Market Outlook, 28.02.13

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Market OutlookFebruary 28, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the green today mirroring positive

opening trades in the SGX Nifty and most of the Asian markets. Asian markets are

trading higher, as better-than-estimated US economic data has bolsteredconfidence in the global recovery. Moreover, the Indian markets will closely watch

out for the Union Budget today.

The US market, after moving mostly higher over the course of the previous session,

saw considerable further upside during the trading session on Wednesday. The

substantial strength that emerged on Wall Street was partly due to a positive

reaction to a pair of reports on durable goods orders and pending home sales.

Traders also kept a close eye on Capitol Hill, where Bernanke, appearing before

the House Financial Services Committee, reaffirmed his support for maintaining the

Feds highly accommodative monetary policy. Most of the European bourses

finished in the green on Wednesday, rebounding from the weakness of the

previous trading session, which was due to the uncertainty created by the results of

the Italian parliamentary elections, where no single party or coalition secured

enough seats to form a government on its own.

Meanwhile, Indian markets rose notably on Wednesday, after Ben Bernanke

signaled that the Fed will stick to its easy monetary policy for a long time. The pre-

Budget Economic Survey, tabled by Finance Minister yesterday, projected an

optimistic 6.1 to 6.7% growth for the next fiscal and indicated that the downturn in

growth is more or less over.

Markets Today

The trend deciding level for the day is 19,121 / 5,788 levels. If NIFTY trades above

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

up to 19,244 19,336 / 5,827 5,857 levels. However, if NIFTY trades below19,121 / 5,788 levels for the first half-an-hour of trade then it may correct up to

19,029 18,906 / 5,758 5,720 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,906 19,029 19,121 19,244 19,336

NIFTY 5,720 5,758 5,788 5,827 5,857

News Analysis Economic Survey paints an optimistic picture L&T bags orders worth `1,504cr in various segments 4QCY2012 Result Review Bosch, Goodyear India 1QFY2013 Result Preview MphasisRefer detailed news analysis on the following page

Net Inflows (February 26, 2013)

` cr Purch Sales Net MTD YTDFII 2,537 2,271 266 #NAME? 44,701

MFs 476 575 (99) #NAME? (6,302)

FII Derivatives (February 27, 2013)

` cr Purch Sales Net Open InterestIndex Futures 4,240 4,239 1 18,345

Stock Futures 8,356 7,207 1,149 31,411

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Jet Air India 535 19.3 Core Projects 60 (46.1)

Suzlon Energy 24 13.9 Opto Circuits 48 (6.7)

JPINFRATEC 45 6.2 Pipavav Defence 78 (5.0)

Jaiprakash Asso 72 5.4 Neyveli Lignite 72 (4.9)

Motherson Sumi 197 5.2 Ranbaxy Lab 400 (4.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.7 137.3 19,152

Nifty 0.6 35.6 5,797

MID CAP 0.7 47.4 6,462

SMALL CAP 0.2 12.7 6,331

BSE HC (0.0) (3.4) 7,864

BSE PSU 1.0 72.1 7,061

BANKEX 0.8 109.3 13,696

AUTO 0.6 65.4 10,553

METAL 1.1 102.9 9,343

OIL & GAS 1.2 102.0 8,792

BSE IT (1.0) (65.0) 6,723

Global Indices Chg (%) (Pts) (Close)Dow Jones 1.3 175.2 14,075NASDAQ 1.0 32.6 3,162

FTSE 0.9 55.4 6,326

Nikkei (1.3) (144.8) 11,254

Hang Seng 0.3 57.3 22,577

Straits Times 0.2 6.9 3,261

Shanghai Com 0.9 19.9 2,313

Indian ADR Chg (%) (Pts) (Close)INFY 0.1 0.1 $54.6

WIT 2.7 0.2 $9.6IBN 1.9 0.8 $42.6

HDB 0.6 0.2 $39.5

Advances / Declines BSE NSEAdvances 1,441 824

Declines 1,359 694

Unchanged 130 76

Volumes (` cr)BSE 2,107

NSE 11,915

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Economic Survey paints an optimistic picture

The Economic Survey of India (ESI) tabled in Parliament, estimates real GDP

growth for FY2014 to improve in the range of 6.1% to 6.7% even as the growth

estimate for FY2013 has been revised to a moderate 5.0% and it further indicates

that the downturn in growth is more or less over. The ESI also estimates headlineWPI inflation to decline in the range of 6.2% to 6.6% for FY2013 owing to the

moderation in core inflation. In January 2013, inflation moderated to a three year

low of 6.62% as core inflation moderated for the fifth straight month to 4.1%.

The Survey highlights the current account deficit as one of the key concerns in the

economy and it has acknowledged that there is limited room to increase exports in

the near term. The CAD has widened to 4.6% in the first half of the fiscal year as

compared to 4.0% in the first half of FY2012 as the trade deficit widened to 10.8%

of GDP in the period. We expect it to touch almost 5% for FY2013, so we believe

that attracting capital inflows in the economy is pertinent to finance the CAD. In

this context, the Survey has rightly observed that long term and stable capitalinflows should be accorded priority to minimize the reversal of capital in risk-off

phases. At present, the maturity profile of India's external debt continues to be

dominated by long-term loans. In the first half of FY2013, long-term external debt

stood at US$280.8billion, ie 76.9% of total external debt, while the remaining

23.1% was short-term debt.

Another key concern in the economy is that the savings rate has decelerated

dramatically to 30.8% from its peak level of 36.8% in FY2008. The high

preference of households for savings in non-productive physical assets like gold is

also adding to pressure on the already burgeoning trade and current account

deficit and the saving investment gap has also widened. In this regard, theforthcoming budget can take some steps to boost savings in financial assets, and

thus discourage demand for gold, by increasing the tax saving deduction limit in

investment instruments such as ELSS, equities, longer-duration fixed deposits, tax-

free bonds etc.

The Survey also notes that a higher tax/GDP ratio is desirable to meet fiscal

consolidation in the economy by broadening the base rather than increasing

marginal tax rates in addition to prioritizing expenditure. It has termed the

medium-term fiscal consolidation path of a fiscal deficit of 3% of GDP for FY2017

as credible owing to the recent reforms in diesel prices and efforts at curtailing

expenditure.

L&T bags orders worth `1,504cr in various segments

Larsen & Toubro (L&T) has bagged orders worth over `413cr from Kiran Energy

for construction of PV solar plants in Tamil Nadu in the solar segment. In the

water segment, the company has bagged various orders worth over `621cr. Also,

it has bagged an order worth `265cr from Tamil Nadu Generation and

Distribution Corporation for power distribution work across various districts in

Tamil Nadu. From ongoing projects, various orders worth `205cr have been

secured in the heavy civil business segment. We continue to maintain our Buyrating on the stock with a target price of `1,788.

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4QCY2012 Result Review

Bosch (CMP: `8,862/ TP: `9,570/ Upside: 8%)

Bosch (BOS) reported poor results for 4QCY2012 largely due to contraction in

operating margins which declined 82bp sequentially (429bp yoy) to 12.5%. Top-

line posted a subdued growth of 5.1% yoy (3.8% qoq) to `2,132cr, which was

slightly below our expectations of `2,202cr. The poor performance can be

attributed to the weakness in the medium and heavy commercial vehicle (MHCV)

and tractor industries which are the key drivers of the companys performance.

While the automotive segment posted a growth of 3.9% yoy (4.7% qoq) due to

slowdown in OEM sales; non-auto segment registered a 6.2% yoy (down 2.7%

qoq) growth. On the operating front, EBITDA margin declined by a sharp 429bp

yoy to 12.5% primarily on account of increase in raw-material costs and employee

expenditure. The raw-material cost as a percentage of sales surged 140bp yoy on

account of INR depreciation; while, employee expenditure as a percentage of sales

jumped 290bp yoy due to negative impact of change in actuarial assumptions andwage hikes given to the employees. On a sequential basis, the margins were

impacted largely due to increase in employee and other expenditure which grew

by 18.7% and 27.1% qoq. Therefore, net profit at `172cr (down 38.8% yoy and

15.2% qoq) was lower than our expectations of `199cr. The net profit performance

was further impacted due to high depreciation expense (up 33.7% yoy) and higher

tax rate (29.7% vs 22.5% in 4QCY2012). At the CMP of `8,862, the stock is

trading at 19.4x CY2014 earnings. We maintain our Accumulate rating on thestock with a target price of `9,570.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,973 17.8 1,244 396.2 18.8 22.4 4.2 13.7 2.4

CY2014E 11,320 18.0 1,431 455.7 18.2 19.4 3.5 11.5 2.1

Goodyear India (CMP: `284/ TP: `304/ Upside: 7.1%)

For 4QCY2012, Goodyear India reported a lower-than-expected top-line of

`384cr, marginally lower on a yoy basis from `395cr in 4QCY2011. While for the

full year CY2012, revenue declined by 2% yoy to `1,486cr due to slowdown in

auto industry. Increase in other expenses led to contraction of EBITDA margin by

248bp yoy from 8.7% in 4QCY2011 to 6.2% during the quarter. Consequently,net profit for the quarter declined by 20.7% to `16cr from `20cr in 4QCY2011.

EBITDA margin for CY2012 contracted by 39bp to 7.1%, inspite of a decline in

raw material cost, which was offset by higher employee expense. Thus, net profit

for CY2012 declined by 14.9% yoy at `56cr from `66cr in CY2011. We maintainAccumulate rating on the stock with a target price of `304 based on a target PE of9x for CY2014E.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,559 7.1 63 27.5 16.910.3 1.7 3.2 0.2

CY2014E 1,676 7.3 70 30.5 16.7 9.3 1.5 2.4 0.2

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Result Preview

Mphasis - 1QFY2013 (CMP: `389/ TP: `396/ Upside: 5%)

Mphasis is slated to announce its 1QFY2013 results today. We expect the

company to record revenues of US$250mn, up 0.8% qoq. In INR terms, revenues

are expected to come in at `1,353cr, up 3.5% qoq. EBITDA margin is expected to

come down by 114bp qoq to 19.5%. PAT is expected to be at `195cr. We currentlymaintain our Accumulate view on the stock with a target price of `396.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 5,531 17.6 742 35.4 14.7 10.6 1.6 5.2 0.9

FY2014E 5,874 17.5 790 37.7 13.5 10.0 1.3 4.3 0.8

Economic and Political News

Power exchanges get extension to achieve statutory shareholding pattern India has negative trade balance with 110 countries: Government CBI seeks AgustaWestland deal documents from Defence Ministry Iron ore exports fall 68.27% in 10-month

Corporate News

Lack of capacity addition may restrict Ambuja Cements' growth Jet agrees to let Etihad set the rules SBI increase deposits rates across select maturities by 25bp JSPL to increase stake in Australia's Apollo Minerals Jet Airways sells Heathrow slots to Etihad for $70 mn Infosys moves consultants in Europe to Lodestone to remove overlappingSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

February 28, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

February 28, 2013 7:00PM US Initial Jobless claims Thousands Feb 23 362.00 360.00

3:30PM Euro Zone Euro-Zone CPI (YoY) % Jan 2.20 2.00

2:25PM Germany Unemployment change (000's) Thousands Feb (16.00) --

7:00PM US GDP Qoq (Annualised) % Change 4Q S (0.10) 0.5011:00AM India Qtrly GDP YoY% % Change 4Q 5.30 4.90

March 1, 2013 2:25PM Germany PMI Manufacturing Value Feb F 50.10 50.10

3:00PM UK PMI Manufacturing Value Feb 50.80 51.00

6:30AM China PMI Manufacturing Value Feb 50.40 50.50

March 5, 2013 2:25PM Germany PMI Services Value Feb F 54.10 --

March 6, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P (0.60) --

March 7, 2013 5:30PM UK BOE Announces rates % Ratio Mar 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Mar 7 0.75 0.75

March 8, 2013 5:29PM China Exports YoY% % Change Feb 25.00 --

7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 150.00

7:00PM US Unnemployment rate % Feb 7.90 7.90

March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 --

11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

March 11, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --

4:29PM India Exports YoY% % Change Feb 0.80 --

March 12, 2013 3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 --

12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

March 15, 2013 6:00PM US Consumer price index (mom) % Change Feb -- --

6:45PM US Industrial Production % Feb (0.10) --

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --

6:00PM US Building permits Thousands Feb 904.00 --

3:00PM UK CPI (YoY) % Change Feb 2.70 --

11:00AM India RBI Repo rate % Mar 19 7.75 --

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --

March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --

3:00PM UK Jobless claims change % Change Feb (12.50) --

10:00PM US FOMC rate decision % Mar 20 0.25 --

March 21, 2013 7:30PM US Existing home sales Millions Feb 4.92 --

March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --

7:30PM US New home sales Thousands Feb 437.00 --


February 28, 2013

Market Outlook

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Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd 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


Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

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

1Q

FY13

2Q

FY13

(%)

1. 0

4 .3

2. 5 2. 0

8. 3

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

(%)

7. 6 7. 7 7. 5 7. 6 7. 6 7. 58. 0 8. 1

7. 3 7. 2 7. 26. 6

0. 0

1. 0

2. 0

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Jan

-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jan-12

Feb-12

M

ar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

Jan-13

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Fe

b-

12

M

ar-

12

Apr

-12

M

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-12

Jun

-12

Ju

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Aug

-12

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-12

O

ct-12

Nov

-12

Dec

-12

Jan

-13

Exp orts yoy g ro wth Im ports yo y growth( %)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Jan

-13

Fe

b-1

3

Repo rate Reverse Repo rate C RR(%)

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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 116 - 2,255 1,466 1,686 14.8 14.8 7.0 8.1 16.6 14.3 3.5 3.0 22.6 22.5 1.7 1.5

United Phosphorus Buy 123 170 5,424 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.2 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 263 323 4,493 2,983 3,477 16.1 16.1 18.5 21.6 14.2 12.2 4.1 3.2 32.9 29.1 1.5 1.3

Apollo Tyres Accumulate 86 97 4,345 13,066 14,503 11.5 11.8 13.0 14.5 6.6 6.0 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,053 12,910 14,836 8.8 9.6 1.5 2.2 15.4 10.2 2.0 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 335 - 507 934 1,103 10.2 10.7 24.5 34.3 13.7 9.8 1.7 1.6 13.2 16.9 0.6 0.5Bajaj Auto Neutral 1,965 - 56,852 20,775 23,889 18.5 19.0 107.6 126.4 18.3 15.5 7.5 6.0 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 218 242 5,084 5,973 6,707 14.4 15.2 13.4 18.6 16.4 11.8 2.1 1.9 13.6 16.9 1.0 0.8

Bosch India* Accumulate 8,862 9,570 27,826 9,973 11,320 17.8 18.0 396.2 455.7 22.4 19.5 4.2 3.5 18.8 18.2 2.4 2.1

CEAT Buy 95 163 324 4,822 5,403 8.2 8.3 29.8 40.8 3.2 2.3 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 126 - 10,685 6,016 7,026 12.7 14.4 5.8 7.8 21.5 16.0 3.2 2.7 15.4 18.2 1.5 1.2

FAG Bearings* Accumulate 1,511 1,569 2,510 1,619 1,879 16.0 16.6 108.6 130.7 13.9 11.6 2.4 2.0 18.8 19.1 1.2 1.0

Hero Motocorp Accumulate 1,673 1,923 33,410 23,990 27,038 13.8 14.6 105.8 120.2 15.8 13.9 6.4 5.2 44.3 41.0 1.1 1.0

JK Tyre Buy 107 165 438 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.6 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and MahindraAccumulate 891 1,019 54,724 40,060 46,301 11.5 11.7 55.3 64.3 16.1 13.9 3.6 3.0 24.5 23.8 1.1 0.9

Maruti Accumulate 1,409 1,563 40,716 43,381 52,411 7.5 8.9 65.6 97.7 21.5 14.4 2.4 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 197 209 11,560 25,769 29,010 7.1 7.5 10.2 13.1 19.3 15.1 4.9 3.8 28.1 28.3 0.6 0.5

Subros Buy 26 35 157 1,296 1,476 9.8 9.9 3.4 5.0 7.8 5.2 0.6 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 286 326 76,234 184,201 209,642 12.4 13.5 28.0 36.3 10.2 7.9 2.2 1.8 24.6 25.4 0.5 0.4

TVS Motor Buy 39 47 1,860 7,019 7,827 6.0 6.3 4.3 5.3 9.2 7.4 1.4 1.3 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 582 487 12,336 8,073 9,052 5.5 7.2 11.3 17.4 51.7 33.5 4.5 4.1 8.9 12.8 1.5 1.4BGR Energy Neutral 207 - 1,493 3,412 4,104 13.0 11.6 24.6 26.2 8.4 7.9 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 206 - 50,531 47,801 43,757 18.0 17.1 24.1 20.8 8.6 10.0 2.5 2.2 32.9 23.6 0.9 1.0

Blue Star Buy 172 238 1,542 2,748 2,896 4.4 5.6 6.8 9.3 25.3 18.4 3.5 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 95 129 6,107 12,136 13,790 3.8 6.3 3.3 6.9 28.8 13.8 1.7 1.5 5.8 11.5 0.5 0.5

Jyoti Structures Buy 35 49 287 2,802 3,074 9.5 9.8 7.7 10.9 4.6 3.2 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 52 75 1,324 6,909 7,723 6.2 7.2 5.4 8.4 9.6 6.1 1.1 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,039 - 2,297 2,369 2,727 11.7 11.7 143.4 166.0 14.2 12.3 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 594 - 7,075 5,529 5,798 9.0 9.6 27.1 30.3 21.9 19.6 3.8 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

February 28, 2013

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Cement

ACC Neutral 1,301 - 24,431 11,358 12,366 19.9 19.6 75.1 74.9 17.3 17.4 3.3 3.0 19.4 18.1 1.9 1.7

Ambuja Cements Neutral 197 - 30,427 9,730 11,221 25.6 25.0 10.2 11.3 19.3 17.4 3.5 3.2 18.7 19.0 2.8 2.3

India Cements Neutral 86 - 2,642 4,439 4,789 16.7 17.2 6.8 9.1 12.7 9.5 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cements Accumulate 126 143 1,538 2,119 2,478 22.9 22.3 20.3 22.8 6.2 5.5 1.1 0.9 18.0 17.7 0.9 1.1

Madras Cements Neutral 243 - 5,780 3,960 4,270 27.4 27.0 18.6 21.1 13.1 11.5 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,312 - 15,020 5,678 6,251 29.0 28.6 288.1 334.0 15.0 12.9 4.2 3.3 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,901 - 52,128 20,466 23,017 23.3 24.3 100.0 117.1 19.0 16.2 3.5 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 203 268 1,069 20,466 23,017 22.5 22.5 24.4 27.0 8.3 7.5 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 12 - 222 2,262 2,522 5.9 6.3 0.9 1.6 13.1 7.7 0.4 0.4 2.7 4.6 0.4 0.4

IRB Infra Buy 118 164 3,917 3,843 4,212 43.1 43.6 16.8 17.8 7.0 6.6 1.2 1.1 18.3 17.0 3.1 3.4

ITNL Accumulate 197 225 3,818 6,564 7,054 27.2 27.4 26.3 29.0 7.5 6.8 1.2 1.0 17.0 16.3 2.7 2.8

IVRCL Infra Buy 29 35 884 3,773 6,706 6.9 8.4 (3.9) 2.9 (7.4) 10.0 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 72 97 16,022 14,243 16,382 26.2 26.1 3.2 4.3 22.5 16.7 1.2 1.1 5.4 7.0 2.5 2.3

Larsen & Toubro Buy 1,410 1,788 86,797 60,666 69,525 10.6 11.2 71.9 85.0 19.6 16.6 3.0 2.7 14.5 15.2 1.6 1.4

Nagarjuna Const. Accumulate 39 44 1,005 5,863 6,576 8.1 8.2 3.1 4.1 12.7 9.6 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 43 - 1,441 11,892 13,116 10.2 10.2 (0.4) 3.0 (101.8) 14.7 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 111 157 1,674 1,642 2,642 9.7 10.1 3.2 7.2 34.6 15.3 2.0 1.8 6.0 12.1 1.3 0.8

Simplex Infra Buy 157 197 776 6,026 7,135 9.1 9.3 14.1 24.6 11.1 6.4 0.6 0.6 5.6 9.2 0.5 0.5

Unity Infra Buy 32 58 239 2,180 2,455 13.7 13.4 12.9 14.8 2.5 2.2 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Buy 145 171 7,233 6,509 7,264 2.7 2.8 28.2 33.5 5.1 4.3 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 96 - 5,389 4,795 5,475 3.0 3.0 21.8 21.9 4.4 4.4 0.7 0.7 15.4 13.8 - -Axis Bank Buy 1,399 1,678 65,318 15,959 18,660 3.2 3.2 119.2 139.0 11.7 10.1 2.2 1.9 20.3 20.1 - -

Bank of Baroda Buy 736 871 30,253 14,889 17,393 2.5 2.6 108.2 134.0 6.8 5.5 1.0 0.9 15.3 16.7 - -

Bank of India Neutral 338 - 19,411 12,793 14,823 2.3 2.4 49.5 65.1 6.8 5.2 1.0 0.9 13.6 16.0 - -

Bank of Maharashtra Accumulate 54 58 3,160 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.7 16.2 16.9 - -

Canara Bank Accumulate 435 463 19,255 10,783 12,000 2.1 2.3 64.8 82.2 6.7 5.3 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 73 - 5,407 7,158 8,217 2.4 2.6 13.1 20.1 5.6 3.7 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 400 465 5,921 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Accumulate 96 111 3,348 3,090 3,462 2.7 2.7 25.6 24.6 3.7 3.9 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

February 28, 2013

7/29/2019 Market Outlook, 28.02.13

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Financials

Federal Bank Accumulate 500 536 8,550 2,667 2,920 3.2 3.2 49.1 51.4 10.2 9.7 1.3 1.2 13.9 13.1 - -

HDFC Neutral 779 - 120,179 7,446 8,923 3.5 3.5 32.2 38.5 24.2 20.2 4.9 4.4 35.4 32.6 - -

HDFC Bank Neutral 643 - 152,478 21,724 26,578 4.3 4.3 28.7 36.1 22.4 17.8 4.3 3.6 20.7 22.1 - -

ICICI Bank Buy 1,082 1,302 124,439 22,317 26,217 2.9 3.0 72.0 84.6 15.0 12.8 1.9 1.7 14.9 15.9 - -

IDBI Bank Accumulate 94 110 12,049 8,196 9,305 1.9 2.1 15.4 22.3 6.1 4.2 0.7 0.6 10.7 14.1 - -

Indian Bank Buy 181 214 7,764 5,716 6,362 3.2 3.2 37.7 41.1 4.8 4.4 0.8 0.7 16.9 16.2 - -

IOB Buy 74 88 5,874 7,231 8,369 2.4 2.5 10.2 20.2 7.2 3.6 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,301 1,406 6,307 2,784 2,932 3.7 3.7 229.2 199.6 5.7 6.5 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Neutral 246 - 12,425 1,722 2,080 2.2 2.2 19.9 24.6 12.4 10.0 1.9 1.7 16.6 17.9 - -

Oriental Bank Accumulate 284 314 8,283 6,360 7,004 2.6 2.8 48.1 59.4 5.9 4.8 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 836 981 28,366 19,202 22,040 3.2 3.4 146.8 167.9 5.7 5.0 1.0 0.9 17.6 17.5 - -

South Ind.Bank Buy 25 30 3,340 1,583 1,789 3.0 2.9 3.5 4.1 7.2 6.2 1.2 1.0 19.1 17.7 - -

St Bk of India Accumulate 2,214 2,514 148,559 60,594 70,439 3.3 3.3 221.9 257.4 10.0 8.6 1.7 1.4 17.4 17.7 - -

Syndicate Bank Accumulate 124 139 7,440 6,673 7,644 2.9 3.0 32.0 27.9 3.9 4.4 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 64 - 4,224 5,388 6,262 2.4 2.6 9.0 14.9 7.1 4.3 0.9 0.8 9.1 13.8 - -

Union Bank Buy 225 256 12,360 10,006 11,558 2.8 2.8 36.4 47.0 6.2 4.8 0.9 0.8 14.6 16.6 - -

United Bank Buy 65 78 2,357 3,549 3,814 2.5 2.7 12.0 21.4 5.4 3.1 0.6 0.5 10.1 16.3 - -

Vijaya Bank Neutral 53 - 2,629 2,342 2,763 1.9 2.1 8.0 10.9 6.6 4.9 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 491 526 17,571 3,364 4,260 2.8 3.0 36.3 42.6 13.5 11.5 3.0 2.5 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,352 - 41,748 11,198 13,319 15.9 15.7 122.1 147.1 35.6 29.6 12.0 9.4 37.7 35.7 3.8 3.2

Britannia Accumulate 491 564 5,872 5,580 6,417 4.8 5.0 18.1 21.7 27.2 22.7 9.8 7.9 38.7 38.7 1.0 0.8

Colgate Neutral 1,300 - 17,673 3,120 3,588 20.3 21.1 38.4 45.1 33.9 28.9 31.4 25.2 104.6 97.0 5.5 4.7

Dabur India Neutral 129 - 22,493 6,196 7,183 16.3 16.8 4.5 5.5 28.6 23.6 11.9 9.2 43.4 44.0 3.6 3.1

GlaxoSmith Con* Neutral 3,888 - 16,353 3,084 3,617 15.2 16.3 103.9 123.0 37.4 31.6 12.0 9.9 34.9 34.3 4.9 4.2

Godrej Consumer Neutral 731 - 24,866 6,386 7,743 15.7 17.0 20.8 27.1 35.1 27.0 7.5 6.2 23.7 26.4 4.1 3.3

HUL Neutral 454 - 98,104 25,350 28,974 13.3 13.5 15.1 17.0 30.1 26.8 23.9 17.0 85.7 74.3 3.7 3.2

ITC Neutral 295 - 232,758 29,148 34,191 35.7 36.1 9.4 11.1 31.5 26.6 10.5 8.7 35.9 35.7 7.6 6.4

Marico Neutral 217 - 13,993 4,747 5,402 13.6 13.6 6.3 7.8 34.2 27.7 7.0 5.7 26.0 22.6 3.1 2.6

Nestle* Neutral 4,660 - 44,925 8,302 9,739 22.0 21.5 110.7 130.8 42.1 35.6 25.0 17.9 69.5 58.6 5.4 4.5


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FMCG

Tata Global Neutral 132 - 8,175 7,272 7,998 9.1 9.5 6.9 8.1 19.3 16.3 2.0 1.9 8.9 9.8 1.1 0.9

IT

HCL Tech^ Neutral 720 - 50,004 25,325 28,476 21.7 20.7 51.0 52.8 14.1 13.6 3.7 3.1 26.8 22.9 1.9 1.6

Hexaware* Buy 86 113 2,559 1,948 2,136 20.9 18.3 10.9 10.1 7.9 8.5 2.1 1.7 27.2 21.0 1.1 0.9

Infosys Neutral 2,914 - 167,321 40,746 44,283 28.9 28.8 162.6 172.9 17.9 16.9 4.2 3.6 23.5 21.3 3.5 3.1

Infotech Enterprises Accumulate 169 184 1,886 1,881 1,987 17.9 17.4 18.5 19.4 9.1 8.7 1.4 1.2 14.8 13.6 0.7 0.5

KPIT Cummins Buy 106 140 2,049 2,234 2,477 15.8 15.2 10.9 12.8 9.8 8.3 2.1 1.7 22.2 20.6 0.9 0.8Mahindra Satyam Accumulate 117 125 13,742 7,711 8,683 21.6 20.3 8.7 11.3 13.4 10.3 3.2 2.4 30.6 23.7 1.4 1.2

Mindtree Neutral 851 - 3,522 2,357 2,580 21.0 19.3 84.4 86.8 10.1 9.8 2.7 2.1 26.8 21.7 1.3 1.0

Mphasis& Accumulate 376 396 7,906 5,531 5,874 17.6 17.5 35.4 37.7 10.6 10.0 1.6 1.4 14.7 13.5 0.9 0.8

NIIT Buy 24 36 390 1,048 1,161 9.1 10.9 4.1 6.2 5.7 3.8 0.6 0.5 10.3 14.1 0.2 0.1

Persistent Neutral 555 - 2,220 1,297 1,433 25.6 24.1 46.5 54.0 11.9 10.3 2.2 1.9 18.5 18.0 1.4 1.2

TCS Neutral 1,483 - 290,266 62,954 70,871 29.0 28.9 71.6 79.1 20.7 18.7 6.9 5.6 33.2 29.7 4.4 3.8

Tech Mahindra Accumulate 1,027 1,105 13,140 6,789 7,609 21.0 19.6 95.8 110.7 10.7 9.3 2.6 2.1 24.3 22.3 2.0 1.7

Wipro Neutral 419 - 103,102 43,514 47,304 20.1 19.4 26.6 27.7 15.8 15.1 3.1 2.7 19.7 17.9 2.0 1.8

Media

D B Corp Buy 235 276 4,313 1,583 1,787 23.9 25.4 11.9 14.5 19.9 16.2 3.9 3.4 21.4 22.4 2.6 2.3

HT Media Accumulate 103 113 2,427 2,061 2,205 14.0 15.1 6.6 7.9 15.6 13.2 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 99 125 3,131 1,511 1,698 23.2 23.4 6.4 7.3 15.4 13.6 3.8 3.4 25.9 26.6 2.3 2.0

PVR Neutral 274 - 794 820 1,307 17.3 17.3 11.2 17.8 24.6 15.4 1.1 1.0 9.7 10.8 1.0 0.6

Sun TV Network Neutral 424 - 16,725 1,942 2,237 77.2 75.5 17.6 19.1 24.1 22.2 5.8 5.2 25.8 25.2 8.2 7.0

Metals & Mining

Bhushan Steel Neutral 463 - 10,487 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4Coal India Accumulate 312 368 196,849 66,666 70,292 25.7 27.3 24.2 26.6 12.9 11.7 3.8 3.1 33.1 29.1 2.1 1.9

Electrosteel Castings Buy 20 28 678 1,984 2,074 10.6 11.6 1.8 2.6 11.1 7.6 0.4 0.1 3.6 5.1 0.5 0.5

Hind. Zinc Buy 120 149 50,767 12,002 13,759 49.7 50.8 14.7 16.4 8.2 7.4 1.6 1.3 21.1 19.8 2.2 1.5

Hindalco Neutral 102 - 19,615 80,205 88,987 9.0 9.2 13.4 13.8 7.6 7.4 0.6 0.5 7.9 7.6 0.6 0.6

JSW Steel Neutral 777 - 17,334 39,072 40,493 16.5 18.2 82.4 90.3 9.4 8.6 1.0 0.9 10.7 10.7 0.9 0.8

MOIL Neutral 243 - 4,087 933 954 46.9 45.5 25.8 26.1 9.4 9.3 1.5 1.3 16.7 15.1 2.0 1.8

Monnet Ispat Buy 243 318 1,551 2,287 2,883 21.8 21.8 35.3 40.7 6.9 6.0 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Neutral 45 - 11,649 6,630 8,357 11.4 14.5 2.1 3.3 21.3 13.9 1.0 0.9 4.6 6.9 1.1 0.9

NMDC Buy 141 181 56,061 9,674 11,536 75.2 76.6 16.0 18.6 8.9 7.6 1.9 1.6 23.6 23.0 3.7 2.9


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Metals & Mining

SAIL Neutral 74 - 30,710 43,438 56,199 12.0 12.2 6.5 8.5 11.4 8.8 0.7 0.7 6.6 8.2 1.0 0.7

Sesa Goa Accumulate 161 183 13,980 2,412 3,911 30.8 33.1 29.6 31.8 5.4 5.1 0.8 0.7 16.3 15.4 7.2 4.5

Sterlite Inds Accumulate 96 110 32,397 43,185 45,442 23.3 23.7 16.8 17.9 5.7 5.4 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 357 443 34,648 142,732 146,575 7.4 9.9 7.2 34.7 49.7 10.3 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 112 148 402 1,442 1,494 19.0 19.1 29.2 31.7 3.9 3.5 0.5 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 37 52 502 2,512 2,816 12.4 13.7 10.0 12.6 3.8 3.0 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Accumulate 94 112 298 2,367 2,425 14.2 13.7 33.3 33.5 2.8 2.8 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 305 383 58,164 17,394 17,034 76.4 72.3 60.8 55.1 5.0 5.5 1.0 0.9 21.9 17.0 2.5 2.2

GAIL Neutral 334 - 42,329 48,077 55,815 15.3 15.3 34.9 35.9 9.6 9.3 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 315 357 269,669 144,089 158,065 32.8 34.7 28.7 34.4 11.0 9.2 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 831 - 268,351 362,700 380,031 8.9 8.9 68.1 71.5 12.2 11.6 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 279 - 3,575 3,707 3,850 11.7 12.4 23.7 25.7 11.8 10.9 3.3 2.8 29.6 28.2 0.9 0.8

Indraprastha Gas Neutral 264 - 3,690 3,365 3,700 22.8 23.4 25.3 26.6 10.4 9.9 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 144 179 10,819 32,210 41,362 6.1 5.8 15.4 15.6 9.4 9.3 2.5 2.0 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 68 - 3,840 1,079 983 91.8 91.9 8.8 7.8 7.8 8.7 1.3 1.2 17.8 14.1 3.3 3.5

Pharmaceuticals

Alembic Pharma Buy 83 95 1,568 1,490 1,714 16.2 17.1 7.4 9.5 11.2 8.8 3.1 2.3 30.7 30.2 1.1 0.9

Aurobindo Pharma Accumulate 172 208 5,022 5,463 6,279 15.0 15.0 12.4 14.0 13.9 12.3 1.8 1.5 18.8 17.8 1.5 1.3

Aventis* Neutral 2,366 - 5,450 1,482 1,682 17.5 16.6 82.9 87.8 28.5 27.0 4.5 3.6 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 760 817 15,556 6,148 7,386 15.3 18.0 24.6 39.5 30.9 19.2 5.8 4.7 18.4 25.1 3.0 2.4

Cipla Accumulate 364 419 29,246 8,151 9,130 25.8 24.8 20.2 21.6 18.0 16.9 3.2 2.8 19.4 17.6 3.4 3.0

Dr Reddy's Neutral 1,755 - 29,797 10,696 11,662 20.7 21.0 83.7 92.9 21.0 18.9 4.3 3.6 22.4 20.8 3.2 2.8

Dishman Pharma Buy 70 155 562 1,280 1,536 20.2 20.2 12.1 15.5 5.8 4.5 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,090 - 17,703 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 65 78 600 642 784 14.2 15.2 5.7 7.8 11.4 8.4 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Accumulate 493 559 6,218 2,850 3,474 21.0 21.0 29.9 37.3 16.5 13.2 3.9 3.1 26.7 26.4 2.4 1.9

Lupin Accumulate 598 655 26,745 8,426 10,082 19.7 20.0 26.1 31.1 22.9 19.2 5.3 4.3 25.8 24.7 3.4 2.8

Ranbaxy* Neutral 400 - 16,903 12,046 11,980 16.0 15.8 37.3 32.1 10.7 12.5 4.1 3.3 45.3 29.7 1.5 1.5

Sun Pharma Neutral 799 - 82,646 10,111 12,563 42.6 42.6 28.9 29.8 27.7 26.8 5.6 4.8 22.3 19.2 7.7 6.1

Power

GIPCL Accumulate 71 78 1,079 1,502 1,535 32.1 31.9 11.4 12.5 6.3 5.7 0.7 0.7 7.6 11.9 1.2 1.0


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Power

NTPC Accumulate 154 163 126,898 72,809 81,951 23.4 24.1 12.2 13.6 12.6 11.3 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Accumulate 278 288 47,148 7,953 9,699 34.7 37.0 4.4 6.0 63.5 46.5 1.8 1.7 3.1 3.8 7.9 6.2

MLIFE Accumulate 409 446 1,669 786 888 26.3 26.7 31.0 36.3 13.2 11.3 1.3 1.2 10.1 10.8 2.5 2.1

Telecom

Bharti Airtel Accumulate 322 350 122,110 80,521 87,160 30.5 30.5 6.4 10.4 50.3 30.9 2.3 2.2 4.6 7.0 2.3 2.1

Idea Cellular Neutral 118 - 39,207 22,087 23,927 26.6 27.7 2.9 3.9 40.5 30.3 2.8 2.6 6.9 8.4 2.3 2.1Rcom Neutral 69 - 14,314 21,087 22,067 31.8 31.9 2.6 4.0 26.4 17.3 0.4 0.4 1.5 2.2 2.4 2.2

zOthers

Abbott India Buy 1,372 1,590 2,915 1,629 1,886 11.8 13.3 60.8 79.5 22.6 17.3 4.6 3.9 22.0 24.4 1.6 1.3

Bajaj Electricals Buy 181 217 1,800 3,450 3,929 4.5 7.4 10.0 15.5 18.1 11.7 2.4 2.0 13.0 17.4 0.5 0.5

Cera Sanitaryware Buy 411 495 520 460 596 16.4 16.2 34.7 45.0 11.9 9.1 2.9 2.3 27.7 27.8 1.2 0.9

Cravatex Buy 345 545 89 272 308 7.2 7.3 37.5 45.4 9.2 7.6 2.2 1.7 23.7 22.7 0.4 0.4

CRISIL Neutral 975 - 6,847 982 1,136 34.3 34.3 34.3 40.0 28.4 24.4 12.9 10.3 50.9 46.9 6.5 5.4

Finolex Cables Buy 50 61 768 2,304 2,552 9.9 9.1 8.2 10.1 6.2 5.0 0.8 0.7 13.7 14.7 0.3 0.3

Force Motors Buy 411 550 535 2,027 2,299 4.6 5.1 35.3 50.0 11.6 8.2 0.5 0.4 3.9 5.3 0.1 0.1

Goodyear India Buy 284 360 655 1,494 1,607 6.4 7.8 23.9 33.0 11.9 8.6 1.9 1.6 16.5 20.1 0.2 0.2

Greenply Industries Sell 368 309 887 1,925 2,235 10.6 10.9 29.6 44.1 12.4 8.3 2.0 1.7 16.8 21.0 0.8 0.6

Hitachi Neutral 131 - 301 905 1,025 4.8 6.0 7.7 12.4 17.1 10.6 1.6 1.4 9.9 14.4 0.4 0.4

Honeywell Automation* Accumulate 2,629 2,842 2,324 2,117 2,491 8.1 7.8 140.5 157.9 18.7 16.7 2.8 2.5 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 635 744 1,116 1,059 1,116 8.5 9.5 36.0 42.0 17.6 15.1 2.6 2.2 15.4 16.0 1.1 1.0

ITD Cementation Buy 205 334 236 1,455 1,630 12.4 12.6 29.8 40.5 6.9 5.1 0.5 0.5 8.2 9.8 0.6 0.6

Jyothy Laboratories Accumulate 157 167 2,534 816 979 14.5 14.9 5.2 6.0 30.5 26.1 3.5 3.2 8.8 10.2 3.3 2.7MCX Buy 1,118 1,440 5,703 553 624 65.3 66.3 62.5 72.0 17.9 15.5 4.9 4.3 27.5 27.4 7.7 6.4

MRF Accumulate 12,198 13,416 5,173 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.6 7.3 1.5 1.3 19.1 18.7 0.5 0.4

Page Industries Neutral 3,350 - 3,736 856 1,047 19.1 19.6 101.2 127.3 33.1 26.3 17.0 12.6 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 630 887 756 989 1,148 10.7 11.7 41.8 55.5 15.1 11.4 3.4 2.7 25.5 26.3 0.9 0.8

Sintex Industries Buy 58 79 1,804 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.7 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 268 332 251 1,048 1,157 11.3 12.0 58.7 66.5 4.6 4.0 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 9 - 275 6,765 7,393 18.1 18.0 6.4 7.5 1.4 1.2 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 38 43 1,850 5,720 6,599 5.3 6.8 3.6 5.4 10.6 7.1 15.3 4.9 - - 0.4 0.4

TAJ GVK Buy 66 108 412 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.5


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zOthers

Tata Sponge Iron Buy 308 379 474 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 438 643 340 374 425 7.9 9.5 24.1 32.7 18.2 13.4 19.7 22.5 0.8 0.6

TVS Srichakra Buy 213 276 163 1,461 1,591 5.6 7.1 6.9 39.4 30.8 5.4 1.2 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,810 - 23,675 10,473 11,939 15.0 15.8 30.4 56.9 59.5 31.8 4.6 2.9 10.8 12.3 3.0 2.3

Vesuvius India Neutral 331 - 672 560 611 16.1 17.0 24.7 28.8 13.4 11.5 2.0 1.8 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 27, 2013


Market Outlook

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February 28, 2013

7/29/2019 Market Outlook, 28.02.13

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Documents

Market Outlook, 28.02.13