Market Outlook 30-10-12

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Market OutlookOctober 30, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open flattish with a positive bias following flat

opening in the SGX Nifty and positive opening in the other major Asian indices.

Due to Hurricane Sandy swirling towards the east coast of the U.S., the major stock

markets in the US remained closed on Monday. The threats have not receded and

hence NYSE Euronext (NYX), the parent of the New York Stock Exchange, said it

will close its markets in coordination with all U.S. equities, bonds, options and

derivatives markets on Tuesday also. The company said it intend to re-open the

U.S. markets Wednesday morning if conditions permit. The European markets

largely ended Monday's session with modest losses.

Closer home, many economists expect the Reserve Bank of India to hold policy

rates steady, although another CRR cut is possible. Ahead of its monetary policy

meeting today, the central bank lauded the government for its new fiscalconsolidation strategy but said further measures are necessary to contain the fiscal

deficit. Indian shares ended little changed on Monday, mirroring losses elsewhere

across Asia and Europe and lower commodity prices after both NYSE and Nasdaq

announced the suspension of equity trading due to Hurricane Sandy.

Markets Today

The trend deciding level for the day is 18,650 / 5,670 levels. If NIFTY trades above

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

up to 18,729 18,822 / 5,694 5,723 levels. However, if NIFTY trades below

18,650 / 5,670 levels for the first half-an-hour of trade then it may correct up to

18,557 18,479 / 5,641 5,616 levels.

SENSEX 18,479 18,557 18,650 18,729 18,822NIFTY 5,616 5,641 5,670 5,694 5,723

News Analysis

Roadmap on fiscal consolidation Odisha to allow mining for captive use only 2QFY2013 Result Review: BHEL, Colgate, BOI, Jagran, SSML, Styrolution 2QFY2013 Result Preview: MSIL, DRL, IDBI Bank, Thermax, IRB InfraRefer detailed news analysis on the following page

Net Inflows (October 24, 2012)

FII 6,394 6,853 (460) 11,547 56,780

MFs 360 448 (89) (2,237) (10,262)

FII Derivatives (October 29, 2012)

Index Futures 600 720 (121) 9,763

Stock Futures 1,183 1,214 (31) 27,677

Gainers / Losers

United Brew-$ 777 6.5 United Spirits 1,095 (9.2)

JSW ENERGY 61 3.1 BHEL 227 (6.2)

Idea Cellular 83 2.8 Gujarat Fluo 334 (6.1)

Suzlon Energy 16 2.6 Havells India 587 (5.6)

Lanco Infra 12 2.6 Opto Circuits 120 (4.4)

BSE Sensex 0.1 10.5 18,636

Nifty 0.1 1.3 5,666

MID CAP (0.4) (28.4) 6,575

SMALL CAP (0.6) (42.6) 7,044

BSE HC 0.3 20.1 7,499

BSE PSU (0.6) (40.8) 7,222

BANKEX (0.3) (36.8) 13,181

AUTO 0.0 1.6 10,291

METAL (0.2) (21.7) 10,184

OIL & GAS 0.6 52.1 8,447

BSE IT 0.1 7.5 5,669

Dow Jones 0.0 3.5 13,107NASDAQ 0.1 1.8 2,988

FTSE (0.2) (11.6) 5,795

Nikkei (0.0) (3.7) 8,929

Hang Seng (0.2) (34.5) 21,511

Straits Times (0.9) (27.9) 3,030

Shanghai Com (0.4) (7.3) 2,059

INFY (1.8) (0.8) $42.7

WIT (1.5) (0.1) $8.0IBN (1.5) (0.6) $39.7

HDB (1.3) (0.5) $37.0

Advances 1,234 561

Declines 1,604 940

Unchanged 127 82

BSE 1,996

NSE 9,207

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Roadmap on fiscal consolidation

The Finance Minister outlined a five-year roadmap on fiscal consolidation and

revised the budget deficit target for FY2013 to 5.3% of GDP as against the

budgeted target of 5.1% of GDP. Through a credible fiscal consolidation plan, the

finance ministry aims to boost investor confidence and investments so that theeconomy can the economy can return to the path of high investment, higher

growth, lower inflation and long-term sustainability

The recommendations of the Kelkar Committee on fiscal consolidation have been

accepted by the government. The positive measures emphasized by the FM include

a transition to the Goods and Services Tax (GST), quick review of the Direct Taxes

Code (DTC) before its introduction and passing in Parliament, meeting its

budgeted disinvestment target of Rs. 30,000 crores for the fiscal, Aadhaar-

enabled direct cash transfers of subsidies and rationalization of schemes and strict

control and monitoring of expenditure. At the same time, the government indicated

that its flagship welfare programmes will be protected and fully provided for.

FY2013 FY2014 FY2015 FY2016Fiscaldeficitasa%ofGDP 5.3 4.8 4.2 3.6

In our view, the government is unlikely to garner the budgeted level of tax receipts

owing to the general slowdown in the economy. We expect the government to

kick-start its disinvestment program to generate capital receipts in view of the

buoyancy in equity markets. The Cabinet Committee on Economic Affairs (CCEA)

has approved sale of shares in Hindustan Copper Ltd., NALCO, SAIL, RINL, BHEL,

OIL, MMTC and NMDC for disinvestment purpose. As regards to those companies

in our coverage, we reiterate our stance of buy on NMDC with a target price of Rs.

214; reduce on NALCO with target price of Rs. 44 and neutral on SAIL.

We believe that unless there is a meaningful reduction in expenditure particularly

on subsidies, the government is likely to miss its revised fiscal deficit target, even if

it generates revenues through disinvestment and sticks to its budgeted market

borrowing program.

Odisha to allow mining for captive use only

Ten large iron ore miners in Odisha have been directed by the state government to

either stop or curtail iron ore mining. As per the directive, Odisha state will permit

iron ore mining for captive use only. This is likely to result in shortage of iron ore in

the state. Bhushan Steel operates a 2.2mn tonne steel plant; it requires

approximately 3.8mn tonne of iron ore which it purchases from merchant miners

in Odisha. Although it is difficult to quantify the decline in production of iron ore in

the state currently, we believe this would raise cost of iron ore procurement for

Bhushan Steel. Further, shortage of iron ore could also result in lower utilization

levels for Bhushan Steel.

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Result Review

BHEL (CMP:`227 / TP: - / Upside: - %)

For 2QFY2013, BHELs top-line came in flat at `10,561cr, much below streetexpectations as well as our estimates. On the OPM front, the companys margin

declined by 59bp yoy to 18% mainly on account of margin contraction in industrial

segment from 27% to 21%. Consequently, PAT declined by 9.7% to`1,275cr

FY2013E 478,010 19.0 61,862 25.3 34.3 9.0 2.9 5.8 1.1

FY2014E 437,575 18.8 55,820 22.8 25.3 10.0 2.5 6.4 1.2

Colgate (CMP: `1,234/TP: /Upside :-)

Colgate posted a 17.7% yoy growth in its top-line for 2QFY2013 to`774cr, which

is ahead of our estimates. The top-line growth was driven by a 10% volume growth

on a yoy basis. The company has increased the volume market share of its

toothpaste category to 54.3% for the period January-September 2012. It has also

registered a strong growth momentum in the toothbrush category with a market

share of 39%. The OPM for the quarter expanded by 319bp to 20.3% aided by

price hikes and superior sales mix and was in-line with our estimates. The bottom-

line rose by 45.5% yoy to `145cr aided by superior operating performance and

lower tax rate.

FY2013E 3,018 20.9 485 35.7 101.0 34.6 31.9 27.5 5.4

FY2014E 3,429 22.1 576 42.3 93.5 29.1 23.7 22.6 4.7

Bank of India- (CMP:`280, TP: Under Review)

During 2QFY2013, BOI registered moderate performance on the operating front,

with operating income and operating profit growth of 12.5% and 19.5%,

respectively. PBT for the bank de-grew by 24% yoy, as provisioning expenses went

up significantly by 34.5% yoy (even on a high base of 2QFY2012) due to stressed

asset quality.

Advances for the bank grew at healthy pace of 19.5% yoy, while deposits

registered a moderate growth of 11.2% respectively. Growth in domestic CASA

deposits came in moderate at 9.8% yoy (domestic savings deposits grew by 11.8%

yoy, while current deposits remained flat on a yoy basis). Calculated domestic

CASA ratio improved by ~60bp sequentially to 31.8%. Overseas NIMs declined by

23bp to 1.23% due to Interest reversal on slipped accounts. Domestic NIMs

improved by 28bp to 2.84%. Non-interest income (excluding treasury) grew at

healthy pace of 15.1% yoy, due to higher recoveries. Recoveries from written-off

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accounts almost doubled to`167cr on a yoy basis. Treasury income for the bank

de-grew by 33.4% yoy to`103cr.

On the asset quality front, the gross and net NPA levels, on an absolute basis,

increased significantly by 31.8% and 18.5%, qoq respectively. Slippages during the

quarter amounted to`

2,700cr, out of which ~80% were accounts more than`

5crlargely belonging to large and mid corporates. Annualized slippage ratio came in

at 4.4% compared to 2.8% in 1QFY2013 and 5.3% in 2QFY2012. The

management exuded confidence in recovering a large part of these slippages

going forward. The bank restructured advances worth ~`810cr during the quarter,

which included an account from the hospitality industry amounting to`330cr. As

per the management, no major advances are in restructuring pipeline. At the

CMP, the stock is trading at 0.8x FY2014E ABV.

FY2013E 19,652 3.2 4,579 135.0 795.8 0.9 16.3 5.5 0.9

FY2014E 22,601 3.3 5,572 164.3 936.5 1.0 17.3 4.6 0.8

Jagran (CMP:`100/TP:`112/Upside: 12%)

Jagran Prakashan has announced its 2QFY2013 results. The companys top-line

grew by 5.5% yoy to `322cr on account of a 3.6% yoy growth in advertising

revenue and 8.9% yoy growth in circulation revenue. The OPM contracted by

162bp to 24.3%. However, the net profit increased by 51.7% yoy to `69cr on

account of tax benefit due to accumulated losses at Nai Dunia subsidiary. At the

current market price, Jagran Prakashan is trading at 16.2x FY2014E consolidated

EPS of`7.1.

FY2013E 1,488 22.7 197 6.2 25.2 16.2 3.9 10.3 2.4

FY2014E 1,664 22.7 226 7.1 26.3 14.1 3.5 9.0 2.0

Siyaram Silk Mills (CMP 299 / TP 366 / Upside -23%)

For 2QFY2013, Siyaram Silk Mills (SSM) reported mixed set of numbers. The

company's top line grew by 9.3% yoy to`267cr, in-line with our estimate of`268cr

for the quarter. The company disappointed on the operating margin front as the

margin contracted by 383bp yoy to 9.6% for the quarter due to utilization of high

cost inventory from previous quarter, which led to an increase in net raw material

cost a percent of net sales from 48.7% in 2QFY2012 to 52.3% in 2QFY2013. The

company reported other income of `10cr which includes onetime insurance

premium payment from the directors. This resulted in a bottomline of `18cr,

growth of 5.5% yoy.

We remain positive on the company and expect the topline to improve with the

coming festive and wedding season, which is the major driver of sales. Also, the

company is on strong expansion mode in order to take advantage of the growing

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demand for branded fabric and garments in India. The company has already

installed 72 looms in 1HY2013 and expects to add another 50by the end of

FY2013E.

FY2013E 1,043 12.3 62 65.7 21.0 4.5 0.9 4.3 0.5

FY2014E 1,149 12.9 69 73.3 19.6 4.1 0.7 3.8 0.5

Styrolution ABS Ltd. (CMP-`663/TP-`744/Upside-12%)

Styrolution ABS Ltd (Styrolution) reported a strong set of numbers for its

3QCY2012. The top-line for the quarter grew by 26.5% and came in at `263cr,

10% lower than our estimate of`230cr. The EBITDA was up by a whopping 170%

yoy and came in at `33cr, higher by 48% than our estimate of `23cr. The

operating margin for the quarter expanded by 670bps yoy to 12.7% mainly due to

low base coupled with lower raw material cost as a percentage of sales. The net

profit stood at `22cr, 165% higher yoy and higher than our estimates of `15cr

owing to a strong operating performance. We continue to maintain our Buy

recommendation on the stock with a revised target price of`744, based on a PE of

16x CY2013E.

CY2012E 1059 8.4 62 35.2 14.8 18.8 2.7 13.5 1.1

CY2013E 1081 10.6 82 46.9 18.2 14.1 2.3 10.2 1.1

Result Preview

Maruti Suzuki (CMP:`1,361/ TP: -/ Upside: -)

Maruti Suzuki (MSIL) is scheduled to announce its 2QFY2013 results today. We

expect the company to report a healthy top-line growth of 10.6% yoy (down 19.6%

qoq) to `8,662cr driven by 21.5% yoy jump in net average realization. The net

average realization is expected to improve primarily on account of superior

product-mix with higher share of Swift, Dzire and Ertiga in total volumes. Total

volumes is expected to register a decline of 8.7% yoy (22.1% qoq) led by sluggish

demand for cars in the Mini segment and also on account of production loss due

to the month long strike at the Manesar plant. The operating margins are however

expected to improve 70bp yoy mainly on account of better product-mix. As a

result, the bottom line is expected to increase 18% yoy (down 33.1% qoq) to

`284cr. At the CMP of `1,361, the stock is trading at 14.7x FY2014 earnings

which is in-line with its historical average of 15x.

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FY2013E 41,796 7.6 1,924 66.6 12.0 20.4 2.3 9.7 0.6

FY2014E 49,350 8.6 2,676 92.6 14.8 14.7 2.0 6.8 0.5

DRL (CMP-`1696, Target-`1859, Upside-9.6%)

: Dr Reddys Labs (DRL) is expected to post strong results during

2QFY2013; DRL is expected to post strong results with a top-line growth of 23.5%

to `2,800cr, majorly driven by the US market. The company is expected to see

strong traction in its Indian and Russian formulation businesses as well. In terms of

the pharmaceuticals services and active ingredients (PSAI) segment, the

performance is expected to be lackluster for 2QFY2013.The company is expected

to post an OPM of 25.1%, up 387bp yoy. On the net profit front, the company is

expected to post a net profit of`

507cr, ie a growth of 65.3% over thecorresponding period of the previous year.

`

FY2013E 10,696 20.7 1,420 83.7 22.4 20.3 4.0 14.5 3.0FY2014E 11,662 21.0 1,576 92.9 20.8 18.2 3.4 12.5 2.6

(CMP:`95/ TP: -`108/ Upside: -14.0%)

IDBI Bank is slated to announce its 2QFY2013 results today. We expect the bank

to report a healthy Net Interest Income (NII) growth of 15.3% yoy to `1,294cr.

Non-interest income is expected to grow by 6.0% yoy to `508cr. Operating

expenses of the bank are expected to be higher by 15.4% yoy to`686cr. However,

Net Profit is expected to decline by 3.8% yoy to `496cr, on account of 35.9% yoy

increase in provisioning expenses. At the CMP, the stock trades at a valuation of

0.5x FY2014E ABV. At CMP, the stock trades at 0.6x FY2014 BV.

FY2013E 7,761 1.9 2,190 17.1 141.0 0.7 11.9 5.5 0.7

FY2014E 9,484 2.2 2,929 22.9 160.2 0.9 14.4 4.1 0.6

Thermax (CMP:`586/TP: -/Upside: - %)

For 2QFY2013, we expect Thermax to report a top-line of`1,238cr, as weak order

inflows since the last couple of quarters will keep the companys revenue under

strict check. The companys EBITDA margin is likely to compress by ~68bp yoy to

10.1%. Falling revenue and margin contraction are expected to result in a y-o-y

fall of 18.7% in the companys PAT to `83cr.

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FY2013E 5,514 8.9 320 26.9 18.4 21.8 3.8 13.2 1.1

FY2014E 5,559 10.2 361 30.3 18.2 19.3 3.3 11.0 0.9

IRB Infra (CMP:`118 / TP:`166 / Upside: 41%)

IRB is expected to post a good performance in its 2QFY2013 results. We expect an

18.1% yoy growth in the engineering & construction (E&C) segment to`623cr. This

would come on the back of a healthy execution pace in the under construction

build-operate-transfer (BOT) projects. The BOT segment is also expected to report

a decent 16.0% yoy growth to`277cr, leading the overall top-line to`900cr. We

expect blended EBITDA margin at 43.4%, a dip of 33bp yoy. The depreciation for

the quarter is expected to witness a yoy jump of 81.2%, owing to completion of the

Surat-Dahisar project. We project net profit before tax and after tax (post minority

interest) at`144cr and`106cr, respectively, after factoring a blended tax rate of

28.8% for the quarter.

FY2013E 3,994 42.3 523 15.7 16.9 7.5 2.5 3,994 42.3

FY2014E 4,582 40.2 563 16.9 15.7 7.0 2.4 4,582 40.2

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 2,747 2,268 21 2,541 8

Net profit 372 308 21 336 11

Net sales 1,139 1,055 8 1,040 10

EBITDA 234 226 3 165 42

EBITDA margin (%) 20.5 21.4 15.9

Net profit 142 56 154 80 78

Net sales 6,189 5,872 5 6,793 (9)

EBITDA 1,287 1,640 (22) 1,632 (21)

EBITDA margin (%) 20.8 27.9 24.0

Net profit 593 1,014 (42) 1,019 (42)

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Net sales 8,102 7,537 7 1,053 669

EBITDA 480 494 (3) 786 (39)

EBITDA margin (%) 5.9 6.6 74.6

Net profit 213 240 (11) 423 (50)

Net profit 333 299 11 322 3

Net sales 961 882 9 916 5

EBITDA 246 215 14 235 5

EBITDA margin (%) 25.6 24.4 25.7

Net profit 108 106 2 105 3

Net profit 269 98 174 228 18

Net sales 1,789 1,831 (2) 1,399 28

EBITDA 1,170 1,451 (19) 904 29

EBITDA margin (%) 65.4 79.3 64.6

Net profit 840 966 (13) 670 25

Net profit 935 709 32 870 7

Net sales 1,810 1,612 12 1,715 6

EBITDA 160 135 19 181 (12)

EBITDA margin (%) 8.8 8.4 10.6

Net profit 100 87 15 92 9

Net sales 2,388 2,096 14 2,206 8

EBITDA 233 200 17 212 10EBITDA margin (%) 9.8 9.5 9.6

Net profit 180 148 22 145 24

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Economic and Political News

FinMin expects RBI to take signals from fiscal road map New Railway Minister hints at possible fare hike India's yarn exports quadruples in 9 monthsCorporate News

TCS to invest`550cr to set up software development campus in Indore Sesa Goa likely to miss production target due to mining ban Ford launches Quick Lane service model in India Venus Remedies gets patent from Mexico for antibiotic drug

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

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Date Company

October 30, 2012Maruti, Dr Reddy's, Shriram Trans., IDBI Bank, Mahindra Satyam, Glenmark Pharma., IRB Infra, Thermax, KECInternational, Taj GVK, Jyoti Structures, PVR, JK Tyre

October 31, 2012 J & K Bank, Power Grid Corpn, NHPC, Titan Inds., LIC Housing Fin., Bharat Forge, Tata Global, Aventis, TVS Motor

November 01, 2012 GlaxoSmith Con, Hexaware, BGR Energy , Jyothy Laboratories

November 02, 2012 Wipro, Rural Elec.Corp., Union Bank, Crompton Greaves, Marico, Apollo Tyres, Indoco Remedies, Dishman Pharma

November 03, 2012 Godrej Consumer, Divi's Lab., Godawari Ispat

November 04, 2012

November 05, 2012Reliance Power, Cipla, Tech Mahindra, Allahabad Bank, Corporation Bank, Gujarat Gas, Vijaya Bank, MadrasCements, India Cements, Amara Raja Batteries, CEAT, ITD Cementation, Vesuvius India

November 06, 2012Hindalco, Tata Power Co., Bosch India, Canara Bank, ABB, Reliance Infra., Reliance Capital, Motherson Sumi, AndhraBank, Central Bank, Britannia, Tata Comm, ITNL, Dena Bank, GIPCL, Cravatex

November 07, 2012 Bharti Airtel, NMDC, Tata Motors, Cadila Healthcare, Indraprasth Gas, GSPL, UCO Bank

November 08, 2012Sun Pharma, SAIL, Ranbaxy, Cummins India, Ashok Leyland, Page Industries, PTC India, Nagarjuna Const., FinolexCables, Goodyear

November 09, 2012ONGC, Coal India, IOC, Tata Steel, BPCL, Power Fin.Corpn., GSK Pharma, United Spirits, HPCL, Essar Oil, TataChemicals, MOIL, Aurobindo Pharma, CESC, Anant Raj, Subros

November 10, 2012

November 11, 2012

November 12, 2012 Nestle, GMR Infra.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

October 30, 2012 11:00AM India RBI Repo rate % Oct 30 8.00 8.00

11:00AM India RBI Cash Reserve ratio % Oct 30 4.50 4.25

11:00AM India RBI Reverse Repo rate % Oct 30 7.00 7.00

2:25PM Germany Unemployment change (000's) Thousands Oct 9.00 10.00

3:30PM Euro Zone Euro-Zone Consumer Confidence Value Oct F (25.60) (25.60)

November 01, 2012 6:30AM China PMI Manufacturing Value Oct 49.80 50.30

3:00PM UK PMI Manufacturing Value Oct 48.40 48.00

6:00PM US Initial Jobless claims Thousands Oct 27 369.00 370.00

7:30PM US Consumer Confidence S.A./ 1985=100 Oct 70.30 73.00

November 02, 2012 2:25PM Germany PMI Manufacturing Value Oct F 45.70 45.70

6:00PM US Change in Nonfarm payrolls Thousands Oct 114.00 125.00

6:00PM US Unnemployment rate % Oct 7.80 7.90

November 06, 2012 2:25PM Germany PMI Services Value Oct F 49.30 --

3:00PM UK Industrial Production (YoY) % Change Sep (1.20) --

November 08, 2012 5:30PM UK BOE Announces rates % Ratio Nov 8 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Nov 8 0.75 --

November 09, 2012 7:00AM China Consumer Price Index (YoY) % Change Oct 1.90 --

11:00AM China Industrial Production (YoY) % Change Oct 9.20 --



October 30, 2012

Market Outlook

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Market StrategyOctober 30, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

2. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2. 5

(1.8)

(0.2)

2. 7

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

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

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

M fg. PM I Services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

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( %)


Exhibit 6 :Key policy rates

8.00

7.00

4.50

4.00

5.00

6.00

7.00

8.00

9.00

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research

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

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

Agri / Agri Chemical

Rallis Neutral 144 - 2,802 1,466 1,686 14.8 14.8 7.0 8.1 20.6 17.8 4.4 3.7 22.6 22.5 1.9 1.7

United Phosphorus Buy 118 170 5,437 8,421 9,263 16.5 16.5 15.0 17.0 7.9 6.9 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 224 - 3,819 2,844 3,275 15.4 15.6 15.9 18.8 14.1 11.9 3.6 2.9 28.9 26.9 1.3 1.1

Apollo Tyres Buy 85 99 4,289 13,412 15,041 11.3 11.0 12.1 14.2 7.0 6.0 1.3 1.1 19.6 19.2 0.5 0.4

Ashok Leyland Buy 23 30 6,133 14,920 16,850 9.0 9.3 2.2 2.8 10.6 8.4 1.9 1.7 13.3 15.6 0.5 0.4

Automotive Axle# Accumulate 390 430 589 993 1,140 11.6 11.5 36.9 43.0 10.6 9.1 2.1 1.8 21.2 21.3 0.7 0.5Bajaj Auto Neutral 1,806 - 52,267 21,121 23,642 18.4 18.5 108.7 122.6 16.6 14.7 6.9 5.5 46.2 41.6 2.1 1.8

Bharat Forge Buy 285 351 6,630 7,004 7,985 16.2 16.4 20.3 25.1 14.0 11.4 2.6 2.2 20.0 20.9 1.1 1.0

Bosch India* Neutral 8,821 - 27,697 8,793 10,294 17.4 18.5 348.3 435.8 25.3 20.2 4.9 4.1 19.4 20.1 2.8 2.4

CEAT Buy 119 164 408 4,989 5,634 8.7 8.5 32.7 41.1 3.6 2.9 0.5 0.5 15.8 16.9 0.3 0.2

Exide Industries Accumulate 141 155 11,968 6,229 7,200 14.8 15.8 7.2 9.0 19.6 15.7 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,730 - 2,874 1,489 1,750 16.5 17.5 103.3 126.9 16.7 13.6 3.3 2.7 21.3 21.6 1.8 1.4

Hero Motocorp Neutral 1,906 - 38,052 24,743 27,996 14.8 15.2 118.2 130.4 16.1 14.6 6.9 5.5 48.3 41.9 1.2 1.0

JK Tyre Accumulate 125 135 514 7,517 8,329 6.1 6.3 26.2 38.5 4.8 3.3 0.6 0.5 13.4 17.2 0.4 0.3

Mahindra and Mahindra Accumulate 888 986 54,525 40,035 46,272 11.5 11.6 54.7 62.8 16.2 14.1 3.6 3.0 24.3 23.4 1.1 0.9

Maruti Neutral 1,364 - 39,396 41,796 49,350 7.6 8.6 66.6 92.6 20.5 14.7 2.3 2.0 12.0 14.8 0.7 0.6

Motherson Sumi Neutral 157 - 9,227 24,285 27,317 6.7 7.2 8.1 10.6 19.5 14.8 4.1 3.3 22.9 24.7 0.5 0.5

Subros Buy 28 34 170 1,230 1,378 8.8 8.6 4.5 5.7 6.3 5.0 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 257 316 68,427 195,096 219,428 12.8 13.0 39.0 44.9 6.6 5.7 1.9 1.5 32.6 28.8 0.4 0.4

TVS Motor Buy 41 49 1,955 7,611 8,443 7.9 7.9 4.7 5.4 8.8 7.6 1.5 1.3 17.9 18.1 0.2 0.2

Capital Goods

ABB* Sell 743 593 15,748 8,760 10,023 6.2 8.7 14.5 24.7 51.4 30.1 5.6 4.9 11.6 17.6 1.8 1.5BGR Energy Neutral 268 - 1,932 3,669 4,561 11.0 11.0 24.7 29.6 10.9 9.1 1.6 1.4 15.3 16.7 1.0 1.0

BHEL Neutral 227 - 55,622 47,801 43,757 19.0 18.8 25.3 22.8 9.0 10.0 2.8 2.3 34.3 25.3 1.1 1.2

Blue Star Buy 197 249 1,771 2,763 2,948 3.2 5.6 3.5 9.1 57.0 21.6 4.3 3.7 7.7 18.4 0.7 0.6

Crompton Greaves Accumulate 123 141 7,890 12,691 14,126 7.4 8.9 7.0 9.7 17.6 12.7 2.0 1.8 11.9 15.0 0.7 0.6

Jyoti Structures Accumulate 47 54 384 2,622 2,744 10.7 10.5 9.6 12.2 4.9 3.8 0.5 0.5 10.8 12.3 0.4 0.3

KEC International Neutral 76 - 1,950 6,858 7,431 7.1 7.5 8.3 9.8 9.1 7.8 1.6 1.3 25.1 24.0 0.4 0.4

LMW Neutral 2,004 - 2,258 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 0.4

Thermax Neutral 586 - 6,977 5,514 5,559 8.9 10.2 26.9 30.3 21.8 19.4 3.8 3.3 18.4 18.2 1.2 1.1


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

13/19



Cement

ACC Neutral 1,414 - 26,553 11,085 12,415 21.6 21.4 79.4 83.1 17.8 17.0 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 210 - 32,303 10,272 11,884 26.4 26.1 11.5 12.9 18.3 16.3 4.0 3.6 20.8 21.1 2.7 2.2

India Cements Neutral 99 - 3,038 4,354 4,929 18.6 18.7 9.8 12.3 10.1 8.1 0.8 0.8 8.6 10.2 1.1 1.0

J K Lakshmi Cements Buy 124 143 1,514 2,082 2,423 22.9 23.1 20.8 22.5 5.9 5.5 1.1 0.9 18.4 17.4 0.8 1.1

Madras Cements Neutral 195 - 4,636 3,608 3,928 27.6 27.0 15.7 18.3 12.4 10.7 2.0 1.7 16.9 17.0 1.9 1.6

Shree Cements^ Neutral 4,255 - 14,822 5,701 6,210 29.7 28.1 240.7 260.7 17.7 16.3 4.3 3.5 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 2,033 - 55,737 21,368 24,043 22.5 23.5 103.5 121.4 19.6 16.8 3.7 3.1 20.2 20.1 2.6 2.4Construction

Ashoka Buildcon Buy 220 304 1,158 2,034 2,315 22.4 22.4 27.1 31.7 8.1 6.9 1.0 0.9 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 251 2,262 2,522 6.7 7.5 1.5 2.7 9.1 5.1 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 18 - 1,062 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.8) (18.2) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 115 166 3,831 3,964 4,582 42.3 40.2 15.7 16.9 7.3 6.8 1.2 1.0 16.6 15.8 2.6 2.4

ITNL Buy 185 232 3,592 6,840 7,767 26.4 26.1 24.4 30.3 7.6 6.1 1.1 1.0 16.0 16.2 2.7 2.8

IVRCL Infra Buy 42 51 1,275 5,510 6,722 8.8 9.0 2.5 4.6 16.4 9.1 0.5 0.5 3.4 5.8 0.7 0.7

Jaiprakash Asso. Neutral 90 - 19,117 15,259 17,502 25.7 24.7 4.0 4.8 22.4 18.9 1.7 1.6 8.5 9.3 2.6 2.3

Larsen & Toubro Neutral 1,687 - 103,574 60,556 69,167 11.2 11.6 73.8 85.5 22.9 19.7 3.6 3.2 13.5 14.1 1.9 1.7

Madhucon Proj Buy 34 56 248 2,206 2,502 10.7 10.7 4.6 4.7 7.2 7.2 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 45 - 1,157 5,804 6,513 8.0 8.6 3.0 3.5 14.8 12.9 0.5 0.5 3.2 3.6 0.6 0.7

Patel Engg. Neutral 79 - 552 3,609 3,836 13.1 13.1 14.0 14.6 5.6 5.4 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 49 - 1,641 11,892 13,116 8.9 8.9 1.7 3.1 29.1 16.0 0.6 0.5 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 146 182 2,207 2,506 3,147 10.3 10.7 7.5 10.4 19.5 14.0 2.4 2.1 13.5 16.0 1.0 0.9

Simplex Infra Buy 202 265 997 6,732 7,837 8.1 8.4 23.4 29.4 8.6 6.9 0.8 0.7 9.2 10.6 0.5 0.5

FinancialsAllahabad Bank Neutral 132 - 6,610 6,944 7,884 3.0 3.1 35.5 37.0 3.7 3.6 0.6 0.5 17.2 15.7 - -

Andhra Bank Reduce 106 97 5,948 4,929 5,633 3.1 3.1 23.7 24.5 4.5 4.3 0.7 0.7 16.6 15.3 - -

Axis Bank Buy 1,222 1,476 52,145 15,686 18,687 3.1 3.2 116.8 138.0 10.5 8.9 1.9 1.7 20.0 20.2 - -

Bank of Baroda Accumulate 754 860 29,526 15,436 18,208 2.5 2.6 111.8 137.4 6.8 5.5 1.0 0.9 15.8 17.0 - -

Bank of India Accumulate 280 319 16,060 12,573 14,971 2.3 2.4 58.2 68.0 4.8 4.1 0.8 0.7 15.9 16.3 - -

Bank of Maharashtra Neutral 53 - 3,125 3,563 3,876 3.1 3.1 9.7 12.0 5.5 4.4 0.8 0.7 14.6 16.1 - -

Canara Bank Accumulate 421 449 18,659 10,905 12,783 2.1 2.2 74.9 85.1 5.6 5.0 0.8 0.8 15.1 15.3 - -

Central Bank Neutral 71 - 5,226 7,095 8,102 2.5 2.7 15.6 21.0 4.6 3.4 0.8 0.7 12.2 14.7 - -


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

14/19



Financials

Corporation Bank Accumulate 405 447 5,997 4,886 5,669 2.1 2.2 101.3 101.8 4.0 4.0 0.7 0.6 17.0 15.1 - -

Dena Bank Neutral 107 - 3,760 3,147 3,495 2.8 2.9 24.8 24.4 4.3 4.4 0.8 0.7 18.7 15.9 - -

Federal Bank Neutral 486 - 8,312 2,617 2,968 3.3 3.2 45.9 51.7 10.6 9.4 1.3 1.2 13.1 13.3 - -

HDFC Neutral 756 - 116,463 7,336 8,802 3.5 3.5 31.5 37.8 24.0 20.0 4.8 4.3 34.8 32.1 - -

HDFC Bank Neutral 641 - 151,279 21,696 26,811 4.4 4.5 28.7 36.0 22.4 17.8 4.3 3.6 20.7 22.0 - -

ICICI Bank Buy 1,069 1,270 122,835 22,271 26,690 3.0 3.0 69.2 83.1 15.4 12.9 1.9 1.7 14.2 15.7 - -

IDBI Bank Accumulate 95 108 12,126 7,761 9,484 1.9 2.2 17.1 22.9 5.5 4.1 0.7 0.6 11.9 14.4 - -Indian Bank Neutral 177 - 7,598 5,874 6,551 3.2 3.2 40.6 41.8 4.4 4.2 0.7 0.6 18.1 16.4 - -

IOB Neutral 74 - 5,874 7,050 8,313 2.3 2.5 12.9 20.4 5.7 3.6 0.6 0.5 9.2 13.3 - -

J & K Bank Neutral 1,145 - 5,549 2,600 2,850 3.6 3.5 192.3 188.0 6.0 6.1 1.2 1.0 21.0 17.7 - -

LIC Housing Finance Buy 250 301 12,627 1,867 2,338 2.4 2.4 21.1 28.5 11.9 8.8 2.0 1.7 17.5 20.4 - -

Oriental Bank Neutral 315 - 9,188 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 757 843 25,676 19,652 22,601 3.2 3.3 135.0 164.3 5.6 4.6 1.0 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 22 25 2,972 1,556 1,750 2.8 2.7 3.5 3.9 6.4 5.8 1.1 1.0 19.1 16.9 - -

St Bk of India Accumulate 2,170 2,353 145,640 63,806 73,435 3.5 3.6 225.7 258.4 9.6 8.4 1.6 1.4 17.7 17.8 - -

Syndicate Bank Neutral 120 - 7,205 6,756 7,783 3.0 3.0 26.3 27.1 4.6 4.4 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 75 - 4,995 5,411 6,124 2.4 2.5 17.0 16.5 4.4 4.6 0.9 0.8 16.7 14.4 - -

Union Bank Accumulate 201 226 11,069 9,924 11,647 2.8 2.9 38.6 46.3 5.2 4.3 0.9 0.7 15.4 16.3 - -

United Bank Buy 65 78 2,363 3,572 4,041 2.8 2.9 17.2 22.1 3.8 3.0 0.5 0.5 14.2 16.2 - -

Vijaya Bank Neutral 55 - 2,733 2,490 2,881 2.1 2.2 9.2 11.4 6.0 4.9 0.7 0.7 11.5 13.0 - -

Yes Bank Buy 415 492 14,764 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 3,933 - 37,724 11,198 13,184 16.3 16.3 121.0 144.8 32.5 27.2 10.9 8.6 37.4 35.3 3.3 2.8Britannia Buy 490 584 5,851 5,835 6,824 5.7 6.0 20.7 25.4 23.7 19.3 9.3 7.2 43.1 41.9 0.9 0.8

Colgate Neutral 1,234 - 16,775 3,018 3,429 20.9 22.2 35.7 42.3 34.6 29.1 31.9 23.8 101.0 93.5 5.4 4.7

Dabur India Neutral 125 - 21,856 6,124 7,030 17.0 16.8 4.5 5.2 28.1 24.2 11.6 9.2 43.2 41.5 3.7 3.2

GlaxoSmith Con* Neutral 3,004 - 12,633 3,124 3,663 17.1 17.6 104.5 123.8 28.8 24.3 9.0 7.2 34.4 32.8 3.8 3.2

Godrej Consumer Neutral 714 - 24,304 6,097 7,233 18.4 18.6 21.9 26.5 32.7 27.0 7.2 6.0 25.5 25.4 4.1 3.4

HUL Neutral 546 - 118,062 25,350 28,974 13.9 13.9 14.3 16.5 38.3 33.2 22.8 17.6 70.9 59.8 4.5 3.9

ITC Neutral 288 - 226,693 29,409 34,060 35.7 36.1 9.3 10.9 30.9 26.4 10.3 8.5 35.8 35.3 7.3 6.3


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

15/19



FMCG

Marico Neutral 207 - 13,320 4,840 5,643 13.1 13.1 6.8 8.5 30.5 24.5 8.4 6.4 31.4 29.7 2.8 2.3

Nestle* Neutral 4,672 - 45,044 8,610 10,174 20.9 21.2 114.8 139.8 40.7 33.4 24.6 17.1 71.2 60.3 5.3 4.4

Tata Global Neutral 148 - 9,152 7,207 7,927 9.7 10.0 6.6 7.8 22.4 18.9 2.3 2.2 8.6 9.5 1.2 1.1

IT

HCL Tech^ Accumulate 610 648 42,367 24,214 26,772 19.5 18.1 44.0 48.0 13.9 12.7 3.3 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 110 140 3,272 1,966 2,161 22.5 21.4 11.6 12.2 9.5 9.1 2.5 2.1 26.8 23.9 1.4 1.2

Infosys Accumulate 2,334 2,573 134,043 39,174 41,580 29.5 30.4 159.2 171.6 14.7 13.6 3.5 3.1 24.1 23.1 2.8 2.6Infotech Enterprises Accumulate 191 202 2,126 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.5 1.5 1.3 14.9 14.0 0.8 0.6

KPIT Cummins Buy 121 142 2,153 2,191 2,364 16.1 16.5 11.3 13.0 10.7 9.3 2.4 1.9 21.8 20.0 0.9 0.8

Mahindra Satyam Accumulate 107 110 12,604 7,628 8,062 19.9 18.4 9.7 10.0 11.0 10.7 3.1 2.4 27.7 22.2 1.2 1.1

Mindtree Accumulate 661 747 2,709 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.9 2.1 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 383 - 8,040 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 Neutral 33 - 552 1,034 1,146 9.9 11.0 5.2 6.4 6.4 5.2 0.8 0.8 12.8 14.3 0.4 0.3

Persistent Neutral 460 - 1,840 1,261 1,352 26.4 24.7 48.2 54.0 9.6 8.5 1.8 1.5 19.0 17.9 1.2 1.0

TCS Accumulate 1,308 1,410 255,916 61,053 67,313 28.7 29.1 69.7 76.2 18.8 17.2 6.1 5.0 32.6 29.1 4.0 3.6

Tech Mahindra Buy 928 1,046 11,847 6,603 7,196 18.2 17.1 92.7 99.6 10.0 9.3 2.4 1.9 23.6 20.5 1.8 1.6

Wipro Buy 345 421 84,880 43,800 48,332 19.5 19.3 25.6 28.1 13.5 12.3 2.6 2.2 18.9 17.9 1.6 1.3

Media

D B Corp Buy 210 259 3,847 1,581 1,784 23.3 25.0 11.6 14.4 18.1 14.5 3.5 3.0 21.0 22.3 2.3 2.0

HT Media Accumulate 103 113 2,409 2,111 2,272 15.0 15.2 7.4 8.3 13.9 12.4 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 100 112 3,175 1,488 1,664 22.7 22.8 6.2 7.1 16.1 14.1 3.9 3.5 25.2 26.3 2.3 2.0

PVR Neutral 227 - 590 625 732 17.4 17.1 13.3 15.6 17.1 14.5 1.9 1.6 13.2 13.8 1.3 1.1

Sun TV Network Neutral 315 - 12,422 1,981 2,239 77.0 76.7 18.6 21.3 17.0 14.8 4.3 3.7 27.1 27.5 5.8 5.0Metals & Mining

Bhushan Steel Neutral 495 - 10,502 11,979 14,584 31.6 31.0 49.2 61.4 10.1 8.1 1.3 1.1 14.1 15.2 2.9 2.4

Coal India Accumulate 351 385 221,673 69,808 75,550 27.4 27.4 26.0 28.3 13.5 12.4 3.9 3.2 32.5 28.1 2.3 1.9

Electrosteel Castings Buy 24 29 829 1,984 2,074 10.6 11.6 0.8 2.0 28.7 11.8 0.5 0.2 1.7 4.1 0.6 0.5

Hind. Zinc Accumulate 132 145 55,626 12,446 13,538 52.3 52.9 15.0 16.4 8.8 8.0 1.7 1.5 21.4 19.7 2.6 2.0

Hindalco Neutral 114 - 21,750 84,855 92,446 8.7 9.3 13.2 16.2 8.6 7.0 0.7 0.6 7.8 8.9 0.6 0.6

JSW Steel Neutral 737 - 16,444 38,740 41,459 17.3 17.0 79.9 89.4 9.2 8.2 0.9 0.8 10.4 10.6 0.9 0.8

MOIL Accumulate 246 271 4,131 918 993 50.7 50.9 24.5 26.1 10.0 9.4 1.5 1.4 16.0 15.5 2.2 1.9

Monnet Ispat Buy 296 379 1,904 2,511 3,303 23.8 26.0 46.3 57.3 6.4 5.2 0.7 0.6 12.4 13.7 1.7 1.2


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

16/19



Metals & Mining

Nalco Reduce 48 44 12,281 6,898 7,841 9.9 14.7 2.0 3.2 24.0 15.0 1.0 1.0 4.3 6.8 1.3 1.2

NMDC Buy 183 214 72,376 12,934 14,266 79.4 80.1 21.1 23.4 8.7 7.8 2.3 1.9 29.6 26.5 3.8 3.1

SAIL Neutral 80 - 33,230 47,252 60,351 14.2 14.8 9.6 11.7 8.4 6.9 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Accumulate 168 183 14,592 4,551 6,640 32.8 34.4 33.7 39.3 5.0 4.3 0.9 0.7 18.3 18.3 3.9 2.6

Sterlite Inds Accumulate 99 110 33,119 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 402 481 39,014 145,799 150,431 10.3 11.2 48.6 63.3 8.3 6.3 0.8 0.8 10.5 12.4 0.5 0.5

Sarda Accumulate 134 148 481 1,251 1,321 22.7 23.4 33.0 37.1 4.1 3.6 0.6 0.5 15.1 14.8 0.7 0.7Prakash Industries Buy 51 73 692 2,694 2,906 14.6 16.6 16.4 20.8 3.1 2.5 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 116 161 367 2,341 2,425 15.6 17.3 33.3 43.2 3.5 2.7 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 335 382 63,979 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 2.4

GAIL Neutral 361 - 45,754 50,176 55,815 15.5 15.8 35.4 36.5 10.2 9.9 1.8 1.6 18.9 17.0 0.6 0.5

ONGC Accumulate 274 312 234,292 147,139 154,821 33.9 33.7 30.7 32.3 8.9 8.5 1.5 1.4 18.3 17.2 1.3 1.2

Reliance Industries Neutral 811 - 265,632 362,700 380,031 7.9 8.0 60.0 63.3 13.5 12.8 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 299 - 3,837 3,228 3,819 11.5 11.3 19.2 22.1 15.6 13.5 4.1 3.7 28.7 29.0 1.1 0.9

Indraprastha Gas Neutral 250 - 3,497 3,040 3,135 24.3 26.7 24.8 27.9 10.1 9.0 2.3 1.9 25.5 23.6 1.2 1.0

Petronet LNG Accumulate 165 183 12,405 30,077 33,570 6.6 6.3 15.1 15.3 10.9 10.8 2.8 2.3 28.4 23.1 0.5 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,268 1,041 939 91.8 91.9 8.5 7.4 8.9 10.3 1.5 1.4 18.1 14.0 5.0 5.5

Pharmaceuticals

Alembic Pharma Buy 68 91 1,286 1,624 1,855 14.2 15.6 6.6 9.1 10.3 7.5 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 158 - 4,606 5,243 5,767 14.6 14.6 11.8 12.6 13.4 12.6 1.7 1.4 17.9 16.4 1.4 1.2

Aventis* Neutral 2,219 - 5,109 1,482 1,682 15.5 15.5 95.1 104.4 23.3 21.3 4.1 3.2 18.6 17.0 3.2 2.8Cadila Healthcare Accumulate 855 953 17,496 6,148 7,386 18.6 19.6 36.0 46.1 23.7 18.5 5.6 4.5 25.8 26.8 3.1 2.5

Cipla Accumulate 360 399 28,873 8,031 9,130 23.4 22.4 18.4 20.0 19.5 18.0 3.2 2.8 17.8 16.6 3.3 2.8

Dr Reddy's Accumulate 1,696 1,859 28,794 10,696 11,662 20.7 21.0 83.7 92.9 20.3 18.3 4.2 3.5 22.4 20.8 2.9 2.6

Dishman Pharma Neutral 92 - 745 1,280 1,536 17.8 17.8 9.2 11.3 10.0 8.2 0.8 0.7 7.7 8.5 1.2 1.0

GSK Pharma* Neutral 1,990 - 16,853 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.2 7.6 6.7 20.1 26.3 5.6 4.8

Indoco Remedies Buy 62 92 574 685 837 15.2 15.2 7.4 8.9 8.4 7.0 1.3 1.1 16.4 17.0 1.0 0.8

Ipca labs Accumulate 452 475 5,699 2,850 3,474 20.7 20.7 29.2 36.6 15.5 12.4 3.6 2.9 26.1 26.1 2.1 1.8

Lupin Accumulate 565 647 25,265 8,426 10,082 19.7 20.0 26.3 31.3 21.5 18.1 5.0 4.0 26.0 24.7 3.1 2.5

Orchid Chemicals Neutral 106 - 747 1,667 1,835 13.9 13.9 11.4 13.3 9.3 8.0 0.6 0.6 6.6 7.3 0.9 0.8


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

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Pharmaceuticals

Ranbaxy* Neutral 524 - 22,157 12,046 11,980 18.0 15.8 31.3 29.8 16.8 17.6 5.7 4.6 39.1 28.9 1.9 1.8

Sun Pharma Neutral 687 - 71,076 9,752 12,134 41.6 41.6 26.0 28.2 26.4 24.4 5.0 4.2 20.3 18.8 6.5 5.1

Power

CESC Buy 280 342 3,493 5,218 5,644 24.2 23.8 44.6 47.6 6.3 5.9 0.7 0.6 11.0 10.6 1.4 1.5

GIPCL Accumulate 68 77 1,022 1,557 1,573 29.3 28.7 10.8 11.0 6.3 6.1 0.7 0.6 10.8 10.2 1.1 1.0

NTPC Neutral 168 - 138,194 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 Reduce 76 78 2,231 657 875 52.0 56.1 8.4 12.7 9.0 6.0 0.6 0.5 6.3 8.9 5.0 3.7

DLF Neutral 204 - 34,575 9,878 12,033 44.7 46.1 9.6 13.4 21.3 15.2 1.3 1.3 6.4 8.7 6.0 4.9

HDIL Buy 98 115 4,096 2,441 3,344 55.1 48.2 22.7 26.6 4.3 3.7 0.4 0.3 8.8 9.4 3.5 2.7

MLIFE Neutral 400 - 1,632 813 901 26.2 26.6 32.0 37.1 12.5 10.8 1.3 1.2 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 270 - 102,438 79,147 86,745 31.1 32.5 9.9 15.1 27.2 17.9 1.9 1.7 7.0 9.7 2.0 1.7

Idea Cellular Neutral 83 - 27,629 22,234 24,161 26.9 27.7 3.3 4.9 25.2 16.9 2.0 1.8 7.7 10.3 1.7 1.5

Rcom Neutral 56 - 11,631 20,650 20,935 32.3 33.0 4.2 5.8 13.3 9.8 0.3 0.3 2.3 3.1 2.2 2.0

zOthers

Abbott India Neutral 1,458 - 3,098 1,602 1,833 10.4 11.8 54.7 71.7 26.7 20.3 5.0 4.3 20.0 22.7 1.7 1.5

Bajaj Electricals Buy 197 228 1,964 3,670 4,290 7.6 8.8 15.0 23.0 13.1 8.6 2.4 1.9 18.6 22.4 0.5 0.5

Cera Sanitaryware Accumulate 368 411 466 427 528 15.7 14.6 30.0 34.0 12.3 10.8 2.7 2.2 24.6 22.5 1.2 1.0

Cravatex Buy 445 682 115 289 340 5.2 5.9 41.0 57.0 10.9 7.8 2.8 2.1 25.2 26.5 0.5 0.4

CRISIL Neutral 932 - 6,548 982 1,136 34.3 34.3 34.3 40.0 27.2 23.3 12.3 9.8 50.9 46.9 6.3 5.3

Finolex Cables Buy 44 61 671 2,334 2,687 6.2 6.5 8.0 10.0 5.5 4.4 0.7 0.7 13.0 14.9 0.2 0.2

Force Motors Accumulate 475 537 620 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 Neutral 314 - 724 1,543 1,654 6.5 7.3 24.8 31.1 12.6 10.1 2.1 1.8 17.1 19.0 0.2 0.2

Graphite India #N/A 84 1,636

Greenply Industries Accumulate 295 309 713 1,925 2,235 10.6 10.9 29.6 44.1 10.0 6.7 1.6 1.3 16.8 21.0 0.6 0.5

Hitachi Neutral 131 - 300 868 977 3.9 6.6 2.7 10.9 47.7 12.0 1.7 1.5 3.7 13.6 0.4 0.4

Honeywell Automation Accumulate 2,657 2,842 2,349 1,745 1,993 4.0 5.3 59.5 90.4 44.7 29.4 3.4 2.9 8.1 11.3 1.2 1.1

Styrolution ABS India Buy 665 744 1,169 1,056 1,081 8.1 10.6 34.0 47.0 19.6 14.1 2.7 2.3 14.7 17.5 1.1 1.0

ITD Cementation Neutral 250 - 288 1,451 1,669 12.3 12.4 32.4 41.5 7.7 6.0 0.7 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 172 - 2,773 1,248 1,468 9.8 10.4 5.9 7.2 29.0 24.0 4.2 3.8 15.0 16.6 2.6 2.2

MCX Neutral 1,349 - 6,878 553 624 65.3 66.3 62.5 72.0 21.6 18.7 5.9 5.1 27.5 27.4 9.8 8.2

MRF Buy 9,971 12,884 4,229 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.7 7.0 1.5 1.2 21.3 19.4 0.5 0.4


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

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zOthers

Page Industries Neutral 3,325 - 3,709 887 1,108 18.3 18.6 95.0 120.9 35.0 27.5 18.3 14.8 57.4 59.5 4.2 3.4

Relaxo Footwears Accumulate 784 821 941 1,019 1,208 12.3 13.0 51.0 68.4 15.4 11.5 4.1 3.0 30.3 30.2 1.0 0.9

Sintex Industries Buy 66 79 1,800 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.2 0.6 0.6 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 299 366 280 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 Buy 17 24 512 7,134 7,985 19.7 19.4 12.2 14.1 1.4 1.2 0.2 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 32 43 1,545 5,720 6,599 5.3 6.8 3.6 5.4 8.8 6.0 12.8 4.1 - - 0.4 0.3

TAJ GVK Buy 75 108 470 300 319 35.8 36.2 7.9 9.1 9.5 8.2 1.3 1.1 13.9 14.4 1.9 1.6Tata Sponge Iron Accumulate 332 384 512 750 803 18.6 18.4 65.4 69.1 5.1 4.8 0.8 0.7 16.5 15.3 0.3 0.2

TVS Srichakra Accumulate 296 335 227 1,476 1,643 7.0 8.2 32.6 55.9 9.1 5.3 1.5 1.2 16.8 24.8 0.4 0.3

United Spirits Neutral 1,095 - 14,323 10,289 11,421 13.5 14.3 31.0 42.9 35.3 25.5 2.8 2.5 8.1 10.3 2.2 2.0

Vesuvius India Neutral 346 - 701 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 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 October 29, 2012


Market Outlook

Stock Watch

October 30, 2012

7/31/2019 Market Outlook 30-10-12

19/19


Documents

Market Outlook 30-10-12