Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 6, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open in the green reflecting positive opening
trades in the SGX Nifty and major Asian indices.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
43.7 19,392
Nifty
0.2
11.2
5,901
The US markets ended the session mixed after seeing considerable volatility over
the course of the trading day on Wednesday. The volatility on Wall Street came as
traders kept a close eye on comments out of Washington, where lawmakers
continue to struggle to reach an agreement to avoid the looming fiscal cliff. The
majority of the European markets managed to hold onto some modest gains at the
end of Wednesday's trading session. EU finance ministers' attempt to strike a deal
on a common supervisor for euro area banks hit a roadblock on Tuesday as
nations remained split on the terms of the proposed "single supervisory
mechanism." The ministers have agreed to meet again next week, ahead of the EU
leaders' summit scheduled for December 13-14. The meeting is expected to resolve
the disagreements over the single supervisor, which could enable Europe to contain
the banking woes of the single-currency region.
MID CAP
0.5
32.4
7,025
(0.8)
(23.0)
2,974
Meanwhile, Indian shares rose on Wednesday on hopes the government will win
the Parliamentary vote on FDI in retail later in the day. However, India's service
sector growth declined in November, an HSBC survey showed, limiting any major
upside. The HSBC's Services Purchasing Managers Index (PMI) for November fell to
a 13-month low of 52.1 in November from 53.8 in the previous month.
FTSE
0.4
23.0
5,892
Nikkei
0.4
36.4
9,469
Hang Seng
2.2
Straits Times
0.5
13.8
3,076
Shanghai Com
2.9
56.8
2,032
Chg (%)
(Pts)
(Close)
INFY
(1.2)
(0.5)
$43.5
WIT
0.5
0.0
$8.7
IBN
3.2
1.3
$42.9
HDB
0.4
0.2
$41.8
Markets Today
The trend deciding level for the day is 19,409 / 5,903 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,446 19,501 / 5,915 5,930 levels. However, if NIFTY trades below
19,409 / 5,903 levels for the first half-an-hour of trade then it may correct up to
19,354 19,316 / 5,889 5,877 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,316
5,877
19,354
5,889
19,409
5,903
19,446
5,915
19,501
5,930
News Analysis
Net Inflows (December 04 2012)

Sales
1,813
664
Net
600
(30)
MTD
1,390
(206)
YTD
106,409
(17,803)
FII Derivatives (December 04, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
584
1,032
893
1,183
(309)
(151)
10,933
30,570
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Sterlite Inds
113
5.4
United Brew-$
873
(12.6)
Allahabad Bank
155
4.9
Tata Power
108
(3.7)
Gujarat Fluo
349
4.8
Strides Arco
1,156
(3.3)
Sesa Goa
189
4.7
Muthoot Fin
196
(3.0)
Motherson Sumi
180
4.5
Glenmark Pharma
425
(3.0)
www.angelbroking.com
38.1
7,420
(0.1)
(8.1)
7,979
BSE PSU
0.5
36.9
7,247
BANKEX
0.7
93.5 14,093
AUTO
0.1
7.7 10,795
METAL
1.6
167.7 10,569
OIL & GAS
0.7
62.2
8,484
(1.2)
(71.3)
5,779
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
NASDAQ
Indian ADR
Advances / Declines
Chg (%)
0.6
82.7 13,034
470.9 22,271
BSE
NSE
Advances
1,695
893
Declines
1,232
627
112
75
Volumes (` cr)
Refer detailed news analysis on the following page
Purch
2,413
634
0.5
BSE HC
Unchanged
Government wins vote on FDI in multi-brand retail in Lok Sabha

Result Review- Mphasis
` cr
FII
MFs
SMALL CAP
BSE
2,886
NSE
13,144
Market Outlook
December 6, 2012
Government wins vote on FDI in multi-brand retail in Lok Sabha

The government defeated the oppositions motion against its decision of up to 51%
foreign direct investment in multi-brand retail in the Lok Sabha. The Congress-led
UPA government won the crucial debate on FDI in multi-brand retail with 253
votes against the oppositions 218 votes. Following the fervent debate which took
place under Rule 184 in the Lok Sabha, outside-supporters to the UPA government
- the BSP and SP expectedly walked out of the house, refraining from the vote.
Thus, the majority required to win the vote came down to 251 (from 273) in the
544 member house. Subsequent to the vote in Lok Sabha, the issue is now
expected to be debated in the Rajya Sabha under rule 168.
On September 14, 2012 the Cabinet Committee on Economic Affairs approved
FDI in multi-brand retail with up to 51% stake, with the final decision on allowing it
to rest with the respective State governments. Further, since the decision on
permitting FDI in multi-brand retail up to 51% is an executive decision, the vote on
FDI is non-binding. However, we believe that it is key to ending the logjam in
parliament since it convened on November 22, 2012. We believe that by winning
the vote the government is likely to confidently step up momentum on further
reforms drive thereby enabling it to push through difficult legislations.
Result Review
Mphasis - 4QFY2012 (CMP: `387 / TP: Under review)
Mphasis announced its 4QFY2012 numbers which underperformed our
expectation on revenue front however came higher than expectations on the net
profit front. The dollar revenues came in at US$248mn, down 1.6% qoq, due
ramp down in some projects from HP channel. In INR terms revenues came in at
`1,306cr, down 3.6% qoq. The company again witnessed headcount reduction in
Application as well as ITO business, which led to increase in the respective
utilization levels. EBITDA margin of the company increased by 93bp qoq to 20.7%
due to lower employee costs as the companys overall employee base got reduced
by ~1,000 employees. PAT came in at `209cr aided by slightly lower interest
charges and higher other income. The company added 22 new clients during the
quarter, out of which 14 were added in direct channel. The stock is currently under
review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,700
18.0
776
37.0
14.3
10.5
1.5
5.2
0.9
FY2014E
5,993
17.0
782
37.3
12.6
10.4
1.3
4.7
0.8
Economic and Political News
Maha coordination panel to decide on retail FDI: Praful Patel

SC declines to entertain Sangma's plea against President
Services PMI falls to 13-month low in November
Auction coal blocks only after geological report: Crisil
Market Outlook
December 6, 2012
Corporate News
TVS Motors expects flat growth in sales this year

PC Jeweller plans to have 50 stores by FY14-end
RIL divests Yemen-9 Block To Medco, Indonesia
Sahara gets more time to repay bond investors
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 06, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 6, 2012
December 7, 2012
December 9, 2012
December 10, 2012
December 12, 2012
7:00PM
US
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
Initial Jobless claims
Thousands
Dec 1
393.00
380.00
% Change
3Q P
(0.10)
(0.10)
5:30PM
UK
% Ratio
Dec 6
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
Industrial Production (YoY)
Dec 6
0.75
0.75
% Change
Oct
(2.60)
(0.50)
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
Thousands
Nov
171.00
87.00
Nov
7.90
7.90
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
1.70
2.10
11:00AM
5:29PM
China
Industrial Production (YoY)
% Change
Nov
9.60
9.80
China
Exports YoY%
% Change
Nov
11.60
9.00
5:29PM
India
Imports YoY%
% Change
Nov
7.37
--
BOE Announces rates
5:29PM
India
Exports YoY%
% Change
Nov
(1.63)
--
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
--
% Change
Nov
10.10
--
Dec 12
0.25
--
3:00PM
UK
Jobless claims change
11:00PM
US
FOMC rate decision
December 13, 2012
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
(0.50)
December 14, 2012
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
7.45
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Nov
2.50
--
7:00PM
US
Consumer price index (mom)
% Change
Nov
0.10
(0.20)
7:45PM
US
Industrial Production
Nov
(0.43)
0.30
11:00AM
India
RBI Repo rate
Dec 18
8.00
--
11:00AM
India
RBI Cash Reserve ratio
3:00PM
UK
CPI (YoY)
India
RBI Reverse Repo rate
7:00PM
US
7:00PM
US
8:30PM
Euro Zone Euro-Zone Consumer Confidence
7:00PM
US
GDP Qoq (Annualised)
8:30PM
US
Existing home sales
December 21, 2012
3:00PM
UK
GDP (YoY)
December 27, 2012
8:30PM
US
Consumer Confidence
8:30PM
US
New home sales
December 18, 2012
December 19, 2012

December 20, 2012
Source: Bloomberg, Angel Research
Dec 18
4.25
--
% Change
Nov
2.70
--
Dec 18
7.00
--
Housing Starts
Thousands
Nov
894.00
--
Building permits
Thousands
Nov
868.00
--
Value
Dec A
(26.90)
--
% Change
3Q T
2.70
--
Millions
Nov
4.79
--
% Change
3Q F
(0.10)
--
S.A./ 1985=100
Dec
73.70
--
Thousands
Nov
368.00
--
Market Outlook
December 06, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

(%)
(%)
8.0
11.2
6.0
6.0
9.2
9.0
8.5
7.6
7.5
8.2
8.0
5.7
6.1
5.3 5.5 5.3
2.7
2.0
2.3
2.5
1.0
(4.0)
(6.0)
Sep-12
Aug-12
(0.2)
(1.3)
(2.8)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
(2.0)
Oct-11
3.5
(0.4)
(2.0)
(5.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
Services PMI
9.5
7.7
6.9
7.4
7.7
7.5
7.6
7.6
7.5
8.0
7.8
58.0
7.5
56.0
54.0
52.0
Source: MOSPI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Nov-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Nov-11
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
6.7
4QFY09
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
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
161
3,129
1,466
1,686
14.8
14.8
7.0
8.1
23.0
19.9
4.9
4.2
22.6
22.5
2.3
2.0
United Phosphorus
Buy
123
170
5,674
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.2
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
252
4,304
2,911
3,321
16.2
16.2
17.3
19.8
14.6
12.7
4.0
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
86
96
4,357
13,713
15,341
11.2
11.2
12.5
14.8
6.9
5.8
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
28
31
7,330
14,490
16,606
9.5
9.6
2.2
2.9
12.4
9.7
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
362
547
1,103
1,240
11.0
11.3
39.1
45.0
9.3
8.1
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
1,927
55,757
21,121
23,642
18.4
18.5
108.7
122.6
17.7
15.7
7.4
5.9
46.2
41.6
2.3
1.9
Bharat Forge
Buy
268
324
6,245
6,754
7,565
15.5
15.7
18.8
23.2
14.3
11.6
2.5
2.1
18.5
19.7
1.1
0.9
Bosch India*
Neutral
9,080
28,510
8,776
10,276
16.6
18.0
331.9
417.7
27.4
21.7
5.1
4.3
18.7
19.5
2.9
2.4
CEAT
Buy
108
163
368
4,989
5,634
8.2
8.5
27.1
40.8
4.0
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
146
155
12,393
6,229
7,200
14.8
15.8
7.2
9.0
20.3
16.3
3.6
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,733
2,880
1,489
1,750
16.5
17.5
103.3
126.9
16.8
13.7
3.3
2.7
21.3
21.6
1.7
1.4
Hero Motocorp
Accumulate
1,826
1,956
36,468
24,743
27,996
14.8
15.2
118.2
130.4
15.5
14.0
6.6
5.3
48.3
41.9
1.2
1.0
JK Tyre
Buy
120
165
494
7,517
8,329
6.6
6.6
37.2
41.3
3.2
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
930
57,106
40,035
46,272
11.5
11.6
54.7
62.8
17.0
14.8
3.8
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,475
42,608
42,019
50,246
7.3
8.6
66.1
94.4
22.3
15.6
2.5
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
180
10,558
24,285
27,317
6.7
7.2
8.1
10.6
22.3
17.0
4.7
3.8
22.9
24.7
0.6
0.5
Subros
Accumulate
31
35
187
1,286
1,479
9.4
9.7
2.6
5.1
12.0
6.2
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
275
319
73,267 192,330 219,770
12.8
13.1
37.0
44.5
7.4
6.2
2.1
1.6
31.2
28.9
0.4
0.4
TVS Motor
Accumulate
40
45
1,898
7,466
8,290
6.2
6.3
4.8
5.6
8.3
7.1
1.4
1.3
18.2
18.7
0.2
0.2
Capital Goods
ABB*
Sell
724
573
15,341
7,796
9,907
4.8
7.8
9.2
22.0
78.7
32.9
5.7
5.0
7.5
16.4
1.9
1.5
BGR Energy
Neutral
269
1,944
3,605
4,542
11.8
10.7
25.1
27.9
10.7
9.7
1.6
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
238
58,167
47,801
43,757
18.5
18.0
24.6
21.8
9.7
10.9
2.9
2.5
33.5
24.5
1.1
1.2
Blue Star
Buy
197
242
1,770
2,763
2,948
3.1
5.6
2.6
8.6
74.8
23.0
4.3
3.8
5.9
17.6
0.8
0.7
Crompton Greaves
Buy
120
145
7,701
12,370
14,277
5.2
7.3
4.0
7.8
30.0
15.4
2.0
1.9
6.9
12.6
0.6
0.6
Jyoti Structures
Accumulate
48
53
396
2,794
3,048
10.6
10.6
9.2
11.7
5.2
4.1
0.6
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
67
73
1,722
6,858
7,431
7.1
7.5
8.3
9.8
8.1
6.9
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Neutral
2,105
2,371
2,369
2,727
11.7
11.7
143.4
166.0
14.7
12.7
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
601
7,156
5,514
5,813
9.3
10.2
28.1
31.2
21.4
19.3
3.8
3.3
19.2
18.5
1.2
1.1
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,428
26,804
11,085
12,415
21.6
21.4
79.4
83.1
18.0
17.2
3.5
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
207
31,925
10,272
11,884
26.4
26.1
11.5
12.9
18.1
16.1
4.0
3.5
20.8
21.1
2.8
2.3
India Cements
Neutral
89
2,722
4,293
4,666
17.7
18.1
8.6
10.8
10.3
8.2
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
132
1,618
2,082
2,423
22.9
23.1
20.8
22.5
6.4
5.9
1.1
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
206
4,903
3,814
4,045
29.3
27.5
18.7
19.2
11.0
10.7
2.0
1.7
19.9
17.4
1.9
1.7
Shree Cements^
Neutral
4,284
14,923
5,701
6,210
29.7
28.1
240.7
260.7
17.8
16.4
4.3
3.5
27.1
23.6
2.1
1.7
UltraTech Cement
Neutral
1,952
53,517
21,368
24,043
22.5
23.5
103.5
121.4
18.9
16.1
3.5
3.0
20.2
20.1
2.5
2.3
212
304
1,118
2,034
2,315
22.4
22.4
27.1
31.7
7.8
6.7
1.0
0.8
13.1
13.4
1.8
2.0
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
237
2,262
2,522
6.7
7.5
1.5
2.7
8.6
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
138
164
4,578
3,843
4,212
43.1
43.6
16.8
17.8
8.2
7.7
1.4
1.2
18.3
17.0
3.3
3.6
ITNL
Buy
195
225
3,792
6,564
7,054
27.2
27.4
26.3
29.0
7.4
6.7
1.2
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
45
1,395
4,249
6,897
7.8
8.2
0.3
3.3
147.4
13.8
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
101
21,493
13,842
15,863
26.9
26.4
3.7
4.6
27.5
22.1
1.7
1.6
6.2
7.3
3.0
2.7
Larsen & Toubro
Neutral
1,666
102,465
60,556
69,167
11.2
11.6
73.8
85.5
22.6
19.5
3.6
3.2
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
48
44
1,242
5,947
6,569
8.5
8.6
3.1
4.1
15.6
11.8
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
58
1,923
11,892
13,116
9.0
9.0
1.8
3.2
32.0
18.0
0.7
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
130
168
1,967
2,344
2,804
10.6
10.7
7.2
8.7
18.1
15.0
2.2
1.9
13.0
13.5
1.2
1.1
Simplex Infra
Buy
198
251
980
6,882
8,032
9.1
9.1
23.2
31.3
8.5
6.3
0.8
0.7
9.1
11.2
0.5
0.4
Allahabad Bank
Neutral
155
7,760
6,392
7,238
2.7
2.8
30.3
33.3
5.1
4.7
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
114
6,351
4,731
5,431
2.9
3.0
21.5
21.8
5.3
5.2
0.9
0.8
15.2
13.8
Axis Bank
Accumulate
1,335
1,476
56,986
15,686
18,687
3.1
3.2
116.8
138.0
11.4
9.7
2.1
1.8
20.0
20.2
Bank of Baroda
Accumulate
782
817
30,617
15,436
18,208
2.5
2.6
111.8
137.4
7.0
5.7
1.1
0.9
15.8
17.0
Bank of India
Neutral
290
16,617
12,491
14,883
2.2
2.4
43.8
63.7
6.6
4.5
0.9
0.7
12.1
15.8
Bank of Maharashtra
Neutral
57
3,384
3,563
3,876
3.1
3.1
9.7
12.0
5.9
4.8
0.8
0.7
14.6
16.1
Canara Bank
Neutral
471
20,856
10,699
12,213
2.1
2.2
67.3
80.1
7.0
5.9
1.0
0.9
13.7
14.6
Central Bank
Neutral
79
5,786
7,171
8,236
2.5
2.6
16.4
21.5
4.8
3.7
0.8
0.7
12.7
14.9
Corporation Bank
Accumulate
429
445
6,349
4,780
5,569
2.0
2.1
101.8
99.2
4.2
4.3
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
115
123
4,008
3,087
3,453
2.7
2.8
25.9
24.1
4.4
4.8
0.8
0.7
19.4
15.6
Federal Bank
Neutral
483
8,252
2,617
2,968
3.3
3.2
45.9
51.7
10.5
9.3
1.3
1.2
13.1
13.3
Financials
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
838
129,120
7,336
8,802
3.5
3.5
31.5
37.8
26.6
22.2
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
692
163,783
21,696
26,811
4.4
4.5
28.7
36.0
24.2
19.2
4.6
3.9
20.7
22.0
ICICI Bank
Buy
1,119
1,270
128,677
22,271
26,690
3.0
3.0
69.2
83.1
16.2
13.5
2.0
1.8
14.2
15.7
IDBI Bank
Neutral
109
13,948
7,684
9,264
1.8
2.1
15.6
22.0
7.0
5.0
0.8
0.7
10.9
13.9
Indian Bank
Accumulate
188
202
8,090
5,874
6,551
3.2
3.2
40.6
41.8
4.6
4.5
0.8
0.7
18.1
16.4
IOB
Neutral
82
6,535
7,050
8,313
2.3
2.5
12.3
19.9
6.7
4.1
0.6
0.6
8.8
13.1
J & K Bank
Neutral
1,404
6,805
2,762
2,885
3.6
3.6
226.7
193.0
6.2
7.3
1.4
1.2
24.4
17.7
LIC Housing Finance
Accumulate
272
298
13,704
1,799
2,255
2.3
2.4
20.3
27.3
13.4
10.0
2.1
1.8
16.9
19.7
Oriental Bank
Neutral
345
10,072
6,277
7,090
2.6
2.7
60.5
65.1
5.7
5.3
0.8
0.8
15.0
14.4
Punjab Natl.Bank
Accumulate
813
843
27,575
19,652
22,601
3.2
3.3
135.0
164.3
6.0
5.0
1.0
0.9
16.3
17.3
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
26
3,494
1,556
1,750
2.8
2.7
3.5
3.9
7.5
6.8
1.3
1.1
19.1
16.9
2,269
2,437
152,274
61,883
71,546
3.4
3.4
227.2
257.5
10.0
8.8
1.7
1.5
17.8
17.7
Neutral
127
7,672
6,756
7,783
3.0
3.0
26.3
27.1
4.9
4.7
0.8
0.7
18.3
16.6
UCO Bank
Neutral
78
5,201
5,234
6,097
2.3
2.4
11.8
14.7
6.6
5.3
1.1
0.9
11.9
13.4
Union Bank
Accumulate
247
250
13,590
9,912
11,536
2.8
2.9
40.4
46.7
6.1
5.3
1.0
0.9
16.1
16.4
United Bank
Neutral
76
2,735
3,500
3,912
2.6
2.8
15.8
21.2
4.8
3.6
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
61
3,015
2,354
2,754
2.0
2.2
7.4
10.2
8.3
6.0
0.8
0.7
9.3
11.9
Yes Bank
Accumulate
450
492
16,051
3,270
4,240
2.8
3.0
34.5
42.2
13.1
10.7
2.8
2.3
23.5
23.5
4,376
41,974
11,198
13,184
16.2
16.2
123.7
146.4
35.4
29.9
12.0
9.5
38.1
35.4
3.7
3.1
488
584
5,835
5,627
6,581
4.9
5.7
18.3
24.7
26.7
19.8
9.7
7.5
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,449
19,703
3,146
3,573
20.6
21.4
36.4
42.5
39.8
34.1
36.8
30.9
102.0
98.5
6.1
5.4
Dabur India
Neutral
130
22,641
6,124
7,101
17.0
16.8
4.5
5.2
29.1
24.8
12.0
9.5
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,798
15,974
3,124
3,663
17.1
17.6
104.5
123.8
36.4
30.7
11.3
9.1
34.4
32.8
4.7
3.9
Godrej Consumer
Neutral
728
24,791
6,355
7,548
18.4
18.6
22.8
27.6
31.9
26.4
7.3
6.0
26.4
26.1
4.1
3.4
HUL
Neutral
532
115,037
25,350
28,974
13.3
13.5
14.7
17.1
36.1
31.2
28.6
20.2
84.5
75.8
4.4
3.8
ITC
Neutral
298
234,597
29,409
34,060
35.7
36.1
9.3
10.9
32.0
27.3
10.6
8.8
35.8
35.3
7.6
6.5
Marico
Neutral
218
14,055
4,840
5,643
13.1
13.1
6.2
7.8
35.3
28.0
6.7
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,825
46,521
8,529
10,079
20.8
21.1
113.1
137.8
42.7
35.0
25.6
17.9
70.5
60.2
5.4
4.4
Tata Global
Neutral
166
10,235
7,207
7,927
9.7
10.0
6.6
7.8
25.0
21.2
2.5
2.4
8.6
9.5
1.4
1.2
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
IT
HCL Tech^
Neutral
639
44,336
24,214
26,772
19.5
18.1
44.0
48.0
14.5
13.3
3.4
2.9
24.0
22.0
1.8
1.6
Hexaware*
Buy
110
135
3,255
1,944
2,159
21.8
21.1
11.4
12.2
9.7
9.0
2.5
2.1
26.4
24.1
1.4
1.2
Infosys
Accumulate
2,382
2,573
136,799
39,174
41,580
29.5
30.4
159.2
171.6
15.0
13.9
3.6
3.2
24.1
23.1
3.0
2.8
Infotech Enterprises
Accumulate
193
202
2,152
1,886
2,032
17.9
17.3
18.7
20.2
10.3
9.6
1.5
1.3
14.9
14.0
0.8
0.7
KPIT Cummins
Neutral
125
2,232
2,195
2,317
15.5
15.0
10.7
12.1
11.6
10.4
2.5
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
102
115
11,957
7,597
8,141
20.0
18.8
9.7
10.4
10.5
9.8
2.9
2.2
27.5
22.9
1.2
1.0
Mindtree
Neutral
695
2,856
2,324
2,437
20.0
17.7
73.3
74.7
9.5
9.3
2.3
1.8
24.1
19.7
1.0
0.9
Mphasis&
Neutral
388
8,158
5,700
5,993
18.0
16.9
37.0
37.3
10.5
10.4
1.5
1.3
14.3
12.6
1.0
0.9
NIIT
Accumulate
32
36
524
1,048
1,161
9.3
10.9
4.2
6.2
7.6
5.1
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
490
1,961
1,261
1,352
26.4
24.7
48.2
54.0
10.2
9.1
1.9
1.6
19.0
17.9
1.3
1.1
TCS
Accumulate
1,297
1,410
253,881
61,053
67,313
28.7
29.1
69.7
76.2
18.6
17.0
6.1
5.0
32.6
29.1
4.0
3.6
Tech Mahindra
Buy
887
1,070
11,336
6,603
7,150
19.8
18.4
92.9
102.0
9.6
8.7
2.3
1.8
23.7
21.0
1.8
1.6
Wipro
Accumulate
381
421
93,816
43,219
47,241
20.0
20.0
26.1
28.1
14.6
13.6
2.8
2.4
19.3
17.9
1.9
1.6
D B Corp
Buy
218
259
4,001
1,581
1,784
23.3
25.0
11.6
14.4
18.8
15.1
3.7
3.1
21.0
22.3
2.4
2.1
HT Media
Neutral
107
2,519
2,111
2,272
15.0
15.2
7.4
8.3
14.6
13.0
1.6
1.4
11.3
11.4
0.9
0.7
Jagran Prakashan
Accumulate
102
117
3,228
1,503
1,681
23.1
23.1
6.4
7.3
16.0
14.1
4.0
3.5
25.8
26.5
2.4
2.1
PVR
Neutral
321
926
682
786
17.3
16.9
17.6
19.7
18.2
16.3
2.2
1.9
14.9
14.5
1.7
1.5
Sun TV Network
Neutral
419
16,522
1,942
2,237
77.2
75.5
17.6
19.1
23.8
22.0
6.0
5.3
25.8
25.2
7.8
6.7
Bhushan Steel
Neutral
474
10,067
11,307
14,287
29.5
29.1
45.1
51.0
10.5
9.3
1.2
1.1
12.2
12.2
2.9
2.3
Coal India
Neutral
361
228,273
66,666
70,292
25.7
27.3
24.2
26.6
15.0
13.6
4.4
3.6
33.1
29.1
2.5
2.2
Electrosteel Castings
Accumulate
25
29
856
1,984
2,074
10.6
11.6
0.8
2.0
29.6
12.2
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Neutral
138
58,457
12,446
13,538
52.3
52.9
15.0
16.4
9.3
8.5
1.8
1.5
21.4
19.7
2.9
2.3
Hindalco
Neutral
121
23,138
79,148
89,258
9.4
9.0
15.0
15.6
8.1
7.8
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
772
17,224
39,586
41,459
17.6
17.0
78.7
90.1
9.8
8.6
1.0
0.9
10.2
10.7
0.8
0.8
MOIL
Accumulate
256
261
4,302
941
1,019
47.3
48.3
25.8
28.1
9.9
9.1
1.6
1.4
16.7
16.2
2.0
1.7
Monnet Ispat
Buy
279
344
1,795
2,501
3,264
22.2
24.6
41.8
55.2
6.7
5.1
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
49
44
12,525
6,898
7,841
9.9
14.7
2.0
3.2
24.5
15.3
1.1
1.0
4.3
6.8
1.4
1.2
164
198
65,041
11,209
12,525
78.4
78.3
18.5
20.6
8.9
8.0
2.2
1.8
27.0
24.6
3.9
3.3
83
34,366
47,252
60,351
14.2
14.8
9.6
11.7
8.7
7.1
0.8
0.7
9.4
10.6
1.2
1.0
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Metals & Mining

Sesa Goa
Neutral
189
16,435
4,551
6,640
32.8
34.4
33.7
39.3
5.6
4.8
1.0
0.8
18.3
18.3
4.1
2.8
Sterlite Inds
Neutral
113
37,908
43,185
45,442
23.3
23.7
16.8
17.9
6.7
6.3
0.7
0.7
11.6
11.2
0.8
0.8
Tata Steel
Buy
398
463
8.3
9.5
22.0
44.5
18.1
8.9
0.9
0.8
4.9
9.3
0.5
0.5
Sarda
Accumulate
138
153
496
1,442
1,494
17.6
17.3
27.2
28.7
5.1
4.8
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
52
73
698
2,694
2,906
14.6
16.6
16.4
20.8
3.2
2.5
0.3
0.3
11.4
12.8
0.5
0.3
Buy
120
143
381
2,342
2,470
13.7
15.3
27.7
33.8
4.3
3.6
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Accumulate
332
382
63,494
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.9
1.1
1.0
22.0
17.5
2.8
2.4
GAIL
Neutral
354
44,841
46,652
54,142
15.7
15.7
34.0
35.3
10.4
10.0
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
267
312
228,645 147,139 154,821
33.9
33.7
30.7
32.3
8.7
8.3
1.5
1.4
18.3
17.2
1.3
1.1
Reliance Industries
Neutral
831
272,083 362,700 380,031
7.9
8.0
60.0
63.3
13.9
13.1
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
304
3,900
3,128
3,707
13.2
11.7
22.8
23.5
13.3
12.9
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
264
3,695
3,213
3,643
23.3
23.5
24.3
25.7
10.9
10.3
2.5
2.1
25.0
22.1
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
160
183
12,019
30,077
33,570
6.6
6.3
15.1
15.3
10.6
10.5
2.7
2.2
28.4
23.1
0.4
0.4
75
4,243
1,079
1,034
91.8
91.9
8.8
8.4
8.6
9.0
1.4
1.3
17.9
15.0
3.7
3.7
Alembic Pharma
Buy
67
91
1,255
1,624
1,855
14.2
15.6
6.6
9.1
10.1
7.3
2.5
1.9
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
195
5,673
5,243
5,767
14.6
14.6
11.8
12.6
16.5
15.5
2.1
1.8
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,207
5,083
1,482
1,682
15.5
15.5
95.1
104.4
23.2
21.1
4.1
3.2
18.6
17.0
3.2
2.8
Cadila Healthcare
Accumulate
846
926
17,327
6,148
7,386
18.6
19.6
32.7
44.8
25.9
18.9
5.7
4.6
23.7
26.6
3.2
2.6
Cipla
Neutral
414
33,265
8,151
9,130
25.0
24.0
19.5
20.9
21.3
19.8
3.7
3.2
18.8
17.2
3.8
3.3
Dr Reddy's
Neutral
1,832
31,100
10,696
11,662
20.7
21.0
83.7
92.9
21.9
19.7
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
122
145
987
1,280
1,536
20.2
20.2
10.4
14.5
11.8
8.4
1.0
0.9
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,045
17,321
2,651
2,993
31.7
31.2
76.0
82.4
26.9
24.8
7.8
6.9
20.1
26.3
5.7
4.9
Indoco Remedies
Buy
68
89
622
685
837
15.2
15.2
7.4
8.9
9.1
7.6
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
461
5,815
2,850
3,474
21.0
21.0
29.9
37.3
15.4
12.4
3.7
2.9
26.7
26.4
2.2
1.8
Lupin
Accumulate
595
652
26,631
8,426
10,082
19.7
20.0
26.3
31.3
22.6
19.0
5.3
4.3
26.0
24.7
3.2
2.7
Ranbaxy*
Neutral
514
21,717
12,046
11,980
18.0
15.8
31.3
29.8
16.4
17.3
5.6
4.5
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
703
72,668
9,752
12,134
41.6
41.6
26.0
28.2
27.0
24.9
5.1
4.3
20.3
18.8
6.7
5.2
CESC
Neutral
319
3,987
5,218
5,644
24.2
23.8
44.6
47.6
7.2
6.7
0.8
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
69
78
1,038
1,523
1,568
30.3
30.3
5.4
11.5
12.7
6.0
0.7
0.6
5.6
11.3
1.1
1.0
Neutral
38,620 145,725 154,108
Power
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
159
130,979
74,111
85,789
22.7
23.1
12.1
13.7
13.1
11.6
1.6
1.5
12.6
13.2
2.4
2.2
Anant Raj
Sell
101
78
2,973
657
875
52.0
56.1
8.4
12.7
12.0
7.9
0.7
0.7
6.3
8.9
5.8
4.4
DLF
Neutral
222
37,768
9,878
12,033
44.7
46.1
9.6
13.4
23.2
16.6
1.5
1.4
6.4
8.7
6.1
5.0
HDIL
Neutral
118
4,930
2,441
3,344
55.1
48.2
22.7
26.6
5.2
4.4
0.4
0.4
8.8
9.4
3.8
2.9
MLIFE
Neutral
413
1,685
813
901
26.2
26.6
32.0
37.1
12.9
11.1
1.3
1.2
10.4
11.0
2.5
2.2
Bharti Airtel
Neutral
330
125,337
81,984
90,718
32.1
33.8
10.9
16.9
30.2
19.6
2.3
2.1
7.6
10.6
2.2
1.9
Idea Cellular
Neutral
97
32,269
22,234
24,161
26.9
27.7
3.3
4.9
29.5
19.8
2.3
2.0
7.7
10.3
1.9
1.7
Rcom
Neutral
72
14,954
21,090
22,308
31.8
29.9
3.0
3.8
23.8
19.1
0.4
0.4
1.7
2.1
2.4
2.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Accumulate
1,466
1,590
3,115
1,629
1,886
11.8
13.3
60.8
79.5
24.1
18.4
5.0
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Accumulate
208
217
2,071
3,497
3,968
6.6
7.6
9.8
15.5
21.2
13.4
2.7
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Reduce
417
411
528
427
528
15.7
14.6
30.0
34.0
13.9
12.3
3.1
2.5
24.6
22.5
1.4
1.2
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
418
545
108
272
308
7.2
7.3
37.5
45.4
11.2
9.2
2.7
2.1
23.7
22.7
0.5
0.4
1,029
7,230
982
1,136
34.3
34.3
34.3
40.0
30.0
25.7
13.6
10.9
50.9
46.9
7.2
6.0
Accumulate
61
61
928
2,304
2,552
9.9
9.1
8.2
10.1
7.4
6.0
1.0
0.9
13.7
14.7
0.3
0.3
Force Motors
Accumulate
478
537
623
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
335
360
773
1,494
1,607
6.4
7.8
23.9
33.0
14.0
10.1
2.2
1.9
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
307
740
1,925
2,235
10.6
10.9
29.6
44.1
10.4
7.0
1.7
1.4
16.8
21.0
0.7
0.6
Hitachi
Buy
126
146
289
873
989
4.4
6.5
6.4
12.2
19.8
10.4
1.6
1.4
8.3
14.4
0.4
0.3
Honeywell Automation* Buy
2,365
2,842
2,091
1,745
1,993
4.0
5.3
59.5
90.4
39.8
26.2
3.0
2.6
8.1
11.3
1.1
1.0
Styrolution ABS India*
Accumulate
704
744
1,238
1,059
1,116
8.5
9.5
36.0
42.0
19.6
16.8
2.9
2.5
15.4
16.0
1.2
1.1
ITD Cementation
Neutral
238
274
1,323
1,455
12.4
12.4
23.2
27.7
10.3
8.6
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
188
3,032
1,228
1,443
9.0
10.9
3.9
6.4
48.4
29.4
4.8
4.4
10.1
15.6
3.0
2.5
MCX
Reduce
1,533
1,440
7,818
553
624
65.3
66.3
62.5
72.0
24.5
21.3
6.7
5.8
27.5
27.4
11.4
9.6
MRF
Buy
11,639
12,884
4,936
11,804
12,727
10.4
10.5 1,289.9 1,431.3
9.0
8.1
1.7
1.4
21.3
19.4
0.5
0.5
Page Industries
Neutral
3,479
3,881
836
1,023
20.2
20.6
105.6
133.4
33.0
26.1
16.8
11.8
59.3
53.2
4.8
3.9
Relaxo Footwears
Buy
784
933
941
1,019
1,208
11.0
12.5
47.0
66.7
16.7
11.8
4.1
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
65
79
1,936
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
306
366
287
1,043
1,149
12.3
12.9
65.7
73.3
4.7
4.2
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
16
476
7,134
7,985
19.7
19.4
12.2
14.1
1.3
1.1
0.1
0.1
11.3
11.5
0.6
0.6
Market Outlook
December 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Neutral
49
2,356
5,720
6,599
5.3
6.8
3.6
5.4
13.5
9.1
19.5
6.2
0.5
0.4
TAJ GVK
Buy
74
108
466
300
319
35.8
36.2
7.9
9.1
9.4
8.2
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
309
384
476
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.2
0.2
TVS Srichakra
Buy
263
335
201
1,476
1,643
7.0
8.2
32.6
55.9
8.1
4.7
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
2,015
26,349
10,289
11,421
12.8
12.8
26.0
45.3
77.5
44.5
3.5
3.3
5.8
7.6
2.9
2.6
Vesuvius India
Neutral
354
718
560
611
16.1
17.0
24.7
28.8
14.3
12.3
2.1
1.9
15.8
16.2
1.2
1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 05, 2012
Market Outlook
December 06, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

Net Inflows (December 04 2012)

FII Derivatives (December 04, 2012)

OIL & GAS

Refer detailed news analysis on the following page

Government wins vote on FDI in multi-brand retail in Lok Sabha

Government wins vote on FDI in multi-brand retail in Lok Sabha

Economic and Political News

Maha coordination panel to decide on retail FDI: Praful Patel

TVS Motors expects flat growth in sales this year

Country Event Description

December 12, 2012

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

Initial Jobless claims

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

BOE Announces rates

Industrial Production YoY

Jobless claims change

FOMC rate decision

December 13, 2012

Producer Price Index (mom)

December 14, 2012

Monthly Wholesale Prices YoY%

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

GDP Qoq (Annualised)

Existing home sales

December 21, 2012

December 27, 2012

New home sales

December 18, 2012

December 19, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth

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 Neutral

73,267 192,330 219,770

Larsen & Toubro