Market Outlook, 03-07-2013

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www.angelbroking.com

Market OutlookJuly 3, 2013

Dealers Diary

Indian markets are expected to flat to negative tracking negative opening in most

of the Asian markets after a batch of US data reinforced views that the days of easy

money from the Federal Reserve are numbered.

US markets ended lower on Tuesday, losing steam gained from reports showing

solid growth for car sales and factory orders as investors anticipated the jobs report

at the end of the week. During early trade buying interest was generated on

account of a report released from the Commerce Department which showed that

factory orders surged up by 2.1% in May following an upwardly revised 1.3%

increase in April. However, stocks came under pressure in later due to part to

concerns about ongoing political unrest in Egypt.

Meanwhile, Indian markets fell in yesterdays trading session as investors took

some profits off the table following three sessions of strong gains. The rupee edged

lower, erasing early gains, dampening investor sentiment.

Markets Today

The trend deciding level for the day is 19,499/ 5,870 levels. If NIFTY trades above

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

up to 19,554 19,645 / 5,887 5,916 levels. However, if NIFTY trades below

19,499 / 5,870 levels for the first half-an-hour of trade then it may correct up to

19,408 19,352/ 5,840 5,823 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,352 19,408 19,499 19,554 19,645NIFTY 5,823 5,840 5,870 5,887 5,916

News Analysis

Hindustan Copper OFS - AVOID Telecom commission approves 100% FDI in telecom Bajaj Auto reports 14.3% yoy decline in sales in June 2013 Sun TV to acquire 80% stake in R-Digital

Refer detailed news analysis on the following page

Net Inflows (July 1, 2013)

` cr Purch Sales Net MTD YTDFII 8,104 6,892 1,211 1,211 72,518

MFs 437 426 11 11 (12,166)

FII Derivatives (July 2, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,160 1,315 (154) 10,402

Stock Futures 1,837 1,750 87 25,592

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)JP Infratec 27 7.7 Hindustan Copp 73 (6.6)

Future Retail 101 7.4 Gitanjali Gems 214 (5.0)

Ranbaxy Lab 345 6.5 MMTC 93 (5.0)

Glaxosmithkl Cons 5,685 6.0 Jain Irrigation 50 (4.9)

United Breweries 866 5.0 Jindal Steel 214 (4.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.6) (114) 19,464

Nifty (0.7) (41) 5,858

MID CAP (0.4) (22) 6,050

SMALL CAP (0.1) (5) 5,748

BSE HC 0.5 47 9,001

BSE PSU (1.1) (66) 6,187

BANKEX (0.8) (104) 13,278

AUTO (0.8) (83) 10,832

METAL (0.5) (39) 7,868

OIL & GAS (1.0) (91) 8,948

BSE IT (0.6) (40) 6,115

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.3) (43) 14,932NASDAQ (0.0) (1) 3,433

FTSE (0.1) (4) 6,304

Nikkei 1.8 246 14,099

Hang Sang (0.7) (145) 20,659

Straits Times 1.0 32 3,173

Shanghai Com 0.6 11 2,007

Indian ADR Chg (%) (Pts) (Close)INFY (1.3) (0.5) $40.5

WIT (0.3) (0.0) $7.3IBN (1.8) (0.7) $38.3

HDB 0.2 0.1 $36.2

Advances / Declines BSE NSEAdvances 1,120 632

Declines 1,231 735

Unchanged 144 86

Volumes (` cr)BSE 1,795

NSE 10,377

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Hindustan Copper OFS - AVOID

Government of India is divesting 37,119,152 shares (4.0% stake) in HindustanCopper Ltd. (HCL). It has set a floor price of `70 for the issue. We recommendinvestors to AVOID subscribing to shares due to expensive valuation.Company overview

HCL was incorporated in 1967 to take over NMDCs copper mines and plants.

The companys core business includes exploration, mining beneficiation, smelting,

refining and casting of finished copper.The company has four operating units

namely Khetri Copper Complex in Rajasthan, Indian Copper Complex in Bihar

(both mining cum metallurgical complex), Malanjkhand Copper Complex in M.P.

(mining complex) & Taloja copper project in Maharastra (collaboration with

Southwire Company, US). The company's copper reserves and resources in

accordance with JORC standard are 411mn tonnes (average grade 1.05%) and

623mn tonnes (Average grade 1.04%) as on April 1, 2010, respectively, making it

the largest copper company in India.

Investment arguments

Expanding capacity to fully exploit Indias copper ore demand: India has a largeimbalance between its smelting/refining capacity as against its copper mining

capacity. Currently Indias smelting/refining capacity stands at 1MTPA for which

100MT of copper ore is required (assuming 1% cu). Currently Indias actual

copper ore production stands at 3.2MTPA which is entirely produced by HCL. So in

order to capitalize on this sustained demand, HCL plans to ramp up its production

capacity from the current 3.2MTPA to 12.4MTPA by FY2018 at a capex of

`2,500cr. The company aims to expand its Malanjkhand, Khetri, Kolihan andSurda mines and Banwas Mine; further, it aims to re-open Rakha and Kendadih

mines and develop new mine Chapri-Sidheswar.

Single vertially integrated player in India: HCL is the only vertically integratedplayer in India which has its operations span across the entire value chain. Their

core operations include mining of copper ore, concentration of copper ore into

copper concentrate through a beneficiation process and also smelting, refining

and extruding of the copper concentrate into refined copper in downstream

saleable products.

Possesses first mover advantage: Copper mining requires substantial investmentsand time for greenfield projects to be set up. Also many clearances need to be

obtained from the Government for the same. This entails a lot of entry barriers in

this industry. HCL on the other hand has all its mining complexes near the major

copper ore deposits of the country. Thus any greenfield projects undertaken by the

company can rely on its existing infrastructure. Moreover, HCL has applied for

prospecting, mining and Reconnaissance Permit in the states of Rajasthan,

Jharkhand, Madhya Pradesh and Haryana.

Valuation

HCL is the only vertically integrated copper producer in India. However, at the OFS

price of`

70, the stock is trading at an expensive valuation of 21.0x FY2012 PE.Miners such as Coal India, MOIL and NMDC are trading in the range of 10-15x

FY2012 PE. Hence, we recommend investors to AVOID subscribing to HCL issue.

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Telecom commission approves 100% FDI in telecom

The Telecom Commission (TC) yesterday approved a proposal to allow foreign

direct investment (FDI) up to 100% from the present level of 74%, in a move which

is positive for domestic telecom companies which are feeling the financial pressure

of large debt. While TC has approved raising FDI limit to 100%, FDI up to 49%

investment can be made through the automatic route, for anything beyond that

permission of the Foreign Investment Promotion Board (FIPB) will be required. At

present, India allows 74% of FDI in telecom sector, of which 49% is done through

automatic route and the remaining is through FIPB approval.

The decision however has to be approved by the cabinet where it is expected to

find opposition from the defence as well as the Home ministry which have raised

security issues about allowing 100% FDI in such sensitive sectors. However, if it is

cleared, foreign telecom companies which had to get an Indian partner primarily

to meet the FDI norms while they ran the company, can now easily buy them out. It

will also help the Indian telecom companies which have high debt on their books

and have been looking at getting in strategic investors to retire debt through

infusion of equity. It would also obviate the need for foreign telecom companies to

always find another Indian partner if its earlier partner decides to walk out.

Following TCs approval, the Department of Telecommunications (DoT) will send a

detailed note to the Department of Industrial Policy and Promotion (DIPP) and the

proposal will then be forwarded to the Cabinet for approval. We believe that this

move will be a catalyst for the already burdened telecom industry. We continue to

remain Neutral on overall telecom sector.

Bajaj Auto reports 14.3% yoy decline in sales in June 2013

Bajaj Auto (BJAUT) registered lower-than-expected volumes for June 2013 led by

continued weakness in the domestic motorcycle segment. Total volumes declined

significantly by 14.3% yoy (12.8% mom) to 295,749 units with motorcycle sales

witnessing a decline of 20% yoy (16.5% mom). While the domestic sales reported

a sharp decline of 23.5% yoy (22.9% mom) driven by weak demand for

motorcycles; exports registered a growth of 3.7% yoy (7.7% mom) during the

month. Three-wheeler sales posted a strong growth of 53.8% yoy (19.2% mom),

however, it came on a low base of last year. The management has indicated thatthe production during the month was impacted due to the ongoing labor problem

at Chakan plant which led to a production loss of 20,000-25,000 units. The

management is in constant talks with the management and is hopeful that the

problem will be resolved at the earliest. We maintain our Accumulate rating on thestock with a target price of `2,096.

Sun TV to acquire 80% stake in R-Digital

According to media reports, Reliance Digital TV, the fully-owned subsidiary

of Reliance Communications that runs its direct-to-home (DTH) operations, is close

to selling over 80% stake to Sun TV DTH. The deal is valued around `2,500cr.

Reliance DTH has a subscriber base of about 4.6mn customers while Sun TV has a

subscriber base of about 8.5mn. The combined entity would have a subscriber

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base of about 13.1mn making it the largest player. Currently, Dish TV having

subscriber base of 10.7 million is the largest player. We maintain Neutral ratingon the stock.

Economic and Political News Disinvestment proceeds from CIL to be invested in PSU banks:FM Government may tweak retail FDI norms to ease foreign chains' entry Indias IP environment is deteriorating: US pharma industry No ceiling on number of new bank licenses: Chidambaram

Corporate News

Adani Ports forms JV with Swiss shipping major Coal India's output in June at 32.5MT; misses target Fund raising via preferential allotment declines 65% in May Glenmark gets USFDA nod for migraine drug Government allots Chhindwara mine to CIL L&T bags `1,000cr hydrocarbon project Lanco Infratech leases 80,000 sq ft in IT SEZ to Sutherland Voltas hikes AC prices by up to 5%

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 3, 2013 6:00PM US Initial Jobless claims Thousands Jun 29 346.00 345.00

1:25PM Germany PMI Services Value Jun F 51.30 51.30

July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 0.50

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 165.00

6:00PM US Unnemployment rate % Jun 7.60 7.50

July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --

7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 2.50

July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --

4:29PM India Exports YoY% % Change Jun (1.10) --

4:29PM China Exports YoY% % Change Jun 1.00 4.10

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 9.10

7:30AM China Real GDP (YoY) % Change 2Q 7.70 7.60

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.60 --

6:45PM US Industrial Production % Jun 0.04 --

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --

6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

11:30PM US FOMC rate decision % Jul 31 0.25 --

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.20) --

August 30, 2013 11:00AM India Qtrly GDP YoY% % Change 2Q 4.80 --

Source: Bloomberg, Angel Research

July 03, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

Apr-13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

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

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

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

Apr-13

May-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-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 143 - 2,790 1,657 1,906 14.1 14.1 7.7 8.9 18.6 16.1 3.9 3.3 22.2 21.9 1.6 1.4

United Phosphorus Buy 137 232 6,081 10,298 11,310 16.5 16.5 20.5 23.2 6.7 5.9 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 265 285 4,533 3,418 3,892 14.5 14.5 18.5 20.4 14.4 13.0 3.5 2.8 26.6 23.8 1.4 1.1

Apollo Tyres Neutral 60 - 3,022 13,852 15,487 11.4 11.5 12.8 14.9 4.7 4.0 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 20 27 5,375 14,038 16,442 7.6 8.7 1.1 2.2 19.3 9.1 1.7 1.5 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 220 - 333 834 965 9.3 10.6 17.3 27.1 12.7 8.1 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,918 2,096 55,501 23,005 26,460 18.0 18.5 118.8 139.7 16.1 13.7 5.9 4.6 40.4 37.7 2.0 1.7

Bharat Forge Neutral 221 - 5,133 6,198 6,793 14.6 14.9 14.5 17.3 15.2 12.7 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,854 - 27,800 9,821 11,394 17.0 17.3 373.5 438.7 23.7 20.2 4.3 3.6 18.0 17.9 2.5 2.1

CEAT Buy 105 170 359 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 122 141 10,340 7,053 8,061 14.2 14.5 7.8 9.1 15.5 13.3 2.6 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,441 - 2,394 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,680 1,820 33,552 25,298 27,665 14.1 13.7 110.3 140.0 15.2 12.0 5.6 4.4 39.9 40.7 1.1 1.0

JK Tyre Buy 104 154 426 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 Accumulate 980 1,103 60,351 45,254 51,197 11.4 11.7 61.2 70.2 16.0 14.0 3.3 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,579 1,822 47,704 47,923 55,002 11.2 10.9 106.6 121.4 14.8 13.0 2.2 1.9 16.1 15.8 0.8 0.7

Motherson Sumi Accumulate 196 222 11,525 28,442 31,493 7.5 7.8 12.5 14.8 15.7 13.3 3.9 3.1 27.5 25.8 0.5 0.5

Subros Buy 22 27 133 1,426 1,624 10.0 9.9 4.9 6.8 4.5 3.2 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 286 347 77,172 215,016 237,404 13.3 13.6 36.2 41.5 7.9 6.9 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Neutral 33 - 1,575 7,715 8,584 6.0 6.1 5.0 5.8 6.7 5.7 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 617 461 13,071 8,073 9,052 5.5 6.9 11.5 16.9 53.5 36.4 4.9 4.7 9.3 13.1 1.6 1.4BGR Energy Neutral 131 - 949 3,756 4,569 11.4 10.7 21.7 28.3 6.1 4.6 0.7 0.7 22.3 23.4 0.6 0.5

BHEL Neutral 184 - 44,962 44,054 39,326 16.8 15.1 20.6 16.1 8.9 11.4 1.9 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 161 230 1,452 2,896 3,087 5.6 6.2 9.3 11.7 17.3 13.8 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 94 117 6,030 13,446 15,272 6.7 7.6 6.6 8.9 14.2 10.6 1.6 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 22 - 178 3,360 3,597 9.7 9.8 7.3 10.2 3.0 2.1 0.6 0.6 8.8 11.4 0.3 0.3

KEC International Buy 34 49 861 7,709 8,399 6.7 7.2 6.1 8.5 5.5 3.9 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 600 - 7,149 5,780 6,430 9.5 9.6 29.8 33.0 20.1 18.2 3.4 3.0 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,233 1,361 23,146 11,820 13,254 19.3 20.9 74.9 93.1 16.5 13.3 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 03, 2013

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Cement

Ambuja Cements Neutral 188 - 28,969 10,171 11,762 23.5 24.6 10.2 12.2 18.4 15.4 3.0 2.7 17.1 18.7 2.3 1.9

India Cements Neutral 59 - 1,814 4,929 5,434 17.4 17.1 8.9 10.9 6.6 5.4 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 98 143 1,151 2,247 2,742 21.0 23.1 17.8 21.8 5.5 4.5 0.8 0.7 15.5 16.4 0.4 0.9

Madras Cements Neutral 217 - 5,158 4,234 4,788 23.9 24.0 18.5 22.8 11.7 9.5 1.9 1.6 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,710 - 16,410 6,607 7,520 27.5 26.7 322.8 374.3 14.6 12.6 3.6 2.9 27.8 25.6 1.8 1.4

UltraTech Cement Neutral 1,924 - 52,749 21,947 25,049 23.8 23.8 106.1 119.8 18.1 16.1 3.0 2.6 17.7 17.3 2.5 2.1

ConstructionAshoka Buildcon Buy 185 255 975 1,928 2,234 21.0 21.5 18.0 22.2 10.3 8.4 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 10 - 177 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.3) (26.5) 0.4 0.4 0.5 0.5

IRB Infra Buy 98 157 3,272 3,997 4,312 45.5 46.4 15.7 16.6 6.3 5.9 0.9 0.8 15.2 14.5 3.3 3.5

ITNL Buy 145 230 2,821 7,444 8,041 27.4 28.9 29.8 32.1 4.9 4.5 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 17 29 508 5,673 5,892 8.1 8.4 1.4 1.8 11.5 9.0 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 57 90 12,604 14,850 15,631 24.9 25.1 2.5 2.9 22.4 19.9 0.9 0.9 4.2 4.7 2.7 2.6

Larsen & Toubro Buy 1,430 1,761 88,114 68,946 78,040 10.5 10.5 77.9 88.3 18.4 16.2 2.7 2.4 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 27 42 702 6,167 6,945 8.0 8.2 2.7 3.6 10.2 7.5 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 36 - 1,199 12,954 14,740 9.9 9.9 0.5 0.9 71.1 38.7 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 94 139 1,425 2,462 2,731 10.6 10.6 5.9 6.7 16.0 14.2 1.6 1.4 10.2 10.5 0.9 0.8

Simplex Infra Buy 83 131 410 6,308 7,033 9.5 9.6 11.9 18.7 7.0 4.4 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 27 41 199 2,146 2,339 13.7 13.8 11.0 11.5 2.5 2.3 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 93 123 4,643 6,705 7,535 2.5 2.5 27.6 33.2 3.4 2.8 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 84 - 4,726 5,195 5,834 2.7 2.7 19.2 23.1 4.4 3.7 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,309 1,778 61,355 19,237 23,261 3.2 3.2 133.8 161.5 9.8 8.1 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 590 761 24,856 16,287 18,707 2.2 2.3 120.6 144.6 4.9 4.1 0.7 0.6 15.0 16.0 - -

Bank of India Accumulate 235 270 14,004 14,459 16,176 2.3 2.2 55.2 68.2 4.3 3.5 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 52 61 3,453 4,291 4,724 3.0 3.0 12.1 12.9 4.3 4.1 0.7 0.6 16.2 15.3 - -

Canara Bank Accumulate 373 422 16,528 12,045 13,495 2.1 2.2 76.7 86.4 4.9 4.3 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 63 69 6,534 8,406 9,546 2.5 2.5 12.6 18.7 5.0 3.3 0.6 0.6 10.6 14.3 - -

Corporation Bank Buy 354 436 5,408 5,554 6,156 2.0 2.0 94.9 104.9 3.7 3.4 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 71 79 2,478 3,255 3,623 2.3 2.4 22.0 24.9 3.2 2.8 0.5 0.4 14.8 14.8 - -

Federal Bank Accumulate 415 455 7,100 2,802 3,274 2.9 2.9 49.8 56.6 8.3 7.3 1.0 0.9 12.7 13.1 - -


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Financials

HDFC Neutral 877 - 136,219 8,573 10,142 3.6 3.6 37.0 43.6 23.7 20.1 4.9 4.4 30.0 30.3 - -

HDFC Bank Accumulate 658 752 157,056 27,560 33,766 4.6 4.6 36.3 45.1 18.1 14.6 3.7 3.1 21.9 22.8 - -

ICICI Bank Buy 1,079 1,454 124,546 26,119 30,474 3.1 3.2 86.2 99.5 12.5 10.8 1.7 1.6 15.7 16.2 - -

IDBI Bank Accumulate 73 80 9,783 9,416 10,392 2.0 2.0 19.8 22.8 3.7 3.2 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 116 141 4,964 6,077 6,845 2.9 2.9 35.2 41.0 3.3 2.8 0.5 0.4 14.2 14.8 - -

IOB Accumulate 50 53 4,611 8,027 9,204 2.4 2.6 12.5 19.7 4.0 2.5 0.4 0.3 9.1 13.0 - -

J & K Bank Accumulate 1,237 1,315 5,999 3,101 3,426 3.6 3.6 215.5 210.2 5.7 5.9 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 253 298 12,776 2,113 2,525 2.3 2.3 25.4 29.2 10.0 8.7 1.8 1.5 18.4 18.3 - -

Oriental Bank Accumulate 211 236 6,161 6,790 7,676 2.6 2.7 55.7 62.3 3.8 3.4 0.5 0.5 12.9 13.1 - -

Punjab Natl.Bank Buy 656 883 23,195 20,914 23,879 3.3 3.4 152.4 176.2 4.3 3.7 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 23 - 3,116 1,795 2,054 2.8 2.8 4.0 4.3 5.9 5.4 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,991 2,518 136,181 66,417 76,734 3.0 3.0 227.4 284.8 8.8 7.0 1.3 1.1 15.4 17.1 - -

Syndicate Bank Buy 110 136 6,637 7,125 8,188 2.6 2.6 27.4 27.9 4.0 4.0 0.6 0.6 16.2 14.6 - -

UCO Bank Neutral 63 - 4,738 6,545 6,859 2.7 2.6 14.8 15.7 4.3 4.0 0.8 0.7 14.4 13.6 - -

Union Bank Buy 185 243 11,038 11,101 12,543 2.6 2.6 39.3 47.4 4.7 3.9 0.7 0.6 14.1 15.2 - -

United Bank Buy 48 57 1,810 3,386 3,884 2.3 2.5 12.4 20.0 3.9 2.4 0.4 0.4 10.1 14.8 - -

Vijaya Bank Accumulate 45 49 2,230 2,714 3,046 1.9 2.0 9.2 10.8 4.9 4.2 0.5 0.5 10.7 11.6 - -

Yes Bank Neutral 468 - 16,828 4,451 5,526 2.8 2.8 43.0 49.7 10.9 9.4 2.4 2.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,673 - 44,828 12,332 14,524 16.5 16.3 141.6 162.7 33.0 28.7 10.4 8.3 35.4 32.2 3.5 2.9

Britannia Neutral 681 - 8,147 6,417 7,502 6.1 6.3 21.3 25.5 32.0 26.7 10.4 8.3 35.7 34.6 1.3 1.1

Colgate Neutral 1,348 - 18,328 3,588 4,130 20.5 20.9 44.2 51.8 30.5 26.0 29.7 21.7 108.6 96.2 5.0 4.2

Dabur India Neutral 156 - 27,164 7,183 8,340 16.8 16.8 5.4 6.3 29.0 24.8 11.3 8.8 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 5,664 - 23,820 3,617 4,259 16.1 16.4 122.2 148.7 46.4 38.1 14.4 11.6 34.1 33.7 6.1 5.1

Godrej Consumer Neutral 826 - 28,109 7,801 9,017 16.2 15.9 25.1 29.7 32.9 27.8 7.1 5.9 24.9 24.2 3.7 3.2

HUL Neutral 588 - 127,143 29,167 33,164 13.6 13.7 17.1 18.4 34.4 32.0 33.1 24.0 113.4 87.0 4.2 3.7

ITC Neutral 325 - 256,770 34,294 39,991 36.8 37.0 11.3 13.3 28.8 24.4 9.5 7.7 36.1 34.9 7.2 6.1

Marico Neutral 204 - 13,138 5,273 6,044 14.8 14.9 7.3 8.7 28.1 23.5 5.5 4.5 21.4 21.0 2.5 2.2

Nestle* Neutral 5,162 - 49,766 9,447 10,968 22.1 22.3 127.5 154.1 40.5 33.5 20.2 14.6 57.7 50.7 5.3 4.5

Tata Global Neutral 140 - 8,664 8,069 8,957 9.8 9.7 7.8 8.6 17.9 16.3 2.2 2.1 9.5 9.7 1.1 0.9


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IT

HCL Tech^ Accumulate 767 870 53,405 29,424 32,837 22.6 22.0 59.5 63.3 12.9 12.1 3.1 2.6 24.6 21.7 1.6 1.4

Hexaware* Buy 87 105 2,601 2,158 2,374 19.6 19.8 10.7 11.7 8.1 7.4 1.8 1.6 23.0 22.3 1.0 0.9

Infosys Accumulate 2,406 2,530 138,135 45,153 48,993 27.6 26.8 170.7 187.5 14.1 12.8 2.9 2.5 20.8 19.5 2.4 2.1

Infotech Enterprises Accumulate 174 190 1,939 2,037 2,254 17.9 17.7 21.2 22.6 8.2 7.7 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 120 144 2,320 2,614 2,923 17.2 16.8 13.2 14.4 9.1 8.3 1.6 1.4 18.5 16.7 0.8 0.7

Mahindra Satyam Buy 115 135 13,576 8,590 9,324 20.9 20.6 10.9 11.7 10.6 9.9 2.5 2.0 23.7 20.3 1.2 1.0

Mindtree Accumulate 835 925 3,471 2,707 2,978 20.3 20.2 87.4 97.0 9.6 8.6 2.0 1.6 21.8 19.5 1.0 0.8Mphasis& Accumulate 372 391 7,811 6,372 6,852 18.0 18.2 38.0 43.5 9.8 8.6 1.4 1.2 14.3 14.2 0.7 0.6

NIIT Buy 19 30 319 1,144 1,267 9.0 9.1 4.3 5.4 4.5 3.6 0.5 0.4 10.3 12.0 0.1 -

Persistent Buy 502 595 2,008 1,505 1,677 25.9 26.2 53.6 59.7 9.4 8.4 1.7 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,500 1,640 293,573 74,795 84,926 28.8 28.7 82.2 91.5 18.2 16.4 5.6 4.6 30.8 28.1 3.7 3.2

Tech Mahindra Buy 1,003 1,250 12,886 8,102 8,709 19.7 19.2 107.5 117.0 9.3 8.6 2.0 1.6 21.2 18.9 1.6 1.4

Wipro Accumulate 353 389 86,986 41,659 45,137 21.2 21.4 27.7 29.9 12.8 11.8 2.6 2.2 20.5 19.0 1.6 1.3

Media

D B Corp Buy 238 290 4,364 1,750 1,925 25.1 26.6 14.2 16.8 16.7 14.2 3.6 3.1 23.4 23.4 2.4 2.1

HT Media Buy 96 117 2,256 2,205 2,380 15.1 15.6 8.3 9.1 11.6 10.6 1.3 1.1 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 81 107 2,703 1,664 1,825 20.9 23.0 6.4 7.8 12.7 10.5 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 331 - 1,310 1,359 1,540 17.3 17.4 17.2 21.6 19.2 15.3 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 383 - 15,080 2,287 2,551 69.7 70.5 20.0 23.3 19.1 16.4 4.7 4.1 26.4 27.3 6.2 5.5

Metals & Mining

Bhushan Steel Neutral 463 - 10,496 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 300 345 189,396 72,174 76,311 33.3 28.4 28.4 30.9 10.6 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 13 18 432 1,976 2,017 11.8 12.7 1.3 2.6 10.5 5.1 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 119 193 3,795 1,920 2,239 53.2 52.9 21.6 25.0 5.5 4.8 1.3 1.0 25.1 23.8 1.5 1.1

Hind. Zinc Buy 105 145 44,155 12,358 13,659 51.4 51.6 16.0 17.6 6.5 5.9 1.2 1.0 19.4 18.4 1.3 0.8

Hindalco Neutral 103 - 19,634 89,352 93,672 8.8 9.2 13.4 15.0 7.7 6.8 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 642 - 15,523 47,613 48,385 17.4 18.8 81.8 109.6 7.9 5.9 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 199 248 3,348 1,010 1,046 46.5 47.6 26.8 28.8 7.4 6.9 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 125 193 794 2,326 2,709 21.4 23.1 33.3 43.1 3.7 2.9 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 30 - 7,796 7,656 7,988 13.1 13.5 2.6 2.6 11.9 11.5 0.6 0.6 5.5 5.5 0.5 0.5

NMDC Buy 103 156 40,936 10,461 11,892 71.6 72.6 16.3 17.6 6.4 5.9 1.3 1.2 22.1 21.4 2.1 1.9


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Metals & Mining

SAIL Neutral 52 - 21,559 44,060 54,786 9.4 11.5 5.2 7.2 10.0 7.3 0.5 0.5 5.2 6.8 0.7 0.6

Sesa Goa Accumulate 151 166 13,119 3,742 4,426 32.9 32.8 30.0 29.8 5.0 5.1 0.7 0.6 14.3 12.5 4.3 3.5

Sterlite Inds Accumulate 88 100 29,691 44,462 45,568 23.2 24.7 18.1 20.2 4.9 4.4 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 282 378 27,403 140,917 151,537 9.7 10.8 30.9 47.6 9.1 5.9 0.8 0.8 9.6 13.4 0.6 0.5

Sarda Buy 96 153 345 1,494 1,568 19.1 20.3 31.3 36.5 3.1 2.6 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 397 2,615 2,776 12.1 12.0 9.8 10.4 3.0 2.8 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 75 102 244 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,506 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 332 - 42,094 52,102 52,876 15.7 16.1 34.1 35.7 9.7 9.3 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 322 387 275,743 170,063 198,461 36.3 38.3 34.7 41.9 9.3 7.7 1.6 1.4 18.3 19.5 1.3 1.0

Reliance Industries Neutral 871 - 281,380 397,546 421,695 9.4 8.6 75.0 76.4 11.6 11.4 1.2 1.1 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 201 - 2,582 3,707 3,850 11.7 12.4 23.7 25.7 8.5 7.8 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 284 - 3,978 3,700 4,218 23.4 22.8 26.7 30.4 10.7 9.3 2.2 1.9 22.7 21.8 1.2 0.9

Petronet LNG Buy 125 167 9,398 40,356 40,872 5.8 6.4 15.0 16.7 8.4 7.5 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,238 1,171 1,287 91.9 91.9 10.1 11.3 5.7 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 139 - 2,614 1,736 2,008 17.1 18.9 10.7 13.9 13.0 10.0 4.1 3.1 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 186 271 5,409 6,641 7,637 15.9 15.9 17.3 20.6 10.7 9.0 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,482 - 5,716 1,682 1,917 16.6 16.6 92.4 99.1 26.9 25.0 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 773 929 15,833 7,280 8,640 15.5 15.7 38.3 46.5 20.2 16.6 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 397 477 31,896 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.7 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Accumulate 2,263 2,535 38,458 13,377 15,350 20.4 20.1 112.3 126.8 20.2 17.9 4.3 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 57 168 459 1,394 1,534 22.5 22.4 15.0 16.8 3.8 3.4 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,469 - 20,911 2,854 3,145 28.6 28.6 76.6 83.3 32.2 29.6 9.7 8.8 31.1 31.0 6.5 5.8

Indoco Remedies Buy 62 78 573 760 922 15.3 15.3 6.1 7.8 10.2 8.0 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 672 - 8,477 3,243 3,826 20.5 21.5 36.0 44.4 18.7 15.1 4.4 3.5 26.0 25.4 2.8 2.3

Lupin Accumulate 801 877 35,878 11,641 13,933 21.3 21.3 34.8 41.8 23.0 19.2 5.4 4.3 26.2 24.8 3.1 2.5

Ranbaxy* Neutral 345 - 14,608 11,400 12,060 10.5 12.5 17.5 22.5 19.7 15.3 3.2 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,007 - 104,163 13,509 15,846 41.0 41.0 33.0 39.8 30.5 25.3 6.2 5.1 22.0 22.0 7.2 5.9

Power

GIPCL Accumulate 68 78 1,035 1,444 1,482 33.4 33.0 13.7 14.8 5.0 4.6 0.6 0.5 12.3 12.0 0.8 0.5


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Power

NTPC Accumulate 146 163 120,178 76,734 86,680 24.5 24.3 13.4 14.5 10.9 10.1 1.3 1.2 12.8 12.7 2.3 2.1

Real Estate

DLF Buy 183 236 32,649 8,293 9,622 36.5 36.1 5.7 6.7 32.1 27.2 1.2 1.1 3.7 4.1 6.0 5.0

MLIFE Accumulate 432 476 1,765 888 1,002 30.6 30.6 38.8 43.4 11.1 10.0 1.2 1.1 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Accumulate 303 321 121,021 85,489 94,229 31.9 31.9 10.2 14.6 29.6 20.7 2.1 2.0 7.2 9.4 2.1 1.8

Idea Cellular Neutral 143 - 47,263 25,640 28,459 26.9 27.2 4.0 4.9 35.6 28.8 3.0 2.7 8.4 9.4 2.2 2.0Rcom Neutral 131 - 27,028 22,751 24,628 30.9 31.3 3.4 5.3 38.2 24.9 0.8 0.8 2.1 3.1 2.8 2.4

Others

Abbott India* Accumulate 1,463 1,659 3,109 1,863 2,081 11.8 12.4 71.2 83.0 20.6 17.6 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 176 237 1,752 3,885 4,472 5.4 7.2 11.0 19.7 16.1 8.9 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Accumulate 495 562 626 630 795 14.4 13.6 42.8 51.1 11.6 9.7 2.8 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 305 459 79 248 284 6.5 7.3 27.2 38.2 11.2 8.0 1.8 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 52 68 791 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 274 437 357 2,304 2,649 3.1 3.6 28.0 43.7 9.8 6.3 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 304 345 700 1,458 1,542 8.3 9.0 32.3 37.0 9.4 8.2 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 124 177 337 1,053 1,169 6.3 7.1 13.8 17.7 9.0 7.0 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,448 - 2,164 1,842 2,131 7.7 7.8 112.4 132.4 21.8 18.5 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 149 198 134 495 651 12.7 12.9 29.3 39.5 5.1 3.8 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 157 234 181 1,430 1,573 11.1 11.0 19.1 26.9 8.2 5.9 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 179 199 2,979 1,220 1,476 13.3 13.6 5.5 9.0 32.5 19.9 3.7 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,806 14,416 5,431 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.1 7.1 1.5 1.3 23.5 19.2 0.5 0.5

Page Industries Accumulate 4,186 4,611 4,669 1,057 1,282 19.4 19.6 124.8 153.7 33.6 27.2 16.6 12.3 56.3 51.8 4.5 3.7Relaxo Footwears Neutral 805 - 966 1,146 1,333 10.9 11.4 45.9 60.9 17.5 13.2 3.7 2.9 23.0 24.6 1.0 0.9

Siyaram Silk Mills Buy 237 343 222 1,158 1,322 11.9 11.9 72.9 85.7 3.3 2.8 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 396 617 697 1,068 1,223 9.6 9.6 38.1 44.1 10.4 9.0 1.4 1.2 14.5 14.7 0.6 0.5

TAJ GVK Buy 60 108 374 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 279 371 429 814 849 17.0 17.6 64.6 69.2 4.3 4.0 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 514 686 399 435 516 6.2 7.1 24.3 33.3 21.2 15.4 3.5 3.0 17.6 20.8 0.8 0.6

Tree House Accumulate 262 297 943 153 194 53.0 52.8 12.4 15.6 21.2 16.8 2.5 2.2 11.8 13.1 6.3 4.9

TVS Srichakra Buy 172 230 132 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.5 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,421 - 35,189 12,294 14,162 12.0 12.0 42.1 67.7 57.5 35.8 4.1 3.7 9.1 10.7 3.2 2.8


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July 03, 2013

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Others

Vesuvius India* Buy 364 439 738 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 02, 2013


Market Outlook

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Market Outlook, 03-07-2013

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Transcript of Market Outlook, 03-07-2013