Market Outlook, 06-08-2013

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Market OutlookAugust 6, 2013

Dealers DiaryIndian markets are expected to open in red tracking negative opening in most of

the Asian markets due to speculation that U.S. Federal Reserve might bring down

its bond-buying program.

The US markets mostly in yesterdays trading session as investors considered a

report indicating better-than-expected growth in the service sector and a Fed

officials remarks that the central bank is closer to curbing its asset purchases. A

report from the Institute for Supply Management showed that activity in the U.S.

service sector grew at a faster rate in the month of July. The ISM said its non-

manufacturing index jumped to 56.0 in July from 52.2 in June, with a reading

above 50 indicating growth in the service sector.

Meanwhile, Indian markets ended a lackluster session marginally higher on

Monday taking cues from mixed global cues and a firmer rupee. On the

macroeconomic front, business activity across Indian private sector contracted for

the first time in more than four years in July, as per a survey report from MarkitEconomics and HSBC. The HSBC composite output index, that measures combined

output of both manufacturing and service sectors, fell to 48.4 in July from 50.9 in

June, while the services business activity index dropped to 47.9 from 51.7 in the

previous month.

Markets TodayThe trend deciding level for the day is 19,210/ 5,689 levels. If NIFTY trades above

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

up to 19,279 19,375 / 5,717 5,749 levels. However, if NIFTY trades below

19,210 / 5,689 levels for the first half-an-hour of trade then it may correct up to

19,114 19,045 / 5658 5,630 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,045 19,114 19,210 19,279 19,375

NIFTY 5,630 5,658 5,689 5,717 5,749

News Analysis Coal India workers may strike in September JSW Steel reported July crude steel production Result Review: GIPCL, Godawari Power and Ispat Result Preview: Bosch, Crompton Greaves, Ashoka Buildcon

Refer detailed news analysis on the following page

Net Inflows (August 2, 2013)

` cr Purch Sales Net MTD YTDFII 3,357 2,916 440 721 66,119

MFs 468 734 (266) (175) (14,521)

FII Derivatives (August 5, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,176 1,532 (357) 10,426

Stock Futures 1,988 1,887 101 25,958

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Financial Tech 198 30.9 BHEL 121 (19.1)

JP Power 12 13.2 MCX 369 (10.0)

Power Finance 110 11.6 Mangalore Ref 29 (9.5)

IRB Infra 67 8.0 Oberoi Realty 175 (8.2)

Jindal Steel 201 7.7 Aurobindo Pharma 148 (6.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.1 18 19,182

Nifty 0.1 8 5,685

MID CAP 0.3 15 5,444

SMALL CAP 0.3 16 5,194

BSE HC (0.5) (43) 8,957

BSE PSU 0.6 31 5,191

BANKEX 1.0 110 11,532

AUTO (0.4) (46) 10,297

METAL 2.7 174 6,684

OIL & GAS (0.0) (3) 8,359

BSE IT 0.9 68 7,583

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.3) (46) 15,612NASDAQ 0.1 3 3,693

FTSE (0.4) (28) 6,620

Nikkei (1.4) (208) 14,258

Hang Sang 0.1 31 22,222

Straits Times (0.4) (12) 3,242

Shanghai Com 1.0 21 2,050

Indian ADR Chg (%) (Pts) (Close)INFY 0.0 0.0 $49.7

WIT 2.2 0.2 $9.0IBN (0.2) (0.1) $32.0

HDB (0.0) (0.0) $33.3

Advances / Declines BSE NSEAdvances 1,048 615

Declines 1,157 686

Unchanged 134 83

Volumes (` cr)BSE 1,766

NSE 9,782

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Coal India workers may strike in September

Coal India workers may go on strike in September against the government's

decision to divest 10% stake in the company. However, the unions have not yet

decided on the actual date. The unions will meet on August 17 to decide on the

date of the strike. Until further clarity, we maintain our Neutral view on the stock.

JSW Steel reported July crude steel production

JSW Steel reported July crude steel production numbers from all the three plants

namely Vijayanagar, Salem and Dolvi. The crude steel production for July stood at

0.99mn tonnes and the rolled flat and rolled long production stood at 0.79mn

tonnes and 0.18mn tonnes respectively. The capacity utilization at Vijayanagar

plant was lower due to shutdown of one corex furnace for relining and capacity

enhancement. These numbers are however, not comparable to the July 2012

numbers since these numbers comprises of the production from the erstwhile JSW

Ispats Dolvi plant which is now merged with JSW Steel. We maintain our Neutralview on the JSW Steel stock.

Result Review

GIPCL (CMP: `59/ TP: Under review)

For 1QFY2014, GIPCL reported a decline in the top line by 10.8% yoy to `311cr

(compared to our expectation of `355cr) as power generation declined by 22.4%

yoy to 1,018MU. On the operating front, EBITDA margin contracted by 399bp yoy

to 34.2% (our expectation of 38.0%). Consequently, net profit came in lower yoy

at `36cr (our expectation of `54cr). We recommend Buy rating with target priceunder review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,444 33.4 208 13.7 12.3 4.3 0.5 2.2 0.7

FY2015E 1,482 33.0 224 14.8 12.0 4.0 0.5 1.5 0.5

Godawari Power and Ispat (CMP: `65/ TP: `102/ Upside: 57%)

Godawari Power and Ispat (GPIL) reported a decline in both top-line as well asprofitability for 1QFY2014. The company's net sales declined by 15.2% yoy to

`511cr mainly because of lower volumes and realizations. Raw material cost as a

percentage of net revenue increased to 63.5% in 1QFY2014 vs. 61.0% in

1QFY2013. Thus, EBITDA margin declined by 333bp to 14.9% and EBITDA

declined by 30.7% yoy to `76cr. The companys interest expenses decreased by

4.7% yoy to `28cr and the tax rate stood at 4.2% compared to 23.2% in

1QFY2013. However, the companys adjusted net profit declined by 41.0% yoy to

`28cr. We maintain our Buy view on the stock with a target price of `102.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,344 14.9 125 39.3 12.3 1.7 0.2 3.2 0.5

FY2015E 2,509 15.4 151 47.7 12.8 1.4 0.2 2.5 0.4

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Result Preview

Bosch (CMP: `8,586/ TP: -/ Upside: -)

Bosch (BOS) is slated to announce its 2QCY2013 results today. We expect BOS to

report a marginal revenue growth of ~1% yoy to `2,188cr as medium and heavy

commercial vehicle demand continues to remain subdued. On the operating front,

we expect margins to improve ~160bp yoy to 16.8%, largely due to easing of

commodity prices and also due to the low base effect of last year. As a result, the

net profit is expected to remain flat at `250cr for the quarter. At `8,586, the stock

is trading at 20.4x CY2014E earnings. Currently, we have a Neutral rating on thestock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,558 16.7 1,119 356.3 17.3 24.1 4.2 14.7 2.3

CY2014E 10,959 17.4 1,321 420.7 17.4 20.4 3.6 12.1 2.0

Crompton Greaves (CMP: `82/TP: `117/ Upside: 43%)

For 1QFY2014, we project Crompton Greaves to report a modest top-line growth

of 7.1% yoy to `3,011cr. A weak capex cycle, along with strained consumer

sentiments, is likely to impact the company's growth. On the EBITDA front, the

company's margin is expected to decline by 103bp yoy to 4.9%. Though we expect

a modest revenue growth, however, due to stress on margins, we expect the

company's PAT to fall by 22.4% yoy to `67cr. We recommend Buy on the stock

with a target price of `117.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 13,446 6.7 425 6.6 11.4 12.4 1.4 6.9 0.5

FY2015E 15,272 7.6 570 8.9 14.0 9.2 1.2 5.6 0.4

Ashoka Buildcon (CMP: `47/ TP: `60/ Upside: 27%)

For 1QFY2014, Ashoka Buildcon (ABL) is expected to post a consolidated revenue

of `508cr, indicating a growth of 9.0% yoy. The under-construction captive road

BOT projects will drive its E&C revenue. The E&C segment will continue to

dominate the company's revenue by contributing `426cr (up 8% yoy) while the

BOT segment's share is expected to be `82cr (up 3% yoy). On the margin front, we

expect ABL's EBITDAM to decline by 95bp yoy to 21%. On the back of higher

depreciation and lower EBITDAM, we expect the company to post a 21.7% yoy

decline in earnings to `32cr for the quarter. We maintain our Buyrecommendation on the stock with a target price of `60.Y/E Sales OPM PAT EPS ROE P/E P/BVEV/EBITDAEV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,912 21.0 138 7.7 12.6 6.1 0.6 8.0 1.7

FY2015E 2,217 21.5 137 8.7 11.3 5.4 0.6 7.8 1.7

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Quarterly Bloomberg Consensus Estimate

Crompton Greaves Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,074 2,811 9.4 3,387 (9.2)

EBITDA 148 167 (11.4) 83 78.3EBITDA margin (%) 4.8 5.9 2.5

Net profit 69 86 (19.4) 25 177.2

Tata Power Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 8,908 7,198 23.8 8,997 (1.0)

EBITDA 1,717 1,413 21.5 1,855 (7.4)

EBITDA margin (%) 19.3 19.6 20.6

Net profit 202 146 42.5 181 14.9

Unitech Consolidated (06/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 650 408 59.3 848 (23.3)

EBITDA 86 55 56.4 89 (3.4)

EBITDA margin (%) 13.2 13.5 10.5

Net profit 78 46 69.6 134 (41.8)

Lupin Consolidated (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,685 2,219 21.0 2,537 5.8

EBITDA 630 458 37.6 659 (4.4)

EBITDA margin (%) 23.5 20.6 26.0

Net profit 380 280 35.7 408 (6.9)

NMDC (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,687 2,838 (5.3) 3,202 (16.1)

EBITDA 1,764 2,302 (23.4) 2,297 (23.2)

EBITDA margin (%) 65.6 81.1 71.7

Net profit 1,518 1,906 (20.4) 1,465 3.6

Ranbaxy Consolidated (07/08/2013)Particulars (` cr) 2QCY13E 2QCY12 y-o-y (%) 1QCY13 q-o-q (%)Net sales 2,693 3,174 (15.2) 2,440 10.4

EBITDA 247 511 (51.7) 299 (17.4)

EBITDA margin (%) 9.2 16.1 12.3

Net profit 83(586)

(114.2) 126 (34.1)

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Tata Motors Consolidated (07/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 46,310 43,171 7.3 57,083 (18.9)

EBITDA 6,141 5,575 10.2 7,802 (21.3)

EBITDA margin (%) 13.3 12.9 13.7

Net profit 2,231 2,245 (0.6) 3,946 (43.5)

Adani Enterprise Consolidated (08/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 12,704 11,025 15.2 11,472 10.7

EBITDA 1,896 1,080 75.6 1,550 22.3

EBITDA margin (%) 14.9 9.8 13.5

Net profit 308 403 (23.6) 474 (35.0)

Bharat Forge (08/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 715 916 (21.9) 660 8.3

EBITDA 151 235 (35.7) 142 6.0

EBITDA margin (%) 21.1 25.7 21.6

Net profit 55 105 (47.6) 50 10.0

Rural Electrification (08/08/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,035 877 18.0 960 7.8

Economic and Political News

Garment exports may jump 24% to US$16bn in FY2014: AEPC FDI into India rises 24% to US$3.95bn in April-May Softening prices to blunt higher quantity of edible oil importsCorporate News

Cabinet to soon consider NHPC stake sale; to fetch `1,800cr Engineers India bags `670cr contract Local issues impact NTPC's `4,750cr Assam project Maruti production up 31% in July at 99,236 units NSEL forms settlement panel; to prepare payment plan by August 14, 2013 TCS signs deal with Australian Pharmaceutical Industries

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

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Date Company

August 06, 2013 Tata Power Co., Bosch India, Crompton Greaves, Unitech

August 07, 2013NMDC, Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.,Alembic Pharma

August 08, 2013Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, BGR Energy , Prakash Industries, ITDCementation

August 09, 2013 Sun Pharma, Cipla, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear

August 10, 2013 Sarda Energy

August 11, 2013

August 12, 2013ONGC, St Bk of India, DLF, HPCL, Marico, Tech Mahindra, Indraprasth Gas, Britannia, United Bank, India Cements,Jyothy Laboratories

August 13, 2013 IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL, Cravatex

August 14, 2013 SAIL, Nalco, LIC Housing Fin., Essar Oil, Amara Raja Batteries, Simplex Infra

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jun (2.30) 0.80

August 8, 2013 6:00PM US Initial Jobless claims Thousands Aug 3 326.00 336.00

4:29PM China Exports YoY% % Change Jul (3.10) 1.50

August 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jul 2.70 2.80

11:00AM China Industrial Production (YoY) % Change Jul 8.90 9.00

August 12, 2013 4:29PM India Imports YoY% % Change Jul (0.37) --

4:29PM India Exports YoY% % Change Jul (4.60) --

5:30PM India Industrial Production YoY % Change Jun (1.60) --August 13, 2013 2:00PM UK CPI (YoY) % Change Jul 2.90 --

August 14, 2013 2:00PM UK Jobless claims change % Change Jul (21.20) --

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

12:00PM India Monthly Wholesale Prices YoY% % Change Jul 4.86 --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.30) --

6:00PM US Producer Price Index (mom) % Change Jul 0.80 0.40

August 15, 2013 6:00PM US Consumer price index (mom) % Change Jul 0.50 0.20

6:45PM US Industrial Production % Jul 0.31 0.20

August 16, 2013 6:00PM US Housing Starts Thousands Jul 836.00 900.00

6:00PM US Building permits Thousands Jul 918.00 945.00

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

August 21, 2013 7:30PM US Existing home sales Million Jul 5.08 --

August 22, 2013 1:00PM Germany PMI Manufacturing Value Aug A 50.70 --

August 23, 2013 7:30PM Euro ZoneEuro-Zone Consumer Confidence Value Aug A (17.40) --

7:30PM US New home sales Thousands Jul 497.00 --

2:00PM UK GDP (YoY) % Change 2Q P 1.40 --

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --


August 06, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5:Exports and imports growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

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

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-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 140 - 2,728 1,674 1,923 13.7 13.7 6.8 7.6 20.6 18.5 3.9 3.4 20.0 19.6 1.8 1.6

United Phosphorus Buy 128 225 5,665 10,091 11,302 16.5 16.5 19.2 22.5 6.7 5.7 1.1 0.9 17.0 17.2 0.7 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 235 285 4,008 3,418 3,892 14.5 14.5 18.5 20.4 12.7 11.5 3.1 2.5 26.6 23.8 1.2 1.0

Apollo Tyres Neutral 64 - 3,231 13,852 15,487 11.4 11.5 12.8 14.9 5.0 4.3 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 12 22 3,257 13,450 15,853 6.5 8.5 0.4 1.9 32.0 6.6 1.1 1.0 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 209 - 315 834 965 9.3 10.6 17.3 27.1 12.1 7.7 1.1 1.0 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,875 2,102 54,251 21,696 25,239 19.2 19.3 119.3 140.2 15.7 13.4 5.5 4.4 38.9 36.6 2.1 1.7

Bharat Forge Neutral 197 - 4,591 6,198 6,793 14.6 14.9 14.5 17.3 13.6 11.4 1.8 1.6 13.6 14.7 0.9 0.7

Bosch India* Accumulate 8,558 9,213 26,871 9,821 11,394 17.0 17.3 373.5 438.7 22.9 19.5 4.1 3.5 18.0 17.9 2.4 2.0

CEAT Buy 116 170 398 5,159 5,628 9.3 9.0 43.5 48.6 2.7 2.4 0.5 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 121 148 10,272 6,899 7,873 14.7 14.7 7.9 9.0 15.2 13.4 2.6 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,190 - 1,977 1,336 1,572 13.8 16.0 75.6 102.4 15.7 11.6 2.0 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,853 2,048 37,011 25,562 28,297 14.5 14.4 111.2 146.3 16.7 12.7 6.1 4.7 40.1 42.1 1.2 1.1

JK Tyre Buy 88 154 359 7,972 8,754 7.1 7.1 37.5 44.0 2.3 2.0 0.4 0.3 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 865 1,103 53,262 45,254 51,197 11.4 11.7 61.2 70.2 14.1 12.3 3.0 2.5 22.7 21.9 0.9 0.8

Maruti Buy 1,345 1,648 40,630 45,862 52,647 11.2 11.1 94.6 109.9 14.2 12.2 1.9 1.7 14.4 14.6 0.7 0.6

Motherson Sumi Buy 209 242 12,278 28,442 31,914 8.4 8.7 13.0 16.1 16.1 13.0 4.2 3.3 29.4 28.6 0.6 0.5

Subros Buy 19 23 115 1,230 1,398 10.5 10.5 2.3 3.8 8.2 5.0 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 285 347 76,674 215,016 237,404 13.3 13.6 36.2 41.5 7.9 6.9 1.8 1.4 24.6 23.2 0.4 0.4

TVS Motor Accumulate 30 35 1,437 7,715 8,584 6.0 6.1 5.0 5.8 6.1 5.2 1.0 0.9 18.1 18.5 0.1 0.1

Capital Goods

ABB* Neutral 478 - 10,122 8,073 9,052 5.5 6.9 11.5 16.9 41.5 28.2 3.8 3.6 9.3 13.1 1.2 1.1BGR Energy Neutral 83 - 601 3,756 4,569 11.4 9.7 21.7 24.1 3.8 3.5 0.5 0.4 22.3 20.3 0.5 0.4

BHEL Neutral 121 - 29,591 43,140 39,692 16.8 15.9 20.2 17.1 6.0 7.1 1.3 1.2 23.1 17.2 0.5 0.6

Blue Star Buy 143 208 1,282 2,941 3,099 3.4 4.2 6.0 9.3 23.8 15.3 3.0 2.6 12.9 18.0 0.6 0.5

Crompton Greaves Buy 82 117 5,263 13,446 15,272 6.7 7.6 6.6 8.9 12.4 9.2 1.4 1.2 11.4 14.0 0.5 0.4

Jyoti Structures Neutral 16 - 130 3,312 3,555 9.0 9.0 4.5 6.5 3.5 2.4 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 40 652 7,709 8,399 6.7 7.2 6.1 8.5 4.2 3.0 0.5 0.5 20.2 23.0 0.3 0.2

Thermax Neutral 583 - 6,947 5,832 6,397 9.1 9.6 28.8 32.9 20.2 17.7 3.3 2.9 17.2 17.3 1.1 1.0

Cement

ACC Accumulate 1,190 1,361 22,334 11,820 13,254 19.3 20.9 74.9 93.1 15.9 12.8 2.8 2.5 18.1 20.3 1.6 1.4


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

9/15



Cement

Ambuja Cements Neutral 178 - 27,425 9,975 11,409 22.4 23.1 9.4 11.1 19.0 16.0 2.9 2.6 15.7 17.2 2.2 1.9

India Cements Neutral 47 - 1,428 4,929 5,434 17.4 17.1 8.9 10.9 5.2 4.3 0.4 0.4 7.7 9.1 0.6 0.6

J K Lakshmi Cement Buy 55 100 650 2,256 2,709 20.2 22.2 17.0 20.4 3.3 2.7 0.5 0.4 14.8 15.4 0.3 0.8

Madras Cements Neutral 158 - 3,749 4,234 4,788 23.9 24.0 18.5 22.8 8.5 6.9 1.4 1.2 17.2 18.2 1.2 1.0

Shree Cement^ Neutral 4,171 - 14,530 6,607 7,520 27.5 26.7 322.8 374.3 12.9 11.1 3.2 2.6 27.8 25.6 1.6 1.2

UltraTech Cement Neutral 1,774 - 48,643 21,947 25,049 23.8 23.8 106.1 119.8 16.7 14.8 2.8 2.4 17.7 17.3 2.3 2.0

ConstructionAshoka Buildcon Buy 47 60 742 1,928 2,234 21.0 21.5 6.0 7.4 7.8 6.4 0.7 0.7 10.5 10.8 1.8 1.7

Consolidated Co Neutral 8 - 142 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.6) (21.3) 0.3 0.3 0.5 0.5

IRB Infra Buy 67 157 2,210 3,997 4,312 45.5 46.4 15.7 16.6 4.2 4.0 0.6 0.6 15.2 14.5 3.0 3.2

ITNL Buy 117 230 2,280 7,444 8,041 27.4 28.9 29.8 32.1 3.9 3.7 0.6 0.5 14.9 14.2 2.4 2.5

IVRCL Infra Buy 11 29 344 5,673 5,892 8.1 8.4 1.4 1.8 7.8 6.1 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 31 53 6,968 12,946 14,897 24.7 25.6 1.2 2.7 25.6 11.7 0.5 0.5 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 814 1,128 75,267 68,946 78,040 10.0 10.0 49.0 55.2 16.6 14.7 2.4 2.1 14.9 15.3 1.2 1.1

Nagarjuna Const. Buy 20 42 505 6,167 6,945 8.0 8.2 2.7 3.6 7.4 5.4 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 25 - 815 12,726 14,226 8.2 8.2 0.9 1.0 28.6 24.0 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Neutral 74 - 1,116 2,462 2,731 10.6 10.6 5.9 6.7 12.6 11.1 1.2 1.1 10.2 10.5 0.7 0.7

Simplex Infra Buy 49 131 241 6,308 7,033 9.5 9.6 11.9 18.7 4.1 2.6 0.2 0.2 4.5 6.7 0.5 0.5

Unity Infra Neutral 17 - 129 2,146 2,339 13.7 13.8 11.0 11.5 1.6 1.5 0.1 0.1 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Neutral 70 - 3,505 6,705 7,535 2.5 2.5 27.6 33.2 2.5 2.1 0.4 0.3 12.5 13.6 - -

Andhra Bank Neutral 59 - 3,293 5,180 5,815 2.7 2.7 19.0 22.9 3.1 2.6 0.4 0.4 12.0 13.2 - -

Axis Bank Buy 1,121 1,348 52,592 19,280 22,886 3.3 3.3 130.7 157.1 8.6 7.1 1.4 1.2 17.3 18.1 - -Bank of Baroda Neutral 504 - 21,223 16,287 18,707 2.2 2.3 120.6 144.6 4.2 3.5 0.6 0.5 15.0 16.0 - -

Bank of India Neutral 176 - 10,464 14,482 16,069 2.3 2.2 55.0 62.2 3.2 2.8 0.5 0.4 13.7 13.9 - -

Bank of Maharashtra Neutral 42 - 2,795 4 ,291 4 ,724 3.0 3.0 12.1 12.9 3.5 3.3 0.5 0.5 16.2 15.3 - -

Canara Bank Neutral 249 - 11,017 12,045 13,495 2.1 2.2 76.7 86.4 3.2 2.9 0.5 0.4 14.1 14.2 - -

Central Bank Neutral 55 - 5,787 8,196 9,202 2.4 2.4 6.1 15.9 9.1 3.5 0.7 0.6 5.2 12.8 - -

Corporation Bank Neutral 284 - 4,346 5,554 6,156 2.0 2.0 94.9 104.9 3.0 2.7 0.4 0.4 14.3 14.2 - -

Dena Bank Neutral 48 - 1,668 3,255 3,623 2.3 2.4 22.0 24.9 2.2 1.9 0.3 0.3 14.7 14.7 - -

Federal Bank Neutral 356 - 6,088 2,798 3,250 3.0 3.0 38.1 51.9 9.4 6.9 0.9 0.8 9.8 12.3 - -


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

10/15



Financials

HDFC Accumulate 799 867 124,120 8,679 10,350 3.6 3.6 37.5 44.7 21.3 17.9 4.4 4.0 30.1 30.7 - -

HDFC Bank Buy 632 745 151,115 27,392 33,264 4.6 4.6 36.3 45.1 17.4 14.0 3.5 3.0 21.9 22.8 - -

ICICI Bank Buy 903 1,131 104,183 26,119 30,474 3.1 3.2 86.2 99.5 10.5 9.1 1.4 1.3 15.7 16.2 - -

IDBI Bank Neutral 61 - 8,063 9,518 10,468 2.0 2.0 15.5 22.1 3.9 2.7 0.4 0.4 10.2 13.3 - -

Indian Bank Neutral 71 - 3,030 6,077 6,845 2.9 3.0 35.2 41.0 2.0 1.7 0.3 0.3 14.1 14.8 - -

IOB Neutral 40 - 3,738 7,709 8,645 2.2 2.3 8.2 17.1 4.9 2.4 0.3 0.3 6.0 11.7 - -

J & K Bank Neutral 1,122 - 5,437 3,101 3,427 3.6 3.6 215.5 210.3 5.2 5.3 1.0 0.9 19.9 16.9 - -LIC Housing Finance Neutral 172 - 8,655 2,180 2,732 2.4 2.5 26.3 32.1 6.5 5.3 1.2 1.0 19.0 19.9 - -

Oriental Bank Neutral 145 - 4,242 6,790 7,676 2.6 2.7 55.7 62.3 2.6 2.3 0.3 0.3 12.8 12.9 - -

Punjab Natl.Bank Neutral 538 - 19,003 20,766 23,515 3.4 3.4 135.0 164.8 4.0 3.3 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 21 - 2,821 1,800 2,023 2.7 2.7 3.7 4.2 5.7 5.0 0.9 0.8 16.2 16.2 - -

St Bk of India Buy 1,682 1,979 115,078 66,417 76,734 3.0 3.0 227.4 284.8 7.4 5.9 1.1 0.9 15.4 17.1 - -

Syndicate Bank Neutral 79 - 4,734 7,125 8,188 2.6 2.6 27.4 27.9 2.9 2.8 0.4 0.4 16.2 14.6 - -

UCO Bank Neutral 58 - 4,350 6,736 6,979 2.7 2.6 15.3 15.7 3.8 3.7 0.7 0.6 14.8 13.6 - -

Union Bank Neutral 120 - 7,185 11,101 12,543 2.6 2.6 39.3 47.4 3.1 2.5 0.4 0.4 14.1 15.2 - -

United Bank Neutral 34 - 1,280 3,386 3,884 2.3 2.5 12.4 20.0 2.8 1.7 0.3 0.3 10.0 14.7 - -

Vijaya Bank Neutral 38 - 1,873 2,714 3,046 1.9 2.0 9.2 10.8 4.1 3.5 0.4 0.4 10.7 11.5 - -

Yes Bank Neutral 299 - 10,768 4,417 5,486 2.7 2.8 42.9 49.5 7.0 6.0 1.5 1.3 23.9 22.8 - -

FMCG

Asian Paints Neutral 474 - 45,504 12,332 14,524 16.3 16.1 13.9 16.0 34.2 29.6 10.9 8.6 35.2 32.5 3.6 3.0

Britannia Neutral 733 - 8,779 6,417 7,502 6.1 6.3 21.3 25.5 34.5 28.8 11.2 9.0 35.7 34.6 1.4 1.1

Colgate Neutral 1,296 - 17,624 3,588 4,130 20.5 20.9 44.2 51.8 29.3 25.0 28.6 20.8 108.6 96.2 4.8 4.1

Dabur India Neutral 164 - 28,561 7,183 8,297 16.8 16.9 5.4 6.3 30.6 26.0 10.8 8.6 39.2 36.7 4.0 3.4

GlaxoSmith Con* Neutral 4,268 - 17,949 3,617 4,259 16.1 16.4 122.2 148.7 34.9 28.7 10.9 8.7 34.1 33.7 4.5 3.7

Godrej Consumer Neutral 852 - 28,981 7,801 9,017 16.2 15.9 25.1 29.7 33.9 28.7 7.3 6.1 24.9 24.2 3.9 3.3

HUL Neutral 618 - 133,727 28,415 31,962 13.6 14.1 16.7 18.2 37.1 34.0 35.6 25.8 112.2 88.1 4.6 4.0

ITC Neutral 336 - 265,628 34,294 39,991 36.8 37.0 11.3 13.3 29.8 25.2 9.8 7.9 36.1 34.9 7.4 6.3

Marico Neutral 211 - 13,574 5,273 6,044 14.8 14.9 7.3 8.7 29.0 24.3 5.7 4.7 21.4 21.0 2.6 2.3

Nestle* Neutral 5,319 - 51,279 9,447 10,968 22.1 22.3 127.5 154.1 41.7 34.5 20.8 15.1 57.7 50.7 5.5 4.6

Tata Global Neutral 143 - 8,831 8,069 8,957 9.8 9.7 7.8 8.6 18.3 16.6 2.2 2.1 9.5 9.7 1.1 0.9


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

11/15



IT

HCL Tech^ Accumulate 950 1,012 66,171 30,698 33,933 22.1 21.5 65.3 69.8 14.6 13.6 3.7 3.0 26.5 23.0 1.9 1.7

Hexaware* Neutral 119 - 3,568 2,213 2,479 21.5 20.5 12.1 12.9 9.8 9.3 2.4 2.1 25.4 23.5 1.4 1.3

Infosys Reduce 3,007 2,820 172,699 47,001 51,196 26.2 26.4 171.3 189.4 17.6 15.9 3.6 3.1 20.4 19.3 3.0 2.7

Infotech Enterprises Accumulate 175 190 1,954 2,052 2,263 17.2 17.6 20.7 22.5 8.5 7.8 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 128 145 2,474 2,670 3,018 17.3 16.7 14.1 15.3 9.1 8.4 1.7 1.4 20.9 18.4 0.9 0.7

Mindtree Accumulate 979 1,050 4,071 2,768 3,006 19.7 19.9 103.1 105.3 9.5 9.3 2.3 1.8 24.8 20.3 1.2 1.0

Mphasis& Neutral 405 - 8,508 6,372 6,852 18.0 18.2 38.0 43.5 10.7 9.3 1.5 1.3 14.3 14.2 0.8 0.7NIIT Neutral 15 - 252 1,144 1,267 9.0 9.1 4.3 5.4 3.6 2.8 0.4 0.3 10.3 12.0 - (0.1)

Persistent Accumulate 538 568 2,153 1,533 1,715 22.2 22.5 49.2 56.8 10.9 9.5 1.8 1.5 16.4 16.1 1.0 0.8

TCS Accumulate 1,867 2,060 365,345 79,005 91,576 29.7 30.0 88.6 103.1 21.1 18.1 6.6 5.3 31.5 29.2 4.4 3.7

Tech Mahindra Accumulate 1,264 1,390 29,364 8,102 8,709 19.7 19.2 107.5 117.0 11.8 10.8 2.5 2.0 21.2 18.9 3.6 3.3

Wipro Neutral 450 - 110,814 42,196 45,890 21.0 21.6 28.3 31.2 15.9 14.4 3.3 2.8 20.7 19.4 2.2 1.9

Media

D B Corp Buy 246 302 4,517 1,783 1,968 25.2 26.8 14.6 17.2 16.9 14.3 4.4 3.8 23.9 24.2 2.4 2.1

HT Media Buy 98 117 2,291 2,205 2,380 15.1 15.6 8.3 9.3 11.7 10.5 1.4 1.3 11.6 11.6 0.7 0.5

Jagran Prakashan Buy 89 116 2,957 1,683 1,845 22.3 23.7 6.5 7.8 13.6 11.5 2.8 2.5 21.3 23.1 1.9 1.7

PVR Neutral 350 - 1,390 1,359 1,540 17.3 17.4 17.2 21.6 20.3 16.2 2.0 1.9 10.3 12.0 1.4 1.3

Sun TV Network Neutral 429 - 16,918 2,287 2,551 69.7 70.5 20.0 23.3 21.5 18.4 5.3 4.7 26.4 27.3 7.1 6.2

Metals & Mining

Bhushan Steel Neutral 460 - 10,429 13,794 17,088 30.9 33.5 49.3 66.6 9.4 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 263 345 166,184 72,174 76,311 33.3 28.4 28.4 30.9 9.3 8.5 2.6 2.2 37.6 36.2 1.5 1.3

Electrosteel Castings Buy 11 18 347 1,976 2,017 11.8 12.7 1.3 2.6 8.4 4.1 0.1 - 2.6 5.2 0.5 0.1

GMDC Buy 83 127 2,643 1,701 1,985 47.8 48.8 17.4 20.6 4.8 4.0 0.9 0.8 20.7 20.9 1.1 0.8Hind. Zinc Buy 101 140 42,507 12,389 13,093 48.5 51.7 15.2 17.0 6.6 5.9 1.1 1.0 18.5 18.0 1.3 0.8

Hindalco Neutral 86 - 16,552 89,352 93,672 8.8 9.2 13.4 15.0 6.5 5.8 0.5 0.4 7.3 7.6 0.5 0.5

JSW Steel Neutral 527 - 12,740 44,605 47,040 15.7 16.0 62.5 75.6 8.4 7.0 0.7 0.6 8.5 9.6 0.8 0.7

MOIL Buy 191 248 3,202 1,010 1,046 46.5 47.6 26.8 28.8 7.1 6.6 1.0 0.9 15.4 14.7 0.8 0.5

Monnet Ispat Buy 97 193 616 2,326 2,709 21.4 23.1 33.3 43.1 2.9 2.2 0.2 0.2 8.3 9.9 1.3 1.0

Nalco Neutral 25 - 6,379 7,656 7,988 13.1 13.5 2.6 2.6 9.7 9.5 0.5 0.5 5.5 5.5 0.3 0.3

NMDC Buy 99 140 39,211 10,610 11,400 66.3 64.2 15.6 16.1 6.4 6.2 1.3 1.2 21.3 19.9 1.6 1.5

SAIL Neutral 40 - 16,479 44,060 54,786 9.4 11.5 5.2 7.2 7.7 5.6 0.4 0.4 5.2 6.8 0.6 0.5


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

12/15



Metals & Mining

Sesa Goa Buy 130 162 11,255 3,817 5,781 12.1 17.7 27.0 29.6 4.8 4.4 0.6 0.5 12.9 12.5 3.8 2.5

Sterlite Inds Buy 75 97 25,306 44,493 45,599 22.4 23.9 16.8 19.2 4.5 3.9 0.5 0.4 10.5 10.9 0.5 0.5

Tata Steel Buy 208 378 20,192 140,917 151,537 9.7 10.8 30.9 47.6 6.7 4.4 0.6 0.6 9.6 13.4 0.5 0.5

Sarda Buy 75 153 270 1,494 1,568 19.1 20.3 31.3 36.5 2.4 2.1 0.3 0.2 11.8 12.4 0.5 0.4

Prakash Industries Buy 30 40 400 2,615 2,776 12.1 12.0 9.8 10.4 3.0 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 65 102 213 2,344 2,509 14.9 15.4 38.7 47.0 1.7 1.4 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 291 364 55,661 18,403 17,925 71.9 62.1 62.1 57.4 4.7 5.1 1.0 0.8 22.6 17.8 1.8 1.6

GAIL Neutral 306 - 38,758 49,700 48,822 16.0 16.6 32.9 33.4 9.3 9.2 1.4 1.3 15.9 14.4 0.3 0.2

ONGC Buy 277 387 236,859 170,063 198,461 36.3 38.3 34.7 41.9 8.0 6.6 1.4 1.2 18.3 19.5 1.1 0.8

Reliance Industries Neutral 861 - 278,032 397,546 421,695 8.9 8.7 72.3 76.8 11.9 11.2 1.3 1.1 12.3 11.8 0.7 0.6

Gujarat Gas* Neutral 164 - 2,105 3,707 3,850 11.7 12.4 23.7 25.7 6.9 6.4 1.9 1.7 29.6 28.2 0.4 0.4

Indraprastha Gas Neutral 262 - 3,666 3,700 4,218 23.4 22.8 26.7 30.4 9.8 8.6 2.1 1.7 22.7 21.8 1.1 0.9

Petronet LNG Accumulate 120 135 8,981 39,449 43,315 5.3 5.9 14.1 16.9 8.5 7.1 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 50 68 2,822 1,171 1,287 91.9 91.9 10.1 11.3 5.0 4.4 0.8 0.7 17.3 16.8 1.9 1.5

Pharmaceuticals

Alembic Pharma Neutral 155 - 2,919 1,736 2,008 17.1 18.9 10.7 13.9 14.5 11.1 4.5 3.4 35.0 34.7 1.7 1.5

Aurobindo Pharma Buy 149 271 4,339 6,641 7,637 15.9 15.9 17.3 20.6 8.6 7.2 1.4 1.2 19.5 18.9 1.1 0.9

Aventis* Neutral 2,406 - 5,541 1,682 1,917 15.6 15.6 91.9 101.7 26.2 23.7 3.7 3.7 15.6 17.1 2.8 2.3

Cadila Healthcare Buy 751 929 15,384 7,280 8,640 15.5 15.7 38.3 46.5 19.6 16.2 4.2 3.5 23.5 23.5 2.4 2.0

Cipla Buy 396 477 31,776 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.6 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Accumulate 2,209 2,535 37,554 13,377 15,350 20.4 20.1 112.1 126.6 19.7 17.5 4.2 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 43 132 345 1,394 1,534 22.5 22.4 14.8 16.6 2.9 2.6 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,252 - 19,074 2,854 3,145 28.6 28.6 76.6 83.3 29.4 27.0 8.8 8.0 31.1 31.0 5.8 5.2

Indoco Remedies Buy 62 78 568 747 906 15.3 15.3 5.9 7.6 10.4 8.1 1.2 1.1 12.5 14.4 1.0 0.8

Ipca labs Neutral 659 - 8,308 3,246 3,830 20.5 21.7 36.2 44.9 18.2 14.7 4.3 3.4 26.1 25.7 2.7 2.3

Lupin Neutral 894 - 40,036 11,641 13,933 21.3 21.3 34.8 41.8 25.7 21.4 6.0 4.8 26.2 24.8 3.5 2.8

Ranbaxy* Buy 278 384 11,769 11,400 12,060 10.5 12.5 17.5 22.5 15.9 12.4 2.6 2.2 17.0 19.1 1.0 0.9

Sun Pharma Neutral 549 - 113,604 13,509 15,846 41.0 41.0 16.5 19.9 33.3 27.6 6.7 5.6 22.0 22.0 7.8 6.5

Power

GIPCL Buy 59 78 892 1,444 1,482 33.4 33.0 13.7 14.8 4.3 4.0 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 135 163 111,231 76,734 86,680 24.5 24.3 13.4 14.5 10.1 9.3 1.2 1.1 12.8 12.7 2.1 2.0


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

13/15



Real Estate

DLF Buy 129 236 23,030 8,293 9,622 36.5 36.1 5.7 6.7 22.7 19.2 0.8 0.8 3.7 4.1 4.9 4.0

MLIFE Accumulate 453 483 1,850 888 1,002 27.0 29.9 33.9 42.1 13.4 10.8 1.3 1.2 9.9 11.2 2.7 2.4

Telecom

Bharti Airtel Neutral 337 - 134,552 83,535 92,173 32.0 33.1 9.2 12.9 36.7 26.1 2.4 2.2 6.8 8.9 2.3 2.0

Idea Cellular Neutral 155 - 51,384 25,640 28,459 26.9 27.2 4.0 4.9 38.7 31.3 3.3 3.0 8.4 9.4 2.4 2.1

Rcom Neutral 121 - 25,057 22,751 24,628 30.9 31.3 3.4 5.3 35.4 23.1 0.7 0.7 2.1 3.1 2.7 2.4

OthersAbbott India* Buy 1,390 1,659 2,954 1,863 2,081 11.8 12.4 71.2 83.0 19.5 16.8 3.9 3.3 21.6 21.5 1.3 1.0

Bajaj Electricals Buy 177 237 1,764 3,885 4,472 5.4 7.2 11.0 19.7 16.2 9.0 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 519 613 657 631 797 14.5 13.7 42.6 51.1 12.2 10.2 2.9 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 298 459 77 248 284 6.5 7.3 27.2 38.2 11.0 7.8 1.7 1.4 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 269 349 351 2,304 2,649 3.1 3.6 28.0 43.7 9.6 6.2 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 306 345 706 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.3 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 103 191 279 1,080 1,199 8.9 9.1 18.3 19.1 5.6 5.4 1.0 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,317 - 2,048 1,842 2,131 7.7 7.8 111.1 130.9 20.9 17.7 2.6 2.3 13.3 13.9 1.0 0.9

IFB Agro Buy 124 198 112 495 651 12.7 12.9 29.3 39.5 4.2 3.1 0.6 0.5 15.4 17.6 0.3 0.3

ITD Cementation Buy 160 234 184 1,430 1,573 11.1 11.0 19.1 26.9 8.4 6.0 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Buy 163 199 2,707 1,220 1,476 13.3 13.6 5.5 9.0 29.6 18.0 3.4 3.0 12.1 17.7 2.6 2.0

MRF Buy 12,741 16,218 5,403 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.1 7.1 1.5 1.2 23.5 19.2 0.6 0.5

Page Industries Accumulate 4,330 4,611 4,829 1,057 1,282 19.4 19.6 124.8 153.7 34.7 28.2 17.2 12.7 56.3 51.8 4.7 3.8

Relaxo Footwears Buy 743 981 892 1,196 1,401 11.9 12.6 55.6 75.4 13.4 9.9 3.2 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 206 311 193 1,158 1,322 10.8 11.2 62.1 77.8 3.3 2.6 0.5 0.5 17.2 18.4 0.4 0.3Styrolution ABS India* Buy 364 492 640 1,007 1,108 8.4 8.7 30.3 35.1 12.0 10.4 1.3 1.2 11.7 12.2 0.6 0.5

TAJ GVK Buy 57 108 359 300 319 35.8 36.2 7.9 9.1 7.3 6.3 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 242 371 373 814 849 17.0 17.6 64.6 69.2 3.8 3.5 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 510 632 396 416 481 4.5 6.1 16.2 25.3 31.5 20.1 3.9 3.4 12.6 18.1 0.8 0.7

Tree House Buy 258 297 927 153 194 53.0 52.8 12.4 15.6 20.8 16.5 2.5 2.2 11.8 13.1 6.2 4.8

TVS Srichakra Buy 164 230 126 1,591 1,720 6.1 6.4 24.5 38.3 6.7 4.3 0.7 0.7 10.9 15.9 0.3 0.2

United Spirits Neutral 2,348 - 34,116 12,294 14,162 12.0 12.0 42.1 67.7 55.8 34.7 3.9 3.5 9.1 10.7 3.1 2.7

Vesuvius India* Buy 361 439 733 600 638 20.1 19.4 35.7 36.6 10.1 9.9 1.8 1.6 19.4 17.1 1.0 0.9


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

14/15



Others

HSIL Buy 75 117 498 2,042 2,363 14.6 14.8 12.3 16.5 6.1 4.6 0.5 0.4 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 05, 2013


Market Outlook

Stock Watch

August 06, 2013

8/22/2019 Market Outlook, 06-08-2013

15/15

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Market Outlook, 06-08-2013

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