Market Outlook 181212

7/30/2019 Market Outlook 181212

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Market OutlookDecember 18, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat mirroring almost flat to positive opening

trades in most of the Asian markets after signs of progress on U.S. budget talks.The U.S. markets closed higher yesterday buoyed by reports of progress in

Washington toward reaching a deal to avoid the fiscal cliff of tax and spending

measures that could tip the economy back into recession. Meanwhile, a report

issued by the Federal Reserve Bank of New York showed that manufacturing

activity in New York State continued to contract in December as the New York Fed's

Empire State Index came in at negative 8.1 for the month, following a negative

5.22 reading in November.

Indian markets ended a range-bound session modestly lower on Monday as

investors awaited the RBI's monetary policy review for near-term directional cues

due to be released today. Meanwhile, the government lowered its official growthforecast to between 5.7% and 5.9% for this fiscal year and said it was on track to

restrict the fiscal deficit at 5.3% of GDP against 5.1% envisaged in the budget.

Markets Today

The trend deciding level for the day is 19,271 / 5,865 levels. If NIFTY trades above

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

up to 19,320 19,396 / 5,879 5,901 levels. However, if NIFTY trades below

19,271 / 5,865 levels for the first half-an-hour of trade then it may correct up to

19,194 19,146 / 5,843 5,829 levels.

SENSEX 19,146 19,195 19,271 19,320 19,396NIFTY 5,829 5,843 5,865 5,879 5,901

News Analysis

Government lowers growth forecast for FY2013 to 5.7%, seeks to contain fiscaldeficit at 5.3%

Government clears `12,000cr capital infusion in PSU banks Sun Pharmaceutical Industries buys URLs Generic Business Axis Bank to raise ~`6,200cr

Refer detailed news analysis on the following page

Net Inflows (December 14, 2012)

FII 3,644 2,326 1,318 11,629 116,649

MFs 523 543 (20) (1,874) (19,415)

FII Derivatives (December 17, 2012)

Index Futures 520 456 65 12,082

Stock Futures 1,363 1,842 (479) 33,799

Gainers / Losers

Adani Ports 143 5.3 IRB Infra 130 (7.2)

Jain Irrigation 74 5.3 Bharti Airtel 300 (3.7)

Voltas 109 4.4 Divis Lab 1,093 (3.4)

Adani Enterprise 280 4.3 Pipavav Defence 90 (2.9)

Sterlite Industries 118 4.1 TCS 1,206 (2.8)

BSE Sensex (0.4) (72.8) 19,244

Nifty (0.4) (21.7) 5,858

MID CAP 0.6 41.4 7,040

SMALL CAP 0.5 33.6 7,387

BSE HC 0.4 33.9 8,016

BSE PSU 0.4 26.0 7,184

BANKEX 0.1 8.3 14,273

AUTO 0.7 74.3 11,237

METAL 1.8 185.7 10,756

OIL & GAS (0.5) (42.6) 8,401

BSE IT (1.2) (68.1) 5,522

Dow Jones 0.8 100.4 13,235NASDAQ 1.3 39.3 3,011

FTSE (0.2) (9.6) 5,912

Nikkei 0.9 91.3 9,829

Hang Seng (0.4) (92.4) 22,514

Straits Times (0.3) (9.7) 3,159

Shanghai Com 0.5 9.7 2,160

INFY (0.5) (0.2) $41.5

WIT (0.2) (0.0) $8.7IBN 1.1 0.5 $44.0

HDB (0.7) (0.3) $40.9

Advances 1,520 797

Declines 1,375 672

Unchanged 130 66

BSE 2,466

NSE 11,071


2/14



Government lowers growth forecast for FY2013 to 5.7%,seeks to contain fiscal deficit at 5.3%

In the mid-year economic review tabled in Parliament, government lowered the

growth forecast for the economy to 5.7% - 5.9% from 7.6% estimated in the

economic survey. The economy reported a 5.5% growth in 1QFY2013 andmarginally lower 5.3% growth in 2QFY2013. Thus to clock 5.7% growth for the

fiscal, it needs to grow by about 6% in each of the remaining two quarters of the

year. The revised forecast is in-line with our growth estimate for the fiscal year.

On a positive note, the review points out that the slowdown has likely bottomed

out and the economy is headed towards higher growth going ahead. It

emphasizes that to achieve this, both fiscal and monetary policies, need to be

supportive to sustain investor confidence and concerns relating to structural supply

side bottlenecks too should be addressed. As far as the industrial slowdown is

concerned it highlights impediments to growth such as global economic slowdown

leading to lower exports, depressed business sentiments, high interest rates,moderation in credit growth, infrastructure bottlenecks due to delays in regulatory

and environment clearances and a deceleration in growth of capital investment.

The government expects WPI inflation to moderate to 6.8% -7.0% due to

moderation in prices in the fourth quarter owing to benign global commodity

prices resulting in softening core inflation. Although savings have witnessed a

slowdown from 26.0% of GDP in FY2008 to 19.6% of GDP in FY2011, availability

of domestic funds for investment is likely to improve in the subsequent quarters as

indicated by signs of improvement in corporate profitability.

The government reiterated that fiscal deficit would be contained to the revised level

of 5.3% of GDP, compared to the budgeted estimate of 5.1% of GDP. Despite the

governments recent efforts to curtail the deficit including raising diesel prices,

capping subsidized cylinders per household and divestment in blue-chip PSUs, we

believe that the target looks optimistic at this juncture because the general

slowdown is expected to lead to sluggish growth in tax revenues and realistically

the government may not be able to meet its budget divestment target of

`30,000cr. Even as far as proceeds from auction of telecom spectrum are

concerned it has garnered merely`9,400cr of the budgeted `40,000cr. In the first

five months of the fiscal year, it has already reached about 65.6% of its budgeted

fiscal deficit. Currently, for FY2013 we have pegged the fiscal deficit estimate at

5.7% of GDP.

Government clears `12,000cr capital infusion in PSU banks

Government has cleared the first tranche of capital infusion in PSU banks, out of

its total budgetary earmarked funds of `15,888cr for capital requirement of PSBs,

RRBs, NABARD and other financial institutions. As per media reports, Central Bank

and SBI are slated to get `2,500cr and `3,000cr, which will increase their tier-I

capital by ~160bp and ~20bp, from current 7.5% and 9.0%, respectively

(excluding 1HFY2013 profits). Amongst our coverage, other banks with low tier-I

CAR are Bank of Maharashtra and Indian overseas bank with tier-I CAR at 7.1%

and 7.6%, respectively (excluding 1HFY2013 profits). Capital infusion in most of

the PSU banks (excluding SBI) is expected to be book-dilutive, as they trade much

below their book.


3/14



Exhibit 1:Capital adequacy across PSU banks, as of 2QFY2013

BOM 10.8 7.1 NA ANDHBK 12.4 8.5 8.3

CENTBK 11.5 7.5 6.1 PNB 11.7 8.7 8.1

IOB 12.1 7.6 7.1 ALLBK 12.2 8.9 8.6

IDBI 13.9 8.1 7.3 SBI 12.6 9.0 8.5

BOI 11.1 8.1 7.3 VIJBK 12.7 9.5 7.3

DENABK 12.1 8.1 7.7 BOB 12.9 9.6 9.0

UCOBK 12.3 8.1 6.0 OBC 12.1 9.7 9.0

UNIONBK 11.4 8.2 7.5 CANBK 13.1 10.1 9.4

CORPBK 13.1 8.4 7.8 INDBK 13.0 10.7 10.3

SYNBK 11.3 8.4 7.8 J&KBK 13.7 11.6 11.6

UTDBK 12.1 8.5 7.2

Source: Company, Angel Research, Note: *as of 2QFY2013, adjusting for non-core equity tier-I as of FY2012

Sun Pharmaceutical Industries buys URLs Generic Business

Sun Pharmaceuticals US subsidiary - Caraco Pharmaceutical Laboratories - has

agreed to buy the generic business of URL Pharma Inc., a company that Takeda

Pharmaceuticals USA Inc. acquired in April. The valuation of the transaction was

not disclosed. URL Pharmas leading product is Colcrys, a colchicine brand and its

variants, used to treat and prevent gout flares. Net sales for Colcrys in CY2011

was more than US$430mn. These products have, however, not been included in

the Sun Pharma deal. Upon completion of the purchase, the generic assets of URL

Pharma will be owned and managed by Caraco. The deal is subject to regulatory

approvals. URL Pharmas CY2011 revenue was nearly US$600mn, according to

an earlier release. Sun Pharmas deal includes URL Pharmas generic business

excluding Colcrys, the gout treatment business, which was at least US$430mn in

CY2011. The deal is unlikely to put pressure on the balance sheet of the company

as the deal is non-Colcrys and hence the deal size should be lesser. On the P&L

front, the net profit should be augmented by 2.3%, as per rough estimate.

Axis Bank to raise ~`6,200cr

Axis Bank has proposed to raise funds by offering 4.58cr shares through various

means, including qualified institutional placement (QIP), global depository receipt

(GDR) or preferential issue to promoters. At CMP, it would amount to `6,224cr,

and would aid its tier-I capital adequacy, which has dipped to 9.0% as of

2QFY2013 (9.9% including 1HFY2013 profits) from 11.2% in FY2010 due to

strong credit growth. We expected the management to meet its guidance of above

system average loan growth, which would have led to a need to raise capital. The

dilution is expected to be book accretive and will aid in further enhancing the

bank's credit market share going forward.


4/14



Economic and Political News

Government allocates `12,077cr for TUFS in 12th Plan M-payment industry in India to touch US$1.15 billion by 2016 P-Note investments reach 8-month high of US$32bn Rajya Sabha passes Promotions Quota BillCorporate News

ADB's 5.2% stake in Petronet offered to Qatar Godrej board approves part sale of investments in Godrej Agrovet JSW Steel, Japan's JFE Steel Corp sign pact for technical collaboration McNally Bharat bags `733cr order from ACC Suzlon wins 105 MW order in Canada TCS signals slower growth and slight decline in margins in the near-termSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


5/14

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 18, 2012

Market Outlook


6/14



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

-12

O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


7/14

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 150 - 2,914 1,466 1,686 14.8 14.8 7.0 8.1 21.4 18.5 4.5 3.9 22.6 22.5 2.1 1.8

United Phosphorus Buy 126 170 5,817 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 249 270 4,253 2,911 3,321 16.2 16.2 17.3 19.8 14.4 12.6 3.9 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 87 96 4,380 13,713 15,341 11.2 11.2 12.5 14.8 7.0 5.9 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 28 31 7,330 14,490 16,606 9.5 9.6 2.2 2.9 12.4 9.7 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 365 - 551 1,103 1,240 11.0 11.3 39.1 45.0 9.3 8.1 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,106 - 60,926 21,121 23,642 18.4 18.5 108.7 122.6 19.4 17.2 8.0 6.4 46.2 41.6 2.5 2.1

Bharat Forge Buy 264 324 6,150 6,754 7,565 15.5 15.7 18.8 23.2 14.1 11.4 2.4 2.1 18.5 19.7 1.1 0.9

Bosch India* Neutral 8,978 - 28,191 8,776 10,276 16.6 18.0 331.9 417.7 27.1 21.5 5.1 4.2 18.7 19.5 2.9 2.4

CEAT Buy 104 163 358 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 Accumulate 140 155 11,862 6,229 7,200 14.8 15.8 7.2 9.0 19.5 15.6 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,727 - 2,869 1,489 1,750 16.5 17.5 103.3 126.9 16.7 13.6 3.3 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Neutral 1,867 - 37,284 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 123 165 506 7,517 8,329 6.6 6.6 37.2 41.3 3.3 3.0 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Neutral 957 - 58,767 40,035 46,272 11.5 11.6 54.7 62.8 17.5 15.2 3.9 3.3 24.3 23.4 1.2 1.0

Maruti Neutral 1,499 - 43,321 42,019 50,246 7.3 8.6 66.1 94.4 22.7 15.9 2.6 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 199 - 11,710 24,285 27,317 6.7 7.2 8.1 10.6 24.8 18.8 5.2 4.2 22.9 24.7 0.6 0.6

Subros Buy 31 35 187 1,286 1,479 9.4 9.7 2.6 5.1 12.0 6.2 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 294 319 78,331 192,330 219,770 12.8 13.1 37.0 44.5 7.9 6.6 2.2 1.7 31.2 28.9 0.5 0.4

TVS Motor Buy 40 45 1,898 7,466 8,290 6.2 6.3 4.8 5.6 8.3 7.1 1.4 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 704 573 14,912 7,796 9,907 4.8 7.8 9.2 22.0 76.5 32.0 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 261 - 1,882 3,605 4,542 11.8 10.7 25.1 27.9 10.4 9.4 1.5 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 221 - 54,080 47,801 43,757 18.5 18.0 24.6 21.8 9.0 10.1 2.7 2.3 33.5 24.5 1.0 1.1

Blue Star Buy 193 242 1,737 2,763 2,948 3.1 5.6 2.6 8.6 73.4 22.6 4.3 3.7 5.9 17.6 0.7 0.7

Crompton Greaves Buy 114 145 7,310 12,370 14,277 5.2 7.3 4.0 7.8 28.5 14.6 1.9 1.8 6.9 12.6 0.6 0.6

Jyoti Structures Buy 45 53 368 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 1,665 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 600 - 7,151 5,514 5,813 9.3 10.2 28.1 31.2 21.4 19.2 3.8 3.3 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 18, 2012


8/14



Cement

ACC Neutral 1,412 - 26,513 11,085 12,415 21.6 21.4 79.4 83.1 17.8 17.0 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 204 - 31,499 10,272 11,884 26.4 26.1 11.5 12.9 17.9 15.8 3.9 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 89 - 2,719 4,293 4,666 17.7 18.1 8.6 10.8 10.3 8.2 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Accumulate 135 143 1,648 2,082 2,423 22.9 23.1 20.8 22.5 6.5 6.0 1.2 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 218 - 5,189 3,814 4,045 29.3 27.5 18.7 19.2 11.6 11.4 2.1 1.8 19.9 17.4 2.0 1.7

Shree Cements^ Neutral 4,497 - 15,665 5,701 6,210 29.7 28.1 240.7 260.7 18.7 17.3 4.5 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 1,979 - 54,246 21,368 24,043 22.5 23.5 103.5 121.4 19.1 16.3 3.6 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 205 304 1,080 2,034 2,315 22.4 22.4 27.1 31.7 7.6 6.5 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 13 - 240 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 130 164 4,304 3,843 4,212 43.1 43.6 16.8 17.8 7.7 7.3 1.3 1.2 18.3 17.0 3.3 3.6

ITNL Accumulate 208 225 4,041 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 - 1,306 4,249 6,897 7.8 8.2 0.3 3.3 138.0 12.9 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 100 - 21,369 13,842 15,863 26.9 26.4 3.7 4.6 27.3 21.9 1.6 1.5 6.2 7.3 3.0 2.7

Larsen & Toubro Accumulate 1 ,634 1,748 100,463 60,556 69,167 11.2 11.6 73.8 85.5 22.2 19.1 3.5 3.1 13.5 14.1 1.8 1.6

Nagarjuna Const. Reduce 52 44 1,336 5,947 6,569 8.5 8.6 3.1 4.1 16.8 12.7 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 59 - 1,956 11,892 13,116 9.0 9.0 1.8 3.2 32.6 18.3 0.7 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 135 168 2,044 2,344 2,804 10.6 10.7 7.2 8.7 18.8 15.6 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 223 251 1,102 6,882 8,032 9.1 9.1 23.2 31.3 9.6 7.1 0.8 0.8 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 163 181 8,128 6,392 7,238 2.7 2.8 30.3 33.3 5.4 4.9 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 116 - 6,494 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 Accumulate 1,360 1,550 58,049 15,686 18,687 3.1 3.2 116.8 138.0 11.6 9.9 2.2 1.8 20.0 20.2 - -Bank of Baroda Neutral 841 - 32,941 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 312 334 17,928 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 59 64 3,464 3,563 3,876 3.1 3.1 9.7 12.0 6.1 4.9 0.8 0.7 14.6 16.1 - -

Canara Bank Buy 472 544 20,903 10,699 12,213 2.1 2.2 67.3 80.1 7.0 5.9 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 83 - 6,084 7,171 8,236 2.5 2.6 16.4 21.5 5.1 3.8 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 446 480 6,608 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 4,141 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 489 - 8,360 2,617 2,968 3.3 3.2 45.9 51.7 10.7 9.5 1.3 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 18, 2012


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Financials

HDFC Neutral 837 - 128,951 7,336 8,802 3.5 3.5 31.5 37.8 26.5 22.1 5.3 4.7 34.8 32.1 - -

HDFC Bank Neutral 678 - 160,306 21,696 26,811 4.4 4.5 28.7 36.0 23.6 18.8 4.5 3.8 20.7 22.0 - -

ICICI Bank Accumulate 1,144 1,296 131,477 22,271 26,690 3.0 3.0 69.2 83.1 16.5 13.8 2.0 1.8 14.2 15.7 - -

IDBI Bank Accumulate 110 119 14,069 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 8,232 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 Accumulate 85 89 6,790 7,050 8,313 2.3 2.5 12.3 19.9 7.0 4.3 0.6 0.6 8.8 13.1 - -

J & K Bank Accumulate 1,352 1,456 6,555 2,762 2,885 3.6 3.6 226.7 193.0 6.0 7.0 1.3 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 283 313 14,269 1,799 2,255 2.3 2.4 20.3 27.3 13.9 10.4 2.2 1.9 16.9 19.7 - -

Oriental Bank Accumulate 355 370 10,343 6,277 7,090 2.6 2.7 60.5 65.1 5.9 5.4 0.9 0.8 15.0 14.4 - -

Punjab Natl.Bank Accumulate 838 890 28,425 19,652 22,601 3.2 3.3 135.0 164.3 6.2 5.1 1.1 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 2,344 2,520 157,259 61,883 71,546 3.4 3.4 227.2 257.5 10.3 9.1 1.8 1.5 17.8 17.7 - -

Syndicate Bank Accumulate 132 139 7,928 6,756 7,783 3.0 3.0 26.3 27.1 5.0 4.9 0.9 0.8 18.3 16.6 - -

UCO Bank Neutral 79 - 5,261 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 274 285 15,071 9,912 11,536 2.8 2.9 40.4 46.7 6.8 5.9 1.1 1.0 16.1 16.4 - -

United Bank Buy 77 91 2,782 3,500 3,912 2.6 2.8 15.8 21.2 4.9 3.6 0.6 0.6 13.1 15.7 - -

Vijaya Bank Neutral 63 - 3,110 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 466 542 16,642 3,270 4,240 2.8 3.0 34.5 42.2 13.5 11.0 2.9 2.4 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,249 - 40,757 11,198 13,184 16.2 16.2 123.7 146.4 34.4 29.0 11.7 9.2 38.1 35.4 3.6 3.0

Britannia Buy 499 584 5,960 5,627 6,581 4.9 5.7 18.3 24.7 27.3 20.2 10.0 7.6 39.1 42.7 1.0 0.8

Colgate Neutral 1,390 - 18,902 3,146 3,573 20.6 21.4 36.4 42.5 38.2 32.7 35.3 29.6 102.0 98.5 5.8 5.1

Dabur India Neutral 129 - 22,492 6,124 7,101 17.0 16.8 4.5 5.2 28.9 24.7 11.9 9.4 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,751 - 15,775 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 3.9

Godrej Consumer Neutral 716 - 24,354 6,355 7,548 18.4 18.6 22.8 27.6 31.4 25.9 7.2 5.9 26.4 26.1 4.0 3.3

HUL Neutral 523 - 112,994 25,350 28,974 13.3 13.5 14.7 17.1 35.5 30.7 28.1 19.8 84.5 75.8 4.2 3.7

ITC Neutral 293 - 230,898 29,409 34,060 35.7 36.1 9.3 10.9 31.5 26.9 10.4 8.7 35.8 35.3 7.6 6.5

Marico Neutral 222 - 14,316 4,840 5,643 13.1 13.1 6.2 7.8 36.0 28.5 6.9 5.6 25.4 22.6 3.0 2.5

Nestle* Neutral 4,781 - 46,096 8,529 10,079 20.8 21.1 113.1 137.8 42.3 34.7 25.4 17.7 70.5 60.2 5.5 4.5

Tata Global Neutral 166 - 10,244 7,207 7,927 9.7 10.0 6.6 7.8 25.1 21.2 2.5 2.4 8.6 9.5 1.4 1.2


Market Outlook

Stock Watch

December 18, 2012


10/14



IT

HCL Tech^ Neutral 632 - 43,877 24,214 26,772 19.5 18.1 44.0 48.0 14.4 13.2 3.4 2.9 24.0 22.0 1.7 1.5

Hexaware* Buy 87 135 2,584 1,944 2,159 21.8 21.1 11.4 12.2 7.7 7.1 2.0 1.7 26.4 24.1 1.1 0.9

Infosys Accumulate 2,265 2,573 130,038 39,174 41,580 29.5 30.4 159.2 171.6 14.2 13.2 3.4 3.1 24.1 23.1 2.8 2.5

Infotech Enterprises Neutral 190 - 2,125 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.4 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Buy 111 132 1,981 2,195 2,317 15.5 15.0 10.7 12.1 10.3 9.2 2.2 1.8 21.0 19.8 0.9 0.8

Mahindra Satyam Accumulate 106 115 12,458 7,597 8,141 20.0 18.8 9.7 10.4 11.0 10.2 3.0 2.3 27.5 22.9 1.2 1.1

Mindtree Accumulate 705 747 2,898 2,324 2,437 20.0 17.7 73.3 74.7 9.6 9.5 2.3 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 376 - 7,897 5,700 5,993 18.0 16.9 37.0 37.3 10.2 10.1 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Buy 31 36 510 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 482 - 1,927 1,261 1,352 26.4 24.7 48.2 54.0 10.0 8.9 1.9 1.6 19.0 17.9 1.2 1.1

TCS Accumulate 1,206 1,410 236,011 61,053 67,313 28.7 29.1 69.7 76.2 17.3 15.8 5.6 4.6 32.6 29.1 3.8 3.4

Tech Mahindra Accumulate 948 1,070 12,108 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 1.9 1.7

Wipro Accumulate 371 421 91,244 43,219 47,241 20.0 20.0 26.1 28.1 14.2 13.2 2.7 2.4 19.3 17.9 1.8 1.5

Media

D B Corp Buy 224 259 4,100 1,581 1,784 23.3 25.0 11.6 14.4 19.3 15.5 3.7 3.2 21.0 22.3 2.5 2.1

HT Media Accumulate 104 113 2,435 2,111 2,272 15.0 15.2 7.4 8.3 14.1 12.6 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 101 117 3,178 1,503 1,681 23.1 23.1 6.4 7.3 15.7 13.8 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 288 - 832 682 786 17.3 16.9 17.6 19.7 16.4 14.7 1.9 1.7 14.9 14.5 1.5 1.3

Sun TV Network Neutral 408 - 16,071 1,942 2,237 77.2 75.5 17.6 19.1 23.2 21.4 5.8 5.2 25.8 25.2 7.7 6.6

Metals & Mining

Bhushan Steel Neutral 454 - 9,635 11,307 14,287 29.5 29.1 45.1 51.0 10.1 8.9 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 352 - 222,083 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 24 29 817 1,984 2,074 10.6 11.6 0.8 2.0 28.2 11.7 0.5 0.2 1.7 4.1 0.6 0.5Hind. Zinc Neutral 143 - 60,211 12,446 13,538 52.3 52.9 15.0 16.4 9.5 8.7 1.9 1.6 21.4 19.7 3.0 2.3

Hindalco Neutral 124 - 23,770 79,148 89,258 9.4 9.0 15.0 15.6 8.3 8.0 0.7 0.7 8.8 8.4 0.7 0.6

JSW Steel Neutral 767 - 17,112 39,586 41,459 17.6 17.0 78.7 90.1 9.8 8.5 1.0 0.9 10.2 10.7 0.8 0.8

MOIL Neutral 264 - 4,439 941 1,019 47.3 48.3 25.8 28.1 10.2 9.4 1.6 1.4 16.7 16.2 2.3 1.9

Monnet Ispat Accumulate 298 344 1,916 2,501 3,264 22.2 24.6 41.8 55.2 7.1 5.4 0.7 0.7 11.3 13.4 1.9 1.3

Nalco Neutral 48 - 12,319 6,898 7,841 9.9 14.7 2.0 3.2 24.1 15.0 1.0 1.0 4.3 6.8 1.3 1.2

NMDC Buy 163 198 64,724 11,209 12,525 78.4 78.3 18.5 20.6 8.8 7.9 2.2 1.8 27.0 24.6 3.7 3.1

SAIL Neutral 86 - 35,378 47,252 60,351 14.2 14.8 9.6 11.7 9.0 7.3 0.8 0.7 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 18, 2012


11/14



Metals & Mining

Sesa Goa Neutral 193 - 16,778 4,551 6,640 32.8 34.4 33.7 39.3 5.7 4.9 1.0 0.8 18.3 18.3 4.2 2.9

Sterlite Inds Neutral 118 - 39,588 43,185 45,442 23.3 23.7 16.8 17.9 7.0 6.6 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Buy 399 463 38,747 145,725 154,108 8.3 9.5 22.0 44.5 18.1 9.0 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 129 153 463 1,442 1,494 17.6 17.3 27.2 28.7 4.7 4.5 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 47 73 627 2,694 2,906 14.6 16.6 16.4 20.8 2.8 2.2 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 117 143 373 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 62,157 17,567 17,643 76.2 72.3 61.1 56.8 5.3 5.7 1.1 0.9 22.0 17.5 2.7 2.3

GAIL Neutral 345 - 43,737 46,652 54,142 15.7 15.7 34.0 35.3 10.1 9.8 1.8 1.5 18.5 16.8 0.7 0.5

ONGC Buy 259 312 221,159 147,139 154,821 33.9 33.7 30.7 32.3 8.4 8.0 1.5 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 834 - 273,049 362,700 380,031 7.9 8.0 60.0 63.3 13.9 13.2 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 304 - 3,898 3,128 3,707 13.2 11.7 22.8 23.5 13.3 12.9 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 262 - 3,668 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.2 1.1

Petronet LNG Accumulate 160 183 11,974 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 - 4,158 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 69 91 1,300 1,624 1,855 14.2 15.6 6.6 9.1 10.5 7.6 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 187 - 5,445 5,243 5,767 14.6 14.6 11.8 12.6 15.9 14.9 2.0 1.7 17.9 16.4 1.5 1.3

Aventis* Neutral 2,303 - 5,305 1,482 1,682 15.5 15.5 95.1 104.4 24.2 22.1 4.3 3.3 18.6 17.0 3.3 2.8

Cadila Healthcare Accumulate 867 926 17,757 6,148 7,386 18.6 19.6 32.7 44.8 26.5 19.4 5.8 4.7 23.7 26.6 3.2 2.6

Cipla Neutral 409 - 32,860 8,151 9,130 25.0 24.0 19.5 20.9 21.0 19.6 3.6 3.1 18.8 17.2 3.8 3.3

Dr Reddy's Neutral 1,843 - 31,292 10,696 11,662 20.7 21.0 83.7 92.9 22.0 19.8 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 119 145 964 1,280 1,536 20.2 20.2 10.4 14.5 11.5 8.2 1.0 0.9 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,063 - 17,471 2,651 2,993 31.7 31.2 76.0 82.4 27.1 25.0 7.8 7.0 20.1 26.3 5.8 5.0

Indoco Remedies Buy 66 89 611 685 837 15.2 15.2 7.4 8.9 9.0 7.5 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 498 - 6,278 2,850 3,474 21.0 21.0 29.9 37.3 16.7 13.4 4.0 3.2 26.7 26.4 2.3 1.9

Lupin Accumulate 600 652 26,838 8,426 10,082 19.7 20.0 26.3 31.3 22.8 19.2 5.3 4.3 26.0 24.7 3.3 2.7

Ranbaxy* Neutral 506 - 21,365 12,046 11,980 18.0 15.8 31.3 29.8 16.2 17.0 5.5 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 720 - 74,400 9,752 12,134 41.6 41.6 26.0 28.2 27.7 25.5 5.2 4.4 20.3 18.8 6.9 5.3

Power

CESC Neutral 305 - 3,806 5,218 5,644 24.2 23.8 44.6 47.6 6.8 6.4 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 70 78 1,051 1,523 1,568 30.3 30.3 5.4 11.5 12.9 6.0 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 18, 2012


12/14



Power

NTPC Neutral 154 - 127,269 74,111 85,789 22.7 23.1 12.1 13.7 12.8 11.2 1.6 1.4 12.6 13.2 2.3 2.1

Real Estate

Anant Raj Sell 97 78 2,861 657 875 52.0 56.1 8.4 12.7 11.5 7.6 0.7 0.7 6.3 8.9 5.5 4.1

DLF Neutral 218 - 37,064 9,878 12,033 44.7 46.1 9.6 13.4 22.8 16.3 1.4 1.4 6.4 8.7 6.2 5.1

HDIL Neutral 116 - 4,863 2,441 3,344 55.1 48.2 22.7 26.6 5.1 4.4 0.4 0.4 8.8 9.4 3.8 2.9

MLIFE Neutral 410 - 1,676 813 901 26.2 26.6 32.0 37.1 12.8 11.1 1.3 1.2 10.4 11.0 2.4 2.1

TelecomBharti Airtel Neutral 300 - 114,097 81,984 90,718 32.1 33.8 10.9 16.9 27.5 17.8 2.1 1.9 7.6 10.6 2.1 1.8

Idea Cellular Neutral 95 - 31,358 22,234 24,161 26.9 27.7 3.3 4.9 28.6 19.2 2.2 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 75 - 15,470 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 1,481 1,590 3,146 1,629 1,886 11.8 13.3 60.8 79.5 24.4 18.6 5.0 4.2 22.0 24.4 1.7 1.4

Bajaj Electricals Neutral 212 - 2,109 3,497 3,968 6.6 7.6 9.8 15.5 21.6 13.7 2.8 2.4 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 416 - 527 427 528 15.7 14.6 30.0 34.0 13.9 12.2 3.0 2.5 24.6 22.5 1.3 1.1

Cravatex Buy 454 545 117 272 308 7.2 7.3 37.5 45.4 12.1 10.0 2.9 2.3 23.7 22.7 0.5 0.5

CRISIL Neutral 1,029 - 7,227 982 1,136 34.3 34.3 34.3 40.0 30.0 25.7 13.6 10.9 50.9 46.9 7.0 5.9

Finolex Cables Neutral 59 - 908 2,304 2,552 9.9 9.1 8.2 10.1 7.3 5.9 1.0 0.9 13.7 14.7 0.3 0.3

Force Motors Accumulate 491 537 640 2,318 2,700 5.0 5.7 45.0 67.0 10.9 7.3 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 335 360 772 1,494 1,607 6.4 7.8 23.9 33.0 14.0 10.1 2.2 1.9 16.5 20.1 0.3 0.2

Greenply Industries Neutral 327 - 789 1,925 2,235 10.6 10.9 29.6 44.1 11.1 7.4 1.8 1.5 16.8 21.0 0.7 0.6

Hitachi Accumulate 141 146 324 873 989 4.4 6.5 6.4 12.2 22.2 11.6 1.8 1.6 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,786 2,842 2,463 1,745 1,993 4.0 5.3 59.5 90.4 46.8 30.8 3.5 3.1 8.1 11.3 1.1 1.0

Styrolu tion ABS Ind ia* Neutral 744 - 1,308 1,059 1,116 8.5 9.5 36.0 42.0 20.7 17.7 3.0 2.6 15.4 16.0 1.2 1.2ITD Cementation Neutral 234 - 269 1,323 1,455 12.4 12.4 23.2 27.7 10.1 8.5 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 171 - 2,757 1,228 1,443 9.0 10.9 3.9 6.4 44.0 26.8 4.4 4.0 10.1 15.6 2.7 2.3

MCX Neutral 1,500 - 7,649 553 624 65.3 66.3 62.5 72.0 24.0 20.8 6.6 5.7 27.5 27.4 10.9 9.2

MRF Accumulate 12,203 12,884 5,175 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.5 8.5 1.8 1.5 21.3 19.4 0.6 0.5

Page Industries Accumulate 3,424 3,602 3,819 836 1,023 20.2 20.6 105.6 133.4 32.4 25.7 16.5 11.6 59.3 53.2 4.6 3.8

Relaxo Footwears Buy 774 933 929 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 1,927 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 305 366 286 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.2 0.9 0.8 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 14 - 403 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 18, 2012


13/14



zOthers

SpiceJet Reduce 48 43 2,301 5,720 6,599 5.3 6.8 3.6 5.4 13.2 8.9 19.1 6.1 - - 0.5 0.4

TAJ GVK Buy 72 108 452 300 319 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 273 335 209 1,476 1,643 7.0 8.2 32.6 55.9 8.4 4.9 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,879 - 24,581 10,289 11,421 12.8 12.8 26.0 45.3 72.3 41.5 3.3 3.1 5.8 7.6 2.8 2.5

Vesuvius India Neutral 337 - 684 560 611 16.1 17.0 24.7 28.8 13.7 11.7 2.0 1.8 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 17, 2012


Market Outlook

Stock Watch

December 18, 2012


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Market Outlook 181212

Documents

Transcript of Market Outlook 181212