Market Outlook, 15-05-13

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Market OutlookMay 15, 2013

Dealers Diary

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

positive opening in SGX Nifty which is trading higher by 0.45%. Most of the Asian

markets too are trading in the green.The US stocks, extending the upward trend seen over the past month, moved

notably higher on Tuesday despite negative sentiment generated by the news that

JP Morgan (JPM) lowering its growth outlook for the Chinese economy. The gains

lifted the Dow and the S&P 500 to new record highs, while the Nasdaq set another

new twelve-year high. Meanwhile, the European markets were weak in early trade

Tuesday, largely due to the smaller than anticipated increase in German investor

confidence. However, the markets reversed direction after investors were

encouraged by the positive performance of the U.S. markets.

Indian markets posted modest gains on Tuesday after government data showed

India's headline inflation slowed for a third straight month in April, allowing room

for the RBI to extend monetary easing to revive flagging growth. Inflation based on

the wholesale price index slowed to a 41-month low of 4.89% in April from 5.96%a month ago, with prices of food, manufacturing products, fuel and power all

showing a tendency to decline.

Markets Today

The trend deciding level for the day is 19,736 / 5,997 levels. If NIFTY trades above

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

up to 19,818 19,915 / 6,024 6,053 levels. However, if NIFTY trades below

19,736 / 5,997 levels for the first half-an-hour of trade then it may correct up to

19,639 19,556 / 5,968 5,941 levels.

Indices S2 S1 PIVOT R1 R2

SENSEX 19,556 19,639 19,736 19,818 19,915NIFTY 5,941 5,968 5,997 6,024 6,053

News Analysis

Inflation softens to 41-month low Ranbaxy settles the US suit IVRCL bags orders worth `639cr Hindalcos subsidiary Novelis reports 4QFY2013 results Result Review: DRL,United Bank, Amara Raja Batteries, HTMedia Result Preview: United spirits, IRB Infra

Refer detailed news analysis on the following page

Net Inflows (May 13, 2013)

` cr Purch Sales N et M TD YTD

FII 2,097 1,616 481 7,602 68,759

MFs 198 240 (42) (1,641) (10,232)

FII Derivatives (May 14, 2013)` cr Purch Sales N et O pen Interest

Index Futures 1,916 1,592 324 15,345

Stock Futures 1,392 1,570 (178) 27,286

Gainers / Losers

G a iners LosersC ompa ny Price (`) chg (%) Com pan y Price (`) chg (%)

Eicher Motors 3,263 6. 7 Amara Raja 265 (5.3)

Reliance Comm 112 5. 8 Muthoot Fin 150 (5.1)

Motherson Sumi 209 5. 1 Tata Global 141 (3.3)

Uco Bank 75 4. 5 MMTC 262 (3.0)

United Phos 151 4. 0 Dr Reddys Lab 2,026 (2.7)

D om estic Indices C hg (%) (Pts) (C lose)

BSE Sensex 0.2 31 19,722

Nifty 0.2 15 5,995

MID CAP 0.3 18 6,462

SMALL CAP 0.0 0 6,117

BSE HC 0.8 68 8,880

BSE PSU 0.5 33 6,798

BANKEX 0.1 18 14,395

AUTO (0.2) (23) 11,015

METAL 0.0 0 8,610

OIL & GAS 0.3 29 8,717

BSE IT 0.2 12 5,965

G lobal Indices Chg (%) (Pts) (C lose)

Dow Jones 0.8 124 15,215NASDAQ 0.7 24 3,463

FTSE 0.8 54 6,686

Nikkei (0.2) (24) 14,758

Hang Sang (0.3) (60) 22,930

Straits Times 0.1 4 3,433

Shanghai Com (1.1) (25) 2,217

Indian ADR Chg (%) (Pts) (C lose)

INFY 0.3 0.1 $42.9

WIT (1.3) (0.1) $7.8IBN 0.4 0.2 $46.7

HDB 0.3 0.1 $42.4

Adva nces / D eclines BSE N SE

Advances 1,140 651

Declines 1,194 717

Unchanged 132 88

Volume s (` cr)

BSE 1,671

NSE 8,923

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Inflation softens to 41-month low

Wholesale Price Index (WPI) inflation for April 2013 moderated for the third

straight month to 4.89%, a 41-month low as compared to 5.96% in the previous

month and 7.50% in April 2012. The deceleration is broad-based since inflation

across primary articles, fuel and manufactured articles has moderated. Coreinflation softened for the eighth straight month to 2.7% as compared to 3.4% in

the previous month and 5.0% in the corresponding month of the previous year

reflecting the decline in commodity prices on a yoy basis as well as weak pricing

power in manufacturing. We believe that the softening trend in both WPI and CPI

inflation is likely to give the RBI scope for easing the monetary policy rate. We

expect a 25bp repo rate cut in its June policy review.

Worryingly however, the headline inflation for February 2013 has been revised

upwards by 44bp to 7.3% owing to revision across categories primary articles (by

84bp), fuel (by 17bp) and manufactured articles (by 28bp). Earlier, inflation for

January 2013 was also revised similarly by about 70bp to 7.3% from 6.6%reported earlier and such revisions do not bode well for the inflationary trajectory.

Primary articles weightage 20.1%

Inflation in primary articles moderated to a 15-month low at 5.8% as compared to

7.6% in the previous month and 9.6% in April 2012 owing to deceleration of

inflation in food and non-food articles. Inflation in food articles (at double-digits

for most of FY2013) came in at 6.1% as compared to 8.7% in March 2013. This

moderation can be attributed to the 4.1% decline in inflation for fruits and

vegetables. In particular inflation in vegetables aided by a high base effect

declined by 9.0% as against a steep 61.9% rise in April 2012.

Although inflation in food articles has moderated, it remains above double-digits

at 15.6% for cereals and 10.3% for pulses. The Consumer Price Index (CPI) gives

49.7% weightage to the food basket and it moderated to a 13-month low in April

2013 at 9.4% in line with moderation in food inflation.

Fuel and power weightage 14.9%

Inflation in fuel and power decelerated to 8.8% during the month as compared to

10.2% in March 2013 and 12.1% in April 2012. Its contribution to overall

headline inflation came off from 168bp in the previous month to 144bp in April

2013. However, a key to note is that the coal price index is flat since January as it

has not been revised and electricity tariff revision by some states has not yet been

incorporated and these revisions are likely to push up the index going ahead.

Manufactured products weightage 65.0%

Inflation in manufactured products decelerated for the seventh straight month to

3.4% in April 2013 as compared to 4.1% in March 2013 and 5.3% in the

corresponding period of the previous year. Core inflation ie the non-food

manufacturing component of inflation softened further for the eight consecutive

month to 2.7% as compared to 3.4% in the previous month and 5.0% in April 2012.

The deceleration in core inflation can be attributed to decline in commodity prices

on a yoy basis as well as continued weakness in pricing power.

In light of the positive surprises in WPI and CPI inflation and the benign outlook

going ahead for global commodity and crude prices, we see scope for policy

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easing by the RBI in its June monetary policy review. We expect the RBI to cut the

repo rate by 25bp at its June 17 policy meet. But on the other hand the trade

deficit soared by 72.6% mom during April 2013 and in view of risks from the

current account deficit we expect the RBI to reiterate its cautious stance on policy

easing going forward and focus on monetary transmission.

Ranbaxy settles the US suit

Ranbaxy Labs settled the US suit by pleading guilty to "felony charges" relating to

manufacture and distribution of certain adulterated drugs made at two India units,

the US subsidiary of Ranbaxy today agreed to pay US $ 500mn -- the largest

settlement with a generic medicine maker till date.

Ranbaxy also agreed to pay a criminal fine and forfeiture totaling US $150mn and

to settle civil claims under the False Claims Act and related State laws for US

$350mn. Ranbaxy USA pleaded guilty to three felony counts under Federal FoodDurg and Cosmetics Act (FDCA), and four felony counts of knowingly making

materially false statements to the Food and Drug Administration (FDA).

With this settlement, the long lawsuit is now over for the company and since the

amount in terms of penalty is same as earlier provided by the company, its

positive for the company both from short and long term perspective.

Thus, with this development, one of the overhangs on the stock is out. However,

we believe that stock will be closely monitoring its operating performance, which

we believe will take some time to improve. As in the latest quarter the company

posted operating margins of ~6-7%, which is much below its peers and hence was

the main reason for the stocks under performance. According to the Management

it will take 3-4 years before margins come in line with its peers. Thus, while

valuations are very attractive for a long term perspective, we believe that the stock

from a near term perspective looks fairly valued, especially given our operating

estimates are still on the higher side then the delivery and hence can pose a cause

of disappointment and hence we rem ain neutral on the stock.

IVRCL bags orders worth `639cr

IVRCL Ltd said its transportation division has bagged orders worth `445.54cr for

road and drain improvement works in Karnataka, construction and upgradation of

road in Madhya Pradesh and construction of roadbed, station buildings and

passenger amenities for east coast railway. The Building Division secured orders

worth `183.61cr. The works invloves construction of secondary technical school in

Umm Al Quwain in UAE and construction on integrated office building for ISRO in

New Delhi. Also, the company has bagged various orders worth around `10 crore

pertain to various other miscellaneous work. We continue to maintain our Buy

rating on the stock with target price of `3 5 .

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Hindalcos subsidiary Novelis reports 4QFY2013 results

Hindalcos subsidiary Novelis reported its 4QFY2013 results. The companys

topline declined by 4.1% yoy to US$2500mn on account of flat sales volumes

coupled with lower aluminium prices. The aluminium shipments in 4QFY2013

stood at 698kt. The EBITDA was also flat yoy at US$235mn and therefore thecompany reported a positive PAT of US$59mn compared to a PAT loss of

US$107mn in 4QFY2012. W e ma intain our N eutral view on H indalco.

Result Review

Dr Reddys Lab (CMP: `2026/ TP: -/ Upside: -)

DRL posted numbers better than expected. The sales came in at `3,340cr is V/

`2,409cr, registering a growth of 26%yoy. The growth was mainly driven by PSAI

segment, which grew by 44.6% yoy, while the generic segment grew by 18.2% yoy.

While, all the regions grew at robust growth in PSAI, the generic segment growth

was driven by the USA market, which grew by 30.7%. The company posted an

OPM of 21.8% V/s 19.8% (expected), down from 24.1% in the last corresponding

period. Higher than expected OPMs during the period aided the net profit to come

in at `571cr, V/s expectation of `313cr. Also the net profit was aided by higher

income during the quarter, which came in `163cr, aided by the US $ 22.5mn a

one time settlement done with Nordion Inc., towards the damages sustained by the

Company due to the breach by Nordion of the then existing Laboratory service

agreement for bioequivalence studies. We remain neutral on the stock.

Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ Sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 11,662 21.0 1,576 92.9 20.8 21.8 4.3 15.5 3.3

FY2015E 13,101 20.8 1,763 103.9 19.6 19.5 3.6 13.9 2.9

Uni ted Bank- (CMP: `58/ TP: under review)

United Banks 4QFY2013 numbers disappointed on operating as well as on asset

quality front. On back of 6.6% yoy increase in operating expense, operating profit

for bank increased by 6.9% yoy to `511cr. NII de- grew 8.9% yoy to `564cr. On

asset quality front, gross and net NPAs increased by 2.1% and 39.1% respectively

sequentially. Hence, higher provisioning by 174.4% yoy at `759cr and tax write

back of`279cr, as against tax expense of`22cr in 4QFY13, led the bank to report

PAT de-growth of 79.1% yoyat `31cr. The stock is currently under review.

Y/ E O p . Inc N IM PAT EPS ABV RO A RO E P/ E P/ ABV

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 3,597 2.6 677 16.0 130.3 0.6 12.5 3.7 0.4

FY2015E 4,008 2.7 860 20.8 150.0 0.7 14.7 2.8 0.4

Amara Raja Batteries (CMP: `265/ TP: `285/ Upside: 8%)

Amara Raja Batteries (AMRJ) registered weak results for 4QFY2013 on account of

contraction in operating margins (down 209bp qoq) primarily due to raw-material

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Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 11,886 14.4 740 50.9 10.6 45.0 3.7 21.8 3.1

FY2015E 13,491 14.0 1,082 74.5 11.4 30.8 3.3 19.5 2.7

No te: Consolidated financials are furnished in the table

IRB Infra (CMP: `117 / TP: `167 / Upside: 43%)

IRB is expected to post a good performance on quarterly basis. We expect a 27.1%

yoy growth in the engineering and construction (E&C) segment to Rs794cr. This

would come on back of healthy execution pace in under-construction build-

operate transfer (BOT) projects. On the BOT front, we expect a revenue of Rs310cr

for 4QFY2013, leading to an overall top-line growth of 30.2% to Rs1,104cr. We

expect blended EBITDA margin at 44.0%, a decline of 91bp yoy. Depreciation for

the quarter is expected to jump 13.3% yoy, owing to completion of the Surat-

Dahisar project. We project net profit before tax and after tax (post minorityinterest) at Rs248cr and Rs187cr, respectively, after factoring a blended tax rate of

25% for the quarter. W e recomm end Buy on the stock with targe t price of `1 6 7 .

Y/ E Sales O PM PAT EPS RO E P/ E P/ BV EV/ EBITDAEV/ Sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 4,152 44.4 564 17.0 16.2 6.9 1.1 7.8 3.5

FY2015E 4,624 45.0 573 17.2 14.6 6.8 0.9 7.9 3.5

Q ua rterly Bloom be rg Brokers Con sensus Estim a teAdani Ports & SEZ (15 / 05 / 20 13 )

Particula rs (` cr) 4 Q F Y 1 3 E 4 Q F Y 1 2 y-o-y (%) 3 Q F Y 1 3 q-o-q (%)

Net sales 839 617 36 868 (3)

EBITDA 589 458 29 666 (11)

EBITDA margin (%) 70.2 74.1 76.7

Net profit 379 339 12 415 (9)

United Spir its (15 / 05 / 20 13 )


Net sales 2,114 1,863 13 2,174 (3)EBITDA 253 195 30 275 (8)

EBITDA margin (%) 12.0 10.5 12.6

Net profit 65 10 554 81 (19)

Baja j Auto (16 / 05 / 201 3 )


Net sales 4,779 4,516 6 5,307 (10)

EBITDA 888 921 (3) 1,012 (12)

EBITDA margin (%) 18.6 20.4 19.1

Net profit 718 772 (7) 819 (12)

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ITC ( 1 7 / 0 5 / 2 0 1 3 )


Net sales 8,053 6,361 27 7,627 6

EBITDA 2,691 2,263 19 2,858 (6)

EBITDA margin (%) 33.4 35.6 37.5

Net profit 1,899 1,614 18 2,052 (7)

Adani Enterprise C onsolidated (20/ 05 / 20 1 3)


Net sales 11,330 10,594 7 13,610 (17)

EBITDA 1,644 1,086 51 2,038 (19)

EBITDA margin (%) 14.5 10.2 15.0

Net profit 263 310 (15) 416 (37)

Coa l India Consolidated (20/ 05 / 20 13 )


Net sales 19,478 19,419 0 17,325 12

EBITDA 5,591 3,786 48 4,288 30

EBITDA margin (%) 28.7 19.5 24.8

Net profit 4,988 4,008 24 4,395 13

Divi's Laboratories (20/ 05 / 20 13 )


Net sales 802 708 13 533 50

EBITDA 303 286 6 182 66

EBITDA margin (%) 37.8 40.4 34.1

Net profit 225 215 5 144 56

Economic and Political News

Govt. expects drop in gold imports by next month India's mineral output up in March, valued at Rs 20,475 cr Show-cause notices to 32 coal block allottees on cardsCorporate News

BHEL to set up a power equipment fabrication plant in Maharashtra Suzlons unit bags 90 million Euro order Piramal Enterprises gets US nod for anti-diabetes molecule Apollo Tyres drops $150 mn via QIB plan

Source: Economic Times, Business Standard , Business Line, Financial Express, M int

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Date Company

May 15, 2013 J & K Bank, Mundra Port, United Spirits, IRB Infra, Orchid Chemicals, Hitachi

May 16, 2013 Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013 ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

May 19, 2013

May 20, 2013 Coal India, Adani Enterp., India Cements

May 21, 2013 Tech Mahindra

May 22, 2013 Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013 BHEL, Indraprasth Gas

May 24, 2013 Britannia

May 25, 2013 MOIL, Force Motors

May 26, 2013

May 27, 2013 Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013 GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR

May 29, 2013 BPCL, Anant Raj

May 30, 2013 M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

2:00PM UK Jobless claims change % Change Apr (7.00) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --

6:00PM US Producer Price Index (mom) % Change Apr (0.60) (0.60)6:45PM US Industrial Production % Apr 0.41 (0.10)

May 16, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.70 --

6:00PM US Housing Starts Thousands Apr 1,036.00 980.00

6:00PM US Building permits Thousands Apr 907.00 940.00

6:00PM US Consumer price index (mom) % Change Apr (0.20) (0.20)

May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 --

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 --

May 23, 2013 1:00PM Germany PMI Services Value May A 49.60 --

1:00PM Germany PMI Manufacturing Value May A 48.10 --

2:00PM UK GDP (YoY) % Change 1Q P 0.60 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) --

7:30PM US New home sales Thousands Apr 417.00 --

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 --

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 --

May 30, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 --

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 --

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 --

June 3, 2013 2:00PM UK PMI Manufacturing Value May 49.80 --


May 15, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.36.8

6.0

4.9

0.01.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ma

-12

Jun-12

Jul-12

Aug-12

Sep-12

Oc-12

Nov-12

Dec-12

Jan-13

Feb-13

Ma-13

Apr-13

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

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 135 - 2,621 1,657 1,906 14.1 14.1 7.7 8.9 17.5 15.2 3.6 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 151 232 6,686 10,298 11,310 16.5 16.5 20.5 23.2 7.4 6.5 1.2 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 265 285 4,530 3,418 3,892 14.5 14.3 18.6 20.4 14.3 13.0 3.4 2.8 26.7 23.8 1.3 1.1

Apollo Tyres Buy 89 104 4,461 13,852 15,487 11.4 11.5 12.8 14.9 6.9 5.9 1.1 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 22 25 5,907 13,778 16,132 7.5 8.6 0.9 2.1 23.8 10.8 1.8 1.7 5.5 11.7 0.5 0.4

Automotive Axle# Neutral 268 - 405 834 965 9.3 10.6 17.3 27.1 15.5 9.9 1.5 1.3 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,784 2,014 51,614 22,552 25,498 18.6 18.6 117.9 134.3 15.1 13.3 5.5 4.4 40.2 36.6 1.9 1.6

Bharat Forge Neutral 229 - 5,340 6,198 6,793 14.6 14.9 14.5 17.3 15.8 13.3 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,016 - 28,311 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.6 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 117 170 400 5,325 5,974 8.4 8.3 40.8 48.5 2.9 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 137 150 11,637 7,053 8,061 14.2 14.5 7.8 9.1 17.5 15.0 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,407 - 2,338 1,525 1,742 14.5 15.7 88.4 109.5 15.9 12.9 2.3 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,672 1,819 33,392 25,274 27,658 14.1 13.7 110.2 139.9 15.2 12.0 5.5 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 117 154 480 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 950 1,006 58,356 44,550 50,260 11.4 11.7 59.6 68.3 16.0 13.9 3.3 2.8 22.3 21.6 1.1 0.9

Maruti Accumulate 1,704 1,847 51,465 48,455 55,723 11.2 10.9 107.8 123.2 15.8 13.8 2.4 2.1 16.2 16.0 0.9 0.7

Motherson Sumi Accumulate 209 222 12,266 28,442 31,493 7.5 7.8 12.5 14.8 16.7 14.1 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 26 30 155 1,479 1,685 10.0 9.9 5.5 7.5 4.7 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 301 324 80,099 206,341 227,695 12.8 13.5 32.3 39.0 9.3 7.7 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,834 7,715 8,584 6.0 6.1 5.0 5.8 7.8 6.7 1.3 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Reduce 516 461 10,934 8,073 9,052 5.5 6.9 11.5 16.9 44.8 30.5 4.1 3.9 9.3 13.1 1.3 1.1BGR Energy Neutral 193 - 1,391 4,114 4,886 11.4 10.7 24.9 28.0 7.7 6.9 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 189 - 46,247 43,757 40,934 17.3 16.9 20.9 19.0 9.1 10.0 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 167 230 1,498 2,896 3,087 5.6 6.2 9.3 11.7 17.9 14.2 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 94 117 6,046 13,790 15,095 6.4 7.4 6.9 9.4 13.7 10.1 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Buy 29 34 241 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 47 63 1,206 7,709 8,399 6.7 7.2 6.1 8.5 7.7 5.5 1.0 0.9 20.2 23.0 0.3 0.3

Thermax Neutral 575 - 6,852 5,931 6,592 9.6 9.7 31.0 34.3 18.6 16.8 3.2 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,206 1,361 22,636 11,979 13,254 19.7 21.3 77.1 91.4 15.6 13.2 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

11/17



Cement

Ambuja Cements Neutral 186 - 28,717 10,232 11,762 23.5 24.5 10.3 12.2 18.1 15.3 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 87 - 2,676 4,777 5,276 17.3 17.1 8.8 10.9 9.9 8.0 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 100 143 1,180 2,313 2,728 19.8 20.7 16.6 23.1 6.1 4.3 0.8 0.7 13.6 16.5 1.1 0.8

Madras Cements Neutral 246 - 5,843 4,293 4,855 27.4 28.6 21.8 28.2 11.3 8.7 2.0 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,639 - 16,161 6,540 7,452 27.4 26.6 319.7 369.9 14.5 12.5 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,970 - 54,012 21,947 25,049 23.8 23.8 106.1 119.8 18.6 16.4 3.1 2.7 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 222 272 1,168 2,013 2,293 22.5 22.5 26.0 24.4 8.5 9.1 0.9 0.9 11.7 9.9 2.2 2.0

Consolidated Co Neutral 12 - 213 2,281 2,492 5.9 6.9 0.7 2.0 16.9 5.7 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 117 167 3,887 4,152 4,624 44.4 45.0 17.0 17.2 6.9 6.8 1.1 0.9 16.2 14.6 3.3 3.4

ITNL Buy 176 230 3,417 7,444 8,041 27.4 28.9 29.8 32.1 5.9 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 19 35 592 6,287 6,836 8.5 8.5 2.3 3.0 8.2 6.3 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 73 90 16,233 14,850 15,631 24.9 25.1 2.5 2.9 28.9 25.7 1.2 1.1 4.2 4.7 2.9 2.8

Larsen & Toubro Buy 1,522 1,795 93,710 69,586 79,247 11.2 11.1 75.1 84.9 20.3 17.9 2.9 2.5 15.2 15.0 1.5 1.4

Nagarjuna Const. Buy 34 45 875 6,576 7,264 8.2 8.3 4.1 4.8 8.3 7.2 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 54 - 1,792 1,338 1,542 10.2 10.2 3.0 4.8 18.2 11.4 0.6 0.6 3.4 5.2 5.6 5.3

Sadbhav Engg. Buy 114 153 1,727 2,511 2,736 10.6 10.6 7.3 7.8 15.8 14.7 2.0 1.8 13.3 12.7 0.9 0.8

Simplex Infra Buy 111 164 549 6,824 7,563 9.2 9.4 18.0 23.4 6.2 4.8 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 30 45 225 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.0 0.2 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 122 142 6,083 7,137 7,907 2.9 2.8 32.3 36.0 3.8 3.4 0.5 0.5 14.2 14.2 - -

Andhra Bank Neutral 91 - 5,087 5,285 5,937 3.0 2.9 21.2 23.4 4.3 3.9 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,467 1,714 68,735 19,055 22,710 3.3 3.2 130.7 152.3 11.2 9.6 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 703 815 29,616 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.9 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 322 360 19,179 14,284 16,295 2.3 2.3 55.9 68.4 5.8 4.7 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Neutral 57 - 3,774 4,289 4,670 2.9 2.8 11.6 13.1 4.9 4.4 0.7 0.6 15.7 15.6 - -

Canara Bank Accumulate 410 461 18,163 11,673 13,208 2.3 2.3 74.8 85.8 5.5 4.8 0.8 0.7 13.7 14.1 - -

Central Bank Accumulate 69 74 7,249 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Accumulate 404 453 6,179 5,397 5,973 2.2 2.2 96.3 105.9 4.2 3.8 0.6 0.5 14.6 14.4 - -

Dena Bank Neutral 91 - 3,186 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.4 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 457 - 7,817 2,916 3,389 3.3 3.3 50.1 59.4 9.1 7.7 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

12/17

7/30/2019 Market Outlook, 15-05-13

13/17



IT

HCL Tech^ Buy 746 863 51,951 28,633 32,216 21.5 20.7 57.3 61.7 13.0 12.1 3.1 2.6 24.0 21.5 1.6 1.4

Hexaware* Buy 81 102 2,405 2,091 2,289 19.0 18.8 10.6 11.3 7.6 7.1 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,352 - 135,037 43,338 47,244 27.5 27.7 169.4 182.6 13.9 12.9 2.9 2.5 20.8 19.3 2.5 2.1

Infotech Enterprises Accumulate 167 185 1,869 1,956 2,174 17.9 17.7 20.4 21.9 8.2 7.7 1.2 1.1 14.7 13.7 0.6 0.4

KPIT Cummins Buy 102 135 1,963 2,513 2,819 16.1 15.5 12.6 14.0 8.1 7.3 1.4 1.2 17.9 16.6 0.7 0.6

Mahindra Satyam Buy 110 143 12,915 8,456 9,385 19.3 19.1 10.6 11.9 10.4 9.2 2.3 1.9 22.4 20.1 1.1 0.9

Mindtree Accumulate 848 920 3,524 2,599 2,871 19.4 19.2 85.2 92.3 10.0 9.2 2.1 1.7 21.4 18.9 1.1 0.9Mphasis& Reduce 431 395 9,051 6,096 6,646 17.6 17.4 38.1 41.6 11.3 10.4 1.6 1.4 14.2 13.7 1.0 0.8

NIIT Buy 23 30 376 1,144 1,267 9.0 9.1 4.3 5.4 5.3 4.2 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 527 593 2,107 1,445 1,617 25.2 25.0 55.3 59.3 9.5 8.9 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,458 1,585 285,304 71,833 81,893 28.4 28.0 78.5 88.0 18.6 16.6 5.6 4.6 30.2 27.9 3.7 3.2

Tech Mahindra Buy 959 1,230 12,307 7,699 8,315 19.3 18.1 107.0 115.0 9.0 8.3 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 348 385 85,700 40,173 43,697 20.4 20.6 26.2 28.5 13.3 12.2 2.6 2.3 19.7 18.4 1.6 1.4

Media

D B Corp Buy 235 272 4,309 1,787 1,974 25.4 26.4 14.5 16.9 16.2 13.9 3.4 2.9 22.4 22.2 2.3 2.0

HT Media Buy 99 117 2,331 2,205 2,380 15.1 15.6 8.0 9.1 12.4 11.0 1.3 1.2 11.2 11.4 0.6 0.5

Jagran Prakashan Buy 93 121 3,083 1,698 1,908 23.9 24.5 7.4 8.4 12.6 11.1 3.2 2.8 26.7 26.8 1.9 1.7

PVR Neutral 373 - 1,476 1,343 1,521 18.8 18.9 18.3 22.9 20.3 16.3 1.9 2.1 10.6 12.3 1.1 1.0

Sun TV Network Neutral 424 - 16,695 2,293 2,571 68.7 68.7 19.3 22.7 21.9 18.7 5.4 4.7 26.1 27.3 6.8 5.8

Metals & Mining

Bhushan Steel Neutral 460 - 10,410 13,794 17,335 30.7 34.8 48.9 83.6 9.4 5.5 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Buy 295 345 186,301 72,174 76,311 33.3 28.4 28.4 30.9 10.4 9.6 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 26 554 2,074 2,176 10.4 11.3 1.9 2.3 8.9 7.5 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 148 213 4,692 1,944 2,317 49.9 51.7 20.8 25.6 7.1 5.8 1.6 1.3 24.3 24.6 2.0 1.4

Hind. Zinc Buy 117 145 49,584 12,358 13,659 51.4 51.6 16.0 17.6 7.3 6.7 1.3 1.1 19.4 18.4 1.7 1.2

Hindalco Neutral 105 - 20,180 88,987 94,163 9.2 9.7 13.8 15.9 7.6 6.6 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 679 - 15,142 39,524 42,064 17.1 16.9 71.8 86.3 9.5 7.9 0.8 0.7 8.6 9.6 0.7 0.6

MOIL Accumulate 221 243 3,706 954 1,062 45.5 47.4 26.1 29.1 8.5 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 190 291 1,211 2,883 3,181 21.7 23.6 40.3 57.7 4.7 3.3 0.4 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 36 - 9,265 8,187 8,416 14.5 14.7 3.2 3.3 11.2 11.0 0.8 0.7 6.8 6.7 0.6 0.6

NMDC Buy 127 179 50,173 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.7 1.5 1.3 20.6 20.2 2.7 2.1


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

14/17



Metals & Mining

SAIL Neutral 62 - 25,586 53,685 64,183 9.3 12.2 5.5 8.3 11.3 7.5 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 160 - 13,940 3,742 4,426 32.9 32.8 30.0 29.8 5.3 5.4 0.7 0.6 14.3 12.5 4.5 3.7

Sterlite Inds Accumulate 95 100 31,909 44,462 45,568 23.2 24.7 18.1 20.2 5.2 4.7 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 304 430 29,515 141,775 151,672 10.5 11.4 35.3 51.7 8.6 5.9 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 104 153 372 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 494 2,668 2,834 10.0 10.1 4.6 5.2 7.9 7.1 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 86 118 281 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,630 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 337 - 42,792 55,815 63,013 15.3 15.2 35.9 41.5 9.4 8.1 1.5 1.3 17.0 17.1 0.7 0.5

ONGC Accumulate 327 354 279,337 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.3

Reliance Industries Neutral 798 - 257,603 380,031 407,721 9.9 69.3 69.3 78.0 11.5 10.2 1.2 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 252 - 3,232 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.8 3.0 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 290 - 4,059 3,700 4,218 23.4 22.8 26.6 30.4 10.9 9.5 2.3 1.9 22.6 21.7 1.2 1.0

Petronet LNG Buy 143 167 10,755 40,356 40,872 5.8 6.4 15.0 16.7 9.6 8.6 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 63 - 3,534 1,079 983 91.8 91.9 8.8 7.8 7.2 8.0 1.2 1.1 17.8 14.1 3.0 3.2

Pharmaceuticals

Alembic Pharma Accumulate 123 139 2,315 1,736 2,008 17.1 18.9 10.7 13.9 11.5 8.8 3.6 2.7 35.0 34.7 1.4 1.2

Aurobindo Pharma Buy 190 264 5,534 6,279 7,033 16.0 16.0 15.2 19.2 12.5 9.9 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,500 - 5,758 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.2 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 832 962 17,035 7,386 8,863 18.0 18.0 39.5 48.1 21.1 17.3 4.8 3.9 24.8 24.7 2.6 2.1

Cipla Buy 399 463 31,996 9,130 10,543 24.8 23.0 21.6 23.2 18.5 17.2 3.0 2.6 17.6 16.2 3.2 2.7

Dr Reddy's Neutral 2,026 - 34,388 11,662 13,101 21.0 20.8 92.9 103.9 21.8 19.5 4.2 3.5 20.8 19.6 3.1 2.7

Dishman Pharma Buy 75 206 603 1,536 1,739 20.2 20.9 15.4 20.6 4.9 3.6 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,324 - 19,686 2,854 3,145 28.6 28.6 76.6 83.3 30.3 27.9 9.1 8.3 31.1 31.0 6.0 5.4

Indoco Remedies Buy 64 90 590 784 902 15.2 15.2 7.8 9.0 8.2 7.1 1.2 1.1 15.6 15.8 1.0 0.8

Ipca labs Buy 545 676 6,871 3,474 4,168 21.0 21.0 37.3 45.1 14.6 12.1 3.5 2.7 26.4 25.3 2.1 1.8

Lupin Buy 752 877 33,674 11,641 13,933 21.3 21.3 34.8 41.8 21.6 18.0 5.1 4.0 26.2 24.8 2.9 2.4

Ranbaxy* Neutral 456 - 19,272 11,400 12,060 10.5 10.5 17.5 22.5 26.0 20.2 4.2 3.6 17.0 19.1 1.6 1.5

Sun Pharma Neutral 964 - 99,640 12,563 14,698 42.6 42.6 29.8 35.5 32.3 27.2 5.7 4.8 19.2 19.3 7.3 6.1

Power

GIPCL Accumulate 72 78 1,089 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

15/17



Power

NTPC Accumulate 154 163 126,815 76,734 86,680 24.5 24.3 13.4 14.5 11.5 10.6 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 230 288 39,122 9,699 12,010 37.0 36.9 6.0 8.4 38.6 27.4 1.4 1.4 3.8 5.1 5.4 4.5

MLIFE Accumulate 399 446 1,631 888 1,002 26.7 25.9 36.3 40.6 11.0 9.8 1.2 1.1 10.8 11.0 2.1 1.8

Telecom

Bharti Airtel Neutral 317 - 120,458 86,933 96,121 30.2 31.2 10.3 15.7 30.9 20.3 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 129 - 42,894 24,959 27,232 27.1 27.5 3.7 4.7 34.8 27.5 2.8 2.6 8.1 9.2 2.1 1.9Rcom Neutral 112 - 23,086 22,221 24,253 32.0 32.2 4.3 6.4 25.8 17.4 0.6 0.6 2.4 3.4 2.6 2.2

Others

Abbott India* Buy 1,430 1,659 3,039 1,863 2,081 11.8 12.4 71.2 83.0 20.1 17.2 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 173 237 1,730 3,929 4,480 7.4 7.7 15.5 19.7 11.2 8.8 1.9 1.6 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 455 562 576 630 795 14.4 13.6 42.8 51.1 10.7 8.9 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 430 566 111 308 351 7.0 7.0 39.6 47.2 10.9 9.1 2.4 1.9 21.8 21.0 0.4 0.4

Finolex Cables Buy 56 68 857 2,563 2,899 9.8 9.8 10.1 11.3 5.6 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 400 570 521 2,299 2,621 4.7 4.9 46.3 57.0 8.6 7.0 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 291 352 670 1,453 1,560 9.4 9.8 38.4 41.4 7.6 7.0 1.6 1.4 22.9 20.8 0.3 0.2

Hitachi Buy 153 177 415 1,053 1,169 6.3 7.1 13.8 17.7 11.1 8.6 1.6 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Sell 2,427 - 2,146 1,842 2,131 7.7 7.8 112.4 132.4 21.6 18.3 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 170 198 153 495 651 12.7 12.9 29.3 39.5 5.8 4.3 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 180 234 207 1,430 1,573 11.1 11.0 19.1 26.9 9.5 6.7 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 181 - 2,919 979 1,164 14.9 15.1 6.0 7.7 30.1 23.5 3.7 3.4 12.9 15.1 3.1 2.6

MRF Neutral 14,813 - 6,282 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.3 8.2 1.7 1.4 23.5 19.2 0.6 0.6

Page Industries Reduce 4,040 3,637 4,507 1,047 1,281 19.6 19.8 127.3 158.1 31.7 25.6 15.2 11.0 54.9 50.0 4.4 3.6Relaxo Footwears Buy 604 736 725 1,148 1,360 11.1 11.5 45.4 61.3 13.3 9.9 2.7 2.1 22.6 24.3 0.8 0.7

Siyaram Silk Mills Buy 263 312 246 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.4 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 522 617 917 1,068 1,223 9.6 9.6 38.1 44.1 13.7 11.8 1.9 1.6 14.5 14.7 0.9 0.7

TAJ GVK Buy 63 108 392 300 319 35.8 36.2 7.9 9.1 7.9 6.9 1.1 0.9 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 286 371 440 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Accumulate 502 553 390 435 516 6.2 7.1 24.3 33.3 20.7 15.1 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Neutral 266 - 957 150 192 52.7 52.5 12.8 16.2 20.7 16.4 2.1 1.8 10.0 11.1 6.0 4.5

TVS Srichakra Buy 174 226 133 1,591 1,739 7.1 7.4 39.4 56.5 4.4 3.1 0.9 0.7 20.6 25.0 0.3 0.3

United Spirits Neutral 2,293 - 29,986 11,886 13,491 14.4 14.0 50.9 74.5 45.0 30.8 3.7 3.3 10.6 11.4 2.8 2.5


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

16/17



Others

Vesuvius India* Buy 370 439 752 600 638 20.1 19.4 35.7 36.6 10.4 10.1 1.9 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 May 14, 2013


Market Outlook

Stock Watch

May 15, 2013

7/30/2019 Market Outlook, 15-05-13

17/17


Documents

Market Outlook, 15-05-13