Market Outlook, 13.05.13

Market Outlook
May 13, 2013
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are expected to open flat with a positive bias tracking
marginally positive opening in SGX Nifty, which is higher by 0.2%.
BSE Sensex
0.2
40 20,122
Nifty
0.2
12
6,107
US markets moved mostly higher on Friday, despite a relatively quiet day in terms
of news. The gains on the day, resulted in the Dow and the S&P 500 reaching new
record closing highs, while the Nasdaq rose to another twelve-year high. European
markets too rose on Friday after companies like ArcelorMittal and BT Group Plc
reported better than expected results and data showed German exports recovered
as expected in March, boosting hopes of economic revival.
MID CAP
0.3
20
6,540
SMALL CAP
0.3
20
6,186
BSE HC
1.5
136
8,904
BSE PSU
0.6
40
6,893
BANKEX
0.2
33 14,617
AUTO
0.0
6 11,269
METAL
0.6
50
8,835
OIL & GAS
0.3
30
8,847
(0.3)
(16)
6,057
Chg (%)
(Pts)
(Close)
Meanwhile positive global cues and better-than-expected IIP numbers helped

Indian shares end notably higher on Friday. The BSE Sensex and NSE Nifty rose by
0.7% each after government data showed India's industrial output grew by 2.5% in
March compared to a contraction of 2.8% in the year-ago period. Markets were
flat on the special trading session held by exchanges on Saturday during which BSE
tested its disaster recovery software.
Markets Today
BSE IT
Global Indices
Dow Jones
0.2
36 15,118
NASDAQ
0.8
27
3,437
FTSE
0.5
32
6,625
Nikkei
2.9
416 14,608
The trend deciding level for the day is 20,108 / 6,102 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,161 20,200 / 6,120 6,132 levels. However, if NIFTY trades below
20,108 / 6,102 levels for the first half-an-hour of trade then it may correct up to
20,069 20,016 / 6,089 6,072 levels.
Hang Sang
0.5
110 23,321
Straits Times
0.3
11
3,444
Shanghai Com
0.6
14
2,247
Chg (%)
(Pts)
(Close)
Indices
SENSEX
NIFTY
INFY
(0.9)
(0.4)
$42.9
WIT
(0.9)
(0.1)
$8.0
IBN
0.0
0.0
$47.0
HDB
0.9
0.4
$42.5
S2
20,016
6,072
S1
20,069
6,089
PIVOT
20,108
6,102
R1
20,161
6,120
R2
20,200
6,132
News Analysis
Industrial growth for FY2013 at subdued 1.0%, March IIP improves to 2.5%
Diesel prices hiked by `1/litre
MM union leaders at Nashik plant calls off hunger strike
Result Review: NTPC, RCOM, Ashok Leyland, Central Bank, Apollo Tyres,
Dena Bank, Punj Lloyd, Ashoka Buildcon, Electrosteel castings, ITD
Cementation
Result Preview: Nestle India, Bank of Baroda, Bank of India
Refer detailed news analysis on the following page
Net Inflows (May 09, 2013)

` cr
FII
MFs
Purch
2,381
314
Sales
1,588
524
Net
793
(210)
MTD
6,531
(1,599)
YTD
67,689
(10,190)
FII Derivatives (May 10, 2013)

` cr
Index Futures
Stock Futures
Purch
1,461
1,384
Sales
1,123
1,499
Net
337
(114)
Open Interest
15,046
27,038
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
MMTC
264
8.0
Sobha Dev
398
Hindustan Copper
111
3.9
Motherson Sumi
206
(2.5)
Muthoot Fin
155
3.9
Bharat Elect
1,264
(2.1)
Wockhardt
Essar Oil
www.angelbroking.com
(2.5)
1,739
3.8
Coromandel Intl
192
(1.1)
86
3.4
Mphasis
429
(1.0)
Indian ADR
Advances / Declines
BSE
NSE
Advances
821
684
Declines
885
688
69
111
Unchanged
Volumes (` cr)
BSE
3,414
NSE
1,007
Market Outlook
May 13, 2013
Industrial growth for FY2013 at subdued 1.0%, March IIP

improves to 2.5%
As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth
in March 2013 improved to 2.5% yoy, in line with market expectations. It
compares positively to a marginal 0.6% yoy growth in February 2013 and 2.8%
yoy de-growth in March 2012 owing to growth in consumer non-durables and
capital goods segments. Overall during FY2013, the index decelerated and
reported a shallow 1.0% growth as compared to 2.9% growth in FY2012 and a
more robust 8.2% growth in FY2011 on account of broad-based slowdown
amongst its components. Growth in eight core industries (37.9% weightage in the
index) recovered sharply to 2.9% in March 2013, having witnessed a decline of
2.4% in the previous month.
Performance on Sector-wise classification
The Manufacturing sector continued to support IIP growth for the third straight
month. It reported a 3.2% yoy growth as compared to a 3.6% decline in growth in
the corresponding period of the previous year. The Electricity sector reported a
3.5% yoy growth after posting a 3.2% yoy decline in the previous month. But for
FY2013 as a whole, growth more than halved for the Manufacturing as well as the
Electricity sector at 1.2% yoy (as against 3.0% yoy in FY2012) and 4.0% yoy (as
against 8.2% yoy in FY2012) respectively.
The Mining sector continued to remain in negative territory and contraacted by
2.9% yoy, albeit lower than the decline of 7.6% yoy in the previous month. This
can be attributed to a slight 0.3% and 0.2% yoy revival in production of coal and
crude oil each, after contracting by 8.0% and 4.0% yoy respectively in February
2013. We expect the overhang on growth in the Mining sector to continue in
FY2014 as well in the absence of meaningful reform measures. The decision on
reopening Category B mines in Karnataka is likely to improve production in the
sector to some extent with a lag of about two quarters.
Performance in the Use-based category
The Capital Goods index posted a growth for the second straight month at 6.9%
yoy following a steep 20.1% yoy de-growth in March 2012. Production in
commercial vehicles, having the highest weightage in Capital Goods, has declined
during the month but performance of the capital goods sector has been supported
by very high growth in components such as rubber insulated cables (247.3% yoy)
and aluminum conductor (45.0% yoy) etc. Excluding the performance of the
volatile capital goods segment, IIP growth stood at 1.8% yoy. Overall, for FY2013
the capital goods index has declined by 6.3% as compared to a 4.0% growth in
FY2012 reflecting the subdued investment environment.
The Consumer Durables segment contracted for the fourth straight month by 4.5%
yoy indicating worryingly that the consumption slowdown continues to weigh on
overall growth. On the other hand, Consumer non-durables reported a pick-up to
6.5% yoy (owing to a low base effect), supporting an overall 1.6% yoy growth in
consumer goods. The consumer non-durables segment has contributed about
120bp to growth in the headline IIP growth print of 2.5% during March 2013.
Market Outlook
May 13, 2013
Overall during FY2013, the index decelerated and reported a shallow 1.0% yoy
growth as compared to 2.9% yoy growth in FY2012 and a more robust 8.2% yoy
growth in FY2011 on account of broad-based slowdown amongst its components.
We believe that industrial activity is likely to have bottomed out in FY2013. We
expect industrial activity as measured by the IIP to gradually improve to about
3.3% yoy in FY2014, owing to our expectation of growth of around 2.5% yoy in
mining, 3.0% in manufacturing and 7.2% in electricity sector. We expect revival in
industrial activity to be supported by a low base, lagged impact of monetary
easing, the recent pick-up in exports and anticipated improvement in investment.
Diesel price hiked by `1/litre

Media reports suggest that the Oil marketing companies (OMCs) have raised the
price of diesel by `1/litre. In January 2013 the government had given its nod for
diesel price to be raised in small proportion every month. This is in-line with our
expectation that in the next 12-18months the subsidy on diesel will be completely
removed. Hence, we maintain our estimates and rating on ONGC and GAIL.
MM union leaders at Nashik plant calls off hunger strike

According to media reports, the indefinite hunger-strike by two union leaders at
Mahindra & Mahindras (MM) Nashik plant has been called off. This is following
positive talks between the MM management and union leaders on the issue of
impending wage settlement. The two senior union leaders at the Nashik plant were
on a hunger strike since May 1, 2013 demanding a quick resolution to the wage
settlement agreement which expired in February 2013. However, the protests were
peaceful and the production at the plant was not impacted due to the strike.
The Nashik plant manufactures Scorpio, Xylo, Bolero and Quanto. At `970, MM is
trading at 14.2x FY2015 earnings. Due to the sharp run-up in the stock price over
the last one month, we recommend a Neutral rating on the stock.
Result Review
NTPC (CMP: `154/TP: `163/Upside : 5%)
For 4QFY2013, NTPCs top-line performance was below our estimates, registering
a growth 1.2% yoy to `16,462cr, due to lower off take. Gross generation in
4QFY2013 stood at 60.3bn unit, flat yoy. On the EBITDA front, OPM contracted
by 156bp yoy mainly on account of increase in other expenditure (due to higher
water charges). Consequently, net profit grew by 4.0% yoy to `2,698cr. We
recommend Accumulate rating on the stock with target price of `163.
Y/E
March
Sales
(` cr)
OPM
PAT
EPS
(%)
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
81,951
24.1 11,189 13.6
13.0
11.4
1.4
9.4
2.3
FY2015E
92,264
24.3 12,310 14.9
13.1
10.3
1.3
8.7
2.1
Reliance Communication (CMP: `111/ TP: Under review)

Reliance Communication (RCom) reported modest set of numbers for 4QFY2012,
aided mainly by a jump in data usage and GSM connections and other income
from reversal of an earlier provision. The company registered top-line (including
other income) of `5,956, up 12.3% qoq. Revenues from wireless business came in
Market Outlook
May 13, 2013
at `4,626cr, up 2.5% qoq. The better-than-expected result was also in part due to
a one-time reversal from money provisioned towards write-down of assets in the
course of a subsidiary restructuring exercise. RCom had earlier provisioned
`3,000cr in anticipation of required write-downs during a court-approved plan to
restructure its subsidiaries, but credited `550cr from it back during the quarter.
Adjusting for that, revenues grew by 2.0% qoq. ARPM came in at `0.44/min,
almost flat qoq. Total minutes in the network grew by 2.3% qoq to 105.4bn.
Adjusted EBITDA margin came in at 30.9%, down 30bp qoq. PAT came in at
`303cr, up 187% qoq. The stock is currently under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
22,221
32.0
FY2015E
24,253
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
895 4.3
2.4
25.6
0.6
8.0
2.6
32.2 1,327 6.4
3.4
17.3
0.6
6.8
2.2
(` cr)
Ashok Leyland (CMP: `22/ TP: Under Review/ Upside: -)

Ashok Leyland (AL) reported extremely weak performance for 4QFY2013, which
was broadly on the expected lines, on account of significant contraction in
operating margins (down sharply by 554bp yoy to 5.3%) owing to higher discounts
in the medium and heavy commercial vehicle (MHCV) segment, inferior productmix and lower utilization levels. Additionally, higher interest cost due to higher
working capital requirement also impacted the adjusted bottom-line. The company
reported a net profit of `150cr primarily on account of an exceptional gain of
`134cr (due to profit on sale of non-current investments). Adjusted for the
exceptional gain, ALs bottom-line stood at `16cr which was broadly on the
expected lines.
For 4QFY2013, net sales posted a significant decline of 14% yoy to `3,728cr;
however, it was slightly ahead of our expectations of `3,520cr. The decline in the
top-line was driven by an 11.2% yoy drop in net average realization following
higher levels of discounts and adverse product-mix (higher proportion of Dost in
the volume-mix at ~32% vs. ~14% in 4QFY2012). Total volumes too registered a
decline of 2.9% yoy led by 23.3% yoy decline in MHCV volumes. However, Dost
sales witnessed a substantial increase of 125.3% yoy (on a low base) and 38.1%
qoq during the quarter. At the operating level, EBITDA margins registered a sharp
contraction of 554bp yoy to 5.3% as against our estimates of 6.4%, largely on
account of higher discounting and lower utilization levels. As a result, other
expenditure and staff cost as a percentage of sales surged 210bp and 190bp yoy
respectively. Further, raw-material expenditure as a percentage of sales too
increased 170bp yoy during the quarter. Consequently, adjusted net profit stood at
`16cr for the quarter. On a sequential basis, EBITDA margins improved 102bp
driven by 52.8% and 1.4% growth in volumes and net average realization
respectively. At `22, the stock is trading at 8.2x FY2015E earnings. We shall
release a detailed result note post earnings conference call with the management
which is scheduled today. Until then, the stock rating is under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
13,891
FY2015E
16,263
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
9.6
539 2.0
12.1
11.1
1.8
5.2
0.5
9.7
724 2.7
15.2
8.2
1.6
4.3
0.4
(` cr)
Market Outlook
May 13, 2013
Central Bank - (CMP: `72 / TP: - / Upside: -)

Central Bank reported healthy set of numbers for the quarter, as it posted Net
profit of `169cr as against a loss of `105cr in 4QFY2012 (the bank had
completely switched-over to system based NPA recognition during that quarter,
resulting in substantial provisioning). Key takeaways from the result were healthy
NII growth (21.4% yoy, in-line with expectations), strong performance on the noninterest income front (growth of 47.4% yoy) and sequential improvement in the
asset quality front (after witnessing continued stress for several quarters, Gross and
Net NPA levels, on an absolute basis came in lower by 5.4% and 14.9% qoq). At
the CMP, the stock trades at valuations of 0.6x FY2015E ABV, which is relatively
expensive than some of the other mid-size PSU banks with a better asset quality
outlook and return ratios. Hence, we maintain our Neutral recommendation on
the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
8,079
2.6
1,709
14.9 100.0
0.6
12.2
4.6
0.7
FY2015E
9,086
2.6
2,027
18.0 118.3
0.6
13.3
3.9
0.6
March
Apollo Tyres (CMP: `94/ TP: `104/ Upside: 10%)

Apollo Tyres (APTY) reported lower-than-expected results for 4QFY2013 owing to
sluggish performance across the three geographies due to slowdown in demand.
The adjusted profit (consolidated) at `123cr (down 21.9% yoy and 31.5% qoq)
came in below our expectations of `181cr as the performance was impacted by
drop in standalone volumes (down 10% yoy) and also due to significant increase
in the depreciation expense (up 32.8% yoy and 30.3% qoq).
For 4QFY2013, APTYs consolidated top-line declined by 6% yoy (5.6% qoq) to
`3,038cr, which was lower than our expectations of `3,228cr, largely on account
of a 9.9% (flat qoq) and 9.3% yoy (24.1% qoq) decline in standalone and South
Africa revenues respectively. While the revenues at the European operations
remained flat in Euro terms due to 3% yoy decline in volumes; favorable exchange
rate movement led to a 7.6% yoy (down 10.7% qoq) growth in INR terms. On the
standalone front, the company registered a volume decline of 10% yoy on account
of the weak OEM demand and also due to slower off-take in the replacement
segment. The Management stated that the utilization level across the three
geographies remains in the range of 70-80%. On the operating front, EBITDA
margins declined 16bp qoq and stood at 11.7%, which was slightly lower than our
expectations of 12.2%, despite the 9.1% qoq decline in raw-material expenditure.
This was on account of increase in other expenditure which as a percentage of
sales surged 220bp qoq led by higher marketing spends and increase in research
and development expenditure. Employee expense as a percentage of sales too
witnessed an increase of 80bp on a sequential basis. However, on a yoy basis,
EBITDA margins improved 53bp driven by softening of natural rubber prices which
led to a 12.2% yoy decline in raw-material costs. At the standalone level, EBITDA
margins witnessed a sharp improvement of 261bp yoy (201bp qoq) to 12.1% as
the natural rubber cost for the company declined by 29.4% yoy.
Market Outlook
May 13, 2013
We lower our volume estimates for FY2014/15 to account for the subdued
demand scenario in the key geographies, India and Europe. However, we expect
the operating margins to remain stable as the company will continue to benefit
from the softening of commodity prices. We expect the company to register ~10%
and 12% CAGR of in net sales and net profit respectively over FY2013-15. At `94,
the stock is trading at 6.3x FY2015E earnings. We retain our Accumulate rating on
the stock with a target price of `104.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
13,852
11.4
647 12.8
17.5
7.3
1.2
4.2
0.5
FY2015E
15,487
11.5
750 14.9
17.3
6.3
1.0
3.8
0.4
Dena Bank- (CMP: `94/ TP: -/ Upside: -)

During 4QFY2013, Dena Bank posted a moderate operating performance, with
operating income and operating profit decline of 1.4% and 15.7% yoy,
respectively. The bank faced asset quality pressures during the quarter (as their
gross and Net NPA on an absolute basis increased by 10.3% and 12.3% qoq,
respectively) and consequently their provisioning expenses increased by 17.5% yoy.
Due to higher provisioning expenses and moderate operating performance, the
bank reported a PAT decline of 50.7% yoy to `126cr. At CMP, the stock trades at
valuations of 0.5x FY2015 ABV. We recommend Neutral rating on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,334
2.7
827
23.6 162.4
0.8
15.5
4.0
0.6
FY2015E
3,700
2.7
927
26.5 184.3
0.8
15.3
3.5
0.5
March
Punj Lloyd (CMP: `54 / TP: - / Upside: -)

For 4QFY2013, Punj posted mixed set of numbers with subdued performance on
revenue front, however owing to higher tax credit provision during the quarter led
to a profit at earning levels. The company reported a top-line of `3,292cr in
4QFY2013 registering a growth of 8.4% yoy. EBITDA margins decline by
45bp/217bp on a yoy/qoq basis to 7.9% in 4QFY2013. Interest cost for the
quarter came in at `195cr, a jump of 4.5% yoy while depreciation came at `79cr,
an increase of 12.9% yoy. On the bottom-line front, PAT came in at `16cr (`9cr) in
4QFY2013, registering a growth of 75.8%. This was mainly due to higher tax
credit provision of `11cr in 4QFY13 vs. `5cr in 4QFY2012. We continue to
maintain our Neutral rating on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
13,116
FY2015E
15,119
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
10.8
44 1.3
1.5
42.6
0.6
5.3
0.6
10.8
64 1.9
2.2
29.2
0.6
5.1
0.6
(` cr)
Market Outlook
May 13, 2013
Ashoka Buildcon (CMP: `229 / TP: under review/ Upside: -)

Ashoka Buildcon (ABL) posted 4QFY13 results reflect improvement in execution
however bottom-line disappoints owing to lower-than-expected operating
performance and exceptional item. ABLs top line reported a robust growth of
38.8% yoy to `542cr in 4QFY2013 and was higher than our estimate by 19.0%.
On the EBITDAM front, ABLs margins came in at 16.7%, a dip of 336bp on a yoy
basis and below our estimate of 23.0%. This was mainly due to increase in
operating expense (a jump of 44% yoy). On the bottom line, ABL reported a PAT of
`6cr (our estimate was `45cr) in 4QFY2013, indicating a decline of 86.2% yoy.
This was mainly on back of lower-than-expected operating performance and an
exceptional item of `15.7cr. Adjusting to this, PAT came in at `22cr, a decline of
52.6% for the quarter. At CMP, the stock is trading at P/E and P/BV of 9.2x and
0.9 FY2015 earnings. The stock rating is currently under review. We shall revise
our estimates post earnings conference call with the management which is
scheduled on 14th May 2013 at 4.30pm.
Y/E
Sales OPM
March
(` cr)
FY2014E
2,013
FY2015E
2,293
PAT EPS
(%) (` cr)
ROE
P/E P/BV EV/EBITDA EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
22.5
143 26.0
12.3
8.6
1.0
10.1
2.3
22.5
135 24.4
10.3
9.2
0.9
9.0
2.0
Electrosteel Castings (CMP: `18, TP: `26, Upside: 44%)

Electrosteel Castings reported its 4QFY2013 results. Its net sales decreased by
1.5% yoy to `495cr. The companys EBITDA grew by 717.1% yoy to `40cr mainly
because of lower raw material costs and other expenditure. The other income rose
by 135.8% yoy to `57cr and therefore it reported a net profit growth of 652.7%
yoy to `44cr. We maintain our Buy view on the stock with a target price of `26.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
1,976
6.5
48 1.4
2.9
12.9
0.1
14.7
1.0
FY2015E
2,017
6.7
59 1.7
3.5
10.5
0.1
14.3
1.0
ITD Cementation (CMP `184 / TP `239 / Upside: 30% )

ITD Cementation reported numbers for 1QCY2013. The revenue of the company
for the quarter declined by 7.6% on yoy basis, mainly on account of delay in
project execution and hence the delay in revenue recognition. However, on qoq
basis, the revenue witnessed a growth of 13.2% and came in at `355cr, better
than our expectation of `339cr. The company's operating margin contracted by
295bp yoy to 9.8% mainly because of higher employee cost as a percentage of
net sales. Consequently, profit for the quarter witnessed a decline of 53.3% on yoy
basis to `6cr against our estimate of `5cr. However, given the companys
promising outlook with a strong order book of `3,480 executable over a period of
two and a half years, we remain positive on its growth outlook. The stock is
currently trading at a PBV of 0.5x. We maintain our Buy recommendation on the
stock with a target price of `239 based on the target PBV of 0.6x for CY2014E.
Market Outlook
May 13, 2013
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
1,430
1,573
11.6
11.7
26
37
22.6
31.9
6.3
8.3
8.1
5.7
0.5
0.5
4.8
4.5
0.6
0.5
CY2013E
CY2014E
Result Preview
Nestle India (CMP: `4,905/TP:-/Upside:-)
Nestle India is set to announce its 1QCY2013 results today. Top-line is expected to
grow by 9.4% yoy to `2,240cr. OPM is expected to increase by 81bp yoy to 22.5%.
Net Profit is expected to increase by 5.8% yoy to `292cr. We maintain a neutral
rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
9,739
21.5 1,269131.6
58.8
37.3
18.8
21.9
4.7
CY2014E
11,307
22.2 1,541159.8
69.5
30.7
13.5
17.9
4.0
Bank of Baroda - (CMP: `705 / TP: `815/ Upside: 15.7%)

Bank of India is scheduled to announce its 4QFY2013 results today. We expect the
bank to report NII growth of 3.9% yoy to `2,907cr. Non-interest income is
expected to decline by 1.2% yoy to `887cr. Operating expenses are expected to be
higher by 4.6% yoy, while provisioning expenses are expected to be lower by 9.1%
yoy. Net profit is expected to decline by 33.3% yoy to `1,013cr. At CMP, the stock
is trading at valuations of 0.7x FY2015E P/ABV. Currently, we have a Buy
recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
16,318
2.4
5,127
121.4 842.7
1.0
15.2
5.8
0.8
FY2015E
18,682
2.4
6,110
144.6 959.0
1.0
16.0
4.9
0.7
March
Bank of India- (CMP: `339 / TP: - `360/ Upside: - 6.2%)

Bank of India is scheduled to announce its 4QFY2013 results today. We expect the
operating income and operating profit to decline by 1.2% and 4.7% respectively.
The NII is expected to decline by 3.7% to `2,409cr. Provisioning expenses are
expected to increase by 22.0% yoy to `856cr, which would result in the earnings
de-growth of 20.3% yoy to `760cr. At the CMP, the stock is trading at 0.8x
FY2015E ABV. We recommend an Accumulate rating on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
14,284
2.3
3,334
55.9 391.7
0.7
13.9
6.1
0.9
FY2015E
16,295
2.3
4,082
68.4 449.9
0.8
15.1
5.0
0.8
March
Market Outlook
May 13, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Bank of Baroda (13/05/2013)
Particulars (` cr)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,078
1,518
(29)
1,012
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
851
953
(11)
804
1QCY13E
1QCY12
y-o-y (%)
4QCY12
q-o-q (%)
2,312
1,955
18
2,153
30
502
Bank of India (13/05/2013)

Particulars (` cr)
Net profit
Nestle India (13/05/2013)

Particulars (` cr)
Net sales
EBITDA
531
410
EBITDA margin (%)
23.0
21.0
Net profit
309
231
23.3
34
279
11
Reliance Power Consolidated (13/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,265
533
138
1,464
(14)
EBITDA
414
179
131
493
(16)
EBITDA margin (%)
32.7
33.6
Net profit
233
231
Net sales
33.7
1
266
(12)
Dr. Reddy Laboratories Consolidated (14/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
3,022
2,659
14
2,865
Net profit
444
343
30
363
22
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Reliance Infrastructure (14/05/2013)

Particulars (` cr)
Net sales
4,010
5,674
(29)
1,516
164
EBITDA
501
617
(19)
490
EBITDA margin (%)
12.5
10.9
Net profit
353
658
(46)
659
(46)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
839
617
36
868
(3)
EBITDA
589
458
29
666
(11)
EBITDA margin (%)
70.2
74.1
Net profit
379
339
32.3
Adani Ports & SEZ (15/05/2013)

Particulars (` cr)
76.7
12
415
(9)
Market Outlook
May 13, 2013
United Spirits (15/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,115
1,863
14
2,174
(3)
EBITDA
253
195
30
275
(8)
EBITDA margin (%)
12.0
10.5
66
10
562
81
(18)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
4,779
4,516
5,307
(10)
EBITDA
888
921
(3)
1,012
(12)
EBITDA margin (%)
18.6
20.4
Net profit
718
772
Net sales
Net profit
12.6
Bajaj Auto (16/05/2013)

Particulars (` cr)
Net sales
19.1
(7)
819
(12)
Reliance Capital Consolidated (16/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
163
329
(51)
101
61
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
8,053
6,361
27
7,627
EBITDA
2,691
2,263
19
2,858
(6)
33.4
35.6
1,899
1,614
Net profit
ITC (17/05/2013)
Particulars (` cr)
EBITDA margin (%)

Net profit
37.5
18
2,052
Economic and Political News
IIP rises, but recovery not in sight yet

Rupee falls most in four months
Tesco seeks changes in FDI sourcing norms for multi-brand retail
IRDA plans new norms for micro insurance
Corporate News
Oberoi realty to tie-up Ritz-Carlton for its Mumbai Hotel

Lupin expects to launch 20-25 new products in the US
Shriram City Union Finance to raise `325cr
M&M may shrink UVs for lower excise
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(7)
Market Outlook
May 13, 2013
Result Calendar
Date
Company
May 13, 2013
Nestle, Bank of Baroda, Reliance Power, Bank of India, Blue Star, Amara Raja Batteries
May 14, 2013
Dr Reddy's, Reliance Infra., HT Media, United Bank
May 15, 2013
J & K Bank, Mundra Port, United Spirits, IRB Infra, Orchid Chemicals, Hitachi
May 16, 2013
Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp
May 17, 2013
ITC, Sun TV Network, Motherson Sumi, NIIT
May 18, 2013

May 19, 2013
May 20, 2013
Coal India, Adani Enterp., India Cements
May 21, 2013
Tech Mahindra
May 22, 2013
Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros
May 23, 2013
BHEL, Indraprasth Gas
May 24, 2013
Britannia
May 25, 2013
MOIL, Force Motors
May 26, 2013

May 27, 2013
Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare
May 28, 2013
GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR
May 29, 2013
BPCL, Anant Raj
May 30, 2013
M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 13, 2013
11:00AM
China
Industrial Production (YoY)
% Change
Apr
8.90
9.40
May 14, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Apr
5.96
--
May 15, 2013
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
2:00PM
UK
% 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)
(0.60)
6:45PM
US
Industrial Production
Apr
0.41
(0.10)
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Apr F
1.70
--
6:00PM
US
Housing Starts
Thousands
Apr
1,036.00
980.00
6:00PM
US
Building permits
Thousands
Apr
907.00
940.00
6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.20)
(0.20)
May 21, 2013
2:00PM
UK
CPI (YoY)
% Change
Apr
2.80
--
May 22, 2013
7:30PM
US
Existing home sales
Millions
Apr
4.92
--
May 23, 2013
1:00PM
Germany PMI Services
Value
May A
49.60
--
1:00PM
Germany PMI Manufacturing
Value
May A
48.10
--
2:00PM
UK
% Change
1Q P
0.60
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
7:30PM
US
New home sales
May 28, 2013
7:30PM
US
Consumer Confidence
May 29, 2013
1:25PM
Germany Unemployment change (000's)
May 30, 2013
6:00PM
US
GDP Qoq (Annualised)
May 31, 2013
11:00AM
India
Qtrly GDP YoY%
% Change
June 1, 2013
6:30AM
China
PMI Manufacturing
Value
June 3, 2013
2:00PM
UK
PMI Manufacturing
Value
May
May 16, 2013
Jobless claims change
GDP (YoY)
Value
May A
(22.30)
--
Thousands
Apr
417.00
--
S.A./ 1985=100
May
68.10
--
Thousands
May
4.00
--
% Change
1Q S
2.50
--
1Q
4.50
--
May
50.60
--
49.80
--
Market Outlook
May 13, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.2
9.2
6.0
4.0
(0.1)
(1.3)
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Exhibit 4: Manufacturing and services PMI
(%)
7.6
Nov-12
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
0.5
(2.0)
7.5
2.5
2.4
2.0
Oct-12
4.5
2QFY10
2.5
2.0
5.3 5.5 5.3
Sep-12
6.0
Aug-12
6.5
5.7
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
56.0
6.8
6.0
54.0
52.0
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-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)
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
May-12
9.0
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
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
May 13, 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
136
2,640
1,657
1,906
14.1
14.1
7.7
8.9
17.6
15.3
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
154
232
6,816
10,298
11,310
16.5
16.5
20.5
23.2
7.5
6.6
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
285
326
4,860
3,418
3,892
15.1
14.9
19.8
21.7
14.4
13.1
3.5
2.8
27.1
23.7
1.4
1.2
Apollo Tyres
Accumulate
94
104
4,758
13,852
15,487
11.4
11.5
12.8
14.9
7.4
6.3
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Buy
22
27
5,960
13,891
16,263
9.6
9.7
2.0
2.7
11.1
8.2
1.8
1.6
12.1
15.2
0.5
0.4
Automotive Axle#
Neutral
271
409
834
965
9.3
10.6
17.3
27.1
15.7
10.0
1.5
1.4
9.5
14.0
0.6
0.5
Bajaj Auto
Accumulate
1,859
2,014
53,798
22,552
25,498
18.6
18.6
117.9
134.3
15.8
13.9
5.7
4.6
40.2
36.6
2.0
1.7
Bharat Forge
Neutral
241
5,601
6,198
6,793
14.6
14.9
14.5
17.3
16.6
13.9
2.2
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,012
28,297
9,821
11,394
17.0
17.3
373.5
438.7
24.1
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
115
170
394
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.4
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
135
150
11,450
7,053
8,061
14.2
14.5
7.8
9.1
17.2
14.8
2.9
2.5
18.1
18.2
1.3
1.1
FAG Bearings*
Neutral
1,440
2,394
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,705
1,819
34,053
25,274
27,658
14.1
13.7
110.2
139.9
15.5
12.2
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
115
154
473
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.6
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
970
59,535
44,550
50,260
11.4
11.7
59.6
68.3
16.3
14.2
3.4
2.8
22.3
21.6
1.1
0.9
Maruti
Accumulate
1,726
1,847
49,870
48,455
55,723
11.2
10.9
107.8
123.2
16.0
14.0
2.4
2.1
16.2
16.0
0.9
0.7
Motherson Sumi
Accumulate
211
222
12,386
28,442
31,493
7.5
7.8
12.5
14.8
16.8
14.3
4.2
3.3
27.5
25.8
0.6
0.5
Subros
Buy
26
30
154
1,479
1,685
10.0
9.9
5.5
7.5
4.7
3.4
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
309
324
82,245 206,341 227,695
12.8
13.5
32.3
39.0
9.6
7.9
2.0
1.7
23.1
23.2
0.5
0.4
TVS Motor
Neutral
40
1,915
7,715
8,584
6.0
6.1
5.0
5.8
8.1
7.0
1.4
1.2
18.1
18.5
0.2
0.1
ABB*
Reduce
527
461
11,171
8,073
9,052
5.5
6.9
11.5
16.9
45.8
31.1
4.2
4.0
9.3
13.1
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
197
48,095
43,757
40,934
17.3
16.9
20.9
19.0
9.4
10.4
2.1
1.9
23.7
18.8
1.0
1.0
Blue Star
Buy
172
230
1,547
2,896
3,087
5.6
6.2
9.3
11.7
18.5
14.7
3.0
2.6
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
93
117
5,995
13,790
15,095
6.4
7.4
6.9
9.4
13.6
10.0
1.5
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Accumulate
30
34
244
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
48
63
1,224
7,709
8,399
6.7
7.2
6.1
8.5
7.8
5.6
1.0
0.9
20.2
23.0
0.3
0.3
Thermax
Neutral
578
6,887
5,931
6,592
9.6
9.7
31.0
34.3
18.7
16.9
3.2
2.8
18.6
17.9
1.0
0.9
1,241
1,361
23,303
11,979
13,254
19.7
21.3
77.1
91.4
16.1
13.6
2.9
2.6
18.7
20.0
1.7
1.4
Capital Goods
Cement
ACC
Accumulate
Market Outlook
May 13, 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
189
29,165
10,232
11,762
23.5
24.5
10.3
12.2
18.4
15.6
3.0
2.8
17.2
18.6
2.3
1.9
India Cements
Neutral
89
2,743
4,777
5,276
17.3
17.1
8.8
10.9
10.1
8.2
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
108
143
1,272
2,313
2,728
19.8
20.7
16.6
23.1
6.5
4.7
0.8
0.7
13.6
16.5
1.1
0.9
Madras Cements
Neutral
250
5,947
4,293
4,855
27.4
28.6
21.8
28.2
11.5
8.9
2.1
1.7
19.6
21.3
1.9
1.5
Shree Cement^
Neutral
4,576
15,943
6,540
7,452
27.4
26.6
319.7
369.9
14.3
12.4
3.5
2.8
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,975
54,137
21,947
25,049
23.8
23.8
106.1
119.8
18.6
16.5
3.1
2.7
17.7
17.3
2.5
2.2
225
272
1,182
2,013
2,293
22.5
22.5
26.0
24.4
8.7
9.2
1.0
0.9
11.7
9.9
2.2
2.0
12
213
2,281
2,492
5.9
6.9
0.7
2.0
16.9
5.7
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
120
167
3,988
4,152
4,624
44.4
45.0
17.0
17.2
7.1
7.0
1.1
1.0
16.2
14.6
3.4
3.4
ITNL
Buy
176
230
3,423
7,444
8,041
27.4
28.9
29.8
32.1
5.9
5.5
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
20
35
614
6,287
6,836
8.5
8.5
2.3
3.0
8.5
6.6
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
75
90
16,743
14,850
15,631
24.9
25.1
2.5
2.9
29.8
26.5
1.2
1.2
4.2
4.7
2.9
2.9
Larsen & Toubro
Accumulate
1,562
1,795
96,170
69,586
79,247
11.2
11.1
75.1
84.9
20.8
18.4
3.0
2.6
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
35
45
895
6,576
7,264
8.2
8.3
4.1
4.8
8.5
7.3
0.4
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
56
1,865
1,338
1,542
10.2
10.2
3.0
4.8
18.9
11.8
0.6
0.6
3.4
5.2
5.6
5.4
Sadbhav Engg.
Buy
112
153
1,691
2,511
2,736
10.6
10.6
7.3
7.8
15.5
14.4
1.9
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
115
164
570
6,824
7,563
9.2
9.4
18.0
23.4
6.4
4.9
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
31
45
229
2,455
2,734
13.4
13.0
14.6
14.9
2.1
2.1
0.3
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
123
155
6,170
7,137
7,907
2.9
2.8
32.3
36.0
3.8
3.4
0.5
0.5
14.2
14.2
Andhra Bank
Neutral
91
5,089
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
1,468
1,714
68,760
19,055
22,710
3.3
3.2
130.7
152.3
11.2
9.6
1.8
1.6
17.2
17.6
Bank of Baroda
Buy
705
815
29,692
16,318
18,682
2.4
2.4
121.4
144.6
5.8
4.9
0.8
0.7
15.2
16.0
Bank of India
Accumulate
337
360
20,091
14,284
16,295
2.3
2.3
55.9
68.4
6.0
4.9
0.9
0.8
13.9
15.2
Bank of Maharashtra
Neutral
57
3,744
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
423
461
18,748
11,673
13,208
2.3
2.3
74.8
85.8
5.7
4.9
0.8
0.7
13.7
14.1
Central Bank
Neutral
72
7,552
8,079
9,086
2.6
2.6
14.9
18.0
4.9
4.0
0.7
0.6
12.2
13.3
Corporation Bank
Accumulate
406
453
6,210
5,397
5,973
2.2
2.2
96.3
105.9
4.2
3.8
0.6
0.5
14.6
14.4
Dena Bank
Neutral
93
3,257
3,334
3,700
2.7
2.7
23.6
26.5
3.9
3.5
0.6
0.5
15.5
15.3
Federal Bank
Neutral
456
7,796
2,916
3,389
3.3
3.3
50.1
59.4
9.1
7.7
1.1
1.0
12.8
13.7
Financials
Market Outlook
May 13, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
878
135,866
8,928
10,684
3.7
3.7
38.4
45.3
22.9
19.4
5.0
4.4
32.5
32.4
HDFC Bank
Neutral
703
167,311
27,682
33,916
4.6
4.6
35.3
42.7
19.9
16.5
3.9
3.3
21.3
21.8
ICICI Bank
Buy
1,166
1,352
134,528
25,705
30,330
3.1
3.2
83.9
96.3
13.9
12.1
1.8
1.7
15.2
15.7
IDBI Bank
Neutral
88
11,748
9,137
10,041
1.9
2.0
17.8
18.8
5.0
4.7
0.6
0.5
11.7
11.3
Indian Bank
Buy
160
193
6,874
6,276
6,968
3.1
3.1
38.3
42.3
4.2
3.8
0.6
0.5
15.2
14.9
IOB
Neutral
63
5,845
8,205
9,048
2.6
2.5
16.4
20.3
3.9
3.1
0.5
0.4
11.6
13.1
J & K Bank
Neutral
1,361
6,597
3,032
3,118
3.8
3.5
218.1
200.9
6.2
6.8
1.2
1.0
19.9
16.0
LIC Housing Finance
Accumulate
249
281
12,574
2,113
2,525
2.3
2.3
25.4
29.2
9.8
8.5
1.7
1.5
18.4
18.3
Oriental Bank
Accumulate
259
282
7,542
6,791
7,478
2.7
2.7
56.7
63.4
4.6
4.1
0.6
0.5
12.9
13.1
Punjab Natl.Bank
Buy
771
889
27,253
21,161
24,166
3.3
3.3
153.4
176.4
5.0
4.4
0.8
0.7
16.1
16.3
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
24
3,212
1,826
2,081
3.0
2.9
4.0
4.5
6.0
5.3
1.0
0.9
17.6
17.1
2,294
2,567
156,900
67,091
76,746
3.2
3.1
241.2
280.4
9.5
8.2
1.5
1.3
16.5
17.0
Neutral
128
7,723
7,340
8,212
2.9
2.8
26.4
28.7
4.9
4.5
0.7
0.6
15.8
15.2
UCO Bank
Neutral
74
5,562
6,126
6,665
2.6
2.5
12.2
14.4
6.1
5.1
0.9
0.8
11.8
12.6
Union Bank
Accumulate
240
264
14,296
11,226
12,769
2.7
2.7
41.0
47.8
5.8
5.0
0.8
0.7
14.8
15.4
United Bank
Accumulate
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
Neutral
53
2,626
2,600
2,946
2.0
2.1
9.7
11.0
5.5
4.8
0.6
0.6
11.4
11.7
Yes Bank
Neutral
509
18,273
4,390
5,411
2.8
2.8
41.6
47.9
12.3
10.6
2.6
2.2
23.2
22.1
Asian Paints
Neutral
4,637
44,476
13,319
15,805
15.7
15.7
143.8
170.2
32.2
27.3
10.1
8.0
35.1
32.7
3.3
2.7
Britannia
Neutral
571
6,830
6,417
7,446
5.1
5.5
20.3
25.2
28.2
22.7
9.6
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,536
20,895
3,588
4,130
21.1
21.6
44.7
51.9
34.3
29.6
30.9
23.0
100.0
89.1
5.6
4.8
Dabur India
Neutral
161
27,974
7,183
8,340
16.8
16.8
5.4
6.3
29.9
25.5
11.6
9.1
41.5
40.1
3.8
3.3
GlaxoSmith Con*
Neutral
4,062
17,083
3,617
4,260
16.1
16.4
120.6
146.4
33.7
27.7
10.4
8.4
33.8
33.4
4.4
3.7
Godrej Consumer
Neutral
847
28,827
7,801
9,017
16.2
15.9
25.1
29.7
33.7
28.5
7.3
6.0
24.9
24.2
3.8
3.3
HUL
Neutral
585
126,483
29,167
33,164
13.6
13.7
17.1
18.4
34.2
31.8
32.9
23.8
113.4
87.0
4.2
3.7
ITC
Neutral
353
278,895
33,506
39,067
36.8
37.0
11.1
13.0
31.8
27.2
10.3
8.4
35.5
34.1
8.0
6.8
Marico
Neutral
213
13,705
5,352
6,204
14.0
14.0
7.9
9.8
26.9
21.7
5.6
4.5
22.8
22.9
2.5
2.1
Nestle*
Neutral
4,884
47,093
9,739
11,307
21.5
22.2
131.6
159.9
37.1
30.6
18.7
13.4
58.8
69.5
4.7
4.0
Tata Global
Neutral
146
9,038
7,998
8,798
9.7
9.8
7.9
8.7
18.5
16.8
2.2
2.2
9.6
9.8
1.0
0.9
FMCG
Market Outlook
May 13, 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
774
863
53,890
28,633
32,216
21.5
20.7
57.3
61.7
13.5
12.6
3.2
2.7
24.0
21.5
1.7
1.4
82
102
2,461
2,091
2,289
19.0
18.8
10.6
11.3
7.8
7.3
1.7
1.5
22.8
21.7
1.0
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,371
136,137
43,338
47,244
27.5
27.7
169.4
182.6
14.0
13.0
2.9
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Accumulate
170
185
1,902
1,956
2,174
17.9
17.7
20.4
21.9
8.3
7.8
1.2
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
102
135
1,968
2,513
2,819
16.1
15.5
12.6
14.0
8.1
7.3
1.4
1.2
17.9
16.6
0.7
0.6
Mahindra Satyam
Buy
112
143
13,204
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
859
920
3,568
2,599
2,871
19.4
19.2
85.2
92.3
10.1
9.3
2.1
1.7
21.4
18.9
1.1
0.9
Mphasis&
Reduce
433
395
9,101
6,096
6,646
17.6
17.4
38.1
41.6
11.4
10.4
1.6
1.4
14.2
13.7
1.0
0.8
NIIT
Buy
23
30
381
1,144
1,267
9.0
9.1
4.3
5.4
5.4
4.3
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
529
593
2,118
1,445
1,617
25.2
25.0
55.3
59.3
9.6
8.9
1.7
1.5
18.2
16.5
1.0
0.8
TCS
Accumulate
1,495
1,585
292,516
71,833
81,893
28.4
28.0
78.5
88.0
19.0
17.0
5.8
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
975
1,230
12,519
7,699
8,315
19.3
18.1
107.0
115.0
9.1
8.5
2.0
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
355
385
87,461
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
Buy
236
272
4,325
1,787
1,974
25.4
26.4
14.5
16.9
16.2
14.0
3.4
2.9
22.4
22.2
2.3
2.0
HT Media
Accumulate
110
117
2,579
2,205
2,380
15.1
15.6
8.0
9.1
13.7
12.1
1.5
1.3
11.2
11.4
0.8
0.6
Jagran Prakashan
Buy
90
121
2,991
1,698
1,908
23.9
24.5
7.4
8.4
12.2
10.8
3.1
2.7
26.7
26.8
1.9
1.7
PVR
Neutral
361
1,432
1,343
1,521
18.8
18.9
18.3
22.9
19.7
15.8
1.9
2.0
10.6
12.3
1.1
0.9
Sun TV Network
Neutral
423
16,666
2,293
2,571
68.7
68.7
19.3
22.7
21.9
18.6
5.4
4.7
26.1
27.3
6.7
5.8
Bhushan Steel
Neutral
461
10,439
13,794
17,335
30.7
34.8
48.9
83.6
9.4
5.5
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Buy
300
345
189,333
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
18
26
587
2,074
2,176
10.4
11.3
1.9
2.3
9.5
7.9
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
152
213
4,843
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
51,147
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
106
20,275
88,987
94,163
9.2
9.7
13.8
15.9
7.7
6.7
0.6
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
696
15,526
39,524
42,064
17.1
16.9
71.8
86.3
9.7
8.1
0.8
0.7
8.6
9.6
0.7
0.6
MOIL
Accumulate
221
243
3,717
954
1,062
45.5
47.4
26.1
29.1
8.5
7.6
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
195
291
1,241
2,883
3,181
21.7
23.6
40.3
57.7
4.8
3.4
0.5
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
37
9,471
8,187
8,416
14.5
14.7
3.2
3.3
11.5
11.3
0.8
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
127
179
50,292
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 13, 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
63
26,019
53,685
64,183
9.3
12.2
5.5
8.3
11.5
7.6
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
163
14,123
3,742
4,426
32.9
32.8
30.0
29.8
5.4
5.5
0.7
0.6
14.3
12.5
4.6
3.8
Sterlite Inds
Neutral
96
32,414
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
318
430
30,899 141,775 151,672
10.5
11.4
35.3
51.7
9.0
6.2
0.7
0.6
7.6
10.3
0.6
0.5
Sarda
Buy
106
153
381
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
498
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
285
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
342
43,420
55,815
63,013
15.3
15.2
35.9
41.5
9.5
8.3
1.5
1.3
17.0
17.1
0.7
0.5
ONGC
Accumulate
326
354
278,909 157,962 175,367
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
812
262,254 380,031 407,721
9.9
69.3
69.3
78.0
11.7
10.4
1.2
1.1
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
254
3,254
3,707
3,850
11.7
12.4
23.7
25.7
10.7
9.9
3.0
2.6
29.6
28.2
0.8
0.7
Indraprastha Gas
Neutral
298
4,169
3,700
4,218
23.4
22.8
26.6
30.4
11.2
9.8
2.3
2.0
22.6
21.7
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
167
10,830
40,356
40,872
5.8
6.4
15.0
16.7
9.6
8.6
2.0
1.7
23.0
21.5
0.3
0.3
65
3,635
1,079
983
91.8
91.9
8.8
7.8
7.4
8.2
1.2
1.1
17.8
14.1
3.1
3.3
Alembic Pharma
Accumulate
122
139
2,296
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
1.1
Aurobindo Pharma
Buy
195
264
5,676
6,279
7,033
16.0
16.0
15.2
19.2
12.8
10.2
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,504
5,766
1,682
1,917
16.6
16.6
92.4
99.1
27.1
25.3
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
789
962
16,149
7,386
8,863
18.0
18.0
39.5
48.1
20.0
16.4
4.5
3.7
24.8
24.7
2.5
2.0
Cipla
Buy
397
463
31,912
9,130
10,543
24.8
23.0
21.6
23.2
18.4
17.1
3.0
2.6
17.6
16.2
3.2
2.7
Dr Reddy's
Neutral
2,022
34,334
11,662
13,101
21.0
20.8
92.9
103.9
21.8
19.5
4.2
3.5
20.8
19.6
3.1
2.7
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
73
206
587
1,536
1,739
20.2
20.9
15.4
20.6
4.7
3.5
0.5
0.5
11.6
13.7
1.0
0.8
2,329
19,727
2,854
3,145
28.6
28.6
76.6
83.3
30.4
28.0
9.1
8.3
31.1
31.0
6.1
5.4
Buy
63
90
584
784
902
15.2
15.2
7.8
9.0
8.1
7.0
1.2
1.0
15.6
15.8
1.0
0.8
Ipca labs
Buy
564
676
7,120
3,474
4,168
21.0
21.0
37.3
45.1
15.1
12.5
3.6
2.8
26.4
25.3
2.2
1.8
Lupin
Buy
742
877
33,235
11,641
13,933
21.3
21.3
34.8
41.8
21.3
17.8
5.0
4.0
26.2
24.8
2.9
2.4
Ranbaxy*
Neutral
444
18,771
11,400
12,060
12.5
12.5
21.6
22.5
20.5
19.7
3.9
3.4
20.6
18.5
1.6
1.4
Sun Pharma
Neutral
935
96,698
12,563
14,698
42.6
42.6
29.8
35.5
31.4
26.3
5.6
4.7
19.2
19.3
7.1
5.9
72
78
1,091
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 13, 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
Accumulate
155
163
127,928
81,951
92,264
24.1
24.3
13.6
14.9
11.4
10.4
1.4
1.3
13.0
13.1
2.3
2.1
DLF
Buy
237
288
40,328
9,699
12,010
37.0
36.9
6.0
8.4
39.8
28.2
1.5
1.4
3.8
5.1
5.6
4.6
MLIFE
Accumulate
407
446
1,663
888
1,002
26.7
25.9
36.3
40.6
11.2
10.0
1.2
1.1
10.8
11.0
2.1
1.9
Bharti Airtel
Neutral
324
123,097
86,933
96,121
30.2
31.2
10.3
15.7
31.5
20.7
2.2
2.0
7.0
9.7
2.1
1.8
Idea Cellular
Neutral
126
41,700
24,959
27,232
27.1
27.5
3.7
4.7
33.8
26.8
2.7
2.5
8.1
9.2
2.1
1.8
Rcom
Neutral
110
22,766
22,221
24,253
32.0
32.2
4.3
6.4
25.4
17.2
0.6
0.6
2.4
3.4
2.6
2.2
1,460
1,659
3,102
1,863
2,081
11.8
12.4
71.2
83.0
20.5
17.6
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
176
237
1,755
3,929
4,480
7.4
7.7
15.5
19.7
11.4
8.9
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
453
562
573
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
430
566
111
308
351
7.0
7.0
39.6
47.2
10.9
9.1
2.4
1.9
21.8
21.0
0.4
0.4
Finolex Cables
Buy
56
68
856
2,563
2,899
9.8
9.8
10.1
11.3
5.6
5.0
0.8
0.7
14.3
13.8
0.3
0.2
Force Motors
Buy
391
570
510
2,299
2,621
4.7
4.9
46.3
57.0
8.5
6.9
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
299
352
689
1,453
1,560
9.4
9.8
38.4
41.4
7.8
7.2
1.6
1.4
22.9
20.8
0.3
0.2
Hitachi
Buy
152
177
413
1,053
1,169
6.3
7.1
13.8
17.7
11.0
8.6
1.6
1.3
15.0
16.7
0.4
0.4
Honeywell Automation* Sell
2,456
2,172
1,842
2,131
7.7
7.8
112.4
132.4
21.9
18.6
2.7
2.4
13.3
13.8
1.1
0.9
IFB Agro
Buy
169
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
184
238
211
1,430
1,573
12.1
12.2
21.8
30.6
8.4
6.0
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
181
2,926
979
1,164
14.9
15.1
6.0
7.7
30.2
23.5
3.7
3.4
12.9
15.1
3.1
2.6
MRF
Neutral
14,865
6,305
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.3
8.3
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,898
3,637
4,348
1,047
1,281
19.6
19.8
127.3
158.1
30.6
24.7
14.6
10.6
54.9
50.0
4.2
3.5
Relaxo Footwears
Buy
563
786
676
1,148
1,360
11.7
11.9
55.5
71.4
10.2
7.9
2.4
1.8
26.3
26.2
0.7
0.6
Siyaram Silk Mills
Accumulate
274
312
257
1,157
1,320
11.9
12.0
66.6
77.9
4.1
3.5
0.7
0.6
18.3
18.2
0.5
0.4
S. Kumars Nationwide
Neutral
199
6,765
7,393
18.1
18.0
6.4
7.5
1.0
0.9
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Accumulate
537
617
944
1,068
1,223
9.6
9.6
38.1
44.1
14.1
12.2
1.9
1.7
14.5
14.7
0.9
0.7
TAJ GVK
Buy
62
108
389
300
319
35.8
36.2
7.9
9.1
7.9
6.8
1.0
0.9
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
288
371
443
814
849
17.0
17.6
64.6
69.2
4.5
4.2
0.6
0.5
14.5
13.8
0.2
TTK Healthcare
Accumulate
503
553
391
435
516
6.2
7.1
24.3
33.3
20.7
15.1
3.4
2.9
17.6
20.8
0.7
0.6
Tree House
Neutral
279
1,004
150
192
52.7
52.5
12.8
16.2
21.8
17.2
2.2
1.9
10.0
11.1
6.3
4.8
TVS Srichakra
Buy
184
226
141
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 13, 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
2,328
30,452
11,886
13,491
14.4
14.0
50.9
74.5
45.7
31.3
3.8
3.4
10.6
11.4
2.9
2.5
368
439
747
600
638
20.1
19.4
35.7
36.6
10.3
10.1
1.9
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 11, 2013
Market Outlook
May 13, 2013

Market Outlook, 13.05.13

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Market Outlook

May 13, 2013

OIL & GAS

Meanwhile positive global cues and better-than-expected IIP numbers helped

Net Inflows (May 09, 2013)

FII Derivatives (May 10, 2013)

Industrial growth for FY2013 at subdued 1.0%, March IIP

Diesel price hiked by `1/litre

MM union leaders at Nashik plant calls off hunger strike

24.1 11,189 13.6

24.3 12,310 14.9

Reliance Communication (CMP: `111/ TP: Under review)

32.2 1,327 6.4

Ashok Leyland (CMP: `22/ TP: Under Review/ Upside: -)

Central Bank - (CMP: `72 / TP: - / Upside: -)

Apollo Tyres (CMP: `94/ TP: `104/ Upside: 10%)

Dena Bank- (CMP: `94/ TP: -/ Upside: -)

Punj Lloyd (CMP: `54 / TP: - / Upside: -)

Ashoka Buildcon (CMP: `229 / TP: under review/ Upside: -)

P/E P/BV EV/EBITDA EV/Sales

Electrosteel Castings (CMP: `18, TP: `26, Upside: 44%)

ITD Cementation (CMP `184 / TP `239 / Upside: 30% )

Bank of Baroda - (CMP: `705 / TP: `815/ Upside: 15.7%)

Bank of India- (CMP: `339 / TP: - `360/ Upside: - 6.2%)

Quarterly Bloomberg Brokers Consensus Estimate

Bank of India (13/05/2013)

Nestle India (13/05/2013)

EBITDA margin (%)

Reliance Power Consolidated (13/05/2013)

EBITDA margin (%)

Dr. Reddy Laboratories Consolidated (14/05/2013)

Reliance Infrastructure (14/05/2013)

EBITDA margin (%)

EBITDA margin (%)

Adani Ports & SEZ (15/05/2013)

United Spirits (15/05/2013)

EBITDA margin (%)

EBITDA margin (%)

Bajaj Auto (16/05/2013)

Reliance Capital Consolidated (16/05/2013)

EBITDA margin (%)

Economic and Political News

IIP rises, but recovery not in sight yet

Oberoi realty to tie-up Ritz-Carlton for its Mumbai Hotel

May 13, 2013

May 14, 2013

Dr Reddy's, Reliance Infra., HT Media, United Bank

May 15, 2013

May 16, 2013

Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013

ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

Coal India, Adani Enterp., India Cements

May 21, 2013

May 22, 2013

Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013

BHEL, Indraprasth Gas

May 24, 2013

May 25, 2013

MOIL, Force Motors

May 26, 2013

Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare