Market Outlook, 04-06-2013

Market Outlook
June 4, 2013
Dealers Diary
The Indian markets are expected to open in the red tracking negative cues from the
Domestic Indices
SGX Nifty and mixed opening in Asian markets.
BSE Sensex
(0.8)
Nifty
(0.8)
(47)
5,939
0.3
16
6,406
US markets ended Monday's trading mostly higher, although stocks fluctuated over
the course of the trading day due to mixed reaction to a pair of disappointing
MID CAP
Chg (%)
(Pts)
(Close)
(150) 19,610
SMALL CAP
(0.1)
(7)
5,936
BSE HC
(0.4)
(35)
8,812
disappointing manufacturing data raised concerns about the economic outlook but
BSE PSU
(0.7)
(44)
6,612
also eased worries about outlook for the Federal Reserve's asset purchase
BANKEX
(0.6)
(79) 14,183
program. The Fed has indicated that it will not start scaling back its stimulus
AUTO
(0.8)
(94) 11,072
program until the data points to sustained economic growth and improvement in
METAL
the labor market. Meanwhile, the European markets fell on Monday after
OIL & GAS
manufacturing data from China and the United States came in weaker than
BSE IT
anticipated. However, manufacturing data from Europe was better than expected.
Global Indices
economic reports. The fluctuations seen over the course of the session came as the
Meanwhile, Indian shares ended lower weighed down by weak global cues and
disappointing auto sales and PMI data. Going ahead, trading on Tuesday could be
impacted by release of a report on the US trade balance in the month of April.
Markets Today
The trend deciding level for the day is 19,671 / 5,956 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,800 19,989 / 5,995 6,050 levels. However, if NIFTY trades below
19,671 / 5,956 levels for the first half-an-hour of trade then it may correct up to
19,482 19,353 / 5,900 5,861 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,353
5,861
19,482
5,900
19,671
5,956
19,800
5,995
19,989
6,050
News Analysis
RBI releases clarifications on the new banks licensing guidelines

Auto Monthly - May 2013
Fujifilm and Dr. Reddy's call off joint venture for generic drugs in Japan
JSW Steel completes merger with JSW Ispat
Sales
5,903
623
Purch
1,377
1,848
Net
(497)
(96)
MTD
20,678
(3,486)
YTD
81,836
(12,077)
Sales
2,453
1,479
Net
(1,076)
369
Open Interest
8,002
27,812
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
CRISIL
1,127
20.0
Glaxosmithkl Phar
2,661
6.2
Container Corp
1,199
6.1
Berger Paints
237
5.2
Glaxosmithkl Cons
United Phos
163
4.9
Muthoot Fin
www.angelbroking.com
8,535
8,496
1.0
62
6,127
(Pts)
(Close)
Chg (%)
0.9
138 15,254
0.3
3,465
(0.9)
(58)
6,525
Nikkei
(3.7)
(513) 13,262
Hang Sang
(0.5)
(110) 22,282
Straits Times
(0.6)
(20)
3,291
0.0
2,299
Chg (%)
(Pts)
(Close)
4.0
1.7
$43.4
Shanghai Com
Indian ADR
INFY
WIT
0.3
0.0
$7.7
IBN
(1.9)
(0.9)
$44.1
HDB
(2.0)
(0.8)
$39.5
Advances / Declines
BSE
NSE
Advances
791
561
1,591
792
117
85
Volumes (` cr)
FII Derivatives (June 3, 2013)

` cr
Index Futures
Stock Futures
32
(159)
FTSE
Unchanged
Net Inflows (May 31, 2013)

Purch
5,406
527
NASDAQ
Declines
Refer detailed news analysis on the following page
` cr
FII
MFs
Dow Jones
0.4
(1.8)
Suzlon Energy
Losers
Price (`)
chg (%)
11
(10.0)
JPINFRATEC
31
(7.0)
Tata Comm
194
(6.0)
5,515
(5.3)
132
(4.8)
BSE
1,782
NSE
9,670
Market Outlook
June 4, 2013
RBI releases clarifications on the new banks licensing guidelines

RBI has released clarifications on the new banks licensing guidelines. Primarily it
has extended validity of in-principle approval to 18 months from one year said
earlier, in order to facilitate compliance with all requirements pertaining to realignment of corporate structure of the promoter group entities/NOFHC. Overall,
in these clarifications, while RBI has cleared several condition specific ambiguities,
it has refrained from spelling out any indicative criteria for the fit-and-proper
condition and kept it as a matter of its overall judgment. Following are the key
clarifications spelled out by RBI:
Regarding the capital structure of NOFHC
the NOFHC will have to be wholly-owned by a single promoter group,
individuals, their relatives and entities controlled by them must not hold more
than 49%, cap on a single individual, relative and related entities at 10%
Companies (forming part of the Promoter Group, with non-promoter holding

>51%) shall hold a minimum 51% of the total voting equity shares, they need
not be listed
For instance, say in the case of Shriram group, it may have to undergo
complex restructuring, transforming its existing business under Shriram City
and Shriram Transport to the bank/new company housed under the NOFHC ,
wholly owned by Shriram Transport/City Union, which might become an
investment company. In case of L&T group, it appears as if application for
banking license may have to be made through L&T, as clarifications provided
could make it difficult for L&T Finance holding to become/create NOFHC, as
it is neither wholly-owned nor has public shareholding >51%.
Above provisions are not applicable for Public sector entities.

It clears ambiguity for PSU entities like LIC Housing, IFCI, IDFC etc, which by
default have promoter shareholding >51%.
Regarding the re-alignment of existing financial services/other businesses -
All form of lending activities of the group, to the extent permitted by the bank,
must be held within a bank, while other lending activities which are not
permitted to a bank such as promoter financing, loans for purchase of land,
etc. would have to be wound up within a period of 18 months from the date of
in-principle approval
other regulated financial services entities (excluding entities in credit rating,

commodity broking) where Promoters/Promoter Group has either significant
influence or control have to be held under the NOFHC
other non-regulated financial services entities of the Promoter Group need not
be brought under the NOFHC structure
Para banking activities such as credit cards, primary dealer, leasing, hire
purchase, factoring etc can either be conducted by bank departmentally or
through a separate entity/entities
Market Outlook
June 4, 2013
Activities such as insurance, stock broking, asset reconstruction, venture capital

funding and infrastructure financing through Infrastructure Development Fund
(IDF) sponsored by the bank can be undertaken only outside the bank
Regarding the regulatory forbearance and transition issues for new banks
No regulatory forbearance would be granted, either for maintenance of CRR

and SLR, or for prudential/exposure and capital adequacy norms
Tax issues pertaining to restructuring and others will be subject to extant tax
laws
No forbearance for the PSL - targets and sub-targets (however, as per RBI, the
new banks will get on an average a period of 2-3 years, taking into account
the 18 month validity period and the requirement to meet PSL norms based on
net banking credit of previous year)
Although, RBI didnt quantify as to what could construe speculative business

activities, however, in its reply to a specific query on whether broking activities are
speculative-in-nature, it refrained from assigning any percentage to contribution
from broking activities to the overall revenues/assets (say less than 15% - to be
considered as non-speculative) and gave an impression that it is not in hurry to
explicitly rule out such cases and would consider overall context before arriving at
a conclusion.
Auto Monthly - May - 2013

Bajaj Auto
Bajaj Auto (BJAUT) registered lower-than-expected volumes, down 3.7% yoy and
1.4% qoq to 339,348 units led by weakness in the motorcycle segment in the
exports markets. While domestic sales grew by a moderate 2.6% yoy (6.4% qoq),
export sales registered a sharp decline of 14.4% yoy (14.2% qoq) primarily due to
the weakness in the major exporting countries like Sri Lanka, Bangladesh and
Egypt. On a product segment basis, motorcycle sales posted a decline of 5.3% yoy
(up 1.3% qoq) driven by slowdown in exports despite a ~3% growth in the
domestic markets. Three-wheeler sales posted a strong 14.1% yoy growth,
however, it declined 20.3% on a sequential basis.
Hero MotoCorp
Hero MotoCorp (HMCL) registered better-than-expected volumes posting a growth
of 11.8% qoq (flat yoy) to 557,890 units. The company posted its highest ever
monthly sales during the month led by the off-take in the retail market driven by
the marriage season in the North India and also aided by the recently introduced
five-year warranty scheme on the entire portfolio. According to the management,
the retail sales of the company grew by over 1.1mn units over the last two months.
The company expects normal monsoon forecast coupled with improving consumer
sentiments to lead the growth going ahead.
Market Outlook
June 4, 2013
Fujifilm and Dr. Reddy's call off JV for generic drugs in Japan
FUJIFILM Corporation ("Fujifilm" hereinafter) and Dr. Reddy's Laboratories Ltd.
("Dr. Reddy's" hereinafter) have decided to terminate the Memorandum of
Understanding (the "MoU" hereinafter) to enter into an exclusive partnership in the
generic drugs business for the Japanese market and to establish a joint venture in
Japan.
Based on the MoU signed on July 28, 2011, the two companies had conducted
detailed studies on the establishment of a joint venture for developing and
manufacturing generic drugs in Japan. However, as Fujifilm realigns its long-term
growth strategy for the pharmaceutical business, both companies have led to a
mutual agreement to terminate the MoU. The two companies will continue to
explore partnership/alliance opportunities in other pharmaceutical businesses such
as API (active pharmaceutical ingredient) development and manufacturing,
contract research and development and manufacturing, and the development and
marketing of super-generics. Given, that the JV does not contribute, this will not
change our estimates and hence maintain our buy recommendation on the stock
with a target price of `2535
JSW Steel completes merger with JSW Ispat

JSW steel in its filing to the stock exchanges has stated that the merger of JSW steel
with JSW Ispat has been completed with effect from 1st June 2013. JSW Steel had
announced in September 2012 the proposal to merge its associate JSW Ispat with
JSW steel. This scheme was later approved by the shareholders and the respective
high courts in February 2013 and all the remaining formalities are now
completed. We will revise our numbers post this announcement and until then
maintain our Neutral view on JSW Steel
Economic and Political News
High current account deficit a matter of concern: Subbarao

Real estate regulator bill may come in cabinet tomorrow
India's manufacturing output contracts to a 50-month low: PMI
Corporate News
DoT slaps `1,263cr fine on Vodafone for under reporting revenue

EU regulators may fine Ranbaxy and other drug makers
Jindal Power, IL&FS keen to partner NMDC for UP power plant
SBI cuts bulk deposit rate by 0.25% in short-term bucket
SAIL clocks record 1.087MT production in May
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 04, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 5, 2013
June 6, 2013
June 7, 2013
June 8, 2013
June 9, 2013
June 10, 2013
June 11, 2013
June 12, 2013
1:25PM
Germany PMI Services
Value
May F
49.80
49.80
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
(0.20)
(0.20)
6:00PM
US
Initial Jobless claims
Thousands
Jun 1
354.00
345.00
4:30PM
UK
BOE Announces rates
% Ratio
Jun 6
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jun 6
0.50
0.50
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
165.00
165.00
6:00PM
US
Unnemployment rate
May
7.50
7.50
4:29PM
China
Exports YoY%
% Change
May
14.70
6.50
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
2.50
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
9.20
4:29PM
India
Imports YoY%
% Change
May
10.96
--
4:29PM
India
Exports YoY%
% Change
May
1.68
--
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(1.40)
--
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)
0.10
6:45PM
US
Industrial Production
May
(0.53)
0.30
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 19, 2013
11:30PM
US
FOMC rate decision
Jun 19
0.25
--
June 20, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun A
(21.90)
--
7:30PM
US
Existing home sales
Million
May
4.97
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jun
76.20
--
7:30PM
US
New home sales
Thousands
May
454.00
--
June 26, 2013
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q T
2.40
--
June 27, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
Jun
21.00
--
2:00PM
UK
GDP (YoY)
% Change
1Q F
0.60
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
--
July 15, 2013
7:30AM
China
Real GDP (YoY)
August 14, 2013
11:30AM
Germany GDP nsa (YoY)
June 14, 2013
June 17, 2013
June 18, 2013
June 25, 2013
July 1, 2013
Source: Bloomberg, Angel Research
% Change
2Q
7.70
--
% Change
2Q P
(1.40)
--
Market Outlook
June 04, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Nov-12
(4.0)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(0.1)
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Services PMI
8.1
7.3
7.2
7.3
7.3
7.3
56.0
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
May-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
Apr-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Mar-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Jun-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
0.5
(2.0)
8.0
2.5
2.4
2.0
Oct-12
4.7 4.8
Source: CSO, Angel Research
9.0
2.5
2.0
5.1 5.4 5.2
Sep-12
6.0
Aug-12
6.5
Mar-13
7.5
Jul-12
7.7
Jun-12
8.6
8.4
8.0
9.9
May-12
9.5
9.3
2QFY10
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
7.25
8.00
7.00
6.00
6.25
5.00
4.00
4.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
(15.0)
Jun-12
3.00
May-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
June 04, 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
132
2,576
1,657
1,906
14.1
14.1
7.7
8.9
17.2
14.9
3.6
3.0
22.2
21.9
1.5
1.3
United Phosphorus
Buy
163
232
7,197
10,298
11,310
16.5
16.5
20.5
23.2
7.9
7.0
1.3
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
260
285
4,444
3,418
3,892
14.5
14.5
18.5
20.4
14.1
12.8
3.4
2.8
26.6
23.8
1.3
1.1
Apollo Tyres
Buy
89
104
4,486
13,852
15,487
11.4
11.5
12.8
14.9
6.9
6.0
1.1
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
23
27
6,213
14,038
16,442
7.6
8.7
1.1
2.2
22.3
10.5
1.9
1.7
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
234
354
834
965
9.3
10.6
17.3
27.1
13.5
8.7
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Buy
1,762
2,056
50,992
22,684
25,908
18.0
18.5
117.3
137.1
15.0
12.9
5.4
4.3
39.9
37.2
1.9
1.5
Bharat Forge
Neutral
234
5,451
6,198
6,793
14.6
14.9
14.5
17.3
16.1
13.5
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,057
28,437
9,821
11,394
17.0
17.3
373.5
438.7
24.3
20.6
4.4
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
110
170
376
5,325
5,974
8.4
8.3
40.8
48.5
2.7
2.3
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
139
150
11,798
7,053
8,061
14.2
14.5
7.8
9.1
17.7
15.2
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,458
2,422
1,525
1,742
14.5
15.7
88.4
109.5
16.5
13.3
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,668
1,819
33,299
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
1.0
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
973
59,762
44,550
50,260
11.4
11.7
59.6
68.3
16.3
14.3
3.4
2.8
22.3
21.6
1.1
0.9
1,570
1,847
47,414
48,455
55,723
11.2
10.9
107.8
123.2
14.6
12.8
2.2
1.9
16.2
16.0
0.8
0.7
208
222
12,216
28,442
31,493
7.5
7.8
12.5
14.8
16.6
14.1
4.1
3.3
27.5
25.8
0.6
0.5
24
30
145
1,479
1,685
10.0
9.9
5.5
7.5
4.4
3.2
0.5
0.4
11.1
13.7
0.4
0.3
Neutral
314
84,014 206,341 227,695
12.8
13.5
32.3
39.0
9.7
8.0
2.1
1.7
23.1
23.2
0.5
0.4
Neutral
36
1,698
7,715
8,584
6.0
6.1
5.0
5.8
7.2
6.2
1.2
1.1
18.1
18.5
0.2
0.1
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
TVS Motor
Capital Goods
ABB*
Sell
644
461
13,639
8,073
9,052
5.5
6.9
11.5
16.9
55.9
38.0
5.1
4.9
9.3
13.1
1.7
1.4
BGR Energy
Neutral
170
1,223
4,114
4,886
11.4
10.7
24.9
28.0
6.8
6.1
0.9
0.8
25.2
22.6
0.6
0.6
BHEL
Neutral
197
48,242
44,054
39,326
16.8
15.1
20.6
16.1
9.6
12.3
2.1
1.9
23.5
16.1
1.0
1.0
Blue Star
Buy
167
230
1,497
2,896
3,087
5.6
6.2
9.3
11.7
17.9
14.2
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
92
117
5,899
13,446
15,272
6.7
7.6
6.6
8.9
13.9
10.4
1.5
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Buy
27
34
222
3,074
3,355
9.0
8.8
8.7
10.2
3.1
2.7
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
39
63
1,001
7,709
8,399
6.7
7.2
6.1
8.5
6.4
4.6
0.8
0.7
20.2
23.0
0.3
0.3
Thermax
Neutral
577
6,877
5,780
6,430
9.5
9.6
29.8
33.0
19.4
17.5
3.3
2.9
17.9
17.4
1.0
0.9
1,224
1,361
22,983
11,979
13,254
19.7
21.3
77.1
91.4
15.9
13.4
2.8
2.5
18.7
20.0
1.6
1.4
Cement
ACC
Accumulate
Market Outlook
June 04, 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
179
27,591
10,232
11,762
23.5
24.5
10.3
12.2
17.4
14.7
2.9
2.6
17.2
18.6
2.2
1.8
India Cements
Neutral
68
2,103
4,929
5,434
17.4
17.1
8.9
10.9
7.7
6.3
0.6
0.6
7.7
9.1
0.8
0.7
J K Lakshmi Cement
Buy
109
143
1,286
2,313
2,728
19.8
20.7
16.1
22.1
6.8
5.0
0.9
0.7
13.2
15.8
1.1
0.9
Madras Cements
Neutral
222
5,273
4,293
4,855
27.4
28.6
21.8
28.2
10.2
7.9
1.8
1.5
19.6
21.3
1.7
1.4
Shree Cement^
Neutral
4,877
16,989
6,540
7,452
27.4
26.6
319.7
369.9
15.3
13.2
3.8
3.0
27.5
25.4
1.9
1.5
UltraTech Cement
Neutral
1,859
50,957
21,947
25,049
23.8
23.8
106.1
119.8
17.5
15.5
2.9
2.5
17.7
17.3
2.4
2.1
200
255
1,053
1,928
2,234
21.0
21.5
18.0
22.2
11.1
9.0
1.0
0.9
10.2
10.1
1.9
1.9
11
203
2,281
2,492
5.9
6.9
0.7
2.0
16.2
5.5
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
119
157
3,944
3,997
4,312
45.5
46.4
15.7
16.6
7.6
7.1
1.1
1.0
15.2
14.5
3.4
3.7
ITNL
Buy
170
230
3,304
7,444
8,041
27.4
28.9
29.8
32.1
5.7
5.3
0.8
0.7
14.9
14.2
2.5
2.6
IVRCL Infra
Buy
17
35
536
6,287
6,836
8.5
8.5
2.3
3.0
7.4
5.7
0.3
0.2
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
67
90
14,768
14,850
15,631
24.9
25.1
2.5
2.9
26.3
23.3
1.1
1.0
4.2
4.7
2.8
2.7
Larsen & Toubro
Buy
1,388
1,761
85,449
68,946
78,040
10.5
10.5
77.9
88.3
17.8
15.7
2.6
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
31
42
785
6,167
6,945
8.0
8.2
2.7
3.6
11.5
8.4
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
44
1,460
12,954
14,740
9.9
9.9
0.5
0.9
86.6
47.2
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
106
153
1,605
2,511
2,736
10.6
10.6
7.3
7.8
14.7
13.6
1.8
1.6
13.3
12.7
0.8
0.8
Simplex Infra
Buy
100
131
492
6,308
7,033
9.5
9.6
11.9
18.7
8.4
5.3
0.4
0.4
4.5
6.7
0.5
0.5
Unity Infra
Buy
29
45
214
2,455
2,734
13.4
13.0
14.6
14.9
2.0
2.0
0.2
0.2
12.3
11.3
0.4
0.5
Allahabad Bank
Buy
124
144
6,205
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
87
4,888
5,254
5,900
2.8
2.8
21.2
22.9
4.1
3.8
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,431
1,853
67,065
19,055
22,710
3.3
3.2
130.7
152.3
11.0
9.4
1.8
1.5
17.2
17.6
Bank of Baroda
Buy
662
851
27,902
16,365
18,781
2.2
2.3
121.3
142.5
5.5
4.7
0.8
0.7
15.1
15.7
Bank of India
Buy
291
350
17,329
14,482
16,383
2.3
2.3
58.1
68.1
5.0
4.3
0.7
0.6
14.4
15.0
Bank of Maharashtra
Buy
53
64
3,499
4,392
4,743
3.1
3.0
12.6
13.7
4.2
3.9
0.7
0.6
16.8
16.0
Canara Bank
Buy
408
481
18,059
11,928
13,467
2.1
2.2
74.8
86.0
5.5
4.7
0.8
0.7
13.7
14.2
Central Bank
Accumulate
65
69
6,795
8,249
9,211
2.4
2.5
14.9
18.2
4.4
3.6
0.6
0.6
12.5
13.8
Corporation Bank
Buy
387
495
5,919
5,558
6,121
2.0
2.0
98.4
107.7
3.9
3.6
0.6
0.5
14.9
14.5
Dena Bank
Buy
84
97
2,954
3,187
3,582
2.3
2.4
23.8
25.5
3.6
3.3
0.6
0.5
15.9
15.1
Federal Bank
Neutral
458
7,830
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
June 04, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Accumulate
869
933
134,595
8,573
10,142
3.6
3.6
37.0
43.6
23.5
19.9
4.8
4.3
30.0
30.3
HDFC Bank
Neutral
689
164,073
27,682
33,916
4.6
4.6
35.3
42.7
19.5
16.2
3.8
3.2
21.3
21.8
ICICI Bank
Buy
1,145
1,503
132,082
25,705
30,330
3.1
3.2
83.9
96.3
13.7
11.9
1.8
1.6
15.2
15.7
IDBI Bank
Buy
80
93
10,696
9,477
10,678
2.0
2.1
19.6
22.6
4.1
3.6
0.5
0.5
12.8
13.4
Indian Bank
Buy
144
185
6,202
6,185
6,978
3.0
3.0
37.0
42.2
3.9
3.4
0.6
0.5
14.8
15.1
IOB
Accumulate
59
66
5,485
8,142
8,956
2.5
2.5
16.5
20.7
3.6
2.9
0.4
0.4
11.8
13.4
J & K Bank
Accumulate
1,222
1,315
5,922
3,074
3,140
3.5
3.2
224.7
201.5
5.4
6.1
1.0
0.9
20.6
16.1
LIC Housing Finance
Buy
259
298
13,046
2,113
2,525
2.3
2.3
25.4
29.2
10.2
8.9
1.8
1.6
18.4
18.3
Oriental Bank
Buy
245
285
7,134
6,835
7,588
2.6
2.6
56.5
63.8
4.3
3.8
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
759
994
26,832
20,876
23,929
3.3
3.4
151.7
177.0
5.0
4.3
0.8
0.7
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
United Bank
25
3,331
1,839
2,091
2.9
2.8
4.2
4.5
5.9
5.5
1.0
0.9
18.2
17.0
2,070
2,637
141,575
67,243
76,612
3.1
3.0
242.4
284.8
8.5
7.3
1.3
1.1
16.3
16.8
129
142
7,771
7,238
8,249
2.7
2.6
27.1
30.4
4.8
4.3
0.7
0.6
16.1
15.9
77
5,810
6,250
6,738
2.6
2.5
12.1
14.7
6.4
5.3
1.0
0.8
11.8
13.0
Buy
220
260
13,147
11,229
12,794
2.6
2.6
40.7
48.2
5.4
4.6
0.8
0.7
14.6
15.4
Buy
53
65
1,995
3,443
3,998
2.4
2.6
15.1
20.4
3.5
2.6
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
51
2,507
2,730
3,059
1.9
2.0
10.2
11.3
5.0
4.5
0.6
0.5
11.8
12.0
Yes Bank
Neutral
502
18,049
4,390
5,411
2.8
2.8
41.6
47.9
12.1
10.5
2.6
2.1
23.2
22.1
Asian Paints
Neutral
4,695
45,038
12,332
14,524
16.5
16.3
141.6
162.7
33.2
28.9
10.5
8.3
35.4
32.2
3.5
3.0
Britannia
Neutral
695
8,315
6,417
7,502
6.1
6.3
23.2
27.9
30.0
24.9
10.3
8.1
38.3
36.4
1.3
1.1
Colgate
Neutral
1,450
19,714
3,588
4,130
20.5
20.9
44.2
51.8
32.8
28.0
32.0
23.3
108.6
96.2
5.3
4.6
Dabur India
Neutral
158
27,538
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
5,515
23,194
3,617
4,259
16.1
16.4
122.2
148.7
45.1
37.1
14.0
11.3
34.1
33.7
6.0
5.0
Godrej Consumer
Neutral
873
29,699
7,801
9,017
16.2
15.9
25.1
29.7
34.7
29.4
7.5
6.2
24.9
24.2
3.9
3.4
HUL
Neutral
592
128,051
29,167
33,164
13.6
13.7
17.1
18.4
34.7
32.2
33.3
24.1
113.4
87.0
4.2
3.7
ITC
Neutral
336
265,739
34,294
39,991
36.8
37.0
11.3
13.3
29.8
25.2
9.8
8.0
36.1
34.9
7.4
6.3
Marico
Neutral
235
15,124
5,273
6,044
14.8
14.9
7.3
8.7
32.3
27.1
6.3
5.2
21.4
21.0
2.9
2.5
Nestle*
Neutral
5,306
51,158
9,447
10,968
22.1
22.3
127.5
154.1
41.6
34.4
20.8
15.1
57.7
50.7
5.4
4.6
Tata Global
Neutral
147
9,094
7,998
8,798
9.7
9.8
7.9
8.7
18.6
16.9
2.3
2.2
9.5
9.8
1.1
0.9
FMCG
Market Outlook
June 04, 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
51,631
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
79
96
2,371
2,091
2,289
19.0
18.8
10.6
11.3
7.5
7.0
1.7
1.5
22.8
21.7
1.0
0.9
Infosys
Neutral
2,514
144,360
43,338
47,244
27.5
27.7
169.4
182.6
14.8
13.8
3.1
2.7
20.8
19.3
2.7
2.3
Infotech Enterprises
Accumulate
167
185
1,864
1,956
2,174
17.9
17.7
20.4
21.9
8.2
7.6
1.2
1.1
14.7
13.7
0.6
0.4
KPIT Cummins
Buy
111
135
2,139
2,513
2,819
16.1
15.5
12.6
14.0
8.8
7.9
1.5
1.3
17.9
16.6
0.8
0.6
Mahindra Satyam
Buy
107
126
12,645
8,278
9,062
20.3
20.1
10.5
11.4
10.2
9.4
2.4
1.9
23.1
20.0
1.1
0.9
Mindtree
Accumulate
808
920
3,355
2,599
2,871
19.4
19.2
85.2
92.3
9.5
8.8
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Sell
476
395
10,010
6,096
6,646
17.6
17.4
38.1
41.6
12.5
11.5
1.8
1.6
14.2
13.7
1.2
0.9
NIIT
Buy
22
30
359
1,144
1,267
9.0
9.1
4.3
5.4
5.1
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Accumulate
518
593
2,072
1,445
1,617
25.2
25.0
55.3
59.3
9.4
8.7
1.7
1.4
18.2
16.5
1.0
0.8
TCS
Accumulate
1,471
1,585
287,809
71,833
81,893
28.4
28.0
78.5
88.0
18.7
16.7
5.7
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
940
1,170
12,069
7,779
8,398
19.7
19.3
107.4
117.8
8.8
8.0
1.9
1.5
21.2
19.0
1.6
1.3
Wipro
Buy
326
385
80,213
40,173
43,697
20.4
20.6
26.2
28.5
12.4
11.4
2.5
2.1
19.7
18.4
1.5
1.2
D B Corp
Buy
249
290
4,562
1,750
1,925
25.1
26.6
14.2
16.8
17.5
14.8
3.8
3.2
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
87
119
2,884
1,664
1,825
20.9
23.0
6.4
7.8
13.5
11.2
2.7
2.5
21.0
23.1
1.8
1.7
PVR
Neutral
330
1,307
1,359
1,540
17.3
17.4
17.2
21.6
19.1
15.3
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
423
16,678
2,287
2,551
69.7
70.5
20.0
23.3
21.2
18.2
5.2
4.6
26.4
27.3
6.9
6.1
Bhushan Steel
Neutral
465
10,522
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Accumulate
326
345
206,008
72,174
76,311
33.3
28.4
28.4
30.9
11.5
10.6
3.2
2.7
37.6
36.2
2.0
1.8
Electrosteel Castings
Buy
16
24
515
1,976
2,017
11.8
12.7
1.3
2.6
12.5
6.1
0.1
0.1
2.6
5.2
0.6
0.2
GMDC
Buy
142
213
4,528
1,944
2,317
49.9
51.7
20.8
25.6
6.9
5.6
1.5
1.2
24.3
24.6
1.9
1.4
Hind. Zinc
Buy
115
145
48,464
12,358
13,659
51.4
51.6
16.0
17.6
7.2
6.5
1.3
1.1
19.4
18.4
1.7
1.1
Hindalco
Neutral
102
19,433
89,352
93,672
8.8
9.2
13.4
15.0
7.6
6.8
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
694
15,482
39,973
40,926
17.2
17.0
71.9
82.8
9.7
8.4
0.8
0.8
9.0
9.6
0.7
0.7
MOIL
Buy
199
248
3,340
1,010
1,046
46.5
47.6
26.8
28.8
7.4
6.9
1.1
1.0
15.4
14.7
0.9
0.6
Monnet Ispat
Buy
154
291
980
2,883
3,181
21.7
23.6
40.3
57.7
3.8
2.7
0.4
0.3
10.1
13.0
1.2
1.0
Nalco
Neutral
34
8,634
7,656
7,988
13.1
13.5
2.6
2.6
13.1
12.8
0.7
0.7
5.5
5.5
0.6
0.6
NMDC
Buy
117
179
46,566
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
June 04, 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
57
23,376
53,685
64,183
9.3
12.2
5.5
8.3
10.3
6.9
0.6
0.5
5.4
7.7
0.7
0.8
Sesa Goa
Neutral
161
13,997
3,742
4,426
32.9
32.8
30.0
29.8
5.4
5.4
0.7
0.6
14.3
12.5
4.5
3.7
Sterlite Inds
Accumulate
93
100
31,153
44,462
45,568
23.2
24.7
18.1
20.2
5.1
4.6
0.6
0.5
11.3
11.4
0.6
0.6
Tata Steel
Buy
297
378
28,806 140,917 151,537
9.7
10.8
30.9
47.6
9.6
6.2
0.9
0.8
9.6
13.4
0.6
0.5
Sarda
Buy
103
153
369
1,494
1,568
19.1
20.3
31.3
36.5
3.3
2.8
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
35
45
469
2,615
2,776
12.1
12.0
9.8
10.4
3.6
3.4
0.2
0.2
6.5
6.5
0.4
0.4
Buy
82
102
268
2,344
2,509
14.9
15.4
38.7
47.0
2.1
1.7
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
285
345
54,443
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
311
39,488
55,815
63,013
15.3
15.2
35.9
41.5
8.7
7.5
1.4
1.2
17.0
17.1
0.6
0.4
ONGC
Accumulate
318
354
271,680 157,962 175,367
35.1
36.2
34.3
39.3
9.3
8.1
1.6
1.4
18.2
18.6
1.5
1.3
Reliance Industries
Neutral
788
254,503 380,031 407,721
9.9
69.3
69.3
78.0
11.4
10.1
1.1
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
231
2,965
3,707
3,850
11.7
12.4
23.7
25.7
9.8
9.0
2.7
2.4
29.6
28.2
0.7
0.6
Indraprastha Gas
Neutral
278
3,886
3,700
4,218
23.4
22.8
26.7
30.4
10.4
9.1
2.2
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
141
167
10,541
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
Neutral
58
3,278
1,079
983
91.8
91.9
8.8
7.8
6.7
7.4
1.1
1.0
17.8
14.1
2.8
3.0
Alembic Pharma
Neutral
137
2,576
1,736
2,008
17.1
18.9
10.7
13.9
12.8
9.8
4.0
3.0
35.0
34.7
1.5
1.3
Aurobindo Pharma
Buy
178
264
5,172
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
2,608
6,006
1,682
1,917
16.6
16.6
92.4
99.1
28.2
26.3
4.0
4.0
15.7
14.8
3.2
2.6
Cadila Healthcare
Buy
772
962
15,810
7,386
8,863
18.0
18.0
39.5
48.1
19.6
16.1
4.4
3.6
24.8
24.7
2.4
2.0
Cipla
Buy
369
444
29,588
9,192
10,535
22.1
22.1
19.6
22.2
18.8
16.6
2.8
2.5
16.2
15.9
3.0
2.5
Dr Reddy's
Buy
2,113
2,535
35,873
13,377
15,350
20.4
20.1
112.3
126.8
18.8
16.7
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
69
206
556
1,536
1,739
20.2
20.9
15.4
20.6
4.5
3.3
0.5
0.4
11.6
13.7
1.0
0.8
2,661
22,541
2,854
3,145
28.6
28.6
76.6
83.3
34.7
32.0
10.4
9.5
31.1
31.0
7.0
6.3
65
78
599
760
922
15.3
15.3
6.1
7.8
10.7
8.3
1.3
1.2
12.9
14.7
1.0
0.8
Accumulate
606
676
7,647
3,474
4,168
21.0
21.0
37.3
45.1
16.3
13.4
3.8
3.1
26.4
25.3
2.4
2.0
Lupin
Buy
753
877
33,720
11,641
13,933
21.3
21.3
34.8
41.8
21.6
18.0
5.1
4.0
26.2
24.8
2.9
2.4
Ranbaxy*
Neutral
362
15,331
11,400
12,060
10.5
12.5
17.5
22.5
20.7
16.1
3.3
2.9
17.0
19.1
1.3
1.2
Sun Pharma
Neutral
1,018
105,208
13,509
15,846
41.0
41.0
33.0
39.8
30.8
25.6
6.2
5.2
22.0
22.0
7.2
6.0
72
78
1,096
1,444
1,482
33.4
33.0
13.7
14.8
5.3
4.9
0.6
0.6
12.3
12.0
0.8
0.6
Power
GIPCL
Accumulate
Market Outlook
June 04, 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
152
163
125,537
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
196
288
34,821
9,699
12,010
37.0
36.9
6.0
8.4
32.8
23.3
1.2
1.2
3.8
5.1
5.0
4.1
MLIFE
Buy
396
476
1,615
888
1,002
30.6
30.6
38.8
43.4
10.2
9.1
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
304
338
115,312
86,592
95,860
31.4
31.8
10.9
14.5
27.9
20.9
2.1
2.0
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
130
43,099
25,122
27,663
27.0
27.2
4.0
4.8
32.8
27.3
2.7
2.5
8.3
9.1
2.1
1.9
Rcom
Neutral
110
22,735
22,801
24,628
31.0
31.3
3.6
5.3
30.9
20.9
0.7
0.7
2.2
3.1
2.6
2.3
1,470
1,659
3,124
1,863
2,081
11.8
12.4
71.2
83.0
20.7
17.7
4.2
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
165
237
1,645
3,885
4,472
5.4
7.2
11.0
19.7
15.1
8.4
2.0
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
516
562
654
630
795
14.4
13.6
42.8
51.1
12.1
10.1
2.9
2.3
26.6
25.2
1.0
0.8
Cravatex
Buy
352
459
91
248
284
6.5
7.3
27.2
38.2
13.0
9.2
2.0
1.7
15.7
18.5
0.5
0.5
Finolex Cables
Buy
52
68
801
2,563
2,899
9.8
9.8
10.1
11.3
5.2
4.6
0.7
0.6
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
267
345
616
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
141
177
382
1,053
1,169
6.3
7.1
13.8
17.7
10.2
7.9
1.4
1.2
15.0
16.7
0.4
0.4
2,394
2,117
1,842
2,131
7.7
7.8
112.4
132.4
21.3
18.1
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
156
198
140
495
651
12.7
12.9
29.3
39.5
5.3
3.9
0.8
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
176
234
203
1,430
1,573
11.1
11.0
19.1
26.9
9.3
6.6
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
207
3,332
1,220
1,476
13.3
13.6
5.5
9.0
37.5
22.9
4.3
3.8
12.1
17.7
3.1
2.4
MRF
Neutral
15,018
6,369
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.4
8.3
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Accumulate
4,200
4,611
4,685
1,057
1,282
19.4
19.6
124.8
153.7
33.7
27.3
16.7
12.3
56.3
51.8
4.5
3.7
Relaxo Footwears
Buy
669
791
803
1,146
1,333
10.9
11.4
45.9
60.9
14.6
11.0
3.1
2.4
23.0
24.6
0.9
0.7
Siyaram Silk Mills
Buy
265
331
249
1,157
1,320
11.9
11.8
72.2
82.8
3.7
3.2
0.7
0.6
19.7
19.0
0.4
0.4
Styrolution ABS India*
Buy
435
617
765
1,068
1,223
9.6
9.6
38.1
44.1
11.4
9.9
1.6
1.4
14.5
14.7
0.7
0.6
TAJ GVK
Buy
61
108
383
300
319
35.8
36.2
7.9
9.1
7.7
6.7
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
283
371
435
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
549
686
426
435
516
6.2
7.1
24.3
33.3
22.6
16.5
3.7
3.2
17.6
20.8
0.8
0.7
Tree House
Accumulate
267
297
961
153
194
53.0
52.8
12.4
15.6
21.6
17.1
2.5
2.2
11.8
13.1
6.5
4.9
TVS Srichakra
Buy
185
252
142
1,591
1,739
6.1
6.6
24.5
41.9
7.6
4.4
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,480
36,044
12,294
14,162
12.0
12.0
42.1
67.7
58.9
36.6
4.2
3.7
9.1
10.7
3.3
2.8
Market Outlook
June 04, 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
370
439
751
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 June 03, 2013
Market Outlook
June 04, 2013

Market Outlook, 04-06-2013

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Market Outlook

SGX Nifty and mixed opening in Asian markets.

OIL & GAS

RBI releases clarifications on the new banks licensing guidelines

FII Derivatives (June 3, 2013)

Net Inflows (May 31, 2013)

Refer detailed news analysis on the following page

RBI releases clarifications on the new banks licensing guidelines

the NOFHC will have to be wholly-owned by a single promoter group,

Companies (forming part of the Promoter Group, with non-promoter holding

Above provisions are not applicable for Public sector entities.

Regarding the re-alignment of existing financial services/other businesses -

other regulated financial services entities (excluding entities in credit rating,

Activities such as insurance, stock broking, asset reconstruction, venture capital

No regulatory forbearance would be granted, either for maintenance of CRR

Although, RBI didnt quantify as to what could construe speculative business

Auto Monthly - May - 2013

JSW Steel completes merger with JSW Ispat

Economic and Political News

High current account deficit a matter of concern: Subbarao

DoT slaps `1,263cr fine on Vodafone for under reporting revenue

Country Event Description

Germany PMI Services

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

Initial Jobless claims

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Jobless claims change

Industrial Production YoY

Euro Zone Euro-Zone CPI (YoY)

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Consumer price index (mom)

June 19, 2013

FOMC rate decision

June 20, 2013

Euro Zone Euro-Zone Consumer Confidence

Existing home sales

New home sales

June 26, 2013

GDP Qoq (Annualised)

June 27, 2013

Germany Unemployment change (000's)

July 15, 2013

Real GDP (YoY)

August 14, 2013

Germany GDP nsa (YoY)

June 14, 2013

June 17, 2013

June 18, 2013

June 25, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research