market outlook 29-08-2013

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Market OutlookAugust 29, 2013

Dealers DiaryIndian markets are expected to open in the green today tracking positive opening

in the SGX Nifty which is up by 0.9% and most other Asian markets which too are

trading in the positive territory. RBIs decision to allow forex swaps to state oil

companies is also expected to ease the pressure on rupee and is also expected to

have a positive impact on the equity markets.

After moving sharply lower over the course of the previous session, US markets

regained some ground during trading on Wednesday. The markets benefited from

bargain hunting despite lingering concerns about developments regarding Syria.

The positive movement in US markets may also have been generated by a report

from the National Association of Realtors showing a bigger than expected drop in

pending home sales in July. However, European markets finished in negative

territory again on Wednesday, adding to the sharp losses of Tuesday due to

concerns over developments in Syria.Indian Markets ended on a flat note after a volatile trading session on Wednesday

due to buying witnessed in software companies on expectations of margin

improvement after INR touched yet another record low during the day. Life

Insurance Corporation of India (LIC) indulged in stock buying which resulted in

markets posting a strong recovery after declining by ~2.7% in early trade.

Markets Today

The trend deciding level for the day is 17,849/ 5,241 levels. If NIFTY trades above

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

up to 18,249 18,502 / 5,3625,439 levels. However, if NIFTY trades below

17,849/ 5,241 levels for the first half-an-hour of trade then it may correct up to

17,596 17,196 / 5,163 5,042 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 17,196 17,596 17,849 18,249 18,502

NIFTY 5,042 5,163 5,241 5,362 5,439

News Analysis

Infosys board member and Americas head Ashok Vemuri resigns, anotherhigh-profile senior executive exit

Bharti Airtel appoints Christian de Faria as new CEO of Africa; Manoj Kohli toreturn to India

Result Preview: MphasisRefer detailed news analysis on the following page

Net Inflows (August 27, 2013)

` cr Purch Sales Net MTD YTDFII 2,925 4,291 (1,366) (5,115) 60,282

MFs 610 747 (137) 1,170 (13,176)

FII Derivatives (August 28, 2013)

` cr Purch Sales Net Open InterestIndex Futures 6,161 6,531 (370) 18,808

Stock Futures 10,905 9,919 986 29,667

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Ranbaxy Lab 419 10.6 Suzlon Energy 6 (8.9)

Strides Arco 889 7.1 HDIL 32 (7.9)

Financial Tech 141 6.8 HPCL 164 (7.8)

JP Power 12 5.5 BPCL 269 (7.3)

Cairn India 326 5.4 Jet Air India 290 (6.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.2 28 17,996

Nifty (0.0) (2) 5,285

MID CAP (1.0) (54) 5,224

SMALL CAP (1.0) (54) 5,145

BSE HC 1.2 100 8,684

BSE PSU (2.2) (112) 4,908

BANKEX (1.3) (129) 9,979

AUTO 0.1 9 9,992

METAL 1.9 143 7,763

OIL & GAS (1.1) (89) 7,870

BSE IT 2.7 205 7,834

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.3 48 14,825NASDAQ 0.4 15 3,593

FTSE (0.2) (11) 6,430

Nikkei (1.5) (204) 13,338

Hang Sang (1.6) (350) 21,525

Straits Times (1.1) (32) 3,004

Shanghai Com (0.1) (2) 2,101

Indian ADR Chg (%) (Pts) (Close)INFY 0.1 0.0 $46.5

WIT 2.2 0.2 $9.1IBN 3.1 0.8 $26.3

HDB 1.9 0.5 $27.9

Advances / Declines BSE NSEAdvances 837 417

Declines 1,369 885

Unchanged 134 79

Volumes (` cr)BSE 2,621

NSE 15,426
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Infosys board member and Americas head Ashok Vemuriresigns, another high-profile senior executive exit

Infosys board member Ashok Vemuri, who was seen to be among contenders to

succeed CEO S D Shibulal, has resigned. Mr. Ashok Vemuri was also the head of

Infosys's America operations and the global head of its manufacturing andengineering services vertical. Ashok Vemuri was said to be one of the contenders

for the CEO position in the company apart from two other board members, V

Balakrishnan and BG Srinivas, to succeed SD Shibulal when he retires in 2015.

This is the third high-profile exit at Infosys since the return of Mr. N R Narayana

Murthy to the company as the executive chairman in June this year. In July this

year, Basab Pradhan, the Global Head of Sales & Marketing for the company had

left the company. This was followed by the resignation of Sudhir Chaturvedi,

Senior VP and Head Financial Services for the Americas region, last week.

Sanjay Jalona, who was heading for manufacturing business for the company in

North America, will take over as the global head of manufacturing. The company,however, did not make any announcement on who would be heading the North

America geography. AshokVemuris exit is quite significant from the point of view

that he had not only spent over 14 years with the company, he has been heading

the Americas region which accounts for close to 60% of the companys revenues.

Till February last year, he had been managing the financial services and insurance

vertical of the company which accounts for over a third of companys overall

revenues. Under him, Infosys had maintained a significant lead over the

competition in the BFSI segment. In February 2012, the company decided to make

BG Srinivas as the head of BFSI business. Ashok Vemuris exit comes at a time

when the company is slowly trying to recover the lost grounds to the competitions

during the last couple of years. While the company has thrown better that expectedfinancial numbers in the 1QFY2014, it has still maintained its cautious stance over

the recovery. Owing to recent run up in the stock price, we maintain our Neutralrating on the stock.

Bharti Airtel appoints Christian de Faria as new CEO ofAfrica; Manoj Kohli to return to India

Bharti Airtel which operates across 20 countries in Asia and Africa, yeaterday

announced that it has appointed Christian de Faria as the chief executive officer

for the companys Africa operations, with effect from January 1, 2014. Manoj

Kohli, MD & CEO (International), in-charge of Bharti Airtels operations in Africa,

Bangladesh and Sri Lanka and is currently stationed at Airtel Africas headquarters

in Nairobi, will relocate to India, with effect from January 1, 2014. Mr. Faria, who

will join Airtel Africa on September 16, 2013, will initially take charge of Airtels

Anglophone operations and will commence a comprehensive orientation

encompassing Airtel Africa HQ functions, Francophone and Nigeria Regions.

Faria will be based in Nairobi and will report to Mr. Kohli. Besides continuing to

oversee Bharti Airtels businesses in Africa, Bangladesh and Sri Lanka, Mr. Kohli

would lead strategic issues such as in-market consolidation via merger and

acquisitions (M&A), business development, key matters relating to tower company,

global partnerships, global sourcing from key partners and strategic regulatory

aspects. Mr. Kohli will continue his position on the Boards of Bharti Airtel

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International Netherlands and Airtel Networks Ltd, Nigeria. Before joining Airtel

Africa, Faria has worked for more than 30 years across multiple geographies,

diverse sectors and companies including MTN, Telekom Malaysia, Discvision,

Deutsche Telecom and Grundig. Faria was associated with MTN for the last seven

years, where he held senior leadership positions, including executive vice-president

and group commercial officer. As CEO, Airtel Africa, Faria will be responsible forproviding overall leadership for the African operations and will manage its profit

and loss. He will lead the growth agenda across markets and build key skills and

capabilities within the organisation. He will also be co-opted on the Board of

Bharti Airtel International Netherlands and on the Boards of major operational

companies in Africa. We maintain our Buy rating on the stock with target price of`340.

Result Preview

Mphasis 3QFY2013 (CMP: `408/ TP: `450/ Upside: 10%)

Mphasis is slated to announce its 3QFY2013 results today. We expect the

company to record revenues of US$272mn, up 2% qoq, aided by growth from

direct channel business. Revenues from Digital Risk acquisition is expected to be

around ~US$42mn. In INR terms, revenues are expected to come in at `1,525cr,

up 9% qoq. EBITDA margin is expected to inch up by 84bp qoq to 18.0%. PAT is

expected to be at `184cr. We currently maintain our Accumulate rating on thestock with a target price of `450.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 5,875 19.0 801 37.2 16.2 11.0 1.7 5.4 1.0

FY2014E 6,827 21.0 986 47.0 16.9 8.7 1.5 3.6 0.8

Economic and Political News

Panel to look into currency swap for trade : Commerce Ministry 'Irrational sentiment' impacting rupee value: FinMin RBI opens forex swap window for OMCs Coal block de-allocation to hit economy: Govt. to SCCorporate News

JSPLs proposal to acquire 49% stake in Gopalpur port turned down Pratibha Industries bags order worth `230cr in Rajasthan Govt refutes Novartis' allegations on patents RIL counters Scindia claim on power plant idlying due to KG-D6

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

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Date Company

August 29, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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 --


August 29, 2013

Market Outlook

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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


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

Feb-1

3

Feb-1

3

Mar-13

Apr-13

Apr-13

May-1

3

Jun-1

3

Jun-1

3

Jul-13

Aug-1

3

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 137 - 2,668 1,674 1,923 13.7 13.7 6.8 7.6 20.2 18.1 3.8 3.3 20.0 19.6 1.7 1.5

United Phosphorus Buy 143 225 6,329 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 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 244 305 4,164 3,474 3,952 15.5 15.5 19.0 21.0 12.8 11.6 3.1 2.5 27.2 24.2 1.2 1.0

Apollo Tyres Neutral 62 - 3,127 13,409 15,106 11.8 11.6 13.1 15.4 4.7 4.0 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 12 18 3,219 12,945 15,049 6.3 8.2 0.2 1.5 69.6 8.0 1.1 1.0 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 199 - 301 700 890 8.7 10.7 11.1 25.8 17.9 7.7 1.1 1.0 6.2 13.9 0.5 0.4

Bajaj Auto Buy 1,730 2,115 50,074 22,042 25,399 19.3 19.3 121.1 141.0 14.3 12.3 5.1 4.0 39.4 36.6 1.9 1.5

Bharat Forge Accumulate 235 256 5,459 5,942 6,417 15.2 15.5 15.6 19.7 15.0 11.9 2.2 1.9 15.4 17.3 1.1 1.0

Bosch India* Accumulate 8,125 9,096 25,513 9,301 10,895 16.8 18.0 339.9 423.1 23.9 19.2 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 103 170 370 5,159 5,628 9.3 9.0 43.5 48.6 2.4 2.1 0.4 0.3 18.4 17.5 0.2 0.2

Exide Industries Buy 121 148 10,243 6,899 7,873 14.7 14.7 7.9 9.0 15.2 13.3 2.6 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,130 - 1,878 1,336 1,572 13.8 16.0 75.6 102.4 14.9 11.0 1.9 1.6 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,913 2,048 38,204 25,562 28,297 14.5 14.4 111.2 146.3 17.2 13.1 6.3 4.9 40.1 42.1 1.3 1.1

JK Tyre Buy 82 152 338 7,376 8,262 10.0 9.8 56.0 60.9 1.5 1.4 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 777 1,011 47,849 42,318 48,067 12.0 12.2 58.5 67.1 13.3 11.6 2.7 2.3 21.6 21.1 0.9 0.7

Maruti Buy 1,236 1,571 37,331 45,877 52,733 11.2 11.2 93.0 104.7 13.3 11.8 1.8 1.6 14.2 14.0 0.6 0.5

Motherson Sumi Buy 189 242 11,108 28,442 31,914 8.4 8.7 13.0 16.1 14.6 11.7 3.8 3.0 29.4 28.6 0.5 0.4

Subros Buy 19 23 113 1,230 1,398 10.5 10.5 2.3 3.8 8.1 5.0 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 298 355 80,324 215,043 240,077 13.5 13.7 35.1 39.4 8.5 7.6 2.0 1.6 26.2 23.3 0.4 0.4

TVS Motor Buy 29 36 1,392 7,659 8,528 6.0 6.2 4.9 5.9 6.0 4.9 1.0 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Neutral 456 - 9,669 8,037 9,087 5.8 6.9 12.2 17.0 37.4 26.8 3.6 3.5 9.8 13.1 1.2 1.0

BGR Energy Neutral 100 - 724 3,541 4,041 11.8 10.7 21.1 22.9 4.8 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 114 - 27,952 42,227 38,453 16.0 14.4 18.8 15.0 6.1 7.6 1.2 1.1 21.7 15.4 0.5 0.6

Blue Star Buy 133 208 1,193 2,941 3,099 3.4 4.2 6.0 9.3 22.2 14.3 2.8 2.4 12.9 18.0 0.5 0.5

Crompton Greaves Buy 78 103 5,033 13,418 14,654 5.8 6.7 5.8 7.8 13.5 10.1 1.3 1.2 10.1 12.5 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 36 630 7,709 8,399 6.2 6.9 5.1 8.1 4.8 3.0 0.5 0.4 16.6 21.5 0.3 0.2

Thermax Neutral 550 - 6,552 5,832 6,397 9.1 9.6 28.8 32.9 19.1 16.7 3.1 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 946 1,225 17,758 11,581 13,009 17.6 19.3 63.9 81.5 14.8 11.6 2.2 2.0 15.6 18.2 1.3 1.0


Market Outlook

Stock Watch

August 29, 2013

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Cement

Ambuja Cements Neutral 159 - 24,614 9,975 11,409 22.4 23.1 9.4 11.1 17.0 14.3 2.6 2.4 15.7 17.2 2.0 1.6

India Cements Neutral 45 - 1,367 4,796 5,357 16.4 16.1 7.3 9.5 6.1 4.7 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 56 79 662 2,235 2,684 19.4 21.4 15.0 18.4 3.8 3.1 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 138 - 3,283 4,010 4,524 23.5 23.4 14.9 18.3 9.3 7.6 1.2 1.1 14.0 15.2 1.5 1.2

Shree Cement^ Neutral 3,499 - 12,191 6,316 7,162 26.5 25.7 294.6 340.5 11.9 10.3 2.6 2.1 24.0 22.7 1.4 1.1

UltraTech Cement Neutral 1,477 - 40,508 22,021 25,274 22.0 21.6 99.5 113.3 14.8 13.0 2.3 2.0 16.7 16.6 1.9 1.7

Construction

Ashoka Buildcon Buy 48 60 757 1,912 2,131 21.0 21.5 5.0 5.5 9.5 8.8 0.7 0.6 8.8 7.6 1.7 1.8

Consolidated Co Neutral 6 - 110 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.0) (16.5) 0.2 0.2 0.5 0.5

IRB Infra Buy 62 106 2,069 3,805 4,248 45.1 45.3 15.0 15.8 4.2 4.0 0.6 0.5 14.5 13.9 2.8 3.0

ITNL Buy 118 156 2,285 7,423 7,970 27.5 28.7 30.3 32.0 3.9 3.7 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 311 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.1) (5.1) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 34 41 7,501 12,946 14,897 24.7 25.6 1.2 2.7 27.5 12.6 0.6 0.5 2.0 4.3 2.5 2.2

Larsen & Toubro Buy 705 1,002 65,207 68,946 78,040 10.0 10.0 49.0 55.2 14.4 12.8 2.1 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 18 30 457 6,167 6,945 8.0 8.2 2.7 3.6 6.7 4.9 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 717 12,726 14,226 8.2 8.2 0.9 1.0 25.2 21.1 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 56 99 849 2,462 2,731 10.6 10.6 5.3 6.0 10.7 9.4 0.9 0.9 9.2 9.6 0.6 0.6

Simplex Infra Buy 40 56 198 6,237 6,908 9.1 9.0 9.9 13.9 4.1 2.9 0.2 0.1 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 132 2,146 2,339 12.9 13.0 9.3 9.6 1.9 1.9 0.2 0.1 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 67 - 3,348 6,843 7,528 2.5 2.5 26.0 30.1 2.6 2.2 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 50 - 2,815 4,868 5,390 2.4 2.5 12.3 16.6 4.1 3.0 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 839 1,023 39,340 19,280 22,886 3.3 3.3 130.7 157.1 6.4 5.3 1.0 0.9 17.3 18.1 - -

Bank of Baroda Neutral 445 - 18,765 15,896 17,947 2.2 2.3 95.4 124.4 4.7 3.6 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 131 - 7,800 14,482 16,069 2.3 2.2 55.0 62.2 2.4 2.1 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 37 - 2,464 4,529 4,780 3.0 2.8 12.3 11.8 3.0 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 195 - 8,632 11,454 12,378 2.0 2.0 52.4 60.5 3.7 3.2 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 50 - 5,218 8,196 9,202 2.4 2.4 6.1 15.9 8.2 3.2 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 252 - 3,850 5,641 6,083 2.0 2.0 82.7 98.1 3.1 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 43 - 1,516 3,307 3,531 2.2 2.4 17.5 21.6 2.5 2.0 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 257 - 4,392 2,798 3,250 3.0 3.0 38.1 51.9 6.8 5.0 0.6 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

August 29, 2013

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Financials

HDFC Accumulate 654 708 101,691 8,679 10,350 3.6 3.6 37.5 44.7 17.4 14.7 3.6 3.3 30.1 30.7 - -

HDFC Bank Buy 562 692 134,210 27,392 33,264 4.6 4.6 36.3 45.1 15.5 12.5 3.1 2.6 21.9 22.8 - -

ICICI Bank Buy 797 951 91,959 25,727 29,969 3.2 3.2 83.2 96.7 9.6 8.2 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 57 - 7,550 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 63 - 2,718 5,940 6,396 2.7 2.7 24.9 32.9 2.5 1.9 0.3 0.2 10.3 12.4 - -

IOB Neutral 39 - 3,562 7,692 8,627 2.2 2.3 8.1 15.2 4.8 2.5 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,053 - 5,106 3,038 3,370 3.7 3.9 214.2 202.6 4.9 5.2 0.9 0.8 19.8 16.3 - -

LIC Housing Finance Neutral 163 - 8,201 2,001 2,495 2.2 2.3 23.8 28.8 6.8 5.6 1.1 1.0 17.3 18.2 - -

Oriental Bank Neutral 126 - 3,689 6,918 7,459 2.6 2.5 46.7 52.5 2.7 2.4 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 435 - 15,364 20,766 23,515 3.4 3.4 135.0 164.8 3.2 2.6 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 19 - 2,601 1,800 2,023 2.7 2.7 3.7 4.2 5.2 4.6 0.8 0.7 16.2 16.2 - -

St Bk of India Neutral 1,498 - 102,482 65,392 74,467 3.0 3.0 178.5 226.1 8.4 6.6 1.1 0.9 12.1 14.0 - -

Syndicate Bank Neutral 65 - 3,913 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.8 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 51 - 3,820 6,770 7,017 2.8 2.6 14.8 15.5 3.4 3.3 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 100 - 5,992 10,458 11,809 2.5 2.5 32.0 40.6 3.1 2.5 0.4 0.3 11.6 13.4 - -

United Bank Neutral 30 - 1,119 3,386 3,884 2.3 2.5 12.4 20.0 2.4 1.5 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 34 - 1,707 2,718 2,941 1.8 1.9 7.0 9.0 4.9 3.9 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 226 - 8,137 4,417 5,486 2.7 2.8 42.9 49.5 5.3 4.6 1.1 1.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 392 - 37,591 12,332 14,524 16.3 16.1 13.9 16.0 28.2 24.4 9.0 7.1 35.2 32.5 2.9 2.5

Britannia Neutral 692 - 8,288 6,422 7,367 6.9 7.3 24.2 29.7 28.6 23.3 10.1 7.8 39.6 37.7 1.3 1.1

Colgate Neutral 1,219 - 16,584 3,588 4,130 18.9 19.4 41.2 48.4 29.6 25.2 26.3 20.4 100.0 91.0 4.5 3.8

Dabur India Neutral 157 - 27,297 7,183 8,297 16.8 16.9 5.4 6.3 29.3 24.9 10.3 8.2 39.2 36.7 3.8 3.3

GlaxoSmith Con* Neutral 3,886 - 16,344 3,617 4,259 16.1 16.4 122.2 148.7 31.8 26.1 9.9 8.0 34.1 33.7 4.1 3.4

Godrej Consumer Neutral 802 - 27,301 7,801 9,017 16.2 15.9 25.1 29.7 31.9 27.0 6.9 5.7 24.9 24.2 3.6 3.1

HUL Neutral 593 - 128,238 28,415 31,962 13.6 14.1 16.7 18.2 35.6 32.6 34.2 24.8 112.2 88.1 4.4 3.9

ITC Neutral 298 - 235,870 34,294 39,991 36.8 37.0 11.3 13.3 26.4 22.3 8.7 7.0 36.1 34.9 6.6 5.6

Marico Neutral 204 - 13,136 5,104 5,876 15.1 15.2 7.2 8.6 28.5 23.7 5.5 4.5 21.1 20.9 2.6 2.3

Nestle* Neutral 4,636 - 44,701 9,330 10,860 21.8 21.9 123.3 149.7 37.6 31.0 18.5 13.5 56.4 50.3 4.8 4.1

Tata Global Neutral 136 - 8,413 8,070 8,958 9.8 9.9 7.6 8.5 18.0 16.0 2.1 2.0 9.3 9.7 1.0 0.9


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IT

HCL Tech^ Accumulate 978 1,070 68,163 32,266 35,103 23.5 22.6 69.7 74.0 14.0 13.2 3.8 3.1 26.5 23.0 1.9 1.7

Hexaware* Neutral 128 - 3,821 2,273 2,575 22.2 21.5 12.4 13.4 10.3 9.5 2.6 2.3 25.4 23.5 1.5 1.3

Infosys Neutral 3,120 - 179,179 48,731 52,962 26.9 27.1 180.8 200.3 17.3 15.6 3.7 3.2 20.4 19.3 3.0 2.7

Infotech Enterprises Accumulate 175 190 1,956 2,128 2,341 17.2 17.6 21.3 23.2 8.2 7.6 1.3 1.1 14.9 14.0 0.6 0.4

KPIT Cummins Buy 129 155 2,496 2,769 3,122 18.3 17.8 15.3 16.6 8.4 7.8 1.7 1.4 20.9 18.4 0.8 0.7

Mindtree Neutral 1,025 - 4,260 2,871 3,110 20.4 20.7 102.6 111.2 10.0 9.2 2.4 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 408 450 8,576 6,827 7,342 21.0 21.2 47.0 51.3 8.7 8.0 1.5 1.3 14.3 14.2 0.8 0.6

NIIT Neutral 20 - 330 1,144 1,267 9.0 9.1 4.3 5.4 4.7 3.7 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 584 - 2,337 1,590 1,774 23.5 23.8 48.5 56.9 12.0 10.3 1.9 1.7 16.4 16.1 1.1 0.9

TCS Accumulate 1,905 2,015 372,772 80,353 91,576 30.0 30.0 91.0 103.2 20.9 18.5 6.8 5.4 31.5 29.2 4.4 3.8

Tech Mahindra Accumulate 1,370 1,485 31,836 17,749 19,406 22.5 21.0 113.6 114.2 12.1 12.0 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 471 - 116,190 43,610 47,320 21.6 22.2 30.0 33.0 15.7 14.3 3.5 3.0 20.7 19.4 2.2 1.9

Media

D B Corp Buy 230 267 4,218 1,783 1,968 23.8 25.0 13.6 16.0 16.9 14.4 4.1 3.6 22.5 22.9 2.3 2.0

HT Media Buy 89 112 2,095 2,205 2,380 14.1 14.4 7.6 8.4 11.7 10.6 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 80 104 2,669 1,683 1,845 19.7 20.8 5.9 6.9 13.7 11.7 2.6 2.4 19.4 21.2 1.7 1.5

PVR Neutral 395 - 1,569 1,359 1,540 17.3 17.4 17.2 21.6 22.9 18.3 2.3 2.1 10.3 12.0 1.6 1.4

Sun TV Network Neutral 364 - 14,329 2,287 2,551 69.7 70.5 20.0 23.3 18.2 15.6 4.5 3.9 26.4 27.3 5.9 5.2

Metals & Mining

Bhushan Steel Reduce 454 419 10,287 12,640 15,667 28.5 31.5 25.9 38.6 17.6 11.8 1.0 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 254 - 160,530 68,303 69,884 32.5 30.3 27.5 25.0 9.3 10.2 3.5 2.5 40.2 33.1 1.5 1.5

Electrosteel Castings Buy 11 15 352 1,976 2,017 11.8 12.7 0.1 1.2 168.9 8.9 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 82 115 2,616 1,701 1,985 47.8 48.8 17.4 20.6 4.7 4.0 0.9 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Buy 118 143 49,880 12,389 13,093 48.5 51.7 15.2 17.0 7.8 7.0 1.3 1.2 18.5 18.0 1.8 1.4

Hindalco Neutral 102 - 19,557 95,465 102,491 8.4 9.0 13.9 17.2 7.4 6.0 0.5 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 534 - 12,910 45,022 48,140 16.0 15.9 68.5 77.0 7.8 6.9 0.7 0.6 9.3 9.7 0.8 0.7

MOIL Accumulate 203 223 3,414 956 982 42.3 44.3 25.3 26.2 8.0 7.8 1.1 1.0 14.6 13.7 0.9 1.0

Monnet Ispat Buy 107 139 679 2,199 2,575 21.6 22.8 30.7 38.6 3.5 2.8 0.3 0.2 7.7 8.9 1.4 1.0

Nalco Neutral 30 - 7,654 7,270 7,521 13.6 13.8 2.8 2.9 10.7 10.3 0.6 0.6 5.9 6.0 0.5 0.4

NMDC Buy 116 142 45,971 10,718 11,514 66.6 64.5 15.5 16.1 7.5 7.2 1.5 1.4 21.2 20.0 2.2 2.0

SAIL Neutral 47 - 19,556 44,060 54,227 9.2 10.9 5.3 6.8 8.9 7.0 0.5 0.5 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa* Neutral 170 - 14,736 3,817 5,781 12.1 17.7 27.0 29.6 6.3 5.7 0.8 0.7 12.9 12.5 4.7 3.1

Tata Steel Accumulate 279 317 27,131 153,862 167,209 9.4 10.5 32.8 53.5 8.5 5.2 0.7 0.7 9.0 13.2 0.5 0.5

Sarda Buy 83 98 298 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 402 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 72 78 237 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.6 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Accumulate 326 364 62,195 18,403 17,925 71.9 62.1 62.1 57.4 5.2 5.7 1.1 0.9 22.6 17.8 2.2 1.9GAIL Neutral 283 - 35,892 49,700 48,822 16.0 16.6 32.9 33.4 8.6 8.5 1.3 1.2 15.9 14.4 0.3 0.2

ONGC Buy 244 350 208,540 164,816 196,050 33.7 36.6 30.0 38.7 8.1 6.3 1.2 1.1 16.0 18.5 1.0 0.7

Reliance Industries Buy 811 953 262,045 417,018 442,434 8.4 8.4 70.3 75.2 11.5 10.8 1.2 1.1 12.0 11.6 0.6 0.6

Gujarat Gas* Neutral 191 - 2,446 3,270 3,414 12.8 12.6 22.6 23.1 8.4 8.3 2.2 2.0 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 260 - 3,634 3,656 4,456 21.5 18.6 25.7 26.8 10.1 9.7 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Buy 117 135 8,805 39,449 43,315 5.3 5.9 14.1 16.9 8.3 7.0 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 51 67 2,864 1,002 1,021 91.4 91.5 8.2 8.4 6.2 6.1 0.8 0.8 14.3 13.0 2.3 2.2

Pharmaceuticals

Alembic Pharma Buy 131 165 2,463 1,736 2,008 17.1 18.9 10.5 13.8 12.4 9.5 3.8 2.9 34.4 34.7 1.5 1.2

Aurobindo Pharma Buy 179 271 5,211 6,641 7,637 15.9 15.9 17.3 20.6 10.3 8.7 1.7 1.4 19.5 18.9 1.2 1.1

Aventis* Neutral 2,376 - 5,473 1,682 1,917 15.6 15.6 91.9 101.7 25.9 23.4 3.6 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 651 894 13,329 7,123 8,367 15.5 15.7 37.3 44.7 17.5 14.6 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 399 477 31,996 9,274 10,796 23.1 23.1 21.0 23.8 19.0 16.7 3.0 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Buy 2,172 2,535 36,929 13,377 15,350 20.4 20.1 112.1 1 26.6 19.4 17.2 4.1 3.4 23.5 21.8 2.9 2.5

Dishman Pharma Buy 40 73 325 1,394 1,534 22.5 22.4 14.8 16.6 2.7 2.4 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,268 - 19,209 2,744 2,964 22.0 23.4 59.2 66.6 38.3 34.1 9.5 9.2 24.9 27.5 6.2 5.7

Indoco Remedies Buy 62 78 568 747 906 15.3 15.3 5.9 7.6 10.4 8.1 1.2 1.1 12.5 14.4 1.0 0.8

Ipca labs Accumulate 615 674 7,764 3,246 3,830 20.5 21.7 36.2 44.9 17.0 13.7 4.0 3.2 26.1 25.7 2.5 2.1

Lupin Buy 770 904 34,490 11,576 13,855 22.0 22.0 35.8 43.0 21.5 17.9 5.2 4.2 27.1 25.8 3.0 2.5

Ranbaxy* Neutral 419 - 17,710 10,400 11,331 6.6 8.4 11.4 15.2 36.7 27.5 3.9 3.4 11.1 13.1 1.8 1.6

Sun Pharma Neutral 505 - 104,611 13,509 15,846 41.0 41.0 16.5 19.9 30.6 25.4 6.2 5.1 22.0 22.0 7.2 6.0

Power

GIPCL Accumulate 57 65 865 1,444 1,482 33.4 33.0 13.7 14.8 4.2 3.9 0.5 0.4 12.3 12.0 0.7 0.4

NTPC Buy 126 163 104,264 75,046 81,780 23.5 23.9 12.7 13.6 10.0 9.3 1.2 1.1 12.2 12.0 2.1 2.1

Real Estate

DLF Buy 132 179 23,484 8,293 9,622 36.5 36.1 5.7 6.7 23.1 19.6 0.8 0.8 3.7 4.1 4.9 4.1


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Real Estate

MLIFE Buy 419 483 1,711 888 1,002 27.0 29.9 33.9 42.1 12.4 10.0 1.2 1.1 9.9 11.2 2.5 2.3

Telecom

Bharti Airtel Buy 288 350 115,025 83,535 92,173 32.0 33.1 9.2 12.9 31.4 22.3 2.0 1.9 6.8 8.9 2.1 1.8

Idea Cellular Neutral 152 - 50,248 26,717 29,443 30.6 29.8 5.5 6.7 27.8 22.5 3.1 2.7 11.1 12.0 2.2 2.0

Rcom Neutral 111 - 22,942 22,050 23,647 30.6 30.8 3.2 5.2 34.8 21.3 0.7 0.7 1.9 3.1 2.7 2.4

Others

Abbott India* Buy 1,357 1,628 2,884 1,788 1,996 12.5 12.7 71.7 81.4 18.9 16.7 3.8 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 156 184 1,559 3,885 4,472 4.0 5.8 6.8 15.4 23.2 10.2 2.0 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 483 613 612 631 797 14.5 13.7 42.6 51.1 11.4 9.5 2.7 2.2 26.5 25.3 1.0 0.8

Cravatex Accumulate 280 307 72 248 284 6.5 7.3 27.2 38.2 10.3 7.3 1.6 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 52 68 793 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 285 349 371 2,304 2,649 3.1 3.6 28.0 43.7 10.2 6.5 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Buy 300 345 692 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

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 2,241 - 1,981 1,842 2,131 7.7 7.8 111.1 130.9 20.2 17.1 2.5 2.2 13.3 13.9 1.0 0.8

IFB Agro Buy 135 156 122 491 642 12.3 13.8 35.0 50.9 3.9 2.7 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 145 194 167 1,365 1,502 10.9 11.2 18.2 28.0 8.0 5.2 0.4 0.4 5.1 7.4 0.5 0.5

Jyothy Laboratories Buy 152 199 2,529 1,244 1,523 14.1 14.2 5.9 10.0 25.7 15.3 3.1 2.7 12.7 18.8 2.4 1.9

MRF Buy 12,916 16,218 5,478 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.2 7.2 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 3,978 4,669 4,437 1,059 1,296 19.5 19.8 125.0 155.6 31.8 25.6 15.8 11.6 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 711 981 853 1,196 1,401 11.9 12.6 55.6 75.4 12.8 9.4 3.1 2.3 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 194 228 182 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.6 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 344 492 605 1,007 1,108 8.4 8.7 30.3 35.1 11.4 9.8 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 55 108 345 300 319 35.8 36.2 7.9 9.1 7.0 6.0 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 255 371 393 814 849 17.0 17.6 64.6 69.2 4.0 3.7 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 488 632 379 416 481 4.5 6.1 16.2 25.3 30.1 19.3 3.7 3.3 12.6 18.1 0.8 0.7

Tree House Buy 226 297 814 153 194 53.0 52.8 12.4 15.6 18.3 14.5 2.2 1.9 11.8 13.1 5.5 4.2

TVS Srichakra Buy 156 230 120 1,591 1,720 6.1 6.4 30.5 38.3 5.1 4.1 0.7 0.6 13.5 15.5 0.3 0.2

United Spirits Neutral 2,064 - 30,001 12,294 14,162 12.0 12.0 42.1 67.7 49.0 30.5 3.5 3.1 9.1 10.7 2.8 2.4

Vesuvius India* Buy 358 439 727 600 638 20.1 19.4 35.7 36.6 10.0 9.8 1.8 1.6 19.4 17.1 1.0 0.9

HSIL Buy 76 117 505 2,042 2,363 14.6 14.8 12.3 16.5 6.2 4.6 0.5 0.4 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 28, 2013*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.


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

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