Market Outlook 180712

7/31/2019 Market Outlook 180712

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Market OutlookJuly 18, 2012

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open flat tracking SGX Nifty and major Asian

indices which have started on a flattish note.

US stock markets closed in the green, following relatively upbeat economic data

and better than expected financial results. US Industrial production rose by 0.4%slightly beating estimates for the month of June along with National association of

home builders (NAHB) showing an improvement in homebuilder confidence with

index coming in at 35 against expectations of 30. Financial results of well known

companies such as Goldman Sachs, Coca Cola and Mattel came in better than

expected. Meanwhile, Ben Bernanke reiterated that the central bank is prepared to

take further action if the economy continues to struggle.

Indian markets ended on a lackluster note on Tuesday, with benchmark indexes

Sensex and the Nifty closing on a flat note after Reserve Bank of India governor

D Subbarao said India's wholesale and consumer inflation numbers are way above

the central bank's comfort level. Looking ahead, Bernanke's second day of

testimony is likely to attract some attention on Wednesday along with the Fed'sBeige Book report and a Commerce Department report on housing starts.

Markets TodayThe trend deciding level for the day is 17,139/5,204 levels. If NIFTY trades above

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

up to 17,203 17,300/5,226 5,259 levels. However, if NIFTY trades below

17,139/5,204 levels for the first half-an-hour of trade then it may correct up to

17,041 16,977/5,171 5,149 levels.

SENSEX 16,977 17,041 17,139 17,203 17,300

NIFTY 5,149 5,171 5,204 5,226 5,259

News Analysis Reliance Industries needs immediate approval for fresh capex at KG D6 block Cadila Healthcare: Update - Moraiya Plant MPL achieves commercial operation for Phase 1 of Simhapuri power plant 1QFY2013 Result Reviews - Axis Bank 1QFY2013 Result Previews Bajaj Auto, Infotech EnterprisesRefer detailed news analysis on the following page

Net Inflows (July 16, 2012)

FII 158 29 130 7,866 49,659

MFs 270 259 11 (1,844) (8,194)

FII Derivatives (July17, 2012)

Index Futures 1,272 1,142 129 15,377

Stock Futures 1,538 1,950 (411) 26,382

Gainers / Losers

Cadila Healthcare 837 4.7 Adani Enterprises 195 (8.4)

Mcleod Russel 319 2.7 JP Infra 53 (5.8)

Wipro 362 1.9 Shree Renuka Sug. 32 (5.3)

Glenmark Pharma 388 1.9 Adani Power 46 (4.9)

Marico 184 1.7 GMR Infrastrtuctre 23 (4.2)

BSE Sensex 0.0 2.0 17,105

Nifty (0.1) (4.4) 5,193

MID CAP (0.8) (50.6) 6,158

SMALL CAP (0.9) (57.9) 6,638

BSE HC 0.7 49.6 7,046

BSE PSU (0.3) (19.2) 7,277

BANKEX (0.1) (10.7) 12,135

AUTO (1.3) (118.5) 9,126

METAL (0.2) (16.2) 10,414

OIL & GAS (0.4) (31.3) 8,003

BSE IT (0.5) (26.0) 5,209

Dow Jones 0.6 78.3 12,806NASDAQ 0.5 13.1 2,910

FTSE (0.6) (33.3) 5,629

Nikkei 0.4 30.9 8,755

Hang Seng 1.8 334.0 19,455

Straits Times 0.5 16.1 3,015

Shanghai Com 0.6 13.2 2,161

INFY (0.3) (0.1) $39.2

WIT 0.6 0.0 $8.2IBN (0.1) (0.0) $33.8

HDB 0.4 0.1 $34.2

Advances 1,044 429

Declines 1,763 1,050

Unchanged 117 75

BSE 1,750

NSE 8,427


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Reliance Industries needs immediate approval for fresh capex at

KG D6 block

Reliance Industries (RIL) has expressed concerns that output from KG D6 block

could stop after FY2015 in case the government does not approve additional

investments in the block to raise gas output. RIL has requested government toapprove additional capex of US$225mn. RIL also stated that it could produce

0.6tcf of gas from D1-D6 block if the capex was approved immediately. Further,

RIL stated that it could increase the output by additional 1tcf in case it gets

approval to spent a capex of US$543mn. Approximately 12% of our target price

value for RIL comes is ascribed to KG D6 block.

Cadila Healthcare: Update - Moraiya Plant

Cadila Healthcare has received a letter from USFDA, conveying that the facilities atMoraiya are acceptable. Earlier, the company had received a warning letter for

this facility which the Cadila will be using for making injectable drugs at that area

of the facility. The warning was based on inspections that the FDA carried out at a

portion of the company's facility at Moraiya in Gujarat state. However, we are

maintaining our estimates on the stock

MPL achieves commercial operation for Phase 1 of Simhapuri

power plant

Madhucon Projects Limited (MPL) has achieved commercial operation for Phase 1(2*150=300MW) of its Simhapuri power plant. Simhapuri Energy Power Ltd, a

100% subsidiary of Madhucon Infra is developing 1,920MW coal fired thermal

power plant in three phases (Phase 1: 2*150=300MW, Phase 2:

(2*150=300MW, Phase 3: 2*660=1,320MW) with a total project cost of

~`11,270cr. The first unit of Phase 1 had achieved commercial operation on 4 th

May 2012 and second unit has achieved the same on 15 th July 2012. 70% of

capacity is supplied to PTC as per agreement and the balance 30% is sold as

merchant power. The construction of Phase 2 is expected to be completed by

December 2012, taking the operational capacity to 600MW.

Result Reviews

(CMP:`1,023/ TP:`1,485/ Upside: 45.1%)

For 1QFY2013, Axis Bank reported 22.4% yoy growth in its net profit to`1,154cr,

which was in-line with our estimates. Key highlights of the results were sequential

compression in NIMs by 18bp, sequential increase in Gross and Net NPA levels on

lower recoveries and upgrades and subdued fee income growth on a high base of

last year.

The banks loan book grew by a healthy 29.8% yoy, while deposits grew by 21.3%

yoy. The growth in loan book was primarily on account of 50.2% yoy increase in


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retail lending, with both home and auto loans growing significantly (on a low

base). Savings deposits growth was muted at 2.1% qoq, while current account

deposits declined sequentailly by 14.1%, resulting in almost 250bps qoq decline in

CASA ratio. Sequentially lower CASA ratio resulted in 18bp decline in the banks

reported NIMs. Fee income growth remained subdued during the quarter, with a

growth of 8% yoy, however fee income segments viz. agri and retail witnessedhealthy growth. The slippages for the bank for 1QFY2013 came in at 1.1%, lowest

in last three quarters (`456cr compared to `514cr in 4QFY2012 and `296cr in

1QFY2013), however sharp sequential decline in recoveries and upgrades (`62cr

compared to `593cr in 4QFY2012 and quarterly average of `183cr since

1QFY2011), led to higher sequential gross NPA levels (higher by 15.8% qoq on an

absolute basis) for the bank. Despite significant increase in loan loss provisioning,

banks PCR declined to 79.0% from 81.0% in 4QFY2012, leading to 28.0%

sequential increase in net NPA levels to`605cr. The bank restructured loans worth

~`628cr taking its outstanding restructured book to`3,827cr.

Axis Bank is trading at 1.4x FY2014E ABV 57% discount to HDFC Bank vs. anaverage discount of 34.7% since July 2006. We remain positive on the bank,

owing to its attractive CASA franchise, multiple sources of sustainable fee income,

strong growth outlook and A-list management.

FY2013E 15,961 3.1 5,010 117.3 631.8 1.6 20.1 8.7 1.6

FY2014E 19,583 3.2 6,110 143.1 742.4 1.6 20.8 7.2 1.4

Result Previews

Bajaj Auto is scheduled to announce its 1QFY2013 results today. We expect the

companys top line to post a modest top-line growth of 4% yoy to `4,790cr led

~6% yoy increase in net average realization. Total volumes declined by 1.3% yoy

as export volumes registered a de growth of ~3% yoy. Exports volumes during the

quarter were impacted on account of substantial fall in exports to Sri Lanka afterthe local government increased the import duty on two-wheelers and three-

wheelers. Domestic sales posted 2% yoy growth led by slowdown in demand in the

motorcycle segment and increase in competitive activity. On the operating front,

EBITDA margin is expected to expand by a marginal 30bp yoy to 19.4% led by

stable raw-material prices. Thus, the bottom line is expected to grow by 7% yoy to

`760cr. At the CMP of `1,447, the stock is trading at 11.7x FY2014E earnings.

FY2013E 21,665 18.6 3,232 111.7 43.8 13.0 5.1 8.1 1.5

FY2014E 24,334 18.4 3,565 123.2 38.5 11.7 4.1 6.9 1.2


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Infotech Enterprises is slated to announce its 1QFY2013 results today. We expect

the company to post revenues of US$85mn, up 2.3% qoq majorly led by volume

growth. In rupee terms, revenues are expected to come in at`454cr, up 8.9% qoq.

EBITDA margin is expected to decline by 40bp qoq to 19.4%, impacted negatively

by wage hikes given during the quarter which is expected to overshadow gains

derived from INR depreciation. PAT is expected to come in at `58cr.

FY2013E 1,847 17.5 190 17.1 13.8 10.5 1.5 4.1 0.7

FY2014E 2,008 17.1 207 18.7 13.2 9.6 1.3 3.5 0.6

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 4,870 4,587 6 4,516 8

EBITDA 941 911 3 921 2

EBITDA margin (%) 19.3 19.9 20.4

Net profit 730 711 3 772 (5)

Net sales 6,404 5,638 14 5,963 7

EBITDA 935 906 3 1,030 (9)

EBITDA margin (%) 14.6 16.1 17.3

Net profit 625 558 13 604 4

Net profit 412 416 (1) 529 (22)

Net sales 2,585 1,978 31 2,658 (3)

Net profit 378 263 44 343 10

Net sales 2,735 2,260 21 2,539 8

EBITDA 465 392 19 383 21

EBITDA margin (%) 17.0 17.3 15.1

Net profit 312 272 15 265 18


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Net sales 2,729 2,438 12 3,077 (11)

EBITDA 205 182 13 213 (4)

EBITDA margin (%) 7.5 7.5 6.9

Net profit 98 80 23 96 2

Net sales 2,949 2,821 5 3,094 (5)

EBITDA 1,494 1,592 (6) 1,659 (10)

EBITDA margin (%) 50.7 56.4 53.6

Net profit 1,383 1,495 (7) 1,413 (2)

Net sales 87,763 81,018 8 85,182 3

EBITDA 7,072 9,926 (29) 6,563 8

EBITDA margin (%) 8.1 12.3 7.7

Net profit 4,377 5,661 (23) 4,236 3

Net sales 2,169 1,822 19 2,119 2

EBITDA 398 345 15 387 3EBITDA margin (%) 18.3 18.9 18.2

Net profit 178 184 (3) 202 (12)

Net sales 4,995 4,365 14 5,337 (6)

EBITDA 1,248 1,227 2 1,345 (7)

EBITDA margin (%) 25.0 28.1 25.2

Net profit 743 683 9 867 (14)

Net sales 815 684 19 869 (6)

EBITDA 194 156 24 160 21

EBITDA margin (%) 23.7 22.8 18.4

Net profit 152 127 20 160 (5)


6/16



Economic and Political News

India won't meet infra investment target: Planning commission Indias growth potential may have diminished: Subbarao 12th plan power capacity target cut to 88,000MW

Corporate News

RIL buys back shares worth Rs 2,512 cr in biggest buyback IGL eyes stake in Central UP Gas to expand beyond Delhi SKS Microfinance raises Rs230 crore via QIP Adani group eyes coal assets in Mozambique for $400 mnSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


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Date Company

July 18, 2012 Bajaj Auto, CRISIL, Infotech Enterprises, Automotive Axle

July 19, 2012 Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, D B Corp, Persistent, Tata Sponge

July 20, 2012Reliance Industries, Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, United

Phosphorus, Indiabulls Fin., HT MediaJuly 21, 2012 Bank of Maharashtra

July 22, 2012

July 23, 2012 Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Indian Bank, Tata Global, Rallis, Greenply

July 24, 2012Wipro, Jindal Steel, Lupin, Canara Bank, Sesa Goa, Shriram Trans., LIC Housing Fin., Ashok Leyland, Page Industries,Ineos ABS

July 25, 2012 GAIL, Power Grid Corpn, HCL Tech, Yes Bank, Aventis, Vijaya Bank, Madras Cements, GIPCL, NIIT, MRF

July 26, 2012ITC, BHEL, Ambuja Cements, ACC, JSW Steel , Gujarat Gas, Tata Comm, Thermax, Bajaj Electrical, J K LakshmiCements

July 27, 2012ICICI Bank, Punjab Natl.Bank, Grasim Inds, Rural Elec.Corp., Union Bank, United Spirits, Central Bank, CESC, TVSMotor, Dena Bank, Hind. Const.

July 28, 2012 Maruti, Indraprasth Gas, Vesuvius India, Force Motors

July 29, 2012

July 30, 2012 Oriental Bank, Indoco Remedies, Subros

July 31, 2012 Titan Inds., Ipca labs, Hexaware

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 18, 2012 US Housing Starts Thousands Jun 708.00 745.00

US Building permits Thousands Jun 784.00 765.00

UK Jobless claims change % Change Jun 8.10 5.00July 19, 2012 US Initial Jobless claims Thousands Jul 14 350.00 365.00

US Existing home sales Millions Jun 4.55 4.62

July 23, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Jul A (19.80) --

July 24, 2012 Germany PMI Services Value Jul A 49.90 --

Germany PMI Manufacturing Value Jul A 45.00 --

July 25, 2012 UK GDP (YoY) % Change 2Q A (0.20) --

US New home sales Thousands Jun 369.00 370.00

July 27, 2012 US GDP Qoq (Annualised) % Change 2Q A 1.90 1.50

July 31, 2012 US Consumer ConfidenceS.A./

1985=100Jul 62.00 --

Germany Unemployment change (000's) Thousands Jul 7.00 --

India RBI Repo rate % Jul 31 8.00 --

India RBI Cash Reserve ratio % Jul 31 4.75 --

India RBI Reverse Repo rate % Jul 31 7.00 --



July 18, 2012

Market Outlook


8/16

Market StrategyJuly 18, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.3

(3.2)

(0.9)

2.4

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

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

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.5 7.6 7.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

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

Jun-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

Jun-1

2

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

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

Exports yoy growth Impor ts yoy growth(%)


Exhibit 6:Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

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

Jun-1

2

Ju

l-12

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


9/16

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 - 2,423 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 123 183 5,672 8,191 8,764 16.5 16.5 17.1 18.3 7.2 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 307 345 2,618 2,715 3,041 15.3 15.3 29.2 32.8 10.5 9.3 2.4 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 81 100 4,098 13,699 15,184 10.5 10.2 12.1 13.3 6.7 6.1 1.2 1.0 19.7 18.4 0.5 0.4

Ashok Leyland Buy 24 33 6,386 14,798 16,687 9.6 9.6 2.4 3.0 9.9 8.1 2.0 1.7 14.8 16.5 0.5 0.4

Automotive Axle Accumulate 433 457 654 1,211 1,387 12.1 11.7 50.3 57.1 8.6 7.6 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,447 1,725 41,876 21,665 24,334 18.6 18.4 111.7 123.2 13.0 11.8 5.1 4.1 43.8 38.5 1.5 1.3

Bharat Forge Buy 297 372 6,921 7,173 7,998 16.3 16.5 22.3 26.6 13.3 11.2 2.6 2.2 21.0 21.0 1.0 0.9

Bosch India Accumulate 8,689 9,206 27,281 9,106 10,255 19.4 19.3 410.2 460.3 21.2 18.9 4.7 3.9 22.1 20.4 2.6 2.3

CEAT Buy 100 164 343 5,067 5,631 8.0 7.6 39.4 41.0 2.5 2.4 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 132 149 11,250 5,899 6,771 16.0 17.0 7.4 9.1 18.0 14.5 3.2 2.7 19.0 20.2 1.6 1.3

FAG Bearings Neutral 1,498 - 2,489 1,492 1,703 18.8 18.5 115.3 129.8 13.0 11.5 2.8 2.3 23.5 21.6 1.4 1.1

Hero Motocorp Buy 2,099 2,473 41,911 25,970 29,772 15.0 15.5 139.7 154.5 15.0 13.6 7.1 5.4 54.7 44.9 1.3 1.0

JK Tyre Buy 93 135 382 7,950 8,904 5.5 6.0 25.1 38.6 3.7 2.4 0.4 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Buy 709 824 43,513 35,881 40,746 10.0 10.0 47.5 53.2 14.9 13.3 3.0 2.6 21.3 20.5 1.0 0.8

Maruti Accumulate 1,197 1,364 34,571 39,959 46,670 6.0 7.0 71.4 90.9 16.8 13.2 2.0 1.8 12.8 14.4 0.7 0.6

Motherson Sumi Buy 166 216 6,494 23,342 26,366 7.8 8.2 13.3 18.0 12.5 9.2 3.0 2.4 26.2 28.4 0.5 0.4

Subros Accumulate 34 36 202 1,244 1,402 8.4 8.3 4.5 5.1 7.5 6.6 0.7 0.7 9.9 11.0 0.4 0.4

Tata Motors Buy 226 305 60,205 191,303 211,004 13.0 12.9 40.7 43.8 5.5 5.2 1.9 1.6 36.0 33.1 0.4 0.4

TVS Motor Accumulate 39 42 1,862 7,442 8,198 6.2 6.1 4.8 5.2 8.2 7.5 1.4 1.3 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 761 498 16,129 8,760 10,023 7.6 7.5 18.2 20.7 41.8 36.7 5.6 5.0 14.4 14.6 1.8 1.6BGR Energy Neutral 293 - 2,115 4,195 4,837 11.0 11.0 30.1 32.4 9.7 9.1 1.7 1.5 18.4 17.6 1.0 1.0

BHEL Neutral 226 - 55,377 46,344 46,916 18.3 18.6 23.5 24.1 9.6 9.4 1.9 1.7 21.3 18.9 1.1 1.0

Blue Star Neutral 190 - 1,706 3,047 3,328 5.4 6.9 9.6 16.2 19.7 11.7 3.9 3.1 20.7 29.7 0.7 0.5

Crompton Greaves Accumulate 129 142 8,304 12,451 14,265 7.9 8.3 8.0 9.5 16.2 13.7 2.2 1.9 13.9 14.9 0.7 0.6

Jyoti Structures Buy 41 67 335 2,622 2,801 10.6 11.0 10.9 13.4 3.7 3.0 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 56 73 1,427 6,686 7,200 8.5 8.8 10.6 12.2 5.3 4.6 1.0 0.8 25.9 24.0 0.4 0.4

LMW Buy 1,613 1,992 1,817 2,369 2,727 11.7 11.7 143.4 166.0 11.3 9.7 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 491 - 5,845 5,514 5,559 9.8 9.6 29.7 28.4 16.5 17.3 3.1 2.8 20.2 16.9 0.9 0.9


July 18, 2012

Market Outlook

Stock Watch


10/16



Cement

ACC Neutral 1,258 - 23,615 11,096 12,607 21.0 21.7 76.1 82.9 16.5 15.2 3.1 2.8 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 169 - 25,979 10,205 11,659 24.6 24.2 10.8 12.0 15.6 14.0 3.3 2.9 19.7 19.8 2.2 1.8

India Cements Neutral 81 - 2,500 4,364 4,791 18.9 19.1 9.2 11.4 8.8 7.2 0.7 0.7 8.0 9.5 0.5 0.4

J K Lakshmi Cements Neutral 80 - 979 1,938 2,246 19.1 20.1 15.2 16.8 5.3 4.8 0.7 0.6 13.8 14.0 0.6 1.0

Madras Cements Neutral 156 - 3,712 3,444 3,786 25.5 24.9 14.6 17.1 10.7 9.2 1.6 1.4 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,925 - 10,190 5,519 6,293 24.5 23.7 156.6 225.3 18.7 13.0 4.6 4.0 22.3 26.0 1.6 1.2

UltraTech Cement Neutral 1,565 - 42,883 20,099 22,642 21.7 22.9 89.6 1 04.7 17.5 14.9 2.9 2.5 17.7 17.9 2.0 1.9Construction

Ashoka Buildcon Buy 215 273 1,132 2,014 2,293 22.4 22.4 22.6 26.7 9.5 8.1 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 18 - 339 2,489 2,755 7.0 7.8 3.0 4.0 6.2 4.6 0.5 0.5 8.7 10.8 0.3 0.3

Hind. Const. Neutral 19 - 1,150 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.6) (24.3) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 132 166 4,381 3,821 4,582 42.3 40.2 15.0 16.9 8.8 7.8 1.3 1.2 16.1 15.8 2.8 2.5

ITNL Buy 182 265 3,543 6,619 7,925 23.8 23.3 22.9 27.8 8.0 6.6 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 47 61 1,248 5,510 6,722 8.8 9.0 2.5 4.6 18.5 10.2 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 77 88 16,363 15,259 17,502 25.7 24.7 4.2 5.0 18.1 15.4 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,378 1,553 84,435 59,559 69,089 12.1 11.5 78.4 85.2 17.6 16.2 2.9 2.6 16.1 15.3 1.6 1.4

Madhucon Proj Buy 34 56 254 2,206 2,502 10.7 10.7 4.6 4.7 7.4 7.4 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 40 - 1,037 5,453 6,169 8.1 8.5 1.6 1.9 24.6 20.9 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 94 - 658 3,609 3,836 13.1 13.1 14.0 14.6 6.7 6.5 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 54 - 1,787 11,592 12,993 8.4 8.4 1.8 3.2 29.9 16.8 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 136 182 2,045 2,789 3,147 10.6 10.7 8.4 10.4 16.1 13.0 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 217 265 1,075 6,732 7,837 8.1 8.4 23.5 29.4 9.2 7.4 0.9 0.8 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 141 153 7,073 7,467 8,685 3.2 3.3 37.5 41.5 3.8 3.4 0.6 0.6 18.1 17.4 - -

Andhra Bank Neutral 112 - 6,292 5,225 6,024 3.3 3.3 22.7 25.4 5.0 4.4 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,023 1,485 42,394 15,961 19,583 3.1 3.2 117.3 143.1 8.7 7.2 1.6 1.4 20.1 20.8 - -

Bank of Baroda Buy 729 921 28,554 16,157 19,475 2.7 2.7 123.7 148.3 5.9 4.9 1.0 0.8 17.3 18.1 - -

Bank of India Buy 330 388 18,915 13,657 15,902 2.5 2.6 59.5 70.6 5.5 4.7 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Accumulate 48 52 2,818 3,506 3,925 3.2 3.2 10.2 11.9 4.7 4.0 0.7 0.6 15.3 15.8 - -

Canara Bank Buy 414 492 18,356 12,296 14,445 2.4 2.5 81.5 92.2 5.1 4.5 0.8 0.7 16.4 16.3 - -

Central Bank Reduce 78 72 5,775 7,001 8,211 2.5 2.6 14.0 20.6 5.6 3.8 0.8 0.7 11.0 14.5 - -


July 18, 2012

Market Outlook

Stock Watch


11/16



Financials

Corporation Bank Accumulate 421 465 6,229 5,294 6,070 2.3 2.3 106.3 110.1 4.0 3.8 0.7 0.6 17.7 16.2 - -

Dena Bank Accumulate 100 106 3,509 3,170 3,577 2.9 2.9 22.8 25.3 4.4 4.0 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 430 - 7,350 2,736 3,165 3.4 3.4 49.3 57.4 8.7 7.5 1.2 1.0 13.9 14.5 - -

HDFC Neutral 682 - 101,507 7,340 8,805 3.5 3.5 31.5 37.8 21.6 18.0 4.3 3.9 34.8 32.2 - -

HDFC Bank Neutral 583 - 137,350 21,936 27,454 4.4 4.4 28.7 36.0 20.3 16.2 3.9 3.3 20.7 22.0 - -

ICICI Bank Buy 923 1,169 106,107 22,368 26,857 2.8 2.9 68.2 80.4 13.5 11.5 1.6 1.5 14.2 15.4 - -

IDBI Bank Buy 93 113 11,838 8,152 9,907 1.9 2.1 19.7 24.1 4.7 3.8 0.6 0.6 13.6 15.0 - -Indian Bank Neutral 188 - 8,099 6,417 7,292 3.5 3.5 40.2 43.1 4.7 4.4 0.8 0.7 17.9 16.9 - -

IOB Accumulate 82 91 6,571 7,578 8,662 2.6 2.7 17.2 22.5 4.8 3.7 0.6 0.5 12.1 14.3 - -

J & K Bank Accumulate 922 979 4,469 2,525 2,858 3.5 3.5 175.8 183.1 5.2 5.0 0.9 0.8 19.3 17.5 - -

LIC Housing Finance Accumulate 264 286 13,316 2,108 2,607 2.6 2.6 24.5 30.6 10.8 8.6 2.0 1.7 20.1 21.4 - -

Oriental Bank Accumulate 256 269 7,457 6,497 7,533 2.8 2.8 53.4 63.9 4.8 4.0 0.7 0.6 13.3 14.3 - -

Punjab Natl.Bank Buy 857 1,050 29,078 20,142 23,929 3.2 3.3 153.3 174.3 5.6 4.9 1.0 0.9 18.3 18.0 - -

South Ind.Bank Neutral 24 - 2,764 1,514 1,717 2.8 2.7 4.0 4.2 6.1 5.8 1.2 1.0 20.5 18.5 - -

St Bk of India Accumulate 2,199 2,443 147,553 67,783 78,208 3.7 3.6 226.0 264.2 9.7 8.3 1.6 1.3 17.7 18.1 - -

Syndicate Bank Buy 102 118 6,152 7,176 8,299 3.1 3.1 25.1 29.1 4.1 3.5 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 77 71 5,128 5,642 6,438 2.5 2.5 16.4 17.6 4.7 4.4 0.9 0.8 16.2 15.4 - -

Union Bank Buy 202 256 11,143 10,623 12,404 3.0 3.0 42.5 49.6 4.8 4.1 0.8 0.7 16.9 17.2 - -

United Bank Buy 60 78 2,168 3,599 4,212 2.8 3.0 18.2 22.3 3.3 2.7 0.5 0.4 15.0 16.2 - -

Vijaya Bank Reduce 57 52 2,802 2,695 3,097 2.2 2.3 9.6 12.0 5.9 4.7 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 350 454 12,388 3,250 4,261 2.8 2.9 34.1 42.8 10.3 8.2 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,658 - 35,086 11,423 13,309 16.3 16.3 125.3 148.4 29.2 24.7 9.9 7.8 38.0 35.4 3.0 2.5Britannia Buy 514 633 6,143 5,835 6,824 6.3 6.7 20.7 27.5 24.8 18.7 9.7 7.2 42.7 44.3 1.0 0.9

Colgate Neutral 1,146 - 15,591 3,007 3,417 21.1 22.1 38.2 43.8 30.0 26.2 35.7 28.1 130.2 119.9 5.1 4.5

Dabur India Neutral 115 - 20,068 5,878 6,799 16.8 17.0 4.2 4.9 27.8 23.4 10.1 8.2 39.3 42.0 3.4 3.0

GlaxoSmith Con* Neutral 2,661 - 11,191 3,124 3,663 17.1 17.6 103.0 123.3 25.9 21.6 8.0 6.4 34.0 32.9 3.3 2.7

Godrej Consumer Neutral 569 - 19,361 5,973 7,000 18.4 18.6 22.8 27.2 24.9 21.0 6.8 5.5 31.3 38.4 3.4 2.9

HUL Neutral 445 - 96,265 25,350 29,309 14.3 14.4 14.1 16.4 31.5 27.2 23.6 18.4 82.7 76.2 3.6 3.1

ITC Neutral 255 - 199,758 29,588 34,063 35.4 35.8 9.3 10.9 27.4 23.5 8.8 7.2 35.2 33.8 6.5 5.6


July 18, 2012

Market Outlook

Stock Watch


12/16



FMCG

Marico Neutral 184 - 11,866 4,667 5,427 12.8 12.9 6.6 8.1 27.7 22.6 7.4 5.8 30.0 28.8 2.6 2.2

Nestle* Neutral 4,497 - 43,359 8,731 10,539 21.0 21.4 114.4 143.0 39.3 31.4 23.7 16.3 71.1 61.4 5.0 4.1

Tata Global Buy 116 136 7,195 7,011 7,711 9.7 10.0 6.3 7.5 18.6 15.6 1.8 1.7 9.5 10.9 0.9 0.9

IT

HCL Tech Buy 480 562 33,274 24,029 26,633 18.3 17.2 39.6 43.2 12.1 11.1 2.8 2.3 22.9 21.0 1.4 1.2

Hexaware Buy 111 132 3,297 1,921 2,178 20.6 20.0 10.4 11.4 10.7 9.7 2.6 2.2 24.7 23.4 1.4 1.2

Infosys Buy 2,171 2,530 124,657 39,151 41,743 31.6 31.9 161.9 174.5 13.4 12.4 3.2 2.8 23.8 22.1 2.6 2.3Infotech Enterprises Neutral 180 - 2,000 1,825 2,008 17.5 17.1 16.9 18.7 10.6 9.6 1.5 1.3 13.7 13.3 0.7 0.6

KPIT Cummins Neutral 115 - 2,044 2,145 2,316 16.0 14.8 9.9 11.3 11.5 10.2 2.3 1.8 20.8 19.1 0.9 0.8

Mahindra Satyam Accumulate 82 87 9,632 7,492 8,038 17.0 16.3 8.1 8.3 10.1 9.8 1.4 1.2 14.1 12.6 0.9 0.8

Mindtree Accumulate 648 708 2,637 2,341 2,513 18.6 17.1 66.5 70.8 9.8 9.2 2.2 1.7 22.3 19.3 1.0 0.8

Mphasis Neutral 383 - 8,036 5,704 6,009 18.6 17.7 36.0 37.1 10.6 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 41 52 679 1,162 1,304 14.8 15.1 7.1 8.8 5.8 4.7 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 390 - 1,558 1,187 1,274 26.7 26.0 34.5 42.6 11.3 9.1 1.6 1.4 14.4 15.4 1.0 0.9

TCS Accumulate 1,187 1,304 232,244 61,046 67,507 29.3 29.1 67.3 72.4 17.6 16.4 5.6 4.6 31.9 28.3 3.6 3.2

Tech Mahindra Neutral 706 - 9,002 6,282 6,477 17.5 16.5 82.9 85.0 8.5 8.3 1.8 1.5 21.6 18.4 1.4 1.2

Wipro Buy 362 451 89,153 44,597 49,033 20.3 20.5 26.6 30.1 13.6 12.1 2.7 2.3 19.5 18.9 1.7 1.4

Media

D B Corp Buy 194 269 3,553 1,638 1,851 25.8 26.6 13.5 16.1 14.4 12.0 3.2 2.7 23.9 24.2 2.1 1.8

HT Media Buy 96 148 2,256 2,224 2,509 16.6 17.2 8.6 10.8 11.2 8.9 1.4 1.2 12.9 14.3 0.6 0.5

Jagran Prakashan Buy 84 125 2,653 1,521 1,698 22.6 23.1 6.2 6.4 13.7 13.0 3.3 2.9 20.7 23.9 2.0 1.8

PVR Neutral 171 - 444 625 732 16.5 15.7 11.9 13.3 14.4 12.9 1.4 1.3 11.9 12.0 1.1 0.9

Sun TV Network Neutral 299 - 11,777 2,002 2,296 77.1 76.7 18.9 22.1 15.8 13.6 4.1 3.5 27.7 28.3 5.3 4.5Metals & Mining

Bhushan Steel Reduce 473 429 10,046 11,408 13,773 31.0 30.0 53.7 60.8 8.8 7.8 1.3 1.1 15.3 14.9 2.6 2.2

Coal India Neutral 354 - 223,757 68,841 74,509 25.3 25.3 24.1 26.1 14.7 13.6 4.0 3.3 30.4 26.8 2.4 2.0

Electrosteel Castings Buy 19 22 659 1,984 2,074 11.2 12.6 2.0 2.7 9.4 7.1 0.4 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 119 141 50,218 13,050 14,585 51.4 52.1 14.5 16.5 8.2 7.2 1.6 1.3 20.8 19.9 2.1 1.4

Hindalco Neutral 120 - 22,927 83,212 91,057 9.0 9.9 13.7 18.1 8.8 6.6 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 672 - 15,000 39,592 44,910 18.0 17.7 74.7 88.9 9.0 7.6 0.9 0.8 10.7 11.6 0.7 0.7

MOIL Neutral 282 - 4,745 1,007 1,091 56.6 56.9 29.4 31.9 9.6 8.9 1.7 1.5 19.0 18.2 2.5 2.1

Monnet Ispat Buy 381 447 2,452 3,115 3,748 22.1 25.1 59.1 66.8 6.5 5.7 0.9 0.8 15.6 15.3 1.5 1.1


July 18, 2012

Market Outlook

Stock Watch


13/16



Metals & Mining

Nalco Neutral 56 - 14,549 8,474 9,024 12.6 16.2 2.6 3.6 22.1 15.8 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Neutral 187 - 74,001 11,959 13,062 78.2 78.6 19.1 20.9 9.8 8.9 2.4 2.0 27.1 24.4 4.1 3.5

SAIL Neutral 92 - 37,939 50,914 60,785 14.6 15.1 9.4 10.5 9.8 8.7 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Accumulate 186 195 16,126 9,067 9,316 35.7 35.5 44.5 44.3 4.2 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 101 123 33,909 45,294 48,059 25.7 25.3 16.5 18.0 6.1 5.6 0.7 0.6 12.0 11.2 0.4 0.3

Tata Steel Buy 406 499 39,451 143,088 148,011 10.9 12.1 53.9 66.0 7.5 6.2 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 317 372 60,422 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.8 2.0

GAIL Neutral 356 - 45,132 50,472 55,502 15.3 15.6 35.4 37.0 10.0 9.6 1.8 1.6 19.0 17.2 0.1 -

ONGC Accumulate 284 321 243,061 156,331 159,043 37.7 36.3 31.3 32.6 9.1 8.7 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 719 - 235,489 316,404 319,119 11.2 12.0 63.5 68.7 11.3 10.5 1.1 1.0 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 57 91 1,075 1,624 1,855 14.2 15.6 6.6 9.1 8.6 6.3 2.1 1.6 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 110 156 3,194 5,243 5,767 14.6 14.6 11.8 12.6 9.3 8.7 0.9 0.4 11.4 10.9 0.8 0.6

Aventis* Neutral - 1,482 1,682 15.5 15.5 95.0 104.0 18.6 17.0

Cadila Healthcare Accumulate 837 953 17,130 6,196 7,443 18.5 19.5 37.6 47.7 22.3 17.5 5.0 4.0 26.8 27.5 2.8 2.2

Cipla Accumulate 332 379 26,621 7,687 8,804 21.4 21.4 16.5 18.9 20.1 17.5 3.1 2.7 16.7 16.8 3.4 2.9

Dr Reddy's Neutral 1,704 - 28,915 10,696 11,662 20.7 21.0 83.7 92.9 20.4 18.3 4.2 3.6 22.4 21.0 2.8 2.6

Dishman Pharma Buy 61 92 495 1,280 1,536 17.8 17.8 9.2 11.3 6.7 5.4 0.5 0.5 7.7 8.5 1.0 0.9

GSK Pharma* Neutral 2,052 - 17,379 2,651 2,993 31.7 31.2 76.0 82.4 27.0 24.9 7.8 6.8 30.8 29.0 5.6 4.8

Indoco Remedies Buy 60 82 553 685 837 15.2 15.2 7.4 8.9 8.1 6.7 1.2 1.0 15.9 16.3 1.0 0.8

Ipca labs Buy 377 435 4,753 2,850 3,474 20.3 20.3 31.9 36.3 11.8 10.4 3.6 2.9 26.2 26.8 1.8 1.5

Lupin Accumulate 570 647 25,492 8,426 10,082 19.7 20.0 27.4 32.4 20.8 17.6 5.0 4.0 27.0 25.2 2.9 2.4Orchid Chemicals Buy 120 178 843 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 494 - 20,857 12,046 11,980 18.0 15.8 35.7 29.8 13.8 16.6 5.2 4.2 43.1 28.1 1.8 1.7

Sun Pharma Neutral 628 - 64,678 9,272 11,080 38.6 38.0 22.7 22.6 27.7 27.8 4.6 4.1 17.9 15.6 5.6 4.4

Power

CESC Accumulate 299 342 3,729 5,084 5,512 24.2 23.8 45.2 48.5 6.6 6.2 0.7 0.6 11.2 10.9 1.2 1.2

GIPCL Buy 65 77 977 1,557 1,573 28.8 28.5 10.4 10.9 6.2 5.9 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 158 - 130,484 74,766 86,549 23.1 23.4 12.4 14.1 12.7 11.2 1.6 1.5 13.0 13.5 2.5 2.3

Real Estate

Anant Raj Buy 52 78 1,535 657 875 52.0 56.1 8.4 12.7 6.2 4.1 0.4 0.4 6.3 8.9 3.6 2.7

DLF Neutral 202 - 34,368 9,878 12,033 44.7 46.1 9.6 13.4 21.1 15.1 1.3 1.3 6.4 8.7 6.0 4.9


July 18, 2012

Market Outlook

Stock Watch


14/16


15/16



zOthers

TAJ GVK Buy 68 108 426 300 319 35.8 36.2 7.9 9.1 8.6 7.5 1.1 1.0 13.9 14.4 1.7 1.5

Tata Sponge Iron Buy 338 420 521 700 806 18.2 18.2 55.6 65.1 6.1 5.2 0.8 0.7 14.2 14.8 0.3 0.2

TVS Srichakra Buy 328 462 251 1,612 1,827 9.5 9.8 72.3 92.5 4.5 3.5 1.3 1.0 33.1 32.1 0.4 0.3

United Spirits Reduce 788 730 10,307 10,289 11,421 13.5 14.3 31.0 42.9 25.4 18.4 2.0 1.8 8.1 10.3 1.7 1.5

Vesuvius India Accumulate 381 413 774 628 716 16.4 16.5 29.8 34.4 12.8 11.1 2.2 1.9 18.8 18.6 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 17, 2012


July 18, 2012

Market Outlook

Stock Watch


16/16

July 18, 2012Market Outlook

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