Market Outlook 1.10

Market Outlook
October 1, 2012
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.0
Nifty
1.0
53.8
5,703
MID CAP
1.1
74.5
6,607
SMALL CAP
0.9
59.4
7,018
BSE HC
1.2
92.0
7,528
US markets closed mostly lower during trading on Friday amid lingering

concerns about Europe as well as the release of disappointing U.S. economic
data, including a report showing an unexpected contraction in Chicago area
business activity in the month of September. The ISM - Chicago report showed
that business barometer dropped to 49.7 in September from 53.0 in August. A
separate report from Reuters and the University of Michigan showed that
consumer sentiments improved by less than previously estimated in September,
although the consumer sentiment index was still at a four-month high.
BSE PSU
0.9
62.9
7,416
BANKEX
0.4
47.0 13,139
AUTO
1.9
193.2 10,413
METAL
1.4
142.8 10,528
OIL & GAS
0.9
80.0
8,662
BSE IT
0.6
33.0
5,923
(Pts)
(Close)
Dow Jones
(0.4)
(48.8) 13,437
Meanwhile Indian markets rose sharply on Friday, with firm global cues and a
stronger rupee on the back of persistent capital inflows from overseas investors
underpinning sentiment. Going ahead, trading during the week is likely to be
driven by two key events, ECB meeting on Thursday and the US Labor
Department's monthly jobs report on Friday.
NASDAQ
(0.7)
(20.4)
3,116
FTSE
(0.7)
(37.4)
5,742
Nikkei
(0.9)
(79.7)
8,870
Markets Today
Indian markets are expected to open on a flat note following weak start to
most of the Asian indices which reacted negatively to economic reports
released in China. As per reports, Chinas PMI for September 2012 came in at
49.8 as against expectations of 50.2.
The trend deciding level for the day is 18,777 / 5,707 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,856 18,948 / 5,731 5,759 levels. However, if NIFTY trades below
18,777 / 5,707 levels for the first half-an-hour of trade then it may correct up to
18,684 18,606 / 5,679 5,656 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,606
18,684
18,777
18,856
18,948
NIFTY
5,656
5,679
5,707
5,731
5,759
Chg (%)
Hang Seng
0.4
Straits Times
0.0
0.9
3,060
Shanghai Com
1.5
29.9
2,086
Chg (%)
(Pts)
(Close)
INFY
1.7
0.8
$48.5
WIT
0.4
0.0
$9.0
IBN
0.6
0.3
$40.1
HDB
0.6
0.2
$37.6
Indian ADRs
NSE
Advances
1,644
693
Indias Current Account Deficit narrows for 1QFY2013

Growth in index of eight core industries remains muted in August 2012
Government approves RIL's revised filed development plan
Declines
1,248
816
151
58
Refer detailed news analysis on the following page
Volumes (` cr)
Unchanged
Net Inflows (September 27, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
5,513
4,882
631
19,408
66,127
630
810
(180)
(3,008)
(9,980)
MFs
FII Derivatives (September 28, 2012)

` cr
Purch
Sales
Index Futures
2,239
Stock Futures
1,330
Net
Open Interest
1,240
999
14,246
1,910
(580)
28,821
Gainers / Losers
Gainers
Company
Price (`)
Losers
chg (%)
Company
Tata Global
143
8.3
United Brew-$
Indian Hotels
67
6.3
United Spirits
196
6.2
3,989
224
Zee Entert
Shree Cement
Max India
www.angelbroking.com
Advances / Declines
78.1 20,840
BSE
News Analysis
Global Indices
183.2 18,763
Price (`)
chg (%)
653
(7.6)
1,218
(4.6)
JP Infratech
52
(3.7)
5.6
Indiabulls Real Est
58
(1.9)
5.5
Voltas
125
(1.8)
BSE
2,686
NSE
14,149
Market Outlook
October 1, 2012
Indias Current Account Deficit narrows for 1QFY2013

In absolute terms, Indias CAD at US$ 16.4 billion was lower in Q1 of 2012-13
than deficit of US$ 17.4 billion reported in 1QFY2012. However, CAD as a
percentage of GDP stood at 3.9% for 1QFY2013 as compared to 3.8% in the
corresponding quarter of previous year mainly due to lower GDP level on account
depreciation of rupee vis--vis US dollar.
Similarly, the trade deficit amounted to US$ 42.5 billion, lower than US$ 44.9
billion reported in the corresponding quarter of the previous year. However, as a
percentage of GDP, trade deficit widened to 10% during the quarter as compared
with 9.8% in Q1 of previous year.
Growth in merchandise exports, declined dramatically by 2.6% during 1QFY2013
as against growth of 42.7% in the same quarter of previous year while growth in
merchandise imports declined by 3.6% from 41.8% in Q1 of 2011-12 as imports
of gold & silver imports declined sharply by 47.5% as against a growth of 123.1%
in the last year and oil imports declined by 0.1% as against an increase of 52.5%
during the corresponding period in the preceding year owing to easing oil prices.
On account of global slowdown in growth, net FDI inflows declined to US$ 4.2
billion as compared to US$ 9.3 billion during the corresponding period of
previous year. At the same time, portfolio investment during the quarter recorded
an outflow of US$ 2.0 billion as against an inflow of US$ 2.3 billion.
The government financed the current account deficit mainly through debt flows
since equity flows are adversely impact on account of global economic
environment. Overall, we expected the CAD to moderate owing to decline in gold
and oil imports. However, the decline in exports in spite of significant INR
depreciation signifying moderation in global demand remains an area of concern.
We believe that the moderation in CAD to 3.9% as compared to 4.2% (US$ 21.76)
during 4QFY2012 is likely to be sentiment positive for markets and will support the
INR. In our view, the government should further its policy reform momentum for
sustained improvement in the external situation and for fiscal adjustment.
Growth in index of eight core industries remains muted in

August 2012
The Index for Eight Core Industries, having a combined weight of 37.9% in the IIP,
reported a growth of 2.1% in August 2012 as compared to 3.8% in the
corresponding period of the previous year but marginally higher than 1.8% growth
reported in July 2012. The cumulative growth rate in the April-August period
stands at 2.8 % as against growth of 5.5% during the corresponding period in
2011-12.
The muted performance of the index during the month can be attributed mainly to
deceleration in production of natural gas, fertilizer, cement and crude oil as well
as decline in production of steel and electricity.
Electricity generation (weight: 10.32%) witnessed a decline in growth to 1.7% as
compared to 9.4% growth in August 2011.
Crude Oil production (weight: 5.22%) decelerated for the third straight quarter by
0.6% in August 2012 compared to its 1.6% growth in August 2011.
Market Outlook
October 1, 2012
Natural gas production (weight: 1.71%) has witnessed de-growth throughout the
preceding year and it decelerated by 13.5% in August 2012.
Cement production (weight: 2.41%) registered de-growth of 2.4% against 8.4%
growth in August 2011and this can be mainly attributed to slowing construction
activity as a result of pick-up in monsoon.
On the flipside, petroleum refinery production (weight: 5.94%) witnessed healthy
growth of 8.4% in August 2012 while coal production (weight: 4.38%) registered a
growth of 11.0% in August 2012 mainly on account of a low base effect.
Government approves RIL's revised filed development plan

Media reports suggests that a government panel has approved Reliance Industries'
(RIL) revised Field Development Plan (FDP) for MA oilfield in the KG D6 basin
which is likely to boost production. As a part of new FDP, RIL will drill one gas well
and convert six oil wells into gas wells on the MA oilfield to raise production.
However, there is lack of clarity on the timelines and quantity of increase in
production currently. In its revised FDP, RIL has scaled down the investment
required for developing the MA oilfield by US$276mn to US$2bn. Currently, RIL is
producing 28mmsmcd of gas from MA field. Until further update, we maintain our
Neutral view on the stock.
Economic and Political News
Telcos must look at data services for revenues, not voice: Sibal
Fitch lowers India's growth forecast to 6%
August infrastructure output up 2.1% y-o-y
Corporate News
Amul to treble cheese production capacity

TVS launches Phoenix motorcycle at `53,000
Mahindra Satyam setting up development centre in Nagpur
Aurobindo Pharma's sleep disorder drug gets US nod
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
October 01, 2012
Global economic events release calendar

Date
October 01, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
India
Imports YoY%
% Change
Aug
(7.60)
--
India
Exports YoY%
% Change
Aug
(14.80)
--
UK
PMI Manufacturing
Value
Sep
49.50
--
China
PMI Manufacturing
Value
Sep
49.20
--
UK
BOE Announces rates
% Ratio
Oct 4
0.50
0.50
Euro Zone
ECB announces interest rates
Oct 4
0.75
--
US
Change in Nonfarm payrolls
Thousands
Sep
96.00
--
US
Unnemployment rate
Sep
8.10
--
October 09, 2012
UK
Industrial Production (YoY)
% Change
Aug
(0.80)
--
October 12, 2012
US
Producer Price Index (mom)
% Change
Sep
1.70
--
October 04, 2012
October 05, 2012
India
Industrial Production YoY
% Change
Aug
0.10
--
October 13, 2012
China
% Change
Sep
2.70
--
October 15, 2012
India
% Change
Sep
7.55
--
China
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.00
--
Euro Zone
Euro-Zone CPI (YoY)
Sep
2.60
--
US
Industrial Production
Sep
(1.16)
--
October 16, 2012
US
Consumer price index (mom)
% Change
Sep
0.60
--
October 17, 2012
UK
Jobless claims change
% Change
Sep
(15.00)
--
October 18, 2012
China
Industrial Production (YoY)
% Change
Sep
8.90
--
China
Real GDP (YoY)
% Change
3Q
7.60
--
US
FOMC rate decision
Oct 24
0.25
--
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
October 01, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.5
8.0
6.0
8.0
7.6
6.0
6.7
7.0
6.1
5.7
5.3 5.5
5.0
2.0
(6.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
(1.8)
(5.0)
60.0
9.9
(1.3)
Exhibit 4: Manufacturing and services PMI
(%)
10.0
Dec-11
Nov-11
(2.8)
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.6
6.9
7.6
56.0
Source: MOSPI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Aug-11
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
48.0
Jan-12
0.0
Dec-11
50.0
Nov-11
2.0
Oct-11
52.0
Sep-11
4.0
Oct-11
54.0
6.0
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
Repo rate
Reverse Repo rate
CRR
8.00
7.00
6.00
4.50
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Sep-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
Sep-12
15.0
(15.0)
Oct-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
Source: CSO, Angel Research
Sep-11
(2.0)
10.0
0.1
1.0
3.5
3.0
12.0
2.7
2.5
Oct-11
4.0
2.5
4.3
3.4
Aug-11
6.0
4.0
Market Outlook
October 01, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
145
2,828
1,466
1,686
14.8
14.8
7.0
8.1
20.8
18.0
4.4
3.8
22.6
22.5
2.0
1.7
United Phosphorus
Buy
131
170
6,053
8,421
9,263
16.5
16.5
15.0
17.0
8.8
7.7
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
219
3,748
2,844
3,275
15.4
15.6
15.9
18.8
13.8
11.7
3.7
3.0
29.5
28.3
1.3
1.1
Apollo Tyres
Accumulate
92
99
4,660
13,412
15,041
11.0
11.0
11.5
14.2
8.1
6.5
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
24
30
6,399
14,920
16,850
9.0
9.3
2.2
2.8
11.0
8.8
2.0
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Accumulate
411
430
621
993
1,140
11.6
11.5
36.9
43.0
11.1
9.6
2.2
1.9
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,833
53,027
21,285
23,927
18.2
18.3
108.5
121.3
16.9
15.1
7.0
5.6
46.1
41.3
2.1
1.8
Bharat Forge
Buy
305
351
7,108
7,004
7,985
16.2
16.4
20.3
25.1
15.0
12.2
2.8
2.4
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,804
27,644
9,034
10,286
17.8
18.3
373.6
435.8
23.6
20.2
4.8
4.0
20.5
19.8
2.7
2.3
CEAT
Buy
113
164
386
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
153
13,035
5,899
6,771
16.0
17.0
7.4
9.1
20.8
16.8
3.7
3.2
19.0
20.2
1.8
1.5
FAG Bearings*
Neutral
1,760
2,925
1,505
1,747
17.7
18.0
111.5
130.0
15.8
13.5
3.3
2.7
22.8
21.7
1.6
1.3
Hero Motocorp
Buy
1,879
2,428
37,527
26,097
29,963
15.0
15.3
139.5
151.8
13.5
12.4
6.4
4.8
54.6
44.3
1.2
1.0
JK Tyre
Buy
108
135
444
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
865
895
53,079
36,536
41,650
11.6
11.5
49.3
54.9
17.6
15.8
3.6
3.1
22.1
21.1
1.2
1.0
Maruti
Neutral
1,350
39,000
41,796
47,953
7.6
8.4
67.1
87.6
20.1
15.4
2.3
2.0
12.1
14.1
0.7
0.6
Motherson Sumi
Neutral
223
8,742
24,173
27,055
6.6
7.1
11.7
15.2
19.1
14.6
4.0
3.2
22.4
24.2
0.5
0.5
Subros
Accumulate
29
34
177
1,230
1,378
8.8
8.6
4.5
5.7
6.5
5.2
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Accumulate
267
292
71,278 195,096 219,428
12.8
12.8
39.0
43.9
6.9
6.1
2.0
1.5
32.6
28.2
0.4
0.4
TVS Motor
Neutral
42
2,007
7,545
8,301
6.2
6.1
4.9
5.4
8.6
7.9
1.5
1.4
18.8
18.2
0.2
0.2
Capital Goods
ABB*
Sell
798
498
16,905
8,760
10,023
5.5
7.5
12.4
20.7
64.2
38.5
6.2
5.5
10.1
15.2
1.9
1.6
BGR Energy
Neutral
275
1,986
3,669
4,561
11.0
11.0
24.7
29.6
11.2
9.3
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
247
60,419
47,801
43,757
19.4
19.8
25.7
23.9
9.6
10.3
2.0
1.8
22.7
18.3
1.2
1.0
Blue Star
Neutral
179
1,613
3,047
3,328
5.4
6.9
12.5
16.2
14.4
11.0
3.5
2.8
26.1
28.2
0.6
0.5
Crompton Greaves
Neutral
126
8,096
12,691
14,096
7.0
8.5
6.5
9.1
19.4
13.8
2.1
1.9
11.1
14.2
0.6
0.6
Jyoti Structures
Buy
47
59
385
2,622
2,801
10.3
10.7
8.7
13.1
5.4
3.6
0.5
0.5
10.3
14.0
0.4
0.3
KEC International
Accumulate
73
80
1,884
6,858
7,431
7.5
8.3
9.0
11.5
8.2
6.4
1.5
1.2
26.9
27.2
0.4
0.4
LMW
Neutral
2,037
2,295
2,369
2,727
11.7
11.7
143.4
166.0
14.2
12.3
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
561
6,687
5,514
5,559
8.9
9.6
26.9
28.4
20.9
19.8
3.6
3.2
18.4
17.1
1.2
1.1
Market Outlook
October 01, 2012
Stock Watch
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
Cement
ACC
Neutral
1,469
27,584
11,220
12,896
20.0
20.6
71.1
81.2
20.7
18.1
3.6
3.3
18.1
19.0
2.1
1.8
Ambuja Cements
Neutral
202
31,100
10,205
11,659
24.6
24.2
10.8
12.0
18.6
16.8
3.9
3.5
19.7
19.8
2.7
2.2
India Cements
Neutral
95
2,917
4,393
4,914
19.3
19.5
10.1
12.7
9.4
7.5
0.8
0.8
8.8
10.6
1.1
1.0
J K Lakshmi Cements
Neutral
114
1,396
1,964
2,278
19.5
20.4
16.3
17.9
7.0
6.4
1.0
0.9
14.7
14.6
0.8
1.2
Madras Cements
Neutral
192
4,573
3,608
3,928
27.4
26.9
15.6
18.1
12.3
10.6
1.9
1.7
16.8
16.9
1.9
1.6
Shree Cements^
Neutral
3,954
13,774
5,767
6,337
28.4
26.9
216.9
253.3
18.2
15.6
4.1
3.3
24.7
23.4
1.7
1.4
UltraTech Cement
Neutral
1,968
53,930
20,167
22,752
21.7
23.0
90.8
107.8
21.7
18.3
3.6
3.1
17.9
18.3
2.6
2.3
227
304
1,194
2,034
2,315
22.4
22.4
27.1
31.7
8.4
7.2
1.0
0.9
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
263
2,262
2,522
6.7
7.5
1.5
2.7
9.6
5.4
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,095
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.0)
(18.7)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
152
166
5,052
3,964
4,582
42.3
40.2
15.7
16.9
9.7
9.0
1.5
1.3
16.6
15.8
2.8
2.7
ITNL
Buy
194
232
3,760
6,840
7,767
26.4
26.1
24.4
30.3
7.9
6.4
1.2
1.0
16.0
16.2
2.7
2.9
IVRCL Infra
Accumulate
46
51
1,425
5,510
6,722
8.8
9.0
2.5
4.6
18.3
10.2
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
82
91
17,479
15,259
17,502
25.7
24.7
4.0
4.8
20.5
17.2
1.6
1.5
8.5
9.3
2.5
2.2
Larsen & Toubro
Accumulate
1,597
1,721
98,010
60,474
69,091
12.1
11.5
79.7
85.4
20.0
18.7
3.4
3.0
16.3
15.1
1.8
1.6
Madhucon Proj
Buy
37
56
276
2,206
2,502
10.7
10.7
4.6
4.7
8.1
8.0
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
47
1,205
5,804
6,513
8.0
8.6
3.0
3.5
15.4
13.4
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
77
538
3,609
3,836
13.1
13.1
14.0
14.6
5.5
5.3
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
55
1,813
11,892
13,116
8.9
8.9
1.7
3.1
32.2
17.7
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
147
182
2,206
2,506
3,147
10.3
10.7
7.5
10.4
19.5
14.1
2.4
2.1
13.5
16.0
1.0
0.8
Simplex Infra
Buy
210
265
1,037
6,732
7,837
8.1
8.4
23.4
29.4
9.0
7.1
0.8
0.7
9.2
10.6
0.5
0.5
Allahabad Bank
Neutral
147
7,328
7,233
8,579
3.1
3.3
40.5
40.9
3.6
3.6
0.7
0.6
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
113
6,298
4,959
5,787
3.1
3.1
22.7
24.5
5.0
4.6
0.8
0.7
16.0
15.3
1,137
1,336
47,121
15,961
19,583
3.1
3.2
117.3
143.1
9.7
7.9
1.8
1.5
20.1
20.8
Accumulate
799
829
31,267
15,830
19,300
2.6
2.7
118.9
147.1
6.7
5.4
1.1
0.9
16.7
18.0
Bank of India
Accumulate
310
323
17,810
13,159
15,851
2.4
2.5
61.1
71.1
5.1
4.4
0.9
0.8
16.6
17.0
Bank of Maharashtra
Neutral
50
2,948
3,471
3,889
3.1
3.1
9.0
11.5
5.5
4.4
0.7
0.6
13.7
15.5
Canara Bank
Neutral
431
19,100
11,334
13,629
2.2
2.3
75.4
85.1
5.7
5.1
0.9
0.8
15.2
15.3
Central Bank
Neutral
78
5,756
7,181
8,365
2.5
2.7
16.3
21.8
4.8
3.6
0.8
0.7
12.7
15.1
Market Outlook
October 01, 2012
Stock Watch
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
Financials
Corporation Bank
Accumulate
418
436
6,185
5,067
5,998
2.1
2.3
105.6
111.0
4.0
3.8
0.7
0.6
17.6
16.3
Dena Bank
Neutral
106
3,705
3,177
3,595
2.8
2.8
25.2
25.4
4.2
4.2
0.7
0.6
18.9
16.4
Federal Bank
Neutral
446
7,621
2,634
3,104
3.3
3.3
45.4
55.4
9.8
8.1
1.2
1.1
12.9
14.2
HDFC
Neutral
773
118,989
7,340
8,805
3.5
3.5
31.5
37.8
24.5
20.4
4.9
4.4
34.8
32.2
HDFC Bank
Neutral
629
148,355
21,936
27,454
4.4
4.4
28.7
36.0
21.9
17.4
4.2
3.5
20.7
22.0
ICICI Bank
Buy
1,057
1,220
121,534
22,356
27,157
2.9
3.0
68.7
82.0
15.4
12.9
1.9
1.7
14.2
15.5
IDBI Bank
Neutral
100
12,791
7,867
9,782
1.9
2.1
18.0
23.1
5.6
4.3
0.7
0.6
12.5
14.4
Indian Bank
Neutral
192
8,258
6,294
7,191
3.4
3.4
40.6
44.9
4.7
4.3
0.8
0.7
18.1
17.4
IOB
Neutral
78
6,244
7,473
8,732
2.5
2.5
16.7
22.6
4.7
3.5
0.6
0.5
11.8
14.4
J & K Bank
Accumulate
932
1,026
4,518
2,625
2,921
3.6
3.5
194.4
191.9
4.8
4.9
0.9
0.8
21.2
18.0
LIC Housing Finance
Neutral
282
14,221
1,867
2,338
2.4
2.4
21.1
28.5
13.4
9.9
2.2
1.9
17.5
20.4
Oriental Bank
Neutral
302
8,800
6,518
7,458
2.8
2.9
61.3
65.1
4.9
4.6
0.7
0.7
15.2
14.3
Punjab Natl.Bank
Accumulate
840
950
28,481
20,116
23,625
3.3
3.4
152.8
173.9
5.5
4.8
1.0
0.8
18.2
18.0
South Ind.Bank
Accumulate
23
25
3,032
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
0.9
20.5
18.5
St Bk of India
Neutral
2,238
150,173
64,470
75,940
3.5
3.5
224.4
258.7
10.0
8.7
1.7
1.4
17.6
17.8
Syndicate Bank
Accumulate
108
119
6,513
6,840
7,996
2.9
3.0
25.7
29.2
4.2
3.7
0.7
0.6
17.9
17.8
UCO Bank
Neutral
77
5,112
5,488
6,338
2.4
2.5
17.3
17.7
4.5
4.4
0.9
0.8
17.0
15.3
Union Bank
Accumulate
208
230
11,432
10,299
12,227
2.9
3.0
42.1
49.3
4.9
4.2
0.9
0.7
16.7
17.1
United Bank
Buy
64
79
2,303
3,634
4,194
2.8
2.9
18.2
23.0
3.5
2.8
0.5
0.5
15.0
16.7
Vijaya Bank
Neutral
56
2,785
2,579
3,028
2.1
2.3
8.8
11.6
6.4
4.9
0.8
0.7
11.1
13.3
Yes Bank
Buy
382
453
13,611
3,255
4,228
2.8
3.0
34.2
42.7
11.2
9.0
2.4
1.9
23.3
23.8
3,937
37,759
11,198
13,184
16.3
16.3
121.0
144.8
32.5
27.2
10.9
8.6
37.4
35.3
3.2
2.7
476
584
5,685
5,835
6,824
5.7
6.0
20.7
25.4
23.0
18.8
9.1
6.9
43.1
41.9
0.9
0.7
1,206
16,403
3,018
3,429
20.9
22.3
34.6
41.0
34.9
29.4
32.1
24.4
99.5
94.1
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
128
22,327
6,124
7,030
17.0
16.8
4.5
5.2
28.7
24.7
11.8
9.4
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
2,994
12,590
3,124
3,663
17.1
17.6
104.5
123.8
28.7
24.2
8.9
7.2
34.4
32.8
3.6
3.0
Godrej Consumer
Neutral
668
22,725
6,097
7,233
18.4
18.6
21.9
26.5
30.5
25.3
6.8
5.6
25.5
25.4
3.9
3.3
HUL
Neutral
545
117,727
25,350
28,974
13.9
13.9
14.3
16.5
38.2
33.1
22.7
17.5
70.9
59.8
4.4
3.8
ITC
Neutral
272
213,613
29,513
33,885
35.4
35.8
9.3
10.8
29.3
25.2
9.7
8.1
35.6
35.0
6.8
5.9
Market Outlook
October 01, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
199
12,856
4,840
5,643
13.1
13.1
6.8
8.5
29.4
23.6
8.1
6.2
31.4
29.7
2.7
2.2
Nestle*
Neutral
4,374
42,176
8,610
10,174
20.9
21.2
114.8
139.8
38.1
31.3
23.0
16.0
71.2
60.3
4.9
4.0
Tata Global
Neutral
143
8,834
7,207
7,927
9.7
10.0
6.6
7.9
21.5
18.2
2.2
2.1
8.6
9.5
1.0
0.9
HCL Tech^
Accumulate
577
632
40,066
24,569
27,002
18.8
17.6
41.4
45.1
13.9
12.8
3.2
2.7
22.8
21.1
1.6
1.4
Hexaware*
Buy
122
140
3,609
1,966
2,161
22.5
21.4
11.6
12.2
10.5
10.0
2.8
2.3
26.8
23.9
1.5
1.3
Infosys
Accumulate
2,534
2,687
145,510
39,383
41,380
31.7
31.9
163.2
173.4
15.5
14.6
3.7
3.2
23.9
22.0
3.1
2.9
Infotech Enterprises
Neutral
189
2,102
1,895
2,049
18.0
17.5
18.1
19.5
10.4
9.7
1.5
1.3
14.5
13.7
0.8
0.6
KPIT Cummins
Buy
124
142
2,206
2,191
2,364
16.1
16.5
11.3
13.0
11.0
9.6
2.4
1.9
21.8
20.0
1.0
0.8
Mahindra Satyam
Neutral
111
13,034
7,628
8,062
19.9
18.4
9.7
10.0
11.4
11.1
3.2
2.5
27.7
22.2
1.3
1.1
Mindtree
Buy
662
772
2,701
2,334
2,481
19.5
17.6
70.4
77.2
9.4
8.6
2.2
1.7
23.3
20.4
0.9
0.8
Mphasis&
Neutral
402
8,451
5,700
5,993
18.0
16.9
37.0
37.3
10.9
10.8
1.6
1.4
14.3
12.6
1.0
0.8
NIIT
Accumulate
32
36
527
1,034
1,146
9.9
11.0
5.2
6.4
6.1
5.0
0.8
0.7
12.8
14.3
0.3
0.2
Persistent
Neutral
427
1,709
1,207
1,278
26.2
24.3
42.4
44.3
10.1
9.7
1.7
1.5
17.1
15.5
1.0
0.9
TCS
Accumulate
1,294
1,405
253,264
61,611
67,507
29.3
29.1
69.0
74.0
18.7
17.5
6.1
5.0
32.4
28.6
3.8
3.4
Tech Mahindra
Accumulate
972
1,046
12,404
6,603
7,196
18.2
17.1
92.7
99.6
10.5
9.8
2.5
2.0
23.6
20.5
1.9
1.7
Wipro
Accumulate
381
421
93,871
43,800
48,332
19.5
19.3
25.6
28.1
14.9
13.6
2.8
2.4
18.9
17.9
1.8
1.5
D B Corp
Buy
202
236
3,707
1,597
1,785
22.9
24.2
11.1
13.9
18.2
14.5
3.5
3.0
20.2
22.1
2.2
1.9
HT Media
Buy
93
113
2,190
2,111
2,263
15.2
15.2
7.3
8.1
12.7
11.5
1.4
1.2
11.2
11.2
0.6
0.5
Jagran Prakashan
Buy
91
112
2,889
1,506
1,687
22.5
23.2
6.2
7.0
14.7
13.0
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
193
501
625
732
17.4
17.1
13.3
15.6
14.5
12.3
1.6
1.4
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
349
13,769
1,981
2,239
77.0
76.7
18.6
21.3
18.8
16.4
4.7
4.1
27.1
27.5
6.2
5.3
Bhushan Steel
Neutral
497
10,552
11,979
14,584
31.6
31.0
49.2
61.4
10.1
8.1
1.3
1.1
14.1
15.2
2.9
2.4
Coal India
Accumulate
359
385
227,042
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.7
4.0
3.2
32.5
28.1
2.3
2.0
Electrosteel Castings
Accumulate
20
23
702
1,984
2,074
11.2
12.6
2.5
2.9
8.2
7.1
0.4
0.2
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
135
144
57,232
12,446
13,538
52.3
52.9
14.3
15.5
9.5
8.7
1.8
1.5
20.5
18.9
2.6
2.0
Hindalco
Neutral
121
23,071
84,855
92,446
8.7
9.3
13.2
16.2
9.1
7.4
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
757
16,884
38,740
41,459
17.3
17.0
79.9
89.4
9.5
8.5
0.9
0.9
10.4
10.6
0.9
0.8
MOIL
Accumulate
252
271
4,240
918
993
50.7
50.9
24.5
26.1
10.3
9.7
1.6
1.4
16.0
15.5
2.3
2.0
Monnet Ispat
Buy
305
379
1,964
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
October 01, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
51
48
13,183
7,401
7,841
16.7
19.2
3.4
4.1
14.9
12.5
1.1
1.0
7.4
8.4
1.3
1.2
194
214
76,836
12,934
14,266
79.4
80.1
21.1
23.4
9.2
8.3
2.5
2.0
29.6
26.5
4.0
3.4
SAIL
Sesa Goa
Neutral
85
35,295
47,252
60,351
14.2
14.8
9.6
11.7
8.9
7.3
0.8
0.7
9.4
10.6
1.2
1.0
Neutral
171
14,901
7,704
8,034
33.6
34.6
42.0
43.1
4.1
4.0
0.8
0.7
22.3
19.2
2.2
2.1
Sterlite Inds
Neutral
99
33,388
41,680
45,382
24.2
23.2
16.3
16.9
6.1
5.9
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
401
481
38,921 145,799 150,431
10.3
11.2
48.6
63.3
8.2
6.3
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Accumulate
135
148
485
1,251
1,321
22.7
23.4
33.0
37.1
4.1
3.6
0.6
0.5
15.1
14.8
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
56
73
759
2,694
2,906
14.6
16.6
16.4
20.8
3.4
2.7
0.3
0.3
11.4
12.8
0.5
0.4
Buy
122
161
389
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Buy
331
380
63,131
16,605
17,258
75.4
71.7
57.0
54.9
5.8
6.0
1.1
0.9
20.2
16.3
2.8
2.1
GAIL
Neutral
383
48,589
50,176
55,815
15.5
15.8
35.4
36.5
10.8
10.5
1.9
1.7
18.9
17.0
0.7
0.6
ONGC
Accumulate
280
312
239,896 147,139 154,821
33.9
33.7
30.7
32.3
9.1
8.7
1.6
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
837
273,982 362,700 380,031
7.9
8.0
61.5
64.3
13.6
13.0
1.4
1.2
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
343
3,819
11.5
11.3
19.2
22.1
17.9
15.5
4.7
4.3
28.7
29.0
1.2
1.0
Indraprastha Gas
Neutral
265
3,709
3,040
3,135
24.3
26.7
24.8
27.9
10.7
9.5
2.5
2.1
25.5
23.6
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
158
176
11,831
29,145
33,736
6.6
6.6
14.2
16.0
11.1
9.9
2.7
2.2
26.9
24.4
0.4
0.4
81
4,538
1,041
939
91.8
91.9
8.5
7.4
9.5
10.9
1.6
1.5
18.1
14.0
5.2
5.7
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
Lupin
Accumulate
Orchid Chemicals
Neutral
Neutral
4,393
3,228
72
91
1,348
1,624
1,855
14.2
15.6
6.6
9.1
10.8
7.9
2.7
2.1
27.9
29.2
1.0
0.8
142
156
4,125
5,243
5,767
14.6
14.6
11.8
12.6
12.0
11.3
1.5
1.3
17.9
16.4
1.3
1.1
2,374
5,467
1,482
1,682
15.5
15.5
95.1
104.4
25.0
22.7
4.4
3.4
18.6
17.0
3.3
2.9
872
953
17,858
6,148
7,386
18.6
19.6
36.0
46.1
24.2
18.9
5.7
4.6
25.8
26.8
3.0
2.5
381
399
30,559
8,031
9,130
23.4
22.4
18.4
20.0
20.7
19.0
3.4
3.0
17.8
16.6
3.5
3.0
1,647
27,967
10,696
11,662
20.7
21.0
83.7
92.9
19.7
17.7
4.0
3.4
22.4
21.0
2.9
2.5
96
777
1,280
1,536
17.8
17.8
9.2
11.3
10.5
8.5
0.8
0.7
7.7
8.5
1.3
1.1
1,977
16,746
2,651
2,993
31.7
31.2
76.0
82.4
26.0
24.0
7.5
6.7
20.1
26.3
5.5
4.7
70
92
640
685
837
15.2
15.2
7.4
8.9
9.4
7.8
1.4
1.2
16.4
17.0
1.1
0.9
482
6,076
2,850
3,474
20.7
20.7
29.2
36.6
16.5
13.2
3.9
3.1
26.1
26.1
2.3
1.8
596
647
26,656
8,426
10,082
19.7
20.0
26.3
31.3
22.7
19.1
5.3
4.3
26.0
24.7
3.2
2.6
112
790
1,667
1,835
13.9
13.9
11.4
13.3
9.8
8.4
0.6
0.6
6.6
7.3
0.9
0.8
Market Outlook
October 01, 2012
Stock Watch
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
Pharmaceuticals
Ranbaxy*
Neutral
530
22,361
12,046
11,980
18.0
15.8
31.3
29.8
16.9
17.8
5.8
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
693
71,686
9,752
12,134
41.6
41.6
26.0
28.2
26.7
24.6
5.0
4.3
20.3
18.8
6.4
5.0
CESC
Accumulate
331
342
4,141
5,218
5,644
24.2
23.8
44.6
47.6
7.4
7.0
0.8
0.7
11.0
10.6
1.5
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
71
77
1,076
1,557
1,573
29.3
28.7
10.8
11.0
6.6
6.5
0.7
0.6
10.8
10.2
1.2
1.0
168
138,400
74,111
85,789
23.2
23.6
12.4
14.0
13.6
12.0
1.7
1.5
13.0
13.5
2.6
2.3
Real Estate
Anant Raj
Buy
DLF
Neutral
71
78
2,107
657
875
52.0
56.1
8.4
12.7
8.5
5.6
0.5
0.5
6.3
8.9
4.3
3.2
234
39,712
9,878
12,033
44.7
46.1
9.6
13.4
24.4
17.4
1.5
1.5
6.4
8.7
6.5
HDIL
Buy
5.4
98
115
4,092
2,441
3,344
55.1
48.2
22.7
26.6
4.3
3.7
0.4
0.3
8.8
9.4
3.6
MLIFE
2.7
Accumulate
378
396
1,543
813
901
26.2
26.6
32.0
37.1
11.8
10.2
1.2
1.1
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
265
100,578
79,147
86,745
31.1
32.5
9.9
15.1
26.7
17.6
1.9
1.7
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
85
28,258
22,582
24,684
26.4
26.9
3.3
4.7
25.7
18.1
2.0
1.8
7.8
9.9
1.7
1.5
Rcom
Neutral
65
13,365
20,650
20,935
32.3
33.0
4.2
5.8
15.3
11.3
0.4
0.4
2.3
3.1
2.3
2.1
Abbott India
Neutral
1,600
3,401
1,602
1,833
10.4
11.8
54.7
71.7
29.3
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
198
228
1,971
3,670
4,290
7.6
8.8
15.0
23.0
13.2
8.6
2.4
1.9
18.6
22.4
0.5
0.5
Cera Sanitaryware
Buy
332
388
420
396
470
16.7
16.6
31.0
35.0
10.7
9.5
2.4
2.0
24.8
23.0
1.1
1.0
Cravatex
Buy
446
682
115
289
340
5.2
5.9
41.0
57.0
10.9
7.8
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
965
6,772
982
1,136
34.3
34.3
34.3
40.0
28.1
24.1
12.7
10.2
50.9
46.9
6.4
5.4
Finolex Cables
Buy
41
61
629
2,334
2,687
6.2
6.5
8.0
10.0
5.1
4.1
0.7
0.6
13.0
14.9
0.2
0.2
Force Motors
Buy
448
591
583
2,214
2,765
4.5
5.4
39.0
74.0
11.5
6.1
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
318
733
1,543
1,654
6.5
7.3
24.8
31.1
12.8
10.2
2.1
1.8
17.1
19.0
0.3
0.2
Disa India
Buy
2,880
3,353
435
176
203
22.7
22.6
182.5
209.6
15.8
13.7
8.2
6.5
51.8
47.1
2.1
1.8
Greenply Industries
Buy
193
309
466
1,925
2,235
10.6
10.9
29.6
44.1
6.5
4.4
1.1
0.9
16.8
21.0
0.5
0.4
Hitachi
Neutral
127
292
868
977
3.9
6.6
2.7
10.9
46.4
11.7
1.7
1.5
3.7
13.6
0.4
0.4
Honeywell Automation
Neutral
2,850
2,519
1,847
2,162
4.3
7.3
69.0
135.0
41.3
21.1
3.7
3.2
9.3
16.3
1.3
1.1
Styrolution ABS India
Buy
632
744
1,112
1,056
1,081
8.1
10.6
34.0
47.0
18.6
13.5
2.6
2.2
14.7
17.5
1.1
1.1
ITD Cementation
Neutral
246
283
1,451
1,669
12.3
12.4
32.4
41.5
7.6
5.9
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
160
2,581
1,248
1,468
9.8
10.4
5.9
7.2
27.0
22.3
3.9
3.5
15.0
16.6
2.4
2.0
MCX
Accumulate
1,284
1,440
6,549
553
624
65.3
66.3
62.5
72.0
20.6
17.8
5.7
4.9
27.5
27.4
8.9
7.4
MRF
Buy
10,273
12,884
4,357
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.0
7.2
1.5
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
October 01, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,165
726
821
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
3,531
887
1,108
18.3
18.6
95.0
120.9
33.3
26.2
17.4
14.1
57.4
59.5
4.0
3.2
871
1,019
1,208
12.3
13.0
51.0
68.4
14.2
10.6
3.8
2.8
30.3
30.2
1.0
0.8
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Buy
67
79
1,821
4,751
5,189
16.3
16.6
13.6
15.8
4.9
4.2
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
284
392
266
1,042
1,173
12.4
12.5
66.3
78.5
4.3
3.6
0.8
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
19
24
575
7,134
7,985
19.7
19.4
12.2
14.1
1.6
1.4
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Buy
37
43
1,797
5,720
6,599
5.3
6.8
3.6
5.4
10.3
6.9
14.9
4.7
0.4
0.4
TAJ GVK
Buy
70
108
440
300
319
35.8
36.2
7.9
9.1
8.9
7.7
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
315
377
485
787
837
16.2
17.5
58.5
66.9
5.4
4.7
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Accumulate
309
335
237
1,476
1,643
7.0
8.2
32.6
55.9
9.5
5.5
1.5
1.3
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,218
15,931
10,289
11,421
13.5
14.3
31.0
42.9
39.2
28.4
3.1
2.8
8.1
10.3
2.2
2.0
Vesuvius India
Neutral
338
685
560
611
16.1
17.0
24.7
28.8
13.7
11.7
2.0
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 28, 2012
Market Outlook
October 01, 2012

Market Outlook 1.10

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Market Outlook

US markets closed mostly lower during trading on Friday amid lingering

OIL & GAS

Indias Current Account Deficit narrows for 1QFY2013

Refer detailed news analysis on the following page

Net Inflows (September 27, 2012)

FII Derivatives (September 28, 2012)

Indiabulls Real Est

Indias Current Account Deficit narrows for 1QFY2013

Growth in index of eight core industries remains muted in

Government approves RIL's revised filed development plan

Economic and Political News

Amul to treble cheese production capacity

Global economic events release calendar

October 01, 2012

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

October 09, 2012

Industrial Production (YoY)

October 12, 2012

Producer Price Index (mom)

October 04, 2012

October 05, 2012

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

October 16, 2012

Consumer price index (mom)

October 17, 2012

Jobless claims change

October 18, 2012

Industrial Production (YoY)

Real GDP (YoY)

FOMC rate decision

October 24, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Exports yoy growth

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

71,278 195,096 219,428

Larsen & Toubro

LIC Housing Finance

Metals & Mining