Market Outlook, 19.03.13

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Market OutlookMarch 19, 2013

www.angelbroking.com


Dealers Diary

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

opening in most of the Asian markets as stocks moved higher to take back some

losses made yesterday, when investors reacted to news that a bailout for Cypruswould include a tax on bank deposits. A bailout of Cyprus announced over the

weekend included a controversial proposal to levy tax of up to 10% on all the

country's bank accounts, sparking widespread public anger and fears of a run on

some banks in the region.

US stocks moved lower over the course of the day yesterday as markets responded

to news of a bailout agreement for Cyprus that raised concerns about a run on the

Mediterranean island's banks. Cyprus' parliament has postponed a vote on the

proposed bailout, which has generated significant opposition, as it is seen to

unnecessarily tax deposit holders. Meanwhile, the National Association of Home

Builders released a report showing an unexpected drop in US homebuilderconfidence in the month of March with Wells Fargo Housing Market Index coming

in at 44 as against 46 in February.

Meanwhile Indian markets fell yesterday, in tandem with the global sell-off in

equities and commodities as an unusual bailout proposal for Cyprus fuelled

concerns that Europe's debt crisis may deepen. However, shares ended off their

day's lows, as hopes of a rate cut by the RBI at its mid-quarter policy review to be

announced today helped to limit the downside.

Markets TodayThe trend deciding level for the day is 19,290/ 5,833 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rallyup to 19,348 19,403 / 5,852 5,869 levels. However, if NIFTY trades below

19,290/ 5,833 levels for the first half-an-hour of trade then it may correct up to

19,235 19,177 / 5,816 5,797 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,177 19,235 19,290 19,348 19,403

NIFTY 5,797 5,816 5,833 5,852 5,869

News Analysis Markets nervous ahead of Cyprus vote on bailout package Bharti Airtel can continue offering 3G services till 8 May: Delhi HCRefer detailed news analysis on the following pageNet Inflows (March 18, 2013)

` cr Purch Sales Net MTD YTDFII 3,223 2,650 573 6,715 51,067

MFs 475 583 (108) (1,357) (6,918)

FII Derivatives (March 15, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,327 2,026 (699) 10,621

Stock Futures 1,298 1,319 (21) 26,173

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Pidilite Industries 261 4.4 Coal India 303 (5.4)

GMR Infra 21 4.4 Engineers India 171 (4.8)

Emami 624 4.1 National Alum 38 (4.7)

Indiabulls Finance 272 2.9 Lanco Infra 12 (4.6)

Shriram Transport 717 2.7 NMDC 138 (4.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.7) (134.4) 19,293

Nifty (0.6) (37.4) 5,835

MID CAP (0.3) (18.4) 6,368

SMALL CAP (0.7) (41.7) 6,138

BSE HC 0.3 24.0 8,083

BSE PSU (1.6) (113.2) 6,787

BANKEX (0.7) (90.4) 13,476

AUTO (1.4) (152.8) 10,472

METAL (2.3) (216.3) 9,046

OIL & GAS (1.2) (107.0) 8,781

BSE IT (0.5) (36.5) 6,864

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.4) (62.0) 14,452NASDAQ (0.4) (11.5) 3,238

FTSE (0.5) (31.7) 6,458

Nikkei (2.7) (340.3) 12,221

Hang Seng (2.0) (449.8) 22,083

Straits Times (0.9) (29.6) 3,256

Shanghai Com (1.7) (38.4) 2,240

Indian ADR Chg (%) (Pts) (Close)INFY (0.7) (0.4) $53.2

WIT 0.4 0.0 $10.0IBN (1.7) (0.7) $41.5

HDB (0.2) (0.1) $38.5

Advances / Declines BSE NSEAdvances 1,091 503

Declines 1,757 985

Unchanged 121 87

Volumes (` cr)BSE 1,756

NSE 8,589

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Markets nervous ahead of Cyprus vote on bailout package

Global markets seem jittery on the back of parliamentary vote in Cyprus over the

bailout conditions. The European Union has agreed on a Euro10bn bailout for

Cyprus (lower than the expected Euro17bn), provided the country can recoup

about Euro5.8bn from bank depositors. The bank depositors (national as well asforeigners) are expected to contribute a one-time charge of 9.9% on deposits

exceeding Euro100,000 and 6.75% on deposits up to Euro100,000. The

government is likely to adjust the levy such that impact on savers at the lower end

of the spectrum is reduced to some extent. Other conditions of the rescue package

include asset sale and an increase in the corporate tax rate to 12.5% from 10%.

The parliamentary vote has been postponed until Tuesday and meanwhile the

bank holiday has been extended until the vote.

Cyprus had requested for a bailout package in June 2012, owing to the banks

mounting losses after being heavily exposed to Greek debt. At its peak, the

banking system in Cyprus was eight times the size of the economy. The size of theeconomy itself is relatively small since it accounts for 0.2% of the total Eurozone

output, with real GDP of Euro15bn in 2011. It is the fifth bailout for a Eurozone

economy (following Greece, Portugal, Ireland and Spain) and the first that

prescribes such conditions for depositors mainly owing to the nature of the

banking system and we believe that it is highly unlikely to set a precedent for future

bailouts. The IMF has also backed the package since it is seen as a sustainable,

fully financed solution that appropriately allocates the burden sharing.

Bharti Airtel can continue offering 3G services till 8 May:

Delhi HCThe Delhi high court yesterday ordered a stay on the order of the department of

telecommunications (DoT) asking Bharti Airtel to stop 3G services in the seven

circles - where it did not have the necessary licenses - within three days, as it

continued to hear the case. The first hearing is set for May 8. With the stay, Bharti

Airtel will not have to pay the `350cr penalty imposed on it by the DoT, till the

court gives the final order. The court has also allowed Bharti Airtel to continue to

offer its services, but has ordered it to keep all its revenue from 3G in a separate

bank account. The company will also have to sign an affidavit saying the

government could cash its bank guarantee if the states stance on the issue is

found correct.

Bharti Airtel was offering these services in seven circles, where it does not have 3G

spectrum, by signing intra-circle agreements with Vodafone India and Idea

Cellular. The DoT notice had also asked Bharti to pay a penalty of `50cr per

circle. Following the DoT notice, Bharti Airtel had moved to the Delhi High Court

on the same. The seven circles are Haryana, Maharashtra, UP (East), Kolkata,

Gujarat, Kerala and Madhya Pradesh. We maintain our Neutral rating on theoverall telecom sector.

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Economic and Political News

18 road projects in FY12 yet to get financial closure: Government India may cut oil import from Iran by 27% India, Africa revise 2015 trade target upwards to US$100bn AP action plan for agriculture with an outlay of `25,962cr Government to borrow `3.5 lakh cr in first half of 2013-14

Corporate News

Gammon India to amalgamate power subsidiary IL&FS Engineering bags `52cr buildings project Bajaj targets 27-30% share in two-wheeler segment CIL reviewing decision regarding continuance in ICVL: Government Glenmark Generics recalls anti-asthma drug from US market Visa Steel forms JV with SunCoke EnergySource: 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

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 915.00

6:00PM US Building permits Thousands Feb 904.00 923.00

3:00PM UK CPI (YoY) % Change Feb 2.70 2.80

11:00AM India RBI Repo rate % Mar 19 7.75 7.50

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 4.00

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 6.50

March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) (23.20)

3:00PM UK Jobless claims change % Change Feb (12.50) (5.00)

11:30PM US FOMC rate decision % Mar 20 0.25 0.25

March 21, 2013 6:00PM US Initial Jobless claims Thousands Mar 16 332.00 343.50

2:00PM Germany PMI Services Value Mar A 54.70 55.00

2:00PM Germany PMI Manufacturing Value Mar A 50.30 50.50

7:30PM US Existing home sales Millions Feb 4.92 5.00

March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 70.00

7:30PM US New home sales Thousands Feb 437.00 425.00

March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --

March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --

6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 0.60

April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --

April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --

April 4, 2013 4:30PM UK BOE Announces rates % Ratio Apr 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Apr 4 0.75 --

April 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Mar 236.00 --

6:00PM US Unnemployment rate % Mar 7.70 --April 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Mar 3.20 --

2:00PM UK Industrial Production (YoY) % Change Feb (2.90) --

April 10, 2013 4:29PM China Exports YoY% % Change Mar 21.80 --

4:29PM India Imports YoY% % Change Mar 2.60 --

4:29PM India Exports YoY% % Change Mar 4.20 --

April 12, 2013 11:00AM India Industrial Production YoY % Change Feb 2.40 --

6:00PM US Producer Price Index (mom) % Change Mar 0.70 --

April 15, 2013 7:30AM China Industrial Production (YoY) % Change Mar 10.30 --

12:00PM India Monthly Wholesale Prices YoY% % Change Mar 6.84 --

7:30AM China Real GDP (YoY) % Change 1Q 7.90 --

Source: Bloomberg, Angel Research

March 19, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

4.3

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(0.8) (0.5)

2.4

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Feb

-12

Mar-12

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

(%)

7.7 7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Mar-12

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

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb-12

Mar-12

Apr-12

Ma-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

No-12

Dec-12

Jan-13

Feb-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Mar-12

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

Exports yoy growth Imports yoy growth(%)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Mar-12

Apr-12

Ma-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

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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 123 - 2,398 1,466 1,686 14.8 14.8 7.0 8.1 17.6 15.2 3.7 3.2 22.6 22.5 1.7 1.5

United Phosphorus Buy 124 170 5,499 8,421 9,263 16.5 16.5 15.0 17.0 8.3 7.3 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 266 323 4,538 2,983 3,477 16.1 16.1 18.5 21.6 14.4 12.3 4.1 3.2 32.9 29.1 1.5 1.3

Apollo Tyres Accumulate 87 97 4,385 13,066 14,503 11.5 11.8 13.0 14.5 6.7 6.0 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,026 12,910 14,836 8.8 9.6 1.5 2.2 15.3 10.2 2.0 1.9 9.3 13.4 0.5 0.5

Automotive Axle# Neutral 290 - 438 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Neutral 1,853 - 53,605 20,775 23,889 18.5 19.0 107.6 126.4 17.2 14.7 7.1 5.6 45.8 42.8 2.2 1.8

Bharat Forge Accumulate 222 242 5,172 5,973 6,707 14.4 15.2 13.4 18.6 16.6 12.0 2.2 1.9 13.6 16.9 1.0 0.9

Bosch India* Neutral 8,617 - 27,056 9,717 11,092 16.2 17.0 354.7 423.3 24.3 20.4 4.2 3.6 17.2 17.5 2.5 2.1

CEAT Buy 98 163 334 4,822 5,403 8.2 8.3 29.8 40.8 3.3 2.4 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 131 - 11,110 6,016 7,026 12.7 14.4 5.8 7.8 22.4 16.7 3.3 2.9 15.4 18.2 1.5 1.3

FAG Bearings* Accumulate 1,490 1,569 2,476 1,619 1,879 16.0 16.6 108.6 130.7 13.7 11.4 2.4 2.0 18.8 19.1 1.3 1.1

Hero Motocorp Accumulate 1,683 1,923 33,611 23,990 27,038 13.8 14.6 105.8 120.2 15.9 14.0 6.4 5.2 44.3 41.0 1.1 1.0

JK Tyre Buy 102 165 417 7,169 7,929 6.9 7.1 40.4 41.3 2.5 2.5 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Accumulate 928 1,019 56,959 40,060 46,301 11.5 11.7 55.3 64.3 16.8 14.4 3.8 3.2 24.5 23.8 1.2 1.0

Maruti Accumulate 1,405 1,563 40,592 43,381 52,411 7.5 8.9 65.6 97.7 21.4 14.4 2.4 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Neutral 204 - 11,987 25,769 29,010 7.1 7.5 10.2 13.1 20.0 15.6 5.1 4.0 28.1 28.3 0.6 0.5

Subros Buy 25 35 151 1,296 1,476 9.8 9.9 3.4 5.0 7.5 5.0 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 291 326 77,594 184,201 209,642 12.4 13.5 28.0 36.3 10.4 8.0 2.3 1.8 24.6 25.4 0.5 0.4

TVS Motor Buy 35 47 1,644 7,019 7,827 6.0 6.3 4.3 5.3 8.1 6.6 1.3 1.1 16.4 18.0 0.2 0.1

Capital Goods

ABB* Sell 574 487 12,168 8,073 9,052 5.5 7.2 11.3 17.4 51.0 33.0 4.4 4.0 8.9 12.8 1.5 1.3BGR Energy Neutral 202 - 1,460 3,412 4,104 13.0 11.6 24.6 26.2 8.2 7.7 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 198 - 48,475 47,801 43,757 18.0 17.1 24.1 20.8 8.2 9.5 2.4 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 170 238 1,525 2,748 2,896 4.4 5.6 6.8 9.3 25.0 18.2 3.4 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 97 129 6,251 12,136 13,790 3.8 6.3 3.3 6.9 29.5 14.2 1.7 1.6 5.8 11.5 0.6 0.5

Jyoti Structures Buy 33 49 267 2,802 3,074 9.5 9.8 7.7 10.9 4.2 3.0 0.4 0.3 9.6 12.1 0.3 0.3

KEC International Buy 54 75 1,391 6,909 7,723 6.2 7.2 5.4 8.4 10.1 6.4 1.2 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,012 - 2,267 2,369 2,727 11.7 11.7 143.4 166.0 14.0 12.1 2.3 2.1 17.4 18.4 0.5 0.3

Thermax Neutral 583 - 6,949 5,529 5,798 9.0 9.6 27.1 30.3 21.5 19.3 3.8 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

March 19, 2013

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Cement

ACC Neutral 1,252 - 23,499 11,358 12,366 19.9 19.6 75.1 74.9 16.7 16.7 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 188 - 28,991 9,730 11,221 25.6 25.0 10.2 11.3 18.4 16.6 3.3 3.0 18.7 19.0 2.6 2.1

India Cements Neutral 84 - 2,590 4,439 4,789 16.7 17.2 6.8 9.1 12.4 9.3 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cement Buy 120 143 1,407 2,119 2,478 22.9 22.3 20.3 22.8 5.9 5.2 1.0 0.9 18.0 17.7 0.8 1.0

Madras Cements Neutral 263 - 6,261 3,960 4,270 27.4 27.0 18.6 21.1 14.2 12.5 2.6 2.2 19.7 18.9 2.2 1.9

Shree Cement^ Neutral 4,197 - 14,621 5,678 6,251 29.0 28.6 288.1 334.0 14.6 12.6 4.1 3.2 31.7 28.4 2.0 1.7

UltraTech Cement Neutral 1,924 - 52,739 20,466 23,017 23.3 24.3 100.0 117.1 19.2 16.4 3.5 3.0 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 201 268 1,058 20,466 23,017 22.5 22.5 24.4 27.0 8.3 7.4 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 11 - 202 2,262 2,522 5.9 6.3 0.9 1.6 11.9 7.0 0.3 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 122 164 4,040 3,843 4,212 43.1 43.6 16.8 17.8 7.2 6.8 1.2 1.1 18.3 17.0 3.2 3.5

ITNL Accumulate 198 225 3,852 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.8 1.2 1.0 17.0 16.3 2.7 2.8

IVRCL Infra Buy 25 35 773 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.5) 8.8 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 74 97 16,477 14,243 16,382 26.2 26.1 3.2 4.3 23.2 17.1 1.2 1.2 5.4 7.0 2.6 2.4

Larsen & Toubro Buy 1,507 1,788 92,708 60,666 69,525 10.6 11.2 71.9 85.0 21.0 17.7 3.3 2.9 14.5 15.2 1.7 1.5

Nagarjuna Const. Accumulate 42 44 1,071 5,863 6,576 8.1 8.2 3.1 4.1 13.6 10.2 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 49 - 1,621 11,892 13,116 10.2 10.2 (0.4) 3.0 (114.5) 16.5 0.6 0.5 3.8 0.6 0.5

Sadbhav Engg. Buy 115 157 1,731 1,642 2,642 9.7 10.1 3.2 7.2 35.8 15.9 2.0 1.8 6.0 12.1 1.3 0.9

Simplex Infra Buy 137 197 679 6,026 7,135 9.1 9.3 14.1 24.6 9.7 5.6 0.5 0.5 5.6 9.2 0.5 0.5

Unity Infra Buy 32 58 233 2,180 2,455 13.7 13.4 12.9 14.8 2.4 2.1 0.3 0.3 12.1 12.5 0.5 0.5

Financials

Allahabad Bank Buy 139 160 6,938 6,509 7,264 2.7 2.8 28.2 33.5 4.9 4.1 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 99 - 5,537 4,795 5,475 3.0 3.0 21.8 21.9 4.5 4.5 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,342 1,678 62,756 15,959 18,660 3.2 3.2 119.2 139.0 11.3 9.7 2.1 1.8 20.3 20.1 - -

Bank of Baroda Buy 720 850 29,613 14,889 17,393 2.5 2.6 108.2 134.0 6.7 5.4 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 324 350 19,283 12,793 14,823 2.3 2.4 49.5 65.1 6.5 5.0 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Accumulate 52 56 3,060 3,720 4,268 2.9 2.8 10.9 13.0 4.8 4.0 0.7 0.6 16.2 16.9 - -

Canara Bank Accumulate 433 463 19,173 10,783 12,000 2.1 2.3 64.8 82.2 6.7 5.3 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 74 - 5,425 7,158 8,217 2.4 2.6 13.1 20.1 5.6 3.7 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 398 465 5,902 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Accumulate 94 107 3,292 3,090 3,462 2.7 2.7 25.6 24.6 3.7 3.8 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

March 19, 2013

7/29/2019 Market Outlook, 19.03.13

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Financials

Federal Bank Accumulate 490 536 8,371 2,667 2,920 3.2 3.2 49.1 51.4 10.0 9.5 1.3 1.2 13.9 13.1 - -

HDFC Neutral 817 - 126,115 7,446 8,923 3.5 3.5 32.2 38.5 25.4 21.2 5.2 4.6 35.4 32.6 - -

HDFC Bank Neutral 639 - 151,710 21,724 26,578 4.3 4.3 28.7 36.1 22.3 17.7 4.3 3.6 20.7 22.1 - -

ICICI Bank Buy 1,067 1,302 122,727 22,317 26,217 2.9 3.0 72.0 84.6 14.8 12.6 1.9 1.7 14.9 15.9 - -

IDBI Bank Buy 89 106 11,384 8,196 9,305 1.9 2.1 15.4 22.3 5.8 4.0 0.6 0.6 10.7 14.1 - -

Indian Bank Buy 178 208 7,652 5,716 6,362 3.2 3.2 37.7 41.1 4.7 4.3 0.8 0.7 16.9 16.2 - -

IOB Buy 71 85 5,663 7,231 8,369 2.4 2.5 10.2 20.2 6.9 3.5 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,303 1,406 6,316 2,784 2,932 3.7 3.7 229.2 199.6 5.7 6.5 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 241 257 12,180 1,722 2,080 2.2 2.2 19.9 24.6 12.1 9.8 1.9 1.6 16.6 17.9 - -

Oriental Bank Accumulate 276 314 8,051 6,360 7,004 2.6 2.8 48.1 59.4 5.7 4.6 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 798 957 27,082 19,202 22,040 3.2 3.4 146.8 167.9 5.4 4.8 1.0 0.8 17.6 17.5 - -

South Ind.Bank Buy 25 30 3,279 1,583 1,789 3.0 2.9 3.5 4.1 7.1 6.1 1.2 1.0 19.1 17.7 - -

St Bk of India Accumulate 2,262 2,514 151,767 60,594 70,439 3.3 3.3 221.9 257.4 10.2 8.8 1.7 1.5 17.4 17.7 - -

Syndicate Bank Accumulate 120 135 7,250 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.3 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 61 - 4,025 5,388 6,262 2.4 2.6 9.0 14.9 6.7 4.1 0.9 0.7 9.1 13.8 - -

Union Bank Accumulate 233 256 12,836 10,006 11,558 2.8 2.8 36.4 47.0 6.4 5.0 0.9 0.8 14.6 16.6 - -

United Bank Buy 60 75 2,166 3,549 3,814 2.5 2.7 12.0 21.4 5.0 2.8 0.5 0.4 10.1 16.3 - -

Vijaya Bank Neutral 52 - 2,557 2,342 2,763 1.9 2.1 8.0 10.9 6.5 4.7 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 474 526 17,007 3,364 4,260 2.8 3.0 36.3 42.6 13.1 11.1 2.9 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 5,013 - 48,085 11,198 13,319 15.9 15.7 122.1 147.1 41.0 34.1 13.9 10.9 37.7 35.7 4.2 3.5

Britannia Neutral 541 - 6,463 5,580 6,417 4.8 5.0 18.1 21.7 29.9 24.9 10.8 8.7 38.7 38.7 1.1 0.9

Colgate Neutral 1,314 - 17,869 3,120 3,588 20.3 21.1 38.4 45.1 34.3 29.2 31.8 25.5 104.6 97.0 5.5 4.8

Dabur India Neutral 137 - 23,904 6,196 7,183 16.3 16.8 4.5 5.5 30.4 25.0 12.6 9.8 43.4 44.0 3.9 3.3

GlaxoSmith Con* Neutral 4,200 - 17,664 3,084 3,617 15.2 16.3 103.9 123.0 40.4 34.2 13.0 10.7 34.9 34.3 5.3 4.5

Godrej Consumer Neutral 747 - 25,431 6,386 7,743 15.7 17.0 20.8 27.1 35.9 27.6 7.7 6.3 23.7 26.4 4.2 3.4

HUL Neutral 458 - 99,034 25,350 28,974 13.3 13.5 15.1 17.0 30.3 27.0 24.1 17.2 85.7 74.3 3.7 3.2

ITC Neutral 302 - 238,344 29,148 34,191 35.7 36.1 9.4 11.1 32.2 27.2 10.7 8.9 35.9 35.7 7.9 6.7

Marico Neutral 220 - 14,178 4,747 5,402 13.6 13.6 6.3 7.8 34.7 28.1 7.1 5.8 26.0 22.6 3.1 2.6

Nestle* Neutral 4,709 - 45,403 8,302 9,739 22.0 21.5 110.7 130.8 42.6 36.0 25.3 18.1 69.5 58.6 5.5 4.6


Market Outlook

Stock Watch

March 19, 2013

7/29/2019 Market Outlook, 19.03.13

9/13

7/29/2019 Market Outlook, 19.03.13

10/13



Metals & Mining

SAIL Neutral 69 - 28,418 43,438 56,199 12.0 12.2 6.5 8.5 10.6 8.1 0.7 0.6 6.6 8.2 0.9 0.7

Sesa Goa Accumulate 165 183 14,297 2,412 3,911 30.8 33.1 29.6 31.8 5.6 5.2 0.9 0.8 16.3 15.4 7.4 4.6

Sterlite Inds Accumulate 99 110 33,287 43,185 45,442 23.3 23.7 16.8 17.9 5.9 5.5 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 354 443 34,415 142,732 146,575 7.4 9.9 7.2 34.7 49.4 10.2 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 112 148 402 1,442 1,494 19.0 19.1 29.2 31.7 3.8 3.5 0.5 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 38 52 510 2,512 2,816 12.4 13.7 10.0 12.6 3.8 3.0 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Buy 90 112 285 2,367 2,425 14.2 13.7 33.3 33.5 2.7 2.7 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 293 383 55,997 17,394 17,034 76.4 72.3 60.8 55.1 4.8 5.3 1.0 0.8 21.9 17.0 2.4 2.0

GAIL Neutral 324 - 41,111 48,077 55,815 15.3 15.3 34.9 35.9 9.3 9.0 1.6 1.4 19.0 17.0 0.6 0.5

ONGC Accumulate 319 357 273,177 144,089 158,065 32.8 34.7 28.7 34.4 11.2 9.3 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 844 - 272,435 362,700 380,031 8.9 8.9 68.1 71.5 12.4 11.8 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 275 - 3,528 3,707 3,850 11.7 12.4 23.7 25.7 11.6 10.7 3.2 2.8 29.6 28.2 0.8 0.8

Indraprastha Gas Neutral 263 - 3,686 3,365 3,700 22.8 23.4 25.3 26.6 10.4 9.9 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 147 179 11,021 32,210 41,362 6.1 5.8 15.4 15.6 9.6 9.4 2.5 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 65 - 3,635 1,079 983 91.8 91.9 8.8 7.8 7.4 8.2 1.2 1.1 17.8 14.1 3.1 3.3

Pharmaceuticals

Alembic Pharma Neutral 99 - 1,863 1,490 1,714 16.2 17.1 7.4 9.5 13.4 10.4 3.6 2.8 30.7 30.2 1.4 1.2

Aurobindo Pharma Buy 160 208 4,659 5,463 6,279 15.0 15.0 12.4 14.0 12.9 11.4 1.7 1.4 18.8 17.8 1.4 1.2

Aventis* Neutral 2,488 - 5,729 1,482 1,682 17.5 16.6 82.9 87.8 30.0 28.3 4.7 3.8 16.3 14.8 3.7 3.1

Cadila Hea lthcare Accumulate 744 817 15,225 6,148 7,386 15.3 18.0 24.6 39.5 30.2 18.8 5.7 4.6 18.4 25.1 2.9 2.3

Cipla Accumulate 384 419 30,852 8,151 9,130 25.8 24.8 20.2 21.6 19.0 17.8 3.4 2.9 19.4 17.6 3.6 3.1

Dr Reddy's Neutral 1,823 - 30,956 10,696 11,662 20.7 21.0 83.7 92.9 21.8 19.6 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 75 155 606 1,280 1,536 20.2 20.2 12.1 15.5 6.2 4.9 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,114 - 17,910 2,651 2,993 31.7 31.2 76.0 82.4 27.8 25.7 8.0 7.2 20.1 26.3 6.0 5.2

Indoco Remedies Buy 63 78 579 642 784 14.2 15.2 5.7 7.8 11.0 8.1 1.3 1.2 12.9 16.4 1.1 0.9

Ipca labs Accumulate 519 559 6,542 2,850 3,474 21.0 21.0 29.9 37.3 17.3 13.9 4.2 3.3 26.7 26.4 2.5 2.0

Lupin Accumulate 610 655 27,288 8,426 10,082 19.7 20.0 26.1 31.1 23.4 19.6 5.4 4.4 25.8 24.7 3.4 2.8

Ranbaxy* Neutral 439 - 18,559 12,253 11,400 14.1 12.5 31.2 21.6 14.1 20.3 4.5 3.9 37.9 20.6 1.5 1.5

Sun Pharma Neutral 833 - 86,110 10,111 12,563 42.6 42.6 28.9 29.8 28.8 28.0 5.9 5.0 22.3 19.2 7.9 6.2

Power

GIPCL Neutral 75 - 1,135 1,502 1,535 32.1 31.9 11.4 12.5 6.6 6.0 0.8 0.7 7.6 11.9 1.2 1.0


Market Outlook

Stock Watch

March 19, 2013

7/29/2019 Market Outlook, 19.03.13

11/13



Power

NTPC Accumulate 146 163 120,301 72,809 81,951 23.4 24.1 12.2 13.6 12.0 10.7 1.5 1.3 12.2 12.5 2.3 2.2

Real Estate

DLF Accumulate 273 288 46,332 7,953 9,699 34.7 37.0 4.4 6.0 62.4 45.7 1.8 1.7 3.1 3.8 7.9 6.2

MLIFE Accumulate 404 446 1,648 786 888 26.3 26.7 31.0 36.3 13.0 11.1 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 311 350 118,122 80,521 87,160 30.5 30.5 6.4 10.4 48.7 29.9 2.3 2.1 4.6 7.0 2.3 2.1

Idea Cellular Neutral 112 - 37,161 22,087 23,927 26.6 27.7 2.9 3.9 38.4 28.7 2.6 2.4 6.9 8.4 2.3 2.0Rcom Neutral 67 - 13,746 21,087 22,067 31.8 31.9 2.6 4.0 25.4 16.6 0.4 0.4 1.5 2.2 2.4 2.2

Others

Abbott India Buy 1,345 1,634 2,859 1,926 2,152 13.1 13.5 79.0 90.8 17.0 14.8 3.7 3.1 23.7 22.8 1.2 1.1

Bajaj Electricals Buy 174 217 1,739 3,450 3,929 4.5 7.4 10.0 15.5 17.5 11.3 2.3 2.0 13.0 17.4 0.5 0.5

Cera Sanitaryware Accumulate 457 495 579 460 596 16.4 16.2 34.7 45.0 13.2 10.2 3.2 2.5 27.7 27.8 1.3 1.1

Cravatex Buy 350 545 90 272 308 7.2 7.3 37.5 45.4 9.3 7.7 2.2 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 901 - 6,330 982 1,136 34.3 34.3 34.3 40.0 26.3 22.5 11.9 9.5 50.9 46.9 6.0 5.1

Finolex Cables Buy 46 61 707 2,268 2,559 9.5 10.0 9.0 10.1 5.2 4.6 0.8 0.7 14.8 14.6 0.2 0.2

Force Motors Buy 378 550 492 2,027 2,299 4.6 5.1 35.3 50.0 10.7 7.6 0.4 0.4 3.9 5.3 0.1 0.1

Goodyear India Accumulate 277 304 640 1,559 1,676 7.1 7.4 27.5 30.5 10.1 9.1 1.6 1.4 16.9 16.7 0.2 0.2

Greenply Industries Sell 380 309 917 1,925 2,235 10.6 10.9 29.6 44.1 12.9 8.6 2.1 1.7 16.8 21.0 0.8 0.6

Hitachi Neutral 130 - 358 905 1,025 4.8 6.0 7.7 12.4 16.9 10.5 1.6 1.4 9.9 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,515 2,842 2,224 2,117 2,491 8.1 7.8 140.5 157.9 17.9 15.9 2.7 2.3 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 610 744 1,073 1,069 1,223 9.7 9.7 40.0 46.5 15.2 13.1 2.2 1.9 15.1 15.3 1.0 0.8

ITD Cementation Buy 184 239 211 1,455 1,630 12.0 12.1 23.2 31.2 7.9 5.9 0.5 0.5 6.5 8.1 0.6 0.6

Jyothy Laboratories Neutral 166 - 2,678 816 979 14.5 14.9 5.2 6.0 32.2 27.6 3.7 3.4 8.8 10.2 3.5 2.9MCX Buy 885 1,440 4,515 553 624 65.3 66.3 62.5 72.0 14.2 12.3 3.9 3.4 27.5 27.4 5.2 4.1

MRF Accumulate 12,697 14,331 5,385 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.6 7.1 1.5 1.3 22.0 19.4 0.6 0.5

Page Industries Neutral 3,304 - 3,686 856 1,047 19.1 19.6 101.2 127.3 32.7 26.0 16.7 12.4 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 631 887 758 989 1,148 10.7 11.7 41.8 55.5 15.1 11.4 3.4 2.7 25.5 26.3 0.9 0.8

Sintex Industries Buy 57 79 1,782 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.6 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 262 332 246 1,048 1,157 11.3 12.0 58.7 66.5 4.5 4.0 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 284 6,765 7,393 18.1 18.0 6.4 7.5 1.5 1.3 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 34 43 1,642 5,720 6,599 5.3 6.8 3.6 5.4 9.4 6.3 13.6 4.3 - - 0.4 0.3

TAJ GVK Buy 65 108 409 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4


Market Outlook

Stock Watch

March 19, 2013

7/29/2019 Market Outlook, 19.03.13

12/13



Others

Tata Sponge Iron Buy 309 379 476 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 440 655 342 393 439 5.9 6.7 21.1 26.7 20.8 16.5 17.5 19.1 0.7 0.6

TVS Srichakra Buy 193 276 148 1,461 1,591 5.6 7.1 6.9 39.4 27.9 4.9 1.1 0.9 3.8 20.6 0.3 0.3

United Spirits Neutral 1,958 - 25,608 10,473 11,939 15.0 15.8 30.4 56.9 64.4 34.4 4.9 3.1 10.8 12.3 3.1 2.4

Vesuvius India Accumulate 325 355 660 591 623 17.5 17.2 29.0 29.6 11.2 11.0 1.7 1.5 16.0 14.5 0.9 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 18, 2013


Market Outlook

Stock Watch

March 19, 2013

7/29/2019 Market Outlook, 19.03.13

13/13


Documents

Market Outlook, 19.03.13