Market Outlook 171212

7/30/2019 Market Outlook 171212

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Market OutlookDecember 17, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat mirroring mixed opening in the Asian

markets, following a downbeat finish in the US on Friday, as investors fixated onthe lack of a federal government budget deal.

The US markets ended mostly lower on Friday as worries about the fiscal cliff once

again overshadowed upbeat economic data. The weakness on Wall Street came as

lawmakers in Washington continue to struggle to reach an agreement to avoid the

looming fiscal cliff. As a result of the focus on Washington, traders shrugged off the

latest batch of economic data, including a report from the Federal Reserve showing

a notable rebound in US industrial production to 1.1% in November after falling by

a downwardly revised 0.7% in October.

Meanwhile, the Indian markets rose modestly on Friday after data showed inflation

unexpectedly eased to its weakest pace in 10 months in November (7.24%), raising

hopes the RBI will cut rates starting January.

Markets Today

The trend deciding level for the day is 19,286 / 5,868 levels. If NIFTY trades above

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

up to 19,380 19,442 / 5,897 5,915 levels. However, if NIFTY trades below

19,286 / 5,868 levels for the first half-an-hour of trade then it may correct up to

19,224 19,131 / 5,850 5,821 levels.

SENSEX 19,131 19,224 19,286 19,380 19,442NIFTY 5,821 5,850 5,868 5,897 5,915

News Analysis

Federal Reserve to keep rates near-zero until employment reaches below 6.5% WPI eases to 7.2%, comfort in the core component Cabinet approves Land Acquisition Bill, urea policy Government expects `20,000cr from next round of spectrum auction TTMTs global sales down in November 2012

Refer detailed news analysis on the following page

Net Inflows (December 12, 2012)

FII 3,644 2,326 1,318 11,618 116,638

MFs 381 715 (334) (1,853) (19,450)

FII Derivatives (December 14, 2012)

Index Futures 878 1,012 (134) 12,153

Stock Futures 1,288 1,310 (22) 33,355

Gainers / Losers

Muthoot Fin 200 7.9 Pipavav Defence 93 (3.3)

JPINFRATEC 52 4.5 TTK Prestige 3,637 (2.9)

Motherson Sumi 201 4.3 Hindustan Copp 143 (2.8)

Hindustan Zinc 142 4.1 Piramal Enterprise 558 (2.4)

Shree Cement 4,485 4.1 Aurobindo Pharma 183 (2.2)

BSE Sensex 0.5 88.0 19,317

Nifty 0.5 28.1 5,880

MID CAP 0.6 41.5 6,999

SMALL CAP 0.1 5.6 7,354

BSE HC (0.3) (22.9) 7,982

BSE PSU 0.6 42.7 7,158

BANKEX 1.3 178.6 14,265

AUTO 0.6 65.6 11,162

METAL 2.3 238.7 10,570

OIL & GAS 0.4 37.5 8,443

BSE IT 0.7 40.7 5,590

Dow Jones (0.3) (35.7) 13,135NASDAQ (0.7) (20.8) 2,971

FTSE (0.1) (7.9) 5,922

Nikkei (0.1) (5.2) 9,738

Hang Seng 0.7 160.4 22,606

Straits Times 0.4 11.9 3,168

Shanghai Com 4.3 89.2 2,151

INFY (0.2) (0.1) $41.7

WIT 0.3 0.0 $8.7IBN 1.4 0.6 $43.5

HDB (0.5) (0.2) $41.2

Advances 1,452 720

Declines 1,475 777

Unchanged 119 89

BSE 2,425

NSE 11,385


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Federal Reserve to keep rates near-zero until employmentreaches below 6.5%

The Federal Reserve in its Federal Open Market Committee (FOMC) meeting on

December 12, 2012 adopted a more accommodative monetary policy stance.

Through an easy monetary policy, the central bank seeks to support its recoveringeconomy by boosting employment and maintaining price stability in the economy.

Along with an open-ended asset purchase program, it has committed to keep

interest rates at near-zero levels at least until unemployment remains above 6% -

6.5%. The FOMC has decided to keep the target range for the federal funds rate

at 0% to 0.25% at least through mid-2015. Currently, the unemployment rate

stands at 7.7% in November while inflation for the year is expected to be lower

than 2% which the Fed considers to be consistent with its policy objective.

In a bid to replace an expiring bond-purchase program that extends the average

maturity of its government bond holdings, it will purchase longer-term government

bonds of USD 45 billion every month. In addition it will continue the open-endedpurchase of agency mortgage-backed securities (MBS) to the extent of USD 40

billion per month announced in September 2012. Put together, these actions are

expected to maintain the banks holdings of longer-term securities at USD 85

billion each month thereby putting downward pressure on longer-term interest

rates, supporting mortgage markets, and easing broader financial conditions.

The Feds economic forecasts expect the job market to improve by 2014, with

unemployment forecast for 2013 of 7.4% - 7.7% as compared to 7.6% - 7.9% in

their September projections. In 2014, unemployment is expected to fall further to

6.8% - 7.3% in line with the September forecast. Growth forecasts for 2012 have

been revised downwards to 2.3% - 3% from 3% - 3.5% estimated in September2012 and in 2014 the economy is likely to grow by 3% - 3.5% as compared to

earlier estimates of 3% and 3.8%.

We expect this development to have a positive impact on economic growth in the

U.S and also lead to supportive conditions for global growth. Further, it is likely to

maintain the momentum on the risk-on trade led liquidity rally witnessed in equity

markets of emerging economies including India. We also believe that India is

better placed to gain from capital inflows as compared to other emerging market

peers owing to decent earnings growth trajectory for corporate and the reform

measures being taken by the government. So far, Indian equity markets have

clocked more than 13% gains since September 2012 as compared to 9% gainswitnessed in the broader emerging markets. FIIs have also pumped in more than

USD 20 billion in the equity markets in 2012 and with positive policy actions

globally as well as domestically we expect robust inflows to continue in 2013.

WPI eases to 7.2%, comfort in the core component

Wholesale Price Index (WPI) inflation for the month of November 2012 positively

surprised by moderating to 7.2% yoy as compared to 7.5% yoy during October

2012 and 9.4% in the corresponding period of the previous year. On a seasonally

adjusted 3MMA basis too, headline WPI inflation reported 7.5% yoy growth easingslightly as compared to 7.8% yoy during October 2012. Declining commodity

prices and a lagged impact of the rupee appreciation are likely to have resulted in

a sequential moderation in prices of manufactured products. On the flipside,


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Inflation for September 2012 has been revised upwards to 8.1% from 7.8%

reported earlier, higher than the revised figure for August which stands at 8.0%.

Primary articles inflation picked up pace to 9.4% during the month as compared to

8.2% in the previous month and 8.9% in the corresponding period of the previous

year. Inflation in food articles witnessed an increase to 8.5% as compared to 6.6%in October 2012 and 8.3% in November 2011. Fuel and power inflation stood at

10.0% as compared to 11.7% in October 2012. The Indian basket of crude oil

moderated by nearly 2% during the month as compared to its level in October

2012 and is likely to have resulted in easing inflation in mineral oils to 8.5% from

10.9% in the previous month. Inflation in Manufactured products, with the highest

weightage in the WPI at 65%, stabilized closer to the Reserve Bank of Indias

comfort level. During the month it reported growth of 5.4% as compared to 5.9%

in the previous month and a higher 8.2% in November 2011.

The deceleration comes on the back of declining commodity prices as well as the

lagged impact of INR appreciation. Amongst manufactured products, inflation inmanufactured food products however picked up pace and almost touched double-

digits. Core inflation, the non-food manufacturing component of inflation, closely

tracked by the Reserve Bank to determine its policy stance, edged to a two-year

low of 4.5%, decelerating for the third straight month.

Going ahead, the moderation in commodity prices and a higher base effect

coming into play are likely to bring down headline inflation as well as that in

manufactured products. Core inflation also brings some respite stabilizing closer to

the Reserve Banks comfort level.

However, we continue to believe that the RBI is unlikely to move its policy rate in

the December policy review mainly based on two aspects. Firstly, although inflation

on the demand-side has witnessed moderation, it remains above the RBIs 5%

comfort zone and CPI inflation remains elevated at nearly double digits (9.9% in

November 2012). Secondly, with upward revision in the September 2012 inflation

numbers to a ten-month high the RBI is likely to maintain status quo on repo rate

until the current numbers are revision since it is focusing on anchoring inflationary

expectations. We do expect a 25 bp cut in the CRR rate as advance tax outflows

and seasonal demand for liquidity are likely to keep the liquidity deficit high.

Cabinet approves Land Acquisition Bill, urea policy

The Union Cabinet has approved the Land Acquisition and Rehabilitation and

Resettlement Bill, 2011 and it is likely to be introduced in the winter session of

Parliament soon. The Bill when passed will replace the outdated Land Acquisition

Act, 1894.

The bill stipulates consent of at least 80% of land-owners for a private project. In

the case of Public-Private Partnership (PPP) projects, obtaining of consent of 70% of

land-owners has been made mandatory while a government-undertaken project

does not require such a consensus. The proposed Bill also stipulates that in case

land is being acquired for urbanization purposes, the Government needs to set

aside 20% for the landowner and unutilized land has to be returned.

Earlier, the bill required 80% consent not just from landowners, but also from the

dependent farm workers. In that regard, the provisions of the bill in the current


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form have been somewhat diluted as compared to the original provisions.

However, the bill is likely to increase costs of acquiring land substantially for

infrastructure projects such as power, roads, highways, ports, airports, coal and

mining and real estate sector thereby driving up the project cost. The provisions of

the proposed bill can also be applied retrospectively if the compensation has not

yet been awarded. Further, the entire process of land acquisition and award ofcompensation needs to be completed within five years of the date of proposal, else

the transaction stands cancelled.

The Cabinet also approved the urea investment policy that is likely to incentivize

setting up of new fertilizer plants and expansion of existing ones by giving about

12-20% post-tax return on fresh capital infused by the manufacturers. The policy is

expected to lower import dependence since India imports almost 30% of its urea

requirement. It is expected to attract investment worth ~`35,000cr in the sector.

Government expects`

20,000cr from next round ofspectrum auction

As per the telecom secretary, India expects to earn `20,000cr from the second

round of auctions which will be held before March 31, 2013 for the entire

spectrum in 1800MHz and 900MHz that is put on the auction block. The Indian

Cabinet on Thursday lowered the reserve price of airwaves in 1800MHz band by

30% from `14,000cr for 5MHz on an all-India basis, in Delhi, Mumbai, Rajasthan

and Karnataka where they remained unsold. The Cabinet also approved sale of

airwaves in the 900MHz band held by incumbent operators like Bharti Airtel,

Vodafone and Idea Cellular in Delhi, Mumbai and Kolkata simultaneously with

1800MHz. The reserve price in the 900MHz band will be double the reserve priceof 1800MHz in these circles. Three blocks of 5MHz each (total 15 MHz) will be put

up for auction in Delhi and Mumbai and 12.5MHz in Kolkata.

TTMTs global sales down in November 2012

Tata Motors (TTMT) registered a 5.3% yoy (up 1.7% mom) decline in global

wholesale volumes for November 2012 to 102,337 units. This can be attributed to

the weak performance in the domestic passenger and medium and heavy

commercial vehicle segments. While, global commercial vehicle sales posted adecline of 1% yoy (4.2% mom); global passenger vehicle volumes fell sharply by

8.9% yoy.

Jaguar and Land Rover(JLR), however, posted a strong wholesale volume growth

of 18.7% yoy (24.2% yoy) to 34,649 units which was ahead of our expectations of

28,500 units. Jaguar sales posted an impressive growth of 17.8% yoy (87.5%

mom) led by dispatches of the model year 2013 models. During the month, JLR

started the dispatches of the all-wheel-drive XF and XJ models to US and smaller

engine versions of XF and XJ to China. Land Rover sales too registered a strong

growth of 18.9% yoy (15.6% mom) backed by strong growth in Evoque and

Freelander sales. Land Rover sales benefitted from the start of the third shift at theHalewood plant which eased the production constraints for Evoque (~11,000 units

vs. ~9,500 units in October 2012) and Freelander (~5,000 units) models.


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We retain our positive view on JLR and expect a 12% volume CAGR over FY2012-

14E driven byEvoque, new product launches (Range Rover, Range Rover Sport, XF

and XJ) and continuous ramp-up in China. Further, favorable market and product-

mix and stable commodity prices will help mitigate raw-material cost pressures.

Economic and Political News

Companies Bill to be before LS today Engineering exports may miss US$60bn target in FY2013 Government confident of keeping fiscal deficit at 5.3% in FY2013 Government lowers import tariff value of gold to US$550 per 10 gm IT spend in India to cross US$49bnCorporate News

Fortis arm to sell Aussie stake to UK firm Infosys settles visa-related harassment lawsuit Kingfisher lenders meet Mallya, brass today Mahindra to begin tractor production at AP plant next month No layoffs to cut costs at JLR, steel units in Europe: TataSource: 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

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 8.00

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 4.00

3:00PM UK CPI (YoY) % Change Nov 2.70 2.60

11:00AM India RBI Reverse Repo rate % Dec 18 7.00 7.00

December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 871.00

7:00PM US Building permits Thousands Nov 868.00 872.00

December 20, 2012 7:00PM US Initial Jobless claims Thousands Dec 15 343.00 354.50

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) (26.50)

7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 2.80

8:30PM US Existing home sales Millions Nov 4.79 4.85

December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) (0.10)

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --

8:30PM US New home sales Thousands Nov 368.00 --

January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 --

January 2, 2013 3:00PM UK PMI Manufacturing Value Dec 49.10 --

January 3, 2013 2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

January 4, 2013 7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --

7:00PM US Unnemployment rate % Dec 7.70 --

January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --

5:29PM China Industrial Production (YoY) % Change Dec 10.10 --

January 10, 2013 5:29PM India Imports YoY% % Change Dec 6.40 --

5:29PM India Exports YoY% % Change Dec (4.20) --

5:29PM China Exports YoY% % Change Dec 2.90 --

5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.506:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 --

January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --

January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --

January 14, 2013 11:00AM India Industrial Production YoY % Change Nov 8.20 --

January 15, 2013 7:00PM US Producer Price Index (mom) % Change Dec (0.80) --

January 23, 2013 3:00PM UK Jobless claims change % Change Dec (3.00) --

January 31, 2013 12:45AM US FOMC rate decision % Jan 30 0.25 --

February 14, 2013 12:30PM Germany GDP nsa (YoY) % Change 4Q P 0.40 --

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A (0.10) --

Source: Bloomberg, Angel Research

December 17, 2012

Market Outlook


7/15



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

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

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

(%)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2 .5

(2.0)

(0.1)

2. 3

(0.7)

8 .2

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

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

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

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O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


8/15

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 151 - 2,927 1,466 1,686 14.8 14.8 7.0 8.1 21.5 18.6 4.6 3.9 22.6 22.5 2.1 1.8

United Phosphorus Buy 125 170 5,769 8,421 9,263 16.5 16.5 15.0 17.0 8.3 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 247 - 4,218 2,911 3,321 16.2 16.2 17.3 19.8 14.3 12.5 3.9 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 87 96 4,365 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Buy 27 31 7,290 14,490 16,606 9.5 9.6 2.2 2.9 12.3 9.6 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 358 - 541 1,103 1,240 11.0 11.3 39.1 45.0 9.2 8.0 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,080 - 60,196 21,121 23,642 18.4 18.5 108.7 122.6 19.1 17.0 7.9 6.4 46.2 41.6 2.4 2.0

Bharat Forge Buy 268 324 6,230 6,754 7,565 15.5 15.7 18.8 23.2 14.3 11.6 2.5 2.1 18.5 19.7 1.0 0.9

Bosch India* Neutral 9,006 - 28,278 8,776 10,276 16.6 18.0 331.9 417.7 27.1 21.6 5.1 4.2 18.7 19.5 3.0 2.5

CEAT Buy 104 163 357 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Neutral 141 - 12,002 6,229 7,200 14.8 15.8 7.2 9.0 19.7 15.8 3.4 2.9 18.5 19.9 1.7 1.4

FAG Bearings* Neutral 1,738 - 2,888 1,489 1,750 16.5 17.5 103.3 126.9 16.8 13.7 3.3 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Accumulate 1,868 1,956 37,308 24,743 27,996 14.8 15.2 118.2 130.4 15.8 14.3 6.8 5.4 48.3 41.9 1.2 1.0

JK Tyre Buy 120 165 494 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and MahindraAccumulate 950 986 58,322 40,035 46,272 11.5 11.6 54.7 62.8 17.4 15.1 3.9 3.3 24.3 23.4 1.2 1.0

Maruti Neutral 1,474 - 42,597 42,019 50,246 7.3 8.6 66.1 94.4 22.3 15.6 2.5 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 201 - 11,825 24,285 27,317 6.7 7.2 8.1 10.6 25.0 19.0 5.3 4.3 22.9 24.7 0.6 0.6

Subros Buy 30 35 182 1,286 1,479 9.4 9.7 2.6 5.1 11.7 6.0 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 292 319 77,798 192,330 219,770 12.8 13.1 37.0 44.5 7.9 6.6 2.2 1.7 31.2 28.9 0.4 0.4

TVS Motor Buy 39 45 1,831 7,466 8,290 6.2 6.3 4.8 5.6 8.1 6.9 1.4 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 699 573 14,817 7,796 9,907 4.8 7.8 9.2 22.0 76.0 31.8 5.5 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 259 - 1,870 3,605 4,542 11.8 10.7 25.1 27.9 10.3 9.3 1.5 1.4 31.1 27.1 1.0 0.9

BHEL Neutral 225 - 55,047 47,801 43,757 18.5 18.0 24.6 21.8 9.1 10.3 2.7 2.3 33.5 24.5 1.1 1.2

Blue Star Buy 192 242 1,724 2,763 2,948 3.1 5.6 2.6 8.6 72.9 22.4 4.2 3.7 5.9 17.6 0.8 0.7

Crompton Greaves Buy 112 145 7,165 12,370 14,277 5.2 7.3 4.0 7.8 27.9 14.3 1.9 1.7 6.9 12.6 0.6 0.6

Jyoti Structures Accumulate 45 53 370 2,794 3,048 10.6 10.6 9.2 11.7 4.9 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 65 73 1,662 6,858 7,431 7.1 7.5 8.3 9.8 7.8 6.6 1.3 1.1 25.1 24.0 0.4 0.4

LMW Reduce 2,150 1,992 2,422 2,369 2,727 11.7 11.7 143.4 166.0 15.0 13.0 2.5 2.3 17.4 18.4 0.6 0.4

Thermax Neutral 604 - 7,198 5,514 5,813 9.3 10.2 28.1 31.2 21.5 19.4 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 17, 2012


9/15



Cement

ACC Neutral 1,400 - 26,287 11,085 12,415 21.6 21.4 79.4 83.1 17.6 16.9 3.4 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 207 - 31,862 10,272 11,884 26.4 26.1 11.5 12.9 18.1 16.0 4.0 3.5 20.8 21.1 2.8 2.3

India Cements Neutral 88 - 2,709 4,293 4,666 17.7 18.1 8.6 10.8 10.3 8.2 0.8 0.7 7.5 9.0 1.1 0.9

J K Lakshmi Cements Accumulate 134 143 1,641 2,082 2,423 22.9 23.1 20.8 22.5 6.4 6.0 1.1 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 214 - 5,098 3,814 4,045 29.3 27.5 18.7 19.2 11.4 11.2 2.1 1.8 19.9 17.4 2.0 1.7

Shree Cements^ Neutral 4,485 - 15,626 5,701 6,210 29.7 28.1 240.7 260.7 18.6 17.2 4.5 3.7 27.1 23.6 2.0 1.7

UltraTech Cement Neutral 1,993 - 54,628 21,368 24,043 22.5 23.5 103.5 121.4 19.2 16.4 3.6 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 204 304 1,075 2,034 2,315 22.4 22.4 27.1 31.7 7.5 6.4 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 13 - 238 2,262 2,522 6.7 7.5 1.5 2.7 8.7 4.9 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 140 164 4,638 3,843 4,212 43.1 43.6 16.8 17.8 8.3 7.8 1.4 1.3 18.3 17.0 3.3 3.6

ITNL Accumulate 208 225 4,035 6,564 7,054 27.2 27.4 26.3 29.0 7.9 7.2 1.3 1.1 14.0 11.8 2.7 2.8

IVRCL Infra Neutral 43 - 1,313 4,249 6,897 7.8 8.2 0.3 3.3 138.8 13.0 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 102 - 21,722 13,842 15,863 26.9 26.4 3.7 4.6 27.8 22.3 1.7 1.6 6.2 7.3 3.1 2.8

Larsen & Toubro Neutral 1,638 - 100,737 60,556 69,167 11.2 11.6 73.8 85.5 22.2 19.2 3.5 3.1 13.5 14.1 1.9 1.6

Nagarjuna Const. Reduce 51 44 1,302 5,947 6,569 8.5 8.6 3.1 4.1 16.4 12.4 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 60 - 1,976 11,892 13,116 9.0 9.0 1.8 3.2 32.9 18.5 0.7 0.7 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 135 168 2,031 2,344 2,804 10.6 10.7 7.2 8.7 18.7 15.5 2.2 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 217 251 1,071 6,882 8,032 9.1 9.1 23.2 31.3 9.3 6.9 0.8 0.7 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 162 181 8,075 6,392 7,238 2.7 2.8 30.3 33.3 5.3 4.9 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 116 - 6,514 4,731 5,431 2.9 3.0 21.5 21.8 5.4 5.3 0.9 0.8 15.2 13.8 - -

Axis Bank Buy 1,353 1,550 57,761 15,686 18,687 3.1 3.2 116.8 138.0 11.6 9.8 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 843 - 33,019 15,436 18,208 2.5 2.6 111.8 137.4 7.5 6.1 1.1 1.0 15.8 17.0 - -

Bank of India Accumulate 310 334 17,781 12,491 14,883 2.2 2.4 43.8 63.7 7.1 4.9 0.9 0.8 12.1 15.8 - -

Bank of Maharashtra A ccumulate 58 64 3,431 3,563 3,876 3.1 3.1 9.7 12.0 6.0 4.8 0.8 0.7 14.6 16.1 - -

Canara Bank Accumulate 464 544 20,535 10,699 12,213 2.1 2.2 67.3 80.1 6.9 5.8 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 81 - 5,929 7,171 8,236 2.5 2.6 16.4 21.5 4.9 3.8 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 444 480 6,572 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -

Dena Bank Accumulate 118 132 4,143 3,087 3,453 2.7 2.8 25.9 24.1 4.6 4.9 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 482 - 8,241 2,617 2,968 3.3 3.2 45.9 51.7 10.5 9.3 1.3 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 17, 2012


10/15



Financials

HDFC Neutral 852 - 131,379 7,336 8,802 3.5 3.5 31.5 37.8 27.0 22.5 5.4 4.8 34.8 32.1 - -

HDFC Bank Neutral 689 - 162,920 21,696 26,811 4.4 4.5 28.7 36.0 24.0 19.1 4.6 3.9 20.7 22.0 - -

ICICI Bank Buy 1,136 1,296 130,634 22,271 26,690 3.0 3.0 69.2 83.1 16.4 13.7 2.0 1.8 14.2 15.7 - -

IDBI Bank Accumulate 110 119 14,031 7,684 9,264 1.8 2.1 15.6 22.0 7.1 5.0 0.8 0.7 10.9 13.9 - -

Indian Bank Buy 192 230 8,237 5,874 6,551 3.2 3.2 40.6 41.8 4.7 4.6 0.8 0.7 18.1 16.4 - -

IOB Neutral 85 - 6,759 7,050 8,313 2.3 2.5 12.3 19.9 6.9 4.3 0.6 0.6 8.8 13.1 - -

J & K Bank Neutral 1,367 - 6,625 2,762 2,885 3.6 3.6 226.7 193.0 6.0 7.1 1.3 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 277 313 13,956 1,799 2,255 2.3 2.4 20.3 27.3 13.6 10.1 2.2 1.9 16.9 19.7 - -

Oriental Bank Accumulate 351 370 10,245 6,277 7,090 2.6 2.7 60.5 65.1 5.8 5.4 0.9 0.8 15.0 14.4 - -

Punjab Natl.Bank Accumulate 832 890 28,206 19,652 22,601 3.2 3.3 135.0 164.3 6.2 5.1 1.0 0.9 16.3 17.3 - -

South Ind.Bank Accumulate 27 29 3,548 1,556 1,750 2.8 2.7 3.5 3.9 7.6 6.9 1.3 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,320 2,520 155,693 61,883 71,546 3.4 3.4 227.2 257.5 10.2 9.0 1.8 1.5 17.8 17.7 - -

Syndicate Bank Accumulate 131 139 7,895 6,756 7,783 3.0 3.0 26.3 27.1 5.0 4.8 0.9 0.8 18.3 16.6 - -

UCO Bank Neutral 79 - 5,258 5,234 6,097 2.3 2.4 11.8 14.7 6.7 5.4 1.1 0.9 11.9 13.4 - -

Union Bank Accumulate 266 285 14,650 9,912 11,536 2.8 2.9 40.4 46.7 6.6 5.7 1.1 0.9 16.1 16.4 - -

United Bank Buy 75 91 2,724 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -

Vijaya Bank Accumulate 63 66 3,105 2,354 2,754 2.0 2.2 7.4 10.2 8.5 6.2 0.9 0.8 9.3 11.9 - -

Yes Bank Buy 461 542 16,470 3,270 4,240 2.8 3.0 34.5 42.2 13.4 10.9 2.9 2.3 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,282 - 41,077 11,198 13,184 16.2 16.2 123.7 146.4 34.6 29.3 11.8 9.3 38.1 35.4 3.6 3.0

Britannia Buy 498 584 5,948 5,627 6,581 4.9 5.7 18.3 24.7 27.2 20.2 9.9 7.6 39.1 42.7 1.0 0.8

Colgate Neutral 1,390 - 18,909 3,146 3,573 20.6 21.4 36.4 42.5 38.2 32.7 35.4 29.6 102.0 98.5 5.9 5.2

Dabur India Neutral 130 - 22,649 6,124 7,101 17.0 16.8 4.5 5.2 29.1 24.9 12.0 9.5 43.2 41.5 3.8 3.2

GlaxoSmith Con* Neutral 3,753 - 15,785 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.9 30.3 11.2 9.0 34.4 32.8 4.7 4.0

Godrej Consumer Neutral 717 - 24,396 6,355 7,548 18.4 18.6 22.8 27.6 31.4 26.0 7.2 5.9 26.4 26.1 4.0 3.3

HUL Neutral 518 - 112,021 25,350 28,974 13.3 13.5 14.7 17.1 35.2 30.4 27.8 19.7 84.5 75.8 4.5 3.9

ITC Neutral 296 - 232,787 29,409 34,060 35.7 36.1 9.3 10.9 31.7 27.1 10.5 8.8 35.8 35.3 7.8 6.7

Marico Neutral 220 - 14,206 4,840 5,643 13.1 13.1 6.2 7.8 35.7 28.3 6.8 5.5 25.4 22.6 3.0 2.5

Nestle* Neutral 4,800 - 46,277 8,529 10,079 20.8 21.1 113.1 137.8 42.5 34.8 25.5 17.8 70.5 60.2 5.5 4.5

Tata Global Neutral 169 - 10,435 7,207 7,927 9.7 10.0 6.6 7.8 25.5 21.6 2.6 2.5 8.6 9.5 1.4 1.2


Market Outlook

Stock Watch

December 17, 2012


11/15



IT

HCL Tech^ Accumulate 630 648 43,721 24,214 26,772 19.5 18.1 44.0 48.0 14.3 13.1 3.4 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 89 135 2,639 1,944 2,159 21.8 21.1 11.4 12.2 7.8 7.3 2.0 1.7 26.4 24.1 1.1 0.9

Infosys Accumulate 2,277 2,573 130,767 39,174 41,580 29.5 30.4 159.2 171.6 14.3 13.3 3.5 3.1 24.1 23.1 2.8 2.6

Infotech Enterprises Neutral 193 - 2,158 1,886 2,032 17.9 17.3 18.7 20.2 10.4 9.6 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Accumulate 112 132 2,002 2,195 2,317 15.5 15.0 10.7 12.1 10.4 9.3 2.2 1.8 21.0 19.8 0.9 0.8

Mahindra Satyam Buy 106 115 12,423 7,597 8,141 20.0 18.8 9.7 10.4 10.9 10.1 3.0 2.3 27.5 22.9 1.1 1.0

Mindtree Accumulate 695 747 2,855 2,324 2,437 20.0 17.7 73.3 74.7 9.5 9.3 2.3 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 380 - 7,976 5,700 5,993 18.0 16.9 37.0 37.3 10.3 10.2 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Accumulate 31 36 513 1,048 1,161 9.3 10.9 4.2 6.2 7.4 5.0 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 491 - 1,964 1,261 1,352 26.4 24.7 48.2 54.0 10.2 9.1 1.9 1.6 19.0 17.9 1.2 1.0

TCS Buy 1,241 1,410 242,881 61,053 67,313 28.7 29.1 69.7 76.2 17.8 16.3 5.8 4.7 32.6 29.1 3.7 3.3

Tech Mahindra Buy 945 1,070 12,070 6,603 7,150 19.8 18.4 92.9 1 02.0 10.2 9.3 2.4 1.9 23.7 21.0 1.8 1.6

Wipro Accumulate 376 421 92,574 43,219 47,241 20.0 20.0 26.1 28.1 14.4 13.4 2.8 2.4 19.3 17.9 1.8 1.6

Media

D B Corp Buy 220 259 4,041 1,581 1,784 23.3 25.0 11.6 14.4 19.0 15.3 3.7 3.2 21.0 22.3 2.4 2.1

HT Media Accumulate 105 113 2,468 2,111 2,272 15.0 15.2 7.4 8.3 14.3 12.7 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 101 117 3,193 1,503 1,681 23.1 23.1 6.4 7.3 15.8 13.9 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 283 - 818 682 786 17.3 16.9 17.6 19.7 16.1 14.4 1.9 1.7 14.9 14.5 1.6 1.4

Sun TV Network Neutral 404 - 15,939 1,942 2,237 77.2 75.5 17.6 19.1 23.0 21.2 5.7 5.1 25.8 25.2 7.8 6.7

Metals & Mining

Bhushan Steel Neutral 450 - 9,548 11,307 14,287 29.5 29.1 45.1 51.0 10.0 8.8 1.1 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 354 - 223,568 66,666 70,292 25.7 27.3 24.2 26.6 14.6 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 23 29 808 1,984 2,074 10.6 11.6 0.8 2.0 27.9 11.5 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 142 - 60,126 12,446 13,538 52.3 52.9 15.0 16.4 9.5 8.7 1.9 1.6 21.4 19.7 2.8 2.2

Hindalco Neutral 120 - 22,975 79,148 89,258 9.4 9.0 15.0 15.6 8.0 7.7 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 745 - 16,620 39,586 41,459 17.6 17.0 78.7 90.1 9.5 8.3 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Neutral 259 - 4,358 941 1,019 47.3 48.3 25.8 28.1 10.1 9.2 1.6 1.4 16.7 16.2 2.5 2.1

Monnet Ispat Accumulate 300 344 1,931 2,501 3,264 22.2 24.6 41.8 55.2 7.2 5.4 0.7 0.7 11.3 13.4 1.9 1.3

Nalco Reduce 47 44 11,997 6,898 7,841 9.9 14.7 2.0 3.2 23.5 14.6 1.0 1.0 4.3 6.8 1.3 1.2

NMDC Buy 160 198 63,495 11,209 12,525 78.4 78.3 18.5 20.6 8.7 7.8 2.1 1.8 27.0 24.6 3.7 3.1

SAIL Neutral 83 - 34,387 47,252 60,351 14.2 14.8 9.6 11.7 8.7 7.1 0.8 0.7 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 17, 2012


12/15



Metals & Mining

Sesa Goa Neutral 188 - 16,317 4,551 6,640 32.8 34.4 33.7 39.3 5.6 4.8 1.0 0.8 18.3 18.3 4.2 2.9

Sterlite Inds Neutral 113 - 38,042 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Buy 397 463 38,582 145,725 154,108 8.3 9.5 22.0 44.5 18.0 8.9 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Accumulate 132 153 472 1,442 1,494 17.6 17.3 27.2 28.7 4.8 4.6 0.5 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 49 73 656 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.4 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 118 143 373 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 325 382 61,985 17,567 17,643 76.2 72.3 61.1 56.8 5.3 5.7 1.1 0.9 22.0 17.5 2.6 2.2

GAIL Neutral 347 - 44,016 46,652 54,142 15.7 15.7 34.0 35.3 10.2 9.8 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 260 312 222,015 147,139 154,821 33.9 33.7 30.7 32.3 8.5 8.0 1.5 1.3 18.3 17.2 1.3 1.2

Reliance Industries Neutral 839 - 274,800 362,700 380,031 7.9 8.0 60.0 63.3 14.0 13.3 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 302 - 3,876 3,128 3,707 13.2 11.7 22.8 23.5 13.3 12.8 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 256 - 3,583 3,213 3,643 23.3 23.5 24.3 25.7 10.5 10.0 2.4 2.0 25.0 22.1 1.2 1.1

Petronet LNG Accumulate 160 183 12,023 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 74 - 4,164 1,079 1,034 91.8 91.9 8.8 8.4 8.4 8.8 1.4 1.3 17.9 15.0 3.6 3.7

Pharmaceuticals

Alembic Pharma Buy 68 91 1,279 1,624 1,855 14.2 15.6 6.6 9.1 10.3 7.5 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 183 - 5,339 5,243 5,767 14.6 14.6 11.8 12.6 15.5 14.6 1.9 1.7 17.9 16.4 1.5 1.4

Aventis* Neutral 2,247 - 5,175 1,482 1,682 15.5 15.5 95.1 104.4 23.6 21.5 4.2 3.3 18.6 17.0 3.3 2.8

Cadila Healthcare Accumulate 860 926 17,614 6,148 7,386 18.6 19.6 32.7 44.8 26.3 19.2 5.8 4.6 23.7 26.6 3.2 2.6

Cipla Neutral 404 - 32,442 8,151 9,130 25.0 24.0 19.5 20.9 20.7 19.3 3.6 3.1 18.8 17.2 3.9 3.4

Dr Reddy's Neutral 1,834 - 31,129 10,696 11,662 20.7 21.0 83.7 92.9 21.9 19.7 4.5 3.8 22.4 20.8 3.3 2.9

Dishman Pharma Buy 113 145 914 1,280 1,536 20.2 20.2 10.4 14.5 10.9 7.8 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,059 - 17,443 2,651 2,993 31.7 31.2 76.0 82.4 27.1 25.0 7.8 7.0 20.1 26.3 5.7 5.0

Indoco Remedies Buy 66 89 605 685 837 15.2 15.2 7.4 8.9 8.9 7.4 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 485 485 6,112 2,850 3,474 21.0 21.0 29.9 37.3 16.2 13.0 3.9 3.1 26.7 26.4 2.2 1.8

Lupin Accumulate 604 652 27,042 8,426 10,082 19.7 20.0 26.3 31.3 23.0 19.3 5.4 4.3 26.0 24.7 3.3 2.7

Ranbaxy* Neutral 498 - 21,054 12,046 11,980 18.0 15.8 31.3 29.8 15.9 16.7 5.4 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 717 - 74,095 9,752 12,134 41.6 41.6 26.0 28.2 27.6 25.4 5.2 4.4 20.3 18.8 6.8 5.3

Power

CESC Neutral 307 - 3,833 5,218 5,644 24.2 23.8 44.6 47.6 6.9 6.5 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 69 78 1,048 1,523 1,568 30.3 30.3 5.4 11.5 12.8 6.0 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 17, 2012


13/15



Power

NTPC Neutral 153 - 125,908 74,111 85,789 22.7 23.1 12.1 13.7 12.6 11.1 1.5 1.4 12.6 13.2 2.3 2.2

Real Estate

Anant Raj Sell 94 78 2,761 657 875 52.0 56.1 8.4 12.7 11.1 7.4 0.7 0.6 6.3 8.9 5.6 4.2

DLF Neutral 218 - 36,987 9,878 12,033 44.7 46.1 9.6 13.4 22.7 16.2 1.4 1.4 6.4 8.7 6.2 5.1

HDIL Neutral 116 - 4,856 2,441 3,344 55.1 48.2 22.7 26.6 5.1 4.4 0.4 0.4 8.8 9.4 3.9 2.9

MLIFE Neutral 408 - 1,665 813 901 26.2 26.6 32.0 37.1 12.7 11.0 1.3 1.2 10.4 11.0 2.4 2.1

TelecomBharti Airtel Neutral 312 - 118,464 81,984 90,718 32.1 33.8 10.9 16.9 28.6 18.5 2.2 2.0 7.6 10.6 2.1 1.8

Idea Cellular Neutral 96 - 31,690 22,234 24,161 26.9 27.7 3.3 4.9 28.9 19.4 2.2 2.0 7.7 10.3 1.8 1.6

Rcom Neutral 75 - 15,491 21,090 22,308 31.8 29.9 3.0 3.8 24.7 19.7 0.4 0.4 1.7 2.1 2.4 2.2

zOthers

Abbott India Accumulate 1,473 1,590 3,131 1,629 1,886 11.8 13.3 60.8 79.5 24.3 18.5 5.0 4.2 22.0 24.4 1.7 1.4

Bajaj Electricals Neutral 211 - 2,104 3,497 3,968 6.6 7.6 9.8 15.5 21.5 13.6 2.8 2.4 12.7 17.4 0.6 0.6

Cera Sanitaryware Neutral 420 - 532 427 528 15.7 14.6 30.0 34.0 14.0 12.4 3.1 2.5 24.6 22.5 1.3 1.1

Cravatex Buy 450 545 116 272 308 7.2 7.3 37.5 45.4 12.0 9.9 2.9 2.3 23.7 22.7 0.5 0.5

CRISIL Neutral 1,042 - 7,318 982 1,136 34.3 34.3 34.3 40.0 30.3 26.1 13.7 11.0 50.9 46.9 6.9 5.8

Finolex Cables Neutral 60 - 911 2,304 2,552 9.9 9.1 8.2 10.1 7.3 5.9 1.0 0.9 13.7 14.7 0.4 0.3

Force Motors Accumulate 488 537 636 2,318 2,700 5.0 5.7 45.0 67.0 10.8 7.3 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 329 360 759 1,494 1,607 6.4 7.8 23.9 33.0 13.8 10.0 2.2 1.9 16.5 20.1 0.3 0.2

Greenply Industries Neutral 309 - 746 1,925 2,235 10.6 10.9 29.6 44.1 10.5 7.0 1.7 1.4 16.8 21.0 0.7 0.6

Hitachi Accumulate 133 146 306 873 989 4.4 6.5 6.4 12.2 21.0 10.9 1.7 1.5 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,396 2,842 2,119 1,745 1,993 4.0 5.3 59.5 90.4 40.3 26.5 3.1 2.6 8.1 11.3 1.1 0.9

Styrolution ABS India* Neutral 731 - 1,286 1,059 1,116 8.5 9.5 36.0 42.0 20.3 17.4 3.0 2.6 15.4 16.0 1.3 1.2ITD Cementation Neutral 232 - 267 1,323 1,455 12.4 12.4 23.2 27.7 10.0 8.4 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 171 - 2,762 1,228 1,443 9.0 10.9 3.9 6.4 44.1 26.8 4.4 4.0 10.1 15.6 2.8 2.3

MCX Reduce 1,505 1,440 7,676 553 624 65.3 66.3 62.5 72.0 24.1 20.9 6.6 5.7 27.5 27.4 11.0 9.3

MRF Accumulate 12,138 12,884 5,148 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.4 8.5 1.8 1.5 21.3 19.4 0.6 0.5

Page Industries Neutral 3,420 - 3,815 836 1,023 20.2 20.6 105.6 133.4 32.4 25.6 16.5 11.6 59.3 53.2 4.7 3.8

Relaxo Footwears Buy 774 933 928 1,019 1,208 11.0 12.5 47.0 66.7 16.5 11.6 4.1 3.0 28.2 30.1 1.1 0.9

Sintex Industries Buy 64 79 1,921 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 302 366 283 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 14 - 407 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6


Market Outlook

Stock Watch

December 17, 2012


14/15



zOthers

SpiceJet Reduce 47 43 2,272 5,720 6,599 5.3 6.8 3.6 5.4 13.0 8.8 18.8 6.0 - - 0.5 0.4

TAJ GVK Buy 72 108 450 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 306 384 471 750 803 18.6 18.4 65.4 69.1 4.7 4.4 0.7 0.6 16.5 15.3 0.2 0.1

TVS Srichakra Buy 270 335 207 1,476 1,643 7.0 8.2 32.6 55.9 8.3 4.8 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,929 - 25,233 10,289 11,421 12.8 12.8 26.0 45.3 74.2 42.6 3.4 3.1 5.8 7.6 2.9 2.6

Vesuvius India Neutral 336 - 683 560 611 16.1 17.0 24.7 28.8 13.6 11.7 2.0 1.8 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 14, 2012


Market Outlook

Stock Watch

December 17, 2012


15/15


Market Outlook 171212

Documents

Transcript of Market Outlook 171212