Market Outlook Market Outlook: Dealer's Diary

Market Outlook
May 6, 2013
Dealers Diary
Domestic Indices
The Indian markets are expected to open positive today tracking strong cues from
SGX Nifty. Meanwhile, major Asian indices except for Japan are trading in the
green today after faster-than-forecast U.S. employment growth bolstered optimism
in the worlds largest economy.
The US stock markets moved sharply higher during trading on Friday with better
than expected employment data generating considerable buying interest With
stronger than expected job growth, the unemployment rate edged down to 7.5% in
April from 7.6% in March. The gains on the day lifted the Dow and the S&P 500 to
new record highs, while the Nasdaq reached a new twelve-year high. The strong
performance of the U.S. markets led to surge in European markets with US jobs
data overshadowing the news that the Eurozone reduced its economic outlook.
Meanwhile, Indian shares fell on Friday, retracing from near 3-month highs
touched a day before, after the central bank cautioned it had limited room for
further monetary easing, overshadowing the 25-basis-point cut in key interest
rates, dragging down rate-sensitive stocks.
(0.8)
(0.9)
(55)
5,944
MID CAP
(0.3)
(17)
6,376
SMALL CAP
(0.4)
(23)
6,032
0.2
19
8,759
BSE PSU
(1.5)
(105)
6,808
BANKEX
(2.4)
(348) 14,184
AUTO
(1.5)
(165) 10,831
METAL
OIL & GAS
BSE IT
Global Indices
R1
R2
SENSEX
NIFTY
19,419
5,888
19,497
5,916
19,621
5,958
19,699
5,986
19,823
6,028
News Analysis
125
8,787
(87)
8,707
0.4
26
5,881
(Pts)
(Close)
Chg (%)
1.0
NASDAQ
1.1
38
3,379
FTSE
0.9
61
6,521
(0.8)
(105)
13,694
Nikkei
Shanghai Com
Indian ADR
INFY
142 14,974
0.1
22
22,690
(1.0)
(32)
3,370
1.5
32
2,205
Chg (%)
(Pts)
(Close)
1.9
0.8
$43.4
WIT
2.9
0.2
$8.1
IBN
(3.4)
(1.6)
$45.1
HDB
(3.2)
(1.4)
$41.7
Advances / Declines
RBI reduces repo rate by 25bp on expected lines

Bharti Airtel to sell 5% to Qatar Foundation for US$1.26bn
Result Review: Ambuja Cements, ACC, JAL, Gujarat Gas, Honeywell Auto
Result Preview: South Indian Bank
1.4
(1.0)
Dow Jones
The trend deciding level for the day is 19,621 / 5,958 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,699 19,823 / 5,986 6,028 levels. However, if NIFTY trades below
19,621 / 5,958 levels for the first half-an-hour of trade then it may correct up to
19,497 19,419 / 5,916 5,888 levels.
PIVOT
(160) 19,576
BSE HC
Straits Times
S1
(Close)
Nifty
Hang Sang
S2
(Pts)
BSE Sensex
Markets Today
Indices
Chg (%)
BSE
NSE
Advances
1,027
524
Declines
1,339
842
137
77
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (May 02, 2013)

` cr
FII
MFs
Purch
4,732
571
Sales
3,119
869
Net
1,613
(297)
MTD
1,613
(297)
YTD
62,771
(8,888)
FII Derivatives (May 03, 2013)

` cr
Index Futures
Stock Futures
Purch
1,604
1,928
Sales
1,616
2,613
Net
(13)
(685)
Open Interest
12,167
24,757
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
MCX
993
6.9
Company
JSW ENERGY
Losers
Price (`)
chg (%)
64
(5.1)
Dabur India
160
6.5
Canara Bank
395
(4.2)
Adani Ports
155
6.2
Power Finance
191
(4.0)
Reliance Comm
110
4.9
Gujarat Mnrl
152
(3.8)
Jindal Steel
319
4.2
Tata Motors
285
(3.8)
www.angelbroking.com
BSE
2,230
NSE
11,842
Market Outlook
May 6, 2013
RBI reduces repo rate by 25bp on expected lines

The Reserve Bank of India (RBI) in its Monetary Policy Review delivered on expected
lines and reduced the Repo Rate by 25bp from 7.50% to 7.25%. Consequently, the
Reverse Repo Rate stands adjusted to 6.25% and the Marginal Standing Facility
Rate and Bank Rate stand adjusted to 8.25%. The Cash Reserve Ratio remains
unchanged at 4.00% of banks NDTL.
Notwithstanding, the recent correction in the international commodity prices (incl.
gold, crude etc.), the RBI expressed caution considering 1) the need to keep
differential with the global interest rates high, so as to keep attracting capital flows
to finance the precarious current account deficit, 2) the near-term upside risks to
inflationary expectations, stemming from supply-side bottlenecks, elevated food
inflation and the ongoing correction in administered fuel prices, and 3) the
elevated CPI inflation levels.
The RBI maintained a cautious stance and indicated that there is little space for
further monetary easing. While it acknowledged lower inflation trajectory going
ahead, it expressed caution with respect to the capital flows and the CAD, and as
a result, mentioned only limited headroom for further monetary easing. In line with
this, we expect another one or two rate cuts going ahead, while positive surprise in
forthcoming inflation readings, may provide further headroom.
Bharti Airtel to sell 5% to Qatar Foundation for US$1.26bn

In a move seen as a positive deleveraging exercise, Bharti Airtel on Friday decided
to sell a 5% stake to Doha-based Qatar Foundation Endowment for US$1.26bn
(`6,796cr) to strengthen its capital structure and fund its growth plans. According
to the structure of the deal, Bharti will issue fresh 199.9mn shares to Qatar
Foundation at `340 a share, which is at 7.3% premium to its closing price on May
2. The deal values the company at `135,920cr. Following the issuance of shares,
the promoter groups stake in the company will reduce to 65.12% from 68.55%.
Qatar Foundation Endowment is the investment vehicle for Qatar Foundation, a
non-profit organization wholly-owned by the Gulf state's royal family. The move to
deleverage is positive as it improves balance sheet strength and will help ease the
debt burden; Bharti Airtel currently has debt of ~`63,700cr. This will reduce the
net-debt to Ebitda ratio to 2.3:1 from 2.6:1. The company claimed the investment
would strengthen its capital structure and give it flexibility to deliver on its growth
strategy. The company faces payouts amounting to thousands of crores in
regulatory fees and spectrum charges in India. Its mobile permits are up for
renewal from next year as well. We currently maintain our Neutral rating on the
stock.
Market Outlook
May 6, 2013
Result Review
Ambuja Cements (CMP: `188/TP:-/Upside:-)
Ambuja cements posted a disappointing set of numbers for 1QCY2013. Top-line
fell by 3.4% yoy to `2,545cr with cement volumes declining by 4% on a yoy basis
and realization remaining flat yoy. OPM at 21.6% was down by 738bp on yoy
basis impacted by higher costs, freight costs in particular. However, during the
quarter company had `28cr of write back towards interest on income tax, which
boosted its other income. The company also wrote back `117cr of income tax
provision pertaining to previous which reduced its tax expense. Thus PAT came in
higher than estimates at `488cr, although EBITDA was below estimates at `553cr.
We maintain our neutral rating on the stock.
Y/E
Dec
Sales
(` cr)
OPM
PAT
EPS
(%)
(` cr)
ROE
P/E
P/BV
EV/EBITDA EV/tonne*
(`)
(%)
(x)
(x)
(x)
(US $)
CY2013E
10,592
25.0 1,672 10.8
18.1
17.4
3.0
8.9
165
CY2014E
11,883
25.5 1,966 12.7
19.4
14.8
2.7
7.4
ACC (CMP: `1,230/TP:1,361/Upside:11%)

ACCs top-line rose by 2.3% yoy to `2,956cr. The companys grey cement division
posted a 2.4% yoy decline in top-line as volumes fell by 4.5% yoy and realizations
improved only by 2% on a yoy basis. Thus, the yoy growth in topline was on
account of the merger of RMC business with the companys standalone operations.
OPM at 16.6% was down by 569bp on yoy basis impacted by higher costs. The
company wrote back `141cr of income tax provision pertaining to previous year
which reduced its tax expense. Thus PAT came in higher than estimates at `438cr,
although EBITDA was below estimates at `492cr. We maintain our Accumulate
recommendation on the stock with a Target Price of `1,361.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA EV/tonne*
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(US $)
117
CY2013E
11,955
21.0 1,478 78.7
19.0
15.6
2.8
7.9
CY2014E
13,208
22.4 1,856 98.8
21.4
12.5
2.5
6.3
Note: Computed on TTM basis
Jaiprakash Associates (CMP: `75/ TP: under review)

For 4QFY2013, Jaiprakash Associates posted mixed set of numbers with subdue
performance on revenue however earnings were lower than our estimate owing to
lower-than-expected operating performance. On the top-line front, companys
reported a revenue of `3,907cr in 4QFY2013 (against our estimate of `3,365cr),
indicating a decline of 3.8% yoy. The real estate segment had growth of 14.3% on
yoy basis however cement and construction segment revenues declined by 3.0%
and 13.4% respectively on yoy basis. Blended EBITDA margins decline by
222bp/424bp on a yoy/qoq basis to 22.9% and was below our expectation of
26.4%. This was mainly due to lower construction margins which came in at 19.1%
(a decline of 478bps yoy). Interest cost increased by 3.1% on sequential basis to
`549cr basis and was higher than our estimate of `534cr. Depreciation cost came
in at `191cr in 4QFY13 a jump of 16.5%/5.2% on yoy/qoq basis. On the bottomline front, company reported a PAT of `124cr a decline of 56.5% yoy owing to
Market Outlook
May 6, 2013
lower-than-expected operating operating and high interest cost. The stock rating is
currently under review.
Y/E
Sales OPM
March
(` cr)
PAT EPS ROE P/E
(%) (` cr)
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
14,914
24.9
570
2.6
4.3 28.0
1.2
11.7
2.9
FY2015E
15,699
25.0
602
2.7
4.6 26.6
1.2
11.6
2.9
Gujarat Gas (CMP: `247, TP: -, Upside: -)

Gujarat Gas reported disappointing 1QCY2013 results. The companys top line
increased 6.1% yoy to `768cr mainly on account of higher realization partially
offset by lower volumes. Natural gas volume sold declined by 13.2% yoy to
264mmscm during the quarter. The decline was mainly in the industrial PNG
segment. The companys cost of goods sold increased by 8.1% yoy to `644cr on
account of higher proportion of expensive RLNG sales coupled with INR
depreciation against the US dollar. Hence, EBITDA declined by 5.6% yoy to `72cr.
Other income declined by 10.3% yoy to `26cr. Consequently companys net profit
declined by 9.2% yoy to `59cr. We maintain our Neutral rating on the stock.
Y/E
Sales
OPM
December
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
CY13E
3,765
11.7
304
23.7 29.6
10.4
2.9
5.7
0.7
CY14E
3,910
12.4
330
25.7 28.2
9.6
2.5
5.0
0.6
Honeywell Auto(CMP: `2471/ TP: -/ Upside: -)

Honeywell Automation India Ltd. (HAIL) reported disappointing set of numbers for
1QCY2013. Top line came in 6.6% lower yoy to `385cr against our estimates of
`526cr. The companys EBITDA came in marginally higher by 1.2% yoy to `24cr
far lower than our estimate of `33cr. EBITDA margin was higher by 34 basis
points yoy and came in at 6.2%. The improvement in EBITDA was mainly on
account of lower raw material cost as percentage of sales by 677bp yoy which was
majorly offset due to total 643bp rise in employee and other expenses. Net profit
for the quarter stood at `15cr vis--vis `17cr in 1QCY2012 lower by 7.8% yoy, on
the back of poor revenue growth. Considering the poor performance of the
company, at current market price, we recommend Neutral rating on the stock.
Y/E
Sales
OPM
PAT EPS
September
(` cr)
(%)
CY2013E
1,842
7.7
99 112
19.8
22.0
2.8
14.1
1.1
CY2014E
2,131
7.8
117 132
20.6
18.7
2.4
11.9
0.9
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
Market Outlook
May 6, 2013
Result Preview
South Indian Bank - (CMP: `24 / TP: - / Upside: -)
South Indian Bank is scheduled to announce its 4QFY2013 results today. We
expect the bank to report a healthy growth of 28.3% yoy in Net Interest Income
(NII) to `365cr, on back of expectation of loan growth of 20.0% yoy. Non-interest
income is expected to increase by 10.0% yoy to `91cr. Operating expenses are
expected to grow marginally by 1.5% yoy to `207cr. While, provisioning and tax
expenses are expected to increase to `47cr and `65cr, respectively during the
quarter, as against `12cr and `29cr, respectively in 4QFY2012. Hence, we expect
Net profit to grow by 11.5% yoy to `136cr. At the CMP, the stock is trading at 0.9x
FY2015E ABV. We recommend a Neutral rating on the stock.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,826
3.0
538
4.0
24.1
1.1
17.6
5.9
1.0
FY2015E
2,081
2.9
601
4.5
27.5
1.0
17.1
5.3
0.9
Quarterly Bloomberg Brokers Consensus Estimates

Adani Power (06/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,897
998
90
1,687
12
EBITDA
326
96
241
294
11
EBITDA margin (%)
17.2
9.6
(397)
(290)
37
(507)
(22)
q-o-q (%)
Net sales
Net profit
17.4
Adani Ports & SEZ (06/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
Net sales
839
617
36
868
(3)
EBITDA
589
458
29
666
(11)
EBITDA margin (%)
70.2
74.1
Net profit
379
339
76.7
12
415
(9)
Glenmark Pharma Consolidated (07/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,297
1,066
22
1,381
(6)
EBITDA
260
222
17
319
(19)
EBITDA margin (%)
20.0
20.8
Net profit
162
150
Net sales
23.1
8
213
(24)
Shriram Transport Finance Company (07/05/2013)

Particulars (` cr)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
361
308
17
346
Market Outlook
May 6, 2013
ABB (08/05/2013)
Particulars (` cr)
1QCY13E
1QCY12
y-o-y (%)
4QCY12
q-o-q (%)
1,851
1,773
2,053
(10)
EBITDA
103
98
67
55
EBITDA margin (%)
5.6
5.5
Net profit
51
48
17
206
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,482
1,326
12
1,140
30
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,404
1,883
28
2,466
(3)
EBITDA
541
373
45
605
(11)
EBITDA margin (%)
22.5
19.8
Net profit
318
156
105
335
(5)
1QCY13E
1QCY12
y-o-y (%)
4QCY12
q-o-q (%)
2,683
3,695
(27)
2,670
246
1,015
(76)
81
203
(88)
(127)
Net sales
3.2
HDFC (08/05/2013)
Particulars (` cr)
Net profit
Lupin Consolidated (08/05/2013)

Particulars (` cr)
Net sales
24.5
Ranbaxy Consolidated (08/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
9.2
27.5
Net profit
151
1,247
3.0
Economic and Political News
No immediate upgrade of India's ratings: S&P

8% growth feasible for India: MD, Asian Development Bank
No sovereign bond issue: Raghuram Rajan
Corporate News
Nalco might cut output by 25% due to coal shortages: Director

Hunger strike at M & M Nashik plant continues
Reliance Communications to raise call rates in discounted plans
HCC to raise `1000cr to bring down its debt
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(219)
Market Outlook
May 06, 2013
Result Calendar
Date
Company
May 06, 2013
Mundra Port, Adani Power, South Ind.Bank
May 07, 2013
GSK Pharma, Shriram Trans., Glenmark Pharma., Allahabad Bank, UCO Bank, ITNL, Sintex, CEAT
May 08, 2013
HDFC, Ranbaxy, Lupin, ABB, Corporation Bank
May 09, 2013
Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank

NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, United Bank, Punj Lloyd, Electrosteel Castings, ITD
Cementation
Dena Bank
May 10, 2013

May 11, 2013
May 12, 2013
May 13, 2013
Nestle, Amara Raja Batteries
May 14, 2013
Dr Reddy's, HT Media
May 16, 2013
Bajaj Auto
May 20, 2013
Adani Enterp., India Cements
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 6, 2013
1:25PM
Germany PMI Services
May 8, 2013
4:29PM
China
Exports YoY%
May 9, 2013
2:00PM
UK
Industrial Production (YoY)
4:30PM
UK
BOE Announces rates
7:00AM
China
4:29PM
India
4:29PM
May 10, 2013
Value
Apr F
49.20
--
% Change
Apr
10.00
10.00
% Change
Mar
(2.20)
--
% Ratio
May 9
0.50
0.50
Consumer Price Index (YoY)
% Change
Apr
2.10
2.20
Imports YoY%
% Change
Apr
(2.90)
--
India
Exports YoY%
% Change
Apr
7.00
--
11:00AM
India
Industrial Production YoY
% Change
Mar
0.60
--
May 13, 2013
11:00AM
China
Industrial Production (YoY)
% Change
Apr
8.90
9.20
May 14, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Apr
5.96
--
May 15, 2013
2:00PM
UK
Jobless claims change
% Change
Apr
(7.00)
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
6:00PM
US
Producer Price Index (mom)
% Change
Apr
(0.60)
--
6:45PM
US
Industrial Production
Apr
0.41
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Apr F
1.70
--
6:00PM
US
Housing Starts
Thousands
Apr
1,036.00
--
6:00PM
US
Building permits
Thousands
Apr
907.00
--
6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.20)
--
May 21, 2013
2:00PM
UK
CPI (YoY)
% Change
Apr
2.80
--
May 22, 2013
7:30PM
US
Existing home sales
May 23, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
2:00PM
UK
7:30PM
US
May 16, 2013
Millions
Apr
4.92
--
Value
May A
(22.30)
--
GDP (YoY)
% Change
1Q P
0.60
--
New home sales
Thousands
Apr
417.00
--
Market Outlook
May 06, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
4.0
0.6
(0.1)
Jan-13
Dec-12
Nov-12
(2.8)
Mfg. PMI
58.0
7.5
(0.5)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(0.7)
(2.0)
Oct-12
(4.0)
(1.3)
Mar-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
5.3 5.5 5.3

4.5
7.5
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
56.0
6.8
6.0
54.0
52.0
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Source: MOSPI, Angel Research
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
7.50
8.00
15.0
7.00
6.50
6.00
4.00
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: RBI, Angel Research
Mar-13
4.00
3.00
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.00
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
0.0
(15.0)
Feb-13
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.4
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
137
2,663
1,657
1,906
14.1
14.1
7.7
8.9
17.8
15.4
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
144
232
6,371
10,298
11,310
16.5
16.5
20.5
23.2
7.0
6.2
1.2
1.0
18.0
17.4
0.6
0.5
Amara Raja Batteries
Buy
261
326
4,456
3,418
3,892
15.1
14.9
19.8
21.7
13.2
12.0
3.2
2.6
27.1
23.7
1.3
1.1
Apollo Tyres
Neutral
99
4,985
14,401
15,841
11.4
11.5
13.6
15.9
7.3
6.2
1.2
1.0
18.4
18.2
0.5
0.4
Ashok Leyland
Buy
23
27
6,013
13,833
16,192
9.6
9.7
2.0
2.7
11.5
8.5
1.9
1.7
12.1
15.2
0.5
0.4
Automotive Axle#
Neutral
270
408
744
869
9.1
10.5
14.6
23.7
18.5
11.4
1.5
1.4
8.1
12.6
0.6
0.5
Bajaj Auto
Accumulate
1,812
2,014
52,433
22,552
25,498
18.6
18.6
117.9
134.3
15.4
13.5
5.6
4.4
40.2
36.6
1.9
1.6
Bharat Forge
Neutral
229
5,337
6,198
6,793
14.6
14.9
14.5
17.3
15.8
13.2
2.1
1.8
13.6
14.7
1.0
0.9
Bosch India*
Neutral
8,892
27,921
9,821
11,394
17.0
17.3
373.5
438.7
23.8
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
110
155
376
5,403
6,057
8.3
8.3
36.4
41.3
3.0
2.7
0.4
0.4
15.3
16.6
0.2
0.2
Exide Industries
Accumulate
136
150
11,564
7,053
8,061
14.2
14.5
7.8
9.1
17.4
14.9
3.0
2.5
18.1
18.2
1.4
1.1
FAG Bearings*
Neutral
1,422
2,364
1,525
1,742
14.5
15.7
88.4
109.5
16.1
13.0
2.3
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,610
1,819
32,148
25,274
27,658
14.1
13.7
110.2
139.9
14.6
11.5
5.3
4.2
39.8
40.7
1.1
0.9
JK Tyre
Buy
111
154
456
7,972
8,754
7.1
7.1
37.5
44.0
3.0
2.5
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
959
58,899
44,550
50,260
11.4
11.7
59.6
68.3
16.1
14.1
3.3
2.8
22.3
21.6
1.1
0.9
1,666
1,847
48,118
48,455
55,723
11.2
10.9
107.8
123.2
15.4
13.5
2.3
2.0
16.2
16.0
0.8
0.7
190
222
11,178
28,442
31,493
7.5
7.8
12.5
14.8
15.2
12.9
3.8
3.0
27.5
25.8
0.5
0.5
Accumulate
26
30
157
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
285
324
76,048 206,341 227,695
12.8
13.5
32.3
39.0
8.9
7.3
1.9
1.5
23.1
23.2
0.4
0.4
TVS Motor
Neutral
39
1,869
7,715
8,584
6.0
6.1
5.0
5.8
7.9
6.8
1.4
1.2
18.1
18.5
0.2
0.1
ABB*
Reduce
525
452
11,123
8,073
9,052
5.5
7.2
11.3
17.4
46.6
30.2
4.0
3.7
8.9
12.8
1.4
1.2
BGR Energy
Neutral
200
1,440
4,114
4,886
11.4
10.7
24.9
28.0
8.0
7.1
1.1
1.0
25.2
22.6
0.7
0.6
BHEL
Neutral
192
46,872
43,757
40,934
17.3
16.9
20.9
19.0
9.2
10.1
2.0
1.8
23.7
18.8
0.9
0.9
Blue Star
Buy
162
230
1,454
2,896
3,087
5.6
6.2
9.3
11.7
17.4
13.8
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
94
117
6,059
13,790
15,095
6.4
7.4
6.9
9.4
13.7
10.1
1.5
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Accumulate
32
34
263
3,074
3,355
9.0
8.8
8.7
10.2
3.7
3.1
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
53
67
1,352
7,750
8,631
6.8
7.0
7.7
9.2
6.9
5.7
1.0
0.9
20.8
20.8
0.3
0.3
Thermax
Neutral
579
6,902
5,931
6,592
9.6
9.7
31.0
34.3
18.7
16.9
3.3
2.8
18.6
17.9
1.0
0.9
1,230
1,361
23,089
12,182
13,435
21.0
22.4
78.7
98.8
15.6
12.5
2.8
2.5
19.0
21.4
1.6
1.4
Maruti
Accumulate
Motherson Sumi
Buy
Subros
Capital Goods
Cement
ACC
Accumulate
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
188
29,034
10,681
11,991
25.0
25.5
10.8
12.8
17.4
14.8
3.0
2.7
18.1
19.4
2.2
1.9
India Cements
Neutral
85
2,623
4,777
5,276
17.3
17.1
8.8
10.9
9.7
7.9
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
96
143
1,130
2,313
2,728
19.8
20.7
16.6
23.1
5.8
4.2
0.8
0.6
13.6
16.5
1.0
0.8
Madras Cements
Neutral
242
5,754
4,293
4,855
27.4
28.6
21.8
28.2
11.1
8.6
2.0
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,676
16,288
6,706
7,751
28.7
27.7
338.2
375.5
13.8
12.5
3.5
2.8
28.5
25.2
1.8
1.4
UltraTech Cement
Neutral
1,886
51,698
21,947
25,049
23.8
23.8
106.1
119.8
17.8
15.7
2.9
2.5
17.7
17.3
2.4
2.1
221
272
1,162
2,013
2,293
22.5
22.5
26.0
24.4
8.5
9.1
0.9
0.9
11.7
9.9
2.2
2.0
12
219
2,281
2,492
5.9
6.9
0.7
2.0
17.4
5.9
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
116
167
3,870
4,152
4,624
44.4
45.0
17.0
17.2
6.9
6.8
1.1
0.9
16.2
14.6
3.3
3.4
ITNL
Buy
179
230
3,472
7,177
7,772
27.4
28.9
29.4
32.4
6.1
5.5
0.9
0.8
16.5
15.9
2.7
2.7
IVRCL Infra
Buy
20
35
605
6,287
6,836
8.5
8.5
2.3
3.0
8.4
6.5
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
75
95
16,688
14,914
15,699
26.2
26.4
4.2
4.4
17.9
17.3
1.2
1.1
6.8
6.6
2.5
2.4
Larsen & Toubro
Accumulate
1,569
1,795
96,623
69,586
79,247
11.2
11.1
75.1
84.9
20.9
18.5
3.0
2.6
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
33
45
835
6,576
7,264
8.2
8.3
4.1
4.8
8.0
6.8
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
53
1,753
1,338
1,542
10.2
10.2
3.0
4.8
17.8
11.1
0.6
0.6
3.4
5.2
5.5
5.3
Sadbhav Engg.
Buy
114
153
1,721
2,511
2,736
10.6
10.6
7.3
7.8
15.7
14.6
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
112
164
554
6,824
7,563
9.2
9.4
18.0
23.4
6.2
4.8
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
30
45
226
2,455
2,734
13.4
13.0
14.6
14.9
2.1
2.1
0.2
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
132
155
6,588
7,137
7,907
2.9
2.8
32.3
36.0
4.1
3.7
0.6
0.5
14.2
14.2
Andhra Bank
Neutral
92
5,126
5,285
5,937
3.0
2.9
21.2
23.4
4.3
3.9
0.6
0.6
13.4
13.4
Axis Bank
Buy
1,474
1,737
68,979
19,055
22,710
3.3
3.2
130.7
152.3
11.3
9.7
1.8
1.6
17.2
17.6
Bank of Baroda
Buy
699
815
29,454
16,318
18,682
2.4
2.4
121.4
144.6
5.8
4.8
0.8
0.7
15.2
16.0
Bank of India
Accumulate
327
360
19,477
14,284
16,295
2.3
2.3
55.9
68.4
5.9
4.8
0.8
0.7
13.9
15.2
Bank of Maharashtra
Neutral
57
3,747
4,289
4,670
2.9
2.8
11.6
13.1
4.9
4.3
0.7
0.6
15.7
15.6
Canara Bank
Accumulate
395
461
17,485
11,673
13,208
2.3
2.3
74.8
85.8
5.3
4.6
0.7
0.6
13.7
14.1
Central Bank
Neutral
70
7,275
8,079
9,086
2.6
2.6
14.9
18.0
4.7
3.9
0.7
0.6
12.2
13.3
Corporation Bank
Buy
376
453
5,756
5,397
5,973
2.2
2.2
96.3
105.9
3.9
3.6
0.6
0.5
14.6
14.4
Dena Bank
Accumulate
91
101
3,186
3,334
3,700
2.7
2.7
23.6
26.5
3.9
3.4
0.6
0.5
15.5
15.3
Federal Bank
Neutral
447
7,649
2,916
3,389
3.3
3.3
50.1
59.4
8.9
7.5
1.1
1.0
12.8
13.7
Financials
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Accumulate
855
858
132,204
8,928
10,684
3.7
3.7
38.4
45.3
22.3
18.9
4.8
4.3
32.5
32.4
HDFC Bank
Neutral
681
162,168
27,682
33,916
4.6
4.6
35.3
42.7
19.3
16.0
3.8
3.2
21.3
21.8
ICICI Bank
Buy
1,130
1,352
130,357
25,705
30,330
3.1
3.2
83.9
96.3
13.5
11.7
1.8
1.6
15.2
15.7
IDBI Bank
Neutral
89
11,875
9,137
10,041
1.9
2.0
17.8
18.8
5.0
4.8
0.6
0.5
11.7
11.3
Indian Bank
Buy
163
193
7,016
6,276
6,968
3.1
3.1
38.3
42.3
4.3
3.9
0.6
0.6
15.2
14.9
IOB
Accumulate
62
70
5,771
8,205
9,048
2.6
2.5
16.4
20.3
3.8
3.1
0.5
0.4
11.6
13.1
J & K Bank
Neutral
1,327
6,435
3,032
3,118
3.8
3.5
218.1
200.9
6.1
6.6
1.1
1.0
19.9
16.0
LIC Housing Finance
Buy
241
281
12,172
2,113
2,525
2.3
2.3
25.4
29.2
9.5
8.3
1.7
1.5
18.4
18.3
Oriental Bank
Accumulate
256
282
7,465
6,791
7,478
2.7
2.7
56.7
63.4
4.5
4.0
0.6
0.5
12.9
13.1
Punjab Natl.Bank
Buy
746
889
26,366
21,161
24,166
3.3
3.3
153.4
176.4
4.9
4.2
0.8
0.7
16.1
16.3
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Neutral
UCO Bank
24
3,206
1,826
2,081
3.0
2.9
4.0
4.5
5.9
5.3
1.0
0.9
17.6
17.1
2,217
2,567
151,620
67,091
76,746
3.2
3.1
241.2
280.4
9.2
7.9
1.4
1.2
16.5
17.0
129
7,786
7,340
8,212
2.9
2.8
26.4
28.7
4.9
4.5
0.7
0.7
15.8
15.2
Accumulate
72
68
5,400
6,126
6,665
2.6
2.5
12.2
14.4
5.9
5.0
0.9
0.7
11.8
12.6
Union Bank
Accumulate
240
264
14,326
11,226
12,769
2.7
2.7
41.0
47.8
5.9
5.0
0.8
0.7
14.8
15.4
United Bank
Buy
60
68
2,235
3,597
4,008
2.6
2.7
16.0
20.8
3.7
2.9
0.5
0.4
12.5
14.7
Vijaya Bank
Accumulate
52
55
2,567
2,600
2,946
2.0
2.1
9.7
11.0
5.3
4.7
0.6
0.6
11.4
11.7
Yes Bank
Neutral
498
17,873
4,390
5,411
2.8
2.8
41.6
47.9
12.0
10.4
2.5
2.1
23.2
22.1
Asian Paints
Neutral
4,696
45,048
13,319
15,805
15.7
15.7
143.8
170.2
32.7
27.6
10.2
8.1
35.1
32.7
3.3
2.8
Britannia
Neutral
574
6,867
6,417
7,446
5.1
5.5
20.3
25.2
28.4
22.8
9.6
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,509
20,521
3,588
4,130
21.1
21.6
44.7
51.9
33.7
29.1
30.4
22.6
100.0
89.1
5.5
4.8
Dabur India
Neutral
160
27,965
7,183
8,340
16.8
16.8
5.4
6.3
29.7
25.4
11.6
9.0
43.9
39.9
3.9
3.3
GlaxoSmith Con*
Neutral
4,067
17,103
3,617
4,260
16.1
16.4
120.6
146.4
33.7
27.8
10.4
8.4
33.8
33.4
4.4
3.7
Godrej Consumer
Neutral
844
28,712
7,801
9,017
17.0
17.0
26.5
31.9
31.8
26.5
7.2
5.9
26.5
25.9
3.8
3.2
HUL
Neutral
572
123,780
28,974
32,970
13.5
13.5
17.0
18.1
33.8
31.6
21.5
16.2
74.3
58.3
4.1
3.5
ITC
Neutral
331
261,353
33,506
39,067
36.8
37.0
11.1
13.0
29.8
25.5
9.7
7.9
35.5
34.1
7.5
6.4
Marico
Neutral
217
13,985
5,352
6,204
14.0
14.0
7.9
9.8
27.4
22.1
5.7
4.6
22.8
22.9
2.6
2.2
Nestle*
Neutral
4,910
47,339
9,739
11,307
21.5
22.2
131.6
159.9
37.3
30.7
18.8
13.5
58.8
69.5
4.8
4.1
Tata Global
Neutral
147
9,112
7,998
8,798
9.7
9.8
7.9
8.7
18.7
16.9
2.3
2.2
9.6
9.8
1.1
0.9
FMCG
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
750
863
52,219
28,633
32,216
21.5
20.7
57.3
61.7
13.1
12.2
3.1
2.6
24.0
21.5
1.6
1.4
Hexaware*
Buy
83
102
2,477
2,091
2,289
19.0
18.8
10.6
11.3
7.8
7.3
1.7
1.6
22.8
21.7
1.0
0.9
Infosys
Accumulate
2,308
2,465
132,522
43,338
47,244
27.5
27.7
169.4
182.6
13.6
12.6
2.8
2.4
20.8
19.3
2.4
2.1
Infotech Enterprises
Accumulate
175
185
1,956
1,956
2,174
17.9
17.7
20.4
21.9
8.6
8.0
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
104
135
2,000
2,513
2,819
16.1
15.5
12.6
14.0
8.3
7.4
1.4
1.2
17.9
16.6
0.8
0.6
Mahindra Satyam
Buy
112
143
13,210
8,456
9,385
19.3
19.1
10.6
11.9
10.6
9.4
2.4
1.9
22.4
20.1
1.1
0.9
Mindtree
Accumulate
849
920
3,527
2,599
2,871
19.4
19.2
85.2
92.3
10.0
9.2
2.1
1.7
21.4
18.9
1.1
0.9
Mphasis&
Neutral
377
7,928
6,096
6,646
17.6
17.4
38.1
41.6
9.9
9.1
1.4
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
24
30
391
1,144
1,267
9.0
9.1
4.3
5.4
5.5
4.4
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Buy
515
593
2,058
1,445
1,617
25.2
25.0
55.3
59.3
9.3
8.7
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,419
1,585
277,681
71,833
81,893
28.4
28.0
78.5
88.0
18.1
16.1
5.5
4.5
30.2
27.9
3.6
3.1
Tech Mahindra
Buy
982
1,230
12,580
7,699
8,315
19.3
18.1
107.0
115.0
9.2
8.5
2.0
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
356
385
87,572
40,173
43,697
20.4
20.6
26.2
28.5
13.6
12.5
2.7
2.3
19.7
18.4
1.7
1.4
D B Corp
Accumulate
244
272
4,474
1,787
1,974
25.4
26.4
14.5
16.9
16.8
14.5
3.5
3.0
22.4
22.2
2.4
2.1
HT Media
Accumulate
103
117
2,412
2,205
2,380
15.1
15.6
8.0
9.1
12.8
11.3
1.4
1.2
11.2
11.4
0.7
0.6
Jagran Prakashan
Buy
92
121
3,059
1,698
1,908
23.9
24.5
7.4
8.4
12.5
11.0
3.2
2.8
26.7
26.8
1.9
1.7
PVR
Neutral
340
1,348
1,343
1,521
18.8
18.9
18.3
22.9
18.6
14.9
1.8
1.9
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
424
16,703
2,293
2,571
68.7
68.7
19.3
22.7
21.9
18.7
5.4
4.7
26.1
27.3
6.8
5.8
Bhushan Steel
Neutral
456
10,339
13,794
17,335
30.7
34.8
48.9
83.6
9.3
5.5
1.0
0.8
11.2
16.7
2.4
1.9
Coal India
Accumulate
318
345
200,829
72,174
76,311
33.3
28.4
28.4
30.9
11.2
10.3
3.1
2.6
37.6
36.2
2.0
1.8
Electrosteel Castings
Buy
17
26
562
2,074
2,176
10.4
11.3
1.9
2.3
9.1
7.6
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
152
213
4,829
1,944
2,317
49.9
51.7
20.8
25.6
7.3
5.9
1.6
1.3
24.3
24.6
2.0
1.5
Hind. Zinc
Buy
121
145
51,232
12,358
13,659
51.4
51.6
16.0
17.6
7.6
6.9
1.4
1.2
19.4
18.4
1.9
1.3
Hindalco
Neutral
98
18,772
88,987
94,163
9.2
9.7
13.8
15.9
7.1
6.2
0.5
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
710
15,834
39,524
42,064
17.1
16.9
71.8
86.3
9.9
8.2
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
222
243
3,737
954
1,062
45.5
47.4
26.1
29.1
8.5
7.7
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
190
291
1,211
2,883
3,181
21.7
23.6
40.3
57.7
4.7
3.3
0.4
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
35
9,020
8,187
8,416
14.5
14.7
3.2
3.3
11.0
10.7
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
126
179
50,134
10,329
12,540
73.8
75.0
16.6
19.0
7.6
6.7
1.5
1.3
20.6
20.2
2.7
2.1
Media
Metals & Mining
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
64
26,391
53,685
64,183
9.3
12.2
5.5
8.3
11.7
7.7
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
161
13,975
3,742
4,426
32.9
32.8
30.0
29.8
5.4
5.4
0.7
0.6
14.3
12.5
4.5
3.7
Sterlite Inds
Neutral
97
32,464
44,462
45,568
23.2
24.7
18.1
20.2
5.3
4.8
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
311
430
30,224 141,775 151,672
10.5
11.4
35.3
51.7
8.8
6.0
0.7
0.6
7.6
10.3
0.5
0.5
Sarda
Buy
107
153
382
1,494
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
496
2,668
2,834
10.0
10.1
4.6
5.2
8.0
7.2
0.2
0.2
3.2
3.4
0.5
0.5
Buy
87
118
283
2,425
2,552
13.7
14.8
33.5
45.3
2.6
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Accumulate
303
345
57,957
16,482
16,228
69.4
53.3
53.3
49.6
5.7
6.1
0.9
0.8
16.5
13.6
2.2
1.8
GAIL
Neutral
336
42,665
55,815
63,013
15.3
15.2
35.9
41.5
9.4
8.1
1.5
1.3
17.0
17.1
0.6
0.5
ONGC
Accumulate
324
354
277,283 157,962 175,367
35.1
36.2
34.3
39.3
9.5
8.3
1.6
1.5
18.2
18.6
1.5
1.3
Reliance Industries
Neutral
801
258,734 380,031 407,721
9.9
69.3
69.3
78.0
11.6
10.3
1.2
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
247
3,170
3,707
3,850
11.7
12.4
23.7
25.7
10.4
9.6
2.9
2.5
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
309
4,329
3,700
4,218
23.4
22.8
26.6
30.4
11.6
10.2
2.4
2.0
22.6
21.7
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
139
167
10,388
40,356
40,872
5.8
6.4
15.0
16.7
9.2
8.3
1.9
1.6
23.0
21.5
0.3
0.3
66
3,705
1,079
983
91.8
91.9
8.8
7.8
7.5
8.4
1.3
1.1
17.8
14.1
3.2
3.4
Alembic Pharma
Accumulate
122
139
2,300
1,736
2,008
17.1
18.9
10.7
13.9
11.4
8.8
3.6
2.7
35.0
34.7
1.4
1.2
Aurobindo Pharma
Buy
197
264
5,724
6,279
7,033
16.0
16.0
15.2
19.2
12.9
10.2
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,520
5,804
1,682
1,917
16.6
16.6
92.4
99.1
27.3
25.4
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
778
962
15,920
7,386
8,863
18.0
18.0
39.5
48.1
19.7
16.2
4.5
3.6
24.8
24.7
2.4
2.0
Cipla
Buy
401
463
32,221
9,130
10,543
24.8
23.0
21.6
23.2
18.6
17.3
3.0
2.6
17.6
16.2
3.2
2.7
Dr Reddy's
Neutral
2,001
33,970
11,662
13,101
21.0
20.8
92.9
103.9
21.5
19.3
4.1
3.5
20.8
19.6
3.1
2.7
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
70
206
568
1,536
1,739
20.2
20.9
15.4
20.6
4.6
3.4
0.5
0.4
11.6
13.7
1.0
0.8
2,276
19,276
2,993
3,319
30.4
30.2
78.1
86.7
29.1
26.3
8.8
7.9
31.6
31.9
5.6
5.0
Buy
63
90
580
784
902
15.2
15.2
7.8
9.0
8.1
7.0
1.2
1.0
15.6
15.8
0.9
0.8
Ipca labs
Buy
546
676
6,886
3,474
4,168
21.0
21.0
37.3
45.1
14.6
12.1
3.5
2.8
26.4
25.3
2.1
1.8
Lupin
Accumulate
706
792
31,583
11,564
13,847
21.1
21.1
32.8
39.6
21.5
17.8
5.0
4.0
25.7
24.7
2.8
2.3
Ranbaxy*
Neutral
450
19,033
11,400
12,060
12.5
12.5
21.6
22.5
20.8
20.0
4.0
3.5
20.6
18.5
1.6
1.5
Sun Pharma
Reduce
984
888
101,770
12,563
14,698
42.6
42.6
29.8
35.5
33.0
27.7
5.9
4.9
19.2
19.3
7.5
6.2
72
78
1,089
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
159
131,309
81,951
92,264
24.1
24.3
13.6
14.9
11.7
10.7
1.5
1.3
13.0
13.1
2.3
2.2
DLF
Buy
232
288
39,325
9,699
12,010
37.0
36.9
6.0
8.4
38.8
27.5
1.5
1.4
3.8
5.1
5.5
4.5
MLIFE
Accumulate
418
446
1,709
888
1,002
26.7
25.9
36.3
40.6
11.5
10.3
1.2
1.1
10.8
11.0
2.2
1.9
Bharti Airtel
Neutral
318
120,648
86,933
96,121
30.2
31.2
10.3
15.7
30.9
20.3
2.2
2.0
7.0
9.7
2.1
1.8
Idea Cellular
Neutral
135
44,634
24,959
27,232
27.1
27.5
3.7
4.7
36.2
28.7
2.9
2.7
8.1
9.2
2.2
2.0
Rcom
Neutral
110
22,735
22,221
24,253
32.0
32.2
4.3
6.4
25.4
17.1
0.6
0.6
2.4
3.4
2.6
2.2
11.8
12.4
71.2
83.0
20.1
17.2
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,428
1,659
3,035
1,863
2,081
Bajaj Electricals
Buy
178
237
1,780
3,929
4,480
7.4
7.7
15.5
19.7
11.5
9.0
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
455
562
576
630
795
14.4
13.6
42.8
51.1
10.6
8.9
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
435
566
112
308
351
7.0
7.0
39.6
47.2
11.0
9.2
2.4
1.9
21.8
21.0
0.4
0.4
Finolex Cables
Buy
49
68
742
2,563
2,899
9.8
9.8
10.1
11.3
4.8
4.3
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
381
570
496
2,299
2,621
4.7
4.9
46.3
57.0
8.2
6.7
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
279
352
644
1,453
1,560
9.4
9.8
38.4
41.4
7.3
6.8
1.5
1.3
22.9
20.8
0.3
0.2
Hitachi
Buy
133
177
362
1,053
1,169
6.3
7.1
13.8
17.7
9.7
7.5
1.4
1.2
15.0
16.7
0.4
0.3
Honeywell Automation* Buy
2,471
2,842
2,185
2,117
2,491
8.1
7.8
137.9
157.9
17.9
15.7
2.7
2.3
16.0
15.8
0.9
0.8
IFB Agro
Buy
170
198
153
495
651
12.7
12.9
29.3
39.5
5.8
4.3
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
185
238
213
1,430
1,573
12.1
12.2
21.8
30.6
8.5
6.0
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
178
2,878
979
1,164
14.9
15.1
6.0
7.7
29.7
23.2
3.7
3.3
12.9
15.1
3.1
2.5
MRF
Accumulate
13,542
14,416
5,743
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.6
7.5
1.6
1.3
23.5
19.2
0.6
0.5
Page Industries
Neutral
3,786
4,223
1,047
1,281
19.6
19.8
127.3
158.1
29.7
23.9
14.2
10.3
54.9
50.0
4.1
3.4
Relaxo Footwears
Buy
588
786
705
1,148
1,360
11.7
11.9
55.5
71.4
10.6
8.2
2.5
1.9
26.3
26.2
0.8
0.6
Siyaram Silk Mills
Buy
240
312
225
1,157
1,320
11.9
12.0
66.6
77.9
3.6
3.1
0.6
0.5
18.3
18.2
0.4
0.4
S. Kumars Nationwide
Neutral
202
6,765
7,393
18.1
18.0
6.4
7.5
1.1
0.9
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Buy
494
617
869
1,068
1,223
9.6
9.6
38.1
44.1
13.0
11.2
1.8
1.6
14.5
14.7
0.8
0.7
TAJ GVK
Buy
63
108
392
300
319
35.8
36.2
7.9
9.1
7.9
6.9
1.1
0.9
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
294
371
452
814
849
17.0
17.6
64.6
69.2
4.6
4.2
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
513
553
399
435
516
6.2
7.1
24.3
33.3
21.1
15.4
3.5
3.0
17.6
20.8
0.7
0.6
Tree House
Neutral
267
959
150
192
52.7
52.5
12.8
16.2
20.8
16.5
2.1
1.8
10.0
11.1
6.0
4.6
TVS Srichakra
Buy
185
226
142
1,591
1,739
7.1
7.4
39.4
56.5
4.7
3.3
0.9
0.8
20.6
25.0
0.3
0.3
Market Outlook
May 06, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
2,266
29,643
11,886
13,491
14.4
14.0
50.9
74.5
44.5
30.4
3.7
3.3
10.6
11.4
2.8
2.4
357
439
725
600
638
20.1
19.4
35.7
36.6
10.0
9.8
1.8
1.6
19.4
17.1
1.0
0.9
Others
United Spirits
Neutral
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 03, 2013
Market Outlook
May 06, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

RBI reduces repo rate by 25bp on expected lines

Refer detailed news analysis on the following page

Net Inflows (May 02, 2013)

FII Derivatives (May 03, 2013)

RBI reduces repo rate by 25bp on expected lines

Bharti Airtel to sell 5% to Qatar Foundation for US$1.26bn

25.0 1,672 10.8

25.5 1,966 12.7

ACC (CMP: `1,230/TP:1,361/Upside:11%)

21.0 1,478 78.7

22.4 1,856 98.8

Note: Computed on TTM basis

Jaiprakash Associates (CMP: `75/ TP: under review)

PAT EPS ROE P/E

Gujarat Gas (CMP: `247, TP: -, Upside: -)

Honeywell Auto(CMP: `2471/ TP: -/ Upside: -)

Quarterly Bloomberg Brokers Consensus Estimates

EBITDA margin (%)

Adani Ports & SEZ (06/05/2013)

EBITDA margin (%)

Glenmark Pharma Consolidated (07/05/2013)

EBITDA margin (%)

Shriram Transport Finance Company (07/05/2013)

EBITDA margin (%)

EBITDA margin (%)

Lupin Consolidated (08/05/2013)

Ranbaxy Consolidated (08/05/2013)

Economic and Political News

No immediate upgrade of India's ratings: S&P

Nalco might cut output by 25% due to coal shortages: Director

May 06, 2013

Mundra Port, Adani Power, South Ind.Bank

May 07, 2013

May 08, 2013

HDFC, Ranbaxy, Lupin, ABB, Corporation Bank

May 09, 2013

Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank

May 10, 2013

Nestle, Amara Raja Batteries

May 14, 2013

May 16, 2013

May 20, 2013

Adani Enterp., India Cements

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

Germany PMI Services

Industrial Production (YoY)

BOE Announces rates

May 10, 2013

Consumer Price Index (YoY)

Industrial Production YoY

May 13, 2013

Industrial Production (YoY)

May 14, 2013

Monthly Wholesale Prices YoY%

May 15, 2013

Jobless claims change

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

Producer Price Index (mom)

Germany GDP nsa (YoY)

Euro Zone Euro-Zone CPI (YoY)