market outlook 160712

7/31/2019 Market Outlook 160712

1/15

Market OutlookJuly 16, 2012

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open flat to positive following minor gains in

the Asian markets and positive start to SGX Nifty amidst optimism on Chinas

stimulus outlook.

Stocks in US showed a strong up move on Friday as the markets reacted positivelyto Chinese economic data and better-than-expected quarterly results from JP

Morgan. While the report showed that Chinese GDP increased at its slowest annual

rate in over three years, the rate of growth was not as slow as economists had

feared. Chinese GDP increased by 7.6% yoy, exceeding economist estimates.

Major European indices too ended in the green as Italy successfully sold bonds

worth EUR3.5bn, despite the Moody's downgrade.

Indian shares ended marginally lower on Friday defying positive Asian and

European cues as traders remained cautious ahead of inflation data due today.

Globally investors would be watchful of the Euro zone CPI data and Congressional

testimony by Federal Reserve Chairman Ben Bernanke, looking for indicationsregarding the likelihood of further stimulus.

Markets TodayThe trend deciding level for the day is 17,246 / 5,237 levels. If NIFTY trades above

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

up to 17,310 17,407 / 5,257 5,287 levels. However, if NIFTY trades below

17,246 / 5,237 levels for the first half-an-hour of trade then it may correct up to

17,150 17,086 / 5,207 5,187 levels.

SENSEX 17,086 17,150 17,246 17,310 17,407

NIFTY 5,187 5,207 5,237 5,257 5,287

News Analysis Italys credit rating downgraded to Baa2 from A3 by Moodys Coal India to acquire 50% stake in IOC's explosive division Tata Steels India operations posts flat sales volumes in 1QFY2013 Sesa Goa to shut its pig iron and coke plants 1QFY2013 Result Reviews - HDFC Bank, Sintex 1QFY2013 Result Previews - Exide Industries, SIB, MindTreeRefer detailed news analysis on the following page

Net Inflows (July 12, 2012)

FII 2,457 2,144 314 7,356 49,437

MFs 313 535 (222) (1,681) (7,771)

FII Derivatives (July13, 2012)

Index Futures 1,255 1,295 (39) 14,945

Stock Futures 1,173 1,465 (292) 26,414

Gainers / Losers

Sintex Industries 67 3.3 Coromandel Int. 255 (4.1)

Shriram Transport 564 2.3 Unitech 24 (3.6)

Jain Irrigation 86 2.1 IVRCL 48 (3.6)

Dish TV 69 2.1 GMR Infra 25 (3.5)

Dena Bank 103 1.9 Jindal Steel 430 (3.2)

BSE Sensex (0.1) (18.9) 17,214

Nifty (0.2) (8.0) 5,227

MID CAP (0.2) (14.0) 6,248

SMALL CAP (0.1) (7.1) 6,737

BSE HC (0.1) (7.3) 6,931

BSE PSU (0.1) (8.8) 7,323

BANKEX (0.2) (25.3) 12,183

AUTO (0.0) (2.3) 9,310

METAL (1.2) (123.7) 10,641

OIL & GAS 0.0 1.0 8,028

BSE IT (0.4) (23.7) 5,361

Dow Jones 1.6 203.8 12,777NASDAQ 1.5 42.3 2,908

FTSE 1.0 57.9 5,666

Nikkei 0.1 4.1 8,724

Hang Seng 0.4 67.5 19,093

Straits Times 0.8 23.5 2,996

Shanghai Com 0.0 0.4 2,186

INFY 3.8 1.5 $40.2

WIT 1.0 0.1 $8.2IBN 2.6 0.9 $33.8

HDB 4.0 1.3 $34.4

Advances 1,304 676

Declines 1,474 810

Unchanged 137 80

BSE 1,934

NSE 8,869


2/15



Italys credit rating downgraded to Baa2 from A3 by Moodys

Credit rating agency Moody's Investors Service has downgraded Italy's government

bond rating by two notches on concern that deteriorating financial conditions in

Europe will lead to a sharp rise in borrowing costs. Moodys lowered the rating to

Baa2 from A3 because of the fragile market confidence and risks of contagion

from Greece and Spain. Moody's also said it is worried about a diminished

willingness among overseas investors to buy the country's bonds. The new rating is

two notches above junk status.

Among risks from outside the country, Moody's cited the possibility of a Greek exit

from the euro currency union and a worsening crisis among Spanish banks. Earlier

this week, European financial ministers agreed to a EUR30bn bailout for Spain's

banks. That deal is expected to be finalized by July 20.

Coal India to acquire 50% stake in IOC's explosive division

Coal India is expected to purchase 50% stake in IOC's explosives division.

However, there is no clarity over the financial details of the transaction. Coal India

spends `1,500cr annually on purchasing explosives; hence, this transaction is

expected to result in significant cost savings for the company. Until further updateon this matter,

Tata Steels India operations posts flat sales volumes in

1QFY2013

Tata Steels India operations sales volumes stood flat yoy at 1.59mn tonnes

(slightly below our expectation) as power cuts impacted its downstream production

during 1QFY2013. Nevertheless, its crude steel production increased 1.7% yoy to

1.82mn tonnes.

Sesa Goa to shut its pig iron and coke plants

Sesa Goa is expected to shut down operations of its two (pig iron and

metallurgical) plants in Goa owing to scarcity of iron ore as the transportation has

been banned in Goa due to monsoon. Its pig iron and metallurgical coke plant

capacity currently stands at 250,000 tonnes and 280,000 respectively. Sesa Goa

is in the process of expanding its pig iron capacity to 625,000 tonnes and

metallurgical coke capacity to 560,000 during FY2013 at a capex of `650cr. It

uses the metallurgical coke produced in the plant to feed its pig iron plant. Both

these divisions (combined) contributed 7% top-line and 1% to Sesa Goas

consolidated EBIT during FY2012. Hence, we do not expect significant impact on

Sesa Goas financials due to temporary closures of these plants.


3/15



Result Reviews

HDFC Bank (CMP:`587/ TP: - / Upside: -)

For 1QFY2013, HDFC Bank reported healthy 30.6% yoy growth in its net profit to

`1,417cr, in-line with ours as well as streets estimates. Strong balance sheet

growth, sequentially higher margins and stable asset quality were the key

highlights of the result.

HDFC Banks net advances growth was

strong at 21.5% yoy, while deposit buildup was also healthy, growing by 22.0%

yoy (driven by strong growth in NRE term deposits). The share of retail to overall

loan book decreased from 54.8% in 4QFY2012 to 52.4% for 1QFY2013, on back

of higher wholesale lending (14.9% qoq compared to 4.4% qoq in retail loans).

Inspite of higher corporate lending in 1QFY2013 the margins for the bank

expanded on a qoq basis by 10bp owing to shift in retail mix (strong performance

on the CVCE front and decline in home loans), effect of CRR cut and decline in

deposit rates particularly on the shorter end of the interest rate curve (sharp

correction in CD and CP rates). Fee income growth for the bank in 1QFY2013 was

strong at 26.0% yoy, primarily due to strong performance on commission-based

fee income and continued strong performance on the forex income front. The

bank maintained its strong asset quality track record during 1QFY2013 as well.

Gross and net NPA ratios remained stable at 1.0% and 0.2%, respectively. NPA

provision coverage ratio remained at elevated levels at 81.0%, even without

considering the floating provisions (`240cr worth of floating provisions made

during 1QFY2013, taking the total floating provisions to `1,675cr). Restructured

advances for the bank remained stable at 0.3% of gross advances.

HDFC Bank is currently trading at one-year forward 3.7x

P/ABV (3.3x FY2014 ABV), higher than its median of 3.4x (over FY2005-12), andalso at a substantially higher premium to peers than the historical average. Hence,

we believe current valuations largely factor in the positives leaving limited upside

in the stock, and

FY2013E 21,936 4.4 6,728 28.7 149.7 1.8 20.7 20.5 3.9

FY2014E 27,454 4.4 8,458 36.0 177.5 1.8 22.0 16.3 3.3

Sintex Industries (CMP:`67/ TP:`79 / Upside: 19 )

Sintex Industries announced its 1QFY2013 results. Net sales declined marginally

by 2.8% yoy but increased 5.6% qoq to `1,081cr on back of higher sales in their

plastics segment on a qoq basis. Plastic segment registered 8.8% qoq growth in

revenue to `970cr. While their textile segments witnessing 0.6% yoy growth in

revenue to `110cr. EBITDA declined by 6.1% yoy but improved 11.0% qoq to

`178cr on back of higher revenue and margin expansion. EBITDA margin

contracted by 58bp yoy but expanded by 81bp qoq to 16.4% on back of lower

raw material cost during the quarter. Raw material cost as a percentage of sales

decline to 52.7% in 1QFY2013 compared to 56.3% in 4QFY2012. PAT declined

by 50.5% yoy to `47cr on back of margin contraction on a yoy basis and forexloss of `29cr during the quarter. Adjusted for forex loss, PAT declined by 20.0%

yoy to `76cr.


4/15



FY2013E 4,751 1,633.2 370 13.6 13.1 4.9 0.6 4.6 0.7

FY2014E 4,454 1,662.3 427 15.8 13.4 4.2 0.6 3.6 0.6

Result Previews

(CMP:`138 / TP:`146 / Upside: 6%)

Exide Industries (EXID) is slated to announce its 1QFY2013 results today. We

expect the top-line to grow by a healthy 14% yoy (down 2% qoq) to `1,417cr led

largely by healthy OEM volume growth in the passenger vehicle and two-wheeler

segments. On the operating front, EBITDA margin is expected to decline 268bp

yoy to 15.2% led by price cuts carried out in 2HFY2012 to counter competitive

pressures and INR depreciation. Hence, bottom line is expected to post a 10% yoy

decline to `147cr. At the CMP of `138, the stock is trading at 15.4x FY2014Eearnings.

FY2013E 5,787 15.5 605 7.1 18.6 19.4 3.4 10.9 1.7

FY2014E 6,595 17.0 761 9.0 20.3 15.4 2.9 8.2 1.4

(CMP:`25/ TP: - / Upside: -)

South Indian Bank is scheduled to announce its 1QFY2013 results today. We

expect the bank to report a strong growth of 40.4% yoy in Net Interest Income (NII)

to `288cr. Non-interest income is expected to increase by 16.2% yoy to `60cr.

However, operating expenses are expected to grow at much higher pace of 50.9%

yoy to`171cr. Provisioning expenses are expected to remain flat on a yoy basis to

`21cr. Net profit is expected to grow at 27.2% yoy to `105cr. At the CMP, the

stock is trading at 1.1x FY2014E ABV.

FY2013E 1,447 2.8 428 3.8 20.8 1.0 19.5 6.6 1.2

FY2014E 1,664 2.6 464 4.1 22.9 0.9 18.2 6.1 1.1

MindTree (CMP:`658 / TP:`710 / Upside: 8%)

MindTree is slated to announce its 1QFY2013 results today. We expect the

company to post revenue of US$105.6mn, almost flat qoq due to sluggishness in

its PES business. In rupee terms, the revenue is expected to come in at`568cr, up

8.0% qoq, aided by INR depreciation against USD. EBITDA margin is expected to

expand by 103bp qoq to 19.8%. PAT is expected to come in at `63cr.


5/15



FY2013E 2,324 18.3 256 62.4 21.2 10.6 2.2 5.2 1.0

FY2014E 2,533 16.8 265 64.5 18.0 10.2 1.8 4.8 0.8

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 1,428 1,244 15 1,446 (1)

EBITDA 219 222 (1) 213 3

EBITDA margin (%) 15.3 17.9 14.7

Net profit 151 163 (7) 143 6

Net profit 1,135 1,118 2 1,277 (11)

Net sales 4,860 4,587 6 4,516 8

EBITDA 942 911 3 921 2

EBITDA margin (%) 19.4 19.9 20.4

Net profit 727 711 2 772 (6)

Economic and Political News

RBI may raise new banks minimum capital need to`1,000cr Road ministry to seek Cabinet nod for adopting EPC mode by July end Trade deficit drops to 15 month low of US$10.3bn in June 2012 Government aims to finalize GAAR rules by September end

Corporate News

OVL among eight others shortlisted for fuel exploration in Afghanistan DLF plans to lower debt to`17,000cr JSW to raise`3,000cr debt for auto steel plant LIC ups Infosys stake, buys`2,000cr worth sharesSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


6/15

Date Company

July 16, 2012 Exide Industries, South Ind.Bank, Mindtree

July 17, 2012 Axis Bank

July 18, 2012 Bajaj Auto, CRISIL, Infotech Enterprises

July 19, 2012 Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, D B Corp, Persistent, Automotive Axle, Tata Sponge

July 20, 2012Reliance Industries, Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, UnitedPhosphorus, Indiabulls Fin., HT Media

July 21, 2012 Bank of Maharashtra

July 22, 2012

July 23, 2012 Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Indian Bank, Tata Global, Rallis, Greenply

July 24, 2012 Wipro, Jindal Steel, Lupin, LIC Housing Fin., Ashok Leyland, Page Industries, Ineos ABS

July 25, 2012 Power Grid Corpn, Yes Bank, Aventis, Madras Cements, GIPCL, MRF

July 26, 2012 BHEL, Ambuja Cements, ACC, JSW Steel , Gujarat Gas, Thermax, Bajaj Electrical

July 27, 2012 ICICI Bank, Grasim Inds, Rural Elec.Corp., Central Bank, CESC, TVS Motor, Hind. Const.

July 28, 2012 Maruti, Vesuvius India, Force Motors

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 16, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Jun 7.55 7.61

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

July 17, 2012 UK CPI (YoY) % Change Jun 2.80 2.80

US Industrial Production % Jun (0.09) 0.30

US Consumer price index (mom) % Change Jun (0.30) --

July 18, 2012 US Housing Starts Thousands Jun 708.00 745.00

US Building permits Thousands Jun 784.00 765.00

UK Jobless claims change % Change Jun 8.10 5.00

July 19, 2012 US Initial Jobless claims Thousands Jul 14 350.00 365.00

US Existing home sales Millions Jun 4.55 4.62

July 23, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Jul A (19.80) --

July 24, 2012 Germany PMI Services Value Jul A 49.90 --

Germany PMI Manufacturing Value Jul A 45.00 --

July 25, 2012 UK GDP (YoY) % Change 2Q A (0.20) --US New home sales Thousands Jun 369.00 370.00

July 27, 2012 US GDP Qoq (Annualised) % Change 2Q A 1.90 1.50

July 31, 2012 US Consumer ConfidenceS.A./

1985=100Jul 62.00 --

Germany Unemployment change (000's) Thousands Jul 7.00 --

India RBI Repo rate % Jul 31 8.00 --

India RBI Cash Reserve ratio % Jul 31 4.75 --

India RBI Reverse Repo rate % Jul 31 7.00 --



July 16, 2012

Market Outlook


7/15

Market StrategyJuly 16, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

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:IIP trends

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:Monthly WPI inflation trends

9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.2 7.6

0.0

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 4:Manufacturing and services PMI

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:Exports and imports growth trends

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

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

Exports yoy growth Impor ts yoy growth(%)


Exhibit 6:Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

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

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


8/15

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 130 - 2,532 1,432 1,647 14.7 14.7 7.0 8.0 18.6 16.3 3.9 3.4 22.8 22.3 1.8 1.5

United Phosphorus Buy 122 183 5,619 8,191 8,764 16.5 16.5 17.1 18.3 7.1 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 305 345 2,609 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 83 100 4,171 13,699 15,184 10.5 10.2 12.1 13.3 6.8 6.2 1.2 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 25 33 6,519 14,798 16,687 9.6 9.6 2.4 3.0 10.1 8.2 2.0 1.8 14.8 16.5 0.5 0.4

Automotive Axle Buy 440 514 665 1,211 1,387 12.1 11.7 50.3 57.1 8.8 7.7 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,497 1,787 43,323 21,665 24,334 18.6 18.4 111.7 123.2 13.4 12.2 5.3 4.2 43.8 38.5 1.6 1.3

Bharat Forge Buy 301 372 7,001 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 8,847 - 27,778 9,106 10,255 19.4 19.3 410.2 460.3 21.6 19.2 4.8 3.9 22.1 20.4 2.7 2.3

CEAT Buy 98 164 337 5,067 5,631 8.0 7.6 39.4 41.0 2.5 2.4 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 138 146 11,705 5,787 6,595 15.5 17.0 7.1 9.0 19.4 15.4 3.4 2.9 18.6 20.3 1.7 1.4

FAG Bearings Neutral 1,498 - 2,490 1,492 1,703 18.8 18.5 115.3 129.8 13.0 11.5 2.8 2.3 23.5 21.6 1.4 1.1

Hero Motocorp Buy 2,087 2,473 41,673 25,970 29,772 15.0 15.5 139.7 154.5 14.9 13.5 7.0 5.3 54.7 44.9 1.3 1.0

JK Tyre Buy 96 135 394 7,950 8,904 5.5 6.0 25.1 38.6 3.8 2.5 0.4 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Accumulate 720 824 44,210 35,881 40,746 10.0 10.0 47.5 53.2 15.2 13.5 3.0 2.6 21.3 20.5 1.0 0.8

Maruti Buy 1,184 1,364 34,197 39,959 46,670 6.0 7.0 71.4 90.9 16.6 13.0 2.0 1.8 12.8 14.4 0.7 0.6

Motherson Sumi Buy 168 216 6,568 23,342 26,366 7.8 8.2 13.3 18.0 12.6 9.3 3.0 2.4 26.2 28.4 0.5 0.4

Subros Neutral 35 - 211 1,244 1,402 8.4 8.3 4.5 5.1 7.9 6.9 0.8 0.7 9.9 11.0 0.4 0.4

Tata Motors Buy 236 305 62,763 191,303 211,004 13.0 12.9 40.7 43.8 5.8 5.4 1.9 1.7 36.0 33.1 0.4 0.4

TVS Motor Neutral 41 - 1,969 7,442 8,198 6.2 6.1 4.8 5.2 8.7 7.9 1.5 1.3 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 783 498 16,589 8,760 10,023 7.6 7.5 18.2 20.7 43.0 37.7 5.8 5.2 14.4 14.6 1.9 1.6BGR Energy Neutral 305 - 2,201 4,195 4,837 11.0 11.0 30.1 32.4 10.1 9.4 1.8 1.6 18.4 17.6 1.1 1.0

BHEL Neutral 231 - 56,613 46,344 46,916 18.3 18.6 23.5 24.1 9.8 9.6 2.0 1.7 21.3 18.9 1.1 1.1

Blue Star Neutral 191 - 1,719 3,047 3,328 5.4 6.9 9.6 16.2 19.9 11.8 3.9 3.2 20.7 29.7 0.7 0.5

Crompton Greaves Accumulate 126 142 8,112 12,451 14,265 7.9 8.3 8.0 9.5 15.8 13.4 2.1 1.9 13.9 14.9 0.7 0.6

Jyoti Structures Buy 43 67 351 2,622 2,801 10.6 11.0 10.9 13.4 3.9 3.2 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 57 73 1,465 6,686 7,200 8.5 8.8 10.6 12.2 5.4 4.7 1.0 0.9 25.9 24.0 0.4 0.4

LMW Buy 1,641 1,992 1,849 2,369 2,727 11.7 11.7 143.4 166.0 11.4 9.9 1.9 1.8 17.4 18.4 0.3 0.2

Thermax Neutral 494 - 5,890 5,514 5,559 9.8 9.6 29.7 28.4 16.7 17.4 3.1 2.8 20.2 16.9 0.9 0.9


July 16, 2012

Market Outlook

Stock Watch


9/15



Cement

ACC Neutral 1,262 - 23,693 11,096 12,607 21.0 21.7 76.1 82.9 16.6 15.2 3.1 2.8 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 168 - 25,833 10,205 11,659 24.6 24.2 10.8 12.0 15.5 14.0 3.2 2.9 19.7 19.8 2.1 1.8

India Cements Neutral 82 - 2,508 4,364 4,791 18.9 19.1 9.2 11.4 8.9 7.2 0.7 0.7 8.0 9.5 0.5 0.4

J K Lakshmi Cements Neutral 80 - 983 1,938 2,246 19.1 20.1 15.2 16.8 5.3 4.8 0.7 0.6 13.8 14.0 0.6 1.0

Madras Cements Neutral 155 - 3,698 3,444 3,786 25.5 24.9 14.6 17.1 10.7 9.1 1.6 1.4 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,899 - 10,099 5,519 6,293 24.5 23.7 156.6 225.3 18.5 12.9 4.6 3.9 22.3 26.0 1.5 1.2

UltraTech Cement Neutral 1,571 - 43,048 20,099 22,642 21.7 22.9 89.6 1 04.7 17.5 15.0 2.9 2.5 17.7 17.9 2.0 1.9Construction

Ashoka Buildcon Buy 213 273 1,121 2,014 2,293 22.4 22.4 22.6 26.7 9.4 8.0 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 17 - 306 2,489 2,755 7.0 7.8 3.0 4.0 5.6 4.2 0.5 0.4 8.7 10.8 0.3 0.3

Hind. Const. Neutral 20 - 1,204 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.1) (25.4) 1.1 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 133 166 4,415 3,821 4,582 42.3 40.2 15.0 16.9 8.9 7.8 1.3 1.2 16.1 15.8 2.8 2.5

ITNL Buy 184 265 3,582 6,619 7,925 23.8 23.3 22.9 27.8 8.1 6.6 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 48 61 1,271 5,510 6,722 8.8 9.0 2.5 4.6 18.8 10.4 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 78 88 16,490 15,259 17,502 25.7 24.7 4.2 5.0 18.3 15.5 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,405 1,553 86,083 59,559 69,089 12.1 11.5 78.4 85.2 17.9 16.5 3.0 2.6 16.1 15.3 1.6 1.4

Madhucon Proj Buy 36 56 266 2,206 2,502 10.7 10.7 4.6 4.7 7.8 7.7 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 42 - 1,083 5,453 6,169 8.1 8.5 1.6 1.9 25.7 21.9 0.5 0.5 1.8 2.1 0.6 0.7

Patel Engg. Neutral 98 - 681 3,609 3,836 13.1 13.1 14.0 14.6 7.0 6.7 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 57 - 1,891 11,592 12,993 8.4 8.4 1.8 3.2 31.6 17.8 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 142 182 2,141 2,789 3,147 10.6 10.7 8.4 10.4 16.9 13.7 2.3 2.0 15.0 15.6 0.9 0.8

Simplex Infra Buy 220 265 1,089 6,732 7,837 8.1 8.4 23.5 29.4 9.4 7.5 0.9 0.8 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 143 153 7,145 7,467 8,685 3.2 3.3 37.5 41.5 3.8 3.4 0.7 0.6 18.1 17.4 - -

Andhra Bank Reduce 115 107 6,432 5,225 6,024 3.3 3.3 22.7 25.4 5.1 4.5 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,035 1,489 42,873 16,488 20,297 3.2 3.3 118.4 145.2 8.7 7.1 1.6 1.4 20.3 21.1 - -

Bank of Baroda Buy 720 921 28,174 16,157 19,475 2.7 2.7 123.7 148.3 5.8 4.9 0.9 0.8 17.3 18.1 - -

Bank of India Buy 337 388 19,356 13,657 15,902 2.5 2.6 59.5 70.6 5.7 4.8 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Accumulate 49 52 2,874 3,506 3,925 3.2 3.2 10.2 11.9 4.8 4.1 0.7 0.6 15.3 15.8 - -

Canara Bank Buy 425 492 18,843 12,296 14,445 2.4 2.5 81.5 92.2 5.2 4.6 0.8 0.7 16.4 16.3 - -

Central Bank Reduce 80 72 5,889 7,001 8,211 2.5 2.6 14.0 20.6 5.7 3.9 0.9 0.8 11.0 14.5 - -


July 16, 2012

Market Outlook

Stock Watch


10/15



Financials

Corporation Bank Accumulate 421 465 6,239 5,294 6,070 2.3 2.3 106.3 110.1 4.0 3.8 0.7 0.6 17.7 16.2 - -

Dena Bank Neutral 103 - 3,592 3,170 3,577 2.9 2.9 22.8 25.3 4.5 4.1 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 434 - 7,421 2,736 3,165 3.4 3.4 49.3 57.4 8.8 7.6 1.2 1.0 13.9 14.5 - -

HDFC Neutral 675 - 100,517 7,340 8,805 3.5 3.5 31.5 37.8 21.4 17.9 4.3 3.8 34.8 32.2 - -

HDFC Bank Neutral 587 - 138,257 21,936 27,454 4.4 4.4 28.7 36.0 20.5 16.3 3.9 3.3 20.7 22.0 - -

ICICI Bank Buy 926 1,169 106,439 22,368 26,857 2.8 2.9 68.2 80.4 13.6 11.5 1.6 1.5 14.2 15.4 - -

IDBI Bank Buy 95 113 12,126 8,152 9,907 1.9 2.1 19.7 24.1 4.8 3.9 0.6 0.6 13.6 15.0 - -Indian Bank Neutral 187 - 8,024 6,417 7,292 3.5 3.5 40.2 43.1 4.6 4.3 0.8 0.7 17.9 16.9 - -

IOB Accumulate 83 91 6,651 7,578 8,662 2.6 2.7 17.2 22.5 4.8 3.7 0.6 0.5 12.1 14.3 - -

J & K Bank Neutral 933 - 4,521 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 263 286 13,268 2,108 2,607 2.6 2.6 24.5 30.6 10.8 8.6 2.0 1.7 20.1 21.4 - -

Oriental Bank Accumulate 256 269 7,468 6,497 7,533 2.8 2.8 53.4 63.9 4.8 4.0 0.7 0.6 13.3 14.3 - -

Punjab Natl.Bank Buy 843 1,050 28,603 20,142 23,929 3.2 3.3 153.3 174.3 5.5 4.8 1.0 0.8 18.3 18.0 - -

South Ind.Bank Neutral 25 - 2,837 1,447 1,664 2.8 2.7 3.8 4.1 6.6 6.1 1.2 1.1 19.5 18.2 - -

St Bk of India Accumulate 2,179 2,443 146,241 67,783 78,208 3.7 3.6 226.0 264.2 9.6 8.3 1.6 1.3 17.7 18.1 - -

Syndicate Bank Accumulate 104 118 6,260 7,176 8,299 3.1 3.1 25.1 29.1 4.1 3.6 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 79 71 5,261 5,642 6,438 2.5 2.5 16.4 17.6 4.8 4.5 0.9 0.8 16.2 15.4 - -

Union Bank Buy 212 256 11,663 10,623 12,404 3.0 3.0 42.5 49.6 5.0 4.3 0.8 0.7 16.9 17.2 - -

United Bank Buy 61 78 2,206 3,599 4,212 2.8 3.0 18.2 22.3 3.4 2.7 0.5 0.4 15.0 16.2 - -

Vijaya Bank Reduce 58 52 2,869 2,695 3,097 2.2 2.3 9.6 12.0 6.0 4.8 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 349 454 12,346 3,250 4,261 2.8 2.9 34.1 42.8 10.2 8.2 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,710 - 35,588 11,423 13,309 16.3 16.3 125.3 148.4 29.6 25.0 10.1 7.9 38.0 35.4 3.0 2.6Britannia Buy 524 633 6,255 5,835 6,824 6.3 6.7 20.7 27.5 25.3 19.0 9.9 7.4 42.7 44.3 1.0 0.9

Colgate Neutral 1,134 - 15,420 3,007 3,417 21.1 22.1 38.2 43.8 29.7 25.9 35.3 27.8 130.2 119.9 5.0 4.4

Dabur India Neutral 114 - 19,911 5,878 6,799 16.8 17.0 4.2 4.9 27.6 23.3 10.0 8.2 39.3 42.0 3.4 2.9

GlaxoSmith Con* Neutral 2,650 - 11,143 3,124 3,663 17.1 17.6 103.0 123.3 25.7 21.5 7.9 6.4 34.0 32.9 3.2 2.7

Godrej Consumer Neutral 572 - 19,455 5,973 7,000 18.4 18.6 22.8 27.2 25.1 21.1 6.9 5.6 31.3 38.4 3.4 2.9

HUL Neutral 441 - 95,335 25,350 29,309 14.3 14.4 14.1 16.4 31.2 26.9 23.4 18.3 82.7 76.2 3.6 3.1

ITC Neutral 254 - 198,429 29,588 34,063 35.4 35.8 9.3 10.9 27.2 23.3 8.8 7.2 35.2 33.8 6.4 5.5


July 16, 2012

Market Outlook

Stock Watch


11/15



FMCG

Marico Neutral 182 - 11,721 4,667 5,427 12.8 12.9 6.6 8.1 27.4 22.4 7.3 5.7 30.0 28.8 2.5 2.1

Nestle* Neutral 4,475 - 43,144 8,731 10,539 21.0 21.4 114.4 143.0 39.1 31.3 23.6 16.2 71.1 61.4 5.0 4.0

Tata Global Buy 114 136 7,062 7,011 7,711 9.7 10.0 6.3 7.5 18.2 15.3 1.8 1.7 9.5 10.9 0.9 0.8

IT

HCL Tech Buy 484 562 33,520 24,029 26,633 18.3 17.2 39.6 43.2 12.2 11.2 2.8 2.3 22.9 21.0 1.4 1.2

Hexaware Buy 114 132 3,377 1,921 2,178 20.6 20.0 10.4 11.4 11.0 10.0 2.7 2.3 24.7 23.4 1.5 1.2

Infosys Buy 2,228 2,747 127,927 39,364 42,981 32.2 30.5 161.6 171.7 13.8 13.0 3.2 2.7 22.9 20.5 2.6 2.3Infotech Enterprises Neutral 184 - 2,051 1,825 2,008 17.5 17.1 16.9 18.7 10.9 9.9 1.5 1.3 13.7 13.3 0.8 0.6

KPIT Cummins Neutral 115 - 2,048 2,145 2,316 16.0 14.8 9.9 11.3 11.6 10.2 2.3 1.8 20.8 19.1 0.9 0.8

Mahindra Satyam Accumulate 81 87 9,538 7,492 8,038 17.0 16.3 8.1 8.3 10.0 9.7 1.4 1.2 14.1 12.6 0.9 0.7

Mindtree Accumulate 658 710 2,679 2,324 2,533 18.3 16.9 62.4 64.5 10.6 10.2 2.2 1.8 21.2 18.0 1.0 0.8

Mphasis Neutral 382 - 8,034 5,704 6,009 18.6 17.7 36.0 37.1 10.6 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 42 52 698 1,162 1,304 14.8 15.1 7.1 8.8 6.0 4.8 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 390 - 1,560 1,187 1,274 26.7 26.0 34.5 42.6 11.3 9.2 1.6 1.4 14.4 15.4 1.0 0.9

TCS Neutral 1,250 - 244,584 60,787 68,558 30.1 29.2 65.5 73.6 19.1 17.0 6.0 4.8 31.3 28.2 3.8 3.3

Tech Mahindra Neutral 712 - 9,075 6,282 6,477 17.5 16.5 82.9 85.0 8.6 8.4 1.9 1.5 21.6 18.4 1.4 1.3

Wipro Buy 359 451 88,377 44,597 49,033 20.3 20.5 26.6 30.1 13.5 12.0 2.6 2.3 19.5 18.9 1.6 1.4

Media

D B Corp Buy 202 269 3,703 1,638 1,851 25.8 26.6 13.5 16.1 15.0 12.5 3.3 2.8 23.9 24.2 2.2 1.9

HT Media Buy 97 148 2,283 2,224 2,509 16.6 17.2 8.6 10.8 11.3 9.0 1.4 1.2 12.9 14.3 0.6 0.5

Jagran Prakashan Buy 84 125 2,646 1,521 1,698 22.6 23.1 6.2 6.4 13.6 13.0 3.3 2.9 20.7 23.9 2.0 1.8

PVR Neutral 168 - 435 625 732 16.5 15.7 11.9 13.3 14.1 12.6 1.4 1.3 11.9 12.0 1.1 0.9

Sun TV Network Neutral 297 - 11,694 2,002 2,296 77.1 76.7 18.9 22.1 15.7 13.5 4.0 3.5 27.7 28.3 5.3 4.5Metals & Mining

Bhushan Steel Reduce 473 429 10,046 11,408 13,773 31.0 30.0 53.7 60.8 8.8 7.8 1.3 1.1 15.3 14.9 2.6 2.2

Coal India Neutral 354 - 223,631 68,841 74,509 25.3 25.3 24.1 26.1 14.7 13.6 4.0 3.3 30.4 26.8 2.3 2.0

Electrosteel Castings Accumulate 20 22 689 1,984 2,074 11.2 12.6 2.0 2.7 9.8 7.4 0.4 0.2 4.2 5.5 0.5 0.5

Hind. Zinc Buy 118 141 49,753 13,050 14,585 51.4 52.1 14.5 16.5 8.1 7.1 1.6 1.3 20.8 19.9 2.0 1.4

Hindalco Neutral 120 - 23,061 83,212 91,057 9.0 9.9 13.7 18.1 8.8 6.7 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 693 - 15,462 39,592 44,910 18.0 17.7 74.7 88.9 9.3 7.8 0.9 0.8 10.7 11.6 0.7 0.7

MOIL Neutral 286 - 4,807 1,007 1,091 56.6 56.9 29.4 31.9 9.7 9.0 1.7 1.5 19.0 18.2 2.6 2.1

Monnet Ispat Accumulate 392 447 2,522 3,115 3,748 22.1 25.1 59.1 66.8 6.6 5.9 0.9 0.8 15.6 15.3 1.6 1.2


July 16, 2012

Market Outlook

Stock Watch


12/15



Metals & Mining

Nalco Reduce 58 54 14,819 8,474 9,024 12.6 16.2 2.6 3.6 22.5 16.0 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Neutral 189 - 74,814 11,959 13,062 78.2 78.6 19.1 20.9 9.9 9.0 2.4 2.0 27.1 24.4 4.1 3.6

SAIL Neutral 93 - 38,393 50,914 60,785 14.6 15.1 9.4 10.5 9.9 8.8 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Neutral 191 - 16,582 9,067 9,316 35.7 35.5 44.5 44.3 4.3 4.3 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 103 123 34,749 45,294 48,059 25.7 25.3 16.5 18.0 6.3 5.8 0.7 0.6 12.0 11.2 0.5 0.3

Tata Steel Buy 426 499 41,340 143,088 148,011 10.9 12.1 53.9 66.0 7.9 6.5 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 316 372 60,203 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.7 2.0

GAIL Neutral 362 - 45,944 50,472 55,502 15.3 15.6 35.4 37.0 10.2 9.8 1.8 1.6 19.0 17.2 0.1 -

ONGC Accumulate 285 321 243,618 156,331 159,043 37.7 36.3 31.3 32.6 9.1 8.7 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 719 - 235,358 316,404 319,119 11.2 12.0 63.5 68.7 11.3 10.5 1.1 1.0 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 58 91 1,085 1,624 1,855 14.2 15.6 6.6 9.1 8.7 6.3 2.1 1.7 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 112 156 3,268 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 - 1,482 1,682 15.5 15.5 95.0 104.0 18.6 17.0

Cadila Healthcare Buy 779 953 15,947 6,196 7,443 18.5 19.5 37.6 47.7 20.7 16.3 4.6 3.7 26.8 27.5 2.6 2.1

Cipla Buy 329 379 26,408 7,687 8,804 21.4 21.4 16.5 18.9 19.9 17.4 3.1 2.7 16.7 16.8 3.4 2.9

Dr Reddy's Neutral 1,646 - 27,933 10,696 11,662 20.7 21.0 83.7 92.9 19.7 17.7 4.1 3.4 22.4 21.0 2.7 2.5

Dishman Pharma Buy 63 92 510 1,280 1,536 17.8 17.8 9.2 11.3 6.9 5.6 0.5 0.5 7.7 8.5 1.1 0.9

GSK Pharma* Neutral 2,036 - 17,244 2,651 2,993 31.7 31.2 76.0 82.4 26.8 24.7 7.7 6.7 30.8 29.0 5.6 4.8

Indoco Remedies Buy 54 82 493 685 837 15.2 15.2 7.4 8.9 7.2 6.0 1.1 0.9 15.9 16.3 0.9 0.7

Ipca labs Buy 375 435 4,730 2,850 3,474 20.3 20.3 31.9 36.3 11.8 10.3 3.6 2.9 26.2 26.8 1.8 1.5

Lupin Buy 554 647 24,779 8,426 10,082 19.7 20.0 27.4 32.4 20.2 17.1 4.9 3.9 27.0 25.2 2.8 2.3Orchid Chemicals Buy 121 178 855 2,117 2,434 17.7 17.7 16.7 22.2 7.3 5.5 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 490 - 20,675 12,046 11,980 18.0 15.8 35.7 29.8 13.7 16.4 5.1 4.2 43.1 28.1 1.7 1.7

Sun Pharma Neutral 617 - 63,525 9,272 11,080 38.6 38.0 22.7 22.6 27.2 27.3 4.6 4.0 17.9 15.6 5.5 4.3

Power

CESC Accumulate 301 342 3,764 5,084 5,512 24.2 23.8 45.2 48.5 6.7 6.2 0.7 0.7 11.2 10.9 1.2 1.2

GIPCL Buy 66 77 994 1,557 1,573 28.8 28.5 10.4 10.9 6.4 6.0 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 160 - 131,556 74,766 86,549 23.1 23.4 12.4 14.1 12.8 11.3 1.6 1.5 13.0 13.5 2.5 2.3

Real Estate

Anant Raj Buy 55 78 1,622 657 875 52.0 56.1 8.4 12.7 6.5 4.3 0.4 0.4 6.3 8.9 3.7 2.8

DLF Neutral 208 - 35,336 9,878 12,033 44.7 46.1 9.6 13.4 21.7 15.5 1.4 1.3 6.4 8.7 6.1 5.0


July 16, 2012

Market Outlook

Stock Watch


13/15



Real Estate

HDIL Buy 87 115 3,641 2,441 3,344 55.1 48.2 22.7 26.6 3.8 3.3 0.3 0.3 8.8 9.4 3.3 2.5

MLIFE Buy 323 376 1,319 814 897 26.9 27.0 31.3 33.9 10.3 9.5 1.1 1.0 10.2 10.1 2.0 1.8

Telecom

Bharti Airtel Neutral 308 - 116,888 80,076 86,613 32.8 33.5 15.5 19.8 19.9 15.5 2.1 1.9 10.5 11.9 2.2 1.8

Idea Cellular Neutral 83 - 27,471 23,209 26,063 26.2 27.5 3.3 4.9 25.2 16.8 1.9 1.7 7.7 10.3 1.7 1.4

Rcom Neutral 68 - 14,108 22,125 23,734 31.9 32.0 4.5 5.9 15.3 11.7 0.4 0.4 2.5 3.1 2.1 1.8

zOthersAbbott India Accumulate 1,475 1,628 3,135 1,661 1,918 9.7 12.0 60.7 90.4 24.3 16.3 5.0 4.0 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 199 246 1,980 3,569 4,172 8.6 9.2 17.3 22.3 11.5 8.9 2.5 2.1 22.9 25.3 0.5 0.5

Cera Sanitaryware Accumulate 294 327 372 405 477 15.8 17.2 31.0 41.0 9.5 7.2 2.1 1.7 24.3 25.8 1.1 0.9

Cravatex Accumulate 684 785 177 302 364 5.7 6.0 49.0 71.0 14.0 9.6 4.2 3.0 29.8 30.7 0.7 0.6

CRISIL Neutral 1,059 - 7,432 982 1,136 34.3 34.3 34.3 40.0 30.8 26.5 14.0 11.2 50.9 46.9 7.1 6.0

Finolex Cables Buy 42 61 644 2,334 2,687 8.8 9.3 7.6 10.2 5.5 4.1 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 476 615 620 2,346 2,753 5.8 6.7 44.0 68.0 10.8 7.0 0.5 0.5 4.8 7.0 0.2 0.2

Goodyear India Accumulate 340 374 784 1,511 1,692 7.9 9.0 31.5 41.3 10.8 8.2 2.1 1.8 21.2 23.5 0.3 0.2

Graphite India Buy 88 124 1,717 2,158 2,406 18.1 18.9 12.4 14.0 7.1 6.3 0.9 0.9 14.0 14.3 0.9 0.8

Greenply Industries Buy 194 309 468 1,925 2,235 10.6 10.9 29.6 44.1 6.6 4.4 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 211 242 843 1,746 1,946 16.5 17.7 22.5 32.9 9.4 6.4 1.0 0.9 10.4 14.2 1.1 1.1

Hitachi Accumulate 142 160 326 857 968 6.9 8.4 10.2 16.0 14.0 8.9 1.7 1.5 12.9 17.8 0.5 0.4

Honeywell Automation Accumulate 2,624 2,864 2,320 1,761 2,024 6.7 8.2 95.0 127.0 27.6 20.7 3.2 2.8 14.1 16.3 1.2 1.1

INEOS ABS India Accumulate 712 804 1,252 900 1,020 9.0 11.1 33.0 45.0 21.6 15.8 2.9 2.5 14.3 17.0 1.2 1.0

ITD Cementation Neutral 231 - 266 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 Buy 124 268 1,999 1,315 1,568 8.6 11.1 6.4 10.9 19.4 11.4 1.6 1.5 8.4 13.9 1.8 1.5MCX Buy 1,112 1,598 5,671 610 702 65.5 67.0 67.9 79.9 16.4 13.9 4.8 4.0 29.1 28.9 6.4 5.0

MRF Buy 10,106 13,106 4,286 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.6 6.2 1.5 1.2 16.5 17.4 0.5 0.5

Page Industries Neutral 2,873 - 3,205 887 1,108 18.3 18.6 95.0 120.9 30.3 23.8 15.8 12.8 57.4 59.5 3.7 2.9

Relaxo Footwears Buy 535 618 642 1,019 1,220 11.2 12.2 44.2 61.8 12.1 8.7 2.9 2.2 26.8 28.6 0.8 0.7

Sintex Industries Buy 67 79 1,818 4,751 5,189 16.3 16.6 13.6 15.8 4.9 4.2 0.7 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 282 392 264 1,042 1,173 12.4 12.5 66.3 78.5 4.3 3.6 0.8 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 34 45 1,004 7,279 8,290 21.0 21.0 15.0 17.6 2.3 1.9 0.3 0.3 13.7 13.9 0.7 0.7

SpiceJet Buy 34 40 1,630 5,647 6,513 3.5 6.5 1.9 4.9 17.3 6.9 40.7 5.9 - - 0.4 0.4


July 16, 2012

Market Outlook

Stock Watch


14/15



zOthers

TAJ GVK Buy 67 108 421 300 319 35.8 36.2 7.9 9.1 8.5 7.4 1.1 1.0 13.9 14.4 1.7 1.5

Tata Sponge Iron Buy 338 420 521 700 806 18.2 18.2 55.6 65.1 6.1 5.2 0.8 0.7 14.2 14.8 0.3 0.2

TVS Srichakra Buy 335 462 257 1,612 1,827 9.5 9.8 72.3 92.5 4.6 3.6 1.4 1.0 33.1 32.1 0.4 0.3

United Spirits Reduce 775 730 10,138 10,289 11,421 13.5 14.3 31.0 42.9 25.0 18.1 2.0 1.8 8.1 10.3 1.7 1.5

Vesuvius India Accumulate 385 413 781 628 716 16.4 16.5 29.8 34.4 12.9 11.2 2.3 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 July 13, 2012


July 16, 2012

Market Outlook

Stock Watch


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July 16, 2012Market Outlook

market outlook 160712

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