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7/30/2019 Market Outlook 301112
1/13
Market OutlookNovember 30, 2012
www.angelbroking.com
Market OutlookNovember 30, 2012
Dealers Diary
The Indian market is expected to open positively today tracing positive opening
trades in the SGX Nifty and major Asian indices. Most of the Asian bourses rose, as
Japans cabinet approved a second economic stimulus package and industrialproduction unexpectedly increased.
The US markets moved mostly higher during trading on Thursday despite seeing
some mid-day volatility in reaction to the latest headlines out of Washington, as
traders reacted positively to a batch of largely upbeat US economic data.
Meanwhile, the European bourses finished solidly to the upside on Thursday,
mainly on investor optimism that a deal can be reached on the looming fiscal cliff
in the US. Statements made yesterday by both President Barack Obama and
Speaker of the House suggested that a deal to avoid a budget crisis could be
reached before the end of the year. A strong upward revision to US GDP and a
surge in pending home sales also provided a boost to investor sentiment.
The domestic markets rallied sharply for a second straight day on Thursday, helpedby firm global cues and the end to the four-day logjam in Parliament on FDI in
retail. Lok Sabha Speaker allowed a discussion on the subject under a rule that
entails voting, saying she has received 30 notices for discussion on FDI in multi-
brand retail under Rule 184. The debate and vote on the issue will take place on
December 4 and 5.
Markets Today
The trend deciding level for the day is 19,083 / 5,798 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,293 19,415 / 5,860 5,896 levels. However, if NIFTY trades below
19,083 / 5,798 levels for the first half-an-hour of trade then it may correct up to
18,961 18,752 / 5,763 5,701 levels.
SENSEX 18,752 18,961 19,083 19,293 19,415NIFTY 5,701 5,763 5,798 5,860 5,896
News Analysis Tata Motors to undertake block closure at Jamshedpur plant L&T Construction wins orders worth `1,178cr PVR to acquire 69% stake in Cinemax for `395cr Result Review: MRF, Automotive Axles
Refer detailed news analysis on the following page
Net Inflows (November 27, 2012)
FII 3,948 2,779 1,169 7,318 55,532
MFs 274 483 (209) (1,428) (10,810)
FII Derivatives (November 29, 2012)
Index Futures 6,820 4,474 2,346 9,702
Stock Futures 10,385 10,902 (516) 29,279
Gainers / Losers
Indiabulls Fin 253 10.6 Apollo Hosp 805 (8.0)Suzlon Energy 19 8.8 NHPC 23 (3.6)
Unitech 32 8.7 Adani Ports 125 (3.0)
Opto Circuits 105 6.7 Mphasis 388 (2.9)
IRB Infra 134 6.3 Crompton Greav 113 (2.8)
BSE Sensex 1.8 328.8 19,171
Nifty 1.7 97.5 5,825
MID CAP 1.3 85.2 6,827
SMALL CAP 0.5 32.7 7,216
BSE HC 0.9 67.5 7,904
BSE PSU 1.1 73.3 7,058
BANKEX 2.8 370.0 13,751
AUTO 2.1 220.6 10,849
METAL 1.1 112.8 10,145
OIL & GAS 1.3 102.8 8,164
BSE IT (0.4) (20.9) 5,856
Dow Jones 0.3 36.7 13,022NASDAQ 0.7 20.3 3,012
FTSE 1.2 67.0 5,870
Nikkei 1.0 92.5 9,401
Hang Seng 1.0 213.9 21,923
Straits Times 1.1 34.1 3,046
Shanghai Com (0.5) (10.0) 1,963
INFY 2.8 1.2 $44.7
WIT 2.3 0.2 $8.6IBN 7.1 2.8 $41.5
HDB 6.4 2.6 $42.9
Advances 1,681 891
Declines 1,264 638
Unchanged 119 73
BSE 3,342
NSE 19,420
7/30/2019 Market Outlook 301112
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www.angelbroking.com
Market OutlookNovember 30, 2012
Tata Motors to undertake block closure at Jamshedpur plant
Tata Motors has announced a three day block closure at its Jamshedpur plant
from November 28 in the wake of the poor demand scenario. Further, the
company also wants to avoid piling-up of inventory, align production in-line with
the market demand and control costs. The decision has been taken consideringthe weak demand in the medium and heavy commercial vehicles (MHCV) segment
which has witnessed a decline of 14% YTD in FY2013. TTMT witnessed a steep fall
in production at the plant with the company producing only ~5,000 units in
October 2012 as against normal production levels of ~10,000 units. This is the
third block closure undertaken by the company in FY2013 including the three day
closure observed between November 12-14. The Jamshedpur plant manufactures
trucks, besides engine and, cab and cowl.
L&T Construction wins orders worth `1,178cr
Larsen & Toubro has bagged an order worth `595cr from UAE for the construction
of a hospital building and associated facilities in the building segment. Also, L&T
has bagged EPC orders worth `280cr for the construction of solar PV systems in
Rajasthan. Further L&T has bagged various orders worth `303cr from its ongoing
projects in various segments.
PVR to acquire 69% stake in Cinemax for`395cr
PVR will acquire entire 69.27% promoters stake in Cinemax India for `203.6 per
share. The deal is valued at `395cr. The companys Board also approved
purchase of upto 26% stake of Cinemax India from the public shareholders
through open offer under the SEBI regulations. The deal will be financed by a
combination of debt and equity. The promoters will infuse `25cr, PE firm Multiples
will contribute `153cr and L Capital will invest `82.3cr. After the deal, the
promoters holding will reduce to 32% while Multiples and L Capital will hold
15.8% each. PVR currently has 213 screens while Cinemax has 138 screens. This
deal will make PVR the biggest player in multiplex business with 350 plus screens.
We believe the stock is richly valued at current market price and would prefer to
wait for a better entry opportunity.
Result Review
MRF- 4QSY2012 (CMP: `10,529/ TP: 13,416/ Upside: 27.4%)
For 4QSY2012, MRF reported a topline growth of 14.3% yoy to `2,994cr broadly
inline with our estimate of `2927cr, while for the full year SY2012, revenue grew
by 21.8% yoy from `9743cr to `11,870cr. Decline in rubber prices led to 477bp
yoy expansion in EBITDA margin to 11.7% for 4QSY2012 as compared to 6.9% in
4QSY2011; and witnessed a 234bp yoy expansion in SY2012. Net profit for the
quarter stood at `165cr and is not comparable to 4QSY2011 quarter since the
company made a one-off adjustment for change in method of depreciation during
7/30/2019 Market Outlook 301112
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www.angelbroking.com
Market OutlookNovember 30, 2012
4QSY2011; however it was 18.3% higher than our estimate of `139cr mainly due
to higher than expected increase in EBITDA margin. For SY2012, adjusted net
profit grew by a stupendous 67% yoy to `572cr from `343cr in SY2011.
At current market price, the stock is trading at a PE of 6.3x for SY2014E and P/B of
1.1x for SY2014E. As we roll over to SY2014, we expect the revenue to post a10.2% CAGR in revenue to `14,405cr. EBITDA margin is expected to be flattish
10.6%, while net profit is expected to post a 11.5% CAGR over SY2012-14E.
SY2013E 13,030 10.3 601.3 1,418 19.1 7.4 1.3 4.3 0.4
SY2014E 14,405 10.6 711.1 1,677 18.7 6.3 1.1 3.6 0.4
Automotive Axles (CMP: `356/ TP: Under Review/ Upside: -)
Automotive Axles (ATXL) reported extremely poor result for 4QSY2012 whichwas significantly lower-than- our estimates. The top-line posted a steep declineof 39.4% yoy (6.3% qoq) to `170cr as medium and heavy commercial vehicle(MHCV) industry volumes witnessed a fall of 14.4% yoy. EBITDA margin fellsharply by 376bp yoy (466bp qoq) to 5.2% primarily due to lower utilizationlevels which reduced the operating leverage. As a result, operating profit andnet profit plunged by 64.8% and 99.3% yoy to `9cr and `0.1cr respectively.
We believe the near term operating environment will remain challenging for
the company as the key driver of companys revenue, the MHCV segment iswitnessing significant slowdown. Weshall come up with a detailed result note soon.
SY2013E 1,103 11.0 59 39.1 19.5 9.1 1.7 4.2 0.5
SY2014E 1,240 11.3 68 45.0 22.8 7.9 1.6 3.7 0.4
Economic and Political News
Parliament to vote on FDI in retail reform Must slash current account deficit to 2.5%: Rangarajan No decision taken on making CAG multi-member body: Govt Rights issue on cards for public sector banksCorporate News
ONGC's acquiring stake in Kashagan oilfield will raise debt: Moody's DLF close to selling Aman Resorts in `1,800cr deal CIL lines up `50,000cr investment plans for next 5 yearsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint
7/30/2019 Market Outlook 301112
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Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
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 30, 2012
Market Outlook
7/30/2019 Market Outlook 301112
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Market OutlookNovember 30, 2012
www.angelbroking.com
Macro watch
Exhibit 1 :Q uarterly G D P trends
Source: CSO, Ang el Research
Exhibit 2 :IIP trends
Source: M O SPI, Ang el Research
Exhibit 3 :M onthly WPI inflation trends
Source: M O SPI, Ang el Research
Exhibit 4 :M a nufacturing a nd services PM I
Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion
Exhibit 5 :Expo rts an d impo rts growth trends
Source: Bloomberg, Angel Research
Exhibit 6 :Key policy rates
Source: RBI, Angel Research
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
(%)
(5.0)
6 .0
2 .7
1 .0
4 .3
(2.8) (1.3)
2 .5
(2.0)(0.2)
2 .3
(0.4)
(6.0)
(4.0)
(2.0)
-
2 .0
4 .0
6 .0
8 .0
O
ct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
M
ay-12
Jun-12
Jul-12
Aug-12
Sep-12
(%)
9. 5
7. 76. 9
7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 0
10.0
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
O
ct-12
(%)
48.0
50.0
52.0
54.0
56.0
58.0
60.0
O
ct-11
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
M fg. PM I Services PM I
(30.0)
(15.0)
0 .0
15.0
30.0
45.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Exp orts yoy g ro wth Im ports yo y growth( %)
8.00
7.00
4.25
4.00
5.00
6.00
7.00
8.00
9.00
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
O
ct-12
Nov
-12
Repo rate Reverse Repo rate C RR(%)
7/30/2019 Market Outlook 301112
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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 158 - 3,080 1,466 1,686 14.8 14.8 7.0 8.1 22.6 19.6 4.8 4.1 22.6 22.5 2.2 1.9
United Phosphorus Buy 114 170 5,269 8,421 9,263 16.5 16.5 15.0 17.0 7.6 6.7 1.1 1.0 15.6 15.5 0.8 0.7
Auto & Auto Ancillary
Amara Raja Batteries Neutral 255 - 4,351 2,911 3,321 16.2 16.2 17.3 19.8 14.7 12.8 4.0 3.2 31.1 27.6 1.4 1.2
Apollo Tyres Buy 84 96 4,214 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 Accumulate 28 31 7,437 14,490 16,606 9.5 9.6 2.2 2.9 12.6 9.8 2.3 2.1 13.6 16.1 0.6 0.5
Automotive Axle# Neutral 356 - 538 1,103 1,240 11.0 11.3 39.1 45.0 9.1 7.9 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Reduce 1,953 1,839 56,500 21,121 23,642 18.4 18.5 108.7 1 22.6 18.0 15.9 7.4 6.0 46.2 41.6 2.3 2.0
Bharat Forge Buy 261 324 6,079 6,754 7,565 15.5 15.7 18.8 23.2 13.9 11.3 2.4 2.1 18.5 19.7 1.1 0.9
Bosch India* Neutral 9,200 - 28,888 8,776 10,276 16.6 18.0 331.9 417.7 27.7 22.0 5.2 4.3 18.7 19.5 3.0 2.5
CEAT Buy 103 163 353 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 144 155 12,210 6,229 7,200 14.8 15.8 7.2 9.0 20.0 16.1 3.5 3.0 18.5 19.9 1.7 1.4
FAG Bearings* Neutral 1,682 - 2,795 1,489 1,750 16.5 17.5 103.3 126.9 16.3 13.3 3.2 2.6 21.3 21.6 1.6 1.3
Hero Motocorp Accumulate 1,823 1,956 36,398 24,743 27,996 14.8 15.2 118.2 130.4 15.4 14.0 6.6 5.3 48.3 41.9 1.2 1.0
JK Tyre Buy 114 165 469 7,517 8,329 6.6 6.6 37.2 41.3 3.1 2.8 0.5 0.5 18.8 17.8 0.3 0.3
Mahindra and Mahindra Accumulate 933 986 57,300 40,035 46,272 11.5 11.6 54.7 62.8 17.1 14.9 3.8 3.2 24.3 23.4 1.2 1.0
Maruti Neutral 1,487 - 42,974 42,019 50,246 7.3 8.6 66.1 94.4 22.5 15.8 2.6 2.2 11.9 15.1 0.9 0.7
Motherson Sumi Neutral 176 - 10,341 24,285 27,317 6.7 7.2 8.1 10.6 21.9 16.6 4.6 3.7 22.9 24.7 0.6 0.5
Subros Accumulate 32 35 190 1,286 1,479 9.4 9.7 2.6 5.1 12.2 6.3 0.7 0.6 5.6 10.3 0.4 0.4
Tata Motors Accumulate 278 319 74,157 192,330 219,770 12.8 13.1 37.0 44.5 7.5 6.3 2.1 1.6 31.2 28.9 0.4 0.4
TVS Motor Buy 39 45 1,831 7,466 8,290 6.2 6.3 4.8 5.6 8.1 6.9 1.4 1.2 18.2 18.7 0.2 0.2
Capital Goods
ABB* Sell 704 573 14,913 7,796 9,907 4.8 7.8 9.2 22.0 76.5 32.0 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 268 - 1,931 3,605 4,542 11.8 10.7 25.1 27.9 10.7 9.6 1.6 1.4 31.1 27.1 1.0 0.9
BHEL Neutral 222 - 54,435 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 189 242 1,701 2,763 2,948 3.1 5.6 2.6 8.6 71.9 22.1 4.2 3.7 5.9 17.6 0.7 0.6
Crompton Greaves Buy 113 145 7,252 12,370 14,277 5.2 7.3 4.0 7.8 28.3 14.5 1.9 1.8 6.9 12.6 0.6 0.6
Jyoti Structures Accumulate 46 53 380 2,794 3,048 10.6 10.6 9.2 11.7 5.0 4.0 0.5 0.5 10.9 12.5 0.4 0.4
KEC International Buy 62 73 1,606 6,858 7,431 7.1 7.5 8.3 9.8 7.5 6.4 1.3 1.1 25.1 24.0 0.4 0.3
LMW Neutral 2,071 - 2,333 2,369 2,727 11.7 11.7 143.4 166.0 14.4 12.5 2.4 2.2 17.4 18.4 0.5 0.4
Thermax Neutral 591 - 7,040 5,514 5,813 9.3 10.2 28.1 31.2 21.0 18.9 3.8 3.3 19.2 18.5 1.1 1.0
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Market Outlook
Stock Watch
November 30, 2012
7/30/2019 Market Outlook 301112
7/13
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
Cement
ACC Neutral 1,395 - 26,198 11,085 12,415 21.6 21.4 79.4 83.1 17.6 16.8 3.4 3.1 20.1 19.2 2.1 1.8
Ambuja Cements Neutral 208 - 31,979 10,272 11,884 26.4 26.1 11.5 12.9 18.1 16.1 4.0 3.5 20.8 21.1 2.7 2.2
India Cements Neutral 85 - 2,597 4,293 4,666 17.7 18.1 8.6 10.8 9.9 7.9 0.7 0.7 7.5 9.0 1.0 0.9
J K Lakshmi Cements Accumulate 136 143 1,662 2,082 2,423 22.9 23.1 20.8 22.5 6.5 6.1 1.2 1.0 18.4 17.4 0.9 1.2
Madras Cements Neutral 203 - 4,825 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 4,402 - 15,334 5,701 6,210 29.7 28.1 240.7 260.7 18.3 16.9 4.4 3.6 27.1 23.6 2.1 1.7
UltraTech Cement Neutral 1,914 - 52,463 21,368 24,043 22.5 23.5 103.5 121.4 18.5 15.8 3.5 2.9 20.2 20.1 2.4 2.2Construction
Ashoka Buildcon Buy 205 304 1,079 2,034 2,315 22.4 22.4 27.1 31.7 7.6 6.5 0.9 0.8 13.1 13.4 1.8 2.1
Consolidated Co Neutral 13 - 235 2,262 2,522 6.7 7.5 1.5 2.7 8.6 4.8 0.4 0.4 4.4 7.5 0.4 0.4
IRB Infra Buy 134 164 4,457 3,843 4,212 43.1 43.6 16.8 17.8 8.0 7.5 1.4 1.2 18.3 17.0 3.3 3.6
ITNL Buy 187 225 3,631 6,564 7,054 27.2 27.4 26.3 29.0 7.1 6.4 1.1 1.0 14.0 11.8 2.7 2.7
IVRCL Infra Neutral 40 - 1,240 4,249 6,897 7.8 8.2 0.3 3.3 131.0 12.2 0.6 0.5 0.4 4.4 0.9 0.6
Jaiprakash Asso. Accumulate 95 100 20,199 13,842 15,863 26.9 26.4 3.7 4.6 25.9 20.8 1.6 1.5 6.2 7.3 2.9 2.6
Larsen & Toubro Accumulate 1,662 1,748 102,200 60,556 69,167 11.2 11.6 73.8 85.5 22.5 19.4 3.6 3.1 13.5 14.1 1.9 1.6
Nagarjuna Const. Reduce 47 44 1,216 5,947 6,569 8.5 8.6 3.1 4.1 15.3 11.5 0.5 0.5 3.3 4.2 0.6 0.6
Punj Lloyd Neutral 52 - 1,742 11,892 13,116 9.0 9.0 1.8 3.2 29.0 16.3 0.6 0.6 2.5 3.7 0.6 0.5
Sadbhav Engg. Buy 136 168 2,051 2,344 2,804 10.6 10.7 7.2 8.7 18.9 15.6 2.3 2.0 13.0 13.5 1.2 1.1
Simplex Infra Buy 179 251 886 6,882 8,032 9.1 9.1 23.2 31.3 7.7 5.7 0.7 0.6 9.1 11.2 0.5 0.4
Financials
Allahabad Bank Accumulate 137 152 6,870 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 108 - 6,052 4,731 5,431 2.9 3.0 21.5 21.8 5.0 5.0 0.8 0.7 15.2 13.8 - -
Axis Bank Accumulate 1,306 1,476 55,718 15,686 18,687 3.1 3.2 116.8 138.0 11.2 9.5 2.1 1.8 20.0 20.2 - -Bank of Baroda Accumulate 740 817 28,984 15,436 18,208 2.5 2.6 111.8 137.4 6.6 5.4 1.0 0.9 15.8 17.0 - -
Bank of India Accumulate 276 294 15,819 12,491 14,883 2.2 2.4 43.8 63.7 6.3 4.3 0.8 0.7 12.1 15.8 - -
Bank of Maharashtra Neutral 55 - 3,266 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 443 - 19,634 10,699 12,213 2.1 2.2 67.3 80.1 6.6 5.5 0.9 0.8 13.7 14.6 - -
Central Bank Neutral 75 - 5,517 7,171 8,236 2.5 2.6 16.4 21.5 4.6 3.5 0.8 0.6 12.7 14.9 - -
Corporation Bank Accumulate 411 445 6,090 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 Accumulate 109 123 3,803 3,087 3,453 2.7 2.8 25.9 24.1 4.2 4.5 0.8 0.7 19.4 15.6 - -
Federal Bank Neutral 472 - 8,070 2,617 2,968 3.3 3.2 45.9 51.7 10.3 9.1 1.3 1.2 13.1 13.3 - -
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Market Outlook
Stock Watch
November 30, 2012
7/30/2019 Market Outlook 301112
8/13
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
Financials
HDFC Reduce 821 771 126,531 7,336 8,802 3.5 3.5 31.5 37.8 26.1 21.7 5.2 4.6 34.8 32.1 - -
HDFC Bank Reduce 699 621 165,156 21,696 26,811 4.4 4.5 28.7 36.0 24.4 19.4 4.7 3.9 20.7 22.0 - -
ICICI Bank Buy 1,082 1,270 124,359 22,271 26,690 3.0 3.0 69.2 83.1 15.6 13.0 1.9 1.7 14.2 15.7 - -
IDBI Bank Neutral 104 - 13,353 7,684 9,264 1.8 2.1 15.6 22.0 6.7 4.8 0.7 0.7 10.9 13.9 - -
Indian Bank Accumulate 179 195 7,708 5,874 6,551 3.2 3.2 40.6 41.8 4.4 4.3 0.7 0.6 18.1 16.4 - -
IOB Neutral 77 - 6,129 7,050 8,313 2.3 2.5 12.3 19.9 6.3 3.9 0.6 0.5 8.8 13.1 - -
J & K Bank Neutral 1,381 - 6,697 2,762 2,885 3.6 3.6 226.7 193.0 6.1 7.2 1.4 1.2 24.4 17.7 - -LIC Housing Finance Buy 258 298 13,015 1,799 2,255 2.3 2.4 20.3 27.3 12.7 9.5 2.0 1.7 16.9 19.7 - -
Oriental Bank Accumulate 320 347 9,349 6,277 7,090 2.6 2.7 60.5 65.1 5.3 4.9 0.8 0.7 15.0 14.4 - -
Punjab Natl.Bank Accumulate 766 843 25,995 19,652 22,601 3.2 3.3 135.0 164.3 5.7 4.7 1.0 0.8 16.3 17.3 - -
South Ind.Bank Neutral 24 - 3,167 1,556 1,750 2.8 2.7 3.5 3.9 6.8 6.2 1.1 1.0 19.1 16.9 - -
St Bk of India Accumulate 2,132 2,437 143,070 61,883 71,546 3.4 3.4 227.2 257.5 9.4 8.3 1.6 1.4 17.8 17.7 - -
Syndicate Bank Accumulate 123 131 7,392 6,756 7,783 3.0 3.0 26.3 27.1 4.7 4.5 0.8 0.7 18.3 16.6 - -
UCO Bank Neutral 73 - 4,879 5,234 6,097 2.3 2.4 11.8 14.7 6.2 5.0 1.0 0.8 11.9 13.4 - -
Union Bank Accumulate 234 250 12,880 9,912 11,536 2.8 2.9 40.4 46.7 5.8 5.0 1.0 0.8 16.1 16.4 - -
United Bank Accumulate 68 74 2,437 3,500 3,912 2.6 2.8 15.8 21.2 4.3 3.2 0.6 0.5 13.1 15.7 - -
Vijaya Bank Neutral 56 - 2,765 2,354 2,754 2.0 2.2 7.4 10.2 7.6 5.5 0.8 0.7 9.3 11.9 - -
Yes Bank Accumulate 443 492 15,801 3,270 4,240 2.8 3.0 34.5 42.2 12.8 10.5 2.7 2.3 23.5 23.5 - -
FMCG
Asian Paints Neutral 4,318 - 41,415 11,198 13,184 16.2 16.2 123.7 146.4 34.9 29.5 11.9 9.3 38.1 35.4 3.6 3.1
Britannia Buy 492 584 5,882 5,627 6,581 4.9 5.7 18.3 24.7 26.9 20.0 9.8 7.5 39.1 42.7 1.0 0.8
Colgate Neutral 1,455 - 19,784 3,146 3,573 20.6 21.4 36.4 42.5 40.0 34.2 37.0 31.0 102.0 98.5 6.1 5.4
Dabur India Neutral 126 - 21,917 6,124 7,101 17.0 16.8 4.5 5.2 28.1 24.0 11.6 9.2 43.2 41.5 3.6 3.0
GlaxoSmith Con* Neutral 3,697 - 15,548 3,124 3,663 17.1 17.6 104.5 123.8 35.4 29.9 11.0 8.8 34.4 32.8 4.6 3.9
Godrej Consumer Neutral 734 - 24,987 6,355 7,548 18.4 18.6 22.8 27.6 32.2 26.6 7.4 6.1 26.4 26.1 4.1 3.4
HUL Neutral 548 - 118,421 25,350 28,974 13.3 13.5 14.7 17.1 37.2 32.1 29.4 20.8 84.5 75.8 4.5 3.9
ITC Neutral 298 - 234,479 29,409 34,060 35.7 36.1 9.3 10.9 32.0 27.3 10.6 8.8 35.8 35.3 7.7 6.6
Marico Neutral 219 - 14,132 4,840 5,643 13.1 13.1 6.2 7.8 35.5 28.2 6.8 5.5 25.4 22.6 3.0 2.5
Nestle* Neutral 4,756 - 45,857 8,529 10,079 20.8 21.1 113.1 137.8 42.1 34.5 25.2 17.7 70.5 60.2 5.4 4.5
Tata Global Neutral 163 - 10,055 7,207 7,927 9.7 10.0 6.6 7.8 24.6 20.8 2.5 2.4 8.6 9.5 1.3 1.2
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November 30, 2012
7/30/2019 Market Outlook 301112
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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
IT
HCL Tech^ Neutral 641 - 44,513 24,214 26,772 19.5 18.1 44.0 48.0 14.6 13.4 3.5 2.9 24.0 22.0 1.8 1.5
Hexaware* Buy 109 135 3,229 1,944 2,159 21.8 21.1 11.4 12.2 9.6 8.9 2.5 2.1 26.4 24.1 1.4 1.2
Infosys Accumulate 2,445 2,573 140,391 39,174 41,580 29.5 30.4 159.2 171.6 15.4 14.3 3.7 3.3 24.1 23.1 3.0 2.8
Infotech Enterprises Accumulate 189 202 2,103 1,886 2,032 17.9 17.3 18.7 20.2 10.1 9.4 1.5 1.3 14.9 14.0 0.8 0.6
KPIT Cummins Neutral 126 - 2,256 2,195 2,317 15.5 15.0 10.7 12.1 11.8 10.5 2.5 2.0 21.0 19.8 1.0 0.9
Mahindra Satyam Accumulate 101 115 11,940 7,597 8,141 20.0 18.8 9.7 10.4 10.5 9.7 2.9 2.2 27.5 22.9 1.2 1.0
Mindtree Accumulate 693 747 2,849 2,324 2,437 20.0 17.7 73.3 74.7 9.5 9.3 2.3 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 386 - 8,109 5,700 5,993 18.0 16.9 37.0 37.3 10.4 10.4 1.5 1.3 14.3 12.6 0.9 0.8
NIIT Accumulate 32 36 527 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.1 0.8 0.7 10.5 14.1 0.3 0.2
Persistent Neutral 476 - 1,905 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.8 1.9 1.6 19.0 17.9 1.2 1.0
TCS Accumulate 1,298 1,410 254,057 61,053 67,313 28.7 29.1 69.7 76.2 18.6 17.0 6.1 5.0 32.6 29.1 4.0 3.5
Tech Mahindra Buy 880 1,070 11,233 6,603 7,150 19.8 18.4 92.9 102.0 9.5 8.6 2.2 1.8 23.7 21.0 1.8 1.6
Wipro Accumulate 385 421 94,874 43,219 47,241 20.0 20.0 26.1 28.1 14.7 13.7 2.8 2.5 19.3 17.9 1.9 1.6
Media
D B Corp Buy 219 259 4,015 1,581 1,784 23.3 25.0 11.6 14.4 18.9 15.2 3.7 3.2 21.0 22.3 2.4 2.1
HT Media Accumulate 102 113 2,394 2,111 2,272 15.0 15.2 7.4 8.3 13.8 12.3 1.5 1.3 11.3 11.4 0.8 0.7
Jagran Prakashan Buy 101 117 3,194 1,503 1,681 23.1 23.1 6.4 7.3 15.8 13.9 3.9 3.5 25.8 26.5 2.3 2.0
PVR Neutral 255 - 738 625 732 17.4 17.1 13.3 15.6 19.2 16.3 2.1 1.8 13.2 13.8 1.6 1.3
Sun TV Network Neutral 407 - 16,025 1,942 2,237 77.2 75.5 17.6 19.1 23.1 21.3 5.8 5.2 25.8 25.2 7.8 6.7
Metals & Mining
Bhushan Steel Neutral 459 - 9,748 11,307 14,287 29.5 29.1 45.1 51.0 10.2 9.0 1.2 1.0 12.2 12.2 2.9 2.3
Coal India Neutral 369 - 233,011 66,666 70,292 25.7 27.3 24.2 26.6 15.3 13.9 4.5 3.6 33.1 29.1 2.5 2.3
Electrosteel Castings Accumulate 26 29 901 1,984 2,074 10.6 11.6 0.8 2.0 31.2 12.9 0.5 0.2 1.7 4.1 0.7 0.6Hind. Zinc Accumulate 138 145 58,288 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.8 2.2
Hindalco Neutral 113 - 21,702 79,148 89,258 9.4 9.0 15.0 15.6 7.6 7.3 0.6 0.6 8.8 8.4 0.7 0.6
JSW Steel Neutral 732 - 16,323 39,586 41,459 17.6 17.0 78.7 90.1 9.3 8.1 0.9 0.8 10.2 10.7 0.8 0.8
MOIL Accumulate 242 261 4,071 941 1,019 47.3 48.3 25.8 28.1 9.4 8.6 1.5 1.3 16.7 16.2 2.0 1.6
Monnet Ispat Buy 257 344 1,651 2,501 3,264 22.2 24.6 41.8 55.2 6.1 4.6 0.6 0.6 11.3 13.4 1.7 1.2
Nalco Neutral 45 - 11,572 6,898 7,841 9.9 14.7 2.0 3.2 22.7 14.1 1.0 0.9 4.3 6.8 1.2 1.1
NMDC Buy 160 198 63,297 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.8 2.1 1.7 27.0 24.6 3.7 3.1
SAIL Neutral 79 - 32,652 47,252 60,351 14.2 14.8 9.6 11.7 8.3 6.7 0.8 0.7 9.4 10.6 1.1 0.9
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November 30, 2012
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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
Metals & Mining
Sesa Goa Neutral 179 - 15,522 4,551 6,640 32.8 34.4 33.7 39.3 5.3 4.6 0.9 0.8 18.3 18.3 4.1 2.8
Sterlite Inds Neutral 105 - 35,320 43,185 45,442 23.3 23.7 16.8 17.9 6.3 5.9 0.7 0.6 11.6 11.2 0.8 0.7
Tata Steel Buy 377 463 36,610 145,725 154,108 8.3 9.5 22.0 44.5 17.1 8.5 0.8 0.8 4.9 9.3 0.5 0.5
Sarda Accumulate 138 153 495 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 73 611 2,694 2,906 14.6 16.6 16.4 20.8 2.8 2.2 0.3 0.2 11.4 12.8 0.4 0.3
Godawari Power andIspat
Buy 117 143 372 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.5 0.4 0.4 10.9 11.4 0.6 0.6
Oil & Gas
Cairn India Buy 329 382 62,805 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 0.9 22.0 17.5 2.7 2.3
GAIL Neutral 344 - 43,686 46,652 54,142 15.7 15.7 34.0 35.3 10.1 9.8 1.8 1.5 18.5 16.8 0.7 0.5
ONGC Buy 254 312 217,010 147,139 154,821 33.9 33.7 30.7 32.3 8.3 7.9 1.4 1.3 18.3 17.2 1.2 1.1
Reliance Industries Neutral 797 - 260,818 362,700 380,031 7.9 8.0 60.0 63.3 13.3 12.6 1.3 1.2 11.1 10.6 0.7 0.7
Gujarat Gas* Neutral 300 - 3,845 3,128 3,707 13.2 11.7 22.8 23.5 13.2 12.7 4.0 3.5 33.2 29.2 1.1 0.9
Indraprastha Gas Neutral 262 - 3,665 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.2 1.1
Petronet LNG Buy 159 183 11,951 30,077 33,570 6.6 6.3 15.1 15.3 10.5 10.4 2.7 2.2 28.4 23.1 0.4 0.4
Gujarat State PetronetLtd.
Neutral 72 - 4,071 1,079 1,034 91.8 91.9 8.8 8.4 8.3 8.6 1.4 1.2 17.9 15.0 3.5 3.6
Pharmaceuticals
Alembic Pharma Buy 63 91 1,196 1,624 1,855 14.2 15.6 6.6 9.1 9.6 7.0 2.4 1.9 27.9 29.9 0.9 0.7
Aurobindo Pharma Neutral 184 - 5,362 5,243 5,767 14.6 14.6 11.8 12.6 15.6 14.6 1.9 1.7 17.9 16.4 1.5 1.3
Aventis* Neutral 2,309 - 5,318 1,482 1,682 15.5 15.5 95.1 104.4 24.3 22.1 4.3 3.4 18.6 17.0 3.4 2.9
Cadila Healthcare Accumulate 825 926 16,892 6,148 7,386 18.6 19.6 32.7 44.8 25.2 18.4 5.5 4.4 23.7 26.6 3.1 2.5
Cipla Neutral 405 - 32,530 8,151 9,130 25.0 24.0 19.5 20.9 20.8 19.4 3.6 3.1 18.8 17.2 3.8 3.3
Dr Reddy's Neutral 1,809 - 30,707 10,696 11,662 20.7 21.0 83.7 92.9 21.6 19.5 4.4 3.7 22.4 20.8 3.2 2.8
Dishman Pharma Buy 116 145 932 1,280 1,536 20.2 20.2 10.4 14.5 11.1 8.0 0.9 0.8 8.7 11.0 1.4 1.2
GSK Pharma* Neutral 2,052 - 17,380 2,651 2,993 31.7 31.2 76.0 82.4 27.0 24.9 7.8 7.0 20.1 26.3 5.8 5.0
Indoco Remedies Buy 68 89 626 685 837 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 453 485 5,718 2,850 3,474 21.0 21.0 29.9 37.3 15.2 12.2 3.6 2.9 26.7 26.4 2.2 1.8
Lupin Accumulate 579 652 25,890 8,426 10,082 19.7 20.0 26.3 31.3 22.0 18.5 5.1 4.1 26.0 24.7 3.2 2.6
Ranbaxy* Neutral 512 - 21,637 12,046 11,980 18.0 15.8 31.3 29.8 16.4 17.2 5.6 4.5 39.1 28.9 1.8 1.8
Sun Pharma Neutral 708 - 73,237 9,752 12,134 41.6 41.6 26.0 28.2 27.2 25.1 5.1 4.4 20.3 18.8 6.8 5.3
Power
CESC Neutral 307 - 3,832 5,218 5,644 24.2 23.8 44.6 47.6 6.9 6.5 0.7 0.7 11.0 10.6 1.5 1.5
GIPCL Accumulate 68 78 1,029 1,523 1,568 30.3 30.3 5.4 11.5 12.6 5.9 0.7 0.6 5.6 11.3 1.1 1.0
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November 30, 2012
7/30/2019 Market Outlook 301112
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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
Power
NTPC Neutral 161 - 132,422 74,111 85,789 22.7 23.1 12.1 13.7 13.3 11.7 1.6 1.5 12.6 13.2 2.4 2.2
Real Estate
Anant Raj Sell 97 78 2,873 657 875 52.0 56.1 8.4 12.7 11.6 7.7 0.7 0.7 6.3 8.9 5.6 4.2
DLF Neutral 209 - 35,433 9,878 12,033 44.7 46.1 9.6 13.4 21.8 15.6 1.4 1.3 6.4 8.7 6.1 5.0
HDIL Neutral 113 - 4,722 2,441 3,344 55.1 48.2 22.7 26.6 5.0 4.2 0.4 0.4 8.8 9.4 3.8 2.8
MLIFE Reduce 420 396 1,714 813 901 26.2 26.6 32.0 37.1 13.1 11.3 1.4 1.2 10.4 11.0 2.5 2.2
TelecomBharti Airtel Neutral 330 - 125,375 81,984 90,718 32.1 33.8 10.9 16.9 30.3 19.6 2.3 2.1 7.6 10.6 2.2 1.8
Idea Cellular Neutral 99 - 32,931 22,234 24,161 26.9 27.7 3.3 4.9 30.1 20.2 2.3 2.1 7.7 10.3 1.9 1.7
Rcom Neutral 70 - 14,345 21,090 22,308 31.8 29.9 3.0 3.8 22.9 18.3 0.4 0.4 1.7 2.1 2.3 2.1
zOthers
Abbott India Accumulate 1,468 1,590 3,118 1,629 1,886 11.8 13.3 60.8 79.5 24.2 18.5 5.0 4.1 22.0 24.4 1.7 1.4
Bajaj Electricals Accumulate 206 217 2,052 3,497 3,968 6.6 7.6 9.8 15.5 21.0 13.3 2.7 2.3 12.7 17.4 0.6 0.5
Cera Sanitaryware Neutral 405 - 513 427 528 15.7 14.6 30.0 34.0 13.5 11.9 3.0 2.4 24.6 22.5 1.3 1.1
Cravatex Buy 417 545 108 272 308 7.2 7.3 37.5 45.4 11.1 9.2 2.6 2.1 23.7 22.7 0.5 0.4
CRISIL Neutral 959 - 6,739 982 1,136 34.3 34.3 34.3 40.0 27.9 24.0 12.7 10.1 50.9 46.9 6.4 5.4
Finolex Cables Accumulate 53 61 808 2,304 2,552 9.9 9.1 8.2 10.1 6.5 5.2 0.9 0.8 13.7 14.7 0.3 0.3
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 312 360 719 1,494 1,607 6.4 7.8 23.9 33.0 13.0 9.5 2.1 1.8 16.5 20.1 0.3 0.2
Greenply Industries Neutral 295 - 713 1,925 2,235 10.6 10.9 29.6 44.1 10.0 6.7 1.6 1.3 16.8 21.0 0.7 0.5
Hitachi Buy 123 146 283 873 989 4.4 6.5 6.4 12.2 19.4 10.1 1.6 1.4 8.3 14.4 0.4 0.3
Honeywell Automation* Buy 2,382 2,842 2,106 1,745 1,993 4.0 5.3 59.5 90.4 40.0 26.4 3.0 2.6 8.1 11.3 1.1 0.9
Styrolution ABS India* Accumulate 676 744 1,189 1,059 1,116 8.5 9.5 36.0 42.0 18.8 16.1 2.7 2.4 15.4 16.0 1.2 1.1ITD Cementation Neutral 253 - 291 1,323 1,455 12.4 12.4 23.2 27.7 10.9 9.1 0.7 0.7 6.8 7.6 0.7 0.6
Jyothy Laboratories Neutral 174 - 2,800 1,228 1,443 9.0 10.9 3.9 6.4 44.7 27.2 4.4 4.1 10.1 15.6 2.8 2.3
MCX Reduce 1,542 1,440 7,863 553 624 65.3 66.3 62.5 72.0 24.7 21.4 6.8 5.9 27.5 27.4 11.2 9.5
MRF Buy 10,526 12,884 4,464 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.2 7.4 1.6 1.3 21.3 19.4 0.5 0.5
Page Industries Accumulate 3,335 3,602 3,720 836 1,023 20.2 20.6 105.6 133.4 31.6 25.0 16.1 11.3 59.3 53.2 4.5 3.7
Relaxo Footwears Buy 806 933 968 1,019 1,208 11.0 12.5 47.0 66.7 17.2 12.1 4.3 3.2 28.2 30.1 1.1 0.9
Sintex Industries Buy 62 79 1,863 4,751 5,189 16.3 16.6 13.6 15.8 4.6 3.9 0.6 0.5 12.9 13.2 0.8 0.6
Siyaram Silk Mills Buy 298 366 279 1,043 1,149 12.3 12.9 65.7 73.3 4.5 4.1 0.9 0.7 21.0 19.6 0.5 0.5
S. Kumars Nationwide Neutral 14 - 415 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6
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November 30, 2012
7/30/2019 Market Outlook 301112
12/13
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
zOthers
SpiceJet Neutral 43 - 2,068 5,720 6,599 5.3 6.8 3.6 5.4 11.8 8.0 17.1 5.4 - - 0.5 0.4
TAJ GVK Buy 72 108 451 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.8 1.6
Tata Sponge Iron Buy 307 384 472 750 803 18.6 18.4 65.4 69.1 4.7 4.4 0.7 0.6 16.5 15.3 0.2 0.1
TVS Srichakra Buy 252 335 193 1,476 1,643 7.0 8.2 32.6 55.9 7.7 4.5 1.2 1.0 16.8 24.8 0.3 0.3
United Spirits Neutral 2,041 - 26,695 10,289 11,421 12.8 12.8 26.0 45.3 78.5 45.1 3.6 3.3 5.8 7.6 3.0 2.7
Vesuvius India Neutral 348 - 707 560 611 16.1 17.0 24.7 28.8 14.1 12.1 2.1 1.9 15.8 16.2 1.1 1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 29, 2012
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Market OutlookNovember 30, 2012