Market Outlook 18-10-12

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Market OutlookOctober 18, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in the green, tracking positive opening in

most of the Asian markets after Chinese economic growth data met economist

expectations (7.4%), and the countrys September data (September retail sales

growth 14.2%) showed some improvement.

The US markets closed higher yesterday, while buying interest was relatively

subdued. Upbeat housing data helped to push the markets higher, offsetting

disappointing results from technology bellwethers. A report from the Commerce

Department showed a substantial increase in housing starts in the month of

September to 872,000 (estimate 765,000) from 758,000 in August.

Meanwhile the Indian markets eked out modest gains yesterday, helped by firm

Asian and European cues after Moody's Investors Service left its Spanish sovereign

rating unchanged at investment grade and German Chancellor Angela Merkel

underlined her support for Greece to remain in the Eurozone.

Markets TodayThe trend deciding level for the day is 18,617 / 5,660 levels. If NIFTY trades above

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

up to 18,699 18,787 / 5,685 5,710 levels. However, if NIFTY trades below

18,617 / 5,660 levels for the first half-an-hour of trade then it may correct up to

18,529 18,447 / 5,635 5,609 levels.

SENSEX 18,447 18,529 18,617 18,699 18,787

NIFTY 5,609 5,635 5,660 5,685 5,710

News Analysis Telecom Commission recommends refarming of the entire spectrum in

900Mhz band

MM launches Rexton at `17.7lakhs ACC, Ambuja Cements to pay 2% of sales as royalty to Holcim HMCL to launch its indigenous product in FY2014 TDSAT rejects MTNL, BSNL case on RCom Force Motors launches Traveller 26 2QFY2013 Result Review: HCL Technologies, Rallis India, Infotech Enterprises 2QFY2013 Result Preview: Hindustan Zinc, Ambuja Cements, ACC, DB Corp,

Persistent

Refer detailed news analysis on the following page

Net Inflows (October 16, 2012)

FII 2,031 2,119 (88) 21,024 65,584

MFs 571 336 235 (3,405) (10,110)

FII Derivatives (October 17, 2012)

Index Futures 955 758 197 14,811

Stock Futures 1,867 1,830 37 30,570

Gainers / Losers

Torrent Pharma 693 4.8 Jain Irrigation 72 (4.2)

Dish TV India 80 4.7 IRB Infra 143 (4.0)

Reliance Comm 61 3.8 DLF 201 (3.4)

Lupin 572 3.0 Ambuja Cements 203 (3.0)

Eicher Motors 2,270 2.7 JSW Steel 727 (2.7)

BSE Sensex 0.2 33.1 18,611

Nifty 0.2 12.3 5,660

MID CAP (0.0) (3.0) 6,630

SMALL CAP 0.3 21.3 7,132

BSE HC 0.4 30.4 7,579

BSE PSU (0.0) (2.7) 7,352

BANKEX 0.1 9.6 13,036

AUTO 0.5 50.6 10,200

METAL (0.2) (19.6) 10,391

OIL & GAS (0.5) (44.8) 8,479

BSE IT (0.1) (5.7) 5,671

Dow Jones 0.0 5.2 13,557NASDAQ 0.1 3.0 3,104

FTSE 0.7 40.4 5,911

Nikkei 1.2 105.2 8,807

Hang Seng 1.0 209.6 21,417

Straits Times (0.0) (1.1) 3,046

Shanghai Com 0.3 6.8 2,106

INFY 0.0 0.0 $44.6

WIT 0.5 0.0 $8.5IBN (0.2) (0.1) $39.9

HDB (0.6) (0.2) $37.5

Advances 1,329 659

Declines 1,543 827

Unchanged 131 90

BSE2,067

NSE 10,452

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Telecom Commission recommends refarming of the entirespectrum in 900Mhz band

The Telecom Commission has recommended that mobile phone carriers give up

all their airwave holding in the superior 900MHz band at the time of their permit

renewals, a widely opposed move by the industry that it says will cost aboutUS$24bn more in capital outlay. The Telecom Commission has gone in favor of

complete refarming at the time of renewal. This decision has to be endorsed by the

ministerial panel that will meet today but as far as the government or DoT is

concerned, they are clear that the entire spectrum has to be market priced and all

telecom companies will have to pay for it. This would mean the carriers will have

to buy the replacement airwaves in an auction, and also have to build more

mobile masts and replace some of the existing gears to continue services. Market

leaders Bharti Airtel and Vodafone will be hit the most by the proposed refarming

or substituting of their more efficient 900MHz band airwaves with inferior quality

1800Mhz band airwaves starting in November 2014. This move is definitely

negative for all the telecom players which already have highly leveraged balance

sheets due to 3G auctions and faces issues of one-time spectrum fee and 2G

auctions.

MM launches Rexton at `17.7lakhs

Mahindra and Mahindra (MM) launched the Rexton, the high-end sports utility

vehicle (SUV) under the SsangYong banner, at a starting price of `17.7 lakh for

the manual transmission version and `19.7 lakh for the automatic transmission

version (ex-showroom Mumbai). The Rexton is the first product from the

SsangYong portfolio to be launched in India since MM acquired the company inMarch 2011. The new SUV will be manufactured and assembled at the companys

Chakan plant by sourcing components from SsangYong Korea and from India.

The Rexton is powered by a 2.7 litre diesel engine which delivers 162bhp power

and 340Nm torque. It boasts a mileage of 12.4kmpl (ARAI certified). The Rexton

will be competing with the likes of Fortuner, Pajero Sport, Endeavour and Yeti.

While the size of the high-end (greater than `15lakhs) SUV market is currently

small (~5% of the UV market) we believe that with the the launch of the Rexton,

MM will gain a foothold in the segment where it is not present currently. This will

enable MM to further consolidate its position in the utility vehicle segment

amid rising competition. At `826, the stock is trading at 14.7x FY2014E earnings.

ACC, Ambuja Cements to pay 2% of sales as royalty toHolcim

As per media reports ACC and Ambuja Cements (Ambuja) may have to pay up to

2% of their sales as royalty to parent company Holcim. The media reports say top

Holcim officials have confirmed the possibility of the 2% royalty payment. The

royalty is likely to be charged from next quarter onwards. While both the Indian

companies have been paying up to 0.5% of their annual sales to Holcim Supportand Holcim Services Group as a fee for access to technology and support, other

Holcim group companies like Holcim Indonesia, Holcim Philippines and Siam City

are charged nearly 2% on their annual sales for similar services. Official

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spokespersons of ACC and Ambuja have denied any such proposal. If the

proposal goes through then ACC and Ambujas CY2013E EPS would get reduced

by 8% and 6% respectively.

HMCL to launch its indigenous product in FY2014Hero MotoCorp (HMCL) has announced that it will launch the first product with itsown technology in FY2014. Post the break-up with Honda, HMCL has been veryaggressive in developing its research and development (R&D) team and has alsoentered into strategic tie-ups with global majors. HMCL intends to spend `400cr toset up a state-of-the-art integrated R&D centre in Jaipur by 2QFY2014.Thecompany has also teamed up with technology partners like Erik Buell Racing (EBR,presence in the high-end motorcycle segment) and Austrian engine developer AVL.While the development is certainly positive for HMCL; we shall wait for more clarityfrom the management on this front. The management has not yet given anyindications of the segment they are planning to launch the new product. At `1,805the stock is trading attractively at 13.5x FY2014E earnings.

`

TDSAT rejects MTNL, BSNL case on RCom

The TDSAT, yesterday, ruled in favour of Reliance Communications (RCom) and

set aside claims by public sector BSNL and MTNL against the home country direct

services offered by the company in the past. RCom said that the TDSAT has

ordered a refund of the fines levied on it by the two telcos - adding that the refund

could be around `500cr. The government, earlier, had barred this service after

BSNL and MTNL said that masked caller identities had led to massive interconnect

revenue losses. The issue relates to a calling card service from domains like the US

where people were using RComs calling card home country direct service to callhome to India. We continue to remain Neutral on RCom.

Force Motors launches Traveller 26

Force Motors (FML), a manufacturer of commercial and utility vehicles, launched

its latest offering, the worlds only 26-seater monocoque panel van, Traveller 26

on Tuesday, October 16, 2012. The market size of this segment is ~25,000 units

and FML plans to sell 4,000-4,500 units in its first year, thereby aiming for a 20%

market share. Traveller 26 will be competing with Tatas Airbus and Mahindras

Navistar Mini bus range. Traveller 26 is a unique combination of outstandingperformance, excellent fuel economy, unmatched strength, total safety and

maximum comfort, making it an ideal choice for corporates, fleet owners, tour and

travel operators, hospitality industry and school bus operators.

The standard version of Traveller 26 is priced ex-showroom at `10.87 lakhs,

school bus version at `11.16 lakhs and Deluxe version at `13.87 lakhs. The

product will be available through 27 dealers in Maharashtra and Goa and FML

looks forward to export it post six months mainly to Sri Lanka, Bangladesh and

Africa. The product is rolled out from FMLs Pithampur unit which is expected to

produce up to 10,000 units in the first phase while the second phase is to

commission after a year.

FML is planning to roll out its premium multi-purpose vehicle (MUV) by end of

FY2013 and to launch a nine-seater van in utility vehicle segment next year. The

company is planning to incur a capex of `500cr for this MUV which will be made

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under license from Daimler AG.

Result Review

HCL Technologies (CMP: `580 / TP: Under review)

For 1QFY2013, HCL Tech reported a yet another strong set of results. The USD

revenue came in at US$1,114mn, up 3.2% qoq, on the back of a 2.5% qoq

volume growth in the core software services business and a whopping 10.3% qoq

USD revenue growth in constant currency (CC) terms in the infrastructure services

business. Overall, the volume growth of the company was healthy at 4.5% qoq.

The EBITDA margin and the EBIT margin remained almost stable at 22.2% and

19.4%, despite having 80bp qoq wage hike impact which was a positive surprise.

The negative impact of wage hike was absorbed by an 18bp qoq gain from G&A

leverage and 72bp qoq gain from operating efficiency and improvement in

utilization. The PAT came in at `885cr, up 3.6% qoq.

HCL Tech, with end-to-end IT capabilities and a strong client mining ability, is

clearly emerging as a front runner and outperforming many of its peer companies.

HCL Tech is one of our preferred picks in the tier-1 IT pack. HCL Tech is strongly

positioned in the EAS and IMS verticals, which places it well for short-term as well

as long-term growth. HCL Tech has displayed an industry-leading growth

trajectory and is clearly proving out to be one of the major beneficiaries in the

vendor consolidation exercise going on in the industry.

FY2013E 24,569 18.8 2,906 41.4 22.8 14.0 3.2 8.4 1.6

FY2014E 27,002 17.6 3,166 45.1 21.1 12.9 2.7 7.9 1.4

Rallis India (CMP 142 / TP: - / Upside: -)

For 2QFY2013, Rallis reported net sales and net profit at `480.6cr and `61.5cr

respectively, a rise of 11.2% and 5.2% respectively. The consolidated EBITDA

margin declined to 19.1% vs 22.5% in 2QFY2012. This was a huge improvement

on a qoq basis, wherein the margins came in at 10.2%. This along with the higherinterest expenditure which rose by 21.3% yoy, lead the net profit to grow only by

5.2% yoy. While the performance of the company has improved, we

FY2013E 1,466 14.8 135 7.0 22.6 20.3 4.3 12.3 1.8

FY2014E 1,686 14.8 157 8.1 22.5 17.5 3.7 10.5 1.6

Infotech Enterprises (CMP: `195 / TP: - / Upside: -)

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For 2QFY2013, Infotech Enterprises (Infotech) reported a revenue of US$87.2mn,

up 3.5% qoq, on the back of a 3.9% qoq volume growth and 0.3% reduction in

price realization. In INR terms, the revenue came in at `477cr, up 4.5% qoq, aided

by 0.9% qoq growth due to INR depreciation. During the quarter, the UT&C

verticals USD revenue increased by 6.1% qoq to US$28.3mn and ENGG verticals

revenue grew by 3.5% qoq to US$59.7mn.

The EBITDA and EBIT margins of Infotech remained almost flat qoq at 18.7% and

15.7%, respectively, as gains from volume and INR depreciation were absorbed by

headwinds from higher onsite and some one-time costs. The PAT came in at

`50cr, down 24.4% qoq, impacted by a loss of `4cr on the other income front.

Infotech added 17 new customers during the quarter eight in UT&C and nine in

the ENGG vertical. The management indicated that the company is expected to

grow 14% plus in terms of USD revenue during FY2013 in constant currency

terms.

FY2013E 1,895 18.0 201 18.1 14.5 10.8 1.6 4.4 0.8

FY2014E 2,049 17.5 217 19.5 13.6 10.0 1.4 3.8 0.7

Result Preview

Hindustan Zinc (CMP: `135 / TP: `144 / Upside: 7%)

Hindustan Zinc is slated to announce its 2QFY2013 results today. The companys

top-line is expected to grow by 5.4% yoy to `2,733cr mainly on account of higher

volumes although they would be partially offset by lower realizations of zinc and

lead. The EBITDA margin is expected to contract by 580bp to 50.7% on account of

decrease in realizations. The companys bottom-line is expected to decrease by

1.6% yoy to `1,347cr.

FY2013E 12,446 52.3 6,027 14.3 20.5 9.5 1.8 5.2 2.7

FY2014E 13,538 52.9 6,568 15.5 18.9 8.7 1.5 4.0 2.1

Ambuja Cements (CMP: `203/TP: - /Upside: -)

Ambuja Cements (Ambuja) would be declaring its 3QCY2012 results today. We

expect Ambuja to post a 17.6% yoy growth in the top-line to `2,123cr, aided by

better realization. However the cement sales volume is expected to be marginally

lower on a yoy basis. The OPM is expected to increase by 573bp yoy to 23.4%.

The bottom-line is expected to increase by 79.1% yoy to `307cr.

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CY2012E 10,074 25.4 1,712 11.2 20.3 18.2 3.9 10.6 181

CY2013E 11,619 24.9 1,915 12.5 20.5 16.3 3.5 8.9

Note: Computed on TTM basis

ACC (CMP: `1,428 /TP: - / Upside: -)

ACC is expected to declare its 3QCY2012 results today. We expect ACC to post

an 11.7% yoy growth in its top-line to `2,401cr, aided by better realization.

However the cement sales volume is expected to be lower on a yoy basis. The

OPM is expected to increase by 443bp yoy to 19.3%. The bottom-line is expected

to increase by 37.2% yoy to `230cr.

CY2012E 10,802 21.6 1,445 76.9 19.4 18.6 3.5 10.1 138

CY2013E 12,256 21.5 1,546 82.2 19.1 17.4 3.2 8.5

Note: * computed on TTM basis

DB Corp (CMP: `219 / TP: `236 / Upside: 8%)

DB Corp is slated to announce its 2QFY2013 results today. Its top-line is expected

to grow by 9% yoy to `386cr with the advertising revenue growth expected to be

sluggish due to a high base of 2QFY2012. The OPM is expected to remain flat at

22.3%. Consequently, the net profit is expected to rise by 17% yoy to `47cr. At the

current market price, DB Corp is trading at 16x FY2014E consolidated EPS of`13.6.

FY2013E 1,604 22.3 205 11.2 20.3 19.6 3.7 10.7 2.4

FY2014E 1,786 23.8 250 13.6 21.4 16.0 3.2 8.8 2.1

Persistent (CMP: `431 / TP: - / Upside: -)

Persistent Systems is slated to announce its 2QFY2013 results today. We expect the

company to post a revenue of US$55.5mn, up 1.1% qoq. In rupee terms, the

revenue is expected to come in at `305cr, up 1.5% qoq. The EBITDA margin is

expected to remain almost flat qoq at 26.8%. The PAT is expected to come in at

`40cr.

FY2013E 1,207 26.2 170 42.4 17.1 10.2 1.7 4.1 1.1

FY2014E 1,278 24.3 177 44.2 15.5 9.8 1.5 3.9 1.0

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Quarterly Bloomberg Brokers Consensus Estimate

Net sales 2,491 2,283 9 2,919 (15)

EBITDA 462 317 46 690 (33)EBITDA margin (%) 18.5 13.9 23.6

Net profit 282 159 77 415 (32)

Net sales 2,188 1,805 21 2,566 (15)

EBITDA 532 319 67 735 (28)

EBITDA margin (%) 24.3 17.7 28.6

Net profit 336 171 96 469 (28)

Net sales 2,749 2,593 6 2,713 1

EBITDA 1,428 1,465 (3) 1,429 (0)

EBITDA margin (%) 51.9 56.5 52.7

Net profit 1,391 1,345 3 1,581 (12)

Net sales 1,323 1,072 23 1,463 (10)

EBITDA 213 519 (59) (120) (278)

EBITDA margin (%) 16.1 48.4 -8.2

Net profit (268) 177 (251) (793) (66)

Net sales 701 588 19 774 (9)

EBITDA 496 411 21 632 (22)

EBITDA margin (%) 70.8 69.9 81.7

Net profit 335 273 23 418 (20)

Net sales 1,504 1,175 28 1,551 (3)

EBITDA 232 90 158 233 0

EBITDA margin (%) 15.4 7.7 15.0

Net profit 155 51 204 152 2

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Net sales 6,884 5,974 15 6,652 3

EBITDA 2,536 2,219 14 2,368 7

EBITDA margin (%) 36.8 37.1 35.6

Net profit 1,754 1,514 16 1,602 9

Net sales 862 718 20 811 6

EBITDA 213 208 2 233 (9)

EBITDA margin (%) 24.7 29.0 28.7

Net profit 164 160 2 157 4

Net sales 15,460 11,633 33 14,869 4

Net profit 3,366 2,231 51 3,072 10

Net sales 4,838 5,046 (4) 4,714 3

EBITDA 906 1,057 (14) 872 4

EBITDA margin (%) 18.7 20.9 18.5

Net profit 723 726 (0) 718 1

Net sales 4,619 3,910 18 5,075 (9)

EBITDA 990 652 52 1,308 (24)

EBITDA margin (%) 21.4 16.7 25.8

Net profit 579 279 108 778 (26)

Net profit 201 191 5 190 6

Economic and Political News

BJP pleased with land acquisition bill but not ready to support just yet IT sector needs new products to meet US$300bn target: Infosys Oil exports from India to Pak stuck on price issue

Corporate News

Bosch opens 100 service networks in north India DHL lines up `700cr investment in India Lupin gets USFDA nod for generic Avapro tablets Mahindra launches Rexton at `17.67lakh SBI cuts processing fee on home, auto loans for festive season

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

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Date Company

October 18, 2012 Hind. Zinc, Ambuja Cements, ACC, D B Corp, Persistent

October 19, 2012TCS, ITC, Mundra Port, Adani Power, Petronet LNG, Exide Industries, Zee Entertainment, South Ind.Bank, Blue Star,NIIT, Alembic Pharma, Tata Sponge

October 20, 2012 Bajaj Auto, UltraTech Cement, Indian Bank, Federal Bank, J K Lakshmi Cements, Force Motors

October 21, 2012

October 22, 2012 HDFC, Larsen & Toubro, Cairn India, Idea Cellular, Bank of Baroda, Syndicate Bank, Indiabulls Fin.

October 23, 2012 Hero Motocorp, Sterlite Inds, Lupin, Yes Bank, United Phosphorus, Bank of Maharashtra

October 24, 2012

October 25, 2012 Adani Enterp., M&M, Kotak Mah. Bank, Asian Paints, Nalco, Oriental Bank, Ipca labs, Bajaj Electrical, KPIT Cummins

October 26, 2012 NTPC, ICICI Bank, GAIL, Punjab Natl.Bank, IDFC, Dabur India, IOB, United Bank, Hind. Const.

October 27, 2012 Sarda Energy

October 28, 2012 JSW Steel

October 29, 2012 Colgate, Styrolution

October 30, 2012 Maruti, Dr Reddy's, Grasim Inds, Thermax, Taj GVK, PVR

October 31, 2012 NHPC, Titan Inds., LIC Housing Fin., Tata Global, Aventis, TVS Motor

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

October 18, 2012 US Initial Jobless claims Thousands Oct 13 339.00 365.00

China Industrial Production (YoY) % Change Sep 9.20 9.00

China Real GDP (YoY) % Change 3Q 7.40 7.40

October 19, 2012 US Existing home sales Millions Sep 4.82 4.74

October 23, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Oct A (25.90) --

October 24, 2012 Germany PMI Services Value Oct A 49.70 --

Germany PMI Manufacturing Value Oct A 47.40 --

US New home sales Thousands Sep 373.00 381.00

US FOMC rate decision % Oct 24 0.25 0.25

October 25, 2012 UK GDP (YoY) % Change 3Q A (0.50) --

October 26, 2012 US GDP Qoq (Annualised) % Change 3Q A 1.30 1.80

October 30, 2012 US Consumer ConfidenceS.A./

1985=100Oct 70.30 --

India RBI Repo rate % Oct 30 8.00 8.00

India RBI Cash Reserve ratio % Oct 30 4.50 4.25

India RBI Reverse Repo rate % Oct 30 7.00 7.00

October 31, 2012 Germany Unemployment change (000's) Thousands Oct 9.00 --

November 01, 2012 UK PMI Manufacturing Value Oct 48.40 --

China PMI Manufacturing Value Oct 49.80 --

November 02, 2012 US Change in Nonfarm payrolls Thousands Oct 114.00 --

US Unnemployment rate % Oct 7.80 --

November 06, 2012 UK Industrial Production (YoY) % Change Sep (1.20) --

November 08, 2012 UK BOE Announces rates % Ratio Nov 8 0.50 0.50

Euro Zone ECB announces interest rates % Nov 8 0.75 --



October 18, 2012

Market Outlook

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Market StrategyOctober 18, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

2. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2. 5

(1.8)

(0.2)

2. 7

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

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

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

M fg. PM I Services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

60.0

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

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


Exhibit 6 :Key policy rates

8.00

7.00

4.50

4.00

5.00

6.00

7.00

8.00

9.00

Sep

-11

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

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research

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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 142 - 2,753 1,466 1,686 14.8 14.8 7.0 8.1 20.2 17.5 4.3 3.7 22.6 22.5 2.0 1.7

United Phosphorus Buy 121 170 5,578 8,421 9,263 16.5 16.5 15.0 17.0 8.1 7.1 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 224 - 3,826 2,844 3,275 15.4 15.6 15.9 18.8 14.1 11.9 3.6 2.9 28.9 26.9 1.2 1.1

Apollo Tyres Accumulate 85 99 4,294 13,412 15,041 11.3 11.0 12.1 14.2 7.0 6.0 1.3 1.1 19.6 19.2 0.5 0.4

Ashok Leyland Buy 23 30 6,213 14,920 16,850 9.0 9.3 2.2 2.8 10.7 8.5 2.0 1.7 13.3 15.6 0.5 0.5

Automotive Axle# Neutral 386 - 583 993 1,140 11.6 11.5 36.9 43.0 10.5 9.0 2.1 1.8 21.2 21.3 0.7 0.5Bajaj Auto Neutral 1,755 - 50,778 21,285 23,927 18.2 18.3 108.5 121.3 16.2 14.5 6.7 5.4 46.1 41.3 2.1 1.8

Bharat Forge Accumulate 305 351 7,108 7,004 7,985 16.2 16.4 20.3 25.1 15.0 12.2 2.8 2.4 20.0 20.9 1.2 1.0

Bosch India* Neutral 8,810 - 27,661 8,793 10,294 17.4 18.5 348.3 435.8 25.3 20.2 4.9 4.1 19.4 20.1 2.8 2.3

CEAT Buy 117 164 400 4,989 5,634 8.7 8.5 32.7 41.1 3.6 2.8 0.5 0.4 15.8 16.9 0.3 0.2

Exide Industries Neutral 159 - 13,477 5,913 6,787 16.0 17.0 7.4 9.2 21.5 17.3 3.8 3.3 19.1 20.3 1.9 1.6

FAG Bearings* Neutral 1,777 - 2,952 1,505 1,768 17.5 18.0 111.2 132.7 16.0 13.4 3.3 2.7 22.8 22.2 1.7 1.4

Hero Motocorp Accumulate 1,805 2,077 36,050 24,941 28,706 15.0 15.5 122.5 134.0 14.7 13.5 6.5 5.1 49.6 42.2 1.2 1.0

JK Tyre Buy 109 135 448 7,517 8,329 6.1 6.3 26.2 38.5 4.2 2.8 0.5 0.5 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 826 944 50,727 37,434 42,860 11.6 11.5 50.4 56.3 16.4 14.7 3.4 2.9 22.6 21.5 1.2 1.0

Maruti Neutral 1,369 - 39,560 41,796 49,350 7.6 8.6 66.6 92.6 20.6 14.8 2.4 2.1 12.0 14.8 0.7 0.6

Motherson Sumi Neutral 153 - 8,974 24,285 27,317 6.7 7.2 8.1 10.6 19.0 14.4 4.0 3.3 22.9 24.7 0.5 0.5

Subros Buy 29 34 175 1,230 1,378 8.8 8.6 4.5 5.7 6.5 5.1 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 265 316 70,599 195,096 219,428 12.8 13.0 39.0 44.9 6.8 5.9 2.0 1.5 32.6 28.8 0.4 0.4

TVS Motor Buy 41 49 1,938 7,611 8,443 7.9 7.9 4.7 5.4 8.7 7.5 1.5 1.3 17.9 18.1 0.2 0.2

Capital Goods

ABB* Sell 780 593 16,523 8,760 10,023 6.2 8.7 14.5 24.7 53.9 31.6 5.9 5.1 11.6 17.6 1.9 1.7BGR Energy Neutral 271 - 1,956 3,669 4,561 11.0 11.0 24.7 29.6 11.0 9.2 1.6 1.5 15.3 16.7 1.1 1.0

BHEL Neutral 247 - 60,419 47,801 43,757 19.0 18.8 25.3 22.8 9.8 10.8 3.0 2.5 34.3 25.3 1.1 1.2

Blue Star Neutral 208 - 1,873 3,047 3,328 5.4 6.9 12.5 16.2 16.7 12.8 4.0 3.3 26.1 28.2 0.6 0.5

Crompton Greaves Accumulate 130 141 8,362 12,691 14,126 7.4 8.9 7.0 9.7 18.7 13.4 2.1 1.9 11.9 15.0 0.7 0.6

Jyoti Structures Buy 45 54 371 2,622 2,744 10.7 10.5 9.6 12.2 4.7 3.7 0.5 0.5 10.8 12.3 0.4 0.3

KEC International Accumulate 68 78 1,746 6,858 7,431 7.1 7.5 8.3 9.8 8.2 7.0 1.4 1.2 25.1 24.0 0.4 0.4

LMW Neutral 2,066 - 2,327 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 560 - 6,674 5,514 5,559 8.9 10.2 26.9 30.3 20.9 18.5 3.6 3.2 18.4 18.2 1.1 1.0


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

12/18



Cement

ACC Neutral 1,428 - 26,803 10,964 12,417 21.6 21.5 76.9 82.2 18.6 17.4 3.5 3.2 19.5 19.1 2.2 1.9

Ambuja Cements Neutral 203 - 31,301 10,163 11,729 25.4 24.9 11.2 12.5 18.2 16.3 3.9 3.5 20.3 20.5 2.7 2.2

India Cements Neutral 98 - 2,998 4,354 4,929 18.6 18.7 9.8 12.3 9.9 7.9 0.8 0.8 8.6 10.2 1.1 1.0

J K Lakshmi Cements Neutral 119 - 1,460 1,964 2,278 19.5 20.4 16.3 17.9 7.3 6.7 1.1 0.9 14.7 14.6 0.9 1.2

Madras Cements Neutral 184 - 4,383 3,608 3,928 27.6 27.0 15.7 18.3 11.7 10.1 1.9 1.6 16.9 17.0 1.9 1.6

Shree Cements^ Neutral 4,078 - 14,207 5,630 6,187 29.6 27.9 222.5 259.3 18.3 15.7 4.2 3.4 25.3 23.8 1.9 1.5

UltraTech Cement Neutral 2,026 - 55,540 20,913 23,530 21.3 22.7 93.2 1 10.5 21.7 18.3 3.7 3.2 18.4 18.7 2.5 2.3Construction

Ashoka Buildcon Buy 225 304 1,184 2,034 2,315 22.4 22.4 27.1 31.7 8.3 7.1 1.0 0.9 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 258 2,262 2,522 6.7 7.5 1.5 2.7 9.4 5.3 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 18 - 1,080 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.9) (18.5) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Accumulate 143 166 4,745 3,964 4,582 42.3 40.2 15.7 16.9 9.1 8.4 1.4 1.2 16.6 15.8 2.8 2.7

ITNL Buy 182 232 3,541 6,840 7,767 26.4 26.1 24.4 30.3 7.5 6.0 1.1 1.0 16.0 16.2 2.7 2.9

IVRCL Infra Accumulate 45 51 1,381 5,510 6,722 8.8 9.0 2.5 4.6 17.8 9.8 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 91 91 19,372 15,259 17,502 25.7 24.7 4.0 4.8 22.7 19.1 1.8 1.6 8.5 9.3 2.5 2.2

Larsen & Toubro Accumulate 1,624 1,721 99,692 60,474 69,091 12.1 11.5 79.7 85.4 20.4 19.0 3.4 3.0 16.3 15.1 1.8 1.6

Madhucon Proj Buy 35 56 256 2,206 2,502 10.7 10.7 4.6 4.7 7.5 7.4 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 48 - 1,239 5,804 6,513 8.0 8.6 3.0 3.5 15.9 13.8 0.5 0.5 3.2 3.6 0.6 0.7

Patel Engg. Neutral 80 - 561 3,609 3,836 13.1 13.1 14.0 14.6 5.7 5.5 0.4 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 52 - 1,730 11,892 13,116 8.9 8.9 1.7 3.1 30.7 16.9 0.6 0.6 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 144 182 2,169 2,506 3,147 10.3 10.7 7.5 10.4 19.2 13.8 2.4 2.1 13.5 16.0 1.0 0.9

Simplex Infra Buy 212 265 1,050 6,732 7,837 8.1 8.4 23.4 29.4 9.1 7.2 0.8 0.7 9.2 10.6 0.5 0.5

FinancialsAllahabad Bank Reduce 138 131 6,918 6,944 7,884 3.0 3.1 35.5 37.0 3.9 3.7 0.6 0.6 17.2 15.7 - -

Andhra Bank Reduce 107 97 5,990 4,929 5,633 3.1 3.1 23.7 24.5 4.5 4.4 0.7 0.7 16.6 15.3 - -

Axis Bank Buy 1,151 1,326 47,698 15,425 18,500 3.1 3.2 115.9 137.5 9.9 8.4 1.8 1.6 19.9 20.1 - -

Bank of Baroda Neutral 769 - 30,098 15,473 18,142 2.6 2.6 115.3 139.4 6.7 5.5 1.0 0.9 16.2 17.2 - -

Bank of India Accumulate 296 330 16,967 12,573 14,971 2.3 2.4 58.2 68.0 5.1 4.4 0.8 0.7 15.9 16.3 - -

Bank of Maharashtra Neutral 49 - 2,910 3,442 3,802 3.1 3.2 8.9 11.4 5.6 4.3 0.7 0.6 13.5 15.5 - -

Canara Bank Neutral 425 - 18,812 10,905 12,783 2.1 2.2 74.9 85.1 5.7 5.0 0.9 0.8 15.1 15.3 - -

Central Bank Neutral 74 - 5,477 7,095 8,102 2.5 2.7 15.6 21.0 4.8 3.5 0.8 0.7 12.2 14.7 - -


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

13/18



Financials

Corporation Bank Accumulate 407 447 6,027 4,886 5,669 2.1 2.2 101.3 101.8 4.0 4.0 0.7 0.6 17.0 15.1 - -

Dena Bank Neutral 107 - 3,739 3,147 3,495 2.8 2.9 24.8 24.4 4.3 4.4 0.8 0.7 18.7 15.9 - -

Federal Bank Neutral 470 - 8,041 2,593 3,009 3.2 3.2 44.9 52.5 10.5 9.0 1.3 1.2 12.8 13.5 - -

HDFC Neutral 752 - 115,825 7,340 8,805 3.5 3.5 31.5 37.8 23.9 19.9 4.8 4.3 34.8 32.2 - -

HDFC Bank Neutral 627 - 147,960 21,753 26,811 4.4 4.5 28.7 35.9 21.8 17.5 4.2 3.5 20.7 21.9 - -

ICICI Bank Buy 1,050 1,245 120,651 22,304 26,855 2.9 3.0 68.6 82.0 15.3 12.8 1.9 1.7 14.2 15.6 - -

IDBI Bank Neutral 98 - 12,535 7,761 9,484 1.9 2.2 17.1 22.9 5.7 4.3 0.7 0.6 11.9 14.4 - -Indian Bank Reduce 185 181 7,959 6,062 6,818 3.4 3.4 40.5 41.6 4.6 4.5 0.8 0.7 18.1 16.3 - -

IOB Accumulate 80 87 6,336 7,343 8,391 2.5 2.5 16.0 21.3 5.0 3.7 0.6 0.5 11.3 13.6 - -

J & K Bank Accumulate 1,167 1,021 5,657 2,600 2,850 3.6 3.5 192.3 188.0 6.1 6.2 1.2 1.0 21.0 17.7 - -

LIC Housing Finance Accumulate 251 301 12,677 1,867 2,338 2.4 2.4 21.1 28.5 11.9 8.8 2.0 1.7 17.5 20.4 - -

Oriental Bank Neutral 285 - 8,317 6,278 7,125 2.7 2.8 56.7 62.6 5.0 4.6 0.7 0.6 14.1 13.9 - -

Punjab Natl.Bank Accumulate 814 941 27,596 19,934 22,705 3.3 3.3 147.8 166.2 5.5 4.9 1.0 0.8 17.7 17.3 - -

South Ind.Bank Accumulate 23 25 3,118 1,535 1,760 2.9 2.8 3.5 3.9 6.6 6.0 1.1 1.0 19.5 17.1 - -

St Bk of India Accumulate 2,215 2,353 148,613 63,806 73,435 3.5 3.6 225.7 258.4 9.8 8.6 1.7 1.4 17.7 17.8 - -

Syndicate Bank Accumulate 118 117 7,112 6,722 7,719 2.9 3.0 24.3 27.2 4.9 4.3 0.8 0.7 17.0 16.8 - -

UCO Bank Neutral 76 - 5,065 5,411 6,124 2.4 2.5 17.0 16.5 4.5 4.6 0.9 0.8 16.7 14.4 - -

Union Bank Accumulate 200 226 10,983 9,924 11,647 2.8 2.9 38.6 46.3 5.2 4.3 0.9 0.7 15.4 16.3 - -

United Bank Buy 65 78 2,334 3,572 4,041 2.8 2.9 17.2 22.1 3.8 2.9 0.5 0.5 14.2 16.2 - -

Vijaya Bank Neutral 57 - 2,825 2,490 2,881 2.1 2.2 9.2 11.4 6.2 5.0 0.8 0.7 11.5 13.0 - -

Yes Bank Buy 385 452 13,717 3,270 4,253 2.8 3.0 33.9 42.2 11.4 9.1 2.4 2.0 23.1 23.6 - -

FMCG

Asian Paints Neutral 3,912 - 37,519 11,198 13,184 16.3 16.3 121.0 144.8 32.3 27.0 10.8 8.5 37.4 35.3 3.3 2.8Britannia Buy 489 584 5,841 5,835 6,824 5.7 6.0 20.7 25.4 23.6 19.3 9.3 7.1 43.1 41.9 0.9 0.7

Colgate Neutral 1,236 - 16,808 3,018 3,429 20.9 22.2 35.7 42.3 34.6 29.2 32.0 23.8 101.0 93.5 5.3 4.6

Dabur India Neutral 132 - 23,033 6,124 7,030 17.0 16.8 4.5 5.2 29.6 25.5 12.2 9.7 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 2,987 - 12,560 3,124 3,663 17.1 17.6 104.5 123.8 28.6 24.1 8.9 7.1 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 689 - 23,459 6,097 7,233 18.4 18.6 21.9 26.5 31.5 26.1 7.0 5.8 25.5 25.4 3.9 3.3

HUL Neutral 573 - 123,878 25,350 28,974 13.9 13.9 14.3 16.5 40.2 34.8 23.9 18.4 70.9 59.8 4.4 3.8

ITC Neutral 288 - 225,947 29,513 33,885 35.4 35.8 9.3 10.8 31.0 26.7 10.3 8.6 35.6 35.0 6.9 6.0


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

14/18



FMCG

Marico Neutral 204 - 13,136 4,840 5,643 13.1 13.1 6.8 8.5 30.1 24.1 8.3 6.3 31.4 29.7 2.7 2.2

Nestle* Neutral 4,744 - 45,739 8,610 10,174 20.9 21.2 114.8 139.8 41.3 33.9 24.9 17.4 71.2 60.3 5.0 4.1

Tata Global Neutral 162 - 10,046 7,207 7,927 9.7 10.0 6.6 7.8 24.6 20.8 2.5 2.4 8.6 9.5 1.1 1.0

IT

HCL Tech^ Accumulate 580 632 40,275 24,569 27,002 18.8 17.6 41.4 45.1 14.0 12.9 3.2 2.7 22.8 21.1 1.6 1.4

Hexaware* Accumulate 111 140 3,295 1,966 2,161 22.5 21.4 11.6 12.2 9.6 9.2 2.5 2.1 26.8 23.9 1.5 1.3

Infosys Neutral 2,368 - 135,964 39,174 41,580 29.5 30.4 159.2 171.6 14.9 13.8 3.6 3.2 24.1 23.1 3.2 2.9Infotech Enterprises Neutral 195 - 2,171 1,904 2,072 18.0 17.5 18.2 19.7 10.7 9.9 1.6 1.4 14.6 13.8 0.8 0.6

KPIT Cummins Buy 118 142 2,111 2,191 2,364 16.1 16.5 11.3 13.0 10.5 9.1 2.3 1.8 21.8 20.0 1.0 0.8

Mahindra Satyam Neutral 110 - 12,934 7,628 8,062 19.9 18.4 9.7 10.0 11.3 11.0 3.1 2.4 27.7 22.2 1.3 1.1

Mindtree Accumulate 648 747 2,652 2,324 2,437 20.0 17.7 73.3 74.7 8.8 8.7 2.1 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 404 - 8,496 5,700 5,993 18.0 16.9 37.0 37.3 10.9 10.8 1.6 1.4 14.3 12.6 1.0 0.9

NIIT Accumulate 34 36 566 1,034 1,146 9.9 11.0 5.2 6.4 6.6 5.4 0.8 0.8 12.8 14.3 0.3 0.2

Persistent Neutral 425 - 1,698 1,207 1,278 26.2 24.3 42.4 44.3 10.0 9.6 1.7 1.5 17.1 15.5 1.1 0.9

TCS Accumulate 1,281 1,405 250,808 61,611 67,507 29.3 29.1 69.0 74.0 18.6 17.3 6.0 5.0 32.4 28.6 3.9 3.5

Tech Mahindra Accumulate 950 1,046 12,131 6,603 7,196 18.2 17.1 92.7 99.6 10.3 9.5 2.4 2.0 23.6 20.5 1.9 1.7

Wipro Accumulate 353 421 86,958 43,800 48,332 19.5 19.3 25.6 28.1 13.8 12.6 2.6 2.3 18.9 17.9 1.8 1.5

Media

D B Corp Buy 216 236 3,952 1,604 1,786 22.3 23.8 11.2 13.7 19.3 15.8 3.6 3.2 20.3 21.4 2.2 2.0

HT Media Buy 97 113 2,289 2,111 2,272 15.0 15.2 7.4 8.3 13.2 11.8 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 104 112 3,288 1,488 1,664 22.7 22.8 6.2 7.1 16.7 14.6 4.1 3.6 25.2 26.3 2.1 1.8

PVR Neutral 223 - 580 625 732 17.4 17.1 13.3 15.6 16.8 14.3 1.8 1.6 13.2 13.8 1.2 1.0

Sun TV Network Neutral 360 - 14,201 1,981 2,239 77.0 76.7 18.6 21.3 19.4 16.9 4.9 4.3 27.1 27.5 6.4 5.5Metals & Mining

Bhushan Steel Neutral 500 - 10,609 11,979 14,584 31.6 31.0 49.2 61.4 10.2 8.1 1.3 1.2 14.1 15.2 2.9 2.4

Coal India Accumulate 354 385 223,283 69,808 75,550 27.4 27.4 26.0 28.3 13.6 12.5 3.9 3.2 32.5 28.1 2.3 2.0

Electrosteel Castings Accumulate 22 23 758 1,984 2,074 11.2 12.6 2.5 2.9 8.9 7.6 0.4 0.2 5.1 5.7 0.5 0.5

Hind. Zinc Accumulate 135 144 57,105 12,446 13,538 52.3 52.9 14.3 15.5 9.5 8.7 1.8 1.5 20.5 18.9 2.7 2.1

Hindalco Neutral 117 - 22,314 84,855 92,446 8.7 9.3 13.2 16.2 8.8 7.2 0.7 0.6 7.8 8.9 0.7 0.6

JSW Steel Neutral 727 - 16,209 38,740 41,459 17.3 17.0 79.9 89.4 9.1 8.1 0.9 0.8 10.4 10.6 0.9 0.8

MOIL Accumulate 248 271 4,169 918 993 50.7 50.9 24.5 26.1 10.1 9.5 1.5 1.4 16.0 15.5 2.3 2.0

Monnet Ispat Buy 294 379 1,889 2,511 3,303 23.8 26.0 46.3 57.3 6.3 5.1 0.7 0.6 12.4 13.7 1.7 1.2


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

15/18



Metals & Mining

Nalco Reduce 50 48 12,783 7,401 7,841 16.7 19.2 3.4 4.1 14.5 12.1 1.0 1.0 7.4 8.4 1.3 1.2

NMDC Accumulate 187 214 74,140 12,934 14,266 79.4 80.1 21.1 23.4 8.9 8.0 2.4 1.9 29.6 26.5 4.1 3.4

SAIL Neutral 83 - 34,159 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.1 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 170 - 14,749 7,704 8,034 33.6 34.6 42.0 43.1 4.0 3.9 0.8 0.7 22.3 19.2 2.2 2.1

Sterlite Inds Neutral 100 - 33,623 41,680 45,382 24.2 23.2 16.3 16.9 6.2 5.9 0.7 0.6 11.3 10.7 0.8 0.7

Tata Steel Buy 408 481 39,582 145,799 150,431 10.3 11.2 48.6 63.3 8.4 6.4 0.8 0.8 10.5 12.4 0.5 0.5

Sarda Accumulate 125 148 449 1,251 1,321 22.7 23.4 33.0 37.1 3.8 3.4 0.5 0.5 15.1 14.8 0.8 0.7Prakash Industries Buy 52 73 701 2,694 2,906 14.6 16.6 16.4 20.8 3.2 2.5 0.3 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 118 161 375 2,341 2,425 15.6 17.3 33.3 43.2 3.5 2.7 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 341 380 65,021 16,605 17,258 75.4 71.7 57.0 54.9 6.0 6.2 1.1 0.9 20.2 16.3 2.8 2.2

GAIL Neutral 371 - 47,092 50,176 55,815 15.5 15.8 35.4 36.5 10.5 10.2 1.9 1.6 18.9 17.0 0.7 0.5

ONGC Accumulate 279 312 239,083 147,139 154,821 33.9 33.7 30.7 32.3 9.1 8.7 1.6 1.4 18.3 17.2 1.4 1.2

Reliance Industries Neutral 805 - 263,732 362,700 380,031 7.9 8.0 61.5 64.3 13.1 12.5 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas* Neutral 298 - 3,819 3,228 3,819 11.5 11.3 19.2 22.1 15.5 13.5 4.1 3.7 28.7 29.0 1.3 1.0

Indraprastha Gas Neutral 257 - 3,596 3,040 3,135 24.3 26.7 24.8 27.9 10.4 9.2 2.4 2.0 25.5 23.6 1.3 1.1

Petronet LNG Accumulate 163 176 12,236 29,145 33,736 6.6 6.6 14.2 16.0 11.5 10.2 2.8 2.3 26.9 24.4 0.4 0.4

Gujarat State PetronetLtd.

Neutral 82 - 4,592 1,041 939 91.8 91.9 8.5 7.4 9.6 11.0 1.6 1.5 18.1 14.0 5.2 5.8

Pharmaceuticals

Alembic Pharma Buy 70 91 1,326 1,624 1,855 14.2 15.6 6.6 9.1 10.7 7.7 2.7 2.1 27.9 29.9 1.0 0.8

Aurobindo Pharma Accumulate 156 156 4,543 5,243 5,767 14.6 14.6 11.8 12.6 13.2 12.4 1.6 1.4 17.9 16.4 1.3 1.1

Aventis* Neutral 2,202 - 5,070 1,482 1,682 15.5 15.5 95.1 104.4 23.2 21.1 4.1 3.2 18.6 17.0 3.5 3.0Cadila Healthcare Accumulate 865 953 17,703 6,148 7,386 18.6 19.6 36.0 46.1 24.0 18.8 5.7 4.5 25.8 26.8 3.1 2.6

Cipla Neutral 362 - 29,062 8,031 9,130 23.4 22.4 18.4 20.0 19.7 18.1 3.3 2.8 17.8 16.6 3.6 3.1

Dr Reddy's Accumulate 1,690 1,859 28,691 10,696 11,662 20.7 21.0 83.7 92.9 20.2 18.2 4.2 3.5 22.4 20.8 2.9 2.6

Dishman Pharma Neutral 100 - 810 1,280 1,536 17.8 17.8 9.2 11.3 10.9 8.9 0.8 0.8 7.7 8.5 1.3 1.1

GSK Pharma* Neutral 1,991 - 16,860 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.2 7.6 6.7 20.1 26.3 5.5 4.8

Indoco Remedies Buy 66 92 608 685 837 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 Neutral 460 - 5,807 2,850 3,474 20.7 20.7 29.2 36.6 15.8 12.6 3.7 2.9 26.1 26.1 2.3 1.9

Lupin Accumulate 572 647 25,550 8,426 10,082 19.7 20.0 26.3 31.3 21.7 18.3 5.1 4.1 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 111 - 783 1,667 1,835 13.9 13.9 11.4 13.3 9.8 8.4 0.6 0.6 6.6 7.3 0.9 0.8


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

16/18



Pharmaceuticals

Ranbaxy* Neutral 552 - 23,294 12,046 11,980 18.0 15.8 31.3 29.8 17.6 18.5 6.0 4.8 39.1 28.9 1.9 1.8

Sun Pharma Neutral 712 - 73,625 9,752 12,134 41.6 41.6 26.0 28.2 27.4 25.3 5.1 4.4 20.3 18.8 6.6 5.1

Power

CESC Neutral 321 - 4,005 5,218 5,644 24.2 23.8 44.6 47.6 7.2 6.7 0.8 0.7 11.0 10.6 1.6 1.6

GIPCL Accumulate 69 77 1,041 1,557 1,573 29.3 28.7 10.8 11.0 6.4 6.3 0.7 0.6 10.8 10.2 1.2 1.0

NTPC Neutral 169 - 139,183 74,111 85,789 22.7 23.1 12.1 13.7 14.0 12.3 1.7 1.6 12.6 13.2 2.5 2.3

Real EstateAnant Raj Accumulate 74 78 2,176 657 875 52.0 56.1 8.4 12.7 8.8 5.8 0.5 0.5 6.3 8.9 4.5 3.4

DLF Neutral 201 - 34,141 9,878 12,033 44.7 46.1 9.6 13.4 21.0 15.0 1.3 1.3 6.4 8.7 6.5 5.4

HDIL Buy 103 115 4,297 2,441 3,344 55.1 48.2 22.7 26.6 4.5 3.9 0.4 0.4 8.8 9.4 3.5 2.7

MLIFE Neutral 411 - 1,678 813 901 26.2 26.6 32.0 37.1 12.8 11.1 1.3 1.2 10.4 11.0 2.3 2.0

Telecom

Bharti Airtel Neutral 270 - 102,590 79,147 86,745 31.1 32.5 9.9 15.1 27.2 17.9 1.9 1.7 7.0 9.7 2.0 1.7

Idea Cellular Neutral 81 - 26,834 22,582 24,684 26.4 26.9 3.3 4.7 24.4 17.2 1.9 1.7 7.8 9.9 1.7 1.5

Rcom Neutral 61 - 12,611 20,650 20,935 32.3 33.0 4.2 5.8 14.4 10.6 0.3 0.3 2.3 3.1 2.3 2.1

zOthers

Abbott India Neutral 1,458 - 3,099 1,602 1,833 10.4 11.8 54.7 71.7 26.7 20.3 5.0 4.3 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 225 228 2,240 3,670 4,290 7.6 8.8 15.0 23.0 15.0 9.8 2.7 2.2 18.6 22.4 0.5 0.5

Cera Sanitaryware Buy 377 388 477 396 470 16.7 16.6 31.0 35.0 12.2 10.8 2.8 2.2 24.8 23.0 1.1 1.0

Cravatex Buy 464 682 120 289 340 5.2 5.9 41.0 57.0 11.3 8.1 2.9 2.2 25.2 26.5 0.5 0.4

CRISIL Neutral 948 - 6,650 982 1,136 34.3 34.3 34.3 40.0 27.6 23.7 12.5 10.0 50.9 46.9 6.5 5.4

Finolex Cables Buy 45 61 687 2,334 2,687 6.2 6.5 8.0 10.0 5.6 4.5 0.8 0.7 13.0 14.9 0.2 0.2

Force Motors Buy 420 591 548 2,214 2,765 4.5 5.4 39.0 74.0 10.8 5.7 0.5 0.4 4.4 7.6 0.1 0.1Goodyear India Neutral 316 - 729 1,543 1,654 6.5 7.3 24.8 31.1 12.7 10.2 2.1 1.8 17.1 19.0 0.3 0.2

Disa India Buy 2,952 3,353 446 176 203 22.7 22.6 182.5 209.6 16.2 14.1 8.4 6.6 51.8 47.1 2.2 1.8

Greenply Industries Buy 234 309 565 1,925 2,235 10.6 10.9 29.6 44.1 7.9 5.3 1.3 1.1 16.8 21.0 0.5 0.4

Hitachi Neutral 136 - 312 868 977 3.9 6.6 2.7 10.9 49.6 12.5 1.8 1.6 3.7 13.6 0.4 0.4

Honeywell Automation* Neutral 2,581 - 2,281 1,847 2,162 4.3 7.3 69.0 135.0 37.4 19.1 3.4 2.9 9.3 16.3 1.3 1.1

Styrolution ABS India* Buy 626 744 1,101 1,056 1,081 8.1 10.6 34.0 47.0 18.4 13.3 2.6 2.2 14.7 17.5 1.1 1.0

ITD Cementation Neutral 241 - 278 1,451 1,669 12.3 12.4 32.4 41.5 7.5 5.8 0.7 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 171 - 2,758 1,248 1,468 9.8 10.4 5.9 7.2 28.9 23.9 4.2 3.8 15.0 16.6 2.5 2.0

MCX Accumulate 1,377 1,440 7,021 553 624 65.3 66.3 62.5 72.0 22.0 19.1 6.1 5.2 27.5 27.4 8.9 7.4

MRF Buy 10,164 12,884 4,311 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.9 7.1 1.5 1.3 21.3 19.4 0.5 0.5


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

17/18



zOthers

Page Industries Neutral 3,445 - 3,843 887 1,108 18.3 18.6 95.0 120.9 36.3 28.5 18.9 15.4 57.4 59.5 4.0 3.2

Relaxo Footwears Accumulate 726 821 871 1,019 1,208 12.3 13.0 51.0 68.4 14.2 10.6 3.8 2.8 30.3 30.2 1.0 0.8

Sintex Industries Buy 72 79 1,953 4,751 5,189 16.3 16.6 13.6 15.8 5.2 4.5 0.7 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 291 392 273 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 18 24 543 7,134 7,985 19.7 19.4 12.2 14.1 1.5 1.3 0.2 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 36 43 1,732 5,720 6,599 5.3 6.8 3.6 5.4 9.9 6.7 14.4 4.6 - - 0.4 0.4

TAJ GVK Buy 74 108 466 300 319 35.8 36.2 7.9 9.1 9.4 8.2 1.2 1.1 13.9 14.4 1.8 1.5Tata Sponge Iron Buy 325 377 501 787 837 16.2 17.5 58.5 66.9 5.6 4.9 0.8 0.7 14.9 15.1 0.3 0.2

TVS Srichakra Accumulate 313 335 240 1,476 1,643 7.0 8.2 32.6 55.9 9.6 5.6 1.5 1.3 16.8 24.8 0.4 0.3

United Spirits Neutral 1,285 - 16,809 10,289 11,421 13.5 14.3 31.0 42.9 41.4 29.9 3.2 2.9 8.1 10.3 2.2 2.0

Vesuvius India Neutral 354 - 718 560 611 16.1 17.0 24.7 28.8 14.3 12.3 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 October 17, 2012


Market Outlook

Stock Watch

October 18, 2012

7/31/2019 Market Outlook 18-10-12

18/18


Documents

Market Outlook 18-10-12