Market Outlook, 23-08-2013

7/30/2019 Market Outlook, 23-08-2013

1/12

www.angelbroking.com

Market OutlookAugust 23, 2013

Dealers DiaryIndian markets are expected to open flat to marginally positive following flat

opening trades in the SGX Nifty and positive opening in most of the Asian markets.

After trending lower in recent sessions, US stocks showed a strong move back to

the upside during trading on Thursday. Positive sentiment was generated by a

report from HSBC showing that Chinese manufacturing activity expanded in August

after contracting in previous three months. Bargain hunting also contributed to the

strength on Wall Street, with some traders picking up stocks at reduced levels

following the recent weakness. Meanwhile, the European markets bounced back

from recent weakness on Thursday following Markit Economics purchasing

managers' survey indicating that Eurozone's private sector business activity

expanded at the sharpest pace in more than two years in August (driven by the

robust performance in Germany).

Meanwhile, Indian shares snapped a four-day losing streak on Thursday, with

metal stocks leading the rebound after Markit Economics survey showed thatactivity in China's vast manufacturing sector unexpectedly expanded to hit a four-

month high in August, helped by a rebound in new orders.

Markets Today

The trend deciding level for the day is 18,141/ 5,360 levels. If NIFTY trades above

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

up to 18,522 18,731 / 5,467 5,525 levels. However, if NIFTY trades below

18,141/ 5,360 levels for the first half-an-hour of trade then it may correct up to

17,932 17,551 / 5,302 5,196 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 17,551 17,932 18,141 18,522 18,731

NIFTY 5,196 5,302 5,360 5,467 5,525

News Analysis

Dr Reddys recalls ranitidine in US markets ICICI Bank and HDFC raises base rate

Refer detailed news analysis on the following page

Net Inflows (August 21, 2013)

` cr Purch Sales Net MTD YTDFII 3,958 4,707 (749) (1,846) 63,552

MFs 836 409 427 509 (13,837)

FII Derivatives (August 22, 2013)

` cr Purch Sales Net Open InterestIndex Futures 3,335 4,107 (772) 17,185

Stock Futures 3,626 3,141 485 27,754

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Ranbaxy Lab 385 15.8 Yes Bank 243 (5.0)

Sesa Goa 155 13.1 Gitanjali Gems 77 (4.9)

Hindalco Inds 104 10.9 DLF 144 (4.6)

Sterlite Inds 87 10.4 M&M Fin 219 (4.5)

Tata Steel 273 10.2 Sobha Dev 231 (4.4)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 2.3 407 18,313

Nifty 2.0 106 5,408

MID CAP 0.7 36 5,310

SMALL CAP 0.5 28 5,209

BSE HC 2.6 221 8,619

BSE PSU 3.0 149 5,169

BANKEX 0.3 26 10,589

AUTO 2.0 197 10,096

METAL 8.2 588 7,739

OIL & GAS 3.6 278 8,063

BSE IT 2.5 185 7,442

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.4 66 14,964NASDAQ 1.1 39 3,639

FTSE 0.9 56 6,447

Nikkei (0.4) (59) 13,365

Hang Sang 0.4 78 21,895

Straits Times (0.6) (20) 3,089

Shanghai Com (0.3) (6) 2,067

Indian ADR Chg (%) (Pts) (Close)INFY 1.0 0.5 $46.9

WIT 1.1 0.1 $8.9IBN 2.6 0.7 $27.3

HDB 0.8 0.2 $29.7

Advances / Declines BSE NSEAdvances 1,258 762

Declines 1,009 526

Unchanged 137 94

Volumes (` cr)BSE 2,323

NSE 13,862

7/30/2019 Market Outlook, 23-08-2013

2/12



Dr Reddys recalls ranitidine in US markets

Dr Reddy's Laboratories has voluntarily recalled 3 lots of Ranitidine Hydrochloride

tablets in 150mg strength in the US market, according to the US Food and Drug

Administration. The drug regulator stated that the company had initiated the recall

of the antacid tablets earlier this month due to microbial contamination of non-sterile products. As, the recall is firm initiated and is a class II recall it should not

be a serious threat to the companys business in the US. Class II recall is asituation in which use of or exposure to a violative product may cause temporary

or medically reversible adverse health consequences or where the probability of

serious adverse health consequences is remote. We maintain our buy with a targetprice of `2,535.ICICI Bank raises base rate by 25 bps to 10.0%

ICICI bank has raised benchmark lending rates by 25bp to 10.0%. Also Mortgage

lender HDFC increased its retail prime lending rate (RPLR) by 0.25%. The move will

make the housing loans of up to Rs 30 lakh to 10.40% against existing 10.15%

recent liquidity tightening measures has exposed banks (more particularly the

wholesale funded ones) to increased funding costs and thereby putting pressures

on the margins. Earlier Yes Bank, HDFC Bank, Axis and Andhra Bank have also

raised their base rates.We believe that as liquidity tightening measures are likely

to remain over the next 1-2 months, transmission of higher-than-anticipated

interest rates into broader segments can be expected, as other banks might also

follow these banks. The increase will remain effective from today.

Economic and Political News Growth to pick up in Q2-Q4 FY14:FM Fitch Warns of Rating Downgrade CCI may complete probe into state oil firms by October Rupee's fall could revive textile exports in 2013-14: CIAE SFIO asked to probe 125 companies for defrauding investors in 4 yrs

Corporate News

Asian Paints open offer to acquire Berger International Limited SC to take final call on Hindustan Zinc sale L&T secures orders worth `1,500cr Baring PE to buy 42% stake in Hexaware Technologies for $400 million

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
http://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/drreddyslaboratories/DRLhttp://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/drreddyslaboratories/DRL

7/30/2019 Market Outlook, 23-08-2013

3/12

Date Company

August 29, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 23, 2013 7:30PM Euro ZoneEuro-Zone Consumer Confidence Value Aug A (17.40) --

7:30PM US New home sales Thousands Jul 497.00 490.00

2:00PM UK GDP (YoY) % Change 2Q P 1.40 --

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --

September 1, 2013 6:30AM China PMI Manufacturing Value Aug 50.30 --

September 2, 2013 2:00PM UK PMI Manufacturing Value Aug 54.60 --September 5, 2013 4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

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

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 --

6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 --

6:00PM US Unnemployment rate % Aug 7.40 --

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 --

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 --

September 10, 2013 4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

11:00AM China Industrial Production (YoY) % Change Aug 9.70 --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

September 18, 2013 11:30PM US FOMC rate decision % Sep 18 0.25 --

11:00AM India RBI Repo rate % Sep 18 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --

October 18, 2013 7:30AM China Real GDP (YoY) % Change 3Q 7.50 --


August 23, 2013

Market Outlook

7/30/2019 Market Outlook, 23-08-2013

4/12



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


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

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

Jun-1

3

Ju

l-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

May-1

3

Jun-1

3

Ju

l-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

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

Jun-1

3

Ju

l-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Oct-12

Nov-1

2

Dec-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Fe

b-1

3

Mar-

13

Apr-

13

Apr-

13

May-1

3

Jun-1

3

Jun-1

3

Ju

l-13

Aug-1

3

Repo rate Reverse Repo rate CRR (%)

7/30/2019 Market Outlook, 23-08-2013

5/12

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 146 - 2,834 1,674 1,923 13.7 13.7 6.8 7.6 21.4 19.2 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 146 225 6,451 10,091 11,302 16.5 16.5 19.2 22.5 7.6 6.5 1.2 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 248 305 4,230 3,474 3,952 15.5 15.5 19.0 21.0 13.0 11.8 3.2 2.6 27.2 24.2 1.2 1.0

Apollo Tyres Neutral 63 - 3,185 13,409 15,106 11.8 11.6 13.1 15.4 4.8 4.1 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,382 12,945 15,049 6.3 8.2 0.2 1.5 73.1 8.5 1.1 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 204 - 308 700 890 8.7 10.7 11.1 25.8 18.4 7.9 1.1 1.1 6.2 13.9 0.5 0.4Bajaj Auto Buy 1,779 2,115 51,464 22,042 25,399 19.3 19.3 121.1 141.0 14.7 12.6 5.2 4.1 39.4 36.6 1.9 1.6

Bharat Forge Accumulate 223 256 5,189 5,942 6,417 15.2 15.5 15.6 19.7 14.3 11.3 2.1 1.9 15.4 17.3 1.1 0.9

Bosch India* Accumulate 8,184 9,096 25,697 9,301 10,895 16.8 18.0 339.9 423.1 24.1 19.3 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 115 170 412 5,159 5,628 9.3 9.0 43.5 48.6 2.6 2.4 0.5 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 127 148 10,791 6,899 7,873 14.7 14.7 7.9 9.0 16.0 14.1 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,140 - 1,894 1,336 1,572 13.8 16.0 75.6 102.4 15.1 11.1 1.9 1.6 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,903 2,048 37,993 25,562 28,297 14.5 14.4 111.2 146.3 17.1 13.0 6.3 4.9 40.1 42.1 1.3 1.1

JK Tyre Buy 89 152 365 7,376 8,262 10.0 9.8 56.0 60.9 1.6 1.5 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 795 1,011 48,979 42,318 48,067 12.0 12.2 58.5 67.1 13.6 11.9 2.7 2.3 21.6 21.1 0.9 0.8

Maruti Buy 1,289 1,648 38,952 45,862 52,647 11.2 11.1 94.6 109.9 13.6 11.7 1.8 1.6 14.4 14.6 0.7 0.6

Motherson Sumi Buy 201 242 11,796 28,442 31,914 8.4 8.7 13.0 16.1 15.5 12.4 4.1 3.2 29.4 28.6 0.5 0.5

Subros Buy 19 23 116 1,230 1,398 10.5 10.5 2.3 3.8 8.3 5.1 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 293 355 78,815 215,043 240,077 13.5 13.7 38.7 44.1 7.6 6.6 1.9 1.5 28.5 25.1 0.4 0.4

TVS Motor Accumulate 31 36 1,473 7,659 8,528 6.0 6.2 4.9 5.9 6.4 5.2 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 467 442 9,904 8,037 9,087 5.8 6.9 12.2 17.0 38.3 27.5 3.7 3.5 9.8 13.1 1.2 1.0BGR Energy Neutral 100 - 720 3,541 4,041 11.8 10.7 21.1 22.9 4.7 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 107 - 26,287 42,227 38,453 16.0 14.4 18.8 15.0 5.7 7.2 1.2 1.1 21.7 15.4 0.5 0.6

Blue Star Buy 136 208 1,221 2,941 3,099 3.4 4.2 6.0 9.3 22.7 14.6 2.8 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 83 103 5,321 13,446 15,272 6.7 7.6 6.6 8.9 12.5 9.3 1.4 1.2 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 17 - 139 3,312 3,555 9.0 9.0 4.5 6.5 3.8 2.6 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 635 7,709 8,399 6.2 6.9 5.1 8.1 4.8 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 550 - 6,550 5,832 6,397 9.1 9.6 28.8 32.9 19.1 16.7 3.1 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 999 1,361 18,748 11,581 13,009 17.6 19.3 63.9 81.5 15.6 12.3 2.3 2.1 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

6/12



Cement

Ambuja Cements Neutral 158 - 24,390 9,975 11,409 22.4 23.1 9.4 11.1 16.9 14.2 2.6 2.3 15.7 17.2 1.9 1.6

India Cements Neutral 51 - 1,553 4,796 5,357 16.4 16.1 7.3 9.5 6.9 5.3 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 60 79 705 2,235 2,684 19.4 21.4 15.0 18.4 4.0 3.3 0.5 0.4 13.2 14.3 0.5 0.9

Madras Cements Neutral 145 - 3,461 4,010 4,524 23.5 23.4 14.9 18.3 9.8 8.0 1.3 1.1 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,660 - 12,750 6,316 7,162 26.5 25.7 294.6 340.5 12.4 10.8 2.7 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,636 - 44,856 22,021 25,274 22.0 21.6 99.5 113.3 16.4 14.4 2.6 2.2 16.7 16.6 2.1 1.9

ConstructionAshoka Buildcon Buy 47 60 749 1,912 2,131 21.0 21.5 5.0 5.5 9.4 8.7 0.7 0.6 8.8 7.6 1.7 1.8

Consolidated Co Neutral 7 - 125 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.3) (18.8) 0.3 0.3 0.5 0.5

IRB Infra Buy 70 106 2,322 3,805 4,248 45.1 45.3 15.0 15.8 4.7 4.4 0.7 0.6 14.5 13.9 2.8 3.1

ITNL Buy 116 156 2,248 7,423 7,970 27.5 28.7 30.3 32.0 3.8 3.6 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 319 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.3) (5.3) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 33 41 7,390 12,946 14,897 24.7 25.6 1.2 2.7 27.1 12.4 0.6 0.5 2.0 4.3 2.5 2.2

Larsen & Toubro Buy 725 1,002 67,118 68,946 78,040 10.0 10.0 49.0 55.2 14.8 13.1 2.1 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 19 30 479 6,167 6,945 8.0 8.2 2.7 3.6 7.0 5.1 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 739 12,726 14,226 8.2 8.2 0.9 1.0 25.9 21.8 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 59 99 890 2,462 2,731 10.6 10.6 5.3 6.0 11.2 9.8 1.0 0.9 9.2 9.6 0.6 0.6

Simplex Infra Buy 44 56 219 6,237 6,908 9.1 9.0 9.9 13.9 4.5 3.2 0.2 0.2 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 137 2,146 2,339 12.9 13.0 9.3 9.6 2.0 1.9 0.2 0.1 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 70 - 3,493 6,843 7,528 2.5 2.5 26.0 30.1 2.7 2.3 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 54 - 3,008 4,868 5,390 2.4 2.5 12.3 16.6 4.4 3.2 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 970 1,116 45,488 19,280 22,886 3.3 3.3 130.7 157.1 7.4 6.2 1.2 1.0 17.3 18.1 - -Bank of Baroda Neutral 460 - 19,390 15,896 17,947 2.2 2.3 95.4 124.4 4.8 3.7 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 147 - 8,781 14,482 16,069 2.3 2.2 55.0 62.2 2.7 2.4 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,527 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 211 - 9,352 11,454 12,378 2.0 2.0 52.4 60.5 4.0 3.5 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 52 - 5,468 8,196 9,202 2.4 2.4 6.1 15.9 8.6 3.3 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 256 - 3,913 5,641 6,083 2.0 2.0 82.7 98.1 3.1 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 46 - 1,609 3,307 3,531 2.2 2.4 17.5 21.6 2.6 2.1 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 277 - 4,734 2,798 3,250 3.0 3.0 38.1 51.9 7.3 5.3 0.7 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

7/12



Financials

HDFC Accumulate 739 821 114,922 8,679 10,350 3.6 3.6 37.5 44.7 19.7 16.6 4.1 3.7 30.1 30.7 - -

HDFC Bank Buy 592 713 141,474 27,392 33,264 4.6 4.6 36.3 45.1 16.3 13.1 3.3 2.8 21.9 22.8 - -

ICICI Bank Buy 831 980 95,887 25,727 29,969 3.2 3.2 83.2 96.7 10.0 8.6 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 57 - 7,570 9,518 10,468 2.0 2.0 15.5 22.1 3.7 2.6 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 68 - 2,901 5,940 6,396 2.7 2.7 24.9 32.9 2.7 2.1 0.3 0.3 10.3 12.4 - -

IOB Neutral 39 - 3,627 7,692 8,627 2.2 2.3 8.1 15.2 4.9 2.6 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,094 - 5,303 3,038 3,370 3.7 3.9 214.2 202.6 5.1 5.4 0.9 0.8 19.8 16.3 - -LIC Housing Finance Neutral 165 - 8,347 2,001 2,495 2.2 2.3 23.8 28.8 7.0 5.7 1.2 1.0 17.3 18.2 - -

Oriental Bank Neutral 134 - 3,895 6,918 7,459 2.6 2.5 46.7 52.5 2.9 2.5 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 488 - 17,237 20,766 23,515 3.4 3.4 135.0 164.8 3.6 3.0 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,702 1,800 2,023 2.7 2.7 3.7 4.2 5.4 4.8 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,571 - 107,469 65,392 74,467 3.0 3.0 178.5 226.1 8.8 7.0 1.1 1.0 12.1 14.0 - -

Syndicate Bank Neutral 64 - 3,855 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.7 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 54 - 4,027 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.5 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 112 - 6,684 10,458 11,809 2.5 2.5 32.0 40.6 3.5 2.8 0.4 0.4 11.6 13.4 - -

United Bank Neutral 34 - 1,285 3,386 3,884 2.3 2.5 12.4 20.0 2.8 1.7 0.3 0.3 10.0 14.7 - -

Vijaya Bank Neutral 36 - 1,762 2,718 2,941 1.8 1.9 7.0 9.0 5.1 4.0 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 243 - 8,742 4,417 5,486 2.7 2.8 42.9 49.5 5.7 4.9 1.2 1.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 421 - 40,344 12,332 14,524 16.3 16.1 13.9 16.0 30.3 26.2 9.6 7.7 35.2 32.5 3.2 2.7

Britannia Neutral 711 - 8,514 6,422 7,367 6.9 7.3 24.2 29.7 29.4 24.0 10.4 8.0 39.6 37.7 1.3 1.1

Colgate Neutral 1,251 - 17,015 3,588 4,130 18.9 19.4 41.2 48.4 30.4 25.9 27.0 20.9 100.0 91.0 4.6 3.9

Dabur India Neutral 146 - 25,448 7,183 8,297 16.8 16.9 5.4 6.3 27.3 23.2 9.6 7.6 39.2 36.7 3.6 3.1

GlaxoSmith Con* Neutral 3,993 - 16,792 3,617 4,259 16.1 16.4 122.2 148.7 32.7 26.9 10.2 8.2 34.1 33.7 4.2 3.5

Godrej Consumer Neutral 818 - 27,838 7,801 9,017 16.2 15.9 25.1 29.7 32.5 27.6 7.0 5.8 24.9 24.2 3.7 3.2

HUL Neutral 592 - 128,098 28,415 31,962 13.6 14.1 16.7 18.2 35.5 32.6 34.1 24.8 112.2 88.1 4.4 3.9

ITC Neutral 308 - 243,679 34,294 39,991 36.8 37.0 11.3 13.3 27.3 23.1 9.0 7.3 36.1 34.9 6.8 5.8

Marico Neutral 207 - 13,316 5,104 5,876 15.1 15.2 7.2 8.6 28.9 24.1 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 4,892 - 47,165 9,330 10,860 21.8 21.9 123.3 149.7 39.7 32.7 19.5 14.2 56.4 50.3 5.1 4.3

Tata Global Neutral 146 - 9,044 8,070 8,958 9.8 9.9 7.6 8.5 19.3 17.2 2.2 2.2 9.3 9.7 1.1 1.0


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

8/12



IT

HCL Tech^ Buy 903 1,070 62,920 32,266 35,103 23.5 22.6 69.7 74.0 13.0 12.2 3.5 2.9 26.5 23.0 1.7 1.5

Hexaware* Accumulate 119 128 3,551 2,273 2,575 22.2 21.5 12.4 13.4 9.6 8.9 2.4 2.1 25.4 23.5 1.4 1.2

Infosys Neutral 3,023 - 173,609 48,731 52,962 26.9 27.1 180.8 200.3 16.7 15.1 3.6 3.1 20.4 19.3 2.9 2.6

Infotech Enterprises Accumulate 173 190 1,933 2,128 2,341 17.2 17.6 21.3 23.2 8.1 7.5 1.3 1.1 14.9 14.0 0.6 0.4

KPIT Cummins Buy 129 155 2,501 2,769 3,122 18.3 17.8 15.3 16.6 8.4 7.8 1.8 1.4 20.9 18.4 0.9 0.7

Mindtree Accumulate 974 1,060 4,049 2,871 3,110 20.4 20.7 102.6 111.2 9.5 8.8 2.3 1.8 24.8 20.3 1.1 0.9

Mphasis& Buy 387 450 8,128 6,827 7,342 21.0 21.2 47.0 51.3 8.2 7.5 1.5 1.3 14.3 14.2 0.7 0.6NIIT Neutral 19 - 318 1,144 1,267 9.0 9.1 4.3 5.4 4.5 3.6 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 552 - 2,207 1,590 1,774 23.5 23.8 48.5 56.9 11.4 9.7 1.8 1.6 16.4 16.1 1.0 0.8

TCS Accumulate 1,779 2,015 348,268 80,353 91,576 30.0 30.0 91.0 103.2 19.6 17.2 6.3 5.0 31.5 29.2 4.1 3.5

Tech Mahindra Buy 1,273 1,485 29,569 17,749 19,406 22.5 21.0 113.6 114.2 11.2 11.2 3.3 2.6 27.9 22.1 1.4 1.2

Wipro Neutral 445 - 109,658 43,610 47,320 21.6 22.2 30.0 33.0 14.8 13.5 3.3 2.8 20.7 19.4 2.1 1.8

Media

D B Corp Accumulate 233 267 4,280 1,783 1,968 23.8 25.0 13.6 16.0 17.1 14.6 4.2 3.6 22.5 22.9 2.3 2.0

HT Media Buy 91 112 2,134 2,205 2,380 14.1 14.4 7.6 8.4 11.9 10.8 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 85 104 2,813 1,683 1,845 19.7 20.8 5.9 6.9 14.4 12.3 2.7 2.5 19.4 21.2 1.7 1.6

PVR Neutral 366 - 1,453 1,359 1,540 17.3 17.4 17.2 21.6 21.2 17.0 2.1 2.0 10.3 12.0 1.5 1.3

Sun TV Network Neutral 374 - 14,753 2,287 2,551 69.7 70.5 20.0 23.3 18.7 16.1 4.6 4.1 26.4 27.3 6.1 5.3

Metals & Mining

Bhushan Steel Reduce 454 419 10,288 12,640 15,667 28.5 31.5 25.9 38.6 17.6 11.8 1.0 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 268 - 169,121 68,303 69,884 32.5 30.3 27.5 25.0 9.7 10.7 3.7 2.6 40.2 33.1 1.6 1.6

Electrosteel Castings Buy 10 15 342 1,976 2,017 11.8 12.7 0.1 1.2 164.0 8.7 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 86 115 2,724 1,701 1,985 47.8 48.8 17.4 20.6 4.9 4.2 1.0 0.8 20.7 20.9 1.1 0.8Hind. Zinc Buy 118 143 49,795 12,389 13,093 48.5 51.7 15.2 17.0 7.7 6.9 1.3 1.2 18.5 18.0 1.8 1.4

Hindalco Neutral 104 - 19,826 95,465 102,491 8.4 9.0 13.9 17.2 7.5 6.0 0.5 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 546 - 13,187 45,022 48,140 16.0 15.9 68.5 77.0 8.0 7.1 0.7 0.7 9.3 9.7 0.8 0.7

MOIL Accumulate 208 223 3,496 956 982 42.3 44.3 25.3 26.2 8.2 7.9 1.1 1.0 14.6 13.7 1.0 1.1

Monnet Ispat Buy 98 139 626 2,199 2,575 21.6 22.8 30.7 38.6 3.2 2.5 0.2 0.2 7.7 8.9 1.4 1.0

Nalco Neutral 29 - 7,474 7,270 7,521 13.6 13.8 2.8 2.9 10.5 10.0 0.6 0.6 5.9 6.0 0.4 0.4

NMDC Accumulate 117 132 46,427 10,718 11,514 66.6 64.5 15.5 16.1 7.6 7.3 1.5 1.4 21.2 20.0 2.2 2.1

SAIL Neutral 46 - 18,854 44,060 54,227 9.2 10.9 5.3 6.8 8.6 6.7 0.5 0.4 5.2 6.5 0.7 0.6


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

9/12



Metals & Mining

Sesa Goa Accumulate 155 164 13,510 3,817 5,781 12.1 17.7 27.0 29.6 5.8 5.3 0.7 0.6 12.9 12.5 4.4 2.9

Sterlite Inds Accumulate 87 99 29,389 44,493 45,599 22.4 23.9 16.8 19.2 5.2 4.6 0.5 0.5 10.5 10.9 0.6 0.5

Tata Steel Accumulate 273 313 26,543 153,862 167,209 9.9 10.7 39.0 56.0 7.0 4.9 0.7 0.6 10.6 13.6 0.5 0.4

Sarda Buy 83 98 296 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 405 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.1 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 72 78 236 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.6 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Buy 312 364 59,549 18,403 17,925 71.9 62.1 62.1 57.4 5.0 5.4 1.0 0.9 22.6 17.8 2.0 1.8

GAIL Neutral 305 - 38,695 49,700 48,822 16.0 16.6 32.9 33.4 9.3 9.1 1.4 1.3 15.9 14.4 0.3 0.2

ONGC Buy 269 352 230,100 169,963 196,050 35.3 36.6 33.4 38.7 8.1 7.0 1.4 1.2 17.7 18.2 1.1 0.8

Reliance Industries Buy 806 959 260,333 417,856 442,434 8.6 8.4 74.2 77.7 10.9 10.4 1.2 1.1 12.6 11.9 0.6 0.6

Gujarat Gas* Neutral 200 - 2,564 3,270 3,414 12.8 12.6 22.6 23.1 8.8 8.7 2.4 2.1 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 264 - 3,692 3,656 4,456 21.5 18.6 25.7 26.8 10.3 9.8 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 124 135 9,300 39,449 43,315 5.3 5.9 14.1 16.9 8.8 7.3 1.8 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 53 67 2,985 1,002 1,021 91.4 91.5 8.2 8.4 6.5 6.3 0.9 0.8 14.3 13.0 2.5 2.3

Pharmaceuticals

Alembic Pharma Buy 135 165 2,552 1,736 2,008 17.1 18.9 10.7 13.9 12.7 9.7 4.0 3.0 35.0 34.7 1.5 1.3

Aurobindo Pharma Buy 180 270 5,243 6,641 7,637 15.9 15.9 17.3 20.6 10.4 8.7 1.7 1.4 19.5 18.9 1.2 1.1

Aventis* Neutral 2,488 - 5,730 1,682 1,917 15.6 15.6 91.9 101.7 27.1 24.5 3.8 3.8 15.6 17.1 2.9 2.4

Cadila Healthcare Buy 660 894 13,507 7,123 8,367 15.5 15.7 37.3 44.7 17.7 14.8 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 402 477 32,257 9,274 10,796 23.1 23.1 21.0 23.8 19.1 16.9 3.1 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Buy 2,110 2,535 35,876 13,377 15,350 20.4 20.1 112.1 126.6 18.8 16.7 4.0 3.3 23.5 21.8 2.8 2.4Dishman Pharma Buy 44 73 357 1,394 1,534 22.5 22.4 14.8 16.6 3.0 2.7 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,270 - 19,227 2,744 2,964 22.0 23.4 59.2 66.6 38.3 34.1 9.5 9.2 24.9 27.5 6.2 5.7

Indoco Remedies Buy 61 78 559 747 906 15.3 15.3 5.9 7.6 10.3 8.0 1.2 1.1 12.5 14.4 1.0 0.8

Ipca labs Accumulate 632 674 7,975 3,246 3,830 20.5 21.7 36.2 44.9 17.5 14.1 4.1 3.2 26.1 25.7 2.6 2.2

Lupin Buy 778 904 34,849 11,576 13,855 22.0 22.0 35.8 43.0 21.7 18.1 5.3 4.2 27.1 25.8 3.1 2.6

Ranbaxy* Accumulate 385 426 16,303 10,400 11,331 6.6 8.4 11.4 15.2 33.8 25.4 3.6 3.1 11.1 13.1 1.7 1.5

Sun Pharma Neutral 502 - 103,990 13,509 15,846 41.0 41.0 16.5 19.9 30.4 25.2 6.1 5.1 22.0 22.0 7.1 5.9

Power

GIPCL Accumulate 57 65 857 1,444 1,482 33.4 33.0 13.7 14.8 4.1 3.8 0.5 0.4 12.3 12.0 0.7 0.4

NTPC Buy 131 163 108,098 75,046 81,780 23.5 23.9 12.7 13.6 10.3 9.7 1.2 1.1 12.2 12.0 2.2 2.1


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

10/12



Real Estate

DLF Buy 144 179 25,612 8,293 9,622 36.5 36.1 5.7 6.7 25.2 21.3 0.9 0.9 3.7 4.1 5.2 4.3

MLIFE Accumulate 439 483 1,795 888 1,002 27.0 29.9 33.9 42.1 13.0 10.4 1.3 1.2 9.9 11.2 2.6 2.3

Telecom

Bharti Airtel Accumulate 313 350 125,299 83,535 92,173 32.0 33.1 9.2 12.9 34.2 24.3 2.2 2.0 6.8 8.9 2.2 1.9

Idea Cellular Neutral 162 - 53,705 26,717 29,443 30.6 29.8 5.5 6.7 29.7 24.1 3.3 2.9 11.1 12.0 2.4 2.1

Rcom Neutral 121 - 25,006 22,050 23,647 30.6 30.8 3.2 5.2 37.9 23.2 0.7 0.7 1.9 3.1 2.8 2.5

OthersAbbott India* Buy 1,347 1,628 2,861 1,788 1,996 12.5 12.7 71.7 81.4 18.8 16.5 3.8 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 160 184 1,593 3,885 4,472 4.0 5.8 6.8 15.4 23.7 10.4 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 503 613 637 631 797 14.5 13.7 42.6 51.1 11.8 9.9 2.8 2.2 26.5 25.3 1.0 0.8

Cravatex Buy 260 307 67 248 284 6.5 7.3 27.2 38.2 9.6 6.8 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 52 68 797 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 278 349 362 2,304 2,649 3.1 3.6 28.0 43.7 9.9 6.4 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 305 345 704 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.2 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 113 153 307 1,080 1,199 8.9 9.1 18.3 19.1 6.2 5.9 1.1 0.9 19.2 17.0 0.4 0.4

Honeywell Automation* Neutral 2,286 - 2,021 1,842 2,131 7.7 7.8 111.1 130.9 20.6 17.5 2.6 2.3 13.3 13.9 1.0 0.9

IFB Agro Buy 131 156 118 491 642 12.3 13.8 35.0 50.9 3.8 2.6 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 154 194 177 1,365 1,502 10.9 11.2 18.2 28.0 8.5 5.5 0.4 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 163 199 2,705 1,244 1,523 14.1 14.2 5.9 10.0 27.5 16.4 3.3 2.9 12.7 18.8 2.5 2.0

MRF Buy 13,073 16,218 5,544 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.3 7.3 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Accumulate 4,138 4,669 4,615 1,059 1,296 19.5 19.8 125.0 155.6 33.1 26.6 16.4 12.0 56.3 52.2 4.5 3.6

Relaxo Footwears Buy 740 981 888 1,196 1,401 11.9 12.6 55.6 75.4 13.3 9.8 3.2 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 195 228 183 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.6 0.5 0.4 16.8 18.1 0.4 0.3Styrolution ABS India* Buy 347 492 610 1,007 1,108 8.4 8.7 30.3 35.1 11.5 9.9 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 56 108 351 300 319 35.8 36.2 7.9 9.1 7.1 6.2 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 264 371 407 814 849 17.0 17.6 64.6 69.2 4.1 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 494 632 384 416 481 4.5 6.1 16.2 25.3 30.5 19.5 3.8 3.3 12.6 18.1 0.8 0.7

Tree House Buy 237 297 853 153 194 53.0 52.8 12.4 15.6 19.1 15.2 2.3 2.0 11.8 13.1 5.8 4.4

TVS Srichakra Buy 168 230 128 1,591 1,720 6.1 6.4 30.5 38.3 5.5 4.4 0.7 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,154 - 31,306 12,294 14,162 12.0 12.0 42.1 67.7 51.2 31.8 3.6 3.3 9.1 10.7 2.9 2.5

Vesuvius India* Buy 361 439 733 600 638 20.1 19.4 35.7 36.6 10.1 9.9 1.8 1.6 19.4 17.1 1.0 0.9


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

11/12



Others

HSIL Buy 81 117 536 2,042 2,363 14.6 14.8 12.3 16.5 6.6 4.9 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 22, 2013


Market Outlook

Stock Watch

August 23, 2013

7/30/2019 Market Outlook, 23-08-2013

12/12

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

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, makeinvestment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in thisdocument are those of the analyst, and the company may or may not subscribe to all the views expressed within.Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is forgeneral guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for anyloss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make anyrepresentation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel BrokingPvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or inthe past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from orin connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.


Documents

Market Outlook, 23-08-2013