Market Outlook Market Outlook: Dealer's Diary

Market Outlook
February 26, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open in the red following the negative opening in
SGX Nifty and most other Asian markets after signs of an inconclusive general
election in Italy sparked worries that another chapter in Europes debt crisis could
be opening.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.1
Nifty
0.1
14.7 19,332
4.5
5,855
MID CAP
(1.2)
(79.5)
6,530
SMALL CAP
(1.4)
(89.1)
6,476
The US market showed a substantial downturn on Monday on the back of

uncertainty about the outcome of elections in Italy. Moreover, uncertainty about
whether lawmakers in Washington will be able to reach an agreement to avoid the
automatic government spending cuts, due to go into effect at the end of the month,
also weighed on the markets. European stocks also gained ground as investors
awaited Italian poll results.
BSE HC
0.0
1.8
8,022
BSE PSU
(1.0)
(75.1)
7,153
BANKEX
(0.3)
(36.5) 13,819
0.8
84.0 10,785
Meanwhile, Indian shares ended a volatile session largely unchanged on Monday

despite firm global cues. The underlying sentiment remained cautious as investors
await the upcoming Railway Budget and Union Budget this week for directional
cues.
BSE IT
Markets Today
The trend deciding level for the day is 19,327 / 5,853 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,416 19,500 / 5,880 5,906 levels. However, if NIFTY trades below
19,327 / 5,853 levels for the first half-an-hour of trade then it may correct up to
19,243 19,154 / 5,827 5,799 levels.
S2
S1
PIVOT
R1
R2
SENSEX
19,154
19,243
19,327
19,416
19,500
5,799
5,827
5,853
5,880
5,906
News Analysis
Ranbaxy restarts generic Lipitor production for US market

Sadbhav Engineering emerges successful bidder for Northern Coalfields
project
4QCY2012 Result Preview Ranbaxy
Refer detailed news analysis on the following page
Net Inflows (February 24, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
2,903
2,691
212
22,205
44,435
392
497
(105)
(1,528)
(6,241)
MFs
FII Derivatives (February 25, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
3,820
4,251
(432)
12,149
Stock Futures
5,952
5,660
292
30,637
Price (`)
chg (%)
Company
Ranbaxy Lab
433
4.8
Sun TV Network
427
3.9
22
3.4
851
3.4
Astrazeneca Phar
2,917
2.8
MMTC
Gainers / Losers
Gainers
Company
SJVN
Bajaj Finserv
Infosys
www.angelbroking.com
Losers
Price (`)
chg (%)
111
(62.4)
Opto Circuits
53
(10.3)
Berger Paints
188
(6.9)
1,001
(6.1)
514
(5.0)
Core Projects
METAL
(1.1) (103.1)
9,458
OIL & GAS
(1.1)
(95.2)
8,965
1.9
122.7
6,728
Chg (%)
(Pts)
(Close)
Global Indices
Dow Jones
(1.5) (216.4) 13,784
NASDAQ
(1.4)
(45.6)
3,116
FTSE
0.3
19.7
6,355
Nikkei
2.4
Hang Seng
0.2
37.6
22,820
Straits Times
0.0
0.6
3,289
Shanghai Com
0.5
11.7
2,326
Chg (%)
(Pts)
(Close)
2.1
1.1
$54.6
Indian ADR
INFY
Indices
NIFTY
AUTO
276.6 11,663
WIT
0.2
0.0
$9.5
IBN
(1.1)
(0.5)
$41.7
HDB
(1.1)
(0.4)
$38.7
Advances / Declines
BSE
NSE
Advances
1,011
423
Declines
1,802
1,083
131
65
Unchanged
Volumes (` cr)
BSE
1,931
NSE
9,643
Market Outlook
February 26, 2013
Ranbaxy restarts generic Lipitor production for US market

Ranbaxy Labs announced that it will be able to enter the Atrovastain (Lipitor)
market soon, as its product has received a fresh go ahead from the USFDA. The
company had initiated a recall from the US market after certain lots were
contaminated with tiny glass particles. The recall was limited to the US market and
the 10, 20 and 40mg strengths of the drug. The company has received approval
to resume manufacturing of its generic product at the Ohms Labs facility in New
Jersey. Ranbaxy had launched generic Lipitor in the US market in December 2011
after the USFDA gave final approval to market its generic version of Lipitor
produced at Ohms Labs.
In April 2012, Ranbaxy commenced shipping the product from the new Mohali
facility. The product recall initiated in November 2012 caused Ranbaxys Lipitor
market share to fall from a peak of 45% to less than 5%. However, now after the
price erosion of the product post exclusivity, we believe that Lipitor will not make
any difference to the overall numbers of the company and the improvement in the
core business profitability of the company is crucial for the stock outperformance.
So we maintain our Neutral rating on the stock.
Sadbhav Engineering emerges successful bidder for Northern

Coalfields project
Sadbhav Engineering has been declared the successful bidder by Northern
Coalfields, Singrauli for an estimated project cost of ~`697cr. The scope of work
involves excavation of overburden of first dig by hiring of equipment such as
excavators, dumpers/tippers, drills, dozers, graders and water sprinklers for
composite work consisting of blast hole drilling, excavation, loading,
transportation of broker rocks/soil/earth, unloading/dumping, spreading, dozing,
water sprinkling and grading etc. by mechanical means as per instruction of
engineer in charge at specified places of Amlohri OCP of NCL. The total quantity
for the excavation of over burden is 100 million BCM. We continue to maintain
our Buy rating on the stock with a target price of `157.
4QCY2012 Result Preview

Ranbaxy (CMP: `433/ TP: -/ Upside: -)
For 4QCY2012, Ranbaxy is expected to post a decline of 32.5% with sales at
`2,525cr. Its OPM is expected to be at 9.3% vs 21.6% in 4QCY2011.
However, the net profit is likely to come in at `274cr vs `428cr during the last
corresponding period. We maintain our Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
12,046
16.0 1,572 37.3
45.3
11.6
4.5
9.7
1.5
CY2014E
11,980
15.8 1,356 32.1
29.7
13.5
3.6
9.4
1.5
Market Outlook
February 26, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Ranbaxy Consolidated (26/02/2013)
Particulars (` cr)
4QCY12E
4QCY11
y-o-y (%)
3QCY12
q-o-q (%)
2,673
3,738
(28)
2,651
EBITDA
380
860
(56)
349
EBITDA margin (%)
14.2
23.0
Net profit
243
(2,980)
Net sales
13.2
(108)
757
Economic and Political News
Govt. fails to find takers for 1,800-MHz spectrum, again

S&P sees GDP inching up to 6.4% next fiscal
India's steel imports grew 17.5% during April-Jan
Approval board for SEZs to meet on Mar 15
Corporate News
SC refuses to give Sahara more time to refund `24,000cr to investors

Railways sign MoU with BHEL for MEMU coach factory in Rajasthan
Kingfisher's domestic, intl. flying slots withdrawn
Cairn drills 1st exploration well on Rajasthan block
Zydus gets USFDA nod to market ranitidine Hcl injection
SKS to decide on applying for banking license in May
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(68)
Market Outlook
February 26, 2013
Result Calendar
Date
Company
February 26, 2013
Ranbaxy
February 27, 2013
Bosch India, Goodyear
February 28, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 26, 2013

February 27, 2013
February 28, 2013
March 1, 2013
8:30PM
US
Consumer Confidence
8:30PM
US
New home sales
S.A./ 1985=100
Feb
58.60
62.00
Thousands
Jan
369.00
380.00
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Feb F
(23.60)
(23.60)
3:00PM
UK
GDP (YoY)
% Change
4Q P
--
--
7:00PM
US
Initial Jobless claims
Thousands
Feb 23
362.00
360.00
3:30PM
Euro Zone Euro-Zone CPI (YoY)
Jan
2.20
2.00
2:25PM
Germany Unemployment change (000's)
Thousands
Feb
(16.00)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
(0.10)
0.50
11:00AM
India
Qtrly GDP YoY%
% Change
4Q
5.30
4.90
2:25PM
Germany PMI Manufacturing
Value
Feb F
50.10
50.10
3:00PM
UK
PMI Manufacturing
Value
Feb
50.80
51.00
PMI Manufacturing
Value
Feb
50.40
50.50
Value
Feb F
54.10
--
% Change
4Q P
(0.60)
--
% Ratio
Mar 7
0.50
0.50
Mar 7
0.75
--
6:30AM
China
March 5, 2013
2:25PM
Germany PMI Services
March 6, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
March 7, 2013
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
5:29PM
China
Exports YoY%
% Change
Feb
25.00
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
157.00
150.00
7:00PM
US
Unnemployment rate
Feb
7.90
7.90
March 8, 2013
March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013
March 15, 2013
March 19, 2013
BOE Announces rates
7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
2.00
--
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
--
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
4:29PM
India
Exports YoY%
% Change
Feb
0.80
--
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
6:00PM
US
Consumer price index (mom)
% Change
Feb
--
--
6:45PM
US
Industrial Production
Feb
(0.10)
--
6:00PM
US
Housing Starts
Thousands
Feb
890.00
--
6:00PM
US
Building permits
Thousands
Feb
925.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
Market Outlook
February 26, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
9.0
7.6
8.2
6.0
8.0
6.7
5.7
6.1
4.3
4.0
5.3 5.5 5.3
3.5
2.5
7.6
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Mfg. PMI
60.0
7.5
Jun-12
Exhibit 4: Manufacturing and services PMI
(%)
7.7
May-12
(4.0)
Apr-12
Mar-12
Feb-12
Jan-12
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
(2.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
2.0
1.0
2.0
Source: CSO, Angel Research
7.6
7.5
8.0
8.1
7.3
7.2
7.2
Services PMI
58.0
6.6
56.0
54.0
5.0
4.0
3.0
2.0
1.0
0.0
52.0
Exhibit 5: Exports and imports growth trends

(%)
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exports yoy growth
30.0
48.0
Feb-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
50.0
Jan-12
9.0
8.0
7.0
6.0
8.3
8.0
9.2
8.5
7.5
4QFY09
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
(%)
9.50
Imports yoy growth
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.50
Mar-12
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
February 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
122
2,377
1,466
1,686
14.8
14.8
7.0
8.1
17.5
15.1
3.7
3.2
22.6
22.5
1.7
1.5
United Phosphorus
Buy
123
170
5,464
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
270
323
4,611
2,983
3,477
16.1
16.1
18.5
21.6
14.6
12.5
4.2
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Accumulate
89
97
4,473
13,066
14,503
11.5
11.8
13.0
14.5
6.8
6.1
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,199
12,910
14,836
8.8
9.6
1.5
2.2
15.7
10.5
2.1
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
334
505
934
1,103
10.2
10.7
24.5
34.3
13.6
9.7
1.7
1.6
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
2,006
58,051
20,775
23,889
18.5
19.0
107.6
126.4
18.7
15.9
7.7
6.1
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
218
242
5,084
5,973
6,707
14.4
15.2
13.4
18.6
16.4
11.8
2.1
1.9
13.6
16.9
1.0
0.8
Bosch India*
Accumulate
8,915
9,570
27,991
9,973
11,320
17.8
18.0
396.2
455.7
22.5
19.6
4.2
3.6
18.8
18.2
2.4
2.1
CEAT
Buy
97
163
334
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
125
10,642
6,016
7,026
12.7
14.4
5.8
7.8
21.4
16.0
3.2
2.7
15.4
18.2
1.5
1.2
FAG Bearings*
Accumulate
1,415
1,569
2,352
1,619
1,879
16.0
16.6
108.6
130.7
13.0
10.8
2.3
1.9
18.8
19.1
1.2
1.0
Hero Motocorp
Accumulate
1,703
1,923
34,014
23,990
27,038
13.8
14.6
105.8
120.2
16.1
14.2
6.5
5.3
44.3
41.0
1.1
1.0
JK Tyre
Buy
109
165
445
7,169
7,929
6.9
7.1
40.4
41.3
2.7
2.6
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
895
1,019
54,957
40,060
46,301
11.5
11.7
55.3
64.3
16.2
13.9
3.7
3.0
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,442
1,563
41,674
43,381
52,411
7.5
8.9
65.6
97.7
22.0
14.8
2.5
2.2
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
193
209
11,343
25,769
29,010
7.1
7.5
10.2
13.1
19.0
14.8
4.8
3.7
28.1
28.3
0.6
0.5
Subros
Buy
26
35
156
1,296
1,476
9.8
9.9
3.4
5.0
7.7
5.2
0.5
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
299
326
79,713 184,201 209,642
12.4
13.5
28.0
36.3
10.7
8.2
2.3
1.9
24.6
25.4
0.5
0.4
TVS Motor
Buy
41
47
1,938
7,019
7,827
6.0
6.3
4.3
5.3
9.6
7.7
1.5
1.3
16.4
18.0
0.2
0.2
ABB*
Sell
587
487
12,443
8,073
9,052
5.5
7.2
11.3
17.4
52.1
33.8
4.5
4.1
8.9
12.8
1.5
1.4
BGR Energy
Neutral
216
1,559
3,412
4,104
13.0
11.6
24.6
26.2
8.8
8.3
1.3
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
208
50,800
47,801
43,757
18.0
17.1
24.1
20.8
8.6
10.0
2.6
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
172
238
1,548
2,748
2,896
4.4
5.6
6.8
9.3
25.4
18.5
3.5
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
93
129
5,975
12,136
13,790
3.8
6.3
3.3
6.9
28.2
13.6
1.6
1.5
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
35
49
290
2,802
3,074
9.5
9.8
7.7
10.9
4.6
3.2
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
53
75
1,363
6,909
7,723
6.2
7.2
5.4
8.4
9.9
6.3
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,050
2,310
2,369
2,727
11.7
11.7
143.4
166.0
14.3
12.4
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
589
7,014
5,529
5,798
9.0
9.6
27.1
30.3
21.7
19.5
3.8
3.3
18.6
18.2
1.1
1.0
Capital Goods
Market Outlook
February 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 )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,304
24,483
11,358
12,366
19.9
19.6
75.1
74.9
17.4
17.4
3.3
3.0
19.4
18.1
1.9
1.7
Ambuja Cements
Neutral
200
30,813
9,730
11,221
25.6
25.0
10.2
11.3
19.6
17.6
3.5
3.2
18.7
19.0
2.8
2.3
India Cements
Neutral
85
2,611
4,439
4,789
16.7
17.2
6.8
9.1
12.5
9.4
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cements
Accumulate
130
143
1,593
2,119
2,478
22.9
22.3
20.3
22.8
6.4
5.7
1.1
0.9
18.0
17.7
0.9
1.1
Madras Cements
Neutral
244
5,815
3,960
4,270
27.4
27.0
18.6
21.1
13.2
11.6
2.4
2.0
19.7
18.9
2.1
1.8
Shree Cements^
Neutral
4,345
15,136
5,678
6,251
29.0
28.6
288.1
334.0
15.1
13.0
4.2
3.3
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,911
52,399
20,466
23,017
23.3
24.3
100.0
117.1
19.1
16.3
3.5
3.0
19.6
19.5
2.5
2.3
202
268
1,066
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.5
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
12
223
2,262
2,522
5.9
6.3
0.9
1.6
13.2
7.8
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
118
164
3,932
3,843
4,212
43.1
43.6
16.8
17.8
7.0
6.6
1.2
1.1
18.3
17.0
3.1
3.4
ITNL
Accumulate
200
225
3,890
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.9
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
28
35
861
3,773
6,706
6.9
8.4
(3.9)
2.9
(7.2)
9.7
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
68
97
15,090
14,243
16,382
26.2
26.1
3.2
4.3
21.2
15.7
1.1
1.1
5.4
7.0
2.5
2.3
Larsen & Toubro
Buy
1,402
1,788
86,246
60,666
69,525
10.6
11.2
71.9
85.0
19.5
16.5
3.0
2.7
14.5
15.2
1.6
1.4
Nagarjuna Const.
Accumulate
38
44
984
5,863
6,576
8.1
8.2
3.1
4.1
12.5
9.4
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
44
1,466
11,892
13,116
10.2
10.2
(0.4)
3.0
(103.6)
14.9
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
112
157
1,693
1,642
2,642
9.7
10.1
3.2
7.2
35.0
15.5
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
162
197
802
6,026
7,135
9.1
9.3
14.1
24.6
11.5
6.6
0.6
0.6
5.6
9.2
0.5
0.5
Unity Infra
Buy
34
59
252
2,180
2,455
13.7
13.4
13.3
15.0
2.6
2.3
0.3
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
146
183
7,285
6,509
7,264
2.7
2.8
28.2
33.5
5.2
4.4
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
98
5,464
4,795
5,475
3.0
3.0
21.8
21.9
4.5
4.5
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,405
1,753
65,596
15,959
18,660
3.2
3.2
119.2
139.0
11.8
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
731
935
30,039
14,889
17,393
2.5
2.6
108.2
134.0
6.8
5.5
1.0
0.9
15.3
16.7
Bank of India
Accumulate
339
380
19,440
12,793
14,823
2.3
2.4
49.5
65.1
6.9
5.2
1.0
0.9
13.6
16.0
Bank of Maharashtra
Accumulate
54
58
3,190
3,720
4,268
2.9
2.8
10.9
13.0
5.0
4.2
0.8
0.7
16.2
16.9
Canara Bank
Buy
434
517
19,215
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
74
5,462
7,158
8,217
2.4
2.6
13.1
20.1
5.7
3.7
0.8
0.7
10.3
14.3
Corporation Bank
Buy
404
517
5,980
4,919
5,634
2.1
2.2
96.7
99.9
4.2
4.0
0.7
0.6
16.3
14.9
Dena Bank
Buy
98
124
3,431
3,090
3,462
2.7
2.7
25.6
24.6
3.8
4.0
0.7
0.6
19.2
15.9
Financials
Market Outlook
February 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
496
557
8,472
2,667
2,920
3.2
3.2
49.1
51.4
10.1
9.6
1.3
1.2
13.9
13.1
HDFC
Neutral
802
123,830
7,446
8,923
3.5
3.5
32.2
38.5
24.9
20.8
5.1
4.5
35.4
32.6
HDFC Bank
Neutral
656
155,668
21,724
26,578
4.3
4.3
28.7
36.1
22.9
18.2
4.4
3.7
20.7
22.1
ICICI Bank
Buy
1,094
1,404
125,783
22,317
26,217
2.9
3.0
72.0
84.6
15.2
12.9
1.9
1.8
14.9
15.9
IDBI Bank
Buy
95
122
12,183
8,196
9,305
1.9
2.1
15.4
22.3
6.2
4.3
0.7
0.6
10.7
14.1
Indian Bank
Buy
185
221
7,936
5,716
6,362
3.2
3.2
37.7
41.1
4.9
4.5
0.8
0.7
16.9
16.2
IOB
Buy
74
88
5,902
7,231
8,369
2.4
2.5
10.2
20.2
7.2
3.7
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,293
1,406
6,269
2,784
2,932
3.7
3.7
229.2
199.6
5.6
6.5
1.3
1.1
24.6
18.2
LIC Housing Finance
Accumulate
249
264
12,546
1,722
2,080
2.2
2.2
19.9
24.6
12.5
10.1
2.0
1.7
16.6
17.9
Oriental Bank
Buy
284
336
8,293
6,360
7,004
2.6
2.8
48.1
59.4
5.9
4.8
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
844
1,053
28,627
19,202
22,040
3.2
3.4
146.8
167.9
5.8
5.0
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
34
3,326
1,583
1,789
3.0
2.9
3.5
4.1
7.2
6.1
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,221
2,597
149,029
60,594
70,439
3.3
3.3
221.9
257.4
10.0
8.6
1.7
1.4
17.4
17.7
Syndicate Bank
Buy
126
153
7,557
6,673
7,644
2.9
3.0
32.0
27.9
3.9
4.5
0.8
0.7
22.0
16.5
UCO Bank
Neutral
65
4,294
5,388
6,262
2.4
2.6
9.0
14.9
7.2
4.3
0.9
0.8
9.1
13.8
Union Bank
Buy
222
286
12,230
10,006
11,558
2.8
2.8
36.4
47.0
6.1
4.7
0.9
0.7
14.6
16.6
United Bank
Buy
67
82
2,426
3,549
3,814
2.5
2.7
12.0
21.4
5.6
3.1
0.6
0.5
10.1
16.3
Vijaya Bank
Neutral
54
2,656
2,342
2,763
1.9
2.1
8.0
10.9
6.7
4.9
0.7
0.6
10.1
12.6
Yes Bank
Buy
481
576
17,209
3,364
4,260
2.8
3.0
36.3
42.6
13.2
11.3
3.0
2.4
24.6
23.6
4,500
43,165
11,198
13,319
15.9
15.7
122.1
147.1
36.8
30.6
12.4
9.7
37.7
35.7
3.8
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
497
564
5,945
5,580
6,417
4.8
5.0
18.1
21.7
27.5
22.9
10.0
8.0
38.7
38.7
1.0
0.8
Colgate
Neutral
1,304
17,738
3,120
3,588
20.3
21.1
38.4
45.1
34.0
29.0
31.6
25.3
104.6
97.0
5.5
4.7
Dabur India
Neutral
129
22,405
6,196
7,183
16.3
16.8
4.5
5.5
28.5
23.5
11.8
9.2
43.4
44.0
3.6
3.1
GlaxoSmith Con*
Neutral
3,903
16,416
3,084
3,617
15.3
15.5
101.2
118.3
38.6
33.0
11.7
9.5
33.5
31.9
5.0
4.2
Godrej Consumer
Neutral
726
24,718
6,386
7,743
15.7
17.0
20.8
27.1
34.9
26.8
7.5
6.1
23.7
26.4
4.1
3.3
HUL
Neutral
452
97,726
25,350
28,974
13.3
13.5
15.1
17.0
29.9
26.7
23.8
17.0
85.7
74.3
3.7
3.2
ITC
Neutral
292
230,352
29,148
34,191
35.7
36.1
9.4
11.1
31.2
26.3
10.4
8.6
35.9
35.7
7.6
6.4
Marico
Neutral
221
14,251
4,747
5,402
13.6
13.6
6.3
7.8
34.9
28.3
7.1
5.8
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,642
44,753
8,487
10,081
21.2
22.1
113.0
142.5
41.1
32.6
24.6
16.9
70.5
61.6
5.3
4.4
Market Outlook
February 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 )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
133
8,249
7,272
7,998
9.1
9.5
6.9
8.1
19.5
16.4
2.0
2.0
8.9
9.8
1.1
0.9
HCL Tech^
Neutral
733
50,924
25,325
28,476
21.7
20.7
51.0
52.8
14.4
13.9
3.8
3.1
26.8
22.9
1.9
1.6
Hexaware*
Buy
87
113
2,579
1,948
2,136
20.9
18.3
10.9
10.1
8.0
8.6
2.1
1.8
27.2
21.0
1.1
0.9
Infosys
Neutral
2,917
167,516
40,746
44,283
28.9
28.8
162.6
172.9
17.9
16.9
4.2
3.6
23.5
21.3
3.5
3.1
Infotech Enterprises
Accumulate
169
184
1,887
1,881
1,987
17.9
17.4
18.5
19.4
9.1
8.7
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
110
140
2,117
2,234
2,477
15.8
15.2
10.9
12.8
10.1
8.6
2.2
1.7
22.2
20.6
0.9
0.8
Mahindra Satyam
Accumulate
119
125
13,948
7,711
8,683
21.6
20.3
8.7
11.3
13.6
10.5
3.2
2.5
30.6
23.7
1.4
1.2
Mindtree
Neutral
865
3,581
2,357
2,580
21.0
19.3
84.4
86.8
10.3
10.0
2.7
2.1
26.8
21.7
1.3
1.0
Mphasis&
Accumulate
375
396
7,883
5,531
5,874
17.6
17.5
35.4
37.7
10.6
10.0
1.6
1.3
14.7
13.5
0.9
0.8
NIIT
Buy
25
36
405
1,048
1,161
9.1
10.9
4.1
6.2
6.0
4.0
0.6
0.6
10.3
14.1
0.2
0.1
Persistent
Neutral
563
2,253
1,297
1,433
25.6
24.1
46.5
54.0
12.1
10.4
2.2
1.9
18.5
18.0
1.4
1.2
TCS
Neutral
1,471
287,966
62,954
70,871
29.0
28.9
71.6
79.1
20.6
18.6
6.8
5.5
33.2
29.7
4.4
3.8
Tech Mahindra
Accumulate
1,037
1,105
13,261
6,789
7,609
21.0
19.6
95.8
110.7
10.8
9.4
2.6
2.1
24.3
22.3
2.0
1.7
Wipro
Neutral
419
103,250
43,514
47,304
20.1
19.4
26.6
27.7
15.8
15.2
3.1
2.7
19.7
17.9
2.0
1.8
D B Corp
Buy
234
276
4,293
1,583
1,787
23.9
25.4
11.9
14.5
19.8
16.1
3.9
3.4
21.4
22.4
2.6
2.3
HT Media
Accumulate
103
113
2,421
2,061
2,205
14.0
15.1
6.6
7.9
15.5
13.1
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
102
125
3,216
1,511
1,698
23.2
23.4
6.4
7.3
15.8
13.9
3.9
3.5
25.9
26.6
2.3
2.0
PVR
Neutral
259
749
820
1,307
17.3
17.3
11.2
17.8
23.2
14.5
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
427
16,831
1,942
2,237
77.2
75.5
17.6
19.1
24.3
22.4
5.9
5.3
25.8
25.2
8.2
7.0
Bhushan Steel
Neutral
464
10,509
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
326
368
205,756
66,666
70,292
25.7
27.3
24.2
26.6
13.5
12.2
4.0
3.2
33.1
29.1
2.1
1.9
Electrosteel Castings
Buy
21
28
709
1,984
2,074
10.6
11.6
1.8
2.6
11.6
7.9
0.4
0.2
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
116
149
49,140
12,002
13,759
49.7
50.8
14.7
16.4
7.9
7.1
1.5
1.3
21.1
19.8
2.2
1.5
Hindalco
Neutral
107
20,448
80,205
88,987
9.0
9.2
13.4
13.8
8.0
7.8
0.6
0.6
7.9
7.6
0.6
0.6
JSW Steel
Neutral
767
17,118
39,072
40,493
16.5
18.2
82.4
90.3
9.3
8.5
1.0
0.9
10.7
10.7
0.9
0.8
MOIL
Neutral
247
4,150
933
954
46.9
45.5
25.8
26.1
9.6
9.5
1.5
1.4
16.7
15.1
2.0
1.8
Monnet Ispat
Buy
251
318
1,597
2,287
2,883
21.8
21.8
35.3
40.7
7.1
6.2
0.6
0.6
9.6
10.2
1.9
1.4
Nalco
Neutral
46
11,752
6,630
8,357
11.4
14.5
2.1
3.3
21.5
14.0
1.0
1.0
4.6
6.9
1.1
0.9
NMDC
Buy
143
181
56,557
9,674
11,536
75.2
76.6
16.0
18.6
8.9
7.7
1.9
1.6
23.6
23.0
3.7
2.9
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
116
148
416
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
38
52
510
Accumulate
99
112
Cairn India
Buy
308
GAIL
Neutral
343
ONGC
Accumulate
318
Reliance Industries
Neutral
854
Gujarat Gas*
Neutral
287
3,685
3,707
Indraprastha Gas
Neutral
260
3,641
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
147
179
68
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
2,311
Cadila Healthcare
Accumulate
775
Cipla
Accumulate
370
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
75
30,917
43,438
56,199
12.0
12.2
6.5
8.5
11.5
8.8
0.7
0.7
6.6
8.2
1.0
0.7
161
183
13,958
2,412
3,911
30.8
33.1
29.6
31.8
5.4
5.1
0.8
0.7
16.3
15.4
7.2
4.5
97
110
32,514
43,185
45,442
23.3
23.7
16.8
17.9
5.8
5.4
0.6
0.6
11.6
11.2
0.7
0.7
361
443
35,056 142,732 146,575
7.4
9.9
7.2
34.7
50.3
10.4
0.8
0.8
1.6
7.5
0.5
0.5
1,494
19.0
19.1
29.2
31.7
4.0
3.7
0.5
0.4
12.3
12.0
0.6
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.8
3.0
0.2
0.2
7.2
8.4
0.5
0.4
314
2,367
2,425
14.2
13.7
33.3
33.5
3.0
3.0
0.4
0.3
12.9
11.2
0.6
0.5
383
58,804
17,394
17,034
76.4
72.3
60.8
55.1
5.1
5.6
1.0
0.9
21.9
17.0
2.5
2.2
43,547
48,077
55,815
15.3
15.3
34.9
35.9
9.8
9.6
1.7
1.5
19.0
17.0
0.6
0.5
357
272,236 144,089 158,065
32.8
34.7
28.7
34.4
11.1
9.3
1.8
1.6
17.0
18.3
1.6
1.4
275,696 362,700 380,031
8.9
8.9
68.1
71.5
12.6
12.0
1.4
1.2
12.4
11.8
0.7
0.7
3,850
11.7
12.4
23.7
25.7
12.1
11.2
3.4
2.9
29.6
28.2
0.9
0.8
3,365
3,700
22.8
23.4
25.3
26.6
10.3
9.8
2.4
2.0
26.0
22.6
1.2
1.1
11,021
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.4
2.5
2.1
29.1
24.1
0.4
0.3
3,812
1,079
983
91.8
91.9
8.8
7.8
7.7
8.7
1.3
1.2
17.8
14.1
3.3
3.5
80
95
1,513
1,490
1,714
16.2
17.1
7.4
9.5
10.8
8.5
3.0
2.3
30.7
30.2
1.1
0.9
173
208
5,050
5,463
6,279
15.0
15.0
12.4
14.0
14.0
12.4
1.8
1.5
18.8
17.8
1.5
1.3
5,323
1,482
1,682
17.5
16.6
82.9
87.8
27.9
26.3
4.4
3.5
16.3
14.8
3.4
2.9
817
15,867
6,148
7,386
15.3
18.0
24.6
39.5
31.5
19.6
5.9
4.8
18.4
25.1
3.0
2.4
419
29,736
8,151
9,130
25.8
24.8
20.2
21.6
18.3
17.2
3.3
2.8
19.4
17.6
3.4
3.0
1,804
30,629
10,696
11,662
20.7
21.0
83.7
92.9
21.6
19.4
4.4
3.7
22.4
20.8
3.2
2.8
78
155
627
1,280
1,536
20.2
20.2
12.1
15.5
6.4
5.0
0.6
0.6
10.0
11.6
1.2
1.0
2,103
17,813
2,651
2,993
31.7
31.2
76.0
82.4
27.7
25.5
8.0
7.1
20.1
26.3
5.9
5.1
66
78
605
642
784
14.2
15.2
5.7
7.8
11.5
8.4
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
488
559
6,154
2,850
3,474
21.0
21.0
29.9
37.3
16.3
13.1
3.9
3.1
26.7
26.4
2.4
1.9
Lupin
Accumulate
610
655
27,293
8,426
10,082
19.7
20.0
26.1
31.1
23.4
19.6
5.4
4.4
25.8
24.7
3.4
2.8
Ranbaxy*
Neutral
433
18,323
12,046
11,980
16.0
15.8
37.3
32.1
11.6
13.5
4.5
3.6
45.3
29.7
1.5
1.5
Sun Pharma
Neutral
821
84,854
10,111
12,563
42.6
42.6
28.9
29.8
28.4
27.5
5.8
4.9
22.3
19.2
7.7
6.1
72
78
1,088
1,502
1,535
32.1
31.9
11.4
12.5
6.3
5.8
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
February 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 )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
150
163
123,600
72,809
81,951
23.4
24.1
12.2
13.6
12.3
11.0
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Accumulate
272
288
46,153
7,953
9,699
34.7
37.0
4.4
6.0
62.2
45.5
1.8
1.7
3.1
3.8
7.9
6.2
MLIFE
Accumulate
413
446
1,689
786
888
26.3
26.7
31.0
36.3
13.3
11.4
1.3
1.2
10.1
10.8
2.5
2.1
Bharti Airtel
Accumulate
307
350
116,603
80,521
87,160
30.5
30.5
6.4
10.4
48.0
29.5
2.2
2.1
4.6
7.0
2.3
2.1
Idea Cellular
Neutral
114
37,700
22,087
23,927
26.6
27.7
2.9
3.9
38.9
29.2
2.7
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
69
14,293
21,087
22,067
31.8
31.9
2.6
4.0
26.4
17.3
0.4
0.4
1.5
2.2
2.4
2.2
11.8
13.3
60.8
79.5
22.6
17.2
4.6
3.9
22.0
24.4
1.6
1.3
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,371
1,590
2,913
1,629
1,886
Bajaj Electricals
Buy
181
217
1,809
3,450
3,929
4.5
7.4
10.0
15.5
18.2
11.7
2.4
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Buy
402
495
509
460
596
16.4
16.2
34.7
45.0
11.6
8.9
2.9
2.2
27.7
27.8
1.2
0.9
Cravatex
Buy
355
545
92
272
308
7.2
7.3
37.5
45.4
9.5
7.8
2.3
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
966
6,782
982
1,136
34.3
34.3
34.3
40.0
28.1
24.2
12.7
10.2
50.9
46.9
6.5
5.4
Finolex Cables
Buy
51
61
782
2,304
2,552
9.9
9.1
8.2
10.1
6.3
5.1
0.9
0.7
13.7
14.7
0.3
0.3
Force Motors
Buy
420
550
548
2,027
2,299
4.6
5.1
35.3
50.0
11.9
8.4
0.5
0.5
3.9
5.3
0.1
0.1
Goodyear India
Buy
286
360
660
1,494
1,607
6.4
7.8
23.9
33.0
12.0
8.7
1.9
1.6
16.5
20.1
0.2
0.2
Greenply Industries
Sell
373
309
900
1,925
2,235
10.6
10.9
29.6
44.1
12.6
8.5
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
136
313
905
1,025
4.8
6.0
7.7
12.4
17.7
11.0
1.7
1.5
9.9
14.4
0.4
0.4
2,612
2,842
2,309
2,117
2,491
8.1
7.8
140.5
157.9
18.6
16.5
2.8
2.4
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
612
744
1,076
1,059
1,116
8.5
9.5
36.0
42.0
17.0
14.6
2.5
2.2
15.4
16.0
1.1
1.0
ITD Cementation
Buy
205
334
236
1,455
1,630
12.4
12.6
29.8
40.5
6.9
5.1
0.5
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Accumulate
MCX
Buy
MRF
Accumulate
Page Industries
Neutral
Relaxo Footwears
Sintex Industries
157
167
2,532
816
979
14.5
14.9
5.2
6.0
30.5
26.1
3.5
3.2
8.8
10.2
3.3
2.7
1,160
1,440
5,918
553
624
65.3
66.3
62.5
72.0
18.6
16.1
5.1
4.4
27.5
27.4
7.7
6.4
12,283
13,416
5,209
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.7
7.3
1.5
1.3
19.1
18.7
0.5
0.4
3,304
3,685
856
1,047
19.1
19.6
101.2
127.3
32.7
25.9
16.7
12.4
58.5
54.9
4.4
3.6
Buy
611
887
733
989
1,148
10.7
11.7
41.8
55.5
14.6
11.0
3.3
2.6
25.5
26.3
0.9
0.8
Buy
58
79
1,825
4,751
5,189
16.3
16.6
13.6
15.8
4.3
3.7
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
275
332
257
1,048
1,157
11.3
12.0
58.7
66.5
4.7
4.1
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
291
6,765
7,393
18.1
18.0
6.4
7.5
1.5
1.3
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
36
43
1,734
5,720
6,599
5.3
6.8
3.6
5.4
9.9
6.7
14.4
4.6
0.4
0.4
TAJ GVK
Buy
67
108
418
300
319
35.8
36.2
7.9
9.1
8.4
7.3
1.1
1.0
13.9
14.4
1.7
1.5
Market Outlook
February 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
19.7
22.5
0.8
0.6
zOthers
Tata Sponge Iron
Buy
309
379
475
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
448
643
348
374
425
7.9
9.5
24.1
32.7
18.6
13.7
TVS Srichakra
Buy
223
276
171
1,461
1,591
5.6
7.1
6.9
39.4
32.3
5.7
1.3
1.1
3.8
20.6
0.3
0.3
United Spirits
Neutral
1,823
23,839
10,473
11,939
15.0
15.8
30.4
56.9
60.0
32.0
4.6
2.9
10.8
12.3
3.0
2.3
Vesuvius India
Neutral
327
663
560
611
16.1
17.0
24.7
28.8
13.2
11.4
2.0
1.7
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 25, 2013
Market Outlook
February 26, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

February 26, 2013

The US market showed a substantial downturn on Monday on the back of

Meanwhile, Indian shares ended a volatile session largely unchanged on Monday

Ranbaxy restarts generic Lipitor production for US market

Refer detailed news analysis on the following page

Net Inflows (February 24, 2013)

FII Derivatives (February 25, 2013)

OIL & GAS

(1.5) (216.4) 13,784

Ranbaxy restarts generic Lipitor production for US market

Sadbhav Engineering emerges successful bidder for Northern

4QCY2012 Result Preview

16.0 1,572 37.3

15.8 1,356 32.1

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Economic and Political News

Govt. fails to find takers for 1,800-MHz spectrum, again

SC refuses to give Sahara more time to refund `24,000cr to investors

February 26, 2013

February 27, 2013

Bosch India, Goodyear

February 28, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

February 26, 2013

New home sales

Euro Zone Euro-Zone Consumer Confidence

Initial Jobless claims

Euro Zone Euro-Zone CPI (YoY)

Germany Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%

Germany PMI Manufacturing

Germany PMI Services

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

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

BOE Announces rates

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

Exhibit 5: Exports and imports growth trends

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

Source: MOSPI, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate