market outlook, 05-08-2013

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Market OutlookAugust 5, 2013

Dealers DiaryIndian markets are expected to open in green tracking positive opening in most of

the Asian markets after data released by HSBC showed that Chinas Services

Business Activity Index for July came in at 51.3, staying above the 50-point

threshold that indicates an improvement in activity.

The US markets, after moving modestly lower in early trading, stocks showed a

notable rebound over the course of the trading day on Friday. The major averages

climbed well off their early lows, eventually ending the day in positive territory. The

Labor Department reported that the economy created 162,000 jobs in July

following a downwardly revised increase of 188,000 jobs in June. Despite the

weaker than expected job growth, the unemployment rate dipped to 7.4% in July,

hitting its lowest level since December of 2008. The jobs report largely

overshadowed separate Commerce Department reports showing a bigger than

expected increase in personal spending by 0.5% in June, following a 0.2% rise in

May and a smaller than expected increase in factory orders by 1.5% in June (3.0%

in May).

Meanwhile, Indian markets extended recent losses on Friday, as lingering worries

about current account deficit and the sliding rupee overshadowed positive global

cues. The rupee slipped past the crucial 61 mark to the dollar in early trading,

dampening investor sentiment.

Markets TodayThe trend deciding level for the day is 19,231/ 5,696 levels. If NIFTY trades above

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

up to 19,384 19,604 / 5,744 5,809 levels. However, if NIFTY trades below

19,231 / 5,696 levels for the first half-an-hour of trade then it may correct up to

19,011 18,859 / 5631 5,583 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,859 19,011 19,231 19,384 19,604

NIFTY 5,583 5,631 5,696 5,744 5,809

News Analysis SAIL reported production numbers for July 2013 Result Review: Coal India, BHEL, Godrej Consumer, Sun TV, Canara Bank,

Oriental Bank of Commerce, Bank of Maharashtra, Punj Lloyd, KECInternational

Result Preview: GIPCLRefer detailed news analysis on the following page

Net Inflows (August 1, 2013)` cr Purch Sales Net MTD YTDFII 3,704 3,423 281 281 65,679

MFs 668 577 91 91 (14,255)

FII Derivatives (August 2, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,383 1,948 (565) 10,318

Stock Futures 2,238 2,032 206 25,700

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)JPPower 10 16.0 Financial Tech 151 (21.1)

IRB Infra 62 13.8 MCX 410 (20.0)

Strides Arcolab 695 11.6 Power Grid Corp 91 (11.6)

Titan Inds 282 8.6 Adani Ports 126 (10.8)

Bajaj Holdings 848 5.1 Adani Enterprises 158 (10.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.8) (153) 19,164

Nifty (0.9) (50) 5,678

MID CAP (0.4) (22) 5,429

SMALL CAP (1.3) (69) 5,178

BSE HC (0.6) (57) 9,000

BSE PSU (2.6) (140) 5,159

BANKEX (1.4) (157) 11,421

AUTO (0.6) (66) 10,343

METAL (3.6) (247) 6,510

OIL & GAS 0.1 6 8,362

BSE IT 1.0 72 7,515

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.2 30 15,658NASDAQ 0.4 14 3,690

FTSE (0.5) (34) 6,648

Nikkei 3.3 460 14,466

Hang Sang 0.5 102 22,191

Straits Times 0.3 11 3,254

Shanghai Com 0.0 0 2,029

Indian ADR Chg (%) (Pts) (Close)INFY (0.2) (0.1) $49.7

WIT 0.1 0.0 $8.8IBN (3.2) (1.1) $32.0

HDB (1.0) (0.3) $33.4

Advances / Declines BSE NSEAdvances 742 374

Declines 1,534 929

Unchanged 132 89

Volumes (` cr)BSE 1,856

NSE 11,535

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SAIL reported production numbers for July 2013

Steel Authority of India (SAIL) reported production numbers for the month of July

2013. The Saleable steel production grew by 3.0% yoy to 1.1mn tonnes in July

2013. The companys total production for April-July therefore stood at 4.3mn

tonnes. We maintain our Neutral view on the stock.Result Review

Coal India (CMP-`254/ TP:`345/ Upside: 36%)

Coal India (CIL) results came in below our estimate on account of lower than

expected sales volumes. Net sales was flat yoy at`16,472cr (below our estimate of

`17,719cr). Sales volumes stood at 115mn tonnes compared to 113mn tonnes in

1QFY2013. EBITDA decreased by 16.2% yoy to `4,303cr due to higher employee

costs which grew by 6.6% yoy to`6,813cr. Hence the adjusted net profit declined

by 16.5% yoy to `3,736cr (below our estimate of `4,524cr). We maintain Buyrating on the stock with a target price of `345.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 74,110 31.1 17,550 27.8 36.1 9.1 2.5 3.7 1.1

FY2015E 76,377 30.2 17,434 27.6 32.6 9.2 2.1 3.3 1.0

BHEL (CMP:`149/ TP: -/Upside: %)

For 1QFY2014, BHEL reported a disappointing performance, with top-line and

bottom-line coming in below our estimates as well as street expectations. Top-line

declined sharply by 23.5% yoy to `6,458cr (our estimate of `8,186cr and street

estimate of `8,005cr) due to slow moving orders. Power segment declined by

20.6% yoy to`5,379cr while industry segment declined by 34.4% yoy to`1,293cr.

On the operating front, EBITDA declined by 67.7% yoy to`389cr (our estimate of

`1,187cr and street estimate of `1,074cr) which led to 823bp yoy contraction in

OPM to 6.0%. Consequently, PAT declined by 49.5% yoy to`465cr (our estimate

of `804cr and street estimate of `790cr). We maintain our Neutralrecommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 44,054 16.8 5,043 20.6 23.5 7.2 1.6 4.2 0.7

FY2015E 39,326 15.1 3,936 16.1 16.1 9.3 1.4 4.9 0.7

Godrej Consumer (CMP:`857/ TP:-/ Upside:-)

For 1QFY2014 Godrej Consumers results were below estimates on the top-line,

margins and bottom-line front. The company posted a 24% yoy increase in its

consolidated top-line, which was marginally below estimates. While the companys

India business grew by 19%, international business posted a growth of 30%. OPM

stood at 12.8% down 149bp on yoy basis largely due to higher advertisement

expenses. Advertising expenses as a % of sales rose by 288bp on a yoy basis.

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OPM was also impacted due to 58% hike in workers wages in Indonesia. Thus,

bottom-line rose marginally by 1.7% yoy to`133cr and was well below estimates.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,801 16.2 855 25.1 24.8 34.1 7.3 24.0 3.9FY2015E 9,017 15.9 1,010 29.7 24.2 28.9 6.1 20.8 3.3

SUN TV (CMP:`425/ TP: -/ Upside: -)

For 1QFY2014, Sun TV reported impressive top-line performance, reporting

41.4% yoy growth to`602cr aided by IPLs revenue contribution of `99cr to top-

line. Excluding IPLs contribution, top-line grew by 18.2% to `503cr, beating our

estimate of`477cr, driven by 14.9% yoy growth in advertising revenues to`279cr.

On the operating front, EBITDA margin came in almost flat yoy at 76%. However,

after including IPLs loss, EBITDA margin eroded by 171bp yoy to 59% and netprofit came in flat yoy at`164cr. At the current market price, Sun TV is trading at

22.3x FY2014E consolidated EPS of `19.1. We maintain a neutral view on thestock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,287 69.7 788 20.0 26.4 21.2 5.4 10.2 7.1

FY2015E 2,551 70.4 918 23.3 27.3 18.2 4.7 9.0 6.3

Canara Bank (CMP:`

242/ TP: -/ Upside: -)Canara Bank reported moderate operating performance for the quarter; however,

asset quality performance was weak. NII for the bank grew at moderate 8.0% yoy

to `1,991cr. Non-interest income grew strongly by 78.8% yoy to `1,238cr,

probably boosted by treasury gains. Overall, pre-provisioning profit for the bank

grew strongly by 36.2% yoy to `1,898cr. The bank witnessed significant asset

quality deterioration during the quarter, as Gross and Net NPA levels increased

sequentially by around 17% each. Consequently, the provisioning expenses for the

bank more than doubled on a yoy basis to `916cr and hence, the bottom-line

grew by marginal 2% yoy to`792cr. At CMP, the stock trades at valuations of 0.4x

FY2015E ABV. Given the recent macro developments amidst an overall weakmacro-economic environment, we believe that the asset quality pressures for the

banking are unlikely to abate as quickly as was expected earlier. Overall, we have

a cautious view on the sector. Hence, we maintain our Neutral recommendationon the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 12,045 2.1 3,400 76.7 534.8 0.8 14.1 3.4 0.5

FY2015E 13,495 2.2 3,826 86.4 603.8 0.8 14.2 3.0 0.4

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Oriental Bank of Commerce (CMP:`137/ TP:-/ Upside: -)

Oriental Bank of Commerce reported healthy operating performance for the

quarter. NII for the bank grew by 16.1% yoy to `1,307cr. Non-interest income

grew strongly by 31.7% yoy to`538cr, probably aided by treasury gains. Overall,

pre-provisioning profit for the bank grew by 21.4% yoy to`

1,088cr. On the assetquality front, the bank witnessed moderate asset quality pressures during the

quarter, as Gross and Net NPA levels increased sequentially by around 2.8% and

1.2% respectively. The provisioning expenses for the bank grew by 60.4% to

`533cr, resulting in bottom-line de-growth of 9.7% yoy to `353cr. We believe that

asset quality pressures for the sector are unlikely to abate as quickly as was

anticipated earlier, taking into account recent macro developments amidst a weak

economic environment. Hence, we maintain our Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 6,790 2.6 1,625 55.7 429.8 0.8 12.8 2.6 0.3FY2015E 7,676 2.7 1,817 62.3 478.0 0.8 12.9 2.3 0.3

Bank of Maharashtra (CMP:`40/ TP: -/ Upside: -)

Bank of Maharashtra reported strong operating performance for 1QFY2014,

however, asset quality exhibited weakness. As expected, NII for the bank grew

strongly by 39.5% yoy to`908cr (largely aided by robust advance growth). Non-

interest income grew at a healthy pace of 25.9% yoy to `225cr. Operating

expenses grew at moderate 11.4% yoy to`434cr, thereby aiding strong 58.8% yoy

growth in operating profit to `699cr. The bank witnessed significant asset quality

deterioration during the quarter, as Gross NPA levels increased sequentially by

31.8%. PCR for the bank declined by 718bp qoq to 76.5%, and hence Net NPA

levels witnessed much higher increase of 66.9% qoq. The provisioning expenses

for the bank declined by 14.6% yoy to`270cr and hence, earnings grew at 89.6%

yoy to`266cr. Total CAR for the bank stood at as per Basel III stood at 10.76%,

however core equity tier-I remains low, raising concerns about book value dilution

in near future. Moreover, we remain wary of the asset quality pressures for the

bank, as we take into account its recent aggressive loan growth, overall weak

macro environment and recent macro developments. Hence, we recommendNeutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 4,291 3.0 856 12.1 80.0 0.7 16.2 3.5 0.5

FY2015E 4,724 3.0 908 12.9 89.9 0.6 15.3 3.2 0.5

Punj Lloyd (CMP:`23/ TP: -/ Upside: -)

For 1QFY2014, Punj Lloyd (Punj) posted good set of numbers which were above

consensus estimates, both on the revenue and profitability fronts. This was mainly

due to better-than-excepted revenue performance and one-time exceptional

adjustment at the minority level. The company reported a decent top-line growth of

8.3% yoy to `3,006cr (consensus estimate was `2,762cr) in 1QFY2014. EBITDA

margins came in at 8.9% for the quarter, registering a growth of 93bp qoq.

Interest cost for the quarter came in at `196cr, a jump of 4.0% yoy while

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depreciation increased by 10.2% sequentially to `87cr. On the bottom-line front,

PAT came in at `40cr in 1QFY2014 vs. a loss of `13cr in 1QFY2013. This was

mainly due to better-than-expected execution and one-time exceptional adjustment

at the minority level. However, we continue to maintain our Neutral view on thestock on account of various overhangs uncertainty over receivable claims,stretched working capital and increasing leverage on the balance sheet.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 12,840 8.2 30 0.9 1.1 25.1 0.3 6.9 0.6

FY2015E 14,519 8.2 38 1.1 1.3 19.9 0.3 6.7 0.5

KEC International (CMP:`28/ TP: Under review)

For 1QFY2014, KEC International (KEC) reported mixed set of results. The

company reported strong top-line performance, recording 28.0% yoy growth to`1,746cr on back of strong execution of its robust order book. However, on the

EBITDA front, the company's margin contracted by 252bp yoy to `5.0% (our

estimate of 5.3%) on account of execution of few low margin orders in relatively

new segments. Further, KEC also incurred one off VRS expense of `18cr.

Consequently, KEC reported a loss of `9cr compared to net profit of `33cr

1QFY2013. We recommend Buy on the stock with the target price under review Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,709 6.7 156 6.1 20.2 4.6 0.6 4.1 0.3

FY2015E 8,399 7.2 219 8.5 23.0 3.3 0.5 3.4 0.2

Result Preview

GIPCL (CMP:`59/TP:`77 /Upside:30.5%)

GIPCL is slated to announce its 1QFY2014 results. The company is expected to

post 1.8% yoy growth in its top-line to `355cr. On the operating front, OPM is

likely to contract by 20bp yoy to 38.0% while net profit is expected to decline 2.8%

yoy to `54cr. GIPCL is currently trading at valuations of 0.5x 2015E BV. Wemaintain Buy rating on the stock with a target price of `77.Y/E Sales OPM PAT EPS ROE P/E P/BVEV/EBITDAEV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,444 33.4 208 13.7 12.3 4.3 0.5 2.3 0.8

FY2015E 1,482 33.0 224 14.8 12.0 4.0 0.5 1.5 0.5

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Quarterly Bloomberg Consensus Estimate

Tata Chemical Consolidated (05/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,164 3,021 4.7 3,362 (5.9)

EBITDA 516 495 4.2 471 9.6EBITDA margin (%) 16.3 16.4 14.0

Net profit 174 108 61.1(188)

(192.6)

Crompton Greaves Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,074 2,811 9.4 3,387 (9.2)

EBITDA 148 167 (11.4) 83 78.3

EBITDA margin (%) 4.8 5.9 2.5

Net profit 69 86 (19.4) 25 177.2

Tata Power Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 8,908 7,198 23.8 8,997 (1.0)

EBITDA 1,717 1,413 21.5 1,855 (7.4)

EBITDA margin (%) 19.3 19.6 20.6

Net profit 208 146 42.5 181 14.9

Unitech Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 650 408 59.3 848 (23.3)

EBITDA 86 55 56.4 89 (3.4)

EBITDA margin (%) 13.2 13.5 10.5

Net profit 78 46 69.6 134 (41.8)

Lupin Consolidated (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,685 2,219 21.0 2,537 5.8

EBITDA 630 458 37.6 659 (4.4)

EBITDA margin (%) 23.5 20.6 26.0

Net profit 380 280 35.7 408 (6.9)

NMDC (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,687 2,838 (5.3) 3,202 (16.1)

EBITDA 1,764 2,302 (23.4) 2,297 (23.2)

EBITDA margin (%) 65.6 81.1 71.7

Net profit 1,518 1,906 (20.4) 1,465 3.6

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Ranbaxy Consolidated (07/08/2013)Particulars (` cr) 2QCY13E 2QCY12 y-o-y (%) 1QCY13 q-o-q (%)Net sales 2,693 3,174 (15.2) 2,440 10.4

EBITDA 247 511 (51.7) 299 (17.4)

EBITDA margin (%) 9.2 16.1 12.3

Net profit 83(586)

(114.2) 126 (34.1)

Tata Motors Consolidated (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 46,310 43,171 7.3 57,083 (18.9)

EBITDA 6,141 5,575 10.2 7,802 (21.3)

EBITDA margin (%) 13.3 12.9 13.7

Net profit 2,231 2,245 (0.6) 3,946 (43.5)

Economic and Political News

Cabinet okays 10% IOC disinvestment; to fetch`3,695cr Fund raising via QIP declines 62% to`1066cr in June: Sebi Government to continue RGGVY programme for rural electrificationCorporate News

Exim Bank looks at 20% growth this fiscal Essar Steel raises prices, JSW to follow HCL in US$1.5mn sponsorship deal with Turkish sports club SBI expects 20% credit growth in current fiscal

PowerGrid ups 12th Plan capex by 10-15%; to sell 15% via OFS Tata Motors launches Safari Storme in Nepal TVS Motor announces new assembly line in Uganda NTPC 's pvt land cost for Gajamara project assessed at`153cr

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

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Date Company

August 05, 2013 Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet

August 06, 2013 Tata Power Co., Bosch India, Crompton Greaves, Unitech

August 07, 2013NMDC, Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.,Alembic Pharma

August 08, 2013 Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, BGR Energy , Prakash Industries, ITDCementation

August 09, 2013 Sun Pharma, Cipla, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear

August 10, 2013 Sarda Energy

August 11, 2013

August 12, 2013ONGC, St Bk of India, DLF, HPCL, Marico, Tech Mahindra, Indraprasth Gas, Britannia, United Bank, India Cements,Jyothy Laboratories

August 13, 2013 IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL, Cravatex

August 14, 2013 SAIL, Nalco, LIC Housing Fin., Essar Oil, Amara Raja Batteries, Simplex Infra

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 5, 2013 1:25PM Germany PMI Services Value Jul F 52.50 52.50

August 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jun (2.30) 0.80

August 8, 2013 6:00PM US Initial Jobless claims Thousands Aug 3 326.00 336.00

4:29PM China Exports YoY% % Change Jul (3.10) 1.50

August 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jul 2.70 2.80

11:00AM China Industrial Production (YoY) % Change Jul 8.90 9.00

August 12, 2013 4:29PM India Imports YoY% % Change Jul (0.37) --4:29PM India Exports YoY% % Change Jul (4.60) --

5:30PM India Industrial Production YoY % Change Jun (1.60) --

August 13, 2013 2:00PM UK CPI (YoY) % Change Jul 2.90 --

August 14, 2013 2:00PM UK Jobless claims change % Change Jul (21.20) --

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

12:00PM India Monthly Wholesale Prices YoY% % Change Jul 4.86 --

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

6:00PM US Producer Price Index (mom) % Change Jul 0.80 0.40

August 15, 2013 6:00PM US Consumer price index (mom) % Change Jul 0.50 0.20

6:45PM US Industrial Production % Jul 0.31 0.20August 16, 2013 6:00PM US Housing Starts Thousands Jul 836.00 900.00

6:00PM US Building permits Thousands Jul 918.00 945.00

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

August 21, 2013 7:30PM US Existing home sales Million Jul 5.08 --

August 22, 2013 1:00PM Germany PMI Manufacturing Value Aug A 50.70 --

August 23, 2013 7:30PM Euro ZoneEuro-Zone Consumer Confidence Value Aug A (17.40) --

7:30PM US New home sales Thousands Jul 497.00 --

2:00PM UK GDP (YoY) % Change 2Q P 1.40 --

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --


August 05, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


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

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Repo rate Reverse Repo rate CRR (%)

8/22/2019 Market Outlook, 05-08-2013

10/17

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 136 - 2,643 1,674 1,923 13.7 13.7 6.8 7.6 20.0 17.9 3.8 3.3 20.0 19.6 1.7 1.5

United Phosphorus Buy 125 225 5,517 10,091 11,302 16.5 16.5 19.2 22.5 6.5 5.5 1.0 0.9 17.0 17.2 0.7 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 241 285 4,123 3,418 3,892 14.5 14.5 18.5 20.4 13.1 11.9 3.1 2.6 26.6 23.8 1.2 1.0

Apollo Tyres Neutral 66 - 3,316 13,852 15,487 11.4 11.5 12.8 14.9 5.1 4.4 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 13 22 3,398 13,450 15,853 6.5 8.5 0.4 1.9 33.4 6.9 1.1 1.0 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 200 - 303 834 965 9.3 10.6 17.3 27.1 11.6 7.4 1.1 1.0 9.5 14.0 0.4 0.4Bajaj Auto Accumulate 1,908 2,102 55,223 21,696 25,239 19.2 19.3 119.3 140.2 16.0 13.6 5.6 4.5 38.9 36.6 2.1 1.8

Bharat Forge Neutral 199 - 4,633 6,198 6,793 14.6 14.9 14.5 17.3 13.7 11.5 1.8 1.6 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,725 9,213 27,396 9,821 11,394 17.0 17.3 373.5 438.7 23.4 19.9 4.2 3.6 18.0 17.9 2.5 2.1

CEAT Buy 111 170 379 5,159 5,628 9.3 9.0 43.5 48.6 2.5 2.3 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 122 148 10,379 6,899 7,873 14.7 14.7 7.9 9.0 15.4 13.5 2.6 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,243 - 2,066 1,336 1,572 13.8 16.0 75.6 102.4 16.4 12.2 2.1 1.8 13.4 15.8 1.3 1.1

Hero Motocorp Accumulate 1,797 2,048 35,879 25,562 28,297 14.5 14.4 111.2 146.3 16.2 12.3 5.9 4.6 40.1 42.1 1.2 1.0

JK Tyre Buy 88 154 361 7,972 8,754 7.1 7.1 37.5 44.0 2.4 2.0 0.4 0.3 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 855 1,103 52,665 45,254 51,197 11.4 11.7 61.2 70.2 14.0 12.2 2.9 2.5 22.7 21.9 0.9 0.8

Maruti Buy 1,337 1,648 40,397 45,862 52,647 11.2 11.1 94.6 109.9 14.1 12.2 1.9 1.7 14.4 14.6 0.7 0.6

Motherson Sumi Buy 209 242 12,281 28,442 31,914 8.4 8.7 13.0 16.1 16.1 13.0 4.2 3.3 29.4 28.6 0.6 0.5

Subros Buy 19 23 116 1,230 1,398 10.5 10.5 2.3 3.8 8.3 5.1 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 290 347 78,250 215,016 237,404 13.3 13.6 36.2 41.5 8.0 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 31 35 1,482 7,715 8,584 6.0 6.1 5.0 5.8 6.3 5.4 1.1 0.9 18.1 18.5 0.1 0.1

Capital Goods

ABB* Neutral 483 - 10,231 8,073 9,052 5.5 6.9 11.5 16.9 41.9 28.5 3.8 3.7 9.3 13.1 1.2 1.1BGR Energy Neutral 80 - 577 3,756 4,569 11.4 9.7 21.7 24.1 3.7 3.3 0.4 0.4 22.3 20.3 0.5 0.4

BHEL Neutral 149 - 36,567 44,054 39,326 16.8 15.1 20.6 16.1 7.3 9.3 1.6 1.4 23.5 16.1 0.7 0.8

Blue Star Buy 151 208 1,360 2,941 3,099 3.4 4.2 6.0 9.3 25.3 16.3 3.1 2.7 12.9 18.0 0.6 0.5

Crompton Greaves Buy 83 117 5,312 13,446 15,272 6.7 7.6 6.6 8.9 12.5 9.3 1.4 1.2 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 15 - 126 3,312 3,555 9.0 9.0 4.5 6.5 3.4 2.4 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 27 40 702 7,709 8,399 6.7 7.2 6.1 8.5 4.5 3.2 0.6 0.5 20.2 23.0 0.3 0.2

Thermax Neutral 594 - 7,080 5,832 6,397 9.1 9.6 28.8 32.9 20.6 18.1 3.4 2.9 17.2 17.3 1.2 1.1

Cement

ACC Buy 1,176 1,361 22,078 11,820 13,254 19.3 20.9 74.9 93.1 15.7 12.6 2.7 2.4 18.1 20.3 1.6 1.3


Market Outlook

Stock Watch

August 05, 2013

8/22/2019 Market Outlook, 05-08-2013

11/17



Cement

Ambuja Cements Neutral 171 - 26,437 9,975 11,409 22.4 23.1 9.4 11.1 18.3 15.4 2.8 2.5 15.7 17.2 2.1 1.8

India Cements Neutral 46 - 1,424 4,929 5,434 17.4 17.1 8.9 10.9 5.2 4.3 0.4 0.4 7.7 9.1 0.6 0.6

J K Lakshmi Cement Buy 56 100 657 2,256 2,709 20.2 22.2 17.0 20.4 3.3 2.7 0.5 0.4 14.8 15.4 0.3 0.8

Madras Cements Neutral 152 - 3,623 4,234 4,788 23.9 24.0 18.5 22.8 8.2 6.7 1.3 1.1 17.2 18.2 1.2 1.0

Shree Cement^ Neutral 4,196 - 14,619 6,607 7,520 27.5 26.7 322.8 374.3 13.0 11.2 3.2 2.6 27.8 25.6 1.6 1.2

UltraTech Cement Neutral 1,777 - 48,735 21,947 25,049 23.8 23.8 106.1 119.8 16.8 14.8 2.8 2.4 17.7 17.3 2.3 2.0

ConstructionAshoka Buildcon Buy 48 84 752 1,928 2,234 21.0 21.5 6.0 7.4 8.0 6.4 0.7 0.7 10.5 10.8 1.8 1.8

Consolidated Co Neutral 7 - 135 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.5) (20.3) 0.3 0.3 0.5 0.5

IRB Infra Buy 62 157 2,047 3,997 4,312 45.5 46.4 15.7 16.6 3.9 3.7 0.6 0.5 15.2 14.5 2.9 3.2

ITNL Buy 113 230 2,191 7,444 8,041 27.4 28.9 29.8 32.1 3.8 3.5 0.5 0.5 14.9 14.2 2.4 2.4

IVRCL Infra Buy 11 29 343 5,673 5,892 8.1 8.4 1.4 1.8 7.7 6.1 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 30 53 6,591 12,946 14,897 24.7 25.6 1.2 2.7 24.2 11.1 0.5 0.5 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 830 1,128 76,784 68,946 78,040 10.0 10.0 49.0 55.2 17.0 15.0 2.4 2.2 14.9 15.3 1.2 1.1

Nagarjuna Const. Buy 20 42 505 6,167 6,945 8.0 8.2 2.7 3.6 7.4 5.4 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 23 - 754 12,954 14,740 9.9 9.9 0.5 0.9 44.7 24.4 0.3 0.3 0.6 1.1 0.5 0.5

Sadbhav Engg. Neutral 70 - 1,050 2,462 2,731 10.6 10.6 5.9 6.7 11.8 10.4 1.2 1.1 10.2 10.5 0.7 0.7

Simplex Infra Buy 52 131 256 6,308 7,033 9.5 9.6 11.9 18.7 4.4 2.8 0.2 0.2 4.5 6.7 0.5 0.5

Unity Infra Neutral 18 - 132 2,146 2,339 13.7 13.8 11.0 11.5 1.6 1.5 0.1 0.1 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Neutral 67 - 3,363 6,705 7,535 2.5 2.5 27.6 33.2 2.4 2.0 0.4 0.3 12.5 13.6 - -

Andhra Bank Neutral 58 - 3,229 5,180 5,815 2.7 2.7 19.0 22.9 3.0 2.5 0.4 0.4 12.0 13.2 - -

Axis Bank Buy 1,104 1,348 51,776 19,280 22,886 3.3 3.3 130.7 157.1 8.5 7.0 1.4 1.2 17.3 18.1 - -Bank of Baroda Neutral 488 - 20,545 16,287 18,707 2.2 2.3 120.6 144.6 4.0 3.4 0.6 0.5 15.0 16.0 - -

Bank of India Neutral 170 - 10,107 14,482 16,069 2.3 2.2 55.0 62.2 3.1 2.7 0.5 0.4 13.7 13.9 - -

Bank of Maharashtra Neutral 40 - 2,676 4 ,291 4 ,724 3.0 3.0 12.1 12.9 3.4 3.2 0.5 0.5 16.2 15.3 - -

Canara Bank Neutral 242 - 10,701 12,045 13,495 2.1 2.2 76.7 86.4 3.2 2.8 0.5 0.4 14.1 14.2 - -

Central Bank Neutral 57 - 5,965 8,196 9,202 2.4 2.4 6.1 15.9 9.4 3.6 0.7 0.6 5.2 12.8 - -

Corporation Bank Neutral 280 - 4,278 5,554 6,156 2.0 2.0 94.9 104.9 3.0 2.7 0.4 0.4 14.3 14.2 - -

Dena Bank Neutral 47 - 1,633 3,255 3,623 2.3 2.4 22.0 24.9 2.1 1.9 0.3 0.3 14.7 14.7 - -

Federal Bank Neutral 350 - 5,983 2,798 3,250 3.0 3.0 38.1 51.9 9.2 6.7 0.9 0.8 9.8 12.3 - -


Market Outlook

Stock Watch

August 05, 2013

8/22/2019 Market Outlook, 05-08-2013

12/17



Financials

HDFC Accumulate 808 867 125,526 8,679 10,350 3.6 3.6 37.5 44.7 21.5 18.1 4.5 4.0 30.1 30.7 - -

HDFC Bank Buy 631 745 150,768 27,392 33,264 4.6 4.6 36.3 45.1 17.4 14.0 3.5 3.0 21.9 22.8 - -

ICICI Bank Buy 887 1,131 102,376 26,119 30,474 3.1 3.2 86.2 99.5 10.3 8.9 1.4 1.3 15.7 16.2 - -

IDBI Bank Neutral 60 - 7,983 9,518 10,468 2.0 2.0 15.5 22.1 3.9 2.7 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 70 - 3,026 6,077 6,845 2.9 3.0 35.2 41.0 2.0 1.7 0.3 0.3 14.1 14.8 - -

IOB Neutral 40 - 3,664 7,709 8,645 2.2 2.3 8.2 17.1 4.8 2.3 0.3 0.3 6.0 11.7 - -

J & K Bank Neutral 1,099 - 5,330 3,101 3,427 3.6 3.6 215.5 210.3 5.1 5.2 0.9 0.8 19.9 16.9 - -LIC Housing Finance Neutral 164 - 8,269 2,180 2,732 2.4 2.5 26.3 32.1 6.2 5.1 1.1 1.0 19.0 19.9 - -

Oriental Bank Neutral 137 - 4,004 6,790 7,676 2.6 2.7 55.7 62.3 2.5 2.2 0.3 0.3 12.8 12.9 - -

Punjab Natl.Bank Neutral 524 - 18,513 20,766 23,515 3.4 3.4 135.0 164.8 3.9 3.2 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 21 - 2,801 1,800 2,023 2.7 2.7 3.7 4.2 5.6 5.0 0.9 0.8 16.2 16.2 - -

St Bk of India Buy 1,681 1,979 115,010 66,417 76,734 3.0 3.0 227.4 284.8 7.4 5.9 1.1 0.9 15.4 17.1 - -

Syndicate Bank Neutral 75 - 4,524 7,125 8,188 2.6 2.6 27.4 27.9 2.7 2.7 0.4 0.4 16.2 14.6 - -

UCO Bank Neutral 58 - 4,331 6,736 6,979 2.7 2.6 15.3 15.7 3.8 3.7 0.7 0.6 14.8 13.6 - -

Union Bank Neutral 117 - 6,971 11,101 12,543 2.6 2.6 39.3 47.4 3.0 2.5 0.4 0.4 14.1 15.2 - -

United Bank Neutral 33 - 1,240 3,386 3,884 2.3 2.5 12.4 20.0 2.7 1.7 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 38 - 1,871 2,714 3,046 1.9 2.0 9.2 10.8 4.1 3.5 0.4 0.4 10.7 11.5 - -

Yes Bank Neutral 308 - 11,096 4,417 5,486 2.7 2.8 42.9 49.5 7.2 6.2 1.6 1.3 23.9 22.8 - -

FMCG

Asian Paints Neutral 498 - 47,734 12,332 14,524 16.3 16.1 13.9 16.0 35.8 31.0 11.4 9.1 35.2 32.5 3.8 3.2

Britannia Neutral 705 - 8,438 6,417 7,502 6.1 6.3 21.3 25.5 33.2 27.7 10.8 8.6 35.7 34.6 1.3 1.1

Colgate Neutral 1,298 - 17,653 3,588 4,130 20.5 20.9 44.2 51.8 29.4 25.1 28.6 20.9 108.6 96.2 4.8 4.1

Dabur India Neutral 160 - 27,846 7,183 8,297 16.8 16.9 5.4 6.3 29.9 25.4 10.5 8.3 39.2 36.7 3.9 3.3

GlaxoSmith Con* Neutral 4,450 - 18,714 3,617 4,259 16.1 16.4 122.2 148.7 36.4 29.9 11.3 9.1 34.1 33.7 4.7 3.9

Godrej Consumer Neutral 857 - 29,160 7,801 9,017 16.2 15.9 25.1 29.7 34.1 28.9 7.4 6.1 24.9 24.2 3.9 3.3

HUL Neutral 615 - 133,089 28,415 31,962 13.6 14.1 16.7 18.2 36.9 33.8 35.5 25.7 112.2 88.1 4.6 4.0

ITC Neutral 333 - 263,374 34,294 39,991 36.8 37.0 11.3 13.3 29.5 25.0 9.7 7.9 36.1 34.9 7.4 6.2

Marico Neutral 210 - 13,570 5,273 6,044 14.8 14.9 7.3 8.7 29.0 24.3 5.7 4.7 21.4 21.0 2.6 2.3

Nestle* Neutral 5,415 - 52,208 9,447 10,968 22.1 22.3 127.5 154.1 42.5 35.1 21.2 15.4 57.7 50.7 5.6 4.7

Tata Global Neutral 146 - 9,053 8,069 8,957 9.8 9.7 7.8 8.6 18.7 17.1 2.2 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

August 05, 2013

8/22/2019 Market Outlook, 05-08-2013

13/17



IT

HCL Tech^ Reduce 936 870 65,227 29,424 32,837 22.6 22.0 59.5 63.3 15.7 14.8 3.8 3.2 24.6 21.7 2.0 1.8

Hexaware* Accumulate 116 123 3,451 2,213 2,479 21.5 20.5 12.1 12.9 9.5 9.0 2.4 2.0 25.4 23.5 1.4 1.2

Infosys Reduce 3,007 2,820 172,656 47,001 51,196 26.2 26.4 171.3 189.4 17.6 15.9 3.6 3.1 20.4 19.3 3.0 2.7

Infotech Enterprises Accumulate 176 190 1,964 2,052 2,263 17.2 17.6 20.7 22.5 8.5 7.8 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 126 144 2,426 2,614 2,923 17.2 16.8 13.2 14.4 9.6 8.7 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Accumulate 969 1,050 4,028 2,768 3,006 19.7 19.9 103.1 105.3 9.4 9.2 2.3 1.8 24.8 20.3 1.2 1.0

Mphasis& Neutral 406 - 8,540 6,372 6,852 18.0 18.2 38.0 43.5 10.7 9.3 1.5 1.3 14.3 14.2 0.9 0.7NIIT Neutral 16 - 257 1,144 1,267 9.0 9.1 4.3 5.4 3.6 2.9 0.4 0.4 10.3 12.0 - -

Persistent Accumulate 535 595 2,140 1,505 1,677 25.9 26.2 53.6 59.7 10.0 9.0 1.8 1.5 17.7 16.7 1.0 0.8

TCS Accumulate 1,845 2,060 361,176 79,005 91,576 29.7 30.0 88.6 103.1 20.8 17.9 6.6 5.2 31.5 29.2 4.3 3.7

Tech Mahindra Accumulate 1,233 1,390 28,637 8,102 8,709 19.7 19.2 107.5 117.0 11.5 10.5 2.4 2.0 21.2 18.9 3.5 3.2

Wipro Neutral 439 - 108,128 41,659 45,137 21.2 21.4 27.7 29.9 15.9 14.7 3.3 2.8 20.5 19.0 2.1 1.8

Media

D B Corp Buy 243 302 4,454 1,783 1,968 25.2 26.8 14.6 17.2 16.7 14.1 4.3 3.7 23.9 24.2 2.4 2.1

HT Media Buy 97 117 2,276 2,205 2,380 15.1 15.6 8.3 9.3 11.7 10.5 1.4 1.3 11.6 11.6 0.7 0.5

Jagran Prakashan Buy 89 107 2,946 1,664 1,825 20.9 23.0 6.4 7.8 13.8 11.4 2.8 2.5 21.0 23.1 1.9 1.7

PVR Neutral 341 - 1,354 1,359 1,540 17.3 17.4 17.2 21.6 19.8 15.8 2.0 1.8 10.3 12.0 1.4 1.3

Sun TV Network Neutral 425 - 16,764 2,287 2,551 69.7 70.5 20.0 23.3 21.3 18.3 5.3 4.6 26.4 27.3 7.0 6.1

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 255 345 160,783 72,174 76,311 33.3 28.4 28.4 30.9 9.0 8.2 2.5 2.1 37.6 36.2 1.4 1.3

Electrosteel Castings Buy 10 18 321 1,976 2,017 11.8 12.7 1.3 2.6 7.8 3.8 0.1 - 2.6 5.2 0.5 0.1

GMDC Buy 81 127 2,568 1,701 1,985 47.8 48.8 17.4 20.6 4.7 3.9 0.9 0.8 20.7 20.9 1.0 0.7Hind. Zinc Buy 100 140 42,422 12,389 13,093 48.5 51.7 15.2 17.0 6.6 5.9 1.1 1.0 18.5 18.0 1.2 0.8

Hindalco Neutral 87 - 16,609 89,352 93,672 8.8 9.2 13.4 15.0 6.5 5.8 0.5 0.4 7.3 7.6 0.5 0.5

JSW Steel Neutral 532 - 12,850 44,605 47,040 15.7 16.0 62.5 75.6 8.5 7.0 0.7 0.7 8.5 9.6 0.8 0.8

MOIL Buy 190 248 3,184 1,010 1,046 46.5 47.6 26.8 28.8 7.1 6.6 1.0 0.9 15.4 14.7 0.8 0.5

Monnet Ispat Buy 103 193 654 2,326 2,709 21.4 23.1 33.3 43.1 3.1 2.4 0.2 0.2 8.3 9.9 1.3 1.0

Nalco Neutral 25 - 6,443 7,656 7,988 13.1 13.5 2.6 2.6 9.8 9.5 0.5 0.5 5.5 5.5 0.3 0.3

NMDC Buy 97 140 38,458 10,610 11,400 66.3 64.2 15.6 16.1 6.2 6.0 1.3 1.2 21.3 19.9 1.5 1.4

SAIL Neutral 40 - 16,334 44,060 54,786 9.4 11.5 5.2 7.2 7.6 5.5 0.4 0.4 5.2 6.8 0.6 0.5


Market Outlook

Stock Watch

August 05, 2013

8/22/2019 Market Outlook, 05-08-2013

14/17



Metals & Mining

Sesa Goa Buy 124 162 10,751 3,817 5,781 12.1 17.7 27.0 29.6 4.6 4.2 0.6 0.5 12.9 12.5 3.6 2.4

Sterlite Inds Buy 72 97 24,298 44,493 45,599 22.4 23.9 16.8 19.2 4.3 3.8 0.4 0.4 10.5 10.9 0.5 0.4

Tata Steel Buy 202 378 19,648 140,917 151,537 9.7 10.8 30.9 47.6 6.5 4.3 0.6 0.5 9.6 13.4 0.5 0.5

Sarda Buy 75 153 270 1,494 1,568 19.1 20.3 31.3 36.5 2.4 2.1 0.3 0.2 11.8 12.4 0.5 0.4

Prakash Industries Buy 30 40 407 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 65 102 213 2,344 2,509 14.9 15.4 38.7 47.0 1.7 1.4 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 297 364 56,664 18,403 17,925 71.9 62.1 62.1 57.4 4.8 5.2 1.0 0.9 22.6 17.8 1.9 1.6

GAIL Neutral 305 - 38,638 49,700 48,822 16.0 16.6 32.9 33.4 9.3 9.1 1.4 1.3 15.9 14.4 0.3 0.2

ONGC Buy 277 387 237,115 170,063 198,461 36.3 38.3 34.7 41.9 8.0 6.6 1.4 1.2 18.3 19.5 1.1 0.8

Reliance Industries Neutral 857 - 276,918 397,546 421,695 8.9 8.7 72.3 76.8 11.9 11.2 1.2 1.1 12.3 11.8 0.7 0.6

Gujarat Gas* Neutral 164 - 2,097 3,707 3,850 11.7 12.4 23.7 25.7 6.9 6.4 1.9 1.7 29.6 28.2 0.4 0.4

Indraprastha Gas Neutral 263 - 3,676 3,700 4,218 23.4 22.8 26.7 30.4 9.9 8.6 2.1 1.7 22.7 21.8 1.1 0.9

Petronet LNG Buy 116 135 8,674 39,449 43,315 5.3 5.9 14.1 16.9 8.2 6.9 1.6 1.4 21.7 21.9 0.3 0.2

Gujarat State PetronetLtd.

Buy 50 68 2,811 1,171 1,287 91.9 91.9 10.1 11.3 5.0 4.4 0.8 0.7 17.3 16.8 1.9 1.5

Pharmaceuticals

Alembic Pharma Neutral 141 - 2,662 1,736 2,008 17.1 18.9 10.7 13.9 13.2 10.2 4.1 3.1 35.0 34.7 1.6 1.4

Aurobindo Pharma Buy 158 271 4,595 6,641 7,637 15.9 15.9 17.3 20.6 9.1 7.7 1.5 1.2 19.5 18.9 1.1 1.0

Aventis* Neutral 2,428 - 5,592 1,682 1,917 15.6 15.6 91.9 101.7 26.4 23.9 3.7 3.7 15.6 17.1 2.8 2.3

Cadila Healthcare Buy 759 929 15,541 7,280 8,640 15.5 15.7 38.3 46.5 19.8 16.3 4.3 3.5 23.5 23.5 2.5 2.1

Cipla Buy 400 477 32,089 9,274 10,796 23.1 23.1 21.0 23.8 19.0 16.8 3.1 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Accumulate 2,237 2,535 38,021 13,377 15,350 20.4 20.1 112.1 126.6 20.0 17.7 4.3 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 39 132 314 1,394 1,534 22.5 22.4 14.8 16.6 2.6 2.3 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,272 - 19,241 2,854 3,145 28.6 28.6 76.6 83.3 29.7 27.3 8.9 8.1 31.1 31.0 5.9 5.3

Indoco Remedies Buy 61 78 566 747 906 15.3 15.3 5.9 7.6 10.4 8.1 1.2 1.1 12.5 14.4 1.0 0.8

Ipca labs Neutral 674 - 8,499 3,246 3,830 20.5 21.7 36.2 44.9 18.6 15.0 4.4 3.5 26.1 25.7 2.8 2.3

Lupin Neutral 889 - 39,801 11,641 13,933 21.3 21.3 34.8 41.8 25.5 21.3 6.0 4.7 26.2 24.8 3.5 2.8

Ranbaxy* Buy 273 384 11,562 11,400 12,060 10.5 12.5 17.5 22.5 15.6 12.1 2.5 2.2 17.0 19.1 1.0 0.9

Sun Pharma Neutral 555 - 114,782 13,509 15,846 41.0 41.0 16.5 19.9 33.6 27.9 6.8 5.6 22.0 22.0 7.9 6.6

Power

GIPCL Buy 59 78 895 1,444 1,482 33.4 33.0 13.7 14.8 4.3 4.0 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 130 163 107,150 76,734 86,680 24.5 24.3 13.4 14.5 9.7 9.0 1.2 1.1 12.8 12.7 2.1 2.0


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Real Estate

DLF Buy 128 236 22,843 8,293 9,622 36.5 36.1 5.7 6.7 22.5 19.0 0.8 0.8 3.7 4.1 4.9 4.0

MLIFE Accumulate 455 483 1,860 888 1,002 27.0 29.9 33.9 42.1 13.4 10.8 1.3 1.2 9.9 11.2 2.7 2.4

Telecom

Bharti Airtel Reduce 345 321 137,790 85,489 94,229 31.9 31.9 10.2 14.6 33.7 23.6 2.4 2.2 7.2 9.4 2.3 2.0

Idea Cellular Neutral 159 - 52,578 25,640 28,459 26.9 27.2 4.0 4.9 39.6 32.1 3.3 3.0 8.4 9.4 2.5 2.2

Rcom Neutral 124 - 25,511 22,751 24,628 30.9 31.3 3.4 5.3 36.1 23.5 0.8 0.7 2.1 3.1 2.7 2.4

OthersAbbott India* Buy 1,390 1,659 2,954 1,863 2,081 11.8 12.4 71.2 83.0 19.5 16.8 3.9 3.3 21.6 21.5 1.3 1.0

Bajaj Electricals Buy 172 237 1,715 3,885 4,472 5.4 7.2 11.0 19.7 15.7 8.7 2.1 1.8 13.5 20.3 0.4 0.4

Cera Sanitaryware Buy 523 613 662 631 797 14.5 13.7 42.6 51.1 12.3 10.2 2.9 2.3 26.5 25.3 1.1 0.8

Cravatex Buy 284 459 73 248 284 6.5 7.3 27.2 38.2 10.5 7.4 1.7 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 51 68 780 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.5 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 252 349 329 2,304 2,649 3.1 3.6 28.0 43.7 9.0 5.8 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 311 345 718 1,458 1,542 8.3 9.0 32.3 37.0 9.6 8.4 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 101 191 276 1,080 1,199 8.9 9.1 18.3 19.1 5.5 5.3 1.0 0.8 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,377 - 2,101 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 130 198 117 495 651 12.7 12.9 29.3 39.5 4.4 3.3 0.6 0.5 15.4 17.6 0.4 0.3

ITD Cementation Buy 158 234 182 1,430 1,573 11.1 11.0 19.1 26.9 8.3 5.9 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Buy 160 199 2,659 1,220 1,476 13.3 13.6 5.5 9.0 29.0 17.7 3.3 3.0 12.1 17.7 2.5 2.0

MRF Buy 12,721 16,218 5,395 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.1 7.1 1.5 1.2 23.5 19.2 0.6 0.5

Page Industries Neutral 4,413 - 4,922 1,057 1,282 19.4 19.6 124.8 153.7 35.4 28.7 17.5 12.9 56.3 51.8 4.7 3.9

Relaxo Footwears Buy 745 981 894 1,196 1,401 11.9 12.6 55.6 75.4 13.4 9.9 3.2 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 192 311 180 1,158 1,322 10.8 11.2 62.1 77.8 3.1 2.5 0.5 0.4 17.2 18.4 0.4 0.3Styrolution ABS India* Buy 363 492 639 1,007 1,108 8.4 8.7 30.3 35.1 12.0 10.3 1.3 1.2 11.7 12.2 0.6 0.5

TAJ GVK Buy 57 108 360 300 319 35.8 36.2 7.9 9.1 7.3 6.3 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 237 371 365 814 849 17.0 17.6 64.6 69.2 3.7 3.4 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 500 632 388 416 481 4.5 6.1 16.2 25.3 30.8 19.7 3.8 3.4 12.6 18.1 0.8 0.7

Tree House Accumulate 260 297 935 153 194 53.0 52.8 12.4 15.6 21.0 16.6 2.5 2.2 11.8 13.1 6.3 4.8

TVS Srichakra Buy 163 230 124 1,591 1,720 6.1 6.4 24.5 38.3 6.7 4.2 0.7 0.6 10.9 15.9 0.3 0.2

United Spirits Neutral 2,301 - 33,442 12,294 14,162 12.0 12.0 42.1 67.7 54.7 34.0 3.9 3.5 9.1 10.7 3.1 2.6

Vesuvius India* Buy 367 439 745 600 638 20.1 19.4 35.7 36.6 10.3 10.0 1.8 1.6 19.4 17.1 1.0 0.9


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Others

HSIL Buy 73 117 484 2,042 2,363 14.6 14.8 12.3 16.5 6.0 4.5 0.5 0.4 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 02, 2013


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