Market Outlook 270812

7/31/2019 Market Outlook 270812

1/13

Market OutlookAugust 27, 2012

www.angelbroking.com


Dealers DiaryIndian markets are expected to open flat with a negative bias following SGX Nifty

and Asian indices which are trading mixed.

The US markets on Friday showed a substantial turnaround benefiting from a

positive reaction to the latest reports regarding the world's central banks. The

major indices moved sideways throughout the trading day; however it ended the

day firmly in the positive territory due to a report indicating that the European

Central Bank is considering setting yield band targets under a new bond buying

program. Federal Reserve Chairman Ben Bernanke also re-iterated that US central

bank has more tools, if needed, to stimulate the economy. Meanwhile, the

Commerce Department's report on durable goods orders for July showed a much

bigger than expected increase in durable goods orders. Also the Philadelphia

Housing Sector Index inched up by 1.3%, closing at four-year high.

Going ahead, the investors would be watchful of a slew of data which is scheduledto be released this week. Traders are likely to keep an eye on reports on consumer

confidence, pending home sales, personal income and spending, and Chicago

area business activity. On the domestic front, the key data to watch out for would

be the quarterly GDP growth rate for 1QFY2013 which would be released on

August 31, 2012.

Markets TodayThe trend deciding level for the day is 17,777/ 5,386 levels. If NIFTY trades above

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

up to 17,829 17,874/5,401 5,414 levels. However, if NIFTY trades below

17,777/5,386 levels for the first half-an-hour of trade then it may correct up to

17,732 17,680/5,372 5,357 levels.

SENSEX 17,680 17,732 17,777 17,829 17,874

NIFTY 5,357 5,372 5,386 5,401 5,414

News Analysis Cadila Healthcare inks pact with Canada's Microbix JSW Steel reports moderate steel production numbers for July 2012 Jyoti Structures announces order wins worth `1,491crRefer detailed news analysis on the following page

Net Inflows (August 24, 2012)

FII 2,474 2,077 397 1,954 59,101

MFs 439 453 (14) 29 (8,731)

FII Derivatives (August 25, 2012)

Index Futures 1,403 1,256 147 17,808

Stock Futures 2,317 2,888 (572) 26,546

Gainers / Losers

Jain Irrigation 76 5.2 IFCI 29 (16.3)

Opto Circuits 127 5.0 Bajaj Finserve 824 (6.8)

Aurobindo Pharma 112 3.9 JP Infra 47 (4.5)

Exide Industries 134 3.6 Punj Lloyd 49 (4.1)

Dabur India 123 2.9 HDIL 76 (4.0)

BSE Sensex (0.4) (67.0) 17,783

Nifty (0.5) (28.7) 5,387

MID CAP (0.6) (35.8) 6,119

SMALL CAP (0.8) (51.8) 6,575

BSE HC 0.3 18.4 7,420

BSE PSU (0.1) (5.7) 7,130

BANKEX (1.1) (129.8) 11,872

AUTO 0.1 5.2 9,597

METAL (0.6) (59.6) 10,422

OIL & GAS (0.4) (29.1) 8,398

BSE IT (0.4) (23.9) 5,798

Dow Jones 0.8 100.5 13,158NASDAQ 0.5 16.4 3,070

FTSE 0.0 0.0 5,777

Nikkei (1.2) (107.4) 9,071

Hang Seng (1.3) (252.2) 19,880

Straits Times (0.2) (5.9) 3,050

Shanghai Com (1.0) (21.0) 2,092

INFY 0.1 0.0 $43.6

WIT (0.4) (0.0) $8.1IBN (1.7) (0.6) $34.5

HDB (1.1) (0.4) $34.5

Advances 1,185 491

Declines 1,634 972

Unchanged 147 101

BSE 1,940

NSE 8,881


2/13



Cadila Healthcare inks pact with Canada's Microbix

Cadila Healthcare has announced the closing of a definitive agreement regarding

re-launch of Kinlytic (urokinase) in North American markets with Canada based

biotechnology player Microbix Biosystems Inc. The market size for urokinase in theUS is estimated to be around US $400mn. Zydus had signed a letter of intent (LoI)

with Mircrobix in January this year to market the thrombolytic drug, urokinase in

North America.

Urokinase is used in clearing pulmonary embolisms and intravenous catheter

blockages, and has been administered to over four million patients since it was

first approved in the US in 1978. This life saving drug has been unavailable to

patients since 2009 due to lack of an approved manufacturing facility. Microbix

acquired all rights to urokinase in 2008 and has been working to re-introduce the

drug since that time.

Under the agreement, Microbix has licensed to Zydus Cadila all its rights and

expertise relating to urokinase. On the other hand, Zydus Cadila will make all

further investments related to regulatory approvals, product development,

manufacturing as well as marketing the drug. Zydus will be manufacturing the

drug at its own biologics facility. This would help Microbix to avoid any major

manufacturing scale up as well as validation costs.

Microbix will also receive significant royalties on all sales of urokinase together

with a multi-million dollar milestone payment upon Zydus' touching of US $100mn

annual sales mark. The deal is positive for the company and would start

contributing meaningfully from FY2016.

JSW Steel reports moderate steel production numbers for July

2012

JSW Steel reported moderate growth in steel production for 1QFY2013. Crude

steel production grew by 13% yoy to 0.68mn tonnes. Flat rolled products

production grew by 15% yoy to 0.49mn tonnes and long rolled products

production grew by 24% yoy to 0.14mn tonnes during the quarter. JSW Steel

stated that capacity utilization at its Vijayanagar plant (10mn tonnes p.a.) declined

to from ~80% in 1QFY2013 to ~75% in July 2012 due to constraints in

availability of good-quality iron ore to run the furnaces at full capacity.


3/13



Exhibit 1:Capacity utilization

Source: Company, Angel Research

Jyoti Structures announces order wins worth `1,491cr

Jyoti Structures announced that it has received, domestic as well as export orders

for a total consideration of `1,491cr. The orders include 400kv transmission lines

on turnkey basis in India and Kenya along with certain rural electrification projects.

Project duration for the orders is 18 to 24 months. Order wins of `1,491cr

remains strong compared to our expectations of `2,834cr for FY2013E

Economic and Political News ICRA lowers GDP forecast to 5.7% Lower rate alone cant prop up economy: RBI Sebi bars companies from buying shares through staff trustsCorporate News GVK gets okay for US$10bn Alpha coal mine, rail project Reliance Power plans to raise Sasan plant capacity by 50% SC issues notice to Tata Motors in Singur land row

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


4/13

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Aug 28 2012 12:00AM US Consumer ConfidenceS.A./

1985=100Aug 65.90 66.00

Aug 29 2012 12:00AM US GDP Qoq (Annualised) % Change 2Q S 1.50 1.70

Aug 30 2012 12:00AM US Initial Jobless claims Thousands Aug 25 372.00 370.00

Euro ZoneEuro-Zone ConsumerConfidence

Value Aug F (24.60) (24.60)

Germany Unemployment change (000's) Thousands Aug 7.00 7.00

Aug 31 2012 12:00AM India Qtrly GDP YoY% % Change 2Q 5.30 5.30

Sep 1 2012 12:00AM China PMI Manufacturing Value Aug 50.10 50.00

Sep 3 2012 12:00AM Germany PMI Manufacturing Value Aug F 45.10 --

India Imports YoY% % Change Jul (13.46) --

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

UK PMI Manufacturing Value Aug 45.40 --Sep 5 2012 12:00AM Germany PMI Services Value Aug F 48.30 --

Sep 6 2012 12:00AM 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 --

Sep 7 2012 12:00AM UK Industrial Production (YoY) % Change Jul (4.30) --

US Change in Nonfarm payrolls Thousands Aug 163.00 90.00

US Unnemployment rate % Aug 8.30 8.20

Sep 9 2012 12:00AM China Industrial Production (YoY) % Change Aug 9.20 --

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

Sep 10 2012 12:00AM China Exports YoY% % Change Aug 1.00 --Sep 12 2012 12:00AM UK Jobless claims change % Change Aug (5.90) --

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

Sep 13 2012 12:00AM US Producer Price Index (mom) % Change Aug 0.30 --

US FOMC rate decision % Sep 13 0.25 --

Sep 14 2012 12:00AM Euro Zone Euro-Zone CPI (YoY) % Aug 2.40 --

IndiaMonthly Wholesale PricesYoY%

% Change Aug 6.87 --

US Industrial Production % Aug 0.65 --

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

Sep 17 2012 12:00AM 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 --

Sep 18 2012 12:00AM UK CPI (YoY) % Change Aug 2.60 --

Sep 19 2012 12:00AM US Existing home sales Millions Aug 4.47 --

US Housing Starts Thousands Aug 746.00 --

US Building permits Thousands Aug 811.00 --

Sep 26 2012 12:00AM US New home sales Thousands Aug 372.00 --

Sep 27 2012 12:00AM UK GDP (YoY) % Change 2Q F (0.50) --

Oct 18 2012 12:00AM China Real GDP (YoY) % Change 3Q 7.60 --

Source: Bloomberg, Angel Research


August 27, 2012

Market Outlook


5/13

Market StrategyAugust 27, 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

-12

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

-12

M

ay

-12

Jun

-12

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


6/13

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 134 - 2,601 1,466 1,686 14.8 14.8 7.0 8.1 19.1 16.5 4.1 3.5 22.6 22.5 1.9 1.6

United Phosphorus Buy 114 170 5,243 8,421 9,263 16.5 16.5 15.0 17.0 7.6 6.7 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 382 402 3,262 2,844 3,225 15.4 15.5 31.7 36.6 12.1 10.5 3.1 2.5 28.8 26.2 1.1 0.9

Apollo Tyres Neutral 95 - 4,798 13,412 15,041 11.0 11.0 11.5 14.2 8.3 6.7 1.4 1.2 18.7 19.4 0.5 0.4

Ashok Leyland Buy 22 30 5,814 14,920 16,850 9.0 9.3 2.2 2.8 10.0 8.0 1.8 1.6 13.3 15.6 0.5 0.4

Automotive Axle Buy 343 430 518 993 1,140 11.6 11.5 36.9 43.0 9.3 8.0 1.8 1.6 21.2 21.3 0.6 0.4Bajaj Auto Neutral 1,712 - 49,541 21,285 23,927 18.2 18.3 108.5 121.3 15.8 14.1 6.5 5.3 46.1 41.3 1.9 1.7

Bharat Forge Buy 284 351 6,611 7,004 7,985 16.2 16.4 20.3 25.1 14.0 11.3 2.6 2.2 20.0 20.9 1.1 1.0

Bosch India Neutral 8,687 - 27,277 9,034 10,286 17.8 18.3 373.6 435.8 23.3 19.9 4.8 4.0 20.5 19.8 2.7 2.3

CEAT Buy 120 164 410 4,989 5,634 8.7 8.5 32.7 41.1 3.7 2.9 0.5 0.5 15.8 16.9 0.3 0.2

Exide Industries Buy 134 149 11,382 5,899 6,771 16.0 17.0 7.4 9.1 18.2 14.7 3.2 2.8 19.0 20.2 1.5 1.3

FAG Bearings Neutral 1,600 - 2,658 1,505 1,747 17.7 18.0 111.5 130.0 14.4 12.3 3.0 2.4 22.8 21.7 1.5 1.2

Hero Motocorp Buy 1,937 2,428 38,676 26,097 29,963 15.0 15.3 139.5 151.8 13.9 12.8 6.5 5.0 54.6 44.3 1.2 1.0

JK Tyre Accumulate 116 135 478 7,517 8,329 6.1 6.3 26.2 38.5 4.5 3.0 0.6 0.5 13.4 17.2 0.4 0.3

Mahindra and Mahindra Accumulate 763 879 46,816 36,536 41,650 11.6 11.5 49.3 54.9 15.5 13.9 3.2 2.7 22.1 21.1 1.0 0.9

Maruti Neutral 1,190 - 34,388 42,887 49,079 5.5 6.6 66.8 87.6 17.8 13.6 2.0 1.8 12.1 14.1 0.6 0.5

Motherson Sumi Buy 184 216 7,219 23,342 26,366 7.8 8.2 13.3 18.0 13.8 10.2 3.3 2.6 26.2 28.4 0.5 0.4

Subros Buy 28 34 171 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 246 292 65,562 195,096 219,428 12.8 12.8 39.0 43.9 6.3 5.6 1.8 1.4 32.6 28.2 0.4 0.3

TVS Motor Accumulate 40 43 1,915 7,545 8,301 6.2 6.1 4.9 5.4 8.2 7.5 1.5 1.3 18.8 18.2 0.2 0.2

Capital Goods

ABB* Sell 743 498 15,741 8,760 10,023 5.5 7.5 12.4 20.7 59.8 35.8 5.7 5.1 10.1 15.2 1.8 1.6BGR Energy Neutral 264 - 1,908 3,669 4,561 11.0 11.0 24.7 29.6 10.7 8.9 1.6 1.4 15.3 16.7 - 0.6

BHEL Neutral 231 - 56,576 47,801 43,757 19.4 19.8 25.7 23.9 9.0 9.7 1.9 1.7 22.7 18.3 1.1 1.0

Blue Star Neutral 184 - 1,658 3,047 3,328 5.4 6.9 12.5 16.2 14.8 11.4 3.6 2.9 26.1 28.2 0.6 0.5

Crompton Greaves Neutral 120 - 7,717 12,691 14,096 7.0 8.5 6.5 9.1 18.5 13.2 2.0 1.8 11.1 14.2 0.6 0.6

Jyoti Structures Buy 40 59 329 2,622 2,801 10.3 10.7 8.7 13.1 4.6 3.1 0.5 0.4 10.3 14.0 0.3 0.3

KEC International Buy 57 69 1,471 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 2,014 - 2,269 2,369 2,727 11.7 11.7 143.4 166.0 14.0 12.1 2.3 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 499 - 5,951 5,514 5,559 8.9 9.6 26.9 28.4 18.6 17.6 3.2 2.8 18.4 17.1 1.0 1.0


August 27, 2012

Market Outlook

Stock Watch


7/13



Cement

ACC Neutral 1,340 - 25,157 11,220 12,896 20.0 20.6 71.1 81.2 18.8 16.5 3.3 3.0 18.1 19.0 2.0 1.6

Ambuja Cements Neutral 190 - 29,296 10,205 11,659 24.6 24.2 10.8 12.0 17.6 15.8 3.7 3.3 19.7 19.8 2.5 2.1

India Cements Neutral 90 - 2,766 4,393 4,914 19.3 19.5 10.1 12.7 8.9 7.1 0.8 0.7 8.8 10.6 1.1 1.0

J K Lakshmi Cements Neutral 97 - 1,188 1,964 2,278 19.5 20.4 16.3 17.9 6.0 5.4 0.9 0.8 14.7 14.6 0.8 1.1

Madras Cements Neutral 189 - 4,496 3,608 3,928 27.4 26.9 15.6 18.1 12.1 10.4 1.9 1.6 16.8 16.9 1.9 1.6

Shree Cements Neutral 3,399 - 11,842 5,519 6,293 24.5 23.7 156.6 225.3 21.7 15.1 5.4 4.6 22.3 26.0 1.8 1.5

UltraTech Cement Neutral 1,719 - 47,126 20,167 22,752 21.7 23.0 90.8 107.8 18.9 16.0 18.9 16.0 - - 1.9 1.8Construction

Ashoka Buildcon Buy 254 304 1,337 2,014 2,293 22.4 22.4 22.6 26.7 11.2 9.5 1.2 1.1 11.4 11.9 2.5 2.8

Consolidated Co Neutral 15 - 283 2,262 2,522 6.7 7.5 1.5 2.7 10.3 5.8 0.5 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,004 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.3) (17.2) 0.9 1.0 (11.4) (5.6) 1.1 1.2

IRB Infra Buy 126 166 4,184 3,964 4,582 42.3 40.2 15.5 16.9 8.2 7.4 1.3 1.1 16.6 15.8 2.6 2.5

ITNL Buy 172 232 3,342 6,840 7,767 26.4 26.1 24.4 28.4 7.0 6.1 1.1 0.9 16.0 16.2 2.7 2.8

IVRCL Infra Buy 42 61 1,111 5,510 6,722 8.8 9.0 2.5 4.6 16.4 9.1 0.5 0.5 3.4 5.8 0.7 0.6

Jaiprakash Asso. Buy 75 91 16,001 15,259 17,502 25.7 24.7 4.2 5.0 17.7 15.0 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,421 1,553 87,235 60,474 69,091 12.1 11.5 79.7 85.4 17.8 16.7 3.0 2.6 16.3 15.1 1.6 1.4

Madhucon Proj Buy 33 56 244 2,206 2,502 10.7 10.7 4.6 4.7 7.1 7.1 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 37 45 943 5,804 6,513 8.0 8.6 3.0 3.5 12.1 10.5 0.4 0.4 3.2 3.6 0.6 0.7

Patel Engg. Neutral 76 - 529 3,609 3,836 13.1 13.1 14.0 14.6 5.4 5.2 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 49 - 1,636 11,892 13,116 8.9 8.9 1.7 3.1 29.0 15.9 0.6 0.5 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 136 182 2,051 2,789 3,147 10.6 10.7 8.4 10.4 16.2 13.1 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 203 265 1,005 6,732 7,837 8.1 8.4 23.5 29.4 8.6 6.9 0.8 0.7 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Neutral 124 - 6,190 7,233 8,579 3.1 3.3 40.5 40.9 3.1 3.0 0.6 0.5 19.4 17.0 - -

Andhra Bank Neutral 95 - 5,336 4,959 5,787 3.1 3.1 22.7 24.5 4.2 3.9 0.7 0.6 16.0 15.3 - -

Axis Bank Buy 1,076 1,373 44,603 15,961 19,583 3.1 3.2 117.3 143.1 9.2 7.5 1.7 1.5 20.1 20.8 - -

Bank of Baroda Buy 644 829 25,206 15,830 19,300 2.6 2.7 118.9 147.1 5.4 4.4 0.9 0.7 16.7 18.0 - -

Bank of India Accumulate 273 323 15,679 13,159 15,851 2.4 2.5 61.1 71.1 4.5 3.8 0.8 0.7 16.6 17.0 - -

Bank of Maharashtra Neutral 45 - 2,633 3,471 3,889 3.1 3.1 9.0 11.5 4.9 3.9 0.6 0.6 13.7 15.5 - -

Canara Bank Buy 333 421 14,754 11,334 13,629 2.2 2.3 75.4 85.1 4.4 3.9 0.7 0.6 15.2 15.3 - -

Central Bank Accumulate 66 70 4,833 7,181 8,365 2.5 2.7 16.3 21.8 4.0 3.0 0.7 0.6 12.7 15.1 - -


August 27, 2012

Market Outlook

Stock Watch


8/13



Financials

Corporation Bank Buy 377 436 5,588 5,067 5,998 2.1 2.3 105.6 111.0 3.6 3.4 0.6 0.5 17.6 16.3 - -

Dena Bank Buy 89 107 3,119 3,177 3,595 2.8 2.8 25.2 25.4 3.5 3.5 0.6 0.5 18.9 16.4 - -

Federal Bank Accumulate 427 459 7,307 2,697 3,171 3.4 3.4 47.9 58.0 8.9 7.4 1.2 1.0 13.6 14.7 - -

HDFC Reduce 723 671 109,732 7,340 8,805 3.5 3.5 31.5 37.8 22.9 19.1 4.6 4.1 34.8 32.2 - -

HDFC Bank Neutral 596 - 140,596 21,936 27,454 4.4 4.4 28.7 36.0 20.8 16.6 4.0 3.4 20.7 22.0 - -

ICICI Bank Buy 956 1,169 109,852 22,356 27,157 2.9 3.0 68.7 82.0 13.9 11.7 1.7 1.5 14.2 15.5 - -

IDBI Bank Buy 86 101 10,930 7,952 9,876 1.9 2.2 18.5 23.6 4.6 3.6 0.6 0.5 12.8 14.7 - -Indian Bank Accumulate 167 190 7,173 6,294 7,191 3.4 3.4 40.6 44.9 4.1 3.7 0.7 0.6 18.1 17.4 - -

IOB Accumulate 71 80 5,643 7,473 8,732 2.5 2.5 16.7 22.6 4.2 3.1 0.5 0.4 11.8 14.4 - -

J & K Bank Accumulate 938 1,026 4,547 2,625 2,921 3.6 3.5 194.4 191.9 4.8 4.9 0.9 0.8 21.2 18.0 - -

LIC Housing Finance Accumulate 249 279 12,543 1,867 2,338 2.4 2.4 21.1 28.5 11.8 8.7 1.9 1.7 17.5 20.4 - -

Oriental Bank Buy 231 278 6,744 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 712 950 24,148 20,116 23,625 3.3 3.4 152.8 173.9 4.7 4.1 0.8 0.7 18.2 18.0 - -

South Ind.Bank Buy 23 27 2,555 1,514 1,717 2.8 2.7 4.0 4.2 5.7 5.4 1.1 0.9 20.5 18.5 - -

St Bk of India Buy 1,895 2,270 127,150 64,470 75,940 3.5 3.5 224.4 258.7 8.4 7.3 1.4 1.2 17.6 17.8 - -

Syndicate Bank Buy 95 119 5,697 6,840 7,996 2.9 3.0 25.7 29.2 3.7 3.2 0.6 0.5 17.9 17.8 - -

UCO Bank Neutral 66 - 4,417 5,488 6,338 2.4 2.5 17.3 17.7 3.8 3.8 0.8 0.7 17.0 15.3 - -

Union Bank Buy 159 230 8,751 10,299 12,227 2.9 3.0 42.1 49.3 3.8 3.2 0.7 0.6 16.7 17.1 - -

United Bank Buy 52 79 1,866 3,634 4,194 2.8 2.9 18.2 23.0 2.8 2.3 0.4 0.4 15.0 16.7 - -

Vijaya Bank Neutral 50 - 2,495 2,579 3,028 2.1 2.3 8.8 11.6 5.7 4.4 0.7 0.6 11.1 13.3 - -

Yes Bank Buy 345 453 12,240 3,255 4,228 2.8 3.0 34.2 42.7 10.1 8.1 2.1 1.8 23.3 23.8 - -

FMCG

Asian Paints Neutral 3,679 - 35,287 11,198 13,184 16.3 16.3 121.0 144.8 30.4 25.4 10.2 8.0 37.4 35.3 3.1 2.6Britannia Buy 485 584 5,790 5,835 6,824 5.7 6.0 20.7 25.4 23.4 19.1 9.2 7.1 43.1 41.9 0.9 0.7

Colgate Neutral 1,181 - 16,059 3,018 3,429 20.9 22.3 34.6 41.0 34.1 28.8 31.4 23.9 99.5 94.1 5.2 4.5

Dabur India Neutral 123 - 21,445 6,124 7,030 17.0 16.8 4.5 5.2 27.5 23.8 11.4 9.0 43.2 41.5 3.4 2.9

GlaxoSmith Con* Neutral 2,849 - 11,983 3,124 3,663 17.1 17.6 104.5 123.8 27.3 23.0 8.5 6.8 34.4 32.8 3.5 2.9

Godrej Consumer Neutral 653 - 22,215 6,097 7,233 18.4 18.6 21.9 26.5 29.9 24.7 6.6 5.5 25.5 25.4 3.8 3.2

HUL Neutral 519 - 112,169 25,350 28,974 13.9 13.9 14.3 16.5 36.4 31.5 21.7 16.7 70.9 59.8 4.2 3.6

ITC Neutral 265 - 207,694 29,513 33,885 35.4 35.8 9.3 10.8 28.6 24.6 9.5 7.9 35.6 35.0 6.7 5.8


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Market Outlook

Stock Watch


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FMCG

Marico Neutral 195 - 12,559 4,840 5,643 13.1 13.1 6.8 8.5 28.7 23.1 7.9 6.0 31.4 29.7 2.6 2.2

Nestle* Neutral 4,711 - 45,423 8,610 10,174 20.9 21.2 114.8 139.8 41.0 33.7 24.8 17.2 71.2 60.3 5.3 4.4

Tata Global Neutral 129 - 7,968 7,207 7,927 9.7 10.0 6.6 7.9 19.4 16.4 2.0 1.9 8.6 9.5 1.0 0.9

IT

HCL Tech Neutral 558 - 38,694 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 124 133 3,663 1,947 2,161 22.0 21.4 11.4 12.1 10.9 10.2 2.8 2.4 26.4 24.0 1.6 1.4

Infosys Neutral 2,445 - 140,420 39,151 41,743 31.6 31.9 161.9 174.5 15.1 14.0 3.6 3.1 23.8 22.1 3.0 2.7Infotech Enterprises Neutral 180 - 2,006 1,889 2,065 18.0 17.5 18.0 19.7 10.0 9.2 1.5 1.3 14.5 13.7 0.7 0.6

KPIT Cummins Neutral 130 - 2,312 2,149 2,331 15.6 14.8 10.7 11.2 12.1 11.5 2.5 2.1 20.6 17.8 1.1 0.9

Mahindra Satyam Neutral 100 - 11,786 7,574 8,062 19.6 18.4 9.5 9.7 10.6 10.4 1.7 1.5 16.1 14.1 1.2 1.0

Mindtree Neutral 697 - 2,842 2,341 2,513 18.6 17.1 66.5 70.8 10.5 9.9 2.3 1.9 22.3 19.3 1.0 0.9

Mphasis Neutral 378 - 7,935 5,704 6,009 18.6 17.7 36.0 37.1 10.5 10.2 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 33 40 548 1,162 1,304 14.8 15.1 7.1 8.8 4.7 3.8 0.8 0.7 16.7 18.4 0.3 0.2

Persistent Neutral 376 - 1,506 1,193 1,278 25.6 24.3 42.6 44.3 8.8 8.5 1.5 1.3 17.2 15.5 0.9 0.8

TCS Neutral 1,323 - 258,940 61,046 67,507 29.3 29.1 67.3 72.4 19.7 18.3 6.3 5.2 31.9 28.3 4.0 3.6

Tech Mahindra Neutral 872 - 11,124 6,148 6,434 18.4 17.6 91.8 97.6 9.5 8.9 2.2 1.8 23.4 20.2 1.8 1.6

Wipro Buy 365 420 89,845 43,492 48,332 19.4 19.3 25.1 28.0 14.5 13.0 2.7 2.3 18.6 18.0 1.7 1.4

Media

D B Corp Buy 184 236 3,375 1,597 1,785 22.9 24.2 11.1 13.9 16.6 13.2 3.2 2.7 20.2 22.1 2.0 1.7

HT Media Buy 90 113 2,112 2,111 2,263 15.2 15.2 7.3 8.1 12.3 11.1 1.3 1.2 11.2 11.2 0.5 0.4

Jagran Prakashan Buy 91 112 2,875 1,506 1,687 22.5 23.2 6.2 7.0 14.6 13.0 3.5 3.2 25.0 25.7 2.1 1.9

PVR Neutral 182 - 474 625 732 17.4 17.1 13.3 15.6 13.7 11.7 1.5 1.3 13.2 13.8 1.2 1.0

Sun TV Network Neutral 298 - 11,759 1,981 2,239 77.0 76.7 18.6 21.3 16.1 14.0 4.0 3.5 27.1 27.5 5.4 4.6Metals & Mining

Bhushan Steel Neutral 465 - 9,879 11,979 14,584 31.6 31.0 49.2 61.4 9.5 7.6 1.2 1.1 14.1 15.2 2.8 2.3

Coal India Accumulate 367 385 231,747 69,808 75,550 27.4 27.4 26.0 28.3 14.1 13.0 4.1 3.3 32.5 28.1 2.3 2.0

Electrosteel Castings Buy 19 23 659 1,984 2,074 11.2 12.6 2.5 2.9 7.7 6.6 0.4 0.1 5.1 5.7 0.5 0.5

Hind. Zinc Accumulate 130 144 54,824 12,446 13,538 52.3 52.9 14.3 15.5 9.1 8.4 1.7 1.5 20.5 18.9 2.6 2.0

Hindalco Neutral 111 - 21,242 84,855 92,446 8.7 9.3 13.2 16.2 8.4 6.8 0.6 0.6 7.8 8.9 0.6 0.6

JSW Steel Neutral 736 - 16,418 38,740 41,459 17.3 17.0 79.9 89.4 9.2 8.2 0.9 0.8 10.4 10.6 0.8 0.8

MOIL Accumulate 244 271 4,104 918 993 50.7 50.9 24.5 26.1 10.0 9.4 1.5 1.4 16.0 15.5 2.2 1.9

Monnet Ispat Buy 298 379 1,920 2,511 3,303 23.8 26.0 46.3 57.3 6.5 5.2 0.7 0.7 12.4 13.7 1.7 1.2


August 27, 2012

Market Outlook

Stock Watch


10/13



Metals & Mining

Nalco Reduce 52 48 13,427 7,401 7,841 16.7 19.2 3.4 4.1 15.2 12.7 1.1 1.0 7.4 8.4 1.3 1.3

NMDC Accumulate 185 214 73,169 12,934 14,266 79.4 80.1 21.1 23.4 8.8 7.9 2.3 1.9 29.6 26.5 3.9 3.3

SAIL Neutral 84 - 34,676 47,252 60,351 14.2 14.8 9.6 11.7 8.8 7.2 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 192 - 16,674 7,704 8,034 33.6 34.6 42.0 43.1 4.6 4.5 0.9 0.8 22.3 19.2 0.4 -

Sterlite Inds Neutral 112 - 37,723 41,680 45,382 24.2 23.2 16.3 16.9 6.9 6.6 0.7 0.7 11.3 10.7 0.5 0.4

Tata Steel Buy 388 481 37,654 145,799 150,431 10.3 11.2 48.6 63.3 8.0 6.1 0.8 0.7 10.5 12.4 0.5 0.5

Sarda Buy 126 148 451 1,251 1,321 22.7 23.4 33.0 37.1 3.8 3.4 0.5 0.5 15.1 14.8 0.7 0.7Prakash Industries Buy 59 73 797 2,694 2,906 14.6 16.6 17.9 22.6 3.3 2.6 0.4 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 122 161 386 2,341 2,425 15.6 17.3 33.8 43.8 3.6 2.8 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 343 380 65,454 16,605 17,258 75.4 71.7 57.0 54.9 6.0 6.2 1.1 0.9 20.2 16.3 3.0 2.3

GAIL Neutral 367 - 46,540 50,176 55,815 15.5 15.8 35.4 36.5 10.4 10.0 1.8 1.6 18.9 17.0 0.1 -

ONGC Accumulate 287 312 245,628 147,139 154,821 33.9 33.7 30.7 32.3 9.4 8.9 1.6 1.5 18.3 17.2 1.4 1.3

Reliance Industries Neutral 782 - 256,103 362,700 380,031 7.9 8.0 61.5 64.3 12.7 12.2 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas Neutral 298 - 3,828 2,472 3,267 16.1 11.5 21.2 19.2 14.1 15.6 4.9 4.1 33.4 28.7 1.5 1.1

Indraprastha Gas Neutral 262 - 3,674 3,040 3,135 24.3 26.7 24.8 27.9 10.6 9.4 2.5 2.0 25.5 23.6 1.2 1.1

Petronet LNG Buy 152 176 11,381 22,696 29,145 8.1 6.6 14.1 14.2 10.8 10.7 3.2 2.6 34.1 26.9 0.6 0.4

Gujarat State PetronetLtd.

Neutral 79 - 4,437 1,041 939 91.8 91.9 8.5 7.4 9.3 10.7 1.6 1.4 18.1 14.0 5.0 5.6

Pharmaceuticals

Alembic Pharma Buy 73 91 1,380 1,624 1,855 14.2 15.6 6.6 9.1 11.1 8.0 2.7 2.1 27.9 29.2 1.0 0.8

Aurobindo Pharma Buy 112 156 3,256 5,243 5,767 14.6 14.6 11.8 12.6 9.5 8.9 1.0 0.4 17.9 16.4 1.1 0.9

Aventis* Neutral 2,174 - 5,008 1,482 1,682 15.5 15.5 95.0 104.0 22.9 20.9 4.1 3.2 18.6 17.0 3.2 2.7Cadila Healthcare Accumulate 877 953 17,963 6,148 7,386 18.6 19.6 36.0 46.1 24.4 19.0 5.7 4.6 25.8 26.8 3.1 2.6

Cipla Accumulate 367 399 29,459 8,031 9,130 23.4 22.4 18.4 20.0 19.9 18.3 3.3 2.9 17.8 16.6 3.4 2.9

Dr Reddy's Neutral 1,679 - 28,502 10,696 11,662 20.7 21.0 83.7 92.9 20.1 18.1 4.1 3.5 22.4 21.0 2.9 2.6

Dishman Pharma Neutral 94 - 760 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 2,097 - 17,760 2,651 2,993 31.7 31.2 76.0 82.4 27.6 25.5 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 64 92 594 685 837 15.2 15.2 7.4 8.9 8.7 7.2 1.3 1.2 16.4 17.0 1.0 0.9

Ipca labs Buy 410 475 5,168 2,850 3,474 20.7 20.7 29.2 36.6 14.0 11.2 3.3 2.6 26.1 26.1 1.9 1.5

Lupin Accumulate 582 647 26,001 8,426 10,082 19.7 20.0 27.4 32.4 21.2 18.0 5.2 4.2 26.0 24.7 3.1 2.6

Orchid Chemicals Buy 120 178 843 2,117 2,434 17.7 17.7 16.7 22.2 7.2 5.4 0.7 0.6 9.5 11.5 1.0 0.9


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Market Outlook

Stock Watch


11/13



Pharmaceuticals

Ranbaxy* Neutral 550 - 23,216 12,046 11,980 18.0 15.8 35.7 29.8 15.4 18.5 6.0 4.8 39.1 28.9 2.0 1.9

Sun Pharma Neutral 665 - 68,801 9,752 12,134 41.6 41.6 26.0 28.2 25.6 23.6 4.8 4.1 20.3 18.8 6.3 4.9

Power

CESC Accumulate 315 342 3,941 5,218 5,644 24.2 23.8 44.6 47.6 7.1 6.6 0.7 0.7 11.0 10.6 1.1 1.1

GIPCL Accumulate 68 77 1,025 1,557 1,573 29.3 28.7 10.8 11.0 6.3 6.2 0.7 0.6 10.8 10.2 1.1 1.0

NTPC Neutral 169 - 139,060 74,111 85,789 23.2 23.6 12.4 14.0 13.7 12.0 1.7 1.6 13.0 13.5 2.6 2.4

Real EstateAnant Raj Buy 46 78 1,365 657 875 52.0 56.1 8.4 12.7 5.5 3.6 0.3 0.3 6.3 8.9 3.4 2.6

DLF Neutral 208 - 35,270 9,878 12,033 44.7 46.1 9.6 13.4 21.7 15.5 1.4 1.3 6.4 8.7 6.2 5.1

HDIL Buy 76 115 3,163 2,441 3,344 55.1 48.2 22.7 26.6 3.3 2.8 0.3 0.3 8.8 9.4 3.2 2.4

MLIFE Accumulate 349 396 1,426 813 901 26.2 26.6 32.0 37.1 10.9 9.4 1.1 1.0 10.4 11.0 2.2 1.9

Telecom

Bharti Airtel Neutral 248 - 94,179 79,542 87,535 30.9 32.2 10.3 15.0 24.1 16.5 1.7 1.6 7.2 9.6 1.9 1.6

Idea Cellular Neutral 75 - 24,857 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 54 - 11,177 21,553 22,494 31.0 30.7 3.5 4.5 15.6 12.2 0.3 0.3 1.9 2.4 2.0 1.8

zOthers

Abbott India Neutral 1,584 - 3,365 1,602 1,833 10.4 11.8 54.7 71.7 29.0 22.1 5.5 4.7 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 176 234 1,754 3,569 4,172 8.1 8.8 16.3 21.3 10.8 8.3 2.2 1.9 21.7 24.6 0.5 0.4

Cera Sanitaryware Neutral 345 - 436 396 470 16.7 16.5 28.0 33.2 12.3 10.4 2.5 2.1 23.8 23.1 1.3 1.1

Cravatex Buy 446 785 115 302 364 5.7 6.0 49.0 71.0 9.1 6.3 2.7 1.9 29.8 30.7 0.5 0.4

CRISIL Neutral 918 - 6,439 982 1,136 34.3 34.3 34.3 40.0 26.7 23.0 12.1 9.7 50.9 46.9 6.1 5.1

Finolex Cables Buy 38 61 587 2,334 2,687 8.8 9.3 7.6 10.2 5.0 3.8 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 440 591 573 2,214 2,765 4.5 5.4 39.5 73.9 11.1 6.0 0.5 0.5 4.4 7.6 0.1 0.1Goodyear India Accumulate 339 370 781 1,543 1,646 8.1 9.2 32.3 39.4 10.5 8.6 2.1 1.8 21.7 22.4 0.3 0.2

Graphite India Buy 80 113 1,568 2,158 2,406 18.1 18.9 12.4 14.0 6.5 5.7 0.9 0.8 14.0 14.3 0.9 0.7

Greenply Industries Buy 194 309 467 1,925 2,235 10.6 10.9 29.6 44.1 6.6 4.4 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 208 229 831 1,586 1,685 17.9 18.1 16.1 25.7 13.0 8.1 1.0 0.9 7.5 11.6 1.2 1.1

Hitachi Buy 118 130 271 868 977 3.9 6.6 2.7 10.9 43.0 10.9 1.6 1.4 3.7 13.6 0.4 0.3

Honeywell Automation Accumulate 2,528 2,842 2,235 1,847 2,162 4.3 7.3 61.0 120.0 41.4 21.1 3.3 2.8 9.3 16.3 1.1 0.9

INEOS ABS India Accumulate 667 744 1,173 1,056 1,081 8.1 10.6 33.8 46.5 19.7 14.3 2.7 2.3 14.7 17.5 1.0 0.9

ITD Cementation Neutral 232 - 267 1,451 1,669 12.3 12.4 32.4 41.5 7.1 5.6 0.6 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 159 - 2,558 1,248 1,468 9.8 10.4 5.9 7.2 26.8 22.1 3.8 3.5 15.0 16.6 2.2 1.9

MCX Buy 1,157 1,440 5,899 553 624 65.3 66.3 62.5 72.0 18.5 16.1 5.1 4.4 27.5 27.4 7.7 6.4


August 27, 2012

Market Outlook

Stock Watch


12/13



zOthers

MRF Buy 10,711 12,884 4,542 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.3 7.5 1.6 1.3 21.3 19.4 0.5 0.5

Page Industries Neutral 2,996 - 3,342 887 1,108 18.3 18.6 95.0 120.9 31.6 24.8 16.5 13.4 57.4 59.5 3.9 3.1

Relaxo Footwears Buy 606 684 727 1,019 1,208 12.3 13.0 51.0 68.4 11.9 8.9 3.1 2.3 30.3 30.2 0.8 0.7

Sintex Industries Buy 58 79 1,577 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.7 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 4.4 3.8 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 22 38 665 7,279 8,290 20.5 20.5 13.4 16.3 1.7 1.4 0.2 0.2 12.3 13.1 0.7 0.6

SpiceJet Buy 35 43 1,693 5,720 6,599 5.3 6.8 3.6 5.4 9.7 6.5 14.0 4.5 - - 0.4 0.4TAJ GVK Buy 65 108 404 300 319 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 302 424 465 787 837 16.2 17.5 58.5 66.9 5.2 4.5 0.7 0.6 14.9 15.1 0.3 0.2

TVS Srichakra Accumulate 319 335 244 1,476 1,643 7.1 8.2 24.7 42.8 12.9 7.5 1.6 1.3 16.6 24.8 0.4 0.3

United Spirits Neutral 939 - 12,276 10,289 11,421 13.5 14.3 31.0 42.9 30.2 21.9 2.4 2.1 8.1 10.3 1.9 1.7

Vesuvius India Neutral 351 - 713 560 611 16.1 17.0 24.7 28.8 14.2 12.2 2.1 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 24, 2012


August 27, 2012

Market Outlook

Stock Watch


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August 27, 2012Market Outlook

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Market Outlook 270812