Market Outlook, 06.03.13

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Market OutlookMarch 6, 2013

www.angelbroking.com


Dealers Diary

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

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

After showing a strong upward move in early trading on Tuesday, US stocks

continued to perform well throughout the session. The strength on Wall Street

reflected a positive reaction to news from overseas as well as an upbeat report on

US service sector activity. The European markets ended Tuesday's session in

positive territory. The markets were able to build on the positive performance of the

Asian markets, after China maintained its economic growth target at 7.5% for

2013, while lowering its inflation target to 3.5% from previous year's 4%. The

European markets also received a boost from the better-than-expected retail sales

report from the Eurozone and the smaller-than-expected decrease in the service

sector.

Meanwhile, Indian shares joined a global rally in equities on growing hopes that

the Reserve Bank of India will cut interest rates later this month and that other

major central banks across the globe would decide to keep monetary policy loose

at meetings this week.

Markets Today

The trend deciding level for the day is 19,084/ 5,766 levels. If NIFTY trades above

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

up to 19,224 19,304 / 5,809 5,833 levels. However, if NIFTY trades below

19,084/ 5,766 levels for the first half-an-hour of trade then it may correct up to

19,003 18,863 / 5,741 5,698 levels.Indices S2 S1 PIVOT R1 R2SENSEX 18,863 19,003 19,084 19,224 19,304

NIFTY 5,698 5,741 5,766 5,809 5,833

News Analysis

ICICI Bank receives capital repatriation of US $100mn from UK subsidiary KFA lenders complicate Diageo deal; may sell pledged USL sharesRefer detailed news analysis on the following page

Net Inflows (March 04, 2013)

` cr Purch Sales Net MTD YTDFII 3,561 3,440 121 1,036 45,388

MFs 346 458 (112) (171) (5,732)

FII Derivatives (March 05, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,602 1,427 175 9,506

Stock Futures 1,817 1,162 655 24,320

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Essar Oil 88 21.0 MMTC 339 (8.1)

Adani Ports 146 7.1 Astrazeneca Phar 834 (3.4)

Aurobindo Phar 165 6.6 Torrent Power 167 (1.7)

Jain Irrigation 64 6.2 Havells India 619 (1.6)

Power Finance 199 5.9 Muthoot Fin 202 (1.6)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.4 265.2 19,143

Nifty 1.5 85.8 5,784

MID CAP 1.7 103.4 6,338

SMALL CAP 1.1 67.8 6,146

BSE HC 1.4 106.6 7,915

BSE PSU 1.1 72.5 6,860

BANKEX 1.9 251.4 13,529

AUTO 1.8 187.4 10,720

METAL 2.6 235.5 9,129

OIL & GAS 1.5 133.1 8,760

BSE IT 1.5 101.0 6,854

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.9 125.9 14,254NASDAQ 1.3 42.1 3,224

FTSE 1.4 86.3 6,432

Nikkei 0.3 31.2 11,683

Hang Seng 0.1 22.7 22,561

Straits Times 0.3 8.3 3,248

Shanghai Com 2.3 52.9 2,326

Indian ADR Chg (%) (Pts) (Close)INFY 1.1 0.6 $54.2

WIT 1.8 0.2 $9.8IBN 3.1 1.3 $43.4

HDB 0.6 0.2 $38.0

Advances / Declines BSE NSEAdvances 1,679 999

Declines 1,142 504

Unchanged 112 75

Volumes (` cr)BSE 1,788

NSE 10,833

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ICICI Bank receives capital repatriation of $100mn from UK

subsidiary

ICICI Bank has received capital repatriation of US$100mn (`550cr) from its UK

subsidiary, in-line with the Managements guidance of consolidation in the

overseas operations. The UK subsidiary had a strong CAR of 31.5% as of3QFY2013, which would remain strong even after the repatriation. The

repatriation would also marginally improve the already strong capital adequacy of

ICICI Bank at 19.5%, (tier-I capital ratio at 13.5%), apart from slightly aiding its

return on equity. We maintain our Buy recommendation on the stock with a targetprice of `1,302.

KFA lenders complicate Diageo deal; may sell pledged USL

shares

As per media reports lenders to Kingfisher Airlines (KFA) have indicated they maysell 2% of USL shares pledged with them as collateral either in the market or at a

higher price to outsider to recover the funds they have lend to the company. If the

lenders don't release the 2% stake, then the UB group will be forced to find extra

shares in order to complete the deal. This could complicate the deal as 98% of the

promoter (UB group) stake of 27.5% in USL is pledged. Although, the recent

development is a minor setback for the USL-Diageo deal we expect the deal to

go through. The deal has already got the requisite approvals from SEBI and

CCI. We maintain a neutral view on USL.

Economic and Political News

Current account deficit biggest concern: Chief Economic Adviser Rajan Financial burden on Food Bill wouldn't be huge in FY2014: K V Thomas High inflation prompting more gold buys: RBI

Corporate News

Alembic Pharma gets US nod for antidepressant tablets Coal India sets 492 MT production target for FY2014 DLF Board to meet tomorrow to consider share sale Dr Reddy's launches anti-SRE drug in US M&M faces temporary disruption in production at its Nashik plant ONGC, Oil India may bid for Mozambique gas stakeSource: 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

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

March 7, 2013 7:00PM US Initial Jobless claims Thousands Mar 2 344.00 355.00

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

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

March 8, 2013 5:29PM China Exports YoY% % Change Feb 25.00 8.10

7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 160.00

7:00PM US Unnemployment rate % Feb 7.90 7.90

March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 3.00

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

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

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

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

11:00AM India Industrial Production YoY % Change Jan (0.60) --

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 0.70

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

March 15, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb 2.00 --

6:00PM US Consumer price index (mom) % Change Feb -- 0.50

6:45PM US Industrial Production % Feb (0.10) 0.30

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

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

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

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

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

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --

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

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

March 21, 2013 2:00PM Germany PMI Services Value Mar A 54.70 --

2:00PM Germany PMI Manufacturing Value Mar A 50.30 --

7:30PM US Existing home sales Millions Feb 4.92 --

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

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

March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --

March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --

6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 --

April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --

April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --

April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --

Source: Bloomberg, Angel Research

March 06, 2013

Market Outlook

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Market OutlookMarch 6, 2 013


Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

5. 7

9. 0

7. 5

11.2

8. 5

7. 68. 2

9 .2

7. 5

6. 56. 0

5. 3 5. 5 5. 34. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

3Q

FY13

(%)

1. 0

4 .3

2. 5 2. 0

8. 3

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Jan

-12

Fe

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M

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Ju

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Aug

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O

ct-12

Nov

-12

Dec

-12

(%)

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

7. 3 7. 2 7. 26. 6

0. 0

1. 02. 0

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

Fe

b-

12

M

ar

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Apr

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Jun

-12

Ju

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O

ct-12

Nov

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Dec

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Jan

-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb-12

Mar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

Jan-13

Feb-13

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Fe

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M

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Jan

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

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

M

ar-

12

Apr-

12

M

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Jun

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Repo rate Reverse Repo rate C RR(%)

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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 120 - 2,329 1,466 1,686 14.8 14.8 7.0 8.1 17.1 14.8 3.6 3.1 22.6 22.5 1.7 1.4

United Phosphorus Buy 119 170 5,280 8,421 9,263 16.5 16.5 15.0 17.0 8.0 7.0 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 291 323 4,967 2,983 3,477 16.1 16.1 18.5 21.6 15.7 13.5 4.5 3.5 32.9 29.1 1.6 1.4

Apollo Tyres Accumulate 88 97 4,443 13,066 14,503 11.5 11.8 13.0 14.5 6.8 6.1 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,173 12,910 14,836 8.8 9.6 1.5 2.2 15.7 10.4 2.1 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 287 - 433 934 1,103 10.2 10.7 24.5 34.3 11.7 8.3 1.5 1.3 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,971 - 57,030 20,775 23,889 18.5 19.0 107.6 126.4 18.3 15.6 7.6 6.0 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 224 242 5,213 5,973 6,707 14.4 15.2 13.4 18.6 16.8 12.1 2.2 1.9 13.6 16.9 1.0 0.9

Bosch India* Accumulate 8,457 9,570 26,555 9,973 11,320 17.8 18.0 396.2 455.7 21.4 18.6 4.0 3.4 18.8 18.2 2.3 1.9

CEAT Buy 93 163 319 4,822 5,403 8.2 8.3 29.8 40.8 3.1 2.3 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 125 - 10,651 6,016 7,026 12.7 14.4 5.8 7.8 21.4 16.0 3.2 2.7 15.4 18.2 1.5 1.2

FAG Bearings* Neutral 1,496 - 2,485 1,619 1,879 16.0 16.6 108.6 130.7 13.8 11.4 2.4 2.0 18.8 19.1 1.3 1.1

Hero Motocorp Buy 1,646 1,923 32,862 23,990 27,038 13.8 14.6 105.8 120.2 15.6 13.7 6.3 5.1 44.3 41.0 1.1 0.9

JK Tyre Buy 105 165 429 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.5 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Accumulate 898 1,019 55,117 40,060 46,301 11.5 11.7 55.3 64.3 16.2 14.0 3.7 3.1 24.5 23.8 1.1 0.9

Maruti Accumulate 1,431 1,563 41,352 43,381 52,411 7.5 8.9 65.6 97.7 21.8 14.7 2.5 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 196 209 11,522 25,769 29,010 7.1 7.5 10.2 13.1 19.3 15.0 4.9 3.8 28.1 28.3 0.6 0.5

Subros Buy 25 35 149 1,296 1,476 9.8 9.9 3.4 5.0 7.4 4.9 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 301 326 80,126 184,201 209,642 12.4 13.5 28.0 36.3 10.7 8.3 2.4 1.9 24.6 25.4 0.5 0.4

TVS Motor Buy 39 47 1,834 7,019 7,827 6.0 6.3 4.3 5.3 9.1 7.3 1.4 1.2 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 578 487 12,239 8,073 9,052 5.5 7.2 11.3 17.4 51.3 33.2 4.4 4.0 8.9 12.8 1.5 1.3BGR Energy Neutral 205 - 1,481 3,412 4,104 13.0 11.6 24.6 26.2 8.3 7.9 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 199 - 48,646 47,801 43,757 18.0 17.1 24.1 20.8 8.3 9.6 2.4 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 167 238 1,505 2,748 2,896 4.4 5.6 6.8 9.3 24.7 18.0 3.4 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 95 129 6,088 12,136 13,790 3.8 6.3 3.3 6.9 28.7 13.8 1.7 1.5 5.8 11.5 0.5 0.5

Jyoti Structures Buy 33 49 269 2,802 3,074 9.5 9.8 7.7 10.9 4.3 3.0 0.4 0.3 9.6 12.1 0.3 0.3

KEC International Buy 48 75 1,238 6,909 7,723 6.2 7.2 5.4 8.4 9.0 5.7 1.1 0.9 17.0 22.8 0.3 0.3

LMW Neutral 2,001 - 2,254 2,369 2,727 11.7 11.7 143.4 166.0 14.0 12.1 2.3 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 585 - 6,968 5,529 5,798 9.0 9.6 27.1 30.3 21.6 19.3 3.8 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 06, 2013

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Cement

ACC Neutral 1,259 - 23,628 11,358 12,366 19.9 19.6 75.1 74.9 16.8 16.8 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 195 - 30,019 9,730 11,221 25.6 25.0 10.2 11.3 19.1 17.2 3.4 3.1 18.7 19.0 2.7 2.2

India Cements Neutral 85 - 2,613 4,439 4,789 16.7 17.2 6.8 9.1 12.5 9.4 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cements Buy 124 143 1,520 2,119 2,478 22.9 22.3 20.3 22.8 6.1 5.4 1.1 0.9 18.0 17.7 0.8 1.1

Madras Cements Neutral 242 - 5,762 3,960 4,270 27.4 27.0 18.6 21.1 13.0 11.5 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,187 - 14,587 5,678 6,251 29.0 28.6 288.1 334.0 14.5 12.5 4.1 3.2 31.7 28.4 2.0 1.6

UltraTech Cement Neutral 1,896 - 51,995 20,466 23,017 23.3 24.3 100.0 117.1 19.0 16.2 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 204 268 1,072 20,466 23,017 22.5 22.5 24.4 27.0 8.4 7.5 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 11 - 208 2,262 2,522 5.9 6.3 0.9 1.6 12.3 7.2 0.3 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 116 164 3,847 3,843 4,212 43.1 43.6 16.8 17.8 6.9 6.5 1.2 1.0 18.3 17.0 3.1 3.4

ITNL Accumulate 199 225 3,857 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.8 1.2 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Buy 25 35 763 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.4) 8.6 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 70 97 15,622 14,243 16,382 26.2 26.1 3.2 4.3 22.0 16.2 1.2 1.1 5.4 7.0 2.6 2.3

Larsen & Toubro Buy 1,394 1,788 85,779 60,666 69,525 10.6 11.2 71.9 85.0 19.4 16.4 3.0 2.6 14.5 15.2 1.6 1.4

Nagarjuna Const. Buy 36 44 935 5,863 6,576 8.1 8.2 3.1 4.1 11.9 8.9 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 40 - 1,342 11,892 13,116 10.2 10.2 (0.4) 3.0 (94.8) 13.6 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 106 157 1,594 1,642 2,642 9.7 10.1 3.2 7.2 32.9 14.6 1.9 1.7 6.0 12.1 1.2 0.8

Simplex Infra Buy 150 197 742 6,026 7,135 9.1 9.3 14.1 24.6 10.6 6.1 0.6 0.5 5.6 9.2 0.5 0.5

Unity Infra Buy 31 58 230 2,180 2,455 13.7 13.4 12.9 14.8 2.4 2.1 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 140 160 7,015 6,509 7,264 2.7 2.8 28.2 33.5 5.0 4.2 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 95 - 5,330 4,795 5,475 3.0 3.0 21.8 21.9 4.4 4.4 0.7 0.7 15.4 13.8 - -Axis Bank Buy 1,404 1,678 65,625 15,959 18,660 3.2 3.2 119.2 139.0 11.8 10.1 2.2 1.9 20.3 20.1 - -

Bank of Baroda Buy 712 850 29,280 14,889 17,393 2.5 2.6 108.2 134.0 6.6 5.3 1.0 0.8 15.3 16.7 - -

Bank of India Accumulate 316 350 18,129 12,793 14,823 2.3 2.4 49.5 65.1 6.4 4.9 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Accumulate 52 56 3,081 3,720 4,268 2.9 2.8 10.9 13.0 4.8 4.0 0.7 0.6 16.2 16.9 - -

Canara Bank Accumulate 421 463 18,646 10,783 12,000 2.1 2.3 64.8 82.2 6.5 5.1 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 72 - 5,311 7,158 8,217 2.4 2.6 13.1 20.1 5.5 3.6 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 401 465 5,945 4,919 5,634 2.1 2.2 96.7 99.9 4.2 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Buy 93 107 3,238 3,090 3,462 2.7 2.7 25.6 24.6 3.6 3.8 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

March 06, 2013

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Financials

Federal Bank Accumulate 490 536 8,382 2,667 2,920 3.2 3.2 49.1 51.4 10.0 9.5 1.3 1.2 13.9 13.1 - -

HDFC Neutral 773 - 119,338 7,446 8,923 3.5 3.5 32.2 38.5 24.0 20.1 4.9 4.4 35.4 32.6 - -

HDFC Bank Accumulate 633 666 150,225 21,724 26,578 4.3 4.3 28.7 36.1 22.1 17.5 4.2 3.6 20.7 22.1 - -

ICICI Bank Buy 1,094 1,302 125,786 22,317 26,217 2.9 3.0 72.0 84.6 15.2 12.9 1.9 1.8 14.9 15.9 - -

IDBI Bank Buy 90 106 11,448 8,196 9,305 1.9 2.1 15.4 22.3 5.8 4.0 0.6 0.6 10.7 14.1 - -

Indian Bank Buy 174 208 7,469 5,716 6,362 3.2 3.2 37.7 41.1 4.6 4.2 0.8 0.7 16.9 16.2 - -

IOB Buy 72 85 5,738 7,231 8,369 2.4 2.5 10.2 20.2 7.0 3.6 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,267 1,406 6,142 2,784 2,932 3.7 3.7 229.2 199.6 5.5 6.4 1.2 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 240 257 12,099 1,722 2,080 2.2 2.2 19.9 24.6 12.0 9.7 1.9 1.6 16.6 17.9 - -

Oriental Bank Accumulate 276 314 8,038 6,360 7,004 2.6 2.8 48.1 59.4 5.7 4.6 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 790 957 26,787 19,202 22,040 3.2 3.4 146.8 167.9 5.4 4.7 1.0 0.8 17.6 17.5 - -

South Ind.Bank Buy 25 30 3,293 1,583 1,789 3.0 2.9 3.5 4.1 7.1 6.1 1.2 1.0 19.1 17.7 - -

St Bk of India Buy 2,131 2,514 142,970 60,594 70,439 3.3 3.3 221.9 257.4 9.6 8.3 1.6 1.4 17.4 17.7 - -

Syndicate Bank Accumulate 121 135 7,275 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.3 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 61 - 4,038 5,388 6,262 2.4 2.6 9.0 14.9 6.8 4.1 0.9 0.7 9.1 13.8 - -

Union Bank Accumulate 227 256 12,500 10,006 11,558 2.8 2.8 36.4 47.0 6.2 4.8 0.9 0.8 14.6 16.6 - -

United Bank Buy 61 75 2,198 3,549 3,814 2.5 2.7 12.0 21.4 5.1 2.8 0.5 0.5 10.1 16.3 - -

Vijaya Bank Accumulate 51 54 2,515 2,342 2,763 1.9 2.1 8.0 10.9 6.4 4.7 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 480 526 17,187 3,364 4,260 2.8 3.0 36.3 42.6 13.2 11.3 3.0 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,434 - 42,527 11,198 13,319 15.9 15.7 122.1 147.1 36.3 30.2 12.3 9.6 37.7 35.7 3.7 3.1

Britannia Accumulate 498 564 5,957 5,580 6,417 4.8 5.0 18.1 21.7 27.6 23.0 10.0 8.0 38.7 38.7 1.0 0.8

Colgate Neutral 1,355 - 18,432 3,120 3,588 20.3 21.1 38.4 45.1 35.3 30.1 32.8 26.3 104.6 97.0 5.7 4.9

Dabur India Neutral 134 - 23,303 6,196 7,183 16.3 16.8 4.5 5.5 29.7 24.4 12.3 9.5 43.4 44.0 3.8 3.2

GlaxoSmith Con* Neutral 4,215 - 17,726 3,084 3,617 15.2 16.3 103.9 123.0 40.6 34.3 13.0 10.7 34.9 34.3 5.3 4.5

Godrej Consumer Neutral 729 - 24,818 6,386 7,743 15.7 17.0 20.8 27.1 35.0 26.9 7.5 6.2 23.7 26.4 4.1 3.3

HUL Neutral 450 - 97,196 25,350 28,974 13.3 13.5 15.1 17.0 29.8 26.5 23.7 16.9 85.7 74.3 3.6 3.1

ITC Neutral 292 - 230,494 29,148 34,191 35.7 36.1 9.4 11.1 31.2 26.3 10.4 8.6 35.9 35.7 7.6 6.4

Marico Neutral 217 - 13,981 4,747 5,402 13.6 13.6 6.3 7.8 34.2 27.7 7.0 5.7 26.0 22.6 3.0 2.6

Nestle* Neutral 4,711 - 45,423 8,302 9,739 22.0 21.5 110.7 130.8 42.6 36.0 25.3 18.1 69.5 58.6 5.5 4.6


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FMCG

Tata Global Accumulate 132 145 8,166 7,272 7,998 9.1 9.9 6.9 8.1 19.3 16.4 2.0 1.9 8.9 9.7 1.0 0.9

IT

HCL Tech^ Neutral 746 - 51,849 25,325 28,476 21.7 20.7 51.0 52.8 14.6 14.1 3.9 3.2 26.8 22.9 1.9 1.7

Hexaware* Buy 87 113 2,582 1,948 2,136 20.9 18.3 10.9 10.1 8.0 8.6 2.1 1.8 27.2 21.0 1.1 0.9

Infosys Neutral 2,921 - 167,732 40,746 44,283 28.9 28.8 162.6 172.9 18.0 16.9 4.2 3.6 23.5 21.3 3.5 3.1

Infotech Enterprises Accumulate 170 184 1,901 1,881 1,987 17.9 17.4 18.5 19.4 9.2 8.8 1.4 1.2 14.8 13.6 0.7 0.5

KPIT Cummins Buy 104 134 2,005 2,234 2,477 15.8 15.2 10.9 12.8 9.5 8.1 2.0 1.6 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 121 - 14,244 7,711 8,683 21.6 20.3 8.7 11.3 13.9 10.7 3.3 2.5 30.6 23.7 1.4 1.2

Mindtree Neutral 891 - 3,700 2,357 2,580 21.0 19.3 84.4 86.8 10.6 10.3 2.8 2.2 26.8 21.7 1.3 1.1

Mphasis& Neutral 399 - 8,379 5,531 5,874 17.6 17.5 35.4 37.7 11.3 10.6 1.7 1.4 14.7 13.5 1.0 0.9

NIIT Buy 23 36 380 1,048 1,161 9.1 10.9 4.1 6.2 5.6 3.7 0.6 0.5 10.3 14.1 0.2 0.1

Persistent Neutral 554 - 2,217 1,297 1,433 25.6 24.1 46.5 54.0 11.9 10.3 2.2 1.8 18.5 18.0 1.4 1.2

TCS Neutral 1,540 - 301,461 62,954 70,871 29.0 28.9 71.6 79.1 21.5 19.5 7.2 5.8 33.2 29.7 4.6 4.0

Tech Mahindra Accumulate 1,071 1,205 13,704 6,789 7,609 21.0 19.6 95.8 110.7 11.2 9.7 2.7 2.1 24.3 22.3 2.1 1.8

Wipro Neutral 433 - 106,652 43,514 47,304 20.1 19.4 26.6 27.7 16.3 15.7 3.2 2.8 19.7 17.9 2.1 1.8

Media

D B Corp Buy 235 276 4,310 1,583 1,787 23.9 25.4 11.9 14.5 19.8 16.2 3.9 3.4 21.4 22.4 2.6 2.3

HT Media Accumulate 99 113 2,315 2,061 2,205 14.0 15.1 6.6 7.9 14.8 12.6 1.5 1.3 10.3 11.0 0.7 0.6

Jagran Prakashan Buy 96 125 3,036 1,511 1,698 23.2 23.4 6.4 7.3 14.9 13.2 3.7 3.3 25.9 26.6 2.2 1.9

PVR Neutral 279 - 810 820 1,307 17.3 17.3 11.2 17.8 25.1 15.7 1.1 1.1 9.7 10.8 1.0 0.6

Sun TV Network Neutral 431 - 17,001 1,942 2,237 77.2 75.5 17.6 19.1 24.5 22.6 5.9 5.3 25.8 25.2 8.3 7.1

Metals & Mining

Bhushan Steel Neutral 463 - 10,497 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4Coal India Buy 318 368 200,608 66,666 70,292 25.7 27.3 24.2 26.6 13.1 11.9 3.9 3.1 33.1 29.1 2.0 1.8

Electrosteel Castings Buy 19 28 644 1,984 2,074 10.6 11.6 1.8 2.6 10.6 7.2 0.4 0.1 3.6 5.1 0.5 0.4

Hind. Zinc Buy 115 149 48,591 12,002 13,759 49.7 50.8 14.7 16.4 7.8 7.0 1.5 1.3 21.1 19.8 2.1 1.5

Hindalco Neutral 99 - 18,868 80,205 88,987 9.0 9.2 13.4 13.8 7.3 7.2 0.6 0.5 7.9 7.6 0.6 0.5

JSW Steel Neutral 727 - 16,227 39,072 40,493 16.5 18.2 82.4 90.3 8.8 8.1 0.9 0.8 10.7 10.7 0.8 0.8

MOIL Neutral 236 - 3,961 933 954 46.9 45.5 25.8 26.1 9.1 9.0 1.4 1.3 16.7 15.1 1.8 1.6

Monnet Ispat Buy 241 318 1,534 2,287 2,883 21.8 21.8 35.3 40.7 6.8 5.9 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Accumulate 43 46 11,185 6,630 8,357 11.4 14.5 2.1 3.3 20.4 13.3 0.9 0.9 4.6 6.9 1.0 0.9

NMDC Buy 140 181 55,387 9,674 11,536 75.2 76.6 16.0 18.6 8.7 7.5 1.9 1.6 23.6 23.0 3.6 2.8


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Metals & Mining

SAIL Neutral 70 - 28,707 43,438 56,199 12.0 12.2 6.5 8.5 10.7 8.2 0.7 0.7 6.6 8.2 0.9 0.7

Sesa Goa Buy 157 183 13,619 2,412 3,911 30.8 33.1 29.6 31.8 5.3 4.9 0.8 0.7 16.3 15.4 7.1 4.4

Sterlite Inds Buy 95 110 31,809 43,185 45,442 23.3 23.7 16.8 17.9 5.6 5.3 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 344 443 33,405 142,732 146,575 7.4 9.9 7.2 34.7 47.9 9.9 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 101 148 362 1,442 1,494 19.0 19.1 29.2 31.7 3.5 3.2 0.4 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 34 52 452 2,512 2,816 12.4 13.7 10.0 12.6 3.4 2.7 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 91 112 288 2,367 2,425 14.2 13.7 33.3 33.5 2.7 2.7 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 292 383 55,844 17,394 17,034 76.4 72.3 60.8 55.1 4.8 5.3 1.0 0.8 21.9 17.0 2.4 2.0

GAIL Neutral 337 - 42,691 48,077 55,815 15.3 15.3 34.9 35.9 9.7 9.4 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 316 357 270,140 144,089 158,065 32.8 34.7 28.7 34.4 11.0 9.2 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 826 - 266,769 362,700 380,031 8.9 8.9 68.1 71.5 12.1 11.6 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 262 - 3,356 3,707 3,850 11.7 12.4 23.7 25.7 11.0 10.2 3.1 2.7 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 267 - 3,740 3,365 3,700 22.8 23.4 25.3 26.6 10.6 10.0 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 145 179 10,886 32,210 41,362 6.1 5.8 15.4 15.6 9.4 9.3 2.5 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 67 - 3,787 1,079 983 91.8 91.9 8.8 7.8 7.7 8.6 1.3 1.2 17.8 14.1 3.2 3.5

Pharmaceuticals

Alembic Pharma Neutral 92 - 1,738 1,490 1,714 16.2 17.1 7.4 9.5 12.5 9.7 3.4 2.6 30.7 30.2 1.3 1.1

Aurobindo Pharma Buy 165 208 4,812 5,463 6,279 15.0 15.0 12.4 14.0 13.3 11.8 1.7 1.5 18.8 17.8 1.5 1.3

Aventis* Neutral 2,357 - 5,428 1,482 1,682 17.5 16.6 82.9 87.8 28.4 26.8 4.5 3.6 16.3 14.8 3.5 3.0

Cadila Healthcare Accumulate 765 817 15,656 6,148 7,386 15.3 18.0 24.6 39.5 31.1 19.4 5.8 4.7 18.4 25.1 2.9 2.4

Cipla Accumulate 382 419 30,688 8,151 9,130 25.8 24.8 20.2 21.6 18.9 17.7 3.4 2.9 19.4 17.6 3.5 3.1

Dr Reddy's Neutral 1,794 - 30,456 10,696 11,662 20.7 21.0 83.7 92.9 21.4 19.3 4.4 3.7 22.4 20.8 3.1 2.8

Dishman Pharma Buy 71 155 570 1,280 1,536 20.2 20.2 12.1 15.5 5.8 4.6 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,111 - 17,878 2,651 2,993 31.7 31.2 76.0 82.4 27.8 25.6 8.0 7.2 20.1 26.3 5.9 5.2

Indoco Remedies Buy 63 78 583 642 784 14.2 15.2 5.7 7.8 11.1 8.1 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Buy 485 559 6,116 2,850 3,474 21.0 21.0 29.9 37.3 16.2 13.0 3.9 3.1 26.7 26.4 2.3 1.9

Lupin Accumulate 597 655 26,711 8,426 10,082 19.7 20.0 26.1 31.1 22.9 19.2 5.3 4.3 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 391 - 16,542 12,253 11,400 14.1 12.5 31.2 21.6 12.5 18.1 4.1 3.5 37.9 20.6 1.3 1.3

Sun Pharma Neutral 799 - 82,600 10,111 12,563 42.6 42.6 28.9 29.8 27.6 26.8 5.6 4.8 22.3 19.2 7.5 5.9

Power

GIPCL Accumulate 71 78 1,069 1,502 1,535 32.1 31.9 11.4 12.5 6.2 5.7 0.7 0.6 7.6 11.9 1.2 1.0


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Power

NTPC Accumulate 149 163 123,187 72,809 81,951 23.4 24.1 12.2 13.6 12.3 11.0 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Accumulate 260 288 44,107 7,953 9,699 34.7 37.0 4.4 6.0 59.4 43.5 1.7 1.6 3.1 3.8 7.7 6.0

MLIFE Accumulate 401 446 1,638 786 888 26.3 26.7 31.0 36.3 12.9 11.1 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 322 350 122,261 80,521 87,160 30.5 30.5 6.4 10.4 50.4 31.0 2.3 2.2 4.6 7.0 2.4 2.1

Idea Cellular Neutral 114 - 37,691 22,087 23,927 26.6 27.7 2.9 3.9 38.9 29.2 2.7 2.5 6.9 8.4 2.3 2.1Rcom Neutral 63 - 13,086 21,087 22,067 31.8 31.9 2.6 4.0 24.2 15.8 0.4 0.4 1.5 2.2 2.3 2.1

zOthers

Abbott India Buy 1,352 1,634 2,873 1,926 2,152 13.1 13.5 79.0 90.8 17.1 14.9 3.7 3.1 23.7 22.8 1.3 1.1

Bajaj Electricals Buy 186 217 1,852 3,450 3,929 4.5 7.4 10.0 15.5 18.6 12.0 2.4 2.1 13.0 17.4 0.5 0.5

Cera Sanitaryware Accumulate 435 495 551 460 596 16.4 16.2 34.7 45.0 12.5 9.7 3.1 2.4 27.7 27.8 1.3 1.0

Cravatex Buy 340 545 88 272 308 7.2 7.3 37.5 45.4 9.1 7.5 2.2 1.7 23.7 22.7 0.4 0.4

CRISIL Neutral 950 - 6,674 982 1,136 34.3 34.3 34.3 40.0 27.7 23.8 12.5 10.0 50.9 46.9 6.4 5.4

Finolex Cables Buy 48 61 729 2,268 2,559 9.5 10.0 9.0 10.1 5.3 4.7 0.8 0.7 14.8 14.6 0.3 0.2

Force Motors Buy 398 550 518 2,027 2,299 4.6 5.1 35.3 50.0 11.3 8.0 0.4 0.4 3.9 5.3 0.1 0.1

Goodyear India Accumulate 276 304 637 1,559 1,676 7.1 7.4 27.5 30.5 10.0 9.1 1.6 1.4 16.9 16.7 0.2 0.2

Greenply Industries Reduce 363 309 875 1,925 2,235 10.6 10.9 29.6 44.1 12.3 8.2 2.0 1.6 16.8 21.0 0.7 0.6

Hitachi Neutral 128 - 353 905 1,025 4.8 6.0 7.7 12.4 16.7 10.4 1.6 1.4 9.9 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,520 2,842 2,228 2,117 2,491 8.1 7.8 140.5 157.9 17.9 16.0 2.7 2.4 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 603 744 1,061 1,069 1,223 9.7 9.7 40.0 46.5 15.1 13.0 2.1 1.9 15.1 15.3 1.0 0.8

ITD Cementation Buy 179 239 206 1,455 1,630 12.0 12.1 23.2 31.2 7.7 5.7 0.5 0.5 6.5 8.1 0.6 0.6

Jyothy Laboratories Neutral 160 - 2,575 816 979 14.5 14.9 5.2 6.0 31.0 26.5 3.6 3.3 8.8 10.2 3.4 2.7MCX Buy 1,055 1,440 5,379 553 624 65.3 66.3 62.5 72.0 16.9 14.6 4.6 4.0 27.5 27.4 6.7 5.5

MRF Buy 11,888 14,331 5,042 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.2 6.6 1.4 1.2 22.0 19.4 0.5 0.5

Page Industries Neutral 3,333 - 3,718 856 1,047 19.1 19.6 101.2 127.3 33.0 26.2 16.9 12.5 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 614 887 736 989 1,148 10.7 11.7 41.8 55.5 14.7 11.1 3.3 2.6 25.5 26.3 0.9 0.8

Sintex Industries Buy 55 79 1,708 4,751 5,189 16.3 16.6 13.6 15.8 4.0 3.5 0.5 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 257 332 241 1,048 1,157 11.3 12.0 58.7 66.5 4.4 3.9 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 283 6,765 7,393 18.1 18.0 6.4 7.5 1.5 1.3 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 32 43 1,567 5,720 6,599 5.3 6.8 3.6 5.4 9.0 6.0 13.0 4.1 - - 0.4 0.3

TAJ GVK Buy 66 108 412 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


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zOthers

Tata Sponge Iron Buy 309 379 476 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 434 655 337 393 439 5.9 6.7 21.1 26.7 20.5 16.3 17.5 19.1 0.7 0.6

TVS Srichakra Buy 203 276 155 1,461 1,591 5.6 7.1 6.9 39.4 29.3 5.2 1.1 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,853 - 24,239 10,473 11,939 15.0 15.8 30.4 56.9 61.0 32.6 4.7 3.0 10.8 12.3 3.0 2.3

Vesuvius India Accumulate 323 355 656 591 623 17.5 17.2 29.0 29.6 11.2 10.9 1.7 1.5 16.0 14.5 0.9 0.8

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


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Market Outlook, 06.03.13

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Transcript of Market Outlook, 06.03.13