Market Outlook 210812

7/31/2019 Market Outlook 210812

1/12

Market OutlookAugust 21, 2012

www.angelbroking.com


Dealers Diary

Indian markets are expected to open flat, tracing flattish opening trades in the SGX

Nifty and the minor positive openings in the Asian indices. Asian stocks rose,

heading for a three-month high, ahead of reports on U.S. housing and durable

goods this week that are expected to show the worlds biggest economy is

improving, overshadowing concern about Europes debt crisis.

The US markets after moving moderately lower in early trading on Monday, stocks

moved back to the upside over the course of the session, ending the day nearly

flat. A relatively light day on both the corporate and economic news fronts

contributed to the lackluster performance. Most of the major sectors showed only

modest moves on the day, although housing stocks came under pressure on the

heels of the disappointing earnings news from Lowe's (chain of retail home

improvement and appliance stores)

Indian shares ended a volatile session slightly higher on Friday, with FMCG and ITstocks leading the gainers ahead of the extended holiday weekend

Markets Today

The trend deciding level for the day is 17,705 / 5,369 levels. If NIFTY trades above

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

up to 17,787 17,884 / 5,397 5,428 levels. However, if NIFTY trades below

17,705 / 5,369 levels for the first half-an-hour of trade then it may correct up to

17,609 17,526 / 5,339 5,311 levels.

SENSEX 17,526 17,609 17,705 17,787 17,884NIFTY 5,311 5,339 5,369 5,397 5,428

News Analysis

Hindalco to shut one of its captive power plant Ashok Leyland to roll out Neptune engines soonRefer detailed news analysis on the following page

Net Inflows (August 16, 2012)

FII 2,453 2,318 135 3,786 58,045

MFs 620 540 80 (775) (8,747)

FII Derivatives (August 17, 2012)

Index Futures 1,099 820 279 16,910

Stock Futures 1,134 1,300 (166) 25,275

Gainers / Losers

Mangalore Ref 63 5.4 Reliance Power 88 (5.6)

Shree Renuka Sug 34 5.1 JSW Ispat 10 (5.5)

Shriram Trans 594 4.9 Jain Irrigation 76 (4.4)

India Infoline 58 3.8 Jindal Steel 402 (4.0)

Coromandel Intl 260 3.7 Adani Enter 183 (3.9)

BSE Sensex 0.2 33.9 17,691

Nifty 0.1 3.4 5,366

MID CAP 0.1 2.9 6,158

SMALL CAP 0.0 1.2 6,615

BSE HC 0.7 49.2 7,339

BSE PSU (0.7) (52.2) 7,095

BANKEX (0.1) (15.0) 11,961

AUTO 0.6 58.9 9,535

METAL (1.5) (156.1) 10,327

OIL & GAS (0.3) (24.9) 8,501

BSE IT 1.2 63.7 5,612

Dow Jones (0.0) (3.6) 13,272NASDAQ (0.0) (0.4) 3,076

FTSE (0.5) (28.1) 5,824

Nikkei 0.1 8.7 9,171

Hang Seng (0.3) (63.0) 20,066

Straits Times (0.1) (2.4) 3,062

Shanghai Com (0.4) (9.0) 2,094

INFY 0.2 0.1 $42.7

WIT (0.5) (0.0) $8.0IBN (0.3) (0.1) $34.9

HDB (0.3) (0.1) $35.2

Advances 1,344 492

Declines 1,498 989

Unchanged 130 70

BSE 2,155

NSE 10,262


2/12



Hindalco to shut one of its captive power plant

The Odisha State Pollution Control Board has ordered Hindalco Industries to shut

down the 367MW captive power plant of smelter plant near Hirakud following

breach in its ash pond causing severe crop damage in the nearby areas. The ashpond of aluminium smelter and power complex at Hirakud had developed cracks

which resulted in ash-mixed water overflowing thus damaging nearby agricultural

land. Meanwhile, the company will get power supply from the state electricity

board. However, electricity from state grid could be costlier in our view and it

would raise cost of production at Hirakud smelter (power costs constitute a major

chunk of aluminium smelting costs). The aluminium smelting plant of Hindalcos

Hirakud smelting capacity stands at 146ktpa. Nevertheless, we believe the closure

of CPP at Hirakud would be short-lived and we expect the company to take

measures to restore normalcy at its CPP and restart CPP at its earliest.

Ashok Leyland to roll out Neptune engines soon

Ashok Leyland will roll out its much awaited electronically governed Neptune

engines soon which s supposed to be benchmarked globally for lower operating

costs. The company has developed the engine in-house with technical assistance

from AVL - an Austrian powertrain and combustion expert design house. The

company is currently going in for trial runs of the engine and has completed over

300,000km of field trials. Ashok Leyland plans to use the new Neptune engine in

the U-truck platform. The roll out plans of the new Neptune engine is on the

expected lines and is positive for the company. At the CMP of `22, the stock is

trading at attractive levels of 8.2x FY2014 earnings.

Economic and Political News

CAG pegs loss due to coal sales at about `2 lakhcr CIL suffered 116 mn tonne output loss: CAG PMEAC pegs economic growth at 6.7% for 2012-13 Govt set to notify 51% multi-brand retail FDI in sept.Corporate News

Reliance Capital completes MF stake sale to Nippon Life RIL BP to supply gas to Andhra Power projects REC to extend `10,873cr loan to AP Genco OVL keen on stake in Russias Arctic oil and gas fieldsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 22, 2012 US Existing home sales Millions Jul 4.37 4.51

August 23, 2012 US Initial Jobless claims Thousands Aug 18 366.00 365.00Germany GDP nsa (YoY) % Change 2Q F 0.50 0.50

Germany PMI Services Value Aug A 50.30 50.10

Germany PMI Manufacturing Value Aug A 43.00 43.40

Euro ZoneEuro-Zone ConsumerConfidence

Value Aug A (21.50) (22.00)

US New home sales Thousands Jul 350.00 365.00

August 24, 2012 UK GDP (YoY) % Change 2Q P (0.80) (0.60)

August 28, 2012 US Consumer ConfidenceS.A./

1985=100Aug 65.90 65.00

August 29, 2012 US GDP Qoq (Annualised) % Change 2Q S 1.50 1.70

August 30, 2012 Germany Unemployment change (000's) Thousands Aug 7.00 --

August 31, 2012 India Qtrly GDP YoY% % Change 2Q 5.30 --

September 01, 2012 China PMI Manufacturing Value Aug 50.10 --

September 03, 2012 India Imports YoY% % Change Jul (13.46) --

India Exports YoY% % Change Jul (5.45) --

UK PMI Manufacturing Value Aug 45.40 --

September 06, 2012 Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P (0.20) --

UK BOE Announces rates % Ratio Sep 6 0.50 0.50

Euro Zone ECB announces interest rates % Sep 6 0.75 --

September 07, 2012 UK Industrial Production (YoY) % Change Jul (4.30) --

US Change in Nonfarm payrolls Thousands Aug 163.00 --US Unnemployment rate % Aug 8.30 --

September 09, 2012 China Industrial Production (YoY) % Change Aug 9.20 --

China Consumer Price Index (YoY) % Change Aug 1.80 --

September 10, 2012 China Exports YoY% % Change Aug 1.00 --

September 12, 2012 UK Jobless claims change % Change Aug (5.90) --

India Industrial Production YoY % Change Jul (1.80) --

September 13, 2012 US Producer Price Index (mom) % Change Aug 0.30 --

US FOMC rate decision % Sep 13 0.25 --

September 14, 2012 Euro Zone Euro-Zone CPI (YoY) % Aug 2.40 --

India Monthly Wholesale PricesYoY% % Change Aug 6.87 --

US Industrial Production % Aug 0.65 --

US Consumer price index (mom) % Change Aug -- --

September 17, 2012 India RBI Repo rate % Sep 17 8.00 --

India RBI Cash Reserve ratio % Sep 17 4.75 --

India RBI Reverse Repo rate % Sep 17 7.00 --

Source: Bloomberg, Angel Research


August 21, 2012

Market Outlook


4/12

Market StrategyAugust 21, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

5. 9

7 .5

9. 8

7. 4

9 .4

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

3 .7 3. 42. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8) (0.9)

2. 5

(1.8)

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 8 10.0 9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 3 6. 9

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

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Jun

-12

Ju

l-12

M fg. PM I Services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

60.0

75.0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

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M

ay

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Jun

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Expo rts yo y g ro wth Im ports yo y growth( %)

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research


5/12

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

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

Agri / Agri Chemical

Rallis Neutral 128 - 2,482 1,466 1,686 14.8 14.8 7.0 8.1 18.2 15.8 3.9 3.3 22.6 22.5 1.8 1.5

United Phosphorus Buy 115 170 5,308 8,421 9,263 16.5 16.5 15.0 17.0 7.7 6.8 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 388 - 3,309 2,844 3,213 15.5 15.5 31.5 35.3 12.3 11.0 3.1 2.5 28.7 25.4 1.1 0.9

Apollo Tyres Accumulate 91 99 4,599 13,412 15,041 11.0 11.0 11.5 14.2 8.0 6.5 1.4 1.2 18.7 19.4 0.5 0.4

Ashok Leyland Buy 22 30 5,973 14,920 16,850 9.0 9.3 2.2 2.8 10.3 8.2 1.9 1.7 13.3 15.6 0.5 0.4

Automotive Axle Buy 346 430 523 993 1,140 11.6 11.5 36.9 43.0 9.4 8.1 1.9 1.6 21.2 21.3 0.6 0.4Bajaj Auto Neutral 1,697 - 49,091 21,285 23,927 18.2 18.3 108.5 121.3 15.6 14.0 6.5 5.2 46.1 41.3 1.9 1.6

Bharat Forge Buy 297 351 6,902 7,004 7,985 16.2 16.4 20.3 25.1 14.6 11.8 2.7 2.3 20.0 20.9 1.2 1.0

Bosch India Neutral 8,679 - 27,251 9,034 10,286 17.8 18.3 373.6 435.8 23.2 19.9 4.8 4.0 20.5 19.8 2.7 2.3

CEAT Buy 110 164 376 4,989 5,634 8.7 8.5 32.7 41.1 3.4 2.7 0.5 0.4 15.8 16.9 0.3 0.2

Exide Industries Accumulate 130 149 11,016 5,899 6,771 16.0 17.0 7.4 9.1 17.6 14.2 3.1 2.7 19.0 20.2 1.5 1.3

FAG Bearings Neutral 1,614 - 2,681 1,505 1,747 17.7 18.0 111.5 130.0 14.5 12.4 3.0 2.5 22.8 21.7 1.5 1.2

Hero Motocorp Buy 1,930 2,428 38,543 26,097 29,963 15.0 15.3 139.5 151.8 13.8 12.7 6.5 5.0 54.6 44.3 1.2 1.0

JK Tyre Buy 108 135 443 7,517 8,329 6.1 6.3 26.2 38.5 4.1 2.8 0.5 0.5 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 767 879 47,098 36,536 41,650 11.6 11.5 49.3 54.9 15.6 14.0 3.2 2.7 22.1 21.1 1.0 0.9

Maruti Neutral 1,177 - 34,006 42,887 49,079 5.5 6.6 66.8 87.6 17.6 13.4 2.0 1.8 12.1 14.1 0.6 0.5

Motherson Sumi Buy 177 216 6,952 23,342 26,366 7.8 8.2 13.3 18.0 13.3 9.9 3.2 2.5 26.2 28.4 0.5 0.4

Subros Buy 28 34 170 1,230 1,378 8.8 8.6 4.5 5.7 6.3 5.0 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 240 292 64,082 195,096 219,428 12.8 12.8 39.0 43.9 6.2 5.5 1.8 1.4 32.6 28.2 0.4 0.3

TVS Motor Accumulate 40 43 1,893 7,545 8,301 6.2 6.1 4.9 5.4 8.1 7.4 1.4 1.3 18.8 18.2 0.2 0.2

Capital Goods

ABB* Sell 764 498 16,192 8,760 10,023 5.5 7.5 12.4 20.7 61.5 36.8 5.9 5.2 10.1 15.2 1.8 1.6BGR Energy Neutral 271 - 1,958 3,669 4,561 11.0 11.0 24.7 29.6 11.0 9.2 1.6 1.5 15.3 16.7 - 0.6

BHEL Neutral 229 - 56,062 47,801 43,757 19.4 19.8 25.7 23.9 8.9 9.6 1.9 1.7 22.7 18.3 1.1 0.9

Blue Star Neutral 192 - 1,727 3,047 3,328 5.4 6.9 12.5 16.2 15.4 11.8 3.7 3.0 26.1 28.2 0.7 0.5

Crompton Greaves Accumulate 119 128 7,650 12,691 14,096 7.0 8.5 6.5 9.1 18.3 13.1 2.0 1.8 11.1 14.2 0.6 0.6

Jyoti Structures Buy 39 67 319 2,622 2,801 10.6 11.0 10.9 13.4 3.6 2.9 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 58 69 1,478 6,858 7,431 7.5 8.3 9.0 11.5 6.4 5.0 1.2 1.0 26.9 27.2 0.3 0.3

LMW Neutral 1,924 - 2,167 2,369 2,727 11.7 11.7 143.4 166.0 13.4 11.6 2.2 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 496 - 5,914 5,514 5,559 8.9 9.6 26.9 28.4 18.5 17.5 3.2 2.8 18.4 17.1 1.0 1.0


August 21, 2012

Market Outlook

Stock Watch


6/12



Cement

ACC Neutral 1,328 - 24,927 11,220 12,896 20.0 20.6 71.1 81.2 18.7 16.4 3.3 3.0 18.1 19.0 1.9 1.6

Ambuja Cements Neutral 189 - 29,119 10,205 11,659 24.6 24.2 10.8 12.0 17.5 15.7 3.6 3.3 19.7 19.8 2.5 2.0

India Cements Neutral 85 - 2,603 4,393 4,914 19.3 19.5 10.1 12.7 8.4 6.7 0.7 0.7 8.8 10.6 1.0 0.9

J K Lakshmi Cements Neutral 94 - 1,154 1,964 2,278 19.5 20.4 16.3 17.9 5.8 5.3 0.8 0.7 14.7 14.6 0.7 1.1

Madras Cements Neutral 177 - 4,205 3,608 3,928 27.4 26.9 15.6 18.1 11.3 9.8 1.8 1.5 16.8 16.9 1.8 1.5

Shree Cements Neutral 3,269 - 11,387 5,519 6,293 24.5 23.7 156.6 225.3 20.9 14.5 5.2 4.4 22.3 26.0 1.8 1.4

UltraTech Cement Neutral 1,733 - 47,502 20,167 22,752 21.7 23.0 90.8 107.8 19.1 16.1 19.1 16.1 - - 1.9 1.8Construction

Ashoka Buildcon Buy 262 304 1,381 2,014 2,293 22.4 22.4 22.6 26.7 11.6 9.8 1.3 1.1 11.4 11.9 2.5 2.8

Consolidated Co Neutral 15 - 274 2,262 2,522 6.7 7.5 1.5 2.7 10.0 5.6 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,034 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.6) (17.7) 0.9 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 122 166 4,066 3,964 4,582 42.3 40.2 15.5 16.9 7.9 7.2 1.2 1.1 16.6 15.8 2.6 2.5

ITNL Buy 166 232 3,222 6,840 7,767 26.4 26.1 24.4 28.4 6.8 5.9 1.0 0.9 16.0 16.2 2.6 2.8

IVRCL Infra Buy 44 61 1,184 5,510 6,722 8.8 9.0 2.5 4.6 17.5 9.7 0.6 0.6 3.4 5.8 0.7 0.6

Jaiprakash Asso. Buy 76 91 16,076 15,259 17,502 25.7 24.7 4.2 5.0 17.8 15.1 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,453 1,553 89,165 60,474 69,091 12.1 11.5 79.7 85.4 18.2 17.0 3.1 2.7 16.3 15.1 1.6 1.4

Madhucon Proj Buy 35 56 255 2,206 2,502 10.7 10.7 4.6 4.7 7.5 7.4 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Accumulate 40 45 1,015 5,804 6,513 8.0 8.6 3.0 3.5 13.0 11.3 0.4 0.4 3.2 3.6 0.6 0.7

Patel Engg. Neutral 79 - 548 3,609 3,836 13.1 13.1 14.0 14.6 5.6 5.4 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 51 - 1,680 11,892 13,116 8.9 8.9 1.7 3.1 29.8 16.4 0.6 0.6 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 134 182 2,015 2,789 3,147 10.6 10.7 8.4 10.4 15.9 12.9 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 200 265 990 6,732 7,837 8.1 8.4 23.5 29.4 8.5 6.8 0.8 0.7 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Neutral 127 - 6,370 7,233 8,579 3.1 3.3 40.5 40.9 3.2 3.1 0.6 0.5 19.4 17.0 - -

Andhra Bank Neutral 98 - 5,484 4,959 5,787 3.1 3.1 22.7 24.5 4.3 4.0 0.7 0.6 16.0 15.3 - -

Axis Bank Buy 1,110 1,373 45,991 15,961 19,583 3.1 3.2 117.3 143.1 9.5 7.8 1.8 1.5 20.1 20.8 - -

Bank of Baroda Buy 636 829 24,896 15,830 19,300 2.6 2.7 118.9 147.1 5.4 4.3 0.8 0.7 16.7 18.0 - -

Bank of India Buy 277 323 15,879 13,159 15,851 2.4 2.5 61.1 71.1 4.5 3.9 0.8 0.7 16.6 17.0 - -

Bank of Maharashtra Neutral 46 - 2,703 3,471 3,889 3.1 3.1 9.0 11.5 5.1 4.0 0.7 0.6 13.7 15.5 - -

Canara Bank Buy 358 421 15,866 11,334 13,629 2.2 2.3 75.4 85.1 4.8 4.2 0.7 0.6 15.2 15.3 - -

Central Bank Neutral 69 - 5,105 7,181 8,365 2.5 2.7 16.3 21.8 4.3 3.2 0.7 0.6 12.7 15.1 - -


August 21, 2012

Market Outlook

Stock Watch


7/12



Financials

Corporation Bank Accumulate 391 436 5,793 5,067 5,998 2.1 2.3 105.6 111.0 3.7 3.5 0.6 0.6 17.6 16.3 - -

Dena Bank Buy 91 107 3,175 3,177 3,595 2.8 2.8 25.2 25.4 3.6 3.6 0.6 0.6 18.9 16.4 - -

Federal Bank Neutral 437 - 7,478 2,697 3,171 3.4 3.4 47.9 58.0 9.1 7.5 1.2 1.1 13.6 14.7 - -

HDFC Reduce 712 671 107,325 7,340 8,805 3.5 3.5 31.5 37.8 22.6 18.8 4.5 4.0 34.8 32.2 - -

HDFC Bank Neutral 595 - 140,325 21,936 27,454 4.4 4.4 28.7 36.0 20.8 16.5 4.0 3.4 20.7 22.0 - -

ICICI Bank Buy 962 1,169 110,541 22,356 27,157 2.9 3.0 68.7 82.0 14.0 11.7 1.7 1.6 14.2 15.5 - -

IDBI Bank Buy 87 101 11,090 7,952 9,876 1.9 2.2 18.5 23.6 4.7 3.7 0.6 0.5 12.8 14.7 - -Indian Bank Accumulate 171 190 7,347 6,294 7,191 3.4 3.4 40.6 44.9 4.2 3.8 0.7 0.6 18.1 17.4 - -

IOB Accumulate 73 80 5,782 7,473 8,732 2.5 2.5 16.7 22.6 4.3 3.2 0.5 0.5 11.8 14.4 - -

J & K Bank Accumulate 925 1,026 4,484 2,625 2,921 3.6 3.5 194.4 191.9 4.8 4.8 0.9 0.8 21.2 18.0 - -

LIC Housing Finance Accumulate 250 279 12,609 1,867 2,338 2.4 2.4 21.1 28.5 11.9 8.8 2.0 1.7 17.5 20.4 - -

Oriental Bank Buy 233 278 6,805 6,518 7,458 2.8 2.9 61.3 65.1 3.8 3.6 0.6 0.5 15.2 14.3 - -

Punjab Natl.Bank Buy 727 950 24,670 20,116 23,625 3.3 3.4 152.8 173.9 4.8 4.2 0.9 0.7 18.2 18.0 - -

South Ind.Bank Buy 23 27 2,595 1,514 1,717 2.8 2.7 4.0 4.2 5.7 5.4 1.1 1.0 20.5 18.5 - -

St Bk of India Buy 1,896 2,270 127,250 64,470 75,940 3.5 3.5 224.4 258.7 8.5 7.3 1.4 1.2 17.6 17.8 - -

Syndicate Bank Buy 96 119 5,779 6,840 7,996 2.9 3.0 25.7 29.2 3.7 3.3 0.6 0.6 17.9 17.8 - -

UCO Bank Neutral 69 - 4,570 5,488 6,338 2.4 2.5 17.3 17.7 4.0 3.9 0.8 0.7 17.0 15.3 - -

Union Bank Buy 164 230 9,024 10,299 12,227 2.9 3.0 42.1 49.3 3.9 3.3 0.7 0.6 16.7 17.1 - -

United Bank Buy 54 79 1,946 3,634 4,194 2.8 2.9 18.2 23.0 3.0 2.4 0.4 0.4 15.0 16.7 - -

Vijaya Bank Neutral 52 - 2,579 2,579 3,028 2.1 2.3 8.8 11.6 5.9 4.5 0.7 0.6 11.1 13.3 - -

Yes Bank Buy 360 453 12,760 3,255 4,228 2.8 3.0 34.2 42.7 10.5 8.4 2.2 1.8 23.3 23.8 - -

FMCG

Asian Paints Neutral 3,685 - 35,344 11,198 13,184 16.3 16.3 121.0 144.8 30.5 25.5 10.2 8.0 37.4 35.3 3.1 2.6Britannia Buy 471 584 5,626 5,835 6,824 5.7 6.0 20.7 25.4 22.8 18.6 9.0 6.9 43.1 41.9 0.9 0.7

Colgate Neutral 1,179 - 16,034 3,018 3,429 20.9 22.3 34.6 41.0 34.1 28.8 31.4 23.8 99.5 94.1 5.2 4.5

Dabur India Neutral 119 - 20,791 6,124 7,030 17.0 16.8 4.5 5.2 26.7 23.0 11.0 8.7 43.2 41.5 3.4 2.9

GlaxoSmith Con* Neutral 2,818 - 11,851 3,124 3,663 17.1 17.6 104.5 123.8 27.0 22.8 8.4 6.7 34.4 32.8 3.4 2.9

Godrej Consumer Neutral 639 - 21,745 6,097 7,233 18.4 18.6 21.9 26.5 29.2 24.2 6.5 5.4 25.5 25.4 3.8 3.1

HUL Neutral 502 - 108,548 25,350 28,974 13.9 13.9 14.3 16.5 35.2 30.5 21.0 16.1 70.9 59.8 4.1 3.5

ITC Neutral 262 - 205,109 29,513 33,885 35.4 35.8 9.3 10.8 28.2 24.3 9.3 7.8 35.6 35.0 6.6 5.7


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FMCG

Marico Neutral 192 - 12,349 4,840 5,643 13.1 13.1 6.8 8.5 28.3 22.7 7.8 5.9 31.4 29.7 2.6 2.1

Nestle* Neutral 4,460 - 43,001 8,610 10,174 20.9 21.2 114.8 139.8 38.9 31.9 23.5 16.3 71.2 60.3 5.1 4.2

Tata Global Neutral 135 - 8,330 7,207 7,927 9.7 10.0 6.6 7.9 20.3 17.2 2.1 2.0 8.6 9.5 1.1 0.9

IT

HCL Tech Neutral 558 - 38,678 24,400 27,049 18.6 17.5 41.1 45.0 13.6 12.4 3.1 2.6 22.7 21.1 1.5 1.3

Hexaware Accumulate 120 133 3,543 1,947 2,161 22.0 21.4 11.4 12.1 10.5 9.9 2.7 2.3 26.4 24.0 1.5 1.3

Infosys Accumulate 2,351 2,530 135,025 39,151 41,743 31.6 31.9 161.9 174.5 14.5 13.5 3.5 3.0 23.8 22.1 2.9 2.6Infotech Enterprises Neutral 180 - 2,003 1,889 2,065 18.0 17.5 18.0 19.7 10.0 9.2 1.4 1.3 14.5 13.7 0.7 0.6

KPIT Cummins Neutral 137 - 2,451 2,149 2,331 15.6 14.8 10.7 11.2 12.8 12.2 2.7 2.2 20.6 17.8 1.1 1.0

Mahindra Satyam Neutral 98 - 11,562 7,574 8,062 19.6 18.4 9.5 9.7 10.4 10.2 1.7 1.4 16.1 14.1 1.1 1.0

Mindtree Accumulate 644 708 2,623 2,341 2,513 18.6 17.1 66.5 70.8 9.7 9.1 2.1 1.7 22.3 19.3 0.9 0.8

Mphasis Neutral 380 - 7,993 5,704 6,009 18.6 17.7 36.0 37.1 10.6 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 35 40 571 1,162 1,304 14.8 15.1 7.1 8.8 4.9 3.9 0.8 0.7 16.7 18.4 0.3 0.2

Persistent Neutral 400 - 1,599 1,193 1,278 25.6 24.3 42.6 44.3 9.4 9.0 1.6 1.4 17.2 15.5 1.0 0.8

TCS Neutral 1,277 - 250,025 61,046 67,507 29.3 29.1 67.3 72.4 19.0 17.6 6.1 5.0 31.9 28.3 3.9 3.5

Tech Mahindra Neutral 848 - 10,817 6,148 6,434 18.4 17.6 91.8 97.6 9.2 8.7 2.2 1.8 23.4 20.2 1.7 1.6

Wipro Buy 354 420 87,041 43,492 48,332 19.4 19.3 25.1 28.0 14.1 12.6 2.6 2.3 18.6 18.0 1.7 1.4

Media

D B Corp Buy 186 236 3,404 1,597 1,785 22.9 24.2 11.1 13.9 16.7 13.3 3.2 2.7 20.2 22.1 2.0 1.8

HT Media Buy 85 113 2,006 2,111 2,263 15.2 15.2 7.3 8.1 11.7 10.5 1.2 1.1 11.2 11.2 0.5 0.4

Jagran Prakashan Buy 93 112 2,927 1,506 1,687 22.5 23.2 6.2 7.0 14.9 13.2 3.6 3.2 25.0 25.7 2.1 1.9

PVR Neutral 183 - 475 625 732 17.4 17.1 13.3 15.6 13.8 11.7 1.5 1.3 13.2 13.8 1.2 1.0

Sun TV Network Neutral 303 - 11,921 1,981 2,239 77.0 76.7 18.6 21.3 16.3 14.2 4.1 3.6 27.1 27.5 5.5 4.7Metals & Mining

Bhushan Steel Neutral 472 - 10,015 11,979 14,584 31.6 31.0 49.2 61.4 9.6 7.7 1.3 1.1 14.1 15.2 2.8 2.4

Coal India Accumulate 350 385 221,357 69,808 75,550 27.4 27.4 26.0 28.3 13.5 12.4 3.9 3.2 32.5 28.1 2.2 1.9

Electrosteel Castings Buy 19 22 656 1,984 2,074 11.2 12.6 2.0 2.7 9.3 7.0 0.4 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 124 144 52,457 12,446 13,538 52.3 52.9 14.3 15.5 8.7 8.0 1.6 1.4 20.5 18.9 2.4 1.8

Hindalco Neutral 114 - 21,817 83,212 91,057 9.0 9.9 13.7 18.1 8.3 6.3 0.6 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 721 - 16,097 38,740 41,459 17.3 17.0 79.9 89.4 9.0 8.1 0.9 0.8 10.4 10.6 0.9 0.8

MOIL Accumulate 256 271 4,300 918 993 50.7 50.9 24.5 26.1 10.4 9.8 1.6 1.5 16.0 15.5 2.4 2.0

Monnet Ispat Buy 302 447 1,941 3,115 3,748 22.1 25.1 59.1 66.8 5.1 4.5 0.7 0.6 15.6 15.3 1.4 1.0


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Metals & Mining

Nalco Reduce 53 48 13,646 7,401 7,841 16.7 19.2 3.4 4.1 15.5 12.9 1.1 1.1 7.4 8.4 1.4 1.3

NMDC Accumulate 180 200 71,424 12,093 13,338 78.4 79.0 19.5 21.6 9.3 8.3 2.3 1.9 27.6 25.0 4.0 3.4

SAIL Neutral 83 - 34,366 47,252 60,351 14.2 14.8 9.6 11.7 8.7 7.1 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 187 - 16,274 7,704 8,034 33.6 34.6 42.0 43.1 4.5 4.4 0.9 0.8 22.3 19.2 0.3 -

Sterlite Inds Accumulate 109 115 36,580 41,680 45,382 24.2 23.2 16.3 16.9 6.7 6.4 0.7 0.7 11.3 10.7 0.5 0.4

Tata Steel Buy 395 499 38,344 143,088 148,011 10.9 12.1 53.9 66.0 7.3 6.0 0.9 0.8 12.2 13.4 0.6 0.6

Sarda Accumulate 129 148 463 1,251 1,321 22.7 23.4 33.0 37.1 3.9 3.5 0.6 0.5 15.1 14.8 0.7 0.7Prakash Industries Buy 60 73 808 2,694 2,906 14.6 16.6 17.9 22.6 3.4 2.7 0.4 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 125 161 398 2,341 2,425 15.6 17.3 33.8 43.8 3.7 2.9 0.5 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 334 380 63,734 16,605 17,258 75.4 71.7 57.0 54.9 5.9 6.1 1.1 0.9 20.2 16.3 2.9 2.2

GAIL Neutral 361 - 45,735 50,176 55,815 15.5 15.8 35.4 36.5 10.2 9.9 1.8 1.6 18.9 17.0 0.1 -

ONGC Accumulate 282 312 241,179 147,139 154,821 33.9 33.7 30.7 32.3 9.2 8.7 1.6 1.4 18.3 17.2 1.4 1.3

Reliance Industries Neutral 815 - 266,909 362,700 380,031 7.9 8.0 61.5 64.3 13.3 12.7 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas Neutral 302 - 3,877 2,472 3,267 16.1 11.5 21.2 19.2 14.2 15.8 4.9 4.2 33.4 28.7 1.5 1.1

Indraprastha Gas Neutral 260 - 3,643 3,040 3,135 24.3 26.7 24.8 27.9 10.5 9.3 2.4 2.0 25.5 23.6 1.2 1.1

Petronet LNG Buy 151 176 11,288 22,696 29,145 8.1 6.6 14.1 14.2 10.7 10.6 3.2 2.6 34.1 26.9 0.6 0.4

Gujarat State PetronetLtd.

Neutral 71 - 4,001 1,041 939 91.8 91.9 8.5 7.4 8.4 9.6 1.4 1.3 18.1 14.0 4.7 5.2

Pharmaceuticals

Alembic Pharma Buy 63 91 1,184 1,624 1,855 14.2 15.6 6.6 9.1 9.5 6.9 2.3 1.8 27.9 29.2 0.9 0.7

Aurobindo Pharma Buy 103 156 2,994 5,243 5,767 14.6 14.6 11.8 12.6 8.7 8.2 0.9 0.4 17.9 16.4 1.1 0.9

Aventis* Neutral 2,184 - 5,029 1,482 1,682 15.5 15.5 95.0 104.0 23.0 21.0 4.1 3.2 18.6 17.0 3.2 2.7Cadila Healthcare Accumulate 875 953 17,916 6,148 7,386 18.6 19.6 36.0 46.1 24.3 19.0 5.7 4.6 25.8 26.8 3.1 2.6

Cipla Accumulate 355 399 28,492 8,031 9,130 23.4 22.4 18.4 20.0 19.3 17.7 3.2 2.8 17.8 16.6 3.3 2.8

Dr Reddy's Neutral 1,670 - 28,347 10,696 11,662 20.7 21.0 83.7 92.9 20.0 18.0 4.1 3.4 22.4 21.0 2.9 2.6

Dishman Pharma Neutral 93 - 754 1,280 1,536 17.8 17.8 9.2 11.3 10.2 8.3 0.8 0.7 7.7 8.5 1.3 1.0

GSK Pharma* Neutral 2,091 - 17,708 2,651 2,993 31.7 31.2 76.0 82.4 27.5 25.4 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 59 92 544 685 837 15.2 15.2 7.4 8.9 8.0 6.6 1.2 1.1 16.4 17.0 1.0 0.8

Ipca labs Buy 403 475 5,083 2,850 3,474 20.7 20.7 29.2 36.6 13.8 11.0 3.2 2.6 26.1 26.1 1.9 1.6

Lupin Accumulate 571 647 25,527 8,426 10,082 19.7 20.0 27.4 32.4 20.8 17.6 5.1 4.1 26.0 24.7 3.1 2.5

Orchid Chemicals Buy 104 178 733 2,117 2,434 17.7 17.7 16.7 22.2 6.2 4.7 0.6 0.5 9.5 11.5 1.0 0.8


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Pharmaceuticals

Ranbaxy* Neutral 515 - 21,749 12,046 11,980 18.0 15.8 35.7 29.8 14.4 17.3 5.6 4.5 39.1 28.9 1.8 1.8

Sun Pharma Neutral 661 - 68,310 9,752 12,134 41.6 41.6 26.0 28.2 25.4 23.4 4.8 4.1 20.3 18.8 6.3 4.9

Power

CESC Accumulate 312 342 3,899 5,218 5,644 24.2 23.8 44.6 47.6 7.0 6.6 0.7 0.7 11.0 10.6 1.0 1.1

GIPCL Buy 67 77 1,008 1,557 1,573 29.3 28.7 10.8 11.0 6.2 6.1 0.6 0.6 10.8 10.2 1.1 0.9

NTPC Neutral 168 - 138,730 74,111 85,789 23.2 23.6 12.4 14.0 13.6 12.0 1.7 1.5 13.0 13.5 2.6 2.4

Real EstateAnant Raj Buy 45 78 1,334 657 875 52.0 56.1 8.4 12.7 5.4 3.6 0.3 0.3 6.3 8.9 3.3 2.5

DLF Neutral 210 - 35,675 9,878 12,033 44.7 46.1 9.6 13.4 21.9 15.7 1.4 1.3 6.4 8.7 6.1 5.0

HDIL Buy 83 115 3,457 2,441 3,344 55.1 48.2 22.7 26.6 3.6 3.1 0.3 0.3 8.8 9.4 3.3 2.5

MLIFE Accumulate 355 396 1,451 813 901 26.2 26.6 32.0 37.1 11.1 9.6 1.2 1.1 10.4 11.0 2.2 1.9

Telecom

Bharti Airtel Neutral 262 - 99,533 79,542 87,535 30.9 32.2 10.3 15.0 25.5 17.4 1.8 1.7 7.2 9.6 2.0 1.6

Idea Cellular Neutral 75 - 24,940 22,988 25,333 26.4 26.9 3.5 4.9 21.7 15.4 1.8 1.6 8.1 10.2 1.5 1.3

Rcom Neutral 56 - 11,517 21,553 22,494 31.0 30.7 3.5 4.5 16.0 12.5 0.3 0.3 1.9 2.4 2.1 1.8

zOthers

Abbott India Neutral 1,572 - 3,341 1,602 1,833 10.4 11.8 54.7 71.7 28.8 21.9 5.4 4.6 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 177 234 1,765 3,569 4,172 8.1 8.8 16.3 21.3 10.9 8.3 2.2 1.9 21.7 24.6 0.5 0.4

Cera Sanitaryware Accumulate 317 352 401 396 470 16.7 16.5 28.0 33.2 11.3 9.5 2.3 1.9 23.8 23.1 1.1 1.0

Cravatex Buy 466 785 120 302 364 5.7 6.0 49.0 71.0 9.5 6.6 2.8 2.0 29.8 30.7 0.5 0.4

CRISIL Neutral 907 - 6,366 982 1,136 34.3 34.3 34.3 40.0 26.4 22.7 12.0 9.6 50.9 46.9 6.1 5.1

Finolex Cables Buy 39 61 592 2,334 2,687 8.8 9.3 7.6 10.2 5.1 3.8 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 432 591 563 2,214 2,765 4.5 5.4 39.5 73.9 10.9 5.9 0.5 0.5 4.4 7.6 0.1 0.1Goodyear India Accumulate 337 370 777 1,543 1,646 8.1 9.2 32.3 39.4 10.4 8.6 2.1 1.8 21.7 22.4 0.3 0.2

Graphite India Buy 82 113 1,599 2,158 2,406 18.1 18.9 12.4 14.0 6.6 5.8 0.9 0.8 14.0 14.3 0.9 0.7

Greenply Industries Buy 190 309 459 1,925 2,235 10.6 10.9 29.6 44.1 6.4 4.3 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 206 229 824 1,586 1,685 17.9 18.1 16.1 25.7 12.8 8.0 1.0 0.9 7.5 11.6 1.2 1.1

Hitachi Buy 112 130 258 868 977 3.9 6.6 2.7 10.9 41.0 10.4 1.5 1.3 3.7 13.6 0.4 0.3

Honeywell Automation Buy 2,433 2,842 2,150 1,847 2,162 4.3 7.3 61.0 120.0 39.9 20.3 3.2 2.7 9.3 16.3 1.1 0.9

INEOS ABS India Accumulate 671 744 1,179 1,056 1,081 8.1 10.6 33.8 46.5 19.8 14.4 2.7 2.3 14.7 17.5 1.1 1.0

ITD Cementation Accumulate 225 241 259 1,451 1,669 12.3 12.4 32.4 41.5 6.9 5.4 0.6 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Accumulate 135 145 2,169 1,248 1,468 9.8 10.4 5.9 7.2 22.7 18.8 3.3 3.0 15.0 16.6 2.1 1.7

MCX Buy 1,153 1,598 5,878 610 702 65.5 67.0 67.9 79.9 17.0 14.4 5.0 4.2 29.1 28.9 6.7 5.3


August 21, 2012

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Stock Watch


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zOthers

MRF Buy 10,806 12,884 4,583 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.4 7.6 1.6 1.3 21.3 19.4 0.5 0.5

Page Industries Neutral 3,152 - 3,516 887 1,108 18.3 18.6 95.0 120.9 33.2 26.1 17.3 14.1 57.4 59.5 4.0 3.2

Relaxo Footwears Accumulate 605 684 726 1,019 1,208 12.3 13.0 51.0 68.4 11.9 8.8 3.1 2.3 30.3 30.2 0.9 0.7

Sintex Industries Buy 60 79 1,637 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 295 392 276 1,042 1,173 12.4 12.5 66.3 78.5 4.5 3.8 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 23 45 690 7,279 8,290 21.0 21.0 15.0 17.6 1.5 1.3 0.2 0.2 13.7 13.9 0.7 0.6

SpiceJet Buy 35 43 1,678 5,720 6,599 5.3 6.8 3.6 5.4 9.6 6.5 13.9 4.4 - - 0.4 0.3TAJ GVK Buy 65 108 408 300 319 35.8 36.2 7.9 9.1 8.2 7.1 1.1 1.0 13.9 14.4 1.7 1.4

Tata Sponge Iron Buy 330 424 508 787 837 16.2 17.5 58.5 66.9 5.6 4.9 0.8 0.7 14.9 15.1 0.3 0.2

TVS Srichakra Accumulate 307 335 235 1,476 1,643 7.1 8.2 24.7 42.8 12.4 7.2 1.5 1.3 16.6 24.8 0.4 0.3

United Spirits Neutral 922 - 12,063 10,289 11,421 13.5 14.3 31.0 42.9 29.7 21.5 2.3 2.1 8.1 10.3 1.9 1.7

Vesuvius India Neutral 356 - 723 560 611 16.1 17.0 24.7 28.8 14.4 12.4 2.2 1.9 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 17, 2012


August 21, 2012

Market Outlook

Stock Watch


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August 21, 2012Market Outlook

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