Market Outlook, 14-05-13

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Market OutlookMay 14, 2013

Dealers Diary

The Indian markets are expected to open flat today with a positive bias tracking

positive opening in SGX Nifty which is trading higher by 0.24%. Most of the Asian

markets too are trading in the green.US markets showed a lack of direction on Monday after moving modestly lower inearly trading. Upbeat retail sales data released by the commerce departmenthelped to limit the early downside. The Commerce Department said retail salesinched up by 0.1% in April following a revised 0.5% decrease in March. Themodest increase in retail sales surprised economists, who had expected it to dip by0.3%. The European markets which got off to a weak start to the new trading week,due to the weaker than expected Chinese industrial production data, pared theirlosses in the afternoon, following the better than expected U.S. retail sales report.

Meanwhile Indias key benchmark indices slumped after the latest data released byCommerce Ministry showed that the country's trade deficit widened in April 2013.The monthly trade deficit widened to USD17.8bn in April, from USD10.3bn in

March and USD14.1bn in April 2012. The markets would keenly observe monthlyWPI data to be released during the day.

Markets TodayThe trend deciding level for the day is 19,823 / 6,019 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rallyup to 19,978 20,264 / 6,066 6,151 levels. However, if NIFTY trades below19,823 / 6,019 levels for the first half-an-hour of trade then it may correct up to19,536 19,381 / 5,934 5,887 levels

Indices S2 S1 PIVOT R1 R2SENSEX 19,381 19,536 19,823 19,978 20,264NIFTY 5,887 5,934 6,019 6,066 6,151

News Analysis CPI inflation falls to a 13-month low at 9.4% in April 2013 Trade deficit widens to USD17.8bn in April 2013 PNGRB slashes GAILs KG D6 pipeline tariff by 80% Tata Steel impairs half of its FY2012 goodwill Punj Lloyd wins`730cr order from ONGC JLR sales momentum continues in April 2013 Result Review: Nestle India, Bank of Baroda, Bank of India, Blue Star, Relaxo

Footwear

Result Preview: DRL, United Bank, HTMediaRefer detailed news analysis on the following page

Net Inflows (May 09, 2013)` cr Purch Sales Net MTD YTDFII 2,398 1,809 589 7,121 68,279

MFs 198 240 (42) (1,641) (10,232)

FII Derivatives (May 10, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,926 1,965 (39) 14,144

Stock Futures 1,377 1,656 (279) 26,640

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Berger Paints 243 5.9 TV18 Broadcast 29 (10.2)

Bajaj Holdings 922 3.0 United Phos 145 (5.5)

MMTC 270 2.3 Essar Oil 81 (5.5)

Divis Lab 1,104 2.2 ITC 336 (5.3)

Glaxosmithkl Cons 4,129 2.1 Apollo Hosp 899 (5.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (2.1) (431) 19,692

Nifty (2.1) (127) 5,980

MID CAP (1.5) (95) 6,445

SMALL CAP (1.1) (70) 6,117

BSE HC (1.0) (91) 8,813

BSE PSU (1.9) (128) 6,766

BANKEX (1.6) (240) 14,377

AUTO (2.0) (231) 11,038

METAL (2.5) (225) 8,610

OIL & GAS (1.8) (159) 8,688

BSE IT (1.7) (104) 5,953

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (27) 15,092NASDAQ 0.1 2 3,439

FTSE 0.1 7 6,632

Nikkei 0.1 18 14,800

Hang Sang 0.3 67 23,056

Straits Times 0.3 10 3,439

Shanghai Com (0.9) (20) 2,222

Indian ADR Chg (%) (Pts) (Close)INFY (0.2) (0.1) $42.8

WIT (1.3) (0.1) $7.9IBN (1.1) (0.5) $46.5

HDB (0.5) (0.2) $42.3

Advances / Declines BSE NSEAdvances 808 684

Declines 1,542 688

Unchanged 106 111

Volumes (` cr)BSE 2,176

NSE 8,841

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CPI inflation falls to a 13-month low at 9.4% in April 2013The combined (rural + urban) Consumer Price Index (CPI) inflation for April 2013

moderated to a 13-month low of 9.4% mainly on the back of moderation in food

inflation. The index stood at 10.4% in March 2013, below a high of 10.9% rise

reported in the February 2013. Both rural and urban inflation rates incheddownwards to 9.2% (from 10.4% in March 2013) and 9.7% (from 10.4% in March

2013) respectively. We believe that moderation in CPI inflation is a key positive

since it is likely to give the RBI more space for easing monetary policy. We expect

the RBI to cut rates by an additional 25-50bp during the rest of FY2014. Also, CPI

inflation affects purchasing power of consumers at the retail level and is more

likely to be considered by households to determine the real interest rate on their

savings. Therefore, the downtrend is positive since it could increase the share of

households financial savings which has fallen to 35.9% in FY2012 from a high of

51.9% in FY2008 while reducing preference for savings in unproductive physical

assets which has reached 64.1% of total household savings in FY2012.

Break-up of the combined index: Inflation in food, beverages and tobacco having

the highest weightage in the index of 49.7% cooled to 10.7% during the month as

compared to 12.3% in March 2013 led by across-the-board deceleration in items

including cereals, pulses, oilseeds, protein-rich products, vegetables, fruits, etc.

However, inflation in cereals at 16.7% and pulses at 10.9% continues to remain

elevated. Fuel inflation also decelerated to 8.1% during the month as compared to

8.3% in March 2013 Core CPI inflation (excluding food and fuel components) also

moderated to 8.1% from 8.5% in the previous month.

Trade deficit widens to USD17.8bn in April 2013

Provisional data released by the commerce ministry shows that Indias export

growth although positive for the third straight month at 1.7% yoy (USD24.2bn) was

outpaced by the 11.0% yoy (USD42.0bn) increase in imports. Growth in imports

during the month was led by 14.9% yoy growth in non-oil imports (as against

moderate 5.4% yoy growth in March 2013). Oil imports too rebounded with 3.9%

yoy growth during the month (as against 16.6% yoy contraction in March 2013).

Resultantly, the monthly trade deficit widened to USD17.8bn, from USD10.3bn in

the previous month and USD14.1bn in April 2012.

The trade deficit reported a 72.6% mom surge over March 2013 as seasonally thedeficit is known to pick-up during April-May. According to media reports gold

imports are likely to have more than doubled at USD7.5bn during April 2013 and

we believe this can be mainly attributed to front-loaded demand for gold as prices

corrected since appetite for the yellow metal continues to remain high in our

economy. While consumer demand has leapt, we believe that investment demand

for gold is likely to remain sluggish in the near-term.

In our view the current account deficit, which is one of our key concern areas, has

peaked at 6.7% of GDP in 3QFY2013. We are likely to see the CAD moderate to

about 4.0 - 4.2% of GDP in the next quarter. We also believe that the recent

deceleration in gold and crude prices is likely to benefit our trade balance sincethese items account for about 45% of our total imports. We expect the CAD to

come in at 3.8 4.2% of GDP in FY2014 lower than the expected 5.0% of GDP

level in FY2013.

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Trade deficit for April 2013Apr-13 Mar-13 Feb-13 Jan-13 Dec-13 Nov-13

Tradebalance (17.8) (10.3) (14.9) (20.8) (18.8) (18.6)Exports 24.2 30.8 26.3 24.8 24.5 22.7

Imports 42.0 41.2 41.2 45.7 43.3 41.3GrowthExport 1.7 7.0 4.2 (2.2) (3.5) (2.5)

Import 11.0 (2.9) 2.7 6.3 8.1 5.5

Non oil 14.9 5.4 (3.6) 5.3 0.9 1.6

Oil 3.9 (16.6) 15.5 8.1 25.5 13.9

PNGRB slashes GAILs KG D6 pipeline tariff by 80%

Oil and gas regulator PNGRB has slashed KG D6 pipeline tariff of GAIL by 80% to

`5.56/mmbtu with retrospective effect from November 2008. The pipeline has arated capacity of 16mmscmd and the volumes carried in FY2012 and FY2013

were 14.7mmscmd and 7.3mmscmd, respectively. The revision in tariff is due to

lower depreciation charged by GAIL on this pipeline which PNGRB has

disapproved. The contribution from KG D6 pipeline to GAILs total volumes is not

significant given GAILs average run-rate of 115-120mmscmd. Moreover,

declining gas production from KG D6 basin is likely to have lower impact on its

prospective tariff for FY2014 and FY2015. We await management targets on the

financial impact of the tariff-cut. Until then, we maintain our Neutral rating onGAIL.

Tata Steel impairs half of its FY2012 goodwill

Tata Steel has announced that it will write off goodwill and will impair asset worth

USD1.6bn (FY2012 goodwill stood at US$3.2bn) during FY2013. A significant

portion of this write off is attributable to its loss-making European operations and

some impairment is attributable to ferro chrome business in South Africa and

mining blast furnace in TS Thailand. The company does not expect any major

impact on financial covenants due to this write off. In our view, taking goodwill

write off is justified as its European operations continue to make losses and we do

not foresee a financial turnaround at its European operations over the coming few

years. Although goodwill write off would affect its FY2013 financial performance,

there will be no impact on its cash flows. Hence, we maintain our estimates until

Tata Steel reports its 4QFY2013 results and maintain our Buy rating on the stockwith a target price of `430.

Punj Lloyd wins`730cr order from ONGC

Punj Lloyd said it has bagged an order worth`730cr from ONGC for executing a

sub-sea pipeline project at Bombay High oil field. The scope of project involves

detailed engineering design, surveys, procurement, fabrication, load out,transportation, installation, pre-commissioning and commissioning of 115.5 km

rigid submarine pipelines in nine segments. We continue to maintain our Neutralrating on the stock.

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JLR sales momentum continues in April 2013

Jaguar and Land Rover (JLR) registered a strong retail volume growth of 12.2% yoy

to 28,503 units in April 2013 driven by continued momentum in the recently

launched models. While UK and Asia Pacific regions recorded strong growth of

32% and 37% yoy respectively; North America and Europe posted modest growthof 6% and 2% yoy respectively.Jaguar and Land Rover sales witnessed a growth of

12.3% and 12.1% yoy respectively in April 2013. Total volumes ex-Evoque posted

a robust growth of 17.1% yoy driven by the dispatches of the new Range Rover

and smaller engine and AWD variants ofXF.

Jaguar sales grew on the back of the growth in the XF model (25.7% yoy) led by

the introduction of the Sportbrake, AWD and smaller engine variants. Jaguar sales

were up in all the major markets with UK, China, and Australia witnessing a

growth of 34%, 25% and 78% yoy respectively.

Land Rover sales were driven primarily by the new Range Rover. Land Rover

witnessed sales growth across all the major regions with Asia Pacific, UK and

China reporting volume growth of 39%, 31% and 8% yoy respectively.

We retain our positive view on JLR and expect the company to maintain its growth

momentum driven by the new launches - Range Rover, Range Rover Sport, Jaguar

XF Sportbrake and AWD and smaller engine variants of XF and XJ models. Wemaintain our Buy rating on the stock with an SOTP based target price of `324.

Result ReviewNestle India (CMP:`4,853/TP:-/Upside:-)

Nestle India posted a 9.8% yoy growth in net sales to `2,248cr, which was in-line

with estimates aided by better realizations and superior product mix. OPM rose by

200bp yoy to 23.7% aided by better realization which offset the increase in input

costs. Depreciation and Interest costs rose on account of addition of new capacity

and increase in outstanding loans. Bottom-line remained flat at `279cr. Wemaintain a neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,739 21.5 1,269 131.6 58.8 36.9 18.6 21.7 4.6

CY2014E 11,307 22.2 1,541 159.8 69.5 30.4 13.3 17.7 3.9

Bank of Baroda-(CMP:`692/ TP: -`815/ Upside: - 17.8%)

Bank of Baroda reported moderate operating performance for the quarter, as it

posted subdued growth of 6.4% yoy in its pre-provisioning profit. The bank

continued to witness sequential asset quality deterioration (in-line with the

managements guidance), as its gross and Net NPA levels were higher by 9.0%

and 24.6% qoq, respectively. Consequently, the provisioning expenses for the

bank almost doubled on a yoy basis, leading to PBT level earnings decline of

54.3% yoy, however, higher tax write-backs during the quarter (at `483cr

compared to tax write-backs of `322cr during 4QFY2012) limited the net profit

decline to 32.2% yoy. At the CMP, the stock is trading at valuations of 0.7x

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FY2015E ABV. We maintain our Buy rating on the stock with a target price of`815.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 16,318 2.4 5,127 121.4 842.7 1.0 15.2 5.7 0.8FY2015E 18,682 2.4 6,110 144.6 959.0 1.0 16.0 4.8 0.7

Bank of India(CMP:`324/ TP: -`360/ Upside: - 11.0%)Bank of India announced its 4QFY2013 results today. Bank reported subdued set

of numbers, as its pre-provisioning profit grew by 3.0%. On the asset quality front,

on an absolute basis, Gross and Net NPA levels increased by 1.6% and 9.0% qoq,

respectively. Gross NPA ratio was 9bp lower at 3.0%, while Net NPA increased by

9bp at 2.1%. Due to the asset quality pressures (slippages and incremental

restructuring) faced during the quarter, the provisioning expenses for the bank

grew by 115.3% yoy and it reported a PBT level earnings decline of 57.0% yoy,

however, tax write-backs during the quarter (at`192cr compared to tax expenses

of `360cr during 4QFY2012) limited the net profit decline to 20.6% yoy. At the

CMP, the stock is trading at 0.7x FY2015E ABV. We recommend an Accumulaterating on the stock with a target price of `360.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,284 2.3 3,334 55.9 391.7 0.7 13.9 5.8 0.8

FY2015E 16,295 2.3 4,082 68.4 449.9 0.8 15.1 4.7 0.7

Blue Star(CMP: `175/ TP: 224/ Upside: 28%)Blue Star announced a mixed set of numbers for 4QFY2013. Topline came in at

`858cr, 2.2% higher than our expectation of `840cr and 5.5% higher on a yoy

basis from`814cr in 4QFY2012. However, EBITDA margin came at 2.3%, 282bp

lower than our expectation of 5.1% and 193bp lower on a qoq basis. This was

primarily due to lower margin in the EMPPACS division during the quarter. This

decline in EBITDA was offset by an unexceptionally high other income, thus

leading to a net profit of`19cr as compared to a loss of`45cr in 4QFY2013.

For the full year FY2013, revenue grew by 3.7% yoy to`

2924cr, while the EBITDArebounded to a positive territory at`90cr during the year as compared to a loss of

`23cr in FY2012 on account of improvement in margin in EMPPACS division.

Moreover, lower interest cost and higher other income in FY2013 accelerated the

net profit to`39cr from a loss of`105cr in FY2012.

During the year, Blue Star Design and Engineering Ltd (BSDEL), a JV of the

company, and synergy realtors and Services Pvt Ltd (SRSPL) filed a scheme of

amalgamation of companies with a swap ratio of 180 fully paid up preference

shares of`100 each of BSDEL for every 1 fully paid up equity share of`10 each of

SRSPL. Upon the Scheme becoming effective, BSDEL would become a wholly

owned subsidiary of the company.

As we rollover to FY2015, we maintain our Buy on the stock with target price of`224 based on a target EV/sales of 0.7x for FY2015E.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (`cr) (`) (%) (x) (x) (x) (x)FY2014E 3,008 3.8 57 6.3 12.5 27.5 3.6 15.6 0.6FY2015E 3,151 4.1 61 6.7 13.0 1.2 3.2 13.8 0.6

Relaxo Footwear (CMP `584 / TP -`736 / Upside: 26%)

Relaxo reported mixed set of numbers for 4QFY2013. The revenue for the quarter

grew considerably by 20.6% yoy and stood at`291cr, higher than our expectation

of `275cr. However, on the operating margin front the company witnessed a

contraction of 269bp on yoy basis and came in at 11.0% against out estimate of

11.8%. This contraction in operating margin is mainly attributable to the higher

other expenses. Tax for the quarter stood at`8cr (38.1% of PBT). Subsequently, the

profit for the quarter declined by 28.3% yoy and stood at`14cr, 27.7% lower than

our estimate of`19cr.

For FY2013, the company witnessed a revenue growth of 16.8% and stood at

`1,005cr, against our estimate of `989cr, on account of healthy demand for

coupled with price hikes. The operating margin came in at 10.4%, slightly below

our estimate of 10.6% mainly because of higher other expenses. Subsequently the

profit for FY2013 stood at `45cr (12.2% higher than FY2012), against our

estimate of`50cr.

We remain positive on the company with the growth triggers in place, which

includes 1) capacity expansion plan, 2) store expansion, 3) improved sales mix

and 4) brand revamping. At`584, the stock is trading at 9.5x FY2015E earnings.

We maintain our Buy rating on the stock with a revised target price of `736, basedon a target PE of 12x for FY2015E.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,148 11.1 54 45.4 22.6 12.9 2.6 7.1 0.8FY2015E 1,360 11.5 74 61.3 24.3 9.5 2.1 5.6 0.6

Result PreviewDr. Reddy Labs - CMP:`2081/ TP: -/ Upside: )

DRL is expected to post a top-line de-growth of 9.4% to `2,409cr, on back of base

impact. The company is expected to see strong traction in its Indian and Russian

formulation businesses as well. The company is expected to post an OPM of

19.8%, down from 24.1% while the expected net profit at `313cr, would see a de-

growth of 27.4% over the corresponding period of last year. We remain neutral onthe stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 11,662 21.0 1,576 92.9 20.8 22.4 4.3 15.5 3.3

FY2015E 13,101 20.8 1,763 103.9 19.6 20.0 3.6 13.9 2.9

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United Bank- (CMP:`59/ TP:`64 / Upside: 8.3%)

United Bank is scheduled to announce its 4QFY2013 results today. We expect the

bank to report a moderate NII growth of 6.8% yoy to`661cr. Operating expenses

are expected to increase by 10.6% yoy, leading to a decline in the operating profit

of 0.8% on a yoy basis at`

474cr. Provisioning expenses would remain flat at`309cr. Net profit is expected to decline by 23.2% yoy to `115cr. At the CMP, the

stock is trading at 0.4x FY2015E ABV. We maintain our Accumulate rating on thestock with a target price of `64.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,597 2.6 677 16.0 130.3 0.6 12.5 3.7 0.5

FY2015E 4,008 2.7 860 20.8 150.0 0.7 14.7 2.8 0.4

HTMedia (CMP:`112/TP: Under review)

HTMedia is slated to announce its 4QFY2013 results. The companys top-line is

expected to register subdued growth of 5.7% yoy to`521cr. Its OPM is expected to

expand by 562bp yoy to 15.4%. Consequently, profit is expected to come in at

`47cr. At the current market price, HTMedia is trading at 12.3x FY2015E

consolidated EPS of`9.1. We maintain Accumulate on the stock with target priceunder review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,205 15.1 188 8.0 11.2 14.0 1.5 6.2 0.9

FY2015E 2,380 15.6 213 9.1 11.4 12.3 1.3 5.1 0.8

Quarterly Bloomberg Brokers Consensus EstimateDr. Reddy Laboratories Consolidated (14/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,022 2,659 14 2,865 5

Net profit 444 343 30 363 22

Reliance Infrastructure (14/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 4,010 5,674 (29) 1,516 164

EBITDA 501 617 (19) 490 2

EBITDA margin (%) 12.5 10.9 32.3

Net profit 353 658 (46) 659 (46)

Adani Ports & SEZ (15/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 839 617 36 868 (3)

EBITDA 589 458 29 666 (11)

EBITDA margin (%) 70.2 74.1 76.7

Net profit 379 339 12 415 (9)

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United Spirits (15/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,114 1,863 13 2,174 (3)

EBITDA 253 195 30 275 (8)

EBITDA margin (%) 12.0 10.5 12.6

Net profit 65 10 554 81 (19)

Bajaj Auto (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 4,779 4,516 6 5,307 (10)

EBITDA 888 921 (3) 1,012 (12)

EBITDA margin (%) 18.6 20.4 19.1

Net profit 718 772 (7) 819 (12)

Reliance Capital Consolidated (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 163 329 (51) 101 61

ITC (17/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 8,053 6,361 27 7,627 6

EBITDA 2,691 2,263 19 2,858 (6)

EBITDA margin (%) 33.4 35.6 37.5

Net profit 1,899 1,614 18 2,052 (7)

Adani Enterprise Consolidated (20/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 11,330 10,594 7 13,610 (17)

EBITDA 1,644 1,086 51 2,038 (19)

EBITDA margin (%) 14.5 10.2 15.0

Net profit 263 310 (15) 416 (37)

Coal India Consolidated (20/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 19,478 19,419 0 17,325 12

EBITDA 5,591 3,786 48 4,288 30

EBITDA margin (%) 28.7 19.5 24.8

Net profit 4,988 4,008 24 4,395 13

United Spirits (15/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,115 1,863 14 2,174 (3)

EBITDA 253 195 30 275 (8)

EBITDA margin (%) 12.0 10.5 12.6

Net profit 66 10 562 81 (18)

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Bajaj Auto (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 4,779 4,516 6 5,307 (10)

EBITDA 888 921 (3) 1,012 (12)

EBITDA margin (%) 18.6 20.4 19.1

Net profit 718 772 (7) 819 (12)

Reliance Capital Consolidated (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 163 329 (51) 101 61

ITC (17/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 8,053 6,361 27 7,627 6

EBITDA 2,691 2,263 19 2,858 (6)

EBITDA margin (%) 33.4 35.6 37.5Net profit 1,899 1,614 18 2,052 (7)

Economic and Political News

Central scheme funds not to bypass state treasury from next year Gold imports jump to $ 7.5 bn in April Govt reviewing FTAs, will try to address issues: Minister Rupee recovers after touching 2-mth lows, ends 7 p up at 54.73Corporate News

RIL makes record`13,458cr investment in mutual funds Ashok Leyland hires McKinsey, BCG to improve performance After McDowells success, USL increases focus on higher-priced brands Syndicate Bank eyes 25% growth this year RCom to conclude Globalcom deal by month-end

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

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Date Company

May 14, 2013 Dr Reddy's, Reliance Infra., HT Media, United Bank

May 15, 2013 J & K Bank, Mundra Port, United Spirits, IRB Infra, Orchid Chemicals, Hitachi

May 16, 2013 Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013 ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

May 19, 2013

May 20, 2013 Coal India, Adani Enterp., India Cements

May 21, 2013 Tech Mahindra

May 22, 2013 Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013 BHEL, Indraprasth Gas

May 24, 2013 Britannia

May 25, 2013 MOIL, Force Motors

May 26, 2013

May 27, 2013 Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013 GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR

May 29, 2013 BPCL, Anant Raj

May 30, 2013 M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Apr 5.96 --

May 15, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

2:00PM UK Jobless claims change % Change Apr (7.00) --2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --

6:00PM US Producer Price Index (mom) % Change Apr (0.60) (0.60)

6:45PM US Industrial Production % Apr 0.41 (0.10)

May 16, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.70 --

6:00PM US Housing Starts Thousands Apr 1,036.00 980.00

6:00PM US Building permits Thousands Apr 907.00 940.00

6:00PM US Consumer price index (mom) % Change Apr (0.20) (0.20)

May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 --

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

May 23, 2013 1:00PM Germany PMI Services Value May A 49.60 --

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

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

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

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

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 --

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 --

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

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

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

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


May 14, 2013

Market Outlook

7/30/2019 Market Outlook, 14-05-13

11/19



Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

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

Feb

-13

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Repo rate Reverse Repo rate CRR(%)

7/30/2019 Market Outlook, 14-05-13

12/19

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

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

Agri / Agri Chemical

Rallis Neutral 133 - 2,584 1,657 1,906 14.1 14.1 7.7 8.9 17.3 14.9 3.6 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 145 232 6,431 10,298 11,310 16.5 16.5 20.5 23.2 7.1 6.3 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 280 326 4,781 3,418 3,892 15.1 14.9 19.8 21.7 14.1 12.9 3.4 2.8 27.1 23.7 1.4 1.2

Apollo Tyres Buy 90 104 4,539 13,852 15,487 11.4 11.5 12.8 14.9 7.0 6.1 1.1 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Buy 22 27 5,880 13,891 16,263 9.6 9.7 2.0 2.7 10.9 8.1 1.8 1.6 12.1 15.2 0.5 0.4

Automotive Axle# Neutral 270 - 408 834 965 9.3 10.6 17.3 27.1 15.6 10.0 1.5 1.4 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,818 2,014 52,600 22,552 25,498 18.6 18.6 117.9 134.3 15.4 13.5 5.6 4.5 40.2 36.6 1.9 1.6

Bharat Forge Neutral 234 - 5,442 6,198 6,793 14.6 14.9 14.5 17.3 16.1 13.5 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,003 - 28,268 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 117 170 399 5,325 5,974 8.4 8.3 40.8 48.5 2.9 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 137 150 11,603 7,053 8 ,061 14.2 14.5 7.8 9.1 17.4 15.0 3.0 2.6 18.1 18.2 1.4 1.1

FAG Bearings* Neutral 1,403 - 2,331 1,525 1,742 14.5 15.7 88.4 109.5 15.9 12.8 2.3 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,682 1,819 33,577 25,274 27,658 14.1 13.7 110.2 139.9 15.3 12.0 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 118 154 486 7,972 8,754 7.1 7.1 37.5 44.0 3.2 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 957 1,006 58,752 44,550 50,260 11.4 11.7 59.6 68.3 16.1 14.0 3.3 2.8 22.3 21.6 1.1 0.9

Maruti Accumulate 1,704 1,847 51,484 48,455 55,723 11.2 10.9 107.8 123.2 15.8 13.8 2.4 2.1 16.2 16.0 0.9 0.8

Motherson Sumi Accumulate 199 222 11,669 28,442 31,493 7.5 7.8 12.5 14.8 15.9 13.4 3.9 3.1 27.5 25.8 0.6 0.5

Subros Buy 26 30 154 1,479 1,685 10.0 9.9 5.5 7.5 4.7 3.4 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Accumulate 298 324 79,340 206,341 227,695 12.8 13.5 32.3 39.0 9.2 7.6 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,874 7,715 8,584 6.0 6.1 5.0 5.8 7.9 6.8 1.4 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Reduce 519 461 10,987 8,073 9,052 5.5 6.9 11.5 16.9 45.0 30.6 4.1 3.9 9.3 13.1 1.3 1.1BGR Energy Neutral 193 - 1,394 4,114 4,886 11.4 10.7 24.9 28.0 7.8 6.9 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 190 - 46,553 43,757 40,934 17.3 16.9 20.9 19.0 9.1 10.0 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 172 230 1,548 2,896 3,087 5.6 6.2 9.3 11.7 18.5 14.7 3.0 2.6 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,908 13,790 15,095 6.4 7.4 6.9 9.4 13.4 9.8 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Buy 30 34 243 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 48 63 1,225 7,709 8,399 6.7 7.2 6.1 8.5 7.9 5.6 1.0 0.9 20.2 23.0 0.3 0.3

Thermax Neutral 576 - 6,860 5,931 6,592 9.6 9.7 31.0 34.3 18.6 16.8 3.2 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,208 1,361 22,685 11,979 13,254 19.7 21.3 77.1 91.4 15.7 13.2 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

13/19



Cement

Ambuja Cements Neutral 186 - 28,717 10,232 11,762 23.5 24.5 10.3 12.2 18.1 15.3 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 86 - 2,652 4,777 5,276 17.3 17.1 8.8 10.9 9.8 8.0 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 101 143 1,189 2,313 2,728 19.8 20.7 16.6 23.1 6.1 4.4 0.8 0.7 13.6 16.5 1.1 0.9

Madras Cements Neutral 250 - 5,941 4,293 4,855 27.4 28.6 21.8 28.2 11.5 8.8 2.1 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,670 - 16,268 6,540 7,452 27.4 26.6 319.7 369.9 14.6 12.6 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,953 - 53,548 21,947 25,049 23.8 23.8 106.1 119.8 18.4 16.3 3.0 2.6 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 219 272 1,153 2,013 2,293 22.5 22.5 26.0 24.4 8.4 9.0 0.9 0.8 11.7 9.9 2.2 2.0

Consolidated Co Neutral 12 - 219 2,281 2,492 5.9 6.9 0.7 2.0 17.4 5.9 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 117 167 3,894 4,152 4,624 44.4 45.0 17.0 17.2 6.9 6.8 1.1 0.9 16.2 14.6 3.3 3.4

ITNL Buy 175 230 3,400 7,444 8,041 27.4 28.9 29.8 32.1 5.9 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 19 35 594 6,287 6,836 8.5 8.5 2.3 3.0 8.3 6.4 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 74 90 16,366 14,850 15,631 24.9 25.1 2.5 2.9 29.1 25.9 1.2 1.2 4.2 4.7 2.9 2.8

Larsen & Toubro Buy 1,517 1,795 93,411 69,586 79,247 11.2 11.1 75.1 84.9 20.2 17.9 2.9 2.5 15.2 15.0 1.5 1.4

Nagarjuna Const. Buy 34 45 878 6,576 7,264 8.2 8.3 4.1 4.8 8.4 7.2 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 54 - 1,793 1,338 1,542 10.2 10.2 3.0 4.8 18.2 11.4 0.6 0.6 3.4 5.2 5.6 5.3

Sadbhav Engg. Buy 110 153 1,659 2,511 2,736 10.6 10.6 7.3 7.8 15.2 14.1 1.9 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 112 164 554 6,824 7,563 9.2 9.4 18.0 23.4 6.2 4.8 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 227 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.2 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 123 155 6,155 7,137 7,907 2.9 2.8 32.3 36.0 3.8 3.4 0.5 0.5 14.2 14.2 - -

Andhra Bank Neutral 90 - 5,053 5,285 5,937 3.0 2.9 21.2 23.4 4.3 3.9 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,451 1,714 67,981 19,055 22,710 3.3 3.2 130.7 152.3 11.1 9.5 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 692 815 29,145 16,318 18,682 2.4 2.4 121.4 144.6 5.7 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 324 360 19,322 14,284 16,295 2.3 2.3 55.9 68.4 5.8 4.7 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Neutral 57 - 3,741 4,289 4,670 2.9 2.8 11.6 13.1 4.9 4.3 0.7 0.6 15.7 15.6 - -

Canara Bank Accumulate 408 461 18,081 11,673 13,208 2.3 2.3 74.8 85.8 5.5 4.8 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 70 - 7,281 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Accumulate 403 453 6,166 5,397 5,973 2.2 2.2 96.3 105.9 4.2 3.8 0.6 0.5 14.6 14.4 - -

Dena Bank Neutral 91 - 3,170 3,334 3,700 2.7 2.7 23.6 26.5 3.8 3.4 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 446 - 7,624 2,916 3,389 3.3 3.3 50.1 59.4 8.9 7.5 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

14/19



Financials

HDFC Neutral 863 - 133,561 8,928 10,684 3.7 3.7 38.4 45.3 22.5 19.1 4.9 4.3 32.5 32.4 - -

HDFC Bank Neutral 693 - 165,026 27,682 33,916 4.6 4.6 35.3 42.7 19.7 16.3 3.9 3.3 21.3 21.8 - -

ICICI Bank Buy 1,150 1,352 132,680 25,705 30,330 3.1 3.2 83.9 96.3 13.7 12.0 1.8 1.7 15.2 15.7 - -

IDBI Bank Neutral 86 - 11,495 9,137 10,041 1.9 2.0 17.8 18.8 4.9 4.6 0.6 0.5 11.7 11.3 - -

Indian Bank Buy 160 193 6,894 6,276 6,968 3.1 3.1 38.3 42.3 4.2 3.8 0.6 0.5 15.2 14.9 - -

IOB Accumulate 62 66 5,711 8,205 9,048 2.6 2.5 16.4 20.3 3.8 3.0 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,335 - 6,471 3,032 3,118 3.8 3.5 218.1 200.9 6.1 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Buy 244 281 12,316 2,113 2,525 2.3 2.3 25.4 29.2 9.6 8.4 1.7 1.5 18.4 18.3 - -

Oriental Bank Accumulate 256 282 7,478 6,791 7,478 2.7 2.7 56.7 63.4 4.5 4.0 0.6 0.5 12.9 13.1 - -

Punjab Natl.Bank Buy 759 889 26,822 21,161 24,166 3.3 3.3 153.4 176.4 5.0 4.3 0.8 0.7 16.1 16.3 - -

South Ind.Bank Neutral 24 - 3,206 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,278 2,567 155,840 67,091 76,746 3.2 3.1 241.2 280.4 9.4 8.1 1.5 1.3 16.5 17.0 - -

Syndicate Bank Neutral 125 - 7,518 7,340 8,212 2.9 2.8 26.4 28.7 4.7 4.4 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 72 - 5,400 6,126 6,665 2.6 2.5 12.2 14.4 5.9 5.0 0.9 0.7 11.8 12.6 - -

Union Bank Accumulate 233 264 13,923 11,226 12,769 2.7 2.7 41.0 47.8 5.7 4.9 0.8 0.7 14.8 15.4 - -

United Bank Accumulate 59 68 2,207 3,597 4,008 2.6 2.7 16.0 20.8 3.7 2.8 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 52 - 2,569 2,600 2,946 2.0 2.1 9.7 11.0 5.3 4.7 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 503 - 18,053 4,390 5,411 2.8 2.8 41.6 47.9 12.1 10.5 2.6 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,703 - 45,112 13,319 15,805 15.7 15.7 143.8 170.2 32.7 27.6 10.3 8.1 35.1 32.7 3.3 2.8

Britannia Neutral 561 - 6,711 6,417 7,446 5.1 5.5 20.3 25.2 27.7 22.3 9.4 7.4 37.4 37.3 1.0 0.8

Colgate Neutral 1,534 - 20,857 3,588 4,130 21.1 21.6 44.7 51.9 34.3 29.6 30.9 23.0 100.0 89.1 5.6 4.8

Dabur India Neutral 164 - 28,549 7,183 8,340 16.8 16.8 5.4 6.3 30.5 26.0 11.9 9.2 41.5 40.1 3.9 3.3

GlaxoSmith Con* Neutral 4,129 - 17,365 3,617 4,260 16.1 16.4 120.6 146.4 34.2 28.2 10.6 8.5 33.8 33.4 4.4 3.7

Godrej Consumer Neutral 845 - 28,766 7,801 9,017 16.2 15.9 25.1 29.7 33.6 28.5 7.3 6.0 24.9 24.2 3.8 3.3

HUL Neutral 583 - 125,975 29,167 33,164 13.6 13.7 17.1 18.4 34.1 31.7 32.8 23.7 113.4 87.0 4.2 3.6

ITC Neutral 336 - 265,383 33,506 39,067 36.8 37.0 11.1 13.0 30.3 25.9 9.8 8.0 35.5 34.1 7.6 6.5

Marico Neutral 214 - 13,776 5,352 6,204 14.0 14.0 7.9 9.8 27.0 21.8 5.6 4.5 22.8 22.9 2.6 2.1

Nestle* Neutral 4,853 - 46,795 9,739 11,307 21.5 22.2 131.6 159.9 36.9 30.4 18.6 13.3 58.8 69.5 4.7 4.0

Tata Global Neutral 146 - 9,056 7,998 8,798 9.7 9.8 7.9 8.7 18.6 16.8 2.2 2.2 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

15/19



IT

HCL Tech^ Accumulate 757 863 52,721 28,633 32,216 21.5 20.7 57.3 61.7 13.2 12.3 3.1 2.6 24.0 21.5 1.7 1.4

Hexaware* Buy 81 102 2,429 2,091 2,289 19.0 18.8 10.6 11.3 7.7 7.2 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Accumulate 2,340 2,465 134,391 43,338 47,244 27.5 27.7 169.4 182.6 13.8 12.8 2.9 2.5 20.8 19.3 2.4 2.1

Infotech Enterprises Accumulate 169 185 1,892 1,956 2,174 17.9 17.7 20.4 21.9 8.3 7.7 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 102 135 1,970 2,513 2,819 16.1 15.5 12.6 14.0 8.1 7.3 1.4 1.2 17.9 16.6 0.7 0.6

Mahindra Satyam Buy 110 143 12,915 8,456 9,385 19.3 19.1 10.6 11.9 10.4 9.2 2.3 1.9 22.4 20.1 1.1 0.9

Mindtree Accumulate 850 920 3,529 2,599 2,871 19.4 19.2 85.2 92.3 10.0 9.2 2.1 1.7 21.4 18.9 1.1 0.9Mphasis& Reduce 428 395 8,987 6,096 6,646 17.6 17.4 38.1 41.6 11.2 10.3 1.6 1.4 14.2 13.7 1.0 0.8

NIIT Buy 23 30 382 1,144 1,267 9.0 9.1 4.3 5.4 5.4 4.3 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 537 593 2,150 1,445 1,617 25.2 25.0 55.3 59.3 9.7 9.1 1.8 1.5 18.2 16.5 1.1 0.8

TCS Accumulate 1,452 1,585 284,120 71,833 81,893 28.4 28.0 78.5 88.0 18.5 16.5 5.6 4.6 30.2 27.9 3.7 3.2

Tech Mahindra Buy 957 1,230 12,282 7,699 8,315 19.3 18.1 107.0 115.0 8.9 8.3 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 348 385 85,811 40,173 43,697 20.4 20.6 26.2 28.5 13.3 12.2 2.6 2.3 19.7 18.4 1.6 1.4

Media

D B Corp Buy 236 272 4,321 1,787 1,974 25.4 26.4 14.5 16.9 16.2 14.0 3.4 2.9 22.4 22.2 2.3 2.0

HT Media Neutral 112 - 2,626 2,205 2,380 15.1 15.6 8.0 9.1 14.0 12.3 1.5 1.3 11.2 11.4 0.8 0.7

Jagran Prakashan Buy 90 121 2,991 1,698 1,908 23.9 24.5 7.4 8.4 12.2 10.8 3.1 2.7 26.7 26.8 1.9 1.7

PVR Neutral 361 - 1,429 1,343 1,521 18.8 18.9 18.3 22.9 19.7 15.8 1.9 2.0 10.6 12.3 1.1 0.9

Sun TV Network Neutral 416 - 16,380 2,293 2,571 68.7 68.7 19.3 22.7 21.5 18.3 5.3 4.6 26.1 27.3 6.6 5.7

Metals & Mining

Bhushan Steel Neutral 460 - 10,413 13,794 17,335 30.7 34.8 48.9 83.6 9.4 5.5 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Buy 297 345 187,596 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.6 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 26 562 2,074 2,176 10.4 11.3 1.9 2.3 9.1 7.6 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 150 213 4,776 1,944 2,317 49.9 51.7 20.8 25.6 7.2 5.9 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 116 145 49,183 12,358 13,659 51.4 51.6 16.0 17.6 7.3 6.6 1.3 1.1 19.4 18.4 1.7 1.2

Hindalco Neutral 105 - 20,007 88,987 94,163 9.2 9.7 13.8 15.9 7.6 6.6 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 678 - 15,130 39,524 42,064 17.1 16.9 71.8 86.3 9.4 7.9 0.8 0.7 8.6 9.6 0.7 0.6

MOIL Accumulate 220 243 3,698 954 1,062 45.5 47.4 26.1 29.1 8.5 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 191 291 1,216 2,883 3,181 21.7 23.6 40.3 57.7 4.7 3.3 0.4 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 36 - 9,239 8,187 8,416 14.5 14.7 3.2 3.3 11.2 11.0 0.8 0.7 6.8 6.7 0.6 0.6

NMDC Buy 126 179 49,896 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.6 1.5 1.3 20.6 20.2 2.7 2.1


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

16/19



Metals & Mining

SAIL Neutral 62 - 25,627 53,685 64,183 9.3 12.2 5.5 8.3 11.3 7.5 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 159 - 13,840 3,742 4,426 32.9 32.8 30.0 29.8 5.3 5.3 0.7 0.6 14.3 12.5 4.5 3.7

Sterlite Inds Accumulate 95 100 31,960 44,462 45,568 23.2 24.7 18.1 20.2 5.3 4.7 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 305 430 29,656 141,775 151,672 10.5 11.4 35.3 51.7 8.7 5.9 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 103 153 371 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 498 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 87 118 285 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,572 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 332 - 42,132 55,815 63,013 15.3 15.2 35.9 41.5 9.3 8.0 1.5 1.3 17.0 17.1 0.6 0.5

ONGC Accumulate 321 354 274,460 157,962 175,367 35.1 36.2 34.3 39.3 9.4 8.2 1.6 1.4 18.2 18.6 1.5 1.3

Reliance Industries Neutral 803 - 259,315 380,031 407,721 9.9 69.3 69.3 78.0 11.6 10.3 1.2 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 256 - 3,284 3,707 3,850 11.7 12.4 23.7 25.7 10.8 10.0 3.0 2.6 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 295 - 4,124 3,700 4,218 23.4 22.8 26.6 30.4 11.1 9.7 2.3 1.9 22.6 21.7 1.2 1.0

Petronet LNG Buy 143 167 10,695 40,356 40,872 5.8 6.4 15.0 16.7 9.5 8.5 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 63 - 3,542 1,079 983 91.8 91.9 8.8 7.8 7.2 8.0 1.2 1.1 17.8 14.1 3.0 3.2

Pharmaceuticals

Alembic Pharma Accumulate 122 139 2,295 1,736 2,008 17.1 18.9 10.7 13.9 11.4 8.8 3.6 2.7 35.0 34.7 1.4 1.1

Aurobindo Pharma Buy 190 264 5,543 6,279 7,033 16.0 16.0 15.2 19.2 12.5 9.9 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,539 - 5,847 1,682 1,917 16.6 16.6 92.4 99.1 27.5 25.6 3.9 3.9 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 805 962 16,480 7,386 8,863 18.0 18.0 39.5 48.1 20.4 16.7 4.6 3.8 24.8 24.7 2.5 2.1

Cipla Buy 395 463 31,727 9,130 10,543 24.8 23.0 21.6 23.2 18.3 17.0 3.0 2.6 17.6 16.2 3.2 2.7

Dr Reddy's Neutral 2,081 - 35,327 11,662 13,101 21.0 20.8 92.9 103.9 22.4 20.0 4.3 3.6 20.8 19.6 3.2 2.8

Dishman Pharma Buy 73 206 592 1,536 1,739 20.2 20.9 15.4 20.6 4.8 3.6 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,330 - 19,732 2,854 3,145 28.6 28.6 76.6 83.3 30.4 28.0 9.1 8.3 31.1 31.0 6.1 5.4

Indoco Remedies Buy 65 90 599 784 902 15.2 15.2 7.8 9.0 8.3 7.2 1.2 1.1 15.6 15.8 1.0 0.8

Ipca labs Buy 552 676 6,964 3,474 4,168 21.0 21.0 37.3 45.1 14.8 12.2 3.5 2.8 26.4 25.3 2.2 1.8

Lupin Buy 751 877 33,615 11,641 13,933 21.3 21.3 34.8 41.8 21.6 18.0 5.1 4.0 26.2 24.8 2.9 2.4

Ranbaxy* Neutral 440 - 18,597 11,400 12,060 10.5 10.5 17.5 22.5 25.1 19.5 4.0 3.5 17.0 19.1 1.6 1.4

Sun Pharma Neutral 945 - 97,660 12,563 14,698 42.6 42.6 29.8 35.5 31.7 26.6 5.6 4.7 19.2 19.3 7.2 5.9

Power

GIPCL Accumulate 72 78 1,089 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

17/19



Power

NTPC Accumulate 154 163 126,898 81,951 92,264 24.1 24.3 13.6 14.9 11.3 10.3 1.4 1.3 13.0 13.1 2.2 2.1

Real Estate

DLF Buy 232 288 39,410 9,699 12,010 37.0 36.9 6.0 8.4 38.9 27.6 1.5 1.4 3.8 5.1 5.5 4.5

MLIFE Accumulate 401 446 1,637 888 1,002 26.7 25.9 36.3 40.6 11.1 9.9 1.2 1.1 10.8 11.0 2.1 1.8

Telecom

Bharti Airtel Neutral 312 - 118,350 86,933 96,121 30.2 31.2 10.3 15.7 30.3 19.9 2.1 1.9 7.0 9.7 2.1 1.7

Idea Cellular Neutral 128 - 42,463 24,959 27,232 27.1 27.5 3.7 4.7 34.5 27.3 2.8 2.5 8.1 9.2 2.1 1.9Rcom Neutral 106 - 21,827 22,221 24,253 32.0 32.2 4.3 6.4 24.4 16.4 0.6 0.6 2.4 3.4 2.5 2.2

Others

Abbott India* Buy 1,426 1,659 3,030 1,863 2,081 11.8 12.4 71.2 83.0 20.0 17.2 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 172 237 1,720 3,929 4,480 7.4 7.7 15.5 19.7 11.1 8.7 1.9 1.6 17.4 18.7 0.4 0.4

Cera Sanitaryware Buy 448 562 567 630 795 14.4 13.6 42.8 51.1 10.5 8.8 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 391 566 101 308 351 7.0 7.0 39.6 47.2 9.9 8.3 2.2 1.7 21.8 21.0 0.4 0.4

Finolex Cables Buy 55 68 847 2,563 2,899 9.8 9.8 10.1 11.3 5.5 4.9 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 396 570 516 2,299 2,621 4.7 4.9 46.3 57.0 8.6 6.9 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 294 352 679 1,453 1,560 9.4 9.8 38.4 41.4 7.7 7.1 1.6 1.4 22.9 20.8 0.3 0.2

Hitachi Buy 152 177 412 1,053 1,169 6.3 7.1 13.8 17.7 11.0 8.6 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Sell 2,445 - 2,162 1,842 2,131 7.7 7.8 112.4 132.4 21.8 18.5 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 166 198 149 495 651 12.7 12.9 29.3 39.5 5.7 4.2 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 176 239 203 1,430 1,573 11.6 11.7 22.6 31.9 7.8 5.5 0.5 0.4 6.3 8.3 0.6 0.5

Jyothy Laboratories Neutral 175 - 2,821 979 1,164 14.9 15.1 6.0 7.7 29.1 22.7 3.6 3.3 12.9 15.1 3.0 2.5

MRF Neutral 14,622 - 6,201 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.2 8.1 1.7 1.4 23.5 19.2 0.6 0.6

Page Industries Reduce 3,940 3,637 4,395 1,047 1,281 19.6 19.8 127.3 158.1 30.9 24.9 14.8 10.8 54.9 50.0 4.3 3.5Relaxo Footwears Buy 593 786 712 1,148 1,360 11.7 11.9 55.5 71.4 10.7 8.3 2.5 1.9 26.3 26.2 0.8 0.6

Siyaram Silk Mills Buy 261 312 245 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.4 0.7 0.6 18.3 18.2 0.5 0.4

S. Kumars Nationwide Neutral 6 - 190 6,765 7,393 18.1 18.0 6.4 7.5 1.0 0.9 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 523 617 920 1,068 1,223 9.6 9.6 38.1 44.1 13.7 11.9 1.9 1.6 14.5 14.7 0.9 0.7

TAJ GVK Buy 65 108 406 300 319 35.8 36.2 7.9 9.1 8.2 7.1 1.1 1.0 13.9 14.4 1.7 1.4

Tata Sponge Iron Buy 285 371 439 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Accumulate 489 553 379 435 516 6.2 7.1 24.3 33.3 20.1 14.7 3.3 2.8 17.6 20.8 0.7 0.6

Tree House Neutral 267 - 962 150 192 52.7 52.5 12.8 16.2 20.9 16.5 2.1 1.8 10.0 11.1 6.0 4.6

TVS Srichakra Buy 186 226 142 1,591 1,739 7.1 7.4 39.4 56.5 4.7 3.3 0.9 0.8 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

18/19



Others

United Spirits Neutral 2,336 - 30,551 11,886 13,491 14.4 14.0 50.9 74.5 45.9 31.4 3.8 3.4 10.6 11.4 2.9 2.5

Vesuvius India* Buy 370 439 751 600 638 20.1 19.4 35.7 36.6 10.4 10.1 1.9 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 13, 2013


Market Outlook

Stock Watch

May 14, 2013

7/30/2019 Market Outlook, 14-05-13

19/19


Documents

Market Outlook, 14-05-13