Market Outlook, 28-05-2013

Market Outlook
May 28, 2013
Dealers Diary
The Indian markets are expected to open flat to positive tracking marginally
Domestic Indices
positive opening in most of the Asian markets and the flat opening of SGX Nifty.
BSE Sensex
1.7
326 20,031
Nifty
1.7
100
6,083
US markets were closed yesterday owing to Memorial Day holiday. Nevertheless,
MID CAP
1.1
73
6,460
The European markets ended the day higher on Monday, after markets in Asia
SMALL CAP
0.8
47
6,040
closed mixed amid uncertainties about whether the Federal Reserve would scale
BSE HC
1.6
136
8,866
down its bond purchase program. Volumes were thin amid the Spring Bank
BSE PSU
0.8
54
6,732
holiday for the UK market and the Memorial Day in the U.S.
BANKEX
1.5
215 14,806
Meanwhile Indian markets ended higher on Monday and the benchmark Sensex
AUTO
0.5
58 10,931
METAL
1.9
169
8,826
OIL & GAS
2.8
236
8,806
jumped 326 points as investors cheered falling crude oil price and placed renewed
faith in the US Federal Reserve continuing with its monetary stimulus. RIL led the
rally gaining more than 5% after the company announced a discovery in the D6
block in KG Basin post-market hours on Friday.
BSE IT
Global Indices
Dow Jones
Chg (%)
(Pts)
(Close)
1.2
70
6,025
Chg (%)
(Pts)
(Close)
0.1
9 15,303
NASDAQ
(0.0)
(0)
3,459
FTSE
(0.6)
(42)
6,654
The trend deciding level for the day is 19,931 / 6,053 levels. If NIFTY trades above
Nikkei
(3.2)
(470) 14,143
this level during the first half-an-hour of trade then we may witness a further rally
Hang Sang
0.3
67 22,686
up to 20,183 20,336 / 6,130 6,177 levels. However, if NIFTY trades below
Straits Times
19,931 / 6,053 levels for the first half-an-hour of trade then it may correct up to
Shanghai Com
Markets Today
(0.1)
(2)
3,391
0.2
2,293
Chg (%)
(Pts)
(Close)
INFY
(1.6)
(0.7)
$41.8
WIT
(0.8)
(0.1)
$7.8
IBN
0.4
0.2
$46.4
HDB
0.0
0.0
$41.5
19,778 19,526 / 6,006 5,929 levels.

Indian ADR
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,526
5,929
19,778
6,006
19,931
6,053
20,183
6,130
20,336
6,177
News Analysis
Result Review: Coal India, NALCO, Bhushan Steel, GIPCL, Bajaj Electricals,
TTK Healthcare, Sarda Energy, Siyaram Silk Mills
Result Preview: Sun Pharma, GAIL, Colgate, Hindalco, Tata Global, PVR,
Dishman Pharma, Indoco Remedies
Refer detailed news analysis on the following page
Net Inflows (May 24, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
2,384
479
2,566
688
(182)
(209)
17,343
(2,704)
78,500
(11,294)
FII Derivatives (May 27, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
3,284
7,578
3,118
7,704
167
(125)
17,747
31,465
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Britannia Inds
666
15.9
Jet Air India
546
(3.0)
Indusind Bank
529
6.0
Prestige Estates
167
(2.7)
Emami-$
778
5.7
Crompton Greav
94
(2.4)
Apollo Hosp
952
5.6
United Spirits
2,514
(2.2)
Reliance Comm
114
5.3
Berger Paints
241
(1.8)
www.angelbroking.com
Advances / Declines
BSE
NSE
1,364
849
Declines
981
508
Unchanged
140
92
Advances
Volumes (` cr)
BSE
1,888
NSE
9,255
Market Outlook
May 28, 2013
Result Review
Coal India (CMP: `314 /TP: `345 /Upside: 10%)
Coal India (CIL) results came in above our estimate on account of higher than
expected sales volumes. Net sales grew by 2.5% yoy to `19,905cr (above our
estimate of `18,918cr). Sales volumes stood at 130mn tonnes indicating
companys focus on increasing off-take. EBITDA increased by 51.0% yoy to
`6,600cr due to lower employee costs. Hence the adjusted net profit stood at
`5,425cr (+34.5% yoy) above our estimate of `4,376cr. We maintain Accumulate
rating on the stock with a target price of `345
Y/E
March
Sales
(` cr)
OPM
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
68,349
31.7 17,504 27.7
36.7
11.3
3.0
5.7
1.8
FY2015E
73,450
31.7 18,703 29.6
35.1
10.6
2.6
4.9
1.6
Nalco (CMP: `35 /TP: /Upside: -)

Nalco reported better than expected performance both on top line and PAT front.
Net sales grew by 4.6% yoy to `1,835cr (above our estimate of `1,656cr). Its
aluminium segment reported a positive EBIT of `59cr, compared to an EBIT loss of
`16cr in 4QFY2012 which led to improvement in the performance. Nalco reported
an EBITDA growth of 37.6% yoy to `421cr due to lower power costs. Other
income, however, declined by 33.6% yoy to `159cr and depreciation expenses
also increased by 10.6% yoy to `136cr. Consequently, the company reported a net
profit decline of 12.7% yoy to `246cr (significantly above our estimate of `201cr).
We recommend Neutral rating 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)
FY2014E
8,187
14.5
FY2015E
8,416
14.7
824
3.2
6.8
10.9
0.7
4.0
0.6
840
3.3
6.7
10.7
0.7
3.9
0.6
Bhushan Steel (CMP: `435/TP: - /Upside: -)

Bhushan Steel reported its 4QFY2013 results. Net sales was flat yoy at`2,819cr.
However, EBITDA decreased by 2.5% yoy to `921cr on account of increase in
employee costs and other expenses. Depreciation expense increased 27.2% yoy to
`210cr on account of increased capacity and consequently, net profit decreased by
15.0% yoy to `280cr. We maintain our Neutral view on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
13,794
30.7 1,038 48.9
11.2
8.9
0.9
7.6
2.3
FY2015E
17,335
34.8 1,775 83.6
16.7
5.2
0.8
5.2
1.8
GIPCL (CMP: `74/TP: `78/Upside: 5.4 %)

GIPCL reported its 4QFY2013 results. Top-line was in-line with our estimates,
growing by 25% yoy to `331cr (vs. our estimate of `340cr). However, operational
performance was much better than our estimate with EBITDAM at 42%.
Consequently, the companys net profit stood at `62cr (vs `39cr in 4QFY2013 and
Market Outlook
May 28, 2013
our estimate of `55cr). We maintain Accumulate rating on the stock with target
price of `78.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
P/BV EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,535 31.9
198
13.1
12.4
5.7
0.7
3.5
1.1
FY2015E
1,570 31.6
214
14.1
12.2
5.3
0.6
2.9
0.9
Bajaj Electricals Ltd (CMP: `168/ TP: `237/ Upside: 39%)

Bajaj Electricals Ltd. (BEL) reported poor set of numbers for 4QFY2013. Top-line
reported flat growth of 5.1% yoy to `1,114cr. The consumer durables (CD) and
Lighting and luminous (LnL) segment registered growth of 22.4% and 14.9% yoy
respectively while E&P segment dip by 22.5%. EBITDA stood at `15cr which was
lower by 84.7% yoy while margins at 1.2% lower by 694bp owing to higher raw
material cost. At EBIT levels, both CD and LnL segment reported margin of 8.0%
and 7.9% respectively vis--vis 10.6% and 11.3% in the same quarter previous
year. Lower EBIT margin is attributable to the inventory correction on account of
new inventory policies of the company. E&P segment, however, reported EBIT loss
of `51cr, 17.8% of the segment revenue, mainly due to unexpected hits from the
closure of the older delayed sites.
On annual front, top-line grew by 9.3% to `3,388cr contributed mainly by CD
segment (54.2%), followed by LnL (25.4%) and E&P (20.3%). EBITDA came in at
`110cr, lower by 53.4%, while margins at 3.3% lower by 440bp owing to 517bp
higher raw material cost. On the back of sluggish top-line growth and poor
operating performance, net profit dip by 56.9% to `51cr.
Amidst poor performance for the quarter, BEL is set to start the FY2014 with a
clean slate after the stock correction and significant hit from the cost over-run of
E&Ps delayed projects closure. In addition, BEL has initiated its entry into premium
segment of CD market with new launches slated to hit the market. On the back of
recent developments, we expect the top-line and bottom line to grow at CAGR of
14.9% and 96.7% (due to low base) respectively over FY2013-15E. We
recommend Buy rating on the stock with target price of `237 based on target PE of
12x for FY2015E.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
3,885
FY2015E
4,472
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
5.4
109 10.9
21.7
15.4
2.1
8.3
0.5
7.2
197 19.7
30.2
8.5
1.7
5.3
0.4
(` cr)
TTK Healthcare (CMP: `560/ TP: `667/ Upside: 19%)

TTKH reported a disappointing set of numbers for 4QFY2013. Topline came in at
`86cr, 2.2% decline on a yoy basis from `88cr in 4QFY2012 and 11.7% lower
from our estimate of `97cr. The EBITDA margin for the quarter contracted by
224bp yoy to 3.7% primarily due to increase in other expenses as compared to
4QFY2012. The margin contraction was attributable to loss of `3cr in the
consumer products division. Consequently, net profit declined by 39% to `2cr on
4QFY2012.
Market Outlook
May 28, 2013
For FY2013, revenue growth stood at modest 8.1% yoy to `382cr from 354cr in
FY2012. While EBITDA margin contracted by 145bp to 5.3% on account of
increase in overall expenses. This led to a 9.5% yoy decline in net profit to `14cr in
FY2013.
Going forward we expect the EBITDA margin to expand on account of increasing
contribution from high margin business like food business, thus resulting in better
profit. At the current market price, the stock is trading at EV/sales of 0.7x for
FY2015E, which we feel is attractive. Hence, we maintain our buy
recommendation on the stock with a target price of `667 based on a target
EV/sales of 0.9x for FY2015E.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
427
FY2015E
488
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
6.0
17 22.5
17.1
24.9
4.1
13.8
0.8
6.7
22 28.8
19.5
19.4
3.5
10.7
0.7
(` cr)
Sarda Energy and Minerals (CMP: `107, TP: `153, Upside: 43%)
Sarda Energy and Minerals (SEML) reported healthy 4QFY2013 numbers. The net
sales grew by 5.8% yoy to `315cr mainly driven by healthy performance from steel
business. The EBITDA however declined by 3.9% yoy to `71cr due to higher staff
costs and other expenses. The interest costs decreased by 77.4% yoy to `8cr and
the other income declined by 95.5% yoy to `2cr. The company got a tax benefit of
`1cr compared to a tax expense of `24cr in 4QFY2012 and as a result the net
profit of the company increased by 34.0% yoy to `50cr. We maintain our Buy
rating on the stock with a target price of `153.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
1,494
FY2015E
1,568
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
19.1
112 31.3
11.3
3.4
0.4
2.9
0.6
20.3
131 36.5
11.9
2.9
0.3
2.3
0.5
(` cr)
Siyaram Silk Mills (CMP: `262/ TP: ` 331/ Upside: 26%)

For 4QFY2013, Siyaram Silk Mills (SSM) reported numbers mixed set of numbers.
The company's top line grew by 8.3% yoy to `290cr, in-line with our estimate of
`296cr for the quarter. However, the company disappointed on the operating
margin front as it came in at 91bp lower to 10.3% for the quarter against our
estimate of 13.0% mainly due to higher than expected raw material cost as a per
cent of net sales. On yoy basis, the operating margin dipped by 177bp yoy mainly
because of higher other expense. Interest outgo for the quarter was `5cr, against
our estimate of `10cr and depreciation cost for the quarter stood at `6cr, against
our estimate of `11cr. Consequently, the company reported a bottomline of `13cr,
23.8% lower yoy, in line with our expectation.
On annual basis, the companys top line grew by 13.7% to `1,041cr against our
estimate of 1,048cr. Due to higher than expected raw material cost, the
companys operating margin stood at 10.6%, 69bp lower than our estimate of
11.3%. The interest cost as a per cent of loan decreased from 11.2% to 10.4%
leading to an interest outgo of `29cr. Also, depreciation cost for the year stood at
`22cr, against our estimate of `27cr. The companys profit for the year dipped
Market Outlook
May 28, 2013
marginally by 3.0% as compared to FY2012 and came at `55cr, in line with our
expectation.
During the year the company installed 129 looms and 101 garment machines and
further plans to add 50 looms and 100 garment machines in FY2014E. Also, the
company has signed 27 franchise agreements in the first two months of FY2014
out of targeted 90 for the full year for strengthening and improving brand visibility.
At CMP of `262, the stock is trading at a PE of 3.2x FY2015E earnings. We
maintain our Buy recommendation on the stock with a revised target price of `331
based on a target P/E of 4.0x for FY2015E.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
1,157
FY2015E
1,320
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
(`)
(%)
(x)
(x)
(x)
(x)
11.9
68 72.2
19.7
3.6
0.7
3.7
0.4
11.8
78 82.8
19.0
3.2
0.6
3.5
0.4
(` cr)
Result Preview
Sun Pharmaceutical Industries (CMP: `1015/ TP: -/ Upside: -)
Among the large-caps in our coverage universe, for 4QFY2013, Sun Pharma is
likely to clock 20.2% yoy growth on the sales front (`2,800cr), led by both exports
and domestic sales. The OPM would decline by 200bp to around 42.9%. The net
profit is likely to grow 21.5% yoy during the quarter (`997cr). We are neutral on
the stock.
Y/E
March
Sales
OPM
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,563
42.6 3,086 29.8
18.6
19.2
6.0
17.1
7.3
FY2015E
14,698
42.6 3,680 35.5
20.3
19.3
5.1
13.9
5.9
GAIL (CMP: `326 /TP: -/ Upside: -)

GAIL is expected to announce its 4QFY2013 results today. We expect the
companys top-line to grow by 15.1% yoy to `12,038cr on account of higher
volumes and operating margin is expected to expand by 629bp yoy to 13.3%. On
the bottom-line front, we expect GAIL to report an increase of 72.9% yoy to `835cr
due to lower base. We maintain our Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BVEV/EBITDAEV/Sales
(x)
(x)
(x)
FY2014E 55,815
15.3
4,556
35.9
17.0
9.1
1.4
4.1
0.6
FY2015E 63,013
15.2
5,259
41.5
17.1
7.9
1.3
2.9
0.4
Colgate Palmolive (CMP: `1,491/TP:-/Upside: -)

Colgate Palmolive is expected to declare its 4QFY2013 results today. We expect
the top-line to grow by 17.9% yoy to `809cr. OPM is expected to decline by 497bp
yoy to 17.3%. Bottom-line is expected to remain flat at `130cr. We maintain our
Neutral recommendation on the stock.
Market Outlook
May 28, 2013
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,588
21.1
608 44.7
98.3
33.3
29.6
27.5
5.5
FY2015E
4,130
21.6
705 51.9
88.0
28.7
22.1
23.1
4.7
Hindalco (CMP: `111/ TP:-/ Upside :-)

Hindalco is slated to report its 4QFY2013 results today. We expect standalone net
sales to decline by 8.0% yoy to `6,959cr. However, EBITDA margin is expected to
expand by 25bp yoy to 11.7% on account of better profitability from copper
segment. Net profit is expected to decrease by 17.5% yoy to `528cr. We maintain
our Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BVEV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
88,987
9.2
2,640
13.8
7.6
8.0
0.6
6.4
0.6
FY2015E
94,163
9.7
3,037
15.9
8.1
7.0
0.5
5.6
0.5
Tata Global (CMP: `144/TP:-/Upside: -)

Tata Global is expected to declare its 4QFY2013 results today. We expect the topline to grow by 5.1% yoy to `1,812cr. OPM is expected to decline by 54bp yoy to
7.4%. Bottom-line is expected to increase by 15.7% yoy to `98cr. We maintain our
Neutral recommendation 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)
FY2014E
7,998
9.7
487
7.9
9.5
18.2
1.7
10.6
1.0
FY2015E
8,798
9.8
537
8.7
9.8
16.5
1.6
9.3
0.9
PVR (CMP: `328/TP: -/Upside: - %)

For 4QFY2013, we expect PVR to report robust 40% yoy growth in top-line to
`164cr, on back of good performance in movie exhibition business, with many
successful releases during the quarter. The companys EBITDA margin is likely to
expand by robust 1,353bp yoy to 17.1% (aided by very low base effect).
Consequently, Net profit is expected to be `6cr. At the current market price, PVR is
trading at 14.3x FY2015E consolidated EPS of `22.9. We believe the stock is fairly
valued and hence, maintain our Neutral rating on the stock.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
P/BV EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,343 18.8
73
18.3
10.6
17.9
1.8
5.6
0.9
FY2015E
1,521 18.9
91
22.9
12.3
14.3
1.7
4.8
0.8
Dishman Pharma (CMP: `69/ TP: -206/ Upside: - 198.5%)

Dishman Pharmaceutical is expected to report a top-line growth of 2.2% to
`358cr. The OPM is expected to contract by 60bp yoy to 22.9%. As a result, net
profit is expected to decrease by 8.6% yoy to `28.6cr on back of contraction in
OPM. We maintain our buy with a target of 206.
Market Outlook
May 28, 2013
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,536
20.2 124.3 15.4
11.6
4.6
0.5
4.9
1.0
FY2015E
1,739
20.9 166.3 20.6
13.7
3.4
0.4
3.9
0.8
Indoco Remedies (CMP: `60/ TP: -89/ Upside: - 48.3%)

Indoco Remedies is expected to report a top-line growth of 18.9% to `176cr. The
OPM is expected to expand by 230bp yoy to 16.9%, driven by growth in domestic
formulation sales. As a result, net profit is expected to increase by 81.0% yoy to
`22.7cr on back of improvement in OPM. We maintain our buy with a target of
89.
Y/E
Sales
OPM
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
PAT EPS
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
774
15.2
66.5
7.2
14.5
8.3
1.1
6.1
0.9
FY2015E
938
15.2
82.4
8.9
15.8
6.7
1.0
5.1
0.8
Quarterly Bloomberg Brokers Consensus Estimate

Colgate (28/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
797
686
16
763
EBITDA
181
170
150
21
EBITDA margin (%)
22.7
24.8
Net profit
141
131
111
27
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
11,737
10,455
12
12,474
(6)
87
2,002
(28)
19.7
Gail (28/05/2013)
Particulars (` cr)
Net sales
EBITDA
1,439
768
EBITDA margin (%)
12.3
7.3
Net profit
875
483
81
1,285
(32)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
7,016
7,563
(7)
6,790
626
865
(28)
582
8.9
11.4
378
640
(41)
434
(13)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
56,232
52,394
52,751
7,148
5,516
30
1,051
580
13
11
6,735
4,631
16.0
Hindalco Industries (28/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
8.6
HPCL (28/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
2
45
147
4478
Market Outlook
May 28, 2013
NHPC (28/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,157
1,386
(17)
912
27
EBITDA
667
994
(33)
614
EBITDA margin (%)
57.7
71.8
Net profit
449
802
Net sales
67.3
(44)
312
44
Power Grid Corporation (28/05/2013)

Particulars (` cr)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,116
1,032
1,129
(1)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,012
763
33
1,027
(1)
Rural Electrification (28/05/2013)

Particulars (` cr)
Net profit
Sun Pharmaceutical Consolidated (28/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
2,992
2,330
28
2,852
EBITDA
33
1,275
1,285
963
EBITDA margin (%)
42.9
41.3
Net profit
912
820
44.7
11
881
Tata Global Beverage Consolidated (28/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,890
1,724
10
1,902
(1)
EBITDA
199
187
203
(2)
EBITDA margin (%)
10.5
10.9
99
54
83
80
24
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
63,060
64,642
(2)
62,340
6,344
5,064
25
2,287
177
10.1
4,531
3,963
14
1,648
175
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,071
1,814
14
2,031
EBITDA
475
399
19
493
(4)
EBITDA margin (%)
22.9
22.0
Net profit
334
292
15
339
(1)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
458
423
625
(27)
91
413
(27)
Net sales
Net profit
10.7
BPCL (29/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
Cipla (29/05/2013)
Particulars (` cr)
Net sales
24.3
HDIL Consolidated (29/05/2013)

Particulars (` cr)
Net sales
EBITDA
300
157
EBITDA margin (%)
65.5
37.2
Net profit
164
156
66.1
5
316
(48)
Market Outlook
May 28, 2013
NMDC (29/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
2,831
2,594
2,047
38
EBITDA
2,109
1,976
1,391
52
74.5
76.2
1,725
1,642
1,293
33
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
19,621
18,819
20,987
(7)
9,912
8,020
24
9,272
50.5
42.6
4,738
5,644
EBITDA margin (%)

Net profit
68.0
ONGC (29/05/2013)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
44.2
(16)
5,563
(15)
Tata Motors Consolidated (29/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
51,536
50,609
45,821
12
6,814
6,745
5,657
20
13.2
13.3
2,727
6,234
(56)
1,801
51
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
12.3
DLF Consolidated (30/05/2013)

Particulars (` cr)
Net sales
2,053
2,617
(22)
1,310
57
EBITDA
794
798
(0)
87
812
EBITDA margin (%)
38.7
30.5
Net profit
156
212
6.6
(26)
285
(45)
GMR Infra Consolidated (30/05/2013)

Particulars (` cr)
Net sales
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,199
2,099
2,356
(7)
142
584
12
EBITDA
652
269
EBITDA margin (%)
29.7
12.8
(108)
(366)
Net profit
24.8
(70)
(216)
(50)
Indian Oil Corp (30/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
126,700
127,700
(1)
115,300
10
18,061
14,750
22
5,372
236
14.3
12
13,305
12,670
5
5
3,332
299
Mahindra & Mahindra (30/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
10,085
9,241
10,643
(5)
1,178
865
36
1,211
(3)
EBITDA margin (%)
11.7
9.4
Net profit
780
874
Net sales
EBITDA
11.4
(11)
836
(7)
Market Outlook
May 28, 2013
Power Finance Corporation (30/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,121
818
37
1,117
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
12,208
13,397
(9)
10,495
16
1,649
1,871
(12)
1,138
45
EBITDA margin (%)
13.5
14.0
Net profit
815
1,577
Net profit
SAIL (30/05/2013)
Particulars (` cr)
Net sales
EBITDA
10.8
(48)
484
68
Tata Power Consolidated (30/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
9,281
7,170
29
8,992
EBITDA
1,773
1,460
21
1,855
(4)
EBITDA margin (%)
19.1
20.4
Net profit
284
(629)
20.6
(145)
(329)
Economic and Political News
Economists see Q4FY2013 GDP at 4.8%

High subsidy burden due to Food Bill is exaggeration: Plan Com
BofA-ML sees 25 bps cut in repo, CRR in June review
Corporate News
Diageo gets 10% stake in United Spirits

Dabur expands packaged food biz; launches drinking yoghurts
Britannia restructures operations to boost growth
Kalanithi Maran to sell 2% equity share in Sun TV through OFS
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(186)
Market Outlook
May 28, 2013
Result Calendar
Date
May 28, 2013
May 29, 2013
May 30, 2013
Company
GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, Tata Comm,
CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, Godawari Ispat, PVR, Cravatex
ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, Monnet Ispat, BGR Energy , Anant Raj,
Madhucon Proj, Jyoti Structures, J K Lakshmi Cements, Greenply
IOC, M&M, SAIL, DLF, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Central Bank, Suzlon
Energy, GSPL, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCL
Infra, Patel Engg.
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
May 29, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
May
4.00
5.00
May 30, 2013
6:00PM
US
Thousands
May 25
340.00
340.00
2:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
May F
(21.90)
(21.90)
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q S
2.50
2.50
May 31, 2013
11:00AM
India
Qtrly GDP YoY%
% Change
1Q
4.50
4.80
June 1, 2013
6:30AM
China
PMI Manufacturing
Value
May
50.60
50.00
June 3, 2013
1:25PM
Germany PMI Manufacturing
Value
May F
49.00
--
2:00PM
UK
Value
May
49.80
--
1:25PM
Germany PMI Services
Value
May F
49.80
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
--
4:30PM
UK
% Ratio
Jun 6
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jun 6
0.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
165.00
162.50
6:00PM
US
Unnemployment rate
May
7.50
7.50
4:29PM
China
Exports YoY%
% Change
May
14.70
--
June 5, 2013
June 6, 2013
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
Initial Jobless claims
PMI Manufacturing
BOE Announces rates
Unit
Period
Bloomberg Data
Last Reported Estimated
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
--
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
--
4:29PM
India
Imports YoY%
% Change
May
10.96
--
4:29PM
India
Exports YoY%
% Change
May
1.68
--
June 11, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(1.40)
--
June 12, 2013
2:00PM
UK
Jobless claims change
% Change
May
(7.30)
--
11:00AM
India
Industrial Production YoY
% Change
Apr
2.50
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
May F
1.20
--
6:00PM
US
Producer Price Index (mom)
% Change
May
(0.70)
--
6:45PM
US
Industrial Production
May
(0.53)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
May
4.89
--
11:00AM
India
RBI Repo rate
Jun 17
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Jun 17
4.00
--
11:00AM
India
RBI Reverse Repo rate
Jun 17
6.25
--
2:00PM
UK
CPI (YoY)
% Change
May
2.40
--
6:00PM
US
Housing Starts
Thousands
May
853.00
--
6:00PM
US
Building permits
Thousands
May
1,005.00
--
6:00PM
US
Consumer price index (mom)
% Change
May
(0.40)
--
June 14, 2013
June 17, 2013
June 18, 2013
Market Outlook
May 28, 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)
8.0
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
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
May-12
9.0
Source: CSO, Angel Research
Services PMI
8.1
7.3
7.2
7.3
7.3
56.0
6.8
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
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
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
50.0
May-12
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
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
15.0
Reverse Repo rate
CRR
7.50
8.00
7.00
6.50
6.00
5.00
4.00
4.00
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(15.0)
Apr-12
3.00
Mar-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
May 28, 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
2,638
1,657
1,906
14.1
14.1
7.7
8.9
17.6
15.2
3.7
3.1
22.2
21.9
1.6
1.3
United Phosphorus
Buy
156
232
6,902
10,298
11,310
16.5
16.5
20.5
23.2
7.6
6.7
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
266
285
4,537
3,418
3,892
14.5
14.5
18.5
20.4
14.4
13.0
3.5
2.8
26.6
23.8
1.3
1.1
Apollo Tyres
Buy
90
104
4,549
13,852
15,487
11.4
11.5
12.8
14.9
7.0
6.1
1.1
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Buy
24
27
6,332
14,038
16,442
7.6
8.7
1.1
2.2
22.8
10.7
2.0
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
251
379
834
965
9.3
10.6
17.3
27.1
14.5
9.3
1.4
1.3
9.5
14.0
0.5
0.5
Bajaj Auto
Accumulate
1,817
2,056
52,566
22,684
25,908
18.0
18.5
117.3
137.1
15.5
13.3
5.6
4.4
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
232
5,411
6,198
6,793
14.6
14.9
14.5
17.3
16.0
13.4
2.1
1.9
13.6
14.7
1.0
0.8
Bosch India*
Neutral
9,048
28,411
9,821
11,394
17.0
17.3
373.5
438.7
24.2
20.6
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
112
170
385
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
140
150
11,904
7,053
8,061
14.2
14.5
7.8
9.1
17.9
15.3
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,449
2,408
1,525
1,742
14.5
15.7
88.4
109.5
16.4
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,661
1,819
33,171
25,274
27,658
14.1
13.7
110.2
139.9
15.1
11.9
5.5
4.3
39.8
40.7
1.1
0.9
JK Tyre
Buy
118
154
483
7,972
8,754
7.1
7.1
37.5
44.0
3.1
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
952
58,442
44,550
50,260
11.4
11.7
59.6
68.3
16.0
13.9
3.3
2.8
22.3
21.6
1.1
0.9
Maruti
Accumulate
1,649
1,847
49,815
48,455
55,723
11.2
10.9
107.8
123.2
15.3
13.4
2.3
2.0
16.2
16.0
0.9
0.7
Motherson Sumi
Accumulate
215
222
12,645
28,442
31,493
7.5
7.8
12.5
14.8
17.2
14.6
4.2
3.4
27.5
25.8
0.6
0.5
Subros
Buy
25
30
148
1,479
1,685
10.0
9.9
5.5
7.5
4.5
3.3
0.5
0.4
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
294
324
78,834 206,341 227,695
12.8
13.5
32.3
39.0
9.1
7.6
1.9
1.6
23.1
23.2
0.4
0.4
TVS Motor
Neutral
37
1,746
7,715
8,584
6.0
6.1
5.0
5.8
7.4
6.4
1.3
1.1
18.1
18.5
0.2
0.1
Capital Goods
ABB*
Sell
664
461
14,061
8,073
9,052
5.5
6.9
11.5
16.9
57.6
39.2
5.2
5.0
9.3
13.1
1.7
1.5
BGR Energy
Neutral
193
1,394
4,114
4,886
11.4
10.7
24.9
28.0
7.8
6.9
1.0
0.9
25.2
22.6
0.6
0.6
BHEL
Neutral
197
48,157
44,054
39,326
16.8
15.1
20.6
16.1
9.6
12.2
2.1
1.9
23.5
16.1
1.0
1.0
Blue Star
Buy
168
230
1,507
2,896
3,087
5.6
6.2
9.3
11.7
18.0
14.3
3.0
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
94
117
6,033
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
Buy
28
34
230
3,074
3,355
9.0
8.8
8.7
10.2
3.2
2.8
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
43
63
1,100
7,709
8,399
6.7
7.2
6.1
8.5
7.1
5.0
0.9
0.8
20.2
23.0
0.3
0.3
Thermax
Neutral
585
6,968
5,780
6,430
9.5
9.6
29.8
33.0
19.6
17.7
3.3
2.9
17.9
17.4
1.0
0.9
1,243
1,361
23,332
11,979
13,254
19.7
21.3
77.1
91.4
16.1
13.6
2.9
2.6
18.7
20.0
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
May 28, 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
186
28,640
10,232
11,762
23.5
24.5
10.3
12.2
18.0
15.3
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
70
2,163
4,777
5,276
17.3
17.1
8.8
10.9
8.0
6.5
0.6
0.6
7.5
8.8
0.8
0.7
J K Lakshmi Cement
Buy
102
143
1,204
2,313
2,728
19.8
20.7
16.1
22.1
6.4
4.6
0.8
0.7
13.2
15.8
1.1
0.8
Madras Cements
Neutral
249
5,933
4,293
4,855
27.4
28.6
21.8
28.2
11.5
8.8
2.1
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,978
17,343
6,540
7,452
27.4
26.6
319.7
369.9
15.6
13.5
3.8
3.1
27.5
25.4
2.0
1.5
UltraTech Cement
Neutral
2,007
55,039
21,947
25,049
23.8
23.8
106.1
119.8
18.9
16.8
3.1
2.7
17.7
17.3
2.5
2.2
200
255
1,054
1,928
2,234
21.0
21.5
18.0
22.2
11.2
9.0
1.0
0.9
10.2
10.1
1.9
1.9
11
208
2,281
2,492
5.9
6.9
0.7
2.0
16.5
5.6
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
125
157
4,145
3,997
4,312
45.5
46.4
15.7
16.6
7.9
7.5
1.2
1.0
15.2
14.5
3.4
3.7
ITNL
Buy
173
230
3,355
7,444
8,041
27.4
28.9
29.8
32.1
5.8
5.4
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
19
35
591
6,287
6,836
8.5
8.5
2.3
3.0
8.2
6.3
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
69
90
15,312
14,850
15,631
24.9
25.1
2.5
2.9
27.3
24.2
1.1
1.1
4.2
4.7
2.8
2.8
Larsen & Toubro
Buy
1,465
1,761
90,243
68,946
78,040
10.5
10.5
77.9
88.3
18.8
16.6
2.8
2.4
15.5
15.6
1.4
1.3
Nagarjuna Const.
Buy
32
42
825
6,167
6,945
8.0
8.2
2.7
3.6
12.0
8.8
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
47
1,556
12,954
14,740
9.9
9.9
0.5
0.9
92.3
50.3
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
109
153
1,646
2,511
2,736
10.6
10.6
7.3
7.8
15.0
14.0
1.9
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
106
164
523
6,824
7,563
9.2
9.4
18.0
23.4
5.9
4.5
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
32
45
237
2,455
2,734
13.4
13.0
14.6
14.9
2.2
2.2
0.3
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
124
144
6,200
6,876
7,545
2.6
2.5
28.2
30.9
4.4
4.0
0.6
0.6
12.8
12.7
Andhra Bank
Neutral
88
4,947
5,254
5,900
2.8
2.8
21.2
22.9
4.2
3.9
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,477
1,853
69,186
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
684
851
28,797
16,365
18,781
2.2
2.3
121.3
142.5
5.6
4.8
0.8
0.7
15.1
15.7
Bank of India
Buy
299
350
17,794
14,482
16,383
2.3
2.3
58.1
68.1
5.1
4.4
0.8
0.7
14.4
15.0
Bank of Maharashtra
Accumulate
58
64
3,830
4,392
4,743
3.1
3.0
12.6
13.7
4.6
4.2
0.7
0.6
16.8
16.0
Canara Bank
Accumulate
430
481
19,029
11,928
13,467
2.1
2.2
74.8
86.0
5.7
5.0
0.8
0.7
13.7
14.2
Central Bank
Neutral
67
7,020
8,249
9,211
2.4
2.5
14.9
18.2
4.5
3.7
0.7
0.6
12.5
13.8
Corporation Bank
Buy
417
495
6,381
5,558
6,121
2.0
2.0
98.4
107.7
4.2
3.9
0.6
0.6
14.9
14.5
Dena Bank
Accumulate
89
97
3,100
3,187
3,582
2.3
2.4
23.8
25.5
3.7
3.5
0.6
0.5
15.9
15.1
Federal Bank
Neutral
457
7,807
2,873
3,413
3.0
3.1
52.7
62.0
8.7
7.4
1.1
1.0
13.4
14.2
Financials
Market Outlook
May 28, 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
928
143,555
8,573
10,142
3.6
3.6
37.0
43.6
25.1
21.3
5.2
4.6
30.0
30.3
HDFC Bank
Neutral
715
170,264
27,682
33,916
4.6
4.6
35.3
42.7
20.3
16.8
4.0
3.4
21.3
21.8
ICICI Bank
Buy
1,219
1,503
140,656
25,705
30,330
3.1
3.2
83.9
96.3
14.5
12.7
1.9
1.8
15.2
15.7
IDBI Bank
Accumulate
85
93
11,389
9,477
10,678
2.0
2.1
19.6
22.6
4.4
3.8
0.5
0.5
12.8
13.4
Indian Bank
Buy
151
185
6,496
6,185
6,978
3.0
3.0
37.0
42.2
4.1
3.6
0.6
0.5
14.8
15.1
IOB
Accumulate
61
66
5,642
8,142
8,956
2.5
2.5
16.5
20.7
3.7
3.0
0.5
0.4
11.8
13.4
J & K Bank
Accumulate
1,256
1,315
6,090
3,074
3,140
3.5
3.2
224.7
201.5
5.6
6.2
1.1
1.0
20.6
16.1
LIC Housing Finance
Accumulate
274
298
13,850
2,113
2,525
2.3
2.3
25.4
29.2
10.8
9.4
1.9
1.7
18.4
18.3
Oriental Bank
Accumulate
259
285
7,549
6,835
7,588
2.6
2.6
56.5
63.8
4.6
4.1
0.6
0.6
13.1
13.4
Punjab Natl.Bank
Buy
802
994
28,352
20,876
23,929
3.3
3.4
151.7
177.0
5.3
4.5
0.9
0.7
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
Buy
Vijaya Bank
Yes Bank
25
3,358
1,839
2,091
2.9
2.8
4.2
4.5
6.0
5.6
1.1
0.9
18.2
17.0
2,162
2,637
147,861
67,243
76,612
3.1
3.0
242.4
284.8
8.9
7.6
1.4
1.2
16.3
16.8
132
142
7,925
7,238
8,249
2.7
2.6
27.1
30.4
4.9
4.3
0.7
0.7
16.1
15.9
78
5,904
6,250
6,738
2.6
2.5
12.1
14.7
6.5
5.4
1.0
0.8
11.8
13.0
228
260
13,592
11,229
12,794
2.6
2.6
40.7
48.2
5.6
4.7
0.8
0.7
14.6
15.4
54
65
2,029
3,443
3,998
2.4
2.6
15.1
20.4
3.6
2.7
0.5
0.4
12.1
14.8
Neutral
52
2,577
2,730
3,059
1.9
2.0
10.2
11.3
5.1
4.6
0.6
0.6
11.8
12.0
Neutral
518
18,620
4,390
5,411
2.8
2.8
41.6
47.9
12.5
10.8
2.6
2.2
23.2
22.1
Asian Paints
Neutral
4,828
46,310
12,332
14,524
16.5
16.3
141.6
162.7
34.1
29.7
10.8
8.6
35.4
32.2
3.6
3.0
Britannia
Neutral
666
7,964
6,417
7,446
5.1
5.5
20.3
25.2
32.9
26.5
11.2
8.8
37.4
37.3
1.0
0.8
Colgate
Neutral
1,491
20,274
3,588
4,130
21.1
21.6
44.7
51.9
33.3
28.8
29.6
22.1
98.3
88.0
5.3
4.6
Dabur India
Neutral
158
27,565
7,183
8,340
16.8
16.8
5.4
6.3
29.4
25.1
11.5
8.9
41.5
40.1
3.8
3.2
GlaxoSmith Con*
Neutral
5,004
21,044
3,617
4,259
16.1
16.4
122.2
148.7
41.0
33.7
12.7
10.2
34.1
33.7
5.2
4.3
Godrej Consumer
Neutral
833
28,359
7,801
9,017
16.2
15.9
25.1
29.7
33.2
28.1
7.1
5.9
24.9
24.2
3.7
3.2
HUL
Neutral
592
127,932
29,167
33,164
13.6
13.7
17.1
18.4
34.6
32.2
33.3
24.1
113.4
87.0
4.2
3.7
ITC
Neutral
334
263,724
34,294
39,991
36.8
37.0
11.3
13.3
29.6
25.0
9.8
7.9
36.1
34.9
7.3
6.2
Marico
Neutral
225
14,482
5,273
6,044
14.8
14.9
7.3
8.7
31.0
25.9
6.0
5.0
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,228
50,407
9,447
10,968
22.1
22.3
127.5
154.1
41.0
33.9
20.5
14.8
57.7
50.7
5.4
4.5
Tata Global
Neutral
144
8,886
7,998
8,798
9.7
9.8
7.9
8.7
18.2
16.5
2.2
2.1
9.5
9.8
1.0
0.9
FMCG
Market Outlook
May 28, 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
741
863
51,642
28,633
32,216
21.5
20.7
57.3
61.7
12.9
12.0
3.1
2.6
24.0
21.5
1.6
1.4
Hexaware*
Buy
85
96
2,537
2,091
2,289
19.0
18.8
10.6
11.3
8.0
7.5
1.8
1.6
22.8
21.7
1.0
0.9
Infosys
Accumulate
2,366
2,465
135,884
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
2.1
Infotech Enterprises
Accumulate
168
185
1,875
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.7
1.2
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
108
135
2,084
2,513
2,819
16.1
15.5
12.6
14.0
8.6
7.7
1.5
1.2
17.9
16.6
0.8
0.6
Mahindra Satyam
Accumulate
110
126
12,904
8,278
9,062
20.3
20.1
10.5
11.4
10.4
9.6
2.4
1.9
23.1
20.0
1.2
0.9
Mindtree
Buy
805
920
3,342
2,599
2,871
19.4
19.2
85.2
92.3
9.5
8.7
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Reduce
440
395
9,246
6,096
6,646
17.6
17.4
38.1
41.6
11.6
10.6
1.6
1.4
14.2
13.7
1.0
0.8
NIIT
Buy
23
30
378
1,144
1,267
9.0
9.1
4.3
5.4
5.3
4.3
0.6
0.5
10.3
12.0
0.1
Persistent
Buy
514
593
2,056
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
1,498
1,585
293,113
71,833
81,893
28.4
28.0
78.5
88.0
19.1
17.0
5.8
4.8
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
954
1,170
12,250
7,779
8,398
19.7
19.3
107.4
117.8
8.9
8.1
1.9
1.5
21.2
19.0
1.6
1.4
Wipro
Accumulate
340
385
83,772
40,173
43,697
20.4
20.6
26.2
28.5
13.0
11.9
2.6
2.2
19.7
18.4
1.5
1.3
D B Corp
Buy
255
290
4,673
1,750
1,925
25.1
26.6
14.2
16.8
17.9
15.2
3.9
3.3
23.4
23.4
2.5
2.2
HT Media
Buy
100
117
2,353
2,205
2,380
15.1
15.6
8.3
9.1
12.1
11.0
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
89
121
2,962
1,698
1,908
23.9
24.5
7.4
8.4
12.1
10.7
3.1
2.7
26.7
26.8
1.9
1.7
PVR
Neutral
328
1,298
1,343
1,521
18.8
18.9
18.3
22.9
17.9
14.3
1.7
1.8
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
417
16,441
2,287
2,551
69.7
70.5
20.0
23.3
20.9
17.9
5.2
4.5
26.4
27.3
6.7
5.9
Bhushan Steel
Neutral
465
10,541
13,794
17,335
30.7
34.8
48.9
83.6
9.5
5.6
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Accumulate
314
345
198,018
72,174
76,311
33.3
28.4
28.4
30.9
11.0
10.2
3.0
2.6
37.6
36.2
1.9
1.7
Electrosteel Castings
Buy
17
24
552
1,976
2,017
11.8
12.7
1.3
2.6
13.4
6.5
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
136
213
4,326
1,944
2,317
49.9
51.7
20.8
25.6
6.6
5.3
1.5
1.2
24.3
24.6
1.8
1.3
Hind. Zinc
Buy
121
145
50,978
12,358
13,659
51.4
51.6
16.0
17.6
7.5
6.9
1.4
1.2
19.4
18.4
1.7
1.2
Hindalco
Neutral
111
21,156
88,987
94,163
9.2
9.7
13.8
15.9
8.0
7.0
0.6
0.6
7.6
8.1
0.6
0.5
JSW Steel
Neutral
720
16,053
39,973
40,926
17.2
17.0
71.9
82.8
10.0
8.7
0.9
0.8
9.0
9.6
0.8
0.7
MOIL
Buy
203
243
3,411
954
1,062
45.5
47.4
26.1
29.1
7.8
7.0
1.1
1.0
15.1
15.2
1.1
0.8
Monnet Ispat
Buy
168
291
1,071
2,883
3,181
21.7
23.6
40.3
57.7
4.2
2.9
0.4
0.3
10.1
13.0
1.2
1.0
Nalco
Neutral
35
8,904
8,187
8,416
14.5
14.7
3.2
3.3
10.8
10.6
0.7
0.7
6.8
6.7
0.5
0.5
NMDC
Buy
118
179
46,803
10,329
12,540
73.8
75.0
16.6
19.0
7.1
6.2
1.4
1.2
20.6
20.2
2.3
1.8
Media
Metals & Mining
Market Outlook
May 28, 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
61
25,070
53,685
64,183
9.3
12.2
5.5
8.3
11.1
7.4
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
164
14,236
3,742
4,426
32.9
32.8
30.0
29.8
5.5
5.5
0.7
0.6
14.3
12.5
4.5
3.7
Sterlite Inds
Accumulate
96
100
32,313
44,462
45,568
23.2
24.7
18.1
20.2
5.3
4.8
0.6
0.5
11.3
11.4
0.6
0.6
Tata Steel
Buy
317
378
30,788 140,917 151,537
9.7
10.8
30.9
47.6
10.3
6.7
1.0
0.8
9.6
13.4
0.6
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
38
45
505
2,615
2,776
12.1
12.0
9.8
10.4
3.8
3.6
0.2
0.2
6.5
6.5
0.4
0.4
Buy
82
118
269
2,425
2,552
13.7
14.8
33.5
45.3
2.5
1.8
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
286
345
54,615
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.7
16.5
13.6
1.9
1.6
GAIL
Neutral
326
41,327
55,815
63,013
15.3
15.2
35.9
41.5
9.1
7.9
1.5
1.3
17.0
17.1
0.6
0.4
ONGC
Accumulate
327
354
279,722 157,962 175,367
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
828
267,469 380,031 407,721
9.9
69.3
69.3
78.0
12.0
10.6
1.2
1.1
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
241
3,092
3,707
3,850
11.7
12.4
23.7
25.7
10.2
9.4
2.8
2.5
29.6
28.2
0.7
0.6
Indraprastha Gas
Neutral
281
3,930
3,700
4,218
23.4
22.8
26.6
30.4
10.5
9.2
2.2
1.8
22.6
21.7
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
141
167
10,545
40,356
40,872
5.8
6.4
15.0
16.7
9.4
8.4
2.0
1.7
23.0
21.5
0.3
0.3
58
3,264
1,079
983
91.8
91.9
8.8
7.8
6.6
7.4
1.1
1.0
17.8
14.1
2.8
3.0
Alembic Pharma
Buy
117
139
2,203
1,736
2,008
17.1
18.9
10.7
13.9
10.9
8.4
3.4
2.6
35.0
34.7
1.3
1.1
Aurobindo Pharma
Buy
178
264
5,182
6,279
7,033
16.0
16.0
15.2
19.2
11.7
9.3
1.6
1.3
19.2
18.0
1.3
1.1
Aventis*
Neutral
2,506
5,772
1,682
1,917
16.6
16.6
92.4
99.1
27.1
25.3
3.8
3.8
15.7
14.8
3.0
2.5
Cadila Healthcare
Buy
786
962
16,097
7,386
8,863
18.0
18.0
39.5
48.1
19.9
16.4
4.5
3.7
24.8
24.7
2.5
2.0
Cipla
Accumulate
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
3.3
2.8
Dr Reddy's
Buy
2,090
2,535
35,477
13,377
15,350
20.4
20.1
112.3
126.8
18.6
16.5
4.0
3.3
23.5
21.8
2.7
2.3
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
69
206
559
1,536
1,739
20.2
20.9
15.4
20.6
4.5
3.4
0.5
0.4
11.6
13.7
1.0
0.8
2,283
19,337
2,854
3,145
28.6
28.6
76.6
83.3
29.8
27.4
8.9
8.1
31.1
31.0
5.9
5.3
Buy
60
89
553
774
938
15.2
15.2
7.2
8.9
8.3
6.7
1.1
1.0
14.5
15.8
0.9
0.8
Ipca labs
Buy
572
676
7,223
3,474
4,168
21.0
21.0
37.3
45.1
15.4
12.7
3.6
2.9
26.4
25.3
2.2
1.8
Lupin
Accumulate
760
877
34,020
11,641
13,933
21.3
21.3
34.8
41.8
21.8
18.2
5.1
4.0
26.2
24.8
3.0
2.4
Ranbaxy*
Neutral
405
17,127
11,400
12,060
10.5
12.5
17.5
22.5
23.1
18.0
3.7
3.2
17.0
19.1
1.4
1.3
Sun Pharma
Neutral
1,015
104,934
12,563
14,698
42.6
42.6
29.8
35.5
34.1
28.6
6.0
5.1
19.2
19.3
7.4
6.1
74
78
1,115
1,535
1,570
31.9
31.6
13.1
14.1
5.6
5.2
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
May 28, 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
153
163
125,743
76,734
86,680
24.5
24.3
13.4
14.5
11.4
10.5
1.4
1.3
12.8
12.7
2.3
2.2
DLF
Buy
215
288
38,344
9,699
12,010
37.0
36.9
6.0
8.4
36.1
25.6
1.4
1.3
3.8
5.1
5.3
4.3
MLIFE
Buy
394
476
1,609
888
1,002
30.6
30.6
38.8
43.4
10.1
9.1
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
309
338
117,401
86,592
95,860
31.4
31.8
10.9
14.5
28.4
21.3
2.2
2.0
7.7
9.3
2.0
1.6
Idea Cellular
Neutral
135
44,640
25,122
27,663
27.0
27.2
4.0
4.8
33.9
28.3
2.8
2.6
8.3
9.1
2.1
1.9
Rcom
Neutral
114
23,540
22,801
24,628
31.0
31.3
3.6
5.3
32.0
21.7
0.7
0.7
2.2
3.1
2.6
2.2
1,437
1,659
3,054
1,863
2,081
11.8
12.4
71.2
83.0
20.2
17.3
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
168
237
1,678
3,929
4,480
7.4
7.7
15.5
19.7
10.9
8.5
1.9
1.6
17.4
18.7
0.4
0.4
Cera Sanitaryware
Buy
457
562
578
630
795
14.4
13.6
42.8
51.1
10.7
8.9
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
370
566
96
308
351
7.0
7.0
39.6
47.2
9.3
7.8
2.0
1.6
21.8
21.0
0.4
0.3
Finolex Cables
Buy
54
68
825
2,563
2,899
9.8
9.8
10.1
11.3
5.4
4.8
0.8
0.7
14.3
13.8
0.2
0.2
Force Motors
Buy
349
437
455
2,304
2,649
3.1
3.6
28.0
43.7
12.5
8.0
0.4
0.4
3.1
4.7
0.1
0.1
Goodyear India*
Buy
266
345
614
1,458
1,542
8.3
9.0
32.3
37.0
8.3
7.2
1.5
1.3
19.5
19.3
0.2
0.2
Hitachi
Buy
146
177
398
1,053
1,169
6.3
7.1
13.8
17.7
10.6
8.3
1.5
1.3
15.0
16.7
0.4
0.4
2,438
2,155
1,842
2,131
7.7
7.8
112.4
132.4
21.7
18.4
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
169
198
152
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
182
234
210
1,430
1,573
11.1
11.0
19.1
26.9
9.6
6.8
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Accumulate
180
199
2,900
1,220
1,476
13.3
13.6
5.5
9.0
32.6
19.9
3.8
3.3
12.1
17.7
2.7
2.1
MRF
Reduce
15,400
14,416
6,531
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.6
8.6
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,872
3,637
4,318
1,047
1,281
19.6
19.8
127.3
158.1
30.4
24.5
14.5
10.6
54.9
50.0
4.2
3.5
Relaxo Footwears
Buy
641
791
769
1,146
1,333
10.9
11.4
45.9
60.9
14.0
10.5
2.9
2.3
23.0
24.6
0.8
0.7
Siyaram Silk Mills
Buy
262
331
246
1,157
1,320
11.9
11.8
72.2
82.8
3.6
3.2
0.7
0.6
19.7
19.0
0.4
0.4
Styrolution ABS India*
Buy
436
617
766
1,068
1,223
9.6
9.6
38.1
44.1
11.5
9.9
1.6
1.4
14.5
14.7
0.7
0.6
TAJ GVK
Buy
64
108
403
300
319
35.8
36.2
7.9
9.1
8.1
7.1
1.1
1.0
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
296
371
456
814
849
17.0
17.6
64.6
69.2
4.6
4.3
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
561
686
435
435
516
6.2
7.1
24.3
33.3
23.1
16.8
3.8
3.3
17.6
20.8
1.0
0.8
Tree House
Accumulate
264
275
949
150
192
52.7
52.5
12.8
16.2
20.6
16.3
2.1
1.8
10.0
11.1
5.8
4.4
TVS Srichakra
Buy
189
252
145
1,591
1,739
6.1
6.6
24.5
41.9
7.7
4.5
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,514
32,876
12,294
14,162
12.0
12.0
42.1
67.7
59.7
37.1
4.2
3.8
9.1
10.7
3.1
2.6
Market Outlook
May 28, 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
369
439
750
600
638
20.1
19.4
35.7
36.6
10.4
10.1
1.9
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 27, 2013
Market Outlook
May 28, 2013

Market Outlook, 28-05-2013

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Market Outlook

May 28, 2013

US markets were closed yesterday owing to Memorial Day holiday. Nevertheless,

OIL & GAS

up to 20,183 20,336 / 6,130 6,177 levels. However, if NIFTY trades below

19,778 19,526 / 6,006 5,929 levels.

Net Inflows (May 24, 2013)

FII Derivatives (May 27, 2013)

Jet Air India

31.7 17,504 27.7

31.7 18,703 29.6

Nalco (CMP: `35 /TP: /Upside: -)

Bhushan Steel (CMP: `435/TP: - /Upside: -)

30.7 1,038 48.9

34.8 1,775 83.6

GIPCL (CMP: `74/TP: `78/Upside: 5.4 %)

Bajaj Electricals Ltd (CMP: `168/ TP: `237/ Upside: 39%)

TTK Healthcare (CMP: `560/ TP: `667/ Upside: 19%)

Siyaram Silk Mills (CMP: `262/ TP: ` 331/ Upside: 26%)

42.6 3,086 29.8

42.6 3,680 35.5

GAIL (CMP: `326 /TP: -/ Upside: -)

Colgate Palmolive (CMP: `1,491/TP:-/Upside: -)

Hindalco (CMP: `111/ TP:-/ Upside :-)

Tata Global (CMP: `144/TP:-/Upside: -)

PVR (CMP: `328/TP: -/Upside: - %)

Dishman Pharma (CMP: `69/ TP: -206/ Upside: - 198.5%)

20.2 124.3 15.4

20.9 166.3 20.6

Indoco Remedies (CMP: `60/ TP: -89/ Upside: - 48.3%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Hindalco Industries (28/05/2013)

EBITDA margin (%)

Power Grid Corporation (28/05/2013)

Rural Electrification (28/05/2013)

Sun Pharmaceutical Consolidated (28/05/2013)

EBITDA margin (%)

Tata Global Beverage Consolidated (28/05/2013)

EBITDA margin (%)

EBITDA margin (%)

HDIL Consolidated (29/05/2013)

EBITDA margin (%)

EBITDA margin (%)

Tata Motors Consolidated (29/05/2013)

DLF Consolidated (30/05/2013)

EBITDA margin (%)

GMR Infra Consolidated (30/05/2013)

EBITDA margin (%)

Indian Oil Corp (30/05/2013)

Mahindra & Mahindra (30/05/2013)

EBITDA margin (%)

Power Finance Corporation (30/05/2013)

EBITDA margin (%)

Tata Power Consolidated (30/05/2013)

EBITDA margin (%)

Economic and Political News

Economists see Q4FY2013 GDP at 4.8%

Diageo gets 10% stake in United Spirits

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

May 29, 2013