market outlook 070812

7/31/2019 Market Outlook 070812

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Market OutlookAugust 7, 2012

www.angelbroking.com


Dealers DiaryIndian markets are expected to open flat, tracing flat to marginally positive

opening trades in the SGX Nifty and the major Asian bourses. Most of the Asian

bourses have edged slightly higher ahead of a Bank of Japan policy meeting

tomorrow, after Germany backed a ECB bond buying plan to ease the regions

debt crisis.

The US markets gave back ground in the latter part of the trading session on

Monday, but still ended the session mostly higher after seeing early strength and

extended the substantial upward move seen during the last trading session. Traders

continued to react positively to last Friday's monthly jobs report, which showed

much stronger than expected job growth in the month of July. The European

markets also edged higher on Monday, as sentiment was influenced by positive

news out of Greece and the U.S. jobs data released in the previous session.

Meanwhile, the Indian markets rose sharply on Monday, extending rally of last

week, as upbeat U.S. employment data as well as modest growth in the U.S.

service sector in July, eased worries looming over global growth.

Markets TodayThe trend deciding level for the day is 17,393 / 5,279 levels. If NIFTY trades above

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

up to 17,472 17,531 / 5,297 5,311 levels. However, if NIFTY trades below

17,393 / 5,279 levels for the first half-an-hour of trade then it may correct up to

17,333 17,254 / 5,265 5,247 levels.

SENSEX 17,254 17,333 17,393 17,472 17,531

NIFTY 5,247 5,265 5,279 5,297 5,311

News Analysis Britannia to pay royalty for using Wadia group name Aurobindo Pharma gets approval for Montelukast Tablets Sadbhav Engineering emerges L1 for `378cr irrigation projects IVRCL bags orders worth `620cr 1QFY2013 Result Reviews- DLF, SAIL, Cadila Healthcare, Andhra Bank,

Britannia, LMW, Relaxo Footwear, Prakash Industries

1QFY2013 Result Previews- J&K Bank, MOIL, Aurobindo PharmaRefer detailed news analysis on the following page

Net Inflows (August 3, 2012)

FII 1,510 1,342 168 979 54,260

MFs 420 508 (88) (44) (8,122)

FII Derivatives (August 6, 2012)

Index Futures 1,234 853 381 14,194

Stock Futures 1,406 792 615 24,098

Gainers / Losers

RIL 785 5.7 Britannia Inds 460 (3.0)

REC 206 5.3 Godrej Cons 618 (2.8)

Reliance Cap 350 4.4 BPCL 344 (2.4)

Gujarat State Pet 75 4.3 India Cements 85 (2.2)

Wockhardt 1,054 4.3 Pipavav Defence 61 (2.2)

BSE Sensex 1.3 215.0 17,413

Nifty 1.3 66.9 5,283

MID CAP 0.5 32.4 6,105

SMALL CAP 0.8 51.5 6,597

BSE HC 0.6 41.3 7,317

BSE PSU 0.3 20.8 7,090

BANKEX 1.4 163.2 11,998

AUTO 1.7 153.6 9,173

METAL 1.0 99.0 10,301

OIL & GAS 3.0 245.9 8,352

BSE IT (0.1) (6.2) 5,346

Dow Jones 0.2 21.3 13,118NASDAQ 0.7 22.0 2,990

FTSE 0.4 21.5 5,809

Nikkei 2.0 171.2 8,726

Hang Seng 1.7 332.5 19,999

Straits Times 0.7 20.5 3,072

Shanghai Com 1.0 22.1 2,155

INFY 1.5 0.6 $40.7

WIT 1.0 0.1 $8.0IBN 1.2 0.4 $35.0

HDB (0.3) (0.1) $35.9

Advances 1,676 492

Declines 1,162 989

Unchanged 121 70

BSE 1,685

NSE 8,639


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Britannia to pay royalty for using Wadia group name

Britannia Industries, Bombay Dyeing and Manufacturing, and Go Airlines (India)

will have to pay royalty to the parent for using the Wadia Group brand name

and for sharing common services. Both the royalty and shared service costs will be

paid to the group holding company Nowrosjee Wadia and Sons Ltd (NWS). Wadiagroup chairman Nusli Wadia stated that all group outfits listed and unlisted

would be subjected to royalty. As per the agreement, Wadia group can charge up

to 0.25% towards royalty, but it plans to keep it at 0.1%. Further, the group

companies will also shell out up to 0.25% of their net sales as costs for sharing

common services including legal, taxation and treasury, offered by the promoter

group. We believe this is negative for Britannia.

Aurobindo Pharma gets approval for Montelukast Tablets

Aurobindo Pharma has announced that it has received the final approvals from

the US Food & Drug Administration (USFDA) to manufacture and market

Montelukast Sodium Tablets 10mg (ANDA 202468) and Montelukast Sodium

Chewable Tablets 4mg and 5mg (ANDA 202096). The products are ready for a

first-day launch. Montelukast Sodium Tablets 10mg and Chewable Tablets 4mg

and 5mg are the generic equivalent of Merck & Co. Incs Singulair Tablets 10mg

and Chewable Tablets 4mg and 5mg respectively.

The annual sales of Montelukast Sodium Tablets 10mg is approximately US$3.5

billion and that of Montelukast Sodium Chewable Tablets is US$1.1 billion for the

twelve months ending March 2012 according to IMS. The products have beenapproved out of its Unit VII (SEZ) formulations facility in Hyderabad, India.

Aurobindo now has a total of 157 ANDA approvals (131 final approvals including

1 from Aurolife Pharma LLC and 26 tentative approvals) from the USFDA. Overall,

the company expects around 7-8 players in the product. Given the size of the

product, the product can contribute around US $20-30mn for the full year.

However, this has already been included in our financials and the 15% yoy growth

revenue target for the FY2013.

Sadbhav Engineering emerges L1 for`378cr irrigation projects

Sadbhav Engineering (SEL) has emerged lowest bidder for five irrigation projects in

Gujarat. These projects are being awarded by Sardar Sarovar Narmada Nigam

Limited, Gandhinagar, Gujarat for aggregating contract value of `378cr. The

order back of the company stands at ~`7,591cr (3.0x FY2013 revenues)

providing revenue visibility. At current levels, the stock is trading at valuations of

12.8x FY2014E earnings and 1.9x FY2014E P/BV on standalone basis. Based on

a Target P/E multiple of 8x and valuing the companys BOT arm on DCF basis,

our SOTP based Target Price works out to `182.


3/18



IVRCL bags orders worth `620cr

IVRCL has bagged orders worth `620cr in the transportation, buildings and power

divisions. The transportation division has received orders worth `301.7cr from Rail

Vikas Nigam Ltd. The order involves 2 packages and has been awarded to IVRCL-

MRT (JV) with a completion period of 42 months. The buildings division hasreceived orders to the tune of `257.1cr which include an order worth `132.7cr

from the roads and buildings department, Government of Andhra Pradesh, and a

`52.8cr order from the Department of Atomic Energy. The power division has

secured an order worth `61.0cr from the City and Industrial Development

Corporation of Maharashtra Ltd, Mumbai.

Result Reviews

DLF reported disappointing 1QFY2013 results as both net sales and net profit

were below our estimates. DLFs sales declined by 10.1% yoy and 16% qoq, which

was lower than our expectation. The revenue came in at `2,198cr for the quarter

below our expectation of `2,550cr. EBITDA declined 3.6%, as there was EBITDA

margins expansion by 300bps to 48.6% during the quarter. PAT was down 18.3%

for the quarter, due to higher than expected interest cost which has been eating

into profitability. PAT came in at `293cr during the quarter down 18.3% yoy. We

will come out with a detailed note post the analyst call.

FY2013E 9,878 44.7 1,631 10 6.5 21.5 1.4 14.0 6.3

FY2014E 12,033 46.1 2,277 13.4 8.7 15.5 1.3 11.1 5.1

SAIL reported disappointing 1QFY2013 results as both net sales and net profitwere below our estimates on account of lower-than-expected sales volumes. SAILs

1QFY2013 net sales declined by 1.6% yoy to `10,641cr (below our estimates of

`13,249cr) mainly due to lower volumes in the quarter which were down 9.1% yoy

to 2.5mn tonne. Power and fuel costs and other expenditure rose 20.3% yoy and

119.7% yoy to `1,224 and `1,710cr, respectively. Raw material costs declined by

12.4% yoy to `4,335cr due to a decrease in coal costs in our view. Hence, the

EBITDA increased by 15.5% yoy to `1,515cr and EBITDA margin improved by

210bp yoy to 14.2% (slightly below our estimate of 14.0%). The company reported

an exceptional item related to forex loss of `257cr in 1QFY2013, compared to an

exceptional forex loss of `12cr in 1QFY2012. Hence, the reported net profit

decreased by 15.8% yoy to `696cr. However, excluding exceptional items, the

adjusted net profit increased by 13.6% yoy to `953cr (below our estimate of

`1,077cr) in 1QFY2013. Currently, SAIL is trading at rich valuations of 8.4x and


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6.9x FY2013 and FY2014 EV/EBITDA respectively. Hence,

FY2013E 47,252 14.2 3,952 9.6 9.4 8.9 0.8 8.4 1.2

FY2014E 60,351 14.8 4,847 11.7 10.6 7.3 0.7 6.9 1.0

Cadila has posted results above expectations on the sales front, while the net

profits came in below expectations. The net sales grew 30.1% yoy to `1,544cr on

the back of robust growth in domestic formulations and exports. This was way

ahead of the `1,352cr sales expected for the quarter. The domestic sales grew by

25.4% yoy, with domestic formulations registering a growth of 27.2% yoy. On the

other hand exports grew by 39.5% yoy, with formulation exports registering a

growth of 43.9% yoy. On the operating front, while the gross margins came in at

expected levels at ~65.4%, the OPM came in at 17.6%, lower than the expected

19.4% for the quarter. This was mainly on the back of a substantial rise in the

employee expenses, which grew by 36.0% yoy. Thus, inspite of the higher sales,

the net profit came in lower at `194.9cr vs an expected `218.7cr for the quarter.

FY2013E 6,148 18.6 736 36.0 25.8 25.2 5.0 14.8 2.7

FY2014E 7,386 19.6 943 46.1 26.8 19.7 4.0 11.5 2.3

Andhra Bank registered a disappointing performance, both on the operating as

well as on the asset quality front, for 1QFY2013. The reported net profit declined

by 5.9% yoy to `363cr. The growth in net interest income remained subdued at3.1% yoy to `938cr, while the operating profits remained flattish on a y-o-y basis

at `704cr. The bank witnessed continued pressure on the asset quality front, with a

sequential increase in both gross and net NPA levels by ~60bp each to 2.7% and

1.5%, respectively. The PCR dipped on a sequential basis by ~1,075bp to 60.4%.

At the current market price, the stock is trading at a relatively expensive valuation

of 0.6x FY2014E ABV.

FY2013E 5,225 3.3 1,269 22.7 147.1 0.9 16.0 4.5 0.7FY2014E 6,024 3.3 1,418 25.3 164.6 0.9 15.8 4.0 0.6


5/18



For 1QFY2013 Britannia Industries posted a 10.8% yoy growth in itsstandalone topline to `1,222cr. While the company has posted 3-4% volumegrowth, the rest of the growth on top-line front is on account of price (~2-3%)and product mix. OPM came in below our estimates at 5.3%. Adjusted profitrose by 41.9% yoy to `43cr.

FY2013E 5,835 6.3 247 20.7 42.7 22.2 8.7 14.5 0.9

FY2014E 6,824 6.7 329 27.5 44.3 16.7 6.5 11.7 0.8

Lakshmi Machine Works (LMW) announced below par numbers for 1QFY2013.

The companys net sales declined by 13.3% qoq and 13.3% yoy to `435cr on the

back of lower sales in the textile machinery division. The textile machinery division

registered a 10.8% qoq and 15.8% yoy decline in revenue to `369cr. The

companys others segment, also witnessed 26.4% qoq and 8.8% yoy decline in

revenue to `69cr. The companys EBITDA declined by 20.4% yoy to `55cr on the

back of lower revenue and margin contraction. EBITDA margin contracted by

93bp yoy to 12.7% on account of higher other expenditure. Other expenditure as

a percentage of sales increased to 18.1% in 1QFY2013 compared to 17.4% in

1QFY2012. PAT declined by 33.7% yoy to `28cr on the back of margin

contraction and higher tax provision which increased to 41.5% of PBT in1QFY2013 vs. 32.0% of PBT in 1QFY2012. Consequently, PAT margin also

declined by 182bp yoy to 6.3%.

FY2013E 2,369 11.7 162143.4 17.4 11.2 1.9 2.7 0.3

FY2014E 2,727 11.7 187166.0 18.4 9.6 1.7 1.7 0.2

For 1QFY2013, Relaxo footwear reported a good set of numbers. The top-line

grew by 14.8% yoy to `248cr which was in line with our estimate of `250cr. The

company's operating margin improved by 76bp yoy to 12.1%, mainly on the back

of softening of raw material prices. However, it contracted by 198bp on a q-o-q

basis, mainly on account of a substantial increase in the employee cost and other

expenses. The profit for the quarter witnessed a jump of 39.6% yoy to `15cr,

10.8% higher than our estimate of `14cr. The company is in an expansion mode

and plans to incur a capex of `60cr in FY2013E for a PU (Polyurethane) footwear

plant (expected to get completed by FY2013) and `25cr in FY2014E for building a

warehouse (to be completed by FY2014E). In addition the company plans to open


6/18



25-30 retail stores each year. It recently signed up Salman Khan for the

endorsement of Relaxo Hawaii brand. The stock is currently trading at a PE of 8.5x

for FY2014E.

FY2013E 1,019 11.8 58 48 28.9 11.0 2.8 6.7 0.8

FY2014E 1,220 12.1 75 62 28.2 8.5 2.1 5.5 0.7

Prakash Industries net sales increased by 34.8% yoy to `672cr in 1QFY2013

mainly on account of increase in average realizations across product categories.

However, the EBITDA margin dipped by 356bp yoy to 18.2% on account of asharp rise in iron ore costs. The EBITDA increased by 8.4% yoy to `98cr. Interest

expenses stood at `13cr in 1QFY2013 compared to `0.3cr in 1QFY2012.

Consequently, the net profit decreased by 15.5% yoy to `60cr.

FY2013E 2,694 14.4 190 14.1 9.1 4.6 0.4 4.2 0.6

FY2014E 2,790 12.3 122 9.1 5.5 7.2 0.4 5.2 0.6

Result Previews

J&K Bank is slated to announce its 1QFY2013 results today. We expect the bank to

report a healthy Net Interest Income (NII) growth of 20.1% yoy to `525cr. Growth

in non-interest income is expected to be healthy at 18.7% yoy to `79cr. Operating

expenses of the bank are expected to be higher by 16.4% yoy to `219cr. Net Profit

is expected to grow by healthy 18.3% yoy to `216cr, despite significantly higher

49.6% yoy increase in provisioning to `67cr. At the CMP, the stock trades at avaluation of 0.8x FY2014E ABV.

FY2013E 2,525 3.5 853 175.8 978.7 1.3 19.3 5.2 0.9

FY2014E 2,858 3.5 888 183.1 1,118.8 1.2 17.5 5.0 0.8

MOIL is slated to report its 1QFY2013 today. We expect its 1QFY2013 net sales to

decrease by 5.2% yoy to `199cr mainly on account of lower manganese ore price


7/18



realizations. EBITDA margin is expected to contract 1,330bp yoy to 47.0% in

1QFY2013. The net profit is expected to decrease by 14.7% yoy to `93cr.

FY2013E 884 50.2 399 23.7 15.6 11.3 1.7 5.4 2.7

FY2014E 958 50.5 424 25.2 15.1 10.7 1.5 4.7 2.4

Aurobindo Pharma is expected to post net sales growth of 16.8% yoy to `1,258cr,

led by formulation exports. The company's OPM is likely to remain almost same on

a yoy basis at 15.4%. Consequently, net profit is expected to decline by 51.4% to

`96cr.

FY2013E 5,243 14.6 457 11.8 11.4 9.6 1.0 7.2 0.8

FY2014E 5,767 14.6 489 12.6 10.9 9.0 0.4 6.2 0.6

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 3,121 2,924 7 3,398 (8)

EBITDA 515 527 (2) 541 (5)

EBITDA margin (%) 16.5 18.0 15.9

Net profit 186 200 (7) 139 34

Net sales 1,350 1,431 (6) 1,350 0

EBITDA 844 1,038 (19) 844 0

EBITDA margin (%) 62.5 72.5 62.5

Net profit 643 791 (19) 636 1

Net sales 1,885 1,693 11 1,773 6

EBITDA 110 83 32 98 13

EBITDA margin (%) 5.9 4.9 5.5

Net profit 63 39 64 48 33


8/18



Net sales 19,514 16,975 15 18,729 4

EBITDA 6,540 5,706 15 6,231 5

EBITDA margin (%) 33.5 33.6 33.3

Net profit 1,245 1,205 3 1,008 24

Net sales 8,913 6,673 34 9,241 (4)

EBITDA 957 897 7 1,268 (25)

EBITDA margin (%) 10.7 13.4 13.7

Net profit 615 605 2 874 (30)

Net sales 6,926 5,805 19 7,170 (3)

EBITDA 1,542 1,412 9 1,460 6

EBITDA margin (%) 22.3 24.3 20.4

Net profit 423 501 (16) (572) (174)

Net profit 858 686 25 818 5

Economic and Political News

Govt. to shortly unveil path of fiscal consolidation: FM RBI wants Govt. to simplify foreign investment regime FM directs review of retro tax amendments

Corporate News

Power Ministry moots independent audits of transmission grids CMIE cuts power generation forecast to 10.8% this fiscal Sun Pharma to consider internal restructuring of business on Aug 10 Bhushan Steel to sign MoU with Odisha for iron ore supply Piaggio to launch scooter in India by end of 2013Source: Economic Times, Business Standard, Business Line, Financial Express, Mint


9/18

Date Company

August 07, 2012 J & K Bank, NHPC, Tata Chemicals, MOIL, Aurobindo Pharma, Punj Lloyd

August 08, 2012 Bharti Airtel, M&M, Tata Power Co., Power Fin.Corpn., ABB, Goodyear, HEG, TVS Srichakra

August 09, 2012IOC, Tata Motors, Adani Enterp., Ranbaxy, HPCL, GMR Infra., Tech Mahindra, Motherson Sumi, GSPL, ITNL, Apollo

Tyres, Anant Raj, Nagarjuna Const., Alembic Pharma, Hitachi, ITD CementationAugust 10, 2012 St Bk of India, Sun Pharma, Siemens, BPCL, Bharat Forge, Consolidated Co

August 11, 2012 ONGC, Rcom, Reliance Capital, Madhucon Proj, Godawari Ispat

August 12, 2012

August 13, 2012 Coal India, NMDC, Tata Steel, Bosch India, GSK Pharma, Suzlon Energy, India Cements

August 14, 2012Hindalco, Reliance Power, IDFC, Nalco, Essar Oil, Reliance Infra., Unitech, HDIL, Monnet Ispat, Amara Raja Batteries,Orchid Chemicals, Simplex Infra, Electrosteel Castings, Finolex Cables

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 07, 2012 UK Industrial Production (YoY) % Change Jun (1.60) (5.30)

August 09, 2012 US Initial Jobless claims Thousands Aug 4 365.00 370.00

China Industrial Production (YoY) % Change Jul 9.50 9.70

China Consumer Price Index (YoY) % Change Jul 2.20 1.70

India Industrial Production YoY % Change Jun 2.40 --

August 10, 2012 China Exports YoY% % Change Jul 11.30 8.20

August 14, 2012 UK CPI (YoY) % Change Jul 2.40 --

IndiaMonthly Wholesale Prices

YoY%

% Change Jul 7.25 --

US Producer Price Index (mom) % Change Jul 0.10 0.20

Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A -- --

Germany GDP nsa (YoY) % Change 2Q P 1.70 --

August 15, 2012 UK Jobless claims change % Change Jul 6.10 --

US Industrial Production % Jul 0.43 0.45

US Consumer price index (mom) % Change Jul -- 0.20

August 16, 2012 US Housing Starts Thousands Jul 760.00 750.00

US Building permits Thousands Jul 760.00 768.00

Euro Zone Euro-Zone CPI (YoY) % Jul 2.40 --

August 22, 2012 US Existing home sales Millions Jul 4.37 --August 23, 2012 Germany PMI Services Value Aug A 50.30 --

Germany PMI Manufacturing Value Aug A 43.00 --

Euro ZoneEuro-Zone ConsumerConfidence

Value Aug A (21.50) --

US New home sales Thousands Jul 350.00 --

August 24, 2012 UK GDP (YoY) % Change 2Q P (0.80) --



August 07, 2012

Market Outlook


10/18

Market StrategyAugust 7, 2012


Macro watch

Exhibit 1:

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.3

(3.2) (0.9)

2.4

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 3:

9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.5 7.6 7.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 4:

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Mfg. PMI Services PMI

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

Exhibit 5:

(30.0)

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Exports yoy growth Imports yoy growth(%)


Exhibit 6:

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Repo rate Reverse Repo rate CRR (%)

Source: RBI, Angel Research


11/18

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 124 - 2,409 1,466 1,686 14.8 14.8 7.0 8.1 17.7 15.3 3.8 3.2 22.6 22.5 1.7 1.5

United Phosphorus Buy 120 170 5,541 8,421 9,263 16.5 16.5 15.0 17.0 8.0 7.1 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 310 345 2,645 2,715 3,041 15.3 15.3 29.2 32.8 10.6 9.4 2.5 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 79 100 3,999 13,699 15,184 10.5 10.2 12.1 13.3 6.6 6.0 1.2 1.0 19.7 18.4 0.5 0.4

Ashok Leyland Buy 23 30 6,080 14,920 16,850 9.0 9.3 2.2 2.8 10.5 8.3 1.9 1.7 13.3 15.6 0.5 0.4

Automotive Axle Buy 362 430 547 993 1,140 11.6 11.5 36.9 43.0 9.8 8.4 1.9 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,633 - 47,254 21,285 23,927 18.2 18.3 108.5 121.3 15.1 13.5 6.2 5.0 46.1 41.3 1.8 1.6

Bharat Forge Buy 300 372 6,990 7,173 7,998 16.3 16.5 22.3 26.6 13.5 11.3 2.6 2.2 21.0 21.0 1.1 0.9

Bosch India Neutral 8,926 - 28,026 9,106 10,255 19.4 19.3 410.2 460.3 21.8 19.4 4.8 4.0 22.1 20.4 2.7 2.3

CEAT Buy 102 164 348 4,989 5,634 8.7 8.5 32.7 41.1 3.1 2.5 0.5 0.4 15.8 16.9 0.3 0.2

Exide Industries Accumulate 130 149 11,016 5,899 6,771 16.0 17.0 7.4 9.1 17.6 14.2 3.1 2.7 19.0 20.2 1.5 1.3

FAG Bearings Neutral 1,519 - 2,524 1,505 1,747 17.7 18.0 111.5 130.0 13.6 11.7 2.8 2.3 22.8 21.7 1.4 1.1

Hero Motocorp Buy 1,980 2,428 39,532 26,097 29,963 15.0 15.3 139.5 151.8 14.2 13.1 6.7 5.1 54.6 44.3 1.2 1.1

JK Tyre Buy 93 135 381 7,517 8,329 6.1 6.3 26.2 38.5 3.6 2.4 0.5 0.4 13.4 17.2 0.3 0.3

Mahindra and Mahindra Buy 693 824 42,555 35,881 40,746 10.0 10.0 47.5 53.2 14.6 13.0 2.9 2.5 21.3 20.5 0.9 0.8

Maruti Accumulate 1,134 1,227 32,770 42,887 49,079 5.5 6.6 66.8 87.6 17.0 12.9 1.9 1.7 12.1 14.1 0.6 0.5

Motherson Sumi Buy 161 216 6,290 23,342 26,366 7.8 8.2 13.3 18.0 12.1 8.9 2.9 2.3 26.2 28.4 0.4 0.4

Subros Buy 29 34 176 1,230 1,378 8.8 8.6 4.5 5.7 6.5 5.2 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 229 305 60,938 191,303 211,004 13.0 12.9 40.7 43.8 5.6 5.2 1.9 1.6 36.0 33.1 0.4 0.4

TVS Motor Accumulate 38 43 1,827 7,545 8,301 6.2 6.1 4.9 5.4 7.8 7.2 1.4 1.2 18.8 18.2 0.2 0.2

Capital Goods

ABB* Sell 797 498 16,892 8,760 10,023 7.6 7.5 18.2 20.7 43.7 38.4 5.9 5.3 14.4 14.6 1.9 1.7BGR Energy Neutral 282 - 2,037 4,195 4,837 11.0 11.0 30.1 32.4 9.4 8.7 1.6 1.5 18.4 17.6 1.0 1.0

BHEL Neutral 229 - 55,989 47,801 43,757 19.4 19.8 25.7 23.9 8.9 9.6 1.9 1.6 22.7 18.3 1.1 0.9

Blue Star Neutral 192 - 1,731 3,047 3,328 5.4 6.9 9.6 16.2 20.0 11.9 3.9 3.2 20.7 29.7 0.7 0.5

Crompton Greaves Accumulate 117 128 7,528 12,691 14,096 7.0 8.5 6.5 9.1 18.1 12.9 1.9 1.7 11.1 14.2 0.6 0.6

Jyoti Structures Buy 39 67 319 2,622 2,801 10.6 11.0 10.9 13.4 3.6 2.9 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 57 69 1,463 6,858 7,431 7.5 8.3 9.0 11.5 6.3 5.0 1.2 1.0 26.9 27.2 0.3 0.3

LMW Buy 1,601 1,992 1,804 2,369 2,727 11.7 11.7 143.4 166.0 11.2 9.7 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 489 - 5,827 5,514 5,559 8.9 9.6 26.9 28.4 18.2 17.2 3.2 2.8 18.4 17.1 1.0 1.0


August 07, 2012

Market Outlook

Stock Watch


12/18



Cement

ACC Neutral 1,315 - 24,692 11,220 12,896 20.0 20.6 71.1 81.2 18.5 16.2 3.3 2.9 18.1 19.0 1.9 1.6

Ambuja Cements Neutral 185 - 28,397 10,205 11,659 24.6 24.2 10.8 12.0 17.0 15.3 3.6 3.2 19.7 19.8 2.4 2.0

India Cements Neutral 85 - 2,609 4,364 4,791 18.9 19.1 9.2 11.4 9.2 7.5 0.7 0.7 8.0 9.5 0.5 0.5

J K Lakshmi Cements Neutral 100 - 1,225 1,938 2,246 19.1 20.1 15.2 16.8 6.6 6.0 0.9 0.8 13.8 14.0 0.8 1.1

Madras Cements Neutral 174 - 4,134 3,444 3,786 25.5 24.9 14.6 17.1 11.9 10.2 1.8 1.5 15.6 16.0 1.8 1.5

Shree Cements Neutral 3,114 - 10,847 5,519 6,293 24.5 23.7 156.6 225.3 19.9 13.8 4.9 4.2 22.3 26.0 1.7 1.3

UltraTech Cement Neutral 1,638 - 44,883 20,167 22,752 21.7 23.0 90.8 107.8 18.0 15.2 18.0 15.2 - - 1.8 1.7Construction

Ashoka Buildcon Buy 217 273 1,143 2,014 2,293 22.4 22.4 22.6 26.7 9.6 8.1 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 17 - 313 2,489 2,755 7.0 7.8 3.0 4.0 5.7 4.3 0.5 0.4 8.7 10.8 0.3 0.3

Hind. Const. Neutral 18 - 1,080 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.9) (18.5) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 125 166 4,161 3,964 4,582 42.3 40.2 15.5 16.9 8.1 7.4 1.3 1.1 16.6 15.8 2.6 2.5

ITNL Buy 173 265 3,366 6,619 7,925 23.8 23.3 22.9 27.8 7.6 6.2 1.1 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 47 61 1,251 5,510 6,722 8.8 9.0 2.5 4.6 18.5 10.2 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Buy 76 91 16,097 15,259 17,502 25.7 24.7 4.2 5.0 17.9 15.1 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,407 1,553 86,194 60,474 69,091 12.1 11.5 79.7 85.4 17.6 16.5 3.0 2.6 16.3 15.1 1.6 1.4

Madhucon Proj Buy 37 56 274 2,206 2,502 10.7 10.7 4.6 4.7 8.0 7.9 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 39 - 997 5,453 6,169 8.1 8.5 1.6 1.9 23.6 20.1 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 84 - 587 3,609 3,836 13.1 13.1 14.0 14.6 6.0 5.8 0.4 0.3 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 53 - 1,760 11,592 12,993 8.4 8.4 1.8 3.2 29.4 16.6 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 133 182 2,006 2,789 3,147 10.6 10.7 8.4 10.4 15.8 12.8 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 204 265 1,008 6,732 7,837 8.1 8.4 23.5 29.4 8.7 6.9 0.8 0.7 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 133 147 6,658 7,233 8,579 3.1 3.3 40.5 40.9 3.3 3.3 0.6 0.5 19.4 17.0 - -

Andhra Bank Neutral 100 - 5,571 5,225 6,024 3.3 3.3 22.7 25.4 4.4 3.9 0.7 0.6 16.0 15.8 - -

Axis Bank Buy 1,064 1,373 44,074 15,961 19,583 3.1 3.2 117.3 143.1 9.1 7.4 1.7 1.4 20.1 20.8 - -

Bank of Baroda Buy 653 851 25,580 15,830 19,300 2.6 2.7 118.9 147.1 5.5 4.4 0.9 0.8 16.7 18.0 - -

Bank of India Buy 288 354 16,519 13,159 15,851 2.4 2.5 61.1 71.1 4.7 4.1 0.8 0.7 16.6 17.0 - -

Bank of Maharashtra Neutral 46 - 2,739 3,471 3,889 3.1 3.1 9.0 11.5 5.1 4.1 0.7 0.6 13.7 15.5 - -

Canara Bank Buy 362 421 16,050 11,334 13,629 2.2 2.3 75.4 85.1 4.8 4.3 0.7 0.7 15.2 15.3 - -

Central Bank Neutral 71 - 5,260 7,181 8,365 2.5 2.7 16.3 21.8 4.4 3.3 0.8 0.7 12.7 15.1 - -


August 07, 2012

Market Outlook

Stock Watch


13/18



Financials

Corporation Bank Accumulate 403 454 5,965 5,067 5,998 2.1 2.3 105.6 111.0 3.8 3.6 0.7 0.6 17.6 16.3 - -

Dena Bank Buy 91 107 3,200 3,177 3,595 2.8 2.8 25.2 25.4 3.6 3.6 0.6 0.6 18.9 16.4 - -

Federal Bank Accumulate 411 459 7,018 2,736 3,165 3.4 3.4 49.3 57.4 8.3 7.2 1.1 1.0 13.9 14.5 - -

HDFC Reduce 709 671 106,703 7,340 8,805 3.5 3.5 31.5 37.8 22.5 18.8 4.5 4.0 34.8 32.2 - -

HDFC Bank Neutral 600 - 141,398 21,936 27,454 4.4 4.4 28.7 36.0 20.9 16.6 4.0 3.4 20.7 22.0 - -

ICICI Bank Buy 954 1,169 109,655 22,356 27,157 2.9 3.0 68.7 82.0 13.9 11.6 1.7 1.5 14.2 15.5 - -

IDBI Bank Buy 87 105 11,084 7,952 9,876 1.9 2.2 18.5 23.6 4.7 3.7 0.6 0.5 12.8 14.7 - -Indian Bank Accumulate 176 197 7,564 6,294 7,191 3.4 3.4 40.6 44.9 4.3 3.9 0.7 0.6 18.1 17.4 - -

IOB Accumulate 73 84 5,846 7,473 8,732 2.5 2.5 16.7 22.6 4.4 3.2 0.5 0.5 11.8 14.4 - -

J & K Bank Neutral 936 - 4,536 2,525 2,858 3.5 3.5 175.8 183.1 5.3 5.1 1.0 0.8 19.3 17.5 - -

LIC Housing Finance Accumulate 257 279 12,985 1,867 2,338 2.4 2.4 21.1 28.5 12.2 9.0 2.0 1.7 17.5 20.4 - -

Oriental Bank Buy 235 278 6,855 6,518 7,458 2.8 2.9 61.3 65.1 3.8 3.6 0.6 0.5 15.2 14.3 - -

Punjab Natl.Bank Buy 743 975 25,194 20,116 23,625 3.3 3.4 152.8 173.9 4.9 4.3 0.9 0.7 18.2 18.0 - -

South Ind.Bank Accumulate 23 27 2,644 1,514 1,717 2.8 2.7 4.0 4.2 5.9 5.5 1.1 1.0 20.5 18.5 - -

St Bk of India Buy 2,018 2,443 135,430 67,783 78,208 3.7 3.6 226.0 264.2 8.9 7.6 1.4 1.2 17.7 18.1 - -

Syndicate Bank Buy 97 119 5,824 6,997 8,134 3.0 3.1 27.3 29.4 3.5 3.3 0.6 0.6 19.0 17.7 - -

UCO Bank Neutral 70 - 4,670 5,642 6,438 2.5 2.5 16.4 17.6 4.3 4.0 0.8 0.7 16.2 15.4 - -

Union Bank Buy 171 238 9,414 10,299 12,227 2.9 3.0 42.1 49.3 4.1 3.5 0.7 0.6 16.7 17.1 - -

United Bank Buy 58 78 2,083 3,599 4,212 2.8 3.0 18.2 22.3 3.2 2.6 0.5 0.4 15.0 16.2 - -

Vijaya Bank Neutral 54 - 2,664 2,579 3,028 2.1 2.3 8.8 11.6 6.1 4.7 0.7 0.6 11.1 13.3 - -

Yes Bank Buy 366 453 12,974 3,255 4,228 2.8 3.0 34.2 42.7 10.7 8.6 2.3 1.9 23.3 23.8 - -

FMCG

Asian Paints Neutral 3,750 - 35,973 11,198 13,184 16.3 16.3 121.0 144.8 31.0 25.9 10.4 8.2 37.4 35.3 3.1 2.6Britannia Buy 460 633 5,491 5,835 6,824 6.3 6.7 20.7 27.5 22.2 16.7 8.7 6.5 42.7 44.3 0.9 0.8

Colgate Neutral 1,194 - 16,237 3,018 3,429 20.9 22.3 34.6 41.0 34.5 29.1 31.8 24.1 99.5 94.1 5.2 4.6

Dabur India Neutral 119 - 20,748 6,124 7,030 17.0 16.8 4.5 5.2 26.6 23.0 11.0 8.7 43.2 41.5 3.4 2.9

GlaxoSmith Con* Neutral 2,826 - 11,885 3,124 3,663 17.1 17.6 103.0 123.3 27.5 22.9 8.5 6.8 34.0 32.9 3.5 2.9

Godrej Consumer Neutral 618 - 21,046 5,973 7,000 18.4 18.6 22.8 27.2 27.1 22.8 7.4 6.0 31.3 38.4 3.7 3.1

HUL Neutral 467 - 100,848 25,350 28,974 13.9 13.9 14.3 16.5 32.7 28.3 19.5 15.0 70.9 59.8 3.8 3.2

ITC Neutral 258 - 202,289 29,513 33,885 35.4 35.8 9.3 10.8 27.8 24.0 9.2 7.7 35.6 35.0 6.5 5.7


August 07, 2012

Market Outlook

Stock Watch


14/18



FMCG

Marico Neutral 189 - 12,185 4,667 5,427 12.8 12.9 6.6 8.1 28.5 23.3 7.6 6.0 30.0 28.8 2.6 2.2

Nestle* Neutral 4,387 - 42,296 8,731 10,539 21.0 21.4 114.4 143.0 38.3 30.7 23.1 15.9 71.1 61.4 4.9 4.0

Tata Global Neutral 130 - 8,036 7,207 7,927 9.7 10.0 6.6 7.9 19.6 16.6 2.0 1.9 8.6 9.5 1.0 0.9

IT

HCL Tech Accumulate 523 585 36,273 24,400 27,049 18.6 17.5 41.1 45.0 12.7 11.6 2.9 2.4 22.7 21.1 1.4 1.2

Hexaware Buy 114 132 3,374 1,921 2,178 20.6 20.0 10.4 11.4 11.0 10.0 2.6 2.3 24.7 23.4 1.5 1.2

Infosys Accumulate 2,214 2,530 127,109 39,151 41,743 31.6 31.9 161.9 174.5 13.7 12.7 3.3 2.8 23.8 22.1 2.6 2.4Infotech Enterprises Accumulate 173 187 1,927 1,889 2,065 18.0 17.5 18.0 19.7 9.6 8.8 1.4 1.2 14.5 13.7 0.7 0.5

KPIT Cummins Neutral 119 - 2,122 2,149 2,331 15.6 14.8 10.7 11.2 11.1 10.6 2.3 1.9 20.6 17.8 1.0 0.8

Mahindra Satyam Neutral 88 - 10,303 7,492 8,038 17.0 16.3 8.1 8.3 10.8 10.5 1.5 1.3 14.1 12.6 1.0 0.8

Mindtree Accumulate 636 708 2,593 2,341 2,513 18.6 17.1 66.5 70.8 9.6 9.0 2.1 1.7 22.3 19.3 0.9 0.8

Mphasis Neutral 407 - 8,542 5,704 6,009 18.6 17.7 36.0 37.1 11.3 11.0 1.6 1.4 14.0 12.6 1.0 0.9

NIIT Buy 36 52 592 1,162 1,304 14.8 15.1 7.1 8.8 5.1 4.1 0.8 0.8 16.7 18.4 0.4 0.2

Persistent Accumulate 377 398 1,508 1,193 1,278 25.6 24.3 42.6 44.3 8.9 8.5 1.5 1.3 17.2 15.5 0.9 0.8

TCS Accumulate 1,229 1,304 240,621 61,046 67,507 29.3 29.1 67.3 72.4 18.3 17.0 5.8 4.8 31.9 28.3 3.7 3.3

Tech Mahindra Neutral 751 - 9,577 6,282 6,477 17.5 16.5 82.9 85.0 9.1 8.8 2.0 1.6 21.6 18.4 1.5 1.3

Wipro Buy 345 420 84,894 43,492 48,332 19.4 19.3 25.1 28.0 13.7 12.3 2.6 2.2 18.6 18.0 1.6 1.4

Media

D B Corp Buy 196 236 3,590 1,597 1,785 22.9 24.2 11.1 13.9 17.6 14.1 3.4 2.9 20.2 22.1 2.2 1.9

HT Media Buy 87 113 2,053 2,111 2,263 15.2 15.2 7.3 8.1 11.9 10.8 1.3 1.2 11.2 11.2 0.5 0.4

Jagran Prakashan Buy 94 112 2,979 1,506 1,687 22.5 23.2 6.2 7.0 15.2 13.4 3.6 3.3 25.0 25.7 2.2 1.9

PVR Neutral 178 - 461 625 732 16.5 15.7 11.9 13.3 14.9 13.4 1.5 1.3 11.9 12.0 1.1 1.0

Sun TV Network Neutral 282 - 11,111 2,002 2,296 77.1 76.7 18.9 22.1 14.9 12.8 3.8 3.3 27.7 28.3 5.0 4.2Metals & Mining

Bhushan Steel Neutral 472 - 10,021 11,979 14,584 31.6 31.0 49.2 61.4 9.6 7.7 1.3 1.1 14.1 15.2 2.8 2.4

Coal India Neutral 344 - 217,093 68,841 74,509 25.3 25.3 24.1 26.1 14.3 13.2 3.9 3.2 30.4 26.8 2.3 1.9

Electrosteel Castings Buy 19 22 656 1,984 2,074 11.2 12.6 2.0 2.7 9.3 7.0 0.4 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 119 142 50,197 12,446 13,538 56.1 56.6 15.2 16.5 7.8 7.2 1.6 1.3 21.7 19.8 2.2 1.6

Hindalco Neutral 118 - 22,601 83,212 91,057 9.0 9.9 13.7 18.1 8.6 6.5 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 709 - 15,808 38,740 41,459 17.3 17.0 79.9 89.4 8.9 7.9 0.9 0.8 10.4 10.6 0.8 0.8

MOIL Accumulate 269 296 4,513 1,007 1,091 56.6 56.9 29.4 31.9 9.1 8.4 1.6 1.4 19.0 18.2 2.3 1.9

Monnet Ispat Buy 311 447 2,003 3,115 3,748 22.1 25.1 59.1 66.8 5.3 4.7 0.7 0.6 15.6 15.3 1.4 1.0


August 07, 2012

Market Outlook

Stock Watch


15/18



Metals & Mining

Nalco Neutral 54 - 13,866 8,474 9,024 12.6 16.2 2.6 3.6 21.0 15.0 1.2 1.1 5.6 7.5 1.2 1.1

NMDC Neutral 183 - 72,634 11,959 13,062 78.2 78.6 19.1 20.9 9.6 8.8 2.4 2.0 27.1 24.4 4.0 3.4

SAIL Neutral 85 - 35,233 50,914 60,785 14.6 15.1 9.4 10.5 9.1 8.1 0.8 0.8 9.2 9.6 1.1 1.0

Sesa Goa Neutral 183 - 15,944 7,704 8,034 33.6 34.6 42.0 43.1 4.4 4.3 0.9 0.8 22.3 19.2 0.3 -

Sterlite Inds Accumulate 104 115 34,917 41,680 45,382 24.2 23.2 16.3 16.9 6.4 6.1 0.7 0.6 11.3 10.7 0.5 0.4

Tata Steel Buy 404 499 39,266 143,088 148,011 10.9 12.1 53.9 66.0 7.5 6.1 0.9 0.8 12.2 13.4 0.6 0.6

Sarda Buy 125 148 447 1,251 1,321 22.7 23.4 33.0 37.1 3.8 3.4 0.5 0.5 15.1 14.8 0.7 0.6Oil & Gas

Cairn India Accumulate 334 380 63,648 16,605 17,258 75.4 71.7 57.0 54.9 5.9 6.1 1.1 0.9 20.2 16.3 2.9 2.2

GAIL Neutral 366 - 46,382 50,176 55,815 15.5 15.8 35.4 36.5 10.3 10.0 1.8 1.6 18.9 17.0 0.1 -

ONGC Accumulate 281 321 240,324 156,331 159,043 37.7 36.3 31.3 32.6 9.0 8.6 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 785 - 257,151 362,700 380,031 7.9 8.0 61.5 64.3 12.8 12.2 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas Neutral 311 - 3,991 2,472 3,267 16.1 11.5 21.2 19.2 14.7 16.2 5.1 4.3 33.4 28.7 1.5 1.1

Indraprastha Gas Neutral 238 - 3,325 3,040 3,135 24.3 26.7 24.8 27.9 9.6 8.5 2.2 1.8 25.5 23.6 1.1 1.0

Petronet LNG Buy 149 176 11,156 22,696 29,145 8.1 6.6 14.1 14.2 10.6 10.5 3.2 2.5 34.1 26.9 0.6 0.4

Pharmaceuticals

Alembic Pharma Buy 65 91 1,232 1,624 1,855 14.2 15.6 6.6 9.1 9.9 7.2 2.4 1.9 27.5 29.2 1.0 0.8

Aurobindo Pharma Buy 113 156 3,277 5,243 5,767 14.6 14.6 11.8 12.6 9.5 8.9 1.0 0.4 11.4 10.9 0.8 0.6

Aventis* Neutral 2,207 - 5,083 1,482 1,682 15.5 15.5 95.0 104.0 23.2 21.2 4.1 3.2 18.6 17.0 3.2 2.8

Cadila Healthcare Accumulate 907 953 18,575 6,196 7,443 18.5 19.5 37.6 47.7 24.1 19.0 5.4 4.3 26.8 27.5 3.0 2.4

Cipla Accumulate 351 399 28,215 8,031 9,130 23.4 22.4 18.4 20.0 19.1 17.6 3.2 2.7 17.8 16.6 3.3 2.9

Dr Reddy's Neutral 1,658 - 28,135 10,696 11,662 20.7 21.0 83.7 92.9 19.8 17.8 4.1 3.5 22.4 21.0 2.7 2.5

Dishman Pharma Accumulate 81 92 655 1,280 1,536 17.8 17.8 9.2 11.3 8.8 7.2 0.7 0.6 7.7 8.5 1.2 1.0GSK Pharma* Neutral 2,084 - 17,650 2,651 2,993 31.7 31.2 76.0 82.4 27.4 25.3 7.9 6.9 30.8 29.0 5.7 4.9

Indoco Remedies Buy 58 92 536 685 837 15.2 15.2 7.4 8.9 7.9 6.5 1.2 1.0 15.9 16.3 0.9 0.8

Ipca labs Buy 410 475 5,177 2,850 3,474 20.7 20.7 29.2 36.6 14.1 11.2 3.3 2.6 26.1 26.1 2.0 1.6

Lupin Accumulate 591 647 26,422 8,426 10,082 19.7 20.0 27.4 32.4 21.6 18.3 5.2 4.1 27.0 25.2 3.0 2.4

Orchid Chemicals Buy 114 178 802 2,117 2,434 17.7 17.7 16.7 22.2 6.8 5.1 0.6 0.6 9.5 11.5 1.0 0.9

Ranbaxy* Neutral 513 - 21,666 12,046 11,980 18.0 15.8 35.7 29.8 14.4 17.2 5.4 4.4 43.1 28.1 1.8 1.8

Sun Pharma Neutral 671 - 69,385 9,272 11,080 38.6 38.0 22.7 22.6 29.6 29.7 5.0 4.4 17.9 15.6 6.1 4.8

Power

CESC Accumulate 304 342 3,802 5,218 5,644 24.2 23.8 44.6 47.6 6.8 6.4 0.7 0.7 11.0 10.6 1.0 1.1


August 07, 2012

Market Outlook

Stock Watch


16/18



Power

GIPCL Buy 66 77 1,005 1,557 1,573 29.3 28.7 10.8 11.0 6.2 6.0 0.6 0.6 10.8 10.2 1.1 0.9

NTPC Neutral 165 - 136,380 74,111 85,789 23.2 23.6 12.4 14.0 13.4 11.8 1.7 1.5 13.0 13.5 2.6 2.3

Real Estate

Anant Raj Buy 51 78 1,496 657 875 52.0 56.1 8.4 12.7 6.0 4.0 0.4 0.3 6.3 8.9 3.5 2.7

DLF Neutral 211 - 35,879 9,878 12,033 44.7 46.1 9.6 13.4 22.1 15.8 1.4 1.3 6.4 8.7 6.1 5.0

HDIL Buy 83 115 3,467 2,441 3,344 55.1 48.2 22.7 26.6 3.6 3.1 0.3 0.3 8.8 9.4 3.3 2.5

MLIFE Buy 324 396 1,322 813 901 26.2 26.6 32.0 37.1 10.1 8.7 1.1 1.0 10.4 11.0 2.0 1.7Telecom

Bharti Airtel Neutral 296 - 112,464 80,076 86,613 32.8 33.5 15.5 19.8 19.2 14.9 2.0 1.8 10.5 11.9 2.1 1.8

Idea Cellular Neutral 80 - 26,595 23,209 26,063 26.2 27.5 3.3 4.9 24.4 16.3 1.9 1.7 7.7 10.3 1.6 1.4

Rcom Neutral 57 - 11,796 22,125 23,734 31.9 32.0 4.5 5.9 12.8 9.8 0.3 0.3 2.5 3.1 2.0 1.7

zOthers

Abbott India Accumulate 1,510 1,628 3,209 1,661 1,918 9.7 12.0 60.7 90.4 24.9 16.7 5.1 4.1 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 181 246 1,802 3,569 4,172 8.6 9.2 17.3 22.3 10.5 8.1 2.3 1.9 22.9 25.3 0.5 0.4

Cera Sanitaryware Buy 296 352 374 396 470 16.7 16.5 28.0 33.2 10.6 8.9 2.2 1.8 23.8 23.1 1.1 0.9

Cravatex Buy 619 785 160 302 364 5.7 6.0 49.0 71.0 12.6 8.7 3.8 2.7 29.8 30.7 0.6 0.5

CRISIL Neutral 920 - 6,453 982 1,136 34.3 34.3 34.3 40.0 26.8 23.0 12.1 9.7 50.9 46.9 6.2 5.2

Finolex Cables Buy 40 61 608 2,334 2,687 8.8 9.3 7.6 10.2 5.2 3.9 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 445 591 579 2,214 2,765 4.5 5.4 39.5 73.9 11.3 6.0 0.5 0.5 4.4 7.6 0.1 0.1

Goodyear India Accumulate 329 374 760 1,511 1,692 7.9 9.0 31.5 41.3 10.5 8.0 2.1 1.7 21.2 23.5 0.3 0.2

Graphite India Buy 82 124 1,603 2,158 2,406 18.1 18.9 12.4 14.0 6.6 5.8 0.9 0.8 14.0 14.3 0.9 0.7

Greenply Industries Buy 189 309 457 1,925 2,235 10.6 10.9 29.6 44.1 6.4 4.3 1.0 0.9 16.8 21.0 0.5 0.4

HEG Buy 207 242 827 1,746 1,946 16.5 17.7 22.5 32.9 9.2 6.3 0.9 0.9 10.4 14.2 1.1 1.0Hitachi Buy 120 160 276 857 968 6.9 8.4 10.2 16.0 11.8 7.5 1.5 1.2 12.9 17.8 0.4 0.4

Honeywell Automation Accumulate 2,523 2,842 2,231 1,847 2,162 4.3 7.3 61.0 120.0 41.4 21.0 3.3 2.8 9.3 16.3 1.1 0.9

INEOS ABS India Accumulate 677 744 1,190 1,056 1,081 8.1 10.6 33.8 46.5 20.0 14.6 2.8 2.4 14.7 17.5 1.1 1.0

ITD Cementation Neutral 231 - 265 1,535 1,842 11.1 11.1 27.3 38.3 8.5 6.0 0.7 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Accumulate 131 145 2,118 1,248 1,468 9.8 10.4 5.9 7.2 22.2 18.3 3.2 2.9 15.0 16.6 2.1 1.7

MCX Buy 1,082 1,598 5,520 610 702 65.5 67.0 67.9 79.9 16.0 13.6 4.7 3.9 29.1 28.9 6.1 4.8

MRF Buy 10,653 12,884 4,518 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.3 7.4 1.6 1.3 21.3 19.4 0.5 0.5

Page Industries Neutral 2,992 - 3,337 887 1,108 18.3 18.6 95.0 120.9 31.5 24.8 16.4 13.3 57.4 59.5 3.8 3.0

Relaxo Footwears Buy 531 684 638 1,019 1,220 11.8 12.1 48.3 62.2 11.0 8.5 2.8 2.1 28.9 28.2 0.8 0.7


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zOthers

Sintex Industries Buy 62 79 1,680 4,751 5,189 16.3 16.6 13.6 15.8 4.5 3.9 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 290 392 272 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 26 45 766 7,279 8,290 21.0 21.0 15.0 17.6 1.7 1.5 0.2 0.2 13.7 13.9 0.7 0.6

SpiceJet Buy 32 40 1,560 5,647 6,513 3.5 6.5 1.9 4.9 16.6 6.6 38.9 5.6 - - 0.4 0.4

TAJ GVK Buy 69 108 432 300 319 35.8 36.2 7.9 9.1 8.7 7.6 1.2 1.0 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 341 424 524 787 837 16.2 17.5 58.5 66.9 5.8 5.1 0.8 0.7 14.9 15.1 0.3 0.2

TVS Srichakra Buy 338 462 259 1,612 1,827 9.5 9.8 72.3 92.5 4.7 3.7 1.4 1.0 33.1 32.1 0.4 0.3United Spirits Neutral 866 - 11,331 10,289 11,421 13.5 14.3 31.0 42.9 27.9 20.2 2.2 2.0 8.1 10.3 1.8 1.6

Vesuvius India Accumulate 366 413 743 628 716 16.4 16.5 29.8 34.4 12.3 10.6 2.1 1.8 18.8 18.6 1.0 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 06, 2012


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Market Outlook

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August 07, 2012Market Outlook

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