Market Outlook, 07-06-2013

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www.angelbroking.com

Market OutlookJune 7, 2013

Dealers Diary

The Indian markets are expected to open in the red following negative opening

trades in the SGX Nifty and across major Asian bourses.

The US markets continued to experience volatility over the course of the tradingsession on Thursday before ending the day mostly higher. The volatility was due to

uncertainty ahead of the release of the Labor Department's monthly jobs report on

Friday. The report could have a substantial impact on the near-term outlook for

both the economy and the Federal Reserve's stimulus program as Fed officials have

suggested that signs of sustained improvement in the labor market could lead the

central bank to scale back its asset purchase program within the next few meetings.

Meanwhile, the European markets finished to the downside on Thursday, after the

ECB and BoE left their respective interest rates unchanged.

Indian markets edged lower on Thursday, mirroring weak global cues as investors

were reluctant to make big bets ahead of Friday's all-important US monthly jobs

report, which will give clues to the next move from the Fed at its upcoming policy

meeting on June 18-19.

Markets Today

The trend deciding level for the day is 19,517 / 5,916 levels. If NIFTY trades above

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

up to 19,638 19,757 / 5,962 6,003 levels. However, if NIFTY trades below

19,517 / 5,916 levels for the first half-an-hour of trade then it may correct up to

19,398 19,277 / 5,875 5,829 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,277 19,398 19,517 19,638 19,757NIFTY 5,829 5,875 5,916 5,962 6,003

News Analysis L&T has bagged various orders worth `2,002cr Maruti Suzuki announces a one day shutdown at its plants Swedish company Meda expands collaboration with Cipla

Refer detailed news analysis on the following page

Net Inflows (June 5, 2013)` cr Purch Sales Net MTD YTDFII 2,341 2,181 160 840 82,677MFs 411 492 (80) (309) (12,386)

FII Derivatives (June 6, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,111 2,246 (1,135) 6,889

Stock Futures 1,372 1,416 (44) 28,344

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Muthoot Finance 142 5.0 Container Corp. 1,154 (3.7)

Uco Bank 82 4.9 Glenmark Pharma 579 (3.6)

Britannia Industries 693 4.2 Godrej Consumer 856 (3.2)

Canara Bank 415 3.6 Neyveli Lignite 63 (2.8)

Syndicate Bank 135 3.2 GlaxoS. Consumer 5,669 (2.8)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.2) (49) 19,519

Nifty (0.0) (2) 5,921

MID CAP 0.1 7 6,424

SMALL CAP 0.1 9 5,968

BSE HC (1.2) (107) 8,895

BSE PSU (0.2) (15) 6,612

BANKEX 0.8 117 14,176

AUTO (0.0) (3) 11,045

METAL (0.4) (35) 8,500

OIL & GAS (0.7) (62) 8,565

BSE IT (0.2) (11) 6,042

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.5 80 15,041NASDAQ 0.7 23 3,424

FTSE (1.3) (83) 6,336

Nikkei (0.9) (111) 12,904

Hang Sang (1.0) (231) 21,838

Straits Times (1.5) (50) 3,194

Shanghai Com (1.1) (25) 2,242

Indian ADR Chg (%) (Pts) (Close)INFY 0.2 0.1 $42.7

WIT 0.0 0.0 $7.5IBN 2.0 0.9 $44.0

HDB (0.1) (0.0) $39.1

Advances / Declines BSE NSEAdvances 1,140 637

Declines 1,226 705

Unchanged 136 102

Volumes (` cr)BSE 1,689

NSE 9,207

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L&T has bagged various orders worth `2,002cr

Larsen & Toubro (L&T) said it has bagged `528cr order for construction of office

building at Bangalore and Ahmedabad from esteemed clients. Also, in the water &

renewable energy segment it has bagged order worth `806cr primarily for EPC of

a solar photovoltaic power plant in Tamil Nadu. The company has bagged variousorders worth `451cr and `217cr in the transportation and power segment. Wecontinue to maintain our Buy rating on the stock with a target price of `1,761.

Maruti Suzuki announces a one day shutdown at its plants

According to media reports, Maruti Suzuki (MSIL) has announced a one day

shutdown across its plants on June 7, 2013 to avoid unnecessary build up of

inventory and align the production in-line with the market demand.The company's

plants in Gurgaon and Manesar will also remain closed on June 8, 2013 for a

scheduled holiday. The decision has been taken considering the weak demand inthe passenger vehicle industry which continues to witness slowdown in sales. MSIL

reported 14.4% yoy decline in its monthly sales in May 2013 with the compact

(down 20.4% mom and 29.4% yoy), super compact (down 11.2% mom and 2.5%

yoy) and utility vehicles (down 19% mom and 44.3% yoy) segments witnessing

sluggish performance during the month. Nevertheless, we expect MSIL's volumes to

improve in 2HFY2014 (expect ~8% volume growth in FY2014) driven by the

expected easing of interest rates which is likely to boost consumer sentiments

leading to demand revival in the passenger car segment. At `1,587, the stock is

trading at 12.9x FY2015 earnings. Currently, we have a Buy rating on the stockwith a target price of `1,847.

Swedish company Meda expands collaboration with Cipla

Swedish generic maker Meda pharma is broadening its collaboration with the

Indian drug major Cipla, expanding its exclusive rights to Dymista and future

product development. Through the extended partnership, Meda now have full

coverage in all growth markets in Latin- and South America, Middle East

and Africa and Asia, including more than 120 new markets. Meda and Cipla will

cooperate on product development of Dymista. Cipla will be responsible for

formulation, while Meda will be responsible for clinical development, registration,

marketing and sales. The companies will also collaborate on future production of

Dymista and any new products developed. Dymista by the Meda was launched in

the US in autumn 2012 and in Europe in 2013. Registration is underway in other

key markets.

According to Meda, the product can be worth US $6 bn in US and European

Union. The company has been receiving the milestone payment for the product

during FY2013. Once the supplies are initiated the product will be a long term

growth driver for the company, while the product being new in the market, would

take time to scale up, the product can contribute meaningfully during FY2015. We

conservatively estimate the product to contribute US $40mn in FY2014 and

US$80mn in FY2015. We maintain our buy with a target price of `477.
http://economictimes.indiatimes.com/topic/Medahttp://economictimes.indiatimes.com/topic/South-Americahttp://economictimes.indiatimes.com/topic/Africahttp://economictimes.indiatimes.com/cipla-ltd/stocks/companyid-13917.cmshttp://economictimes.indiatimes.com/cipla-ltd/stocks/companyid-13917.cmshttp://economictimes.indiatimes.com/topic/Africahttp://economictimes.indiatimes.com/topic/South-Americahttp://economictimes.indiatimes.com/topic/Meda

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Economic and Political News

RBI asks banks not to sell gold coins: P Chidambaram New real estate Bill will curb fraud, money laundering: Ajay Maken

Government planning 10% stake sale in IOC Pass on rate cut benefit to borrowers: FM tells banks

Corporate News

RIL plans to invest `150,000cr over three years India Cements to restructure non-core business to improve valuation Coal India allots contract for drilling of Mozambique mines L&T bags `528cr office construction orders from Ahmedabad, Bangalore Atul Auto unveils diesel run three-wheeler

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

6:00PM US Unnemployment rate % May 7.50 7.50

June 8, 2013 4:29PM China Exports YoY% % Change May 14.70 6.50

June 9, 2013 7:00AM China Consumer Price Index (YoY) % Change May 2.40 2.50

11:00AM China Industrial Production (YoY) % Change May 9.30 9.20

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

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

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

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

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

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

6:00PM US Producer Price Index (mom) % Change May (0.70) 0.10

6:45PM US Industrial Production % May (0.53) 0.30

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

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

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

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

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

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

6:00PM US Building permits Thousands May 1,005.00 --

6:00PM US Consumer price index (mom) % Change May (0.40) --

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 --

June 20, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (21.90) --

7:30PM US Existing home sales Million May 4.97 --June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

2:00PM UK GDP (YoY) % Change 1Q F 0.60 --

Source: Bloomberg, Angel Research

June 07, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

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

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

6.0

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Repo rate Reverse Repo rate CRR(%)

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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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 129 - 2,500 1,657 1,906 14.1 14.1 7.7 8.9 16.7 14.4 3.5 3.0 22.2 21.9 1.4 1.2

United Phosphorus Buy 163 232 7,203 10,298 11,310 16.5 16.5 20.5 23.2 7.9 7.0 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 253 285 4,328 3,418 3,892 14.5 14.5 18.5 20.4 13.7 12.4 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 93 104 4,700 13,852 15,487 11.4 11.5 12.8 14.9 7.3 6.3 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Accumulate 24 27 6,332 14,038 16,442 7.6 8.7 1.1 2.2 22.8 10.7 2.0 1.7 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 237 - 358 834 965 9.3 10.6 17.3 27.1 13.7 8.8 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Buy 1,748 2,056 50,593 22,684 25,908 18.0 18.5 117.3 137.1 14.9 12.8 5.4 4.3 39.9 37.2 1.8 1.5

Bharat Forge Neutral 235 - 5,475 6,198 6,793 14.6 14.9 14.5 17.3 16.2 13.6 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,052 - 28,423 9,821 11,394 17.0 17.3 373.5 438.7 24.2 20.6 4.4 3.7 18.0 17.9 2.6 2.2

CEAT Buy 110 170 375 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 141 150 12,015 7,053 8,061 14.2 14.5 7.8 9.1 18.1 15.5 3.1 2.6 18.1 18.2 1.4 1.2

FAG Bearings* Neutral 1,460 - 2,426 1,525 1,742 14.5 15.7 88.4 109.5 16.5 13.3 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,643 1,819 32,808 25,274 27,658 14.1 13.7 110.2 139.9 14.9 11.7 5.4 4.3 39.8 40.7 1.1 0.9

JK Tyre Buy 118 154 482 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.7 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 990 1,090 60,756 45,254 51,197 11.4 11.7 61.2 70.2 16.2 14.1 3.4 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,587 1,847 47,946 48,455 55,723 11.2 10.9 107.8 123.2 14.7 12.9 2.2 1.9 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 207 222 12,163 28,442 31,493 7.5 7.8 12.5 14.8 16.5 14.0 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 24 30 145 1,479 1,685 10.0 9.9 5.5 7.5 4.4 3.2 0.5 0.4 11.1 13.7 0.4 0.3

Tata Motors Accumulate 307 347 82,100 215,016 237,404 13.3 13.6 36.2 41.5 8.5 7.4 1.9 1.6 24.6 23.2 0.5 0.4

TVS Motor Accumulate 36 41 1,703 7,715 8,584 6.0 6.1 5.0 5.8 7.2 6.2 1.2 1.1 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 635 461 13,461 8,073 9,052 5.5 6.9 11.5 16.9 55.1 37.5 5.0 4.8 9.3 13.1 1.6 1.4BGR Energy Neutral 164 - 1,183 4,114 4,886 11.4 10.7 24.9 28.0 6.6 5.9 0.9 0.8 25.2 22.6 0.6 0.6

BHEL Neutral 192 - 47,043 44,054 39,326 16.8 15.1 20.6 16.1 9.3 12.0 2.0 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 166 230 1,492 2,896 3,087 5.6 6.2 9.3 11.7 17.8 14.1 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,882 13,446 15,272 6.7 7.6 6.6 8.9 13.8 10.3 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 26 - 213 3,360 3,597 9.7 9.8 7.3 10.2 3.5 2.6 0.7 0.7 8.8 11.4 0.3 0.3

KEC International Buy 39 63 1,013 7,709 8,399 6.7 7.2 6.1 8.5 6.5 4.6 0.8 0.7 20.2 23.0 0.3 0.3

Thermax Neutral 580 - 6,907 5,780 6,430 9.5 9.6 29.8 33.0 19.4 17.6 3.3 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,207 1,361 22,669 11,979 13,254 19.7 21.3 77.1 91.4 15.7 13.2 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 07, 2013

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Cement

Ambuja Cements Neutral 175 - 26,997 10,232 11,762 23.5 24.5 10.3 12.2 17.0 14.4 2.8 2.6 17.2 18.6 2.1 1.7

India Cements Neutral 68 - 2,084 4,929 5,434 17.4 17.1 8.9 10.9 7.6 6.2 0.6 0.6 7.7 9.1 0.8 0.7

J K Lakshmi Cement Buy 104 143 1,220 2,247 2,742 21.0 23.1 17.8 21.8 5.8 4.8 0.9 0.7 15.5 16.4 0.4 0.9

Madras Cements Neutral 236 - 5,614 4,234 4,788 23.9 24.0 18.5 22.8 12.8 10.4 2.0 1.8 17.2 18.2 1.7 1.4

Shree Cement^ Neutral 4,691 - 16,341 6,540 7,452 27.4 26.6 319.7 369.9 14.7 12.7 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,899 - 52,062 21,947 25,049 23.8 23.8 106.1 119.8 17.9 15.9 3.0 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 200 255 1,053 1,928 2,234 21.0 21.5 18.0 22.2 11.1 9.0 1.0 0.9 10.2 10.1 1.9 1.9

Consolidated Co Neutral 11 - 198 2,281 2,492 5.9 6.9 0.7 2.0 15.7 5.3 0.4 0.3 2.3 6.5 0.4 0.3

IRB Infra Buy 117 157 3,874 3,997 4,312 45.5 46.4 15.7 16.6 7.4 7.0 1.1 1.0 15.2 14.5 3.4 3.6

ITNL Buy 174 230 3,383 7,444 8,041 27.4 28.9 29.8 32.1 5.8 5.4 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 19 29 585 5,673 5,892 8.1 8.4 1.4 1.8 13.2 10.4 0.3 0.3 2.0 2.6 0.6 0.6

Jaiprakash Asso. Buy 67 90 14,812 14,850 15,631 24.9 25.1 2.5 2.9 26.4 23.4 1.1 1.0 4.2 4.7 2.8 2.7

Larsen & Toubro Buy 1,428 1,761 88,010 68,946 78,040 10.5 10.5 77.9 88.3 18.3 16.2 2.7 2.4 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 31 42 783 6,167 6,945 8.0 8.2 2.7 3.6 11.4 8.4 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 44 - 1,476 12,954 14,740 9.9 9.9 0.5 0.9 87.6 47.7 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 106 139 1,593 2,462 2,731 10.6 10.6 5.9 6.7 17.9 15.8 1.8 1.6 10.2 10.5 0.9 0.9

Simplex Infra Buy 102 131 502 6,308 7,033 9.5 9.6 11.9 18.7 8.5 5.4 0.4 0.4 4.5 6.7 0.5 0.5

Unity Infra Buy 29 41 218 2,146 2,339 13.7 13.8 11.0 11.5 2.7 2.6 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 120 144 6,005 6,876 7,545 2.6 2.5 28.2 30.9 4.3 3.9 0.6 0.5 12.8 12.7 - -

Andhra Bank Neutral 90 - 5,014 5,254 5,900 2.8 2.8 21.2 22.9 4.2 3.9 0.6 0.6 13.3 13.0 - -

Axis Bank Buy 1,419 1,853 66,477 19,055 22,710 3.3 3.2 130.7 152.3 10.9 9.3 1.8 1.5 17.2 17.6 - -Bank of Baroda Buy 675 851 28,414 16,365 18,781 2.2 2.3 121.3 142.5 5.6 4.7 0.8 0.7 15.1 15.7 - -

Bank of India Buy 294 350 17,528 14,482 16,383 2.3 2.3 58.1 68.1 5.1 4.3 0.8 0.7 14.4 15.0 - -

Bank of Maharashtra Buy 54 64 3,559 4,392 4,743 3.1 3.0 12.6 13.7 4.3 3.9 0.7 0.6 16.8 16.0 - -

Canara Bank Buy 415 481 18,362 11,928 13,467 2.1 2.2 74.8 86.0 5.5 4.8 0.8 0.7 13.7 14.2 - -

Central Bank Accumulate 65 69 6,832 8,249 9,211 2.4 2.5 14.9 18.2 4.4 3.6 0.6 0.6 12.5 13.8 - -

Corporation Bank Buy 379 495 5,799 5,558 6,121 2.0 2.0 98.4 107.7 3.9 3.5 0.6 0.5 14.9 14.5 - -

Dena Bank Accumulate 86 97 2,993 3,187 3,582 2.3 2.4 23.8 25.5 3.6 3.4 0.6 0.5 15.9 15.1 - -

Federal Bank Neutral 455 - 7,772 2,873 3,413 3.0 3.1 52.7 62.0 8.6 7.3 1.1 1.0 13.4 14.2 - -


Market Outlook

Stock Watch

June 07, 2013

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Financials

HDFC Accumulate 845 933 130,823 8,573 10,142 3.6 3.6 37.0 43.6 22.9 19.4 4.7 4.2 30.0 30.3 - -

HDFC Bank Neutral 683 - 162,900 27,682 33,916 4.6 4.6 35.3 42.7 19.4 16.0 3.8 3.2 21.3 21.8 - -

ICICI Bank Buy 1,154 1,503 133,132 25,705 30,330 3.1 3.2 83.9 96.3 13.8 12.0 1.8 1.7 15.2 15.7 - -

IDBI Bank Buy 79 93 10,569 9,477 10,678 2.0 2.1 19.6 22.6 4.1 3.5 0.5 0.5 12.8 13.4 - -

Indian Bank Buy 143 185 6,135 6,185 6,978 3.0 3.0 37.0 42.2 3.9 3.4 0.6 0.5 14.8 15.1 - -

IOB Accumulate 61 66 5,600 8,142 8,956 2.5 2.5 16.5 20.7 3.7 2.9 0.5 0.4 11.8 13.4 - -

J & K Bank Neutral 1,269 - 6,150 3,074 3,140 3.5 3.2 224.7 201.5 5.7 6.3 1.1 1.0 20.6 16.1 - -LIC Housing Finance Accumulate 266 298 13,414 2,113 2,525 2.3 2.3 25.4 29.2 10.5 9.1 1.8 1.6 18.4 18.3 - -

Oriental Bank Buy 242 285 7,056 6,835 7,588 2.6 2.6 56.5 63.8 4.3 3.8 0.6 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 775 994 27,389 20,876 23,929 3.3 3.4 151.7 177.0 5.1 4.4 0.8 0.7 16.1 16.5 - -

South Ind.Bank Neutral 26 - 3,431 1,839 2,091 2.9 2.8 4.2 4.5 6.1 5.7 1.1 0.9 18.2 17.0 - -

St Bk of India Buy 2,049 2,637 140,169 67,243 76,612 3.1 3.0 242.4 284.8 8.5 7.2 1.3 1.1 16.3 16.8 - -

Syndicate Bank Accumulate 135 142 8,111 7,238 8,249 2.7 2.6 27.1 30.4 5.0 4.4 0.8 0.7 16.1 15.9 - -

UCO Bank Neutral 82 - 6,160 6,250 6,738 2.6 2.5 12.1 14.7 6.8 5.6 1.0 0.9 11.8 13.0 - -

Union Bank Buy 222 260 13,276 11,229 12,794 2.6 2.6 40.7 48.2 5.5 4.6 0.8 0.7 14.6 15.4 - -

United Bank Buy 52 65 1,958 3,443 3,998 2.4 2.6 15.1 20.4 3.5 2.6 0.5 0.4 12.1 14.8 - -

Vijaya Bank Neutral 52 - 2,582 2,730 3,059 1.9 2.0 10.2 11.3 5.1 4.6 0.6 0.6 11.8 12.0 - -

Yes Bank Neutral 508 - 18,236 4,390 5,411 2.8 2.8 41.6 47.9 12.2 10.6 2.6 2.2 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,623 - 44,348 12,332 14,524 16.5 16.3 141.6 162.7 32.7 28.4 10.3 8.2 35.4 32.2 3.5 2.9

Britannia Neutral 693 - 8,287 6,417 7,502 6.1 6.3 23.2 27.9 29.9 24.8 10.3 8.1 38.3 36.4 1.3 1.1

Colgate Neutral 1,465 - 19,920 3,588 4,130 20.5 20.9 44.2 51.8 33.2 28.3 32.3 23.5 108.6 96.2 5.4 4.6

Dabur India Neutral 158 - 27,504 7,183 8,340 16.8 16.8 5.4 6.3 29.4 25.1 11.5 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,669 - 23,843 3,617 4,259 16.1 16.4 122.2 148.7 46.4 38.1 14.4 11.6 34.1 33.7 6.1 5.1

Godrej Consumer Neutral 856 - 29,146 7,801 9,017 16.2 15.9 25.1 29.7 34.1 28.9 7.3 6.1 24.9 24.2 3.9 3.3

HUL Neutral 591 - 127,780 29,167 33,164 13.6 13.7 17.1 18.4 34.6 32.1 33.3 24.1 113.4 87.0 4.2 3.7

ITC Neutral 334 - 264,158 34,294 39,991 36.8 37.0 11.3 13.3 29.7 25.1 9.8 7.9 36.1 34.9 7.4 6.3

Marico Neutral 234 - 15,079 5,273 6,044 14.8 14.9 7.3 8.7 32.2 27.0 6.3 5.2 21.4 21.0 2.9 2.4

Nestle* Neutral 5,293 - 51,035 9,447 10,968 22.1 22.3 127.5 154.1 41.5 34.4 20.7 15.0 57.7 50.7 5.4 4.5

Tata Global Neutral 150 - 9,251 8,069 8,957 9.8 9.7 7.8 8.6 19.1 17.4 2.3 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

June 07, 2013

7/28/2019 Market Outlook, 07-06-2013

9/13



IT

HCL Tech^ Buy 748 863 52,070 28,633 32,216 21.5 20.7 57.3 61.7 13.1 12.1 3.1 2.6 24.0 21.5 1.6 1.4

Hexaware* Buy 82 96 2,459 2,091 2,289 19.0 18.8 10.6 11.3 7.8 7.3 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,428 - 139,396 43,338 47,244 27.5 27.7 169.4 182.6 14.3 13.3 3.0 2.6 20.8 19.3 2.6 2.2

Infotech Enterprises Accumulate 167 185 1,863 1,956 2,174 17.9 17.7 20.4 21.9 8.2 7.6 1.2 1.1 14.7 13.7 0.6 0.4

KPIT Cummins Buy 117 135 2,255 2,513 2,819 16.1 15.5 12.6 14.0 9.3 8.4 1.6 1.3 17.9 16.6 0.9 0.7

Mahindra Satyam Buy 105 126 12,374 8,278 9,062 20.3 20.1 10.5 11.4 10.0 9.2 2.3 1.8 23.1 20.0 1.1 0.9

Mindtree Accumulate 819 920 3,403 2,599 2,871 19.4 19.2 85.2 92.3 9.6 8.9 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Reduce 456 395 9,581 6,096 6,646 17.6 17.4 38.1 41.6 12.0 11.0 1.7 1.5 14.2 13.7 1.1 0.9

NIIT Buy 21 30 342 1,144 1,267 9.0 9.1 4.3 5.4 4.8 3.9 0.5 0.5 10.3 12.0 0.1 -

Persistent Accumulate 528 593 2,112 1,445 1,617 25.2 25.0 55.3 59.3 9.6 8.9 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,472 1,585 288,074 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 925 1,170 11,879 7,779 8,398 19.7 19.3 107.4 117.8 8.6 7.9 1.8 1.5 21.2 19.0 1.5 1.3

Wipro Buy 330 385 81,309 40,173 43,697 20.4 20.6 26.2 28.5 12.6 11.6 2.5 2.1 19.7 18.4 1.5 1.3

Media

D B Corp Buy 250 290 4,590 1,750 1,925 25.1 26.6 14.2 16.8 17.6 14.9 3.8 3.2 23.4 23.4 2.5 2.2

HT Media Buy 99 117 2,335 2,205 2,380 15.1 15.6 8.3 9.1 12.0 10.9 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 89 119 2,939 1,664 1,825 20.9 23.0 6.4 7.8 13.8 11.4 2.8 2.5 21.0 23.1 1.9 1.7

PVR Neutral 335 - 1,328 1,359 1,540 17.3 17.4 17.2 21.6 19.4 15.6 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 435 - 17,127 2,287 2,551 69.7 70.5 20.0 23.3 21.7 18.7 5.4 4.7 26.4 27.3 7.1 6.3

Metals & Mining

Bhushan Steel Neutral 464 - 10,514 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 323 345 204,303 72,174 76,311 33.3 28.4 28.4 30.9 11.4 10.5 3.1 2.7 37.6 36.2 2.0 1.8

Electrosteel Castings Buy 16 24 511 1,976 2,017 11.8 12.7 1.3 2.6 12.4 6.0 0.1 0.1 2.6 5.2 0.6 0.2GMDC Buy 135 193 4,298 1,920 2,239 53.2 52.9 21.6 25.0 6.3 5.4 1.4 1.2 25.1 23.8 1.8 1.3

Hind. Zinc Buy 114 145 48,253 12,358 13,659 51.4 51.6 16.0 17.6 7.1 6.5 1.3 1.1 19.4 18.4 1.6 1.1

Hindalco Neutral 103 - 19,653 89,352 93,672 8.8 9.2 13.4 15.0 7.7 6.9 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 736 - 16,428 39,973 40,926 17.2 17.0 71.9 82.8 10.2 8.9 0.9 0.8 9.0 9.6 0.8 0.7

MOIL Buy 203 248 3,414 1,010 1,046 46.5 47.6 26.8 28.8 7.6 7.1 1.1 1.0 15.4 14.7 1.0 0.7

Monnet Ispat Buy 144 291 916 2,883 3,181 21.7 23.6 40.3 57.7 3.6 2.5 0.3 0.3 10.1 13.0 1.2 1.0

Nalco Neutral 33 - 8,402 7,656 7,988 13.1 13.5 2.6 2.6 12.8 12.4 0.7 0.7 5.5 5.5 0.5 0.6

NMDC Buy 116 156 45,852 10,461 11,892 71.6 72.6 16.3 17.6 7.1 6.6 1.5 1.3 22.1 21.4 2.6 2.3


Market Outlook

Stock Watch

June 07, 2013

7/28/2019 Market Outlook, 07-06-2013

10/13



Metals & Mining

SAIL Reduce 57 53 23,583 44,060 54,786 9.4 11.5 5.2 7.2 10.9 8.0 0.6 0.6 5.2 6.8 0.8 0.7

Sesa Goa Accumulate 157 166 13,628 3,742 4,426 32.9 32.8 30.0 29.8 5.2 5.3 0.7 0.6 14.3 12.5 4.4 3.7

Sterlite Inds Accumulate 91 100 30,464 44,462 45,568 23.2 24.7 18.1 20.2 5.0 4.5 0.5 0.5 11.3 11.4 0.6 0.6

Tata Steel Buy 295 378 28,675 140,917 151,537 9.7 10.8 30.9 47.6 9.6 6.2 0.9 0.8 9.6 13.4 0.6 0.5

Sarda Buy 105 153 376 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 34 45 458 2,615 2,776 12.1 12.0 9.8 10.4 3.5 3.3 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 81 102 267 2,344 2,509 14.9 15.4 38.7 47.0 2.1 1.7 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 288 345 55,026 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.8 0.8 0.8 16.5 13.6 2.0 1.6

GAIL Neutral 311 - 39,386 52,102 52,876 15.7 16.1 34.1 35.7 9.1 8.7 1.4 1.3 16.4 15.3 0.3 0.2

ONGC Accumulate 324 372 277,198 170,063 193,024 36.3 36.9 34.7 38.3 9.4 8.5 1.6 1.4 18.3 17.9 1.3 1.1

Reliance Industries Neutral 792 - 255,860 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.2 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 218 - 2,800 3,707 3,850 11.7 12.4 23.7 25.7 9.2 8.5 2.6 2.2 29.6 28.2 0.6 0.6

Indraprastha Gas Neutral 278 - 3,891 3,700 4,218 23.4 22.8 26.7 30.4 10.4 9.1 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 142 167 10,673 40,356 40,872 5.8 6.4 15.0 16.7 9.5 8.5 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,261 1,171 1,287 91.9 91.9 10.1 11.3 5.8 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 141 - 2,658 1,736 2,008 17.1 18.9 10.7 13.9 13.2 10.1 4.1 3.1 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 186 271 5,408 6,641 7,637 15.9 15.9 17.3 20.6 10.7 9.0 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,573 - 5,926 1,682 1,917 16.6 16.6 92.4 99.1 27.9 26.0 3.9 3.9 15.7 14.8 3.2 2.6

Cadila Healthcare Buy 769 929 15,739 7,280 8,640 15.5 15.7 38.3 46.5 20.1 16.5 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 375 444 30,122 9,192 10,535 22.1 22.1 19.6 22.2 19.1 16.9 2.9 2.5 16.2 15.9 3.0 2.6

Dr Reddy's Buy 2,132 2,535 36,201 13,377 15,350 20.4 20.1 112.3 126.8 19.0 16.8 4.1 3.4 23.5 21.8 2.8 2.4

Dishman Pharma Buy 70 168 564 1,394 1,534 22.5 22.4 15.0 16.8 4.7 4.2 0.5 0.4 11.0 11.2 1.0 0.9

GSK Pharma* Neutral 2,709 - 22,946 2,854 3,145 28.6 28.6 76.6 83.3 35.4 32.5 10.6 9.6 31.1 31.0 7.2 6.4

Indoco Remedies Buy 63 78 581 760 922 15.3 15.3 6.1 7.8 10.3 8.1 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Accumulate 602 665 7,595 3,243 3,826 20.5 21.5 36.0 44.4 16.7 13.6 3.9 3.1 26.0 25.4 2.5 2.1

Lupin Buy 754 877 33,735 11,641 13,933 21.3 21.3 34.8 41.8 21.7 18.0 5.1 4.0 26.2 24.8 2.9 2.4

Ranbaxy* Neutral 379 - 16,027 11,400 12,060 10.5 12.5 17.5 22.5 21.7 16.8 3.5 3.0 17.0 19.1 1.4 1.2

Sun Pharma Neutral 1,019 - 105,352 13,509 15,846 41.0 41.0 33.0 39.8 30.9 25.6 6.2 5.2 22.0 22.0 7.2 6.0

Power

GIPCL Accumulate 72 78 1,087 1,444 1,482 33.4 33.0 13.7 14.8 5.2 4.9 0.6 0.6 12.3 12.0 0.8 0.6


Market Outlook

Stock Watch

June 07, 2013

7/28/2019 Market Outlook, 07-06-2013

11/13



Power

NTPC Accumulate 151 163 124,671 76,734 86,680 24.5 24.3 13.4 14.5 11.3 10.4 1.4 1.3 12.8 12.7 2.3 2.2

Real Estate

DLF Buy 203 236 36,040 8,293 9,622 36.5 36.1 5.7 6.7 35.5 30.0 1.3 1.2 3.7 4.1 6.4 5.4

MLIFE Buy 387 476 1,579 888 1,002 30.6 30.6 38.8 43.4 10.0 8.9 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Accumulate 295 338 112,198 86,592 95,860 31.4 31.8 10.9 14.5 27.1 20.3 2.1 1.9 7.7 9.3 2.0 1.6

Idea Cellular Neutral 133 - 44,043 25,122 27,663 27.0 27.2 4.0 4.8 33.5 27.9 2.8 2.5 8.3 9.1 2.2 1.9Rcom Neutral 118 - 24,366 22,801 24,628 31.0 31.3 3.6 5.3 33.1 22.4 0.7 0.7 2.2 3.1 2.7 2.3

Others

Abbott India* Accumulate 1,464 1,659 3,111 1,863 2,081 11.8 12.4 71.2 83.0 20.6 17.7 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 171 237 1,708 3,885 4,472 5.4 7.2 11.0 19.7 15.6 8.7 2.1 1.8 13.5 20.3 0.4 0.4

Cera Sanitaryware Neutral 547 - 692 630 795 14.4 13.6 42.8 51.1 12.8 10.7 3.0 2.4 26.6 25.2 1.1 0.9

Cravatex Buy 334 459 86 248 284 6.5 7.3 27.2 38.2 12.3 8.8 1.9 1.6 15.7 18.5 0.5 0.5

Finolex Cables Buy 53 68 804 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.7 0.8 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 320 437 417 2,304 2,649 3.1 3.6 28.0 43.7 11.4 7.3 0.4 0.3 3.1 4.7 0.1 0.1

Goodyear India* Neutral 338 - 780 1,458 1,542 8.3 9.0 32.3 37.0 10.5 9.1 1.9 1.6 19.5 19.3 0.3 0.3

Hitachi Buy 140 177 379 1,053 1,169 6.3 7.1 13.8 17.7 10.1 7.9 1.4 1.2 15.0 16.7 0.4 0.4

Honeywell Automation* Neutral 2,436 - 2,154 1,842 2,131 7.7 7.8 112.4 132.4 21.7 18.4 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 155 198 140 495 651 12.7 12.9 29.3 39.5 5.3 3.9 0.8 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 174 234 200 1,430 1,573 11.1 11.0 19.1 26.9 9.1 6.5 0.5 0.5 4.9 6.3 0.6 0.5

Jyothy Laboratories Neutral 200 - 3,225 1,220 1,476 13.3 13.6 5.5 9.0 36.3 22.1 4.2 3.7 12.1 17.7 3.0 2.4

MRF Reduce 15,200 14,416 6,447 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.5 8.4 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,049 4,611 4,516 1,057 1,282 19.4 19.6 124.8 153.7 32.5 26.3 16.1 11.9 56.3 51.8 4.4 3.6Relaxo Footwears Accumulate 693 791 832 1,146 1,333 10.9 11.4 45.9 60.9 15.1 11.4 3.2 2.5 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 258 343 242 1,158 1,322 11.9 11.9 72.9 85.7 3.5 3.0 0.7 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 430 617 756 1,068 1,223 9.6 9.6 38.1 44.1 11.3 9.8 1.5 1.4 14.5 14.7 0.7 0.6

TAJ GVK Buy 61 108 381 300 319 35.8 36.2 7.9 9.1 7.7 6.7 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 285 371 438 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 527 686 409 435 516 6.2 7.1 24.3 33.3 21.7 15.8 3.6 3.1 17.6 20.8 0.8 0.6

Tree House Accumulate 276 297 994 153 194 53.0 52.8 12.4 15.6 22.3 17.7 2.6 2.3 11.8 13.1 6.7 5.1

TVS Srichakra Buy 187 252 143 1,591 1,739 6.1 6.6 24.5 41.9 7.7 4.5 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,497 - 36,285 12,294 14,162 12.0 12.0 42.1 67.7 59.3 36.9 4.2 3.8 9.1 10.7 3.3 2.8


Market Outlook

Stock Watch

June 07, 2013

7/28/2019 Market Outlook, 07-06-2013

12/13



Others

Vesuvius India* Buy 365 439 741 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 06, 2013


Market Outlook

Stock Watch

June 07, 2013

7/28/2019 Market Outlook, 07-06-2013

13/13


Documents

Market Outlook, 07-06-2013