market outlook 051212

7/30/2019 Market Outlook 051212

1/12

Market OutlookDecember 5, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the green reflecting positive opening

trades in the SGX Nifty and major Asian indices.

The US markets mostly moved lower over the course of the previous session and

stocks showed a lack of direction throughout the trading day on Tuesday. The

lackluster performance reflected continued uncertainty about the looming fiscal

cliff. The major averages bounced back and forth across the unchanged line

before closing modestly lower. Meanwhile the European markets ended Tuesday's

session with mixed results. Banks were among the best performing stocks. There

was very little news or economic data released that was capable of swaying the

markets in any particular direction. The continuing question of the looming fiscal

cliff in the US remained in focus. Little if any progress has been made in the

negotiations, after Republicans put forth a plan that would raise US$800 billion in

new revenue from taxes. The plan was shot down by the White House, largelybecause the plan lacked a tax increase on the wealthy.

Meanwhile, Indian shares saw a late-session rebound to end modestly higher on

Tuesday as investors remained optimistic about the government winning a

parliamentary vote on FDI in multi-brand retail. The debate on FDI did not reach

any conclusion and is expected to continue in todays parliament session.

Markets Today

The trend deciding level for the day is 19,329 / 5,881 levels. If NIFTY trades above

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

up to 19,393 19,439 / 5,903 5,917 levels. However, if NIFTY trades below

19,329 / 5,881 levels for the first half-an-hour of trade then it may correct up to19,283 19,218 / 5,867 5,845 levels.

SENSEX 19,218 19,283 19,329 19,393 19,439NIFTY 5,845 5,867 5,881 5,903 5,917

News Analysis APTY to set up a coal based power plant at its Oragadam plant Result Preview- Mphasis

Refer detailed news analysis on the following page

Net Inflows (December 3, 2012)

FII 2,422 1,632 790 790 105,809

MFs 436 612 (176) (176) (17,773)

FII Derivatives (December 04, 2012)

Index Futures 584 893 (309) 10,933

Stock Futures 1,032 1,183 (151) 30,570

Gainers / Losers

United Breweries 999 19.2 Jet Air India 527 (5.2)

JPPOWER 43 9.8 CRISIL 1,007 (5.1)

Tata Chemicals 352 5.2 Suzlon Energy 19 (3.6)

Zee Entert 209 4.5 Bayer Crop 1,248 (3.2)

Jaiprakash Asso 102 4.5 Videocon Inds 231 (3.2)

BSE Sensex 0.2 42.8 19,348

Nifty 0.3 18.3 5,889

MID CAP 0.1 6.8 6,992

SMALL CAP 0.6 43.6 7,382

BSE HC 0.3 25.8 7,988

BSE PSU 0.3 19.7 7,210

BANKEX 0.7 104.2 14,000

AUTO (0.4) (46.9) 10,788

METAL (0.4) (36.8) 10,401

OIL & GAS 1.6 130.4 8,422

BSE IT (0.7) (40.3) 5,851

Dow Jones (0.5) (60.0) 12,966NASDAQ (0.3) (8.0) 3,002

FTSE 0.2 9.9 5,881

Nikkei (0.3) (25.7) 9,432

Hang Seng 0.2 32.1 21,800

Straits Times (0.1) (3.6) 3,062

Shanghai Com 0.8 15.4 1,975

INFY 0.1 0.0 $44.0

WIT (0.7) (0.1) $8.6IBN 1.0 0.4 $41.6

HDB (0.2) (0.1) $41.6

Advances 1,607 827

Declines 1,327 688

Unchanged 127 74

BSE 2,940

NSE 12,570


2/12



APTY to set up a coal based power plant at its Oragadam plant

Apollo Tyres (APTY) has announced that it proposes to set up a coal based thermal

power plant at its Oragadam plant in Tamil Nadu. The company is planning to set

up a 2x7.5 MW power plant in an area of 2.47 acre within the plant. The

Oragadam plant is one of the biggest plant of the company and accounts for~33% of the total installed capacity of the company. The main purpose of setting

of the plant is to ensure smooth functioning of the plant as the power situation in

Tamil Nadu remains adverse and there are frequent power cuts in the state. As per

reports, the company is waiting for environmental clearance from the centre. While

the company has not revealed details regarding the expenditure on the plant, we

believe it could be in the range of `45-`50cr. We see this as a positive

development for the company as in-built power plant will ensure smooth

production which will lead to efficient operations. At `85, the stock is trading at

5.7x FY2014E earnings.

Mphasis - 4QFY2012 (CMP: `389 / TP: - / Upside: -)

Mphasis is slated to announce its 4QFY2012 results today. We expect the

company to record revenues of US$246mn, down 2.5% qoq. In INR terms,

revenues are expected to come in at `1,340cr, down 1% qoq. EBITDA margin is

expected to come in at 19.0% qoq, down 70bp qoq. PAT is expected to be at

`180cr.

FY2013E 5,700 18.0 776 37.0 14.3 10.5 1.5 5.3 0.9

FY2014E 5,993 17.0 782 37.3 12.6 10.4 1.3 4.8 0.8

Economic and Political News

Speaker rejects BJP, Left demand for separate debate on FEMA Government committed to keep fiscal deficit at 5.3% this fiscal Retail FDI, FEMA issue to be taken up together in LS Limit to providing fertiliser subsidy: PawarCorporate News

Vedanta to shut Lanjigarh refinery from today Kolkata: a concern for GSM operators Adani Group to start Oz coal imports from 2015 Piramal Enterprises' subsidiary acquires Abacus InternationalSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

December 5, 2012 2:25PM Germany PMI Services Value Nov F 48.00 48.00

December 6, 2012 7:00PM US Initial Jobless claims Thousands Dec 1 393.00 380.00

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) (0.10)

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Dec 6 0.75 0.75

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) (0.50)

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 90.00

7:00PM US Unnemployment rate % Nov 7.90 7.90

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 2.10

11:00AM China Industrial Production (YoY) % Change Nov 9.60 9.80

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 9.00

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --

11:00PM US FOMC rate decision % Dec 12 0.25 --

December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)

7:45PM US Industrial Production % Nov (0.43) 0.30

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

3:00PM UK CPI (YoY) % Change Nov 2.70 --

India RBI Reverse Repo rate % Dec 18 7.00 --

December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 --7:00PM US Building permits Thousands Nov 868.00 --

December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --

7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 --

8:30PM US Existing home sales Millions Nov 4.79 --

December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) --

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --

8:30PM US New home sales Thousands Nov 368.00 --

Source: Bloomberg, Angel Research

December 05, 2012

Market Outlook


4/12



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

(5.0)

6 .0

2 .7

1 .0

4 .3

(2.8) (1.3)

2 .5

(2.0)(0.2)

2 .3

(0.4)

(6.0)

(4.0)

(2.0)

-

2 .0

4 .0

6 .0

8 .0

O

ct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

(%)

9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5

0. 0

1. 0

2. 0

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

Nov

-11

Dec

-11

Jan

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Fe

b-

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M

ar

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Apr

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M

ay

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Jun

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Ju

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Aug

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O

ct-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

O

ct-11

Nov

-11

Dec

-11

Jan

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Fe

b-1

2

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M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

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Apr-

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M

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Jun

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Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

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Fe

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M

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Repo rate Reverse Repo rate C RR(%)


5/12

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 167 - 3,238 1,466 1,686 14.8 14.8 7.0 8.1 23.8 20.6 5.1 4.3 22.6 22.5 2.3 2.0

United Phosphorus Buy 125 170 5,783 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 253 - 4,320 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.8 4.0 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 84 96 4,234 13,713 15,341 11.2 11.2 12.5 14.8 6.7 5.7 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 28 31 7,383 14,490 16,606 9.5 9.6 2.2 2.9 12.5 9.7 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 359 - 542 1,103 1,240 11.0 11.3 39.1 45.0 9.2 8.0 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 1,927 - 55,748 21,121 23,642 18.4 18.5 108.7 122.6 17.7 15.7 7.4 5.9 46.2 41.6 2.3 1.9

Bharat Forge Buy 267 324 6,205 6,754 7,565 15.5 15.7 18.8 23.2 14.2 11.5 2.5 2.1 18.5 19.7 1.1 0.9

Bosch India* Neutral 9,051 - 28,418 8,776 10,276 16.6 18.0 331.9 417.7 27.3 21.7 5.1 4.2 18.7 19.5 2.9 2.4

CEAT Buy 105 163 360 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 147 155 12,491 6,229 7,200 14.8 15.8 7.2 9.0 20.5 16.4 3.6 3.0 18.5 19.9 1.7 1.4

FAG Bearings* Neutral 1,698 - 2,821 1,489 1,750 16.5 17.5 103.3 126.9 16.4 13.4 3.2 2.6 21.3 21.6 1.7 1.4

Hero Motocorp Accumulate 1,821 1,956 36,357 24,743 27,996 14.8 15.2 118.2 130.4 15.4 14.0 6.6 5.2 48.3 41.9 1.2 1.0

JK Tyre Buy 115 165 471 7,517 8,329 6.6 6.6 37.2 41.3 3.1 2.8 0.5 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Neutral 956 - 58,678 40,035 46,272 11.5 11.6 54.7 62.8 17.5 15.2 3.9 3.3 24.3 23.4 1.2 1.0

Maruti Neutral 1,489 - 43,027 42,019 50,246 7.3 8.6 66.1 94.4 22.5 15.8 2.6 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 173 - 10,191 24,285 27,317 6.7 7.2 8.1 10.6 21.5 16.4 4.5 3.7 22.9 24.7 0.6 0.5

Subros Accumulate 32 35 193 1,286 1,479 9.4 9.7 2.6 5.1 12.4 6.4 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 272 319 72,504 192,330 219,770 12.8 13.1 37.0 44.5 7.4 6.1 2.0 1.6 31.2 28.9 0.4 0.4

TVS Motor Accumulate 40 45 1,905 7,466 8,290 6.2 6.3 4.8 5.6 8.4 7.2 1.4 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 718 573 15,218 7,796 9,907 4.8 7.8 9.2 22.0 78.1 32.6 5.7 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 274 - 1,980 3,605 4,542 11.8 10.7 25.1 27.9 10.9 9.8 1.6 1.4 31.1 27.1 1.0 0.9

BHEL Neutral 237 - 58,020 47,801 43,757 18.5 18.0 24.6 21.8 9.6 10.9 2.9 2.5 33.5 24.5 1.1 1.2

Blue Star Buy 198 242 1,782 2,763 2,948 3.1 5.6 2.6 8.6 75.3 23.2 4.4 3.8 5.9 17.6 0.8 0.7

Crompton Greaves Buy 115 145 7,400 12,370 14,277 5.2 7.3 4.0 7.8 28.8 14.8 2.0 1.8 6.9 12.6 0.6 0.6

Jyoti Structures Accumulate 48 53 396 2,794 3,048 10.6 10.6 9.2 11.7 5.2 4.1 0.6 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 65 73 1,675 6,858 7,431 7.1 7.5 8.3 9.8 7.9 6.7 1.3 1.1 25.1 24.0 0.4 0.4

LMW Neutral 2,094 - 2,359 2,369 2,727 11.7 11.7 143.4 166.0 14.6 12.6 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 606 - 7,216 5,514 5,813 9.3 10.2 28.1 31.2 21.6 19.4 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 05, 2012


6/12



Cement

ACC Neutral 1,434 - 26,927 11,085 12,415 21.6 21.4 79.4 83.1 18.1 17.3 3.5 3.2 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 210 - 32,310 10,272 11,884 26.4 26.1 11.5 12.9 18.3 16.2 4.0 3.6 20.8 21.1 2.8 2.3

India Cements Neutral 89 - 2,737 4,293 4,666 17.7 18.1 8.6 10.8 10.4 8.3 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 138 - 1,687 2,082 2,423 22.9 23.1 20.8 22.5 6.6 6.1 1.2 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 201 - 4,786 3,814 4,045 29.3 27.5 18.7 19.2 10.7 10.5 2.0 1.7 19.9 17.4 1.9 1.7

Shree Cements^ Neutral 4,329 - 15,081 5,701 6,210 29.7 28.1 240.7 260.7 18.0 16.6 4.4 3.6 27.1 23.6 2.1 1.7

UltraTech Cement Neutral 1,998 - 54,785 21,368 24,043 22.5 23.5 103.5 121.4 19.3 16.5 3.6 3.1 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 200 304 1,052 2,034 2,315 22.4 22.4 27.1 31.7 7.4 6.3 0.9 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 13 - 235 2,262 2,522 6.7 7.5 1.5 2.7 8.5 4.8 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 136 164 4,518 3,843 4,212 43.1 43.6 16.8 17.8 8.1 7.6 1.4 1.2 18.3 17.0 3.3 3.6

ITNL Buy 195 225 3,792 6,564 7,054 27.2 27.4 26.3 29.0 7.4 6.7 1.2 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 43 - 1,317 4,249 6,897 7.8 8.2 0.3 3.3 139.1 13.0 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 97 - 20,764 13,842 15,863 26.9 26.4 3.7 4.6 26.6 21.4 1.6 1.5 6.2 7.3 3.0 2.7

Larsen & Toubro Neutral 1,666 - 102,456 60,556 69,167 11.2 11.6 73.8 85.5 22.6 19.5 3.6 3.2 13.5 14.1 1.9 1.6

Nagarjuna Const. Reduce 49 44 1,261 5,947 6,569 8.5 8.6 3.1 4.1 15.8 12.0 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 55 - 1,815 11,892 13,116 9.0 9.0 1.8 3.2 30.2 17.0 0.6 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 137 168 2,062 2,344 2,804 10.6 10.7 7.2 8.7 19.0 15.7 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 180 251 891 6,882 8,032 9.1 9.1 23.2 31.3 7.8 5.7 0.7 0.6 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Neutral 147 - 7,340 6,392 7,238 2.7 2.8 30.3 33.3 4.9 4.4 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 112 - 6,242 4,731 5,431 2.9 3.0 21.5 21.8 5.2 5.1 0.8 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,319 1,476 56,288 15,686 18,687 3.1 3.2 116.8 138.0 11.3 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Accumulate 758 817 29,693 15,436 18,208 2.5 2.6 111.8 137.4 6.8 5.5 1.0 0.9 15.8 17.0 - -

Bank of India Neutral 281 - 16,100 12,491 14,883 2.2 2.4 43.8 63.7 6.4 4.4 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 56 - 3,319 3,563 3,876 3.1 3.1 9.7 12.0 5.8 4.7 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 463 - 20,495 10,699 12,213 2.1 2.2 67.3 80.1 6.9 5.8 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 79 - 5,779 7,171 8,236 2.5 2.6 16.4 21.5 4.8 3.7 0.8 0.7 12.7 14.9 - -

Corporation Bank Accumulate 418 445 6,188 4,780 5,569 2.0 2.1 101.8 99.2 4.1 4.2 0.7 0.6 17.0 14.7 - -

Dena Bank Accumulate 113 123 3,963 3,087 3,453 2.7 2.8 25.9 24.1 4.4 4.7 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 483 - 8,265 2,617 2,968 3.3 3.2 45.9 51.7 10.5 9.4 1.3 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 05, 2012


7/12



Financials

HDFC Neutral 836 - 128,788 7,336 8,802 3.5 3.5 31.5 37.8 26.5 22.1 5.3 4.7 34.8 32.1 - -

HDFC Bank Neutral 687 - 162,518 21,696 26,811 4.4 4.5 28.7 36.0 24.0 19.1 4.6 3.9 20.7 22.0 - -

ICICI Bank Buy 1,102 1,270 126,716 22,271 26,690 3.0 3.0 69.2 83.1 15.9 13.3 1.9 1.8 14.2 15.7 - -

IDBI Bank Neutral 109 - 13,890 7,684 9,264 1.8 2.1 15.6 22.0 7.0 5.0 0.8 0.7 10.9 13.9 - -

Indian Bank Accumulate 185 202 7,961 5,874 6,551 3.2 3.2 40.6 41.8 4.6 4.4 0.8 0.7 18.1 16.4 - -

IOB Neutral 81 - 6,444 7,050 8,313 2.3 2.5 12.3 19.9 6.6 4.1 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,374 - 6,659 2,762 2,885 3.6 3.6 226.7 193.0 6.1 7.1 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 266 298 13,444 1,799 2,255 2.3 2.4 20.3 27.3 13.1 9.8 2.1 1.8 16.9 19.7 - -

Oriental Bank Neutral 333 - 9,719 6,277 7,090 2.6 2.7 60.5 65.1 5.5 5.1 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 783 843 26,541 19,652 22,601 3.2 3.3 135.0 164.3 5.8 4.8 1.0 0.8 16.3 17.3 - -

South Ind.Bank Neutral 26 - 3,454 1,556 1,750 2.8 2.7 3.5 3.9 7.4 6.7 1.2 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,203 2,437 147,851 61,883 71,546 3.4 3.4 227.2 257.5 9.7 8.6 1.7 1.4 17.8 17.7 - -

Syndicate Bank Neutral 127 - 7,618 6,756 7,783 3.0 3.0 26.3 27.1 4.8 4.7 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 77 - 5,092 5,234 6,097 2.3 2.4 11.8 14.7 6.5 5.2 1.0 0.9 11.9 13.4 - -

Union Bank Accumulate 238 250 13,081 9,912 11,536 2.8 2.9 40.4 46.7 5.9 5.1 1.0 0.8 16.1 16.4 - -

United Bank Neutral 75 - 2,718 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -

Vijaya Bank Neutral 61 - 3,000 2,354 2,754 2.0 2.2 7.4 10.2 8.2 5.9 0.8 0.7 9.3 11.9 - -

Yes Bank Accumulate 448 492 15,962 3,270 4,240 2.8 3.0 34.5 42.2 13.0 10.6 2.8 2.3 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,350 - 41,729 11,198 13,184 16.2 16.2 123.7 146.4 35.2 29.7 12.0 9.4 38.1 35.4 3.7 3.1

Britannia Buy 495 584 5,918 5,627 6,581 4.9 5.7 18.3 24.7 27.1 20.1 9.9 7.6 39.1 42.7 1.0 0.8

Colgate Neutral 1,463 - 19,893 3,146 3,573 20.6 21.4 36.4 42.5 40.2 34.4 37.2 31.1 102.0 98.5 6.1 5.4

Dabur India Neutral 129 - 22,484 6,124 7,101 17.0 16.8 4.5 5.2 28.9 24.7 11.9 9.4 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,721 - 15,650 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.6 30.1 11.1 8.9 34.4 32.8 4.7 3.9

Godrej Consumer Neutral 728 - 24,779 6,355 7,548 18.4 18.6 22.8 27.6 31.9 26.4 7.3 6.0 26.4 26.1 4.1 3.4

HUL Neutral 536 - 115,891 25,350 28,974 13.3 13.5 14.7 17.1 36.4 31.4 28.8 20.3 84.5 75.8 4.4 3.8

ITC Neutral 296 - 233,102 29,409 34,060 35.7 36.1 9.3 10.9 31.8 27.1 10.5 8.8 35.8 35.3 7.6 6.5

Marico Neutral 224 - 14,416 4,840 5,643 13.1 13.1 6.2 7.8 36.3 28.7 6.9 5.6 25.4 22.6 3.0 2.5

Nestle* Neutral 4,688 - 45,203 8,529 10,079 20.8 21.1 113.1 137.8 41.5 34.0 24.9 17.4 70.5 60.2 5.4 4.4

Tata Global Neutral 169 - 10,423 7,207 7,927 9.7 10.0 6.6 7.8 25.5 21.6 2.6 2.5 8.6 9.5 1.4 1.2


Market Outlook

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December 05, 2012


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IT

HCL Tech^ Neutral 647 - 44,957 24,214 26,772 19.5 18.1 44.0 48.0 14.7 13.5 3.5 2.9 24.0 22.0 1.8 1.6

Hexaware* Buy 109 135 3,220 1,944 2,159 21.8 21.1 11.4 12.2 9.6 8.9 2.5 2.1 26.4 24.1 1.4 1.2

Infosys Accumulate 2,436 2,573 139,883 39,174 41,580 29.5 30.4 159.2 171.6 15.3 14.2 3.7 3.3 24.1 23.1 3.0 2.8

Infotech Enterprises Accumulate 191 202 2,129 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.5 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Neutral 126 - 2,261 2,195 2,317 15.5 15.0 10.7 12.1 11.8 10.5 2.5 2.0 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 103 115 12,110 7,597 8,141 20.0 18.8 9.7 10.4 10.7 9.9 2.9 2.3 27.5 22.9 1.2 1.0

Mindtree Neutral 717 - 2,947 2,324 2,437 20.0 17.7 73.3 74.7 9.8 9.6 2.3 1.9 24.1 19.7 1.0 0.9Mphasis& Neutral 401 - 8,423 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.8 1.6 1.4 14.3 12.6 1.0 0.9

NIIT Accumulate 32 36 526 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.1 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 500 - 2,001 1,261 1,352 26.4 24.7 48.2 54.0 10.4 9.3 2.0 1.7 19.0 17.9 1.3 1.1

TCS Accumulate 1,315 1,410 257,345 61,053 67,313 28.7 29.1 69.7 76.2 18.9 17.3 6.2 5.0 32.6 29.1 4.0 3.6

Tech Mahindra Buy 891 1,070 11,384 6,603 7,150 19.8 18.4 92.9 102.0 9.6 8.7 2.3 1.8 23.7 21.0 1.8 1.6

Wipro Accumulate 395 421 97,164 43,219 47,241 20.0 20.0 26.1 28.1 15.1 14.1 2.9 2.5 19.3 17.9 1.9 1.6

Media

D B Corp Buy 218 259 4,004 1,581 1,784 23.3 25.0 11.6 14.4 18.9 15.1 3.7 3.1 21.0 22.3 2.4 2.1

HT Media Neutral 109 - 2,566 2,111 2,272 15.0 15.2 7.4 8.3 14.8 13.2 1.6 1.4 11.3 11.4 0.9 0.7

Jagran Prakashan Accumulate 104 117 3,278 1,503 1,681 23.1 23.1 6.4 7.3 16.2 14.3 4.0 3.6 25.8 26.5 2.4 2.1

PVR Neutral 325 - 937 682 786 17.3 16.9 17.6 19.7 18.4 16.5 2.2 1.9 14.9 14.5 1.7 1.5

Sun TV Network Neutral 409 - 16,120 1,942 2,237 77.2 75.5 17.6 19.1 23.2 21.4 5.8 5.2 25.8 25.2 7.8 6.7

Metals & Mining

Bhushan Steel Neutral 467 - 9,907 11,307 14,287 29.5 29.1 45.1 51.0 10.3 9.1 1.2 1.1 12.2 12.2 2.9 2.3

Coal India Neutral 366 - 231,274 66,666 70,292 25.7 27.3 24.2 26.6 15.1 13.8 4.5 3.6 33.1 29.1 2.5 2.2

Electrosteel Castings Accumulate 25 29 879 1,984 2,074 10.6 11.6 0.8 2.0 30.4 12.5 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 142 - 59,915 12,446 13,538 52.3 52.9 15.0 16.4 9.5 8.7 1.9 1.6 21.4 19.7 2.9 2.3

Hindalco Neutral 118 - 22,515 79,148 89,258 9.4 9.0 15.0 15.6 7.9 7.6 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 752 - 16,784 39,586 41,459 17.6 17.0 78.7 90.1 9.6 8.4 0.9 0.9 10.2 10.7 0.8 0.8

MOIL Accumulate 245 261 4,108 941 1,019 47.3 48.3 25.8 28.1 9.5 8.7 1.5 1.3 16.7 16.2 2.0 1.7

Monnet Ispat Buy 266 344 1,709 2,501 3,264 22.2 24.6 41.8 55.2 6.4 4.8 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 49 44 12,551 6,898 7,841 9.9 14.7 2.0 3.2 24.6 15.3 1.1 1.0 4.3 6.8 1.4 1.2

NMDC Buy 165 198 65,398 11,209 12,525 78.4 78.3 18.5 20.6 8.9 8.0 2.2 1.8 27.0 24.6 3.9 3.3

SAIL Neutral 82 - 33,746 47,252 60,351 14.2 14.8 9.6 11.7 8.5 7.0 0.8 0.7 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 05, 2012


9/12



Metals & Mining

Sesa Goa Neutral 182 - 15,857 4,551 6,640 32.8 34.4 33.7 39.3 5.4 4.7 0.9 0.8 18.3 18.3 4.1 2.8

Sterlite Inds Neutral 108 - 36,446 43,185 45,442 23.3 23.7 16.8 17.9 6.5 6.1 0.7 0.7 11.6 11.2 0.8 0.8

Tata Steel Buy 391 463 37,941 145,725 154,108 8.3 9.5 22.0 44.5 17.7 8.8 0.9 0.8 4.9 9.3 0.5 0.5

Sarda Accumulate 139 153 498 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 47 73 631 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 119 143 377 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Accumulate 332 382 63,483 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.9 1.1 1.0 22.0 17.5 2.8 2.4

GAIL Neutral 349 - 44,219 46,652 54,142 15.7 15.7 34.0 35.3 10.3 9.9 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 263 312 224,624 147,139 154,821 33.9 33.7 30.7 32.3 8.6 8.1 1.5 1.3 18.3 17.2 1.3 1.1

Reliance Industries Neutral 804 - 263,176 362,700 380,031 7.9 8.0 60.0 63.3 13.4 12.7 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 305 - 3,908 3,128 3,707 13.2 11.7 22.8 23.5 13.4 12.9 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 267 - 3,732 3,213 3,643 23.3 23.5 24.3 25.7 11.0 10.4 2.5 2.1 25.0 22.1 1.3 1.1

Petronet LNG Accumulate 163 183 12,214 30,077 33,570 6.6 6.3 15.1 15.3 10.8 10.7 2.7 2.3 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 75 - 4,246 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.7 3.7

Pharmaceuticals

Alembic Pharma Buy 66 91 1,250 1,624 1,855 14.2 15.6 6.6 9.1 10.1 7.3 2.5 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 191 - 5,560 5,243 5,767 14.6 14.6 11.8 12.6 16.2 15.2 2.0 1.7 17.9 16.4 1.5 1.4

Aventis* Neutral 2,221 - 5,115 1,482 1,682 15.5 15.5 95.1 104.4 23.4 21.3 4.1 3.2 18.6 17.0 3.2 2.8

Cadila Healthcare Accumulate 844 926 17,270 6,148 7,386 18.6 19.6 32.7 44.8 25.8 18.8 5.7 4.5 23.7 26.6 3.2 2.6

Cipla Neutral 414 - 33,201 8,151 9,130 25.0 24.0 19.5 20.9 21.2 19.8 3.7 3.2 18.8 17.2 3.8 3.3

Dr Reddy's Neutral 1,832 - 31,094 10,696 11,662 20.7 21.0 83.7 92.9 21.9 19.7 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 120 145 965 1,280 1,536 20.2 20.2 10.4 14.5 11.5 8.2 1.0 0.9 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,024 - 17,141 2,651 2,993 31.7 31.2 76.0 82.4 26.6 24.6 7.7 6.9 20.1 26.3 5.7 4.9

Indoco Remedies Buy 67 89 618 685 837 15.2 15.2 7.4 8.9 9.1 7.5 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 463 - 5,834 2,850 3,474 21.0 21.0 29.9 37.3 15.5 12.4 3.7 2.9 26.7 26.4 2.2 1.8

Lupin Accumulate 586 652 26,197 8,426 10,082 19.7 20.0 26.3 31.3 22.3 18.7 5.2 4.2 26.0 24.7 3.2 2.7

Ranbaxy* Neutral 501 - 21,170 12,046 11,980 18.0 15.8 31.3 29.8 16.0 16.8 5.5 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 705 - 72,906 9,752 12,134 41.6 41.6 26.0 28.2 27.1 25.0 5.1 4.3 20.3 18.8 6.7 5.2

Power

CESC Neutral 316 - 3,949 5,218 5,644 24.2 23.8 44.6 47.6 7.1 6.6 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 68 78 1,031 1,523 1,568 30.3 30.3 5.4 11.5 12.6 5.9 0.7 0.6 5.6 11.3 1.1 1.0


Market Outlook

Stock Watch

December 05, 2012


10/12



Power

NTPC Neutral 161 - 132,463 74,111 85,789 22.7 23.1 12.1 13.7 13.3 11.7 1.6 1.5 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 101 78 2,982 657 875 52.0 56.1 8.4 12.7 12.0 8.0 0.7 0.7 6.3 8.9 5.8 4.4

DLF Neutral 211 - 35,781 9,878 12,033 44.7 46.1 9.6 13.4 22.0 15.7 1.4 1.3 6.4 8.7 6.1 5.0

HDIL Neutral 114 - 4,772 2,441 3,344 55.1 48.2 22.7 26.6 5.0 4.3 0.4 0.4 8.8 9.4 3.8 2.9

MLIFE Neutral 417 - 1,703 813 901 26.2 26.6 32.0 37.1 13.0 11.3 1.4 1.2 10.4 11.0 2.5 2.2

TelecomBharti Airtel Neutral 331 - 125,774 81,984 90,718 32.1 33.8 10.9 16.9 30.4 19.6 2.3 2.1 7.6 10.6 2.2 1.9

Idea Cellular Neutral 97 - 32,120 22,234 24,161 26.9 27.7 3.3 4.9 29.3 19.7 2.3 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 72 - 14,758 21,090 22,308 31.8 29.9 3.0 3.8 23.5 18.8 0.4 0.4 1.7 2.1 2.4 2.1

zOthers

Abbott India Accumulate 1,453 1,590 3,087 1,629 1,886 11.8 13.3 60.8 79.5 23.9 18.3 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 205 217 2,041 3,497 3,968 6.6 7.6 9.8 15.5 20.9 13.2 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Reduce 434 411 549 427 528 15.7 14.6 30.0 34.0 14.5 12.8 3.2 2.6 24.6 22.5 1.4 1.2

Cravatex Buy 408 545 105 272 308 7.2 7.3 37.5 45.4 10.9 9.0 2.6 2.0 23.7 22.7 0.5 0.4

CRISIL Neutral 1,061 - 7,450 982 1,136 34.3 34.3 34.3 40.0 30.9 26.5 14.0 11.2 50.9 46.9 7.2 6.0

Finolex Cables Accumulate 55 61 840 2,304 2,552 9.9 9.1 8.2 10.1 6.7 5.5 0.9 0.8 13.7 14.7 0.3 0.3

Force Motors Accumulate 474 537 618 2,318 2,700 5.0 5.7 45.0 67.0 10.5 7.1 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 330 360 761 1,494 1,607 6.4 7.8 23.9 33.0 13.8 10.0 2.2 1.9 16.5 20.1 0.3 0.2

Greenply Industries Neutral 305 - 736 1,925 2,235 10.6 10.9 29.6 44.1 10.3 6.9 1.7 1.4 16.8 21.0 0.7 0.6

Hitachi Buy 125 146 287 873 989 4.4 6.5 6.4 12.2 19.7 10.3 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,432 2,842 2,150 1,745 1,993 4.0 5.3 59.5 90.4 40.9 26.9 3.1 2.7 8.1 11.3 1.1 1.0

Styrolution ABS India* Accumulate 694 744 1,221 1,059 1,116 8.5 9.5 36.0 42.0 19.3 16.5 2.8 2.4 15.4 16.0 1.2 1.1ITD Cementation Neutral 249 - 287 1,323 1,455 12.4 12.4 23.2 27.7 10.7 9.0 0.7 0.7 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 192 - 3,099 1,228 1,443 9.0 10.9 3.9 6.4 49.4 30.1 4.9 4.5 10.1 15.6 3.0 2.5

MCX Reduce 1,563 1,440 7,969 553 624 65.3 66.3 62.5 72.0 25.0 21.7 6.9 5.9 27.5 27.4 11.4 9.6

MRF Buy 10,899 12,884 4,622 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.5 7.6 1.6 1.4 21.3 19.4 0.5 0.5

Page Industries Neutral 3,532 - 3,939 836 1,023 20.2 20.6 105.6 133.4 33.5 26.5 17.0 12.0 59.3 53.2 4.8 3.9

Relaxo Footwears Buy 792 933 950 1,019 1,208 11.0 12.5 47.0 66.7 16.9 11.9 4.2 3.1 28.2 30.1 1.1 0.9

Sintex Industries Buy 64 79 1,915 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 300 366 281 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 15 - 452 7,134 7,985 19.7 19.4 12.2 14.1 1.3 1.1 0.1 0.1 11.3 11.5 0.6 0.6


Market Outlook

Stock Watch

December 05, 2012


11/12



zOthers

SpiceJet Neutral 43 - 2,102 5,720 6,599 5.3 6.8 3.6 5.4 12.0 8.1 17.4 5.5 - - 0.5 0.4

TAJ GVK Buy 73 108 456 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TVS Srichakra Buy 267 335 204 1,476 1,643 7.0 8.2 32.6 55.9 8.2 4.8 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 2,000 - 26,156 10,289 11,421 12.8 12.8 26.0 45.3 76.9 44.2 3.5 3.3 5.8 7.6 2.9 2.6

Vesuvius India Neutral 355 - 721 560 611 16.1 17.0 24.7 28.8 14.4 12.4 2.1 1.9 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 04, 2012


Market Outlook

Stock Watch

December 05, 2012


12/12


market outlook 051212

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