Market Outlook, 02-08-2013

Market Outlook
August 2, 2013
Dealers Diary
Indian markets are expected to open in the positive tracking the positive opening
trades in the SGX Nifty and most of the other Asian markets.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.1)
(29) 19,317
Nifty
(0.2)
(14)
5,728
MID CAP
(1.7)
(93)
5,451
SMALL CAP
(1.2)
(64)
5,247
BSE HC
(0.2)
(17)
9,057
BSE PSU
(2.8)
(150)
5,299
BANKEX
1.2
138 11,579
AUTO
(1.5)
(160) 10,409
METAL
(1.8)
(126)
6,756
Meanwhile, Indian shares ended an extremely choppy session modestly lower on

Thursday despite firm Asian and European cues. Investor sentiment took a hit after
Goldman Sachs downgraded its rating on Indian stocks to "underweight" and
Financial Technologies-promoted National Spot Exchange (NSEL) suspended
trading in all contracts except "e-series" until further notice because of poor
volumes on the exchange following a government order. The NSEL said that it
would announce a revised settlement calendar for settling all pending contacts
after expiry of 15 days.
OIL & GAS
(2.6)
(223)
8,356
BSE IT
(0.2)
(14)
7,444
(Pts)
(Close)
Markets Today
The US markets after moving sharply higher in early trading continued to perform
well throughout the session on Thursday with traders reacting positively to a batch
of largely upbeat economic data. The strong gains on the day lifted the Dow and
the S&P 500 to new record closing highs, with the S&P 500 closing above 1,700
for the first time. The major averages held on to strong gains going to the close,
finishing the session near their best levels of the day. Meanwhile, the European
stock markets gained ground on Thursday, with banks and miners pacing the
gainers, as investors cheered China's better-than-expected official PMI data, solid
earnings reports and the U.S. Federal Reserve's latest monetary policy decision to
leave its bond-buying program unchanged at $85 billion a month
S2
S1
PIVOT
R1
0.8
NASDAQ
1.4
49
3,676
FTSE
0.9
61
6,682
Nikkei
2.5
337 14,006
Hang Sang
0.9
205 22,089
Straits Times
0.7
21
3,243
Shanghai Com
1.8
35
2,029
Chg (%)
(Pts)
(Close)
INFY
0.3
0.1
$49.8
R2
WIT
2.0
0.2
$8.8
0.9
0.3
$33.1
2.4
0.8
$33.7
Indian ADR
SENSEX
18,954
19,135
19,352
19,534
19,751
IBN
NIFTY
5,606
5,667
5,738
5,799
5,869
HDB
News Analysis
Auto Monthly - July 2013

Lupin receives USFDA nod for Ranexa Extendedrelease tablets
Result Review: Idea, RCom, Bank of Baroda, GSK, Tata Global, Union Bank,
JKBank, Ceat
Result Preview: Coal India, BHEL, Canara Bank, OBC Bank, Bank of
Maharashtra, KEC International
Refer detailed news analysis on the following page
Net Inflows (July 31, 2013)

` cr
FII
MFs
Purch
5,001
957
Sales
4,824
941
Net
177
16
MTD
(5,909)
(2,169)
YTD
65,397
(14,346)
FII Derivatives (July 31, 2013)

` cr
Index Futures
Stock Futures
Purch
2,539
2,734
Sales
2,501
2,328
Net
38
406
Open Interest
11,192
25,535
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Adani Ports
TV18 Broadcast
Strides Arco
Axis Bank
HDFC Bank
www.angelbroking.com
Company
141
12.2
Financial Tech
19
8.3
IRB Infra
631
7.2
MCX
1,085
4.9
JPPOWER
632
3.7
Jaiprakash Asso
Chg (%)
Dow Jones
The trend deciding level for the day is 19,352/ 5,738 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,534 19,751 / 5,799 5,869 levels. However, if NIFTY trades below
19,352 / 5,738 levels for the first half-an-hour of trade then it may correct up to
19,135 18,954 / 5667 5,606 levels.
Indices
Global Indices
Losers
Price (`)
chg (%)
192
(64.6)
54
(25.5)
512
(20.0)
(12.5)
32
(10.5)
128 15,628
Advances / Declines
BSE
NSE
Advances
761
396
1,461
913
133
72
Declines
Unchanged
Volumes (` cr)
BSE
2,245
NSE
12,992
Market Outlook
August 2, 2013
Auto Monthly July 2013

Ashok Leyland
Ashok Leyland (AL) reported better-than-expected volumes with total sales posting
a strong growth of 25.4% mom to 8,739 units; albeit on a low base of last month.
However on a yoy basis, the volumes continue to be impacted by the slowdown in
the medium and heavy commercial vehicle segment (down 10.4% yoy) which led
to a 10.7% yoy decline in total volumes. Dost reported subdued volumes with sales
declining by 11.5% yoy to 2,480 units.
Hero MotoCorp
Hero MotoCorp (HMCL) posted a marginal growth of 0.7% yoy (down 2.9% mom)
in total volumes to 487,545 units, which was slightly lower than our expectations.
Total volumes continue to be impacted by the slowdown in motorcycle demand
and higher competition from Honda. Going ahead, the company is hopeful that
better monsoons coupled with improving consumer sentiments will revive the
growth.
Maruti Suzuki
Maruti Suzuki (MSIL) registered an in-line volume growth of 1.3% yoy (down 1.4%
mom) to 83,299 units. The volume growth was led by a healthy growth of 5.8%
yoy (down 2.4% mom) in the domestic markets. Exports however, continued its
poor run and witnessed a significant decline of 27.3% yoy (up 9.4% mom on a low
base) due to macroeconomic uncertainty in the key export markets. While the sales
in the Mini segment surged 15.8% yoy (7.3% mom) led by the gradual uptick in
demand for petrol cars, the super compact segment registered a strong growth of
33.6% yoy (21.5% mom) despite the competition from Amaze. However the
compact and utility vehicle segments posted an 11.9% (33.9% mom) and 37.5%
yoy (8.7% mom) decline in volumes respectively.
Mahindra and Mahindra

Mahindra & Mahindra (MM) reported weak volumes primarily due to the poor
performance of the automotive segment which has been impacted due to demand
slowdown, rising competition and also due to the increase in excise duty. However,
tractor segment registered a strong growth of 11.8% yoy driven by 14.7% yoy
growth in domestic volumes. The domestic volumes have witnessed a strong
growth YTD in FY20214 led by expectations of normal monsoon and improved
prospects for kharif crop. Total volumes declined sharply by 12.6% yoy (15.6%
mom) to 83,299 units as automotive segment fell by a significant 21.2% yoy (2.6%
mom). The automotive segment registered poor performance across the subsegments with the passenger vehicle sales (down 29.4% yoy and 9.9% mom) being
the worst impacted. The four-wheeler pick-up and the three-wheeler sales too
witnessed a decline of 6.5% and 12.8% yoy respectively. Automotive export
volumes plunged 38.8% during the month. Meanwhile, the production cuts
announced by the company at the automotive plants in July will continue in August
as well.
Tata Motors
Tata Motors (TTMT) continued reporting disappointing sales performance as the
domestic commercial (CV) and passenger vehicle (PV) segments maintained its
Market Outlook
August 2, 2013
downwards trajectory. Total volumes posted a significant decline of 30% yoy (2.4%
mom) to 51,468 units with CV and PV segments registering a sharp decline of
14.2% and 58.8% yoy respectively. Within the CV space, domestic medium and
heavy and light commercial vehicle segments witnessed a decline of 23.7% and
10.1% yoy respectively. While in the PV segment, utility vehicle and passenger cars
witnessed a decline of 55.2% and 59.6% yoy respectively. Exports too registered a
decline of 12% yoy during the month.
TVS Motor
TVS Motor (TVSL) reported lower-than-expected volumes as total volumes
registered a decline of 4.7% yoy (6.4% mom) to 153,676 units. The company
continued its sluggish performance in the two-wheeler segment (down 7.1% yoy
and 6.8% mom) on account of poor demand and increased competitive activity in
the motorcycle (down 1.9% mom) and scooter (down 9.8% mom) segments. The
three-wheeler sales on the other hand continued its strong momentum and posted
a growth of 112.2% yoy (3.4% mom) driven by exports. The overall exports
registered a strong growth of 36.6% yoy (6.8% mom) during the month.
Lupin receives USFDA nod for Ranexa Extendedrelease tablets

Lupin announced that its U.S. subsidiary, Lupin Pharmaceuticals, Inc. (LPI) received
final approval for its Ranolazine Extendedrelease tablets, 500 mg and 1000 mg
from the United States Food and Drugs Administration (FDA). Lupins Ranolazine
Extendedrelease tablets are the ABrated generic equivalent of Gilead Sciences,
Inc.s (Gilead) Ranexa Extendedrelease tablets, 500 mg and 1000 mg strengths.
Ranolazine Extendedrelease tablets are indicated for treatment of chronic angina.
Ranexa tablets, 500 mg and 1000 mg had U.S sales of approximately
US$443.4mn, for the twelve months ending March, 2013 (IMS Health data).Lupin
believes that it is the first applicant to file an ANDA for Ranexa Extendedrelease
tablets 500 mg and 1000 mg strengths and as such will be entitled to 180 days of
marketing exclusivity. The product is expected to contribute around US $30-40mn
to its full year revenues. We maintain our neutral stance on the stock.
Result Review
Idea Cellular (CMP: `167/ TP: Under review)
For 1QFY2014, Idea Cellular (Idea) reported strong set of results, beating our as
well as market expectations on all fronts. Ideas consolidated revenue came in at
`6,539cr, up 7.9% qoq. The mobility segments revenue increased strongly by
8.3% qoq to `6,447cr, riding on healthy customer additions and greater pricing
power after the exit of several smaller competitors from the market. The companys
revenue growth was led by 6.1% qoq increase in realization per minute (RPM) to
~`0.44, aided by reduction in promotional vouchers. Network traffic grew by
2.8% qoq to 147bn min. MOU declined by 2.0% to 398min which came in as a
negative surprise. Ideas subscriber base increased by 3.4mn subscribers during
the quarter with the end of period (EoP) subscriber base standing at 125mn. The
company increased share of VAS revenues to 16.0% from 15.2% in 4QFY2013.
The data volume growth grew by 92.2% yoy to 13.8bn Megabytes usages in
Market Outlook
August 2, 2013
1QFY2014. The data as a % of service revenue improved by 2.7% in one year;

mobile data now contributes 7.2% to service revenue.
Ideas EBITDA margin increased substantially by ~410bp qoq to 31.8%. The
EBITDA margin increase was led by strong revenue growth along with reduction in
subscriber acquisition & marketing cost which has fallen by ~9.4% qoq in
1QFY2014 vs. 4QFY2013. Depreciation charges increased by ~25% qoq to
`1135cr because life of some fixed assets have been revised from 13 years to 10
years. This change resulted in a higher depreciation of ~`180cr in this quarter;
total impact of this change for the entire FY2014 is expected to be ~`450cr. PAT
came in at `463cr, up 50% qoq, led by strong operational performance and qoq
lower tax rate at 36% as against 43% in 4QFY2013.
Ideas 1QFY2014 results underscore declining competitive intensity which should
support strong EBITDA growth for Indian wireless incumbents. Most operators,
including Idea, have been rationalizing pre-paid tariffs as RPM and profitability
improvement remains a key focus area across the industry. With improving
operational performance, the company still remains surrounded by regulatory
uncertainties with regards one-time spectrum fee, 3G roaming pacts cancellations
and spectrum refarming. The stock is currently under review.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
25,640 26.9
1,322
4.0
8.4 41.8
3.5
9.7
2.6
FY2015E
28,459 27.2
1,632
4.9
9.4 33.8
3.2
8.3
2.3
Reliance Communication (CMP: `131/ TP: Under review)

For 1QFY2014, Reliance Communication (RCom) results came in marginally
below expectations on all fronts. The company registered top-line (including other
income) of `5,315, down ~1.5% qoq. Revenues from wireless business came in at
`4,816cr, up 4% qoq. In tandem with its peer companies, RCom also reported
increase in realization rate per minute (RPM) by 4% qoq to 45.7paise, aided by
tariff hikes and strong focus on paid and profitable minutes. EBITDA margin came
in at 30.2%, down ~70bp qoq. PAT came in at `108cr, down ~65% qoq, as
RCom last quarter had one time gain of `550cr (provision reversal). The stock is
currently under review.
Y/E
March
Sales OPM
(` cr)
PAT
EPS ROE
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
22,751 30.9
707
3.4
2.1 38.3
0.8
9.0
2.8
FY2015E
24,628 31.3
1,086
5.3
3.1 25.0
0.8
7.8
2.4
Bank of Baroda - (CMP: `516 / TP: -- / Upside: - -)

Bank of Baroda reported moderate operating performance for the quarter,
however, asset quality performance was weak. NII for the bank expectedly grew by
3.3% yoy. Non-interest income grew strongly by 60% yoy, probably aided by
treasury gains. Overall, pre-provisioning profit for the bank grew at moderate
pace of 9% yoy, which was on expected lines. The bank witnessed significant asset
quality deterioration during the quarter, as Gross and Net NPA levels increased
sequentially by 22% and 30%, respectively. The provisioning expenses for the bank
grew by 14% yoy and hence, the bottom-line grew by marginal 3% yoy. Given the
recent macro developments in an overall weak environment, we believe that asset
Market Outlook
August 2, 2013
quality pressures are unlikely to abate as quickly as was expected earlier. Hence,
we recommend a Neutral recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
16,287
2.2
5,095
120.6 834.7
0.9
15.0
4.3
0.6
FY2015E
18,707
2.3
6,111
144.6 951.3
0.9
16.0
3.6
0.5
March
GSK Consumer (CMP:`4,598/TP:-/Upside:-)

For 2QCY2013 Glaxo Consumers performance was below expectations on
bottom-line front. The top-line rose by 16.9% yoy to `852cr aided by both higher
volumes and better realizations. The price hikes undertaken by the company in
past one year resulted in better realizations. However, OPM fell by 126bp yoy to
13.9% due to increase in advertising and other expenses as a percentage of sales.
Other income rose by 32.7% yoy to `76cr. Bottom-line rose by 12.5% yoy to
`120cr. We maintain our Neutral recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
3,617
16.1
514122.2
34.1
37.6
11.7
30.4
4.9
CY2014E
4,259
16.4
625148.7
33.7
30.9
9.4
24.7
4.1
Tata Global (CMP:`147/TP:-/Upside:-)

For 1QFY2014 Tata Globals performance was below expectations on Top-line,
margins, and bottom-line front. The company posted a 4.7% yoy improvement in
its consolidated net sales to `1,796cr, aided by a 7% yoy growth in the top-line of
Tea Business. However, coffee business posted a marginal de-growth in net sales
to `469cr. On the operating front consolidated OPM rose 94bp yoy to 10.6%.
While the profits of tea business rose 8% yoy, the coffee business posted a 34% yoy
increase in its profit despite lower sales. The companys adjusted PAT came in
below estimates at `91cr (vs. `83cr in 1QFY2013). 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
8,069
9.8
467
7.6
9.3
19.5
1.8
11.3
1.1
FY2015E
8,957
9.7
514
8.3
9.5
17.7
1.7
10.1
1.0
Union Bank - (CMP: `126 / TP: -/ Upside:- )

Union bank reported modest operating performance for the quarter. NII for the
bank grew by 4.8% yoy. Non-interest income grew strongly by 54.0% yoy,
probably boosted by treasury gains. Overall, pre-provisioning profit for the bank
grew by 11.4% yoy. On the asset quality front, the bank witnessed significant asset
quality stress during the quarter, as Gross and Net NPA levels increased
sequentially by around 12.3% and 15.8% respectively. Bank increased Provisioning
expenses by 31.5%, thus limiting in bottom-line growth of 9.5% yoy. Considering
recent macro developments in a weak economic environment, we believe that
asset quality stress is unlikely to abate as quickly as was anticipated earlier..
Hence, we maintain our Neutral recommendation on the stock.
Market Outlook
August 2, 2013
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
11,101
2.6
2,355
39.3 283.6
0.7
14.1
3.2
0.4
FY2015E
12,543
2.6
2,837
47.4 324.3
0.7
15.2
2.7
0.4
March
JK Bank- (CMP: `1,102 / TP: - / Upside: -)

J&K Bank reported healthy operating performance for the quarter. NII for the bank
grew 22.3% yoy. Non-interest income marginally declined by 1.2% yoy. Overall,
pre-provisioning profit for the bank grew by 15.9% yoy. On the asset quality front,
the bank reported moderate performance, as Gross and Net NPA levels increased
sequentially by 3.4% and 1.5% respectively. Provisioning expenses declined by
28.1% yoy. Overall, bottom-line grew at a healthy pace of 25.1% yoy. At CMP, the
stock is trading at 0.8x FY2015E ABV. We maintain our Neutral recommendation
on the stock.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
(`)
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,101
3.6
1,045
215.51,167.6
1.4
19.9
5.1
0.9
FY2015E
3,427
3.6
1,019
210.21,314.9
1.2
16.8
5.2
0.8
Ceat (CMP: `118/ TP: `170/ Upside: 43%)

Ceat reported extremely strong results for 1QFY2014 which were better than our
expectations driven by significant expansion (up 115bp sequentially to 11.8%) in
operating margins.
For 1QFY2014, standalone top-line reported a better-than-expected growth of
7.8% yoy to `1,280cr despite the sluggish demand environment in the domestic
markets. The top-line was driven by a strong volume growth of 10.7% led by a
volume growth of 28.2% yoy in the OEM segment on the back of the new
partnerships with Royal Enfield, Volvo-Eicher and Bajaj Auto. Export volumes too
registered a strong growth of 10.7% yoy; however, replacement segment grew
modestly by 5.2% yoy during the quarter. Net average realization declined by
2.7% yoy on account of adverse product-mix (higher OEM share) and also due to
price cuts undertaken during the quarter. Operating profit, however, surged 43.5%
yoy (8.2% qoq) to `151cr driven by 293bp yoy expansion in operating margins led
by 12.5% yoy decline in natural rubber prices. The raw-material expense as a
percentage of sales fell 570bp yoy (187bp qoq) during the quarter. Nevertheless,
other expenditure witnessed a sharp jump of 27.5% yoy (5.7% qoq), probably due
to increased marketing spends, which arrested further margin expansion in our
view. Led by strong operating performance, net profit increased 126.8% yoy to
`58cr ahead of our expectation of `38cr. On a sequential though, it declined by
4.1% primarily due to higher tax outgo. Tax rate stood at 33.1% as against 22.4%
sequentially.
We retain our positive view on Ceat and believe that the company will continue to
benefit from the softening of commodity prices. However a slowdown in demand
remains a concern as the replacement demand has not picked up as anticipated.
Nonetheless, at `118, the stock is trading at attractive valuations of 2.4x FY2015E
earnings. We maintain our Buy rating on the stock with a target price of `170.
Market Outlook
August 2, 2013
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,325
8.4
140
40.8
17.3
2.9
0.5
2.2
0.2
FY2015E
5,974
8.3
166
48.5
17.6
2.4
0.4
1.8
0.1
Result Preview
Coal India (CMP: `270, TP: `345, Upside: 28%)
Coal India is slated to report its 1QFY2014 results on Saturday. We expect net
sales to increase by 7.4% yoy to `17,719cr mainly on account of higher volumes
and EBITDA margin is expected to contract by 280bp yoy to 32.7% due to higher
costs. Net profit is expected to increase by 1.5% yoy to `4,524cr. We maintain our
Buy view on the stock with a target price of `345.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BVEV/EBITDAEV/Sales
(x)
(x)
(x)
FY2014E 74,110
31.1 17,550
27.8
36.1
9.7
2.6
4.1
1.3
FY2015E 76,377
30.2 17,434
27.6
32.6
9.8
2.2
3.7
1.1
BHEL (CMP: `151/ TP: -/Upside: %)

BHEL is slated to announce its 1QFY2014 results on Saturday. Top-line is expected
to decline by 3.0% yoy to `8,186cr in 1QFY2014. On the EBITDA front, the
company's margin is likely to expand by 25bp yoy to 14.5%. Consequently, PAT is
expected to decline by 12.7% yoy to `804cr. We maintain our Neutral
recommendation on the stock as we expect tepid order inflow to continue for the
next few quarters.
Y/E
Sales OPM
March
(` cr)
PAT
EPS
ROE
P/E
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2014E
44,054 16.8
5,043
20.6
23.5
7.5
1.6
4.3
0.7
FY2015E
39,326 15.1
3,936
16.1
16.1
9.6
1.5
5.1
0.8
Canara Bank - (CMP: `258 / TP: - / Upside: -)

Canara Bank is scheduled to announce its 1QFY2014 results tomorrow. We expect
the bank to report healthy NII growth of 14.8% yoy to `2,116cr. Non-interest
income is expected to grow by 31.9% to `914cr, aided primarily by trading gains.
Operating expenses are expected to grow by 13.7% yoy to `1,299cr, which would
result in healthy operating profit growth of 24.2% yoy at `1,730cr. On back of
70.8% yoy higher provisioning at `715cr, we expect the bank to report earnings
de-growth of 3.1% yoy to `751cr. Given the recent macro developments amidst an
overall weak macro-economic environment, we believe that the asset quality
pressures for the banking are unlikely to abate as quickly as was expected earlier.
Overall, we have a cautious view on the sector. Hence, we maintain our Neutral
recommendation on the stock.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
(`)
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,045
2.1
3,400
76.7 534.8
0.8
14.1
3.6
0.5
FY2015E
13,495
2.2
3,826
86.4 603.8
0.8
14.2
3.2
0.4
Market Outlook
August 2, 2013
Oriental Bank of Commerce (CMP: `144 / TP:155/ Upside: 8.3%)

Oriental Bank of Commerce is scheduled to announce its 1QFY2014 results
tomorrow. We expect the bank to report moderate growth of 10.7% yoy in Net
Interest Income (NII) to `1,247cr. Non-interest income is expected to decline by
19.0% yoy to `331cr. Operating expenses are expected to increase by 7.0% yoy to
`683cr. Provisioning expenses are expected to increase by 37.4% yoy to `456cr.
Hence Net profit is expected to de-grow by 17.0% to `325cr. At the CMP, the stock
is trading at 0.3x FY2015E ABV. We maintain our Accumulate recommendation on
the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
6,790
2.6
1,625
55.7 429.8
0.8
12.8
2.6
0.3
FY2015E
7,676
2.7
1,817
62.3 478.0
0.8
12.9
2.3
0.3
March
Bank of Maharashtra- (CMP: `42 / TP: - / Upside: -)

Bank of Maharashtra is scheduled to announce its 1QFY2014 results today. We
expect the bank to report a healthy NII growth of 32.7% yoy to `864cr. Noninterest income is expected to de-grow by 6.4% yoy to `167cr. Operating expenses
are expected to increase by 21.9% yoy to `475cr, while provisioning expenses are
expected to decrease by 22.9% yoy to `243cr on account of high base in
1QFY2013. Overall, the bank is expected to report strong earnings growth of
47.1% yoy to `207cr. At CMP, the stock is trading at 0.5x FY2015E ABV. We
maintain our Neutral recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
4,291
3.0
856
12.1
80.0
0.7
16.2
3.5
0.5
FY2015E
4,724
3.0
908
12.9
89.9
0.6
15.3
3.2
0.5
March
KEC International (CMP: `27/ TP: `40/Upside: 47%)

For 1QFY2014, KEC International (KEC) is expected to register a healthy top-line
growth of 11.6% yoy to `1,522cr on back of strong execution of its robust order
book. However, on the EBITDA front, the company's margin is expected to contract
by ~227bp yoy to 5.3% on account of execution of few low margin orders in
relatively new segments. Consequently, we expect PAT to decline sharply to `11cr
on account of margin pressure and elevated interest costs. We recommend Buy on
the stock with a target price of `40.
Y/E
March
Sales OPM
PAT
EPS
ROE
P/E
P/BV EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,709
6.7
156
6.1
20.2
4.6
0.6
4.1
0.3
FY2015E
8,399
7.2
219
8.5
23.0
3.3
0.5
3.4
0.2
Market Outlook
August 2, 2013
Quarterly Bloomberg Consensus Estimate

Power Finance Corporation (02/08/2013)
Particulars (` cr)
Net profit
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,256
972
29.2
1,294
(2.9)
3QSY13E
3QSY12
y-o-y (%)
2QSY13
q-o-q (%)
2,908
(1.2)
88
98.4
Siemens India (02/08/2013)

Particulars (` cr)
Net sales
2,875
2,976
(3.4)
EBITDA
175
118
48.0
EBITDA margin (%)
6.1
4.0
Net profit
84
36
133.5
30
180.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
7,992
8,326
(4.0)
18,850
(57.6)
EBITDA
(32.8)
4,651
(77.3)
3.0
BHEL (03/08/2013)
Particulars (` cr)
1,056
1,571
EBITDA margin (%)
13.2
18.9
Net profit
780
921
(15.3)
3,238
(75.9)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
798
775
3.0
725
10.1
24.7
Canara Bank (03/08/2013)

Particulars (` cr)
Net profit
Coal India Consolidated (03/08/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
17,044
16,500
3.3
19,905
(14.4)
4,405
4,815
(8.5)
7,490
(41.2)
25.8
29.2
4,236
4,469
(5.2)
5,414
(21.8)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
543
468
16.0
650
(16.5)
EBITDA
204
192
6.3
252
(19.0)
EBITDA margin (%)
37.6
41.0
Net profit
153
167
Net profit
37.6
Divi's Laboratories (03/08/2013)

Particulars (` cr)
38.8
(8.4)
182
(15.9)
Godrej Consumers Consolidated (03/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,736
1,388
25.1
1,716
1.2
EBITDA
260
199
30.7
279
(6.8)
EBITDA margin (%)
15.0
14.3
Net profit
173
130
Net sales
16.3
33.1
334
(48.2)
Market Outlook
August 2, 2013
Grasim Industries Consolidated (03/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
6,652
6,793
(2.1)
7,553
(11.9)
EBITDA
1,296
1,767
(26.7)
1,990
(34.9)
EBITDA margin (%)
19.5
26.0
Net profit
560
718
26.3
(22.0)
818
(31.5)
Tata Chemical Consolidated (05/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
3,164
3,021
4.7
3,362
(5.9)
EBITDA
516
495
4.2
471
9.6
EBITDA margin (%)
16.3
16.4
Net profit
174
108
14.0
61.1
(188)
(192.6)
Economic and Political News
States should bear power subsidy burden: Scindia

Infra sectors grow at snail's pace in June, may impact IIP
Manufacturing growth almost stagnant in July
Govt may go ahead with 5% stake sale in CIL this month: Coal Min
Planning Commission may call separate NDC on coal linkage problem
Corporate News
Life insurers want service tax to be back at 1.5%

Claris Life completes transfer of infusion business to JV
Tea production up by 4% in June on higher output from WB
M&M to stop production for up to 6 days in forthcoming months
Centre keen to set up textile park in Nagpur: Rao
'Mandatory recall' to levy strict penalties on auto makers
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 02, 2013
Result Calendar
Date
Company
August 02, 2013
Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra

Coal India, BHEL, Grasim Inds, Canara Bank, Godrej Consumer, Divi's Lab., Oriental Bank, PTC India, Godawari
Ispat
August 03, 2013

August 04, 2013
August 05, 2013
Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet
August 06, 2013
August 08, 2013
Tata Power Co., Bosch India, Crompton Greaves, Unitech

NMDC, Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.,
Alembic Pharma
Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, Prakash Industries, ITD Cementation
August 09, 2013
Sun Pharma, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear
August 10, 2013
Sarda Energy
August 07, 2013
August 11, 2013

August 12, 2013
ONGC, HPCL, Marico, Indraprasth Gas, Britannia, India Cements, Jyothy Laboratories
August 13, 2013
IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL
August 14, 2013
SAIL, Nalco, LIC Housing Fin., Amara Raja Batteries, Simplex Infra
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
August 2, 2013
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
August 5, 2013
1:25PM
Germany PMI Services
August 6, 2013
2:00PM
UK
Industrial Production (YoY)
August 8, 2013
4:29PM
China
Exports YoY%
August 9, 2013
Thousands
Jul
195.00
185.00
Jul
7.60
7.50
Value
Jul F
52.50
--
% Change
Jun
(2.30)
--
% Change
Jul
(3.10)
1.00
7:00AM
China
Consumer Price Index (YoY)
% Change
Jul
2.70
2.80
11:00AM
China
Industrial Production (YoY)
% Change
Jul
8.90
8.90
4:29PM
India
Imports YoY%
% Change
Jul
(0.37)
--
4:29PM
India
Exports YoY%
% Change
Jul
(4.60)
--
5:30PM
India
Industrial Production YoY
% Change
Jun
(1.60)
--
August 13, 2013
2:00PM
UK
CPI (YoY)
% Change
Jul
2.90
--
August 14, 2013
2:00PM
UK
Jobless claims change
% Change
Jul
(21.20)
--
11:30AM
Germany GDP nsa (YoY)
% Change
2Q P
(1.40)
--
12:00PM
India
% Change
Jul
4.86
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
(0.30)
--
6:00PM
US
Producer Price Index (mom)
% Change
Jul
0.80
--
6:00PM
US
Consumer price index (mom)
% Change
Jul
0.50
--
6:45PM
US
Industrial Production
Jul
0.31
--
6:00PM
US
Housing Starts
Thousands
Jul
836.00
--
6:00PM
US
Building permits
Thousands
Jul
918.00
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Jul F
1.60
--
August 21, 2013
7:30PM
US
August 23, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
7:30PM
US
New home sales
2:00PM
UK
GDP (YoY)
August 12, 2013
August 15, 2013

August 16, 2013
Monthly Wholesale Prices YoY%
Existing home sales
Million
Jul
5.08
--
Value
Aug A
(17.40)
--
Thousands
Jul
497.00
--
% Change
2Q P
1.40
--
Market Outlook
August 2, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
0.6
Apr-13
Feb-13
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
(1.6)
Jan-13
Jun-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
(1.0) (0.6)
(0.7)
(2.0)
May-13
(0.1)
(2.0)
Dec-12
4.7 4.8
Source: CSO, Angel Research
Services PMI
8.1
7.3
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
7.2
7.3
7.3
7.3
56.0
5.7
4.8
4.7
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
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Sep-12
Aug-12
50.0
Oct-12
9.0
1.9
2.0
5.1 5.4 5.2
Nov-12
6.0
3.4
2.5
2.0
Oct-12
6.5
Mar-13
7.5
Sep-12
7.7
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
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
15.0
Reverse Repo rate
CRR
8.00
7.00
6.00
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
0.0
5.00
4.00
Source: RBI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
(15.0)
Aug-12
3.00
Market Outlook
August 02, 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
2,636
1,674
1,923
13.7
13.7
6.8
7.6
19.9
17.8
3.7
3.3
20.0
19.6
1.7
1.5
United Phosphorus
Buy
125
225
5,524
10,091
11,302
16.5
16.5
19.2
22.5
6.5
5.6
1.0
0.9
17.0
17.2
0.7
0.5
Amara Raja Batteries
Buy
239
285
4,082
3,418
3,892
14.5
14.5
18.5
20.4
12.9
11.7
3.1
2.5
26.6
23.8
1.2
1.0
Apollo Tyres
Neutral
65
3,271
13,852
15,487
11.4
11.5
12.8
14.9
5.1
4.4
0.8
0.7
17.5
17.3
0.4
0.3
Ashok Leyland
Buy
13
22
3,390
13,450
15,853
6.5
8.5
0.4
1.9
33.3
6.8
1.1
1.0
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
215
325
834
965
9.3
10.6
17.3
27.1
12.4
7.9
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,933
2,102
55,930
21,696
25,239
19.2
19.3
119.3
140.2
16.2
13.8
5.7
4.5
38.9
36.6
2.2
1.8
Bharat Forge
Neutral
196
4,562
6,198
6,793
14.6
14.9
14.5
17.3
13.5
11.3
1.8
1.6
13.6
14.7
0.8
0.7
Bosch India*
Neutral
8,810
27,662
9,821
11,394
17.0
17.3
373.5
438.7
23.6
20.1
4.2
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
118
170
405
5,325
5,974
8.4
8.3
40.8
48.5
2.9
2.4
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
121
148
10,306
6,899
7,873
14.7
14.7
7.9
9.0
15.3
13.4
2.6
2.3
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,260
2,094
1,336
1,572
13.8
16.0
75.6
102.4
16.7
12.3
2.1
1.8
13.4
15.8
1.3
1.1
Hero Motocorp
Accumulate
1,811
2,048
36,160
25,562
28,297
14.5
14.4
111.2
146.3
16.3
12.4
6.0
4.6
40.1
42.1
1.2
1.0
JK Tyre
Buy
91
154
374
7,972
8,754
7.1
7.1
37.5
44.0
2.4
2.1
0.4
0.3
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
872
1,103
53,694
45,254
51,197
11.4
11.7
61.2
70.2
14.3
12.4
3.0
2.5
22.7
21.9
0.9
0.8
Maruti
Buy
1,340
1,648
40,482
45,862
52,647
11.2
11.1
94.6
109.9
14.2
12.2
1.9
1.7
14.4
14.6
0.7
0.6
Motherson Sumi
Buy
204
242
12,016
28,442
31,914
8.4
8.7
13.0
16.1
15.7
12.7
4.1
3.2
29.4
28.6
0.5
0.5
Subros
Buy
19
23
116
1,230
1,398
10.5
10.5
2.3
3.8
8.3
5.1
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Buy
289
347
77,899 215,016 237,404
13.3
13.6
36.2
41.5
8.0
7.0
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Accumulate
31
35
1,456
7,715
8,584
6.0
6.1
5.0
5.8
6.2
5.3
1.1
0.9
18.1
18.5
0.1
0.1
Capital Goods
ABB*
Reduce
492
461
10,435
8,073
9,052
5.5
6.9
11.5
16.9
42.7
29.1
3.9
3.7
9.3
13.1
1.3
1.1
BGR Energy
Neutral
80
575
3,756
4,569
11.4
9.7
21.7
24.1
3.7
3.3
0.4
0.4
22.3
20.3
0.5
0.4
BHEL
Neutral
151
36,873
44,054
39,326
16.8
15.1
20.6
16.1
7.3
9.4
1.6
1.4
23.5
16.1
0.7
0.8
Blue Star
Buy
150
208
1,349
2,941
3,099
3.4
4.2
6.0
9.3
25.1
16.2
3.1
2.7
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
83
117
5,331
13,446
15,272
6.7
7.6
6.6
8.9
12.5
9.4
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
16
131
3,312
3,555
9.0
9.0
4.5
6.5
3.5
2.5
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
27
40
701
7,709
8,399
6.7
7.2
6.1
8.5
4.5
3.2
0.6
0.5
20.2
23.0
0.3
0.2
Thermax
Neutral
588
7,009
5,832
6,397
9.1
9.6
28.8
32.9
20.4
17.9
3.3
2.9
17.2
17.3
1.2
1.0
1,148
1,361
21,557
11,820
13,254
19.3
20.9
74.9
93.1
15.3
12.3
2.7
2.4
18.1
20.3
1.5
1.3
Cement
ACC
Buy
Market Outlook
August 02, 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
167
25,858
10,171
11,762
23.5
24.6
10.2
12.2
16.4
13.7
2.7
2.5
17.1
18.7
2.0
1.6
India Cements
Neutral
49
1,507
4,929
5,434
17.4
17.1
8.9
10.9
5.5
4.5
0.4
0.4
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
57
100
672
2,256
2,709
20.2
22.2
17.0
20.4
3.4
2.8
0.5
0.4
14.8
15.4
0.3
0.8
Madras Cements
Neutral
155
3,691
4,234
4,788
23.9
24.0
18.5
22.8
8.4
6.8
1.3
1.2
17.2
18.2
1.2
1.0
Shree Cement^
Neutral
4,280
14,909
6,607
7,520
27.5
26.7
322.8
374.3
13.3
11.4
3.3
2.6
27.8
25.6
1.6
1.2
UltraTech Cement
Neutral
1,818
49,860
21,947
25,049
23.8
23.8
106.1
119.8
17.1
15.2
2.8
2.5
17.7
17.3
2.3
2.0
50
84
792
1,928
2,234
21.0
21.5
6.0
7.4
8.4
6.8
0.8
0.7
10.5
10.8
1.8
1.8
140
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.6)
(21.1)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
54
157
1,800
3,997
4,312
45.5
46.4
15.7
16.6
3.5
3.3
0.5
0.5
15.2
14.5
2.9
3.2
ITNL
Buy
113
230
2,186
7,444
8,041
27.4
28.9
29.8
32.1
3.8
3.5
0.5
0.5
14.9
14.2
2.4
2.4
IVRCL Infra
Buy
11
29
350
5,673
5,892
8.1
8.4
1.4
1.8
7.9
6.2
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
32
53
7,201
12,946
14,897
24.7
25.6
1.2
2.7
26.4
12.1
0.5
0.5
2.0
4.3
2.4
2.2
Larsen & Toubro
Buy
844
1,128
78,088
68,946
78,040
10.0
10.0
49.0
55.2
17.2
15.3
2.5
2.2
14.9
15.3
1.3
1.1
Nagarjuna Const.
Buy
21
42
544
6,167
6,945
8.0
8.2
2.7
3.6
7.9
5.8
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
24
780
12,954
14,740
9.9
9.9
0.5
0.9
46.3
25.2
0.3
0.3
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
70
139
1,059
2,462
2,731
10.6
10.6
5.9
6.7
11.9
10.5
1.2
1.1
10.2
10.5
0.7
0.7
Simplex Infra
Buy
58
131
284
6,308
7,033
9.5
9.6
11.9
18.7
4.8
3.1
0.2
0.2
4.5
6.7
0.5
0.5
Unity Infra
Neutral
18
136
2,146
2,339
13.7
13.8
11.0
11.5
1.7
1.6
0.2
0.1
9.3
9.0
0.6
0.6
Allahabad Bank
Neutral
69
3,435
6,705
7,535
2.5
2.5
27.6
33.2
2.5
2.1
0.4
0.3
12.5
13.6
Andhra Bank
Neutral
60
3,338
5,180
5,815
2.7
2.7
19.0
22.9
3.1
2.6
0.4
0.4
12.0
13.2
Axis Bank
Buy
1,085
1,348
50,873
19,280
22,886
3.3
3.3
130.7
157.1
8.3
6.9
1.3
1.2
17.3
18.1
Bank of Baroda
Neutral
516
21,743
16,287
18,707
2.2
2.3
120.6
144.6
4.3
3.6
0.6
0.5
15.0
16.0
Bank of India
Neutral
179
10,643
14,482
16,069
2.3
2.2
55.0
62.2
3.3
2.9
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
42
2,762
4,291
4,724
3.0
3.0
12.1
12.9
3.5
3.3
0.5
0.5
16.2
15.3
Canara Bank
Neutral
258
11,423
12,045
13,495
2.1
2.2
76.7
86.4
3.4
3.0
0.5
0.4
14.1
14.2
Central Bank
Neutral
57
5,970
8,196
9,202
2.4
2.4
6.1
15.9
9.4
3.6
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
281
4,294
5,554
6,156
2.0
2.0
94.9
104.9
3.0
2.7
0.4
0.4
14.3
14.2
Dena Bank
Neutral
49
1,731
3,255
3,623
2.3
2.4
22.0
24.9
2.2
2.0
0.3
0.3
14.7
14.7
Federal Bank
Neutral
347
5,934
2,798
3,250
3.0
3.0
38.1
51.9
9.1
6.7
0.9
0.8
9.8
12.3
Financials
Market Outlook
August 02, 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
817
867
126,956
8,679
10,350
3.6
3.6
37.5
44.7
21.8
18.3
4.5
4.1
30.1
30.7
HDFC Bank
Buy
632
745
151,031
27,392
33,264
4.6
4.6
36.3
45.1
17.4
14.0
3.5
3.0
21.9
22.8
ICICI Bank
Buy
913
1,131
105,377
26,119
30,474
3.1
3.2
86.2
99.5
10.6
9.2
1.4
1.3
15.7
16.2
IDBI Bank
Neutral
62
8,283
9,518
10,468
2.0
2.0
15.5
22.1
4.0
2.8
0.4
0.4
10.2
13.3
Indian Bank
Neutral
76
3,277
6,077
6,845
2.9
3.0
35.2
41.0
2.2
1.9
0.3
0.3
14.1
14.8
IOB
Neutral
41
3,747
7,709
8,645
2.2
2.3
8.2
17.1
4.9
2.4
0.3
0.3
6.0
11.7
J & K Bank
Neutral
1,102
5,343
3,101
3,427
3.6
3.6
215.5
210.3
5.1
5.2
0.9
0.8
19.9
16.9
LIC Housing Finance
Neutral
168
8,488
2,180
2,732
2.4
2.5
26.3
32.1
6.4
5.2
1.2
1.0
19.0
19.9
Oriental Bank
Neutral
144
4,187
6,790
7,676
2.6
2.7
55.7
62.3
2.6
2.3
0.3
0.3
12.8
12.9
Punjab Natl.Bank
Neutral
544
19,225
20,766
23,515
3.4
3.4
135.0
164.8
4.0
3.3
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
21
2,841
1,800
2,023
2.7
2.7
3.7
4.2
5.7
5.1
0.9
0.8
16.2
16.2
1,683
1,979
115,154
66,417
76,734
3.0
3.0
227.4
284.8
7.4
5.9
1.1
0.9
15.4
17.1
Neutral
83
5,014
7,125
8,188
2.6
2.6
27.4
27.9
3.0
3.0
0.5
0.4
16.2
14.6
UCO Bank
Neutral
59
4,422
6,736
6,979
2.7
2.6
15.3
15.7
3.8
3.7
0.7
0.6
14.8
13.6
Union Bank
Neutral
126
7,540
11,101
12,543
2.6
2.6
39.3
47.4
3.2
2.7
0.5
0.4
14.1
15.2
United Bank
Neutral
34
1,291
3,386
3,884
2.3
2.5
12.4
20.0
2.8
1.7
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
39
1,918
2,714
3,046
1.9
2.0
9.2
10.8
4.2
3.6
0.5
0.4
10.7
11.5
Yes Bank
Neutral
328
11,786
4,417
5,486
2.7
2.8
42.9
49.5
7.6
6.6
1.7
1.4
23.9
22.8
Asian Paints
Neutral
497
47,629
12,332
14,524
16.3
16.1
13.9
16.0
35.8
31.0
11.4
9.0
35.2
32.5
3.8
3.2
Britannia
Neutral
702
8,403
6,417
7,502
6.1
6.3
21.3
25.5
33.0
27.6
10.7
8.6
35.7
34.6
1.3
1.1
Colgate
Neutral
1,324
18,003
3,588
4,130
20.5
20.9
44.2
51.8
30.0
25.6
29.2
21.3
108.6
96.2
4.9
4.2
Dabur India
Neutral
160
27,820
7,183
8,297
16.8
16.9
5.4
6.3
29.8
25.4
10.5
8.3
39.2
36.7
3.9
3.3
GlaxoSmith Con*
Neutral
4,598
19,337
3,617
4,259
16.1
16.4
122.2
148.7
37.6
30.9
11.7
9.4
34.1
33.7
4.9
4.1
Godrej Consumer
Neutral
818
27,839
7,801
9,017
16.2
15.9
25.1
29.7
32.5
27.6
7.0
5.8
24.9
24.2
3.7
3.2
HUL
Neutral
634
137,133
28,415
31,962
13.6
14.1
16.7
18.2
38.0
34.9
36.5
26.5
112.2
88.1
4.7
4.2
ITC
Neutral
338
267,644
34,294
39,991
36.8
37.0
11.3
13.3
30.0
25.4
9.9
8.0
36.1
34.9
7.5
6.4
Marico
Neutral
207
13,338
5,273
6,044
14.8
14.9
7.3
8.7
28.5
23.9
5.6
4.6
21.4
21.0
2.6
2.2
Nestle*
Neutral
5,236
50,478
9,447
10,968
22.1
22.3
127.5
154.1
41.1
34.0
20.5
14.9
57.7
50.7
5.4
4.6
Tata Global
Neutral
147
9,094
8,069
8,957
9.8
9.7
7.8
8.6
18.8
17.1
2.3
2.2
9.5
9.7
1.1
1.0
FMCG
Market Outlook
August 02, 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^
Reduce
929
870
64,771
29,424
32,837
22.6
22.0
59.5
63.3
15.6
14.7
3.8
3.1
24.6
21.7
2.0
1.7
Hexaware*
Accumulate
114
123
3,418
2,213
2,479
21.5
20.5
12.1
12.9
9.4
8.9
2.3
2.0
25.4
23.5
1.4
1.2
Infosys
Reduce
2,976
2,820
170,875
47,001
51,196
26.2
26.4
171.3
189.4
17.4
15.7
3.6
3.0
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
176
190
1,965
2,052
2,263
17.2
17.6
20.7
22.5
8.5
7.8
1.3
1.1
14.9
14.0
0.6
0.5
KPIT Cummins
Buy
125
144
2,407
2,614
2,923
17.2
16.8
13.2
14.4
9.5
8.7
1.7
1.4
18.5
16.7
0.9
0.7
Mindtree
Accumulate
964
1,050
4,009
2,768
3,006
19.7
19.9
103.1
105.3
9.4
9.2
2.3
1.8
24.8
20.3
1.2
1.0
Mphasis&
Neutral
400
8,399
6,372
6,852
18.0
18.2
38.0
43.5
10.5
9.2
1.5
1.3
14.3
14.2
0.8
0.7
NIIT
Neutral
15
249
1,144
1,267
9.0
9.1
4.3
5.4
3.5
2.8
0.4
0.3
10.3
12.0
(0.1)
Persistent
Accumulate
526
595
2,102
1,505
1,677
25.9
26.2
53.6
59.7
9.8
8.8
1.7
1.5
17.7
16.7
1.0
0.8
TCS
Accumulate
1,815
2,060
355,275
79,005
91,576
29.7
30.0
88.6
103.1
20.5
17.6
6.5
5.1
31.5
29.2
4.3
3.6
Tech Mahindra
Accumulate
1,251
1,390
29,060
8,102
8,709
19.7
19.2
107.5
117.0
11.6
10.7
2.5
2.0
21.2
18.9
3.6
3.3
Wipro
Neutral
436
107,500
41,659
45,137
21.2
21.4
27.7
29.9
15.8
14.6
3.2
2.8
20.5
19.0
2.1
1.8
D B Corp
Buy
249
302
4,557
1,783
1,968
25.2
26.8
14.6
17.2
17.1
14.4
4.4
3.8
23.9
24.2
2.5
2.2
HT Media
Buy
99
117
2,328
2,205
2,380
15.1
15.6
8.3
9.3
11.9
10.7
1.5
1.3
11.6
11.6
0.7
0.6
Jagran Prakashan
Buy
91
107
3,030
1,664
1,825
20.9
23.0
6.4
7.8
14.2
11.8
2.9
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
338
1,343
1,359
1,540
17.3
17.4
17.2
21.6
19.6
15.7
2.0
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
408
16,075
2,287
2,551
69.7
70.5
20.0
23.3
20.4
17.5
5.1
4.4
26.4
27.3
6.7
5.9
Bhushan Steel
Neutral
460
10,418
13,794
17,088
30.9
33.5
49.3
66.6
9.3
6.9
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
270
345
170,763
72,174
76,311
33.3
28.4
28.4
30.9
9.5
8.8
2.6
2.3
37.6
36.2
1.5
1.4
Electrosteel Castings
Buy
10
18
329
1,976
2,017
11.8
12.7
1.3
2.6
8.0
3.9
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
81
155
2,577
1,920
2,239
53.2
52.9
21.6
25.0
3.8
3.2
0.9
0.7
25.1
23.8
0.9
0.5
Hind. Zinc
Buy
99
140
41,725
12,389
13,093
48.5
51.7
15.2
17.0
6.5
5.8
1.1
1.0
18.5
18.0
1.2
0.8
Hindalco
Neutral
87
16,743
89,352
93,672
8.8
9.2
13.4
15.0
6.5
5.8
0.5
0.4
7.3
7.6
0.5
0.5
JSW Steel
Neutral
553
13,365
47,613
48,385
17.4
18.8
81.8
109.6
6.8
5.0
0.7
0.6
11.1
13.4
0.6
0.5
MOIL
Buy
187
248
3,140
1,010
1,046
46.5
47.6
26.8
28.8
7.0
6.5
1.0
0.9
15.4
14.7
0.7
0.5
Monnet Ispat
Buy
106
193
678
2,326
2,709
21.4
23.1
33.3
43.1
3.2
2.5
0.3
0.2
8.3
9.9
1.3
1.0
Nalco
Neutral
26
6,752
7,656
7,988
13.1
13.5
2.6
2.6
10.3
10.0
0.6
0.5
5.5
5.5
0.3
0.3
NMDC
Buy
99
140
39,092
10,610
11,400
66.3
64.2
15.6
16.1
6.3
6.1
1.3
1.2
21.3
19.9
1.6
1.4
SAIL
Neutral
41
17,078
44,060
54,786
9.4
11.5
5.2
7.2
7.9
5.8
0.4
0.4
5.2
6.8
0.6
0.6
Media
Metals & Mining
Market Outlook
August 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Metals & Mining

Sesa Goa
Buy
127
162
11,046
3,817
5,781
12.1
17.7
27.0
29.6
4.7
4.3
0.6
0.5
12.9
12.5
3.7
2.4
Sterlite Inds
Buy
75
97
25,289
44,493
45,599
22.4
23.9
16.8
19.2
4.5
3.9
0.5
0.4
10.5
10.9
0.5
0.5
Tata Steel
Buy
210
378
9.7
10.8
30.9
47.6
6.8
4.4
0.6
0.6
9.6
13.4
0.5
0.5
Sarda
Buy
77
153
275
1,494
1,568
19.1
20.3
31.3
36.5
2.5
2.1
0.3
0.3
11.8
12.4
0.5
0.4
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
401
2,615
2,776
12.1
12.0
9.8
10.4
3.0
2.9
0.2
0.2
6.5
6.5
0.4
0.4
Buy
65
102
213
2,344
2,509
14.9
15.4
38.7
47.0
1.7
1.4
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
290
364
55,326
18,403
17,925
71.9
62.1
62.1
57.4
4.7
5.1
1.0
0.8
22.6
17.8
1.8
1.5
GAIL
Neutral
305
38,689
49,700
48,822
16.0
16.6
32.9
33.4
9.3
9.1
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
280
387
239,810 170,063 198,461
36.3
38.3
34.7
41.9
8.1
6.7
1.4
1.2
18.3
19.5
1.1
0.8
Reliance Industries
Neutral
850
274,609 397,546 421,695
8.9
8.7
72.3
76.8
11.8
11.1
1.2
1.1
12.3
11.8
0.7
0.6
Gujarat Gas*
Neutral
165
2,113
3,707
3,850
11.7
12.4
23.7
25.7
7.0
6.4
1.9
1.7
29.6
28.2
0.4
0.4
Indraprastha Gas
Neutral
264
3,700
3,700
4,218
23.4
22.8
26.7
30.4
9.9
8.7
2.1
1.7
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
116
135
8,734
39,449
43,315
5.3
5.9
14.1
16.9
8.3
6.9
1.7
1.4
21.7
21.9
0.3
0.3
Buy
51
68
2,859
1,171
1,287
91.9
91.9
10.1
11.3
5.0
4.5
0.8
0.7
17.3
16.8
1.9
1.5
Alembic Pharma
Neutral
152
2,858
1,736
2,008
17.1
18.9
10.7
13.9
14.2
10.9
4.5
3.3
35.0
34.7
1.7
1.4
Aurobindo Pharma
Buy
163
271
4,755
6,641
7,637
15.9
15.9
17.3
20.6
9.4
7.9
1.5
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,420
5,573
1,682
1,917
15.6
15.6
91.9
101.7
26.3
23.8
3.7
3.7
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
750
929
15,359
7,280
8,640
15.5
15.7
38.3
46.5
19.6
16.1
4.2
3.5
23.5
23.5
2.4
2.0
Cipla
Buy
403
477
32,374
9,274
10,796
23.1
23.1
21.0
23.8
19.2
16.9
3.1
2.6
17.2
16.8
3.2
2.7
Dr Reddy's
Accumulate
2,282
2,535
38,785
13,377
15,350
20.4
20.1
112.1
126.6
20.4
18.0
4.3
3.6
23.5
21.8
3.0
2.6
Dishman Pharma
Buy
41
132
332
1,394
1,534
22.5
22.4
14.8
16.6
2.8
2.5
0.3
0.3
10.8
11.0
0.9
0.8
GSK Pharma*
Neutral
2,339
19,810
2,854
3,145
28.6
28.6
76.6
83.3
30.5
28.1
9.1
8.3
31.1
31.0
6.1
5.4
Indoco Remedies
Buy
63
78
581
747
906
15.3
15.3
5.9
7.6
10.7
8.3
1.3
1.1
12.5
14.4
1.0
0.8
Ipca labs
Neutral
664
8,374
3,246
3,830
20.5
21.7
36.2
44.9
18.3
14.8
4.3
3.4
26.1
25.7
2.7
2.3
Lupin
Neutral
872
39,029
11,641
13,933
21.3
21.3
34.8
41.8
25.0
20.9
5.9
4.6
26.2
24.8
3.4
2.8
Ranbaxy*
Buy
263
384
11,126
11,400
12,060
10.5
12.5
17.5
22.5
15.0
11.7
2.4
2.1
17.0
19.1
0.9
0.8
Sun Pharma
Neutral
567
117,202
13,509
15,846
41.0
41.0
16.5
19.9
34.4
28.5
6.9
5.7
22.0
22.0
8.1
6.7
20,410 140,917 151,537
Power
GIPCL
Buy
60
78
914
1,444
1,482
33.4
33.0
13.7
14.8
4.4
4.1
0.5
0.5
12.3
12.0
0.7
0.5
NTPC
Buy
131
163
108,098
76,734
86,680
24.5
24.3
13.4
14.5
9.8
9.0
1.2
1.1
12.8
12.7
2.1
2.0
Market Outlook
August 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Real Estate
DLF
Buy
138
236
24,544
8,293
9,622
36.5
36.1
5.7
6.7
24.1
20.5
0.9
0.8
3.7
4.1
5.1
4.2
MLIFE
Accumulate
449
483
1,833
888
1,002
27.0
29.9
33.9
42.1
13.2
10.7
1.3
1.2
9.9
11.2
2.7
2.4
Bharti Airtel
Reduce
344
321
137,391
85,489
94,229
31.9
31.9
10.2
14.6
33.6
23.5
2.4
2.2
7.2
9.4
2.3
2.0
Idea Cellular
Neutral
167
55,496
25,640
28,459
26.9
27.2
4.0
4.9
41.8
33.8
3.5
3.2
8.4
9.4
2.6
2.3
Rcom
Neutral
131
27,121
22,751
24,628
30.9
31.3
3.4
5.3
38.3
25.0
0.8
0.8
2.1
3.1
2.8
2.4
Telecom
Others
Abbott India*
Buy
1,383
1,659
2,939
1,863
2,081
11.8
12.4
71.2
83.0
19.4
16.7
3.9
3.3
21.6
21.5
1.3
1.0
Bajaj Electricals
Buy
164
237
1,637
3,885
4,472
5.4
7.2
11.0
19.7
15.0
8.3
2.0
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Buy
512
613
648
631
797
14.5
13.7
42.6
51.1
12.0
10.0
2.9
2.3
26.5
25.3
1.0
0.8
Cravatex
Buy
299
459
77
248
284
6.5
7.3
27.2
38.2
11.0
7.8
1.7
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
54
68
821
2,563
2,899
9.8
9.8
10.1
11.3
5.3
4.8
0.8
0.7
14.3
13.8
0.2
0.2
Force Motors
Buy
262
349
342
2,304
2,649
3.1
3.6
28.0
43.7
9.4
6.0
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
307
345
708
1,458
1,542
8.3
9.0
32.3
37.0
9.5
8.3
1.7
1.5
19.5
19.3
0.3
0.3
Hitachi
Buy
106
191
288
1,080
1,199
8.9
9.1
18.3
19.1
5.8
5.5
1.0
0.9
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,395
2,118
1,842
2,131
7.7
7.8
111.1
130.9
21.6
18.3
2.7
2.4
13.3
13.9
1.1
0.9
IFB Agro
Buy
135
198
122
495
651
12.7
12.9
29.3
39.5
4.6
3.4
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
158
234
182
1,430
1,573
11.1
11.0
19.1
26.9
8.3
5.9
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Buy
160
199
2,653
1,220
1,476
13.3
13.6
5.5
9.0
29.0
17.7
3.3
3.0
12.1
17.7
2.5
2.0
MRF
Buy
12,891
16,218
5,467
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Neutral
4,428
4,939
1,057
1,282
19.4
19.6
124.8
153.7
35.5
28.8
17.6
13.0
56.3
51.8
4.8
3.9
Relaxo Footwears
Buy
736
981
884
1,196
1,401
11.9
12.6
55.6
75.4
13.3
9.8
3.2
2.4
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
196
311
184
1,158
1,322
10.8
11.2
62.1
77.8
3.2
2.5
0.5
0.4
17.2
18.4
0.4
0.3
Styrolution ABS India*
Buy
366
492
643
1,007
1,108
8.4
8.7
30.3
35.1
12.1
10.4
1.3
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
58
108
364
300
319
35.8
36.2
7.9
9.1
7.3
6.4
1.0
0.9
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
247
371
381
814
849
17.0
17.6
64.6
69.2
3.8
3.6
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
508
632
394
416
481
4.5
6.1
16.2
25.3
31.3
20.1
3.9
3.4
12.6
18.1
0.8
0.7
Tree House
Accumulate
259
297
932
153
194
53.0
52.8
12.4
15.6
20.9
16.6
2.5
2.2
11.8
13.1
6.3
4.8
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
168
230
129
1,591
1,720
6.1
6.4
24.5
38.3
6.9
4.4
0.7
0.7
10.9
15.9
0.3
0.2
2,391
34,744
12,294
14,162
12.0
12.0
42.1
67.7
56.8
35.3
4.0
3.6
9.1
10.7
3.2
2.7
367
439
744
600
638
20.1
19.4
35.7
36.6
10.3
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Market Outlook
August 02, 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
74
117
489
2,042
2,363
14.6
14.8
12.3
16.5
6.0
4.5
0.5
0.4
7.6
9.4
0.7
0.6
Others
HSIL
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 01, 2013
Market Outlook
August 02, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Market Outlook, 02-08-2013

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Market Outlook

Meanwhile, Indian shares ended an extremely choppy session modestly lower on

OIL & GAS

Auto Monthly - July 2013

Net Inflows (July 31, 2013)

FII Derivatives (July 31, 2013)

Auto Monthly July 2013

Mahindra and Mahindra

Lupin receives USFDA nod for Ranexa Extendedrelease tablets

1QFY2014. The data as a % of service revenue improved by 2.7% in one year;

Reliance Communication (CMP: `131/ TP: Under review)

Bank of Baroda - (CMP: `516 / TP: -- / Upside: - -)

GSK Consumer (CMP:`4,598/TP:-/Upside:-)

Tata Global (CMP:`147/TP:-/Upside:-)

Union Bank - (CMP: `126 / TP: -/ Upside:- )

JK Bank- (CMP: `1,102 / TP: - / Upside: -)

Ceat (CMP: `118/ TP: `170/ Upside: 43%)

BHEL (CMP: `151/ TP: -/Upside: %)

Canara Bank - (CMP: `258 / TP: - / Upside: -)

Oriental Bank of Commerce (CMP: `144 / TP:155/ Upside: 8.3%)

Bank of Maharashtra- (CMP: `42 / TP: - / Upside: -)

KEC International (CMP: `27/ TP: `40/Upside: 47%)

Quarterly Bloomberg Consensus Estimate

Siemens India (02/08/2013)

EBITDA margin (%)

EBITDA margin (%)

Canara Bank (03/08/2013)

Coal India Consolidated (03/08/2013)

EBITDA margin (%)

Divi's Laboratories (03/08/2013)

Godrej Consumers Consolidated (03/08/2013)

EBITDA margin (%)

Grasim Industries Consolidated (03/08/2013)

EBITDA margin (%)

Tata Chemical Consolidated (05/08/2013)

EBITDA margin (%)

Economic and Political News

States should bear power subsidy burden: Scindia

Life insurers want service tax to be back at 1.5%

August 02, 2013

Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra

August 03, 2013

Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet

August 06, 2013

August 08, 2013

Tata Power Co., Bosch India, Crompton Greaves, Unitech

August 09, 2013

August 10, 2013

August 07, 2013

August 11, 2013

August 13, 2013

IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL

August 14, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

Change in Nonfarm payrolls

Germany PMI Services

Industrial Production (YoY)

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production YoY

August 13, 2013

August 14, 2013