Market Outlook, 17-05-13

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Market OutlookMay 17, 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 0.4%. Most of the Asian

markets too are trading in the green.US markets saw modest strength earlier in the session, however, came under

pressure towards the close on Thursday. Investors were disappointed by the larger

than expected increase in U.S. weekly jobless claims, the drop in U.S. housing

starts and the weak Philly Fed data. The major indices ended the day in negative

pulling back off the record highs. Meanwhile, European markets too finished in

negative following the sharp rise of the previous two trading sessions. Some of the

day's losses were attributed to profit booking, following the strong gains in recent

days.

Meanwhile Indian markets ended higher for a third straight day in a row on

Thursday. Key Benchmark indices closed higher by 0.2% after remaining volatile

during the day. The markets which rose higher in the morning trade but turned

negative in the after-noon trade. However, the recovery in the late afternoon traderesulted in the positive closing to the days trade. RBI Governor had earlier in the

week said that the central bank will take note of falling inflation when discussing

potential interest rate cuts, which resulted in improving the market sentiments.

Markets Today

The trend deciding level for the day is 20,245 / 6,162 levels. If NIFTY trades above

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

up to 20,329 20,410 / 6,195 6,221 levels. However, if NIFTY trades below

20,245 / 6,162 levels for the first half-an-hour of trade then it may correct up to

20,164 20,081 / 6,136 6,103 levels.

Indices S2 S1 PIVOT R1 R2 SENSEX 20,081 20,164 20,245 20,329 20,410NIFTY 6,103 6,136 6,162 6,195 6,221

News Analysis

ICICI Bank repatriates CAD 75mn from capital from its Canadian subsidiary L&T has bagged various new orders worth `2,542cr Yes Bank reiterates its plan to raise USD 500mn Result Review: Baja Auto, Mahindra Satyam,DB Corp.,Hitachi Home Result Preview: ITC, Sun TV, Motherson Sumi

Refer detailed news analysis on the following page

Net Inflows (May 15, 2013)` cr Purch Sales N et M TD YTD

FII 4,369 2,668 1,701 9,759 70,917

MFs 647 761 (114) (1,894) (10,484)

FII Derivatives (May 16, 2013)` cr Purch Sales N et O pen Interest

Index Futures 1,915 1,853 62 17,328

Stock Futures 1,889 2,085 (195) 29,362

Gainers / Losers

G a iners Losers

C ompa ny Price (`) chg (%) Com pan y Price (`) chg (%)

Apollo Hosp 1,048 8. 5 Oracle Fin 2,410 (4.6)

JP Infratech 41 7. 7 Bajaj Finserv 724 (4.2)

Glaxosmithkl Cons 4,783 7. 7 Tata Comm 229 (4.1)

Adani Ports 162 6. 3 Amara Raja 248 (3.7)

IRB Infra 132 6. 1 M&M Fin 248 (2.9)

D om estic Indices C hg (%) (Pts) (C lose)

BSE Sensex 0.2 34 20,247

Nifty 0.4 23 6,170

MID CAP 0.4 28 6,592

SMALL CAP 0.2 14 6,191

BSE HC 1.5 139 9,200

BSE PSU 0.3 19 6,977

BANKEX 1.1 166 15,129

AUTO (0.6) (68) 11,200

METAL 0.6 53 8,823

OIL & GAS 1.6 146 9,054

BSE IT (1.0) (59) 5,927

G lobal Indices Chg (%) (Pts) (C lose)

Dow Jones (0.3) (42) 15,233NASDAQ (0.2) (6) 3,465

FTSE (0.1) (6) 6,688

Nikkei (0.4) (59) 15,037

Hang Sang 0.2 38 23,083

Straits Times 0.3 11 3,452

Shanghai Com 1.2 27 2,252

Indian ADR Chg (%) (Pts) (C lose)

INFY 0.6 0.2 $42.7

WIT (2.0) (0.2) $7.7IBN 0.3 0.1 $48.0

HDB (1.5) (0.6) $42.4

Adva nces / D eclines BSE N SE

Advances 1,197 674

Declines 1,278 709

Unchanged 140 91

Volume s (` cr)

BSE 2,387

NSE 12,697

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ICICI Bank repatriates CAD 75mn from capital from its

Canadian subsidiary

ICICI Bank has repatriated equity capital of CAD 75mn ( 404cr) from its

Canadian subsidiary, in-line with the management's guidance of consolidation in

the overseas operations. As of 4QFY2013, total equity investment of ICICI Bank inits Canadian subsidiary was `3,350cr and the capital adequacy of its Canadian

subsidiary was strong at 33.2%. The repatriation would marginally improve the

already strong capital adequacy of ICICI Bank at 18.7% (tier-I capital ratio at

12.8%), apart from slightly aiding its net interest margins and overall RoEs. At

CMP, the stock trades at 1.7x FY2015E ABV. We maintain our Buy rating on the

stock, with a target price of `1 , 4 4 4 .

L&T has bagged various new orders worth `2,542cr

Larsen & Toubro (L&T) said it has bagged new orders worth `1,021cr in thebuilding and factories business segment. Also, its civil infrastructure segment has

bagged orders worth `866cr from Kochi Metro Rail project. The Transportation

segment secured an order worth `315cr which involves the design and

construction of electrification, signaling, telecommunication and associated works

for a double track railway line between Karwandiya to Durgauti section of the

eastern corridor. The company has secured orders worth `148cr from the Public

Health Engineering Department, Rajasthan for a water supply system to 97

villages. Additional orders have been received for `192cr, under the power

transmission and distribution business. We continue to maintain Accumulate rating

on the stock with a target price of `1 , 7 9 5 .

Yes Bank reiterates its plan to raise USD 500mn

There were media reports at the beginning of the day, suggesting that Yes Bank

has initiated process for raising equity capital worth USD 300mn by issuing shares

to institutional investors. The banks management during later part of the day

denied these developments and reiterated that equity raising upto USD 500mn is

yet to be considered by the banks shareholders in June 2013, post which the

timing of capital raising would be decided after factoring in market conditions. As

of 4QFY2013, the banks capital adequacy ratio (CAR) continued to be strong at18.3%, with tier-I ratio at 9.5%. With RoE of above 22%, the banks retained

earnings itself are capable for funding a balance sheet growth of 18-20%. At

CMP, post the recent rise, the stock trades at a valuation of 2.8x FY2014E ABV

and 2.3x FY2015E ABV, which in our view, factors in most of the positives for the

bank and offers limited scope for upside from the current levels. Hence, we

recomm end a N eutra l rating on the stock.

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Result Review

Bajaj Auto (CMP: `1,808/ TP: Under Review/ Upside: -)

Bajaj Auto (BJAUT) reported lower-than-expected operating performance for

4QFY2013, nevertheless, the bottom-line was slightly ahead of our estimates

driven by higher other income and lower tax-rate. For 4QFY2013, the top-line

posted an in-line growth of 2% yoy (down 12.3% yoy) to `4,746cr, following a

3.5% yoy (13% qoq) drop in volumes to 981,242 units. The net average

realization, however, improved strongly by 6.8% yoy (0.7% qoq) led by favorable

foreign exchange rate on the exports front and also due to price hike in the export

markets (effective November 2012) to pass on the impact of reduction in export

incentives. While, the domestic revenues declined 3.3% yoy (13.2% qoq) led by 8%

yoy (18% qoq) decline in volumes; export revenues surged 18.2% yoy led a 5.1%

yoy growth in volumes and a 12.5% yoy growth in net average realization. The

EBITDA margin declined 217bp yoy (107bp qoq) to 17.6%, below our expectations

of 18.6%, mainly due to adverse product-mix (higher share of less than 125ccmotorcycles in the product-mix) and increase in other expenditure. The adjusted

net profit registered a marginal growth of 1.9% yoy (down 6.5% qoq) to `766cr.

However, it was slightly ahead of our expectations driven by higher other income

(74.6% yoy and 19.9% qoq) and lower tax-rate (at 25.9% as against 30.2% in

3QFY2013). At the CMP of `1,808, the stock is trading at 13.2x FY2015E

earnings. The stock ra ting is currently under review.

Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ Sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 22,839 18.6 3,508 121.1 41.0 14.9 5.5 10.1 1.9

FY2015E 25,825 18.5 3.950 136.5 36.7 13.2 4.4 8.6 1.6

Mahindra Satyam (CMP: `109/ TP: Under review/ Upside: -)

For 4QFY2013, Mahindra Satyam reported net profit while disappointed on the

operational front. The dollar revenues came in US$359cr, up 1% qoq. In INR

terms, revenues came in at `1,936cr, down 0.2% qoq. The companys operational

performance was below expectations as EBITDA margin declined by ~145bp qoq

to 20.1% (vs. our expectation of margin inching up qoq), due to subdued revenue

growth. The company reported exceptional gain of `134cr during the quarter,

adjusting for this profit came in at `320cr, down 14% qoq impacted by lower other

income of`72cr as against `111cr in 3QFY2013. We wait for management clarity

on decline in operational margins as the company continued to deliver operational

exuberance with decent volume growth since last five quarters (till 3QFY2013).

Management indicated that they are in penultimate stage in the merger process of

Tech Mahindra and Mahindra Satyam as it has been approved by the Bombay

High Court, while it awaits the Andhra Pradesh High Court approval. We remain

positive on the stock and the target price is currently under review.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 8,456 19.3 1,245 10.6 22.4 10.3 2.3 5.6 1.1FY2015E 9,385 19.1 1,399 11.9 20.1 9.2 1.8 4.5 0.9

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DBCorp (CMP: `242 / TP: Under r eview)

For 4QFY2013, DB Corps top-line performance was in-line with our expectations,

growing by 12.7% yoy to `398cr, primarily on account of 13.1% yoy growth in

advertising revenue to `298cr. On the operating front, the company reported

303bp yoy expansion in OPM to 23.6% aided by reduction in losses of emerging

editions (`5.8cr loss in 4QFY2013 vs a loss of`18.5cr in corresponding quarter

last year). Consequently, net profit grew by 22.0% yoy to `55cr. At the current

market price, DB Corp is trading at 14.3x FY2015E consolidated EPS of`16.9. W e

recommend Buy on the stock with the target price under review.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 1,787 25.4 267 14.5 22.4 16.6 3.5 9.1 2.3

FY2015E 1,974 26.4 309 16.9 22.2 14.3 3.0 7.7 2.0

Hitachi Home (CMP: `151/ TP: 184/ Upside: 22.0%)

For 4QFY2013, Hitachi Home (HHLS) reported a yoy revenue growth of 14.6% to

`270cr in line with our expectation of`269cr. The company disappointed on the

EBITDA front with a margin of 5.5%, yoy contraction on 111bp from 6.6% in

4QFY2012. However, forex gain of`5.3cr led to 6.3% yoy growth in net profit to

`8cr during 4QFY2013 as compared to `7cr in 4QFY2012.

For FY2013, HHLSs topline growth came in at 20.3% to `960cr, while the EBITDA

margin expanded by 506bp yoy to 8.7% from 3.7% in FY2012 owing to lower raw

material costs and declining other expenses. This led to a 1411% growth in net

profit to `49cr in FY2013 from `3cr in FY2012.

As we rollover to FY2015, we upgrade the stock to Buy with a target price of `1 8 4

based on a target PE of 10x for FY2015E.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 1,080 8.9 49 17.9 18.8 8.4 1.5 5.5 0.5

FY2015E 1,199 9.1 50 18.4 16.5 8.2 1.3 4.6 0.4

Result Preview

ITC (CMP: `337/ TP:-/ Upside:-)

ITC is expected to announce its 4QFY2013 results today. We expect the

top-line to grow by 15.9% yoy to `7,949cr. OPM is expected to increase by 490bp

on yoy basis 36.5%. Bottom-line is expected to increase by 22.2% yoy to `1,973cr.

We maintain our Neutral recommendation on the stock.

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Y/ E Sa les O PM PAT EPS RO E P/ E P/ BV EV/ EBITD A EV/ sa les

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 33,506 36.8 8,670 20.4 35.5 30.4 9.9 20.4 7.5

FY2015E 39,067 37.0 10,147 17.3 34.1 26.0 8.0 17.3 6.4

Sun TV (CMP: `443/ TP: -/ Upside : -)

Sun TV is slated to announce its 4QFY2013 results. The company is expected to

post healthy 7.9% yoy growth in its top-line to `461cr on the back of uptick in

advertising revenues. On the EBITDA front, the companys margins are expected to

expand by 144bp yoy to 78.3%. Consequently, net profit is expected to grow by

10.3% yoy to `175cr. At the current market price, Sun TV is trading at 19.5x

FY2015E consolidated EPS of`22.7. W e m a intain a neutral view o n the stock.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 2,293 68.7 762 19.3 26.1 22.9 5.8 10.6 7.3

FY2015E 2,571 68.7 895 22.7 27.3 19.5 5.1 9.3 6.4

Motherson Sumi Systems (CMP: `213/ TP: -/ Upside: - )

Motherson Sumi Systems (MSS) is scheduled to announce its 4QFY2013 results

today. On a consolidated basis, we expect MSS to post a ~10% yoy increase in

top-line to `7,095cr driven by a 24.1% yoy growth in Samvardhana Motherson

Reflectec (SMR) revenues led by a steady ramp-up of the new plants. However, led

by a slowdown in the domestic demand, standalone top-line is expected to register

a decline of ~7% yoy. We expect Peguform to report a top-line of `3,518cr (up

~4% yoy) for the quarter. On the operating front, EBITDA margins are expected to

expand by ~80bp yoy to 7.5% driven by improving utilization levels at SMR.

Consequently, adjusted bottom-line (for foreign exchange gains) is expected to

register a growth of ~41% yoy to `144cr. At the CMP of`213, the stock is trading

at 14.4x FY2015E earnings. C urrently we have a N eutra l rating on the stock.


March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2014E 28,442 7.5 736 12.5 27.5 17.0 4.2 7.7 0.6

FY2015E 31,493 7.8 869 14.8 25.8 14.4 3.3 6.7 0.5

Quarterly Bloomberg Brokers Consensus Estimate

ITC ( 1 7 / 0 5 / 2 0 1 3 )

Particula rs (` cr) 4 Q F Y 1 3 E 4 Q F Y 1 2 y-o-y (%) 3 Q F Y 1 3 q-o-q (%)

Net sales 8,044 6,361 26 7,627 5

EBITDA 2,694 2,263 19 2,858 (6)

EBITDA margin (%) 33.5 35.6 37.5

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

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Adani Enterprise C onsolidated (20/ 05 / 2 01 3)


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)

Coa l India Consolidated (20/ 05 / 20 13 )


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

Divi's Laboratories (20/ 05 / 20 13 )


Net sales 802 708 13 533 50

EBITDA 303 286 6 182 66

EBITDA margin (%) 37.8 40.4 34.1

Net profit 225 215 5 144 56

Larsen & Toubro (22 / 05 / 20 13 )


Net sales 21,217 18,461 15 15,429 38

EBITDA 2,812 2,561 10 1,475 91

EBITDA margin (%) 13.3 13.9 9.6

Net profit 1,865 1,920 (3) 1,122 66

Zee Entertainment Consolidated (2 2/ 05 / 2 01 3)


Net sales 928 869 7 919 1

EBITDA 216 160 35 261 (17)

EBITDA margin (%) 23.2 18.4 28.4

Net profit 166 160 4 194 (14)

BHEL (23 /05 /2013 )


Net sales 18,377 19,260 (5) 10,042 83

EBITDA 4,117 4,937 (17) 1,634 152

EBITDA margin (%) 22.4 25.6 16.3

Net profit 2,734 3,380 (19) 1,182 131

JSW Steel Consolidated (23/ 05 / 20 13 )


Net sales 9,135 10,153 (10) 8,866 3

EBITDA 1,544 1,887 (18) 1,331 16

EBITDA margin (%) 16.9 18.6 15.0

Net profit 359 770 (53) 195 84

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State Bank of India (23 / 05 / 20 13 )


Net profit 3,729 4,050 (8) 3,396 10

Tata Steel Consolidated (23 / 05 / 20 13 )


Net sales 35,018 33,860 3 31,822 10

EBITDA 3,244 3,179 2 2,239 45

EBITDA margin (%) 9.3 9.4 7.0

Net profit 436 434 1 (763) (157)

Economic and Political News

Need to boost mfg to bridge CAD, trade gap: DIPP India to step up coal imports quality checks MEA to draw roadmap for Missions to push exports Govt slashes import tariff value of gold, silver Crossholding in same telecom circle may goCorporate News

Suzlon wins orders worth `3480cr GMR to file technical bid for Philippines airport project Cairn India to spend $3bn on oil exploration in 3 yrs Suzuki gives more power to Maruti in group affairs Fortis Healthcare to raise `322cr via IPP

CoalMin takes up issue of power cos'`9,000cr dues to CIL

Source: Economic Times, Business Standard , Business Line, Financial Express, M int

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Date Company

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 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 2.70

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 4.97

May 23, 2013 1:00PM Germany PMI Services Value May A 49.60 49.90

1:00PM Germany PMI Manufacturing Value May A 48.10 48.30

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

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) (21.80)7:30PM US New home sales Thousands Apr 417.00 425.00

May 24, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q F (1.40) --

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 4.90

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

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

June 5, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P (0.20) --

June 6, 2013 4:30PM UK BOE Announces rates % Ratio Jun 6 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jun 6 0.50 --

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

6:00PM US Unnemployment rate % May 7.50 --

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

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

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


May 17, 2013

Market Outlook

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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

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.36.8

6.0

4.9

0.01.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-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

(15.0)

0.0

15.0

Ma

-12

Jun-12

Jul-12

Aug-12

Sep-12

Oc-12

Nov-12

Dec-12

Jan-13

Feb-13

Ma-13

Apr-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(%)

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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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 137 - 2,662 1,657 1,906 14.1 14.1 7.7 8.9 17.8 15.4 3.7 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 154 232 6,807 10,298 11,310 16.5 16.5 20.5 23.2 7.5 6.6 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 248 285 4,237 3,418 3,892 14.5 14.5 18.5 20.4 13.4 12.2 3.2 2.6 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 92 104 4,632 13,852 15,487 11.4 11.5 12.8 14.9 7.2 6.2 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 23 25 6,226 13,778 16,132 7.5 8.6 0.9 2.1 25.0 11.4 1.9 1.7 5.5 11.7 0.5 0.4

Automotive Axle# Neutral 268 - 405 834 965 9.3 10.6 17.3 27.1 15.5 9.9 1.5 1.3 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,808 2,048 52,310 22,839 25,825 18.6 18.5 121.2 136.5 14.9 13.2 5.5 4.4 41.0 36.7 1.9 1.6

Bharat Forge Neutral 233 - 5,412 6,198 6,793 14.6 14.9 14.5 17.3 16.0 13.4 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 8,989 - 28,225 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 114 170 389 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 142 150 12,062 7,053 8,061 14.2 14.5 7.8 9.1 18.1 15.5 3.1 2.7 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,402 - 2,330 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 1,695 1,819 33,853 25,274 27,658 14.1 13.7 110.2 139.9 15.4 12.1 5.6 4.4 39.8 40.7 1.1 1.0

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

Mahindra and Mahindra Neutral 985 - 60,492 44,550 50,260 11.4 11.7 59.6 68.3 16.5 14.4 3.4 2.9 22.3 21.6 1.1 0.9

Maruti Accumulate 1,727 1,847 52,157 48,455 55,723 11.2 10.9 107.8 123.2 16.0 14.0 2.4 2.1 16.2 16.0 0.9 0.8

Motherson Sumi Neutral 213 - 12,530 28,442 31,493 7.5 7.8 12.5 14.8 17.0 14.4 4.2 3.4 27.5 25.8 0.6 0.5

Subros Accumulate 26 30 158 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 303 324 80,819 206,341 227,695 12.8 13.5 32.3 39.0 9.4 7.8 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,853 7,715 8,584 6.0 6.1 5.0 5.8 7.8 6.7 1.3 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 546 461 11,561 8,073 9,052 5.5 6.9 11.5 16.9 47.4 32.2 4.3 4.1 9.3 13.1 1.4 1.2BGR Energy Neutral 198 - 1,431 4,114 4,886 11.4 10.7 24.9 28.0 8.0 7.1 1.1 1.0 25.2 22.6 0.7 0.6

BHEL Neutral 194 - 47,386 43,757 40,934 17.3 16.9 20.9 19.0 9.3 10.2 2.0 1.8 23.7 18.8 1.0 1.0

Blue Star Buy 164 230 1,477 2,896 3,087 5.6 6.2 9.3 11.7 17.6 14.0 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 97 117 6,219 13,790 15,095 6.4 7.4 6.9 9.4 14.1 10.4 1.6 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Buy 29 34 242 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 46 63 1,189 7,709 8,399 6.7 7.2 6.1 8.5 7.6 5.4 1.0 0.8 20.2 23.0 0.3 0.3

Thermax Neutral 608 - 7,240 5,931 6,592 9.6 9.7 31.0 34.3 19.6 17.7 3.4 3.0 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,250 1,361 23,464 11,979 13,254 19.7 21.3 77.1 91.4 16.2 13.7 2.9 2.6 18.7 20.0 1.7 1.4


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

11/17



Cement

Ambuja Cements Neutral 187 - 28,795 10,232 11,762 23.5 24.5 10.3 12.2 18.1 15.4 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 89 - 2,734 4,777 5,276 17.3 17.1 8.8 10.9 10.1 8.2 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 100 143 1,176 2,313 2,728 19.8 20.7 16.6 23.1 6.0 4.3 0.8 0.7 13.6 16.5 1.1 0.8

Madras Cements Neutral 248 - 5,892 4,293 4,855 27.4 28.6 21.8 28.2 11.4 8.8 2.1 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,802 - 16,728 6,540 7,452 27.4 26.6 319.7 369.9 15.0 13.0 3.7 3.0 27.5 25.4 1.9 1.5

UltraTech Cement Neutral 2,000 - 54,836 21,947 25,049 23.8 23.8 106.1 119.8 18.9 16.7 3.1 2.7 17.7 17.3 2.6 2.2

ConstructionAshoka Buildcon Buy 212 255 1,116 1,928 2,234 21.0 21.5 18.0 22.2 11.8 9.6 1.0 0.9 10.2 10.1 2.0 1.9

Consolidated Co Neutral 12 - 223 2,281 2,492 5.9 6.9 0.7 2.0 17.7 6.0 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 132 157 4,382 3,997 4,312 45.5 46.4 15.7 16.6 8.4 7.9 1.2 1.1 15.2 14.5 3.5 3.8

ITNL Buy 178 230 3,459 7,444 8,041 27.4 28.9 29.8 32.1 6.0 5.6 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 21 35 648 6,287 6,836 8.5 8.5 2.3 3.0 9.0 6.9 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Accumulate 80 90 17,775 14,850 15,631 24.9 25.1 2.5 2.9 31.7 28.1 1.3 1.2 4.2 4.7 3.0 2.9

Larsen & Toubro Accumulate 1,594 1,795 98,147 69,586 79,247 11.2 11.1 75.1 84.9 21.2 18.8 3.0 2.7 15.2 15.0 1.6 1.4

Nagarjuna Const. Buy 36 45 929 6,576 7,264 8.2 8.3 4.1 4.8 8.8 7.6 0.4 0.4 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 54 - 1,805 12,954 14,740 9.9 9.9 0.5 0.9 107.1 58.3 0.6 0.6 0.6 1.1 0.6 0.5

Sadbhav Engg. Buy 114 153 1,725 2,511 2,736 10.6 10.6 7.3 7.8 15.8 14.7 2.0 1.8 13.3 12.7 0.9 0.8

Simplex Infra Buy 111 164 548 6,824 7,563 9.2 9.4 18.0 23.4 6.2 4.7 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 32 45 236 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 127 149 6,353 7,137 7,907 2.9 2.8 32.3 36.0 3.9 3.5 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 93 - 5,182 5,254 5,900 2.8 2.8 21.2 22.9 4.4 4.1 0.6 0.6 13.3 13.0 - -

Axis Bank Buy 1,530 1,853 71,683 19,055 22,710 3.3 3.2 130.7 152.3 11.7 10.1 1.9 1.7 17.2 17.6 - -Bank of Baroda Buy 728 851 30,665 16,365 18,781 2.2 2.3 121.3 142.5 6.0 5.1 0.9 0.8 15.1 15.7 - -

Bank of India Accumulate 322 361 19,173 14,482 16,383 2.3 2.3 58.1 68.1 5.5 4.7 0.8 0.7 14.4 15.0 - -

Bank of Maharashtra Accumulate 58 62 3,866 4,451 4,792 3.2 3.0 13.2 14.1 4.4 4.1 0.7 0.6 17.5 16.5 - -

Canara Bank Neutral 433 - 19,200 11,928 13,467 2.1 2.2 74.8 86.0 5.8 5.0 0.8 0.7 13.7 14.2 - -

Central Bank Neutral 70 - 7,349 8,249 9,211 2.4 2.5 14.9 18.2 4.7 3.9 0.7 0.6 12.5 13.8 - -

Corporation Bank Accumulate 416 476 6,355 5,558 6,121 2.0 2.0 98.4 107.7 4.2 3.9 0.6 0.6 14.9 14.5 - -

Dena Bank Neutral 95 - 3,329 3,187 3,582 2.3 2.4 23.8 25.5 4.0 3.7 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 482 - 8,240 2,873 3,413 3.0 3.1 52.7 62.0 9.1 7.8 1.2 1.1 13.4 14.2 - -


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

12/17



Financials

HDFC Neutral 908 - 140,476 8,573 10,142 3.6 3.6 37.0 43.6 24.6 20.8 5.1 4.5 30.0 30.3 - -

HDFC Bank Neutral 723 - 172,086 27,682 33,916 4.6 4.6 35.3 42.7 20.5 16.9 4.0 3.4 21.3 21.8 - -

ICICI Bank Buy 1,205 1,444 139,066 25,705 30,330 3.1 3.2 83.9 96.3 14.4 12.5 1.9 1.7 15.2 15.7 - -

IDBI Bank Neutral 90 - 12,055 9,477 10,678 2.0 2.1 19.6 22.6 4.6 4.0 0.6 0.5 12.8 13.4 - -

Indian Bank Buy 159 186 6,814 6,185 6,978 3.0 3.0 37.0 42.2 4.3 3.8 0.6 0.6 14.8 15.1 - -

IOB Neutral 64 - 5,914 8,142 8,956 2.5 2.5 16.5 20.7 3.9 3.1 0.5 0.4 11.8 13.4 - -

J & K Bank Neutral 1,315 - 6,375 3,032 3,118 3.8 3.5 218.1 200.9 6.0 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 263 290 13,295 2,113 2,525 2.3 2.3 25.4 29.2 10.4 9.0 1.8 1.6 18.4 18.3 - -

Oriental Bank Neutral 266 - 7,758 6,835 7,588 2.6 2.6 56.5 63.8 4.7 4.2 0.6 0.6 13.1 13.4 - -

Punjab Natl.Bank Buy 817 994 28,882 20,876 23,929 3.3 3.4 151.7 177.0 5.4 4.6 0.9 0.7 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,364 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.6 1.1 0.9 18.2 17.0 - -

St Bk of India Accumulate 2,415 2,669 165,181 67,091 76,746 3.2 3.1 241.2 280.4 10.0 8.6 1.6 1.4 16.5 17.0 - -

Syndicate Bank Accumulate 130 137 7,798 7,238 8,249 2.7 2.6 27.1 30.4 4.8 4.3 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 81 - 6,074 6,126 6,665 2.6 2.5 12.2 14.4 6.6 5.6 1.0 0.8 11.8 12.6 - -

Union Bank Accumulate 243 260 1 4,508 11,229 12,794 2.6 2.6 40.7 48.2 6.0 5.1 0.9 0.8 14.6 15.4 - -

United Bank Accumulate 59 64 2,218 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 55 - 2,713 2,730 3,059 1.9 2.0 10.2 11.3 5.4 4.8 0.6 0.6 11.8 12.0 - -

Yes Bank Neutral 543 - 19,476 4,390 5,411 2.8 2.8 41.6 47.9 13.1 11.3 2.8 2.3 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,859 - 46,609 13,319 15,805 15.7 15.7 143.8 170.2 33.8 28.6 10.6 8.4 35.1 32.7 3.4 2.9

Britannia Neutral 572 - 6,835 6,417 7,446 5.1 5.5 20.3 25.2 28.2 22.7 9.6 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,542 - 20,967 3,588 4,130 21.1 21.6 44.7 51.9 34.5 29.7 31.0 23.1 100.0 89.1 5.7 4.9

Dabur India Neutral 159 - 27,695 7,183 8,340 16.8 16.8 5.4 6.3 29.6 25.3 11.5 9.0 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 4,783 - 20,117 3,617 4,260 16.1 16.4 120.6 146.4 39.7 32.7 12.2 9.9 33.8 33.4 5.2 4.4

Godrej Consumer Neutral 880 - 29,959 7,801 9,017 16.2 15.9 25.1 29.7 35.0 29.7 7.6 6.3 24.9 24.2 4.0 3.4

HUL Neutral 583 - 126,040 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 337 - 266,134 33,506 39,067 36.8 37.0 11.1 13.0 30.4 26.0 9.9 8.0 35.5 34.1 7.6 6.5

Marico Neutral 219 - 14,127 5,273 6,044 14.8 14.9 7.3 8.7 30.2 25.3 5.9 4.9 21.4 21.0 2.7 2.3

Nestle* Neutral 4,925 - 47,484 9,739 11,307 21.5 22.2 131.6 159.9 37.4 30.8 18.9 13.5 58.8 69.5 4.8 4.1

Tata Global Neutral 143 - 8,859 7,998 8,798 9.7 9.8 7.9 8.7 18.2 16.5 2.2 2.1 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

13/17



IT

HCL Tech^ Buy 738 863 51,380 28,633 32,216 21.5 20.7 57.3 61.7 12.9 12.0 3.1 2.5 24.0 21.5 1.6 1.4

Hexaware* Buy 78 96 2,334 2,091 2,289 19.0 18.8 10.6 11.3 7.4 6.9 1.6 1.5 22.8 21.7 0.9 0.8

Infosys Accumulate 2,332 2,465 133,921 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 171 185 1,904 1,956 2,174 17.9 17.7 20.4 21.9 8.4 7.8 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 102 135 1,978 2,513 2,819 16.1 15.5 12.6 14.0 8.2 7.3 1.4 1.2 17.9 16.6 0.7 0.6

Mahindra Satyam Buy 109 135 12,856 8,456 9,385 19.3 19.1 10.6 11.9 10.3 9.2 2.3 1.9 22.4 20.1 1.1 0.9

Mindtree Accumulate 836 920 3,472 2,599 2,871 19.4 19.2 85.2 92.3 9.8 9.1 2.1 1.7 21.4 18.9 1.0 0.8Mphasis& Reduce 447 395 9,394 6,096 6,646 17.6 17.4 38.1 41.6 11.7 10.8 1.7 1.5 14.2 13.7 1.1 0.8

NIIT Buy 23 30 371 1,144 1,267 9.0 9.1 4.3 5.4 5.2 4.2 0.5 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 526 593 2,105 1,445 1,617 25.2 25.0 55.3 59.3 9.5 8.9 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,454 1,585 284,619 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 942 1,180 12,090 7,699 8,315 19.3 18.1 107.0 115.0 8.8 8.2 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 347 385 85,528 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 Accumulate 242 272 4,441 1,787 1,974 25.4 26.4 14.5 16.9 16.7 14.4 3.5 3.0 22.4 22.2 2.3 2.1

HT Media Buy 100 117 2,343 2,205 2,380 15.1 15.6 8.0 9.1 12.5 11.0 1.3 1.2 11.2 11.4 0.6 0.5

Jagran Prakashan Buy 94 121 3,133 1,698 1,908 23.9 24.5 7.4 8.4 12.8 11.3 3.2 2.8 26.7 26.8 2.0 1.7

PVR Neutral 357 - 1,416 1,343 1,521 18.8 18.9 18.3 22.9 19.5 15.6 1.8 2.0 10.6 12.3 1.1 0.9

Sun TV Network Neutral 443 - 17,460 2,293 2,571 68.7 68.7 19.3 22.7 22.9 19.5 5.6 4.9 26.1 27.3 7.1 6.1

Metals & Mining

Bhushan Steel Neutral 464 - 10,513 13,794 17,335 30.7 34.8 48.9 83.6 9.5 5.6 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Buy 299 345 188,543 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 17 24 557 1,976 2,017 11.8 12.7 1.3 2.6 13.5 6.6 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 148 213 4,711 1,944 2,317 49.9 51.7 20.8 25.6 7.1 5.8 1.6 1.3 24.3 24.6 2.0 1.4

Hind. Zinc Buy 121 145 51,253 12,358 13,659 51.4 51.6 16.0 17.6 7.6 6.9 1.4 1.2 19.4 18.4 1.9 1.3

Hindalco Neutral 111 - 21,281 88,987 94,163 9.2 9.7 13.8 15.9 8.1 7.0 0.6 0.6 7.6 8.1 0.6 0.5

JSW Steel Neutral 704 - 15,697 39,524 42,064 17.1 16.9 71.8 86.3 9.8 8.2 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 220 243 3,688 954 1,062 45.5 47.4 26.1 29.1 8.4 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 186 291 1,185 2,883 3,181 21.7 23.6 40.3 57.7 4.6 3.2 0.4 0.4 10.1 13.0 1.3 1.0

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 125 179 49,420 10,329 12,540 73.8 75.0 16.6 19.0 7.5 6.6 1.4 1.2 20.6 20.2 2.6 2.0


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

14/17



Metals & Mining

SAIL Neutral 63 - 26,164 53,685 64,183 9.3 12.2 5.5 8.3 11.6 7.7 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 168 - 14,597 3,742 4,426 32.9 32.8 30.0 29.8 5.6 5.6 0.8 0.7 14.3 12.5 4.7 3.9

Sterlite Inds Neutral 98 - 33,086 44,462 45,568 23.2 24.7 18.1 20.2 5.4 4.9 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 311 430 30,239 141,775 151,672 10.5 11.4 35.3 51.7 8.8 6.0 0.7 0.6 7.6 10.3 0.5 0.5

Sarda Buy 106 153 381 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 493 2,668 2,834 10.0 10.1 4.6 5.2 7.9 7.1 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 297 345 56,735 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 1.8

GAIL Neutral 338 - 42,843 55,815 63,013 15.3 15.2 35.9 41.5 9.4 8.2 1.5 1.3 17.0 17.1 0.7 0.5

ONGC Neutral 338 - 289,047 157,962 175,367 35.1 36.2 34.3 39.3 9.9 8.6 1.7 1.5 18.2 18.6 1.6 1.4

Reliance Industries Neutral 840 - 271,312 380,031 407,721 9.9 69.3 69.3 78.0 12.1 10.8 1.2 1.1 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 250 - 3,210 3,707 3,850 11.7 12.4 23.7 25.7 10.6 9.7 3.0 2.6 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 284 - 3,976 3,700 4,218 23.4 22.8 26.6 30.4 10.7 9.3 2.2 1.9 22.6 21.7 1.1 0.9

Petronet LNG Buy 143 167 10,751 40,356 40,872 5.8 6.4 15.0 16.7 9.6 8.6 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 62 - 3,494 1,079 983 91.8 91.9 8.8 7.8 7.1 7.9 1.2 1.1 17.8 14.1 3.0 3.2

Pharmaceuticals

Alembic Pharma Neutral 137 - 2,586 1,736 2,008 17.1 18.9 10.7 13.9 12.8 9.9 4.0 3.0 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 193 264 5,617 6,279 7,033 16.0 16.0 15.2 19.2 12.7 10.1 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,501 - 5,760 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.2 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 836 962 17,113 7,386 8,863 18.0 18.0 39.5 48.1 21.2 17.4 4.8 3.9 24.8 24.7 2.6 2.1

Cipla Accumulate 422 463 33,903 9,130 10,543 24.8 23.0 21.6 23.2 19.6 18.2 3.2 2.8 17.6 16.2 3.4 2.9

Dr Reddy's Buy 2,116 2,535 35,916 13,377 15,350 20.4 20.1 112.3 126.8 18.8 16.7 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 74 206 595 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 2,279 - 19,301 2,854 3,145 28.6 28.6 76.6 83.3 29.8 27.4 8.9 8.1 31.1 31.0 5.9 5.3

Indoco Remedies Buy 65 90 600 784 902 15.2 15.2 7.8 9.0 8.4 7.2 1.2 1.1 15.6 15.8 1.0 0.8

Ipca labs Buy 579 676 7,304 3,474 4,168 21.0 21.0 37.3 45.1 15.5 12.8 3.7 2.9 26.4 25.3 2.3 1.9

Lupin Accumulate 807 877 36,122 11,641 13,933 21.3 21.3 34.8 41.8 23.2 19.3 5.4 4.3 26.2 24.8 3.1 2.6

Ranbaxy* Neutral 475 - 20,102 11,400 12,060 10.5 10.5 17.5 22.5 27.2 21.1 4.4 3.8 17.0 19.1 1.7 1.6

Sun Pharma Neutral 969 - 100,141 12,563 14,698 42.6 42.6 29.8 35.5 32.5 27.3 5.8 4.9 19.2 19.3 7.3 6.1

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 17, 2013

7/30/2019 Market Outlook, 17-05-13

15/17



Power

NTPC Neutral 156 - 128,877 76,734 86,680 24.5 24.3 13.4 14.5 11.7 10.8 1.4 1.3 12.8 12.7 2.4 2.2

Real Estate

DLF Buy 243 288 41,253 9,699 12,010 37.0 36.9 6.0 8.4 40.7 28.9 1.5 1.4 3.8 5.1 5.7 4.6

MLIFE Accumulate 402 446 1,642 888 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 322 - 122,261 86,592 95,860 31.4 31.8 10.9 14.5 29.5 22.1 2.3 2.1 7.7 9.3 2.1 1.7

Idea Cellular Neutral 130 - 42,993 25,122 27,663 27.0 27.2 4.0 4.8 32.7 27.2 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 114 - 23,499 22,801 24,628 31.0 31.3 3.6 5.3 32.0 21.6 0.7 0.7 2.2 3.1 2.6 2.3

Others

Abbott India* Accumulate 1,450 1,659 3,082 1,863 2,081 11.8 12.4 71.2 83.0 20.4 17.5 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 175 237 1,749 3,929 4,480 7.4 7.7 15.5 19.7 11.3 8.9 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 451 562 571 630 795 14.4 13.6 42.8 51.1 10.6 8.8 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 425 566 110 308 351 7.0 7.0 39.6 47.2 10.7 9.0 2.3 1.9 21.8 21.0 0.4 0.4

Finolex Cables Buy 58 68 888 2,563 2,899 9.8 9.8 10.1 11.3 5.8 5.1 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 388 570 506 2,299 2,621 4.7 4.9 46.3 57.0 8.4 6.8 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 283 352 653 1,453 1,560 9.4 9.8 38.4 41.4 7.4 6.8 1.6 1.3 22.9 20.8 0.3 0.2

Hitachi Buy 151 177 410 1,053 1,169 6.3 7.1 13.8 17.7 10.9 8.5 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,462 - 2,177 1,842 2,131 7.7 7.8 112.4 132.4 21.9 18.6 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 165 198 148 495 651 12.7 12.9 29.3 39.5 5.6 4.2 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 180 234 207 1,430 1,573 11.1 11.0 19.1 26.9 9.5 6.7 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 175 - 2,828 979 1,164 14.9 15.1 6.0 7.7 29.2 22.8 3.6 3.3 12.9 15.1 3.0 2.5

MRF Neutral 15,151 - 6,426 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.5 8.4 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,881 3,637 4,329 1,047 1,281 19.6 19.8 127.3 158.1 30.5 24.6 14.6 10.6 54.9 50.0 4.2 3.4Relaxo Footwears Buy 620 791 743 1,146 1,333 10.9 11.4 45.9 60.9 13.5 10.2 2.8 2.3 23.0 24.6 0.8 0.7

Siyaram Silk Mills Buy 265 312 249 1,157 1,320 11.9 12.0 66.6 77.9 4.0 3.4 0.7 0.6 18.3 18.2 0.5 0.4

Styrolution ABS India* Buy 528 617 928 1,068 1,223 9.6 9.6 38.1 44.1 13.9 12.0 1.9 1.7 14.5 14.7 0.9 0.7

TAJ GVK Buy 61 108 385 300 319 35.8 36.2 7.9 9.1 7.8 6.8 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 296 371 456 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 514 553 399 435 516 6.2 7.1 24.3 33.3 21.2 15.4 3.5 3.0 17.6 20.8 0.7 0.6

Tree House Neutral 267 - 959 150 192 52.7 52.5 12.8 16.2 20.8 16.5 2.1 1.8 10.0 11.1 6.0 4.6

TVS Srichakra Buy 176 226 135 1,591 1,739 7.1 7.4 39.4 56.5 4.5 3.1 0.9 0.7 20.6 25.0 0.3 0.3

United Spirits Neutral 2,314 - 30,266 11,886 13,491 14.4 14.0 50.9 74.5 45.5 31.1 3.7 3.3 10.6 11.4 2.9 2.5


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

16/17



Others

Vesuvius India* Buy 374 439 758 600 638 20.1 19.4 35.7 36.6 10.5 10.2 1.9 1.6 19.4 17.1 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 16, 2013


Market Outlook

Stock Watch

May 17, 2013

7/30/2019 Market Outlook, 17-05-13

17/17


Documents

Market Outlook, 17-05-13