Market Outlook, 20-05-13

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Market OutlookMay 20, 2013

Dealers Diary

The Indian markets are expected to open in green tracking positive opening in

most of the Asian markets, tracking a positive global lead after US indices notched

another record finish on Friday.

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

Friday, benefiting from some upbeat US economic data as well as comments from

a Federal Reserve official. Thomson Reuters and the University of Michigan

reported that the preliminary reading on their consumer sentiment index for May

came in at 83.7 compared to the final April reading of 76.4, which is the highest

level since July of 2007. A separate report from the Conference Board showed that

its economic index rose by 0.6% in April following a revised 0.2% decrease in

March.

Meanwhile Indian markets rose for a fourth straight session on Friday, driven by

renewed FII buying, with power, capital goods and realty stocks led the gainers,

while consumer durable, healthcare, metal and oil/gas stocks ended on a

downbeat note. Sentiment improved late in the session amid reports global ratings

agency Standard & Poor's has affirmed India's sovereign rating at BBB-minus with a

negative outlook.

Markets Today

The trend deciding level for the day is 20,256 / 6,178 levels. If NIFTY trades above

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

up to 20,358 20,430 / 6,209 6,232 levels. However, if NIFTY trades below

20,256 / 6,178 levels for the first half-an-hour of trade then it may correct up to

20,185 20,083 / 6,156 6,124 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 20,083 20,185 20,256 20,358 20,430NIFTY 6,124 6,156 6,178 6,209 6,232

News Analysis CAT directs cement companies to deposit`630cr Amalgamation of JCPL with JLL Result Review: ITC, Sun TV Result Preview: Coal India

Refer detailed news analysis on the following page

Net Inflows (May 16, 2013)` cr Purch Sales Net MTD YTDFII 4,022 2,781 1,241 10,999 72,157

MFs 647 761 (114) (1,894) (10,484)

FII Derivatives (May 17, 2013)` cr Purch Sales Net Open InterestIndex Futures 849 1,159 (310) 17,201

Stock Futures 1,835 1,943 (108) 29,824

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)ABB 660 21.0 Motherson Sumi 204 (4.1)

Crompton Greav 106 9.1 Colgate Palmolive 1,487 (3.6)

Siemens 621 9.0 Sun TV Network 429 (3.2)

Glaxosmithkl Cons 5,094 6.5 Wockhardt 1,798 (2.7)

TTK Prestige 3,659 6.1 Jain Irrigation 68 (2.6)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.2 39 20,286

Nifty 0.3 17 6,187

MID CAP 0.3 22 6,614

SMALL CAP 0.1 8 6,199

BSE HC (0.4) (36) 9,164

BSE PSU 0.5 34 7,011

BANKEX 0.6 85 15,214

AUTO 0.0 2 11,202

METAL (0.3) (29) 8,794

OIL & GAS (0.2) (22) 9,032

BSE IT 0.3 19 5,947

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.8 121 15,354NASDAQ 1.0 34 3,499

FTSE 0.5 35 6,723

Nikkei 0.7 101 15,138

Hang Sang 0.2 38 23,083

Straits Times (0.1) (3) 3,449

Shanghai Com 1.4 31 2,283

Indian ADR Chg (%) (Pts) (Close)INFY 1.5 0.6 $43.4

WIT 1.9 0.2 $7.9IBN 0.8 0.4 $48.4

HDB 1.5 0.6 $43.0

Advances / Declines BSE NSEAdvances 1,112 630

Declines 1,245 739

Unchanged 142 112

Volumes (` cr)BSE 2,135

NSE 11,376

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CAT directs cement companies to deposit`630cr

The Competition Appellate Tribunal (CAT) in an interim order has directed cement

companies to deposit 10% of the `6,307cr penalty imposed on them by

Competition Commission of India (CCI) for forming cartel in the sector.Passing an

interim order, a COMPAT bench headed by its Chairman Justice V S Sirpurkarasked 10 cement producers along with their lobby group Cement Manufacturer's

Association (CMA) to pay around `630cr within a month. The tribunal also

clarified that if the cement firms fail to deposit the amount within a 30 days time-

frame, their petition would be dismissed. Cement companies upon whom the

penalty has been imposed include top cement players such as ACC, Ambuja

Cements, UltraTech Cements and JP Associates. We are not revising our financial

estimates as the interim order has not upheld the levy of penalty by CCI. Currentlywe have a neutral view on the sector. We maintain an Accumulate on ACC (TP:`1,361) and Buy on JK Lakshmi Cement (TP: `143).

Amalgamation of JCPL with JLL

The amalgamation of Jyothy Consumer Products Ltd. (JCPL) with Jyothy

Laboratories (JLL) has become effective on May 13, 2013. JLL has informed that

the exchange ratio will be 1:4 i.e. a shareholder, holding 4 equity shares of JCPL

as will be allotted 1 equity shares JLL. Currently JCPLs share is trading at`39 and

as per the exchange ratio JLL has valued JCPL at `42 which is a positive for the

JCPL shareholders.

Result ReviewITC (CMP:`335/ TP: -/ Upside: -)

For 4QFY2013 ITC posted strong set of numbers. Net sales rose by 19.2% on a

yoy basis to`8,180cr. Cigarettes business posted a 11.5% yoy growth in net sales

to`3,623cr aided largely by price hikes. Other FMCG business posted a healthy

26.0% yoy growth in net sales to `2,036cr. Agri business posted a strong 31.1%

yoy growth in net sales to `1,855cr. Hotels and Papers & Packaging businesses

posted a top-line growth of 10.4% and 7.9% respectively. OPM came in at 32.1%

up 51bp on yoy basis. While the cigarette business posted 421bp margin

expansion, other FMCG business posted profit of `12cr (vs. loss of `17cr in

4QFY2012). However, other divisions posted margin contraction on a yoy basis.

The companys bottom-line rose by a healthy 19.4% yoy to`1,928cr. We maintainour Neutral view on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 33,506 36.8 8,670 20.2 35.5 30.2 9.8 20.2 7.4

FY2015E 39,067 37.0 10,147 17.1 34.1 25.8 8.0 17.1 6.3

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SUN TV (CMP:`429/ TP: -/ Upside: - )

For 4QFY2013, Sun TVs top-line performance was better than our estimates. The

company reported 10.7% yoy growth in its top-line (vs our expectation of 8%

growth) to`433cr driven by strong growth of 14.6% yoy in advertising revenue to

`269cr. However, on the operating front, margins contracted by 311bp yoy to

73.7%. The company has decided to hike weekday prime-time advertising rates by

19% on an average on Sun TV channel with effect from 15 th July 2013. Hence, we

expect OPM to improve going forward. On the bottom-line front, PAT grew by

11.6% yoy to`178cr. We maintain a neutral view on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,293 68.7 762 19.3 26.1 22.2 5.6 10.2 7.0

FY2015E 2,571 68.7 895 22.7 27.3 18.9 4.9 9.0 6.2

Result Preview

Coal India (CMP:`298/ TP: `345/ Upside: 16%)

Coal India is slated to announce its standalone 4QFY2013 results today. However,

the consolidated 4QFY2013 results are scheduled on 27 th May 2013. The

standalone business of Coal India does not have significant operations and hence

we do not estimate its quarterly standalone numbers. We maintain our Buy ratingon the stock with a target price of `345 based on its consolidated numbers.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 68,349 31.7 17,504 27.7 36.7 10.8 2.9 5.2 1.6

FY2015E 73,450 31.7 18,703 29.6 35.1 10.1 2.5 4.5 1.4

Quarterly Bloomberg Brokers Consensus Estimate

Adani Enterprise Consolidated (20/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)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)

Coal India Consolidated (20/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 19,468 19,419 0 17,325 12

EBITDA 5,548 3,786 47 4,288 29

EBITDA margin (%) 28.5 19.5 24.8

Net profit 4,972 4,008 24 4,395 13

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Divi's Laboratories (20/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)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

Larsen & Toubro (22/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 21,233 18,461 15 15,429 38

EBITDA 2,825 2,561 10 1,475 92

EBITDA margin (%) 13.3 13.9 9.6

Net profit 1,874 1,920 (2) 1,122 67

Zee Entertainment Consolidated (22/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 930 869 7 919 1

EBITDA 217 160 36 261 (17)

EBITDA margin (%) 23.4 18.4 28.4

Net profit 167 160 4 194 (14)

BHEL (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 18,377 19,260 (5) 10,042 83

EBITDA 4,117 4,937 (17) 1,634 152

EBITDA margin (%) 22.4 25.6 16.3Net profit 2,734 3,380 (19) 1,182 131

JSW Steel Consolidated (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 9,135 10,153 (10) 8,866 3

EBITDA 1,544 1,887 (18) 1,331 16

EBITDA margin (%) 16.9 18.6 15.0

Net profit 359 770 (53) 195 84

State Bank of India (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 3,729 4,050 (8) 3,396 10

Tata Steel Consolidated (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 35,018 33,860 3 31,822 10

EBITDA 3,244 3,179 2 2,239 45

EBITDA margin (%) 9.3 9.4 7.0

Net profit 436 434 1 (763) (157)

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Crompton Greaves Consolidated (24/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,333 3,077 8 2,972 12

EBITDA 169 213 (21) 2 8303

EBITDA margin (%) 5.1 6.9 0.1

Net profit 74 100 (26) (189) (139)

Bharat Forge (25/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 708 956 (26) 661 7

EBITDA 155 251 (38) 142 8

EBITDA margin (%) 21.8 26.3 21.6

Net profit 55 55 (-) 48 15

Economic and Political News India invites investment from Japan in infra, electronics India's investments in Sri Lanka topped US$1bn since 2003 S&P warns India of rating downgrade, retains negative outlookCorporate News

Income tax department slaps`582cr tax demand notice on Infosys DGH rejects RIL offer to confirm gas discoveries in KG-D6 Kirloskar Electric bags railway order Tata Teleservices cancels OFS which was to take place on Friday.

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

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Date Company

May 20, 2013 Coal India, Adani Enterp., Divi's Lab., India Cements

May 21, 2013 Tech Mahindra

May 22, 2013 Larsen & Toubro, Zee Entertainment, Thermax, LMW, Nagarjuna Const., Prakash Industries, Subros

May 23, 2013 St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas

May 24, 2013 Crompton Greaves, Britannia, SpiceJet

May 25, 2013 Bharat Forge, MOIL, Sarda Energy, Force Motors

May 26, 2013

May 27, 2013 Nalco, Tata Chemicals, Bhushan Steel, GSPL, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, CESC, IndocoRemedies, Dishman Pharma, PVR

May 29, 2013 ONGC, NMDC, Tata Motors, BPCL, Mphasis, HDIL, Anant Raj

May 30, 2013IOC, M&M, SAIL, Tata Power Co., Power Fin.Corpn., GMR Infra., Unitech, Aurobindo Pharma, Ipca labs, PageIndustries, Madras Cements

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendarDate Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 2.60

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 4.99

May 23, 2013 6:00PM US Initial Jobless claims Thousands May 18 360.00 345.50

1:00PM Germany PMI Services Value May A 49.60 50.00

1:00PM Germany PMI Manufacturing Value May A 48.10 48.50

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

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) (21.80)

7:30PM US New home sales Thousands Apr 417.00 425.00

May 24, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q F (1.40) (1.40)

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 4.90

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

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

June 5, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) --

June 6, 2013 4:30PM UK BOE Announces rates % Ratio Jun 6 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jun 6 0.50 --

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 --

6:00PM US Unnemployment rate % May 7.50 --

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 --

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 --

11:00AM China Industrial Production (YoY) % Change May 9.30 --

June 10, 2013 4:29PM India Imports YoY% % Change May 10.96 --

4:29PM India Exports YoY% % Change May 1.68 --


May 20, 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

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

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

(%)

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-1

2

Jun-1

2

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

(%)

48.0

50.0

52.0

54.0

56.0

58.0

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

Fe

b-1

3

Mar-

13

Apr-

13

Mfg. PMI Services PMI

(15.0)

0.0

15.0

May-1

2

Jun-1

2

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

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

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

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 136 - 2,653 1,657 1,906 14.1 14.1 7.7 8.9 17.7 15.3 3.7 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 155 232 6,856 10,298 11,310 16.5 16.5 20.5 23.2 7.6 6.7 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 248 285 4,235 3,418 3,892 14.5 14.5 18.5 20.4 13.4 12.2 3.2 2.6 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 91 104 4,604 13,852 15,487 11.4 11.5 12.8 14.9 7.1 6.1 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 23 25 6,186 13,778 16,132 7.5 8.6 0.9 2.1 24.9 11.3 1.9 1.7 5.5 11.7 0.5 0.4

Automotive Axle# Neutral 265 - 401 834 965 9.3 10.6 17.3 27.1 15.3 9.8 1.4 1.3 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,834 2,048 53,064 22,839 25,825 18.6 18.5 121.2 136.5 15.1 13.4 5.6 4.4 41.0 36.7 1.9 1.6

Bharat Forge Neutral 241 - 5,609 6,198 6,793 14.6 14.9 14.5 17.3 16.6 13.9 2.2 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,009 - 28,287 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 113 170 387 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 140 150 11,913 7,053 8,061 14.2 14.5 7.8 9.1 17.9 15.4 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,431 - 2,378 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 1.1

Hero Motocorp Accumulate 1,686 1,819 33,664 25,274 27,658 14.1 13.7 110.2 139.9 15.3 12.1 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 116 154 475 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.6 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 986 - 60,508 44,550 50,260 11.4 11.7 59.6 68.3 16.6 14.4 3.4 2.9 22.3 21.6 1.1 0.9

Maruti Accumulate 1,709 1,847 51,638 48,455 55,723 11.2 10.9 107.8 123.2 15.9 13.9 2.4 2.1 16.2 16.0 0.9 0.8

Motherson Sumi Neutral 204 - 12,016 28,442 31,493 7.5 7.8 12.5 14.8 16.3 13.8 4.0 3.2 27.5 25.8 0.6 0.5

Subros Accumulate 26 30 156 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 303 324 80,859 206,341 227,695 12.8 13.5 32.3 39.0 9.4 7.8 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,853 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* Sell 660 461 13,989 8,073 9,052 5.5 6.9 11.5 16.9 57.3 39.0 5.2 5.0 9.3 13.1 1.4 1.2BGR Energy Neutral 211 - 1,522 4,114 4,886 11.4 10.7 24.9 28.0 8.5 7.5 1.1 1.0 25.2 22.6 0.7 0.6

BHEL Neutral 201 - 49,282 43,757 40,934 17.3 16.9 20.9 19.0 9.6 10.6 2.1 1.9 23.7 18.8 1.0 1.0

Blue Star Buy 172 230 1,549 2,896 3,087 5.6 6.2 9.3 11.7 18.5 14.7 3.0 2.6 17.6 19.2 0.6 0.5

Crompton Greaves Buy 106 117 6,787 13,790 15,095 6.4 7.4 6.9 9.4 15.4 11.3 1.7 1.6 11.7 14.5 0.5 0.4

Jyoti Structures Buy 30 34 250 3,074 3,355 9.0 8.8 8.7 10.2 3.5 3.0 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 48 63 1,240 7,709 8,399 6.7 7.2 6.1 8.5 8.0 5.7 1.0 0.9 20.2 23.0 0.3 0.3

Thermax Neutral 613 - 7,305 5,931 6,592 9.6 9.7 31.0 34.3 19.8 17.9 3.4 3.0 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,259 1,361 23,631 11,979 13,254 19.7 21.3 77.1 91.4 16.3 13.8 2.9 2.6 18.7 20.0 1.7 1.4


Market Outlook

Stock Watch

May 20, 2013

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Financials

HDFC Neutral 904 - 139,788 8,573 10,142 3.6 3.6 37.0 43.6 24.4 20.7 5.0 4.5 30.0 30.3 - -

HDFC Bank Neutral 719 - 171,133 27,682 33,916 4.6 4.6 35.3 42.7 20.4 16.9 4.0 3.4 21.3 21.8 - -

ICICI Bank Buy 1,229 1,444 141,742 25,705 30,330 3.1 3.2 83.9 96.3 14.7 12.8 1.9 1.8 15.2 15.7 - -

IDBI Bank Neutral 91 - 12,081 9,477 10,678 2.0 2.1 19.6 22.6 4.6 4.0 0.6 0.5 12.8 13.4 - -

Indian Bank Buy 160 186 6,894 6,185 6,978 3.0 3.0 37.0 42.2 4.3 3.8 0.6 0.6 14.8 15.1 - -

IOB Neutral 64 - 5,919 8,142 8,956 2.5 2.5 16.5 20.7 3.9 3.1 0.5 0.4 11.8 13.4 - -

J & K Bank Neutral 1,318 - 6,391 3,032 3,118 3.8 3.5 218.1 200.9 6.0 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 276 290 13,911 2,113 2,525 2.3 2.3 25.4 29.2 10.9 9.4 1.9 1.7 18.4 18.3 - -

Oriental Bank Neutral 266 - 7,764 6,835 7,588 2.6 2.6 56.5 63.8 4.7 4.2 0.6 0.6 13.1 13.4 - -

Punjab Natl.Bank Buy 835 994 29,506 20,876 23,929 3.3 3.4 151.7 177.0 5.5 4.7 0.9 0.8 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,324 1,839 2,091 2.9 2.8 4.2 4.5 5.9 5.5 1.0 0.9 18.2 17.0 - -

St Bk of India Accumulate 2,425 2,669 165,851 67,091 76,746 3.2 3.1 241.2 280.4 10.1 8.7 1.6 1.4 16.5 17.0 - -

Syndicate Bank Accumulate 130 137 7,846 7,238 8,249 2.7 2.6 27.1 30.4 4.8 4.3 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 81 - 6,077 6,126 6,665 2.6 2.5 12.2 14.4 6.6 5.6 1.0 0.8 11.8 12.6 - -

Union Bank Accumulate 244 260 14,532 11,229 12,794 2.6 2.6 40.7 48.2 6.0 5.1 0.9 0.8 14.6 15.4 - -

United Bank Accumulate 58 64 2,156 3,597 4,008 2.6 2.7 16.0 20.8 3.6 2.8 0.4 0.4 12.5 14.7 - -

Vijaya Bank Neutral 54 - 2,691 2,730 3,059 1.9 2.0 10.2 11.3 5.3 4.8 0.6 0.6 11.8 12.0 - -

Yes Bank Neutral 542 - 19,465 4,390 5,411 2.8 2.8 41.6 47.9 13.1 11.3 2.8 2.3 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,809 - 46,131 12,332 14,524 16.5 16.3 141.6 162.7 34.0 29.6 10.8 8.5 35.4 32.2 3.7 3.1

Britannia Neutral 571 - 6,829 6,417 7,446 5.1 5.5 20.3 25.2 28.2 22.7 9.6 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,487 - 20,221 3,588 4,130 21.1 21.6 44.7 51.9 33.2 28.7 29.9 22.3 100.0 89.1 5.7 4.9

Dabur India Neutral 157 - 27,416 7,183 8,340 16.8 16.8 5.4 6.3 29.3 25.0 11.4 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,094 - 21,423 3,617 4,260 16.1 16.4 120.6 146.4 42.2 34.8 13.0 10.5 33.8 33.4 5.2 4.4

Godrej Consumer Neutral 871 - 29,636 7,801 9,017 16.2 15.9 25.1 29.7 34.6 29.3 7.5 6.2 24.9 24.2 4.0 3.4

HUL Neutral 586 - 126,688 29,167 33,164 13.6 13.7 17.1 18.4 34.3 31.8 33.0 23.9 113.4 87.0 4.2 3.6

ITC Neutral 335 - 264,474 33,506 39,067 36.8 37.0 11.1 13.0 30.2 25.8 9.8 8.0 35.5 34.1 7.6 6.5

Marico Neutral 222 - 14,311 5,273 6,044 14.8 14.9 7.3 8.7 30.6 25.6 6.0 4.9 21.4 21.0 2.7 2.3

Nestle* Neutral 4,970 - 47,918 9,739 11,307 21.5 22.2 131.6 159.9 37.8 31.1 19.1 13.7 58.8 69.5 4.8 4.1

Tata Global Neutral 147 - 9,066 7,998 8,798 9.7 9.8 7.9 8.7 18.6 16.8 2.3 2.2 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 20, 2013

7/30/2019 Market Outlook, 20-05-13

11/15



IT

HCL Tech^ Buy 720 863 50,123 28,633 32,216 21.5 20.7 57.3 61.7 12.6 11.7 3.0 2.5 24.0 21.5 1.6 1.4

Hexaware* Buy 79 96 2,353 2,091 2,289 19.0 18.8 10.6 11.3 7.4 7.0 1.7 1.5 22.8 21.7 0.9 0.8

Infosys Accumulate 2,351 2,465 134,991 43,338 47,244 27.5 27.7 169.4 182.6 13.9 12.9 2.9 2.5 20.8 19.3 2.4 2.1

Infotech Enterprises Accumulate 168 185 1,873 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 0.5

KPIT Cummins Buy 105 135 2,030 2,513 2,819 16.1 15.5 12.6 14.0 8.4 7.5 1.5 1.2 17.9 16.6 0.7 0.6

Mahindra Satyam Buy 107 126 12,650 8,456 9,385 19.3 19.1 10.6 11.9 10.2 9.0 2.3 1.8 22.4 20.1 1.1 0.9

Mindtree Accumulate 829 920 3,444 2,599 2,871 19.4 19.2 85.2 92.3 9.7 9.0 2.0 1.7 21.4 18.9 1.0 0.8Mphasis& Reduce 449 395 9,429 6,096 6,646 17.6 17.4 38.1 41.6 11.8 10.8 1.7 1.5 14.2 13.7 1.1 0.8

NIIT Buy 22 30 370 1,144 1,267 9.0 9.1 4.3 5.4 5.2 4.2 0.5 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 522 593 2,087 1,445 1,617 25.2 25.0 55.3 59.3 9.4 8.8 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,468 1,585 287,320 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.7 3.2

Tech Mahindra Buy 928 1,180 11,915 7,699 8,315 19.3 18.1 107.0 115.0 8.7 8.1 1.9 1.5 21.7 19.1 1.6 1.4

Wipro Accumulate 344 385 84,727 40,173 43,697 20.4 20.6 26.2 28.5 13.1 12.1 2.6 2.2 19.7 18.4 1.6 1.4

Media

D B Corp Accumulate 246 272 4,502 1,787 1,974 25.4 26.4 14.5 16.9 16.9 14.6 3.5 3.0 22.4 22.2 2.3 2.1

HT Media Buy 99 117 2,317 2,205 2,380 15.1 15.6 8.3 9.1 11.9 10.8 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 94 121 3,122 1,698 1,908 23.9 24.5 7.4 8.4 12.8 11.2 3.2 2.8 26.7 26.8 2.0 1.7

PVR Neutral 348 - 1,380 1,343 1,521 18.8 18.9 18.3 22.9 19.0 15.2 1.8 2.0 10.6 12.3 1.1 0.9

Sun TV Network Neutral 429 - 16,906 2,293 2,571 68.7 68.7 19.3 22.7 22.2 18.9 5.4 4.8 26.1 27.3 7.1 6.1

Metals & Mining

Bhushan Steel Neutral 464 - 10,513 13,794 17,335 30.7 34.8 48.9 83.6 9.5 5.6 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Buy 298 345 187,975 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.6 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 24 562 1,976 2,017 11.8 12.7 1.3 2.6 13.6 6.6 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 148 213 4,691 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 122 145 51,486 12,358 13,659 51.4 51.6 16.0 17.6 7.6 6.9 1.4 1.2 19.4 18.4 1.9 1.3

Hindalco Neutral 110 - 21,089 88,987 94,163 9.2 9.7 13.8 15.9 8.0 6.9 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 706 - 15,760 39,524 42,064 17.1 16.9 71.8 86.3 9.8 8.2 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 219 243 3,682 954 1,062 45.5 47.4 26.1 29.1 8.4 7.5 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 186 291 1,187 2,883 3,181 21.7 23.6 40.3 57.7 4.6 3.2 0.4 0.4 10.1 13.0 1.3 1.0

Nalco Neutral 36 - 9,214 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 122 179 48,389 10,329 12,540 73.8 75.0 16.6 19.0 7.4 6.4 1.4 1.2 20.6 20.2 2.6 2.0


Market Outlook

Stock Watch

May 20, 2013

7/30/2019 Market Outlook, 20-05-13

12/15



Metals & Mining

SAIL Neutral 63 - 26,185 53,685 64,183 9.3 12.2 5.5 8.3 11.6 7.7 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 166 - 14,423 3,742 4,426 32.9 32.8 30.0 29.8 5.5 5.6 0.7 0.7 14.3 12.5 4.7 3.9

Sterlite Inds Neutral 97 - 32,649 44,462 45,568 23.2 24.7 18.1 20.2 5.4 4.8 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 312 430 30,297 141,775 151,672 10.5 11.4 35.3 51.7 8.8 6.0 0.7 0.6 7.6 10.3 0.5 0.5

Sarda Buy 108 153 386 1,494 1,568 19.1 20.3 31.3 36.5 3.4 3.0 0.4 0.4 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 502 2,668 2,834 10.0 10.1 4.6 5.2 8.1 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 85 118 279 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 300 345 57,318 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.1 0.9 0.8 16.5 13.6 2.1 1.8

GAIL Neutral 337 - 42,741 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 Neutral 340 - 290,887 157,962 175,367 35.1 36.2 34.3 39.3 9.9 8.7 1.7 1.5 18.2 18.6 1.6 1.4

Reliance Industries Neutral 834 - 269,455 380,031 407,721 9.9 69.3 69.3 78.0 12.0 10.7 1.2 1.1 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 250 - 3,205 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.7 3.0 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 285 - 3,983 3,700 4,218 23.4 22.8 26.6 30.4 10.7 9.4 2.2 1.9 22.6 21.7 1.1 0.9

Petronet LNG Buy 144 167 10,763 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 - 3,525 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 Neutral 131 - 2,471 1,736 2,008 17.1 18.9 10.7 13.9 12.3 9.4 3.8 2.9 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 192 264 5,599 6,279 7,033 16.0 16.0 15.2 19.2 12.7 10.0 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,490 - 5,734 1,682 1,917 16.6 16.6 92.4 99.1 27.0 25.1 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 818 962 16,758 7,386 8,863 18.0 18.0 39.5 48.1 20.7 17.0 4.7 3.8 24.8 24.7 2.6 2.1

Cipla Accumulate 425 463 34,096 9,130 10,543 24.8 23.0 21.6 23.2 19.7 18.3 3.2 2.8 17.6 16.2 3.4 2.9

Dr Reddy's Buy 2,078 2,535 35,271 13,377 15,350 20.4 20.1 112.3 126.8 18.5 16.4 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 73 206 585 1,536 1,739 20.2 20.9 15.4 20.6 4.7 3.5 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,321 - 19,661 2,854 3,145 28.6 28.6 76.6 83.3 30.3 27.9 9.1 8.2 31.1 31.0 5.9 5.3

Indoco Remedies Buy 65 90 600 784 902 15.2 15.2 7.8 9.0 8.4 7.2 1.2 1.1 15.6 15.8 1.0 0.8

Ipca labs Buy 585 676 7,377 3,474 4,168 21.0 21.0 37.3 45.1 15.7 13.0 3.7 2.9 26.4 25.3 2.3 1.9

Lupin Accumulate 804 877 36,001 11,641 13,933 21.3 21.3 34.8 41.8 23.1 19.2 5.4 4.3 26.2 24.8 3.1 2.6

Ranbaxy* Neutral 471 - 19,947 11,400 12,060 10.5 10.5 17.5 22.5 26.9 21.0 4.3 3.7 17.0 19.1 1.7 1.6

Sun Pharma Neutral 965 - 99,810 12,563 14,698 42.6 42.6 29.8 35.5 32.4 27.2 5.8 4.8 19.2 19.3 7.3 6.1

Power

GIPCL Accumulate 72 78 1,088 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 20, 2013

7/30/2019 Market Outlook, 20-05-13

13/15



Power

NTPC Neutral 160 - 131,763 76,734 86,680 24.5 24.3 13.4 14.5 11.9 11.0 1.5 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 249 288 42,375 9,699 12,010 37.0 36.9 6.0 8.4 41.8 29.7 1.6 1.5 3.8 5.1 5.7 4.6

MLIFE Accumulate 402 446 1,642 888 1,002 26.7 25.9 36.3 40.6 11.1 9.9 1.2 1.1 10.8 11.0 2.1 1.8

Telecom

Bharti Airtel Neutral 316 - 119,869 86,592 95,860 31.4 31.8 10.9 14.5 29.0 21.7 2.2 2.0 7.7 9.3 2.1 1.7

Idea Cellular Neutral 132 - 43,590 25,122 27,663 27.0 27.2 4.0 4.8 33.1 27.6 2.8 2.5 8.3 9.1 2.1 1.9Rcom Neutral 114 - 23,447 22,801 24,628 31.0 31.3 3.6 5.3 31.9 21.6 0.7 0.7 2.2 3.1 2.6 2.3

Others

Abbott India* Accumulate 1,451 1,659 3,083 1,863 2,081 11.8 12.4 71.2 83.0 20.4 17.5 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 179 237 1,781 3,929 4,480 7.4 7.7 15.5 19.7 11.5 9.1 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 454 562 574 630 795 14.4 13.6 42.8 51.1 10.6 8.9 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 440 566 114 308 351 7.0 7.0 39.6 47.2 11.1 9.3 2.4 2.0 21.8 21.0 0.4 0.4

Finolex Cables Buy 57 68 870 2,563 2,899 9.8 9.8 10.1 11.3 5.7 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 396 570 516 2,299 2,621 4.7 4.9 46.3 57.0 8.6 6.9 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 280 352 646 1,453 1,560 9.4 9.8 38.4 41.4 7.3 6.8 1.5 1.3 22.9 20.8 0.3 0.2

Hitachi Buy 155 177 421 1,053 1,169 6.3 7.1 13.8 17.7 11.2 8.7 1.6 1.4 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,528 - 2,235 1,842 2,131 7.7 7.8 112.4 132.4 22.5 19.1 2.8 2.5 13.3 13.8 1.1 0.9

IFB Agro Buy 167 198 150 495 651 12.7 12.9 29.3 39.5 5.7 4.2 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 181 234 208 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 169 - 2,732 979 1,164 14.9 15.1 6.0 7.7 28.2 22.0 3.5 3.2 12.9 15.1 3.0 2.5

MRF Neutral 14,989 - 6,357 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.4 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,860 3,637 4,305 1,047 1,281 19.6 19.8 127.3 158.1 30.3 24.4 14.5 10.5 54.9 50.0 4.2 3.4Relaxo Footwears Buy 622 791 747 1,146 1,333 10.9 11.4 45.9 60.9 13.6 10.2 2.8 2.3 23.0 24.6 0.8 0.7

Siyaram Silk Mills Buy 257 312 241 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.3 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 533 617 937 1,068 1,223 9.6 9.6 38.1 44.1 14.0 12.1 1.9 1.7 14.5 14.7 0.9 0.7

TAJ GVK Buy 61 108 385 300 319 35.8 36.2 7.9 9.1 7.8 6.7 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 298 371 459 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 514 553 400 435 516 6.2 7.1 24.3 33.3 21.2 15.5 3.5 3.0 17.6 20.8 0.7 0.6

Tree House Neutral 262 - 943 150 192 52.7 52.5 12.8 16.2 20.4 16.2 2.0 1.8 10.0 11.1 6.0 4.6

TVS Srichakra Buy 185 226 141 1,591 1,739 7.1 7.4 39.4 56.5 4.7 3.3 0.9 0.8 20.6 25.0 0.3 0.3

United Spirits Neutral 2,411 - 31,533 11,886 13,491 14.4 14.0 50.9 74.5 47.4 32.4 3.9 3.5 10.6 11.4 2.9 2.5


Market Outlook

Stock Watch

May 20, 2013

7/30/2019 Market Outlook, 20-05-13

14/15



Others

Vesuvius India* Buy 367 439 745 600 638 20.1 19.4 35.7 36.6 10.3 10.0 1.8 1.6 19.4 17.1 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 17, 2013


Market Outlook

Stock Watch

May 20, 2013

7/30/2019 Market Outlook, 20-05-13

15/15


Documents

Market Outlook, 20-05-13