Market Outlook 200712

7/31/2019 Market Outlook 200712

1/19

Market OutlookJuly 20, 2012

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open flat with a negative bias as major Asian

indices are trading in the red amid concerns that Europes debt crisis is dragging

down the global growth and as China pledged to keep curbs on its

property market.

US markets ended the day in positive territory led by technology stocks which

posted substantial gains. However, disappointing economic data limited the upside

for the markets. Buying interest remained somewhat subdued following the release

of report from the Labor Department which showed a bigger than expected

increase in weekly jobless claims. Jobless claims jumped to 386,000 in the week

ended July 14th from the previous week's revised figure of 352,000. A separate

report from the National Association of Realtors showed an unexpected drop in

existing home sales (fell 5.4% to an annual rate of 4.37mn) in the month of June.

Looking ahead, due to lack of any major US economic reports, US corporate

earnings news is likely to remain in focus during trading on Friday.

Markets TodayThe trend deciding level for the day is 17,281/5,245 levels. If NIFTY trades above

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

up to 17,317 17,355/5,256 5,269 levels. However, if NIFTY trades below

17,281/5,245 levels for the first half-an-hour of trade then it may correct up to

17,243 17,207/5,231 5,220 levels.

SENSEX 17,207 17,243 17,281 17,317 17,355

NIFTY 5,220 5,231 5,245 5,256 5,269

News Analysis 21% duty imposed on import of power gear Hitachi Home and Life Solutions (HHLS) shuts unit at Kadi plant 1QFY2013 Result Reviews - HMCL, DRL, DB Corp, FAG, Persistent Systems 1QFY2013 Result Previews - RIL, HZL, UltraTech Cement, Asian Paints, CG,

Bank of Maharashtra, HT Media

Refer detailed news analysis on the following page

Net Inflows (July 18, 2012)

FII 2,288 1,911 377 8,813 49,801

MFs 495 475 20 (1,916) (8,076)

FII Derivatives (July19, 2012)

Index Futures 1,924 1,270 654 16,206

Stock Futures 2,583 2,470 112 27,550

Gainers / Losers

Dish TV 71 4.6 Maruti Suzuki 1,117 (8.7)

GMR Infra 25 4.0 Idea Cellular 81 (3.9)

Thermax 510 3.9 Godrej Ind. 242 (3.7)Havells India 599 3.5 CRISIL 994 (3.4)

United Spirits 807 3.4 BOB 697 (2.6)

BSE Sensex 0.6 93.8 17,279

Nifty 0.5 26.4 5,243

MID CAP 0.1 7.4 6,198

SMALL CAP 0.4 24.9 6,682

BSE HC 0.1 3.7 7,034

BSE PSU 0.2 10.9 7,290

BANKEX 0.1 13.6 12,198

AUTO (0.5) (43.1) 9,137

METAL 0.9 92.9 10,661

OIL & GAS 1.2 99.3 8,084

BSE IT 1.8 91.8 5,325

Dow Jones 0.3 34.7 12,943NASDAQ 0.8 23.3 2,966

FTSE 0.5 28.4 5,714

Nikkei 0.8 68.8 8,796

Hang Seng 1.7 319.2 19,559

Straits Times 0.4 11.8 3,029

Shanghai Com 0.7 15.7 2,185

INFY 0.9 0.4 $40.2

WIT 1.6 0.1 $8.4IBN 1.3 0.4 $35.0

HDB 0.2 0.1 $34.3

Advances 1,514 799

Declines 1,299 678

Unchanged 136 82

BSE 1,926

NSE 9,582


2/19



The government has imposed a duty of 21% on imported power equipment,

helping domestic manufacturers to withstand competition from Chinese rivals. The

union cabinet has approved imposing 5% basic, 12% countervailing and 4%

Special additional duty on imported power equipment. The duty is not supposed toimpact existing import contracts. The move should benefit domestic power

equipment manufacturers (like BHEL, L&T BGR Energy and Thermax) given the

strong competition from imports of Chinese and Korean equipments.

A major fire broke out at Unit No. 2 at Kadi plant, Gujarat on Thursday (19th July

2012) morning, due to which the plant has become non-operational. As per

media reports, 60-70% of the plant was destroyed and the losses are estimated to

be ~`100cr; however the management revealed that the estimation of losses are

still under assessment. Meanwhile, the unit no.1 at Kadi plant is operational and

the production of unit no.2 can be shifted to Jammu plant. We do not expect a

major impact on the financials, as the company has adequate insurance of the

plant. Moreover, the unit no. 2 of Kadi plant which was responsible for production

of air conditioners is currently off seasonal, thus evading revenue losses.

Result Reviews

Hero MotoCorp (HMCL) reported marginally lower-than-expected net sales growth

of 10% yoy (3.5% qoq) to `6,247cr driven by volume growth of 7.2% yoy (4.3%

qoq) and 2.7% yoy growth in net average realization. Net average realization

however, remained flat sequentially primarily on account of higher share of less

than 125cc (89% as against 86% in 4QFY2012) motorcycles in the overall

product-mix. Volume performance was led by 7% and 12.8% yoy increase in

motorcycle and scooter sales, respectively. On the operating front, EBITDA

margins (adjusted for change in accounting for royalty payments) declined 40bp

sequentially to 11.5% largely due to higher royalty payments led by unfavorable

currency movement and 50bp increase in raw-material expenses. As a result, net

profit grew by 10.3% yoy (2% qoq) to`615cr, marginally lower-than our estimates

of `637cr. At the CMP of `2,088, HMCL is trading at 13.8x FY2014E earnings

FY2013E 26,097 15.0 2,794139.9 54.7 14.9 7.0 8.4 1.2

FY2014E 29,917 15.2 3,031151.8 44.2 13.8 5.4 6.5 0.9


3/19



DRL (CMP:`1656 / TP:`1859 / Upside: 12.3%)

DRL posted a higher than expected top line growth in 1QFY2013, while reporting

net profit came in well below expectations. The top-line came in at`2541cr, V/s

expectations of`2500cr. The top-line growth came on back of 32% yoy growth in

the generic segment, while the PSAI grew by 14% yoy. The generic segment grewon back of 38%yoy in the US markets and 65%yoy in the ROW markets. The key

market Russia grew by 38%yoy, while India grew by 19%yoy. The EBIT margins

came in lower than expected (16.3%) than 19.3%. This along, with higher interest

expenses resulted in lower than expected net profit (`385cr), at `340cr (Adj. net

profit). `

FY2013E 316,404 11.2 21,210 64.8 11.9 11.2 1.2 6.2 0.7

FY2014E 319,119 12.0 22,799 69.7 11.6 10.4 1.0 5.5 0.7

DB Corp (CMP:`201 / TP: Under review / Upside: - %)

DB Corp reported weak performance in 1QFY2013. Top-line grew by 7.0% yoy to

`378cr. Circulation revenue grew by 15.5% yoy to`66cr while advertising revenue

remained flat at`270cr. Radio business contributed`14cr to the topline. On the

operating front, EBITDA margin contracted 590bp yoy to 22.5% led by 12.5%

increase in raw-material expenses and 18.6% increase in employee costs. The

company reported 28.5% decline in net profit to 44cr primarily on account of

margin pressure and `7cr hit due to forex exposure.

FY2013E 1,638 25.8 247 13.5 23.9 14.9 3.3 8.2 2.1

FY2014E 1,851 26.6 295 16.1 24.2 12.4 2.8 6.7 1.8

FAG Bearings (CMP:`1,498 / TP: - / Upside: -)

FAG Bearings (FAG) posted a mixed 2QCY2012 performance as net sales

registered a strong 19.5% yoy (4.6% qoq) growth to`380cr; however bottom-line

grew by 3.4% yoy (flat qoq) to`46cr aided by higher other income (up 44.1% yoy).

EBITDA margins declined sharply by 320bp yoy (72bp qoq) to 16.8% largely on

account of increase in raw-material expenses. However, 90bp and 280bp yoy

saving in staff cost and other expenditure arrested further fall in margins. Led by

margin contraction, operating profit remained flat on a yoy and qoq basis.

While the company defied the slowdown in the industrial and automotive OEM

segment and posted a strong top-line growth during the quarter, we expect the

growth outlook for the company to remain challenging in 2HCY2012. Further,

margin pressures due to higher raw-material expenses and negative impact of INR

depreciation is likely to restrict bottom-line growth. At the CMP of`1,498 the stock

is trading at 11.5x its CY2013E earnings.


4/19



CY2012E 1,492 18.8 192 115.3 23.5 13.0 2.8 7.4 1.3

CY2013E 1,703 18.5 215 129.8 21.6 11.5 2.3 6.1 1.1

Persistent (CMP:`394 / TP: - / Upside: -)

Persistent Systems (Persistent) reported its 1QFY2013 results which were in line on

the revenue front but disappointed on the operating front. The dollar revenues

came in at US$54.9mn, up merely 1.3% qoq. The companys IP led revenue grew

considerably by 16% qoq to US$7.6mn. The companys offshore billing rates

remained stable while onsite billing rates grew marginally by 1.5 qoq. The

companys EBITDA margin declined by 175bp qoq to 26.8%, due to ~420bp qoq

wage hike impact (partially got absorbed by benefits from INR depreciation). PAT

stood at`42cr, up 1% qoq. Management indicated that the company is expected

to grow higher than Nasscoms estimates of 11-14% in FY2013.

FY2013E 1,187 26.7 138 34.5 14.4 11.4 1.6 3.8 1.0

FY2014E 1,274 26.0 171 42.6 15.4 9.2 1.4 3.3 0.9

Result Previews

Reliance Industries

Reliance Industries Ltd. (RIL) is scheduled to announce its 1QFY2013 results today.

We expect the companys top line to remain flat yoy to `80,884cr during the

quarter. However, we expect the companys operating margin to decline 450bp

yoy to 7.8% on account of decrease in production from KG D6 basin. The

companys bottom-line is expected to decrease by 28.0% yoy to `4,077cr.

FY2013E 316,404 11.2 21,210 64.8 11.9 11.2 1.2 6.2 0.7

FY2014E 319,119 12.0 22,799 69.7 11.6 10.4 1.0 5.5 0.7

Hindustan Zinc

Hindustan Zinc is slated to announce its 1QFY2013 results. The companys top-

line is expected to increase by 4.2% yoy growth to `2,939cr mainly on account of

higher volumes partially offset by lower realizations of zinc and lead. EBITDA

margin is expected to contract by 450bp to 51.0% on account of decrease in

realizations. Its bottom-line is expected to decrease by 7.9% yoy to`1,377cr.


5/19



FY2013E 12,518 51.7 5,789 13.7 19.8 8.7 1.6 4.3 2.2

FY2014E 13,282 52.6 6,263 14.8 18.2 8.0 1.4 3.3 1.7

UltraTech Cement (CMP:`1,574/ TP: - / Upside: - %)

Ultra Tech cement is expected to announce its 1QFY2013 results today. We expect

the top-line to grow by 14.3% yoy to `4,988cr on account of both higher

dispatches and better realizations. We expect the OPM to increase by 532bp yoy

to 27.4% as the improvement in realization is higher than the increase in

operating costs. Bottom-line is expected to increase by 17.1% yoy to `800cr.

FY2013E 19,938 21.7 2,456 89.6 17.7 17.6 2.9 9.2 2.0

FY2014E 22,460 22.9 2,870 104.7 17.9 15.0 2.5 8.2 1.9

Asian Paints (CMP:`3,624 / TP: - / Upside: - %)

Asian Paints is slated to announce its 1QFY2013 results. We expect the company

to post a 16.2% yoy growth in top-line to `2,627cr aided by price hikes taken by it

over the past one year. OPM is expected to expand marginally by 65bp yoy to

18.0% aided by price hikes. The companys net profit is expected to grow by

19.7% yoy to`316cr.

FY2013E 11,423 16.3 1,188 123.9 38.1 29.3 10.0 18.4 3.0

FY2014E 13,309 16.3 1,410 147.0 35.5 24.7 7.8 15.6 2.5

Crompton Greaves (CMP:`127 / TP:`142 / Upside: 12%)

For 1QFY2013, we project Crompton Greaves to report modest top-line growth of

7.0% yoy to`2,608cr. Weak capex cycle along with strained consumer sentiment

is also likely to impact the companys growth. On the EBITDA front, the companys

margin is expected to increase 44bp yoy to 7.9%. Led by moderate revenue

growth and slight margin expansion for the quarter,

FY2013E 12,451 7.9 512 8.0 13.9 15.9 2.1 9.0 0.7

FY2014E 14,265 8.3 607 9.5 14.9 13.4 1.9 7.2 0.6


6/19



(CMP:`48/ TP:`52 / Upside: 10%)

Bank of Maharashtra is scheduled to announce its 1QFY2013 results tomorrow.

We expect the bank to report a 12.2% yoy growth in Net Interest Income to

`663cr. Non-interest income is expected to decline by 10.3% yoy to `156cr.

Operating expenses are expected to increase at a higher pace of 22.8% yoy to`430cr. Provisioning expenses are expected to decline by 18.4% yoy to `183cr,

and would aid 14.3% yoy growth in net profit to `140cr. At the CMP, the stock is

trading at 0.6x FY2014E ABV.

FY2013E 3,506 3.2 659 10.2 71.6 0.6 15.3 4.7 0.7

FY2014E 3,925 3.2 758 11.9 80.6 0.7 15.8 4.0 0.6

HT Media is slated to announce its 1QFY13 results. We expect 11.9% yoy growth

in topline to`553cr aided by 5.0% yoy growth in circulation revenue to `51 cr and

15.0% yoy growth in advertising revenue to `442cr. The companys OPM is

expected to contract by 195bp yoy to 15.8% due to increase in newsprint prices in

INR terms. The companys net profit is expected to increase by 3.1% yoy to`53cr.

FY2013E 2,224 16.6 202 8.6 13.0 11.0 1.3 3.5 0.6

FY2014E 2,509 17.2 253 10.8 14.4 8.7 1.2 2.5 0.4

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 2,732 2,260 21 2,539 8

EBITDA 464 392 18 383 21

EBITDA margin (%) 17.0 17.3 15.1

Net profit 311 272 14 265 17

Net sales 2,739 2,438 12 3,077 (11)

EBITDA 206 182 13 213 (4)

EBITDA margin (%) 7.5 7.5 6.9

Net profit 99 80 24 96 3


7/19



Net sales 2,948 2,821 5 3,094 (5)

EBITDA 1,494 1,592 (6) 1,659 (10)

EBITDA margin (%) 50.7 56.4 53.6

Net profit 1,384 1,495 (7) 1,413 (2)

Net sales 87,895 81,018 8 85,182 3

EBITDA 7,090 9,926 (29) 6,563 8


Net profit 4,374 5,661 (23) 4,236 3

Net sales 2,168 1,822 19 2,119 2

EBITDA 395 345 15 387 2

EBITDA margin (%) 18.2 18.9 18.2

Net profit 177 184 (4) 202 (12)

Net sales 4,994 4,365 14 5,337 (6)

EBITDA 1,248 1,227 2 1,345 (7)

EBITDA margin (%) 25.0 28.1 25.2

Net profit 742 683 9 867 (14)

Net sales 815 684 19 869 (6)

EBITDA 194 156 24 160 21

EBITDA margin (%) 23.7 22.8 18.4

Net profit 152 127 20 160 (5)

Net sales 719 611 18 686 5

EBITDA 155 136 14 170 (9)

EBITDA margin (%) 21.6 22.3 24.8

Net profit 123 100 23 131 (6)

Net sales 1,419 1,205 18 1,364 4

EBITDA 210 179 17 224 (6)EBITDA margin (%) 14.8 14.9 16.4

Net profit 155 128 21 171 (9)


8/19



Net sales 6,273 5,504 14 5,660 11

EBITDA 866 754 15 833 4

EBITDA margin (%) 13.8 13.7 14.7

Net profit 697 627 11 687 1

Net sales 5,589 4,516 24 5,273 6

EBITDA 1,517 1,204 26 1,155 31

EBITDA margin (%) 27.1 26.7 21.9

Net profit 299 177 69 190 57

Net sales 10,998 9,483 16 18,646 (41)

EBITDA 1,246 1,126 11 2,930 (57)

EBITDA margin (%) 11.3 11.9 15.7

Net profit 815 746 9 1,920 (58)

Net sales 1,636 1,456 12 1,724 (5)

EBITDA 143 118 21 167 (14)


Net profit 81 169 (52) 98 (17)

Net sales 3,079 2,496 23 4,236 (27)

EBITDA 267 245 9 470 (43)


Net profit 92 86 7 269 (66)

Net profit 820 726 13 829 (1)

Net sales 5,200 3,940 32 5,465 -5

EBITDA 1,915 1,626 18 1,914 0

EBITDA margin (%) 36.8 41.3 35.0

Net profit 1,088 937 16 1,171 -7


9/19



Net profit 269 257 5 254 6

Net sales 2,025 1,543 31 1,883 8

EBITDA 419 294 43 373 12

EBITDA margin (%) 20.7 19.1 19.8

Net profit 264 214 23 161 64

Net profit 324 347 (7) 308 5

Net sales 1,871 2,095 (11) 2,791 (33)

EBITDA 657 1,147 (43) 997 (34)

EBITDA margin (%) 35.1 54.7 35.7

Net profit 916 841 9 1,162 (21)

Net sales 10,556 8,564 23 9,816 8

EBITDA 2,084 1,729 21 2,205 (5)

EBITDA margin (%) 19.7 20.2 22.5

Net profit 1,604 1,340 20 1,491 8

Economic and Political News

Finance Ministry asks PSBs to restrict bulk deposits to 15% Monsoon rains in India below average in past week Cabinet defers approval to FCRA Amendment Bill

Corporate News

Tata Power completes second 800MW unit of Mundra UMPP OVL looks at Russia again, revives Yamal LNG plans Violence erupts at Maruti unit, one dead, 90 injuredSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


10/19

Date Company

July 20, 2012Reliance Industries, Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, UnitedPhosphorus, Indiabulls Fin., HT Media

July 21, 2012 Bank of Maharashtra

July 22, 2012

July 23, 2012 Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Indian Bank, Tata Global, Rallis, Greenply

July 24, 2012Wipro, Jindal Steel, Lupin, Canara Bank, Sesa Goa, Shriram Trans., LIC Housing Fin., Ashok Leyland, Page Industries,Ineos ABS

July 25, 2012 Power Grid Corpn, HCL Tech, Yes Bank, Aventis, Vijaya Bank, GIPCL, MRF, Jyothy Laboratories

July 26, 2012ITC, BHEL, Sterlite Inds, Ambuja Cements, ACC, JSW Steel , Gujarat Gas, Tata Comm, Thermax, Jagran Prakashan,Bajaj Electrical, J K Lakshmi Cements

July 27, 2012NTPC, ICICI Bank, Nestle, Punjab Natl.Bank, Grasim Inds, Bank of India, Rural Elec.Corp., Union Bank, United Spirits,Central Bank, IRB Infra, Areva, CESC, TVS Motor, Dena Bank, Hind. Const.

July 28, 2012 Maruti, Indraprasth Gas, Sarda Energy, Vesuvius India, Force Motors

July 29, 2012

July 30, 2012 GAIL, Bank of Baroda, Oriental Bank, Allahabad Bank, IOB, Indoco Remedies, Subros

July 31, 2012 Titan Inds., Petronet LNG, Ipca labs, HexawareSource: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jul 23 2012 12:00AM Euro ZoneEuro-Zone ConsumerConfidence

Value Jul A (19.80) (19.80)

Jul 24 2012 12:00AM Germany PMI Services Value Jul A 49.90 50.00

Germany PMI Manufacturing Value Jul A 45.00 45.40

Jul 25 2012 12:00AM UK GDP (YoY) % Change 2Q A (0.20) (0.20)

US New home sales Thousands Jun 369.00 370.00

Jul 27 2012 12:00AM US GDP Qoq (Annualised) % Change 2Q A 1.90 1.50

Jul 31 2012 12:00AM US Consumer ConfidenceS.A./

1985=100Jul 62.00 62.00

Germany Unemployment change (000's) Thousands Jul 7.00 --

India RBI Repo rate % Jul 31 8.00 --

India RBI Cash Reserve ratio % Jul 31 4.75 --

India RBI Reverse Repo rate % Jul 31 7.00 --

Aug 1 2012 12:00AM India Imports YoY% % Change Jun (7.36) --

India Exports YoY% % Change Jun (4.16) --

UK PMI Manufacturing Value Jul 48.60 --

China PMI Manufacturing Value Jul 50.20 --

US FOMC rate decision % Aug 1 0.25 0.25

Aug 2 2012 12:00AM UK BOE Announces rates % Ratio Aug 2 0.50 0.50

Euro Zone ECB announces interest rates % Aug 2 0.75 --

Source: Bloomberg, Angel Research


July 20, 2012

Market Outlook


11/19

Market StrategyJuly 20, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

5. 9

7 .5

9. 8

7. 4

9 .4

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

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

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

9 .5

3. 7 3. 42. 5

(5.0)

6 .0

2. 7

1. 0

4. 3

(3.2)

(0.9)

2. 4

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

12.0

Jun

-11

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 4 9. 810.0 9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 3

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jun

-11

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr-

12

M

ay

-12

Jun

-12

M fg. PM I 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

(15.0)

0. 0

15.0

30.0

45.0

60.0

75.0

Jun

-11

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Expo rts yo y g ro wth Im ports yo y growth( %)

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

Ju

l-11

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research


12/19

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 129 - 2,517 1,432 1,647 14.7 14.7 7.0 8.0 18.5 16.2 3.9 3.3 22.8 22.3 1.8 1.5

United Phosphorus Buy 123 183 5,684 8,191 8,764 16.5 16.5 17.1 18.3 7.2 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 300 345 2,563 2,715 3,041 15.3 15.3 29.2 32.8 10.3 9.2 2.4 1.9 26.0 23.3 0.9 0.8

Apollo Tyres Buy 83 100 4,178 13,699 15,184 10.5 10.2 12.1 13.3 6.9 6.2 1.3 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 25 33 6,519 14,798 16,687 9.6 9.6 2.4 3.0 10.1 8.2 2.0 1.8 14.8 16.5 0.5 0.4

Automotive Axle Accumulate 399 457 603 1,211 1,387 12.1 11.7 50.3 57.1 7.9 7.0 2.0 1.6 27.8 25.7 0.5 0.5Bajaj Auto Accumulate 1,549 1,698 44,829 21,285 23,927 18.2 18.3 108.5 121.3 14.3 12.8 5.9 4.8 46.1 41.3 1.7 1.5

Bharat Forge Buy 297 372 6,907 7,173 7,998 16.3 16.5 22.3 26.6 13.3 11.2 2.6 2.2 21.0 21.0 1.0 0.9

Bosch India Neutral 8,844 - 27,768 9,106 10,255 19.4 19.3 410.2 460.3 21.6 19.2 4.8 3.9 22.1 20.4 2.7 2.3

CEAT Buy 100 164 342 5,067 5,631 8.0 7.6 39.4 41.0 2.5 2.4 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 130 149 11,088 5,899 6,771 16.0 17.0 7.4 9.1 17.7 14.3 3.2 2.7 19.0 20.2 1.6 1.3

FAG Bearings Neutral 1,490 - 2,476 1,492 1,703 18.8 18.5 115.3 129.8 12.9 11.5 2.8 2.3 23.5 21.6 1.4 1.1

Hero Motocorp Buy 2,088 2,428 41,685 26,097 29,917 15.0 15.2 139.9 151.8 14.9 13.8 7.0 5.4 54.7 44.2 1.3 1.0

JK Tyre Buy 97 135 397 7,950 8,904 5.5 6.0 25.1 38.6 3.9 2.5 0.4 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Buy 710 824 43,608 35,881 40,746 10.0 10.0 47.5 53.2 14.9 13.4 3.0 2.6 21.3 20.5 1.0 0.8

Maruti Buy 1,117 1,364 32,281 39,959 46,670 6.0 7.0 71.4 90.9 15.7 12.3 1.9 1.7 12.8 14.4 0.6 0.5

Motherson Sumi Buy 169 216 6,631 23,342 26,366 7.8 8.2 13.3 18.0 12.7 9.4 3.0 2.4 26.2 28.4 0.5 0.4

Subros Accumulate 33 36 198 1,244 1,402 8.4 8.3 4.5 5.1 7.4 6.5 0.7 0.7 9.9 11.0 0.4 0.4

Tata Motors Buy 224 305 59,818 191,303 211,004 13.0 12.9 40.7 43.8 5.5 5.1 1.9 1.6 36.0 33.1 0.4 0.4

TVS Motor Accumulate 40 42 1,884 7,442 8,198 6.2 6.1 4.8 5.2 8.3 7.6 1.4 1.3 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 769 498 16,292 8,760 10,023 7.6 7.5 18.2 20.7 42.2 37.1 5.7 5.1 14.4 14.6 1.8 1.6BGR Energy Neutral 304 - 2,195 4,195 4,837 11.0 11.0 30.1 32.4 10.1 9.4 1.8 1.6 18.4 17.6 1.1 1.0

BHEL Neutral 235 - 57,433 46,344 46,916 18.3 18.6 23.5 24.1 10.0 9.7 2.0 1.7 21.3 18.9 1.1 1.1

Blue Star Neutral 189 - 1,703 3,047 3,328 5.4 6.9 9.6 16.2 19.7 11.7 3.9 3.1 20.7 29.7 0.7 0.5

Crompton Greaves Accumulate 128 142 8,185 12,451 14,265 7.9 8.3 8.0 9.5 16.0 13.5 2.1 1.9 13.9 14.9 0.7 0.6

Jyoti Structures Buy 42 67 342 2,622 2,801 10.6 11.0 10.9 13.4 3.8 3.1 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 57 73 1,467 6,686 7,200 8.5 8.8 10.6 12.2 5.4 4.7 1.0 0.9 25.9 24.0 0.4 0.4

LMW Buy 1,622 1,992 1,827 2,369 2,727 11.7 11.7 143.4 166.0 11.3 9.8 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 511 - 6,084 5,514 5,559 9.8 9.6 29.7 28.4 17.2 18.0 3.2 2.9 20.2 16.9 1.0 0.9


July 20, 2012

Market Outlook

Stock Watch


13/19



Cement

ACC Neutral 1,263 - 23,709 11,096 12,607 21.0 21.7 76.1 82.9 16.6 15.2 3.1 2.8 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 170 - 26,157 10,205 11,659 24.6 24.2 10.8 12.0 15.7 14.1 3.3 2.9 19.7 19.8 2.2 1.8

India Cements Neutral 81 - 2,480 4,364 4,791 18.9 19.1 9.2 11.4 8.8 7.1 0.7 0.7 8.0 9.5 0.5 0.4

J K Lakshmi Cements Neutral 80 - 979 1,938 2,246 19.1 20.1 15.2 16.8 5.3 4.8 0.7 0.6 13.8 14.0 0.6 1.0

Madras Cements Neutral 155 - 3,681 3,444 3,786 25.5 24.9 14.6 17.1 10.6 9.1 1.6 1.4 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,915 - 10,154 5,519 6,293 24.5 23.7 156.6 225.3 18.6 12.9 4.6 4.0 22.3 26.0 1.5 1.2

UltraTech Cement Neutral 1,575 - 43,172 20,099 22,642 21.7 22.9 89.6 1 04.7 17.6 15.0 2.9 2.5 17.7 17.9 2.0 1.9Construction

Ashoka Buildcon Buy 207 273 1,090 2,014 2,293 22.4 22.4 22.6 26.7 9.2 7.8 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 18 - 327 2,489 2,755 7.0 7.8 3.0 4.0 6.0 4.4 0.5 0.5 8.7 10.8 0.3 0.3

Hind. Const. Neutral 19 - 1,168 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.7) (24.7) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 133 166 4,424 3,821 4,582 42.3 40.2 15.0 16.9 8.9 7.9 1.3 1.2 16.1 15.8 2.8 2.5

ITNL Buy 181 265 3,507 6,619 7,925 23.8 23.3 22.9 27.8 7.9 6.5 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 47 61 1,264 5,510 6,722 8.8 9.0 2.5 4.6 18.7 10.3 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 77 88 16,352 15,259 17,502 25.7 24.7 4.2 5.0 18.1 15.4 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,407 1,553 86,230 59,559 69,089 12.1 11.5 78.4 85.2 18.0 16.5 3.0 2.6 16.1 15.3 1.6 1.4

Madhucon Proj Buy 38 56 282 2,206 2,502 10.7 10.7 4.6 4.7 8.2 8.2 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 41 - 1,047 5,453 6,169 8.1 8.5 1.6 1.9 24.8 21.2 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 95 - 665 3,609 3,836 13.1 13.1 14.0 14.6 6.8 6.5 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 55 - 1,813 11,592 12,993 8.4 8.4 1.8 3.2 30.3 17.1 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 140 182 2,112 2,789 3,147 10.6 10.7 8.4 10.4 16.6 13.5 2.3 2.0 15.0 15.6 0.9 0.8

Simplex Infra Buy 215 265 1,064 6,732 7,837 8.1 8.4 23.5 29.4 9.1 7.3 0.8 0.8 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Accumulate 141 153 7,070 7,467 8,685 3.2 3.3 37.5 41.5 3.8 3.4 0.6 0.6 18.1 17.4 - -

Andhra Bank Neutral 112 - 6,276 5,225 6,024 3.3 3.3 22.7 25.4 5.0 4.4 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,057 1,485 43,791 15,961 19,583 3.1 3.2 117.3 143.1 9.0 7.4 1.7 1.4 20.1 20.8 - -

Bank of Baroda Buy 697 921 27,279 16,157 19,475 2.7 2.7 123.7 148.3 5.6 4.7 0.9 0.8 17.3 18.1 - -

Bank of India Buy 326 388 18,705 13,657 15,902 2.5 2.6 59.5 70.6 5.5 4.6 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Accumulate 48 52 2,804 3,506 3,925 3.2 3.2 10.2 11.9 4.7 4.0 0.7 0.6 15.3 15.8 - -

Canara Bank Buy 404 492 17,902 12,296 14,445 2.4 2.5 81.5 92.2 5.0 4.4 0.8 0.7 16.4 16.3 - -

Central Bank Reduce 77 72 5,683 7,001 8,211 2.5 2.6 14.0 20.6 5.5 3.8 0.8 0.7 11.0 14.5 - -


July 20, 2012

Market Outlook

Stock Watch


14/19



Financials

Corporation Bank Accumulate 417 465 6,180 5,294 6,070 2.3 2.3 106.3 110.1 3.9 3.8 0.7 0.6 17.7 16.2 - -

Dena Bank Accumulate 100 106 3,515 3,170 3,577 2.9 2.9 22.8 25.3 4.4 4.0 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 427 - 7,296 2,736 3,165 3.4 3.4 49.3 57.4 8.7 7.4 1.1 1.0 13.9 14.5 - -

HDFC Neutral 694 - 103,287 7,340 8,805 3.5 3.5 31.5 37.8 22.0 18.3 4.4 3.9 34.8 32.2 - -

HDFC Bank Neutral 589 - 138,787 21,936 27,454 4.4 4.4 28.7 36.0 20.6 16.4 3.9 3.3 20.7 22.0 - -

ICICI Bank Buy 950 1,169 109,199 22,368 26,857 2.8 2.9 68.2 80.4 13.9 11.8 1.7 1.5 14.2 15.4 - -

IDBI Bank Buy 94 113 11,991 8,152 9,907 1.9 2.1 19.7 24.1 4.8 3.9 0.6 0.6 13.6 15.0 - -Indian Bank Neutral 185 - 7,929 6,417 7,292 3.5 3.5 40.2 43.1 4.6 4.3 0.8 0.7 17.9 16.9 - -

IOB Accumulate 83 91 6,607 7,578 8,662 2.6 2.7 17.2 22.5 4.8 3.7 0.6 0.5 12.1 14.3 - -

J & K Bank Accumulate 914 979 4,430 2,525 2,858 3.5 3.5 175.8 183.1 5.2 5.0 0.9 0.8 19.3 17.5 - -

LIC Housing Finance Accumulate 263 286 13,265 2,108 2,607 2.6 2.6 24.5 30.6 10.8 8.6 2.0 1.7 20.1 21.4 - -

Oriental Bank Accumulate 244 269 7,112 6,497 7,533 2.8 2.8 53.4 63.9 4.6 3.8 0.6 0.5 13.3 14.3 - -

Punjab Natl.Bank Buy 824 1,050 27,957 20,142 23,929 3.2 3.3 153.3 174.3 5.4 4.7 1.0 0.8 18.3 18.0 - -

South Ind.Bank Neutral 24 - 2,764 1,514 1,717 2.8 2.7 4.0 4.2 6.1 5.8 1.2 1.0 20.5 18.5 - -

St Bk of India Accumulate 2,158 2,443 144,795 67,783 78,208 3.7 3.6 226.0 264.2 9.6 8.2 1.5 1.3 17.7 18.1 - -

Syndicate Bank Buy 101 118 6,107 7,176 8,299 3.1 3.1 25.1 29.1 4.0 3.5 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 77 71 5,138 5,642 6,438 2.5 2.5 16.4 17.6 4.7 4.4 0.9 0.8 16.2 15.4 - -

Union Bank Buy 193 256 10,623 10,623 12,404 3.0 3.0 42.5 49.6 4.5 3.9 0.8 0.6 16.9 17.2 - -

United Bank Buy 59 78 2,132 3,599 4,212 2.8 3.0 18.2 22.3 3.2 2.7 0.5 0.4 15.0 16.2 - -

Vijaya Bank Reduce 57 52 2,800 2,695 3,097 2.2 2.3 9.6 12.0 5.9 4.7 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 355 454 12,551 3,250 4,261 2.8 2.9 34.1 42.8 10.4 8.3 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,624 - 34,765 11,423 13,309 16.3 16.3 125.3 148.4 28.9 24.4 9.8 7.7 38.0 35.4 3.0 2.5Britannia Buy 500 633 5,967 5,835 6,824 6.3 6.7 20.7 27.5 24.1 18.2 9.4 7.0 42.7 44.3 1.0 0.9

Colgate Neutral 1,168 - 15,881 3,007 3,417 21.1 22.1 38.2 43.8 30.6 26.7 36.4 28.6 130.2 119.9 5.1 4.5

Dabur India Neutral 115 - 20,059 5,878 6,799 16.8 17.0 4.2 4.9 27.8 23.4 10.1 8.2 39.3 42.0 3.4 3.0

GlaxoSmith Con* Neutral 2,650 - 11,144 3,124 3,663 17.1 17.6 103.0 123.3 25.7 21.5 7.9 6.4 34.0 32.9 3.2 2.7

Godrej Consumer Neutral 575 - 19,572 5,973 7,000 18.4 18.6 22.8 27.2 25.2 21.2 6.9 5.6 31.3 38.4 3.4 2.9

HUL Neutral 446 - 96,502 25,350 29,309 14.3 14.4 14.1 16.4 31.6 27.2 23.6 18.5 82.7 76.2 3.6 3.1

ITC Neutral 254 - 198,781 29,588 34,063 35.4 35.8 9.3 10.9 27.2 23.4 8.8 7.2 35.2 33.8 6.4 5.5


July 20, 2012

Market Outlook

Stock Watch


15/19



FMCG

Marico Neutral 183 - 11,801 4,667 5,427 12.8 12.9 6.6 8.1 27.6 22.5 7.4 5.8 30.0 28.8 2.6 2.1

Nestle* Neutral 4,490 - 43,292 8,731 10,539 21.0 21.4 114.4 143.0 39.2 31.4 23.7 16.3 71.1 61.4 5.0 4.1

Tata Global Accumulate 121 136 7,504 7,011 7,711 9.7 10.0 6.3 7.5 19.4 16.2 1.9 1.8 9.5 10.9 1.0 0.9

IT

HCL Tech Buy 480 562 33,278 24,029 26,633 18.3 17.2 39.6 43.2 12.1 11.1 2.8 2.3 22.9 21.0 1.4 1.2

Hexaware Buy 115 132 3,394 1,921 2,178 20.6 20.0 10.4 11.4 11.0 10.0 2.7 2.3 24.7 23.4 1.5 1.3

Infosys Accumulate 2,243 2,530 128,791 39,151 41,743 31.6 31.9 161.9 174.5 13.9 12.9 3.3 2.9 23.8 22.1 2.7 2.4Infotech Enterprises Neutral 182 - 2,026 1,825 2,008 17.5 17.1 16.9 18.7 10.7 9.7 1.5 1.3 13.7 13.3 0.7 0.6

KPIT Cummins Neutral 121 - 2,161 2,145 2,316 16.0 14.8 9.9 11.3 12.2 10.7 2.4 2.0 20.8 19.1 1.0 0.8

Mahindra Satyam Accumulate 83 87 9,732 7,492 8,038 17.0 16.3 8.1 8.3 10.2 9.9 1.4 1.3 14.1 12.6 0.9 0.8

Mindtree Accumulate 643 708 2,615 2,341 2,513 18.6 17.1 66.5 70.8 9.7 9.1 2.1 1.7 22.3 19.3 0.9 0.8

Mphasis Neutral 395 - 8,291 5,704 6,009 18.6 17.7 36.0 37.1 11.0 10.6 1.5 1.3 14.0 12.6 1.0 0.8

NIIT Buy 42 52 698 1,162 1,304 14.8 15.1 7.1 8.8 6.0 4.8 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 394 - 1,575 1,187 1,274 26.7 26.0 34.5 42.6 11.4 9.2 1.6 1.4 14.4 15.4 1.0 0.9

TCS Accumulate 1,201 1,304 235,013 61,046 67,507 29.3 29.1 67.3 72.4 17.8 16.6 5.7 4.7 31.9 28.3 3.6 3.3

Tech Mahindra Neutral 717 - 9,144 6,282 6,477 17.5 16.5 82.9 85.0 8.7 8.4 1.9 1.6 21.6 18.4 1.4 1.3

Wipro Buy 369 451 90,690 44,597 49,033 20.3 20.5 26.6 30.1 13.9 12.3 2.7 2.3 19.5 18.9 1.7 1.4

Media

D B Corp Buy 200 269 3,675 1,638 1,851 25.8 26.6 13.5 16.1 14.9 12.4 3.3 2.8 23.9 24.2 2.2 1.8

HT Media Buy 94 148 2,207 2,224 2,509 16.6 17.2 8.6 10.8 11.0 8.7 1.3 1.2 12.9 14.3 0.6 0.4

Jagran Prakashan Buy 84 125 2,658 1,521 1,698 22.6 23.1 6.2 6.4 13.7 13.0 3.3 2.9 20.7 23.9 2.0 1.8

PVR Neutral 173 - 447 625 732 16.5 15.7 11.9 13.3 14.5 13.0 1.4 1.3 11.9 12.0 1.1 0.9

Sun TV Network Neutral 296 - 11,663 2,002 2,296 77.1 76.7 18.9 22.1 15.7 13.4 4.0 3.5 27.7 28.3 5.3 4.4Metals & Mining

Bhushan Steel Reduce 473 429 10,035 11,408 13,773 31.0 30.0 53.7 60.8 8.8 7.8 1.3 1.1 15.3 14.9 2.6 2.2

Coal India Neutral 360 - 227,136 68,841 74,509 25.3 25.3 24.1 26.1 15.0 13.8 4.1 3.4 30.4 26.8 2.4 2.1

Electrosteel Castings Buy 19 22 654 1,984 2,074 11.2 12.6 2.0 2.7 9.3 7.0 0.4 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 119 141 50,281 13,050 14,585 51.4 52.1 14.5 16.5 8.2 7.2 1.6 1.3 20.8 19.9 2.1 1.4

Hindalco Neutral 122 - 23,396 83,212 91,057 9.0 9.9 13.7 18.1 8.9 6.8 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 691 - 15,406 39,592 44,910 18.0 17.7 74.7 88.9 9.2 7.8 0.9 0.8 10.7 11.6 0.7 0.7

MOIL Accumulate 276 296 4,644 1,007 1,091 56.6 56.9 29.4 31.9 9.4 8.7 1.7 1.5 19.0 18.2 2.4 2.0

Monnet Ispat Accumulate 390 447 2,509 3,115 3,748 22.1 25.1 59.1 66.8 6.6 5.8 0.9 0.8 15.6 15.3 1.6 1.2


July 20, 2012

Market Outlook

Stock Watch


16/19



Metals & Mining

Nalco Neutral 56 - 14,497 8,474 9,024 12.6 16.2 2.6 3.6 22.0 15.7 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Neutral 191 - 75,885 11,959 13,062 78.2 78.6 19.1 20.9 10.1 9.2 2.5 2.0 27.1 24.4 4.2 3.7

SAIL Neutral 93 - 38,538 50,914 60,785 14.6 15.1 9.4 10.5 9.9 8.9 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Neutral 194 - 16,817 9,067 9,316 35.7 35.5 44.5 44.3 4.4 4.4 0.9 0.8 23.5 19.5 0.5 0.1

Sterlite Inds Buy 106 123 35,572 45,294 48,059 25.7 25.3 16.5 18.0 6.4 5.9 0.7 0.6 12.0 11.2 0.5 0.3

Tata Steel Buy 415 499 40,271 143,088 148,011 10.9 12.1 53.9 66.0 7.7 6.3 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Accumulate 323 372 61,692 15,513 16,074 74.0 69.7 51.1 48.6 6.3 6.7 1.1 0.9 18.3 14.8 2.8 2.1

GAIL Neutral 357 - 45,291 50,472 55,502 15.3 15.6 35.4 37.0 10.1 9.6 1.8 1.6 19.0 17.2 0.1 -

ONGC Accumulate 285 321 243,660 156,331 159,043 37.7 36.3 31.3 32.6 9.1 8.7 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 728 - 238,305 316,404 319,119 11.2 12.0 63.5 68.7 11.5 10.6 1.2 1.1 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 59 91 1,104 1,624 1,855 14.2 15.6 6.6 9.1 8.9 6.4 2.2 1.7 27.5 29.2 0.9 0.8

Aurobindo Pharma Buy 109 156 3,178 5,243 5,767 14.6 14.6 11.8 12.6 9.3 8.7 0.9 0.4 11.4 10.9 0.8 0.6

Aventis* Neutral 2,208 - 5,084 1,482 1,682 15.5 15.5 95.0 104.0 23.2 21.2 4.1 3.2 18.6 17.0 3.2 2.8

Cadila Healthcare Accumulate 880 953 18,011 6,196 7,443 18.5 19.5 37.6 47.7 23.4 18.4 5.2 4.2 26.8 27.5 2.9 2.3

Cipla Accumulate 332 379 26,661 7,687 8,804 21.4 21.4 16.5 18.9 20.1 17.6 3.1 2.7 16.7 16.8 3.4 2.9

Dr Reddy's Neutral 1,656 - 28,101 10,696 11,662 20.7 21.0 83.7 92.9 19.8 17.8 4.1 3.5 22.4 21.0 2.7 2.5

Dishman Pharma Buy 67 92 539 1,280 1,536 17.8 17.8 9.2 11.3 7.3 5.9 0.5 0.5 7.7 8.5 1.1 0.9

GSK Pharma* Neutral 2,079 - 17,614 2,651 2,993 31.7 31.2 76.0 82.4 27.4 25.2 7.9 6.9 30.8 29.0 5.7 4.9

Indoco Remedies Buy 58 82 536 685 837 15.2 15.2 7.4 8.9 7.9 6.5 1.2 1.0 15.9 16.3 0.9 0.8

Ipca labs Buy 374 435 4,711 2,850 3,474 20.3 20.3 31.9 36.3 11.7 10.3 3.6 2.9 26.2 26.8 1.8 1.5

Lupin Accumulate 572 647 25,546 8,426 10,082 19.7 20.0 27.4 32.4 20.9 17.6 5.0 4.0 27.0 25.2 2.9 2.4Orchid Chemicals Buy 122 178 860 2,117 2,434 17.7 17.7 16.7 22.2 7.3 5.5 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 490 - 20,674 12,046 11,980 18.0 15.8 35.7 29.8 13.7 16.4 5.1 4.2 43.1 28.1 1.7 1.7

Sun Pharma Neutral 626 - 64,493 9,272 11,080 38.6 38.0 22.7 22.6 27.6 27.7 4.6 4.1 17.9 15.6 5.6 4.4

Power

CESC Accumulate 309 342 3,856 5,084 5,512 24.2 23.8 45.2 48.5 6.8 6.4 0.7 0.7 11.2 10.9 1.2 1.2

GIPCL Buy 65 77 979 1,557 1,573 28.8 28.5 10.4 10.9 6.3 6.0 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 157 - 129,577 74,766 86,549 23.1 23.4 12.4 14.1 12.6 11.2 1.6 1.4 13.0 13.5 2.5 2.2

Real Estate

Anant Raj Buy 52 78 1,545 657 875 52.0 56.1 8.4 12.7 6.2 4.1 0.4 0.4 6.3 8.9 3.6 2.7

DLF Neutral 207 - 35,149 9,878 12,033 44.7 46.1 9.6 13.4 21.6 15.4 1.4 1.3 6.4 8.7 6.1 5.0


July 20, 2012

Market Outlook

Stock Watch


17/19



Real Estate

HDIL Buy 84 115 3,511 2,441 3,344 55.1 48.2 22.7 26.6 3.7 3.2 0.3 0.3 8.8 9.4 3.3 2.5

MLIFE Buy 320 376 1,305 814 897 26.9 27.0 31.3 33.9 10.2 9.4 1.0 1.0 10.2 10.1 2.0 1.7

Telecom

Bharti Airtel Neutral 317 - 120,382 80,076 86,613 32.8 33.5 15.5 19.8 20.5 16.0 2.2 1.9 10.5 11.9 2.2 1.9

Idea Cellular Neutral 81 - 26,644 23,209 26,063 26.2 27.5 3.3 4.9 24.5 16.3 1.9 1.7 7.7 10.3 1.6 1.4

Rcom Neutral 64 - 13,199 22,125 23,734 31.9 32.0 4.5 5.9 14.3 10.9 0.4 0.3 2.5 3.1 2.0 1.7

zOthersAbbott India Accumulate 1,486 1,628 3,157 1,661 1,918 9.7 12.0 60.7 90.4 24.5 16.4 5.0 4.1 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 197 246 1,964 3,569 4,172 8.6 9.2 17.3 22.3 11.4 8.8 2.5 2.1 22.9 25.3 0.5 0.5

Cera Sanitaryware Accumulate 290 327 366 405 477 15.8 17.2 31.0 41.0 9.3 7.1 2.1 1.6 24.3 25.8 1.1 0.9

Cravatex Buy 666 785 172 302 364 5.7 6.0 49.0 71.0 13.6 9.4 4.0 2.9 29.8 30.7 0.7 0.6

CRISIL Neutral 994 - 6,976 982 1,136 34.3 34.3 34.3 40.0 29.0 24.9 13.1 10.5 50.9 46.9 6.7 5.6

Finolex Cables Buy 42 61 642 2,334 2,687 8.8 9.3 7.6 10.2 5.5 4.1 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 478 615 623 2,346 2,753 5.8 6.7 44.0 68.0 10.9 7.0 0.5 0.5 4.8 7.0 0.2 0.2

Goodyear India Accumulate 333 374 768 1,511 1,692 7.9 9.0 31.5 41.3 10.6 8.1 2.1 1.7 21.2 23.5 0.3 0.2

Graphite India Buy 83 124 1,629 2,158 2,406 18.1 18.9 12.4 14.0 6.7 5.9 0.9 0.8 14.0 14.3 0.9 0.7

Greenply Industries Buy 185 309 447 1,925 2,235 10.6 10.9 29.6 44.1 6.3 4.2 1.0 0.8 16.8 21.0 0.5 0.4

HEG Buy 209 242 834 1,746 1,946 16.5 17.7 22.5 32.9 9.3 6.3 0.9 0.9 10.4 14.2 1.1 1.1

Hitachi Buy 125 160 286 857 968 6.9 8.4 10.2 16.0 12.3 7.8 1.5 1.3 12.9 17.8 0.4 0.4

Honeywell Automation Buy 2,435 2,864 2,152 1,761 2,024 6.7 8.2 95.0 127.0 25.6 19.2 3.0 2.6 14.1 16.3 1.1 1.0

INEOS ABS India Buy 694 804 1,221 900 1,020 9.0 11.1 33.0 45.0 21.0 15.4 2.9 2.5 14.3 17.0 1.1 1.0

ITD Cementation Neutral 231 - 266 1,535 1,842 11.1 11.1 27.3 38.3 8.5 6.0 0.7 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Buy 123 268 1,988 1,315 1,568 8.6 11.1 6.4 10.9 19.3 11.3 1.6 1.5 8.4 13.9 1.8 1.5MCX Buy 1,119 1,598 5,705 610 702 65.5 67.0 67.9 79.9 16.5 14.0 4.8 4.1 29.1 28.9 6.4 5.1

MRF Buy 10,106 13,106 4,286 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.6 6.2 1.5 1.2 16.5 17.4 0.5 0.5

Page Industries Neutral 2,857 - 3,187 887 1,108 18.3 18.6 95.0 120.9 30.1 23.6 15.7 12.7 57.4 59.5 3.6 2.9

Relaxo Footwears Buy 525 618 630 1,019 1,220 11.2 12.2 44.2 61.8 11.9 8.5 2.8 2.1 26.8 28.6 0.8 0.7

Sintex Industries Buy 65 79 1,765 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.6 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 286 392 268 1,042 1,173 12.4 12.5 66.3 78.5 4.3 3.6 0.8 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 33 45 990 7,279 8,290 21.0 21.0 15.0 17.6 2.2 1.9 0.3 0.2 13.7 13.9 0.7 0.7

SpiceJet Buy 32 40 1,569 5,647 6,513 3.5 6.5 1.9 4.9 16.7 6.6 39.2 5.7 - - 0.4 0.4


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zOthers

TAJ GVK Buy 67 108 419 300 319 35.8 36.2 7.9 9.1 8.5 7.4 1.1 1.0 13.9 14.4 1.7 1.5

Tata Sponge Iron Buy 341 420 526 700 806 18.2 18.2 55.6 65.1 6.1 5.2 0.8 0.7 14.2 14.8 0.3 0.2

TVS Srichakra Buy 336 462 258 1,612 1,827 9.5 9.8 72.3 92.5 4.7 3.6 1.4 1.0 33.1 32.1 0.4 0.3

United Spirits Neutral 807 - 10,550 10,289 11,421 13.5 14.3 31.0 42.9 26.0 18.8 2.0 1.8 8.1 10.3 1.7 1.5

Vesuvius India Accumulate 377 413 764 628 716 16.4 16.5 29.8 34.4 12.6 11.0 2.2 1.9 18.8 18.6 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 19, 2012


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Market Outlook

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July 20, 2012Market Outlook

Market Outlook 200712

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Transcript of Market Outlook 200712