Market Outlook 100512

8/2/2019 Market Outlook 100512

1/16

Market OutlookMay 10, 2012

www.angelbroking.com

Dealers Diary

Indian markets are expected to open flat with positive bias. While the performance

of Asian markets is mixed, SGX Nifty is trading higher by 0.4%.

The US markets continues to be weighed down by uncertain political situation in

Europe. During the day there were reports that Eurozone nations were debating

about delaying the euro bailout payment to Greece due to the ongoing political

uncertainty, resulting in strong selling pressure. However, this was later on denied

by European Financial Stability Facilitys Board of Directors, aiding the markets to

stage a partial recovery on Wednesday. The European markets were mixed on

Wednesday, with DAX index gaining by 0.5% and CAC 40 index and FTSE 100

index down by 0.2% and 0.4% respectively.

Meanwhile, the Indian Markets hit their 16 week low weighed down by uncertainty

in Europe and receding hopes of further rate cut, which could delay the economic

recovery. FII selling pressure was high during the day. Further ` fell by 1.3%

against the USD and closed at 53.85 vs. USD.

Markets TodayThe trend deciding level for the day is 16,506 / 4,983 levels. If NIFTY trades above

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

up to 16,589 16,699 / 5,009 5,042 levels. However, if NIFTY trades below

16,506 / 4,983 levels for the first half-an-hour of trade then it may correct up to

16,396 16,313 / 4,949 4,923 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 16,313 16,396 16,506 16,589 16,699

NIFTY 4,923 4,949 4,983 5,009 5,042

News Analysis

Planning commission proposes SEB loan recast 4QFY2012 Result Reviews Punjab National Bank, Ranbaxy Labs, ABB, Union

Bank, IRB Infra 4QFY2012 Result Previews NTPC, Canara Bank, Cipla, Lupin, Cadila

Healthcare, Apollo Tyres

Refer detailed news analysis on the following page

Net Inflows (May 8, 2012)

` cr Purch Sales Net MTD YTDFII 1,910 2,279 (369) (114) 43,347

MFs 622 596 26 (474) (6,575)

FII Derivatives (May 08, 2012)

` cr Purch Sales Net Open InterestIndex Futures 2,039 2,115 (76) 9,727

Stock Futures 1,721 1,825 (104) 20,700

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)ITC 240 5.6 Manappuram Fin 21 (14.5)

India Infoline 48 4.0 GVK Power 13 (8.9)

Ranbaxy Lab 512 3.8 GMR Infra 23 (7.0)

Apollo Tyres 85 3.1 HDIL 66 (6.6)

Glenmark Pharma 340 3.0 United Spirits 651 (6.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.4) (66.6) 16,480

Nifty (0.5) (25.2) 4,975

MID CAP (1.0) (59.4) 5,995

SMALL CAP (1.2) (80.9) 6,470

BSE HC (0.1) (5.3) 6,728

BSE PSU (1.8) (123.9) 6,795

BANKEX (1.9) (209.1) 10,843

AUTO (1.0) (94.8) 9,809

METAL (2.1) (217.5) 10,332

OIL & GAS (1.3) (99.9) 7,538

BSE IT 0.2 11.6 5,545

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.8) (97.0) 12,835NASDAQ (0.4) (11.6) 2,935

FTSE (0.4) (24.5) 5,530

Nikkei (1.5) (136.6) 9,045

Hang Seng (0.8) (154.1) 20,331

Straits Times (0.7) (19.4) 2,913

Shanghai Com (1.7) (40.3) 2,409

Indian ADRs Chg (%) (Pts) (Close)INFY (1.3) (0.6) $44.4

WIT (0.4) (0.0) $9.1IBN (0.9) (0.3) $30.4

HDB (1.4) (0.4) $31.3

Advances / Declines BSE NSEAdvances 890 386

Declines 1,867 1,046

Unchanged 119 69

Volumes (` cr)BSE 2,069

NSE 11,014


2/16



Planning commission proposes SEB loan recast

The planning commission has proposed to distribute the restructuring burden of

financially ailing state electricity boards (SEBs) among state governments, banks

that have lent to these SEBs and the Centre.

Under the plan formulated by a group under Planning Commission Member BK

Chaturvedi, state governments will absorb 50% of the debt of power distribution

companies and convert them into state government bonds. However, the other

50% will have to be restructured by banks by extending the tenure for repayment

and a possible moratorium on interest. After such restructuring, loans to power

companies will be classified as non-performing assets (NPAs).

The banks have restructured huge amounts of SEB loans over the past few quarters

without taking any NPV hit on these loans. Even in 4QFY2012, the trend has been

similar with SEB restructuring comprising majority of the restructuring for thebanks. If the proposal is implemented, it would be highly negative for banks

considering the additional provisioning burden in the form of higher regulatory

provisioning and NPV hits, while also simultaneously leading to sharp jump in their

NPA levels.

Result Reviews

Punjab National Bank (CMP:`768 / TP: Under review)

For 4QFY2012, Punjab National Bank (PNB) registered a weak set of results. The

banks net profit grew by 18.6% yoy to`1,424cr, which was above our estimates

on account of lower effective tax rate than estimated by us. Net interest income of

the bank grew by 9.3% yoy to `3,310cr. Non-interest income growth was also

moderate at 11.4% yoy to `1,276cr. Provisioning expenses increased by 41.1%

yoy to `1,027cr, however a lower effective tax rate (25.4% in 4QFY2012) led to

higher PAT growth of`1,424cr.

The banks asset quality deteriorated significantly during 4QFY2012, with gross

and net NPA levels increasing by 35.4% and 53.5% sequentially, respectively. As

of 4QFY2012, gross NPA ratio stands at 2.9% (2.4% in 3QFY2012), while net

NPA ratio stands at 1.5% (1.1% in 3QFY2012). The banks restructured book

jumped up by 48.1% qoq, primarily on the back of restructuring of SEBs and Air

India during 4QFY2012. Provisioning coverage ratio deteriorated by over 700bp

during 4QFY2012 to 62.7%. We recommend Buy on the stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 21,067 3.4 5,607 165.3 854.9 1.1 19.6 4.6 0.9

FY2014E 24,501 3.3 6,454 190.3 1,002 1.1 19.4 4.0 0.8


3/16



Ranbaxy Labs (CMP`512, TP- : Neutral)

Ranbaxy labs reported below than expected results. For the quarter, the company

reported Net sales and adj. net profits of`3694.5cr and`1246.4cr, a yoy growth

of 72.4% and 209.1% respectively. Emerging markets contributed US $232mn,

accounting for ~32% of total sales. Developed markets recorded US $470mn ofsales and contributed 64% to total sales for the Company. API and others

accounted for the remaining revenue of US $34mn for the quarter. The growth

was mainly driven byLipitor in US, resulting in US registering a growth of 145% to

end the period at US $416mn., accounting for almost 57% of the overall sales.

This also aided an improvement in the GPMs and OPMs. The GPMs came in at

75.9% an expansion of 11.0% yoy. However the OPMs came in at 25.0% (17.0%)

an expansion of 8.0%. The other expenses, rose mainly on back of accured

expenses and cliams recorded by the company towards a protion of profits

payable by the company in realtion with sales of the product( which is estimated to

be more than 10% of the total expenses for the 1QCY2012 and 4QCY2011.

However, currently we maintain our Neutral stance on the stock.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 12,023 19.9 2222 41.1 30.0 12.5 2.3 5.7 1.4

CY2013E 12,264 16.8 1553 36.9 17.6 13.9 2.3 8.7 1.5

ABB (CMP:`747/ TP: - Under review)ABB India (ABB) announced its 1QCY2012 results, which were disappointing on

the top-line front, but the companys bottom line exceeded expectations (when

adjusted for notional MTM forex loss). The companys top line for the quarter was

flat at `1,790cr (`1,793cr previous year) and 12.8% lower than our estimate of

`2,053cr. Power products and low-voltage products were the only two segments

that reported growth during the quarter at 4.1% and 11.5% yoy, respectively.

ABBs reported EBITDA margin declined by 22bp yoy, however when we adjust for

the MTM exchange rate variation loss of`32.7cr, adjusted EBITDA margin came in

much higher at 7.3% against our estimate of 5.9%. Reported PAT came in at

`49.6cr, down 20% yoy. Order flow for the quarter was flat at `1,632 (`1,695),

with order backlog standing at`9,028cr. At current valuations of 35.2x CY2013EEPS, the stock is richly valued. We maintain our Sell recommendation on the stock;however, the target price is under review.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 8,634 6.4 379 17.9 14.2 41.9 5.5 23.8 1.8

CY2013E 10,216 6.4 451 21.3 15.0 35.2 4.9 20.3 1.5


4/16



Union Bank (CMP:`203/ TP:`266 / Upside: 31.2%)Union Bank reported its results for 4QFY2012. The bank reported 9.3% yoy

growth in its NII to`1,877cr, aided by higher credit growth. Non-interest income

for the bank also increased by healthy 25.8% yoy to `755cr, aided by sharp

65.3% yoy growth in recoveries. Operating expenses for the bank decreased by28.6% yoy (5.1% qoq), which coupled with 13.6% yoy growth in operating income,

aided the pre-provisioning profits to improve by 83.9% yoy. Net profit for the bank

grew at much lower pace of 29.4% yoy to`773cr on account of sharp increase in

provisioning expenses incl. tax. The banks asset quality improved slightly on

sequential basis, with both gross and net NPA ratio declining by 32bps and 18bps

qoq, respectively. PCR though remained below comfortable levels and has

declined sequentially by 92bps to 62.2%. We maintain our Buy recommendationon the stock with a target price of `266.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 10,352 2.9 2,314 40.7 225.1 0.8 16.8 5.0 0.8

FY2014E 11,987 2.9 2,811 49.5 260.9 0.8 17.4 4.1 0.7

IRB Infra (CMP:`122 / TP:`228 / Upside: 87%)

For 4QFY2012, IRB reported modest set of numbers with revenue coming in line

with expectations but owing to better-than-expected EBITDAM, earnings were

higher than estimates. IRBs top line witnessed growth of 10.6% to `848cr

marginally ahead of our estimate of`829cr. On the EBITDAM front, IRBs margins

came at 44.9% higher than our estimate of 42.2%. Depreciation came at `102cr

in line with our estimate. Interest cost came in at`150cr a jump of 7.3%/5.6% on

yoy/qoq basis. At the earnings front, IRB reported growth of 17.1% to `120cr

above our estimate of`104cr on account of better than expected performance on

the EBITDAM front.

Fundamentally, we have a target price of `228 for IRB. However, we believe thatthe stock could remain volatile until clarity emerges on the issue of IRBs ChairmanMr. V D Mahiskar being potentially involved in the killing of Satish Shetty (RTIactivist) in 2010. Thus, this event could remain an overhang on the stock in thenear term.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 3,821 42.3 523 15.7 16.9 7.7 1.2 6.3 2.7

FY2014E 4,582 40.2 591 17.8 16.4 6.8 1.0 6.1 2.5


5/16



Result Previews

NTPC

For 4QFY2012, we expect NTPC to record a 6.1% yoy increase in its top line to

`16,468cr, driven largely by improved realization. The companys operating

margin is expected to increase by 289bp yoy to 27.5% due to better plant

availability and expected grossing up of RoE under corporate tax rate for FY2012.

Net profit is expected to decline marginally by 2.5% yoy to `2,711cr. At the CMP,

the stock is trading at 1.4x FY2014E P/BV. We maintain a Buy on the stock with aTarget Price of `201.

Canara Bank

Canara Bank is scheduled to announce its 4QFY2012 results today. We expect the

bank to report a subdued 2.4% yoy growth in Net Interest Income to `2,019cr.

Non-interest income is expected to decline by 7.7% yoy to `861cr. Operating

expenses are expected to decline marginally by 1.3% yoy to`1,196cr. Provisioning

expenses are also expected to decline by 28.4% yoy to `391cr, and would lead to

9.1% yoy growth in net profit to `981cr. At the CMP, the stock is trading at 0.7x

FY2014E ABV. We maintain our Buy recommendation on the stock with a targetprice of `532.

Cipla

For the 4QFY2012, Cipla is expected to post muted net sales growth of 4.6% to

`1,690cr, mainly driven by the domestic formulation business, while export

performance is expected to remain muted. On the operating front, OPM

(excluding technical know-how fees) is expected to come in at 21.5%, registering

an expansion of 610bp yoy. This would aid the company's net profit to increase by

31.8% yoy to `282cr. We maintain our buy on the stock with a target price of`380.

Lupin

For the 4QFY2012, Lupin, on the other hand, is expected to register top-line

growth of 22.6%. The company's OPM is expected to expand by 190bp yoy duringthe period. However, net profit growth is expected to be lower at around 13.7%

yoy on account of higher tax outgo. We maintain our buy on the stock with atarget price of `656.

Cadila Healthcare

For the 4QFY2012, Cadila is expected to post a good set of numbers, with 20.7%

yoy growth in net sales to`1,411cr on the back of robust growth on the domestic

formulation and exports front. On the OPM front, we expect the company's OPM

to expand by 270bp yoy to 18.4% on the back of favorable product mix. However,

net profit is expected to increase by 7.8% yoy to `193cr, mainly on the back of

increased tax outgo. .We maintain our buy on the stock with a target price of`1016.


6/16



Apollo Tyres

Apollo Tyres is slated to announce its 4QFY2012 results today. On a consolidated

basis, we expect the company to report a strong 19% yoy growth in revenues to

`3,241cr. Sequentially, EBITDA margin is expected to improve 50bp to ~10.5%

led by sequential decline in raw-material prices. We expect net profit to decline~27% yoy to`141cr. The stock rating is under review.

Quarterly Bloomberg Brokers Consensus Estimate

Canara Bank Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 945 899 5 876 8

Cipla Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,820 1,615 13 1,711 6

EBITDA 407 302 35 391 4

EBITDA margin (%) 22.4 18.7 22.9

Net profit 286 214 34 270 6

Lupin Ltd - Consolidated (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,851 1,512 22 1,792 3

EBITDA 391 311 26 636 (39)

EBITDA margin (%) 21.1 20.6 35.5

Net profit 265 227 17 235 13

NTPC Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 17,224 15,519 11 15,332 12

EBITDA 3,860 4,279 (10) 2,906 33

EBITDA margin (%) 22.4 27.6 19.0

Net profit 2,570 2,782 (8) 2,130 21

Dr. Reddy Laboratories Ltd - Consolidated (11/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 2,592 2,017 29 2,769 (6)

Net profit 451 334 35 513 (12)

Essar Oil Ltd - (11/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 16,520 13,315 24 12,851 29

EBITDA 619 865 (28) 734 (16)

EBITDA margin (%) 3.7 6.5 5.7

Net profit (221) 321 (169) (3,986) (94)

Federal Bank Ltd - (11/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 204 172 19 202 1


7/16



Divi's Laboratories Ltd - (12/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 392 480 (18) 415 (6)

EBITDA 152 194 (22) 151 1

EBITDA margin (%) 38.8 40.4 36.4

Net profit 118 175 (33) 123 (4)

Economic and Political News Cabinet may mull Coal Regulatory Bill tomorrow

India's urban consumer confidence edges up: survey

Government to auction 54 coal blocks with 18 bn tonne reserves

March factory output seen slowing further: Poll

Corporate News Fire at M&M Nasik plant, operations suspended

ICICI Bank raises foreign currency deposit rates

ONGC to foray into city gas, plans to set up ONGC Gas

Lanco Infra gets Supreme Court nod for township project

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


8/16

Date Company

May 10, 2012 NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Sintex, Apollo Tyres, HEG

May 11, 2012 Dr Reddy's, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear

May 12, 2012 J & K Bank, Essar Oil, Divi's Lab., Bhushan Steel, Madhucon Proj, Consolidated Co, Relaxo

May 13, 2012 -

May 14, 2012Larsen & Toubro, Mundra Port, JSW Steel , Ashok Leyland, Indraprasth Gas, Areva, Monnet Ispat, Orchid Chemicals,IVRCL Infra, Abbott India

May 15, 2012 Cummins India, Unitech, Patel Engg., Dishman Pharma, JK Tyre

May 16, 2012 Blue Star, J K Lakshmi Cements

May 17, 2012 Bajaj Auto, Mahindra Satyam

May 18, 2012 Coal India, St Bk of India, Tata Steel, HT Media

May 19, 2012 Force Motors

May 20, 2012 -

May 21, 2012 Adani Enterp., Adani Power, Zee Entertainment

May 22, 2012 Tata Power Co., Power Fin.Corpn.

May 23, 2012 Rural Elec.Corp., Tata Global, LMW, Jyothy Laboratories

May 24, 2012 GSPL, Madras Cements, Hitachi

May 25, 2012 NHPC, BPCL

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 10, 2012 US Initial Jobless claims Thousands 28-Apr-12 365.00 368.00

China Exports YoY% % Change Mar-12 8.90 8.50UK BOE Announces rates % Ratio May-12 0.50 0.50

UK Industrial Production (YoY) % Change Feb-12 (2.30) (2.60)

May 11, 2012 India Industrial Production YoY % Change Feb-12 4.10 2.50

US Producer Price Index (mom) % Change Mar-12 -- --

China Industrial Production (YoY) % Change Mar-12 11.90 12.20

China Consumer Price Index (YoY) % Change Mar-12 3.60 3.40

May 14, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Mar-12 6.89 6.70

May 15, 2012 US Consumer price index (mom) % Change Mar-12 0.30 0.10

Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Dec-11 (0.30) --

Germany GDP nsa (YoY) % Change - 1.50 --

May 16, 2012 Euro Zone Euro-Zone CPI (YoY) % Mar-12 2.70 --

US Industrial Production % Mar-12 -- 0.50

US Housing Starts Thousands Mar-12 654.00 678.00

US Building permits Thousands Mar-12 764.00 735.00

UK Jobless claims change % Change Mar-12 3.60 --

May 22, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Apr-12 (19.90) --

UK CPI (YoY) % Change Mar-12 3.50 --

US Existing home sales Millions Mar-12 4.48 --

May 23, 2012 US New home sales Thousands Mar-12 328.00 --Source: Bloomberg, Angel Research


May 10, 2012

Market Outlook


9/16

Market StrategyMay 10, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

9.4

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.5

1.1

4.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.7 9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9 7.0 6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

45

60

75

90

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Exports yoy growth Imports yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


10/16

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 128 - 2,488 1,432 1,647 14.7 14.7 7.0 8.0 18.3 16.0 3.9 3.3 22.8 22.3 1.8 1.5

United Phosphorus Buy 117 183 5,393 8,191 8,764 16.5 16.5 17.1 18.3 6.8 6.4 1.1 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 285 345 2,432 2,691 3,032 15.6 15.5 29.4 32.8 9.7 8.7 2.3 1.9 26.5 23.6 0.9 0.7

Apollo Tyres Buy 85 100 4,264 13,580 15,007 10.1 10.2 10.5 12.5 8.0 6.8 1.3 1.1 21.8 30.7 0.5 0.4

Ashok Leyland Buy 28 37 7,463 15,008 16,906 9.5 9.5 2.6 3.1 10.9 9.1 2.3 2.0 15.5 17.0 0.6 0.5

Automotive Axle Neutral 498 - 753 1,211 1,390 11.9 11.5 50.5 56.3 9.9 8.8 2.5 2.0 27.9 25.3 0.7 0.6Bajaj Auto Buy 1,512 1,811 43,745 21,966 24,774 19.8 19.0 111.7 120.7 13.5 12.5 5.2 4.2 43.1 37.1 1.6 1.3

Bharat Forge Accumulate 335 372 7,790 7,173 7,998 16.3 16.5 22.3 26.6 15.0 12.6 2.9 2.4 21.0 21.0 1.2 1.0

Bosch India Neutral 9,084 - 28,523 9,390 10,716 19.5 19.1 420.2 471.4 21.6 19.3 5.0 4.2 23.3 21.8 2.8 2.4

CEAT Buy 101 164 347 5,067 5,631 8.0 7.6 39.4 41.0 2.6 2.5 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Buy 127 146 10,757 5,787 6,595 15.5 17.0 7.1 9.0 17.8 14.1 3.1 2.7 18.6 20.3 1.5 1.3

FAG Bearings Accumulate 1,509 1,594 2,507 1,531 1,748 18.8 18.5 118.0 132.8 12.8 11.4 2.8 2.3 24.0 21.9 1.4 1.1

Hero Motocorp Neutral 1,871 - 37,370 26,106 29,296 15.0 15.2 140.3 148.1 13.3 12.6 6.3 4.8 54.8 43.3 1.1 0.9

JK Tyre Buy 78 113 320 8,058 9,025 5.4 5.5 24.8 32.2 3.1 2.4 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 655 802 40,225 35,095 40,213 10.7 10.5 44.6 48.7 14.7 13.5 2.6 2.3 18.8 18.1 0.8 0.7

Maruti Buy 1,302 1,510 37,615 42,683 48,736 7.1 7.5 86.6 100.6 15.0 12.9 2.2 1.9 15.3 15.5 0.7 0.6

Motherson Sumi Buy 167 216 6,469 11,167 12,516 9.5 10.0 11.3 14.4 14.7 11.6 3.2 2.6 23.3 24.7 0.7 0.6

Subros Neutral 31 - 185 1,225 1,393 8.5 8.2 4.2 5.0 7.4 6.2 0.8 0.7 10.3 11.8 0.4 0.3

Tata Motors Accumulate 293 328 78,862 191,183 213,150 12.6 12.6 38.7 42.9 7.6 6.8 2.7 2.1 39.8 33.9 0.5 0.5

TVS Motor Buy 37 55 1,760 7,982 8,816 6.4 6.3 5.0 5.6 7.4 6.7 1.3 1.1 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 747 503 15,829 8,926 10,220 7.7 7.5 18.6 20.9 40.1 35.7 5.5 4.9 14.5 14.5 1.7 1.5BGR Energy Reduce 303 274 2,189 4,170 5,396 11.5 10.4 27.2 30.4 11.2 10.0 1.8 1.7 17.3 17.4 1.1 1.0

BHEL Neutral 216 - 52,905 46,344 46,916 18.3 18.6 23.5 24.1 9.2 9.0 1.8 1.6 21.3 18.9 1.0 1.0

Blue Star Buy 186 221 1,668 3,250 3,551 5.9 5.9 12.4 15.8 14.9 11.8 3.1 2.6 21.2 23.8 0.6 0.5

Crompton Greaves Buy 121 164 7,775 12,936 14,101 9.6 10.0 10.9 11.7 11.2 10.3 1.9 1.7 18.4 17.3 0.6 0.5

Jyoti Structures Buy 39 67 321 2,622 2,801 10.6 11.0 10.9 13.4 3.6 2.9 0.4 0.4 12.7 13.9 0.3 0.3

KEC International Buy 51 73 1,320 6,686 7,200 7.7 7.9 10.6 12.2 4.9 4.2 0.9 0.8 25.9 24.0 0.3 0.3

LMW Buy 1,581 2,609 1,781 2,663 3,130 12.8 12.8 185.0 217.4 8.6 7.3 1.7 1.5 21.2 21.7 0.2 0.2

Thermax Neutral 426 - 5,080 5,473 5,497 10.1 9.8 30.4 28.7 14.0 14.9 2.7 2.4 20.5 16.9 0.8 0.7


May 10, 2012

Market Outlook

Stock Watch


11/16



Cement

ACC Neutral 1,203 - 22,587 11,018 12,663 19.9 21.2 70.7 81.2 17.0 14.8 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 147 - 22,497 10,035 11,504 23.5 23.8 10.1 10.6 14.5 13.9 2.8 2.6 18.5 19.4 1.9 1.5

India Cements Neutral 84 - 2,582 4,423 4,906 18.2 18.8 9.9 12.7 8.5 6.6 0.7 0.7 8.6 10.5 0.8 0.8

J K Lakshmi Cements Buy 61 79 746 1,880 2,201 19.0 22.6 12.2 16.4 5.0 3.7 0.6 0.5 11.9 14.3 0.6 0.9

Madras Cements Neutral 145 - 3,451 3,434 3,777 25.5 26.1 14.1 18.1 10.3 8.0 1.5 1.3 15.2 16.9 1.6 1.4

Shree Cements Neutral 2,741 - 9,549 5,552 6,193 25.7 26.0 130.3 182.0 21.0 15.1 4.3 3.7 19.1 22.3 1.4 1.1

UltraTech Cement Neutral 1,378 - 37,760 20,116 22,655 21.3 22.5 82.1 97.5 16.8 14.1 2.6 2.3 16.8 17.4 1.8 1.7Construction

Ashoka Buildcon Buy 196 302 1,032 2,014 2,294 22.4 22.4 28.4 30.8 6.9 6.4 0.9 0.8 14.1 13.3 2.3 2.6

Consolidated Co Neutral 15 - 277 2,526 2,792 5.7 6.6 1.8 2.8 8.2 5.3 0.5 0.4 5.6 8.2 0.3 0.3

Hind. Const. Neutral 19 - 1,140 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.5) (24.1) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 122 228 4,043 3,821 4,582 42.3 40.2 15.0 16.9 8.1 7.2 1.2 1.1 16.3 15.9 2.7 2.5

ITNL Buy 173 265 3,357 6,619 7,925 23.8 23.3 22.0 26.7 7.9 6.5 1.1 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 57 79 1,509 5,758 6,860 9.2 9.2 4.7 6.0 12.1 9.4 0.7 0.7 6.0 7.3 0.7 0.7

Jaiprakash Asso. Buy 61 104 12,929 16,017 18,359 24.4 23.5 4.2 5.0 14.5 12.1 1.2 1.1 8.8 9.7 2.1 1.9

Larsen & Toubro Buy 1,159 1,641 70,971 60,258 69,900 12.1 11.5 70.7 76.3 16.4 15.2 2.5 2.2 16.1 15.2 1.3 1.1

Madhucon Proj Buy 48 84 352 2,503 2,903 10.7 10.7 5.8 6.6 8.2 7.3 0.5 0.5 6.6 7.0 0.7 0.7

Nagarjuna Const. Buy 38 76 981 5,790 7,022 9.2 9.5 3.5 5.4 11.0 7.1 0.4 0.4 3.7 5.6 0.8 0.8

Patel Engg. Neutral 95 - 664 3,609 3,836 13.1 13.1 14.0 14.6 6.8 6.5 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 46 - 1,516 10,592 12,193 8.4 8.4 2.9 4.6 15.7 10.0 0.5 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 134 199 2,010 2,989 3,315 10.6 10.6 10.2 11.3 13.2 11.8 2.1 1.8 17.6 16.3 0.9 0.8

Simplex Infra Buy 219 316 1,084 6,732 7,902 9.3 9.6 27.2 35.1 8.0 6.2 0.8 0.8 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 150 166 7,505 7,392 8,542 3.1 3.1 38.3 42.1 3.9 3.6 0.7 0.6 18.4 17.6 - -

Andhra Bank Neutral 110 - 6,133 5,284 5,998 3.3 3.2 23.6 27.0 4.6 4.1 0.8 0.7 16.5 16.7 - -

Axis Bank Buy 963 1,587 39,832 16,157 19,557 3.2 3.2 116.4 139.1 8.3 6.9 1.5 1.3 20.0 20.3 - -

Bank of Baroda Buy 641 926 25,116 15,993 18,918 2.6 2.6 121.5 143.1 5.3 4.5 0.9 0.8 17.8 18.2 - -

Bank of India Buy 315 386 18,060 13,558 15,551 2.5 2.4 54.9 63.1 5.7 5.0 1.0 0.8 16.8 16.9 - -

Bank of Maharashtra Buy 48 62 2,848 3,665 4,107 3.5 3.5 10.7 13.5 4.5 3.6 0.7 0.6 17.8 17.5 - -

Canara Bank Buy 407 532 18,019 12,120 14,009 2.2 2.2 85.7 95.4 4.8 4.3 0.8 0.7 17.2 16.7 - -

Central Bank Buy 78 92 5,716 6,860 7,934 2.4 2.4 13.1 19.9 5.9 3.9 0.8 0.7 10.5 13.8 - -


May 10, 2012

Market Outlook

Stock Watch


12/16



Financials

Corporation Bank Buy 400 522 5,930 5,203 5,880 2.2 2.1 107.5 112.7 3.7 3.6 0.6 0.6 17.9 16.5 - -

Dena Bank Buy 85 118 2,965 3,003 3,366 3.0 2.9 23.2 25.6 3.7 3.3 0.6 0.5 18.0 16.9 - -

Federal Bank Neutral 406 - 6,947 2,766 3,163 3.4 3.3 49.5 57.2 8.2 7.1 1.1 1.0 14.0 14.5 - -

HDFC Neutral 651 - 96,117 7,244 8,625 3.3 3.3 31.2 37.2 20.9 17.5 4.1 3.6 34.2 31.3 - -

HDFC Bank Accumulate 512 567 120,332 21,831 27,477 4.3 4.3 28.3 35.5 18.1 14.4 3.5 2.9 20.8 22.1 - -

ICICI Bank Buy 822 1,183 94,447 22,209 26,512 2.8 2.8 67.9 81.1 12.1 10.1 1.5 1.4 14.7 16.0 - -

IDBI Bank Buy 92 117 11,736 8,004 9,589 1.9 2.0 19.9 23.9 4.6 3.8 0.6 0.6 13.8 14.9 - -Indian Bank Buy 194 240 8,350 6,469 7,244 3.5 3.3 45.5 48.8 4.3 4.0 0.8 0.7 19.6 18.2 - -

IOB Buy 82 101 6,543 7,354 8,283 2.5 2.4 16.3 21.7 5.1 3.8 0.6 0.5 11.5 13.9 - -

J & K Bank Neutral 856 - 4,148 2,420 2,792 3.5 3.6 178.0 195.8 4.8 4.4 0.9 0.8 19.5 18.6 - -

LIC Housing Finance Buy 248 286 12,508 2,108 2,607 2.6 2.6 24.5 30.6 10.1 8.1 1.9 1.6 20.1 21.4 - -

Oriental Bank Buy 218 285 6,352 6,431 7,315 2.7 2.6 54.4 63.8 4.0 3.4 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 768 1,138 24,330 20,708 24,094 3.5 3.5 156.3 178.7 4.9 4.3 0.9 0.7 19.7 18.5 - -

South Ind.Bank Neutral 23 - 2,591 1,368 1,557 2.8 2.7 3.7 3.9 6.2 5.8 1.1 1.0 19.1 17.7 - -

St Bk of India Buy 1,888 2,593 126,666 69,568 81,445 3.7 3.7 220.9 269.8 8.5 7.0 1.4 1.2 18.9 19.1 - -

Syndicate Bank Buy 92 128 5,508 7,069 7,961 3.1 3.0 23.3 27.5 3.9 3.3 0.6 0.5 17.4 17.2 - -

UCO Bank Neutral 67 - 4,211 5,727 6,443 2.5 2.5 17.8 18.8 3.8 3.6 0.7 0.7 17.8 16.2 - -

Union Bank Buy 203 266 10,639 10,352 11,988 2.9 2.9 40.7 49.5 5.0 4.1 0.8 0.7 16.8 17.4 - -

United Bank Buy 59 87 2,141 3,666 4,128 2.9 2.9 18.4 21.7 3.2 2.7 0.5 0.4 15.9 16.0 - -

Vijaya Bank Neutral 54 - 2,529 2,668 3,001 2.2 2.2 10.1 11.7 5.3 4.6 0.7 0.6 13.2 13.7 - -

Yes Bank Buy 320 470 11,321 3,209 4,144 2.7 2.8 33.9 41.5 9.5 7.7 2.0 1.6 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,700 - 35,486 10,961 12,773 16.3 16.3 120.3 142.5 30.8 26.0 10.2 8.1 36.9 34.7 3.1 2.7Britannia Buy 533 650 6,367 5,906 6,856 6.9 7.0 22.3 28.3 23.9 18.9 9.7 7.2 45.2 44.1 1.1 0.9

Colgate Neutral 1,134 - 15,418 3,007 3,417 21.1 22.1 37.7 42.6 30.1 26.7 35.8 28.9 129.4 120.1 5.0 4.4

Dabur India Neutral 106 - 18,510 5,878 6,799 16.8 17.0 4.2 4.9 25.6 21.6 9.3 7.6 39.3 42.0 3.2 2.7

GlaxoSmith Con* Neutral 2,719 - 11,433 3,111 2,687 16.9 15.8 100.6 86.1 27.0 31.6 8.2 10.0 33.3 33.8 3.4 3.9

Godrej Consumer Neutral 541 - 18,403 5,973 7,000 18.4 18.6 22.8 27.2 23.7 19.9 6.5 5.3 31.3 38.4 3.2 2.7

HUL Neutral 432 - 93,421 25,350 29,309 14.3 14.4 14.1 16.4 30.6 26.4 22.9 17.9 82.7 76.2 3.5 3.0

ITC Neutral 240 - 187,681 28,955 33,595 35.9 35.7 9.2 10.5 26.2 22.9 8.4 6.9 34.8 33.1 6.2 5.3


May 10, 2012

Market Outlook

Stock Watch


13/16



FMCG

Marico Neutral 177 - 10,881 4,669 5,467 13.0 12.9 6.8 8.2 26.2 21.6 7.1 5.6 30.5 28.8 2.4 2.0

Nestle* Neutral 4,461 - 43,015 8,731 10,539 21.0 21.4 119.3 147.9 37.4 30.2 22.9 15.6 73.0 61.6 5.0 4.0

Tata Global Buy 111 136 6,833 7,011 7,712 9.7 10.0 6.0 7.1 18.6 15.5 1.7 1.6 8.9 10.2 0.9 0.8

IT

HCL Tech Buy 486 560 33,662 22,792 25,743 17.4 17.4 37.8 43.0 12.9 11.3 2.8 2.4 22.3 21.3 1.4 1.2

Hexaware Neutral 114 - 3,380 1,821 2,105 19.0 18.6 9.8 10.7 11.7 10.7 2.7 2.3 23.7 22.5 1.6 1.3

Infosys Buy 2,368 2,792 135,960 37,615 42,491 31.1 30.6 158.5 174.5 14.9 13.6 3.4 2.8 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 160 177 1,785 1,758 1,972 17.0 16.6 16.8 18.6 9.5 8.6 1.3 1.1 13.6 13.2 0.6 0.5

KPIT Cummins Reduce 107 98 1,904 2,042 2,139 15.2 14.9 9.6 10.9 11.2 9.8 2.0 1.6 19.2 18.0 0.9 0.8

Mahindra Satyam Buy 72 89 8,496 7,142 8,042 15.4 15.0 7.7 8.3 9.4 8.7 1.3 1.1 13.8 13.0 0.8 0.6

Mindtree Neutral 576 - 2,335 2,172 2,450 16.1 15.5 53.9 58.5 10.7 9.9 2.0 1.7 18.9 17.0 0.9 0.7

Mphasis Accumulate 385 433 8,091 5,904 6,320 18.3 17.9 38.7 41.2 10.0 9.4 1.5 1.3 14.9 13.7 0.9 0.8

NIIT Buy 43 61 704 1,105 1,200 16.4 16.9 7.5 9.2 5.7 4.7 1.0 0.9 17.6 19.0 0.4 0.2

Persistent Neutral 368 - 1,473 1,109 1,224 23.3 22.4 37.2 40.1 9.9 9.2 1.5 1.3 15.4 14.5 1.0 0.8

TCS Neutral 1,226 - 239,936 57,189 66,329 29.3 28.7 63.2 70.9 19.4 17.3 5.9 4.8 30.5 27.7 4.0 3.3

Tech Mahindra Accumulate 656 750 8,359 6,030 6,511 16.3 15.7 81.1 87.0 8.1 7.5 1.6 1.4 20.1 18.0 1.4 1.1

Wipro Accumulate 407 430 99,998 41,918 46,879 19.4 19.9 25.1 28.7 16.2 14.2 3.0 2.6 18.6 18.3 2.0 1.7

Media

D B Corp Buy 202 274 3,709 1,656 1,869 26.0 26.8 14.0 16.1 14.5 12.6 3.3 2.8 24.8 24.1 2.2 1.9

HT Media Buy 119 170 2,785 2,255 2,555 17.8 18.3 10.0 12.0 11.9 9.8 1.6 1.4 14.7 15.4 1.0 0.8

Jagran Prakashan Buy 94 137 2,963 1,499 1,642 27.4 28.8 7.6 9.1 12.3 10.3 4.1 3.7 34.6 37.7 1.9 1.8

PVR Neutral 152 - 393 625 732 17.4 16.9 12.4 15.8 12.2 9.6 2.0 2.1 8.5 9.9 0.8 0.7

Sun TV Network Neutral 291 - 11,472 2,135 2,458 75.2 74.4 20.9 24.0 14.0 12.1 3.3 2.7 26.0 25.1 4.3 3.5Metals & Mining

Bhushan Steel Neutral 434 - 9,226 9,232 13,557 30.8 31.1 48.0 58.6 9.0 7.4 1.2 1.0 14.5 7.5 3.1 2.2

Coal India Accumulate 326 351 206,198 65,654 71,756 26.8 27.3 24.0 26.3 13.6 12.4 3.7 3.1 30.4 27.0 2.2 1.8

Electrosteel Castings Buy 20 27 689 1,984 2,074 10.6 12.0 2.7 3.3 7.4 6.1 0.4 0.2 5.2 6.2 0.5 0.4

Hind. Zinc Accumulate 121 139 50,978 13,043 14,223 51.8 52.8 14.8 16.6 8.2 7.3 1.6 1.3 21.2 19.9 2.2 1.6

Hindalco Reduce 119 113 22,783 84,649 88,764 9.6 10.5 15.5 17.7 7.7 6.7 0.7 0.6 8.9 9.3 0.5 0.5

JSW Steel Neutral 661 - 14,750 39,161 43,958 17.8 17.9 72.2 89.5 9.2 7.4 0.8 0.7 10.1 11.4 0.6 0.5

MOIL Neutral 251 - 4,212 979 1,061 45.7 46.8 24.5 26.6 10.2 9.4 1.6 1.4 16.1 15.8 2.1 1.8

Monnet Ispat Buy 466 585 2,999 2,986 3,908 22.1 28.9 50.5 83.4 9.2 5.6 1.1 0.9 13.5 19.2 1.9 1.3


May 10, 2012

Market Outlook

Stock Watch


14/16



Metals & Mining

Nalco Reduce 58 51 14,935 8,276 8,578 12.7 16.4 2.5 3.5 22.9 16.6 1.3 1.2 5.6 7.5 1.4 1.4

NMDC Accumulate 164 185 65,061 11,726 12,890 77.8 78.4 18.6 20.6 8.8 8.0 2.1 1.7 26.1 23.8 3.4 2.9

SAIL Accumulate 91 102 37,546 52,461 62,935 18.0 18.8 13.2 14.5 6.9 6.3 0.8 0.7 12.4 12.3 1.1 1.0

Sesa Goa Buy 177 206 15,379 9,067 9,316 35.7 35.5 44.5 44.3 4.0 4.0 0.9 0.7 23.5 19.5 0.3 -

Sterlite Inds Buy 97 123 32,447 45,805 49,029 21.2 23.5 16.5 19.1 5.9 5.0 0.6 0.6 11.5 12.0 0.3 0.2

Tata Steel Buy 417 503 40,534 141,358 142,265 11.1 13.7 45.8 58.9 9.1 7.1 0.9 0.8 10.0 11.7 0.6 0.6

Oil & GasCairn India Buy 308 372 58,843 15,513 16,074 74.0 69.7 51.1 48.6 6.0 6.4 1.0 0.9 18.3 14.8 2.7 1.9

GAIL Buy 323 392 40,915 50,472 55,503 15.3 15.6 35.4 37.0 9.1 8.7 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 256 319 219,277 148,157 150,563 37.6 39.5 31.0 33.6 8.3 7.6 1.5 1.3 18.8 18.1 1.1 1.0

Reliance Industries Buy 695 872 227,614 325,734 328,669 10.9 11.7 65.8 70.1 10.6 9.9 1.1 1.0 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 54 91 1,025 1,624 1,855 14.2 15.6 6.6 9.1 8.2 6.0 2.0 1.6 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 117 175 3,402 5,243 5,767 14.6 14.6 13.8 14.7 8.5 8.0 1.0 0.4 11.4 10.9 1.0 0.9

Aventis* Neutral 2,128 - 4,901 1,482 1,682 15.5 15.5 95.0 104.0 22.4 20.5 4.0 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Buy 734 1,016 15,033 6,196 7,443 18.5 19.5 43.3 50.8 17.0 14.5 4.4 3.5 25.4 24.8 2.4 1.9

Cipla Buy 323 380 25,902 7,006 8,164 20.0 21.2 17.0 19.0 19.0 17.0 3.4 3.0 16.8 18.2 3.7 3.2

Dr Reddy's Neutral 1,685 - 28,552 9,183 10,063 25.7 25.1 92.1 89.9 18.3 18.7 4.0 3.4 22.8 18.8 3.2 2.9

Dishman Pharma Buy 42 91 341 1,282 1,538 17.9 17.9 10.1 13.0 4.2 3.3 0.3 0.3 8.5 10.1 1.0 0.9

GSK Pharma* Neutral 2,077 - 17,592 2,788 3,148 35.6 35.2 87.9 96.7 23.6 21.5 7.7 6.4 34.8 32.1 5.5 4.8

Indoco Remedies Buy 438 665 538 685 837 15.2 15.2 55.5 66.5 7.9 6.6 1.2 1.0 16.4 16.9 1.0 0.9

Ipca labs Buy 369 443 4,642 2,907 3,541 21.5 21.5 32.7 40.6 11.3 9.1 2.8 2.3 27.8 27.7 1.7 1.4

Lupin Buy 543 656 24,276 8,272 9,929 19.7 20.0 29.7 32.8 18.3 16.6 4.7 3.7 25.0 22.9 3.0 2.4Orchid Chemicals Buy 172 270 1,211 2,143 2,508 21.8 21.8 28.3 38.1 6.1 4.5 1.2 1.0 19.3 23.4 1.5 1.2

Ranbaxy* Neutral 512 - 21,631 12,023 12,264 19.9 16.9 41.1 36.9 12.5 13.9 2.6 2.3 30.0 17.6 1.5 1.4

Sun Pharma Accumulate 600 634 61,774 9,272 11,080 40.3 36.3 26.7 28.8 22.5 20.8 4.6 3.9 22.1 20.8 5.6 4.6

Power

CESC Buy 264 342 3,293 4,927 5,429 23.8 23.9 41.0 46.2 6.4 5.7 0.6 0.6 10.4 10.7 1.2 1.3

GIPCL Buy 64 98 967 1,557 1,573 28.7 27.5 10.4 10.2 6.2 6.3 0.6 0.6 10.5 9.6 1.1 0.9

NTPC Buy 151 201 124,878 73,558 84,843 23.4 23.6 12.6 14.1 12.0 10.8 1.5 1.4 13.3 13.6 2.4 2.2

Real Estate

Anant Raj Buy 53 78 1,576 657 875 52.0 56.1 8.4 12.7 6.4 4.2 0.4 0.4 6.3 8.9 3.7 2.8

DLF Neutral 182 - 30,928 9,878 12,033 44.7 46.1 9.6 13.4 19.0 13.6 1.2 1.2 6.4 8.7 5.6 4.6


May 10, 2012

Market Outlook

Stock Watch


15/16



Real Estate

HDIL Buy 66 115 2,784 2,441 3,344 53.0 46.7 21.4 25.4 3.1 2.6 0.3 0.2 8.4 9.1 3.0 2.3

Telecom

Bharti Airtel Neutral 310 - 117,647 80,967 88,684 33.1 33.4 17.9 22.0 17.3 14.1 2.0 1.8 11.5 12.5 2.1 1.8

Idea Cellular Neutral 79 - 26,140 22,558 25,326 26.4 27.5 3.2 4.7 24.5 16.7 1.9 1.7 7.5 10.0 1.6 1.4

Rcom Neutral 68 - 14,056 21,899 23,740 32.7 32.7 4.2 6.7 16.1 10.2 0.3 0.3 2.1 3.2 2.1 1.7

zOthers

Bajaj Electrical Buy 196 245 1,956 3,670 4,384 8.5 8.5 18.3 22.3 10.7 8.8 2.4 2.0 23.9 24.3 0.5 0.5CRISIL Neutral 1,044 - 7,328 982 1,136 34.3 34.3 34.3 40.0 30.4 26.1 13.8 11.0 50.9 46.9 7.0 5.9

Finolex Cables Buy 38 60 574 2,341 2,656 8.5 8.8 8.0 10.0 4.7 3.8 0.7 0.6 18.1 20.2 0.2 0.1

Graphite India Buy 88 116 1,722 2,053 2,437 22.6 22.4 13.5 16.3 6.5 5.4 1.0 0.8 15.4 16.5 1.0 0.8

Greenply Buy 208 298 502 1,800 2,047 11.1 11.6 34.1 49.6 6.1 4.2 1.1 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 2,936 - 3,274 935 1,168 19.6 19.6 99.7 122.2 29.4 24.0 17.1 13.6 64.2 63.1 3.6 2.8

Sintex Buy 62 129 1,682 5,219 5,912 16.5 16.9 15.8 21.4 3.9 2.9 0.6 0.5 14.7 17.1 0.6 0.4

Siyaram Silk Mills Buy 258 439 242 1,045 1,173 12.3 12.4 61.5 73.2 4.2 3.5 0.8 0.7 20.2 20.4 0.5 0.5

SpiceJet Neutral 29 - 1,276 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (8.5) 12.1 (11.7) 24.6 - - 0.4 0.4

Taj GVK Buy 59 116 371 322 355 36.3 35.8 8.3 9.6 7.1 6.1 1.0 0.9 14.5 14.9 1.5 1.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 09, 2012


May 10, 2012

Market Outlook

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May 10, 2012Market Outlook

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