.1

Advances 1,051 430

Declines 1,802 1,066

Unchanged 123 78

BSE 1,958

NSE 9,659

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L&T bagged orders worth `2,503cr

Larsen & Toubro (L&T) has bagged an order worth `1,985cr from GVK Project and

Technical Services in the construction segment. A major portion of the work for the

850 MW Ratle Hydroelectric Power Project located on the Chenab in Jammu &

Kashmir will be executed by L&T. L&T has also bagged orders worth `397cr in the

building segment. Also, L&T has received orders worth `121cr from the

Public Health Engineering Department of Rajasthan for water supply works in

Fatehpur Laxmangarh, Rajasthan.

Sterlite may close 600 MW unit on payment delays

Sterlite Industries fully owned subsidiary Sterlite Energy stated that it may have to

shut down its 600MW of the its 2,400 MW coal-fired plant at Jharsuguda due tonon-payment of dues by Grid Corporation of Odisha. Vedanta Group had raised

a power bill of `744cr which includes `610cr dues of Sterlite Energy and the

balance `134cr arrear of Vedanta Aluminium (Sterlite Industries has 29.5% stake)

captive power plant. The unsettlement of claims is on account of dispute related to

tariff. While Vedanta has charged `3.42 per unit of power supplied from its

independent power plant, Odisha Electricity Regulatory Commission has fixed a

provisional tariff rate of `2.75 per unit. We await further clarity on the matter. Until

then,

Economic and Political News

Declining exports: FinMin examining proposals to give sops Japan to give fresh infrastructure loan of US$22.6bn to India Coal linkages for power plants top priority: Power Minister Power Ministry to send revised proposal on price pooling to Coal Ministry Wheat output may dip marginally to 90mnMT this year

Corporate News

Revenue department to chalk out plan to recover `200cr from KFA Visa Steel sells 49% stake in coke-oven battery to Suncoke Energy Pennar Industries bags `50cr orders from ABB and Volvo Oil Ministry withdraws note opposing KG-D6 gas price hike Diageo to launch `5,441cr United Spirits open offer in Jan 2013 Government may clear 9.5% stake sale in NTPC soon Government to approve NMDC's 50% stake buy in Legacy Iron OreSource: 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

November 21, 2012 7:00PM US Initial Jobless claims Thousands Nov 17 439.00 400.00

November 22, 2012 2:00PM Germany PMI Services Value Nov A 48.40 48.30

2:00PM Germany PMI Manufacturing Value Nov A 46.00 46.00

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (25.70) (25.90)

November 23, 2012 12:30PM Germany GDP nsa (YoY) % Change 3Q F 0.40 0.40

November 27, 2012 3:00PM UK GDP (YoY) % Change 3Q P -- --

8:30PM US Consumer Confidence S.A./ 1985=100 Nov 72.20 73.50

November 28, 2012 8:30PM US New home sales Thousands Oct 389.00 385.00

November 29, 2012 2:25PM Germany Unemployment change (000's) Thousands Nov 20.00 --

7:00PM US GDP Qoq (Annualised) % Change 3Q S 2.00 3.00

November 30, 2012 11:00AM India Qtrly GDP YoY% % Change 3Q 5.50 --

December 1, 2012 6:30AM China PMI Manufacturing Value Nov 50.20 --

December 3, 2012 3:00PM UK PMI Manufacturing Value Nov 47.50 --

December 6, 2012 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) --

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Dec 6 0.75 --

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) --

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 --

7:00PM US Unnemployment rate % Nov 7.90 --

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 --

11:00AM China Industrial Production (YoY) % Change Nov 9.60 --

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 --

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --11:00PM US FOMC rate decision % Dec 12 0.25 --

December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) --

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

7:00PM US Consumer price index (mom) % Change Nov 0.10 --

7:45PM US Industrial Production % Nov (0.40) --

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

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

Source: Bloomberg, Angel Research

November 21, 2012

Market Outlook

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Market StrategyNovember 21, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 5 7. 67. 8

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

M fg. PM I Services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion

Exhibit 5 :Expo rts an d impo rts growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

Exp orts yo y growth Im ports yo y growth( %)

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research

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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 153 - 2,981 1,466 1,686 14.8 14.8 7.0 8.1 21.9 18.9 4.7 4.0 22.6 22.5 2.2 1.9

United Phosphorus Buy 112 170 5,186 8,421 9,263 16.5 16.5 15.0 17.0 7.5 6.6 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 256 - 4,367 2,911 3,321 16.2 16.2 17.3 19.8 14.8 12.9 4.1 3.2 31.1 27.6 1.4 1.2

Apollo Tyres Buy 79 104 3,974 13,713 15,341 11.2 11.2 12.5 14.8 6.3 5.3 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 26 31 6,851 14,490 16,606 9.5 9.6 2.2 2.9 11.6 9.0 2.2 1.9 13.6 16.1 0.6 0.5

Automotive Axle# Buy 359 430 542 993 1,140 11.6 11.5 36.9 43.0 9.7 8.3 1.9 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,828 - 52,908 21,121 23,642 18.4 18.5 108.7 122.6 16.8 14.9 7.0 5.6 46.2 41.6 2.1 1.8

Bharat Forge Buy 249 324 5,801 6,754 7,565 15.5 15.7 18.8 23.2 13.3 10.8 2.3 2.0 18.5 19.7 1.1 0.9

Bosch India* Neutral 8,881 - 27,887 8,776 10,276 16.6 18.0 331.9 417.7 26.8 21.3 5.0 4.2 18.7 19.5 2.8 2.3

CEAT Buy 101 163 347 4,989 5,634 8.2 8.5 27.1 40.8 3.7 2.5 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 139 155 11,773 6,229 7,200 14.8 15.8 7.2 9.0 19.3 15.5 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,687 - 2,803 1,489 1,750 16.5 17.5 103.3 126.9 16.3 13.3 3.2 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,825 1,956 36,434 24,743 27,996 14.8 15.2 118.2 130.4 15.4 14.0 6.6 5.3 48.3 41.9 1.2 1.0

JK Tyre Buy 113 165 463 7,517 8,329 6.6 6.6 37.2 41.3 3.0 2.7 0.5 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 938 986 57,613 40,035 46,272 11.5 11.6 54.7 62.8 17.2 14.9 3.8 3.2 24.3 23.4 1.1 1.0

Maruti Neutral 1,500 - 43,325 42,019 50,246 7.3 8.6 66.1 94.4 22.7 15.9 2.6 2.2 11.9 15.1 0.8 0.7

Motherson Sumi Neutral 160 - 9,418 24,285 27,317 6.7 7.2 8.1 10.6 19.9 15.1 4.2 3.4 22.9 24.7 0.6 0.5

Subros Buy 31 35 187 1,286 1,479 9.4 9.7 2.6 5.1 12.0 6.2 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 266 319 70,945 192,330 219,770 12.8 13.1 37.0 44.5 7.2 6.0 2.0 1.5 31.2 28.9 0.4 0.4

TVS Motor Buy 37 45 1,774 7,466 8,290 6.2 6.3 4.8 5.6 7.8 6.7 1.3 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 710 573 15,055 7,796 9,907 4.8 7.8 9.2 22.0 77.2 32.3 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 262 - 1,892 3,605 4,542 11.8 10.7 25.1 27.9 10.4 9.4 1.5 1.4 31.1 27.1 1.0 0.9

BHEL Neutral 228 - 55,842 47,801 43,757 18.5 18.0 24.6 21.8 9.3 10.5 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 186 242 1,677 2,763 2,948 3.1 5.6 2.6 8.6 70.9 21.8 4.1 3.6 5.9 17.6 0.7 0.6

Crompton Greaves Buy 111 145 7,092 12,370 14,277 5.2 7.3 4.0 7.8 27.6 14.2 1.9 1.7 6.9 12.6 0.6 0.5

Jyoti Structures Buy 45 53 366 2,794 3,048 10.6 10.6 9.2 11.7 4.8 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Buy 60 73 1,532 6,858 7,431 7.1 7.5 8.3 9.8 7.2 6.1 1.2 1.0 25.1 24.0 0.4 0.3

LMW Reduce 2,075 1,992 2,338 2,369 2,727 11.7 11.7 143.4 166.0 14.5 12.5 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 561 - 6,683 5,514 5,813 9.3 10.2 28.1 31.2 20.0 18.0 3.6 3.1 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 21, 2012

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Cement

ACC Neutral 1,376 - 25,838 11,085 12,415 21.6 21.4 79.4 83.1 17.3 16.6 3.4 3.0 20.1 19.2 2.0 1.7

Ambuja Cements Neutral 196 - 30,160 10,272 11,884 26.4 26.1 11.5 12.9 17.1 15.2 3.7 3.3 20.8 21.1 2.7 2.2

India Cements Neutral 82 - 2,531 4,293 4,666 17.7 18.1 8.6 10.8 9.6 7.7 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 129 - 1,578 2,082 2,423 22.9 23.1 20.8 22.5 6.2 5.7 1.1 0.9 18.4 17.4 0.9 1.2

Madras Cements Neutral 208 - 4,952 3,814 4,045 29.3 27.5 18.7 19.2 11.1 10.8 2.0 1.8 19.9 17.4 2.0 1.7

Shree Cements^ Neutral 4,009 - 13,965 5,701 6,210 29.7 28.1 240.7 260.7 16.7 15.4 4.0 3.3 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 1,898 - 52,042 21,368 24,043 22.5 23.5 103.5 121.4 18.3 15.6 3.4 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 200 304 1,055 2,034 2,315 22.4 22.4 27.1 31.7 7.4 6.3 0.9 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 12 - 230 2,262 2,522 6.7 7.5 1.5 2.7 8.4 4.7 0.4 0.3 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,031 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.5) (17.6) 0.9 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 118 164 3,907 3,843 4,212 43.1 43.6 16.8 17.8 7.0 6.6 1.2 1.1 18.3 17.0 3.2 3.5

ITNL Buy 184 225 3,581 6,564 7,054 27.2 27.4 26.3 29.0 7.0 6.4 1.1 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 38 - 1,175 4,249 6,897 7.8 8.2 0.3 3.3 124.2 11.6 0.5 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 86 100 18,527 13,842 15,863 26.9 26.4 3.7 4.6 23.5 18.9 1.4 1.3 6.2 7.3 2.9 2.6

Larsen & Toubro Accumulate 1,550 1,748 95,289 60,556 69,167 11.2 11.6 73.8 85.5 21.0 18.1 3.3 2.9 13.5 14.1 1.8 1.6

Madhucon Proj Buy 33 56 244 2,206 2,502 10.7 10.7 4.6 4.7 7.1 7.1 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 41 - 1,056 5,947 6,569 8.5 8.6 3.1 4.1 13.3 10.0 0.4 0.4 3.3 4.2 0.6 0.6

Patel Engg. Neutral 73 - 513 3,609 3,836 13.1 13.1 14.0 14.6 5.2 5.1 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 49 - 1,634 11,892 13,116 9.0 9.0 1.8 3.2 27.2 15.3 0.6 0.5 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 139 182 2,091 2,506 3,147 10.3 10.7 7.5 10.4 18.5 13.3 2.3 2.0 13.5 16.0 1.0 0.8

Simplex Infra Buy 189 251 936 6,882 8,032 9.1 9.1 23.2 31.3 8.2 6.0 0.7 0.7 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 132 152 6,580 6,392 7,238 2.7 2.8 30.3 33.3 4.4 4.0 0.6 0.6 14.8 14.5 - -

Andhra Bank Neutral 100 - 5,599 4,731 5,431 2.9 3.0 21.5 21.8 4.7 4.6 0.8 0.7 15.2 13.8 - -

Axis Bank Buy 1,219 1,476 52,043 15,686 18,687 3.1 3.2 116.8 138.0 10.4 8.8 1.9 1.7 20.0 20.2 - -

Bank of Baroda Accumulate 723 817 28,301 15,436 18,208 2.5 2.6 111.8 137.4 6.5 5.3 1.0 0.8 15.8 17.0 - -

Bank of India Accumulate 266 294 15,251 12,491 14,883 2.2 2.4 43.8 63.7 6.1 4.2 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 55 - 3,243 3,563 3,876 3.1 3.1 9.7 12.0 5.7 4.6 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 415 - 18,373 10,699 12,213 2.1 2.2 67.3 80.1 6.2 5.2 0.9 0.8 13.7 14.6 - -

Central Bank Neutral 73 - 5,385 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.4 0.8 0.6 12.7 14.9 - -


Market Outlook

Stock Watch

November 21, 2012

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Financials

Corporation Bank Accumulate 392 445 5,806 4,780 5,569 2.0 2.1 101.8 99.2 3.9 4.0 0.7 0.6 17.0 14.7 - -

Dena Bank Accumulate 104 123 3,627 3,087 3,453 2.7 2.8 25.9 24.1 4.0 4.3 0.7 0.6 19.4 15.6 - -

Federal Bank Accumulate 459 491 7,841 2,617 2,968 3.3 3.2 45.9 51.7 10.0 8.9 1.2 1.1 13.1 13.3 - -

HDFC Neutral 781 - 120,289 7,336 8,802 3.5 3.5 31.5 37.8 24.8 20.7 5.0 4.4 34.8 32.1 - -

HDFC Bank Neutral 652 - 154,189 21,696 26,811 4.4 4.5 28.7 36.0 22.8 18.1 4.4 3.7 20.7 22.0 - -

ICICI Bank Buy 1,024 1,270 117,731 22,271 26,690 3.0 3.0 69.2 83.1 14.8 12.3 1.8 1.7 14.2 15.7 - -

IDBI Bank Neutral 100 - 12,759 7,684 9,264 1.8 2.1 15.6 22.0 6.4 4.6 0.7 0.6 10.9 13.9 - -Indian Bank Accumulate 170 195 7,317 5,874 6,551 3.2 3.2 40.6 41.8 4.2 4.1 0.7 0.6 18.1 16.4 - -

IOB Neutral 73 - 5,822 7,050 8,313 2.3 2.5 12.3 19.9 6.0 3.7 0.5 0.5 8.8 13.1 - -

J & K Bank Neutral 1,331 - 6,450 2,762 2,885 3.6 3.6 226.7 193.0 5.9 6.9 1.3 1.1 24.4 17.7 - -

LIC Housing Finance Buy 243 298 12,266 1,799 2,255 2.3 2.4 20.3 27.3 12.0 8.9 1.9 1.6 16.9 19.7 - -

Oriental Bank Accumulate 317 347 9,244 6,277 7,090 2.6 2.7 60.5 65.1 5.2 4.9 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 731 843 24,796 19,652 22,601 3.2 3.3 135.0 164.3 5.4 4.5 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,025 1,556 1,750 2.8 2.7 3.5 3.9 6.5 5.9 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,066 2,437 138,631 61,883 71,546 3.4 3.4 227.2 257.5 9.1 8.0 1.6 1.3 17.8 17.7 - -

Syndicate Bank Accumulate 116 131 7,007 6,756 7,783 3.0 3.0 26.3 27.1 4.4 4.3 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 70 - 4,636 5,234 6,097 2.3 2.4 11.8 14.7 5.9 4.7 0.9 0.8 11.9 13.4 - -

Union Bank Accumulate 216 250 11,906 9,912 11,536 2.8 2.9 40.4 46.7 5.4 4.6 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 67 74 2,401 3,500 3,912 2.6 2.8 15.8 21.2 4.2 3.1 0.5 0.5 13.1 15.7 - -

Vijaya Bank Neutral 53 - 2,646 2,354 2,754 2.0 2.2 7.4 10.2 7.2 5.2 0.7 0.7 9.3 11.9 - -

Yes Bank Buy 420 492 14,961 3,270 4,240 2.8 3.0 34.5 42.2 12.2 9.9 2.6 2.1 23.5 23.5 - -

FMCG

Asian Paints Neutral 3,850 - 36,932 11,198 13,184 16.2 16.2 123.7 146.4 31.1 26.3 10.6 8.3 38.1 35.4 3.3 2.8

Britannia Buy 481 584 5,749 5,627 6,581 4.9 5.7 18.3 24.7 26.3 19.5 9.6 7.4 39.1 42.7 0.9 0.8

Colgate Neutral 1,334 - 18,148 3,146 3,573 20.6 21.4 36.4 42.5 36.7 31.4 33.9 28.4 102.0 98.5 5.6 4.9

Dabur India Neutral 124 - 21,551 6,124 7,101 17.0 16.8 4.5 5.2 27.7 23.6 11.4 9.0 43.2 41.5 3.6 3.1

GlaxoSmith Con* Neutral 3,035 - 12,762 3,124 3,663 17.1 17.6 104.5 123.8 29.1 24.5 9.0 7.3 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 680 - 23,127 6,355 7,548 18.4 18.6 22.8 27.6 29.8 24.6 6.8 5.6 26.4 26.1 3.8 3.2

HUL Neutral 520 - 112,398 25,350 28,974 13.3 13.5 14.7 17.1 35.3 30.5 27.9 19.7 84.5 75.8 4.3 3.7

ITC Neutral 280 - 220,246 29,409 34,060 35.7 36.1 9.3 10.9 30.0 25.6 10.0 8.3 35.8 35.3 7.0 6.0


Market Outlook

Stock Watch

November 21, 2012

7/30/2019 Market Outlook 21-11-12

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FMCG

Marico Neutral 212 - 13,690 4,840 5,643 13.1 13.1 6.2 7.8 34.4 27.3 6.6 5.3 25.4 22.6 3.0 2.5

Nestle* Neutral 4,602 - 44,371 8,529 10,079 20.8 21.1 113.1 137.8 40.7 33.4 24.4 17.1 70.5 60.2 5.4 4.4

Tata Global Neutral 159 - 9,833 7,207 7,927 9.7 10.0 6.6 7.8 24.1 20.4 2.4 2.3 8.6 9.5 1.4 1.3

IT

HCL Tech^ Accumulate 613 648 42,568 24,214 26,772 19.5 18.1 44.0 48.0 13.9 12.8 3.3 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 101 135 3,005 1,944 2,159 21.8 21.1 11.4 12.2 8.9 8.3 2.3 2.0 26.4 24.1 1.3 1.1

Infosys Accumulate 2,325 2,573 133,532 39,174 41,580 29.5 30.4 159.2 171.6 14.6 13.6 3.5 3.1 24.1 23.1 2.9 2.6Infotech Enterprises Neutral 192 - 2,137 1,886 2,032 17.9 17.3 18.7 20.2 10.3 9.5 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Accumulate 120 132 2,139 2,195 2,317 15.5 15.0 10.7 12.1 11.2 9.9 2.4 1.9 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 101 115 11,852 7,597 8,141 20.0 18.8 9.7 10.4 10.4 9.7 2.9 2.2 27.5 22.9 1.2 1.1

Mindtree Accumulate 662 747 2,714 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.9 2.2 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 399 - 8,381 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.7 1.5 1.4 14.3 12.6 1.0 0.8

NIIT Accumulate 32 36 534 1,048 1,161 9.3 10.9 4.2 6.2 7.7 5.2 0.8 0.7 10.5 14.1 0.3 0.3

Persistent Neutral 475 - 1,901 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.8 1.9 1.6 19.0 17.9 1.2 1.0

TCS Accumulate 1,274 1,410 249,311 61,053 67,313 28.7 29.1 69.7 76.2 18.3 16.7 6.0 4.9 32.6 29.1 3.9 3.5

Tech Mahindra Buy 884 1,070 11,287 6,603 7,150 19.8 18.4 92.9 102.0 9.5 8.7 2.2 1.8 23.7 21.0 1.8 1.6

Wipro Buy 362 421 89,097 43,219 47,241 20.0 20.0 26.1 28.1 13.9 12.9 2.7 2.3 19.3 17.9 1.7 1.5

Media

D B Corp Buy 210 259 3,841 1,581 1,784 23.3 25.0 11.6 14.4 18.1 14.5 3.5 3.0 21.0 22.3 2.3 2.0

HT Media Buy 99 113 2,335 2,111 2,272 15.0 15.2 7.4 8.3 13.5 12.0 1.5 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 101 117 3,180 1,503 1,681 23.1 23.1 6.4 7.3 15.7 13.8 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 239 - 689 625 732 17.4 17.1 13.3 15.6 17.9 15.3 1.9 1.7 13.2 13.8 1.5 1.3

Sun TV Network Neutral 376 - 14,820 1,942 2,237 77.2 75.5 17.6 19.1 21.4 19.7 5.3 4.8 25.8 25.2 6.8 5.8Metals & Mining

Bhushan Steel Neutral 491 - 10,424 11,307 14,287 29.5 29.1 45.1 51.0 10.9 9.6 1.3 1.1 12.2 12.2 3.0 2.4

Coal India Neutral 355 - 223,947 66,666 70,292 25.7 27.3 24.2 26.6 14.7 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 24 29 839 1,984 2,074 10.6 11.6 0.8 2.0 29.0 12.0 0.5 0.2 1.7 4.1 0.6 0.6

Hind. Zinc Accumulate 134 145 56,704 12,446 13,538 52.3 52.9 15.0 16.4 9.0 8.2 1.8 1.5 21.4 19.7 2.7 2.1

Hindalco Neutral 106 - 20,256 79,148 89,258 9.4 9.0 15.0 15.6 7.1 6.8 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 710 - 15,836 39,586 41,459 17.6 17.0 78.7 90.1 9.0 7.9 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 239 261 4,014 941 1,019 47.3 48.3 25.8 28.1 9.3 8.5 1.5 1.3 16.7 16.2 2.0 1.6

Monnet Ispat Buy 286 344 1,837 2,501 3,264 22.2 24.6 41.8 55.2 6.8 5.2 0.7 0.6 11.3 13.4 1.8 1.3


Market Outlook

Stock Watch

November 21, 2012

7/30/2019 Market Outlook 21-11-12

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Metals & Mining

Nalco Neutral 44 - 11,456 6,898 7,841 9.9 14.7 2.0 3.2 22.4 14.0 1.0 0.9 4.3 6.8 1.2 1.1

NMDC Buy 167 198 66,330 11,209 12,525 78.4 78.3 18.5 20.6 9.0 8.1 2.2 1.8 27.0 24.6 4.1 3.4

SAIL Neutral 77 - 31,950 47,252 60,351 14.2 14.8 9.6 11.7 8.1 6.6 0.7 0.7 9.4 10.6 1.1 0.9

Sesa Goa Accumulate 164 183 14,279 4,551 6,640 32.8 34.4 33.7 39.3 4.9 4.2 0.8 0.7 18.3 18.3 3.8 2.6

Sterlite Inds Accumulate 96 110 32,128 43,185 45,442 23.3 23.7 16.8 17.9 5.7 5.3 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 361 463 35,085 145,725 154,108 8.3 9.5 22.0 44.5 16.4 8.1 0.8 0.7 4.9 9.3 0.5 0.5

Sarda Accumulate 138 153 494 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.7Prakash Industries Buy 47 73 633 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 118 143 375 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 332 382 63,330 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 1.0 22.0 17.5 2.8 2.3

GAIL Neutral 344 - 43,648 46,652 54,142 15.7 15.7 34.0 35.3 10.1 9.8 1.8 1.5 18.5 16.8 0.7 0.5

ONGC Buy 252 312 215,470 147,139 154,821 33.9 33.7 30.7 32.3 8.2 7.8 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 764 - 250,323 362,700 380,031 7.9 8.0 60.0 63.3 12.7 12.1 1.2 1.1 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 299 - 3,839 3,128 3,707 13.2 11.7 22.8 23.5 13.1 12.7 4.0 3.5 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 261 - 3,655 3,213 3,643 23.3 23.5 24.3 25.7 10.7 10.2 2.5 2.1 25.0 22.1 1.2 1.1

Petronet LNG Buy 160 183 11,993 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 71 - 3,995 1,079 1,034 91.8 91.9 8.8 8.4 8.1 8.5 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 64 91 1,200 1,624 1,855 14.2 15.6 6.6 9.1 9.6 7.0 2.4 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 172 - 5,001 5,243 5,767 14.6 14.6 11.8 12.6 14.6 13.6 1.8 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,111 - 4,860 1,482 1,682 15.5 15.5 95.1 104.4 22.2 20.2 3.9 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Accumulate 801 926 16,396 6,148 7,386 18.6 19.6 32.7 44.8 24.5 17.9 5.4 4.3 23.7 26.6 3.1 2.5

Cipla Accumulate 380 419 30,495 8,151 9,130 25.0 24.0 19.5 20.9 19.5 18.2 3.4 2.9 18.8 17.2 3.5 3.0

Dr Reddy's Accumulate 1,737 1,859 29,482 10,696 11,662 20.7 21.0 83.7 92.9 20.8 18.7 4.3 3.6 22.4 20.8 3.1 2.7

Dishman Pharma Buy 113 145 911 1,280 1,536 20.2 20.2 10.4 14.5 10.9 7.8 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 1,995 - 16,895 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.2 7.6 6.8 20.1 26.3 5.6 4.8

Indoco Remedies Buy 67 89 619 685 837 15.2 15.2 7.4 8.9 9.1 7.5 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 416 485 5,244 2,850 3,474 21.0 21.0 29.9 37.3 13.9 11.2 3.3 2.6 26.7 26.4 2.1 1.7

Lupin Accumulate 568 652 25,389 8,426 10,082 19.7 20.0 26.3 31.3 21.6 18.1 5.0 4.1 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 99 - 700 1,667 1,835 13.9 13.9 11.4 13.3 8.7 7.5 0.6 0.5 6.6 7.3 0.9 0.8


Market Outlook

Stock Watch

November 21, 2012

7/30/2019 Market Outlook 21-11-12

10/12



Pharmaceuticals

Ranbaxy* Neutral 512 - 21,610 12,046 11,980 18.0 15.8 31.3 29.8 16.3 17.2 5.6 4.5 39.1 28.9 1.9 1.8

Sun Pharma Neutral 683 - 70,595 9,752 12,134 41.6 41.6 26.0 28.2 26.3 24.2 4.9 4.2 20.3 18.8 6.5 5.0

Power

CESC Neutral 274 - 3,423 5,218 5,644 24.2 23.8 44.6 47.6 6.1 5.8 0.6 0.6 11.0 10.6 1.4 1.5

GIPCL Accumulate 67 78 1,020 1,523 1,568 30.3 30.3 5.4 11.5 12.5 5.9 0.7 0.6 5.6 11.3 1.1 1.0

NTPC Neutral 168 - 138,359 74,111 85,789 22.7 23.1 12.1 13.7 13.9 12.2 1.7 1.5 12.6 13.2 2.5 2.3

Real EstateAnant Raj Sell 87 78 2,563 657 875 52.0 56.1 8.4 12.7 10.3 6.8 0.6 0.6 6.3 8.9 5.4 4.1

DLF Neutral 200 - 33,912 9,878 12,033 44.7 46.1 9.6 13.4 20.8 14.9 1.3 1.3 6.4 8.7 6.0 4.9

HDIL Accumulate 100 115 4,190 2,441 3,344 55.1 48.2 22.7 26.6 4.4 3.8 0.4 0.3 8.8 9.4 3.6 2.7

MLIFE Neutral 436 - 1,781 813 901 26.2 26.6 32.0 37.1 13.6 11.8 1.4 1.3 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 309 - 117,439 81,984 90,718 32.1 33.8 10.9 16.9 28.3 18.3 2.2 2.0 7.6 10.6 2.1 1.7

Idea Cellular Neutral 94 - 31,007 22,234 24,161 26.9 27.7 3.3 4.9 28.3 19.0 2.2 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 59 - 12,157 21,090 22,308 31.8 29.9 3.0 3.8 19.4 15.5 0.3 0.3 1.7 2.1 2.3 2.0

zOthers

Abbott India Accumulate 1,430 1,590 3,039 1,629 1,886 11.8 13.3 60.8 79.5 23.5 18.0 4.8 4.0 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 201 217 2,004 3,497 3,968 6.6 7.6 9.8 15.5 20.5 13.0 2.6 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 405 - 512 427 528 15.7 14.6 30.0 34.0 13.5 11.9 3.0 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 436 545 113 272 308 7.2 7.3 37.5 45.4 11.6 9.6 2.8 2.2 23.7 22.7 0.5 0.4

CRISIL Neutral 931 - 6,539 982 1,136 34.3 34.3 34.3 40.0 27.1 23.3 12.3 9.8 50.9 46.9 6.2 5.2

Finolex Cables Buy 49 61 750 2,304 2,552 9.9 9.1 8.2 10.1 6.0 4.9 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Accumulate 471 537 614 2,318 2,700 5.0 5.7 45.0 67.0 10.5 7.0 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Buy 310 360 715 1,494 1,607 6.4 7.8 23.9 33.0 13.0 9.4 2.0 1.8 16.5 20.1 0.3 0.2

Greenply Industries Neutral 302 - 729 1,925 2,235 10.6 10.9 29.6 44.1 10.2 6.9 1.7 1.4 16.8 21.0 0.7 0.5

Hitachi Buy 124 146 284 873 989 4.4 6.5 6.4 12.2 19.5 10.2 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Neutral 3,129 - 2,766 1,745 1,993 4.0 5.3 59.5 90.4 52.6 34.6 4.0 3.4 8.1 11.3 1.3 1.2

Styrolution ABS India* Accumulate 646 744 1,136 1,059 1,116 8.5 9.5 36.0 42.0 18.0 15.4 2.6 2.3 15.4 16.0 1.1 1.0

ITD Cementation Neutral 250 - 288 1,323 1,455 12.4 12.4 23.2 27.7 10.8 9.0 0.7 0.7 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 175 - 2,829 1,228 1,443 9.0 10.9 3.9 6.4 45.1 27.5 4.5 4.1 10.1 15.6 2.8 2.3

MCX Reduce 1,529 1,440 7,798 553 624 65.3 66.3 62.5 72.0 24.5 21.2 6.7 5.8 27.5 27.4 11.1 9.3

MRF Buy 9,892 12,884 4,195 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.7 6.9 1.5 1.2 21.3 19.4 0.5 0.4

Page Industries Accumulate 3,334 3,602 3,719 836 1,023 20.2 20.6 105.6 133.4 31.6 25.0 16.1 11.3 59.3 53.2 4.5 3.7


Market Outlook

Stock Watch

November 21, 2012

7/30/2019 Market Outlook 21-11-12

11/12



zOthers

Relaxo Footwears Accumulate 812 933 974 1,019 1,208 11.0 12.5 47.0 66.7 17.3 12.2 4.3 3.2 28.2 30.1 1.1 0.9

Sintex Industries Buy 60 79 1,790 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 299 366 280 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 13 - 400 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 35 43 1,693 5,720 6,599 5.3 6.8 3.6 5.4 9.7 6.5 14.0 4.5 - - 0.4 0.4

TAJ GVK Buy 73 108 455 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 306 384 472 750 803 18.6 18.4 65.4 69.1 4.7 4.4 0.7 0.6 16.5 15.3 0.3 0.2TVS Srichakra Buy 283 335 217 1,476 1,643 7.0 8.2 32.6 55.9 8.7 5.1 1.4 1.2 16.8 24.8 0.4 0.3

United Spirits Neutral 1,762 - 23,049 10,289 11,421 12.8 12.8 26.0 45.3 67.8 38.9 3.1 2.9 5.8 7.6 2.6 2.4

Vesuvius India Neutral 345 - 700 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 1.8 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 20, 2012


Market Outlook

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November 21, 2012

7/30/2019 Market Outlook 21-11-12

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