market outlook 05-09-2013

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www.angelbroking.com

Market OutlookSeptember 5, 2013

Dealers DiaryIndian markets are expected to open in the positive territory tracking a positive

opening in SGX Nifty and most of the Asian markets.

The US markets closed moderately higher, posting positive gains for second

consecutive session. The strength emerged as stocks continued to recover from the

sell-off that was seen last Tuesday. Positive sentiment was also generated by news

that major automakers reported double digit growth in U.S. vehicle sales in the

month of August. The Commerce Department released a report which said that

trade deficit widened to $39.1 billion in July compared to a revised $34.5 billion

deficit in June which still represents the narrowest U.S. trade deficit since October

of 2009. European markets too ended the day in green relieved slightly on Syria

attack concerns, since with the U.S. Congress still on recess, a U.S. strike would not

come until next week at the earliest.

Meanwhile, Indian shares rebounded on Wednesday after falling for 4% the day

before. INR recovered to 67 after falling to 68.60 earlier in the session, RBI relaxedsome of the recent curbs on the outward investments imposed last month. Currency

recovery came in as noted economist Raghuram Rajan took over as the 23rd RBI

governor on Wednesday.

Markets Today

The trend deciding level for the day is 18,456 / 5,409 levels. If NIFTY trades

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

rally up to 18,724 18,880 / 5,499 5,550 levels. However, if NIFTY trades

below 18,456/5,409 levels for the first half-an-hour of trade then it may correct

up to 18,300 18,032/ 5,358 5,268 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,032 18,300 18,456 18,724 18,880

NIFTY 5,268 5,358 5,409 5,499 5,550

News Analysis

Change of guard at the RBI, slew of measures announced Wipro bags US$125mn Deutsche Bank contract NMDC analyst meet update IPCA Labs SEZ Indore facility gets USFDA nod

Refer detailed news analysis on the following page

Net Inflows (September 03, 2013)

` cr Purch Sales Net MTD YTDFII 2,079 2,805 (726) (225) 58,973

MFs 267 471 (204) (204) (13,200)

FII Derivatives (September 04, 2013)

` cr Purch Sales Net Open InterestIndex Futures 3,924 3,276 648 10,184

Stock Futures 2,139 1,821 318 26,937

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Ranbaxy Lab 444 8.8 Sobha Dev 218 (6.2)

IPCA Lab 700 8.2 Pipavav Defence 45 (5.0)

ING Vysya Bank 439 7.1 Max India 151 (2.5)

REC 176 6.6 Mphasis 432 (2.4)

Jaiprakash Asso 36 6.3 Castrol India 316 (2.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.8 333 18,568

Nifty 2.0 107 5,448

MID CAP 1.0 54 5,330

SMALL CAP 0.7 37 5,231

BSE HC 2.6 230 9,070

BSE PSU 1.7 83 5,065

BANKEX 2.1 206 10,077

AUTO 2.5 249 10,331

METAL 2.8 215 8,024

OIL & GAS 2.1 168 8,222

BSE IT 2.2 171 8,096

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.7 97 14,931NASDAQ 1.0 36 3,649

FTSE 0.1 6 6,475

Nikkei 0.5 75 14,054

Hang Sang (0.3) (68) 22,326

Straits Times (1.3) (39) 3,015

Shanghai Com 0.2 5 2,128

Indian ADR Chg (%) (Pts) (Close)INFY 2.8 1.2 $46.7

WIT 4.8 0.4 $9.3IBN 5.7 1.5 $27.0

HDB 3.6 1.0 $28.6

Advances / Declines BSE NSEAdvances 1,347 841

Declines 942 475

Unchanged 152 77

Volumes (` cr)BSE 1,939

NSE 11,141

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Change of guard at the RBI, slew of measures announced

In his first address as the RBI governor, Dr. Raghuram Rajan has unveiled a slew of

measures to restore confidence. His first monetary policy statement is expected on

September 20, 2013 as against the original date on September 18. We believe

that the policy review is rescheduled in light of the Federal Reserves policy meetingduring the same period is likely to determine the direction for markets and capital

flows.

The governor emphasized at push for more international settlements in rupees and

further liberalization of our financial markets. The RBI will offer a concessional

window for banks to swap FCNR dollar deposits mobilized for a minimum tenor of

three years and over, at a fixed rate of 3.5% per annum for the tenor of the

deposit. It has also decided that the current overseas borrowing limit of 50% of

the unimpaired Tier I capital will be raised to 100% and the borrowings mobilized

under this provision can be swapped with Reserve Bank of India at the option of

the bank at a concessional rate of 100 basis points below the ongoing swap rateprevailing in the market. These schemes are open for banks until November 30.

To protect savings for households, the RBI is expected to introduce Inflation

Indexed Savings Certificates linked to the CPI to retail investors by November

2013. This is a positive step as CPI inflation has continued to remain elevated and

negative real interest rates have brought down savings from almost 37% of GDP in

FY2008 to 30.8% of GDP in FY2012.

Some of the measures aimed at liberalizing financial markets include enabling

exporters/importers to re-book cancelled forward exchange contracts to the extent

of 50% for exporters (from 25%) and 25% for importers, introduction of cash

settled 10 year interest rate future contracts and examining introduction of interest

rate futures on overnight interest rates.

In addition, the governor roughly indicated that new bank licenses are likely to be

announced around January 2014. He also stated that the RBI is expected to shortly

free bank branching for domestic scheduled commercial banks without permission

of the RBI. Over a medium-term, he also underscored the need to reduce banks

requirement to invest in government securities in a calibrated way when

government finances improve.

Lok Sabha passes Pension Bill

The Lok Sabha yesterday passed the Pension Fund Regulatory and Development

Authority Bill 2011. The Bill is aimed at creating a regulator for the pension sector.

The foreign investment cap for the sector is linked to the same in the insurance

sector and once that is passed, the ceiling would be raised from 26% to 49%. At

present the FDI limit is capped at 26%. The Pension Bill has been stuck in

Parliament since its introduction in 2005 post which it lapsed and was re-

introduced in 2011. The bill seeks to empower PFRDA to regulate the New Pension

Scheme which provides subscribers options like equity, bonds and corporate debt

to invest in. The bill is likely to channelize investment in the economy and thereby

benefit infrastructure development.

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Wipro bags US$125mn Deutsche Bank contract

Wipro is understood to have bagged a multi-year contract from Deutsche Bank

valued around US$125mn (~850cr). According to media reports, as a part of the

five-year contract, Wipro would primarily provide application maintenance services

to Deutsche Bank even though there will a small component of applicationdevelopment services work as well. This is the second major client win for Wipro in

the banking, financial services and insurance (BFSI) space in the past three

months. In June, Wipro had bagged a large IT outsourcing contract worth

~US500mn from Citigroup, the tenure of the contract was also for five years. The

recent wins in the BFSI space are a major uplift for Wipro which derives ~26.5% of

its overall revenues from this vertical. However, its exposure to the BFSI space is

somewhat low as compared to its large peers such as TCS and Infosys. In January

2011 when Wipro decided to restructure the management by doing away with the

joint CEO model, the company had made it clear that BFSI as well as Healthcare

are going to be two major thrust areas. Owing to recent sharp rum up in the stock

price of Wipro, we maintain our Neutral rating on the stock.

NMDC analyst meet update

We attended the analyst meet held by NMDC after its 1QFY2014 results. The keytakeaways from the meet were:

It sold ~4.0mn tonnes of iron ore during July- August 2013. It aims to sell atleast 30mn tonnes (including 2.8mn tonnes of exports) for

FY2014. We conservatively model 28mn tonnes (+6.9% yoy) considering the

weak demand environment and difficulties in raising offtake.

It indicated that it can raise export volumes if government cuts export duty orrailway freight on exported iron ore is lowered (unlikely in our view).

Despite increase in steel prices, it is not expecting any changes in iron oreprices in the near-term.

We believe NMDC could surprise with higher than our estimated volumes of 28mn

tonnes in case it increases its exports. We maintain our Buy rating on the stock witha target price of `143.

IPCA Labs SEZ Indore facility gets USFDA nod

US Food and Drug Administration (USFDA) following an inspection, has found

acceptable the IPCA Labs oral solid dosage formulations manufacturing facility

situated at Pharmazone SEZ Indore, Madhya Pradesh. This will enable the

company to commercialise oral solid dosage formulations in the US market from

this manufacturing facility. Ipca Laboratories in an earlier in November 2012 had

during the course of the internal quality assurance review, had noticed a few non-

conformances at the said manufacturing unit and had voluntarily referred these to

the USFDA. Consequently, the company decided that till the issue is resolved to the

satisfaction of the USFDA, no dosage formulations manufactured at this

manufacturing unit will be commercialized for the US market.

Management had earlier guided that once the approval is received, the facility

would cater to the US generic market and potentially post sales of US$100mn in

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the next 2-3 years. Management expects the revenue from Indore SEZ to start from

4QFY2014. For FY2014 and FY2015, we have build in a revenues of `51cr and

`200cr revenues from this facility, and hence upgrade our sales forecast by 1.5%

and 6.7% respectively. Consequently the EPS of the company stands upgraded by

1.7% and 7.6% respectively during FY2014 and FY2015 respectively. Since thestock has witnessed a strong up move on back of the same, we retain our neutralstance on the stock with a upgraded target of `724.

Economic and Political News

Govt may slap anti-dumping duty on a bulk drug from EU cos Electricity price on bourse slides to `2.05 per unit in Aug RBI eases overseas investment norms for Indian corporateCorporate News

Honda to increase output capacity by 30% in India Tata Motors to go ahead with investment of `3,000cr Indian private debt placements up 11% in April-June quarter

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 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 5.30

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 2.60

September 10, 2013 11:00AM China Industrial Production (YoY) % Change Aug 9.70 9.90

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 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 --

September 19, 2013 7:30PM US Existing home sales Million Aug 5.39 --

September 20, 2013 11:00AM India RBI Repo rate % Sep 20 7.25 --11:00AM India RBI Cash Reserve ratio % Sep 20 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 20 6.25 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Sep A (15.60) --

September 23, 2013 1:00PM Germany PMI Services Value Sep A 52.80 --

1:00PM Germany PMI Manufacturing Value Sep A 51.80 --

Source: Bloomberg, Angel Research

September 05, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G DP 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:Manufacturing and services PMI

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

Exhibit 5:Exports and imp orts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel 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

11.0

12.0

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

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

Jun-1

3

(%)

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-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

Jun-1

3

Jul-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-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Jun-1

3

Jul-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

No-12

Dec-12

Dec-12

Jan-13

Feb-13

Feb-13

Mar-13

Apr-13

Apr-13

Ma-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 150 - 2,909 1,674 1,923 13.7 13.7 6.8 7.6 22.0 19.7 4.1 3.6 20.0 19.6 1.8 1.6

United Phosphorus Buy 134 225 5,949 10,091 11,302 16.5 16.5 19.2 22.5 7.0 6.0 1.1 1.0 17.0 17.2 0.7 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 268 305 4,574 3,474 3,952 15.5 15.5 19.0 21.0 14.1 12.7 3.4 2.8 27.2 24.2 1.3 1.1

Apollo Tyres Neutral 65 - 3,274 13,409 15,106 11.8 11.6 13.1 15.4 4.9 4.2 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,374 12,945 15,049 6.3 8.2 0.2 1.5 72.9 8.4 1.1 1.0 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 197 - 298 700 890 8.7 10.7 11.1 25.8 17.7 7.7 1.1 1.0 6.2 13.9 0.5 0.4

Bajaj Auto Buy 1,885 2,115 54,553 22,042 25,399 19.3 19.3 121.1 141.0 15.6 13.4 5.5 4.4 39.4 36.6 2.0 1.7

Bharat Forge Accumulate 242 256 5,623 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 8,181 9,096 25,687 9,301 10,895 16.8 18.0 339.9 423.1 24.1 19.3 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 101 170 365 5,159 5,628 9.3 9.0 43.5 48.6 2.3 2.1 0.4 0.3 18.4 17.5 0.2 0.2

Exide Industries Buy 124 148 10,506 6,899 7,873 14.7 14.7 7.9 9.0 15.6 13.7 2.7 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,156 - 1,921 1,336 1,572 13.8 16.0 75.6 102.4 15.3 11.3 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,927 2,073 38,483 25,543 28,228 14.5 14.5 110.5 148.1 17.4 13.0 6.6 5.2 40.8 44.9 1.3 1.1

JK Tyre Buy 84 152 346 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 780 1,011 48,027 42,318 48,067 12.0 12.2 58.5 67.1 13.3 11.6 2.7 2.3 21.6 21.1 0.9 0.7

Maruti Buy 1,278 1,571 38,598 45,877 52,733 11.2 11.2 93.0 104.7 13.8 12.2 1.8 1.6 14.2 14.0 0.7 0.5

Motherson Sumi Buy 193 242 11,340 28,442 31,914 8.4 8.7 13.0 16.1 14.9 12.0 3.9 3.1 29.4 28.6 0.5 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 311 355 83,853 215,043 240,077 13.5 13.7 35.1 39.4 8.9 7.9 2.1 1.7 26.2 23.3 0.4 0.4

TVS Motor Buy 30 36 1,409 7,659 8,528 6.0 6.2 4.9 5.9 6.1 5.0 1.0 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Neutral 461 - 9,776 8,037 9,087 5.8 6.9 12.2 17.0 37.8 27.1 3.6 3.5 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 127 - 31,036 42,227 38,453 16.0 14.4 18.8 15.0 6.7 8.5 1.4 1.3 21.7 15.4 0.5 0.6

Blue Star Buy 134 208 1,203 2,941 3,099 3.4 4.2 6.0 9.3 22.4 14.4 2.8 2.4 12.9 18.0 0.5 0.5

Crompton Greaves Buy 84 103 5,366 13,418 14,654 5.8 6.7 5.8 7.8 14.4 10.7 1.4 1.3 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 18 - 149 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 545 - 6,495 5,832 6,397 9.1 9.6 28.8 32.9 18.9 16.6 3.1 2.7 17.2 17.3 1.0 0.9

Cement

ACC Buy 933 1,225 17,516 11,581 13,009 17.6 19.3 63.9 81.5 14.6 11.5 2.2 2.0 15.6 18.2 1.2 1.0


Market Outlook

Stock Watch

September 05, 2013

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Cement

Ambuja Cements Neutral 170 - 26,221 9,975 11,409 22.4 23.1 9.4 11.1 18.1 15.3 2.8 2.5 15.7 17.2 2.1 1.7

India Cements Neutral 49 - 1,510 4,796 5,357 16.4 16.1 7.3 9.5 6.7 5.2 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 58 79 678 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 156 - 3,703 4,010 4,524 23.5 23.4 14.9 18.3 10.5 8.5 1.4 1.2 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,614 - 12,589 6,316 7,162 26.5 25.7 294.6 340.5 12.3 10.6 2.7 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,485 - 40,713 22,021 25,274 22.0 21.6 99.5 113.3 14.9 13.1 2.3 2.0 16.7 16.6 1.8 1.7

Construction

Ashoka Buildcon Buy 44 60 695 1,912 2,131 21.0 21.5 5.0 5.5 8.8 8.0 0.6 0.6 8.8 7.6 1.7 1.7

Consolidated Co Neutral 6 - 106 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.0) (15.9) 0.2 0.2 0.5 0.5

IRB Infra Buy 61 106 2,027 3,805 4,248 45.1 45.3 15.0 15.8 4.1 3.9 0.6 0.5 14.5 13.9 2.7 3.0

ITNL Buy 113 156 2,202 7,423 7,970 27.5 28.7 30.3 32.0 3.7 3.6 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 318 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 36 41 8,077 12,946 14,897 24.7 25.6 1.2 2.7 29.7 13.6 0.6 0.6 2.0 4.3 2.5 2.2

Larsen & Toubro Buy 699 1,002 64,680 68,946 78,040 10.0 10.0 49.0 55.2 14.3 12.7 2.0 1.8 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 17 30 432 6,167 6,945 8.0 8.2 2.7 3.6 6.3 4.6 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 721 12,726 14,226 8.2 8.2 0.9 1.0 25.3 21.2 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 54 99 822 2,462 2,731 10.6 10.6 5.3 6.0 10.3 9.1 0.9 0.8 9.2 9.6 0.6 0.6

Simplex Infra Buy 40 56 197 6,237 6,908 9.1 9.0 9.9 13.9 4.0 2.9 0.2 0.1 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 130 2,146 2,339 12.9 13.0 9.3 9.6 1.9 1.8 0.2 0.1 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 67 - 3,333 6,843 7,528 2.5 2.5 26.0 30.1 2.6 2.2 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 48 - 2,689 4,868 5,390 2.4 2.5 12.3 16.6 3.9 2.9 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 802 953 37,621 19,280 22,886 3.3 3.3 130.7 157.1 6.1 5.1 1.0 0.9 17.3 18.1 - -

Bank of Baroda Neutral 465 - 19,599 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 137 - 8,146 14,482 16,069 2.3 2.2 55.0 62.2 2.5 2.2 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 37 - 2,451 4,529 4,780 3.0 2.8 12.3 11.8 3.0 3.1 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 196 - 8,689 11,454 12,378 2.0 2.0 52.4 60.5 3.8 3.2 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 50 - 5,270 8,196 9,202 2.4 2.4 6.1 15.9 8.3 3.2 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 240 - 3,677 5,641 6,083 2.0 2.0 82.7 98.1 2.9 2.5 0.4 0.3 12.6 13.5 - -

Dena Bank Neutral 44 - 1,542 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 244 - 4,172 2,798 3,250 3.0 3.0 38.1 51.9 6.4 4.7 0.6 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

September 05, 2013

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Financials

HDFC Neutral 709 - 110,180 8,679 10,350 3.6 3.6 37.5 44.7 18.9 15.9 3.9 3.5 30.1 30.7 - -

HDFC Bank Buy 566 692 135,318 27,392 33,264 4.6 4.6 36.3 45.1 15.6 12.6 3.2 2.7 21.9 22.8 - -

ICICI Bank Buy 818 951 94,412 25,727 29,969 3.2 3.2 83.2 96.7 9.8 8.5 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 54 - 7,184 9,518 10,468 2.0 2.0 15.5 22.1 3.5 2.4 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 62 - 2,667 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 - 3,683 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 1,051 - 5,093 3,038 3,370 3.7 3.9 214.2 202.6 4.9 5.2 0.9 0.8 19.8 16.3 - -

LIC Housing Finance Neutral 158 - 7,994 2,001 2,495 2.2 2.3 23.8 28.8 6.7 5.5 1.1 1.0 17.3 18.2 - -

Oriental Bank Neutral 130 - 3,783 6,918 7,459 2.6 2.5 46.7 52.5 2.8 2.5 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 413 - 14,598 20,766 23,515 3.4 3.4 135.0 164.8 3.1 2.5 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 19 - 2,588 1,800 2,023 2.7 2.7 3.7 4.2 5.2 4.6 0.8 0.7 16.2 16.2 - -

St Bk of India Neutral 1,491 - 101,993 65,392 74,467 3.0 3.0 178.5 226.1 8.4 6.6 1.1 0.9 12.1 14.0 - -

Syndicate Bank Neutral 65 - 3,937 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.8 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 51 - 3,805 6,770 7,017 2.8 2.6 14.8 15.5 3.4 3.3 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 103 - 6,150 10,458 11,809 2.5 2.5 32.0 40.6 3.2 2.5 0.4 0.4 11.6 13.4 - -

United Bank Neutral 29 - 1,074 3,386 3,884 2.3 2.5 12.4 20.0 2.3 1.4 0.2 0.2 10.0 14.7 - -

Vijaya Bank Neutral 35 - 1,732 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 236 - 8,515 4,417 5,486 2.7 2.8 42.9 49.5 5.5 4.8 1.2 1.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 404 - 38,747 12,332 14,524 16.3 16.1 13.9 16.0 29.1 25.2 9.3 7.3 35.2 32.5 3.0 2.5

Britannia Neutral 749 - 8,971 6,422 7,367 6.9 7.3 24.2 29.7 31.0 25.3 10.9 8.4 39.6 37.7 1.4 1.1

Colgate Neutral 1,213 - 16,490 3,588 4,130 18.9 19.4 41.2 48.4 29.4 25.1 26.1 20.3 100.0 91.0 4.4 3.8

Dabur India Neutral 170 - 29,624 7,183 8,297 16.8 16.9 5.4 6.3 31.8 27.0 11.2 8.9 39.2 36.7 4.0 3.4

GlaxoSmith Con* Neutral 4,161 - 17,499 3,617 4,259 16.1 16.4 122.2 148.7 34.1 28.0 10.6 8.5 34.1 33.7 4.3 3.6

Godrej Consumer Neutral 803 - 27,317 7,801 9,017 16.2 15.9 25.1 29.7 31.9 27.0 6.9 5.7 24.9 24.2 3.7 3.1

HUL Neutral 616 - 133,147 28,415 31,962 13.6 14.1 16.7 18.2 36.9 33.9 35.5 25.7 112.2 88.1 4.5 4.0

ITC Neutral 300 - 237,334 34,294 39,991 36.8 37.0 11.3 13.3 26.6 22.5 8.8 7.1 36.1 34.9 6.7 5.6

Marico Neutral 208 - 13,413 5,104 5,876 15.1 15.2 7.2 8.6 29.1 24.2 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 4,978 - 47,996 9,330 10,860 21.8 21.9 123.3 149.7 40.4 33.3 19.8 14.5 56.4 50.3 5.1 4.3

Tata Global Neutral 144 - 8,896 8,070 8,958 9.8 9.9 7.6 8.5 19.0 16.9 2.2 2.1 9.3 9.7 1.1 0.9


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IT

HCL Tech^ Neutral 1,040 - 72,519 32,266 35,103 23.5 22.6 69.7 74.0 14.9 14.1 4.0 3.3 26.5 23.0 2.0 1.8

Hexaware* Neutral 128 - 3,832 2,273 2,575 22.2 21.5 12.4 13.4 10.3 9.6 2.6 2.3 25.4 23.5 1.6 1.3

Infosys Neutral 3,106 - 178,352 48,731 52,962 26.9 27.1 180.8 200.3 17.2 15.5 3.7 3.2 20.4 19.3 2.9 2.6

Infotech Enterprises Neutral 186 - 2,082 2,128 2,341 17.2 17.6 21.3 23.2 8.8 8.0 1.3 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Buy 131 155 2,534 2,769 3,122 18.3 17.8 15.3 16.6 8.6 7.9 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Neutral 1,046 - 4,348 2,871 3,110 20.4 20.7 102.6 111.2 10.2 9.4 2.5 2.0 24.8 20.3 1.2 1.0

Mphasis& Neutral 432 - 9,068 6,827 7,342 21.0 21.2 47.0 51.3 9.2 8.4 1.6 1.4 14.3 14.2 0.9 0.7

NIIT Neutral 19 - 314 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 - 2,352 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 2,066 - 404,352 80,353 91,576 30.0 30.0 91.0 103.2 22.7 20.0 7.4 5.9 31.5 29.2 4.6 4.0

Tech Mahindra Accumulate 1,399 1,485 32,495 17,749 19,406 22.5 21.0 113.6 114.2 12.3 12.3 3.6 2.8 27.9 22.1 1.6 1.3

Wipro Neutral 482 - 118,692 43,610 47,320 21.6 22.2 30.0 33.0 16.1 14.6 3.6 3.0 20.7 19.4 2.3 2.0

Media

D B Corp Accumulate 238 267 4,359 1,783 1,968 23.8 25.0 13.6 16.0 17.5 14.9 4.2 3.7 22.5 22.9 2.4 2.1

HT Media Buy 90 112 2,108 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 2,713 1,683 1,845 19.7 20.8 5.9 6.9 13.9 11.8 2.6 2.4 19.4 21.2 1.7 1.5

PVR Neutral 390 - 1,548 1,359 1,540 17.3 17.4 17.2 21.6 22.6 18.1 2.3 2.1 10.3 12.0 1.5 1.4

Sun TV Network Neutral 391 - 15,419 2,287 2,551 69.7 70.5 20.0 23.3 19.6 16.8 4.8 4.2 26.4 27.3 6.5 5.7

Metals & Mining

Bhushan Steel Reduce 458 419 10,368 12,640 15,667 28.5 31.5 25.9 38.6 17.7 11.9 1.1 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 265 - 167,289 68,303 69,884 32.5 30.3 27.5 25.0 9.6 10.6 3.6 2.6 40.2 33.1 1.6 1.5

Electrosteel Castings Buy 11 15 355 1,976 2,017 11.8 12.7 0.1 1.2 170.3 9.0 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 83 115 2,647 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 0.7

Hind. Zinc Buy 122 143 51,486 12,389 13,093 48.5 51.7 15.2 17.0 8.0 7.2 1.4 1.2 18.5 18.0 1.8 1.4

Hindalco Neutral 109 - 20,792 95,465 102,491 8.4 9.0 13.9 17.2 7.8 6.3 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 541 - 13,076 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 210 223 3,522 956 982 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 126 139 805 2,199 2,575 21.6 22.8 30.7 38.6 4.1 3.3 0.3 0.3 7.7 8.9 1.4 1.1

Nalco Neutral 34 - 8,634 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 122 142 48,171 10,718 11,514 66.6 64.5 15.5 16.1 7.9 7.6 1.6 1.4 21.2 20.0 2.3 2.1

SAIL Neutral 48 - 19,659 44,060 54,227 9.2 10.9 5.3 6.8 9.0 7.0 0.5 0.5 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa* Neutral 187 - 55,380 3,817 5,781 12.1 17.7 27.0 29.6 6.9 6.3 0.8 0.7 12.9 12.5 15.1 10.0

Tata Steel Accumulate 290 317 28,151 153,862 167,209 9.4 10.5 32.8 53.5 8.8 5.4 0.8 0.7 9.0 13.2 0.5 0.5

Sarda Buy 85 98 304 1,323 1,398 17.2 17.9 25.3 27.8 3.4 3.1 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 403 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

Neutral 78 - 255 2,171 2,317 14.9 15.8 36.4 46.6 2.1 1.7 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Accumulate 335 364 64,001 18,403 17,925 71.9 62.1 62.1 57.4 5.4 5.8 1.1 1.0 22.6 17.8 2.1 1.9GAIL Neutral 303 - 38,390 49,700 48,822 16.0 16.6 32.9 33.4 9.2 9.1 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 257 350 219,577 164,816 196,050 33.7 36.6 30.0 38.7 8.6 6.6 1.3 1.2 16.0 18.5 1.0 0.7

Reliance Indus tr ies Accumulate 849 953 274,395 417,018 442,434 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 207 - 2,661 3,270 3,414 12.8 12.6 22.6 23.1 9.2 9.0 2.4 2.2 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 260 - 3,634 3,656 4,456 21.5 18.6 25.7 26.8 10.1 9.7 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 120 135 9,000 39,449 43,315 5.3 5.9 14.1 16.9 8.5 7.1 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 49 67 2,777 1,002 1,021 91.4 91.5 8.2 8.4 6.0 5.9 0.8 0.7 14.3 13.0 2.2 2.1

Pharmaceuticals

Alembic Pharma Buy 135 165 2,536 1,736 2,008 17.1 18.9 10.5 13.8 12.8 9.8 3.9 3.0 34.4 34.7 1.5 1.2

Aurobindo Pharma Buy 189 271 5,516 6,641 7,637 15.9 15.9 17.3 20.6 11.0 9.2 1.8 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,344 - 5,398 1,682 1,917 15.6 15.6 91.9 101.7 25.5 23.1 3.6 3.6 15.6 17.1 2.8 2.3

Cadila Healthcare Buy 639 894 13,073 7,123 8,367 15.5 15.7 37.3 44.7 17.1 14.3 3.6 3.0 22.9 22.9 2.2 1.8

Cipla Buy 420 477 33,703 9,274 10,796 23.1 23.1 21.0 23.8 20.0 17.6 3.2 2.8 17.2 16.8 3.3 2.7

Dr Reddy's Accumulate 2,280 2,535 38,756 13,377 15,350 20.4 20.1 112.1 126.6 20.3 18.0 4.3 3.6 23.5 21.8 2.9 2.5

Dishman Pharma Buy 42 73 341 1,394 1,534 22.5 22.4 14.8 16.6 2.9 2.5 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,262 - 19,159 2,744 2,964 22.0 23.4 59.2 66.6 38.2 34.0 9.5 9.2 24.9 27.5 6.2 5.7

Indoco Remedies Buy 62 78 575 747 906 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 700 724 8,831 3,296 4,087 20.5 21.7 36.8 48.3 19.0 14.5 4.5 3.5 26.5 27.3 2.6 2.1

Lupin Accumulate 876 904 39,238 11,576 13,855 22.0 22.0 35.8 43.0 24.5 20.4 5.9 4.7 27.1 25.8 3.3 2.7

Ranbaxy* Neutral 444 - 18,798 10,400 11,331 6.6 8.4 11.4 15.2 39.0 29.2 4.1 3.6 11.1 13.1 1.8 1.6

Sun Pharma Neutral 520 - 107,666 13,509 15,846 41.0 41.0 16.5 19.9 31.5 26.1 6.4 5.3 22.0 22.0 7.3 6.1

Power

GIPCL Accumulate 60 65 908 1,444 1,482 33.4 33.0 13.7 14.8 4.4 4.1 0.5 0.5 12.3 12.0 0.7 0.5

NTPC Buy 129 163 106,202 75,046 81,780 23.5 23.9 12.7 13.6 10.1 9.5 1.2 1.1 12.2 12.0 2.1 2.1

Real Estate

DLF Buy 127 179 22,523 8,293 9,622 36.5 36.1 5.7 6.7 22.2 18.8 0.8 0.8 3.7 4.1 4.8 4.0


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Real Estate

MLIFE Buy 401 483 1,639 888 1,002 27.0 29.9 33.9 42.1 11.8 9.5 1.2 1.1 9.9 11.2 2.4 2.2

Telecom

Bharti Airtel Buy 297 350 118,903 83,535 92,173 32.0 33.1 9.2 12.9 32.4 23.0 2.1 1.9 6.8 8.9 2.1 1.8

Idea Cellular Neutral 158 - 52,421 26,717 29,443 30.6 29.8 5.5 6.7 29.0 23.5 3.2 2.8 11.1 12.0 2.2 1.9

Rcom Neutral 131 - 27,059 22,050 23,647 30.6 30.8 3.2 5.2 41.0 25.1 0.8 0.8 1.9 3.1 2.9 2.5

Others

Abbott India* Buy 1,400 1,628 2,976 1,788 1,996 12.5 12.7 71.7 81.4 19.5 17.2 3.9 3.4 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 152 184 1,520 3,885 4,472 4.0 5.8 6.8 15.4 22.6 9.9 2.0 1.7 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 494 613 625 631 797 14.5 13.7 42.6 51.1 11.6 9.7 2.8 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 68 781 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 280 349 365 2,304 2,649 3.1 3.6 28.0 43.7 10.0 6.4 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 297 345 685 1,458 1,542 8.3 9.0 32.3 37.0 9.2 8.0 1.7 1.4 19.5 19.3 0.3 0.2

Hitachi Buy 105 153 287 1,080 1,199 8.9 9.1 18.3 19.1 5.8 5.5 1.0 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,399 - 2,121 1,842 2,131 7.7 7.8 111.1 130.9 21.6 18.3 2.7 2.4 13.3 13.9 1.0 0.9

IFB Agro Buy 136 156 122 491 642 12.3 13.8 35.0 50.9 3.9 2.7 0.7 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 168 194 193 1,365 1,502 10.9 11.2 18.2 28.0 9.2 6.0 0.5 0.4 5.1 7.4 0.5 0.5

Jyothy Laboratories Buy 148 199 2,465 1,244 1,523 14.1 14.2 5.9 10.0 25.1 14.9 3.0 2.6 12.7 18.8 2.4 1.9

MRF Buy 13,394 16,218 5,681 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.5 7.4 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 3,981 4,669 4,440 1,059 1,296 19.5 19.8 125.0 155.6 31.9 25.6 15.8 11.6 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 720 981 864 1,196 1,401 11.9 12.6 55.6 75.4 13.0 9.5 3.1 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 191 228 179 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.5 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 347 492 611 1,007 1,108 8.4 8.7 30.3 35.1 11.5 9.9 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 55 108 345 300 319 35.8 36.2 7.9 9.1 7.0 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 260 371 400 814 849 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 239 297 858 153 194 53.0 52.8 12.4 15.6 19.3 15.3 2.3 2.0 11.8 13.1 5.4 4.1

TVS Srichakra Buy 170 230 130 1,591 1,720 6.1 6.4 30.5 38.3 5.6 4.4 0.7 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,351 - 34,172 12,294 14,162 12.0 12.0 42.1 67.7 55.9 34.7 3.9 3.6 9.1 10.7 3.0 2.6

Vesuvius India* Buy 350 439 710 600 638 20.1 19.4 35.7 36.6 9.8 9.6 1.8 1.5 19.4 17.1 1.0 0.9

HSIL Buy 80 117 531 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 September 04, 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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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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