market outlook 23-10-12

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Market OutlookOctober 23, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open flat with a positive bias following flattish

start to SGX Nifty and other Asian indices.

The U.S. markets on Monday ended in the green after a lackluster session that saw

losses for most of the day amid concerns over slowing corporate earnings growth.

The European markets were unable to hold on to early gains on Monday and

ended the session with modest losses as the markets were under pressure in the

afternoon due to the weak performance of the U.S. markets. Traders also had their

eyes on events in Europe, as European leaders continue to work towards a solution

to the region's debt crisis.

The Indian markets rose on Monday, lifted by upbeat earnings results, a stronger

rupee and a sharp fall in crude prices over the weekend on global growth worries.

However, global cues were mixed, limiting the upside to some extent. Looking

ahead, earnings news is likely to remain in focus throughout the week. Traders are

also likely to keep a close eye on the Federal Reserve, with the central bank due to

hold a two-day monetary policy meeting.

Markets Today

The trend deciding level for the day is 18,735 / 5,699 levels. If NIFTY trades above

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

up to 18,868 18,943 / 5,740 5,762 levels. However, if NIFTY trades below

18,735 / 5,699 levels for the first half-an-hour of trade then it may correct up to

18,660 18,526 / 5,676 5,635 levels.

SENSEX 18,526 18,660 18,735 18,868 18,943NIFTY 5,635 5,676 5,699 5,740 5,762

News Analysis

DRL intends to make a recommended public offer for OctoPlus N.V

2QFY2013 Result Review: HDFC, L&T, Cairn India, Bank of Baroda, Idea,

Syndicate Bank, JK Lakshmi Cement

2QFY2013 Result Preview: Hero MotoCorp, Sterlite, Lupin, Yes Bank

Refer detailed news analysis on the following page

Net Inflows (October 22, 2012)

FII 2,264 2,131 134 17,239 58,009

MFs 271 421 (149) (2,725) (10,158)

FII Derivatives (October 22, 2012)

Index Futures 4,786 4,550 236 17,987

Stock Futures 8,995 8,700 295 32,403

Gainers / Losers

Emami-$ 563 6.4 Exide Inds 143 (3.9)

JPPOWER 40 5.6 Coromandel Intl 280 (2.6)Adani Ports 130 3.9 TTK Prestige 3,155 (2.5)

ING Vysya Bank 465 3.9 GMR Infra 22 (2.4)

Indiabulls Fin 238 3.6 Voltas 115 (2.4)

BSE Sensex 0.6 111.1 18,793

Nifty 0.6 32.9 5,717

MID CAP (0.1) (6.9) 6,665

SMALL CAP 0.3 21.9 7,192

BSE HC 1.1 80.8 7,601

BSE PSU (0.0) (1.1) 7,374

BANKEX 1.0 132.3 13,325

AUTO (0.2) (18.8) 10,231

METAL (0.1) (8.5) 10,343

OIL & GAS 0.7 61.7 8,499

BSE IT 0.8 47.7 ,748

Dow Jones 0.0 2.4 13,346NASDAQ 0.4 11.3 3,017

FTSE (0.2) (13.2) 5,883

Nikkei 0.1 8.0 9,011

Hang Seng 0.7 145.8 21,698

Straits Times (0.1) (3.3) 3,046

Shanghai Com 0.2 4.5 2,133

INFY (1.7) (0.8) $43.7

WIT (2.4) (0.2) $8.2IBN (1.6) (0.7) $39.4

HDB (0.5) (0.2) $36.9

Advances 1,405 705

Declines 1,446 793

Unchanged 125 86

BSE 1,817

NSE 9,293

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Dr. Reddys Laboratories Limited (Dr. Reddys), together with its subsidiaries,

announces the intended public offer to acquire the issued and outstanding shares

of OctoPlus N.V. (OctoPlus), a service based specialty pharmaceutical company,

for an offer price of

27.39 mn (cum dividend) in cash, representing 100% of theissued and outstanding ordinary shares. The offer price represents a premium of

30% over the closing price of OctoPlus as on October 19, 2012. Dr. Reddys

currently holds an irrevocable commitment from shareholders representing over

50% of OctoPluss issued and outstanding shares.

This deal will help expand the expertise and scientific capabilities of Dr. Reddy's.

OctoPlus develops formulations for injectables and proprietary drug delivery

technologies, and has a fee-for-service business. For the first six months of 2012, it

reported a loss of 5.8 mn on revenue of 4.8 mn. While the company is not

profitable, the company is looking at the acquisition from long term perspective, as

the acquisition will globalize its R & D efforts, along with the ramp up of itstechnology capabilities in drug delivery.

As, the acquisition does not change our numbers significantly, we maintain our

numbers and target on the stock.

Result Review

HDFC (CMP: 750/ TP: -/ Upside: -)

HDFC reported a healthy growth of 17.8% yoy at the net interest income level.

Consequently, the growth in PAT came in at a healthy 18.6% yoy. The asset qualitycontinued to be strong with gross NPA ratio at 0.77%, lower than the 0.82%

reported in 2QFY2012. The loan book of the company continued to grow at a

strong pace of 22.2% yoy, with loans to individuals growing at 23.8% yoy. HDFC

has been incrementally growing its individual loan book much faster than its

corporate book over the last 6 months in order to improve its margins and non-

interest income such as processing fees. Including loans sold, around 80% loans

over the last 6 months have been disbursed to the individual segment. On account

of high valuations and significant premium to the Sensex,

FY2013 7,340 3.5 4,828 31.5 157.7 1.0 34.8 23.8 4.8

FY2014 8,805 3.5 5,792 37.8 176.9 1.0 32.2 19.8 4.2

L&T (CMP:`1,668/TP: Under review /Upside: -)

Larsen and Toubro (L&T) posted a good set of numbers for 2QFY2013, which

were above our and the streets expectations on both, the revenue and the

profitability fronts. The top-line stood at`13,195cr, registering a growth of 17.3%

yoy for the quarter, higher than our estimate of`12,634cr. This was mainly driven

by pick up in execution in the engineering and construction (E&C) segment. On the

EBITDA front, the company reported an EBITDA of`1,406cr indicating a growth of

19.8% yoy. The EBITDA margin came in at 10.7%, an increase of 30bp yoy, and

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was below our estimate of 11.4%. On the bottom-line front, L&T reported a growth

of 42.6% yoy to `1,138cr against our estimate of `891cr owing to pick up in

execution and higher exceptional item arising out of divestment gains.

As of 2QFY2013, L&Ts order backlog stands at`1,58,528cr a growth of 11.5%

yoy. The company has secured orders worth `20,967cr and `40,561cr in2QFY2013 and 1HFY2013 respectively.

For FY2013, the management has reiterated its guidance of 15-20% growth on

both - revenue and order inflow. Given the healthy order inflow in 1HFY2012 we

believe the company would meet its guidance, both on order inflows and the

revenue front.

FY2013 61,031 11.9 4,302 70.2 15.9 23.8 3.6 15.6 1.9

FY2014 69,620 11.5 4,621 75.4 15.1 22.1 3.1 14.1 1.6

(CMP:`785,TP:`864, Upside: 10%)

Bank of Baroda reported moderate 11.6% yoy growth in its net profits to

`1,301cr during 2QFY2013. Key highlight of the result was the pressure

witnessed on the asset quality front, with 10.5% and 29.3% sequential increasein both gross and net NPA levels, respectively.

Advances for the bank grew by healthy pace of 22.2% yoy, while deposits

were up by robust 24.0% yoy. CASA ratio for the bank, both global and

domestic dipped sequentially by 28bp and 48bp, respectively to 25.8% and

31.7%. On the non-interest income front, growth was moderate at 12.8% yoy

largely aided by trading gains. Annualized slippages during the quarter came

in at 1.97% as against 1.8% in 1QFY2013 and 1.02% in 2QFY2012. The

bank witnessed 142.5% yoy increase in NPA provisioning (largely due to

higher write-offs). PCR dipped by 330bp qoq and 625bp yoy to 75.7%. The

bank restructured loans worth`993cr during the quarter taking its outstandingdomestic restructured book to`16,668cr (5.7% of net advances). At the CMP

the stock is trading at 0.9x FY2014 ABV.

FY2013E 15,473 2.6 4,754 115.3 756.0 1.0 16.2 6.9 1.0

FY2014E 18,142 2.6 5,748 139.4 864.0 1.0 17.2 5.6 0.9

Idea (CMP:`81 / TP: - / Upside: -)

Idea Cellular (Idea) reported its 2QFY2013, which were in-line with our estimates

on the revenue as well as profitability front. The revenues came in at `5,544cr,

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down 3.4% qoq, because of 5.3% qoq decline in MOU to 359min. Overall

network traffic declined by 4.0% qoq. This was due to decline in overall subscriber

base of Idea to 115.4mn from 117.2mn in 1QFY2013. ARPM remained flat qoq

at`0.41/month while APRU declined by 5.1% qoq to`148/month. EBITDA margin

increased by 70bp qoq to 26.8%. PAT came in at `240cr, up 2.5% qoq. The

company remain surrounded by regulatory uncertainties related to spectrum andlicense fee payments.

FY2013E 22,582 26.4 1,097 3.3 7.8 24.4 1.9 6.1 1.6

FY2014E 24,684 26.9 1,559 4.7 9.9 17.2 1.7 5.3 1.4

(CMP:`123/TP: - / Upside: -)

For 2QFY2013, Syndicate Bank reported disappointing operating performance,

with 5.4% yoy decline in its operating profits to `843cr. However tax write-back of`100cr as against tax expense of`61cr in 2QFY2012 aided the company to post

earnings growth of 36.6% yoy to`463cr.

On the NII front, the performance was subdued with 5.9% yoy growth. Growth in

non-interest income was moderate at 10.5% yoy to `270cr. On the asset quality

front, the bank witnessed stability with sequential increase in Gross NPA limited to

3.3%, while net NPA declined by 1.7% qoq. Advances for the bank grew by 12.7%

yoy, while deposits were up by 10.5% yoy. At the CMP the stock is trading at 0.7x

FY2014 ABV.

FY2013E 6,722 2.9 1,461 24.3 152.0 0.7 17.0 4.7 0.7

FY2014E 7,719 3.0 1,640 27.2 172.8 0.7 16.8 4.2 0.7

JK Lakshmi Cement (CMP:`125/TP:-/Upside:-)

JK Lakshmi Cement (JK Lakshmi) posted a 38.8% yoy improvement in topline,

which was ahead of our estimates. The growth in topline was led by higher

realization as management indicated only a 7-8% yoy growth in volumes. OPM

surged by 1,135bp on a yoy basis and stood at 23% due to the strong

performance on the realization front. Robust operating performance resulted in the

bottomline expanding by multiple folds to `51cr (vs. 6.5cr in 2QFY2012).

Bottomline was also boosted by ~`9cr of recovery of old dues which were earlier

written off.

FY2013E 1,964 19.5 177 16.3 14.7 7.7 1.1 4.3 53

FY2014E 2,278 20.4 194 17.8 14.6 7.0 1.0 5.7

Note:* computed on TTM basis

Cairn India (CMP:`338, TP:`380, Upside: 12%)

Cairn India announced better-than-expected 2QFY2013 results. The companys

top line increased by 67.5% yoy to `4,443cr (in line with our expectation of

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`4,418cr) led by higher crude oil sales volumes. The companys gross production

averaged 207,245boepd (+21.9% yoy) during the quarter. However, gross crude

oil realization decreased by 4.6% yoy to US$98.1/bbl (although in rupee terms

realizations were higher). Operating profit grew by 64.0% yoy to `3,452cr,

although operating margin contracted by 142bp yoy to 77.7% during the quarter.

The company recorded an exceptional forex loss of `786cr on account of forexfluctuation during 2QFY2013. Excluding this exceptional gain, adjusted net profit

grew by 1,239.7% yoy to`3,108cr (above our estimate of`2,807cr). Reported net

profit grew by 204.3% yoy to`2,322cr.

FY2013E 16,605 75.4 10,875 57.02 20.2 5.9 1.1 3.8 2.9

FY2014E 17,258 71.7 10,477 54.93 16.3 6.2 0.9 3.2 2.3

Result Preview

Hero MotoCorp (CMP:`1,831/ TP:`2,077/ Upside: 13%)

Hero MotoCorp (HMCL) is slated to announce its 2QFY2013 results today. We

expect the companys top-line to post a decline of 11.5% yoy (17.4% qoq) to

`5,160cr primarily on account of a 13.7% yoy (18.7% qoq) decline in total

volumes. The poor volume performance can be attributed to weak demand in

domestic markets coupled with rising inventory at the dealer end. We expect the

operating margin (adjusted for change in accounting for royalty payments) to

contract 125bp yoy (50bp qoq) to 11% on account of adverse product-mix andreduced operating leverage benefits. As a result, we expect the bottom-line

(adjusted) to post a 23.5% yoy decline to`462cr. At`1,831, the stock is trading at

13.7x its FY2014E earnings.

FY2013E 24,941 15.0 2,447 122.5 49.6 14.9 6.6 7.9 1.1

FY2014E 28,706 15.5 2675.4 134.0 42.2 13.7 5.2 6.4 0.9

Sterlite Industries (CMP:`99/ TP: - / Upside: -)

Sterlite Industries is slated to announce its 2QFY2013 results today. The top-line is

expected to grow by 9.7% yoy to `11,121cr. However, the EBITDA margin is

expected to contract by 477bp yoy to 19.7% due to decrease in realizations and

increase in prices of key inputs. The bottom-line is expected to increase by 26.4%

yoy to`1,299cr.

FY2013E 41,680 24.2 5,464 16.3 11.3 6.1 0.7 3.2 0.8

FY2014E 45,382 23.2 5,687 16.9 10.7 5.9 0.6 3.0 0.7

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Lupin (CMP:`570/ TP:`647/ Upside: 14%)

For 2QFY2013, Lupin is expected to register a revenue growth of 18.2% to end the

period at`2,058cr vs`1,742cr in 2QFY2012. OPMs are expected to decline by

234bps during the period, which along with higher interest expenditure would limit

the net profit growth to 1.3% yoy. We expect the company to post a net profit of`270cr vs`267cr (in 2QFY2013)

FY2013E 8,426 19.7 1,167 26.1 25.821.8 5.1 16.0 3.2

FY2014E 10,082 20.0 1,388 31.1 24.718.4 4.1 12.9 2.6

(CMP:`387/ TP:`452 / Upside: 16.7%)

Yes Bank is slated to announce its 2QFY2013 results today. We expect the bank to

report a strong net interest income (NII) growth of 34.6% yoy to `519cr. The non-

interest income is expected to increase by 25.5% yoy to `269cr. The operating

expenses of the bank are expected to be higher by 46.6% yoy to`313cr. The net

profit is expected to increase by 22.6% yoy to`288cr. At the current market price,

the stock trades at a valuation of 2.0x FY2014E ABV.

FY2013E 3,270 2.8 1,197 33.9 161.2 1.5 23.1 11.2 2.4

FY2014E 4,253 3.0 1,491 42.2 196.4 1.5 23.6 9.0 1.9

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 5,104 5,784 (12) 6,208 (18)

EBITDA 661 919 (28) 937 (29)

EBITDA margin (%) 13.0 15.9 15.1

Net profit 445 604 (26) 615 (28)

Net sales 2,199 1,742 26 2,219 (1)

EBITDA 445 404 10 458 (3)

EBITDA margin (%) 20.2 23.2 20.6

Net profit 284 218 30 285 (0)

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Net sales 10,431 10,134 3 10,591 (2)

EBITDA 2,366 2,482 (5) 2,308 3

EBITDA margin (%) 22.7 24.5 21.8

Net profit 1,214 1,500 (19) 1,779 (32)

Net sales 2,032 1,721 18 2,180 (7)

EBITDA 353 325 9 386 (9)

EBITDA margin (%) 17.4 18.9 17.7

Net profit 159 43 266 172 (8)

Net profit 297 235 26 290 2

Net sales 2,565 2,251 14 2,539 1

EBITDA 392 323 21 447 (12)

EBITDA margin (%) 15.3 14.3 17.6

Net profit 252 218 16 299 (16)

Net sales 9,548 7,307 31 9,248 3

EBITDA 1,133 874 30 1,109 2

EBITDA margin (%) 11.9 12.0 12.0

Net profit 830 737 13 726 14

Net profit 500 446 12 452 11

Economic and Political News

Odisha achieves 84% electrification target by September

Karnataka's IT/ITeS sector exempted from Industrial Employment Act till 2013

Milk output may touch new high of 135mn tonne next year

Corporate News

L&T Finance Holdings buys FamilyCredit for`120cr

Suzlon Group enters Romanian wind energy market

Vedanta Aluminium resumes Odisha refinery at reduced capacity

Dr Reddy's to acquire OctoPlus NV for EUR27.4mn

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

October 23, 2012 Hero Motocorp, Sterlite Inds, Lupin, Yes Bank, United Phosphorus, Bank of Maharashtra

October 24, 2012

October 25, 2012 Adani Enterp., M&M, Kotak Mah. Bank, Asian Paints, Nalco, Oriental Bank, Ipca labs, Bajaj Electrical, KPIT Cummins

October 26, 2012 NTPC, ICICI Bank, HUL, GAIL, Punjab Natl.Bank, Sesa Goa, IDFC, Dabur India, IOB, United Bank, Hind. Const.

October 27, 2012 IDBI Bank, Sarda Energy, Siyaram Silk Mills

October 28, 2012 JSW Steel

October 29, 2012 BHEL, Bank of India, Colgate, Styrolution

October 30, 2012Maruti, Dr Reddy's, Grasim Inds, Shriram Trans., Mahindra Satyam, Glenmark Pharma., IRB Infra, Thermax, Taj GVK,PVR

October 31, 2012 J & K Bank, Power Grid Corpn, NHPC, Titan Inds., LIC Housing Fin., Bharat Forge, Tata Global, Aventis, TVS Motor

November 01, 2012 Hexaware, BGR Energy , Jyothy Laboratories

November 02, 2012 Wipro, Rural Elec.Corp., Union Bank, Marico, Apollo Tyres, Indoco Remedies, Dishman Pharma

November 03, 2012 Godrej Consumer, Divi's Lab.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

October 23, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Oct A (25.90) (25.90)

October 24, 2012 Germany PMI Services Value Oct A 49.70 50.00

Germany PMI Manufacturing Value Oct A 47.40 48.00

US New home sales Thousands Sep 373.00 385.00

US FOMC rate decision % Oct 24 0.25 0.25

October 25, 2012 US Initial Jobless claims Thousands Oct 20 388.00 370.00

UK GDP (YoY) % Change 3Q A (0.50) (0.50)

October 26, 2012 US GDP Qoq (Annualised) % Change 3Q A 1.30 1.80

October 30, 2012 US Consumer ConfidenceS.A./

1985=100Oct 70.30 73.00

India RBI Repo rate % Oct 30 8.00 8.00

India RBI Cash Reserve ratio % Oct 30 4.50 4.25

India RBI Reverse Repo rate % Oct 30 7.00 7.00

October 31, 2012 Germany Unemployment change (000's) Thousands Oct 9.00 --

November 01, 2012 UK PMI Manufacturing Value Oct 48.40 --

China PMI Manufacturing Value Oct 49.80 --November 02, 2012 US Change in Nonfarm payrolls Thousands Oct 114.00 120.00

US Unnemployment rate % Oct 7.80 7.90

November 06, 2012 UK Industrial Production (YoY) % Change Sep (1.20) --

November 08, 2012 UK BOE Announces rates % Ratio Nov 8 0.50 0.50

Euro Zone ECB announces interest rates % Nov 8 0.75 --

November 09, 2012 China Industrial Production (YoY) % Change Oct 9.20 --

China Consumer Price Index (YoY) % Change Oct 1.90 --



October 23, 2012

Market Outlook

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Market StrategyOctober 23, 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

2. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2. 5

(1.8)

(0.2)

2. 7

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Sep

-11

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

(%)

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

60.0

Aug

-11

Sep

-11

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

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


Exhibit 6 :Key policy rates

8.00

7.00

4.50

4.00

5.00

6.00

7.00

8.00

9.00

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

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 136 - 2,653 1,466 1,686 14.8 14.8 7.0 8.1 19.5 16.8 4.1 3.5 22.6 22.5 1.9 1.6

United Phosphorus Buy 119 170 5,476 8,421 9,263 16.5 16.5 15.0 17.0 7.9 7.0 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 238 - 4,071 2,844 3,275 15.4 15.6 15.9 18.8 15.0 12.7 3.9 3.1 28.9 26.9 1.4 1.2

Apollo Tyres Buy 85 99 4,262 13,412 15,041 11.3 11.0 12.1 14.2 7.0 6.0 1.3 1.1 19.6 19.2 0.5 0.4

Ashok Leyland Buy 23 30 6,226 14,920 16,850 9.0 9.3 2.2 2.8 10.8 8.5 2.0 1.7 13.3 15.6 0.5 0.4

Automotive Axle# Accumulate 396 430 598 993 1,140 11.6 11.5 36.9 43.0 10.7 9.2 2.1 1.8 21.2 21.3 0.7 0.5Bajaj Auto Neutral 1,770 - 51,224 21,121 23,642 18.4 18.5 108.7 122.6 16.3 14.4 6.8 5.4 46.2 41.6 2.1 1.8

Bharat Forge Buy 304 351 7,076 7,004 7,985 16.2 16.4 20.3 25.1 15.0 12.1 2.8 2.3 20.0 20.9 1.2 1.0

Bosch India* Neutral 8,851 - 27,790 8,793 10,294 17.4 18.5 348.3 435.8 25.4 20.3 4.9 4.1 19.4 20.1 2.8 2.3

CEAT Buy 117 164 400 4,989 5,634 8.7 8.5 32.7 41.1 3.6 2.8 0.5 0.5 15.8 16.9 0.3 0.2

Exide Industries Neutral 148 - 12,610 6,229 7,200 14.8 15.8 7.2 9.0 20.7 16.6 3.6 3.1 18.5 19.9 1.7 1.4

FAG Bearings* Neutral 1,822 - 3,028 1,505 1,768 17.5 18.0 111.2 132.7 16.4 13.7 3.4 2.8 22.8 22.2 1.8 1.4

Hero Motocorp Accumulate 1,849 2,077 36,930 24,941 28,706 15.0 15.5 122.5 134.0 15.1 13.8 6.6 5.2 49.6 42.2 1.2 1.0

JK Tyre Buy 108 135 444 7,517 8,329 6.1 6.3 26.2 38.5 4.1 2.8 0.5 0.5 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 823 944 50,555 37,434 42,860 11.6 11.5 50.4 56.3 16.4 14.6 3.4 2.9 22.6 21.5 1.1 0.9

Maruti Neutral 1,369 - 39,556 41,796 49,350 7.6 8.6 66.6 92.6 20.6 14.8 2.4 2.1 12.0 14.8 0.7 0.6

Motherson Sumi Accumulate 150 159 8,839 24,285 27,317 6.7 7.2 8.1 10.6 18.7 14.2 3.9 3.2 22.9 24.7 0.5 0.5

Subros Buy 29 34 175 1,230 1,378 8.8 8.6 4.5 5.7 6.5 5.1 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 269 316 71,665 195,096 219,428 12.8 13.0 39.0 44.9 6.9 6.0 2.0 1.5 32.6 28.8 0.4 0.4

TVS Motor Accumulate 43 49 2,029 7,611 8,443 7.9 7.9 4.7 5.4 9.1 7.9 1.5 1.3 17.9 18.1 0.2 0.2

Capital Goods

ABB* Sell 780 593 16,526 8,760 10,023 6.2 8.7 14.5 24.7 54.0 31.6 5.9 5.1 11.6 17.6 1.9 1.6BGR Energy Neutral 273 - 1,972 3,669 4,561 11.0 11.0 24.7 29.6 11.1 9.2 1.6 1.5 15.3 16.7 1.1 1.0

BHEL Neutral 242 - 59,256 47,801 43,757 19.0 18.8 25.3 22.8 9.6 10.6 2.9 2.5 34.3 25.3 1.1 1.2

Blue Star Buy 214 249 1,924 2,763 2,948 3.2 5.6 3.5 9.1 61.9 23.5 4.6 4.0 7.7 18.4 0.8 0.7

Crompton Greaves Accumulate 130 141 8,333 12,691 14,126 7.4 8.9 7.0 9.7 18.6 13.4 2.1 1.9 11.9 15.0 0.7 0.6

Jyoti Structures Accumulate 48 54 392 2,622 2,744 10.7 10.5 9.6 12.2 5.0 3.9 0.5 0.5 10.8 12.3 0.4 0.3

KEC International Accumulate 71 78 1,814 6,858 7,431 7.1 7.5 8.3 9.8 8.5 7.2 1.4 1.2 25.1 24.0 0.4 0.4

LMW Neutral 2,040 - 2,298 2,369 2,727 11.7 11.7 143.4 166.0 14.2 12.3 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 575 - 6,849 5,514 5,559 8.9 10.2 26.9 30.3 21.4 19.0 3.7 3.2 18.4 18.2 1.1 1.1


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

11/17



Cement

ACC Neutral 1,408 - 26,438 11,085 12,415 21.6 21.4 79.4 83.1 17.7 17.0 3.4 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 206 - 31,802 10,272 11,884 26.4 26.1 11.5 12.9 18.0 16.0 4.0 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 98 - 3,021 4,354 4,929 18.6 18.7 9.8 12.3 10.0 8.0 0.8 0.8 8.6 10.2 1.2 1.0

J K Lakshmi Cements Neutral 116 - 1,415 1,964 2,278 19.5 20.4 16.3 17.9 7.1 6.5 1.0 0.9 14.7 14.6 0.9 1.2

Madras Cements Neutral 187 - 4,455 3,608 3,928 27.6 27.0 15.7 18.3 11.9 10.3 1.9 1.6 16.9 17.0 1.9 1.6

Shree Cements^ Neutral 4,206 - 14,654 5,701 6,210 29.7 28.1 240.7 260.7 17.5 16.1 4.2 3.5 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 2,010 - 55,082 20,913 23,530 21.3 22.7 93.2 1 10.5 21.6 18.2 3.7 3.2 18.4 18.7 2.6 2.3Construction

Ashoka Buildcon Buy 220 304 1,158 2,034 2,315 22.4 22.4 27.1 31.7 8.1 6.9 1.0 0.9 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 259 2,262 2,522 6.7 7.5 1.5 2.7 9.4 5.3 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,049 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.7) (17.9) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Accumulate 146 166 4,856 3,964 4,582 42.3 40.2 15.7 16.9 9.3 8.6 1.5 1.3 16.6 15.8 2.8 2.6

ITNL Buy 184 232 3,581 6,840 7,767 26.4 26.1 24.4 30.3 7.5 6.1 1.1 1.0 16.0 16.2 2.7 2.8

IVRCL Infra Accumulate 45 51 1,375 5,510 6,722 8.8 9.0 2.5 4.6 17.7 9.8 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Neutral 93 - 19,872 15,259 17,502 25.7 24.7 4.0 4.8 23.3 19.6 1.8 1.7 8.5 9.3 2.6 2.3

Larsen & Toubro Accumulate 1,633 1,721 100,217 60,474 69,091 12.1 11.5 79.7 85.4 20.5 19.1 3.5 3.0 16.3 15.1 1.8 1.6

Madhucon Proj Buy 34 56 249 2,206 2,502 10.7 10.7 4.6 4.7 7.3 7.2 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Reduce 48 45 1,225 5,804 6,513 8.0 8.6 3.0 3.5 15.7 13.7 0.5 0.5 3.2 3.6 0.6 0.7

Patel Engg. Neutral 80 - 559 3,609 3,836 13.1 13.1 14.0 14.6 5.7 5.5 0.4 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 52 - 1,719 11,892 13,116 8.9 8.9 1.7 3.1 30.5 16.8 0.6 0.6 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 139 182 2,096 2,506 3,147 10.3 10.7 7.5 10.4 18.6 13.4 2.3 2.0 13.5 16.0 1.0 0.8

Simplex Infra Buy 218 265 1,080 6,732 7,837 8.1 8.4 23.4 29.4 9.3 7.4 0.8 0.8 9.2 10.6 0.5 0.5

FinancialsAllahabad Bank Reduce 143 131 7,133 6,944 7,884 3.0 3.1 35.5 37.0 4.0 3.9 0.7 0.6 17.2 15.7 - -

Andhra Bank Reduce 114 97 6,388 4,929 5,633 3.1 3.1 23.7 24.5 4.8 4.7 0.8 0.7 16.6 15.3 - -

Axis Bank Accumulate 1,200 1,328 49,722 15,686 18,687 3.1 3.2 116.8 138.0 10.3 8.7 1.9 1.6 20.0 20.2 - -

Bank of Baroda Neutral 797 - 31,204 15,473 18,142 2.6 2.6 115.3 139.4 6.9 5.7 1.1 0.9 16.2 17.2 - -

Bank of India Accumulate 301 330 17,279 12,573 14,971 2.3 2.4 58.2 68.0 5.2 4.4 0.9 0.7 15.9 16.3 - -

Bank of Maharashtra Neutral 50 - 2,924 3,442 3,802 3.1 3.2 8.9 11.4 5.6 4.3 0.7 0.6 13.5 15.5 - -

Canara Bank Reduce 447 421 19,780 10,905 12,783 2.1 2.2 74.9 85.1 6.0 5.3 0.9 0.8 15.1 15.3 - -

Central Bank Neutral 76 - 5,558 7,095 8,102 2.5 2.7 15.6 21.0 4.8 3.6 0.8 0.7 12.2 14.7 - -


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

12/17



Financials

Corporation Bank Accumulate 409 447 6,061 4,886 5,669 2.1 2.2 101.3 101.8 4.0 4.0 0.7 0.6 17.0 15.1 - -

Dena Bank Neutral 110 - 3,866 3,147 3,495 2.8 2.9 24.8 24.4 4.5 4.5 0.8 0.7 18.7 15.9 - -

Federal Bank Reduce 482 450 8,244 2,593 3,009 3.2 3.2 44.9 52.5 10.7 9.2 1.3 1.2 12.8 13.5 - -

HDFC Neutral 752 - 115,787 7,340 8,805 3.5 3.5 31.5 37.8 23.9 19.9 4.8 4.3 34.8 32.2 - -

HDFC Bank Neutral 628 - 148,374 21,696 26,811 4.4 4.5 28.7 36.0 21.9 17.4 4.2 3.5 20.7 22.0 - -

ICICI Bank Buy 1,056 1,245 121,364 22,304 26,855 2.9 3.0 68.6 82.0 15.4 12.9 1.9 1.7 14.2 15.6 - -

IDBI Bank Neutral 99 - 12,707 7,761 9,484 1.9 2.2 17.1 22.9 5.8 4.3 0.7 0.6 11.9 14.4 - -Indian Bank Neutral 184 - 7,886 6,062 6,818 3.4 3.4 40.5 41.6 4.5 4.4 0.8 0.7 18.1 16.3 - -

IOB Accumulate 81 87 6,468 7,343 8,391 2.5 2.5 16.0 21.3 5.1 3.8 0.6 0.5 11.3 13.6 - -

J & K Bank Reduce 1,155 1,021 5,597 2,600 2,850 3.6 3.5 192.3 188.0 6.0 6.1 1.2 1.0 21.0 17.7 - -

LIC Housing Finance Buy 248 301 12,495 1,867 2,338 2.4 2.4 21.1 28.5 11.7 8.7 1.9 1.6 17.5 20.4 - -

Oriental Bank Neutral 294 - 8,589 6,278 7,125 2.7 2.8 56.7 62.6 5.2 4.7 0.7 0.6 14.1 13.9 - -

Punjab Natl.Bank Accumulate 822 941 27,886 19,934 22,705 3.3 3.3 147.8 166.2 5.6 5.0 1.0 0.8 17.7 17.3 - -

South Ind.Bank Accumulate 23 25 3,132 1,535 1,760 2.9 2.8 3.5 3.9 6.6 6.0 1.1 1.0 19.5 17.1 - -

St Bk of India Neutral 2,257 - 151,431 63,806 73,435 3.5 3.6 225.7 258.4 10.0 8.7 1.7 1.4 17.7 17.8 - -

Syndicate Bank Reduce 123 117 7,431 6,722 7,719 2.9 3.0 24.3 27.2 5.1 4.5 0.8 0.7 17.0 16.8 - -

UCO Bank Neutral 78 - 5,215 5,411 6,124 2.4 2.5 17.0 16.5 4.6 4.8 0.9 0.8 16.7 14.4 - -

Union Bank Accumulate 209 226 11,501 9,924 11,647 2.8 2.9 38.6 46.3 5.4 4.5 0.9 0.7 15.4 16.3 - -

United Bank Accumulate 68 78 2,455 3,572 4,041 2.8 2.9 17.2 22.1 4.0 3.1 0.6 0.5 14.2 16.2 - -

Vijaya Bank Neutral 57 - 2,822 2,490 2,881 2.1 2.2 9.2 11.4 6.2 5.0 0.8 0.7 11.5 13.0 - -

Yes Bank Buy 383 452 13,635 3,270 4,253 2.8 3.0 33.9 42.2 11.3 9.1 2.4 2.0 23.1 23.6 - -

FMCG

Asian Paints Neutral 3,882 - 37,233 11,198 13,184 16.3 16.3 121.0 144.8 32.1 26.8 10.8 8.5 37.4 35.3 3.3 2.7Britannia Buy 487 584 5,815 5,835 6,824 5.7 6.0 20.7 25.4 23.5 19.2 9.3 7.1 43.1 41.9 0.9 0.8

Colgate Neutral 1,249 - 16,981 3,018 3,429 20.9 22.2 35.7 42.3 35.0 29.5 32.3 24.0 101.0 93.5 5.5 4.8

Dabur India Neutral 131 - 22,806 6,124 7,030 17.0 16.8 4.5 5.2 29.3 25.3 12.1 9.6 43.2 41.5 3.7 3.2

GlaxoSmith Con* Neutral 3,058 - 12,861 3,124 3,663 17.1 17.6 104.5 123.8 29.3 24.7 9.1 7.3 34.4 32.8 3.8 3.2

Godrej Consumer Neutral 690 - 23,493 6,097 7,233 18.4 18.6 21.9 26.5 31.6 26.1 7.0 5.8 25.5 25.4 4.0 3.4

HUL Neutral 567 - 122,483 25,350 28,974 13.9 13.9 14.3 16.5 39.7 34.4 23.7 18.2 70.9 59.8 4.6 4.0

ITC Neutral 298 - 233,725 29,513 33,885 35.4 35.8 9.3 10.8 32.1 27.6 10.6 8.9 35.6 35.0 7.6 6.6


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

13/17



FMCG

Marico Neutral 205 - 13,194 4,840 5,643 13.1 13.1 6.8 8.5 30.2 24.2 8.3 6.3 31.4 29.7 2.8 2.3

Nestle* Neutral 4,775 - 46,042 8,610 10,174 20.9 21.2 114.8 139.8 41.6 34.2 25.1 17.5 71.2 60.3 5.4 4.5

Tata Global Neutral 158 - 9,768 7,207 7,927 9.7 10.0 6.6 7.8 23.9 20.2 2.4 2.3 8.6 9.5 1.3 1.1

IT

HCL Tech^ Accumulate 604 648 41,906 24,214 26,772 19.5 18.1 44.0 48.0 13.7 12.6 3.3 2.7 24.0 22.0 1.7 1.4

Hexaware* Buy 110 140 3,255 1,966 2,161 22.5 21.4 11.6 12.2 9.5 9.0 2.5 2.1 26.8 23.9 1.4 1.2

Infosys Accumulate 2,383 2,573 136,857 39,174 41,580 29.5 30.4 159.2 171.6 15.0 13.9 3.6 3.2 24.1 23.1 2.9 2.7Infotech Enterprises Neutral 194 - 2,163 1,886 2,032 17.9 17.3 18.7 20.2 10.4 9.6 1.6 1.4 14.9 14.0 0.8 0.7

KPIT Cummins Buy 116 142 2,065 2,191 2,364 16.1 16.5 11.3 13.0 10.3 8.9 2.3 1.8 21.8 20.0 0.9 0.8

Mahindra Satyam Neutral 107 - 12,534 7,628 8,062 19.9 18.4 9.7 10.0 10.9 10.6 3.0 2.4 27.7 22.2 1.2 1.1

Mindtree Accumulate 655 747 2,679 2,324 2,437 20.0 17.7 73.3 74.7 8.9 8.8 2.1 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 401 - 8,417 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.7 1.6 1.4 14.3 12.6 1.0 0.9

NIIT Neutral 35 - 576 1,034 1,146 9.9 11.0 5.2 6.4 6.7 5.5 0.9 0.8 12.8 14.3 0.4 0.3

Persistent Reduce 465 420 1,860 1,207 1,278 26.2 24.3 42.4 44.3 11.0 10.5 1.9 1.6 17.1 15.5 1.2 1.1

TCS Accumulate 1,290 1,405 252,540 61,611 67,507 29.3 29.1 69.0 74.0 18.7 17.5 6.1 5.0 32.4 28.6 3.9 3.5

Tech Mahindra Accumulate 927 1,046 11,837 6,603 7,196 18.2 17.1 92.7 99.6 10.0 9.3 2.4 1.9 23.6 20.5 1.9 1.6

Wipro Buy 344 421 84,803 43,800 48,332 19.5 19.3 25.6 28.1 13.5 12.3 2.6 2.2 18.9 17.9 1.6 1.4

Media

D B Corp Buy 221 259 4,060 1,581 1,784 23.3 25.0 11.6 14.4 19.1 15.4 3.7 3.2 21.0 22.3 2.5 2.1

HT Media Accumulate 101 113 2,376 2,111 2,272 15.0 15.2 7.4 8.3 13.7 12.3 1.5 1.3 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 104 112 3,289 1,488 1,664 22.7 22.8 6.2 7.1 16.7 14.6 4.1 3.6 25.2 26.3 2.4 2.1

PVR Neutral 215 - 560 625 732 17.4 17.1 13.3 15.6 16.2 13.8 1.8 1.6 13.2 13.8 1.3 1.1

Sun TV Network Neutral 363 - 14,293 1,981 2,239 77.0 76.7 18.6 21.3 19.5 17.0 4.9 4.3 27.1 27.5 6.7 5.7Metals & Mining

Bhushan Steel Neutral 499 - 10,598 11,979 14,584 31.6 31.0 49.2 61.4 10.2 8.1 1.3 1.2 14.1 15.2 2.9 2.4

Coal India Accumulate 354 385 223,410 69,808 75,550 27.4 27.4 26.0 28.3 13.6 12.5 3.9 3.2 32.5 28.1 2.3 1.9

Electrosteel Castings Buy 24 29 820 1,984 2,074 10.6 11.6 0.8 2.0 28.4 11.7 0.5 0.2 1.7 4.1 0.6 0.6

Hind. Zinc Accumulate 134 145 56,725 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 2.0

Hindalco Neutral 115 - 21,999 84,855 92,446 8.7 9.3 13.2 16.2 8.7 7.1 0.7 0.6 7.8 8.9 0.6 0.6

JSW Steel Neutral 734 - 16,373 38,740 41,459 17.3 17.0 79.9 89.4 9.2 8.2 0.9 0.8 10.4 10.6 0.9 0.8

MOIL Accumulate 248 271 4,167 918 993 50.7 50.9 24.5 26.1 10.1 9.5 1.5 1.4 16.0 15.5 2.2 1.9

Monnet Ispat Buy 295 379 1,895 2,511 3,303 23.8 26.0 46.3 57.3 6.4 5.1 0.7 0.6 12.4 13.7 1.7 1.2


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

14/17



Metals & Mining

Nalco Neutral 50 - 12,770 7,401 7,841 16.7 19.2 3.4 4.1 14.5 12.1 1.0 1.0 7.4 8.4 1.3 1.2

NMDC Accumulate 186 214 73,823 12,934 14,266 79.4 80.1 21.1 23.4 8.8 8.0 2.4 1.9 29.6 26.5 3.9 3.2

SAIL Neutral 82 - 33,953 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.0 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 169 - 14,675 7,704 8,034 33.6 34.6 42.0 43.1 4.0 3.9 0.8 0.7 22.3 19.2 2.2 2.0

Sterlite Inds Neutral 100 - 33,724 41,680 45,382 24.2 23.2 16.3 16.9 6.2 5.9 0.7 0.6 11.3 10.7 0.8 0.7

Tata Steel Buy 407 481 39,538 145,799 150,431 10.3 11.2 48.6 63.3 8.4 6.4 0.8 0.8 10.5 12.4 0.5 0.5

Sarda Buy 128 148 458 1,251 1,321 22.7 23.4 33.0 37.1 3.9 3.4 0.6 0.5 15.1 14.8 0.7 0.7Prakash Industries Buy 53 73 714 2,694 2,906 14.6 16.6 16.4 20.8 3.2 2.6 0.3 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 119 161 378 2,341 2,425 15.6 17.3 33.3 43.2 3.6 2.8 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 334 380 63,702 16,605 17,258 75.4 71.7 57.0 54.9 5.9 6.1 1.1 0.9 20.2 16.3 2.9 2.2

GAIL Neutral 360 - 45,659 50,176 55,815 15.5 15.8 35.4 36.5 10.2 9.9 1.8 1.6 18.9 17.0 0.6 0.5

ONGC Accumulate 279 312 238,741 147,139 154,821 33.9 33.7 30.7 32.3 9.1 8.6 1.6 1.4 18.3 17.2 1.4 1.2

Reliance Industries Neutral 803 - 263,012 362,700 380,031 7.9 8.0 60.0 63.3 13.4 12.7 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 297 - 3,811 3,228 3,819 11.5 11.3 19.2 22.1 15.5 13.5 4.1 3.7 28.7 29.0 1.1 0.9

Indraprastha Gas Neutral 254 - 3,553 3,040 3,135 24.3 26.7 24.8 27.9 10.2 9.1 2.4 2.0 25.5 23.6 1.2 1.0

Petronet LNG Accumulate 169 183 12,660 30,077 33,570 6.6 6.3 15.1 15.3 11.2 11.1 2.8 2.3 28.4 23.1 0.5 0.4

Gujarat State PetronetLtd.

Neutral 79 - 4,448 1,041 939 91.8 91.9 8.5 7.4 9.3 10.7 1.6 1.4 18.1 14.0 5.2 5.7

Pharmaceuticals

Alembic Pharma Buy 70 91 1,314 1,624 1,855 14.2 15.6 6.6 9.1 10.6 7.7 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 157 - 4,565 5,243 5,767 14.6 14.6 11.8 12.6 13.3 12.4 1.7 1.4 17.9 16.4 1.4 1.2

Aventis* Neutral 2,209 - 5,088 1,482 1,682 15.5 15.5 95.1 104.4 23.2 21.2 4.1 3.2 18.6 17.0 3.2 2.8Cadila Healthcare Accumulate 851 953 17,418 6,148 7,386 18.6 19.6 36.0 46.1 23.6 18.5 5.6 4.5 25.8 26.8 3.1 2.5

Cipla Accumulate 359 399 28,833 8,031 9,130 23.4 22.4 18.4 20.0 19.5 18.0 3.2 2.8 17.8 16.6 3.4 2.9

Dr Reddy's Accumulate 1,701 1,859 28,877 10,696 11,662 20.7 21.0 83.7 92.9 20.3 18.3 4.2 3.5 22.4 20.8 3.0 2.6

Dishman Pharma Neutral 97 - 785 1,280 1,536 17.8 17.8 9.2 11.3 10.6 8.6 0.8 0.7 7.7 8.5 1.3 1.1

GSK Pharma* Neutral 1,995 - 16,896 2,651 2,993 31.7 31.2 76.0 82.4 26.3 24.2 7.6 6.8 20.1 26.3 5.6 4.8

Indoco Remedies Buy 65 92 596 685 837 15.2 15.2 7.4 8.9 8.7 7.3 1.3 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 458 - 5,775 2,850 3,474 20.7 20.7 29.2 36.6 15.7 12.5 3.7 2.9 26.1 26.1 2.2 1.8

Lupin Accumulate 571 647 25,549 8,426 10,082 19.7 20.0 26.3 31.3 21.7 18.3 5.1 4.1 26.0 24.7 3.1 2.5

Orchid Chemicals Neutral 109 - 767 1,667 1,835 13.9 13.9 11.4 13.3 9.6 8.2 0.6 0.6 6.6 7.3 0.9 0.8


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

15/17



Pharmaceuticals

Ranbaxy* Neutral 540 - 22,790 12,046 11,980 18.0 15.8 31.3 29.8 17.2 18.1 5.9 4.7 39.1 28.9 1.9 1.9

Sun Pharma Neutral 694 - 71,805 9,752 12,134 41.6 41.6 26.0 28.2 26.7 24.6 5.0 4.3 20.3 18.8 6.6 5.1

Power

CESC Neutral 339 - 4,236 5,218 5,644 24.2 23.8 44.6 47.6 7.6 7.1 0.8 0.7 11.0 10.6 1.6 1.6

GIPCL Accumulate 69 77 1,043 1,557 1,573 29.3 28.7 10.8 11.0 6.4 6.3 0.7 0.6 10.8 10.2 1.1 1.0

NTPC Neutral 166 - 137,122 74,111 85,789 22.7 23.1 12.1 13.7 13.8 12.1 1.7 1.5 12.6 13.2 2.5 2.3

Real EstateAnant Raj Neutral 77 - 2,263 657 875 52.0 56.1 8.4 12.7 9.1 6.0 0.6 0.5 6.3 8.9 4.7 3.5

DLF Neutral 206 - 34,999 9,878 12,033 44.7 46.1 9.6 13.4 21.5 15.4 1.4 1.3 6.4 8.7 6.0 5.0

HDIL Accumulate 103 115 4,307 2,441 3,344 55.1 48.2 22.7 26.6 4.5 3.9 0.4 0.4 8.8 9.4 3.6 2.7

MLIFE Neutral 403 - 1,644 813 901 26.2 26.6 32.0 37.1 12.6 10.9 1.3 1.2 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 267 - 101,261 79,147 86,745 31.1 32.5 9.9 15.1 26.9 17.7 1.9 1.7 7.0 9.7 2.0 1.7

Idea Cellular Neutral 81 - 26,768 22,582 24,684 26.4 26.9 3.3 4.7 24.3 17.1 1.9 1.7 7.8 9.9 1.6 1.4

Rcom Neutral 60 - 12,374 20,650 20,935 32.3 33.0 4.2 5.8 14.2 10.4 0.3 0.3 2.3 3.1 2.2 2.1

zOthers

Abbott India Neutral 1,483 - 3,152 1,602 1,833 10.4 11.8 54.7 71.7 27.1 20.7 5.1 4.4 20.0 22.7 1.8 1.5

Bajaj Electricals Neutral 228 - 2,270 3,670 4,290 7.6 8.8 15.0 23.0 15.2 9.9 2.8 2.2 18.6 22.4 0.6 0.5

Cera Sanitaryware Neutral 376 - 476 396 470 16.7 16.6 31.0 35.0 12.1 10.7 2.7 2.2 24.8 23.0 1.3 1.1

Cravatex Buy 457 682 118 289 340 5.2 5.9 41.0 57.0 11.2 8.0 2.8 2.1 25.2 26.5 0.5 0.4

CRISIL Neutral 969 - 6,800 982 1,136 34.3 34.3 34.3 40.0 28.2 24.2 12.8 10.2 50.9 46.9 6.5 5.5

Finolex Cables Buy 48 61 727 2,334 2,687 6.2 6.5 8.0 10.0 5.9 4.8 0.8 0.7 13.0 14.9 0.2 0.2

Force Motors Buy 421 591 548 2,214 2,765 4.5 5.4 39.0 74.0 10.8 5.7 0.5 0.4 4.4 7.6 0.1 0.1Goodyear India Neutral 317 - 732 1,543 1,654 6.5 7.3 24.8 31.1 12.8 10.2 2.1 1.8 17.1 19.0 0.3 0.2

Disa India Accumulate 2,947 3,353 445 176 203 22.7 22.6 182.5 209.6 16.2 14.1 8.4 6.6 51.8 47.1 2.3 1.9

Greenply Industries Buy 254 309 613 1,925 2,235 10.6 10.9 29.6 44.1 8.6 5.8 1.4 1.1 16.8 21.0 0.6 0.5

Hitachi Reduce 139 130 320 868 977 3.9 6.6 2.7 10.9 50.8 12.8 1.8 1.7 3.7 13.6 0.5 0.4

Honeywell Automation* Accumulate 2,667 2,842 2,358 1,847 2,162 4.3 7.3 69.0 135.0 38.7 19.8 3.5 3.0 9.3 16.3 1.2 1.0

Styrolution ABS India* Buy 625 744 1,099 1,056 1,081 8.1 10.6 34.0 47.0 18.4 13.3 2.6 2.2 14.7 17.5 1.1 1.0

ITD Cementation Neutral 240 - 276 1,451 1,669 12.3 12.4 32.4 41.5 7.4 5.8 0.7 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 173 - 2,784 1,248 1,468 9.8 10.4 5.9 7.2 29.1 24.1 4.2 3.8 15.0 16.6 2.6 2.2

MCX Neutral 1,400 - 7,138 553 624 65.3 66.3 62.5 72.0 22.4 19.4 6.2 5.3 27.5 27.4 9.9 8.3

MRF Buy 10,165 12,884 4,311 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.9 7.1 1.5 1.3 21.3 19.4 0.5 0.4


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

16/17



zOthers

Page Industries Neutral 3,342 - 3,728 887 1,108 18.3 18.6 95.0 120.9 35.2 27.6 18.4 14.9 57.4 59.5 4.2 3.4

Relaxo Footwears Accumulate 729 821 875 1,019 1,208 12.3 13.0 51.0 68.4 14.3 10.7 3.8 2.8 30.3 30.2 1.0 0.8

Sintex Industries Accumulate 71 79 1,929 4,751 5,189 16.3 16.6 13.6 15.8 5.2 4.5 0.7 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 295 392 276 1,042 1,173 12.4 12.5 66.3 78.5 4.5 3.8 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 18 24 547 7,134 7,985 19.7 19.4 12.2 14.1 1.5 1.3 0.2 0.1 11.3 11.5 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

TAJ GVK Buy 75 108 469 300 319 35.8 36.2 7.9 9.1 9.5 8.2 1.3 1.1 13.9 14.4 1.9 1.6Tata Sponge Iron Buy 322 384 496 750 803 18.6 18.4 65.4 69.1 4.9 4.7 0.8 0.7 16.5 15.3 0.3 0.2

TVS Srichakra Accumulate 311 335 238 1,476 1,643 7.0 8.2 32.6 55.9 9.5 5.6 1.5 1.3 16.8 24.8 0.4 0.3

United Spirits Neutral 1,274 - 16,661 10,289 11,421 13.5 14.3 31.0 42.9 41.0 29.7 3.2 2.9 8.1 10.3 2.3 2.1

Vesuvius India Neutral 355 - 721 560 611 16.1 17.0 24.7 28.8 14.4 12.4 2.1 1.9 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 22, 2012


Market Outlook

Stock Watch

October 23, 2012

7/31/2019 Market Outlook 23-10-12

17/17


market outlook 23-10-12

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