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7/29/2019 Market Outlook, 13.03.13
1/14
Market OutlookMarch 13, 2013
www.angelbroking.com
Market OutlookMarch 13, 2013
Dealers Diary
Indian markets are expected to open in the red tracking negative trade in the
major Asian Indices like Hangseng, Shanghai and Nikkei which are lower by 0.3%
to 0.6%. SGX Nifty too is currently trading lower by ~0.3%.
US markets were weak on Tuesday after having a strong rally over the past few
trading sessions. The modest weakness on Wall Street is attributable to profit
booking by traders after the strong rally. US markets will keenly await the release
of key reports during the week on industrial production and consumer price
inflation. European markets were mixed on Tuesday as weaker than expected
British industrial production data led to some negative investor sentiment in certain
markets. However, positive news flows from US resulted in gains for other markets.
Meanwhile Indias Key benchmark indices fell on Tuesday for second consecutive
day. There was a positive news on the macro economic front, as the IIP for the
month of January 2013 improved to 2.4% yoy as compared to de-growth of 0.5%yoy in December 2012 and 1.0% yoy growth in January 2012. However, the hopes
of rate cut announcement in RBI quarterly review receded as retail inflation in
February 2013 accelerated to 10.91% vs. 10.79% in January 2013.
Markets Today
The trend deciding level for the day is 19,589/ 5,920 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,673 19,782 / 5,946 5,978 levels. However, if NIFTY trades below
19,589/ 5,920 levels for the first half-an-hour of trade then it may correct up to
19,481 19,397 / 5,888 5,962 levels.
SENSEX 19,397 19,481 19,589 19,673 19,782
NIFTY 5,862 5,888 5,920 5,946 5,978
News Analysis
Industrial growth rebounds to 2.4%, CPI inflation on upward trajectory Punjab discom may not participate in the SEB debt restructuring plan Komatsu set to buy out L&T Stake in JV, deal likely to be valued at `600-700cr JLR registers lower-than-expected retail volumes in February 2013
Refer detailed news analysis on the following page
Net Inflows (March 11, 2013)
FII 3,205 2,198 1,007 5,059 49,426
MFs 244 369 (125) (320) (6,381)
FII Derivatives (March 12, 2013)
Index Futures 1,043 1,561 (518) 10,501
Stock Futures 1,375 1,250 125 25,725
Gainers / Losers
MMTC 318 7.2 MCX 931 (4.9)
Hindustan Copp 118 3.7 Berger Paints 199 (3.9)
J&K Bank 1,317 3.1 Jain Irrigation 68 (3.6)
Madras Cements 264 3.1 Titan Industries 242 (3.5)
Motherson Sumi 200 3.0 Glenmark Pharma 487 (3.4)
BSE Sensex (0.4) (81.3) 19,565
Nifty (0.5) (28.2) 5,914
MID CAP (0.6) (41.2) 6,460
SMALL CAP (0.5) (33.7) 6,318
BSE HC (0.4) (31.2) 8,070
BSE PSU (0.3) (19.3) 6,967
BANKEX (0.9) (128.4) 13,817
AUTO 0.1 8.4 10,836
METAL (0.7) (66.8) 9,339
OIL & GAS (0.0) (1.7) 8,980
BSE IT (0.6) (45.0) 6,919
Dow Jones 0.0 2.8 14,450NASDAQ (0.3) (10.6) 3,242
FTSE 0.1 7.0 6,511
Nikkei (0.3) (34.2) 12,315
Hang Seng (0.9) (200.2) 22,891
Straits Times 0.3 10.0 3,303
Shanghai Com (1.0) (24.0) 2,287
INFY (2.9) (1.6) $52.8
WIT (1.8) (0.2) $9.9IBN (2.3) (1.0) $44.1
HDB (3.4) (1.3) $38.9
Advances 1,154 520
Declines 1,748 922
Unchanged 113 72
BSE 2,068
NSE 9,965
7/29/2019 Market Outlook, 13.03.13
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www.angelbroking.com
Market OutlookMarch 13, 2013
Industrial growth rebounds to 2.4%, CPI inflation onupward trajectory
As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth
in January 2013 improved to 2.4% yoy as compared to de-growth of 0.5% yoy in
December 2012 and 1.0% yoy growth in January 2012. In the April January2013 period, the index reported flattish 0.9% growth as compared to 3.4% growth
in the corresponding period of the previous year.
Growth in eight core industries (37.9% weightage in the index) also gained traction
as it accelerated to 3.9% in January 2013 as compared to growth of 2.5% yoy in
December 2012 and 2.2% yoy growth in January 2012.
Performance on sectoral basis
The rebound in IIP growth, after two straight months of contraction, can be
attributed to a pickup in manufacturing activity (weightage: 75.5%) and electricity
production (weightage: 10.3%). The Manufacturing sector, reported 2.7% growthduring the month aided by a low base effect as compared to growth of 1.1% in
January 2012 and 11 of the 22 industry groups in manufacturing registered
positive growth.
Growth in Electricity accelerated for the second consecutive month to 6.4%, the
highest in seven months as compared to 3.2% in the corresponding month of the
previous year. Mining sector witnessed 2.9% de-growth as weakness in production
of coal, crude oil and natural gas persists due to regulatory issues in the sector.
Performance in the Use-based category
The Capital goods index contracted for the third straight month (by 1.8% inJanuary 2013) despite a favorable base as weakness in the investment cycle
clearly continues to persist. The RBI has initiated policy rate easing and this is likely
to augur positively for investments with a lag of about two quarters. On a FYTD
basis, the capital goods index continued to contract by 9.3% as compared to a
2.9% decline in the corresponding period of the previous year.
Growth in Consumer goods production recovered to 2.8% in January 2013 after
two straight months of contraction mainly since Consumer non durables
rebounded to 5.3%, the highest level in the past 12 months. Consumer durables
contracted slightly by 0.9% as compared to a steeper 8.2% decline in the previous
month and 7.5% decline in January 2012.
CPI inflation at 10.9%
The headline Consumer Price Index (CPI) inflation for February 2013 accelerated
for the fifth straight month to 10.9%, higher than 10.8% in the previous month.
Food inflation inched up to 13.7% on the back of elevated prices of vegetable,
cereals and egg, fish and meat while fuel inflation edged up to 8.7%. The wedge
between WPI (which is moderating) and CPI inflation is widening as the food index
has 50% weightage in the overall index.
Policy Outlook
We expect growth in industrial activity, as measured by the IIP, to remain subdued
in the range of 1% - 2% for FY2013, lower than 2.9% growth in the previous fiscal
year. Going forward, growth in industrial production is likely to be augmented by
7/29/2019 Market Outlook, 13.03.13
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www.angelbroking.com
Market OutlookMarch 13, 2013
the impact of monetary policy easing (with a lag) and a low base effect setting in
for FY2014. We expect a 25bp cut in the repo rate by the Reserve Bank of India in
its March 19 policy review owing to the moderation in growth (4.5% in 3QFY2013
and estimated 5.0% for FY2013) and deceleration of WPI inflation along with
efforts to narrow the fiscal deficit.
Punjab discom may not participate in the SEB debtrestructuring plan
As per media reports, Punjab discom may not participate in discom debt
restructuring plan for ailing state electricity boards, announced last year, as the
power ministry has refused to make changes in the plan, which the Punjab discom
had demanded. As we recollect, the discom debt restructuring process called for
the conversion of 50% of the debt of loss making electricity boards by the
respective states into bonds backed by state guarantees, while the remaining loans
were to be restructured by the lenders with a 3 year moratorium on principalrepayments. Though, the conversion of debt into bonds would have lead to lower
yields for banks(by ~250bps), however, the overall plan was expected to be a
favorable move for the banking sector from a longer term perspective, as it
provided more confidence and clarity on the timeline of the SEB loan repayments.
Till now, six states have agreed to participate in the plan, the deadline for which is
open till March 31, 2013. Now, if Punjab discom refuses to be part of the plan, it
would become the second state after Madhya Pradesh to do so.
Komatsu set to buy out L&T Stake in JV, deal likely to be
valued at `600-700cr
As per media reports, Larsen & Toubro (L&T) is in the final stages of negotiations
to sell its 50% stake in their hydraulic equipment manufacturing joint venture (JV)
L&T Komatsu to Japanese partner Komatsu. As per the report, the deal is valued at
`600-700cr and is a part of restructuring plan of selling its noncore assets.
JLR registers lower-than-expected retail volumes inFebruary 2013
JLR posted lower-than-expected retail volumes for February 2013 primarily due to
a sharp 23% yoy decline in volumes in China following festival season in February
which resulted in lower working days. The sales momentum in other geographies,
however, remained strong with US, Asia Pacific and UK posting a strong volume
growth of 19%, 19% and 15% yoy respectively. The total volumes for the month
posted a modest growth of 3.1% yoy (down 23% mom) to 26,855 units as Land
Rover volumes registered a decline of 0.8% yoy (23.6% mom). Total volumes
ex-Evoque, however, posted a healthy growth of 7.2% yoy (down 22.2% mom) led
by easing of capacity constraints on the Freelander model and the dispatches of
the new Range Rover, smaller engine and AWD variants ofXF andXJ.
Jaguar sales for the month registered a strong 27.1% yoy (down 20.2% mom)
growth, led by growth in theXF andXJ models, which grew by 36.9% and 14.7%
7/29/2019 Market Outlook, 13.03.13
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www.angelbroking.com
Market OutlookMarch 13, 2013
yoy respectively. The introduction of the model year 2013 models - XF Sportbrake,
XF AWD and smaller engine variants ofXF andXJ were the primary growth drivers.
Land Rover volumes on the other hand posted a decline 0.8% yoy (23.6% mom)
largely due to 5.5% and 15% yoy decline in Evoque and Range Rover Sport
volumes respectively. The Freelander model however continued its growthmomentum benefitting from the availability of additional capacity which led to a
25.5% yoy growth in sales. The new Range Rover too posted a strong growth of
24.8% mom as the company continues to ramp-up the deliveries of the new
model.
We retain our positive view on JLR and expect the company to sustain its growth
momentum driven by Evoque and new product launches (Range Rover, Range
Rover Sport, Jaguar XF Sportbrake andAWD and smaller engine variants ofXF and
XJ models).
Economic and Political News
Gujarat govt to develop India's first International Financial Services Centre Over `4.18lakh cr outstanding in I-T arrears till December: FM Road Ministry to miss 9,500 km highway projects target for this fiscalCorporate News
IL&FS Engineering and Construction gets `1,436cr order Infosys expands footprint in Latin America, opens delivery center in Costa Rica
NMDC eyes`
10,000cr from stake sale in Nagarnar plant ONGC to sign pact for Mangalore LNG terminal on March 18Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
7/29/2019 Market Outlook, 13.03.13
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Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 0.70
12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --
March 15, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb 2.00 --
6:00PM US Consumer price index (mom) % Change Feb -- 0.50
6:45PM US Industrial Production % Feb (0.10) 0.30
March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --
6:00PM US Building permits Thousands Feb 904.00 --
3:00PM UK CPI (YoY) % Change Feb 2.70 --
11:00AM India RBI Repo rate % Mar 19 7.75 --
11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --
11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --
March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --
3:00PM UK Jobless claims change % Change Feb (12.50) --
10:00PM US FOMC rate decision % Mar 20 0.25 --
March 21, 2013 2:00PM Germany PMI Services Value Mar A 54.70 --
2:00PM Germany PMI Manufacturing Value Mar A 50.30 --
7:30PM US Existing home sales Millions Feb 4.92 --
March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --
7:30PM US New home sales Thousands Feb 437.00 --
March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --
March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --
6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 --
April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --
April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --
May 15, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --
11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --
Source: Bloomberg, Angel Research
March 13, 2013
Market Outlook
7/29/2019 Market Outlook, 13.03.13
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Market OutlookMarch 13, 2013
www.angelbroking.com
Macro watch
Exhibit 1:Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2:IIP trends
Source: MOSPI, Angel Research
Exhibit 3:Monthly WPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4:Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5:Exports and imports growth trends
Source: Bloomberg, Angel Research
Exhibit 6:Key policy rates
Source: RBI, Angel Research
5.7
9.0
7.5
11.2
8.5
7.68.2
9.2
7.5
6.56.0
5.3 5.5 5.34.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)
4.3
(2.8)
(1.3)
2.5
(2.0)
(0.1)
2.0
(0.7)
8.4
(0.8) (0.5)
2.4
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Ju
l-12
Aug-1
2
Sep-1
2
Oc
t-12
Nov-1
2
Dec-1
2
Jan-1
3
(%)
7.6 7.7 7.5 7.6 7.6 7.58.0 8.1
7.3 7.2 7.26.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Ju
l-12
Aug-1
2
Sep-1
2
Oc
t-12
Nov-1
2
Dec-1
2
Jan-1
3
(%)
48.0
50.0
52.0
54.0
56.0
58.0
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mfg. PMI Services PMI
(30.0)
(15.0)
0.0
15.0
30.0
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
Exports yoy growth Imports yoy growth(%)
7.75
6.75
4.00
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Ju
l-12
Aug-1
2
Sep-1
2
Oc
t-12
Nov-1
2
Dec-1
2
Jan-1
3
Fe
b-1
3
Repo rate Reverse Repo rate CRR(%)
7/29/2019 Market Outlook, 13.03.13
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Agri / Agri Chemical
Rallis Neutral 127 - 2,464 1,466 1,686 14.8 14.8 7.0 8.1 18.1 15.6 3.8 3.3 22.6 22.5 1.6 1.4
United Phosphorus Buy 125 170 5,548 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7
Auto & Auto Ancillary
Amara Raja Batteries Accumulate 276 323 4,712 2,983 3,477 16.1 16.1 18.5 21.6 14.9 12.8 4.3 3.3 32.9 29.1 1.5 1.4
Apollo Tyres Accumulate 87 97 4,370 13,066 14,503 11.5 11.8 13.0 14.5 6.7 6.0 1.3 1.1 21.0 19.4 0.5 0.5
Ashok Leyland Buy 23 28 6,186 12,910 14,836 8.8 9.6 1.5 2.2 15.7 10.5 2.1 1.9 9.3 13.4 0.6 0.5
Automotive Axle# Neutral 290 - 438 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,955 - 56,576 20,775 23,889 18.5 19.0 107.6 126.4 18.2 15.5 7.5 5.9 45.8 42.8 2.4 2.0
Bharat Forge Neutral 227 - 5,291 5,973 6,707 14.4 15.2 13.4 18.6 17.0 12.2 2.2 2.0 13.6 16.9 1.1 0.9
Bosch India* Accumulate 8,572 8,889 26,916 9,717 11,092 16.2 17.0 354.7 423.3 24.2 20.3 4.2 3.6 17.2 17.5 2.4 2.0
CEAT Buy 98 163 337 4,822 5,403 8.2 8.3 29.8 40.8 3.3 2.4 0.5 0.4 14.5 17.0 0.3 0.2
Exide Industries Neutral 130 - 11,025 6,016 7,026 12.7 14.4 5.8 7.8 22.2 16.5 3.3 2.8 15.4 18.2 1.5 1.2
FAG Bearings* Neutral 1,550 - 2,575 1,619 1,879 16.0 16.6 108.6 130.7 14.3 11.9 2.5 2.1 18.8 19.1 1.3 1.1
Hero Motocorp Accumulate 1,678 1,923 33,501 23,990 27,038 13.8 14.6 105.8 120.2 15.9 14.0 6.4 5.2 44.3 41.0 1.1 1.0
JK Tyre Buy 105 165 430 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.5 0.5 0.4 20.5 18.0 0.4 0.3
Mahindra and Mahindra Buy 915 1,019 56,207 40,060 46,301 11.5 11.7 55.3 64.3 16.6 14.2 3.7 3.1 24.5 23.8 1.1 0.9
Maruti Accumulate 1,417 1,563 40,934 43,381 52,411 7.5 8.9 65.6 97.7 21.6 14.5 2.4 2.1 11.8 15.6 0.8 0.6
Motherson Sumi Accumulate 200 209 11,784 25,769 29,010 7.1 7.5 10.2 13.1 19.7 15.4 5.0 3.9 28.1 28.3 0.6 0.5
Subros Buy 26 35 155 1,296 1,476 9.8 9.9 3.4 5.0 7.7 5.1 0.5 0.5 7.2 10.2 0.4 0.4
ata Motors Accumulate 304 326 81,112 184,201 209,642 12.4 13.5 28.0 36.3 10.9 8.4 2.4 1.9 24.6 25.4 0.5 0.4
VS Motor Buy 40 47 1,881 7,019 7,827 6.0 6.3 4.3 5.3 9.3 7.5 1.4 1.3 16.4 18.0 0.2 0.2
Capital Goods
ABB* Sell 613 487 12,979 8,073 9,052 5.5 7.2 11.3 17.4 54.4 35.2 4.7 4.3 8.9 12.8 1.5 1.4BGR Energy Neutral 210 - 1,517 3,412 4,104 13.0 11.6 24.6 26.2 8.5 8.0 1.2 1.1 30.7 25.7 0.8 0.7
BHEL Neutral 201 - 49,209 47,801 43,757 18.0 17.1 24.1 20.8 8.4 9.7 2.5 2.1 32.9 23.6 0.9 1.0
Blue Star Buy 174 238 1,568 2,748 2,896 4.4 5.6 6.8 9.3 25.7 18.7 3.5 3.1 14.5 17.6 0.6 0.6
Crompton Greaves Buy 98 129 6,296 12,136 13,790 3.8 6.3 3.3 6.9 29.7 14.3 1.7 1.6 5.8 11.5 0.6 0.5
Jyoti Structures Buy 33 49 271 2,802 3,074 9.5 9.8 7.7 10.9 4.3 3.0 0.4 0.3 9.6 12.1 0.3 0.3
KEC International Buy 54 75 1,377 6,909 7,723 6.2 7.2 5.4 8.4 10.0 6.3 1.2 1.0 17.0 22.8 0.3 0.3
LMW Neutral 2,018 - 2,274 2,369 2,727 11.7 11.7 143.4 166.0 14.1 12.2 2.3 2.2 17.4 18.4 0.5 0.3
hermax Neutral 583 - 6,946 5,529 5,798 9.0 9.6 27.1 30.3 21.5 19.3 3.7 3.3 18.6 18.2 1.1 1.0
www.angelbroking.com
Market Outlook
Stock Watch
March 13, 2013
7/29/2019 Market Outlook, 13.03.13
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Cement
ACC Neutral 1,285 - 24,133 11,358 12,366 19.9 19.6 75.1 74.9 17.1 17.2 3.3 3.0 19.4 18.1 1.8 1.6
Ambuja Cements Neutral 190 - 29,299 9,730 11,221 25.6 25.0 10.2 11.3 18.6 16.8 3.3 3.1 18.7 19.0 2.6 2.2
India Cements Neutral 85 - 2,602 4,439 4,789 16.7 17.2 6.8 9.1 12.5 9.3 0.7 0.7 6.0 7.7 1.0 0.9
J K Lakshmi Cement Buy 123 143 1,444 2,119 2,478 22.9 22.3 20.3 22.8 6.0 5.4 1.1 0.9 18.0 17.7 0.8 1.1
Madras Cements Neutral 264 - 6,286 3,960 4,270 27.4 27.0 18.6 21.1 14.2 12.6 2.6 2.2 19.7 18.9 2.1 1.8
Shree Cement^ Neutral 4,378 - 15,251 5,678 6,251 29.0 28.6 288.1 334.0 15.2 13.1 4.2 3.3 31.7 28.4 2.1 1.7
UltraTech Cement Neutral 1,905 - 52,242 20,466 23,017 23.3 24.3 100.0 117.1 19.1 16.3 3.5 2.9 19.6 19.5 2.5 2.3Construction
Ashoka Buildcon Buy 209 268 1,099 20,466 23,017 22.5 22.5 24.4 27.0 8.6 7.7 1.0 0.9 12.3 12.1 0.2 0.2
Consolidated Co Neutral 11 - 202 2,262 2,522 5.9 6.3 0.9 1.6 11.9 7.0 0.3 0.3 2.7 4.6 0.4 0.4
IRB Infra Buy 119 164 3,968 3,843 4,212 43.1 43.6 16.8 17.8 7.1 6.7 1.2 1.1 18.3 17.0 3.2 3.4
ITNL Accumulate 200 225 3,879 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.9 1.2 1.1 17.0 16.3 2.7 2.8
IVRCL Infra Buy 25 35 770 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.5) 8.7 0.4 0.4 (5.4) 4.1 0.9 0.6
Jaiprakash Asso. Buy 77 97 17,109 14,243 16,382 26.2 26.1 3.2 4.3 24.0 17.8 1.3 1.2 5.4 7.0 2.6 2.4
Larsen & Toubro Buy 1,498 1,788 92,209 60,666 69,525 10.6 11.2 71.9 85.0 20.9 17.6 3.2 2.8 14.5 15.2 1.7 1.5
Nagarjuna Const. Buy 39 44 1,008 5,863 6,576 8.1 8.2 3.1 4.1 12.8 9.6 0.4 0.4 3.2 4.2 0.6 0.5
Punj Lloyd Neutral 46 - 1,516 11,892 13,116 10.2 10.2 (0.4) 3.0 (107.1) 15.4 0.5 0.5 3.8 0.5 0.5
Sadbhav Engg. Buy 112 157 1,683 1,642 2,642 9.7 10.1 3.2 7.2 34.8 15.4 2.0 1.8 6.0 12.1 1.3 0.8
Simplex Infra Buy 143 197 708 6,026 7,135 9.1 9.3 14.1 24.6 10.2 5.8 0.6 0.5 5.6 9.2 0.5 0.5
Unity Infra Buy 33 58 244 2,180 2,455 13.7 13.4 12.9 14.8 2.6 2.2 0.3 0.3 12.1 12.5 0.5 0.5
Financials
Allahabad Bank Accumulate 143 160 7,145 6,509 7,264 2.7 2.8 28.2 33.5 5.1 4.3 0.7 0.6 13.8 14.7 - -
Andhra Bank Neutral 101 - 5,649 4,795 5,475 3.0 3.0 21.8 21.9 4.6 4.6 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,384 1,678 64,674 15,959 18,660 3.2 3.2 119.2 139.0 11.6 10.0 2.2 1.9 20.3 20.1 - -
Bank of Baroda Buy 739 850 30,370 14,889 17,393 2.5 2.6 108.2 134.0 6.8 5.5 1.0 0.9 15.3 16.7 - -
Bank of India Accumulate 322 350 18,461 12,793 14,823 2.3 2.4 49.5 65.1 6.5 4.9 0.9 0.8 13.6 16.0 - -
Bank of Maharashtra Neutral 53 - 3,116 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.6 16.2 16.9 - -
Canara Bank Accumulate 431 463 19,113 10,783 12,000 2.1 2.3 64.8 82.2 6.7 5.3 0.9 0.8 13.2 15.0 - -
Central Bank Neutral 74 - 5,451 7,158 8,217 2.4 2.6 13.1 20.1 5.6 3.7 0.8 0.7 10.3 14.3 - -
Corporation Bank Buy 402 465 5,956 4,919 5,634 2.1 2.2 96.7 99.9 4.2 4.0 0.7 0.6 16.3 14.9 - -
Dena Bank Accumulate 96 107 3,364 3,090 3,462 2.7 2.7 25.6 24.6 3.8 3.9 0.7 0.6 19.2 15.9 - -
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Financials
Federal Bank Accumulate 493 536 8,429 2,667 2,920 3.2 3.2 49.1 51.4 10.1 9.6 1.3 1.2 13.9 13.1 - -
HDFC Neutral 823 - 127,150 7,446 8,923 3.5 3.5 32.2 38.5 25.6 21.4 5.2 4.6 35.4 32.6 - -
HDFC Bank Neutral 644 - 152,897 21,724 26,578 4.3 4.3 28.7 36.1 22.5 17.8 4.3 3.6 20.7 22.1 - -
ICICI Bank Buy 1,122 1,302 129,068 22,317 26,217 2.9 3.0 72.0 84.6 15.6 13.3 2.0 1.8 14.9 15.9 - -
IDBI Bank Buy 92 106 11,698 8,196 9,305 1.9 2.1 15.4 22.3 6.0 4.1 0.6 0.6 10.7 14.1 - -
Indian Bank Buy 178 208 7,667 5,716 6,362 3.2 3.2 37.7 41.1 4.7 4.3 0.8 0.7 16.9 16.2 - -
IOB Accumulate 74 85 5,858 7,231 8,369 2.4 2.5 10.2 20.2 7.2 3.6 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,317 1,406 6,386 2,784 2,932 3.7 3.7 229.2 199.6 5.8 6.6 1.3 1.1 24.6 18.2 - -
LIC Housing Finance Accumulate 241 257 12,162 1,722 2,080 2.2 2.2 19.9 24.6 12.1 9.8 1.9 1.6 16.6 17.9 - -
Oriental Bank Accumulate 282 314 8,216 6,360 7,004 2.6 2.8 48.1 59.4 5.9 4.7 0.7 0.6 12.1 13.5 - -
Punjab Natl.Bank Buy 805 957 27,302 19,202 22,040 3.2 3.4 146.8 167.9 5.5 4.8 1.0 0.8 17.6 17.5 - -
South Ind.Bank Buy 25 30 3,293 1,583 1,789 3.0 2.9 3.5 4.1 7.1 6.1 1.2 1.0 19.1 17.7 - -
St Bk of India Buy 2,201 2,514 147,717 60,594 70,439 3.3 3.3 221.9 257.4 9.9 8.6 1.7 1.4 17.4 17.7 - -
Syndicate Bank Accumulate 122 135 7,359 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.4 0.8 0.7 22.0 16.5 - -
UCO Bank Neutral 62 - 4,098 5,388 6,262 2.4 2.6 9.0 14.9 6.9 4.1 0.9 0.7 9.1 13.8 - -
Union Bank Accumulate 233 256 12,842 10,006 11,558 2.8 2.8 36.4 47.0 6.4 5.0 0.9 0.8 14.6 16.6 - -
United Bank Buy 64 75 2,318 3,549 3,814 2.5 2.7 12.0 21.4 5.3 3.0 0.6 0.5 10.1 16.3 - -
Vijaya Bank Neutral 52 - 2,597 2,342 2,763 1.9 2.1 8.0 10.9 6.6 4.8 0.7 0.6 10.1 12.6 - -
Yes Bank Accumulate 493 526 17,660 3,364 4,260 2.8 3.0 36.3 42.6 13.6 11.6 3.0 2.5 24.6 23.6 - -
FMCG
Asian Paints Neutral 4,750 - 45,558 11,198 13,319 15.9 15.7 122.1 147.1 38.9 32.3 13.1 10.3 37.7 35.7 3.9 3.2
Britannia Accumulate 538 564 6,431 5,580 6,417 4.8 5.0 18.1 21.7 29.8 24.8 10.8 8.6 38.7 38.7 1.0 0.9
Colgate Neutral 1,314 - 17,866 3,120 3,588 20.3 21.1 38.4 45.1 34.3 29.2 31.8 25.5 104.6 97.0 5.6 4.8Dabur India Neutral 133 - 23,216 6,196 7,183 16.3 16.8 4.5 5.5 29.6 24.3 12.2 9.5 43.4 44.0 3.8 3.2
GlaxoSmith Con* Neutral 4,271 - 17,962 3,084 3,617 15.2 16.3 103.9 123.0 41.1 34.7 13.2 10.9 34.9 34.3 5.2 4.5
Godrej Consumer Neutral 791 - 26,925 6,386 7,743 15.7 17.0 20.8 27.1 38.0 29.2 8.2 6.7 23.7 26.4 4.4 3.6
HUL Neutral 444 - 96,018 25,350 28,974 13.3 13.5 15.1 17.0 29.4 26.2 23.4 16.7 85.7 74.3 3.5 3.0
ITC Neutral 299 - 235,780 29,148 34,191 35.7 36.1 9.4 11.1 31.9 26.9 10.6 8.8 35.9 35.7 7.6 6.4
Marico Neutral 218 - 14,036 4,747 5,402 13.6 13.6 6.3 7.8 34.3 27.8 7.0 5.7 26.0 22.6 3.0 2.5
Nestle* Neutral 4,700 - 45,311 8,302 9,739 22.0 21.5 110.7 130.8 42.5 35.9 25.2 18.1 69.5 58.6 5.5 4.6
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
FMCG
ata Global Accumulate 133 145 8,237 7,272 7,998 9.1 9.9 6.9 8.1 19.4 16.6 2.0 2.0 8.9 9.7 1.0 0.9
IT
HCL Tech^ Neutral 775 - 53,847 25,325 28,476 21.7 20.7 51.0 52.8 15.2 14.7 4.0 3.3 26.8 22.9 2.0 1.7
Hexaware* Buy 93 113 2,769 1,948 2,136 20.9 18.3 10.9 10.1 8.6 9.2 2.3 1.9 27.2 21.0 1.1 0.9
Infosys Reduce 2,918 2,850 167,539 40,746 44,283 28.9 28.8 162.6 172.9 18.0 16.9 4.2 3.6 23.5 21.3 3.6 3.2
Infotech Enterprises Accumulate 172 184 1,916 1,881 1,987 17.9 17.4 18.5 19.4 9.3 8.8 1.4 1.2 14.8 13.6 0.7 0.6
KPIT Cummins Buy 106 134 2,037 2,234 2,477 15.8 15.2 10.9 12.8 9.7 8.3 2.1 1.7 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 129 - 15,203 7,711 8,683 21.6 20.3 8.7 11.3 14.8 11.4 3.5 2.7 30.6 23.7 1.5 1.2
Mindtree Neutral 876 - 3,639 2,357 2,580 21.0 19.3 84.4 86.8 10.4 10.1 2.7 2.2 26.8 21.7 1.3 1.1
Mphasis& Neutral 395 - 8,290 5,531 5,874 17.6 17.5 35.4 37.7 11.1 10.5 1.6 1.4 14.7 13.5 1.0 0.8
NIIT Buy 23 36 387 1,048 1,161 9.1 10.9 4.1 6.2 5.7 3.8 0.6 0.5 10.3 14.1 0.2 0.1
Persistent Neutral 569 - 2,278 1,297 1,433 25.6 24.1 46.5 54.0 12.3 10.6 2.3 1.9 18.5 18.0 1.4 1.2
CS Reduce 1,563 1,465 305,933 62,954 70,871 29.0 28.9 71.6 79.1 21.8 19.8 7.3 5.9 33.2 29.7 4.7 4.1
ech Mahindra Accumulate 1,097 1,205 14,042 6,789 7,609 21.0 19.6 95.8 110.7 11.5 9.9 2.8 2.2 24.3 22.3 2.1 1.8
Wipro Neutral 439 - 108,032 43,514 47,304 20.1 19.4 26.6 27.7 16.5 15.9 3.2 2.8 19.7 17.9 2.2 1.9
Media
D B Corp Buy 243 276 4,456 1,583 1,787 23.9 25.4 11.9 14.5 20.5 16.7 4.1 3.5 21.4 22.4 2.7 2.3
HT Media Accumulate 101 113 2,382 2,061 2,205 14.0 15.1 6.6 7.9 15.3 12.9 1.5 1.4 10.3 11.0 0.8 0.7
Jagran Prakashan Buy 101 125 3,190 1,511 1,698 23.2 23.4 6.4 7.3 15.7 13.8 3.9 3.5 25.9 26.6 2.3 1.9
PVR Neutral 287 - 1,138 820 1,307 17.3 17.3 11.2 17.8 25.8 16.2 1.2 1.1 9.7 10.8 1.1 0.7
Sun TV Network Neutral 426 - 16,778 1,942 2,237 77.2 75.5 17.6 19.1 24.2 22.3 5.8 5.3 25.8 25.2 8.2 7.1
Metals & Mining
Bhushan Steel Neutral 461 - 10,453 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.3 1.1 1.0 11.4 12.6 3.1 2.4Coal India Buy 319 368 201,176 66,666 70,292 25.7 27.3 24.2 26.6 13.2 12.0 3.9 3.1 33.1 29.1 2.0 1.8
Electrosteel Castings Buy 20 28 683 1,984 2,074 10.6 11.6 1.8 2.6 11.2 7.6 0.4 0.1 3.6 5.1 0.5 0.4
Hind. Zinc Buy 120 149 50,809 12,002 13,759 49.7 50.8 14.7 16.4 8.2 7.4 1.6 1.3 21.1 19.8 2.3 1.6
Hindalco Neutral 100 - 19,050 80,205 88,987 9.0 9.2 13.4 13.8 7.4 7.2 0.6 0.5 7.9 7.6 0.6 0.6
JSW Steel Neutral 708 - 15,794 39,072 40,493 16.5 18.2 82.4 90.3 8.6 7.8 0.9 0.8 10.7 10.7 0.8 0.8
MOIL Neutral 237 - 3,973 933 954 46.9 45.5 25.8 26.1 9.2 9.1 1.4 1.3 16.7 15.1 1.8 1.6
Monnet Ispat Buy 237 318 1,512 2,287 2,883 21.8 21.8 35.3 40.7 6.7 5.8 0.6 0.6 9.6 10.2 1.9 1.4
Nalco Accumulate 45 46 11,662 6,630 8,357 11.4 14.5 2.1 3.3 21.3 13.9 1.0 0.9 4.6 6.9 1.0 0.9
NMDC Buy 145 181 57,548 9,674 11,536 75.2 76.6 16.0 18.6 9.1 7.8 2.0 1.7 23.6 23.0 3.8 3.0
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Metals & Mining
SAIL Neutral 71 - 29,306 43,438 56,199 12.0 12.2 6.5 8.5 10.9 8.4 0.7 0.7 6.6 8.2 0.9 0.7
Sesa Goa Accumulate 164 183 14,210 2,412 3,911 30.8 33.1 29.6 31.8 5.5 5.1 0.8 0.8 16.3 15.4 7.4 4.6
Sterlite Inds Accumulate 99 110 33,102 43,185 45,442 23.3 23.7 16.8 17.9 5.9 5.5 0.7 0.6 11.6 11.2 0.8 0.7
ata Steel Buy 356 443 34,551 142,732 146,575 7.4 9.9 7.2 34.7 49.5 10.3 0.8 0.7 1.6 7.5 0.5 0.5
Sarda Buy 118 148 424 1,442 1,494 19.0 19.1 29.2 31.7 4.1 3.7 0.5 0.4 12.3 12.0 0.6 0.6
Prakash Industries Buy 36 52 478 2,512 2,816 12.4 13.7 10.0 12.6 3.6 2.8 0.2 0.2 7.2 8.4 0.5 0.4
Godawari Power andIspat Buy 92 112 293 2,367 2,425 14.2 13.7 33.3 33.5 2.8 2.8 0.3 0.3 12.9 11.2 0.6 0.5
Oil & Gas
Cairn India Buy 298 383 56,876 17,394 17,034 76.4 72.3 60.8 55.1 4.9 5.4 1.0 0.9 21.9 17.0 2.4 2.1
GAIL Neutral 346 - 43,845 48,077 55,815 15.3 15.3 34.9 35.9 9.9 9.6 1.8 1.5 19.0 17.0 0.6 0.5
ONGC Accumulate 325 357 277,968 144,089 158,065 32.8 34.7 28.7 34.4 11.3 9.5 1.8 1.6 17.0 18.3 1.6 1.4
Reliance Industries Neutral 848 - 273,629 362,700 380,031 8.9 8.9 68.1 71.5 12.5 11.9 1.3 1.2 12.4 11.8 0.7 0.7
Gujarat Gas* Neutral 275 - 3,528 3,707 3,850 11.7 12.4 23.7 25.7 11.6 10.7 3.2 2.8 29.6 28.2 0.8 0.7
Indraprastha Gas Neutral 281 - 3,940 3,365 3,700 22.8 23.4 25.3 26.6 11.1 10.6 2.6 2.2 26.0 22.6 1.2 1.1
Petronet LNG Buy 148 179 11,074 32,210 41,362 6.1 5.8 15.4 15.6 9.6 9.5 2.5 2.1 29.1 24.1 0.4 0.3
Gujarat State PetronetLtd.
Neutral 66 - 3,711 1,079 983 91.8 91.9 8.8 7.8 7.5 8.4 1.3 1.1 17.8 14.1 3.3 3.6
Pharmaceuticals
Alembic Pharma Neutral 105 - 1,985 1,490 1,714 16.2 17.1 7.4 9.5 14.2 11.1 3.9 3.0 30.7 30.2 1.3 1.1
Aurobindo Pharma Buy 164 208 4,764 5,463 6,279 15.0 15.0 12.4 14.0 13.2 11.7 1.7 1.4 18.8 17.8 1.5 1.3
Aventis* Neutral 2,435 - 5,608 1,482 1,682 17.5 16.6 82.9 87.8 29.4 27.7 4.6 3.7 16.3 14.8 3.5 3.0
Cadila Healthcare Accumulate 754 817 15,446 6,148 7,386 15.3 18.0 24.6 39.5 30.7 19.1 5.8 4.6 18.4 25.1 2.8 2.3
Cipla Accumulate 388 419 31,125 8,151 9,130 25.8 24.8 20.2 21.6 19.2 18.0 3.4 2.9 19.4 17.6 3.6 3.1Dr Reddy's Neutral 1,817 - 30,840 10,696 11,662 20.7 21.0 83.7 92.9 21.7 19.6 4.5 3.7 22.4 20.8 3.2 2.8
Dishman Pharma Buy 77 155 618 1,280 1,536 20.2 20.2 12.1 15.5 6.3 4.9 0.6 0.6 10.0 11.6 1.2 1.0
GSK Pharma* Neutral 2,129 - 18,030 2,651 2,993 31.7 31.2 76.0 82.4 28.0 25.8 8.1 7.2 20.1 26.3 5.9 5.1
Indoco Remedies Buy 65 78 601 642 784 14.2 15.2 5.7 7.8 11.4 8.4 1.4 1.2 12.9 16.4 1.1 1.0
Ipca labs Accumulate 508 559 6,403 2,850 3,474 21.0 21.0 29.9 37.3 17.0 13.6 4.1 3.2 26.7 26.4 2.4 2.0
Lupin Accumulate 599 655 26,823 8,426 10,082 19.7 20.0 26.1 31.1 23.0 19.3 5.3 4.3 25.8 24.7 3.3 2.7
Ranbaxy* Neutral 416 - 17,616 12,253 11,400 14.1 12.5 31.2 21.6 13.4 19.3 4.3 3.7 37.9 20.6 1.3 1.4
Sun Pharma Neutral 827 - 85,552 10,111 12,563 42.6 42.6 28.9 29.8 28.6 27.8 5.8 4.9 22.3 19.2 7.6 6.0
Power
GIPCL Accumulate 75 78 1,132 1,502 1,535 32.1 31.9 11.4 12.5 6.6 6.0 0.8 0.7 7.6 11.9 1.2 1.0
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Power
NTPC Accumulate 148 163 121,992 72,809 81,951 23.4 24.1 12.2 13.6 12.1 10.9 1.5 1.4 12.2 12.5 2.3 2.2
Real Estate
DLF Neutral 284 - 48,209 7,953 9,699 34.7 37.0 4.4 6.0 65.0 47.6 1.8 1.8 3.1 3.8 8.1 6.3
MLIFE Accumulate 402 446 1,643 786 888 26.3 26.7 31.0 36.3 13.0 11.1 1.3 1.2 10.1 10.8 2.4 2.1
Telecom
Bharti Airtel Accumulate 315 350 119,698 80,521 87,160 30.5 30.5 6.4 10.4 49.3 30.3 2.3 2.1 4.6 7.0 2.4 2.1
Idea Cellular Neutral 117 - 38,768 22,087 23,927 26.6 27.7 2.9 3.9 40.0 30.0 2.8 2.5 6.9 8.4 2.3 2.1Rcom Neutral 64 - 13,261 21,087 22,067 31.8 31.9 2.6 4.0 24.5 16.1 0.4 0.4 1.5 2.2 2.3 2.1
zOthers
Abbott India Buy 1,383 1,634 2,938 1,926 2,152 13.1 13.5 79.0 90.8 17.5 15.2 3.8 3.2 23.7 22.8 1.3 1.1
Bajaj Electricals Buy 176 217 1,751 3,450 3,929 4.5 7.4 10.0 15.5 17.6 11.3 2.3 2.0 13.0 17.4 0.5 0.5
Cera Sanitaryware Accumulate 447 495 566 460 596 16.4 16.2 34.7 45.0 12.9 9.9 3.2 2.5 27.7 27.8 1.3 1.1
Cravatex Buy 339 545 88 272 308 7.2 7.3 37.5 45.4 9.0 7.5 2.2 1.7 23.7 22.7 0.4 0.4
CRISIL Neutral 927 - 6,514 982 1,136 34.3 34.3 34.3 40.0 27.0 23.2 12.2 9.8 50.9 46.9 6.2 5.2
Finolex Cables Buy 48 61 736 2,268 2,559 9.5 10.0 9.0 10.1 5.4 4.8 0.8 0.7 14.8 14.6 0.2 0.2
Force Motors Buy 398 550 519 2,027 2,299 4.6 5.1 35.3 50.0 11.3 8.0 0.4 0.4 3.9 5.3 0.1 0.1
Goodyear India Accumulate 276 304 638 1,559 1,676 7.1 7.4 27.5 30.5 10.0 9.1 1.6 1.4 16.9 16.7 0.2 0.2
Greenply Industries Sell 388 309 937 1,925 2,235 10.6 10.9 29.6 44.1 13.1 8.8 2.1 1.7 16.8 21.0 0.8 0.6
Hitachi Neutral 131 - 361 905 1,025 4.8 6.0 7.7 12.4 17.1 10.6 1.6 1.4 9.9 14.4 0.5 0.4
Honeywell Automation* Accumulate 2,527 2,842 2,234 2,117 2,491 8.1 7.8 140.5 157.9 18.0 16.0 2.7 2.4 16.3 15.8 1.0 0.8
Styrolution ABS India* Buy 617 744 1,085 1,069 1,223 9.7 9.7 40.0 46.5 15.4 13.3 2.2 1.9 15.1 15.3 1.0 0.8
ITD Cementation Buy 175 239 202 1,455 1,630 12.0 12.1 23.2 31.2 7.6 5.6 0.5 0.4 6.5 8.1 0.6 0.6
Jyothy Laboratories Neutral 167 - 2,690 816 979 14.5 14.9 5.2 6.0 32.4 27.7 3.7 3.4 8.8 10.2 3.5 2.8MCX Buy 931 1,440 4,750 553 624 65.3 66.3 62.5 72.0 14.9 12.9 4.1 3.5 27.5 27.4 6.4 5.2
MRF Accumulate 12,766 14,331 5,414 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.7 7.1 1.5 1.3 22.0 19.4 0.6 0.5
Page Industries Neutral 3,354 - 3,741 856 1,047 19.1 19.6 101.2 127.3 33.2 26.3 17.0 12.6 58.5 54.9 4.6 3.8
Relaxo Footwears Buy 668 887 801 989 1,148 10.7 11.7 41.8 55.5 16.0 12.0 3.6 2.8 25.5 26.3 0.9 0.8
Sintex Industries Buy 57 79 1,793 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.6 0.6 0.5 12.9 13.2 0.7 0.6
Siyaram Silk Mills Buy 283 332 265 1,048 1,157 11.3 12.0 58.7 66.5 4.8 4.3 0.8 0.7 18.9 18.3 0.5 0.5
S. Kumars Nationwide Neutral 10 - 300 6,765 7,393 18.1 18.0 6.4 7.5 1.6 1.3 0.1 0.1 6.1 6.7 0.6 0.6
SpiceJet Buy 35 43 1,671 5,720 6,599 5.3 6.8 3.6 5.4 9.6 6.4 13.9 4.4 - - 0.4 0.3
AJ GVK Buy 66 108 411 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
zOthers
ata Sponge Iron Buy 308 379 474 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2
TK Healthcare Buy 452 655 351 393 439 5.9 6.7 21.1 26.7 21.4 16.9 17.5 19.1 0.8 0.7
VS Srichakra Buy 192 276 147 1,461 1,591 5.6 7.1 6.9 39.4 27.7 4.9 1.1 0.9 3.8 20.6 0.3 0.3
United Spirits Neutral 1,961 - 25,653 10,473 11,939 15.0 15.8 30.4 56.9 64.5 34.5 4.9 3.1 10.8 12.3 3.0 2.3
Vesuvius India Accumulate 330 355 670 591 623 17.5 17.2 29.0 29.6 11.4 11.2 1.7 1.5 16.0 14.5 0.9 0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 12, 2013
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Market OutlookMarch 13, 2013