Market Outlook 21st Dec

7/30/2019 Market Outlook 21st Dec

1/13

Market OutlookDecember 21, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in red, mirroring negative opening trades in

most of the Asian markets, after optimism for a resolution to the U.S. fiscal cliffreceived a dent from Republicans canceling a vote on a back-up tax-cut plan.

The U.S. markets ended modestly higher yesterday as Republican House Speaker

John Boehner expressed optimism about reaching a budget deal with President

Barack Obama along with upbeat economic data. The National Association of

Realtors in the U.S. indicated that existing home sales rose 5.9% to an annual rate

of 5.04mn in November from a downwardly revised 4.76mn in October. Also, for

its final estimate for the third quarter, GDP got a notable upgrade. Real GDP

growth for the third quarter was revised up to 3.1% annualized, compared to the

second estimate of 2.7% annualized.

Indian markets fell modestly yesterday, mirroring lackluster global cues on growingworries that U.S. budget talks were dragging on with little progress. The results of

Himachal Pradesh and Gujarat assembly polls came along expected lines, with

Chief Minister Narendra Modi securing a third consecutive win in Gujarat, while

the Congress returned to power in Himachal Pradesh after five years.

Markets Today

The trend deciding level for the day is 19,437 / 5,912 levels. If NIFTY trades above

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

up to 19,538 19,622 / 5,942 5,968 levels. However, if NIFTY trades below

19,437 / 5,912 levels for the first half-an-hour of trade then it may correct up to

19,353 19,252 / 5,886 5,856 levels.

SENSEX 19,252 19,353 19,437 19,538 19,622NIFTY 5,856 5,886 5,912 5,942 5,968

News Analysis

Fire at RIL Jamnagar refinerys crude distillation unit MM hopes to turnaround the JV operations in three years Sesa Goa acquires 49% stake in Western Cluster

Refer detailed news analysis on the following page

Net Inflows (December 19, 2012)

FII 4,719 3,152 1,567 16,140 121,161

MFs 633 746 (113) (2,266) (19,808)

FII Derivatives (December 20, 2012)

Index Futures 2,149 2,093 56 12,799

Stock Futures 5,070 5,184 (114) 36,489

Gainers / Losers

SJVN 21 3.9 Adani Enter 271 (7.0)

Colgate Palmolive 1,492 3.6 ADANI POWER 65 (4.5)

Aurobindo Phar 195 3.5 JPPOWER 37 (4.1)

Idea Cellular 99 3.5 Adani Ports 140 (3.6)

Opto Circuits 109 3.4 Pantaloon Retl 234 (3.1)

BSE Sensex (0.1) (22.1) 19,454

Nifty (0.2) (13.2) 5,916

MID CAP (0.2) (14.8) 7,102

SMALL CAP (0.4) (28.6) 7,435

BSE HC 0.0 0.1 8,199

BSE PSU (0.2) (12.3) 7,277

BANKEX (0.2) (31.0) 14,344

AUTO (0.8) (87.9) 11,407

METAL 1.2 131.7 11,241

OIL & GAS (0.3) (23.6) 8,469

BSE IT 0.3 14.7 5,638

Dow Jones 0.5 59.8 13,312NASDAQ 0.2 6.0 3,050

FTSE (0.1) (3.3) 5,958

Nikkei (1.2) (121.1) 10,039

Hang Seng 0.2 36.4 22,660

Straits Times 0.5 17.0 3,176

Shanghai Com 0.3 6.1 2,168

INFY 0.1 0.0 $42.4

WIT 0.7 0.1 $8.9IBN 0.5 0.2 $44.9

HDB 1.8 0.7 $41.5

Advances 1,258 566

Declines 1,636 878

Unchanged 133 88

BSE 2,437

NSE 11,925


2/13



Fire at RIL Jamnagar refinerys crude distillation unit

Media reports suggest that a minor fire broke out at the crude distillation unit of

Reliance Industries Ltds Jamnagar refinery on early Thursday morning. The unit

was under maintenance shutdown and therefore there would not be any

meaningful impact on the production. The company officials however confirmedthat the fire was immediately controlled and the unit would be operational in two

days. We do not expect any meaningful impact of this incident on RILs

performance and therefore

MM hopes to turnaround the JV operations in three years

The board of Mahindra and Mahindra (MM) has given its loss making truck

subsidiary, Mahindra Navistar Automotive Ltd (MNAL) three years to turn around

the business operations. MM recently acquired Navistars 49% stake in MNAL and

Mahindra Navistar Engines Pvt Ltd (MNEPL) for `175cr (US$33mn). As per the

agreement, Navistar will get `175cr in two parts - two-third when the separation

actually happens on receipt of regulatory approvals and one-third five years from

the separation date. Further, post the stake buyout, Navistar can continue sourcing

components from India while MM would continue to provide engineering services

to Navistar. The Navistar group would also continue to support MM through a

license agreement and extend necessary support to MNAL and MNEPL for the

purposes of business continuity. MM would continue investing in the business and

plans to invest `200-`300cr over the next couple of years to develop new

products. MM has so far invested `520cr in the JV. While both the entities are loss

making, MM expects to turnaround the operations and turn positive over the next

three years. MNAL and MNEPL reported a combined loss of `375cr in FY2012. At`952, MM is trading at 15.2x FY2014E earnings.

Sesa Goa acquires 49% stake in Western Cluster

Sesa Goa (Sesa) announced that it has acquired the remaining 49% of the

outstanding common shares of Western Cluster from Elenilto Minerals & Mining,

Delaware for a cash consideration of US$33.5mn. Post this transaction, Sesas

shareholding in WCL increased to 100%. The first shipment from Western Cluster

is expected to commence from FY2014. We do not expect any meaningful impact

of this on Sesas FY2014 financials. Moreover, the stock price performance of Sesa

will be determined by the combined performance of Sesa and Sterlite Industries.

Hence, we maintain our estimates and


3/13



Economic and Political News

BJP wins 121 seats in Gujarat assembly polls, Congress ousts BJP in HP Goa to invest `100cr for mining belt development Government loses `26,000cr in taxes to smuggling, counterfeiting Restricting fiscal deficit to 5.3% 'doable': ChidambaramCorporate News

Kingfisher applies for licence renewal: source L&T finance buys 11.4% stake in PVR NMDC suffered `746cr revenue loss during 2007-10: CAG Opto Circuits board approves issue of convertible warrants to its CMD TCS to invest `1,350cr in new campus at RajarhatSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 70.00

8:30PM US New home sales Thousands Nov 368.00 380.00

January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 51.00

January 2, 2013 2:25PM Germany PMI Manufacturing Value Dec F 46.30 --

3:00PM UK PMI Manufacturing Value Dec 49.10 49.10

January 3, 2013 2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

January 4, 2013 2:25PM Germany PMI Services Value Dec F 52.10 --

7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --

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

January 8, 2013 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec F (26.60) --

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

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

January 10, 2013 5:29PM India Imports YoY% % Change Dec 6.40 --

5:29PM India Exports YoY% % Change Dec (4.20) --

5:29PM China Exports YoY% % Change Dec 2.90 --

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

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

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

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

January 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Dec 7.24 --

11:00AM India Industrial Production YoY % Change Nov 8.20 --

January 15, 2013 3:00PM UK CPI (YoY) % Change Dec 2.70 --

7:00PM US Producer Price Index (mom) % Change Dec (0.80) --January 16, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Dec 2.20 --

7:00PM US Consumer price index (mom) % Change Dec (0.30) --

7:45PM US Industrial Production % Dec 1.05 --

January 17, 2013 7:00PM US Housing Starts Thousands Dec 861.00 --

7:00PM US Building permits Thousands Dec 899.00 --

January 23, 2013 3:00PM UK Jobless claims change % Change Dec (3.00) --

January 29, 2013 11:00AM India RBI Repo rate % Jan 29 8.00 --

11:00AM India RBI Cash Reserve ratio % Jan 29 4.25 --

11:00AM India RBI Reverse Repo rate % Jan 29 7.00 --

January 31, 2013 12:45AM US FOMC rate decision % Jan 30 0.25 --

February 14, 2013 12:30PM Germany GDP nsa (YoY) % Change 4Q P 0.40 --

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A (0.10) --

Source: Bloomberg, Angel Research

December 21, 2012

Market Outlook


5/13



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2 .5

(2.0)

(0.1)

2. 3

(0.7)

8 .2

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

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

O

ct-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

O

ct-12

Nov

-12

M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

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

O

ct-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


6/13

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

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

Agri / Agri Chemical

Rallis Neutral 154 - 2,985 1,466 1,686 14.8 14.8 7.0 8.1 21.9 19.0 4.7 4.0 22.6 22.5 2.1 1.8

United Phosphorus Buy 125 170 5,783 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 247 270 4,218 2,911 3,321 16.2 16.2 17.3 19.8 14.3 12.5 3.9 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 88 96 4,433 13,713 15,341 11.2 11.2 12.5 14.8 7.1 5.9 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 27 31 7,264 14,490 16,606 9.5 9.6 2.2 2.9 12.3 9.6 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 364 - 549 1,103 1,240 11.0 11.3 39.1 45.0 9.3 8.1 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,114 - 61,159 21,121 23,642 18.4 18.5 108.7 122.6 19.4 17.2 8.1 6.5 46.2 41.6 2.5 2.2

Bharat Forge Buy 259 324 6,036 6,754 7,565 15.5 15.7 18.8 23.2 13.8 11.2 2.4 2.1 18.5 19.7 1.1 0.9

Bosch India* Neutral 9,149 - 28,727 8,776 10,276 16.6 18.0 331.9 417.7 27.6 21.9 5.2 4.3 18.7 19.5 2.9 2.4

CEAT Buy 109 163 373 4,989 5,634 8.2 8.5 27.1 40.8 4.0 2.7 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 144 155 12,240 6,229 7,200 14.8 15.8 7.2 9.0 20.1 16.1 3.5 3.0 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,732 - 2,877 1,489 1,750 16.5 17.5 103.3 126.9 16.8 13.6 3.3 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Neutral 1,911 - 38,157 24,743 27,996 14.8 15.2 118.2 130.4 16.2 14.7 7.0 5.5 48.3 41.9 1.2 1.1

JK Tyre Buy 125 165 513 7,517 8,329 6.6 6.6 37.2 41.3 3.4 3.0 0.6 0.5 18.8 17.8 0.4 0.3

Mahindra and Mahindra Neutral 952 - 58,433 40,035 46,272 11.5 11.6 54.7 62.8 17.4 15.2 3.9 3.3 24.3 23.4 1.3 1.0

Maruti Neutral 1,517 - 43,828 42,019 50,246 7.3 8.6 66.1 94.4 23.0 16.1 2.6 2.3 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 205 - 12,022 24,285 27,317 6.7 7.2 8.1 10.6 25.4 19.3 5.4 4.4 22.9 24.7 0.6 0.6

Subros Accumulate 30 35 181 1,286 1,479 9.4 9.7 2.6 5.1 11.6 6.0 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 305 319 81,383 192,330 219,770 12.8 13.1 37.0 44.5 8.3 6.9 2.3 1.8 31.2 28.9 0.5 0.4

TVS Motor Accumulate 42 45 1,995 7,466 8,290 6.2 6.3 4.8 5.6 8.8 7.5 1.5 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 699 573 14,822 7,796 9,907 4.8 7.8 9.2 22.0 76.0 31.8 5.5 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 271 - 1,954 3,605 4,542 11.8 10.7 25.1 27.9 10.8 9.7 1.6 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 232 - 56,784 47,801 43,757 18.5 18.0 24.6 21.8 9.4 10.6 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 189 242 1,700 2,763 2,948 3.1 5.6 2.6 8.6 71.9 22.1 4.2 3.7 5.9 17.6 0.7 0.6

Crompton Greaves Buy 115 145 7,377 12,370 14,277 5.2 7.3 4.0 7.8 28.8 14.7 2.0 1.8 6.9 12.6 0.6 0.6

Jyoti Structures Buy 46 53 381 2,794 3,048 10.6 10.6 9.2 11.7 5.0 4.0 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 65 73 1,671 6,858 7,431 7.1 7.5 8.3 9.8 7.8 6.7 1.3 1.1 25.1 24.0 0.4 0.4

LMW Reduce 2,255 1,992 2,540 2,369 2,727 11.7 11.7 143.4 166.0 15.7 13.6 2.6 2.4 17.4 18.4 0.6 0.4

Thermax Neutral 609 - 7,251 5,514 5,813 9.3 10.2 28.1 31.2 21.7 19.5 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 21, 2012


7/13



Cement

ACC Neutral 1,402 - 26,327 11,085 12,415 21.6 21.4 79.4 83.1 17.7 16.9 3.4 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 205 - 31,631 10,272 11,884 26.4 26.1 11.5 12.9 17.9 15.9 3.9 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 88 - 2,695 4,293 4,666 17.7 18.1 8.6 10.8 10.2 8.2 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 142 - 1,737 2,082 2,423 22.9 23.1 20.8 22.5 6.8 6.3 1.2 1.0 18.4 17.4 1.0 1.2

Madras Cements Neutral 226 - 5,385 3,814 4,045 29.3 27.5 18.7 19.2 12.1 11.8 2.2 1.9 19.9 17.4 2.0 1.8

Shree Cements^ Neutral 4,518 - 15,740 5,701 6,210 29.7 28.1 240.7 260.7 18.8 17.3 4.6 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 2,009 - 55,088 21,368 24,043 22.5 23.5 103.5 121.4 19.4 16.6 3.6 3.1 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 202 304 1,064 2,034 2,315 22.4 22.4 27.1 31.7 7.5 6.4 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 254 2,262 2,522 6.7 7.5 1.5 2.7 9.2 5.2 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 126 164 4,191 3,843 4,212 43.1 43.6 16.8 17.8 7.5 7.1 1.3 1.1 18.3 17.0 3.2 3.5

ITNL Accumulate 207 225 4,016 6,564 7,054 27.2 27.4 26.3 29.0 7.9 7.1 1.3 1.1 14.0 11.8 2.7 2.8

IVRCL Infra Neutral 45 - 1,392 4,249 6,897 7.8 8.2 0.3 3.3 147.1 13.7 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 101 - 21,647 13,842 15,863 26.9 26.4 3.7 4.6 27.7 22.2 1.7 1.6 6.2 7.3 3.0 2.7

Larsen & Toubro Accumulate 1,617 1,748 99,418 60,556 69,167 11.2 11.6 73.8 85.5 21.9 18.9 3.5 3.1 13.5 14.1 1.9 1.6

Nagarjuna Const. Sell 56 44 1,445 5,947 6,569 8.5 8.6 3.1 4.1 18.1 13.7 0.6 0.6 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 60 - 1,999 11,892 13,116 9.0 9.0 1.8 3.2 33.3 18.7 0.7 0.7 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 136 168 2,056 2,344 2,804 10.6 10.7 7.2 8.7 18.9 15.7 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 218 251 1,078 6,882 8,032 9.1 9.1 23.2 31.3 9.4 7.0 0.8 0.7 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 169 181 8,435 6,392 7,238 2.7 2.8 30.3 33.3 5.6 5.1 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 117 - 6,558 4,731 5,431 2.9 3.0 21.5 21.8 5.5 5.4 0.9 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,318 1,550 56,269 15,686 18,687 3.1 3.2 116.8 138.0 11.3 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 858 - 33,595 15,436 18,208 2.5 2.6 111.8 137.4 7.7 6.2 1.2 1.0 15.8 17.0 - -

Bank of India Neutral 332 - 19,035 12,491 14,883 2.2 2.4 43.8 63.7 7.6 5.2 1.0 0.9 12.1 15.8 - -

Bank of Maharashtra A ccumulate 60 64 3,538 3,563 3,876 3.1 3.1 9.7 12.0 6.2 5.0 0.8 0.8 14.6 16.1 - -

Canara Bank Buy 487 544 21,554 10,699 12,213 2.1 2.2 67.3 80.1 7.2 6.1 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 82 - 6,058 7,171 8,236 2.5 2.6 16.4 21.5 5.0 3.8 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 445 480 6,591 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -

Dena Bank Accumulate 117 132 4,092 3,087 3,453 2.7 2.8 25.9 24.1 4.5 4.9 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 522 - 8,922 2,617 2,968 3.3 3.2 45.9 51.7 11.4 10.1 1.4 1.3 13.1 13.3 - -


Market Outlook

Stock Watch

December 21, 2012


8/13



Financials

HDFC Neutral 831 - 128,177 7,336 8,802 3.5 3.5 31.5 37.8 26.4 22.0 5.3 4.7 34.8 32.1 - -

HDFC Bank Neutral 683 - 161,572 21,696 26,811 4.4 4.5 28.7 36.0 23.8 19.0 4.6 3.9 20.7 22.0 - -

ICICI Bank Accumulate 1,138 1,296 130,850 22,271 26,690 3.0 3.0 69.2 83.1 16.4 13.7 2.0 1.8 14.2 15.7 - -

IDBI Bank Accumulate 112 119 14,350 7,684 9,264 1.8 2.1 15.6 22.0 7.2 5.1 0.8 0.7 10.9 13.9 - -

Indian Bank Buy 190 230 8,166 5,874 6,551 3.2 3.2 40.6 41.8 4.7 4.5 0.8 0.7 18.1 16.4 - -

IOB Neutral 86 - 6,862 7,050 8,313 2.3 2.5 12.3 19.9 7.0 4.3 0.6 0.6 8.8 13.1 - -

J & K Bank Accumulate 1,324 1,456 6,418 2,762 2,885 3.6 3.6 226.7 193.0 5.8 6.9 1.3 1.1 24.4 17.7 - -LIC Housing Finance Accumulate 284 313 14,325 1,799 2,255 2.3 2.4 20.3 27.3 14.0 10.4 2.2 1.9 16.9 19.7 - -

Oriental Bank Neutral 344 - 10,048 6,277 7,090 2.6 2.7 60.5 65.1 5.7 5.3 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 852 890 28,907 19,652 22,601 3.2 3.3 135.0 164.3 6.3 5.2 1.1 0.9 16.3 17.3 - -

South Ind.Bank Accumulate 26 29 3,521 1,556 1,750 2.8 2.7 3.5 3.9 7.6 6.9 1.3 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,380 2,520 159,715 61,883 71,546 3.4 3.4 227.2 257.5 10.5 9.2 1.8 1.5 17.8 17.7 - -

Syndicate Bank Neutral 132 - 7,934 6,756 7,783 3.0 3.0 26.3 27.1 5.0 4.9 0.9 0.8 18.3 16.6 - -

UCO Bank Neutral 79 - 5,274 5,234 6,097 2.3 2.4 11.8 14.7 6.7 5.4 1.1 0.9 11.9 13.4 - -

Union Bank Neutral 273 - 15,030 9,912 11,536 2.8 2.9 40.4 46.7 6.8 5.9 1.1 1.0 16.1 16.4 - -

United Bank Buy 76 91 2,758 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.6 13.1 15.7 - -

Vijaya Bank Neutral 63 - 3,107 2,354 2,754 2.0 2.2 7.4 10.2 8.5 6.2 0.9 0.8 9.3 11.9 - -

Yes Bank Buy 473 542 16,883 3,270 4,240 2.8 3.0 34.5 42.2 13.7 11.2 2.9 2.4 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,436 - 42,548 11,198 13,184 16.2 16.2 123.7 146.4 35.9 30.3 12.2 9.6 38.1 35.4 3.6 3.0

Britannia Buy 494 584 5,902 5,627 6,581 4.9 5.7 18.3 24.7 27.0 20.0 9.9 7.6 39.1 42.7 1.0 0.8

Colgate Neutral 1,492 - 20,285 3,146 3,573 20.6 21.4 36.4 42.5 41.0 35.1 37.9 31.8 102.0 98.5 5.9 5.2

Dabur India Neutral 129 - 22,475 6,124 7,101 17.0 16.8 4.5 5.2 28.9 24.7 11.9 9.4 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,757 - 15,801 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 36.0 30.4 11.2 9.0 34.4 32.8 4.7 3.9

Godrej Consumer Neutral 747 - 25,416 6,355 7,548 18.4 18.6 22.8 27.6 32.8 27.0 7.5 6.2 26.4 26.1 4.1 3.4

HUL Neutral 529 - 114,464 25,350 28,974 13.3 13.5 14.7 17.1 35.9 31.1 28.4 20.1 84.5 75.8 4.3 3.7

ITC Neutral 288 - 226,451 29,409 34,060 35.7 36.1 9.3 10.9 30.9 26.3 10.2 8.5 35.8 35.3 7.5 6.5

Marico Neutral 221 - 14,216 4,840 5,643 13.1 13.1 6.2 7.8 35.8 28.3 6.8 5.6 25.4 22.6 3.0 2.5

Nestle* Neutral 4,891 - 47,155 8,529 10,079 20.8 21.1 113.1 137.8 43.3 35.5 26.0 18.2 70.5 60.2 5.5 4.5

Tata Global Neutral 163 - 10,077 7,207 7,927 9.7 10.0 6.6 7.8 24.7 20.9 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

December 21, 2012


9/13



IT

HCL Tech^ Neutral 638 - 44,318 24,214 26,772 19.5 18.1 44.0 48.0 14.5 13.3 3.4 2.9 24.0 22.0 1.7 1.5

Hexaware* Buy 88 123 2,602 1,924 2,116 20.7 19.8 10.7 11.2 8.2 7.8 2.0 1.8 25.3 22.8 1.1 0.9

Infosys Accumulate 2,299 2,573 132,005 39,174 41,580 29.5 30.4 159.2 171.6 14.4 13.4 3.5 3.1 24.1 23.1 2.8 2.5

Infotech Enterprises Accumulate 190 202 2,120 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.4 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Buy 104 132 1,862 2,195 2,317 15.5 15.0 10.7 12.1 9.7 8.6 2.1 1.7 21.0 19.8 0.9 0.8

Mahindra Satyam Accumulate 105 115 12,399 7,597 8,141 20.0 18.8 9.7 10.4 10.9 10.1 3.0 2.3 27.5 22.9 1.3 1.1

Mindtree Accumulate 701 747 2,882 2,324 2,437 20.0 17.7 73.3 74.7 9.6 9.4 2.3 1.8 24.1 19.7 1.0 0.9Mphasis& Neutral 383 - 8,043 5,700 5,993 18.0 16.9 37.0 37.3 10.3 10.3 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Buy 31 36 508 1,048 1,161 9.3 10.9 4.2 6.2 7.3 5.0 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 501 - 2,002 1,261 1,352 26.4 24.7 48.2 54.0 10.4 9.3 2.0 1.7 19.0 17.9 1.2 1.1

TCS Buy 1,248 1,410 244,339 61,053 67,313 28.7 29.1 69.7 76.2 17.9 16.4 5.8 4.8 32.6 29.1 3.7 3.3

Tech Mahindra Accumulate 927 1,070 11,841 6,603 7,150 19.8 18.4 92.9 1 02.0 10.0 9.1 2.4 1.9 23.7 21.0 1.9 1.7

Wipro Accumulate 382 421 94,091 43,219 47,241 20.0 20.0 26.1 28.1 14.6 13.6 2.8 2.4 19.3 17.9 1.8 1.5

Media

D B Corp Buy 223 259 4,080 1,581 1,784 23.3 25.0 11.6 14.4 19.2 15.4 3.7 3.2 21.0 22.3 2.4 2.1

HT Media Accumulate 100 113 2,347 2,111 2,272 15.0 15.2 7.4 8.3 13.6 12.1 1.5 1.3 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 102 117 3,239 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 286 - 825 682 786 17.3 16.9 17.6 19.7 16.2 14.5 1.9 1.7 14.9 14.5 1.5 1.3

Sun TV Network Neutral 425 - 16,735 1,942 2,237 77.2 75.5 17.6 19.1 24.1 22.2 6.0 5.4 25.8 25.2 7.9 6.8

Metals & Mining

Bhushan Steel Neutral 455 - 9,665 11,307 14,287 29.5 29.1 45.1 51.0 10.1 8.9 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 356 - 225,115 66,666 70,292 25.7 27.3 24.2 26.6 14.7 13.4 4.4 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 26 29 908 1,984 2,074 10.6 11.6 0.8 2.0 31.4 13.0 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 137 - 57,971 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.8 2.2

Hindalco Neutral 133 - 25,406 79,148 89,258 9.4 9.0 15.0 15.6 8.9 8.5 0.8 0.7 8.8 8.4 0.7 0.6

JSW Steel Neutral 824 - 18,375 39,586 41,459 17.6 17.0 78.7 90.1 10.5 9.1 1.0 0.9 10.2 10.7 0.9 0.8

MOIL Neutral 260 - 4,360 941 1,019 47.3 48.3 25.8 28.1 10.1 9.2 1.6 1.4 16.7 16.2 2.4 2.0

Monnet Ispat Accumulate 298 344 1,920 2,501 3,264 22.2 24.6 41.8 55.2 7.1 5.4 0.7 0.7 11.3 13.4 1.9 1.3

Nalco Reduce 49 44 12,538 6,898 7,841 9.9 14.7 2.0 3.2 24.5 15.3 1.1 1.0 4.3 6.8 1.3 1.2

NMDC Buy 161 198 63,634 11,209 12,525 78.4 78.3 18.5 20.6 8.7 7.8 2.1 1.8 27.0 24.6 3.8 3.2

SAIL Neutral 91 - 37,774 47,252 60,351 14.2 14.8 9.6 11.7 9.6 7.8 0.9 0.8 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 21, 2012


10/13



Metals & Mining

Sesa Goa Reduce 199 183 17,326 4,551 6,640 32.8 34.4 33.7 39.3 5.9 5.1 1.0 0.9 18.3 18.3 4.4 3.0

Sterlite Inds Reduce 121 110 40,613 43,185 45,442 23.3 23.7 16.8 17.9 7.2 6.7 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 431 463 41,898 145,725 154,108 8.3 9.5 22.0 44.5 19.6 9.7 0.9 0.9 4.9 9.3 0.6 0.5

Sarda Buy 139 153 498 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 50 73 672 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.4 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 119 143 379 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 320 382 61,146 17,567 17,643 76.2 72.3 61.1 56.8 5.2 5.6 1.1 0.9 22.0 17.5 2.7 2.3

GAIL Neutral 351 - 44,473 46,652 54,142 15.7 15.7 34.0 35.3 10.3 10.0 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 265 312 226,763 147,139 154,821 33.9 33.7 30.7 32.3 8.6 8.2 1.5 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 837 - 274,096 362,700 380,031 7.9 8.0 60.0 63.3 14.0 13.2 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 306 - 3,919 3,128 3,707 13.2 11.7 22.8 23.5 13.4 13.0 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 256 - 3,579 3,213 3,643 23.3 23.5 24.3 25.7 10.5 9.9 2.4 2.0 25.0 22.1 1.2 1.1

Petronet LNG Accumulate 162 183 12,158 30,077 33,570 6.6 6.3 15.1 15.3 10.7 10.6 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,262 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.6 3.7

Pharmaceuticals

Alembic Pharma Buy 69 91 1,300 1,624 1,855 14.2 15.6 6.6 9.1 10.5 7.6 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 195 - 5,680 5,243 5,767 14.6 14.6 11.8 12.6 16.5 15.5 2.1 1.8 17.9 16.4 1.5 1.4

Aventis* Neutral 2,300 - 5,297 1,482 1,682 15.5 15.5 95.1 104.4 24.2 22.0 4.3 3.3 18.6 17.0 3.3 2.8

Cadila Healthcare Accumulate 884 926 18,090 6,148 7,386 18.6 19.6 32.7 44.8 27.0 19.7 5.9 4.8 23.7 26.6 3.3 2.7

Cipla Neutral 425 - 34,088 8,151 9,130 25.0 24.0 19.5 20.9 21.8 20.3 3.8 3.2 18.8 17.2 3.8 3.3

Dr Reddy's Neutral 1,846 - 31,331 10,696 11,662 20.7 21.0 83.7 92.9 22.1 19.9 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 116 145 933 1,280 1,536 20.2 20.2 10.4 14.5 11.1 8.0 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,087 - 17,679 2,651 2,993 31.7 31.2 76.0 82.4 27.5 25.3 7.9 7.1 20.1 26.3 5.8 5.0

Indoco Remedies Buy 66 89 610 685 837 15.2 15.2 7.4 8.9 9.0 7.4 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 486 - 6,127 2,850 3,474 21.0 21.0 29.9 37.3 16.3 13.0 3.9 3.1 26.7 26.4 2.3 1.9

Lupin Accumulate 614 652 27,460 8,426 10,082 19.7 20.0 26.3 31.3 23.3 19.6 5.5 4.4 26.0 24.7 3.4 2.8

Ranbaxy* Neutral 512 - 21,637 12,046 11,980 18.0 15.8 31.3 29.8 16.4 17.2 5.6 4.5 39.1 28.9 1.8 1.7

Sun Pharma Neutral 746 - 77,182 9,752 12,134 41.6 41.6 26.0 28.2 28.7 26.5 5.4 4.6 20.3 18.8 7.1 5.5

Power

CESC Neutral 310 - 3,873 5,218 5,644 24.2 23.8 44.6 47.6 7.0 6.5 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 70 78 1,056 1,523 1,568 30.3 30.3 5.4 11.5 12.9 6.1 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 21, 2012


11/13



Power

NTPC Neutral 154 - 127,021 74,111 85,789 22.7 23.1 12.1 13.7 12.7 11.2 1.6 1.4 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 96 78 2,837 657 875 52.0 56.1 8.4 12.7 11.4 7.6 0.7 0.7 6.3 8.9 5.7 4.3

DLF Neutral 226 - 38,346 9,878 12,033 44.7 46.1 9.6 13.4 23.6 16.8 1.5 1.4 6.4 8.7 6.3 5.2

HDIL Neutral 113 - 4,749 2,441 3,344 55.1 48.2 22.7 26.6 5.0 4.3 0.4 0.4 8.8 9.4 3.9 2.9

MLIFE Neutral 423 - 1,728 813 901 26.2 26.6 32.0 37.1 13.2 11.4 1.4 1.3 10.4 11.0 2.5 2.1

TelecomBharti Airtel Accumulate 317 352 120,344 81,984 90,718 32.1 33.8 10.9 16.9 29.0 18.8 2.2 2.0 7.6 10.6 2.1 1.8

Idea Cellular Neutral 99 - 32,749 22,234 24,161 26.9 27.7 3.3 4.9 29.9 20.1 2.3 2.1 7.7 10.3 1.9 1.7

Rcom Neutral 74 - 15,367 21,090 22,308 31.8 29.9 3.0 3.8 24.5 19.6 0.4 0.4 1.7 2.1 2.4 2.2

zOthers

Abbott India Accumulate 1,475 1,590 3,134 1,629 1,886 11.8 13.3 60.8 79.5 24.3 18.6 5.0 4.2 22.0 24.4 1.7 1.4

Bajaj Electricals Neutral 205 - 2,048 3,497 3,968 6.6 7.6 9.8 15.5 21.0 13.3 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 401 - 508 427 528 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 445 545 115 272 308 7.2 7.3 37.5 45.4 11.9 9.8 2.8 2.2 23.7 22.7 0.5 0.5

CRISIL Neutral 1,036 - 7,276 982 1,136 34.3 34.3 34.3 40.0 30.2 25.9 13.7 10.9 50.9 46.9 7.0 5.9

Finolex Cables Neutral 59 - 899 2,304 2,552 9.9 9.1 8.2 10.1 7.2 5.8 1.0 0.9 13.7 14.7 0.3 0.3

Force Motors Accumulate 483 537 629 2,318 2,700 5.0 5.7 45.0 67.0 10.7 7.2 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 340 360 784 1,494 1,607 6.4 7.8 23.9 33.0 14.2 10.3 2.2 1.9 16.5 20.1 0.3 0.3

Greenply Industries Reduce 329 309 794 1,925 2,235 10.6 10.9 29.6 44.1 11.1 7.5 1.8 1.5 16.8 21.0 0.7 0.6

Hitachi Neutral 152 - 348 873 989 4.4 6.5 6.4 12.2 23.9 12.5 1.9 1.7 8.3 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,716 2,842 2,401 1,745 1,993 4.0 5.3 59.5 90.4 45.6 30.0 3.5 3.0 8.1 11.3 1.2 1.0

Styrolution ABS India* Neutral 740 - 1,301 1,059 1,116 8.5 9.5 36.0 42.0 20.6 17.6 3.0 2.6 15.4 16.0 1.3 1.2ITD Cementation Neutral 235 - 271 1,323 1,455 12.4 12.4 23.2 27.7 10.1 8.5 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 163 - 2,632 1,228 1,443 9.0 10.9 3.9 6.4 42.0 25.6 4.2 3.8 10.1 15.6 2.7 2.3

MCX Neutral 1,506 - 7,679 553 624 65.3 66.3 62.5 72.0 24.1 20.9 6.6 5.7 27.5 27.4 10.7 9.0

MRF Neutral 12,541 - 5,319 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.7 8.8 1.9 1.6 21.3 19.4 0.6 0.5

Page Industries Accumulate 3,360 3,602 3,747 836 1,023 20.2 20.6 105.6 133.4 31.8 25.2 16.2 11.4 59.3 53.2 4.6 3.8

Relaxo Footwears Buy 772 933 926 1,019 1,208 11.0 12.5 47.0 66.7 16.4 11.6 4.1 3.0 28.2 30.1 1.1 0.9

Sintex Industries Buy 68 79 2,040 4,751 5,189 16.3 16.6 13.6 15.8 5.0 4.3 0.7 0.6 12.9 13.2 0.8 0.6

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

S. Kumars Nationwide Neutral 14 - 410 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6


Market Outlook

Stock Watch

December 21, 2012


12/13



zOthers

SpiceJet Reduce 45 43 2,199 5,720 6,599 5.3 6.8 3.6 5.4 12.6 8.5 18.2 5.8 - - 0.5 0.4

TAJ GVK Buy 73 108 459 300 319 35.8 36.2 7.9 9.1 9.3 8.0 1.2 1.1 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 320 384 493 750 803 18.6 18.4 65.4 69.1 4.9 4.6 0.8 0.7 16.5 15.3 0.3 0.2

TVS Srichakra Buy 272 335 209 1,476 1,643 7.0 8.2 32.6 55.9 8.4 4.9 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,986 - 25,970 10,289 11,421 12.8 12.8 26.0 45.3 76.4 43.8 3.5 3.2 5.8 7.6 2.8 2.5

Vesuvius India Neutral 330 - 670 560 611 16.1 17.0 24.7 28.8 13.4 11.5 2.0 1.8 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 December 20, 2012


Market Outlook

Stock Watch

December 21, 2012


13/13


Documents

Market Outlook 21st Dec