Market Outlook 271112

7/30/2019 Market Outlook 271112

1/13

Market OutlookNovember 27, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open positively today tracing positive opening in

the SGX Nifty and major Asian indices. Most of the Asian bourses gained for a fifth

day after European finance ministers cut borrowing costs for Greece and gave theindebted nation time to pay back rescue loans.

The US markets turned mixed over the course of the trading day on Monday after

initially showing a notable move to the downside. The early weakness on Wall

Street was partly due to lingering concerns about the looming fiscal cliff. Traders

also expressed continued worries about developments in Europe, where finance

ministers held another meeting regarding another round of financing for Greece.

Meanwhile, most of the European bourses finished in the red on Monday, due to

investor concerns over the outcome of a third meeting of Eurozone finance

ministers. They were meeting to discuss debt sustainability for Greece, which must

be accomplished before the next round of aid to the country can be released.

The domestic markets rose modestly on Monday despite concerns over the fiscaldeficit and the weakening of rupee for the fifth day in a row on persistent dollar

demand from banks and importers, amid the logjam in Parliament over the issue

of FDI in retail. Encouraging Wall Street cues on expectations for a strong U.S.

holiday shopping season and continued hopes that Greece will soon tap bailout

funds helped the markets from drifting lower ahead of a meeting of euro-zone

finance ministers later in the day.

Markets Today

The trend deciding level for the day is 18,545 / 5,636 levels. If NIFTY trades above

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

up to 18,582 18,627 / 5,649 5,662 levels. However, if NIFTY trades below

18,545 / 5,636 levels for the first half-an-hour of trade then it may correct up to

18,500 18,464 / 5,623 5,610 levels.

SENSEX 18,464 18,500 18,545 18,582 18,627NIFTY 5,610 5,623 5,636 5,649 5,662

News Analysis Proposal to levy additional road tax for diesel SUVs made to Finance Ministry OVL buys stake in Kazakh oilfield for US$5bn GSK group makes voluntary open offer to buy 31.84% stake in GSK consumer L&T Finance to sell Federal Banks stake

Refer detailed news analysis on the following page

Net Inflows (November 23, 2012)

FII 1,833 1,332 501 4,743 54,659

MFs 323 406 (83) (1,070) (10,871)

FII Derivatives (November 26, 2012)

Index Futures 2,089 1,927 162 9,362

Stock Futures 9,396 9,423 (27) 31,824

Gainers / Losers

GSK Consumer 3,652 20.0 Hindustan Copp 170 (20.0)

Astrazeneca Phar. 1,520 12.2 M&M 922 (3.4)

Jet Air India 560 10.8 Bhushan Steel 466 (3.2)

Strides Arco 1,062 8.8 Havells India 572 (2.1)

Eicher Motors 2,610 7.5 MMTC 676 (2.0)

BSE Sensex 0.2 30.4 18,537

Nifty 0.2 12.9 5,628

MID CAP 1.0 65.9 6,663

SMALL CAP 0.9 60.3 7,117

BSE HC 0.7 54.6 7,758

BSE PSU (0.5) (38.2) 6,966

BANKEX (0.3) (39.7) 13,139

AUTO (0.3) (31.5) 10,527

METAL 1.0 95.9 9,897

OIL & GAS (0.2) (19.1) 7,968

BSE IT 1.2 71.3 5,805

Dow Jones (0.3) (42.3) 12,967NASDAQ 0.3 9.9 2,977

FTSE (0.6) (32.4) 5,787

Nikkei 0.2 22.1 9,389

Hang Seng (0.2) (52.2) 21,862

Straits Times 0.5 15.2 3,005

Shanghai Com (0.5) (9.9) 2,017

INFY 0.8 0.3 $43.9

WIT (0.4) (0.0) $8.3IBN 1.3 0.5 $38.1

HDB 2.4 1.0 $41.2

Advances 1,577 869

Declines 1,223 622

Unchanged 148 92

BSE 2,402

NSE 9,477


2/13



Proposal to levy additional road tax for diesel SUVs made to

Finance Ministry

As per media reports, a proposal to levy an annual road tax higher by up to

`50,000 for diesel SUVs than petrol driven ones has been forwarded to the

Finance Ministry by the Kirit Parikh committee. The committee is of the opinion thatsuch a move will help the government reduce the fuel subsidy burden. Further, the

committee has stated that the diesel prices should be made market driven after

fixing the subsidy cap at `9/litre. The committee believes that instead of a one-time

diesel tax on new purchases, the alternative could be to abolish the existing one-

time road tax and make it annual and apply a differential between petrol and

diesel vehicles. The differential for normal cars can be higher by between `10,000

and `20,000 for diesel version and for the sports utility vehicles (SUVs) it should be

higher by up to `50,000. If the proposal is implemented, the new tax would also

be applicable on diesel cars running on the road. Meanwhile, the Supreme Court

is also considering a proposal to impose prohibitive costs on purchases of diesel

vehicles to undo the damage caused to the environment. In continuation with this,a green bench headed by Justice Aftab Alam on Monday issued a notice on a plea

seeking imposition of an "environment compensation charge" amounting to 25%

of the sale price of a diesel car to be collected by dealers at the time of the sale.

We see this as a negative development for the passenger vehicle industry as the

current sales of the industry are driven purely by diesel vehicles. Any additional tax

on diesel vehicles specifically will hamper the attractiveness of the diesel vehicles

as it will increase the payback period which currently stands around 4 years. We

believe that Mahindra and Mahindra will be a major loser of such a move by the

government; however, Maruti Suzuki and Tata Motors also would be impacted. We

wait for more clarity on this matter.

OVL buys stake in Kazakh oilfield for US$5bn

ONGCs overseas acquisition arm, ONGC Videsh (OVL) will invest `27,800cr

(US$5bn) for an 8.4% stake in an oilfield in Kazakhstan. ONGC stated that there

are huge upsides in the investment. The field will start production in the

1HCY2013. ONGC will buy ConocoPhillips' entire stake in the shallow-water

Kashagan field, where Total, Shell, ExxonMobil and KazMunaiGaz hold 16.8%

stake while Inpex holds 7.6% stake. In the first phase of the field's development,

OVL is expected to get 1mn tonnes of oil per year for 25 years, with a peak of

1.6mn tonnes (the field's total output -18.5mn tonnes per year). This is in line with

OVLs strategy which has a target to raise its total oil production from current level

of 8.7mn tonnes to 20.0mn tonnes by CY2018. Until further update,

GSK group makes voluntary open offer to buy 31.84% stake in

GSK consumer

GSK group the promoter of GSK Consumer Healthcare (GSK Consumer) has

decided to make a voluntary open offer to buy 31.84% stake in the latter. The

open offer, which is priced at `3,900/share (at 28% premium to the price as on

November 23rd 2012, the last trading day prior to offer), if fully accepted would


3/13



take GSK groups stake in GSK Consumer to 75% from the current holding of

43%. The total value of the deal involving 1.34cr shares is `5,222cr. This

transaction is part of the global strategic move by the GSK group to increase stake

in its foreign associates, as it has also decided to increase its stake in GSK

Consumer (Nigeria) from 46.4% to 80%. At the current market price, GSK

Consumer is trading at 27.7x CY2013E earnings.

L&T Finance to sell Federal Banks stake

As per media reports L&T Finance is planning to raise around US $65mn by

selling its 4.68% stake in Federal bank. The company is expected to sell 7.9mn

shares, priced in the range of `450-469.75 a share, representing a discount of 0-

4.2% to the closing price on Monday.

as we remain wary of the possible incremental higher costs due to

shift from NRE SBs to NRE TDs (till now, deregulation had no significant effect on

the low cost deposit base of the bank), although we factor in healthy balance sheet

growth over next two years (considering steady branch expansion and increase in

its business profile at strong pace) and lower provisioning expenses in FY2013

than in FY2012.

Economic and Political News

PM clears roadmap for direct cash transfers from Jan 1 ICRA cuts GDP growth target at 5.4% for FY2013 All party meet ends; SP, BSP not to seek vote on debate on FDI No objection from companies on CSR norms in Company Bill: Government

Corporate News

AP power utilities yet to decide on debt restructuring facility RIL demands freeing of gas pricing

Jet Airways in stake sale talks with Etihad Sun Group confident of making profits from IPL from 3rd yearSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

November 27, 2012 3:00PM UK GDP (YoY) % Change 3Q P -- --

8:30PM US Consumer Confidence S.A./ 1985=100 Nov 72.20 73.50

November 28, 2012 8:30PM US New home sales Thousands Oct 389.00 385.00

November 29, 2012 2:25PM Germany Unemployment change (000's) Thousands Nov 20.00 --

7:00PM US GDP Qoq (Annualised) % Change 3Q S 2.00 3.00

November 30, 2012 11:00AM India Qtrly GDP YoY% % Change 3Q 5.50 --

December 1, 2012 6:30AM China PMI Manufacturing Value Nov 50.20 --

December 3, 2012 3:00PM UK PMI Manufacturing Value Nov 47.50 --

December 6, 2012 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) --

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

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

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) --

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 --

7:00PM US Unnemployment rate % Nov 7.90 --

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 --

11:00AM China Industrial Production (YoY) % Change Nov 9.60 --

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 --

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --

11:00PM US FOMC rate decision % Dec 12 0.25 --

December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) --

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

7:00PM US Consumer price index (mom) % Change Nov 0.10 --7:45PM US Industrial Production % Nov (0.40) --

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

3:00PM UK CPI (YoY) % Change Nov 2.70 --

Source: Bloomberg, Angel Research

November 27, 2012

Market Outlook


5/13

Ma rket StrategyNovember 27, 2012


Macro wa tch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

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

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 5 7. 67. 8

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

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Fe

b-1

2

M

ar

-12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

M fg. PM I 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

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

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Jun

-12

Ju

l-12

Aug

-12

Sep

-12

Exp orts yo y growth Im ports yo y growth( %)

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

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Jun

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Ju

l-12

Aug

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Sep

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O

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Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research


6/13

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 159 - 3,090 1,466 1,686 14.8 14.8 7.0 8.1 22.7 19.6 4.8 4.1 22.6 22.5 2.1 1.8

United Phosphorus Buy 110 170 5,084 8,421 9,263 16.5 16.5 15.0 17.0 7.4 6.5 1.1 0.9 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 255 - 4,358 2,911 3,321 16.2 16.2 17.3 19.8 14.8 12.9 4.0 3.2 31.1 27.6 1.4 1.2

Apollo Tyres Buy 84 104 4,209 13,713 15,341 11.2 11.2 12.5 14.8 6.7 5.6 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Buy 27 31 7,277 14,490 16,606 9.5 9.6 2.2 2.9 12.3 9.6 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Buy 369 430 557 993 1,140 11.6 11.5 36.9 43.0 10.0 8.6 2.0 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,823 - 52,740 21,121 23,642 18.4 18.5 108.7 122.6 16.8 14.9 7.0 5.6 46.2 41.6 2.1 1.8

Bharat Forge Buy 258 324 6,011 6,754 7,565 15.5 15.7 18.8 23.2 13.8 11.2 2.4 2.0 18.5 19.7 1.0 0.9

Bosch India* Neutral 8,927 - 28,030 8,776 10,276 16.6 18.0 331.9 417.7 26.9 21.4 5.0 4.2 18.7 19.5 2.8 2.4

CEAT Buy 102 163 348 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 Accumulate 141 155 11,985 6,229 7,200 14.8 15.8 7.2 9.0 19.7 15.8 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,696 - 2,818 1,489 1,750 16.5 17.5 103.3 126.9 16.4 13.4 3.2 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,830 1,956 36,539 24,743 27,996 14.8 15.2 118.2 130.4 15.5 14.0 6.7 5.3 48.3 41.9 1.2 1.0

JK Tyre Buy 112 165 461 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 Neutral 922 - 56,609 40,035 46,272 11.5 11.6 54.7 62.8 16.9 14.7 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,492 - 43,094 42,019 50,246 7.3 8.6 66.1 94.4 22.6 15.8 2.6 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 173 - 10,179 24,285 27,317 6.7 7.2 8.1 10.6 21.5 16.4 4.5 3.7 22.9 24.7 0.6 0.5

Subros Buy 31 35 184 1,286 1,479 9.4 9.7 2.6 5.1 11.8 6.1 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 263 319 70,132 192,330 219,770 12.8 13.1 37.0 44.5 7.1 5.9 2.0 1.5 31.2 28.9 0.4 0.3

TVS Motor Buy 37 45 1,763 7,466 8,290 6.2 6.3 4.8 5.6 7.8 6.6 1.3 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 702 573 14,882 7,796 9,907 4.8 7.8 9.2 22.0 76.3 31.9 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 266 - 1,923 3,605 4,542 11.8 10.7 25.1 27.9 10.6 9.6 1.6 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 222 - 54,214 47,801 43,757 18.5 18.0 24.6 21.8 9.0 10.2 2.7 2.3 33.5 24.5 1.0 1.1

Blue Star Buy 185 242 1,664 2,763 2,948 3.1 5.6 2.6 8.6 70.3 21.7 4.1 3.6 5.9 17.6 0.7 0.6

Crompton Greaves Buy 115 145 7,390 12,370 14,277 5.2 7.3 4.0 7.8 28.8 14.8 2.0 1.8 6.9 12.6 0.6 0.5

Jyoti Structures Buy 43 53 355 2,794 3,048 10.6 10.6 9.2 11.7 4.7 3.7 0.5 0.4 10.9 12.5 0.4 0.4

KEC International Buy 62 73 1,586 6,858 7,431 7.1 7.5 8.3 9.8 7.4 6.3 1.3 1.1 25.1 24.0 0.4 0.3

LMW Reduce 2,110 1,992 2,377 2,369 2,727 11.7 11.7 143.4 166.0 14.7 12.7 2.5 2.3 17.4 18.4 0.5 0.4

Thermax Neutral 570 - 6,793 5,514 5,813 9.3 10.2 28.1 31.2 20.3 18.3 3.6 3.2 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 27, 2012


7/13



Cement

ACC Neutral 1,381 - 25,924 11,085 12,415 21.6 21.4 79.4 83.1 17.4 16.6 3.4 3.0 20.1 19.2 2.1 1.7

Ambuja Cements Neutral 201 - 30,923 10,272 11,884 26.4 26.1 11.5 12.9 17.5 15.6 3.8 3.4 20.8 21.1 2.6 2.2

India Cements Neutral 84 - 2,573 4,293 4,666 17.7 18.1 8.6 10.8 9.8 7.8 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Accumulate 133 143 1,629 2,082 2,423 22.9 23.1 20.8 22.5 6.4 5.9 1.1 1.0 18.4 17.4 0.9 1.1

Madras Cements Neutral 203 - 4,836 3,814 4,045 29.3 27.5 18.7 19.2 10.8 10.6 2.0 1.7 19.9 17.4 1.9 1.7

Shree Cements^ Neutral 4,272 - 14,881 5,701 6,210 29.7 28.1 240.7 260.7 17.8 16.4 4.3 3.5 27.1 23.6 2.0 1.7

UltraTech Cement Neutral 1,868 - 51,201 21,368 24,043 22.5 23.5 103.5 121.4 18.0 15.4 3.4 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 202 304 1,061 2,034 2,315 22.4 22.4 27.1 31.7 7.4 6.4 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 12 - 220 2,262 2,522 6.7 7.5 1.5 2.7 8.0 4.5 0.4 0.3 4.4 7.5 0.4 0.3

IRB Infra Buy 122 164 4,061 3,843 4,212 43.1 43.6 16.8 17.8 7.3 6.9 1.2 1.1 18.3 17.0 3.2 3.5

ITNL Buy 183 225 3,559 6,564 7,054 27.2 27.4 26.3 29.0 7.0 6.3 1.1 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 39 - 1,197 4,249 6,897 7.8 8.2 0.3 3.3 126.5 11.8 0.5 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 89 100 19,005 13,842 15,863 26.9 26.4 3.7 4.6 24.4 19.5 1.5 1.4 6.2 7.3 2.8 2.6

Larsen & Toubro Accumulate 1,607 1,748 98,818 60,556 69,167 11.2 11.6 73.8 85.5 21.8 18.8 3.5 3.0 13.5 14.1 1.8 1.6

Nagarjuna Const. Neutral 43 - 1,096 5,947 6,569 8.5 8.6 3.1 4.1 13.8 10.4 0.4 0.4 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 50 - 1,656 11,892 13,116 9.0 9.0 1.8 3.2 27.6 15.5 0.6 0.5 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 137 168 2,060 2,344 2,804 10.6 10.7 7.2 8.7 19.0 15.7 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 182 251 901 6,882 8,032 9.1 9.1 23.2 31.3 7.9 5.8 0.7 0.6 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 135 152 6,745 6,392 7,238 2.7 2.8 30.3 33.3 4.5 4.1 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 103 - 5,769 4,731 5,431 2.9 3.0 21.5 21.8 4.8 4.7 0.8 0.7 15.2 13.8 - -

Axis Bank Buy 1,265 1,476 54,002 15,686 18,687 3.1 3.2 116.8 138.0 10.8 9.2 2.0 1.7 20.0 20.2 - -Bank of Baroda Accumulate 723 817 28,317 15,436 18,208 2.5 2.6 111.8 137.4 6.5 5.3 1.0 0.8 15.8 17.0 - -

Bank of India Accumulate 272 294 15,578 12,491 14,883 2.2 2.4 43.8 63.7 6.2 4.3 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 55 - 3,243 3,563 3,876 3.1 3.1 9.7 12.0 5.7 4.6 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 430 - 19,029 10,699 12,213 2.1 2.2 67.3 80.1 6.4 5.4 0.9 0.8 13.7 14.6 - -

Central Bank Neutral 74 - 5,418 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.4 0.8 0.6 12.7 14.9 - -

Corporation Bank Accumulate 403 445 5,972 4,780 5,569 2.0 2.1 101.8 99.2 4.0 4.1 0.7 0.6 17.0 14.7 - -

Dena Bank Buy 105 123 3,663 3,087 3,453 2.7 2.8 25.9 24.1 4.0 4.3 0.7 0.6 19.4 15.6 - -

Federal Bank Accumulate 469 491 8,014 2,617 2,968 3.3 3.2 45.9 51.7 10.2 9.1 1.3 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

November 27, 2012


8/13



Financials

HDFC Neutral 776 - 119,541 7,336 8,802 3.5 3.5 31.5 37.8 24.6 20.5 4.9 4.4 34.8 32.1 - -

HDFC Bank Reduce 662 621 156,553 21,696 26,811 4.4 4.5 28.7 36.0 23.1 18.4 4.4 3.7 20.7 22.0 - -

ICICI Bank Buy 1,019 1,270 117,094 22,271 26,690 3.0 3.0 69.2 83.1 14.7 12.3 1.8 1.6 14.2 15.7 - -

IDBI Bank Neutral 102 - 13,091 7,684 9,264 1.8 2.1 15.6 22.0 6.6 4.7 0.7 0.7 10.9 13.9 - -

Indian Bank Accumulate 184 195 7,914 5,874 6,551 3.2 3.2 40.6 41.8 4.5 4.4 0.8 0.7 18.1 16.4 - -

IOB Neutral 75 - 5,962 7,050 8,313 2.3 2.5 12.3 19.9 6.1 3.8 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,322 - 6,408 2,762 2,885 3.6 3.6 226.7 193.0 5.8 6.9 1.3 1.1 24.4 17.7 - -LIC Housing Finance Buy 247 298 12,485 1,799 2,255 2.3 2.4 20.3 27.3 12.2 9.1 1.9 1.7 16.9 19.7 - -

Oriental Bank Accumulate 313 347 9,129 6,277 7,090 2.6 2.7 60.5 65.1 5.2 4.8 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 740 843 25,099 19,652 22,601 3.2 3.3 135.0 164.3 5.5 4.5 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,018 1,556 1,750 2.8 2.7 3.5 3.9 6.5 5.9 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,091 2,437 140,309 61,883 71,546 3.4 3.4 227.2 257.5 9.2 8.1 1.6 1.4 17.8 17.7 - -

Syndicate Bank Accumulate 120 131 7,235 6,756 7,783 3.0 3.0 26.3 27.1 4.6 4.4 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 71 - 4,746 5,234 6,097 2.3 2.4 11.8 14.7 6.1 4.8 1.0 0.8 11.9 13.4 - -

Union Bank Accumulate 225 250 12,398 9,912 11,536 2.8 2.9 40.4 46.7 5.6 4.8 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 67 74 2,422 3,500 3,912 2.6 2.8 15.8 21.2 4.2 3.2 0.6 0.5 13.1 15.7 - -

Vijaya Bank Neutral 55 - 2,738 2,354 2,754 2.0 2.2 7.4 10.2 7.5 5.4 0.8 0.7 9.3 11.9 - -

Yes Bank Buy 419 492 14,960 3,270 4,240 2.8 3.0 34.5 42.2 12.2 9.9 2.6 2.1 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,074 - 39,075 11,198 13,184 16.2 16.2 123.7 146.4 32.9 27.8 11.2 8.8 38.1 35.4 3.3 2.8

Britannia Buy 489 584 5,839 5,627 6,581 4.9 5.7 18.3 24.7 26.7 19.8 9.7 7.5 39.1 42.7 0.9 0.8

Colgate Neutral 1,361 - 18,507 3,146 3,573 20.6 21.4 36.4 42.5 37.4 32.0 34.6 29.0 102.0 98.5 5.6 4.9

Dabur India Neutral 124 - 21,621 6,124 7,101 17.0 16.8 4.5 5.2 27.8 23.7 11.4 9.0 43.2 41.5 3.5 3.0

GlaxoSmith Con* Neutral 3,652 - 15,358 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.0 29.5 10.9 8.7 34.4 32.8 3.8 3.1

Godrej Consumer Neutral 688 - 23,423 6,355 7,548 18.4 18.6 22.8 27.6 30.2 24.9 6.9 5.7 26.4 26.1 3.8 3.1

HUL Neutral 537 - 116,171 25,350 28,974 13.3 13.5 14.7 17.1 36.5 31.5 28.9 20.4 84.5 75.8 4.3 3.7

ITC Neutral 287 - 225,624 29,409 34,060 35.7 36.1 9.3 10.9 30.8 26.2 10.2 8.5 35.8 35.3 7.4 6.4

Marico Neutral 214 - 13,810 4,840 5,643 13.1 13.1 6.2 7.8 34.7 27.5 6.6 5.4 25.4 22.6 2.9 2.4

Nestle* Neutral 4,600 - 44,355 8,529 10,079 20.8 21.1 113.1 137.8 40.7 33.4 24.4 17.1 70.5 60.2 5.3 4.4

Tata Global Neutral 163 - 10,105 7,207 7,927 9.7 10.0 6.6 7.8 24.7 20.9 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

November 27, 2012


9/13



IT

HCL Tech^ Neutral 640 - 44,404 24,214 26,772 19.5 18.1 44.0 48.0 14.5 13.3 3.4 2.9 24.0 22.0 1.7 1.5

Hexaware* Buy 107 135 3,163 1,944 2,159 21.8 21.1 11.4 12.2 9.4 8.7 2.4 2.1 26.4 24.1 1.3 1.1

Infosys Accumulate 2,417 2,573 138,769 39,174 41,580 29.5 30.4 159.2 171.6 15.2 14.1 3.7 3.3 24.1 23.1 2.9 2.7

Infotech Enterprises Accumulate 186 202 2,072 1,886 2,032 17.9 17.3 18.7 20.2 10.0 9.2 1.5 1.3 14.9 14.0 0.8 0.6

KPIT Cummins Accumulate 128 132 2,299 2,195 2,317 15.5 15.0 10.7 12.1 12.0 10.7 2.6 2.1 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 104 115 12,269 7,597 8,141 20.0 18.8 9.7 10.4 10.8 10.0 3.0 2.3 27.5 22.9 1.2 1.1

Mindtree Accumulate 672 747 2,759 2,324 2,437 20.0 17.7 73.3 74.7 9.2 9.0 2.2 1.8 24.1 19.7 0.9 0.8Mphasis& Neutral 400 - 8,397 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.7 1.5 1.4 14.3 12.6 1.0 0.8

NIIT Accumulate 32 36 529 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.2 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 480 - 1,921 1,261 1,352 26.4 24.7 48.2 54.0 10.0 8.9 1.9 1.6 19.0 17.9 1.2 1.0

TCS Accumulate 1,292 1,410 252,893 61,053 67,313 28.7 29.1 69.7 76.2 18.5 17.0 6.1 4.9 32.6 29.1 3.9 3.5

Tech Mahindra Buy 907 1,070 11,576 6,603 7,150 19.8 18.4 92.9 102.0 9.8 8.9 2.3 1.9 23.7 21.0 1.8 1.6

Wipro Accumulate 376 421 92,532 43,219 47,241 20.0 20.0 26.1 28.1 14.4 13.4 2.8 2.4 19.3 17.9 1.8 1.5

Media

D B Corp Buy 215 259 3,937 1,581 1,784 23.3 25.0 11.6 14.4 18.5 14.9 3.6 3.1 21.0 22.3 2.4 2.0

HT Media Accumulate 98 113 2,304 2,111 2,272 15.0 15.2 7.4 8.3 13.3 11.9 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 102 117 3,229 1,503 1,681 23.1 23.1 6.4 7.3 16.0 14.1 4.0 3.5 25.8 26.5 2.3 2.0

PVR Neutral 245 - 708 625 732 17.4 17.1 13.3 15.6 18.4 15.7 2.0 1.8 13.2 13.8 1.6 1.3

Sun TV Network Neutral 380 - 14,961 1,942 2,237 77.2 75.5 17.6 19.1 21.6 19.9 5.4 4.8 25.8 25.2 7.2 6.2

Metals & Mining

Bhushan Steel Neutral 466 - 9,899 11,307 14,287 29.5 29.1 45.1 51.0 10.3 9.1 1.2 1.1 12.2 12.2 3.0 2.4

Coal India Neutral 360 - 227,452 66,666 70,292 25.7 27.3 24.2 26.6 14.9 13.5 4.4 3.6 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 26 29 910 1,984 2,074 10.6 11.6 0.8 2.0 31.5 13.0 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Accumulate 138 145 58,183 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.6 2.0

Hindalco Neutral 110 - 20,984 79,148 89,258 9.4 9.0 15.0 15.6 7.3 7.1 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 722 - 16,098 39,586 41,459 17.6 17.0 78.7 90.1 9.2 8.0 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 238 261 4,003 941 1,019 47.3 48.3 25.8 28.1 9.2 8.5 1.5 1.3 16.7 16.2 1.9 1.6

Monnet Ispat Buy 280 344 1,801 2,501 3,264 22.2 24.6 41.8 55.2 6.7 5.1 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Neutral 44 - 11,430 6,898 7,841 9.9 14.7 2.0 3.2 22.4 13.9 1.0 0.9 4.3 6.8 1.2 1.1

NMDC Buy 163 198 64,704 11,209 12,525 78.4 78.3 18.5 20.6 8.8 7.9 2.2 1.8 27.0 24.6 4.1 3.4

SAIL Neutral 78 - 32,197 47,252 60,351 14.2 14.8 9.6 11.7 8.2 6.6 0.7 0.7 9.4 10.6 1.1 0.9


Market Outlook

Stock Watch

November 27, 2012


10/13



Metals & Mining

Sesa Goa Accumulate 168 183 14,618 4,551 6,640 32.8 34.4 33.7 39.3 5.0 4.3 0.9 0.7 18.3 18.3 3.8 2.6

Sterlite Inds Accumulate 98 110 33,086 43,185 45,442 23.3 23.7 16.8 17.9 5.9 5.5 0.7 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 372 463 36,081 145,725 154,108 8.3 9.5 22.0 44.5 16.9 8.3 0.8 0.7 4.9 9.3 0.5 0.5

Sarda Accumulate 139 153 498 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 45 73 604 2,694 2,906 14.6 16.6 16.4 20.8 2.7 2.2 0.3 0.2 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 116 143 369 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.4 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 326 382 62,232 17,567 17,643 76.2 72.3 61.1 56.8 5.3 5.7 1.1 0.9 22.0 17.5 2.7 2.3

GAIL Neutral 337 - 42,779 46,652 54,142 15.7 15.7 34.0 35.3 9.9 9.6 1.7 1.5 18.5 16.8 0.7 0.5

ONGC Buy 250 312 213,844 147,139 154,821 33.9 33.7 30.7 32.3 8.2 7.7 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 773 - 253,254 362,700 380,031 7.9 8.0 60.0 63.3 12.9 12.2 1.2 1.1 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 300 - 3,849 3,128 3,707 13.2 11.7 22.8 23.5 13.2 12.8 4.0 3.5 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 258 - 3,611 3,213 3,643 23.3 23.5 24.3 25.7 10.6 10.0 2.4 2.0 25.0 22.1 1.2 1.1

Petronet LNG Buy 157 183 11,741 30,077 33,570 6.6 6.3 15.1 15.3 10.4 10.3 2.6 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 71 - 3,992 1,079 1,034 91.8 91.9 8.8 8.4 8.1 8.5 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 62 91 1,170 1,624 1,855 14.2 15.6 6.6 9.1 9.4 6.8 2.4 1.8 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 179 - 5,208 5,243 5,767 14.6 14.6 11.8 12.6 15.2 14.2 1.9 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,191 - 5,045 1,482 1,682 15.5 15.5 95.1 104.4 23.0 21.0 4.1 3.2 18.6 17.0 3.1 2.7

Cadila Healthcare Accumulate 822 926 16,828 6,148 7,386 18.6 19.6 32.7 44.8 25.1 18.4 5.5 4.4 23.7 26.6 3.1 2.5

Cipla Accumulate 381 419 30,627 8,151 9,130 25.0 24.0 19.5 20.9 19.6 18.3 3.4 2.9 18.8 17.2 3.6 3.1

Dr Reddy's Accumulate 1,759 1,859 29,859 10,696 11,662 20.7 21.0 83.7 92.9 21.0 18.9 4.3 3.6 22.4 20.8 3.0 2.7

Dishman Pharma Buy 113 145 910 1,280 1,536 20.2 20.2 10.4 14.5 10.8 7.8 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,044 - 17,314 2,651 2,993 31.7 31.2 76.0 82.4 26.9 24.8 7.8 6.9 20.1 26.3 5.6 4.9

Indoco Remedies Buy 68 89 624 685 837 15.2 15.2 7.4 8.9 9.2 7.6 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 450 485 5,677 2,850 3,474 21.0 21.0 29.9 37.3 15.1 12.1 3.6 2.9 26.7 26.4 2.1 1.8

Lupin Buy 565 652 25,255 8,426 10,082 19.7 20.0 26.3 31.3 21.5 18.0 5.0 4.0 26.0 24.7 3.1 2.6

Orchid Chemicals #N/A 97 686

Ranbaxy* Neutral 497 - 21,014 12,046 11,980 18.0 15.8 31.3 29.8 15.9 16.7 5.4 4.4 39.1 28.9 1.8 1.8

Sun Pharma Neutral 696 - 71,986 9,752 12,134 41.6 41.6 26.0 28.2 26.8 24.7 5.0 4.3 20.3 18.8 6.7 5.2

Power

CESC Neutral 279 - 3,489 5,218 5,644 24.2 23.8 44.6 47.6 6.3 5.9 0.7 0.6 11.0 10.6 1.4 1.5


Market Outlook

Stock Watch

November 27, 2012


11/13



Power

GIPCL Buy 68 78 1,021 1,523 1,568 30.3 30.3 5.4 11.5 12.5 5.9 0.7 0.6 5.6 11.3 1.1 1.0

NTPC Neutral 159 - 131,268 74,111 85,789 22.7 23.1 12.1 13.7 13.2 11.6 1.6 1.5 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 95 78 2,806 657 875 52.0 56.1 8.4 12.7 11.3 7.5 0.7 0.6 6.3 8.9 5.5 4.1

DLF Neutral 200 - 34,031 9,878 12,033 44.7 46.1 9.6 13.4 20.9 14.9 1.3 1.3 6.4 8.7 5.9 4.9

HDIL Accumulate 103 115 4,333 2,441 3,344 55.1 48.2 22.7 26.6 4.6 3.9 0.4 0.4 8.8 9.4 3.6 2.7

MLIFE Reduce 430 396 1,756 813 901 26.2 26.6 32.0 37.1 13.4 11.6 1.4 1.3 10.4 11.0 2.5 2.2Telecom

Bharti Airtel Neutral 310 - 117,856 81,984 90,718 32.1 33.8 10.9 16.9 28.4 18.4 2.2 2.0 7.6 10.6 2.1 1.8

Idea Cellular Neutral 95 - 31,487 22,234 24,161 26.9 27.7 3.3 4.9 28.7 19.3 2.2 2.0 7.7 10.3 1.8 1.6

Rcom Neutral 68 - 13,973 21,090 22,308 31.8 29.9 3.0 3.8 22.3 17.8 0.4 0.4 1.7 2.1 2.3 2.1

zOthers

Abbott India Accumulate 1,429 1,590 3,036 1,629 1,886 11.8 13.3 60.8 79.5 23.5 18.0 4.8 4.0 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 201 217 2,004 3,497 3,968 6.6 7.6 9.8 15.5 20.5 13.0 2.6 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 400 - 506 427 528 15.7 14.6 30.0 34.0 13.3 11.8 2.9 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 423 545 109 272 308 7.2 7.3 37.5 45.4 11.3 9.3 2.7 2.1 23.7 22.7 0.5 0.5

CRISIL Neutral 936 - 6,571 982 1,136 34.3 34.3 34.3 40.0 27.2 23.4 12.3 9.9 50.9 46.9 6.1 5.2

Finolex Cables Buy 49 61 756 2,304 2,552 9.9 9.1 8.2 10.1 6.1 4.9 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Accumulate 475 537 619 2,318 2,700 5.0 5.7 45.0 67.0 10.6 7.1 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Buy 305 360 705 1,494 1,607 6.4 7.8 23.9 33.0 12.8 9.3 2.0 1.7 16.5 20.1 0.3 0.2

Greenply Industries Accumulate 292 309 705 1,925 2,235 10.6 10.9 29.6 44.1 9.9 6.6 1.6 1.3 16.8 21.0 0.6 0.5

Hitachi Buy 122 146 281 873 989 4.4 6.5 6.4 12.2 19.3 10.1 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,434 2,842 2,152 1,745 1,993 4.0 5.3 59.5 90.4 40.9 26.9 3.1 2.7 8.1 11.3 1.2 1.0Styrolution ABS India* Accumulate 680 744 1,195 1,059 1,116 8.5 9.5 36.0 42.0 18.9 16.2 2.8 2.4 15.4 16.0 1.1 1.0

ITD Cementation Neutral 249 - 287 1,323 1,455 12.4 12.4 23.2 27.7 10.8 9.0 0.7 0.7 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 178 - 2,867 1,228 1,443 9.0 10.9 3.9 6.4 45.7 27.8 4.5 4.2 10.1 15.6 2.8 2.3

MCX Reduce 1,516 1,440 7,731 553 624 65.3 66.3 62.5 72.0 24.3 21.1 6.7 5.8 27.5 27.4 11.0 9.3

MRF Buy 9,991 12,884 4,238 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.0 1.5 1.2 21.3 19.4 0.5 0.4

Page Industries Accumulate 3,345 3,602 3,731 836 1,023 20.2 20.6 105.6 133.4 31.7 25.1 16.1 11.4 59.3 53.2 4.5 3.7

Relaxo Footwears Buy 796 933 955 1,019 1,208 11.0 12.5 47.0 66.7 17.0 11.9 4.2 3.1 28.2 30.1 1.1 0.9

Sintex Industries Buy 59 79 1,779 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 296 366 277 1,043 1,149 12.3 12.9 65.7 73.3 4.5 4.0 0.9 0.7 21.0 19.6 0.5 0.5


Market Outlook

Stock Watch

November 27, 2012


12/13



zOthers

S. Kumars Nationwide Neutral 13 - 379 7,134 7,985 19.7 19.4 12.2 14.1 1.0 0.9 0.1 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 44 43 2,151 5,720 6,599 5.3 6.8 3.6 5.4 12.3 8.3 17.8 5.7 - - 0.4 0.4

TAJ GVK Buy 73 108 458 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 308 384 474 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TVS Srichakra Buy 267 335 204 1,476 1,643 7.0 8.2 32.6 55.9 8.2 4.8 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,940 - 25,380 10,289 11,421 12.8 12.8 26.0 45.3 74.6 42.8 3.4 3.2 5.8 7.6 2.7 2.4

Vesuvius India Neutral 347 - 704 560 611 16.1 17.0 24.7 28.8 14.1 12.1 2.1 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 November 26, 2012


Market Outlook

Stock Watch

November 27, 2012


13/13


Documents

Market Outlook 271112