Market Outlook 20-11-12

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Market OutlookNovember 20, 2012

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Dealers Diary

The Indian market is expected to open in green tracing positive cues from

SGX Nifty and major Asian indices backed by upbeat U.S. housing data and

increasing confidence that a U.S. budget deal would be reached to avoid the fiscalcliff problem.

The U.S. market moved sharply higher on Monday following a constructive

meeting on the fiscal cliff along with a continued recovery witnessed in the housing

market. The U.S. housing report showed that existing home sales rose by 2.1% to

an annual rate of 4.79mn in October 2012 from a downwardly revised 4.69mn in

September 2012. Additionally, as per the National Association of Home Builders,

index of homebuilder confidence rose for the seventh consecutive month in

November 2012, reaching a new six-year high. The European markets finished in

the green on Monday, rebounding from the weakness of the previous three

trading sessions.

Meanwhile, the domestic markets moved sideways before ending little changed on

Monday as investors adopted a cautious approach ahead of the winter session of

parliament that would begin on Thursday wherein the key economic agenda for

the session includes amendments to Insurance Bill, Banking Regulation Bill and

Direct Tax Code. Moreover, the markets would await todays meeting of Eurozone

finance ministers on Greece in Brussels seeking a plan to bridge a financing gap

created by a two-year extension of Greece's bailout program, while settling a

dispute with the International Monetary Fund on the same.

Markets TodayThe trend deciding level for the day is 18,327/ 5,571 levels. If NIFTY trades above

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

up to 18,398 18,458/5,593 5,615 levels. However, if NIFTY trades below

18,327/5,571 levels for the first half-an-hour of trade then it may correct up to

18,268 18,197/5,550 5,528 levels.

SENSEX 18,197 18,268 18,327 18,398 18,458NIFTY 5,528 5,550 5,571 5,593 5,615

News Analysis Coal Indias November production slips slightly Sadbhav Engineering bags `720cr road contract

Refer detailed news analysis on the following pageNet Inflows (November 16, 2012)

FII 3,086 2,299 787 4,136 98,188

MFs 381 677 (295) (878) (16,084)

FII Derivatives (November 19, 2012)

Index Futures 1,099 1,154 (55) 8,066

Stock Futures 1,385 1,301 84 29,415

Gainers / Losers

Maruti Suzuki 1,495 3.9 L&T Fin. Holdings 76 (9.6)

Astrazeneca Phar. 1,454 3.2 Tata Global 164 (5.5)

Bharti Airtel 310 2.9 JP Power 35 (4.5)

Mcleod Russel 324 2.8 REC 216 (4.1)

J&K Bank 1,357 2.8 Dish TV India 75 (4.0)

BSE Sensex 0.2 29.6 18,339

Nifty (0.0) (2.7) 5,571

MID CAP (0.9) (59.3) 6,599

SMALL CAP (0.9) (60.2) 7,051

BSE HC (0.8) (57.6) 7,628

BSE PSU (0.4) (25.8) 7,065

BANKEX (0.1) (15.9) 13,005

AUTO 1.0 107.8 10,508

METAL (0.7) (66.4) 9,793

OIL & GAS (0.3) (23.5) 8,043

BSE IT (0.3) (15.8) 5,654

Dow Jones 1.7 207.7 12,796NASDAQ 2.2 62.9 2,916

FTSE 2.4 132.1 5,738

Nikkei 1.4 129.0 9,153

Hang Seng 0.5 103.1 21,262

Straits Times 0.2 5.3 2,951

Shanghai Com 0.1 2.3 2,017

INFY 1.7 0.7 $43.3

WIT 1.0 0.1 $8.2IBN 1.4 0.5 $37.9

HDB 3.0 1.1 $38.8

Advances 1,062 450

Declines 1,766 1,051

Unchanged 141 76

BSE 1,793

NSE 9,052

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Coal Indias November production slips slightly

Coal India has stated that its production during 3QFY2013 may see some

slippage as Nilam cyclone and festivals affected its mining activity during

November. The company had set a production target of 125mn tonnes for

3QFY2013. For FY2013, it has set a target to produce 464mn tonnes production,

compared to 436mn tonnes produced in FY2012. Our estimate for FY2013

production stands lower than companys target at 458mn tonnes and hence, we

maintain our estimates currently.

Sadbhav Engineering bags `720cr road contract

Sadbhav Engineering has been declared as successful bidder for four laning of

Rajsmand - Bhilwara Section of NH-758 under NHDP Phase IV in the State ofRajasthan on DBFOT (Toll) basis. The estimated total project cost is `720cr which

includes a grant of ~`266cr and has a concession period of 30 years

Economic and Political News

India to join ambitious trade agreement of 16 nations GoM on drug pricing policy to meet Wednesday Mumbai records maximum growth in retail rent globally Steel ministry seeks iron ore mines in UP for RINL Govt decides to deallocate coal mine jointly given to 3 firmsCorporate News

Dr Reddy's launches Sildenafil tablets in U.S. PTC India to raise US$40mn from IFC Karnataka Bank raises `250cr through tier-II bonds Infosys launches new solution for Japanese companies HMSI recalls 11,500 CBR250R motorcycles due to faulty brakesSource: 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

November 20, 2012 7:00PM US Housing Starts Thousands Oct 872.00 840.00

7:00PM US Building permits Thousands Oct 890.00 865.00

November 21, 2012 7:00PM US Initial Jobless claims Thousands Nov 17 439.00 400.00

November 22, 2012 2:00PM Germany PMI Services Value Nov A 48.40 48.30

2:00PM Germany PMI Manufacturing Value Nov A 46.00 46.00

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (25.70) (25.90)

November 23, 2012 12:30PM Germany GDP nsa (YoY) % Change 3Q F 0.40 0.40

November 27, 2012 3:00PM UK GDP (YoY) % Change 3Q P -- --

8:30PM US Consumer Confidence S.A./ 1985=100 Nov 72.20 73.50

November 28, 2012 8:30PM US New home sales Thousands Oct 389.00 385.00

November 29, 2012 2:25PM Germany Unemployment change (000's) Thousands Nov 20.00 --

7:00PM US GDP Qoq (Annualised) % Change 3Q S 2.00 3.00

November 30, 2012 11:00AM India Qtrly GDP YoY% % Change 3Q 5.50 --

December 1, 2012 6:30AM China PMI Manufacturing Value Nov 50.20 --

December 3, 2012 3:00PM UK PMI Manufacturing Value Nov 47.50 --

December 6, 2012 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) --

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

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

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) --

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 --

7:00PM US Unnemployment rate % Nov 7.90 --

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 --

11:00AM China Industrial Production (YoY) % Change Nov 9.60 --

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 --December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

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

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

December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) --

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

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

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

7:45PM US Industrial Production % Nov (0.40) --

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

3:00PM UK CPI (YoY) % Change Nov 2.70 --

Source: Bloomberg, Angel Research

November 20, 2012

Market Outlook

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Market StrategyNovember 20, 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

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

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

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

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

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Jun

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Ju

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Aug

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Sep

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O

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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

Cement

ACC Neutral 1,382 - 25,952 11,085 12,415 21.6 21.4 79.4 83.1 17.4 16.6 3.4 3.0 20.1 19.2 2.0 1.7

Ambuja Cements Neutral 199 - 30,730 10,272 11,884 26.4 26.1 11.5 12.9 17.4 15.5 3.8 3.4 20.8 21.1 2.7 2.2

India Cements Neutral 84 - 2,590 4,293 4,666 17.7 18.1 8.6 10.8 9.8 7.8 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 129 - 1,578 2,082 2,423 22.9 23.1 20.8 22.5 6.2 5.7 1.1 0.9 18.4 17.4 0.9 1.2

Madras Cements Neutral 213 - 5,066 3,814 4,045 29.3 27.5 18.7 19.2 11.4 11.1 2.1 1.8 19.9 17.4 2.0 1.7

Shree Cements^ Neutral 4,099 - 14,279 5,701 6,210 29.7 28.1 240.7 260.7 17.0 15.7 4.1 3.4 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 1,905 - 52,213 21,368 24,043 22.5 23.5 103.5 121.4 18.4 15.7 3.4 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 206 304 1,085 2,034 2,315 22.4 22.4 27.1 31.7 7.6 6.5 0.9 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 12 - 231 2,262 2,522 6.7 7.5 1.5 2.7 8.4 4.7 0.4 0.3 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,037 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.6) (17.7) 0.9 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 121 164 4,020 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 Buy 184 225 3,571 6,564 7,054 27.2 27.4 26.3 29.0 7.0 6.3 1.1 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 40 - 1,220 4,249 6,897 7.8 8.2 0.3 3.3 128.9 12.0 0.5 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 89 - 19,206 15,259 17,502 25.7 24.7 4.0 4.8 22.2 18.7 1.7 1.6 8.5 9.3 2.6 2.3

Larsen & Toubro Accumulate 1,559 1,748 95,854 60,556 69,167 11.2 11.6 73.8 85.5 21.1 18.2 3.4 2.9 13.5 14.1 1.8 1.6

Madhucon Proj Buy 33 56 244 2,206 2,502 10.7 10.7 4.6 4.7 7.1 7.1 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 43 - 1,099 5,947 6,569 8.5 8.6 3.1 4.1 13.8 10.4 0.4 0.4 3.3 4.2 0.6 0.6

Patel Engg. Neutral 76 - 527 3,609 3,836 13.1 13.1 14.0 14.6 5.4 5.2 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 50 - 1,662 11,892 13,116 9.0 9.0 1.8 3.2 27.7 15.6 0.6 0.5 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 140 182 2,105 2,506 3,147 10.3 10.7 7.5 10.4 18.6 13.4 2.3 2.0 13.5 16.0 1.0 0.8

Simplex Infra Buy 188 251 931 6,882 8,032 9.1 9.1 23.2 31.3 8.1 6.0 0.7 0.6 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 134 152 6,693 6,392 7,238 2.7 2.8 30.3 33.3 4.4 4.0 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 103 - 5,744 4,731 5,431 2.9 3.0 21.5 21.8 4.8 4.7 0.8 0.7 15.2 13.8 - -

Axis Bank Buy 1,214 1,476 51,807 15,686 18,687 3.1 3.2 116.8 138.0 10.4 8.8 1.9 1.7 20.0 20.2 - -

Bank of Baroda Accumulate 729 817 28,532 15,436 18,208 2.5 2.6 111.8 137.4 6.5 5.3 1.0 0.9 15.8 17.0 - -

Bank of India Accumulate 273 294 15,656 12,491 14,883 2.2 2.4 43.8 63.7 6.2 4.3 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 54 - 3,184 3,563 3,876 3.1 3.1 9.7 12.0 5.6 4.5 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 426 - 18,850 10,699 12,213 2.1 2.2 67.3 80.1 6.3 5.3 0.9 0.8 13.7 14.6 - -

Central Bank Neutral 74 - 5,429 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.4 0.8 0.6 12.7 14.9 - -


Market Outlook

Stock Watch

November 20, 2012

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Financials

Corporation Bank Accumulate 392 445 5,805 4,780 5,569 2.0 2.1 101.8 99.2 3.9 4.0 0.7 0.6 17.0 14.7 - -

Dena Bank Accumulate 107 123 3,732 3,087 3,453 2.7 2.8 25.9 24.1 4.1 4.4 0.8 0.7 19.4 15.6 - -

Federal Bank Accumulate 456 491 7,799 2,617 2,968 3.3 3.2 45.9 51.7 10.0 8.8 1.2 1.1 13.1 13.3 - -

HDFC Neutral 765 - 117,886 7,336 8,802 3.5 3.5 31.5 37.8 24.3 20.2 4.9 4.3 34.8 32.1 - -

HDFC Bank Neutral 648 - 153,161 21,696 26,811 4.4 4.5 28.7 36.0 22.6 18.0 4.3 3.7 20.7 22.0 - -

ICICI Bank Buy 1,023 1,270 117,604 22,271 26,690 3.0 3.0 69.2 83.1 14.8 12.3 1.8 1.6 14.2 15.7 - -

IDBI Bank Neutral 101 - 12,963 7,684 9,264 1.8 2.1 15.6 22.0 6.5 4.6 0.7 0.6 10.9 13.9 - -Indian Bank Accumulate 169 195 7,270 5,874 6,551 3.2 3.2 40.6 41.8 4.2 4.0 0.7 0.6 18.1 16.4 - -

IOB Neutral 74 - 5,934 7,050 8,313 2.3 2.5 12.3 19.9 6.1 3.7 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,357 - 6,578 2,762 2,885 3.6 3.6 226.7 193.0 6.0 7.0 1.3 1.2 24.4 17.7 - -

LIC Housing Finance Buy 245 298 12,357 1,799 2,255 2.3 2.4 20.3 27.3 12.0 9.0 1.9 1.6 16.9 19.7 - -

Oriental Bank Accumulate 314 347 9,148 6,277 7,090 2.6 2.7 60.5 65.1 5.2 4.8 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 745 843 25,267 19,652 22,601 3.2 3.3 135.0 164.3 5.5 4.5 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,045 1,556 1,750 2.8 2.7 3.5 3.9 6.6 5.9 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,095 2,437 140,581 61,883 71,546 3.4 3.4 227.2 257.5 9.2 8.1 1.6 1.4 17.8 17.7 - -

Syndicate Bank Accumulate 118 131 7,082 6,756 7,783 3.0 3.0 26.3 27.1 4.5 4.3 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 71 - 4,733 5,411 6,124 2.4 2.5 17.0 16.5 4.2 4.3 0.8 0.7 16.7 14.4 - -

Union Bank Accumulate 219 250 12,032 9,912 11,536 2.8 2.9 40.4 46.7 5.4 4.7 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 66 74 2,375 3,500 3,912 2.6 2.8 15.8 21.2 4.2 3.1 0.5 0.5 13.1 15.7 - -

Vijaya Bank Neutral 54 - 2,688 2,490 2,881 2.1 2.2 9.2 11.4 5.9 4.8 0.7 0.7 11.5 13.0 - -

Yes Bank Buy 414 492 14,779 3,270 4,240 2.8 3.0 34.5 42.2 12.0 9.8 2.6 2.1 23.5 23.5 - -

FMCG

Asian Paints Neutral 3,875 - 37,168 11,198 13,184 16.2 16.2 123.7 146.4 31.3 26.5 10.7 8.4 38.1 35.4 3.3 2.8

Britannia Buy 476 584 5,683 5,835 6,824 5.7 6.0 20.7 25.4 23.0 18.7 9.1 6.9 43.1 41.9 0.9 0.7

Colgate Neutral 1,318 - 17,929 3,146 3,573 20.6 21.4 36.4 42.5 36.3 31.0 33.5 28.1 102.0 98.5 5.6 4.9

Dabur India Neutral 125 - 21,760 6,124 7,101 17.0 16.8 4.5 5.2 27.9 23.9 11.5 9.1 43.2 41.5 3.6 3.1

GlaxoSmith Con* Neutral 3,040 - 12,786 3,124 3,663 17.1 17.6 104.5 123.8 29.1 24.6 9.1 7.3 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 678 - 23,059 6,355 7,548 18.4 18.6 22.8 27.6 29.7 24.5 6.8 5.6 26.4 26.1 3.8 3.2

HUL Neutral 517 - 111,804 25,350 28,974 13.3 13.5 14.7 17.1 35.1 30.3 27.8 19.6 84.5 75.8 4.3 3.7

ITC Neutral 282 - 221,700 29,409 34,060 35.7 36.1 9.3 10.9 30.2 25.8 10.0 8.4 35.8 35.3 7.0 6.0


Market Outlook

Stock Watch

November 20, 2012

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FMCG

Marico Neutral 211 - 13,603 4,840 5,643 13.1 13.1 6.2 7.8 34.2 27.1 6.5 5.3 25.4 22.6 3.0 2.5

Nestle* Neutral 4,604 - 44,385 8,610 10,174 20.9 21.2 114.8 139.8 40.1 32.9 24.2 16.9 71.2 60.3 5.3 4.4

Tata Global Neutral 164 - 10,151 7,207 7,927 9.7 10.0 6.6 7.8 24.8 21.0 2.5 2.4 8.6 9.5 1.4 1.3

IT

HCL Tech^ Accumulate 616 648 42,776 24,214 26,772 19.5 18.1 44.0 48.0 14.0 12.8 3.3 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 101 135 3,007 1,944 2,159 21.8 21.1 11.4 12.2 8.9 8.3 2.3 2.0 26.4 24.1 1.3 1.1

Infosys Accumulate 2,360 2,573 135,513 39,174 41,580 29.5 30.4 159.2 171.6 14.8 13.8 3.6 3.2 24.1 23.1 2.9 2.6Infotech Enterprises Neutral 196 - 2,182 1,886 2,032 17.9 17.3 18.7 20.2 10.5 9.7 1.6 1.4 14.9 14.0 0.8 0.7

KPIT Cummins Accumulate 122 132 2,178 2,195 2,317 15.5 15.0 10.7 12.1 11.4 10.1 2.4 2.0 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 102 115 11,957 7,597 8,141 20.0 18.8 9.7 10.4 10.5 9.8 2.9 2.2 27.5 22.9 1.2 1.1

Mindtree Accumulate 662 747 2,714 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.9 2.2 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 399 - 8,381 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.7 1.5 1.4 14.3 12.6 1.0 0.8

NIIT Accumulate 33 36 541 1,048 1,161 9.3 10.9 4.2 6.2 7.8 5.3 0.8 0.8 10.5 14.1 0.3 0.3

Persistent Neutral 475 - 1,898 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.8 1.9 1.6 19.0 17.9 1.2 1.0

TCS Accumulate 1,262 1,410 246,903 61,053 67,313 28.7 29.1 69.7 76.2 18.1 16.6 5.9 4.8 32.6 29.1 3.9 3.5

Tech Mahindra Buy 884 1,070 11,288 6,603 7,150 19.8 18.4 92.9 102.0 9.5 8.7 2.2 1.8 23.7 21.0 1.8 1.6

Wipro Buy 358 421 88,136 43,219 47,241 20.0 20.0 26.1 28.1 13.7 12.7 2.6 2.3 19.3 17.9 1.7 1.5

Media

D B Corp Buy 208 259 3,822 1,581 1,784 23.3 25.0 11.6 14.4 18.0 14.5 3.5 3.0 21.0 22.3 2.3 2.0

HT Media Buy 100 113 2,356 2,111 2,272 15.0 15.2 7.4 8.3 13.6 12.1 1.5 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 102 117 3,229 1,503 1,681 23.1 23.1 6.4 7.3 16.0 14.1 4.0 3.5 25.8 26.5 2.3 2.0

PVR Neutral 234 - 674 625 732 17.4 17.1 13.3 15.6 17.6 14.9 1.9 1.7 13.2 13.8 1.5 1.3

Sun TV Network Neutral 367 - 14,469 1,942 2,237 77.2 75.5 17.6 19.1 20.9 19.2 5.2 4.7 25.8 25.2 6.8 5.8Metals & Mining

Bhushan Steel Neutral 490 - 10,404 11,979 14,584 31.6 31.0 49.2 61.4 10.0 8.0 1.3 1.1 14.1 15.2 2.8 2.4

Coal India Neutral 351 - 221,989 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 25 29 855 1,984 2,074 10.6 11.6 0.8 2.0 29.6 12.2 0.5 0.2 1.7 4.1 0.6 0.6

Hind. Zinc Accumulate 134 145 56,556 12,446 13,538 52.3 52.9 15.0 16.4 9.0 8.2 1.8 1.5 21.4 19.7 2.7 2.1

Hindalco Neutral 108 - 20,639 79,148 89,258 9.4 9.0 15.0 15.6 7.2 6.9 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 724 - 16,160 39,586 41,459 17.6 17.0 78.7 90.1 9.2 8.0 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 240 261 4,024 941 1,019 47.3 48.3 25.8 28.1 9.3 8.5 1.5 1.3 16.7 16.2 2.0 1.6

Monnet Ispat Buy 291 379 1,875 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


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7/30/2019 Market Outlook 20-11-12

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Metals & Mining

Nalco Neutral 45 - 11,559 6,898 7,841 9.9 14.7 2.0 3.2 22.6 14.1 1.0 0.9 4.3 6.8 1.2 1.1

NMDC Buy 170 198 67,420 11,209 12,525 78.4 78.3 18.5 20.6 9.2 8.3 2.3 1.9 27.0 24.6 4.1 3.4

SAIL Neutral 78 - 32,259 47,252 60,351 14.2 14.8 9.6 11.7 8.2 6.7 0.7 0.7 9.4 10.6 1.1 0.9

Sesa Goa Accumulate 166 183 14,466 4,551 6,640 32.8 34.4 33.7 39.3 5.0 4.2 0.8 0.7 18.3 18.3 3.8 2.6

Sterlite Inds Accumulate 97 110 32,464 43,185 45,442 23.3 23.7 16.8 17.9 5.8 5.4 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 364 463 35,362 145,725 154,108 8.3 9.5 22.0 44.5 16.5 8.2 0.8 0.7 4.9 9.3 0.5 0.5

Sarda Accumulate 142 153 507 1,442 1,494 17.6 17.3 27.2 28.7 5.2 4.9 0.6 0.5 11.5 11.0 0.7 0.7Prakash Industries Buy 48 73 650 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 119 143 378 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 334 382 63,871 17,567 17,643 76.2 72.3 61.1 56.8 5.5 5.9 1.1 1.0 22.0 17.5 2.8 2.3

GAIL Neutral 342 - 43,414 46,652 54,142 15.7 15.7 34.0 35.3 10.1 9.7 1.7 1.5 18.5 16.8 0.7 0.5

ONGC Buy 254 312 217,395 147,139 154,821 33.9 33.7 30.7 32.3 8.3 7.9 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 774 - 253,532 362,700 380,031 7.9 8.0 60.0 63.3 12.9 12.2 1.2 1.1 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 299 - 3,839 3,128 3,707 13.2 11.7 22.8 23.5 13.1 12.7 4.0 3.5 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 262 - 3,662 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.2 1.1

Petronet LNG Buy 160 183 12,011 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 71 - 3,990 1,079 1,034 91.8 91.9 8.8 8.4 8.1 8.5 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 65 91 1,228 1,624 1,855 14.2 15.6 6.6 9.1 9.9 7.2 2.5 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 174 - 5,076 5,243 5,767 14.6 14.6 11.8 12.6 14.8 13.8 1.8 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,130 - 4,906 1,482 1,682 15.5 15.5 95.1 104.4 22.4 20.4 4.0 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Accumulate 797 926 16,321 6,148 7,386 18.6 19.6 32.7 44.8 24.4 17.8 5.4 4.3 23.7 26.6 3.1 2.5

Cipla Accumulate 383 419 30,720 8,151 9,130 25.0 24.0 19.5 20.9 19.6 18.3 3.4 2.9 18.8 17.2 3.5 3.0

Dr Reddy's Accumulate 1,738 1,859 29,508 10,696 11,662 20.7 21.0 83.7 92.9 20.8 18.7 4.3 3.6 22.4 20.8 3.1 2.7

Dishman Pharma Buy 115 145 928 1,280 1,536 20.2 20.2 10.4 14.5 11.1 7.9 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 1,989 - 16,847 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.1 7.6 6.7 20.1 26.3 5.6 4.8

Indoco Remedies Buy 69 89 634 685 837 15.2 15.2 7.4 8.9 9.3 7.7 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 417 485 5,262 2,850 3,474 21.0 21.0 29.9 37.3 14.0 11.2 3.3 2.6 26.7 26.4 2.1 1.7

Lupin Accumulate 562 652 25,148 8,426 10,082 19.7 20.0 26.3 31.3 21.4 18.0 5.0 4.0 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 102 - 715 1,667 1,835 13.9 13.9 11.4 13.3 8.9 7.6 0.6 0.5 6.6 7.3 0.9 0.8


Market Outlook

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November 20, 2012

7/30/2019 Market Outlook 20-11-12

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Pharmaceuticals

Ranbaxy* Neutral 516 - 21,793 12,046 11,980 18.0 15.8 31.3 29.8 16.5 17.3 5.6 4.5 39.1 28.9 1.9 1.8

Sun Pharma Neutral 681 - 70,409 9,752 12,134 41.6 41.6 26.0 28.2 26.2 24.2 4.9 4.2 20.3 18.8 6.5 5.0

Power

CESC Neutral 277 - 3,454 5,218 5,644 24.2 23.8 44.6 47.6 6.2 5.8 0.7 0.6 11.0 10.6 1.4 1.5

GIPCL Accumulate 67 78 1,017 1,523 1,568 30.3 30.3 5.4 11.5 12.5 5.9 0.7 0.6 5.6 11.3 1.1 1.0

NTPC Neutral 168 - 138,565 74,111 85,789 22.7 23.1 12.1 13.7 13.9 12.2 1.7 1.5 12.6 13.2 2.5 2.3

Real EstateAnant Raj Sell 90 78 2,668 657 875 52.0 56.1 8.4 12.7 10.8 7.1 0.7 0.6 6.3 8.9 5.4 4.1

DLF Neutral 205 - 34,762 9,878 12,033 44.7 46.1 9.6 13.4 21.4 15.3 1.4 1.3 6.4 8.7 6.0 4.9

HDIL Accumulate 104 115 4,366 2,441 3,344 55.1 48.2 22.7 26.6 4.6 3.9 0.4 0.4 8.8 9.4 3.6 2.7

MLIFE Neutral 435 - 1,776 813 901 26.2 26.6 32.0 37.1 13.6 11.7 1.4 1.3 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 310 - 117,647 81,984 90,718 32.1 33.8 10.9 16.9 28.4 18.4 2.2 2.0 7.6 10.6 2.1 1.7

Idea Cellular Neutral 94 - 31,272 22,234 24,161 26.9 27.7 3.3 4.9 28.5 19.2 2.2 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 62 - 12,828 21,090 22,308 31.8 29.9 3.0 3.8 20.4 16.3 0.4 0.3 1.7 2.1 2.3 2.0

zOthers

Abbott India Accumulate 1,442 1,590 3,064 1,629 1,886 11.8 13.3 60.8 79.5 23.7 18.1 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 201 217 2,007 3,497 3,968 6.6 7.6 9.8 15.5 20.6 13.0 2.6 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 403 - 510 427 528 15.7 14.6 30.0 34.0 13.4 11.8 2.9 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 426 545 110 272 308 7.2 7.3 37.5 45.4 11.4 9.4 2.7 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 932 - 6,545 982 1,136 34.3 34.3 34.3 40.0 27.1 23.3 12.3 9.8 50.9 46.9 6.2 5.2

Finolex Cables Buy 50 61 763 2,304 2,552 9.9 9.1 8.2 10.1 6.1 5.0 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Accumulate 478 537 623 2,318 2,700 5.0 5.7 45.0 67.0 10.6 7.1 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Buy 310 360 716 1,494 1,607 6.4 7.8 23.9 33.0 13.0 9.4 2.0 1.8 16.5 20.1 0.3 0.2

Disa India Buy 2,500 3,275 378 138 174 17.2 21.5 103.7 163.8 24.1 15.3 9.2 7.8 37.9 51.0 2.7 2.1

Greenply Industries Neutral 306 - 739 1,925 2,235 10.6 10.9 29.6 44.1 10.4 6.9 1.7 1.4 16.8 21.0 0.7 0.5

Hitachi Buy 122 146 281 873 989 4.4 6.5 6.4 12.2 19.3 10.1 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Neutral 3,316 - 2,931 1,745 1,993 4.0 5.3 59.5 90.4 55.7 36.7 4.2 3.6 8.1 11.3 1.3 1.2

Styrolution ABS India* Accumulate 650 744 1,143 1,059 1,116 8.5 9.5 36.0 42.0 18.1 15.5 2.6 2.3 15.4 16.0 1.1 1.0

ITD Cementation Neutral 253 - 291 1,323 1,455 12.4 12.4 23.2 27.7 10.9 9.2 0.7 0.7 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 170 - 2,746 1,228 1,443 9.0 10.9 3.9 6.4 43.8 26.7 4.3 4.0 10.1 15.6 2.8 2.3

MCX Reduce 1,483 1,440 7,562 553 624 65.3 66.3 62.5 72.0 23.7 20.6 6.5 5.6 27.5 27.4 11.1 9.3

MRF Buy 10,022 12,884 4,251 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.0 1.5 1.2 21.3 19.4 0.5 0.4


Market Outlook

Stock Watch

November 20, 2012

7/30/2019 Market Outlook 20-11-12

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Documents

Market Outlook 20-11-12