Market Outlook, 04-06-2013

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www.angelbroking.com

Market OutlookJune 4, 2013

Dealers Diary

The Indian markets are expected to open in the red tracking negative cues from the

SGX Nifty and mixed opening in Asian markets.

US markets ended Monday's trading mostly higher, although stocks fluctuated overthe course of the trading day due to mixed reaction to a pair of disappointing

economic reports. The fluctuations seen over the course of the session came as the

disappointing manufacturing data raised concerns about the economic outlook but

also eased worries about outlook for the Federal Reserve's asset purchase

program. The Fed has indicated that it will not start scaling back its stimulus

program until the data points to sustained economic growth and improvement in

the labor market. Meanwhile, the European markets fell on Monday after

manufacturing data from China and the United States came in weaker than

anticipated. However, manufacturing data from Europe was better than expected.

Meanwhile, Indian shares ended lower weighed down by weak global cues and

disappointing auto sales and PMI data. Going ahead, trading on Tuesday could be

impacted by release of a report on the US trade balance in the month of April.

Markets Today

The trend deciding level for the day is 19,671 / 5,956 levels. If NIFTY trades above

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

up to 19,800 19,989 / 5,995 6,050 levels. However, if NIFTY trades below

19,671 / 5,956 levels for the first half-an-hour of trade then it may correct up to

19,482 19,353 / 5,900 5,861 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,353 19,482 19,671 19,800 19,989NIFTY 5,861 5,900 5,956 5,995 6,050

News Analysis RBI releases clarifications on the new banks licensing guidelines Auto Monthly - May 2013 Fujifilm and Dr. Reddy's call off joint venture for generic drugs in Japan JSW Steel completes merger with JSW Ispat

Refer detailed news analysis on the following page

Net Inflows (May 31, 2013)

` cr Purch Sales Net MTD YTDFII 5,406 5,903 (497) 20,678 81,836

MFs 527 623 (96) (3,486) (12,077)

FII Derivatives (June 3, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,377 2,453 (1,076) 8,002

Stock Futures 1,848 1,479 369 27,812

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)CRISIL 1,127 20.0 Suzlon Energy 11 (10.0)

Glaxosmithkl Phar 2,661 6.2 JPINFRATEC 31 (7.0)

Container Corp 1,199 6.1 Tata Comm 194 (6.0)

Berger Paints 237 5.2 Glaxosmithkl Cons 5,515 (5.3)

United Phos 163 4.9 Muthoot Fin 132 (4.8)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.8) (150) 19,610

Nifty (0.8) (47) 5,939

MID CAP 0.3 16 6,406

SMALL CAP (0.1) (7) 5,936

BSE HC (0.4) (35) 8,812

BSE PSU (0.7) (44) 6,612

BANKEX (0.6) (79) 14,183

AUTO (0.8) (94) 11,072

METAL 0.4 32 8,535

OIL & GAS (1.8) (159) 8,496

BSE IT 1.0 62 6,127

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.9 138 15,254NASDAQ 0.3 9 3,465

FTSE (0.9) (58) 6,525

Nikkei (3.7) (513) 13,262

Hang Sang (0.5) (110) 22,282

Straits Times (0.6) (20) 3,291

Shanghai Com 0.0 1 2,299

Indian ADR Chg (%) (Pts) (Close)INFY 4.0 1.7 $43.4

WIT 0.3 0.0 $7.7IBN (1.9) (0.9) $44.1

HDB (2.0) (0.8) $39.5

Advances / Declines BSE NSEAdvances 791 561

Declines 1,591 792

Unchanged 117 85

Volumes (` cr)BSE 1,782

NSE 9,670
http://www.rttnews.com/Content/Markets.aspxhttp://www.rttnews.com/Content/Markets.aspx

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RBI releases clarifications on the new banks licensing guidelines

RBI has released clarifications on the new banks licensing guidelines. Primarily it

has extended validity of in-principle approval to 18 months from one year said

earlier, in order to facilitate compliance with all requirements pertaining to re-

alignment of corporate structure of the promoter group entities/NOFHC. Overall,in these clarifications, while RBI has cleared several condition specific ambiguities,

it has refrained from spelling out any indicative criteria for the fit-and-proper

condition and kept it as a matter of its overall judgment. Following are the key

clarifications spelled out by RBI:

Regarding the capital structure of NOFHC -

the NOFHC will have to be wholly-owned by a single promoter group, individuals, their relatives and entities controlled by them must not hold more

than 49%, cap on a single individual, relative and related entities at 10%

Companies (forming part of the Promoter Group, with non-promoter holding>51%) shall hold a minimum 51% of the total voting equity shares, they need

not be listed

For instance, say in the case of Shriram group, it may have to undergo

complex restructuring, transforming its existing business under Shriram City

and Shriram Transport to the bank/new company housed under the NOFHC ,

wholly owned by Shriram Transport/City Union, which might become an

investment company. In case of L&T group, it appears as if application for

banking license may have to be made through L&T, as clarifications provided

could make it difficult for L&T Finance holding to become/create NOFHC, as

it is neither wholly-owned nor has public shareholding >51%.

Above provisions are not applicable for Public sector entities.It clears ambiguity for PSU entities like LIC Housing, IFCI, IDFC etc, which by

default have promoter shareholding >51%.

Regarding the re-alignment of existing financial services/other businesses -

All form of lending activities of the group, to the extent permitted by the bank,must be held within a bank, while other lending activities which are not

permitted to a bank such as promoter financing, loans for purchase of land,

etc. would have to be wound up within a period of 18 months from the date ofin-principle approval

other regulated financial services entities (excluding entities in credit rating,commodity broking) where Promoters/Promoter Group has either significant

influence or control have to be held under the NOFHC

other non-regulated financial services entities of the Promoter Group need notbe brought under the NOFHC structure

Para banking activities such as credit cards, primary dealer, leasing, hirepurchase, factoring etc can either be conducted by bank departmentally or

through a separate entity/entities

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Activities such as insurance, stock broking, asset reconstruction, venture capitalfunding and infrastructure financing through Infrastructure Development Fund

(IDF) sponsored by the bank can be undertaken only outside the bank

Regarding the regulatory forbearance and transition issues for new banks -

No regulatory forbearance would be granted, either for maintenance of CRRand SLR, or for prudential/exposure and capital adequacy norms

Tax issues pertaining to restructuring and others will be subject to extant taxlaws

No forbearance for the PSL - targets and sub-targets (however, as per RBI, thenew banks will get on an average a period of 2-3 years, taking into account

the 18 month validity period and the requirement to meet PSL norms based on

net banking credit of previous year)

Although, RBI didnt quantify as to what could construe speculative business

activities, however, in its reply to a specific query on whether broking activities are

speculative-in-nature, it refrained from assigning any percentage to contribution

from broking activities to the overall revenues/assets (say less than 15% - to be

considered as non-speculative) and gave an impression that it is not in hurry to

explicitly rule out such cases and would consider overall context before arriving at

a conclusion.

Auto Monthly - May - 2013

Bajaj Auto

Bajaj Auto (BJAUT) registered lower-than-expected volumes, down 3.7% yoy and

1.4% qoq to 339,348 units led by weakness in the motorcycle segment in the

exports markets. While domestic sales grew by a moderate 2.6% yoy (6.4% qoq),

export sales registered a sharp decline of 14.4% yoy (14.2% qoq) primarily due to

the weakness in the major exporting countries like Sri Lanka, Bangladesh and

Egypt. On a product segment basis, motorcycle sales posted a decline of 5.3% yoy

(up 1.3% qoq) driven by slowdown in exports despite a ~3% growth in the

domestic markets. Three-wheeler sales posted a strong 14.1% yoy growth,

however, it declined 20.3% on a sequential basis.

Hero MotoCorp

Hero MotoCorp (HMCL) registered better-than-expected volumes posting a growth

of 11.8% qoq (flat yoy) to 557,890 units. The company posted its highest ever

monthly sales during the month led by the off-take in the retail market driven by

the marriage season in the North India and also aided by the recently introduced

five-year warranty scheme on the entire portfolio. According to the management,

the retail sales of the company grew by over 1.1mn units over the last two months.

The company expects normal monsoon forecast coupled with improving consumer

sentiments to lead the growth going ahead.

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Fujifilm and Dr. Reddy's call off JV for generic drugs in Japan

FUJIFILM Corporation ("Fujifilm" hereinafter) and Dr. Reddy's Laboratories Ltd.

("Dr. Reddy's" hereinafter) have decided to terminate the Memorandum of

Understanding (the "MoU" hereinafter) to enter into an exclusive partnership in the

generic drugs business for the Japanese market and to establish a joint venture inJapan.

Based on the MoU signed on July 28, 2011, the two companies had conducted

detailed studies on the establishment of a joint venture for developing and

manufacturing generic drugs in Japan. However, as Fujifilm realigns its long-term

growth strategy for the pharmaceutical business, both companies have led to a

mutual agreement to terminate the MoU. The two companies will continue to

explore partnership/alliance opportunities in other pharmaceutical businesses such

as API (active pharmaceutical ingredient) development and manufacturing,

contract research and development and manufacturing, and the development and

marketing of super-generics. Given, that the JV does not contribute, this will notchange our estimates and hence maintain our buy recommendation on the stockwith a target price of `2535

JSW Steel completes merger with JSW Ispat

JSW steel in its filing to the stock exchanges has stated that the merger of JSW steel

with JSW Ispat has been completed with effect from 1st June 2013. JSW Steel had

announced in September 2012 the proposal to merge its associate JSW Ispat with

JSW steel. This scheme was later approved by the shareholders and the respective

high courts in February 2013 and all the remaining formalities are nowcompleted. We will revise our numbers post this announcement and until then

maintain our Neutral view on JSW Steel

Economic and Political News

High current account deficit a matter of concern: Subbarao Real estate regulator bill may come in cabinet tomorrow India's manufacturing output contracts to a 50-month low: PMI

Corporate News

DoT slaps `1,263cr fine on Vodafone for under reporting revenue EU regulators may fine Ranbaxy and other drug makers Jindal Power, IL&FS keen to partner NMDC for UP power plant SBI cuts bulk deposit rate by 0.25% in short-term bucket SAIL clocks record 1.087MT production in May

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

June 5, 2013 1:25PM Germany PMI Services Value May F 49.80 49.80

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) (0.20)

June 6, 2013 6:00PM US Initial Jobless claims Thousands Jun 1 354.00 345.00

4:30PM UK BOE Announces rates % Ratio Jun 6 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jun 6 0.50 0.50

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 165.00

6:00PM US Unnemployment rate % May 7.50 7.50

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 6.50

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 2.50

11:00AM China Industrial Production (YoY) % Change May 9.30 9.20

June 10, 2013 4:29PM India Imports YoY% % Change May 10.96 --

4:29PM India Exports YoY% % Change May 1.68 --

June 11, 2013 2:00PM UK Industrial Production (YoY) % Change Apr (1.40) --

June 12, 2013 2:00PM UK Jobless claims change % Change May (7.30) --

11:00AM India Industrial Production YoY % Change Apr 2.50 --

June 14, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % May F 1.20 --

6:00PM US Producer Price Index (mom) % Change May (0.70) 0.10

6:45PM US Industrial Production % May (0.53) 0.30

12:00PM India Monthly Wholesale Prices YoY% % Change May 4.89 --

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 --

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 --

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 --

June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 --6:00PM US Building permits Thousands May 1,005.00 --

6:00PM US Consumer price index (mom) % Change May (0.40) --

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 --

June 20, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (21.90) --

7:30PM US Existing home sales Million May 4.97 --

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

2:00PM UK GDP (YoY) % Change 1Q F 0.60 --

July 1, 2013 6:30AM China PMI Manufacturing Value Jun 50.80 --

July 15, 2013 7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

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

Source: Bloomberg, Angel Research

June 04, 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

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

6.0

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

(%)

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

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

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

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

Ma-1

3

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 132 - 2,576 1,657 1,906 14.1 14.1 7.7 8.9 17.2 14.9 3.6 3.0 22.2 21.9 1.5 1.3

United Phosphorus Buy 163 232 7,197 10,298 11,310 16.5 16.5 20.5 23.2 7.9 7.0 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 260 285 4,444 3,418 3,892 14.5 14.5 18.5 20.4 14.1 12.8 3.4 2.8 26.6 23.8 1.3 1.1

Apollo Tyres Buy 89 104 4,486 13,852 15,487 11.4 11.5 12.8 14.9 6.9 6.0 1.1 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 23 27 6,213 14,038 16,442 7.6 8.7 1.1 2.2 22.3 10.5 1.9 1.7 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 234 - 354 834 965 9.3 10.6 17.3 27.1 13.5 8.7 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Buy 1,762 2,056 50,992 22,684 25,908 18.0 18.5 117.3 137.1 15.0 12.9 5.4 4.3 39.9 37.2 1.9 1.5

Bharat Forge Neutral 234 - 5,451 6,198 6,793 14.6 14.9 14.5 17.3 16.1 13.5 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,057 - 28,437 9,821 11,394 17.0 17.3 373.5 438.7 24.3 20.6 4.4 3.7 18.0 17.9 2.6 2.2

CEAT Buy 110 170 376 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 139 150 11,798 7,053 8,061 14.2 14.5 7.8 9.1 17.7 15.2 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,458 - 2,422 1,525 1,742 14.5 15.7 88.4 109.5 16.5 13.3 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,668 1,819 33,299 25,274 27,658 14.1 13.7 110.2 139.9 15.1 11.9 5.5 4.3 39.8 40.7 1.1 1.0

JK Tyre Buy 118 154 483 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 973 - 59,762 44,550 50,260 11.4 11.7 59.6 68.3 16.3 14.3 3.4 2.8 22.3 21.6 1.1 0.9

Maruti Buy 1,570 1,847 47,414 48,455 55,723 11.2 10.9 107.8 123.2 14.6 12.8 2.2 1.9 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 208 222 12,216 28,442 31,493 7.5 7.8 12.5 14.8 16.6 14.1 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 24 30 145 1,479 1,685 10.0 9.9 5.5 7.5 4.4 3.2 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Neutral 314 - 84,014 206,341 227,695 12.8 13.5 32.3 39.0 9.7 8.0 2.1 1.7 23.1 23.2 0.5 0.4

TVS Motor Neutral 36 - 1,698 7,715 8,584 6.0 6.1 5.0 5.8 7.2 6.2 1.2 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 644 461 13,639 8,073 9,052 5.5 6.9 11.5 16.9 55.9 38.0 5.1 4.9 9.3 13.1 1.7 1.4BGR Energy Neutral 170 - 1,223 4,114 4,886 11.4 10.7 24.9 28.0 6.8 6.1 0.9 0.8 25.2 22.6 0.6 0.6

BHEL Neutral 197 - 48,242 44,054 39,326 16.8 15.1 20.6 16.1 9.6 12.3 2.1 1.9 23.5 16.1 1.0 1.0

Blue Star Buy 167 230 1,497 2,896 3,087 5.6 6.2 9.3 11.7 17.9 14.2 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,899 13,446 15,272 6.7 7.6 6.6 8.9 13.9 10.4 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Buy 27 34 222 3,074 3,355 9.0 8.8 8.7 10.2 3.1 2.7 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 39 63 1,001 7,709 8,399 6.7 7.2 6.1 8.5 6.4 4.6 0.8 0.7 20.2 23.0 0.3 0.3

Thermax Neutral 577 - 6,877 5,780 6,430 9.5 9.6 29.8 33.0 19.4 17.5 3.3 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,224 1,361 22,983 11,979 13,254 19.7 21.3 77.1 91.4 15.9 13.4 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 04, 2013

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Cement

Ambuja Cements Neutral 179 - 27,591 10,232 11,762 23.5 24.5 10.3 12.2 17.4 14.7 2.9 2.6 17.2 18.6 2.2 1.8

India Cements Neutral 68 - 2,103 4,929 5,434 17.4 17.1 8.9 10.9 7.7 6.3 0.6 0.6 7.7 9.1 0.8 0.7

J K Lakshmi Cement Buy 109 143 1,286 2,313 2,728 19.8 20.7 16.1 22.1 6.8 5.0 0.9 0.7 13.2 15.8 1.1 0.9

Madras Cements Neutral 222 - 5,273 4,293 4,855 27.4 28.6 21.8 28.2 10.2 7.9 1.8 1.5 19.6 21.3 1.7 1.4

Shree Cement^ Neutral 4,877 - 16,989 6,540 7,452 27.4 26.6 319.7 369.9 15.3 13.2 3.8 3.0 27.5 25.4 1.9 1.5

UltraTech Cement Neutral 1,859 - 50,957 21,947 25,049 23.8 23.8 106.1 119.8 17.5 15.5 2.9 2.5 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 200 255 1,053 1,928 2,234 21.0 21.5 18.0 22.2 11.1 9.0 1.0 0.9 10.2 10.1 1.9 1.9

Consolidated Co Neutral 11 - 203 2,281 2,492 5.9 6.9 0.7 2.0 16.2 5.5 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 119 157 3,944 3,997 4,312 45.5 46.4 15.7 16.6 7.6 7.1 1.1 1.0 15.2 14.5 3.4 3.7

ITNL Buy 170 230 3,304 7,444 8,041 27.4 28.9 29.8 32.1 5.7 5.3 0.8 0.7 14.9 14.2 2.5 2.6

IVRCL Infra Buy 17 35 536 6,287 6,836 8.5 8.5 2.3 3.0 7.4 5.7 0.3 0.2 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 67 90 14,768 14,850 15,631 24.9 25.1 2.5 2.9 26.3 23.3 1.1 1.0 4.2 4.7 2.8 2.7

Larsen & Toubro Buy 1,388 1,761 85,449 68,946 78,040 10.5 10.5 77.9 88.3 17.8 15.7 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 31 42 785 6,167 6,945 8.0 8.2 2.7 3.6 11.5 8.4 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 44 - 1,460 12,954 14,740 9.9 9.9 0.5 0.9 86.6 47.2 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 106 153 1,605 2,511 2,736 10.6 10.6 7.3 7.8 14.7 13.6 1.8 1.6 13.3 12.7 0.8 0.8

Simplex Infra Buy 100 131 492 6,308 7,033 9.5 9.6 11.9 18.7 8.4 5.3 0.4 0.4 4.5 6.7 0.5 0.5

Unity Infra Buy 29 45 214 2,455 2,734 13.4 13.0 14.6 14.9 2.0 2.0 0.2 0.2 12.3 11.3 0.4 0.5

Financials

Allahabad Bank Buy 124 144 6,205 6,876 7,545 2.6 2.5 28.2 30.9 4.4 4.0 0.6 0.6 12.8 12.7 - -

Andhra Bank Neutral 87 - 4,888 5,254 5,900 2.8 2.8 21.2 22.9 4.1 3.8 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,431 1,853 67,065 19,055 22,710 3.3 3.2 130.7 152.3 11.0 9.4 1.8 1.5 17.2 17.6 - -Bank of Baroda Buy 662 851 27,902 16,365 18,781 2.2 2.3 121.3 142.5 5.5 4.7 0.8 0.7 15.1 15.7 - -

Bank of India Buy 291 350 17,329 14,482 16,383 2.3 2.3 58.1 68.1 5.0 4.3 0.7 0.6 14.4 15.0 - -

Bank of Maharashtra Buy 53 64 3,499 4,392 4,743 3.1 3.0 12.6 13.7 4.2 3.9 0.7 0.6 16.8 16.0 - -

Canara Bank Buy 408 481 18,059 11,928 13,467 2.1 2.2 74.8 86.0 5.5 4.7 0.8 0.7 13.7 14.2 - -

Central Bank Accumulate 65 69 6,795 8,249 9,211 2.4 2.5 14.9 18.2 4.4 3.6 0.6 0.6 12.5 13.8 - -

Corporation Bank Buy 387 495 5,919 5,558 6,121 2.0 2.0 98.4 107.7 3.9 3.6 0.6 0.5 14.9 14.5 - -

Dena Bank Buy 84 97 2,954 3,187 3,582 2.3 2.4 23.8 25.5 3.6 3.3 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 458 - 7,830 2,873 3,413 3.0 3.1 52.7 62.0 8.7 7.4 1.1 1.0 13.4 14.2 - -


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Financials

HDFC Accumulate 869 933 134,595 8,573 10,142 3.6 3.6 37.0 43.6 23.5 19.9 4.8 4.3 30.0 30.3 - -

HDFC Bank Neutral 689 - 164,073 27,682 33,916 4.6 4.6 35.3 42.7 19.5 16.2 3.8 3.2 21.3 21.8 - -

ICICI Bank Buy 1,145 1,503 132,082 25,705 30,330 3.1 3.2 83.9 96.3 13.7 11.9 1.8 1.6 15.2 15.7 - -

IDBI Bank Buy 80 93 10,696 9,477 10,678 2.0 2.1 19.6 22.6 4.1 3.6 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 144 185 6,202 6,185 6,978 3.0 3.0 37.0 42.2 3.9 3.4 0.6 0.5 14.8 15.1 - -

IOB Accumulate 59 66 5,485 8,142 8,956 2.5 2.5 16.5 20.7 3.6 2.9 0.4 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,222 1,315 5,922 3,074 3,140 3.5 3.2 224.7 201.5 5.4 6.1 1.0 0.9 20.6 16.1 - -LIC Housing Finance Buy 259 298 13,046 2,113 2,525 2.3 2.3 25.4 29.2 10.2 8.9 1.8 1.6 18.4 18.3 - -

Oriental Bank Buy 245 285 7,134 6,835 7,588 2.6 2.6 56.5 63.8 4.3 3.8 0.6 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 759 994 26,832 20,876 23,929 3.3 3.4 151.7 177.0 5.0 4.3 0.8 0.7 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,331 1,839 2,091 2.9 2.8 4.2 4.5 5.9 5.5 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,070 2,637 141,575 67,243 76,612 3.1 3.0 242.4 284.8 8.5 7.3 1.3 1.1 16.3 16.8 - -

Syndicate Bank Accumulate 129 142 7,771 7,238 8,249 2.7 2.6 27.1 30.4 4.8 4.3 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 77 - 5,810 6,250 6,738 2.6 2.5 12.1 14.7 6.4 5.3 1.0 0.8 11.8 13.0 - -

Union Bank Buy 220 260 13,147 11,229 12,794 2.6 2.6 40.7 48.2 5.4 4.6 0.8 0.7 14.6 15.4 - -

United Bank Buy 53 65 1,995 3,443 3,998 2.4 2.6 15.1 20.4 3.5 2.6 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 51 - 2,507 2,730 3,059 1.9 2.0 10.2 11.3 5.0 4.5 0.6 0.5 11.8 12.0 - -

Yes Bank Neutral 502 - 18,049 4,390 5,411 2.8 2.8 41.6 47.9 12.1 10.5 2.6 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,695 - 45,038 12,332 14,524 16.5 16.3 141.6 162.7 33.2 28.9 10.5 8.3 35.4 32.2 3.5 3.0

Britannia Neutral 695 - 8,315 6,417 7,502 6.1 6.3 23.2 27.9 30.0 24.9 10.3 8.1 38.3 36.4 1.3 1.1

Colgate Neutral 1,450 - 19,714 3,588 4,130 20.5 20.9 44.2 51.8 32.8 28.0 32.0 23.3 108.6 96.2 5.3 4.6

Dabur India Neutral 158 - 27,538 7,183 8,340 16.8 16.8 5.4 6.3 29.4 25.1 11.5 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,515 - 23,194 3,617 4,259 16.1 16.4 122.2 148.7 45.1 37.1 14.0 11.3 34.1 33.7 6.0 5.0

Godrej Consumer Neutral 873 - 29,699 7,801 9,017 16.2 15.9 25.1 29.7 34.7 29.4 7.5 6.2 24.9 24.2 3.9 3.4

HUL Neutral 592 - 128,051 29,167 33,164 13.6 13.7 17.1 18.4 34.7 32.2 33.3 24.1 113.4 87.0 4.2 3.7

ITC Neutral 336 - 265,739 34,294 39,991 36.8 37.0 11.3 13.3 29.8 25.2 9.8 8.0 36.1 34.9 7.4 6.3

Marico Neutral 235 - 15,124 5,273 6,044 14.8 14.9 7.3 8.7 32.3 27.1 6.3 5.2 21.4 21.0 2.9 2.5

Nestle* Neutral 5,306 - 51,158 9,447 10,968 22.1 22.3 127.5 154.1 41.6 34.4 20.8 15.1 57.7 50.7 5.4 4.6

Tata Global Neutral 147 - 9,094 7,998 8,798 9.7 9.8 7.9 8.7 18.6 16.9 2.3 2.2 9.5 9.8 1.1 0.9


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IT

HCL Tech^ Buy 741 863 51,631 28,633 32,216 21.5 20.7 57.3 61.7 12.9 12.0 3.1 2.6 24.0 21.5 1.6 1.4

Hexaware* Buy 79 96 2,371 2,091 2,289 19.0 18.8 10.6 11.3 7.5 7.0 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,514 - 144,360 43,338 47,244 27.5 27.7 169.4 182.6 14.8 13.8 3.1 2.7 20.8 19.3 2.7 2.3

Infotech Enterprises Accumulate 167 185 1,864 1,956 2,174 17.9 17.7 20.4 21.9 8.2 7.6 1.2 1.1 14.7 13.7 0.6 0.4

KPIT Cummins Buy 111 135 2,139 2,513 2,819 16.1 15.5 12.6 14.0 8.8 7.9 1.5 1.3 17.9 16.6 0.8 0.6

Mahindra Satyam Buy 107 126 12,645 8,278 9,062 20.3 20.1 10.5 11.4 10.2 9.4 2.4 1.9 23.1 20.0 1.1 0.9

Mindtree Accumulate 808 920 3,355 2,599 2,871 19.4 19.2 85.2 92.3 9.5 8.8 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Sell 476 395 10,010 6,096 6,646 17.6 17.4 38.1 41.6 12.5 11.5 1.8 1.6 14.2 13.7 1.2 0.9

NIIT Buy 22 30 359 1,144 1,267 9.0 9.1 4.3 5.4 5.1 4.0 0.5 0.5 10.3 12.0 0.1 -

Persistent Accumulate 518 593 2,072 1,445 1,617 25.2 25.0 55.3 59.3 9.4 8.7 1.7 1.4 18.2 16.5 1.0 0.8

TCS Accumulate 1,471 1,585 287,809 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 940 1,170 12,069 7,779 8,398 19.7 19.3 107.4 117.8 8.8 8.0 1.9 1.5 21.2 19.0 1.6 1.3

Wipro Buy 326 385 80,213 40,173 43,697 20.4 20.6 26.2 28.5 12.4 11.4 2.5 2.1 19.7 18.4 1.5 1.2

Media

D B Corp Buy 249 290 4,562 1,750 1,925 25.1 26.6 14.2 16.8 17.5 14.8 3.8 3.2 23.4 23.4 2.5 2.2

HT Media Buy 100 117 2,353 2,205 2,380 15.1 15.6 8.3 9.1 12.1 11.0 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 87 119 2,884 1,664 1,825 20.9 23.0 6.4 7.8 13.5 11.2 2.7 2.5 21.0 23.1 1.8 1.7

PVR Neutral 330 - 1,307 1,359 1,540 17.3 17.4 17.2 21.6 19.1 15.3 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 423 - 16,678 2,287 2,551 69.7 70.5 20.0 23.3 21.2 18.2 5.2 4.6 26.4 27.3 6.9 6.1

Metals & Mining

Bhushan Steel Neutral 465 - 10,522 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 326 345 206,008 72,174 76,311 33.3 28.4 28.4 30.9 11.5 10.6 3.2 2.7 37.6 36.2 2.0 1.8

Electrosteel Castings Buy 16 24 515 1,976 2,017 11.8 12.7 1.3 2.6 12.5 6.1 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 142 213 4,528 1,944 2,317 49.9 51.7 20.8 25.6 6.9 5.6 1.5 1.2 24.3 24.6 1.9 1.4

Hind. Zinc Buy 115 145 48,464 12,358 13,659 51.4 51.6 16.0 17.6 7.2 6.5 1.3 1.1 19.4 18.4 1.7 1.1

Hindalco Neutral 102 - 19,433 89,352 93,672 8.8 9.2 13.4 15.0 7.6 6.8 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 694 - 15,482 39,973 40,926 17.2 17.0 71.9 82.8 9.7 8.4 0.8 0.8 9.0 9.6 0.7 0.7

MOIL Buy 199 248 3,340 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 0.6

Monnet Ispat Buy 154 291 980 2,883 3,181 21.7 23.6 40.3 57.7 3.8 2.7 0.4 0.3 10.1 13.0 1.2 1.0

Nalco Neutral 34 - 8,634 7,656 7,988 13.1 13.5 2.6 2.6 13.1 12.8 0.7 0.7 5.5 5.5 0.6 0.6

NMDC Buy 117 179 46,566 10,329 12,540 73.8 75.0 16.6 19.0 7.1 6.2 1.4 1.2 20.6 20.2 2.3 1.8


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Metals & Mining

SAIL Neutral 57 - 23,376 53,685 64,183 9.3 12.2 5.5 8.3 10.3 6.9 0.6 0.5 5.4 7.7 0.7 0.8

Sesa Goa Neutral 161 - 13,997 3,742 4,426 32.9 32.8 30.0 29.8 5.4 5.4 0.7 0.6 14.3 12.5 4.5 3.7

Sterlite Inds Accumulate 93 100 31,153 44,462 45,568 23.2 24.7 18.1 20.2 5.1 4.6 0.6 0.5 11.3 11.4 0.6 0.6

Tata Steel Buy 297 378 28,806 140,917 151,537 9.7 10.8 30.9 47.6 9.6 6.2 0.9 0.8 9.6 13.4 0.6 0.5

Sarda Buy 103 153 369 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 35 45 469 2,615 2,776 12.1 12.0 9.8 10.4 3.6 3.4 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 82 102 268 2,344 2,509 14.9 15.4 38.7 47.0 2.1 1.7 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 285 345 54,443 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.8 0.8 0.7 16.5 13.6 1.9 1.6

GAIL Neutral 311 - 39,488 55,815 63,013 15.3 15.2 35.9 41.5 8.7 7.5 1.4 1.2 17.0 17.1 0.6 0.4

ONGC Accumulate 318 354 271,680 157,962 175,367 35.1 36.2 34.3 39.3 9.3 8.1 1.6 1.4 18.2 18.6 1.5 1.3

Reliance Industries Neutral 788 - 254,503 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.1 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 231 - 2,965 3,707 3,850 11.7 12.4 23.7 25.7 9.8 9.0 2.7 2.4 29.6 28.2 0.7 0.6

Indraprastha Gas Neutral 278 - 3,886 3,700 4,218 23.4 22.8 26.7 30.4 10.4 9.1 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 141 167 10,541 40,356 40,872 5.8 6.4 15.0 16.7 9.4 8.4 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,278 1,079 983 91.8 91.9 8.8 7.8 6.7 7.4 1.1 1.0 17.8 14.1 2.8 3.0

Pharmaceuticals

Alembic Pharma Neutral 137 - 2,576 1,736 2,008 17.1 18.9 10.7 13.9 12.8 9.8 4.0 3.0 35.0 34.7 1.5 1.3

Aurobindo Pharma Buy 178 264 5,172 6,279 7,033 16.0 16.0 15.2 19.2 11.7 9.3 1.6 1.3 19.2 18.0 1.3 1.1

Aventis* Neutral 2,608 - 6,006 1,682 1,917 16.6 16.6 92.4 99.1 28.2 26.3 4.0 4.0 15.7 14.8 3.2 2.6

Cadila Healthcare Buy 772 962 15,810 7,386 8,863 18.0 18.0 39.5 48.1 19.6 16.1 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Buy 369 444 29,588 9,192 10,535 22.1 22.1 19.6 22.2 18.8 16.6 2.8 2.5 16.2 15.9 3.0 2.5

Dr Reddy's Buy 2,113 2,535 35,873 13,377 15,350 20.4 20.1 112.3 126.8 18.8 16.7 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 69 206 556 1,536 1,739 20.2 20.9 15.4 20.6 4.5 3.3 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,661 - 22,541 2,854 3,145 28.6 28.6 76.6 83.3 34.7 32.0 10.4 9.5 31.1 31.0 7.0 6.3

Indoco Remedies Buy 65 78 599 760 922 15.3 15.3 6.1 7.8 10.7 8.3 1.3 1.2 12.9 14.7 1.0 0.8

Ipca labs Accumulate 606 676 7,647 3,474 4,168 21.0 21.0 37.3 45.1 16.3 13.4 3.8 3.1 26.4 25.3 2.4 2.0

Lupin Buy 753 877 33,720 11,641 13,933 21.3 21.3 34.8 41.8 21.6 18.0 5.1 4.0 26.2 24.8 2.9 2.4

Ranbaxy* Neutral 362 - 15,331 11,400 12,060 10.5 12.5 17.5 22.5 20.7 16.1 3.3 2.9 17.0 19.1 1.3 1.2

Sun Pharma Neutral 1,018 - 105,208 13,509 15,846 41.0 41.0 33.0 39.8 30.8 25.6 6.2 5.2 22.0 22.0 7.2 6.0

Power

GIPCL Accumulate 72 78 1,096 1,444 1,482 33.4 33.0 13.7 14.8 5.3 4.9 0.6 0.6 12.3 12.0 0.8 0.6


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Power

NTPC Accumulate 152 163 125,537 76,734 86,680 24.5 24.3 13.4 14.5 11.4 10.5 1.4 1.3 12.8 12.7 2.3 2.2

Real Estate

DLF Buy 196 288 34,821 9,699 12,010 37.0 36.9 6.0 8.4 32.8 23.3 1.2 1.2 3.8 5.1 5.0 4.1

MLIFE Buy 396 476 1,615 888 1,002 30.6 30.6 38.8 43.4 10.2 9.1 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 304 338 115,312 86,592 95,860 31.4 31.8 10.9 14.5 27.9 20.9 2.1 2.0 7.7 9.3 2.0 1.7

Idea Cellular Neutral 130 - 43,099 25,122 27,663 27.0 27.2 4.0 4.8 32.8 27.3 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 110 - 22,735 22,801 24,628 31.0 31.3 3.6 5.3 30.9 20.9 0.7 0.7 2.2 3.1 2.6 2.3

Others

Abbott India* Accumulate 1,470 1,659 3,124 1,863 2,081 11.8 12.4 71.2 83.0 20.7 17.7 4.2 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 165 237 1,645 3,885 4,472 5.4 7.2 11.0 19.7 15.1 8.4 2.0 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 516 562 654 630 795 14.4 13.6 42.8 51.1 12.1 10.1 2.9 2.3 26.6 25.2 1.0 0.8

Cravatex Buy 352 459 91 248 284 6.5 7.3 27.2 38.2 13.0 9.2 2.0 1.7 15.7 18.5 0.5 0.5

Finolex Cables Buy 52 68 801 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 349 437 455 2,304 2,649 3.1 3.6 28.0 43.7 12.5 8.0 0.4 0.4 3.1 4.7 0.1 0.1

Goodyear India* Buy 267 345 616 1,458 1,542 8.3 9.0 32.3 37.0 8.3 7.2 1.5 1.3 19.5 19.3 0.2 0.2

Hitachi Buy 141 177 382 1,053 1,169 6.3 7.1 13.8 17.7 10.2 7.9 1.4 1.2 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,394 - 2,117 1,842 2,131 7.7 7.8 112.4 132.4 21.3 18.1 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 156 198 140 495 651 12.7 12.9 29.3 39.5 5.3 3.9 0.8 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 176 234 203 1,430 1,573 11.1 11.0 19.1 26.9 9.3 6.6 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 207 - 3,332 1,220 1,476 13.3 13.6 5.5 9.0 37.5 22.9 4.3 3.8 12.1 17.7 3.1 2.4

MRF Neutral 15,018 - 6,369 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.4 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,200 4,611 4,685 1,057 1,282 19.4 19.6 124.8 153.7 33.7 27.3 16.7 12.3 56.3 51.8 4.5 3.7Relaxo Footwears Buy 669 791 803 1,146 1,333 10.9 11.4 45.9 60.9 14.6 11.0 3.1 2.4 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 265 331 249 1,157 1,320 11.9 11.8 72.2 82.8 3.7 3.2 0.7 0.6 19.7 19.0 0.4 0.4

Styrolution ABS India* Buy 435 617 765 1,068 1,223 9.6 9.6 38.1 44.1 11.4 9.9 1.6 1.4 14.5 14.7 0.7 0.6

TAJ GVK Buy 61 108 383 300 319 35.8 36.2 7.9 9.1 7.7 6.7 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 283 371 435 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 549 686 426 435 516 6.2 7.1 24.3 33.3 22.6 16.5 3.7 3.2 17.6 20.8 0.8 0.7

Tree House Accumulate 267 297 961 153 194 53.0 52.8 12.4 15.6 21.6 17.1 2.5 2.2 11.8 13.1 6.5 4.9

TVS Srichakra Buy 185 252 142 1,591 1,739 6.1 6.6 24.5 41.9 7.6 4.4 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,480 - 36,044 12,294 14,162 12.0 12.0 42.1 67.7 58.9 36.6 4.2 3.7 9.1 10.7 3.3 2.8


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Others

Vesuvius India* Buy 370 439 751 600 638 20.1 19.4 35.7 36.6 10.4 10.1 1.9 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 June 03, 2013


Market Outlook

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Market Outlook, 04-06-2013

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Transcript of Market Outlook, 04-06-2013