Market Outlook 131212

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    Market OutlookDecember 13, 2012

    www.angelbroking.com

    Market OutlookDecember 13, 2012

    Dealers Diary

    The Indian market is expected to open flat mirroring almost flat to positive opening

    trades in most of the Asian markets after the U.S. Federal Reserve announced an

    expansion to its asset-buying program and new policy targets.

    The U.S. markets closed roughly flat yesterday after Federal Reserve Chairman Ben

    Bernanke warned the Fed does not have the ability to shield the economy from the

    fiscal cliff. Fed announced that it will replace its Operation Twist program, which

    expires at the end of the year, with the purchase of longer-term Treasury securities

    at a pace of US$45bn per month. The central bank also said it will continue

    purchasing additional agency mortgage-backed securities at a pace of US$40bn

    per month.

    Meanwhile the Indian markets moved in a tight range before ending marginally

    lower yesterday, as strong IIP data (8.2%) coupled with a rise in consumer inflation

    (9.9%) for the second consecutive month, driven mainly by prices of food items,diminished chances of a rate cut at the upcoming monetary policy meeting next

    week. Investors will now watch out for the monthly inflation figures, which will be

    released on Friday, for cues with regards the mid-quarter monetary policy review

    on December 18.

    Markets Today

    The trend deciding level for the day is 19,384 / 5,896 levels. If NIFTY trades above

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

    up to 19,450 19,545 / 5,917 5,946 levels. However, if NIFTY trades below

    19,384 / 5,896 levels for the first half-an-hour of trade then it may correct up to

    19,289 19,222 / 5,867 5,845 levels.

    SENSEX 19,222 19,289 19,384 19,450 19,545NIFTY 5,845 5,867 5,896 5,917 5,946

    News Analysis Growth in industrial production surprises positively CPI inflation for November 2012 nearly touches double-digits at 9.9% L&T bagged orders worth `1,002cr JLR retail sales up by a strong 13.5% yoy in November 2012 Honeywell Automation India - Offer for sale of shares by promoter

    Refer detailed news analysis on the following page

    Net Inflows (December 11, 2012)

    FII 2,639 1,854 786 5,882 110,902

    MFs 371 1,096 (725) (2,186) (19,727)

    FII Derivatives (December 12, 2012)

    Index Futures 710 786 (76) 11,914

    Stock Futures 1,158 1,506 (348) 32,928

    Gainers / Losers

    Satyam Comp 104 6.4 Piramal Ent 568 (5.7)

    Bharat Forge 267 5.1 Gitanjali Gems 497 (4.6)

    Jet Air India 563 4.7 JSW ENERGY 66 (4.0)

    IPCA Lab 469 4.6 Gujarat Mineral 200 (3.2)

    Core Projects 324 4.4 NMDC 154 (3.2)

    BSE Sensex (0.2) (31.9) 19,355

    Nifty (0.2) (10.8) 5,888

    MID CAP 0.1 4.2 7,039

    SMALL CAP 0.2 18.1 7,420

    BSE HC 0.2 16.3 8,056

    BSE PSU (0.8) (58.3) 7,169

    BANKEX (0.3) (45.9) 14,130

    AUTO 0.9 102.8 11,000

    METAL (0.7) (74.9) 10,453

    OIL & GAS 0.3 25.7 8,399

    BSE IT 0.4 20.9 5,576

    Dow Jones (0.0) (3.0) 13,245NASDAQ (0.3) (8.5) 3,014

    FTSE 0.4 20.9 5,946

    Nikkei 0.6 56.1 9,581

    Hang Seng 0.8 179.4 22,503

    Straits Times 0.8 23.2 3,142

    Shanghai Com 0.4 8.0 2,083

    INFY (0.5) (0.2) $42.8

    WIT 0.5 0.0 $8.7IBN (0.2) (0.1) $43.2

    HDB (1.1) (0.5) $41.6

    Advances 1,382 611

    Declines 1,554 836

    Unchanged 123 86

    BSE 2,825

    NSE 13,911

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    Market OutlookDecember 13, 2012

    Growth in industrial production surprises positively

    As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth

    at 8.2% during October 2012 (as against 5.1% yoy expected growth) surprised

    positively. Growth is largely attributed to an exceptionally low base effect coupled

    with ramping up of production in anticipation of festival-related demand and animprovement in the core sector output.

    Owing to the healthy growth in October 2012, the index has witnessed some

    traction on a cumulative basis with 1.2% yoy growth in the April - October 2012

    period. On a sequential 3-month moving-average (3MMA) basis, growth in IIP

    witnessed improvement, reaching a 9-month high at 3.2% yoy.

    The Manufacturing sector, accounting for 75.5% of the overall index surged to a

    16-month high. It reported a robust 9.6% growth during the month as compared

    to a decline of 1.5% in September 2012 and 6.0% decline in October 2011. On a3MMA basis, growth in manufacturing has witnessed sequential improvement. On

    a cumulative basis, in the April - October 2012 period, Mining reported a slight

    decline of 0.7% while the Manufacturing and Electricity sectors reported growth of

    1.0% and 4.7% respectively.

    While Capital goods continued to remain volatile they witnessed a healthy 7.5%

    growth as compared to a steep de-growth of 26.5% in October 2011. The

    dramatic growth, following seven months of contraction, is mainly aided by a low

    base effect and is unlikely to be sustained going forward. Even on a sequential

    3MMA basis the index witnessed some improvement; however a recovery in the

    near term is unlikely in the absence of catalysts to investment revival.

    Consumer goods witnessed growth at their fastest pace in the year (13.2% in

    October 2012 as compared to 0.1% growth in the corresponding period of the

    previous year). This can be mainly attributed to ramping up of production in the

    period preceding the festival season (particularly in the case of durable consumer

    goods) owing to expectation of higher demand. Consequently, Consumer durables

    reported a robust 16.5% growth while Consumer non-durables reported a growth

    of 10.1%.

    Despite the better-than-expected print for the month (supported by a low base) we

    believe that industrial activity is unlikely to improve dramatically even in the

    second-half of the fiscal in the absence of positive catalysts to revival. In addition,

    the high base for 2HFY2013 does not augur favorably for sustainable expansion.

    On a positive note however, healthy performance during the month is likely to

    marginally support overall IIP growth for the fiscal year.As far as monetary policy stance is concerned, we continue to believe that at least

    in the near term policy easing is unlikely, with inflation remaining sticky and above

    the Reserve Bank of Indias comfort level. In 4QFY2013 we expect an easing of

    about 25 50bp in the policy rate.

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    Market OutlookDecember 13, 2012

    CPI inflation for November 2012 nearly touches double-digits at 9.9%

    Inflation as measured by the Consumer Price Index (CPI) nearly touched double

    digits at 9.9% in November 2012 as compared to 9.75% in the previous month.

    Rural inflation surged to 10.0% as compared to 9.0% in October 2012. At thesame time, inflation in urban areas too inched upwards slightly to 9.7% from 9.5%

    in the previous month. Food inflation with almost 50% weightage in the overall

    index continued its uptrend at 11.8% led by rise in prices of oils and fat, sugar and

    vegetables. In rural areas food inflation touched a high of 12.0% while in urban

    areas it stood at a lower 11.4% during the month. Inflation in clothing, bedding

    and footwear followed closely at 11.1%, increasing at a higher rate of 11.4% in

    rural areas as compared to 10.7% in urban areas. Fuel inflation stood at 7.4%

    during the month.

    L&T bagged orders worth`

    1,002crLarsen & Toubro (L&T) has bagged orders worth `742cr in domestic and

    international markets. This includes a major order for setting up a 220 kV, 515

    MVA cable system and construction of a 220/66/11 KV substation in Qatar. On

    the domestic front, the company has bagged orders in the EPC segment for setting

    transmission lines from Tamil Nadu Transmission Corporation Ltd and West

    Bengal State Electricity Transmission Company Ltd. Also, L&T has received orders

    worth `260cr from ongoing projects across various business units.

    JLR retail sales up by a strong 13.5% yoy in November2012

    Jaguar and Land Rover (JLR) reported a strong retail volume growth of 13.5% yoy

    (18.7% mom) in November 2012 to 29,893 units driven by strong growth in Land

    Rover volumes (Evoque in particular, sales up 38.9% yoy) which posted better-

    than-expected growth of 17.2% yoy (16.7% mom). Total volumes ex. Evoque

    however, grew by a modest 4.1% yoy largely due to a 38% yoy decline in Range

    Rover volumes which is set to be replaced bynewRange Rover (retail deliveries to

    begin from January 2013). Nevertheless, total volumes ex. Evoque on a mom

    basis reported a strong 17.3% growth as the performance benefited from theramp-up in production at the Halewood plant which is now running on three shift

    basis. This resulted in a 28.8% and 21.8% mom growth in Freelander and Evoque

    sales. Jaguar sales however, registered a decline of 5.4% yoy ahead of the

    impending launch of the model year 2013 products, XF Sportbrake and all-wheel

    drive and smaller engine options in theXF andXJ models. Jaguar sales during the

    month witnessed a yoy de-growth across all the models. Nonetheless on a mom

    basis Jaguar volumes surged 33.9% led by robust growth in China (up 250.3%

    mom) and Rest of the World (42.8% mom). Geographically, the growth in China

    continues to remain strong as it posted a 43% yoy (47.9% mom) growth during the

    month.

    The company would be reporting the JLR wholesale volumes and global sales

    numbers on November 15 2012.

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    Market OutlookDecember 13, 2012

    Honeywell Automation India - Offer for sale of shares bypromoter

    Honeywell Asia Pacific Inc., the promoter of Honeywell Automation India Ltd., has

    submitted to BSE a notice of Offer for Sale of 5,51,333 equity shares of Rs. 10/-

    each representing 6.24% of the equity share capital of on December 12, 2012.The floor price for the same will be declared today after closure of trading hours of

    stock exchange.

    Economic and Political News

    Government rules out referring Banking Bill to House panel again October IIP soars to 8.2%, beats estimates Wheat exports may touch record 5mn tonneCorporate News

    ABG Shipyard bags `485cr order from Navy Hitachi opens Sanand facility; to hold first board meet in New Delhi tomorrow NMDC US$1.1bn share sale fully covered: NSE PFC to set up US$1bn PE fund in tie-up with Tata Capital TCS signs multi-year contract with UK's Mitchells & ButlersSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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    Global economic events release calendar

    Date Time Country Event Description Unit Period Bloomberg Data

    Last Reported Estimated

    December 13, 2012 7:00PM US Initial Jobless claims Thousands Dec 8 370.00 369.00

    7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)

    December 14, 2012 2:00PM Germany PMI Manufacturing Value Dec A 46.80 47.30

    2:00PM Germany PMI Services Value Dec A 49.70 50.00

    12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 7.60

    3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 2.20

    7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)

    7:45PM US Industrial Production % Nov (0.43) 0.25

    December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 8.00

    11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 4.00

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

    11:00AM India RBI Reverse Repo rate % Dec 18 7.00 7.00

    December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 873.00

    7:00PM US Building permits Thousands Nov 868.00 875.00

    December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --

    7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 2.80

    8:30PM US Existing home sales Millions Nov 4.79 4.85

    December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) --

    December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --

    8:30PM US New home sales Thousands Nov 368.00 --

    January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 --

    January 2, 2013 3:00PM UK PMI Manufacturing Value Dec 49.10 --

    January 3, 2013 2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

    January 4, 2013 7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --7:00PM US Unnemployment rate % Dec 7.70 --

    January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --

    5:29PM China Industrial Production (YoY) % Change Dec 10.10 --

    January 10, 2013 5:29PM India Imports YoY% % Change Dec 6.40 --

    5:29PM India Exports YoY% % Change Dec (4.20) --

    5:29PM China Exports YoY% % Change Dec 2.90 --

    5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.50

    6:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 --

    January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --

    January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --

    Source: Bloomberg, Angel Research

    December 13, 2012

    Market Outlook

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    Market OutlookDecember 13, 2012

    www.angelbroking.com

    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

    3. 5

    5. 7

    9. 0

    7. 5

    11.2

    8. 5

    7. 68 .2

    9. 2

    8. 0

    6. 76. 1

    5. 3 5. 5 5. 3

    3. 0

    4. 0

    5. 0

    6. 0

    7. 0

    8. 0

    9. 0

    10.0

    11.0

    12.0

    4Q

    FY09

    1Q

    FY10

    2Q

    FY10

    3Q

    FY10

    4Q

    FY10

    1Q

    FY11

    2Q

    FY11

    3Q

    FY11

    4Q

    FY11

    1Q

    FY12

    2Q

    FY12

    3Q

    FY12

    4Q

    FY12

    1Q

    FY13

    2Q

    FY13

    (%)

    6. 0

    2 .7

    1. 0

    4. 3

    (2.8)

    (1.3)

    2 .5

    (2.0)

    (0.1)

    2. 3

    (0.7)

    8 .2

    (4.0)

    (2.0)

    -

    2. 0

    4. 0

    6. 0

    8. 0

    10.0

    Nov

    -11

    Dec

    -11

    Jan

    -12

    Fe

    b-1

    2

    M

    ar-

    12

    Apr-

    12

    M

    ay

    -12

    Jun

    -12

    Ju

    l-12

    Aug

    -12

    Sep

    -12

    O

    ct-12

    (%)

    9. 5

    7. 76. 9

    7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5

    0. 0

    1. 0

    2. 0

    3. 0

    4. 0

    5. 0

    6. 0

    7. 0

    8. 0

    9. 0

    10.0

    Nov

    -11

    Dec

    -11

    Jan

    -12

    Fe

    b-

    12

    M

    ar

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    ay

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    Jun

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    -12

    O

    ct-12

    (%)

    48.0

    50.0

    52.0

    54.0

    56.0

    58.0

    60.0

    Nov

    -11

    Dec

    -11

    Jan

    -12

    Fe

    b-1

    2

    M

    ar

    -12

    Apr

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    ay

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    Jun

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    Ju

    l-12

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    Sep

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    O

    ct-12

    Nov

    -12

    M fg. PM I Services PM I

    (30.0)

    (15.0)

    0 .0

    15.0

    30.0

    45.0

    Nov

    -11

    Dec

    -11

    Jan

    -12

    Fe

    b-1

    2

    M

    ar-

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    Apr-

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

    8.00

    7.00

    4.25

    4.00

    5.00

    6.00

    7.00

    8.00

    9.00

    Nov

    -11

    Dec

    -11

    Jan

    -12

    Fe

    b-

    12

    M

    ar-

    12

    Apr-

    12

    M

    ay

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    Jun

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    Ju

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    Nov

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    Repo rate Reverse Repo rate C RR(%)

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

    ( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

    Agri / Agri Chemical

    Rallis Neutral 153 - 2,975 1,466 1,686 14.8 14.8 7.0 8.1 21.9 18.9 4.6 4.0 22.6 22.5 2.1 1.8

    United Phosphorus Buy 123 170 5,672 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.2 1.2 1.1 15.6 15.5 0.8 0.7

    Auto & Auto Ancillary

    Amara Raja Batteries Neutral 249 - 4,255 2,911 3,321 16.2 16.2 17.3 19.8 14.4 12.6 3.9 3.1 31.1 27.6 1.4 1.2

    Apollo Tyres Accumulate 86 96 4,345 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

    Ashok Leyland Buy 27 31 7,051 14,490 16,606 9.5 9.6 2.2 2.9 11.9 9.3 2.2 1.9 13.6 16.1 0.6 0.5

    Automotive Axle# Neutral 360 - 544 1,103 1,240 11.0 11.3 39.1 45.0 9.2 8.0 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,056 - 59,479 21,121 23,642 18.4 18.5 108.7 122.6 18.9 16.8 7.8 6.3 46.2 41.6 2.4 2.0

    Bharat Forge Buy 267 324 6,207 6,754 7,565 15.5 15.7 18.8 23.2 14.2 11.5 2.5 2.1 18.5 19.7 1.0 0.9

    Bosch India* Neutral 9,257 - 29,064 8,776 10,276 16.6 18.0 331.9 417.7 27.9 22.2 5.2 4.3 18.7 19.5 3.0 2.5

    CEAT Buy 106 163 364 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

    Exide Industries Neutral 145 - 12,321 6,229 7,200 14.8 15.8 7.2 9.0 20.2 16.2 3.5 3.0 18.5 19.9 1.7 1.4

    FAG Bearings* Neutral 1,691 - 2,809 1,489 1,750 16.5 17.5 103.3 126.9 16.4 13.3 3.2 2.6 21.3 21.6 1.7 1.4

    Hero Motocorp Accumulate 1,885 1,956 37,644 24,743 27,996 14.8 15.2 118.2 130.4 16.0 14.5 6.9 5.4 48.3 41.9 1.2 1.0

    JK Tyre Buy 121 165 496 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

    Mahindra and Mahindra Accumulate 948 986 58,230 40,035 46,272 11.5 11.6 54.7 62.8 17.3 15.1 3.9 3.3 24.3 23.4 1.2 1.0

    Maruti Neutral 1,476 - 42,629 42,019 50,246 7.3 8.6 66.1 94.4 22.3 15.6 2.5 2.2 11.9 15.1 0.9 0.7

    Motherson Sumi Neutral 195 - 11,472 24,285 27,317 6.7 7.2 8.1 10.6 24.3 18.5 5.1 4.2 22.9 24.7 0.6 0.6

    Subros Buy 30 35 182 1,286 1,479 9.4 9.7 2.6 5.1 11.7 6.0 0.7 0.6 5.6 10.3 0.4 0.4

    Tata Motors Accumulate 276 319 73,680 192,330 219,770 12.8 13.1 37.0 44.5 7.5 6.2 2.1 1.6 31.2 28.9 0.4 0.4

    TVS Motor Buy 39 45 1,865 7,466 8,290 6.2 6.3 4.8 5.6 8.2 7.0 1.4 1.2 18.2 18.7 0.2 0.2

    Capital Goods

    ABB* Sell 711 573 15,076 7,796 9,907 4.8 7.8 9.2 22.0 77.3 32.3 5.6 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 264 - 1,901 3,605 4,542 11.8 10.7 25.1 27.9 10.5 9.4 1.5 1.4 31.1 27.1 1.0 0.9

    BHEL Neutral 232 - 56,870 47,801 43,757 18.5 18.0 24.6 21.8 9.5 10.7 2.8 2.4 33.5 24.5 1.1 1.2

    Blue Star Buy 194 242 1,742 2,763 2,948 3.1 5.6 2.6 8.6 73.6 22.7 4.3 3.8 5.9 17.6 0.8 0.7

    Crompton Greaves Buy 113 145 7,278 12,370 14,277 5.2 7.3 4.0 7.8 28.4 14.5 1.9 1.8 6.9 12.6 0.6 0.6

    Jyoti Structures Accumulate 47 53 383 2,794 3,048 10.6 10.6 9.2 11.7 5.1 4.0 0.5 0.5 10.9 12.5 0.4 0.4

    KEC International Accumulate 66 73 1,684 6,858 7,431 7.1 7.5 8.3 9.8 7.9 6.7 1.3 1.1 25.1 24.0 0.4 0.4

    LMW Reduce 2,151 1,992 2,423 2,369 2,727 11.7 11.7 143.4 166.0 15.0 13.0 2.5 2.3 17.4 18.4 0.6 0.4

    Thermax Neutral 612 - 7,296 5,514 5,813 9.3 10.2 28.1 31.2 21.8 19.6 3.9 3.4 19.2 18.5 1.2 1.1

    www.angelbroking.com

    Market Outlook

    Stock Watch

    December 13, 2012

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

    ( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

    Cement

    ACC Neutral 1,421 - 26,678 11,085 12,415 21.6 21.4 79.4 83.1 17.9 17.1 3.5 3.1 20.1 19.2 2.1 1.8

    Ambuja Cements Neutral 211 - 32,478 10,272 11,884 26.4 26.1 11.5 12.9 18.4 16.3 4.0 3.6 20.8 21.1 2.8 2.3

    India Cements Neutral 90 - 2,758 4,293 4,666 17.7 18.1 8.6 10.8 10.5 8.4 0.8 0.7 7.5 9.0 1.1 0.9

    J K Lakshmi Cements Accumulate 134 143 1,641 2,082 2,423 22.9 23.1 20.8 22.5 6.4 6.0 1.1 1.0 18.4 17.4 0.9 1.2

    Madras Cements Neutral 212 - 5,046 3,814 4,045 29.3 27.5 18.7 19.2 11.3 11.0 2.1 1.8 19.9 17.4 2.0 1.7

    Shree Cements^ Neutral 4,311 - 15,019 5,701 6,210 29.7 28.1 240.7 260.7 17.9 16.5 4.4 3.5 27.1 23.6 2.0 1.7

    UltraTech Cement Neutral 1,948 - 53,400 21,368 24,043 22.5 23.5 103.5 121.4 18.8 16.1 3.5 3.0 20.2 20.1 2.5 2.3Construction

    Ashoka Buildcon Buy 209 304 1,102 2,034 2,315 22.4 22.4 27.1 31.7 7.7 6.6 1.0 0.8 13.1 13.4 1.8 2.1

    Consolidated Co Neutral 13 - 245 2,262 2,522 6.7 7.5 1.5 2.7 8.9 5.0 0.4 0.4 4.4 7.5 0.4 0.4

    IRB Infra Buy 141 164 4,670 3,843 4,212 43.1 43.6 16.8 17.8 8.3 7.9 1.4 1.3 18.3 17.0 3.3 3.6

    ITNL Accumulate 207 225 4,028 6,564 7,054 27.2 27.4 26.3 29.0 7.9 7.2 1.3 1.1 14.0 11.8 2.7 2.8

    IVRCL Infra Neutral 44 - 1,343 4,249 6,897 7.8 8.2 0.3 3.3 141.9 13.3 0.6 0.6 0.4 4.4 0.9 0.6

    Jaiprakash Asso. Neutral 105 - 22,407 13,842 15,863 26.9 26.4 3.7 4.6 28.6 23.0 1.7 1.6 6.2 7.3 3.1 2.8

    Larsen & Toubro Neutral 1,648 - 101,321 60,556 69,167 11.2 11.6 73.8 85.5 22.3 19.3 3.5 3.1 13.5 14.1 1.9 1.6

    Nagarjuna Const. Reduce 49 44 1,247 5,947 6,569 8.5 8.6 3.1 4.1 15.7 11.8 0.5 0.5 3.3 4.2 0.6 0.6

    Punj Lloyd Neutral 60 - 1,998 11,892 13,116 9.0 9.0 1.8 3.2 33.3 18.7 0.7 0.7 2.5 3.7 0.6 0.5

    Sadbhav Engg. Buy 133 168 2,001 2,344 2,804 10.6 10.7 7.2 8.7 18.4 15.3 2.2 1.9 13.0 13.5 1.2 1.1

    Simplex Infra Buy 209 251 1,032 6,882 8,032 9.1 9.1 23.2 31.3 9.0 6.7 0.8 0.7 9.1 11.2 0.5 0.5

    Financials

    Allahabad Bank Accumulate 161 181 8,065 6,392 7,238 2.7 2.8 30.3 33.3 5.3 4.9 0.8 0.7 14.8 14.5 - -

    Andhra Bank Neutral 118 - 6,581 4,731 5,431 2.9 3.0 21.5 21.8 5.5 5.4 0.9 0.8 15.2 13.8 - -

    Axis Bank Buy 1,328 1,550 56,678 15,686 18,687 3.1 3.2 116.8 138.0 11.4 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 819 - 32,048 15,436 18,208 2.5 2.6 111.8 137.4 7.3 6.0 1.1 1.0 15.8 17.0 - -

    Bank of India Accumulate 309 334 17,704 12,491 14,883 2.2 2.4 43.8 63.7 7.1 4.8 0.9 0.8 12.1 15.8 - -

    Bank of Maharashtra A ccumulate 59 64 3,461 3,563 3,876 3.1 3.1 9.7 12.0 6.1 4.9 0.8 0.7 14.6 16.1 - -

    Canara Bank Accumulate 478 544 21,160 10,699 12,213 2.1 2.2 67.3 80.1 7.1 6.0 1.0 0.9 13.7 14.6 - -

    Central Bank Neutral 81 - 5,981 7,171 8,236 2.5 2.6 16.4 21.5 5.0 3.8 0.9 0.7 12.7 14.9 - -

    Corporation Bank Accumulate 446 480 6,604 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -

    Dena Bank Accumulate 118 132 4,138 3,087 3,453 2.7 2.8 25.9 24.1 4.6 4.9 0.8 0.7 19.4 15.6 - -

    Federal Bank Neutral 498 - 8,520 2,617 2,968 3.3 3.2 45.9 51.7 10.9 9.6 1.4 1.2 13.1 13.3 - -

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    December 13, 2012

  • 7/30/2019 Market Outlook 131212

    9/14

    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

    Financials

    HDFC Neutral 860 - 132,542 7,336 8,802 3.5 3.5 31.5 37.8 27.3 22.7 5.5 4.9 34.8 32.1 - -

    HDFC Bank Neutral 693 - 164,020 21,696 26,811 4.4 4.5 28.7 36.0 24.2 19.2 4.6 3.9 20.7 22.0 - -

    ICICI Bank Buy 1,113 1,296 127,926 22,271 26,690 3.0 3.0 69.2 83.1 16.1 13.4 2.0 1.8 14.2 15.7 - -

    IDBI Bank Accumulate 111 119 14,216 7,684 9,264 1.8 2.1 15.6 22.0 7.1 5.1 0.8 0.7 10.9 13.9 - -

    Indian Bank Buy 196 230 8,402 5,874 6,551 3.2 3.2 40.6 41.8 4.8 4.7 0.8 0.7 18.1 16.4 - -

    IOB Neutral 86 - 6,870 7,050 8,313 2.3 2.5 12.3 19.9 7.0 4.3 0.6 0.6 8.8 13.1 - -

    J & K Bank Neutral 1,403 - 6,802 2,762 2,885 3.6 3.6 226.7 193.0 6.2 7.3 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 272 313 13,707 1,799 2,255 2.3 2.4 20.3 27.3 13.4 10.0 2.1 1.8 16.9 19.7 - -

    Oriental Bank Accumulate 348 370 10,150 6,277 7,090 2.6 2.7 60.5 65.1 5.8 5.3 0.9 0.8 15.0 14.4 - -

    Punjab Natl.Bank Accumulate 826 890 28,009 19,652 22,601 3.2 3.3 135.0 164.3 6.1 5.0 1.0 0.9 16.3 17.3 - -

    South Ind.Bank Accumulate 27 29 3,621 1,556 1,750 2.8 2.7 3.5 3.9 7.8 7.1 1.3 1.2 19.1 16.9 - -

    St Bk of India Accumulate 2,295 2,520 153,988 61,883 71,546 3.4 3.4 227.2 257.5 10.1 8.9 1.7 1.5 17.8 17.7 - -

    Syndicate Bank Accumulate 132 139 7,952 6,756 7,783 3.0 3.0 26.3 27.1 5.0 4.9 0.9 0.8 18.3 16.6 - -

    UCO Bank Neutral 80 - 5,341 5,234 6,097 2.3 2.4 11.8 14.7 6.8 5.5 1.1 0.9 11.9 13.4 - -

    Union Bank Accumulate 258 285 14,196 9,912 11,536 2.8 2.9 40.4 46.7 6.4 5.5 1.1 0.9 16.1 16.4 - -

    United Bank Buy 77 91 2,774 3,500 3,912 2.6 2.8 15.8 21.2 4.9 3.6 0.6 0.6 13.1 15.7 - -

    Vijaya Bank Accumulate 63 66 3,132 2,354 2,754 2.0 2.2 7.4 10.2 8.6 6.2 0.9 0.8 9.3 11.9 - -

    Yes Bank Buy 454 542 16,222 3,270 4,240 2.8 3.0 34.5 42.2 13.2 10.8 2.8 2.3 23.5 23.5 - -

    FMCG

    Asian Paints Neutral 4,319 - 41,423 11,198 13,184 16.2 16.2 123.7 146.4 34.9 29.5 11.9 9.3 38.1 35.4 3.6 3.0

    Britannia Buy 494 584 5,904 5,627 6,581 4.9 5.7 18.3 24.7 27.0 20.0 9.9 7.6 39.1 42.7 1.0 0.8

    Colgate Neutral 1,400 - 19,042 3,146 3,573 20.6 21.4 36.4 42.5 38.5 33.0 35.6 29.8 102.0 98.5 5.9 5.2

    Dabur India Neutral 130 - 22,597 6,124 7,101 17.0 16.8 4.5 5.2 29.0 24.8 12.0 9.4 43.2 41.5 3.8 3.2

    GlaxoSmith Con* Neutral 3,741 - 15,735 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.8 30.2 11.2 8.9 34.4 32.8 4.7 4.0

    Godrej Consumer Neutral 718 - 24,442 6,355 7,548 18.4 18.6 22.8 27.6 31.5 26.0 7.2 5.9 26.4 26.1 4.0 3.3

    HUL Neutral 530 - 114,562 25,350 28,974 13.3 13.5 14.7 17.1 36.0 31.1 28.5 20.1 84.5 75.8 4.5 3.9

    ITC Neutral 306 - 240,737 29,409 34,060 35.7 36.1 9.3 10.9 32.8 28.0 10.9 9.1 35.8 35.3 7.8 6.7

    Marico Neutral 220 - 14,190 4,840 5,643 13.1 13.1 6.2 7.8 35.7 28.3 6.8 5.5 25.4 22.6 3.0 2.5

    Nestle* Neutral 4,810 - 46,372 8,529 10,079 20.8 21.1 113.1 137.8 42.5 34.9 25.5 17.9 70.5 60.2 5.5 4.5

    Tata Global Neutral 172 - 10,640 7,207 7,927 9.7 10.0 6.6 7.8 26.0 22.0 2.6 2.5 8.6 9.5 1.4 1.2

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    December 13, 2012

  • 7/30/2019 Market Outlook 131212

    10/14

    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

    IT

    HCL Tech^ Accumulate 616 648 42,777 24,214 26,772 19.5 18.1 44.0 48.0 14.0 12.8 3.3 2.8 24.0 22.0 1.7 1.5

    Hexaware* Buy 91 135 2,699 1,944 2,159 21.8 21.1 11.4 12.2 8.0 7.4 2.1 1.8 26.4 24.1 1.1 0.9

    Infosys Accumulate 2,299 2,573 132,010 39,174 41,580 29.5 30.4 159.2 171.6 14.4 13.4 3.5 3.1 24.1 23.1 2.8 2.6

    Infotech Enterprises Neutral 197 - 2,195 1,886 2,032 17.9 17.3 18.7 20.2 10.5 9.8 1.6 1.4 14.9 14.0 0.8 0.7

    KPIT Cummins Accumulate 114 132 2,037 2,195 2,317 15.5 15.0 10.7 12.1 10.6 9.5 2.3 1.8 21.0 19.8 0.9 0.8

    Mahindra Satyam Buy 104 115 12,217 7,597 8,141 20.0 18.8 9.7 10.4 10.8 10.0 3.0 2.3 27.5 22.9 1.1 1.0

    Mindtree Accumulate 711 747 2,921 2,324 2,437 20.0 17.7 73.3 74.7 9.7 9.5 2.3 1.9 24.1 19.7 1.0 0.8Mphasis& Neutral 384 - 8,069 5,700 5,993 18.0 16.9 37.0 37.3 10.4 10.3 1.5 1.3 14.3 12.6 0.9 0.8

    NIIT Accumulate 32 36 528 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.2 0.8 0.7 10.5 14.1 0.3 0.2

    Persistent Neutral 484 - 1,935 1,261 1,352 26.4 24.7 48.2 54.0 10.0 9.0 1.9 1.6 19.0 17.9 1.2 1.0

    TCS Buy 1,226 1,410 239,955 61,053 67,313 28.7 29.1 69.7 76.2 17.6 16.1 5.7 4.7 32.6 29.1 3.7 3.3

    Tech Mahindra Buy 911 1,070 11,636 6,603 7,150 19.8 18.4 92.9 102.0 9.8 8.9 2.3 1.9 23.7 21.0 1.8 1.6

    Wipro Accumulate 375 421 92,278 43,219 47,241 20.0 20.0 26.1 28.1 14.3 13.3 2.8 2.4 19.3 17.9 1.8 1.6

    Media

    D B Corp Buy 222 259 4,071 1,581 1,784 23.3 25.0 11.6 14.4 19.2 15.4 3.7 3.2 21.0 22.3 2.4 2.1

    HT Media Accumulate 103 113 2,424 2,111 2,272 15.0 15.2 7.4 8.3 14.0 12.5 1.5 1.4 11.3 11.4 0.8 0.7

    Jagran Prakashan Buy 101 117 3,183 1,503 1,681 23.1 23.1 6.4 7.3 15.7 13.9 3.9 3.5 25.8 26.5 2.3 2.0

    PVR Neutral 306 - 883 682 786 17.3 16.9 17.6 19.7 17.4 15.6 2.1 1.8 14.9 14.5 1.6 1.4

    Sun TV Network Neutral 405 - 15,949 1,942 2,237 77.2 75.5 17.6 19.1 23.0 21.2 5.7 5.1 25.8 25.2 7.8 6.7

    Metals & Mining

    Bhushan Steel Neutral 441 - 9,372 11,307 14,287 29.5 29.1 45.1 51.0 9.8 8.7 1.1 1.0 12.2 12.2 2.9 2.3

    Coal India Neutral 356 - 224,989 66,666 70,292 25.7 27.3 24.2 26.6 14.7 13.4 4.4 3.5 33.1 29.1 2.4 2.1

    Electrosteel Castings Buy 24 29 822 1,984 2,074 10.6 11.6 0.8 2.0 28.4 11.7 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 137 - 58,056 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.8 2.2

    Hindalco Neutral 118 - 22,649 79,148 89,258 9.4 9.0 15.0 15.6 7.9 7.6 0.7 0.6 8.8 8.4 0.7 0.6

    JSW Steel Neutral 751 - 16,755 39,586 41,459 17.6 17.0 78.7 90.1 9.6 8.3 0.9 0.9 10.2 10.7 0.8 0.8

    MOIL Neutral 264 - 4,438 941 1,019 47.3 48.3 25.8 28.1 10.2 9.4 1.6 1.4 16.7 16.2 2.5 2.1

    Monnet Ispat Accumulate 305 344 1,961 2,501 3,264 22.2 24.6 41.8 55.2 7.3 5.5 0.8 0.7 11.3 13.4 1.9 1.3

    Nalco Reduce 47 44 12,165 6,898 7,841 9.9 14.7 2.0 3.2 23.8 14.8 1.0 1.0 4.3 6.8 1.3 1.2

    NMDC Buy 154 198 61,156 11,209 12,525 78.4 78.3 18.5 20.6 8.3 7.5 2.0 1.7 27.0 24.6 3.7 3.1

    SAIL Neutral 82 - 33,850 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.0 0.8 0.7 9.4 10.6 1.2 1.0

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    December 13, 2012

  • 7/30/2019 Market Outlook 131212

    11/14

    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

    Metals & Mining

    Sesa Goa Neutral 188 - 16,300 4,551 6,640 32.8 34.4 33.7 39.3 5.6 4.8 1.0 0.8 18.3 18.3 4.2 2.9

    Sterlite Inds Neutral 113 - 37,975 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.7 0.7 11.6 11.2 0.9 0.8

    Tata Steel Buy 395 463 38,387 145,725 154,108 8.3 9.5 22.0 44.5 17.9 8.9 0.9 0.8 4.9 9.3 0.6 0.5

    Sarda Accumulate 135 153 485 1,442 1,494 17.6 17.3 27.2 28.7 5.0 4.7 0.5 0.5 11.5 11.0 0.7 0.7

    Prakash Industries Buy 49 73 662 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.4 0.3 0.3 11.4 12.8 0.5 0.3

    Godawari Power andIspat

    Buy 118 143 374 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6

    Oil & Gas

    Cairn India Buy 318 382 60,677 17,567 17,643 76.2 72.3 61.1 56.8 5.2 5.6 1.1 0.9 22.0 17.5 2.6 2.2

    GAIL Neutral 348 - 44,187 46,652 54,142 15.7 15.7 34.0 35.3 10.2 9.9 1.8 1.6 18.5 16.8 0.7 0.5

    ONGC Buy 260 312 222,186 147,139 154,821 33.9 33.7 30.7 32.3 8.5 8.0 1.5 1.3 18.3 17.2 1.3 1.2

    Reliance Industries Neutral 832 - 272,492 362,700 380,031 7.9 8.0 60.0 63.3 13.9 13.2 1.3 1.2 11.1 10.6 0.7 0.7

    Gujarat Gas* Neutral 301 - 3,865 3,128 3,707 13.2 11.7 22.8 23.5 13.2 12.8 4.0 3.5 33.2 29.2 1.1 0.9

    Indraprastha Gas Neutral 260 - 3,634 3,213 3,643 23.3 23.5 24.3 25.7 10.7 10.1 2.4 2.1 25.0 22.1 1.2 1.1

    Petronet LNG Accumulate 163 183 12,248 30,077 33,570 6.6 6.3 15.1 15.3 10.8 10.7 2.7 2.3 28.4 23.1 0.4 0.4

    Gujarat State PetronetLtd.

    Neutral 75 - 4,215 1,079 1,034 91.8 91.9 8.8 8.4 8.6 8.9 1.4 1.3 17.9 15.0 3.6 3.7

    Pharmaceuticals

    Alembic Pharma Buy 68 91 1,286 1,624 1,855 14.2 15.6 6.6 9.1 10.3 7.5 2.6 2.0 27.9 29.9 0.9 0.8

    Aurobindo Pharma Neutral 193 - 5,632 5,243 5,767 14.6 14.6 11.8 12.6 16.4 15.4 2.0 1.8 17.9 16.4 1.5 1.4

    Aventis* Neutral 2,245 - 5,170 1,482 1,682 15.5 15.5 95.1 104.4 23.6 21.5 4.2 3.3 18.6 17.0 3.3 2.8

    Cadila Healthcare Accumulate 845 926 17,305 6,148 7,386 18.6 19.6 32.7 44.8 25.9 18.9 5.7 4.5 23.7 26.6 3.2 2.6

    Cipla Neutral 415 - 33,353 8,151 9,130 25.0 24.0 19.5 20.9 21.3 19.9 3.7 3.2 18.8 17.2 3.9 3.4

    Dr Reddy's Neutral 1,874 - 31,817 10,696 11,662 20.7 21.0 83.7 92.9 22.4 20.2 4.6 3.9 22.4 20.8 3.3 2.9

    Dishman Pharma Buy 114 145 918 1,280 1,536 20.2 20.2 10.4 14.5 10.9 7.8 0.9 0.8 8.7 11.0 1.4 1.2

    GSK Pharma* Neutral 2,044 - 17,309 2,651 2,993 31.7 31.2 76.0 82.4 26.9 24.8 7.8 6.9 20.1 26.3 5.7 5.0

    Indoco Remedies Buy 65 89 603 685 837 15.2 15.2 7.4 8.9 8.8 7.4 1.4 1.2 16.4 17.0 1.1 0.9

    Ipca labs Accumulate 469 485 5,913 2,850 3,474 21.0 21.0 29.9 37.3 15.7 12.6 3.8 3.0 26.7 26.4 2.2 1.8

    Lupin Accumulate 607 652 27,142 8,426 10,082 19.7 20.0 26.3 31.3 23.1 19.4 5.4 4.3 26.0 24.7 3.3 2.7

    Ranbaxy* Neutral 502 - 21,206 12,046 11,980 18.0 15.8 31.3 29.8 16.0 16.8 5.5 4.4 39.1 28.9 1.8 1.7

    Sun Pharma Neutral 725 - 74,933 9,752 12,134 41.6 41.6 26.0 28.2 27.9 25.7 5.2 4.5 20.3 18.8 6.8 5.3

    Power

    CESC Neutral 313 - 3,912 5,218 5,644 24.2 23.8 44.6 47.6 7.0 6.6 0.7 0.7 11.0 10.6 1.5 1.5

    GIPCL Accumulate 71 78 1,068 1,523 1,568 30.3 30.3 5.4 11.5 13.1 6.1 0.7 0.7 5.6 11.3 1.2 1.0

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    December 13, 2012

  • 7/30/2019 Market Outlook 131212

    12/14

    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

    Power

    NTPC Neutral 153 - 126,321 74,111 85,789 22.7 23.1 12.1 13.7 12.7 11.2 1.5 1.4 12.6 13.2 2.3 2.2

    Real Estate

    Anant Raj Sell 96 78 2,826 657 875 52.0 56.1 8.4 12.7 11.4 7.5 0.7 0.6 6.3 8.9 5.6 4.2

    DLF Neutral 217 - 36,911 9,878 12,033 44.7 46.1 9.6 13.4 22.7 16.2 1.4 1.4 6.4 8.7 6.2 5.1

    HDIL Neutral 118 - 4,934 2,441 3,344 55.1 48.2 22.7 26.6 5.2 4.4 0.4 0.4 8.8 9.4 3.9 2.9

    MLIFE Neutral 407 - 1,664 813 901 26.2 26.6 32.0 37.1 12.7 11.0 1.3 1.2 10.4 11.0 2.4 2.1

    TelecomBharti Airtel Neutral 312 - 118,464 81,984 90,718 32.1 33.8 10.9 16.9 28.6 18.5 2.2 2.0 7.6 10.6 2.1 1.8

    Idea Cellular Neutral 95 - 31,425 22,234 24,161 26.9 27.7 3.3 4.9 28.7 19.2 2.2 2.0 7.7 10.3 1.8 1.6

    Rcom Neutral 77 - 15,945 21,090 22,308 31.8 29.9 3.0 3.8 25.4 20.3 0.4 0.4 1.7 2.1 2.4 2.2

    zOthers

    Abbott India Accumulate 1,453 1,590 3,088 1,629 1,886 11.8 13.3 60.8 79.5 23.9 18.3 4.9 4.1 22.0 24.4 1.7 1.4

    Bajaj Electricals Neutral 214 - 2,133 3,497 3,968 6.6 7.6 9.8 15.5 21.8 13.8 2.8 2.4 12.7 17.4 0.6 0.6

    Cera Sanitaryware Neutral 429 - 542 427 528 15.7 14.6 30.0 34.0 14.3 12.6 3.1 2.6 24.6 22.5 1.3 1.1

    Cravatex Buy 449 545 116 272 308 7.2 7.3 37.5 45.4 12.0 9.9 2.8 2.2 23.7 22.7 0.5 0.5

    CRISIL Neutral 1,057 - 7,426 982 1,136 34.3 34.3 34.3 40.0 30.8 26.4 13.9 11.2 50.9 46.9 6.9 5.8

    Finolex Cables Neutral 59 - 907 2,304 2,552 9.9 9.1 8.2 10.1 7.3 5.9 1.0 0.9 13.7 14.7 0.4 0.3

    Force Motors Accumulate 501 537 653 2,318 2,700 5.0 5.7 45.0 67.0 11.1 7.5 0.6 0.5 5.0 7.0 0.2 0.2

    Goodyear India Accumulate 324 360 748 1,494 1,607 6.4 7.8 23.9 33.0 13.6 9.8 2.1 1.8 16.5 20.1 0.3 0.2

    Greenply Industries Neutral 310 - 749 1,925 2,235 10.6 10.9 29.6 44.1 10.5 7.0 1.7 1.4 16.8 21.0 0.7 0.6

    Hitachi Accumulate 129 146 297 873 989 4.4 6.5 6.4 12.2 20.4 10.6 1.6 1.4 8.3 14.4 0.4 0.3

    Honeywell Automation* Buy 2,324 2,842 2,055 1,745 1,993 4.0 5.3 59.5 90.4 39.1 25.7 3.0 2.6 8.1 11.3 1.1 0.9

    Styrolution ABS India* Neutral 755 - 1,328 1,059 1,116 8.5 9.5 36.0 42.0 21.0 18.0 3.1 2.7 15.4 16.0 1.3 1.2ITD Cementation Neutral 231 - 266 1,323 1,455 12.4 12.4 23.2 27.7 10.0 8.4 0.7 0.6 6.8 7.6 0.7 0.6

    Jyothy Laboratories Neutral 174 - 2,811 1,228 1,443 9.0 10.9 3.9 6.4 44.8 27.3 4.4 4.1 10.1 15.6 2.8 2.3

    MCX Reduce 1,497 1,440 7,636 553 624 65.3 66.3 62.5 72.0 24.0 20.8 6.6 5.7 27.5 27.4 11.0 9.3

    MRF Accumulate 12,325 12,884 5,227 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.6 8.6 1.9 1.5 21.3 19.4 0.6 0.5

    Page Industries Neutral 3,441 - 3,839 836 1,023 20.2 20.6 105.6 133.4 32.6 25.8 16.6 11.7 59.3 53.2 4.7 3.8

    Relaxo Footwears Buy 775 933 930 1,019 1,208 11.0 12.5 47.0 66.7 16.5 11.6 4.1 3.1 28.2 30.1 1.1 0.9

    Sintex Industries Buy 66 79 1,974 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.2 0.6 0.6 12.9 13.2 0.8 0.6

    Siyaram Silk Mills Buy 314 366 295 1,043 1,149 12.3 12.9 65.7 73.3 4.8 4.3 0.9 0.8 21.0 19.6 0.5 0.5

    S. Kumars Nationwide Neutral 14 - 421 7,134 7,985 19.7 19.4 12.2 14.1 1.2 1.0 0.1 0.1 11.3 11.5 0.6 0.6

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    December 13, 2012

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

    ( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

    zOthers

    SpiceJet Reduce 47 43 2,296 5,720 6,599 5.3 6.8 3.6 5.4 13.1 8.8 19.0 6.0 - - 0.5 0.4

    TAJ GVK Buy 72 108 450 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.8 1.6

    Tata Sponge Iron Buy 308 384 474 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.1

    TVS Srichakra Buy 270 335 207 1,476 1,643 7.0 8.2 32.6 55.9 8.3 4.8 1.3 1.1 16.8 24.8 0.4 0.3

    United Spirits Neutral 1,992 - 26,052 10,289 11,421 12.8 12.8 26.0 45.3 76.6 44.0 3.5 3.2 5.8 7.6 2.9 2.6

    Vesuvius India Neutral 346 - 702 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 1.8 15.8 16.2 1.2 1.1

    Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 12, 2012

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    Market OutlookDecember 13, 2012