market outlook 02-09-2013

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Market OutlookSeptember 2, 2013

Dealers DiaryIndian markets are expected to open flat to positive tracking a flat opening in SGX

Nifty whereas most of the other Asian markets are trading in the positive territory.

US markets showed some volatility over the course of the trading day on Friday but

maintained a negative bias throughout the session. The weakness on Wall Streetcame as traders expressed uncertainty about the situation in Syria and the

possibility of a U.S. attack over the three-day weekend. Moreover, traders digested

mixed reports from Commerce Department that the personal income edged up by

0.1% in July (expected increase of 0.2%) following a 0.3% increase in June and

MNI Indicators about Chicago business barometer edging up to 53.0 in August

from 52.3 in July.

Indian markets witnessed a volatile session before ending the day in green

owing to downtrend in oil and gold prices for a second day and gains elsewhere

across Asia underpinning sentiment. Buying picked up late in the afternoon after

Prime Minister Manmohan Singh said the sharp fall in the value of the Indian rupee

has been especially because of large current account deficit and some other

domestic factors.

Markets Today

The trend deciding level for the day is 18,524/ 5,442 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally

up to 18,775 18,930 / 5,523 5,575 levels. However, if NIFTY trades below

18,524/ 5,442 levels for the first half-an-hour of trade then it may correct up to

18,369 18,117 / 5,390 5,309 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,117 18,369 18,524 18,775 18,930

NIFTY 5,309 5,390 5,442 5,523 5,575

News Analysis

Real GDP growth at 4.4% in 1QFY2014, lowest in 4 years Auto sales update - August 2013 Taro Pharma in ties with NovaBiotics for co-development of an anti-fungal

drug HMCL's Haridwar plant faced temporary labor problem

Refer detailed news analysis on the following page

Net Inflows (August 29, 2013)

` cr Purch Sales Net MTD YTDFII 4,988 4,909 79 (6,100) 59,298

MFs 882 1,026 (145) 1,025 (13,321)

FII Derivatives (August 30, 2013)

` cr Purch Sales Net Open InterestIndex Futures 3,239 3,394 (155) 9,996

Stock Futures 4,009 3,552 457 25,169

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Piramal Ent 624 11.1 Financial Tech 114 (19.3)

Mah & Mah Fin 253 7.8 Jindal Steel 222 (8.9)

Bank of India 142 7.0 Adani Enter 142 (6.0)

Madras Cements 153 6.3 Muthoot Fin 114 (5.5)

Bajaj Auto 1,840 5.6 Federal Bank 257 (5.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.2 219 18,620

Nifty 1.2 63 5,472

MID CAP (0.0) (0) 5,300

SMALL CAP 0.2 11 5,191

BSE HC 1.6 141 8,966

BSE PSU 0.6 30 4,990

BANKEX 1.6 161 10,304

AUTO 0.0 1 10,202

METAL (2.1) (163) 7,785

OIL & GAS 0.7 55 8,149

BSE IT 1.5 122 8,028

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (31) 14,810NASDAQ (0.8) (30) 3,590

FTSE (1.1) (70) 6,413

Nikkei (0.5) (71) 13,389

Hang Sang 0.1 27 21,731

Straits Times (0.3) (9) 3,029

Shanghai Com 0.1 1 2,098

Indian ADR Chg (%) (Pts) (Close)INFY 0.3 0.2 $46.4

WIT (0.6) (0.0) $9.0IBN (0.6) (0.2) $26.0

HDB 3.9 1.1 $29.0

Advances / Declines BSE NSEAdvances 1,137 672

Declines 1,085 621

Unchanged 186 97

Volumes (` cr)BSE 2,953

NSE 16,681

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Real GDP growth at 4.4% in 1QFY2014, lowest in 4 years

Real GDP growth for 1QFY2014 came in at 4.4% largely in line with market

expectations, as compared to 4.8% in the previous quarter and 5.4% in

1QFY2013. On the demand-side, GDP at market prices continued to decelerate to

2.4% as growth in private consumption slowed and investment as well as exportscontracted during 1QFY2014. We believe that the liquidity tightening measures

taken by the RBI to contain exchange rate volatility have further dampened

consumption and investment sentiments and raised downside risks to growth. We

continue to believe that the near-term outlook for growth is likely to remain

challenging. We expect real GDP growth for FY2014 to range between 4.5-5.0%.

Trends in economic growthGrowth in agriculture and allied activities came in at 2.7% as against 1.4% in theprevious quarter and 2.9% in 1QFY2013. It was boosted by production of coarse

cereal, pulses and oilseeds during the rabi season while production of rice and

wheat declined during the period.

The industrial sector reported almost flat performance as compared to growth of2.7% in 4QFY2013 and 1.8% in 1QFY2013. This can be attributed to the

contraction in mining and manufacturing sector during the quarter. Regulatory

issues plaguing the mining sector continued to result in a decline in production for

the third straight quarter. Manufacturing sector witnessed a 1.2% de-growth

despite a low base (1.0% contraction) during 1QFY2013.

Growth in the services sector which contributes 60% share to GDP remained at6.6%, similar to growth in the previous quarter. The major disappointment comes

from the deceleration of growth in trade, hotels, transport and communicationcategory. It contributes to more than one-fourth of the overall GDP and has

slumped to 3.9% from the 6.1% in 1QFY2014. It clearly reflects the weakness in

consumption sentiment. Growth in community, social and personal services picked

up to 9.4%, the highest in 15 quarters on account of higher government spending.

This can be corroborated with the double-digit growth in government final

consumption expenditure during the period. We believe that growth in this

component is unlikely to be sustained since the government is expected to curtail

spending.

Near-term outlook remains challengingWe continue to believe that the outlook for growth is likely to remain challenging.

Our external sector vulnerability reflected in the INR depreciation has led to

economic stability gaining precedence over growth. The silver lining is that

agricultural growth is expected to gain momentum owing to a good monsoon. So

far, the area under sowing for kharif crop has increased by 8.0% as compared to

the corresponding period of the previous year. We believe that this is likely to

boost rural consumption. However, the overall consumption and investment

sentiments have dampened owing to tighter monetary conditions. Post the general

election in 2014 greater policy certainty is likely to boost investment sentiment.

Until then, a meaningful recovery in the capex cycle can be largely ruled out.

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Auto sales update - August 2013

Mahindra and MahindraMahindra & Mahindra's (MM) automotive segment registered lower-than-

expected sales during August 2013 on account of the continued weakness in

the passenger vehicle (PV) segment. The PV sales witnessed a steep decline of

27.5% yoy (1.9% mom) due to the subdued demand environment and rising

competition amidst increase in excise duty which has impacted the company's

products the most. The four-wheeler pick-up and the three-wheeler sales too

witnessed a decline of 3.8% and 14.2% yoy respectively. Automotive exports

also declined by 9% yoy during the month. MM had announced production

cuts at its automotive plants in August to keep inventory under check.

Tata MotorsTata Motors (TTMT) continued its poor sales performance as the domestic

commercial (CV) and passenger vehicle (PV) volumes maintained thedownward trajectory following weak consumer demand and slowdown in

industrial activity. Total volumes posted a sharp decline of 30.9% yoy (3.6%

mom) to 49,611 units with CV and PV segments registering a sharp decline of

26.6% and 48.2% yoy respectively. Within the CV space, domestic medium

and heavy and light commercial vehicle segments witnessed a decline of

43.8% and 18.2% yoy respectively. While in the PV segment, utility vehicle and

passenger cars witnessed a decline of 38.9% and 50.6% yoy respectively.

Exports however, posted a growth of 11.9% yoy (14.4% mom) during the

month.

TVS MotorTVS Motor (TVSL) reported in-line performance with total sales posting a 1.2%

mom (flat yoy) growth to 155,532 units. The performance was led by the strong

growth in the motorcycle and three wheeler segments. which recorded a growth of

5.9% mom (14.2% yoy) and 0.8% mom (80.8% yoy) respectively. The scooter and

the moped segments however, continued its subdued performance led by the weak

demand and increasing competition. While scooter sales declined by 1.1% mom

(4.5% yoy); moped sales witnessed a 2.3% mom (13.9% yoy) decline during the

month. The exports performance on the other hand remained strong registering a

growth of 4.9% mom (52.9% yoy) driven by the strong performance of the two-

wheeler and the three-wheeler sales.

Taro Pharma in ties with NovaBiotics for co-development of an

anti-fungal drug

Taro pharma has entered into an agreement with NovaBiotics to license and co-

develop Novexatin, a topical anti-fungal drug to cure toe-nail infections. Novexatin

is a topical treatment for fungal nail infections (onychomycosis). The active

pharmaceutical agent of this medicinal candidate is NovaBiotics novel, patented

antifungal peptide, NP213, which was developed specifically as a safe, fast-acting

nail penetrating fungicidal molecule from the companys proprietary antimicrobialpeptide platform.Novexatin is an investigational drug that is expected to enter a

multi-centre phase IIb study for mild-to-moderate onychomycosis in the US.

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NovaBiotics and Taro will jointly manage the study and other development

activities for Novexatin, with Taro as lead partner in the programme.NovaBiotics

and Taro will jointly manage the study and other development activities for the

drug with Taro being the lead partner of the program. The drug is currently in

Phase 2 (a) and will soon enter phase 2 (b).This is a very lucrative deal for both the

companies as the drug will be able to cure infections in just 28 days whereas otherdrugs needed atleast 3 to 4 months and a course of one year to cure the fungal

infection completely. According to GlobalData, the onychomycosis market in 2012

had generic antifungal sales of USD$548.44 million and is expected to grow by

19.5% annually over the next decade and reach total revenue sales (US) of over

USD$3.26 billion by 2022.We remain Neutral on the stock.HMCL's Haridwar plant faced temporary labor problem

Hero MotoCorp's (HMCL) Haridwar plant which faced temporary tool-down

agitation by the workers on Thursday night is expected to return to normalcy from

Monday as the workers have withdrawn the tool-down protest. The workers at theplant had gone on a tool-down strike agitating against the wrongful suspension of

the two colleagues and were demanding their reinstatement. However, as per the

media reports, HMCL management has resolved the difference with the striking

workers in an amicable manner and the workers will resume the duties from

Monday onwards. The details of the agreement with the workers though is not

publicly available. While the production at the plant was affected since Thursday

night; we believe that the impact on the company will not be significant. More

importantly, the management acted swiftly to resolve the issue which is expected to

help HMCL ahead of the festival season. At the CMP price of 2,030, the stock is

trading at 13.9x FY2015 earnings. We recommend a Neutral rating on the stock.

Economic and Political News

Govt plans to set up bullion bank to mobilise idle gold Fiscal deficit touches 63% of Budget Estimate in just four months NABARD allocates Rs 900 crore to Karnataka under RIDF Don't donate to trusts where directors hold post: RBI to UCBs Govt. mulls raising import duty on non-essential goods

Corporate News

PFC to invite bids for 2 UMPPs worth Rs 40k cr

NCC to sell BOT assets to reduce debt Production comes to a halt at Hero's Haridwar unit

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 2, 2013 1:25PM Germany PMI Manufacturing Value Aug F 52.00 52.00

2:00PM UK PMI Manufacturing Value Aug 54.60 55.00

September 4, 2013 1:25PM Germany PMI Services Value Aug F 52.40 52.40

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P 0.30 0.30

September 5, 2013 6:00PM US Initial Jobless claims Thousands Aug 31 331.00 330.00

4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Sep 5 0.50 0.50

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 (1.70)

6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 180.00

6:00PM US Unnemployment rate % Aug 7.40 7.40

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 2.50

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 2.70

September 10, 2013 11:00AM China Industrial Production (YoY) % Change Aug 9.70 9.80

4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

September 11, 2013 2:00PM UK Jobless claims change % Change Aug (29.20) --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 13, 2013 6:00PM US Producer Price Index (mom) % Change Aug -- 0.10

September 16, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Aug 5.79 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Aug F 1.30 --

6:45PM US Industrial Production % Aug 0.04 --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

6:00PM US Consumer price index (mom) % Change Aug 0.20 --

September 18, 2013 11:00AM India RBI Repo rate % Sep 18 7.25 --11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --

6:00PM US Housing Starts Thousands Aug 896.00 --

6:00PM US Building permits Thousands Aug 954.00 --

11:30PM US FOMC rate decision % Sep 18 0.25 --

Source: Bloomberg, Angel Research

September 02, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly GD P trends

Source: CSO , Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly W PI inflation trends

Source: M OSPI, Angel Research

Exhibit 4:M anu facturing and services PM I

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Ang el Research

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8 4.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.012.0

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Ju

l-12

Aug

-12

Sep

-12

Oc

-12

Nov

-12

Dec

-12

Jan

-13

Fe

b-1

3

Mar-

13

Apr-

13

May

-13

Jun

-13

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep

-12

Oc

-12

Nov

-12

De

-12

Jan

-13

Fe

b-1

3

Mar-

13

Apr-

13

May

-13

Jun

-13

Ju

l-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

Oc

-12

Nov

-12

Dec

-12

Jan

-13

Fe

b-1

3

Mar-

13

Apr-

13

M

ay

-13

Jun

-13

Ju

l-13

Mfg. PMI Services PMI

(15.0)

(12.0)(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug

-12

Sep

-12

Oc

-12

Nov

-12

Dec

-12

Jan

-13

Fe

b-1

3

Mar-

13

Apr-

13

May

-13

Jun

-13

Ju

l-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-12

Sep-12

Oc-12

Oc-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-13

Feb-13

Mar-13

Apr-13

Apr-13

May-13

Jun-13

Jun-13

Jul-13

Aug-13

Repo rate Reverse Repo rate CRR(%)

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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

Agri / Agri Chemical

Rallis Neutral 144 - 2,799 1,674 1,923 13.7 13.7 6.8 7.6 21.2 18.9 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 133 225 5,904 10,091 11,302 16.5 16.5 19.2 22.5 7.0 5.9 1.1 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 256 305 4,380 3,474 3,952 15.5 15.5 19.0 21.0 13.5 12.2 3.3 2.7 27.2 24.2 1.3 1.1

Apollo Tyres Neutral 63 - 3,173 13,409 15,106 11.8 11.6 13.1 15.4 4.8 4.1 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 12 18 3,193 12,945 15,049 6.3 8.2 0.2 1.5 69.0 8.0 1.1 1.0 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 202 - 305 700 890 8.7 10.7 11.1 25.8 18.2 7.8 1.1 1.1 6.2 13.9 0.5 0.4

Bajaj Auto Accumulate 1,840 2,115 53,229 22,042 25,399 19.3 19.3 121.1 141.0 15.2 13.1 5.4 4.3 39.4 36.6 2.0 1.7

Bharat Forge Accumulate 241 256 5,609 5,942 6,417 15.2 15.5 15.6 19.7 15.4 12.3 2.3 2.0 15.4 17.3 1.1 1.0

Bosch India* Accumulate 8,218 9,096 25,802 9,301 10,895 16.8 18.0 339.9 423.1 24.2 19.4 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 104 170 375 5,159 5,628 9.3 9.0 43.5 48.6 2.4 2.1 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 125 148 10,663 6,899 7,873 14.7 14.7 7.9 9.0 15.8 13.9 2.7 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,201 - 1,996 1,336 1,572 13.8 16.0 75.6 102.4 15.9 11.7 2.0 1.7 13.4 15.8 1.3 1.0

Hero Motocorp Neutral 2,030 - 4 0,539 25,562 28,297 14.5 14.4 111.2 146.3 18.3 13.9 6.7 5.2 40.1 42.1 1.4 1.2

JK Tyre Buy 84 152 345 7,376 8,262 10.0 9.8 56.0 60.9 1.5 1.4 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 781 1,011 48,101 42,318 48,067 12.0 12.2 58.5 67.1 13.4 11.6 2.7 2.3 21.6 21.1 0.9 0.7

Maruti Buy 1,244 1,571 37,580 45,877 52,733 11.2 11.2 93.0 104.7 13.4 11.9 1.8 1.6 14.2 14.0 0.7 0.5

Motherson Sumi Buy 195 242 11,449 28,442 31,914 8.4 8.7 13.0 16.1 15.0 12.1 4.0 3.1 29.4 28.6 0.5 0.5

Subros Buy 20 23 117 1,230 1,398 10.5 10.5 2.3 3.8 8.4 5.1 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 299 355 80,472 215,043 240,077 13.5 13.7 35.1 39.4 8.5 7.6 2.0 1.6 26.2 23.3 0.4 0.4

TVS Motor Buy 31 36 1,449 7,659 8,528 6.0 6.2 4.9 5.9 6.3 5.1 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Neutral 450 - 9,534 8,037 9,087 5.8 6.9 12.2 17.0 36.9 26.5 3.5 3.4 9.8 13.1 1.2 1.0

BGR Energy Neutral 100 - 719 3,541 4,041 11.8 10.7 21.1 22.9 4.7 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 119 - 29,065 42,227 38,453 16.0 14.4 18.8 15.0 6.3 7.9 1.3 1.2 21.7 15.4 0.5 0.6

Blue Star Buy 135 208 1,210 2,941 3,099 3.4 4.2 6.0 9.3 22.5 14.5 2.8 2.4 12.9 18.0 0.5 0.5

Crompton Greaves Buy 81 103 5,196 13,418 14,654 5.8 6.7 5.8 7.8 14.0 10.4 1.4 1.2 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 18 - 148 3,312 3,555 9.0 9.0 4.5 6.5 4.0 2.8 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 24 36 618 7,709 8,399 6.2 6.9 5.1 8.1 4.7 3.0 0.5 0.4 16.6 21.5 0.3 0.2

Thermax Neutral 540 - 6,434 5,832 6,397 9.1 9.6 28.8 32.9 18.8 16.4 3.0 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 962 1,225 18,057 11,581 13,009 17.6 19.3 63.9 81.5 15.1 11.8 2.3 2.1 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

September 02, 2013

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Cement

Ambuja Cements Neutral 171 - 26,383 9,975 11,409 22.4 23.1 9.4 11.1 18.3 15.3 2.8 2.5 15.7 17.2 2.1 1.8

India Cements Neutral 46 - 1,419 4,796 5,357 16.4 16.1 7.3 9.5 6.3 4.9 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 57 79 670 2,235 2,684 19.4 21.4 15.0 18.4 3.8 3.1 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 153 - 3,633 4,010 4,524 23.5 23.4 14.9 18.3 10.3 8.4 1.4 1.2 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,583 - 12,484 6,316 7,162 26.5 25.7 294.6 340.5 12.2 10.5 2.6 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,472 - 40,352 22,021 25,274 22.0 21.6 99.5 113.3 14.8 13.0 2.3 2.0 16.7 16.6 1.8 1.7

Construction

Ashoka Buildcon Buy 45 60 711 1,912 2,131 21.0 21.5 5.0 5.5 9.0 8.2 0.6 0.6 8.8 7.6 1.7 1.7

Consolidated Co Neutral 6 - 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

IRB Infra Buy 62 106 2,071 3,805 4,248 45.1 45.3 15.0 15.8 4.2 4.0 0.6 0.5 14.5 13.9 2.8 3.0

ITNL Buy 114 156 2,220 7,423 7,970 27.5 28.7 30.3 32.0 3.8 3.6 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 319 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.3) (5.3) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 33 41 7,345 12,946 14,897 24.7 25.6 1.2 2.7 27.0 12.4 0.6 0.5 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 722 1,002 66,827 68,946 78,040 10.0 10.0 49.0 55.2 14.8 13.1 2.1 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 17 30 448 6,167 6,945 8.0 8.2 2.7 3.6 6.5 4.8 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 21 - 692 12,726 14,226 8.2 8.2 0.9 1.0 24.3 20.4 0.2 0.2 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 55 99 833 2,462 2,731 10.6 10.6 5.3 6.0 10.5 9.2 0.9 0.9 9.2 9.6 0.6 0.6

Simplex Infra Buy 40 56 198 6,237 6,908 9.1 9.0 9.9 13.9 4.1 2.9 0.2 0.1 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 134 2,146 2,339 12.9 13.0 9.3 9.6 2.0 1.9 0.2 0.1 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 66 - 3,303 6,843 7,528 2.5 2.5 26.0 30.1 2.5 2.2 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 50 - 2,787 4,868 5,390 2.4 2.5 12.3 16.6 4.1 3.0 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 836 1,023 39,202 19,280 22,886 3.3 3.3 130.7 157.1 6.4 5.3 1.0 0.9 17.3 18.1 - -

Bank of Baroda Neutral 463 - 19,500 15,896 17,947 2.2 2.3 95.4 124.4 4.9 3.7 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 142 - 8,477 14,482 16,069 2.3 2.2 55.0 62.2 2.6 2.3 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,487 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 202 - 8,969 11,454 12,378 2.0 2.0 52.4 60.5 3.9 3.3 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 51 - 5,327 8,196 9,202 2.4 2.4 6.1 15.9 8.4 3.2 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 250 - 3,824 5,641 6,083 2.0 2.0 82.7 98.1 3.0 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 44 - 1,532 3,307 3,531 2.2 2.4 17.5 21.6 2.5 2.0 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 257 - 4,398 2,798 3,250 3.0 3.0 38.1 51.9 6.8 5.0 0.6 0.6 9.8 12.3 - -


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Financials

HDFC Neutral 718 - 111,618 8,679 10,350 3.6 3.6 37.5 44.7 19.1 16.1 4.0 3.6 30.1 30.7 - -

HDFC Bank Buy 594 692 141,880 27,392 33,264 4.6 4.6 36.3 45.1 16.4 13.2 3.3 2.8 21.9 22.8 - -

ICICI Bank Buy 804 951 92,843 25,727 29,969 3.2 3.2 83.2 96.7 9.7 8.3 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 55 - 7,317 9,518 10,468 2.0 2.0 15.5 22.1 3.5 2.5 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 63 - 2,723 5,940 6,396 2.7 2.7 24.9 32.9 2.5 1.9 0.3 0.2 10.3 12.4 - -

IOB Neutral 40 - 3,655 7,692 8,627 2.2 2.3 8.1 15.2 4.9 2.6 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,111 - 5,387 3,038 3,370 3.7 3.9 214.2 202.6 5.2 5.5 1.0 0.8 19.8 16.3 - -

LIC Housing Finance Neutral 166 - 8,370 2,001 2,495 2.2 2.3 23.8 28.8 7.0 5.8 1.2 1.0 17.3 18.2 - -

Oriental Bank Neutral 127 - 3,708 6,918 7,459 2.6 2.5 46.7 52.5 2.7 2.4 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 430 - 15,201 20,766 23,515 3.4 3.4 135.0 164.8 3.2 2.6 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,628 1,800 2,023 2.7 2.7 3.7 4.2 5.3 4.7 0.8 0.7 16.2 16.2 - -

St Bk of India Neutral 1,514 - 103,590 65,392 74,467 3.0 3.0 178.5 226.1 8.5 6.7 1.1 0.9 12.1 14.0 - -

Syndicate Bank Neutral 64 - 3,865 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.7 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 52 - 3,902 6,770 7,017 2.8 2.6 14.8 15.5 3.5 3.3 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 102 - 6,066 10,458 11,809 2.5 2.5 32.0 40.6 3.2 2.5 0.4 0.3 11.6 13.4 - -

United Bank Neutral 28 - 1,038 3,386 3,884 2.3 2.5 12.4 20.0 2.2 1.4 0.2 0.2 10.0 14.7 - -

Vijaya Bank Neutral 35 - 1,722 2,718 2,941 1.8 1.9 7.0 9.0 5.0 3.9 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 243 - 8,761 4,417 5,486 2.7 2.8 42.9 49.5 5.7 4.9 1.2 1.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 419 - 40,166 12,332 14,524 16.3 16.1 13.9 16.0 30.2 26.1 9.6 7.6 35.2 32.5 3.2 2.6

Britannia Neutral 703 - 8,421 6,422 7,367 6.9 7.3 24.2 29.7 29.1 23.7 10.3 7.9 39.6 37.7 1.3 1.1

Colgate Neutral 1,208 - 16,426 3,588 4,130 18.9 19.4 41.2 48.4 29.3 25.0 26.0 20.2 100.0 91.0 4.4 3.8

Dabur India Neutral 163 - 28,378 7,183 8,297 16.8 16.9 5.4 6.3 30.4 25.9 10.7 8.5 39.2 36.7 4.0 3.4

GlaxoSmith Con* Neutral 4,051 - 17,037 3,617 4,259 16.1 16.4 122.2 148.7 33.2 27.3 10.3 8.3 34.1 33.7 4.3 3.5

Godrej Consumer Neutral 808 - 27,504 7,801 9,017 16.2 15.9 25.1 29.7 32.2 27.2 6.9 5.8 24.9 24.2 3.7 3.1

HUL Neutral 629 - 135,926 28,415 31,962 13.6 14.1 16.7 18.2 37.7 34.6 36.2 26.3 112.2 88.1 4.7 4.1

ITC Neutral 308 - 243,707 34,294 39,991 36.8 37.0 11.3 13.3 27.3 23.1 9.0 7.3 36.1 34.9 6.8 5.8

Marico Neutral 212 - 13,668 5,104 5,876 15.1 15.2 7.2 8.6 29.7 24.7 5.7 4.7 21.1 20.9 2.7 2.3

Nestle* Neutral 4,901 - 47,257 9,330 10,860 21.8 21.9 123.3 149.7 39.8 32.7 19.5 14.3 56.4 50.3 5.1 4.3

Tata Global Neutral 139 - 8,596 8,070 8,958 9.8 9.9 7.6 8.5 18.4 16.4 2.1 2.0 9.3 9.7 1.1 0.9


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IT

HCL Tech^ Neutral 1,038 - 72,373 32,266 35,103 23.5 22.6 69.7 74.0 14.9 14.0 4.0 3.3 26.5 23.0 2.0 1.8

Hexaware* Neutral 128 - 3,829 2,273 2,575 22.2 21.5 12.4 13.4 10.3 9.6 2.6 2.3 25.4 23.5 1.5 1.3

Infosys Neutral 3,100 - 178,030 48,731 52,962 26.9 27.1 180.8 200.3 17.2 15.5 3.7 3.2 20.4 19.3 3.0 2.7

Infotech Enterprises Neutral 186 - 2,077 2,128 2,341 17.2 17.6 21.3 23.2 8.7 8.0 1.3 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Buy 131 155 2,524 2,769 3,122 18.3 17.8 15.3 16.6 8.5 7.8 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Neutral 1,033 - 4,295 2,871 3,110 20.4 20.7 102.6 111.2 10.1 9.3 2.4 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 424 450 8,907 6,827 7,342 21.0 21.2 47.0 51.3 9.0 8.3 1.6 1.4 14.3 14.2 0.9 0.7

NIIT Neutral 19 - 310 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 588 - 2,351 1,590 1,774 23.5 23.8 48.5 56.9 12.1 10.3 2.0 1.7 16.4 16.1 1.1 0.9

TCS Neutral 2,023 - 395,975 80,353 91,576 30.0 30.0 91.0 103.2 22.2 19.6 7.2 5.7 31.5 29.2 4.7 4.1

Tech Mahindra Accumulate 1,377 1,485 31,984 17,749 19,406 22.5 21.0 113.6 114.2 12.1 12.1 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 484 - 119,271 43,610 47,320 21.6 22.2 30.0 33.0 16.1 14.7 3.6 3.1 20.7 19.4 2.3 2.0

Media

D B Corp Accumulate 239 267 4,390 1,783 1,968 23.8 25.0 13.6 16.0 17.6 15.0 4.3 3.7 22.5 22.9 2.4 2.1

HT Media Buy 90 112 2,115 2,205 2,380 14.1 14.4 7.6 8.4 11.8 10.7 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 82 104 2,718 1,683 1,845 19.7 20.8 5.9 6.9 13.9 11.9 2.6 2.4 19.4 21.2 1.7 1.5

PVR Neutral 392 - 1,555 1,359 1,540 17.3 17.4 17.2 21.6 22.7 18.2 2.3 2.1 10.3 12.0 1.6 1.4

Sun TV Network Neutral 390 - 15,356 2,287 2,551 69.7 70.5 20.0 23.3 19.5 16.7 4.8 4.2 26.4 27.3 6.4 5.6

Metals & Mining

Bhushan Steel Reduce 456 419 10,323 12,640 15,667 28.5 31.5 25.9 38.6 17.6 11.8 1.0 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 251 - 158,225 68,303 69,884 32.5 30.3 27.5 25.0 9.1 10.0 3.4 2.4 40.2 33.1 1.5 1.4

Electrosteel Castings Buy 11 15 352 1,976 2,017 11.8 12.7 0.1 1.2 168.9 8.9 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 83 115 2,635 1,701 1,985 47.8 48.8 17.4 20.6 4.8 4.0 0.9 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Buy 124 143 52,352 12,389 13,093 48.5 51.7 15.2 17.0 8.1 7.3 1.4 1.2 18.5 18.0 2.0 1.6

Hindalco Neutral 105 - 20,084 95,465 102,491 8.4 9.0 13.9 17.2 7.6 6.1 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 541 - 13,080 45,022 48,140 16.0 15.9 68.5 77.0 7.9 7.0 0.7 0.7 9.3 9.7 0.8 0.7

MOIL Accumulate 209 223 3,519 956 982 42.3 44.3 25.3 26.2 8.3 8.0 1.2 1.0 14.6 13.7 1.0 1.1

Monnet Ispat Buy 106 139 675 2,199 2,575 21.6 22.8 30.7 38.6 3.5 2.7 0.3 0.2 7.7 8.9 1.4 1.0

Nalco Neutral 34 - 8,647 7,270 7,521 13.6 13.8 2.8 2.9 12.1 11.6 0.7 0.7 5.9 6.0 0.6 0.6

NMDC Buy 119 142 47,140 10,718 11,514 66.6 64.5 15.5 16.1 7.7 7.4 1.6 1.4 21.2 20.0 2.3 2.1

SAIL Neutral 46 - 19,040 44,060 54,227 9.2 10.9 5.3 6.8 8.7 6.8 0.5 0.5 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa* Neutral 187 - 16,278 3,817 5,781 12.1 17.7 27.0 29.6 6.9 6.3 0.8 0.7 12.9 12.5 5.1 3.3

Tata Steel Buy 274 317 26,636 153,862 167,209 9.4 10.5 32.8 53.5 8.4 5.1 0.7 0.6 9.0 13.2 0.5 0.5

Sarda Buy 83 98 296 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 404 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.1 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 72 78 235 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.5 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Accumulate 320 364 61,163 18,403 17,925 71.9 62.1 62.1 57.4 5.2 5.6 1.1 0.9 22.6 17.8 2.1 1.9GAIL Neutral 295 - 37,363 49,700 48,822 16.0 16.6 32.9 33.4 9.0 8.8 1.3 1.2 15.9 14.4 0.3 0.2

ONGC Buy 249 350 213,288 164,816 196,050 33.7 36.6 30.0 38.7 8.3 6.5 1.3 1.1 16.0 18.5 1.0 0.7

Reliance Indus tr ies Accumulate 852 953 275,097 417,018 442,434 8.4 8.4 70.3 75.2 12.1 11.3 1.2 1.1 12.0 11.6 0.6 0.6

Gujarat Gas* Neutral 194 - 2,489 3,270 3,414 12.8 12.6 22.6 23.1 8.6 8.4 2.3 2.0 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 257 - 3,599 3,656 4,456 21.5 18.6 25.7 26.8 10.0 9.6 2.0 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 121 135 9,105 39,449 43,315 5.3 5.9 14.1 16.9 8.6 7.2 1.7 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 50 67 2,800 1,002 1,021 91.4 91.5 8.2 8.4 6.1 6.0 0.8 0.7 14.3 13.0 2.3 2.1

Pharmaceuticals

Alembic Pharma Buy 134 165 2,532 1,736 2,008 17.1 18.9 10.5 13.8 12.8 9.7 3.9 3.0 34.4 34.7 1.5 1.3

Aurobindo Pharma Buy 182 271 5,290 6,641 7,637 15.9 15.9 17.3 20.6 10.5 8.8 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,377 - 5,475 1,682 1,917 15.6 15.6 91.9 101.7 25.9 23.4 3.6 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 650 894 13,312 7,123 8,367 15.5 15.7 37.3 44.7 17.4 14.5 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Accumulate 417 477 33,478 9,274 10,796 23.1 23.1 21.0 23.8 19.9 17.5 3.2 2.7 17.2 16.8 3.4 2.8

Dr Reddy's Accumulate 2,293 2,535 38,984 13,377 15,350 20.4 20.1 112.1 126.6 20.5 18.1 4.4 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 43 73 346 1,394 1,534 22.5 22.4 14.8 16.6 2.9 2.6 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,348 - 19,887 2,744 2,964 22.0 23.4 59.2 66.6 39.7 35.3 9.9 9.5 24.9 27.5 6.4 5.9

Indoco Remedies Buy 63 78 576 747 906 15.3 15.3 5.9 7.6 10.6 8.2 1.3 1.1 12.5 14.4 1.0 0.8

Ipca labs Accumulate 620 674 7,821 3,246 3,830 20.5 21.7 36.2 44.9 17.1 13.8 4.0 3.2 26.1 25.7 2.6 2.1

Lupin Accumulate 800 904 35,841 11,576 13,855 22.0 22.0 35.8 43.0 22.4 18.6 5.4 4.3 27.1 25.8 3.2 2.6

Ranbaxy* Neutral 407 - 17,228 10,400 11,331 6.6 8.4 11.4 15.2 35.7 26.8 3.8 3.3 11.1 13.1 1.8 1.6

Sun Pharma Neutral 520 - 107,656 13,509 15,846 41.0 41.0 16.5 19.9 31.5 26.1 6.4 5.3 22.0 22.0 7.5 6.2

Power

GIPCL Buy 56 65 841 1,444 1,482 33.4 33.0 13.7 14.8 4.1 3.8 0.5 0.4 12.3 12.0 0.7 0.4

NTPC Buy 131 163 107,809 75,046 81,780 23.5 23.9 12.7 13.6 10.3 9.6 1.2 1.1 12.2 12.0 2.1 2.1

Real Estate

DLF Buy 130 179 23,093 8,293 9,622 36.5 36.1 5.7 6.7 22.7 19.2 0.8 0.8 3.7 4.1 4.9 4.1


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Real Estate

MLIFE Buy 402 483 1,640 888 1,002 27.0 29.9 33.9 42.1 11.9 9.5 1.2 1.1 9.9 11.2 2.4 2.2

Telecom

Bharti Airtel Buy 299 350 119,342 83,535 92,173 32.0 33.1 9.2 12.9 32.5 23.1 2.1 2.0 6.8 8.9 2.1 1.8

Idea Cellular Neutral 160 - 53,001 26,717 29,443 30.6 29.8 5.5 6.7 29.4 23.8 3.3 2.9 11.1 12.0 2.3 2.1

Rcom Neutral 123 - 25,408 22,050 23,647 30.6 30.8 3.2 5.2 38.5 23.6 0.7 0.7 1.9 3.1 2.8 2.5

Others

Abbott India* Buy 1,376 1,628 2,924 1,788 1,996 12.5 12.7 71.7 81.4 19.2 16.9 3.9 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 157 184 1,567 3,885 4,472 4.0 5.8 6.8 15.4 23.3 10.2 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 482 613 609 631 797 14.5 13.7 42.6 51.1 11.3 9.4 2.7 2.2 26.5 25.3 1.0 0.8

Cravatex Buy 266 307 69 248 284 6.5 7.3 27.2 38.2 9.8 7.0 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 51 68 787 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 277 349 361 2,304 2,649 3.1 3.6 28.0 43.7 9.9 6.3 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 302 345 695 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 107 153 291 1,080 1,199 8.9 9.1 18.3 19.1 5.9 5.6 1.0 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,380 - 2,104 1,842 2,131 7.7 7.8 111.1 130.9 21.4 18.2 2.7 2.4 13.3 13.9 1.0 0.9

IFB Agro Buy 130 156 117 491 642 12.3 13.8 35.0 50.9 3.7 2.6 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 145 194 167 1,365 1,502 10.9 11.2 18.2 28.0 8.0 5.2 0.4 0.4 5.1 7.4 0.5 0.5

Jyothy Laboratories Buy 155 199 2,572 1,244 1,523 14.1 14.2 5.9 10.0 26.2 15.6 3.1 2.7 12.7 18.8 2.4 1.9

MRF Buy 12,889 16,218 5,466 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 Buy 3,999 4,669 4,461 1,059 1,296 19.5 19.8 125.0 155.6 32.0 25.7 15.8 11.6 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 725 981 870 1,196 1,401 11.9 12.6 55.6 75.4 13.1 9.6 3.1 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 184 228 172 1,158 1,322 10.6 11.0 60.5 75.9 3.0 2.4 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 344 492 604 1,007 1,108 8.4 8.7 30.3 35.1 11.3 9.8 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 56 108 350 300 319 35.8 36.2 7.9 9.1 7.1 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 261 371 401 814 849 17.0 17.6 64.6 69.2 4.0 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 498 632 387 416 481 4.5 6.1 16.2 25.3 30.7 19.7 3.8 3.3 12.6 18.1 0.8 0.7

Tree House Buy 220 297 791 153 194 53.0 52.8 12.4 15.6 17.7 14.1 2.1 1.8 11.8 13.1 5.3 4.1

TVS Srichakra Buy 163 230 125 1,591 1,720 6.1 6.4 30.5 38.3 5.3 4.3 0.7 0.6 13.5 15.5 0.3 0.2

United Spirits Neutral 2,200 - 31,965 12,294 14,162 12.0 12.0 42.1 67.7 52.2 32.5 3.7 3.3 9.1 10.7 2.9 2.5

Vesuvius India* Buy 353 439 715 600 638 20.1 19.4 35.7 36.6 9.9 9.7 1.8 1.5 19.4 17.1 1.0 0.9

HSIL Buy 80 117 527 2,042 2,363 14.6 14.8 12.3 16.5 6.5 4.9 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 30, 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.


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September 02, 2013

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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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