market outlook 6-11-12
TRANSCRIPT
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Market OutlookNovember 6, 2012
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Market OutlookNovember 6, 2012
Dealers Diary
Indian markets are expected to open flat tracing mixed cues from opening trades
in the SGX Nifty and most of the Asian indices. SGX Nifty is trading flat, while most
of the Asian bourses have declined as investors await the results of the U.S.presidential election and Chinas once-in-a-decade leadership change later this
week.
U.S markets moved moderately higher over the course of the trading day on
Monday, partly offsetting the steep losses posted on last Friday. Nonetheless,
traders seemed reluctant to make any significant moves amid uncertainty about the
outcome of Tuesday's presidential election between President Barack Obama and
Republican challenger Mitt Romney. Most of the European bourses largely ended
the trading session on Monday with modest losses, as investors played it cautious
ahead of U.S. Presidential election.
Meanwhile, Indian markets moved in a narrow range before ending slightly higher
on Monday. Global cues remained weak, with stocks falling across and Europe asinvestors adopted a cautious approach ahead of tightly-fought U.S. presidential
election.
Markets Today
The trend deciding level for the day is 18,747 / 5,698 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,811 18,858 / 5,716 5,727 levels. However, if NIFTY trades below
18,747 / 5,698 levels for the first half-an-hour of trade then it may correct up to
18,699 18,636 / 5,686 5,668 levels.
SENSEX 18,636 18,699 18,747 18,811 18,858NIFTY 5,668 5,686 5,698 5,716 5,727
News Analysis
No bidders for CDMA spectrum in the upcoming 2G auction
ONGC sells 26% stake in KG basin
L&T wins`1,896cr orders from Delhi Metro, IIIT Hyderabad
Workers at MSILs Manesar plant plan hunger strike
2QFY2013 Result Review: Cipla,Allahabad Bank, Madras Cement, Gujrat
Gas, Amara Raja, India Cement, Vijaya Bank, Vesuvius, Ceat
2QFY2013 Result Preview: Bosch, Hindalco, Canara Bank, ABB, Motherson
Sumi, Andhra Bank, Britannia, Central Bank, Dena Bank, ITNL, GIPCLRefer detailed news analysis on the following page
Net Inflows (November 02, 2012)
FII 2,726 1,945 782 2,002 55,595
MFs 410 346 64 (738) (10,890)
FII Derivatives (November 05, 2012)
Index Futures 501 621 (120) 10,635
Stock Futures 733 744 (11) 28,599
Gainers / Losers
Jet Air India 377 4.2 Crompton Greav 113 (8.4)
Marico 211 3.2 Godrej Cons 688 (4.9)
United Spirits 1,220 3.0 Andhra Bank 103 (4.2)
Cadila Health 889 2.9 Indiabulls Fin 231 (3.8)
Shree Cement 4,327 2.6 Divis Lab 1,148 (3.8)
BSE Sensex 0.0 7.4 18,763
Nifty 0.1 6.5 5,704
MID CAP (0.3) (17.0) 6,628
SMALL CAP (0.1) (7.3) 7,057
BSE HC 0.4 28.8 7,744
BSE PSU (0.2) (14.3) 7,217
BANKEX 0.1 13.8 13,177
AUTO (0.5) (50.9) 10,640
METAL (0.5) (49.3) 10,266
OIL & GAS (0.2) (17.2) 8,351
BSE IT (0.3) (19.1) 5,780
Dow Jones 0.2 19.3 13,112NASDAQ 0.6 17.5 3,000
FTSE (0.5) (29.5) 5,839
Nikkei (0.5) (43.8) 9,007
Hang Seng (0.5) (104.9) 22,006
Straits Times (0.3) (9.1) 3,032
Shanghai Com (0.1) (3.0) 2,114
INFY (0.1) (0.0) $43.8
WIT 0.5 0.0 $8.6IBN (1.1) (0.4) $39.8
HDB 0.9 0.3 $37.8
Advances 1,356 672
Declines 1,496 834
Unchanged 132 78
BSE 1,703
NSE 7,761
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Market OutlookNovember 6, 2012
No bidders for CDMA spectrum in the upcoming 2G auction
Three days after Videocon withdrew its bid for the CDMA spectrum (for the
800MHz band) in the upcoming 2G spectrum auction, Tata Teleservices, the only
other bidder in the band, has also pulled out. Tata Teleservices had earlier shown
interest in bidding for three circles. This will also make the Government poorer byaround `13,000cr which is the value based on the base price for 95MHz of
spectrum on offer in this band. The base price of 800MHz was fixed at 1.3x that of
1800MHz which is at`14,000cr for 5MHz pan India spectrum. Videocon withdrew
its bid on November 2. However, Videocon, which had in 2008 got pan-India 2G
spectrum for `1,658cr, has also applied for GSM spectrum. With such a muted
response the governments target to get`40,000cr from the upcoming 2G auction
and the one-time payment of spectrum is expected to fall off the mark. The 2G
spectrum auction is to take place on November 12. The final list of bidders will be
announced on November 6. This will be followed by a mock auction on November
7 and 8 and thereafter the e-auction of 1,800MHz band will take place on
November 12.
ONGC sells 26% stake in KG basin
Japan's largest oil company Inpex Corp. has acquired 26% stake in ONGC's KG
DWN- 2004/6 block located in deepwaters of KG Basin in the Bay of Bengal.
However, there is no clarity on the financial details of the transaction. ONGC will
continue to remain an operator in the block with 34% stake. The block covers an
area of 10,907 sq km and has a depth of approximately 3,000 meters. We expect
to get more clarity on the deal after ONGC reports its 2QFY2013 results on
November 8. Until then,
L&T wins`1,896cr orders from Delhi Metro, IIIT Hyderabad
Larsen & Toubro has bagged an order worth`1,252cr from the Delhi Metro in the
construction segment. The order will be executed with a joint venture with
Shanghai Urban Construction Group. Also, L&T has bagged order worth `644cr
from IIT Hyderabad in the building segment.
Workers at MSILs Manesar plant plan hunger strike
As per media reports, workers at Maruti Suzukis Manesar plant are planning a
hunger strike and other peaceful protests to force the company management to
reinstate the 548 employees that were sacked after July's violence. The workers are
also demanding a release of their fellow workers who were imprisoned after the
July riot. The workers have formed a new provisional working committee under the
aegis of the now defunct Maruti Suzuki Workers Union (MSWU) and the new
functionaries have served a notice to the Haryana government for a hunger strikeat the Gurgaon deputy commissioner office on November 7 and a mass rally on
Thursday.
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Market OutlookNovember 6, 2012
We maintain a neutral view on the stock.
FY2013E 3,608 27.6 375 15.7 16.9 12.9 2.0 7.3 75
FY2014E 3,928 27.0 434 18.3 17.0 11.1 1.8 6.4Note:* Computed on TTM basis
Gujarat Gas reported its 3QCY2012 results. The companys top line increased
28.0% yoy to `836cr mainly on account of higher realizations. Average sales
realization stood at `28.1/scm, (+42.6% yoy and +6.2% qoq), led by hike in
selling prices of Industrial, Retail and CNG segment. Natural gas volume sold,
however, fell by 9.5% yoy to 295mmscm during the quarter. The companys cost
of goods sold increased 42.6% yoy to`699cr on account of higher proportion ofexpensive RLNG sales (47% of total volumes). Hence, EBITDA grew by 16.2% yoy
(below the growth in net sales) to`137cr. Other income grew 87.8% yoy to`19cr.
Consequently companys net profit grew by24.8% yoy to`100cr.
CY2012E 3,279 11.5 246 19.2 28.7 15.6 4.1 8.8 2.7
CY2013E 3,878 11.3 283 22.1 29.0 13.5 3.7 7.4 2.4
Amara Raja Batteries (AMRJ) registered extremely strong results for 2QFY2013
which were ahead of our estimates, driven by a strong growth in the automotive
replacement segment. The top-line posted an impressive growth of 27.9% yoy
(3.6% qoq) led by strong volume growth in the automotive (replacement) battery
segments. Further, sustained momentum in the tubular and home UPS segment
also aided the top-line growth. However, the automotive OEM and industrial
battery business reported a marginal growth led by sluggish demand environment.
On the operating front, the margins witnessed a 73bp yoy expansion to 16.4%
primarily led by a 121bp yoy decline in raw-material expenses as a percentage of
sales mainly due to a fall in lead prices. However, on a sequential basis, margins
declined 81bp due to a 19.9% increase in other expenditure. Led by a strong
operating performance and significant increase in other income, the adjusted net
profit registered a 53.2% yoy (4.4% qoq) growth to `79cr. At `224, the stock is
trading at 11.9x FY2014 earnings We
shall revise our estimates post our interaction with the management and release a
detailed update soon.
FY2013E 2,844 15.4 271 15.9 28.9 14.1 3.6 8.2 1.3
FY2014E 3,275 15.6 321 18.8 26.9 11.9 2.9 6.8 1.1
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Market OutlookNovember 6, 2012
India Cement (CMP:`98/TP:/Upside:-)
India Cements posted a 2.8% yoy growth in its net sales to `1,123cr, in-line with
our estimates. Sales volume rose by 2% yoy to 2.48mn tonnes. Net Plant
Realization rose by 2.9% yoy to`3,529/tonne. However, OPM was down by 505bp
yoy primarily due to increase in power and fuel costs. During the quarter thecompany had to face 12 days of complete power holiday in Andhra Pradesh and
was forced to use high cost power resulting in pushing up the cement cost per
tonne by`160/tonne. The company was also impacted by higher freight and
forwarding costs. In all the variable costs rose by`174/tonne. Further during the
quarter, the company posted operating loss of `4cr due to IPL franchisee as
against a profit of `33cr in 2QFY2012 as a major portion of the IPL revenue for
the year was booked in 1QFY2013. Thus bottomline fell by 29.6% yoy to `49cr.
We maintain a neutral view on the stock.
FY2013E 4,354 18.3 303 9.8 8.6 9.9 0.8 7.0 69
FY2014E 4,929 18.5 378 12.3 10.2 7.9 0.8 6.0
Note: *Computed on TTM basis
During 2QFY2013, Vijaya Bank posted dismal performance on the operating
front, with a decline of 13.8% and 37.0% yoy in operating income and operating
profit to`534cr and`214cr, respectively. At the PBT level, the bank witnessed de-
growth of 56.1% to `107cr. However, tax write-back of `16cr during the quarter
compared to tax expense of `40cr in 2QFY2012 limited the net profit decline to
39.4% yoy to`123cr. On the asset quality front, on an absolute basis, Gross and
Net NPA levels increased by 12.0% and 14.1% qoq, respectively. Gross and Net
NPA ratios were higher by 32bps and 23bps during the quarter to 3.17% and
1.9%, respectively. At CMP, the stock trades at relatively expensive valuations of
0.7x FY2014 ABV.
FY2013E 2,490 2.1 574 9.2 75.8 0.5 11.5 6.1 0.7
FY2014E 2,881 2.2 682 11.4 83.9 0.5 13.0 4.9 0.7
Vesuvius India (CMP:`344, TP: , Upside: )
For 3QCY2012, VIL reported a lower-than-expected top-line of`132cr, a decline
of 4.5% yoy from `138cr in 3QCY2011. However, the EBITDA margin expanded
marginally by 48bp yoy from 18.1% in 3QCY2011 to 18.6% in 3QCY2012 on the
back of lower raw material cost during the quarter. Net profit was broadly in line
with our estimate at `4cr for the quarter. Considering a slowdown in the steel
industry, demand outlook remains a concern
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Market OutlookNovember 6, 2012
CY2012E 549 16.6 51 25 32.6 13.6 2.1 6.9 1.1
CY2013E 587 17.0 56 28 31.4 12.5 1.8 6.1 1.0
(CMP:`110/ TP:`163/ Upside: 48%)
Ceat reported sluggish results for 2QFY2013 primarily due to sequential
contraction in operating margins led by sharp increase in employee and other
expenditure. For 2QFY2013, standalone net sales registered a modest growth of
6% yoy (down 1.2% qoq) to `1,173cr driven largely by increase in net average
realization (up 4.8% yoy). The total volumes in tonnage terms though posted a flat
growth led by weak demand in the replacement segment. Export revenue too
registered a decline of 3.7% yoy to `260cr due to weakness in Latin America and
European markets. On the operating front, EBITDA margins contracted by 218bp
qoq to 6.7% as employee expense and other expenditure as a percentage of sales
surged 80bp and 110bp respectively. While employee expense increased due to
wage hikes and bonus payouts; other expenditure grew due to higher advertising
spends. On a yoy basis though, margins improved 107bp on softening of natural
rubber prices (~down 15% yoy). During the quarter, Ceat recorded an exceptional
expense of `14cr due to change in policy of recognizing provision for warranty
from actual claim basis to expected cost based on past trends. Adjusted for the
same, net profit witnessed a decline of 34.8% qoq to `17cr. At`110, the stock is
trading at attractive valuations of 2.7x FY2014E earnings.
FY2013E 4,989 8.2 93 27.1 13.2 4.1 0.5 3.4 0.3
FY2014E 5,634 8.5 140 40.8 17.2 2.7 0.4 2.8 0.2
Result Preview
Bosch (CMP:`8,900/ TP: -/ Upside: -)
Bosch (BOS) is slated to announce its 3QCY2012 results today. We expect the
company to deliver a moderate growth of ~5% yoy (down 4% qoq) in revenues to`2,069cr as the automotive sector registered a modest growth during the quarter.
Meanwhile, the company also announced temporary shutdowns at its plant in
Jaipur and Bangalore for two to three days to align its production with the demand
and avoid unnecessary build-up of inventory. On the operating front, the company
is expected to post a 260bp yoy contraction in operating margin to 16.7% led by
increase in cost pressures and unfavorable currency movement. Thus, the net profit
is expected to register a decline of 22.8% yoy (down 10.3% qoq) to `222cr. At
`8,900 the stock is trading at 20.3x CY2013E earnings, which is in-line with its
historical average of 20x.
CY2012E 8,793 17.4 1,094 348.3 19.4 25.4 4.9 16.2 2.7
CY2013E 10,294 18.5 1,368 435.8 20.1 20.3 4.1 12.6 2.2
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Market OutlookNovember 6, 2012
Hindalco (CMP:`115/ TP:-/ Upside :-)
Hindalco is slated to report its 2QFY2013 results today. We expect standalone net
sales to increase by 3.2% yoy to `6,423cr. However, the EBITDA margin is
expected to contract by 330bp yoy to 7.5% on account of decrease in aluminium
prices and rise in costs of key inputs. The net profit is expected to decrease by
27.7% yoy to`364cr.
FY2013E 84,855 8.7 2,529 13.2 7.8 8.6 0.6 7.4 0.6
FY2014E 92,446 9.3 3,107 16.2 8.9 7.0 0.6 6.2 0.6
(CMP:`419/ TP:`449/ Upside: 7.2%)
Canara Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a flattish NII of `1,976cr. Non-interest income for the bank is
expected to decline by 13.2% to `719cr. Operating expenses are expected to be
slightly higher by 1.6% yoy. Consequently, operating profit de-grew by 7.1% on a
yoy basis at`1,491cr. However, provisioning expenses are expected to decline by
38.1% yoy, and would result in moderate Net Profit growth of 14.9% on a yoy
basis to `230cr. At the CMP, the stock trades at relatively valuations of 0.8x
FY2014E ABV.
FY2013E 10,905 2.1 3,317 74.9 499.0 0.8 15.1 5.7 0.9
FY2014E 12,783 2.2 3,771 85.1 560.9 0.9 15.3 5.0 0.8
ABB (CMP:`722/TP:`593/Downside: 18 %)
For 3QCY2012, we expect ABB India (ABB) to post top-line growth of 15.6% yoy to
`2,015cr, driven by the companys balanced performance across all segments.
ABBs margin is likely to improve by 238bp yoy to 6.2%. Aided by modest revenue
growth and margin expansion, ABBs bottom line is expected to jump by 187% yoy
to `63.7cr, albeit on a lower base.
CY2012E 8,760 6.2 306 14.5 11.6 50.0 5.5 27.6 1.7
CY2013E 10,023 8.7 524 24.7 17.6 29.2 4.8 17.1 1.5
Motherson Sumi Systems (CMP:`153/ TP: -/ Upside: -)
Motherson Sumi Systems (MSS) is scheduled to announce its 2QFY2013 resultstoday. We expect MSS to report an improvement in its operating performance
driven by pick-up in order execution at the new plant in Hungary. However, lower
operating efficiency at Peguform facilities may pose margin pressures. On a
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Market OutlookNovember 6, 2012
consolidated basis, we expect the company to record revenues of `6,346cr from
`2,290cr in 2QFY2012 mainly on account of consolidation of Peguform
operations. On the operating front, the company is expected to report a ~120bp
yoy contraction in margins to 7.5%. However, the net profit is expected to increase
~103% yoy to`200cr benefitting from consolidation of Peguform operation. At the
CMP of`153, the stock is trading at 14.5x FY2014E earnings.
FY2013E 24,285 6.7 473 8.0 22.9 19.1 4.0 7.8 0.5
FY2014E 27,317 7.2 622 10.6 24.7 14.5 3.3 6.4 0.5
(CMP:`103/ TP:`97 / Downside: 5.8%)
Andhra Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a muted NII growth of 2.1% yoy to `972cr. Non-interest income for
the bank is expected to grow at a healthy pace of 17.1% to `208cr. Operating
expenses are expected to be higher by 10.7% yoy to `490cr, which would result in
flattish operating profit on a yoy basis at `690cr. Provisioning expenses are
expected to be higher by 5.0% yoy, and would result in Net Profit decline of 2.5%
on a yoy basis to `308cr. At the CMP, the stock trades at valuations of 0.7x
FY2014E ABV, which we believe is expensive considering its asset quality profile.
FY2013E 4,929 3.1 1,327 23.7 144.2 1.0 16.6 4.5 0.7
FY2014E 5,633 3.1 1,373 24.5 162.1 0.9 15.3 4.4 0.7
Britannia Industries (CMP:`475/TP:`584/Upside:-23%)
Britannia Industries is expected to post a 12.7% yoy growth in topline to `1,459cr.
OPM is expected to increase by 20bp yoy to 5%. Bottomline is expected to increase
by 29.9% yoy to `49cr.
FY2013E 5,835 5.7 247 20.7 43.1 22.9 9.0 15.8 0.9
FY2014E 6,824 5.9 303 25.4 41.9 18.7 6.9 12.8 0.8
(CMP:`70/ TP: - / Upside: -)
Central Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a NII growth of 1.7% yoy to`1,420cr. Non-interest income for the
bank is expected to decline by 10.5% to`290cr. Operating expenses are expected
to increase by 3.7% yoy to `958cr, which would result in operating profit de-growth of 5.5% on a yoy basis at `753cr. Provisioning expenses are expected to
decline by 25.1% yoy, and would aid Net Profit growth of 30.3% on a yoy basis to
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Market OutlookNovember 6, 2012
`318cr. At the CMP, the stock trades at valuations of 0.7x FY2014E ABV.
FY2013E 7,095 2.5 1,299 15.6 94.2 0.5 12.2 4.6 0.8FY2014E 8,102 2.7 1,698 21.0 107.0 0.6 14.7 3.4 0.7
(CMP:`109/ TP: - / Upside: -)
Dena Bank is scheduled to announce its 2QFY2013 results today. We expect the
bank to report a NII growth of 21.8% yoy to`627cr. Non-interest income for the
bank is expected to grow at 11.0% to`126cr. Operating expenses are expected to
increase by 13.0% yoy. Operating profit is expected to grow by 25.3% on a yoy
basis to `441cr. However, provisioning expenses are expected to be higher by
54.4% yoy, and would result in moderate Net Profit growth of 10.1% on a yoy
basis to`213cr. At the CMP, the stock trades at relatively expensive valuations of
0.7x FY2014E ABV.
FY2013E 3,147 2.8 869 24.8 143.4 0.9 18.7 4.4 0.8
FY2014E 3,495 2.9 853 24.4 163.7 0.8 15.9 4.5 0.7
ITNL (CMP:`187 / TP:`232 / Upside: 24%)
We expect IL&FS Transportation Networks (ITNL) to post a mixed set of numbersfor the quarter, with healthy performance on the revenue front, but muted show on
the earnings level owing to high interest cost. The companys revenue is expected
to grow by 20.0% yoy to `1,507cr. We expect the company to register a dip of
131bp yoy on the EBITDAM front to 27.1%. Further, on the back of high interest
cost, which is expected to come at`265cr, we expect ITNLs earnings to decline by
15.8% yoy to`98cr.
FY2013E 6,840 26.3 475 24.4 16.0 7.6 1.1 10.2 2.7
FY2014E 7,767 26.8 588 30.3 17.2 6.2 1.0 10.6 2.8
GIPCL (CMP:`67/TP:`77/Upside: 14.9 %)
We expect GIPCL to register a robust 20.2% yoy growth in its top-line to`361cr,
albeit on a lower base. OPM is expected to remain flat at 31.8%. The robust top-
line growth and flat OPM performance will result in 24.8% yoy growth in profit to
`35cr.
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Market OutlookNovember 6, 2012
FY2013E 1,557 29.3 163 10.8 10.8 6.2 0.6 3.9 1.1
FY2014E 1,573 28.7 166 11.0 10.2 6.1 0.6 3.4 1.0
Quarterly Bloomberg Brokers Consensus Estimate
Net sales 1,933 1,726 12 1,858 4
EBITDA 109 17 554 106 2
EBITDA margin (%) 5.6 1.0 5.7
Net profit 61 22 176 52 18
Net profit 803 852 (6) 775 4
Net sales 6,461 6,220 4 5,964 8
EBITDA 575 715 (20) 463 24
EBITDA margin (%) 8.9 11.5 7.8
Net profit 388 451 (14) 425 (9)
Net sales 3,602 3,771 (4) 3,413 6
EBITDA 488 690 (29) 460 6
EBITDA margin (%) 13.5 18.3 13.5
Net profit 300 496 (40) 327 (8)
Net sales 7,410 6,248 19 7,198 3
EBITDA 1,567 1,385 13 1,413 11
EBITDA margin (%) 21.1 22.2 19.6
Net profit 296 (1,179) (125) 196 51
Net sales 19,533 17,270 13 19,350 1
EBITDA 5,872 5,815 1 6,009 (2)
EBITDA margin (%) 30.1 33.7 31.1
Net profit 719 1,023 (30) 775 (7)
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Market OutlookNovember 6, 2012
Net sales 2,870 3,062 (6) 2,838 1
EBITDA 2,306 2,435 (5) 2,302 0
EBITDA margin (%) 80.4 79.5 81.1
Net profit 1,861 1,963 (5) 1,906 (2)
Net sales 43,932 35,938 22 43,171 2
EBITDA 5,614 2,222 153 5,575 1
EBITDA margin (%) 12.8 6.2 12.9
Net profit 2,379 1,911 24 2,273 5
Economic and Political News
Assocham proposes changes in Land Acquisition Bill
TDSAT is split over TRAI direction on pre-paid ISD facility
Odisha may drop demand for free power from IPPs
Corporate News
Japan's Inpex buys 26% stake in ONGC's KG basin block
KFA permit won't be renewed if no revival plan by Dec 31
Moily says RIL will abide by audits obligations in D6
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Date Company
November 06, 2012Hindalco, Tata Power Co., Bosch India, Canara Bank, ABB, Reliance Infra., Reliance Capital, Motherson Sumi, AndhraBank, Central Bank, Britannia, Tata Comm, ITNL, Dena Bank, GIPCL, Cravatex
November 07, 2012 Bharti Airtel, NMDC, Tata Motors, Cadila Healthcare, Indraprasth Gas, GSPL, UCO Bank
November 08, 2012ONGC, Sun Pharma, SAIL, Ranbaxy, Rcom, Cummins India, Ashok Leyland, Areva, Monnet Ispat, Page Industries, PTCIndia, Nagarjuna Const., Prakash Industries, Finolex Cables, Goodyear
November 09, 2012
Coal India, St Bk of India, IOC, Jindal Steel, Tata Steel, BPCL, Power Fin.Corpn., GSK Pharma, United Spirits, HPCL,
Essar Oil, Sun TV Network, Tata Chemicals, Suzlon Energy, Corporation Bank, MOIL, HDIL, Aurobindo Pharma,CESC, Sadbhav Engg., Punj Lloyd, Anant Raj, Graphite India, Orchid Chemicals, Patel Engg., Subros, Disa
November 10, 2012 Unitech, TVS Srichakra, Abbott India, S. Kumars Nationwide
November 11, 2012
November 12, 2012 DLF, Nestle, Jaiprakash Asso., GMR Infra., Bhushan Steel, Simplex Infra, SpiceJet
November 13, 2012
November 14, 2012 Madhucon Proj
November 15, 2012 Consolidated Co
Source: Bloomberg, Angel Research
Result Calendar
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
November 06, 2012 2:25PM Germany PMI Services Value Oct F 49.30 49.30
3:00PM UK Industrial Production (YoY) % Change Sep (1.20) (1.60)
November 08, 2012 5:30PM UK BOE Announces rates % Ratio Nov 8 0.50 0.50
6:15PM Euro Zone ECB announces interest rates % Nov 8 0.75 0.75
7:00PM US Initial Jobless claims Thousands Nov 3 363.00 370.00
November 09, 2012 7:00AM China Consumer Price Index (YoY) % Change Oct 1.90 1.90
11:00AM China Industrial Production (YoY) % Change Oct 9.20 --
November 10, 2012 5:29PM China Exports YoY% % Change Oct 9.90 10.00
November 12, 2012 11:00AM India Industrial Production YoY % Change Sep 2.70 --
November 13, 2012 3:00PM UK CPI (YoY) % Change Oct 2.20 --
November 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Oct 7.81 --
3:00PM UK Jobless claims change % Change Oct (4.00) --
7:00PM US Producer Price Index (mom) % Change Oct 1.10 0.20
November 15, 2012 12:30PM Germany GDP nsa (YoY) % Change 3Q P 0.50 --
3:30PM Euro Zone Euro-Zone CPI (YoY) % Oct 2.60 --
3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A (0.20) --
7:00PM US Consumer price index (mom) % Change Oct 0.60 0.10
November 16, 2012 7:45PM US Industrial Production % Oct 0.41 0.20
November 19, 2012 8:30PM US Existing home sales Millions Oct 4.75 --
November 20, 2012 7:00PM US Housing Starts Thousands Oct 872.00 --
7:00PM US Building permits Thousands Oct 890.00 --November 21, 2012 5:29PM Germany PMI Manufacturing Value Nov A 46.00 --
November 22, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (25.70) --
November 27, 2012 3:00PM UK GDP (YoY) % Change 3Q P --
8:30PM US Consumer Confidence S.A./ 1985=100 Nov 72.20 --
November 28, 2012 8:30PM US New home sales Thousands Oct 389.00 --
November 29, 2012 2:25PM Germany Unemployment change (000's) Thousands Nov 20.00 --
7:00PM US GDP Qoq (Annualised) % Change 3Q S 2.00 --
Source: Bloomberg, Angel Research
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November 06, 2012
Market Outlook
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7/31/2019 Market Outlook 6-11-12
13/21
Market StrategyNovember 06, 2012
www.angelbroking.com
Macro watch
Exhibit 1 :Q uarterly GD P trends
3. 5
5. 7
9. 0
7. 5
8. 5
7. 68. 2
9. 2
8. 0
6. 76. 1
5. 3 5. 5
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 010.0
4Q
FY09
1Q
FY10
2Q
FY10
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
(%)
Source: C SO , Ang el Research
Exhibit 2 :IIP trends
2. 5
(5.0)
6. 0
2. 7
1. 0
4. 3
(2.8)
(1.3)
2. 5
(1.8)
(0.2)
2. 7
(6.0)
(4.0)
(2.0)
-
2. 0
4. 0
6. 0
8. 0
Sep
-11
O
ct-11
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
(%)
Source: M O SPI, Angel Research
Exhibit 3 :M onthly WPI inflation trends
9. 9 9. 5
7. 76. 9
7. 4 7. 7 7. 5 7 .6 7.6 7. 5 7. 67. 8
0. 0
2. 0
4. 0
6. 0
8. 0
10.0
12.0
O
ct-11
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar-
12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
(%)
Source: M O SPI, Angel Research
Exhibit 4 :M an ufacturing and services PM I
48.0
50.0
52.0
54.0
56.0
58.0
60.0
Sep
-11
O
ct-11
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
M fg. PM I Services PM I
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5 :Exports and imports growth trends
(30.0)
(15.0)
0. 0
15.0
30.0
45.0
O
ct-11
Nov
-11
Dec
-1
1
Jan
-1
2
Fe
b-1
2
M
ar
-12
Apr
-12
M
ay
-1
2
Jun
-1
2
Ju
l-1
2
Aug
-1
2
Sep
-1
2
Exp orts yo y g ro wth Im p orts yo y g rowth(%)
Source: Bloomb erg, Ang el Research
Exhibit 6 :Key policy rates
8.00
7.00
4.25
4.00
5.00
6.00
7.00
8.00
9.00
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Repo rate Reverse Repo rate C RR(%)
Source: RBI, Angel Research
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7/31/2019 Market Outlook 6-11-12
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7/31/2019 Market Outlook 6-11-12
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7/31/2019 Market Outlook 6-11-12
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Financials
Corporat ion Bank Accumulate 394 447 5,839 4,886 5,669 2.1 2.2 101.3 101.8 3.9 3.9 0.7 0.6 17.0 15.1 - -
Dena Bank Neutral 109 - 3,821 3,147 3,495 2.8 2.9 24.8 24.4 4.4 4.5 0.8 0.7 18.7 15.9 - -
Federal Bank Neutral 480 - 8,200 2,617 2,968 3.3 3.2 45.9 51.7 10.5 9.3 1.3 1.2 13.1 13.3 - -
HDFC Neutral 769 - 118,464 7,336 8,802 3.5 3.5 31.5 37.8 24.4 20.3 4.9 4.4 34.8 32.1 - -
HDFC Bank Neutral 635 - 150,124 21,696 26,811 4.4 4.5 28.7 36.0 22.2 17.6 4.2 3.6 20.7 22.0 - -
ICICI Bank Buy 1,077 1,270 123,861 22,271 26,690 3.0 3.0 69.2 83.1 15.6 13.0 1.9 1.7 14.2 15.7 - -
IDBI Bank Accumulate 97 103 12,375 7,684 9,264 1.8 2.1 15.6 22.0 6.2 4.4 0.7 0.6 10.9 13.9 - -Indian Bank Accumulate 167 181 7,173 5,874 6,551 3.2 3.2 40.6 41.8 4.1 4.0 0.7 0.6 18.1 16.4 - -
IOB Neutral 73 - 5,782 7,050 8,313 2.3 2.5 12.3 19.9 5.9 3.6 0.5 0.5 8.8 13.1 - -
J & K Bank Neutral 1,215 - 5,889 2,762 2,885 3.6 3.6 226.7 193.0 5.4 6.3 1.2 1.0 24.4 17.7 - -
LIC Housing Finance Buy 251 298 12,687 1,799 2,255 2.3 2.4 20.3 27.3 12.4 9.2 2.0 1.7 16.9 19.7 - -
Oriental Bank Neutral 328 - 9,560 6,277 7,090 2.6 2.7 60.5 65.1 5.4 5.0 0.8 0.7 15.0 14.4 - -
Punjab Natl.Bank Accumulate 755 819 25,620 19,652 22,601 3.2 3.3 135.0 164.3 5.6 4.6 1.0 0.8 16.3 17.3 - -
South Ind.Bank Accumulate 23 25 3,078 1,556 1,750 2.8 2.7 3.5 3.9 6.6 6.0 1.1 1.0 19.1 16.9 - -
St Bk of India Accumulate 2,143 2,353 143,808 63,806 73,435 3.5 3.6 225.7 258.4 9.5 8.3 1.6 1.4 17.7 17.8 - -
Syndicate Bank Neutral 120 - 7,214 6,756 7,783 3.0 3.0 26.3 27.1 4.6 4.4 0.8 0.7 18.3 16.6 - -
UCO Bank Neutral 74 - 4,939 5,411 6,124 2.4 2.5 17.0 16.5 4.4 4.5 0.9 0.8 16.7 14.4 - -
Union Bank Accumulate 222 235 12,208 9,912 11,536 2.8 2.9 40.4 46.7 5.5 4.8 0.9 0.8 16.1 16.4 - -
United Bank Accumulate 64 74 2,318 3,572 4,041 2.8 2.9 17.2 22.1 3.7 2.9 0.5 0.5 14.2 16.2 - -
Vijaya Bank Neutral 54 - 2,691 2,490 2,881 2.1 2.2 9.2 11.4 5.9 4.8 0.7 0.7 11.5 13.0 - -
Yes Bank Buy 418 492 14,894 3,270 4,240 2.8 3.0 34.5 42.2 12.1 9.9 2.6 2.1 23.5 23.5 - -
FMCG
Asian Paints Neutral 3,954 - 37,924 11,198 13,184 16.2 16.2 123.7 146.4 32.0 27.0 10.9 8.5 38.1 35.4 3.3 2.8
Britannia Buy 475 584 5,674 5,835 6,824 5.7 6.0 20.7 25.4 22.9 18.7 9.0 6.9 43.1 41.9 0.9 0.7
Colgate Neutral 1,301 - 17,697 3,018 3,429 20.9 22.2 35.7 42.3 36.5 30.7 33.7 25.1 101.0 93.5 5.6 4.9
Dabur India Neutral 127 - 22,161 6,124 7,101 17.0 16.8 4.5 5.2 28.5 24.3 11.7 9.3 43.2 41.5 3.6 3.0
GlaxoSmith Con* Neutral 3,056 - 12,852 3,124 3,663 17.1 17.6 104.5 123.8 29.3 24.7 9.1 7.3 34.4 32.8 3.8 3.2
Godrej Consumer Neutral 688 - 23,425 6,097 7,233 18.4 18.6 21.9 26.5 31.5 26.0 7.0 5.8 25.5 25.4 4.2 3.5
HUL Neutral 534 - 115,349 25,350 28,974 13.3 13.5 14.7 17.1 36.2 31.3 28.7 20.2 84.5 75.8 4.4 3.8
ITC Neutral 288 - 226,693 29,409 34,060 35.7 36.1 9.3 10.9 30.9 26.4 10.3 8.5 35.8 35.3 7.3 6.2
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Market Outlook
Stock Watch
November 06, 2012
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7/31/2019 Market Outlook 6-11-12
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
FMCG
Marico Neutral 211 - 13,587 4,840 5,643 13.1 13.1 6.8 8.5 31.1 24.9 8.6 6.5 31.4 29.7 2.8 2.3
Nestle* Neutral 4,829 - 46,558 8,610 10,174 20.9 21.2 114.8 139.8 42.1 34.5 25.4 17.7 71.2 60.3 5.4 4.5
Tata Global Neutral 159 - 9,811 7,207 7,927 9.7 10.0 6.6 7.8 24.0 20.3 2.4 2.3 8.6 9.5 1.3 1.1
IT
HCL Tech^ Accumulate 613 648 42,588 24,214 26,772 19.5 18.1 44.0 48.0 13.9 12.8 3.3 2.8 24.0 22.0 1.7 1.5
Hexaware* Buy 113 135 3,350 1,944 2,159 21.8 21.1 11.4 12.2 10.0 9.2 2.6 2.2 26.4 24.1 1.4 1.2
Infosys Accumulate 2,379 2,573 136,593 39,174 41,580 29.5 30.4 159.2 171.6 14.9 13.9 3.6 3.2 24.1 23.1 2.9 2.7Infotech Enterprises Neutral 194 - 2,160 1,886 2,032 17.9 17.3 18.7 20.2 10.4 9.6 1.6 1.3 14.9 14.0 0.8 0.7
KPIT Cummins Accumulate 122 132 2,181 2,195 2,317 15.5 15.0 10.7 12.1 11.4 10.2 2.4 2.0 21.0 19.8 1.0 0.9
Mahindra Satyam Accumulate 109 115 12,846 7,597 8,141 20.0 18.8 9.7 10.4 11.3 10.5 3.1 2.4 27.5 22.9 1.3 1.1
Mindtree Accumulate 656 747 2,689 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.8 2.1 1.7 24.1 19.7 0.9 0.8
Mphasis& Neutral 393 - 8,262 5,700 5,993 18.0 16.9 37.0 37.3 10.6 10.6 1.5 1.3 14.3 12.6 1.0 0.8
NIIT Accumulate 34 36 556 1,034 1,146 9.9 11.0 5.2 6.4 6.5 5.3 0.8 0.8 12.8 14.3 0.4 0.3
Persistent Neutral 482 - 1,926 1,261 1,352 26.4 24.7 48.2 54.0 10.0 8.9 1.9 1.6 19.0 17.9 1.2 1.0
TCS Accumulate 1,329 1,410 260,066 61,053 67,313 28.7 29.1 69.7 76.2 19.1 17.4 6.2 5.1 32.6 29.1 4.1 3.6
Tech Mahindra Accumulate 955 1,046 12,190 6,603 7,196 18.2 17.1 92.7 99.6 10.3 9.6 2.4 2.0 23.6 20.5 1.9 1.7
Wipro Buy 363 421 89,327 43,219 47,241 20.0 20.0 26.1 28.1 13.9 12.9 2.7 2.3 19.3 17.9 1.7 1.5
Media
D B Corp Buy 219 259 4,010 1,581 1,784 23.3 25.0 11.6 14.4 18.9 15.2 3.7 3.1 21.0 22.3 2.3 2.0
HT Media Accumulate 98 113 2,299 2,111 2,272 15.0 15.2 7.4 8.3 13.3 11.9 1.4 1.3 11.3 11.4 0.8 0.7
Jagran Prakashan Buy 101 117 3,182 1,503 1,681 23.1 23.1 6.4 7.3 15.7 13.9 3.9 3.5 25.8 26.5 2.3 2.0
PVR Neutral 229 - 595 625 732 17.4 17.1 13.3 15.6 17.2 14.6 1.9 1.7 13.2 13.8 1.4 1.1
Sun TV Network Neutral 338 - 13,320 1,981 2,239 77.0 76.7 18.6 21.3 18.2 15.9 4.6 4.0 27.1 27.5 6.3 5.4Metals & Mining
Bhushan Steel Neutral 491 - 10,434 11,979 14,584 31.6 31.0 49.2 61.4 10.0 8.0 1.3 1.1 14.1 15.2 2.9 2.4
Coal India Accumulate 352 385 222,557 69,808 75,550 27.4 27.4 26.0 28.3 13.5 12.5 3.9 3.2 32.5 28.1 2.2 1.9
Electrosteel Castings Accumulate 28 29 972 1,984 2,074 10.6 11.6 0.8 2.0 33.6 13.9 0.5 0.2 1.7 4.1 0.7 0.6
Hind. Zinc Accumulate 137 145 58,014 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.8 2.1
Hindalco Neutral 115 - 21,960 84,855 92,446 8.7 9.3 13.2 16.2 8.7 7.1 0.7 0.6 7.8 8.9 0.7 0.6
JSW Steel Neutral 753 - 16,803 39,586 41,459 17.6 17.0 78.7 90.1 9.6 8.4 0.9 0.9 10.2 10.7 0.8 0.8
MOIL Accumulate 248 271 4,160 918 993 50.7 50.9 24.5 26.1 10.1 9.5 1.5 1.4 16.0 15.5 2.2 1.9
Monnet Ispat Buy 290 379 1,867 2,511 3,303 23.8 26.0 46.3 57.3 6.3 5.1 0.7 0.6 12.4 13.7 1.7 1.2
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Market Outlook
Stock Watch
November 06, 2012
-
7/31/2019 Market Outlook 6-11-12
18/21
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
Metals & Mining
Nalco Reduce 47 44 12,010 6,898 7,841 9.9 14.7 2.0 3.2 23.5 14.6 1.0 1.0 4.3 6.8 1.3 1.2
NMDC Buy 182 214 72,316 12,934 14,266 79.4 80.1 21.1 23.4 8.7 7.8 2.3 1.9 29.6 26.5 3.6 3.0
SAIL Neutral 83 - 34,139 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.0 0.8 0.7 9.4 10.6 1.2 1.0
Sesa Goa Neutral 176 - 15,309 4,551 6,640 32.8 34.4 33.7 39.3 5.2 4.5 0.9 0.8 18.3 18.3 4.0 2.7
Sterlite Inds Accumulate 102 110 34,329 43,185 45,442 23.3 23.7 16.8 17.9 6.1 5.7 0.7 0.6 11.6 11.2 0.8 0.7
Tata Steel Buy 398 481 38,640 145,799 150,431 10.3 11.2 48.6 63.3 8.2 6.3 0.8 0.7 10.5 12.4 0.5 0.5
Sarda Buy 140 153 501 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.9 0.6 0.5 11.5 11.0 0.7 0.6Prakash Industries Buy 52 73 703 2,694 2,906 14.6 16.6 16.4 20.8 3.2 2.5 0.3 0.3 11.4 12.8 0.5 0.4
Godawari Power andIspat
Buy 122 161 388 2,341 2,425 15.6 17.3 33.3 43.2 3.7 2.8 0.4 0.4 13.2 14.4 0.5 0.5
Oil & Gas
Cairn India Accumulate 330 382 63,041 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 1.0 22.0 17.5 2.8 2.4
GAIL Neutral 356 - 45,215 46,652 54,142 15.7 15.7 34.0 35.3 10.5 10.1 1.8 1.6 18.5 16.8 0.7 0.6
ONGC Buy 267 312 228,047 147,139 154,821 33.9 33.7 30.7 32.3 8.7 8.3 1.5 1.4 18.3 17.2 1.3 1.2
Reliance Industries Neutral 805 - 263,618 362,700 380,031 7.9 8.0 60.0 63.3 13.4 12.7 1.3 1.2 11.1 10.6 0.7 0.7
Gujarat Gas* Neutral 299 - 3,831 3,228 3,819 11.5 11.3 19.2 22.1 15.6 13.5 4.1 3.7 28.7 29.0 1.1 0.9
Indraprastha Gas Neutral 263 - 3,684 3,040 3,135 24.3 26.7 24.8 27.9 10.6 9.5 2.5 2.0 25.5 23.6 1.2 1.0
Petronet LNG Accumulate 172 183 12,900 30,077 33,570 6.6 6.3 15.1 15.3 11.4 11.3 2.9 2.4 28.4 23.1 0.5 0.4
Gujarat State PetronetLtd.
Neutral 75 - 4,229 1,041 939 91.8 91.9 8.5 7.4 8.9 10.2 1.5 1.4 18.1 14.0 4.9 5.4
Pharmaceuticals
Alembic Pharma Buy 68 91 1,277 1,624 1,855 14.2 15.6 6.6 9.1 10.3 7.5 2.6 2.0 27.9 29.9 0.9 0.8
Aurobindo Pharma #VALUE! 170 4,945 5,243 5,767 14.6 14.6 11.8 12.6 14.4 13.5 1.8 1.5 17.9 16.4 1.4 1.3
Aventis* Neutral 2,235 - 5,146 1,482 1,682 15.5 15.5 95.1 104.4 23.5 21.4 4.2 3.2 18.6 17.0 3.3 2.8
Cadila Healthcare Accumulate 889 953 18,208 6,148 7,386 18.6 19.6 36.0 46.1 24.7 19.3 5.8 4.7 25.8 26.8 3.1 2.5
Cipla Accumulate 380 399 30,547 8,031 9,130 23.4 22.4 18.4 20.0 20.7 19.0 3.4 3.0 17.8 16.6 3.5 3.0
Dr Reddy's Neutral 1,795 - 30,467 10,696 11,662 20.7 21.0 83.7 92.9 21.4 19.3 4.4 3.7 22.4 20.8 3.1 2.7
Dishman Pharma Neutral 98 - 794 1,280 1,536 17.8 17.8 9.2 11.3 10.7 8.7 0.8 0.7 7.7 8.5 1.3 1.1
GSK Pharma* Neutral 1,981 - 16,780 2,651 2,993 31.7 31.2 76.0 82.4 26.1 24.0 7.5 6.7 20.1 26.3 5.6 4.8
Indoco Remedies Buy 65 89 599 685 837 15.2 15.2 7.4 8.9 8.8 7.3 1.3 1.2 16.4 17.0 1.0 0.9
Ipca labs Neutral 460 - 5,805 2,850 3,474 21.0 21.0 29.9 37.3 15.4 12.3 3.7 2.9 26.7 26.4 2.2 1.8
Lupin Accumulate 584 647 26,110 8,426 10,082 19.7 20.0 26.3 31.3 22.2 18.7 5.2 4.2 26.0 24.7 3.2 2.6
Orchid Chemicals Neutral 104 - 735 1,667 1,835 13.9 13.9 11.4 13.3 9.2 7.9 0.6 0.6 6.6 7.3 0.9 0.8
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Market Outlook
Stock Watch
November 06, 2012
-
7/31/2019 Market Outlook 6-11-12
19/21
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
Pharmaceuticals
Ranbaxy* Neutral 535 - 22,596 12,046 11,980 18.0 15.8 31.3 29.8 17.1 18.0 5.8 4.7 39.1 28.9 1.9 1.9
Sun Pharma Neutral 699 - 72,249 9,752 12,134 41.6 41.6 26.0 28.2 26.9 24.8 5.0 4.3 20.3 18.8 6.7 5.2
Power
CESC Neutral 281 - 3,515 5,218 5,644 24.2 23.8 44.6 47.6 6.3 5.9 0.7 0.6 11.0 10.6 1.5 1.5
GIPCL Accumulate 67 77 1,013 1,557 1,573 29.3 28.7 10.8 11.0 6.2 6.1 0.7 0.6 10.8 10.2 1.1 1.0
NTPC Neutral 168 - 138,112 74,111 85,789 22.7 23.1 12.1 13.7 13.9 12.2 1.7 1.5 12.6 13.2 2.5 2.3
Real EstateAnant Raj Neutral 79 - 2,337 657 875 52.0 56.1 8.4 12.7 9.4 6.2 0.6 0.5 6.3 8.9 4.8 3.6
DLF Neutral 203 - 34,431 9,878 12,033 44.7 46.1 9.6 13.4 21.2 15.1 1.3 1.3 6.4 8.7 6.0 5.0
HDIL Buy 100 115 4,190 2,441 3,344 55.1 48.2 22.7 26.6 4.4 3.8 0.4 0.3 8.8 9.4 3.6 2.7
MLIFE Neutral 407 - 1,663 813 901 26.2 26.6 32.0 37.1 12.7 11.0 1.3 1.2 10.4 11.0 2.4 2.1
Telecom
Bharti Airtel Neutral 273 - 103,786 79,147 86,745 31.1 32.5 9.9 15.1 27.5 18.1 1.9 1.8 7.0 9.7 2.0 1.7
Idea Cellular Neutral 86 - 28,524 22,234 24,161 26.9 27.7 3.3 4.9 26.0 17.5 2.0 1.8 7.7 10.3 1.7 1.5
Rcom Neutral 56 - 11,600 20,650 20,935 32.3 33.0 4.2 5.8 13.3 9.8 0.3 0.3 2.3 3.1 2.2 2.0
zOthers
Abbott India Neutral 1,444 - 3,068 1,602 1,833 10.4 11.8 54.7 71.7 26.4 20.1 5.0 4.2 20.0 22.7 1.7 1.4
Bajaj Electricals Accumulate 194 217 1,936 3,497 3,968 6.6 7.6 9.8 15.5 19.8 12.5 2.5 2.2 12.7 17.4 0.6 0.5
Cera Sanitaryware Accumulate 376 411 476 427 528 15.7 14.6 30.0 34.0 12.5 11.1 2.8 2.3 24.6 22.5 1.2 1.0
Cravatex Buy 444 682 115 289 340 5.2 5.9 41.0 57.0 10.8 7.8 2.8 2.1 25.2 26.5 0.5 0.4
CRISIL Neutral 931 - 6,535 982 1,136 34.3 34.3 34.3 40.0 27.1 23.3 12.3 9.8 50.9 46.9 6.3 5.2
Finolex Cables Buy 43 61 653 2,334 2,687 6.2 6.5 8.0 10.0 5.3 4.3 0.7 0.6 13.0 14.9 0.2 0.2
Force Motors Accumulate 476 537 621 2,318 2,700 5.0 5.7 45.0 67.0 10.6 7.1 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Neutral 330 - 761 1,543 1,654 6.5 7.3 24.8 31.1 13.3 10.6 2.2 1.9 17.1 19.0 0.3 0.2
Disa India Buy 2,820 3,353 426 176 203 22.7 22.6 182.5 209.6 15.5 13.5 8.0 6.3 51.8 47.1 2.2 1.8
Greenply Industries Neutral 296 - 715 1,925 2,235 10.6 10.9 29.6 44.1 10.0 6.7 1.6 1.3 16.8 21.0 0.7 0.5
Hitachi Neutral 132 - 303 868 977 3.9 6.6 2.7 10.9 48.2 12.2 1.8 1.6 3.7 13.6 0.4 0.4
Honeywell Automation* Accumulate 2,632 2,842 2,327 1,745 1,993 4.0 5.3 59.5 90.4 44.2 29.1 3.4 2.9 8.1 11.3 1.3 1.1
Styrolution ABS India* Accumulate 649 744 1,141 1,059 1,116 8.5 9.5 36.0 42.0 18.0 15.5 2.6 2.3 15.4 16.0 1.1 1.0
ITD Cementation Neutral 271 - 312 1,451 1,669 12.3 12.4 32.4 41.5 8.4 6.5 0.8 0.7 9.4 10.9 0.6 0.6
Jyothy Laboratories Neutral 173 - 2,783 1,228 1,443 9.0 10.9 3.9 6.4 44.4 27.0 4.4 4.1 10.1 15.6 2.8 2.4
MCX Neutral 1,442 - 7,356 553 624 65.3 66.3 62.5 72.0 23.1 20.0 6.3 5.5 27.5 27.4 10.1 8.4
MRF Buy 10,269 12,884 4,355 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.0 7.2 1.5 1.3 21.3 19.4 0.5 0.5
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Market Outlook
Stock Watch
November 06, 2012
-
7/31/2019 Market Outlook 6-11-12
20/21
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
zOthers
Page Industries Neutral 3,325 - 3,708 887 1,108 18.3 18.6 95.0 120.9 35.0 27.5 18.3 14.8 57.4 59.5 4.2 3.4
Relaxo Footwears Reduce 894 821 1,073 1,019 1,208 12.3 13.0 51.0 68.4 17.5 13.1 4.6 3.4 30.3 30.2 1.2 1.0
Sintex Industries Buy 65 79 1,765 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.6 12.9 13.2 0.7 0.6
Siyaram Silk Mills Buy 312 366 292 1,043 1,149 12.3 12.9 65.7 73.3 4.8 4.3 0.9 0.8 21.0 19.6 0.5 0.5
S. Kumars Nationwide Neutral 14 - 424 7,134 7,985 19.7 19.4 12.2 14.1 1.2 1.0 0.1 0.1 11.3 11.5 0.6 0.6
SpiceJet Buy 36 43 1,746 5,720 6,599 5.3 6.8 3.6 5.4 10.0 6.7 14.5 4.6 - - 0.4 0.3
TAJ GVK Buy 74 108 461 300 319 35.8 36.2 7.9 9.1 9.3 8.1 1.2 1.1 13.9 14.4 1.8 1.6Tata Sponge Iron Buy 329 384 506 750 803 18.6 18.4 65.4 69.1 5.0 4.8 0.8 0.7 16.5 15.3 0.3 0.2
TVS Srichakra Accumulate 295 335 226 1,476 1,643 7.0 8.2 32.6 55.9 9.1 5.3 1.5 1.2 16.8 24.8 0.4 0.3
United Spirits Neutral 1,220 - 15,952 10,289 11,421 13.5 14.3 31.0 42.9 39.3 28.4 3.1 2.8 8.1 10.3 2.2 2.0
Vesuvius India Neutral 341 - 693 560 611 16.1 17.0 24.7 28.8 13.8 11.9 2.1 1.8 15.8 16.2 1.1 1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 05, 2012
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Market Outlook
Stock Watch
November 06, 2012
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7/31/2019 Market Outlook 6-11-12
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Market OutlookNovember 06, 2012