Market Outlook 08 March 2013

7/29/2019 Market Outlook 08 March 2013

1/13

Market OutlookMarch 8, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat today, mirroring flat opening trades in

the SGX Nifty in spite of positive opening in the Asian markets.

US market moved mostly higher over the course of the trading day on Thursday,after turning in lackluster performance in the previous session. The modest strength

on Wall Street came following the release of a report from the Labor Department

showing an unexpected drop in weekly jobless claims. The report said initial jobless

claims fell to 340,000 in the week ended March 2nd, a decrease of 7,000 from

the previous week's revised figure of 347,000. Most of the

European markets ended the trading session on Thursday with modest gains. The

markets pared their gains after the ECB and the BoE both maintained their

respective interest rates. The European Central Bank maintained status quo in

March amid rising concerns that the political stalemate in Italy could kindle the

Eurozone sovereign debt crisis as the bloc battles a recession.

Meanwhile, Indian shares extended gains for a third straight session, as technology

stocks gained on expectations of improving sector earnings this year, especially in

the United States.

Markets Today

The trend deciding level for the day is 19,364/ 5,848 levels. If NIFTY trades above

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

up to 19,515 19,617 / 5,894 5,924 levels. However, if NIFTY trades below

19,364/ 5,848 levels for the first half-an-hour of trade then it may correct up to

19,262 19,111 / 5,817 5,771 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,111 19,262 19,364 19,515 19,617NIFTY 5,771 5,817 5,848 5,894 5,924

News Analysis

Coal India reports production and offtake for February 2013 MM workers call off protests at Nashik plant Divestment in RCFRefer detailed news analysis on the following page

Net Inflows (March 06, 2013)

` cr Purch Sales Net MTD YTDFII 3,623 2,972 651 1,991 46,343

MFs 406 464 (58) (195) (5,756)

FII Derivatives (March 07, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,931 1,522 410 9,769

Stock Futures 1,343 1,139 204 25,158

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Bharat Forge 237 7.7 MMTC 302 (5.2)

M&M Fin 214 4.9 MCX 1,016 (3.8)

Opto Circuits 55 4.5 Suzlon Energy 17 (3.4)

United Brew 673 4.4 Essar Oil 87 (2.9)

Wockhardt 2,033 4.1 Jindal Steel 347 (2.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.8 160.9 19,414

Nifty 0.8 44.7 5,863

MID CAP 0.5 30.7 6,441

SMALL CAP 0.8 52.7 6,291

BSE HC 0.7 53.9 7,983

BSE PSU (0.1) (7.6) 6,898

BANKEX 0.9 117.8 13,734

AUTO 0.7 77.8 10,833

METAL (0.4) (40.2) 9,289

OIL & GAS 0.1 11.4 8,845

BSE IT 1.7 115.0 7,060

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.2 33.2 14,329NASDAQ 0.3 9.7 3,232

FTSE 0.2 11.5 6,439

Nikkei 0.3 35.8 11,968

Hang Seng (0.0) (6.4) 22,771

Straits Times 0.2 6.7 3,299

Shanghai Com (1.0) (22.9) 2,324

Indian ADR Chg (%) (Pts) (Close)INFY (0.1) (0.1) $54.7

WIT 1.2 0.1 $10.1IBN 2.7 1.2 $44.2

HDB 4.1 1.6 $39.3

Advances / Declines BSE NSEAdvances 1,523 810

Declines 1,307 669

Unchanged 131 91

Volumes (` cr)BSE 1,931

NSE 10,163


2/13



Coal India reports production and offtake for February 2013

Coal India (CIL) reported its February production and offtake numbers. The

production was 42.6mn tonne in the month of February which was 4% below the

target set by CIL while the offtake was 39.7mn tonne, ie 3% below their target. We

maintain our production and offtake targets at 458mn tonne and 470mn tonne,respectively, for FY2013. We maintain our Buy rating on the stock with a targetprice of `368.

MM workers call off protests at Nashik plant

According to media reports, the tool down protest which was carried out by the

workers at Mahindra and Mahindras (MM) Nashik plant has been called off and

normal production has been restored at the plant. This is following an agreement

with the Employee Union to withdraw suspension of two workers and finalize wage

agreement by April 15, 2013. Also, the management continues to negotiate withthe workers to arrive at a long term wage settlement agreement. We see this as a

positive development for MM and restoration of normal operations at the plant will

enable the company to meet the market demand. Although MM has lost ~1,100

units in production because of the protests, we do not expect any significant impact

of the same on its market share or the profitability given that MM has three weeks

of inventory in the pipeline. We continue to maintain our positive stance on the

stock. At `885, MM is trading at 13.8x FY2014 earnings. We maintain our Buyrating on the stock with an SOTP based target price of `1,019.

Divestment in RCF

The government is to divest 12.5% stake in Rashtriya Chemicals and Fertilizers

(RCF) through the OFS route today. Government shareholding in the company is

expected to come down to 80% post the stake sale from 92.5%. So far, the

government has raised `21,500cr through its disinvestment program for FY2013

fiscal as against its revised estimate of`24,000cr for the period. The disinvestment

in RCF is likely to fetch the exchequer approximately`300cr. Going ahead,

MMTC, SAIL and NALCO are amongst the likely candidates for disinvestment. The

government has increased disinvestment target for FY2014 by 66.7% (at

`40,000cr) as compared to its revised estimate and meeting the budgeted target

would depend on buoyancy in the capital market.


3/13



Economic and Political News

Government to cut subsidies outgo to 1.5% of GDP by FY2017 National free roaming likely before October: Sibal Double-digit growth without reforms dangerous: Moody'sCorporate News

Coal India to set up`9,000cr power plant in Odisha HPCL to set up`37,000cr project in Rajasthan L&T approaches government to surrender SEZ, 16 companies seek more time Wipro launches new platform for healthcare providersSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

March 8, 2013 7:30AM China Exports YoY% % Change Feb 25.00 8.10

7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 162.50

7:00PM US Unnemployment rate % Feb 7.90 7.90

March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 3.00

11:00AM China Industrial Production (YoY) % Change Feb 10.30 10.30

March 11, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --

4:29PM India Exports YoY% % Change Feb 0.80 --

March 12, 2013 3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

11:00AM India Industrial Production YoY % Change Jan (0.60) --

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 0.70

12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

March 15, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb 2.00 --

6:00PM US Consumer price index (mom) % Change Feb -- 0.50

6:45PM US Industrial Production % Feb (0.10) 0.30

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --

6:00PM US Building permits Thousands Feb 904.00 --

3:00PM UK CPI (YoY) % Change Feb 2.70 --

11:00AM India RBI Repo rate % Mar 19 7.75 --

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --

March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --

3:00PM UK Jobless claims change % Change Feb (12.50) --

10:00PM US FOMC rate decision % Mar 20 0.25 --

March 21, 2013 2:00PM Germany PMI Services Value Mar A 54.70 --2:00PM Germany PMI Manufacturing Value Mar A 50.30 --

7:30PM US Existing home sales Millions Feb 4.92 --

March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --

7:30PM US New home sales Thousands Feb 437.00 --

March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --

March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --

6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 --

April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --

April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --

April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --

May 15, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --

11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

Source: Bloomberg, Angel Research

March 08, 2013

Market Outlook


5/13



Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports 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

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

(%)

1.0

4.3

2.5 2.0

8.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jan-1

2

Feb

-12

Mar-12

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

(%)

7.6 7.7 7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.26.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Feb

-12

Mar-12

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

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb-12

Mar-12

Apr-12

Ma-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

No-12

Dec-12

Jan-13

Feb-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Feb

-12

Mar-12

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

Exports yoy growth Imports yoy growth(%)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Mar-12

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

Repo rate Reverse Repo rate CRR(%)


6/13

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 - 2,274 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 124 170 5,484 8,421 9,263 16.5 16.5 15.0 17.0 8.3 7.3 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 283 323 4,828 2,983 3,477 16.1 16.1 18.5 21.6 15.3 13.1 4.4 3.4 32.9 29.1 1.5 1.4

Apollo Tyres Accumulate 92 97 4,640 13,066 14,503 11.5 11.8 13.0 14.5 7.1 6.4 1.4 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,186 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 288 - 436 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.3 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,995 - 57,730 20,775 23,889 18.5 19.0 107.6 126.4 18.6 15.8 7.6 6.1 45.8 42.8 2.4 2.0

Bharat Forge Neutral 235 - 5,476 5,973 6,707 14.4 15.2 13.4 18.6 17.6 12.7 2.3 2.0 13.6 16.9 1.1 0.9

Bosch India* Accumulate 8,278 8,889 25,992 9,717 11,092 16.2 17.0 354.7 423.3 23.3 19.6 4.0 3.4 17.2 17.5 2.4 2.0

CEAT Buy 96 163 328 4,822 5,403 8.2 8.3 29.8 40.8 3.2 2.4 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 127 - 10,795 6,016 7,026 12.7 14.4 5.8 7.8 21.7 16.2 3.2 2.8 15.4 18.2 1.5 1.2

FAG Bearings* Neutral 1,513 - 2,515 1,619 1,879 16.0 16.6 108.6 130.7 13.9 11.6 2.4 2.0 18.8 19.1 1.3 1.1

Hero Motocorp Accumulate 1,713 1,923 34,210 23,990 27,038 13.8 14.6 105.8 120.2 16.2 14.3 6.5 5.3 44.3 41.0 1.1 1.0

JK Tyre Buy 105 165 432 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.6 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Buy 885 1,019 54,337 40,060 46,301 11.5 11.7 55.3 64.3 16.0 13.8 3.6 3.0 24.5 23.8 1.1 0.9

Maruti Accumulate 1,452 1,563 41,935 43,381 52,411 7.5 8.9 65.6 97.7 22.1 14.9 2.5 2.2 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 194 209 11,419 25,769 29,010 7.1 7.5 10.2 13.1 19.1 14.9 4.8 3.8 28.1 28.3 0.6 0.5

Subros Buy 26 35 153 1,296 1,476 9.8 9.9 3.4 5.0 7.6 5.1 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 306 326 81,552 184,201 209,642 12.4 13.5 28.0 36.3 10.9 8.4 2.4 1.9 24.6 25.4 0.5 0.4

TVS Motor Buy 39 47 1,862 7,019 7,827 6.0 6.3 4.3 5.3 9.2 7.4 1.4 1.3 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 590 487 12,494 8,073 9,052 5.5 7.2 11.3 17.4 52.3 33.9 4.5 4.1 8.9 12.8 1.5 1.4BGR Energy Neutral 207 - 1,496 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 206 - 50,347 47,801 43,757 18.0 17.1 24.1 20.8 8.5 9.9 2.5 2.2 32.9 23.6 0.9 1.0

Blue Star Buy 166 238 1,488 2,748 2,896 4.4 5.6 6.8 9.3 24.4 17.8 3.3 2.9 14.5 17.6 0.6 0.6

Crompton Greaves Buy 99 129 6,357 12,136 13,790 3.8 6.3 3.3 6.9 30.0 14.4 1.7 1.6 5.8 11.5 0.6 0.5

Jyoti Structures Buy 34 49 278 2,802 3,074 9.5 9.8 7.7 10.9 4.4 3.1 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 55 75 1,402 6,909 7,723 6.2 7.2 5.4 8.4 10.2 6.5 1.2 1.0 17.0 22.8 0.3 0.3

LMW Neutral 1,979 - 2,229 2,369 2,727 11.7 11.7 143.4 166.0 13.8 11.9 2.3 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 595 - 7,089 5,529 5,798 9.0 9.6 27.1 30.3 21.9 19.7 3.8 3.4 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 08, 2013


7/13



Cement

ACC Neutral 1,260 - 23,662 11,358 12,366 19.9 19.6 75.1 74.9 16.8 16.8 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 190 - 29,340 9,730 11,221 25.6 25.0 10.2 11.3 18.6 16.8 3.3 3.1 18.7 19.0 2.6 2.2

India Cements Neutral 84 - 2,580 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 Cement Buy 122 143 1,431 2,119 2,478 22.9 22.3 20.3 22.8 6.0 5.3 1.0 0.9 18.0 17.7 0.8 1.1

Madras Cements Neutral 244 - 5,799 3,960 4,270 27.4 27.0 18.6 21.1 13.1 11.6 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cement^ Neutral 4,254 - 14,819 5,678 6,251 29.0 28.6 288.1 334.0 14.8 12.7 4.1 3.2 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,879 - 51,508 20,466 23,017 23.3 24.3 100.0 117.1 18.8 16.0 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 207 268 1,090 20,466 23,017 22.5 22.5 24.4 27.0 8.5 7.7 1.0 0.9 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 119 164 3,957 3,843 4,212 43.1 43.6 16.8 17.8 7.1 6.7 1.2 1.1 18.3 17.0 3.2 3.4

ITNL Accumulate 202 225 3,926 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 25 35 779 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.5) 8.8 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 76 97 16,821 14,243 16,382 26.2 26.1 3.2 4.3 23.6 17.5 1.3 1.2 5.4 7.0 2.6 2.4

Larsen & Toubro Buy 1,463 1,788 90,059 60,666 69,525 10.6 11.2 71.9 85.0 20.4 17.2 3.2 2.8 14.5 15.2 1.7 1.5

Nagarjuna Const. Buy 38 44 966 5,863 6,576 8.1 8.2 3.1 4.1 12.2 9.2 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 1,678 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 149 197 736 6,026 7,135 9.1 9.3 14.1 24.6 10.6 6.1 0.6 0.5 5.6 9.2 0.5 0.5

Unity Infra Buy 33 58 244 2,180 2,455 13.7 13.4 12.9 14.8 2.6 2.2 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 143 160 7,148 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 99 - 5,548 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 1,403 1,678 65,592 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 726 850 29,848 14,889 17,393 2.5 2.6 108.2 134.0 6.7 5.4 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 314 350 18,022 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 - 3,137 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 434 463 19,217 10,783 12,000 2.1 2.3 64.8 82.2 6.7 5.3 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 401 465 5,937 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Accumulate 94 107 3,294 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 08, 2013


8/13



Financials

Federal Bank Accumulate 490 536 8,377 2,667 2,920 3.2 3.2 49.1 51.4 10.0 9.5 1.3 1.2 13.9 13.1 - -

HDFC Neutral 782 - 120,665 7,446 8,923 3.5 3.5 32.2 38.5 24.3 20.3 5.0 4.4 35.4 32.6 - -

HDFC Bank Neutral 641 - 152,327 21,724 26,578 4.3 4.3 28.7 36.1 22.4 17.8 4.3 3.6 20.7 22.1 - -

ICICI Bank Buy 1,118 1,302 128,609 22,317 26,217 2.9 3.0 72.0 84.6 15.5 13.2 2.0 1.8 14.9 15.9 - -

IDBI Bank Buy 92 106 11,730 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 171 208 7,343 5,716 6,362 3.2 3.2 37.7 41.1 4.5 4.2 0.7 0.6 16.9 16.2 - -

IOB Accumulate 74 85 5,910 7,231 8,369 2.4 2.5 10.2 20.2 7.2 3.7 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,268 1,406 6,148 2,784 2,932 3.7 3.7 229.2 199.6 5.5 6.4 1.2 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 241 257 12,165 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 275 314 8,037 6,360 7,004 2.6 2.8 48.1 59.4 5.7 4.6 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 811 957 27,492 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 3,306 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 2,168 2,514 145,513 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 7,353 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 230 256 12,685 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 62 75 2,254 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 - 2,564 2,342 2,763 1.9 2.1 8.0 10.9 6.5 4.8 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 485 526 17,386 3,364 4,260 2.8 3.0 36.3 42.6 13.4 11.4 3.0 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,572 - 43,857 11,198 13,319 15.9 15.7 122.1 147.1 37.4 31.1 12.6 9.9 37.7 35.7 3.9 3.2

Britannia Accumulate 518 564 6,190 5,580 6,417 4.8 5.0 18.1 21.7 28.6 23.9 10.4 8.3 38.7 38.7 1.0 0.9

Colgate Neutral 1,332 - 18,112 3,120 3,588 20.3 21.1 38.4 45.1 34.7 29.6 32.2 25.9 104.6 97.0 5.6 4.8

Dabur India Neutral 133 - 23,146 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 4,187 - 17,610 3,084 3,617 15.2 16.3 103.9 123.0 40.3 34.1 12.9 10.6 34.9 34.3 5.2 4.5

Godrej Consumer Neutral 782 - 26,602 6,386 7,743 15.7 17.0 20.8 27.1 37.6 28.8 8.1 6.6 23.7 26.4 4.4 3.6

HUL Neutral 433 - 93,661 25,350 28,974 13.3 13.5 15.1 17.0 28.7 25.6 22.8 16.3 85.7 74.3 3.5 3.0

ITC Neutral 292 - 230,178 29,148 34,191 35.7 36.1 9.4 11.1 31.1 26.3 10.4 8.6 35.9 35.7 7.6 6.4

Marico Neutral 215 - 13,885 4,747 5,402 13.6 13.6 6.3 7.8 34.0 27.5 6.9 5.7 26.0 22.6 3.0 2.5

Nestle* Neutral 4,701 - 45,321 8,302 9,739 22.0 21.5 110.7 130.8 42.5 35.9 25.2 18.1 69.5 58.6 5.5 4.6


Market Outlook

Stock Watch

March 08, 2013


9/13



FMCG

Tata Global Accumulate 132 145 8,141 7,272 7,998 9.1 9.9 6.9 8.1 19.2 16.4 2.0 1.9 8.9 9.7 1.0 0.9

IT

HCL Tech^ Neutral 772 - 53,635 25,325 28,476 21.7 20.7 51.0 52.8 15.1 14.6 4.0 3.3 26.8 22.9 2.0 1.7

Hexaware* Buy 90 113 2,674 1,948 2,136 20.9 18.3 10.9 10.1 8.3 8.9 2.2 1.8 27.2 21.0 1.1 0.9

Infosys Reduce 3,005 2,850 172,544 40,746 44,283 28.9 28.8 162.6 172.9 18.5 17.4 4.4 3.7 23.5 21.3 3.6 3.2

Infotech Enterprises Accumulate 172 184 1,920 1,881 1,987 17.9 17.4 18.5 19.4 9.3 8.9 1.4 1.2 14.8 13.6 0.7 0.6

KPIT Cummins Buy 109 134 2,095 2,234 2,477 15.8 15.2 10.9 12.8 10.0 8.5 2.1 1.7 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 124 - 14,591 7,711 8,683 21.6 20.3 8.7 11.3 14.2 10.9 3.4 2.6 30.6 23.7 1.5 1.2

Mindtree Neutral 881 - 3,659 2,357 2,580 21.0 19.3 84.4 86.8 10.4 10.2 2.8 2.2 26.8 21.7 1.3 1.1

Mphasis& Neutral 393 - 8,265 5,531 5,874 17.6 17.5 35.4 37.7 11.1 10.4 1.6 1.4 14.7 13.5 1.0 0.8

NIIT Buy 24 36 395 1,048 1,161 9.1 10.9 4.1 6.2 5.8 3.9 0.6 0.6 10.3 14.1 0.2 0.1

Persistent Neutral 571 - 2,282 1,297 1,433 25.6 24.1 46.5 54.0 12.3 10.6 2.3 1.9 18.5 18.0 1.4 1.2

TCS Reduce 1,590 1,465 311,286 62,954 70,871 29.0 28.9 71.6 79.1 22.2 20.1 7.4 6.0 33.2 29.7 4.7 4.1

Tech Mahindra Accumulate 1,098 1,205 14,050 6,789 7,609 21.0 19.6 95.8 110.7 11.5 9.9 2.8 2.2 24.3 22.3 2.1 1.8

Wipro Neutral 449 - 110,618 43,514 47,304 20.1 19.4 26.6 27.7 16.9 16.2 3.3 2.9 19.7 17.9 2.2 1.9

Media

D B Corp Buy 239 276 4,382 1,583 1,787 23.9 25.4 11.9 14.5 20.2 16.4 4.0 3.4 21.4 22.4 2.7 2.3

HT Media Accumulate 101 113 2,375 2,061 2,205 14.0 15.1 6.6 7.9 15.2 12.9 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 98 125 3,114 1,511 1,698 23.2 23.4 6.4 7.3 15.3 13.5 3.8 3.4 25.9 26.6 2.3 1.9

PVR Neutral 289 - 836 820 1,307 17.3 17.3 11.2 17.8 25.9 16.2 1.2 1.1 9.7 10.8 1.1 0.7

Sun TV Network Neutral 428 - 16,877 1,942 2,237 77.2 75.5 17.6 19.1 24.3 22.4 5.9 5.3 25.8 25.2 8.2 7.1

Metals & Mining

Bhushan Steel Neutral 463 - 10,492 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 313 368 197,702 66,666 70,292 25.7 27.3 24.2 26.6 13.0 11.8 3.8 3.1 33.1 29.1 2.0 1.8

Electrosteel Castings Buy 19 28 652 1,984 2,074 10.6 11.6 1.8 2.6 10.7 7.3 0.4 0.1 3.6 5.1 0.5 0.4

Hind. Zinc Buy 120 149 50,619 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 1.6

Hindalco Neutral 101 - 19,356 80,205 88,987 9.0 9.2 13.4 13.8 7.5 7.3 0.6 0.5 7.9 7.6 0.6 0.6

JSW Steel Neutral 731 - 16,319 39,072 40,493 16.5 18.2 82.4 90.3 8.9 8.1 0.9 0.8 10.7 10.7 0.8 0.8

MOIL Neutral 235 - 3,954 933 954 46.9 45.5 25.8 26.1 9.1 9.0 1.4 1.3 16.7 15.1 1.8 1.6

Monnet Ispat Buy 241 318 1,535 2,287 2,883 21.8 21.8 35.3 40.7 6.8 5.9 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Accumulate 43 46 11,159 6,630 8,357 11.4 14.5 2.1 3.3 20.4 13.3 0.9 0.9 4.6 6.9 1.0 0.9

NMDC Buy 146 181 57,825 9,674 11,536 75.2 76.6 16.0 18.6 9.1 7.8 2.0 1.7 23.6 23.0 3.8 3.0


Market Outlook

Stock Watch

March 08, 2013


10/13



Metals & Mining

SAIL Neutral 69 - 28,542 43,438 56,199 12.0 12.2 6.5 8.5 10.6 8.1 0.7 0.7 6.6 8.2 0.9 0.7

Sesa Goa Accumulate 165 183 14,331 2,412 3,911 30.8 33.1 29.6 31.8 5.6 5.2 0.9 0.8 16.3 15.4 7.4 4.6

Sterlite Inds Accumulate 101 110 33,808 43,185 45,442 23.3 23.7 16.8 17.9 6.0 5.6 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 350 443 34,017 142,732 146,575 7.4 9.9 7.2 34.7 48.8 10.1 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 111 148 397 1,442 1,494 19.0 19.1 29.2 31.7 3.8 3.5 0.4 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 35 52 472 2,512 2,816 12.4 13.7 10.0 12.6 3.5 2.8 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 92 112 292 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 298 383 56,895 17,394 17,034 76.4 72.3 60.8 55.1 4.9 5.4 1.0 0.9 21.9 17.0 2.4 2.1

GAIL Neutral 332 - 42,107 48,077 55,815 15.3 15.3 34.9 35.9 9.5 9.2 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 320 357 273,818 144,089 158,065 32.8 34.7 28.7 34.4 11.2 9.3 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 836 - 269,788 362,700 380,031 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 265 - 3,402 3,707 3,850 11.7 12.4 23.7 25.7 11.2 10.3 3.1 2.7 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 268 - 3,756 3,365 3,700 22.8 23.4 25.3 26.6 10.6 10.1 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 148 179 11,070 32,210 41,362 6.1 5.8 15.4 15.6 9.6 9.5 2.5 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 69 - 3,869 1,079 983 91.8 91.9 8.8 7.8 7.9 8.8 1.3 1.2 17.8 14.1 3.3 3.6

Pharmaceuticals

Alembic Pharma Neutral 98 - 1,846 1,490 1,714 16.2 17.1 7.4 9.5 13.2 10.3 3.6 2.8 30.7 30.2 1.3 1.1

Aurobindo Pharma Buy 164 208 4,780 5,463 6,279 15.0 15.0 12.4 14.0 13.2 11.7 1.7 1.5 18.8 17.8 1.5 1.3

Aventis* Neutral 2,360 - 5,435 1,482 1,682 17.5 16.6 82.9 87.8 28.5 26.9 4.5 3.6 16.3 14.8 3.5 3.0

Cadila Healthcare Accumulate 731 817 14,958 6,148 7,386 15.3 18.0 24.6 39.5 29.7 18.5 5.6 4.5 18.4 25.1 2.8 2.3

Cipla Accumulate 386 419 31,001 8,151 9,130 25.8 24.8 20.2 21.6 19.1 17.9 3.4 2.9 19.4 17.6 3.6 3.1

Dr Reddy's Neutral 1,810 - 30,730 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 73 155 592 1,280 1,536 20.2 20.2 12.1 15.5 6.1 4.7 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,104 - 17,822 2,651 2,993 31.7 31.2 76.0 82.4 27.7 25.5 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 63 78 585 642 784 14.2 15.2 5.7 7.8 11.1 8.1 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Accumulate 498 559 6,281 2,850 3,474 21.0 21.0 29.9 37.3 16.7 13.4 4.0 3.2 26.7 26.4 2.4 2.0

Lupin Accumulate 597 655 26,716 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 400 - 16,933 12,253 11,400 14.1 12.5 31.2 21.6 12.8 18.5 4.1 3.5 37.9 20.6 1.3 1.4

Sun Pharma Neutral 811 - 83,815 10,111 12,563 42.6 42.6 28.9 29.8 28.1 27.2 5.7 4.8 22.3 19.2 7.6 6.0

Power

GIPCL Accumulate 72 78 1,093 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 08, 2013


11/13



Power

NTPC Accumulate 148 163 122,198 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 Neutral 279 - 47,453 7,953 9,699 34.7 37.0 4.4 6.0 63.9 46.8 1.8 1.7 3.1 3.8 8.1 6.3

MLIFE Accumulate 403 446 1,645 786 888 26.3 26.7 31.0 36.3 13.0 11.1 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 320 350 121,692 80,521 87,160 30.5 30.5 6.4 10.4 50.1 30.8 2.3 2.2 4.6 7.0 2.4 2.1

Idea Cellular Neutral 113 - 37,542 22,087 23,927 26.6 27.7 2.9 3.9 38.8 29.0 2.7 2.5 6.9 8.4 2.3 2.1Rcom Neutral 64 - 13,117 21,087 22,067 31.8 31.9 2.6 4.0 24.2 15.9 0.4 0.4 1.5 2.2 2.3 2.1

zOthers

Abbott India Buy 1,382 1,634 2,936 1,926 2,152 13.1 13.5 79.0 90.8 17.5 15.2 3.8 3.2 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 456 495 577 460 596 16.4 16.2 34.7 45.0 13.1 10.1 3.2 2.5 27.7 27.8 1.3 1.1

Cravatex Buy 360 545 93 272 308 7.2 7.3 37.5 45.4 9.6 7.9 2.3 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 932 - 6,544 982 1,136 34.3 34.3 34.3 40.0 27.1 23.3 12.3 9.8 50.9 46.9 6.2 5.2

Finolex Cables Buy 46 61 709 2,268 2,559 9.5 10.0 9.0 10.1 5.2 4.6 0.8 0.7 14.8 14.6 0.2 0.2

Force Motors Buy 399 550 520 2,027 2,299 4.6 5.1 35.3 50.0 11.3 8.0 0.4 0.4 3.9 5.3 0.1 0.1

Goodyear India Accumulate 281 304 649 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 386 309 932 1,925 2,235 10.6 10.9 29.6 44.1 13.1 8.8 2.1 1.7 16.8 21.0 0.8 0.6

Hitachi Neutral 126 - 348 905 1,025 4.8 6.0 7.7 12.4 16.5 10.2 1.6 1.4 9.9 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,508 2,842 2,217 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 605 744 1,064 1,069 1,223 9.7 9.7 40.0 46.5 15.1 13.0 2.1 1.9 15.1 15.3 1.0 0.8

ITD Cementation Buy 190 239 218 1,455 1,630 12.0 12.1 23.2 31.2 8.2 6.1 0.5 0.5 6.5 8.1 0.6 0.6

Jyothy Laboratories Neutral 163 - 2,628 816 979 14.5 14.9 5.2 6.0 31.6 27.1 3.6 3.4 8.8 10.2 3.5 2.8MCX Buy 1,016 1,440 5,181 553 624 65.3 66.3 62.5 72.0 16.3 14.1 4.5 3.9 27.5 27.4 6.4 5.2

MRF Accumulate 12,602 14,331 5,345 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.6 7.0 1.5 1.2 22.0 19.4 0.6 0.5

Page Industries Neutral 3,443 - 3,840 856 1,047 19.1 19.6 101.2 127.3 34.0 27.0 17.5 12.9 58.5 54.9 4.6 3.8

Relaxo Footwears Buy 634 887 761 989 1,148 10.7 11.7 41.8 55.5 15.2 11.4 3.5 2.7 25.5 26.3 0.9 0.8

Sintex Industries Buy 56 79 1,753 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 288 332 270 1,048 1,157 11.3 12.0 58.7 66.5 4.9 4.3 0.9 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 305 6,765 7,393 18.1 18.0 6.4 7.5 1.6 1.4 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 34 43 1,656 5,720 6,599 5.3 6.8 3.6 5.4 9.5 6.4 13.7 4.4 - - 0.4 0.3

TAJ GVK Buy 66 108 411 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


Market Outlook

Stock Watch

March 08, 2013


12/13



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 481 655 373 393 439 5.9 6.7 21.1 26.7 22.8 18.0 17.5 19.1 0.8 0.7

TVS Srichakra Buy 207 276 159 1,461 1,591 5.6 7.1 6.9 39.4 30.0 5.3 1.2 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,842 - 24,093 10,473 11,939 15.0 15.8 30.4 56.9 60.6 32.4 4.6 2.9 10.8 12.3 3.0 2.3

Vesuvius India Accumulate 327 355 664 591 623 17.5 17.2 29.0 29.6 11.3 11.0 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 07, 2013


Market Outlook

Stock Watch

March 08, 2013


13/13


Documents

Market Outlook 08 March 2013