market outlook 140612

7/31/2019 Market Outlook 140612

1/12

Market OutlookJune 14, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open marginally in the red tracking weak

global cues. SGX Nifty is trading down by 0.3%. Most of the Asian markets are

trading in the negative territory down by ~0.6% to 0.7%.

US markets ended lower on Wednesday due to concerns over the situation in

Europe and negative domestic economic data released during the day. Selling

pressure emerged due to the news that rating agency Egan-Jones had downgraded

Spains sovereign rating to CCC+ from B. Meanwhile a report released by US

commerce department showed second consecutive monthly decrease in US retail

sales.

Indian markets opened flat yesterday, but soon fell in to the negative territory.

However, the markets recovered in the afternoon trade. The markets remained

volatile during the rest of the day and finished flat. Markets would be keenly

awaiting the outcome of the RBIs upcoming policy meeting on Monday during

which rate cuts are expected.

Markets Today

The trend deciding level for the day is 16,872 / 5,121 levels. If NIFTY trades above

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

up to 16,952 17,024 / 5,146 5,170 levels. However, if NIFTY trades below

16,872 / 5,121 levels for the first half-an-hour of trade then it may correct up to

16,801 16,721 / 5,096 5,071 levels.

SENSEX 16,721 16,801 16,872 16,952 17,024

NIFTY 5,071 5,096 5,121 5,146 5,170

News Analysis

CESC declares FY2012 consolidated results CCCL bags order worth `124crRefer detailed news analysis on the following page

Net Inflows (June 12, 2012)

FII 1,454 1,430 24 86 42,024

MFs 285 280 5 820 (5,646)

FII Derivatives (June 13, 2012)

Index Futures 2,029 952 1,077 9,955

Stock Futures 1,074 1,125 (50) 22,834

Gainers / Losers

United Brew-$ 516 7.2 Maruti Suzuki 1,108 (3.4)

United Spirits 677 6.4 Voltas 104 (3.0)

India Cements 80 5.4 Opto Circuits 144 (2.9)

Indraprastha Gas 242 4.8 Tata Global 109 (2.9)

Power Finance 170 4.7 Unitech 23 (2.8)

BSE Sensex 0.1 17.7 16,881

Nifty 0.1 5.6 5,121

MID CAP (0.2) (12.4) 6,001

SMALL CAP 0.1 8.1 6,365

BSE HC 0.5 29.5 6,549

BSE PSU 0.3 17.3 7,019

BANKEX (0.1) (13.0) 11,667

AUTO (1.5) (136.5) 9,165

METAL (0.3) (35.2) 10,370

OIL & GAS 0.2 14.0 7,788

BSE IT 0.5 25.5 5,683

Dow Jones 1.3 162.6 12,574NASDAQ 1.2 33.3 2,843

FTSE 0.1 3.4 5,477

Nikkei 0.6 51.1 8,588

Hang Seng 0.8 154.0 19,027

Straits Times (0.4) (10.2) 2,787

Shanghai Com 1.3 29.1 2,319

INFY (0.8) (0.3) $43.8

WIT 0.2 0.0 $8.8IBN (0.8) (0.2) $30.1

HDB (1.9) (0.6) $30.9

Advances 1,371 682

Declines 1,345 720

Unchanged 147 109

BSE 2,118

NSE 9,734


2/12



CESC declares FY2012 consolidated results

CESC reported its consolidated financial results for FY2012. The company posted

moderate top-line growth of 14.0% to `5,813cr on account of 12.2% growth in the

power segment to `4,772cr and 21.5% growth in the retail segment to `1,251cr.

The companys OPM expanded by 52bp to 15.9%. The segmental losses of retail

segment fell by `33cr in FY2012 to `220cr, indicating a better operational

performance from the segment. Consequently, CESC posted 19.4% growth in its

PBT to `394cr. However, the companys net profit declined by 11.6% to `245cr

due to a 181% increase in tax expense to `149cr. At the current market price, the

stock is trading at 0.7x FY2014 P/BV on a standalone basis.

CCCL bags order worth `124cr

Consolidated Construction Consortium Ltd (CCCL) has bagged an order from

IL&FS Urban Infrastructure for design and construction of a Green Field Stadium at

Karyavattom (Kerala) for the National Games to be held in Kerala, valued at

`124cr, to be completed in 21 months. The order book stands at `5,891cr.

Economic and Political News

Government to sell unused foreign debt limit on 20 th June 2012 Policy flip-flops hampering India's progress: USIBC Green issues may stall `17,000cr hydel projects in Uttarakhand

Corporate News

Reliance Cap gets SEBI, Singapore approval for AMC stake sale ONGC to spend `440cr on drilling 40 wells at K-G basin Welspun Energy to invest `5,675cr in wind power projects

Britannia probes employee malpractice in supply dealsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 14, 2012 US Initial Jobless claims Thousands JUN 9 377.00 375.00

US Consumer price index (mom) % Change MAY -- (0.20)Euro Zone Euro-Zone CPI (YoY) % MAY 2.60 2.40

IndiaMonthly Wholesale PricesYoY%

% Change MAY 7.23 7.50

June 15, 2012 US Industrial Production % MAY 1.09 0.10

June 18, 2012 India RBI Repo rate % JUN 18 8.00 7.75

India RBI Cash Reserve ratio % JUN 18 4.75 4.75

India RBI Reverse Repo rate % JUN 18 7.00 6.75

June 19, 2012 UK CPI (YoY) % Change MAY 3.00 --

US Housing Starts Thousands MAY 717.00 725.00

US Building permits Thousands MAY 723.00 730.00

June 20, 2012 UK Jobless claims change % Change MAY (13.70) --

US FOMC rate decision % JUN 20 0.25 --

June 21, 2012 Germany PMI Manufacturing Value JUN A 45.20 --

Euro ZoneEuro-Zone ConsumerConfidence

Value JUN A (19.30) --

US Existing home sales Millions MAY 4.62 4.57

Germany PMI Services Value JUN A 51.80 --

June 25, 2012 US New home sales Thousands MAY 343.00 --

June 26, 2012 US Consumer ConfidenceS.A./

1985=100JUN 64.90 --

June 28, 2012 Germany Unemployment change (000's) Thousands JUN -- --

US GDP Qoq (Annualised) % Change 1Q T 1.90 --

UK GDP (YoY) % Change 1Q F (0.10) --

July 01, 2012 China PMI Manufacturing Value JUN 50.40 --

July 02, 2012 India Imports YoY% % Change MAY 3.80 --

India Exports YoY% % Change MAY 3.20 --

UK PMI Manufacturing Value JUN 45.90 --

July 05, 2012 UK BOE Announces rates % Ratio JUL 5 0.50 0.50

Euro Zone ECB announces interest rates % JUL 5 1.00 --

July 06, 2012 US Change in Nonfarm payrolls Thousands JUN 69.00 --

US Unnemployment rate % JUN 8.20 --

July 09, 2012 China Consumer Price Index (YoY) % Change JUN 3.00 --

July 10, 2012 UK Industrial Production (YoY) % Change MAY (1.00) --

China Exports YoY% % Change JUN 15.30 --

Source: Bloomberg, Angel Research


June 14, 2012

Market Outlook


4/12

Market StrategyJune 14, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.9

7.5

9.8

7.4

9.48.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.010.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

6.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.1

(3.2)

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.012.0

May-1

1

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

(%)

Source: MO SPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.46.9 7.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-12

Apr-12

(%)

Source: MO SPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

1

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-12

Apr-12

May-1

2

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)0

15

30

45

60

75

May-

11

Jun-1

1

Jul-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

Expor ts yoy growth Impor ts yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

May-1

1

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

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


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 134 - 2,611 1,432 1,647 14.7 14.7 7.0 8.0 19.2 16.8 4.0 3.5 22.8 22.3 1.9 1.6

United Phosphorus Buy 114 183 5,259 8,191 8,764 16.5 16.5 17.1 18.3 6.7 6.2 1.1 0.9 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 305 345 2,608 2,715 3,041 15.3 15.3 29.2 32.8 10.5 9.3 2.4 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 81 100 4,080 13,699 15,184 10.5 10.2 12.1 13.3 6.7 6.1 1.2 1.0 19.7 18.4 0.5 0.4

Ashok Leyland Buy 27 33 7,237 14,798 16,687 9.6 9.6 2.4 3.0 11.2 9.2 2.2 2.0 14.8 16.5 0.6 0.5

Automotive Axle Accumulate 455 514 688 1,211 1,387 12.1 11.7 50.3 57.1 9.1 8.0 2.3 1.9 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,561 1,835 45,176 22,118 24,889 19.0 18.6 115.7 126.5 13.5 12.3 5.4 4.3 45.0 38.9 1.6 1.3

Bharat Forge Buy 308 372 7,175 7,173 7,998 16.3 16.5 22.3 26.6 13.8 11.6 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,742 9,429 27,448 9,390 10,716 19.5 19.1 420.2 471.4 20.8 18.5 4.8 4.0 23.3 21.8 2.7 2.3

CEAT Buy 94 164 323 5,067 5,631 8.0 7.6 39.4 41.0 2.4 2.3 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 133 146 11,271 5,787 6,595 15.5 17.0 7.1 9.0 18.6 14.8 3.3 2.8 18.6 20.3 1.6 1.3

FAG Bearings Accumulate 1,494 1,594 2,482 1,531 1,748 18.8 18.5 118.0 132.8 12.7 11.3 2.7 2.3 24.0 21.9 1.4 1.1

Hero Motocorp Accumulate 1,958 2,221 39,106 26,106 29,296 15.0 15.2 140.3 148.1 14.0 13.2 6.6 5.1 54.8 43.3 1.2 1.0

JK Tyre Buy 80 135 327 7,950 8,904 5.5 6.0 25.1 38.6 3.2 2.1 0.4 0.3 12.1 16.4 0.3 0.3

Mahindra and Mahindra Buy 683 821 41,941 36,010 40,882 10.0 10.0 47.7 53.3 14.3 12.8 2.9 2.5 21.3 20.6 0.9 0.8

Maruti Buy 1,108 1,510 31,997 42,683 48,736 7.1 7.5 86.6 100.6 12.8 11.0 1.8 1.6 15.3 15.5 0.6 0.5

Motherson Sumi Buy 161 216 6,318 23,342 26,366 7.8 8.2 13.3 18.0 12.1 9.0 2.9 2.3 26.2 28.4 0.5 0.4

Subros Neutral 32 - 194 1,225 1,393 8.5 8.2 4.2 5.0 7.7 6.5 0.8 0.8 10.3 11.8 0.4 0.3

Tata Motors Buy 238 299 63,390 189,676 210,905 12.5 12.6 39.8 45.2 6.0 5.3 2.4 2.0 44.3 41.6 0.5 0.4

TVS Motor Buy 34 44 1,594 7,690 8,459 6.1 6.0 5.0 5.5 6.7 6.1 1.2 1.1 19.0 18.6 0.2 0.1

Capital Goods

ABB* Sell 775 498 16,415 8,760 10,023 7.6 7.5 18.2 20.7 42.5 37.4 5.7 5.1 14.4 14.6 1.8 1.6BGR Energy Neutral 291 - 2,101 4,195 4,837 11.0 11.0 30.1 32.4 9.7 9.0 1.7 1.5 18.4 17.6 1.0 1.0

BHEL Neutral 221 - 54,006 46,344 46,916 18.3 18.6 23.5 24.1 9.4 9.2 1.9 1.6 21.3 18.9 1.0 1.0

Blue Star Neutral 165 - 1,479 3,047 3,328 5.4 6.9 9.6 16.2 17.1 10.1 3.4 2.7 20.7 29.7 0.6 0.5

Crompton Greaves Buy 117 142 7,480 12,451 14,265 7.9 8.3 8.0 9.5 14.6 12.3 1.9 1.7 13.9 14.9 0.6 0.5

Jyoti Structures Buy 40 67 326 2,622 2,801 10.6 11.0 10.9 13.4 3.6 3.0 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 52 73 1,330 6,686 7,200 8.5 8.8 10.6 12.2 4.9 4.3 0.9 0.8 25.9 24.0 0.3 0.3

LMW Buy 1,609 1,992 1,813 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 454 - 5,407 5,514 5,559 9.8 9.6 29.7 28.4 15.3 16.0 2.9 2.6 20.2 16.9 0.9 0.8


June 14, 2012

Market Outlook

Stock Watch


6/12



Cement

ACC Neutral 1,180 - 22,161 11,018 12,663 19.9 21.2 70.7 81.2 16.7 14.5 2.9 2.6 18.0 19.0 1.7 1.4

Ambuja Cements Neutral 164 - 25,132 10,035 11,504 23.5 23.8 10.1 10.6 16.2 15.5 3.2 2.9 18.5 19.4 1.9 1.6

India Cements Neutral 80 - 2,453 4,423 4,906 18.2 18.8 9.9 12.7 8.1 6.3 0.7 0.7 8.6 10.5 0.8 0.7

J K Lakshmi Cements Buy 64 79 784 1,938 2,246 19.1 20.1 14.6 16.1 4.4 4.0 0.6 0.5 13.4 13.6 0.5 0.9

Madras Cements Neutral 150 - 3,570 3,444 3,786 25.5 24.9 14.6 17.1 10.3 8.8 1.5 1.3 15.6 16.0 1.6 1.4

Shree Cements Neutral 2,677 - 9,324 5,465 6,249 24.3 23.7 151.5 222.1 17.7 12.1 4.2 3.6 21.6 25.8 1.3 1.0

UltraTech Cement Neutral 1,421 - 38,945 20,116 22,655 21.3 22.5 82.1 97.5 17.3 14.6 2.7 2.4 16.8 17.4 1.8 1.7Construction

Ashoka Buildcon Buy 201 273 1,058 2,014 2,293 22.4 22.4 22.6 26.7 8.9 7.5 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 14 - 255 2,526 2,792 5.7 6.6 1.8 2.8 7.5 4.9 0.4 0.4 5.5 8.1 0.3 0.3

Hind. Const. Neutral 20 - 1,195 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.0) (25.2) 1.1 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 128 166 4,243 3,821 4,582 42.3 40.2 15.0 16.9 8.5 7.5 1.3 1.1 16.1 15.8 2.7 2.4

ITNL Buy 191 265 3,714 6,619 7,925 23.8 23.3 22.0 26.7 8.7 7.2 1.2 1.1 14.9 15.9 2.2 2.1

IVRCL Infra Buy 49 61 1,319 5,510 6,722 8.8 9.0 2.5 4.6 19.5 10.8 0.7 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Buy 70 88 14,832 15,259 17,502 25.7 24.7 4.2 5.0 16.5 13.9 1.4 1.3 8.5 9.3 2.3 2.0

Larsen & Toubro Buy 1,350 1,553 82,710 59,559 69,089 12.1 11.5 70.8 76.5 19.1 17.7 2.9 2.5 16.1 15.3 1.5 1.3

Madhucon Proj Buy 39 70 286 2,206 2,502 10.7 10.7 4.6 4.7 8.4 8.3 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 37 41 946 5,453 6,169 8.1 8.5 1.6 1.9 22.4 19.1 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 92 - 643 3,609 3,836 13.1 13.1 14.0 14.6 6.6 6.3 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 48 - 1,594 11,592 12,993 8.4 8.4 1.8 3.2 26.7 15.0 0.5 0.5 2.0 3.4 0.6 0.5

Sadbhav Engg. Buy 137 182 2,060 2,789 3,147 10.6 10.7 8.4 10.4 16.2 13.1 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 215 265 1,062 6,732 7,837 8.1 8.4 23.5 29.4 9.1 7.3 0.8 0.8 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 144 147 7,180 7,392 8,542 3.1 3.1 38.3 42.1 3.8 3.4 0.7 0.6 18.4 17.6 - -

Andhra Bank Neutral 116 - 6,483 5,151 5,843 3.2 3.1 22.4 25.7 5.2 4.5 0.8 0.7 15.8 16.0 - -

Axis Bank Buy 1,047 1,476 43,329 16,157 19,557 3.2 3.2 116.4 139.1 9.0 7.5 1.7 1.4 20.0 20.3 - -

Bank of Baroda Buy 719 925 28,158 15,993 18,918 2.6 2.6 127.3 149.9 5.7 4.8 0.9 0.8 17.8 18.2 - -

Bank of India Accumulate 356 389 20,444 13,558 15,551 2.5 2.4 61.6 70.8 5.8 5.0 1.0 0.8 16.8 16.9 - -

Bank of Maharashtra Neutral 54 - 3,196 3,580 4,050 3.2 3.2 11.5 13.1 4.7 4.1 0.8 0.7 17.4 17.2 - -

Canara Bank Buy 432 493 19,142 12,061 13,906 2.3 2.3 83.1 92.7 5.2 4.7 0.9 0.7 16.7 16.4 - -

Central Bank Neutral 81 - 5,992 6,838 7,912 2.3 2.4 13.8 20.3 5.9 4.0 0.9 0.7 10.9 14.4 - -


June 14, 2012

Market Outlook

Stock Watch


7/12



Financials

Corporation Bank Accumulate 439 468 6,503 5,203 5,880 2.2 2.1 107.5 112.7 4.1 3.9 0.7 0.6 17.9 16.5 - -

Dena Bank Accumulate 100 107 3,494 3,149 3,522 2.8 2.8 23.3 26.1 4.3 3.8 0.7 0.6 17.7 17.0 - -

Federal Bank Neutral 429 - 7,339 2,743 3,131 3.4 3.3 49.7 57.4 8.6 7.5 1.2 1.0 14.1 14.6 - -

HDFC Neutral 655 - 96,902 7,393 8,844 3.5 3.4 31.7 37.9 20.7 17.3 4.1 3.7 34.7 31.9 - -

HDFC Bank Accumulate 543 567 127,659 21,831 27,477 4.3 4.3 28.3 35.5 19.2 15.3 3.7 3.1 20.8 22.1 - -

ICICI Bank Buy 849 1,174 97,595 22,209 26,512 2.8 2.8 67.9 81.1 12.5 10.5 1.5 1.4 14.7 16.0 - -

IDBI Bank Buy 93 113 11,928 8,004 9,589 1.9 2.0 19.9 23.9 4.7 3.9 0.6 0.6 13.8 14.9 - -Indian Bank Accumulate 178 190 7,652 6,312 7,119 3.4 3.3 41.1 43.7 4.3 4.1 0.7 0.7 18.2 16.9 - -

IOB Accumulate 88 92 7,041 7,354 8,283 2.5 2.4 16.3 21.7 5.4 4.1 0.6 0.6 11.5 13.9 - -

J & K Bank Neutral 918 - 4,450 2,535 2,861 3.5 3.4 176.3 184.4 5.2 5.0 0.9 0.8 19.3 17.6 - -

LIC Housing Finance Buy 255 286 12,889 2,108 2,607 2.6 2.6 24.5 30.6 10.4 8.4 1.9 1.7 20.1 21.4 - -

Oriental Bank Accumulate 244 262 7,128 6,431 7,315 2.7 2.6 54.4 63.8 4.5 3.8 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 814 1,041 27,597 19,893 23,653 3.1 3.2 153.4 175.2 5.3 4.7 1.0 0.8 18.3 18.1 - -

South Ind.Bank Neutral 24 - 2,696 1,440 1,635 2.7 2.5 3.8 4.1 6.3 5.8 1.2 1.1 19.9 18.6 - -

St Bk of India Accumulate 2,222 2,469 149,123 68,311 79,649 3.6 3.6 230.4 273.4 9.7 8.1 1.6 1.3 18.2 18.8 - -

Syndicate Bank Buy 102 126 6,158 7,133 8,255 3.0 3.0 25.9 30.0 3.9 3.4 0.6 0.6 16.9 17.1 - -

UCO Bank Neutral 80 - 5,304 5,623 6,380 2.4 2.4 16.9 17.9 4.7 4.5 0.9 0.8 16.5 15.4 - -

Union Bank Buy 213 261 11,729 10,215 11,854 2.9 2.8 42.7 50.3 5.0 4.2 0.8 0.7 17.0 17.5 - -

United Bank Buy 68 78 2,451 3,551 4,128 2.7 2.8 18.8 22.6 3.6 3.0 0.6 0.5 15.5 16.5 - -

Vijaya Bank Neutral 59 - 2,936 2,668 3,001 2.2 2.2 10.6 12.2 5.6 4.9 0.8 0.7 13.3 13.8 - -

Yes Bank Buy 346 450 12,247 3,209 4,144 2.7 2.8 33.9 41.5 10.2 8.3 2.2 1.8 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,875 - 37,165 11,423 13,309 16.3 16.3 125.3 148.4 30.9 26.1 10.5 8.2 38.0 35.4 3.1 2.7Britannia Buy 537 633 6,412 5,835 6,824 6.3 6.7 20.7 27.5 25.9 19.5 10.1 7.5 42.7 44.3 1.0 0.9

Colgate Neutral 1,138 - 15,475 3,007 3,417 21.1 22.1 38.2 43.8 29.8 26.0 35.4 27.8 130.2 119.9 5.0 4.4

Dabur India Neutral 110 - 19,093 5,878 6,799 16.8 17.0 4.2 4.9 26.4 22.3 9.6 7.8 39.3 42.0 3.1 2.7

GlaxoSmith Con* Neutral 2,648 - 11,134 3,124 3,663 17.1 11.6 103.0 123.3 25.7 21.5 7.9 6.4 34.0 32.9 3.3 2.8

Godrej Consumer Neutral 549 - 18,693 5,973 7,000 18.4 18.6 22.8 27.2 24.1 20.2 6.6 5.3 31.3 38.4 3.4 2.8

HUL Neutral 446 - 96,392 25,350 29,309 14.3 14.4 14.1 16.4 31.6 27.2 23.6 18.5 82.7 76.2 3.5 3.0

ITC Accumulate 244 252 190,457 29,638 34,159 35.4 35.8 9.3 10.9 26.1 22.4 8.4 6.9 35.3 33.8 6.0 5.2


June 14, 2012

Market Outlook

Stock Watch


8/12



FMCG

Marico Neutral 171 - 11,011 4,667 5,427 12.8 12.9 6.6 8.1 25.7 21.0 6.9 5.4 30.0 28.8 2.4 2.0

Nestle* Neutral 4,527 - 43,643 8,731 10,539 21.0 21.4 119.3 147.9 38.0 30.6 23.3 15.8 73.0 61.6 5.0 4.1

Tata Global Buy 109 136 6,710 7,011 7,711 9.7 10.0 6.3 7.5 17.3 14.5 1.7 1.6 9.5 10.9 0.9 0.8

IT

HCL Tech Accumulate 491 560 33,996 22,792 25,743 17.4 17.4 37.8 43.0 13.0 11.4 2.9 2.4 22.3 21.3 1.5 1.3

Hexaware Neutral 122 - 3,615 1,821 2,105 19.0 18.6 9.8 10.7 12.4 11.4 2.9 2.5 23.7 22.5 1.8 1.5

Infosys Buy 2,471 2,792 141,904 37,615 42,491 31.1 30.6 158.5 174.5 15.6 14.2 3.5 3.0 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 161 177 1,797 1,758 1,972 17.0 16.6 16.8 18.6 9.6 8.7 1.3 1.2 13.6 13.2 0.7 0.5

KPIT Cummins Neutral 116 - 2,070 2,028 2,239 15.0 14.8 9.0 11.4 12.9 10.2 2.3 1.9 19.3 18.7 1.0 0.9

Mahindra Satyam Accumulate 76 86 8,973 7,097 7,812 16.2 16.0 7.5 8.0 10.2 9.6 1.3 1.2 13.2 12.3 0.9 0.7

Mindtree Neutral 625 - 2,543 2,172 2,450 16.1 15.5 53.9 58.5 11.6 10.7 2.2 1.8 18.9 17.0 1.0 0.8

Mphasis Accumulate 348 373 7,321 5,608 5,964 17.7 17.3 35.5 36.8 9.8 9.5 1.4 1.2 13.9 12.6 0.9 0.7

NIIT Buy 44 52 718 1,162 1,304 14.8 15.1 7.1 8.8 6.1 4.9 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 352 - 1,407 1,109 1,224 23.3 22.4 37.2 40.1 9.5 8.8 1.5 1.3 15.4 14.5 0.9 0.8

TCS Neutral 1,251 - 244,878 57,189 66,329 29.3 28.7 63.2 70.9 19.8 17.7 6.0 4.9 30.5 27.7 4.0 3.3

Tech Mahindra Accumulate 667 725 8,499 5,880 6,314 15.6 15.2 75.9 82.2 8.8 8.1 1.8 1.5 20.1 18.1 1.4 1.2

Wipro Accumulate 397 430 97,606 41,918 46,879 19.4 19.9 25.1 28.7 15.8 13.9 3.0 2.5 18.6 18.3 2.0 1.7

Media

D B Corp Buy 183 269 3,355 1,652 1,863 25.7 26.3 13.5 16.1 13.6 11.4 3.0 2.6 24.1 24.4 2.0 1.7

HT Media Buy 96 148 2,252 2,255 2,555 16.3 16.7 9.0 10.6 10.6 9.0 1.3 1.2 13.4 13.8 0.6 0.5

Jagran Prakashan Buy 87 137 2,759 1,499 1,642 27.4 28.8 7.6 9.1 11.4 9.6 3.8 3.4 34.6 37.7 1.8 1.6

PVR Neutral 152 - 394 625 732 17.4 16.9 12.4 15.8 12.2 9.6 2.0 2.1 8.5 9.9 0.8 0.7

Sun TV Network Neutral 255 - 10,039 2,135 2,458 75.2 74.4 20.9 24.0 12.2 10.6 2.9 2.4 26.0 25.1 3.7 3.0Metals & Mining

Bhushan Steel Neutral 453 - 9,625 9,232 13,557 30.8 31.1 48.0 58.6 9.4 7.7 1.2 1.0 14.5 7.5 3.2 2.2

Coal India Accumulate 334 353 210,682 68,841 74,509 25.3 25.3 24.1 26.1 13.9 12.8 3.8 3.1 30.4 26.8 2.1 1.8

Electrosteel Castings Buy 17 22 604 1,984 2,074 11.2 12.6 2.0 2.7 8.6 6.5 0.3 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 118 139 49,795 13,043 14,223 51.8 52.8 14.8 16.6 8.0 7.1 1.6 1.3 21.2 19.9 2.1 1.5

Hindalco Neutral 122 - 23,424 84,652 88,766 9.6 10.5 17.0 18.9 7.2 6.5 0.7 0.6 9.7 9.8 0.5 0.5

JSW Steel Neutral 641 - 14,307 39,592 44,910 18.0 17.7 74.7 88.9 8.6 7.2 0.8 0.7 10.7 11.6 0.7 0.7

MOIL Accumulate 277 296 4,646 1,007 1,091 56.6 56.9 29.4 31.9 9.4 8.7 1.7 1.5 19.0 18.2 2.3 1.9

Monnet Ispat Buy 339 447 2,182 3,115 3,748 22.1 25.1 59.1 66.8 5.7 5.1 0.8 0.7 15.6 15.3 1.4 1.1


June 14, 2012

Market Outlook

Stock Watch


9/12



Metals & Mining

Nalco Reduce 59 54 15,193 8,474 9,024 12.6 16.2 2.6 3.6 23.0 16.5 1.3 1.2 5.6 7.5 1.4 1.3

NMDC Accumulate 166 187 65,616 11,959 13,062 78.2 78.6 19.1 20.9 8.7 7.9 2.1 1.8 27.1 24.4 3.5 3.0

SAIL Neutral 95 - 39,240 50,914 60,785 14.6 15.1 9.4 10.5 10.1 9.0 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Accumulate 187 206 16,274 9,067 9,316 35.7 35.5 44.5 44.3 4.2 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 102 123 34,177 45,805 49,029 21.2 23.5 16.5 19.1 6.2 5.3 0.7 0.6 11.5 12.0 0.4 0.2

Tata Steel Buy 411 499 39,956 143,088 148,011 10.9 12.1 53.9 66.0 7.6 6.2 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Accumulate 322 372 61,432 15,513 16,074 74.0 69.7 51.1 48.6 6.3 6.6 1.1 0.9 18.3 14.8 2.8 2.1

GAIL Buy 337 389 42,703 50,472 55,502 15.3 15.6 35.4 37.0 9.5 9.1 1.7 1.5 19.0 17.2 0.1 -

ONGC Buy 269 321 229,886 156,331 159,043 37.7 36.3 31.3 32.6 8.6 8.2 1.5 1.4 18.7 17.3 1.1 1.0

Reliance Industries Buy 717 897 234,622 316,404 319,119 11.2 12.0 63.5 68.7 11.3 10.4 1.1 1.0 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 51 91 964 1,624 1,855 14.2 15.6 6.6 9.1 7.8 5.6 1.9 1.5 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 106 156 3,080 5,243 5,767 14.6 14.6 13.8 14.7 7.7 7.2 0.9 0.4 11.4 10.9 0.7 0.6

Aventis* Neutral 2,109 - 4,857 1,482 1,682 15.5 15.5 95.0 104.0 22.2 20.3 3.9 3.1 18.6 17.0 3.1 2.6

Cadila Healthcare Buy 724 953 14,824 6,196 7,443 18.5 19.5 43.3 50.8 16.7 14.3 4.3 3.5 25.4 24.8 2.4 1.9

Cipla Buy 304 379 24,397 7,687 8,804 21.4 21.4 16.5 18.9 18.4 16.1 2.9 2.5 16.7 16.8 3.2 2.7

Dr Reddy's Neutral 1,571 - 26,633 10,696 11,662 20.7 21.0 83.7 92.9 18.8 16.9 3.9 3.3 22.4 21.0 2.7 2.4

Dishman Pharma Buy 55 92 442 1,280 1,536 17.8 17.8 9.2 11.3 6.0 4.9 0.5 0.4 7.7 8.5 1.0 0.8

GSK Pharma* Neutral 2,049 - 17,352 2,651 2,993 31.7 31.2 76.0 82.4 27.0 24.9 7.8 6.8 30.8 29.0 5.4 4.7

Indoco Remedies Buy 56 82 517 685 837 15.2 15.2 7.4 8.9 7.6 6.3 1.1 1.0 15.9 16.3 0.9 0.8

Ipca labs Buy 343 435 4,318 2,850 3,474 20.3 20.3 26.6 32.7 12.9 10.5 3.3 2.6 28.2 27.9 1.7 1.4

Lupin Buy 516 647 23,040 8,426 10,082 19.7 20.0 29.7 32.4 17.4 15.9 4.5 3.6 27.0 25.2 2.8 2.2Orchid Chemicals Buy 119 178 838 2,117 2,434 17.7 17.7 16.7 22.2 7.1 5.4 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 480 - 20,268 12,046 11,980 18.0 15.8 35.7 29.8 13.5 16.1 5.0 4.1 43.1 28.1 1.7 1.7

Sun Pharma Neutral 591 - 60,914 9,272 11,080 38.6 38.0 22.7 22.6 26.1 26.2 4.4 3.9 17.9 15.6 5.0 3.9

Power

CESC Buy 282 342 3,518 5,084 5,512 24.2 23.8 45.2 48.5 6.2 5.8 0.7 0.6 11.2 10.9 1.1 1.2

GIPCL Buy 64 77 970 1,557 1,573 28.8 28.5 10.4 10.9 6.2 5.9 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 154 - 127,145 74,766 86,549 23.1 23.4 12.4 14.1 12.4 11.0 1.6 1.4 13.0 13.5 2.4 2.2

Real Estate

Anant Raj Buy 49 78 1,445 657 875 52.0 56.1 8.4 12.7 5.8 3.9 0.4 0.3 6.3 8.9 3.4 2.6

DLF Neutral 196 - 33,254 9,878 12,033 44.7 46.1 9.6 13.4 20.4 14.6 1.3 1.2 6.4 8.7 5.9 4.8


June 14, 2012

Market Outlook

Stock Watch


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Real Estate

HDIL Buy 75 115 3,149 2,441 3,344 53.0 46.7 21.4 25.4 3.5 3.0 0.3 0.3 8.4 9.1 3.1 2.3

MLIFE Buy 315 376 1,288 814 897 26.9 27.0 31.3 33.9 10.1 9.3 1.0 0.9 10.2 10.1 1.9 1.7

Telecom

Bharti Airtel Neutral 308 - 116,831 80,961 86,705 33.5 34.0 17.2 20.8 17.9 14.8 2.1 1.8 11.5 12.3 2.1 1.8

Idea Cellular Neutral 77 - 25,384 22,558 25,326 26.4 27.5 3.2 4.7 23.8 16.2 1.8 1.6 7.5 10.0 1.6 1.4

Rcom Neutral 69 - 14,159 22,288 23,871 32.1 32.7 4.4 6.0 15.6 11.5 0.4 0.4 2.4 3.2 2.0 1.7

zOthersBajaj Electricals Buy 192 246 1,911 3,569 4,172 8.6 9.2 17.3 22.3 11.1 8.6 2.4 2.0 22.9 25.3 0.5 0.4

Abbott India Accumulate 1,484 1,628 3,154 1,661 1,918 9.7 12.0 60.7 90.4 24.5 16.4 5.0 4.1 22.0 27.3 1.7 1.4

CRISIL Neutral 1,065 - 7,471 982 1,136 34.3 34.3 34.3 40.0 31.0 26.6 14.0 11.2 50.9 46.9 7.3 6.1

Cera Sanitaryware Buy 261 288 330 385 444 17.2 17.4 28.9 32.0 9.0 8.2 1.9 1.6 23.4 21.1 1.0 0.9

Force Motors Buy 459 680 598 2,346 2,753 6.7 7.0 50.9 61.9 9.0 7.4 0.5 0.5 5.5 6.3 0.2 0.2

Finolex Cables Buy 38 61 584 2,334 2,687 8.8 9.3 7.6 10.2 5.0 3.7 0.7 0.6 13.7 16.1 0.2 0.1

Goodyear India Accumulate 320 374 738 1,511 1,692 7.9 9.0 31.5 41.3 10.2 7.8 2.0 1.7 21.2 23.5 0.3 0.2

Graphite India Buy 88 124 1,719 2,158 2,406 18.1 18.9 12.4 14.0 7.1 6.3 1.0 0.9 14.0 14.3 0.9 0.8

HEG Buy 207 242 826 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 1.0

Hitachi Buy 117 160 269 857 968 6.9 8.4 10.2 16.0 11.5 7.3 1.4 1.2 12.9 17.8 0.4 0.4

Honeywell Automation Neutral 2,561 - 2,264 1,542 1,739 9.4 10.0 116.1 140.8 22.1 18.2 3.1 2.7 15.5 15.9 1.3 1.1

INEOS ABS India Neutral 719 - 1,264 900 1,011 10.2 11.5 35.6 45.7 20.2 15.7 2.9 2.5 15.4 17.2 1.3 1.1

ITD Cementation Accumulate 233 236 269 1,535 1,842 11.1 11.1 27.3 38.3 8.6 6.1 0.7 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Buy 230 268 1,852 1,315 1,568 8.6 11.1 6.4 10.9 36.0 21.1 3.0 2.9 8.4 13.9 1.6 1.4

MCX Buy 1,027 1,598 5,236 610 702 65.5 67.0 67.9 79.9 15.1 12.9 4.4 3.7 29.1 28.9 5.7 4.4

MRF Buy 10,532 13,106 4,467 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.9 6.4 1.6 1.3 16.5 17.4 0.6 0.5Greenply Industries Buy 209 309 504 1,925 2,235 10.6 10.9 29.6 44.1 7.1 4.7 1.2 0.9 16.8 21.0 0.5 0.4

Page Industries Neutral 2,923 - 3,261 887 1,108 18.3 18.6 95.0 120.9 30.8 24.2 16.1 13.0 57.4 59.5 3.8 3.0

Relaxo Footwears Accumulate 484 478 581 1,019 1,208 11.0 10.8 44.9 53.1 10.8 9.1 2.6 2.0 27.2 25.0 0.7 0.6

Sintex Industries Buy 58 79 1,594 4,751 5,189 16.3 16.6 13.6 15.8 4.3 3.7 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 264 392 247 1,042 1,173 12.4 12.5 66.3 78.5 4.0 3.4 0.8 0.6 21.1 20.8 0.4 0.4

SpiceJet Buy 34 40 1,627 5,647 6,513 3.5 6.5 1.9 4.9 17.3 6.9 40.6 5.9 - - 0.4 0.4

TVS Srichakra Buy 316 462 242 1,612 1,827 9.5 9.8 72.3 92.5 4.4 3.4 1.3 1.0 33.1 32.1 0.4 0.3

TAJ GVK Buy 61 108 383 300 319 35.8 36.2 7.9 9.1 7.7 6.7 1.0 0.9 13.9 14.4 1.6 1.4


June 14, 2012

Market Outlook

Stock Watch


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zOthers

Tata Sponge Iron Buy 301 420 463 757 875 19.0 19.1 63.5 72.9 4.7 4.1 0.7 0.6 16.1 16.1 0.2 -

United Spirits Buy 677 730 8,860 10,289 11,421 13.5 14.3 31.0 42.9 21.8 15.8 1.7 1.6 8.1 10.3 1.5 1.3

Vesuvius India Accumulate 373 413 756 628 716 16.4 16.5 29.8 34.4 12.5 10.8 2.2 1.9 18.8 18.6 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 13, 2012


June 14, 2012

Market Outlook

Stock Watch


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June 14, 2012Market Outlook

market outlook 140612

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