market outlook, 19-08-2013

7/27/2019 Market Outlook, 19-08-2013

1/12

www.angelbroking.com

Market OutlookAugust 19, 2013

Dealers DiaryIndian markets are expected to open with a negative bias following negative startto SGX Nifty and weak opening in most of the Asian indices.

US markets extended the sharp sell-off seen on Thursday, during the tradingsession on Friday. Worries about the outlook for the Federal Reserve's stimulus

program weighed on the investor sentiments. Meanwhile, majority of the Europeanmarkets ended the trading session on Friday with modest gains, rebounding fromsell-off seen on Thursday. The U.S. weekly jobless claims data released yesterdayrenewed investor fears that the Federal Reserve could begin tapering its stimulusmeasures as early as its next 2-day policy meeting, which begins on September 17.Those fears eased a bit late Friday, after the release of weaker than expected U.S.consumer sentiment report.

Meanwhile, Indian markets plunged by around 4 percent each, their biggestsingle-day loss in almost two years, as the Indian rupee fell to a record low andbreached the 62 mark against the dollar in early trading on Friday. Investorsentiment took a beating after the RBI on Wednesday announced additionalmeasures aimed at moderating capital outflows. While Finance Minister PChidambaram defended the steps saying there was no intention of bringing backcapital controls, some analysts read the signal as an indication of panic.

Markets TodayThe trend deciding level for the day is 18,823/ 5,574 levels. If NIFTY trades above

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

up to 19,086 19,574 / 5,651 5,794 levels. However, if NIFTY trades below

18,823/ 5,574 levels for the first half-an-hour of trade then it may correct up to

18,335 18,072 / 5,430 5,353 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,072 18,335 18,823 19,086 19,574NIFTY 5,353 5,430 5,574 5,651 5,794

News Analysis

Government clears big-ticket investment projects worth `1.1 lac cr Sesa Sterlite merger becomes effective Blue Stars may take price hike

Refer detailed news analysis on the following page

Net Inflows (August 14, 2013)` cr Purch Sales Net MTD YTDFII 2,827 2,532 295 1,424 66,821

MFs 492 469 23 78 (14,268)

FII Derivatives (August 16, 2013)` cr Purch Sales Net Open InterestIndex Futures 3,476 4,463 (987) 12,403

Stock Futures 3,332 2,587 745 26,879

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)JPPOWER 12 15.0 Cadila Health 708 (5.1)

Tata Motors 319 9.7 Federal Bank 318 (5.0)

Engineers India 139 8.5 Gitanjali Gems 59 (5.0)

Amara Raja 277 8.0 Yes Bank 283 (3.5)

Tata Comm 165 7.3 JSW Steel 504 (3.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (4.0) (769) 18,598

Nifty (4.1) (234) 5,508

MID CAP (2.7) (152) 5,439

SMALL CAP (2.2) (116) 5,269

BSE HC (1.4) (131) 8,985

BSE PSU (4.7) (253) 5,170

BANKEX (5.6) (635) 10,801

AUTO (2.4) (260) 10,620

METAL (5.6) (409) 6,954

OIL & GAS (4.8) (410) 8,161

BSE IT (2.3) (172) 7,444

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (31) 15,081NASDAQ (0.1) (3) 3,603

FTSE 0.3 17 6,500

Nikkei (0.7) (103) 13,650

Hang Sang (0.1) (21) 22,518

Straits Times (0.7) (23) 3,198

Shanghai Com (0.6) (13) 2,068

Indian ADR Chg (%) (Pts) (Close)INFY (1.0) (0.5) $48.4

WIT (0.3) (0.0) $9.4IBN (5.8) (1.8) $29.6

HDB (3.0) (1.0) $30.6

Advances / Declines BSE NSEAdvances 711 247

Declines 1,608 1,074

Unchanged 131 83

Volumes (` cr)BSE 2,132

NSE 13,875

7/27/2019 Market Outlook, 19-08-2013

2/12



Government clears big-ticket investment projects worth `1.1 lac cr

The government has given final nod to start operation for 28 big-ticket investment

projects worth `1.1lakh cr, stuck for years for myriad government clearances. This

clearance has come as a relief for investors which include 18 power projects with a

generation capacity of 15,500MW, 4 highway projects worth`

4,400cr and a`1,200cr steel plant in Odisha. Further, the coal ministry has agreed to sign fuel

supply agreements for all these projects by August 31. Also, petroleum distillation

units worth `1,419cr, being set up by Bharat Petroleum and three critical railway

lines in poorly connected states such as Chhattisgarh, Mizoram and Assam, with

an investment outlay of over `7,100cr, have secured the requisite clearances. Webelieve this would help revive confidence in the Indian economy, with domesticplayers having virtually abandoned fresh investments.

Sesa Sterlite merger becomes effective

Vedanta group's proposed merger of its subsidiaries Sesa Goa and Sterlite

Industries to create a merged entity, Sesa Sterlite, has now become effective. The

record date for determining the shareholders to whom the equity shares of Sesa

Goa will be allotted as per terms has been decided to be August 28, 2013. We

maintain our Buy ratings on the stocks of Sesa Goa and Sterlite Industries with

target prices of '155 and '92, respectively.

Blue Stars may take price hike

As per media reports, Blue Star plans to increase prices of its air conditioners up to5 percent in addition to its earlier price hike of 6 percent in 1QFY2014. This price

hike will help in maintaining its operating margins by offsetting the impact of the

weak rupee and additional cost to comply with changes in energy efficiency ratings

norms. As per the Bureau of Energy Efficiency, the energy efficiency ratio for all

star bands would go up from January 1, 2014. Compliance with new energy

efficiency ratio norms will increase costs for the companies. In order to maintain its

margins, company has to pass on the cost to its customers and hence we do not

expect material change to our estimate. We maintain our buy recommendation on

the stock with the target price of `208 based on a target EV/sales of 0.7x for

FY2015E.

Economic and Political News

Relax gold import norms for exporters: Commerce Ministry FMC set to put NSEL through fitness test Reserve price for spectrum auctions may be cut India receives `2,196,28cr industrial investment proposals in 2012-2013

Corporate News

R-Power successfully tests Sasan, but March commissioning stands ONGC, RIL & BG to invest `950cr in Panna field AirAsia India might delay launch plans

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

7/27/2019 Market Outlook, 19-08-2013

3/12

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 21, 2013 7:30PM US Existing home sales Million Jul 5.08 5.12

August 22, 2013 1:00PM Germany PMI Services Value Aug A 51.30 --

1:00PM Germany PMI Manufacturing Value Aug A 50.70 --

August 23, 2013 7:30PM Euro ZoneEuro-Zone Consumer Confidence Value Aug A (17.40) --

7:30PM US New home sales Thousands Jul 497.00 490.00

2:00PM UK GDP (YoY) % Change 2Q P 1.40 --

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --

September 1, 2013 6:30AM China PMI Manufacturing Value Aug 50.30 --

September 2, 2013 2:00PM UK PMI Manufacturing Value Aug 54.60 --

September 5, 2013 4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

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

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 --

6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 --

6:00PM US Unnemployment rate % Aug 7.40 --

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 --

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 --

September 10, 2013 4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

11:00AM China Industrial Production (YoY) % Change Aug 9.70 --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --September 18, 2013 11:30PM US FOMC rate decision % Sep 18 0.25 --

11:00AM India RBI Repo rate % Sep 18 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --

October 18, 2013 7:30AM China Real GDP (YoY) % Change 3Q 7.50 --

Source: Bloomberg, Angel Research

August 19, 2013

Market Outlook

7/27/2019 Market Outlook, 19-08-2013

4/12



Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Oct-12

Nov-1

2

Dec-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Fe

b-1

3

Mar-

13

Apr-

13

Apr-

13

May-1

3

Jun-1

3

Jun-1

3

Ju

l-13

Aug-1

3

Repo rate Reverse Repo rate CRR (%)

7/27/2019 Market Outlook, 19-08-2013

5/12

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 145 - 2,820 1,674 1,923 13.7 13.7 6.8 7.6 21.3 19.1 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 143 225 6,340 10,091 11,302 16.5 16.5 19.2 22.5 7.5 6.4 1.2 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 261 305 4,452 3,474 3,952 15.5 15.5 19.0 21.0 13.7 12.4 3.3 2.7 27.2 24.2 1.3 1.1

Apollo Tyres Neutral 65 - 3,279 13,409 15,106 11.8 11.6 13.1 15.4 5.0 4.2 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,387 13,450 15,853 6.5 8.5 0.4 1.9 33.3 6.8 1.1 1.0 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 201 - 304 834 965 9.3 10.6 17.3 27.1 11.7 7.4 1.1 1.0 9.5 14.0 0.4 0.4Bajaj Auto Accumulate 1,846 2,102 53,424 21,696 25,239 19.2 19.3 119.3 140.2 15.5 13.2 5.4 4.3 38.9 36.6 2.0 1.7

Bharat Forge Buy 222 256 5,167 5,942 6,417 15.2 15.5 15.6 19.7 14.2 11.3 2.1 1.8 15.4 17.3 1.1 0.9

Bosch India* Accumulate 8,425 9,096 26,455 9,301 10,895 16.8 18.0 339.9 423.1 24.8 19.9 4.1 3.5 16.6 17.6 2.5 2.1

CEAT Buy 118 170 403 5,159 5,628 9.3 9.0 43.5 48.6 2.7 2.4 0.5 0.4 18.4 17.5 0.2 0.2

Exide Industries Accumulate 131 148 11,127 6,899 7,873 14.7 14.7 7.9 9.0 16.5 14.5 2.8 2.5 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,194 - 1,984 1,336 1,572 13.8 16.0 75.6 102.4 15.8 11.7 2.0 1.7 13.4 15.8 1.3 1.0

Hero Motocorp Neutral 1,983 - 3 9,597 25,562 28,297 14.5 14.4 111.2 146.3 17.8 13.6 6.5 5.1 40.1 42.1 1.3 1.2

JK Tyre Buy 90 154 370 7,972 8,754 7.1 7.1 37.5 44.0 2.4 2.1 0.4 0.3 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 840 1,011 51,738 42,318 48,067 12.0 12.2 58.5 67.1 14.4 12.5 2.9 2.4 21.6 21.1 1.0 0.8

Maruti Buy 1,325 1,648 40,017 45,862 52,647 11.2 11.1 94.6 109.9 14.0 12.1 1.9 1.7 14.4 14.6 0.7 0.6

Motherson Sumi Accumulate 229 242 13,474 28,442 31,914 8.4 8.7 13.0 16.1 17.7 14.2 4.6 3.6 29.4 28.6 0.6 0.5

Subros Buy 20 23 118 1,230 1,398 10.5 10.5 2.3 3.8 8.4 5.2 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Accumulate 313 355 84,433 215,043 240,077 13.5 13.7 38.7 44.1 8.1 7.1 2.0 1.6 28.5 25.1 0.5 0.4

TVS Motor Buy 31 36 1,463 7,659 8,528 6.0 6.2 4.9 5.9 6.3 5.2 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 478 442 10,136 8,037 9,087 5.8 6.9 12.2 17.0 39.2 28.1 3.8 3.6 9.8 13.1 1.2 1.1BGR Energy Neutral 97 - 702 3,541 4,041 11.8 10.7 21.1 22.9 4.6 4.3 0.5 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 106 - 25,932 43,140 39,692 16.8 15.9 20.2 17.1 5.3 6.2 1.1 1.0 23.1 17.2 0.5 0.5

Blue Star Buy 143 208 1,285 2,941 3,099 3.4 4.2 6.0 9.3 23.9 15.4 3.0 2.6 12.9 18.0 0.6 0.5

Crompton Greaves Buy 85 103 5,424 13,446 15,272 6.7 7.6 6.6 8.9 12.8 9.5 1.4 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 17 - 137 3,312 3,555 9.0 9.0 4.5 6.5 3.7 2.6 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 639 7,709 8,399 6.2 6.9 5.1 8.1 4.9 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 590 - 7,031 5,832 6,397 9.1 9.6 28.8 32.9 20.5 17.9 3.3 2.9 17.2 17.3 1.2 1.0

Cement

ACC Buy 1,162 1,361 21,810 11,581 13,009 17.6 19.3 63.9 81.5 18.2 14.3 2.7 2.5 15.6 18.2 1.6 1.4


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

6/12



Cement

Ambuja Cements Neutral 173 - 26,777 9,975 11,409 22.4 23.1 9.4 11.1 18.5 15.6 2.8 2.6 15.7 17.2 2.2 1.8

India Cements Neutral 47 - 1,435 4,929 5,434 17.4 17.1 8.9 10.9 5.3 4.3 0.4 0.4 7.7 9.1 0.6 0.6

J K Lakshmi Cement Buy 65 79 761 2,235 2,684 19.4 21.4 15.0 18.4 4.3 3.5 0.5 0.5 13.2 14.3 0.5 1.0

Madras Cements Neutral 159 - 3,778 4,010 4,524 23.5 23.4 14.9 18.3 10.7 8.7 1.4 1.2 14.0 15.2 1.6 1.3

Shree Cement^ Neutral 3,927 - 13,680 6,316 7,162 26.5 25.7 294.6 340.5 13.3 11.5 2.9 2.4 24.0 22.7 1.7 1.3

UltraTech Cement Neutral 1,683 - 46,135 22,021 25,274 22.0 21.6 99.5 113.3 16.9 14.9 2.6 2.3 16.7 16.6 2.1 1.9

ConstructionAshoka Buildcon Buy 52 60 814 1,912 2,131 21.0 21.5 5.0 5.5 10.3 9.4 0.7 0.7 8.8 7.6 1.7 1.8

Consolidated Co Neutral 6 - 120 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.2) (17.9) 0.3 0.3 0.5 0.5

IRB Infra Buy 68 106 2,267 3,805 4,248 45.1 45.3 15.0 15.8 4.6 4.3 0.6 0.6 14.5 13.9 2.8 3.1

ITNL Buy 121 156 2,355 7,423 7,970 27.5 28.7 30.3 32.0 4.0 3.8 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 11 - 328 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.5) (5.4) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 30 41 6,591 12,946 14,897 24.7 25.6 1.2 2.7 24.2 11.1 0.5 0.5 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 757 1,002 70,010 68,946 78,040 10.0 10.0 49.0 55.2 15.5 13.7 2.2 2.0 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 19 30 496 6,167 6,945 8.0 8.2 2.7 3.6 7.2 5.3 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 23 - 772 12,726 14,226 8.2 8.2 0.9 1.0 27.1 22.8 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 68 99 1,028 2,462 2,731 10.6 10.6 5.3 6.0 12.9 11.3 1.1 1.0 9.2 9.6 0.7 0.7

Simplex Infra Neutral 49 - 243 6,308 7,033 9.5 9.6 11.9 18.7 4.1 2.6 0.2 0.2 4.5 6.7 0.5 0.5

Unity Infra Neutral 19 - 139 2,146 2,339 12.9 13.0 9.3 9.6 2.0 2.0 0.2 0.2 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 69 - 3,453 6,843 7,528 2.5 2.5 26.0 30.1 2.7 2.3 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 56 - 3,136 4,868 5,390 2.4 2.5 12.3 16.6 4.6 3.4 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 1,055 1,255 49,501 19,280 22,886 3.3 3.3 130.7 157.1 8.1 6.7 1.3 1.1 17.3 18.1 - -Bank of Baroda Accumulate 479 510 20,182 15,896 17,947 2.2 2.3 95.4 124.4 5.0 3.9 0.6 0.5 12.0 14.2 - -

Bank of India Accumulate 163 174 9,701 14,482 16,069 2.3 2.2 55.0 62.2 3.0 2.6 0.4 0.4 13.7 13.9 - -

Bank of Maharashtra Neutral 39 - 2,586 4,529 4,780 3.0 2.8 12.3 11.8 3.2 3.3 0.5 0.4 16.5 14.1 - -

Canara Bank Accumulate 224 241 9,930 11,454 12,378 2.0 2.0 52.4 60.5 4.3 3.7 0.5 0.4 9.8 10.4 - -

Central Bank Neutral 54 - 5,609 8,196 9,202 2.4 2.4 6.1 15.9 8.9 3.4 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 267 - 4,078 5,641 6,083 2.0 2.0 82.7 98.1 3.2 2.7 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 46 - 1,610 3,307 3,531 2.2 2.4 17.5 21.6 2.6 2.1 0.3 0.3 11.9 13.2 - -

Federal Bank Accumulate 310 331 5,296 2,798 3,250 3.0 3.0 38.1 51.9 8.1 6.0 0.8 0.7 9.8 12.3 - -


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

7/12



Financials

HDFC Accumulate 737 824 114,493 8,679 10,350 3.6 3.6 37.5 44.7 19.6 16.5 4.1 3.7 30.1 30.7 - -

HDFC Bank Buy 590 724 140,853 27,392 33,264 4.6 4.6 36.3 45.1 16.2 13.1 3.3 2.8 21.9 22.8 - -

ICICI Bank Buy 859 1,038 99,107 25,727 29,969 3.2 3.2 83.2 96.7 10.3 8.9 1.4 1.2 14.9 15.4 - -

IDBI Bank Accumulate 57 61 7,637 9,518 10,468 2.0 2.0 15.5 22.1 3.7 2.6 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 70 - 2,998 5,940 6,396 2.7 2.7 24.9 32.9 2.8 2.1 0.3 0.3 10.3 12.4 - -

IOB Accumulate 39 41 3,609 7,692 8,627 2.2 2.3 8.1 15.2 4.8 2.6 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,088 - 5,275 3,038 3,370 3.7 3.9 214.2 202.6 5.1 5.4 0.9 0.8 19.8 16.3 - -LIC Housing Finance Neutral 170 - 8,562 2,180 2,732 2.4 2.5 26.3 32.1 6.4 5.3 1.2 1.0 19.0 19.9 - -

Oriental Bank Accumulate 130 147 3,783 6,918 7,459 2.6 2.5 46.7 52.5 2.8 2.5 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Accumulate 500 546 17,675 20,766 23,515 3.4 3.4 135.0 164.8 3.7 3.0 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,728 1,800 2,023 2.7 2.7 3.7 4.2 5.5 4.9 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,571 - 107,475 65,392 74,467 3.0 3.0 192.5 240.5 8.2 6.5 1.1 1.0 13.1 14.7 - -

Syndicate Bank Accumulate 67 73 4,036 6,740 7,512 2.5 2.5 21.0 23.5 3.2 2.9 0.4 0.4 12.6 12.8 - -

UCO Bank Neutral 54 - 4,027 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.5 0.6 0.5 14.4 13.5 - -

Union Bank Accumulate 112 119 6,705 10,458 11,809 2.5 2.5 32.0 40.6 3.5 2.8 0.4 0.4 11.6 13.4 - -

United Bank Accumulate 35 37 1,295 3,386 3,884 2.3 2.5 12.4 20.0 2.8 1.7 0.3 0.3 10.0 14.7 - -

Vijaya Bank Neutral 36 - 1,794 2,718 2,941 1.8 1.9 7.0 9.0 5.2 4.0 0.4 0.4 8.2 9.8 - -

Yes Bank Buy 258 298 9,293 4,417 5,486 2.7 2.8 42.9 49.5 6.0 5.2 1.3 1.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 418 - 40,061 12,332 14,524 16.3 16.1 13.9 16.0 30.1 26.0 9.6 7.6 35.2 32.5 3.1 2.6

Britannia Neutral 743 - 8,905 6,417 7,502 6.1 6.3 21.3 25.5 34.9 29.2 11.3 9.1 35.7 34.6 1.4 1.2

Colgate Neutral 1,325 - 18,017 3,588 4,130 18.9 19.4 41.2 48.4 32.2 27.4 28.6 22.1 100.0 91.0 4.9 4.2

Dabur India Neutral 170 - 29,650 7,183 8,297 16.8 16.9 5.4 6.3 31.8 27.0 11.2 8.9 39.2 36.7 4.2 3.6

GlaxoSmith Con* Neutral 4,148 - 17,444 3,617 4,259 16.1 16.4 122.2 148.7 33.9 27.9 10.6 8.5 34.1 33.7 4.4 3.6

Godrej Consumer Neutral 872 - 29,688 7,801 9,017 16.2 15.9 25.1 29.7 34.7 29.4 7.5 6.2 24.9 24.2 3.9 3.4

HUL Neutral 599 - 129,428 28,415 31,962 13.6 14.1 16.7 18.2 35.9 32.9 34.5 25.0 112.2 88.1 4.4 3.9

ITC Neutral 320 - 253,094 34,294 39,991 36.8 37.0 11.3 13.3 28.4 24.0 9.4 7.6 36.1 34.9 7.1 6.0

Marico Neutral 213 - 13,722 5,273 6,044 14.8 14.9 7.3 8.7 29.3 24.6 5.7 4.7 21.4 21.0 2.7 2.3

Nestle* Neutral 5,010 - 48,304 9,330 10,860 21.8 21.9 123.3 149.7 40.6 33.5 20.0 14.6 56.4 50.3 5.2 4.4

Tata Global Neutral 140 - 8,685 8,069 8,957 9.8 9.7 7.8 8.6 18.0 16.4 2.2 2.1 9.5 9.7 1.1 0.9


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

8/12



IT

HCL Tech^ Accumulate 920 1,012 64,098 30,698 33,933 22.1 21.5 65.3 69.8 14.1 13.2 3.6 2.9 26.5 23.0 1.9 1.6

Hexaware* Neutral 121 - 3,617 2,213 2,479 21.5 20.5 12.1 12.9 10.0 9.4 2.5 2.1 25.4 23.5 1.5 1.3

Infosys Reduce 2,975 2,820 170,812 47,001 51,196 26.2 26.4 171.3 189.4 17.4 15.7 3.6 3.0 20.4 19.3 3.0 2.6

Infotech Enterprises Accumulate 178 190 1,987 2,052 2,263 17.2 17.6 20.7 22.5 8.6 7.9 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Neutral 139 - 2,688 2,670 3,018 17.3 16.7 14.1 15.3 9.8 9.1 1.9 1.5 20.9 18.4 1.0 0.8

Mindtree Accumulate 993 1,050 4,129 2,768 3,006 19.7 19.9 103.1 105.3 9.6 9.4 2.3 1.9 24.8 20.3 1.2 1.0

Mphasis& Neutral 393 - 8,257 6,372 6,852 18.0 18.2 38.0 43.5 10.3 9.0 1.5 1.3 14.3 14.2 0.8 0.6NIIT Sell 19 15 310 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 542 - 2,168 1,533 1,715 22.2 22.5 49.2 56.8 11.0 9.6 1.8 1.5 16.4 16.1 1.0 0.8

TCS Buy 1,780 2,060 348,424 79,005 91,576 29.7 30.0 88.6 103.1 20.1 17.3 6.3 5.1 31.5 29.2 4.2 3.5

Tech Mahindra Neutral 1,324 - 30,765 8,102 8,709 19.7 19.2 107.5 117.0 12.3 11.3 2.6 2.1 21.2 18.9 3.8 3.5

Wipro Neutral 456 - 112,441 42,196 45,890 21.0 21.6 28.3 31.2 16.1 14.6 3.4 2.9 20.7 19.4 2.2 1.9

Media

D B Corp Buy 244 302 4,470 1,783 1,968 25.2 26.8 14.6 17.2 16.8 14.1 4.3 3.7 23.9 24.2 2.4 2.1

HT Media Buy 95 117 2,236 2,205 2,380 15.1 15.6 8.3 9.3 11.5 10.3 1.4 1.3 11.6 11.6 0.7 0.5

Jagran Prakashan Buy 87 116 2,889 1,683 1,845 22.3 23.7 6.5 7.8 13.3 11.2 2.7 2.5 21.3 23.1 1.8 1.6

PVR Neutral 364 - 1,446 1,359 1,540 17.3 17.4 17.2 21.6 21.1 16.9 2.1 1.9 10.3 12.0 1.5 1.3

Sun TV Network Neutral 385 - 15,188 2,287 2,551 69.7 70.5 20.0 23.3 19.3 16.5 4.8 4.2 26.4 27.3 6.3 5.5

Metals & Mining

Bhushan Steel Neutral 450 - 10,184 13,794 17,088 30.9 33.5 49.3 66.6 9.1 6.8 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Neutral 258 - 163,183 70,158 74,443 29.8 30.2 25.2 27.1 10.3 9.5 2.5 2.2 33.3 33.1 1.5 1.4

Electrosteel Castings Buy 11 13 359 1,976 2,017 11.8 12.7 1.3 2.6 8.7 4.2 0.1 - 2.6 5.2 0.5 0.1

GMDC Buy 88 115 2,790 1,701 1,985 47.8 48.8 17.4 20.6 5.1 4.3 1.0 0.8 20.7 20.9 1.2 0.8Hind. Zinc Buy 101 120 42,824 12,389 13,093 48.5 51.7 15.2 17.0 6.7 6.0 1.2 1.0 18.5 18.0 1.3 0.8

Hindalco Neutral 93 - 17,863 95,465 99,226 8.4 8.8 13.9 15.8 6.7 5.9 0.5 0.5 7.6 8.0 0.6 0.5

JSW Steel Neutral 487 - 11,775 44,605 47,040 15.7 16.0 62.5 75.6 7.8 6.5 0.6 0.6 8.5 9.6 0.8 0.7

MOIL Accumulate 198 223 3,325 956 982 42.3 44.3 25.3 26.2 7.8 7.6 1.1 1.0 14.6 13.7 0.8 0.9

Monnet Ispat Buy 102 125 652 2,326 2,709 21.4 23.1 33.3 43.1 3.1 2.4 0.2 0.2 8.3 9.9 1.3 1.0

Nalco Neutral 26 - 6,727 7,656 7,988 13.1 13.5 2.6 2.6 10.2 10.0 0.6 0.5 5.5 5.5 0.3 0.3

NMDC Accumulate 110 123 43,414 10,718 11,514 66.6 64.5 15.5 16.1 7.1 6.8 1.4 1.3 21.2 20.0 2.0 1.8

SAIL Neutral 41 - 16,913 44,060 54,227 9.2 10.9 5.3 6.8 7.7 6.0 0.4 0.4 5.2 6.5 0.6 0.6


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

9/12



Metals & Mining

Sesa Goa Buy 131 155 11,350 3,817 5,781 12.1 17.7 27.0 29.6 4.8 4.4 0.6 0.5 12.9 12.5 3.8 2.5

Sterlite Inds Buy 76 92 25,491 44,493 45,599 22.4 23.9 16.8 19.2 4.5 4.0 0.5 0.4 10.5 10.9 0.5 0.5

Tata Steel Buy 235 313 22,833 150,121 160,679 10.1 10.8 38.2 52.6 6.2 4.5 0.6 0.5 10.4 12.9 0.5 0.4

Sarda Buy 82 98 294 1,323 1,398 17.2 17.9 25.3 27.8 3.2 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 403 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.1 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 69 78 226 2,171 2,317 14.9 15.8 36.4 46.6 1.9 1.5 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Buy 301 364 57,495 18,403 17,925 71.9 62.1 62.1 57.4 4.8 5.2 1.0 0.9 22.6 17.8 1.9 1.7

GAIL Neutral 298 - 37,832 49,700 48,822 16.0 16.6 32.9 33.4 9.1 8.9 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 272 352 232,624 169,963 196,050 35.3 36.6 33.4 38.7 8.1 7.0 1.4 1.2 17.7 18.2 1.1 0.8

Reliance Industries Neutral 825 - 266,486 397,546 421,695 8.9 8.7 72.3 76.8 11.4 10.7 1.2 1.1 12.3 11.8 0.7 0.6

Gujarat Gas* Neutral 209 - 2,682 3,270 3,414 12.8 12.6 22.6 23.1 9.2 9.1 2.5 2.2 28.2 25.6 0.7 0.6

Indraprastha Gas Neutral 261 - 3,658 3,656 4,456 21.5 18.6 25.7 26.8 10.2 9.7 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 124 135 9,281 39,449 43,315 5.3 5.9 14.1 16.9 8.8 7.3 1.8 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 54 67 3,039 1,002 1,021 91.4 91.5 8.2 8.4 6.6 6.5 0.9 0.8 14.3 13.0 2.5 2.4

Pharmaceuticals

Alembic Pharma Accumulate 146 165 2,749 1,736 2,008 17.1 18.9 10.7 13.9 13.6 10.5 4.3 3.2 35.0 34.7 1.6 1.4

Aurobindo Pharma Buy 186 279 5,418 6,641 7,637 15.9 15.9 17.3 20.6 10.8 9.0 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,402 - 5,532 1,682 1,917 15.6 15.6 91.9 101.7 26.1 23.6 3.7 3.7 15.6 17.1 2.8 2.3

Cadila Healthcare Buy 662 894 13,564 7,123 8,367 15.5 15.7 37.3 44.7 17.8 14.8 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 414 477 33,265 9,274 10,796 23.1 23.1 21.0 23.8 19.7 17.4 3.2 2.7 17.2 16.8 3.3 2.8

Dr Reddy's Buy 2,167 2,535 36,836 13,377 15,350 20.4 20.1 112.1 126.6 19.3 17.1 4.1 3.4 23.5 21.8 2.8 2.5

Dishman Pharma Buy 48 73 387 1,394 1,534 22.5 22.4 14.8 16.6 3.2 2.9 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,256 - 19,109 2,744 2,964 22.0 23.4 59.2 66.6 38.1 33.9 9.5 9.1 24.9 27.5 6.1 5.6

Indoco Remedies Buy 63 78 580 747 906 15.3 15.3 5.9 7.6 10.7 8.3 1.3 1.1 12.5 14.4 1.0 0.8

Ipca labs Neutral 660 - 8,329 3,246 3,830 20.5 21.7 36.2 44.9 18.2 14.7 4.3 3.4 26.1 25.7 2.7 2.3

Lupin Accumulate 815 904 36,497 11,576 13,855 22.0 22.0 35.8 43.0 22.8 19.0 5.5 4.4 27.1 25.8 3.2 2.7

Ranbaxy* Accumulate 379 426 16,054 10,400 11,331 6.6 8.4 11.4 15.2 33.3 25.0 3.5 3.1 11.1 13.1 1.6 1.5

Sun Pharma Neutral 542 - 112,254 13,509 15,846 41.0 41.0 16.5 19.9 32.9 27.2 6.6 5.5 22.0 22.0 7.7 6.4

Power

GIPCL Accumulate 57 65 861 1,444 1,482 33.4 33.0 13.7 14.8 4.2 3.8 0.5 0.4 12.3 12.0 0.7 0.4

NTPC Buy 140 163 115,107 75,046 81,780 23.5 23.9 12.7 13.6 11.0 10.3 1.3 1.2 12.2 12.0 2.2 2.2


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

10/12



Real Estate

DLF Buy 146 175 25,915 8,293 9,622 36.5 36.1 5.7 6.7 25.5 21.6 0.9 0.9 3.7 4.1 5.2 4.3

MLIFE Accumulate 437 483 1,786 888 1,002 27.0 29.9 33.9 42.1 12.9 10.4 1.3 1.2 9.9 11.2 2.6 2.3

Telecom

Bharti Airtel Neutral 336 - 134,253 83,535 92,173 32.0 33.1 9.2 12.9 36.6 26.0 2.4 2.2 6.8 8.9 2.3 2.0

Idea Cellular Neutral 172 - 56,988 25,640 28,459 26.9 27.2 4.0 4.9 42.9 34.8 3.6 3.3 8.4 9.4 2.6 2.3

Rcom Neutral 119 - 24,510 22,751 24,628 30.9 31.3 3.4 5.3 34.6 22.6 0.7 0.7 2.1 3.1 2.7 2.3

OthersAbbott India* Buy 1,362 1,628 2,893 1,788 1,996 12.5 12.7 71.7 81.4 19.0 16.7 3.8 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 160 184 1,592 3,885 4,472 4.0 5.8 6.8 15.4 23.6 10.4 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 505 613 639 631 797 14.5 13.7 42.6 51.1 11.9 9.9 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 258 307 67 248 284 6.5 7.3 27.2 38.2 9.5 6.8 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 55 68 835 2,563 2,899 9.8 9.8 10.1 11.3 5.4 4.8 0.8 0.7 14.3 13.8 0.2 0.2

Force Motors Buy 287 349 374 2,304 2,649 3.1 3.6 28.0 43.7 10.3 6.6 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 317 345 730 1,458 1,542 8.3 9.0 32.3 37.0 9.8 8.6 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 105 153 286 1,080 1,199 8.9 9.1 18.3 19.1 5.8 5.5 1.0 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,325 - 2,056 1,842 2,131 7.7 7.8 111.1 130.9 20.9 17.8 2.6 2.3 13.3 13.9 1.0 0.9

IFB Agro Accumulate 140 156 126 491 642 12.3 13.8 35.0 50.9 4.0 2.8 0.7 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 160 194 184 1,365 1,502 10.9 11.2 18.2 28.0 8.8 5.7 0.4 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 164 199 2,725 1,244 1,523 14.1 14.2 5.9 10.0 27.7 16.5 3.3 2.9 12.7 18.8 2.5 2.0

MRF Buy 13,417 16,218 5,690 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.5 7.5 1.6 1.3 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,366 4,669 4,870 1,059 1,296 19.5 19.8 125.0 155.6 34.9 28.1 17.3 12.7 56.3 52.2 4.7 3.8

Relaxo Footwears Buy 752 981 902 1,196 1,401 11.9 12.6 55.6 75.4 13.5 10.0 3.2 2.5 27.1 28.1 0.9 0.7

Siyaram Silk Mills Accumulate 201 228 189 1,158 1,322 10.6 11.0 60.5 75.9 3.3 2.7 0.5 0.4 16.8 18.1 0.4 0.3Styrolution ABS India* Buy 350 492 616 1,007 1,108 8.4 8.7 30.3 35.1 11.6 10.0 1.3 1.2 11.7 12.2 0.6 0.5

TAJ GVK Buy 57 108 354 300 319 35.8 36.2 7.9 9.1 7.2 6.2 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 253 371 389 814 849 17.0 17.6 64.6 69.2 3.9 3.7 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 512 632 397 416 481 4.5 6.1 16.2 25.3 31.6 20.2 3.9 3.4 12.6 18.1 0.8 0.7

Tree House Accumulate 260 297 935 153 194 53.0 52.8 12.4 15.6 21.0 16.6 2.5 2.2 11.8 13.1 6.3 4.8

TVS Srichakra Buy 165 230 126 1,591 1,720 6.1 6.4 30.5 38.3 5.4 4.3 0.7 0.6 13.5 15.5 0.3 0.2

United Spirits Neutral 2,229 - 32,394 12,294 14,162 12.0 12.0 42.1 67.7 53.0 32.9 3.7 3.4 9.1 10.7 3.0 2.6

Vesuvius India* Buy 354 439 718 600 638 20.1 19.4 35.7 36.6 9.9 9.7 1.8 1.5 19.4 17.1 1.0 0.9


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

11/12



Others

HSIL Buy 85 117 564 2,042 2,363 14.6 14.8 12.3 16.5 7.0 5.2 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 16, 2013


Market Outlook

Stock Watch

August 19, 2013

7/27/2019 Market Outlook, 19-08-2013

12/12

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, makeinvestment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in thisdocument are those of the analyst, and the company may or may not subscribe to all the views expressed within.Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is forgeneral guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for anyloss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make anyrepresentation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel BrokingPvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or inthe past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from orin connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.


market outlook, 19-08-2013

Documents