market outlook, 31-05-2013

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Market Outlook May 31, 2013

Dealers Diary

The Indian markets are expected to open flat to positive tracking flat in SGX Nifty while the other Asian markets are trading positive.

US markets ended Thursday's trading mostly higher, partly offsetting the weaknessthat was seen in the previous session. The strength on Wall Street came on theheels of the release of a batch of economic data that was though weaker thanexpected but was not bad enough to raise serious concerns about the economicoutlook. Report released by the Labor Department showed that initial jobless claimsclimbed to 354,000 in the week ended May 25th from the previous week's revisedfigure of 344,000. A separate report from commerce department said that GDPincreased at an annual rate of 2.4%in the first quarter compared to the previously reported 2.5% growth. The European markets pared their gains in the afternoonimpacted by the unexpected downward revision of the U.S. GDP, but largely finished in the green on Thursday.

Meanwhile, Indian shares ended modestly higher reversing the early losses led by better than expected earnings from auto giants supporting the sentiment. However,the markets witnessed lackluster trading as traders rolled over positions in thefutures and options segment.

Markets Today

The trend deciding level for the day is 20,179 / 6,110 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 20,291 20,366 / 6,148 6,172 levels. However, if NIFTY trades below20,179 / 6,110 levels for the first half-an-hour of trade then it may correct up to

20,103 19,991 / 6,086 6,048 levels.Indices S2 S1 PIVOT R1 R2 SENSEX 19,991 20,103 20,179 20,291 20,366NIFTY 6,048 6,086 6,110 6,148 6,172

News Analysis Bharti Airtel set to sell stake in landline, enterprise business to cut debt Result Review: M&M, SAIL, Cadila, IPCA Labs, Madras Cement, Aurobindo

Pharma, Page Ind, Gujarat State Petronet, Sadbhav Eng, IVRCL, Simplex, JyotiStructures, Unity InfraprojectsRefer detailed news analysis on the following page

Net Inflows (May 29, 2013)` cr Purch Sales Net MTD YTDFII 3,277 2,306 971 19,678 80,836MFs 198 402 (204) (3,297) (11,888)

FII Derivatives (May 30, 2013)` cr Purch Sales Net Open InterestIndex Futures 6,894 5,726 1,168 20,939Stock Futures 8,065 8,299 (235) 36,334

Gainers / Losers

Gainers LosersCompany Price ( ` ) chg (%) Company Price ( ` ) chg (%)Mphasis 485 8.4 HDIL 45 (6.9)

Adani Power 59 7.5 Madras Cements 232 (5.1)M&M 1,005 4.6 Cipla 383 (4.6)Tata Motors 317 4.3 Unitech 24 (4.2)ITC 354 3.5 J P Infra 34 (3.9)

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.3 68 20,215

Nifty 0.3 20 6,124

MID CAP 0.0 3 6,476SMALL CAP (0.4) (21) 6,037

BSE HC (0.4) (36) 8,930

BSE PSU 0.1 8 6,802

BANKEX (0.4) (58) 14,621

AUTO 2.3 255 11,369

METAL (1.1) (97) 8,666

OIL & GAS (0.7) (66) 8,896

BSE IT (0.2) (10) 6,013

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 22 15,325NASDAQ 0.7 24 3,491

FTSE 0.4 30 6,657

Nikkei (5.1) (737) 13,589

Hang Sang (0.3) (71) 22,484

Straits Times (0.9) (31) 3,336

Shanghai Com (0.3) (6) 2,318

Indian AD R Chg (%) (Pts) (Close)

INFY 0.7 0.3 $41.7

WIT (1.0) (0.1) $7.8IBN 0.1 0.1 $46.9

HDB 0.9 0.4 $41.9

Advances / Declines BSE NSE

Advances 1,062 565

Declines 1,327 797

Unchanged 133 85

Volumes ( ` cr)

BSE 4,029NSE 13,808

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SAIL (CMP: ` 59/ TP:-/ Upside :-)

SAIL reported disappointing 4QFY2013 profitability performance as the net profitwas below our estimates due to higher than expected employee costs and powercosts. SAILs 4QFY2013 net sales declined by 9.2% yoy to ` 12,162cr (above ourestimates of ` 11,640cr) due to lower volumes coupled with lower realizations. Thecompanys volumes declined 3.0% to 3.2mn tonnes. The companys realizationsstood at ` 38,008/tonne, compared to ` 40,598/tonne in 4QFY2012. Staff costsand power costs increased 35.9% and 5.4% yoy to ` 2,473cr and ` 1,219cr,respectively. EBITDA therefore decreased by 50.6% yoy to ` 924cr and EBITDA margin contracted by 637bp yoy to 7.6%. The company reported an exceptionalitem related to forex gain of ` 16cr in 4QFY2013, and the tax rate also increasedto 39.8% compared to 31.5% in 4QFY2012. Hence the adjusted net profit(excluding exceptional items) declined by 49.6% yoy to ` 430cr (significantly below

our estimate of ` 725cr) in 4QFY2013. We expect SAILs operational and financial performance to be impacted by 1)inability to maintain/raise sales volumes amidst slower demand growth; 2) higheremployee costs, and 3) delays/cost overruns in its brownfield expansion projects.SAIL is on the verge of expanding its saleable steel production capacity from12.5mn tonnes to 24.0mn tonnes by FY2015. However, the current rich valuationdiscounts its anticipated volume growth over FY2012-FY2016E. Hence, werecommend Neutral view on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 52,280 10.5 2,636 6.4 6.2 9.2 0.6 7.2 0.8

FY2015E 62,963 11.5 3,045 7.4 6.9 8.0 0.5 6.9 0.8

Cadila Healthcare (CMP: ` 775/ TP: -950/ Upside: -23%)

Cadila Healthcare posted better than expected results for the quarter, registering agrowth of 15.9% to ` 1,565cr v/s expected ` 1,344cr on sales front. On the OPMfront, the OPM came in at 15.3% V/s expectation of 19.2% , a dip of 175bps. Thiscame inspite of contraction in the OPMs, on back of ` 58.3cr tax write-back. Thislead the net profit to come in at ` 262cr, V/s ` 171cr during the last period. Wemaintain our buy with a target of 950.


March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 7,386 18.0 808 39.5 24.8 19.6 4.5 13.5 2.4

FY2015E 8,863 18.0 984 48.1 24.7 16.1 3.7 11.1 2.0

IPCA Labs (CMP: ` 599/ TP: -676/ Upside: -13%)

IPCA Labs, reported numbers below expectations. On the sales front, IpcaLaboratories' top-line grew by 18.9% to ` 659cr for 4QFY2013 V/s expectations of

` 770cr.The OPM came in at 16.3% V/s 18.7% during the last correspondingperiod. Thus, the net profit declined by 1.5% yoy to end period ` 75.4cr. Wemaintain accumulate on the stock with a target of 676.

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March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 3,474 21.0 470 37.3 26.4 16.1 3.7 11.0 2.3

FY2015E 4,168 21.0 568 45.1 25.3 13.3 3.0 9.0 1.9

Madras Cements (CMP: ` 232/TP:-/Upside: -)

Madras Cements posted a weak financial performance for 4QFY2013. Top-linerose by 5.5% yoy to ` 927cr. OPM stood at 15.2%, down 732bp yoy, impacted by decline in realizations and increase in freight costs, employee costs and otherexpenses. Bottom-line fell by 35% yoy to ` 64cr. We maintain a Neutral rating onthe stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*

Mar ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (US $)

FY2014E 4,293 27.4 518 21.8 19.6 10.7 1.9 6.5 87

FY2015E 4,855 28.6 672 28.2 21.3 8.2 1.6 5.0Note: Computed on TTM basis

Aurobindo Pharma (CMP: ` 177/ TP: - 264/ Upside: 49%)

Aurobindo Pharmaceuticals posted numbers, above expectation on the sales front,while net profit came in mostly in line with expectations. On the sales front, thecompany posted sales of ` 155cr, a growth of 32.5% yoy. The margins came in at14.3% V/s10.2% in the corresponding period of last year, which lead the company to post a reported net profit of ` 108.6cr V/s a net profit of ` 108.0cr, respectively.We maintain our buy with a target of 264.


March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 6,279 16.0 443 15.2 19.2 11.6 1.5 8.1 1.3

FY2015E 7,033 16.0 559 19.2 18.0 9.2 1.3 7.0 1.1

Page Industries (CMP: ` 4,265/ TP: Neutral/ Upside: -)

For 4QFY2013, Page Industries healthy set of numbers which were in-line with ourestimates. The company's top line grew by 35.5% yoy to ` 209cr, marginally aboveour estimate of ` 201cr for the quarter. The EBITDA margin for the quarter

expanded by 190bp yoy and came in at 17.6%, mainly because of lower otherexpense as a percent of net sales, in-line with our estimate of 17.7%.Consequently, the company reported a profit of ` 24cr, 38.5% higher yoy from

` 17cr in 3QFY2012, in-line with our estimate.

For FY201 3, the companys revenue grew by 26.3% to ` 863cr with an EBITDA margin of 19.0%. The profit for the year grew by 24.8% to ` 113cr, in-line with ourestimate.

The company paid a total dividend of ` 50 per share for FY2013. Given the hugemar ket size, Pages predominant position, strong brand recall and capacity

expansion plans for next four years to cater to the increasing demand; we remainpositive on the companys growth outlook. At the CMP of ` 4,265, the stock istrading at a PE of 27.5x FY2015E earning. We recommend Neutral view on thestock due to the high valuation.

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Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/Sales

March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 1,054 19.2 137 123.2 55.8 34.6 17.0 24.0 4.6FY2015E 1,290 19.5 173 155.0 52.4 27.5 12.5 19.2 3.8

Gujarat State Petronet (CMP: ` 58 / TP: -/ Upside: -) Gujarat State Petronet Ltd (GSPL) reported phenomenal 4QFY2013 results. Totaloperating revenues increased by 29.1% yoy to ` 360cr mainly due to increase inrealizations partially offset by decline in transmission volumes. Transmissionvolumes for 4QFY2013 decreased by 28.7% yoy to 22.2mmscmd whereastransmission tariffs increased by 80.4% yoy to ` 1.7/scm. EBIDTA also increased by 28.8% yoy to ` 328cr mainly due to higher realizations. Depreciation expenses roseby 3.0% yoy to ` 48cr and the tax rate also increased to 38.6% in 4QFY2013compared to 32.0% in 4QFY2012. Hence, PAT increased at a lower rate of 24.9%yoy to ` 162cr. We maintain our Neutral view on the stock.

Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/Sales

March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 1,079 91.8 492 8.7 17.8 6.6 1.1 3.0 2.7FY2015E 983 91.9 443 7.8 14.1 7.4 1.0 3.2 3.0

Sadbhav Engineering (CMP: ` 115 / TP: under review )

For 4QFY2013, Sadbhav Engineering (SEL) reported a mix set of numbers. SELposted better-than expected numbers on the revenue front; however owing toabysmal operational performance earnings were in-line with our estimate. On the

top-line front, SEL reported revenue of ` 702cr, indicating a decline of 22.4% yoy which was significantly higher than our estimate of ` 456cr. This was mainly on theback of pick up in execution in remaining under construction projects. On themargin front, EBITDAM came in 7.4%, a dip of 207bp on yoy basis and was lowerthan our estimate of 10.4%. Interest cost grew by 94.1% yoy/42.8% qoq to ` 29crand was above our estimate. On the bottom-line front, company reported a PAT of

` 12cr (was in-line with our estimate of ` 12cr) in 4QFY2013 registering a declineof 75.4% yoy. This was mainly due to abysmal operational performance andhigher interest expense during the quarter. At CMP, the stock is trading at P/E andP/BV of 15.9x and 1.8x FY2015 earnings. The stock rating is currently underreview. We shall revise our estimates post earnings conference call with themanagement.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)FY2014E 2,511 10.6 109 7.3 13.4 15.9 2.0 2.5 0.3

FY2015E 2,736 10.6 117 7.8 12.8 14.8 1.8 2.3 0.2

IVRCL - (CMP: ` 18/TP: under review)

For 3QFY2013, IVRCL ltd (IVRCL) reported good set of numbers on the profitability

front, which were significantly above our and consensus estimates. On the top-linefront, the company reported a decline of 6.5% yoy to ` 1,494cr, which was slightly lower than our estimate of ` 1,520cr. On the operating margins, EBITDAM grewby 252bp/360bp on a yoy/qoq basis to 9.0% in 3QFY2013 and was above our

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estimates of 8.7%. This was mainly on account of pick up in execution and lowerbase of last year. Interest cost grew by 100.7%/16.9 on a yoy/qoq basis to ` 133crfor the quarter. On earnings front, IVRCL s PAT grew by 22.6% yoy to ` 6cr (ourestimate was a loss of ` 22cr) in 3QFY2013. This was mainly on back of higher-than-expected other income of ` 44cr (a jump of 694.4% yoy). Currently, the

Target price and rating is under review. We shall revise our estimates postearnings conference call with the management.


March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 6,287 12.7 249 8.1 11.0 2.2 0.2 3.9 0.5

FY2015E 6,836 13.2 310 10.1 12.3 1.8 0.2 3.4 0.4

Simplex Infrastructures (CMP: ` 102/TP: under review)

Simplex Infrastructures (SINF) reported slow execution and lower profitability in

4QFY2013 due to stagnant order book and delayed payments from clients. Onthe top-line front, the company reported a decline of 17.2% yoy to ` 1,486cr,which was 12.1% lower than our estimate. EBITDAM came in at 9.8% showing animprovement of 107bp/ 16bp on a yoy/qoq basis and was above our estimate of8.8%. Interest cost grew by 12.8% yoy to ` 77cr for the quarter. The company reported adjusted PAT of ` 18cr in 4QFY2013, a decline of 38.5% yoy which wasbelow our estimate of ` 21cr respectively. T he companys has a order book of

` 15,463cr (2.7x trailing revenue) in 4QFY2013. SINF had secured order worth ` 2,052cr and ` 6,306cr in 4QFY2013 and FY2013 respectively. The stock ratingand target price is currently under review. We shall revise our estimates postearnings conference call with the management which is scheduled on 31 st May

2013 at 2pm.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)FY2014E 6,802 12.6 244 49.4 17.9 2.1 0.4 3.6 0.4

FY2015E 7,540 12.8 290 58.6 17.9 1.8 0.3 3.2 0.4

Jyoti Structures (CMP: ` 28/TP: Under review )

For 4QFY2013, Jyoti Structures top-line performance was better than ourexpectations, growing by 27.5% yoy to ` 938cr. On the operational front, EBITDA margin contracted by 71bp yoy to 10.6% (vs our expectation of 118bp yoy contraction to 10.1%) However, elevated interest cost due to higher workingcapital borrowings has led to 29.3% yoy decline in net profit to to `22cr. The stock is under review.


March ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 3,074 9.0 71 8.7 10.4 3.2 0.3 2.9 0.3

FY2015E 3,355 8.8 84 10.2 11.1 2.8 0.3 2.7 0.2

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Unity Infraprojects (CMP: ` 31 / TP: under review)

For 4QFY2013, Unity Infraprojects (UIP) posted disappointing set of numberswhich were significantly below our estimates, both on the revenue and profitability fronts. On the top line front, company reported revenue of ` 692cr (our estimate

was ` 833cr) in 4QFY2013, indicating a decline of 3.5%. On the EBITDAM front,the companys EBITDA margins stood at 10.6% (down 190bp on a yoy basis),which were above our estimate of 13.7%. Interest cost came in at ` 40cr in4QFY2013, registering a growth of 15.5% yoy. On the bottom line level, UIPreported PAT of ` 30cr in 4QFY2013, a decline of 22.9% yoy and was below ourestimate of ` 36cr owing to slower-than-expected execution and disappointingperformance at operating level. We continue to maintain Buy rating on the stockand would revise our target price post concall with the management.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch ( ` cr) (%) ( cr) (` ) (%) (x) (x) (x) (x)

FY2014E 2,455 13.9 117 15.7 13.2 2.0 0.2 3.2 0.4FY2015E 2,734 13.6 121 16.3 12.2 1.9 0.2 3.4 0.5

Economic and Political News RBI to focus on containing inflation, CAD: Subbarao India may import record 300-400 tons of gold in Apr-June: WGC FY2013 inbound shipments tad up on higher petro, edible oil imports SGAT opposes joint allocation of coal blocks

Corporate News Adani Enterprises share-sale floor price set at ` 227 Fin Min to take up Jet-Etihad deal for approval on June 11 Cairn India seeks right of first refusal over Rajasthan block New pricing norms may hit pharma cos' near-term earnings: Icra

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg DataLast Reported Estimated

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 50.00

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

2:00PM UK PMI Manufacturing Value May 49.80 50.10

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

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) (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 0.50

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 165.00

6:00PM US Unnemployment rate % May 7.50 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 --

June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 --

6:00PM US Building permits Thousands May 1,005.00 --

6:00PM US Consumer price index (mom) % Change May (0.40) --

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 --

June 20, 2013 7:30PM US Existing home sales Million May 4.97 --

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

2:00PM UK GDP (YoY) % Change 1Q F 0.60 --

July 15, 2013 7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

Source: Bloomberg, Angel Research

May 31, 2013

Market Outlook

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Market OutlookMay 31, 2013


Macro watch

Exhibit 1: Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2: IIP trends

Source: M O SPI, Ang el Research

Exhibit 3: M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4: M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 5 0 ind icates expan sion

Exhibit 5: Expo rts an d impo rts growth trends

Source: Bloomb erg, An gel Research

Exhibit 6: Key policy rates

Source: RBI, Ang el Research

5.7

9.0

7.5

11.2

8.57.6

8.29.2

7.56.5

6.05.3 5.5 5.3

4.5

3.04.05.06.07.08.09.0

10.011.012.0

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)

(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

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 6.86.0

4.9

0.01.0

2.03.04.05.06.07.08.09.0

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

N o v - 1 2

D e c - 1

2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

A p r - 1 3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o v - 1 2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

A p r - 1 3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

M a - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o v - 1 2

D e c - 1

2

J a n - 1

3

F e b

- 1 3

M a - 1

3

A p r - 1 3

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

A p r - 1 3

M a - 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 129 - 2,512 1,657 1,906 14.1 14.1 7.7 8.9 16.8 14.5 3.5 3.0 22.2 21.9 1.4 1.2

United Phosphorus Buy 155 232 6,867 10,298 11,310 16.5 16.5 20.5 23.2 7.6 6.7 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Neutral 281 - 4,806 3,418 3,892 14.5 14.5 18.5 20.4 15.2 13.8 3.7 3.0 26.6 23.8 1.4 1.2

Apollo Tyres Buy 90 104 4,539 13,852 15,487 11.4 11.5 12.8 14.9 7.0 6.1 1.1 1.0 17.5 17.3 0.5 0.4 Ashok Leyland Accumulate 24 27 6,479 14,038 16,442 7.6 8.7 1.1 2.2 23.3 10.9 2.0 1.8 6.2 12.5 0.6 0.4

Automotive Axle# Neutral 248 - 375 834 965 9.3 10.6 17.3 27.1 14.4 9.2 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,838 2,056 53,193 22,684 25,908 18.0 18.5 117.3 137.1 15.7 13.4 5.6 4.5 39.9 37.2 2.0 1.6Bharat Forge Neutral 240 - 5,598 6,198 6,793 14.6 14.9 14.5 17.3 16.5 13.9 2.2 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,166 - 28,780 9,821 11,394 17.0 17.3 373.5 438.7 24.5 20.9 4.4 3.7 18.0 17.9 2.6 2.2CEAT Buy 110 170 377 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 139 150 11,802 7,053 8,061 14.2 14.5 7.8 9.1 17.7 15.2 3.0 2.6 18.1 18.2 1.4 1.2FAG Bearings* Neutral 1,442 - 2,397 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 Neutral 1,752 - 34,992 25,274 27,658 14.1 13.7 110.2 139.9 15.9 12.5 5.8 4.6 39.8 40.7 1.2 1.0JK Tyre Buy 123 154 504 7,972 8,754 7.1 7.1 37.5 44.0 3.3 2.8 0.5 0.4 16.4 16.6 0.3 0.3Mahindra and Mahindra Neutral 1,005 - 61,681 44,550 50,260 11.4 11.7 59.6 68.3 16.9 14.7 3.5 2.9 22.3 21.6 1.1 1.0

Maruti Accumulate 1,638 1,847 49,470 48,455 55,723 11.2 10.9 107.8 123.2 15.2 13.3 2.3 2.0 16.2 16.0 0.9 0.7Motherson Sumi Neutral 217 - 12,777 28,442 31,493 7.5 7.8 12.5 14.8 17.4 14.7 4.3 3.4 27.5 25.8 0.6 0.5

Subros Buy 25 30 147 1,479 1,685 10.0 9.9 5.5 7.5 4.5 3.3 0.5 0.4 11.1 13.7 0.4 0.3Tata Motors Neutral 317 - 84,844 206,341 227,695 12.8 13.5 32.3 39.0 9.8 8.1 2.1 1.7 23.1 23.2 0.5 0.4

TVS Motor Neutral 38 - 1,784 7,715 8,584 6.0 6.1 5.0 5.8 7.6 6.5 1.3 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 669 461 14,181 8,073 9,052 5.5 6.9 11.5 16.9 58.1 39.5 5.3 5.1 9.3 13.1 1.7 1.5BGR Energy Neutral 200 - 1,441 4,114 4,886 11.4 10.7 24.9 28.0 8.0 7.1 1.1 1.0 25.2 22.6 0.7 0.6BHEL Neutral 205 - 50,261 44,054 39,326 16.8 15.1 20.6 16.1 10.0 12.8 2.2 2.0 23.5 16.1 1.0 1.1

Blue Star Buy 165 230 1,484 2,896 3,087 5.6 6.2 9.3 11.7 17.7 14.1 2.9 2.5 17.6 19.2 0.6 0.5Crompton Greaves Buy 96 117 6,171 13,446 15,272 6.7 7.6 6.6 8.9 14.5 10.8 1.6 1.4 11.4 14.0 0.6 0.5Jyoti Structures Buy 28 34 234 3,074 3,355 9.0 8.8 8.7 10.2 3.3 2.8 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 43 63 1,094 7,709 8,399 6.7 7.2 6.1 8.5 7.0 5.0 0.9 0.8 20.2 23.0 0.3 0.3Thermax Neutral 579 - 6,896 5,780 6,430 9.5 9.6 29.8 33.0 19.4 17.5 3.3 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,241 1,361 23,307 11,979 13,254 19.7 21.3 77.1 91.4 16.1 13.6 2.9 2.6 18.7 20.0 1.7 1.4


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

11/17



Cement

Ambuja Cements Neutral 182 - 28,139 10,232 11,762 23.5 24.5 10.3 12.2 17.7 15.0 2.9 2.7 17.2 18.6 2.2 1.8India Cements Neutral 69 - 2,110 4,929 5,434 17.4 17.1 8.9 10.9 7.7 6.3 0.6 0.6 7.7 9.1 0.8 0.7

J K Lakshmi Cement Buy 113 143 1,327 2,313 2,728 19.8 20.7 16.1 22.1 7.0 5.1 0.9 0.8 13.2 15.8 1.1 0.9Madras Cements Neutral 232 - 5,532 4,293 4,855 27.4 28.6 21.8 28.2 10.7 8.2 1.9 1.6 19.6 21.3 1.8 1.4

Shree Cement^ Neutral 4,863 - 16,942 6,540 7,452 27.4 26.6 319.7 369.9 15.2 13.2 3.7 3.0 27.5 25.4 1.9 1.5UltraTech Cement Neutral 1,991 - 54,581 21,947 25,049 23.8 23.8 106.1 119.8 18.8 16.6 3.1 2.7 17.7 17.3 2.6 2.2

Construction Ashoka Buildcon Buy 206 255 1,084 1,928 2,234 21.0 21.5 18.0 22.2 11.5 9.3 1.0 0.9 10.2 10.1 1.9 1.9Consolidated Co Neutral 12 - 217 2,281 2,492 5.9 6.9 0.7 2.0 17.2 5.8 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 121 157 4,035 3,997 4,312 45.5 46.4 15.7 16.6 7.7 7.3 1.1 1.0 15.2 14.5 3.4 3.7ITNL Buy 180 230 3,503 7,444 8,041 27.4 28.9 29.8 32.1 6.0 5.6 0.9 0.8 14.9 14.2 2.6 2.6IVRCL Infra Buy 18 35 557 6,287 6,836 8.5 8.5 2.3 3.0 7.7 6.0 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 67 90 14,835 14,850 15,631 24.9 25.1 2.5 2.9 26.4 23.4 1.1 1.0 4.2 4.7 2.8 2.8Larsen & Toubro Buy 1,427 1,761 87,857 68,946 78,040 10.5 10.5 77.9 88.3 18.3 16.2 2.7 2.4 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 31 42 804 6,167 6,945 8.0 8.2 2.7 3.6 11.7 8.6 0.3 0.3 2.7 3.6 0.5 0.5Punj Lloyd Neutral 45 - 1,491 12,954 14,740 9.9 9.9 0.5 0.9 88.5 48.2 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 115 153 1,737 2,511 2,736 10.6 10.6 7.3 7.8 15.9 14.8 2.0 1.8 13.3 12.7 0.9 0.8Simplex Infra Buy 104 164 512 6,824 7,563 9.2 9.4 18.0 23.4 5.7 4.4 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 231 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 125 144 6,235 6,876 7,545 2.6 2.5 28.2 30.9 4.4 4.0 0.7 0.6 12.8 12.7 - -

Andhra Bank Neutral 88 - 4,924 5,254 5,900 2.8 2.8 21.2 22.9 4.2 3.9 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,433 1,853 67,141 19,055 22,710 3.3 3.2 130.7 152.3 11.0 9.4 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 684 851 28,806 16,365 18,781 2.2 2.3 121.3 142.5 5.6 4.8 0.8 0.7 15.1 15.7 - -

Bank of India Buy 297 350 17,713 14,482 16,383 2.3 2.3 58.1 68.1 5.1 4.4 0.8 0.7 14.4 15.0 - -Bank of Maharashtra Buy 55 64 3,668 4,392 4,743 3.1 3.0 12.6 13.7 4.4 4.1 0.7 0.6 16.8 16.0 - -

Canara Bank Accumulate 427 481 18,909 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 Neutral 66 - 6,941 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 425 495 6,506 5,558 6,121 2.0 2.0 98.4 107.7 4.3 4.0 0.6 0.6 14.9 14.5 - -Dena Bank Accumulate 87 97 3,037 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 451 - 7,709 2,873 3,413 3.0 3.1 52.7 62.0 8.6 7.3 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

12/17



Financials

HDFC Neutral 926 - 143,263 8,573 10,142 3.6 3.6 37.0 43.6 25.0 21.2 5.2 4.6 30.0 30.3 - -HDFC Bank Neutral 724 - 172,348 27,682 33,916 4.6 4.6 35.3 42.7 20.5 17.0 4.0 3.4 21.3 21.8 - -

ICICI Bank Buy 1,183 1,503 136,474 25,705 30,330 3.1 3.2 83.9 96.3 14.1 12.3 1.9 1.7 15.2 15.7 - -IDBI Bank Accumulate 82 93 10,929 9,477 10,678 2.0 2.1 19.6 22.6 4.2 3.6 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 147 185 6,331 6,185 6,978 3.0 3.0 37.0 42.2 4.0 3.5 0.6 0.5 14.8 15.1 - -IOB Accumulate 62 66 5,720 8,142 8,956 2.5 2.5 16.5 20.7 3.8 3.0 0.5 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,219 1,315 5,908 3,074 3,140 3.5 3.2 224.7 201.5 5.4 6.1 1.0 0.9 20.6 16.1 - -LIC Housing Finance Accumulate 271 298 13,664 2,113 2,525 2.3 2.3 25.4 29.2 10.7 9.3 1.9 1.6 18.4 18.3 - -Oriental Bank Accumulate 256 285 7,465 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 797 994 28,161 20,876 23,929 3.3 3.4 151.7 177.0 5.3 4.5 0.8 0.7 16.1 16.5 - -South Ind.Bank Neutral 25 - 3,351 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.6 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,088 2,637 142,857 67,243 76,612 3.1 3.0 242.4 284.8 8.6 7.3 1.3 1.2 16.3 16.8 - -Syndicate Bank Accumulate 132 142 7,919 7,238 8,249 2.7 2.6 27.1 30.4 4.9 4.3 0.7 0.7 16.1 15.9 - -

UCO Bank Neutral 79 - 5,908 6,250 6,738 2.6 2.5 12.1 14.7 6.5 5.4 1.0 0.8 11.8 13.0 - -Union Bank Accumulate 232 260 1 3,843 11,229 12,794 2.6 2.6 40.7 48.2 5.7 4.8 0.8 0.7 14.6 15.4 - -United Bank Buy 53 65 1,969 3,443 3,998 2.4 2.6 15.1 20.4 3.5 2.6 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 52 - 2,589 2,730 3,059 1.9 2.0 10.2 11.3 5.1 4.6 0.6 0.6 11.8 12.0 - -Yes Bank Neutral 500 - 17,963 4,390 5,411 2.8 2.8 41.6 47.9 12.0 10.5 2.5 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,910 - 47,094 12,332 14,524 16.5 16.3 141.6 162.7 34.7 30.2 11.0 8.7 35.4 32.2 3.7 3.1Britannia Neutral 700 - 8,373 6,417 7,502 6.1 6.3 23.2 27.9 30.3 25.1 10.4 8.1 38.3 36.4 1.3 1.1

Colgate Neutral 1,459 - 19,844 3,588 4,130 20.5 20.9 44.2 51.8 33.0 28.2 32.2 23.4 108.6 96.2 5.4 4.6

Dabur India Neutral 157 - 27,373 7,183 8,340 16.8 16.8 5.4 6.3 29.2 25.0 11.4 8.9 41.5 40.1 3.8 3.2GlaxoSmith Con* Neutral 5,264 - 22,140 3,617 4,259 16.1 16.4 122.2 148.7 43.1 35.4 13.4 10.8 34.1 33.7 5.7 4.7Godrej Consumer Neutral 834 - 28,397 7,801 9,017 16.2 15.9 25.1 29.7 33.2 28.1 7.2 5.9 24.9 24.2 3.8 3.2

HUL Neutral 595 - 128,570 29,167 33,164 13.6 13.7 17.1 18.4 34.8 32.3 33.5 24.2 113.4 87.0 4.3 3.7ITC Neutral 354 - 279,922 34,294 39,991 36.8 37.0 11.3 13.3 31.4 26.6 10.4 8.4 36.1 34.9 7.8 6.7

Marico Neutral 227 - 14,644 5,273 6,044 14.8 14.9 7.3 8.7 31.3 26.2 6.1 5.0 21.4 21.0 2.8 2.4Nestle* Neutral 5,242 - 50,539 9,447 10,968 22.1 22.3 127.5 154.1 41.1 34.0 20.5 14.9 57.7 50.7 5.4 4.5Tata Global Neutral 148 - 9,152 7,998 8,798 9.7 9.8 7.9 8.7 18.8 17.0 2.3 2.2 9.5 9.8 1.1 0.9


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

13/17



IT

HCL Tech^ Buy 742 863 51,656 28,633 32,216 21.5 20.7 57.3 61.7 13.0 12.0 3.1 2.6 24.0 21.5 1.6 1.4Hexaware* Buy 82 96 2,443 2,091 2,289 19.0 18.8 10.6 11.3 7.7 7.2 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Accumulate 2,342 2,465 134,495 43,338 47,244 27.5 27.7 169.4 182.6 13.8 12.8 2.9 2.5 20.8 19.3 2.5 2.1Infotech Enterprises Accumulate 166 185 1,850 1,956 2,174 17.9 17.7 20.4 21.9 8.1 7.6 1.2 1.0 14.7 13.7 0.6 0.4

KPIT Cummins Buy 108 135 2,082 2,513 2,819 16.1 15.5 12.6 14.0 8.6 7.7 1.5 1.2 17.9 16.6 0.8 0.6Mahindra Satyam Accumulate 113 126 13,275 8,278 9,062 20.3 20.1 10.5 11.4 10.7 9.9 2.5 2.0 23.1 20.0 1.2 1.0

Mindtree Accumulate 811 920 3,369 2,599 2,871 19.4 19.2 85.2 92.3 9.5 8.8 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Sell 485 395 10,185 6,096 6,646 17.6 17.4 38.1 41.6 12.7 11.7 1.8 1.6 14.2 13.7 1.2 1.0NIIT Buy 22 30 360 1,144 1,267 9.0 9.1 4.3 5.4 5.1 4.1 0.5 0.5 10.3 12.0 0.1 -

Persistent Accumulate 517 593 2,067 1,445 1,617 25.2 25.0 55.3 59.3 9.4 8.7 1.7 1.4 18.2 16.5 1.0 0.8TCS Accumulate 1,499 1,585 293,299 71,833 81,893 28.4 28.0 78.5 88.0 19.1 17.0 5.8 4.8 30.2 27.9 3.8 3.3

Tech Mahindra Buy 979 1,170 12,574 7,779 8,398 19.7 19.3 107.4 117.8 9.1 8.3 1.9 1.6 21.2 19.0 1.6 1.4 Wipro Accumulate 337 385 83,045 40,173 43,697 20.4 20.6 26.2 28.5 12.9 11.8 2.5 2.2 19.7 18.4 1.5 1.3

Media

D B Corp Accumulate 263 290 4,823 1,750 1,925 25.1 26.6 14.2 16.8 18.5 15.7 4.0 3.4 23.4 23.4 2.7 2.4HT Media Buy 100 117 2,338 2,205 2,380 15.1 15.6 8.3 9.1 12.0 10.9 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 85 119 2,820 1,664 1,825 20.9 23.0 6.4 7.8 13.2 10.9 2.7 2.4 21.0 23.1 1.8 1.6PVR Neutral 342 - 1,354 1,343 1,521 18.8 18.9 18.3 22.9 18.7 15.0 1.8 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 421 - 16,595 2,287 2,551 69.7 70.5 20.0 23.3 21.1 18.1 5.2 4.6 26.4 27.3 6.9 6.1

Metals & Mining

Bhushan Steel Neutral 465 - 10,538 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 328 345 207,082 72,174 76,311 33.3 28.4 28.4 30.9 11.5 10.6 3.2 2.7 37.6 36.2 2.0 1.9

Electrosteel Castings Buy 16 24 524 1,976 2,017 11.8 12.7 1.3 2.6 12.7 6.2 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 142 213 4,506 1,944 2,317 49.9 51.7 20.8 25.6 6.8 5.5 1.5 1.2 24.3 24.6 1.9 1.4

Hind. Zinc Buy 118 145 49,922 12,358 13,659 51.4 51.6 16.0 17.6 7.4 6.7 1.3 1.2 19.4 18.4 1.8 1.2Hindalco Neutral 106 - 20,381 88,987 94,163 9.2 9.7 13.8 15.9 7.7 6.7 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 718 - 16,029 39,973 40,926 17.2 17.0 71.9 82.8 10.0 8.7 0.9 0.8 9.0 9.6 0.8 0.7MOIL Buy 202 248 3,394 1,010 1,046 46.5 47.6 26.8 28.8 7.5 7.0 1.1 1.0 15.4 14.7 1.0 0.7

Monnet Ispat Buy 161 291 1,023 2,883 3,181 21.7 23.6 40.3 57.7 4.0 2.8 0.4 0.3 10.1 13.0 1.2 1.0Nalco Neutral 35 - 8,904 7,656 7,988 13.1 13.5 2.6 2.6 13.5 13.2 0.7 0.7 5.5 5.5 0.6 0.6

NMDC Buy 119 179 47,339 10,329 12,540 73.8 75.0 16.6 19.0 7.2 6.3 1.4 1.2 20.6 20.2 2.4 1.9


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

14/17



Metals & Mining

SAIL Neutral 59 - 24,429 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 0.8Sesa Goa Accumulate 158 166 13,710 3,742 4,426 32.9 32.8 30.0 29.8 5.3 5.3 0.7 0.6 14.3 12.5 4.4 3.7

Sterlite Inds Accumulate 91 100 30,649 44,462 45,568 23.2 24.7 18.1 20.2 5.0 4.5 0.5 0.5 11.3 11.4 0.6 0.6Tata Steel Buy 302 378 29,311 140,917 151,537 9.7 10.8 30.9 47.6 9.8 6.3 0.9 0.8 9.6 13.4 0.6 0.5

Sarda Buy 107 153 383 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5Prakash Industries Buy 35 45 473 2,615 2,776 12.1 12.0 9.8 10.4 3.6 3.4 0.2 0.2 6.5 6.5 0.4 0.4Godawari Power andIspat Buy 86 118 281 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4Oil & Gas

Cairn India Buy 285 345 54,414 16,482 16,228 69.4 53.3 53.3 49.6 5.3 5.8 0.8 0.7 16.5 13.6 1.9 1.6

GAIL Neutral 321 - 40,667 55,815 63,013 15.3 15.2 35.9 41.5 8.9 7.7 1.4 1.2 17.0 17.1 0.6 0.4ONGC Accumulate 334 354 285,497 157,962 175,367 35.1 36.2 34.3 39.3 9.7 8.5 1.7 1.5 18.2 18.6 1.6 1.4

Reliance Industries Neutral 836 - 269,939 380,031 407,721 9.9 69.3 69.3 78.0 12.1 10.7 1.2 1.1 11.5 11.7 0.7 0.6Gujarat Gas* Neutral 236 - 3,031 3,707 3,850 11.7 12.4 23.7 25.7 10.0 9.2 2.8 2.4 29.6 28.2 0.7 0.6Indraprastha Gas Neutral 281 - 3,931 3,700 4,218 23.4 22.8 26.7 30.4 10.5 9.2 2.2 1.9 22.7 21.8 1.1 0.9

Petronet LNG Buy 143 167 10,714 40,356 40,872 5.8 6.4 15.0 16.7 9.5 8.5 2.0 1.7 23.0 21.5 0.3 0.3Gujarat State PetronetLtd. Neutral 58 - 3,255 1,079 983 91.8 91.9 8.8 7.8 6.6 7.4 1.1 1.0 17.8 14.1 2.7 2.9

Pharmaceuticals

Alembic Pharma Neutral 137 - 2,576 1,736 2,008 17.1 18.9 10.7 13.9 12.8 9.8 4.0 3.0 35.0 34.7 1.5 1.3

Aurobindo Pharma Buy 177 264 5,166 6,279 7,033 16.0 16.0 15.2 19.2 11.7 9.2 1.5 1.3 19.2 18.0 1.3 1.1 Aventis* Neutral 2,610 - 6,011 1,682 1,917 16.6 16.6 92.4 99.1 28.3 26.3 4.0 4.0 15.7 14.8 3.2 2.6Cadila Healthcare Buy 775 962 15,873 7,386 8,863 18.0 18.0 39.5 48.1 19.6 16.1 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Buy 383 463 30,752 9,130 10,543 24.8 23.0 21.6 23.2 17.7 16.5 2.9 2.5 17.6 16.2 3.1 2.6Dr Reddy's Buy 2,105 2,535 35,735 13,377 15,350 20.4 20.1 112.3 126.8 18.7 16.6 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 75 206 606 1,536 1,739 20.2 20.9 15.4 20.6 4.9 3.7 0.5 0.5 11.6 13.7 1.0 0.8GSK Pharma* Neutral 2,300 - 19,482 2,854 3,145 28.6 28.6 76.6 83.3 30.0 27.6 9.0 8.2 31.1 31.0 6.0 5.3

Indoco Remedies Buy 63 89 581 774 938 15.2 15.2 7.2 8.9 8.8 7.1 1.2 1.1 14.5 15.8 1.0 0.8Ipca labs Accumulate 599 676 7,559 3,474 4,168 21.0 21.0 37.3 45.1 16.1 13.3 3.8 3.0 26.4 25.3 2.3 1.9

Lupin Accumulate 765 877 34,246 11,641 13,933 21.3 21.3 34.8 41.8 22.0 18.3 5.2 4.1 26.2 24.8 3.0 2.4Ranbaxy* Neutral 382 - 16,158 11,400 12,060 10.5 12.5 17.5 22.5 21.8 17.0 3.5 3.0 17.0 19.1 1.4 1.2Sun Pharma Neutral 1,073 - 110,920 12,563 14,698 42.6 42.6 29.8 35.5 36.0 30.2 6.4 5.4 19.2 19.3 8.2 6.8

Power

GIPCL Neutral 74 - 1,125 1,535 1,570 31.9 31.6 13.1 14.1 5.7 5.3 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

15/17



Power

NTPC Neutral 157 - 129,248 76,734 86,680 24.5 24.3 13.4 14.5 11.7 10.8 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 206 288 36,663 9,699 12,010 37.0 36.9 6.0 8.4 34.5 24.5 1.3 1.2 3.8 5.1 5.2 4.3

MLIFE Buy 402 476 1,640 888 1,002 30.6 30.6 38.8 43.4 10.3 9.2 1.2 1.1 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 316 338 119,964 86,592 95,860 31.4 31.8 10.9 14.5 29.0 21.7 2.2 2.0 7.7 9.3 2.0 1.7

Idea Cellular Neutral 134 - 44,325 25,122 27,663 27.0 27.2 4.0 4.8 33.7 28.1 2.8 2.6 8.3 9.1 2.2 1.9Rcom Neutral 110 - 22,673 22,801 24,628 31.0 31.3 3.6 5.3 30.8 20.9 0.7 0.7 2.2 3.1 2.6 2.3

Others

Abbott India* Buy 1,422 1,659 3,022 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.1 4.0 3.4 21.6 21.5 1.4 1.1Bajaj Electricals Buy 165 237 1,641 3,885 4,472 5.4 7.2 11.0 19.7 15.0 8.3 2.0 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 492 562 622 630 795 14.4 13.6 42.8 51.1 11.5 9.6 2.7 2.2 26.6 25.2 1.0 0.8Cravatex Buy 370 566 96 308 351 7.0 7.0 39.6 47.2 9.3 7.8 2.0 1.6 21.8 21.0 0.4 0.3

Finolex Cables Buy 53 68 810 2,563 2,899 9.8 9.8 10.1 11.3 5.3 4.7 0.8 0.7 14.3 13.8 0.2 0.2Force Motors Buy 350 437 456 2,304 2,649 3.1 3.6 28.0 43.7 12.5 8.0 0.4 0.4 3.1 4.7 0.1 0.1

Goodyear India* Buy 270 345 624 1,458 1,542 8.3 9.0 32.3 37.0 8.4 7.3 1.5 1.3 19.5 19.3 0.2 0.2Hitachi Buy 146 177 396 1,053 1,169 6.3 7.1 13.8 17.7 10.6 8.2 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,406 - 2,127 1,842 2,131 7.7 7.8 112.4 132.4 21.4 18.2 2.7 2.4 13.3 13.8 1.1 0.9IFB Agro Buy 167 198 150 495 651 12.7 12.9 29.3 39.5 5.7 4.2 0.8 0.7 15.4 17.6 0.4 0.3ITD Cementation Buy 180 234 207 1,430 1,573 11.1 11.0 19.1 26.9 9.5 6.7 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 198 - 3,185 1,220 1,476 13.3 13.6 5.5 9.0 35.8 21.9 4.1 3.7 12.1 17.7 2.9 2.3MRF Neutral 15,014 - 6,368 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.4 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Neutral 4,265 - 4,757 1,054 1,290 19.2 19.5 123.2 155.0 34.6 27.5 17.0 12.5 55.8 52.4 4.6 3.8Relaxo Footwears Buy 661 791 793 1,146 1,333 10.9 11.4 45.9 60.9 14.4 10.9 3.0 2.4 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 256 331 240 1,157 1,320 11.9 11.8 72.2 82.8 3.6 3.1 0.6 0.5 19.7 19.0 0.4 0.4Styrolution ABS India* Buy 446 617 783 1,068 1,223 9.6 9.6 38.1 44.1 11.7 10.1 1.6 1.4 14.5 14.7 0.7 0.6

TAJ GVK Buy 61 108 384 300 319 35.8 36.2 7.9 9.1 7.8 6.7 1.0 0.9 13.9 14.4 1.6 1.3Tata Sponge Iron Buy 289 371 445 814 849 17.0 17.6 64.6 69.2 4.5 4.2 0.6 0.5 14.5 13.8 0.2 -TTK Healthcare Buy 563 686 437 435 516 6.2 7.1 24.3 33.3 23.2 16.9 3.8 3.3 17.6 20.8 0.9 0.7

Tree House Buy 271 313 976 155 194 53.6 52.8 12.4 15.6 22.0 17.4 2.5 2.2 11.4 12.8 6.4 4.9TVS Srichakra Buy 185 252 142 1,591 1,739 6.1 6.6 24.5 41.9 7.6 4.4 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,443 - 31,959 12,294 14,162 12.0 12.0 42.1 67.7 58.0 36.1 4.1 3.7 9.1 10.7 2.9 2.5


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

16/17



Others

Vesuvius India* Buy 370 439 751 600 638 20.1 19.4 35.7 36.6 10.4 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 30, 2013


Market Outlook

Stock Watch

May 31, 2013

7/28/2019 Market Outlook, 31-05-2013

17/17

market outlook, 31-05-2013

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