market outlook 310512

7/31/2019 Market Outlook 310512

1/16

Market OutlookMay 31, 2012

www.angelbroking.com


Dealers Diary

The domestic markets are expected to open in the red today, tracing negative

opening in most of the Asian bourses and the SGX Nifty, on renewed Eurozone

concerns (Spain this time) and disappointing U.S. pending home sale data.

Globally, US markets showed a substantial move back to the downside during the

trading yesterday with renewed concerns about the financial situation in Europe

contributing to the sharp pullback. Disappointing U.S. pending home sale data

also contributed to the negative sentiment. The European markets also finished in

the red across the board on Wednesday. While concerns over a possible Greek exit

from the Eurozone continue to rattle investors, worry over the banking situation in

Spain had them even more concerned today.

Meanwhile, Indian markets also fell notably on Wednesday, with losses

accelerating late in the session on concerns about Spain's banking system after the

ECB blatantly rejected Spain's plan to recapitalize the troubled lender Bankia using

sovereign bonds. The Investors would keenly track the GDP figures for 4QFY2012

due to be released today.

Markets Today

The trend deciding level for the day is 16,345 / 4,959 levels. If NIFTY trades above

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

up to 16,395 16,479 / 4,974 4,997 levels. However, if NIFTY trades below

16,345 / 4,959 levels for the first half-an-hour of trade then it may correct up to

16,262 16,212 / 4,936 4,922 levels.

SENSEX 16,212 16,262 16,345 16,395 16,479NIFTY 4,922 4,936 4,959 4,974 4,997

News Analysis

Group of Ministers clears Mahan coal block 4QFY2012 Result Reviews GAIL, M&M, DLF, Colgate, JP Asso., Page

Industries, HDIL, Greenply, Anant Raj, Spicejet, Simplex Infra, GIPCL,Greenply, PVR

Refer detailed news analysis on the following page

Net Inflows (May 29, 2012)

FII 1,593 1,405 187 (974) 42,488

MFs 397 235 162 352 (5,749)

FII Derivatives (May 30, 2012)

Index Futures 3,942 4,197 (255) 15,181

Stock Futures 5,519 5,235 284 23,815

Gainers / Losers

Container Corp 904 5.0 Tata Motors 243 (11.8)

Tech Mahindra 690 3.8 Havells India 547 (7.0)

Crompton Greav 114 3.3 Unitech 21 (6.3)

Ambuja Cements 151 3.1 Shipping Corp 52 (6.2)

Sun Pharma 581 2.8 United Spirits 612 (6.1)

BSE Sensex (0.8) (126.4) 16,312

Nifty (0.8) (39.4) 4,951

MID CAP (1.3) (76.6) 5,887

SMALL CAP (1.2) (77.2) 6,307

BSE HC (0.1) (7.3) 6,650

BSE PSU (1.4) (92.1) 6,740

BANKEX (1.8) (198.2) 10,980

AUTO (4.0) (374.3) 9,050

METAL (0.9) (95.9) 10,128

OIL & GAS (0.4) (28.9) 7,584

BSE IT 0.4 21.2 5,647

Dow Jones (1.3) (160.8) 12,420NASDAQ (1.2) (33.6) 2,837

FTSE (1.7) (93.9) 5,297

Nikkei (0.3) (23.9) 8,633

Hang Seng (1.9) (365.2) 18,690

Straits Times (0.6) (17.9) 2,784

Shanghai Com (0.2) (5.0) 2,385

INFY (2.2) (0.9) $42.5

WIT (2.9) (0.3) $8.6IBN (4.2) (1.2) $28.3

HDB (1.6) (0.5) $28.9

Advances 997 396

Declines 1,718 1033

Unchanged 123 71

BSE 1,737

NSE 9,062


2/16



Group of Ministers clears Mahan coal block

A group of Ministers headed by Finance Minister Mr. Pranab Mukherjee have

issued clearance to Hindalco's Mahan coal block. Coal from Mahan coal block will

be utilized to feed the upcoming 359ktpa aluminium smelter at Mahan (expected

to be commissioned in 1QFY2013). The clearance of mine is a positive

development for Hindalco as captive coal mine will result in significantly lower cost

of aluminium production. However, the proposal still requires clearance from the

Cabinet. Further, we believe it will take atleast 18 months for Hindalco to

commence production from Mahan coal block even if it receives approval from the

Cabinet very soon. Hence, we do not expect any meaningful impact on Hindalco's

profitability due to Mahan coal block during FY2013 and FY2014.

However, this development may have a short term positive implication on the

stock.

Result Reviews

GAILs 4QFY2012 top line was broadly in-line with our estimate, while its bottom

line was significantly below our estimate. The companys top line grew by robust

17.6% yoy to `10,454cr, in-line with our estimate of `10,697cr, mainly due to

strong growth in the natural gas trading segment. For 4QFY2012, the companys

fuel subsidy burden stood at`

1,397cr, which includes an amount of`

335cr ofshort provision for 3QFY2012. The natural gas trading segments gross revenue

grew by 27.5% yoy to `9,121cr; however, the petrochemicals segments revenue

declined by 6.6% yoy. EBIT of the natural gas trading and petrochemical segment

declined by 38.8% and 1.3% yoy to `165cr and `431cr, respectively.

Consequently, GAILs EBITDA declined by 40.4% yoy to `767cr in 4QFY2012.

However, EBITDA margin contracted by 720bp yoy to 7.3%. Tax rate increased to

33.9% in 4QFY2012 compared to 31.2% in 4QFY2011. Consequently, net profit

declined by 38.3% yoy to `483cr, much below our estimate of `798cr.

FY2013E 50,472 15.2 4,494 35.4 18.7 9.1 1.6 4.6 0.7

FY2014E 55,502 15.6 4,697 37.0 17.0 8.7 1.4 3.8 0.6

Mahindra and Mahindra (MM) reported a weak set of results mainly on the

operating margin front, which witnessed a sharp decline led by a substantial

increase in trading goods and adverse product mix (lower share of tractors in theproduct mix). For 4QFY2012, MM's top line grew by 38.7% yoy (12% qoq) to

`9,387cr, led mainly on account of consolidation of operations of Mahindra

Automobile Distributor Pvt. Ltd. (MADPL), which contributed `740cr to the top line.


3/16



Adjusted for the same, the top line grew better-than-expected to `8,501cr, driven

mainly by growth in net average realization growth (up 16% yoy). Volumes during

the quarter increased by 12% yoy (down 2% qoq), driven primarily by 25.3% yoy

(8% qoq) growth in the automotive segment. The tractor segment, on the other

hand, witnessed subdued performance as volumes declined by 12.3% yoy (down

20.8% qoq) in 4QFY2012.

On the operating front, EBITDA margin declined by 253bp yoy and 188bp qoq to

10.3%, against our expectations of 11.4%, due to increased purchases of finished

products (up 200% yoy and 37% qoq) from MVML. Further, lower proportion of

tractor sales in the product mix (27.9% as against 35.6% in 4QFY2011) impacted

the margins to a certain extent. We also believe that the consolidation of MADPL

could have also led to margin contraction during the quarter. For 4QFY2012,

reported net profit jumped by 44.2% yoy (32.1% qoq), led by an exceptional

income of `108cr from reversal of provision for impairment of fixed assets in

MADPL and lower tax rate resulting in a savings of `148.5cr related to

unabsorbed losses of MADPL.

Going ahead, we expect MMs automotive segment to be the key volume driver

(expected to register a ~15% CAGR over FY2012-14E) backed by the strength of

the passenger utility vehicle (UV) and four-wheeler pick-up portfolio

FY2013E 37,456 10.7 2,756 44.9 18.9 14.6 2.6 7.8 0.8

FY2014E 42,332 11.0 3,174 51.7 19.1 12.7 2.3 6.3 0.6

DLF announced a disappointed set of numbers for 4QFY2012. Net sales declined

by 2.5% yoy to `2,617cr, above our estimate of `2,382. EBITDA increased by

19.7% yoy to `798cr, well below our estimate. EBITDA margin expanded by

565bp yoy to 30.5%, below our estimate of 39.2%. Interest cost increased by

32.5% yoy to `604cr, while other income declined by 30.0% yoy to `131cr. PAT

declined by 38.6% yoy to `212cr on the back of margin compression, higher

interest cost, lower other income and tax adjustments.

FY2013E 322 36.3 52 8.3 14.5 19.2 1.2 12.9 5.8

FY2014E 355 35.8 60 9.6 14.9 13.7 1.2 10.3 4.7


4/16



During 4QFY2012, Colgate posted a 17.9% yoy growth in its net sales to `686cr,

in-line with our estimates. For FY2012 as a whole, the company posted a 18.2%

Top-line growth, aided by a 12% volume growth, with toothpaste category posting

a 14% volume growth. OPMs rose by 81bp yoy to 22.3%. While other expenses

rose by 35bp yoy, selling and administrative expenses fell by 26bp yoy. The

companys net profit for the quarter rose by 14.7% yoy to `131cr.

FY2013E 3,007 21.1 513 37.7 129.4 31.4 37.4 27.0 5.2

FY2014E 3,417 22.1 579 42.5 120.1 27.8 30.2 22.7 4.6

For 4QFY2012, Jaiprakash Associates (JAL) reported in line performance on the

revenue front but better-than-expected numbers EBITDAM and PAT level. On the

top-line front, companys revenues increased by 2.9% on yoy basis to `4,062cr

which was exactly as per our estimate. The cement segment had growth of 7.5%

on yoy basis however construction and real estate revenue declined by 0.6% and

5.9% respectively on yoy basis. Blended EBITDA margins came in at 25.1% an

improvement of 380bp on yoy basis and ahead of our expectation of 22.9%.Construction margins of 23.9% led to good show on the margins front. Interest

cost stood at `580cr a jump of 35.4%/29.3% on yoy/qoq basis. Depreciation cost

came at `164cr a jump of 8.5% on yoy basis. Bottom-line came at `284cr a

decline of 6.6% on yoy basis and higher our estimate of `231cr due to higher

EBITDAM and lower tax rate.

FY2013E 16,017 24.4 893 4.2 8.8 14.3 1.2 8.6 2.1

FY2014E 18,359 23.5 1,067 5.0 9.7 12.0 1.1 7.9 1.9

Page Industries announced a strong set of numbers for 4QFY2012 results. The

companys net sales grew by 38.5% yoy`154cr. EBITDA increased by 41.1% yoy

to `24cr on the back of higher revenue and margin expansion. EBITDA margin

expanded by 29bp yoy to 15.7%. PAT increased by 32.6% yoy to `17cr, lower than

EBITDA growth due to higher tax rate during the quarter, which increased to

29.5% of PBT in 4QFY2012 vs. 17.6% of PBT in 4QFY2011.


5/16



FY2013E 887 19.6 113 101.4 59.4 24.7 13.2 16.3 3.2

FY2014E 1,108 19.6 140 125.8 59.4 23.6 12.7 15.3 3.0

HDIL announced a strong set of numbers for 4QFY2012 results. The companys

net sales grew by 47.0% yoy to `625cr, above with our estimate of `601cr. EBITDA

increased by 64.1% yoy to `265cr on the back of higher revenue and margin

expansion. EBITDA margin expanded by 697bp yoy to 42.3%, well below our

estimate. Interest cost increased by 10.5% yoy to `20cr, while other income

increased by whopping 300.8% yoy to `25cr. PAT increased by 102% yoy to

`315cr on the back of margin expansion, higher other income and tax write-

backs.

FY2013E 2,441 53.0 889 21.4 8.4 3.1 0.2 5.6 3.0

FY2014E 3,344 46.7 1,053 25.4 9.1 2.6 0.2 4.8 2.3

Anant Raj announced a disappointing set of numbers for 4QFY2012. The

company registered sales of `181cr, in-line with our estimate of `177cr. However,

the company reversed sales of `115cr during the quarter due to discontinuing

projects because of notification by the Municipal Authority on account of not

obtaining some particular permission. The company had already booked `449cr

during FY2011 in the same project and, thus, reversed part of it in the current

quarter. Consequently, owing to lower revenue, EBITDA also declined by 58.9%

yoy to `19cr. The companys bottom line came in at `11cr, well below our

estimates, owing to reversal in revenue.

FY2013E 657 52.0 248 8.4 6.3 5.5 0.3 7.2 3.7

FY2014E 875 56.1 375 12.7 8.9 3.6 0.3 5.0 2.8

SpiceJet announced its 4QFY2012 results. Net sales increased by 46.7% yoy to

`1,113cr on the back of capacity expansion during the year. EBITDA came in at

negative `200cr, while EBITDAR came in at negative `28cr. The companys

margin was under pressure due to high fuel price and intense competition. Interest


6/16



cost increased to `18cr in 4QFY2012 vs. `1cr in 4QFY2011 on the back of higher

debt to purchase aircrafts and working capital requirements. PAT came in at

negative `249cr. We believe competition has gone down owing to capacity

reduction in the industry and pricing power is back with the airline, which is a big

positive.

FY2013E 5,806 3.3 74 1.5 - 20.4 7.0 12.4 0.4

FY2014E 6,812 6.3 225 4.6 - 6.7 3.4 5.6 0.4

For 4QFY2012, Simplex Infras (Simplex) numbers came broadly in-line withour estimates. On the top-line front, Simplex reported robust growth of 32.0% yoy

to `1,796cr, marginally higher than our estimate of `1,738cr. EBITDAM dipped by

160bp yoy to 8.3% for the quarter, lower than our estimate of 9.0%. Interest cost

came at `68cr a yoy/qoq jump of 47.7%/17.9% against our estimate of `60cr.

PAT declined by 20.9% yoy to `29cr, below our estimate of `31cr. Lower-than-

expected bottom-line performance was due to lower EBITDAM and higher interest

cost.At the end of the quarter, the companys order book increased by 4.0% yoy

and stood at `15,224cr (2.5x FY2012 revenue). Simplex had order inflow of

`2,606cr for the quarter, taking the order inflow for FY2012 to `6,446cr.

FY2013E 6,732 9.3 135 27.2 11.0 7.7 0.8 5.0 0.8

FY2014E 7,902 9.6 174 35.1 12.6 6.0 0.7 4.5 0.7

GIPCL posted a 16.3% yoy decline in its net sales to `262cr, which we believe is

on account of shut down of 125MW SLPP Unit-I plant. This plant was not

operational during 4QFY2012 due to damaged rotor. However, OPM rose by

553bp yoy and stood at robust 44.9%, which we believe is on account of higher

availability factor for other plants. However, the bottom line fell by 62.2% yoy to

`31cr due to higher base on account of tax refund of `21cr in 4QFY2011 and

prior-period expense of `9cr booked during 4QFY2012.

FY2013E 1,557 28.7 157 10.4 10.5 5.9 0.6 3.7 1.1FY2014E 1,573 27.5 154 10.2 9.6 6.0 0.6 3.3 0.9


7/16



Greenply Industries (GIL) announced a strong set of numbers for 4QFY2012. The

companys net sales grew by 31.2% yoy `459cr on the back of strong growth

across all segments. The plywood, laminate and MDF segments reported yoy

growth of 18.3%, 18.6% and 164%, respectively. EBITDA increased by 71.5% yoy

to `49cr on the back of higher revenue and margin expansion. EBITDA margin

expanded by 248bp yoy to 10.6%. The company registered forex gain of `4cr in

4QFY2012 vs. loss of `9cr in 4QFY2011. PAT increased by 175% yoy to `16cr,

higher than EBITDA growth due to other income of `6cr during the quarter.

FY2013E 1,800 11.1 82 34.1 20.1 6.2 1.1 4.9 0.5FY2014E 2,047 11.6 121 49.6 23.7 4.2 0.9 3.7 0.4

PVR reported its 4QFY2012 results. The companys top line grew by impressive

~33% yoy basis to `117cr. The top-line growth was on account of robust growth

of ~52% yoy in movie exhibition business to `104cr. However, OPM contracted by

1584 bp yoy to 3.6% due to increase in rent, staff cost and other expenditure. The

company also incurred extraordinary expense of`

14.4cr. Consequently, thecompany reported a loss of `12.3cr.

FY2013E 625 17.4 34 12.4 8.5 11.9 1.0 4.8 0.8

FY2014E 732 16.9 43 15.8 9.9 9.4 0.9 4.2 0.7

Economic and Political News

Govt. to restructure `35,000cr loan of textiles sector Govt. to add seven quality control cells for food grains in 12 th five year plan New Companies Bill likely to be passed in monsoon session: R P N Singh

Corporate News

Morgan Stanley gets banking license from RBI Power Grid to raise up to `100bn rupees in bonds TCS bags United Steel's SAP solutions agreementSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


8/16

Date Company

May 31, 2012 -

June 01, 2012 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 31, 2012 US Initial Jobless claims Thousands 19-May-12 370.00 370.00

Germany Unemployment change (000's) Thousands Apr-12 19.00 (6.50)

US GDP Qoq (Annualised) % Change Mar-12 2.20 1.90

India Qtrly GDP YoY% % Change Dec-11 6.10 6.10

June 01, 2012 Germany PMI Manufacturing Value May-12 45.00 45.00

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 52.00

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

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

UK PMI Manufacturing Value Apr-12 50.50 49.70

June 05, 2012 Germany PMI Services Value May-12 52.20 --

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 9.80

China Consumer Price Index (YoY) % Change Apr-12 3.40 3.20

June 10, 2012 China Exports YoY% % Change Apr-12 4.90 7.20

June 12, 2012 India Industrial Production YoY % Change Mar-12 (3.50) --

UK Industrial Production (YoY) % Change Mar-12 (2.60) --

June 13, 2012 US Producer Price Index (mom) % Change Apr-12 (0.20) --

June 14, 2012 US Consumer price index (mom) % Change Apr-12 -- --

Euro Zone Euro-Zone CPI (YoY) % Apr-12 2.60 --



May 31, 2012

Market Outlook


9/16

Market StrategyMay 31, 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


10/16

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 125 - 2,422 1,432 1,647 14.7 14.7 7.0 8.0 17.8 15.6 3.8 3.2 22.8 22.3 1.7 1.5

United Phosphorus Buy 114 183 5,259 8,191 8,764 16.5 16.5 17.1 18.3 6.7 6.2 1.1 0.9 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 301 345 2,570 2,691 3,032 15.6 15.5 29.4 32.8 10.2 9.2 2.4 2.0 26.5 23.6 0.9 0.8

Apollo Tyres Buy 86 100 4,342 13,699 15,184 10.5 10.2 12.1 13.3 7.1 6.5 1.3 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 24 33 6,479 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 451 514 682 1,211 1,387 12.1 11.7 50.3 57.1 9.0 7.9 2.3 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,519 1,835 43,949 22,118 24,889 19.0 18.6 115.7 126.5 13.1 12.0 5.3 4.2 45.0 38.9 1.6 1.3

Bharat Forge Buy 315 372 7,331 7,173 7,998 16.3 16.5 22.3 26.6 14.1 11.9 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,792 9,429 27,605 9,390 10,716 19.5 19.1 420.2 471.4 20.9 18.7 4.9 4.1 23.3 21.8 2.7 2.3

CEAT Buy 96 164 328 5,067 5,631 8.0 7.6 39.4 41.0 2.4 2.3 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Buy 120 146 10,196 5,787 6,595 15.5 17.0 7.1 9.0 16.9 13.4 3.0 2.5 18.6 20.3 1.4 1.2

FAG Bearings Neutral 1,554 - 2,583 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 1,855 2,280 37,034 26,106 29,296 15.0 15.2 140.3 148.1 13.2 12.5 6.2 4.8 54.8 43.3 1.1 0.9

JK Tyre Buy 77 113 317 8,058 9,025 5.4 5.5 24.8 32.2 3.1 2.4 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 657 793 40,350 34,740 39,263 10.7 11.0 44.9 51.7 14.6 12.7 2.6 2.3 18.9 19.1 0.8 0.7

Maruti Buy 1,151 1,510 33,251 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 161 216 6,240 11,167 12,516 9.5 10.0 11.3 14.4 14.2 11.2 3.1 2.5 23.3 24.7 0.7 0.6

Subros Neutral 33 - 197 1,225 1,393 8.5 8.2 4.2 5.0 7.8 6.6 0.8 0.8 10.3 11.8 0.4 0.3

Tata Motors Buy 243 312 64,855 191,183 210,301 12.8 12.8 39.4 43.6 6.2 5.6 2.2 1.7 40.4 34.3 0.5 0.4

TVS Motor Buy 34 55 1,620 7,982 8,816 6.4 6.3 5.0 5.6 6.8 6.2 1.2 1.0 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 738 498 15,645 8,760 10,023 6.4 6.4 18.2 20.7 40.5 35.6 5.5 4.9 14.4 14.6 1.7 1.5BGR Energy Neutral 284 - 2,050 4,170 5,396 11.5 10.4 27.2 30.4 10.5 9.3 1.7 1.5 17.3 17.4 1.1 1.0

BHEL Neutral 211 - 51,681 46,344 46,916 18.3 18.6 23.5 24.1 9.0 8.8 1.8 1.6 21.3 18.9 1.0 1.0

Blue Star Buy 162 221 1,454 3,250 3,551 5.9 5.9 12.4 15.8 13.0 10.2 2.7 2.3 21.2 23.8 0.5 0.4

Crompton Greaves Buy 114 164 7,326 12,936 14,101 9.6 10.0 10.9 11.7 10.5 9.7 1.8 1.6 18.4 17.3 0.6 0.5

Jyoti Structures Buy 38 67 315 2,622 2,801 10.6 11.0 10.9 13.4 3.5 2.9 0.4 0.4 12.7 13.9 0.3 0.3

KEC International Buy 51 73 1,318 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 1,540 2,609 1,735 2,663 3,130 12.8 12.8 185.0 217.4 8.3 7.1 1.6 1.4 21.2 21.7 0.2 0.1

Thermax Neutral 446 - 5,314 5,514 5,559 8.3 8.0 29.7 28.4 15.0 15.7 2.8 2.5 20.2 16.9 0.8 0.8


May 31, 2012

Market Outlook

Stock Watch


11/16



Cement

ACC Neutral 1,163 - 21,835 11,018 12,663 19.9 21.2 70.7 81.2 16.5 14.3 2.9 2.6 18.0 19.0 1.7 1.4

Ambuja Cements Neutral 151 - 23,157 10,035 11,504 23.5 23.8 10.1 10.6 14.9 14.3 2.9 2.6 18.5 19.4 1.9 1.6

India Cements Neutral 75 - 2,316 4,423 4,906 18.2 18.8 9.9 12.7 7.6 6.0 0.6 0.6 8.6 10.5 0.8 0.7

J K Lakshmi Cements Buy 62 79 756 1,938 2,246 19.1 20.1 14.6 16.1 4.2 3.8 0.6 0.5 13.4 13.6 0.5 0.9

Madras Cements Neutral 137 - 3,253 3,444 3,786 25.5 24.9 14.6 17.1 9.4 8.0 1.4 1.2 15.6 16.0 1.6 1.3

Shree Cements Neutral 2,486 - 8,660 5,465 6,249 24.3 23.7 151.5 222.1 16.4 11.2 3.9 3.4 21.6 25.8 1.3 1.0

UltraTech Cement Neutral 1,384 - 37,938 20,116 22,655 21.3 22.5 82.1 97.5 16.9 14.2 2.7 2.3 16.8 17.4 1.8 1.7Construction

Ashoka Buildcon Buy 195 302 1,027 2,014 2,294 22.4 22.4 28.4 30.8 6.9 6.3 0.9 0.8 14.1 13.3 2.3 2.6

Consolidated Co Neutral 14 - 259 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 17 - 1,052 4,239 4,522 11.1 11.8 (1.8) (0.8) (9.7) (22.2) 1.0 1.1 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 113 166 3,771 3,821 4,582 42.3 40.2 15.0 16.9 7.6 6.7 1.1 1.0 16.1 15.8 2.6 2.4

ITNL Buy 170 265 3,311 6,619 7,925 23.8 23.3 22.0 26.7 7.7 6.4 1.1 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 40 79 1,077 5,758 6,860 9.2 9.2 4.7 6.0 8.6 6.7 0.5 0.5 6.0 7.3 0.6 0.6

Jaiprakash Asso. Buy 60 104 12,790 16,017 18,359 24.4 23.5 4.2 5.0 14.3 12.0 1.2 1.1 8.8 9.7 2.1 1.9

Larsen & Toubro Buy 1,187 1,553 72,710 59,559 69,089 12.1 11.5 70.8 76.5 16.8 15.5 2.5 2.2 16.1 15.3 1.4 1.2

Madhucon Proj Buy 41 70 302 2,206 2,502 10.7 10.7 4.6 4.7 8.8 8.8 0.5 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 31 76 785 5,790 7,022 9.2 9.5 3.5 5.4 8.8 5.7 0.3 0.3 3.7 5.6 0.7 0.7

Patel Engg. Neutral 83 - 581 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 44 - 1,475 10,592 12,193 8.4 8.4 2.9 4.6 15.3 9.8 0.5 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 124 199 1,869 2,989 3,315 10.6 10.6 10.2 11.3 12.3 11.0 1.9 1.7 17.6 16.3 0.8 0.8

Simplex Infra Buy 212 316 1,046 6,732 7,902 9.3 9.6 27.2 35.1 7.8 6.0 0.8 0.7 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 133 147 6,628 7,392 8,542 3.1 3.1 38.3 42.1 3.5 3.2 0.6 0.5 18.4 17.6 - -

Andhra Bank Neutral 105 - 5,853 5,151 5,843 3.2 3.1 22.4 25.7 4.7 4.1 0.7 0.6 15.8 16.0 - -

Axis Bank Buy 1,002 1,476 41,458 16,157 19,557 3.2 3.2 116.4 139.1 8.6 7.2 1.6 1.4 20.0 20.3 - -

Bank of Baroda Buy 688 925 26,956 15,993 18,918 2.6 2.6 127.3 149.9 5.4 4.6 0.9 0.8 17.8 18.2 - -

Bank of India Buy 319 389 18,327 13,558 15,551 2.5 2.4 61.6 70.8 5.2 4.5 0.9 0.7 16.8 16.9 - -

Bank of Maharashtra Accumulate 49 53 2,904 3,580 4,050 3.2 3.2 11.5 13.1 4.3 3.8 0.7 0.6 17.4 17.2 - -

Canara Bank Buy 388 493 17,202 12,061 13,906 2.3 2.3 83.1 92.7 4.7 4.2 0.8 0.7 16.7 16.4 - -

Central Bank Neutral 73 - 5,355 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 31, 2012

Market Outlook

Stock Watch


12/16



Financials

Corporation Bank Accumulate 413 468 6,114 5,203 5,880 2.2 2.1 107.5 112.7 3.8 3.7 0.7 0.6 17.9 16.5 - -

Dena Bank Buy 87 107 3,033 3,149 3,522 2.8 2.8 23.3 26.1 3.7 3.3 0.6 0.5 17.7 17.0 - -

Federal Bank Neutral 416 - 7,104 2,743 3,131 3.4 3.3 49.7 57.4 8.4 7.2 1.1 1.0 14.1 14.6 - -

HDFC Neutral 656 - 96,942 7,393 8,844 3.5 3.4 31.7 37.9 20.7 17.3 4.1 3.7 34.7 31.9 - -

HDFC Bank Accumulate 501 567 117,561 21,831 27,477 4.3 4.3 28.3 35.5 17.7 14.1 3.4 2.9 20.8 22.1 - -

ICICI Bank Buy 817 1,174 93,902 22,209 26,512 2.8 2.8 67.9 81.1 12.0 10.1 1.4 1.3 14.7 16.0 - -

IDBI Bank Buy 86 113 11,020 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 169 190 7,252 6,312 7,119 3.4 3.3 41.1 43.7 4.1 3.9 0.7 0.6 18.2 16.9 - -

IOB Accumulate 80 92 6,412 7,354 8,283 2.5 2.4 16.3 21.7 5.0 3.7 0.6 0.5 11.5 13.9 - -

J & K Bank Neutral 909 - 4,406 2,535 2,861 3.5 3.4 176.3 184.4 5.2 4.9 0.9 0.8 19.3 17.6 - -

LIC Housing Finance Buy 238 286 11,993 2,108 2,607 2.6 2.6 24.5 30.6 9.7 7.8 1.8 1.5 20.1 21.4 - -

Oriental Bank Buy 225 262 6,566 6,431 7,315 2.7 2.6 54.4 63.8 4.1 3.5 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 731 1,041 24,802 19,893 23,653 3.1 3.2 153.4 175.2 4.8 4.2 0.9 0.7 18.3 18.1 - -

South Ind.Bank Neutral 23 - 2,599 1,440 1,635 2.7 2.5 3.8 4.1 6.1 5.6 1.1 1.0 19.9 18.6 - -

St Bk of India Buy 2,098 2,469 140,752 68,311 79,649 3.6 3.6 230.4 273.4 9.1 7.7 1.5 1.3 18.2 18.8 - -

Syndicate Bank Buy 88 126 5,315 7,133 8,255 3.0 3.0 25.9 30.0 3.4 2.9 0.5 0.5 16.9 17.1 - -

UCO Bank Neutral 66 - 4,367 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 196 261 10,783 10,215 11,854 2.9 2.8 42.7 50.3 4.6 3.9 0.8 0.6 17.0 17.5 - -

United Bank Buy 58 78 2,090 3,551 4,128 2.7 2.8 18.8 22.6 3.1 2.6 0.5 0.4 15.5 16.5 - -

Vijaya Bank Neutral 53 - 2,631 2,668 3,001 2.2 2.2 10.6 12.2 5.0 4.4 0.7 0.6 13.3 13.8 - -

Yes Bank Buy 328 450 11,600 3,209 4,144 2.7 2.8 33.9 41.5 9.7 7.9 2.0 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,822 - 36,660 11,423 13,309 16.3 16.3 125.3 148.4 30.5 25.8 10.4 8.1 38.0 35.4 3.1 2.7Britannia Buy 516 650 6,163 5,906 6,856 6.9 7.0 22.3 28.3 23.1 18.3 9.4 7.0 45.2 44.1 1.0 0.9

Colgate Neutral 1,183 - 16,088 3,007 3,417 21.1 22.1 37.7 42.6 31.4 27.8 37.4 30.2 129.4 120.1 5.2 4.6

Dabur India Neutral 104 - 18,118 5,878 6,799 16.8 17.0 4.2 4.9 25.1 21.2 9.1 7.4 39.3 42.0 3.1 2.7

GlaxoSmith Con* Neutral 2,720 - 11,441 3,124 3,663 17.1 11.6 103.0 123.3 26.4 22.1 8.1 6.5 34.0 32.9 3.3 2.8

Godrej Consumer Neutral 572 - 19,462 5,973 7,000 18.4 18.6 22.8 27.2 25.1 21.1 6.9 5.6 31.3 38.4 3.4 2.9

HUL Neutral 421 - 91,086 25,350 29,309 14.3 14.4 14.1 16.4 29.8 25.7 22.3 17.4 82.7 76.2 3.4 2.9

ITC Accumulate 232 252 181,309 29,638 34,159 35.4 35.8 9.3 10.9 24.8 21.3 8.0 6.5 35.3 33.8 5.8 5.0


May 31, 2012

Market Outlook

Stock Watch


13/16



FMCG

Marico Neutral 172 - 11,079 4,667 5,427 12.8 12.9 6.6 8.1 25.9 21.1 6.9 5.4 30.0 28.8 2.4 2.0

Nestle* Neutral 4,465 - 43,050 8,731 10,539 21.0 21.4 119.3 147.9 37.4 30.2 22.9 15.6 73.0 61.6 5.0 4.0

Tata Global Buy 108 136 6,651 7,011 7,712 9.7 10.0 6.0 7.1 18.1 15.1 1.7 1.6 8.9 10.2 0.8 0.8

IT

HCL Tech Accumulate 509 560 35,286 22,792 25,743 17.4 17.4 37.8 43.0 13.5 11.8 3.0 2.5 22.3 21.3 1.5 1.3

Hexaware Neutral 123 - 3,631 1,821 2,105 19.0 18.6 9.8 10.7 12.5 11.5 2.9 2.5 23.7 22.5 1.7 1.4

Infosys Buy 2,422 2,792 139,104 37,615 42,491 31.1 30.6 158.5 174.5 15.3 13.9 3.5 2.9 22.5 20.8 3.0 2.6Infotech Enterprises Neutral 171 - 1,900 1,758 1,972 17.0 16.6 16.8 18.6 10.1 9.2 1.4 1.2 13.6 13.2 0.7 0.6

KPIT Cummins Neutral 118 - 2,105 2,028 2,239 15.0 14.8 9.0 11.4 13.1 10.3 2.4 1.9 19.3 18.7 1.0 0.9

Mahindra Satyam Accumulate 78 86 9,173 7,097 7,812 16.2 16.0 7.5 8.0 10.4 9.8 1.4 1.2 13.2 12.3 0.9 0.7

Mindtree Neutral 625 - 2,535 2,172 2,450 16.1 15.5 53.9 58.5 11.6 10.7 2.2 1.8 18.9 17.0 1.0 0.8

Mphasis Buy 375 433 7,885 5,904 6,320 18.3 17.9 38.7 41.2 9.7 9.1 1.5 1.3 14.9 13.7 0.9 0.7

NIIT Buy 40 52 657 1,162 1,304 14.8 15.1 7.1 8.8 5.6 4.5 0.9 0.8 16.7 18.4 0.4 0.3

Persistent Accumulate 344 361 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 Neutral 1,240 - 242,783 57,189 66,329 29.3 28.7 63.2 70.9 19.6 17.5 6.0 4.9 30.5 27.7 4.0 3.4

Tech Mahindra Accumulate 690 725 8,797 5,880 6,314 15.6 15.2 75.9 82.2 9.1 8.4 1.8 1.5 20.1 18.1 1.4 1.3

Wipro Neutral 412 - 101,280 41,918 46,879 19.4 19.9 25.1 28.7 16.4 14.4 3.1 2.6 18.6 18.3 2.1 1.7

Media

D B Corp Buy 196 269 3,584 1,652 1,863 25.7 26.3 13.5 16.1 14.5 12.2 3.2 2.7 24.1 24.4 2.1 1.8

HT Media Buy 111 148 2,604 2,255 2,555 16.3 16.7 9.0 10.6 12.3 10.5 1.5 1.4 13.4 13.8 0.8 0.6

Jagran Prakashan Buy 87 137 2,756 1,499 1,642 27.4 28.8 7.6 9.1 11.4 9.6 3.8 3.4 34.6 37.7 1.8 1.6

PVR Neutral 150 - 389 625 732 17.4 16.9 12.4 15.8 12.1 9.5 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 244 - 9,612 2,135 2,458 75.2 74.4 20.9 24.0 11.7 10.2 2.7 2.3 26.0 25.1 3.5 2.7Metals & Mining

Bhushan Steel Neutral 444 - 9,430 9,232 13,557 30.8 31.1 48.0 58.6 9.2 7.6 1.2 1.0 14.5 7.5 3.2 2.2

Coal India Accumulate 319 351 201,776 65,654 71,756 26.8 27.3 24.0 26.3 13.3 12.1 3.6 3.0 30.4 27.0 2.1 1.8

Electrosteel Castings Buy 18 27 623 1,984 2,074 10.6 12.0 2.7 3.3 6.7 5.5 0.3 0.1 5.2 6.2 0.4 0.4

Hind. Zinc Buy 118 139 49,732 13,043 14,223 51.8 52.8 14.8 16.6 8.0 7.1 1.6 1.3 21.2 19.9 2.1 1.5

Hindalco Neutral 114 - 21,893 84,652 88,766 9.6 10.5 17.0 18.9 6.7 6.1 0.6 0.6 9.7 9.8 0.5 0.5

JSW Steel Accumulate 619 663 13,805 39,592 44,910 18.0 17.7 74.7 88.9 8.3 7.0 0.8 0.7 10.7 11.6 0.7 0.7

MOIL Accumulate 267 296 4,485 1,007 1,091 56.6 56.9 29.4 31.9 9.1 8.4 1.6 1.4 19.0 18.2 2.2 1.8

Monnet Ispat Buy 412 593 2,651 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 31, 2012

Market Outlook

Stock Watch


14/16



Metals & Mining

Nalco Reduce 57 54 14,677 8,474 9,024 12.6 16.2 2.6 3.6 22.3 15.9 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Accumulate 165 187 65,299 11,959 13,062 78.2 78.6 19.1 20.9 8.7 7.9 2.1 1.8 27.1 24.4 3.3 2.9

SAIL Accumulate 92 102 38,083 52,461 62,935 18.0 18.8 13.2 14.5 7.0 6.4 0.8 0.8 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 184 206 15,948 9,067 9,316 35.7 35.5 44.5 44.3 4.1 4.1 0.9 0.8 23.5 19.5 0.4 -

Sterlite Inds Buy 95 123 32,010 45,805 49,029 21.2 23.5 16.5 19.1 5.8 5.0 0.6 0.6 11.5 12.0 0.3 0.2

Tata Steel Buy 410 499 39,844 143,088 148,011 10.9 12.1 53.9 66.0 7.6 6.2 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Accumulate 334 372 63,691 15,513 16,074 74.0 69.7 51.1 48.6 6.5 6.9 1.1 0.9 18.3 14.8 3.0 2.2

GAIL Buy 324 392 41,073 50,472 55,503 15.3 15.6 35.4 37.0 9.1 8.7 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 253 319 216,154 148,157 150,563 37.6 39.5 31.0 33.6 8.2 7.5 1.4 1.3 18.8 18.1 1.1 1.0

Reliance Industries Buy 706 872 231,249 325,734 328,669 10.9 11.7 65.8 70.1 10.7 10.1 1.1 1.0 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 50 91 934 1,624 1,855 14.2 15.6 6.6 9.1 7.5 5.5 1.8 1.4 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 108 175 3,151 5,243 5,767 14.6 14.6 13.8 14.7 7.8 7.4 0.9 0.4 11.4 10.9 0.9 0.8

Aventis* Neutral 2,068 - 4,762 1,482 1,682 15.5 15.5 95.0 104.0 21.8 19.9 3.9 3.0 18.6 17.0 3.0 2.6

Cadila Healthcare Buy 732 953 14,981 6,196 7,443 18.5 19.5 43.3 50.8 16.9 14.4 4.4 3.5 25.4 24.8 2.4 1.9

Cipla Buy 306 379 24,597 7,687 8,804 21.4 21.4 16.5 18.9 18.6 16.2 2.9 2.5 16.7 16.8 3.1 2.7

Dr Reddy's Neutral 1,685 - 28,555 10,696 11,662 20.7 21.0 83.7 92.9 20.1 18.1 4.2 3.5 22.4 21.0 2.8 2.5

Dishman Pharma Buy 52 92 418 1,280 1,536 17.8 17.8 9.2 11.3 5.6 4.6 0.4 0.4 7.7 8.5 1.0 0.8

GSK Pharma* Neutral 2,020 - 17,110 2,651 2,993 31.7 31.2 76.0 82.4 26.6 24.5 7.6 6.7 30.8 29.0 5.5 4.8

Indoco Remedies Buy 55 665 510 685 837 15.2 15.2 55.5 66.5 1.0 0.8 0.2 0.1 16.4 16.9 0.9 0.9

Ipca labs Buy 328 443 4,129 2,907 3,541 21.5 21.5 32.4 40.6 10.1 8.1 2.5 2.0 27.8 27.7 1.6 1.3

Lupin Buy 529 646 23,637 8,426 10,082 19.7 20.0 29.7 32.4 17.8 16.3 4.6 3.7 27.0 25.2 2.7 2.2Orchid Chemicals Buy 120 178 848 2,117 2,434 17.7 17.7 16.7 22.2 7.2 5.4 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 525 - 22,171 12,046 11,980 18.0 15.8 35.7 29.8 14.7 17.6 5.5 4.5 43.1 28.1 1.9 1.8

Sun Pharma Accumulate 581 634 59,863 9,272 11,080 40.3 36.3 26.7 28.8 21.8 20.2 4.4 3.8 22.1 20.8 5.6 4.6

Power

CESC Buy 264 342 3,296 5,084 5,512 24.2 23.8 45.2 48.5 5.8 5.4 0.6 0.6 11.2 10.9 1.1 1.1

GIPCL Buy 61 98 923 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 Accumulate 145 158 119,600 74,766 86,549 23.1 23.4 12.4 14.1 11.7 10.3 1.5 1.3 13.0 13.5 2.3 2.1

Real Estate

Anant Raj Buy 46 78 1,369 657 875 52.0 56.1 8.4 12.7 5.5 3.7 0.3 0.3 6.3 8.9 3.4 2.5

DLF Neutral 183 - 31,140 9,878 12,033 44.7 46.1 9.6 13.4 19.1 13.7 1.2 1.2 6.4 8.7 5.6 4.6


May 31, 2012

Market Outlook

Stock Watch


15/16



Real Estate

HDIL Buy 65 115 2,734 2,441 3,344 53.0 46.7 21.4 25.4 3.0 2.6 0.2 0.2 8.4 9.1 3.0 2.3

Telecom

Bharti Airtel Neutral 302 - 114,609 80,967 88,684 33.1 33.4 17.9 22.0 16.9 13.7 1.9 1.7 11.5 12.5 2.1 1.8

Idea Cellular Neutral 79 - 25,995 22,558 25,326 26.4 27.5 3.2 4.7 24.4 16.6 1.8 1.7 7.5 10.0 1.6 1.4

Rcom Neutral 64 - 13,189 21,899 23,740 32.7 32.7 4.2 6.7 15.1 9.6 0.3 0.3 2.1 3.2 2.0 1.6

zOthers

Bajaj Electrical Buy 186 245 1,858 3,670 4,384 8.5 8.5 18.3 22.3 10.2 8.4 2.2 1.9 23.9 24.3 0.5 0.4CRISIL Neutral 1,066 - 7,482 982 1,136 34.3 34.3 34.3 40.0 31.1 26.7 14.1 11.2 50.9 46.9 7.2 6.1

Finolex Cables Buy 36 61 552 2,334 2,687 8.8 9.3 7.6 10.2 4.7 3.5 0.6 0.5 13.7 16.1 0.2 0.1

Graphite India Buy 90 124 1,763 2,158 2,406 18.1 18.9 12.4 14.0 7.3 6.4 1.0 0.9 14.0 14.3 0.9 0.8

Greenply Buy 213 298 514 1,800 2,047 11.1 11.6 34.1 49.6 6.3 4.3 1.2 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 2,977 - 3,321 935 1,168 19.6 19.6 99.7 122.2 29.9 24.4 17.3 13.8 64.2 63.1 3.6 2.9

Sintex Buy 54 129 1,471 4,751 5,189 16.3 16.6 13.6 15.8 4.0 3.4 0.5 0.5 13.1 13.4 0.7 0.5

Siyaram Silk Mills Buy 266 439 249 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 31 - 1,516 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (9.2) 13.1 (12.7) 26.7 - - 0.5 0.4

Taj GVK Buy 60 108 376 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Goodyear Accumulate 334 372 771 1,571 1,753 7.2 8.6 29.8 42.4 11.2 7.9 2.1 1.8 20.2 24.3 0.3 0.2

HEG Buy 208 242 831 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 119 160 273 857 968 6.9 8.4 10.2 16.0 11.7 7.4 1.4 1.2 12.9 17.8 0.4 0.4

Honeywell Automation Neutral 2,696 - 2,383 1,542 1,739 9.4 10.0 116.1 140.8 23.2 19.2 3.3 2.8 15.5 15.9

Ineos ABS Accumulate 715 777 1,258 900 1,011 10.2 11.5 35.6 45.7 20.1 15.7 2.9 2.5 15.4 17.2

ITD Cementation Accumulate 217 236 250 1,535 1,842 11.1 11.1 27.3 38.3 8.0 5.7 0.6 0.6 7.9 10.2 0.6 0.6

MRF Buy 10,794 13,106 4,578 12,390 14,400 10.4 11.3 1,334.6 1,638.2 8.1 6.6 1.6 1.3 16.5 17.4 0.6 0.5Relaxo Accumulate 437 478 525 1,019 1,208 11.0 10.8 44.9 53.1 9.7 8.2 2.3 1.8 27.2 25.0 0.7 0.6

Tata Sponge Buy 274 420 422 757 875 19.0 19.1 63.5 72.9 4.3 3.8 0.7 0.6 16.1 16.1 0.1 -

TVS Srichakra Buy 338 462 259 1,612 1,827 9.5 9.8 72.3 92.5 4.7 3.7 1.4 1.0 33.1 32.1 0.4 0.3

Vesuvius India Accumulate 372 413 756 628 716 16.4 16.5 29.8 34.4 12.5 10.8 2.2 1.9 18.8 18.6 1.0 0.9

Abbott India Accumulate 1,433 1,628 3,046 1,661 1,918 9.7 12.0 60.7 90.4 23.6 15.9 4.8 3.9 22.0 27.3 1.6 1.3

Cera Sanitaryware Ltd Accumulate 251 288 318 385 444 17.2 17.4 28.9 32.0 8.7 7.8 1.8 1.5 23.4 21.1 1.0 0.9

Jyothy Laboratories Buy 219 268 1,763 1,315 1,568 8.6 11.1 6.4 10.9 34.3 20.1 2.9 2.7 8.4 13.9 1.6 1.4

Force Motors Buy 450 680 586 2,346 2,753 6.7 7.0 50.9 61.9 8.8 7.3 0.5 0.5 5.5 6.3 0.2 0.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 30, 2012


May 31, 2012

Market Outlook

Stock Watch


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May 31, 2012Market Outlook

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