Market Outlook, 21-06-2013

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www.angelbroking.com

Market OutlookJune 21, 2013

Dealers Diary

Indian markets are expected to open in the red tracking SGX Nifty which is down

by 0.7%. The other Asian indices too are trading in the negative zone.

The US markets moved lower on Thursday adding to the steep losses posted in the

previous session. The extended sell-off came over continued concerns about the

outlook for the Federal Reserve's stimulus program. Further selling pressure was

generated by the upbeat economic data, including a report from the National

Association of Realtors showing existing home sales at their highest level in over

three years. Meanwhile, the European markets dropped sharply on Thursday

reacting to the announcements made by the Federal Reserve.

Meanwhile Indian markets too fell sharply mirroring global selloff in equity

markets. The markets which opened gap down on Thursday after the U.S. Federal

Reserves overnight announcement extended the losses during the day. The INR

slumped to a record low of 60 per dollar, prompting the government to reassure

that it is ready to take steps to curb volatility in the forex market.

Markets Today

The trend deciding level for the day is 18,825/ 5,686 levels. If NIFTY trades above

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

up to 18,963 19,207 / 5,725 5,795 levels. However, if NIFTY trades below

18,825 / 5,686 levels for the first half-an-hour of trade then it may correct up to

18,581 18,433 / 5,616 5,576 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,443 18,581 18,825 18,963 19,207

NIFTY 5,576 5,616 5,686 5,725 5,795

News Analysis

NMDC analyst meet update Idea slashes 2G data rates by 90%

Refer detailed news analysis on the following page

Net Inflows (June 19, 2013)` cr Purch Sales Net MTD YTDFII 1,988 2,446 (459) (2,396) 79,441

MFs 366 344 22 (481) (12,558)

FII Derivatives (June 20, 2013)` cr Purch Sales Net Open InterestIndex Futures 2,242 3,313 (1,071) 13,971

Stock Futures 2,893 2,571 322 28,698

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Bajaj Holdings 805 1.7 Jindal Steel 222 (9.6)

Future Retail 147 1.6 Indiabulls Real 65 (9.2)

Shriram City 1,040 1.4 Dena Bank 79 (8.9)

Wipro 347 1.3 GSK Cons 5,275 (7.6)

GSK Phar 2,501 1.2 Union Bank 201 (7.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (2.7) (526) 18,719

Nifty (2.9) (166) 5,656

MID CAP (1.9) (120) 6,116

SMALL CAP (1.7) (101) 5,738

BSE HC (0.7) (59) 8,680

BSE PSU (2.8) (172) 6,075

BANKEX (4.0) (540) 13,015

AUTO (1.8) (191) 10,612

METAL (4.6) (375) 7,717

OIL & GAS (3.1) (263) 8,336

BSE IT (2.1) (130) 5,926

Global Indices Chg (%) (Pts) (Close)Dow Jones (2.3) (354) 14,758NASDAQ (2.3) (79) 3,365

FTSE (3.0) (189) 6,160

Nikkei (1.7) (231) 13,015

Hang Sang (2.9) (604) 20,383

Straits Times (2.5) (81) 3,133

Shanghai Com (2.8) (59) 2,084

Indian ADR Chg (%) (Pts) (Close)INFY (2.8) (1.1) $39.8

WIT (2.3) (0.2) $7.1IBN (5.5) (2.2) $37.8

HDB (4.5) (1.6) $34.9

Advances / Declines BSE NSEAdvances 612 241

Declines 1,690 1,127

Unchanged 110 74

Volumes (` cr)BSE 1,771

NSE 11,279

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NMDC analyst meet update

We attended the analyst meet of NMDC to discuss its 4QFY2013 results. The

company has guided for a production of 30-32mn tonnes in FY2014. However,

we continue to model 28mn tonnes of production and sales volumes for FY2014

to account for slowdown in steel demand in India and also considering the (lower)evacuation capability of NMDC. The company has a target of 2.2-2.8mn tonnes of

exports for FY2014 and the ratio of lump to fines is likely to be maintained at

35:65.

The company stated that only SAIL and RINL have shown interest in buying 49%

stake in the upcoming 3MTPA steel plant in Chhattisgarh, however there is no final

agreement on this as yet. We believe the steel project is not likely to be value

accretive to NMDC and hence partial divestment of the project is likely to be

positive for the company.

After frequent lowering of iron ore prices during January- April 2013, the company

has maintained its prices since. The companys expansion projects are on track

and the company has guided for a capex of `2,720cr for FY2014.

Outlook and valuation: NMDC has lowered its prices over the past six month due

to slowdown in steel demand in India. Nevertheless, we believe the sharp decline

in NMDCs stock price more than discounts this. For investors who bypass a strong

balance sheet, presence in sellers market (iron ore), low cost of production, high-

grade mines, long mine life, bypassing high dividend yield (6.8% at CMP) would

be a challenge in our view. We believe NMDC is an attractive bet at FY2015

EV/EBITDA of 2.6x. Valuing the stock at 5.0x FY2015E EV/EBITDA, we derive a fair

price of `156 and maintain our Buy rating on the stock.

Idea slashes 2G data rates by 90%

Following the footsteps of Vodafone and Bharti Airtel, Idea Cellular yesterday

announced that it has reduced 2G data tariff to 2paise per 10 KB from existing

2paise per KB in eight circles - Tamil Nadu & Chennai, Karnataka, Kolkata, West

Bengal, Assam, North East, Bihar, and Orissa. Starting from July 1, the new rates

will be valid for 90 days. It had 21.57mn data users till March 31, 2013, up from

18.9mn during the previous quarter. Of this, 4.1mn are 3G customers. Data

subscribers contribute about 5.7% of Idea Cellulars service revenue annually.

On Tuesday, Vodafone had announced reduction in 2G data rates in three

operating circles from 10paise to 2paise for 10KB, followed by Bharti Airtel which

cut data tariffs in two circles on Wednesday to 1paise from 10paise per 10 KB.

However, all the telcos had increased data prices by about 25% in January. The

revised tariff is applicable for all 2G data users who use on pay-as-you-go basis,

and also on overage on the regular data packs. We maintain our Neutral view on

the stock.

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Economic and Political News

RBI to intervene when required to check Re volatility: Montek India to levy commodities transaction tax from July 1 Rupee not in shambles; will take action as warranted: FinMin Raghuram Rajan rules out more steps to curb gold import Unemployment rises over 10% in 2 yearsCorporate News

Adani Power commissions third unit of 660 Mw at Tiroda Tata Power, Geodynamics commission 1 MW geothermal plant in Aus Essar Steel raises $1bn through ECB NTPC scraps bond sale after sell-off in government bonds Cipla receives nod from SA authorities to acquire Cipla Medpro

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

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

July 1, 2013 6:30AM China PMI Manufacturing Value Jun 50.80 --

2:00PM UK PMI Manufacturing Value Jun 51.30 --

July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 --

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 --

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

July 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 --

July 10, 2013 4:29PM China Exports YoY% % Change Jun 1.00 --

July 15, 2013 7:30AM China Industrial Production (YoY) % Change Jun 9.20 --

7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.20) --

August 30, 2013 11:00AM India Qtrly GDP YoY% % Change 2Q 4.80 --

Source: Bloomberg, Angel Research

June 21, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

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

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.02.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-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-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

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 138 - 2,677 1,657 1,906 14.1 14.1 7.7 8.9 17.9 15.5 3.7 3.2 22.2 21.9 1.6 1.3

United Phosphorus Buy 142 232 6,296 10,298 11,310 16.5 16.5 20.5 23.2 6.9 6.1 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 254 285 4,330 3,418 3,892 14.5 14.5 18.5 20.4 13.7 12.5 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 62 - 3,100 13,852 15,487 11.4 11.5 12.8 14.9 4.8 4.1 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 22 27 5,787 14,038 16,442 7.6 8.7 1.1 2.2 20.8 9.8 1.8 1.6 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 234 - 354 834 965 9.3 10.6 17.3 27.1 13.5 8.6 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,817 2,056 52,590 22,684 25,908 18.0 18.5 117.3 137.1 15.5 13.3 5.6 4.4 39.9 37.2 1.9 1.6

Bharat Forge Neutral 215 - 5,014 6,198 6,793 14.6 14.9 14.5 17.3 14.8 12.4 1.9 1.7 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,979 - 28,193 9,821 11,394 17.0 17.3 373.5 438.7 24.0 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 106 170 364 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 120 150 10,209 7,053 8,061 14.2 14.5 7.8 9.1 15.3 13.2 2.6 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,437 - 2,387 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.1 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,600 1,819 31,949 25,274 27,658 14.1 13.7 110.2 139.9 14.5 11.4 5.3 4.2 39.8 40.7 1.1 0.9

JK Tyre Buy 108 154 442 7,972 8,754 7.1 7.1 37.5 44.0 2.9 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and MahindraAccumulate 941 1,090 57,776 45,254 51,197 11.4 11.7 61.2 70.2 15.4 13.4 3.2 2.7 22.7 21.9 1.1 0.9

Maruti Buy 1,526 1,847 46,091 48,455 55,723 11.2 10.9 107.8 123.2 14.2 12.4 2.1 1.8 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 205 222 12,025 28,442 31,493 7.5 7.8 12.5 14.8 16.4 13.8 4.0 3.2 27.5 25.8 0.6 0.5

Subros Buy 23 30 139 1,479 1,685 10.0 9.9 5.5 7.5 4.2 3.1 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Buy 288 347 77,670 215,016 237,404 13.3 13.6 36.2 41.5 8.0 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Buy 34 41 1,599 7,715 8,584 6.0 6.1 5.0 5.8 6.8 5.8 1.2 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 590 461 12,494 8,073 9,052 5.5 6.9 11.5 16.9 51.2 34.8 4.7 4.5 9.3 13.1 1.6 1.4BGR Energy Neutral 133 - 961 4,114 4,886 11.4 10.7 24.9 28.0 5.3 4.8 0.7 0.7 25.2 22.6 0.6 0.5

BHEL Neutral 171 - 41,927 44,054 39,326 16.8 15.1 20.6 16.1 8.3 10.7 1.8 1.6 23.5 16.1 0.9 0.9

Blue Star Buy 160 230 1,441 2,896 3,087 5.6 6.2 9.3 11.7 17.2 13.7 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 83 117 5,350 13,446 15,272 6.7 7.6 6.6 8.9 12.6 9.4 1.4 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 22 - 184 3,360 3,597 9.7 9.8 7.3 10.2 3.1 2.2 0.6 0.6 8.8 11.4 0.3 0.3

KEC International Buy 33 63 852 7,709 8,399 6.7 7.2 6.1 8.5 5.5 3.9 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 582 - 6,936 5,780 6,430 9.5 9.6 29.8 33.0 19.5 17.6 3.3 2.9 17.9 17.4 1.1 0.9

Cement

ACC Accumulate 1,176 1,361 22,070 11,979 13,254 19.7 21.3 77.1 91.4 15.3 12.9 2.7 2.4 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 21, 2013

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Cement

Ambuja Cements Neutral 184 - 28,405 10,232 11,762 23.5 24.5 10.3 12.2 17.9 15.1 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 62 - 1,892 4,929 5,434 17.4 17.1 8.9 10.9 6.9 5.7 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 110 143 1,293 2,247 2,742 21.0 23.1 17.8 21.8 6.2 5.0 0.9 0.8 15.5 16.4 0.5 0.9

Madras Cements Neutral 225 - 5,363 4,234 4,788 23.9 24.0 18.5 22.8 12.2 9.9 2.0 1.7 17.2 18.2 1.7 1.4

Shree Cement^ Neutral 4,691 - 16,341 6,540 7,452 27.4 26.6 319.7 369.9 14.7 12.7 3.6 2.9 27.5 25.4 1.9 1.4

UltraTech Cement Neutral 1,817 - 49,824 21,947 25,049 23.8 23.8 106.1 119.8 17.1 15.2 2.8 2.5 17.7 17.3 2.4 2.0

ConstructionAshoka Buildcon Buy 183 255 964 1,928 2,234 21.0 21.5 18.0 22.2 10.2 8.3 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 10 - 184 2,281 2,492 5.9 6.9 0.7 2.0 14.6 5.0 0.3 0.3 2.3 6.5 0.4 0.3

IRB Infra Buy 111 157 3,679 3,997 4,312 45.5 46.4 15.7 16.6 7.1 6.7 1.0 0.9 15.2 14.5 3.4 3.6

ITNL Buy 166 230 3,218 7,444 8,041 27.4 28.9 29.8 32.1 5.6 5.2 0.8 0.7 14.9 14.2 2.5 2.6

IVRCL Infra Buy 15 29 470 5,673 5,892 8.1 8.4 1.4 1.8 10.6 8.3 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 59 90 13,026 14,850 15,631 24.9 25.1 2.5 2.9 23.2 20.6 0.9 0.9 4.2 4.7 2.8 2.7

Larsen & Toubro Buy 1,396 1,761 86,047 68,946 78,040 10.5 10.5 77.9 88.3 17.9 15.8 2.6 2.3 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 27 42 698 6,167 6,945 8.0 8.2 2.7 3.6 10.2 7.5 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 37 - 1,217 12,954 14,740 9.9 9.9 0.5 0.9 72.2 39.3 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 98 139 1,483 2,462 2,731 10.6 10.6 5.9 6.7 16.7 14.8 1.6 1.5 10.2 10.5 0.9 0.8

Simplex Infra Buy 86 131 427 6,308 7,033 9.5 9.6 11.9 18.7 7.3 4.6 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 27 41 199 2,146 2,339 13.7 13.8 11.0 11.5 2.4 2.3 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 105 139 5,253 6,876 7,545 2.6 2.5 28.2 30.9 3.7 3.4 0.5 0.5 12.8 12.7 - -

Andhra Bank Neutral 84 - 4,703 5,254 5,900 2.8 2.8 21.2 22.9 4.0 3.7 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,240 1,853 58,104 19,055 22,710 3.3 3.2 130.7 152.3 9.5 8.1 1.5 1.3 17.2 17.6 - -Bank of Baroda Buy 577 851 24,290 16,365 18,781 2.2 2.3 121.3 142.5 4.8 4.1 0.7 0.6 15.1 15.7 - -

Bank of India Buy 260 339 15,508 14,482 16,383 2.3 2.3 58.1 68.1 4.5 3.8 0.7 0.6 14.4 15.0 - -

Bank of Maharashtra Buy 52 64 3,410 4,392 4,743 3.1 3.0 12.6 13.7 4.1 3.8 0.6 0.6 16.8 16.0 - -

Canara Bank Buy 359 481 15,882 11,928 13,467 2.1 2.2 74.8 86.0 4.8 4.2 0.7 0.6 13.7 14.2 - -

Central Bank Neutral 64 - 6,633 8,249 9,211 2.4 2.5 14.9 18.2 4.3 3.5 0.6 0.6 12.5 13.8 - -

Corporation Bank Buy 364 476 5,567 5,558 6,121 2.0 2.0 98.4 107.7 3.7 3.4 0.5 0.5 14.9 14.5 - -

Dena Bank Accumulate 79 97 2,755 3,187 3,582 2.3 2.4 23.8 25.5 3.3 3.1 0.5 0.4 15.9 15.1 - -

Federal Bank Neutral 430 - 7,356 2,873 3,413 3.0 3.1 52.7 62.0 8.2 6.9 1.1 0.9 13.4 14.2 - -


Market Outlook

Stock Watch

June 21, 2013

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Financials

HDFC Accumulate 816 898 126,535 8,573 10,142 3.6 3.6 37.0 43.6 22.1 18.7 4.5 4.1 30.0 30.3 - -

HDFC Bank Accumulate 637 732 152,017 28,361 34,747 4.6 4.6 33.9 41.0 18.8 15.5 3.6 3.0 20.7 21.2 - -

ICICI Bank Buy 1,046 1,503 120,685 25,705 30,330 3.1 3.2 83.9 96.3 12.5 10.9 1.7 1.5 15.2 15.7 - -

IDBI Bank Buy 74 89 9,896 9,477 10,678 2.0 2.1 19.6 22.6 3.8 3.3 0.5 0.4 12.8 13.4 - -

Indian Bank Buy 129 164 5,544 6,185 6,978 3.0 3.0 37.0 42.2 3.5 3.1 0.5 0.5 14.8 15.1 - -

IOB Accumulate 55 62 5,087 8,142 8,956 2.5 2.5 16.5 20.7 3.3 2.7 0.4 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,201 1,315 5,823 3,074 3,140 3.5 3.2 224.7 201.5 5.4 6.0 1.0 0.9 20.6 16.1 - -LIC Housing Finance Accumulate 257 298 12,980 2,113 2,525 2.3 2.3 25.4 29.2 10.1 8.8 1.8 1.6 18.4 18.3 - -

Oriental Bank Accumulate 219 261 6,379 6,835 7,588 2.6 2.6 56.5 63.8 3.9 3.4 0.5 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 687 994 24,296 20,876 23,929 3.3 3.4 151.7 177.0 4.5 3.9 0.7 0.6 16.1 16.5 - -

South Ind.Bank Accumulate 23 25 3,083 1,839 2,091 2.9 2.8 4.2 4.5 5.5 5.1 1.0 0.8 18.2 17.0 - -

St Bk of India Buy 1,998 2,637 136,701 67,243 76,612 3.1 3.0 242.4 284.8 8.2 7.0 1.3 1.1 16.3 16.8 - -

Syndicate Bank Buy 116 142 7,010 7,238 8,249 2.7 2.6 27.1 30.4 4.3 3.8 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 72 - 5,381 6,250 6,738 2.6 2.5 12.1 14.7 5.9 4.9 0.9 0.8 11.8 13.0 - -

Union Bank Buy 201 260 12,002 11,229 12,794 2.6 2.6 40.7 48.2 4.9 4.2 0.7 0.6 14.6 15.4 - -

United Bank Buy 50 65 1,864 3,443 3,998 2.4 2.6 15.1 20.4 3.3 2.4 0.4 0.4 12.1 14.8 - -

Vijaya Bank Neutral 50 - 2,493 2,730 3,059 1.9 2.0 10.2 11.3 4.9 4.4 0.6 0.5 11.8 12.0 - -

Yes Bank Accumulate 459 520 16,506 4,390 5,411 2.8 2.8 41.6 47.9 11.1 9.6 2.3 1.9 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,568 - 43,818 12,332 14,524 16.5 16.3 141.6 162.7 32.3 28.1 10.2 8.1 35.4 32.2 3.5 2.9

Britannia Neutral 670 - 8,017 6,417 7,502 6.1 6.3 23.2 27.9 29.0 24.0 9.9 7.8 38.3 36.4 1.2 1.0

Colgate Neutral 1,318 - 17,920 3,588 4,130 20.5 20.9 44.2 51.8 29.8 25.5 29.1 21.2 108.6 96.2 4.9 4.2

Dabur India Neutral 152 - 26,405 7,183 8,340 16.8 16.8 5.4 6.3 28.2 24.1 11.0 8.5 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 5,287 - 22,236 3,617 4,259 16.1 16.4 122.2 148.7 43.3 35.6 13.5 10.8 34.1 33.7 6.2 5.2

Godrej Consumer Neutral 761 - 25,914 7,801 9,017 16.2 15.9 25.1 29.7 30.3 25.7 6.5 5.4 24.9 24.2 3.6 3.1

HUL Neutral 593 - 128,267 29,167 33,164 13.6 13.7 17.1 18.4 34.7 32.2 33.4 24.2 113.4 87.0 4.3 3.7

ITC Neutral 323 - 255,111 34,294 39,991 36.8 37.0 11.3 13.3 28.6 24.2 9.4 7.6 36.1 34.9 7.3 6.2

Marico Neutral 212 - 13,689 5,273 6,044 14.8 14.9 7.3 8.7 29.3 24.5 5.7 4.7 21.4 21.0 2.7 2.3

Nestle* Neutral 5,064 - 48,829 9,447 10,968 22.1 22.3 127.5 154.1 39.7 32.9 19.8 14.4 57.7 50.7 5.2 4.4

Tata Global Neutral 141 - 8,707 8,069 8,957 9.8 9.7 7.8 8.6 18.0 16.4 2.2 2.1 9.5 9.7 1.1 0.9


Market Outlook

Stock Watch

June 21, 2013

7/28/2019 Market Outlook, 21-06-2013

9/13



IT

HCL Tech^ Accumulate 759 863 52,895 28,633 32,216 21.5 20.7 57.3 61.7 13.3 12.3 3.1 2.6 24.0 21.5 1.7 1.5

Hexaware* Buy 80 96 2,380 2,091 2,289 19.0 18.8 10.6 11.3 7.5 7.0 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,367 - 135,916 43,338 47,244 27.5 27.7 169.4 182.6 14.0 13.0 2.9 2.5 20.8 19.3 2.6 2.2

Infotech Enterprises Accumulate 174 185 1,943 1,956 2,174 17.9 17.7 20.4 21.9 8.5 8.0 1.3 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Accumulate 118 135 2,274 2,513 2,819 16.1 15.5 12.6 14.0 9.4 8.4 1.6 1.4 17.9 16.6 0.9 0.7

Mahindra Satyam Accumulate 114 126 13,382 8,278 9,062 20.3 20.1 10.5 11.4 10.8 10.0 2.5 2.0 23.1 20.0 1.2 1.0

Mindtree Accumulate 814 920 3,382 2,599 2,871 19.4 19.2 85.2 92.3 9.6 8.8 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Neutral 391 - 8,212 6,096 6,646 17.6 17.4 38.1 41.6 10.3 9.4 1.5 1.3 14.2 13.7 0.9 0.7

NIIT Buy 21 30 341 1,144 1,267 9.0 9.1 4.3 5.4 4.8 3.8 0.5 0.5 10.3 12.0 0.1 -

Persistent Accumulate 508 593 2,030 1,445 1,617 25.2 25.0 55.3 59.3 9.2 8.6 1.7 1.4 18.2 16.5 1.0 0.8

TCS Accumulate 1,404 1,585 274,823 71,833 81,893 28.4 28.0 78.5 88.0 17.9 16.0 5.4 4.5 30.2 27.9 3.7 3.2

Tech Mahindra Buy 984 1,170 12,647 7,779 8,398 19.7 19.3 107.4 117.8 9.2 8.4 1.9 1.6 21.2 19.0 1.7 1.5

Wipro Accumulate 347 385 85,603 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 1.3

Media

D B Corp Buy 228 290 4,182 1,750 1,925 25.1 26.6 14.2 16.8 16.0 13.6 3.5 2.9 23.4 23.4 2.4 2.1

HT Media Buy 97 117 2,276 2,205 2,380 15.1 15.6 8.3 9.1 11.7 10.6 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 86 119 2,849 1,664 1,825 20.9 23.0 6.4 7.8 13.4 11.1 2.7 2.4 21.0 23.1 1.9 1.7

PVR Neutral 328 - 1,299 1,359 1,540 17.3 17.4 17.2 21.6 19.0 15.2 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 360 - 14,187 2,287 2,551 69.7 70.5 20.0 23.3 18.0 15.5 4.5 3.9 26.4 27.3 5.8 5.1

Metals & Mining

Bhushan Steel Neutral 463 - 10,477 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 296 345 186,933 72,174 76,311 33.3 28.4 28.4 30.9 10.4 9.6 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 14 24 453 1,976 2,017 11.8 12.7 1.3 2.6 11.0 5.3 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 126 193 4,005 1,920 2,239 53.2 52.9 21.6 25.0 5.8 5.0 1.3 1.1 25.1 23.8 1.6 1.2

Hind. Zinc Buy 108 145 45,676 12,358 13,659 51.4 51.6 16.0 17.6 6.7 6.1 1.2 1.1 19.4 18.4 1.6 1.0

Hindalco Neutral 98 - 18,705 89,352 93,672 8.8 9.2 13.4 15.0 7.3 6.5 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 687 - 15,333 39,973 40,926 17.2 17.0 71.9 82.8 9.6 8.3 0.8 0.8 9.0 9.6 0.8 0.7

MOIL Buy 200 248 3,365 1,010 1,046 46.5 47.6 26.8 28.8 7.5 7.0 1.1 1.0 15.4 14.7 1.0 0.7

Monnet Ispat Buy 121 193 770 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 30 - 7,745 7,656 7,988 13.1 13.5 2.6 2.6 11.8 11.5 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 103 156 40,896 10,461 11,892 71.6 72.6 16.3 17.6 6.4 5.9 1.3 1.2 22.1 21.4 2.2 2.0


Market Outlook

Stock Watch

June 21, 2013

7/28/2019 Market Outlook, 21-06-2013

10/13



Metals & Mining

SAIL Reduce 54 53 22,117 44,060 54,786 9.4 11.5 5.2 7.2 10.3 7.5 0.5 0.5 5.2 6.8 0.8 0.7

Sesa Goa Accumulate 140 166 12,141 3,742 4,426 32.9 32.8 30.0 29.8 4.7 4.7 0.6 0.6 14.3 12.5 4.2 3.4

Sterlite Inds Buy 81 100 27,356 44,462 45,568 23.2 24.7 18.1 20.2 4.5 4.0 0.5 0.4 11.3 11.4 0.6 0.5

Tata Steel Buy 272 378 26,456 140,917 151,537 9.7 10.8 30.9 47.6 8.8 5.7 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 103 153 367 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 30 45 403 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 79 102 257 2,344 2,509 14.9 15.4 38.7 47.0 2.0 1.7 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 290 345 55,398 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.9 0.8 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 291 - 36,944 52,102 52,876 15.7 16.1 34.1 35.7 8.6 8.2 1.3 1.2 16.4 15.3 0.3 0.2

ONGC Buy 300 372 256,921 170,063 193,024 36.3 36.9 34.7 38.3 8.7 7.9 1.5 1.3 18.3 17.9 1.3 1.0

Reliance Industries Neutral 799 - 258,096 380,031 407,721 9.9 69.3 69.3 78.0 11.5 10.3 1.2 1.0 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 206 - 2,645 3,707 3,850 11.7 12.4 23.7 25.7 8.7 8.0 2.4 2.1 29.6 28.2 0.6 0.6

Indraprastha Gas Neutral 278 - 3,893 3,700 4,218 23.4 22.8 26.7 30.4 10.4 9.1 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 125 167 9,405 40,356 40,872 5.8 6.4 15.0 16.7 8.4 7.5 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 54 - 3,041 1,171 1,287 91.9 91.9 10.1 11.3 5.4 4.8 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 137 - 2,591 1,736 2,008 17.1 18.9 10.7 13.9 12.9 9.9 4.0 3.0 35.0 34.7 1.6 1.4

Aurobindo Pharma Buy 172 271 5,004 6,641 7,637 15.9 15.9 17.3 20.6 9.9 8.3 1.6 1.3 19.5 18.9 1.3 1.1

Aventis* Neutral 2,500 - 5,758 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 789 929 16,161 7,280 8,640 15.5 15.7 38.3 46.5 20.6 17.0 4.4 3.7 23.5 23.5 2.5 2.1

Cipla Buy 379 477 30,443 9,274 10,796 23.1 23.1 21.0 23.8 18.1 15.9 2.9 2.5 17.2 16.8 3.0 2.5

Dr Reddy's Buy 2,077 2,535 35,300 13,377 15,350 20.4 20.1 112.3 126.8 18.5 16.4 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 62 168 499 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 2,501 - 21,187 2,854 3,145 28.6 28.6 76.6 83.3 32.7 30.0 9.8 8.9 31.1 31.0 6.5 5.8

Indoco Remedies Buy 64 78 586 760 922 15.3 15.3 6.1 7.8 10.4 8.2 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 691 - 8,721 3,243 3,826 20.5 21.5 36.0 44.4 19.2 15.6 4.5 3.6 26.0 25.4 2.8 2.4

Lupin Accumulate 779 877 34,884 11,641 13,933 21.3 21.3 34.8 41.8 22.4 18.6 5.2 4.1 26.2 24.8 3.1 2.5

Ranbaxy* Neutral 344 - 14,536 11,400 12,060 10.5 12.5 17.5 22.5 19.6 15.3 3.2 2.7 17.0 19.1 1.3 1.1

Sun Pharma Neutral 968 - 100,069 13,509 15,846 41.0 41.0 33.0 39.8 29.3 24.3 5.9 4.9 22.0 22.0 6.8 5.6

Power

GIPCL Accumulate 68 78 1,031 1,444 1,482 33.4 33.0 13.7 14.8 5.0 4.6 0.6 0.5 12.3 12.0 0.8 0.5


Market Outlook

Stock Watch

June 21, 2013

7/28/2019 Market Outlook, 21-06-2013

11/13



Power

NTPC Accumulate 140 163 115,519 76,734 86,680 24.5 24.3 13.4 14.5 10.5 9.7 1.3 1.2 12.8 12.7 2.3 2.1

Real Estate

DLF Buy 176 236 31,234 8,293 9,622 36.5 36.1 5.7 6.7 30.7 26.0 1.1 1.1 3.7 4.1 6.2 5.1

MLIFE Buy 389 476 1,589 888 1,002 30.6 30.6 38.8 43.4 10.0 9.0 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 289 328 109,597 86,592 95,860 31.4 31.8 10.9 14.5 26.5 19.9 2.0 1.9 7.7 9.3 2.0 1.6

Idea Cellular Neutral 143 - 47,342 25,122 27,663 27.0 27.2 4.0 4.8 36.0 30.0 3.0 2.7 8.3 9.1 2.4 2.1Rcom Neutral 125 - 25,728 22,801 24,628 31.0 31.3 3.6 5.3 35.0 23.7 0.8 0.7 2.2 3.1 2.7 2.4

Others

Abbott India* Accumulate 1,416 1,659 3,010 1,863 2,081 11.8 12.4 71.2 83.0 19.9 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 165 237 1,649 3,885 4,472 5.4 7.2 11.0 19.7 15.1 8.4 2.1 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 518 562 656 630 795 14.4 13.6 42.8 51.1 12.1 10.1 2.9 2.3 26.6 25.2 1.0 0.8

Cravatex Buy 292 459 75 248 284 6.5 7.3 27.2 38.2 10.8 7.6 1.7 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 51 68 774 2,563 2,899 9.8 9.8 10.1 11.3 5.0 4.5 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 293 437 382 2,304 2,649 3.1 3.6 28.0 43.7 10.5 6.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Buy 290 345 668 1,458 1,542 8.3 9.0 32.3 37.0 9.0 7.8 1.6 1.4 19.5 19.3 0.3 0.2

Hitachi Buy 129 177 350 1,053 1,169 6.3 7.1 13.8 17.7 9.3 7.3 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,464 - 2,179 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 154 198 139 495 651 12.7 12.9 29.3 39.5 5.3 3.9 0.8 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 159 234 183 1,430 1,573 11.1 11.0 19.1 26.9 8.4 5.9 0.4 0.4 4.9 6.3 0.5 0.5

Jyothy Laboratories Neutral 189 - 3,143 1,220 1,476 13.3 13.6 5.5 9.0 34.3 21.0 4.0 3.5 12.1 17.7 2.9 2.3

MRF Neutral 13,780 - 5,844 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.7 7.7 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Accumulate 4,112 4,611 4,586 1,057 1,282 19.4 19.6 124.8 153.7 33.0 26.8 16.3 12.0 56.3 51.8 4.5 3.7Relaxo Footwears Accumulate 736 791 883 1,146 1,333 10.9 11.4 45.9 60.9 16.0 12.1 3.4 2.7 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 240 343 225 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 0.4

Styrolution ABS India* Buy 419 617 737 1,068 1,223 9.6 9.6 38.1 44.1 11.0 9.5 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 60 108 376 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 279 371 430 814 849 17.0 17.6 64.6 69.2 4.3 4.0 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 521 686 405 435 516 6.2 7.1 24.3 33.3 21.5 15.7 3.5 3.0 17.6 20.8 0.8 0.7

Tree House Accumulate 271 297 975 153 194 53.0 52.8 12.4 15.6 21.9 17.3 2.6 2.3 11.8 13.1 6.6 5.0

TVS Srichakra Buy 190 252 145 1,591 1,739 6.1 6.6 24.5 41.9 7.8 4.5 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,445 - 35,538 12,294 14,162 12.0 12.0 42.1 67.7 58.1 36.1 4.1 3.7 9.1 10.7 3.3 2.8


Market Outlook

Stock Watch

June 21, 2013

7/28/2019 Market Outlook, 21-06-2013

12/13



Others

Vesuvius India* Buy 363 439 737 600 638 20.1 19.4 35.7 36.6 10.2 9.9 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 June 20, 2013


Market Outlook

Stock Watch

June 21, 2013

7/28/2019 Market Outlook, 21-06-2013

13/13


Documents

Market Outlook, 21-06-2013