Market Outlook Market Outlook: Dealer's Diary

Market Outlook
April 16, 2013
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the red, tracking negative opening in
most of the Asian markets as fears about the strength of the Chinese economy
prevailed and a steep fall in commodity prices prompted the worst sell-off in five
months on Wall Street.
The US markets ended modestly lower on Monday as disappointing economic data
from the US and China weighed on investor sentiment along with news of two
explosions at the Boston marathon. Chinas first quarter GDP came in at 7.7%
against 7.9% growth in the fourth quarter. Also, the New York Federal Reserve
released a report showing that its index of regional manufacturing activity fell to
3.1 in April from 9.2 in March. Additionally, the National Association of Home
Builders released a report showing an unexpected drop in homebuilder confidence
as the NAHB/Wells Fargo Housing Market Index fell for the third straight month,
dropping to 42 in April from 44 in March.
Meanwhile, Indian markets rose on Monday, as soft inflation numbers (WPI
dropped to 5.96% in March) raised hopes the RBI would cut interest rates when it
reviews its monetary policy on May 3.
Markets Today
The trend deciding level for the day is 18,309 / 5,554 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,473 18,589 / 5,607 5,646 levels. However, if NIFTY trades below
18,309 / 5,554 levels for the first half-an-hour of trade then it may correct up to
18,193 18,029 / 5,515 5,461 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,029
18,193
18,309
18,473
18,589
NIFTY
5,461
5,515
5,554
5,607
5,646
WPI inflation softens to 40-month low

Result Review: Reliance Industries
Net Inflows (April 12, 2013)
(Close)
0.6
Nifty
0.7
40
5,568
MID CAP
0.1
6,109
SMALL CAP
115 18,358
0.4
25
5,898
BSE HC
(0.8)
(64)
8,225
BSE PSU
1.4
89
6,545
BANKEX
1.0
125 13,201
AUTO
(1.0)
(97)
9,824
METAL
(1.2)
(102)
8,313
2.4
199
8,561
(0.4)
(24)
6,016
(Pts)
(Close)
OIL & GAS

BSE IT
Global Indices
Chg (%)
Dow Jones
(1.8)
NASDAQ
(2.4)
(78)
3,216
FTSE
(0.6)
(41)
6,344
Nikkei
(1.6)
(209) 13,276
Hang Seng
(1.4)
(316) 21,773
Straits Times
(0.3)
(10)
3,284
Shanghai Com
(1.1)
(25)
2,182
Chg (%)
(Pts)
(Close)
INFY
(3.2)
(1.4)
$41.7
WIT
(2.9)
(0.2)
$8.5
IBN
(1.1)
(0.5)
$40.9
HDB
(0.7)
(0.3)
$38.2
Indian ADR
(266) 14,599
BSE
NSE
Advances
1,266
720
Declines
1,042
611
123
96
Unchanged
Refer detailed news analysis on the following page
(Pts)
BSE Sensex
Advances / Declines
News Analysis
Chg (%)
Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
BSE
1,932
FII
2,908
2,815
93
51
54,802
NSE
11,436
32
75
(43)
(92)
(7,260)
MFs
FII Derivatives (April 15, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,401
1,512
(111)
13,251
Stock Futures
2,249
1,906
343
23,794
Price (`)
chg (%)
Company
Jet Air India
501
5.6
Canara Bank
410
5.5
Federal Bank
418
(5.1)
BPCL
395
5.4
Titan Industries
239
(4.4)
27
5.2
Shriram Transport
667
(4.2)
312
4.9
SAIL
57
(3.5)
Gainers / Losers
Gainers
Company
TV18 Broadcast
HPCL
www.angelbroking.com
Losers
Muthoot Finance
Price (`)
chg (%)
131
(13.1)
Market Outlook
April 16, 2013
WPI inflation softens to 40-month low

Wholesale Price Index (WPI) inflation for March 2013 moderated to more than a
three-year low in March 2013. It came in at 6.0% as compared to 6.8% in the
previous month and 7.7% in March 2012. The deceleration in inflation can mainly
be attributed to softening primary article (particularly food) inflation. Core inflation
receded for the seventh straight month to 3.4% as compared to 3.8% in the
previous month and 5.0% in the corresponding month of the previous year,
reflecting the decline in commodity prices on a yoy basis and weak pricing power
in manufacturing. At the same time, the trend of upward revisions in provisional
inflation data does not bode well for the inflationary trajectory. Inflation for the
month of January 2012 has been revised upwards to 7.3% as against 6.6%
reported earlier, due to revision in fuel and primary article inflation.
Inflation in primary articles moderated to 7.6%, its lowest level during the fiscal
year, as compared to 9.7% in the previous month and 10.4% in March 2012. This
deceleration can mainly be attributed to cooling food inflation. Food inflation
came in at 8.7% as compared to above double-digit rise in the three preceding
months mainly as vegetables reported a 0.9% decline in prices and fruits, milk and
protein-rich items reported some moderation. Although inflation in another subcomponent ie food-grains moderated from 18.4% in the previous month, it still
remained elevated at 16.8% in March 2013. It contributed about 80bp to the
overall headline 6.0% print.
Fuel and power inflation remained high at 10.2%, owing to steps taken by the
government towards fuel price adjustment. For March 2013, inflation in LPG and
high speed diesel came in at 25.7% and 21.2% respectively, as compared to
14.3% and 9.2% in the corresponding period of the previous year. Together, they
contributed about 125bp to the overall WPI inflation. As we had expected, the fuel
inflation index for January 2013 has been revised sharply upwards to 9.3%, from
7.1% reported earlier.
Manufactured products inflation moderated for the seventh straight month and
decelerated to about a 40-month low. It came in at 4.1% as compared to 5.2% in
March 2012. Inflation in manufactured food products stood at 7.0%, but it is the
non-food manufactured component that has cooled down considerably owing to
decline in commodity prices on a yoy basis and weak pricing power. Core
inflation, ie the non-food manufacturing component of inflation, softened further to
3.4% as compared to 3.8% in the previous month and 5.0% in March 2012.
Despite the widening of the current account deficit, which has likely peaked at
6.7% of GDP in FY2013, we see scope for policy easing by the RBI in its annual
monetary policy owing to the moderating trend in WPI inflation and the recent
easing in CPI inflation. Growth for FY2013 is likely to decelerate to a decade-low
of 5.0%. In addition, industrial production remains weak, posting a growth of
0.9% over April February of FY2013.
The RBIs monetary policy stance has veered towards supporting growth;
nonetheless its guidance remains hawkish. So far in CY2013, it has cut the policy
rate by 50bp but monetary transmission has been limited due to the wedge
between credit-deposit growth. We expect the RBI to cut the repo rate by 25bp on
May 3, 2013.
Market Outlook
April 16, 2013
Result Preview
Reliance Industries (CMP: `794/ TP: -/ Upside :-)
Reliance Industries Ltd (RIL) is scheduled to announce its 4QFY2013 results today.
We expect the companys top-line to increase 8.0% yoy to `92,008cr due to higher
petrochemical prices during the quarter. We expect the companys operating
margin to expand 121bp yoy to 8.0%. The bottom-line is expected to increase by
24.7% yoy to `5,282cr. We maintain our Neutral view on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
FY2014E
380,031
8.9
23,390 71.5 11.8 11.1
1.1
6.7
0.6
FY2015E
407,721
9.9
26,266 80.3 11.9
1.0
5.4
0.5
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
9.9
EV/EBITDA
EV/Sales
(x)
(x)
(x)
Quarterly Bloomberg Brokers Consensus Estimate

Reliance Industries (16/04/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
92,804
8,200
85,182
93,886
(1)
6,563
25
8,373
(2)
8.8
7.7
5,600
4,236
8.9
32
5,502
HCL Tech Consolidated (17/04/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
6,341
5,216
21.6
6,274
1.1
EBITDA
46.7
1,417
(0.7)
1,407
959
EBITDA margin (%)
22.2
18.4
Net profit
945
603
56.8
965
(2.0)
22.6
TCS Consolidated (17/04/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
16,491
13,259
24
16,070
Net profit
3,612
2,962
22
3,592
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
353
272
30
342
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
294
267
10
223
32
Yes Bank Ltd (17/04/2013)

Particulars (` cr)
Net profit
Induslnd Bank Ltd (18/04/2013)

Particulars (` cr)
Net profit
Market Outlook
April 16, 2013
Economic and Political News
CRISIL cuts FY2014 GDP growth forecast to 6%

Global food prices up by 1% in March 2013: FAO
Government to award 30 port projects worth `25,000cr this fiscal
India's services exports up 9% at US$12.28bn in February
India-China bilateral trade projected at US$100bn by 2015
Steel price won't swing much this year: Tata Steel
Corporate News
Amalgamation of Jyothy Consumer Products Limited with Jyothy Laboratories

Limited has been approved
Cairn Energy will hold on to 10% stake in India arm
Coal India signs fuel supply pacts with 60 power plants
ONGC: higher subsidy share could offset gains from rise in output, gas prices
ONGC seeks MoEF permit for drilling new wells in KG Basin
Wipro promoters to sell shares through offer for sale route
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
April 16, 2013
Result Calendar
Date
Company
April 16, 2013
Reliance Industries
April 17, 2013
TCS, HCL Tech, Yes Bank
April 18, 2013
IndusInd Bank, CRISIL, MRF
April 19, 2013
Wipro
April 22, 2013
UltraTech Cement, Mindtree, Tata Sponge
April 23, 2013
HDFC Bank
April 24, 2013
Axis Bank
April 25, 2013
FAG Bearings, Infotech Enterprises, Vesuvius India, Cera Sanitaryware Ltd
April 26, 2013
ICICI Bank, Maruti, Goodyear
April 29, 2013
Bosch India, Exide Industries, Hexaware
April 30, 2013
Dabur India, Godrej Consumer, Petronet LNG, TVS Motor, Taj GVK
May 01, 2013
IDFC
May 02, 2013
Alembic Pharma
May 03, 2013
Titan Inds.
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
April 16, 2013
2:00PM
UK
Bloomberg Data
CPI (YoY)
% Change
Mar
2.80
2.80
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Mar
1.80
1.70
6:00PM
US
Housing Starts
Thousands
Mar
917.00
930.00
6:00PM
US
Building permits
Thousands
Mar
939.00
943.00
6:00PM
US
Consumer price index (mom)
% Change
Mar
0.70
--
6:45PM
US
Industrial Production
Mar
0.75
0.20
April 17, 2013
2:00PM
UK
Jobless claims change
% Change
Mar
(1.50)
--
April 18, 2013
6:00PM
US
Initial Jobless claims
Thousands
Apr 13
346.00
350.00
April 22, 2013
7:30PM
US
Existing home sales
Millions
Mar
4.98
5.02
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Apr A
(23.50)
--
1:00PM
Germany PMI Services
Value
Apr A
50.90
--
1:00PM
Germany PMI Manufacturing
Value
Apr A
49.00
--
7:30PM
US
New home sales
Thousands
Mar
411.00
420.00
April 25, 2013
2:00PM
UK
GDP (YoY)
% Change
1Q A
0.20
--
April 26, 2013
6:00PM
US
GDP Qoq (Annualised)
April 30, 2013
1:25PM
Germany Unemployment change (000's)
7:30PM
US
Consumer Confidence
2:00PM
UK
PMI Manufacturing
6:30AM
China
Last Reported Estimated
April 23, 2013
May 1, 2013
% Change
1Q A
0.40
3.10
Thousands
Apr
13.00
--
S.A./ 1985=100
Apr
59.70
--
Value
Apr
48.30
--
PMI Manufacturing
Value
Apr
50.90
--
FOMC rate decision
May 1
0.25
--
May 2
0.75
--
Thousands
Apr
88.00
--
11:30PM
US
May 2, 2013
5:15PM
Euro Zone ECB announces interest rates
May 3, 2013
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
Apr
7.60
--
11:00AM
India
RBI Repo rate
May 3
7.50
--
11:00AM
India
RBI Cash Reserve ratio
May 3
4.00
--
11:00AM
India
RBI Reverse Repo rate
May 3
6.50
--
May 8, 2013
4:29PM
China
Exports YoY%
% Change
Apr
10.00
--
May 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
2.10
--
2:00PM
UK
Industrial Production (YoY)
% Change
Mar
(2.20)
--
4:30PM
UK
BOE Announces rates
% Ratio
May 9
0.50
0.50
Market Outlook
April 16, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
4.0
0.6
(0.1)
7.6
7.6
(0.5)
Jan-13
Dec-12
(2.8)
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.5
(1.0)
Source: MOSPI, Angel Research
(%)
7.7
(0.7)
(2.0)
Nov-12
(4.0)
(1.3)
Mar-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Oct-12
4.5
Sep-12
5.3 5.5 5.3
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
Source: MOSPI, Angel Research
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
7.50
8.00
15.0
7.00
6.50
6.00
4.00
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: RBI, Angel Research
Mar-13
4.00
3.00
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.00
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
0.0
(15.0)
Mar-13
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
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
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
Feb-13
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
Market Outlook
April 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
124
2,415
1,466
1,686
14.8
14.8
7.0
8.1
17.7
15.3
3.8
3.2
22.6
22.5
1.7
1.5
United Phosphorus
Buy
122
170
5,391
8,421
9,263
16.5
16.5
15.0
17.0
8.1
7.2
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
246
326
4,203
3,418
3,892
15.1
14.9
19.8
21.7
12.4
11.3
3.0
2.4
27.1
23.7
1.2
1.1
Apollo Tyres
Buy
84
103
4,221
14,401
15,841
11.4
11.5
13.6
15.9
6.2
5.3
1.1
0.9
18.4
18.2
0.4
0.4
Ashok Leyland
Buy
22
27
5,867
13,833
16,192
9.6
9.7
2.0
2.7
11.2
8.3
1.9
1.7
12.1
15.2
0.5
0.4
Automotive Axle#
Accumulate
290
309
439
934
1,103
10.2
10.7
24.5
34.3
11.8
8.5
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Buy
1,726
2,014
49,942
22,552
25,498
18.6
18.6
117.9
134.3
14.6
12.9
5.3
4.2
40.2
36.6
1.8
1.5
Bharat Forge
Neutral
214
4,970
6,198
6,793
14.6
14.9
14.5
17.3
14.7
12.3
1.9
1.7
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,615
27,050
9,717
11,092
16.2
17.0
354.7
423.3
24.3
20.4
4.2
3.6
17.2
17.5
2.5
2.1
CEAT
Buy
90
155
308
5,403
6,057
8.3
8.3
36.4
41.3
2.5
2.2
0.4
0.3
15.3
16.6
0.2
0.2
Exide Industries
Buy
121
146
10,306
7,026
8,027
14.2
14.2
7.7
8.9
15.7
13.7
2.7
2.3
18.0
17.9
1.2
1.0
FAG Bearings*
Accumulate
1,371
1,569
2,278
1,619
1,879
16.0
16.6
108.6
130.7
12.6
10.5
2.2
1.8
18.8
19.1
1.2
1.0
Hero Motocorp
Buy
1,437
1,824
28,700
25,351
28,047
13.9
13.8
104.1
140.3
13.8
10.2
4.7
3.7
36.7
40.4
0.9
0.8
JK Tyre
Buy
98
154
404
7,972
8,754
7.1
7.1
37.5
44.0
2.6
2.2
0.4
0.3
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
813
1,006
49,944
44,550
50,260
11.4
11.7
59.6
68.3
13.7
11.9
2.8
2.4
22.3
21.6
0.9
0.7
1,424
1,543
41,126
48,078
55,133
9.1
9.3
87.4
102.9
16.3
13.8
2.2
1.9
14.1
14.6
0.7
0.6
Buy
176
222
10,355
28,442
31,493
7.5
7.8
12.5
14.8
14.1
11.9
3.5
2.8
27.5
25.8
0.5
0.5
Subros
Buy
28
30
168
1,479
1,685
10.0
9.9
5.5
7.5
5.1
3.7
0.6
0.5
11.1
13.7
0.4
0.3
Tata Motors
Buy
269
324
71,756 206,341 227,695
12.8
13.5
32.3
39.0
8.4
6.9
1.8
1.5
23.1
23.2
0.4
0.4
TVS Motor
Accumulate
35
40
1,677
7,714
8,532
6.1
6.3
4.8
5.8
7.3
6.1
1.2
1.0
16.5
17.5
0.2
0.1
Maruti
Accumulate
Motherson Sumi
Capital Goods
ABB*
Neutral
475
10,064
8,073
9,052
5.5
7.2
11.3
17.4
42.2
27.3
3.6
3.3
8.9
12.8
1.2
1.1
BGR Energy
Neutral
184
1,329
4,114
4,886
11.4
10.7
24.9
28.0
7.4
6.6
1.0
0.9
25.2
22.6
0.6
0.6
BHEL
Neutral
179
43,702
43,757
40,934
17.3
16.9
20.9
19.0
8.6
9.4
1.9
1.7
23.7
18.8
0.9
0.9
Blue Star
Buy
159
230
1,434
2,896
3,087
5.6
6.2
9.3
11.7
17.1
13.6
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
88
117
5,674
13,790
15,095
6.4
7.4
6.9
9.4
12.9
9.5
1.4
1.3
11.7
14.5
0.5
0.4
Jyoti Structures
Accumulate
30
34
246
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
51
67
1,298
7,750
8,631
6.8
7.0
7.7
9.2
6.6
5.5
1.0
0.8
20.8
20.8
0.3
0.3
Thermax
Neutral
551
6,562
5,931
6,592
9.6
9.7
31.0
34.3
17.8
16.1
3.1
2.7
18.6
17.9
0.9
0.8
1,139
1,361
21,383
12,262
13,902
20.8
22.6
78.5
99.6
14.5
11.4
2.6
2.3
19.0
21.6
1.5
1.3
Cement
ACC
Buy
Market Outlook
April 16, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
175
27,021
10,699
12,295
24.7
24.8
10.6
12.6
16.5
13.9
2.8
2.6
17.9
19.4
2.0
1.7
India Cements
Neutral
84
2,577
4,777
5,276
17.3
17.1
8.8
10.9
9.5
7.7
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
88
143
1,041
2,313
2,728
19.8
20.7
16.6
23.1
5.3
3.8
0.7
0.6
13.6
16.5
1.0
0.8
Madras Cements
Neutral
233
5,552
4,293
4,855
27.4
28.6
21.8
28.2
10.7
8.3
1.9
1.6
19.6
21.3
1.8
1.4
Shree Cement^
Neutral
4,029
14,034
6,706
7,751
28.7
27.7
338.2
375.5
11.9
10.7
3.0
2.4
28.5
25.2
1.5
1.1
UltraTech Cement
Neutral
1,859
50,959
22,456
25,656
23.2
23.2
105.6
128.0
17.6
14.5
2.9
2.5
17.8
18.6
2.3
2.0
184
272
969
2,013
2,293
22.5
22.5
26.0
24.4
7.1
7.6
0.8
0.7
11.7
9.9
2.1
1.9
12
230
2,281
2,492
5.9
6.9
0.7
2.0
18.3
6.2
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
115
167
3,821
4,152
4,624
44.4
45.0
17.0
17.2
6.8
6.7
1.0
0.9
16.2
14.6
3.3
3.4
ITNL
Buy
180
230
3,487
7,177
7,772
27.4
28.9
29.4
32.4
6.1
5.5
0.9
0.8
16.5
15.9
2.7
2.7
IVRCL Infra
Buy
20
35
605
6,287
6,836
8.5
8.5
2.3
3.0
8.4
6.5
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
72
95
16,077
14,914
15,699
26.2
26.4
4.2
4.4
17.3
16.7
1.1
1.1
6.8
6.6
2.4
2.3
Larsen & Toubro
Buy
1,381
1,795
84,982
69,586
79,247
11.2
11.1
75.1
84.9
18.4
16.3
2.6
2.3
15.2
15.0
1.4
1.2
Nagarjuna Const.
Buy
31
45
786
6,576
7,264
8.2
8.3
4.1
4.8
7.5
6.4
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
52
1,715
1,338
1,542
10.2
10.2
3.0
4.8
17.4
10.9
0.6
0.6
3.4
5.2
5.5
5.3
Sadbhav Engg.
Buy
113
153
1,712
2,511
2,736
10.6
10.6
7.3
7.8
15.6
14.6
2.0
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
113
164
560
6,824
7,563
9.2
9.4
18.0
23.4
6.3
4.8
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
29
45
214
2,455
2,734
13.4
13.0
14.6
14.9
2.0
1.9
0.2
0.2
12.3
11.3
0.4
0.5
Allahabad Bank
Buy
129
155
6,473
7,137
7,907
2.9
2.8
32.3
36.0
4.0
3.6
0.6
0.5
14.2
14.2
Andhra Bank
Neutral
91
5,101
5,285
5,937
3.0
2.9
21.2
23.4
4.3
3.9
0.6
0.6
13.4
13.4
Axis Bank
Buy
1,291
1,698
60,427
18,901
22,625
3.3
3.3
128.5
150.5
10.1
8.6
1.6
1.4
17.0
17.5
Bank of Baroda
Buy
678
815
28,559
16,318
18,682
2.4
2.4
121.4
144.6
5.6
4.7
0.8
0.7
15.2
16.0
Bank of India
Accumulate
314
337
18,699
14,284
16,295
2.3
2.3
55.9
68.4
5.6
4.6
0.8
0.7
13.9
15.2
Bank of Maharashtra
Buy
48
58
3,165
4,289
4,670
2.9
2.8
11.6
13.1
4.1
3.7
0.6
0.5
15.7
15.6
Canara Bank
Accumulate
410
429
18,152
11,673
13,208
2.3
2.3
74.8
85.8
5.5
4.8
0.8
0.7
13.7
14.1
Central Bank
Accumulate
67
71
6,988
8,079
9,086
2.6
2.6
14.9
18.0
4.5
3.7
0.7
0.6
12.2
13.3
Corporation Bank
Buy
383
453
5,851
5,397
5,973
2.2
2.2
96.3
105.9
4.0
3.6
0.6
0.5
14.6
14.4
Dena Bank
Accumulate
91
101
3,172
3,334
3,700
2.7
2.7
23.6
26.5
3.8
3.4
0.6
0.5
15.5
15.3
Federal Bank
Buy
418
526
7,150
2,916
3,389
3.3
3.3
50.1
59.4
8.3
7.0
1.0
0.9
12.8
13.7
Financials
Market Outlook
April 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
775
119,849
8,928
10,684
3.7
3.7
38.4
45.3
20.2
17.1
4.4
3.9
32.5
32.4
HDFC Bank
Neutral
642
152,889
26,559
32,720
4.4
4.4
35.5
42.5
18.1
15.1
3.6
3.1
21.7
22.0
ICICI Bank
Buy
1,048
1,278
120,849
26,371
31,618
3.0
3.0
84.1
96.7
12.5
10.8
1.7
1.5
15.8
16.5
IDBI Bank
Buy
83
96
11,055
9,309
10,541
2.1
2.2
20.1
23.4
4.1
3.6
0.5
0.5
12.8
13.5
Indian Bank
Buy
157
200
6,750
6,276
6,968
3.1
3.1
38.3
42.3
4.1
3.7
0.6
0.5
15.2
14.9
IOB
Buy
64
78
5,956
8,205
9,048
2.6
2.5
16.4
20.3
3.9
3.2
0.5
0.4
11.6
13.1
J & K Bank
Accumulate
1,215
1,323
5,892
3,032
3,118
3.8
3.5
218.1
200.9
5.6
6.1
1.0
0.9
19.9
16.0
LIC Housing Finance
Accumulate
225
253
11,368
2,127
2,498
2.2
2.2
25.1
28.2
9.0
8.0
1.5
1.3
18.3
17.9
Oriental Bank
Accumulate
246
270
7,180
6,791
7,478
2.7
2.7
56.7
63.4
4.3
3.9
0.6
0.5
12.9
13.1
Punjab Natl.Bank
Buy
735
889
25,968
21,161
24,166
3.3
3.3
153.4
176.4
4.8
4.2
0.8
0.7
16.1
16.3
South Ind.Bank
Buy
23
29
3,079
1,826
2,081
3.0
2.9
4.0
4.5
5.7
5.1
1.0
0.8
17.6
17.1
St Bk of India
Buy
2,145
2,567
146,705
67,091
76,746
3.2
3.1
241.2
280.4
8.9
7.7
1.4
1.2
16.5
17.0
Syndicate Bank
Buy
112
130
6,724
7,340
8,212
2.9
2.8
26.4
28.7
4.2
3.9
0.6
0.6
15.8
15.2
UCO Bank
Neutral
62
4,674
6,126
6,665
2.6
2.5
12.2
14.4
5.1
4.3
0.8
0.6
11.8
12.6
Union Bank
Accumulate
225
248
13,407
11,226
12,769
2.7
2.7
41.0
47.8
5.5
4.7
0.8
0.7
14.8
15.4
United Bank
Buy
57
71
2,136
3,597
4,008
2.6
2.7
16.0
20.8
3.6
2.7
0.4
0.4
12.5
14.7
Vijaya Bank
Neutral
50
2,458
2,600
2,946
2.0
2.1
9.7
11.0
5.1
4.5
0.6
0.5
11.4
11.7
Yes Bank
Buy
458
516
16,425
4,260
5,344
3.0
3.0
42.1
50.2
10.9
9.1
2.3
1.9
23.3
22.9
4,639
44,501
13,319
15,805
15.7
15.7
143.8
170.2
32.3
27.3
10.1
8.0
35.1
32.7
3.3
2.7
527
564
6,302
6,417
7,446
5.1
5.5
20.3
25.2
26.0
21.0
8.8
7.0
37.4
37.3
0.9
0.8
FMCG
Asian Paints
Neutral
Britannia
Accumulate
Colgate
Neutral
1,342
18,245
3,588
4,130
21.1
21.6
44.7
51.9
30.0
25.9
27.0
20.1
100.0
89.1
4.9
4.2
Dabur India
Neutral
138
24,079
7,183
8,340
16.8
16.8
5.4
6.3
25.5
21.8
10.0
7.7
43.9
39.9
3.3
2.9
GlaxoSmith Con*
Neutral
3,932
16,537
3,617
4,260
16.1
16.4
120.6
146.4
32.6
26.9
10.1
8.1
33.8
33.4
4.4
3.6
Godrej Consumer
Neutral
777
26,426
7,801
9,017
17.0
17.0
26.5
31.9
29.3
24.4
6.6
5.4
26.5
25.9
3.6
3.1
HUL
Neutral
475
102,707
28,974
32,970
13.5
13.5
17.0
18.1
28.0
26.2
17.8
13.4
74.3
58.3
3.4
2.9
ITC
Neutral
300
237,015
33,506
39,067
36.8
37.0
11.1
13.0
27.1
23.1
8.8
7.2
35.5
34.1
6.6
5.6
Marico
Neutral
214
13,772
5,352
6,204
14.0
14.0
7.9
9.8
27.0
21.8
5.6
4.5
22.8
22.9
2.6
2.2
Nestle*
Neutral
4,570
44,059
9,739
11,307
21.5
22.2
131.6
159.9
34.7
28.6
17.5
12.6
58.8
69.5
4.4
3.7
Tata Global
Accumulate
132
145
8,181
7,998
8,798
9.7
9.8
7.9
8.7
16.8
15.2
2.0
1.9
9.6
9.8
0.9
0.8
Market Outlook
April 16, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
766
876
53,302
28,540
32,098
20.8
19.5
53.3
58.4
14.4
13.1
3.3
2.7
23.0
21.1
1.7
1.5
90
105
2,680
2,137
2,350
18.8
19.2
10.4
11.7
8.7
7.7
1.9
1.7
22.6
22.1
1.1
1.0
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Accumulate
2,334
2,465
134,024
43,338
47,244
27.5
27.7
169.4
182.6
13.8
12.8
2.9
2.5
20.8
19.3
2.4
2.1
Infotech Enterprises
Buy
171
196
1,903
1,994
2,039
18.1
18.5
20.2
21.8
8.5
7.8
1.2
1.0
13.8
13.1
0.5
0.4
KPIT Cummins
Buy
96
130
1,852
2,458
2,729
15.5
15.2
13.1
14.5
7.3
6.6
1.5
1.2
20.9
18.8
0.6
0.5
Mahindra Satyam
Buy
111
143
13,086
8,456
9,385
19.3
19.1
10.6
11.9
10.5
9.3
2.4
1.9
22.4
20.1
1.1
0.9
Mindtree
Accumulate
850
926
3,529
2,587
2,823
19.4
19.4
87.2
92.6
9.8
9.2
2.1
1.7
21.8
18.8
1.0
0.8
Mphasis&
Accumulate
360
395
7,557
6,096
6,646
17.6
17.4
38.1
41.6
9.4
8.7
1.3
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
23
30
386
1,144
1,267
9.0
9.1
4.3
5.4
5.4
4.3
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
533
602
2,134
1,433
1,591
24.7
24.6
55.5
60.2
9.6
8.9
1.8
1.5
18.4
16.8
1.1
0.9
TCS
Accumulate
1,475
1,624
288,768
71,548
81,428
28.5
28.1
78.1
87.8
18.9
16.8
5.6
4.6
29.5
27.4
3.9
3.4
Tech Mahindra
Buy
967
1,230
12,388
7,699
8,315
19.3
18.1
107.0
115.0
9.0
8.4
2.0
1.6
21.7
19.1
1.6
1.4
Wipro
Buy
380
450
93,604
47,122
51,460
19.8
19.5
28.2
31.5
13.5
12.1
2.5
2.1
18.2
17.6
1.6
1.3
D B Corp
Buy
226
272
4,139
1,787
1,974
25.4
26.4
14.5
16.9
15.5
13.4
3.2
2.8
22.4
22.2
2.2
1.9
HT Media
Buy
97
117
2,275
2,205
2,380
15.1
15.6
8.0
9.1
12.1
10.7
1.3
1.2
11.2
11.4
0.6
0.5
Jagran Prakashan
Buy
89
121
2,956
1,698
1,908
23.9
24.5
7.4
8.4
12.1
10.6
3.1
2.7
26.7
26.8
1.9
1.7
PVR
Neutral
299
1,186
1,343
1,521
18.8
18.9
18.3
22.9
16.3
13.1
1.5
1.7
10.6
12.3
0.9
0.8
Sun TV Network
Neutral
352
13,876
2,293
2,571
68.7
68.7
19.3
22.7
18.2
15.5
4.5
3.9
26.1
27.3
5.7
4.9
Bhushan Steel
Neutral
456
10,325
13,794
17,335
30.7
34.8
48.9
83.6
9.3
5.5
1.0
0.8
11.2
16.7
2.4
1.9
Coal India
Accumulate
294
345
185,985
72,174
76,311
33.3
28.4
28.4
30.9
10.4
9.5
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
17
26
578
2,074
2,176
10.4
11.3
1.9
2.3
8.8
7.3
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
149
213
4,749
1,944
2,317
49.9
51.7
20.8
25.6
7.2
5.8
1.6
1.3
24.3
24.6
2.1
1.5
Hind. Zinc
Buy
113
140
47,619
13,759
14,506
50.8
50.4
16.4
17.1
6.9
6.6
1.3
1.1
19.7
17.7
1.5
1.1
Hindalco
Neutral
91
17,451
88,987
94,163
9.2
9.7
13.8
15.9
6.6
5.8
0.5
0.5
7.6
8.1
0.5
0.5
JSW Steel
Neutral
665
14,846
39,524
42,064
17.1
16.9
71.8
86.3
9.3
7.7
0.8
0.7
8.6
9.6
0.7
0.6
MOIL
Accumulate
218
243
3,668
954
1,062
45.5
47.4
26.1
29.1
8.4
7.5
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
205
291
1,307
2,883
3,181
21.7
23.6
40.3
57.7
5.1
3.6
0.5
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
34
8,698
8,187
8,416
14.5
14.7
3.2
3.3
10.6
10.4
0.7
0.7
6.8
6.7
0.5
0.5
NMDC
Buy
128
179
50,867
10,329
12,540
73.8
75.0
16.6
19.0
7.7
6.8
1.5
1.3
20.6
20.2
2.6
2.1
Media
Metals & Mining
Market Outlook
April 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
57
23,727
53,685
144
191
12,506
3,742
28,969
45,864
OPM(%)
EPS ( )
FY14E
FY15E
64,183
9.3
12.2
4,426
32.9
32.8
46,970
23.8
25.3
28,607 141,775 151,672
10.5
11.4
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
5.5
8.3
10.5
7.0
0.6
0.5
31.3
31.2
4.6
4.6
0.6
0.6
18.8
20.9
4.6
4.1
0.5
0.5
35.3
51.7
8.4
5.7
0.6
0.6
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
5.4
7.7
0.8
0.8
14.8
12.9
4.2
3.4
11.7
11.8
0.6
0.5
7.6
10.3
0.5
0.5
Metals & Mining

SAIL
Neutral
Sesa Goa
Buy
Sterlite Inds
Accumulate
86
98
Tata Steel
Buy
295
430
Sarda
Buy
104
153
374
1,494
1,568
19.1
20.3
31.3
36.5
3.3
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
498
2,668
2,834
10.0
10.1
4.6
5.2
8.0
7.2
0.2
0.2
3.2
3.4
0.5
0.5
Buy
83
118
265
2,425
2,552
13.7
14.8
33.5
45.3
2.5
1.8
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
290
340
55,416
17,071
17,034
69.3
55.5
55.5
51.7
5.2
5.6
0.8
0.7
17.1
14.1
2.0
1.6
GAIL
Neutral
317
40,255
55,815
63,013
15.3
15.2
35.9
41.5
8.8
7.7
1.4
1.2
17.0
17.1
0.6
0.4
ONGC
Accumulate
319
354
273,048 157,962 175,367
35.1
36.2
34.3
39.3
9.3
8.1
1.6
1.4
18.2
18.6
1.4
1.3
Reliance Industries
Neutral
794
256,210 380,031 407,721
9.9
71.5
71.5
80.3
11.1
9.9
1.1
1.0
11.8
11.9
0.6
0.6
Gujarat Gas*
Neutral
254
3,254
3,707
3,850
11.7
12.4
23.7
25.7
10.7
9.9
3.0
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
300
4,195
3,700
4,218
23.4
22.8
26.6
30.4
11.3
9.9
2.3
2.0
22.6
21.7
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
135
174
10,103
41,362
40,852
5.8
6.5
15.6
17.4
8.6
7.8
1.9
1.6
24.1
22.5
0.3
0.3
68
3,852
1,079
983
91.8
91.9
8.8
7.8
7.8
8.7
1.3
1.2
17.8
14.1
3.2
3.5
Alembic Pharma
Accumulate
116
122
2,180
1,714
1,976
17.1
19.0
9.5
12.2
12.2
9.5
3.3
2.5
30.2
29.8
1.2
1.0
Aurobindo Pharma
Buy
176
264
5,121
6,279
7,033
16.0
16.0
15.2
19.2
11.6
9.2
1.5
1.3
19.2
18.0
1.3
1.1
Aventis*
Neutral
2,581
5,945
1,682
1,917
16.6
16.6
92.4
99.1
27.9
26.1
3.9
3.9
15.7
14.8
3.2
2.6
Cadila Healthcare
Buy
729
962
14,931
7,386
8,863
18.0
18.0
39.5
48.1
18.5
15.2
4.2
3.4
24.8
24.7
2.3
1.9
Cipla
Accumulate
398
463
31,916
9,130
10,543
24.8
23.0
21.6
23.2
18.4
17.1
3.0
2.6
17.6
16.2
3.2
2.7
Dr Reddy's
Accumulate
1,854
2,078
31,467
11,662
13,101
21.0
20.8
92.9
103.9
20.0
17.8
3.8
3.2
20.8
19.6
2.9
2.6
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
70
206
568
1,536
1,739
20.2
20.9
15.4
20.6
4.6
3.4
0.5
0.4
11.6
13.7
1.0
0.8
2,196
18,597
2,993
3,319
30.4
30.2
78.1
86.7
28.1
25.3
8.5
7.7
31.6
31.9
5.4
4.8
Buy
61
90
558
784
902
15.2
15.2
7.8
9.0
7.8
6.7
1.1
1.0
15.6
15.8
0.9
0.8
Ipca labs
Buy
516
676
6,516
3,474
4,168
21.0
21.0
37.3
45.1
13.9
11.5
3.3
2.6
26.4
25.3
2.0
1.7
Lupin
Buy
657
780
29,416
11,410
13,661
21.1
21.1
32.3
39.0
20.4
16.9
4.6
3.7
25.4
24.5
2.6
2.2
Ranbaxy*
Neutral
438
18,538
11,400
12,060
12.5
12.5
21.6
22.5
20.3
19.5
3.9
3.4
20.6
18.5
1.6
1.4
Sun Pharma
Neutral
870
89,987
12,563
14,698
42.6
42.6
29.8
35.5
29.2
24.5
5.2
4.4
19.2
19.3
6.5
5.4
72
78
1,093
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
April 16, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Buy
141
163
116,014
81,951
92,264
24.1
24.3
13.6
14.9
10.4
9.4
1.3
1.2
13.0
13.1
2.1
2.0
DLF
Buy
242
288
41,134
9,699
12,010
37.0
36.9
6.0
8.4
40.6
28.8
1.5
1.4
3.8
5.1
5.7
4.7
MLIFE
Buy
368
446
1,503
888
1,002
26.7
25.9
36.3
40.6
10.2
9.1
1.1
1.0
10.8
11.0
1.9
1.7
Bharti Airtel
Buy
280
325
106,274
86,933
96,121
30.2
31.2
10.3
15.7
27.2
17.9
1.9
1.7
7.0
9.7
1.9
1.6
Idea Cellular
Neutral
110
36,391
24,959
27,232
27.1
27.5
3.7
4.7
29.5
23.4
2.4
2.2
8.1
9.2
1.9
1.7
Rcom
Neutral
78
16,110
22,221
24,253
32.0
32.2
4.3
6.4
18.0
12.1
0.4
0.4
2.4
3.4
2.3
1.9
13.1
13.5
79.0
90.8
17.6
15.3
3.8
3.2
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India
Buy
1,387
1,634
2,947
1,926
2,152
Bajaj Electricals
Buy
167
237
1,661
3,929
4,480
7.4
7.7
15.5
19.7
10.8
8.4
1.9
1.6
17.4
18.7
0.4
0.4
Cera Sanitaryware
Buy
436
620
552
596
743
16.2
16.1
45.0
56.3
9.7
7.7
2.4
1.9
27.8
26.9
1.0
0.8
Cravatex
Buy
329
566
85
308
351
7.0
7.0
39.6
47.2
8.3
7.0
1.8
1.5
21.8
21.0
0.3
0.3
Finolex Cables
Buy
48
68
734
2,559
2,893
9.8
9.8
9.8
11.3
4.9
4.2
0.7
0.6
14.1
14.1
0.2
0.2
Force Motors
Buy
362
570
471
2,299
2,621
4.7
4.9
46.3
57.0
7.8
6.3
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India
Buy
250
304
576
1,559
1,676
7.1
7.4
27.5
30.5
9.1
8.2
1.5
1.3
16.9
16.7
0.2
0.1
Hitachi
Buy
123
177
334
1,053
1,169
6.3
7.1
13.8
17.7
8.9
6.9
1.3
1.1
15.0
16.7
0.3
0.3
Honeywell Automation* Buy
2,451
2,842
2,167
2,117
2,491
8.1
7.8
137.9
157.9
17.8
15.5
2.7
2.3
16.0
15.8
0.9
0.8
IFB Agro
Buy
163
198
131
495
651
12.7
12.9
29.3
39.5
5.6
4.1
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
183
238
211
1,430
1,573
12.1
12.2
21.8
30.6
8.4
6.0
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
167
2,698
979
1,164
14.9
15.1
6.0
7.7
27.8
21.7
3.4
3.1
12.9
15.1
2.8
2.3
MRF
Buy
11,865
14,331
5,032
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.1
6.6
1.4
1.2
22.0
19.4
0.5
0.5
Page Industries
Neutral
3,642
4,063
1,047
1,281
19.6
19.8
127.3
158.1
28.6
23.0
13.7
10.0
54.9
50.0
4.0
3.2
Relaxo Footwears
Buy
552
786
662
1,148
1,360
11.7
11.9
55.5
71.4
9.9
7.7
2.3
1.8
26.3
26.2
0.7
0.6
Siyaram Silk Mills
Buy
240
312
225
1,157
1,320
11.9
12.0
66.6
77.9
3.6
3.1
0.6
0.5
18.3
18.2
0.4
0.4
S. Kumars Nationwide
Neutral
260
6,765
7,393
18.1
18.0
6.4
7.5
1.4
1.2
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Buy
510
744
897
1,069
1,223
9.7
9.7
40.0
46.5
12.8
11.0
1.8
1.6
15.1
15.3
0.8
0.7
TAJ GVK
Buy
64
108
401
300
319
35.8
36.2
7.9
9.1
8.1
7.0
1.1
1.0
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
288
371
444
814
849
17.0
17.6
64.6
69.2
4.5
4.2
0.6
0.5
14.5
13.8
0.2
TTK Healthcare
Buy
441
553
342
435
516
6.2
7.1
24.3
33.3
18.2
13.3
3.0
2.6
17.6
20.8
0.6
0.5
Tree House
Accumulate
257
275
924
150
192
52.7
52.5
12.8
16.2
20.0
15.9
2.0
1.8
10.0
11.1
5.5
4.2
TVS Srichakra
Buy
177
226
136
1,591
1,739
7.1
7.4
39.4
56.5
4.5
3.1
0.9
0.7
20.6
25.0
0.3
0.3
Market Outlook
April 16, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
2,008
26,263
11,886
13,491
14.4
14.0
50.9
74.5
39.4
27.0
3.2
2.9
10.6
11.4
2.4
2.1
329
355
667
591
623
17.5
17.2
29.0
29.6
11.4
11.1
1.7
1.5
16.0
14.5
0.9
0.8
Others
United Spirits
Neutral
Vesuvius India
Accumulate
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 15, 2013
Market Outlook
April 16, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

April 16, 2013

WPI inflation softens to 40-month low

Net Inflows (April 12, 2013)

OIL & GAS

Refer detailed news analysis on the following page

FII Derivatives (April 15, 2013)

Jet Air India

WPI inflation softens to 40-month low

23,390 71.5 11.8 11.1

26,266 80.3 11.9

Quarterly Bloomberg Brokers Consensus Estimate

HCL Tech Consolidated (17/04/2013)

EBITDA margin (%)

TCS Consolidated (17/04/2013)

Yes Bank Ltd (17/04/2013)

Induslnd Bank Ltd (18/04/2013)

Economic and Political News

CRISIL cuts FY2014 GDP growth forecast to 6%

Amalgamation of Jyothy Consumer Products Limited with Jyothy Laboratories

April 16, 2013

April 17, 2013

TCS, HCL Tech, Yes Bank

April 18, 2013

IndusInd Bank, CRISIL, MRF

April 19, 2013

April 22, 2013

UltraTech Cement, Mindtree, Tata Sponge

April 23, 2013

April 24, 2013

April 25, 2013

FAG Bearings, Infotech Enterprises, Vesuvius India, Cera Sanitaryware Ltd

April 26, 2013

ICICI Bank, Maruti, Goodyear

April 29, 2013

Bosch India, Exide Industries, Hexaware

April 30, 2013

May 01, 2013

May 02, 2013

May 03, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

April 16, 2013

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

April 17, 2013

Jobless claims change

April 18, 2013

Initial Jobless claims

April 22, 2013

Existing home sales

Euro Zone Euro-Zone Consumer Confidence

Germany PMI Services

Germany PMI Manufacturing

New home sales

April 25, 2013

April 26, 2013