Market Outlook 111212

7/30/2019 Market Outlook 111212

1/13

Market OutlookDecember 11, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat to positive mirroring almost flat opening

trades in most of the Asian markets after a mild advance on Wall Street.

The U.S. markets closed modestly higher yesterday, although buying interestremained relatively subdued. Positive sentiment generated by upbeat data from

China was partly offset by political uncertainty in Italy. Reports from China showed

that Chinese industrial output rose by 10.1% yoy in November following a 9.6%

increase in October, while annual Chinese retail sales growth accelerated to 14.9%

from 14.5%. However, uncertainty about the political situation in Italy following

news that Prime Minister Mario Monti intends to resign helped to limit the upside

for the markets. Wall Street also banked on a deal to avert automatic tax hikes and

spending cuts slated to start in January.

Meanwhile the Indian markets swung between gains and losses before ending little

changed on Monday. Caution prevailed following recent gains after the

government listed a clutch of key financial sector reforms bills in either House ofParliament for discussion and passage. Investors will now watch out for the

domestic industrial output data of October due to be released on Wednesday, and

monthly inflation figures, which will be released on Friday, for cues from the mid-

quarter monetary policy review on December 18.

Markets Today

The trend deciding level for the day is 19,417 / 5,906. If NIFTY trades above this

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

19,471 19,532 / 5,923 5,938 levels. However, if NIFTY trades below 19,417 /

5,906 levels for the first half-an-hour of trade then it may correct up to 19,355

19,301 / 5,891 5,874 levels.

SENSEX 19,301 19,355 19,417 19,471 19,532NIFTY 5,874 5,891 5,906 5,923 5,938

News Analysis Discussion on Banking Laws (Amendment) Bill to continue today in Lok Sabha Punj Lloyd bags `528cr project in Singapore Sadbhav Engineering has emerged successful bidder for two projects KEC International wins orders worth `612cr

Refer detailed news analysis on the following page

Net Inflows (December 06, 2012)

FII 4,144 2,004 2,140 4,498 109,518

MFs 457 686 (230) (657) (18,199)

FII Derivatives (December 10, 2012)

Index Futures 623 520 103 11,366

Stock Futures 954 1,353 (399) 32,428

Gainers / Losers

Mah & Mah Fin 1,055 5.7 Pantaloon Retail 231 (5.1)

Oriental Bank 365 5.3 Titan Industries 296 (3.6)

Corporation Bank 450 5.1 Satyam Comp 95 (2.9)

Federal Bank 506 4.9 Hexaware Tech 94 (2.6)

Adani Power 61 4.8 Jet Air India 516 (2.6)

BSE Sensex (0.1) (14.4) 19,410

Nifty 0.0 1.5 5,909

MID CAP 0.7 46.2 7,117

SMALL CAP 0.3 24.1 7,470

BSE HC 0.9 70.7 8,042

BSE PSU 0.2 13.6 7,294

BANKEX 0.3 43.5 14,227

AUTO (0.2) (24.5) 10,912

METAL 0.1 6.2 10,576

OIL & GAS (0.7) (61.5) 8,449

BSE IT (0.9) (50.2) 5,594

Dow Jones 0.1 14.8 13,170NASDAQ 0.0 0.0 2,987

FTSE 0.1 7.2 5,922

Nikkei 0.1 6.4 9,534

Hang Seng 0.4 85.6 22,277

Straits Times 0.2 7.2 3,114

Shanghai Com 1.1 22.0 2,084

INFY 0.7 0.3 $43.1

WIT 2.5 0.2 $8.8IBN 0.1 0.0 $43.7

HDB (0.2) (0.1) $42.2

Advances 1,520 731

Declines 1,413 735

Unchanged 122 68

BSE 2,296

NSE 10,957


2/13



Discussion on Banking Laws (Amendment) Bill to continuetoday in Lok Sabha

Banking Laws (Amendment) Bill, which proposes to provide RBI with powers to

supervise group companies and to supersede the entire board of banks, among

various other things and which is seen as a precursor to RBIs issuing out new banklicenses, was moved and discussed today in Lok Sabha. However, the bill could

not get through, following objection and discussion by the opposition parties to the

finance ministers move to include three new provisions in the banking law

amendment bill, that were not part of the original amendments studied by the

standing committee on finance. One of the new provision pertained to allowing

banks to enter into forward trading. The discussion on the same is expected to

continue today in Lok Sabha.

L&T Finance Holdings saw upward move of ~3% during the day and has more

than doubled in last six months, mostly on the prospects of being issued a license,

and we continue to like the stock, as in our view, it has a strong case for getting abank license, considering the current state of draft bank license regulations. Even

old private banks such as Lakshmi Vilas Bank and Karnataka Bank, rose by ~20%

and ~11%, respectively during the day (Karnataka bank has more than doubled in

last three months), mostly on merger speculations.

Punj Lloyd bags `528cr project in Singapore

Punj Lloyd has bagged `528cr worth project to construct the new prison

headquarters of the Changi prison complex from the Singapore prison service. The

project is expected to be completed over a period of 24 months.

Sadbhav Engineering has emerged successful bidder fortwo projects

Sadbhav Engineerings joint venture company 'Sadbhav -GKC' has been declared

lowest bidder for a project involving design, build, finance, operate, maintain and

transfer (DBFOMT) the existing state highway from Malavalli to Pavagad on

annuity basis in Karnataka. The total estimated cost of the project is `737.2cr and

has a concession period of 10 years including construction period of 30 months

from the appointed date. Also, the companys joint venture company 'SADBHAV-VISHNUSIVA Joint Venture' has been declared the successful bidder for a project

involving "hiring of HEMM for removal of OB, extraction and transportation of coal

from Xl, IX/X, VIIIC, VIIIB, VIIIA & V/VI/VII seams at Patch 'F-1' of Maheshpur

Colliery of Govindpur Area" from Bharat Cocking Coal (a subsidiary of Coal

India), Dhanbad. The total project cost is `210.49cr and the company would lead

the joint venture with 15% participation share.


3/13



KEC International wins orders worth `612cr

KEC International (KEC) has secured `210cr transmission line order from PGCIL

for supply and erection of 765 kV single circuit transmission lines on turnkey basis.

The project duration is 24 months. With this order, KEC has the highest market

share of ~28% in PGCILs transmission line contracts in FY2013.

SAE Towers has secured various orders for supply of lattice towers to Brazil, Mexico

and United States. The total value of these orders is `224cr.

The company has secured `53cr order for design, supply and construction of 33kV

distribution lines and associated low voltage networks on turnkey basis. The order

is secured from the Rural Electrification Board of the Ministry of Energy and

Mineral Development of Uganda and the duration of the project is 12 months.

The company has secured various orders for supply of Power and Telecom Cables.

The total value of these orders is `81cr.

It has secured a `44cr order for the establishment of water system civil works for a

super thermal power project in Solapur, Maharashtra. The order is secured from

NTPC. The project duration is 30 months.

The company has a robust order book diversified across different geographies

and segments.

Economic and Political News

Auto exports down 4.5% during April-Nov: SIAM Banks recasting `1,300cr loan to Goa mining sector Domestic car sales dip 8%, bike sales rise slightly in November Healthcare sector may hit US$155bn revenue by FY2017: reportCorporate News

Bharti Infratel allots shares worth `652cr to anchor investors L&T MD offloads 2,000 company shares for `33lakh Maruti launches limited edition of A-Star MphasiS banking & capital market vertical head resigns NTPC to sign FSAs with CIL within a monthSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) 5.00

3:00PM UK Jobless claims change % Change Nov 10.10 7.00

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

December 13, 2012 7:00PM US Initial Jobless claims Thousands Dec 8 370.00 370.00

7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)

December 14, 2012 2:00PM Germany PMI Manufacturing Value Dec A 46.80 47.30

2:00PM Germany PMI Services Value Dec A 49.70 50.00

12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 7.60

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 2.20

7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)

7:45PM US Industrial Production % Nov (0.43) 0.20

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 --

11:00AM India RBI Reverse Repo rate % Dec 18 7.00 --

December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 868.00

7:00PM US Building permits Thousands Nov 868.00 875.00

December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --

7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 2.80

8:30PM US Existing home sales Millions Nov 4.79 4.84

December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) --

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --

8:30PM US New home sales Thousands Nov 368.00 --

January 1, 2013 6:30AM China PMI Manufacturing Value Dec F 50.60 --January 2, 2013 3:00PM UK PMI Manufacturing Value Dec 49.10 --

2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

January 4, 2013 7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --

7:00PM US Unnemployment rate % Dec 7.70 --

January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --

5:29PM China Industrial Production (YoY) % Change Dec 10.10 --

January 10, 2013 5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 --

January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --

January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --

Source: Bloomberg, Angel Research

December 11, 2012

Market Outlook


5/13



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

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

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

2Q

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

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8 .0

O

ct-11

Nov-11

Dec-11

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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

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5. 0

6. 0

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10.0

Nov

-11

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(%)

48.0

50.0

52.0

54.0

56.0

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60.0

Nov

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b-1

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M fg. PM I Services PM I

(30.0)

(15.0)

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15.0

30.0

45.0

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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

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Repo rate Reverse Repo rate C RR(%)


6/13

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 158 - 3,072 1,466 1,686 14.8 14.8 7.0 8.1 22.6 19.5 4.8 4.1 22.6 22.5 2.2 1.9

United Phosphorus Buy 127 170 5,868 8,421 9,263 16.5 16.5 15.0 17.0 8.5 7.5 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 253 - 4,319 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.8 4.0 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 86 96 4,347 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 28 31 7,357 14,490 16,606 9.5 9.6 2.2 2.9 12.4 9.7 2.3 2.0 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 Neutral 1,959 - 56,694 21,121 23,642 18.4 18.5 108.7 122.6 18.0 16.0 7.5 6.0 46.2 41.6 2.3 1.9

Bharat Forge Buy 257 324 5,974 6,754 7,565 15.5 15.7 18.8 23.2 13.7 11.1 2.4 2.0 18.5 19.7 1.1 0.9

Bosch India* Neutral 9,221 - 28,952 8,776 10,276 16.6 18.0 331.9 417.7 27.8 22.1 5.2 4.3 18.7 19.5 2.9 2.4

CEAT Buy 107 163 366 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 149 155 12,699 6,229 7,200 14.8 15.8 7.2 9.0 20.8 16.7 3.6 3.1 18.5 19.9 1.7 1.4

FAG Bearings* Neutral 1,701 - 2,826 1,489 1,750 16.5 17.5 103.3 126.9 16.5 13.4 3.2 2.6 21.3 21.6 1.7 1.4

Hero Motocorp Accumulate 1,842 1,956 36,775 24,743 27,996 14.8 15.2 118.2 130.4 15.6 14.1 6.7 5.3 48.3 41.9 1.2 1.0

JK Tyre Buy 123 165 504 7,517 8,329 6.6 6.6 37.2 41.3 3.3 3.0 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 928 986 57,005 40,035 46,272 11.5 11.6 54.7 62.8 17.0 14.8 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,493 - 43,133 42,019 50,246 7.3 8.6 66.1 94.4 22.6 15.8 2.6 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 195 - 11,463 24,285 27,317 6.7 7.2 8.1 10.6 24.2 18.4 5.1 4.2 22.9 24.7 0.6 0.5

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

Tata Motors Buy 280 319 74,626 192,330 219,770 12.8 13.1 37.0 44.5 7.6 6.3 2.1 1.6 31.2 28.9 0.4 0.4

TVS Motor Accumulate 39 45 1,872 7,466 8,290 6.2 6.3 4.8 5.6 8.2 7.0 1.4 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 712 573 15,077 7,796 9,907 4.8 7.8 9.2 22.0 77.3 32.3 5.6 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 267 - 1,930 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 243 - 59,562 47,801 43,757 18.5 18.0 24.6 21.8 9.9 11.2 3.0 2.5 33.5 24.5 1.1 1.2

Blue Star Buy 202 242 1,813 2,763 2,948 3.1 5.6 2.6 8.6 76.6 23.6 4.4 3.9 5.9 17.6 0.7 0.7

Crompton Greaves Buy 117 145 7,534 12,370 14,277 5.2 7.3 4.0 7.8 29.4 15.1 2.0 1.8 6.9 12.6 0.7 0.6

Jyoti Structures Accumulate 48 53 398 2,794 3,048 10.6 10.6 9.2 11.7 5.3 4.1 0.6 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 66 73 1,689 6,858 7,431 7.1 7.5 8.3 9.8 7.9 6.7 1.3 1.2 25.1 24.0 0.4 0.4

LMW Reduce 2,128 1,992 2,397 2,369 2,727 11.7 11.7 143.4 166.0 14.8 12.8 2.5 2.3 17.4 18.4 0.5 0.4

Thermax Neutral 614 - 7,313 5,514 5,813 9.3 10.2 28.1 31.2 21.8 19.7 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 11, 2012


7/13



Cement

ACC Neutral 1,411 - 26,481 11,085 12,415 21.6 21.4 79.4 83.1 17.8 17.0 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 207 - 31,839 10,272 11,884 26.4 26.1 11.5 12.9 18.0 16.0 4.0 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 89 - 2,740 4,293 4,666 17.7 18.1 8.6 10.8 10.4 8.3 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Accumulate 132 143 1,616 2,082 2,423 22.9 23.1 20.8 22.5 6.3 5.9 1.1 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 206 - 4,896 3,814 4,045 29.3 27.5 18.7 19.2 11.0 10.7 2.0 1.7 19.9 17.4 1.9 1.7

Shree Cements^ Neutral 4,324 - 15,064 5,701 6,210 29.7 28.1 240.7 260.7 18.0 16.6 4.4 3.6 27.1 23.6 2.1 1.7

UltraTech Cement Neutral 1,944 - 53,289 21,368 24,043 22.5 23.5 103.5 121.4 18.8 16.0 3.5 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 212 304 1,116 2,034 2,315 22.4 22.4 27.1 31.7 7.8 6.7 1.0 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 256 2,262 2,522 6.7 7.5 1.5 2.7 9.3 5.2 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 144 164 4,794 3,843 4,212 43.1 43.6 16.8 17.8 8.6 8.1 1.5 1.3 18.3 17.0 3.3 3.6

ITNL Buy 210 225 4,074 6,564 7,054 27.2 27.4 26.3 29.0 8.0 7.2 1.3 1.1 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 46 - 1,409 4,249 6,897 7.8 8.2 0.3 3.3 148.8 13.9 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 104 - 22,289 13,842 15,863 26.9 26.4 3.7 4.6 28.5 22.9 1.7 1.6 6.2 7.3 3.0 2.7

Larsen & Toubro Neutral 1,662 - 102,188 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 48 44 1,233 5,947 6,569 8.5 8.6 3.1 4.1 15.5 11.7 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 61 - 2,037 11,892 13,116 9.0 9.0 1.8 3.2 33.9 19.1 0.7 0.7 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 134 168 2,018 2,344 2,804 10.6 10.7 7.2 8.7 18.6 15.4 2.2 2.0 13.0 13.5 1.2 1.0

Simplex Infra Buy 204 251 1,009 6,882 8,032 9.1 9.1 23.2 31.3 8.8 6.5 0.8 0.7 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Neutral 164 - 8,198 6,392 7,238 2.7 2.8 30.3 33.3 5.4 4.9 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 120 - 6,735 4,731 5,431 2.9 3.0 21.5 21.8 5.6 5.5 0.9 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,323 1,476 56,478 15,686 18,687 3.1 3.2 116.8 138.0 11.3 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 828 - 32,430 15,436 18,208 2.5 2.6 111.8 137.4 7.4 6.0 1.1 1.0 15.8 17.0 - -

Bank of India Neutral 306 - 17,540 12,491 14,883 2.2 2.4 43.8 63.7 7.0 4.8 0.9 0.8 12.1 15.8 - -

Bank of Maharashtra Neutral 60 - 3,561 3,563 3,876 3.1 3.1 9.7 12.0 6.2 5.0 0.9 0.8 14.6 16.1 - -

Canara Bank Neutral 485 - 21,505 10,699 12,213 2.1 2.2 67.3 80.1 7.2 6.1 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 83 - 6,102 7,171 8,236 2.5 2.6 16.4 21.5 5.1 3.9 0.9 0.7 12.7 14.9 - -

Corporation Bank Neutral 450 - 6,667 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.8 0.7 17.0 14.7 - -

Dena Bank Accumulate 122 123 4,257 3,087 3,453 2.7 2.8 25.9 24.1 4.7 5.0 0.9 0.7 19.4 15.6 - -

Federal Bank Neutral 506 - 8,648 2,617 2,968 3.3 3.2 45.9 51.7 11.0 9.8 1.4 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 11, 2012


8/13



Financials

HDFC Neutral 863 - 133,074 7,336 8,802 3.5 3.5 31.5 37.8 27.4 22.8 5.5 4.9 34.8 32.1 - -

HDFC Bank Neutral 693 - 163,831 21,696 26,811 4.4 4.5 28.7 36.0 24.2 19.2 4.6 3.9 20.7 22.0 - -

ICICI Bank Accumulate 1,121 1,270 128,873 22,271 26,690 3.0 3.0 69.2 83.1 16.2 13.5 2.0 1.8 14.2 15.7 - -

IDBI Bank Neutral 114 - 14,580 7,684 9,264 1.8 2.1 15.6 22.0 7.3 5.2 0.8 0.7 10.9 13.9 - -

Indian Bank Accumulate 197 202 8,466 5,874 6,551 3.2 3.2 40.6 41.8 4.9 4.7 0.8 0.7 18.1 16.4 - -

IOB Neutral 87 - 6,918 7,050 8,313 2.3 2.5 12.3 19.9 7.1 4.4 0.6 0.6 8.8 13.1 - -

J & K Bank Neutral 1,413 - 6,851 2,762 2,885 3.6 3.6 226.7 193.0 6.2 7.3 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 271 298 13,694 1,799 2,255 2.3 2.4 20.3 27.3 13.3 9.9 2.1 1.8 16.9 19.7 - -

Oriental Bank Neutral 365 - 10,641 6,277 7,090 2.6 2.7 60.5 65.1 6.0 5.6 0.9 0.8 15.0 14.4 - -

Punjab Natl.Bank Neutral 840 - 28,477 19,652 22,601 3.2 3.3 135.0 164.3 6.2 5.1 1.1 0.9 16.3 17.3 - -

South Ind.Bank Reduce 28 25 3,695 1,556 1,750 2.8 2.7 3.5 3.9 8.0 7.2 1.3 1.2 19.1 16.9 - -

St Bk of India Accumulate 2,320 2,437 155,649 61,883 71,546 3.4 3.4 227.2 257.5 10.2 9.0 1.8 1.5 17.8 17.7 - -

Syndicate Bank Neutral 135 - 8,147 6,756 7,783 3.0 3.0 26.3 27.1 5.2 5.0 0.9 0.8 18.3 16.6 - -

UCO Bank Neutral 82 - 5,431 5,234 6,097 2.3 2.4 11.8 14.7 6.9 5.5 1.1 0.9 11.9 13.4 - -

Union Bank Neutral 262 - 14,419 9,912 11,536 2.8 2.9 40.4 46.7 6.5 5.6 1.1 0.9 16.1 16.4 - -

United Bank Neutral 80 - 2,874 3,500 3,912 2.6 2.8 15.8 21.2 5.0 3.8 0.7 0.6 13.1 15.7 - -

Vijaya Bank Neutral 65 - 3,204 2,354 2,754 2.0 2.2 7.4 10.2 8.8 6.3 0.9 0.8 9.3 11.9 - -

Yes Bank Accumulate 458 492 16,351 3,270 4,240 2.8 3.0 34.5 42.2 13.3 10.9 2.8 2.3 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,314 - 41,381 11,198 13,184 16.2 16.2 123.7 146.4 34.9 29.5 11.9 9.3 38.1 35.4 3.7 3.1

Britannia Buy 494 584 5,907 5,627 6,581 4.9 5.7 18.3 24.7 27.0 20.0 9.9 7.6 39.1 42.7 1.0 0.8

Colgate Neutral 1,427 - 19,405 3,146 3,573 20.6 21.4 36.4 42.5 39.2 33.6 36.3 30.4 102.0 98.5 6.1 5.3

Dabur India Neutral 131 - 22,797 6,124 7,101 17.0 16.8 4.5 5.2 29.3 25.0 12.1 9.5 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,772 - 15,862 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 36.1 30.5 11.2 9.0 34.4 32.8 4.8 4.0

Godrej Consumer Neutral 719 - 24,459 6,355 7,548 18.4 18.6 22.8 27.6 31.5 26.0 7.2 5.9 26.4 26.1 4.1 3.4

HUL Neutral 533 - 115,275 25,350 28,974 13.3 13.5 14.7 17.1 36.2 31.3 28.6 20.2 84.5 75.8 4.3 3.8

ITC Neutral 301 - 237,195 29,409 34,060 35.7 36.1 9.3 10.9 32.3 27.6 10.7 8.9 35.8 35.3 7.7 6.6

Marico Neutral 219 - 14,116 4,840 5,643 13.1 13.1 6.2 7.8 35.5 28.1 6.8 5.5 25.4 22.6 3.0 2.5

Nestle* Neutral 4,797 - 46,253 8,529 10,079 20.8 21.1 113.1 137.8 42.4 34.8 25.5 17.8 70.5 60.2 5.5 4.6

Tata Global Neutral 173 - 10,689 7,207 7,927 9.7 10.0 6.6 7.8 26.2 22.1 2.7 2.5 8.6 9.5 1.3 1.2


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December 11, 2012


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IT

HCL Tech^ Neutral 620 - 43,044 24,214 26,772 19.5 18.1 44.0 48.0 14.1 12.9 3.3 2.8 24.0 22.0 1.8 1.5

Hexaware* Buy 94 135 2,788 1,944 2,159 21.8 21.1 11.4 12.2 8.3 7.7 2.1 1.8 26.4 24.1 1.4 1.2

Infosys Accumulate 2,310 2,573 132,625 39,174 41,580 29.5 30.4 159.2 171.6 14.5 13.5 3.5 3.1 24.1 23.1 2.9 2.7

Infotech Enterprises Neutral 195 - 2,173 1,886 2,032 17.9 17.3 18.7 20.2 10.4 9.7 1.6 1.4 14.9 14.0 0.8 0.7

KPIT Cummins Accumulate 118 132 2,119 2,195 2,317 15.5 15.0 10.7 12.1 11.0 9.8 2.4 1.9 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 95 115 11,222 7,597 8,141 20.0 18.8 9.7 10.4 9.9 9.2 2.7 2.1 27.5 22.9 1.2 1.0

Mindtree Accumulate 672 747 2,761 2,324 2,437 20.0 17.7 73.3 74.7 9.2 9.0 2.2 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 383 - 8,052 5,700 5,993 18.0 16.9 37.0 37.3 10.4 10.3 1.5 1.3 14.3 12.6 1.0 0.8

NIIT Accumulate 33 36 546 1,048 1,161 9.3 10.9 4.2 6.2 7.9 5.3 0.8 0.8 10.5 14.1 0.3 0.2

Persistent Neutral 490 - 1,959 1,261 1,352 26.4 24.7 48.2 54.0 10.2 9.1 1.9 1.6 19.0 17.9 1.2 1.1

TCS Accumulate 1,236 1,410 241,971 61,053 67,313 28.7 29.1 69.7 76.2 17.7 16.2 5.8 4.7 32.6 29.1 4.0 3.5

Tech Mahindra Buy 875 1,070 11,183 6,603 7,150 19.8 18.4 92.9 102.0 9.4 8.6 2.2 1.8 23.7 21.0 1.8 1.6

Wipro Accumulate 382 421 94,025 43,219 47,241 20.0 20.0 26.1 28.1 14.6 13.6 2.8 2.4 19.3 17.9 1.8 1.6

Media

D B Corp Buy 221 259 4,047 1,581 1,784 23.3 25.0 11.6 14.4 19.1 15.3 3.7 3.2 21.0 22.3 2.4 2.1

HT Media Accumulate 106 113 2,490 2,111 2,272 15.0 15.2 7.4 8.3 14.4 12.8 1.6 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 101 117 3,209 1,503 1,681 23.1 23.1 6.4 7.3 15.9 14.0 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 307 - 887 682 786 17.3 16.9 17.6 19.7 17.4 15.6 2.1 1.8 14.9 14.5 1.7 1.4

Sun TV Network Neutral 412 - 16,252 1,942 2,237 77.2 75.5 17.6 19.1 23.4 21.6 5.9 5.2 25.8 25.2 8.0 6.9

Metals & Mining

Bhushan Steel Neutral 452 - 9,604 11,307 14,287 29.5 29.1 45.1 51.0 10.0 8.9 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 362 - 228,937 66,666 70,292 25.7 27.3 24.2 26.6 15.0 13.6 4.4 3.6 33.1 29.1 2.5 2.2

Electrosteel Castings Buy 24 29 846 1,984 2,074 10.6 11.6 0.8 2.0 29.3 12.1 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 138 - 58,309 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 123 - 23,540 79,148 89,258 9.4 9.0 15.0 15.6 8.2 7.9 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 763 - 17,022 39,586 41,459 17.6 17.0 78.7 90.1 9.7 8.5 1.0 0.9 10.2 10.7 0.8 0.8

MOIL Neutral 263 - 4,410 941 1,019 47.3 48.3 25.8 28.1 10.2 9.3 1.6 1.4 16.7 16.2 2.2 1.9

Monnet Ispat Buy 291 344 1,873 2,501 3,264 22.2 24.6 41.8 55.2 7.0 5.3 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 48 44 12,384 6,898 7,841 9.9 14.7 2.0 3.2 24.2 15.1 1.0 1.0 4.3 6.8 1.3 1.2

NMDC Buy 155 198 61,354 11,209 12,525 78.4 78.3 18.5 20.6 8.4 7.5 2.0 1.7 27.0 24.6 3.9 3.2

SAIL Neutral 82 - 33,705 47,252 60,351 14.2 14.8 9.6 11.7 8.5 7.0 0.8 0.7 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 11, 2012


10/13



Metals & Mining

Sesa Goa Neutral 188 - 16,365 4,551 6,640 32.8 34.4 33.7 39.3 5.6 4.8 1.0 0.8 18.3 18.3 4.3 2.9

Sterlite Inds Neutral 114 - 38,261 43,185 45,442 23.3 23.7 16.8 17.9 6.8 6.4 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Buy 400 463 38,873 145,725 154,108 8.3 9.5 22.0 44.5 18.2 9.0 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Accumulate 137 153 492 1,442 1,494 17.6 17.3 27.2 28.7 5.0 4.8 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 51 73 685 2,694 2,906 14.6 16.6 16.4 20.8 3.1 2.5 0.3 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 117 143 371 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 Accumulate 326 382 62,300 17,567 17,643 76.2 72.3 61.1 56.8 5.3 5.7 1.1 0.9 22.0 17.5 2.8 2.4

GAIL Neutral 354 - 44,904 46,652 54,142 15.7 15.7 34.0 35.3 10.4 10.0 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 266 312 227,662 147,139 154,821 33.9 33.7 30.7 32.3 8.7 8.2 1.5 1.4 18.3 17.2 1.3 1.2

Reliance Industries Neutral 827 - 270,953 362,700 380,031 7.9 8.0 60.0 63.3 13.8 13.1 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 303 - 3,881 3,128 3,707 13.2 11.7 22.8 23.5 13.3 12.9 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 263 - 3,687 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.3 1.1

Petronet LNG Accumulate 162 183 12,128 30,077 33,570 6.6 6.3 15.1 15.3 10.7 10.6 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 78 - 4,372 1,079 1,034 91.8 91.9 8.8 8.4 8.9 9.3 1.5 1.3 17.9 15.0 3.7 3.7

Pharmaceuticals

Alembic Pharma Buy 66 91 1,248 1,624 1,855 14.2 15.6 6.6 9.1 10.0 7.3 2.5 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 192 - 5,588 5,243 5,767 14.6 14.6 11.8 12.6 16.3 15.2 2.0 1.7 17.9 16.4 1.6 1.4

Aventis* Neutral 2,276 - 5,243 1,482 1,682 15.5 15.5 95.1 104.4 23.9 21.8 4.3 3.3 18.6 17.0 3.2 2.8

Cadila Healthcare Accumulate 840 926 17,202 6,148 7,386 18.6 19.6 32.7 44.8 25.7 18.8 5.6 4.5 23.7 26.6 3.2 2.6

Cipla Neutral 417 - 33,506 8,151 9,130 25.0 24.0 19.5 20.9 21.4 20.0 3.7 3.2 18.8 17.2 3.9 3.3

Dr Reddy's Neutral 1,885 - 31,992 10,696 11,662 20.7 21.0 83.7 92.9 22.5 20.3 4.6 3.9 22.4 20.8 3.2 2.8

Dishman Pharma Buy 116 145 938 1,280 1,536 20.2 20.2 10.4 14.5 11.2 8.0 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,049 - 17,359 2,651 2,993 31.7 31.2 76.0 82.4 27.0 24.9 7.8 6.9 20.1 26.3 5.7 5.0

Indoco Remedies Buy 66 89 609 685 837 15.2 15.2 7.4 8.9 8.9 7.4 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 458 485 5,781 2,850 3,474 21.0 21.0 29.9 37.3 15.3 12.3 3.7 2.9 26.7 26.4 2.2 1.8

Lupin Accumulate 604 652 27,010 8,426 10,082 19.7 20.0 26.3 31.3 23.0 19.3 5.4 4.3 26.0 24.7 3.3 2.7

Ranbaxy* Neutral 507 - 21,434 12,046 11,980 18.0 15.8 31.3 29.8 16.2 17.0 5.5 4.4 39.1 28.9 1.8 1.8

Sun Pharma Neutral 703 - 72,648 9,752 12,134 41.6 41.6 26.0 28.2 27.0 24.9 5.1 4.3 20.3 18.8 6.7 5.2

Power

CESC Neutral 320 - 3,996 5,218 5,644 24.2 23.8 44.6 47.6 7.2 6.7 0.8 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 72 78 1,088 1,523 1,568 30.3 30.3 5.4 11.5 13.3 6.3 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 11, 2012


11/13



Power

NTPC Neutral 157 - 129,371 74,111 85,789 22.7 23.1 12.1 13.7 13.0 11.4 1.6 1.4 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 98 78 2,901 657 875 52.0 56.1 8.4 12.7 11.7 7.7 0.7 0.7 6.3 8.9 5.8 4.4

DLF Neutral 222 - 37,701 9,878 12,033 44.7 46.1 9.6 13.4 23.2 16.6 1.5 1.4 6.4 8.7 6.3 5.2

HDIL Neutral 120 - 5,015 2,441 3,344 55.1 48.2 22.7 26.6 5.3 4.5 0.4 0.4 8.8 9.4 3.9 2.9

MLIFE Neutral 413 - 1,685 813 901 26.2 26.6 32.0 37.1 12.9 11.1 1.3 1.2 10.4 11.0 2.5 2.1

TelecomBharti Airtel Neutral 318 - 120,686 81,984 90,718 32.1 33.8 10.9 16.9 29.1 18.8 2.2 2.0 7.6 10.6 2.2 1.8

Idea Cellular Neutral 96 - 31,673 22,234 24,161 26.9 27.7 3.3 4.9 28.9 19.4 2.2 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 76 - 15,676 21,090 22,308 31.8 29.9 3.0 3.8 25.0 20.0 0.4 0.4 1.7 2.1 2.4 2.1

zOthers

Abbott India Accumulate 1,446 1,590 3,072 1,629 1,886 11.8 13.3 60.8 79.5 23.8 18.2 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Neutral 204 - 2,038 3,497 3,968 6.6 7.6 9.8 15.5 20.9 13.2 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 423 - 536 427 528 15.7 14.6 30.0 34.0 14.1 12.5 3.1 2.5 24.6 22.5 1.3 1.1

Cravatex Buy 425 545 110 272 308 7.2 7.3 37.5 45.4 11.3 9.4 2.7 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 1,028 - 7,219 982 1,136 34.3 34.3 34.3 40.0 29.9 25.7 13.6 10.8 50.9 46.9 6.9 5.8

Finolex Cables Neutral 62 - 944 2,304 2,552 9.9 9.1 8.2 10.1 7.6 6.1 1.0 0.9 13.7 14.7 0.4 0.3

Force Motors Accumulate 507 537 660 2,318 2,700 5.0 5.7 45.0 67.0 11.3 7.6 0.6 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 324 360 747 1,494 1,607 6.4 7.8 23.9 33.0 13.5 9.8 2.1 1.8 16.5 20.1 0.3 0.3

Greenply Industries Neutral 313 - 755 1,925 2,235 10.6 10.9 29.6 44.1 10.6 7.1 1.7 1.4 16.8 21.0 0.7 0.6

Hitachi Buy 131 146 300 873 989 4.4 6.5 6.4 12.2 20.6 10.8 1.7 1.5 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,347 2,842 2,074 1,745 1,993 4.0 5.3 59.5 90.4 39.4 26.0 3.0 2.6 8.1 11.3 1.1 0.9

Styrolution ABS India* Accumulate 742 744 1,304 1,059 1,116 8.5 9.5 36.0 42.0 20.6 17.7 3.0 2.6 15.4 16.0 1.2 1.1ITD Cementation Neutral 240 - 277 1,323 1,455 12.4 12.4 23.2 27.7 10.4 8.7 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 182 - 2,930 1,228 1,443 9.0 10.9 3.9 6.4 46.7 28.5 4.6 4.3 10.1 15.6 3.0 2.5

MCX Reduce 1,538 1,440 7,842 553 624 65.3 66.3 62.5 72.0 24.6 21.4 6.8 5.8 27.5 27.4 11.1 9.4

MRF Accumulate 12,143 12,884 5,150 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.4 8.5 1.8 1.5 21.3 19.4 0.6 0.5

Page Industries Neutral 3,485 - 3,888 836 1,023 20.2 20.6 105.6 133.4 33.0 26.1 16.8 11.8 59.3 53.2 4.7 3.8

Relaxo Footwears Buy 774 933 929 1,019 1,208 11.0 12.5 47.0 66.7 16.5 11.6 4.1 3.0 28.2 30.1 1.1 0.9

Sintex Industries Buy 65 79 1,950 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.1 0.6 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 301 366 282 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 15 - 454 7,134 7,985 19.7 19.4 12.2 14.1 1.3 1.1 0.1 0.1 11.3 11.5 0.6 0.6


Market Outlook

Stock Watch

December 11, 2012


12/13



zOthers

SpiceJet Reduce 46 43 2,238 5,720 6,599 5.3 6.8 3.6 5.4 12.8 8.6 18.5 5.9 - - 0.5 0.5

TAJ GVK Buy 72 108 452 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.9 1.6

Tata Sponge Iron Buy 309 384 475 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.3 0.2

TVS Srichakra Buy 278 335 213 1,476 1,643 7.0 8.2 32.6 55.9 8.5 5.0 1.4 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,939 - 25,362 10,289 11,421 12.8 12.8 26.0 45.3 74.6 42.8 3.4 3.2 5.8 7.6 2.9 2.6

Vesuvius India Neutral 358 - 727 560 611 16.1 17.0 24.7 28.8 14.5 12.5 2.2 1.9 15.8 16.2 1.2 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 10, 2012


Market Outlook

Stock Watch

December 11, 2012


13/13


Documents

Market Outlook 111212