Market Outlook, 29-07-2013

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Market OutlookJuly 29, 2013

Dealers Diary

Indian markets are expected to open flat to negative tracking flat opening in SGX

Nifty while most of the other Asian markets are trading in the negative territory.

The US markets showed a substantial recovery over the course of the trading

session on Friday after coming under pressure in morning trading. The volatility

was seen over the course day. The major averages eventually ended the session

slightly higher. Meanwhile, the majority of the European markets ended Friday's

session in the negative territory. Although the earnings picture brightened at the

end of the trading week the investors were reluctant to take any positions ahead of

the upcoming FOMC meeting this week and the U.S. jobs report for July.

Indian shares ended a volatile session modestly lower on Friday, with a slew of

weak earnings reports dampening the sentiments. Investors looked ahead to RBI's

monetary policy meeting tomorrow amid expectations that the central bank will

maintain a status quo on policy rates.

Markets TodayThe trend deciding level for the day is 19,785 / 5,900 levels. If NIFTY trades

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

rally up to 19,871 19,993 / 5,931 5,975 levels. However, if NIFTY trades

below 19,785 / 5,900 levels for the first half-an-hour of trade then it may correct

up to 19,663 19,577 / 5,856 5,825 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,577 19,663 19,785 19,871 19,993

NIFTY 5,825 5,856 5,900 5,931 5,975

News Analysis

1QFY2014 Monetary Policy Preview ONGC inks pact with RIL to explore infrastructure sharing Maruti Suzuki to foray into the LCV space DLF in talks with PEs to sell Aman Resorts Electrosteel Castings associate Electrosteel Steel reported 1QFY2014 results Result Review: HUL, Wipro, Nestle, PNB, BOI, Corporation Bank, Dena Bank,

JK Lakshmi Cement, Styrolution, Force motors Result Preview: Ultratech, Colgate, Madras Cement, Indian Bank, Allahabad

Bank, Vijaya Bank, Persistent, JaiPrakash AssociatesRefer detailed news analysis on the following page

Net Inflows (July 25, 2013)

` cr Purch Sales Net MTD YTDFII 4,233 4,470 (237) (6,394) 64,913

MFs 440 397 44 (940) (13,117)

FII Derivatives (July 26, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,461 1,656 (195) 12,581

Stock Futures 2,100 2,080 20 24,806

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Jet Air India 396 17.4 Wockhardt 575 (10.0)

Biocon 322 7.3 Financial Tech 567 (9.0)

Ambuja Cements 179 4.6 Canara Bank 269 (8.6)

TTK Prestige 3,565 4.6 Syndicate Bank 94 (8.4)

Bata India 907 3.4 Dish TV India 52 (8.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.3) (57) 19,748

Nifty (0.4) (21) 5,886

MID CAP (1.0) (58) 5,780

SMALL CAP (0.8) (46) 5,516

BSE HC 0.2 21 9,186

BSE PSU (1.5) (87) 5,698

BANKEX (1.4) (174) 11,950

AUTO (0.6) (64) 10,650

METAL (3.5) (254) 6,979

OIL & GAS (0.3) (30) 8,865

BSE IT (0.1) (4) 7,241

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.0 3 15,559NASDAQ 0.2 8 3,613

FTSE (0.5) (33) 6,555

Nikkei (3.0) (433) 14,130

Hang Sang 0.3 68 21,969

Straits Times 0.0 0 3,236

Shanghai Com (0.5) (10) 2,011

Indian ADR Chg (%) (Pts) (Close)INFY (0.2) (0.1) $49.9

WIT 0.1 0.0 $8.3IBN (2.1) (0.7) $34.3

HDB (2.2) (0.8) $35.2

Advances / Declines BSE NSEAdvances 835 400

Declines 1,433 901

Unchanged 158 91

Volumes (` cr)BSE 2,101

NSE 11,523

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1QFY2014 Monetary Policy Preview

In addition to the growth-inflation dynamics the RBIs monetary policy stance is

likely to be determined by developments in the external sector owing the sharp

depreciation of the INR. In view of this, we believe that the RBI is likely to maintain

status quo on policy rates in its policy meeting on July 30, 2013. The INR hasdepreciated by nearly 10% since May 2013. Consequently, the RBIs tone remains

cautionary against the risks of elevated twin deficits, reversal of capital flows and

imported inflation gaining ground and mitigating the beneficial impact of

softening global commodity prices.

During June 2013, WPI inflation has remained in the RBIs comfort zone for the

third straight month and core inflation collapsed to a 42-month low. In addition,

growth indicators have remained sluggish without signs of sustained improvement.

Growth during FY2013 has slumped to a decade-low of 5.0%. The IIP for May

2013 reported a 1.6% decline in industrial production. Industrial activity reported

almost flat 0.1% growth during April May 2013 as against 0.6% growth in thecorresponding period of the previous year. The sluggishness in economic growth

along with decelerating inflation warrants a supportive monetary policy stance. In

contrast however, owing to our external sector vulnerability the RBI has taken some

strong measures during July 2013 to contain exchange rate volatility by squeezing

liquidity which can be viewed as monetary policy tightening through stealth.

The steps taken by the RBI include 1) prohibiting banks from proprietary trading of

currency futures, 2) capping borrowing of banks from the LAF window to 0.5% of

each individual banks NDTL, 3) hike in the MSF and bank rate by 200bp raising

the cost of excess borrowing to 10.25%, 4) maintaining a minimum daily Cash

Reserve Ratio (CRR) balance of 99% of the prescribed requirement up from aminimum of 70% mandated earlier and 5) announcing open market sales of G-

secs amounting to Rs. 12,000 crores.

Since the RBI has already taken such stringent measures to constrict liquidity in the

system, we do not expect the RBI to go a step further and hike the CRR at least for

now. Presently the policy rate repo stands at 7.25%, reverse repo at 6.25% while

the penal emergency lending rate MSF/ bank rate stand at 10.25% and CRR is at

4.0% of banks NDTL.

ONGC inks pact with RIL to explore infrastructure sharingMedia reports suggest that Reliance Industries Ltd (RIL) and ONGC are planning to

sign a formal pact for sharing the infrastructure in the gas-rich D6 block. ONGC,

which is developing deep-sea fields adjacent to Reliance's D6 block has signed a

memorandum of understanding (MoU) with RIL to work out modalities of sharing

of infrastructure, identifying additional requirements and firming up commercial

terms. ONGC said this would minimize its capital expenditure and speed up

development of its deep-sea gas fields which will produce 6-9 mmscmd of natural

gas in four years. The companies intend to enter into a formal agreement after

conducting a joint study which will be completed in the next 9 months. We await

further clarity on the modalities of this deal and until then maintain our Buy viewon ONGC with a target price of `387 and Neutral on RIL.

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Maruti Suzuki to foray into the LCV space

Maruti Suzuki (MSIL) has announced that it set to foray into the light commercial

vehicle (LCV) segment by launching a new product in the segment within the next

two years. The company has already received the board approval for the project

last week. The new product will be developed on the Suzuki Motor Corporation'sCarry platform and will be available both in the diesel and CNG variant. Carry is

an LCV which is being sold in markets such as China, Indonesia and Pakistan.

While MSIL has not divulged any technical specifications of the new LCV, the

Management indicated that the company engineers are working on adapting the

Fiat diesel engine to be used in the LCV.

We see this as a positive development for MSIL and believe that the entry into the

LCV segment would diversify the company's portfolio. Further, MSIL would also

make its presence felt in one of the fastest growing segments in the domestic

automotive industry. The segment is currently dominated by Tata Motors (Ace),

Mahindra and Mahindra (Maxximo) and Ashok Leyland (Dost). Additionally, thisshould also propel MSIL's volume growth and enable the company to utilize its

enhanced capacity which is expected to touch 1.9mn units by the end of FY2015

from 1.6mn units currently. At `1,375, MSIL is trading attractively at 12.5xFY2015E earnings. We maintain our Buy rating on the stock with a target price of`1,648.

DLF in talks with PEs to sell Aman Resorts

As per media reports, DLF has walked out of a pact to exclusively negotiate sale of

its luxury hotel chain Aman resorts with Indonesian hotelier Adrian Zecha, after theUS$300mn deal could not be closed within the stipulated timeframe. It also states

that the company has initiated talks with four buyers, including leading private

equity (PE) funds, for the sale of Aman Resorts.The stake sale is in-line with thecompanys strategy to reduce its debt through sale of its non core asset. Wecontinue to maintain Buy rating on the stock with a target price of `236.

Electrosteel Castings associate Electrosteel Steel reported

1QFY2014 results

Electrosteel Castings (ECL) associate, Electrosteel Steel (ESL) reported its1QFY2014 results. Net sales grew by 900% yoy to`120cr. However, it reported a

loss of`10cr at the EBITDA level due to higher raw material costs and other

expenditure. The company reported a net loss of`70cr due to higher depreciation

expenses of`17cr and interest expenses of`45cr. We maintain our Buy rating onECL with a target price of `18.

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Result Review

HUL (CMP:`663/ TP:-/ Upside :-)

For 1QFY2014 Hindustan Unilevers (HUL) bottom-line performance was in line

with estimates. The company posted a net profit (before exceptional items) of

`885cr (up 3.6% yoy). However, top-line growth at 7% was below estimates as

domestic consumer business posted an underlying volume growth of 4% (vs.

estimates of 5-6%). Pricing growth stood at a low 3% due to price deflation in

soaps and pricing anniversary in detergents. Soaps and Detergent segment posted

a 7.7% yoy growth in revenue, while Personal products posted a disappointing 2%

yoy growth. The poor performance of the personal products segment was on

account of de-growth in Fair and Lovely on a high base andslowdown in the mass

skin whiteningsegment. Growth in Beverages segment stood at 15.8% yoy. OPM

stood at 14.4% up 101bp on yoy basis aided by fall in raw material prices and

lower other expenses. We maintain a neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 29,167 13.6 3,695 17.1 113.4 38.8 37.3 35.2 4.8

FY2015E 33,164 13.7 3,978 18.4 87.0 36.1 27.0 30.5 4.2

Wipro (CMP:`383/ TP: -/ Upside: -)

For 1QFY2014, Wipro results were broadly in-line with our estimates except in

terms of USD revenue. The IT services revenue came in at US$1,588mn, up just

0.2% qoq vs. expectation of ~1.0% qoq growth; though in constant currency terms

revenues grew by 1.2%. At the consolidated level, Wipros revenue came in at`9735cr, down 11.7% qoq due to hiving off of non-IT business. During

1QFY2014, Wipros consolidated EBITDA margin grew by 32bp qoq to 20.8%

while EBITDA margin of IT services segment declined by ~40bp qoq as gains due

to currency was offset by negative impact of wage hikes given from 1 June 2013.

PAT came in in-line with expectations at`1,632, down 6.1% qoq while on a like-

to-like basis (not including non-IT business) PAT was up ~3% on a sequential

basis. The company has added 1,469 people in the quarter taking the total

headcount to ~1,47,280. It added 28 new customers, the lowest addition in the

past five quarters.

The management has made several changes to the structure to align it more withthe demand generation process and increasing efficiency. For 2QFY2014, the

management has given a USD revenue guidance of US$1,620mn-1,650mn,

which translates into a qoq growth of 2-4% which is above our expectations of 1.5-

3% and is better than guidance given by company since past several quarters. This

guidance indicates initial signs of stability in the company going ahead.

Management indicted about pickup in large deal closures and robust order book

which bodes well for growth in coming quarters. We believe that the restructuring

initiatives have not yet started showing the expected results and will start reflecting

in the financials of the company in due course. We remain positive on the stock;

however we would revise our target price and rating post the earnings conferencecall.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 41,659 20.2 6,914 27.7 20.5 13.8 2.8 8.2 1.7

FY2015E 45,137 21.2 7,484 29.9 19.0 12.8 2.4 6.9 1.5

Nestle India (CMP:`5,447/TP:-/Upside: -)

Nestle India posted a 11.4% yoy growth in net sales to `2,213cr, which wasin-line with estimates aided by better realizations and higher volumes incertain product categories. OPM stood flat at 21.6%. Depreciation costs roseon account of addition of new capacity and amortization of capitalizedborrowing costs. Bottom-line rose by 10.3% yoy to `271cr. We maintain aneutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,447 22.1 1,229127.5 57.7 43.6 21.8 25.4 5.6

CY2014E 10,968 22.3 1,486154.1 50.7 36.1 15.8 21.2 4.7

PNB- (CMP:`596 / TP: -`650 / Upside:- 9.0%)PNB reported weak set of numbers for the quarter, affected by asset quality

challenges. NII grew at subdued pace of 5.7% yoy. Other income grew at 15.1%

yoy, aided by higher treasury gains. Overall, pre-provisioning profit for the bank

grew at muted 4.7% yoy. The bank found no respite on asset quality pressures, as

slippages during the quarter came in at`3594cr (almost half of it contributed by a

single exposure to Gem & Jewelry sector). Consequently, the Gross NPA levels

jumped up sequentially by 12.1%. PCR for the bank came off by 416bp and

hence, Net NPA levels increased sequentially by a much higher 25.2%. Overall,

the bank reported marginal earnings growth of 2.4% yoy. AT CMP PNB is currently

trading at 0.6x FY2015E ABV. We maintain our Accumulate recommendation onthe stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 20,766 3.4 4,774 135.0 868.7 1.0 14.4 4.4 0.7

FY2015E 23,515 3.4 5,827 164.81,039.2 1.0 15.7 3.6 0.6

Bank of India (CMP:`184 / TP: -`195 / Upside: - 6.4%)Bank of India reported healthy operating numbers for the quarter, with better than

expected asset quality numbers. NII expectedly grew at a healthy pace of 24.1%

yoy. Other income grew by 40.4% yoy primarily boosted by trading gains, thereby

aiding strong pre-provisioning profit growth of 30.3% yoy. On the asset quality

front, Gross and Net NPA levels went up sequentially by 7.4% and 7.8%

respectively better than peers. As the asset quality numbers came in better than

expected, the increase in provisioning expenses was limited to 47.1% yoy, thereby

resulting in earnings growth of 8.6% yoy. AT CMP BOI is currently trading at 0.4x

FY2015E ABV. We maintain our Accumulate recommendation on the stock.

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Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,482 2.3 3,280 55.0 373.0 0.7 13.7 3.3 0.5

FY2015E 16,069 2.2 3,710 62.2 433.9 0.7 13.9 3.0 0.4

Corporation Bank - (CMP:`303/ TP:`322 / Upside: 6.3% )Corporation Bank reported healthy operating performance (NII grew by 19.3%

yoy), however dragged by weak asset quality performance, bottom-line grew

marginally 2.1 % yoy. Non-interest income grew strongly by 77.4% yoy, probably

boosted by treasury gains. Overall, pre-provisioning profit for the bank grew by

48.5% yoy. On the asset quality front, the bank witnessed significant asset quality

deterioration during the quarter, as Gross and Net NPA levels increased

sequentially by around 35%. PCR for the bank came off by 527bp qoq to 56.8%.

We await further clarity from the management regarding the asset quality

performance during the quarter and outlook on the same going ahead. Given the

recent macroeconomic developments and overall weak environment, we believe

that the asset quality pressures are unlikely to subside as quickly as was anticipated

earlier. At the CMP, the stock is trading at 0.4x FY2015E ABV. We recommendAccumulate rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABV

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 5,554 2.0 1,451 94.9 674.0 0.7 14.3 3.2 0.4

FY2015E 6,156 2.0 1,603 104.9 758.2 0.7 14.2 2.9 0.4

Dena Bank- (CMP:`59/ TP: - / Upside: -)Dena Bank reported weak operating performance for the quarter. NII expectedly

de-grew by 1.2% yoy. Non-interest income grew strongly by 158% yoy, probably

boosted by treasury gains. Overall, pre-provisioning profit for the bank grew by

28.0% yoy. On the asset quality front, the bank witnessed significant asset quality

deterioration during the quarter, as Gross and Net NPA levels increased

sequentially by around 21%. Consequently, provisioning expenses for the bank

more than doubled to`228cr on a yoy basis, and earnings de-grew by 20.7% yoy

at `189cr. We await further clarity from the management regarding the asset

quality performance during the quarter and outlook on the same going ahead. At

the CMP, the stock trades at valuations of 0.3x FY2015E ABV. We maintain ourNeutral recommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,255 2.3 771 22.0 153.5 0.7 14.7 2.7 0.4

FY2015E 3,623 2.4 872 24.9 176.0 0.7 14.7 2.4 0.3

JK Lakshmi Cement (CMP:`71/TP:`100-/Upside:-41%)

For 1QFY2014 JK Lakshmi Cement posted a 14.4% yoy decline in top-line to

`457cr, which was below estimates. Volumes fell by a steep 12.2% yoy, while

realization too was down by ~5% yoy. The steeply fall in companys sale volumes

was on account of poor cement demand scenario in the companys key markets in

northern and western India. OPM for the quarter fell steeply by 754bp yoy on

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account of lower realization and increase in costs. Bottom-line fell by 69% yoy on

account of poor operational performance. We maintain a Buy on the stock with arevised target price of `100.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Mar (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)FY2014E 2,256 20.2 200 17.0 14.8 4.2 0.6 2.0 28

FY2015E 2,709 22.2 240 20.4 15.4 3.5 0.5 4.0

Note: Computed on TTM basis

Styrolution ABS Ltd. (CMP-`419/TP-`492/Upside-17%)

Styrolution ABS Ltd. (Styrolution) reported mixed set of numbers for 2QCY2013.

Top line for the quarter came in flat at `230cr, lower by 2.4% yoy as compared to

our estimate of `268cr. EBITDA grew marginally by 0.8% yoy and came in at

`15cr, while margins expanded by 20bp yoy to 6.3% owing to lower raw materialcost as percentage of sales. The company was able to pass on the additional

imported raw material cost due to currency volatility to the customers and thereby

sustain the operational margins. Net profit plunged by 14.7% yoy to `8.3cr on

account of lower other income (by 7.0% yoy) and higher tax outgo (39.5% of PBT

as compared to 29.3% in 2QCY2012). We have revised our estimates downwardsbut continue to maintain Buy rating on the stock with the revised target price of`492, based on target PE of 14x for CY2014E.Y/E Sales OPM PAT EPS RoIC P/E P/BV EV/Sales

Dec (` cr) (%) (` cr) (`) (%) (x) (x) (x)CY2013E 1,007 8.4 53 30.3 14.9 13.8 1.5 0.7CY2014E 1,108 8.7 62 35.1 16.4 11.9 1.4 0.6

Force Motors (CMP:`248/ TP:`349/ Upside: 41%)

Force Motors (FML) reported decent set of numbers for 1QFY2014. Top-line for

the quarter came in flat at`504cr vis--vis our estimate of `590cr. On operating

front, EBITDA surged by 89% yoy (after consistent poor performance since last two

quarters) to`33cr while margins expanded by 305bp yoy to 6.5% from 3.4% in

the same quarter previous year. Margin expansion was largely due to reduced

raw material cost as percentage of sales (by 6.5%) which was partially offset by

increased other expenses (by 9.5%). On the back of robust operating

performance, net profit reported growth of 38.3% yoy to `14.3cr with margins at

2.8% (2.0% in 1QFY2013). After the correction in the stock on account of poor

results since last two quarters, the stock is trading at cheap valuation of 5.7x PE for

FY2015E. We maintain our Buy recommendation on the stock with revised targetprice of `349, based on target PE of 8x for FY2015E.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,304 3.1 37 28.0 3.1 8.9 0.3 2.1 0.1

FY2015E 2,649 3.6 58 43.7 4.7 5.7 0.3 1.6 0.1

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Result Preview

Ultratech (CMP:`1,865/TP:/Upside:-)

Ultratech is expected to announce its 1QFY2014 results today. We expect the top-

line to decline by 2.5% yoy to`4,948cr. OPM is expected to decline by 269bp yoy

to 23.1%. Bottom-line is expected to decline by 21.7% yoy to`609cr. We maintainour Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)FY2014E 21,704 25.1 2,921106.5 17.8 17.5 2.9 9.6 173

FY2015E 24,834 25.0 3,283119.7 17.3 15.6 2.5 8.6


Colgate Palmolive (CMP:`1,440/TP:-/Upside:-)

Colgate Palmolive is expected to declare its 1QFY2014 results today. We expect

the top-line to grow by 14.9% yoy to`868cr. OPM is expected to decline by 199bp

yoy to 19.5%. Bottom-line is expected to increase by 16.3% yoy to `137cr. Wemaintain our Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,588 20.5 601 44.2 108.6 32.6 31.7 27.8 5.3

FY2015E 4,130 20.9 704 51.7 96.2 27.8 23.1 23.1 4.5

Madras Cements (CMP:`175/TP:-/Upside:-)

Madras Cements is expected to post its 1QFY2014 results today. We expect the

top-line to grow by 8.4% yoy to `1,073cr. OPM is expected to decline by 784bp

yoy to 23.2%. Bottom-line is expected to decline by 11.5% yoy to `109cr. Wemaintain a Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Mar (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)FY2014E 4,217 25.3 437 18.4 17.1 9.5 1.5 6.4 68

FY2015E 4,753 25.2 529 22.2 17.8 7.9 1.3 5.4


Indian Bank- (CMP:`97/ TP:`/ Downside: )Indian Bank is scheduled to announce its 1QFY2014 results today. We expect the

bank to report de-growth of 2.1% yoy in Net Interest Income (NII) to `1,129cr.

Non-interest income is expected to grow by 25.0% yoy to `278cr. Operating

expenses are expected to increase by 18.6% yoy to`635cr. Provisioning expenses

are expected to increase by 85.9% yoy to `271cr. Hence Net profit is expected to

de-grow by 19.6% to `371cr.At the CMP, the stock is trading at 0.3x FY2015E

ABV. We maintain our Neutral recommendation on the stock.

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Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 6,077 2.9 1,558 35.2 249.3 0.9 14.1 2.7 0.4

FY2015E 6,845 3.0 1,810 41.0 282.4 0.9 14.7 2.4 0.3

Allahabad Bank - (CMP:`76/ TP: -/ Downside:- )Allahabad Bank is scheduled to announce its 1QFY2014 results today. We expect

the bank to report de-growth of 11.7% yoy in Net Interest Income (NII) to

`1,153cr. Non-interest income is expected to grow by 17.5% yoy to `364cr.

Operating expenses are expected to increase by 15.9% yoy to `765cr.

Provisioning expenses are expected to increase by 8.6% yoy to`340cr. Hence Net

profit is expected to de-grow by 43.9% to `288cr.At the CMP, the stock is trading

at 0.3x FY2015E ABV. We maintain our Neutral recommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 6,705 2.5 1,379 27.6 192.6 0.6 12.5 2.7 0.4

FY2015E 7,535 2.5 1,658 33.2 224.0 0.7 13.6 2.3 0.3

Vijaya Bank- (CMP:`42/ TP: - / Upside:)Vijaya Bank is scheduled to announce its 1QFY2014 results today. We expect the

bank to report a healthy 15.0% yoy growth in Net Interest Income (NII) to `523cr.

Non-interest income is expected to grow by just 3.3% yoy to `127cr. Operating

expenses are expected to increase by 7.1% yoy to `341cr. Provisioning expenses

are expected to increase by 7.8% yoy to`141cr, which would aid 11.7% growth in

Net profit to`124cr. At the CMP, the stock is trading at 0.4x FY2015E ABV. Wemaintain our Neutral recommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,714 1.9 575 9.2 85.8 0.4 10.7 4.6 0.5

FY2015E 3,046 2.0 654 10.8 94.2 0.4 11.5 3.9 0.4

Persistent (CMP:`523/ TP:`595/ Upside: 14%)

Persistent Systems is slated to announce its 1QFY2014 results today. We expect the

company to post revenue of US$63.9mn, up 2.9% qoq. In rupee terms, therevenue is expected to come in at`364cr, up 9% qoq. EBITDA margin is expected

to increase by 125bp qoq to 26.1%, aided by rupee depreciation. PAT is expected

to come in at`51cr. We maintain our Accumulate rating on the stock with a targetprice of `595.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,505 25.9 214 53.6 17.7 9.8 1.7 3.8 1.0

FY2015E 1,677 26.2 239 59.7 16.7 8.8 1.5 2.9 0.8

7/27/2019 Market Outlook, 29-07-2013

10/22



JAL (CMP:`42/ TP:`57/ Upside: 36%)

We expect Jaiprakash Associates (JAL) to post a top-line growth of 9.3% yoy to

`3,289cr for the quarter. C&EPC revenue is expected to increase by 9.1% yoy to

`1,327cr. On the cement business front, we expect JAL to post a revenue of

`1,463cr on a volume of 3.8mt with realization of

`3,750/tonne, for the quarter.

We expect the company to post a blended EBITDA margin of 26.2%, registering an

expansion of 202bp yoy for the quarter. On the bottom-line front, we expect a PAT

of `101cr, registering a yoy decline of 27.0% in 1QFY2014. This is mainly on

account of a 20% yoy jump expected in the interest cost to `559cr. We continue tomaintain Buy rating on the stock with a target price of `57.Y/E Sales OPM PAT EPS ROE P/E P/BVEV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 13,211 23.6 423 1.9 3.1 21.9 0.7 10.7 2.5

FY2015E 14,150 24.2 558 2.5 4.0 16.6 0.7 10.1 2.5

Quarterly Bloomberg Consensus Estimate

Colgate (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 864 736 17.4 812 6.4

EBITDA 179 163 9.8 169 5.9

EBITDA margin (%) 20.7 22.1 20.8

Net profit 134 117 14.5 123 8.9

Godrej Consumer Products Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 1,734 1,389 24.8 1,716 1.0

EBITDA 260 202 28.7 279 (6.8)

EBITDA margin (%) 15.0 14.5 16.3

Net profit 170 131 29.8 334 (49.1)

IDFC Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 465 380 22.4 526 (11.6)

Jaiprakash Associates (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,273 2,964 10.4 3,864 (15.3)

EBITDA 770 816 (5.6) 894 (13.9)

EBITDA margin (%) 23.5 27.5 23.1

Net profit 121 139 (12.9) 124 (2.4)

Reliance Capital Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 83 45 84.4 265 (68.7)

7/27/2019 Market Outlook, 29-07-2013

11/22



Ultratech Cement (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 5,007 5,075 (1.3) 5,389 (7.1)

EBITDA 1,115 1,308 (14.8) 1,282 (13.0)

EBITDA margin (%) 22.3 25.8 23.8

Net profit 627 778 (19.4) 726 (13.6)

Dr. Reddy Laboratories Consolidated (30/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,154 2,541 24.1 3,340 (5.6)

Net profit 440 336 31.0 571 (22.9)

Jindal Steel & Power Consolidated (30/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 4,893 4,680 4.5 5,583 (12.4)

EBITDA 1,521 1,593 (4.5) 1,589 (4.3)EBITDA margin (%) 31.1 34.0 28.5

Net profit 704 385 82.7 760 (7.4)

NTPC (30/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 16,688 15,960 4.6 16,462 1.4

EBITDA 4,228 3,837 10.2 4,794 (11.8)

EBITDA margin (%) 25.3 24.0 29.1

Net profit 2,537 2,499 1.5 4,382 (42.1)

Reliance Infrastructure (30/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,331 1,638 103.3 3,853 (13.6)

EBITDA 432 460 (6.0) 513 (15.7)

EBITDA margin (%) 13.0 28.1 13.3

Net profit 310 327 (5.3) 599 (48.3)

Reliance Power Consolidated (30/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 1,208 1,137 6.2 1,248 (3.2)

EBITDA 472 365 29.3 463 1.9

EBITDA margin (%) 39.1 32.1 37.1

Net profit 228 240 (4.8) 266 (14.3)

Bharti Airtel Consolidated (31/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 21,264 19,350 9.9 20,240 5.1

EBITDA 6,700 6,009 11.5 6,199 8.1

EBITDA margin (%) 31.5 31.1 30.6

Net profit 720 762 (5.5) 284 153.8

7/27/2019 Market Outlook, 29-07-2013

12/22



HCL Tech Consolidated (31/07/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 6,770 5,919 14.4 6,451 4.9

EBITDA 1,562 1,301 20.1 1,439 8.5

EBITDA margin (%) 23.1 22.0 22.3

Net profit 1,060 854 24.0 1,044 1.5

ICICI Bank (31/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 2,224 1,815 22.5 2,304 (3.5)

JSW Steel Consolidated (31/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 10,525 9,902 6.3 9,898 6.3

EBITDA 1,654 1,909 (13.3) 1,733 (4.6)

EBITDA margin (%) 15.7 19.3 17.5Net profit 311 50 522.4 296 5.2

NHPC (31/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 1,565 1,399 11.9 1,038 50.8

EBITDA 1,038 904 14.8 602 72.3

EBITDA margin (%) 66.3 3.0 58.0

Net profit 649 670 (3.1) 583 11.2

United Spirits (31/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,333 2,057 13.4 2,058 13.4

EBITDA 364 351 3.7 236 54.1

EBITDA margin (%) 15.6 17.0 11.5

Net profit 141 145 (2.8) 56 151.8

Economic and Political News

Forex reserves touch lowest level in 3 years to reach below US$280bn GST, DTC will revive sagging economic growth: Assocham MOIL earmarks`250cr for prospecting Maharashtra mines DIPP urges RBI to notify FDI policy for limited partnershipsCorporate News

Air India probing overheated oven on Dreamliner flight Coal India, NTPC sign fuel supply pacts for 16 power plants DoT to take Law Ministry views on legality of SSTL operations Fin Min seeks details about LIC's investment in Gitanjali Gems Mahindra, Standard Chartered ink JV to build homes PNB seeks`1,500cr capital support from govt Textile sector fears moratorium on Bt to impact export competitiveness

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

7/27/2019 Market Outlook, 29-07-2013

13/22

Date Company

July 29, 2013UltraTech Cement, IDFC, Jaiprakash Asso., Colgate, Godrej Consumer, Indian Bank, Reliance Capital, AllahabadBank, Syndicate Bank, Vijaya Bank, Madras Cements, Persistent, Subros, Vesuvius India

July 30, 2013 NTPC, Jindal Steel, Dr Reddy's, Reliance Power, Petronet LNG, Reliance Infra., Aventis, Ipca labs, Indoco Remedies

July 31, 2013Bharti Airtel, ICICI Bank, NHPC, HCL Tech, JSW Steel , United Spirits, Motherson Sumi, Andhra Bank, JagranPrakashan, Dishman Pharma, HSIL

August 01, 2013J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Canara Bank, Titan Inds., Adani Power,Rcom, Union Bank, Cummins India, GlaxoSmith Con, Glenmark Pharma., Tata Global, Tree House

August 02, 2013 Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra

August 03, 2013 Coal India, BHEL, Grasim Inds, Divi's Lab., Oriental Bank, PTC India, Godawari Ispat

August 04, 2013

August 05, 2013 Tata Chemicals, LMW, GIPCL, SpiceJet

August 06, 2013 Tata Power Co., Bosch India, Crompton Greaves

August 07, 2013 Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.

August 08, 2013 NMDC, Adani Enterp., Rural Elec.Corp., Bharat Forge, ITNL, Page Industries, ITD Cementation

August 09, 2013 Sun Pharma, ABB, TVS Motor

August 10, 2013August 11, 2013

August 12, 2013 ONGC, Marico, Britannia, India Cements, Jyothy Laboratories

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 30, 2013 2:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul F (17.40) (17.40)

11:00AM India RBI Repo rate % Jul 30 7.25 7.25

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 4.00

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 6.25

7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 81.00

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 1.00

11:30PM US FOMC rate decision % Jul 31 0.25 0.25

August 1, 2013 6:00PM US Initial Jobless claims Thousands Jul 27 343.00 344.00

1:25PM Germany PMI Manufacturing Value Jul F 50.30 50.30

6:30AM China PMI Manufacturing Value Jul 50.10 49.80

2:00PM UK PMI Manufacturing Value Jul 52.50 52.80

4:30PM UK BOE Announces rates % Ratio Aug 1 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Aug 1 0.50 0.50August 2, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jul 195.00 185.00

6:00PM US Unnemployment rate % Jul 7.60 7.50

August 5, 2013 1:25PM Germany PMI Services Value Jul F 52.50 --

August 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jun (2.30) --

August 8, 2013 4:29PM China Exports YoY% % Change Jul (3.10) --

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

11:00AM China Industrial Production (YoY) % Change Jul 8.90 --

August 12, 2013 4:29PM India Imports YoY% % Change Jul (0.37) --

4:29PM India Exports YoY% % Change Jul (4.60) --

5:30PM India Industrial Production YoY % Change Jun (1.60) --


July 29, 2013

Market Outlook

7/27/2019 Market Outlook, 29-07-2013

14/22



Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Repo rate Reverse Repo rate CRR (%)

7/27/2019 Market Outlook, 29-07-2013

15/22

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 160 - 3,109 1,674 1,923 13.7 13.7 6.8 7.6 23.5 21.0 4.4 3.9 20.0 19.6 2.0 1.8

United Phosphorus Buy 141 225 6,254 10,091 11,302 16.5 16.5 19.2 22.5 7.4 6.3 1.2 1.0 17.0 17.2 0.7 0.6

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 255 285 4,358 3,418 3,892 14.5 14.5 18.5 20.4 13.8 12.5 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 68 - 3,442 13,852 15,487 11.4 11.5 12.8 14.9 5.3 4.6 0.9 0.7 17.5 17.3 0.4 0.4

Ashok Leyland Buy 15 22 3,858 13,450 15,853 6.5 8.5 0.4 1.9 37.9 7.8 1.3 1.1 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 211 - 319 834 965 9.3 10.6 17.3 27.1 12.2 7.8 1.1 1.1 9.5 14.0 0.5 0.4Bajaj Auto Neutral 2,027 - 58,663 21,696 25,239 19.2 19.3 119.3 140.2 17.0 14.5 6.0 4.8 38.9 36.6 2.3 1.9

Bharat Forge Neutral 208 - 4,836 6,198 6,793 14.6 14.9 14.5 17.3 14.3 12.0 1.9 1.7 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,599 9,213 27,000 9,821 11,394 17.0 17.3 373.5 438.7 23.0 19.6 4.1 3.5 18.0 17.9 2.4 2.0

CEAT Buy 121 170 413 5,325 5,974 8.4 8.3 40.8 48.5 3.0 2.5 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 130 148 11,088 6,899 7,873 14.7 14.7 7.9 9.0 16.5 14.4 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,415 - 2,351 1,525 1,742 14.5 15.7 88.4 109.5 16.0 12.9 2.3 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,865 2,048 37,244 25,562 28,297 14.5 14.4 111.2 146.3 16.8 12.8 6.1 4.8 40.1 42.1 1.2 1.1

JK Tyre Buy 102 154 417 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 894 1,103 55,033 45,254 51,197 11.4 11.7 61.2 70.2 14.6 12.7 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,375 1,648 41,538 45,862 52,647 11.2 11.1 94.6 109.9 14.5 12.5 2.0 1.7 14.4 14.6 0.7 0.6

Motherson Sumi Accumulate 205 222 12,034 28,442 31,493 7.5 7.8 12.5 14.8 16.4 13.9 4.0 3.2 27.5 25.8 0.6 0.5

Subros Buy 20 27 123 1,426 1,624 10.0 9.9 4.9 6.8 4.2 3.0 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 290 347 78,088 215,016 237,404 13.3 13.6 36.2 41.5 8.0 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 31 35 1,487 7,715 8,584 6.0 6.1 5.0 5.8 6.3 5.4 1.1 0.9 18.1 18.5 0.1 0.1

Capital Goods

ABB* Reduce 538 461 11,391 8,073 9,052 5.5 6.9 11.5 16.9 46.7 31.7 4.3 4.1 9.3 13.1 1.4 1.2BGR Energy Buy 105 140 760 3,756 4,569 11.4 9.7 21.7 24.1 4.9 4.4 0.6 0.5 22.3 20.3 0.5 0.5

BHEL Neutral 159 - 38,868 44,054 39,326 16.8 15.1 20.6 16.1 7.7 9.9 1.7 1.5 23.5 16.1 0.8 0.8

Blue Star Buy 155 208 1,397 2,941 3,099 3.4 4.2 6.0 9.3 26.0 16.7 3.2 2.8 12.9 18.0 0.6 0.6

Crompton Greaves Buy 86 117 5,514 13,446 15,272 6.7 7.6 6.6 8.9 13.0 9.7 1.4 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 18 - 151 3,360 3,597 9.7 9.8 7.3 10.2 2.5 1.8 0.5 0.5 8.8 11.4 0.3 0.3

KEC International Buy 31 49 784 7,709 8,399 6.7 7.2 6.1 8.5 5.0 3.6 0.6 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 589 - 7,022 5,832 6,397 9.1 9.6 28.8 32.9 20.5 17.9 3.3 2.9 17.2 17.3 1.2 1.0

Cement

ACC Accumulate 1,211 1,361 22,731 11,820 13,254 19.3 20.9 74.9 93.1 16.2 13.0 2.8 2.5 18.1 20.3 1.6 1.4


Market Outlook

Stock Watch

July 29, 2013

7/27/2019 Market Outlook, 29-07-2013

16/22



Cement

Ambuja Cements Neutral 179 - 27,621 10,171 11,762 23.5 24.6 10.2 12.2 17.5 14.7 2.9 2.6 17.1 18.7 2.2 1.8

India Cements Neutral 53 - 1,640 4,929 5,434 17.4 17.1 8.9 10.9 6.0 4.9 0.5 0.4 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 71 100 837 2,256 2,709 20.2 22.2 17.0 20.4 4.2 3.5 0.6 0.5 14.8 15.4 0.4 0.9

Madras Cements Neutral 175 - 4,164 4,234 4,788 23.9 24.0 18.5 22.8 9.5 7.7 1.5 1.3 17.2 18.2 1.3 1.1

Shree Cement^ Neutral 4,397 - 15,317 6,607 7,520 27.5 26.7 322.8 374.3 13.6 11.8 3.4 2.7 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,865 - 51,137 21,947 25,049 23.8 23.8 106.1 119.8 17.6 15.6 2.9 2.5 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 54 84 851 1,928 2,234 21.0 21.5 6.0 7.4 9.0 7.3 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 8 - 148 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.8) (22.3) 0.3 0.3 0.5 0.5

IRB Infra Buy 86 157 2,848 3,997 4,312 45.5 46.4 15.7 16.6 5.5 5.2 0.8 0.7 15.2 14.5 3.1 3.4

ITNL Buy 131 230 2,549 7,444 8,041 27.4 28.9 29.8 32.1 4.4 4.1 0.6 0.6 14.9 14.2 2.4 2.5

IVRCL Infra Buy 13 29 399 5,673 5,892 8.1 8.4 1.4 1.8 9.0 7.1 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 42 57 9,265 13,211 14,150 23.6 24.2 1.9 2.5 21.9 16.6 0.7 0.7 3.1 4.0 2.5 2.5

Larsen & Toubro Buy 846 1,128 78,213 68,946 78,040 10.0 10.0 49.0 55.2 17.3 15.3 2.5 2.2 14.9 15.3 1.3 1.1

Nagarjuna Const. Buy 24 42 603 6,167 6,945 8.0 8.2 2.7 3.6 8.8 6.5 0.2 0.2 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 28 - 928 12,954 14,740 9.9 9.9 0.5 0.9 55.1 30.0 0.3 0.3 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 81 139 1,216 2,462 2,731 10.6 10.6 5.9 6.7 13.7 12.1 1.3 1.2 10.2 10.5 0.8 0.7

Simplex Infra Buy 69 131 340 6,308 7,033 9.5 9.6 11.9 18.7 5.8 3.7 0.3 0.2 4.5 6.7 0.5 0.5

Unity Infra Buy 22 41 165 2,146 2,339 13.7 13.8 11.0 11.5 2.0 1.9 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Neutral 76 - 3,790 6,705 7,535 2.5 2.5 27.6 33.2 2.8 2.3 0.4 0.3 12.5 13.6 - -

Andhra Bank Neutral 74 - 4,152 5,180 5,815 2.7 2.7 19.0 22.9 3.9 3.2 0.5 0.5 12.0 13.2 - -

Axis Bank Buy 1,107 1,348 51,922 19,280 22,886 3.3 3.3 130.7 157.1 8.5 7.1 1.4 1.2 17.3 18.1 - -Bank of Baroda Accumulate 573 642 24,127 16,287 18,707 2.2 2.3 120.6 144.6 4.8 4.0 0.7 0.6 15.0 16.0 - -

Bank of India Accumulate 184 195 10,935 14,482 16,069 2.3 2.2 55.0 62.2 3.3 3.0 0.5 0.4 13.7 13.9 - -

Bank of Maharashtra Accumulate 47 49 3,082 4,291 4,724 3.0 3.0 12.1 12.9 3.9 3.6 0.6 0.5 16.2 15.3 - -

Canara Bank Accumulate 269 302 11,921 12,045 13,495 2.1 2.2 76.7 86.4 3.5 3.1 0.5 0.5 14.1 14.2 - -

Central Bank Neutral 55 - 5,714 8,196 9,202 2.4 2.4 6.1 15.9 9.0 3.5 0.7 0.6 5.2 12.8 - -

Corporation Bank Accumulate 303 322 4,636 5,554 6,156 2.0 2.0 94.9 104.9 3.2 2.9 0.5 0.4 14.3 14.2 - -

Dena Bank Neutral 59 - 2,081 3,255 3,623 2.3 2.4 22.0 24.9 2.7 2.4 0.4 0.3 14.7 14.7 - -

Federal Bank Neutral 347 - 5,924 2,798 3,250 3.0 3.0 38.1 51.9 9.1 6.7 0.9 0.8 9.8 12.3 - -


Market Outlook

Stock Watch

July 29, 2013

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Financials

HDFC Accumulate 806 867 125,200 8,679 10,350 3.6 3.6 37.5 44.7 21.5 18.0 4.5 4.0 30.1 30.7 - -

HDFC Bank Buy 645 745 154,002 27,392 33,264 4.6 4.6 36.3 45.1 17.8 14.3 3.6 3.0 21.9 22.8 - -

ICICI Bank Buy 932 1,131 107,610 26,119 30,474 3.1 3.2 86.2 99.5 10.8 9.4 1.5 1.3 15.7 16.2 - -

IDBI Bank Neutral 68 - 9,096 9,518 10,468 2.0 2.0 15.5 22.1 4.4 3.1 0.5 0.4 10.2 13.3 - -

Indian Bank Neutral 97 - 4,154 6,077 6,845 2.9 3.0 35.2 41.0 2.8 2.4 0.4 0.3 14.1 14.8 - -

IOB Neutral 45 - 4,149 7,709 8,645 2.2 2.3 8.2 17.1 5.5 2.6 0.4 0.3 6.0 11.7 - -

J & K Bank Neutral 1,129 - 5,473 3,101 3,427 3.6 3.6 215.5 210.3 5.2 5.4 1.0 0.9 19.9 16.9 - -LIC Housing Finance Neutral 189 - 9,548 2,180 2,732 2.4 2.5 26.3 32.1 7.2 5.9 1.3 1.1 19.0 19.9 - -

Oriental Bank Accumulate 157 167 4,581 6,790 7,676 2.6 2.7 55.7 62.3 2.8 2.5 0.4 0.3 12.8 12.9 - -

Punjab Natl.Bank Accumulate 596 650 21,065 20,766 23,515 3.4 3.4 135.0 164.8 4.4 3.6 0.7 0.6 14.4 15.7 - -

South Ind.Bank Neutral 22 - 2,996 1,800 2,023 2.7 2.7 3.7 4.2 6.0 5.3 0.9 0.8 16.2 16.2 - -

St Bk of India Accumulate 1,765 2,028 120,718 66,417 76,734 3.0 3.0 227.4 284.8 7.8 6.2 1.1 1.0 15.4 17.1 - -

Syndicate Bank Accumulate 94 106 5,655 7,125 8,188 2.6 2.6 27.4 27.9 3.4 3.4 0.5 0.5 16.2 14.6 - -

UCO Bank Neutral 62 - 4,693 6,736 6,979 2.7 2.6 15.3 15.7 4.1 4.0 0.8 0.6 14.8 13.6 - -

Union Bank Accumulate 134 146 7,994 11,101 12,543 2.6 2.6 39.3 47.4 3.4 2.8 0.5 0.4 14.1 15.2 - -

United Bank Neutral 43 - 1,615 3,386 3,884 2.3 2.5 12.4 20.0 3.5 2.2 0.4 0.3 10.0 14.7 - -

Vijaya Bank Neutral 42 - 2,076 2,714 3,046 1.9 2.0 9.2 10.8 4.6 3.9 0.5 0.4 10.7 11.5 - -

Yes Bank Neutral 367 - 13,209 4,417 5,486 2.7 2.8 42.9 49.5 8.6 7.4 1.9 1.5 23.9 22.8 - -

FMCG

Asian Paints Neutral 5,079 - 48,718 12,332 14,524 16.3 16.1 138.9 160.4 36.6 31.7 11.6 9.2 35.2 32.5 3.9 3.2

Britannia Neutral 714 - 8,551 6,417 7,502 6.1 6.3 21.3 25.5 33.6 28.1 10.9 8.8 35.7 34.6 1.3 1.1

Colgate Neutral 1,440 - 19,581 3,588 4,130 20.5 20.9 44.2 51.8 32.6 27.8 31.8 23.1 108.6 96.2 5.3 4.5

Dabur India Neutral 171 - 29,816 7,183 8,340 16.8 16.8 5.4 6.3 31.8 27.2 12.4 9.6 41.5 40.1 4.1 3.5

GlaxoSmith Con* Neutral 5,001 - 21,030 3,617 4,259 16.1 16.4 122.2 148.7 40.9 33.6 12.7 10.2 34.1 33.7 5.4 4.5

Godrej Consumer Neutral 864 - 29,396 7,801 9,017 16.2 15.9 25.1 29.7 34.4 29.1 7.4 6.2 24.9 24.2 3.9 3.3

HUL Neutral 663 - 143,437 29,167 33,164 13.6 13.7 17.1 18.4 38.8 36.1 37.3 27.0 113.4 87.0 4.8 4.2

ITC Neutral 369 - 291,408 34,294 39,991 36.8 37.0 11.3 13.3 32.7 27.6 10.8 8.7 36.1 34.9 8.2 6.9

Marico Neutral 217 - 13,996 5,273 6,044 14.8 14.9 7.3 8.7 29.9 25.1 5.8 4.8 21.4 21.0 2.7 2.3

Nestle* Neutral 5,447 - 52,521 9,447 10,968 22.1 22.3 127.5 154.1 42.7 35.4 21.3 15.5 57.7 50.7 5.6 4.7

Tata Global Neutral 157 - 9,690 8,069 8,957 9.8 9.7 7.8 8.6 20.0 18.3 2.4 2.3 9.5 9.7 1.2 1.0


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IT

HCL Tech^ Neutral 904 - 62,994 29,424 32,837 22.6 22.0 59.5 63.3 15.2 14.3 3.7 3.1 24.6 21.7 2.0 1.7

Hexaware* Accumulate 114 123 3,391 2,213 2,479 21.5 20.5 12.1 12.9 9.4 8.8 2.3 2.0 25.4 23.5 1.4 1.2

Infosys Neutral 2,916 - 167,419 47,001 51,196 26.2 26.4 171.3 189.4 17.0 15.4 3.5 3.0 20.4 19.3 2.9 2.5

Infotech Enterprises Accumulate 176 190 1,966 2,052 2,263 17.2 17.6 20.7 22.5 8.5 7.8 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 132 144 2,550 2,614 2,923 17.2 16.8 13.2 14.4 10.0 9.2 1.8 1.5 18.5 16.7 0.9 0.8

Mindtree Accumulate 963 1,050 4,000 2,768 3,006 19.7 19.9 103.1 105.3 9.3 9.2 2.3 1.8 24.8 20.3 1.2 0.9

Mphasis& Neutral 400 - 8,407 6,372 6,852 18.0 18.2 38.0 43.5 10.5 9.2 1.5 1.3 14.3 14.2 0.8 0.7NIIT Buy 17 30 276 1,144 1,267 9.0 9.1 4.3 5.4 3.9 3.1 0.4 0.4 10.3 12.0 - -

Persistent Accumulate 523 595 2,092 1,505 1,677 25.9 26.2 53.6 59.7 9.8 8.8 1.7 1.5 17.7 16.7 1.0 0.8

TCS Buy 1,772 2,060 346,908 79,005 91,576 29.7 30.0 88.6 103.1 20.0 17.2 6.3 5.0 31.5 29.2 4.2 3.5

Tech Mahindra Neutral 1,217 - 28,271 8,102 8,709 19.7 19.2 107.5 117.0 11.3 10.4 2.4 2.0 21.2 18.9 3.5 3.2

Wipro Neutral 383 - 94,340 41,659 45,137 21.2 21.4 27.7 29.9 13.8 12.8 2.8 2.4 20.5 19.0 1.8 1.5

Media

D B Corp Accumulate 263 302 4,831 1,783 1,968 25.2 26.8 14.6 17.2 18.1 15.3 4.7 4.0 23.9 24.2 2.6 2.3

HT Media Buy 99 117 2,330 2,205 2,380 15.1 15.6 8.3 9.3 11.9 10.7 1.5 1.3 11.6 11.6 0.7 0.6

Jagran Prakashan Buy 89 107 2,951 1,664 1,825 20.9 23.0 6.4 7.8 13.8 11.5 2.8 2.5 21.0 23.1 1.9 1.7

PVR Neutral 337 - 1,337 1,359 1,540 17.3 17.4 17.2 21.6 19.5 15.6 2.0 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 379 - 14,922 2,287 2,551 69.7 70.5 20.0 23.3 18.9 16.3 4.7 4.1 26.4 27.3 6.2 5.4

Metals & Mining

Bhushan Steel Neutral 461 - 10,440 13,794 17,088 30.9 33.5 49.3 66.6 9.4 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 282 345 178,374 72,174 76,311 33.3 28.4 28.4 30.9 9.9 9.2 2.7 2.4 37.6 36.2 1.6 1.5

Electrosteel Castings Buy 12 18 389 1,976 2,017 11.8 12.7 1.3 2.6 9.5 4.6 0.1 - 2.6 5.2 0.5 0.1

GMDC Buy 98 155 3,113 1,920 2,239 53.2 52.9 21.6 25.0 4.5 3.9 1.0 0.9 25.1 23.8 1.1 0.8Hind. Zinc Buy 103 140 43,352 12,389 13,093 48.5 51.7 15.2 17.0 6.7 6.0 1.2 1.0 18.5 18.0 1.3 0.9

Hindalco Neutral 94 - 18,074 89,352 93,672 8.8 9.2 13.4 15.0 7.1 6.3 0.5 0.5 7.3 7.6 0.5 0.5

JSW Steel Neutral 552 - 13,335 47,613 48,385 17.4 18.8 81.8 109.6 6.8 5.0 0.7 0.6 11.1 13.4 0.6 0.5

MOIL Buy 195 248 3,272 1,010 1,046 46.5 47.6 26.8 28.8 7.3 6.8 1.1 0.9 15.4 14.7 0.8 0.6

Monnet Ispat Buy 111 193 710 2,326 2,709 21.4 23.1 33.3 43.1 3.3 2.6 0.3 0.2 8.3 9.9 1.3 1.0

Nalco Neutral 29 - 7,526 7,656 7,988 13.1 13.5 2.6 2.6 11.4 11.1 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 104 140 41,312 10,610 11,400 66.3 64.2 15.6 16.1 6.7 6.5 1.4 1.2 21.3 19.9 1.8 1.6

SAIL Neutral 44 - 18,028 44,060 54,786 9.4 11.5 5.2 7.2 8.4 6.1 0.4 0.4 5.2 6.8 0.7 0.6


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Metals & Mining

Sesa Goa Buy 131 166 11,403 3,742 4,426 32.9 32.8 30.0 29.8 4.4 4.4 0.6 0.5 14.3 12.5 3.8 3.2

Sterlite Inds Buy 77 97 25,743 44,493 45,599 22.4 23.9 16.8 19.2 4.6 4.0 0.5 0.4 10.5 10.9 0.5 0.5

Tata Steel Buy 219 378 21,260 140,917 151,537 9.7 10.8 30.9 47.6 7.1 4.6 0.7 0.6 9.6 13.4 0.5 0.5

Sarda Buy 92 153 328 1,494 1,568 19.1 20.3 31.3 36.5 2.9 2.5 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 402 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 71 102 232 2,344 2,509 14.9 15.4 38.7 47.0 1.8 1.5 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 304 364 58,017 18,403 17,925 71.9 62.1 62.1 57.4 4.9 5.3 1.0 0.9 22.6 17.8 1.9 1.7

GAIL Neutral 319 - 40,458 49,700 48,822 16.0 16.6 32.9 33.4 9.7 9.6 1.5 1.3 15.9 14.4 0.3 0.2

ONGC Buy 304 387 260,044 170,063 198,461 36.3 38.3 34.7 41.9 8.8 7.3 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 890 - 287,398 397,546 421,695 8.9 8.7 72.3 76.8 12.3 11.6 1.3 1.2 12.3 11.8 0.7 0.6

Gujarat Gas* Neutral 192 - 2,468 3,707 3,850 11.7 12.4 23.7 25.7 8.1 7.5 2.3 2.0 29.6 28.2 0.5 0.5

Indraprastha Gas Neutral 288 - 4,025 3,700 4,218 23.4 22.8 26.7 30.4 10.8 9.5 2.3 1.9 22.7 21.8 1.2 0.9

Petronet LNG Buy 120 167 8,989 40,356 40,872 5.8 6.4 15.0 16.7 8.0 7.2 1.7 1.4 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 53 - 2,968 1,171 1,287 91.9 91.9 10.1 11.3 5.2 4.7 0.8 0.7 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 151 - 2,850 1,736 2,008 17.1 18.9 10.7 13.9 14.1 10.9 4.4 3.3 35.0 34.7 1.7 1.4

Aurobindo Pharma Buy 180 271 5,229 6,641 7,637 15.9 15.9 17.3 20.6 10.4 8.7 1.7 1.4 19.5 18.9 1.2 1.1

Aventis* Neutral 2,476 - 5,701 1,682 1,917 16.6 16.6 92.4 99.1 26.8 25.0 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 739 929 15,140 7,280 8,640 15.5 15.7 38.3 46.5 19.3 15.9 4.1 3.4 23.5 23.5 2.4 2.0

Cipla Accumulate 415 477 33,317 9,274 10,796 23.1 23.1 21.0 23.8 19.8 17.4 3.2 2.7 17.2 16.8 3.3 2.8

Dr Reddy's Accumulate 2,299 2,535 39,078 13,377 15,350 20.4 20.1 112.3 126.8 20.5 18.1 4.4 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 51 168 413 1,394 1,534 22.5 22.4 15.0 16.8 3.4 3.1 0.4 0.3 11.0 11.2 0.9 0.8

GSK Pharma* Neutral 2,445 - 20,710 2,854 3,145 28.6 28.6 76.6 83.3 31.9 29.4 9.6 8.7 31.1 31.0 6.4 5.7

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

Ipca labs Neutral 643 - 8,115 3,243 3,826 20.5 21.5 36.0 44.4 17.9 14.5 4.2 3.3 26.0 25.4 2.6 2.2

Lupin Neutral 854 - 38,254 11,641 13,933 21.3 21.3 34.8 41.8 24.6 20.4 5.8 4.5 26.2 24.8 3.3 2.7

Ranbaxy* Buy 304 384 12,869 11,400 12,060 10.5 12.5 17.5 22.5 17.4 13.5 2.8 2.4 17.0 19.1 1.1 1.0

Sun Pharma Neutral 1,118 - 115,568 13,509 15,846 41.0 41.0 33.0 39.8 33.9 28.1 6.8 5.7 22.0 22.0 8.0 6.6

Power

GIPCL Buy 63 78 947 1,444 1,482 33.4 33.0 13.7 14.8 4.6 4.2 0.5 0.5 12.3 12.0 0.7 0.5

NTPC Buy 141 163 116,467 76,734 86,680 24.5 24.3 13.4 14.5 10.5 9.7 1.3 1.2 12.8 12.7 2.2 2.1


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Real Estate

DLF Buy 172 236 30,621 8,293 9,622 36.5 36.1 5.7 6.7 30.1 25.5 1.1 1.0 3.7 4.1 5.8 4.8

MLIFE Accumulate 446 483 1,821 888 1,002 27.0 29.9 33.9 42.1 13.2 10.6 1.3 1.2 9.9 11.2 2.6 2.4

Telecom

Bharti Airtel Neutral 337 - 134,852 85,489 94,229 31.9 31.9 10.2 14.6 33.0 23.1 2.4 2.2 7.2 9.4 2.3 2.0

Idea Cellular Neutral 164 - 54,425 25,640 28,459 26.9 27.2 4.0 4.9 41.0 33.2 3.4 3.1 8.4 9.4 2.5 2.2

Rcom Neutral 134 - 27,741 22,751 24,628 30.9 31.3 3.4 5.3 39.2 25.5 0.8 0.8 2.1 3.1 2.8 2.5

OthersAbbott India* Buy 1,415 1,659 3,008 1,863 2,081 11.8 12.4 71.2 83.0 19.9 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 179 237 1,787 3,885 4,472 5.4 7.2 11.0 19.7 16.4 9.1 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 509 613 644 631 797 14.5 13.7 42.6 51.1 11.9 10.0 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 260 459 67 248 284 6.5 7.3 27.2 38.2 9.6 6.8 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 57 68 865 2,563 2,899 9.8 9.8 10.1 11.3 5.6 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 248 349 323 2,304 2,649 3.1 3.6 28.0 43.7 8.9 5.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 318 345 733 1,458 1,542 8.3 9.0 32.3 37.0 9.9 8.6 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 117 177 318 1,053 1,169 6.3 7.1 13.8 17.7 8.5 6.6 1.2 1.0 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,414 - 2,134 1,842 2,131 7.7 7.8 111.1 130.9 21.7 18.4 2.7 2.4 13.3 13.9 1.1 0.9

IFB Agro Buy 134 198 120 495 651 12.7 12.9 29.3 39.5 4.6 3.4 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 163 234 188 1,430 1,573 11.1 11.0 19.1 26.9 8.6 6.1 0.5 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 174 199 2,895 1,220 1,476 13.3 13.6 5.5 9.0 31.6 19.3 3.6 3.2 12.1 17.7 2.7 2.1

MRF Buy 13,811 16,218 5,857 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.7 7.7 1.6 1.3 23.5 19.2 0.7 0.6

Page Industries Neutral 4,492 - 5,010 1,057 1,282 19.4 19.6 124.8 153.7 36.0 29.2 17.8 13.2 56.3 51.8 4.8 4.0

Relaxo Footwears Accumulate 690 791 828 1,146 1,333 10.9 11.4 45.9 60.9 15.0 11.3 3.1 2.5 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 229 311 215 1,158 1,322 10.8 11.2 62.1 77.8 3.7 2.9 0.6 0.5 17.2 18.4 0.4 0.4Styrolution ABS India* Buy 418 492 735 1,007 1,108 8.4 8.7 30.3 35.1 13.8 11.9 1.5 1.4 11.7 12.2 0.7 0.6

TAJ GVK Buy 58 108 364 300 319 35.8 36.2 7.9 9.1 7.3 6.4 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 250 371 385 814 849 17.0 17.6 64.6 69.2 3.9 3.6 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Accumulate 555 632 431 416 481 4.5 6.1 16.2 25.3 34.2 21.9 4.2 3.7 12.6 18.1 0.9 0.8

Tree House Neutral 292 - 1,051 153 194 53.0 52.8 12.4 15.6 23.6 18.7 2.8 2.5 11.8 13.1 7.1 5.4

TVS Srichakra Buy 176 230 135 1,591 1,720 6.1 6.4 24.5 38.3 7.2 4.6 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,585 - 37,565 12,294 14,162 12.0 12.0 42.1 67.7 61.4 38.2 4.3 3.9 9.1 10.7 3.4 2.9

Vesuvius India* Buy 375 439 761 600 638 20.1 19.4 35.7 36.6 10.5 10.3 1.9 1.6 19.4 17.1 1.1 0.9


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Others

HSIL Buy 86 117 569 2,042 2,363 14.6 14.8 12.3 16.5 7.0 5.2 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 26, 2013


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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Market Outlook, 29-07-2013