market outlook 240512

7/31/2019 Market Outlook 240512

1/15

Market OutlookMay 24, 2012

www.angelbroking.com


Dealers Diary

The domestic markets are expected to open in green tracking positive development

on domestic front. The government has raised petrol price by massive (~10%)

`7.54/litre in order to recover losses to oil marketing companies (OMCs), which

were selling petrol at lower prices. With this petrol price hike, the under-recovery(loss) due to selling petrol price at subsidized rates is expected to be lower by

~`7,000cr for FY2013, positive for OMCs and ONGC. This unprecedented steep

increase in petrol prices by the government signals its intention to lower fiscal

burden through bold policy measures.

US markets, after showing a notable move to the downside in morning trading on

Wednesday due to continued worries about the financial situation in Europe, which

came as European leaders held a closely watched summit in Brussels. However,

stocks staged a significant recovery over the latter part of the trading day which

was attributed to reports out of the European summit regarding the steps that the

leaders are willing to take to boost economic growth. European marketsfinished

solidly to the downside on Wednesday reversing the gains from the previous two

trading days on the back of concerns over the situation in Greece.

Indian shares fell on Wednesday, extending the previous session's sharp sell-off, as

the rupee continued its downward spiral, breaching the 56 mark against the dollar

amid a weaker euro and persisting domestic concerns over slowing economic

growth and a widening fiscal deficit.

Markets TodayThe trend deciding level for the day is 15,932 / 4,831 levels. If NIFTY trades above

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

up to 16,018 16,087 / 4,858 4,881 levels. However, if NIFTY trades below

15,932 / 4,831 levels for the first half-an-hour of trade then it may correct up to

15,863 15,777 / 4,808 4,781 levels.

SENSEX 15,777 15,863 15,932 16,018 16,087

NIFTY 4,781 4,808 4,831 4,858 4,881

News Analysis Government raises petrol price by`7.54/litre 4QFY2012 Result Reviews BHEL, Tech Mahindra, Tata Global, LMW, JLL 4QFY2012 Result Previews Madras Cements, TVS MotorRefer detailed news analysis on the following page

Net Inflows (May 21, 2012)

FII 1,330 1,389 (59) (389) 43,072

MFs 310 206 104 39 (6,062)

FII Derivatives (May 23, 2012)

Index Futures 1,902 2,715 (812) 11,935

Stock Futures 1,975 1,798 177 21,958

Gainers / Losers

Wockhardt 809 12.7 Voltas 91 (4.6)

Havells India 569 6.2 Amtek Auto-$ 105 (4.5)

GMR Infra 20 4.1 Jain Irrigation 71 (4.4)

Jet Air India 322 4.1 Bharti Airtel 282 (4.3)

India Cements 74 3.2 Mana uram Fin 22 (4.1)

BSE Sensex (0.5) (78.3) 15,948

Nifty (0.5) (24.9) 4,836

MID CAP (0.4) (24.0) 5,830

SMALL CAP (0.6) (36.5) 6,238

BSE HC 0.2 10.0 6,612

BSE PSU (0.1) (4.3) 6,612

BANKEX (0.6) (60.7) 10,618

AUTO (0.7) (62.4) 9,140

METAL (0.7) (71.6) 9,862

OIL & GAS (0.4) (27.0) 7,435

BSE IT 0.2 8.8 5,480

Dow Jones (0.1) (6.7) 12,496NASDAQ 0.4 11.0 2,850

FTSE (2.5) (136.9) 5,266

Nikkei (2.0) (172.7) 8,557

Hang Seng (1.3) (253.0) 18,786

Straits Times (1.5) (43.3) 2,780

Shanghai Com (0.4) (9.9) 2,363

INFY (1.1) (0.5) $42.4

WIT (0.5) (0.0) $8.7IBN (1.2) (0.4) $28.6

HDB 0.5 0.1 $28.6

Advances 1,051 482

Declines 1,687 923

Unchanged 106 82

BSE 1,821

NSE 8,439


2/15



Government raises petrol price by`7.54/litre

The government has raised petrol price by massive (~10%) `7.54/litre in order to

recover losses to oil marketing companies (OMCs), which were selling petrol at

lower prices. Without this hike, OMCs would stand to lose `8,000cr in FY2013

(compared to `4,870cr in FY2012) considering the 10% depreciation in INR

against USD during the past three months. With this petrol price hike, the under-

recovery (loss) due to selling petrol price at subsidized rates is expected to be lower

by ~`7,000cr for FY2013, which in turn would lower subsidy burden on upstream

oil companies such as ONGC and GAIL. Hence it would be positive for OMCs

and ONGC. However, at current crude prices, OMCs continue to lose `512cr per

day mainly due to selling diesel, kerosene and domestic LPG at lower prices.

Nevertheless, the unprecedented steep increase in petrol prices by the government

signals its intention to lower fiscal burden through bold policy measures. Any

further steps by the government such as hike in prices of diesel, kerosene and LPG

could be positive for OMCs and upstream companies.

Result Reviews

BHEL announced a mixed set of 4QFY2012 results. The company reported a 6.6%

increase in its top line to `19,589cr, lower than our expectation of `20,954cr. The

quarter saw strong EBITDA margin expansion by 184bp yoy to 25.2%, which led to

a 15% yoy increase in EBITDA, higher than our expectation. PAT for the quarter

grew by 20.8% yoy to`

3,380cr (`

2,798cr), which was also higher than ourexpectation. At the CMP of `208, the stock is trading at 8.8x and 8.6x on our

FY2013E and FY2014E earnings estimates, respectively.

We will revise our estimates and release a detailed

results review shortly.

FY2013E 46,344 18.3 5,762 23.5 21.3 8.8 1.8 5.6 1.0

FY2014E 46,916 18.6 5,897 24.1 18.9 8.6 1.5 4.8 0.9

Tech Mahindra reported a muted set of 4QFY2012 results. Dollar revenue came in

at US$281.6mn, down 2.5% qoq, due to a decline in revenue from two clients in

India because of cancellation of 2G license. Dollar revenue from BT grew by 3.1%

qoq because BT did some one-time discretionary spend during the quarter.

Revenue from non-BT accounts declined by 5.5% qoq. In rupee terms, revenue

came in at `1,419cr, down 1.8% qoq. EBITDA margin grew by 63bp qoq to

16.8%, aided by increased utilization level to 74% in 4QFY2012 from 73% in

3QFY2012. The company booked exceptional loss of `68cr in the quarter as

provisions made for uncovered dues from the above mentioned two parties which

are winding their operations in India. Adjusted PAT, including share from Satyam,

came in at `302cr. Overall results were weak. The only growth driver for the


3/15



company is non-BT business as BT is retendering its contracts. The stock is

currently under review.

FY2013E 6,030 16.3 1,069 81.1 20.1 7.5 1.5 7.9 1.3

FY2014E 6,511 15.7 1,148 87.0 18.0 7.0 1.3 6.8 1.1

During 4QFY2012, Tata Global posted 10.7% yoy growth in consolidated net

sales to `1,724cr, aided by improved performance in most of its major markets

coupled with foreign exchange translation impact. OPM stood at 8%, down 30bp

yoy. On the bottom-line front, the companys net profit fell by 36.4% yoy to

`54.2cr due to exceptional expense of `40cr in 4QFY2012 as against exceptional

gain of `56cr in 4QFY2011. Exceptional expenses for the quarter related to cost

incurred for long-term initiatives and new projects and loss on assets related to

discontinued business initiatives, among others.

FY2013E 7,011 9.7 368 5.9 8.9 18.2 1.6 8.7 0.8

FY2014E 7,712 10.0 441 7.1 10.2 15.1 1.5 7.6 0.8

Lakshmi Machine Works (LMW) announced below par numbers for 4QFY2012.

The companys net sales declined by 5.4% qoq and 6.1% yoy to `502cr on the

back of lower sales in the textile machinery division. The textile machinery division

registered a 12.3% qoq and 8.9% yoy decline in revenue to `413cr. The

companys others segment, however, witnessed 30.4% qoq and 7.4% yoy growth

in revenue to `93cr. The companys EBITDA declined by 25.1% yoy to `49cr on

the back of lower revenue and margin contraction. EBITDA margin contracted by246bp yoy to 9.7% on account of higher other expenditure. Other expenditure as

a percentage of sales increased to 19.4% in 4QFY2012 compared to 14.5% in

4QFY2011. PAT declined by 84.2% yoy to `7cr on the back of margin contraction,

prior-period finance cost of `5cr and higher tax provision due to prior-period tax

adjustments of `16cr, resulting in tax rate of 78.1% of PBT in 4QFY2012 vs. 25.6%

of PBT in 4QFY2011. Consequently, PAT margin also declined by 687bp yoy to

1.4% (8.3%). Adjusted for prior-period adjustments, PAT came in at `28cr, down

36.4% yoy.

FY2013E 2,663 12.8 208 185.0 21.2 8.2 1.6 1.7 0.2

FY2014E 3,130 12.8 245 217.4 21.7 7.0 1.4 1.2 0.2


4/15



For 4QFY2012, JLL reported a healthy set of numbers, ahead of our estimates.

The company's top line (standalone) grew by 37.5% yoy to `219cr, higher than our

estimate of `192cr for the quarter. This was mainly driven by volume growth

coupled with improved realization. The companys EBITDA margin improved by614bp yoy to 16.6% for the quarter; however, it remained flat on a qoq basis.

Though raw-material cost witnessed a sharp jump, the decrease in employee cost,

which was mainly because of the reversal of incentives provided to the sales staff,

helped the operating margin to maintain the previous level. Interest cost for the

quarter increased to `13.4cr. The company reported growth of 25.7% yoy in its

profit, which came in at `28cr.

FY2013E 1359 10.3 112 13.9 35.5 13.8 4.5 15.3 1.6

FY2014E 1627 12.9 166 20.6 41.0 9.3 3.3 9.6 1.2

Result Previews

Madras Cements is set to declare its 4QFY2012 results. We expect the company to

post top-line growth of 31.4% yoy to `902cr on account of higher volumes and

better realizations. OPM is expected to grow by 438bp yoy to 29.1%. We expectthe company to post 65.8% yoy growth in its bottom line to `106cr.

TVS Motor is scheduled to announce its 4QFY2012 results. We expect the

companys top line to report modest ~8% yoy growth to `1,733cr, driven primarily

by ~6% yoy growth in net average realization. Volumes during the quarter

remained subdued (up ~2% yoy) as motorcycle volumes declined by ~11% yoy

amidst rising competition and moderating demand environment. EBITDA margin isexpected to expand by ~80bp yoy to 6.4%. However, the bottom line is expected

to jump by 31% yoy to `55cr mainly due to lower tax rate and improvement in

operating margin.


5/15



Quarterly Bloomberg Brokers Consensus Estimate

Net sales 545 495 10 457 19

EBITDA 179 156 15 140 28

EBITDA margin (%) 32.8 31.5 30.6

Net profit 188 187 1 204 (8)

Net sales 60,374 48,312 25 61,456 (2)

EBITDA 4,409 2,174 103 4,126 7

EBITDA margin (%) 7.3 4.5 6.7

Net profit 3,700 935 296 3,140 18

Net sales 3,247 2,999 8 3,119 4

EBITDA 264 382 (31) 198 33


Net profit 164 251 (35) 77 113

Net sales 861 709 21 862 (0)

EBITDA 435 460 (5) 379 15

EBITDA margin (%) 50.5 64.9 44.0

Net profit 224 301 (25) 212 6

Net sales 6,162 3,696 67 6,129 1

EBITDA 807 586 38 955 (15)

EBITDA margin (%) 13.1 15.9 15.6

Net profit 451 411 10 408 11

Net sales 5,840 7,276 (20) 4,986 17

EBITDA 531 1,053 (50) 360 48


Net profit 45 432 (90) (302) (115)


6/15



Net sales 5,113 7,278 (30) 4,737 8

EBITDA 1,618 4,133 (61) 1,383 17

EBITDA margin (%) 31.6 56.8 29.2

Net profit 166 168 (1) 186 (11)

Economic and Political News

Rupee breaches 56/dollar, despite RBI action 25% of loans to SEBs restructured June FTP set to bring stability to farm exportCorporate News

RIL-led group gives up D4 gas block Aurobindo Pharma gets US nod for generic anti-HIV drug Suzlon to commission 138-MW project for South AfricaSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


7/15

Date Company

May 24, 2012 Reliance Power, GSPL, TVS Motor, Madras Cements, Hitachi

May 25, 2012 ITC, NHPC, BPCL, Reliance Infra., Sun TV Network, Crompton Greaves, Suzlon Energy, MOIL, Jyoti Structures

May 26, 2012 Rcom, Jagran Prakashan, Sarda Energy, TVS Srichakra

May 27, 2012 -

May 28, 2012NMDC, IOC, Motherson Sumi, Bharat Forge, Britannia, Bajaj Electrical, Sadbhav Engg., Amara Raja Batteries, IndocoRemedies, Subros

May 29, 2012ONGC, Tata Motors, Sun Pharma, Power Grid Corpn, SAIL, United Spirits, HPCL, GMR Infra., Aurobindo Pharma,Ipca labs, Nagarjuna Const., Prakash Industries, PVR

May 30, 2012GAIL, M&M, DLF, Jaiprakash Asso., Colgate, Tata Chemicals, HDIL, Page Industries, BGR Energy , PTC India, AnantRaj, GIPCL, Simplex Infra, SpiceJet, Greenply

May 31, 2012 -

June 01, 2012 Mphasis

June 02, 2012 -

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 23, 2012 US New home sales Thousands Apr-12 343.00 335.00

May 24, 2012 US Initial Jobless claims Thousands 12-May-12 370.00 370.00

Germany GDP nsa (YoY) % Change Mar-12 1.70 1.70

Germany PMI Services Value Apr-12 52.20 52.00

Germany PMI Manufacturing Value Apr-12 46.20 47.00

UK GDP (YoY) % Change Mar-12 -- --

May 29, 2012 US Consumer Confidence

S.A./

1985=100 Apr-12 69.20 70.00

May 30, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value May-12 (19.30) --

May 31, 2012 Germany Unemployment change (000's) Thousands Apr-12 19.00 --

US GDP Qoq (Annualised) % Change Mar-12 2.20 1.80

India Qtrly GDP YoY% % Change - 6.10 6.10

June 01, 2012 US Change in Nonfarm payrolls Thousands Apr-12 115.00 150.00

US Unnemployment rate % Apr-12 8.10 8.10

China PMI Manufacturing Value Apr-12 53.30 52.50

India Imports YoY% % Change Mar-12 24.28 --

India Exports YoY% % Change Mar-12 (5.71) --

UK PMI Manufacturing Value Apr-12 50.50 --

June 06, 2012 Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Mar-12 -- --

Euro Zone ECB announces interest rates % May-12 1.00 --

June 07, 2012 UK BOE Announces rates % Ratio May-12 0.50 0.50

June 09, 2012 China Industrial Production (YoY) % Change Apr-12 9.30 --

China Consumer Price Index (YoY) % Change Apr-12 3.40 --

June 10, 2012 China Exports YoY% % Change Apr-12 4.90 --

June 21, 2012 US Existing home sales Millions Apr-12 4.62 --



May 24, 2012

Market Outlook


8/15

Market StrategyMay 24, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.1

4.1

(3.5)(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.46.9 7.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

45

60

75

90

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Exports yoy growth Imports yoy growth(%)


Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


9/15

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 128 - 2,485 1,432 1,647 14.7 14.7 7.0 8.0 18.3 16.0 3.9 3.3 22.8 22.3 1.7 1.4

United Phosphorus Buy 116 183 5,352 8,191 8,764 16.5 16.5 17.1 18.3 6.8 6.3 1.1 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 280 345 2,387 2,691 3,032 15.6 15.5 29.4 32.8 9.5 8.5 2.3 1.8 26.5 23.6 0.8 0.7

Apollo Tyres Buy 83 100 4,188 13,699 15,184 10.5 10.2 12.1 13.3 6.9 6.2 1.3 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 24 33 6,452 14,798 16,687 9.6 9.6 2.4 3.0 10.0 8.2 2.0 1.7 14.8 16.5 0.5 0.4

Automotive Axle Accumulate 453 514 684 1,211 1,387 12.1 11.7 50.3 57.1 9.0 7.9 2.3 1.9 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,487 1,835 43,032 22,118 24,889 19.0 18.6 115.7 126.5 12.9 11.8 5.2 4.1 45.0 38.9 1.6 1.3

Bharat Forge Buy 312 372 7,253 7,173 7,998 16.3 16.5 22.3 26.6 14.0 11.7 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,873 9,429 27,860 9,390 10,716 19.5 19.1 420.2 471.4 21.1 18.8 4.9 4.1 23.3 21.8 2.7 2.3

CEAT Buy 92 164 315 5,067 5,631 8.0 7.6 39.4 41.0 2.3 2.2 0.4 0.3 18.8 16.5 0.3 0.3

Exide Industries Buy 117 146 9,949 5,787 6,595 15.5 17.0 7.1 9.0 16.5 13.1 2.9 2.5 18.6 20.3 1.4 1.2

FAG Bearings Neutral 1,555 - 2,584 1,531 1,748 18.8 18.5 118.0 132.8 13.2 11.7 2.9 2.3 24.0 21.9 1.4 1.2

Hero Motocorp Buy 1,826 2,280 36,467 26,106 29,296 15.0 15.2 140.3 148.1 13.0 12.3 6.2 4.7 54.8 43.3 1.1 0.9

JK Tyre Buy 74 113 305 8,058 9,025 5.4 5.5 24.8 32.2 3.0 2.3 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 644 793 39,537 34,740 39,263 10.7 11.0 44.9 51.7 14.4 12.5 2.6 2.2 18.9 19.1 0.8 0.7

Maruti Buy 1,151 1,510 33,261 42,683 48,736 7.1 7.5 86.6 100.6 13.3 11.4 1.9 1.7 15.3 15.5 0.6 0.5

Motherson Sumi Buy 165 216 6,386 11,167 12,516 9.5 10.0 11.3 14.4 14.6 11.5 3.2 2.6 23.3 24.7 0.7 0.6

Subros Neutral 31 - 185 1,225 1,393 8.5 8.2 4.2 5.0 7.4 6.2 0.8 0.7 10.3 11.8 0.4 0.3

Tata Motors Buy 262 312 69,733 191,183 210,301 12.8 12.8 39.4 43.6 6.6 6.0 2.4 1.8 40.4 34.3 0.5 0.4

TVS Motor Buy 33 55 1,563 7,982 8,816 6.4 6.3 5.0 5.6 6.6 5.9 1.2 1.0 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 721 498 15,269 8,760 10,023 6.4 6.4 18.2 20.7 39.5 34.7 5.3 4.8 14.4 14.6 1.7 1.5BGR Energy Reduce 284 274 2,047 4,170 5,396 11.5 10.4 27.2 30.4 10.4 9.3 1.7 1.5 17.3 17.4 1.1 1.0

BHEL Neutral 209 - 51,106 46,344 46,916 18.3 18.6 23.5 24.1 8.9 8.7 1.8 1.5 21.3 18.9 1.0 0.9

Blue Star Buy 163 221 1,469 3,250 3,551 5.9 5.9 12.4 15.8 13.1 10.4 2.7 2.3 21.2 23.8 0.6 0.4

Crompton Greaves Buy 112 164 7,153 12,936 14,101 9.6 10.0 10.9 11.7 10.3 9.5 1.8 1.5 18.4 17.3 0.6 0.5

Jyoti Structures Buy 38 67 309 2,622 2,801 10.6 11.0 10.9 13.4 3.5 2.8 0.4 0.4 12.7 13.9 0.3 0.3

KEC International Buy 52 73 1,327 6,686 7,200 7.7 7.9 10.6 12.2 4.9 4.2 0.9 0.8 25.9 24.0 0.3 0.3

LMW Buy 1,529 2,609 1,722 2,663 3,130 12.8 12.8 185.0 217.4 8.3 7.0 1.6 1.4 21.2 21.7 0.2 0.1

Thermax Neutral 431 - 5,131 5,514 5,559 8.3 8.0 29.7 28.4 14.5 15.2 2.7 2.4 20.2 16.9 0.8 0.8


May 24, 2012

Market Outlook

Stock Watch


10/15



Cement

ACC Neutral 1,132 - 21,246 11,018 12,663 19.9 21.2 70.7 81.2 16.0 13.9 2.8 2.5 18.0 19.0 1.7 1.4

Ambuja Cements Neutral 138 - 21,192 10,035 11,504 23.5 23.8 10.1 10.6 13.6 13.1 2.7 2.4 18.5 19.4 1.8 1.5

India Cements Neutral 74 - 2,281 4,423 4,906 18.2 18.8 9.9 12.7 7.5 5.9 0.6 0.6 8.6 10.5 0.8 0.7

J K Lakshmi Cements Buy 62 79 758 1,880 2,201 19.0 22.6 12.2 16.4 5.1 3.8 0.6 0.5 11.9 14.3 0.6 0.9

Madras Cements Neutral 138 - 3,285 3,434 3,777 25.5 26.1 14.1 18.1 9.8 7.7 1.4 1.2 15.2 16.9 1.6 1.3

Shree Cements Neutral 2,580 - 8,988 5,465 6,249 24.3 23.7 151.5 222.1 17.0 11.6 4.1 3.5 21.6 25.8 1.3 1.0

UltraTech Cement Neutral 1,372 - 37,605 20,116 22,655 21.3 22.5 82.1 97.5 16.7 14.1 2.6 2.3 16.8 17.4 1.8 1.8Construction

Ashoka Buildcon Buy 198 302 1,042 2,014 2,294 22.4 22.4 28.4 30.8 7.0 6.4 0.9 0.8 14.1 13.3 2.3 2.6

Consolidated Co Neutral 14 - 258 2,526 2,792 5.7 6.6 1.8 2.8 7.6 4.9 0.4 0.4 5.5 8.1 0.3 0.3

Hind. Const. Neutral 18 - 1,101 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.1) (23.3) 1.0 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 111 166 3,681 3,821 4,582 42.3 40.2 15.0 16.9 7.4 6.5 1.1 1.0 16.1 15.8 2.6 2.4

ITNL Buy 165 265 3,200 6,619 7,925 23.8 23.3 22.0 26.7 7.5 6.2 1.1 0.9 14.9 15.9 2.2 2.1

IVRCL Infra Buy 41 79 1,103 5,758 6,860 9.2 9.2 4.7 6.0 8.8 6.9 0.5 0.5 6.0 7.3 0.7 0.6

Jaiprakash Asso. Buy 60 104 12,801 16,017 18,359 24.4 23.5 4.2 5.0 14.3 12.0 1.2 1.1 8.8 9.7 2.2 1.9

Larsen & Toubro Buy 1,149 1,553 70,389 59,559 69,089 12.1 11.5 70.8 76.5 16.2 15.0 2.4 2.1 16.1 15.3 1.4 1.2

Madhucon Proj Buy 44 70 321 2,206 2,502 10.7 10.7 4.6 4.7 9.4 9.3 0.5 0.5 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 31 76 804 5,790 7,022 9.2 9.5 3.5 5.4 9.0 5.8 0.3 0.3 3.7 5.6 0.8 0.7

Patel Engg. Neutral 82 - 576 3,609 3,836 13.1 13.1 14.0 14.6 5.9 5.7 0.4 0.3 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 45 - 1,488 10,592 12,193 8.4 8.4 2.9 4.6 15.4 9.9 0.5 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 125 199 1,880 2,989 3,315 10.6 10.6 10.2 11.3 12.3 11.1 2.0 1.7 17.6 16.3 0.8 0.8

Simplex Infra Buy 213 316 1,054 6,732 7,902 9.3 9.6 27.2 35.1 7.8 6.1 0.8 0.7 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 140 166 7,003 7,392 8,542 3.1 3.1 38.3 42.1 3.7 3.3 0.6 0.6 18.4 17.6 - -

Andhra Bank Neutral 102 - 5,711 5,151 5,843 3.2 3.1 22.4 25.7 4.6 4.0 0.7 0.6 15.8 16.0 - -

Axis Bank Buy 964 1,476 39,883 16,157 19,557 3.2 3.2 116.4 139.1 8.3 6.9 1.5 1.3 20.0 20.3 - -

Bank of Baroda Buy 657 925 25,732 15,993 18,918 2.6 2.6 127.3 149.9 5.2 4.4 0.9 0.8 17.8 18.2 - -

Bank of India Buy 311 411 17,847 13,558 15,551 2.5 2.4 61.6 70.8 5.1 4.4 0.8 0.7 16.8 16.9 - -

Bank of Maharashtra Accumulate 47 53 2,777 3,580 4,050 3.2 3.2 11.5 13.1 4.1 3.6 0.7 0.6 17.4 17.2 - -

Canara Bank Buy 385 522 17,058 12,061 13,906 2.3 2.3 83.1 92.7 4.6 4.2 0.8 0.7 16.7 16.4 - -

Central Bank Neutral 73 - 5,370 6,838 7,912 2.3 2.4 13.8 20.3 5.3 3.6 0.8 0.7 10.9 14.4 - -


May 24, 2012

Market Outlook

Stock Watch


11/15



Financials

Corporation Bank Buy 401 486 5,940 5,203 5,880 2.2 2.1 107.5 112.7 3.7 3.6 0.6 0.6 17.9 16.5 - -

Dena Bank Buy 84 111 2,937 3,149 3,522 2.8 2.8 23.3 26.1 3.6 3.2 0.6 0.5 17.7 17.0 - -

Federal Bank Neutral 401 - 6,852 2,743 3,131 3.4 3.3 49.7 57.4 8.1 7.0 1.1 1.0 14.1 14.6 - -

HDFC Neutral 635 - 93,790 7,393 8,844 3.5 3.4 31.7 37.9 20.0 16.7 4.0 3.6 34.7 31.9 - -

HDFC Bank Accumulate 487 567 114,356 21,831 27,477 4.3 4.3 28.3 35.5 17.2 13.7 3.3 2.8 20.8 22.1 - -

ICICI Bank Buy 796 1,174 91,451 22,209 26,512 2.8 2.8 67.9 81.1 11.7 9.8 1.4 1.3 14.7 16.0 - -

IDBI Bank Buy 86 117 10,950 8,004 9,589 1.9 2.0 19.9 23.9 4.3 3.6 0.6 0.5 13.8 14.9 - -Indian Bank Accumulate 177 197 7,596 6,312 7,119 3.4 3.3 41.1 43.7 4.3 4.0 0.7 0.7 18.2 16.9 - -

IOB Buy 78 96 6,221 7,354 8,283 2.5 2.4 16.3 21.7 4.8 3.6 0.5 0.5 11.5 13.9 - -

J & K Bank Accumulate 903 952 4,378 2,535 2,861 3.5 3.4 176.3 184.4 5.1 4.9 0.9 0.8 19.3 17.6 - -

LIC Housing Finance Buy 235 286 11,882 2,108 2,607 2.6 2.6 24.5 30.6 9.6 7.7 1.8 1.5 20.1 21.4 - -

Oriental Bank Buy 220 274 6,423 6,431 7,315 2.7 2.6 54.4 63.8 4.0 3.5 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 708 1,015 24,029 19,893 23,653 3.1 3.2 153.4 175.2 4.6 4.0 0.8 0.7 18.3 18.1 - -

South Ind.Bank Neutral 22 - 2,457 1,399 1,596 2.6 2.5 3.5 3.8 6.2 5.7 1.1 1.0 18.7 17.5 - -

St Bk of India Buy 1,956 2,486 131,287 68,925 80,565 3.7 3.7 236.6 282.7 8.3 6.9 1.4 1.2 18.6 19.3 - -

Syndicate Bank Buy 86 131 5,186 7,133 8,255 3.0 3.0 25.9 30.0 3.3 2.9 0.5 0.5 16.9 17.1 - -

UCO Bank Neutral 66 - 4,387 5,623 6,380 2.4 2.4 16.9 17.9 3.9 3.7 0.7 0.7 16.5 15.4 - -

Union Bank Buy 201 276 11,061 10,215 11,854 2.9 2.8 42.7 50.3 4.7 4.0 0.8 0.7 17.0 17.5 - -

United Bank Buy 55 78 1,980 3,551 4,128 2.7 2.8 18.8 22.6 2.9 2.4 0.5 0.4 15.5 16.5 - -

Vijaya Bank Neutral 52 - 2,589 2,668 3,001 2.2 2.2 10.6 12.2 4.9 4.3 0.7 0.6 13.3 13.8 - -

Yes Bank Buy 320 450 11,307 3,209 4,144 2.7 2.8 33.9 41.5 9.4 7.7 2.0 1.6 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,671 - 35,211 11,423 13,309 16.3 16.3 125.3 148.4 29.3 24.7 10.0 7.8 38.0 35.4 3.1 2.6Britannia Buy 532 650 6,352 5,906 6,856 6.9 7.0 22.3 28.3 23.8 18.8 9.7 7.2 45.2 44.1 1.1 0.9

Colgate Neutral 1,205 - 16,383 3,007 3,417 21.1 22.1 37.7 42.6 32.0 28.3 38.1 30.7 129.4 120.1 5.4 4.7

Dabur India Neutral 104 - 18,179 5,878 6,799 16.8 17.0 4.2 4.9 25.2 21.2 9.1 7.5 39.3 42.0 3.1 2.7

GlaxoSmith Con* Neutral 2,643 - 11,117 3,124 3,663 17.1 11.6 103.0 123.3 25.7 21.5 7.9 6.4 34.0 32.9 3.3 2.7

Godrej Consumer Neutral 558 - 18,987 5,973 7,000 18.4 18.6 22.8 27.2 24.5 20.6 6.7 5.4 31.3 38.4 3.3 2.8

HUL Neutral 426 - 92,005 25,350 29,309 14.3 14.4 14.1 16.4 30.1 26.0 22.5 17.6 82.7 76.2 3.5 3.0

ITC Accumulate 232 252 181,348 28,955 33,595 35.9 35.7 9.2 10.5 25.3 22.1 8.1 6.7 34.8 33.1 6.1 5.2


May 24, 2012

Market Outlook

Stock Watch


12/15



FMCG

Marico Neutral 168 - 10,330 4,667 5,427 12.8 12.9 6.6 8.1 25.3 20.7 6.8 5.3 30.0 28.8 2.3 1.9

Nestle* Neutral 4,619 - 44,532 8,731 10,539 21.0 21.4 119.3 147.9 38.7 31.2 23.7 16.2 73.0 61.6 5.2 4.2

Tata Global Buy 108 136 6,673 7,011 7,712 9.7 10.0 6.0 7.1 18.2 15.1 1.7 1.6 8.9 10.2 0.8 0.8

IT

HCL Tech Buy 484 560 33,554 22,792 25,743 17.4 17.4 37.8 43.0 12.8 11.3 2.8 2.4 22.3 21.3 1.4 1.2

Hexaware Accumulate 123 128 3,642 1,821 2,105 19.0 18.6 9.8 10.7 12.5 11.5 2.9 2.5 23.7 22.5 1.6 1.4

Infosys Buy 2,338 2,792 134,266 37,615 42,491 31.1 30.6 158.5 174.5 14.8 13.4 3.3 2.8 22.5 20.8 2.9 2.4Infotech Enterprises Accumulate 160 177 1,783 1,758 1,972 17.0 16.6 16.8 18.6 9.5 8.6 1.3 1.1 13.6 13.2 0.7 0.5

KPIT Cummins Reduce 118 114 2,107 2,028 2,239 15.0 14.8 9.0 11.4 13.2 10.4 2.4 2.0 19.3 18.7 1.1 0.9

Mahindra Satyam Buy 72 89 8,455 7,142 8,042 15.4 15.0 7.7 8.3 9.4 8.7 1.3 1.1 13.8 13.0 0.8 0.6

Mindtree Neutral 605 - 2,456 2,172 2,450 16.1 15.5 53.9 58.5 11.2 10.4 2.1 1.8 18.9 17.0 0.9 0.8

Mphasis Accumulate 370 433 7,772 5,904 6,320 18.3 17.9 38.7 41.2 9.6 9.0 1.4 1.2 14.9 13.7 0.9 0.7

NIIT Buy 39 52 645 1,162 1,304 14.8 15.1 7.1 8.8 5.5 4.4 0.9 0.8 16.7 18.4 0.4 0.3

Persistent Neutral 344 - 1,375 1,109 1,224 23.3 22.4 37.2 40.1 9.3 8.6 1.4 1.2 15.4 14.5 0.9 0.8

TCS Accumulate 1,226 1,276 239,867 57,189 66,329 29.3 28.7 63.2 70.9 19.4 17.3 5.9 4.8 30.5 27.7 3.9 3.3

Tech Mahindra Buy 612 750 7,803 6,030 6,511 16.3 15.7 81.1 87.0 7.6 7.0 1.5 1.3 20.1 18.0 1.3 1.0

Wipro Accumulate 384 430 94,480 41,918 46,879 19.4 19.9 25.1 28.7 15.3 13.4 2.9 2.5 18.6 18.3 1.9 1.6

Media

D B Corp Buy 204 269 3,737 1,652 1,863 25.7 26.3 13.5 16.1 15.1 12.7 3.4 2.8 24.1 24.4 2.1 1.8

HT Media Buy 111 170 2,598 2,255 2,555 17.8 18.3 10.0 12.0 11.1 9.2 1.5 1.3 14.7 15.4 0.9 0.8

Jagran Prakashan Buy 80 137 2,529 1,499 1,642 27.4 28.8 7.6 9.1 10.5 8.8 3.5 3.2 34.6 37.7 1.7 1.6

PVR Neutral 148 - 383 625 732 17.4 16.9 12.4 15.8 11.9 9.4 1.9 2.0 8.5 9.9 0.8 0.6

Sun TV Network Neutral 250 - 9,866 2,135 2,458 75.2 74.4 20.9 24.0 12.0 10.4 2.8 2.4 26.0 25.1 3.7 3.0Metals & Mining

Bhushan Steel Neutral 436 - 9,262 9,232 13,557 30.8 31.1 48.0 58.6 9.1 7.4 1.2 1.0 14.5 7.5 3.1 2.2

Coal India Accumulate 308 351 194,607 65,654 71,756 26.8 27.3 24.0 26.3 12.8 11.7 3.5 2.9 30.4 27.0 2.0 1.7

Electrosteel Castings Buy 18 27 635 1,984 2,074 10.6 12.0 2.7 3.3 6.8 5.6 0.3 0.1 5.2 6.2 0.4 0.4

Hind. Zinc Buy 115 139 48,718 13,043 14,223 51.8 52.8 14.8 16.6 7.8 7.0 1.5 1.3 21.2 19.9 2.0 1.5

Hindalco Neutral 107 - 20,572 84,652 88,766 9.6 10.5 17.0 18.9 6.3 5.7 0.6 0.5 9.7 9.8 0.5 0.5

JSW Steel Accumulate 577 663 12,872 39,592 44,910 18.0 17.7 74.7 88.9 7.7 6.5 0.7 0.7 10.7 11.6 0.7 0.7

MOIL Neutral 260 - 4,360 979 1,061 45.7 46.8 24.5 26.6 10.6 9.8 1.6 1.5 16.1 15.8 2.2 1.9

Monnet Ispat Buy 416 593 2,676 3,115 3,748 22.1 25.1 59.1 66.8 7.0 6.2 1.0 0.9 15.6 15.3 1.6 1.2


May 24, 2012

Market Outlook

Stock Watch


13/15



Metals & Mining

Nalco Sell 59 51 15,219 8,276 8,578 12.7 16.4 2.5 3.5 23.3 16.9 1.3 1.2 5.6 7.5 1.4 1.4

NMDC Accumulate 170 185 67,242 11,726 12,890 77.8 78.4 18.6 20.6 9.1 8.2 2.2 1.8 26.1 23.8 3.5 3.0

SAIL Accumulate 91 102 37,505 52,461 62,935 18.0 18.8 13.2 14.5 6.9 6.3 0.8 0.7 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 179 206 15,531 9,067 9,316 35.7 35.5 44.5 44.3 4.0 4.0 0.9 0.7 23.5 19.5 0.5 0.1

Sterlite Inds Buy 94 123 31,707 45,805 49,029 21.2 23.5 16.5 19.1 5.7 4.9 0.6 0.6 11.5 12.0 0.3 0.2

Tata Steel Buy 396 499 38,475 143,088 148,011 10.9 12.1 53.9 66.0 7.4 6.0 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Accumulate 320 372 61,096 15,513 16,074 74.0 69.7 51.1 48.6 6.3 6.6 1.1 0.9 18.3 14.8 2.8 2.1

GAIL Buy 324 392 41,092 50,472 55,503 15.3 15.6 35.4 37.0 9.1 8.8 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 243 319 207,898 148,157 150,563 37.6 39.5 31.0 33.6 7.8 7.2 1.4 1.2 18.8 18.1 1.1 0.9

Reliance Industries Buy 687 872 225,027 325,734 328,669 10.9 11.7 65.8 70.1 10.5 9.8 1.1 1.0 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 49 91 918 1,624 1,855 14.2 15.6 6.6 9.1 7.4 5.4 1.8 1.4 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 108 175 3,135 5,243 5,767 14.6 14.6 13.8 14.7 7.8 7.3 0.9 0.4 11.4 10.9 0.9 0.8

Aventis* Neutral 2,071 - 4,768 1,482 1,682 15.5 15.5 95.0 104.0 21.8 19.9 3.9 3.0 18.6 17.0 3.1 2.6

Cadila Healthcare Buy 735 953 15,053 6,196 7,443 18.5 19.5 43.3 50.8 17.0 14.5 4.4 3.5 25.4 24.8 2.5 2.0

Cipla Buy 309 379 24,826 7,687 8,804 21.4 21.4 16.5 18.9 18.7 16.4 2.9 2.6 16.7 16.8 3.2 2.8

Dr Reddy's Neutral 1,676 - 28,399 10,696 11,662 20.7 21.0 83.7 92.9 20.0 18.0 4.1 3.5 22.4 21.0 2.7 2.5

Dishman Pharma Buy 46 92 371 1,280 1,536 17.8 17.8 9.2 11.3 5.0 4.1 0.4 0.4 7.7 8.5 1.0 0.8

GSK Pharma* Neutral 1,960 - 16,599 2,651 2,993 31.7 31.2 76.0 82.4 25.8 23.8 7.4 6.5 30.8 29.0 5.6 4.8

Indoco Remedies Buy 59 665 543 685 837 15.2 15.2 55.5 66.5 1.1 0.9 0.2 0.1 16.4 16.9 1.0 0.9

Ipca labs Buy 341 443 4,293 2,907 3,541 21.5 21.5 32.4 40.6 10.5 8.4 2.6 2.1 27.8 27.7 1.6 1.3

Lupin Buy 539 646 24,101 8,426 10,082 19.7 20.0 29.7 32.4 18.2 16.7 4.7 3.8 27.0 25.2 2.8 2.2Orchid Chemicals Buy 119 178 840 2,117 2,434 17.7 17.7 16.7 22.2 7.1 5.4 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 501 - 21,152 12,046 11,980 18.0 15.8 35.7 29.8 14.0 16.8 5.3 4.3 43.1 28.1 1.7 1.7

Sun Pharma Accumulate 571 634 58,844 9,272 11,080 40.3 36.3 26.7 28.8 21.4 19.8 4.3 3.7 22.1 20.8 5.6 4.6

Power

CESC Buy 270 342 3,368 5,084 5,512 24.2 23.8 45.2 48.5 6.0 5.6 0.6 0.6 11.2 10.9 1.1 1.1

GIPCL Buy 61 98 918 1,557 1,573 28.7 27.5 10.4 10.2 5.9 6.0 0.6 0.6 10.5 9.6 1.0 0.9

NTPC Buy 141 201 116,302 74,766 86,549 23.1 23.4 12.4 14.1 11.4 10.0 1.4 1.3 13.0 13.5 2.3 2.1

Real Estate

Anant Raj Buy 47 78 1,381 657 875 52.0 56.1 8.4 12.7 5.6 3.7 0.3 0.3 6.3 8.9 3.6 2.7

DLF Neutral 184 - 31,208 9,878 12,033 44.7 46.1 9.6 13.4 19.2 13.7 1.2 1.2 6.4 8.7 5.8 4.7


May 24, 2012

Market Outlook

Stock Watch


14/15



Real Estate

HDIL Buy 61 115 2,566 2,441 3,344 53.0 46.7 21.4 25.4 2.9 2.4 0.2 0.2 8.4 9.1 2.9 2.2

Telecom

Bharti Airtel Neutral 282 - 107,071 80,967 88,684 33.1 33.4 17.9 22.0 15.8 12.8 1.8 1.6 11.5 12.5 2.1 1.7

Idea Cellular Neutral 75 - 24,804 22,558 25,326 26.4 27.5 3.2 4.7 23.3 15.8 1.8 1.6 7.5 10.0 1.7 1.5

Rcom Neutral 63 - 13,024 21,899 23,740 32.7 32.7 4.2 6.7 14.9 9.5 0.3 0.3 2.1 3.2 2.0 1.7

zOthers

Bajaj Electrical Accumulate 224 245 2,227 3,670 4,384 8.5 8.5 18.3 22.3 12.2 10.0 2.7 2.2 23.9 24.3 0.6 0.5CRISIL Neutral 1,060 - 7,440 982 1,136 34.3 34.3 34.3 40.0 30.9 26.5 14.0 11.2 50.9 46.9 7.1 6.0

Finolex Cables Buy 36 61 554 2,334 2,687 8.8 9.3 7.6 10.2 4.8 3.6 0.6 0.5 13.7 16.1 0.2 0.1

Graphite India Buy 91 124 1,769 2,158 2,406 18.1 18.9 12.4 14.0 7.3 6.5 1.0 0.9 14.0 14.3 1.0 0.8

Greenply Buy 214 298 518 1,800 2,047 11.1 11.6 34.1 49.6 6.3 4.3 1.2 0.9 20.2 23.7 0.6 0.4

Page Industries Neutral 3,028 - 3,377 935 1,168 19.6 19.6 99.7 122.2 30.4 24.8 17.6 14.1 64.2 63.1 3.7 2.9

Sintex Buy 52 129 1,415 4,751 5,189 16.3 16.6 13.6 15.8 3.8 3.3 0.5 0.4 13.1 13.4 0.7 0.5

Siyaram Silk Mills Buy 268 439 251 1,042 1,173 12.4 12.5 66.3 78.5 4.0 3.4 0.8 0.7 21.1 20.8 0.5 0.4

SpiceJet Neutral 32 - 1,545 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (9.4) 13.4 (12.9) 27.2 - - 0.5 0.4

Taj GVK Buy 58 108 366 300 319 35.8 36.2 7.9 9.1 7.4 6.4 1.0 0.9 13.9 14.4 1.5 1.3

Goodyear Accumulate 332 372 766 1,571 1,753 7.2 8.6 29.8 42.4 11.1 7.8 2.1 1.7 20.2 24.3 0.3 0.2

HEG Buy 206 242 824 1,746 1,946 16.5 17.7 22.5 32.9 9.2 6.3 0.9 0.9 10.4 14.2 1.1 1.0

Hitachi Buy 121 186 278 995 1,142 6.4 7.4 12.8 18.6 9.5 6.5 1.4 1.2 15.7 19.5 0.4 0.3

Honeywell Automation Neutral 2,568 - 2,270 1,798 2,071 8.9 9.1 133.4 160.6 19.3 16.0 3.1 2.6 17.2 17.6 1.1 0.9

Ineos ABS Neutral 755 - 1,329 976 1,113 11.2 11.5 41.5 46.0 18.2 16.4 3.0 2.6 18.2 17.0 1.2 1.0

ITD Cementation Reduce 216 196 249 1,535 1,811 10.6 10.7 26.2 39.6 8.2 5.5 0.6 0.6 7.6 10.6 0.6 0.6

MRF Buy 10,286 13,106 4,362 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.7 6.3 1.5 1.2 16.5 17.4 0.6 0.5Relaxo Neutral 438 - 525 961 1,129 11.8 12.3 46.6 59.9 9.4 7.3 2.4 1.8 28.7 28.0 0.7 0.6

Tata Sponge Buy 265 420 408 757 875 19.0 19.1 63.5 72.9 4.2 3.6 0.6 0.6 16.1 16.1 0.1 -

TVS Srichakra Buy 314 462 240 1,612 1,827 9.5 9.8 72.3 92.5 4.3 3.4 1.3 1.0 33.1 32.1 0.4 0.3

Vesuvius India Neutral 372 - 755 621 711 15.3 15.5 27.3 32.4 13.6 11.5 2.2 1.9 17.2 17.6 1.0 0.9

Abbott India Accumulate 1,438 1,628 3,055 1,661 1,918 9.5 12.0 55.4 90.4 25.9 15.9 5.0 4.0 20.3 27.8 1.7 1.4

Cera Sanitaryware Ltd Buy 252 370 318 405 467 17.2 17.4 28.9 32.0 8.7 7.9 1.8 1.5 23.4 21.1 0.9 0.9

Jyothy Laboratories Buy 192 248 1,552 1,359 1,627 10.3 12.9 13.9 20.6 13.8 9.3 4.5 3.4 35.8 41.3 1.6 1.3

Force Motors Buy 453 678 590 2,346 2,753 6.7 7.0 50.9 61.9 8.9 7.3 0.5 0.5 5.4 6.2 0.2 0.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 23, 2012


May 24, 2012

Market Outlook

Stock Watch


15/15

May 24, 2012Market Outlook

market outlook 240512

Documents