Market Outlook 22.04.13

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Market OutlookApril 22, 2013

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open positive, tracking positive opening in the

SGX Nifty and flat to positive opening trades in most of the Asian markets.

The US markets gained ground on Friday, bolstered by strength witnessed in some

of the big name technology stocks. Earnings reports of Microsoft and Google,

which were above estimates, aided the advance. Major European bourses

too ended the trading session on Friday in positive territory. There was little

economic data to drive the markets at the end of the week. The gains were

attributed to bargain hunting, following the recent weakness in the markets.

Meanwhile, Indian markets were closed on Friday on account of a holiday. Indian

market closed sharply higher on Thursday, lifted by renewed hopes of an

aggressive rate cut in next policy review. Rate-sensitive stocks led the gainers as

continued weakness in commodity prices along with data showing a pick-up in

March exports boosted speculation the Reserve Bank of India now has more room

to ease monetary policy.

Markets TodayThe trend deciding level for the day is 18,922 / 5,753 levels. If NIFTY trades above

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

up to 19,153 19,289 / 5,824 5,866 levels. However, if NIFTY trades below

18,922 / 5,753 levels for the first half-an-hour of trade then it may correct up to

18,786 18,555 / 5,712 5,641 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,555 18,786 18,922 19,153 19,289

NIFTY 5,641 5,712 5,753 5,824 5,866

News Analysis

Trade deficit for FY2013 widens, Foreign Trade Policy announces sops to boostexports

Supreme Court directs MOEF to take final call on Niyamgiri mining case Supreme Court permits category B mines to commence operations Result Review: Wipro, MRF Result Preview: Cairn India, Ultratech, MindTree, Persistent

Refer detailed news analysis on the following page

Net Inflows (April 16, 2013)

` cr Purch Sales Net MTD YTDFII 3,089 2,450 639 353 55,103

MFs 346 449 (103) (243) (7,410)

FII Derivatives (April 18, 2013)

` cr Purch Sales Net Open InterestIndex Futures 3,014 2,230 784 12,142

Stock Futures 4,055 4,135 (80) 24,919

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Indusind Bank 450 7.2 Mcleod Russel 299 (6.8)

Engineers India 173 5.7 CRISIL 898 (2.9)

Titan Inds 259 5.4 United Spirits 2,095 (2.9)Reliance Comm 86 4.9 NMDC 124 (2.5)

MRF 12,898 4.8 JSW Steel 717 (2.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.5 285.3 19,016

Nifty 1.7 94.4 5,783

MID CAP 0.7 45.8 6,218

SMALL CAP 0.6 35.3 5,976

BSE HC 0.1 12.0 8,448

BSE PSU 1.2 82.1 6,759

BANKEX 2.5 341.5 14,057

AUTO 2.3 230.6 10,420

METAL 0.1 7.2 8,486

OIL & GAS 1.3 114.6 8,650

BSE IT (0.3) (18.1) 5,900

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.1 10 14,548NASDAQ 1.3 40 3,206

FTSE 0.7 43 6,287

Nikkei 0.7 96 13,316

Hang Seng 2.3 501 22,014

Straits Times (0.1) (2) 3,294

Shanghai Com 2.1 47 2,245

Indian ADR Chg (%) (Pts) (Close)INFY 1.1 0.5 $41.7

WIT (4.1) (0.3) $8.1IBN 0.8 0.3 $44.6

HDB 1.7 0.7 $40.8

Advances / Declines BSE NSEAdvances 1,319 818

Declines 1,047 544

Unchanged 136 98

Volumes (` cr)BSE 2,144

NSE 11,734

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Trade deficit for FY2013 widens, Foreign Trade Policy announces

sops to boost exports

Monthly trend: Provisional data released by the commerce ministry shows thatIndias exports gained further traction in March 2013 and reported growth for the

second straight month at 7.0% yoy (USD30.8bn) as compared to 4.2% yoy growthin February 2013. Moreover, growth in imports during the month declined by

2.9% yoy (USD41.2bn) as against moderate 2.7% yoy growth in February 2013.

The 16.6% yoy decline in Oil imports (as against a steep 33.6% yoy growth in

March 2012) can be attributed to deceleration in prices of crude oil on a yoy basis.

But non oil imports rebounded with 5.4% yoy growth during the month (as against

3.6% yoy contraction in March 2012). On account of the positive trend in both

imports as well as exports, the monthly trade deficit narrowed to a 2 year low of

USD10.3bn, from USD14.9bn in the previous month and USD13.5bn in February

2012.

Exhibit 1:Monthly trends in trade balanceMar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Mar-12Trends (in USD bn)Exports 30.8 26.3 24.8 24.5 22.7 23.8 24.7 28.8

Imports 41.2 41.2 45.7 43.3 41.3 44.7 41.7 42.4

Trade balance (10.3) (14.9) (20.8) (18.8) (18.6) (20.8) (17.0) (13.5)

Growth (%, yoy)Exports growth 7.0 4.2 (2.2) (3.5) (2.5) 0.7 (7.2) (5.2)

Imports growth (2.9) 2.7 6.3 8.1 5.5 8.4 5.0 23.7

Non oil imports 5.4 (3.6) 5.3 0.9 1.6 (3.5) (5.0) 18.3

Oil imports (16.6) 15.5 8.1 25.5 13.9 40.3 31.6 33.6

Source: Ministry of Commerce, Angel Research

Deceleration of trade deficit in FY2013: As per the commerce ministrysprovisional data, the trade deficit for FY2013 has widened to USD190.9bn

decelerating from USD183.4bn in the previous fiscal year. This is because exports

declined by 1.8% after posting a 21.8% growth in FY2012 even as growth in

imports remained flat to a large extent. Exports which contribute to about 25% of

our GDP have deteriorated despite INR depreciation of about 14% in FY2013.

Foreign trade policy: In view of the decline in exports witnessed for the larger partof FY2013, the annual supplement to the foreign trade policy (2009-14) has

outlined some positive steps to give a fillip to export-oriented sectors, thereby

looking to improve the trade balance and thus the current account balance during

FY2014.

Some key measures taken for boosting exports include:

The Export Promotion Capital Goods (EPCG) scheme which allowed import ofcapital goods including spares for export-related production at zero duty for

specified sectors and at a concessional rate of 3% Customs duty for all sectors.

It was scheduled to expire beyond March 2013 but has now been extended.

Further merging it with 3% EPCG Scheme implies the Zero Duty EPCG benefits

will be available to all sectors.

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Reduction of export obligation by 10% for EPCG authorization holderprocuring capital goods from domestic market.

Scheme under which an additional incentive of 2% of FOB value of exportswas provided on the incremental exports during that period over the

corresponding period last year extended to cover 53 additional countries.

Extension of 2% interest subvention up to March 2014 to textile made uparticles and specified items in Engineering sector in addition to specified labor

intensive sectors coving Handlooms, Handicrafts, Carpets, SMEs, Toys, Sports

Goods, Processed Agricultural Products and Ready-Made Garments.

Addition of items in duty free import of specified raw materials formanufacture of handlooms

Reduction in minimum land area requirement by half for different categoriesof SEZs. For Multi-product SEZ, this has been brought down from 1000

hectares to 500 hectares and for Sector-Specific SEZs, it has been broughtdown to 50 hectares from the existing 100 hectares. Further, no minimum

land requirement to be stipulated for setting up IT/ITES SEZs and only

minimum built up area criteria would be needed to be met by SEZ Developers.

In our view the current account deficit, which is one of our key concern areas, has

peaked at 6.7% of GDP in 3QFY2013. We are likely to see a revival in export

growth as the commerce data indicates a 3.2% yoy increase in exports in the

present quarter as compared to 1.8% yoy decline in the previous quarter. Imports

too reported moderate 2% yoy growth as compared to 7.4% yoy growth in

3QFY2013. We are likely to see the CAD moderate to about 4.2-4.5% of GDP in

the next quarter.

Going ahead in FY2014, we also believe that the recent deceleration in gold and

crude prices is beneficial for our trade balance since these items account for about

40% - 45% of our total imports. Decline in crude prices is also expected to reduce

the subsidy burden and narrow the fiscal deficit, and keep inflationary pressures in

check.

Supreme Court directs MOEF to take final call on Niyamgiri

mining case

The Honorable Supreme court has directed the MOEF to decide on the Niyamgiri

bauxite mining case of Sterlite Industries associate Vedanta Aluminium (VAL). TheCourt has stated that the state government of Orissa should form a Gram sabha

which will decide within three months whether mining to be allowed in Niyamgiri

hills and submit its decision to MOEF for final consideration. This verdict is a non-

event for Sterlite since we had not factored in any mining from the Niyamgiri hills

and hence maintain our estimates and Accumulate rating on Sterlite Industries witha target price of `98.

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Supreme Court permits category B mines to commence

operations

Accepting the recommendations of Central Empowered Committee, Supreme

Court has allowed category B mines to commence production after the miners

comply with Rehabilitation and Reclamation (R&R) formalities. Approximately 63mining leases under categoryB will be allowed to mine as per media reports.

Mining lease for category C mines will be cancelled. Sesa Goas mines in

Karnataka with a capacity of 2.3mn tonnes are likely to commence production

once it complies with R&R. We believe it could take atleast six months for

meaningful production to commence from Karnataka mines. However, in the

context of the merged entity, this is marginally positive (also in line with our

expectations) for Sesa Sterlite. Hence, we maintain our estimates for Sesa Sterliteand recommend Accumulate on Sesa Goa with a target price of `163.The eventual commencement of production from category B mines will also be

positive for JSW Steel. However, we were factoring the commencement of minesduring 2HFY2014 and maintain it. We had modeled higher utilizations at

81%/85% for FY2014/15, respectively; we maintain our estimates and our Neutralrating on the stock.

Result Review

Wipro (CMP:`369/ TP: Under review)

For 4QFY2013, Wipro came out with lower than expected set of results on revenue

as well on margin front. The IT services revenue came in at US$1585mn, up just

0.5% qoq vs expectation of ~2.0% qoq growth; though volume growth was

modest at 2.5% qoq. Wipros onsite and offshore pricing declined by 2.3% and

1.0% qoq, respectively. At the consolidated level, Wipros revenue came in at

`11,026cr, almost flat qoq. During 4QFY2013, Wipros EBITDA margin grew by

30bp qoq to 20.4% while its EBIT margin declined by 100bp qoq to 16.7%

because of 60bp qoq decline in IT services EBIT margin to 20.2%. IT services EBIT

margin decline because the company hired 2,907 employees which led to

increase in employee cost. PAT came in in-line with expectations at `1,737, up

0.7% qoq aided by`328cr other income. The management has made several

changes to the structure to align it more with the demand generation process and

increasing efficiency. For 1QFY2014, the management has given a USD revenue

guidance of US$1,575mn-1,610mn, which translates into a qoq growth of -0.6-

1.6% which is also below our and street expectations as 1Q traditionally is a

strong quarter for IT companies. We believe that the restructuring initiatives have

not yet started showing the expected results and will start reflecting in the financials

of the company in due course. The stock is currently under review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 47,122 20.1 7,040 28.2 18.2 13.1 2.4 7.6 1.5

FY2015E 51,460 19.8 7,886 31.5 17.6 11.7 2.1 6.5 1.3

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MRF- 2QSY2013 Review (CMP: `12,898/ TP: `14,416/Upside: 11.8%)

For 2QSY2013, MRF reported a lower than expected top-line of `2906cr, 2.9%

lower on a yoy basis. However, EBITDA margins expanded by 440bp yoy to 15.3%

due to fall in rubber prices to a two year low during the quarter. This led the netprofit to surge by 40.3% in 2QSY2013 to `211cr from `150cr in 2QSY2012.

Slowdown in auto demand has led the tyre companies to cut prices which will

impact the companys topline in the short term. This would be partially offset by

low rubber prices since its supply is rising due to the new plantation in north-

eastern states, while consumption remains stagnant. Hence, we expect MRFs

bottom line to post a 15.5% CAGR over SY2012-14E to `764cr in SY2014E. At

current market price, the stock is trading at a PE of 7.2x for SY2014E and P/B of

1.3x for SY2014E. We maintain our Accumulate rating on the stock with a targetprice of `14,416, based on a target P/E of 8.0x for SY2014E.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)SY2013E 11,799 14.1 760.0 1,792 23.5 7.2 1.5 3.9 0.5

SY2014E 12,587 13.5 764.1 1,802 19.2 7.2 1.3 3.7 0.5

Result Preview

Cairn India (CMP:`293/ TP:`340 / Upside: - 16%)

Cairn India is slated to report its 4QFY2013 results today. Cairn India's net salesare expected to increase by 20.3% yoy to `4,393cr mainly due to increase in

volumes. Its operating margin is expected to decline by 837bps yoy to 73.3%

whereas its bottom line is expected to increase by 17.3% yoy to `2,819cr because

of increase in operating income. We recommend Buy rating on the stock with a

target price of`340.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 17,071 72.4 10,593 55.54 17.1 5.3 0.8 2.8 2.0

FY2015E 17,034 69.3 9,863 51.71 14.0 5.7 0.8 2.3 1.6

Ultratech (CMP: `1,927/TP: /Upside :-)

Ultratech is expected to announce its 4QFY2013 results today. We expect the

topline to grow by 7.4% yoy to`5,731cr. OPM is expected to decline by 318bp yoy

to 21.5%. Bottomline is expected to decline by 15.7% yoy to`731cr. We maintaina neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)FY2014E 22,354 23.2 2,837 103.5 17.5 18.6 3.0 10.7 181

FY2015E 25,329 23.5 3,367 122.8 17.9 15.7 2.6 9.2Note: Computed on TTM basis

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MindTree(CMP:`868/ TP:`926/ Upside: 7%)MindTree is slated to announce its 4QFY2013 results today. We expect the

company to post revenue of US$113mn, up 2.8% qoq. In rupee terms, the

revenue is expected to come in at`612cr. EBITDA margin is expected to inch up by

40bp qoq to 20.8%. PAT is expected to come in at`

91cr. We maintain ourAccumulate rating on the stock with a target price of `926.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,587 19.4 362 87.2 21.8 10.0 2.1 5.3 1.0

FY2015E 2,823 19.4 384 92.6 18.8 9.4 1.7 4.3 0.8

Persistent(CMP:`549/ TP:`602/ Upside: 10%)Persistent Systems is slated to announce its 4QFY2013 results today. We expect the

company to post revenue of US$62.2mn, up 1.3% qoq. In rupee terms, therevenue is expected to come in at`337cr. EBITDA margin is expected to decline by

42bp qoq to 24.3%. PAT is expected to come in at `51cr. We maintain ourAccumulate rating on the stock with a target price of `602.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,433 24.7 222 55.5 18.4 9.9 1.8 4.6 1.1

FY2015E 1,591 24.6 241 60.2 16.8 9.1 1.5 3.7 0.9

Quarterly Bloomberg Brokers Consensus Estimate

Ultratech Cement (22/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 5,607 5,337 5 4,867 15

EBITDA 1,244 1,345 (8) 1,049 19

EBITDA margin (%) 22.2 25.2 21.5

Net profit 740 867 (15) 601 23

HDFC Bank (23/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,883 1,453 30 1,859 1

Axis Bank (24/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,429 1,277 12 1,347 6

Economic and Political News

Govt. clinches broad consensus on Land Bill Exports down 1.76% to USD 300bn in FY13 Govt hikes DA to 80%; to benefit 80 lakh employees, pensioners FinMin panel to free investment norms for insurance and pension funds

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Corporate News

Telecom subscriber base dips in February Green Tribunal-appointed IIT professors to inspect Sterlite's factory Strike at M&M unit likely to be called off Cairn India plans to invest`5,000cr on Rajasthan block RCom no longer in talks with Batelco for unit stake sale Volkswagen aims to double market share to 7% by 2018 Orchid enters into strategic partnership with Europe-based Allecra

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

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Date Company

April 22, 2013 UltraTech Cement, Mindtree, Tata Sponge

April 23, 2013 HDFC Bank

April 24, 2013 Axis Bank

April 25, 2013

Hind. Zinc, Jindal Steel, Idea Cellular, IDBI Bank, United Phosphorus, Rallis, FAG Bearings, Infotech Enterprises,

Vesuvius India, Cera Sanitaryware LtdApril 26, 2013 ICICI Bank, Hero Motocorp, Maruti, Siemens, LIC Housing Fin., Goodyear

April 27, 2013 Federal Bank

April 29, 2013 Bosch India, Exide Industries, Hexaware

April 30, 2013 Dabur India, Godrej Consumer, Petronet LNG, Aventis, TVS Motor, Taj GVK

May 01, 2013 IDFC, GlaxoSmith Con

May 02, 2013 Bharti Airtel, Kotak Mah. Bank, Alembic Pharma

May 03, 2013 Ambuja Cements, Titan Inds.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

April 22, 2013 7:30PM US Existing home sales Millions Mar 4.98 5.01

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Apr A (23.50) --

April 23, 2013 1:00PM Germany PMI Services Value Apr A 50.90 --

1:00PM Germany PMI Manufacturing Value Apr A 49.00 --

7:30PM US New home sales Thousands Mar 411.00 420.00

April 25, 2013 2:00PM UK GDP (YoY) % Change 1Q A 0.20 --

April 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q A 0.40 3.00

April 30, 2013 1:25PM Germany Unemployment change (000's) Thousands Apr 13.00 --

7:30PM US Consumer Confidence S.A./ 1985=100 Apr 59.70 --

May 1, 2013 2:00PM UK PMI Manufacturing Value Apr 48.30 --

6:30AM China PMI Manufacturing Value Apr 50.90 --

11:30PM US FOMC rate decision % May 1 0.25 --

May 2, 2013 5:15PM Euro Zone ECB announces interest rates % May 2 0.75 --

May 3, 2013 6:00PM US Change in Nonfarm payrolls Thousands Apr 88.00 --

6:00PM US Unnemployment rate % Apr 7.60 --

11:00AM India RBI Repo rate % May 3 7.50 7.25

11:00AM India RBI Cash Reserve ratio % May 3 4.00 4.00

11:00AM India RBI Reverse Repo rate % May 3 6.50 8.25

May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 --May 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --

2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --

4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50

May 10, 2013 11:00AM India Industrial Production YoY % Change Mar 0.60 --


April 22, 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

(%)

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0)(0.5)

2.4

0.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Mar-12

Apr-12

Ma-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

-13

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

(%)

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

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Mar-12

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

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 126 - 2,454 1,466 1,686 14.8 14.8 7.0 8.1 18.0 15.6 3.8 3.3 22.6 22.5 1.7 1.5

United Phosphorus Buy 125 170 5,552 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 247 326 4,226 3,418 3,892 15.1 14.9 19.8 21.7 12.5 11.4 3.0 2.4 27.1 23.7 1.2 1.1

Apollo Tyres Buy 90 103 4,526 14,401 15,841 11.4 11.5 13.6 15.9 6.6 5.7 1.1 1.0 18.4 18.2 0.5 0.4

Ashok Leyland Buy 22 27 5,960 13,833 16,192 9.6 9.7 2.0 2.7 11.4 8.4 1.9 1.7 12.1 15.2 0.5 0.4

Automotive Axle# Neutral 292 - 441 934 1,103 10.2 10.7 24.5 34.3 11.9 8.5 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Accumulate 1,792 2,014 51,849 22,552 25,498 18.6 18.6 117.9 134.3 15.2 13.4 5.5 4.4 40.2 36.6 1.9 1.5

Bharat Forge Neutral 224 - 5,213 6,198 6,793 14.6 14.9 14.5 17.3 15.4 12.9 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,794 - 27,613 9,717 11,092 16.2 17.0 354.7 423.3 24.8 20.8 4.3 3.6 17.2 17.5 2.5 2.1

CEAT Buy 93 155 317 5,403 6,057 8.3 8.3 36.4 41.3 2.6 2.2 0.4 0.3 15.3 16.6 0.2 0.2

Exide Industries Accumulate 129 146 10,931 7,026 8,027 14.2 14.2 7.7 8.9 16.6 14.5 2.8 2.4 18.0 17.9 1.2 1.0

FAG Bearings* Accumulate 1,375 1,569 2,285 1,619 1,879 16.0 16.6 108.6 130.7 12.7 10.5 2.2 1.9 18.8 19.1 1.2 1.0

Hero Motocorp Buy 1,503 1,824 30,007 25,351 28,047 13.9 13.8 104.1 140.3 14.4 10.7 4.9 3.9 36.7 40.4 0.9 0.8

JK Tyre Buy 105 154 431 7,972 8,754 7.1 7.1 37.5 44.0 2.8 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 903 1,006 55,412 44,550 50,260 11.4 11.7 59.6 68.3 15.2 13.2 3.1 2.6 22.3 21.6 0.9 0.8

Maruti Neutral 1,526 - 44,096 48,078 55,133 9.1 9.3 87.4 102.9 17.5 14.8 2.3 2.0 14.1 14.6 0.7 0.6

Motherson Sumi Buy 183 222 10,737 28,442 31,493 7.5 7.8 12.5 14.8 14.6 12.4 3.6 2.9 27.5 25.8 0.5 0.5

Subros Accumulate 27 30 159 1,479 1,685 10.0 9.9 5.5 7.5 4.9 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Buy 282 324 75,248 206,341 227,695 12.8 13.5 32.3 39.0 8.8 7.2 1.9 1.5 23.1 23.2 0.4 0.4

TVS Motor Accumulate 36 40 1,722 7,714 8,532 6.1 6.3 4.8 5.8 7.5 6.3 1.2 1.0 16.5 17.5 0.2 0.1

Capital Goods

ABB* Reduce 490 452 10,377 8,073 9,052 5.5 7.2 11.3 17.4 43.5 28.2 3.8 3.4 8.9 12.8 1.2 1.1BGR Energy Neutral 188 - 1,360 4,114 4,886 11.4 10.7 24.9 28.0 7.6 6.7 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 186 - 45,452 43,757 40,934 17.3 16.9 20.9 19.0 8.9 9.8 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 162 230 1,458 2,896 3,087 5.6 6.2 9.3 11.7 17.4 13.8 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,911 13,790 15,095 6.4 7.4 6.9 9.4 13.4 9.8 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Accumulate 30 34 244 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 51 67 1,316 7,750 8,631 6.8 7.0 7.7 9.2 6.7 5.5 1.0 0.9 20.8 20.8 0.3 0.3

Thermax Neutral 580 - 6,908 5,931 6,592 9.6 9.7 31.0 34.3 18.7 16.9 3.3 2.8 18.6 17.9 1.0 0.8

Cement

ACC Buy 1,213 1,361 22,769 12,182 13,435 21.0 22.4 78.7 98.8 15.4 12.3 2.8 2.5 19.0 21.4 1.5 1.3


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

11/17



Cement

Ambuja Cements Neutral 189 - 29,119 10,699 12,010 24.7 25.1 10.6 12.4 17.8 15.2 3.1 2.8 17.9 19.2 2.1 1.8

India Cements Neutral 85 - 2,603 4,777 5,276 17.3 17.1 8.8 10.9 9.6 7.8 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 90 143 1,058 2,313 2,728 19.8 20.7 16.6 23.1 5.4 3.9 0.7 0.6 13.6 16.5 1.0 0.8

Madras Cements Neutral 230 - 5,470 4,293 4,855 27.4 28.6 21.8 28.2 10.6 8.1 1.9 1.6 19.6 21.3 1.8 1.4

Shree Cement^ Neutral 4,334 - 15,097 6,706 7,751 28.7 27.7 338.2 375.5 12.8 11.5 3.3 2.6 28.5 25.2 1.5 1.1

UltraTech Cement Neutral 1,927 - 52,844 22,456 25,445 23.2 23.5 103.5 122.8 18.6 15.7 3.0 2.6 17.5 17.9 2.4 2.1

ConstructionAshoka Buildcon Buy 192 272 1,011 2,013 2,293 22.5 22.5 26.0 24.4 7.4 7.9 0.8 0.7 11.7 9.9 2.1 1.9

Consolidated Co Neutral 12 - 222 2,281 2,492 5.9 6.9 0.7 2.0 17.7 6.0 0.4 0.4 2.3 6.5 0.4 0.4

IRB Infra Buy 119 167 3,967 4,152 4,624 44.4 45.0 17.0 17.2 7.0 6.9 1.1 1.0 16.2 14.6 3.4 3.4

ITNL Buy 183 230 3,562 7,177 7,772 27.4 28.9 29.4 32.4 6.2 5.7 1.0 0.8 16.5 15.9 2.7 2.7

IVRCL Infra Buy 21 35 631 6,287 6,836 8.5 8.5 2.3 3.0 8.8 6.8 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 76 95 16,865 14,914 15,699 26.2 26.4 4.2 4.4 18.1 17.5 1.2 1.1 6.8 6.6 2.5 2.3

Larsen & Toubro Buy 1,473 1,795 90,634 69,586 79,247 11.2 11.1 75.1 84.9 19.6 17.4 2.8 2.5 15.2 15.0 1.4 1.3

Nagarjuna Const. Buy 33 45 839 6,576 7,264 8.2 8.3 4.1 4.8 8.0 6.9 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 52 - 1,717 1,338 1,542 10.2 10.2 3.0 4.8 17.4 10.9 0.6 0.6 3.4 5.2 5.5 5.3

Sadbhav Engg. Buy 114 153 1,715 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 122 164 606 6,824 7,563 9.2 9.4 18.0 23.4 6.8 5.2 0.5 0.4 6.9 8.3 0.5 0.5

Unity Infra Buy 32 45 238 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.2 0.3 0.2 12.3 11.3 0.4 0.5

Financials

Allahabad Bank Buy 138 155 6,913 7,137 7,907 2.9 2.8 32.3 36.0 4.3 3.8 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 94 - 5,235 5,285 5,937 3.0 2.9 21.2 23.4 4.4 4.0 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,431 1,698 66,941 18,901 22,625 3.3 3.3 128.5 150.5 11.1 9.5 1.8 1.6 17.0 17.5 - -Bank of Baroda Buy 688 815 28,999 16,318 18,682 2.4 2.4 121.4 144.6 5.7 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 330 360 19,677 14,284 16,295 2.3 2.3 55.9 68.4 5.9 4.8 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Accumulate 49 56 3,268 4,289 4,670 2.9 2.8 11.6 13.1 4.3 3.8 0.6 0.6 15.7 15.6 - -

Canara Bank Accumulate 423 461 18,739 11,673 13,208 2.3 2.3 74.8 85.8 5.7 4.9 0.8 0.7 13.7 14.1 - -

Central Bank Accumulate 69 71 7,218 8,079 9,086 2.6 2.6 14.9 18.0 4.6 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Buy 379 453 5,792 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -

Dena Bank Accumulate 95 101 3,317 3,334 3,700 2.7 2.7 23.6 26.5 4.0 3.6 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 452 - 7,730 2,916 3,389 3.3 3.3 50.1 59.4 9.0 7.6 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

12/17



Financials

HDFC Neutral 819 - 126,591 8,928 10,684 3.7 3.7 38.4 45.3 21.3 18.1 4.6 4.1 32.5 32.4 - -

HDFC Bank Neutral 673 - 160,267 26,559 32,720 4.4 4.4 35.5 42.5 19.0 15.9 3.8 3.2 21.7 22.0 - -

ICICI Bank Buy 1,123 1,306 129,513 26,371 31,618 3.0 3.0 84.1 96.7 13.4 11.6 1.8 1.6 15.8 16.5 - -

IDBI Bank Accumulate 86 96 11,495 9,309 10,541 2.1 2.2 20.1 23.4 4.3 3.7 0.5 0.5 12.8 13.5 - -

Indian Bank Buy 164 200 7,059 6,276 6,968 3.1 3.1 38.3 42.3 4.3 3.9 0.6 0.6 15.2 14.9 - -

IOB Buy 66 78 6,053 8,205 9,048 2.6 2.5 16.4 20.3 4.0 3.2 0.5 0.4 11.6 13.1 - -

J & K Bank Accumulate 1,271 1,323 6,159 3,032 3,118 3.8 3.5 218.1 200.9 5.8 6.3 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 233 253 11,751 2,127 2,498 2.2 2.2 25.1 28.2 9.3 8.3 1.6 1.4 18.3 17.9 - -

Oriental Bank Neutral 267 - 7,778 6,791 7,478 2.7 2.7 56.7 63.4 4.7 4.2 0.6 0.5 12.9 13.1 - -

Punjab Natl.Bank Buy 767 889 27,096 21,161 24,166 3.3 3.3 153.4 176.4 5.0 4.3 0.8 0.7 16.1 16.3 - -

South Ind.Bank Neutral 24 - 3,172 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Buy 2,294 2,567 156,917 67,091 76,746 3.2 3.1 241.2 280.4 9.5 8.2 1.5 1.3 16.5 17.0 - -

Syndicate Bank Accumulate 117 130 7,058 7,340 8,212 2.9 2.8 26.4 28.7 4.4 4.1 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 64 - 4,824 6,126 6,665 2.6 2.5 12.2 14.4 5.3 4.4 0.8 0.7 11.8 12.6 - -

Union Bank Accumulate 237 264 14,114 11,226 12,769 2.7 2.7 41.0 47.8 5.8 4.9 0.8 0.7 14.8 15.4 - -

United Bank Buy 60 68 2,250 3,597 4,008 2.6 2.7 16.0 20.8 3.8 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 51 - 2,535 2,600 2,946 2.0 2.1 9.7 11.0 5.3 4.7 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 491 - 17,610 4,260 5,344 3.0 3.0 42.1 50.2 11.7 9.8 2.5 2.1 23.3 22.9 - -

FMCG

Asian Paints Neutral 4,648 - 44,586 13,319 15,805 15.7 15.7 143.8 170.2 32.3 27.3 10.1 8.0 35.1 32.7 3.3 2.8

Britannia Accumulate 546 564 6,530 6,417 7,446 5.1 5.5 20.3 25.2 27.0 21.7 9.2 7.2 37.4 37.3 0.9 0.7

Colgate Neutral 1,383 - 18,813 3,588 4,130 21.1 21.6 44.7 51.9 30.9 26.7 27.8 20.8 100.0 89.1 4.9 4.2

Dabur India Neutral 142 - 24,663 7,183 8,340 16.8 16.8 5.4 6.3 26.2 22.4 10.2 7.9 43.9 39.9 3.3 2.9

GlaxoSmith Con* Neutral 3,900 - 16,401 3,617 4,260 16.1 16.4 120.6 146.4 32.3 26.6 10.0 8.0 33.8 33.4 4.2 3.5

Godrej Consumer Neutral 779 - 26,522 7,801 9,017 17.0 17.0 26.5 31.9 29.4 24.4 6.6 5.4 26.5 25.9 3.5 2.9

HUL Neutral 483 - 104,437 28,974 32,970 13.5 13.5 17.0 18.1 28.5 26.7 18.1 13.6 74.3 58.3 3.4 3.0

ITC Neutral 315 - 249,145 33,506 39,067 36.8 37.0 11.1 13.0 28.4 24.3 9.2 7.5 35.5 34.1 6.9 5.9

Marico Neutral 213 - 13,724 5,352 6,204 14.0 14.0 7.9 9.8 26.9 21.7 5.6 4.5 22.8 22.9 2.6 2.1

Nestle* Neutral 4,657 - 44,903 9,739 11,307 21.5 22.2 131.6 159.9 35.4 29.1 17.9 12.8 58.8 69.5 4.5 3.8

Tata Global Accumulate 139 145 8,580 7,998 8,798 9.7 9.8 7.9 8.7 17.6 15.9 2.1 2.0 9.6 9.8 1.0 0.8


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

13/17



IT

HCL Tech^ Accumulate 736 876 51,227 28,540 32,098 20.8 19.5 53.3 58.4 13.8 12.6 3.1 2.6 23.0 21.1 1.7 1.5

Hexaware* Buy 88 105 2,610 2,137 2,350 18.8 19.2 10.4 11.7 8.5 7.5 1.9 1.6 22.6 22.1 1.1 1.0

Infosys Accumulate 2,295 2,465 131,810 43,338 47,244 27.5 27.7 169.4 182.6 13.6 12.6 2.8 2.4 20.8 19.3 2.4 2.1

Infotech Enterprises Buy 163 196 1,819 1,994 2,039 18.1 18.5 20.2 21.8 8.1 7.5 1.1 1.0 13.8 13.1 0.5 0.4

KPIT Cummins Buy 96 130 1,849 2,458 2,729 15.5 15.2 13.1 14.5 7.3 6.6 1.5 1.2 20.9 18.8 0.7 0.5

Mahindra Satyam Buy 109 143 12,780 8,456 9,385 19.3 19.1 10.6 11.9 10.3 9.1 2.3 1.8 22.4 20.1 1.1 0.9

Mindtree Accumulate 868 926 3,603 2,587 2,823 19.4 19.4 87.2 92.6 10.0 9.4 2.1 1.7 21.8 18.8 1.0 0.8Mphasis& Accumulate 356 395 7,471 6,096 6,646 17.6 17.4 38.1 41.6 9.3 8.6 1.3 1.2 14.2 13.7 0.8 0.6

NIIT Buy 23 30 380 1,144 1,267 9.0 9.1 4.3 5.4 5.4 4.3 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 549 602 2,196 1,433 1,591 24.7 24.6 55.5 60.2 9.9 9.1 1.8 1.5 18.4 16.8 1.1 0.9

TCS Accumulate 1,451 1,624 283,934 71,548 81,428 28.5 28.1 78.1 87.8 18.6 16.5 5.5 4.5 29.5 27.4 3.8 3.3

Tech Mahindra Buy 951 1,230 12,180 7,699 8,315 19.3 18.1 107.0 115.0 8.9 8.3 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Buy 369 450 90,796 47,122 51,460 19.8 19.5 28.2 31.5 13.1 11.7 2.4 2.1 18.2 17.6 1.6 1.3

Media

D B Corp Buy 223 272 4,083 1,787 1,974 25.4 26.4 14.5 16.9 15.3 13.2 3.2 2.7 22.4 22.2 2.2 1.9

HT Media Buy 98 117 2,299 2,205 2,380 15.1 15.6 8.0 9.1 12.2 10.8 1.3 1.2 11.2 11.4 0.6 0.5

Jagran Prakashan Buy 91 121 3,005 1,698 1,908 23.9 24.5 7.4 8.4 12.3 10.8 3.1 2.7 26.7 26.8 1.8 1.6

PVR Neutral 318 - 1,260 1,343 1,521 18.8 18.9 18.3 22.9 17.4 13.9 1.6 1.8 10.6 12.3 0.9 0.8

Sun TV Network Neutral 391 - 15,417 2,293 2,571 68.7 68.7 19.3 22.7 20.2 17.2 5.0 4.4 26.1 27.3 5.8 5.0

Metals & Mining

Bhushan Steel Neutral 456 - 10,329 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9

Coal India Buy 299 345 189,017 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 26 586 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 145 213 4,624 1,944 2,317 49.9 51.7 20.8 25.6 7.0 5.7 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 110 140 46,521 13,759 14,506 50.8 50.4 16.4 17.1 6.7 6.4 1.2 1.1 19.7 17.7 1.3 0.8

Hindalco Neutral 94 - 17,930 88,987 94,163 9.2 9.7 13.8 15.9 6.8 5.9 0.5 0.5 7.6 8.1 0.5 0.5

JSW Steel Neutral 717 - 15,995 39,524 42,064 17.1 16.9 71.8 86.3 10.0 8.3 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 230 243 3,861 954 1,062 45.5 47.4 26.1 29.1 8.8 7.9 1.3 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 203 291 1,296 2,883 3,181 21.7 23.6 40.3 57.7 5.0 3.5 0.5 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 34 - 8,788 8,187 8,416 14.5 14.7 3.2 3.3 10.7 10.5 0.7 0.7 6.8 6.7 0.5 0.5

NMDC Buy 124 179 49,063 10,329 12,540 73.8 75.0 16.6 19.0 7.5 6.5 1.4 1.2 20.6 20.2 2.8 2.2


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

14/17



Metals & Mining

SAIL Neutral 62 - 25,400 53,685 64,183 9.3 12.2 5.5 8.3 11.2 7.5 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Accumulate 151 163 13,093 3,742 4,426 32.9 32.8 31.3 31.2 4.8 4.8 0.7 0.6 14.8 12.9 4.1 3.3

Sterlite Inds Accumulate 89 98 29,910 45,864 46,970 23.8 25.3 18.8 20.9 4.7 4.3 0.5 0.5 11.7 11.8 0.6 0.5

Tata Steel Buy 300 430 29,132 141,775 151,672 10.5 11.4 35.3 51.7 8.5 5.8 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 102 153 367 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 498 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 83 118 265 2,425 2,552 13.7 14.8 33.5 45.3 2.5 1.8 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 293 340 56,047 17,071 17,034 69.3 55.5 55.5 51.7 5.3 5.7 0.8 0.8 17.1 14.1 2.0 1.6

GAIL Neutral 332 - 42,139 55,815 63,013 15.3 15.2 35.9 41.5 9.3 8.0 1.5 1.3 17.0 17.1 0.6 0.4

ONGC Accumulate 335 354 286,224 157,962 175,367 35.1 36.2 34.3 39.3 9.8 8.5 1.7 1.5 18.2 18.6 1.5 1.4

Reliance Industries Neutral 782 - 252,448 380,031 407,721 9.9 69.3 69.3 78.0 11.3 10.0 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 250 - 3,209 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.7 3.0 2.6 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 292 - 4,087 3,700 4,218 23.4 22.8 26.6 30.4 11.0 9.6 2.3 1.9 22.6 21.7 1.2 1.0

Petronet LNG Buy 134 174 10,016 41,362 40,852 5.8 6.5 15.6 17.4 8.6 7.7 1.9 1.6 24.1 22.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 67 - 3,784 1,079 983 91.8 91.9 8.8 7.8 7.7 8.6 1.3 1.2 17.8 14.1 3.3 3.5

Pharmaceuticals

Alembic Pharma Accumulate 118 122 2,229 1,714 1,976 17.1 19.0 9.5 12.2 12.5 9.7 3.3 2.5 30.2 29.8 1.3 1.1

Aurobindo Pharma Buy 182 264 5,294 6,279 7,033 16.0 16.0 15.2 19.2 12.0 9.5 1.6 1.3 19.2 18.0 1.3 1.2

Aventis* Neutral 2,518 - 5,798 1,682 1,917 16.6 16.6 92.4 99.1 27.3 25.4 3.8 3.8 15.7 14.8 3.2 2.6

Cadila Healthcare Buy 763 962 15,628 7,386 8,863 18.0 18.0 39.5 48.1 19.3 15.9 4.4 3.6 24.8 24.7 2.3 1.9

Cipla Buy 401 463 32,201 9,130 10,543 24.8 23.0 21.6 23.2 18.6 17.3 3.0 2.6 17.6 16.2 3.2 2.7

Dr Reddy's Accumulate 1,905 2,078 32,334 11,662 13,101 21.0 20.8 92.9 103.9 20.5 18.3 3.9 3.3 20.8 19.6 2.9 2.6

Dishman Pharma Buy 69 206 554 1,536 1,739 20.2 20.9 15.4 20.6 4.5 3.3 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,198 - 18,614 2,993 3,319 30.4 30.2 78.1 86.7 28.1 25.4 8.5 7.7 31.6 31.9 5.4 4.8

Indoco Remedies Buy 65 90 596 784 902 15.2 15.2 7.8 9.0 8.3 7.2 1.2 1.1 15.6 15.8 0.9 0.8

Ipca labs Buy 508 676 6,413 3,474 4,168 21.0 21.0 37.3 45.1 13.6 11.3 3.2 2.6 26.4 25.3 2.0 1.7

Lupin Buy 671 792 30,020 11,564 13,847 21.1 21.1 32.8 39.6 20.5 16.9 4.7 3.8 25.7 24.7 2.6 2.1

Ranbaxy* Neutral 456 - 19,285 11,400 12,060 12.5 12.5 21.6 22.5 21.1 20.3 4.0 3.5 20.6 18.5 1.6 1.5

Sun Pharma Neutral 916 - 94,718 12,563 14,698 42.6 42.6 29.8 35.5 30.7 25.8 5.5 4.6 19.2 19.3 6.7 5.5

Power

GIPCL Accumulate 72 78 1,092 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

April 22, 2013

7/28/2019 Market Outlook 22.04.13

15/17



Power

NTPC Accumulate 146 163 120,301 81,951 92,264 24.1 24.3 13.6 14.9 10.8 9.8 1.3 1.2 13.0 13.1 2.1 2.0

Real Estate

DLF Buy 248 288 42,103 9,699 12,010 37.0 36.9 6.0 8.4 41.5 29.5 1.6 1.5 3.8 5.1 5.7 4.7

MLIFE Buy 382 446 1,562 888 1,002 26.7 25.9 36.3 40.6 10.6 9.4 1.1 1.0 10.8 11.0 1.9 1.7

Telecom

Bharti Airtel Accumulate 299 325 113,717 86,933 96,121 30.2 31.2 10.3 15.7 29.1 19.1 2.0 1.9 7.0 9.7 2.0 1.6

Idea Cellular Neutral 111 - 36,938 24,959 27,232 27.1 27.5 3.7 4.7 30.0 23.7 2.4 2.2 8.1 9.2 1.9 1.7Rcom Neutral 86 - 17,771 22,221 24,253 32.0 32.2 4.3 6.4 19.9 13.4 0.5 0.5 2.4 3.4 2.3 2.0

Others

Abbott India* Buy 1,362 1,634 2,894 1,926 2,152 13.1 13.5 79.0 90.8 17.3 15.0 3.8 3.2 23.7 22.8 1.3 1.1

Bajaj Electricals Buy 168 237 1,676 3,929 4,480 7.4 7.7 15.5 19.7 10.9 8.5 1.9 1.6 17.4 18.7 0.4 0.4

Cera Sanitaryware Buy 438 620 554 596 743 16.2 16.1 45.0 56.3 9.7 7.8 2.4 1.9 27.8 26.9 1.0 0.8

Cravatex Buy 335 566 87 308 351 7.0 7.0 39.6 47.2 8.5 7.1 1.8 1.5 21.8 21.0 0.3 0.3

Finolex Cables Buy 47 68 718 2,559 2,893 9.8 9.8 9.8 11.3 4.8 4.2 0.7 0.6 14.1 14.1 0.2 0.2

Force Motors Buy 374 570 488 2,299 2,621 4.7 4.9 46.3 57.0 8.1 6.6 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 245 304 565 1,559 1,676 7.1 7.4 27.5 30.5 8.9 8.0 1.4 1.3 16.9 16.7 0.2 0.1

Hitachi Buy 123 177 335 1,053 1,169 6.3 7.1 13.8 17.7 8.9 7.0 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Buy 2,409 2,842 2,130 2,117 2,491 8.1 7.8 137.9 157.9 17.5 15.3 2.6 2.3 16.0 15.8 0.9 0.8

IFB Agro Buy 174 198 140 495 651 12.7 12.9 29.3 39.5 6.0 4.4 0.9 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 181 238 209 1,430 1,573 12.1 12.2 21.8 30.6 8.3 5.9 0.5 0.5 6.1 8.0 0.6 0.6

Jyothy Laboratories Neutral 166 - 2,674 979 1,164 14.9 15.1 6.0 7.7 27.6 21.5 3.4 3.1 12.9 15.1 2.8 2.3

MRF Buy 12,898 14,331 5,470 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.8 7.2 1.5 1.3 22.0 19.4 0.5 0.5

Page Industries Neutral 3,572 - 3,985 1,047 1,281 19.6 19.8 127.3 1 58.1 28.1 22.6 13.4 9.8 54.9 50.0 3.9 3.2Relaxo Footwears Buy 572 786 687 1,148 1,360 11.7 11.9 55.5 71.4 10.3 8.0 2.4 1.9 26.3 26.2 0.7 0.6

Siyaram Silk Mills Buy 248 312 232 1,157 1,320 11.9 12.0 66.6 77.9 3.7 3.2 0.6 0.5 18.3 18.2 0.4 0.4

S. Kumars Nationwide Neutral 8 - 251 6,765 7,393 18.1 18.0 6.4 7.5 1.3 1.1 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 508 744 893 1,069 1,223 9.7 9.7 40.0 46.5 12.7 10.9 1.8 1.6 15.1 15.3 0.8 0.7

TAJ GVK Buy 64 108 401 300 319 35.8 36.2 7.9 9.1 8.1 7.0 1.1 1.0 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 292 371 450 814 849 17.0 17.6 64.6 69.2 4.5 4.2 0.6 0.6 14.5 13.8 0.1 -

TTK Healthcare Buy 453 553 352 435 516 6.2 7.1 24.3 33.3 18.7 13.6 3.1 2.6 17.6 20.8 0.6 0.5

Tree House Accumulate 266 275 957 150 192 52.7 52.5 12.8 16.2 20.7 16.4 2.1 1.8 10.0 11.1 5.8 4.4

TVS Srichakra Buy 180 226 138 1,591 1,739 7.1 7.4 39.4 56.5 4.6 3.2 0.9 0.7 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

16/17



Others

United Spirits Neutral 2,095 - 27,400 11,886 13,491 14.4 14.0 50.9 74.5 41.2 28.1 3.4 3.0 10.6 11.4 2.5 2.2

Vesuvius India* Accumulate 326 355 662 591 623 17.5 17.2 29.0 29.6 11.3 11.0 1.7 1.5 16.0 14.5 0.9 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 18, 2013


Market Outlook

Stock Watch

April 22, 2013

7/28/2019 Market Outlook 22.04.13

17/17


Documents

Market Outlook 22.04.13