Market Outlook: Dealer's Diary

Market Outlook
June 26, 2013
Dealers Diary
Indian markets are expected to open in the positive territory tracking positive
opening from SGX Nifty with most of Asian markets trading in positive zone in the
early trade.
US markets witnessed considerable strength on Tuesday regaining some

ground after moving sharply lower over the past few sessions. The markets
reacted positively to upbeat economic data from the Commerce Department
that the durable goods orders surged up by 3.6% in May (higher than expected
3% by economists) following a matching increase in April. A separate report
showed that the new home sales climbed 2.1% to a seasonally adjusted annual
rate of 476,000 in May from the revised April rate of 466,000. European
markets too bounced back on Tuesday, following 5 consecutive sessions of
losses owing to positive sentiments due to upbeat economic news in U.S and
statement from the People's Bank of China easing concerns over a credit
crunch in the country.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.5
88 18,629
Nifty
0.3
19
5,609
MID CAP
(0.5)
(27)
5,857
SMALL CAP
(0.4)
(23)
5,570
BSE HC
(0.6)
(47)
8,533
BSE PSU
(0.2)
(10)
5,918
BANKEX
0.1
15 12,791
AUTO
0.5
53 10,537
METAL
(0.5)
(39)
7,471
1.5
126
8,349
(0.5)
(29)
5,919
(Pts)
(Close)
OIL & GAS

BSE IT
Global Indices
Chg (%)
Dow Jones
0.7
NASDAQ
0.8
27
3,348
FTSE
1.2
73
6,102
(0.7)
(93)
12,969
Hang Sang
0.2
42
19,856
The trend deciding level for the day is 18,640/ 5,615 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,792 18,955 / 5,660 5,711 levels. However, if NIFTY trades below
18,640 / 5,615 levels for the first half-an-hour of trade then it may correct up to
18,477 18,325 / 5,564 5,519 levels.
Straits Times
0.5
16
3,090
(0.2)
(4)
1,960
Chg (%)
(Pts)
(Close)
INFY
2.7
1.1
$40.3
Indices
S2
S1
PIVOT
R1
R2
WIT
2.3
0.2
$7.2
SENSEX
NIFTY
18,325
5,519
18,477
5,564
18,640
5,615
18,792
5,660
18,955
5,711
IBN
1.7
0.6
$38.0
HDB
3.7
1.3
$35.2
Meanwhile, Indian shares rose modestly on Tuesday with the firm global cues
supporting the positive sentiment.
Markets Today
Nikkei
Shanghai Com
Indian ADR
101 14,760
News Analysis
SEBI approves new buy back norms, eases registration rules for foreign
investors
OVL and Oil India to acquire 10% stake in Mozambique gas block
Bajaj Autos Chakan plant affected by employee strike
Tech Mahindra completes Mahindra Satyam merger, retains own name
Crompton Greaves to consider buyback of equity shares
Refer detailed news analysis on the following page
Net Inflows (June 24, 2013)

` cr
FII
MFs
Purch
2,342
501
Sales
3,868
553
Net
(1,526)
(52)
MTD
(7,805)
(532)
YTD
74,031
(12,608)
FII Derivatives (June 25, 2013)

` cr
Index Futures
Stock Futures
Purch
5,376
10,049
Sales
5,952
9,635
Net
(577)
414
Open Interest
16,471
30,133
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Crompton Greaves
Bharti Airtel
Container Corp
Company
82
10.8
297
4.9
Gitanjali Gems
Muthoot Fin
1,094
4.4
Glaxosmithkl Cons
Indusind Bank
472
4.2
IRB Infra
Bajaj Holdings
790
4.1
Marico
www.angelbroking.com
Losers
Price (`)
chg (%)
324
(20.0)
91
(14.4)
4,274
(14.2)
94
(10.9)
192
(5.8)
Advances / Declines
BSE
NSE
Advances
953
539
1,351
809
140
77
Declines
Unchanged
Volumes (` cr)
BSE
1,930
NSE
11,684
Market Outlook
June 26, 2013
SEBI approves new buy back norms, eases registration rules for
foreign investors
Indias Capital market regulator SEBI has approved new buy back norms for the
Indian markets. Under the new norms 50% of the amount earmarked for the
buyback must be utilized by the company for the buyback purpose and 25% of
that amount should be kept in an escrow account. The time frame of buy back is
reduced to six months from the earlier twelve months period. SEBI would forfeit
2.5% of the amount in case 50% is not bought back. The board also approved the
Chandrasekhar committees recommendations to club various classes of foreign
investors into a new category. According to this proposal Foreign Institutional
Investors (FIIs) and qualified foreign investors (QFIs) must be merged into one
category named Foreign Portfolio Investor (FPI) and neither FIIs nor their subaccounts would require prior registration with the regulator and instead would
register with the designated depository participants. The regulator has also
adopted a risk-based approach to KYC for the foreign investors, dividing it into
three categories on the basis of perceived risk. The first will cover organizations
backed by the government, such as sovereign wealth fund. The second will cover
regulated entities such as foreign mutual funds, while all other entities would fall in
the third category. It has also clearly defined foreign direct investment as any
investment exceeds 10% stake in the company. Also the Non-Resident Indians
would continue to have individual investment limit of 5% and aggregate investment
limit of 10% and High risk category investors shall not be allowed to issue offshore
derivative instruments or participatory notes. The SEBI board will now need finance
ministrys approval to implement these changes.
OVL and Oil India to acquire 10% stake in Mozambique gas

block
ONGC's fully owned subsidiary ONGC Videsh (OVL) and Oil India will acquire
10.0% stake in a Mozambique gas block (Rovuma Area 1 offshore block) from
Videocon for US$2.5bn. The block has over 50TCF of gas reserves. Videocon had
acquired 10% stake in the block during 2008 for US$100mn. The acquisition is
expected to be implemented via a newly incorporated special purpose vehicle, in
which OVL and Oil India are expected to hold 60% and 40% stake, respectively.
The acquisition is subject to the approvals of the governments of Mozambique and
India, relevant regulatory authorities and other approvals. We await further clarity
on timelines of production and other operational details. Until then, we maintain
our Buy view on ONGC with a target price of `372
Bajaj Autos Chakan plant affected by employee strike

According to a BSE filing, production at Bajaj Autos (BJAUT) Chakan plant has
been affected due to a labor strike. The filing states that the workers at the Chakan
plant have stopped coming to work from June 25, 2013 following managements
refusal to concede to their demand. The workers at the plant have been
demanding an option to subscribe to 500 equity shares of the company at a
discounted price of `1/ share (as against current market price of `1,800/ share).
The workers union at the Chakan plant, Vishwa Kalyan Kamgar Sanghatana had
earlier proposed for a stoppage of work from the morning shift of June 28, 2013.
Market Outlook
June 26, 2013
The Chakan plant has an installed capacity of 1.2mn units (~22% of the total
installed capacity) and it manufactures products like Pulsar, Avenger, Ninja and
KTM. We would like to seek more clarity from the management and remain
watchful of the future development on this front. We do not see any immediate
impact of the strike on the companys sales given that it has an inventory of
around 5-6 weeks in the system. At `1,800, the stock is trading at 13.1x FY2015E
earnings. We maintain our Accumulate rating on the stock with a target price of
`2,056.
Tech Mahindra completes Mahindra Satyam merger, retains own

name
Tech Mahindra yesterday announced that it has completed the merger of associate
company Mahindra Satyam with itself to create the country's fifth-largest IT services
company, with annual revenue of ~US$2.7 billion, 84000 employees and 540
customers in 46 countries. The combined entity now has 11 locations in India and
15 overseas for BPO operations and software development. The merged entity will
be called Tech Mahindra with Anand Mahindra as chairman of the company. CP
Gurnani will be the MD and CEO of the merged entity and Milind Kulkarni will
take charge as the CFO.
Part of the US$16bn Mahindra group, Tech Mahindra purchased Satyam in a
government-backed auction in 2009 after the founder of the company admitted to
one of India's biggest accounting frauds. Currently Tech Mahindra owns ~43% of
Satyam. The board of Tech Mahindra and Mahindra Satyam had approved the
merger on March 21, 2012. After an approval from the Mumbai High Court, the
merger had been awaiting clearances from the Andhra Pradesh High Court, which
gave the nod on June 11, 2013. The share swap will take place on July 5. The
swap ratio for the merger had been fixed last year at 8.5 shares of Mahindra
Satyam for every one share of Tech Mahindra.
After the merger, ~54% of the company's revenues will come from the telecom
vertical as Tech Mahindra is focused mainly on this one. Tech Mahindra has, since
acquiring Satyam, been trying to diversify into other verticals using the latter's
existing presence in those. Management indicated that there will be no job losses
post the merger. The company will now be divided into three units - Telecom,
Enterprise and BPO. We continue to remain positive on Tech Mahindra with a
target price of `1,170.
Crompton Greaves to consider buyback of equity shares

Crompton Greaves is expected to consider buyback of equity shares at a meeting
of the Board of Directors on June 28, 2013. The restructuring at its Belgium unit
along with slowdown in investments (due to GDP slowdown) has heavily impacted
its profitability, leading to sharp fall in stock price. Hence, companys move to
consider buyback of equity shares sends a positive signal and boosts investor
sentiments. We remain positive on the stock and maintain BUY with a target price
of `117 from a medium to long term perspective.
Market Outlook
June 26, 2013
Economic and Political News
Government approves `650cr penalty on Bharti Airtel

Sugar sale under levy for 2011-12 yet to complete
Coal Min to look into request of Karnataka for mines allotment
Corporate News
Bajaj launches KTM Duke 390 at `1.8 lakh

Tata Docomo to slash 2G, 3G Internet rates by 90% from 1st July
Adulterated drugs: SC dismisses PIL against Ranbaxy
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 26, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 26, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q T
2.40
2.40
June 27, 2013
6:00PM
US
Initial Jobless claims
Thousands
Jun 22
354.00
345.00
2:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun F
(18.80)
(18.80)
1:25PM
Germany Unemployment change (000's)
Thousands
Jun
21.00
8.00
2:00PM
UK
% Change
1Q F
0.60
0.60
1:25PM
Germany PMI Manufacturing
Value
Jun F
48.70
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
50.10
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
--
July 3, 2013
1:25PM
Germany PMI Services
July 4, 2013
4:30PM
UK
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
2:00PM
UK
7:00AM
China
4:29PM
July 1, 2013
GDP (YoY)
Value
Jun F
51.30
--
% Ratio
Jul 4
0.50
0.50
Jul 4
0.50
--
Thousands
Jun
175.00
165.00
Jun
7.60
7.50
Industrial Production (YoY)
% Change
May
(0.60)
--
Consumer Price Index (YoY)
% Change
Jun
2.10
--
India
Imports YoY%
% Change
Jun
7.00
--
4:29PM
India
Exports YoY%
% Change
Jun
(1.10)
--
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
July 12, 2013
11:00AM
India
Industrial Production YoY
% Change
May
2.30
--
6:00PM
US
Producer Price Index (mom)
% Change
Jun
0.50
--
July 15, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
4.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Jun
9.20
--
7:30AM
China
Real GDP (YoY)
% Change
2Q
7.70
--
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
Consumer price index (mom)
% Change
Jun
0.10
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Jun F
1.40
--
6:45PM
US
Jun
0.04
--
July 5, 2013
July 9, 2013
July 10, 2013
July 16, 2013
Source: Bloomberg, Angel Research
BOE Announces rates
Industrial Production
Market Outlook
June 26, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
2.0
Jun-12
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
Apr-13
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.5
(1.0) (0.6)
(0.7)
(2.0)
Mar-13
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
Source: CSO, Angel Research
7.3
7.2
7.3
7.3
Services PMI
56.0
5.7
5.0
4.9
4.7
4.0
3.0
2.0
1.0
0.0
54.0
52.0
Source: MOSPI, Angel Research
(%)
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
15.0
48.0
Apr-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Mar-12
9.0
8.0
7.0
6.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
5.1 5.4 5.2
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
9.2
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
7.00
6.00
Source: Bloomberg, Angel Research
4.00
Source: RBI, Angel Research
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
3.00
Aug-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
5.00
Jul-12
(15.0)
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
Market Outlook
June 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
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
129
2,512
1,657
1,906
14.1
14.1
7.7
8.9
16.8
14.5
3.5
3.0
22.2
21.9
1.4
1.2
United Phosphorus
Buy
133
232
5,867
10,298
11,310
16.5
16.5
20.5
23.2
6.5
5.7
1.1
0.9
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
254
285
4,330
3,418
3,892
14.5
14.5
18.5
20.4
13.7
12.5
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
56
2,845
13,852
15,487
11.4
11.5
12.8
14.9
4.4
3.8
0.7
0.6
17.5
17.3
0.3
0.3
Ashok Leyland
Buy
21
27
5,481
14,038
16,442
7.6
8.7
1.1
2.2
19.7
9.2
1.7
1.5
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
222
335
834
965
9.3
10.6
17.3
27.1
12.8
8.2
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,800
2,056
52,083
22,684
25,908
18.0
18.5
117.3
137.1
15.4
13.1
5.5
4.4
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
215
5,016
6,198
6,793
14.6
14.9
14.5
17.3
14.8
12.5
1.9
1.7
13.6
14.7
0.9
0.8
Bosch India*
Accumulate
8,573
9,213
26,917
9,821
11,394
17.0
17.3
373.5
438.7
23.0
19.5
4.1
3.5
18.0
17.9
2.4
2.0
CEAT
Buy
108
170
370
5,325
5,974
8.4
8.3
40.8
48.5
2.7
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
122
150
10,379
7,053
8,061
14.2
14.5
7.8
9.1
15.6
13.4
2.7
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,440
2,393
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,583
1,819
31,620
25,274
27,658
14.1
13.7
110.2
139.9
14.4
11.3
5.2
4.1
39.8
40.7
1.0
0.9
JK Tyre
Buy
108
154
442
7,972
8,754
7.1
7.1
37.5
44.0
2.9
2.5
0.4
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
956
1,090
58,721
45,254
51,197
11.4
11.7
61.2
70.2
15.6
13.6
3.3
2.8
22.7
21.9
1.0
0.9
1,548
1,847
46,759
48,455
55,723
11.2
10.9
107.8
123.2
14.4
12.6
2.2
1.9
16.2
16.0
0.8
0.7
195
222
11,437
28,442
31,493
7.5
7.8
12.5
14.8
15.6
13.2
3.8
3.1
27.5
25.8
0.5
0.5
Buy
22
30
132
1,479
1,685
10.0
9.9
5.5
7.5
4.0
2.9
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
282
347
75,892 215,016 237,404
13.3
13.6
36.2
41.5
7.8
6.8
1.7
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
31
41
1,487
7,715
8,584
6.0
6.1
5.0
5.8
6.3
5.4
1.1
0.9
18.1
18.5
0.1
0.1
ABB*
Sell
582
461
12,328
8,073
9,052
5.5
6.9
11.5
16.9
50.5
34.3
4.6
4.4
9.3
13.1
1.5
1.3
BGR Energy
Neutral
126
910
4,114
4,886
11.4
10.7
24.9
28.0
5.1
4.5
0.7
0.6
25.2
22.6
0.5
0.5
BHEL
Neutral
164
40,043
44,054
39,326
16.8
15.1
20.6
16.1
7.9
10.2
1.7
1.6
23.5
16.1
0.8
0.8
Blue Star
Buy
155
230
1,396
2,896
3,087
5.6
6.2
9.3
11.7
16.7
13.2
2.7
2.4
17.6
19.2
0.5
0.5
Crompton Greaves
Buy
82
117
5,247
13,446
15,272
6.7
7.6
6.6
8.9
12.3
9.2
1.4
1.2
11.4
14.0
0.5
0.4
Jyoti Structures
Neutral
20
166
3,360
3,597
9.7
9.8
7.3
10.2
2.8
2.0
0.6
0.5
8.8
11.4
0.3
0.3
KEC International
Buy
28
63
712
7,709
8,399
6.7
7.2
6.1
8.5
4.6
3.3
0.6
0.5
20.2
23.0
0.3
0.2
Thermax
Neutral
590
7,028
5,780
6,430
9.5
9.6
29.8
33.0
19.8
17.9
3.3
2.9
17.9
17.4
1.0
0.9
1,174
1,361
22,047
11,979
13,254
19.7
21.3
77.1
91.4
15.2
12.9
2.7
2.4
18.7
20.0
1.6
1.3
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Buy
Market Outlook
June 26, 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
183
28,320
10,232
11,762
23.5
24.5
10.3
12.2
17.8
15.1
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
58
1,779
4,929
5,434
17.4
17.1
8.9
10.9
6.5
5.3
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
105
143
1,230
2,247
2,742
21.0
23.1
17.8
21.8
5.9
4.8
0.9
0.7
15.5
16.4
0.4
0.9
Madras Cements
Neutral
218
5,183
4,234
4,788
23.9
24.0
18.5
22.8
11.8
9.6
1.9
1.6
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,389
15,291
6,540
7,452
27.4
26.6
319.7
369.9
13.7
11.9
3.4
2.7
27.5
25.4
1.7
1.3
UltraTech Cement
Neutral
1,786
48,966
21,947
25,049
23.8
23.8
106.1
119.8
16.8
14.9
2.8
2.4
17.7
17.3
2.3
2.0
183
255
964
1,928
2,234
21.0
21.5
18.0
22.2
10.2
8.3
0.9
0.8
10.2
10.1
1.9
1.8
10
176
2,281
2,492
5.9
6.9
0.7
2.0
14.0
4.7
0.3
0.3
2.3
6.5
0.3
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
94
157
3,109
3,997
4,312
45.5
46.4
15.7
16.6
6.0
5.6
0.9
0.8
15.2
14.5
3.2
3.5
ITNL
Buy
156
230
3,025
7,444
8,041
27.4
28.9
29.8
32.1
5.2
4.9
0.7
0.7
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
13
29
391
5,673
5,892
8.1
8.4
1.4
1.8
8.8
7.0
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
51
90
11,362
14,850
15,631
24.9
25.1
2.5
2.9
20.2
18.0
0.8
0.8
4.2
4.7
2.6
2.5
Larsen & Toubro
Buy
1,368
1,761
84,288
68,946
78,040
10.5
10.5
77.9
88.3
17.6
15.5
2.6
2.3
15.5
15.6
1.3
1.2
Nagarjuna Const.
Buy
22
42
571
6,167
6,945
8.0
8.2
2.7
3.6
8.3
6.1
0.2
0.2
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
35
1,147
12,954
14,740
9.9
9.9
0.5
0.9
68.1
37.1
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
94
139
1,425
2,462
2,731
10.6
10.6
5.9
6.7
16.0
14.2
1.6
1.4
10.2
10.5
0.9
0.8
Simplex Infra
Buy
81
131
402
6,308
7,033
9.5
9.6
11.9
18.7
6.8
4.3
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
25
41
187
2,146
2,339
13.7
13.8
11.0
11.5
2.3
2.2
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
92
132
4,615
7,120
7,979
2.7
2.7
31.7
36.6
2.9
2.5
0.5
0.4
14.3
14.7
Andhra Bank
Accumulate
80
86
4,468
5,254
5,900
2.8
2.8
21.2
22.9
3.8
3.5
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,232
1,684
57,739
19,079
22,765
3.3
3.2
137.8
156.8
8.9
7.9
1.5
1.3
18.1
17.9
Bank of Baroda
Buy
568
778
23,906
16,163
18,549
2.2
2.3
116.9
137.3
4.9
4.1
0.7
0.6
14.6
15.3
Bank of India
Buy
223
313
13,289
14,272
16,038
2.2
2.2
56.0
64.3
4.0
3.5
0.6
0.5
13.9
14.3
Bank of Maharashtra
Buy
49
63
3,225
4,362
4,707
3.0
2.9
11.2
13.0
4.3
3.7
0.6
0.5
15.1
15.5
Canara Bank
Buy
338
451
14,993
11,928
13,467
2.1
2.2
74.8
86.0
4.5
3.9
0.6
0.6
13.7
14.2
Central Bank
Accumulate
60
69
6,309
8,124
9,075
2.4
2.4
14.0
17.3
4.3
3.5
0.6
0.5
11.8
13.2
Corporation Bank
Buy
350
438
5,350
5,558
6,121
2.0
2.0
98.4
107.7
3.6
3.3
0.5
0.5
14.9
14.5
Dena Bank
Buy
70
89
2,442
3,187
3,582
2.3
2.4
23.8
25.5
2.9
2.7
0.5
0.4
15.9
15.1
Federal Bank
Accumulate
410
459
7,009
2,873
3,413
3.0
3.1
52.7
62.0
7.8
6.6
1.0
0.9
13.4
14.2
Financials
Market Outlook
June 26, 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
823
127,496
8,573
10,142
3.6
3.6
37.0
43.6
22.3
18.9
4.6
4.1
30.0
30.3
HDFC Bank
Buy
634
732
151,480
28,361
34,747
4.6
4.6
33.9
41.0
18.7
15.5
3.6
3.0
20.7
21.2
ICICI Bank
Buy
1,033
1,422
119,243
25,914
30,994
3.1
3.2
84.5
99.6
12.2
10.4
1.6
1.5
15.3
16.3
IDBI Bank
Accumulate
70
80
9,283
9,477
10,678
2.0
2.1
19.6
22.6
3.6
3.1
0.4
0.4
12.8
13.4
Indian Bank
Buy
113
149
4,871
6,185
6,978
3.0
3.0
37.0
42.2
3.1
2.7
0.5
0.4
14.8
15.1
IOB
Accumulate
48
54
4,445
8,142
8,956
2.5
2.5
16.5
20.7
2.9
2.3
0.4
0.3
11.8
13.4
J & K Bank
Accumulate
1,163
1,315
5,636
3,074
3,140
3.5
3.2
224.7
201.5
5.2
5.8
1.0
0.9
20.6
16.1
LIC Housing Finance
Buy
251
298
12,642
2,113
2,525
2.3
2.3
25.4
29.2
9.9
8.6
1.7
1.5
18.4
18.3
Oriental Bank
Buy
201
237
5,863
6,835
7,588
2.6
2.6
56.5
63.8
3.6
3.2
0.5
0.4
13.1
13.4
Punjab Natl.Bank
Buy
647
904
22,868
20,632
23,646
3.3
3.3
147.2
171.8
4.4
3.8
0.7
0.6
15.6
16.1
South Ind.Bank
Buy
21
25
2,788
1,814
2,061
2.9
2.8
4.1
4.4
5.1
4.8
0.9
0.8
17.6
16.6
St Bk of India
Buy
1,915
2,536
130,975
67,431
76,831
3.1
3.0
244.1
286.7
7.8
6.7
1.2
1.1
16.5
17.0
Syndicate Bank
Buy
108
141
6,477
7,158
8,169
2.6
2.6
26.3
29.5
4.1
3.7
0.6
0.5
15.5
15.5
UCO Bank
Neutral
60
4,523
6,150
6,609
2.5
2.5
11.1
13.5
5.4
4.4
0.8
0.7
11.0
12.2
Union Bank
Buy
177
243
10,548
11,107
12,650
2.6
2.6
39.4
46.6
4.5
3.8
0.6
0.6
14.1
15.0
United Bank
Buy
46
58
1,722
3,443
3,998
2.4
2.6
15.1
20.4
3.1
2.3
0.4
0.3
12.1
14.8
Vijaya Bank
Accumulate
44
50
2,185
2,730
3,059
1.9
2.0
10.2
11.3
4.3
3.9
0.5
0.5
11.8
12.0
Yes Bank
Accumulate
448
500
16,089
4,429
5,502
2.8
2.9
42.3
49.5
10.6
9.0
2.3
1.9
23.5
22.8
FMCG
Asian Paints
Neutral
4,364
41,855
12,332
14,524
16.5
16.3
141.6
162.7
30.8
26.8
9.8
7.7
35.4
32.2
3.3
2.7
Britannia
Neutral
646
7,733
6,417
7,502
6.1
6.3
23.2
27.9
27.9
23.2
9.6
7.5
38.3
36.4
1.2
1.0
Colgate
Neutral
1,260
17,141
3,588
4,130
20.5
20.9
44.2
51.8
28.5
24.4
27.8
20.3
108.6
96.2
4.6
4.0
Dabur India
Neutral
153
26,588
7,183
8,340
16.8
16.8
5.4
6.3
28.4
24.3
11.1
8.6
41.5
40.1
3.7
3.1
GlaxoSmith Con*
Neutral
4,284
18,017
3,617
4,259
16.1
16.4
122.2
148.7
35.1
28.8
10.9
8.8
34.1
33.7
4.5
3.8
Godrej Consumer
Neutral
769
26,186
7,801
9,017
16.2
15.9
25.1
29.7
30.6
25.9
6.6
5.5
24.9
24.2
3.5
3.0
HUL
Neutral
588
127,067
29,167
33,164
13.6
13.7
17.1
18.4
34.4
31.9
33.1
23.9
113.4
87.0
4.2
3.7
ITC
Neutral
320
253,017
34,294
39,991
36.8
37.0
11.3
13.3
28.4
24.0
9.4
7.6
36.1
34.9
7.1
6.0
Marico
Neutral
191
12,335
5,273
6,044
14.8
14.9
7.3
8.7
26.4
22.1
5.1
4.2
21.4
21.0
2.4
2.0
Nestle*
Neutral
4,922
47,454
9,447
10,968
22.1
22.3
127.5
154.1
38.6
31.9
19.3
14.0
57.7
50.7
5.0
4.2
Tata Global
Accumulate
134
145
8,280
8,069
8,957
9.8
9.7
7.8
8.6
17.1
15.6
2.1
2.0
9.5
9.7
1.0
0.9
Market Outlook
June 26, 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
751
863
52,343
28,633
32,216
21.5
20.7
57.3
61.7
13.1
12.2
3.1
2.6
24.0
21.5
1.7
1.4
77
96
2,301
2,091
2,289
19.0
18.8
10.6
11.3
7.3
6.8
1.6
1.4
22.8
21.7
0.9
0.8
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,378
136,553
43,338
47,244
27.5
27.7
169.4
182.6
14.0
13.0
2.9
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Neutral
178
1,985
1,956
2,174
17.9
17.7
20.4
21.9
8.7
8.1
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Accumulate
118
135
2,278
2,513
2,819
16.1
15.5
12.6
14.0
9.4
8.4
1.6
1.4
17.9
16.6
0.9
0.7
Mahindra Satyam
Accumulate
116
126
13,659
8,278
9,062
20.3
20.1
10.5
11.4
11.0
10.2
2.5
2.0
23.1
20.0
1.2
1.0
Mindtree
Accumulate
826
920
3,431
2,599
2,871
19.4
19.2
85.2
92.3
9.7
9.0
2.0
1.7
21.4
18.9
1.0
0.8
Mphasis&
Neutral
382
8,018
6,096
6,646
17.6
17.4
38.1
41.6
10.0
9.2
1.4
1.3
14.2
13.7
0.8
0.6
NIIT
Buy
20
30
323
1,144
1,267
9.0
9.1
4.3
5.4
4.6
3.6
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
498
593
1,991
1,445
1,617
25.2
25.0
55.3
59.3
9.0
8.4
1.6
1.4
18.2
16.5
1.0
0.7
TCS
Accumulate
1,394
1,585
272,846
71,833
81,893
28.4
28.0
78.5
88.0
17.8
15.8
5.4
4.4
30.2
27.9
3.6
3.1
Tech Mahindra
Buy
1,010
1,170
12,973
7,779
8,398
19.7
19.3
107.4
117.8
9.4
8.6
2.0
1.6
21.2
19.0
1.7
1.5
Wipro
Accumulate
344
385
84,804
40,173
43,697
20.4
20.6
26.2
28.5
13.1
12.1
2.6
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
230
290
4,224
1,750
1,925
25.1
26.6
14.2
16.8
16.2
13.7
3.5
3.0
23.4
23.4
2.3
2.0
HT Media
Buy
95
117
2,235
2,205
2,380
15.1
15.6
8.3
9.1
11.5
10.5
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
83
119
2,765
1,664
1,825
20.9
23.0
6.4
7.8
13.0
10.7
2.6
2.4
21.0
23.1
1.8
1.6
PVR
Neutral
321
1,272
1,359
1,540
17.3
17.4
17.2
21.6
18.6
14.9
1.9
1.7
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
362
14,250
2,287
2,551
69.7
70.5
20.0
23.3
18.1
15.5
4.5
3.9
26.4
27.3
5.9
5.2
Bhushan Steel
Neutral
463
10,497
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
293
345
185,322
72,174
76,311
33.3
28.4
28.4
30.9
10.3
9.5
2.8
2.4
37.6
36.2
1.7
1.6
Electrosteel Castings
Buy
13
24
431
1,976
2,017
11.8
12.7
1.3
2.6
10.5
5.1
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
128
193
4,061
1,920
2,239
53.2
52.9
21.6
25.0
5.9
5.1
1.4
1.1
25.1
23.8
1.6
1.2
Hind. Zinc
Buy
100
145
42,443
12,358
13,659
51.4
51.6
16.0
17.6
6.3
5.7
1.1
1.0
19.4
18.4
1.2
0.7
Hindalco
Neutral
97
18,533
89,352
93,672
8.8
9.2
13.4
15.0
7.2
6.5
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
658
14,674
39,973
40,926
17.2
17.0
71.9
82.8
9.2
7.9
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
192
248
3,224
1,010
1,046
46.5
47.6
26.8
28.8
7.2
6.7
1.0
0.9
15.4
14.7
0.8
0.5
Monnet Ispat
Buy
131
193
833
2,326
2,709
21.4
23.1
33.3
43.1
3.9
3.0
0.3
0.3
8.3
9.9
1.4
1.1
Nalco
Neutral
29
7,422
7,656
7,988
13.1
13.5
2.6
2.6
11.3
11.0
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
101
156
39,945
10,461
11,892
71.6
72.6
16.3
17.6
6.2
5.7
1.3
1.2
22.1
21.4
2.0
1.8
Media
Metals & Mining
Market Outlook
June 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
Sesa Goa
Buy
50
20,630
44,060
54,786
9.4
11.5
5.2
7.2
9.6
7.0
0.5
0.5
5.2
6.8
0.7
0.6
134
166
11,650
3,742
4,426
32.9
32.8
30.0
29.8
4.5
4.5
0.6
0.5
14.3
12.5
3.9
3.2
Sterlite Inds
Tata Steel
Buy
77
100
25,894
44,462
45,568
23.2
24.7
18.1
20.2
4.3
3.8
0.5
0.4
11.3
11.4
0.5
0.5
Buy
267
378
25,888 140,917 151,537
9.7
10.8
30.9
47.6
8.6
5.6
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
95
153
341
1,494
1,568
19.1
20.3
31.3
36.5
3.0
2.6
0.3
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
45
401
2,615
2,776
12.1
12.0
9.8
10.4
3.0
2.9
0.2
0.2
6.5
6.5
0.4
0.4
Buy
74
102
241
2,344
2,509
14.9
15.4
38.7
47.0
1.9
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
276
345
52,743
16,482
16,228
69.4
53.3
53.3
49.6
5.2
5.6
0.8
0.7
16.5
13.6
1.8
1.5
GAIL
Neutral
287
36,412
52,102
52,876
15.7
16.1
34.1
35.7
8.4
8.0
1.3
1.2
16.4
15.3
0.3
0.2
ONGC
Buy
310
372
265,391 170,063 193,024
36.3
36.9
34.7
38.3
9.0
8.1
1.5
1.4
18.3
17.9
1.3
1.0
Reliance Industries
Neutral
804
259,582 380,031 407,721
9.9
69.3
69.3
78.0
11.6
10.3
1.2
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
196
2,516
3,707
3,850
11.7
12.4
23.7
25.7
8.3
7.6
2.3
2.0
29.6
28.2
0.6
0.5
Indraprastha Gas
Neutral
265
3,712
3,700
4,218
23.4
22.8
26.7
30.4
10.0
8.7
2.1
1.7
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
120
167
9,026
40,356
40,872
5.8
6.4
15.0
16.7
8.0
7.2
1.7
1.4
23.0
21.5
0.3
0.3
53
2,982
1,171
1,287
91.9
91.9
10.1
11.3
5.3
4.7
0.9
0.7
17.3
16.8
Alembic Pharma
Accumulate
125
139
2,350
1,736
2,008
17.1
18.9
10.7
13.9
11.7
9.0
3.7
2.7
35.0
34.7
1.4
1.2
Aurobindo Pharma
Buy
175
271
5,109
6,641
7,637
15.9
15.9
17.3
20.6
10.1
8.5
1.6
1.4
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,487
5,728
1,682
1,917
16.6
16.6
92.4
99.1
26.9
25.1
3.8
3.8
15.7
14.8
3.0
2.5
Cadila Healthcare
Buy
756
929
15,487
7,280
8,640
15.5
15.7
38.3
46.5
19.8
16.3
4.2
3.5
23.5
23.5
2.4
2.1
Cipla
Buy
380
477
30,531
9,274
10,796
23.1
23.1
21.0
23.8
18.1
16.0
2.9
2.5
17.2
16.8
3.0
2.5
Dr Reddy's
Buy
2,100
2,535
35,682
13,377
15,350
20.4
20.1
112.3
126.8
18.7
16.6
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
57
168
458
1,394
1,534
22.5
22.4
15.0
16.8
3.8
3.4
0.4
0.4
11.0
11.2
1.0
0.8
2,386
20,211
2,854
3,145
28.6
28.6
76.6
83.3
31.2
28.6
9.3
8.5
31.1
31.0
6.2
5.6
64
78
591
760
922
15.3
15.3
6.1
7.8
10.5
8.2
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
639
8,061
3,243
3,826
20.5
21.5
36.0
44.4
17.8
14.4
4.1
3.3
26.0
25.4
2.6
2.2
Lupin
Accumulate
776
877
34,752
11,641
13,933
21.3
21.3
34.8
41.8
22.3
18.6
5.2
4.1
26.2
24.8
3.0
2.5
Ranbaxy*
Neutral
325
13,736
11,400
12,060
10.5
12.5
17.5
22.5
18.6
14.4
3.0
2.6
17.0
19.1
1.2
1.0
Sun Pharma
Neutral
949
98,084
13,509
15,846
41.0
41.0
33.0
39.8
28.8
23.8
5.8
4.8
22.0
22.0
6.7
5.5
68
78
1,035
1,444
1,482
33.4
33.0
13.7
14.8
5.0
4.6
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
Market Outlook
June 26, 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
138
163
113,994
76,734
86,680
24.5
24.3
13.4
14.5
10.3
9.5
1.3
1.2
12.8
12.7
2.2
2.1
DLF
Buy
167
236
29,633
8,293
9,622
36.5
36.1
5.7
6.7
29.2
24.7
1.0
1.0
3.7
4.1
5.7
4.7
MLIFE
Buy
384
476
1,570
888
1,002
30.6
30.6
38.8
43.4
9.9
8.9
1.1
1.0
11.2
11.4
2.3
2.1
Bharti Airtel
Accumulate
295
328
118,083
86,592
95,860
31.4
31.8
10.9
14.5
27.1
20.3
2.1
1.9
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
143
47,375
25,122
27,663
27.0
27.2
4.0
4.8
36.0
30.0
3.0
2.7
8.3
9.1
2.3
2.0
Rcom
Neutral
117
24,232
22,801
24,628
31.0
31.3
3.6
5.3
33.0
22.3
0.7
0.7
2.2
3.1
2.6
2.3
11.8
12.4
71.2
83.0
20.1
17.3
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,432
1,659
3,042
1,863
2,081
Bajaj Electricals
Buy
174
237
1,740
3,885
4,472
5.4
7.2
11.0
19.7
15.9
8.8
2.2
1.8
13.5
20.3
0.5
0.4
Cera Sanitaryware
Accumulate
492
562
623
630
795
14.4
13.6
42.8
51.1
11.5
9.6
2.7
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
310
459
80
248
284
6.5
7.3
27.2
38.2
11.4
8.1
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
48
68
728
2,563
2,899
9.8
9.8
10.1
11.3
4.7
4.2
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
270
437
352
2,304
2,649
3.1
3.6
28.0
43.7
9.7
6.2
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Buy
297
345
685
1,458
1,542
8.3
9.0
32.3
37.0
9.2
8.0
1.7
1.4
19.5
19.3
0.3
0.2
Hitachi
Buy
124
177
336
1,053
1,169
6.3
7.1
13.8
17.7
9.0
7.0
1.3
1.1
15.0
16.7
0.4
0.3
2,364
2,090
1,842
2,131
7.7
7.8
112.4
132.4
21.0
17.9
2.6
2.3
13.3
13.8
1.0
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
141
198
127
495
651
12.7
12.9
29.3
39.5
4.8
3.6
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
154
234
177
1,430
1,573
11.1
11.0
19.1
26.9
8.1
5.7
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Accumulate
184
199
3,059
1,220
1,476
13.3
13.6
5.5
9.0
33.4
20.4
3.8
3.4
12.1
17.7
2.8
2.2
MRF
Accumulate
12,657
14,416
5,368
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.1
7.0
1.5
1.2
23.5
19.2
0.5
0.5
Page Industries
Accumulate
4,030
4,611
4,496
1,057
1,282
19.4
19.6
124.8
153.7
32.3
26.2
16.0
11.8
56.3
51.8
4.3
3.6
Relaxo Footwears
Neutral
762
915
1,146
1,333
10.9
11.4
45.9
60.9
16.6
12.5
3.5
2.8
23.0
24.6
1.0
0.8
Siyaram Silk Mills
Buy
229
343
215
1,158
1,322
11.9
11.9
72.9
85.7
3.1
2.7
0.6
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
391
617
688
1,068
1,223
9.6
9.6
38.1
44.1
10.3
8.9
1.4
1.2
14.5
14.7
0.6
0.5
TAJ GVK
Buy
60
108
376
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
283
371
436
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
506
686
393
435
516
6.2
7.1
24.3
33.3
20.9
15.2
3.4
2.9
17.6
20.8
0.8
0.6
Tree House
Buy
245
297
881
153
194
53.0
52.8
12.4
15.6
19.8
15.7
2.3
2.1
11.8
13.1
5.9
4.5
TVS Srichakra
Buy
175
252
134
1,591
1,739
6.1
6.6
24.5
41.9
7.2
4.2
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,294
33,337
12,294
14,162
12.0
12.0
42.1
67.7
54.5
33.9
3.8
3.5
9.1
10.7
3.1
2.6
Market Outlook
June 26, 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
360
439
731
600
638
20.1
19.4
35.7
36.6
10.1
9.9
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 25, 2013
Market Outlook
June 26, 2013

Market Outlook: Dealer's Diary

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Market Outlook

June 26, 2013

US markets witnessed considerable strength on Tuesday regaining some

OIL & GAS

Net Inflows (June 24, 2013)

FII Derivatives (June 25, 2013)

OVL and Oil India to acquire 10% stake in Mozambique gas

Bajaj Autos Chakan plant affected by employee strike

Tech Mahindra completes Mahindra Satyam merger, retains own

Crompton Greaves to consider buyback of equity shares

Economic and Political News

Government approves `650cr penalty on Bharti Airtel

Bajaj launches KTM Duke 390 at `1.8 lakh

Country Event Description

June 26, 2013

GDP Qoq (Annualised)

June 27, 2013

Initial Jobless claims

Euro Zone Euro-Zone Consumer Confidence

Germany Unemployment change (000's)

Germany PMI Manufacturing

Germany PMI Services

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Industrial Production (YoY)

Consumer Price Index (YoY)

July 12, 2013

Industrial Production YoY

Producer Price Index (mom)

July 15, 2013

Monthly Wholesale Prices YoY%

Industrial Production (YoY)

Real GDP (YoY)

Consumer price index (mom)

Euro Zone Euro-Zone CPI (YoY)

July 16, 2013

Source: Bloomberg, Angel Research

BOE Announces rates

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

5.1 5.4 5.2

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

75,892 215,016 237,404

Larsen & Toubro