Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 7, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open flat to positive mirroring the positive
opening trades in the SGX Nifty and major Asian indices.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.5
94.9 19,487
Nifty
0.5
30.4
5,931
The U.S markets moved moderately higher over the course of the trading day on
Thursday, although buying interest remained relatively subdued. Traders seemed
somewhat reluctant to make any significant moves ahead of todays monthly jobs
report. The major averages finished the day firmly in positive territory after ending
the previous session mixed. The European markets held on to their gains on
Thursday, after both the European Central Bank and the Bank of England made no
changes with regard to interest rates. Investors continue to watch the negotiations
on the looming fiscal cliff with great interest. However, political tension in Italy
grabbed the attention of investors over the course of trading day.
MID CAP
0.7
51.2
7,076
Indian shares posted modest gains on Thursday, reversing early losses, after BSP
chief Mayawati declared that her party will support the UPA government on FDI
vote in the Rajya Sabha where the government is in a minority. Firm European
cues, the rupee's strength versus the dollar and reports that the Union Cabinet will
take up a proposal for setting up of National Investment Board for quicker
implementation of infrastructure projects later in the day also helped boost investor
sentiment, lifting the broader Nifty index to a 20-month high.
Global Indices
Markets Today
The trend deciding level for the day is 19,399 / 5,904 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,611 19,736 / 5,969 6,008 levels. However, if NIFTY trades below
19,399 / 5,904 levels for the first half-an-hour of trade then it may correct up to
19,274 19,062 / 5,866 5,800 levels.
Indices
SENSEX
NIFTY
S2
19,062
5,800
S1
19,274
5,866
PIVOT
19,399
5,904
R1
19,611
5,969
R2
19,736
6,008
News Analysis
IPO Note - Credit Analysis and Research (CARE)

RIL plans to shut Jamnagar distillation unit for maintenance
Maruti Suzuki to hike car prices from January 2013
Sales
1,919
726
Net
957
(221)
MTD
2,347
(427)
YTD
107,367
(18,024)
FII Derivatives (December 06, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
1,018
1,089
1,125
1,554
(107)
(465)
11,341
32,087
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Adani Power
58
7.0
Bhushan Steel
Indiabulls Fin
271
5.2
United Spirits
JP Infratec
Adani Enter
Pipavav Defence
www.angelbroking.com
50
4.9
Hexaware Tech
262
4.8
Strides Arco
94
4.6
HCL Tech
34.0
7,454
(0.0)
(3.1)
7,976
BSE PSU
0.8
57.9
7,305
BANKEX
1.2
164.1 14,257
AUTO
0.8
85.3 10,881
METAL
0.8
83.0 10,652
OIL & GAS
0.8
71.1
8,555
(1.4)
(79.2)
5,700
(Pts)
(Close)
BSE IT
Chg (%)
Dow Jones
0.3
39.6 13,074
NASDAQ
0.5
15.6
2,989
FTSE
0.2
9.3
5,901
Nikkei
0.8
79.3
9,548
0.1
17.4 22,286
Hang Seng
Straits Times
(0.3)
(5.2)
3,067
Shanghai Com
(0.1)
(1.0)
2,031
Chg (%)
(Pts)
(Close)
(1.2)
(0.5)
$43.0
WIT
0.8
0.1
$8.7
IBN
1.6
0.7
$43.6
HDB
1.0
0.4
$42.2
Indian ADR
INFY
Advances / Declines
BSE
NSE
Advances
1,601
841
Declines
1,297
670
103
89
Volumes (` cr)
Net Inflows (December 05 2012)

Purch
2,876
505
0.5
BSE HC
Unchanged
Refer detailed news analysis on the following page
` cr
FII
MFs
SMALL CAP
Losers
Price (`)
chg (%)
457
(3.5)
1,945
(3.4)
106
(3.0)
1,126
(2.6)
626
(2.0)
BSE
2,908
NSE
13,610
Market Outlook
December 7, 2012
IPO Note - Credit Analysis and Research (CARE)

Market share gainer, while maintaining best-in-class margins: CARE is the second
largest rating agency in India, with large PSU banks such as IDBI, Canara and SBI,
being its prominent shareholders (pre-offer combined shareholding of 58.2%).
CARE has garnered market share from its globally affiliated peers in the past few
years and even while doing so, it has maintained its superior margins. Overall the
operating margins for CARE have been significantly higher, as unlike its other two
listed peers, its sole business segment currently is rating services, which has
enjoyed higher margins than research or any other division. Even comparing the
ratings business, CARE has witnessed impressive EBIT margins (71% in FY2012)
which are substantially higher than that of its peers (ICRAs 48% in FY2012, and
CRISILs 40% in CY2011), which as per the management, is primarily due to a)
lower employee costs owing to its low-cost centralized back office at Ahmedabad
(staff costs as a percentage to revenues are almost half vs. peers) and b) relatively
lower SME/MSE ratings business (which involves lower margins on account of its
lower revenue per customer).
Rating business to primarily drive top-line growth for next few years: Rating
business will remain companys sole business segment at least in the next few
years. Considering credit growth estimates of 15-17% over the next few years and
efforts for growing our nascent debt market, we expect CARE to register at least
similar kind of growth in its volume of debt rated. However, considering the fact
that its revenue stream has stabilized now, and intention to increase presence in
SME/MSE ratings, we expect growth in its revenue to be approx. 200-300bp lower
than the growth in its volume. Migration to IRB approach, in our view will affect the
most to the rating agency which has major part of its business coming from
SME/MSE ratings (as smaller enterprises normally take loan from a single bank as
against larger ones which usually avail loan from consortium of banks, all of
whom might not be approved for IRB). Having said that, a relatively smaller
SME/MSE rating business for CARE (entered only in FY2011) and ample time to
develop other alternative revenue streams (as impact of IRB on business will not be
before FY2016), gives us adequate comfort to believe that the impact would be
manageable for the company.
Outlook and valuation: The stock is valued at 17.9x at upper band on TTM
earnings (taking 2HFY2012 earnings to be 60% of entire FY2012), which is at a
~18% discount to ICRA and ~45% discount to CRISIL. Even on a TTM EV/EBITDA
basis, it is valued at ~39% discount to CRISIL and ~33% to CARE. However, on a
TTM EV/Sales basis, it is valued at ~27% premium to CRISIL and ~63% premium
to ICRA, which is due to its high margins (likely to have a downward bias from
here on). Moreover, the company has reported cash and current investments worth
`91/share as of 1HFY2013. Overall, considering the high intellectual
capital/knowledge oriented and cash generating nature of the business, combined
with reasonable 12-15% revenue growth expectation, we believe the IPO is
reasonably priced at the upper band. Hence, we recommend subscribe to the
issue.
RIL plans to shut Jamnagar distillation unit for maintenance

Media reports suggest that Reliance Industries plans a 40 day maintenance shut
down at its 580,000bpd Jamnagar refining complex which. The company is
planning to shut a 13.5MTPA (270,000bpd) crude distillation unit for 40 days
beginning January 2012. Also, It is likely to shut a 6.5mmtpa vacuum gasoil
hydrotreater unit. The temporary closure of its units could result in lower
production and sales volumes during 4QFY2013. However, we await further
clarity from the company on this matter. Until then, we maintain our Neutral rating
on the stock.
Market Outlook
December 7, 2012
Maruti Suzuki to hike car prices from January 2013

Maruti Suzuki (MSIL) is planning to increase the prices of its products from January
2013 to mitigate the impact of adverse foreign exchange movement. While the
company is still contemplating the quantum of the price increase; it has indicated
that it could be upto `20,000/unit. We believe that the company may increase the
prices in the range of 2-5% depending upon the models. We expect the price
increase to slightly offset the negative impact of foreign exchange movement on
the operating margins. However, it may also dampen the consumer sentiments
further which could impact sales. At the CMP of `1,481 the stock is trading at
15.7x FY2014E earnings which is slightly higher than its historical average of 15x.
Hence, we maintain our Neutral rating on the stock.
Economic and Political News
Coal Min de-allocates mine in Odisha alloted to 4 PSUs

PM confident FDI decision will get RS approval
India, Australia to strengthen tourism ties
RBI rate cut unlikely on Dec 18: Barclays
Corporate News
GMR case: Singapore court rules in favour of Maldives

H&R Johnson to set up manufacturing unit in Bengal
ONGC gets project operator's nod for US$5bn Kashagan stake buy
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 07, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 7, 2012
December 9, 2012
3:00PM
UK
Industrial Production (YoY)
% Change
Oct
(2.60)
(0.50)
7:00PM
US
Change in Nonfarm payrolls
Thousands
Nov
171.00
86.00
7:00PM
US
Unnemployment rate
Nov
7.90
7.90
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
1.70
2.10
11:00AM
China
Industrial Production (YoY)
% Change
Nov
9.60
9.80
5:29PM
China
Exports YoY%
% Change
Nov
11.60
9.00
5:29PM
India
Imports YoY%
% Change
Nov
7.37
--
5:29PM
India
Exports YoY%
% Change
Nov
(1.63)
--
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
--
3:00PM
UK
Jobless claims change
% Change
Nov
10.10
--
11:00PM
US
FOMC rate decision
Dec 12
0.25
--
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)
7:00PM
US
Consumer price index (mom)
7:45PM
US
11:00AM
11:00AM
3:00PM
December 10, 2012
December 12, 2012
December 18, 2012
December 19, 2012

December 20, 2012
Nov
2.50
--
% Change
Nov
0.10
(0.20)
Industrial Production
Nov
(0.43)
0.30
India
RBI Repo rate
Dec 18
8.00
--
India
RBI Cash Reserve ratio
Dec 18
4.25
--
UK
CPI (YoY)
% Change
Nov
2.70
--
India
RBI Reverse Repo rate
Dec 18
7.00
--
7:00PM
US
Housing Starts
Thousands
Nov
894.00
--
7:00PM
US
Building permits
Thousands
Nov
868.00
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec A
(26.90)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
2.70
--
8:30PM
US
Existing home sales
December 21, 2012
3:00PM
UK
GDP (YoY)
December 27, 2012
8:30PM
US
Consumer Confidence
Millions
Nov
4.79
--
% Change
3Q F
(0.10)
--
S.A./ 1985=100
Dec
73.70
--
Thousands
Nov
368.00
--
Value
Dec F
50.60
--
8:30PM
US
New home sales
January 1, 2013
6:30AM
China
PMI Manufacturing
January 2, 2013
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
--
2:25PM
Germany Unemployment change (000's)
Thousands
Dec
5.00
--
Source: Bloomberg, Angel Research
Market Outlook
December 07, 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 07, 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
2.2
1.9
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 Accumulate
930
986
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
0.7
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
0.7
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
Reduce
2,105
1,992
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 07, 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
2.7
2.2
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
Accumulate
132
143
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
2.1
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
1.0
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
Neutral
782
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
Neutral
429
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 07, 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
Accumulate
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
Neutral
813
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
Reduce
St Bk of India
Accumulate
Syndicate Bank
26
25
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
Neutral
247
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
5.3
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
4.8
4.0
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
4.3
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
7.7
6.6
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
5.5
4.6
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
1.3
1.2
Market Outlook
December 07, 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
1.5
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
2.9
2.7
Infotech Enterprises
Neutral
193
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
Accumulate
125
132
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
Accumulate
695
747
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
0.8
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
0.8
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
1.2
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
3.5
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
1.8
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
Accumulate
107
113
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
0.8
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
2.3
2.0
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
1.4
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
8.0
6.9
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
Buy
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
2.8
2.2
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
Neutral
256
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
2.2
1.9
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
1.3
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
3.2
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 07, 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
4.3
2.9
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
0.9
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
0.6
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
0.4
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
1.2
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
1.6
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
3.9
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
5.0
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
Accumulate
461
485
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
3.3
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
1.8
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
1.2
1.0
Neutral
38,620 145,725 154,108
Power
Market Outlook
December 07, 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
6.3
5.2
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
3.9
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
2.1
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
1.8
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
Neutral
208
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
Neutral
417
528
427
528
15.7
14.6
30.0
34.0
13.9
12.3
3.1
2.5
24.6
22.5
1.3
1.1
Cravatex
Buy
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
CRISIL
Neutral
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
6.9
5.8
Finolex Cables
Neutral
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
0.4
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
0.3
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
0.9
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
11.1
9.4
MRF
Accumulate
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
0.6
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
4.7
3.8
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 07, 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
Reduce
49
43
2,356
5,720
6,599
5.3
6.8
3.6
5.4
13.5
9.1
19.5
6.2
0.5
0.5
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
1.9
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
0.3
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
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 06, 2012
Market Outlook
December 07, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

IPO Note - Credit Analysis and Research (CARE)

FII Derivatives (December 06, 2012)

OIL & GAS

Net Inflows (December 05 2012)

Refer detailed news analysis on the following page

IPO Note - Credit Analysis and Research (CARE)

RIL plans to shut Jamnagar distillation unit for maintenance

Maruti Suzuki to hike car prices from January 2013

Economic and Political News

Coal Min de-allocates mine in Odisha alloted to 4 PSUs

GMR case: Singapore court rules in favour of Maldives

Country Event Description

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

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)

December 10, 2012

December 12, 2012

December 18, 2012

December 19, 2012

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

Germany Unemployment change (000's)

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 Accumulate

73,267 192,330 219,770

Larsen & Toubro