Market Outlook, 12-07-2013

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Market OutlookJuly 12, 2013

Dealers Diary

Indian markets are expected to open with a positive bias today tracking positive

opening trades in the SGX Nifty and mixed opening across Asian bourses.

The US markets moved sharply higher over the course of the trading day on

Thursday, extending the upward trend seen in recent weeks. The rally on WallStreet came as Federal Reserve Chairmans remarks after the close of trading on

Wednesday offset some of the recent concerns about the outlook for monetary

policy. Majority of European markets too finished solidly in positive territory on

Thursday. The global optimism was sparked by comments made late Wednesday

by Fed Chairman Ben Bernanke. Bernanke eased investor concerns over tapering

of Fed stimulus by reiterating his stance to maintain monetary policy.

Indian markets joined the global rally across Asia and Europe after Federal Reserve

Chairman ended weeks of speculation by saying the central bank will maintain its

current pace of bond-buying for the foreseeable future because of weak job growth

and low inflation.

Markets Today

The trend deciding level for the day is 19,623/ 5,924 levels. If NIFTY trades above

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

up to 19,977 19,878 / 5,960 5,985 levels. However, if NIFTY trades below

19,623 / 5,924 levels for the first half-an-hour of trade then it may correct up to

19,522 19,368/ 5,899 5,863 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,368 19,522 19,623 19,777 19,878NIFTY 5,863 5,899 5,924 5,960 5,985

News Analysis JLR retail sales grow at a healthy rate of 7.3% yoy in June 2013 Sun Pharmaceutical gets USFDA nod for Repaglinide Tablets MM announces production cuts at its automotive plants RCom completes securitisation from the deal with Reliance Jio BGR inks BOP contract worth`1,573cr with OPGC 1QFY2014 Result Review Cera Sanitaryware 1QFY2014 Result Preview - Infosys, South Indian Bank

Refer detailed news analysis on the following page

Net Inflows (July 10, 2013)` cr Purch Sales Net MTD YTDFII 1,986 1,913 73 1,023 72,329

MFs 225 264 (39) (489) (12,666)

FII Derivatives (July 11, 2013)` cr Purch Sales Net Open InterestIndex Futures 3,208 1,671 1,536 12,610

Stock Futures 1,481 1,518 (37) 27,787

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Indiabulls Real Est. 72 12.2 Gitanjali Gems 149 (5.0)

Sesa Goa 150 5.9 MMTC 65 (5.0)

Emami 519 5.4 Pipavav Defence 63 (5.0)

Pidilite Inds. 277 5.1 Andhra Bank 82 (4.4)

Power Finance 146 4.8 GSK Consumer 4,803 (4.4)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 2.0 382 19,676

Nifty 2.0 118 5,935

MID CAP 0.7 40 6,049

SMALL CAP 0.7 38 5,748

BSE HC 0.7 65 9,284

BSE PSU 1.8 104 5,990

BANKEX 2.5 322 13,303

AUTO 0.6 58 10,584

METAL 3.0 225 7,734

OIL & GAS 1.8 155 8,742

BSE IT 1.4 90 6,411

Global Indices Chg (%) (Pts) (Close)Dow Jones 1.1 169 15,461NASDAQ 1.6 58 3,578

FTSE 0.6 38 6,543

Nikkei 0.4 56 14,473

Hang Sang 2.5 533 21,437

Straits Times 1.9 61 3,249

Shanghai Com 3.2 65 2,073

Indian ADR Chg (%) (Pts) (Close)INFY 3.4 1.5 $44.0

WIT 2.5 0.2 $7.7IBN 5.3 2.0 $38.9

HDB 4.9 1.8 $37.5

Advances / Declines BSE NSEAdvances 1,358 846

Declines 974 474

Unchanged 147 90

Volumes (` cr)BSE 1,433

NSE 8,703

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JLR retail sales grow at a healthy rate of 7.3% yoy in June 2013

Jaguar and Land Rover (JLR) reported a healthy retail volume growth of 7.3% yoy

(3.9% mom) to 33,739 units in June 2013, which was ahead of our expectations,

driven by the continued momentum in the recently launched models.

Jaguar volumes grew strongly by 34.5% yoy (6.5% mom) led by the growth in the

XF model on the back of the introduction of the Sportbrake, AWD and smaller

engine variants. Geographically, Jaguar posted a robust growth in all the major

markets except Europe which continues to be impacted by the challenging

economic environment. While volumes in China and North America grew by 102%

and 64% yoy respectively; Asia Pacific and UK markets registered a growth of 24%

and 16% yoy respectively.

Land Rover sales however grew modestly by 2.4% yoy (3.3% mom) ahead of the

impending launch of the New Range Rover Sport. Nevertheless, Freelander and

Discover models maintained its growth momentum during the month registering a

growth of 13% and 9% yoy respectively. Geographically, Asia Pacific and UK grew

by 36% and 10% yoy respectively; while China remained flat and North America

and Europe witnessed minor decline due to run phasing out of the Range Rover

Sport.

We retain our positive view on JLR and expect an ~13% volume CAGR over

FY2013-15E, driven by momentum in the luxury vehicle market, coupled with the

strong product launches that are lined up in FY2014 (expected to launch 8 new

refreshes/models in FY2014) and the success of the model launched in

4QFY2013. We maintain our Buy rating on the stock with a sum-of-the-parts(SOTP) target price of `347.

Sun Pharmaceutical gets USFDA nod for Repaglinide Tablets

Sun Pharma announced that the US FDA has granted its subsidiary final approval

for its Abbreviated New Drug Applications (ANDA) for generic version of

Prandin, Repaglinide tablets. Repaglinide tablets, 1 mg and 2 mg are

therapeutic equivalents of Novo Nordisks Prandin tablets. These tablets have

annual sales of approximately USD 200 million in the US. Repaglinide tablets are

indicated as an adjunct to diet and exercise to improve glycemic control in adults

with type-2 diabetes mellitus. Sun Pharmas subsidiary, being the first-to-file an

ANDA for generic Prandin with a Para IV certification, is eligible for a 180-day

marketing exclusivity in the US. The product on a conservative basis will contribute

around US$30-40mn to the sales of the company in FY2014. We maintain ourNeutral stance on the stock.

MM announces production cuts at its automotive plants

Mahindra & Mahindra (MM) has announced production cuts at its automotive

plants for up to eight days in July 2013 amidst slowdown in industry demand and

increase in competitive activity. MM will also undertake production shutdown at its

subsidiary, Mahindra Vehicle Manufacturers for about eight days at its Chakanplant. We believe that the productions cuts announced by the company were

essential given that the utility vehicle sales of the company have slowed down over

the last two months and temporary shutdown will enable the company to align its

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production in line with the market demand and avoid unnecessary build up of

inventory. Nevertheless, we remain positive on MM given that the tractor sales

have registered a strong growth of ~25% in 1QFY2014 backed by expectations of

normal monsoon and better prospects for kharif crop. We expect the growth in the

tractor segment to remain strong in FY2014 and expect the tractor segment to

register a growth of ~10% and thereby offset the weakness in the automotivesegment to some extent. At `918, the stock is trading at 13.1x FY2015

earnings. We maintain our Buy rating on the stock with a target price of `1,103.

RCom completes securitisation from the deal with Reliance Jio

RCom yesterday announced that the company has completed securitisation of

proceeds from its Rs1,200cr (US$200mn) deal with Reliance Jio of inter-city fibre

agreement signed in April 2013. Under the terms of the agreement, Reliance Jio

will utilise multiple fibre pairs across RCom 1,20,000 kilometres inter-city fibreoptic network as the backbone for rolling out its 4G services. The amount from

securitisation has been utilized to repay rupee debt, saving interest costs for the

company. The firm also added that deliveries under the agreement for providing

optic fibre network will be completed in the current fiscal. Securitisation generally

refers to raising money by providing some collateral with lenders. RCom said that

deliveries of inter-city fibre links to Reliance Jio have already commenced. Wemaintain our Neutral rating on the stock.

BGR inks BOP contract worth`1,573cr with OPGC

BGR Energy has signed Balance of Plant (BoP) contract with Odisha Power

Generation Corporation (OPGC) for 2 x 660MW Super Thermal Power Project at

Banaharpalli in Jhasarguda district of Odisha. The order is worth`1,573cr. The

order comprises of 2x660MW supercritical unit, expected to be completed in 44

and 48 months, respectively. The order envisages design, engineering,

manufacture, procurement, supply, inspection, testing, commissioning and

performance testing of BOP. We recommend Accumulate on the stock with atarget price of `140.

Result Review

Cera Sanitaryware Ltd (CMP:`533, TP:`613, Upside: 15%)

Cera Sanitaryware Ltd. (CSL) reported strong set of numbers for 1QFY2014. Top

line surged by 39.9% yoy to`127cr, 8.2% higher than our expectation of`117cr.

EBITDA grew by 27.5% yoy to `20cr slightly higher than our estimate of `18cr.

EBITDA margin, however, dip by 152 basis point yoy and came in at 15.7%. The

dip in margin is attributable mainly to rise in raw material cost by 600 basis points

from 37.5% in the same quarter previous year to 43.5% which was offset to a

large extent offset due to reduced other manufacturing expenses (employee, power

and other expenses) by 449bp. Net profit rose by 21.2% to`11cr, amidst higherEBITDA growth owing to higher tax expense (35%) and lower other income. Wemaintain our Buy recommendation on the stock with a revised target price of`613, based on a target P/E of 12x for FY2015E.

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Y/E Sales OPM PAT EPS ROIC P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 631 14.5 53.9 42.6 26.5 12.5 3.0 7.4 1.1

FY2015E 797 13.7 64.7 51.1 25.2 10.4 2.4 6.2 0.8

Result Preview

Infosys (CMP:`2527/ TP: -/Upside: -)

Infosys is slated to announce its 1QFY2014 results today. We expect the company

to post 1.5% qoq growth in USD revenue at US$1,968mn, mostly volume led. In

rupee terms, revenues are expected to come in at `11,217cr, up 7.3% qoq, aided

by sharp INR depreciation during the quarter. EBITDA margin is expected to grow

by 109bp qoq to 27.6%, after having fallen for five consecutive quarters. PAT is

expected to be at`2,403cr.

Key points to watch out for are: 1) USD revenue growth guidance for FY2014

which we expect it to be reduced to 6-8% from 6-10% given during 4QFY2013

results, 2) client budget outlook, 3) indications on discretionary spending in

CY2013, and 4) hiring plans for the year. We maintain our Neutral rating on thestock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 45,153 27.6 9,748 170.7 20.8 14.8 3.1 9.3 2.6

FY2015E 48,993 26.8 10,711 187.5 19.5 13.5 2.6 8.3 2.2

South Indian Bank - (CMP:`23/ TP: - / Upside: -)South Indian Bank is scheduled to announce its 1QFY2014 results today. We

expect the bank to report a healthy growth of 17.7% yoy in Net Interest Income

(NII) to`349cr, on back of expectation of loan growth of 20.0% yoy.Non-interest

income is expected to decrease by 7.0% yoy to `70cr. Operating expenses are

expected to grow by 19.8% yoy to `197cr. Provisioning and tax expenses are

expected to increase to `39cr and `55cr, respectively during the quarter, as

against`25cr and`59cr, respectively in 1QFY2013. Overall, we expect Net profit

to grow marginally by 4.0% yoy to`128cr. At the CMP, the stock is trading at 0.9x

FY2015E ABV. We recommend a Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,795 2.8 530 4.0 23.7 1.0 17.2 5.9 1.0

FY2015E 2,054 2.8 578 4.3 27.0 0.9 16.5 5.4 0.9

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Quarterly Bloomberg Brokers Consensus Estimate

Infosys - consolidated (12/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 10,953 9,616 14.2 10,454 5

Net profit 2,323 2,289 1.6 2,394 (3)

Economic and Political News

RBI chief says inflation, CAD still high CCEA clears disinvestment of STC, ITDC Gas price hike stays, no change in cabinet decision says Oil Minister Govt. approves modified industrial infra up-gradation scheme

Corporate News

Govt. gives nod to proposal to replace DGCA with new regulator Raj Govt. inks deal with HPCL to set up JV for Barmer refinery Airtel to drag DoT to court for`650cr penalty notice Ashok Leyland to enter Australia through its UK arm MOIL may open four new mines, earmarks`250cr for initial outlaySource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

July 12, 2013 Infosys, Sintex, South Ind.Bank

July 13, 2013

July 14, 2013

July 15, 2013 Exide Industries

July 16, 2013 Ashok Leyland

July 17, 2013 HDFC Bank

July 18, 2013 TCS, Axis Bank, Kotak Mah. Bank, IDBI Bank, D B Corp, Rallis, Mindtree, Infotech Enterprises, Honeywell Automation

July 19, 2013 HDFC, Bajaj Auto, Federal Bank, CRISIL, UCO Bank, Hexaware, NIIT

July 20, 2013 HT Media

July 21, 2013

July 22, 2013 Larsen & Toubro, Asian Paints, Blue Star

July 23, 2013 Tata Sponge

July 24, 2013 Cairn India, Dabur India

July 25, 2013 Thermax, FAG Bearings, MRF

July 26, 2013 Nestle, CESC

July 27, 2013 Force Motors

July 28, 2013

July 29, 2013 IDFC, Colgate, Godrej Consumer, Subros, Vesuvius India

July 30, 2013 Dr Reddy's, Ipca labs, Indoco Remedies

July 31, 2013 ICICI Bank, JSW Steel , Dishman Pharma

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 9.10

7:30AM China Real GDP (YoY) % Change 2Q 7.70 7.60

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.60 --

6:45PM US Industrial Production % Jun 0.04 --

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --

6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --

July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --


July 12, 2013

Market Outlook

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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


Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

Mar-

13

Apr-

13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

Mar-

13

Apr-

13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

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

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

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

Mar-

13

Apr-

13

May-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Repo rate Reverse Repo rate CRR (%)

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

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 147 - 2,866 1,657 1,906 14.1 14.1 7.7 8.9 19.1 16.6 4.0 3.4 22.2 21.9 1.7 1.4

United Phosphorus Buy 144 232 6,351 10,298 11,310 16.5 16.5 20.5 23.2 7.0 6.2 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 258 285 4,411 3,418 3,892 14.5 14.5 18.5 20.4 14.0 12.7 3.4 2.8 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 64 - 3,231 13,852 15,487 11.4 11.5 12.8 14.9 5.0 4.3 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 19 27 4,922 14,038 16,442 7.6 8.7 1.1 2.2 17.7 8.3 1.5 1.4 6.2 12.5 0.4 0.4

Automotive Axle# Neutral 225 - 340 834 965 9.3 10.6 17.3 27.1 13.0 8.3 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,875 2,096 54,259 23,005 26,460 18.0 18.5 118.8 139.7 15.8 13.4 5.7 4.5 40.4 37.7 2.0 1.6

Bharat Forge Neutral 221 - 5,154 6,198 6,793 14.6 14.9 14.5 17.3 15.2 12.8 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,645 9,213 27,143 9,821 11,394 17.0 17.3 373.5 438.7 23.1 19.7 4.2 3.5 18.0 17.9 2.5 2.1

CEAT Buy 110 170 376 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 123 141 10,493 7,053 8,061 14.2 14.5 7.8 9.1 15.8 13.5 2.7 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,430 - 2,376 1,525 1,742 14.5 15.7 88.4 109.5 16.2 13.1 2.3 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,700 1,820 33,946 25,298 27,665 14.1 13.7 110.3 140.0 15.4 12.2 5.6 4.4 39.9 40.7 1.1 1.0

JK Tyre Buy 110 154 452 7,972 8,754 7.1 7.1 37.5 44.0 2.9 2.5 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 918 1,103 5 6,554 45,254 51,197 11.4 11.7 61.2 70.2 15.0 13.1 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,507 1,822 45,514 47,923 55,002 11.2 10.9 106.6 121.4 14.1 12.4 2.1 1.8 16.1 15.8 0.8 0.7

Motherson Sumi Accumulate 210 222 12,331 28,442 31,493 7.5 7.8 12.5 14.8 16.8 14.2 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 22 27 133 1,426 1,624 10.0 9.9 4.9 6.8 4.6 3.3 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 285 347 76,876 215,016 237,404 13.3 13.6 36.2 41.5 7.9 6.9 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 32 35 1,542 7,715 8,584 6.0 6.1 5.0 5.8 6.5 5.6 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 594 461 12,589 8,073 9,052 5.5 6.9 11.5 16.9 51.6 35.1 4.7 4.5 9.3 13.1 1.5 1.3BGR Energy Accumulate 125 140 901 3,756 4,569 11.4 9.7 21.7 24.1 5.8 5.2 0.7 0.6 22.3 20.3 0.6 0.5

BHEL Neutral 186 - 45,562 44,054 39,326 16.8 15.1 20.6 16.1 9.0 11.6 2.0 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 157 230 1,410 2,896 3,087 5.6 6.2 9.3 11.7 16.8 13.4 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 90 117 5,754 13,446 15,272 6.7 7.6 6.6 8.9 13.5 10.1 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 20 - 166 3,360 3,597 9.7 9.8 7.3 10.2 2.8 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 33 49 859 7,709 8,399 6.7 7.2 6.1 8.5 5.5 3.9 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 616 - 7,337 5,780 6,430 9.5 9.6 29.8 33.0 20.7 18.7 3.5 3.1 17.9 17.4 1.1 1.0

Cement

ACC Accumulate 1,249 1,361 23,454 11,820 13,254 19.3 20.9 74.9 93.1 16.7 13.4 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 12, 2013

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Cement

Ambuja Cements Neutral 197 - 30,416 10,171 11,762 23.5 24.6 10.2 12.2 19.3 16.2 3.2 2.9 17.1 18.7 2.5 2.0

India Cements Neutral 56 - 1,731 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.2 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 85 143 1,004 2,247 2,742 21.0 23.1 17.8 21.8 4.8 3.9 0.7 0.6 15.5 16.4 0.3 0.8

Madras Cements Neutral 218 - 5,178 4,234 4,788 23.9 24.0 18.5 22.8 11.8 9.6 1.9 1.6 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,544 - 15,828 6,607 7,520 27.5 26.7 322.8 374.3 14.1 12.1 3.5 2.8 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,980 - 54,278 21,947 25,049 23.8 23.8 106.1 119.8 18.7 16.5 3.1 2.7 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 54 84 853 1,928 2,234 21.0 21.5 6.0 7.4 9.0 7.3 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 10 - 176 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.3) (26.3) 0.4 0.4 0.5 0.5

IRB Infra Buy 100 157 3,314 3,997 4,312 45.5 46.4 15.7 16.6 6.4 6.0 0.9 0.8 15.2 14.5 3.3 3.5

ITNL Buy 148 230 2,879 7,444 8,041 27.4 28.9 29.8 32.1 5.0 4.6 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 16 29 497 5,673 5,892 8.1 8.4 1.4 1.8 11.2 8.8 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 54 90 12,016 14,850 15,631 24.9 25.1 2.5 2.9 21.4 19.0 0.9 0.8 4.2 4.7 2.6 2.6

Larsen & Toubro Buy 968 1,180 89,510 68,946 78,040 10.5 10.5 51.7 58.6 18.7 16.5 2.8 2.5 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 30 42 767 6,167 6,945 8.0 8.2 2.7 3.6 11.2 8.2 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 33 - 1,099 12,954 14,740 9.9 9.9 0.5 0.9 65.2 35.5 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 87 139 1,307 2,462 2,731 10.6 10.6 5.9 6.7 14.7 13.0 1.4 1.3 10.2 10.5 0.8 0.8

Simplex Infra Buy 82 131 406 6,308 7,033 9.5 9.6 11.9 18.7 6.9 4.4 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 185 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.2 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 91 123 4,540 6,705 7,535 2.5 2.5 27.6 33.2 3.3 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 82 - 4,586 5,195 5,834 2.7 2.7 19.2 23.1 4.3 3.6 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,290 1,778 60,494 19,237 23,261 3.2 3.2 133.8 161.5 9.6 8.0 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 568 761 23,913 16,287 18,707 2.2 2.3 120.6 144.6 4.7 3.9 0.7 0.6 15.0 16.0 - -

Bank of India Buy 231 270 13,747 14,459 16,176 2.3 2.2 55.2 68.2 4.2 3.4 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 51 61 3,370 4,291 4,724 3.0 3.0 12.1 12.9 4.2 4.0 0.6 0.6 16.2 15.3 - -

Canara Bank Buy 353 423 15,631 12,045 13,495 2.1 2.2 76.7 86.4 4.6 4.1 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 63 69 6,576 8,406 9,546 2.5 2.5 12.6 18.7 5.0 3.4 0.6 0.6 10.6 14.3 - -

Corporation Bank Buy 349 436 5,331 5,554 6,156 2.0 2.0 94.9 104.9 3.7 3.3 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 70 79 2,436 3,255 3,623 2.3 2.4 22.0 24.9 3.2 2.8 0.5 0.4 14.7 14.7 - -

Federal Bank Accumulate 402 455 6,880 2,802 3,275 2.9 2.9 49.8 56.6 8.1 7.1 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 12, 2013

7/28/2019 Market Outlook, 12-07-2013

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Financials

HDFC Accumulate 853 904 132,574 8,573 10,142 3.6 3.6 37.0 43.6 23.1 19.6 4.8 4.2 30.0 30.3 - -

HDFC Bank Accumulate 681 752 162,709 27,560 33,766 4.6 4.6 36.3 45.1 18.8 15.1 3.8 3.2 21.9 22.8 - -

ICICI Bank Buy 1,058 1,454 122,113 26,119 30,474 3.1 3.2 86.2 99.5 12.3 10.6 1.7 1.5 15.7 16.2 - -

IDBI Bank Accumulate 73 80 9,749 9,416 10,392 2.0 2.0 19.8 22.8 3.7 3.2 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 108 141 4,650 6,077 6,845 2.9 3.0 35.2 41.0 3.1 2.6 0.4 0.4 14.1 14.8 - -

IOB Accumulate 50 53 4,597 8,028 9,204 2.4 2.6 12.5 19.7 4.0 2.5 0.4 0.3 9.1 13.1 - -

J & K Bank Accumulate 1,229 1,315 5,957 3,101 3,427 3.6 3.6 215.5 210.3 5.7 5.8 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 238 298 12,011 2,113 2,525 2.3 2.3 25.4 29.2 9.4 8.2 1.7 1.4 18.4 18.3 - -

Oriental Bank Buy 201 239 5,876 6,790 7,676 2.6 2.7 55.7 62.3 3.6 3.2 0.5 0.4 12.8 12.9 - -

Punjab Natl.Bank Buy 631 883 22,288 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.6 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 23 - 3,143 1,795 2,054 2.8 2.8 4.0 4.3 5.9 5.4 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,910 2,518 130,661 66,417 76,734 3.0 3.0 227.4 284.8 8.4 6.7 1.2 1.1 15.4 17.1 - -

Syndicate Bank Buy 113 136 6,796 7,125 8,188 2.6 2.6 27.4 27.9 4.1 4.1 0.6 0.6 16.2 14.6 - -

UCO Bank Reduce 68 63 5,092 6,545 6,859 2.7 2.6 14.8 15.7 4.6 4.3 0.8 0.7 14.4 13.6 - -

Union Bank Buy 176 243 10,530 11,101 12,543 2.6 2.6 39.3 47.4 4.5 3.7 0.6 0.5 14.1 15.2 - -

United Bank Buy 47 58 1,767 3,386 3,884 2.3 2.5 12.4 20.0 3.8 2.4 0.4 0.4 10.0 14.7 - -

Vijaya Bank Accumulate 47 49 2,307 2,714 3,046 1.9 2.0 9.2 10.8 5.1 4.3 0.5 0.5 10.7 11.5 - -

Yes Bank Neutral 488 - 17,560 4,451 5,526 2.8 2.8 43.0 49.7 11.4 9.8 2.5 2.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,877 - 46,782 12,332 14,524 16.5 16.3 141.6 162.7 34.5 30.0 10.9 8.7 35.4 32.2 3.7 3.1

Britannia Neutral 679 - 8,130 6,417 7,502 6.1 6.3 21.3 25.5 31.9 26.7 10.4 8.3 35.7 34.6 1.3 1.0

Colgate Neutral 1,418 - 19,282 3,588 4,130 20.5 20.9 44.2 51.8 32.1 27.4 31.3 22.8 108.6 96.2 5.2 4.5

Dabur India Neutral 155 - 27,026 7,183 8,340 16.8 16.8 5.4 6.3 28.9 24.6 11.2 8.7 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 4,803 - 20,198 3,617 4,259 16.1 16.4 122.2 148.7 39.3 32.3 12.2 9.8 34.1 33.7 5.1 4.3

Godrej Consumer Neutral 843 - 28,698 7,801 9,017 16.2 15.9 25.1 29.7 33.6 28.4 7.2 6.0 24.9 24.2 3.8 3.2

HUL Neutral 601 - 129,943 29,167 33,164 13.6 13.7 17.1 18.4 35.2 32.7 33.8 24.5 113.4 87.0 4.3 3.8

ITC Neutral 353 - 279,053 34,294 39,991 36.8 37.0 11.3 13.3 31.3 26.5 10.3 8.3 36.1 34.9 7.8 6.6

Marico Neutral 211 - 13,606 5,273 6,044 14.8 14.9 7.3 8.7 29.1 24.4 5.7 4.7 21.4 21.0 2.6 2.3

Nestle* Neutral 5,211 - 50,242 9,447 10,968 22.1 22.3 127.5 154.1 40.9 33.8 20.4 14.8 57.7 50.7 5.3 4.5

Tata Global Neutral 148 - 9,131 8,069 8,957 9.8 9.7 7.8 8.6 18.9 17.2 2.3 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

July 12, 2013

7/28/2019 Market Outlook, 12-07-2013

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IT

HCL Tech^ Neutral 839 - 58,499 29,424 32,837 22.6 22.0 59.5 63.3 14.1 13.3 3.4 2.8 24.6 21.7 1.8 1.5

Hexaware* Accumulate 95 105 2,838 2,158 2,374 19.6 19.8 10.7 11.7 8.9 8.1 2.0 1.8 23.0 22.3 1.2 1.0

Infosys Neutral 2,527 - 145,095 45,153 48,993 27.6 26.8 170.7 187.5 14.8 13.5 3.1 2.6 20.8 19.5 2.6 2.3

Infotech Enterprises Neutral 182 - 2,032 2,037 2,254 17.9 17.7 21.2 22.6 8.6 8.1 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 125 144 2,416 2,614 2,923 17.2 16.8 13.2 14.4 9.5 8.7 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Accumulate 879 925 3,653 2,707 2,978 20.3 20.2 87.4 97.0 10.1 9.1 2.1 1.7 21.8 19.5 1.1 0.9

Mphasis& Neutral 393 - 8,247 6,372 6,852 18.0 18.2 38.0 43.5 10.3 9.0 1.5 1.3 14.3 14.2 0.8 0.6NIIT Buy 19 30 315 1,144 1,267 9.0 9.1 4.3 5.4 4.5 3.6 0.5 0.4 10.3 12.0 0.1 -

Persistent Accumulate 506 565 2,023 1,505 1,677 25.9 26.2 53.6 59.7 9.4 8.5 1.7 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,560 1,640 305,385 74,795 84,926 28.8 28.7 82.2 91.5 19.0 17.1 5.9 4.8 30.8 28.1 3.9 3.3

Tech Mahindra Buy 1,067 1,250 13,738 8,102 8,709 19.7 19.2 93.7 101.5 11.4 10.5 2.1 1.7 21.2 18.9 1.7 1.5

Wipro Accumulate 363 389 89,534 41,659 45,137 21.2 21.4 27.7 29.9 13.1 12.1 2.7 2.3 20.5 19.0 1.6 1.4

Media

D B Corp Buy 239 290 4,378 1,750 1,925 25.1 26.6 14.2 16.8 16.8 14.2 3.6 3.1 23.4 23.4 2.4 2.1

HT Media Buy 98 117 2,294 2,205 2,380 15.1 15.6 8.3 9.1 11.8 10.7 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 86 107 2,866 1,664 1,825 20.9 23.0 6.4 7.8 13.4 11.1 2.7 2.4 21.0 23.1 1.8 1.7

PVR Neutral 329 - 1,304 1,359 1,540 17.3 17.4 17.2 21.6 19.1 15.3 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 401 - 15,789 2,287 2,551 69.7 70.5 20.0 23.3 20.0 17.2 5.0 4.3 26.4 27.3 6.6 5.8

Metals & Mining

Bhushan Steel Neutral 464 - 10,506 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 299 345 188,765 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 13 18 433 1,976 2,017 11.8 12.7 1.3 2.6 10.5 5.1 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 109 155 3,455 1,920 2,239 53.2 52.9 21.6 25.0 5.0 4.3 1.2 0.9 25.1 23.8 1.3 0.9Hind. Zinc Buy 103 145 43,690 12,358 13,659 51.4 51.6 16.0 17.6 6.5 5.9 1.2 1.0 19.4 18.4 1.3 0.8

Hindalco Neutral 103 - 19,682 89,352 93,672 8.8 9.2 13.4 15.0 7.7 6.9 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 604 - 14,594 47,613 48,385 17.4 18.8 81.8 109.6 7.4 5.5 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 200 248 3,368 1,010 1,046 46.5 47.6 26.8 28.8 7.5 7.0 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 121 193 772 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 30 - 7,680 7,656 7,988 13.1 13.5 2.6 2.6 11.7 11.4 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 107 140 42,403 10,610 11,400 66.3 64.2 15.6 16.1 6.9 6.7 1.4 1.3 21.3 19.9 1.9 1.7

SAIL Neutral 48 - 19,907 44,060 54,786 9.4 11.5 5.2 7.2 9.2 6.7 0.5 0.5 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 12, 2013

7/28/2019 Market Outlook, 12-07-2013

12/14



Metals & Mining

Sesa Goa Accumulate 150 166 13,041 3,742 4,426 32.9 32.8 30.0 29.8 5.0 5.0 0.7 0.6 14.3 12.5 4.3 3.5

Sterlite Inds Accumulate 88 100 29,473 44,462 45,568 23.2 24.7 18.1 20.2 4.8 4.3 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 261 378 25,378 140,917 151,537 9.7 10.8 30.9 47.6 8.5 5.5 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 99 153 355 1,494 1,568 19.1 20.3 31.3 36.5 3.2 2.7 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 404 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 77 102 252 2,344 2,509 14.9 15.4 38.7 47.0 2.0 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 293 345 55,991 16,482 16,228 69.4 53.3 53.3 49.6 5.5 5.9 0.9 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 321 - 40,699 52,102 52,876 15.7 16.1 34.1 35.7 9.4 9.0 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 305 387 260,600 170,063 198,461 36.3 38.3 34.7 41.9 8.8 7.3 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 870 - 281,090 397,546 421,695 9.4 8.6 75.0 76.4 11.6 11.4 1.2 1.1 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 199 - 2,553 3,707 3,850 11.7 12.4 23.7 25.7 8.4 7.8 2.4 2.0 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 281 - 3,938 3,700 4,218 23.4 22.8 26.7 30.4 10.6 9.2 2.2 1.9 22.7 21.8 1.1 0.9

Petronet LNG Buy 129 167 9,645 40,356 40,872 5.8 6.4 15.0 16.7 8.6 7.7 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,269 1,171 1,287 91.9 91.9 10.1 11.3 5.8 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Reduce 155 139 2,926 1,736 2,008 17.1 18.9 10.7 13.9 14.5 11.2 4.6 3.4 35.0 34.7 1.8 1.5

Aurobindo Pharma Buy 192 271 5,585 6,641 7,637 15.9 15.9 17.3 20.6 11.1 9.3 1.8 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,420 - 5,574 1,682 1,917 16.6 16.6 92.4 99.1 26.2 24.4 3.7 3.7 15.7 14.8 2.9 2.4

Cadila Healthcare Buy 790 929 16,175 7,280 8,640 15.5 15.7 38.3 46.5 20.6 17.0 4.4 3.7 23.5 23.5 2.5 2.1

Cipla Buy 400 477 32,081 9,274 10,796 23.1 23.1 21.0 23.8 19.0 16.8 3.1 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Accumulate 2,291 2,535 38,947 13,377 15,350 20.4 20.1 112.3 126.8 20.4 18.1 4.4 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 63 168 511 1,394 1,534 22.5 22.4 15.0 16.8 4.2 3.8 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,482 - 21,020 2,854 3,145 28.6 28.6 76.6 83.3 32.4 29.8 9.7 8.8 31.1 31.0 6.5 5.8

Indoco Remedies Accumulate 70 78 644 760 922 15.3 15.3 6.1 7.8 11.5 9.0 1.4 1.2 12.9 14.7 1.1 0.9

Ipca labs Neutral 683 - 8,612 3,243 3,826 20.5 21.5 36.0 44.4 19.0 15.4 4.4 3.5 26.0 25.4 2.8 2.4

Lupin Neutral 866 - 38,763 11,641 13,933 21.3 21.3 34.8 41.8 24.9 20.7 5.8 4.6 26.2 24.8 3.4 2.7

Ranbaxy* Accumulate 342 384 14,472 11,400 12,060 10.5 12.5 17.5 22.5 19.6 15.2 3.1 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,095 - 113,231 13,509 15,846 41.0 41.0 33.0 39.8 33.2 27.5 6.7 5.5 22.0 22.0 7.8 6.5

Power

GIPCL Accumulate 68 78 1,026 1,444 1,482 33.4 33.0 13.7 14.8 5.0 4.6 0.6 0.5 12.3 12.0 0.8 0.5

NTPC Accumulate 144 163 118,529 76,734 86,680 24.5 24.3 13.4 14.5 10.7 9.9 1.3 1.2 12.8 12.7 2.2 2.1


Market Outlook

Stock Watch

July 12, 2013

7/28/2019 Market Outlook, 12-07-2013

13/14



Real Estate

DLF Buy 178 236 31,733 8,293 9,622 36.5 36.1 5.7 6.7 31.2 26.5 1.1 1.1 3.7 4.1 5.9 4.9

MLIFE Accumulate 437 476 1,787 888 1,002 30.6 30.6 38.8 43.4 11.3 10.1 1.3 1.2 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Accumulate 300 321 119,922 85,489 94,229 31.9 31.9 10.2 14.6 29.3 20.5 2.1 1.9 7.2 9.4 2.1 1.8

Idea Cellular Neutral 141 - 46,733 25,640 28,459 26.9 27.2 4.0 4.9 35.2 28.5 3.0 2.7 8.4 9.4 2.2 2.0

Rcom Neutral 142 - 29,361 22,751 24,628 30.9 31.3 3.4 5.3 41.5 27.0 0.9 0.8 2.1 3.1 2.9 2.5

OthersAbbott India* Buy 1,418 1,659 3,013 1,863 2,081 11.8 12.4 71.2 83.0 19.9 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 189 237 1,884 3,885 4,472 5.4 7.2 11.0 19.7 17.3 9.6 2.3 1.9 13.5 20.3 0.5 0.4

Cera Sanitaryware Accumulate 528 562 668 630 795 14.4 13.6 42.8 51.1 12.3 10.3 2.9 2.3 26.6 25.2 1.0 0.8

Cravatex Buy 285 459 74 248 284 6.5 7.3 27.2 38.2 10.5 7.5 1.7 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 55 68 846 2,563 2,899 9.8 9.8 10.1 11.3 5.5 4.9 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 253 437 330 2,304 2,649 3.1 3.6 28.0 43.7 9.1 5.8 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 311 345 717 1,458 1,542 8.3 9.0 32.3 37.0 9.6 8.4 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 124 177 338 1,053 1,169 6.3 7.1 13.8 17.7 9.0 7.0 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,410 - 2,131 1,842 2,131 7.7 7.8 112.4 132.4 21.4 18.2 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 146 198 131 495 651 12.7 12.9 29.3 39.5 5.0 3.7 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 141 234 162 1,430 1,573 11.1 11.0 19.1 26.9 7.4 5.3 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 179 199 2,977 1,220 1,476 13.3 13.6 5.5 9.0 32.5 19.8 3.7 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,618 14,416 5,351 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.0 7.0 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Accumulate 4,340 4,611 4,841 1,057 1,282 19.4 19.6 124.8 153.7 34.8 28.2 17.2 12.7 56.3 51.8 4.7 3.9

Relaxo Footwears Accumulate 733 791 880 1,146 1,333 10.9 11.4 45.9 60.9 16.0 12.0 3.3 2.7 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 235 343 221 1,158 1,322 11.9 11.9 72.9 85.7 3.2 2.8 0.6 0.5 19.9 19.6 0.4 0.4Styrolution ABS India* Buy 413 617 726 1,068 1,223 9.6 9.6 38.1 44.1 10.9 9.4 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 59 108 368 300 319 35.8 36.2 7.9 9.1 7.4 6.5 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 273 371 420 814 849 17.0 17.6 64.6 69.2 4.2 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 535 686 416 435 516 6.2 7.1 24.3 33.3 22.0 16.1 3.6 3.1 17.6 20.8 0.8 0.7

Tree House Accumulate 273 297 983 153 194 53.0 52.8 12.4 15.6 22.1 17.5 2.6 2.3 11.8 13.1 6.6 5.1

TVS Srichakra Buy 179 230 137 1,591 1,720 6.1 6.4 24.5 38.3 7.3 4.7 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,642 - 38,397 12,294 14,162 12.0 12.0 42.1 67.7 62.8 39.0 4.4 4.0 9.1 10.7 3.5 3.0

Vesuvius India* Buy 364 439 739 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 11, 2013


Market Outlook

Stock Watch

July 12, 2013

7/28/2019 Market Outlook, 12-07-2013

14/14


Documents

Market Outlook, 12-07-2013