market outlook, 28-06-2013
TRANSCRIPT
-
7/28/2019 Market Outlook, 28-06-2013
1/14
www.angelbroking.com
Market OutlookJune 28, 2013
Dealers Diary
Indian markets are expected to open in green tracking positive opening trades in
SGX Nifty and most of the Asian markets.
US markets closed higherextending the strong upward move that was seen over
the course of the previous two sessions. The markets benefited from a positive
reaction to the latest batch of U.S. economic data from Labor Department which
showed a modest decrease in initial jobless claims in the week ended June 22nd,
with claims falling roughly in line with estimates. Separately, the Commerce
Department said personal income rose by 0.5% in May after edging up by 0.1% in
April while personal spending rebounded by 0.3% in May following a 0.3% drop in
the previous month. Similarly, European markets too extended their gains for third
consecutive session with positive sentiment boosted by upbeat U.S. data.
Meanwhile, Indian shares ended the day higher mirroring firm global cues as a
downward revision in the growth rate of U.S. GDP eased concerns that the Federal
Reserve will soon rein in its bond-buying program. Revival in rupee strength to
60.36 after RBI showed India's current account deficit narrowed to $18.1 billion in
the January-March quarter ($31.9 billion in the previous quarter) eased concerns
about the funding of the deficit and further added to the positive sentiment.
Markets Today
The trend deciding level for the day is 18,830/ 5,671 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,972 19,067 / 5,711 5,739 levels. However, if NIFTY trades below
18,830 / 5,671 levels for the first half-an-hour of trade then it may correct up to
18,734 18,593 / 5,642 5,602 levels.Indices S2 S1 PIVOT R1 R2SENSEX 18,593 18,734 18,830 18,972 19,067NIFTY 5,602 5,642 5,671 5,711 5,739
News Analysis
CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013 CCEA approves gas price hike RCom ties up with Apple, offers 50% discount on 3G plans for iPhone
Refer detailed news analysis on the following page
Net Inflows (June 26, 2013)` cr Purch Sales Net MTD YTDFII 3,058 3,619 (562) (9,687) 72,149
MFs 471 377 95 (273) (12,350)
FII Derivatives (June 27, 2013)` cr Purch Sales Net Open InterestIndex Futures 6,771 6,724 47 7,248
Stock Futures 8,475 7,412 1,064 23,618
Gainers / LosersGainers Losers
Company Price (`) chg (%) Company Price (`) chg (%)JSW ENERGY 43 7.4 Gitanjali Gems 263 (10.0)
JPPOWER 19 6.5 MMTC 108 (5.0)
HDIL 35 6.5 Sobha Dev 342 (3.6)
Havells India 712 5.5 Dena Bank 66 (3.3)
Emami-$ 469 5.3 IRB Infra 94 (3.1)
Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.7 324 18,876
Nifty 1.7 94 5,682
MID CAP 0.3 15 5,833
SMALL CAP 0.3 18 5,567
BSE HC 2.5 210 8,647
BSE PSU 0.8 49 5,953
BANKEX 1.5 190 12,849
AUTO 0.4 45 10,392
METAL 0.4 33 7,406
OIL & GAS 3.2 268 8,611
BSE IT 3.2 190 6,209
Global Indices Chg (%) (Pts) (Close)Dow Jones 0.8 114 15,024NASDAQ 0.8 26 3,402
FTSE 1.3 78 6,243
Nikkei 3.0 380 13,214
Hang Sang 0.5 102 20,440
Straits Times 0.4 14 3,118
Shanghai Com (0.1) (1) 1,950
Indian ADR Chg (%) (Pts) (Close)INFY 2.8 1.1 $41.4
WIT 1.6 0.1 $7.2IBN (0.3) (0.1) $37.3
HDB 2.9 1.0 $35.9
Advances / Declines BSE NSEAdvances 1,213 720
Declines 1,117 628
Unchanged 129 85
Volumes (` cr)BSE 1,647
NSE 14,242
-
7/28/2019 Market Outlook, 28-06-2013
2/14
www.angelbroking.com
Market OutlookJune 28, 2013
CAD in 4QFY2013 moderates, seen at 4.8% of GDP for FY2013
The Current Account Deficit (CAD) moderated significantly in 4Q2013 to
USD18.2bn as compared to USD21.2bn in the corresponding quarter of the
previous year and USD31.8bn in 3QFY2013. This is lower than consensus
estimates of USD21bn. The CAD as a proportion of GDP came in much lower at3.6% of GDP as compared to the record-high of 6.5% of GDP (6.7% of GDP,
reported earlier) during 3QFY2013. For FY2013 as a whole, CAD has come in at
4.8% of GDP, slightly lower than the estimated 5.0% of GDP. The CAD at a better-
than-expected level is likely to soothe the pressure on the INR on an extent, since it
breached the 60-mark and closed at a record-high on June 26, 2013.
The trade deficit stood at 9.0% of GDP (USD45.6bn) in 4QFY2013 as compared
to 12.0% of GDP (USD58.4bn) in the previous quarter. The improvement can be
attributed to export growth (5.7% yoy) gaining ground. At the same time, imports
recorded a marginal decline of 1.0% in 4Q2013 as against an increase of 22.6%
in 4Q2012. This is because non-oil non-gold imports have decline reflectingslowdown in domestic economic activity. Overall, for FY2013 as a whole, exports
reported a decline of 1.0% while imports remained almost flat.
We note that growth in invisibles has declined by 7.7% in 4QFY2013 as compared
to robust 27.5% growth in the corresponding quarter of the previous year due to
slowdown in services, transfers and higher investment income outflow. The total
investment outflow increased to USD7.3bn from USD6.3bn the corresponding
quarter of the previous year.
The strong capital inflows continued to support financing of the CAD and resulted
in an accretion of foreign exchange reserve amounting to USD2.7bn during
4QFY2013. For FY2013 as a whole, capital inflows stood at USD89.3bn and led
to accretion of foreign exchange reserve amounting to USD3.8bn in the BoP
account.
Going ahead, we believe that the CAD is likely to rebound in 1QFY2014 since the
trade deficit for April and May 2013 has reached USD37.9bn much higher than
USD30.9bn in the corresponding months during 2012. Gold imports have
increased by 121% in April 2013 and 88% in May 2013 but we believe that this
excessive buying of gold can be attributed to front-ended demand and is likely to
normalize going forward. We believe that with stabilization in the INR, the CAD for
FY2014 is likely to come in the range of 3.8%-4.2% of GDP.
External debt increased by nearly 13%
The external debt as at end-March 2013 increased by 12.9% over a year ago to
USD390bn from US349bn at end-March 2012. Worryingly, the external debt to
GDP ratio reached a 12-year high at 21.2%. Short term debt is on an increasing
trend and stood at 24.8% of total external debt as compared to 23% of total
external debt as at end March 2012. The share of external commercial
borrowings in external debt continued to be the highest at 31.0%. Further, the ratio
of foreign exchange reserves to total debt declined to 74.9% from 85.2% at end-
March 2012 and a high of 138% at end-March 2008.
-
7/28/2019 Market Outlook, 28-06-2013
3/14
www.angelbroking.com
Market OutlookJune 28, 2013
CCEA approves gas price hike
The Cabinet Committee of Economic Affairs (CCEA) has announced to raise gas
price to US$8.4/mmbtu effective April 2014 for a period of five years. CCEA has
approved Oil Ministry's proposal to price all domestically produced natural gas as
per a complex formula suggested by a panel headed by Prime Minister's economicadvisor Mr. C. Rangarajan. The new price will be applicable to private players as
well as public sector units. The price of gas will be revised on a quarterly basis .
The hike is positive for upstream companies such as ONGC, Oil India and
Reliance Industries. We estimate ONGCs EPS to rise by 4-7% for every
US$1/mmbtu increase in gas price. Reliance Industries EPS is expected to increase
by only 2-5% in FY2015 on account of increase in gas prices as production has
declined from its KG D6 basin to 18mmscmd (against targeted 60mmscmd).
Nevertheless, an increase in gas production by RIL from KG D6 block could
materially impact its earnings going forward. Moreover, the higher gas prices will
incentive upstream companies to raise production from newer blocks.
However, as per Power Ministry, every US$1/mmbtu price increase is likely to
impact power sector by`6,450cr per annum, while as per Fertiliser Ministry, every
US$1/mmbtu price increase is likely to impact the fertiliser sector by`3,155cr per
annum.
With increase in costs of fertiliser (mainly urea) production, the governments
fertilizer subsidy is likely to shoot up during FY2014-15. However, the increase in
fertiliser subsidy can be recovered (atleast partially) from ONGC and Oil India in
various forms including higher subsidies, royalty, income tax and dividends. While
higher payments of royalties, income tax and dividends are unlikely to post a
surprise, increase in subsidy burden (to offset the gain due to rise in gas price)could partially offset the impact of gas price increase for ONGC. We await further
clarity on gas pricing formula. Until then, we maintain our Buy rating on theONGC stock with a target price of `372.
RCom ties up with Apple, offers 50% discount on 3G plans for iPhone
RCom has tied up with Apple to bundle the iPhone handset with its service plans.
The company will offer as much as 50% discount on data service on its 3G
network to iPhone users on its network under these plans. This is Apple's third
operator pact in India, it also offers bundled devices with plans from Aircel andBharti Airtel. This marks Apple's first attempt at bringing the CDMA technology
version iPhone to India. Aircel and Bharti Airtel have GSM technology-based
operations.
Apple is also one of the only LTE or 4G technology device makers and the latest
iPhones and iPads come in variants that can operate on the upgraded technology.
RCom is a passive infrastructure - telecom towers and optic fibre - provider for
Mukesh Ambani's Relaince Jio Infocomm, which is the only company in the country
with airwaves to provide high-speed internet connectivity on 4G across India.
The pricing proposed for iPhone data users on RCom at the most discounted plan
offering 6GB of data surfing a month at Rs804, compares favourably with Bharti
Airtel's parallel offer that gives 1.2GB data at the same price. However, Bharti
Airtel offers more free calling minutes and SMS. RComs will offer premium
numbers to new iPhone customers on its network, and free access to applications
-
7/28/2019 Market Outlook, 28-06-2013
4/14
www.angelbroking.com
Market OutlookJune 28, 2013
WhatsApp, Facebook and Twitter for three months. We continue to remain Neutral
on the stock.
Economic and Political News
March current account deficit narrows to 3.6% in Q4 Karnataka cancels 51 Category C mining leases
Chidambaram says current account gap may go up
Corporate News
Honda launches refreshed CBR 250
Kalpataru Power bags `1,130cr orders
YES Bank to submit decision on Gogia to Bombay HC on July 1Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
-
7/28/2019 Market Outlook, 28-06-2013
5/14
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
July 1, 2013 1:25PM Germany PMI Manufacturing Value Jun F 48.70 48.70
6:30AM China PMI Manufacturing Value Jun 50.80 50.00
2:00PM UK PMI Manufacturing Value Jun 51.30 51.30
July 3, 2013 1:25PM Germany PMI Services Value Jun F 51.30 51.30
July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50
5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 0.50
July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 165.00
6:00PM US Unnemployment rate % Jun 7.60 7.50
July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --
7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 --
July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --
4:29PM India Exports YoY% % Change Jun (1.10) --
4:29PM China Exports YoY% % Change Jun 1.00 --
July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --
6:00PM US Producer Price Index (mom) % Change Jun 0.50 --
July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --
7:30AM China Industrial Production (YoY) % Change Jun 9.20 --
7:30AM China Real GDP (YoY) % Change 2Q 7.70 --
July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --
6:00PM US Consumer price index (mom) % Change Jun 0.10 --
2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.40 --
6:45PM US Industrial Production % Jun 0.04 --
July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --
6:00PM US Building permits Thousands Jun 985.00 --2:00PM UK Jobless claims change % Change Jun (8.60) --
July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --
July 24, 2013 7:30PM US New home sales Thousands Jun 476.00 --
July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --
11:00AM India RBI Repo rate % Jul 30 7.25 --
11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --
11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --
July 31, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --
11:30PM US FOMC rate decision % Jul 31 0.25 --
Source: Bloomberg, Angel Research
June 28, 2013
Market Outlook
-
7/28/2019 Market Outlook, 28-06-2013
6/14
Market OutlookJune 28, 2013
www.angelbroking.com
Macro watch
Exhibit 1:Q uarterly G D P trends
Source: CSO, Angel Research
Exhibit 2:IIP trends
Source: MOSPI, Angel Research
Exhibit 3:M onthly WPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4:M a nufacturing a nd services PM I
Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion
Exhibit 5:Expo rts an d impo rts growth trends
Source: Bloomberg, Angel Research
Exhibit 6:Key policy rates
Source: RBI, Angel Research
9.3
7.7
11.4
9.5
8.69.2
9.9
7.5
6.56.0
5.1 5.4 5.24.7 4.8
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
(%)
2.5
(2.0)
(0.1)
2.0
(0.7)
8.4
(1.0) (0.6)
2.5
0.5
3.42.3
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Apr-13
(%)
7.58.0 8.1
7.3 7.2 7.3 7.3 7.3
5.74.9 4.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Apr-13
May-1
3
(%)
48.0
50.0
52.0
54.0
56.0
58.0
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Apr-13
May-1
3
Mfg. PMI Services PMI
(15.0)
0.0
15.0
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Apr-13
May-1
3
Exports yoy growth Imports yoy growth(%)
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Jul-12
Aug-12
Sep-12
Oc-12
No-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Repo rate Reverse Repo rate CRR(%)
-
7/28/2019 Market Outlook, 28-06-2013
7/14
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 130 - 2,529 1,657 1,906 14.1 14.1 7.7 8.9 16.9 14.6 3.5 3.0 22.2 21.9 1.5 1.2
United Phosphorus Buy 135 232 5,982 10,298 11,310 16.5 16.5 20.5 23.2 6.6 5.8 1.1 0.9 18.0 17.4 0.6 0.5
Auto & Auto Ancillary
Amara Raja Batteries Accumulate 257 285 4,392 3,418 3,892 14.5 14.5 18.5 20.4 13.9 12.6 3.3 2.7 26.6 23.8 1.3 1.1
Apollo Tyres Neutral 56 - 2,843 13,852 15,487 11.4 11.5 12.8 14.9 4.4 3.8 0.7 0.6 17.5 17.3 0.3 0.3
Ashok Leyland Buy 20 27 5,268 14,038 16,442 7.6 8.7 1.1 2.2 18.9 8.9 1.6 1.5 6.2 12.5 0.5 0.4
Automotive Axle# Neutral 224 - 338 834 965 9.3 10.6 17.3 27.1 12.9 8.3 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,837 2,056 53,154 22,684 25,908 18.0 18.5 117.3 137.1 15.7 13.4 5.6 4.5 39.9 37.2 1.9 1.6
Bharat Forge Neutral 219 - 5,104 6,198 6,793 14.6 14.9 14.5 17.3 15.1 12.7 2.0 1.8 13.6 14.7 0.9 0.8
Bosch India* Accumulate 8,663 9,213 27,201 9,821 11,394 17.0 17.3 373.5 438.7 23.2 19.8 4.2 3.5 18.0 17.9 2.4 2.0
CEAT Buy 107 170 367 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2
Exide Industries Buy 121 150 10,268 7,053 8,061 14.2 14.5 7.8 9.1 15.4 13.2 2.6 2.3 18.1 18.2 1.2 1.0
FAG Bearings* Neutral 1,415 - 2,351 1,525 1,742 14.5 15.7 88.4 109.5 16.0 12.9 2.3 2.0 15.5 16.5 1.4 1.2
Hero Motocorp Accumulate 1,653 1,819 33,001 25,274 27,658 14.1 13.7 110.2 139.9 15.0 11.8 5.5 4.3 39.8 40.7 1.1 0.9
JK Tyre Buy 102 154 419 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3
Mahindra and Mahindra Buy 934 1,090 57,361 45,254 51,197 11.4 11.7 61.2 70.2 15.3 13.3 3.2 2.7 22.7 21.9 1.0 0.8
Maruti Buy 1,522 1,847 45,965 48,455 55,723 11.2 10.9 107.8 123.2 14.1 12.4 2.1 1.8 16.2 16.0 0.8 0.7
Motherson Sumi Accumulate 197 222 11,552 28,442 31,493 7.5 7.8 12.5 14.8 15.7 13.3 3.9 3.1 27.5 25.8 0.6 0.5
Subros Buy 22 30 130 1,479 1,685 10.0 9.9 5.5 7.5 4.0 2.9 0.4 0.4 11.1 13.7 0.4 0.3
Tata Motors Buy 270 347 72,605 215,016 237,404 13.3 13.6 36.2 41.5 7.5 6.5 1.7 1.4 24.6 23.2 0.4 0.4
TVS Motor Buy 32 41 1,520 7,715 8,584 6.0 6.1 5.0 5.8 6.4 5.5 1.1 1.0 18.1 18.5 0.1 0.1
Capital Goods
ABB* Sell 581 461 12,316 8,073 9,052 5.5 6.9 11.5 16.9 50.4 34.3 4.6 4.4 9.3 13.1 1.5 1.3BGR Energy Neutral 124 - 893 4,114 4,886 11.4 10.7 24.9 28.0 5.0 4.4 0.7 0.6 25.2 22.6 0.5 0.5
BHEL Neutral 163 - 39,908 44,054 39,326 16.8 15.1 20.6 16.1 7.9 10.1 1.7 1.6 23.5 16.1 0.8 0.8
Blue Star Buy 156 230 1,403 2,896 3,087 5.6 6.2 9.3 11.7 16.8 13.3 2.8 2.4 17.6 19.2 0.6 0.5
Crompton Greaves Buy 80 117 5,142 13,446 15,272 6.7 7.6 6.6 8.9 12.1 9.0 1.3 1.2 11.4 14.0 0.5 0.4
Jyoti Structures Neutral 20 - 164 3,360 3,597 9.7 9.8 7.3 10.2 2.7 2.0 0.6 0.5 8.8 11.4 0.3 0.3
KEC International Buy 29 63 757 7,709 8,399 6.7 7.2 6.1 8.5 4.9 3.5 0.6 0.5 20.2 23.0 0.3 0.3
Thermax Neutral 601 - 7,161 5,780 6,430 9.5 9.6 29.8 33.0 20.2 18.2 3.4 3.0 17.9 17.4 1.0 0.9
Cement
ACC Buy 1,201 1,361 22,550 11,979 13,254 19.7 21.3 77.1 91.4 15.6 13.1 2.8 2.5 18.7 20.0 1.5 1.3
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
8/14
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
Cement
Ambuja Cements Neutral 181 - 27,988 10,232 11,762 23.5 24.5 10.3 12.2 17.6 14.9 2.9 2.7 17.2 18.6 2.2 1.8
India Cements Neutral 56 - 1,716 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.1 0.5 0.5 7.7 9.1 0.7 0.6
J K Lakshmi Cement Buy 100 143 1,178 2,247 2,742 21.0 23.1 17.8 21.8 5.6 4.6 0.8 0.7 15.5 16.4 0.5 0.9
Madras Cements Neutral 223 - 5,295 4,234 4,788 23.9 24.0 18.5 22.8 12.0 9.8 1.9 1.7 17.2 18.2 1.6 1.3
Shree Cement^ Neutral 4,480 - 15,606 6,540 7,452 27.4 26.6 319.7 369.9 14.0 12.1 3.5 2.8 27.5 25.4 1.7 1.3
UltraTech Cement Neutral 1,877 - 51,450 21,947 25,049 23.8 23.8 106.1 119.8 17.7 15.7 2.9 2.5 17.7 17.3 2.3 2.0
ConstructionAshoka Buildcon Buy 191 255 1,005 1,928 2,234 21.0 21.5 18.0 22.2 10.6 8.6 0.9 0.8 10.2 10.1 1.9 1.9
Consolidated Co Neutral 10 - 178 2,281 2,492 5.9 6.9 0.7 2.0 14.1 4.8 0.3 0.3 2.3 6.5 0.4 0.3
IRB Infra Buy 94 157 3,139 3,997 4,312 45.5 46.4 15.7 16.6 6.0 5.7 0.9 0.8 15.2 14.5 3.2 3.5
ITNL Buy 144 230 2,789 7,444 8,041 27.4 28.9 29.8 32.1 4.8 4.5 0.7 0.6 14.9 14.2 2.5 2.5
IVRCL Infra Buy 14 29 443 5,673 5,892 8.1 8.4 1.4 1.8 10.0 7.9 0.2 0.2 2.0 2.6 0.5 0.5
Jaiprakash Asso. Buy 51 90 11,328 14,850 15,631 24.9 25.1 2.5 2.9 20.2 17.9 0.8 0.8 4.2 4.7 2.6 2.5
Larsen & Toubro Buy 1,350 1,761 83,212 68,946 78,040 10.5 10.5 77.9 88.3 17.3 15.3 2.5 2.3 15.5 15.6 1.3 1.2
Nagarjuna Const. Buy 22 42 561 6,167 6,945 8.0 8.2 2.7 3.6 8.2 6.0 0.2 0.2 2.7 3.6 0.4 0.4
Punj Lloyd Neutral 33 - 1,103 12,954 14,740 9.9 9.9 0.5 0.9 65.4 35.6 0.4 0.4 0.6 1.1 0.5 0.5
Sadbhav Engg. Buy 95 139 1,434 2,462 2,731 10.6 10.6 5.9 6.7 16.1 14.3 1.6 1.4 10.2 10.5 0.9 0.8
Simplex Infra Buy 76 131 374 6,308 7,033 9.5 9.6 11.9 18.7 6.4 4.0 0.3 0.3 4.5 6.7 0.5 0.5
Unity Infra Buy 25 41 183 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.1 0.2 0.2 9.3 9.0 0.6 0.6
Financials
Allahabad Bank Buy 88 132 4,413 7,120 7,979 2.7 2.7 31.7 36.6 2.8 2.4 0.5 0.4 14.3 14.7 - -
Andhra Bank Accumulate 79 86 4,396 5,254 5,900 2.8 2.8 21.2 22.9 3.7 3.4 0.5 0.5 13.3 13.0 - -
Axis Bank Buy 1,273 1,684 59,677 19,079 22,765 3.3 3.2 137.8 156.8 9.2 8.1 1.6 1.4 18.1 17.9 - -Bank of Baroda Buy 567 778 23,875 16,163 18,549 2.2 2.3 116.9 137.3 4.9 4.1 0.7 0.6 14.6 15.3 - -
Bank of India Buy 222 313 13,202 14,272 16,038 2.2 2.2 56.0 64.3 4.0 3.4 0.6 0.5 13.9 14.3 - -
Bank of Maharashtra Buy 49 63 3,208 4,362 4,707 3.0 2.9 11.2 13.0 4.3 3.7 0.6 0.5 15.1 15.5 - -
Canara Bank Buy 349 451 15,439 11,928 13,467 2.1 2.2 74.8 86.0 4.7 4.1 0.7 0.6 13.7 14.2 - -
Central Bank Accumulate 61 69 6,335 8,124 9,075 2.4 2.4 14.0 17.3 4.3 3.5 0.6 0.5 11.8 13.2 - -
Corporation Bank Buy 342 438 5,235 5,558 6,121 2.0 2.0 98.4 107.7 3.5 3.2 0.5 0.5 14.9 14.5 - -
Dena Bank Buy 66 89 2,321 3,187 3,582 2.3 2.4 23.8 25.5 2.8 2.6 0.4 0.4 15.9 15.1 - -
Federal Bank Accumulate 399 459 6,822 2,873 3,413 3.0 3.1 52.7 62.0 7.6 6.4 1.0 0.9 13.4 14.2 - -
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
9/14
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
Financials
HDFC Accumulate 837 861 130,095 8,573 10,142 3.6 3.6 37.0 43.6 22.7 19.2 4.7 4.2 30.0 30.3 - -
HDFC Bank Buy 646 732 154,346 28,361 34,747 4.6 4.6 33.9 41.0 19.0 15.8 3.6 3.1 20.7 21.2 - -
ICICI Bank Buy 1,033 1,422 119,173 25,914 30,994 3.1 3.2 84.5 99.6 12.2 10.4 1.6 1.5 15.3 16.3 - -
IDBI Bank Buy 68 80 9,090 9,477 10,678 2.0 2.1 19.6 22.6 3.5 3.0 0.4 0.4 12.8 13.4 - -
Indian Bank Buy 111 149 4,770 6,185 6,978 3.0 3.0 37.0 42.2 3.0 2.6 0.4 0.4 14.8 15.1 - -
IOB Accumulate 48 54 4,459 8,142 8,956 2.5 2.5 16.5 20.7 2.9 2.3 0.4 0.3 11.8 13.4 - -
J & K Bank Accumulate 1,163 1,315 5,640 3,074 3,140 3.5 3.2 224.7 201.5 5.2 5.8 1.0 0.9 20.6 16.1 - -LIC Housing Finance Buy 249 298 12,556 2,113 2,525 2.3 2.3 25.4 29.2 9.8 8.5 1.7 1.5 18.4 18.3 - -
Oriental Bank Buy 199 237 5,797 6,835 7,588 2.6 2.6 56.5 63.8 3.5 3.1 0.5 0.4 13.1 13.4 - -
Punjab Natl.Bank Buy 637 904 22,500 20,632 23,646 3.3 3.3 147.2 171.8 4.3 3.7 0.7 0.6 15.6 16.1 - -
South Ind.Bank Buy 22 25 2,909 1,814 2,061 2.9 2.8 4.1 4.4 5.4 5.0 0.9 0.8 17.6 16.6 - -
St Bk of India Buy 1,914 2,536 130,904 67,431 76,831 3.1 3.0 244.1 286.7 7.8 6.7 1.2 1.1 16.5 17.0 - -
Syndicate Bank Buy 105 141 6,339 7,158 8,169 2.6 2.6 26.3 29.5 4.0 3.6 0.6 0.5 15.5 15.5 - -
UCO Bank Accumulate 58 64 4,384 6,150 6,609 2.5 2.5 11.1 13.5 5.2 4.3 0.8 0.6 11.0 12.2 - -
Union Bank Buy 178 243 10,650 11,107 12,650 2.6 2.6 39.4 46.6 4.5 3.8 0.6 0.6 14.1 15.0 - -
United Bank Buy 46 58 1,729 3,443 3,998 2.4 2.6 15.1 20.4 3.1 2.3 0.4 0.3 12.1 14.8 - -
Vijaya Bank Accumulate 43 50 2,146 2,730 3,059 1.9 2.0 10.2 11.3 4.3 3.8 0.5 0.5 11.8 12.0 - -
Yes Bank Accumulate 444 500 15,949 4,429 5,502 2.8 2.9 42.3 49.5 10.5 9.0 2.3 1.9 23.5 22.8 - -
FMCG
Asian Paints Neutral 4,542 - 43,566 12,332 14,524 16.5 16.3 141.6 162.7 32.1 27.9 10.2 8.1 35.4 32.2 3.4 2.8
Britannia Neutral 659 - 7,886 6,417 7,502 6.1 6.3 23.2 27.9 28.5 23.6 9.8 7.7 38.3 36.4 1.2 1.0
Colgate Neutral 1,337 - 18,182 3,588 4,130 20.5 20.9 44.2 51.8 30.3 25.8 29.5 21.5 108.6 96.2 4.8 4.1
Dabur India Neutral 154 - 26,763 7,183 8,340 16.8 16.8 5.4 6.3 28.6 24.4 11.1 8.7 41.5 40.1 3.6 3.1
GlaxoSmith Con* Neutral 4,748 - 19,969 3,617 4,259 16.1 16.4 122.2 148.7 38.9 31.9 12.1 9.7 34.1 33.7 4.9 4.1
Godrej Consumer Neutral 789 - 26,840 7,801 9,017 16.2 15.9 25.1 29.7 31.4 26.6 6.8 5.6 24.9 24.2 3.5 3.0
HUL Neutral 589 - 127,370 29,167 33,164 13.6 13.7 17.1 18.4 34.5 32.0 33.2 24.0 113.4 87.0 4.2 3.7
ITC Neutral 323 - 255,111 34,294 39,991 36.8 37.0 11.3 13.3 28.6 24.2 9.4 7.6 36.1 34.9 7.1 6.0
Marico Neutral 208 - 13,415 5,273 6,044 14.8 14.9 7.3 8.7 28.7 24.0 5.6 4.6 21.4 21.0 2.5 2.1
Nestle* Neutral 4,916 - 47,401 9,447 10,968 22.1 22.3 127.5 154.1 38.6 31.9 19.3 13.9 57.7 50.7 5.0 4.2
Tata Global Accumulate 129 145 7,996 8,069 8,957 9.8 9.7 7.8 8.6 16.5 15.1 2.0 1.9 9.5 9.7 1.0 0.9
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
10/14
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
IT
HCL Tech^ Accumulate 795 863 55,363 28,633 32,216 21.5 20.7 57.3 61.7 13.9 12.9 3.3 2.7 24.0 21.5 1.7 1.4
Hexaware* Buy 83 96 2,467 2,091 2,289 19.0 18.8 10.6 11.3 7.8 7.3 1.7 1.5 22.8 21.7 1.0 0.9
Infosys Neutral 2,477 - 142,235 43,338 47,244 27.5 27.7 169.4 182.6 14.6 13.6 3.0 2.6 20.8 19.3 2.5 2.2
Infotech Enterprises Neutral 179 - 2,003 1,956 2,174 17.9 17.7 20.4 21.9 8.8 8.2 1.3 1.1 14.7 13.7 0.6 0.5
KPIT Cummins Accumulate 121 135 2,345 2,513 2,819 16.1 15.5 12.6 14.0 9.7 8.7 1.7 1.4 17.9 16.6 0.9 0.7
Mahindra Satyam Accumulate 125 126 14,701 8,278 9,062 20.3 20.1 10.5 11.4 11.9 11.0 2.7 2.2 23.1 20.0 1.3 1.1
Mindtree Accumulate 826 920 3,431 2,599 2,871 19.4 19.2 85.2 92.3 9.7 8.9 2.0 1.7 21.4 18.9 1.0 0.8Mphasis& Accumulate 363 395 7,627 6,096 6,646 17.6 17.4 38.1 41.6 9.5 8.7 1.4 1.2 14.2 13.7 0.8 0.6
NIIT Buy 19 30 310 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -
Persistent Buy 500 593 2,001 1,445 1,617 25.2 25.0 55.3 59.3 9.1 8.4 1.6 1.4 18.2 16.5 0.9 0.7
TCS Accumulate 1,489 1,585 291,391 71,833 81,893 28.4 28.0 78.5 88.0 19.0 16.9 5.7 4.7 30.2 27.9 3.7 3.2
Tech Mahindra Accumulate 1,075 1,170 13,814 7,779 8,398 19.7 19.3 107.4 117.8 10.0 9.1 2.1 1.7 21.2 19.0 1.7 1.5
Wipro Accumulate 347 385 85,593 40,173 43,697 20.4 20.6 26.2 28.5 13.3 12.2 2.6 2.3 19.7 18.4 1.6 1.4
Media
D B Corp Buy 233 290 4,281 1,750 1,925 25.1 26.6 14.2 16.8 16.4 13.9 3.6 3.0 23.4 23.4 2.3 2.0
HT Media Buy 96 117 2,259 2,205 2,380 15.1 15.6 8.3 9.1 11.6 10.6 1.3 1.1 11.5 11.4 0.7 0.6
Jagran Prakashan Buy 82 119 2,708 1,664 1,825 20.9 23.0 6.4 7.8 12.7 10.5 2.6 2.3 21.0 23.1 1.7 1.6
PVR Neutral 320 - 1,268 1,359 1,540 17.3 17.4 17.2 21.6 18.6 14.9 1.9 1.7 10.3 12.0 1.4 1.2
Sun TV Network Neutral 369 - 14,554 2,287 2,551 69.7 70.5 20.0 23.3 18.5 15.9 4.6 4.0 26.4 27.3 6.0 5.3
Metals & Mining
Bhushan Steel Neutral 463 - 10,487 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9
Coal India Buy 287 345 181,248 72,174 76,311 33.3 28.4 28.4 30.9 10.1 9.3 2.8 2.4 37.6 36.2 1.7 1.5
Electrosteel Castings Buy 12 24 407 1,976 2,017 11.8 12.7 1.3 2.6 9.9 4.8 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 125 193 3,973 1,920 2,239 53.2 52.9 21.6 25.0 5.8 5.0 1.3 1.1 25.1 23.8 1.6 1.2
Hind. Zinc Buy 97 145 41,028 12,358 13,659 51.4 51.6 16.0 17.6 6.1 5.5 1.1 1.0 19.4 18.4 1.1 0.6
Hindalco Neutral 96 - 18,351 89,352 93,672 8.8 9.2 13.4 15.0 7.2 6.4 0.5 0.5 7.3 7.6 0.5 0.5
JSW Steel Neutral 643 - 14,349 39,973 40,926 17.2 17.0 71.9 82.8 9.0 7.8 0.8 0.7 9.0 9.6 0.7 0.6
MOIL Buy 190 248 3,189 1,010 1,046 46.5 47.6 26.8 28.8 7.1 6.6 1.0 0.9 15.4 14.7 0.7 0.5
Monnet Ispat Buy 119 193 759 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.4 1.0
Nalco Neutral 29 - 7,358 7,656 7,988 13.1 13.5 2.6 2.6 11.2 10.9 0.6 0.6 5.5 5.5 0.4 0.4
NMDC Buy 101 156 39,964 10,461 11,892 71.6 72.6 16.3 17.6 6.2 5.7 1.3 1.2 22.1 21.4 2.0 1.8
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
11/14
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
Metals & Mining
SAIL Neutral 49 - 20,051 44,060 54,786 9.4 11.5 5.2 7.2 9.3 6.8 0.5 0.5 5.2 6.8 0.7 0.6
Sesa Goa Buy 138 166 12,007 3,742 4,426 32.9 32.8 30.0 29.8 4.6 4.6 0.6 0.5 14.3 12.5 3.9 3.2
Sterlite Inds Buy 79 100 26,667 44,462 45,568 23.2 24.7 18.1 20.2 4.4 3.9 0.5 0.4 11.3 11.4 0.5 0.5
Tata Steel Buy 264 378 25,664 140,917 151,537 9.7 10.8 30.9 47.6 8.5 5.6 0.8 0.7 9.6 13.4 0.6 0.5
Sarda Buy 93 153 332 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.5 0.3 0.3 11.8 12.4 0.6 0.5
Prakash Industries Buy 28 45 380 2,615 2,776 12.1 12.0 9.8 10.4 2.9 2.7 0.2 0.2 6.5 6.5 0.4 0.4
Godawari Power andIspat Buy 74 102 241 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4
Oil & Gas
Cairn India Buy 288 345 55,016 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.8 0.8 0.8 16.5 13.6 1.8 1.5
GAIL Neutral 299 - 37,902 52,102 52,876 15.7 16.1 34.1 35.7 8.8 8.4 1.4 1.2 16.4 15.3 0.3 0.2
ONGC Buy 321 372 274,246 170,063 193,024 36.3 36.9 34.7 38.3 9.3 8.4 1.6 1.4 18.3 17.9 1.3 1.0
Reliance Industries Neutral 830 - 268,188 380,031 407,721 9.9 69.3 69.3 78.0 12.0 10.7 1.2 1.1 11.5 11.7 0.6 0.6
Gujarat Gas* Neutral 189 - 2,423 3,707 3,850 11.7 12.4 23.7 25.7 8.0 7.4 2.2 1.9 29.6 28.2 0.5 0.5
Indraprastha Gas Neutral 266 - 3,718 3,700 4,218 23.4 22.8 26.7 30.4 10.0 8.7 2.1 1.8 22.7 21.8 1.1 0.9
Petronet LNG Buy 120 167 8,981 40,356 40,872 5.8 6.4 15.0 16.7 8.0 7.2 1.7 1.4 23.0 21.5 0.3 0.3
Gujarat State PetronetLtd.
Neutral 53 - 2,985 1,171 1,287 91.9 91.9 10.1 11.3 5.3 4.7 0.9 0.7 17.3 16.8 - -
Pharmaceuticals
Alembic Pharma Accumulate 127 139 2,386 1,736 2,008 17.1 18.9 10.7 13.9 11.8 9.1 3.7 2.8 35.0 34.7 1.4 1.2
Aurobindo Pharma Buy 177 271 5,146 6,641 7,637 15.9 15.9 17.3 20.6 10.2 8.6 1.6 1.4 19.5 18.9 1.2 1.0
Aventis* Neutral 2,442 - 5,623 1,682 1,917 16.6 16.6 92.4 99.1 26.4 24.6 3.7 3.7 15.7 14.8 2.9 2.4
Cadila Healthcare Buy 762 929 15,610 7,280 8,640 15.5 15.7 38.3 46.5 19.9 16.4 4.3 3.5 23.5 23.5 2.4 2.0
Cipla Buy 388 477 31,133 9,274 10,796 23.1 23.1 21.0 23.8 18.5 16.3 3.0 2.5 17.2 16.8 3.0 2.5
Dr Reddy's Buy 2,164 2,535 36,773 13,377 15,350 20.4 20.1 112.3 126.8 19.3 17.1 4.1 3.4 23.5 21.8 2.7 2.4
Dishman Pharma Buy 55 168 445 1,394 1,534 22.5 22.4 15.0 16.8 3.7 3.3 0.4 0.4 11.0 11.2 1.0 0.8
GSK Pharma* Neutral 2,331 - 19,740 2,854 3,145 28.6 28.6 76.6 83.3 30.4 28.0 9.1 8.3 31.1 31.0 6.0 5.4
Indoco Remedies Buy 64 78 589 760 922 15.3 15.3 6.1 7.8 10.5 8.2 1.3 1.1 12.9 14.7 1.0 0.8
Ipca labs Accumulate 631 665 7,959 3,243 3,826 20.5 21.5 36.0 44.4 17.5 14.2 4.1 3.3 26.0 25.4 2.5 2.1
Lupin Buy 771 877 34,541 11,641 13,933 21.3 21.3 34.8 41.8 22.2 18.5 5.2 4.1 26.2 24.8 3.0 2.4
Ranbaxy* Neutral 318 - 13,438 11,400 12,060 10.5 12.5 17.5 22.5 18.2 14.1 2.9 2.5 17.0 19.1 1.1 1.0
Sun Pharma Neutral 974 - 100,663 13,509 15,846 41.0 41.0 33.0 39.8 29.5 24.5 5.9 4.9 22.0 22.0 6.6 5.5
Power
GIPCL Accumulate 68 78 1,035 1,444 1,482 33.4 33.0 13.7 14.8 5.0 4.6 0.6 0.5 12.3 12.0 0.8 0.5
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
12/14
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
Power
NTPC Buy 140 163 115,808 76,734 86,680 24.5 24.3 13.4 14.5 10.5 9.7 1.3 1.2 12.8 12.7 2.2 2.1
Real Estate
DLF Buy 176 236 31,359 8,293 9,622 36.5 36.1 5.7 6.7 30.9 26.1 1.1 1.1 3.7 4.1 5.7 4.8
MLIFE Buy 402 476 1,641 888 1,002 30.6 30.6 38.8 43.4 10.3 9.3 1.2 1.1 11.2 11.4 2.4 2.1
Telecom
Bharti Airtel Buy 281 328 112,367 86,592 95,860 31.4 31.8 10.9 14.5 25.8 19.3 2.0 1.8 7.7 9.3 1.9 1.6
Idea Cellular Neutral 140 - 46,252 25,122 27,663 27.0 27.2 4.0 4.8 35.2 29.3 2.9 2.7 8.3 9.1 2.2 2.0Rcom Neutral 116 - 23,870 22,801 24,628 31.0 31.3 3.6 5.3 32.5 22.0 0.7 0.7 2.2 3.1 2.6 2.3
Others
Abbott India* Buy 1,422 1,659 3,022 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.1 4.0 3.4 21.6 21.5 1.4 1.1
Bajaj Electricals Buy 171 237 1,701 3,885 4,472 5.4 7.2 11.0 19.7 15.6 8.6 2.1 1.8 13.5 20.3 0.4 0.4
Cera Sanitaryware Accumulate 496 562 628 630 795 14.4 13.6 42.8 51.1 11.6 9.7 2.8 2.2 26.6 25.2 1.0 0.8
Cravatex Buy 305 459 79 248 284 6.5 7.3 27.2 38.2 11.2 8.0 1.8 1.5 15.7 18.5 0.5 0.4
Finolex Cables Buy 48 68 733 2,563 2,899 9.8 9.8 10.1 11.3 4.8 4.2 0.7 0.6 14.3 13.8 0.2 0.2
Force Motors Buy 270 437 352 2,304 2,649 3.1 3.6 28.0 43.7 9.6 6.2 0.3 0.3 3.1 4.7 0.1 0.1
Goodyear India* Buy 294 345 679 1,458 1,542 8.3 9.0 32.3 37.0 9.1 7.9 1.7 1.4 19.5 19.3 0.3 0.2
Hitachi Buy 128 177 347 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* Neutral 2,362 - 2,088 1,842 2,131 7.7 7.8 112.4 132.4 21.0 17.8 2.6 2.3 13.3 13.8 1.0 0.9
IFB Agro Buy 144 198 130 495 651 12.7 12.9 29.3 39.5 4.9 3.7 0.7 0.6 15.4 17.6 0.4 0.3
ITD Cementation Buy 154 234 177 1,430 1,573 11.1 11.0 19.1 26.9 8.1 5.7 0.4 0.4 4.9 6.3 0.5 0.5
Jyothy Laboratories Accumulate 178 199 2,953 1,220 1,476 13.3 13.6 5.5 9.0 32.3 19.7 3.7 3.3 12.1 17.7 2.8 2.2
MRF Buy 12,508 14,416 5,305 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.0 6.9 1.5 1.2 23.5 19.2 0.5 0.5
Page Industries Accumulate 4,110 4,611 4,584 1,057 1,282 19.4 19.6 124.8 153.7 32.9 26.7 16.3 12.0 56.3 51.8 4.4 3.6Relaxo Footwears Neutral 797 - 957 1,146 1,333 10.9 11.4 45.9 60.9 17.4 13.1 3.6 2.9 23.0 24.6 1.0 0.8
Siyaram Silk Mills Buy 227 343 212 1,158 1,322 11.9 11.9 72.9 85.7 3.1 2.7 0.6 0.5 19.9 19.6 0.4 0.4
Styrolution ABS India* Buy 388 617 682 1,068 1,223 9.6 9.6 38.1 44.1 10.2 8.8 1.4 1.2 14.5 14.7 0.6 0.5
TAJ GVK Buy 60 108 373 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.6 1.3
Tata Sponge Iron Buy 284 371 437 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -
TTK Healthcare Buy 483 686 375 435 516 6.2 7.1 24.3 33.3 19.9 14.5 3.3 2.8 17.6 20.8 0.7 0.6
Tree House Buy 240 297 863 153 194 53.0 52.8 12.4 15.6 19.4 15.3 2.3 2.0 11.8 13.1 5.8 4.5
TVS Srichakra Buy 174 252 133 1,591 1,739 6.1 6.6 24.5 41.9 7.1 4.2 0.8 0.7 10.9 17.2 0.3 0.3
United Spirits Neutral 2,226 - 32,346 12,294 14,162 12.0 12.0 42.1 67.7 52.9 32.9 3.7 3.4 9.1 10.7 3.0 2.6
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
13/14
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
Others
Vesuvius India* Buy 358 439 728 600 638 20.1 19.4 35.7 36.6 10.1 9.8 1.8 1.6 19.4 17.1 1.0 0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 27, 2013
www.angelbroking.com
Market Outlook
Stock Watch
June 28, 2013
-
7/28/2019 Market Outlook, 28-06-2013
14/14
Market OutlookJune 28, 2013