market outlook, 16-05-13

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Market OutlookMay 16, 2013

Dealers Diary

The Indian markets are expected to open flat today with a negative bias tracking

marginally negative opening in SGX Nifty which is trading lower by 0.1%. Most of

the Asian markets too are trading in the red.

US market saw some volatility on Wednesday but extended the recent upward

move by reaching new record highs and ended the day in positive. The better than

expected housing data offset negative sentiment generated by a separate report

from the Federal Reserve showing a bigger than expected drop in industrial

production in April. Thursdays trading could be impacted by another slew of U.S.

economic data, including reports on weekly jobless claims, housing starts, and

Philadelphia-area manufacturing activity along with the news on corporate

earnings. Meanwhile, a similar trend was seen in the European markets despite

weak GDP reports from Germany, France and the Eurozone. Traders also

welcomed the news that the Bank of England raised its economic growth forecast.

Indian markets rallied to a 28-month high on Wednesday, buoyed by rate cut

hopes after RBI Governor said the central bank will take note of falling inflation

when discussing potential interest rate cuts.

Markets Today

The trend deciding level for the day is 20,084 / 6,108 levels. If NIFTY trades above

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

up to 20,371 20,528 / 6,196 6,246 levels. However, if NIFTY trades below

20,084 / 6,108 levels for the first half-an-hour of trade then it may correct up to

19,927 19,641 / 6,058 5,969 levels.

Indices S2 S1 PIVOT R1 R2

SENSEX 19,641 19,927 20,084 20,371 20,528NIFTY 5,969 6,058 6,108 6,196 6,246

News Analysis

TTMT global sales down 7% yoy in April 2013 Result Review: United spirits, J&K Bank, IRB Infra Result Preview: Baja Auto, Mahindra Satyam, DB Corp.

Refer detailed news analysis on the following page

Net Inflows (May 14, 2013)` cr Purch Sales N et M TD YTD

FII 2,282 1,825 456 8,058 69,216

MFs 198 240 (42) (1,641) (10,232)

FII Derivatives (May 15, 2013)` cr Purch Sales N et O pen Interest

Index Futures 2,651 2,405 246 16,531

Stock Futures 1,775 2,159 (384) 28,867

Gainers / Losers

G a iners Losers

C ompa ny Price (`) chg (%) Com pan y Price (`) chg (%)

Uco Bank 82 8. 8 Amara Raja 258 (2.9)PNB 823 7. 5 Gujarat State Pet 62 (1.8)

GMR Infra 23 7. 0 Cummins India 504 (1.4)

Apollo Hosp 966 6. 3 Berger Paints 237 (1.3)

IRB Infra 124 6. 3 IFCI 29 (1.0)

D om estic Indices C hg (%) (Pts) (C lose)

BSE Sensex 2.5 491 20,213

Nifty 2.5 151 6,147

MID CAP 1.6 102 6,564

SMALL CAP 1.0 60 6,177

BSE HC 2.0 181 9,062

BSE PSU 2.4 160 6,959

BANKEX 3.9 568 14,963

AUTO 2.3 253 11,268

METAL 1.9 159 8,770

OIL & GAS 2.2 191 8,907

BSE IT 0.4 21 5,986

G lobal Indices Chg (%) (Pts) (C lose)

Dow Jones 0.4 60 15,276NASDAQ 0.3 9 3,472

FTSE 0.1 7 6,694

Nikkei 2.3 338 15,096

Hang Sang 0.5 114 23,044

Straits Times 0.3 9 3,442

Shanghai Com 0.4 8 2,225

Indian ADR Chg (%) (Pts) (C lose)

INFY (1.0) (0.4) $42.5

WIT 1.3 0.1 $7.9IBN 2.5 1.2 $47.9

HDB 1.4 0.6 $43.0

Adva nces / D eclines BSE N SE

Advances 1,466 909

Declines 973 461

Unchanged 160 93

Volume s (` cr)

BSE 2,277

NSE 12,896

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TTMT global sales down 7% yoy in Apri l 2013

Tata Motors (TTMT) global sales continued its downward trend in April 2013,

down 7% yoy to 81,241 units, led by continued weakness in the domestic

passenger vehicle (down 46.6% yoy) segment. During April 2013, the global

commercial vehicle sales posted a growth of 5.2% yoy on a low base of last year.However, the global passenger vehicle volumes fell significantly by 16.4% yoy led

by weak performance in the domestic passenger vehicle segment. Nevertheless,

Jaguar and Land Rover (JLR) continued its momentum posting a strong volume

growth of 14.8% yoy to 28,874 units driven largely by the new launches. Jaguar

sales grew strongly by 48% yoy to 5,334 units on the back of the growth in the XF

model due to the introduction of the Sportbrake, AWD and smaller engine

variants. Land Roversales on the other hand grew by 9.3% yoy primarily led by the

new Range Rover. We retain our positive view on JLR and expect the company to

maintain its growth momentum driven by thenew launches - Range Rover, Range

Rover Sport, Jaguar XF Sportbrakeand AWDand smaller engine variants ofXFand

XJmodels. Due to the sharp run-up in the stock price over the last one month (up~15%), we recommend an Accumulate rating on the stock. Our SOTP target price

for the company works out to `324.

Result Review

United Spirits (CMP: `2,304/ TP:-/ Upside:-)

For 4QFY2013 United Spirits posted a 11.3% yoy growth in to `2,094cr, which

was slightly below our estimates. Volume growth stood at 4% for the quarter.Volume growth in Prestige and strategic brands stood at 30%. OPM came in line

with estimates at 11.3%. Bottom-line stood at `56cr impacted by `22cr o

exceptional items. W e ma intain our N eutra l recomm enda tion on the stock.

Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 11,886 14.4 740 50.9 10.6 45.3 3.7 21.9 3.1

FY2015E 13,491 14.0 1,082 74.5 11.4 30.9 3.3 19.5 2.7

No te: Consolidated financials are furnished in the table

J&K Bank (CMP: `1342 / TP: -/ Upside: -)

J&K Bank reported healthy operating performance for the quarter, which came

largely on expected lines, however, on the asset quality front, it faced moderate

pressures during the quarter. While, NII grew by 23% yoy, non-interest income

grew by 71% (possibly aided by the booking of Metlife stake sale, during the

quarter) and hence, growth in operating profit was strong at 29% yoy. On the

asset quality front, the bank witnessed pressures during the quarter, as their gross

and net NPA levels were sequentially higher by around 11% each and hence, the

provisioning expenses for the bank more than doubled on a yoy basis and

earnings grew at a moderate pace of 20% yoy.

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Y/ E O p . Inc N IM PAT EPS ABV RO A RO E P/ E P/ ABV

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 3,032 3.8 1,058 218.1 1,181.8 1.5 19.9 6.2 1.1

FY2015E 3,118 3.5 974 200.9 1,322.8 1.2 16.0 6.7 1.0

IRB Infra (CMP: `124 / TP: `163 / Upside: 31%)

For 4QFY2013, IRB Infrastructure (IRB) reported a healthy set of numbers and was

above street expectations. The companys revenue came in below our expectation

owing to delay in toll collection at IRDP-Kolhapur BOT project which led to lower-

than-expected BOT revenue for the quarter. However better-than-expected

performance at the EBITDAM level and lower tax expense led to healthy growth at

earnings level. IRBs top line witnessed a growth of 11.4% yoy to `948cr in

4QFY2013 and was below our estimate of`1,104cr. The growth was mainly due

to healthy execution pace in the under-construction BOT projects. The E&C

segments revenue grew by 10.6% yoy to`691cr (our estimate was

`638cr) while

the BOT segment witnessed 12.7% yoy growth to `289cr (our estimate was

`310cr). On the EBITDAM front, IRBs margin came in at 44.6% in 4QFY2013,

indicating a decline of 53bp on a yoy basis and was higher than our estimate of

44.0%. Stable input prices led to EBITDAM of 34.2% (excluding other income) for

E&C segment. Interest cost came in at `158cr, indicating a growth of 3.0% on a

yoy basis. At the earnings front, IRB reported PAT of `151cr (our estimate was

`187cr), an increase of 25.6% yoy owing to better-than-expected operating

performance and lower tax expense during the quarter. IRB is looking at both

organic and inorganic options for growth with a threshold of 18% equity IRR and

intends to allot 20% of consolidated cash flow post debt repayment towards

acquisitions. IRB has a robust order book of `6,431cr (2.4x FY2013E E&C

revenue, excluding O&M orders), which lends revenue visibility. Although a

slowdown in order awarding by NHAI in road sector has been witnessed in

FY2013, IRB expects ordering activity to improve going ahead. W e m aintain our

Buy view on the stock with a target price of `1 6 3 .

Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ Sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 4,152 44.4 618 18.6 17.8 6.7 1.1 7.5 3.3

FY2015E 4,624 45.0 623 18.8 16.0 6.6 1.0 7.6 3.4

Result Preview

Bajaj Auto (CMP: `1,822/ TP: `2,014/ Upside: 11%)

Bajaj Auto (BJAUT) is scheduled to announce its 4QFY2013 results today. We

expect the revenues to register a modest growth of ~3% yoy to `4,784cr primarily

due to a ~4% yoy decline in volumes following slowdown in the domestic two-

wheeler industry. However, we expect the net average realization to grow by ~7%

yoy led by favorable foreign exchange rate on the exports front and also due to

price hike in export markets to pass on the impact of reduction in export incentives.

On the operating front, EBITDA margin is expected to decline 120bp yoy to 18.6%

largely led by weaker product-mix. As a result, the bottom-line is expected to

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decline by ~3% yoy to `732cr. At the CMP of`1,822, the stock is trading at 13.6x

FY2015E earnings. Currently, we have an Accumulate rating on the stock.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 22,552 18.6 3,411117.9

40.2 15.5 5.6 10.3 1.9FY2015E 25,498 18.6 3,885 134.3 36.6 13.6 4.5 8.6 1.6

Mahindra Satyam (CMP: `110/ TP: `135/ Upside: 23%)

Mahindra Satyam (Satyam) is slated to announce its 4QFY2013 results today. We

expect the company to post revenue of US$363mn, up 2.0% qoq majorly led by

volume growth. In rupee terms, the revenue is expected to come in at `1,964cr, up

1.2% qoq. EBITDA margin is expected to remain almost flat qoq at 21.7%. PAT is

expected to come in at `312cr. We maintain Buy rating on the stock with a target

price of `1 3 5 .


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 8,456 19.3 1,245 10.6 22.4 10.4 2.3 5.6 1.1

FY2015E 9,385 19.1 1,399 11.9 20.1 9.2 1.9 4.6 0.9

DB Corp. (CMP: `233 / TP: `272 / Upside: 16.7%)

DB Corp is slated to announce its 4QFY2013 results. The company is expected to

post 13.9% yoy growth in its top-line to `402cr on the back of uptick in advertising

revenue as well as selective increase in cover prices of mature editions over the lastyear. The companys margins are expected to expand by 556bp yoy to 24.9%.

Consequently, net profit is expected to grow by 27.0% yoy to `58cr. At the current

market price, DB Corp is trading at 13.8x FY2015E consolidated EPS of`16.9. W e

recommend Buy on the stock with the target price of `2 7 2 .


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 1,787 25.4 267 14.5 22.4 16.0 3.4 8.8 2.2

FY2015E 1,974 26.4 309 16.9 22.2 13.8 2.9 7.4 2.0

Quarterly Bloomberg Brokers Consensus Estimate

Baja j Auto (16 / 05 / 201 3 )

Particula rs (` cr) 4 Q F Y 1 3 E 4 Q F Y 1 2 y-o-y (%) 3 Q F Y 1 3 q-o-q (%)

Net sales 4,779 4,516 6 5,307 (10)

EBITDA 888 921 (3) 1,012 (12)

EBITDA margin (%) 18.6 20.4 19.1

Net profit 718 772 (7) 819 (12)

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ITC ( 1 7 / 0 5 / 2 0 1 3 )


Net sales 8,053 6,361 27 7,627 6

EBITDA 2,691 2,263 19 2,858 (6)

EBITDA margin (%) 33.4 35.6 37.5

Net profit 1,899 1,614 18 2,052 (7)

Adani Enterprise C onsolidated (20/ 05 / 2 01 3)


Net sales 11,330 10,594 7 13,610 (17)

EBITDA 1,644 1,086 51 2,038 (19)

EBITDA margin (%) 14.5 10.2 15.0

Net profit 263 310 (15) 416 (37)

Coa l India Consolidated (20/ 05 / 20 13 )


Net sales 19,478 19,419 0 17,325 12

EBITDA 5,591 3,786 48 4,288 30

EBITDA margin (%) 28.7 19.5 24.8

Net profit 4,988 4,008 24 4,395 13

Divi's Laboratories (20/ 05 / 20 13 )


Net sales 802 708 13 533 50

EBITDA 303 286 6 182 66

EBITDA margin (%) 37.8 40.4 34.1

Net profit 225 215 5 144 56

Larsen & Toubro (22 / 05 / 20 13 )


Net sales 21,217 18,461 15 15,429 38

EBITDA 2,812 2,561 10 1,475 91

EBITDA margin (%) 13.3 13.9 9.6

Net profit 1,865 1,920 (3) 1,122 66

Zee Entertainment Consolidated (2 2/ 05 / 2 01 3)


Net sales 928 869 7 919 1

EBITDA 216 160 35 261 (17)

EBITDA margin (%) 23.2 18.4 28.4

Net profit 166 160 4 194 (14)

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Economic and Political News

RBI to issue first tranche of inflation indexed bonds on June 4 Indias 10-yr bond yield falls to lowest since Dec 2009 Oil Min proposal on gas prices rejected Indias net services exports recover in second half of FY13Corporate News

Haryana challenges ruling allowing higher power tariffs for Adani power Glenmark gets US approval for migraine drug L&T to raise `100cr in 10-year inflation-linked bonds Heineken takes 3.2% stake in United Breweries Cipla Medpro shareholders approve Cipla acquisition

Source: Economic Times, Business Standard , Business Line, Financial Express, M int

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Date Company

May 16, 2013 Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013 ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

May 19, 2013

May 20, 2013 Coal India, Adani Enterp., India Cements

May 21, 2013 Tech Mahindra

May 22, 2013 Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013 BHEL, Indraprasth Gas

May 24, 2013 Britannia

May 25, 2013 MOIL, Force Motors

May 26, 2013

May 27, 2013 Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013 GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR

May 29, 2013 BPCL, Anant Raj

May 30, 2013 M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 16, 2013 6:00PM US Initial Jobless claims Thousands May 11 323.00 330.00

2:30PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.70 1.20

6:00PM US Housing Starts Thousands Apr 1,036.00 970.00

6:00PM US Building permits Thousands Apr 907.00 941.00

6:00PM US Consumer price index (mom) % Change Apr (0.20) (0.30)May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 --

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 4.98

May 23, 2013 1:00PM Germany PMI Services Value May A 49.60 --

1:00PM Germany PMI Manufacturing Value May A 48.10 --

2:00PM UK GDP (YoY) % Change 1Q P 0.60 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) --

7:30PM US New home sales Thousands Apr 417.00 425.00

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 --

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 --

May 30, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 --

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 4.90

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 --

June 3, 2013 2:00PM UK PMI Manufacturing Value May 49.80 --

June 6, 2013 4:30PM UK BOE Announces rates % Ratio Jun 6 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jun 6 0.50 --

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 --

6:00PM US Unnemployment rate % May 7.50 --

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 --

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 --

11:00AM China Industrial Production (YoY) % Change May 9.30 --


May 16, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.36.8

6.0

4.9

0.01.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ma

-12

Jun-12

Jul-12

Aug-12

Sep-12

Oc-12

Nov-12

Dec-12

Jan-13

Feb-13

Ma-13

Apr-13

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Repo rate Reverse Repo rate CRR(%)

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

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 136 - 2,647 1,657 1,906 14.1 14.1 7.7 8.9 17.7 15.3 3.7 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 152 232 6,732 10,298 11,310 16.5 16.5 20.5 23.2 7.4 6.6 1.2 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 258 285 4,401 3,418 3,892 14.5 14.5 18.5 20.4 14.0 12.7 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 91 104 4,569 13,852 15,487 11.4 11.5 12.8 14.9 7.1 6.1 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 23 25 5,987 13,778 16,132 7.5 8.6 0.9 2.1 24.1 10.9 1.9 1.7 5.5 11.7 0.5 0.4

Automotive Axle# Neutral 268 - 405 834 965 9.3 10.6 17.3 27.1 15.5 9.9 1.5 1.3 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,822 2,014 52,717 22,552 25,498 18.6 18.6 117.9 134.3 15.5 13.6 5.6 4.5 40.2 36.6 1.9 1.6

Bharat Forge Neutral 232 - 5,396 6,198 6,793 14.6 14.9 14.5 17.3 16.0 13.4 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,002 - 28,265 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 116 170 396 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 139 150 11,777 7,053 8,061 14.2 14.5 7.8 9.1 17.7 15.2 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,393 - 2,315 1,525 1,742 14.5 15.7 88.4 109.5 15.8 12.7 2.3 2.0 15.5 16.5 1.3 1.1

Hero Motocorp Accumulate 1,704 1,819 34,024 25,274 27,658 14.1 13.7 110.2 139.9 15.5 12.2 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 118 154 486 7,972 8,754 7.1 7.1 37.5 44.0 3.2 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 985 - 60,456 44,550 50,260 11.4 11.7 59.6 68.3 16.5 14.4 3.4 2.9 22.3 21.6 1.1 0.9

Maruti Accumulate 1,739 1,847 52,532 48,455 55,723 11.2 10.9 107.8 123.2 16.1 14.1 2.4 2.1 16.2 16.0 0.9 0.8

Motherson Sumi Neutral 212 - 12,483 28,442 31,493 7.5 7.8 12.5 14.8 17.0 14.4 4.2 3.3 27.5 25.8 0.6 0.5

Subros Buy 26 30 156 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 308 324 82,205 206,341 227,695 12.8 13.5 32.3 39.0 9.6 7.9 2.0 1.7 23.1 23.2 0.5 0.4

TVS Motor Neutral 40 - 1,879 7,715 8,584 6.0 6.1 5.0 5.8 8.0 6.8 1.4 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Reduce 522 461 11,052 8,073 9,052 5.5 6.9 11.5 16.9 45.3 30.8 4.1 4.0 9.3 13.1 1.3 1.2BGR Energy Neutral 198 - 1,426 4,114 4,886 11.4 10.7 24.9 28.0 7.9 7.1 1.1 1.0 25.2 22.6 0.7 0.6

BHEL Neutral 191 - 46,847 43,757 40,934 17.3 16.9 20.9 19.0 9.2 10.1 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 167 230 1,497 2,896 3,087 5.6 6.2 9.3 11.7 17.9 14.2 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 97 117 6,200 13,790 15,095 6.4 7.4 6.9 9.4 14.0 10.3 1.6 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Buy 29 34 242 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 46 63 1,194 7,709 8,399 6.7 7.2 6.1 8.5 7.7 5.5 1.0 0.8 20.2 23.0 0.3 0.3

Thermax Neutral 594 - 7,076 5,931 6,592 9.6 9.7 31.0 34.3 19.2 17.3 3.3 2.9 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,230 1,361 23,086 11,979 13,254 19.7 21.3 77.1 91.4 16.0 13.5 2.8 2.6 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

10/16



Cement

Ambuja Cements Neutral 186 - 28,764 10,232 11,762 23.5 24.5 10.3 12.2 18.1 15.3 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 88 - 2,692 4,777 5,276 17.3 17.1 8.8 10.9 10.0 8.1 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 102 143 1,196 2,313 2,728 19.8 20.7 16.6 23.1 6.1 4.4 0.8 0.7 13.6 16.5 1.1 0.9

Madras Cements Neutral 252 - 5,997 4,293 4,855 27.4 28.6 21.8 28.2 11.6 8.9 2.1 1.7 19.6 21.3 1.9 1.5

Shree Cement^ Neutral 4,685 - 16,322 6,540 7,452 27.4 26.6 319.7 369.9 14.7 12.7 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,971 - 54,048 21,947 25,049 23.8 23.8 106.1 119.8 18.6 16.5 3.1 2.7 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 221 255 1,162 1,928 2,234 21.0 21.5 18.0 22.2 12.3 10.0 1.1 1.0 10.2 10.1 2.0 1.9

Consolidated Co Neutral 12 - 223 2,281 2,492 5.9 6.9 0.7 2.0 17.7 6.0 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 124 167 4,131 4,152 4,624 44.4 45.0 17.0 17.2 7.3 7.2 1.1 1.0 16.2 14.6 3.4 3.4

ITNL Buy 178 230 3,454 7,444 8,041 27.4 28.9 29.8 32.1 6.0 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 20 35 628 6,287 6,836 8.5 8.5 2.3 3.0 8.7 6.7 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 76 90 16,787 14,850 15,631 24.9 25.1 2.5 2.9 29.9 26.5 1.2 1.2 4.2 4.7 2.9 2.9

Larsen & Toubro Accumulate 1,580 1,795 97,322 69,586 79,247 11.2 11.1 75.1 84.9 21.0 18.6 3.0 2.6 15.2 15.0 1.6 1.4

Nagarjuna Const. Buy 36 45 933 6,576 7,264 8.2 8.3 4.1 4.8 8.9 7.6 0.4 0.4 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 55 - 1,828 12,954 14,740 9.9 9.9 0.5 0.9 108.5 59.1 0.6 0.6 0.6 1.1 0.6 0.5

Sadbhav Engg. Buy 114 153 1,713 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 113 164 558 6,824 7,563 9.2 9.4 18.0 23.4 6.3 4.8 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 32 45 235 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 126 142 6,300 7,137 7,907 2.9 2.8 32.3 36.0 3.9 3.5 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 93 - 5,190 5,285 5,937 3.0 2.9 21.2 23.4 4.4 4.0 0.6 0.6 13.4 13.4 - -

Axis Bank Accumulate 1,509 1,714 70,684 19,055 22,710 3.3 3.2 130.7 152.3 11.6 9.9 1.9 1.6 17.2 17.6 - -Bank of Baroda Accumulate 729 815 30,695 16,318 18,682 2.4 2.4 121.4 144.6 6.0 5.0 0.9 0.8 15.2 16.0 - -

Bank of India Accumulate 328 360 19,560 14,284 16,295 2.3 2.3 55.9 68.4 5.9 4.8 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Neutral 58 - 3,846 4,289 4,670 2.9 2.8 11.6 13.1 5.0 4.5 0.7 0.7 15.7 15.6 - -

Canara Bank Accumulate 429 461 19,018 11,673 13,208 2.3 2.3 74.8 85.8 5.7 5.0 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 71 - 7,385 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Accumulate 413 453 6,321 5,397 5,973 2.2 2.2 96.3 105.9 4.3 3.9 0.6 0.6 14.6 14.4 - -

Dena Bank Neutral 95 - 3,322 3,334 3,700 2.7 2.7 23.6 26.5 4.0 3.6 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 477 - 8,149 2,916 3,389 3.3 3.3 50.1 59.4 9.5 8.0 1.2 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

11/16



Financials

HDFC Neutral 910 - 140,763 8,928 10,684 3.7 3.7 38.4 45.3 23.7 20.1 5.1 4.5 32.5 32.4 - -

HDFC Bank Neutral 715 - 170,205 27,682 33,916 4.6 4.6 35.3 42.7 20.3 16.8 4.0 3.4 21.3 21.8 - -

ICICI Bank Accumulate 1,192 1,357 137,479 25,705 30,330 3.1 3.2 83.9 96.3 14.2 12.4 1.9 1.7 15.2 15.7 - -

IDBI Bank Neutral 90 - 11,935 9,137 10,041 1.9 2.0 17.8 18.8 5.0 4.8 0.6 0.5 11.7 11.3 - -

Indian Bank Buy 160 186 6,889 6,276 6,968 3.1 3.1 38.3 42.3 4.2 3.8 0.6 0.5 15.2 14.9 - -

IOB Neutral 64 - 5,891 8,205 9,048 2.6 2.5 16.4 20.3 3.9 3.1 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,342 - 6,506 3,032 3,118 3.8 3.5 218.1 200.9 6.2 6.7 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 259 281 13,088 2,113 2,525 2.3 2.3 25.4 29.2 10.2 8.9 1.8 1.6 18.4 18.3 - -

Oriental Bank Neutral 270 - 7,879 6,791 7,478 2.7 2.7 56.7 63.4 4.8 4.3 0.6 0.6 12.9 13.1 - -

Punjab Natl.Bank Accumulate 823 945 29,089 21,161 24,166 3.3 3.3 153.4 176.4 5.4 4.7 0.9 0.7 16.1 16.3 - -

South Ind.Bank Neutral 25 - 3,326 1,826 2,081 3.0 2.9 4.0 4.5 6.2 5.5 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,385 2,572 163,108 67,091 76,746 3.2 3.1 241.2 280.4 9.9 8.5 1.5 1.3 16.5 17.0 - -

Syndicate Bank Neutral 130 - 7,834 7,340 8,212 2.9 2.8 26.4 28.7 4.9 4.5 0.7 0.7 15.8 15.2 - -

UCO Bank Reduce 82 73 6,141 6,126 6,665 2.6 2.5 12.2 14.4 6.7 5.7 1.0 0.8 11.8 12.6 - -

Union Bank Accumulate 243 264 14,523 11,226 12,769 2.7 2.7 41.0 47.8 5.9 5.1 0.8 0.7 14.8 15.4 - -

United Bank Accumulate 59 64 2,211 3,597 4,008 2.6 2.7 16.0 20.8 3.7 2.8 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 54 - 2,696 2,600 2,946 2.0 2.1 9.7 11.0 5.6 5.0 0.7 0.6 11.4 11.7 - -

Yes Bank Neutral 527 - 18,923 4,390 5,411 2.8 2.8 41.6 47.9 12.7 11.0 2.7 2.2 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,824 - 46,272 13,319 15,805 15.7 15.7 143.8 170.2 33.5 28.4 10.5 8.3 35.1 32.7 3.4 2.8

Britannia Neutral 572 - 6,836 6,417 7,446 5.1 5.5 20.3 25.2 28.2 22.7 9.6 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,546 - 21,023 3,588 4,130 21.1 21.6 44.7 51.9 34.6 29.8 31.1 23.2 100.0 89.1 5.7 4.9

Dabur India Neutral 161 - 28,070 7,183 8,340 16.8 16.8 5.4 6.3 30.0 25.6 11.7 9.1 41.5 40.1 3.9 3.3

GlaxoSmith Con* Neutral 4,443 - 18,685 3,617 4,260 16.1 16.4 120.6 146.4 36.8 30.4 11.4 9.2 33.8 33.4 4.8 4.0

Godrej Consumer Neutral 867 - 29,518 7,801 9,017 16.2 15.9 25.1 29.7 34.5 29.2 7.4 6.2 24.9 24.2 3.9 3.3

HUL Neutral 586 - 126,742 29,167 33,164 13.6 13.7 17.1 18.4 34.3 31.9 33.0 23.9 113.4 87.0 4.2 3.7

ITC Neutral 343 - 270,756 33,506 39,067 36.8 37.0 11.1 13.0 30.9 26.4 10.0 8.2 35.5 34.1 7.7 6.6

Marico Neutral 217 - 14,021 5,273 6,044 14.8 14.9 7.3 8.7 30.0 25.1 5.8 4.8 21.4 21.0 2.7 2.3

Nestle* Neutral 4,925 - 47,483 9,739 11,307 21.5 22.2 131.6 159.9 37.4 30.8 18.9 13.5 58.8 69.5 4.8 4.1

Tata Global Neutral 147 - 9,109 7,998 8,798 9.7 9.8 7.9 8.7 18.7 16.9 2.3 2.2 9.6 9.8 1.1 0.9


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

12/16



IT

HCL Tech^ Buy 746 863 51,923 28,633 32,216 21.5 20.7 57.3 61.7 13.0 12.1 3.1 2.6 24.0 21.5 1.6 1.4

Hexaware* Buy 81 102 2,413 2,091 2,289 19.0 18.8 10.6 11.3 7.6 7.1 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,360 - 135,531 43,338 47,244 27.5 27.7 169.4 182.6 13.9 12.9 2.9 2.5 20.8 19.3 2.5 2.1

Infotech Enterprises Accumulate 165 185 1,845 1,956 2,174 17.9 17.7 20.4 21.9 8.1 7.6 1.2 1.0 14.7 13.7 0.6 0.4

KPIT Cummins Buy 104 135 1,998 2,513 2,819 16.1 15.5 12.6 14.0 8.2 7.4 1.4 1.2 17.9 16.6 0.8 0.6

Mahindra Satyam Buy 110 135 12,933 8,456 9,385 19.3 19.1 10.6 11.9 10.4 9.2 2.3 1.9 22.4 20.1 1.1 0.9

Mindtree Accumulate 848 920 3,523 2,599 2,871 19.4 19.2 85.2 92.3 10.0 9.2 2.1 1.7 21.4 18.9 1.1 0.9Mphasis& Reduce 427 395 8,974 6,096 6,646 17.6 17.4 38.1 41.6 11.2 10.3 1.6 1.4 14.2 13.7 1.0 0.8

NIIT Buy 23 30 376 1,144 1,267 9.0 9.1 4.3 5.4 5.3 4.2 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 526 593 2,106 1,445 1,617 25.2 25.0 55.3 59.3 9.5 8.9 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,469 1,585 287,565 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 954 1,230 12,253 7,699 8,315 19.3 18.1 107.0 115.0 8.9 8.3 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 346 385 85,245 40,173 43,697 20.4 20.6 26.2 28.5 13.2 12.1 2.6 2.2 19.7 18.4 1.6 1.4

Media

D B Corp Buy 233 272 4,277 1,787 1,974 25.4 26.4 14.5 16.9 16.0 13.8 3.3 2.8 22.4 22.2 2.3 2.0

HT Media Buy 99 117 2,322 2,205 2,380 15.1 15.6 8.0 9.1 12.4 10.9 1.3 1.2 11.2 11.4 0.6 0.5

Jagran Prakashan Buy 93 121 3,083 1,698 1,908 23.9 24.5 7.4 8.4 12.6 11.1 3.2 2.8 26.7 26.8 1.9 1.7

PVR Neutral 367 - 1,454 1,343 1,521 18.8 18.9 18.3 22.9 20.0 16.1 1.9 2.1 10.6 12.3 1.1 1.0

Sun TV Network Neutral 437 - 17,216 2,293 2,571 68.7 68.7 19.3 22.7 22.6 19.2 5.5 4.9 26.1 27.3 7.0 6.0

Metals & Mining

Bhushan Steel Neutral 466 - 10,552 13,794 17,335 30.7 34.8 48.9 83.6 9.5 5.6 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Accumulate 300 345 189,649 72,174 76,311 33.3 28.4 28.4 30.9 10.6 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 26 557 2,074 2,176 10.4 11.3 1.9 2.3 9.0 7.5 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 150 213 4,768 1,944 2,317 49.9 51.7 20.8 25.6 7.2 5.9 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 118 145 49,964 12,358 13,659 51.4 51.6 16.0 17.6 7.4 6.7 1.3 1.2 19.4 18.4 1.8 1.2

Hindalco Neutral 108 - 20,725 88,987 94,163 9.2 9.7 13.8 15.9 7.9 6.8 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 691 - 15,427 39,524 42,064 17.1 16.9 71.8 86.3 9.6 8.0 0.8 0.7 8.6 9.6 0.7 0.6

MOIL Accumulate 221 243 3,704 954 1,062 45.5 47.4 26.1 29.1 8.5 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 190 291 1,209 2,883 3,181 21.7 23.6 40.3 57.7 4.7 3.3 0.4 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 36 - 9,265 8,187 8,416 14.5 14.7 3.2 3.3 11.2 11.0 0.8 0.7 6.8 6.7 0.6 0.6

NMDC Buy 128 179 50,867 10,329 12,540 73.8 75.0 16.6 19.0 7.7 6.8 1.5 1.3 20.6 20.2 2.7 2.1


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

13/16



Metals & Mining

SAIL Neutral 63 - 26,081 53,685 64,183 9.3 12.2 5.5 8.3 11.5 7.7 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 164 - 14,249 3,742 4,426 32.9 32.8 30.0 29.8 5.5 5.5 0.7 0.6 14.3 12.5 4.6 3.8

Sterlite Inds Neutral 96 - 32,414 44,462 45,568 23.2 24.7 18.1 20.2 5.3 4.8 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 309 430 29,967 141,775 151,672 10.5 11.4 35.3 51.7 8.8 6.0 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 105 153 377 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 500 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 87 118 286 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,487 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 340 - 43,103 55,815 63,013 15.3 15.2 35.9 41.5 9.5 8.2 1.5 1.3 17.0 17.1 0.7 0.5

ONGC Accumulate 335 354 286,694 157,962 175,367 35.1 36.2 34.3 39.3 9.8 8.5 1.7 1.5 18.2 18.6 1.6 1.4

Reliance Industries Neutral 819 - 264,417 380,031 407,721 9.9 69.3 69.3 78.0 11.8 10.5 1.2 1.1 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 252 - 3,225 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.8 3.0 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 288 - 4,029 3,700 4,218 23.4 22.8 26.6 30.4 10.8 9.5 2.3 1.9 22.6 21.7 1.2 0.9

Petronet LNG Buy 144 167 10,793 40,356 40,872 5.8 6.4 15.0 16.7 9.6 8.6 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 62 - 3,472 1,079 983 91.8 91.9 8.8 7.8 7.1 7.9 1.2 1.1 17.8 14.1 2.9 3.2

Pharmaceuticals

Alembic Pharma Accumulate 128 139 2,420 1,736 2,008 17.1 18.9 10.7 13.9 12.0 9.2 3.8 2.8 35.0 34.7 1.5 1.2

Aurobindo Pharma Buy 194 264 5,663 6,279 7,033 16.0 16.0 15.2 19.2 12.8 10.1 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,511 - 5,783 1,682 1,917 16.6 16.6 92.4 99.1 27.2 25.3 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 827 962 16,932 7,386 8,863 18.0 18.0 39.5 48.1 20.9 17.2 4.7 3.9 24.8 24.7 2.6 2.1

Cipla Accumulate 411 463 33,036 9,130 10,543 24.8 23.0 21.6 23.2 19.1 17.7 3.1 2.7 17.6 16.2 3.3 2.8

Dr Reddy's Buy 2,065 2,535 35,049 13,377 15,350 20.4 20.1 112.3 1 26.8 18.4 16.3 3.9 3.3 23.5 21.8 2.7 2.3

Dishman Pharma Buy 75 206 601 1,536 1,739 20.2 20.9 15.4 20.6 4.8 3.6 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,304 - 19,517 2,854 3,145 28.6 28.6 76.6 83.3 30.1 27.7 9.0 8.2 31.1 31.0 6.0 5.3

Indoco Remedies Buy 65 90 596 784 902 15.2 15.2 7.8 9.0 8.3 7.2 1.2 1.1 15.6 15.8 1.0 0.8

Ipca labs Buy 562 676 7,095 3,474 4,168 21.0 21.0 37.3 45.1 15.1 12.5 3.6 2.8 26.4 25.3 2.2 1.8

Lupin Accumulate 783 877 35,028 11,641 13,933 21.3 21.3 34.8 41.8 22.5 18.7 5.3 4.2 26.2 24.8 3.0 2.5

Ranbaxy* Neutral 463 - 19,609 11,400 12,060 10.5 10.5 17.5 22.5 26.5 20.6 4.3 3.7 17.0 19.1 1.7 1.5

Sun Pharma Neutral 973 - 100,586 12,563 14,698 42.6 42.6 29.8 35.5 32.6 27.4 5.8 4.9 19.2 19.3 7.4 6.1

Power

GIPCL Accumulate 72 78 1,088 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

14/16



Power

NTPC Neutral 157 - 129,536 76,734 86,680 24.5 24.3 13.4 14.5 11.7 10.8 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 242 288 41,050 9,699 12,010 37.0 36.9 6.0 8.4 40.5 28.8 1.5 1.4 3.8 5.1 5.6 4.6

MLIFE Accumulate 410 446 1,676 888 1,002 26.7 25.9 36.3 40.6 11.3 10.1 1.2 1.1 10.8 11.0 2.1 1.9

Telecom

Bharti Airtel Neutral 322 - 122,432 86,933 96,121 30.2 31.2 10.3 15.7 31.4 20.6 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 130 - 43,026 24,959 27,232 27.1 27.5 3.7 4.7 34.9 27.6 2.8 2.6 8.1 9.2 2.1 1.9Rcom Neutral 115 - 23,695 22,221 24,253 32.0 32.2 4.3 6.4 26.5 17.9 0.6 0.6 2.4 3.4 2.6 2.2

Others

Abbott India* Buy 1,426 1,659 3,031 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.2 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 175 237 1,746 3,929 4,480 7.4 7.7 15.5 19.7 11.3 8.9 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 457 562 578 630 795 14.4 13.6 42.8 51.1 10.7 8.9 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 439 566 113 308 351 7.0 7.0 39.6 47.2 11.1 9.3 2.4 2.0 21.8 21.0 0.4 0.4

Finolex Cables Buy 57 68 869 2,563 2,899 9.8 9.8 10.1 11.3 5.7 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 393 570 512 2,299 2,621 4.7 4.9 46.3 57.0 8.5 6.9 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 290 352 669 1,453 1,560 9.4 9.8 38.4 41.4 7.6 7.0 1.6 1.4 22.9 20.8 0.3 0.2

Hitachi Accumulate 155 177 422 1,053 1,169 6.3 7.1 13.8 17.7 11.3 8.8 1.6 1.4 15.0 16.7 0.4 0.4

Honeywell Automation* Sell 2,449 - 2,166 1,842 2,131 7.7 7.8 112.4 132.4 21.8 18.5 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 170 198 153 495 651 12.7 12.9 29.3 39.5 5.8 4.3 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 180 234 208 1,430 1,573 11.1 11.0 19.1 26.9 9.5 6.7 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 177 - 2,857 979 1,164 14.9 15.1 6.0 7.7 29.5 23.0 3.6 3.3 12.9 15.1 3.0 2.5

MRF Neutral 15,145 - 6,423 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.5 8.4 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,950 3,637 4,405 1,047 1,281 19.6 19.8 127.3 158.1 31.0 25.0 14.8 10.8 54.9 50.0 4.3 3.5Relaxo Footwears Buy 605 736 727 1,148 1,360 11.1 11.5 45.4 61.3 13.3 9.9 2.7 2.1 22.6 24.3 0.8 0.7

Siyaram Silk Mills Buy 270 312 253 1,157 1,320 11.9 12.0 66.6 77.9 4.1 3.5 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 518 617 912 1,068 1,223 9.6 9.6 38.1 44.1 13.6 11.8 1.9 1.6 14.5 14.7 0.8 0.7

TAJ GVK Buy 62 108 388 300 319 35.8 36.2 7.9 9.1 7.8 6.8 1.0 0.9 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 290 371 447 814 849 17.0 17.6 64.6 69.2 4.5 4.2 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 509 553 395 435 516 6.2 7.1 24.3 33.3 21.0 15.3 3.5 3.0 17.6 20.8 0.7 0.6

Tree House Neutral 266 - 956 150 192 52.7 52.5 12.8 16.2 20.7 16.4 2.1 1.8 10.0 11.1 6.0 4.5

TVS Srichakra Buy 172 226 132 1,591 1,739 7.1 7.4 39.4 56.5 4.4 3.1 0.8 0.7 20.6 25.0 0.3 0.3

United Spirits Neutral 2,304 - 30,132 11,886 13,491 14.4 14.0 50.9 74.5 45.3 30.9 3.7 3.3 10.6 11.4 2.8 2.5


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

15/16



Others

Vesuvius India* Buy 367 439 744 600 638 20.1 19.4 35.7 36.6 10.3 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 15, 2013


Market Outlook

Stock Watch

May 16, 2013

7/30/2019 Market Outlook, 16-05-13

16/16


market outlook, 16-05-13

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