market outlook, 05-07-2013

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Market OutlookJuly 5, 2013

Dealers Diary

Indian markets are expected to open in the green today, tracking positive opening

in most of the Asian markets after Europes two biggest central banks signaled

intent to maintain accommodative policy.

US markets were closed yesterday because of Independence Day holiday; the

market today will watch out for the June nonfarm-payrolls data due to be released

today, with expectations that employment trends would influence how long the

Federal Reserve will maintain the current pace of its bond purchases. European

markets ended on a positive note yesterday after the European Central Bank (ECB)

and the Bank of England (BOE) indicated they would keep monetary policy easy for

the foreseeable future. The ECB left the key refinancing rate unchanged at a record

low of 0.5% while the BOE's benchmark interest rate was held at 0.5% and the size

of its bond-buying stimulus program was kept at 375bn pound (US$571bn).

Meanwhile, Indian markets rose in yesterdays trading session, tracking lower

crude prices as the threat of a disruption in supplies from the Middle East has now

eased.

Finance Minister P Chidambaram announced that the government plans to

introduce the Direct Taxes Code Bill during the forthcoming monsoon session of

the Parliament, thereby giving a boost to investor sentiments.

Markets Today

The trend deciding level for the day is 19,367 / 5,824 levels. If the indices trade

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

rally up to 19,489 19,567 / 5,861 5,886 levels. However, if the indices trade

below 19,367 / 5,824 levels for the first half-an-hour of trade then it may correct

up to 19,289 19,167 / 5,799 5,762 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,167 19,289 19,367 19,489 19,567NIFTY 5,762 5,799 5,824 5,861 5,886

News Analysis

Bharti Airtel raises stake in Qualcomm's India venture Bharti Airtel, Idea Cellular launch new roaming plans Unilevers open offer for HUL subscribed 66% BGR sets floor price at `118/share

Refer detailed news analysis on the following page

Net Inflows (July 3, 2013)` cr Purch Sales Net MTD YTDFII 2,418 3,004 (586) 619 71,926

MFs 323 443 (120) (426) (12,603)

FII Derivatives (July 4, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,362 1,344 18 10,438

Stock Futures 2,127 1,825 302 26,324

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)UCO Bank 65 9.2 Ashok Leyland 19 (7.7)

TTK Prestige 3,531 7.0 MMTC 84 (5.0)

Motherson Sumi 209 5.3 Gitanjali Gems 193 (5.0)

Reliance Cap 359 5.2 Indian Bank 109 (3.5)

BPCL 374 4.8 Hindustan Copper 68 (3.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.2 233 19,411

Nifty 1.1 66 5,837

MID CAP 0.6 33 5,981

SMALL CAP 0.2 12 5,677

BSE HC 0.5 49 9,071

BSE PSU 0.0 2 5,999

BANKEX 0.3 38 13,007

AUTO 0.7 72 10,816

METAL (0.3) (22) 7,601

OIL & GAS 0.8 73 8,785

BSE IT 2.7 166 6,244

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.4 56 14,989NASDAQ 0.3 10 3,444

FTSE 3.1 192 6,422

Nikkei (0.3) (37) 14,019

Hang Sang 1.6 321 20,469

Straits Times 0.6 18 3,147

Shanghai Com 0.6 12 2,006

Indian ADR Chg (%) (Pts) (Close)INFY 0.1 0.0 $40.5

WIT 0.1 0.0 $7.3IBN (2.8) (1.1) $37.2

HDB (0.5) (0.2) $36.0

Advances / Declines BSE NSEAdvances 1,194 732

Declines 1,088 609

Unchanged 148 88

Volumes (` cr)BSE 1,865

NSE 10,196

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Bharti Airtel raises stake in Qualcomm's India venture

Bharti Airtel announced yesterday that the company has acquired an additional

2% stake in all the four Indian broadband wireless access (BWA) entities of

Qualcomm, thereby making them its subsidiaries. On May 24, 2012, Bharti Airtel

and Qualcomm had announced an agreement under which Bharti had acquired49% interest in Qualcomm AP's India entities with licenses to offer 4G data services

in four circles of Delhi, Mumbai, Haryana and Kerala. Bharti Airtel had won

spectrum for high-speed broadband service in four telecom service areas of

Kolkata, Maharashtra, Punjab and Karnataka in 2010, paying `3,314.36cr for it.

In addition, the stake purchase in Qualcomm's BWA venture would aid the Bharti

Airtel to offer services in eight circles. We maintain our Accumulate rating on thestock with a target price of `321.

Bharti Airtel, Idea Cellular launch new roaming plans

Bharti Airtel and Idea Cellular have announced new roaming plans, waiving off

charges of incoming calls, in line with Trai's recent diktat. Bharti Airtel launched

two plans for its prepaid subscribers. In the first, customers will pay 5 a day for

receiving calls at no charge and will have to pay 1.5 paise per second or 90 paise

per minute for making calls while roaming. The second plan allows prepaid

customers to avail the same benefits for `79 a month. For post paid subscribers, a

top up pack of `75 a month allows free incoming calls on roaming, all other

charges remaining the same as per the consumer's pre-subscribed plan. It offers

two additional plans at `99 and `499 where incoming calls are free while the rest

of the services are charged. Idea Cellular introduced vouchers that allow

consumers to roam anywhere in the country but pay rate as low as what they paywhile making or receiving calls in their home circles. Valid for six months, the new

value vouchers priced between `230-240 offer free incoming calls while those

priced between `35-40 offers same rates for local, STD, ISD calls and SMS, as the

user pays while in the home circle. Idea Cellular also reduced incoming roaming

charges to 75paise a minute for users who avail `35-40 vouchers. Vodafone India

is also expected to announce similar plans soon. Last month, Trai lowered mobile

phone roaming charges by up to 30% and allowed operators to float conditional

free roaming plans. We continue to remain Neutral on overall telecom sector.

Unilevers open offer for HUL subscribed 66%Unilevers open offer for HUL has been subscribed by 66% which would take the

formers stake in HUL to 67.3%. The subscription to the open offer has been on

the expected lines. Unilever will have to pay`19,202cr to investors at `600/share.

As of now there are no details about the investors who have taken part in the open

offer. At the CMP HUL is trading at 35.2x and 32.7x its FY2014E and FY2015E

earnings estimates respectively. We remain neutral on the stock.

BGR sets floor price at `118/share

In order to comply with SEBI's requirement of 25% public holding, BGR Energy hasdecided to opt for OFS route where by 21,75,364 shares will be sold by one of the

promoter. The company has set a floor price at `118/share which is at 7%

discount to yesterday's closing price of `127. At the OFS price, BGR is trading at

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4.9x FY2015E EPS compared to its 5-year average of 13.1. We recommendSUBSCRIBE on the stock with a target price of `140.

Economic and Political News

Aviation min rejects proposal to hike FDI in scheduled airlines to 74% Fiscal deficit to slip up by 50bp on new food scheme: DBS PE investments up by 17.7% during June quarter

Corporate News

Bajaj may launch passenger vehicle RE60 before fiscal-end Essar inks `960cr pact with Harsco to recover iron from slag Godrej Appliances hikes prices across categories by up to 5% Tata Power Solar bags NTPC's solar power project in Madhya Pradesh Unilever open offer for HUL subscribed 66% Videocon slashes 2G data charges by 90% Welspun bags 32MW solar projects in PunjabSource: 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

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 165.00

6:00PM US Unnemployment rate % Jun 7.60 7.50

July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --

7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 2.50

July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --

4:29PM India Exports YoY% % Change Jun (1.10) --

4:29PM China Exports YoY% % Change Jun 1.00 4.00

July 11, 2013 6:00PM US Initial Jobless claims Thousands Jul 6 343.00 335.00

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 9.10

7:30AM China Real GDP (YoY) % Change 2Q 7.70 7.60

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.60 --

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

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --

6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --

July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

11:30PM US FOMC rate decision % Jul 31 0.25 --

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

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

August 30, 2013 11:00AM India Qtrly GDP YoY% % Change 2Q 4.80 --

Source: Bloomberg, Angel Research

July 05, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

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

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-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 143 - 2,777 1,657 1,906 14.1 14.1 7.7 8.9 18.6 16.0 3.9 3.3 22.2 21.9 1.6 1.4

United Phosphorus Buy 135 232 5,953 10,298 11,310 16.5 16.5 20.5 23.2 6.6 5.8 1.1 0.9 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Neutral 276 - 4,709 3,418 3,892 14.5 14.5 18.5 20.4 14.9 13.5 3.6 2.9 26.6 23.8 1.4 1.2

Apollo Tyres Neutral 61 - 3,072 13,852 15,487 11.4 11.5 12.8 14.9 4.8 4.1 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 19 27 4,949 14,038 16,442 7.6 8.7 1.1 2.2 17.8 8.3 1.5 1.4 6.2 12.5 0.4 0.4

Automotive Axle# Neutral 216 - 326 834 965 9.3 10.6 17.3 27.1 12.5 8.0 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,876 2,096 54,294 23,005 26,460 18.0 18.5 118.8 139.7 15.8 13.4 5.7 4.5 40.4 37.7 2.0 1.6

Bharat Forge Neutral 215 - 5,004 6,198 6,793 14.6 14.9 14.5 17.3 14.8 12.4 1.9 1.7 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,660 9,213 27,192 9,821 11,394 17.0 17.3 373.5 438.7 23.2 19.7 4.2 3.5 18.0 17.9 2.5 2.1

CEAT Buy 106 170 362 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 122 141 10,336 7,053 8,061 14.2 14.5 7.8 9.1 15.5 13.3 2.6 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,423 - 2,365 1,525 1,742 14.5 15.7 88.4 109.5 16.1 13.0 2.3 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,655 1,820 33,042 25,298 27,665 14.1 13.7 110.3 140.0 15.0 11.8 5.5 4.3 39.9 40.7 1.1 1.0

JK Tyre Buy 103 154 422 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 982 1,103 60,462 45,254 51,197 11.4 11.7 61.2 70.2 16.0 14.0 3.4 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,559 1,822 47,091 47,923 55,002 11.2 10.9 106.6 121.4 14.6 12.8 2.2 1.9 16.1 15.8 0.8 0.7

Motherson Sumi Accumulate 209 222 12,304 28,442 31,493 7.5 7.8 12.5 14.8 16.7 14.2 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 22 27 130 1,426 1,624 10.0 9.9 4.9 6.8 4.4 3.2 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 292 347 78,735 215,016 237,404 13.3 13.6 36.2 41.5 8.1 7.1 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 33 35 1,558 7,715 8,584 6.0 6.1 5.0 5.8 6.6 5.7 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 601 461 12,745 8,073 9,052 5.5 6.9 11.5 16.9 52.2 35.5 4.8 4.6 9.3 13.1 1.5 1.3BGR Energy Accumulate 127 140 915 3,756 4,569 11.4 9.7 21.7 24.1 5.9 5.3 0.7 0.6 22.3 20.3 0.6 0.5

BHEL Neutral 175 - 42,906 44,054 39,326 16.8 15.1 20.6 16.1 8.5 10.9 1.9 1.7 23.5 16.1 0.9 0.9

Blue Star Buy 159 230 1,426 2,896 3,087 5.6 6.2 9.3 11.7 17.0 13.5 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 89 117 5,680 13,446 15,272 6.7 7.6 6.6 8.9 13.4 10.0 1.5 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 21 - 171 3,360 3,597 9.7 9.8 7.3 10.2 2.8 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 33 49 841 7,709 8,399 6.7 7.2 6.1 8.5 5.4 3.8 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 592 - 7,053 5,780 6,430 9.5 9.6 29.8 33.0 19.9 17.9 3.3 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,237 1,361 23,228 11,820 13,254 19.3 20.9 74.9 93.1 16.5 13.3 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 05, 2013

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Cement

Ambuja Cements Neutral 188 - 29,000 10,171 11,762 23.5 24.6 10.2 12.2 18.4 15.4 3.0 2.8 17.1 18.7 2.3 1.9

India Cements Neutral 56 - 1,725 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.2 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 93 143 1,093 2,247 2,742 21.0 23.1 17.8 21.8 5.2 4.3 0.8 0.7 15.5 16.4 0.4 0.8

Madras Cements Neutral 213 - 5,069 4,234 4,788 23.9 24.0 18.5 22.8 11.5 9.4 1.8 1.6 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,562 - 15,894 6,607 7,520 27.5 26.7 322.8 374.3 14.1 12.2 3.5 2.8 27.8 25.6 1.8 1.3

UltraTech Cement Neutral 1,901 - 52,132 21,947 25,049 23.8 23.8 106.1 119.8 17.9 15.9 3.0 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 63 84 666 1,928 2,234 21.0 21.5 6.0 7.4 10.6 8.6 0.9 0.9 10.5 10.8 1.7 1.7

Consolidated Co Neutral 9 - 174 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.2) (26.0) 0.4 0.4 0.5 0.5

IRB Infra Buy 95 157 3,164 3,997 4,312 45.5 46.4 15.7 16.6 6.1 5.7 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 144 230 2,788 7,444 8,041 27.4 28.9 29.8 32.1 4.8 4.5 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 16 29 491 5,673 5,892 8.1 8.4 1.4 1.8 11.1 8.7 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 52 90 11,628 14,850 15,631 24.9 25.1 2.5 2.9 20.7 18.4 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 1,403 1,761 86,444 68,946 78,040 10.5 10.5 77.9 88.3 18.0 15.9 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 27 42 690 6,167 6,945 8.0 8.2 2.7 3.6 10.1 7.4 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 32 - 1,074 12,954 14,740 9.9 9.9 0.5 0.9 63.7 34.7 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 92 139 1,383 2,462 2,731 10.6 10.6 5.9 6.7 15.6 13.8 1.5 1.4 10.2 10.5 0.9 0.8

Simplex Infra Buy 84 131 416 6,308 7,033 9.5 9.6 11.9 18.7 7.1 4.5 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 26 41 190 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.2 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 88 123 4,405 6,705 7,535 2.5 2.5 27.6 33.2 3.2 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 83 - 4,625 5,195 5,834 2.7 2.7 19.2 23.1 4.3 3.6 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,266 1,778 59,369 19,237 23,261 3.2 3.2 133.8 161.5 9.5 7.8 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 547 761 23,057 16,287 18,707 2.2 2.3 120.6 144.6 4.5 3.8 0.7 0.6 15.0 16.0 - -

Bank of India Buy 225 270 13,378 14,459 16,176 2.3 2.2 55.2 68.2 4.1 3.3 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 50 61 3,321 4,291 4,724 3.0 3.0 12.1 12.9 4.2 3.9 0.6 0.6 16.2 15.3 - -

Canara Bank Buy 347 422 15,350 12,045 13,495 2.1 2.2 76.7 86.4 4.5 4.0 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 61 69 6,372 8,406 9,546 2.5 2.5 12.6 18.7 4.9 3.3 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 351 436 5,360 5,554 6,156 2.0 2.0 94.9 104.9 3.7 3.3 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 69 79 2,401 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.8 0.5 0.4 14.8 14.8 - -

Federal Bank Accumulate 401 455 6,861 2,802 3,274 2.9 2.9 49.8 56.6 8.1 7.1 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 05, 2013

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Financials

HDFC Accumulate 852 904 132,357 8,573 10,142 3.6 3.6 37.0 43.6 23.0 19.5 4.7 4.2 30.0 30.3 - -

HDFC Bank Accumulate 655 752 156,558 27,560 33,766 4.6 4.6 36.3 45.1 18.1 14.6 3.6 3.1 21.9 22.8 - -

ICICI Bank Buy 1,064 1,454 122,791 26,119 30,474 3.1 3.2 86.2 99.5 12.4 10.7 1.7 1.5 15.7 16.2 - -

IDBI Bank Accumulate 71 80 9,509 9,416 10,392 2.0 2.0 19.8 22.8 3.6 3.1 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 109 141 4,684 6,077 6,845 2.9 2.9 35.2 41.0 3.1 2.7 0.4 0.4 14.2 14.8 - -

IOB Accumulate 49 53 4,496 8,027 9,204 2.4 2.6 12.5 19.7 3.9 2.5 0.4 0.3 9.1 13.0 - -

J & K Bank Accumulate 1,224 1,315 5,932 3,101 3,426 3.6 3.6 215.5 210.2 5.7 5.8 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 236 298 11,923 2,113 2,525 2.3 2.3 25.4 29.2 9.3 8.1 1.6 1.4 18.4 18.3 - -

Oriental Bank Buy 201 236 5,854 6,790 7,676 2.6 2.7 55.7 62.3 3.6 3.2 0.5 0.4 12.9 13.1 - -

Punjab Natl.Bank Buy 620 883 21,908 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.5 0.7 0.6 16.2 16.5 - -

South Ind.Bank Accumulate 23 24 3,083 1,795 2,054 2.8 2.8 4.0 4.3 5.8 5.3 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,901 2,518 130,066 66,417 76,734 3.0 3.0 227.4 284.8 8.4 6.7 1.2 1.1 15.4 17.1 - -

Syndicate Bank Buy 110 136 6,621 7,125 8,188 2.6 2.6 27.4 27.9 4.0 4.0 0.6 0.6 16.2 14.6 - -

UCO Bank Neutral 65 - 4,900 6,545 6,859 2.7 2.6 14.8 15.7 4.4 4.1 0.8 0.7 14.4 13.6 - -

Union Bank Buy 173 243 10,351 11,101 12,543 2.6 2.6 39.3 47.4 4.4 3.7 0.6 0.5 14.1 15.2 - -

United Bank Buy 47 57 1,763 3,386 3,884 2.3 2.5 12.4 20.0 3.8 2.4 0.4 0.4 10.1 14.8 - -

Vijaya Bank Accumulate 44 49 2,200 2,714 3,046 1.9 2.0 9.2 10.8 4.8 4.1 0.5 0.5 10.7 11.6 - -

Yes Bank Neutral 470 - 16,885 4,451 5,526 2.8 2.8 43.0 49.7 10.9 9.5 2.4 2.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,564 - 43,782 12,332 14,524 16.5 16.3 141.6 162.7 32.3 28.1 10.2 8.1 35.4 32.2 3.4 2.9

Britannia Neutral 687 - 8,220 6,417 7,502 6.1 6.3 21.3 25.5 32.3 27.0 10.5 8.4 35.7 34.6 1.3 1.1

Colgate Neutral 1,355 - 18,426 3,588 4,130 20.5 20.9 44.2 51.8 30.7 26.2 29.9 21.8 108.6 96.2 5.0 4.3

Dabur India Neutral 159 - 27,660 7,183 8,340 16.8 16.8 5.4 6.3 29.6 25.2 11.5 9.0 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,551 - 23,347 3,617 4,259 16.1 16.4 122.2 148.7 45.4 37.4 14.1 11.4 34.1 33.7 6.0 5.0

Godrej Consumer Neutral 810 - 27,565 7,801 9,017 16.2 15.9 25.1 29.7 32.2 27.3 6.9 5.8 24.9 24.2 3.7 3.1

HUL Neutral 601 - 129,911 29,167 33,164 13.6 13.7 17.1 18.4 35.2 32.7 33.8 24.5 113.4 87.0 4.3 3.8

ITC Neutral 339 - 267,477 34,294 39,991 36.8 37.0 11.3 13.3 30.0 25.4 9.9 8.0 36.1 34.9 7.5 6.3

Marico Neutral 209 - 13,464 5,273 6,044 14.8 14.9 7.3 8.7 28.8 24.1 5.6 4.6 21.4 21.0 2.6 2.2

Nestle* Neutral 5,122 - 49,386 9,447 10,968 22.1 22.3 127.5 154.1 40.2 33.2 20.1 14.5 57.7 50.7 5.3 4.5

Tata Global Neutral 144 - 8,874 8,069 8,957 9.8 9.7 7.8 8.6 18.3 16.7 2.2 2.1 9.5 9.7 1.1 0.9


Market Outlook

Stock Watch

July 05, 2013

7/28/2019 Market Outlook, 05-07-2013

9/13



IT

HCL Tech^ Accumulate 799 870 55,669 29,424 32,837 22.6 22.0 59.5 63.3 13.4 12.6 3.3 2.7 24.6 21.7 1.7 1.5

Hexaware* Buy 91 105 2,718 2,158 2,374 19.6 19.8 10.7 11.7 8.5 7.8 1.9 1.7 23.0 22.3 1.1 1.0

Infosys Neutral 2,461 - 141,291 45,153 48,993 27.6 26.8 170.7 187.5 14.4 13.1 3.0 2.6 20.8 19.5 2.5 2.2

Infotech Enterprises Accumulate 177 190 1,978 2,037 2,254 17.9 17.7 21.2 22.6 8.4 7.8 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 120 144 2,317 2,614 2,923 17.2 16.8 13.2 14.4 9.1 8.3 1.6 1.4 18.5 16.7 0.8 0.7

Mahindra Satyam Buy 115 135 13,576 8,590 9,324 20.9 20.6 10.9 11.7 10.6 9.9 2.5 2.0 23.7 20.3 1.2 1.0

Mindtree Accumulate 826 925 3,433 2,707 2,978 20.3 20.2 87.4 97.0 9.5 8.5 2.0 1.6 21.8 19.5 1.0 0.8Mphasis& Accumulate 372 391 7,809 6,372 6,852 18.0 18.2 38.0 43.5 9.8 8.5 1.4 1.2 14.3 14.2 0.7 0.6

NIIT Buy 18 30 305 1,144 1,267 9.0 9.1 4.3 5.4 4.3 3.4 0.4 0.4 10.3 12.0 0.1 -

Persistent Buy 491 565 1,963 1,505 1,677 25.9 26.2 53.6 59.7 9.2 8.2 1.6 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,534 1,640 300,267 74,795 84,926 28.8 28.7 82.2 91.5 18.7 16.8 5.8 4.7 30.8 28.1 3.8 3.3

Tech Mahindra Buy 1,030 1,250 13,269 8,102 8,709 19.7 19.2 93.7 101.5 11.0 10.2 2.0 1.7 21.2 18.9 1.6 1.4

Wipro Accumulate 351 389 86,419 41,659 45,137 21.2 21.4 27.7 29.9 12.7 11.7 2.6 2.2 20.5 19.0 1.6 1.3

Media

D B Corp Buy 237 290 4,352 1,750 1,925 25.1 26.6 14.2 16.8 16.7 14.1 3.6 3.1 23.4 23.4 2.4 2.1

HT Media Buy 95 117 2,223 2,205 2,380 15.1 15.6 8.3 9.1 11.4 10.4 1.3 1.1 11.5 11.4 0.7 0.5

Jagran Prakashan Buy 81 107 2,688 1,664 1,825 20.9 23.0 6.4 7.8 12.6 10.4 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 330 - 1,306 1,359 1,540 17.3 17.4 17.2 21.6 19.1 15.3 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 386 - 15,204 2,287 2,551 69.7 70.5 20.0 23.3 19.3 16.6 4.8 4.2 26.4 27.3 6.3 5.5

Metals & Mining

Bhushan Steel Neutral 461 - 10,449 13,794 17,088 30.9 33.5 49.3 66.6 9.4 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 299 345 188,922 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 13 18 423 1,976 2,017 11.8 12.7 1.3 2.6 10.3 5.0 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 115 193 3,657 1,920 2,239 53.2 52.9 21.6 25.0 5.3 4.6 1.2 1.0 25.1 23.8 1.4 1.0

Hind. Zinc Buy 102 145 42,908 12,358 13,659 51.4 51.6 16.0 17.6 6.3 5.8 1.1 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 100 - 19,136 89,352 93,672 8.8 9.2 13.4 15.0 7.5 6.7 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 612 - 14,793 47,613 48,385 17.4 18.8 81.8 109.6 7.5 5.6 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 194 248 3,259 1,010 1,046 46.5 47.6 26.8 28.8 7.2 6.7 1.1 0.9 15.4 14.7 0.8 0.6

Monnet Ispat Buy 125 193 794 2,326 2,709 21.4 23.1 33.3 43.1 3.7 2.9 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 29 - 7,590 7,656 7,988 13.1 13.5 2.6 2.6 11.5 11.2 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 101 156 40,083 10,461 11,892 71.6 72.6 16.3 17.6 6.2 5.8 1.3 1.2 22.1 21.4 2.0 1.8


Market Outlook

Stock Watch

July 05, 2013

7/28/2019 Market Outlook, 05-07-2013

10/13



Metals & Mining

SAIL Neutral 48 - 19,969 44,060 54,786 9.4 11.5 5.2 7.2 9.3 6.8 0.5 0.5 5.2 6.8 0.7 0.6

Sesa Goa Buy 142 166 12,354 3,742 4,426 32.9 32.8 30.0 29.8 4.7 4.8 0.6 0.6 14.3 12.5 4.1 3.4

Sterlite Inds Buy 83 100 28,011 44,462 45,568 23.2 24.7 18.1 20.2 4.6 4.1 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 265 378 25,708 140,917 151,537 9.7 10.8 30.9 47.6 8.6 5.6 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 94 153 336 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.6 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 402 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 75 102 244 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 293 345 55,943 16,482 16,228 69.4 53.3 53.3 49.6 5.5 5.9 0.9 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 333 - 42,177 52,102 52,876 15.7 16.1 34.1 35.7 9.8 9.3 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 309 387 263,937 170,063 198,461 36.3 38.3 34.7 41.9 8.9 7.4 1.5 1.3 18.3 19.5 1.3 0.9

Reliance Industries Neutral 862 - 278,264 397,546 421,695 9.4 8.6 75.0 76.4 11.5 11.3 1.2 1.1 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 207 - 2,660 3,707 3,850 11.7 12.4 23.7 25.7 8.8 8.1 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 283 - 3,962 3,700 4,218 23.4 22.8 26.7 30.4 10.6 9.3 2.2 1.9 22.7 21.8 1.1 0.9

Petronet LNG Buy 124 167 9,334 40,356 40,872 5.8 6.4 15.0 16.7 8.3 7.4 1.7 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 56 - 3,174 1,171 1,287 91.9 91.9 10.1 11.3 5.6 5.0 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 141 - 2,651 1,736 2,008 17.1 18.9 10.7 13.9 13.1 10.1 4.1 3.1 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 185 271 5,398 6,641 7,637 15.9 15.9 17.3 20.6 10.7 9.0 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,488 - 5,730 1,682 1,917 16.6 16.6 92.4 99.1 26.9 25.1 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 781 929 15,994 7,280 8,640 15.5 15.7 38.3 46.5 20.4 16.8 4.4 3.6 23.5 23.5 2.5 2.1

Cipla Buy 395 477 31,683 9,274 10,796 23.1 23.1 21.0 23.8 18.8 16.6 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Accumulate 2,226 2,535 37,836 13,377 15,350 20.4 20.1 112.3 126.8 19.8 17.6 4.2 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 55 168 443 1,394 1,534 22.5 22.4 15.0 16.8 3.7 3.3 0.4 0.4 11.0 11.2 0.9 0.8

GSK Pharma* Neutral 2,613 - 22,135 2,854 3,145 28.6 28.6 76.6 83.3 34.1 31.4 10.2 9.3 31.1 31.0 6.9 6.2

Indoco Remedies Buy 62 78 575 760 922 15.3 15.3 6.1 7.8 10.2 8.0 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 683 - 8,622 3,243 3,826 20.5 21.5 36.0 44.4 19.0 15.4 4.4 3.5 26.0 25.4 2.8 2.4

Lupin Neutral 851 - 38,089 11,641 13,933 21.3 21.3 34.8 41.8 24.5 20.4 5.7 4.5 26.2 24.8 3.3 2.7

Ranbaxy* Accumulate 336 384 14,206 11,400 12,060 10.5 12.5 17.5 22.5 19.2 14.9 3.1 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,031 - 106,557 13,509 15,846 41.0 41.0 33.0 39.8 31.2 25.9 6.3 5.2 22.0 22.0 7.3 6.1

Power

GIPCL Buy 67 78 1,016 1,444 1,482 33.4 33.0 13.7 14.8 4.9 4.5 0.6 0.5 12.3 12.0 0.8 0.5


Market Outlook

Stock Watch

July 05, 2013

7/28/2019 Market Outlook, 05-07-2013

11/13



Power

NTPC Accumulate 144 163 118,693 76,734 86,680 24.5 24.3 13.4 14.5 10.7 9.9 1.3 1.2 12.8 12.7 2.2 2.1

Real Estate

DLF Buy 179 236 31,795 8,293 9,622 36.5 36.1 5.7 6.7 31.3 26.5 1.1 1.1 3.7 4.1 5.9 5.0

MLIFE Accumulate 422 476 1,723 888 1,002 30.6 30.6 38.8 43.4 10.9 9.7 1.2 1.1 11.2 11.4 2.5 2.2

Telecom

Bharti Airtel Accumulate 301 321 120,422 85,489 94,229 31.9 31.9 10.2 14.6 29.5 20.6 2.1 1.9 7.2 9.4 2.1 1.8

Idea Cellular Neutral 142 - 47,031 25,640 28,459 26.9 27.2 4.0 4.9 35.4 28.7 3.0 2.7 8.4 9.4 2.2 2.0Rcom Neutral 134 - 27,679 22,751 24,628 30.9 31.3 3.4 5.3 39.1 25.5 0.8 0.8 2.1 3.1 2.8 2.5

Others

Abbott India* Buy 1,433 1,659 3,046 1,863 2,081 11.8 12.4 71.2 83.0 20.1 17.3 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 177 237 1,767 3,885 4,472 5.4 7.2 11.0 19.7 16.2 9.0 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Accumulate 499 562 631 630 795 14.4 13.6 42.8 51.1 11.7 9.8 2.8 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 305 459 79 248 284 6.5 7.3 27.2 38.2 11.2 8.0 1.8 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 53 68 813 2,563 2,899 9.8 9.8 10.1 11.3 5.3 4.7 0.8 0.7 14.3 13.8 0.2 0.2

Force Motors Buy 273 437 356 2,304 2,649 3.1 3.6 28.0 43.7 9.8 6.3 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 300 345 693 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 120 177 327 1,053 1,169 6.3 7.1 13.8 17.7 8.7 6.8 1.2 1.1 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,390 - 2,113 1,842 2,131 7.7 7.8 112.4 132.4 21.3 18.1 2.7 2.4 13.3 13.8 1.0 0.9

IFB Agro Buy 144 198 130 495 651 12.7 12.9 29.3 39.5 4.9 3.7 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 149 234 172 1,430 1,573 11.1 11.0 19.1 26.9 7.8 5.6 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 182 199 3,018 1,220 1,476 13.3 13.6 5.5 9.0 33.0 20.1 3.8 3.4 12.1 17.7 2.8 2.2

MRF Buy 12,416 14,416 5,266 11,799 12,587 14.1 13.5 1,792.4 1,802.0 6.9 6.9 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Accumulate 4,332 4,611 4,831 1,057 1,282 19.4 19.6 124.8 153.7 34.7 28.2 17.2 12.7 56.3 51.8 4.7 3.8Relaxo Footwears Neutral 790 - 948 1,146 1,333 10.9 11.4 45.9 60.9 17.2 13.0 3.6 2.9 23.0 24.6 1.0 0.8

Siyaram Silk Mills Buy 230 343 215 1,158 1,322 11.9 11.9 72.9 85.7 3.2 2.7 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 395 617 695 1,068 1,223 9.6 9.6 38.1 44.1 10.4 9.0 1.4 1.2 14.5 14.7 0.6 0.5

TAJ GVK Buy 60 108 373 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 271 371 418 814 849 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 513 686 399 435 516 6.2 7.1 24.3 33.3 21.1 15.4 3.5 3.0 17.6 20.8 0.8 0.6

Tree House Accumulate 259 297 930 153 194 53.0 52.8 12.4 15.6 20.9 16.5 2.5 2.2 11.8 13.1 6.3 4.8

TVS Srichakra Buy 174 230 133 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.6 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,556 - 37,149 12,294 14,162 12.0 12.0 42.1 67.7 60.7 37.8 4.3 3.9 9.1 10.7 3.4 2.9


Market Outlook

Stock Watch

July 05, 2013

7/28/2019 Market Outlook, 05-07-2013

12/13



Others

Vesuvius India* Buy 365 439 741 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 04, 2013


Market Outlook

Stock Watch

July 05, 2013

7/28/2019 Market Outlook, 05-07-2013

13/13


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