Market Outlook, 25th January 2013

7/29/2019 Market Outlook, 25th January 2013

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Market OutlookJanuary 25, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open with a positive bias mirroring positive start

to SGX Nifty and most Asian indices. On the economic front, consumer prices in

Japan declined for the seventh time in eight months, to 0.2% (ex. fresh food) inDecember 2012 as against inflation target of 2% by Bank of Japan (BoJ). This has

raised hopes amongst investors of a stimulus package by the BoJ.

The US stocks ended on a mixed note on Thursday after markets remained volatile

throughout the trading session. While upbeat jobs data and earnings news cheered

the traders; disappointing quarterly results from technology giant Apple weighed

on trader sentiments. Apple reported better-than-expected first quarter earnings but

weaker-than-expected sales as iPhone sales missed expectations. On the economic

front, data from the Labor Department surprised positively as initial jobless claims

dipped to 330,000 from the previous week's unrevised figure of 335,000.

Meanwhile, the Indian markets fell on Thursday as investors booked profitsfollowing strong gains witnessed over the past weeks. Going ahead investors would

be watchful of the earnings data coupled with report on US new home sales in the

month of December.

Markets Today

The trend deciding level for the day is 19,960 / 6,031 levels. If NIFTY trades above

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

up to 20,036 20,148 / 6,054 6,088 levels. However, if NIFTY trades below

19,960 / 6,031 levels for the first half-an-hour of trade then it may correct up to

19,848 19,772 / 5,996 5,973 levels.

SENSEX 19,772 19,848 19,960 20,036 20,148

NIFTY 5,973 5,996 6,031 6,054 6,088

News Analysis

3QFY2013 Result Review: Sesa Goa, L&T, Ashok Leyland 3QFY2013 Result Preview: MSILRefer detailed news analysis on the following page

Net Inflows (January 23, 2013)

FII 3,530 2,716 815 16,427 16,427MFs 435 651 (216) (2,994) (2,994)

FII Derivatives (January 23, 2013)

Index Futures 828 1,125 (297) 7,535

Stock Futures 2,388 2,699 (311) 34,255

Gainers / Losers

JP Infratech 50 3.0 HDIL 75 (22.4)

Tech Mahindra 992 2.6 Hexaware Tech. 77 (9.8)

Godrej Consumer 722 2.5 Reliance Comm. 80 (9.1)

SJVN 22 2.1 Gujarat Fluo. 286 (8.6)

Hindustan Unilever 469 1.9 IRB Infrastructure 114 (7.6)

BSE Sensex (0.5) (102.8) 19,924

Nifty (0.6) (35.0) 6,019

MID CAP (2.5) (176.6) 6,849

SMALL CAP (2.4) (176.9) 7,070

BSE HC (1.3) (105.8) 7,873

BSE PSU (1.5) (116.9) 7,584

BANKEX (0.7) (99.8) 14,397

AUTO (2.5) (279.1) 10,834

METAL (1.8) (196.1) 10,436

OIL & GAS (0.9) (87.1) 9,499

BSE IT 0.4 23.4 6,356

Dow Jones 0.3 46.0 13,825NASDAQ (0.7) (23.3) 3,130

FTSE 1.1 67.3 6,265

Nikkei 1.3 133.9 10,621

Hang Seng (0.2) (36.2) 23,599

Straits Times 0.5 17.2 3,248

Shanghai Com (0.8) (18.3) 2,303

INFY (0.7) (0.4) $52.6

WIT 0.2 0.0 $9.3IBN (0.4) (0.2) $45.5

HDB 0.7 0.3 $40.6

Advances 535 270

Declines 1,674 1,264

Unchanged 776 54

BSE 2,566

NSE 15,004


2/16



3QFY2013 Result Review

Sesa Goa (CMP: `178/ TP: - /Upside: -)

For 3QFY2013, Sesa Goa (Sesa) reported disappointing results due to continuing

iron ore ban in Goa. The net sales declined by 91.0% yoy to `237cr on account of

no iron ore sales due to mining ban in Goa. Its pig iron sales volumes fell by 8.8%

yoy to 62kt while met coke sales rose 15.9% yoy to 80kt. The company reported

an EBITDA loss of `130cr compared to a positive EBITDA of `895cr in 3QFY2012

mainly due to iron ore mining ban in Goa and Karnataka. The company reported

an exceptional item related to VRS scheme amounting to `69cr. As a result

company reported PAT loss of `172cr, compared to PAT of `570cr in 3QFY2012.

Sesa reported share of income from associate (Cairn India) of `689cr during

3QFY2013. Excluding exceptional items and including share of profit from

associates, adjusted PAT decreased 18.2% yoy to `565cr.

FY2013E 4,551 32.8 2,994 33.7 18.3 5.3 0.9 12.6 4.1

FY2014E 6,640 34.4 3,492 39.3 18.3 4.5 0.8 7.9 2.7

L&T (CMP: `1,586/ TP: Under review/ Upside: -)

Larsen and Toubro (L&T) posted a mixed set of numbers for 3QFY2013, with a

decent growth on the revenue and order inflow front but steep fall in EBITDA

margin (owing to higher-than-anticipated construction cost). The top-line at`15,429cr, registered a growth of 10.3% yoy for the quarter. It was marginally

lower than our estimate of `15,790cr. The decent growth in revenues was mainly

driven by pick up in execution in the engineering and construction (E&C) segment.

The company reported an EBITDA of `1,475cr, a growth of 9.8% yoy in

3QFY2013; EBITDA margin at 9.6% was below our estimate of 11.2%. On the

bottom-line front, L&T reported a yoy growth of 13.2% to `1,122cr higher than

our estimate of `1,020cr owing to huge surge in other income. Other income for

the quarter grew 113.7% yoy to `437cr led by higher treasury gains and gains

from sale of property

As of 3QFY2013, L&Ts order backlog stands at `162,334cr registering a growth

of 11.4% yoy. Order inflow for the quarter came in at `19,594cr (yoy increase of

14.1%) against our expectation of `18,000cr.

For FY2013, the management continues to reiterate its guidance of 15-20%

growth on both - revenue and order inflow. Given the healthy order inflow in

9MFY2012 we believe the company would meet its guidance, both on order

inflows and the revenue front.


3/16



FY2013E 60,666 10.6 3,846 62.8 14.4 25.3 3.4 16.8 1.8

FY2014E 69,525 11.2 4,563 74.5 15.1 21.3 3.0 14.0 1.6

Ashok Leyland (CMP: `24/ TP: Under Review/ Upside: -)

Ashok Leyland (AL) reported disappointing set of results for 3QFY2013 as

operating margins collapsed to 4.3%, down 295bp yoy and 584bp qoq, during

the quarter owing to higher discounts in the medium and heavy commercial

vehicle (MHCV) segment, inferior product-mix and lower utilization levels. Further,

higher interest cost led by increasing working capital requirements also impacted

the performance at the PBT level. As a result, the company reported a PBT loss of

`84cr. However, on the net profit front, the company reported a `74cr profit led by

an exceptional gain of `156cr (due to profit on sale of non-current investments).

Nevertheless, adjusted for the exceptional gain, AL reported a net loss of `82cr asagainst `67cr profit in 3QFY2012 (`143cr in 2QFY2013).

For 3QFY2013, net sales posted a significant decline of 18% yoy (27.8% qoq) to

`2,381cr as against our estimates of `2,498cr. The disappointing performance

was largely due to 29.5% yoy (30.7% qoq) decline in total volumes ex. Dost and

16.6% yoy (5.1% qoq) decline in net average realization owing to higher level of

discounts and adverse product-mix. However, total volumes ex. Dost, declined by

only 2.8% yoy (24.1% qoq). At the operating level, the company witnessed a

substantial contraction in margins to 4.3% (down 295bp yoy) as against our

estimates of 8.3%. This can be attributed to 340bp (370bp qoq) and 160bp yoy

(300bp qoq) increase in other expenditure and staff cost as a percentage of salesrespectively. As a result, adjusted net profit posted a loss of `82cr for the quarter.

At `24, the stock is trading at 8.7x FY2014E earnings. We shall release a detailed

result note post earnings conference call with the management which is scheduled

today.

FY2013E 14,226 9.4 559 2.1 12.9 11.6 2.1 5.8 0.5

FY2014E 16,256 10.0 750 2.8 16.0 8.7 1.8 4.7 0.5

3QFY2013 Result Preview

Maruti Suzuki (MSIL) is scheduled to announce its 3QFY2013 results today. We

expect MSIL to post a strong performance in 3QFY2013 (on a low base of last

year due to the strike at Manesar plant) driven by ramp up in production at the

Manesar plant post the strike in August 2012. We expect the top-line to register a

strong growth of ~45% yoy (~36% qoq) to `10,938cr driven by ~28% (~33%

qoq) and ~14% yoy (~2% qoq) growth in volumes and net average realization

respectively. The net average realization is expected to improve owing to increase

in the proportion of diesel vehicle sales and price hike of ~1% in October 2012.

We expect EBITDA margins to improve by ~140bp sequentially to 7.5% on

account of favorable product-mix and currency movement and operating leverage


4/16



benefits. Hence, the bottom-line is expected to surge ~131% yoy to `474cr,

although on a lower base. At the CMP of `1,537, the stock is trading at 16.2x

FY2014 earnings which higher than its historical average of 15x.

FY2013E 43,384 7.3 1,944 67.3 12.1 22.8 2.6 11.8 0.8

FY2014E 51,903 8.6 2,734 94.6 15.1 16.2 2.3 8.1 0.6

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 10,896 7,664 42 8,070 35

EBITDA 859 417 106 509 69

EBITDA margin (%) 7.9 5.4 6.3

Net profit 493 206 140 227 117

Net sales 1,282 457 181 1,079 19

EBITDA 435 140 211 393 11

EBITDA margin (%) 33.9 30.6 36.4

Net profit 246 204 21 240 3

Net profit 354 303 17 338 5

Net sales 1,882 1,059 78 1,433 31

EBITDA 445 212 110 150 196

EBITDA margin (%) 23.6 20.0 10.5

Net profit (127) (358) (65) (225) (44)

Net sales 778 655 19 698 12

EBITDA 548 481 14 552 (1)

EBITDA margin (%) 70.4 73.4 79.1

Net profit 375 311 21 430 (13)

Net profit 763 716 7 302 153


5/16



Net sales 8,795 8,405 5 9,475 (7)

EBITDA 1,410 1,317 7 1,531 (8)

EBITDA margin (%) 16.0 15.7 16.2

Net profit 303 (55) (651) 678 (55)

Net sales 3,908 4,476 (13) 3,488 12

EBITDA 486 652 (26) 454 7

EBITDA margin (%) 12.4 14.6 13.0

Net profit 337 416 (19) 414 (19)

Net sales 3,227 3,028 7 2,924 10

EBITDA 161 183 (12) 136 18

EBITDA margin (%) 5.0 6.0 4.7

Net profit 67 77 (12) 42 62

Net sales 1,260 1,031 22 1,255 0

EBITDA 270 103 163 271 (0)

EBITDA margin (%) 21.4 10.0 21.6

Net profit 171 46 272 160 7

Net sales 5,523 5,020 10 5,307 4

EBITDA 1,499 1,345 11 1,423 5

EBITDA margin (%) 27.1 26.8 26.8

Net profit 269 201 34 240 12

Net sales 11,065 10,246 8 11,029 0

EBITDA 2,532 2,318 9 2,527 0

EBITDA margin (%) 22.9 22.6 22.9

Net profit 1,399 1,380 1 2,322 (40)

Net sales 2,082 1,872 11 1,802 16

EBITDA 363 348 4 326 11EBITDA margin (%) 17.4 18.6 18.1

Net profit 142 122 17 139 2


6/16



Economic and Political News

RBI hikes FII limit in govt. securities and corporate bond by US$5bn each Finance Minister suggests higher taxes for the very rich Supreme Court asks CBI to file Coalgate probe status report Governments public debt rose to `40 lakh cr in Dec 2012 quarter India Inc raised US$1.15bn from overseas markets in Dec

Corporate News

Diageo-United Spirits deal clearance work in progress: CCI JSPL bags `500cr order from Power Grid Corporation Jaiprakash Associates defers share sale in Jaypee Infratech after prices fall Work resumes at Colgate plant in Goa RCom tower arm in talks for infra sharing deal JSPL bags `500cr order from Power Grid Rallis India to up stake in Zero Waste Agro to 51% by FY14 M&M launches SsangYong Rexton in Ahmedabad Suzlon Energy gets lenders nod for `9,500cr CDR plan Bharti Airtel's long-term debt loses "AAA" ratingSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


7/16

Date Company

January 25, 2013 Maruti, Reliance Power, Shriram Trans., Oriental Bank, LMW, Sarda Energy

January 26, 2013

January 27, 2013 Persistent

January 28, 2013 Mundra Port, Bank of India, Adani Power, JSW Steel , Reliance Infra., Amara Raja Batteries, KPIT Cummins

January 29, 2013Sterlite Inds, Idea Cellular, Dabur India, Crompton Greaves, Reliance Capital, Glenmark Pharma., United Phosphorus,Areva, Indoco Remedies

January 30, 2013 Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR

January 31, 2013ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan

February 01, 2013 Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const., Graphite India

February 02, 2013 Divi's Lab., Indian Bank

February 03, 2013

February 04, 2013 J & K Bank, Bank of Baroda, Rural Elec.Corp., United Spirits, ITNL, Taj GVK

February 05, 2013 NHPC

February 06, 2013 Apollo Tyres, Automotive Axle, J K Lakshmi Cements

February 07, 2013 Ambuja Cements, ACC, Aurobindo Pharma, MRF, Jyothy Laboratories

February 08, 2013 M&M, Sun Pharma, Hindalco, Cadila Healthcare, GMR Infra., Tata Chemicals, GSPL, Subros

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

January 25, 2013 3:00PM UK GDP (YoY) % Change 4Q A -- 0.20

8:30PM US New home sales Thousands Dec 377.00 385.00

January 29, 2013 8:30PM US Consumer Confidence S.A./ 1985=100 Jan 65.10 65.00

11:00AM India RBI Repo rate % Jan 29 8.00 7.75

11:00AM India RBI Cash Reserve ratio % Jan 29 4.25 4.25

11:00AM India RBI Reverse Repo rate % Jan 29 7.00 6.75

January 30, 2013 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Jan F (23.90) --

7:00PM US GDP Qoq (Annualised) % Change 4Q A 3.10 1.20

January 31, 2013 2:25PM Germany Unemployment change (000's) Thousands Jan 3.00 --

12:45AM US FOMC rate decision % Jan 30 0.25 0.25

February 1, 2013 7:00PM US Change in Nonfarm payrolls Thousands Jan 155.00 160.00

7:00PM US Unnemployment rate % Jan 7.80 7.80

3:00PM UK PMI Manufacturing Value Jan 51.40 --

6:30AM China PMI Manufacturing Value Jan 50.60 --

February 7, 2013 5:30PM UK BOE Announces rates % Ratio Feb 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Feb 7 0.75 --

3:00PM UK Industrial Production (YoY) % Change Dec (2.40) --

February 8, 2013 5:29PM China Exports YoY% % Change Jan 14.10 --

11:00AM China Consumer Price Index (YoY) % Change Jan 2.50 --

February 11, 2013 5:29PM India Imports YoY% % Change Jan 6.30 --

5:29PM India Exports YoY% % Change Jan (1.90) --

February 12, 2013 3:00PM UK CPI (YoY) % Change Jan 2.70 --

11:00AM India Industrial Production YoY % Change Dec (0.10) --

February 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jan 7.18 --

12:30PM Germany GDP nsa (YoY) % Change 4Q P 0.40 --

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A (0.10) --

February 15, 2013 7:45PM US Industrial Production % Jan 0.26 --


January 25, 2013

Market Outlook


8/16



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends


Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

2. 7

1 .0

4. 3

(2.8) (1.3)

2. 5

(2.0) (0.1)

2. 0

(0.7)

8. 3

(0.1)(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

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l-12

Aug

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-12

Dec

-12

Repo rate Reverse Repo rate C RR(%)


9/16

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

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 135 - 2,630 1,466 1,686 14.8 14.8 7.0 8.1 19.3 16.7 4.1 3.5 22.6 22.5 1.9 1.6

United Phosphorus Buy 133 170 5,869 8,421 9,263 16.5 16.5 15.0 17.0 8.8 7.8 1.3 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 291 - 4,973 2,911 3,321 16.2 16.2 17.3 19.8 16.8 14.7 4.6 3.6 31.1 27.6 1.6 1.4

Apollo Tyres Buy 82 96 4,148 13,713 15,341 11.2 11.2 12.5 14.8 6.6 5.6 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Buy 24 31 6,492 14,226 16,256 9.4 10.0 2.1 2.8 11.6 8.7 2.1 1.8 12.9 16.0 0.5 0.5

Automotive Axle# Neutral 377 - 569 1,103 1,240 11.0 11.3 39.1 45.0 9.6 8.4 1.8 1.7 19.5 22.8 0.6 0.5Bajaj Auto Neutral 2,012 - 58,211 20,775 23,889 18.5 19.0 107.6 126.4 18.7 15.9 7.7 6.1 45.8 42.8 2.4 2.0

Bharat Forge Buy 232 278 5,410 6,754 7,565 15.5 15.7 18.8 23.2 12.4 10.0 2.2 1.8 18.5 19.7 1.0 0.8

Bosch India* Accumulate 9,081 9,570 28,513 9,973 11,320 17.8 18.0 396.2 455.7 22.9 19.9 4.3 3.6 18.8 18.2 2.5 2.1

CEAT Buy 103 163 354 4,989 5,634 8.2 8.5 27.1 40.8 3.8 2.5 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Neutral 124 - 10,519 6,112 7,074 13.1 14.9 6.1 8.2 20.2 15.1 3.1 2.7 16.0 18.8 1.4 1.2

FAG Bearings* Accumulate 1,625 1,807 2,700 1,715 1,939 17.6 18.4 127.7 150.6 12.7 10.8 2.5 2.1 21.7 21.1 1.3 1.1

Hero Motocorp Accumulate 1,771 1,923 35,367 23,990 27,038 13.8 14.6 105.8 120.2 16.7 14.7 6.8 5.5 44.3 41.0 1.2 1.0

JK Tyre Buy 113 165 464 7,517 8,329 6.6 6.6 37.2 41.3 3.0 2.7 0.5 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 877 998 53,846 40,035 46,272 11.5 11.6 54.4 62.1 16.1 14.1 3.6 3.0 24.2 23.2 1.1 0.9

Maruti Neutral 1,537 - 44,391 43,384 51,903 7.3 8.6 67.3 94.6 22.8 16.2 2.6 2.3 12.1 15.1 0.9 0.7

Motherson Sumi Neutral 198 - 11,640 24,285 27,317 6.7 7.2 8.1 10.6 24.6 18.7 5.2 4.2 22.9 24.7 0.6 0.6

Subros Buy 28 35 166 1,286 1,479 9.4 9.7 2.6 5.1 10.7 5.5 0.6 0.5 5.6 10.3 0.4 0.4

Tata Motors Accumulate 294 337 78,238 190,883 217,164 12.8 13.1 35.5 42.5 8.3 6.9 2.2 1.7 30.2 27.6 0.5 0.4

TVS Motor Accumulate 43 46 2,038 7,298 8,123 6.1 6.4 4.6 5.8 9.4 7.4 1.6 1.3 17.4 19.4 0.2 0.2

Capital Goods

ABB* Reduce 670 573 14,193 7,790 9,653 4.5 7.8 8.7 22.1 77.0 30.3 5.3 4.7 7.1 16.5 1.8 1.4BGR Energy Neutral 244 - 1,763 3,567 4,357 11.8 10.9 24.6 26.8 9.9 9.1 1.4 1.3 30.7 26.3 0.9 0.8

BHEL Neutral 229 - 55,964 47,801 43,757 18.5 18.0 24.6 21.8 9.3 10.5 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 169 224 1,518 2,538 2,681 4.6 5.7 7.3 11.3 23.0 15.0 3.4 2.9 15.6 20.7 0.7 0.6

Crompton Greaves Buy 107 135 6,890 12,320 14,390 5.5 7.2 4.3 7.8 25.0 13.8 1.8 1.7 7.4 12.6 0.6 0.5

Jyoti Structures Buy 41 51 339 2,794 3,048 10.6 10.6 9.2 11.7 4.5 3.5 0.5 0.4 11.9 13.5 0.3 0.3

KEC International Buy 64 78 1,643 6,909 7,907 6.2 7.2 5.4 8.8 11.8 7.3 1.4 1.2 17.0 23.6 0.4 0.4

LMW Reduce 2,189 1,992 2,466 2,369 2,727 11.7 11.7 143.4 166.0 15.3 13.2 2.5 2.3 17.4 18.4 0.6 0.4

Thermax Neutral 570 - 6,788 5,552 5,767 9.3 10.2 28.3 30.9 20.1 18.4 3.6 3.2 19.3 18.4 1.1 1.0


Market Outlook

Stock Watch

January 25, 2013


10/16



Cement

ACC Neutral 1,346 - 25,275 11,012 12,333 21.1 20.9 77.0 80.3 17.5 16.8 3.3 3.0 19.5 18.7 2.0 1.7

Ambuja Cements Neutral 197 - 30,342 10,210 11,811 26.0 25.7 11.2 12.6 17.6 15.6 3.8 3.4 20.3 20.7 2.6 2.1

India Cements Neutral 86 - 2,651 4,293 4,666 17.7 18.1 8.6 10.8 10.1 8.0 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 138 - 1,690 2,171 2,544 22.5 22.5 21.6 23.2 6.4 6.0 1.2 1.0 19.0 17.8 0.9 1.1

Madras Cements Neutral 234 - 5,560 3,814 4,045 28.8 27.1 18.3 18.7 12.8 12.5 2.3 2.0 19.4 17.0 2.1 1.9

Shree Cements^ Neutral 4,506 - 15,699 5,701 6,210 29.7 28.1 240.7 260.7 18.7 17.3 4.5 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 1,951 - 53,477 20,466 23,017 23.3 24.3 100.0 117.1 19.5 16.7 3.5 3.0 19.6 19.5 2.6 2.4Construction

Ashoka Buildcon Buy 197 286 1,037 2,032 2,311 22.4 22.4 27.0 31.6 7.3 6.2 0.9 0.8 13.0 13.4 1.9 2.2

Consolidated Co Neutral 16 - 291 2,262 2,522 5.9 6.3 0.9 1.6 17.2 10.1 0.5 0.5 2.7 4.6 0.4 0.4

IRB Infra Buy 114 164 3,789 3,843 4,212 43.1 43.6 16.8 17.8 6.8 6.4 1.2 1.0 18.3 17.0 3.1 3.4

ITNL Accumulate 199 225 3,859 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.9 1.2 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Neutral 33 - 1,013 4,249 6,897 7.8 8.2 0.3 3.4 107.0 9.7 0.5 0.4 0.4 4.4 0.8 0.5

Jaiprakash Asso. Buy 83 100 17,853 13,842 15,863 26.9 26.4 3.7 4.6 22.7 18.2 1.4 1.3 6.2 7.3 2.8 2.5

Larsen & Toubro Accumulate 1,586 1,748 97,496 61,031 69,753 11.2 11.6 73.8 85.5 21.5 18.5 3.4 3.0 13.5 14.1 1.8 1.6

Nagarjuna Const. Neutral 50 - 1,278 5,947 6,569 8.5 8.6 3.1 4.1 16.0 12.1 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 49 - 1,616 11,892 13,116 9.0 9.0 1.8 3.2 26.9 15.1 0.5 0.5 2.0 3.5 0.6 0.5

Sadbhav Engg. Buy 125 168 1,890 2,344 2,804 10.6 10.7 7.2 8.7 17.4 14.4 2.1 1.8 13.0 13.5 1.2 1.0

Simplex Infra Buy 191 251 944 6,882 8,032 9.1 9.1 23.2 31.3 8.2 6.1 0.7 0.7 9.1 11.2 0.5 0.4

Unity Infra Buy 39 59 291 2,180 2,455 13.7 13.4 13.3 15.0 3.0 2.6 0.4 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Buy 167 199 8,360 6,403 7,186 2.7 2.8 30.5 33.6 5.5 5.0 0.8 0.7 14.9 14.6 - -

Andhra Bank Neutral 110 - 6,169 4,706 5,444 2.9 3.0 21.4 22.4 5.2 4.9 0.8 0.7 15.1 14.2 - -Axis Bank Buy 1,392 1,641 59,473 15,959 18,660 3.2 3.2 119.2 139.0 11.7 10.0 2.2 1.9 20.3 20.1 - -

Bank of Baroda Neutral 841 - 34,580 15,284 18,032 2.5 2.6 109.6 137.7 7.7 6.1 1.1 1.0 15.5 17.1 - -

Bank of India Neutral 348 - 19,970 12,568 14,758 2.2 2.4 41.6 64.1 8.4 5.4 1.1 0.9 11.6 16.0 - -

Bank of Maharashtra Accumulate 59 64 3,449 3,576 3,893 3.1 3.1 9.3 12.0 6.3 4.9 0.8 0.7 14.0 16.1 - -

Canara Bank Neutral 493 - 21,844 10,828 12,005 2.1 2.2 64.7 80.4 7.6 6.1 1.0 0.9 13.2 14.7 - -

Central Bank Neutral 82 - 6,032 7,252 8,236 2.5 2.6 16.8 21.4 4.9 3.8 0.9 0.7 13.1 14.8 - -

Corporation Bank Buy 446 551 6,613 4,835 5,570 2.0 2.2 105.0 99.8 4.3 4.5 0.7 0.7 17.5 14.8 - -

Dena Bank Buy 111 132 3,887 3,125 3,457 2.7 2.8 26.2 24.2 4.2 4.6 0.8 0.7 19.6 15.6 - -


Market Outlook

Stock Watch

January 25, 2013


11/16



Financials

Federal Bank Buy 498 576 8,506 2,682 2,968 3.3 3.2 48.6 51.7 10.2 9.6 1.3 1.2 13.8 13.2 - -

HDFC Neutral 807 - 124,483 7,336 8,802 3.5 3.5 31.5 37.8 25.6 21.4 5.1 4.6 34.8 32.1 - -

HDFC Bank Neutral 658 - 155,925 21,615 26,671 4.4 4.5 28.7 35.9 23.0 18.3 4.4 3.7 20.7 22.0 - -

ICICI Bank Buy 1,164 1,397 133,828 22,219 26,447 2.9 3.0 69.1 82.9 16.8 14.0 2.0 1.9 14.2 15.6 - -

IDBI Bank Accumulate 105 119 13,423 7,990 9,279 1.8 2.1 16.8 22.1 6.3 4.8 0.7 0.7 11.7 13.9 - -

Indian Bank Buy 199 252 8,565 5,902 6,563 3.2 3.2 41.3 43.2 4.8 4.6 0.8 0.7 18.4 16.8 - -

IOB Buy 80 98 6,408 7,063 8,308 2.3 2.5 12.6 20.4 6.4 4.0 0.6 0.5 9.0 13.3 - -J & K Bank Neutral 1,253 - 6,073 2,830 2,910 3.6 3.6 234.8 197.4 5.3 6.4 1.2 1.1 25.1 18.0 - -

LIC Housing Finance Buy 278 328 14,047 1,799 2,255 2.3 2.4 20.3 27.3 13.7 10.2 2.2 1.9 16.9 19.7 - -

Oriental Bank Buy 315 369 9,199 6,330 7,105 2.6 2.7 58.4 65.1 5.4 4.8 0.8 0.7 14.5 14.4 - -

Punjab Natl.Bank Accumulate 852 933 28,891 19,688 22,497 3.2 3.3 138.9 164.5 6.1 5.2 1.1 0.9 16.7 17.3 - -

South Ind.Bank Buy 27 34 3,568 1,583 1,789 3.0 2.9 3.5 4.1 7.7 6.6 1.3 1.1 19.1 17.7 - -

St Bk of India Accumulate 2,458 2,600 164,970 60,677 69,712 3.3 3.3 224.3 257.3 11.0 9.6 1.9 1.6 17.6 17.7 - -

Syndicate Bank Buy 130 158 7,852 6,810 7,807 3.0 3.0 28.0 27.2 4.7 4.8 0.8 0.7 19.4 16.4 - -

UCO Bank Neutral 75 - 4,972 5,235 6,086 2.3 2.4 12.0 14.9 6.3 5.0 1.0 0.9 12.0 13.5 - -

Union Bank Buy 245 286 13,510 9,963 11,536 2.8 2.9 40.8 46.8 6.0 5.3 1.0 0.9 16.2 16.4 - -

United Bank Buy 72 90 2,610 3,498 3,858 2.5 2.8 15.1 21.6 4.8 3.3 0.6 0.5 12.5 16.1 - -

Vijaya Bank Accumulate 58 66 2,889 2,333 2,728 2.0 2.2 7.3 10.4 8.0 5.6 0.8 0.7 9.3 12.1 - -

Yes Bank Accumulate 508 576 18,162 3,364 4,260 2.8 3.0 36.3 42.6 14.0 11.9 3.1 2.6 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,397 - 42,178 11,198 13,319 15.9 15.7 122.1 147.1 36.0 29.9 12.2 9.5 37.7 35.7 3.7 3.1

Britannia Buy 474 584 5,671 5,627 6,581 4.9 5.7 18.3 24.7 25.9 19.2 9.5 7.3 39.1 42.7 0.9 0.8

Colgate Neutral 1,429 - 19,427 3,146 3,573 20.6 21.4 36.4 42.5 39.3 33.6 36.3 30.4 102.0 98.5 6.0 5.3

Dabur India Neutral 128 - 22,222 6,124 7,101 17.0 16.8 4.7 5.4 27.4 23.5 11.6 9.0 44.5 41.5 3.6 3.1

GlaxoSmith Con* Neutral 3,770 - 15,856 3,084 3,617 15.3 15.5 101.2 118.3 37.3 31.9 11.3 9.2 33.5 31.9 4.8 4.0

Godrej Consumer Neutral 722 - 24,582 6,355 7,548 16.7 17.4 20.3 25.4 35.6 28.4 7.5 6.2 23.2 25.1 4.1 3.4

HUL Neutral 469 - 101,342 25,350 28,974 13.3 13.5 15.1 17.0 31.0 27.7 24.7 17.6 85.7 74.3 3.8 3.3

ITC Neutral 297 - 234,412 29,148 34,191 35.7 36.1 9.4 11.1 31.7 26.8 10.6 8.8 35.9 35.7 7.7 6.5

Marico Neutral 222 - 14,342 4,840 5,643 13.6 13.6 6.4 8.1 34.6 27.4 6.8 5.5 26.3 23.3 3.0 2.5

Nestle* Neutral 4,561 - 43,976 8,487 10,081 21.2 22.1 113.0 142.5 40.4 32.0 24.2 16.6 70.5 61.6 5.2 4.3


Market Outlook

Stock Watch

January 25, 2013


12/16



FMCG

Tata Global Neutral 146 - 8,998 7,207 7,927 9.1 9.5 6.9 8.2 21.1 17.8 2.2 2.1 8.9 9.8 1.2 1.1

IT

HCL Tech^ Accumulate 666 725 46,282 24,453 27,269 19.8 18.7 45.0 50.0 14.8 13.3 3.6 3.0 24.4 22.6 1.8 1.6

Hexaware* Buy 77 118 2,297 1,941 2,118 20.8 19.0 10.7 10.7 7.2 7.2 1.8 1.6 25.3 22.0 0.9 0.8

Infosys Neutral 2,797 - 160,620 40,746 44,283 28.9 28.8 162.6 172.9 17.2 16.2 4.1 3.5 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 172 191 1,920 1,900 2,064 18.2 17.8 19.1 21.2 9.0 8.1 1.4 1.2 15.2 14.6 0.7 0.5

KPIT Cummins Buy 108 130 2,080 2,221 2,390 16.1 15.9 11.3 13.0 9.6 8.3 2.1 1.7 21.9 20.9 0.9 0.8Mahindra Satyam Neutral 119 - 13,983 7,670 8,308 20.3 19.3 9.9 10.8 12.1 11.0 3.4 2.6 28.0 23.5 1.4 1.2

Mindtree Neutral 780 - 3,229 2,339 2,502 20.9 18.4 75.4 78.1 10.3 10.0 2.5 2.0 24.6 20.3 1.1 1.0

Mphasis& Accumulate 361 396 7,575 5,531 5,874 17.6 17.5 35.4 37.7 10.2 9.6 1.5 1.3 14.7 13.5 0.9 0.7

NIIT Buy 27 36 442 1,048 1,161 9.1 10.9 4.1 6.2 6.5 4.3 0.7 0.6 10.3 14.1 0.2 0.2

Persistent Neutral 562 - 2,248 1,277 1,398 26.8 25.2 48.0 53.9 11.7 10.4 2.2 1.9 19.0 17.9 1.4 1.2

TCS Accumulate 1,326 1,465 259,479 62,954 70,871 29.0 28.9 71.6 79.1 18.5 16.8 6.2 5.0 33.2 29.7 3.9 3.4

Tech Mahindra Accumulate 992 1,087 12,675 6,671 7,290 19.8 19.0 94.1 1 06.4 10.5 9.3 2.5 2.0 24.0 21.6 2.0 1.7

Wipro Neutral 404 - 99,561 43,231 47,241 20.0 20.0 26.2 28.1 15.5 14.4 3.0 2.6 19.3 17.9 2.0 1.7

Media

D B Corp Accumulate 238 264 4,357 1,581 1,784 23.3 25.0 11.6 14.4 20.5 16.5 4.0 3.4 21.0 22.3 2.7 2.3

HT Media Accumulate 108 121 2,545 2,111 2,272 15.0 15.2 7.4 8.3 14.7 13.1 1.6 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 108 126 3,416 1,503 1,681 23.1 23.1 6.4 7.3 16.9 14.9 4.2 3.7 25.8 26.5 2.5 2.1

PVR Neutral 260 - 753 682 786 17.3 16.9 17.6 19.7 14.8 13.3 1.7 1.5 14.9 14.5 1.4 1.2

Sun TV Network Neutral 432 - 17,007 1,942 2,237 77.2 75.5 17.6 19.1 24.5 22.6 5.9 5.3 25.8 25.2 8.3 7.1

Metals & Mining

Bhushan Steel Neutral 438 - 9,910 10,746 13,982 30.8 31.1 43.3 55.5 10.1 7.9 1.1 0.9 11.4 12.6 3.0 2.3Coal India Accumulate 344 368 217,093 66,666 70,292 25.7 27.3 24.2 26.6 14.2 12.9 4.2 3.4 33.1 29.1 2.3 2.0

Electrosteel Castings Buy 24 34 825 1,984 2,074 10.6 11.6 1.8 2.6 13.5 9.2 0.5 0.2 3.6 5.1 0.6 0.5

Hind. Zinc Buy 126 149 53,070 12,002 13,759 49.7 50.8 14.7 16.4 8.5 7.7 1.7 1.4 21.1 19.8 2.5 1.8

Hindalco Neutral 114 - 21,807 79,148 89,258 9.4 9.0 15.0 15.6 7.6 7.3 0.6 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 833 - 18,583 39,586 41,459 17.6 17.0 78.7 90.1 10.6 9.3 1.0 0.9 10.2 10.7 0.9 0.9

MOIL Neutral 252 - 4,234 941 1,019 47.3 48.3 25.8 28.1 9.8 9.0 1.5 1.4 16.7 16.2 2.1 1.8

Monnet Ispat Buy 266 344 1,697 2,501 3,264 22.2 24.6 41.8 55.2 6.4 4.8 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 47 44 12,100 6,898 7,841 9.9 14.7 2.0 3.2 23.7 14.8 1.0 1.0 4.3 6.8 1.3 1.2

NMDC Buy 158 198 62,682 11,209 12,525 78.4 78.3 18.5 20.6 8.5 7.7 2.1 1.7 27.0 24.6 3.7 3.0


Market Outlook

Stock Watch

January 25, 2013


13/16



Metals & Mining

SAIL Neutral 88 - 36,225 47,252 60,351 14.2 14.8 9.6 11.7 9.2 7.5 0.8 0.8 9.4 10.6 1.2 1.0

Sesa Goa Neutral 178 - 15,496 4,551 6,640 32.8 34.4 33.7 39.3 5.3 4.5 0.9 0.8 18.3 18.3 4.0 2.8

Sterlite Inds Neutral 110 - 36,900 43,185 45,442 23.3 23.7 16.8 17.9 6.5 6.1 0.7 0.7 11.6 11.2 0.8 0.8

Tata Steel Accumulate 405 463 39,290 145,725 154,108 8.3 9.5 22.0 44.5 18.4 9.1 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 127 153 457 1,442 1,494 17.6 17.3 27.2 28.7 4.7 4.4 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 47 73 636 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat Buy 111 143 354 2,342 2,470 13.7 15.3 27.7 33.8 4.0 3.3 0.4 0.3 10.9 11.4 0.6 0.5

Oil & Gas

Cairn India Buy 325 383 62,084 17,394 17,034 76.4 72.3 60.8 55.1 5.4 5.9 1.1 0.9 21.9 17.0 2.7 2.4

GAIL Neutral 349 - 44,251 46,652 54,142 15.7 15.7 34.0 35.3 10.3 9.9 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Reduce 336 312 287,721 147,139 154,821 33.9 33.7 30.7 32.3 11.0 10.4 1.9 1.7 18.3 17.2 1.7 1.6

Reliance Industries Neutral 914 - 299,409 362,700 380,031 8.9 8.9 68.1 71.5 13.4 12.8 1.4 1.3 12.4 11.8 0.8 0.7

Gujarat Gas* Neutral 310 - 3,978 3,128 3,707 13.2 11.7 22.8 23.5 13.6 13.2 4.1 3.6 33.2 29.2 1.2 0.9

Indraprastha Gas Neutral 259 - 3,627 3,213 3,643 23.3 23.5 24.3 25.7 10.7 10.1 2.4 2.1 25.0 22.1 1.2 1.1

Petronet LNG Buy 154 179 11,513 32,210 41,362 6.1 5.8 15.4 15.6 10.0 9.8 2.6 2.2 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 74 - 4,147 1,079 1,034 91.8 91.9 8.8 8.4 8.4 8.8 1.4 1.3 17.9 15.0 3.6 3.6

Pharmaceuticals

Alembic Pharma Buy 70 95 1,322 1,490 1,714 16.2 17.1 7.4 9.5 9.5 7.4 2.6 2.0 30.7 30.2 1.0 0.8

Aurobindo Pharma Accumulate 185 208 5,377 5,463 6,279 15.0 15.0 12.4 14.0 14.9 13.2 1.9 1.6 18.8 17.8 1.6 1.3

Aventis* Neutral 2,239 - 5,157 1,482 1,682 17.5 16.6 82.9 87.8 27.0 25.5 4.2 3.4 16.3 14.8 3.3 2.8

Cadila Healthcare Accumulate 870 926 17,809 6,148 7,386 18.6 19.6 32.7 44.8 26.6 19.4 5.8 4.7 23.7 26.6 3.3 2.7

Cipla Accumulate 391 419 31,414 8,151 9,130 25.8 24.8 20.2 21.6 19.4 18.1 3.5 3.0 19.4 17.6 3.6 3.1

Dr Reddy's Neutral 1,929 - 32,754 10,696 11,662 20.7 21.0 83.7 92.9 23.1 20.8 4.7 4.0 22.4 20.8 3.3 3.0

Dishman Pharma Buy 104 145 837 1,280 1,536 20.2 20.2 10.4 14.5 10.0 7.2 0.8 0.8 8.7 11.0 1.3 1.1

GSK Pharma* Neutral 2,058 - 17,433 2,651 2,993 31.7 31.2 76.0 82.4 27.1 25.0 7.8 7.0 20.1 26.3 5.8 5.0

Indoco Remedies Buy 63 89 584 685 837 15.2 15.2 7.4 8.9 8.6 7.1 1.3 1.1 16.4 17.0 1.0 0.9

Ipca labs Neutral 502 - 6,325 2,850 3,474 21.0 21.0 29.9 37.3 16.8 13.5 4.0 3.2 26.7 26.4 2.4 2.0

Lupin Accumulate 589 655 26,362 8,426 10,082 19.7 20.0 26.1 31.1 22.6 18.9 5.2 4.2 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 451 - 19,095 12,046 11,980 16.0 15.8 37.3 32.1 12.1 14.1 4.7 3.8 45.3 29.7 1.6 1.5

Sun Pharma Neutral 709 - 73,273 9,902 12,313 42.6 42.6 26.7 29.1 26.5 24.4 5.1 4.3 20.7 19.1 6.7 5.3

Power

GIPCL Accumulate 70 78 1,065 1,523 1,568 30.3 30.3 5.4 11.5 13.0 6.1 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

January 25, 2013


14/16



Power

NTPC Neutral 160 - 132,010 72,809 81,951 23.0 23.7 12.0 13.4 13.3 12.0 1.6 1.5 12.5 12.9 2.4 2.3

Real Estate

Anant Raj Neutral 79 - 2,328 657 875 52.0 56.1 8.4 12.7 9.4 6.2 0.6 0.5 6.3 8.9 4.8 3.6

DLF Neutral 251 - 42,671 9,878 12,033 44.7 46.1 9.6 13.4 26.2 18.7 1.7 1.6 6.4 8.7 6.8 5.6

HDIL Buy 75 115 3,128 2,441 3,344 55.1 48.2 22.7 26.6 3.3 2.8 0.3 0.3 8.8 9.4 3.1 2.4

MLIFE Accumulate 406 446 1,657 786 888 26.3 26.7 31.0 36.3 13.1 11.2 1.3 1.2 10.1 10.8 2.4 2.1

TelecomBharti Airtel Neutral 361 - 137,091 80,353 86,654 30.9 31.3 8.6 11.8 42.2 30.6 2.6 2.4 6.1 7.8 2.5 2.2

Idea Cellular Neutral 114 - 37,756 21,797 23,142 26.9 27.7 3.1 4.7 36.3 24.5 2.7 2.4 7.4 9.8 2.2 2.0

Rcom Neutral 80 - 16,523 21,032 22,084 31.8 30.2 2.9 4.0 27.4 20.1 0.5 0.4 1.6 2.2 2.4 2.2

zOthers

Abbott India Accumulate 1,443 1,590 3,066 1,629 1,886 11.8 13.3 60.8 79.5 23.7 18.1 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 189 217 1,887 3,497 3,968 6.6 7.6 9.8 15.5 19.3 12.2 2.5 2.1 12.7 17.4 0.5 0.5

Cera Sanitaryware Buy 423 495 535 460 596 16.4 16.2 34.7 45.0 12.2 9.4 3.0 2.3 27.7 27.8 1.2 1.0

Cravatex Buy 413 545 107 272 308 7.2 7.3 37.5 45.4 11.0 9.1 2.6 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 1,010 - 7,097 982 1,136 34.3 34.3 34.3 40.0 29.4 25.3 13.3 10.7 50.9 46.9 6.8 5.7

Finolex Cables Accumulate 55 61 848 2,304 2,552 9.9 9.1 8.2 10.1 6.8 5.5 0.9 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 442 537 577 2,318 2,700 5.0 5.7 45.0 67.0 9.8 6.6 0.5 0.5 5.0 7.0 0.1 0.1

Goodyear India Accumulate 316 360 729 1,494 1,607 6.4 7.8 23.9 33.0 13.2 9.6 2.1 1.8 16.5 20.1 0.3 0.2

Greenply Industries Sell 416 309 1,005 1,925 2,235 10.6 10.9 29.6 44.1 14.1 9.4 2.3 1.9 16.8 21.0 0.8 0.7

Hitachi Neutral 144 - 329 873 989 4.4 6.5 6.4 12.2 22.6 11.8 1.8 1.6 8.3 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,503 2,842 2,213 1,809 2,117 5.5 7.5 84.9 135.3 29.5 18.5 3.2 2.8 11.3 16.0 1.1 0.9

Styrolution ABS India* Accumulate 682 744 1,199 1,059 1,116 8.5 9.5 36.0 42.0 18.9 16.2 2.8 2.4 15.4 16.0 1.2 1.1ITD Cementation Buy 242 334 279 1,455 1,630 12.4 12.6 29.8 40.5 8.1 6.0 0.6 0.6 8.2 9.8 0.6 0.6

Jyothy Laboratories Neutral 151 - 2,442 1,228 1,443 9.0 10.9 3.9 6.4 38.9 23.7 3.9 3.6 10.1 15.6 2.5 2.1

MCX Neutral 1,372 - 6,998 553 624 65.3 66.3 62.5 72.0 22.0 19.1 6.0 5.2 27.5 27.4 9.7 8.1

MRF Neutral 13,059 - 5,539 13,030 14,405 10.3 10.6 1,418.1 1,677.1 9.2 7.8 1.6 1.3 19.1 18.7 0.5 0.5

Page Industries Accumulate 3,430 3,602 3,826 836 1,023 20.2 20.6 105.6 133.4 32.5 25.7 16.5 11.7 59.3 53.2 4.6 3.8

Relaxo Footwears Accumulate 818 933 981 1,019 1,208 11.0 12.5 47.0 66.7 17.4 12.3 4.3 3.2 28.2 30.1 1.1 0.9

Sintex Industries Buy 61 79 1,921 4,751 5,189 16.3 16.6 13.6 15.8 4.5 3.9 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 287 366 269 1,043 1,149 12.3 12.9 65.7 73.3 4.4 3.9 0.8 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 12 - 370 6,765 7,393 18.1 18.0 6.4 7.5 1.9 1.7 0.1 0.1 6.1 6.7 0.6 0.6


Market Outlook

Stock Watch

January 25, 2013


15/16



zOthers

SpiceJet Reduce 46 43 2,211 5,720 6,599 5.3 6.8 3.6 5.4 12.7 8.5 18.3 5.8 - - 0.5 0.4

TAJ GVK Buy 68 108 424 300 319 35.8 36.2 7.9 9.1 8.6 7.4 1.1 1.0 13.9 14.4 1.7 1.5

Tata Sponge Iron Buy 308 384 475 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TTK Healthcare Buy 517 643 402 374 425 7.9 9.5 24.1 32.7 21.5 15.8 19.7 22.5 0.9 0.8

TVS Srichakra Buy 251 322 192 1,461 1,625 6.9 8.2 24.6 53.7 10.2 4.7 1.3 1.1 12.9 24.9 0.4 0.3

United Spirits Neutral 1,755 - 22,955 10,289 11,421 12.8 12.8 26.0 45.3 67.5 38.7 3.1 2.9 5.8 7.6 2.6 2.3

Vesuvius India Neutral 331 - 672 560 611 16.1 17.0 24.7 28.8 13.4 11.5 2.0 1.8 15.8 16.2 1.1 1.0Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 24, 2013


Market Outlook

Stock Watch

January 25, 2013


16/16


Documents

Market Outlook, 25th January 2013