market outlook, 25.04.13

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Market OutlookApril 25, 2013

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open flat mirroring flat opening trades in the

SGX Nifty and mixed opening across major Asian bourses.

The US markets, after moving mostly higher over the course of the three previoussessions, showed a lack of direction throughout the trading session on Wednesday.

The lackluster performance came as traders remained uncertain about the near-

term outlook for the markets. Meanwhile, the European markets extended their

recent gains to a fourth consecutive session on Wednesday. The larger than

expected decrease in German business confidence added to speculation that the

ECB might cut rates in its upcoming meeting scheduled next week on Thursday.

Meanwhile, Indian markets were closed yesterday on account of a holiday. On

Tuesday, Indian markets reversed early losses to end largely unchanged ahead of

the F&O expiry slated for Thursday. The Indian economy has bottomed out and

growth will pick up to 6.4% in the current fiscal, PMEAC Chairman Rangarajansaid while releasing the Economic Review for 2012-13, helping spur some buying

late in the session.

Markets Today

The trend deciding level for the day is 19,144 / 5,824 levels. If NIFTY trades above

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

up to 19,246 19,312 / 5,857 5,877 levels. However, if NIFTY trades below

19,144 / 5,824 levels for the first half-an-hour of trade then it may correct up to

19,078 18,976 / 5,804 5,772 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,976 19,078 19,144 19,246 19,312

NIFTY 5,772 5,804 5,824 5,857 5,877

News Analysis Bharti Airtel, Reliance Jio Sign Pact for International Data Connectivity Bharti Airtel buys Warid Telecom Uganda, ups Africa reach Jet Airways announces strategic alliance with Etihad Result Review: HDFC Bank, Axis Bank Result Preview: Hindustan Zinc, Idea, Fag Bearings, Infotech,

Refer detailed news analysis on the following page

Net Inflows (April 18, 2013)

` cr Purch Sales Net MTD YTDFII 3,677 2,644 1,033 1,629 56,380

MFs 358 468 (109) (435) (7,602)

FII Derivatives (April 23, 2013)

` cr Purch Sales Net Open InterestIndex Futures 6,132 5,201 931 11,799

Stock Futures 8,910 9,471 (561) 26,144

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Indiabulls Real Est 71 8.7 Jindal Steel 329 (3.8)

Amara Raja 271 4.8 Motherson Sumi 184 (3.7)

MRF 13,820 4.5 Adani Enter 217 (3.5)

Jet Air India 574 4.4 Reliance Comm 95 (3.3)

JSW ENERGY 66 4.2 Glaxosmithkl Cons 3,668 (3.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.0 10 19,179

Nifty 0.0 3 5,837

MID CAP (0.4) (24) 6,284

SMALL CAP 0.4 22 6,051

BSE HC 0.7 56 8,520

BSE PSU (0.3) (22) 6,823

BANKEX (0.3) (47) 14,348

AUTO 0.1 12 10,466

METAL (0.3) (23) 8,636

OIL & GAS 0.5 44 8,710

BSE IT 0.6 37 5,797

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.3) (43) 14,676NASDAQ 0.0 0 3,270

FTSE 0.4 26 6,432

Nikkei 2.3 314 13,843

Hang Seng 1.7 376 22,183

Straits Times 1.2 38 3,323

Shanghai Com 1.5 34 2,218

Indian ADR Chg (%) (Pts) (Close)INFY (0.9) (0.4) $40.8

WIT (0.4) (0.0) $7.8IBN 1.0 0.5 $46.2

HDB 2.0 0.8 $42.2

Advances / Declines BSE NSEAdvances 1,134 678

Declines 1,227 701

Unchanged 131 91

Volumes (` cr)BSE 1,894

NSE 9,973

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Bharti Airtel, Reliance Jio Sign Pact for International Data

Connectivity

Reliance Jio Infocomm, the broadband subsidiary of Mukesh Ambani-led Reliance

Industries Ltd. (RIL), on Tuesday, signed an indefeasible right to use agreement

with Bharti Airtel to use the latters i2i submarine cable for its 4G service for anunspecified amount. Bharti Airtels i2i connects India to Singapore and the cable

consists of eight fibre pairs using DWDM (dense wavelength division multiplexing),

capable of supporting multiple terabits of capacity per fibre pair. Its landing points

are in Chennai and Tuas in Singapore. Reliance Jio, which is gearing up to launch

4G services, will utilize a dedicated fibre pair on i2i. According to RIL, the high

speed link will enable Reliance Jio to extend its network and service reach to

customers across the Asia Pacific region. It will connect Reliance Jio directly to the

worlds major business hubs and ISPs, thereby, helping in meeting the bandwidth

demand and provide ultra-fast data experience to customers. Earlier this month,

Reliance Jio had entered into an agreement with Anil Ambani-controlled RCom to

use RComs optic fibre network for a total payment of `1,200cr. Earlier, it wasspeculated that Reliance Jio would outsource much of its infrastructure requirement

from RCom. Reliance Jio, by tying up with multiple carriers and service providers,

is adopting a cost saving strategy to rapidly grow and expand its international and

domestic networks. Such deals are good from industry point of view as it results in

sharing of infrastructure which is costly to build. It is a part of industry

consolidation and could be a win-win for all including the ultimate consumer. Wemaintain our Neutral view on the overall telecom sector.

Bharti Airtel buys Warid Telecom Uganda, ups Africa reach

Bharti Airtel signed an agreement to buy rival Warid Telecom Uganda for an

undisclosed sum on April 23, 2013 reinforcing its position as the second-largest

mobile phone firm in Uganda with a ~39% market share, just behind market

leader MTN, which controls ~49%. With the deal, Bharti Airtel will have 7.4mn

subscribers in Uganda, coming close to the segment leader, MTN, which had

7.7mn customers till the quarter ending December 2012. Warid, the third largest,

had 2.8mn, while Bharti Airtel had 4.6mn. However, the average revenue per user

(ARPU) is very low, at less than US$4 as of end December 2012. Bhartis ARPU in

the entire African region was US$6.2 in 3QFY2013. Though a low ARPU market,

Uganda would have 11.9% of Bhartis total customers in Africa. Bharti did not

disclose the price paid and other financial details of the deal and said it wassubject to regulatory and statutory approvals. While the move could help Bharti

increase its base in the country, the impact on revenue would not be much, given

Uganda fetches Bharti just about three per cent of its Africa revenues. Bharti Airtel

has a presence across 17 African countries with over 62mn customers at the end

of quarter ended December 31, 2012. We maintain our Accumulate rating on thestock.

Jet Airways announces strategic alliance with Etihad

Jet Airways has announced a strategic alliance with Etihad Airways. Jet would sell

24% stake to the Etihad for about`2,058cr, which would mark the first investment

by a foreign carrier in an Indian airline since the change in FDI policy, made last

calendar year. The deal is subject to shareholders' nod and other regulatory

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approvals. In the short term, the deal brings much-needed cash and will help Jet

improve its debt-laden balance sheet and improve its financial ratios. In the long

term, too, the strategic alliance with Etihad will help Jet to improve operational

efficiency and be more competitive in the domestic market as well as on

international routes.

Result Review

HDFC Bank - (CMP:`685/ TP: - / Upside: -)HDFC Bank delivered yet another quarter of consistent performance on the bottom

line front, with a growth of 30.1% yoy. On the operating front, while the growth in

NII came in relatively lower at 20.6% (similar to last quarter), non-interest income

grew only by moderate 10.7%, leading to growth of around 17% yoy in both

operating income and pre-provisioning profits. On the asset quality front, the bank

reported stability, as its Gross and Net NPA levels, on an absolute basis, came

down sequentially by around 4% each, which aided it to report 27% yoy lower

provisioning expenses and clock earnings growth of 30% yoy.

Balance sheet growth robust; Asset quality stable: The bank registered a robustgrowth in its balance sheet, with net advances and deposits growing at 22.7% and

20.1% yoy. On the deposits front, the current and saving deposits accretion was

healthy, growing at 15.2% and 19.2% yoy, respectively. CASA ratio declined by

around 100bp on a yoy basis to 47.4%. Within loan book, the bank manage to

grow its retail loan book by 27.3% yoy and hence, share of retail advances to

overall loan book increased by around 200bp yoy and 300bp qoq to 56.9%.

NIMs for the bank came in at 4.5%, higher by 20bp qoq and 10bp yoy, primarily

on higher retail lending. Non-interest income (excluding treasury) grew at subdued

pace of 2.3% yoy, as fee income growth came in moderate at 10.8% and income

from exchange transactions declined by 38.1% yoy. The bank reported treasury

gains of `65cr for the quarter compared to a loss of `72cr in 4QFY2012. On

asset quality front, the bank reported stability, as its Gross NPA ratio improved

marginally by 5bp to 0.97%, while Net NPA ratio remained flat at 0.2%. PCR

(excluding write-offs) for the bank remained stable sequentially at 79.9%.

Outlook and valuation: HDFC Bank is currently trading at one-year forward3.8x P/ABV (3.3x FY2015E ABV), higher than its median of 3.5x (over FY2005-13).

We believe the current valuations largely factor in the positives, leaving limited

upside in the stock. Hence we maintain our Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 27,473 4.5 8,230 34.6 178.9 1.8 20.9 19.9 3.9

FY2015E 33,677 4.5 9,729 40.9 210.5 1.8 21.0 16.9 3.3

Axis Bank - (CMP:`1,444/ TP:`1,698/ Upside: 18%)During 4QFY2013, Axis Bank reported a 21.8% yoy growth in its net profit, which

was in-line with our estimates. Key highlights from the result were sequential

improvement in NIMs, robust growth in fee income and stable NPA ratios.

NIMs improve sequentially; Asset quality remains stable: During 4QFY2013, thebank reported a healthy growth in business, with advances and deposits

registering a growth of 16.0% and 14.8% yoy, respectively. Growth in the loan

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book was primarily on account of strong traction witnessed in the retail loan book,

which grew by 43.6% yoy, while SME loans grew at a robust pace of 25.7% yoy.

Within retail loan book, auto loan grew by 54.7% yoy and now constitute around

4% of total loan book. Growth in the large and mid-corporate segment remained

moderate at 7.5% yoy. CASA deposits grew at a healthy pace of 22.6% yoy, aided

by a robust growth of 23.4% and 21.6% yoy in savings deposits and currentdeposits, respectively. Overall, the reported NIM improved by 13bp qoq to 3.7%.

The bank registered robust growth in its non-interest income excluding treasury,

largely driven by a healthy growth in fee income from the Retail & SME segments.

On the asset quality front, slippages came in lower sequentially at `398cr,

compared to `541cr witnessed in 3QFY2013, however, slippages and fresh

restructuring, taken together amounted to ~`1,200cr during the quarter, higher

than the Managements guidance of around `1,000cr. Going forward, the

Management expects slippages and restructuring per quarter to remain at similar

levels for the next few quarters. Along with sequentially lower slippages, the bank

also reported sequentially higher recoveries and upgrades at `205cr, which

helped it to contain the sequential increase in its gross and net NPA levels, on an

absolute basis, to 5.2% and 3.7%, respectively. The gross and net NPA ratio

remained stable sequentially at 1.06% and 0.32%, respectively. The banks PCR

dipped by 200bp qoq to 79%. Of the total restructuring during the quarter

(`791cr), nearly`500cr came from Engineering and Iron & Steel. Its total

restructured book, as of 4QFY2013 stands at`4,368cr.

Outlook and valuation: Axis Bank is trading at 1.6x FY2015E ABV more than50% discount to HDFC Bank vs an average discount of around 38% over the past

five years (which we believe over-discounts asset quality concerns). We remain

positive on the bank, owing to its attractive CASA franchise, multiple sources of

sustainable fee income and reasonable growth outlook. We maintain our Buyrecommendation, with a target price of `1,698.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 18,901 3.3 6,003 128.5 803.5 1.6 17.0 11.2 1.8

FY2015E 22,625 3.3 7,030 150.5 918.0 1.6 17.5 9.6 1.6

Result Preview

Hindustan Zinc (CMP:`114, TP:`140, Upside: 23%)

Hindustan Zinc is slated to announce its 4QFY2013 results today. The companys

top-line is expected to remain flat at`3,091cr mainly on account of flat zinc prices

in this quarter. EBITDA margin is expected to expand modestly by 25bp to 56.5%

in line with flat growth in top line. Its bottom-line is however expected to increase

by 17.0% yoy to`1,663cr due to higher other income. We maintain our Buy ratingon the stock with a target price of `140.Y/E Sales OPM PAT EPS ROE P/E P/BVEV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 13,759 50.8 6,908 16.3 19.7 7.0 1.3 2.8 1.4FY2015E 14,506 50.4 7,231 17.1 17.7 6.7 1.1 2.0 1.0

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Idea Cellular(CMP:`115 / TP: - / Upside: -)Idea Cellular is slated to announce its 4QFY2013 results today. We expect the

company to record revenue of `5,747cr, up 3.0% qoq. This is expected primarily

on the back of 0.5% qoq growth in ARPM to`0.41/min and marginal growth in

MOU to 386min. APRU is expected to increase by 1.0% qoq to`

159/month.EBITDA margin of the company is expected to decline by 36bp qoq to 26.7%. PAT

is expected at`248cr. We maintain Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 24,959 27.1 1,227 3.7 8.1 30.9 2.5 7.3 2.0

FY2015E 27,232 27.5 1,550 4.7 9.2 24.4 2.3 6.2 1.7

FAG Bearings (CMP:`1,359/ TP:`1,517/ Upside: 12%)

FAG Bearings is set to announce its 1QCY2013 results today. We expect the

company to post a revenue decline of ~9% yoy to `329cr as the performance is

expected to be impacted by a slowdown in the automotive and industrial sectors

which are the primary drivers of the companys performance. On the operating

front, we expect the company to post a ~460bp yoy contraction in margins to

12.9% due to lower utilization levels and adverse currency movement. As a result,

net profit is expected to decline by ~34% yoy to `30cr. At `1,359, the stock is

trading at 10.8x CY2014E earnings. Currently, we have an Accumulate rating onthe stock with a target price of `1,517.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,567 16.0 176 105.8 18.4 12.9 2.2 7.5 1.1

CY2014E 1,805 16.6 210 126.4 18.6 10.8 1.8 5.9 0.9

Infotech Enterprises (CMP:`166/ TP:`196 / Upside: 18%)

Infotech Enterprises is slated to announce its 4QFY2013 results today. We expect

the company to post revenues of US$86mn, down 1.7% qoq. In rupee terms,

revenues are expected to come in at`475cr. EBITDA margin is expected to remain

flat qoq at 18.6%. PAT is expected to come in at `46cr. We maintain our Buyrating on the stock with a target price of `196.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,994 18.1 224 20.1 13.8 8.4 1.2 2.8 0.5

FY2015E 2,039 18.5 242 21.8 13.1 7.7 1.0 2.2 0.4

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Quarterly Bloomberg Brokers Consensus Estimate

Hindustan Zinc (25/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,577 3,094 16 3,140 14

EBITDA 1,824 1,659 10 1,494 22EBITDA margin (%) 51.0 53.6 47.6

Net profit 1,817 1,413 29 1,613 13

IDBI Bank (25/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 567 771 (26) 417 36

Idea Consolidated (25/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 5,816 5,273 10 5,572 4

EBITDA 1,548 1,155 34 1,473 5

EBITDA margin (%) 26.6 21.9 26.4

Net profit 269 190 42 229 18

Jindal Steel & Power Consolidated (25/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 5,328 5,465 -3 4,683 14

EBITDA 2,962 1,914 55 1,790 66

EBITDA margin (%) 55.6 35.0 38.2

Net profit 975 1,171 (17) 878 11

United Phosphorous Consolidated (25/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,412 2,119 14 2,255 7

EBITDA 433 387 12 404 7

EBITDA margin (%) 17.9 18.2 17.9

Net profit 210 211 (0) 177 19

Hero Moto Corp (26/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 6,042 5,963 1 6,151 (2)

EBITDA 749 925 (19) 779 (4)

EBITDA margin (%) 12.4 15.5 12.7

Net profit 501 604 (17) 488 3

ICICI Bank (26/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 2,301 1,744 32 2,250 2

LIC Housing Finance (26/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 254 219 16 236 7

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Maruti Suzuki (26/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 12,747 11,525 11 10,957 16

EBITDA 1,154 729 58 891 29

EBITDA margin (%) 9.1 6.3 8.1

Net profit 713 640 12 501 42

Siemens India (26/04/2013)Particulars (` cr) 2QSY13E 2QSY12 y-o-y (%) 1QSY13 q-o-q (%)Net sales 3,573 3,760 (5) 2,451 46

EBITDA 306 494 (38) 162 89

EBITDA margin (%) 8.6 13.1 6.6

Net profit 179 304 (41) 73 145

Economic and Political News

Lower inflation gives RBI greater space to cut rate: Rangarajan Cancel coal blocks given since 1993: parliament panel GDP growth in FY14 seen at 6.4%: PMEAC Bengal raises taxes on cigarettes to fund relief for Saradha depositorsCorporate News

Marico case against Adani Wilmar's Fortune oil dismissed Union Bank raises USD 350mn from bond sale in Hong Kong Etihad checks into Jet with 24% stake

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

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Date Company

April 25, 2013Hind. Zinc, Jindal Steel, Idea Cellular, IDBI Bank, United Phosphorus, Rallis, FAG Bearings, Infotech Enterprises,Vesuvius India, Abbott India, Cera Sanitaryware Ltd

April 26, 2013 ICICI Bank, Hero Motocorp, Maruti, Siemens, LIC Housing Fin., Vijaya Bank, Goodyear

April 27, 2013 Sesa Goa, Federal Bank

April 29, 2013 Sterlite Inds, Bosch India, Exide Industries, IOB, Areva, Hexaware, Bank of Maharashtra, KPIT Cummins

April 30, 2013 Dabur India, Godrej Consumer, Petronet LNG, Marico, Aventis, TVS Motor, Finolex Cables, Taj GVK

May 01, 2013 IDFC, GlaxoSmith Con

May 02, 2013Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,Automotive Axle

May 03, 2013 Ambuja Cements, ACC, Titan Inds.

May 04, 2013 Grasim Inds

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported EstimatedApril 25, 2013 2:00PM UK GDP (YoY) % Change 1Q A 0.20 0.40

6:00PM US Initial Jobless claims Thousands Apr 20 352.00 350.00

April 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q A 0.40 3.00

April 29, 2013 2:30PM Euro ZoneEuro-Zone Consumer Confidence Value Apr F (22.30) (22.30)

April 30, 2013 1:25PM Germany Unemployment change (000's) Thousands Apr 13.00 --

7:30PM US Consumer Confidence S.A./ 1985=100 Apr 59.70 60.25

May 1, 2013 2:00PM UK PMI Manufacturing Value Apr 48.30 --

6:30AM China PMI Manufacturing Value Apr 50.90 50.90

11:30PM US FOMC rate decision % May 1 0.25 --

May 2, 2013 1:25PM Germany PMI Manufacturing Value Apr F 47.90 --

5:15PM Euro Zone ECB announces interest rates % May 2 0.75 0.50

May 3, 2013 6:00PM US Change in Nonfarm payrolls Thousands Apr 88.00 150.00

6:00PM US Unnemployment rate % Apr 7.60 7.60

11:00AM India RBI Repo rate % May 3 7.50 7.25

11:00AM India RBI Cash Reserve ratio % May 3 4.00 4.00

11:00AM India RBI Reverse Repo rate % May 3 6.50 6.25

May 6, 2013 1:25PM Germany PMI Services Value Apr F 49.20 --

May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 --

May 9, 2013 2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --

4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50

7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --


April 25, 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


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

(%)

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0)(0.5)

2.4

0.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

Mar-

13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

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

Fe

b-1

3

Mar-

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(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

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

Mar-

13

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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 126 - 2,444 1,466 1,686 14.8 14.8 7.0 8.1 18.0 15.5 3.8 3.3 22.6 22.5 1.8 1.5

United Phosphorus Buy 129 170 5,712 8,421 9,263 16.5 16.5 15.0 17.0 8.6 7.6 1.3 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 271 326 4,632 3,418 3,892 15.1 14.9 19.8 21.7 13.7 12.5 3.3 2.7 27.1 23.7 1.4 1.2

Apollo Tyres Accumulate 92 103 4,647 14,401 15,841 11.4 11.5 13.6 15.9 6.8 5.8 1.2 1.0 18.4 18.2 0.5 0.4

Ashok Leyland Buy 23 27 6,053 13,833 16,192 9.6 9.7 2.0 2.7 11.6 8.6 1.9 1.7 12.1 15.2 0.5 0.4

Automotive Axle# Accumulate 293 309 443 934 1,103 10.2 10.7 24.5 34.3 11.9 8.5 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Accumulate 1,804 2,014 52,206 22,552 25,498 18.6 18.6 117.9 134.3 15.3 13.4 5.5 4.4 40.2 36.6 1.9 1.6

Bharat Forge Reduce 237 225 5,523 6,198 6,793 14.6 14.9 14.5 17.3 16.3 13.7 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 8,947 - 28,092 9,717 11,092 16.2 17.0 354.7 423.3 25.2 21.1 4.3 3.7 17.2 17.5 2.6 2.2

CEAT Buy 103 155 353 5,403 6,057 8.3 8.3 36.4 41.3 2.8 2.5 0.4 0.4 15.3 16.6 0.2 0.2

Exide Industries Accumulate 133 146 11,263 7,026 8,027 14.2 14.2 7.7 8.9 17.2 15.0 2.9 2.5 18.0 17.9 1.3 1.1

FAG Bearings* Buy 1,359 1,569 2,258 1,619 1,879 16.0 16.6 108.6 130.7 12.5 10.4 2.2 1.8 18.8 19.1 1.2 1.0

Hero Motocorp Buy 1,572 1,824 31,392 25,351 28,047 13.9 13.8 104.1 140.3 15.1 11.2 5.1 4.0 36.7 40.4 1.0 0.9

JK Tyre Buy 115 154 472 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.6 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 885 1,006 54,331 44,550 50,260 11.4 11.7 59.6 68.3 14.9 13.0 3.1 2.6 22.3 21.6 1.0 0.8

Maruti Neutral 1,536 - 44,377 48,078 55,133 9.1 9.3 87.4 102.9 17.6 14.9 2.3 2.0 14.1 14.6 0.8 0.6

Motherson Sumi Buy 184 222 10,796 28,442 31,493 7.5 7.8 12.5 14.8 14.7 12.4 3.6 2.9 27.5 25.8 0.5 0.5

Subros Accumulate 27 30 161 1,479 1,685 10.0 9.9 5.5 7.5 4.9 3.6 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Buy 281 324 75,008 206,341 227,695 12.8 13.5 32.3 39.0 8.7 7.2 1.8 1.5 23.1 23.2 0.4 0.4

TVS Motor Accumulate 36 40 1,715 7,714 8,532 6.1 6.3 4.8 5.8 7.5 6.3 1.2 1.0 16.5 17.5 0.2 0.1

Capital Goods

ABB* Reduce 509 452 10,777 8,073 9,052 5.5 7.2 11.3 17.4 45.1 29.3 3.9 3.6 8.9 12.8 1.3 1.2BGR Energy Neutral 191 - 1,378 4,114 4,886 11.4 10.7 24.9 28.0 7.7 6.8 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 189 - 46,260 43,757 40,934 17.3 16.9 20.9 19.0 9.1 10.0 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 163 230 1,468 2,896 3,087 5.6 6.2 9.3 11.7 17.5 13.9 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 94 117 6,043 13,790 15,095 6.4 7.4 6.9 9.4 13.7 10.1 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Accumulate 30 34 244 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 54 67 1,399 7,750 8,631 6.8 7.0 7.7 9.2 7.1 5.9 1.0 0.9 20.8 20.8 0.3 0.3

Thermax Neutral 577 - 6,870 5,931 6,592 9.6 9.7 31.0 34.3 18.6 16.8 3.2 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,215 1,361 22,809 12,182 13,435 21.0 22.4 78.7 98.8 15.5 12.3 2.8 2.5 19.0 21.4 1.6 1.4


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

11/17



Cement

Ambuja Cements Neutral 186 - 28,695 10,681 11,991 25.0 25.5 10.8 12.8 17.2 14.6 3.0 2.7 18.1 19.4 2.2 1.8

India Cements Neutral 82 - 2,508 4,777 5,276 17.3 17.1 8.8 10.9 9.3 7.5 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 90 143 1,062 2,313 2,728 19.8 20.7 16.6 23.1 5.5 3.9 0.7 0.6 13.6 16.5 1.0 0.8

Madras Cements Neutral 233 - 5,533 4,293 4,855 27.4 28.6 21.8 28.2 10.7 8.2 1.9 1.6 19.6 21.3 1.8 1.4

Shree Cement^ Neutral 4,360 - 15,189 6,706 7,751 28.7 27.7 338.2 375.5 12.9 11.6 3.3 2.6 28.5 25.2 1.6 1.2

UltraTech Cement Neutral 1,864 - 51,117 22,456 25,445 23.2 23.5 103.5 122.8 18.0 15.2 2.9 2.5 17.5 17.9 2.3 2.0

ConstructionAshoka Buildcon Buy 187 272 985 2,013 2,293 22.5 22.5 26.0 24.4 7.2 7.7 0.8 0.7 11.7 9.9 2.1 1.9

Consolidated Co Neutral 12 - 215 2,281 2,492 5.9 6.9 0.7 2.0 17.0 5.8 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 118 167 3,917 4,152 4,624 44.4 45.0 17.0 17.2 7.0 6.8 1.1 0.9 16.2 14.6 3.3 3.4

ITNL Buy 182 230 3,535 7,177 7,772 27.4 28.9 29.4 32.4 6.2 5.6 1.0 0.8 16.5 15.9 2.7 2.7

IVRCL Infra Buy 21 35 632 6,287 6,836 8.5 8.5 2.3 3.0 8.8 6.8 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 78 95 17,364 14,914 15,699 26.2 26.4 4.2 4.4 18.7 18.0 1.2 1.2 6.8 6.6 2.5 2.4

Larsen & Toubro Buy 1,504 1,795 92,589 69,586 79,247 11.2 11.1 75.1 84.9 20.0 17.7 2.9 2.5 15.2 15.0 1.5 1.4

Nagarjuna Const. Buy 34 45 860 6,576 7,264 8.2 8.3 4.1 4.8 8.2 7.0 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 53 - 1,757 1,338 1,542 10.2 10.2 3.0 4.8 17.9 11.2 0.6 0.6 3.4 5.2 5.5 5.3

Sadbhav Engg. Buy 114 153 1,722 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.8 13.3 12.7 0.9 0.8

Simplex Infra Buy 118 164 582 6,824 7,563 9.2 9.4 18.0 23.4 6.5 5.0 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 32 45 237 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.2 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 137 155 6,868 7,137 7,907 2.9 2.8 32.3 36.0 4.3 3.8 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 93 - 5,224 5,285 5,937 3.0 2.9 21.2 23.4 4.4 4.0 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,444 1,698 67,563 18,901 22,625 3.3 3.3 128.5 150.5 11.2 9.6 1.8 1.6 17.0 17.5 - -Bank of Baroda Buy 692 815 29,164 16,318 18,682 2.4 2.4 121.4 144.6 5.7 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 335 360 19,972 14,284 16,295 2.3 2.3 55.9 68.4 6.0 4.9 0.9 0.7 13.9 15.2 - -

Bank of Maharashtra Accumulate 50 56 3,317 4,289 4,670 2.9 2.8 11.6 13.1 4.3 3.8 0.6 0.6 15.7 15.6 - -

Canara Bank Accumulate 437 461 19,350 11,673 13,208 2.3 2.3 74.8 85.8 5.8 5.1 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 70 - 7,281 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Buy 378 453 5,784 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -

Dena Bank Accumulate 95 101 3,327 3,334 3,700 2.7 2.7 23.6 26.5 4.0 3.6 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 451 - 7,708 2,916 3,389 3.3 3.3 50.1 59.4 9.0 7.6 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

12/17



Financials

HDFC Neutral 839 - 129,660 8,928 10,684 3.7 3.7 38.4 45.3 21.9 18.5 4.7 4.2 32.5 32.4 - -

HDFC Bank Neutral 689 - 164,087 26,559 32,720 4.4 4.4 35.5 42.5 19.4 16.2 3.9 3.3 21.7 22.0 - -

ICICI Bank Accumulate 1,162 1,306 134,014 26,371 31,618 3.0 3.0 84.1 96.7 13.8 12.0 1.9 1.7 15.8 16.5 - -

IDBI Bank Accumulate 87 96 11,602 9,309 10,541 2.1 2.2 20.1 23.4 4.3 3.7 0.5 0.5 12.8 13.5 - -

Indian Bank Buy 166 200 7,117 6,276 6,968 3.1 3.1 38.3 42.3 4.3 3.9 0.6 0.6 15.2 14.9 - -

IOB Buy 67 78 6,219 8,205 9,048 2.6 2.5 16.4 20.3 4.1 3.3 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,279 - 6,199 3,032 3,118 3.8 3.5 218.1 200.9 5.9 6.4 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 233 253 11,736 2,127 2,498 2.2 2.2 25.1 28.2 9.3 8.2 1.6 1.4 18.3 17.9 - -

Oriental Bank Neutral 280 - 8,166 6,791 7,478 2.7 2.7 56.7 63.4 4.9 4.4 0.6 0.6 12.9 13.1 - -

Punjab Natl.Bank Accumulate 778 889 27,516 21,161 24,166 3.3 3.3 153.4 176.4 5.1 4.4 0.8 0.7 16.1 16.3 - -

South Ind.Bank Neutral 24 - 3,172 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,287 2,567 156,415 67,091 76,746 3.2 3.1 241.2 280.4 9.5 8.2 1.5 1.3 16.5 17.0 - -

Syndicate Bank Accumulate 119 130 7,163 7,340 8,212 2.9 2.8 26.4 28.7 4.5 4.2 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 66 - 4,960 6,126 6,665 2.6 2.5 12.2 14.4 5.4 4.6 0.8 0.7 11.8 12.6 - -

Union Bank Accumulate 237 264 14,171 11,226 12,769 2.7 2.7 41.0 47.8 5.8 5.0 0.8 0.7 14.8 15.4 - -

United Bank Accumulate 60 68 2,256 3,597 4,008 2.6 2.7 16.0 20.8 3.8 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 52 - 2,599 2,600 2,946 2.0 2.1 9.7 11.0 5.4 4.8 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 495 - 17,743 4,260 5,344 3.0 3.0 42.1 50.2 11.8 9.9 2.5 2.1 23.3 22.9 - -

FMCG

Asian Paints Neutral 4,649 - 44,591 13,319 15,805 15.7 15.7 143.8 170.2 32.3 27.3 10.1 8.0 35.1 32.7 3.3 2.7

Britannia Neutral 556 - 6,647 6,417 7,446 5.1 5.5 20.3 25.2 27.5 22.1 9.3 7.4 37.4 37.3 0.9 0.8

Colgate Neutral 1,383 - 18,806 3,588 4,130 21.1 21.6 44.7 51.9 30.9 26.7 27.8 20.7 100.0 89.1 5.0 4.3

Dabur India Neutral 142 - 24,802 7,183 8,340 16.8 16.8 5.4 6.3 26.3 22.5 10.3 8.0 43.9 39.9 3.4 2.9

GlaxoSmith Con* Neutral 3,668 - 15,428 3,617 4,260 16.1 16.4 120.6 146.4 30.4 25.1 9.4 7.6 33.8 33.4 3.9 3.3

Godrej Consumer Neutral 844 - 28,724 7,801 9,017 17.0 17.0 26.5 31.9 31.8 26.5 7.2 5.9 26.5 25.9 3.8 3.2

HUL Neutral 480 - 103,734 28,974 32,970 13.5 13.5 17.0 18.1 28.3 26.5 18.0 13.5 74.3 58.3 3.4 2.9

ITC Neutral 317 - 250,804 33,506 39,067 36.8 37.0 11.1 13.0 28.6 24.5 9.3 7.6 35.5 34.1 7.1 6.1

Marico Neutral 216 - 13,924 5,352 6,204 14.0 14.0 7.9 9.8 27.3 22.1 5.6 4.6 22.8 22.9 2.6 2.2

Nestle* Neutral 4,664 - 44,963 9,739 11,307 21.5 22.2 131.6 159.9 35.4 29.2 17.9 12.8 58.8 69.5 4.5 3.9

Tata Global Neutral 138 - 8,556 7,998 8,798 9.7 9.8 7.9 8.7 17.5 15.9 2.1 2.0 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

13/17



IT

HCL Tech^ Buy 733 863 50,991 28,633 32,216 21.5 20.7 57.3 61.7 12.8 11.9 3.0 2.5 24.0 21.5 1.6 1.4

Hexaware* Buy 86 105 2,567 2,137 2,350 18.8 19.2 10.4 11.7 8.3 7.4 1.8 1.6 22.6 22.1 1.0 0.9

Infosys Accumulate 2,262 2,465 129,898 43,338 47,244 27.5 27.7 169.4 182.6 13.4 12.4 2.8 2.4 20.8 19.3 2.3 2.0

Infotech Enterprises Buy 169 196 1,882 1,994 2,039 18.1 18.5 20.2 21.8 8.4 7.7 1.2 1.0 13.8 13.1 0.5 0.4

KPIT Cummins Buy 95 130 1,828 2,458 2,729 15.5 15.2 13.1 14.5 7.3 6.5 1.5 1.2 20.9 18.8 0.6 0.5

Mahindra Satyam Buy 107 143 12,544 8,456 9,385 19.3 19.1 10.6 11.9 10.1 9.0 2.3 1.8 22.4 20.1 1.0 0.8

Mindtree Accumulate 828 926 3,439 2,587 2,823 19.4 19.4 87.2 92.6 9.5 8.9 2.0 1.7 21.8 18.8 1.0 0.8Mphasis& Accumulate 373 395 7,833 6,096 6,646 17.6 17.4 38.1 41.6 9.8 9.0 1.4 1.2 14.2 13.7 0.8 0.6

NIIT Buy 23 30 383 1,144 1,267 9.0 9.1 4.3 5.4 5.4 4.3 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 552 602 2,210 1,433 1,591 24.7 24.6 55.5 60.2 10.0 9.2 1.8 1.5 18.4 16.8 1.2 0.9

TCS Accumulate 1,430 1,585 279,804 71,833 81,893 28.4 28.0 78.5 88.0 18.2 16.2 5.5 4.5 30.2 27.9 3.7 3.2

Tech Mahindra Buy 925 1,230 11,847 7,699 8,315 19.3 18.1 107.0 115.0 8.6 8.0 1.9 1.5 21.7 19.1 1.5 1.3

Wipro Accumulate 343 385 84,417 40,173 43,697 20.4 20.6 26.2 28.5 13.1 12.0 2.6 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Buy 227 272 4,170 1,787 1,974 25.4 26.4 14.5 16.9 15.6 13.5 3.3 2.8 22.4 22.2 2.2 1.9

HT Media Accumulate 103 117 2,416 2,205 2,380 15.1 15.6 8.0 9.1 12.9 11.4 1.4 1.2 11.2 11.4 0.7 0.6

Jagran Prakashan Buy 89 121 2,944 1,698 1,908 23.9 24.5 7.4 8.4 12.0 10.6 3.0 2.7 26.7 26.8 1.8 1.6

PVR Neutral 325 - 1,286 1,343 1,521 18.8 18.9 18.3 22.9 17.7 14.2 1.7 1.8 10.6 12.3 1.0 0.8

Sun TV Network Neutral 402 - 15,858 2,293 2,571 68.7 68.7 19.3 22.7 20.8 17.7 5.1 4.5 26.1 27.3 6.4 5.5

Metals & Mining

Bhushan Steel Neutral 456 - 10,325 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9

Coal India Accumulate 312 345 196,786 72,174 76,311 33.3 28.4 28.4 30.9 11.0 10.1 3.0 2.6 37.6 36.2 1.9 1.7

Electrosteel Castings Buy 17 26 578 2,074 2,176 10.4 11.3 1.9 2.3 8.8 7.3 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 149 213 4,735 1,944 2,317 49.9 51.7 20.8 25.6 7.2 5.8 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 114 140 48,148 13,759 14,506 50.8 50.4 16.4 17.1 7.0 6.7 1.3 1.1 19.7 17.7 1.4 1.0

Hindalco Neutral 96 - 18,447 88,987 94,163 9.2 9.7 13.8 15.9 7.0 6.1 0.5 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 725 - 16,177 39,524 42,064 17.1 16.9 71.8 86.3 10.1 8.4 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Neutral 232 - 3,894 954 1,062 45.5 47.4 26.1 29.1 8.9 8.0 1.3 1.2 15.1 15.2 1.6 1.3

Monnet Ispat Buy 199 291 1,269 2,883 3,181 21.7 23.6 40.3 57.7 4.9 3.5 0.5 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 35 - 8,982 8,187 8,416 14.5 14.7 3.2 3.3 10.9 10.7 0.7 0.7 6.8 6.7 0.6 0.6

NMDC Buy 129 179 51,244 10,329 12,540 73.8 75.0 16.6 19.0 7.8 6.8 1.5 1.3 20.6 20.2 2.8 2.2


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

14/17



Metals & Mining

SAIL Neutral 63 - 25,834 53,685 64,183 9.3 12.2 5.5 8.3 11.4 7.6 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Accumulate 151 163 13,145 3,742 4,426 32.9 32.8 31.3 31.2 4.8 4.9 0.7 0.6 14.8 12.9 4.3 3.5

Sterlite Inds Accumulate 88 98 29,591 45,864 46,970 23.8 25.3 18.8 20.9 4.7 4.2 0.5 0.5 11.7 11.8 0.6 0.5

Tata Steel Buy 309 430 29,967 141,775 151,672 10.5 11.4 35.3 51.7 8.8 6.0 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 106 153 379 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 501 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 85 118 277 2,425 2,552 13.7 14.8 33.5 45.3 2.5 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 289 345 55,178 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.8 0.8 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 331 - 41,936 55,815 63,013 15.3 15.2 35.9 41.5 9.2 8.0 1.5 1.3 17.0 17.1 0.6 0.5

ONGC Accumulate 327 354 279,465 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.4

Reliance Industries Neutral 804 - 259,455 380,031 407,721 9.9 69.3 69.3 78.0 11.6 10.3 1.2 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 249 - 3,192 3,707 3,850 11.7 12.4 23.7 25.7 10.5 9.7 2.9 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 296 - 4,149 3,700 4,218 23.4 22.8 26.6 30.4 11.1 9.7 2.3 1.9 22.6 21.7 1.2 1.0

Petronet LNG Buy 135 174 10,121 41,362 40,852 5.8 6.5 15.6 17.4 8.7 7.8 1.9 1.6 24.1 22.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 69 - 3,863 1,079 983 91.8 91.9 8.8 7.8 7.9 8.8 1.3 1.2 17.8 14.1 3.3 3.6

Pharmaceuticals

Alembic Pharma Accumulate 111 122 2,093 1,714 1,976 17.1 19.0 9.5 12.2 11.7 9.1 3.1 2.4 30.2 29.8 1.3 1.1

Aurobindo Pharma Buy 188 264 5,485 6,279 7,033 16.0 16.0 15.2 19.2 12.4 9.8 1.6 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,586 - 5,955 1,682 1,917 16.6 16.6 92.4 99.1 28.0 26.1 3.9 3.9 15.7 14.8 3.2 2.6

Cadila Healthcare Buy 771 962 15,793 7,386 8,863 18.0 18.0 39.5 48.1 19.5 16.0 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Buy 397 463 31,844 9,130 10,543 24.8 23.0 21.6 23.2 18.4 17.1 3.0 2.6 17.6 16.2 3.2 2.7

Dr Reddy's Accumulate 1,903 2,078 32,304 11,662 13,101 21.0 20.8 92.9 103.9 20.5 18.3 3.9 3.3 20.8 19.6 2.9 2.6

Dishman Pharma Buy 69 206 560 1,536 1,739 20.2 20.9 15.4 20.6 4.5 3.4 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,198 - 18,615 2,993 3,319 30.4 30.2 78.1 86.7 28.1 25.4 8.5 7.7 31.6 31.9 5.4 4.8

Indoco Remedies Buy 63 90 576 784 902 15.2 15.2 7.8 9.0 8.0 7.0 1.2 1.0 15.6 15.8 0.9 0.8

Ipca labs Buy 512 676 6,459 3,474 4,168 21.0 21.0 37.3 45.1 13.7 11.4 3.2 2.6 26.4 25.3 2.0 1.7

Lupin Buy 681 792 30,457 11,564 13,847 21.1 21.1 32.8 39.6 20.8 17.2 4.8 3.8 25.7 24.7 2.7 2.2

Ranbaxy* Neutral 459 - 19,412 11,400 12,060 12.5 12.5 21.6 22.5 21.2 20.4 4.1 3.5 20.6 18.5 1.6 1.5

Sun Pharma Reduce 950 888 98,270 12,563 14,698 42.6 42.6 29.8 35.5 31.9 26.8 5.7 4.8 19.2 19.3 7.2 6.0

Power

GIPCL Accumulate 72 78 1,092 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

15/17



Power

NTPC Accumulate 149 163 122,940 81,951 92,264 24.1 24.3 13.6 14.9 11.0 10.0 1.4 1.3 13.0 13.1 2.2 2.1

Real Estate

DLF Buy 247 288 41,933 9,699 12,010 37.0 36.9 6.0 8.4 41.4 29.4 1.5 1.5 3.8 5.1 5.7 4.7

MLIFE Accumulate 390 446 1,594 888 1,002 26.7 25.9 36.3 40.6 10.8 9.6 1.2 1.1 10.8 11.0 2.0 1.8

Telecom

Bharti Airtel Accumulate 299 325 113,717 86,933 96,121 30.2 31.2 10.3 15.7 29.1 19.1 2.0 1.9 7.0 9.7 2.0 1.7

Idea Cellular Neutral 115 - 38,065 24,959 27,232 27.1 27.5 3.7 4.7 30.9 24.4 2.5 2.3 8.1 9.2 1.9 1.7Rcom Neutral 95 - 19,505 22,221 24,253 32.0 32.2 4.3 6.4 21.8 14.7 0.5 0.5 2.4 3.4 2.4 2.1

Others

Abbott India* Buy 1,375 1,634 2,922 1,926 2,152 13.1 13.5 79.0 90.8 17.4 15.2 3.8 3.2 23.7 22.8 1.3 1.1

Bajaj Electricals Buy 174 237 1,733 3,929 4,480 7.4 7.7 15.5 19.7 11.2 8.8 2.0 1.6 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 445 620 563 596 743 16.2 16.1 45.0 56.3 9.9 7.9 2.4 1.9 27.8 26.9 1.0 0.8

Cravatex Buy 325 566 84 308 351 7.0 7.0 39.6 47.2 8.2 6.9 1.8 1.4 21.8 21.0 0.3 0.3

Finolex Cables Buy 50 68 763 2,559 2,893 9.8 9.8 9.8 11.3 5.1 4.4 0.7 0.6 14.1 14.1 0.2 0.2

Force Motors Buy 369 570 481 2,299 2,621 4.7 4.9 46.3 57.0 8.0 6.5 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 249 304 575 1,559 1,676 7.1 7.4 27.5 30.5 9.1 8.2 1.5 1.3 16.9 16.7 0.2 0.1

Hitachi Buy 127 177 346 1,053 1,169 6.3 7.1 13.8 17.7 9.2 7.2 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Buy 2,443 2,842 2,160 2,117 2,491 8.1 7.8 137.9 157.9 17.7 15.5 2.6 2.3 16.0 15.8 0.9 0.8

IFB Agro Buy 167 198 150 495 651 12.7 12.9 29.3 39.5 5.7 4.2 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 182 238 210 1,430 1,573 12.1 12.2 21.8 30.6 8.4 6.0 0.5 0.5 6.1 8.0 0.6 0.6

Jyothy Laboratories Neutral 174 - 2,803 979 1,164 14.9 15.1 6.0 7.7 28.9 22.6 3.6 3.3 12.9 15.1 3.0 2.5

MRF Neutral 13,820 - 5,861 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.7 7.7 1.6 1.4 23.5 19.2 0.6 0.5

Page Industries Neutral 3,539 - 3,948 1,047 1,281 19.6 19.8 127.3 158.1 27.8 22.4 13.3 9.7 54.9 50.0 3.9 3.2Relaxo Footwears Buy 565 786 678 1,148 1,360 11.7 11.9 55.5 71.4 10.2 7.9 2.4 1.8 26.3 26.2 0.7 0.6

Siyaram Silk Mills Buy 240 312 225 1,157 1,320 11.9 12.0 66.6 77.9 3.6 3.1 0.6 0.5 18.3 18.2 0.4 0.4

S. Kumars Nationwide Neutral 9 - 257 6,765 7,393 18.1 18.0 6.4 7.5 1.3 1.2 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 501 744 881 1,069 1,223 9.7 9.7 40.0 46.5 12.5 10.8 1.8 1.5 15.1 15.3 0.8 0.7

TAJ GVK Buy 64 108 400 300 319 35.8 36.2 7.9 9.1 8.1 7.0 1.1 1.0 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 298 371 459 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Buy 453 553 352 435 516 6.2 7.1 24.3 33.3 18.6 13.6 3.1 2.6 17.6 20.8 0.6 0.5

Tree House Accumulate 260 275 936 150 192 52.7 52.5 12.8 16.2 20.3 16.1 2.0 1.8 10.0 11.1 5.8 4.4

TVS Srichakra Buy 182 226 139 1,591 1,739 7.1 7.4 39.4 56.5 4.6 3.2 0.9 0.7 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

16/17



Others

United Spirits Neutral 2,099 - 27,450 11,886 13,491 14.4 14.0 50.9 74.5 41.2 28.2 3.4 3.0 10.6 11.4 2.6 2.3

Vesuvius India* Neutral 351 - 712 591 623 17.5 17.2 29.0 29.6 12.1 11.9 1.8 1.6 16.0 14.5 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 23, 2013


Market Outlook

Stock Watch

April 25, 2013

7/30/2019 Market Outlook, 25.04.13

17/17


market outlook, 25.04.13

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