Market Outlook, 03-06-2013

7/28/2019 Market Outlook, 03-06-2013

1/15

www.angelbroking.com

Market OutlookJune 3, 2013

Dealers Diary

The Indian markets are expected to open in the red today tracking negative

opening trades in the SGX Nifty and most of Asian markets. Asian markets are

trading lower, after improving U.S. economic data added to concern the Federal

Reserve will scale back its stimulus.

US markets moved sharply lower in the latter part of the trading day on Friday.

The sell-off seen in late-day trading came as a pair of economic reports added to

recent concerns that the Federal Reserve could scale back its stimulus program

within the next few meetings. Major European markets too ended in negative

territory on Friday, due to some weaker than expected economic data from Europe.

Eurozone unemployment rate climbed to a new record high, while German retail

sales unexpectedly fell.

Meanwhile, Indian markets fell sharply on Friday, as RBI Governors hawkish

comments on inflation, current account deficit and commodity price movements

dented hopes for an interest-rate cut at the RBIs June 17 policy meeting. WeakGDP data also added to growth worries, dampening investor sentiments.

Markets Today

The trend deciding level for the day is 19,894 / 6,023 levels. If NIFTY trades above

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

up to 20,058 20,355 / 6,070 6,153 levels. However, if NIFTY trades below

19,894 / 6,023 levels for the first half-an-hour of trade then it may correct up to

19,597 19,433 / 5,939 5,892 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,433 19,597 19,894 20,058 20,355

NIFTY 5,892 5,939 6,023 6,070 6,153

News Analysis Real GDP growth at 4.8% in 4QFY2013, in line with expectations Auto Monthly - May 2013 Infosys Board appoints Mr. N R Narayana Murthy as Executive Chairman of

the Board

National Green Tribunal (NGT) allows Sterlite to restart copper smelter India's Sun Pharmaceuticals reported to be in talks to be in a US $5bn deal for

Sweden's Meda

Result Review: IFB AgroRefer detailed news analysis on the following page

Net Inflows (May 30, 2013)` cr Purch Sales Net MTD YTDFII 6,423 4,926 1,497 21,175 82,333

MFs 527 623 (96) (3,486) (12,077)

FII Derivatives (May 31, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,522 3,350 (1,828) 8,836

Stock Futures 2,149 1,887 262 27,656

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Glaxosmithkl Cons 5,822 10.6 Suzlon Energy 12 (9.9)

Glaxosmithkl Phar 2,507 9.0 Corporation Bank 388 (8.9)

Wockhardt 1,223 7.2 Indiabulls Real Est 70 (7.1)

Videocon Inds 218 5.2 Berger Paints 225 (7.0)

Apollo Hosp 1,003 4.5 Jet Air India 492 (7.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (2.3) (455) 19,760

Nifty (2.3) (138) 5,986

MID CAP (1.3) (86) 6,389

SMALL CAP (1.6) (94) 5,943

BSE HC (0.9) (83) 8,847

BSE PSU (2.1) (146) 6,656

BANKEX (2.5) (360) 14,261

AUTO (1.8) (203) 11,166

METAL (1.9) (163) 8,503

OIL & GAS (2.7) (241) 8,655

BSE IT 0.9 52 6,065

Global Indices Chg (%) (Pts) (Close)Dow Jones (1.4) (209) 15,116NASDAQ (1.0) (35) 3,456

FTSE (1.1) (74) 6,583

Nikkei 1.4 186 13,775

Hang Sang (0.4) (92) 22,392

Straits Times (0.7) (25) 3,311

Shanghai Com (0.7) (17) 2,301

Indian ADR Chg (%) (Pts) (Close)INFY 0.1 0.0 $41.8

WIT (2.6) (0.2) $7.6IBN (4.1) (1.9) $45.0

HDB (3.9) (1.7) $40.2

Advances / Declines BSE NSEAdvances 791 350

Declines 1,591 1,042

Unchanged 117 75

Volumes (` cr)BSE 2,039

NSE 13,855

7/28/2019 Market Outlook, 03-06-2013

2/15



Real GDP growth at 4.8% in 4QFY2013, in line with expectations

Real GDP growth for 4QFY2013 came in at 4.8%, in line with our as well as

market expectations, as against 4.7% in the previous quarter and 5.1% in

4QFY2012. Growth in the services sector has decelerated to 6.6% the lowest in

about 4 years resulting in a sub-5% reading for GDP growth for the secondconsecutive quarter. While 3QFY2013 GDP growth has been revised upwards to

4.7% from 4.5% estimated earlier, it has been revised slightly downwards in the

three preceding quarters. Overall for FY2013 as a whole, real GDP growth stands

at a decadal-low of 5% as compared to 6.2% during FY2012. We believe growth

has bottomed out in 3QFY2013 and we expect a gradual pick up with recovery in

consumption as well as investment to about 5.8% in FY2014.

Trends in economic growthGrowth in agriculture and allied activities continued to remain muted and stood at

1.4% as against 1.8% yoy in 3QFY2013 and 2.0% yoy in 4QFY2012. For FY2013,

agriculture reported 1.9% growth, impacted by the decline in food-grain

production by 1.5% particularly in the kharif season owing to below-normal

monsoon. Non-farm GDP is relatively higher at 5.5% as compared to total output

growth of 5% but it has almost halved since FY2010.

The growth in industrial sector recovered to 2.7% during the quarter as compared

to 2.1% in 4QFY2012 owing to the 2.6% growth in manufacturing sector. For

FY2013 as a whole, the mining sector reported 0.6% de-growth despite a low

base effect from a similar decline in the previous year reflecting the impact of

persistent regulatory hurdles. Growth in the manufacturing sector disappointed

coming in at 1.0% in FY2013, a 15 year low. It has decelerated for the third

straight year from 11.3% in FY2010. Even growth in electricity and construction

decelerated to 4.2% and 4.3% from 6.5% and 5.6% in FY2012 respectively.

Growth in the services sector decelerated further to 6.6% during 4QFY2013, the

lowest in about 4 years. As the government stepped up its fiscal consolidation drive

and curtailed expenditure, the pace of growth in community, social and personal

services slowed down for the fourth straight quarter to a moderate 4.0% during the

quarter. Overall, growth in the services sector has slipped to 7.1% for FY2013, a

3-year low. The share of services in total GDP has reached 59.6%, its highest level.

Demand-side GDP trendsDespite high discrepancies in data, the sharp slump in economic activity is clearly

evident in terms of growth in GDP at market prices which slowed to 3.2%, its

lowest level since FY1993. The growth in major components consumption,

investment and exports has more than halved as compared to FY2012. The share

of consumption in GDP at market prices is the highest at 71% and its growth stood

at 3.9% as compared to 8.1% in the previous year owing to deceleration in both

government and private consumption. During 4QFY2013, government

consumption reported a low 0.6% growth as compared to 7.6% in 4QFY2012 and

this corresponds to the slow growth in community, social and personal services.

Gross fixed capital formation (GFCF) decelerated to 1.7% in FY2013 as compared

to 4.4% in FY2012 and 14.0% in FY2011 concurring with the weak investment

climate in the economy. Net exports declined by 17.3% and continued to weigh on

growth during FY2013.

7/28/2019 Market Outlook, 03-06-2013

3/15



Auto Monthly - May - 2013

Ashok Leyland

Ashok Leyland reported broadly in-line volumes for May 2013 with total saleswitnessing a decline of 2.9% qoq to 7,267 units. The volumes continue to be

impacted by the slowdown in the medium and heavy commercial vehicle (MHCV)

segment which led to a 6.1% qoq decline in commercial vehicle sales (ex. Dost) to

4,932 units. Dost volumes on the other hand reported a healthy growth of 4.4%

qoq to 2,335 units. Total volumes on a yoy basis though, posted a decline of 16%

yoy mainly led by the impact of the slowdown in the MHCV sales.

Maruti Suzuki

Maruti Suzuki registered a lower than expected volume performance in May 2013

as total volumes declined by 13% qoq (14.4% yoy) to 84,677 units. Continued

slowdown in the domestic demand and macroeconomic uncertainty in key export

markets attributed to the weak performance. While domestic volumes declined

14% qoq (13% yoy), exports posted a marginal growth of 1.1% qoq (down 27.1%

yoy). The compact (down 20.4% qoq and 29.4% yoy), super compact (down

11.2% qoq and 2.5% yoy) and utility vehicles (down 19% qoq and 44.3% yoy)

segments which have been driving the growth over the last one year witnessed

sluggish performance on account of continued slowdown in demand and also due

to increasing competition.

Mahindra and Mahindra

Mahindra and Mahindra's automotive segment reported an in-line volume growthof 4.9% qoq (down marginally by1.2% yoy) to 43,460 units driven by a healthy

growth of 5.5% qoq (5.4% yoy) in domestic volumes. Export volumes however

remained sluggish and registered a decline of 11.4% qoq (down 66.5% yoy)

during the month. The growth in the domestic segment was driven primarily by a

healthy growth of 7.2% qoq (5.2% yoy) in the utility vehicle segment which has

been witnessing an increased competitive activity recently. The pick-up segment

growth was modest and the segment reported a growth of 3% qoq (12% yoy)

during the month.

Tata Motors

Tata Motors (TTMT) continued with its poor performance in the domestic markets

with total volumes registering a decline of 3.6% qoq to 49,304 units led by

continued demand slowdown in the commercial (CV) and passenger vehicle (PV)

segments. The performance was sluggish across the CV and PV segments during

the month. While CV sales witnessed a decline of 4.8% qoq, PV sales reported a

decline of 3.8% qoq. Exports however posted a healthy growth of 8.7% qoq.

TVS Motor

TVS Motor reported an in-line volume performance with total volumes remaining

flat qoq (down 6.2%yoy) at 165,151 units. The company continued with its weak

performance in the two-wheeler segment (flat qoq and down 7.9% yoy) led bysluggish demand and rising competition in the motorcycle (down 1.8% qoq) and

scooter (up 13.7% qoq on a low base, however down 13.1% yoy) segments. On

the positive side, the three-wheeler sales continued its strong momentum and

7/28/2019 Market Outlook, 03-06-2013

4/15



posted a growth of 98.8% yoy (23.2% qoq) driven by exports. The overall exports

however, registered a growth of 6.9% yoy (12.3% qoq) during the month.

Infosys Board appoints Mr. N R Narayana Murthy as Executive

Chairman of the Board

Infosys Limited, in a board meeting held on June 1, 2013 announced the

appointment of Mr. N R Narayana Murthy into the Board and executive leadership

of the Company with effect from June 1, 2013. Mr. Narayana Murthy will serve at

the position for 5 years. During his tenure, he will have his son Rohan Murty as

Executive Assistant. Mr. K V Kamath would step down from his position as

Chairman of the Board and take up the position of Lead Independent Director

effective June 1, 2013. The move is aimed to strengthen the leadership and put

the company back on high growth path. Apart from Mr. Narayana Murthys

appointment as Executive Chairman and Director, the other change at the top

level is the re designation of Mr. S.Gopalakrishnan as Executive Vice Chairman

with a focus key client relationships. Mr. Shibulal will be the MD & CEO of thecompany. We believe the move is positive for the company. Maintain Neutral

rating on the stock.

National Green Tribunal (NGT) allows Sterlite to restart copper

smelter

Media reports suggest that the National Green Tribunal (NGT) has given its nod to

restart Sterlite Industries Tuticorin copper smelter. The Tuticorin smelter was shut

down on 29th March, 2013 following an order by the Tamil Nadu Pollution control

board (TNPCB) after a case of gas leak was reported by the local residents of the

area. This relief order is in line with our expectation that the closure will be

temporary and hence we maintain our estimates on Sterlite Industries and aNeutral view on the stock.

India's Sun Pharmaceuticals reported to be in talks to be in a US

$5bn deal for Sweden's Meda

Sun has been reported to be in talks to acquire the Sweden Meda, the branded

generics, which have products in respiratory, cardiology, dermatology and pain

and inflammation drugs. Meda makes respiratory, cardiology, dermatology and

pain and inflammation drugs. It also makes over-the-counter products which treat

warts, skin infections and other maladies that account for roughly one-quarter of

its revenue. The company is said to have sales of ~US $1.98bn, with most of the

sales in the Western Europe and USA region. The company is said to be valued at

around US$ 5bn. , valuing the business at around 20xCY2012, which is not

expensive given the product portfolio. While its not certain whether the acquisition,

would be through, but if through, Sun Pharmaceuticals product portfolio would be

more focused on the regulated markets. Us already accounts for almost 54% of its

overall sales (in FY2013). As terms of funding the acquisition, the company is

already cash rich and has a cash of around of `5,000cr, thus making it easier to

fund the acquisition. We maintain our neutral on the stock.

7/28/2019 Market Outlook, 03-06-2013

5/15



Result Review

IFB Agro(CMP: `167/ TP: `224/ Upside: 34%)IFB Agro reported better than expected results for 4QFY2013. Revenue came in at

`86cr as compared to our estimate of `82cr, while on a yoy basis, revenue decline

dby 9.3% primarily due to fall in revenue in the alcohol division due to closure of

the molasses distillery. However, EBITDA margin expanded by 298bp yoy to 6.8%

in 4QFY2013 from 3.8% in 4QFY2012, due to a sharp decline in other expenses

during the quarter. This coupled with lower depreciation and higher other income

led to a net profit `4cr during the quarter as compared to a net profit of `0.3cr in

4QFY2012.

For FY2013, overall revenue growth stood at 4.5% yoy to `462cr from `442cr in

FY2012. Decline in revenue growth is attributable to lower contribution from the

alcohol division. EBITDA margin contracted by 71bp to 10.3% on account of

increase in net raw material cost. This was offset by lower depreciation and higher

other income which led to 2.5% yoy growth in net profit to `26cr for FY2013.

Going forward we expect the revenue to post a 19.2% CAGR to `657cr over

FY2013-15 at the back of new distillery capacity, which is expected to be

operational by FY2015E. We expect the net profit to post a CAGR of 32.4% on the

back of margin expansion arising from high margin distillery business. At the

current market price, the stock is trading at P/B of 0.6x for FY2015E, which we feel

is attractive. Hence, we maintain our buy recommendation on the stock with atarget price of `224 based on a target P/B of 0.8x for FY2015E.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 502 12.3 31 34.9 17.3 4.8 0.7 1.7 0.2

FY2015E 657 13.8 46 51.0 20.1 3.3 0.6 0.8 0.1

Economic and Political News

GDP growth likely to be between 6-6.5% in FY2014: CII FDI dips by 38% to US $22.4 billion in 2012-13 CII for de-regulation of coal sector Inflation to come under greater control in coming months: PMCorporate News

Pantaloons to invest `175cr on store expansion in 12 months DLF to invest about `3,000cr to build new projects in FY2014 RIL plans to shut VGO unit at 580,000 bpd refinery Jet's promoters to sell 1.54% more stake to comply SEBI norms BPCL-run Assam refinery mostly closed after fire breaks out at crude unit

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

7/28/2019 Market Outlook, 03-06-2013

6/15

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 3, 2013 1:25PM Germany PMI Manufacturing Value May F 49.00 49.00

2:00PM UK PMI Manufacturing Value May 49.80 50.30

June 5, 2013 1:25PM Germany PMI Services Value May F 49.80 49.80

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

June 6, 2013 6:00PM US Initial Jobless claims Thousands Jun 1 354.00 345.00

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 0.50

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

6:00PM US Unnemployment rate % May 7.50 7.50

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 6.50

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 2.50

11:00AM China Industrial Production (YoY) % Change May 9.30 9.20

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 --

June 14, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % May F 1.20 --

6:00PM US Producer Price Index (mom) % Change May (0.70) 0.10

6:45PM US Industrial Production % May (0.53) 0.30

12:00PM India Monthly Wholesale Prices YoY% % Change May 4.89 --

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 --

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 --

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 --June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 --

6:00PM US Building permits Thousands May 1,005.00 --

6:00PM US Consumer price index (mom) % Change May (0.40) --

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 --

June 20, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (21.90) --

7:30PM US Existing home sales Million May 4.97 --

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

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

July 1, 2013 6:30AM China PMI Manufacturing Value Jun 50.80 --

July 15, 2013 7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

Source: Bloomberg, Angel Research

June 03, 2013

Market Outlook

7/28/2019 Market Outlook, 03-06-2013

7/15



Macro watch

Exhibit1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit2:IIP trends

Source: MOSPI, Angel Research

Exhibit3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit4:Manufacturing and services PMI

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(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

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

(%)

7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

6.0

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

Mfg. PMI Services PMI

(15.0)

0.0

15.0

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Repo rate Reverse Repo rate CRR (%)

7/28/2019 Market Outlook, 03-06-2013

8/15

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 128 - 2,490 1,657 1,906 14.1 14.1 7.7 8.9 16.6 14.4 3.5 2.9 22.2 21.9 1.4 1.2

United Phosphorus Buy 155 232 6,858 10,298 11,310 16.5 16.5 20.5 23.2 7.6 6.7 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 267 285 4,556 3,418 3,892 14.5 14.5 18.5 20.4 14.4 13.1 3.5 2.8 26.6 23.8 1.4 1.1

Apollo Tyres Buy 89 104 4,486 13,852 15,487 11.4 11.5 12.8 14.9 6.9 6.0 1.1 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 24 27 6,306 14,038 16,442 7.6 8.7 1.1 2.2 22.7 10.6 2.0 1.7 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 238 - 360 834 965 9.3 10.6 17.3 27.1 13.8 8.8 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,823 2,056 52,741 22,684 25,908 18.0 18.5 117.3 137.1 15.5 13.3 5.6 4.4 39.9 37.2 1.9 1.6

Bharat Forge Neutral 234 - 5,457 6,198 6,793 14.6 14.9 14.5 17.3 16.1 13.5 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,113 - 28,615 9,821 11,394 17.0 17.3 373.5 438.7 24.4 20.8 4.4 3.7 18.0 17.9 2.6 2.2

CEAT Buy 108 170 369 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 138 150 11,705 7,053 8,061 14.2 14.5 7.8 9.1 17.6 15.1 3.0 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,450 - 2,409 1,525 1,742 14.5 15.7 88.4 109.5 16.4 13.3 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,731 1,819 34,560 25,274 27,658 14.1 13.7 110.2 139.9 15.7 12.4 5.7 4.5 39.8 40.7 1.2 1.0

JK Tyre Buy 118 154 485 7,972 8,754 7.1 7.1 37.5 44.0 3.2 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 965 - 59,268 44,550 50,260 11.4 11.7 59.6 68.3 16.2 14.1 3.3 2.8 22.3 21.6 1.1 0.9

Maruti Buy 1,606 1,847 48,517 48,455 55,723 11.2 10.9 107.8 123.2 14.9 13.0 2.3 1.9 16.2 16.0 0.8 0.7

Motherson Sumi Neutral 214 - 12,577 28,442 31,493 7.5 7.8 12.5 14.8 17.1 14.5 4.2 3.4 27.5 25.8 0.6 0.5

Subros Buy 24 30 145 1,479 1,685 10.0 9.9 5.5 7.5 4.4 3.2 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Neutral 313 - 83,921 206,341 227,695 12.8 13.5 32.3 39.0 9.7 8.0 2.1 1.7 23.1 23.2 0.5 0.4

TVS Motor Neutral 36 - 1,708 7,715 8,584 6.0 6.1 5.0 5.8 7.2 6.2 1.2 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 641 461 13,580 8,073 9,052 5.5 6.9 11.5 16.9 55.6 37.8 5.1 4.9 9.3 13.1 1.7 1.4BGR Energy Neutral 192 - 1,388 4,114 4,886 11.4 10.7 24.9 28.0 7.7 6.9 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 200 - 48,940 44,054 39,326 16.8 15.1 20.6 16.1 9.7 12.4 2.1 1.9 23.5 16.1 1.0 1.1

Blue Star Buy 166 230 1,494 2,896 3,087 5.6 6.2 9.3 11.7 17.8 14.2 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 94 117 6,033 13,446 15,272 6.7 7.6 6.6 8.9 14.2 10.6 1.6 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Buy 28 34 227 3,074 3,355 9.0 8.8 8.7 10.2 3.2 2.7 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 42 63 1,073 7,709 8,399 6.7 7.2 6.1 8.5 6.9 4.9 0.9 0.8 20.2 23.0 0.3 0.3

Thermax Neutral 579 - 6,902 5,780 6,430 9.5 9.6 29.8 33.0 19.4 17.5 3.3 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,219 1,361 22,883 11,979 13,254 19.7 21.3 77.1 91.4 15.8 13.3 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

9/15



Cement

Ambuja Cements Neutral 183 - 28,278 10,232 11,762 23.5 24.5 10.3 12.2 17.8 15.1 2.9 2.7 17.2 18.6 2.2 1.8

India Cements Neutral 67 - 2,050 4,929 5,434 17.4 17.1 8.9 10.9 7.5 6.1 0.6 0.5 7.7 9.1 0.8 0.7

J K Lakshmi Cement Buy 108 143 1,272 2,313 2,728 19.8 20.7 16.1 22.1 6.7 4.9 0.9 0.7 13.2 15.8 1.1 0.9

Madras Cements Neutral 223 - 5,303 4,293 4,855 27.4 28.6 21.8 28.2 10.2 7.9 1.9 1.5 19.6 21.3 1.7 1.4

Shree Cement^ Neutral 4,893 - 17,046 6,540 7,452 27.4 26.6 319.7 369.9 15.3 13.2 3.8 3.0 27.5 25.4 2.0 1.5

UltraTech Cement Neutral 1,889 - 51,797 21,947 25,049 23.8 23.8 106.1 119.8 17.8 15.8 2.9 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 201 255 1,059 1,928 2,234 21.0 21.5 18.0 22.2 11.2 9.1 1.0 0.9 10.2 10.1 1.9 1.9

Consolidated Co Neutral 11 - 206 2,281 2,492 5.9 6.9 0.7 2.0 16.4 5.6 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 119 157 3,960 3,997 4,312 45.5 46.4 15.7 16.6 7.6 7.2 1.1 1.0 15.2 14.5 3.4 3.7

ITNL Buy 167 230 3,243 7,444 8,041 27.4 28.9 29.8 32.1 5.6 5.2 0.8 0.7 14.9 14.2 2.5 2.6

IVRCL Infra Buy 18 35 540 6,287 6,836 8.5 8.5 2.3 3.0 7.5 5.8 0.3 0.2 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 66 90 14,590 14,850 15,631 24.9 25.1 2.5 2.9 26.0 23.1 1.0 1.0 4.2 4.7 2.8 2.7

Larsen & Toubro Buy 1,402 1,761 86,314 68,946 78,040 10.5 10.5 77.9 88.3 18.0 15.9 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 31 42 803 6,167 6,945 8.0 8.2 2.7 3.6 11.7 8.6 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 43 - 1,431 12,954 14,740 9.9 9.9 0.5 0.9 84.9 46.3 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 109 153 1,649 2,511 2,736 10.6 10.6 7.3 7.8 15.1 14.0 1.9 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 103 164 507 6,824 7,563 9.2 9.4 18.0 23.4 5.7 4.4 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 29 45 216 2,455 2,734 13.4 13.0 14.6 14.9 2.0 2.0 0.2 0.2 12.3 11.3 0.4 0.5

Financials

Allahabad Bank Buy 121 144 6,060 6,876 7,545 2.6 2.5 28.2 30.9 4.3 3.9 0.6 0.6 12.8 12.7 - -

Andhra Bank Neutral 86 - 4,810 5,254 5,900 2.8 2.8 21.2 22.9 4.1 3.8 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,431 1,853 67,033 19,055 22,710 3.3 3.2 130.7 152.3 11.0 9.4 1.8 1.5 17.2 17.6 - -Bank of Baroda Buy 654 851 27,548 16,365 18,781 2.2 2.3 121.3 142.5 5.4 4.6 0.8 0.7 15.1 15.7 - -

Bank of India Buy 288 350 17,135 14,482 16,383 2.3 2.3 58.1 68.1 5.0 4.2 0.7 0.6 14.4 15.0 - -

Bank of Maharashtra Buy 54 64 3,572 4,392 4,743 3.1 3.0 12.6 13.7 4.3 4.0 0.7 0.6 16.8 16.0 - -

Canara Bank Buy 411 481 18,203 11,928 13,467 2.1 2.2 74.8 86.0 5.5 4.8 0.8 0.7 13.7 14.2 - -

Central Bank Neutral 66 - 6,847 8,249 9,211 2.4 2.5 14.9 18.2 4.4 3.6 0.7 0.6 12.5 13.8 - -

Corporation Bank Buy 388 495 5,925 5,558 6,121 2.0 2.0 98.4 107.7 3.9 3.6 0.6 0.5 14.9 14.5 - -

Dena Bank Buy 85 97 2,958 3,187 3,582 2.3 2.4 23.8 25.5 3.6 3.3 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 449 - 7,685 2,873 3,413 3.0 3.1 52.7 62.0 8.5 7.3 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

10/15



Financials

HDFC Neutral 890 - 137,784 8,573 10,142 3.6 3.6 37.0 43.6 24.1 20.4 5.0 4.4 30.0 30.3 - -

HDFC Bank Neutral 700 - 166,788 27,682 33,916 4.6 4.6 35.3 42.7 19.9 16.4 3.9 3.3 21.3 21.8 - -

ICICI Bank Buy 1,154 1,503 133,191 25,705 30,330 3.1 3.2 83.9 96.3 13.8 12.0 1.8 1.7 15.2 15.7 - -

IDBI Bank Buy 80 93 10,636 9,477 10,678 2.0 2.1 19.6 22.6 4.1 3.5 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 143 185 6,146 6,185 6,978 3.0 3.0 37.0 42.2 3.9 3.4 0.6 0.5 14.8 15.1 - -

IOB Accumulate 59 66 5,466 8,142 8,956 2.5 2.5 16.5 20.7 3.6 2.9 0.4 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,221 1,315 5,920 3,074 3,140 3.5 3.2 224.7 201.5 5.4 6.1 1.0 0.9 20.6 16.1 - -LIC Housing Finance Buy 256 298 12,919 2,113 2,525 2.3 2.3 25.4 29.2 10.1 8.8 1.8 1.6 18.4 18.3 - -

Oriental Bank Buy 244 285 7,115 6,835 7,588 2.6 2.6 56.5 63.8 4.3 3.8 0.6 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 759 994 26,837 20,876 23,929 3.3 3.4 151.7 177.0 5.0 4.3 0.8 0.7 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,351 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.6 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,048 2,637 140,070 67,243 76,612 3.1 3.0 242.4 284.8 8.5 7.2 1.3 1.1 16.3 16.8 - -

Syndicate Bank Accumulate 128 142 7,693 7,238 8,249 2.7 2.6 27.1 30.4 4.7 4.2 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 76 - 5,705 6,250 6,738 2.6 2.5 12.1 14.7 6.3 5.2 1.0 0.8 11.8 13.0 - -

Union Bank Buy 220 260 13,121 11,229 12,794 2.6 2.6 40.7 48.2 5.4 4.6 0.8 0.7 14.6 15.4 - -

United Bank Buy 52 65 1,960 3,443 3,998 2.4 2.6 15.1 20.4 3.5 2.6 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 51 - 2,535 2,730 3,059 1.9 2.0 10.2 11.3 5.0 4.5 0.6 0.5 11.8 12.0 - -

Yes Bank Neutral 487 - 17,514 4,390 5,411 2.8 2.8 41.6 47.9 11.7 10.2 2.5 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,864 - 46,657 12,332 14,524 16.5 16.3 141.6 162.7 34.4 29.9 10.9 8.6 35.4 32.2 3.7 3.1

Britannia Neutral 724 - 8,654 6,417 7,502 6.1 6.3 23.2 27.9 31.3 25.9 10.7 8.4 38.3 36.4 1.3 1.1

Colgate Neutral 1,454 - 19,767 3,588 4,130 20.5 20.9 44.2 51.8 32.9 28.1 32.1 23.4 108.6 96.2 5.4 4.6

Dabur India Neutral 157 - 27,286 7,183 8,340 16.8 16.8 5.4 6.3 29.1 24.9 11.4 8.8 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 5,822 - 24,484 3,617 4,259 16.1 16.4 122.2 148.7 47.6 39.2 14.8 11.9 34.1 33.7 6.3 5.3

Godrej Consumer Neutral 865 - 29,421 7,801 9,017 16.2 15.9 25.1 29.7 34.4 29.1 7.4 6.2 24.9 24.2 3.9 3.3

HUL Neutral 593 - 128,126 29,167 33,164 13.6 13.7 17.1 18.4 34.7 32.2 33.3 24.1 113.4 87.0 4.2 3.7

ITC Neutral 340 - 268,544 34,294 39,991 36.8 37.0 11.3 13.3 30.1 25.5 9.9 8.0 36.1 34.9 7.5 6.4

Marico Neutral 235 - 15,182 5,273 6,044 14.8 14.9 7.3 8.7 32.5 27.2 6.3 5.2 21.4 21.0 2.9 2.5

Nestle* Neutral 5,316 - 51,254 9,447 10,968 22.1 22.3 127.5 154.1 41.7 34.5 20.8 15.1 57.7 50.7 5.4 4.6

Tata Global Neutral 146 - 9,022 7,998 8,798 9.7 9.8 7.9 8.7 18.5 16.8 2.2 2.1 9.5 9.8 1.0 0.9


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

11/15



IT

HCL Tech^ Buy 747 863 52,014 28,633 32,216 21.5 20.7 57.3 61.7 13.0 12.1 3.1 2.6 24.0 21.5 1.6 1.4

Hexaware* Buy 81 96 2,404 2,091 2,289 19.0 18.8 10.6 11.3 7.6 7.1 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,408 - 138,253 43,338 47,244 27.5 27.7 169.4 182.6 14.2 13.2 3.0 2.5 20.8 19.3 2.5 2.2

Infotech Enterprises Accumulate 167 185 1,863 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 108 135 2,086 2,513 2,819 16.1 15.5 12.6 14.0 8.6 7.7 1.5 1.2 17.9 16.6 0.8 0.6

Mahindra Satyam Accumulate 110 126 12,992 8,278 9,062 20.3 20.1 10.5 11.4 10.5 9.7 2.4 1.9 23.1 20.0 1.2 1.0

Mindtree Accumulate 820 920 3,407 2,599 2,871 19.4 19.2 85.2 92.3 9.6 8.9 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Sell 485 395 10,181 6,096 6,646 17.6 17.4 38.1 41.6 12.7 11.7 1.8 1.6 14.2 13.7 1.2 1.0

NIIT Buy 22 30 357 1,144 1,267 9.0 9.1 4.3 5.4 5.0 4.0 0.5 0.5 10.3 12.0 0.1 -

Persistent Buy 512 593 2,048 1,445 1,617 25.2 25.0 55.3 59.3 9.3 8.6 1.7 1.4 18.2 16.5 1.0 0.8

TCS Accumulate 1,500 1,585 293,505 71,833 81,893 28.4 28.0 78.5 88.0 19.1 17.0 5.8 4.8 30.2 27.9 3.9 3.3

Tech Mahindra Buy 967 1,170 12,412 7,779 8,398 19.7 19.3 107.4 117.8 9.0 8.2 1.9 1.6 21.2 19.0 1.6 1.4

Wipro Buy 327 385 80,434 40,173 43,697 20.4 20.6 26.2 28.5 12.5 11.5 2.5 2.1 19.7 18.4 1.5 1.2

Media

D B Corp Buy 251 290 4,607 1,750 1,925 25.1 26.6 14.2 16.8 17.7 15.0 3.8 3.2 23.4 23.4 2.5 2.2

HT Media Buy 99 117 2,330 2,205 2,380 15.1 15.6 8.3 9.1 12.0 10.9 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 86 119 2,851 1,664 1,825 20.9 23.0 6.4 7.8 13.4 11.1 2.7 2.4 21.0 23.1 1.8 1.6

PVR Neutral 338 - 1,339 1,343 1,521 18.8 18.9 18.3 22.9 18.5 14.8 1.7 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 415 - 16,370 2,287 2,551 69.7 70.5 20.0 23.3 20.8 17.8 5.1 4.5 26.4 27.3 6.8 6.0

Metals & Mining

Bhushan Steel Neutral 464 - 10,507 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 325 345 205,250 72,174 76,311 33.3 28.4 28.4 30.9 11.4 10.5 3.2 2.7 37.6 36.2 2.0 1.8

Electrosteel Castings Buy 16 24 516 1,976 2,017 11.8 12.7 1.3 2.6 12.5 6.1 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 138 213 4,403 1,944 2,317 49.9 51.7 20.8 25.6 6.7 5.4 1.5 1.2 24.3 24.6 1.8 1.3

Hind. Zinc Buy 116 145 49,035 12,358 13,659 51.4 51.6 16.0 17.6 7.2 6.6 1.3 1.1 19.4 18.4 1.7 1.2

Hindalco Neutral 102 - 19,577 88,987 94,163 9.2 9.7 13.8 15.9 7.4 6.5 0.5 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 685 - 15,286 39,973 40,926 17.2 17.0 71.9 82.8 9.5 8.3 0.8 0.8 9.0 9.6 0.7 0.6

MOIL Buy 198 248 3,331 1,010 1,046 46.5 47.6 26.8 28.8 7.4 6.9 1.1 1.0 15.4 14.7 0.9 0.6

Monnet Ispat Buy 150 291 957 2,883 3,181 21.7 23.6 40.3 57.7 3.7 2.6 0.4 0.3 10.1 13.0 1.2 1.0

Nalco Neutral 34 - 8,698 7,656 7,988 13.1 13.5 2.6 2.6 13.2 12.9 0.7 0.7 5.5 5.5 0.6 0.6

NMDC Buy 117 179 46,546 10,329 12,540 73.8 75.0 16.6 19.0 7.1 6.2 1.4 1.2 20.6 20.2 2.3 1.8


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

12/15



Metals & Mining

SAIL Neutral 56 - 23,170 53,685 64,183 9.3 12.2 5.5 8.3 10.3 6.8 0.5 0.5 5.4 7.7 0.7 0.8

Sesa Goa Neutral 163 - 14,201 3,742 4,426 32.9 32.8 30.0 29.8 5.4 5.5 0.7 0.6 14.3 12.5 4.6 3.8

Sterlite Inds Accumulate 94 100 31,439 44,462 45,568 23.2 24.7 18.1 20.2 5.2 4.6 0.6 0.5 11.3 11.4 0.6 0.6

Tata Steel Buy 292 378 28,340 140,917 151,537 9.7 10.8 30.9 47.6 9.4 6.1 0.9 0.8 9.6 13.4 0.6 0.5

Sarda Buy 106 153 378 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 35 45 467 2,615 2,776 12.1 12.0 9.8 10.4 3.5 3.3 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 82 118 268 2,425 2,552 13.7 14.8 33.5 45.3 2.4 1.8 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 285 345 54,500 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.8 0.8 0.7 16.5 13.6 2.0 1.6

GAIL Neutral 307 - 38,936 55,815 63,013 15.3 15.2 35.9 41.5 8.6 7.4 1.4 1.2 17.0 17.1 0.6 0.4

ONGC Accumulate 327 354 279,636 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.4

Reliance Industries Neutral 806 - 260,155 380,031 407,721 9.9 69.3 69.3 78.0 11.6 10.3 1.2 1.1 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 232 - 2,971 3,707 3,850 11.7 12.4 23.7 25.7 9.8 9.0 2.7 2.4 29.6 28.2 0.7 0.6

Indraprastha Gas Neutral 277 - 3,875 3,700 4,218 23.4 22.8 26.7 30.4 10.4 9.1 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 142 167 10,673 40,356 40,872 5.8 6.4 15.0 16.7 9.5 8.5 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 59 - 3,337 1,079 983 91.8 91.9 8.8 7.8 6.8 7.6 1.1 1.0 17.8 14.1 2.8 3.0

Pharmaceuticals

Alembic Pharma Neutral 136 - 2,565 1,736 2,008 17.1 18.9 10.7 13.9 12.7 9.8 4.0 3.0 35.0 34.7 1.5 1.3

Aurobindo Pharma Buy 171 264 4,970 6,279 7,033 16.0 16.0 15.2 19.2 11.2 8.9 1.5 1.3 19.2 18.0 1.3 1.1

Aventis* Neutral 2,518 - 5,799 1,682 1,917 16.6 16.6 92.4 99.1 27.3 25.4 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 774 962 15,844 7,386 8,863 18.0 18.0 39.5 48.1 19.6 16.1 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Buy 370 444 29,744 9,192 10,535 22.1 22.1 19.6 22.2 18.9 16.7 2.9 2.5 16.2 15.9 3.0 2.5

Dr Reddy's Buy 2,093 2,535 35,525 13,377 15,350 20.4 20.1 112.3 126.8 18.6 16.5 4.0 3.3 23.5 21.8 2.7 2.4

Dishman Pharma Buy 71 206 572 1,536 1,739 20.2 20.9 15.4 20.6 4.6 3.4 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,507 - 21,235 2,854 3,145 28.6 28.6 76.6 83.3 32.7 30.1 9.8 8.9 31.1 31.0 6.6 5.9

Indoco Remedies Buy 63 78 580 760 922 15.3 15.3 6.1 7.8 10.3 8.1 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Accumulate 594 676 7,500 3,474 4,168 21.0 21.0 37.3 45.1 15.9 13.2 3.8 3.0 26.4 25.3 2.3 1.9

Lupin Buy 740 877 33,132 11,641 13,933 21.3 21.3 34.8 41.8 21.3 17.7 5.0 3.9 26.2 24.8 2.9 2.3

Ranbaxy* Neutral 375 - 15,885 11,400 12,060 10.5 12.5 17.5 22.5 21.5 16.7 3.5 3.0 17.0 19.1 1.3 1.2

Sun Pharma Neutral 1,046 - 108,103 13,509 15,846 41.0 41.0 33.0 39.8 31.7 26.3 6.4 5.3 22.0 22.0 7.4 6.2

Power

GIPCL Accumulate 73 78 1,107 1,535 1,570 31.9 31.6 13.1 14.1 5.6 5.2 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

13/15



Power

NTPC Accumulate 154 163 127,310 76,734 86,680 24.5 24.3 13.4 14.5 11.5 10.7 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 195 288 34,678 9,699 12,010 37.0 36.9 6.0 8.4 32.6 23.2 1.2 1.2 3.8 5.1 5.0 4.1

MLIFE Buy 403 476 1,645 888 1,002 30.6 30.6 38.8 43.4 10.4 9.3 1.2 1.1 11.2 11.4 2.4 2.2

Telecom

Bharti Airtel Accumulate 301 338 114,135 86,592 95,860 31.4 31.8 10.9 14.5 27.6 20.7 2.1 1.9 7.7 9.3 2.0 1.6

Idea Cellular Neutral 130 - 43,248 25,122 27,663 27.0 27.2 4.0 4.8 32.9 27.4 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 106 - 21,951 22,801 24,628 31.0 31.3 3.6 5.3 29.9 20.2 0.6 0.6 2.2 3.1 2.5 2.2

Others

Abbott India* Buy 1,420 1,659 3,018 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 164 237 1,636 3,885 4,472 5.4 7.2 11.0 19.7 15.0 8.3 2.0 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 494 562 625 630 795 14.4 13.6 42.8 51.1 11.6 9.7 2.7 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 370 459 96 248 284 6.5 7.3 27.2 38.2 13.6 9.7 2.1 1.8 15.7 18.5 0.5 0.5

Finolex Cables Buy 52 68 801 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 347 437 453 2,304 2,649 3.1 3.6 28.0 43.7 12.4 8.0 0.4 0.4 3.1 4.7 0.1 0.1

Goodyear India* Buy 263 345 607 1,458 1,542 8.3 9.0 32.3 37.0 8.2 7.1 1.5 1.3 19.5 19.3 0.2 0.2

Hitachi Buy 142 177 387 1,053 1,169 6.3 7.1 13.8 17.7 10.3 8.0 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,399 - 2,121 1,842 2,131 7.7 7.8 112.4 132.4 21.4 18.1 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 160 198 144 495 651 12.7 12.9 29.3 39.5 5.5 4.1 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 204 - 3,284 1,220 1,476 13.3 13.6 5.5 9.0 36.9 22.5 4.3 3.8 12.1 17.7 3.0 2.4

MRF Neutral 14,905 - 6,322 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.3 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,240 4,611 4,729 1,057 1,282 19.4 19.6 124.8 153.7 34.0 27.6 16.8 12.4 56.3 51.8 4.6 3.8Relaxo Footwears Buy 656 791 787 1,146 1,333 10.9 11.4 45.9 60.9 14.3 10.8 3.0 2.4 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 261 331 244 1,157 1,320 11.9 11.8 72.2 82.8 3.6 3.2 0.7 0.6 19.7 19.0 0.4 0.4

Styrolution ABS India* Buy 430 617 756 1,068 1,223 9.6 9.6 38.1 44.1 11.3 9.8 1.5 1.4 14.5 14.7 0.7 0.6

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 1.3

Tata Sponge Iron Buy 286 371 440 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 553 686 430 435 516 6.2 7.1 24.3 33.3 22.8 16.6 3.7 3.2 17.6 20.8 0.8 0.7

Tree House Accumulate 273 297 981 153 194 53.0 52.8 12.4 15.6 22.0 17.5 2.6 2.3 11.8 13.1 6.6 5.1

TVS Srichakra Buy 185 252 141 1,591 1,739 6.1 6.6 24.5 41.9 7.6 4.4 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,416 - 31,595 12,294 14,162 12.0 12.0 42.1 67.7 57.4 35.7 4.1 3.6 9.1 10.7 2.9 2.5


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

14/15



Others

Vesuvius India* Buy 370 439 752 600 638 20.1 19.4 35.7 36.6 10.4 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 31, 2013


Market Outlook

Stock Watch

June 03, 2013

7/28/2019 Market Outlook, 03-06-2013

15/15


Documents

Market Outlook, 03-06-2013