Market Outlook: Dealer's Diary

Market Outlook
June 20, 2013
Dealers Diary
Indian markets are expected to open in the red tracking SGX Nifty which is down
by 1.2%. The other Asian indices too are trading in the negative zone.
The US markets closed lower on Wednesday after the Federal Reserves
announcement on quantitative easing. The Federal Reserve has left interest rates
unchanged and maintained the pace of its asset purchase program at $85 billion
a month. The statement from Federal Reserve at the end of two-day meeting said
that downside risks to the outlook for the economy and the labor market have
diminished considerably. The Federal Reserve also acknowledged further
improvement in labor market conditions. The European markets closed mostly
lower on Wednesday as investors were cautious ahead of the announcements from
Federal Reserve which were made post the market hours.
Indian markets which traded lower for most part of the trading session on
Wednesday showed a strong pull-back in the late afternoon trade and finished flat.
Markets Today
The trend deciding level for the day is 19,207/ 5,810 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,313 19,381 / 5,841 5,860 levels. However, if NIFTY trades below
19,207 / 5,810 levels for the first half-an-hour of trade then it may correct up to
19,139 19,033 / 5,791 5,759 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,033
5,759
19,139
5,791
19,207
5,810
19,313
5,841
19,381
5,860
News Analysis
Fed to continue its liquidity infusion through asset purchases

Bharti Airtel slashes data usage rates by 90% in Punjab, Haryana
Bharti Airtel to invest US$125mn in Gabon
Domestic Indices
Net Inflows (June 18, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
1,789
414
2,352
362
(562)
53
(1,937)
(503)
79,900
(12,580)
(Pts)
(Close)
BSE Sensex
0.1
Nifty
0.1
5,822
MID CAP
0.5
33
6,236
SMALL CAP
22 19,246
0.5
29
5,839
BSE HC
(0.3)
(25)
8,738
BSE PSU
(0.3)
(22)
6,247
BANKEX
0.3
35 13,555
AUTO
(0.7)
(73) 10,802
METAL
1.3
102
8,091
OIL & GAS
0.6
48
8,599
(0.3)
(17)
6,056
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
(1.3)
NASDAQ
(1.1)
(39)
3,443
FTSE
(0.4)
(25)
6,349
Nikkei
(206) 15,112
1.8
238 13,245
Hang Sang
(1.1)
(239) 20,987
Straits Times
(0.5)
(16)
3,214
Shanghai Com
(0.6)
(13)
2,143
Chg (%)
(Pts)
(Close)
INFY
(1.5)
(0.6)
$40.9
WIT
(1.6)
(0.1)
$7.3
IBN
(2.1)
(0.9)
$40.0
HDB
(0.3)
(0.1)
$36.5
Indian ADR
Advances / Declines
Refer detailed news analysis on the following page
Chg (%)
BSE
NSE
Advances
1,250
724
Declines
1,137
629
134
92
Unchanged
Volumes (` cr)
FII Derivatives (June 19, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
1,121
1,965
1,482
1,336
(360)
629
12,718
29,088
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
Sobha Dev
392
4.9
MMTC
147
(5.0)
Future Retail
144
4.8
Indian Oil Corp
241
(3.1)
Idea Cellular
Mahindra & Mah
Fin
Indiabulls Real Est
148
4.5
Gitanjali Gems
531
(2.9)
279
4.4
Essar Oil
66
(2.9)
72
4.1
Apollo Tyres
61
(2.7)
www.angelbroking.com
BSE
1,658
NSE
8,774
Market Outlook
June 20, 2013
Fed to continue
purchases
its
liquidity
infusion
through
asset
As expected, the Federal Reserves stance in its monetary policy remains

unchanged. The Fed would continue with its ultra accommodative monetary policy
stance keeping interest rates near zero until employment improves and price
stability is maintained at or below its 2% medium-term objective. The policy rate
has been maintained at a near-zero level of 0.25%. The FOMC has also decided
to continue its asset purchases of USD85bn per month (USD45bn in treasury
securities and USD40bn in mortgage-backed securities) to maintain downward
pressure on interest rates.
The latest projections peg unemployment rate in 2013 at 7.2-7.3% and estimate a
fall to 6.5-6.8% in 2014. Inflation is expected to remain below 2%. The fed has
reiterated its commitment to supporting growth through accommodative policy
until employment remains above 6.5% and price stability is maintained. Presently,
unemployment rate at 7.6% remains higher than the Feds comfort zone of 6.5%
and CPI inflation at 1.4% yoy in May 2013 and 1.1% yoy in April 2013. We expect
asset purchases to continue at least until December 2013 post which tapering may
ensue.
Bharti Airtel slashes data usage rates by 90% in Punjab,

Haryana
Bharti Airtel yesterday announced that the company has slashed data usage
charges by 90% for pre-paid subscribers in Punjab and Haryana, a day after
Vodafone lowered data charges by 80% for its pre-paid and post-paid customers
in three circles. Bharti Airtel said that the volume based charges on its recharge
vouchers for 2G data usage of three denominations have been reduced to 1 paisa
per 10 KB from 10 paisa per 10 KB. The recharge vouchers of Rs.22, Rs.25 and
Rs.125 carry a free download limit of 125 MB for five days, 150 MB for seven days
and 1 GB for 28 days. After the free download, the customers were presently
charged at 10 paisa per 10 KB which have been reduced to 1 paisa per 10 KB
with immediate effect. Also, the validity of the Rs.22 and Rs.25 recharge vouchers
has been increased to 30 days and that of Rs.125 recharge vouchers increased to
90 days. Vodafone had yesterday reduced the price from 10 paisa per 10 KB to 2
paisa per 10KB for Karnataka, UP West and Madhya Pradesh and Chhattisgarh
circles for both pre-paid and post-paid customers using the 2G network. We
expect other players in the industry to follow Bharti Airtels and Vodafones move
to make internet access affordable for customers who use mobile internet in a
limited way and inturn increase the share of data subscribers in the overall
subscriber base. We maintain our Buy rating on Bharti Airtel with a target price of
Rs.328.
Bharti Airtel to invest US$125mn in Gabon

Bharti Airtel has said that the company will invest US$125mn more in Gabon to
develop the communications network in the central African country. As per the
company, Bharti will use the money to expand 3G and 4G telecommunications
networks and on some social programmes in the country. Gabon aims to have a
Market Outlook
June 20, 2013
countrywide digital infrastructure by 2016, enabling the development of a wide

range of e-services, which will give rise to a major qualitative improvement in
social services and create the foundations for Gabon. With high hydrocarbon
reserves and foreign investment inflows, Gabon counts among the more
prosperous countries in Sub-Saharan Africa with a per capita income of nearly
US$12,000. Bharti Airtel currently has operations in 20 countries across Asia and
Africa. We maintain our Buy rating on Bharti Airtel with a target price of Rs.328.
Economic and Political News
Govt sets export target of $50 billion this fiscal: Rao

India to sell $ 7.15bn in debt quotas to foreign investors
India to consider allowing extra wheat exports
Fin Min turns down Pawar's proposal to hike sugar import duty
FDI dips by 6% in Jan-March 2013
Govt extends import ban on milk items from China by one year
Corporate News
Tata Motors plans Nano upgrades, new SUVs with Land Rover
Tata Coffee commissions new instant coffee plant at Theni
Glenmark gets USFDA approval for sclerosis treatment drug
Dr Reddy's sued for 'infringement' of thyroid injection patent
EU fines Ranbaxy, 8 others Euro 146mn
Tata Steel signs sale pact with Safran Group
CIL invites bids from cos to advise on modernisation of mines
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 20, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
June 20, 2013
June 25, 2013
1:00PM
Germany PMI Manufacturing
Value
Jun A
49.40
--
1:00PM
Germany PMI Services
Value
Jun A
49.70
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jun A
(21.90)
--
7:30PM
US
Existing home sales
Million
May
4.97
5.00
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
--
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
--
4:30PM
UK
BOE Announces rates
% Ratio
Jul 4
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Jul 4
0.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Jun
175.00
--
6:00PM
US
Unnemployment rate
Jun
7.60
--
July 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Jun
2.10
--
July 10, 2013
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
July 15, 2013
7:30AM
China
Industrial Production (YoY)
% Change
Jun
9.20
--
7:30AM
China
Real GDP (YoY)
% Change
2Q
7.70
--
11:30AM
Germany GDP nsa (YoY)
% Change
2Q P
(1.40)
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
(0.20)
--
11:00AM
India
% Change
2Q
4.80
--
July 1, 2013
July 4, 2013
July 5, 2013
August 14, 2013

August 30, 2013
Source: Bloomberg, Angel Research
Qtrly GDP YoY%
Market Outlook
June 20, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
2.0
Jun-12
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
7.5
8.0
8.1
7.3
(1.0) (0.6)
(0.7)
(2.0)
Apr-13
(0.1)
(2.0)
Source: CSO, Angel Research
7.3
7.2
7.3
7.3
Services PMI
56.0
5.7
5.0
4.9
4.7
4.0
3.0
2.0
1.0
0.0
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
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
15.0
48.0
Apr-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Mar-12
9.0
8.0
7.0
6.0
Mar-13
4.7 4.8
2.3
0.5
Jan-13
5.1 5.4 5.2
3.4
2.5
2.0
Dec-12
6.0
2.5
Nov-12
6.5
Feb-13
7.5
Oct-12
7.7
Sep-12
9.2
Aug-12
8.6
8.4
8.0
9.9
Jul-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
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
7.00
6.00
Source: Bloomberg, Angel Research
4.00
Source: RBI, Angel Research
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
3.00
Aug-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
5.00
Jul-12
(15.0)
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
Market Outlook
June 20, 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
139
2,703
1,657
1,906
14.1
14.1
7.7
8.9
18.1
15.6
3.8
3.2
22.2
21.9
1.6
1.3
United Phosphorus
Buy
146
232
6,471
10,298
11,310
16.5
16.5
20.5
23.2
7.1
6.3
1.2
1.0
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
255
285
4,352
3,418
3,892
14.5
14.5
18.5
20.4
13.8
12.5
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
61
3,070
13,852
15,487
11.4
11.5
12.8
14.9
4.7
4.1
0.8
0.7
17.5
17.3
0.4
0.3
Ashok Leyland
Buy
22
27
5,893
14,038
16,442
7.6
8.7
1.1
2.2
21.2
9.9
1.8
1.6
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
242
366
834
965
9.3
10.6
17.3
27.1
14.0
9.0
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,835
2,056
53,108
22,684
25,908
18.0
18.5
117.3
137.1
15.7
13.4
5.6
4.5
39.9
37.2
1.9
1.6
Bharat Forge
Neutral
219
5,091
6,198
6,793
14.6
14.9
14.5
17.3
15.0
12.6
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
9,000
28,258
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
109
170
374
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
Buy
123
150
10,489
7,053
8,061
14.2
14.5
7.8
9.1
15.8
13.5
2.7
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,441
2,395
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
1,620
1,819
32,341
25,274
27,658
14.1
13.7
110.2
139.9
14.7
11.6
5.4
4.2
39.8
40.7
1.1
0.9
JK Tyre
Buy
111
154
457
7,972
8,754
7.1
7.1
37.5
44.0
3.0
2.5
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
979
1,090
60,084
45,254
51,197
11.4
11.7
61.2
70.2
16.0
13.9
3.3
2.8
22.7
21.9
1.1
0.9
1,544
1,847
46,647
48,455
55,723
11.2
10.9
107.8
123.2
14.3
12.5
2.2
1.9
16.2
16.0
0.8
0.7
206
222
12,096
28,442
31,493
7.5
7.8
12.5
14.8
16.5
13.9
4.1
3.2
27.5
25.8
0.6
0.5
Buy
24
30
142
1,479
1,685
10.0
9.9
5.5
7.5
4.3
3.2
0.5
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
292
347
78,600 215,016 237,404
13.3
13.6
36.2
41.5
8.1
7.0
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Buy
34
41
1,613
7,715
8,584
6.0
6.1
5.0
5.8
6.8
5.9
1.2
1.0
18.1
18.5
0.1
0.1
ABB*
Sell
615
461
13,038
8,073
9,052
5.5
6.9
11.5
16.9
53.4
36.3
4.9
4.7
9.3
13.1
1.6
1.4
BGR Energy
Neutral
140
1,007
4,114
4,886
11.4
10.7
24.9
28.0
5.6
5.0
0.8
0.7
25.2
22.6
0.6
0.5
BHEL
Neutral
180
44,130
44,054
39,326
16.8
15.1
20.6
16.1
8.8
11.2
1.9
1.7
23.5
16.1
0.9
0.9
Blue Star
Buy
163
230
1,466
2,896
3,087
5.6
6.2
9.3
11.7
17.5
13.9
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
85
117
5,453
13,446
15,272
6.7
7.6
6.6
8.9
12.8
9.6
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
23
193
3,360
3,597
9.7
9.8
7.3
10.2
3.2
2.3
0.7
0.6
8.8
11.4
0.3
0.3
KEC International
Buy
35
63
892
7,709
8,399
6.7
7.2
6.1
8.5
5.7
4.1
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
604
7,192
5,780
6,430
9.5
9.6
29.8
33.0
20.2
18.3
3.4
3.0
17.9
17.4
1.1
0.9
1,217
1,361
22,848
11,979
13,254
19.7
21.3
77.1
91.4
15.8
13.3
2.8
2.5
18.7
20.0
1.6
1.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Accumulate
Market Outlook
June 20, 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
184
28,351
10,232
11,762
23.5
24.5
10.3
12.2
17.9
15.1
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
63
1,929
4,929
5,434
17.4
17.1
8.9
10.9
7.1
5.8
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
111
143
1,309
2,247
2,742
21.0
23.1
17.8
21.8
6.2
5.1
0.9
0.8
15.5
16.4
0.5
0.9
Madras Cements
Neutral
233
5,553
4,234
4,788
23.9
24.0
18.5
22.8
12.6
10.3
2.0
1.7
17.2
18.2
1.7
1.4
Shree Cement^
Neutral
4,739
16,508
6,540
7,452
27.4
26.6
319.7
369.9
14.8
12.8
3.7
2.9
27.5
25.4
1.9
1.4
UltraTech Cement
Neutral
1,842
50,495
21,947
25,049
23.8
23.8
106.1
119.8
17.4
15.4
2.9
2.5
17.7
17.3
2.4
2.0
185
255
971
1,928
2,234
21.0
21.5
18.0
22.2
10.3
8.3
0.9
0.8
10.2
10.1
1.9
1.9
10
184
2,281
2,492
5.9
6.9
0.7
2.0
14.6
5.0
0.3
0.3
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
118
157
3,909
3,997
4,312
45.5
46.4
15.7
16.6
7.5
7.1
1.1
1.0
15.2
14.5
3.4
3.6
ITNL
Buy
170
230
3,297
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
29
506
5,673
5,892
8.1
8.4
1.4
1.8
11.4
9.0
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
63
90
14,058
14,850
15,631
24.9
25.1
2.5
2.9
25.0
22.2
1.0
1.0
4.2
4.7
2.8
2.7
Larsen & Toubro
Buy
1,437
1,761
88,577
68,946
78,040
10.5
10.5
77.9
88.3
18.5
16.3
2.7
2.4
15.5
15.6
1.4
1.3
Nagarjuna Const.
Buy
28
42
727
6,167
6,945
8.0
8.2
2.7
3.6
10.6
7.8
0.3
0.3
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
38
1,259
12,954
14,740
9.9
9.9
0.5
0.9
74.7
40.7
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
102
139
1,543
2,462
2,731
10.6
10.6
5.9
6.7
17.4
15.3
1.7
1.5
10.2
10.5
0.9
0.8
Simplex Infra
Buy
90
131
444
6,308
7,033
9.5
9.6
11.9
18.7
7.6
4.8
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
27
41
203
2,146
2,339
13.7
13.8
11.0
11.5
2.5
2.4
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
110
139
5,493
6,876
7,545
2.6
2.5
28.2
30.9
3.9
3.6
0.6
0.5
12.8
12.7
Andhra Bank
Neutral
86
4,796
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
1,285
1,853
60,243
19,055
22,710
3.3
3.2
130.7
152.3
9.8
8.4
1.6
1.4
17.2
17.6
Bank of Baroda
Buy
615
851
25,905
16,365
18,781
2.2
2.3
121.3
142.5
5.1
4.3
0.7
0.7
15.1
15.7
Bank of India
Buy
280
339
16,700
14,482
16,383
2.3
2.3
58.1
68.1
4.8
4.1
0.7
0.6
14.4
15.0
Bank of Maharashtra
Buy
54
64
3,555
4,392
4,743
3.1
3.0
12.6
13.7
4.3
3.9
0.7
0.6
16.8
16.0
Canara Bank
Buy
381
481
16,858
11,928
13,467
2.1
2.2
74.8
86.0
5.1
4.4
0.7
0.6
13.7
14.2
Central Bank
Neutral
67
6,962
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
377
476
5,767
5,558
6,121
2.0
2.0
98.4
107.7
3.8
3.5
0.6
0.5
14.9
14.5
Dena Bank
Accumulate
86
97
3,025
3,187
3,582
2.3
2.4
23.8
25.5
3.6
3.4
0.6
0.5
15.9
15.1
Federal Bank
Neutral
442
7,559
2,873
3,413
3.0
3.1
52.7
62.0
8.4
7.1
1.1
1.0
13.4
14.2
Financials
Market Outlook
June 20, 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
843
898
130,603
8,573
10,142
3.6
3.6
37.0
43.6
22.8
19.3
4.7
4.2
30.0
30.3
HDFC Bank
Accumulate
665
732
158,823
28,361
34,747
4.6
4.6
33.9
41.0
19.6
16.2
3.8
3.2
20.7
21.2
ICICI Bank
Buy
1,086
1,503
125,382
25,705
30,330
3.1
3.2
83.9
96.3
13.0
11.3
1.7
1.6
15.2
15.7
IDBI Bank
Buy
77
89
10,236
9,477
10,678
2.0
2.1
19.6
22.6
3.9
3.4
0.5
0.4
12.8
13.4
Indian Bank
Buy
129
164
5,559
6,185
6,978
3.0
3.0
37.0
42.2
3.5
3.1
0.5
0.5
14.8
15.1
IOB
Accumulate
59
62
5,434
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
1,215
1,315
5,889
3,074
3,140
3.5
3.2
224.7
201.5
5.4
6.0
1.0
0.9
20.6
16.1
LIC Housing Finance
Accumulate
271
298
13,689
2,113
2,525
2.3
2.3
25.4
29.2
10.7
9.3
1.9
1.6
18.4
18.3
Oriental Bank
Accumulate
235
261
6,849
6,835
7,588
2.6
2.6
56.5
63.8
4.2
3.7
0.6
0.5
13.1
13.4
Punjab Natl.Bank
Buy
726
994
25,664
20,876
23,929
3.3
3.4
151.7
177.0
4.8
4.1
0.8
0.7
16.1
16.5
South Ind.Bank
Accumulate
24
25
3,217
1,839
2,091
2.9
2.8
4.2
4.5
5.7
5.3
1.0
0.9
18.2
17.0
St Bk of India
Buy
2,046
2,637
139,933
67,243
76,612
3.1
3.0
242.4
284.8
8.4
7.2
1.3
1.1
16.3
16.8
Syndicate Bank
Buy
121
142
7,299
7,238
8,249
2.7
2.6
27.1
30.4
4.5
4.0
0.7
0.6
16.1
15.9
UCO Bank
Neutral
77
5,795
6,250
6,738
2.6
2.5
12.1
14.7
6.4
5.3
1.0
0.8
11.8
13.0
Union Bank
Buy
217
260
12,968
11,229
12,794
2.6
2.6
40.7
48.2
5.3
4.5
0.8
0.7
14.6
15.4
United Bank
Buy
52
65
1,937
3,443
3,998
2.4
2.6
15.1
20.4
3.4
2.5
0.5
0.4
12.1
14.8
Vijaya Bank
Neutral
52
2,574
2,730
3,059
1.9
2.0
10.2
11.3
5.1
4.6
0.6
0.6
11.8
12.0
Yes Bank
Accumulate
478
520
17,180
4,390
5,411
2.8
2.8
41.6
47.9
11.5
10.0
2.4
2.0
23.2
22.1
FMCG
Asian Paints
Neutral
4,605
44,167
12,332
14,524
16.5
16.3
141.6
162.7
32.5
28.3
10.3
8.2
35.4
32.2
3.5
2.9
Britannia
Neutral
668
7,990
6,417
7,502
6.1
6.3
23.2
27.9
28.9
23.9
9.9
7.8
38.3
36.4
1.2
1.0
Colgate
Neutral
1,341
18,239
3,588
4,130
20.5
20.9
44.2
51.8
30.4
25.9
29.6
21.6
108.6
96.2
4.9
4.2
Dabur India
Neutral
156
27,233
7,183
8,340
16.8
16.8
5.4
6.3
29.1
24.8
11.3
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
5,706
23,999
3,617
4,259
16.1
16.4
122.2
148.7
46.7
38.4
14.5
11.7
34.1
33.7
6.2
5.2
Godrej Consumer
Neutral
794
27,027
7,801
9,017
16.2
15.9
25.1
29.7
31.6
26.8
6.8
5.7
24.9
24.2
3.6
3.1
HUL
Neutral
595
128,613
29,167
33,164
13.6
13.7
17.1
18.4
34.8
32.3
33.5
24.2
113.4
87.0
4.3
3.7
ITC
Neutral
330
260,840
34,294
39,991
36.8
37.0
11.3
13.3
29.3
24.7
9.6
7.8
36.1
34.9
7.3
6.2
Marico
Neutral
220
14,186
5,273
6,044
14.8
14.9
7.3
8.7
30.3
25.4
5.9
4.9
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,090
49,078
9,447
10,968
22.1
22.3
127.5
154.1
39.9
33.0
19.9
14.4
57.7
50.7
5.2
4.4
Tata Global
Neutral
144
8,874
8,069
8,957
9.8
9.7
7.8
8.6
18.3
16.7
2.2
2.1
9.5
9.7
1.1
0.9
Market Outlook
June 20, 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
779
863
54,288
28,633
32,216
21.5
20.7
57.3
61.7
13.6
12.6
3.2
2.7
24.0
21.5
1.7
1.5
83
96
2,471
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
2,438
139,999
43,338
47,244
27.5
27.7
169.4
182.6
14.4
13.4
3.0
2.6
20.8
19.3
2.6
2.2
Infotech Enterprises
Accumulate
174
185
1,942
1,956
2,174
17.9
17.7
20.4
21.9
8.5
8.0
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Accumulate
118
135
2,271
2,513
2,819
16.1
15.5
12.6
14.0
9.4
8.4
1.6
1.4
17.9
16.6
0.9
0.7
Mahindra Satyam
Accumulate
116
126
13,712
8,278
9,062
20.3
20.1
10.5
11.4
11.1
10.2
2.6
2.0
23.1
20.0
1.2
1.0
Mindtree
Accumulate
815
920
3,386
2,599
2,871
19.4
19.2
85.2
92.3
9.6
8.8
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Neutral
398
8,355
6,096
6,646
17.6
17.4
38.1
41.6
10.4
9.6
1.5
1.3
14.2
13.7
0.9
0.7
NIIT
Buy
22
30
365
1,144
1,267
9.0
9.1
4.3
5.4
5.1
4.1
0.5
0.5
10.3
12.0
0.1
Persistent
Accumulate
518
593
2,073
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
1,429
1,585
279,706
71,833
81,893
28.4
28.0
78.5
88.0
18.2
16.2
5.5
4.5
30.2
27.9
3.7
3.2
Tech Mahindra
Buy
1,013
1,170
13,011
7,779
8,398
19.7
19.3
107.4
117.8
9.4
8.6
2.0
1.6
21.2
19.0
1.7
1.5
Wipro
Accumulate
343
385
84,514
40,173
43,697
20.4
20.6
26.2
28.5
13.1
12.0
2.6
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
235
290
4,308
1,750
1,925
25.1
26.6
14.2
16.8
16.5
14.0
3.6
3.0
23.4
23.4
2.4
2.1
HT Media
Buy
96
117
2,244
2,205
2,380
15.1
15.6
8.3
9.1
11.6
10.5
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
88
119
2,936
1,664
1,825
20.9
23.0
6.4
7.8
13.8
11.4
2.8
2.5
21.0
23.1
1.9
1.7
PVR
Neutral
335
1,326
1,359
1,540
17.3
17.4
17.2
21.6
19.4
15.5
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
360
14,169
2,287
2,551
69.7
70.5
20.0
23.3
18.0
15.4
4.5
3.9
26.4
27.3
5.8
5.1
Bhushan Steel
Neutral
466
10,559
13,794
17,088
30.9
33.5
49.3
66.6
9.5
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
300
345
189,301
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
14
24
456
1,976
2,017
11.8
12.7
1.3
2.6
11.1
5.4
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
128
193
4,064
1,920
2,239
53.2
52.9
21.6
25.0
5.9
5.1
1.4
1.1
25.1
23.8
1.6
1.2
Hind. Zinc
Buy
112
145
47,281
12,358
13,659
51.4
51.6
16.0
17.6
7.0
6.4
1.3
1.1
19.4
18.4
1.6
1.0
Hindalco
Neutral
104
19,950
89,352
93,672
8.8
9.2
13.4
15.0
7.8
7.0
0.6
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
712
15,895
39,973
40,926
17.2
17.0
71.9
82.8
9.9
8.6
0.9
0.8
9.0
9.6
0.8
0.7
MOIL
Buy
204
248
3,426
1,010
1,046
46.5
47.6
26.8
28.8
7.6
7.1
1.1
1.0
15.4
14.7
1.0
0.7
Monnet Ispat
Buy
123
193
786
2,326
2,709
21.4
23.1
33.3
43.1
3.7
2.9
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
30
7,667
7,656
7,988
13.1
13.5
2.6
2.6
11.7
11.4
0.6
0.6
5.5
5.5
0.4
0.5
NMDC
Buy
107
156
42,244
10,461
11,892
71.6
72.6
16.3
17.6
6.6
6.1
1.4
1.2
22.1
21.4
2.2
2.0
Media
Metals & Mining
Market Outlook
June 20, 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
Reduce
Sesa Goa
Accumulate
57
53
23,356
44,060
54,786
9.4
11.5
5.2
7.2
10.8
7.9
0.6
0.6
5.2
6.8
0.8
0.7
146
166
12,676
3,742
4,426
32.9
32.8
30.0
29.8
4.9
4.9
0.7
0.6
14.3
12.5
4.2
3.4
Sterlite Inds
Tata Steel
Buy
85
100
28,650
44,462
45,568
23.2
24.7
18.1
20.2
4.7
4.2
0.5
0.5
11.3
11.4
0.6
0.5
Buy
291
378
28,219 140,917 151,537
9.7
10.8
30.9
47.6
9.4
6.1
0.9
0.8
9.6
13.4
0.6
0.5
Sarda
Buy
104
153
371
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
31
45
423
2,615
2,776
12.1
12.0
9.8
10.4
3.2
3.0
0.2
0.2
6.5
6.5
0.4
0.4
Buy
82
102
269
2,344
2,509
14.9
15.4
38.7
47.0
2.1
1.8
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
294
345
56,172
16,482
16,228
69.4
53.3
53.3
49.6
5.5
5.9
0.9
0.8
16.5
13.6
2.1
1.7
GAIL
Neutral
297
37,680
52,102
52,876
15.7
16.1
34.1
35.7
8.7
8.3
1.4
1.2
16.4
15.3
0.3
0.2
ONGC
Buy
309
372
264,108 170,063 193,024
36.3
36.9
34.7
38.3
8.9
8.1
1.5
1.4
18.3
17.9
1.3
1.0
Reliance Industries
Neutral
831
268,398 380,031 407,721
9.9
69.3
69.3
78.0
12.0
10.7
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
211
2,706
3,707
3,850
11.7
12.4
23.7
25.7
8.9
8.2
2.5
2.2
29.6
28.2
0.6
0.6
Indraprastha Gas
Neutral
281
3,940
3,700
4,218
23.4
22.8
26.7
30.4
10.6
9.3
2.2
1.9
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
129
167
9,709
40,356
40,872
5.8
6.4
15.0
16.7
8.6
7.7
1.8
1.5
23.0
21.5
0.3
0.3
Neutral
54
3,056
1,171
1,287
91.9
91.9
10.1
11.3
5.4
4.8
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
145
2,740
1,736
2,008
17.1
18.9
10.7
13.9
13.6
10.5
4.3
3.2
35.0
34.7
1.6
1.4
Aurobindo Pharma
Buy
181
271
5,280
6,641
7,637
15.9
15.9
17.3
20.6
10.5
8.8
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,538
5,844
1,682
1,917
16.6
16.6
92.4
99.1
27.5
25.6
3.9
3.9
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
794
929
16,247
7,280
8,640
15.5
15.7
38.3
46.5
20.7
17.1
4.5
3.7
23.5
23.5
2.5
2.1
Cipla
Buy
380
477
30,499
9,274
10,796
23.1
23.1
21.0
23.8
18.1
16.0
2.9
2.5
17.2
16.8
3.0
2.5
Dr Reddy's
Buy
2,100
2,535
35,675
13,377
15,350
20.4
20.1
112.3
126.8
18.7
16.6
4.0
3.3
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
64
168
516
1,394
1,534
22.5
22.4
15.0
16.8
4.3
3.8
0.5
0.4
11.0
11.2
1.0
0.8
2,472
20,936
2,854
3,145
28.6
28.6
76.6
83.3
32.3
29.7
9.7
8.8
31.1
31.0
6.5
5.8
62
78
573
760
922
15.3
15.3
6.1
7.8
10.2
8.0
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
695
8,767
3,243
3,826
20.5
21.5
36.0
44.4
19.3
15.7
4.5
3.6
26.0
25.4
2.8
2.4
Lupin
Accumulate
795
877
35,593
11,641
13,933
21.3
21.3
34.8
41.8
22.8
19.0
5.4
4.2
26.2
24.8
3.1
2.5
Ranbaxy*
Neutral
354
14,984
11,400
12,060
10.5
12.5
17.5
22.5
20.2
15.7
3.3
2.8
17.0
19.1
1.3
1.1
Sun Pharma
Neutral
961
99,381
13,509
15,846
41.0
41.0
33.0
39.8
29.1
24.2
5.9
4.9
22.0
22.0
6.8
5.6
70
78
1,057
1,444
1,482
33.4
33.0
13.7
14.8
5.1
4.7
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
Market Outlook
June 20, 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
145
163
119,518
76,734
86,680
24.5
24.3
13.4
14.5
10.8
10.0
1.3
1.2
12.8
12.7
2.3
2.1
DLF
Buy
189
236
33,646
8,293
9,622
36.5
36.1
5.7
6.7
33.1
28.0
1.2
1.1
3.7
4.1
6.2
5.1
MLIFE
Buy
386
476
1,577
888
1,002
30.6
30.6
38.8
43.4
9.9
8.9
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Accumulate
300
338
113,812
86,592
95,860
31.4
31.8
10.9
14.5
27.5
20.6
2.1
1.9
7.7
9.3
2.0
1.6
Idea Cellular
Neutral
148
49,033
25,122
27,663
27.0
27.2
4.0
4.8
37.3
31.1
3.1
2.8
8.3
9.1
2.4
2.1
Rcom
Neutral
127
26,141
22,801
24,628
31.0
31.3
3.6
5.3
35.6
24.1
0.8
0.7
2.2
3.1
2.7
2.4
1,447
1,659
3,075
1,863
2,081
11.8
12.4
71.2
83.0
20.3
17.5
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
1,673
3,885
4,472
5.4
7.2
11.0
19.7
15.3
8.5
2.1
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
519
562
657
630
795
14.4
13.6
42.8
51.1
12.1
10.2
2.9
2.3
26.6
25.2
1.0
0.8
Cravatex
Buy
292
459
75
248
284
6.5
7.3
27.2
38.2
10.8
7.6
1.7
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
52
68
796
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
295
437
384
2,304
2,649
3.1
3.6
28.0
43.7
10.5
6.8
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Buy
296
345
684
1,458
1,542
8.3
9.0
32.3
37.0
9.2
8.0
1.7
1.4
19.5
19.3
0.3
0.2
Hitachi
Buy
133
177
363
1,053
1,169
6.3
7.1
13.8
17.7
9.7
7.5
1.4
1.2
15.0
16.7
0.4
0.3
2,487
2,199
1,842
2,131
7.7
7.8
112.4
132.4
22.1
18.8
2.8
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Neutral

IFB Agro
Buy
154
198
139
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
160
234
184
1,430
1,573
11.1
11.0
19.1
26.9
8.4
6.0
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Neutral
192
3,091
1,220
1,476
13.3
13.6
5.5
9.0
34.8
21.2
4.0
3.6
12.1
17.7
2.9
2.3
MRF
Neutral
14,107
5,983
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.9
7.8
1.7
1.4
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,153
4,611
4,632
1,057
1,282
19.4
19.6
124.8
153.7
33.3
27.0
16.5
12.2
56.3
51.8
4.5
3.7
Relaxo Footwears
Accumulate
732
791
878
1,146
1,333
10.9
11.4
45.9
60.9
16.0
12.0
3.3
2.7
23.0
24.6
0.9
0.8
Siyaram Silk Mills
Buy
244
343
229
1,158
1,322
11.9
11.9
72.9
85.7
3.4
2.9
0.6
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
428
617
752
1,068
1,223
9.6
9.6
38.1
44.1
11.2
9.7
1.5
1.3
14.5
14.7
0.7
0.6
TAJ GVK
Buy
60
108
377
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Tata Sponge Iron
Buy
277
371
427
814
849
17.0
17.6
64.6
69.2
4.3
4.0
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
542
686
421
435
516
6.2
7.1
24.3
33.3
22.3
16.3
3.7
3.2
17.6
20.8
0.8
0.7
Tree House
Accumulate
272
297
979
153
194
53.0
52.8
12.4
15.6
22.0
17.4
2.6
2.3
11.8
13.1
6.6
5.0
TVS Srichakra
Buy
194
252
148
1,591
1,739
6.1
6.6
24.5
41.9
7.9
4.6
0.9
0.8
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,478
36,013
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 20, 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
365
439
741
600
638
20.1
19.4
35.7
36.6
10.2
10.0
1.8
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 19, 2013
Market Outlook
June 20, 2013

Market Outlook: Dealer's Diary

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Market Outlook

June 20, 2013

Fed to continue its liquidity infusion through asset purchases

Net Inflows (June 18, 2013)

OIL & GAS

Refer detailed news analysis on the following page

FII Derivatives (June 19, 2013)

Indian Oil Corp

As expected, the Federal Reserves stance in its monetary policy remains

Bharti Airtel slashes data usage rates by 90% in Punjab,

Bharti Airtel to invest US$125mn in Gabon

countrywide digital infrastructure by 2016, enabling the development of a wide

Economic and Political News

Govt sets export target of $50 billion this fiscal: Rao

Country Event Description

June 20, 2013

June 25, 2013

Germany PMI Manufacturing

Germany PMI Services

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)

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

July 10, 2013

July 15, 2013

Industrial Production (YoY)

Real GDP (YoY)

Germany GDP nsa (YoY)

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

August 14, 2013

Source: Bloomberg, Angel Research

Qtrly GDP YoY%

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: CSO, Angel Research

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

5.1 5.4 5.2

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

78,600 215,016 237,404

Larsen & Toubro

LIC Housing Finance

Metals & Mining

Metals & Mining