market outlook 291112

7/30/2019 Market Outlook 291112

1/13

Market Outlook November 29, 2012

www.angelbroking.com


Dealers Diary The Indian market is expected to open in the green today tracing positive openingtrades in the SGX Nifty and major Asian indices. Most of the Asian bourses rose as

U.S. lawmakers said they are optimistic for an agreement to avoid automaticspending cuts and tax increases and as the leader of opposition party in Japancalled for unlimited monetary policy easing.

The US markets after showing a notable move to the downside in early trading,showed a substantial turnaround over the course of the trading day on

Wednesday. The rebound reflected optimism about the U.S. potentially avoidingthe looming fiscal cliff. Meanwhile, the European bourses ended the tradingsession on Wednesday with mixed results. The looming fiscal cliff debate in theUnited States was a source of weakness in early trade. However, the markets cameoff their early lows after statements made by the House Speaker John Boehner, R-Ohio, which helped to reassure investors that a deal can be reached.

The domestic markets were closed on Wednesday due to a holiday. Meanwhile,they rallied on Tuesday amid all-round buying after global credit rating agency Moody's maintained India's rating outlook at stable, citing strong GDP growth rateas well as savings and investment rates that exceed emerging market averages.Global cues, particularly agreement to provide more funding for debt-strickenGreece and indication by Indian government that it is was not averse to debate theissue of FDI in multi-brand retail under any rule, also uplifted sentiments.

Markets Today The trend deciding level for the day is 18,774 / 5,706 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 18,931 19,020 / 5,754 5,781 levels. However, if NIFTY trades below18,774 / 5,706 levels for the first half-an-hour of trade then it may correct up to18,685 18,528 / 5,679 5,631 levels.

SENSEX 18,528 18,685 18,774 18,931 19,020NIFTY 5,631 5,679 5,706 5,754 5,781

News Analysis Government disallows RIL's US$ 1bn expense on KG-D6 SBI led consortium agree to recast Suzlon debt MSIL pleads inability to pay ` 1,200cr more for the Manesar plant land Crompton Greaves to set up a new plant

APTY to invest US$1bn over next five yearsRefer detailed news analysis on the following page

Net Inflows (November 23, 2012)

FII 1,554 1,346 208 6,149 54,497MFs 274 483 (209) (1,266) (10,810)

FII Derivatives (November 27, 2012)

Index Futures 5,381 4,038 1,343 12,264Stock Futures 10,570 10,430 140 33,440

Gainers / Losers

Videocon Inds 203 20.0 Hindustan Copp 153 (10.0)Unitech 29 11.1 Jet Air India 542 (3.3)Suzlon Energy 17 10.0 JSW ENERGY 61 (2.7)United Spirits 2,075 6.9 Glenmark Pharma 437 (2.5)

ADANI POWER 50 5.8 NMDC 159 (2.4)

BSE Sensex 1.7 305.1 18,842

Nifty 1.6 91.6 5,727

MID CAP 1.2 78.5 6,742SMALL CAP 0.9 66.1 7,183

BSE HC 1.0 78.5 7,836

BSE PSU 0.3 18.7 6,985

BANKEX 1.8 242.1 13,381

AUTO 1.0 101.4 10,629

METAL 1.4 135.0 10,032

OIL & GAS 1.2 92.9 8,061

BSE IT 1.2 72.1 5,877

Dow Jones 0.8 107.0 12,985NASDAQ 0.8 24.0 2,992

FTSE 0.1 3.6 5,803

Nikkei (1.2) (115.0) 9,308

Hang Seng (0.6) (135.1) 21,709

Straits Times (0.1) (2.8) 3,009

Shanghai Com (0.9) (17.6) 1,974

INFY (0.4) (0.2) $43.4

WIT (0.1) (0.0) $8.4IBN 0.7 0.3 $38.8

HDB (1.3) (0.5) $40.3

Advances 1,745 1,002

Declines 1,146 512

Unchanged 126 82

BSE 3,257NSE 13,503


2/13



Government disallows RIL's US$ 1bn expense on KG-D6

Media reports suggest that the government has disallowed US$1bn expense ofReliance Industries (RIL) on the KG-D6 gas fields for not implementing theapproved field development plan. The average gas production from KG-DWN-

98/3 (KG-D6 block) currently stands at 29.81mmscmd compared to the targeted86.73mmscmd in the field development plans for D1, D3 and MA fields in thisblock, which are currently on production. However, RIL has initiated arbitrationproceedings where the company and the government have appointed arbitratorsto decide on the issue. We await further clarity on the issue and untill then

.

SBI led consortium agree to recast Suzlon debt

As per media reports, SBI led consortium lenders have agreed to consider

` 11,000cr corporate debt restructuring proposal of Suzlon and the deal can beexpected to get concluded in the next few months. SBI and IDBI, are two largestlender to Suzlon, with unconfirmed exposure of ~ ` 3,600cr and ` 2,000cr. Othermajor PSU lenders include BOB (~ ` 970cr) and IOB (~ ` 950cr). Private banks suchas Axis, ICICI and Yes have relatively lesser exposure at around ` 400cr, ` 380crand ` 200cr, respectively. If the deal concludes, these banks will see higherprovisioning on their exposure at the rate of 2.75% (which was raised recently by 75bp) in the coming quarter.

MSIL pleads inability to pay ` 1,200cr more for the Manesarplant land

As per media report, Maruti Suzuki (MSIL) has pleaded inability to pay over ` 1,200cr by way of enhanced land acquisition dues for 600acres it acquired forthe Manesar plant in 2002. The company has urged the Supreme Court to hear itbefore taking a call on the enhanced compensation amount for farmers. The issuerelates to the land acquisition for the Manesar plant which happened over threephases (land for Phase I was acquired in 1994, Phases II and III were acquired in2002). MSIL has 600acres in Manesar where it has two car manufacturing plantsand a third plant is under construction. The total installed capacity at the Manesarplant is 550,000 units and it manufactures products like Swift, Dzire, A Star and

SX4. At ` 1,493, the stock is trading at 15.8x FY2014 earnings. We await moreclarity to emerge on this development.

Crompton Greaves to set up a new plant

Crompton Greaves(CG), is setting up a greenfield plant in Jigani Industrial Area tomanufacture intelligent electronic devices (IEDs), critical in the control andmonitoring of power systems. The plant will also assemble control and relay panels using these IEDs, complying with the latest Substation Automationstandards. This plant will be the base for manufacturing in India the entire rangeof protection, control and communication products from CG's Automation Business


3/13



Unit. Covering 4050 sq m, the plant will employ 30 people in its first year ofoperations.

APTY to invest US$1bn over next five years

Apollo Tyres (APTY) has announced a major investment plan of US$1bn over thenext five years to expand its global footprint, which will include setting up newplants in South East Asia and Eastern Europe. While the announcement to set upnew plants was already made during the 2QFY2013 results conference call; thequantum of investments and capacity details were not announced earlier. Thebelow table gives the details of the expansion plan

Exhibit 1: Expansion plan

South East Asia Phase I US$250-300mn 16,000 PCR/day Thailand/ Indonesia

1,500 TBR/day

Phase II US$200mn 24,000 PCR/day

3,000 TBR/day

Eastern Europe US$300mn 7mn PCR/year Poland/Hungary

Netherlands EUR50mn 1.5mn units/year Existing plant

Kalamassery, Kerala INR200cr Convert existingbias facility to OHT Existing plant

Source: Company, Angel Research

The company is looking to start work on the Phase I of the South East Asian plantfollowed by a greenfield plant in Eastern Europe. As far as the funding isconcerned, the company intends to meet the requirement through internal accrualsand by raising US$150mn via QIP. We believe that the company will have to go infor additional financing in order to meet its ambitious capex plan. Further, raisingof money through QIP is likely to result in equity dilution of ~15%. While theannouncement of the expansion plan is certainly positive for the company in thelong term; we believe timely execution would be the key. Also massive investmentsand equity dilution will remain a major overhang on the stock.

Economic and Political News

India investment grade outlook stable: Moody's Indian exports hit by Iran currency crisis Cabinet may again discuss hiking ration sugar price FM hopeful of early passage of micro-finance Bill

Corporate News

Telenor in talks to merge India ops with Tata Tele

Vedanta to offer 'fair' price for HZL, Balco Tata Motors launches passenger cars in Bangladesh IT spending of Indian telecom vertical grew 14.3% in FY12

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


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg DataLast Reported Estimated

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

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

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

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

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

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

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

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

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

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

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

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

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

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 --December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --

11:00PM US FOMC rate decision % Dec 12 0.25 --

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

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

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

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

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

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

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --3:00PM UK CPI (YoY) % Change Nov 2.70 --

Source: Bloomberg, Angel Research

November 29, 2012

Market Outlook


5/13



Macro watch

Exhibit 1:

Source: CSO, Angel Research

Exhibit 2:

Source: MOSPI, Angel Research

Exhibit 3:

Source: MOSPI, Angel Research

Exhibit 4:

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

Exhibit 5:

Source: Bloomberg, Angel Research

Exhibit 6:

Source: RBI, Angel Research

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

4 Q F Y 0 9

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

(%)

(5.0)

6.0

2.7

1.0

4.3

(2.8) (1.3)

2.5

(2.0)(0.2)

2.3

(0.4)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

O c t - 1

1

N o v -

1 1

D e c - 1

1

J a n - 1

2

F e b

- 1 2

M a r -

1 2

A p r -

1 2

M a y -

1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

(%)

9.5

7.76.9 7.4

7.7 7.5 7.6 7.6 7.58.0 7.8 7.5

0.01.02.03.04.05.06.07.08.09.0

10.0

N o v -

1 1

D e c -

1 1

J a n - 1

2

F e

b - 1

2

M a r -

1 2

A p r -

1 2

M a y -

1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

O c t - 1

1

N o v -

1 1

D e c -

1 1

J a n - 1

2

F e

b - 1

2

M a r -

1 2

A p r -

1 2

M a y -

1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

45.0

N o v -

1 1

D e c -

1 1

J a n - 1

2

F e

b - 1

2

M a r -

1 2

A p r -

1 2

M a y -

1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

Exports yoy growth Im ports yoy growth(%)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

N o v -

1 1

D e c -

1 1

J a n - 1

2

F e

b - 1

2

M a r -

1 2

A p r -

1 2

M a y -

1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

N o v -

1 2

Repo rate Reverse Repo rate CRR (%)


6/13

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 158 - 3,066 1,466 1,686 14.8 14.8 7.0 8.1 22.5 19.5 4.8 4.1 22.6 22.5 2.2 1.9

United Phosphorus Buy 112 170 5,153 8,421 9,263 16.5 16.5 15.0 17.0 7.5 6.6 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 254 - 4,344 2,911 3,321 16.2 16.2 17.3 19.8 14.7 12.8 4.0 3.2 31.1 27.6 1.4 1.2

Apollo Tyres Buy 84 104 4,209 13,713 15,341 11.2 11.2 12.5 14.8 6.7 5.6 1.2 1.0 20.2 19.9 0.5 0.4 Ashok Leyland Accumulate 28 31 7,410 14,490 16,606 9.5 9.6 2.2 2.9 12.5 9.8 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Buy 368 430 556 993 1,140 11.6 11.5 36.9 43.0 10.0 8.6 2.0 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,859 - 53,806 21,121 23,642 18.4 18.5 108.7 122.6 17.1 15.2 7.1 5.7 46.2 41.6 2.2 1.9Bharat Forge Buy 258 324 6,014 6,754 7,565 15.5 15.7 18.8 23.2 13.8 11.2 2.4 2.0 18.5 19.7 1.1 0.9

Bosch India* Neutral 8,911 - 27,979 8,776 10,276 16.6 18.0 331.9 417.7 26.9 21.3 5.0 4.2 18.7 19.5 2.9 2.4CEAT Buy 103 163 352 4,989 5,634 8.2 8.5 27.1 40.8 3.8 2.5 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 145 155 12,334 6,229 7,200 14.8 15.8 7.2 9.0 20.2 16.2 3.5 3.0 18.5 19.9 1.7 1.4FAG Bearings* Neutral 1,675 - 2,783 1,489 1,750 16.5 17.5 103.3 126.9 16.2 13.2 3.2 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,842 1,956 36,778 24,743 27,996 14.8 15.2 118.2 130.4 15.6 14.1 6.7 5.3 48.3 41.9 1.2 1.0JK Tyre Buy 113 165 463 7,517 8,329 6.6 6.6 37.2 41.3 3.0 2.7 0.5 0.5 18.8 17.8 0.3 0.3Mahindra and Mahindra Accumulate 929 986 57,017 40,035 46,272 11.5 11.6 54.7 62.8 17.0 14.8 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,493 - 43,143 42,019 50,246 7.3 8.6 66.1 94.4 22.6 15.8 2.6 2.2 11.9 15.1 0.9 0.7Motherson Sumi Neutral 174 - 10,252 24,285 27,317 6.7 7.2 8.1 10.6 21.7 16.5 4.6 3.7 22.9 24.7 0.6 0.5

Subros Buy 31 35 183 1,286 1,479 9.4 9.7 2.6 5.1 11.8 6.0 0.7 0.6 5.6 10.3 0.4 0.4Tata Motors Buy 266 319 70,998 192,330 219,770 12.8 13.1 37.0 44.5 7.2 6.0 2.0 1.5 31.2 28.9 0.4 0.4

TVS Motor Buy 37 45 1,765 7,466 8,290 6.2 6.3 4.8 5.6 7.8 6.6 1.3 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 704 573 14,928 7,796 9,907 4.8 7.8 9.2 22.0 76.6 32.0 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 268 - 1,933 3,605 4,542 11.8 10.7 25.1 27.9 10.7 9.6 1.6 1.4 31.1 27.1 1.0 0.9BHEL Neutral 224 - 54,826 47,801 43,757 18.5 18.0 24.6 21.8 9.1 10.3 2.7 2.3 33.5 24.5 1.0 1.1

Blue Star Buy 190 242 1,709 2,763 2,948 3.1 5.6 2.6 8.6 72.3 22.2 4.2 3.7 5.9 17.6 0.7 0.6Crompton Greaves Buy 116 145 7,461 12,370 14,277 5.2 7.3 4.0 7.8 29.1 14.9 2.0 1.8 6.9 12.6 0.6 0.6Jyoti Structures Buy 44 53 360 2,794 3,048 10.6 10.6 9.2 11.7 4.8 3.7 0.5 0.4 10.9 12.5 0.4 0.4

KEC International Buy 63 73 1,609 6,858 7,431 7.1 7.5 8.3 9.8 7.6 6.4 1.3 1.1 25.1 24.0 0.4 0.3LMW Neutral 2,096 - 2,361 2,369 2,727 11.7 11.7 143.4 166.0 14.6 12.6 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 571 - 6,799 5,514 5,813 9.3 10.2 28.1 31.2 20.3 18.3 3.6 3.2 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 29, 2012


7/13



Cement

ACC Neutral 1,392 - 26,133 11,085 12,415 21.6 21.4 79.4 83.1 17.5 16.8 3.4 3.1 20.1 19.2 2.1 1.7 Ambuja Cements Neutral 206 - 31,670 10,272 11,884 26.4 26.1 11.5 12.9 18.0 15.9 3.9 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 85 - 2,608 4,293 4,666 17.7 18.1 8.6 10.8 9.9 7.9 0.7 0.7 7.5 9.0 1.0 0.9J K Lakshmi Cements Accumulate 134 143 1,638 2,082 2,423 22.9 23.1 20.8 22.5 6.4 6.0 1.1 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 205 - 4,866 3,814 4,045 29.3 27.5 18.7 19.2 10.9 10.6 2.0 1.7 19.9 17.4 1.9 1.7Shree Cements^ Neutral 4,367 - 15,215 5,701 6,210 29.7 28.1 240.7 260.7 18.1 16.8 4.4 3.6 27.1 23.6 2.1 1.7

UltraTech Cement Neutral 1,880 - 51,532 21,368 24,043 22.5 23.5 103.5 121.4 18.2 15.5 3.4 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 205 304 1,079 2,034 2,315 22.4 22.4 27.1 31.7 7.6 6.5 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 12 - 222 2,262 2,522 6.7 7.5 1.5 2.7 8.1 4.5 0.4 0.3 4.4 7.5 0.4 0.3IRB Infra Buy 126 164 4,193 3,843 4,212 43.1 43.6 16.8 17.8 7.5 7.1 1.3 1.1 18.3 17.0 3.2 3.5ITNL Buy 184 225 3,573 6,564 7,054 27.2 27.4 26.3 29.0 7.0 6.3 1.1 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 40 - 1,217 4,249 6,897 7.8 8.2 0.3 3.3 128.6 12.0 0.5 0.5 0.4 4.4 0.9 0.6Jaiprakash Asso. Accumulate 93 100 19,794 13,842 15,863 26.9 26.4 3.7 4.6 25.4 20.4 1.5 1.4 6.2 7.3 2.9 2.6

Larsen & Toubro Accumulate 1,620 1,748 99,593 60,556 69,167 11.2 11.6 73.8 85.5 22.0 18.9 3.5 3.1 13.5 14.1 1.8 1.6Nagarjuna Const. Neutral 43 - 1,111 5,947 6,569 8.5 8.6 3.1 4.1 14.0 10.5 0.5 0.4 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 51 - 1,685 11,892 13,116 9.0 9.0 1.8 3.2 28.1 15.8 0.6 0.6 2.5 3.7 0.6 0.5Sadbhav Engg. Buy 136 168 2,046 2,344 2,804 10.6 10.7 7.2 8.7 18.9 15.6 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 182 251 901 6,882 8,032 9.1 9.1 23.2 31.3 7.9 5.8 0.7 0.6 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 136 152 6,800 6,392 7,238 2.7 2.8 30.3 33.3 4.5 4.1 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 105 - 5,853 4,731 5,431 2.9 3.0 21.5 21.8 4.9 4.8 0.8 0.7 15.2 13.8 - -

Axis Bank Accumulate 1,290 1,476 55,054 15,686 18,687 3.1 3.2 116.8 138.0 11.1 9.4 2.0 1.8 20.0 20.2 - -Bank of Baroda Accumulate 729 817 28,555 15,436 18,208 2.5 2.6 111.8 137.4 6.5 5.3 1.0 0.9 15.8 17.0 - -

Bank of India Accumulate 273 294 15,641 12,491 14,883 2.2 2.4 43.8 63.7 6.2 4.3 0.8 0.7 12.1 15.8 - -Bank of Maharashtra Neutral 55 - 3,258 3,563 3,876 3.1 3.1 9.7 12.0 5.7 4.6 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 437 - 19,355 10,699 12,213 2.1 2.2 67.3 80.1 6.5 5.5 0.9 0.8 13.7 14.6 - -Central Bank Neutral 74 - 5,462 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.5 0.8 0.6 12.7 14.9 - -

Corporation Bank Accumulate 407 445 6,036 4,780 5,569 2.0 2.1 101.8 99.2 4.0 4.1 0.7 0.6 17.0 14.7 - -Dena Bank Buy 107 123 3,754 3,087 3,453 2.7 2.8 25.9 24.1 4.1 4.5 0.8 0.7 19.4 15.6 - -

Federal Bank Accumulate 461 491 7,888 2,617 2,968 3.3 3.2 45.9 51.7 10.1 8.9 1.3 1.1 13.1 13.3 - -


Market Outlook

Stock Watch

November 29, 2012


8/13



Financials

HDFC Neutral 797 - 122,877 7,336 8,802 3.5 3.5 31.5 37.8 25.3 21.1 5.1 4.5 34.8 32.1 - -HDFC Bank Reduce 680 621 160,772 21,696 26,811 4.4 4.5 28.7 36.0 23.7 18.9 4.5 3.8 20.7 22.0 - -

ICICI Bank Buy 1,034 1,270 118,899 22,271 26,690 3.0 3.0 69.2 83.1 14.9 12.5 1.8 1.7 14.2 15.7 - -IDBI Bank Neutral 102 - 13,033 7,684 9,264 1.8 2.1 15.6 22.0 6.6 4.7 0.7 0.6 10.9 13.9 - -

Indian Bank Accumulate 182 195 7,822 5,874 6,551 3.2 3.2 40.6 41.8 4.5 4.4 0.7 0.7 18.1 16.4 - -IOB Neutral 76 - 6,017 7,050 8,313 2.3 2.5 12.3 19.9 6.2 3.8 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,347 - 6,531 2,762 2,885 3.6 3.6 226.7 193.0 5.9 7.0 1.3 1.2 24.4 17.7 - -LIC Housing Finance Buy 249 298 12,589 1,799 2,255 2.3 2.4 20.3 27.3 12.3 9.1 2.0 1.7 16.9 19.7 - -Oriental Bank Accumulate 319 347 9,293 6,277 7,090 2.6 2.7 60.5 65.1 5.3 4.9 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 754 843 25,579 19,652 22,601 3.2 3.3 135.0 164.3 5.6 4.6 1.0 0.8 16.3 17.3 - -South Ind.Bank Accumulate 23 25 3,092 1,556 1,750 2.8 2.7 3.5 3.9 6.7 6.0 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,112 2,437 141,738 61,883 71,546 3.4 3.4 227.2 257.5 9.3 8.2 1.6 1.4 17.8 17.7 - -Syndicate Bank Accumulate 121 131 7,290 6,756 7,783 3.0 3.0 26.3 27.1 4.6 4.5 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 72 - 4,786 5,234 6,097 2.3 2.4 11.8 14.7 6.1 4.9 1.0 0.8 11.9 13.4 - -Union Bank Accumulate 234 250 12,886 9,912 11,536 2.8 2.9 40.4 46.7 5.8 5.0 1.0 0.8 16.1 16.4 - -United Bank Accumulate 68 74 2,437 3,500 3,912 2.6 2.8 15.8 21.2 4.3 3.2 0.6 0.5 13.1 15.7 - -

Vijaya Bank Neutral 56 - 2,753 2,354 2,754 2.0 2.2 7.4 10.2 7.5 5.5 0.8 0.7 9.3 11.9 - -Yes Bank Accumulate 435 492 15,502 3,270 4,240 2.8 3.0 34.5 42.2 12.6 10.3 2.7 2.2 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,123 - 39,551 11,198 13,184 16.2 16.2 123.7 146.4 33.4 28.2 11.4 8.9 38.1 35.4 3.5 2.9Britannia Buy 486 584 5,805 5,627 6,581 4.9 5.7 18.3 24.7 26.5 19.7 9.7 7.4 39.1 42.7 1.0 0.8

Colgate Neutral 1,422 - 19,344 3,146 3,573 20.6 21.4 36.4 42.5 39.1 33.5 36.2 30.3 102.0 98.5 6.0 5.2Dabur India Neutral 124 - 21,673 6,124 7,101 17.0 16.8 4.5 5.2 27.8 23.8 11.5 9.1 43.2 41.5 3.6 3.0

GlaxoSmith Con* Neutral 3,685 - 15,499 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.3 29.8 11.0 8.8 34.4 32.8 4.6 3.9Godrej Consumer Neutral 709 - 24,144 6,355 7,548 18.4 18.6 22.8 27.6 31.1 25.7 7.1 5.8 26.4 26.1 4.0 3.3

HUL Neutral 541 - 117,015 25,350 28,974 13.3 13.5 14.7 17.1 36.7 31.8 29.1 20.5 84.5 75.8 4.4 3.8ITC Neutral 294 - 231,173 29,409 34,060 35.7 36.1 9.3 10.9 31.5 26.9 10.5 8.7 35.8 35.3 7.5 6.5

Marico Neutral 216 - 13,893 4,840 5,643 13.1 13.1 6.2 7.8 34.9 27.7 6.7 5.4 25.4 22.6 2.9 2.4Nestle* Neutral 4,616 - 44,506 8,529 10,079 20.8 21.1 113.1 137.8 40.8 33.5 24.5 17.1 70.5 60.2 5.3 4.4Tata Global Neutral 163 - 10,083 7,207 7,927 9.7 10.0 6.6 7.8 24.7 20.9 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

November 29, 2012


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IT

HCL Tech^ Neutral 643 - 44,629 24,214 26,772 19.5 18.1 44.0 48.0 14.6 13.4 3.5 2.9 24.0 22.0 1.8 1.5Hexaware* Buy 110 135 3,250 1,944 2,159 21.8 21.1 11.4 12.2 9.6 9.0 2.5 2.1 26.4 24.1 1.4 1.2

Infosys Neutral 2,469 - 141,787 39,174 41,580 29.5 30.4 159.2 171.6 15.5 14.4 3.7 3.3 24.1 23.1 3.1 2.8Infotech Enterprises Accumulate 187 202 2,087 1,886 2,032 17.9 17.3 18.7 20.2 10.0 9.3 1.5 1.3 14.9 14.0 0.8 0.6

KPIT Cummins Neutral 128 - 2,298 2,195 2,317 15.5 15.0 10.7 12.1 12.0 10.7 2.6 2.1 21.0 19.8 1.0 0.9Mahindra Satyam Accumulate 102 115 12,057 7,597 8,141 20.0 18.8 9.7 10.4 10.6 9.8 2.9 2.3 27.5 22.9 1.2 1.0

Mindtree Accumulate 690 747 2,837 2,324 2,437 20.0 17.7 73.3 74.7 9.4 9.3 2.2 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 399 - 8,392 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.7 1.5 1.4 14.3 12.6 1.0 0.9NIIT Accumulate 33 36 542 1,048 1,161 9.3 10.9 4.2 6.2 7.8 5.3 0.8 0.8 10.5 14.1 0.3 0.2

Persistent Neutral 479 - 1,915 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.9 1.9 1.6 19.0 17.9 1.2 1.0TCS Accumulate 1,295 1,410 253,480 61,053 67,313 28.7 29.1 69.7 76.2 18.6 17.0 6.1 5.0 32.6 29.1 3.9 3.5

Tech Mahindra Buy 893 1,070 11,398 6,603 7,150 19.8 18.4 92.9 102.0 9.6 8.8 2.3 1.8 23.7 21.0 1.8 1.6 Wipro Accumulate 379 421 93,258 43,219 47,241 20.0 20.0 26.1 28.1 14.5 13.5 2.8 2.4 19.3 17.9 1.8 1.6

Media

D B Corp Buy 216 259 3,967 1,581 1,784 23.3 25.0 11.6 14.4 18.7 15.0 3.6 3.1 21.0 22.3 2.4 2.1HT Media Accumulate 100 113 2,361 2,111 2,272 15.0 15.2 7.4 8.3 13.6 12.2 1.5 1.3 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 102 117 3,229 1,503 1,681 23.1 23.1 6.4 7.3 16.0 14.1 4.0 3.5 25.8 26.5 2.3 2.0PVR Neutral 237 - 684 625 732 17.4 17.1 13.3 15.6 17.8 15.2 1.9 1.7 13.2 13.8 1.5 1.3

Sun TV Network Neutral 389 - 15,318 1,942 2,237 77.2 75.5 17.6 19.1 22.1 20.4 5.5 4.9 25.8 25.2 7.4 6.4

Metals & Mining

Bhushan Steel Neutral 459 - 9,737 11,307 14,287 29.5 29.1 45.1 51.0 10.2 9.0 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 363 - 229,158 66,666 70,292 25.7 27.3 24.2 26.6 15.0 13.6 4.4 3.6 33.1 29.1 2.5 2.2

Electrosteel Castings Accumulate 26 29 905 1,984 2,074 10.6 11.6 0.8 2.0 31.3 12.9 0.5 0.2 1.7 4.1 0.7 0.6Hind. Zinc Accumulate 136 145 57,422 12,446 13,538 52.3 52.9 15.0 16.4 9.1 8.3 1.8 1.5 21.4 19.7 2.7 2.1

Hindalco Neutral 112 - 21,520 79,148 89,258 9.4 9.0 15.0 15.6 7.5 7.2 0.6 0.6 8.8 8.4 0.7 0.6JSW Steel Neutral 735 - 16,406 39,586 41,459 17.6 17.0 78.7 90.1 9.4 8.2 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 238 261 3,993 941 1,019 47.3 48.3 25.8 28.1 9.2 8.5 1.4 1.3 16.7 16.2 1.9 1.6Monnet Ispat Buy 274 344 1,764 2,501 3,264 22.2 24.6 41.8 55.2 6.6 5.0 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Neutral 44 - 11,443 6,898 7,841 9.9 14.7 2.0 3.2 22.4 13.9 1.0 0.9 4.3 6.8 1.2 1.1NMDC Buy 159 198 63,178 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.7 2.1 1.7 27.0 24.6 3.7 3.1

SAIL Neutral 79 - 32,466 47,252 60,351 14.2 14.8 9.6 11.7 8.2 6.7 0.7 0.7 9.4 10.6 1.1 0.9


Market Outlook

Stock Watch

November 29, 2012


10/13



Metals & Mining

Sesa Goa Accumulate 172 183 14,988 4,551 6,640 32.8 34.4 33.7 39.3 5.1 4.4 0.9 0.8 18.3 18.3 3.9 2.7Sterlite Inds Accumulate 102 110 34,262 43,185 45,442 23.3 23.7 16.8 17.9 6.1 5.7 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 376 463 36,523 145,725 154,108 8.3 9.5 22.0 44.5 17.1 8.4 0.8 0.8 4.9 9.3 0.5 0.5Sarda Accumulate 140 153 502 1,442 1,494 17.6 17.3 27.2 28.7 5.2 4.9 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 46 73 616 2,694 2,906 14.6 16.6 16.4 20.8 2.8 2.2 0.3 0.2 11.4 12.8 0.4 0.3Godawari Power andIspat Buy 118 143 373 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & GasCairn India Buy 328 382 62,633 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 0.9 22.0 17.5 2.7 2.3GAIL Neutral 339 - 43,052 46,652 54,142 15.7 15.7 34.0 35.3 10.0 9.6 1.7 1.5 18.5 16.8 0.7 0.5

ONGC Buy 250 312 213,673 147,139 154,821 33.9 33.7 30.7 32.3 8.1 7.7 1.4 1.3 18.3 17.2 1.2 1.1Reliance Industries Neutral 786 - 257,445 362,700 380,031 7.9 8.0 60.0 63.3 13.1 12.4 1.3 1.2 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 300 - 3,842 3,128 3,707 13.2 11.7 22.8 23.5 13.1 12.7 4.0 3.5 33.2 29.2 1.1 0.9Indraprastha Gas Neutral 258 - 3,617 3,213 3,643 23.3 23.5 24.3 25.7 10.6 10.0 2.4 2.1 25.0 22.1 1.2 1.1Petronet LNG Accumulate 160 183 12,011 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4Gujarat State PetronetLtd. Neutral 72 - 4,060 1,079 1,034 91.8 91.9 8.8 8.4 8.2 8.6 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 62 91 1,170 1,624 1,855 14.2 15.6 6.6 9.1 9.4 6.8 2.4 1.8 27.9 29.9 0.9 0.7 Aurobindo Pharma Neutral 180 - 5,246 5,243 5,767 14.6 14.6 11.8 12.6 15.3 14.3 1.9 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,200 - 5,067 1,482 1,682 15.5 15.5 95.1 104.4 23.1 21.1 4.1 3.2 18.6 17.0 3.2 2.8Cadila Healthcare Accumulate 820 926 16,787 6,148 7,386 18.6 19.6 32.7 44.8 25.1 18.3 5.5 4.4 23.7 26.6 3.1 2.5Cipla Accumulate 391 419 31,402 8,151 9,130 25.0 24.0 19.5 20.9 20.1 18.7 3.5 3.0 18.8 17.2 3.6 3.1

Dr Reddy's Neutral 1,785 - 30,308 10,696 11,662 20.7 21.0 83.7 92.9 21.3 19.2 4.4 3.7 22.4 20.8 3.1 2.8Dishman Pharma Buy 114 145 920 1,280 1,536 20.2 20.2 10.4 14.5 11.0 7.9 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,038 - 17,261 2,651 2,993 31.7 31.2 76.0 82.4 26.8 24.7 7.8 6.9 20.1 26.3 5.7 5.0Indoco Remedies Buy 68 89 625 685 837 15.2 15.2 7.4 8.9 9.2 7.6 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 452 485 5,702 2,850 3,474 21.0 21.0 29.9 37.3 15.1 12.1 3.6 2.9 26.7 26.4 2.2 1.8Lupin Accumulate 574 652 25,693 8,426 10,082 19.7 20.0 26.3 31.3 21.8 18.4 5.1 4.1 26.0 24.7 3.2 2.6

Orchid Chemicals #N/A 98 690Ranbaxy* Neutral 503 - 21,236 12,046 11,980 18.0 15.8 31.3 29.8 16.1 16.9 5.5 4.4 39.1 28.9 1.8 1.7Sun Pharma Neutral 700 - 72,405 9,752 12,134 41.6 41.6 26.0 28.2 26.9 24.8 5.1 4.3 20.3 18.8 6.7 5.2

Power

CESC Neutral 293 - 3,665 5,218 5,644 24.2 23.8 44.6 47.6 6.6 6.2 0.7 0.6 11.0 10.6 1.5 1.5


Market Outlook

Stock Watch

November 29, 2012


11/13



Power

GIPCL Buy 68 78 1,024 1,523 1,568 30.3 30.3 5.4 11.5 12.5 5.9 0.7 0.6 5.6 11.3 1.1 1.0NTPC Neutral 159 - 130,773 74,111 85,789 22.7 23.1 12.1 13.7 13.1 11.5 1.6 1.5 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 94 78 2,780 657 875 52.0 56.1 8.4 12.7 11.2 7.4 0.7 0.6 6.3 8.9 5.5 4.1DLF Neutral 205 - 34,847 9,878 12,033 44.7 46.1 9.6 13.4 21.4 15.3 1.4 1.3 6.4 8.7 6.0 5.0

HDIL Accumulate 107 115 4,462 2,441 3,344 55.1 48.2 22.7 26.6 4.7 4.0 0.4 0.4 8.8 9.4 3.7 2.8

MLIFE Reduce 425 396 1,733 813 901 26.2 26.6 32.0 37.1 13.3 11.5 1.4 1.3 10.4 11.0 2.5 2.2Telecom

Bharti Airtel Neutral 327 - 124,008 81,984 90,718 32.1 33.8 10.9 16.9 29.9 19.4 2.3 2.1 7.6 10.6 2.2 1.8Idea Cellular Neutral 100 - 33,143 22,234 24,161 26.9 27.7 3.3 4.9 30.3 20.3 2.3 2.1 7.7 10.3 1.9 1.7

Rcom Neutral 70 - 14,345 21,090 22,308 31.8 29.9 3.0 3.8 22.9 18.3 0.4 0.4 1.7 2.1 2.3 2.1

zOthers

Abbott India Accumulate 1,456 1,590 3,094 1,629 1,886 11.8 13.3 60.8 79.5 24.0 18.3 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 203 217 2,024 3,497 3,968 6.6 7.6 9.8 15.5 20.7 13.1 2.7 2.3 12.7 17.4 0.6 0.5Cera Sanitaryware Neutral 401 - 507 427 528 15.7 14.6 30.0 34.0 13.4 11.8 2.9 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 421 545 109 272 308 7.2 7.3 37.5 45.4 11.2 9.3 2.7 2.1 23.7 22.7 0.5 0.4CRISIL Neutral 933 - 6,556 982 1,136 34.3 34.3 34.3 40.0 27.2 23.3 12.3 9.8 50.9 46.9 6.3 5.2

Finolex Cables Buy 51 61 787 2,304 2,552 9.9 9.1 8.2 10.1 6.3 5.1 0.9 0.8 13.7 14.7 0.3 0.3Force Motors Accumulate 486 537 633 2,318 2,700 5.0 5.7 45.0 67.0 10.8 7.3 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Buy 310 360 715 1,494 1,607 6.4 7.8 23.9 33.0 13.0 9.4 2.0 1.8 16.5 20.1 0.3 0.2

Greenply Industries Neutral 295 - 712 1,925 2,235 10.6 10.9 29.6 44.1 10.0 6.7 1.6 1.3 16.8 21.0 0.7 0.5Hitachi Buy 126 146 290 873 989 4.4 6.5 6.4 12.2 19.9 10.4 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,393 2,842 2,116 1,745 1,993 4.0 5.3 59.5 90.4 40.2 26.5 3.1 2.6 8.1 11.3 1.1 0.9Styrolution ABS India* Accumulate 677 744 1,191 1,059 1,116 8.5 9.5 36.0 42.0 18.8 16.1 2.7 2.4 15.4 16.0 1.2 1.1

ITD Cementation Neutral 248 - 286 1,323 1,455 12.4 12.4 23.2 27.7 10.7 9.0 0.7 0.7 6.8 7.6 0.7 0.6Jyothy Laboratories Neutral 178 - 2,868 1,228 1,443 9.0 10.9 3.9 6.4 45.8 27.9 4.5 4.2 10.1 15.6 2.8 2.4

MCX Reduce 1,538 1,440 7,843 553 624 65.3 66.3 62.5 72.0 24.6 21.4 6.8 5.8 27.5 27.4 11.2 9.4MRF Buy 10,045 12,884 4,260 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.0 1.5 1.3 21.3 19.4 0.5 0.4Page Industries Accumulate 3,319 3,602 3,702 836 1,023 20.2 20.6 105.6 133.4 31.4 24.9 16.0 11.3 59.3 53.2 4.5 3.7

Relaxo Footwears Buy 808 933 970 1,019 1,208 11.0 12.5 47.0 66.7 17.2 12.1 4.3 3.2 28.2 30.1 1.1 0.9Sintex Industries Buy 62 79 1,846 4,751 5,189 16.3 16.6 13.6 15.8 4.5 3.9 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 302 366 283 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5


Market Outlook

Stock Watch

November 29, 2012


12/13



zOthers

S. Kumars Nationwide Neutral 14 - 403 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6SpiceJet Neutral 45 - 2,167 5,720 6,599 5.3 6.8 3.6 5.4 12.4 8.4 18.0 5.7 - - 0.5 0.4

TAJ GVK Buy 73 108 455 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6Tata Sponge Iron Buy 308 384 474 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TVS Srichakra Buy 272 335 209 1,476 1,643 7.0 8.2 32.6 55.9 8.4 4.9 1.3 1.1 16.8 24.8 0.4 0.3United Spirits Neutral 2,075 - 27,142 10,289 11,421 12.8 12.8 26.0 45.3 79.8 45.8 3.6 3.4 5.8 7.6 3.0 2.7

Vesuvius India Neutral 349 - 708 560 611 16.1 17.0 24.7 28.8 14.1 12.1 2.1 1.9 15.8 16.2 1.2 1.0Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 27, 2012


Market Outlook

Stock Watch

November 29, 2012


13/13

market outlook 291112

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