Market Outlook 07 March 2013

7/29/2019 Market Outlook 07 March 2013

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Market OutlookMarch 7, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the red today, mirroring negative

opening trades in the SGX Nifty and mixed opening in the Asian markets.

After moving notably higher over the course of Tuesdays session, US stocks turned

in a relatively lackluster performance during trading on Wednesday, amid

uncertainty about the near-term outlook for the markets, following recent strength.

The majority of the European markets ended Wednesday's trading session in

negative territory. The markets were up in early trade, adding to the strong rally of

the previous session. The better-than-expected private sector employment data

released in the afternoon also provided support. However, those early gains began

to erode in late trading. Investors will watch out for Thursday's announcement from

the ECB, as well as the US jobs report on Friday.

Meanwhile, Indian shares rose on Wednesday, mirroring strong global cues, with

upbeat economic data from the United States and continued hopes for easymonetary policy in Japan and elsewhere underpinning sentiment.

Markets Today

The trend deciding level for the day is 19,247/ 5,814 levels. If NIFTY trades above

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

up to 19,299 19,345 / 5,833 5,848 levels. However, if NIFTY trades below

19,247/ 5,814 levels for the first half-an-hour of trade then it may correct up to

19,201 19,149 / 5,800 5,780 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,149 19,201 19,247 19,299 19,345NIFTY 5,780 5,800 5,814 5,833 5,848

News Analysis

Cement dispatches February 2013 Tool down protest at MMs Nashik plant impacts productionRefer detailed news analysis on the following page

Net Inflows (March 04, 2013)

` cr Purch Sales Net MTD YTDFII 3,561 3,440 121 1,036 45,388

MFs 346 458 (112) (171) (5,732)

FII Derivatives (March 06, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,379 1,188 191 9,950

Stock Futures 1,715 1,107 608 24,819

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)HDIL 68 12.2 Astrazeneca Phar 773 (7.3)

M& M Fin 204 7.0 MMTC 319 (6.1)

Oberoi Realty 283 5.8 Cadila Health 737 (3.6)

Jaiprakash Asso 74 5.5 Piramal Ent 564 (3.2)

REC 236 4.8 Sun TV Network 422 (2.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.6 109.4 19,253

Nifty 0.6 34.3 5,819

MID CAP 1.1 72.4 6,410

SMALL CAP 1.5 92.1 6,238

BSE HC 0.2 14.0 7,929

BSE PSU 0.7 45.4 6,905

BANKEX 0.6 87.7 13,616

AUTO 0.3 34.6 10,755

METAL 2.2 200.5 9,329

OIL & GAS 0.8 73.4 8,833

BSE IT 1.3 90.2 6,945

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.3 42.5 14,296NASDAQ (0.1) (1.8) 3,222

FTSE (0.1) (4.3) 6,428

Nikkei 2.1 248.8 11,932

Hang Seng 1.0 217.3 22,778

Straits Times 1.3 43.6 3,292

Shanghai Com 0.9 20.9 2,347

Indian ADR Chg (%) (Pts) (Close)INFY 1.1 0.6 $54.8

WIT 1.7 0.2 $10.0IBN (0.8) (0.4) $43.0

HDB (0.5) (0.2) $37.8

Advances / Declines BSE NSEAdvances 1,730 1,034

Declines 1,116 468

Unchanged 131 83

Volumes (` cr)BSE 1,960

NSE 11,272


2/12



Cement dispatches February 2013

Cement demand continued to remain weak during February 2013 as economic

slowdown impacted construction activities. Prolonged cold weather too impacted

demand in some regions during the month. During February 2013 Ultratech

Cement posted a 5.9% yoy decline in cement dispatches to 3.31mn tonnes. ShreeCement too posted a 16% yoy decline in dispatches to 0.97mn tonnes. JK Lakshmi

Cement posted a marginal 1.3% yoy decline in dispatches. However, Dalmia

Bharat Cement a south based player posted an impressive 33% yoy growth in

dispatches for the month of February. We maintain a Buy on JK Lakshmi Cementwith a target price of `143. We maintain a neutral on Ultratech Cement and ShreeCement.

Tool down protest at MMs Nashik plant impacts production

As per media reports, around 3,000 workers at Mahindra and Mahindras (MM)Nashik plant are on a tool down protest since March 5, 2013. The workers have

been protesting against the suspension of the Union general secretary who was

being alleged of stopping the production on March 3, 2013. The workers at the

plant have been agitating over the issue of the impending salary revisions.

According to the company, the Employee Union has also issued a notice of strike

on or after March 11, 2013, should the Charter of Demand made by union is not

settled.

The tool down strike has impacted the production of the company and according

to the initial estimates the company has lost around 500 units of production. The

Nashik plant of MM manufactures popular models like,Scorpio, Xylo, Bolero andVerito. While the loss in production is not likely to have immediate impact given

that MM has three weeks of channel inventory; we fear that a prolonged strike

would impact the sales volume significantly. However on the positive side,

management has stated that they are in a regular dialogue with the Union

members for the wage negotiation process and expects to reach a mutually

agreeable settlement at the earliest possible. At `878, MM is trading at 13.7x

FY2014 earnings. We maintain our Buy rating on the stock with an SOTP basedtarget price of `1,019.

Economic and Political News

Share of exports in India's overall GDP rises to 17.7% in FY12 Companies facing probe allowed to tap ECBs via automatic route: RBI Moily red flags Finance Ministry's proposal on fuel pricing Power Ministry seeks feedback from companies to overcome sectoral issues

Corporate News

4,000 MW Mundra UMPP fully operational: Tata Power RCF stake sale offer on March 8: disinvestment secretary RIL teams up with Samsung, plans 4G phones for 5.5k Coal India's CMD should be replaced, says UK-based TCISource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12


4/12



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

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

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1Q

FY10

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FY11

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FY12

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FY12

4Q

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(%)

1. 0

4 .3

2. 5 2. 0

8. 3

(4.0)

(2.0)

-

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(%)

7. 6 7. 7 7. 5 7. 6 7. 6 7. 58. 0 8. 1

7. 3 7. 2 7. 26. 6

0. 0

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(%)

48.0

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M fg . PM I Services PM I

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

7.75

6.75

4.00

3.50

4.50

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Repo rate Reverse Repo rate C RR(%)


5/12

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 117 - 2,267 1,466 1,686 14.8 14.8 7.0 8.1 16.7 14.4 3.5 3.0 22.6 22.5 1.6 1.4

United Phosphorus Buy 121 170 5,340 8,421 9,263 16.5 16.5 15.0 17.0 8.0 7.1 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 284 323 4,854 2,983 3,477 16.1 16.1 18.5 21.6 15.4 13.2 4.4 3.4 32.9 29.1 1.6 1.4

Apollo Tyres Accumulate 89 97 4,486 13,066 14,503 11.5 11.8 13.0 14.5 6.8 6.2 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,199 12,910 14,836 8.8 9.6 1.5 2.2 15.7 10.5 2.1 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 290 - 438 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,975 - 57,138 20,775 23,889 18.5 19.0 107.6 126.4 18.4 15.6 7.6 6.0 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 220 242 5,130 5,973 6,707 14.4 15.2 13.4 18.6 16.5 11.9 2.1 1.9 13.6 16.9 1.0 0.8

Bosch India* Accumulate 8,367 8,889 26,272 9,717 11,092 16.2 17.0 354.7 423.3 23.6 19.8 4.1 3.5 17.2 17.5 2.4 2.0

CEAT Buy 95 163 327 4,822 5,403 8.2 8.3 29.8 40.8 3.2 2.3 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 126 - 10,748 6,016 7,026 12.7 14.4 5.8 7.8 21.6 16.1 3.2 2.8 15.4 18.2 1.5 1.2

FAG Bearings* Accumulate 1,491 1,569 2,477 1,619 1,879 16.0 16.6 108.6 130.7 13.7 11.4 2.4 2.0 18.8 19.1 1.3 1.1

Hero Motocorp Buy 1,647 1,923 32,879 23,990 27,038 13.8 14.6 105.8 120.2 15.6 13.7 6.3 5.1 44.3 41.0 1.1 0.9

JK Tyre Buy 105 165 431 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.5 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Buy 878 1,019 53,929 40,060 46,301 11.5 11.7 55.3 64.3 15.9 13.7 3.6 3.0 24.5 23.8 1.1 0.9

Maruti Accumulate 1,422 1,563 41,084 43,381 52,411 7.5 8.9 65.6 97.7 21.7 14.6 2.4 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 195 209 11,484 25,769 29,010 7.1 7.5 10.2 13.1 19.2 15.0 4.8 3.8 28.1 28.3 0.6 0.5

Subros Buy 25 35 152 1,296 1,476 9.8 9.9 3.4 5.0 7.6 5.0 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 309 326 82,432 184,201 209,642 12.4 13.5 28.0 36.3 11.0 8.5 2.4 2.0 24.6 25.4 0.5 0.5

TVS Motor Buy 39 47 1,841 7,019 7,827 6.0 6.3 4.3 5.3 9.1 7.4 1.4 1.2 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 578 487 12,244 8,073 9,052 5.5 7.2 11.3 17.4 51.3 33.2 4.4 4.0 8.9 12.8 1.5 1.3BGR Energy Neutral 208 - 1,497 3,412 4,104 13.0 11.6 24.6 26.2 8.4 7.9 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 203 - 49,711 47,801 43,757 18.0 17.1 24.1 20.8 8.4 9.8 2.5 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 167 238 1,500 2,748 2,896 4.4 5.6 6.8 9.3 24.6 17.9 3.4 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 96 129 6,139 12,136 13,790 3.8 6.3 3.3 6.9 29.0 13.9 1.7 1.5 5.8 11.5 0.5 0.5

Jyoti Structures Buy 34 49 282 2,802 3,074 9.5 9.8 7.7 10.9 4.5 3.2 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 49 75 1,255 6,909 7,723 6.2 7.2 5.4 8.4 9.1 5.8 1.1 0.9 17.0 22.8 0.3 0.3

LMW Neutral 2,025 - 2,281 2,369 2,727 11.7 11.7 143.4 166.0 14.1 12.2 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 586 - 6,987 5,529 5,798 9.0 9.6 27.1 30.3 21.6 19.4 3.8 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 07, 2013


6/12



Cement

ACC Neutral 1,254 - 23,546 11,358 12,366 19.9 19.6 75.1 74.9 16.7 16.7 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 192 - 29,656 9,730 11,221 25.6 25.0 10.2 11.3 18.8 17.0 3.4 3.1 18.7 19.0 2.6 2.2

India Cements Neutral 84 - 2,582 4,439 4,789 16.7 17.2 6.8 9.1 12.4 9.3 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cements Accumulate 124 143 1,522 2,119 2,478 22.9 22.3 20.3 22.8 6.1 5.5 1.1 0.9 18.0 17.7 0.8 1.1

Madras Cements Neutral 246 - 5,845 3,960 4,270 27.4 27.0 18.6 21.1 13.2 11.7 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,192 - 14,605 5,678 6,251 29.0 28.6 288.1 334.0 14.6 12.6 4.1 3.2 31.7 28.4 2.0 1.7

UltraTech Cement Neutral 1,897 - 52,007 20,466 23,017 23.3 24.3 100.0 117.1 19.0 16.2 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 199 268 1,045 20,466 23,017 22.5 22.5 24.4 27.0 8.2 7.4 1.0 0.8 12.3 12.1 0.2 0.2

Consolidated Co Neutral 11 - 203 2,262 2,522 5.9 6.3 0.9 1.6 12.0 7.1 0.3 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 118 164 3,932 3,843 4,212 43.1 43.6 16.8 17.8 7.0 6.6 1.2 1.1 18.3 17.0 3.1 3.4

ITNL Accumulate 202 225 3,929 6,564 7,054 27.2 27.4 26.3 29.0 7.7 7.0 1.2 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Buy 26 35 783 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.6) 8.9 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 74 97 16,477 14,243 16,382 26.2 26.1 3.2 4.3 23.2 17.1 1.2 1.2 5.4 7.0 2.6 2.4

Larsen & Toubro Buy 1,434 1,788 88,228 60,666 69,525 10.6 11.2 71.9 85.0 20.0 16.9 3.1 2.7 14.5 15.2 1.6 1.5

Nagarjuna Const. Buy 38 44 974 5,863 6,576 8.1 8.2 3.1 4.1 12.3 9.3 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 46 - 1,528 11,892 13,116 10.2 10.2 (0.4) 3.0 (107.9) 15.5 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 111 157 1,679 1,642 2,642 9.7 10.1 3.2 7.2 34.7 15.4 2.0 1.8 6.0 12.1 1.3 0.8

Simplex Infra Buy 151 197 747 6,026 7,135 9.1 9.3 14.1 24.6 10.7 6.2 0.6 0.5 5.6 9.2 0.5 0.5

Unity Infra Buy 33 58 243 2,180 2,455 13.7 13.4 12.9 14.8 2.5 2.2 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 143 160 7,170 6,509 7,264 2.7 2.8 28.2 33.5 5.1 4.3 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 98 - 5,464 4,795 5,475 3.0 3.0 21.8 21.9 4.5 4.5 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,400 1,678 65,429 15,959 18,660 3.2 3.2 119.2 139.0 11.8 10.1 2.2 1.9 20.3 20.1 - -

Bank of Baroda Buy 730 850 30,018 14,889 17,393 2.5 2.6 108.2 134.0 6.8 5.5 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 315 350 18,060 12,793 14,823 2.3 2.4 49.5 65.1 6.4 4.8 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Neutral 53 - 3,148 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.7 16.2 16.9 - -

Canara Bank Accumulate 426 463 18,856 10,783 12,000 2.1 2.3 64.8 82.2 6.6 5.2 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 73 - 5,396 7,158 8,217 2.4 2.6 13.1 20.1 5.6 3.7 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 403 465 5,972 4,919 5,634 2.1 2.2 96.7 99.9 4.2 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Accumulate 94 107 3,284 3,090 3,462 2.7 2.7 25.6 24.6 3.7 3.8 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

March 07, 2013


7/12



Financials

Federal Bank Accumulate 496 536 8,480 2,667 2,920 3.2 3.2 49.1 51.4 10.1 9.7 1.3 1.2 13.9 13.1 - -

HDFC Neutral 774 - 119,507 7,446 8,923 3.5 3.5 32.2 38.5 24.1 20.1 4.9 4.4 35.4 32.6 - -

HDFC Bank Accumulate 631 666 149,786 21,724 26,578 4.3 4.3 28.7 36.1 22.0 17.5 4.2 3.6 20.7 22.1 - -

ICICI Bank Buy 1,106 1,302 127,229 22,317 26,217 2.9 3.0 72.0 84.6 15.4 13.1 1.9 1.8 14.9 15.9 - -

IDBI Bank Buy 91 106 11,691 8,196 9,305 1.9 2.1 15.4 22.3 6.0 4.1 0.6 0.6 10.7 14.1 - -

Indian Bank Buy 173 208 7,418 5,716 6,362 3.2 3.2 37.7 41.1 4.6 4.2 0.8 0.6 16.9 16.2 - -

IOB Accumulate 74 85 5,874 7,231 8,369 2.4 2.5 10.2 20.2 7.2 3.6 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,263 1,406 6,123 2,784 2,932 3.7 3.7 229.2 199.6 5.5 6.3 1.2 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 240 257 12,127 1,722 2,080 2.2 2.2 19.9 24.6 12.1 9.8 1.9 1.6 16.6 17.9 - -

Oriental Bank Accumulate 278 314 8,117 6,360 7,004 2.6 2.8 48.1 59.4 5.8 4.7 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 809 957 27,448 19,202 22,040 3.2 3.4 146.8 167.9 5.5 4.8 1.0 0.9 17.6 17.5 - -

South Ind.Bank Buy 25 30 3,293 1,583 1,789 3.0 2.9 3.5 4.1 7.1 6.1 1.2 1.0 19.1 17.7 - -

St Bk of India Buy 2,166 2,514 145,362 60,594 70,439 3.3 3.3 221.9 257.4 9.8 8.4 1.7 1.4 17.4 17.7 - -

Syndicate Bank Accumulate 122 135 7,326 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.4 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 63 - 4,164 5,388 6,262 2.4 2.6 9.0 14.9 7.0 4.2 0.9 0.8 9.1 13.8 - -

Union Bank Accumulate 228 256 12,572 10,006 11,558 2.8 2.8 36.4 47.0 6.3 4.9 0.9 0.8 14.6 16.6 - -

United Bank Buy 63 75 2,260 3,549 3,814 2.5 2.7 12.0 21.4 5.2 2.9 0.5 0.5 10.1 16.3 - -

Vijaya Bank Neutral 52 - 2,562 2,342 2,763 1.9 2.1 8.0 10.9 6.5 4.7 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 482 526 17,271 3,364 4,260 2.8 3.0 36.3 42.6 13.3 11.3 3.0 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,451 - 42,698 11,198 13,319 15.9 15.7 122.1 147.1 36.5 30.3 12.3 9.6 37.7 35.7 3.7 3.1

Britannia Accumulate 508 564 6,077 5,580 6,417 4.8 5.0 18.1 21.7 28.1 23.5 10.2 8.2 38.7 38.7 1.0 0.8

Colgate Neutral 1,355 - 18,432 3,120 3,588 20.3 21.1 38.4 45.1 35.3 30.1 32.8 26.3 104.6 97.0 5.7 4.9

Dabur India Neutral 133 - 23,137 6,196 7,183 16.3 16.8 4.5 5.5 29.5 24.2 12.2 9.5 43.4 44.0 3.8 3.2

GlaxoSmith Con* Neutral 4,193 - 17,636 3,084 3,617 15.2 16.3 103.9 123.0 40.4 34.1 13.0 10.7 34.9 34.3 5.2 4.5

Godrej Consumer Neutral 754 - 25,667 6,386 7,743 15.7 17.0 20.8 27.1 36.2 27.8 7.8 6.4 23.7 26.4 4.2 3.4

HUL Neutral 441 - 95,272 25,350 28,974 13.3 13.5 15.1 17.0 29.2 26.0 23.2 16.5 85.7 74.3 3.6 3.1

ITC Neutral 288 - 226,865 29,148 34,191 35.7 36.1 9.4 11.1 30.7 25.9 10.2 8.5 35.9 35.7 7.5 6.3

Marico Neutral 216 - 13,920 4,747 5,402 13.6 13.6 6.3 7.8 34.0 27.6 7.0 5.7 26.0 22.6 3.0 2.5

Nestle* Neutral 4,724 - 45,542 8,302 9,739 22.0 21.5 110.7 130.8 42.7 36.1 25.3 18.2 69.5 58.6 5.5 4.6


Market Outlook

Stock Watch

March 07, 2013


8/12



FMCG

Tata Global Accumulate 130 145 8,042 7,272 7,998 9.1 9.9 6.9 8.1 19.0 16.2 2.0 1.9 8.9 9.7 1.0 0.9

IT

HCL Tech^ Neutral 756 - 52,519 25,325 28,476 21.7 20.7 51.0 52.8 14.8 14.3 3.9 3.2 26.8 22.9 2.0 1.7

Hexaware* Buy 87 113 2,588 1,948 2,136 20.9 18.3 10.9 10.1 8.0 8.6 2.1 1.8 27.2 21.0 1.1 0.9

Infosys Neutral 2,966 - 170,344 40,746 44,283 28.9 28.8 162.6 172.9 18.3 17.2 4.3 3.7 23.5 21.3 3.6 3.2

Infotech Enterprises Accumulate 173 184 1,934 1,881 1,987 17.9 17.4 18.5 19.4 9.4 8.9 1.4 1.2 14.8 13.6 0.7 0.6

KPIT Cummins Buy 105 134 2,026 2,234 2,477 15.8 15.2 10.9 12.8 9.6 8.2 2.1 1.6 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 121 - 14,279 7,711 8,683 21.6 20.3 8.7 11.3 13.9 10.7 3.3 2.5 30.6 23.7 1.4 1.2

Mindtree Neutral 874 - 3,632 2,357 2,580 21.0 19.3 84.4 86.8 10.4 10.1 2.7 2.2 26.8 21.7 1.3 1.1

Mphasis& Neutral 396 - 8,327 5,531 5,874 17.6 17.5 35.4 37.7 11.2 10.5 1.6 1.4 14.7 13.5 1.0 0.8

NIIT Buy 23 36 379 1,048 1,161 9.1 10.9 4.1 6.2 5.6 3.7 0.6 0.5 10.3 14.1 0.2 0.1

Persistent Neutral 566 - 2,264 1,297 1,433 25.6 24.1 46.5 54.0 12.2 10.5 2.3 1.9 18.5 18.0 1.4 1.2

TCS Reduce 1,558 1,465 304,896 62,954 70,871 29.0 28.9 71.6 79.1 21.8 19.7 7.2 5.9 33.2 29.7 4.6 4.1

Tech Mahindra Accumulate 1,079 1,205 13,813 6,789 7,609 21.0 19.6 95.8 110.7 11.3 9.8 2.7 2.2 24.3 22.3 2.1 1.8

Wipro Neutral 441 - 108,635 43,514 47,304 20.1 19.4 26.6 27.7 16.6 15.9 3.2 2.8 19.7 17.9 2.2 1.9

Media

D B Corp Buy 236 276 4,335 1,583 1,787 23.9 25.4 11.9 14.5 20.0 16.3 3.9 3.4 21.4 22.4 2.6 2.3

HT Media Accumulate 101 113 2,384 2,061 2,205 14.0 15.1 6.6 7.9 15.3 12.9 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 98 125 3,090 1,511 1,698 23.2 23.4 6.4 7.3 15.2 13.4 3.8 3.4 25.9 26.6 2.2 1.9

PVR Neutral 284 - 823 820 1,307 17.3 17.3 11.2 17.8 25.5 16.0 1.2 1.1 9.7 10.8 1.1 0.7

Sun TV Network Neutral 422 - 16,628 1,942 2,237 77.2 75.5 17.6 19.1 24.0 22.1 5.8 5.2 25.8 25.2 8.1 7.0

Metals & Mining

Bhushan Steel Neutral 465 - 10,534 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4Coal India Buy 317 368 200,197 66,666 70,292 25.7 27.3 24.2 26.6 13.1 11.9 3.9 3.1 33.1 29.1 2.0 1.8

Electrosteel Castings Buy 19 28 649 1,984 2,074 10.6 11.6 1.8 2.6 10.6 7.2 0.4 0.1 3.6 5.1 0.5 0.4

Hind. Zinc Buy 120 149 50,704 12,002 13,759 49.7 50.8 14.7 16.4 8.2 7.3 1.6 1.3 21.1 19.8 2.3 1.7

Hindalco Neutral 102 - 19,481 80,205 88,987 9.0 9.2 13.4 13.8 7.6 7.4 0.6 0.5 7.9 7.6 0.6 0.6

JSW Steel Neutral 744 - 16,610 39,072 40,493 16.5 18.2 82.4 90.3 9.0 8.3 0.9 0.8 10.7 10.7 0.8 0.8

MOIL Neutral 240 - 4,035 933 954 46.9 45.5 25.8 26.1 9.3 9.2 1.5 1.3 16.7 15.1 1.9 1.7

Monnet Ispat Buy 243 318 1,545 2,287 2,883 21.8 21.8 35.3 40.7 6.9 6.0 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Neutral 44 - 11,288 6,630 8,357 11.4 14.5 2.1 3.3 20.6 13.4 1.0 0.9 4.6 6.9 1.0 0.9

NMDC Buy 143 181 56,795 9,674 11,536 75.2 76.6 16.0 18.6 9.0 7.7 1.9 1.6 23.6 23.0 3.7 2.9


Market Outlook

Stock Watch

March 07, 2013


9/12



Metals & Mining

SAIL Neutral 71 - 29,120 43,438 56,199 12.0 12.2 6.5 8.5 10.8 8.3 0.7 0.7 6.6 8.2 0.9 0.7

Sesa Goa Accumulate 162 183 14,075 2,412 3,911 30.8 33.1 29.6 31.8 5.5 5.1 0.8 0.7 16.3 15.4 7.3 4.5

Sterlite Inds Accumulate 99 110 33,271 43,185 45,442 23.3 23.7 16.8 17.9 5.9 5.5 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 353 443 34,269 142,732 146,575 7.4 9.9 7.2 34.7 49.1 10.2 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 109 148 391 1,442 1,494 19.0 19.1 29.2 31.7 3.7 3.4 0.4 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 34 52 463 2,512 2,816 12.4 13.7 10.0 12.6 3.5 2.7 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 94 112 298 2,367 2,425 14.2 13.7 33.3 33.5 2.8 2.8 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 299 383 57,133 17,394 17,034 76.4 72.3 60.8 55.1 4.9 5.4 1.0 0.9 21.9 17.0 2.5 2.1

GAIL Neutral 334 - 42,335 48,077 55,815 15.3 15.3 34.9 35.9 9.6 9.3 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 318 357 272,450 144,089 158,065 32.8 34.7 28.7 34.4 11.1 9.3 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 835 - 269,513 362,700 380,031 8.9 8.9 68.1 71.5 12.3 11.7 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 264 - 3,381 3,707 3,850 11.7 12.4 23.7 25.7 11.1 10.3 3.1 2.7 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 267 - 3,738 3,365 3,700 22.8 23.4 25.3 26.6 10.5 10.0 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 149 179 11,164 32,210 41,362 6.1 5.8 15.4 15.6 9.7 9.5 2.5 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 67 - 3,779 1,079 983 91.8 91.9 8.8 7.8 7.7 8.6 1.3 1.2 17.8 14.1 3.2 3.5

Pharmaceuticals

Alembic Pharma Neutral 96 - 1,801 1,490 1,714 16.2 17.1 7.4 9.5 12.9 10.1 3.5 2.7 30.7 30.2 1.3 1.1

Aurobindo Pharma Buy 164 208 4,789 5,463 6,279 15.0 15.0 12.4 14.0 13.3 11.8 1.7 1.5 18.8 17.8 1.5 1.3

Aventis* Neutral 2,341 - 5,392 1,482 1,682 17.5 16.6 82.9 87.8 28.2 26.7 4.4 3.6 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 737 817 15,098 6,148 7,386 15.3 18.0 24.6 39.5 30.0 18.7 5.6 4.5 18.4 25.1 2.8 2.3

Cipla Accumulate 382 419 30,664 8,151 9,130 25.8 24.8 20.2 21.6 18.9 17.7 3.4 2.9 19.4 17.6 3.5 3.1

Dr Reddy's Neutral 1,808 - 30,688 10,696 11,662 20.7 21.0 83.7 92.9 21.6 19.5 4.4 3.7 22.4 20.8 3.2 2.8

Dishman Pharma Buy 73 155 589 1,280 1,536 20.2 20.2 12.1 15.5 6.0 4.7 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,111 - 17,882 2,651 2,993 31.7 31.2 76.0 82.4 27.8 25.6 8.0 7.2 20.1 26.3 5.9 5.2

Indoco Remedies Buy 63 78 578 642 784 14.2 15.2 5.7 7.8 11.0 8.0 1.3 1.2 12.9 16.4 1.1 0.9

Ipca labs Accumulate 488 559 6,151 2,850 3,474 21.0 21.0 29.9 37.3 16.3 13.1 3.9 3.1 26.7 26.4 2.4 1.9

Lupin Accumulate 598 655 26,767 8,426 10,082 19.7 20.0 26.1 31.1 22.9 19.2 5.3 4.3 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 401 - 16,954 12,253 11,400 14.1 12.5 31.2 21.6 12.9 18.6 4.2 3.6 37.9 20.6 1.3 1.4

Sun Pharma Neutral 798 - 82,481 10,111 12,563 42.6 42.6 28.9 29.8 27.6 26.8 5.6 4.8 22.3 19.2 7.5 5.9

Power

GIPCL Accumulate 72 78 1,091 1,502 1,535 32.1 31.9 11.4 12.5 6.3 5.8 0.7 0.7 7.6 11.9 1.2 1.0


Market Outlook

Stock Watch

March 07, 2013


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Power

NTPC Accumulate 149 163 122,445 72,809 81,951 23.4 24.1 12.2 13.6 12.2 10.9 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Accumulate 270 288 45,789 7,953 9,699 34.7 37.0 4.4 6.0 61.7 45.2 1.8 1.7 3.1 3.8 7.9 6.1

MLIFE Accumulate 401 446 1,636 786 888 26.3 26.7 31.0 36.3 12.9 11.1 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 322 350 122,167 80,521 87,160 30.5 30.5 6.4 10.4 50.3 30.9 2.3 2.2 4.6 7.0 2.4 2.1

Idea Cellular Neutral 114 - 37,675 22,087 23,927 26.6 27.7 2.9 3.9 38.9 29.1 2.7 2.5 6.9 8.4 2.3 2.1Rcom Neutral 64 - 13,241 21,087 22,067 31.8 31.9 2.6 4.0 24.5 16.0 0.4 0.4 1.5 2.2 2.4 2.2

zOthers

Abbott India Buy 1,354 1,634 2,877 1,926 2,152 13.1 13.5 79.0 90.8 17.2 14.9 3.7 3.1 23.7 22.8 1.3 1.1

Bajaj Electricals Buy 184 217 1,832 3,450 3,929 4.5 7.4 10.0 15.5 18.4 11.9 2.4 2.1 13.0 17.4 0.5 0.5

Cera Sanitaryware Accumulate 447 495 565 460 596 16.4 16.2 34.7 45.0 12.9 9.9 3.2 2.4 27.7 27.8 1.3 1.0

Cravatex Buy 355 545 92 272 308 7.2 7.3 37.5 45.4 9.5 7.8 2.3 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 945 - 6,634 982 1,136 34.3 34.3 34.3 40.0 27.5 23.6 12.5 10.0 50.9 46.9 6.3 5.3

Finolex Cables Buy 48 61 738 2,268 2,559 9.5 10.0 9.0 10.1 5.4 4.8 0.8 0.7 14.8 14.6 0.3 0.2

Force Motors Buy 400 550 521 2,027 2,299 4.6 5.1 35.3 50.0 11.3 8.0 0.5 0.4 3.9 5.3 0.1 0.1

Goodyear India Accumulate 281 304 648 1,559 1,676 7.1 7.4 27.5 30.5 10.2 9.2 1.6 1.5 16.9 16.7 0.2 0.2

Greenply Industries Sell 380 309 917 1,925 2,235 10.6 10.9 29.6 44.1 12.9 8.6 2.1 1.7 16.8 21.0 0.8 0.6

Hitachi Neutral 129 - 356 905 1,025 4.8 6.0 7.7 12.4 16.9 10.5 1.6 1.4 9.9 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,515 2,842 2,223 2,117 2,491 8.1 7.8 140.5 157.9 17.9 15.9 2.7 2.3 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 617 744 1,085 1,069 1,223 9.7 9.7 40.0 46.5 15.4 13.3 2.2 1.9 15.1 15.3 1.0 0.8

ITD Cementation Buy 188 239 217 1,455 1,630 12.0 12.1 23.2 31.2 8.1 6.0 0.5 0.5 6.5 8.1 0.6 0.6

Jyothy Laboratories Neutral 162 - 2,615 816 979 14.5 14.9 5.2 6.0 31.5 27.0 3.6 3.3 8.8 10.2 3.4 2.8MCX Buy 1,056 1,440 5,386 553 624 65.3 66.3 62.5 72.0 16.9 14.7 4.6 4.0 27.5 27.4 6.7 5.5

MRF Buy 12,187 14,331 5,169 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.3 6.8 1.5 1.2 22.0 19.4 0.5 0.5

Page Industries Neutral 3,387 - 3,778 856 1,047 19.1 19.6 101.2 127.3 33.5 26.6 17.2 12.7 58.5 54.9 4.5 3.7

Relaxo Footwears Buy 626 887 751 989 1,148 10.7 11.7 41.8 55.5 15.0 11.3 3.4 2.6 25.5 26.3 0.9 0.8

Sintex Industries Buy 56 79 1,755 4,751 5,189 16.3 16.6 13.6 15.8 4.1 3.6 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 281 332 263 1,048 1,157 11.3 12.0 58.7 66.5 4.8 4.2 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 287 6,765 7,393 18.1 18.0 6.4 7.5 1.5 1.3 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 34 43 1,635 5,720 6,599 5.3 6.8 3.6 5.4 9.4 6.3 13.6 4.3 - - 0.4 0.3

TAJ GVK Buy 66 108 412 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


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March 07, 2013


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zOthers

Tata Sponge Iron Buy 309 379 476 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 468 655 364 393 439 5.9 6.7 21.1 26.7 22.2 17.6 17.5 19.1 0.8 0.7

TVS Srichakra Buy 204 276 157 1,461 1,591 5.6 7.1 6.9 39.4 29.6 5.2 1.2 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,859 - 24,315 10,473 11,939 15.0 15.8 30.4 56.9 61.2 32.7 4.7 3.0 10.8 12.3 3.0 2.3

Vesuvius India Accumulate 324 355 657 591 623 17.5 17.2 29.0 29.6 11.2 10.9 1.7 1.5 16.0 14.5 0.9 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 06, 2013


Market Outlook

Stock Watch

March 07, 2013


12/12


Documents

Market Outlook 07 March 2013