Market Outlook: Dealer's Diary

Market Outlook
May 10, 2012
Dealers Diary
Indian markets are expected to open flat with positive bias. While the performance
of Asian markets is mixed, SGX Nifty is trading higher by 0.4%.
Domestic Indices
BSE Sensex
(0.4)
(66.6) 16,480
The US markets continues to be weighed down by uncertain political situation in

Europe. During the day there were reports that Eurozone nations were debating
about delaying the euro bailout payment to Greece due to the ongoing political
uncertainty, resulting in strong selling pressure. However, this was later on denied
by European Financial Stability Facilitys Board of Directors, aiding the markets to
stage a partial recovery on Wednesday. The European markets were mixed on
Wednesday, with DAX index gaining by 0.5% and CAC 40 index and FTSE 100
index down by 0.2% and 0.4% respectively.
Nifty
(0.5)
(25.2)
4,975
MID CAP
(1.0)
(59.4)
5,995
SMALL CAP
(1.2)
(80.9)
6,470
BSE HC
(0.1)
(5.3)
6,728
BSE PSU
(1.8) (123.9)
6,795
BANKEX
(1.9) (209.1) 10,843
AUTO
(1.0)
METAL
(2.1) (217.5) 10,332
OIL & GAS
(1.3)
(99.9)
7,538
0.2
11.6
5,545
(Pts)
(Close)
Meanwhile, the Indian Markets hit their 16 week low weighed down by uncertainty
in Europe and receding hopes of further rate cut, which could delay the economic
recovery. FII selling pressure was high during the day. Further ` fell by 1.3%
against the USD and closed at 53.85 vs. USD.
BSE IT
Global Indices
Chg (%)
Chg (%)
(Pts)
(94.8)
(Close)
9,809
Dow Jones
(0.8)
(97.0) 12,835
NASDAQ
(0.4)
(11.6)
2,935
Markets Today
FTSE
(0.4)
(24.5)
5,530
The trend deciding level for the day is 16,506 / 4,983 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,589 16,699 / 5,009 5,042 levels. However, if NIFTY trades below
16,506 / 4,983 levels for the first half-an-hour of trade then it may correct up to
16,396 16,313 / 4,949 4,923 levels.
Nikkei
(1.5) (136.6)
9,045
Hang Seng
(0.8) (154.1) 20,331
Straits Times
(0.7)
(19.4)
2,913
Shanghai Com
(1.7)
(40.3)
2,409
Indices
S2
S1
PIVOT
R1
R2
Indian ADRs
Chg (%)
(Pts)
(Close)
SENSEX
16,313
16,396
16,506
16,589
16,699
INFY
(1.3)
(0.6)
$44.4
NIFTY
4,923
4,949
4,983
5,009
5,042
WIT
(0.4)
(0.0)
$9.1
IBN
(0.9)
(0.3)
$30.4
HDB
(1.4)
(0.4)
$31.3
News Analysis
Planning commission proposes SEB loan recast

4QFY2012 Result Reviews Punjab National Bank, Ranbaxy Labs, ABB, Union
Bank, IRB Infra
4QFY2012 Result Previews NTPC, Canara Bank, Cipla, Lupin, Cadila
Healthcare, Apollo Tyres
Advances / Declines
BSE
NSE
Advances
890
386
1,867
1,046
119
69
Declines
Unchanged
Refer detailed news analysis on the following page
Net Inflows (May 8, 2012)
Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
BSE
2,069
FII
1,910
2,279
(369)
(114)
43,347
622
596
26
(474)
(6,575)
NSE
11,014
MFs
FII Derivatives (May 08, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,039
2,115
(76)
9,727
Stock Futures
1,721
1,825
(104)
20,700
Gainers / Losers
Gainers
Company
ITC
Losers
Price (`)
chg (%)
240
5.6
Company
Price (`)
chg (%)
Manappuram Fin
21
(14.5)
India Infoline
48
4.0
GVK Power
13
(8.9)
Ranbaxy Lab
512
3.8
GMR Infra
23
(7.0)
Apollo Tyres
85
3.1
HDIL
66
(6.6)
340
3.0
United Spirits
651
(6.5)
Glenmark Pharma
www.angelbroking.com
Market Outlook
May 10, 2012
Planning commission proposes SEB loan recast

The planning commission has proposed to distribute the restructuring burden of
financially ailing state electricity boards (SEBs) among state governments, banks
that have lent to these SEBs and the Centre.
Under the plan formulated by a group under Planning Commission Member BK
Chaturvedi, state governments will absorb 50% of the debt of power distribution
companies and convert them into state government bonds. However, the other
50% will have to be restructured by banks by extending the tenure for repayment
and a possible moratorium on interest. After such restructuring, loans to power
companies will be classified as non-performing assets (NPAs).
The banks have restructured huge amounts of SEB loans over the past few quarters
without taking any NPV hit on these loans. Even in 4QFY2012, the trend has been
similar with SEB restructuring comprising majority of the restructuring for the
banks. If the proposal is implemented, it would be highly negative for banks
considering the additional provisioning burden in the form of higher regulatory
provisioning and NPV hits, while also simultaneously leading to sharp jump in their
NPA levels.
Result Reviews
Punjab National Bank (CMP: `768 / TP: Under review)
For 4QFY2012, Punjab National Bank (PNB) registered a weak set of results. The
banks net profit grew by 18.6% yoy to `1,424cr, which was above our estimates
on account of lower effective tax rate than estimated by us. Net interest income of
the bank grew by 9.3% yoy to `3,310cr. Non-interest income growth was also
moderate at 11.4% yoy to `1,276cr. Provisioning expenses increased by 41.1%
yoy to `1,027cr, however a lower effective tax rate (25.4% in 4QFY2012) led to
higher PAT growth of `1,424cr.
The banks asset quality deteriorated significantly during 4QFY2012, with gross
and net NPA levels increasing by 35.4% and 53.5% sequentially, respectively. As
of 4QFY2012, gross NPA ratio stands at 2.9% (2.4% in 3QFY2012), while net
NPA ratio stands at 1.5% (1.1% in 3QFY2012). The banks restructured book
jumped up by 48.1% qoq, primarily on the back of restructuring of SEBs and Air
India during 4QFY2012. Provisioning coverage ratio deteriorated by over 700bp
during 4QFY2012 to 62.7%. We recommend Buy on the stock.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
21,067
3.4
5,607
165.3
854.9
1.1
19.6
4.6
0.9
FY2014E
24,501
3.3
6,454
190.3
1,002
1.1
19.4
4.0
0.8
Market Outlook
May 10, 2012
Ranbaxy Labs (CMP `512, TP- : Neutral)

Ranbaxy labs reported below than expected results. For the quarter, the company
reported Net sales and adj. net profits of `3694.5cr and `1246.4cr, a yoy growth
of 72.4% and 209.1% respectively. Emerging markets contributed US $232mn,
accounting for ~32% of total sales. Developed markets recorded US $470mn of
sales and contributed 64% to total sales for the Company. API and others
accounted for the remaining revenue of
US $34mn for the quarter. The growth
was mainly driven by Lipitor in US, resulting in US registering a growth of 145% to
end the period at US $416mn., accounting for almost 57% of the overall sales.
This also aided an improvement in the GPMs and OPMs. The GPMs came in at
75.9% an expansion of 11.0% yoy. However the OPMs came in at 25.0% (17.0%)
an expansion of 8.0%. The other expenses, rose mainly on back of accured
expenses and cliams recorded by the company towards a protion of profits
payable by the company in realtion with sales of the product( which is estimated to
be more than 10% of the total expenses for the 1QCY2012 and 4QCY2011.
However, currently we maintain our Neutral stance on the stock.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
Dec
(` cr)
(%)
(` cr)
CY2012E
12,023
19.9
2222
(`)
(%)
(x)
(x)
(x)
(x)
41.1
30.0 12.5
2.3
5.7
1.4
CY2013E
12,264
16.8
1553
36.9
17.6 13.9
2.3
8.7
1.5
ABB (CMP: `747 / TP: - Under review)

ABB India (ABB) announced its 1QCY2012 results, which were disappointing on
the top-line front, but the companys bottom line exceeded expectations (when
adjusted for notional MTM forex loss). The companys top line for the quarter was
flat at `1,790cr (`1,793cr previous year) and 12.8% lower than our estimate of
`2,053cr. Power products and low-voltage products were the only two segments
that reported growth during the quarter at 4.1% and 11.5% yoy, respectively.
ABBs reported EBITDA margin declined by 22bp yoy, however when we adjust for
the MTM exchange rate variation loss of `32.7cr, adjusted EBITDA margin came in
much higher at 7.3% against our estimate of 5.9%. Reported PAT came in at
`49.6cr, down 20% yoy. Order flow for the quarter was flat at `1,632 (`1,695),
with order backlog standing at `9,028cr. At current valuations of 35.2x CY2013E
EPS, the stock is richly valued. We maintain our Sell recommendation on the stock;
however, the target price is under review.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
8,634
6.4
379
17.9
14.2 41.9
5.5
23.8
1.8
CY2013E
10,216
6.4
451
21.3
15.0 35.2
4.9
20.3
1.5
Market Outlook
May 10, 2012
Union Bank (CMP: `203 / TP: `266 / Upside: 31.2%)

Union Bank reported its results for 4QFY2012. The bank reported 9.3% yoy
growth in its NII to `1,877cr, aided by higher credit growth. Non-interest income
for the bank also increased by healthy 25.8% yoy to `755cr, aided by sharp
65.3% yoy growth in recoveries. Operating expenses for the bank decreased by
28.6% yoy (5.1% qoq), which coupled with 13.6% yoy growth in operating income,
aided the pre-provisioning profits to improve by 83.9% yoy. Net profit for the bank
grew at much lower pace of 29.4% yoy to `773cr on account of sharp increase in
provisioning expenses incl. tax. The banks asset quality improved slightly on
sequential basis, with both gross and net NPA ratio declining by 32bps and 18bps
qoq, respectively. PCR though remained below comfortable levels and has
declined sequentially by 92bps to 62.2%. We maintain our Buy recommendation
on the stock with a target price of `266.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
10,352
2.9
2,314
40.7
225.1
0.8
16.8
5.0
0.8
FY2014E
11,987
2.9
2,811
49.5
260.9
0.8
17.4
4.1
0.7
March
IRB Infra (CMP: `122 / TP: `228 / Upside: 87%)

For 4QFY2012, IRB reported modest set of numbers with revenue coming in line
with expectations but owing to better-than-expected EBITDAM, earnings were
higher than estimates. IRBs top line witnessed growth of 10.6% to `848cr
marginally ahead of our estimate of `829cr. On the EBITDAM front, IRBs margins
came at 44.9% higher than our estimate of 42.2%. Depreciation came at `102cr
in line with our estimate. Interest cost came in at `150cr a jump of 7.3%/5.6% on
yoy/qoq basis. At the earnings front, IRB reported growth of 17.1% to `120cr
above our estimate of `104cr on account of better than expected performance on
the EBITDAM front.
Fundamentally, we have a target price of `228 for IRB. However, we believe that
the stock could remain volatile until clarity emerges on the issue of IRBs Chairman
Mr. V D Mahiskar being potentially involved in the killing of Satish Shetty (RTI
activist) in 2010. Thus, this event could remain an overhang on the stock in the
near term.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
FY2013E
3,821
42.3
523
(`)
(%)
(x)
(x)
(x)
(x)
15.7
16.9
7.7
1.2
6.3
2.7
FY2014E
4,582
40.2
591
17.8
16.4
6.8
1.0
6.1
2.5
Market Outlook
May 10, 2012
Result Previews
NTPC
For 4QFY2012, we expect NTPC to record a 6.1% yoy increase in its top line to
`16,468cr, driven largely by improved realization. The companys operating
margin is expected to increase by 289bp yoy to 27.5% due to better plant
availability and expected grossing up of RoE under corporate tax rate for FY2012.
Net profit is expected to decline marginally by 2.5% yoy to `2,711cr. At the CMP,
the stock is trading at 1.4x FY2014E P/BV. We maintain a Buy on the stock with a
Target Price of `201.
Canara Bank
Canara Bank is scheduled to announce its 4QFY2012 results today. We expect the
bank to report a subdued 2.4% yoy growth in Net Interest Income to `2,019cr.
Non-interest income is expected to decline by 7.7% yoy to `861cr. Operating
expenses are expected to decline marginally by 1.3% yoy to `1,196cr. Provisioning
expenses are also expected to decline by 28.4% yoy to `391cr, and would lead to
9.1% yoy growth in net profit to `981cr. At the CMP, the stock is trading at 0.7x
FY2014E ABV. We maintain our Buy recommendation on the stock with a target
price of `532.
Cipla
For the 4QFY2012, Cipla is expected to post muted net sales growth of 4.6% to
`1,690cr, mainly driven by the domestic formulation business, while export
performance is expected to remain muted. On the operating front, OPM
(excluding technical know-how fees) is expected to come in at 21.5%, registering
an expansion of 610bp yoy. This would aid the company's net profit to increase by
31.8% yoy to `282cr. We maintain our buy on the stock with a target price of
`380.
Lupin
For the 4QFY2012, Lupin, on the other hand, is expected to register top-line
growth of 22.6%. The company's OPM is expected to expand by 190bp yoy during
the period. However, net profit growth is expected to be lower at around 13.7%
yoy on account of higher tax outgo. We maintain our buy on the stock with a
target price of `656.
Cadila Healthcare
For the 4QFY2012, Cadila is expected to post a good set of numbers, with 20.7%
yoy growth in net sales to `1,411cr on the back of robust growth on the domestic
formulation and exports front. On the OPM front, we expect the company's OPM
to expand by 270bp yoy to 18.4% on the back of favorable product mix. However,
net profit is expected to increase by 7.8% yoy to `193cr, mainly on the back of
increased tax outgo. .We maintain our buy on the stock with a target price of
`1016.
Market Outlook
May 10, 2012
Apollo Tyres
Apollo Tyres is slated to announce its 4QFY2012 results today. On a consolidated
basis, we expect the company to report a strong 19% yoy growth in revenues to
`3,241cr. Sequentially, EBITDA margin is expected to improve 50bp to ~10.5%
led by sequential decline in raw-material prices. We expect net profit to decline
~27% yoy to `141cr. The stock rating is under review.
Quarterly Bloomberg Brokers Consensus Estimate

Canara Bank Ltd - (10/05/2012)
Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
945
899
876
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net profit
Cipla Ltd - (10/05/2012)

Particulars (` cr)
Net sales
1,820
1,615
13
1,711
EBITDA
407
302
35
391
EBITDA margin (%)
22.4
18.7
Net profit
286
214
22.9
34
270
Lupin Ltd - Consolidated (10/05/2012)

Particulars (` cr)
Net sales
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,851
1,512
22
1,792
26
636
(39)
EBITDA
391
311
EBITDA margin (%)
21.1
20.6
Net profit
265
227
17
235
13
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
17,224
15,519
11
15,332
12
3,860
4,279
(10)
2,906
33
(8)
2,130
21
q-o-q (%)
35.5
NTPC Ltd - (10/05/2012)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
22.4
27.6
2,570
2,782
19.0
Dr. Reddy Laboratories Ltd - Consolidated (11/05/2012)

Particulars (` cr)
1Q CY12E
1Q CY11
y-o-y (%)
4Q CY11
Net sales
2,592
2,017
29
2,769
(6)
Net profit
451
334
35
513
(12)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Essar Oil Ltd - (11/05/2012)

Particulars (` cr)
Net sales
16,520
13,315
24
12,851
29
EBITDA
619
865
(28)
734
(16)
EBITDA margin (%)
3.7
6.5
(221)
321
Net profit
5.7
(169)
(3,986)
(94)
Federal Bank Ltd - (11/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
204
172
19
202
Market Outlook
May 10, 2012
Divi's Laboratories Ltd - (12/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
392
480
(18)
415
(6)
EBITDA
152
194
(22)
151
EBITDA margin (%)
38.8
40.4
Net profit
118
175
36.4
(33)
123
Economic and Political News
Cabinet may mull Coal Regulatory Bill tomorrow

India's urban consumer confidence edges up: survey
Government to auction 54 coal blocks with 18 bn tonne reserves
March factory output seen slowing further: Poll
Corporate News
Fire at M&M Nasik plant, operations suspended

ICICI Bank raises foreign currency deposit rates
ONGC to foray into city gas, plans to set up ONGC Gas
Lanco Infra gets Supreme Court nod for township project
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(4)
Market Outlook
May 10, 2012
Result Calendar
Date
Company
May 10, 2012
NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Sintex, Apollo Tyres, HEG
May 11, 2012
Dr Reddy's, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear
May 12, 2012
J & K Bank, Essar Oil, Divi's Lab., Bhushan Steel, Madhucon Proj, Consolidated Co, Relaxo
May 13, 2012
May 15, 2012
Larsen & Toubro, Mundra Port, JSW Steel , Ashok Leyland, Indraprasth Gas, Areva, Monnet Ispat, Orchid Chemicals,
IVRCL Infra, Abbott India
Cummins India, Unitech, Patel Engg., Dishman Pharma, JK Tyre
May 16, 2012
Blue Star, J K Lakshmi Cements
May 17, 2012
Bajaj Auto, Mahindra Satyam
May 18, 2012
Coal India, St Bk of India, Tata Steel, HT Media
May 19, 2012
Force Motors
May 20, 2012
May 21, 2012
Adani Enterp., Adani Power, Zee Entertainment
May 22, 2012
Tata Power Co., Power Fin.Corpn.
May 23, 2012
Rural Elec.Corp., Tata Global, LMW, Jyothy Laboratories
May 24, 2012
GSPL, Madras Cements, Hitachi
May 25, 2012
NHPC, BPCL
May 14, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
May 10, 2012
May 11, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
US
Initial Jobless claims
Thousands
28-Apr-12
365.00
368.00
China
Exports YoY%
% Change
Mar-12
8.90
8.50
UK
BOE Announces rates
% Ratio
May-12
0.50
0.50
UK
Industrial Production (YoY)
% Change
Feb-12
(2.30)
(2.60)
India
Industrial Production YoY
% Change
Feb-12
4.10
2.50
US
Producer Price Index (mom)
% Change
Mar-12
--
--
China
Industrial Production (YoY)
% Change
Mar-12
11.90
12.20
China
% Change
Mar-12
3.60
3.40
% Change
Mar-12
6.89
6.70
% Change
Mar-12
0.30
0.10
May 14, 2012
India
May 15, 2012
US
Consumer Price Index (YoY)

Monthly Wholesale Prices
YoY%
Consumer price index (mom)
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
Dec-11
(0.30)
--
Germany
GDP nsa (YoY)
% Change
1.50
--
Euro Zone
Euro-Zone CPI (YoY)
Mar-12
2.70
--
US
Industrial Production
Mar-12
--
0.50
US
Housing Starts
Thousands
Mar-12
654.00
678.00
US
Building permits
Thousands
Mar-12
764.00
735.00
UK
% Change
Mar-12
3.60
--
Value
Apr-12
(19.90)
--
UK
Jobless claims change

Euro-Zone Consumer
Confidence
CPI (YoY)
% Change
Mar-12
3.50
--
US
Existing home sales
Millions
Mar-12
4.48
--
US
New home sales
Thousands
Mar-12
328.00
--
May 16, 2012
May 22, 2012
May 23, 2012
Euro Zone
Market Strategy
May 10, 2012
Macro watch
Exhibit 1: Quarterly GDP trends

(%)
Exhibit 2: IIP trends

(%)
9.8
10.0
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.5
2.5
1.1
2.0
(6.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
9.7
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Feb-12
Jan-12
Services PMI
58.0
9.5
6.9
7.0
56.0
6.9
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
(%)
Exports yoy growth
Repo rate
(%)
9.00
Imports yoy growth
90
75
Reverse Repo rate
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jun-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
May-11
52.0
Apr-11
4.0
Jun-11
54.0
6.0
May-11
10.0
Dec-11
(5.0)
Source: CSO, Angel Research
12.0
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
(4.0)
May-11
(2.0)
5.0
Apr-11
Mar-11
6.0
9.5
9.4
10.0
8.5
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source: RBI, Angel Research
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
4.00
Apr-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Apr-12
15
(15)
7.00
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
128
2,488
1,432
1,647
14.7
14.7
7.0
8.0
18.3
16.0
3.9
3.3
22.8
22.3
1.8
1.5
United Phosphorus
Buy
117
183
5,393
8,191
8,764
16.5
16.5
17.1
18.3
6.8
6.4
1.1
1.0
17.5
16.2
0.8
0.7
Amara Raja Batteries
Buy
285
345
2,432
2,691
3,032
15.6
15.5
29.4
32.8
9.7
8.7
2.3
1.9
26.5
23.6
0.9
0.7
Apollo Tyres
Buy
85
100
4,264
13,580
15,007
10.1
10.2
10.5
12.5
8.0
6.8
1.3
1.1
21.8
30.7
0.5
0.4
Ashok Leyland
Buy
28
37
7,463
15,008
16,906
9.5
9.5
2.6
3.1
10.9
9.1
2.3
2.0
15.5
17.0
0.6
0.5
Automotive Axle
Neutral
498
753
1,211
1,390
11.9
11.5
50.5
56.3
9.9
8.8
2.5
2.0
27.9
25.3
0.7
0.6
Bajaj Auto
Buy
1,512
1,811
43,745
21,966
24,774
19.8
19.0
111.7
120.7
13.5
12.5
5.2
4.2
43.1
37.1
1.6
1.3
Bharat Forge
Accumulate
335
372
7,790
7,173
7,998
16.3
16.5
22.3
26.6
15.0
12.6
2.9
2.4
21.0
21.0
1.2
1.0
Bosch India
Neutral
9,084
28,523
9,390
10,716
19.5
19.1
420.2
471.4
21.6
19.3
5.0
4.2
23.3
21.8
2.8
2.4
CEAT
Buy
101
164
347
5,067
5,631
8.0
7.6
39.4
41.0
2.6
2.5
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Buy
127
146
10,757
5,787
6,595
15.5
17.0
7.1
9.0
17.8
14.1
3.1
2.7
18.6
20.3
1.5
1.3
FAG Bearings
Accumulate
1,509
1,594
2,507
1,531
1,748
18.8
18.5
118.0
132.8
12.8
11.4
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Neutral
1,871
37,370
26,106
29,296
15.0
15.2
140.3
148.1
13.3
12.6
6.3
4.8
54.8
43.3
1.1
0.9
JK Tyre
Buy
78
113
320
8,058
9,025
5.4
5.5
24.8
32.2
3.1
2.4
0.3
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
655
802
40,225
35,095
40,213
10.7
10.5
44.6
48.7
14.7
13.5
2.6
2.3
18.8
18.1
0.8
0.7
Maruti
Buy
1,302
1,510
37,615
42,683
48,736
7.1
7.5
86.6
100.6
15.0
12.9
2.2
1.9
15.3
15.5
0.7
0.6
Motherson Sumi
Buy
167
216
6,469
11,167
12,516
9.5
10.0
11.3
14.4
14.7
11.6
3.2
2.6
23.3
24.7
0.7
0.6
Subros
Neutral
31
185
1,225
1,393
8.5
8.2
4.2
5.0
7.4
6.2
0.8
0.7
10.3
11.8
0.4
0.3
Tata Motors
Accumulate
293
328
78,862 191,183 213,150
12.6
12.6
38.7
42.9
7.6
6.8
2.7
2.1
39.8
33.9
0.5
0.5
TVS Motor
Buy
37
55
1,760
7,982
8,816
6.4
6.3
5.0
5.6
7.4
6.7
1.3
1.1
18.9
18.2
0.2
0.2
ABB*
Sell
747
503
15,829
8,926
10,220
7.7
7.5
18.6
20.9
40.1
35.7
5.5
4.9
14.5
14.5
1.7
1.5
BGR Energy
Reduce
303
274
2,189
4,170
5,396
11.5
10.4
27.2
30.4
11.2
10.0
1.8
1.7
17.3
17.4
1.1
1.0
BHEL
Neutral
216
52,905
46,344
46,916
18.3
18.6
23.5
24.1
9.2
9.0
1.8
1.6
21.3
18.9
1.0
1.0
Blue Star
Buy
186
221
1,668
3,250
3,551
5.9
5.9
12.4
15.8
14.9
11.8
3.1
2.6
21.2
23.8
0.6
0.5
Crompton Greaves
Buy
121
164
7,775
12,936
14,101
9.6
10.0
10.9
11.7
11.2
10.3
1.9
1.7
18.4
17.3
0.6
0.5
Jyoti Structures
Buy
39
67
321
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.4
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
51
73
1,320
6,686
7,200
7.7
7.9
10.6
12.2
4.9
4.2
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,581
2,609
1,781
2,663
3,130
12.8
12.8
185.0
217.4
8.6
7.3
1.7
1.5
21.2
21.7
0.2
0.2
Thermax
Neutral
426
5,080
5,473
5,497
10.1
9.8
30.4
28.7
14.0
14.9
2.7
2.4
20.5
16.9
0.8
0.7
Capital Goods
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,203
22,587
11,018
12,663
19.9
21.2
70.7
81.2
17.0
14.8
3.0
2.7
18.0
19.0
1.8
1.5
Ambuja Cements
Neutral
147
22,497
10,035
11,504
23.5
23.8
10.1
10.6
14.5
13.9
2.8
2.6
18.5
19.4
1.9
1.5
India Cements
Neutral
84
2,582
4,423
4,906
18.2
18.8
9.9
12.7
8.5
6.6
0.7
0.7
8.6
10.5
0.8
0.8
J K Lakshmi Cements
Buy
61
79
746
1,880
2,201
19.0
22.6
12.2
16.4
5.0
3.7
0.6
0.5
11.9
14.3
0.6
0.9
Madras Cements
Neutral
145
3,451
3,434
3,777
25.5
26.1
14.1
18.1
10.3
8.0
1.5
1.3
15.2
16.9
1.6
1.4
Shree Cements
Neutral
2,741
9,549
5,552
6,193
25.7
26.0
130.3
182.0
21.0
15.1
4.3
3.7
19.1
22.3
1.4
1.1
UltraTech Cement
Neutral
1,378
37,760
20,116
22,655
21.3
22.5
82.1
97.5
16.8
14.1
2.6
2.3
16.8
17.4
1.8
1.7
196
302
1,032
2,014
2,294
22.4
22.4
28.4
30.8
6.9
6.4
0.9
0.8
14.1
13.3
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
277
2,526
2,792
5.7
6.6
1.8
2.8
8.2
5.3
0.5
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
19
1,140
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.5)
(24.1)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
122
228
4,043
3,821
4,582
42.3
40.2
15.0
16.9
8.1
7.2
1.2
1.1
16.3
15.9
2.7
2.5
ITNL
Buy
173
265
3,357
6,619
7,925
23.8
23.3
22.0
26.7
7.9
6.5
1.1
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
57
79
1,509
5,758
6,860
9.2
9.2
4.7
6.0
12.1
9.4
0.7
0.7
6.0
7.3
0.7
0.7
Jaiprakash Asso.
Buy
61
104
12,929
16,017
18,359
24.4
23.5
4.2
5.0
14.5
12.1
1.2
1.1
8.8
9.7
2.1
1.9
Larsen & Toubro
Buy
1,159
1,641
70,971
60,258
69,900
12.1
11.5
70.7
76.3
16.4
15.2
2.5
2.2
16.1
15.2
1.3
1.1
Madhucon Proj
Buy
48
84
352
2,503
2,903
10.7
10.7
5.8
6.6
8.2
7.3
0.5
0.5
6.6
7.0
0.7
0.7
Nagarjuna Const.
Buy
38
76
981
5,790
7,022
9.2
9.5
3.5
5.4
11.0
7.1
0.4
0.4
3.7
5.6
0.8
0.8
Patel Engg.
Neutral
95
664
3,609
3,836
13.1
13.1
14.0
14.6
6.8
6.5
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
46
1,516
10,592
12,193
8.4
8.4
2.9
4.6
15.7
10.0
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
134
199
2,010
2,989
3,315
10.6
10.6
10.2
11.3
13.2
11.8
2.1
1.8
17.6
16.3
0.9
0.8
Simplex Infra
Buy
219
316
1,084
6,732
7,902
9.3
9.6
27.2
35.1
8.0
6.2
0.8
0.8
11.0
12.6
0.5
0.4
Allahabad Bank
Accumulate
150
166
7,505
7,392
8,542
3.1
3.1
38.3
42.1
3.9
3.6
0.7
0.6
18.4
17.6
Andhra Bank
Neutral
110
6,133
5,284
5,998
3.3
3.2
23.6
27.0
4.6
4.1
0.8
0.7
16.5
16.7
Axis Bank
Buy
963
1,587
39,832
16,157
19,557
3.2
3.2
116.4
139.1
8.3
6.9
1.5
1.3
20.0
20.3
Bank of Baroda
Buy
641
926
25,116
15,993
18,918
2.6
2.6
121.5
143.1
5.3
4.5
0.9
0.8
17.8
18.2
Bank of India
Buy
315
386
18,060
13,558
15,551
2.5
2.4
54.9
63.1
5.7
5.0
1.0
0.8
16.8
16.9
Bank of Maharashtra
Buy
48
62
2,848
3,665
4,107
3.5
3.5
10.7
13.5
4.5
3.6
0.7
0.6
17.8
17.5
Canara Bank
Buy
407
532
18,019
12,120
14,009
2.2
2.2
85.7
95.4
4.8
4.3
0.8
0.7
17.2
16.7
Central Bank
Buy
78
92
5,716
6,860
7,934
2.4
2.4
13.1
19.9
5.9
3.9
0.8
0.7
10.5
13.8
Financials
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
400
522
5,930
5,203
5,880
2.2
2.1
107.5
112.7
3.7
3.6
0.6
0.6
17.9
16.5
Dena Bank
Buy
85
118
2,965
3,003
3,366
3.0
2.9
23.2
25.6
3.7
3.3
0.6
0.5
18.0
16.9
Federal Bank
Neutral
406
6,947
2,766
3,163
3.4
3.3
49.5
57.2
8.2
7.1
1.1
1.0
14.0
14.5
HDFC
Neutral
651
96,117
7,244
8,625
3.3
3.3
31.2
37.2
20.9
17.5
4.1
3.6
34.2
31.3
HDFC Bank
Accumulate
512
567
120,332
21,831
27,477
4.3
4.3
28.3
35.5
18.1
14.4
3.5
2.9
20.8
22.1
ICICI Bank
Buy
822
1,183
94,447
22,209
26,512
2.8
2.8
67.9
81.1
12.1
10.1
1.5
1.4
14.7
16.0
IDBI Bank
Buy
92
117
11,736
8,004
9,589
1.9
2.0
19.9
23.9
4.6
3.8
0.6
0.6
13.8
14.9
Indian Bank
Buy
194
240
8,350
6,469
7,244
3.5
3.3
45.5
48.8
4.3
4.0
0.8
0.7
19.6
18.2
IOB
Buy
82
101
6,543
7,354
8,283
2.5
2.4
16.3
21.7
5.1
3.8
0.6
0.5
11.5
13.9
J & K Bank
Neutral
856
4,148
2,420
2,792
3.5
3.6
178.0
195.8
4.8
4.4
0.9
0.8
19.5
18.6
LIC Housing Finance
Buy
248
286
12,508
2,108
2,607
2.6
2.6
24.5
30.6
10.1
8.1
1.9
1.6
20.1
21.4
Oriental Bank
Buy
218
285
6,352
6,431
7,315
2.7
2.6
54.4
63.8
4.0
3.4
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
768
1,138
24,330
20,708
24,094
3.5
3.5
156.3
178.7
4.9
4.3
0.9
0.7
19.7
18.5
South Ind.Bank
Neutral
23
2,591
1,368
1,557
2.8
2.7
3.7
3.9
6.2
5.8
1.1
1.0
19.1
17.7
St Bk of India
Buy
1,888
2,593
126,666
69,568
81,445
3.7
3.7
220.9
269.8
8.5
7.0
1.4
1.2
18.9
19.1
Syndicate Bank
Buy
92
128
5,508
7,069
7,961
3.1
3.0
23.3
27.5
3.9
3.3
0.6
0.5
17.4
17.2
UCO Bank
Neutral
67
4,211
5,727
6,443
2.5
2.5
17.8
18.8
3.8
3.6
0.7
0.7
17.8
16.2
Union Bank
Buy
203
266
10,639
10,352
11,988
2.9
2.9
40.7
49.5
5.0
4.1
0.8
0.7
16.8
17.4
United Bank
Buy
59
87
2,141
3,666
4,128
2.9
2.9
18.4
21.7
3.2
2.7
0.5
0.4
15.9
16.0
Vijaya Bank
Neutral
54
2,529
2,668
3,001
2.2
2.2
10.1
11.7
5.3
4.6
0.7
0.6
13.2
13.7
Yes Bank
Buy
320
470
11,321
3,209
4,144
2.7
2.8
33.9
41.5
9.5
7.7
2.0
1.6
23.1
23.3
3,700
35,486
10,961
12,773
16.3
16.3
120.3
142.5
30.8
26.0
10.2
8.1
36.9
34.7
3.1
2.7
533
650
6,367
5,906
6,856
6.9
7.0
22.3
28.3
23.9
18.9
9.7
7.2
45.2
44.1
1.1
0.9
1,134
15,418
3,007
3,417
21.1
22.1
37.7
42.6
30.1
26.7
35.8
28.9
129.4
120.1
5.0
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
106
18,510
5,878
6,799
16.8
17.0
4.2
4.9
25.6
21.6
9.3
7.6
39.3
42.0
3.2
2.7
GlaxoSmith Con*
Neutral
2,719
11,433
3,111
2,687
16.9
15.8
100.6
86.1
27.0
31.6
8.2
10.0
33.3
33.8
3.4
3.9
Godrej Consumer
Neutral
541
18,403
5,973
7,000
18.4
18.6
22.8
27.2
23.7
19.9
6.5
5.3
31.3
38.4
3.2
2.7
HUL
Neutral
432
93,421
25,350
29,309
14.3
14.4
14.1
16.4
30.6
26.4
22.9
17.9
82.7
76.2
3.5
3.0
ITC
Neutral
240
187,681
28,955
33,595
35.9
35.7
9.2
10.5
26.2
22.9
8.4
6.9
34.8
33.1
6.2
5.3
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
177
10,881
4,669
5,467
13.0
12.9
6.8
8.2
26.2
21.6
7.1
5.6
30.5
28.8
2.4
2.0
Nestle*
Neutral
4,461
43,015
8,731
10,539
21.0
21.4
119.3
147.9
37.4
30.2
22.9
15.6
73.0
61.6
5.0
4.0
Tata Global
Buy
111
136
6,833
7,011
7,712
9.7
10.0
6.0
7.1
18.6
15.5
1.7
1.6
8.9
10.2
0.9
0.8
HCL Tech
Buy
486
560
33,662
22,792
25,743
17.4
17.4
37.8
43.0
12.9
11.3
2.8
2.4
22.3
21.3
1.4
1.2
Hexaware
Neutral
114
3,380
1,821
2,105
19.0
18.6
9.8
10.7
11.7
10.7
2.7
2.3
23.7
22.5
1.6
1.3
Infosys
Buy
2,368
2,792
135,960
37,615
42,491
31.1
30.6
158.5
174.5
14.9
13.6
3.4
2.8
22.5
20.8
3.0
2.5
Infotech Enterprises
Accumulate
160
177
1,785
1,758
1,972
17.0
16.6
16.8
18.6
9.5
8.6
1.3
1.1
13.6
13.2
0.6
0.5
KPIT Cummins
Reduce
107
98
1,904
2,042
2,139
15.2
14.9
9.6
10.9
11.2
9.8
2.0
1.6
19.2
18.0
0.9
0.8
Mahindra Satyam
Buy
72
89
8,496
7,142
8,042
15.4
15.0
7.7
8.3
9.4
8.7
1.3
1.1
13.8
13.0
0.8
0.6
Mindtree
Neutral
576
2,335
2,172
2,450
16.1
15.5
53.9
58.5
10.7
9.9
2.0
1.7
18.9
17.0
0.9
0.7
Mphasis
Accumulate
385
433
8,091
5,904
6,320
18.3
17.9
38.7
41.2
10.0
9.4
1.5
1.3
14.9
13.7
0.9
0.8
NIIT
Buy
43
61
704
1,105
1,200
16.4
16.9
7.5
9.2
5.7
4.7
1.0
0.9
17.6
19.0
0.4
0.2
Persistent
Neutral
368
1,473
1,109
1,224
23.3
22.4
37.2
40.1
9.9
9.2
1.5
1.3
15.4
14.5
1.0
0.8
TCS
Neutral
1,226
239,936
57,189
66,329
29.3
28.7
63.2
70.9
19.4
17.3
5.9
4.8
30.5
27.7
4.0
3.3
Tech Mahindra
Accumulate
656
750
8,359
6,030
6,511
16.3
15.7
81.1
87.0
8.1
7.5
1.6
1.4
20.1
18.0
1.4
1.1
Wipro
Accumulate
407
430
99,998
41,918
46,879
19.4
19.9
25.1
28.7
16.2
14.2
3.0
2.6
18.6
18.3
2.0
1.7
D B Corp
Buy
202
274
3,709
1,656
1,869
26.0
26.8
14.0
16.1
14.5
12.6
3.3
2.8
24.8
24.1
2.2
1.9
HT Media
Buy
119
170
2,785
2,255
2,555
17.8
18.3
10.0
12.0
11.9
9.8
1.6
1.4
14.7
15.4
1.0
0.8
Jagran Prakashan
Buy
94
137
2,963
1,499
1,642
27.4
28.8
7.6
9.1
12.3
10.3
4.1
3.7
34.6
37.7
1.9
1.8
PVR
Neutral
152
393
625
732
17.4
16.9
12.4
15.8
12.2
9.6
2.0
2.1
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
291
11,472
2,135
2,458
75.2
74.4
20.9
24.0
14.0
12.1
3.3
2.7
26.0
25.1
4.3
3.5
Bhushan Steel
Neutral
434
9,226
9,232
13,557
30.8
31.1
48.0
58.6
9.0
7.4
1.2
1.0
14.5
7.5
3.1
2.2
Coal India
Accumulate
326
351
206,198
65,654
71,756
26.8
27.3
24.0
26.3
13.6
12.4
3.7
3.1
30.4
27.0
2.2
1.8
Electrosteel Castings
Buy
20
27
689
1,984
2,074
10.6
12.0
2.7
3.3
7.4
6.1
0.4
0.2
5.2
6.2
0.5
0.4
Hind. Zinc
Accumulate
121
139
50,978
13,043
14,223
51.8
52.8
14.8
16.6
8.2
7.3
1.6
1.3
21.2
19.9
2.2
1.6
Hindalco
Reduce
119
113
22,783
84,649
88,764
9.6
10.5
15.5
17.7
7.7
6.7
0.7
0.6
8.9
9.3
0.5
0.5
JSW Steel
Neutral
661
14,750
39,161
43,958
17.8
17.9
72.2
89.5
9.2
7.4
0.8
0.7
10.1
11.4
0.6
0.5
MOIL
Neutral
251
4,212
979
1,061
45.7
46.8
24.5
26.6
10.2
9.4
1.6
1.4
16.1
15.8
2.1
1.8
Monnet Ispat
Buy
466
585
2,999
2,986
3,908
22.1
28.9
50.5
83.4
9.2
5.6
1.1
0.9
13.5
19.2
1.9
1.3
IT
Media
Metals & Mining
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
58
51
14,935
8,276
8,578
12.7
16.4
2.5
3.5
22.9
16.6
1.3
1.2
5.6
7.5
1.4
1.4
164
185
65,061
11,726
12,890
77.8
78.4
18.6
20.6
8.8
8.0
2.1
1.7
26.1
23.8
3.4
2.9
SAIL
Accumulate
Sesa Goa
Buy
91
102
37,546
52,461
62,935
18.0
18.8
13.2
14.5
6.9
6.3
0.8
0.7
12.4
12.3
1.1
1.0
177
206
15,379
9,067
9,316
35.7
35.5
44.5
44.3
4.0
4.0
0.9
0.7
23.5
19.5
0.3
Sterlite Inds
Buy
97
123
32,447
45,805
49,029
21.2
23.5
16.5
19.1
5.9
5.0
0.6
0.6
11.5
12.0
0.3
0.2
Tata Steel
Buy
417
503
40,534 141,358 142,265
11.1
13.7
45.8
58.9
9.1
7.1
0.9
0.8
10.0
11.7
0.6
0.6
Cairn India
Buy
308
372
58,843
15,513
16,074
74.0
69.7
51.1
48.6
6.0
6.4
1.0
0.9
18.3
14.8
2.7
1.9
GAIL
Buy
323
392
40,915
50,472
55,503
15.3
15.6
35.4
37.0
9.1
8.7
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
256
319
219,277 148,157 150,563
37.6
39.5
31.0
33.6
8.3
7.6
1.5
1.3
18.8
18.1
1.1
1.0
Reliance Industries
Buy
695
872
227,614 325,734 328,669
10.9
11.7
65.8
70.1
10.6
9.9
1.1
1.0
11.9
11.5
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
54
91
1,025
1,624
1,855
14.2
15.6
6.6
9.1
8.2
6.0
2.0
1.6
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
117
175
3,402
5,243
5,767
14.6
14.6
13.8
14.7
8.5
8.0
1.0
0.4
11.4
10.9
1.0
0.9
Aventis*
Neutral
2,128
4,901
1,482
1,682
15.5
15.5
95.0
104.0
22.4
20.5
4.0
3.1
18.6
17.0
3.1
2.7
Cadila Healthcare
Buy
734
1,016
15,033
6,196
7,443
18.5
19.5
43.3
50.8
17.0
14.5
4.4
3.5
25.4
24.8
2.4
1.9
Cipla
Buy
323
380
25,902
7,006
8,164
20.0
21.2
17.0
19.0
19.0
17.0
3.4
3.0
16.8
18.2
3.7
3.2
Dr Reddy's
Neutral
1,685
28,552
9,183
10,063
25.7
25.1
92.1
89.9
18.3
18.7
4.0
3.4
22.8
18.8
3.2
2.9
Dishman Pharma
Buy
42
91
341
1,282
1,538
17.9
17.9
10.1
13.0
4.2
3.3
0.3
0.3
8.5
10.1
1.0
0.9
GSK Pharma*
Neutral
2,077
17,592
2,788
3,148
35.6
35.2
87.9
96.7
23.6
21.5
7.7
6.4
34.8
32.1
5.5
4.8
Indoco Remedies
Buy
438
665
538
685
837
15.2
15.2
55.5
66.5
7.9
6.6
1.2
1.0
16.4
16.9
1.0
0.9
Ipca labs
Buy
369
443
4,642
2,907
3,541
21.5
21.5
32.7
40.6
11.3
9.1
2.8
2.3
27.8
27.7
1.7
1.4
Lupin
Buy
543
656
24,276
8,272
9,929
19.7
20.0
29.7
32.8
18.3
16.6
4.7
3.7
25.0
22.9
3.0
2.4
Orchid Chemicals
Buy
172
270
1,211
2,143
2,508
21.8
21.8
28.3
38.1
6.1
4.5
1.2
1.0
19.3
23.4
1.5
1.2
Ranbaxy*
Neutral
512
21,631
12,023
12,264
19.9
16.9
41.1
36.9
12.5
13.9
2.6
2.3
30.0
17.6
1.5
1.4
Sun Pharma
Accumulate
600
634
61,774
9,272
11,080
40.3
36.3
26.7
28.8
22.5
20.8
4.6
3.9
22.1
20.8
5.6
4.6
CESC
Buy
264
342
3,293
4,927
5,429
23.8
23.9
41.0
46.2
6.4
5.7
0.6
0.6
10.4
10.7
1.2
1.3
GIPCL
Buy
64
98
967
1,557
1,573
28.7
27.5
10.4
10.2
6.2
6.3
0.6
0.6
10.5
9.6
1.1
0.9
NTPC
Buy
151
201
124,878
73,558
84,843
23.4
23.6
12.6
14.1
12.0
10.8
1.5
1.4
13.3
13.6
2.4
2.2
53
78
1,576
657
875
52.0
56.1
8.4
12.7
6.4
4.2
0.4
0.4
6.3
8.9
3.7
2.8
182
30,928
9,878
12,033
44.7
46.1
9.6
13.4
19.0
13.6
1.2
1.2
6.4
8.7
5.6
4.6
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
May 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
66
115
2,784
2,441
3,344
53.0
46.7
21.4
25.4
3.1
2.6
0.3
0.2
8.4
9.1
3.0
2.3
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
310
117,647
80,967
88,684
33.1
33.4
17.9
22.0
17.3
14.1
2.0
1.8
11.5
12.5
2.1
1.8
Idea Cellular
Neutral
79
26,140
22,558
25,326
26.4
27.5
3.2
4.7
24.5
16.7
1.9
1.7
7.5
10.0
1.6
1.4
Rcom
Neutral
68
14,056
21,899
23,740
32.7
32.7
4.2
6.7
16.1
10.2
0.3
0.3
2.1
3.2
2.1
1.7
196
245
1,956
3,670
4,384
8.5
8.5
18.3
22.3
10.7
8.8
2.4
2.0
23.9
24.3
0.5
0.5
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,044
7,328
982
1,136
34.3
34.3
34.3
40.0
30.4
26.1
13.8
11.0
50.9
46.9
7.0
5.9
Finolex Cables
Buy
38
60
574
2,341
2,656
8.5
8.8
8.0
10.0
4.7
3.8
0.7
0.6
18.1
20.2
0.2
0.1
Graphite India
Buy
88
116
1,722
2,053
2,437
22.6
22.4
13.5
16.3
6.5
5.4
1.0
0.8
15.4
16.5
1.0
0.8
Greenply
Buy
208
298
502
1,800
2,047
11.1
11.6
34.1
49.6
6.1
4.2
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
2,936
3,274
935
1,168
19.6
19.6
99.7
122.2
29.4
24.0
17.1
13.6
64.2
63.1
3.6
2.8
Sintex
Buy
62
129
1,682
5,219
5,912
16.5
16.9
15.8
21.4
3.9
2.9
0.6
0.5
14.7
17.1
0.6
0.4
Siyaram Silk Mills
Buy
258
439
242
1,045
1,173
12.3
12.4
61.5
73.2
4.2
3.5
0.8
0.7
20.2
20.4
0.5
0.5
SpiceJet
Neutral
29
1,276
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.5)
12.1
(11.7)
24.6
0.4
0.4
Taj GVK
Buy
59
116
371
322
355
36.3
35.8
8.3
9.6
7.1
6.1
1.0
0.9
14.5
14.9
1.5
1.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 09, 2012
Market Outlook
May 10, 2012

Market Outlook: Dealer's Diary

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Market Outlook

May 10, 2012

The US markets continues to be weighed down by uncertain political situation in

(1.9) (209.1) 10,843

(2.1) (217.5) 10,332

OIL & GAS

(0.8) (154.1) 20,331

Planning commission proposes SEB loan recast

Refer detailed news analysis on the following page

Net Inflows (May 8, 2012)

FII Derivatives (May 08, 2012)

Planning commission proposes SEB loan recast

Ranbaxy Labs (CMP `512, TP- : Neutral)

ABB (CMP: `747 / TP: - Under review)

Union Bank (CMP: `203 / TP: `266 / Upside: 31.2%)

IRB Infra (CMP: `122 / TP: `228 / Upside: 87%)

Quarterly Bloomberg Brokers Consensus Estimate

Cipla Ltd - (10/05/2012)

EBITDA margin (%)

Lupin Ltd - Consolidated (10/05/2012)

EBITDA margin (%)

NTPC Ltd - (10/05/2012)

Dr. Reddy Laboratories Ltd - Consolidated (11/05/2012)

Essar Oil Ltd - (11/05/2012)

EBITDA margin (%)

Federal Bank Ltd - (11/05/2012)

Divi's Laboratories Ltd - (12/05/2012)

EBITDA margin (%)

Economic and Political News

Cabinet may mull Coal Regulatory Bill tomorrow

Fire at M&M Nasik plant, operations suspended

May 10, 2012

May 11, 2012

Dr Reddy's, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear

May 12, 2012

May 13, 2012

May 15, 2012

May 16, 2012

Blue Star, J K Lakshmi Cements

May 17, 2012

Bajaj Auto, Mahindra Satyam

May 18, 2012

Coal India, St Bk of India, Tata Steel, HT Media

May 19, 2012

May 20, 2012

May 21, 2012

Adani Enterp., Adani Power, Zee Entertainment

May 22, 2012

Tata Power Co., Power Fin.Corpn.

May 23, 2012

Rural Elec.Corp., Tata Global, LMW, Jyothy Laboratories

May 24, 2012

GSPL, Madras Cements, Hitachi

May 25, 2012

May 14, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

May 10, 2012

May 11, 2012

Initial Jobless claims

BOE Announces rates

Industrial Production (YoY)