Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 15, 2013
Dealers Diary
Indian markets are expected to open marginally in the red tracking SGX Nifty,
which is currently trading lower by ~0.2%. Most of the Asian markets are trading in
the positive territory with gains in the range of 0.1% to 0.8%.
US stocks moved higher on Thursday buoyed by upbeat employment data. The
strength on Wall Street came following the release of a report from the Labor
Department which showed an unexpected drop in initial jobless claims for the week
ended March 9. The report showed that initial jobless claims fell to 332,000, a
decrease of 10,000 from the previous week's revised figure of 342,000 and much
below the estimates of 350,000. European markets were trading higher on
Thursday, ahead of a two-day meeting of European policy makers that begins in
Brussels in which EU leaders are expected to endorse plans for structural
assessments of national budgets and discuss a bailout for Cyprus.
Domestic Indices
1.1
1.0
57.7
5,909
MID CAP
0.5
30.4
6,426
(0.1)
(5.9)
6,232
0.1
9.8
8,064
59.6
6,928
SMALL CAP
BSE HC
0.9
BANKEX
2.1
280.9 13,796
AUTO
0.4
41.4 10,711
METAL
0.9
82.6
9,314
OIL & GAS
1.3
111.8
8,995
BSE IT
0.7
46.6
6,884
(Pts)
(Close)
Hang Seng
R1
0.6
83.9 14,539
NASDAQ
0.4
13.8
3,259
FTSE
0.7
47.9
6,529
Nikkei
1.2
62.5
22,619
(9.0)
3,280
0.3
6.3
2,270
Chg (%)
(Pts)
(Close)
INFY
0.6
0.3
$53.3
R2
WIT
0.2
0.0
$10.0
0.8
0.4
$43.1
0.7
0.3
$39.1
Shanghai Com
Indian ADR
SENSEX
19,026
19,298
19,451
19,724
19,877
NIFTY
5,745
5,827
5,874
5,955
6,002
HDB
News Analysis
Advances / Declines
Nalco OFS
WPI inflation at 6.8% for February 2013
GSM operators lose ~2mn subscribers in February
Infosys bags order from BMW
Punj Lloyd bags `314 cr offshore contract
Sales
FII
2,784
2,003
306
447
MFs
Net
MTD
YTD
781
5,840
50,192
(141)
(1,001)
(6,562)
FII Derivatives (March 14, 2013)

` cr
Purch
Sales
Index Futures
2,408
2,362
45
9,993
Stock Futures
1,829
2,099
(270)
26,253
Net
Open Interest
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
1,258
6.3
National Alum
Unitech
30
6.1
MMTC
Reliance Comm
68
5.7
Suzlon Energy
Sun TV Network
453
5.5
Power Finance
199
4.5
JUBL FOOD
www.angelbroking.com
Company
NSE
Advances
1,420
725
Declines
1,446
747
118
108
Volumes (` cr)
Net Inflows (March 12, 2013)

Purch
BSE
Unchanged
Refer detailed news analysis on the following page
` cr
141.5 12,381
0.3
Straits Times
IBN
Chg (%)
Dow Jones
(0.3)
The trend deciding level for the day is 19,451/ 5,874 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,724 19,877 / 5,955 6,002 levels. However, if NIFTY trades below
19,451/ 5,874 levels for the first half-an-hour of trade then it may correct up to
19,298 19,026 / 5,827 5,745 levels.
PIVOT
207.9 19,570
BSE PSU
Markets Today
S1
(Close)
Nifty
Global Indices
S2
(Pts)
BSE Sensex
Meanwhile Indian markets reversed the declines in the past three trading
sessions, with the key benchmark indices Sensex and Nifty posting gains of
~1%. The Indian markets rose on hopes of rate cut after WPI inflation data
showed the core inflation surprisingly fell to 3.8% in February, its lowest level
since March 2010.
Indices
Chg (%)
Price (`)
chg (%)
44
(4.4)
301
(4.4)
15
(3.5)
MCX
897
(3.4)
Titan Inds
229
(3.1)
BSE
2,267
NSE
11,867
Market Outlook
March 15, 2013
Nalco OFS
The government of India is divesting 10% stake in Nalco via an OFS. The OFS
comprises an offer for sale of 25.8cr equity shares of face value `5 each. Nalco
has fixed the OFS floor price at `40 per share.
Aluminium business continues to make losses: At current aluminium price

of US$2,000-2,100/tonne, we expect Nalco to make losses on its Aluminium
business. Moreover, prices of key inputs such as coal, caustic soda, CP coke,
aluminium fluoride etc continue to remain high. Hence, we expect Nalco to
operate its aluminium smelters at lower utilization levels during FY2013-14.
Coal supply issues to continue: Nalco has been facing coal supply issues,
which disrupted its operations in the past few quarters. The company sources its
annual coal requirement from Mahanadi Coalfields Ltd., but the supply is not
evenly distributed. In our view, any disturbance in coal supply would increase the
companys dependence on imported or external coal (which is very expensive
compared to linkage coal), thereby negatively affecting its margins.
No clarity on timelines for production from Utkal coal block: Nalco has
been allotted Utkal-E coal block which has estimated reserves of 70mn tonnes.
Currently, there is no clarity on land acquisition for coal block. Although Nalco
expects to commence production from this mine by end of CY2013, our recent
experience suggests that it could take a much longer time to acquire land and sign
the mining lease with the state government.
Outlook and valuation: Nalcos earnings over the past 6-8 quarters have
remained very volatile. Although Nalco has captive bauxite mines, the cost of
aluminium production remains very high on account of high power costs. Further,
there is lack of clarity over the companys future expansion plans. At the OFS
price, Nalco is trading at 7.4x FY2013E and 5.2x FY2014E EV/EBITDA, which is at
a significant premium compared to its peers. Hence, we recommend investors to
avoid subscribing to Nalco OFS.
WPI inflation at 6.8% for February 2013

Wholesale Price Index (WPI) inflation for February 2013 edged up to 6.8% as
compared to 6.6% yoy in the previous month, rising by 0.6% mom largely driven
by the rise in fuel index (3.0% mom). Inflation for the month of December 2012
has been revised marginally upwards to 7.3% yoy as against 7.2% earlier,
reflecting the upward revision in fuel inflation.
Inflation in primary articles moderated for the third consecutive month to 9.7% yoy
from 10.3% yoy in the previous month as inflation in both food (11.4% yoy) and
non food articles (10.1% yoy) moderated. Fuel and power inflation paced higher
to 10.5% yoy (3.0% mom) as against 7.1% yoy in the previous month. The rise in
fuel inflation was largely expected owing to realignment of diesel prices and
capping of subsidized LPG cylinders to 9 per household. Also, fuel inflation for
December 2012 has been revised upwards to 10.3% yoy as compared to the
earlier estimate of 9.4% yoy. The inflation in LPG component stood at a high of
26.2% yoy (higher by 21.0% on a mom basis) for February 2013. The same was
revised considerably upwards to 19.0% yoy for December 2012 from the earlier
estimate of 4.0% yoy.
Market Outlook
March 15, 2013
Manufactured products inflation decelerated to a three-year low at 4.5% in

February 2013 from 4.8% yoy in the previous month and 5.8% yoy in the
corresponding month of the previous year. Even on a 3MMA basis, at 4.8% yoy it
eased within the Reserve Bank of India (RBI)s comfort zone of below-5%. In
addition, core inflation ie the non-food manufacturing component of inflation,
receded for the sixth straight month to 3.8% yoy as compared to 4.1% yoy in the
previous month, reflecting the decline in commodity prices and weak pricing
power.
Despite elevated CPI inflation (largely owing to supply-side factors) and the recent
rise in WPI inflation, we still expect the RBI to ease the repo rate by 25bp in its
March 19 policy review. The RBI is likely to draw comfort from easing inflation in
manufactured products (and core inflation in particular), which reflect that
demand-side inflationary pressures are in check.
In the growth-inflation dynamics, the RBI has recently adopted a more growthsupportive policy stance in view of the prolonged slowdown in economic growth.
Real GDP growth is at a decade low of 4.5% yoy in 3QFY2013 and the CSO
estimates a modest 5.0% yoy growth for FY2013, dampened by moderation in
consumption, investment and export growth. Further, efforts to curtail the fiscal
deficit (at 5.2% of GDP in FY2013 and 4.8% of GDP in FY2014) in the budget are
also likely to support a more accommodating monetary policy stance. But at the
same time, the current account deficit (at 4.6% of GDP in the first half of FY2013)
is expected to widen to a record-high in FY2013 and it is likely to restrict the
quantum of policy easing going forward.
GSM operators lose ~2mn subscribers in February

The GSM operators lost 1.97mn subscribers in February 2012, after a modest user
addition during the previous month, taking its total base to 655.59mn. This is a
0.30% fall from previous month, according to data by Cellular Operators
Association of India (COAI). The GSM operators added 0.4mn users in January
2013, arresting losses of previous two months. Uninor, which closed down
operations in Mumbai on February 16, lost 8.35mn subscribers during the month.
The company, which had a total of 31.77mn users, closed down operations
following the Supreme Court order that operators who did not win spectrum in the
previous auction should close down services. Aircel lost 698,506 users during the
month, dragging its customer base to 60.87mn. Videocon and MTNL were the
other operators to record subscriber base erosion, with the companies losing
196,935 and 203,878, respectively. Bharti Airtel continued to the countrys
leading operator by subscribers, with the company garnering a total of 186.62mn
users. It added 2.43mn subscribers, increasing its market share to 28.47% during
the reporting month. Vodafone India added 2.19mn users taking its total user
base to 149.89mn, while Idea Cellular added 2.86mn subscribers increasing its
subscriber base to 119.26mn. We maintain our Neutral rating on the overall
telecom sector.
Market Outlook
March 15, 2013
Infosys bags order from BMW

Infosys has bagged an order from German car-maker BMW group. The five year
order will cover services such as maintenance and operations of web
infrastructure, content management, SAP basis operations, internal IT system,
content management and business intelligence systems. The financial terms of the
order were not revealed. To support this order, Infosys will open a new delivery
center in Munich which will form an integral part of a global service delivery team
from Infosys. Owing to the recent run up in stock price, we maintain our Neutral
rating on the stock.
Punj Lloyd bags `314 cr offshore contract

Punj Lloyd has bagged a contract worth `314cr ($57.75 mn) from Al-Khafji Joint
Operations for an offshore project in Al-Khafji, Saudi Arabia. The scope of the
project includes installation of a new crude transmission pipeline as a replacement
for the existing transmission line. We continue to maintain our Neutral rating on
the stock.
Economic and Political News
Cutting Plan spending a compulsion: Chidambaram

It's up to RBI to decide on policy rate cut: Rajan
Pak to give MFN status to India by June-July: Commerce secretary
Corporate News
CERC asks RPower to meet states in 15 days to resolve tariff issue

Rajasthan Government, HPCL tie-up for `37,230cr refinery
JSW steel to raise US$600mn from overseas markets in next quarter
Axis Bank to probe money laundering allegations
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 15, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 15, 2013
March 19, 2013
March 20, 2013
March 21, 2013
March 26, 2013
3:30PM
Euro Zone Euro-Zone CPI (YoY)
6:00PM
US
Consumer price index (mom)
Feb
2.00
--
% Change
Feb
--
0.50
6:45PM
US
Industrial Production
Feb
(0.10)
0.30
6:00PM
US
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
Building permits
Thousands
Feb
904.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
8:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
Jobless claims change
10:00PM
US
FOMC rate decision
2:00PM
Germany PMI Services
2:00PM
Germany PMI Manufacturing
7:30PM
US
Existing home sales
7:30PM
US
Consumer Confidence
Mar 19
6.75
--
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Value
Mar A
54.70
--
Value
Mar A
50.30
--
Millions
Feb
4.92
--
S.A./ 1985=100
Mar
69.60
--
7:30PM
US
New home sales
Thousands
Feb
437.00
--
March 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q F
0.30
--
March 28, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Mar
(3.00)
--
% Change
4Q T
0.10
--
Value
Mar
50.10
--
6:00PM
US
GDP Qoq (Annualised)
April 1, 2013
6:30AM
China
PMI Manufacturing
April 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Mar
47.90
--
April 15, 2013
7:30AM
China
Real GDP (YoY)
% Change
1Q
7.90
--
May 15, 2013
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
Source: Bloomberg, Angel Research
Market Outlook
March 15, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
(0.1)
(1.3)
7.6
Jan-13
Dec-12
Nov-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.6
Oct-12
Mar-12
Source: MOSPI, Angel Research
(%)
7.5
(0.8) (0.5)
(0.7)
(2.0)
(2.8)
(4.0)
Feb-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
5.3 5.5 5.3

4.5
7.7
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
Exhibit 3: Monthly WPI inflation trends
7.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
6.8
56.0
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Mar-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.4
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.50
Imports yoy growth
30.0
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.50
Mar-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(15.0)
Mar-12
0.0
Market Outlook
March 15, 2013
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
127
2,469
1,466
1,686
14.8
14.8
7.0
8.1
18.1
15.7
3.9
3.3
22.6
22.5
1.7
1.5
United Phosphorus
Buy
126
170
5,575
8,421
9,263
16.5
16.5
15.0
17.0
8.4
7.4
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
271
323
4,623
2,983
3,477
16.1
16.1
18.5
21.6
14.6
12.6
4.2
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Accumulate
88
97
4,425
13,066
14,503
11.5
11.8
13.0
14.5
6.8
6.1
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,053
12,910
14,836
8.8
9.6
1.5
2.2
15.4
10.2
2.0
1.9
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
294
444
934
1,103
10.2
10.7
24.5
34.3
12.0
8.6
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,855
53,665
20,775
23,889
18.5
19.0
107.6
126.4
17.2
14.7
7.1
5.6
45.8
42.8
2.3
1.9
Bharat Forge
Accumulate
227
242
5,287
5,973
6,707
14.4
15.2
13.4
18.6
17.0
12.2
2.2
2.0
13.6
16.9
1.0
0.8
Bosch India*
Neutral
8,717
27,372
9,717
11,092
16.2
17.0
354.7
423.3
24.6
20.6
4.2
3.6
17.2
17.5
2.5
2.1
CEAT
Buy
98
163
334
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
129
10,974
6,016
7,026
12.7
14.4
5.8
7.8
22.1
16.5
3.3
2.8
15.4
18.2
1.5
1.2
FAG Bearings*
Neutral
1,514
2,516
1,619
1,879
16.0
16.6
108.6
130.7
13.9
11.6
2.4
2.0
18.8
19.1
1.4
1.1
Hero Motocorp
Buy
1,669
1,923
33,324
23,990
27,038
13.8
14.6
105.8
120.2
15.8
13.9
6.4
5.1
44.3
41.0
1.1
0.9
JK Tyre
Buy
104
165
428
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.5
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
914
1,019
56,130
40,060
46,301
11.5
11.7
55.3
64.3
16.5
14.2
3.7
3.1
24.5
23.8
1.2
1.0
1,420
1,563
41,038
43,381
52,411
7.5
8.9
65.6
97.7
21.7
14.5
2.4
2.1
11.8
15.6
0.8
0.6
205
12,031
25,769
29,010
7.1
7.5
10.2
13.1
20.1
15.7
5.1
4.0
28.1
28.3
0.6
0.5
25
35
152
1,296
1,476
9.8
9.9
3.4
5.0
7.6
5.0
0.5
0.5
7.2
10.2
0.4
0.4
301
326
80,219 184,201 209,642
12.4
13.5
28.0
36.3
10.7
8.3
2.4
1.9
24.6
25.4
0.5
0.4
37
47
1,755
7,019
7,827
6.0
6.3
4.3
5.3
8.7
7.0
1.4
1.2
16.4
18.0
0.2
0.2
Sell
586
487
12,427
8,073
9,052
5.5
7.2
11.3
17.4
52.1
33.7
4.5
4.1
8.9
12.8
1.5
1.4
Neutral
207
1,492
3,412
4,104
13.0
11.6
24.6
26.2
8.4
7.9
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
199
48,658
47,801
43,757
18.0
17.1
24.1
20.8
8.3
9.6
2.4
2.1
32.9
23.6
0.9
1.0
Blue Star
Buy
169
238
1,520
2,748
2,896
4.4
5.6
6.8
9.3
24.9
18.2
3.4
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
99
129
6,328
12,136
13,790
3.8
6.3
3.3
6.9
29.9
14.4
1.7
1.6
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
34
49
276
2,802
3,074
9.5
9.8
7.7
10.9
4.4
3.1
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
54
75
1,377
6,909
7,723
6.2
7.2
5.4
8.4
10.0
6.3
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,013
2,267
2,369
2,727
11.7
11.7
143.4
166.0
14.0
12.1
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
589
7,023
5,529
5,798
9.0
9.6
27.1
30.3
21.7
19.5
3.8
3.3
18.6
18.2
1.1
1.0
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
ABB*
BGR Energy
Capital Goods
Market Outlook
March 15, 2013
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
1,259
23,640
11,358
12,366
19.9
19.6
75.1
74.9
16.8
16.8
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
190
29,369
9,730
11,221
25.6
25.0
10.2
11.3
18.6
16.8
3.3
3.1
18.7
19.0
2.6
2.1
India Cements
Neutral
85
2,616
4,439
4,789
16.7
17.2
6.8
9.1
12.5
9.4
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
120
143
1,417
2,119
2,478
22.9
22.3
20.3
22.8
5.9
5.3
1.0
0.9
18.0
17.7
0.8
1.1
Madras Cements
Neutral
253
6,031
3,960
4,270
27.4
27.0
18.6
21.1
13.7
12.0
2.5
2.1
19.7
18.9
2.2
1.9
Shree Cement^
Neutral
4,228
14,728
5,678
6,251
29.0
28.6
288.1
334.0
14.7
12.7
4.1
3.2
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,907
52,291
20,466
23,017
23.3
24.3
100.0
117.1
19.1
16.3
3.5
2.9
19.6
19.5
2.5
2.3
202
268
1,064
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.5
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
198
2,262
2,522
5.9
6.3
0.9
1.6
11.7
6.9
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
124
164
4,133
3,843
4,212
43.1
43.6
16.8
17.8
7.4
7.0
1.3
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
201
225
3,896
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.9
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
26
35
783
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.6)
8.9
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
77
97
16,976
14,243
16,382
26.2
26.1
3.2
4.3
23.9
17.6
1.3
1.2
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,523
1,788
93,726
60,666
69,525
10.6
11.2
71.9
85.0
21.2
17.9
3.3
2.9
14.5
15.2
1.7
1.5
Nagarjuna Const.
Accumulate
39
44
993
5,863
6,576
8.1
8.2
3.1
4.1
12.6
9.5
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
47
1,566
11,892
13,116
10.2
10.2
(0.4)
3.0
(110.6)
15.9
0.5
0.5
3.8
0.6
0.5
Sadbhav Engg.
Buy
116
157
1,751
1,642
2,642
9.7
10.1
3.2
7.2
36.2
16.0
2.1
1.9
6.0
12.1
1.3
0.9
Simplex Infra
Buy
135
197
668
6,026
7,135
9.1
9.3
14.1
24.6
9.6
5.5
0.5
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
31
58
231
2,180
2,455
13.7
13.4
12.9
14.8
2.4
2.1
0.3
0.3
12.1
12.5
0.5
0.5
Allahabad Bank
Buy
142
160
7,098
6,509
7,264
2.7
2.8
28.2
33.5
5.0
4.2
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
101
5,627
4,795
5,475
3.0
3.0
21.8
21.9
4.6
4.6
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,354
1,678
63,328
15,959
18,660
3.2
3.2
119.2
139.0
11.4
9.7
2.1
1.8
20.3
20.1
Bank of Baroda
Buy
725
850
29,804
14,889
17,393
2.5
2.6
108.2
134.0
6.7
5.4
1.0
0.9
15.3
16.7
Bank of India
Accumulate
321
350
18,415
12,793
14,823
2.3
2.4
49.5
65.1
6.5
4.9
0.9
0.8
13.6
16.0
Bank of Maharashtra
Accumulate
52
56
3,087
3,720
4,268
2.9
2.8
10.9
13.0
4.8
4.0
0.7
0.6
16.2
16.9
Canara Bank
Accumulate
435
463
19,264
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
Financials
73
5,381
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.6
0.8
0.7
10.3
14.3
399
465
5,917
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
96
107
3,352
3,090
3,462
2.7
2.7
25.6
24.6
3.7
3.9
0.7
0.6
19.2
15.9
Market Outlook
March 15, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
492
536
8,407
2,667
2,920
3.2
3.2
49.1
51.4
10.0
9.6
1.3
1.2
13.9
13.1
HDFC
Neutral
814
125,644
7,446
8,923
3.5
3.5
32.2
38.5
25.3
21.1
5.2
4.6
35.4
32.6
HDFC Bank
Neutral
650
154,287
21,724
26,578
4.3
4.3
28.7
36.1
22.7
18.0
4.3
3.7
20.7
22.1
ICICI Bank
Buy
1,111
1,302
127,739
22,317
26,217
2.9
3.0
72.0
84.6
15.4
13.1
2.0
1.8
14.9
15.9
IDBI Bank
Buy
90
106
11,512
8,196
9,305
1.9
2.1
15.4
22.3
5.9
4.0
0.6
0.6
10.7
14.1
Indian Bank
Buy
177
208
7,626
5,716
6,362
3.2
3.2
37.7
41.1
4.7
4.3
0.8
0.7
16.9
16.2
IOB
Buy
71
85
5,695
7,231
8,369
2.4
2.5
10.2
20.2
7.0
3.5
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,314
1,406
6,370
2,784
2,932
3.7
3.7
229.2
199.6
5.7
6.6
1.3
1.1
24.6
18.2
LIC Housing Finance
Accumulate
244
257
12,336
1,722
2,080
2.2
2.2
19.9
24.6
12.3
9.9
1.9
1.7
16.6
17.9
Oriental Bank
Buy
279
314
8,133
6,360
7,004
2.6
2.8
48.1
59.4
5.8
4.7
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
798
957
27,050
19,202
22,040
3.2
3.4
146.8
167.9
5.4
4.8
1.0
0.8
17.6
17.5
South Ind.Bank
Buy
25
30
3,346
1,583
1,789
3.0
2.9
3.5
4.1
7.2
6.2
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,256
2,514
151,378
60,594
70,439
3.3
3.3
221.9
257.4
10.2
8.8
1.7
1.5
17.4
17.7
Syndicate Bank
Accumulate
124
135
7,443
6,673
7,644
2.9
3.0
32.0
27.9
3.9
4.4
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
61
4,048
5,388
6,262
2.4
2.6
9.0
14.9
6.8
4.1
0.9
0.7
9.1
13.8
232
256
12,764
10,006
11,558
2.8
2.8
36.4
47.0
6.4
4.9
0.9
0.8
14.6
16.6
Buy
63
75
2,276
3,549
3,814
2.5
2.7
12.0
21.4
5.2
2.9
0.5
0.5
10.1
16.3
Vijaya Bank
Neutral
52
2,592
2,342
2,763
1.9
2.1
8.0
10.9
6.5
4.8
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
485
526
17,384
3,364
4,260
2.8
3.0
36.3
42.6
13.4
11.4
3.0
2.4
24.6
23.6
4,891
46,911
11,198
13,319
15.9
15.7
122.1
147.1
40.0
33.3
13.5
10.6
37.7
35.7
4.0
3.4
FMCG
Asian Paints
Neutral
Britannia
Neutral
536
6,403
5,580
6,417
4.8
5.0
18.1
21.7
29.6
24.7
10.7
8.6
38.7
38.7
1.1
0.9
Colgate
Neutral
1,318
17,918
3,120
3,588
20.3
21.1
38.4
45.1
34.4
29.3
31.9
25.6
104.6
97.0
5.5
4.8
Dabur India
Neutral
133
23,233
6,196
7,183
16.3
16.8
4.5
5.5
29.6
24.3
12.3
9.5
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,184
17,595
3,084
3,617
15.2
16.3
103.9
123.0
40.3
34.0
12.9
10.6
34.9
34.3
5.3
4.6
Godrej Consumer
Neutral
766
26,079
6,386
7,743
15.7
17.0
20.8
27.1
36.8
28.3
7.9
6.5
23.7
26.4
4.3
3.5
HUL
Neutral
456
98,547
25,350
28,974
13.3
13.5
15.1
17.0
30.2
26.9
24.0
17.1
85.7
74.3
3.6
3.1
ITC
Neutral
302
238,462
29,148
34,191
35.7
36.1
9.4
11.1
32.3
27.2
10.7
8.9
35.9
35.7
7.8
6.6
Marico
Neutral
217
13,969
4,747
5,402
13.6
13.6
6.3
7.8
34.2
27.7
7.0
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,703
45,348
8,302
9,739
22.0
21.5
110.7
130.8
42.5
36.0
25.2
18.1
69.5
58.6
5.5
4.5
Market Outlook
March 15, 2013
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
Accumulate
134
145
8,308
7,272
7,998
9.1
9.9
6.9
8.1
19.6
16.7
2.1
2.0
8.9
9.7
1.1
0.9
HCL Tech^
Neutral
791
55,000
25,325
28,476
21.7
20.7
51.0
52.8
15.5
15.0
4.1
3.4
26.8
22.9
2.0
1.8
Hexaware*
Buy
89
113
2,644
1,948
2,136
20.9
18.3
10.9
10.1
8.2
8.8
2.2
1.8
27.2
21.0
1.1
0.9
Infosys
Neutral
2,875
165,087
40,746
44,283
28.9
28.8
162.6
172.9
17.7
16.6
4.2
3.5
23.5
21.3
3.4
3.0
Infotech Enterprises
Accumulate
170
184
1,897
1,881
1,987
17.9
17.4
18.5
19.4
9.2
8.7
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
105
134
2,025
2,234
2,477
15.8
15.2
10.9
12.8
9.6
8.2
2.1
1.6
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
129
15,197
7,711
8,683
21.6
20.3
8.7
11.3
14.8
11.4
3.5
2.7
30.6
23.7
1.6
1.3
Mindtree
Neutral
858
3,563
2,357
2,580
21.0
19.3
84.4
86.8
10.2
9.9
2.7
2.1
26.8
21.7
1.2
1.0
Mphasis&
Neutral
380
7,988
5,531
5,874
17.6
17.5
35.4
37.7
10.7
10.1
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
23
36
377
1,048
1,161
9.1
10.9
4.1
6.2
5.5
3.7
0.6
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
575
2,300
1,297
1,433
25.6
24.1
46.5
54.0
12.4
10.7
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,568
1,465
306,863
62,954
70,871
29.0
28.9
71.6
79.1
21.9
19.8
7.3
5.9
33.2
29.7
4.6
4.0
Tech Mahindra
Accumulate
1,105
1,205
14,139
6,789
7,609
21.0
19.6
95.8
110.7
11.5
10.0
2.8
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
438
107,982
43,514
47,304
20.1
19.4
26.6
27.7
16.5
15.9
3.2
2.8
19.7
17.9
2.1
1.9
D B Corp
Accumulate
247
276
4,520
1,583
1,787
23.9
25.4
11.9
14.5
20.8
17.0
4.1
3.5
21.4
22.4
2.7
2.4
HT Media
Accumulate
104
113
2,450
2,061
2,205
14.0
15.1
6.6
7.9
15.7
13.3
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
99
125
3,145
1,511
1,698
23.2
23.4
6.4
7.3
15.5
13.6
3.8
3.4
25.9
26.6
2.3
2.0
PVR
Neutral
294
1,165
820
1,307
17.3
17.3
11.2
17.8
26.4
16.5
1.2
1.1
9.7
10.8
1.4
0.9
Sun TV Network
Neutral
450
17,734
1,942
2,237
77.2
75.5
17.6
19.1
25.6
23.6
6.2
5.6
25.8
25.2
8.2
7.1
Bhushan Steel
Neutral
462
10,475
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.3
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
319
368
201,618
66,666
70,292
25.7
27.3
24.2
26.6
13.2
12.0
3.9
3.2
33.1
29.1
2.0
1.8
Electrosteel Castings
Buy
19
28
671
1,984
2,074
10.6
11.6
1.8
2.6
11.0
7.5
0.4
0.1
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
120
149
50,873
12,002
13,759
49.7
50.8
14.7
16.4
8.2
7.4
1.6
1.4
21.1
19.8
2.3
1.6
Hindalco
Neutral
96
18,390
80,205
88,987
9.0
9.2
13.4
13.8
7.2
7.0
0.6
0.5
7.9
7.6
0.6
0.5
JSW Steel
Neutral
708
15,794
39,072
40,493
16.5
18.2
82.4
90.3
8.6
7.8
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Accumulate
231
246
3,882
933
954
46.9
45.5
25.8
26.1
8.9
8.9
1.4
1.3
16.7
15.1
1.7
1.6
Monnet Ispat
Buy
238
318
1,516
2,287
2,883
21.8
21.8
35.3
40.7
6.8
5.8
0.6
0.6
9.6
10.2
1.8
1.4
Nalco
Neutral
44
11,404
6,630
8,357
11.4
14.5
2.1
3.3
20.8
13.6
1.0
0.9
4.6
6.9
1.1
1.0
NMDC
Buy
146
181
57,766
9,674
11,536
75.2
76.6
16.0
18.6
9.1
7.8
2.0
1.7
23.6
23.0
3.7
2.9
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 15, 2013
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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
71
29,141
43,438
56,199
12.0
12.2
6.5
8.5
10.8
8.3
0.7
0.7
6.6
8.2
0.9
0.7
165
183
14,353
2,412
3,911
30.8
33.1
29.6
31.8
5.6
5.2
0.9
0.8
16.3
15.4
7.4
4.6
Sterlite Inds
Accumulate
Tata Steel
Buy
99
110
33,338
43,185
45,442
23.3
23.7
16.8
17.9
5.9
5.5
0.7
0.6
11.6
11.2
0.8
0.7
357
443
34,682 142,732 146,575
7.4
9.9
7.2
34.7
49.7
10.3
0.8
0.7
1.6
7.5
0.5
Sarda
Buy
113
148
406
1,442
0.5
1,494
19.0
19.1
29.2
31.7
3.9
3.6
0.5
0.4
12.3
12.0
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
52
495
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.7
2.9
0.2
0.2
7.2
8.4
0.5
0.4
Buy
92
112
291
2,367
2,425
14.2
13.7
33.3
33.5
2.8
2.7
0.3
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
296
GAIL
Neutral
333
383
56,503
17,394
17,034
76.4
72.3
60.8
55.1
4.9
5.4
1.0
0.9
21.9
17.0
2.4
2.1
42,209
48,077
55,815
15.3
15.3
34.9
35.9
9.5
9.3
1.7
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
320
Reliance Industries
Neutral
861
357
273,818 144,089 158,065
32.8
34.7
28.7
34.4
11.2
9.3
1.8
1.6
17.0
18.3
1.6
1.4
277,875 362,700 380,031
8.9
8.9
68.1
71.5
12.6
12.0
1.4
1.2
12.4
11.8
0.7
Gujarat Gas*
Neutral
276
3,536
3,707
0.7
3,850
11.7
12.4
23.7
25.7
11.6
10.7
3.2
2.8
29.6
28.2
0.8
Indraprastha Gas
Neutral
269
3,762
0.8
3,365
3,700
22.8
23.4
25.3
26.6
10.6
10.1
2.5
2.1
26.0
22.6
1.2
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
148
179
1.1
11,066
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.5
2.5
2.1
29.1
24.1
0.4
0.3
Neutral
65
3,672
1,079
983
91.8
91.9
8.8
7.8
7.5
8.3
1.2
1.1
17.8
14.1
3.1
3.4
Alembic Pharma
Reduce
Aurobindo Pharma
Buy
102
95
1,929
1,490
1,714
16.2
17.1
7.4
9.5
13.8
10.8
3.8
2.9
30.7
30.2
1.4
1.2
164
208
4,785
5,463
6,279
15.0
15.0
12.4
14.0
13.3
11.7
1.7
1.5
18.8
17.8
1.4
1.2
Aventis*
Neutral
2,466
Cadila Healthcare
Accumulate
754
5,678
1,482
1,682
17.5
16.6
82.9
87.8
29.7
28.1
4.7
3.7
16.3
14.8
3.5
3.0
817
15,436
6,148
7,386
15.3
18.0
24.6
39.5
30.7
19.1
5.8
4.6
18.4
25.1
2.9
Cipla
Accumulate
385
2.4
419
30,941
8,151
9,130
25.8
24.8
20.2
21.6
19.1
17.8
3.4
2.9
19.4
17.6
3.6
Dr Reddy's
Neutral
3.1
1,818
30,856
10,696
11,662
20.7
21.0
83.7
92.9
21.7
19.6
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
77
155
619
1,280
1,536
20.2
20.2
12.1
15.5
6.3
5.0
0.6
0.6
10.0
11.6
1.2
1.0
2,123
17,986
2,651
2,993
31.7
31.2
76.0
82.4
27.9
25.8
8.1
7.2
20.1
26.3
6.0
5.2
65
78
594
642
784
14.2
15.2
5.7
7.8
11.3
8.3
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
504
559
6,358
2,850
3,474
21.0
21.0
29.9
37.3
16.9
13.5
4.0
3.2
26.7
26.4
2.4
2.0
Lupin
Accumulate
600
655
26,836
8,426
10,082
19.7
20.0
26.1
31.1
23.0
19.3
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
433
18,304
12,253
11,400
14.1
12.5
31.2
21.6
13.9
20.0
4.5
3.8
37.9
20.6
1.4
1.4
Sun Pharma
Neutral
830
85,821
10,111
12,563
42.6
42.6
28.9
29.8
28.7
27.9
5.8
4.9
22.3
19.2
7.9
6.2
Neutral
76
1,146
1,502
1,535
32.1
31.9
11.4
12.5
6.7
6.1
0.8
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Market Outlook
March 15, 2013
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
Accumulate
147
163
121,043
72,809
81,951
23.4
24.1
12.2
13.6
12.0
10.8
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
285
48,362
7,953
9,699
34.7
37.0
4.4
6.0
65.2
47.7
1.9
1.8
3.1
3.8
8.1
6.3
MLIFE
Accumulate
398
446
1,624
786
888
26.3
26.7
31.0
36.3
12.8
11.0
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
315
350
119,622
80,521
87,160
30.5
30.5
6.4
10.4
49.3
30.3
2.3
2.1
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
114
37,807
22,087
23,927
26.6
27.7
2.9
3.9
39.0
29.2
2.7
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
68
14,066
21,087
22,067
31.8
31.9
2.6
4.0
26.0
17.0
0.4
0.4
1.5
2.2
2.4
2.2
13.1
13.5
79.0
90.8
17.1
14.9
3.7
3.1
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,349
1,634
2,867
1,926
2,152
Bajaj Electricals
Buy
174
217
1,735
3,450
3,929
4.5
7.4
10.0
15.5
17.4
11.2
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
457
495
578
460
596
16.4
16.2
34.7
45.0
13.2
10.1
3.2
2.5
27.7
27.8
1.3
1.0
Cravatex
Buy
350
545
90
272
308
7.2
7.3
37.5
45.4
9.3
7.7
2.2
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
902
6,333
982
1,136
34.3
34.3
34.3
40.0
26.3
22.6
11.9
9.5
50.9
46.9
6.1
5.2
Finolex Cables
Buy
46
61
710
2,268
2,559
9.5
10.0
9.0
10.1
5.2
4.6
0.8
0.7
14.8
14.6
0.3
0.2
Force Motors
Buy
390
550
508
2,027
2,299
4.6
5.1
35.3
50.0
11.0
7.8
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
282
304
651
1,559
1,676
7.1
7.4
27.5
30.5
10.3
9.3
1.6
1.5
16.9
16.7
0.2
0.2
Greenply Industries
Sell
384
309
927
1,925
2,235
10.6
10.9
29.6
44.1
13.0
8.7
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
131
360
905
1,025
4.8
6.0
7.7
12.4
17.0
10.6
1.6
1.4
9.9
14.4
0.5
0.4
2,514
2,842
2,223
2,117
2,491
8.1
7.8
140.5
157.9
17.9
15.9
2.7
2.3
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
600
744
1,055
1,069
1,223
9.7
9.7
40.0
46.5
15.0
12.9
2.1
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
180
239
207
1,455
1,630
12.0
12.1
23.2
31.2
7.8
5.8
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
166
2,671
816
979
14.5
14.9
5.2
6.0
32.1
27.5
3.7
3.4
8.8
10.2
3.5
2.9
MCX
Buy
897
1,440
4,576
553
624
65.3
66.3
62.5
72.0
14.4
12.5
4.0
3.4
27.5
27.4
5.6
4.5
MRF
Accumulate
12,949
14,331
5,492
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.8
7.2
1.6
1.3
22.0
19.4
0.6
0.5
Page Industries
Neutral
3,333
3,717
856
1,047
19.1
19.6
101.2
127.3
33.0
26.2
16.9
12.5
58.5
54.9
4.4
3.6
Relaxo Footwears
Buy
651
887
782
989
1,148
10.7
11.7
41.8
55.5
15.6
11.8
3.5
2.7
25.5
26.3
1.0
0.8
Sintex Industries
Buy
58
79
1,800
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.7
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
277
332
259
1,048
1,157
11.3
12.0
58.7
66.5
4.7
4.2
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
293
6,765
7,393
18.1
18.0
6.4
7.5
1.5
1.3
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
35
43
1,686
5,720
6,599
5.3
6.8
3.6
5.4
9.6
6.5
14.0
4.4
0.4
0.3
TAJ GVK
Buy
66
108
413
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 15, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
17.5
19.1
0.7
0.6
zOthers
Tata Sponge Iron
Buy
310
379
477
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
441
655
342
393
439
5.9
6.7
21.1
26.7
20.9
16.5
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
192
276
147
1,461
1,591
5.6
7.1
6.9
39.4
27.8
4.9
1.1
0.9
3.8
20.6
0.3
0.3
1,961
25,642
10,473
11,939
15.0
15.8
30.4
56.9
64.5
34.5
4.9
3.1
10.8
12.3
3.1
2.4
324
355
657
591
623
17.5
17.2
29.0
29.6
11.2
10.9
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 14, 2013
Market Outlook
March 15, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

March 15, 2013

OIL & GAS

FII Derivatives (March 14, 2013)

Net Inflows (March 12, 2013)

Refer detailed news analysis on the following page

Aluminium business continues to make losses: At current aluminium price

WPI inflation at 6.8% for February 2013

Manufactured products inflation decelerated to a three-year low at 4.5% in

GSM operators lose ~2mn subscribers in February

Infosys bags order from BMW

Punj Lloyd bags `314 cr offshore contract

Economic and Political News

Cutting Plan spending a compulsion: Chidambaram

CERC asks RPower to meet states in 15 days to resolve tariff issue

Country Event Description

March 15, 2013

March 19, 2013

March 20, 2013

March 21, 2013

March 26, 2013

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Jobless claims change

FOMC rate decision

Germany PMI Services

Germany PMI Manufacturing

Existing home sales

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

April 15, 2013

Real GDP (YoY)

May 15, 2013

Euro Zone Euro-Zone GDP s.a. (QoQ)

Germany GDP nsa (YoY)

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

5.3 5.5 5.3

Exhibit 3: Monthly WPI inflation trends

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research