Market Outlook 040912

7/31/2019 Market Outlook 040912

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Market OutlookSeptember 4, 2012

www.angelbroking.com


Dealers DiaryIndian markets are expected to open flat with a positive bias, following a

marginally positive opening in the SGX Nifty. Most of the Asian markets are

currently trading in red.

The US markets remained closed on Monday. The European markets ended the

day higher on Monday despite news that Chinas manufacturing activity fell to its

lowest level in three years. Germanys manufacturing activity too fell below

estimates for the month of August. The final Markit/BME Purchasing Managers'

Index came in at 44.7 in August, down from the flash reading of 45.1, but rose

from 43 in July.

Meanwhile, the Indian benchmark indices which opened in the green on Monday

fell shortly due to the growing concerns about the domestic economy. The markets

remained weak for most part of the day, before ending the day lower by ~0.3%.

The markets would be keenly awaiting some announcements on the reforms front

after the implementation of GAAR has been postponed by three years.

Markets TodayThe trend deciding level for the day is 17,415 / 5,264 levels. If NIFTY trades above

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

up to 17,480 17,575 / 5,285 5,317 levels. However, if NIFTY trades below

17,415 / 5,264 levels for the first half-an-hour of trade then it may correct up to

17,319 17,254 / 5,233 5,212 levels.

SENSEX 17,254 17,319 17,415 17,480 17,575

NIFTY 5,212 5,233 5,264 5,285 5,317

News Analysis Supreme Court permits mining operations for category A mines in Karnataka Cement dispatches August 2012 BJAUT, AL Monthly volumes: August 2012 Infosys top executive Shaji Farooq quits, possibly to join Wipro L&T bags orders worth `1,063cr Tech Mahindra to announce strategic move today, might buy Hutch's India

BPO business

UB group considering stake sale in Whyte and MckayRefer detailed news analysis on the following pageNet Inflows (August 31, 2012)

FII 3,126 3,272 (146) 4,430 61,880

MFs 314 372 (58) (807) (9,020)

FII Derivatives (September 3, 2012)

Index Futures 1,003 1,193 (190) 10,659

Stock Futures 1,020 1,274 (254) 23,720

Gainers / Losers

Aurobindo Phar 118 6.8 Piramal Health 457 (6.4)

Exide Inds 138 5.3 IFCI 25 (4.8)

Shree Renuka Sug 32 5.1 Jet Air India 338 (4.5)

Chambal Fert 68 4.2 JSW Ispat 9 (4.0)

IRB Infra 128 4.2 Divis Lab 1,110 (3.8)

BSE Sensex (0.3) (45.2) 17,384

Nifty (0.1) (4.8) 5,254

MID CAP 0.1 5.6 6,011

SMALL CAP 0.0 2.2 6,397

BSE HC (0.3) (25.2) 7,470

BSE PSU (0.0) (2.9) 6,936

BANKEX (0.7) (74.4) 11,442

AUTO 0.4 37.2 9,278

METAL (0.6) (57.5) 9,630

OIL & GAS (0.8) (65.7) 8,146

BSE IT (0.1) (7.6) 5,734

Dow Jones 0.7 90.1 13,091NASDAQ 0.6 18.3 3,067

FTSE 0.5 28.5 5,740

Nikkei (0.6) (56.0) 8,784

Hang Seng 0.4 76.6 19,559

Straits Times (0.3) (8.2) 3,017

Shanghai Com 0.6 11.6 2,059

INFY 0.3 0.1 $42.5

WIT (2.5) (0.2) $7.8IBN (0.4) (0.1) $32.5

HDB (1.5) (0.5) $33.6

Advances 1,387 786

Declines 1,428 633

Unchanged 106 93

BSE 1,644

NSE 7,821


2/14



Supreme Court permits mining operations for category Amines in Karnataka

The Supreme Court has allowed 18 mines (category A) to resume iron ore

mining in Karnataka after a suspension of over a year on environmental concerns.This is in line with our expectations given that the Central Empowered Committee

had earlier recommended category A mines to resume operations. The A category

mines are the ones that are either free of any illegality or had committed marginal

illegalities in their mining operations. However, the mines need to get fresh

environmental and pollution clearances from the Ministry of Environment and

Forest before they resume operations which could delay the commencement of

operations in our view. Further, there is no clarity on the quantum of annual

production capacity of these mines as of now (although some media reports

suggest that the new mines could produce ~7mn tonne p.a.). NMDC has been

producing iron ore at a run rate of 8-10mn tonne in Karnataka over the past one

year. Given the Karnataka steel industrys requirement of 30mn tonne, we believethe commencement of production from these 18 mines is slightly positive for the

steel industry in Karnataka, especially JSW Steel which operates a 10mn tonne

plant in Karnataka with annual iron ore requirement of 18mn tonne. For JSW

Steel, the eventual start-up of production from these mines will be positive as this

will result in higher availability of iron ore at slightly lower prices. However,

currently it is challenging to quantify the impact on JSW Steels financials given the

uncertainty on the timelines and production quantity. As far as Sesa Goa is

concerned, there is no clarity whether any of its Tumkur mines are a part of these

18 mines which have been cleared to resume operations. Until further update,

Cement dispatches August 2012

For August 2012 Ambuja cements posted a 2.4% yoy decline in its dispatches to

1.45mn tonnes (1.49 mn tonnes). The south west monsoon monsoons picked up

in the month of August after remaining weak in June and July, resulting in lower

cement demand.

Monthly volumes: August 2012

Ashok Leyland (ALL)

Ashok Leyland (AL) reported in-line sales for August 2012 riding on the strong

growth of its small commercial vehicle, Dost. Total volumes ex-Dost registered a

8.6% yoy (5.5% mom) decline to 6,597 units on account of sluggish demand led

by slowdown in economic activity. However, Dosts sales continued to be strong at

2,835 units. As a result, total volumes grew by a strong 30.4% yoy (down by 3.6%

mom) to 9,432 units. ALL continues to witness strong growth traction YTD in

FY2013 mainly led by the success of the Dost and a gradual pick-up in demand in

South India. While medium and heavy commercial vehicle (MHCV) sales going

ahead will remain under pressure due to slowdown in industrial activity, we expect

the sales momentum in Dost to continue with it gets introduced across India


3/14



(currently available in seven states). At `21, the company is trading at an attractive

valuation of 7.5x FY2014E earnings.

Bajaj Auto (BJAUT)

BJAUT reported in-line sales for August 2012 with total volumes registering a

decline of 9.9% yoy (flat mom), due to weak demand in the domestic motorcycle

segment. Three-wheeler sales on the other hand recovered (volumes up 14.9%

mom) as demand in Sri Lanka and Egypt picked up considerably during the

month. The company dispatched around 7,500 units in Sri Lanka during the

month as against 3,000 units in July 2012. The total motorcycle sales however,

declined by 10% yoy (1.5% mom), led by subdued demand in the domestic

markets. The motorcycle volumes continues to benefit from the new launches -

Pulsar NS (7,200 units) and Discover 125ST (25,000 units). Exports posted a 4.8%

yoy decline (up 4.8% mom) during the month to 131,562 units mainly due to

under performance in the key export markets of Sri Lanka and Egypt. Going

ahead, as domestic demand continues to remain sluggish, we believe that revival

in exports will be necessary for the company to maintain its volume momentum. At

`1,664, BJAUT is trading at 13.7x FY2014E earnings.

Infosys top executive Shaji Farooq quits, possibly to join Wipro

As per media reports, in yet another senior-level exit at software major Infosys,

Shaji Farooq, senior vice-president and head of financial services, Americas at

Infosys has quit and is headed to join Wipro. Shaji Farooq has been in Infosys for

the last ten years and has over 20 years of industry experience. He is unit head for

financial services, Americas and responsible for all client facing activities,

delivery/execution and operations. Farooq's exit is the latest in a series of senior-

level exits at Infosys in the last one year. Other top executives who quit in the last

year include board member Mohandas Pai, sales head Subhash Dhar and Infosys

BPO COO Ritesh Idnani. Infosys is currently witnessing near-term challenges in

terms of growth after the restructuring exercise it went through in the last year.

L&T bags orders worth `1,063cr

Larsen & Toubro (L&T) Construction has bagged orders worth `1,063cr across

business segments in the month of August 2012. A major order worth `377cr has

been bagged from Delhi Metro Rail Corporation for the construction of elevated

viaduct and stations. This project is a part of Phase-III of Delhi MRTS. Another

order valued at `212cr has been secured from Rail Vikas Nigam for doubling the

lines of the Rewari - Manheru section on the Bikaner division of North Western

Railway. The company has also secured orders aggregating `474cr which include

design and construction of an IT campus in the southern part of India andconstruction of residential towers in Mumbai. This also includes additional orders

from various ongoing building projects.


4/14



At the current market price of `1,353, the stock is trading at PE of 13.5x FY2014E

earnings, after adjusting for investments, which is below the historical trading

multiple for L&T. We have used the sum-of-the-parts (SOTP) methodology to value

the company to capture all its business initiatives and investments/stakes in the

different businesses. Ascribing separate values to its parent business on a P/E basis

and investments in subsidiaries on P/E, P/BV and mcap basis, our target priceworks out to `1,553.

Tech Mahindra to announce strategic move today, might buy

Hutch's India BPO business

Tech Mahindra is expected to announce a strategic move today. As per media

reports, Tech Mahindra could seal a deal to acquire BPO services firm Hutchison

Global Services for ~US$100mn.As part of the deal, it is also expected that Hutch

has also made a revenue commitment of US$1bn over the next 5-7 years to Tech

Mahindra. Hutch's India BPO business caters to three geographies UK, Australia

and Ireland. This deal is expected to give a revenue boost to Tech Mahindra andgive it a much larger BPO footprint. Hutchison Global Services has ~12,000

employees operating out of five facilities in India. This move is positive for Tech

Mahindra as it would give inorganic boost to revenues when the company is not

able to grow in tandem with other IT services players organically.

UB group considering stake sale in Whyte and Mckay

As per media reports, UB group, which is the promoter of United Spirits (USL) with

a 28% stake is considering to offload up to 48% stake in its flagship brand Whyte

& Mackay (W&M). USL bought Whyte and Mckay in 2007 for a consideration of

US$1.2bn. UB group has been looking at selling its stake in USL to raise funds for

repaying the debts of its other group company Kingfisher Airlines. The proposal to

off-load stake in W&M is intended to enable the sale of 27% stake in USL for a

consideration of ~`3,000cr to UK based Diageo, without attracting UK anti-

competition laws as USL and Diageo put together have a considerable market

share in the scotch and vodka segments. However, off-loading of stake in W&M

might make the deal financially unattractive for Diageo.

Economic and Political News July exports down 14.8% at USD$22.4bn Govt will ensure stable tax regime: Chidambaram Finance Mininster wants loss-making banks, insurers out of CCI ambit Govt taking steps to bridge demand, supply gap in power: MoilyCorporate News Wockhardt gets USFDA nod for anti-depressant tablets Reliance Power starts production at controversial Sasan mines Strides Arcolab gets USFDA nod for cancer drug Suzlon arm REpower bags 131.2 MW contract Uflex aims to double revenue to USD$2bn in 3 years

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


5/14

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 05, 2012 Germany PMI Services Value Aug F 48.30 48.30

September 06, 2012 US Initial Jobless claims Thousands Sep 1 374.00 370.00Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P (0.20) (0.20)

UK BOE Announces rates % Ratio Sep 6 0.50 0.50

Euro Zone ECB announces interest rates % Sep 6 0.75 0.50

September 07, 2012 UK Industrial Production (YoY) % Change Jul (4.30) (2.70)

US Change in Nonfarm payrolls Thousands Aug 163.00 125.00

US Unnemployment rate % Aug 8.30 8.30

September 09, 2012 China Industrial Production (YoY) % Change Aug 9.20 9.10

China Consumer Price Index (YoY) % Change Aug 1.80 2.00

September 10, 2012 China Exports YoY% % Change Aug 1.00 3.00

September 12, 2012 UK Jobless claims change % Change Aug (5.90) --

India Industrial Production YoY % Change Jul (1.80) --

September 13, 2012 US Producer Price Index (mom) % Change Aug 0.30 1.00

US FOMC rate decision % Sep 13 0.25 --

September 14, 2012 Euro Zone Euro-Zone CPI (YoY) % Aug 2.40 --

IndiaMonthly Wholesale PricesYoY%

% Change Aug 6.87 --

US Industrial Production % Aug 0.65 0.20

US Consumer price index (mom) % Change Aug -- 0.50

September 17, 2012 India RBI Repo rate % Sep 17 8.00 --

India RBI Cash Reserve ratio % Sep 17 4.75 --

India RBI Reverse Repo rate % Sep 17 7.00 --

September 18, 2012 UK CPI (YoY) % Change Aug 2.60 --

September 19, 2012 US Existing home sales Millions Aug 4.47 --

US Housing Starts Thousands Aug 746.00 --

US Building permits Thousands Aug 811.00 --

September 20, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Sep A (24.60) --

September 25, 2012 US Consumer ConfidenceS.A./

1985=100Sep 60.60 --

September 26, 2012 US New home sales Thousands Aug 372.00 --

September 27, 2012 Germany Unemployment change (000's) Thousands Sep 9.00 --

US GDP Qoq (Annualised) % Change 2Q T 1.70 --

UK GDP (YoY) % Change 2Q F (0.50) --

October 01, 2012 China PMI Manufacturing Value Sep 49.20 --

October 18, 2012 China Real GDP (YoY) % Change 3Q 7.60 --

November 15, 2012 Germany GDP nsa (YoY) % Change 3Q P 0.50 --

Source: Bloomberg, Angel Research


September 04, 2012

Market Outlook


6/14

Market StrategySeptember 4, 2012


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

3. 7 3. 42. 5

(5.0)

6. 0

2. 7

1. 0

4. 3

(2.8) (0.9)

2. 5

(1.8)

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

(%)

Source: M O SPI, Angel Research

Exhibit 3 :M onthly WPI inflation trends

9. 8 10.0 9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 3 6. 9

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

Aug

-11

Sep

-11

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

(%)

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

Ju

l-11

Aug

-11

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

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

60.0

75.0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Expo rts yo y g rowth Im p orts yo y g rowth(%)

Source: Bloomb erg, Ang el Research

Exhibit 6 :Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

Aug

-11

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

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research


7/14

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 135 - 2,631 1,466 1,686 14.8 14.8 7.0 8.1 19.3 16.7 4.1 3.5 22.6 22.5 1.8 1.6

United Phosphorus Buy 119 170 5,502 8,421 9,263 16.5 16.5 15.0 17.0 8.0 7.0 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 374 402 3,191 2,844 3,225 15.4 15.5 31.7 36.6 11.8 10.2 3.0 2.4 28.8 26.2 1.0 0.9

Apollo Tyres Accumulate 92 99 4,617 13,412 15,041 11.0 11.0 11.5 14.2 8.0 6.5 1.4 1.2 18.7 19.4 0.5 0.4

Ashok Leyland Buy 21 30 5,481 14,920 16,850 9.0 9.3 2.2 2.8 9.5 7.5 1.7 1.5 13.3 15.6 0.5 0.4

Automotive Axle Buy 341 430 515 993 1,140 11.6 11.5 36.9 43.0 9.2 7.9 1.8 1.6 21.2 21.3 0.6 0.4Bajaj Auto Accumulate 1,664 1,698 48,164 21,285 23,927 18.2 18.3 108.5 121.3 15.3 13.7 6.4 5.1 46.1 41.3 1.8 1.5

Bharat Forge Buy 279 351 6,503 7,004 7,985 16.2 16.4 20.3 25.1 13.7 11.2 2.6 2.2 20.0 20.9 1.1 0.9

Bosch India Neutral 8,651 - 27,164 9,034 10,286 17.8 18.3 373.6 435.8 23.2 19.9 4.8 3.9 20.5 19.8 2.6 2.2

CEAT Buy 110 164 376 4,989 5,634 8.7 8.5 32.7 41.1 3.4 2.7 0.5 0.4 15.8 16.9 0.3 0.2

Exide Industries Accumulate 138 149 11,743 5,899 6,771 16.0 17.0 7.4 9.1 18.8 15.1 3.4 2.8 19.0 20.2 1.6 1.3

FAG Bearings Neutral 1,589 - 2,640 1,505 1,747 17.7 18.0 111.5 130.0 14.3 12.2 3.0 2.4 22.8 21.7 1.5 1.2

Hero Motocorp Buy 1,797 2,428 35,891 26,097 29,963 15.0 15.3 139.5 151.8 12.9 11.8 6.1 4.6 54.6 44.3 1.1 0.9

JK Tyre Buy 107 135 439 7,517 8,329 6.1 6.3 26.2 38.5 4.1 2.8 0.5 0.4 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 757 879 46,497 36,536 41,650 11.6 11.5 49.3 54.9 15.4 13.8 3.2 2.7 22.1 21.1 1.0 0.9

Maruti Accumulate 1,159 1,227 33,483 42,887 49,079 5.5 6.6 66.8 87.6 17.3 13.2 2.0 1.8 12.1 14.1 0.6 0.5

Motherson Sumi Buy 190 228 7,462 24,173 27,055 6.6 7.1 11.7 15.2 16.3 12.5 3.4 2.8 22.4 24.2 0.5 0.4

Subros Buy 27 34 163 1,230 1,378 8.8 8.6 4.5 5.7 6.0 4.8 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 231 292 61,524 195,096 219,428 12.8 12.8 39.0 43.9 5.9 5.3 1.7 1.3 32.6 28.2 0.4 0.3

TVS Motor Accumulate 37 43 1,739 7,545 8,301 6.2 6.1 4.9 5.4 7.4 6.8 1.3 1.2 18.8 18.2 0.2 0.2

Capital Goods

ABB* Sell 720 498 15,264 8,760 10,023 5.5 7.5 12.4 20.7 58.0 34.7 5.6 4.9 10.1 15.2 1.7 1.5BGR Energy Neutral 258 - 1,865 3,669 4,561 11.0 11.0 24.7 29.6 10.5 8.7 1.5 1.4 15.3 16.7 - 0.5

BHEL Neutral 216 - 52,978 47,801 43,757 19.4 19.8 25.7 23.9 8.4 9.1 1.8 1.6 22.7 18.3 1.0 0.8

Blue Star Neutral 176 - 1,584 3,047 3,328 5.4 6.9 12.5 16.2 14.1 10.8 3.4 2.8 26.1 28.2 0.6 0.5

Crompton Greaves Buy 107 128 6,842 12,691 14,096 7.0 8.5 6.5 9.1 16.4 11.7 1.8 1.6 11.1 14.2 0.6 0.5

Jyoti Structures Buy 37 59 305 2,622 2,801 10.3 10.7 8.7 13.1 4.3 2.8 0.4 0.4 10.3 14.0 0.3 0.3

KEC International Buy 56 69 1,449 6,858 7,431 7.5 8.3 9.0 11.5 6.3 4.9 1.1 0.9 26.9 27.2 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 485 - 5,783 5,514 5,559 8.9 9.6 26.9 28.4 18.1 17.1 3.1 2.8 18.4 17.1 1.0 1.0


September 04, 2012

Market Outlook

Stock Watch


8/14



Cement

ACC Neutral 1,308 - 24,564 11,220 12,896 20.0 20.6 71.1 81.2 18.4 16.1 3.2 2.9 18.1 19.0 1.9 1.6

Ambuja Cements Neutral 182 - 28,003 10,205 11,659 24.6 24.2 10.8 12.0 16.8 15.1 3.5 3.2 19.7 19.8 2.4 2.0

India Cements Neutral 85 - 2,600 4,393 4,914 19.3 19.5 10.1 12.7 8.4 6.7 0.7 0.7 8.8 10.6 1.0 0.9

J K Lakshmi Cements Neutral 96 - 1,177 1,964 2,278 19.5 20.4 16.3 17.9 5.9 5.4 0.9 0.8 14.7 14.6 0.8 1.1

Madras Cements Neutral 182 - 4,335 3,608 3,928 27.4 26.9 15.6 18.1 11.7 10.1 1.8 1.6 16.8 16.9 1.8 1.5

Shree Cements Neutral 3,359 - 11,702 5,767 6,337 28.4 26.9 216.9 253.3 15.5 13.3 5.3 4.6 24.7 23.4 1.5 1.2

UltraTech Cement Neutral 1,666 - 45,659 20,167 22,752 21.7 23.0 90.8 107.8 18.3 15.5 18.3 15.5 - - 1.9 1.7Construction

Ashoka Buildcon Buy 250 304 1,316 2,014 2,293 22.4 22.4 22.6 26.7 11.1 9.4 1.2 1.1 11.4 11.9 2.5 2.8

Consolidated Co Neutral 14 - 255 2,262 2,522 6.7 7.5 1.5 2.7 9.3 5.2 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 16 - 965 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.0) (16.5) 0.9 1.0 (11.4) (5.6) 1.1 1.1

IRB Infra Buy 128 166 4,258 3,964 4,582 42.3 40.2 15.5 16.9 8.3 7.6 1.3 1.1 16.6 15.8 2.6 2.5

ITNL Buy 166 232 3,222 6,840 7,767 26.4 26.1 24.4 28.4 6.8 5.9 1.0 0.9 16.0 16.2 2.6 2.8

IVRCL Infra Buy 39 61 1,192 5,510 6,722 8.8 9.0 2.5 4.6 15.3 8.5 0.5 0.5 3.4 5.8 0.7 0.6

Jaiprakash Asso. Buy 64 91 13,609 15,259 17,502 25.7 24.7 4.2 5.0 15.1 12.8 1.2 1.2 8.5 9.3 2.2 2.0

Larsen & Toubro Buy 1,353 1,553 83,064 60,474 69,091 12.1 11.5 79.7 85.4 17.0 15.9 2.9 2.5 16.3 15.1 1.5 1.3

Madhucon Proj Buy 30 56 220 2,206 2,502 10.7 10.7 4.6 4.7 6.4 6.4 0.3 0.3 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 33 45 842 5,804 6,513 8.0 8.6 3.0 3.5 10.8 9.4 0.3 0.3 3.2 3.6 0.6 0.6

Patel Engg. Neutral 66 - 459 3,609 3,836 13.1 13.1 14.0 14.6 4.7 4.5 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 45 - 1,498 11,892 13,116 8.9 8.9 1.7 3.1 26.6 14.6 0.5 0.5 1.9 3.4 0.5 0.5

Sadbhav Engg. Buy 129 182 1,942 2,789 3,147 10.6 10.7 8.4 10.4 15.3 12.4 2.1 1.8 15.0 15.6 0.9 0.8

Simplex Infra Buy 194 265 960 6,732 7,837 8.1 8.4 23.5 29.4 8.3 6.6 0.8 0.7 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 120 128 6,008 7,233 8,579 3.1 3.3 40.5 40.9 3.0 2.9 0.5 0.5 19.4 17.0 - -

Andhra Bank Neutral 91 - 5,098 4,959 5,787 3.1 3.1 22.7 24.5 4.0 3.7 0.6 0.6 16.0 15.3 - -

Axis Bank Buy 978 1,373 40,512 15,961 19,583 3.1 3.2 117.3 143.1 8.3 6.8 1.6 1.3 20.1 20.8 - -

Bank of Baroda Buy 628 829 24,581 15,830 19,300 2.6 2.7 118.9 147.1 5.3 4.3 0.8 0.7 16.7 18.0 - -

Bank of India Buy 256 323 14,686 13,159 15,851 2.4 2.5 61.1 71.1 4.2 3.6 0.7 0.6 16.6 17.0 - -

Bank of Maharashtra Neutral 44 - 2,591 3,471 3,889 3.1 3.1 9.0 11.5 4.9 3.8 0.6 0.6 13.7 15.5 - -

Canara Bank Buy 320 421 14,156 11,334 13,629 2.2 2.3 75.4 85.1 4.2 3.8 0.6 0.6 15.2 15.3 - -

Central Bank Neutral 66 - 4,855 7,181 8,365 2.5 2.7 16.3 21.8 4.0 3.0 0.7 0.6 12.7 15.1 - -


September 04, 2012

Market Outlook

Stock Watch


9/14



Financials

Corporation Bank Buy 372 436 5,507 5,067 5,998 2.1 2.3 105.6 111.0 3.5 3.4 0.6 0.5 17.6 16.3 - -

Dena Bank Buy 87 107 3,060 3,177 3,595 2.8 2.8 25.2 25.4 3.5 3.5 0.6 0.5 18.9 16.4 - -

Federal Bank Accumulate 406 459 6,946 2,697 3,171 3.4 3.4 47.9 58.0 8.5 7.0 1.1 1.0 13.6 14.7 - -

HDFC Reduce 734 671 112,476 7,340 8,805 3.5 3.5 31.5 37.8 23.3 19.4 4.7 4.2 34.8 32.2 - -

HDFC Bank Neutral 590 - 139,258 21,936 27,454 4.4 4.4 28.7 36.0 20.6 16.4 3.9 3.3 20.7 22.0 - -

ICICI Bank Buy 903 1,169 103,848 22,356 27,157 2.9 3.0 68.7 82.0 13.2 11.0 1.6 1.5 14.2 15.5 - -

IDBI Bank Buy 85 101 10,847 7,952 9,876 1.9 2.2 18.5 23.6 4.6 3.6 0.6 0.5 12.8 14.7 - -Indian Bank Buy 156 190 6,689 6,294 7,191 3.4 3.4 40.6 44.9 3.8 3.5 0.6 0.6 18.1 17.4 - -

IOB Buy 68 80 5,408 7,473 8,732 2.5 2.5 16.7 22.6 4.1 3.0 0.5 0.4 11.8 14.4 - -

J & K Bank Accumulate 905 1,026 4,385 2,625 2,921 3.6 3.5 194.4 191.9 4.7 4.7 0.9 0.8 21.2 18.0 - -

LIC Housing Finance Buy 239 279 12,084 1,867 2,338 2.4 2.4 21.1 28.5 11.4 8.4 1.9 1.6 17.5 20.4 - -

Oriental Bank Buy 223 278 6,500 6,518 7,458 2.8 2.9 61.3 65.1 3.6 3.4 0.5 0.5 15.2 14.3 - -

Punjab Natl.Bank Buy 669 950 22,705 20,116 23,625 3.3 3.4 152.8 173.9 4.4 3.9 0.8 0.7 18.2 18.0 - -

South Ind.Bank Buy 22 27 2,475 1,514 1,717 2.8 2.7 4.0 4.2 5.5 5.2 1.1 0.9 20.5 18.5 - -

St Bk of India Buy 1,849 2,270 124,090 64,470 75,940 3.5 3.5 224.4 258.7 8.2 7.2 1.4 1.2 17.6 17.8 - -

Syndicate Bank Buy 94 119 5,652 6,840 7,996 2.9 3.0 25.7 29.2 3.7 3.2 0.6 0.5 17.9 17.8 - -

UCO Bank Neutral 64 - 4,228 5,488 6,338 2.4 2.5 17.3 17.7 3.7 3.6 0.7 0.6 17.0 15.3 - -

Union Bank Buy 158 230 8,723 10,299 12,227 2.9 3.0 42.1 49.3 3.8 3.2 0.7 0.6 16.7 17.1 - -

United Bank Buy 50 79 1,818 3,634 4,194 2.8 2.9 18.2 23.0 2.8 2.2 0.4 0.4 15.0 16.7 - -

Vijaya Bank Neutral 47 - 2,344 2,579 3,028 2.1 2.3 8.8 11.6 5.4 4.1 0.6 0.6 11.1 13.3 - -

Yes Bank Buy 328 453 11,642 3,255 4,228 2.8 3.0 34.2 42.7 9.6 7.7 2.0 1.7 23.3 23.8 - -

FMCG

Asian Paints Neutral 3,653 - 35,041 11,198 13,184 16.3 16.3 121.0 144.8 30.2 25.2 10.1 8.0 37.4 35.3 3.1 2.6Britannia Buy 504 584 6,026 5,835 6,824 5.7 6.0 20.7 25.4 24.4 19.9 9.6 7.4 43.1 41.9 1.0 0.8

Colgate Neutral 1,216 - 16,533 3,018 3,429 20.9 22.3 34.6 41.0 35.1 29.7 32.4 24.6 99.5 94.1 5.3 4.7

Dabur India Neutral 125 - 21,795 6,124 7,030 17.0 16.8 4.5 5.2 28.0 24.2 11.5 9.1 43.2 41.5 3.5 3.0

GlaxoSmith Con* Neutral 2,910 - 12,237 3,124 3,663 17.1 17.6 104.5 123.8 27.9 23.5 8.7 7.0 34.4 32.8 3.6 3.0

Godrej Consumer Neutral 679 - 23,115 6,097 7,233 18.4 18.6 21.9 26.5 31.1 25.7 6.9 5.7 25.5 25.4 4.0 3.4

HUL Neutral 515 - 111,380 25,350 28,974 13.9 13.9 14.3 16.5 36.1 31.3 21.5 16.6 70.9 59.8 4.2 3.6

ITC Neutral 268 - 209,883 29,513 33,885 35.4 35.8 9.3 10.8 28.8 24.8 9.5 8.0 35.6 35.0 6.8 5.9


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Market Outlook

Stock Watch


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FMCG

Marico Neutral 204 - 13,123 4,840 5,643 13.1 13.1 6.8 8.5 30.0 24.1 8.3 6.3 31.4 29.7 2.7 2.2

Nestle* Neutral 4,601 - 44,361 8,610 10,174 20.9 21.2 114.8 139.8 40.1 32.9 24.2 16.8 71.2 60.3 5.3 4.4

Tata Global Neutral 130 - 8,064 7,207 7,927 9.7 10.0 6.6 7.9 19.7 16.6 2.0 1.9 8.6 9.5 1.0 0.9

IT

HCL Tech Accumulate 556 585 38,541 24,400 27,049 18.6 17.5 41.1 45.0 13.5 12.3 3.0 2.6 22.7 21.1 1.5 1.3

Hexaware Accumulate 125 133 3,710 1,947 2,161 22.0 21.4 11.4 12.1 11.0 10.3 2.8 2.4 26.4 24.0 1.6 1.4

Infosys Accumulate 2,370 2,530 136,067 39,151 41,743 31.6 31.9 161.9 174.5 14.6 13.6 3.5 3.0 23.8 22.1 2.9 2.6Infotech Enterprises Neutral 181 - 2,018 1,889 2,065 18.0 17.5 18.0 19.7 10.0 9.2 1.5 1.3 14.5 13.7 0.7 0.6

KPIT Cummins Neutral 128 - 2,280 2,149 2,331 15.6 14.8 10.7 11.2 11.9 11.4 2.5 2.0 20.6 17.8 1.0 0.9

Mahindra Satyam Neutral 94 - 11,050 7,574 8,062 19.6 18.4 9.5 9.7 9.9 9.7 1.6 1.4 16.1 14.1 1.1 0.9

Mindtree Accumulate 665 708 2,716 2,341 2,513 18.6 17.1 66.5 70.8 10.0 9.4 2.2 1.8 22.3 19.3 1.0 0.8

Mphasis Neutral 382 - 8,026 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 31 40 504 1,162 1,304 14.8 15.1 7.1 8.8 4.3 3.5 0.7 0.6 16.7 18.4 0.3 0.2

Persistent Neutral 387 - 1,547 1,193 1,278 25.6 24.3 42.6 44.3 9.1 8.7 1.6 1.4 17.2 15.5 0.9 0.8

TCS Neutral 1,339 - 261,974 61,046 67,507 29.3 29.1 67.3 72.4 19.9 18.5 6.3 5.2 31.9 28.3 4.1 3.7

Tech Mahindra Accumulate 811 840 10,342 6,148 6,434 18.4 17.6 91.8 97.6 8.8 8.3 2.1 1.7 23.4 20.2 1.6 1.5

Wipro Accumulate 365 420 89,727 43,492 48,332 19.4 19.3 25.1 28.0 14.5 13.0 2.7 2.3 18.6 18.0 1.8 1.5

Media

D B Corp Buy 189 236 3,463 1,597 1,785 22.9 24.2 11.1 13.9 17.0 13.6 3.2 2.8 20.2 22.1 2.1 1.8

HT Media Buy 92 113 2,156 2,111 2,263 15.2 15.2 7.3 8.1 12.5 11.3 1.3 1.2 11.2 11.2 0.6 0.4

Jagran Prakashan Buy 91 112 2,881 1,506 1,687 22.5 23.2 6.2 7.0 14.7 13.0 3.5 3.2 25.0 25.7 2.1 1.9

PVR Neutral 186 - 482 625 732 17.4 17.1 13.3 15.6 13.9 11.9 1.5 1.3 13.2 13.8 1.2 1.0

Sun TV Network Neutral 292 - 11,525 1,981 2,239 77.0 76.7 18.6 21.3 15.8 13.7 4.0 3.5 27.1 27.5 5.4 4.6Metals & Mining

Bhushan Steel Neutral 462 - 9,818 11,979 14,584 31.6 31.0 49.2 61.4 9.4 7.5 1.2 1.1 14.1 15.2 2.8 2.3

Coal India Accumulate 360 385 227,673 69,808 75,550 27.4 27.4 26.0 28.3 13.9 12.8 4.0 3.3 32.5 28.1 2.3 1.9

Electrosteel Castings Buy 18 23 616 1,984 2,074 11.2 12.6 2.5 2.9 7.2 6.2 0.3 0.1 5.1 5.7 0.5 0.5

Hind. Zinc Buy 125 144 52,795 12,446 13,538 52.3 52.9 14.3 15.5 8.8 8.0 1.7 1.4 20.5 18.9 2.3 1.7

Hindalco Neutral 104 - 19,902 84,855 92,446 8.7 9.3 13.2 16.2 7.9 6.4 0.6 0.6 7.8 8.9 0.6 0.5

JSW Steel Neutral 670 - 14,947 38,740 41,459 17.3 17.0 79.9 89.4 8.4 7.5 0.8 0.8 10.4 10.6 0.8 0.8

MOIL Accumulate 241 271 4,055 918 993 50.7 50.9 24.5 26.1 9.8 9.3 1.5 1.4 16.0 15.5 2.0 1.7

Monnet Ispat Buy 291 379 1,869 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


11/14



Metals & Mining

Nalco Neutral 50 - 12,822 7,401 7,841 16.7 19.2 3.4 4.1 14.5 12.2 1.1 1.0 7.4 8.4 1.3 1.2

NMDC Accumulate 187 214 74,081 12,934 14,266 79.4 80.1 21.1 23.4 8.9 8.0 2.4 1.9 29.6 26.5 4.0 3.4

SAIL Neutral 77 - 31,640 47,252 60,351 14.2 14.8 9.6 11.7 8.0 6.5 0.7 0.7 9.4 10.6 1.1 0.9

Sesa Goa Accumulate 170 192 14,736 7,704 8,034 33.6 34.6 42.0 43.1 4.0 3.9 0.8 0.7 22.3 19.2 0.2 (0.2)

Sterlite Inds Buy 96 115 32,195 41,680 45,382 24.2 23.2 16.3 16.9 5.9 5.7 0.6 0.6 11.3 10.7 0.4 0.3

Tata Steel Buy 358 481 34,774 145,799 150,431 10.3 11.2 48.6 63.3 7.4 5.7 0.7 0.7 10.5 12.4 0.5 0.5

Sarda Buy 117 148 419 1,251 1,321 22.7 23.4 33.0 37.1 3.5 3.2 0.5 0.4 15.1 14.8 0.7 0.6Prakash Industries Buy 49 73 654 2,694 2,906 14.6 16.6 17.9 22.6 2.7 2.2 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 113 161 360 2,341 2,425 15.6 17.3 33.8 43.8 3.4 2.6 0.4 0.3 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 340 380 64,862 16,605 17,258 75.4 71.7 57.0 54.9 6.0 6.2 1.1 0.9 20.2 16.3 2.9 2.3

GAIL Neutral 350 - 44,359 50,176 55,815 15.5 15.8 35.4 36.5 9.9 9.6 1.7 1.5 18.9 17.0 0.1 -

ONGC Accumulate 273 312 233,437 147,139 154,821 33.9 33.7 30.7 32.3 8.9 8.5 1.5 1.4 18.3 17.2 1.3 1.2

Reliance Industries Neutral 764 - 250,258 362,700 380,031 7.9 8.0 61.5 64.3 12.4 11.9 1.2 1.1 10.3 9.9 0.7 0.6

Gujarat Gas Neutral 291 - 3,738 2,472 3,267 16.1 11.5 21.2 19.2 13.7 15.2 4.7 4.0 33.4 28.7 1.4 1.1

Indraprastha Gas Neutral 239 - 3,350 3,040 3,135 24.3 26.7 24.8 27.9 9.7 8.6 2.2 1.9 25.5 23.6 1.2 1.0

Petronet LNG Buy 157 176 11,775 22,696 29,145 8.1 6.6 14.1 14.2 11.1 11.1 3.4 2.7 34.1 26.9 0.6 0.4

Gujarat State PetronetLtd.

Neutral 78 - 4,400 1,041 939 91.8 91.9 8.5 7.4 9.2 10.6 1.6 1.4 18.1 14.0 5.2 5.7

Pharmaceuticals

Alembic Pharma Buy 70 91 1,323 1,624 1,855 14.2 15.6 6.6 9.1 10.6 7.7 2.6 2.0 27.9 29.2 0.9 0.8

Aurobindo Pharma Buy 118 156 3,441 5,243 5,767 14.6 14.6 11.8 12.6 10.0 9.4 1.0 0.4 17.9 16.4 1.1 1.0

Aventis* Neutral 2,189 - 5,041 1,482 1,682 15.5 15.5 95.0 104.0 23.0 21.1 4.1 3.2 18.6 17.0 3.2 2.7Cadila Healthcare Neutral 902 - 18,468 6,148 7,386 18.6 19.6 36.0 46.1 25.1 19.6 5.9 4.7 25.8 26.8 3.3 2.7

Cipla Accumulate 385 399 30,904 8,031 9,130 23.4 22.4 18.4 20.0 20.9 19.2 3.5 3.0 17.8 16.6 3.6 3.0

Dr Reddy's Neutral 1,670 - 28,341 10,696 11,662 20.7 21.0 83.7 92.9 20.0 18.0 4.1 3.4 22.4 21.0 3.0 2.6

Dishman Pharma Reduce 100 92 809 1,280 1,536 17.8 17.8 9.2 11.3 10.9 8.9 0.8 0.8 7.7 8.5 1.3 1.1

GSK Pharma* Neutral 2,098 - 17,771 2,651 2,993 31.7 31.2 76.0 82.4 27.6 25.5 8.0 7.1 20.1 26.3 6.0 5.2

Indoco Remedies Buy 70 92 642 685 837 15.2 15.2 7.4 8.9 9.4 7.8 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 447 475 5,631 2,850 3,474 20.7 20.7 29.2 36.6 15.3 12.2 3.6 2.9 26.1 26.1 2.1 1.7

Lupin Accumulate 589 647 26,330 8,426 10,082 19.7 20.0 27.4 32.4 21.5 18.2 5.2 4.2 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 111 - 783 1,667 1,835 13.9 13.9 11.4 13.3 9.8 8.4 0.6 0.6 6.6 7.3 0.9 0.8


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Stock Watch


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Pharmaceuticals

Ranbaxy* Neutral 570 - 24,061 12,046 11,980 18.0 15.8 35.7 29.8 16.0 19.1 6.2 5.0 39.1 28.9 2.0 1.9

Sun Pharma Neutral 667 - 69,013 9,752 12,134 41.6 41.6 26.0 28.2 25.7 23.7 4.8 4.1 20.3 18.8 6.3 4.9

Power

CESC Accumulate 303 342 3,784 5,218 5,644 24.2 23.8 44.6 47.6 6.8 6.4 0.7 0.7 11.0 10.6 1.0 1.1

GIPCL Accumulate 70 77 1,065 1,557 1,573 29.3 28.7 10.8 11.0 6.5 6.4 0.7 0.6 10.8 10.2 1.1 1.0

NTPC Neutral 169 - 139,637 74,111 85,789 23.2 23.6 12.4 14.0 13.7 12.1 1.7 1.6 13.0 13.5 2.6 2.4

Real EstateAnant Raj Buy 44 78 1,300 657 875 52.0 56.1 8.4 12.7 5.2 3.5 0.3 0.3 6.3 8.9 3.3 2.5

DLF Neutral 195 - 33,070 9,878 12,033 44.7 46.1 9.6 13.4 20.3 14.5 1.3 1.2 6.4 8.7 5.9 4.8

HDIL Buy 67 115 2,805 2,441 3,344 55.1 48.2 22.7 26.6 3.0 2.5 0.3 0.2 8.8 9.4 3.0 2.3

MLIFE Accumulate 348 396 1,420 813 901 26.2 26.6 32.0 37.1 10.9 9.4 1.1 1.0 10.4 11.0 2.1 1.8

Telecom

Bharti Airtel Neutral 247 - 93,780 79,542 87,535 30.9 32.2 10.3 15.0 24.0 16.4 1.7 1.6 7.2 9.6 1.9 1.6

Idea Cellular Neutral 75 - 24,675 22,988 25,333 26.4 26.9 3.5 4.9 21.5 15.3 1.7 1.6 8.1 10.2 1.5 1.3

Rcom Neutral 48 - 9,887 21,553 22,494 31.0 30.7 3.5 4.5 13.8 10.8 0.3 0.3 1.9 2.4 2.0 1.8

zOthers

Abbott India Neutral 1,598 - 3,395 1,602 1,833 10.4 11.8 54.7 71.7 29.2 22.3 5.5 4.7 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 170 234 1,694 3,569 4,172 8.1 8.8 16.3 21.3 10.4 8.0 2.1 1.8 21.7 24.6 0.5 0.4

Cera Sanitaryware Neutral 350 - 443 396 470 16.7 16.5 28.0 33.2 12.5 10.5 2.6 2.1 23.8 23.1 1.2 1.0

Cravatex Buy 412 785 106 302 364 5.7 6.0 49.0 71.0 8.4 5.8 2.5 1.8 29.8 30.7 0.5 0.4

CRISIL Neutral 927 - 6,501 982 1,136 34.3 34.3 34.3 40.0 27.0 23.2 12.2 9.8 50.9 46.9 6.1 5.1

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

Force Motors Buy 425 591 554 2,214 2,765 4.5 5.4 39.5 73.9 10.8 5.8 0.5 0.4 4.4 7.6 0.1 0.1Goodyear India Accumulate 320 370 738 1,543 1,646 8.1 9.2 32.3 39.4 9.9 8.1 2.0 1.7 21.7 22.4 0.3 0.2

Graphite India Buy 77 113 1,509 2,158 2,406 18.1 18.9 12.4 14.0 6.2 5.5 0.8 0.8 14.0 14.3 0.8 0.7

Greenply Industries Buy 190 309 458 1,925 2,235 10.6 10.9 29.6 44.1 6.4 4.3 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 201 229 803 1,586 1,685 17.9 18.1 16.1 25.7 12.5 7.8 0.9 0.9 7.5 11.6 1.2 1.1

Hitachi Accumulate 114 130 261 868 977 3.9 6.6 2.7 10.9 41.5 10.5 1.5 1.3 3.7 13.6 0.4 0.3

Honeywell Automation Buy 2,481 2,842 2,193 1,847 2,162 4.3 7.3 61.0 120.0 40.7 20.7 3.2 2.8 9.3 16.3 1.1 0.9

INEOS ABS India Buy 643 744 1,131 1,056 1,081 8.1 10.6 33.8 46.5 19.0 13.8 2.6 2.2 14.7 17.5 1.0 0.9

ITD Cementation Accumulate 229 241 264 1,451 1,669 12.3 12.4 32.4 41.5 7.1 5.5 0.6 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Reduce 153 145 2,465 1,248 1,468 9.8 10.4 5.9 7.2 25.8 21.3 3.7 3.4 15.0 16.6 2.4 2.0

MCX Buy 1,168 1,440 5,956 553 624 65.3 66.3 62.5 72.0 18.7 16.2 5.1 4.4 27.5 27.4 7.6 6.3


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zOthers

MRF Buy 10,090 12,884 4,279 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.1 1.5 1.3 21.3 19.4 0.5 0.4

Page Industries Neutral 3,024 - 3,373 887 1,108 18.3 18.6 95.0 120.9 31.9 25.0 16.6 13.5 57.4 59.5 3.9 3.1

Relaxo Footwears Accumulate 632 684 758 1,019 1,208 12.3 13.0 51.0 68.4 12.4 9.2 3.3 2.4 30.3 30.2 0.9 0.7

Sintex Industries Buy 54 79 1,470 4,751 5,189 16.3 16.6 13.6 15.8 4.0 3.4 0.5 0.5 12.9 13.2 0.7 0.5

Siyaram Silk Mills Buy 293 392 274 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 19 38 575 7,279 8,290 20.5 20.5 13.4 16.3 1.5 1.2 0.2 0.2 12.3 13.1 0.7 0.6

SpiceJet Buy 30 43 1,460 5,720 6,599 5.3 6.8 3.6 5.4 8.4 5.6 12.1 3.8 - - 0.4 0.3TAJ GVK Buy 64 108 400 300 319 35.8 36.2 7.9 9.1 8.1 7.0 1.1 1.0 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 289 424 446 787 837 16.2 17.5 58.5 66.9 5.0 4.3 0.7 0.6 14.9 15.1 0.2 0.1

TVS Srichakra Accumulate 318 335 244 1,476 1,643 7.1 8.2 24.7 42.8 12.9 7.4 1.6 1.3 16.6 24.8 0.4 0.3

United Spirits Neutral 987 - 12,903 10,289 11,421 13.5 14.3 31.0 42.9 31.8 23.0 2.5 2.3 8.1 10.3 1.9 1.7

Vesuvius India Neutral 351 - 713 560 611 16.1 17.0 24.7 28.8 14.2 12.2 2.1 1.9 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 03, 2012


September 04, 2012

Market Outlook

Stock Watch


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September 04, 2012Market Outlook

Documents

Market Outlook 040912