Market Outlook 010313

7/29/2019 Market Outlook 010313

1/15

Market OutlookMarch 1, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the red mirroring negative opening trades

in the SGX Nifty and most of the Asian markets as $85 billion of US spending cuts

are set to begin. Also, a decade-low Indian GDP of 4.5% in 3QFY2013, reportedafter market hours yesterday, is expected to put pressure on Indian markets today.

The US market showed a relatively lackluster performance over the course of the

trading day on Thursday, as traders seemed somewhat reluctant to make any

significant moves. The choppy trading on Wall Street came on the heels of the

release of a mixed batch of US economic data, with traders weighing weaker-than-

expected GDP data at 0.1% against upbeat reports on jobless claims which

dropped to 344,000 (against 366,000 last week) in the week ended February 23,

2013; and Chicago-area business barometer rising to 56.8 in Feb13 from 55.6 in

Jan13. The European markets ended in positive territory on Thursday, on the back

of better than expected economic data from the US.

Meanwhile, Indian markets fell sharply on Thursday as the Union Budget proposeda 10% surcharge on individuals with `1cr income and slapped an added surcharge

on local companies with taxable income of over `10cr. Also, bigger-than-expected

outlay in the Budget for FY2014 continues to stoke fears of inflation and a tight

monetary policy.

Markets Today

The trend deciding level for the day is 18,993 / 5,738 levels. If NIFTY trades above

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

up to 19,191 19,521 / 5,805 5,916 levels. However, if NIFTY trades below

18,993 / 5,738 levels for the first half-an-hour of trade then it may correct up to

18,663 18,464 / 5,627 5,560 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,464 18,663 18,993 19,191 19,521

NIFTY 5,560 5,627 5,738 5,805 5,916

News Analysis FY2014 Budget Review MM hikes utility vehicle prices by over 2% with immediate effect Cairn India plugs a Sri Lankan well CCI approves United Spirits Diageo deal Result Review Mphasis, ITD CementationRefer detailed news analysis on the following page

Net Inflows (February 27, 2013)` cr Purch Sales Net MTD YTDFII 4,376 3,533 843 23,397 45,627

MFs 476 575 (99) (1,589) (6,302)

FII Derivatives (February 28, 2013)

` cr Purch Sales Net Open InterestIndex Futures 5,144 6,642 (1,498) 8,520

Stock Futures 9,829 9,316 513 23,236

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Opto Circuits 50 4.2 Suzlon Energy 16 (33.8)

MCX 1,145 2.4 Reliance Comm 61 (11.8)

Mangalore Ref 59 2.3 Uco Bank 57 (10.7)

Titan Inds 260 2.2 Pantaloon Retl 178 (9.7)

Piramal Ent 567 2.2 Reliance Infra 420 (9.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (1.5) (290.9) 18,862

Nifty (1.8) (103.9) 5,693

MID CAP (2.5) (159.0) 6,303

SMALL CAP (2.0) (124.8) 6,206

BSE HC (0.7) (53.4) 7,810

BSE PSU (2.8) (198.3) 6,862

BANKEX (3.6) (491.8) 13,204

AUTO (0.9) (94.4) 10,459

METAL (2.9) (275.4) 9,068

OIL & GAS (1.6) (144.0) 8,648

BSE IT 0.5 31.8 6,754

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.1) (20.9) 14,054NASDAQ (0.1) (2.1) 3,160

FTSE 0.6 34.9 6,361

Nikkei 2.7 305.4 11,559

Hang Seng 2.0 443.3 23,020

Straits Times 0.3 8.8 3,270

Shanghai Com 2.3 52.4 2,366

Indian ADR Chg (%) (Pts) (Close)INFY (1.1) (0.6) $53.9

WIT (0.1) (0.0) $9.6IBN (1.6) (0.7) $41.9

HDB (3.6) (1.4) $38.1

Advances / Declines BSE NSEAdvances 857 345

Declines 1,973 1,160

Unchanged 101 66

Volumes (` cr)BSE 3,555

NSE 21,996


2/15


3/15



But GDP growth at 4.5% in 3QFY2013 makes a case formore reforms

Real GDP growth in the economy stood at a decade-low of 4.5% in 3QFY2013,

lower than 5.3% in 2QFY2013 and 6.0% in 3QFY2012. Growth in services sector

decelerated to 6.1% as against 7.2% in 2QFY2013 and 8.3% in 3QFY2012. Theagricultural sector reported a modest 1.1% growth as compared to 4.1% in the

corresponding quarter of the previous year. Industrial growth recovered slightly to

3.3% as against 2.6% in the corresponding quarter of the previous year supported

mainly by growth in manufacturing (2.5%).

The CSOs advance estimate for GDP pegs FY2013 GDP growth at a modest

5.0%, nearly a decade low. We believe that for the present below-potential growth

rate of our economy to revive, focus should shift towards measures aimed at

removing supply side constraints, particularly in mining and power sectors;

encouraging investment; maintaining momentum on reforms; and ensuring

macroeconomic stability.

MM hikes utility vehicle prices by over 2% with immediateeffect

According to media reports, Mahindra and Mahindra (MM) has increased the

prices of its utility vehicles (ex. Quanto) by over 2% with immediate effect to pass

on the excise duty hike announced in the Union Budget. The Finance Minister in

the Union Budget 2013-14 has increased the excise duty on large SUVs (length

greater than 4,000mm and engine displacement exceeding 1,500cc) to 30% from

27% earlier. As a result, the entire utility vehicle portfolio of MM (ex. Quanto)

would be impacted as they are qualified as large SUVs and would attract higher

duty. The immediate increase in prices by the company is on the expected lines

and has been undertaken to protect margins. We do not see a material impact of

the recent price hike on the companys volumes and expect them to grow at a

healthy rate of 12% in FY2014. After the recent correction in the stock price, the

stock is trading attractively at 13.5x FY2014E earnings. We therefore recommenda Buy rating on the stock with a SOTP based target price of `1,019.

Cairn India plugs a Sri Lankan well

Cairn India has plugged a well in Sri Lanka and demobilized its rig. Cairn Indiahas discovered that the well had multiple thick reservoir sands, which were not

hydrocarbon bearing. The company is in the process of understanding the future

block potential.We had not factored any production from this well and hence, wedo not change our estimates. We maintain our Buy rating on the stock with atarget price of `383.

CCI approves United Spirits Diageo deal

United Spirits (USL) Diageo deal has crossed a major hurdle with Competition

commission of India granting its approval for the deal. Diageo and UB Holding

(promoters of USL) entered into a deal by which Diageo would acquire amaximum of 53.4% stake in USL. As per the deal Diageo would first acquire a

27.4% stake in USL at a price `1,440/share, and follow it up with a mandatory

open offer of 26%, which if fully subscribed would take Diageos stake in USL


4/15



to 53.4%. The SEBI has already sent its final observations on the open offer

and is expected to approve the open offer if the objectionable clauses in the

deal which are in the nature of forward contract are removed. We maintain aneutral view on USL.

Result Reviews

Mphasis - 1QFY2013 (CMP: `374/ TP: Under review/ Upside: -)

Mphasis announced its 1QFY2013 numbers which underperformed our

expectation on the revenue as well as operating front. The dollar revenues came in

at US$238mn, down 3.9% qoq, due to decline in onsite volumes on account of

holiday season which resulted in shutdown for few days. Revenues from the direct

channel grew by 1.0% while revenues from the HP channel declined by 3.9% qoq.

In INR terms revenues came in at `1,257cr, down 3.8% qoq. The company again

witnessed headcount reduction in Application as well as ITO business by 173 and

15 employees, respectively. The EBITDA margin of the company declined by215bp qoq to 18.5%. PAT came in at `184cr, down 12% qoq. The company

added 22 new clients during the quarter, out of which 14 were added in direct

channel. The company remained committed to increase revenues from the direct

channel. The stock is currently under review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 5,531 17.6 742 35.4 14.7 10.6 1.5 5.1 0.9

FY2014E 5,874 17.5 790 37.7 13.5 9.9 1.3 4.3 0.8

ITD Cementation - 4QCY2012 (CMP: `201/ TP: `239/ Upside:

19%)

For 4QCY2012, ITD Cementation reported a disappointing set of numbers. The

top-line for the quarter declined by 4.0% yoy to `313cr against our estimate

`350cr. The company's operating margin contracted by 301bp yoy to 10.5%

mainly because of higher employee cost. Major disappointment came on the profit

front which stood at `1cr, 88.9% lower on a yoy basis and 77.7% lower than our

expectation of `6cr, mainly due to the contraction in the operating margin.

However, recently the JV of ITD Cementation with its parent company, ITD, has

bagged an order of `546cr from Delhi Metro Rail Corporation (DMRC). The order

is scheduled to be completed in 30 months. ITD cementation (standalone) is also

expecting an order worth ~`115cr in Ghaziabad for the construction of flyovers

with scheduled completion in 15 months. The stock has witnessed a major

correction recently and is currently trading at a PBV of 0.5x. We maintain ourBuyrecommendation on the stock with a revised target price of `239 with a targetP/BV of 0.6x for CY2014E, given the visibility of new order inflows.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,455 12.0 27 23.2 6.5 8.7 0.5 4.9 0.6CY2014E 1,630 12.1 36 31.2 8.1 6.4 0.5 4.7 0.6


5/15



Economic and Political News

Eight core sector industries grew by 3.9% in Jan 2013 Gas pricing policy to be reviewed, uncertainties removed: FM FDI inflow in Bangalore around US$9.3bn in last 10 years

Corporate News

Strides Arcolab finally sells speciality arm to Mylan for US$1.6bn Cipla plans US$512mn takeover of South Africa's Cipla Medpro Suzlon promoters sell shares to raise `240cr BEL pays `36.4cr interim dividend to Government Dr Reddy's to delist OctoPlus from boursesSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


6/15

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

March 1, 2013 2:25PM Germany PMI Manufacturing Value Feb F 50.10 50.10

3:00PM UK PMI Manufacturing Value Feb 50.80 51.00

6:30AM China PMI Manufacturing Value Feb 50.40 50.50

March 5, 2013 2:25PM Germany PMI Services Value Feb F 54.10 --

March 6, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P (0.60) (0.60)

March 7, 2013 5:30PM UK BOE Announces rates % Ratio Mar 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Mar 7 0.75 0.75

March 8, 2013 5:29PM China Exports YoY% % Change Feb 25.00 --

7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 150.00

7:00PM US Unnemployment rate % Feb 7.90 7.90

March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 --

11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

March 11, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --

4:29PM India Exports YoY% % Change Feb 0.80 --

March 12, 2013 3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 --

12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

March 15, 2013 6:00PM US Consumer price index (mom) % Change Feb -- --

6:45PM US Industrial Production % Feb (0.10) --

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --

6:00PM US Building permits Thousands Feb 904.00 --

3:00PM UK CPI (YoY) % Change Feb 2.70 --

11:00AM India RBI Repo rate % Mar 19 7.75 --

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --

March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --

3:00PM UK Jobless claims change % Change Feb (12.50) --

10:00PM US FOMC rate decision % Mar 20 0.25 --

March 21, 2013 7:30PM US Existing home sales Millions Feb 4.92 --

March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --

7:30PM US New home sales Thousands Feb 437.00 --

March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --

April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --

May 15, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

Source: Bloomberg, Angel Research

March 01, 2013

Market Outlook


7/15



Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

1.0

4.3

2.5 2.0

8.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

(%)

7.6 7.7 7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.26.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jan-1

2

Feb-1

2

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Exports yoy growth Imports yoy growth(%)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Repo rate Reverse Repo rate CRR (%)


8/15

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 113 - 2,205 1,466 1,686 14.8 14.8 7.0 8.1 16.2 14.0 3.4 2.9 22.6 22.5 1.6 1.4

United Phosphorus Buy 116 170 5,125 8,421 9,263 16.5 16.5 15.0 17.0 7.7 6.8 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 271 323 4,632 2,983 3,477 16.1 16.1 18.5 21.6 14.7 12.6 4.2 3.2 32.9 29.1 1.5 1.3

Apollo Tyres Buy 83 97 4,181 13,066 14,503 11.5 11.8 13.0 14.5 6.4 5.7 1.2 1.0 21.0 19.4 0.5 0.4

Ashok Leyland Buy 22 28 5,907 12,910 14,836 8.8 9.6 1.5 2.2 15.0 10.0 2.0 1.8 9.3 13.4 0.5 0.5

Automotive Axle# Neutral 329 - 497 934 1,103 10.2 10.7 24.5 34.3 13.4 9.6 1.7 1.5 13.2 16.9 0.6 0.5Bajaj Auto Neutral 1,972 - 57,052 20,775 23,889 18.5 19.0 107.6 126.4 18.3 15.6 7.6 6.0 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 214 242 4,976 5,973 6,707 14.4 15.2 13.4 18.6 16.0 11.5 2.1 1.8 13.6 16.9 1.0 0.8

Bosch India* Accumulate 8,771 9,570 27,540 9,973 11,320 17.8 18.0 396.2 455.7 22.1 19.3 4.2 3.5 18.8 18.2 2.4 2.0

CEAT Buy 92 163 314 4,822 5,403 8.2 8.3 29.8 40.8 3.1 2.2 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 125 - 10,612 6,016 7,026 12.7 14.4 5.8 7.8 21.4 15.9 3.1 2.7 15.4 18.2 1.5 1.2

FAG Bearings* Neutral 1,522 - 2,529 1,619 1,879 16.0 16.6 108.6 130.7 14.0 11.6 2.4 2.1 18.8 19.1 1.3 1.1

Hero Motocorp Buy 1,668 1,923 33,304 23,990 27,038 13.8 14.6 105.8 120.2 15.8 13.9 6.4 5.1 44.3 41.0 1.1 0.9

JK Tyre Buy 104 165 426 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.5 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Buy 871 1,019 53,481 40,060 46,301 11.5 11.7 55.3 64.3 15.8 13.6 3.6 3.0 24.5 23.8 1.1 0.9

Maruti Buy 1,357 1,563 39,195 43,381 52,411 7.5 8.9 65.6 97.7 20.7 13.9 2.3 2.0 11.8 15.6 0.7 0.6

Motherson Sumi Accumulate 196 209 11,534 25,769 29,010 7.1 7.5 10.2 13.1 19.3 15.0 4.9 3.8 28.1 28.3 0.6 0.5

Subros Buy 25 35 152 1,296 1,476 9.8 9.9 3.4 5.0 7.5 5.0 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 287 326 76,607 184,201 209,642 12.4 13.5 28.0 36.3 10.3 7.9 2.3 1.8 24.6 25.4 0.5 0.4

TVS Motor Buy 39 47 1,834 7,019 7,827 6.0 6.3 4.3 5.3 9.1 7.3 1.4 1.2 16.4 18.0 0.2 0.2

Capital Goods

ABB* Reduce 571 487 12,097 8,073 9,052 5.5 7.2 11.3 17.4 50.7 32.8 4.4 4.0 8.9 12.8 1.5 1.3BGR Energy Neutral 209 - 1,507 3,412 4,104 13.0 11.6 24.6 26.2 8.5 8.0 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 201 - 49,246 47,801 43,757 18.0 17.1 24.1 20.8 8.4 9.7 2.5 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 171 238 1,540 2,748 2,896 4.4 5.6 6.8 9.3 25.2 18.4 3.5 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 91 129 5,822 12,136 13,790 3.8 6.3 3.3 6.9 27.5 13.2 1.6 1.5 5.8 11.5 0.5 0.5

Jyoti Structures Buy 33 49 267 2,802 3,074 9.5 9.8 7.7 10.9 4.2 3.0 0.4 0.3 9.6 12.1 0.3 0.3

KEC International Buy 51 75 1,302 6,909 7,723 6.2 7.2 5.4 8.4 9.4 6.0 1.1 1.0 17.0 22.8 0.3 0.3

LMW Neutral 1,989 - 2,241 2,369 2,727 11.7 11.7 143.4 166.0 13.9 12.0 2.3 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 581 - 6,927 5,529 5,798 9.0 9.6 27.1 30.3 21.4 19.2 3.7 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 01, 2013


9/15



Cement

ACC Neutral 1,271 - 23,864 11,358 12,366 19.9 19.6 75.1 74.9 16.9 17.0 3.2 2.9 19.4 18.1 1.8 1.7

Ambuja Cements Neutral 192 - 29,587 9,730 11,221 25.6 25.0 10.2 11.3 18.8 16.9 3.4 3.1 18.7 19.0 2.6 2.2

India Cements Neutral 84 - 2,591 4,439 4,789 16.7 17.2 6.8 9.1 12.4 9.3 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cements Accumulate 131 143 1,607 2,119 2,478 22.9 22.3 20.3 22.8 6.5 5.8 1.1 1.0 18.0 17.7 0.9 1.1

Madras Cements Neutral 243 - 5,777 3,960 4,270 27.4 27.0 18.6 21.1 13.1 11.5 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,358 - 15,180 5,678 6,251 29.0 28.6 288.1 334.0 15.1 13.1 4.2 3.3 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,870 - 51,274 20,466 23,017 23.3 24.3 100.0 117.1 18.7 16.0 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 205 268 1,078 20,466 23,017 22.5 22.5 24.4 27.0 8.4 7.6 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 11 - 212 2,262 2,522 5.9 6.3 0.9 1.6 12.5 7.4 0.3 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 115 164 3,809 3,843 4,212 43.1 43.6 16.8 17.8 6.8 6.4 1.2 1.0 18.3 17.0 3.1 3.4

ITNL Buy 190 225 3,696 6,564 7,054 27.2 27.4 26.3 29.0 7.3 6.6 1.2 1.0 17.0 16.3 2.7 2.7

IVRCL Infra Buy 26 35 789 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.6) 8.9 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 70 97 15,456 14,243 16,382 26.2 26.1 3.2 4.3 21.7 16.1 1.2 1.1 5.4 7.0 2.5 2.3

Larsen & Toubro Buy 1,366 1,788 84,049 60,666 69,525 10.6 11.2 71.9 85.0 19.0 16.1 3.0 2.6 14.5 15.2 1.6 1.4

Nagarjuna Const. Buy 38 44 962 5,863 6,576 8.1 8.2 3.1 4.1 12.2 9.2 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 41 - 1,350 11,892 13,116 10.2 10.2 (0.4) 3.0 (95.4) 13.7 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 108 157 1,632 1,642 2,642 9.7 10.1 3.2 7.2 33.7 15.0 1.9 1.7 6.0 12.1 1.2 0.8

Simplex Infra Buy 152 197 752 6,026 7,135 9.1 9.3 14.1 24.6 10.8 6.2 0.6 0.6 5.6 9.2 0.5 0.5

Unity Infra Buy 31 58 228 2,180 2,455 13.7 13.4 12.9 14.8 2.4 2.1 0.3 0.2 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Buy 138 160 6,900 6,509 7,264 2.7 2.8 28.2 33.5 4.9 4.1 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 92 - 5,126 4,795 5,475 3.0 3.0 21.8 21.9 4.2 4.2 0.7 0.6 15.4 13.8 - -Axis Bank Buy 1,343 1,678 62,731 15,959 18,660 3.2 3.2 119.2 139.0 11.3 9.7 2.1 1.8 20.3 20.1 - -

Bank of Baroda Buy 703 850 28,898 14,889 17,393 2.5 2.6 108.2 134.0 6.5 5.3 1.0 0.8 15.3 16.7 - -

Bank of India Accumulate 320 350 18,367 12,793 14,823 2.3 2.4 49.5 65.1 6.5 4.9 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Accumulate 53 56 3,119 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.6 16.2 16.9 - -

Canara Bank Accumulate 416 463 18,431 10,783 12,000 2.1 2.3 64.8 82.2 6.4 5.1 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 71 - 5,252 7,158 8,217 2.4 2.6 13.1 20.1 5.4 3.6 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 399 465 5,906 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Buy 89 107 3,116 3,090 3,462 2.7 2.7 25.6 24.6 3.5 3.6 0.6 0.5 19.2 15.9 - -


Market Outlook

Stock Watch

March 01, 2013


10/15



Financials

Federal Bank Accumulate 494 536 8,439 2,667 2,920 3.2 3.2 49.1 51.4 10.1 9.6 1.3 1.2 13.9 13.1 - -

HDFC Neutral 760 - 117,385 7,446 8,923 3.5 3.5 32.2 38.5 23.6 19.7 4.8 4.3 35.4 32.6 - -

HDFC Bank Accumulate 626 666 148,409 21,724 26,578 4.3 4.3 28.7 36.1 21.8 17.3 4.2 3.5 20.7 22.1 - -

ICICI Bank Buy 1,040 1,302 119,632 22,317 26,217 2.9 3.0 72.0 84.6 14.4 12.3 1.8 1.7 14.9 15.9 - -

IDBI Bank Buy 89 106 11,340 8,196 9,305 1.9 2.1 15.4 22.3 5.8 4.0 0.6 0.6 10.7 14.1 - -

Indian Bank Buy 177 208 7,611 5,716 6,362 3.2 3.2 37.7 41.1 4.7 4.3 0.8 0.7 16.9 16.2 - -

IOB Buy 70 85 5,571 7,231 8,369 2.4 2.5 10.2 20.2 6.8 3.5 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,265 1,406 6,131 2,784 2,932 3.7 3.7 229.2 199.6 5.5 6.3 1.2 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 232 257 11,706 1,722 2,080 2.2 2.2 19.9 24.6 11.7 9.4 1.8 1.6 16.6 17.9 - -

Oriental Bank Accumulate 276 314 8,038 6,360 7,004 2.6 2.8 48.1 59.4 5.7 4.6 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 788 957 26,724 19,202 22,040 3.2 3.4 146.8 167.9 5.4 4.7 1.0 0.8 17.6 17.5 - -

South Ind.Bank Buy 25 30 3,360 1,583 1,789 3.0 2.9 3.5 4.1 7.2 6.2 1.2 1.0 19.1 17.7 - -

St Bk of India Buy 2,085 2,514 139,940 60,594 70,439 3.3 3.3 221.9 257.4 9.4 8.1 1.6 1.4 17.4 17.7 - -

Syndicate Bank Buy 117 135 7,028 6,673 7,644 2.9 3.0 32.0 27.9 3.7 4.2 0.7 0.7 22.0 16.5 - -

UCO Bank Neutral 57 - 3,772 5,388 6,262 2.4 2.6 9.0 14.9 6.3 3.8 0.8 0.7 9.1 13.8 - -

Union Bank Buy 212 256 11,680 10,006 11,558 2.8 2.8 36.4 47.0 5.8 4.5 0.8 0.7 14.6 16.6 - -

United Bank Buy 62 75 2,240 3,549 3,814 2.5 2.7 12.0 21.4 5.2 2.9 0.5 0.5 10.1 16.3 - -

Vijaya Bank Accumulate 50 54 2,465 2,342 2,763 1.9 2.1 8.0 10.9 6.2 4.6 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 473 526 16,919 3,364 4,260 2.8 3.0 36.3 42.6 13.0 11.1 2.9 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,290 - 41,154 11,198 13,319 15.9 15.7 122.1 147.1 35.1 29.2 11.9 9.3 37.7 35.7 3.6 3.0

Britannia Buy 480 564 5,741 5,580 6,417 4.8 5.0 18.1 21.7 26.6 22.2 9.6 7.7 38.7 38.7 0.9 0.8

Colgate Neutral 1,276 - 17,348 3,120 3,588 20.3 21.1 38.4 45.1 33.3 28.3 30.9 24.8 104.6 97.0 5.4 4.6

Dabur India Neutral 126 - 22,039 6,196 7,183 16.3 16.8 4.5 5.5 28.1 23.1 11.6 9.0 43.4 44.0 3.6 3.0

GlaxoSmith Con* Neutral 3,957 - 16,639 3,084 3,617 15.2 16.3 103.9 123.0 38.1 32.2 12.2 10.1 34.9 34.3 4.9 4.2

Godrej Consumer Neutral 723 - 24,612 6,386 7,743 15.7 17.0 20.8 27.1 34.7 26.7 7.5 6.1 23.7 26.4 4.1 3.3

HUL Neutral 444 - 95,974 25,350 28,974 13.3 13.5 15.1 17.0 29.4 26.2 23.4 16.7 85.7 74.3 3.6 3.1

ITC Neutral 295 - 232,758 29,148 34,191 35.7 36.1 9.4 11.1 31.5 26.6 10.5 8.7 35.9 35.7 7.7 6.5

Marico Neutral 214 - 13,768 4,747 5,402 13.6 13.6 6.3 7.8 33.7 27.3 6.9 5.6 26.0 22.6 3.0 2.5

Nestle* Neutral 4,753 - 45,825 8,302 9,739 22.0 21.5 110.7 130.8 43.0 36.3 25.5 18.3 69.5 58.6 5.6 4.6


Market Outlook

Stock Watch

March 01, 2013


11/15



FMCG

Tata Global Neutral 125 - 7,742 7,272 7,998 9.1 9.5 6.9 8.1 18.3 15.4 1.9 1.8 8.9 9.8 1.0 0.9

IT

HCL Tech^ Accumulate 725 765 50,341 25,325 28,476 21.7 20.7 51.0 52.8 14.2 13.7 3.8 3.1 26.8 22.9 1.9 1.6

Hexaware* Buy 86 113 2,553 1,948 2,136 20.9 18.3 10.9 10.1 7.9 8.5 2.1 1.7 27.2 21.0 1.1 0.9

Infosys Neutral 2,906 - 166,873 40,746 44,283 28.9 28.8 162.6 172.9 17.9 16.8 4.2 3.6 23.5 21.3 3.5 3.1

Infotech Enterprises Accumulate 169 184 1,884 1,881 1,987 17.9 17.4 18.5 19.4 9.1 8.7 1.4 1.2 14.8 13.6 0.7 0.5

KPIT Cummins Buy 107 134 2,067 2,234 2,477 15.8 15.2 10.9 12.8 9.8 8.4 2.1 1.7 22.2 20.6 0.9 0.7Mahindra Satyam Accumulate 119 125 13,954 7,711 8,683 21.6 20.3 8.7 11.3 13.6 10.5 3.2 2.5 30.6 23.7 1.4 1.2

Mindtree Neutral 858 - 3,562 2,357 2,580 21.0 19.3 84.4 86.8 10.2 9.9 2.7 2.1 26.8 21.7 1.2 1.0

Mphasis& Accumulate 374 396 7,854 5,531 5,874 17.6 17.5 35.4 37.7 10.6 9.9 1.6 1.3 14.7 13.5 0.9 0.8

NIIT Buy 23 36 381 1,048 1,161 9.1 10.9 4.1 6.2 5.6 3.8 0.6 0.5 10.3 14.1 0.2 0.1

Persistent Neutral 550 - 2,202 1,297 1,433 25.6 24.1 46.5 54.0 11.8 10.2 2.2 1.8 18.5 18.0 1.4 1.2

TCS Neutral 1,515 - 296,470 62,954 70,871 29.0 28.9 71.6 79.1 21.2 19.1 7.0 5.7 33.2 29.7 4.5 3.9

Tech Mahindra Buy 1,047 1,205 13,394 6,789 7,609 21.0 19.6 95.8 110.7 10.9 9.5 2.6 2.1 24.3 22.3 2.0 1.7

Wipro Neutral 417 - 102,576 43,514 47,304 20.1 19.4 26.6 27.7 15.7 15.1 3.1 2.7 19.7 17.9 2.0 1.8

Media

D B Corp Buy 232 276 4,263 1,583 1,787 23.9 25.4 11.9 14.5 19.6 16.0 3.9 3.3 21.4 22.4 2.6 2.2

HT Media Accumulate 104 113 2,447 2,061 2,205 14.0 15.1 6.6 7.9 15.7 13.3 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 97 125 3,080 1,511 1,698 23.2 23.4 6.4 7.3 15.1 13.3 3.8 3.4 25.9 26.6 2.2 1.9

PVR Neutral 267 - 773 820 1,307 17.3 17.3 11.2 17.8 23.9 15.0 1.1 1.0 9.7 10.8 1.0 0.6

Sun TV Network Neutral 413 - 16,278 1,942 2,237 77.2 75.5 17.6 19.1 23.5 21.6 5.7 5.1 25.8 25.2 7.9 6.8

Metals & Mining

Bhushan Steel Neutral 462 - 10,454 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.3 1.1 1.0 11.4 12.6 3.1 2.4Coal India Buy 310 368 195,997 66,666 70,292 25.7 27.3 24.2 26.6 12.8 11.7 3.8 3.1 33.1 29.1 2.0 1.7

Electrosteel Castings Buy 20 28 687 1,984 2,074 10.6 11.6 1.8 2.6 11.3 7.7 0.4 0.2 3.6 5.1 0.5 0.5

Hind. Zinc Buy 115 149 48,760 12,002 13,759 49.7 50.8 14.7 16.4 7.9 7.1 1.5 1.3 21.1 19.8 2.1 1.5

Hindalco Neutral 99 - 19,021 80,205 88,987 9.0 9.2 13.4 13.8 7.4 7.2 0.6 0.5 7.9 7.6 0.6 0.5

JSW Steel Neutral 738 - 16,471 39,072 40,493 16.5 18.2 82.4 90.3 9.0 8.2 0.9 0.8 10.7 10.7 0.8 0.8

MOIL Neutral 242 - 4,066 933 954 46.9 45.5 25.8 26.1 9.4 9.3 1.5 1.3 16.7 15.1 1.9 1.8

Monnet Ispat Buy 235 318 1,496 2,287 2,883 21.8 21.8 35.3 40.7 6.7 5.8 0.6 0.5 9.6 10.2 1.8 1.4

Nalco Neutral 44 - 11,379 6,630 8,357 11.4 14.5 2.1 3.3 20.8 13.6 1.0 0.9 4.6 6.9 1.0 0.9

NMDC Buy 137 181 54,317 9,674 11,536 75.2 76.6 16.0 18.6 8.6 7.4 1.9 1.6 23.6 23.0 3.4 2.7


Market Outlook

Stock Watch

March 01, 2013


12/15



Metals & Mining

SAIL Neutral 71 - 29,368 43,438 56,199 12.0 12.2 6.5 8.5 10.9 8.4 0.7 0.7 6.6 8.2 0.9 0.7

Sesa Goa Buy 155 183 13,428 2,412 3,911 30.8 33.1 29.6 31.8 5.2 4.9 0.8 0.7 16.3 15.4 7.0 4.4

Sterlite Inds Buy 94 110 31,557 43,185 45,442 23.3 23.7 16.8 17.9 5.6 5.2 0.6 0.6 11.6 11.2 0.7 0.6

Tata Steel Buy 342 443 33,250 142,732 146,575 7.4 9.9 7.2 34.7 47.7 9.9 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 101 148 363 1,442 1,494 19.0 19.1 29.2 31.7 3.5 3.2 0.4 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 33 52 449 2,512 2,816 12.4 13.7 10.0 12.6 3.4 2.7 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 90 112 287 2,367 2,425 14.2 13.7 33.3 33.5 2.7 2.7 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 298 383 56,922 17,394 17,034 76.4 72.3 60.8 55.1 4.9 5.4 1.0 0.9 21.9 17.0 2.4 2.1

GAIL Neutral 333 - 42,190 48,077 55,815 15.3 15.3 34.9 35.9 9.5 9.3 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 313 357 268,086 144,089 158,065 32.8 34.7 28.7 34.4 10.9 9.1 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 815 - 263,008 362,700 380,031 8.9 8.9 68.1 71.5 12.0 11.4 1.3 1.2 12.4 11.8 0.7 0.6

Gujarat Gas* Neutral 277 - 3,555 3,707 3,850 11.7 12.4 23.7 25.7 11.7 10.8 3.3 2.8 29.6 28.2 0.8 0.8

Indraprastha Gas Neutral 256 - 3,589 3,365 3,700 22.8 23.4 25.3 26.6 10.1 9.6 2.4 2.0 26.0 22.6 1.2 1.0

Petronet LNG Buy 141 179 10,564 32,210 41,362 6.1 5.8 15.4 15.6 9.2 9.0 2.4 2.0 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 65 - 3,655 1,079 983 91.8 91.9 8.8 7.8 7.4 8.3 1.2 1.1 17.8 14.1 3.1 3.4

Pharmaceuticals

Alembic Pharma Accumulate 83 95 1,569 1,490 1,714 16.2 17.1 7.4 9.5 11.3 8.8 3.1 2.4 30.7 30.2 1.2 1.0

Aurobindo Pharma Accumulate 162 208 4,703 5,463 6,279 15.0 15.0 12.4 14.0 13.0 11.5 1.7 1.4 18.8 17.8 1.4 1.3

Aventis* Neutral 2,341 - 5,391 1,482 1,682 17.5 16.6 82.9 87.8 28.2 26.7 4.4 3.6 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 759 817 15,542 6,148 7,386 15.3 18.0 24.6 39.5 30.9 19.2 5.8 4.7 18.4 25.1 2.9 2.4

Cipla Buy 361 419 28,965 8,151 9,130 25.8 24.8 20.2 21.6 17.9 16.7 3.2 2.7 19.4 17.6 3.3 2.9

Dr Reddy's Accumulate 1,761 1,859 29,887 10,696 11,662 20.7 21.0 83.7 92.9 21.0 19.0 4.3 3.6 22.4 20.8 3.1 2.7

Dishman Pharma Buy 69 155 557 1,280 1,536 20.2 20.2 12.1 15.5 5.7 4.5 0.6 0.5 10.0 11.6 1.1 1.0

GSK Pharma* Neutral 2,110 - 17,873 2,651 2,993 31.7 31.2 76.0 82.4 27.8 25.6 8.0 7.2 20.1 26.3 5.9 5.2

Indoco Remedies Buy 65 78 596 642 784 14.2 15.2 5.7 7.8 11.4 8.3 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Accumulate 497 559 6,276 2,850 3,474 21.0 21.0 29.9 37.3 16.6 13.3 4.0 3.2 26.7 26.4 2.4 2.0

Lupin Accumulate 585 655 26,187 8,426 10,082 19.7 20.0 26.1 31.1 22.4 18.8 5.2 4.2 25.8 24.7 3.2 2.7

Ranbaxy* Neutral 380 - 16,059 12,253 11,400 14.1 12.5 31.2 21.6 12.2 17.6 3.9 3.4 37.9 20.6 1.3 1.3

Sun Pharma Neutral 803 - 82,977 10,111 12,563 42.6 42.6 28.9 29.8 27.8 26.9 5.6 4.8 22.3 19.2 7.6 5.9

Power

GIPCL Accumulate 72 78 1,089 1,502 1,535 32.1 31.9 11.4 12.5 6.3 5.8 0.7 0.7 7.6 11.9 1.2 1.0


Market Outlook

Stock Watch

March 01, 2013


13/15



Power

NTPC Accumulate 151 163 124,300 72,809 81,951 23.4 24.1 12.2 13.6 12.4 11.1 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Neutral 277 - 47,020 7,953 9,699 34.7 37.0 4.4 6.0 63.3 46.4 1.8 1.7 3.1 3.8 8.0 6.3

MLIFE Accumulate 403 446 1,647 786 888 26.3 26.7 31.0 36.3 13.0 11.1 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 324 350 122,869 80,521 87,160 30.5 30.5 6.4 10.4 50.6 31.1 2.3 2.2 4.6 7.0 2.4 2.1

Idea Cellular Neutral 117 - 38,867 22,087 23,927 26.6 27.7 2.9 3.9 40.1 30.1 2.8 2.5 6.9 8.4 2.3 2.1Rcom Neutral 61 - 12,622 21,087 22,067 31.8 31.9 2.6 4.0 23.3 15.3 0.3 0.3 1.5 2.2 2.3 2.1

zOthers

Abbott India Buy 1,361 1,590 2,891 1,629 1,886 11.8 13.3 60.8 79.5 22.4 17.1 4.6 3.8 22.0 24.4 1.6 1.3

Bajaj Electricals Buy 180 217 1,795 3,450 3,929 4.5 7.4 10.0 15.5 18.0 11.6 2.3 2.0 13.0 17.4 0.5 0.5

Cera Sanitaryware Buy 413 495 523 460 596 16.4 16.2 34.7 45.0 11.9 9.2 2.9 2.3 27.7 27.8 1.2 1.0

Cravatex Buy 354 545 91 272 308 7.2 7.3 37.5 45.4 9.4 7.8 2.2 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 962 - 6,757 982 1,136 34.3 34.3 34.3 40.0 28.0 24.1 12.7 10.1 50.9 46.9 6.5 5.4

Finolex Cables Buy 48 61 727 2,304 2,552 9.9 9.1 8.2 10.1 5.8 4.7 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Buy 401 550 522 2,027 2,299 4.6 5.1 35.3 50.0 11.4 8.0 0.5 0.4 3.9 5.3 0.1 0.1

Goodyear India Buy 285 360 657 1,494 1,607 6.4 7.8 23.9 33.0 11.9 8.6 1.9 1.6 16.5 20.1 0.2 0.2

Greenply Industries Reduce 344 309 831 1,925 2,235 10.6 10.9 29.6 44.1 11.6 7.8 1.9 1.5 16.8 21.0 0.7 0.6

Hitachi Neutral 131 - 301 905 1,025 4.8 6.0 7.7 12.4 17.1 10.6 1.6 1.4 9.9 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,600 2,842 2,299 2,117 2,491 8.1 7.8 140.5 157.9 18.5 16.5 2.8 2.4 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 617 744 1,085 1,059 1,116 8.5 9.5 36.0 42.0 17.1 14.7 2.5 2.2 15.4 16.0 1.1 1.0

ITD Cementation Buy 201 334 232 1,455 1,630 12.4 12.6 29.8 40.5 6.8 5.0 0.5 0.5 8.2 9.8 0.6 0.6

Jyothy Laboratories Accumulate 158 167 2,548 816 979 14.5 14.9 5.2 6.0 30.7 26.3 3.5 3.3 8.8 10.2 3.4 2.7MCX Buy 1,145 1,440 5,839 553 624 65.3 66.3 62.5 72.0 18.3 15.9 5.0 4.4 27.5 27.4 7.6 6.2

MRF Buy 11,491 13,416 4,874 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.1 6.9 1.4 1.2 19.1 18.7 0.5 0.4

Page Industries Neutral 3,298 - 3,679 856 1,047 19.1 19.6 101.2 127.3 32.6 25.9 16.7 12.4 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 636 887 763 989 1,148 10.7 11.7 41.8 55.5 15.2 11.5 3.5 2.7 25.5 26.3 0.9 0.8

Sintex Industries Buy 55 79 1,721 4,751 5,189 16.3 16.6 13.6 15.8 4.0 3.5 0.5 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 264 332 248 1,048 1,157 11.3 12.0 58.7 66.5 4.5 4.0 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 9 - 269 6,765 7,393 18.1 18.0 6.4 7.5 1.4 1.2 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 35 43 1,717 5,720 6,599 5.3 6.8 3.6 5.4 9.8 6.6 14.2 4.5 - - 0.4 0.4

TAJ GVK Buy 66 108 412 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


Market Outlook

Stock Watch

March 01, 2013


14/15



zOthers

Tata Sponge Iron Buy 308 379 475 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 428 643 333 374 425 7.9 9.5 24.1 32.7 17.8 13.1 19.7 22.5 0.7 0.6

TVS Srichakra Buy 212 276 162 1,461 1,591 5.6 7.1 6.9 39.4 30.6 5.4 1.2 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,841 - 24,075 10,473 11,939 15.0 15.8 30.4 56.9 60.6 32.4 4.6 2.9 10.8 12.3 3.0 2.3

Vesuvius India Neutral 325 - 659 560 611 16.1 17.0 24.7 28.8 13.2 11.3 2.0 1.7 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 February 28, 2013


Market Outlook

Stock Watch

March 01, 2013


15/15


Documents

Market Outlook 010313