Market Outlook: Dealer's Diary

Market Outlook
September 12, 2013
Dealers Diary
Indian markets are expected to open flat to positive tracking positive opening
trades in the SGX Nifty and mixed opening across the Asian indices.
US stocks experienced a choppy trading session on Wednesday and eventually
ended the day on a mixed note. Ongoing uncertainty about the situation in Syria
kept market participants on the sidelines following President Barack Obama's
address to the nation last night. On the economic front, the US Commerce
Department released a report showing that the wholesale inventories rose by less
than expected (grew by 0.1% against expectations of 0.3%) in July.
Meanwhile, domestic markets ended largely unchanged on Wednesday as
investors indulged in profit booking following a four day rally on the back of the
new found strength in INR against the USD. Going ahead, trading in global
markets on Thursday may be impacted by the release of the US Labor
Department's reports on weekly jobless claims and import and export prices.
Markets Today
S2
S1
PIVOT
R1
R2
SENSEX
19,666
19,832
19,944
20,109
20,221
NIFTY
5,798
5,856
5,890
5,947
5,982
News Analysis
Odds of RBI rolling back some of the liquidity measures appears favorable
TTMT global sales remain weak; JLR sustained its strong growth in August
UltraTech to buy Jaiprakashs Gujarat cement unit for `3,800cr
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
5,893
3,188
2,705
4,967
64,164
485
773
(288)
(837)
(13,833)
MFs
FII Derivatives (September 11, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,725
2,998
(273)
13,308
Stock Futures
2,176
2,490
(315)
28,874
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Financial Tech.
Company
184
27.3
Power Grid Corp.
78
14.2
167
UCO Bank
GMR Infra
IRB Infra
Bank of India
www.angelbroking.com
Losers
Price (`)
chg (%)
99
(3.1)
Bajaj Holdings
801
(2.7)
10.5
Cairn India
320
(2.7)
59
10.3
Tata Motors
341
(2.5)
18
9.5
1,183
(2.0)
J&K Bank
(Pts)
(Close)
0.0
Nifty
0.3
16
5,913
MID CAP
1.3
74
5,599
SMALL CAP
1.1
60
5,463
BSE HC
1.1
106
9,372
BSE PSU
1.4
78
5,561
BANKEX
1.8
208 11,793
AUTO
0.1
9 11,049
METAL
0 19,997
3.3
278
8,633
OIL & GAS
(0.2)
(19)
8,678
BSE IT
(0.2)
(19)
8,012
(Pts)
(Close)
Global Indices
Dow Jones
Chg (%)
0.9
136 15,327
(0.1)
(4)
3,725
FTSE
0.1
6,588
Nikkei
0.0
2 14,425
Hang Sang
(0.2)
(40)
22,937
Straits Times
(0.5)
(16)
3,108
0.1
2,241
Chg (%)
(Pts)
(Close)
(1.1)
(0.5)
$48.9
Shanghai Com
Indian ADR
INFY
WIT
3.7
0.4
$10.2
IBN
(1.6)
(0.5)
$31.2
0.8
0.3
$32.2
HDB
Advances / Declines
BSE
NSE
1,407
861
Declines
948
478
Unchanged
156
90
Advances
Net Inflows (September 10, 2013)
Chg (%)
BSE Sensex
NASDAQ
The trend deciding level for the day is 19,944 / 5,890 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,109 20,221 / 5,947 5,982 levels. However, if NIFTY trades below
19,944 / 5,890 levels for the first half-an-hour of trade then it may correct up to
19,832 19,666 / 5,856 5,798 levels.
Indices
Domestic Indices
Volumes (` cr)
BSE
2,402
NSE
13,817
Market Outlook
September 12, 2013
Odds of RBI rolling back some of the liquidity tightening

measures appears favorable; could likely result in sharp rally in
rate-sensitive names (incl. beaten down PSU banks)
Recent economic data release by the Commerce Ministry shows that Indian exports
have grown at double digits for second straight month in August 2013, while
imports have remained largely stable. The outlook for export growth has improved
now on back of increased expectations of economic recovery in advanced
economies like U.S, Japan and Eurozone to some extent, along with steep INR
depreciation and has evidently supported the recent appreciation in INR (which we
believe is more in sync with its fundamentals now than in recent past). Hence, we
are of the view that the odds of RBI rolling back some of the stringent liquidity
tightening measures have turned favorable, which makes an opportune case for
sharp near term rally in rate-sensitive names (incl. beaten down PSU banks).
We are cognizant of the fact that medium term sectoral challenges (like weakening
growth and deteriorating asset quality) requires many other things to fall in place
(exports being the one) and would ensure that the earnings pressure for the
banking sector prevail. Hence, it would be too early to revise our medium term
cautious call on the sector, however, as the odds of RBI rolling back some of the
stringent liquidity tightening measures appears favorable now, we would
recommend investors to built in fresh longs into the beaten down PSU banks, while
maintaining our Buy rating on HDFC, ICICI and Axis Bank.
TTMT global sales remain weak; JLR sustained its strong growth
in August 2013
Tata Motors' (TTMT) global sales continued its weak trend in August 2013,
declining by 16.2% yoy (7% mom) to 81,457 units, led by the poor performance in
the domestic passenger and commercial vehicle segments. While, global
commercial vehicle sales posted a decline of 24.2% yoy; global passenger vehicle
volumes declined by 7.8% yoy led by the 45.5% yoy decline in the domestic
passenger vehicle volumes.
Jaguar and Land Rover (JLR) however, sustained its strong momentum witnessing a
growth of 28.4% yoy to 30,895 units. The growth was led by the strong
performance of the Jaguar and Land Rover models on the back of the success of
the new launches and easing of capacity constraints. Jaguar continued its
impressive run, posting a growth of 76.4% yoy to 5,222 units driven by the
incremental volumes from the F-type and growth in the XF model led by the
introduction of the Sportbrake, AWD and smaller engine variants. Land Rover sales
too recorded a robust growth of 21.7% yoy to 25,673 units on the back of the
dispatches of the new Range Rover Sport.
Going ahead, we expect headwinds in the standalone business to continue in
FY2014 due to weak macro-economic environment which is expected to continue
impacting domestic volumes. However, we expect JLR to sustain its strong
performance driven by continued momentum in the global luxury vehicle market
and aided further by the strong product launch pipeline and the success of the
model launched in 4QFY2013. We expect JLR volumes to grow at ~13% CAGR
during FY2013-15E and PAT to grow at ~15% CAGR during the same period.
Market Outlook
September 12, 2013
While we retain our positive view on Tata Motors; post the sharp ~25% up move
in the stock price over the last one month, we recommend a Neutral rating on the
stock.
UltraTech to buy Jaiprakashs Gujarat cement unit for `3,800cr

Jaypee group has reached an agreement to sell its 4.8mn ton Gujarat cement
plant (a unit of Jaypee Cement Corporation [JCCCL] a wholly owned subsidiary of
Jaiprakash Associate) to Ultratech Cement. The Gujarat cement project consists of
an integrated cement plant at Sewagram and a 2.4mn ton cement grinding unit at
Wanakbori. The enterprise value of the transaction is `3,800cr excluding actual
net working capital. As per the agreement, UltraTech will take over the debt of
`3,650cr of Jaypee's Gujarat unit and transfer remaining `150cr worth of shares
once the transaction is completed. As per the Management, the transaction is
expected to be completed within 7-9months subject to approval of shareholders
and creditors, sanction of the Scheme of Arrangement by the High Courts,
approval of the Competition Commission of India besides other statutory
approvals. The Management has guided to reduce its consolidated debt by
~`15,000cr in FY2014 through monetization of land parcel, cement, thermal and
hydro assets. Going forward, we believe deleveraging the balance sheet through
monetization of assets would help reduce the huge debt which continues to remain
an overhang on the stock. Hence we believe closure of such a deal would be
positive for the company. However, due to recent increase in the stock price we
maintain our Neutral rating on the stock.
Economic and Political News
CCEA may consider 10% export duty on surplus cotton today

Cabinet may consider semiconductor units proposal today
Govt. will be able to contain CAD at 3.8% of GDP: Montek Singh Ahluwalia
Corporate News
Power ministry seeks `24,239cr subsidy for stranded gas projects

KEC International gets orders worth `1,004cr
Sadbhav Engineering gets `457cr order for two water projects
IIFCL seeks SEBI nod to mop up `8,171cr via tax free bonds
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 12, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
September 12, 2013
6:00PM
US
Initial Jobless claims
Thousands
Sep 7
323.00
330.00
5:30PM
India
Industrial Production YoY
% Change
Jul
(2.20)
(0.50)
September 13, 2013
6:00PM
US
Producer Price Index (mom)
% Change
Aug
--
0.20
September 16, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Aug
5.79
5.65
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Aug F
1.30
--
6:45PM
US
Industrial Production
Aug
0.04
0.35
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
--
6:00PM
US
Consumer price index (mom)
% Change
Aug
0.20
0.20
6:00PM
US
Housing Starts
Thousands
Aug
896.00
920.00
6:00PM
US
Building permits
Thousands
Aug
954.00
950.00
11:30PM
US
FOMC rate decision
Sep 18
0.25
--
September 19, 2013
7:30PM
US
Existing home sales
Million
Aug
5.39
5.26
September 20, 2013
11:00AM
India
RBI Repo rate
Sep 20
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 20
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 20
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Sep A
(15.60)
--
1:00PM
Germany PMI Services
Value
Sep A
52.80
--
1:00PM
Germany PMI Manufacturing
Value
Sep A
51.80
--
September 24, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
81.50
--
September 25, 2013
7:30PM
US
New home sales
Thousands
Aug
394.00
--
September 26, 2013
2:00PM
UK
GDP (YoY)
% Change
2Q F
1.50
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q T
2.50
--
6:30AM
China
PMI Manufacturing
Value
Sep
51.00
--
2:00PM
UK
PMI Manufacturing
Value
Sep
57.20
--
1:25PM
Germany Unemployment change (000's)
Thousands
Sep
7.00
--
September 17, 2013

September 18, 2013
September 23, 2013
October 1, 2013
Source: Bloomberg, Angel Research
--
Market Outlook
September 12, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
(1.0) (0.6)
(0.7)
(4.0)
Mfg. PMI
60.0
8.1
7.2
7.3
Apr-13
Exhibit 4: Manufacturing and services PMI
(%)
7.3
(2.2)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
May-13
(2.8)
Jun-13
(0.1)
Jul-12
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
Source: CSO, Angel Research
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
4.9
4.6
56.0
54.0
52.0
50.0
Source: MOSPI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
15.0
46.0
May-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Sep-12
48.0
Oct-12
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
9.00
12.0
Reverse Repo rate
CRR
8.00
9.0
7.00
6.0
Source: RBI, Angel Research
Sep-13
Aug-13
Jul-13
Jul-13
Jun-13
May-13
May-13
Apr-13
Mar-13
Mar-13
Feb-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Source: Bloomberg, Angel Research
Jan-13
3.00
(9.0)
Jan-13
4.00
(6.0)
Dec-12
(3.0)
Nov-12
5.00
Sep-12
0.0
Nov-12
6.00
3.0
Oct-12
9.0
(2.0)
Mar-13
4.7 4.8 4.4
1.9
0.6
Jan-13
5.1 5.4 5.2
Dec-12
6.0
3.5
2.5
2.0
Nov-12
6.5
Feb-13
7.5
Oct-12
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-12
9.5
3QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
September 12, 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
149
2,906
1,674
1,923
13.7
13.7
6.8
7.6
22.0
19.7
4.1
3.6
20.0
19.6
1.9
1.7
United Phosphorus
Buy
135
225
5,964
10,091
11,302
16.5
16.5
19.2
22.5
7.0
6.0
1.1
1.0
17.0
17.2
0.8
0.6
Amara Raja Batteries
Neutral
305
5,209
3,474
3,952
15.5
15.5
19.0
21.0
16.0
14.5
3.9
3.2
27.2
24.2
1.5
1.3
Apollo Tyres
Neutral
64
3,228
13,409
15,106
11.8
11.6
13.1
15.4
4.9
4.2
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
14
18
3,624
12,945
15,049
6.3
8.2
0.2
1.5
78.3
9.1
1.2
1.1
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
201
304
700
890
8.7
10.7
11.1
25.8
18.1
7.8
1.1
1.0
6.2
13.9
0.5
0.4
Bajaj Auto
Accumulate
1,999
2,115
57,834
22,042
25,399
19.3
19.3
121.1
141.0
16.5
14.2
5.9
4.7
39.4
36.6
2.2
1.8
Bharat Forge
Neutral
251
5,835
5,942
6,417
15.2
15.5
15.6
19.7
16.0
12.8
2.4
2.1
15.4
17.3
1.2
1.0
Bosch India*
Accumulate
8,350
9,096
26,219
9,301
10,895
16.8
18.0
339.9
423.1
24.6
19.7
4.1
3.5
16.6
17.6
2.5
2.1
CEAT
Buy
112
170
403
5,159
5,628
9.3
9.0
43.5
48.6
2.6
2.3
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Accumulate
131
148
11,152
6,899
7,873
14.7
14.7
7.9
9.0
16.6
14.5
2.8
2.5
18.3
18.0
1.3
1.1
FAG Bearings*
Neutral
1,165
1,936
1,336
1,572
13.8
16.0
75.6
102.4
15.4
11.4
2.0
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Neutral
2,089
41,705
25,543
28,228
14.5
14.5
110.5
148.1
18.9
14.1
7.2
5.7
40.8
44.9
1.4
1.3
JK Tyre
Buy
88
152
362
7,376
8,262
10.0
9.8
56.0
60.9
1.6
1.5
0.3
0.3
22.7
20.2
0.4
0.4
Mahindra and Mahindra Buy
826
1,011
50,867
42,318
48,067
12.0
12.2
58.5
67.1
14.1
12.3
2.8
2.4
21.6
21.1
0.9
0.8
Auto & Auto Ancillary
Maruti
Buy
1,361
1,571
41,107
45,877
52,733
11.2
11.2
93.0
104.7
14.6
13.0
2.0
1.7
14.2
14.0
0.7
0.6
Motherson Sumi
Buy
209
242
12,307
28,442
31,914
8.4
8.7
13.0
16.1
16.1
13.0
4.2
3.3
29.4
28.6
0.6
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
Neutral
341
91,733 215,043 240,077
13.5
13.7
35.1
39.4
9.7
8.6
2.3
1.8
26.2
23.3
0.5
0.4
TVS Motor
Buy
31
36
1,454
7,659
8,528
6.0
6.2
4.9
5.9
6.3
5.2
1.1
0.9
17.8
19.0
0.1
0.1
ABB*
Sell
579
442
12,264
8,037
9,087
5.8
6.9
12.2
17.0
47.4
34.0
4.6
4.4
9.8
13.1
1.5
1.3
BGR Energy
Neutral
117
848
3,541
4,041
11.8
10.7
21.1
22.9
5.6
5.1
0.6
0.6
21.8
19.5
0.5
0.5
BHEL
Neutral
140
34,364
42,227
38,453
16.0
14.4
18.8
15.0
7.5
9.4
1.5
1.4
21.7
15.4
0.6
0.8
Blue Star
Buy
151
208
1,359
2,941
3,099
3.4
4.2
6.0
9.3
25.3
16.3
3.1
2.7
12.9
18.0
0.6
0.5
Crompton Greaves
Accumulate
90
103
5,754
13,418
14,654
5.8
6.7
5.8
7.8
15.5
11.5
1.5
1.4
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
20
161
3,312
3,555
9.0
9.0
4.5
6.5
4.3
3.0
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
26
36
671
7,709
8,399
6.2
6.9
5.1
8.1
5.1
3.2
0.5
0.5
16.6
21.5
0.3
0.2
Thermax
Neutral
582
6,930
5,832
6,397
9.1
9.6
28.8
32.9
20.2
17.7
3.3
2.9
17.2
17.3
1.1
1.0
1,052
1,225
19,758
11,581
13,009
17.6
19.3
63.9
81.5
16.5
12.9
2.5
2.2
15.6
18.2
1.4
1.2
Capital Goods
Cement
ACC
Buy
Market Outlook
September 12, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Cement
Ambuja Cements
Neutral
186
28,669
9,975
11,409
22.4
23.1
9.4
11.1
19.8
16.7
3.0
2.8
15.7
17.2
2.4
2.0
India Cements
Neutral
50
1,531
4,796
5,357
16.4
16.1
7.3
9.5
6.8
5.3
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
59
79
696
2,235
2,684
19.4
21.4
15.0
18.4
3.9
3.2
0.5
0.4
13.2
14.3
0.4
0.9
Madras Cements
Neutral
166
3,961
4,010
4,524
23.5
23.4
14.9
18.3
11.2
9.1
1.5
1.3
14.0
15.2
1.6
1.4
Shree Cement^
Neutral
3,991
13,904
6,316
7,162
26.5
25.7
294.6
340.5
13.6
11.7
2.9
2.4
24.0
22.7
1.7
1.4
UltraTech Cement
Neutral
1,732
47,501
22,021
25,274
22.0
21.6
99.5
113.3
17.4
15.3
2.7
2.4
16.7
16.6
2.2
2.0
49
60
769
1,912
2,131
21.0
21.5
5.0
5.5
9.7
8.9
0.7
0.7
8.8
7.6
1.7
1.8
110
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.0)
(16.5)
0.2
0.2
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
78
106
2,576
3,805
4,248
45.1
45.3
15.0
15.8
5.2
4.9
0.7
0.7
14.5
13.9
2.9
3.1
ITNL
Buy
120
156
2,335
7,423
7,970
27.5
28.7
30.3
32.0
4.0
3.8
0.6
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
13
386
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(7.6)
(6.4)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Reduce
43
41
9,631
12,946
14,897
24.7
25.6
1.2
2.7
35.4
16.2
0.7
0.7
2.0
4.3
2.6
2.4
Larsen & Toubro
Buy
817
1,002
75,547
68,946
78,040
10.0
10.0
49.0
55.2
16.7
14.8
2.4
2.2
14.9
15.3
1.2
1.1
Nagarjuna Const.
Buy
20
30
518
6,167
6,945
8.0
8.2
2.7
3.6
7.6
5.6
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
25
822
12,726
14,226
8.2
8.2
0.9
1.0
28.8
24.2
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
57
99
870
2,462
2,731
10.6
10.6
5.3
6.0
10.9
9.6
1.0
0.9
9.2
9.6
0.6
0.6
Simplex Infra
Neutral
56
275
6,237
6,908
9.1
9.0
9.9
13.9
5.6
4.0
0.2
0.2
3.7
5.0
0.5
0.5
Unity Infra
Neutral
20
146
2,146
2,339
12.9
13.0
9.3
9.6
2.1
2.1
0.2
0.2
8.0
7.7
0.7
0.7
Allahabad Bank
Neutral
76
3,808
6,843
7,528
2.5
2.5
26.0
30.1
2.9
2.5
0.4
0.4
11.8
12.4
Andhra Bank
Neutral
55
3,069
4,868
5,390
2.4
2.5
12.3
16.6
4.5
3.3
0.4
0.4
7.9
10.0
Axis Bank
Accumulate
1,030
1,162
48,330
19,280
22,886
3.3
3.3
130.7
157.1
7.9
6.6
1.3
1.1
17.3
18.1
Bank of Baroda
Neutral
521
21,939
15,896
17,947
2.2
2.3
95.4
124.4
5.5
4.2
0.7
0.6
12.0
14.2
Bank of India
Neutral
167
9,940
14,482
16,069
2.3
2.2
55.0
62.2
3.0
2.7
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
39
2,590
4,529
4,780
3.0
2.8
12.3
11.8
3.2
3.3
0.5
0.4
16.5
14.1
Canara Bank
Neutral
222
9,848
11,454
12,378
2.0
2.0
52.4
60.5
4.3
3.7
0.5
0.4
9.8
10.4
Central Bank
Neutral
57
5,980
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
271
4,146
5,641
6,083
2.0
2.0
82.7
98.1
3.3
2.8
0.4
0.4
12.6
13.5
Dena Bank
Neutral
52
1,810
3,307
3,531
2.2
2.4
17.5
21.6
3.0
2.4
0.4
0.3
11.9
13.2
Federal Bank
Neutral
298
5,101
2,798
3,250
3.0
3.0
38.1
51.9
7.8
5.8
0.7
0.7
9.8
12.3
Financials
Market Outlook
September 12, 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
812
906
126,344
8,679
10,350
3.6
3.6
37.5
44.7
21.7
18.2
4.5
4.0
30.1
30.7
HDFC Bank
Accumulate
646
735
154,381
27,392
33,264
4.6
4.6
36.3
45.1
17.8
14.3
3.6
3.0
21.9
22.8
ICICI Bank
Buy
969
1,126
111,879
25,727
29,969
3.2
3.2
83.2
96.7
11.7
10.0
1.5
1.4
14.9
15.4
IDBI Bank
Neutral
60
7,957
9,598
10,551
2.0
2.0
15.9
22.5
3.8
2.7
0.4
0.3
10.4
13.5
Indian Bank
Neutral
71
3,058
5,940
6,396
2.7
2.7
24.9
32.9
2.9
2.2
0.3
0.3
10.3
12.4
IOB
Neutral
46
4,232
7,692
8,627
2.2
2.3
8.1
15.2
5.7
3.0
0.4
0.3
5.9
10.5
J & K Bank
Neutral
1,183
5,736
3,038
3,370
3.7
3.9
214.2
202.6
5.5
5.8
1.0
0.9
19.8
16.3
LIC Housing Finance
Neutral
187
9,460
2,001
2,495
2.2
2.3
23.8
28.8
7.9
6.5
1.3
1.1
17.3
18.2
Oriental Bank
Neutral
158
4,613
6,918
7,459
2.6
2.5
46.7
52.5
3.4
3.0
0.4
0.4
10.8
11.1
Punjab Natl.Bank
Neutral
497
17,559
20,766
23,515
3.4
3.4
135.0
164.8
3.7
3.0
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
21
2,769
1,800
2,023
2.7
2.7
3.7
4.2
5.6
4.9
0.9
0.8
16.2
16.2
St Bk of India
Neutral
1,689
115,527
65,392
74,467
3.0
3.0
178.5
226.1
9.5
7.5
1.2
1.1
12.1
14.0
Syndicate Bank
Neutral
75
4,497
6,740
7,512
2.5
2.5
21.0
23.5
3.6
3.2
0.4
0.4
12.6
12.8
UCO Bank
Neutral
59
4,467
6,770
7,017
2.8
2.6
14.8
15.5
4.0
3.8
0.7
0.6
14.4
13.5
Union Bank
Neutral
118
7,030
10,458
11,809
2.5
2.5
32.0
40.6
3.7
2.9
0.5
0.4
11.6
13.4
United Bank
Neutral
32
1,210
3,386
3,884
2.3
2.5
12.4
20.0
2.6
1.6
0.3
0.2
10.0
14.7
Vijaya Bank
Neutral
39
1,940
2,718
2,941
1.8
1.9
7.0
9.0
5.6
4.4
0.5
0.4
8.2
9.8
Yes Bank
Neutral
303
10,933
4,417
5,486
2.7
2.8
42.9
49.5
7.1
6.1
1.5
1.3
23.9
22.8
Asian Paints
Neutral
445
42,646
12,332
14,524
16.3
16.1
13.9
16.0
32.0
27.7
10.2
8.1
35.2
32.5
3.4
2.8
Britannia
Neutral
745
8,921
6,422
7,367
6.9
7.3
24.2
29.7
30.8
25.1
10.9
8.4
39.6
37.7
1.4
1.2
Colgate
Neutral
1,230
16,732
3,588
4,130
18.9
19.4
41.2
48.4
29.9
25.4
26.5
20.5
100.0
91.0
4.5
3.9
Dabur India
Neutral
170
29,654
7,183
8,297
16.8
16.9
5.4
6.3
31.8
27.0
11.2
8.9
39.2
36.7
4.2
3.6
GlaxoSmith Con*
Neutral
4,806
20,210
3,617
4,259
16.1
16.4
122.2
148.7
39.3
32.3
12.2
9.8
34.1
33.7
5.1
4.3
Godrej Consumer
Neutral
835
28,435
7,801
9,017
16.2
15.9
25.1
29.7
33.2
28.2
7.2
6.0
24.9
24.2
3.8
3.2
HUL
Neutral
643
139,042
28,415
31,962
13.6
14.1
16.7
18.2
38.6
35.4
37.0
26.9
112.2
88.1
4.8
4.2
ITC
Neutral
330
261,004
34,294
39,991
36.8
37.0
11.3
13.3
29.2
24.7
9.6
7.8
36.1
34.9
7.3
6.2
Marico
Neutral
210
13,542
5,104
5,876
15.1
15.2
7.2
8.6
29.4
24.5
5.7
4.7
21.1
20.9
2.7
2.3
Nestle*
Neutral
5,052
48,710
9,330
10,860
21.8
21.9
123.3
149.7
41.0
33.8
20.1
14.7
56.4
50.3
5.3
4.5
Tata Global
Neutral
151
9,319
8,070
8,958
9.8
9.9
7.6
8.5
19.9
17.7
2.3
2.2
9.3
9.7
1.2
1.0
FMCG
Market Outlook
September 12, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
1,065
74,255
32,266
35,103
23.5
22.6
69.7
74.0
15.3
14.4
4.1
3.4
26.5
23.0
2.1
1.8
126
134
3,783
2,273
2,575
22.2
21.5
12.4
13.4
10.2
9.4
2.6
2.2
25.4
23.5
1.5
1.3
IT
HCL Tech^
Neutral
Hexaware*
Accumulate
Infosys
Neutral
3,121
179,193
48,731
52,962
26.9
27.1
180.8
200.3
17.3
15.6
3.7
3.2
20.4
19.3
3.0
2.7
Infotech Enterprises
Neutral
188
2,102
2,128
2,341
17.2
17.6
21.3
23.2
8.8
8.1
1.4
1.2
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
144
155
2,787
2,769
3,122
18.3
17.8
15.3
16.6
9.4
8.7
2.0
1.6
20.9
18.4
1.0
0.8
Mindtree
Neutral
1,051
4,370
2,871
3,110
20.4
20.7
102.6
111.2
10.3
9.5
2.5
2.0
24.8
20.3
1.2
1.0
Mphasis&
Neutral
441
9,266
6,827
7,342
21.0
21.2
47.0
51.3
9.4
8.6
1.7
1.4
14.3
14.2
0.9
0.7
NIIT
Neutral
21
353
1,144
1,267
9.0
9.1
4.3
5.4
5.0
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Neutral
573
2,294
1,590
1,774
23.5
23.8
48.5
56.9
11.8
10.1
1.9
1.6
16.4
16.1
1.1
0.9
TCS
Neutral
1,993
390,064
80,353
91,576
30.0
30.0
91.0
103.2
21.9
19.3
7.1
5.7
31.5
29.2
4.6
4.0
Tech Mahindra
Accumulate
1,332
1,485
30,944
17,749
19,406
22.5
21.0
113.6
114.2
11.7
11.7
3.4
2.7
27.9
22.1
1.5
1.2
Wipro
Neutral
475
117,145
43,610
47,320
21.6
22.2
30.0
33.0
15.9
14.4
3.5
3.0
20.7
19.4
2.2
1.9
D B Corp
Accumulate
248
267
4,552
1,783
1,968
23.8
25.0
13.6
16.0
18.2
15.5
4.4
3.8
22.5
22.9
2.5
2.2
HT Media
Buy
90
112
2,126
2,205
2,380
14.1
14.4
7.6
8.4
11.9
10.8
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
82
104
2,732
1,683
1,845
19.7
20.8
5.9
6.9
14.0
11.9
2.6
2.4
19.4
21.2
1.7
1.5
PVR
Neutral
421
1,673
1,359
1,540
17.3
17.4
17.2
21.6
24.4
19.6
2.4
2.3
10.3
12.0
1.7
1.5
Sun TV Network
Neutral
395
15,556
2,287
2,551
69.7
70.5
20.0
23.3
19.7
16.9
4.9
4.3
26.4
27.3
6.5
5.7
Bhushan Steel
Reduce
481
419
10,896
12,640
15,667
28.5
31.5
25.9
38.6
18.6
12.5
1.1
1.0
6.1
8.5
2.7
2.2
Coal India
Neutral
293
185,164
68,303
69,884
32.5
30.3
27.5
25.0
10.7
11.7
4.0
2.8
40.2
33.1
1.9
1.8
Electrosteel Castings
Buy
12
15
383
1,976
2,017
11.8
12.7
0.1
1.2
183.6
9.7
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
85
115
2,703
1,701
1,985
47.8
48.8
17.4
20.6
4.9
4.1
0.9
0.8
20.7
20.9
1.1
0.8
Hind. Zinc
Accumulate
130
143
54,866
12,389
13,093
48.5
51.7
15.2
17.0
8.5
7.6
1.5
1.3
18.5
18.0
2.2
1.8
Hindalco
Neutral
114
21,884
95,465 102,491
8.4
9.0
13.9
17.2
8.2
6.7
0.6
0.6
7.6
8.7
0.6
0.5
JSW Steel
Neutral
645
15,591
45,022
48,140
16.0
15.9
68.5
77.0
9.4
8.4
0.8
0.8
9.3
9.7
0.8
0.8
MOIL
Neutral
219
3,679
956
982
42.3
44.3
25.3
26.2
8.7
8.4
1.2
1.1
14.6
13.7
1.2
1.3
Monnet Ispat
Accumulate
132
139
840
2,199
2,575
21.6
22.8
30.7
38.6
4.3
3.4
0.3
0.3
7.7
8.9
1.5
1.1
Nalco
Neutral
34
8,763
7,270
7,521
13.6
13.8
2.8
2.9
12.3
11.7
0.7
0.7
5.9
6.0
0.6
0.6
NMDC
Accumulate
125
142
49,420
10,718
11,514
66.6
64.5
15.5
16.1
8.1
7.7
1.6
1.5
21.2
20.0
2.5
2.3
SAIL
Neutral
51
20,960
44,060
54,227
9.2
10.9
5.3
6.8
9.6
7.5
0.5
0.5
5.2
6.5
0.7
0.6
Media
Metals & Mining
Market Outlook
September 12, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
3,817
Metals & Mining

Sesa Goa*
Neutral
188
55,854
5,781
12.1
17.7
27.0
29.6
7.0
6.4
0.9
0.8
12.9
12.5
15.5
10.2
Tata Steel
Neutral
316
30,690 153,862 167,209
9.4
10.5
32.8
53.5
9.6
5.9
0.8
0.7
9.0
13.2
0.5
0.5
Sarda
Accumulate
91
98
326
1,323
1,398
17.2
17.9
25.3
27.8
3.6
3.3
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
32
37
433
2,486
2,637
15.2
15.0
13.7
14.2
2.4
2.3
0.2
0.2
9.1
8.7
0.4
0.4
Neutral
81
267
2,171
2,317
14.9
15.8
36.4
46.6
2.2
1.8
0.2
0.2
11.6
13.0
0.5
0.5
Cairn India
Accumulate
320
364
61,059
18,403
17,925
71.9
62.1
62.1
57.4
5.1
5.6
1.1
0.9
22.6
17.8
2.1
1.9
GAIL
Neutral
304
38,555
49,700
48,822
16.0
16.6
32.9
33.4
9.2
9.1
1.4
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
289
350
247,083 164,816 196,050
33.7
36.6
30.0
38.7
9.6
7.5
1.5
1.3
16.0
18.5
1.2
0.9
Reliance Industries
Accumulate
887
953
286,655 417,018 442,434
8.4
8.4
70.3
75.2
12.6
11.8
1.3
1.2
12.0
11.6
0.7
0.6
Gujarat Gas*
Neutral
208
2,663
3,270
3,414
12.8
12.6
22.6
23.1
9.2
9.0
2.4
2.2
28.2
25.6
0.7
0.6
Indraprastha Gas
Neutral
267
3,743
3,656
4,456
21.5
18.6
25.7
26.8
10.4
10.0
2.1
1.8
22.1
19.6
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
118
135
8,869
39,449
43,315
5.3
5.9
14.1
16.9
8.4
7.0
1.7
1.4
21.7
21.9
0.3
0.3
Buy
50
67
2,788
1,002
1,021
91.4
91.5
8.2
8.4
6.1
5.9
0.8
0.7
14.3
13.0
2.3
2.1
Alembic Pharma
Buy
142
165
2,668
1,736
2,008
17.1
18.9
10.5
13.8
13.5
10.3
4.1
3.1
34.4
34.7
1.6
1.3
Aurobindo Pharma
Buy
187
271
5,441
6,641
7,637
15.9
15.9
17.3
20.6
10.8
9.1
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,425
5,585
1,682
1,917
15.6
15.6
91.9
101.7
26.4
23.8
3.7
3.7
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
652
894
13,359
7,123
8,367
15.5
15.7
37.3
44.7
17.5
14.6
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Accumulate
435
477
34,899
9,274
10,796
23.1
23.1
21.0
23.8
20.7
18.3
3.3
2.9
17.2
16.8
3.5
2.9
Dr Reddy's
Accumulate
2,249
2,535
38,228
13,377
15,350
20.4
20.1
112.1
126.6
20.1
17.8
4.3
3.6
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
47
73
383
1,394
1,534
22.5
22.4
14.8
16.6
3.2
2.9
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,417
20,470
2,744
2,964
22.0
23.4
59.2
66.6
40.8
36.3
10.2
9.8
24.9
27.5
6.6
6.1
Indoco Remedies
Buy
67
78
613
747
906
15.3
15.3
5.9
7.6
11.3
8.8
1.3
1.2
12.5
14.4
1.1
0.9
Ipca labs
Neutral
690
8,704
3,296
4,087
20.5
21.7
36.8
48.3
18.8
14.3
4.4
3.5
26.5
27.3
2.8
2.2
Lupin
Accumulate
859
904
38,475
11,576
13,855
22.0
22.0
35.8
43.0
24.0
20.0
5.8
4.6
27.1
25.8
3.4
2.8
Ranbaxy*
Reduce
449
426
19,013
10,400
11,331
6.6
8.4
11.4
15.2
39.4
29.6
4.2
3.7
11.1
13.1
1.9
1.7
Sun Pharma
Neutral
562
116,437
13,509
15,846
41.0
41.0
16.5
19.9
34.1
28.3
6.9
5.7
22.0
22.0
8.1
6.7
Power
GIPCL
Accumulate
59
65
887
1,444
1,482
33.4
33.0
13.7
14.8
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.4
NTPC
Buy
138
163
113,581
75,046
81,780
23.5
23.9
12.7
13.6
10.9
10.1
1.3
1.2
12.2
12.0
2.2
2.2
Buy
151
179
26,805
8,293
9,622
36.5
36.1
5.7
6.7
26.4
22.3
0.9
0.9
3.7
4.1
5.3
4.4
Real Estate
DLF
Market Outlook
September 12, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Buy
412
483
1,682
888
1,002
27.0
29.9
33.9
42.1
12.1
9.8
1.2
1.1
9.9
11.2
2.5
2.2
Bharti Airtel
Neutral
335
134,093
83,535
92,173
32.0
33.1
9.2
12.9
36.6
26.0
2.4
2.2
6.8
8.9
2.3
2.0
Idea Cellular
Neutral
168
55,771
26,717
29,443
30.6
29.8
5.5
6.7
30.9
25.0
3.4
3.0
11.1
12.0
2.4
2.1
Rcom
Neutral
144
29,691
22,050
23,647
30.6
30.8
3.2
5.2
45.0
27.6
0.9
0.9
1.9
3.1
3.0
2.7
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,391
1,628
2,957
1,788
1,996
12.5
12.7
71.7
81.4
19.4
17.1
3.9
3.4
21.7
21.2
1.4
1.2
Bajaj Electricals
Accumulate
168
184
1,675
3,885
4,472
4.0
5.8
6.8
15.4
24.9
10.9
2.2
1.9
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
506
613
640
631
797
14.5
13.7
42.6
51.1
11.9
9.9
2.8
2.3
26.5
25.3
1.0
0.8
Cravatex
Accumulate
279
307
72
248
284
6.5
7.3
27.2
38.2
10.3
7.3
1.6
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
52
68
795
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
Accumulate
310
349
404
2,304
2,649
3.1
3.6
28.0
43.7
11.1
7.1
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
306
345
705
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
0.2
Hitachi
Buy
112
153
305
1,080
1,199
8.9
9.1
18.3
19.1
6.1
5.9
1.1
0.9
19.2
17.0
0.4
0.4
Honeywell Automation* Neutral
2,562
2,265
1,842
2,131
7.7
7.8
111.1
130.9
23.1
19.6
2.9
2.6
13.3
13.9
1.1
1.0
IFB Agro
Accumulate
141
156
127
491
642
12.3
13.8
35.0
50.9
4.0
2.8
0.7
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
159
194
183
1,365
1,502
10.9
11.2
18.2
28.0
8.7
5.7
0.4
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
150
199
2,497
1,244
1,523
14.1
14.2
5.9
10.0
25.4
15.1
3.0
2.7
12.7
18.8
2.4
1.8
MRF
Buy
12,827
16,218
5,440
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.1
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Buy
4,006
4,669
4,468
1,059
1,296
19.5
19.8
125.0
155.6
32.1
25.7
15.9
11.6
56.3
52.2
4.3
3.5
Relaxo Footwears
Buy
712
981
855
1,196
1,401
11.9
12.6
55.6
75.4
12.8
9.4
3.1
2.3
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
194
228
182
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.6
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
368
492
646
1,007
1,108
8.4
8.7
30.3
35.1
12.1
10.5
1.4
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
57
108
354
300
319
35.8
36.2
7.9
9.1
7.2
6.2
1.0
0.9
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
270
371
415
814
849
17.0
17.6
64.6
69.2
4.2
3.9
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
511
632
396
416
481
4.5
6.1
16.2
25.3
31.5
20.2
3.9
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
235
297
846
153
194
53.0
52.8
12.4
15.6
19.0
15.0
2.2
2.0
11.8
13.1
5.7
4.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
181
230
139
1,591
1,720
6.1
6.4
30.5
38.3
5.9
4.7
0.8
0.7
13.5
15.5
0.3
0.3
2,558
37,175
12,294
14,162
12.0
12.0
42.1
67.7
60.8
37.8
4.3
3.9
9.1
10.7
3.4
2.9
356
439
723
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
5.1
0.5
0.5
7.6
9.4
0.7
0.6
HSIL
Buy
84
117
556
2,042
2,363
14.6
14.8
12.3
16.5
6.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 11, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.
Market Outlook
September 12, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Market Outlook

September 12, 2013

FII Derivatives (September 11, 2013)

Power Grid Corp.

OIL & GAS

Net Inflows (September 10, 2013)

Odds of RBI rolling back some of the liquidity tightening

UltraTech to buy Jaiprakashs Gujarat cement unit for `3,800cr

Economic and Political News

CCEA may consider 10% export duty on surplus cotton today

Power ministry seeks `24,239cr subsidy for stranded gas projects

Country Event Description

September 12, 2013

Initial Jobless claims

Industrial Production YoY

September 13, 2013

Producer Price Index (mom)

September 16, 2013

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

FOMC rate decision

September 19, 2013

Existing home sales

September 20, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Germany PMI Services

Germany PMI Manufacturing

September 24, 2013

September 25, 2013

New home sales

September 26, 2013

GDP Qoq (Annualised)

Germany Unemployment change (000's)

September 17, 2013

September 23, 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: CSO, Angel Research

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: RBI, Angel Research

Source: Bloomberg, Angel Research

4.7 4.8 4.4

5.1 5.4 5.2

Agri / Agri Chemical

Amara Raja Batteries

Mahindra and Mahindra Buy

Auto & Auto Ancillary

91,733 215,043 240,077

Larsen & Toubro

LIC Housing Finance

Metals & Mining