Market Outlook, 18-07-2013

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Market OutlookJuly 18, 2013

Dealers Diary

Indian markets are expected to open flat today tracking flat opening in SGX Nifty

and mixed opening in Asian markets.

While buying interest was somewhat subdued, US stocks closed modestly higher on

Wednesday, benefited by a positive reaction to remarks by Federal Reserve

Chairman Ben Bernanke. Bernanke reiterated that the central bank believes it

would be appropriate to begin scaling back its asset purchase program later this

year if incoming data is broadly consistent with projections. The Fed chief added

that the asset purchase program could be wrapped up by mid-2014, although he

stressed that asset purchases depend on economic and financial developments and

are by no means on a preset course. Bernanke also said highly accommodative

monetary policy will remain appropriate for the foreseeable future, reiterating

remarks that triggered a rally last week. The majority of the European markets also

ended Wednesday's session in the green following Bernankes remarks.

Meanwhile, Indian shares ended a choppy session modestly higher on Wednesday,

with defensive stocks leading the rally.

Markets Today

The trend deciding level for the day is 19,903/ 5,963 levels. If NIFTY trades above

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

up to 20,028 20,108 / 6,000 6,026 levels. However, if NIFTY trades below

19,903 / 5,963 levels for the first half-an-hour of trade then it may correct up to

19,824 19,699/ 5,937 5,900 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,699 19,824 19,903 20,028 20,108

NIFTY 5,900 5,937 5,963 6,000 6,026

News Analysis

L&T has bagged`2,085cr project in Oman Result Review: HDFC Bank Result Preview: TCS, AXIS Bank,IDBI Bank, DBCorp, Mindtree, Infotech

Refer detailed news analysis on the following page

Net Inflows (July 16, 2013)

` cr Purch Sales Net MTD YTDFII 2,510 2,819 (310) (5,887) 65,419

MFs 426 325 101 (666) (12,843)

FII Derivatives (July 17, 2013)

` cr Purch Sales Net Open InterestIndex Futures 2,715 2,495 220 14,179

Stock Futures 2,353 2,259 94 28,600

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Hindustan Unilever 685 9.9 Union Bank 156 (7.2)

Indraprastha Gas 308 5.8 Prestige Estates 133 (7.2)

Apollo Tyres 71 4.6 JPPOWER 15 (6.7)Dabur India 166 4.3 GMR Infra 16 (5.9)

Asian Paints 5,007 3.6 TTK Prestige 3,277 (5.9)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.5 97 19,949

Nifty 0.3 18 5,973

MID CAP (0.5) (30) 5,984

SMALL CAP (0.2) (12) 5,725

BSE HC (0.1) (12) 9,370

BSE PSU (0.6) (38) 5,868

BANKEX (2.3) (297) 12,524

AUTO (0.8) (81) 10,488

METAL (1.8) (139) 7,496

OIL & GAS 0.6 54 8,983

BSE IT 1.0 68 6,878

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.1 19 15,471NASDAQ 0.3 11 3,610

FTSE 0.2 16 6,572

Nikkei 0.1 16 14,615

Hang Sang 0.3 59 21,372

Straits Times (0.5) (17) 3,208

Shanghai Com (1.0) (21) 2,045

Indian ADR Chg (%) (Pts) (Close)INFY 0.9 0.4 $46.8

WIT 0.9 0.1 $8.0IBN (2.0) (0.7) $35.8

HDB (1.4) (0.5) $35.8

Advances / Declines BSE NSEAdvances 992 399

Declines 1,322 905

Unchanged 152 98

Volumes (` cr)BSE 2,035

NSE 13,805

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L&T has bagged`2,085cr project in Oman

Larsen & Toubro (L&T) has bagged a new order worth riyal Omani 135.6mn

(~`2,085cr) for the construction of the Al-Batinah Expressway Package 4 in

Oman. The project is scheduled to be completed within 36 months and involvesbuilding a 50-km, four lane dual carriage expressway, two grade separated

interchanges, seven overpass, five wadi bridges and cross drainage works. Wecontinue to maintain our Buy rating on the stock with target price of `1,180.

Result Review

HDFC Bank - (CMP:`663/ TP: -`752 / Upside: -13.5%)

HDFC bank delivered another quarter of consistent performance on the bottom

line front, with a growth of 30.1% yoy, which was in-line with ours as well as

streets expectations. On the operating front, while the growth in Net Interest

Income came in healthy at 21% yoy at `4,419cr, non-interest income grew by

16.7% at`1,926 yoy, leading to healthy growth of around 19.7% yoy in operating

income and 23.6% increase yoy in pre-provisioning profits at`3,306cr as against

`2,675cr in 1QFY13. On the asset quality front, the Gross and Net NPA levels, on

an absolute basis, increased sequentially by around 16% and 47%. On back of

9.4% lower provisioning expenses of `527cr as against `582cr in 1QFY13 the

bank was able to record 30.1% increase in net profit at`1844cr.

Outlook and valuation: HDFC Bank is currently trading at one-year forward3.7x P/BV FY2014E and 3.1x P/BV FY2015E .Relative to the rest of the banking

sector, the banks asset quality remains superior and likely to outperform in the

current environment. Hence, we recommend an Accumulate view on it.

Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 27,560 4.6 8,640 36.3 180.2 1.9 21.8 18.2 3.7

FY2015E 33,766 4.6 10,722 45.1 215.0 1.9 22.8 14.7 3.1

Result Preview

TCS (CMP:`1,674/ TP: -/ Upside: -)

TCS is slated to announce its 1QFY2014 results today. We expect the company to

post revenue of US$3,162mn with 4.0% qoq growth, mostly volume led. In rupee

terms, revenues are expected to grow by 9.7% qoq to `18,021cr. EBITDA margin

is expected to remain almost flat sequentially at 28.3% as the gains due to INR

depreciation will be absorbed by the headwinds on account of wage. PAT is

expected to be at`3,829cr, up 6% qoq. TCS remains our preferred pick amongst

Tier-I IT companies but due to recent sharp run up in the stock price, we maintain

Neutral rating on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 74,795 28.8 16,094 82.2 30.8 20.4 6.3 14.4 4.1

FY2015E 84,926 28.7 17,899 91.5 28.1 18.3 5.1 12.5 3.6

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Axis Bank (CMP:`1193 / TP:`1498 / Upside: 25.6%)

Axis Bank is slated to announce its 1QFY2014 results today. We expect the bank to

report a strong NII growth of 28.5% yoy to `2802cr, primarily on anticipation of

healthy advance growth of 21% yoy. Non-interest income is expected to grow

healthy by 22.7% yoy to`1368cr. Operating expenses are expected to increase by

23.6% yoy to`1918cr. Provisioning expenses are expected to be higher at`415cr

as compared to low base of`259cr in 1QFY2013. Hence, we expect the bank to

report healthy growth of 22.4% yoy during the quarter to `1411cr. At the CMP, the

stock is trading at 1.5x FY2014E ABV and 1.3x FY2015E ABV. We recommend aBUY rating on the stock with a target price of `1778.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 19,237 3.2 6,261 133.8 810.8 1.7 17.6 8.9 1.5

FY2015E 23,261 3.2 7,558 161.5 936.0 1.6 18.5 7.4 1.3

IDBI Bank- (CMP:`69/ TP:-/ Upside: -)IDBI Bank is slated to announce its 1QFY2014 results today. We expect the bank

to report a healthy Net Interest Income (NII) growth of 16.5% yoy to `1,481cr.

Non-interest income is expected to grow healthy by 23.6% yoy to `639cr.

Operating expenses of the bank are expected to be higher by 22.5% yoy to

`807cr. The provisioning expense for the bank is expected to remain flat at `506cr

yoy. Due to this the Net Profit for bank is expected to grow strong by 28.3% yoy to

`548cr. The stock is currently trading at a valuation of 0.4x P/ABV FY2014E and0.4x P/ABV FY2015E. Hence, we retain Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 9,416 1.9 2,634 19.8 158.7 0.8 12.9 3.5 0.4

FY2015E 10,392 2.0 3,039 22.8 178.2 0.8 13.5 3.0 0.4

DBCorp (CMP:`242 / TP:`290 / Upside: 19.8%)

DB Corp is slated to announce its 1QFY2014 results. The company is expected to

post 7% yoy growth in its top-line to `400cr on the back of uptick in advertising

revenue as well as double digit growth in circulation revenue. The companys

operating margin is expected to expand by 281bp yoy to 22.5%. Consequently,

net profit is expected to grow by 28% yoy to`52cr. At the current market price, DB

Corp is trading at 14.4x FY2015E consolidated EPS of`16.9. We recommend Buyon the stock with the target price of `290.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,750 25.1 261 14.2 23.4 17.0 3.7 9.7 2.4

FY2015E 1,925 26.6 308 16.8 23.4 14.4 3.1 8.2 2.2

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Mindtree (CMP:`907/ TP: -/ Upside: -)

MindTree is slated to announce its 1QFY2014 results today. We expect the

company to post revenue of US$115mn, up 2.1% qoq. In rupee terms, the

revenue is expected to come in at`657cr. EBITDA margin is expected to improve

by 115bp qoq to 20.1%. PAT is expected to come in at `86cr. Owing to recent

run-up in the stock price, we maintain our Neutral rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,707 20.3 364 87.4 21.8 10.4 2.2 5.2 1.1

FY2015E 2,978 20.2 404 97.0 19.5 9.3 1.8 4.3 0.9

Infotech Enterprises (CMP:`183/ TP: -/ Upside: -)

Infotech Enterprises is slated to announce its 1QFY2014 results today. We expect

the company to post revenues of US$87mn, up 1.8% qoq. In rupee terms,

revenues are expected to come in at`498cr. EBITDA margin is expected to inch up

by 57bp qoq to 17.6%. PAT is expected to come in at `54cr. We maintain ourNeutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,037 17.9 235 21.2 15.2 8.6 1.3 3.5 0.6

FY2015E 2,254 17.7 251 22.6 14.0 8.1 1.1 2.8 0.5

Quarterly Bloomberg Consensus Estimate

Axis Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,393 1,154 21 16 8855

IDBI Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 471 427 10 555 (15)

Kotak Mahindra Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 475 282 68 436 9

TCS Consolidated (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 17,628 14,869 19 16,425 7

Net profit 3,744 3,281 14 3,597 4

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Bajaj Auto (19/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 4,830 4,714 2.5 4,651 3.9

EBITDA 901 872 3.3 790 14.0EBITDA margin (%) 18.7 18.5 17.0

Net profit 739 718 3.0 766 (3.5)

HDFC (19/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,207 1,002 20 1,555 (22)

Hindustan Zinc (19/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,070 2,713 13 3,850 (20)

EBITDA 1,466 1,429 3 2,116 (31)

EBITDA margin (%) 47.8 52.7 55.0

Net profit 1,529 1,581 (3) 2,166 (29)

Reliance Industries (19/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 89,272 91,875 (3) 84,198 6

EBITDA 7,565 6,747 12 7,825 (3)

EBITDA margin (%) 8.5 7.3 9.3

Net profit 5,289 4,473 18 5,589 (5)

Economic and Political News

India will achieve tax revenue target in 2013/14: FM RBI opens `25,000cr window for MFs Cabinet approves ordinance route fir giving more power to SEBI RBI tightening move aimed at quelling ` speculation: Raghuram Rajan

Corporate News

NTPC & CIL sign fuel supply agreement Sesa Goa seeks FM's support for lifting mining ban in Goa Rise in subsidy burden to hit exploration cos, says ONGC KG Basin:RIL to move SC to appoint Head of arbritration panelSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

July 18, 2013 TCS, Axis Bank, Kotak Mah. Bank, IDBI Bank, D B Corp, Rallis, Mindtree, Infotech Enterprises, Honeywell Automation

July 19, 2013 Reliance Industries, HDFC, Hind. Zinc, Bajaj Auto, Federal Bank, CRISIL, UCO Bank, Hexaware, NIIT

July 20, 2013 HT Media, Siyaram Silk Mills

July 21, 2013

July 22, 2013 Larsen & Toubro, Asian Paints, Blue Star

July 23, 2013 Shriram Trans., KPIT Cummins, Tata Sponge

July 24, 2013 Cairn India, Hero Motocorp, Ambuja Cements, Dabur India, Yes Bank, United Phosphorus, Central Bank

July 25, 2013 ITC, GAIL, Sterlite Inds, Maruti, ACC, IOB, Thermax, FAG Bearings, MRF, TTK Healthcare

July 26, 2013 Wipro, Nestle, Punjab Natl.Bank, Tata Comm, CESC

July 27, 2013 Corporation Bank, Force Motors

July 28, 2013

July 29, 2013 UltraTech Cement, IDFC, Colgate, Godrej Consumer, Madras Cements, Subros, Vesuvius India

July 30, 2013 NTPC, Dr Reddy's, Petronet LNG, Syndicate Bank, Ipca labs, Indoco Remedies

July 31, 2013 Bharti Airtel, ICICI Bank, NHPC, JSW Steel , Dishman Pharma

August 01, 2013 Idea Cellular, Mundra Port, Adani Power, GlaxoSmith Con

August 02, 2013 Siemens

August 03, 2013 Coal India, PTC India

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 18, 2013 6:00PM US Initial Jobless claims Thousands Jul 13 360.00 345.00

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 5.24July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 484.00

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --

7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

11:30PM US FOMC rate decision % Jul 31 0.25 --

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

4:30PM UK BOE Announces rates % Ratio Aug 1 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Aug 1 0.50 --

August 2, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jul 195.00 --

6:00PM US Unnemployment rate % Jul 7.60 --


July 18, 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

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

Apr-13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

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

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-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 157 - 3,051 1,657 1,906 14.1 14.1 7.7 8.9 20.4 17.6 4.2 3.6 22.2 21.9 1.8 1.5

United Phosphorus Buy 138 232 6,123 10,298 11,310 16.5 16.5 20.5 23.2 6.8 6.0 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 250 285 4,275 3,418 3,892 14.5 14.5 18.5 20.4 13.6 12.3 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 71 - 3,594 13,852 15,487 11.4 11.5 12.8 14.9 5.6 4.8 0.9 0.8 17.5 17.3 0.4 0.4

Ashok Leyland Buy 16 27 4,284 14,038 16,442 7.6 8.7 1.1 2.2 15.4 7.2 1.3 1.2 6.2 12.5 0.4 0.3

Automotive Axle# Neutral 205 - 310 834 965 9.3 10.6 17.3 27.1 11.9 7.6 1.1 1.0 9.5 14.0 0.4 0.4Bajaj Auto Accumulate 1,910 2,096 55,272 23,005 26,460 18.0 18.5 118.8 139.7 16.1 13.7 5.8 4.6 40.4 37.7 2.0 1.7

Bharat Forge Neutral 220 - 5,116 6,198 6,793 14.6 14.9 14.5 17.3 15.1 12.7 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,666 9,213 27,212 9,821 11,394 17.0 17.3 373.5 438.7 23.2 19.8 4.2 3.5 18.0 17.9 2.5 2.1

CEAT Buy 110 170 376 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 127 141 10,833 7,053 8,061 14.2 14.5 7.8 9.1 16.3 14.0 2.8 2.4 18.1 18.2 1.3 1.1

FAG Bearings* Neutral 1,444 - 2,399 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,687 1,820 33,695 25,298 27,665 14.1 13.7 110.3 140.0 15.3 12.1 5.6 4.4 39.9 40.7 1.1 1.0

JK Tyre Buy 103 154 422 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 893 1,103 54,978 45,254 51,197 11.4 11.7 61.2 70.2 14.6 12.7 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,422 1,822 42,968 47,923 55,002 11.2 10.9 106.6 121.4 13.4 11.7 2.0 1.7 16.1 15.8 0.7 0.6

Motherson Sumi Neutral 218 - 12,792 28,442 31,493 7.5 7.8 12.5 14.8 17.4 14.7 4.3 3.4 27.5 25.8 0.6 0.5

Subros Buy 22 27 132 1,426 1,624 10.0 9.9 4.9 6.8 4.5 3.2 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 286 347 77,091 215,016 237,404 13.3 13.6 36.2 41.5 7.9 6.9 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 32 35 1,504 7,715 8,584 6.0 6.1 5.0 5.8 6.4 5.5 1.1 0.9 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 580 461 12,288 8,073 9,052 5.5 6.9 11.5 16.9 50.3 34.2 4.6 4.4 9.3 13.1 1.5 1.3BGR Energy Buy 119 140 860 3,756 4,569 11.4 9.7 21.7 24.1 5.5 4.9 0.7 0.6 22.3 20.3 0.5 0.5

BHEL Neutral 183 - 44,828 44,054 39,326 16.8 15.1 20.6 16.1 8.9 11.4 1.9 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 156 230 1,403 2,896 3,087 5.6 6.2 9.3 11.7 16.8 13.3 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 89 117 5,696 13,446 15,272 6.7 7.6 6.6 8.9 13.4 10.0 1.5 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 19 - 153 3,360 3,597 9.7 9.8 7.3 10.2 2.5 1.8 0.5 0.5 8.8 11.4 0.3 0.3

KEC International Buy 35 49 908 7,709 8,399 6.7 7.2 6.1 8.5 5.8 4.2 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 603 - 7,179 5,780 6,430 9.5 9.6 29.8 33.0 20.2 18.3 3.4 3.0 17.9 17.4 1.1 0.9

Cement

ACC Accumulate 1,276 1,361 23,954 11,820 13,254 19.3 20.9 74.9 93.1 17.0 13.7 3.0 2.7 18.1 20.3 1.7 1.5


Market Outlook

Stock Watch

July 18, 2013

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Cement

Ambuja Cements Neutral 206 - 31,736 10,171 11,762 23.5 24.6 10.2 12.2 20.2 16.9 3.3 3.0 17.1 18.7 2.6 2.1

India Cements Neutral 57 - 1,760 4,929 5,434 17.4 17.1 8.9 10.9 6.4 5.3 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 76 143 896 2,247 2,742 21.0 23.1 17.8 21.8 4.3 3.5 0.6 0.5 15.5 16.4 0.3 0.8

Madras Cements Neutral 202 - 4,802 4,234 4,788 23.9 24.0 18.5 22.8 10.9 8.9 1.8 1.5 17.2 18.2 1.5 1.2

Shree Cement^ Neutral 4,522 - 15,752 6,607 7,520 27.5 26.7 322.8 374.3 14.0 12.1 3.5 2.8 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,944 - 53,300 21,947 25,049 23.8 23.8 106.1 119.8 18.3 16.2 3.0 2.6 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 56 84 885 1,928 2,234 21.0 21.5 6.0 7.4 9.4 7.6 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 9 - 162 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.0) (24.2) 0.3 0.4 0.5 0.5

IRB Infra Buy 93 157 3,078 3,997 4,312 45.5 46.4 15.7 16.6 5.9 5.6 0.9 0.8 15.2 14.5 3.2 3.4

ITNL Buy 150 230 2,915 7,444 8,041 27.4 28.9 29.8 32.1 5.0 4.7 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 16 29 482 5,673 5,892 8.1 8.4 1.4 1.8 10.9 8.6 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 50 90 11,173 14,850 15,631 24.9 25.1 2.5 2.9 19.9 17.7 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 968 1,180 89,529 68,946 78,040 10.5 10.5 51.7 58.6 18.7 16.5 2.8 2.5 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 25 42 649 6,167 6,945 8.0 8.2 2.7 3.6 9.5 7.0 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 32 - 1,046 12,954 14,740 9.9 9.9 0.5 0.9 62.1 33.8 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 88 139 1,328 2,462 2,731 10.6 10.6 5.9 6.7 15.0 13.2 1.5 1.3 10.2 10.5 0.8 0.8

Simplex Infra Buy 74 131 366 6,308 7,033 9.5 9.6 11.9 18.7 6.2 4.0 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 182 2,146 2,339 13.7 13.8 11.0 11.5 2.2 2.1 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Accumulate 84 95 4,218 6,705 7,535 2.5 2.5 27.6 33.2 3.1 2.5 0.4 0.4 12.5 13.6 - -

Andhra Bank Neutral 77 - 4,314 5,180 5,815 2.7 2.7 19.0 22.9 4.1 3.4 0.5 0.5 12.0 13.2 - -

Axis Bank Buy 1,193 1,498 55,932 19,237 23,261 3.2 3.2 133.8 161.5 8.9 7.4 1.5 1.3 17.6 18.5 - -Bank of Baroda Buy 549 642 23,112 16,287 18,707 2.2 2.3 120.6 144.6 4.6 3.8 0.7 0.6 15.0 16.0 - -

Bank of India Accumulate 214 236 12,767 14,459 16,176 2.3 2.2 55.2 68.2 3.9 3.1 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra A ccumulate 49 54 3,258 4,291 4,724 3.0 3.0 12.1 12.9 4.1 3.8 0.6 0.6 16.2 15.3 - -

Canara Bank Neutral 319 - 14,147 12,045 13,495 2.1 2.2 76.7 86.4 4.2 3.7 0.6 0.5 14.1 14.2 - -

Central Bank Neutral 61 - 6,325 8,406 9,546 2.5 2.5 12.6 18.7 4.8 3.2 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 326 379 4,981 5,554 6,156 2.0 2.0 94.9 104.9 3.4 3.1 0.5 0.4 14.3 14.2 - -

Dena Bank Accumulate 66 70 2,319 3,255 3,623 2.3 2.4 22.0 24.9 3.0 2.7 0.4 0.4 14.7 14.7 - -

Federal Bank Accumulate 368 409 6,295 2,802 3,275 2.9 2.9 49.8 56.6 7.4 6.5 0.9 0.8 12.7 13.1 - -


Market Outlook

Stock Watch

July 18, 2013

7/28/2019 Market Outlook, 18-07-2013

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Financials

HDFC Accumulate 817 906 126,979 8,679 10,350 3.6 3.6 37.5 44.7 21.8 18.3 4.5 4.1 30.1 30.7 - -

HDFC Bank Accumulate 663 752 158,289 27,560 33,766 4.6 4.6 36.3 45.1 18.3 14.7 3.7 3.1 21.9 22.8 - -

ICICI Bank Buy 980 1,219 113,127 26,119 30,474 3.1 3.2 86.2 99.5 11.4 9.9 1.6 1.4 15.7 16.2 - -

IDBI Bank Neutral 69 - 9,256 9,416 10,392 2.0 2.0 19.8 22.8 3.5 3.1 0.4 0.4 12.9 13.5 - -

Indian Bank Accumulate 106 113 4,568 6,077 6,845 2.9 3.0 35.2 41.0 3.0 2.6 0.4 0.4 14.1 14.8 - -

IOB Neutral 47 - 4,357 8,028 9,204 2.4 2.6 12.5 19.7 3.8 2.4 0.4 0.3 9.1 13.1 - -

J & K Bank Neutral 1,242 - 6,021 3,101 3,427 3.6 3.6 215.5 210.3 5.8 5.9 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 212 244 10,696 2,180 2,732 2.4 2.5 26.3 32.1 8.1 6.6 1.5 1.3 19.0 19.9 - -

Oriental Bank Buy 173 203 5,049 6,790 7,676 2.6 2.7 55.7 62.3 3.1 2.8 0.4 0.4 12.8 12.9 - -

Punjab Natl.Bank Buy 621 718 21,937 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.5 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 22 - 2,996 1,800 2,023 2.7 2.7 3.7 4.2 6.0 5.3 0.9 0.8 16.2 16.2 - -

St Bk of India Buy 1,807 2,126 123,608 66,417 76,734 3.0 3.0 227.4 284.8 8.0 6.3 1.2 1.0 15.4 17.1 - -

Syndicate Bank Accumulate 108 121 6,525 7,125 8,188 2.6 2.6 27.4 27.9 4.0 3.9 0.6 0.5 16.2 14.6 - -

UCO Bank Neutral 64 - 4,817 6,545 6,859 2.7 2.6 14.8 15.7 4.3 4.1 0.8 0.7 14.4 13.6 - -

Union Bank Buy 156 186 9,322 11,101 12,543 2.6 2.6 39.3 47.4 4.0 3.3 0.6 0.5 14.1 15.2 - -

United Bank Accumulate 45 51 1,686 3,386 3,884 2.3 2.5 12.4 20.0 3.6 2.3 0.4 0.3 10.0 14.7 - -

Vijaya Bank Accumulate 44 47 2,185 2,714 3,046 1.9 2.0 9.2 10.8 4.8 4.1 0.5 0.5 10.7 11.5 - -

Yes Bank Accumulate 427 453 15,356 4,451 5,526 2.8 2.8 43.0 49.7 9.9 8.6 2.2 1.8 23.9 22.8 - -

FMCG

Asian Paints Neutral 5,007 - 48,029 12,332 14,524 16.5 16.3 141.6 162.7 35.4 30.8 11.2 8.9 35.4 32.2 3.8 3.2

Britannia Neutral 701 - 8,386 6,417 7,502 6.1 6.3 21.3 25.5 32.9 27.5 10.7 8.6 35.7 34.6 1.3 1.1

Colgate Neutral 1,501 - 20,406 3,588 4,130 20.5 20.9 44.2 51.8 34.0 29.0 33.1 24.1 108.6 96.2 5.5 4.7

Dabur India Neutral 166 - 28,909 7,183 8,340 16.8 16.8 5.4 6.3 30.9 26.4 12.0 9.4 41.5 40.1 4.0 3.4

GlaxoSmith Con* Neutral 5,000 - 21,026 3,617 4,259 16.1 16.4 122.2 148.7 40.9 33.6 12.7 10.2 34.1 33.7 5.4 4.5

Godrej Consumer Neutral 899 - 30,607 7,801 9,017 16.2 15.9 25.1 29.7 35.8 30.3 7.7 6.4 24.9 24.2 4.1 3.5

HUL Neutral 685 - 148,075 29,167 33,164 13.6 13.7 17.1 18.4 40.1 37.2 38.5 27.9 113.4 87.0 5.0 4.3

ITC Neutral 368 - 291,216 34,294 39,991 36.8 37.0 11.3 13.3 32.7 27.6 10.8 8.7 36.1 34.9 8.2 6.9

Marico Neutral 227 - 14,644 5,273 6,044 14.8 14.9 7.3 8.7 31.3 26.2 6.1 5.0 21.4 21.0 2.8 2.4

Nestle* Neutral 5,753 - 55,466 9,447 10,968 22.1 22.3 127.5 154.1 45.1 37.3 22.5 16.3 57.7 50.7 5.9 5.0

Tata Global Neutral 157 - 9,712 8,069 8,957 9.8 9.7 7.8 8.6 20.1 18.3 2.4 2.3 9.5 9.7 1.2 1.0


Market Outlook

Stock Watch

July 18, 2013

7/28/2019 Market Outlook, 18-07-2013

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IT

HCL Tech^ Neutral 875 - 60,983 29,424 32,837 22.6 22.0 59.5 63.3 14.7 13.8 3.6 3.0 24.6 21.7 1.9 1.6

Hexaware* Neutral 104 - 3,118 2,158 2,374 19.6 19.8 10.7 11.7 9.7 8.9 2.2 1.9 23.0 22.3 1.3 1.1

Infosys Neutral 2,750 - 157,932 45,153 48,993 27.6 26.8 170.7 187.5 16.1 14.7 3.4 2.9 20.8 19.5 2.9 2.5

Infotech Enterprises Neutral 183 - 2,043 2,037 2,254 17.9 17.7 21.2 22.6 8.7 8.1 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Accumulate 128 144 2,468 2,614 2,923 17.2 16.8 13.2 14.4 9.7 8.9 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Neutral 907 - 3,767 2,707 2,978 20.3 20.2 87.4 97.0 10.4 9.3 2.2 1.8 21.8 19.5 1.1 0.9

Mphasis& Reduce 414 391 8,692 6,372 6,852 18.0 18.2 38.0 43.5 10.9 9.5 1.6 1.4 14.3 14.2 0.9 0.7NIIT Buy 19 30 309 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Accumulate 522 565 2,089 1,505 1,677 25.9 26.2 53.6 59.7 9.7 8.8 1.7 1.5 17.7 16.7 1.0 0.8

TCS Neutral 1,674 - 327,629 74,795 84,926 28.8 28.7 82.2 91.5 20.4 18.3 6.3 5.2 30.8 28.1 4.1 3.6

Tech Mahindra Accumulate 1,095 1,250 25,429 8,102 8,709 19.7 19.2 93.7 101.5 11.7 10.8 2.2 1.8 21.2 18.9 3.1 2.8

Wipro Neutral 386 - 95,227 41,659 45,137 21.2 21.4 27.7 29.9 14.0 12.9 2.9 2.5 20.5 19.0 1.8 1.5

Media

D B Corp Buy 242 290 4,429 1,750 1,925 25.1 26.6 14.2 16.8 17.0 14.4 3.7 3.1 23.4 23.4 2.4 2.2

HT Media Buy 87 117 2,038 2,205 2,380 15.1 15.6 8.3 9.1 10.5 9.5 1.2 1.0 11.5 11.4 0.6 0.5

Jagran Prakashan Buy 86 107 2,858 1,664 1,825 20.9 23.0 6.4 7.8 13.4 11.1 2.7 2.4 21.0 23.1 1.8 1.6

PVR Neutral 346 - 1,374 1,359 1,540 17.3 17.4 17.2 21.6 20.1 16.1 2.0 1.9 10.3 12.0 1.4 1.3

Sun TV Network Neutral 397 - 15,651 2,287 2,551 69.7 70.5 20.0 23.3 19.9 17.0 4.9 4.3 26.4 27.3 6.5 5.7

Metals & Mining

Bhushan Steel Neutral 463 - 10,485 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 291 345 183,933 72,174 76,311 33.3 28.4 28.4 30.9 10.2 9.4 2.8 2.4 37.6 36.2 1.7 1.6

Electrosteel Castings Buy 13 18 410 1,976 2,017 11.8 12.7 1.3 2.6 10.0 4.8 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 104 155 3,304 1,920 2,239 53.2 52.9 21.6 25.0 4.8 4.2 1.1 0.9 25.1 23.8 1.2 0.9Hind. Zinc Buy 104 145 43,986 12,358 13,659 51.4 51.6 16.0 17.6 6.5 5.9 1.2 1.0 19.4 18.4 1.3 0.8

Hindalco Neutral 102 - 19,519 89,352 93,672 8.8 9.2 13.4 15.0 7.6 6.8 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 560 - 13,530 47,613 48,385 17.4 18.8 81.8 109.6 6.9 5.1 0.7 0.6 11.1 13.4 0.6 0.5

MOIL Buy 196 248 3,299 1,010 1,046 46.5 47.6 26.8 28.8 7.3 6.8 1.1 1.0 15.4 14.7 0.9 0.6

Monnet Ispat Buy 120 193 763 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 29 - 7,538 7,656 7,988 13.1 13.5 2.6 2.6 11.5 11.2 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 104 140 41,352 10,610 11,400 66.3 64.2 15.6 16.1 6.7 6.5 1.4 1.2 21.3 19.9 1.8 1.6

SAIL Neutral 45 - 18,689 44,060 54,786 9.4 11.5 5.2 7.2 8.7 6.3 0.5 0.4 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 18, 2013

7/28/2019 Market Outlook, 18-07-2013

12/14



Metals & Mining

Sesa Goa Accumulate 151 166 13,106 3,742 4,426 32.9 32.8 30.0 29.8 5.0 5.1 0.7 0.6 14.3 12.5 4.3 3.5

Sterlite Inds Buy 87 100 29,187 44,462 45,568 23.2 24.7 18.1 20.2 4.8 4.3 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 243 378 23,625 140,917 151,537 9.7 10.8 30.9 47.6 7.9 5.1 0.7 0.7 9.6 13.4 0.5 0.5

Sarda Buy 94 153 337 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.6 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 405 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 74 102 242 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,469 16,482 16,228 69.4 53.3 53.3 49.6 5.5 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 323 - 40,915 52,102 52,876 15.7 16.1 34.1 35.7 9.5 9.0 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 301 387 257,306 170,063 198,461 36.3 38.3 34.7 41.9 8.7 7.2 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 915 - 295,552 397,546 421,695 9.4 8.6 75.0 76.4 12.2 12.0 1.3 1.2 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 207 - 2,657 3,707 3,850 11.7 12.4 23.7 25.7 8.8 8.1 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 308 - 4,318 3,700 4,218 23.4 22.8 26.7 30.4 11.6 10.1 2.4 2.0 22.7 21.8 1.2 1.0

Petronet LNG Buy 127 167 9,540 40,356 40,872 5.8 6.4 15.0 16.7 8.5 7.6 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 57 - 3,205 1,171 1,287 91.9 91.9 10.1 11.3 5.7 5.0 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Reduce 154 139 2,897 1,736 2,008 17.1 18.9 10.7 13.9 14.4 11.1 4.5 3.4 35.0 34.7 1.7 1.5

Aurobindo Pharma Buy 175 271 5,105 6,641 7,637 15.9 15.9 17.3 20.6 10.1 8.5 1.6 1.4 19.5 18.9 1.2 1.0

Aventis* Neutral 2,390 - 5,504 1,682 1,917 16.6 16.6 92.4 99.1 25.9 24.1 3.6 3.6 15.7 14.8 2.9 2.4

Cadila Healthcare Buy 770 929 15,757 7,280 8,640 15.5 15.7 38.3 46.5 20.1 16.6 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 407 477 32,659 9,274 10,796 23.1 23.1 21.0 23.8 19.4 17.1 3.1 2.7 17.2 16.8 3.3 2.7

Dr Reddy's Accumulate 2,311 2,535 39,283 13,377 15,350 20.4 20.1 112.3 126.8 20.6 18.2 4.4 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 62 168 501 1,394 1,534 22.5 22.4 15.0 16.8 4.1 3.7 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,573 - 21,791 2,854 3,145 28.6 28.6 76.6 83.3 33.6 30.9 10.1 9.1 31.1 31.0 6.8 6.1

Indoco Remedies Accumulate 70 78 644 760 922 15.3 15.3 6.1 7.8 11.5 9.0 1.4 1.2 12.9 14.7 1.1 0.9

Ipca labs Neutral 669 - 8,437 3,243 3,826 20.5 21.5 36.0 44.4 18.6 15.1 4.3 3.5 26.0 25.4 2.7 2.3

Lupin Neutral 874 - 39,113 11,641 13,933 21.3 21.3 34.8 41.8 25.1 20.9 5.9 4.7 26.2 24.8 3.4 2.8

Ranbaxy* Buy 333 384 14,078 11,400 12,060 10.5 12.5 17.5 22.5 19.0 14.8 3.1 2.6 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,113 - 115,093 13,509 15,846 41.0 41.0 33.0 39.8 33.7 28.0 6.8 5.6 22.0 22.0 8.0 6.6

Power

GIPCL Buy 63 78 957 1,444 1,482 33.4 33.0 13.7 14.8 4.6 4.3 0.5 0.5 12.3 12.0 0.7 0.5

NTPC Accumulate 148 163 121,786 76,734 86,680 24.5 24.3 13.4 14.5 11.0 10.2 1.4 1.2 12.8 12.7 2.3 2.2


Market Outlook

Stock Watch

July 18, 2013

7/28/2019 Market Outlook, 18-07-2013

13/14



Real Estate

DLF Buy 166 236 29,464 8,293 9,622 36.5 36.1 5.7 6.7 29.0 24.6 1.0 1.0 3.7 4.1 5.7 4.7

MLIFE Accumulate 447 476 1,825 888 1,002 30.6 30.6 38.8 43.4 11.5 10.3 1.3 1.2 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Neutral 316 - 126,258 85,489 94,229 31.9 31.9 10.2 14.6 30.9 21.6 2.2 2.0 7.2 9.4 2.2 1.9

Idea Cellular Neutral 151 - 49,982 25,640 28,459 26.9 27.2 4.0 4.9 37.6 30.5 3.2 2.9 8.4 9.4 2.3 2.1

Rcom Neutral 143 - 29,495 22,751 24,628 30.9 31.3 3.4 5.3 41.7 27.1 0.9 0.8 2.1 3.1 2.9 2.5

OthersAbbott India* Buy 1,406 1,659 2,987 1,863 2,081 11.8 12.4 71.2 83.0 19.8 17.0 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 180 237 1,793 3,885 4,472 5.4 7.2 11.0 19.7 16.4 9.1 2.2 1.9 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 508 613 643 631 797 14.5 13.7 42.6 51.1 11.9 10.0 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 272 459 70 248 284 6.5 7.3 27.2 38.2 10.0 7.1 1.6 1.3 15.7 18.5 0.4 0.4

Finolex Cables Accumulate 62 68 943 2,563 2,899 9.8 9.8 10.1 11.3 6.1 5.5 0.9 0.8 14.3 13.8 0.3 0.2

Force Motors Buy 250 437 326 2,304 2,649 3.1 3.6 28.0 43.7 8.9 5.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 310 345 714 1,458 1,542 8.3 9.0 32.3 37.0 9.6 8.4 1.7 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 123 177 335 1,053 1,169 6.3 7.1 13.8 17.7 8.9 6.9 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,396 - 2,119 1,842 2,131 7.7 7.8 112.4 132.4 21.3 18.1 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 142 198 128 495 651 12.7 12.9 29.3 39.5 4.8 3.6 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 134 234 154 1,430 1,573 11.1 11.0 19.1 26.9 7.0 5.0 0.4 0.3 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 180 199 2,985 1,220 1,476 13.3 13.6 5.5 9.0 32.6 19.9 3.8 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,581 14,416 5,336 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.0 7.0 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Neutral 4,535 - 5,058 1,057 1,282 19.4 19.6 124.8 153.7 36.4 29.5 18.0 13.3 56.3 51.8 4.9 4.0

Relaxo Footwears Accumulate 724 791 869 1,146 1,333 10.9 11.4 45.9 60.9 15.8 11.9 3.3 2.6 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 237 343 222 1,158 1,322 11.9 11.9 72.9 85.7 3.3 2.8 0.6 0.5 19.9 19.6 0.4 0.4Styrolution ABS India* Buy 411 617 723 1,068 1,223 9.6 9.6 38.1 44.1 10.8 9.3 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 59 108 368 300 319 35.8 36.2 7.9 9.1 7.4 6.5 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 267 371 412 814 849 17.0 17.6 64.6 69.2 4.1 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 544 686 423 435 516 6.2 7.1 24.3 33.3 22.4 16.4 3.7 3.2 17.6 20.8 0.8 0.7

Tree House Neutral 291 - 1,047 153 194 53.0 52.8 12.4 15.6 23.5 18.6 2.8 2.4 11.8 13.1 7.0 5.4

TVS Srichakra Buy 173 230 132 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.5 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,702 - 39,273 12,294 14,162 12.0 12.0 42.1 67.7 64.2 39.9 4.5 4.1 9.1 10.7 3.5 3.0

Vesuvius India* Buy 365 439 741 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 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 July 17, 2013


Market Outlook

Stock Watch

July 18, 2013

7/28/2019 Market Outlook, 18-07-2013

14/14

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

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Documents

Market Outlook, 18-07-2013