market outlook, 24-05-13

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Market OutlookMay 24, 2013

Dealers Diary

The Indian markets are expected to open flat tracking flat to marginally positive

opening in most of the Asian markets, with relief buying emerging after the

extreme losses indices suffered the previous day.

US markets ended modestly on Thursday, substantially paring intraday losses, as

upbeat housing data helped offset worries about the Federal Reserve. The sell-off

seen at the start of trading reflected lingering concerns about the Federal Reserve

scaling back its asset purchase program as well as disappointing Chinese

manufacturing data. A report released by Markit Economics and HSBC showed

that Chinese manufacturing activity unexpectedly contracted in May as purchasing

managers index fell to 49.6 in May from 50.4 in April. The subsequent recovery by

the markets was partly due to the release of a report from the Commerce

Department showing that new home sales in US climbed 2.3% to a seasonally

adjusted annual rate of 454,000 in April from the revised March rate of 444,000.

Meanwhile Indian markets ended sharply lower in yesterdays trading session,

following a global rout amid expectations that the Federal Reserve may reverse its

ultra-easy monetary policy earlier than expected.

Markets Today

The trend deciding level for the day is 19,779 / 6,001 levels. If NIFTY trades above

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

up to 19,923 20,172 / 6,047 6,127 levels. However, if NIFTY trades below

19,779 / 6,001 levels for the first half-an-hour of trade then it may correct up to

19,530 19,386 / 5,921 5,876 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,386 19,530 19,779 19,923 20,172NIFTY 5,876 5,921 6,001 6,047 6,127

News Analysis Ranbaxy Labs-Daiichi Sankyo weighing legal options against earlier promoters Result Review: SBI, BHEL, Tata Steel, JSW Steel, Indraprastha Gas Result Preview: Crompton Greaves, MOIL

Refer detailed news analysis on the following page

Net Inflows (May 22, 2013)` cr Purch Sales Net MTD YTDFII 3,812 2,182 1,630 17,204 78,362

MFs 479 688 (209) (2,704) (11,294)

FII Derivatives (May 23, 2013)` cr Purch Sales Net Open InterestIndex Futures 3,055 3,550 (495) 17,748

Stock Futures 3,063 2,985 78 28,878

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Oracle Finance 2,660 8.9 Wockhardt 1,315 (20.0)Marico 223 2.0 Unitech 25 (11.0)

Britannia Industries 576 1.9 Crompton Greav 97 (10.2)

Colgate Palmolive 1,440 1.9 HDIL 51 (9.9)

Glenmark Pharma 572 1.6 Reliance Infra 368 (9.8)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (1.9) (388) 19,674

Nifty (2.1) (127) 5,967

MID CAP (2.0) (129) 6,364

SMALL CAP (2.2) (135) 5,974

BSE HC (1.3) (117) 8,843

BSE PSU (2.7) (184) 6,676

BANKEX (2.8) (423) 14,453

AUTO (1.6) (175) 10,878

METAL (1.9) (165) 8,521

OIL & GAS (2.7) (233) 8,561

BSE IT (0.6) (39) 5,999

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.1) (13) 15,295NASDAQ (0.1) (4) 3,459

FTSE (2.1) (143) 6,697

Nikkei (7.3) (1,143) 14,484

Hang Sang (2.5) (591) 22,670

Straits Times (1.8) (61) 3,393

Shanghai Com (1.1) (26) 2,276

Indian ADR Chg (%) (Pts) (Close)INFY (1.4) (0.6) $42.5

WIT (0.4) (0.0) $7.8IBN (1.2) (0.6) $46.2

HDB 0.5 0.2 $41.5

Advances / Declines BSE NSEAdvances 592 226

Declines 1,737 1,155

Unchanged 117 82

Volumes (` cr)BSE 3,910

NSE 13,432

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Ranbaxy Labs-Daiichi Sankyo weighing legal optionsagainst earlier promoters

Daiichi Sankyo the Japanese parent of Ranbaxy Laboratories, is said to be

weighing legal options to sue the former promoter-shareholders of the generics

drugmaker. The Singh brothers -- Shivinder & Malvinder -- had sold Ranbaxy toDaiichi in 2008 for $4.6 billion. Daiichi bought a 51% stake -- including 34.8%

that the Singhs held -- in June 2008. In a statement, the company said it believes

certain former shareholders of Ranbaxy concealed and misrepresented critical

information concerning the US Department of Justice and Food and Drug

Administration (FDA) investigations. This will add to the overall legal tussle of the

company which has again started with the DGCI probe into the company. Thestock after all the negative news, is valued attractively for long term investors, butgiven the uncertainty in the short term we recommend a Neutral on the stock.

Result ReviewSBI (CMP:`2,176/ TP:`2,669/ Upside: 22.6%)

State Bank of India announced moderate set of numbers for the quarter, which

came largely on expected lines. While NII declined by 5.3% yoy to `11,078cr,

non-interest income grew at modest 5.4% yoy to `5,547cr. As guided by the

management earlier, the bank has provided around `950cr for wage revisions

and other employee benefits during the quarter. Operating expenses for the bank

expectedly grew by 20.3% yoy to`8,860cr. The banks provisioning expenses grew

by 33.1% yoy to `4,181cr, as the bank witnessed higher write-offs during the

quarter (to take tax benefits, in-line with what seen in other PSU banks). Overall,

earnings declined by 18.5% yoy to `3,299cr, in-line with what we had estimated.

The banks performance on the asset quality front, with slippages at `5,868cr and

incremental restructuring at`8,669cr, also came on the guided lines. Overall, the

bank reported improvement in the asset quality, as absolute Gross and Net NPA

levels declined sequentially by 4.2% and 13.5% respectively (primarily due to

sequentially lower slippages and healthy recoveries/upgrades). At the current

market price, the stock trades at a valuation of 1.2x FY2015E P/ABV. We wouldrecommend a Buy rating on the stock, with a target price of `2,669.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 67,091 3.2 16,500 241.2 1,550.1 1.0 16.5 9.0 1.4

FY2015E 76,746 3.1 19,182 280.4 1,794.2 1.0 17.0 7.8 1.2

BHEL (CMP:`196/ TP: -/ Upside: -)

BHELs 4QFY2013 results were better than our expectations as well as street

estimates. BHEL reported a 2.1% yoy decline in top-line to `18,850cr. However,

the company positively surprised on the operating front, with margin contraction of

only 100bp yoy to 24.2%, due to softening of commodity prices and cost control

measures. Consequently, PAT declined by only 4.2% yoy to `3,238cr. However,

slowdown in investment cycle (resulting in lower order intake) and variousproblems in power sector continue to remain overhang on the stock. Also, we still

expect BHELs margin to gradually decline over next few years due to tough

competition. Hence, we maintain Neutral rating on the stock.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 43,757 17.3 5,113 20.9 23.7 9.4 2.1 5.6 1.0

FY2015E 40,934 16.9 4,642 19.0 18.8 10.3 1.8 5.7 1.0

Tata Steel (CMP:`300/ TP: Under Review/ Upside :-)

Tata Steel reported mixed set of results for 4QFY2013 due to better-than-expected

profitability performance from both its European and Indian operations. Its

consolidated net sales grew by 1.9% yoy to `34,650cr (below of our estimate of

`35,323cr). Consolidated steel sales volumes increased 9.0% yoy to 6.56mn

tonnes in 4QFY2013. Its India operations net sales grew by 13.1% yoy to

`10,603cr due to higher sales volumes (+29.0% yoy to 2.3mn tonnes). On the

international front, Tata Steel Europes (TSE) volumes declined by 4.0% yoy to

3.4mn tonne. During the quarter the company wrote off `8,356cr of non cash

goodwill pertaining mainly to the European operations and hence adjusting forthis exceptional item the adjusted PAT grew by 104.0% yoy to `884cr (above our

expectation of`505cr. Consolidated net debt increased to`54,405cr as on March

31, 2013, compared to`47,657cr as on March 31, 2012. We maintain our Buyview on the stock but keep our target price under review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 140,917 10.0 2,875 29.6 8.4 10.1 0.7 5.9 0.6

FY2015E 151,537 11.3 5,011 51.6 12.9 5.8 0.7 4.7 0.5

JSW Steel (CMP:`688/ TP: -/ Upside: -)

JSW Steel reported better than expected standalone performance both on top-line

and PAT front. JSW Steels standalone top line declined by 2.8% yoy to`9249cr

(better than our expectation of`8,779cr). The companys EBITDA however grew by

2.8% yoy to `1,697cr mainly due to lower raw material and power costs and

therefore EBITDA margin also improved by 98bp yoy to 18.4%. The company

reported exceptional item related to forex gain of `130cr during the quarter.

Interest expenses grew by 20.3% yoy to`443cr and depreciation expenses grew by

11.7% yoy to 527cr. The tax rate for the company increased to 37.1% in

4QFY2013 compared to 29.0% in 4QFY2012. Hence, adjusted net profit

(excluding exceptional items) decreased by 19.8% yoy to`443cr (much better than

our expectation of`271cr.) We maintain our Neutral view on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 39,440 18.1 1,769 79.3 8.6 8.7 0.7 3.6 0.7

FY2015E 41,447 17.7 2,043 91.6 9.2 7.5 0.7 3.1 0.5

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Indraprastha Gas (CMP:`280/ TP: -/ Upside: -)

Indraprastha Gas reported robust 4QFY2013 results. Its net sales grew by 22.5%

yoy to`882cr. The company's EBITDA grew by 10.7% yoy to `186cr. The cost of

gas sold also increased by 20.1% yoy to `585cr due to greater mix of high cost

RLNG. The interest cost for the company declined by 8.7% yoy to`13cr and other

income grew by 88.2% yoy to`3cr. Therefore the company reported a PAT growth

of 5.3% yoy to`84cr. We maintain our Neutral view on IGL due to the regulatoryoverhang on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,700 23.4 373 26.6 22.6 10.5 2.2 4.8 1.1

FY2015E 4,218 22.8 426 30.4 21.7 9.2 1.8 4.1 0.9

Result PreviewCrompton Greaves (CMP:`97/ TP:`117/ Upside: 21%)

For 4QFY2013, we project Crompton Greaves to report a modest top-line growth

of 8% yoy to`3,324cr. On the EBITDA front, the company's margin is expected at

5.0%. Though we expect a modest revenue growth, however, due to stress on

margins, we expect the company's PAT to fall by 19.8% yoy to `77cr. Werecommend Buy on the stock with a target price of `117 since we believe thatcompanys margins have bottomed out and expect gradual improvement over nextcouple of yearsY/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 13,595 5.5 275 4.3 7.4 14.1 1.6 7.3 0.5

FY2015E 15,095 7.2 501 7.8 12.6 10.4 1.4 5.6 0.4

MOIL (CMP: `206/ TP: `243/ Upside: 18%)

MOIL is slated to report its 4QFY2013 on Saturday. We expect its 4QFY2013 net

sales to increase by 16.8% yoy to`236cr mainly on account of higher manganese

ore price realizations. EBITDA margin is also expected to expand by 531bp yoy to

47.9% in 4QFY2013. Net profit is expected to increase by 14.1% yoy to `113cr.

We maintain our Buy rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 954 45.5 438 26.1 15.1 7.9 1.1 2.5 1.1

FY2015E 1,011 45.7 460 27.4 14.4 7.5 1.0 2.0 0.9

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Quarterly Bloomberg Brokers Consensus Estimate

Crompton Greaves Consolidated (24/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,328 3,077 8 2,972 12

EBITDA 168 213 (21) 2 8263EBITDA margin (%) 5.1 6.9 0.1

Net profit 73 100 (27) (189) (139)

Bharat Forge (25/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 708 956 (26) 661 7

EBITDA 155 251 (38) 142 8

EBITDA margin (%) 21.8 26.3 21.6

Net profit 55 55 (1) 48 15

Tata Chemical Consolidated (27/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,673 3,398 8 4,171 (12)

EBITDA 527 541 (3) 536 (2)

EBITDA margin (%) 14.3 15.9 12.9

Net profit 199 189 5 224 (11)

Colgate (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 797 686 16 763 4

EBITDA 181 170 7 150 21

EBITDA margin (%) 22.7 24.8 19.7

Net profit 141 131 8 111 27

Gail (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 11,737 10,455 12 12,474 (6)

EBITDA 1,439 768 87 2,002 (28)

EBITDA margin (%) 12.3 7.3 16.0

Net profit 853 483 76 1,285 (34)

Hindalco Industries (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 7,016 7,563 (7) 6,790 3

EBITDA 626 865 (28) 582 8

EBITDA margin (%) 8.9 11.4 8.6

Net profit 378 640 (41) 434 (13)

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HPCL (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 55,821 52,394 7 52,751 6

EBITDA 7,148 5,516 30 1,051 580

EBITDA margin (%) 13 11 2

Net profit 6,240 4,631 35 147 4142

NHPC (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,138 1,386 (18) 912 25

EBITDA 667 994 (33) 614 9

EBITDA margin (%) 58.7 71.8 67.3

Net profit 439 802 (45) 312 41

Power Grid Corporation (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,116 1,032 8 1,129 (1)

Rural Electrification (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,012 763 33 1,027 (1)

Sun Pharmaceutical Consolidated (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,992 2,330 28 2,852 5

EBITDA 1,285 963 33 1,275 1

EBITDA margin (%) 42.9 41.3 44.7

Net profit 912 820 11 881 3

Tata Global Beverage Consolidated (28/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,890 1,724 10 1,902 (1)

EBITDA 199 187 6 203 (2)

EBITDA margin (%) 10.5 10.9 10.7

Net profit 99 54 83 80 24

Economic and Political News

Government to pay state-run fuel retailers`45,000cr in Q4 oil subsidy Trai proposes Rs 0.05 termination charge on commercial SMS, Rs 0.02 for

normal SMS

FinMin, OilMin spar over imported fuel pricing Government sets guidelines to meet EU drug import rulesCorporate News

Siyaram Silk Mills expands retail biz, inks 27 franchise pacts JSW Steel eyeing coal mines in Africa, US and Canada Naresh Goyal buys 29% stake in Jet from promoter entity Vedanta raises US$1.7bn via bonds to repay part of Cairn debt

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

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Date Company

May 24, 2013 Crompton Greaves, Britannia, SpiceJet

May 25, 2013 Bharat Forge, MOIL, Sarda Energy, Consolidated Co, Siyaram Silk Mills, Force Motors

May 26, 2013

May 27, 2013 Nalco, Tata Chemicals, Bhushan Steel, Bajaj Electrical, GIPCL, JK Tyre, TTK Healthcare, Tree House

May 28, 2013GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, Tata Comm,CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, Godawari Ispat, PVR, Cravatex

May 29, 2013ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, Monnet Ispat, BGR Energy , Anant Raj,Madhucon Proj, Jyoti Structures, J K Lakshmi Cements, Greenply

May 30, 2013IOC, M&M, SAIL, DLF, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Central Bank, SuzlonEnergy, GSPL, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCLInfra, Patel Engg.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported EstimatedMay 24, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q F (1.40) (1.40)

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 70.00

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 5.00

May 30, 2013 2:30PM Euro Zone Euro-Zone Consumer Confidence Value May F (21.90) --

6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 2.50

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 4.80

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 49.90

June 3, 2013 1:25PM Germany PMI Manufacturing Value May F 49.00 --

2:00PM UK PMI Manufacturing Value May 49.80 --

June 5, 2013 1:25PM Germany PMI Services Value May F 49.80 --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) --

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 --

June 10, 2013 4:29PM India Imports YoY% % Change May 10.96 --

4:29PM India Exports YoY% % Change May 1.68 --

June 11, 2013 2:00PM UK Industrial Production (YoY) % Change Apr (1.40) --

June 12, 2013 2:00PM UK Jobless claims change % Change May (7.30) --

11:00AM India Industrial Production YoY % Change Apr 2.50 --

June 14, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % May F 1.20 --

6:00PM US Producer Price Index (mom) % Change May (0.70) --

6:45PM US Industrial Production % May (0.53) --

12:00PM India Monthly Wholesale Prices YoY% % Change May 4.89 --

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 --

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 --

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 --


May 24, 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 138 - 2,689 1,657 1,906 14.1 14.1 7.7 8.9 18.0 15.5 3.7 3.2 22.2 21.9 1.6 1.3

United Phosphorus Buy 157 232 6,947 10,298 11,310 16.5 16.5 20.5 23.2 7.7 6.8 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 244 285 4,171 3,418 3,892 14.5 14.5 18.5 20.4 13.2 12.0 3.2 2.6 26.6 23.8 1.2 1.0

Apollo Tyres Buy 86 104 4,350 13,852 15,487 11.4 11.5 12.8 14.9 6.7 5.8 1.1 0.9 17.5 17.3 0.5 0.4

Ashok Leyland Buy 23 27 6,093 14,038 16,442 7.6 8.7 1.1 2.2 21.9 10.3 1.9 1.7 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 255 - 385 834 965 9.3 10.6 17.3 27.1 14.8 9.4 1.4 1.3 9.5 14.0 0.5 0.5Bajaj Auto Accumulate 1,813 2,056 52,469 22,684 25,908 18.0 18.5 117.3 137.1 15.5 13.2 5.6 4.4 39.9 37.2 2.0 1.6

Bharat Forge Neutral 226 - 5,266 6,198 6,793 14.6 14.9 14.5 17.3 15.6 13.1 2.0 1.8 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,096 - 28,562 9,821 11,394 17.0 17.3 373.5 438.7 24.4 20.7 4.4 3.7 18.0 17.9 2.6 2.2

CEAT Buy 105 170 360 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 137 150 11,654 7,053 8,061 14.2 14.5 7.8 9.1 17.5 15.0 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,440 - 2,393 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,649 1,819 32,931 25,274 27,658 14.1 13.7 110.2 139.9 15.0 11.8 5.5 4.3 39.8 40.7 1.1 1.0

JK Tyre Buy 113 154 464 7,972 8,754 7.1 7.1 37.5 44.0 3.0 2.6 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 961 - 58,979 44,550 50,260 11.4 11.7 59.6 68.3 16.1 14.1 3.3 2.8 22.3 21.6 1.1 0.9

Maruti Accumulate 1,647 1,847 49,753 48,455 55,723 11.2 10.9 107.8 123.2 15.3 13.4 2.3 2.0 16.2 16.0 0.9 0.7

Motherson Sumi Neutral 214 - 12,598 28,442 31,493 7.5 7.8 12.5 14.8 17.1 14.5 4.2 3.4 27.5 25.8 0.6 0.5

Subros Accumulate 25 30 152 1,479 1,685 10.0 9.9 5.5 7.5 4.6 3.4 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Accumulate 291 324 77,856 206,341 227,695 12.8 13.5 32.3 39.0 9.0 7.5 1.9 1.6 23.1 23.2 0.4 0.4

TVS Motor Neutral 37 - 1,746 7,715 8,584 6.0 6.1 5.0 5.8 7.4 6.4 1.3 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 629 461 13,323 8,073 9,052 5.5 6.9 11.5 16.9 54.6 37.1 5.0 4.8 9.3 13.1 1.7 1.4BGR Energy Neutral 190 - 1,369 4,114 4,886 11.4 10.7 24.9 28.0 7.6 6.8 1.0 0.9 25.2 22.6 0.7 0.6

BHEL Neutral 196 - 47,924 43,757 40,934 17.3 16.9 20.9 19.0 9.4 10.3 2.1 1.8 23.7 18.8 1.0 1.0

Blue Star Buy 167 230 1,500 2,896 3,087 5.6 6.2 9.3 11.7 17.9 14.2 3.0 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Accumulate 97 117 6,242 13,790 15,095 6.4 7.4 6.9 9.4 14.1 10.4 1.6 1.4 11.7 14.5 0.5 0.5

Jyoti Structures Buy 28 34 230 3,074 3,355 9.0 8.8 8.7 10.2 3.2 2.7 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 45 63 1,154 7,709 8,399 6.7 7.2 6.1 8.5 7.4 5.3 0.9 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 1,207 1,361 22,659 11,979 13,254 19.7 21.3 77.1 91.4 15.7 13.2 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

10/16



Cement

Ambuja Cements Neutral 185 - 28,548 10,232 11,762 23.5 24.5 10.3 12.2 18.0 15.2 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 73 - 2,232 4,777 5,276 17.3 17.1 8.8 10.9 8.3 6.7 0.6 0.6 7.5 8.8 0.8 0.7

J K Lakshmi Cement Buy 98 143 1,148 2,313 2,728 19.8 20.7 16.6 23.1 5.9 4.2 0.8 0.7 13.6 16.5 1.1 0.8

Madras Cements Neutral 244 - 5,810 4,293 4,855 27.4 28.6 21.8 28.2 11.2 8.6 2.0 1.7 19.6 21.3 1.9 1.5

Shree Cement^ Neutral 4,932 - 17,182 6,540 7,452 27.4 26.6 319.7 369.9 15.4 13.3 3.8 3.1 27.5 25.4 2.0 1.5

UltraTech Cement Neutral 1,949 - 53,426 21,947 25,049 23.8 23.8 106.1 119.8 18.4 16.3 3.0 2.6 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 202 255 1,062 1,928 2,234 21.0 21.5 18.0 22.2 11.2 9.1 1.0 0.9 10.2 10.1 1.9 1.9

Consolidated Co Neutral 12 - 222 2,281 2,492 5.9 6.9 0.7 2.0 17.6 6.0 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 122 157 4,047 3,997 4,312 45.5 46.4 15.7 16.6 7.8 7.3 1.1 1.0 15.2 14.5 3.5 3.7

ITNL Buy 171 230 3,326 7,444 8,041 27.4 28.9 29.8 32.1 5.7 5.3 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 19 35 589 6,287 6,836 8.5 8.5 2.3 3.0 8.2 6.3 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 67 90 14,934 14,850 15,631 24.9 25.1 2.5 2.9 26.6 23.6 1.1 1.1 4.2 4.7 2.9 2.8

Larsen & Toubro Buy 1,419 1,761 87,364 68,946 78,040 10.5 10.5 77.9 88.3 18.2 16.1 2.7 2.4 15.5 15.6 1.5 1.3

Nagarjuna Const. Buy 31 45 802 6,576 7,264 8.2 8.3 4.1 4.8 7.6 6.6 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 46 - 1,523 12,954 14,740 9.9 9.9 0.5 0.9 90.3 49.2 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 107 153 1,617 2,511 2,736 10.6 10.6 7.3 7.8 14.8 13.8 1.9 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 106 164 524 6,824 7,563 9.2 9.4 18.0 23.4 5.9 4.5 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 226 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.2 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 122 136 6,105 7,137 7,907 2.9 2.8 32.3 36.0 3.8 3.4 0.5 0.5 14.2 14.2 - -

Andhra Bank Neutral 88 - 4,902 5,254 5,900 2.8 2.8 21.2 22.9 4.1 3.8 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,456 1,853 68,198 19,055 22,710 3.3 3.2 130.7 152.3 11.1 9.6 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 689 851 29,037 16,365 18,781 2.2 2.3 121.3 142.5 5.7 4.8 0.8 0.7 15.1 15.7 - -

Bank of India Accumulate 307 361 18,318 14,482 16,383 2.3 2.3 58.1 68.1 5.3 4.5 0.8 0.7 14.4 15.0 - -

Bank of Maharashtra A ccumulate 57 64 3,754 4,392 4,743 3.1 3.0 12.6 13.7 4.5 4.2 0.7 0.6 16.8 16.0 - -

Canara Bank Accumulate 427 481 18,929 11,928 13,467 2.1 2.2 74.8 86.0 5.7 5.0 0.8 0.7 13.7 14.2 - -

Central Bank Accumulate 67 75 6,962 8,249 9,211 2.4 2.5 14.9 18.2 4.5 3.7 0.7 0.6 12.5 13.8 - -

Corporation Bank Buy 405 495 6,194 5,558 6,121 2.0 2.0 98.4 107.7 4.1 3.8 0.6 0.5 14.9 14.5 - -

Dena Bank Accumulate 87 97 3,051 3,187 3,582 2.3 2.4 23.8 25.5 3.7 3.4 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 449 - 7,684 2,873 3,413 3.0 3.1 52.7 62.0 8.5 7.3 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

11/16



Financials

HDFC Neutral 903 - 139,703 8,573 10,142 3.6 3.6 37.0 43.6 24.4 20.7 5.0 4.5 30.0 30.3 - -

HDFC Bank Neutral 699 - 166,371 27,682 33,916 4.6 4.6 35.3 42.7 19.8 16.4 3.9 3.3 21.3 21.8 - -

ICICI Bank Buy 1,173 1,444 135,389 25,705 30,330 3.1 3.2 83.9 96.3 14.0 12.2 1.9 1.7 15.2 15.7 - -

IDBI Bank Accumulate 85 98 11,315 9,477 10,678 2.0 2.1 19.6 22.6 4.3 3.8 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 153 185 6,565 6,185 6,978 3.0 3.0 37.0 42.2 4.1 3.6 0.6 0.5 14.8 15.1 - -

IOB Accumulate 61 70 5,637 8,142 8,956 2.5 2.5 16.5 20.7 3.7 3.0 0.5 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,263 1,380 6,124 3,074 3,140 3.5 3.2 224.7 201.5 5.6 6.3 1.1 1.0 20.6 16.1 - -LIC Housing Finance Accumulate 268 298 13,500 2,113 2,525 2.3 2.3 25.4 29.2 10.5 9.2 1.9 1.6 18.4 18.3 - -

Oriental Bank Accumulate 257 285 7,484 6,835 7,588 2.6 2.6 56.5 63.8 4.5 4.0 0.6 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 772 994 27,276 20,876 23,929 3.3 3.4 151.7 177.0 5.1 4.4 0.8 0.7 16.1 16.5 - -

South Ind.Bank Accumulate 25 26 3,284 1,839 2,091 2.9 2.8 4.2 4.5 5.9 5.4 1.0 0.9 18.2 17.0 - -

St Bk of India Accumulate 2,176 2,669 148,859 67,091 76,746 3.2 3.1 241.2 280.4 9.0 7.8 1.4 1.2 16.5 17.0 - -

Syndicate Bank Accumulate 127 142 7,636 7,238 8,249 2.7 2.6 27.1 30.4 4.7 4.2 0.7 0.6 16.1 15.9 - -

UCO Bank Accumulate 75 82 5,648 6,126 6,665 2.6 2.5 12.2 14.4 6.2 5.2 0.9 0.8 11.8 12.6 - -

Union Bank Accumulate 226 260 1 3,502 11,229 12,794 2.6 2.6 40.7 48.2 5.6 4.7 0.8 0.7 14.6 15.4 - -

United Bank Accumulate 56 65 2,098 3,443 3,998 2.4 2.6 15.1 20.4 3.7 2.7 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 51 - 2,542 2,730 3,059 1.9 2.0 10.2 11.3 5.0 4.5 0.6 0.5 11.8 12.0 - -

Yes Bank Accumulate 497 543 17,860 4,390 5,411 2.8 2.8 41.6 47.9 12.0 10.4 2.5 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,801 - 46,049 12,332 14,524 16.5 16.3 141.6 162.7 33.9 29.5 10.7 8.5 35.4 32.2 3.6 3.0

Britannia Neutral 576 - 6,885 6,417 7,446 5.1 5.5 20.3 25.2 28.4 22.9 9.7 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,440 - 19,581 3,588 4,130 21.1 21.6 44.7 51.9 32.2 27.8 29.0 21.6 100.0 89.1 5.2 4.4

Dabur India Neutral 155 - 27,068 7,183 8,340 16.8 16.8 5.4 6.3 28.9 24.7 11.3 8.8 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 4,929 - 20,730 3,617 4,260 16.1 16.4 120.6 146.4 40.9 33.7 12.6 10.2 33.8 33.4 5.4 4.5

Godrej Consumer Neutral 825 - 28,062 7,801 9,017 16.2 15.9 25.1 29.7 32.8 27.8 7.1 5.9 24.9 24.2 3.8 3.2

HUL Neutral 585 - 126,559 29,167 33,164 13.6 13.7 17.1 18.4 34.3 31.8 32.9 23.8 113.4 87.0 4.2 3.7

ITC Neutral 332 - 262,578 33,506 39,067 36.8 37.0 11.1 13.0 30.0 25.6 9.7 7.9 35.5 34.1 7.6 6.5

Marico Neutral 223 - 14,362 5,273 6,044 14.8 14.9 7.3 8.7 30.7 25.7 6.0 4.9 21.4 21.0 2.7 2.3

Nestle* Neutral 5,269 - 50,804 9,447 10,968 22.1 22.3 127.5 154.1 41.3 34.2 20.7 14.9 57.7 50.7 5.3 4.5

Tata Global Neutral 139 - 8,580 7,998 8,798 9.7 9.8 7.9 8.7 17.6 15.9 2.1 2.0 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

12/16



IT

HCL Tech^ Buy 737 863 51,314 28,633 32,216 21.5 20.7 57.3 61.7 12.9 11.9 3.1 2.5 24.0 21.5 1.6 1.4

Hexaware* Buy 76 96 2,276 2,091 2,289 19.0 18.8 10.6 11.3 7.2 6.7 1.6 1.4 22.8 21.7 0.9 0.8

Infosys Neutral 2,359 - 135,457 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 2.2

Infotech Enterprises Accumulate 168 185 1,873 1,956 2,174 17.9 17.7 20.4 21.9 8.2 7.7 1.2 1.1 14.7 13.7 0.6 0.4

KPIT Cummins Buy 107 135 2,057 2,513 2,819 16.1 15.5 12.6 14.0 8.5 7.6 1.5 1.2 17.9 16.6 0.8 0.6

Mahindra Satyam Accumulate 110 126 12,928 8,278 9,062 20.3 20.1 10.5 11.4 10.4 9.6 2.4 1.9 23.1 20.0 1.2 1.0

Mindtree Accumulate 804 920 3,338 2,599 2,871 19.4 19.2 85.2 92.3 9.4 8.7 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Reduce 435 395 9,148 6,096 6,646 17.6 17.4 38.1 41.6 11.4 10.5 1.6 1.4 14.2 13.7 1.1 0.9

NIIT Buy 21 30 347 1,144 1,267 9.0 9.1 4.3 5.4 4.9 3.9 0.5 0.5 10.3 12.0 0.1 -

Persistent Buy 507 593 2,026 1,445 1,617 25.2 25.0 55.3 59.3 9.2 8.5 1.7 1.4 18.2 16.5 1.0 0.8

TCS Accumulate 1,494 1,585 292,370 71,833 81,893 28.4 28.0 78.5 88.0 19.0 17.0 5.8 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 951 1,180 12,214 7,779 8,398 19.7 19.3 107.4 117.8 8.9 8.1 1.9 1.5 21.2 19.0 1.6 1.4

Wipro Accumulate 337 385 83,007 40,173 43,697 20.4 20.6 26.2 28.5 12.9 11.8 2.5 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Accumulate 249 285 4,557 1,750 1,925 25.1 26.6 14.2 16.8 17.5 14.8 3.8 3.2 23.4 23.4 2.5 2.2

HT Media Buy 97 117 2,288 2,205 2,380 15.1 15.6 8.3 9.1 11.8 10.7 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 91 121 3,005 1,698 1,908 23.9 24.5 7.4 8.4 12.3 10.8 3.1 2.7 26.7 26.8 1.9 1.7

PVR Neutral 326 - 1,293 1,343 1,521 18.8 18.9 18.3 22.9 17.8 14.3 1.7 1.8 10.6 12.3 1.0 0.9

Sun TV Network Neutral 409 - 16,104 2,287 2,551 69.7 70.5 20.0 23.3 20.4 17.5 5.1 4.4 26.4 27.3 6.9 6.0

Metals & Mining

Bhushan Steel Neutral 460 - 10,420 13,794 17,335 30.7 34.8 48.9 83.6 9.4 5.5 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Accumulate 308 345 194,639 72,174 76,311 33.3 28.4 28.4 30.9 10.8 10.0 3.0 2.6 37.6 36.2 1.9 1.7

Electrosteel Castings Buy 17 24 555 1,976 2,017 11.8 12.7 1.3 2.6 13.5 6.5 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 139 213 4,417 1,944 2,317 49.9 51.7 20.8 25.6 6.7 5.4 1.5 1.2 24.3 24.6 1.9 1.4

Hind. Zinc Buy 114 145 48,021 12,358 13,659 51.4 51.6 16.0 17.6 7.1 6.5 1.3 1.1 19.4 18.4 1.7 1.2

Hindalco Neutral 109 - 20,859 88,987 94,163 9.2 9.7 13.8 15.9 7.9 6.9 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 688 - 15,353 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 206 243 3,464 954 1,062 45.5 47.4 26.1 29.1 7.9 7.1 1.1 1.0 15.1 15.2 1.3 1.0

Monnet Ispat Buy 171 291 1,090 2,883 3,181 21.7 23.6 40.3 57.7 4.2 3.0 0.4 0.4 10.1 13.0 1.3 1.0

Nalco Neutral 34 - 8,685 8,187 8,416 14.5 14.7 3.2 3.3 10.5 10.3 0.7 0.7 6.8 6.7 0.6 0.6

NMDC Buy 116 179 46,169 10,329 12,540 73.8 75.0 16.6 19.0 7.0 6.1 1.3 1.2 20.6 20.2 2.5 1.9


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

13/16



Metals & Mining

SAIL Neutral 59 - 24,388 53,685 64,183 9.3 12.2 5.5 8.3 10.8 7.2 0.6 0.5 5.4 7.7 0.8 0.8

Sesa Goa Neutral 157 - 13,636 3,742 4,426 32.9 32.8 30.0 29.8 5.2 5.3 0.7 0.6 14.3 12.5 4.5 3.7

Sterlite Inds Accumulate 92 100 30,935 44,462 45,568 23.2 24.7 18.1 20.2 5.1 4.6 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 300 430 29,088 141,775 151,672 10.5 11.4 35.3 51.7 8.5 5.8 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 104 153 373 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 36 48 482 2,668 2,834 10.0 10.1 4.6 5.2 7.7 7.0 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 80 118 263 2,425 2,552 13.7 14.8 33.5 45.3 2.4 1.8 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 278 345 53,163 16,482 16,228 69.4 53.3 53.3 49.6 5.2 5.6 0.8 0.7 16.5 13.6 2.0 1.7

GAIL Neutral 325 - 41,200 55,815 63,013 15.3 15.2 35.9 41.5 9.0 7.8 1.4 1.3 17.0 17.1 0.6 0.5

ONGC Accumulate 328 354 280,363 157,962 175,367 35.1 36.2 34.3 39.3 9.6 8.3 1.6 1.5 18.2 18.6 1.5 1.4

Reliance Industries Neutral 785 - 253,551 380,031 407,721 9.9 69.3 69.3 78.0 11.3 10.1 1.1 1.0 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 241 - 3,093 3,707 3,850 11.7 12.4 23.7 25.7 10.2 9.4 2.8 2.5 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 280 - 3,926 3,700 4,218 23.4 22.8 26.6 30.4 10.5 9.2 2.2 1.8 22.6 21.7 1.1 0.9

Petronet LNG Buy 140 167 10,470 40,356 40,872 5.8 6.4 15.0 16.7 9.3 8.3 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 59 - 3,337 1,079 983 91.8 91.9 8.8 7.8 6.8 7.6 1.1 1.0 17.8 14.1 2.9 3.1

Pharmaceuticals

Alembic Pharma Accumulate 120 139 2,260 1,736 2,008 17.1 18.9 10.7 13.9 11.2 8.6 3.5 2.6 35.0 34.7 1.4 1.2

Aurobindo Pharma Buy 175 264 5,082 6,279 7,033 16.0 16.0 15.2 19.2 11.5 9.1 1.5 1.3 19.2 18.0 1.3 1.2

Aventis* Neutral 2,505 - 5,768 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.3 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 788 962 16,124 7,386 8,863 18.0 18.0 39.5 48.1 19.9 16.4 4.5 3.7 24.8 24.7 2.5 2.0

Cipla Accumulate 415 463 33,321 9,130 10,543 24.8 23.0 21.6 23.2 19.2 17.9 3.1 2.7 17.6 16.2 3.3 2.8

Dr Reddy's Buy 2,051 2,535 34,820 13,377 15,350 20.4 20.1 112.3 126.8 18.3 16.2 3.9 3.2 23.5 21.8 2.7 2.3

Dishman Pharma Buy 68 206 551 1,536 1,739 20.2 20.9 15.4 20.6 4.4 3.3 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,280 - 19,308 2,854 3,145 28.6 28.6 76.6 83.3 29.8 27.4 8.9 8.1 31.1 31.0 5.9 5.3

Indoco Remedies Buy 60 89 553 774 938 15.2 15.2 7.2 8.9 8.3 6.7 1.1 1.0 14.5 15.8 0.9 0.8

Ipca labs Buy 578 676 7,296 3,474 4,168 21.0 21.0 37.3 45.1 15.5 12.8 3.7 2.9 26.4 25.3 2.3 1.9

Lupin Accumulate 749 877 33,524 11,641 13,933 21.3 21.3 34.8 41.8 21.5 17.9 5.0 4.0 26.2 24.8 3.0 2.4

Ranbaxy* Neutral 393 - 16,634 11,400 12,060 10.5 12.5 17.5 22.5 22.5 17.5 3.6 3.1 17.0 19.1 1.6 1.4

Sun Pharma Neutral 1,007 - 104,075 12,563 14,698 42.6 42.6 29.8 35.5 33.8 28.4 6.0 5.1 19.2 19.3 7.6 6.3

Power

GIPCL Accumulate 71 78 1,079 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 24, 2013

7/30/2019 Market Outlook, 24-05-13

14/16



Power

NTPC Accumulate 149 163 122,569 76,734 86,680 24.5 24.3 13.4 14.5 11.1 10.3 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 211 288 37,561 9,699 12,010 37.0 36.9 6.0 8.4 35.4 25.1 1.3 1.3 3.8 5.1 5.6 4.6

MLIFE Buy 395 476 1,614 888 1,002 30.6 30.6 38.8 43.4 10.2 9.1 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 301 338 114,154 86,592 95,860 31.4 31.8 10.9 14.5 27.6 20.7 2.1 1.9 7.7 9.3 2.0 1.7

Idea Cellular Neutral 130 - 43,192 25,122 27,663 27.0 27.2 4.0 4.8 32.8 27.4 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 106 - 21,868 22,801 24,628 31.0 31.3 3.6 5.3 29.7 20.1 0.6 0.6 2.2 3.1 2.6 2.3

Others

Abbott India* Accumulate 1,425 1,659 3,028 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 169 237 1,684 3,929 4,480 7.4 7.7 15.5 19.7 10.9 8.6 1.9 1.6 17.4 18.7 0.4 0.4

Cera Sanitaryware Buy 444 562 562 630 795 14.4 13.6 42.8 51.1 10.4 8.7 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 357 566 92 308 351 7.0 7.0 39.6 47.2 9.0 7.6 2.0 1.6 21.8 21.0 0.4 0.3

Finolex Cables Buy 53 68 804 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.7 0.8 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 381 570 497 2,299 2,621 4.7 4.9 46.3 57.0 8.2 6.7 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 265 352 610 1,453 1,560 9.4 9.8 38.4 41.4 6.9 6.4 1.5 1.2 22.9 20.8 0.2 0.2

Hitachi Buy 144 177 391 1,053 1,169 6.3 7.1 13.8 17.7 10.4 8.1 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,462 - 2,176 1,842 2,131 7.7 7.8 112.4 132.4 21.9 18.6 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 163 198 147 495 651 12.7 12.9 29.3 39.5 5.6 4.1 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 178 234 205 1,430 1,573 11.1 11.0 19.1 26.9 9.3 6.6 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 183 - 2,954 979 1,164 14.9 15.1 6.0 7.7 30.5 23.8 3.8 3.4 12.9 15.1 3.0 2.5

MRF Reduce 14,884 14,416 6,313 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.3 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Neutral 3,722 - 4,151 1,047 1,281 19.6 19.8 127.3 158.1 29.2 23.5 14.0 10.2 54.9 50.0 4.1 3.4Relaxo Footwears Buy 627 791 753 1,146 1,333 10.9 11.4 45.9 60.9 13.7 10.3 2.9 2.3 23.0 24.6 0.8 0.7

Siyaram Silk Mills Buy 260 312 243 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.3 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 430 617 756 1,068 1,223 9.6 9.6 38.1 44.1 11.3 9.8 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 62 108 386 300 319 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 300 371 462 814 849 17.0 17.6 64.6 69.2 4.7 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 528 553 410 435 516 6.2 7.1 24.3 33.3 21.7 15.9 3.6 3.1 17.6 20.8 0.7 0.6

Tree House Accumulate 252 275 905 150 192 52.7 52.5 12.8 16.2 19.6 15.5 2.0 1.7 10.0 11.1 5.8 4.4

TVS Srichakra Buy 187 252 143 1,591 1,739 6.1 6.6 24.5 41.9 7.7 4.5 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,412 - 31,543 11,886 13,491 14.4 14.0 50.9 74.5 47.4 32.4 3.9 3.5 10.6 11.4 3.0 2.6


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

15/16



Others

Vesuvius India* Buy 368 439 746 600 638 20.1 19.4 35.7 36.6 10.3 10.1 1.9 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 23, 2013


Market Outlook

Stock Watch

May 24, 2013

7/30/2019 Market Outlook, 24-05-13

16/16


market outlook, 24-05-13

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