Market Outlook, 27-05-2013

7/30/2019 Market Outlook, 27-05-2013

1/17

www.angelbroking.com

Market Outlook May 27, 2013

Dealers Diary

The Indian markets are expected to open flat to negative tracking negative opening

in most of the Asian markets owing to concerns about the outlook for the Federal

Reserve's asset purchase program. US markets recovered from an early decline and ended in positive territory on

Friday. The markets recovered after the release of a report from the Commerce

Department that showed a larger-than-expected rebound in durable goods orders

which surged by 3.3% in April after tumbling by a revised 5.9% in March. However,

amidst an impending recovery in manufacturing activity following a recent

pullback, the data added to worries that the Fed will taper its stimulus in the near

future. Nevertheless, European markets ended the day lower, thereby extending the

weakness from the previous day.

Meanwhile Indian markets ended higher on Friday, as sentiments improved a bitafter two senior U.S. central bankers said that the Fed is in no hurry to start

winding down its bond-buying program and policymakers have flexibility to

increase the pace of bond buying should the economy weaken again.

Markets Today

The trend deciding level for the day is 19,702 / 5,979 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 19,835 19,967 / 6,020 6,057 levels. However, if NIFTY trades below19,702 / 5,979 levels for the first half-an-hour of trade then it may correct up to

19,571 19,437 / 5,942 5,900 levels.Indices S2 S1 PIVOT R1 R2 SENSEX 19,437 19,571 19,702 19,835 19,967NIFTY 5,900 5,942 5,979 6,020 6,057

News Analysis RIL announces significant gas condensate discovery in deepwater KG D6 block Result Review: Britannia, Crompton Greaves, Bharat Forge, MOIL, Force

Motors, CCCL Result Preview: Coal India, Nalco, GIPCL

Refer detailed news analysis on the following page

Net Inflows (May 23, 2013)` cr Purch Sales Net MTD YTDFII 3,786 3,466 320 17,524 78,682MFs 479 688 (209) (2,704) (11,294)

FII Derivatives (May 24, 2013)` cr Purch Sales Net Open InterestIndex Futures 2,203 1,976 227 17,278Stock Futures 3,634 3,880 (246) 29,058

Gainers / Losers

Gainers LosersCompany Price ( ` ) chg (%) Company Price ( ` ) chg (%)United Spirits 2,570 6.6 Wockhardt 1,230 (6.5)

Amara Raja 259 6.0 Apollo Hosp 901 (5.1) ABB 661 5.2 Jet Air India 563 (3.7)CESC 328 4.6 Sun Pharma 970 (3.7)Tata Steel 313 4.6 Glenmark Pharma 551 (3.6)

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.2 30 19,704

Nifty 0.3 16 5,984

MID CAP 0.4 23 6,387SMALL CAP 0.3 18 5,992

BSE HC (1.3) (113) 8,730

BSE PSU 0.0 1 6,678

BANKEX 1.0 139 14,592

AUTO (0.0) (5) 10,873

METAL 1.6 137 8,657

OIL & GAS 0.1 8 8,569

BSE IT (0.7) (45) 5,955

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 9 15,303NASDAQ (0.0) (0) 3,459

FTSE (0.6) (42) 6,654

Nikkei 0.9 128 14,612

Hang Sang (0.2) (51) 22,619

Straits Times (1.8) (61) 3,393

Shanghai Com 0.6 13 2,289

Indian AD R Chg (%) (Pts) (Close)

INFY (1.6) (0.7) $41.8

WIT (0.8) (0.1) $7.8IBN 0.4 0.2 $46.4

HDB 0.0 0.0 $41.5

Advances / Declines BSE NSE

Advances 1,189 732

Declines 1,098 623

Unchanged 147 85

Volumes ( ` cr)

BSE 1,982NSE 10,761

7/30/2019 Market Outlook, 27-05-2013

2/17



RIL announces significant gas condensate discovery in deepwater KG D6 block

Media reports suggest that Reliance Industries (RIL) and its partners BP and NIKOhave struck a significant gas and condensate discovery in the KG D6 block. The

discovery named D-55 lies over 2000 meters below the already producingreservoirs in D1-D3 gas fields. The company however has not stated the amountof possible reserves the discovery may hold but the discovery has been notifiedwith the government authorities. We await further clarity on this matter and untilthen maintain our Neutral view on RIL.

Result Review

Britannia Industries (CMP: ` 574/TP:-/Upside :-)

For 4QFY2013 Britannia Industries posted a 13.5% yoy growth in net sales to ` 1,486cr, which was in-line with estimates. The top-line growth was both onaccount of higher volumes and better realizations. OPM rose by 260bp yoy to7.8%. Bottom-line rose by 65.5% yoy to ` 87cr. We maintain a neutral rating onthe stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/sales

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

FY2014E 6,417 5.1 242 20.3 37.4 28.4 9.6 19.4 1.0

FY2015E 7,446 5.5 301 25.2 37.3 22.8 7.6 15.7 0.9

Crompton Greaves (CMP: ` 96/TP: ` 117/Upside: 22%)

For 4QFY2013, Crompton Greaves reported 10% yoy growth in its top-line to ` 3,387cr. However, on the EBITDA front, the company's margin stood at 2.3%,much below our estimates, mainly on account of 630bp yoy contraction in powersegment margins (due to low productivity, delay penalty and quality issues in itsoverseas power transformer business). Consumer segment margins also fell by 240bp yoy due to higher marketing and promotional expenses. Consequently,PAT fell by 75% yoy to ` 25cr. However, considering cheap valuations, we maintainBuy on the stock with a long term view, as we expect gradual recovery in marginsover next couple of years.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

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

FY2014E 13,595 5.5 275 4.3 7.4 14.0 1.6 7.2 0.5

FY2015E 15,095 7.2 501 7.8 12.6 10.3 1.4 5.6 0.4

Bharat Forge (CMP: ` 226/ TP: Under review/ Upside: -)

Bharat Forge (BHFC) reported poor performance for 4QFY2013 led by severeweakness in the domestic as well as export markets which resulted in a 35.2% yoy

(1% qoq) decline in volumes. Consequently, the standalone revenue posted asignificant decline of 31% yoy (flat qoq) to ` 675cr which was lower than ourexpectations of ` 734cr. The domestic and export revenues registered a decline of29.9% and 32% yoy respectively on account of a sharp decline in commercial

7/30/2019 Market Outlook, 27-05-2013

3/17



vehicle (CV) sales in India and export markets. Further, slowdown in capitalspending in the power, mining and oil and gas sectors also impacted the non autobusiness. As a result, revenues declined across all the geographies, with India,

America and Europe revenues witnessing a decline of 30.1%, 31.6% and 23.4%yoy respectively. On the operating front, margins contracted 310bp yoy to 22.6%,

broadly in-line with our estimates of 22.9%, primarily due to lower utilization levels(~50% in domestic operations). Hence operating profit and net profit registered asharp decline of 39.2% and 60.1% yoy respectively. On a sequential basis, EBITDA margins improved 200bp on account of productivity improvements and tightcontrol over costs, leading to a 9.9% and 5.5% growth in operating profit and netprofit respectively. At ` 226, the stock is trading at 13.1x FY2015 earnings. Thestock rating is currently under review.


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

FY2014E 6,198 14.6 338.5 14.5 13.6 15.5 2.0 6.6 0.9

FY2015E 6,793 14.9 403.0 17.3 14.7 13.0 1.8 5.6 0.8

MOIL Ltd (CMP: ` 201/TP: ` 243 /Upside: 21%)

MOILs 4QFY2013 top -line was higher than expectation whereas the bottom-linewas broadly in line with our expectations. Net sales increased by 32.2% yoy to

` 267cr (above our estimate of ` 222cr) due to higher sales volumes andrealizations. EBITDA also increased by 26.7% yoy to ` 109cr but EBITDA margindeclined 167bps yoy to 40.8%. Other income declined by 4.7% yoy to ` 60cr. Netprofit increased by 11.1% yoy to ` 110cr which was in-line with our estimate of

` 113cr. We maintain our Buy rating on the stock with a target price of ` 243.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

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

FY2014E 954 45.5 438 26.1 15.1 7.7 1.1 2.3 1.1

FY2015E 1,011 45.7 460 27.4 14.4 7.3 1.0 1.8 0.8

Force Motors (CMP: ` 374/ TP: ` 437/ Upside: 17%)

Force Motors (FML) reported disappointing set of numbers for its 4QFY2013. Top-

line for the quarter dips by 13.8% yoy to `

527cr, vis--vis our estimate of `

582cr.The company reported EBITDA loss of ` 13cr against profit of ` 27cr for the samequarter previous year. EBITDA loss was mainly due to increased employee andother expenditure which rose by 646bp and 230bp yoy respectively. On the backof negative top-line growth and poor operating performance, net profit registereda loss of ` 23cr as compared to profit of ` 17cr in 4QFY2012.

On annual basis, top-line growth dips marginally by 5.4% to ` 1,973cr. EBITDA however fell by 55% to ` 54cr with margins at 2.8%, lower by 307bp. Net profit toocame in lower by 58% to ` 15cr. On account of poor performance led by theslowdown in the economy we have revised our estimates downwards but maintain

our Buy recommendation with revised target price of`437, based on 10x PE forFY2015E.

7/30/2019 Market Outlook, 27-05-2013

4/17




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

FY2014E 2,304 3.1 37 28.0 3.1 13.4 0.4 4.4 0.1

FY2015E 2,649 3.6 58 43.7 4.7 8.6 0.4 3.4 0.1

CCCL (CMP: ` 12 / TP: - / Upside: -)

CCCL posted a dismal set of numbers once again for the quarter. Lower-than-expected performance at both revenue and EBITDAM front along with high interestcost led to loss for the quarter. On the top-line front, CCCL reported revenues of

` 375cr in 4QFY2013, indicating a decline of 36.3% yoy and was lower than ourestimate of ` 559cr. The major disappointment continues on the margin front, asthe company posted abysmal EBITDA margin of (5.1)% against our expectations of4.5%. The main reason for decline in margins was lower-than-expected execution,increase in cost pressures, rise in employee cost and labour cost. Further, on the

bottom-line front the company posted a loss of ` 12cr vs a profit of ` 25cr in4QFY2012 and against our expectations of a loss of ` 2cr, mainly on account of(a) dismal revenue performance, (b) a fall in margin and (c) higher interest cost( ` 27cr, a jump of 10% yoy). CCCL secured order worth ~ ` 571cr in FY2013,taking its outstanding order book to ` 3394cr. The company has disappointed onthe earnings front and posted erratic margins since the last few quarters. Hence, we maintain our Neutral view on the stock.


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

FY2014E 2,119 5.6 2 0.1 0.4 108.7 0.4 5.9 0.3

FY2015E 2,343 6.9 30 1.6 5.4 7.2 0.4 4.2 0.3

Result Preview

Coal India (CMP: ` 310, TP: ` 345, Upside: 11%)

Coal India is slated to report its 4QFY2013 results today. We expect net salesto decrease by 2.6% yoy to ` 18,918cr mainly on account of higher volumesand EBITDA margin is expected to contract by 838bp yoy to 23.9% due tohigher costs. Net profit is also expected to decrease by 26.7% yoy to ` 4,376cr.

We maintain our Accumulate view on the stock with a target price of ` 345


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

FY2014E 68,349 31.7 17,504 27.7 36.7 11.2 3.0 5.5 1.8

FY2015E 73,450 31.7 18,703 29.6 35.1 10.5 2.6 4.8 1.5

Nalco (CMP: ` 34/TP:-/ Upside :-)

Nalco is slated to report its 4QFY2013 results today. We expect net sales todecline by 5.5% yoy to ` 1,656cr mainly due to lower aluminium prices. EBITDA margin is expected to contract by 133bp yoy to 16.2% due to higher power costs.

Net profit is expected to decline by 28.7% yoy to ` 201cr. We recommend Neutralon the stock.

7/30/2019 Market Outlook, 27-05-2013

5/17




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

FY2014E 8,187 14.5 824 3.2 6.8 10.6 0.7 3.8 0.5

FY2015E 8,416 14.7 840 3.3 6.7 10.4 0.7 3.7 0.5

GIPCL (CMP: ` 74/TP: ` 78/Upside: 5%)

GIPCL is slated to announce its 4QFY2013 results. We expect GIPCL to reportrobust 28.3% yoy growth in its top-line to ` 341cr (albeit on a lower base).However, OPM is expected to contract 783bp yoy to 37.1%. The company isexpected to post 39.4% yoy increase in net profit to ` 55cr. We maintainAccumulate rating on the stock with target price of ` 78.


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

FY2014E 1,535 31.9 198 13.1 12.4 5.7 0.7 3.5 1.1

FY2015E 1,570 31.6 214 14.1 12.2 5.3 0.6 2.9 0.9

Quarterly Bloomberg Brokers Consensus Estimate

Bharat Forge (25/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 708 956 (26) 661 7

EBITDA 155 251 (38) 142 8

EBITDA margin (%) 21.8 26.3 21.6

Net profit 55 55 (1) 48 15

Tata Chemical Consolidated (27/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 3,673 3,398 8 4,171 (12)

EBITDA 527 541 (3) 536 (2)

EBITDA margin (%) 14.3 15.9 12.9

Net profit 199 189 5 224 (11)

Colgate (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 797 686 16 763 4EBITDA 181 170 7 150 21

EBITDA margin (%) 22.7 24.8 19.7

Net profit 141 131 8 111 27

Gail (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 11,737 10,455 12 12,474 (6)

EBITDA 1,439 768 87 2,002 (28)

EBITDA margin (%) 12.3 7.3 16.0

Net profit 875 483 81 1,285 (32)

7/30/2019 Market Outlook, 27-05-2013

6/17



Hindalco Industries (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 7,016 7,563 (7) 6,790 3

EBITDA 626 865 (28) 582 8

EBITDA margin (%) 8.9 11.4 8.6

Net profit 378 640 (41) 434 (13)

HPCL (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 55,821 52,394 7 52,751 6

EBITDA 7,148 5,516 30 1,051 580

EBITDA margin (%) 13 11 2

Net profit 6,240 4,631 35 147 4142

NHPC (28/05/2013)

Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,138 1,386 (18) 912 25

EBITDA 667 994 (33) 614 9

EBITDA margin (%) 58.7 71.8 67.3

Net profit 439 802 (45) 312 41

Power Grid Corporation (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net profit 1,116 1,032 8 1,129 (1)

Rural Electrification (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,012 763 33 1,027 (1)

Sun Pharmaceutical Consolidated (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 2,992 2,330 28 2,852 5

EBITDA 1,285 963 33 1,275 1

EBITDA margin (%) 42.9 41.3 44.7

Net profit 912 820 11 881 3

Tata Global Beverage Consolidated (28/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 1,890 1,724 10 1,902 (1)

EBITDA 199 187 6 203 (2)

EBITDA margin (%) 10.5 10.9 10.7

Net profit 99 54 83 80 24

BPCL (29/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 63,060 64,642 (2) 62,340 1

EBITDA 6,344 5,064 - 2,287 177EBITDA margin (%) 10.1 8 4

Net profit 4,531 3,963 - 1,648 175

7/30/2019 Market Outlook, 27-05-2013

7/17



Cipla (29/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 2,071 1,814 14 2,031 2

EBITDA 475 399 19 493 (4)

EBITDA margin (%) 22.9 22.0 24.3

Net profit 334 292 15 339 (1)

HDIL Consolidated (29/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 447 423 6 625 (28)

EBITDA 292 157 86 413 (29)

EBITDA margin (%) 65.2 37.2 66.1

Net profit 166 156 6 316 (47)

NMDC (29/05/2013)

Particulars (`

cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,831 2,594 9 2,047 38

EBITDA 2,109 1,976 7 1,391 52

EBITDA margin (%) 74.5 76.2 68.0

Net profit 1,725 1,642 5 1,293 33

ONGC (29/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 19,621 18,819 4 20,987 (7)

EBITDA 9,912 8,020 24 9,272 7

EBITDA margin (%) 50.5 42.6 44.2Net profit 4,738 5,644 (16) 5,563 (15)

Tata Motors Consolidated (29/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 51,269 50,609 1 45,821 12

EBITDA 6,982 6,745 4 5,657 23

EBITDA margin (%) 13.6 13.3 12.3

Net profit 2,506 6,234 (60) 1,801 39

Economic and Political News India likely to get fresh US waiver on business with Iran Stimulus issue not to impact capital flows into India: Montek US hints at renewed Iranian sanctions waiver for India RBI to take steps to check excessive volatility in forex market

Corporate News Jet Airways shareholders approve stake sale to Etihad Etienne Benet to take over as Nestle India Managing Director Fortis to get ` 1,452cr for stake sale in Dental Corporation

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

7/30/2019 Market Outlook, 27-05-2013

8/17

Date Company

May 27, 2013 Nalco, Tata Chemicals, Bhushan Steel, Bajaj Electrical, GIPCL, JK Tyre, TTK Healthcare, Tree House

May 28, 2013 GAIL, Sun Pharma, Power Grid Corpn, NHPC, Hindalco, Rural Elec.Corp., Colgate, HPCL, Tata Global, Tata Comm,CESC, Jagran Prakashan, Indoco Remedies, Dishman Pharma, Godawari Ispat, PVR, Cravatex

May 29, 2013 ONGC, NMDC, Tata Motors, BPCL, Cipla, Canara Bank, Mphasis, HDIL, Monnet Ispat, BGR Energy , Anant Raj,Madhucon Proj, Jyoti Structures, J K Lakshmi Cements, Greenply

May 30, 2013IOC, M&M, SAIL, DLF, Tata Power Co., Power Fin.Corpn., Cadila Healthcare, GMR Infra., Central Bank, SuzlonEnergy, GSPL, Aurobindo Pharma, Ipca labs, Page Industries, Madras Cements, Sadbhav Engg., Simplex Infra, IVRCLInfra, Patel Engg.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg DataLast Reported Estimated

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 71.00

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 5.00May 30, 2013 6:00PM US Initial Jobless claims Thousands May 25 340.00 340.00

2:30PM Euro Zone Euro-Zone Consumer Confidence Value May F (21.90) (21.90)

6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 2.50

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 4.80

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 49.90

June 3, 2013 1:25PM Germany PMI Manufacturing Value May F 49.00 --

2:00PM UK PMI Manufacturing Value May 49.80 --

June 5, 2013 1:25PM Germany PMI Services Value May F 49.80 --

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

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

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

June 7, 2013 6:00PM US Change in Nonfarm payrolls Thousands May 165.00 162.50

6:00PM US Unnemployment rate % May 7.50 7.50

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

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

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

June 10, 2013 4:29PM India Imports YoY% % Change May 10.96 --

4:29PM India Exports YoY% % Change May 1.68 --

June 11, 2013 2:00PM UK Industrial Production (YoY) % Change Apr (1.40) --

June 12, 2013 2:00PM UK Jobless claims change % Change May (7.30) --

11:00AM India Industrial Production YoY % Change Apr 2.50 --

June 14, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % May F 1.20 --

6:00PM US Producer Price Index (mom) % Change May (0.70) --

6:45PM US Industrial Production % May (0.53) --

12:00PM India Monthly Wholesale Prices YoY% % Change May 4.89 --

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 --

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 --

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 --

June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 --

6:00PM US Building permits Thousands May 1,005.00 --6:00PM US Consumer price index (mom) % Change May (0.40) --

Source: Bloomberg, Angel Research

May 27, 2013

Market Outlook

7/30/2019 Market Outlook, 27-05-2013

9/17

Market OutlookMay 27, 2013


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 5 0 ind icates expan sion

Exhibit 5: Expo rts an d impo rts growth trends

Source: Bloomb erg, An gel Research

Exhibit 6: Key policy rates

Source: RBI, Ang el Research

5.7

9.0

7.5

11.2

8.57.6

8.29.2

7.56.5

6.05.3 5.5 5.3

4.5

3.04.05.06.07.08.09.0

10.011.012.0

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

(%)

7.6 7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 6.86.0

4.9

0.01.0

2.03.04.05.06.07.08.09.0

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

N o v - 1 2

D e c - 1

2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

A p r - 1 3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o v - 1 2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

A p r - 1 3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

M a - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o v - 1 2

D e c - 1

2

J a n - 1

3

F e b

- 1 3

M a - 1

3

A p r - 1 3

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

A p r - 1 2

M a - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

Repo rate Reverse Repo rate CRR(%)

7/30/2019 Market Outlook, 27-05-2013

10/17

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 139 - 2,693 1,657 1,906 14.1 14.1 7.7 8.9 18.0 15.6 3.7 3.2 22.2 21.9 1.6 1.3

United Phosphorus Buy 157 232 6,964 10,298 11,310 16.5 16.5 20.5 23.2 7.7 6.8 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 259 285 4,421 3,418 3,892 14.5 14.5 18.5 20.4 14.0 12.7 3.4 2.8 26.6 23.8 1.3 1.1

Apollo Tyres Buy 86 104 4,330 13,852 15,487 11.4 11.5 12.8 14.9 6.7 5.8 1.1 0.9 17.5 17.3 0.5 0.4 Ashok Leyland Buy 23 27 6,159 14,038 16,442 7.6 8.7 1.1 2.2 22.1 10.4 1.9 1.7 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 253 - 382 834 965 9.3 10.6 17.3 27.1 14.6 9.3 1.4 1.3 9.5 14.0 0.5 0.5Bajaj Auto Accumulate 1,804 2,056 52,189 22,684 2 5,908 18.0 18.5 117.3 137.1 15.4 13.2 5.5 4.4 39.9 37.2 1.9 1.6Bharat Forge Neutral 226 - 5,253 6,198 6,793 14.6 14.9 14.5 17.3 15.5 13.0 2.0 1.8 13.6 14.7 1.0 0.8

Bosch India* Neutral 9,049 - 28,414 9,821 11,394 17.0 17.3 373.5 438.7 24.2 20.6 4.4 3.7 18.0 17.9 2.6 2.2CEAT Buy 107 170 365 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 Accumulate 140 150 11,930 7,053 8,061 14.2 14.5 7.8 9.1 17.9 15.4 3.1 2.6 18.1 18.2 1.4 1.2FAG Bearings* Neutral 1,450 - 2,410 1,525 1,742 14.5 15.7 88.4 109.5 16.4 13.3 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,635 1,819 32,643 25,274 27,658 14.1 13.7 110.2 139.9 14.8 11.7 5.4 4.3 39.8 40.7 1.1 0.9JK Tyre Buy 115 154 474 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.6 0.5 0.4 16.4 16.6 0.3 0.3Mahindra and Mahindra Neutral 967 - 59,393 44,550 50,260 11.4 11.7 59.6 68.3 16.2 14.2 3.3 2.8 22.3 21.6 1.1 0.9

Maruti Accumulate 1,667 1,847 50,366 48,455 55,723 11.2 10.9 107.8 123.2 15.5 13.5 2.3 2.0 16.2 16.0 0.9 0.7Motherson Sumi Accumulate 210 222 12,322 28,442 31,493 7.5 7.8 12.5 14.8 16.8 14.2 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 25 30 150 1,479 1,685 10.0 9.9 5.5 7.5 4.6 3.3 0.5 0.4 11.1 13.7 0.4 0.3Tata Motors Accumulate 288 324 77,134 206,341 227,695 12.8 13.5 32.3 39.0 8.9 7.4 1.9 1.6 23.1 23.2 0.4 0.4

TVS Motor Neutral 37 - 1,760 7,715 8,584 6.0 6.1 5.0 5.8 7.5 6.4 1.3 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 661 461 14,015 8,073 9,052 5.5 6.9 11.5 16.9 57.4 39.0 5.2 5.0 9.3 13.1 1.7 1.5BGR Energy Neutral 190 - 1,369 4,114 4,886 11.4 10.7 24.9 28.0 7.6 6.8 1.0 0.9 25.2 22.6 0.6 0.6BHEL Neutral 193 - 47,202 43,757 40,934 17.3 16.9 20.9 19.0 9.2 10.2 2.0 1.8 23.7 18.8 1.0 0.9

Blue Star Buy 167 230 1,501 2,896 3,087 5.6 6.2 9.3 11.7 17.9 14.2 3.0 2.5 17.6 19.2 0.6 0.5Crompton Greaves Buy 96 117 6,181 13,790 15,095 6.4 7.4 6.9 9.4 14.0 10.3 1.6 1.4 11.7 14.5 0.5 0.4Jyoti Structures Buy 28 34 229 3,074 3,355 9.0 8.8 8.7 10.2 3.2 2.7 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 43 63 1,114 7,709 8,399 6.7 7.2 6.1 8.5 7.1 5.1 0.9 0.8 20.2 23.0 0.3 0.3Thermax Neutral 583 - 6,952 5,931 6,592 9.6 9.7 31.0 34.3 18.8 17.0 3.3 2.9 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,223 1,361 22,956 11,979 13,254 19.7 21.3 77.1 91.4 15.9 13.4 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

11/17



Cement

Ambuja Cements Neutral 186 - 28,633 10,232 11,762 23.5 24.5 10.3 12.2 18.0 15.3 3.0 2.7 17.2 18.6 2.3 1.9India Cements Neutral 72 - 2,201 4,777 5,276 17.3 17.1 8.8 10.9 8.1 6.6 0.6 0.6 7.5 8.8 0.8 0.7

J K Lakshmi Cement Buy 100 143 1,180 2,313 2,728 19.8 20.7 16.1 22.1 6.3 4.5 0.8 0.7 13.2 15.8 1.1 0.8Madras Cements Neutral 246 - 5,862 4,293 4,855 27.4 28.6 21.8 28.2 11.3 8.7 2.0 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,915 - 17,121 6,540 7,452 27.4 26.6 319.7 369.9 15.4 13.3 3.8 3.0 27.5 25.4 2.0 1.5UltraTech Cement Neutral 1,948 - 53,398 21,947 25,049 23.8 23.8 106.1 119.8 18.4 16.3 3.0 2.6 17.7 17.3 2.5 2.2

Construction Ashoka Buildcon Buy 204 255 1,075 1,928 2,234 21.0 21.5 18.0 22.2 11.4 9.2 1.0 0.9 10.2 10.1 1.9 1.9Consolidated Co Neutral 12 - 218 2,281 2,492 5.9 6.9 0.7 2.0 17.3 5.9 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 121 157 4,015 3,997 4,312 45.5 46.4 15.7 16.6 7.7 7.3 1.1 1.0 15.2 14.5 3.4 3.7ITNL Buy 174 230 3,375 7,444 8,041 27.4 28.9 29.8 32.1 5.8 5.4 0.8 0.7 14.9 14.2 2.6 2.6IVRCL Infra Buy 19 35 582 6,287 6,836 8.5 8.5 2.3 3.0 8.1 6.2 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 68 90 15,090 14,850 15,631 24.9 25.1 2.5 2.9 26.9 23.8 1.1 1.1 4.2 4.7 2.8 2.8Larsen & Toubro Buy 1,457 1,761 89,720 68,946 78,040 10.5 10.5 77.9 88.3 18.7 16.5 2.7 2.4 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 32 42 819 6,167 6,945 8.0 8.2 2.7 3.6 11.9 8.8 0.3 0.3 2.7 3.6 0.5 0.5Punj Lloyd Neutral 46 - 1,538 12,954 14,740 9.9 9.9 0.5 0.9 91.2 49.7 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 112 153 1,688 2,511 2,736 10.6 10.6 7.3 7.8 15.4 14.4 1.9 1.7 13.3 12.7 0.9 0.8Simplex Infra Buy 103 164 509 6,824 7,563 9.2 9.4 18.0 23.4 5.7 4.4 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 229 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 123 136 6,173 7,137 7,907 2.9 2.8 32.3 36.0 3.8 3.4 0.5 0.5 14.2 14.2 - -

Andhra Bank Neutral 87 - 4,891 5,254 5,900 2.8 2.8 21.2 22.9 4.1 3.8 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,458 1,853 68,336 19,055 22,710 3.3 3.2 130.7 152.3 11.2 9.6 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 692 851 29,168 16,365 18,781 2.2 2.3 121.3 142.5 5.7 4.9 0.8 0.7 15.1 15.7 - -

Bank of India Buy 300 361 17,847 14,482 16,383 2.3 2.3 58.1 68.1 5.2 4.4 0.8 0.7 14.4 15.0 - -Bank of Maharashtra A ccumulate 57 64 3,760 4,392 4,743 3.1 3.0 12.6 13.7 4.5 4.2 0.7 0.6 16.8 16.0 - -

Canara Bank Accumulate 427 481 18,907 11,928 13,467 2.1 2.2 74.8 86.0 5.7 5.0 0.8 0.7 13.7 14.2 - -Central Bank Accumulate 67 75 7,020 8,249 9,211 2.4 2.5 14.9 18.2 4.5 3.7 0.7 0.6 12.5 13.8 - -

Corporation Bank Buy 407 495 6,227 5,558 6,121 2.0 2.0 98.4 107.7 4.1 3.8 0.6 0.5 14.9 14.5 - -Dena Bank Accumulate 88 97 3,068 3,187 3,582 2.3 2.4 23.8 25.5 3.7 3.4 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 452 - 7,721 2,873 3,413 3.0 3.1 52.7 62.0 8.6 7.3 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

12/17



Financials

HDFC Neutral 908 - 140,415 8,573 10,142 3.6 3.6 37.0 43.6 24.6 20.8 5.1 4.5 30.0 30.3 - -HDFC Bank Neutral 702 - 167,061 27,682 33,916 4.6 4.6 35.3 42.7 19.9 16.5 3.9 3.3 21.3 21.8 - -

ICICI Bank Buy 1,204 1,444 138,914 25,705 30,330 3.1 3.2 83.9 96.3 14.4 12.5 1.9 1.7 15.2 15.7 - -IDBI Bank Accumulate 85 98 11,349 9,477 10,678 2.0 2.1 19.6 22.6 4.4 3.8 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 154 185 6,610 6,185 6,978 3.0 3.0 37.0 42.2 4.2 3.6 0.6 0.5 14.8 15.1 - -IOB Accumulate 61 70 5,623 8,142 8,956 2.5 2.5 16.5 20.7 3.7 3.0 0.5 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,249 1,380 6,053 3,074 3,140 3.5 3.2 224.7 201.5 5.6 6.2 1.1 1.0 20.6 16.1 - -LIC Housing Finance Accumulate 275 298 13,866 2,113 2,525 2.3 2.3 25.4 29.2 10.8 9.4 1.9 1.7 18.4 18.3 - -Oriental Bank Accumulate 259 285 7,549 6,835 7,588 2.6 2.6 56.5 63.8 4.6 4.1 0.6 0.6 13.1 13.4 - -

Punjab Natl.Bank Buy 788 994 27,843 20,876 23,929 3.3 3.4 151.7 177.0 5.2 4.5 0.8 0.7 16.1 16.5 - -South Ind.Bank Neutral 25 - 3,351 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.6 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,151 2,669 147,146 67,091 76,746 3.2 3.1 241.2 280.4 8.9 7.7 1.4 1.2 16.5 17.0 - -Syndicate Bank Accumulate 130 142 7,804 7,238 8,249 2.7 2.6 27.1 30.4 4.8 4.3 0.7 0.6 16.1 15.9 - -

UCO Bank Accumulate 77 82 5,761 6,126 6,665 2.6 2.5 12.2 14.4 6.3 5.3 0.9 0.8 11.8 12.6 - -Union Bank Accumulate 227 260 1 3,559 11,229 12,794 2.6 2.6 40.7 48.2 5.6 4.7 0.8 0.7 14.6 15.4 - -United Bank Buy 56 65 2,080 3,443 3,998 2.4 2.6 15.1 20.4 3.7 2.7 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 52 - 2,567 2,730 3,059 1.9 2.0 10.2 11.3 5.1 4.6 0.6 0.6 11.8 12.0 - -Yes Bank Accumulate 506 543 18,164 4,390 5,411 2.8 2.8 41.6 47.9 12.2 10.6 2.6 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,805 - 46,088 12,332 14,524 16.5 16.3 141.6 162.7 34.0 29.5 10.7 8.5 35.4 32.2 3.6 3.0Britannia Neutral 574 - 6,870 6,417 7,446 5.1 5.5 20.3 25.2 28.4 22.8 9.6 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,462 - 19,878 3,588 4,130 21.1 21.6 44.7 51.9 32.7 28.2 29.0 21.7 98.3 88.0 5.3 4.6Dabur India Neutral 158 - 27,582 7,183 8,340 16.8 16.8 5.4 6.3 29.5 25.2 11.5 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 4,864 - 20,454 3,617 4,259 16.1 16.4 122.2 148.7 39.8 32.7 12.4 10.0 34.1 33.7 5.2 4.3Godrej Consumer Neutral 825 - 28,085 7,801 9,017 16.2 15.9 25.1 29.7 32.8 27.8 7.1 5.9 24.9 24.2 3.7 3.2

HUL Neutral 586 - 126,797 29,167 33,164 13.6 13.7 17.1 18.4 34.3 31.9 33.0 23.9 113.4 87.0 4.2 3.7ITC Neutral 330 - 260,760 34,294 39,991 36.8 37.0 11.3 13.3 29.3 24.7 9.6 7.8 36.1 34.9 7.3 6.2

Marico Neutral 221 - 14,243 5,273 6,044 14.8 14.9 7.3 8.7 30.4 25.5 5.9 4.9 21.4 21.0 2.7 2.3Nestle* Neutral 5,250 - 50,621 9,447 10,968 22.1 22.3 127.5 154.1 41.2 34.1 20.6 14.9 57.7 50.7 5.4 4.5Tata Global Neutral 141 - 8,738 7,998 8,798 9.7 9.8 7.9 8.7 17.9 16.2 2.2 2.1 9.5 9.8 1.0 0.9


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

13/17



IT

HCL Tech^ Buy 736 863 51,283 28,633 32,216 21.5 20.7 57.3 61.7 12.9 11.9 3.1 2.5 24.0 21.5 1.6 1.4Hexaware* Buy 80 96 2,382 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 Accumulate 2,347 2,465 134,767 43,338 47,244 27.5 27.7 169.4 182.6 13.9 12.9 2.9 2.5 20.8 19.3 2.5 2.1Infotech Enterprises Accumulate 169 185 1,887 1,956 2,174 17.9 17.7 20.4 21.9 8.3 7.7 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 106 135 2,045 2,513 2,819 16.1 15.5 12.6 14.0 8.4 7.6 1.5 1.2 17.9 16.6 0.8 0.6Mahindra Satyam Accumulate 110 126 12,916 8,278 9,062 20.3 20.1 10.5 11.4 10.4 9.6 2.4 1.9 23.1 20.0 1.2 0.9

Mindtree Buy 797 920 3,311 2,599 2,871 19.4 19.2 85.2 92.3 9.4 8.6 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Reduce 440 395 9,236 6,096 6,646 17.6 17.4 38.1 41.6 11.5 10.6 1.6 1.4 14.2 13.7 1.0 0.8NIIT Buy 21 30 351 1,144 1,267 9.0 9.1 4.3 5.4 5.0 4.0 0.5 0.5 10.3 12.0 0.1 -

Persistent Buy 508 593 2,032 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 0.8TCS Accumulate 1,470 1,585 287,711 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 952 1,180 12,225 7,779 8,398 19.7 19.3 107.4 117.8 8.9 8.1 1.9 1.5 21.2 19.0 1.6 1.4 Wipro Accumulate 337 385 82,921 40,173 43,697 20.4 20.6 26.2 28.5 12.9 11.8 2.5 2.2 19.7 18.4 1.5 1.3

Media

D B Corp Accumulate 250 285 4,582 1,750 1,925 25.1 26.6 14.2 16.8 17.6 14.9 3.8 3.2 23.4 23.4 2.5 2.2HT Media Buy 98 117 2,291 2,205 2,380 15.1 15.6 8.3 9.1 11.8 10.7 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 91 121 3,007 1,698 1,908 23.9 24.5 7.4 8.4 12.3 10.8 3.1 2.7 26.7 26.8 1.9 1.7PVR Neutral 329 - 1,304 1,343 1,521 18.8 18.9 18.3 22.9 18.0 14.4 1.7 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 411 - 16,195 2,287 2,551 69.7 70.5 20.0 23.3 20.5 17.6 5.1 4.5 26.4 27.3 6.7 5.9

Metals & Mining

Bhushan Steel Neutral 465 - 10,524 13,794 17,335 30.7 34.8 48.9 83.6 9.5 5.6 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Accumulate 310 345 196,028 72,174 76,311 33.3 28.4 28.4 30.9 10.9 10.1 3.0 2.6 37.6 36.2 1.9 1.7

Electrosteel Castings Buy 17 24 554 1,976 2,017 11.8 12.7 1.3 2.6 13.4 6.5 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 137 213 4,366 1,944 2,317 49.9 51.7 20.8 25.6 6.6 5.4 1.5 1.2 24.3 24.6 1.8 1.3

Hind. Zinc Buy 117 145 49,500 12,358 13,659 51.4 51.6 16.0 17.6 7.3 6.7 1.3 1.1 19.4 18.4 1.7 1.2Hindalco Neutral 107 - 20,505 88,987 94,163 9.2 9.7 13.8 15.9 7.8 6.8 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 713 - 15,898 39,973 40,926 17.2 17.0 71.9 82.8 9.9 8.6 0.9 0.8 9.0 9.6 0.8 0.7MOIL Buy 201 243 3,384 954 1,062 45.5 47.4 26.1 29.1 7.7 6.9 1.1 1.0 15.1 15.2 1.1 0.8

Monnet Ispat Buy 167 291 1,064 2,883 3,181 21.7 23.6 40.3 57.7 4.1 2.9 0.4 0.3 10.1 13.0 1.2 1.0Nalco Neutral 34 - 8,685 8,187 8,416 14.5 14.7 3.2 3.3 10.5 10.3 0.7 0.7 6.8 6.7 0.5 0.5

NMDC Buy 117 179 46,209 10,329 12,540 73.8 75.0 16.6 19.0 7.0 6.1 1.3 1.2 20.6 20.2 2.3 1.8


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

14/17



Metals & Mining

SAIL Neutral 60 - 24,739 53,685 64,183 9.3 12.2 5.5 8.3 11.0 7.3 0.6 0.6 5.4 7.7 0.8 0.8Sesa Goa Neutral 160 - 13,923 3,742 4,426 32.9 32.8 30.0 29.8 5.3 5.4 0.7 0.6 14.3 12.5 4.5 3.7

Sterlite Inds Accumulate 94 100 31,439 44,462 45,568 23.2 24.7 18.1 20.2 5.2 4.6 0.6 0.5 11.3 11.4 0.6 0.6Tata Steel Buy 313 430 30,414 141,775 151,672 10.5 11.4 35.3 51.7 8.9 6.1 0.7 0.6 7.6 10.3 0.5 0.5

Sarda Buy 103 153 368 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 0.5Prakash Industries Buy 37 45 498 2,615 2,776 12.1 12.0 9.8 10.4 3.8 3.6 0.2 0.2 6.5 6.5 0.4 0.4Godawari Power andIspat Buy 81 118 265 2,425 2,552 13.7 14.8 33.5 45.3 2.4 1.8 0.3 0.2 11.2 13.1 0.5 0.4Oil & Gas

Cairn India Buy 283 345 54,032 16,482 16,228 69.4 53.3 53.3 49.6 5.3 5.7 0.8 0.7 16.5 13.6 1.9 1.6

GAIL Neutral 322 - 40,845 55,815 63,013 15.3 15.2 35.9 41.5 9.0 7.8 1.4 1.2 17.0 17.1 0.6 0.4ONGC Accumulate 325 354 278,011 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.3

Reliance Industries Neutral 788 - 254,439 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.1 1.1 1.0 11.5 11.7 0.6 0.6Gujarat Gas* Neutral 239 - 3,069 3,707 3,850 11.7 12.4 23.7 25.7 10.1 9.3 2.8 2.5 29.6 28.2 0.7 0.6Indraprastha Gas Neutral 279 - 3,902 3,700 4,218 23.4 22.8 26.6 30.4 10.5 9.2 2.2 1.8 22.6 21.7 1.1 0.9

Petronet LNG Buy 139 167 10,448 40,356 40,872 5.8 6.4 15.0 16.7 9.3 8.3 2.0 1.7 23.0 21.5 0.3 0.3Gujarat State PetronetLtd. Neutral 58 - 3,289 1,079 983 91.8 91.9 8.8 7.8 6.7 7.5 1.1 1.0 17.8 14.1 2.8 3.0

Pharmaceuticals

Alembic Pharma Buy 118 139 2,223 1,736 2,008 17.1 18.9 10.7 13.9 11.0 8.5 3.5 2.6 35.0 34.7 1.3 1.1

Aurobindo Pharma Buy 172 264 4,996 6,279 7,033 16.0 16.0 15.2 19.2 11.3 8.9 1.5 1.3 19.2 18.0 1.3 1.1 Aventis* Neutral 2,470 - 5,688 1,682 1,917 16.6 16.6 92.4 99.1 26.7 24.9 3.8 3.8 15.7 14.8 3.0 2.5Cadila Healthcare Buy 794 962 16,250 7,386 8,863 18.0 18.0 39.5 48.1 20.1 16.5 4.6 3.7 24.8 24.7 2.5 2.0

Cipla Accumulate 408 463 32,779 9,130 10,543 24.8 23.0 21.6 23.2 18.9 17.6 3.1 2.7 17.6 16.2 3.3 2.8Dr Reddy's Buy 2,065 2,535 35,060 13,377 15,350 20.4 20.1 112.3 1 26.8 18.4 16.3 3.9 3.3 23.5 21.8 2.7 2.3

Dishman Pharma Buy 68 206 548 1,536 1,739 20.2 20.9 15.4 20.6 4.4 3.3 0.5 0.4 11.6 13.7 1.0 0.8GSK Pharma* Neutral 2,268 - 19,208 2,854 3,145 28.6 28.6 76.6 83.3 29.6 27.2 8.9 8.1 31.1 31.0 5.9 5.3

Indoco Remedies Buy 60 89 554 774 938 15.2 15.2 7.2 8.9 8.4 6.8 1.1 1.0 14.5 15.8 0.9 0.8Ipca labs Buy 571 676 7,200 3,474 4,168 21.0 21.0 37.3 45.1 15.3 12.7 3.6 2.9 26.4 25.3 2.2 1.8

Lupin Accumulate 770 877 34,459 11,641 13,933 21.3 21.3 34.8 41.8 22.1 18.4 5.2 4.1 26.2 24.8 3.0 2.4Ranbaxy* Neutral 390 - 16,514 11,400 12,060 10.5 12.5 17.5 22.5 22.3 17.4 3.6 3.1 17.0 19.1 1.4 1.3Sun Pharma Neutral 970 - 100,260 12,563 14,698 42.6 42.6 29.8 35.5 32.5 27.3 5.8 4.9 19.2 19.3 7.4 6.1

Power

GIPCL Accumulate 74 78 1,123 1,535 1,570 31.9 31.6 13.1 14.1 5.7 5.3 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

15/17



Power

NTPC Accumulate 150 163 123,888 76,734 86,680 24.5 24.3 13.4 14.5 11.2 10.4 1.4 1.3 12.8 12.7 2.3 2.2

Real Estate

DLF Buy 212 288 37,677 9,699 12,010 37.0 36.9 6.0 8.4 35.5 25.2 1.3 1.3 3.8 5.1 5.3 4.3

MLIFE Buy 397 476 1,620 888 1,002 30.6 30.6 38.8 43.4 10.2 9.1 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 299 338 113,641 86,592 95,860 31.4 31.8 10.9 14.5 27.5 20.6 2.1 1.9 7.7 9.3 2.0 1.6

Idea Cellular Neutral 129 - 42,662 25,122 27,663 27.0 27.2 4.0 4.8 32.4 27.0 2.7 2.5 8.3 9.1 2.1 1.9Rcom Neutral 108 - 22,353 22,801 24,628 31.0 31.3 3.6 5.3 30.4 20.6 0.7 0.6 2.2 3.1 2.6 2.2

Others

Abbott India* Accumulate 1,445 1,659 3,070 1,863 2,081 11.8 12.4 71.2 83.0 20.3 17.4 4.1 3.5 21.6 21.5 1.4 1.1Bajaj Electricals Buy 170 237 1,698 3,929 4,480 7.4 7.7 15.5 19.7 11.0 8.6 1.9 1.6 17.4 18.7 0.4 0.4

Cera Sanitaryware Buy 447 562 566 630 795 14.4 13.6 42.8 51.1 10.5 8.7 2.5 2.0 26.6 25.2 0.9 0.7Cravatex Buy 365 566 94 308 351 7.0 7.0 39.6 47.2 9.2 7.7 2.0 1.6 21.8 21.0 0.4 0.3

Finolex Cables Buy 53 68 815 2,563 2,899 9.8 9.8 10.1 11.3 5.3 4.7 0.8 0.7 14.3 13.8 0.2 0.2Force Motors Buy 374 570 487 2,299 2,621 4.7 4.9 46.3 57.0 8.1 6.6 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 268 352 619 1,453 1,560 9.4 9.8 38.4 41.4 7.0 6.5 1.5 1.3 22.9 20.8 0.2 0.2Hitachi Buy 143 177 388 1,053 1,169 6.3 7.1 13.8 17.7 10.3 8.1 1.5 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,438 - 2,156 1,842 2,131 7.7 7.8 112.4 132.4 21.7 18.4 2.7 2.4 13.3 13.8 1.1 0.9IFB Agro Buy 164 198 148 495 651 12.7 12.9 29.3 39.5 5.6 4.2 0.8 0.7 15.4 17.6 0.4 0.3ITD Cementation Buy 183 234 211 1,430 1,573 11.1 11.0 19.1 26.9 9.6 6.8 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 179 - 2,892 979 1,164 14.9 15.1 6.0 7.7 29.8 23.3 3.7 3.4 12.9 15.1 3.1 2.6MRF Reduce 15,270 14,416 6,476 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.5 8.5 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,889 3,637 4,338 1,047 1,281 19.6 19.8 127.3 158.1 30.5 24.6 14.6 10.6 54.9 50.0 4.2 3.5Relaxo Footwears Buy 625 791 750 1,146 1,333 10.9 11.4 45.9 60.9 13.6 10.3 2.9 2.3 23.0 24.6 0.8 0.7

Siyaram Silk Mills Buy 261 312 245 1,157 1,320 11.9 12.0 66.6 77.9 3.9 3.4 0.7 0.6 18.3 18.2 0.5 0.4Styrolution ABS India* Buy 434 617 764 1,068 1,223 9.6 9.6 38.1 44.1 11.4 9.9 1.6 1.4 14.5 14.7 0.7 0.6

TAJ GVK Buy 69 108 433 300 319 35.8 36.2 7.9 9.1 8.7 7.6 1.2 1.0 13.9 14.4 1.8 1.5Tata Sponge Iron Buy 299 371 460 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -TTK Healthcare Reduce 634 553 492 435 516 6.2 7.1 24.3 33.3 26.1 19.0 4.3 3.7 17.6 20.8 0.9 0.8

Tree House Accumulate 260 275 935 150 192 52.7 52.5 12.8 16.2 20.3 16.0 2.0 1.8 10.0 11.1 5.8 4.4TVS Srichakra Buy 185 252 142 1,591 1,739 6.1 6.6 24.5 41.9 7.6 4.4 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,570 - 33,608 12,294 14,162 12.0 12.0 42.1 67.7 61.0 38.0 4.3 3.9 9.1 10.7 3.1 2.6


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

16/17



Others

Vesuvius India* Buy 369 439 749 600 638 20.1 19.4 35.7 36.6 10.3 10.1 1.9 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 May 24, 2013


Market Outlook

Stock Watch

May 27, 2013

7/30/2019 Market Outlook, 27-05-2013

17/17


Documents

Market Outlook, 27-05-2013