Market Outlook, 22-05-13

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www.angelbroking.com

Market OutlookMay 22, 2013

Dealers Diary

The Indian markets are expected to open in green tracking marginally positive

opening in most of the Asian markets, as indications that the Federal Reserve Bank

wasnt close to slowing its asset purchases lifted investor sentiment.US markets ended modestly higher in yesterdays trading session, after comments

from two Federal Reserve officials suggested that the central bank is not close to

tapering its bond-buying program. St. Louis Fed President said that the central

bank should continue with its present bond-buying program and adjust the rate of

purchases in view of incoming data on growth and inflation. The Feds US$85bn a

month asset-purchase program aims to boost economic growth and lower the

jobless rate. The program has buoyed the stock market and its end - if not properly

managed - may hurt sentiment among equity investors, potentially triggering a

correction in the market.

Meanwhile Indian markets ended a choppy session notably lower on Tuesday,

mirroring weak global cues as investors turned their focus to Fed chairman Ben

Bernanke's Congressional testimony to Congress and the release of the Fed's May

minutes due this Wednesday for cues on the outlook for interest rates.

Markets Today

The trend deciding level for the day is 20,164 / 6,136 levels. If NIFTY trades above

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

up to 20,256 20,399 / 6,158 6,202 levels. However, if NIFTY trades below

20,164 / 6,136 levels for the first half-an-hour of trade then it may correct up to

20,020 19,929 / 6,092 6,070 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,929 20,020 20,164 20,256 20,399NIFTY 6,070 6,092 6,136 6,158 6,202

News Analysis JSW Ispat reports 4QFY2013 results Result Review: Tech Mahindra Result Preview: L&T, Thermax, NCC

Refer detailed news analysis on the following page

Net Inflows (May 20, 2013)` cr Purch Sales Net MTD YTDFII 3,259 2,224 1,035 12,992 74,165MFs 346 656 (310) (2,499) (11,595)

FII Derivatives (May 21, 2013)` cr Purch Sales Net Open InterestIndex Futures 2,057 1,673 385 18,198

Stock Futures 1,872 2,081 (209) 29,462

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Adani Power 61 12.2 Divis Lab 1,008 (7.3)

Emami 731 5.1 Bajaj Finance 1,493 (5.6)

Crompton Greaves 105 3.0 Karnataka Bank 148 (5.0)

Nestle India 5,246 2.8 Aurobindo Phar 181 (4.9)

Dish TV India 70 2.5 Ultratech Cem 1,934 (4.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.6) (112) 20,112

Nifty (0.7) (43) 6,114

MID CAP (0.6) (41) 6,547

SMALL CAP (0.4) (27) 6,160

BSE HC (0.9) (77) 8,923

BSE PSU (1.0) (69) 6,897

BANKEX (0.9) (133) 14,941

AUTO (1.7) (197) 11,097

METAL (0.7) (58) 8,735

OIL & GAS (0.8) (73) 8,881

BSE IT 0.8 48 6,031

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.3 52 15,388NASDAQ 0.2 6 3,502

FTSE 0.7 48 6,804

Nikkei 0.1 20 15,381

Hang Sang (0.5) (127) 23,366

Straits Times (0.3) (10) 3,444

Shanghai Com 0.2 5 2,305

Indian ADR Chg (%) (Pts) (Close)INFY 1.0 0.4 $43.5

WIT 0.4 0.0 $7.8IBN (1.6) (0.8) $47.0

HDB (0.9) (0.4) $42.0

Advances / Declines BSE NSEAdvances 938 444

Declines 1,425 883

Unchanged 143 102

Volumes (` cr)BSE 1,967

NSE 10,235

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JSW Ispat reports 4QFY2013 results

JSW Ispat, which is expected to be merged with JSW Steel during CY2013,

reported its 4QFY2013 results. Its net sales declined by 3.6% yoy to `2,621cr. The

EBITDA also decreased by 2.5% yoy to `190cr mainly due to lower steel prices and

higher power costs. However, the company's interest cost declined by 13.4% yoy to`232cr and therefore this coupled with deferred tax credit benefits helped the

company to post a positive PAT of `94cr in 4QFY2013 compared to a loss of

`141cr in 4QFY2012. We maintain our Neutral view on the JSW Steel.

Result Review

Tech Mahindra (CMP: `910/ TP: Under review/ Target: -)

Tech Mahindra reported better than expected revenue growth but disappointed

slightly on the operational margin front. The dollar revenues came in at

US$353.2mn, up 7.2% qoq, aided by acquisition of HGS and Comviva. USDrevenues from non-BT accounts grew by ~13.3% qoq to US$265mn. Revenue

from BT declined by 7.6% qoq and BT now contributes 25% to revenues 37% in

4QFY2012. In INR terms, the revenue came in at `1,907cr, up 6.5% qoq. The two

acquisitions which the company did HGS and Comviva has got lower margin

profile than company average, due to which EBITDA margin of the company

declined by ~105bp qoq to 19.9%. The companys utilization level went up by

~100bp qoq to 77%, majorly because of reduction in its employee base by 1,560

employees. Management indicated that US is on a path of recovery in terms of IT

send from telecom clients while Europe still remains patchy. Deal pipeline of the

company from emerging markets remains strong. The consolidated reported PAT

came in at `377cr while adjusted PAT (adjusting for exceptional item in Mahindra

Satyam) came in at `320cr, down 20% qoq.

The overall results were healthy on the back of acquitsions and new deals. The

Management indicated that the proposed Tech Mahindra - Satyam merger had

been approved by the Bombay High Court, while it awaits the Andhra Pradesh

High Court approval. Management indicated that hearings at Andhra Pradesh

High Court are complete and the judgment has been reserved and expects that the

judgment will become available in the first two weeks of June. We continue toremain positive on the stock with Buy rating on it. The target price is currentlyunder review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,699 19.3 1,421 106.8 21.6 8.5 1.8 7.9 1.5

FY2015E 8,315 18.1 1,505 113.1 18.9 8.0 1.5 7.3 1.3

Result Preview

L&T (CMP: `1,607/ TP: `1,795/ Upside: 12%)

For 4QFY2013, we expect Larsen & Toubro (L&T) to record a revenue of

`20,303cr, indicating a growth of 10.0% yoy. This growth can be attributed to the

company's large order book (~`1.6trillion). On the EBITDA front, we expect the

company's margin to witness a decline of 187bp yoy to 12.0%. We project net

profit to decline by 18.3% yoy to `1,536cr in 4QFY2013. This is mainly due to

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lower-than-expected operating performance and higher base of last year. We

estimate the company's order inflow to be at ~`23,275cr for the quarter, which is

in-line with the Management's guidance of 15-20% growth in order book.

At the CMP, the stock is trading at 18.9x FY2015E earnings and 2.7x FY2015E

P/BV, on a standalone basis. We have used the sum-of-the-parts (SOTP)methodology to value the company to capture all its business initiatives and

investments/stakes in the different businesses. Ascribing separate values to its

parent business on a P/E basis and investments in subsidiaries on P/E, P/BV and

mcap basis, our target price works out to `1,795. We continue to recommendAccumulate rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 69,586 11.2 4,604 75.1 15.2 21.4 3.0 14.4 1.6

FY2015E 79,247 11.1 5,199 84.8 15.0 18.9 2.7 12.8 1.4

Thermax (CMP: `583/ TP: -/ Upside: -)

For 4QFY2013, we expect Thermax to report a 3% yoy decline in top-line to

`1,636cr, as weak order inflow since the past few quarters will drag down the

company's revenue. The company's EBITDA margin is likely to compress by

~129bp yoy to 9.7%. Falling revenue and margin contraction are expected to

result in a yoy fall of 19.3% in the PAT to `105cr. We maintain our Neutral ratingon the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 5,931 9.6 369 31.0 18.6 18.8 3.3 10.7 1.0

FY2015E 6,592 9.7 409 34.3 17.9 17.0 2.9 9.3 1.0

NCC (CMP: `35/ TP: `45/ Upside: 27%)

NCC is expected to post a modest performance for the quarter. It is expected to

post a revenue growth of 7.1% yoy to `1,879cr while EBITDA margin is expected to

witness an expansion of 269bp yoy to 8.5% for the quarter. On the earnings front,

we expect net profit of `45cr, an increase of 317.6% yoy. This would be primarily

on account of pick up in execution and lower base of last year. We expect interestcost to jump by 4.7% yoy to `103cr owing to an elongated working capital cycle.

We maintain Buy rating on the stock with a target price of `45.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 6,576 8.2 105 4.1 4.2 8.6 0.4 6.2 0.5

FY2015E 7,264 8.2 122 4.8 4.7 7.4 0.3 5.9 0.5

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Quarterly Bloomberg Brokers Consensus Estimate

Larsen & Toubro (22/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 21,233 18,461 15 15,429 38

EBITDA 2,825 2,561 10 1,475 92EBITDA margin (%) 13.3 13.9 9.6

Net profit 1,874 1,920 (2) 1,122 67

Zee Entertainment Consolidated (22/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 930 869 7 919 1

EBITDA 217 160 35 261 (17)

EBITDA margin (%) 23.3 18.4 28.4

Net profit 167 160 4 194 (14)

BHEL (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 18,377 19,260 (5) 10,042 83

EBITDA 4,117 4,937 (17) 1,634 152

EBITDA margin (%) 22.4 25.6 16.3

Net profit 2,734 3,380 (19) 1,182 131

JSW Steel Consolidated (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 9,135 10,153 (10) 8,866 3

EBITDA 1,544 1,887 (18) 1,331 16

EBITDA margin (%) 16.9 18.6 15.0

Net profit 359 770 (53) 195 84

State Bank of India (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 3,732 4,050 (8) 3,396 10

Tata Steel Consolidated (23/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 34,905 33,860 3 31,822 10EBITDA 3,233 3,179 2 2,239 44

EBITDA margin (%) 9.3 9.4 7.0

Net profit 419 434 (3) (763) (155)

Crompton Greaves Consolidated (24/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,333 3,077 8 2,972 12

EBITDA 169 213 (21) 2 8303

EBITDA margin (%) 5.1 6.9 0.1

Net profit 74 100 (26) (189) (139)

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Bharat Forge (25/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 708 956 (26) 661 7

EBITDA 155 251 (38) 142 8

EBITDA margin (%) 21.8 26.3 21.6

Net profit 55 55 (1) 48 15

Tata Chemical Consolidated (27/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,673 3,398 8 4,171 (12)

EBITDA 527 541 (3) 536 (2)

EBITDA margin (%) 14.3 15.9 12.9

Net profit 199 189 5 224 (11)

Economic and Political News Barclays lowers India growth forecast to 6% for FY2014 CCI to seek more info from CAG on telecom spectrum auctions Finance Ministry opposes cut in duty on coal for power generation Panel to look into supply issues to power sector on May 31Corporate News

After US, India to probe Ranbaxys documents BHEL: Desperate bid to preserve cash Coal India set to achieve highest production growth rate in five years RInfra awaits regulatory nod to start work on stalled projects

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

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Date Company

May 22, 2013 Larsen & Toubro, Zee Entertainment, Thermax, LMW, Nagarjuna Const., Prakash Industries, Subros, TVS Srichakra

May 23, 2013 St Bk of India, BHEL, Tata Steel, JSW Steel , Indraprasth Gas

May 24, 2013 Crompton Greaves, Britannia, SpiceJet

May 25, 2013 Bharat Forge, MOIL, Sarda Energy, Consolidated Co, Siyaram Silk Mills, Force Motors

May 26, 2013

May 27, 2013 Nalco, Tata Chemicals, Bhushan Steel, GSPL, Bajaj Electrical, GIPCL, TTK Healthcare, Tree House

May 28, 2013GAIL, Sun Pharma, Power Grid Corpn, DLF, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, TataComm, CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, PVR, Cravatex

May 29, 2013ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, BGR Energy , Anant Raj, Madhucon Proj,Jyoti Structures, J K Lakshmi Cements, Greenply

May 30, 2013IOC, M&M, SAIL, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Unitech, Central Bank, SuzlonEnergy, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCL Infra

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 4.98

May 23, 2013 6:00PM US Initial Jobless claims Thousands May 18 360.00 345.50

1:00PM Germany PMI Services Value May A 49.60 50.00

1:00PM Germany PMI Manufacturing Value May A 48.10 48.50

2:00PM UK GDP (YoY) % Change 1Q P 0.60 0.60

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) (21.80)

7:30PM US New home sales Thousands Apr 417.00 425.00

May 24, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q F (1.40) (1.40)

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 69.15May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 --

May 30, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 2.60

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 4.90

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 --

June 3, 2013 2:00PM UK PMI Manufacturing Value May 49.80 --

June 5, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) --

June 6, 2013 4:30PM UK BOE Announces rates % Ratio Jun 6 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jun 6 0.50 --

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 --

6:00PM US Unnemployment rate % May 7.50 --

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 --

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 --

11:00AM China Industrial Production (YoY) % Change May 9.30 --

June 10, 2013 4:29PM India Imports YoY% % Change May 10.96 --

4:29PM India Exports YoY% % Change May 1.68 --

June 11, 2013 2:00PM UK Industrial Production (YoY) % Change Apr (1.40) --

June 12, 2013 2:00PM UK Jobless claims change % Change May (7.30) --

11:00AM India Industrial Production YoY % Change Apr 2.50 --


May 22, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.36.8

6.0

4.9

0.01.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ma

-12

Jun-12

Jul-12

Aug-12

Sep-12

Oc-12

Nov-12

Dec-12

Jan-13

Feb-13

Ma-13

Apr-13

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Repo rate Reverse Repo rate CRR(%)

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

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 139 - 2,705 1,657 1,906 14.1 14.1 7.7 8.9 18.1 15.6 3.8 3.2 22.2 21.9 1.6 1.3

United Phosphorus Buy 155 232 6,838 10,298 11,310 16.5 16.5 20.5 23.2 7.5 6.7 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 250 285 4,275 3,418 3,892 14.5 14.5 18.5 20.4 13.6 12.3 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 91 104 4,607 13,852 15,487 11.4 11.5 12.8 14.9 7.1 6.1 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 24 27 6,372 14,038 16,442 7.6 8.7 1.1 2.2 22.9 10.7 2.0 1.8 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 267 - 403 834 965 9.3 10.6 17.3 27.1 15.4 9.9 1.4 1.3 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,865 2,056 53,964 22,684 25,908 18.0 18.5 117.3 137.1 15.9 13.6 5.7 4.5 39.9 37.2 2.0 1.7

Bharat Forge Neutral 232 - 5,408 6,198 6,793 14.6 14.9 14.5 17.3 16.0 13.4 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,028 - 28,346 9,821 11,394 17.0 17.3 373.5 438.7 24.2 20.6 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 112 170 384 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 141 150 11,981 7,053 8,061 14.2 14.5 7.8 9.1 18.0 15.4 3.1 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,455 - 2,419 1,525 1,742 14.5 15.7 88.4 109.5 16.5 13.3 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,701 1,819 33,968 25,274 27,658 14.1 13.7 110.2 139.9 15.4 12.2 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 117 154 480 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and MahindraNeutral 1,004 - 61,616 44,550 50,260 11.4 11.7 59.6 68.3 16.9 14.7 3.5 2.9 22.3 21.6 1.1 1.0

Maruti Accumulate 1,742 1,847 52,618 48,455 55,723 11.2 10.9 107.8 123.2 16.2 14.1 2.4 2.1 16.2 16.0 0.9 0.8

Motherson Sumi Neutral 216 - 12,669 28,442 31,493 7.5 7.8 12.5 14.8 17.2 14.6 4.3 3.4 27.5 25.8 0.6 0.5

Subros Accumulate 26 30 157 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 302 324 80,606 206,341 227,695 12.8 13.5 32.3 39.0 9.4 7.8 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,848 7,715 8,584 6.0 6.1 5.0 5.8 7.8 6.7 1.3 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 663 461 14,057 8,073 9,052 5.5 6.9 11.5 16.9 57.6 39.2 5.2 5.0 9.3 13.1 1.7 1.5BGR Energy Neutral 208 - 1,501 4,114 4,886 11.4 10.7 24.9 28.0 8.3 7.4 1.1 1.0 25.2 22.6 0.7 0.6

BHEL Neutral 202 - 49,417 43,757 40,934 17.3 16.9 20.9 19.0 9.7 10.6 2.1 1.9 23.7 18.8 1.0 1.0

Blue Star Buy 170 230 1,528 2,896 3,087 5.6 6.2 9.3 11.7 18.3 14.5 3.0 2.6 17.6 19.2 0.6 0.5

Crompton Greaves Accumulate 102 117 6,550 13,790 15,095 6.4 7.4 6.9 9.4 14.8 10.9 1.7 1.5 11.7 14.5 0.5 0.5

Jyoti Structures Accumulate 30 34 249 3,074 3,355 9.0 8.8 8.7 10.2 3.5 3.0 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 49 63 1,251 7,709 8,399 6.7 7.2 6.1 8.5 8.0 5.7 1.0 0.9 20.2 23.0 0.3 0.3

Thermax Neutral 599 - 7,139 5,931 6,592 9.6 9.7 31.0 34.3 19.3 17.5 3.4 2.9 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,248 1,361 23,431 11,979 13,254 19.7 21.3 77.1 91.4 16.2 13.7 2.9 2.6 18.7 20.0 1.7 1.4


Market Outlook

Stock Watch

May 22, 2013

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Cement

Ambuja Cements Neutral 188 - 29,041 10,232 11,762 23.5 24.5 10.3 12.2 18.3 15.5 3.0 2.8 17.2 18.6 2.3 1.9

India Cements Neutral 87 - 2,659 4,777 5,276 17.3 17.1 8.8 10.9 9.8 8.0 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 105 143 1,233 2,313 2,728 19.8 20.7 16.6 23.1 6.3 4.5 0.8 0.7 13.6 16.5 1.1 0.9

Madras Cements Neutral 249 - 5,935 4,293 4,855 27.4 28.6 21.8 28.2 11.5 8.8 2.1 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,998 - 17,411 6,540 7,452 27.4 26.6 319.7 369.9 15.6 13.5 3.8 3.1 27.5 25.4 2.0 1.6

UltraTech Cement Neutral 2,020 - 55,372 21,947 25,049 23.8 23.8 106.1 119.8 19.0 16.9 3.1 2.7 17.7 17.3 2.6 2.2

ConstructionAshoka Buildcon Buy 210 255 1,104 1,928 2,234 21.0 21.5 18.0 22.2 11.7 9.5 1.0 0.9 10.2 10.1 2.0 1.9

Consolidated Co Neutral 12 - 216 2,281 2,492 5.9 6.9 0.7 2.0 17.2 5.8 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 133 157 4,415 3,997 4,312 45.5 46.4 15.7 16.6 8.5 8.0 1.2 1.1 15.2 14.5 3.5 3.8

ITNL Buy 176 230 3,416 7,444 8,041 27.4 28.9 29.8 32.1 5.9 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 23 35 692 6,287 6,836 8.5 8.5 2.3 3.0 9.6 7.4 0.3 0.3 3.4 4.2 0.6 0.5

Jaiprakash Asso. Accumulate 80 90 17,786 14,850 15,631 24.9 25.1 2.5 2.9 31.7 28.1 1.3 1.2 4.2 4.7 3.0 2.9

Larsen & Toubro Accumulate 1,619 1,795 99,677 69,586 79,247 11.2 11.1 75.1 84.9 21.5 19.1 3.1 2.7 15.2 15.0 1.6 1.4

Nagarjuna Const. Buy 36 45 925 6,576 7,264 8.2 8.3 4.1 4.8 8.8 7.6 0.4 0.4 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 53 - 1,770 12,954 14,740 9.9 9.9 0.5 0.9 105.0 57.2 0.6 0.6 0.6 1.1 0.6 0.5

Sadbhav Engg. Buy 113 153 1,706 2,511 2,736 10.6 10.6 7.3 7.8 15.6 14.5 2.0 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 110 164 546 6,824 7,563 9.2 9.4 18.0 23.4 6.1 4.7 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 33 45 247 2,455 2,734 13.4 13.0 14.6 14.9 2.3 2.3 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 130 149 6,495 7,137 7,907 2.9 2.8 32.3 36.0 4.0 3.6 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 92 - 5,173 5,254 5,900 2.8 2.8 21.2 22.9 4.4 4.0 0.6 0.6 13.3 13.0 - -

Axis Bank Buy 1,530 1,853 71,680 19,055 22,710 3.3 3.2 130.7 152.3 11.7 10.1 1.9 1.7 17.2 17.6 - -Bank of Baroda Buy 737 851 31,053 16,365 18,781 2.2 2.3 121.3 142.5 6.1 5.2 0.9 0.8 15.1 15.7 - -

Bank of India Accumulate 322 361 19,176 14,482 16,383 2.3 2.3 58.1 68.1 5.5 4.7 0.8 0.7 14.4 15.0 - -

Bank of Maharashtra Accumulate 58 62 3,866 4,451 4,792 3.2 3.0 13.2 14.1 4.4 4.1 0.7 0.6 17.5 16.5 - -

Canara Bank Neutral 446 - 19,756 11,928 13,467 2.1 2.2 74.8 86.0 6.0 5.2 0.8 0.7 13.7 14.2 - -

Central Bank Neutral 70 - 7,343 8,249 9,211 2.4 2.5 14.9 18.2 4.7 3.9 0.7 0.6 12.5 13.8 - -

Corporation Bank Accumulate 420 476 6,416 5,558 6,121 2.0 2.0 98.4 107.7 4.3 3.9 0.6 0.6 14.9 14.5 - -

Dena Bank Neutral 95 - 3,338 3,187 3,582 2.3 2.4 23.8 25.5 4.0 3.7 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 470 - 8,027 2,873 3,413 3.0 3.1 52.7 62.0 8.9 7.6 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

10/15



Financials

HDFC Neutral 897 - 138,844 8,573 10,142 3.6 3.6 37.0 43.6 24.3 20.6 5.0 4.5 30.0 30.3 - -

HDFC Bank Neutral 715 - 170,157 27,682 33,916 4.6 4.6 35.3 42.7 20.3 16.8 4.0 3.4 21.3 21.8 - -

ICICI Bank Buy 1,209 1,444 139,450 25,705 30,330 3.1 3.2 83.9 96.3 14.4 12.6 1.9 1.7 15.2 15.7 - -

IDBI Bank Neutral 91 - 12,082 9,477 10,678 2.0 2.1 19.6 22.6 4.6 4.0 0.6 0.5 12.8 13.4 - -

Indian Bank Buy 159 186 6,846 6,185 6,978 3.0 3.0 37.0 42.2 4.3 3.8 0.6 0.6 14.8 15.1 - -

IOB Neutral 64 - 5,956 8,142 8,956 2.5 2.5 16.5 20.7 3.9 3.1 0.5 0.4 11.8 13.4 - -

J & K Bank Neutral 1,316 - 6,382 3,032 3,118 3.8 3.5 218.1 200.9 6.0 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 275 290 13,893 2,113 2,525 2.3 2.3 25.4 29.2 10.8 9.4 1.9 1.7 18.4 18.3 - -

Oriental Bank Neutral 273 - 7,953 6,835 7,588 2.6 2.6 56.5 63.8 4.8 4.3 0.6 0.6 13.1 13.4 - -

Punjab Natl.Bank Buy 834 994 29,469 20,876 23,929 3.3 3.4 151.7 177.0 5.5 4.7 0.9 0.8 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,364 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.6 1.1 0.9 18.2 17.0 - -

St Bk of India Accumulate 2,413 2,669 165,068 67,091 76,746 3.2 3.1 241.2 280.4 10.0 8.6 1.6 1.3 16.5 17.0 - -

Syndicate Bank Neutral 133 - 7,997 7,238 8,249 2.7 2.6 27.1 30.4 4.9 4.4 0.7 0.7 16.1 15.9 - -

UCO Bank Neutral 81 - 6,108 6,126 6,665 2.6 2.5 12.2 14.4 6.7 5.6 1.0 0.8 11.8 12.6 - -

Union Bank Accumulate 241 260 1 4,407 11,229 12,794 2.6 2.6 40.7 48.2 5.9 5.0 0.9 0.7 14.6 15.4 - -

United Bank Accumulate 58 64 2,177 3,597 4,008 2.6 2.7 16.0 20.8 3.6 2.8 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 55 - 2,706 2,730 3,059 1.9 2.0 10.2 11.3 5.4 4.8 0.6 0.6 11.8 12.0 - -

Yes Bank Neutral 530 - 19,023 4,390 5,411 2.8 2.8 41.6 47.9 12.8 11.1 2.7 2.2 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,777 - 45,825 12,332 14,524 16.5 16.3 141.6 162.7 33.8 29.4 10.7 8.5 35.4 32.2 3.6 3.0

Britannia Neutral 568 - 6,797 6,417 7,446 5.1 5.5 20.3 25.2 28.1 22.6 9.5 7.5 37.4 37.3 1.0 0.8

Colgate Neutral 1,425 - 19,378 3,588 4,130 21.1 21.6 44.7 51.9 31.9 27.5 28.7 21.4 100.0 89.1 5.2 4.5

Dabur India Neutral 156 - 27,155 7,183 8,340 16.8 16.8 5.4 6.3 29.0 24.8 11.3 8.8 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 4,787 - 20,133 3,617 4,260 16.1 16.4 120.6 146.4 39.7 32.7 12.2 9.9 33.8 33.4 5.2 4.4

Godrej Consumer Neutral 850 - 28,936 7,801 9,017 16.2 15.9 25.1 29.7 33.8 28.7 7.3 6.1 24.9 24.2 3.8 3.3

HUL Neutral 586 - 126,786 29,167 33,164 13.6 13.7 17.1 18.4 34.3 31.9 33.0 23.9 113.4 87.0 4.2 3.7

ITC Neutral 335 - 264,435 33,506 39,067 36.8 37.0 11.1 13.0 30.2 25.8 9.8 8.0 35.5 34.1 7.6 6.4

Marico Neutral 218 - 14,085 5,273 6,044 14.8 14.9 7.3 8.7 30.1 25.2 5.9 4.8 21.4 21.0 2.7 2.3

Nestle* Neutral 5,105 - 49,215 9,447 10,968 22.1 22.3 127.5 154.1 40.0 33.1 20.0 14.5 57.7 50.7 5.2 4.4

Tata Global Neutral 144 - 8,908 7,998 8,798 9.7 9.8 7.9 8.7 18.3 16.6 2.2 2.1 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

11/15



IT

HCL Tech^ Buy 728 863 50,712 28,633 32,216 21.5 20.7 57.3 61.7 12.7 11.8 3.0 2.5 24.0 21.5 1.6 1.3

Hexaware* Buy 78 96 2,331 2,091 2,289 19.0 18.8 10.6 11.3 7.4 6.9 1.6 1.5 22.8 21.7 0.9 0.8

Infosys Neutral 2,376 - 136,416 43,338 47,244 27.5 27.7 169.4 182.6 14.0 13.0 2.9 2.5 20.8 19.3 2.5 2.2

Infotech Enterprises Accumulate 167 185 1,864 1,956 2,174 17.9 17.7 20.4 21.9 8.2 7.6 1.2 1.1 14.7 13.7 0.6 0.4

KPIT Cummins Buy 109 135 2,099 2,513 2,819 16.1 15.5 12.6 14.0 8.7 7.8 1.5 1.3 17.9 16.6 0.8 0.6

Mahindra Satyam Buy 108 126 12,686 8,456 9,385 19.3 19.1 10.6 11.9 10.2 9.1 2.3 1.8 22.4 20.1 1.1 0.9

Mindtree Accumulate 829 920 3,446 2,599 2,871 19.4 19.2 85.2 92.3 9.7 9.0 2.0 1.7 21.4 18.9 1.0 0.8Mphasis& Reduce 446 395 9,374 6,096 6,646 17.6 17.4 38.1 41.6 11.7 10.7 1.7 1.5 14.2 13.7 1.0 0.8

NIIT Buy 22 30 369 1,144 1,267 9.0 9.1 4.3 5.4 5.2 4.2 0.5 0.5 10.3 12.0 0.1 -

Persistent Buy 511 593 2,042 1,445 1,617 25.2 25.0 55.3 59.3 9.2 8.6 1.7 1.4 18.2 16.5 1.0 0.8

TCS Accumulate 1,478 1,585 289,228 71,833 81,893 28.4 28.0 78.5 88.0 18.8 16.8 5.7 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 922 1,180 11,839 7,699 8,315 19.3 18.1 107.0 115.0 8.6 8.0 1.9 1.5 21.7 19.1 1.5 1.3

Wipro Accumulate 338 385 83,287 40,173 43,697 20.4 20.6 26.2 28.5 12.9 11.9 2.5 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Buy 244 285 4,475 1,750 1,925 25.1 26.6 14.2 16.8 17.2 14.5 3.7 3.1 23.4 23.4 2.5 2.2

HT Media Buy 98 117 2,311 2,205 2,380 15.1 15.6 8.3 9.1 11.9 10.8 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 93 121 3,070 1,698 1,908 23.9 24.5 7.4 8.4 12.6 11.1 3.2 2.8 26.7 26.8 1.9 1.7

PVR Neutral 342 - 1,355 1,343 1,521 18.8 18.9 18.3 22.9 18.7 15.0 1.8 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 423 - 16,680 2,287 2,551 69.7 70.5 20.0 23.3 21.2 18.2 5.2 4.6 26.4 27.3 6.9 6.1

Metals & Mining

Bhushan Steel Neutral 464 - 10,518 13,794 17,335 30.7 34.8 48.9 83.6 9.5 5.6 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Accumulate 301 345 189,965 72,174 76,311 33.3 28.4 28.4 30.9 10.6 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 18 24 593 1,976 2,017 11.8 12.7 1.3 2.6 14.4 7.0 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 146 213 4,633 1,944 2,317 49.9 51.7 20.8 25.6 7.0 5.7 1.6 1.3 24.3 24.6 1.9 1.4

Hind. Zinc Buy 120 145 50,704 12,358 13,659 51.4 51.6 16.0 17.6 7.5 6.8 1.4 1.2 19.4 18.4 1.8 1.3

Hindalco Neutral 110 - 21,051 88,987 94,163 9.2 9.7 13.8 15.9 8.0 6.9 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 701 - 15,637 39,524 42,064 17.1 16.9 71.8 86.3 9.8 8.1 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 220 243 3,701 954 1,062 45.5 47.4 26.1 29.1 8.5 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 183 291 1,164 2,883 3,181 21.7 23.6 40.3 57.7 4.5 3.2 0.4 0.4 10.1 13.0 1.3 1.0

Nalco Neutral 35 - 9,072 8,187 8,416 14.5 14.7 3.2 3.3 11.0 10.8 0.7 0.7 6.8 6.7 0.6 0.6

NMDC Buy 122 179 48,290 10,329 12,540 73.8 75.0 16.6 19.0 7.3 6.4 1.4 1.2 20.6 20.2 2.5 1.9


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

12/15



Metals & Mining

SAIL Neutral 63 - 25,834 53,685 64,183 9.3 12.2 5.5 8.3 11.4 7.6 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 165 - 14,371 3,742 4,426 32.9 32.8 30.0 29.8 5.5 5.5 0.7 0.7 14.3 12.5 4.6 3.8

Sterlite Inds Neutral 97 - 32,682 44,462 45,568 23.2 24.7 18.1 20.2 5.4 4.8 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 315 430 30,622 141,775 151,672 10.5 11.4 35.3 51.7 8.9 6.1 0.7 0.6 7.6 10.3 0.6 0.5

Sarda Buy 109 153 391 1,494 1,568 19.1 20.3 31.3 36.5 3.5 3.0 0.4 0.4 11.8 12.4 0.6 0.5

Prakash Industries Buy 39 48 527 2,668 2,834 10.0 10.1 4.6 5.2 8.5 7.6 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 86 118 280 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Accumulate 301 345 57,461 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.1 0.9 0.8 16.5 13.6 2.1 1.8

GAIL Neutral 336 - 42,659 55,815 63,013 15.3 15.2 35.9 41.5 9.4 8.1 1.5 1.3 17.0 17.1 0.6 0.5

ONGC Accumulate 333 354 284,812 157,962 175,367 35.1 36.2 34.3 39.3 9.7 8.5 1.7 1.5 18.2 18.6 1.6 1.4

Reliance Industries Neutral 831 - 268,325 380,031 407,721 9.9 69.3 69.3 78.0 12.0 10.7 1.2 1.1 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 250 - 3,211 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.7 3.0 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 285 - 3,987 3,700 4,218 23.4 22.8 26.6 30.4 10.7 9.4 2.2 1.9 22.6 21.7 1.2 0.9

Petronet LNG Buy 144 167 10,781 40,356 40,872 5.8 6.4 15.0 16.7 9.6 8.6 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 62 - 3,497 1,079 983 91.8 91.9 8.8 7.8 7.1 7.9 1.2 1.1 17.8 14.1 3.0 3.2

Pharmaceuticals

Alembic Pharma Accumulate 130 139 2,455 1,736 2,008 17.1 18.9 10.7 13.9 12.2 9.4 3.8 2.9 35.0 34.7 1.5 1.2

Aurobindo Pharma Buy 190 264 5,534 6,279 7,033 16.0 16.0 15.2 19.2 12.5 9.9 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,501 - 5,759 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.2 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 808 962 16,537 7,386 8,863 18.0 18.0 39.5 48.1 20.5 16.8 4.6 3.8 24.8 24.7 2.5 2.1

Cipla Accumulate 417 463 33,514 9,130 10,543 24.8 23.0 21.6 23.2 19.3 18.0 3.2 2.7 17.6 16.2 3.4 2.8

Dr Reddy's Buy 2,048 2,535 34,760 13,377 15,350 20.4 20.1 112.3 126.8 18.2 16.2 3.9 3.2 23.5 21.8 2.7 2.3

Dishman Pharma Buy 72 206 580 1,536 1,739 20.2 20.9 15.4 20.6 4.7 3.5 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,281 - 19,321 2,854 3,145 28.6 28.6 76.6 83.3 29.8 27.4 8.9 8.1 31.1 31.0 5.9 5.3

Indoco Remedies Buy 64 90 587 784 902 15.2 15.2 7.8 9.0 8.2 7.1 1.2 1.0 15.6 15.8 1.0 0.8

Ipca labs Accumulate 599 676 7,558 3,474 4,168 21.0 21.0 37.3 45.1 16.1 13.3 3.8 3.0 26.4 25.3 2.3 1.9

Lupin Accumulate 768 877 34,381 11,641 13,933 21.3 21.3 34.8 41.8 22.1 18.4 5.2 4.1 26.2 24.8 3.0 2.4

Ranbaxy* Neutral 444 - 18,792 11,400 12,060 10.5 10.5 17.5 22.5 25.4 19.7 4.1 3.5 17.0 19.1 1.6 1.5

Sun Pharma Neutral 966 - 99,898 12,563 14,698 42.6 42.6 29.8 35.5 32.4 27.2 5.8 4.9 19.2 19.3 7.3 6.1

Power

GIPCL Accumulate 72 78 1,083 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

13/15



Power

NTPC Neutral 159 - 131,185 76,734 86,680 24.5 24.3 13.4 14.5 11.9 11.0 1.5 1.3 12.8 12.7 2.4 2.3

Real Estate

DLF Buy 248 288 42,137 9,699 12,010 37.0 36.9 6.0 8.4 41.6 29.5 1.6 1.5 3.8 5.1 5.8 4.7

MLIFE Accumulate 409 446 1,670 888 1,002 26.7 25.9 36.3 40.6 11.3 10.1 1.2 1.1 10.8 11.0 2.1 1.9

Telecom

Bharti Airtel Accumulate 308 338 116,964 86,592 95,860 31.4 31.8 10.9 14.5 28.3 21.2 2.2 2.0 7.7 9.3 2.0 1.7

Idea Cellular Neutral 130 - 42,944 25,122 27,663 27.0 27.2 4.0 4.8 32.6 27.2 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 113 - 23,324 22,801 24,628 31.0 31.3 3.6 5.3 31.7 21.5 0.7 0.7 2.2 3.1 2.6 2.3

Others

Abbott India* Buy 1,425 1,659 3,027 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.2 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 177 237 1,767 3,929 4,480 7.4 7.7 15.5 19.7 11.4 9.0 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 451 562 571 630 795 14.4 13.6 42.8 51.1 10.6 8.8 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 396 566 102 308 351 7.0 7.0 39.6 47.2 10.0 8.4 2.2 1.8 21.8 21.0 0.4 0.4

Finolex Cables Buy 57 68 872 2,563 2,899 9.8 9.8 10.1 11.3 5.7 5.1 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 395 570 515 2,299 2,621 4.7 4.9 46.3 57.0 8.5 6.9 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 279 352 644 1,453 1,560 9.4 9.8 38.4 41.4 7.3 6.7 1.5 1.3 22.9 20.8 0.3 0.2

Hitachi Buy 151 177 411 1,053 1,169 6.3 7.1 13.8 17.7 11.0 8.5 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,497 - 2,208 1,842 2,131 7.7 7.8 112.4 132.4 22.2 18.9 2.8 2.5 13.3 13.8 1.1 0.9

IFB Agro Buy 168 198 152 495 651 12.7 12.9 29.3 39.5 5.7 4.3 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 180 234 207 1,430 1,573 11.1 11.0 19.1 26.9 9.5 6.7 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 170 - 2,736 979 1,164 14.9 15.1 6.0 7.7 28.2 22.0 3.5 3.2 12.9 15.1 2.9 2.4

MRF Neutral 14,964 - 6,346 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.4 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,843 3,637 4,286 1,047 1,281 19.6 19.8 127.3 158.1 30.2 24.3 14.4 10.5 54.9 50.0 4.2 3.4Relaxo Footwears Buy 611 791 733 1,146 1,333 10.9 11.4 45.9 60.9 13.3 10.0 2.8 2.2 23.0 24.6 0.8 0.7

Siyaram Silk Mills Buy 261 312 244 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.3 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 512 617 900 1,068 1,223 9.6 9.6 38.1 44.1 13.5 11.6 1.8 1.6 14.5 14.7 0.8 0.7

TAJ GVK Buy 61 108 385 300 319 35.8 36.2 7.9 9.1 7.8 6.8 1.0 0.9 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 299 371 460 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 505 553 392 435 516 6.2 7.1 24.3 33.3 20.8 15.2 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Accumulate 259 275 932 150 192 52.7 52.5 12.8 16.2 20.2 16.0 2.0 1.8 10.0 11.1 5.8 4.4

TVS Srichakra Buy 180 226 138 1,591 1,739 7.1 7.4 39.4 56.5 4.6 3.2 0.9 0.7 20.6 25.0 0.3 0.3

United Spirits Neutral 2,391 - 31,274 11,886 13,491 14.4 14.0 50.9 74.5 47.0 32.1 3.9 3.5 10.6 11.4 2.9 2.6


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

14/15



Others

Vesuvius India* Buy 369 439 749 600 638 20.1 19.4 35.7 36.6 10.3 10.1 1.9 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 21, 2013


Market Outlook

Stock Watch

May 22, 2013

7/30/2019 Market Outlook, 22-05-13

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Market Outlook, 22-05-13

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Transcript of Market Outlook, 22-05-13