Market Outlook 190213web.angelbackoffice.com/Research_ContentManagement/...The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above this level during the

Market Outlook February 19, 2013

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Dealer’s Diary The Indian market is expected to open flat to positive, mirroring SGX Nifty which is trading marginally higher in the opening trades. The major Asian indices are trading on a mixed note after the minutes of last month’s Bank of Japan meeting indicated that Japan’s economy remains relatively weak.

The US markets were closed on Monday following the President's Day holiday. The European markets traded mostly lower, amid no major announcement on the earnings or economic data front.

Back home in India, the domestic market moved in a narrow range before ending modestly higher. Stocks pared early gains, tracking mixed European cues and weak industrial metal prices. However, the underlying sentiment remained slightly cautious as global ratings agency Moody's warned that a continued rise in India's current-account deficit is ‘credit negative’ for the country. It also stated that the rising current account deficit and external debt may impact the nation's credit risk profile. Going ahead, the domestic investors would be watchful of the developments on the Union Budget front. The market participants would also keep an eye on US economic data that is scheduled to be released in the week, including reports on housing starts, existing home sales, and consumer and producer price inflation.

Markets Today

The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,549 – 19,598 / 5,913 – 5,928 levels. However, if NIFTY trades below 19,506 / 5,896 levels for the first half-an-hour of trade then it may correct up to 19,458 – 19,415 / 5,881 – 5,863 levels.

Indices S2 S1 PIVOT R1 R2 SENSEX 19,415 19,458 19,506 19,549 19,598

NIFTY 5,863 5,881 5,896 5,913 5,928

News Analysis Telecom Commission allows 4G airwave holders to offer voice services CEC recommends mining to restart in Karnataka 3QFY2013 Result Preview: GSK Pharmaceuticals

Refer detailed news analysis on the following page

Net Inflows (February 15, 2013) ` cr Purch Sales Net MTD YTD

FII 3,610 3,090 520 20,016 42,246

MFs 486 499 (12) (1,337) (6,050)

FII Derivatives (February 18, 2013) ` cr Purch Sales Net Open Interest

Index Futures 578 993 (416) 10,259

Stock Futures 1,326 939 387 30,031

Gainers / Losers Gainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)

MMTC 600 8.7 Jet Air India 571 (7.7)

JP Infra 48 6.0 Havells India 684 (2.0)

DLF 261 5.1 Jindal Steel 379 (1.8)

M&M Financial 211 4.7 Aurobindo Pharma 182 (1.8)

Canara Bank 457 4.4 Coal India 343 (1.8)

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.2 32.9 19,501

Nifty 0.2 10.8 5,898

MID CAP 0.4 27.8 6,655

SMALL CAP 0.7 46.6 6,587

BSE HC 0.0 1.4 7,901

BSE PSU 0.3 23.9 7,311

BANKEX 0.1 18.0 14,164

AUTO 0.1 13.2 10,849

METAL 0.5 48.6 9,953

OIL & GAS (0.0) (3.1) 8,925

BSE IT (0.5) (32.0) 6,446

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 8.4 13,982

NASDAQ (0.2) (6.6) 3,192

FTSE (0.2) (10.1) 6,318

Nikkei 2.1 234.0 11,408

Hang Seng (0.3) (62.6) 23,382

Straits Times 0.2 5.1 3,288

Shanghai Com (0.4) (10.8) 2,422

Indian ADR Chg (%) (Pts) (Close)

INFY (0.4) (0.2) $51.4

WIT 0.1 0.0 $9.2

IBN (1.8) (0.8) $43.2

HDB (0.3) (0.1) $39.8

Advances / Declines BSE NSE

Advances 1,245 906

Declines 860 592

Unchanged 874 71

Volumes (` cr)

BSE 1,608

NSE 8,161



Telecom Commission allows 4G airwave holders to offer voice services

The Telecom Commission gave an approval to companies having internet service licenses and holding 4G spectrum to offer phone calls services by paying additional fee of `1,658cr each. The Telecom Commission decision, if finally approved by Telecom Minister Kapil Sibal, will allow companies such as Mukesh Ambani-led Reliance Jio Infocomm (RJI), Augere, and Tikona Digital among others to offer mobile phone service using BWA spectrum that they won in 2010 auction. The framework for new licenses will be ready by end of this financial year. In 2010, six private players - RJI, Bharti Airtel, Aircel, Qualcomm, Tikona Digital and Augere had won BWA spectrum. This decision has a direct bearing on Reliance Industries backed RJI, which had sought the Department of Telecom’s permission to offer voice services on top of its broadband spectrum. We continue to remain Neutral on the telecom sector.

CEC recommends mining to restart in Karnataka

Central Empowered Committee (CEC) has recommended Supreme Court to permit resumption of production of iron ore from category A mines. CEC has also recommended that permission be given for mining operations for category B mines after some specified R&R conditions are met by the miners. The speedier commencement of production from mines in Karnataka is likely to be positive for JSW Steel and Sesa Goa. However, we remain skeptical on the speedier commencement of mining in Karnataka as we believe R&R compliance by miners is likely to take some more time for category B mines. Until further update, we maintain our Neutral rating on JSW Steel.

3QFY2013 Result Previews

GSK Pharmaceuticals (CMP: `2,095/ TP: -/ Upside: -)

For 4QCY2012, the company is expected to post net sales of `680cr. The Gross Margins are expected to be around 57.4% and the OPMs are expected to come to 26.8%. Overall, the net profit came in at `132.4cr, a dip of 10.1%. We recommend a Neutral on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

CY2012E 2,651 31.7 644 76.0 30.8 27.6 7.9 18.3 5.8

CY2013E 2,993 31.2 698 82.4 29.0 25.4 6.9 16.1 5.0

Note: Estimates for consolidated financials are furnished in the table



Quarterly Bloomberg Brokers Consensus Estimate

Nestle India (20/02/2013) Particulars (` cr) 4QCY12E 4QCY11 y-o-y (%) 3QCY12 q-o-q (%)

Net sales 2,216 1,955 13 2,156 3

EBITDA 469 410 14 452 4

EBITDA margin (%) 21.2 21.0 21.0

Net profit 273 231 18 267 2

ABB (21/02/2013) Particulars (` cr) 4QCY12E 4QCY11 y-o-y (%) 3QCY12 q-o-q (%)

Net sales 2,360 2,170 9 1,786 32

EBITDA 141 108 31 - #DIV/0!

EBITDA margin (%) 6.0 5.0 0.0

Net profit 81 64 27 21 286

Economic and Political News

India likely to take more steps to curb gold imports: MMTC India allows 4G holders to offer voice services Nearly 209 co-operative banks need to raise `4,024cr by 2014-15: RBI Room for monetary easing limited, says RBI governor

Corporate News

Dabur launches new toothpaste GAIL commissions `4,500cr Dabhol-Bengaluru gas pipeline Unilever to set up EUR50mn deodorant plant in Maharashtra Wipro Infotech bags 10 year contract from MIAL

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

Date Company

February 19, 2013 GSK Pharma

February 20, 2013 Nestle, Abbott India

February 21, 2013 ABB, Gujarat Gas

February 22, 2013

February 23, 2013

February 24, 2013

February 25, 2013 Styrolution

February 26, 2013 Ranbaxy

February 27, 2013 Bosch India, Goodyear

February 28, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

February 20, 2013 7:00PM US GDP Qoq (Annualised) % Change 4Q S (0.10) 0.60

3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

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

3:00PM UK Jobless claims change % Change Jan (12.10) (5.50)

February 21, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

7:00PM US Building permits Thousands Jan 909.00 920.00

7:00PM US Initial Jobless claims Thousands Feb 16 341.00 355.00

February 22, 2013 12:30PM Germany GDP nsa (YoY) % Change 4Q F 0.10 0.10

February 26, 2013 3:00PM UK GDP (YoY) % Change 4Q P -- --

8:30PM US Existing home sales Millions Jan 4.94 4.90

February 27, 2013 8:30PM US Consumer Confidence S.A./ 1985=100 Feb 58.60 59.80

February 28, 2013 8:30PM US New home sales Thousands Jan 369.00 385.00

2:25PM Germany Unemployment change (000's) Thousands Feb (16.00) --

March 1, 2013 10:00PM US FOMC rate decision % Mar 20 0.25 --

6:30AM China PMI Manufacturing Value Feb 50.40 --

March 6, 2013 3:00PM UK PMI Manufacturing Value Feb 50.80 --

March 7, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P (0.60) --

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Feb A (23.90) (23.20)

March 8, 2013 5:30PM UK BOE Announces rates % Ratio Mar 7 0.50 0.50

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

March 9, 2013 7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 --

7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 --

March 11, 2013 11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

5:29PM China Exports YoY% % Change Feb 25.00 --


February 19, 2013

Market Outlook



Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

3.5

5.7

9.0

7.5

11.2

8.5 7.6

8.2 9.2

8.0

6.7 6.1

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

4QFY

09

1QFY

10

2QFY

10

3QFY

10

4QFY

10

1QFY

11

2QFY

11

3QFY

11

4QFY

11

1QFY

12

2QFY

12

3QFY

12

4QFY

12

1QFY

13

2QFY

13

(%)

1.0

4.3

2.5 2.0

8.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

(%)

7.7

6.9

7.4

7.77.5 7.6 7.6 7.5

8.0 8.1

7.57.2

6.26.46.66.87.07.27.47.67.88.08.2

Dec

-11

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-

12

Aug

-12

Sep-

12

Oct

-12

Nov

-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-

12

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Exports yoy growth Imports yoy growth(%)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec

-11

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Repo rate Reverse Repo rate CRR (%)

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 125 - 2,427 1,466 1,686 14.8 14.8 7.0 8.1 17.8 15.4 3.8 3.2 22.6 22.5 1.8 1.5

United Phosphorus Buy 126 170 5,559 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 289 323 4,942 2,983 3,477 16.1 16.1 18.5 21.6 15.6 13.4 4.5 3.5 32.9 29.1 1.6 1.4

Apollo Tyres Accumulate 87 97 4,388 13,066 14,503 11.5 11.8 13.0 14.5 6.7 6.0 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,159 12,910 14,836 8.8 9.6 1.5 2.2 15.6 10.4 2.1 1.9 9.3 13.4 0.5 0.5

Automotive Axle# Neutral 334 - 504 934 1,103 10.2 10.7 24.5 34.3 13.6 9.7 1.7 1.6 13.2 16.9 0.6 0.5

Bajaj Auto Neutral 1,951 - 56,454 20,775 23,889 18.5 19.0 107.6 126.4 18.1 15.4 7.5 5.9 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 224 242 5,222 5,973 6,707 14.4 15.2 13.4 18.6 16.8 12.1 2.2 1.9 13.6 16.9 1.0 0.9

Bosch India* Accumulate 8,978 9,570 28,189 9,973 11,320 17.8 18.0 396.2 455.7 22.7 19.7 4.3 3.6 18.8 18.2 2.4 2.1

CEAT Buy 100 163 344 4,822 5,403 8.2 8.3 29.8 40.8 3.4 2.5 0.5 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 129 - 10,969 6,016 7,026 12.7 14.4 5.8 7.8 22.1 16.5 3.3 2.8 15.4 18.2 1.5 1.2

FAG Bearings* Accumulate 1,436 1,620 2,386 1,671 1,890 16.0 16.6 113.0 132.8 12.7 10.8 2.3 1.9 19.7 19.4 1.2 1.0

Hero Motocorp Accumulate 1,696 1,923 33,866 23,990 27,038 13.8 14.6 105.8 120.2 16.0 14.1 6.5 5.2 44.3 41.0 1.1 0.9

JK Tyre Buy 112 165 459 7,169 7,929 6.9 7.1 40.4 41.3 2.8 2.7 0.5 0.5 20.5 18.0 0.4 0.3

Mahindra and Mahindra Accumulate 891 1,019 54,733 40,060 46,301 11.5 11.7 55.3 64.3 16.1 13.9 3.6 3.0 24.5 23.8 1.1 0.9

Maruti Neutral 1,480 - 42,754 42,304 51,088 7.5 8.7 64.4 92.9 23.0 15.9 2.6 2.2 11.6 14.9 0.8 0.7

Motherson Sumi Neutral 200 - 11,751 25,769 29,010 7.1 7.5 10.2 13.1 19.6 15.3 5.0 3.9 28.1 28.3 0.6 0.5

Subros Buy 27 35 160 1,296 1,476 9.8 9.9 3.4 5.0 8.0 5.3 0.6 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 305 326 81,289 184,201 209,642 12.4 13.5 28.0 36.3 10.9 8.4 2.4 1.9 24.6 25.4 0.5 0.4

TVS Motor Buy 40 47 1,907 7,019 7,827 6.0 6.3 4.3 5.3 9.4 7.6 1.5 1.3 16.4 18.0 0.2 0.2

Capital Goods

ABB* Reduce 609 573 12,913 7,790 9,653 4.5 7.8 8.7 22.1 70.0 27.6 4.8 4.3 7.1 16.5 1.6 1.3

BGR Energy Neutral 208 - 1,502 3,412 4,104 13.0 11.6 24.6 26.2 8.5 8.0 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 208 - 50,824 47,801 43,757 18.0 17.1 24.1 20.8 8.6 10.0 2.6 2.2 32.9 23.6 0.9 1.0

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

Crompton Greaves Buy 100 129 6,405 12,136 13,790 3.8 6.3 3.3 6.9 30.2 14.5 1.7 1.6 5.8 11.5 0.6 0.5

Jyoti Structures Buy 37 49 302 2,802 3,074 9.5 9.8 7.7 10.9 4.8 3.4 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 55 75 1,410 6,909 7,723 6.2 7.2 5.4 8.4 10.2 6.5 1.2 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,077 - 2,340 2,369 2,727 11.7 11.7 143.4 166.0 14.5 12.5 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 577 - 6,870 5,529 5,798 9.0 9.6 27.1 30.3 21.3 19.1 3.7 3.2 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

February 19, 2013



Cement

ACC Neutral 1,262 - 23,695 11,358 12,366 19.9 19.6 75.1 74.9 16.8 16.9 3.2 2.9 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 191 - 29,409 9,730 11,221 25.6 25.0 10.2 11.3 18.7 16.8 3.3 3.1 18.7 19.0 2.6 2.2

India Cements Neutral 83 - 2,545 4,293 4,666 17.7 18.1 8.6 10.8 9.7 7.7 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 130 - 1,591 2,119 2,478 22.9 22.3 20.3 22.8 6.4 5.7 1.1 0.9 18.0 17.7 0.9 1.1

Madras Cements Neutral 239 - 5,689 3,814 4,045 28.8 27.1 18.3 18.7 13.1 12.8 2.4 2.0 19.4 17.0 2.2 1.9

Shree Cements^ Neutral 4,397 - 15,319 5,678 6,251 29.0 28.6 288.1 334.0 15.3 13.2 4.3 3.3 31.7 28.4 2.2 1.8

UltraTech Cement Neutral 1,905 - 52,225 20,466 23,017 23.3 24.3 100.0 117.1 19.1 16.3 3.5 2.9 19.6 19.5 2.5 2.4

Construction

Ashoka Buildcon Buy 216 268 1,135 20,466 23,017 22.5 22.5 24.4 27.0 8.9 8.0 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 13 - 237 2,262 2,522 5.9 6.3 0.9 1.6 14.0 8.3 0.4 0.4 2.7 4.6 0.4 0.4

IRB Infra Buy 115 164 3,811 3,843 4,212 43.1 43.6 16.8 17.8 6.8 6.4 1.2 1.0 18.3 17.0 3.1 3.4

ITNL Buy 196 225 3,809 6,564 7,054 27.2 27.4 26.3 29.0 7.5 6.8 1.2 1.0 17.0 16.3 2.7 2.7

IVRCL Infra Buy 30 35 931 3,773 6,706 6.9 8.4 (3.9) 2.9 (7.8) 10.5 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 74 97 16,499 14,243 16,382 26.2 26.1 3.2 4.3 23.2 17.1 1.2 1.2 5.4 7.0 2.6 2.3

Larsen & Toubro Buy 1,467 1,788 90,249 60,666 69,525 10.6 11.2 71.9 85.0 20.4 17.3 3.2 2.8 14.5 15.2 1.6 1.5

Nagarjuna Const. Accumulate 41 44 1,052 5,863 6,576 8.1 8.2 3.1 4.1 13.3 10.0 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 48 - 1,589 11,892 13,116 10.2 10.2 (0.4) 3.0 (112.3) 16.2 0.6 0.5 3.8 0.6 0.5

Sadbhav Engg. Buy 115 168 1,739 2,344 2,804 10.6 10.7 7.2 8.7 16.0 13.3 1.9 1.7 13.0 13.5 1.1 1.0

Simplex Infra Buy 163 251 806 6,882 8,032 9.1 9.1 23.2 31.3 7.0 5.2 0.6 0.6 9.1 11.2 0.5 0.4

Unity Infra Buy 36 59 266 2,180 2,455 13.7 13.4 13.3 15.0 2.7 2.4 0.3 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Buy 150 183 7,485 6,509 7,264 2.7 2.8 28.2 33.5 5.3 4.5 0.7 0.7 13.8 14.7 - -

Andhra Bank Neutral 103 - 5,755 4,795 5,475 3.0 3.0 21.8 21.9 4.7 4.7 0.8 0.7 15.4 13.8 - -

Axis Bank Buy 1,433 1,753 66,904 15,959 18,660 3.2 3.2 119.2 139.0 12.0 10.3 2.2 1.9 20.3 20.1 - -

Bank of Baroda Buy 760 935 31,233 14,889 17,393 2.5 2.6 108.2 134.0 7.0 5.7 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 344 380 19,709 12,793 14,823 2.3 2.4 49.5 65.1 6.9 5.3 1.0 0.9 13.6 16.0 - -

Bank of Maharashtra Neutral 56 - 3,293 3,720 4,268 2.9 2.8 10.9 13.0 5.1 4.3 0.8 0.7 16.2 16.9 - -

Canara Bank Buy 455 517 20,176 10,783 12,000 2.1 2.3 64.8 82.2 7.0 5.5 1.0 0.8 13.2 15.0 - -

Central Bank Neutral 76 - 5,613 7,158 8,217 2.4 2.6 13.1 20.1 5.8 3.8 0.9 0.7 10.3 14.3 - -

Corporation Bank Buy 408 517 6,047 4,919 5,634 2.1 2.2 96.7 99.9 4.2 4.1 0.7 0.6 16.3 14.9 - -

Dena Bank Buy 102 124 3,579 3,090 3,462 2.7 2.7 25.6 24.6 4.0 4.2 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

February 19, 2013



Financials

Federal Bank Accumulate 501 557 8,563 2,667 2,920 3.2 3.2 49.1 51.4 10.2 9.7 1.4 1.2 13.9 13.1 - -

HDFC Neutral 823 - 126,883 7,446 8,923 3.5 3.5 32.2 38.5 25.6 21.4 5.2 4.6 35.4 32.6 - -

HDFC Bank Neutral 675 - 160,199 21,724 26,578 4.3 4.3 28.7 36.1 23.6 18.7 4.5 3.8 20.7 22.1 - -

ICICI Bank Buy 1,122 1,404 128,991 22,317 26,217 2.9 3.0 72.0 84.6 15.6 13.3 2.0 1.8 14.9 15.9 - -

IDBI Bank Buy 99 122 12,688 8,196 9,305 1.9 2.1 15.4 22.3 6.5 4.5 0.7 0.6 10.7 14.1 - -

Indian Bank Buy 183 221 7,880 5,716 6,362 3.2 3.2 37.7 41.1 4.9 4.5 0.8 0.7 16.9 16.2 - -

IOB Buy 76 88 6,053 7,231 8,369 2.4 2.5 10.2 20.2 7.4 3.8 0.6 0.5 7.4 13.4 - -

J & K Bank Accumulate 1,286 1,406 6,236 2,784 2,932 3.7 3.7 229.2 199.6 5.6 6.4 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Buy 246 328 12,397 1,799 2,255 2.3 2.4 20.3 27.3 12.1 9.0 1.9 1.7 16.9 19.7 - -

Oriental Bank Accumulate 299 336 8,732 6,360 7,004 2.6 2.8 48.1 59.4 6.2 5.0 0.8 0.7 12.1 13.5 - -

Punjab Natl.Bank Buy 850 1,053 28,823 19,202 22,040 3.2 3.4 146.8 167.9 5.8 5.1 1.0 0.9 17.6 17.5 - -

South Ind.Bank Buy 25 34 3,387 1,583 1,789 3.0 2.9 3.5 4.1 7.3 6.3 1.2 1.1 19.1 17.7 - -

St Bk of India Buy 2,260 2,600 151,639 60,677 69,712 3.3 3.3 224.3 257.3 10.1 8.8 1.7 1.5 17.6 17.7 - -

Syndicate Bank Buy 128 153 7,711 6,673 7,644 2.9 3.0 32.0 27.9 4.0 4.6 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 66 - 4,397 5,388 6,262 2.4 2.6 9.0 14.9 7.4 4.4 0.9 0.8 9.1 13.8 - -

Union Bank Buy 234 286 12,894 10,006 11,558 2.8 2.8 36.4 47.0 6.4 5.0 0.9 0.8 14.6 16.6 - -

United Bank Buy 68 83 2,440 3,566 3,832 2.5 2.7 13.3 21.8 5.1 3.1 0.6 0.5 11.1 16.3 - -

Vijaya Bank Neutral 55 - 2,718 2,342 2,763 1.9 2.1 8.0 10.9 6.9 5.0 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 502 576 17,968 3,364 4,260 2.8 3.0 36.3 42.6 13.8 11.8 3.1 2.5 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,496 - 43,129 11,198 13,319 15.9 15.7 122.1 147.1 36.8 30.6 12.4 9.7 37.7 35.7 3.8 3.2

Britannia Buy 492 564 5,886 5,580 6,417 4.8 5.0 18.1 21.7 27.2 22.7 9.9 7.9 38.7 38.7 1.0 0.8

Colgate Neutral 1,332 - 18,111 3,120 3,588 20.3 21.1 38.4 45.1 34.7 29.6 32.2 25.9 104.6 97.0 5.5 4.8

Dabur India Neutral 132 - 22,954 6,196 7,183 16.3 16.8 4.5 5.5 29.2 24.0 12.1 9.4 43.4 44.0 3.8 3.2

GlaxoSmith Con* Neutral 3,773 - 15,868 3,084 3,617 15.3 15.5 101.2 118.3 37.3 31.9 11.4 9.2 33.5 31.9 4.8 4.0

Godrej Consumer Neutral 745 - 25,358 6,386 7,743 15.7 17.0 20.8 27.1 35.8 27.5 7.7 6.3 23.7 26.4 4.1 3.3

HUL Neutral 470 - 101,636 25,350 28,974 13.3 13.5 15.1 17.0 31.1 27.7 24.8 17.7 85.7 74.3 3.7 3.2

ITC Neutral 300 - 236,698 29,148 34,191 35.7 36.1 9.4 11.1 32.0 27.1 10.7 8.8 35.9 35.7 7.8 6.6

Marico Neutral 217 - 14,016 4,747 5,402 13.6 13.6 6.3 7.8 34.3 27.8 7.0 5.7 26.0 22.6 3.0 2.5

Nestle* Neutral 4,557 - 43,932 8,487 10,081 21.2 22.1 113.0 142.5 40.3 32.0 24.2 16.6 70.5 61.6 5.3 4.3


Market Outlook

Stock Watch

February 19, 2013



FMCG

Tata Global Neutral 142 - 8,775 7,272 7,998 9.1 9.5 6.9 8.1 20.7 17.5 2.2 2.1 8.9 9.8 1.1 1.0

IT

HCL Tech^ Accumulate 691 765 48,006 25,325 28,476 21.7 20.7 51.0 52.8 13.6 13.1 3.6 3.0 26.8 22.9 1.8 1.6

Hexaware* Buy 85 113 2,531 1,948 2,136 20.9 18.3 10.9 10.1 7.8 8.5 2.1 1.8 27.2 21.2 1.0 0.8

Infosys Neutral 2,777 - 159,440 40,746 44,283 28.9 28.8 162.6 172.9 17.1 16.1 4.0 3.4 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 166 184 1,857 1,881 1,987 17.9 17.4 18.5 19.4 9.0 8.6 1.3 1.2 14.8 13.6 0.6 0.5

KPIT Cummins Buy 110 140 2,127 2,234 2,477 15.8 15.2 10.9 12.8 10.1 8.6 2.2 1.7 22.2 20.6 0.9 0.7

Mahindra Satyam Accumulate 114 125 13,412 7,711 8,683 21.6 20.3 8.7 11.3 13.1 10.1 3.1 2.4 30.6 23.7 1.3 1.1

Mindtree Accumulate 799 868 3,309 2,357 2,580 21.0 19.3 84.4 86.8 9.5 9.2 2.5 2.0 26.8 21.7 1.1 0.9

Mphasis& Accumulate 355 396 7,452 5,531 5,874 17.6 17.5 35.4 37.7 10.0 9.4 1.5 1.3 14.7 13.5 0.9 0.7

NIIT Buy 25 36 411 1,048 1,161 9.1 10.9 4.1 6.2 6.0 4.0 0.6 0.6 10.3 14.1 0.2 0.1

Persistent Neutral 529 - 2,116 1,297 1,433 25.6 24.1 46.5 54.0 11.4 9.8 2.1 1.8 18.5 18.0 1.3 1.1

TCS Neutral 1,425 - 278,894 62,954 70,871 29.0 28.9 71.6 79.1 19.9 18.0 6.6 5.4 33.2 29.7 4.3 3.7

Tech Mahindra Accumulate 986 1,105 12,616 6,789 7,609 21.0 19.6 95.8 110.7 10.3 8.9 2.5 2.0 24.3 22.3 1.9 1.7

Wipro Accumulate 402 429 99,026 43,514 47,304 20.1 19.4 26.6 27.7 15.1 14.5 3.0 2.6 19.7 17.9 1.9 1.7

Media

D B Corp Accumulate 239 266 4,379 1,583 1,787 23.9 25.4 11.9 14.5 20.2 16.4 4.0 3.4 21.4 22.4 2.7 2.3

HT Media Accumulate 104 113 2,435 2,061 2,205 14.0 15.1 6.6 7.9 15.6 13.2 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 103 125 3,243 1,511 1,698 23.2 23.4 6.4 7.3 15.9 14.1 4.0 3.5 25.9 26.6 2.3 2.0

PVR Neutral 273 - 790 820 1,307 17.3 17.3 11.2 17.8 24.5 15.3 1.1 1.0 9.7 10.8 1.0 0.6

Sun TV Network Neutral 440 - 17,352 1,942 2,237 77.2 75.5 17.6 19.1 25.0 23.1 6.0 5.4 25.8 25.2 8.5 7.3

Metals & Mining

Bhushan Steel Neutral 464 - 10,508 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4

Coal India Accumulate 343 368 216,936 66,666 70,292 25.7 27.3 24.2 26.6 14.2 12.9 4.2 3.4 33.1 29.1 2.3 2.1

Electrosteel Castings Buy 23 34 780 1,984 2,074 10.6 11.6 1.8 2.6 12.8 8.7 0.4 0.2 3.6 5.1 0.6 0.5

Hind. Zinc Buy 122 149 51,739 12,002 13,759 49.7 50.8 14.7 16.4 8.3 7.5 1.6 1.4 21.1 19.8 2.4 1.7

Hindalco Neutral 111 - 21,261 80,205 88,987 9.0 9.2 13.4 13.8 8.3 8.1 0.6 0.6 7.9 7.6 0.6 0.6

JSW Steel Neutral 803 - 17,914 39,072 40,493 16.5 18.2 82.4 90.3 9.7 8.9 1.0 0.9 10.7 10.7 0.9 0.9

MOIL Neutral 250 - 4,192 933 954 46.9 45.5 25.8 26.1 9.7 9.6 1.5 1.4 16.7 15.1 2.0 1.9

Monnet Ispat Buy 247 344 1,574 2,501 3,264 22.2 24.6 41.8 55.2 5.9 4.5 0.6 0.5 11.3 13.4 1.7 1.2

Nalco Neutral 46 - 11,971 6,630 8,357 11.4 14.5 2.1 3.3 21.9 14.3 1.0 1.0 4.6 6.9 1.1 0.9

NMDC Buy 151 198 59,768 11,209 12,525 78.4 78.3 18.5 20.6 8.1 7.3 2.0 1.7 27.0 24.6 3.4 2.8


Market Outlook

Stock Watch

February 19, 2013



Metals & Mining

SAIL Neutral 78 - 32,239 43,438 56,199 12.0 12.2 6.5 8.5 12.0 9.2 0.8 0.7 6.6 8.2 1.0 0.8

Sesa Goa Accumulate 168 183 14,579 2,412 3,911 30.8 33.1 29.6 31.8 5.7 5.3 0.9 0.8 16.3 15.4 7.4 4.6

Sterlite Inds Accumulate 101 110 33,943 43,185 45,442 23.3 23.7 16.8 17.9 6.0 5.6 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 385 463 37,421 145,725 154,108 8.3 9.5 22.0 44.5 17.5 8.7 0.8 0.8 4.9 9.3 0.5 0.5

Sarda Buy 119 148 426 1,442 1,494 19.0 19.1 29.2 31.7 4.1 3.8 0.5 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 41 52 547 2,512 2,816 12.4 13.7 10.0 12.6 4.1 3.2 0.3 0.2 7.2 8.4 0.5 0.4Godawari Power and Ispat Accumulate 101 112 320 2,367 2,425 14.2 13.7 33.3 33.5 3.0 3.0 0.4 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 309 383 59,061 17,394 17,034 76.4 72.3 60.8 55.1 5.1 5.6 1.0 0.9 21.9 17.0 2.5 2.2

GAIL Neutral 339 - 43,020 48,077 55,815 15.3 15.3 34.9 35.9 9.7 9.4 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 317 357 271,594 144,089 158,065 32.8 34.7 28.7 34.4 11.1 9.2 1.8 1.6 17.0 18.3 1.6 1.4

Reliance Industries Neutral 847 - 273,549 362,700 380,031 8.9 8.9 68.1 71.5 12.5 11.9 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 290 - 3,717 3,128 3,707 13.2 11.7 22.8 23.5 12.7 12.3 3.8 3.4 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 259 - 3,627 3,365 3,700 22.8 23.4 25.3 26.6 10.2 9.7 2.4 2.0 26.0 22.6 1.2 1.0

Petronet LNG Buy 150 179 11,246 32,210 41,362 6.1 5.8 15.4 15.6 9.7 9.6 2.6 2.1 29.1 24.1 0.4 0.3Gujarat State Petronet Ltd. Neutral 71 - 4,015 1,079 983 91.8 91.9 8.8 7.8 8.2 9.1 1.4 1.2 17.8 14.1 3.4 3.7

Pharmaceuticals

Alembic Pharma Buy 77 95 1,447 1,490 1,714 16.2 17.1 7.4 9.5 10.4 8.1 2.8 2.2 30.7 30.2 1.1 0.9

Aurobindo Pharma Accumulate 182 208 5,290 5,463 6,279 15.0 15.0 12.4 14.0 14.7 13.0 1.9 1.6 18.8 17.8 1.6 1.3

Aventis* Neutral 2,304 - 5,306 1,482 1,682 17.5 16.6 82.9 87.8 27.8 26.2 4.4 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 755 817 15,449 6,148 7,386 15.3 18.0 24.6 39.5 30.7 19.1 5.8 4.6 18.4 25.1 2.9 2.4

Cipla Accumulate 380 419 30,471 8,151 9,130 25.8 24.8 20.2 21.6 18.8 17.6 3.4 2.9 19.4 17.6 3.5 3.1

Dr Reddy's Neutral 1,801 - 30,567 10,696 11,662 20.7 21.0 83.7 92.9 21.5 19.4 4.4 3.7 22.4 20.8 3.2 2.8

Dishman Pharma Buy 81 155 654 1,280 1,536 20.2 20.2 12.1 15.5 6.7 5.2 0.6 0.6 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,091 - 17,715 2,651 2,993 31.7 31.2 76.0 82.4 27.5 25.4 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 61 78 563 642 784 14.2 15.2 5.7 7.8 10.7 7.8 1.3 1.1 12.9 16.4 1.0 0.9

Ipca labs Buy 471 559 5,937 2,850 3,474 21.0 21.0 29.9 37.3 15.7 12.6 3.8 3.0 26.7 26.4 2.3 1.9

Lupin Accumulate 593 655 26,516 8,426 10,082 19.7 20.0 26.1 31.1 22.7 19.1 5.3 4.2 25.8 24.7 3.2 2.7

Ranbaxy* Neutral 410 - 17,356 12,046 11,980 16.0 15.8 37.3 32.1 11.0 12.8 4.3 3.4 45.3 29.7 1.5 1.4

Sun Pharma Neutral 788 - 81,452 10,111 12,563 42.6 42.6 28.9 29.8 27.3 26.4 5.5 4.7 22.3 19.2 7.4 5.8

Power

GIPCL Accumulate 73 78 1,101 1,502 1,535 32.1 31.9 11.4 12.5 6.4 5.8 0.7 0.7 7.6 11.9 1.2 1.0


Market Outlook

Stock Watch

February 19, 2013



Power

NTPC Accumulate 151 163 124,548 72,809 81,951 23.4 24.1 12.2 13.6 12.4 11.1 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Neutral 261 - 44,412 9,878 12,033 44.7 46.1 9.6 13.4 27.3 19.5 1.7 1.7 6.4 8.7 6.8 5.6

HDIL Neutral 70 - 2,912 2,441 3,344 55.1 48.2 22.7 26.6 3.1 2.6 0.3 0.2 8.8 9.4 3.0 2.3

MLIFE Accumulate 410 446 1,674 786 888 26.3 26.7 31.0 36.3 13.2 11.3 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 314 350 119,185 80,521 87,160 30.5 30.5 6.4 10.4 49.1 30.2 2.3 2.1 4.6 7.0 2.3 2.1

Idea Cellular Neutral 110 - 36,325 22,087 23,927 26.6 27.7 2.9 3.9 37.5 28.1 2.6 2.4 6.9 8.4 2.2 2.0

Rcom Neutral 72 - 14,820 21,087 22,067 31.8 31.9 2.6 4.0 27.4 17.9 0.4 0.4 1.5 2.2 2.4 2.2

zOthers

Abbott India Buy 1,371 1,590 2,912 1,629 1,886 11.8 13.3 60.8 79.5 22.6 17.2 4.6 3.9 22.0 24.4 1.6 1.3

Bajaj Electricals Buy 185 217 1,842 3,450 3,929 4.5 7.4 10.0 15.5 18.5 11.9 2.4 2.1 13.0 17.4 0.5 0.5

Cera Sanitaryware Buy 416 495 526 460 596 16.4 16.2 34.7 45.0 12.0 9.2 3.0 2.3 27.7 27.8 1.2 1.0

Cravatex Buy 355 545 92 272 308 7.2 7.3 37.5 45.4 9.5 7.8 2.3 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 958 - 6,725 982 1,136 34.3 34.3 34.3 40.0 27.9 24.0 12.6 10.1 50.9 46.9 6.4 5.4

Finolex Cables Buy 51 61 782 2,304 2,552 9.9 9.1 8.2 10.1 6.3 5.1 0.9 0.7 13.7 14.7 0.3 0.2

Force Motors Buy 416 550 542 2,027 2,299 4.6 5.1 35.3 50.0 11.8 8.3 0.5 0.4 3.9 5.3 0.1 0.1

Goodyear India Buy 286 360 659 1,494 1,607 6.4 7.8 23.9 33.0 11.9 8.7 1.9 1.6 16.5 20.1 0.2 0.2

Greenply Industries Sell 391 309 943 1,925 2,235 10.6 10.9 29.6 44.1 13.2 8.9 2.2 1.8 16.8 21.0 0.8 0.6

Hitachi Neutral 136 - 311 905 1,025 4.8 6.0 7.7 12.4 17.7 11.0 1.7 1.5 9.9 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,560 2,842 2,264 2,117 2,491 8.1 7.8 140.5 157.9 18.2 16.2 2.8 2.4 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 586 744 1,030 1,059 1,116 8.5 9.5 36.0 42.0 16.3 14.0 2.4 2.1 15.4 16.0 1.0 0.9

ITD Cementation Buy 209 334 241 1,455 1,630 12.4 12.6 29.8 40.5 7.0 5.2 0.6 0.5 8.2 9.8 0.6 0.6

Jyothy Laboratories Buy 145 167 2,339 816 979 14.5 14.9 5.2 6.0 28.1 24.1 3.2 3.0 8.8 10.2 3.1 2.5

MCX Buy 1,215 1,440 6,195 553 624 65.3 66.3 62.5 72.0 19.5 16.9 5.3 4.6 27.5 27.4 8.0 6.6

MRF Accumulate 12,458 13,416 5,284 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.8 7.4 1.5 1.3 19.1 18.7 0.5 0.4

Page Industries Accumulate 3,270 3,438 3,647 856 1,047 19.1 19.6 101.2 127.3 32.3 25.7 16.6 12.3 58.5 54.9 4.3 3.5

Relaxo Footwears Buy 690 887 828 989 1,148 10.7 11.7 41.8 55.5 16.5 12.4 3.8 2.9 25.5 26.3 1.0 0.8

Sintex Industries Buy 59 79 1,858 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 276 332 259 1,048 1,157 11.3 12.0 58.7 66.5 4.7 4.2 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 303 6,765 7,393 18.1 18.0 6.4 7.5 1.6 1.4 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Neutral 41 - 1,964 5,720 6,599 5.3 6.8 3.6 5.4 11.2 7.6 16.3 5.2 - - 0.5 0.4


Market Outlook

Stock Watch

February 19, 2013



zOthers

TAJ GVK Buy 66 108 414 300 319 35.8 36.2 7.9 9.1 8.4 7.3 1.1 1.0 13.9 14.4 1.7 1.4

Tata Sponge Iron Buy 304 379 467 782 818 16.5 17.0 61.8 65.4 4.9 4.6 0.7 0.6 15.7 14.7 0.2 0.2

TTK Healthcare Buy 466 643 362 374 425 7.9 9.5 24.1 32.7 19.4 14.3 19.7 22.5 0.8 0.7

TVS Srichakra Buy 224 276 172 1,461 1,591 5.6 7.1 6.9 39.4 32.4 5.7 1.3 1.1 3.8 20.6 0.3 0.3

United Spirits Neutral 1,878 - 24,558 10,473 11,939 15.0 15.8 30.4 56.9 61.8 33.0 4.7 3.0 10.8 12.3 3.1 2.4

Vesuvius India Neutral 323 - 656 560 611 16.1 17.0 24.7 28.8 13.1 11.2 2.0 1.7 15.8 16.2 1.1 0.9

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


Market Outlook

Stock Watch

February 19, 2013


Market OutlookFebruary 19, 2013

Documents

Market Outlook 190213web.angelbackoffice.com/Research_ContentManagement/...The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above this level during the