Market Outlook 11-09-2013

7/29/2019 Market Outlook 11-09-2013

1/13

www.angelbroking.com

Market OutlookSeptember 11, 2013

Dealers DiaryIndian markets are expected to open flat tracking flat to marginally negative

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

US stocks continued to perform well throughout the trading session on Tuesday.

The strength on Wall Street came amid cautious optimism that the crisis regarding

the Syrian government's alleged use of chemical weapons could be resolved

without US military action. The optimism came on the heels of reports that Syria

has accepted a Russian proposal to give up its chemical weapons. Meanwhile, in

an interview President Barack Obama indicated that the proposal would be a

potential breakthrough, although he remained skeptical that Syria will follow

through. Additionally, another batch of upbeat Chinese economic data also

generated some buying interest on Wall Street after helping to drive the rally on

Monday. The data from the National Bureau of Statistics revealed that industrial

production in China increased 10.4% yoy in August. The Chinese retail sales also

grew by 13.4% annually, faster than the 13.3% increase expected by the

economists.

Meanwhile, strong buying by the FII's on the back of easing concerns about a

potential US led military action on Syria and provisional data showing a double

digit rise in India's merchandise exports for August lifted the benchmark indices to

more than six week highs.

Markets Today

The trend deciding level for the day is 19,818 / 5,847 levels. If NIFTY trades above

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

up to 20,192 20,386 / 5,955 6,013 levels. However, if NIFTY trades below

19,818 / 5,847 levels for the first half-an-hour of trade then it may correct up to

19,624 19,250 / 5,788 5,680 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,250 19,624 19,818 20,192 20,386

NIFTY 5,680 5,788 5,847 5,955 6,013

News Analysis

Trade deficit narrows to USD10.9bn JLR maintains its strong growth momentum in retail sales in August 2013 HCL Tech bags deal from Anglo American for End-User Computing and Data

Center Services worldwide Income Tax Department slaps `1,631cr tax notice on NMDC Ashoka Buildcon has emerged as the lowest bidder for order worth ~`610cr

Refer detailed news analysis on the following page

Net Inflows (September 06, 2013)

` cr Purch Sales Net MTD YTDFII 4,072 2,792 1,280 2,262 61,460

MFs 505 581 (76) (549) (13,545)

FII Derivatives (September 10, 2013)

` cr Purch Sales Net Open InterestIndex Futures 7,459 4,501 2,958 12,549

Stock Futures 2,455 2,523 (69) 28,747

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Wockhardt 617 20.0 Indian Oil Corp 224 (3.6)

ABB LTD 560 17.4 MCX 438 (2.3)

JP Power 16 11.9 Biocon 338 (2.1)

GSK Consumer 4,818 11.8 Container Corp 698 (2.1)

Tata Motors 349 9.9 IPCA Lab 681 (1.9)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 3.8 727 19,997

Nifty 3.8 216 5,897

MID CAP 1.4 75 5,526

SMALL CAP 1.1 59 5,403

BSE HC 1.3 118 9,267

BSE PSU 1.4 77 5,482

BANKEX 2.2 251 11,584

AUTO 6.0 623 11,040

METAL 2.5 207 8,355

OIL & GAS 1.5 124 8,697

BSE IT 2.2 175 8,031

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.8 128 15,191NASDAQ 0.6 23 3,729

FTSE 0.8 53 6,584

Nikkei 1.5 218 14,423

Hang Sang 1.0 226 22,977

Straits Times 1.2 36 3,124

Shanghai Com 1.2 25 2,238

Indian ADR Chg (%) (Pts) (Close)INFY 3.9 1.8 $49.4

WIT (2.5) (0.3) $9.8IBN 2.1 0.6 $31.7

HDB 2.5 0.8 $32.0

Advances / Declines BSE NSEAdvances 1,506 956

Declines 832 394

Unchanged 136 80

Volumes (` cr)BSE 2,267

NSE 15,080

7/29/2019 Market Outlook 11-09-2013

2/13



Trade deficit narrows to USD10.9bn

Provisional data released by the commerce ministry shows that Indias trade deficit

for August 2013 narrowed to USD10.9bn on the back of decline in gold imports

and double-digit growth in exports. Though the trade deficit improved ascompared to USD12.3bn in July 2013 and USD15.3bn in August 2012, it came in

slightly above consensus estimates of USD9bn. The cumulative trade deficit for

April August of 2013-14 is estimated at USD73.4bn, lower than the deficit of

USD74.7bn during April July of 2012-13.

During August 2013, exports continued to report double-digit growth for the

second straight month at 13% on the back of 6.5% contraction during August

2012. On a cumulative basis during April August 2013, exports witnessed

growth of 3.9%.

The outlook for export growth has improved supported by the economic recovery

in advanced economies like U.S, Japan and Eurozone to some extent along with

steep INR depreciation and low base (contraction of almost 2% in FY2013).

During August 2013, imports reported 0.7% contraction as compared to decline of

6.2% in July 2013 and 6.7% in August 2012. The contraction can be attributed to

the 10.4% decline in non-oil imports. Gold imports are pegged to have come in at

just USD0.65bn as compared USD2.2bn in July 2013 mainly because of the

uncertainty related to the new gold import policy imposed by the RBI on July 22,

2013 linking gold imports to exports. It is believed that with the subsequent

clarification issued by the RBI, gold imports for the month of September 2013

would be boosted. Nonetheless gold imports are expected to moderate to USD40-

45bn during FY2014, lower than import of USD53bn for FY2013.

Oil imports have witnessed almost 18% growth during August 2013 as against

contraction of 8.0% in the previous month. While ex-oil, ex-gold imports are

expected to decline, we believe that oil imports are at the receiving end of a

double whammy owing to rise in international crude oil prices as well as INR

depreciation on a yoy basis. In this regard, we would be watchful for the steps

expected to be announced by the oil ministry in the coming week (possibly

September 16, 2013 as per media reports) to cut the oil import bill.

Trade deficit for August 2013(USD bn) Aug-13 Jul-13 Jun-13 May-13 Apr-13 Mar-13Trade balance (10.9) (12.3) (12.2) (20.1) (18.3) (9.8)Exports 26.1 25.8 23.8 24.5 23.7 30.7

Imports 37.1 38.1 36.0 44.6 41.9 40.5

Growth (%, yoy)Export 13.0 11.6 (4.6) (1.1) (0.5) 6.6

Import (0.7) (6.2) (0.4) 7.0 11.0 (4.3)

Non oil (10.4) (5.3) (6.7) 9.1 14.7 2.8

Oil 17.9 (8.0) 13.7 3.0 4.3 (16.1)

7/29/2019 Market Outlook 11-09-2013

3/13



JLR maintains its strong growth momentum in retail sales in

August 2013

Jaguar and Land Rover (JLR) sustained its strong volume momentum in retail sales

in August 2013 registering a growth of 27.6% driven by the robust performance of

the newly launched models and the Range Rover Evoque. The volume growthex. Evoque too remained strong (up 24.8% yoy) and was driven primarily by the

recently launchedJaguar models. Geographically, the volume momentum

continued across the world (except Europe which declined by 1.4% yoy) with

China, North America, UK and the Asia Pacific region witnessing a robust growth

of 43.2%, 39.6%, 36.3% and 35.2% yoy respectively. Meanwhile, on a mom basis,

total sales declined by 11.9% primarily due to a 76.9% yoy decline in UK volumes

ahead of the name plate changes that happens in September and 25.3% decline

in Europe volumes.

Jaguar sales continued its impressive trend posting a growth of 91.7% yoy driven

by the growth in theXF and XJ models (on the back of the introduction of theSportbrake, AWD and smaller engine variants). Geographically,Jaguar posted a

robust growth in all the major markets with China (up 278% yoy), North America

(up 70.2% yoy) and Europe (up 74.6% yoy) being the top three performers during

the month.

Land Rover sales too recorded a strong growth of 18.1% yoy led by the continued

momentum in Range Rover Evoque, Freelander and Discover models which

registered a growth of 34.4%, 22.7% and 14.3% yoy respectively. Additionally the

dispatches of the new Range Rover and RangeRover Sport too aided the growth

during the month. Geographically the growth was strong across all the markets

(except Europe) with Asia Pacific region, UK and North America being the top

three growth drivers recording a growth of 37.2%, 36.1% and 31.5% yoy

respectively. Sales in Europe however, declined by 11.1% yoy during the month.

Meanwhile, JLR has announced that it would invest GBP1.5bn over a period of

three years to introduce aluminum vehicle architecture for new models. The first

car from this architecture is expected to rollout in 2015 and will be a mid-sized

premium sedan car. The investments announced are a part of the capital

expenditure plans of the JLR. The company has also announced creation of 1,700

new jobs at its Solihull facility to support the roll out of the new vehicles.

Additionally, in the domestic markets Tata Motors has planned to launch 25 to 30

new products including upgrades and variants in 2HFY2014 in anticipation of

revival in the demand.

Going ahead, we expect headwinds in the standalone business to continue in

FY2014 due to weak macro-economic environment which is expected to continue

impacting domestic volumes. However, we expect JLR to sustain its strong

performance driven by continued momentum in the global luxury vehicle market

and aided further by the strong product launch pipeline and the success of the

model launched in 4QFY2013. We expect JLR volumes to grow at ~13% CAGR

during FY2013-15E and PAT to grow at ~15% CAGR during the same period.

While we retain our positive view on Tata Motors; post the sharp ~25% up movein the stock price over the last one month, we recommend a Neutral rating on thestock.

7/29/2019 Market Outlook 11-09-2013

4/13



HCL Tech bags deal from Anglo American for End-User

Computing and Data Center Services worldwide

HCL Technologies (HCL Tech) has bagged a contract from Anglo American, one

of the worlds largest mining companies, where HCL Tech will deliver IT services

for Anglo American businesses across the globe. As a part of this contract, HCLTech will transform Anglo Americans end user computing and data center

landscape to improve operational efficiency, business agility and the user

experience. The scope of service covers end to end infrastructure services,

including data centre and hosting services, email services, service desk, local area

network and security management, end user computing and on-site IT services,

utilizing hybrid on-premise and cloud delivery models. HCL Tech will leverage its

Enterprise of the Future framework to continuously upgrade and evolve Anglo

Americans IT services and infrastructure for users across multiple locations. Owing

to recent run up in the stock price, we maintain our Neutral rating on the stock.

Income Tax Department slaps `1,631cr tax notice on NMDC

Media reports suggests that the Income Tax Department has slapped `1,631cr tax

notice on NMDC for assessment years 2006-07, 2007-08, 2008-09 and 2009-

10, alleging that the company had under invoiced some export accounts. During

2011-12 also the Income Tax authorities reopened the assessment for financial

years 2007-08 and 2008-09 alleging under invoicing of exports and raising tax

demand notices for `1,255cr and `102cr for those years. NMDC has contested

these allegations and has filed appeals before appellate authorities and hence

until further clarity emerges on this matter we maintain our estimates and Buy viewon NMDC with a target price of `142.

Ashoka Buildcon has emerged as the lowest bidder for order

worth ~`610cr

Ashoka Buildcon Ltd has emerged as the Lowest Bidder for the re-structured

accelerated power development and reforms programme (R-APDRP) part-8 in

Chennai North & South Regions of Tamil Nadu Generation and Distribution Co.

Ltd. (TANGEDCO) on turnkey basis. The estimated cost of the project is `610cr.

We continue to maintain our Buy rating on the stock with target price of `60.

Economic and Political News

Task force on promoting local currency trade to meet today Gross tax mop-up down `41,000cr over 2012-13 budget estimate Double digit export growth likely to continue in August: Commerce SecretaryCorporate News

Government to fast track 40,000MW hydro power projects: Scindia WB okays scheme to open up back-end retail to private players Tata Motors enters Indonesian market, launches 3 new vehicles

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

7/29/2019 Market Outlook 11-09-2013

5/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 11, 2013 2:00PM UK Jobless claims change % Change Aug (29.20) (21.00)

September 12, 2013 6:00PM US Initial Jobless claims Thousands Sep 7 323.00 330.00

5:30PM India Industrial Production YoY % Change Jul (2.20) (0.50)

September 13, 2013 6:00PM US Producer Price Index (mom) % Change Aug -- 0.20

September 16, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Aug 5.79 5.65

2:30PM Euro Zone Euro-Zone CPI (YoY) % Aug F 1.30 --

6:45PM US Industrial Production % Aug 0.04 0.35

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

6:00PM US Consumer price index (mom) % Change Aug 0.20 0.20

September 18, 2013 6:00PM US Housing Starts Thousands Aug 896.00 920.00

6:00PM US Building permits Thousands Aug 954.00 950.00

11:30PM US FOMC rate decision % Sep 18 0.25 --

September 19, 2013 7:30PM US Existing home sales Million Aug 5.39 5.26

September 20, 2013 11:00AM India RBI Repo rate % Sep 20 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 20 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 20 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Sep A (15.60) --

September 23, 2013 1:00PM Germany PMI Services Value Sep A 52.80 --

1:00PM Germany PMI Manufacturing Value Sep A 51.80 --

September 24, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Sep 81.50 --

September 25, 2013 7:30PM US New home sales Thousands Aug 394.00 --

September 26, 2013 2:00PM UK GDP (YoY) % Change 2Q F 1.50 --

6:00PM US GDP Qoq (Annualised) % Change 2Q T 2.50 --

October 1, 2013 6:30AM China PMI Manufacturing Value Sep 51.00 --2:00PM UK PMI Manufacturing Value Sep 57.20 --

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

Source: Bloomberg, Angel Research

September 11, 2013

Market Outlook

7/29/2019 Market Outlook 11-09-2013

6/13



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

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

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 4.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

Ju

l-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

Jun-1

3

Ju

l-13

Mfg. PMI Services PMI

(9.0)

(6.0)

(3.0)

0.0

3.0

6.09.0

12.0

15.0

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

Ju

l-13

Aug-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Sep-1

2

Oct-12

Nov-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Jan-1

3

Fe

b-1

3

Mar-

13

Mar-

13

Apr-

13

May-1

3

May-1

3

Jun-1

3

Ju

l-13

Ju

l-13

Aug-1

3

Sep-1

3

Repo rate Reverse Repo rate CRR (%)

7/29/2019 Market Outlook 11-09-2013

7/13

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 149 - 2,896 1,674 1,923 13.7 13.7 6.8 7.6 21.9 19.6 4.1 3.6 20.0 19.6 1.9 1.6

United Phosphorus Buy 136 225 6,024 10,091 11,302 16.5 16.5 19.2 22.5 7.1 6.1 1.1 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Neutral 290 - 4,958 3,474 3,952 15.5 15.5 19.0 21.0 15.3 13.8 3.7 3.0 27.2 24.2 1.5 1.2

Apollo Tyres Neutral 64 - 3,233 13,409 15,106 11.8 11.6 13.1 15.4 4.9 4.2 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,496 12,945 15,049 6.3 8.2 0.2 1.5 75.5 8.7 1.2 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 208 - 314 700 890 8.7 10.7 11.1 25.8 18.7 8.1 1.2 1.1 6.2 13.9 0.5 0.4

Bajaj Auto Accumulate 1,980 2,115 57,299 22,042 25,399 19.3 19.3 121.1 141.0 16.4 14.0 5.8 4.6 39.4 36.6 2.2 1.8

Bharat Forge Neutral 251 - 5,845 5,942 6,417 15.2 15.5 15.6 19.7 16.1 12.8 2.4 2.1 15.4 17.3 1.2 1.0

Bosch India* Accumulate 8,273 9,096 25,976 9,301 10,895 16.8 18.0 339.9 423.1 24.3 19.6 4.1 3.5 16.6 17.6 2.4 2.0

CEAT Buy 109 170 391 5,159 5,628 9.3 9.0 43.5 48.6 2.5 2.2 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 126 148 10,748 6,899 7,873 14.7 14.7 7.9 9.0 16.0 14.0 2.7 2.4 18.3 18.0 1.2 1.1

FAG Bearings* Neutral 1,153 - 1,917 1,336 1,572 13.8 16.0 75.6 102.4 15.3 11.3 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Neutral 2,068 - 41,301 25,543 28,228 14.5 14.5 110.5 148.1 18.7 14.0 7.1 5.6 40.8 44.9 1.4 1.3

JK Tyre Buy 88 152 362 7,376 8,262 10.0 9.8 56.0 60.9 1.6 1.5 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 813 1,011 50,066 42,318 48,067 12.0 12.2 58.5 67.1 13.9 12.1 2.8 2.4 21.6 21.1 0.9 0.8

Maruti Buy 1,338 1,571 40,423 45,877 52,733 11.2 11.2 93.0 104.7 14.4 12.8 1.9 1.7 14.2 14.0 0.7 0.6

Motherson Sumi Buy 204 242 11,969 28,442 31,914 8.4 8.7 13.0 16.1 15.7 12.6 4.1 3.2 29.4 28.6 0.5 0.5

Subros Buy 20 23 118 1,230 1,398 10.5 10.5 2.3 3.8 8.4 5.2 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Neutral 349 - 94,077 215,043 240,077 13.5 13.7 35.1 39.4 10.0 8.9 2.3 1.9 26.2 23.3 0.5 0.4

TVS Motor Buy 30 36 1,447 7,659 8,528 6.0 6.2 4.9 5.9 6.3 5.1 1.0 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Sell 560 442 11,867 8,037 9,087 5.8 6.9 12.2 17.0 45.9 32.9 4.4 4.2 9.8 13.1 1.4 1.2

BGR Energy Neutral 116 - 836 3,541 4,041 11.8 10.7 21.1 22.9 5.5 5.1 0.6 0.6 21.8 19.5 0.5 0.4

BHEL Neutral 143 - 34,903 42,227 38,453 16.0 14.4 18.8 15.0 7.6 9.5 1.5 1.4 21.7 15.4 0.7 0.8

Blue Star Buy 150 208 1,346 2,941 3,099 3.4 4.2 6.0 9.3 25.0 16.1 3.1 2.7 12.9 18.0 0.6 0.5

Crompton Greaves Buy 89 103 5,735 13,418 14,654 5.8 6.7 5.8 7.8 15.4 11.5 1.5 1.4 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 19 - 158 3,312 3,555 9.0 9.0 4.5 6.5 4.3 3.0 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 653 7,709 8,399 6.2 6.9 5.1 8.1 5.0 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 574 - 6,840 5,832 6,397 9.1 9.6 28.8 32.9 19.9 17.5 3.2 2.8 17.2 17.3 1.1 1.0

Cement

ACC Buy 1,020 1,225 19,157 11,581 13,009 17.6 19.3 63.9 81.5 16.0 12.5 2.4 2.2 15.6 18.2 1.4 1.2


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

8/13



Cement

Ambuja Cements Neutral 186 - 28,700 9,975 11,409 22.4 23.1 9.4 11.1 19.9 16.7 3.0 2.8 15.7 17.2 2.4 2.0

India Cements Neutral 50 - 1,545 4,796 5,357 16.4 16.1 7.3 9.5 6.9 5.3 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 59 79 697 2,235 2,684 19.4 21.4 15.0 18.4 4.0 3.2 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 166 - 3,938 4,010 4,524 23.5 23.4 14.9 18.3 11.1 9.1 1.5 1.3 14.0 15.2 1.6 1.4

Shree Cement^ Neutral 3,898 - 13,580 6,316 7,162 26.5 25.7 294.6 340.5 13.2 11.5 2.9 2.4 24.0 22.7 1.7 1.3

UltraTech Cement Neutral 1,705 - 46,751 22,021 25,274 22.0 21.6 99.5 113.3 17.1 15.1 2.7 2.3 16.7 16.6 2.1 1.9

Construction

Ashoka Buildcon Buy 47 60 736 1,912 2,131 21.0 21.5 5.0 5.5 9.3 8.5 0.7 0.6 8.8 7.6 1.7 1.8

Consolidated Co Neutral 6 - 110 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.0) (16.5) 0.2 0.2 0.5 0.5

IRB Infra Buy 68 106 2,255 3,805 4,248 45.1 45.3 15.0 15.8 4.5 4.3 0.6 0.6 14.5 13.9 2.8 3.1

ITNL Buy 115 156 2,226 7,423 7,970 27.5 28.7 30.3 32.0 3.8 3.6 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 11 - 325 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.4) (5.4) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Neutral 41 - 9,065 12,946 14,897 24.7 25.6 1.2 2.7 33.3 15.3 0.7 0.7 2.0 4.3 2.6 2.3

Larsen & Toubro Buy 807 1,002 74,687 68,946 78,040 10.0 10.0 49.0 55.2 16.5 14.6 2.4 2.1 14.9 15.3 1.2 1.1

Nagarjuna Const. Buy 19 30 485 6,167 6,945 8.0 8.2 2.7 3.6 7.1 5.2 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 23 - 767 12,726 14,226 8.2 8.2 0.9 1.0 26.9 22.6 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 55 99 830 2,462 2,731 10.6 10.6 5.3 6.0 10.4 9.1 0.9 0.8 9.2 9.6 0.6 0.6

Simplex Infra Buy 48 56 238 6,237 6,908 9.1 9.0 9.9 13.9 4.9 3.5 0.2 0.2 3.7 5.0 0.5 0.5

Unity Infra Neutral 19 - 137 2,146 2,339 12.9 13.0 9.3 9.6 2.0 1.9 0.2 0.1 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 72 - 3,588 6,843 7,528 2.5 2.5 26.0 30.1 2.8 2.4 0.4 0.4 11.8 12.4 - -

Andhra Bank Neutral 51 - 2,876 4,868 5,390 2.4 2.5 12.3 16.6 4.2 3.1 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 998 1,162 46,819 19,280 22,886 3.3 3.3 130.7 157.1 7.6 6.4 1.2 1.1 17.3 18.1 - -

Bank of Baroda Neutral 482 - 20,288 15,896 17,947 2.2 2.3 95.4 124.4 5.1 3.9 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 151 - 8,998 14,482 16,069 2.3 2.2 55.0 62.2 2.8 2.4 0.4 0.4 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,537 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.3 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 208 - 9,219 11,454 12,378 2.0 2.0 52.4 60.5 4.0 3.4 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 55 - 5,745 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 261 - 3,995 5,641 6,083 2.0 2.0 82.7 98.1 3.2 2.7 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 48 - 1,682 3,307 3,531 2.2 2.4 17.5 21.6 2.7 2.2 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 286 - 4,895 2,798 3,250 3.0 3.0 38.1 51.9 7.5 5.5 0.7 0.7 9.8 12.3 - -


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

9/13



Financials

HDFC Accumulate 809 906 125,758 8,679 10,350 3.6 3.6 37.5 44.7 21.6 18.1 4.5 4.0 30.1 30.7 - -

HDFC Bank Buy 638 735 152,493 27,392 33,264 4.6 4.6 36.3 45.1 17.6 14.2 3.6 3.0 21.9 22.8 - -

ICICI Bank Buy 970 1,126 111,919 25,727 29,969 3.2 3.2 83.2 96.7 11.7 10.0 1.5 1.4 14.9 15.4 - -

IDBI Bank Neutral 57 - 7,603 9,598 10,551 2.0 2.0 15.9 22.5 3.6 2.5 0.4 0.3 10.4 13.5 - -

Indian Bank Neutral 69 - 2,959 5,940 6,396 2.7 2.7 24.9 32.9 2.8 2.1 0.3 0.3 10.3 12.4 - -

IOB Neutral 44 - 4,020 7,692 8,627 2.2 2.3 8.1 15.2 5.4 2.9 0.4 0.3 5.9 10.5 - -

J & K Bank Neutral 1,207 - 5,852 3,038 3,370 3.7 3.9 214.2 202.6 5.6 6.0 1.0 0.9 19.8 16.3 - -

LIC Housing Finance Neutral 185 - 9,344 2,001 2,495 2.2 2.3 23.8 28.8 7.8 6.4 1.3 1.1 17.3 18.2 - -

Oriental Bank Neutral 145 - 4,233 6,918 7,459 2.6 2.5 46.7 52.5 3.1 2.8 0.4 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 464 - 16,399 20,766 23,515 3.4 3.4 135.0 164.8 3.4 2.8 0.5 0.5 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,729 1,800 2,023 2.7 2.7 3.7 4.2 5.5 4.9 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,631 - 111,597 65,392 74,467 3.0 3.0 178.5 226.1 9.1 7.2 1.2 1.0 12.1 14.0 - -

Syndicate Bank Neutral 69 - 4,181 6,740 7,512 2.5 2.5 21.0 23.5 3.3 3.0 0.4 0.4 12.6 12.8 - -

UCO Bank Neutral 54 - 4,049 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.5 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 109 - 6,523 10,458 11,809 2.5 2.5 32.0 40.6 3.4 2.7 0.4 0.4 11.6 13.4 - -

United Bank Neutral 32 - 1,182 3,386 3,884 2.3 2.5 12.4 20.0 2.5 1.6 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 37 - 1,846 2,718 2,941 1.8 1.9 7.0 9.0 5.3 4.2 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 307 - 11,047 4,417 5,486 2.7 2.8 42.9 49.5 7.2 6.2 1.6 1.3 23.9 22.8 - -

FMCG

Asian Paints Neutral 445 - 42,723 12,332 14,524 16.3 16.1 13.9 16.0 32.1 27.8 10.2 8.1 35.2 32.5 3.4 2.8

Britannia Neutral 738 - 8,847 6,422 7,367 6.9 7.3 24.2 29.7 30.6 24.9 10.8 8.3 39.6 37.7 1.4 1.2

Colgate Neutral 1,241 - 16,875 3,588 4,130 18.9 19.4 41.2 48.4 30.1 25.7 26.8 20.7 100.0 91.0 4.5 3.9

Dabur India Neutral 170 - 29,697 7,183 8,297 16.8 16.9 5.4 6.3 31.9 27.1 11.2 8.9 39.2 36.7 4.2 3.6

GlaxoSmith Con* Neutral 4,818 - 20,263 3,617 4,259 16.1 16.4 122.2 148.7 39.4 32.4 12.3 9.9 34.1 33.7 5.1 4.3

Godrej Consumer Neutral 843 - 28,709 7,801 9,017 16.2 15.9 25.1 29.7 33.6 28.4 7.2 6.0 24.9 24.2 3.8 3.2

HUL Neutral 655 - 141,540 28,415 31,962 13.6 14.1 16.7 18.2 39.2 36.0 37.7 27.4 112.2 88.1 4.8 4.3

ITC Neutral 335 - 265,517 34,294 39,991 36.8 37.0 11.3 13.3 29.8 25.1 9.8 7.9 36.1 34.9 7.4 6.3

Marico Neutral 209 - 13,477 5,104 5,876 15.1 15.2 7.2 8.6 29.2 24.4 5.6 4.7 21.1 20.9 2.7 2.3

Nestle* Neutral 5,016 - 48,363 9,330 10,860 21.8 21.9 123.3 149.7 40.7 33.5 20.0 14.6 56.4 50.3 5.2 4.4

Tata Global Neutral 147 - 9,069 8,070 8,958 9.8 9.9 7.6 8.5 19.4 17.3 2.3 2.2 9.3 9.7 1.1 1.0


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

10/13



IT

HCL Tech^ Neutral 1,060 - 73,879 32,266 35,103 23.5 22.6 69.7 74.0 15.2 14.3 4.1 3.3 26.5 23.0 2.1 1.8

Hexaware* Accumulate 126 134 3,778 2,273 2,575 22.2 21.5 12.4 13.4 10.2 9.4 2.6 2.2 25.4 23.5 1.5 1.3

Infosys Neutral 3,151 - 180,925 48,731 52,962 26.9 27.1 180.8 200.3 17.4 15.7 3.8 3.2 20.4 19.3 3.1 2.7

Infotech Enterprises Neutral 188 - 2,103 2,128 2,341 17.2 17.6 21.3 23.2 8.8 8.1 1.4 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 139 155 2,687 2,769 3,122 18.3 17.8 15.3 16.6 9.1 8.4 1.9 1.5 20.9 18.4 0.9 0.7

Mindtree Neutral 1,036 - 4,305 2,871 3,110 20.4 20.7 102.6 111.2 10.1 9.3 2.4 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 425 450 8,939 6,827 7,342 21.0 21.2 47.0 51.3 9.1 8.3 1.6 1.4 14.3 14.2 0.9 0.7

NIIT Neutral 21 - 354 1,144 1,267 9.0 9.1 4.3 5.4 5.0 4.0 0.5 0.5 10.3 12.0 0.1 -

Persistent Neutral 574 - 2,297 1,590 1,774 23.5 23.8 48.5 56.9 11.8 10.1 1.9 1.6 16.4 16.1 1.1 0.9

TCS Neutral 1,986 - 388,714 80,353 91,576 30.0 30.0 91.0 103.2 21.8 19.3 7.1 5.6 31.5 29.2 4.6 4.0

Tech Mahindra Accumulate 1,357 1,485 31,515 17,749 19,406 22.5 21.0 113.6 114.2 11.9 11.9 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 475 - 116,967 43,610 47,320 21.6 22.2 30.0 33.0 15.8 14.4 3.5 3.0 20.7 19.4 2.2 1.9

Media

D B Corp Accumulate 238 267 4,364 1,783 1,968 23.8 25.0 13.6 16.0 17.5 14.9 4.2 3.7 22.5 22.9 2.4 2.1

HT Media Buy 93 112 2,177 2,205 2,380 14.1 14.4 7.6 8.4 12.2 11.0 1.4 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 83 104 2,770 1,683 1,845 19.7 20.8 5.9 6.9 14.2 12.1 2.7 2.5 19.4 21.2 1.7 1.5

PVR Neutral 401 - 1,591 1,359 1,540 17.3 17.4 17.2 21.6 23.2 18.6 2.3 2.1 10.3 12.0 1.6 1.4

Sun TV Network Neutral 402 - 15,856 2,287 2,551 69.7 70.5 20.0 23.3 20.1 17.3 5.0 4.4 26.4 27.3 6.6 5.8

Metals & Mining

Bhushan Steel Reduce 480 419 10,867 12,640 15,667 28.5 31.5 25.9 38.6 18.5 12.4 1.1 1.0 6.1 8.5 2.7 2.2

Coal India Neutral 288 - 182,164 68,303 69,884 32.5 30.3 27.5 25.0 10.5 11.5 4.0 2.8 40.2 33.1 1.8 1.8

Electrosteel Castings Buy 12 15 385 1,976 2,017 11.8 12.7 0.1 1.2 184.7 9.8 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 85 115 2,687 1,701 1,985 47.8 48.8 17.4 20.6 4.9 4.1 0.9 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Accumulate 130 143 54,971 12,389 13,093 48.5 51.7 15.2 17.0 8.5 7.7 1.5 1.3 18.5 18.0 2.3 1.8

Hindalco Neutral 110 - 21,080 95,465 102,491 8.4 9.0 13.9 17.2 7.9 6.4 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 594 - 14,346 45,022 48,140 16.0 15.9 68.5 77.0 8.7 7.7 0.8 0.7 9.3 9.7 0.8 0.8

MOIL Neutral 222 - 3,723 956 982 42.3 44.3 25.3 26.2 8.8 8.5 1.2 1.1 14.6 13.7 1.2 1.3

Monnet Ispat Neutral 132 - 842 2,199 2,575 21.6 22.8 30.7 38.6 4.3 3.4 0.3 0.3 7.7 8.9 1.5 1.1

Nalco Neutral 33 - 8,518 7,270 7,521 13.6 13.8 2.8 2.9 11.9 11.4 0.7 0.7 5.9 6.0 0.6 0.6

NMDC Buy 120 142 47,537 10,718 11,514 66.6 64.5 15.5 16.1 7.8 7.5 1.6 1.4 21.2 20.0 2.3 2.2

SAIL Neutral 48 - 19,783 44,060 54,227 9.2 10.9 5.3 6.8 9.1 7.1 0.5 0.5 5.2 6.5 0.7 0.6


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

11/13



Metals & Mining

Sesa Goa* Neutral 187 - 55,291 3,817 5,781 12.1 17.7 27.0 29.6 6.9 6.3 0.8 0.7 12.9 12.5 15.3 10.1

Tata Steel Accumulate 301 317 29,209 153,862 167,209 9.4 10.5 32.8 53.5 9.2 5.6 0.8 0.7 9.0 13.2 0.5 0.5

Sarda Accumulate 87 98 310 1,323 1,398 17.2 17.9 25.3 27.8 3.4 3.1 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Accumulate 33 37 439 2,486 2,637 15.2 15.0 13.7 14.2 2.4 2.3 0.2 0.2 9.1 8.7 0.4 0.4

Godawari Power andIspat

Neutral 80 - 263 2,171 2,317 14.9 15.8 36.4 46.6 2.2 1.7 0.2 0.2 11.6 13.0 0.5 0.5

Oil & Gas

Cairn India Accumulate 328 364 62,731 18,403 17,925 71.9 62.1 62.1 57.4 5.3 5.7 1.1 1.0 22.6 17.8 2.2 2.0GAIL Neutral 303 - 38,384 49,700 48,822 16.0 16.6 32.9 33.4 9.2 9.1 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 292 350 249,906 164,816 196,050 33.7 36.6 30.0 38.7 9.8 7.6 1.5 1.3 16.0 18.5 1.2 0.9

Reliance Indus tr ies Accumulate 889 953 287,091 417,018 442,434 8.4 8.4 70.3 75.2 12.6 11.8 1.3 1.2 12.0 11.6 0.7 0.6

Gujarat Gas* Neutral 209 - 2,675 3,270 3,414 12.8 12.6 22.6 23.1 9.2 9.0 2.5 2.2 28.2 25.6 0.7 0.6

Indraprastha Gas Neutral 266 - 3,724 3,656 4,456 21.5 18.6 25.7 26.8 10.3 9.9 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Buy 117 135 8,794 39,449 43,315 5.3 5.9 14.1 16.9 8.3 6.9 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 50 67 2,791 1,002 1,021 91.4 91.5 8.2 8.4 6.1 5.9 0.8 0.7 14.3 13.0 2.3 2.1

Pharmaceuticals

Alembic Pharma Buy 136 165 2,563 1,736 2,008 17.1 18.9 10.5 13.8 13.0 9.9 4.0 3.0 34.4 34.7 1.6 1.3

Aurobindo Pharma Buy 188 271 5,476 6,641 7,637 15.9 15.9 17.3 20.6 10.9 9.1 1.7 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,447 - 5,636 1,682 1,917 15.6 15.6 91.9 101.7 26.6 24.1 3.8 3.7 15.6 17.1 2.9 2.3

Cadila Healthcare Buy 654 894 13,394 7,123 8,367 15.5 15.7 37.3 44.7 17.5 14.6 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Accumulate 440 477 35,353 9,274 10,796 23.1 23.1 21.0 23.8 21.0 18.5 3.4 2.9 17.2 16.8 3.6 3.0

Dr Reddy's Accumulate 2,267 2,535 38,530 13,377 15,350 20.4 20.1 112.1 126.6 20.2 17.9 4.3 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 47 73 376 1,394 1,534 22.5 22.4 14.8 16.6 3.2 2.8 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,325 - 19,695 2,744 2,964 22.0 23.4 59.2 66.6 39.3 34.9 9.8 9.4 24.9 27.5 6.3 5.8

Indoco Remedies Buy 66 78 605 747 906 15.3 15.3 5.9 7.6 11.1 8.6 1.3 1.2 12.5 14.4 1.0 0.9

Ipca labs Accumulate 681 724 8,586 3,296 4,087 20.5 21.7 36.8 48.3 18.5 14.1 4.4 3.4 26.5 27.3 2.8 2.2

Lupin Accumulate 835 904 37,382 11,576 13,855 22.0 22.0 35.8 43.0 23.3 19.4 5.7 4.5 27.1 25.8 3.3 2.7

Ranbaxy* Reduce 452 426 19,119 10,400 11,331 6.6 8.4 11.4 15.2 39.6 29.7 4.2 3.7 11.1 13.1 1.9 1.7

Sun Pharma Neutral 549 - 113,641 13,509 15,846 41.0 41.0 16.5 19.9 33.3 27.6 6.7 5.6 22.0 22.0 7.9 6.6

Power

GIPCL Accumulate 59 65 892 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 139 163 114,282 75,046 81,780 23.5 23.9 12.7 13.6 10.9 10.2 1.3 1.2 12.2 12.0 2.2 2.2

Real Estate

DLF Buy 143 179 25,461 8,293 9,622 36.5 36.1 5.7 6.7 25.0 21.2 0.9 0.9 3.7 4.1 5.2 4.3


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

12/13



Real Estate

MLIFE Buy 405 483 1,653 888 1,002 27.0 29.9 33.9 42.1 11.9 9.6 1.2 1.1 9.9 11.2 2.4 2.2

Telecom

Bharti Airtel Neutral 339 - 135,552 83,535 92,173 32.0 33.1 9.2 12.9 37.0 26.3 2.4 2.2 6.8 8.9 2.3 2.0

Idea Cellular Neutral 167 - 55,389 26,717 29,443 30.6 29.8 5.5 6.7 30.7 24.8 3.4 3.0 11.1 12.0 2.4 2.1

Rcom Neutral 142 - 29,268 22,050 23,647 30.6 30.8 3.2 5.2 44.4 27.2 0.9 0.8 1.9 3.1 3.0 2.7

Others

Abbott India* Buy 1,403 1,628 2,982 1,788 1,996 12.5 12.7 71.7 81.4 19.6 17.2 4.0 3.4 21.7 21.2 1.4 1.3

Bajaj Electricals Accumulate 160 184 1,601 3,885 4,472 4.0 5.8 6.8 15.4 23.8 10.5 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 505 613 639 631 797 14.5 13.7 42.6 51.1 11.9 9.9 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Accumulate 279 307 72 248 284 6.5 7.3 27.2 38.2 10.3 7.3 1.6 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 52 68 790 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 Accumulate 308 349 402 2,304 2,649 3.1 3.6 28.0 43.7 11.0 7.1 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 303 345 699 1,458 1,542 8.3 9.0 32.3 37.0 9.4 8.2 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 110 153 299 1,080 1,199 8.9 9.1 18.3 19.1 6.0 5.8 1.1 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,537 - 2,243 1,842 2,131 7.7 7.8 111.1 130.9 22.8 19.4 2.9 2.5 13.3 13.9 1.1 1.0

IFB Agro Accumulate 138 156 124 491 642 12.3 13.8 35.0 50.9 4.0 2.7 0.7 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 161 194 185 1,365 1,502 10.9 11.2 18.2 28.0 8.8 5.8 0.4 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 149 199 2,475 1,244 1,523 14.1 14.2 5.9 10.0 25.2 15.0 3.0 2.6 12.7 18.8 2.3 1.8

MRF Buy 13,059 16,218 5,538 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.3 7.3 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 3,973 4,669 4,432 1,059 1,296 19.5 19.8 125.0 155.6 31.8 25.5 15.7 11.5 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 720 981 864 1,196 1,401 11.9 12.6 55.6 75.4 13.0 9.5 3.1 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 191 228 179 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.5 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 347 492 611 1,007 1,108 8.4 8.7 30.3 35.1 11.5 9.9 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 55 108 346 300 319 35.8 36.2 7.9 9.1 7.0 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 271 371 417 814 849 17.0 17.6 64.6 69.2 4.2 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 514 632 399 416 481 4.5 6.1 16.2 25.3 31.7 20.3 3.9 3.5 12.6 18.1 0.8 0.7

Tree House Buy 240 297 864 153 194 53.0 52.8 12.4 15.6 19.4 15.4 2.3 2.0 11.8 13.1 5.8 4.4

TVS Srichakra Buy 175 230 134 1,591 1,720 6.1 6.4 30.5 38.3 5.7 4.6 0.8 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,519 - 36,611 12,294 14,162 12.0 12.0 42.1 67.7 59.8 37.2 4.2 3.8 9.1 10.7 3.3 2.9

Vesuvius India* Buy 358 439 726 600 638 20.1 19.4 35.7 36.6 10.0 9.8 1.8 1.6 19.4 17.1 1.0 0.9

HSIL Buy 82 117 542 2,042 2,363 14.6 14.8 12.3 16.5 6.7 5.0 0.5 0.5 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 September 10, 2013*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.


Market Outlook

Stock Watch

September 11, 2013

7/29/2019 Market Outlook 11-09-2013

13/13

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

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, makeinvestment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in thisdocument are those of the analyst, and the company may or may not subscribe to all the views expressed within.Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is forgeneral guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for anyloss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make anyrepresentation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel BrokingPvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or inthe past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from orin connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.


Market Outlook 11-09-2013

Documents

Transcript of Market Outlook 11-09-2013