Market Outlook 28th Dec

7/30/2019 Market Outlook 28th Dec

1/12

Market OutlookDecember 28, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat tracking flattish start to SGX Nifty. Most

Asian markets are however trading in the green on falling consumer prices inJapan which has raised speculations that the Japanese central bank will respond to

government calls for more asset purchases.

The U.S. markets staged a substantial recovery attempt late in the session on

Thursday before ending the day roughly flat. Uncertainty about the looming fiscal

cliff contributed to the volatility on Wall Street. The consumer confidence index in

U.S. fell to 65.1 in December 2012 from a downwardly revised 71.5 in November

2012. Meanwhile, traders largely shrugged off a report from the Labor

Department showing an unexpected drop in initial jobless claims in the week

ended December 22, 2012. The Commerce Department also released a report

showing a rebound in November new home sales, which reached their highest

level in over two years.

Meanwhile in India, domestic shares remained volatile on Thursday as traders

rolled over positions in the derivatives segment ahead of the expiry period. Going

ahead, developments in U.S. are likely to remain in focus, although traders may

also keep an eye on reports on Chicago area business activity and pending home

sales

Markets Today

The trend deciding level for the day is 19,377 / 5,889 levels. If NIFTY trades above

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

up to 19,451 19,579 / 5,912 5,955 levels. However, if NIFTY trades below19,377 / 5,889 levels for the first half-an-hour of trade then it may correct up to

19,249 19,175 / 5,846 5,822 levels.

SENSEX 19,175 19,249 19,377 19,451 19,579NIFTY 5,822 5,846 5,889 5,912 5,955

News Analysis L&T hydrocarbon bags orders worth `781cr Bank of India increases deposit rates

Refer detailed news analysis on the following page

Net Inflows (December 26, 2012)

FII 2,158 1,267 891 22,548 127,568

MFs 290 401 (111) (2,615) (20,212)

FII Derivatives (December 27, 2012)

Index Futures 2,966 3,392 (427) 7,890

Stock Futures 7,919 8,806 (887) 30,005

Gainers / Losers

Bayer Crop 1,296 7.3 Strides Arcolabs 1,085 (4.1)

SJVN 21 4.6 Eicher Motors 2,758 (3.8)

NHPC 26 4.5 Jain Irrigation 75 (3.4)

Torrent Power 186 4.2 Hexaware Tech. 84 (2.6)

Madras Cements 244 3.2 Zee Entertainment 220 (2.5)

BSE Sensex (0.5) (93.7) 19,324

Nifty (0.6) (35.5) 5,870

MID CAP (0.5) (32.0) 7,037

SMALL CAP (0.7) (54.1) 7,322

BSE HC (0.4) (33.0) 8,144

BSE PSU 0.1 6.5 7,227

BANKEX (0.1) (10.9) 14,331

AUTO 0.1 10.2 11,346

METAL (0.6) (71.8) 10,974

OIL & GAS (0.7) (57.5) 8,313

BSE IT (0.8) (43.9) 5,619

Dow Jones (0.1) (18.3) 13,096NASDAQ (0.1) (4.3) 2,986

FTSE 0.0 0.1 5,954

Nikkei 0.9 92.6 10,323

Hang Seng 0.4 78.6 22,620

Straits Times 0.1 3.1 3,184

Shanghai Com (0.6) (13.2) 2,206

INFY (1.0) (0.4) $41.7

WIT 0.5 0.0 $8.8IBN (1.2) (0.6) $43.8

HDB 0.6 0.3 $41.1

Advances 1,228 525

Declines 1,664 970

Unchanged 127 91

BSE 2,520

NSE 13,803


2/12



L&T hydrocarbon bags orders worth `781cr

Larsen & Toubro (L&T) has bagged an order worth `781cr from ONGC in the

hydrocarbon segment for 3 Wellhead platforms. The offshore contract comprises

of total Engineering Procurement Construction & Installation (EPCI) of three

wellhead platforms, spread over Heera and South Heera fields of the ONGC.

Bank of India increases deposit rates

Bank of India has increased the interest rates on deposits of `10cr and above for

maturity between 1-2 years by 25bp to 9%, w.e.f December 27, 2012. Recently

Dena Bank and Federal Bank had also revised its retail term deposit rates by 35bp

and 25bp in maturity between 1-2years and 1-3years, respectively. Increase in

deposit rates, in our view, is partly due to asset liability mismatch (as clearly

affirmed by Dena Bank management, in their case) and due to moderating

deposit growth and tightening liquidity situation. Even going ahead, deposit

growth can be expected to remain moderate as real interest rates continue to

remain negative (considering CPI inflation remaining at levels of 10%) and

scheduled line up of tax free bonds of infra-finance companies. Recent increase in

stock prices has resulted in Bank of India trading at 0.9x FY2014E ABV.

Economic and Political News

`10/litre hike in diesel, kerosene if Oil Ministry proposal okayed Oil slips below US$111 on US budget worries Government notifies MCX-SX as recognised stock exchange Power generation at Dabhol plunges on dwindling gas supplies

Corporate News

Aurobindo gets USFDA approval for Nafcillin injections Realty sector in Bangalore to see demand in 2013 Kalpataru Power Transmission bags orders worth `955cr Office space absorption dips 23% in 2012: Cushman & Wakefield UP mills bitter with sugarcane arrears of `1,580cr Clariant sells units, includes India business for US$550mn Bristol-Myers sues Dr Reddy's for patent breach in US Tata Sons pledges shares worth `2,600cr in group companies CCI approves proposed merger of DHFL and its two armsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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 146.00 144.50

7:00PM US Unnemployment rate % Dec 7.70 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 22, 2013 8:30PM US Existing home sales Millions Dec 5.04 --

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

January 25, 2013 3:00PM UK GDP (YoY) % Change 4Q A -- --

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 30, 2013 7:00PM US GDP Qoq (Annualised) % Change 4Q A 3.10 --

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 28, 2012

Market Outlook


4/12



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

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Jun

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Ju

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Aug

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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

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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

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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

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Sep

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O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


5/12

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 151 - 2,937 1,466 1,686 14.8 14.8 7.0 8.1 21.6 18.7 4.6 3.9 22.6 22.5 2.1 1.8

United Phosphorus Buy 123 170 5,684 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.3 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 245 270 4,192 2,911 3,321 16.2 16.2 17.3 19.8 14.2 12.4 3.9 3.0 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 85 96 4,299 13,713 15,341 11.2 11.2 12.5 14.8 6.8 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Buy 27 31 7,144 14,490 16,606 9.5 9.6 2.2 2.9 12.1 9.4 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 2,135 - 61,773 21,121 23,642 18.4 18.5 108.7 122.6 19.6 17.4 8.1 6.5 46.2 41.6 2.6 2.2

Bharat Forge Buy 255 324 5,939 6,754 7,565 15.5 15.7 18.8 23.2 13.6 11.0 2.4 2.0 18.5 19.7 1.0 0.9

Bosch India* Neutral 9,115 - 28,619 8,776 10,276 16.6 18.0 331.9 417.7 27.5 21.8 5.1 4.3 18.7 19.5 2.9 2.4

CEAT Buy 108 163 371 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 139 155 11,819 6,229 7 ,200 14.8 15.8 7.2 9.0 19.4 15.5 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,695 - 2,817 1,489 1,750 16.5 17.5 103.3 126.9 16.4 13.4 3.2 2.6 21.3 21.6 1.7 1.4

Hero Motocorp Neutral 1,869 - 37,317 24,743 27,996 14.8 15.2 118.2 130.4 15.8 14.3 6.8 5.4 48.3 41.9 1.2 1.0

JK Tyre Buy 120 165 492 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 931 986 57,162 40,035 46,272 11.5 11.6 54.7 62.8 17.0 14.8 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,482 - 42,812 42,019 50,246 7.3 8.6 66.1 94.4 22.4 15.7 2.5 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 197 - 11,604 24,285 27,317 6.7 7.2 8.1 10.6 24.5 18.7 5.2 4.2 22.9 24.7 0.6 0.6

Subros Buy 30 35 182 1,286 1,479 9.4 9.7 2.6 5.1 11.7 6.0 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Neutral 310 - 82,489 192,330 219,770 12.8 13.1 37.0 44.5 8.4 7.0 2.3 1.8 31.2 28.9 0.5 0.4

TVS Motor Accumulate 43 45 2,019 7,466 8,290 6.2 6.3 4.8 5.6 8.9 7.6 1.5 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 692 573 14,667 7,796 9,907 4.8 7.8 9.2 22.0 75.2 31.5 5.5 4.8 7.5 16.4 1.9 1.5BGR Energy Neutral 260 - 1,876 3,605 4,542 11.8 10.7 25.1 27.9 10.4 9.3 1.5 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 226 - 55,352 47,801 43,757 18.5 18.0 24.6 21.8 9.2 10.4 2.8 2.4 33.5 24.5 1.0 1.1

Blue Star Buy 182 224 1,635 2,538 2,681 4.6 5.7 7.3 11.3 24.8 16.1 3.6 3.1 15.6 20.7 0.8 0.7

Crompton Greaves Buy 113 145 7,230 12,370 14,277 5.2 7.3 4.0 7.8 28.2 14.5 1.9 1.7 6.9 12.6 0.6 0.6

Jyoti Structures Buy 44 53 363 2,794 3,048 10.6 10.6 9.2 11.7 4.8 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 67 73 1,725 6,858 7,431 7.1 7.5 8.3 9.8 8.1 6.9 1.4 1.2 25.1 24.0 0.4 0.4

LMW Reduce 2,242 1,992 2,526 2,369 2,727 11.7 11.7 143.4 166.0 15.6 13.5 2.6 2.4 17.4 18.4 0.6 0.4

Thermax Neutral 615 - 7,325 5,514 5,813 9.3 10.2 28.1 31.2 21.9 19.7 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 28, 2012


6/12



Cement

ACC Neutral 1,405 - 26,376 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 200 - 30,775 10,272 11,884 26.4 26.1 11.5 12.9 17.4 15.5 3.8 3.4 20.8 21.1 2.6 2.1

India Cements Neutral 88 - 2,688 4,293 4,666 17.7 18.1 8.6 10.8 10.2 8.1 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 160 - 1,957 2,082 2,423 22.9 23.1 20.8 22.5 7.7 7.1 1.4 1.2 18.4 17.4 1.1 1.3

Madras Cements Neutral 244 - 5,811 3,814 4,045 29.3 27.5 18.7 19.2 13.0 12.7 2.4 2.1 19.9 17.4 2.2 1.9

Shree Cements^ Neutral 4,522 - 15,754 5,701 6,210 29.7 28.1 240.7 260.7 18.8 17.4 4.6 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 1,969 - 53,970 21,368 24,043 22.5 23.5 103.5 121.4 19.0 16.2 3.6 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 204 304 1,074 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 13 - 235 2,262 2,522 6.7 7.5 1.5 2.7 8.6 4.8 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 126 164 4,178 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 201 225 3,909 6,564 7,054 27.2 27.4 26.3 29.0 7.7 6.9 1.2 1.1 14.0 11.8 2.7 2.8

IVRCL Infra Neutral 45 - 1,381 4,249 6,897 7.8 8.2 0.3 3.3 145.9 13.6 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 97 - 20,870 13,842 15,863 26.9 26.4 3.7 4.6 26.5 21.2 1.6 1.5 6.2 7.3 3.0 2.7

Larsen & Toubro Accumulate 1,615 1,748 99,304 60,556 69,167 11.2 11.6 73.8 85.5 21.9 18.9 3.5 3.1 13.5 14.1 1.8 1.6

Nagarjuna Const. Sell 52 44 1,339 5,947 6,569 8.5 8.6 3.1 4.1 16.8 12.7 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 60 - 1,978 11,892 13,116 9.0 9.0 1.8 3.2 32.9 18.5 0.7 0.7 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 136 168 2,057 2,344 2,804 10.6 10.7 7.2 8.7 19.0 15.7 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Accumulate 230 251 1,140 6,882 8,032 9.1 9.1 23.2 31.3 9.9 7.4 0.9 0.8 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 167 181 8,360 6,392 7,238 2.7 2.8 30.3 33.3 5.5 5.0 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 116 - 6,488 4,731 5,431 2.9 3.0 21.5 21.8 5.4 5.3 0.9 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,364 1,550 58,281 15,686 18,687 3.1 3.2 116.8 138.0 11.7 9.9 2.2 1.9 20.0 20.2 - -Bank of Baroda Neutral 860 - 33,671 15,436 18,208 2.5 2.6 111.8 137.4 7.7 6.3 1.2 1.0 15.8 17.0 - -

Bank of India Neutral 338 - 19,371 12,491 14,883 2.2 2.4 43.8 63.7 7.7 5.3 1.0 0.9 12.1 15.8 - -

Bank of Maharashtra A ccumulate 60 64 3,511 3,563 3,876 3.1 3.1 9.7 12.0 6.1 5.0 0.8 0.7 14.6 16.1 - -

Canara Bank Accumulate 488 544 21,607 10,699 12,213 2.1 2.2 67.3 80.1 7.3 6.1 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 84 - 6,154 7,171 8,236 2.5 2.6 16.4 21.5 5.1 3.9 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 448 480 6,638 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.8 0.7 17.0 14.7 - -

Dena Bank Accumulate 115 132 4,010 3,087 3,453 2.7 2.8 25.9 24.1 4.4 4.8 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 535 - 9,150 2,617 2,968 3.3 3.2 45.9 51.7 11.7 10.4 1.5 1.3 13.1 13.3 - -


Market Outlook

Stock Watch

December 28, 2012


7/12



Financials

HDFC Neutral 828 - 127,583 7,336 8,802 3.5 3.5 31.5 37.8 26.3 21.9 5.3 4.7 34.8 32.1 - -

HDFC Bank Neutral 679 - 160,708 21,696 26,811 4.4 4.5 28.7 36.0 23.7 18.9 4.5 3.8 20.7 22.0 - -

ICICI Bank Accumulate 1,137 1,296 130,772 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 109 119 13,935 7,684 9,264 1.8 2.1 15.6 22.0 7.0 5.0 0.8 0.7 10.9 13.9 - -

Indian Bank Buy 192 230 8,260 5,874 6,551 3.2 3.2 40.6 41.8 4.7 4.6 0.8 0.7 18.1 16.4 - -

IOB Neutral 84 - 6,711 7,050 8,313 2.3 2.5 12.3 19.9 6.9 4.2 0.6 0.6 8.8 13.1 - -

J & K Bank Neutral 1,304 - 6,320 2,762 2,885 3.6 3.6 226.7 193.0 5.8 6.8 1.3 1.1 24.4 17.7 - -LIC Housing Finance Accumulate 289 313 14,577 1,799 2,255 2.3 2.4 20.3 27.3 14.2 10.6 2.3 1.9 16.9 19.7 - -

Oriental Bank Accumulate 336 370 9,809 6,277 7,090 2.6 2.7 60.5 65.1 5.6 5.2 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 845 890 28,667 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 Buy 25 31 3,394 1,556 1,750 2.8 2.7 3.5 3.9 7.3 6.6 1.2 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,389 2,520 160,299 61,883 71,546 3.4 3.4 227.2 257.5 10.5 9.3 1.8 1.5 17.8 17.7 - -

Syndicate Bank Accumulate 128 139 7,693 6,756 7,783 3.0 3.0 26.3 27.1 4.9 4.7 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 77 - 5,142 5,234 6,097 2.3 2.4 11.8 14.7 6.6 5.3 1.0 0.9 11.9 13.4 - -

Union Bank Accumulate 270 285 14,890 9,912 11,536 2.8 2.9 40.4 46.7 6.7 5.8 1.1 1.0 16.1 16.4 - -

United Bank Buy 76 91 2,731 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -

Vijaya Bank Accumulate 61 66 3,040 2,354 2,754 2.0 2.2 7.4 10.2 8.3 6.0 0.8 0.8 9.3 11.9 - -

Yes Bank Buy 466 542 16,654 3,270 4,240 2.8 3.0 34.5 42.2 13.5 11.1 2.9 2.4 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,352 - 41,744 11,198 13,184 16.2 16.2 123.7 146.4 35.2 29.7 12.0 9.4 38.1 35.4 3.7 3.1

Britannia Buy 493 584 5,888 5,627 6,581 4.9 5.7 18.3 24.7 26.9 20.0 9.8 7.5 39.1 42.7 1.0 0.8

Colgate Neutral 1,525 - 20,744 3,146 3,573 20.6 21.4 36.4 42.5 41.9 35.9 38.8 32.5 102.0 98.5 6.4 5.6

Dabur India Neutral 128 - 22,266 6,124 7,101 17.0 16.8 4.5 5.2 28.6 24.4 11.8 9.3 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,816 - 16,049 3,124 3,663 17.1 17.6 104.5 123.8 36.5 30.8 11.4 9.1 34.4 32.8 4.8 4.0

Godrej Consumer Neutral 728 - 24,772 6,355 7,548 18.4 18.6 22.8 27.6 31.9 26.4 7.3 6.0 26.4 26.1 4.1 3.4

HUL Neutral 518 - 112,022 25,350 28,974 13.3 13.5 14.7 17.1 35.2 30.4 27.8 19.7 84.5 75.8 4.2 3.7

ITC Neutral 289 - 227,446 29,409 34,060 35.7 36.1 9.3 10.9 31.0 26.4 10.3 8.6 35.8 35.3 7.4 6.4

Marico Neutral 221 - 14,248 4,840 5,643 13.1 13.1 6.2 7.8 35.8 28.4 6.8 5.6 25.4 22.6 3.0 2.5

Nestle* Neutral 4,947 - 47,693 8,529 10,079 20.8 21.1 113.1 137.8 43.8 35.9 26.3 18.4 70.5 60.2 5.7 4.7

Tata Global Neutral 160 - 9,873 7,207 7,927 9.7 10.0 6.6 7.8 24.2 20.4 2.4 2.3 8.6 9.5 1.3 1.2


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December 28, 2012


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IT

HCL Tech^ Neutral 625 - 43,416 24,214 26,772 19.5 18.1 44.0 48.0 14.2 13.0 3.4 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 84 123 2,500 1,924 2,116 20.7 19.8 10.7 11.2 7.9 7.5 1.9 1.7 25.3 22.8 1.0 0.9

Infosys Accumulate 2,287 2,573 131,319 39,174 41,580 29.5 30.4 159.2 171.6 14.4 13.3 3.5 3.1 24.1 23.1 2.8 2.6

Infotech Enterprises Accumulate 180 202 2,009 1,886 2,032 17.9 17.3 18.7 20.2 9.6 8.9 1.4 1.3 14.9 14.0 0.7 0.6

KPIT Cummins Buy 107 132 2,062 2,195 2,317 15.5 15.0 10.7 12.1 10.0 8.9 2.1 1.7 21.0 19.8 0.9 0.8

Mahindra Satyam Accumulate 104 115 12,293 7,597 8,141 20.0 18.8 9.7 10.4 10.8 10.0 3.0 2.3 27.5 22.9 1.2 1.1

Mindtree Accumulate 698 747 2,867 2,324 2,437 20.0 17.7 73.3 74.7 9.5 9.4 2.3 1.8 24.1 19.7 1.0 0.9Mphasis& Neutral 379 - 7,972 5,700 5,993 18.0 16.9 37.0 37.3 10.3 10.2 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Buy 29 36 475 1,048 1,161 9.3 10.9 4.2 6.2 6.9 4.6 0.7 0.7 10.5 14.1 0.3 0.2

Persistent Accumulate 513 540 2,053 1,261 1,352 26.4 24.7 48.2 54.0 10.7 9.5 2.0 1.7 19.0 17.9 1.3 1.1

TCS Accumulate 1,250 1,410 244,682 61,053 67,313 28.7 29.1 69.7 76.2 17.9 16.4 5.9 4.8 32.6 29.1 3.8 3.4

Tech Mahindra Buy 920 1,070 11,756 6,603 7,150 19.8 18.4 92.9 102.0 9.9 9.0 2.3 1.9 23.7 21.0 1.8 1.6

Wipro Accumulate 386 421 95,101 43,219 47,241 20.0 20.0 26.1 28.1 14.8 13.8 2.8 2.5 19.3 17.9 1.9 1.6

Media

D B Corp Accumulate 225 259 4,134 1,581 1,784 23.3 25.0 11.6 14.4 19.5 15.6 3.8 3.2 21.0 22.3 2.5 2.2

HT Media Accumulate 102 113 2,404 2,111 2,272 15.0 15.2 7.4 8.3 13.9 12.4 1.5 1.3 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 102 117 3,223 1,503 1,681 23.1 23.1 6.4 7.3 15.9 14.0 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 284 - 821 682 786 17.3 16.9 17.6 19.7 16.1 14.4 1.9 1.7 14.9 14.5 1.5 1.3

Sun TV Network Neutral 422 - 16,638 1,942 2,237 77.2 75.5 17.6 19.1 24.0 22.1 6.0 5.4 25.8 25.2 8.1 7.0

Metals & Mining

Bhushan Steel Neutral 462 - 9,815 11,307 14,287 29.5 29.1 45.1 51.0 10.3 9.1 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 354 - 223,536 66,666 70,292 25.7 27.3 24.2 26.6 14.6 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 26 29 889 1,984 2,074 10.6 11.6 0.8 2.0 30.7 12.7 0.5 0.2 1.7 4.1 0.7 0.6Hind. Zinc Accumulate 135 145 57,190 12,446 13,538 52.3 52.9 15.0 16.4 9.1 8.3 1.8 1.5 21.4 19.7 2.7 2.1

Hindalco Neutral 128 - 24,545 79,148 89,258 9.4 9.0 15.0 15.6 8.6 8.2 0.7 0.7 8.8 8.4 0.7 0.6

JSW Steel Neutral 806 - 17,975 39,586 41,459 17.6 17.0 78.7 90.1 10.2 8.9 1.0 0.9 10.2 10.7 0.9 0.8

MOIL Neutral 263 - 4,422 941 1,019 47.3 48.3 25.8 28.1 10.2 9.4 1.6 1.4 16.7 16.2 2.3 2.0

Monnet Ispat Buy 279 344 1,792 2,501 3,264 22.2 24.6 41.8 55.2 6.7 5.0 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 50 44 12,886 6,898 7,841 9.9 14.7 2.0 3.2 25.2 15.7 1.1 1.1 4.3 6.8 1.4 1.3

NMDC Buy 160 198 63,455 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.8 2.1 1.8 27.0 24.6 3.7 3.1

SAIL Neutral 89 - 36,844 47,252 60,351 14.2 14.8 9.6 11.7 9.3 7.6 0.8 0.8 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 28, 2012


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Metals & Mining

Sesa Goa Neutral 192 - 16,704 4,551 6,640 32.8 34.4 33.7 39.3 5.7 4.9 1.0 0.8 18.3 18.3 4.3 2.9

Sterlite Inds Neutral 114 - 38,395 43,185 45,442 23.3 23.7 16.8 17.9 6.8 6.4 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 431 463 41,850 145,725 154,108 8.3 9.5 22.0 44.5 19.6 9.7 0.9 0.9 4.9 9.3 0.6 0.6

Sarda Accumulate 134 153 479 1,442 1,494 17.6 17.3 27.2 28.7 4.9 4.7 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 51 73 679 2,694 2,906 14.6 16.6 16.4 20.8 3.1 2.4 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 117 143 371 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 316 382 60,372 17,567 17,643 76.2 72.3 61.1 56.8 5.2 5.6 1.0 0.9 22.0 17.5 2.6 2.2

GAIL Neutral 348 - 44,124 46,652 54,142 15.7 15.7 34.0 35.3 10.2 9.9 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 259 312 221,929 147,139 154,821 33.9 33.7 30.7 32.3 8.5 8.0 1.5 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 818 - 267,875 362,700 380,031 7.9 8.0 60.0 63.3 13.6 12.9 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 305 - 3,917 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 249 - 3,492 3,213 3,643 23.3 23.5 24.3 25.7 10.3 9.7 2.3 2.0 25.0 22.1 1.2 1.0

Petronet LNG Buy 159 183 11,918 30,077 33,570 6.6 6.3 15.1 15.3 10.5 10.4 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,265 1,079 1,034 91.8 91.9 8.8 8.4 8.7 9.0 1.4 1.3 17.9 15.0 3.7 3.8

Pharmaceuticals

Alembic Pharma Buy 69 91 1,292 1,624 1,855 14.2 15.6 6.6 9.1 10.4 7.5 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 190 - 5,521 5,243 5,767 14.6 14.6 11.8 12.6 16.1 15.1 2.0 1.7 17.9 16.4 1.5 1.4

Aventis* Neutral 2,290 - 5,274 1,482 1,682 17.5 16.6 82.9 87.8 27.6 26.1 4.3 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Neutral 892 - 18,263 6,148 7,386 18.6 19.6 32.7 44.8 27.3 19.9 6.0 4.8 23.7 26.6 3.3 2.7

Cipla Neutral 416 - 33,369 8,151 9,130 25.0 24.0 19.5 20.9 21.3 19.9 3.7 3.2 18.8 17.2 3.9 3.4

Dr Reddy's Neutral 1,827 - 31,013 10,696 11,662 20.7 21.0 83.7 92.9 21.8 19.7 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 115 145 927 1,280 1,536 20.2 20.2 10.4 14.5 11.0 7.9 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,109 - 17,860 2,651 2,993 31.7 31.2 76.0 82.4 27.7 25.6 8.0 7.1 20.1 26.3 5.9 5.2

Indoco Remedies Buy 67 89 618 685 837 15.2 15.2 7.4 8.9 9.1 7.5 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Reduce 519 485 6,542 2,850 3,474 21.0 21.0 29.9 37.3 17.4 13.9 4.2 3.3 26.7 26.4 2.5 2.0

Lupin Accumulate 614 652 27,478 8,426 10,082 19.7 20.0 26.3 31.3 23.4 19.6 5.5 4.4 26.0 24.7 3.4 2.8

Ranbaxy* Neutral 501 - 21,162 12,046 11,980 18.0 15.8 31.3 29.8 16.0 16.8 5.5 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 746 - 77,151 9,752 12,134 41.6 41.6 26.0 28.2 28.7 26.5 5.4 4.6 20.3 18.8 7.2 5.6

Power

CESC Neutral 305 - 3,813 5,218 5,644 24.2 23.8 44.6 47.6 6.9 6.4 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 68 78 1,034 1,523 1,568 30.3 30.3 5.4 11.5 12.7 5.9 0.7 0.6 5.6 11.3 1.1 1.0


Market Outlook

Stock Watch

December 28, 2012


10/12



Power

NTPC Neutral 155 - 128,176 74,111 85,789 22.7 23.1 12.1 13.7 12.9 11.3 1.6 1.4 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 92 78 2,718 657 875 52.0 56.1 8.4 12.7 11.0 7.2 0.7 0.6 6.3 8.9 5.4 4.1

DLF Neutral 225 - 38,219 9,878 12,033 44.7 46.1 9.6 13.4 23.5 16.8 1.5 1.4 6.4 8.7 6.4 5.2

HDIL Neutral 110 - 4,592 2,441 3,344 55.1 48.2 22.7 26.6 4.8 4.1 0.4 0.4 8.8 9.4 3.7 2.8

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 2.4 2.1

TelecomBharti Airtel Accumulate 319 352 121,008 81,984 90,718 32.1 33.8 10.9 16.9 29.2 18.9 2.2 2.0 7.6 10.6 2.2 1.8

Idea Cellular Neutral 105 - 34,858 22,234 24,161 26.9 27.7 3.3 4.9 31.8 21.3 2.5 2.2 7.7 10.3 2.0 1.8

Rcom Neutral 73 - 15,150 21,090 22,308 31.8 29.9 3.0 3.8 24.1 19.3 0.4 0.4 1.7 2.1 2.4 2.2

zOthers

Abbott India Accumulate 1,477 1,590 3,139 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 207 - 2,063 3,497 3,968 6.6 7.6 9.8 15.5 21.1 13.4 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 397 - 503 427 528 15.7 14.6 30.0 34.0 13.2 11.7 2.9 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 441 545 114 272 308 7.2 7.3 37.5 45.4 11.8 9.7 2.8 2.2 23.7 22.7 0.5 0.5

CRISIL Neutral 1,038 - 7,288 982 1,136 34.3 34.3 34.3 40.0 30.2 26.0 13.7 10.9 50.9 46.9 7.0 5.9

Finolex Cables Accumulate 57 61 878 2,304 2,552 9.9 9.1 8.2 10.1 7.0 5.7 1.0 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 457 537 596 2,318 2,700 5.0 5.7 45.0 67.0 10.2 6.8 0.5 0.5 5.0 7.0 0.1 0.2

Goodyear India Neutral 345 - 796 1,494 1,607 6.4 7.8 23.9 33.0 14.4 10.5 2.3 2.0 16.5 20.1 0.3 0.3

Greenply Industries Neutral 316 - 763 1,925 2,235 10.6 10.9 29.6 44.1 10.7 7.2 1.7 1.4 16.8 21.0 0.7 0.6

Hitachi Neutral 151 - 347 873 989 4.4 6.5 6.4 12.2 23.8 12.4 1.9 1.7 8.3 14.4 0.5 0.4

Honeywell Automation* Neutral 2,726 - 2,410 1,745 1,993 4.0 5.3 59.5 90.4 45.8 30.2 3.5 3.0 8.1 11.3 1.3 1.1

Styrolution ABS India* Neutral 751 - 1,321 1,059 1,116 8.5 9.5 36.0 42.0 20.9 17.9 3.0 2.6 15.4 16.0 1.3 1.2ITD Cementation Neutral 237 - 273 1,323 1,455 12.4 12.4 23.2 27.7 10.2 8.6 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 156 - 2,516 1,228 1,443 9.0 10.9 3.9 6.4 40.1 24.4 4.0 3.7 10.1 15.6 2.5 2.1

MCX Neutral 1,472 - 7,505 553 624 65.3 66.3 62.5 72.0 23.6 20.4 6.5 5.6 27.5 27.4 10.6 8.9

MRF Accumulate 12,532 13,416 5,315 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.8 7.5 1.5 1.3 19.1 18.7 0.5 0.4

Page Industries Accumulate 3,382 3,602 3,772 836 1,023 20.2 20.6 105.6 133.4 32.0 25.4 16.3 11.5 59.3 53.2 4.6 3.7

Relaxo Footwears Buy 768 933 921 1,019 1,208 11.0 12.5 47.0 66.7 16.4 11.5 4.1 3.0 28.2 30.1 1.1 0.9

Sintex Industries Buy 64 79 1,917 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 303 366 284 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.8 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 14 - 409 6,765 7,393 18.1 18.0 6.4 7.5 2.1 1.8 0.1 0.1 6.1 6.7 0.6 0.6


Market Outlook

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December 28, 2012


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zOthers

SpiceJet Neutral 44 - 2,107 5,720 6,599 5.3 6.8 3.6 5.4 12.1 8.1 17.5 5.5 - - 0.5 0.4

TAJ GVK Buy 71 108 446 300 319 35.8 36.2 7.9 9.1 9.0 7.8 1.2 1.1 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 312 384 480 750 803 18.6 18.4 65.4 69.1 4.8 4.5 0.7 0.7 16.5 15.3 0.3 0.2

TTK Healthcare Buy 518 643 402 374 425 7.9 9.5 24.1 32.7 21.5 15.8 19.7 22.5 0.9 0.8

TVS Srichakra Buy 265 335 203 1,476 1,643 7.0 8.2 32.6 55.9 8.1 4.7 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,899 - 24,836 10,289 11,421 12.8 12.8 26.0 45.3 73.0 41.9 3.3 3.1 5.8 7.6 2.8 2.5

Vesuvius India Neutral 320 - 650 560 611 16.1 17.0 24.7 28.8 13.0 11.1 1.9 1.7 15.8 16.2 1.0 0.9Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 27, 2012


Market Outlook

Stock Watch

December 28, 2012


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Documents

Market Outlook 28th Dec