Download - Market Outlook, 11.03.13
-
7/29/2019 Market Outlook, 11.03.13
1/13
Market OutlookMarch 11, 2013
www.angelbroking.com
Market OutlookMarch 11, 2013
Dealers Diary
Indian markets are expected to open in the green tracking positive trade in the
major Asian Indices like Hangseng and Nikkei, which are higher by 0.7% to 0.9%.
US markets rose higher on Friday buoyed by an upbeat employment report fromthe Labor department, which showed stronger than expected job growth in the
month of February. The Labor department said non-farm payroll employment rose
by 236,000 jobs in February compared to economist estimates for an increase of
about 171,000 jobs. The report also indicated that the unemployment rate dipped
to 7.7% in February from 7.9% in January, falling to its lowest level since
December of 2008. Upbeat economic data from overseas also generated some
positive sentiment in US, with a report from Japan's Cabinet Office showing that
the Japanese economy stabilized in the fourth quarter of CY2012 after seeing
modest contractions in the two previous quarters. European markets too closed
higher on Friday, tracking positive developments from US.
Meanwhile Indias Key benchmark indices surged on Friday as upbeat Chineseexports data for February 2013 suggested increasing demand for Chinese goods
and a rebound in the global economy. During the week, markets would keenly
observe the economic data to be releases during the week pertaining to EXIM, IIP
and Inflation.
Markets Today
The trend deciding level for the day is 19,622/ 5,927 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,767 19,851 / 5,971 5,997 levels. However, if NIFTY trades below
19,622/ 5,927 levels for the first half-an-hour of trade then it may correct up to
19,539 19,394 / 5,902 5,857 levels.
Indices S2 S1 PIVOT R1 R2SENSEX 19,394 19,539 19,622 19,767 19,851
NIFTY 5,857 5,902 5,927 5,971 5,997
News Analysis
MSIL shuts Gurgaon plant for a day to clear inventory of petrol cars MM recalls XUV5OO for part replacement Employee strike at Boschs Bangalore plant endsRefer detailed news analysis on the following page
Net Inflows (March 07, 2013)` cr Purch Sales Net MTD YTDFII 3,250 2,555 694 2,685 47,037
MFs 244 369 (125) (320) (5,882)
FII Derivatives (March 07, 2013)
` cr Purch Sales Net Open InterestIndex Futures 2,180 1,611 569 9,901
Stock Futures 1,563 1,068 495 25,595
Gainers / Losers
Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Jet Air India 554 9.9 MCX 970 (4.5)
Neyveli Lignite 75 6.8 Mcleod Russel 353 (3.8)
Jindal Steel 367 5.7 Astrazeneca Phar 754 (3.7)
United Brew-$ 705 4.7 Oracle Fin 2,844 (2.7)
ADANI POWER 51 4.6 Crompton Greav 97 (2.5)
Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.4 269.7 19,683
Nifty 1.4 82.4 5,946
MID CAP 0.7 46.6 6,487
SMALL CAP 0.7 42.9 6,334
BSE HC 1.0 78.1 8,061
BSE PSU 1.4 96.9 6,995
BANKEX 1.7 236.5 13,970
AUTO 0.3 34.3 10,867
METAL 1.8 164.2 9,453
OIL & GAS 2.0 176.8 9,021
BSE IT (0.7) (48.6) 7,011
Global Indices Chg (%) (Pts) (Close)Dow Jones 0.5 67.6 14,397NASDAQ 0.4 12.3 3,244
FTSE 0.7 44.4 6,484
Nikkei 2.6 315.5 12,284
Hang Seng 1.4 320.5 23,092
Straits Times (0.3) (9.0) 3,290
Shanghai Com (0.2) (5.7) 2,319
Indian ADR Chg (%) (Pts) (Close)INFY 0.7 0.4 $55.1
WIT 0.3 0.0 $10.1IBN 1.6 0.7 $44.9
HDB 2.5 1.0 $40.3
Advances / Declines BSE NSEAdvances 1,734 980
Declines 1,135 529
Unchanged 107 87
Volumes (` cr)BSE 2,150
NSE 11,401
-
7/29/2019 Market Outlook, 11.03.13
2/13
www.angelbroking.com
Market OutlookMarch 11, 2013
MSIL shuts Gurgaon plant for a day to clear inventory of petrol
cars
Maruti Suzuki (MSIL) undertook a one day production shutdown at its Gurgaon
facility on March 9, 2013 in an attempt to clear the inventory of its petrol cars
amid declining sales. According to the company, the facility will function normallyfrom March 11, 2013. The Gurgaon plant which has a capacity to roll out 3,500
to 4,000 cars a day produces popular models like the M800, Alto series, WagonR,
Estillo, and Ertiga. We are not surprised by the planned shutdown announced by
the company considering the current weak demand scenario which has led to
continuous decline in sales of petrol cars. This is reflected in the sales of the
companys Mini segment which is entirely petrol driven. The sales in the segment
are down 12.3% yoy YTD in FY2013 and the volumes continue to struggle despite
the launch of the new Alto few months back. Nonetheless, we expect companys
volumes to rebound in FY2014 driven by revival in demand for petrol cars and
availability of additional diesel engines. At `1,428, the stock is trading at 14.6x
FY2014 earnings. We maintain our Accumulate rating on the stock with a targetprice of `1,563.MM recalls XUV5OO for part replacement
Mahindra and Mahindra (MM) has announced a voluntary recall of
its highly successful utility vehicle, XUV5OO, to carry out preventive replacement of
certain parts. According to the company, a select batch of vehicles manufactured
during 2011 and 2012 will be recalled for replacing fluid hose, front power
window units as well as the left wiper blade cover. The company will undertake the
replacement at free of cost and it will be carried out on a priority basis. While MM
has stated that the replacement is being carried out keeping in mind the customer
centric approach and in compliance with the recently announced voluntary code
on vehicle recall; the company has not stated the number of vehicles that would be
impacted because of the recall. This is one of the first recalls made by the
company in recent times and we do not see a significant impact of the same on
the company's volume performance going ahead. At `902, the stock is trading
at 14x FY2014 earnings. We maintain our Accumulate rating on the stock with atarget price of `1,019.Employee strike at Boschs Bangalore plant ends
The tool down strike by around 2,500 employees at the Adugodi plant of Bosch in
Bangalore has been called off. The strike which started after the first shift on
Thursday, ended late evening on Saturday after the management agreed on
certain demands of the Mico Employees' Association (MEA). As per the agreement
with the workers, the management has agreed to revoke the suspension of the
workman and revise the incentive payment factor progressively. The workers have
resumed the production at the plant from the night shift on Saturday. The
employees at the plant were on a tool down strike following a suspension of the
worker on the grounds of indiscipline. The company had termed the strike illegal
as the Union did not serve a mandatory seven day strike notice to the
management. We see this as a positive development as management acted swiftly
to resolve the crisis and reach an agreement with the Union. At `8,305 the stock is
trading at 19.6x CY2014E earnings. We maintain our Accumulate rating on thestock with a target price of `8,889.
-
7/29/2019 Market Outlook, 11.03.13
3/13
www.angelbroking.com
Market OutlookMarch 11, 2013
Economic and Political News
COAI softens stand on voice services Round 2 of spectrum auction from today Govt plans to ease, scrap FDI sectoral limits CAG to look into government role in gas, oil pricingCorporate News
Coal India against system of setting annual output target SREI may liquidate `430cr, KFA debt Amtek close to buying German company Neumayer Tekfor GMR may sell 5-star hotel at Hyderabad airportSource: Economic Times, Business Standard, Business Line, Financial Express, Mint
-
7/29/2019 Market Outlook, 11.03.13
4/13
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 3.00
11:00AM China Industrial Production (YoY) % Change Feb 10.30 10.30
March 11, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --
4:29PM India Exports YoY% % Change Feb 0.80 --
March 12, 2013 3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --
11:00AM India Industrial Production YoY % Change Jan (0.60) --
March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 0.70
12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --
March 15, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb 2.00 --
6:00PM US Consumer price index (mom) % Change Feb -- 0.50
6:45PM US Industrial Production % Feb (0.10) 0.30
March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --
6:00PM US Building permits Thousands Feb 904.00 --
3:00PM UK CPI (YoY) % Change Feb 2.70 --
11:00AM India RBI Repo rate % Mar 19 7.75 --
11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --
11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --
March 20, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (23.60) --
3:00PM UK Jobless claims change % Change Feb (12.50) --
10:00PM US FOMC rate decision % Mar 20 0.25 --
March 21, 2013 2:00PM Germany PMI Services Value Mar A 54.70 --
2:00PM Germany PMI Manufacturing Value Mar A 50.30 --
7:30PM US Existing home sales Millions Feb 4.92 --
March 26, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 69.60 --7:30PM US New home sales Thousands Feb 437.00 --
March 27, 2013 3:00PM UK GDP (YoY) % Change 4Q F 0.30 --
March 28, 2013 2:25PM Germany Unemployment change (000's) Thousands Mar (3.00) --
6:00PM US GDP Qoq (Annualised) % Change 4Q T 0.10 --
April 1, 2013 6:30AM China PMI Manufacturing Value Mar 50.10 --
April 2, 2013 2:00PM UK PMI Manufacturing Value Mar 47.90 --
April 15, 2013 7:30AM China Real GDP (YoY) % Change 1Q 7.90 --
May 15, 2013 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --
11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --
Source: Bloomberg, Angel Research
March 11, 2013
Market Outlook
-
7/29/2019 Market Outlook, 11.03.13
5/13
Market OutlookMarch 11, 2013
www.angelbroking.com
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
Source: Bloomberg, Angel Research
Exhibit 6:Key policy rates
Source: RBI, Angel Research
5.7
9.0
7.5
11.2
8.5
7.68.2
9.2
7.5
6.56.0
5.3 5.5 5.34.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)
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-1
2
Feb
-12
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
(%)
7.6 7.7 7.5 7.6 7.6 7.58.0 8.1
7.3 7.2 7.26.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Feb
-12
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
(%)
48.0
50.0
52.0
54.0
56.0
58.0
Feb-12
Mar-12
Apr-12
Ma-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
No-12
Dec-12
Jan-13
Feb-13
Mfg. PMI Services PMI
(30.0)
(15.0)
0.0
15.0
30.0
Feb
-12
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Exports yoy growth Imports yoy growth(%)
7.75
6.75
4.00
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Mar-12
Apr-12
Ma-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Repo rate Reverse Repo rate CRR(%)
-
7/29/2019 Market Outlook, 11.03.13
6/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Agri / Agri Chemical
Rallis Neutral 122 - 2,379 1,466 1,686 14.8 14.8 7.0 8.1 17.5 15.1 3.7 3.2 22.6 22.5 1.6 1.4
United Phosphorus Buy 127 170 5,599 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 284 323 4,856 2,983 3,477 16.1 16.1 18.5 21.6 15.4 13.2 4.4 3.4 32.9 29.1 1.5 1.4
Apollo Tyres Accumulate 91 97 4,594 13,066 14,503 11.5 11.8 13.0 14.5 7.0 6.3 1.3 1.1 21.0 19.4 0.5 0.5
Ashok Leyland Buy 24 28 6,372 12,910 14,836 8.8 9.6 1.5 2.2 16.2 10.8 2.1 2.0 9.3 13.4 0.6 0.5
Automotive Axle# Neutral 289 - 437 934 1,103 10.2 10.7 24.5 34.3 11.8 8.4 1.5 1.3 13.2 16.9 0.5 0.4Bajaj Auto Neutral 2,013 - 58,238 20,775 23,889 18.5 19.0 107.6 126.4 18.7 15.9 7.7 6.1 45.8 42.8 2.4 2.0
Bharat Forge Neutral 234 - 5,449 5,973 6,707 14.4 15.2 13.4 18.6 17.5 12.6 2.3 2.0 13.6 16.9 1.1 0.9
Bosch India* Accumulate 8,305 8,889 26,078 9,717 11,092 16.2 17.0 354.7 423.3 23.4 19.6 4.0 3.4 17.2 17.5 2.4 2.0
CEAT Buy 97 163 333 4,822 5,403 8.2 8.3 29.8 40.8 3.3 2.4 0.4 0.4 14.5 17.0 0.3 0.2
Exide Industries Neutral 127 - 10,795 6,016 7,026 12.7 14.4 5.8 7.8 21.7 16.2 3.2 2.8 15.4 18.2 1.5 1.2
FAG Bearings* Neutral 1,499 - 2,491 1,619 1,879 16.0 16.6 108.6 130.7 13.8 11.5 2.4 2.0 18.8 19.1 1.3 1.1
Hero Motocorp Accumulate 1,743 1,923 34,804 23,990 27,038 13.8 14.6 105.8 120.2 16.5 14.5 6.6 5.4 44.3 41.0 1.1 1.0
JK Tyre Buy 106 165 434 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.6 0.5 0.4 20.5 18.0 0.4 0.3
Mahindra and Mahindra Buy 902 1,019 55,406 40,060 46,301 11.5 11.7 55.3 64.3 16.3 14.0 3.7 3.1 24.5 23.8 1.1 0.9
Maruti Accumulate 1,428 1,563 41,248 43,381 52,411 7.5 8.9 65.6 97.7 21.8 14.6 2.5 2.1 11.8 15.6 0.8 0.6
Motherson Sumi Accumulate 193 209 11,331 25,769 29,010 7.1 7.5 10.2 13.1 18.9 14.8 4.8 3.7 28.1 28.3 0.6 0.5
Subros Buy 26 35 155 1,296 1,476 9.8 9.9 3.4 5.0 7.7 5.1 0.5 0.5 7.2 10.2 0.4 0.4
Tata Motors Accumulate 304 326 80,966 184,201 209,642 12.4 13.5 28.0 36.3 10.8 8.4 2.4 1.9 24.6 25.4 0.5 0.4
TVS Motor Buy 40 47 1,886 7,019 7,827 6.0 6.3 4.3 5.3 9.3 7.5 1.5 1.3 16.4 18.0 0.2 0.2
Capital Goods
ABB* Sell 601 487 12,728 8,073 9,052 5.5 7.2 11.3 17.4 53.3 34.5 4.6 4.2 8.9 12.8 1.5 1.4BGR Energy Neutral 212 - 1,531 3,412 4,104 13.0 11.6 24.6 26.2 8.6 8.1 1.2 1.1 30.7 25.7 0.8 0.7
BHEL Neutral 207 - 50,739 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 178 238 1,600 2,748 2,896 4.4 5.6 6.8 9.3 26.2 19.1 3.6 3.2 14.5 17.6 0.6 0.6
Crompton Greaves Buy 97 129 6,200 12,136 13,790 3.8 6.3 3.3 6.9 29.2 14.1 1.7 1.6 5.8 11.5 0.6 0.5
Jyoti Structures Buy 34 49 277 2,802 3,074 9.5 9.8 7.7 10.9 4.4 3.1 0.4 0.4 9.6 12.1 0.3 0.3
KEC International Buy 53 75 1,368 6,909 7,723 6.2 7.2 5.4 8.4 9.9 6.3 1.2 1.0 17.0 22.8 0.3 0.3
LMW Neutral 2,062 - 2,323 2,369 2,727 11.7 11.7 143.4 166.0 14.4 12.4 2.4 2.2 17.4 18.4 0.5 0.3
Thermax Neutral 593 - 7,071 5,529 5,798 9.0 9.6 27.1 30.3 21.9 19.6 3.8 3.3 18.6 18.2 1.1 1.0
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
7/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Cement
ACC Neutral 1,263 - 23,708 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 188 - 28,931 9,730 11,221 25.6 25.0 10.2 11.3 18.4 16.6 3.3 3.0 18.7 19.0 2.6 2.2
India Cements Neutral 87 - 2,663 4,439 4,789 16.7 17.2 6.8 9.1 12.8 9.6 0.8 0.7 6.0 7.7 1.0 0.9
J K Lakshmi Cement Buy 123 143 1,451 2,119 2,478 22.9 22.3 20.3 22.8 6.1 5.4 1.1 0.9 18.0 17.7 0.8 1.1
Madras Cements Neutral 248 - 5,898 3,960 4,270 27.4 27.0 18.6 21.1 13.4 11.8 2.4 2.1 19.7 18.9 2.1 1.8
Shree Cement^ Neutral 4,219 - 14,697 5,678 6,251 29.0 28.6 288.1 334.0 14.6 12.6 4.1 3.2 31.7 28.4 2.1 1.7
UltraTech Cement Neutral 1,901 - 52,110 20,466 23,017 23.3 24.3 100.0 117.1 19.0 16.2 3.4 2.9 19.6 19.5 2.5 2.3Construction
Ashoka Buildcon Buy 200 268 1,053 20,466 23,017 22.5 22.5 24.4 27.0 8.2 7.4 1.0 0.9 12.3 12.1 0.2 0.2
Consolidated Co Neutral 11 - 203 2,262 2,522 5.9 6.3 0.9 1.6 12.0 7.1 0.3 0.3 2.7 4.6 0.4 0.4
IRB Infra Buy 120 164 3,988 3,843 4,212 43.1 43.6 16.8 17.8 7.1 6.7 1.2 1.1 18.3 17.0 3.2 3.4
ITNL Accumulate 200 225 3,884 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.9 1.2 1.1 17.0 16.3 2.7 2.8
IVRCL Infra Buy 26 35 790 3,773 6,706 6.9 8.4 (3.9) 2.9 (6.6) 9.0 0.4 0.4 (5.4) 4.1 0.9 0.6
Jaiprakash Asso. Buy 78 97 17,242 14,243 16,382 26.2 26.1 3.2 4.3 24.2 17.9 1.3 1.2 5.4 7.0 2.6 2.4
Larsen & Toubro Buy 1,496 1,788 92,068 60,666 69,525 10.6 11.2 71.9 85.0 20.8 17.6 3.2 2.8 14.5 15.2 1.7 1.5
Nagarjuna Const. Buy 38 44 974 5,863 6,576 8.1 8.2 3.1 4.1 12.3 9.3 0.4 0.4 3.2 4.2 0.6 0.5
Punj Lloyd Neutral 46 - 1,526 11,892 13,116 10.2 10.2 (0.4) 3.0 (107.8) 15.5 0.5 0.5 3.8 0.5 0.5
Sadbhav Engg. Buy 113 157 1,700 1,642 2,642 9.7 10.1 3.2 7.2 35.1 15.6 2.0 1.8 6.0 12.1 1.3 0.8
Simplex Infra Buy 147 197 725 6,026 7,135 9.1 9.3 14.1 24.6 10.4 6.0 0.6 0.5 5.6 9.2 0.5 0.5
Unity Infra Buy 33 58 246 2,180 2,455 13.7 13.4 12.9 14.8 2.6 2.2 0.3 0.3 12.1 12.5 0.5 0.5
Financials
Allahabad Bank Accumulate 143 160 7,165 6,509 7,264 2.7 2.8 28.2 33.5 5.1 4.3 0.7 0.6 13.8 14.7 - -
Andhra Bank Neutral 101 - 5,641 4,795 5,475 3.0 3.0 21.8 21.9 4.6 4.6 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,407 1,678 65,772 15,959 18,660 3.2 3.2 119.2 139.0 11.8 10.1 2.2 1.9 20.3 20.1 - -
Bank of Baroda Buy 732 850 30,094 14,889 17,393 2.5 2.6 108.2 134.0 6.8 5.5 1.0 0.9 15.3 16.7 - -
Bank of India Accumulate 319 350 18,324 12,793 14,823 2.3 2.4 49.5 65.1 6.5 4.9 0.9 0.8 13.6 16.0 - -
Bank of Maharashtra Neutral 53 - 3,122 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.6 16.2 16.9 - -
Canara Bank Accumulate 432 463 19,146 10,783 12,000 2.1 2.3 64.8 82.2 6.7 5.3 0.9 0.8 13.2 15.0 - -
Central Bank Neutral 74 - 5,440 7,158 8,217 2.4 2.6 13.1 20.1 5.6 3.7 0.8 0.7 10.3 14.3 - -
Corporation Bank Buy 402 465 5,958 4,919 5,634 2.1 2.2 96.7 99.9 4.2 4.0 0.7 0.6 16.3 14.9 - -
Dena Bank Accumulate 96 107 3,355 3,090 3,462 2.7 2.7 25.6 24.6 3.7 3.9 0.7 0.6 19.2 15.9 - -
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
8/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Financials
Federal Bank Accumulate 493 536 8,429 2,667 2,920 3.2 3.2 49.1 51.4 10.1 9.6 1.3 1.2 13.9 13.1 - -
HDFC Neutral 813 - 125,543 7,446 8,923 3.5 3.5 32.2 38.5 25.3 21.1 5.2 4.6 35.4 32.6 - -
HDFC Bank Neutral 657 - 156,044 21,724 26,578 4.3 4.3 28.7 36.1 22.9 18.2 4.4 3.7 20.7 22.1 - -
ICICI Bank Buy 1,139 1,302 130,948 22,317 26,217 2.9 3.0 72.0 84.6 15.8 13.5 2.0 1.8 14.9 15.9 - -
IDBI Bank Buy 93 106 11,857 8,196 9,305 1.9 2.1 15.4 22.3 6.0 4.2 0.6 0.6 10.7 14.1 - -
Indian Bank Buy 173 208 7,420 5,716 6,362 3.2 3.2 37.7 41.1 4.6 4.2 0.8 0.6 16.9 16.2 - -
IOB Accumulate 75 85 5,950 7,231 8,369 2.4 2.5 10.2 20.2 7.3 3.7 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,268 1,406 6,149 2,784 2,932 3.7 3.7 229.2 199.6 5.5 6.4 1.2 1.1 24.6 18.2 - -
LIC Housing Finance Accumulate 249 257 12,571 1,722 2,080 2.2 2.2 19.9 24.6 12.5 10.1 2.0 1.7 16.6 17.9 - -
Oriental Bank Accumulate 281 314 8,204 6,360 7,004 2.6 2.8 48.1 59.4 5.9 4.7 0.7 0.6 12.1 13.5 - -
Punjab Natl.Bank Buy 814 957 27,616 19,202 22,040 3.2 3.4 146.8 167.9 5.6 4.9 1.0 0.9 17.6 17.5 - -
South Ind.Bank Buy 25 30 3,326 1,583 1,789 3.0 2.9 3.5 4.1 7.2 6.1 1.2 1.0 19.1 17.7 - -
St Bk of India Buy 2,204 2,514 147,905 60,594 70,439 3.3 3.3 221.9 257.4 9.9 8.6 1.7 1.4 17.4 17.7 - -
Syndicate Bank Accumulate 123 135 7,380 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.4 0.8 0.7 22.0 16.5 - -
UCO Bank Neutral 63 - 4,194 5,388 6,262 2.4 2.6 9.0 14.9 7.0 4.2 0.9 0.8 9.1 13.8 - -
Union Bank Accumulate 233 256 12,817 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 66 75 2,368 3,549 3,814 2.5 2.7 12.0 21.4 5.5 3.1 0.6 0.5 10.1 16.3 - -
Vijaya Bank Neutral 52 - 2,594 2,342 2,763 1.9 2.1 8.0 10.9 6.6 4.8 0.7 0.6 10.1 12.6 - -
Yes Bank Accumulate 486 526 17,427 3,364 4,260 2.8 3.0 36.3 42.6 13.4 11.4 3.0 2.5 24.6 23.6 - -
FMCG
Asian Paints Neutral 4,660 - 44,696 11,198 13,319 15.9 15.7 122.1 147.1 38.2 31.7 12.9 10.1 37.7 35.7 3.9 3.2
Britannia Accumulate 527 564 6,294 5,580 6,417 4.8 5.0 18.1 21.7 29.1 24.3 10.6 8.5 38.7 38.7 1.0 0.9
Colgate Neutral 1,332 - 18,118 3,120 3,588 20.3 21.1 38.4 45.1 34.7 29.6 32.2 25.9 104.6 97.0 5.6 4.8
Dabur India Neutral 135 - 23,521 6,196 7,183 16.3 16.8 4.5 5.5 30.0 24.6 12.4 9.6 43.4 44.0 3.8 3.2
GlaxoSmith Con* Neutral 4,197 - 17,651 3,084 3,617 15.2 16.3 103.9 123.0 40.4 34.1 13.0 10.7 34.9 34.3 5.2 4.5
Godrej Consumer Neutral 812 - 27,643 6,386 7,743 15.7 17.0 20.8 27.1 39.0 30.0 8.4 6.9 23.7 26.4 4.4 3.6
HUL Neutral 438 - 94,753 25,350 28,974 13.3 13.5 15.1 17.0 29.0 25.9 23.1 16.5 85.7 74.3 3.5 3.0
ITC Neutral 298 - 234,952 29,148 34,191 35.7 36.1 9.4 11.1 31.8 26.8 10.6 8.8 35.9 35.7 7.6 6.4
Marico Neutral 217 - 13,969 4,747 5,402 13.6 13.6 6.3 7.8 34.2 27.7 7.0 5.7 26.0 22.6 3.0 2.5
Nestle* Neutral 4,751 - 45,811 8,302 9,739 22.0 21.5 110.7 130.8 42.9 36.3 25.5 18.3 69.5 58.6 5.5 4.6
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
9/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
FMCG
Tata Global Accumulate 134 145 8,293 7,272 7,998 9.1 9.9 6.9 8.1 19.6 16.7 2.1 2.0 8.9 9.7 1.0 0.9
IT
HCL Tech^ Neutral 773 - 53,736 25,325 28,476 21.7 20.7 51.0 52.8 15.2 14.7 4.0 3.3 26.8 22.9 2.0 1.7
Hexaware* Buy 90 113 2,680 1,948 2,136 20.9 18.3 10.9 10.1 8.3 8.9 2.2 1.8 27.2 21.0 1.1 0.9
Infosys Reduce 2,970 2,850 170,560 40,746 44,283 28.9 28.8 162.6 172.9 18.3 17.2 4.3 3.7 23.5 21.3 3.6 3.2
Infotech Enterprises Accumulate 173 184 1,932 1,881 1,987 17.9 17.4 18.5 19.4 9.4 8.9 1.4 1.2 14.8 13.6 0.7 0.6
KPIT Cummins Buy 109 134 2,100 2,234 2,477 15.8 15.2 10.9 12.8 10.0 8.5 2.1 1.7 22.2 20.6 0.9 0.7Mahindra Satyam Neutral 126 - 14,850 7,711 8,683 21.6 20.3 8.7 11.3 14.5 11.1 3.4 2.6 30.6 23.7 1.5 1.2
Mindtree Neutral 881 - 3,660 2,357 2,580 21.0 19.3 84.4 86.8 10.5 10.2 2.8 2.2 26.8 21.7 1.3 1.1
Mphasis& Neutral 396 - 8,318 5,531 5,874 17.6 17.5 35.4 37.7 11.2 10.5 1.6 1.4 14.7 13.5 1.0 0.8
NIIT Buy 24 36 401 1,048 1,161 9.1 10.9 4.1 6.2 5.9 3.9 0.6 0.6 10.3 14.1 0.2 0.1
Persistent Neutral 576 - 2,303 1,297 1,433 25.6 24.1 46.5 54.0 12.4 10.7 2.3 1.9 18.5 18.0 1.4 1.2
TCS Reduce 1,584 1,465 310,053 62,954 70,871 29.0 28.9 71.6 79.1 22.1 20.0 7.4 5.9 33.2 29.7 4.7 4.1
Tech Mahindra Accumulate 1,109 1,205 14,194 6,789 7,609 21.0 19.6 95.8 110.7 11.6 10.0 2.8 2.2 24.3 22.3 2.1 1.8
Wipro Neutral 445 - 109,608 43,514 47,304 20.1 19.4 26.6 27.7 16.8 16.1 3.3 2.8 19.7 17.9 2.2 1.9
Media
D B Corp Buy 242 276 4,446 1,583 1,787 23.9 25.4 11.9 14.5 20.5 16.7 4.0 3.5 21.4 22.4 2.7 2.3
HT Media Accumulate 105 113 2,465 2,061 2,205 14.0 15.1 6.6 7.9 15.8 13.4 1.6 1.4 10.3 11.0 0.8 0.7
Jagran Prakashan Buy 99 125 3,129 1,511 1,698 23.2 23.4 6.4 7.3 15.4 13.6 3.8 3.4 25.9 26.6 2.3 1.9
PVR Neutral 292 - 847 820 1,307 17.3 17.3 11.2 17.8 26.2 16.4 1.2 1.1 9.7 10.8 1.1 0.7
Sun TV Network Neutral 429 - 16,918 1,942 2,237 77.2 75.5 17.6 19.1 24.4 22.5 5.9 5.3 25.8 25.2 8.2 7.1
Metals & Mining
Bhushan Steel Neutral 464 - 10,509 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 2.4Coal India Buy 320 368 202,282 66,666 70,292 25.7 27.3 24.2 26.6 13.3 12.0 3.9 3.2 33.1 29.1 2.0 1.8
Electrosteel Castings Buy 19 28 664 1,984 2,074 10.6 11.6 1.8 2.6 10.9 7.4 0.4 0.1 3.6 5.1 0.5 0.4
Hind. Zinc Buy 120 149 50,809 12,002 13,759 49.7 50.8 14.7 16.4 8.2 7.4 1.6 1.3 21.1 19.8 2.3 1.6
Hindalco Neutral 101 - 19,376 80,205 88,987 9.0 9.2 13.4 13.8 7.5 7.3 0.6 0.5 7.9 7.6 0.6 0.6
JSW Steel Neutral 742 - 16,552 39,072 40,493 16.5 18.2 82.4 90.3 9.0 8.2 0.9 0.8 10.7 10.7 0.8 0.8
MOIL Neutral 241 - 4,049 933 954 46.9 45.5 25.8 26.1 9.3 9.2 1.5 1.3 16.7 15.1 1.8 1.6
Monnet Ispat Buy 238 318 1,519 2,287 2,883 21.8 21.8 35.3 40.7 6.8 5.9 0.6 0.6 9.6 10.2 1.9 1.4
Nalco Accumulate 45 46 11,572 6,630 8,357 11.4 14.5 2.1 3.3 21.1 13.8 1.0 0.9 4.6 6.9 1.0 0.9
NMDC Buy 147 181 58,222 9,674 11,536 75.2 76.6 16.0 18.6 9.2 7.9 2.0 1.7 23.6 23.0 3.8 3.0
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
10/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Metals & Mining
SAIL Neutral 70 - 29,058 43,438 56,199 12.0 12.2 6.5 8.5 10.8 8.3 0.7 0.7 6.6 8.2 0.9 0.7
Sesa Goa Accumulate 167 183 14,523 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 33,926 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 359 443 34,818 142,732 146,575 7.4 9.9 7.2 34.7 49.9 10.3 0.8 0.8 1.6 7.5 0.5 0.5
Sarda Buy 116 148 415 1,442 1,494 19.0 19.1 29.2 31.7 4.0 3.7 0.5 0.4 12.3 12.0 0.6 0.6
Prakash Industries Buy 35 52 468 2,512 2,816 12.4 13.7 10.0 12.6 3.5 2.8 0.2 0.2 7.2 8.4 0.5 0.4
Godawari Power andIspat Buy 93 112 297 2,367 2,425 14.2 13.7 33.3 33.5 2.8 2.8 0.3 0.3 12.9 11.2 0.6 0.5
Oil & Gas
Cairn India Buy 306 383 58,413 17,394 17,034 76.4 72.3 60.8 55.1 5.0 5.6 1.0 0.9 21.9 17.0 2.4 2.1
GAIL Neutral 342 - 43,331 48,077 55,815 15.3 15.3 34.9 35.9 9.8 9.5 1.7 1.5 19.0 17.0 0.6 0.5
ONGC Accumulate 326 357 278,652 144,089 158,065 32.8 34.7 28.7 34.4 11.4 9.5 1.8 1.6 17.0 18.3 1.6 1.4
Reliance Industries Neutral 851 - 274,743 362,700 380,031 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 268 - 3,437 3,707 3,850 11.7 12.4 23.7 25.7 11.3 10.4 3.2 2.7 29.6 28.2 0.8 0.7
Indraprastha Gas Neutral 272 - 3,812 3,365 3,700 22.8 23.4 25.3 26.6 10.8 10.2 2.5 2.1 26.0 22.6 1.2 1.1
Petronet LNG Buy 146 179 10,916 32,210 41,362 6.1 5.8 15.4 15.6 9.5 9.3 2.5 2.1 29.1 24.1 0.4 0.3
Gujarat State PetronetLtd.
Neutral 67 - 3,784 1,079 983 91.8 91.9 8.8 7.8 7.7 8.6 1.3 1.2 17.8 14.1 3.3 3.6
Pharmaceuticals
Alembic Pharma Neutral 99 - 1,869 1,490 1,714 16.2 17.1 7.4 9.5 13.4 10.4 3.7 2.8 30.7 30.2 1.3 1.1
Aurobindo Pharma Buy 165 208 4,796 5,463 6,279 15.0 15.0 12.4 14.0 13.3 11.8 1.7 1.5 18.8 17.8 1.5 1.3
Aventis* Neutral 2,321 - 5,345 1,482 1,682 17.5 16.6 82.9 87.8 28.0 26.4 4.4 3.5 16.3 14.8 3.5 3.0
Cadila Healthcare Accumulate 742 817 15,200 6,148 7,386 15.3 18.0 24.6 39.5 30.2 18.8 5.7 4.6 18.4 25.1 2.8 2.3
Cipla Accumulate 391 419 31,418 8,151 9,130 25.8 24.8 20.2 21.6 19.4 18.1 3.5 3.0 19.4 17.6 3.6 3.1
Dr Reddy's Neutral 1,819 - 30,876 10,696 11,662 20.7 21.0 83.7 92.9 21.7 19.6 4.5 3.8 22.4 20.8 3.2 2.8
Dishman Pharma Buy 74 155 600 1,280 1,536 20.2 20.2 12.1 15.5 6.1 4.8 0.6 0.5 10.0 11.6 1.2 1.0
GSK Pharma* Neutral 2,113 - 17,896 2,651 2,993 31.7 31.2 76.0 82.4 27.8 25.6 8.0 7.2 20.1 26.3 5.9 5.1
Indoco Remedies Buy 63 78 576 642 784 14.2 15.2 5.7 7.8 11.0 8.0 1.3 1.2 12.9 16.4 1.1 1.0
Ipca labs Accumulate 507 559 6,394 2,850 3,474 21.0 21.0 29.9 37.3 17.0 13.6 4.1 3.2 26.7 26.4 2.4 2.0
Lupin Accumulate 604 655 27,047 8,426 10,082 19.7 20.0 26.1 31.1 23.2 19.4 5.4 4.3 25.8 24.7 3.3 2.7
Ranbaxy* Neutral 403 - 17,043 12,253 11,400 14.1 12.5 31.2 21.6 12.9 18.7 4.2 3.6 37.9 20.6 1.3 1.4
Sun Pharma Neutral 818 - 84,606 10,111 12,563 42.6 42.6 28.9 29.8 28.3 27.5 5.8 4.9 22.3 19.2 7.6 6.0
Power
GIPCL Accumulate 73 78 1,110 1,502 1,535 32.1 31.9 11.4 12.5 6.4 5.9 0.7 0.7 7.6 11.9 1.2 1.0
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
11/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Power
NTPC Accumulate 149 163 122,899 72,809 81,951 23.4 24.1 12.2 13.6 12.2 11.0 1.5 1.4 12.2 12.5 2.3 2.2
Real Estate
DLF Neutral 278 - 47,190 7,953 9,699 34.7 37.0 4.4 6.0 63.6 46.5 1.8 1.7 3.1 3.8 8.1 6.3
MLIFE Accumulate 404 446 1,651 786 888 26.3 26.7 31.0 36.3 13.0 11.2 1.3 1.2 10.1 10.8 2.4 2.1
Telecom
Bharti Airtel Accumulate 323 350 122,698 80,521 87,160 30.5 30.5 6.4 10.4 50.5 31.1 2.3 2.2 4.6 7.0 2.4 2.1
Idea Cellular Neutral 116 - 38,553 22,087 23,927 26.6 27.7 2.9 3.9 39.8 29.8 2.7 2.5 6.9 8.4 2.3 2.1Rcom Neutral 65 - 13,396 21,087 22,067 31.8 31.9 2.6 4.0 24.7 16.2 0.4 0.4 1.5 2.2 2.3 2.1
zOthers
Abbott India Buy 1,390 1,634 2,953 1,926 2,152 13.1 13.5 79.0 90.8 17.6 15.3 3.8 3.2 23.7 22.8 1.3 1.1
Bajaj Electricals Buy 183 217 1,821 3,450 3,929 4.5 7.4 10.0 15.5 18.3 11.8 2.4 2.1 13.0 17.4 0.5 0.5
Cera Sanitaryware Accumulate 447 495 566 460 596 16.4 16.2 34.7 45.0 12.9 9.9 3.2 2.5 27.7 27.8 1.3 1.1
Cravatex Buy 368 545 95 272 308 7.2 7.3 37.5 45.4 9.8 8.1 2.3 1.8 23.7 22.7 0.4 0.4
CRISIL Neutral 920 - 6,464 982 1,136 34.3 34.3 34.3 40.0 26.8 23.0 12.1 9.7 50.9 46.9 6.2 5.2
Finolex Cables Buy 48 61 728 2,268 2,559 9.5 10.0 9.0 10.1 5.3 4.7 0.8 0.7 14.8 14.6 0.2 0.2
Force Motors Buy 400 550 521 2,027 2,299 4.6 5.1 35.3 50.0 11.3 8.0 0.5 0.4 3.9 5.3 0.1 0.1
Goodyear India Accumulate 285 304 658 1,559 1,676 7.1 7.4 27.5 30.5 10.4 9.4 1.7 1.5 16.9 16.7 0.2 0.2
Greenply Industries Sell 393 309 949 1,925 2,235 10.6 10.9 29.6 44.1 13.3 8.9 2.2 1.8 16.8 21.0 0.8 0.6
Hitachi Neutral 128 - 352 905 1,025 4.8 6.0 7.7 12.4 16.6 10.3 1.6 1.4 9.9 14.4 0.5 0.4
Honeywell Automation* Accumulate 2,531 2,842 2,237 2,117 2,491 8.1 7.8 140.5 157.9 18.0 16.0 2.7 2.4 16.3 15.8 1.0 0.8
Styrolution ABS India* Buy 590 744 1,038 1,069 1,223 9.7 9.7 40.0 46.5 14.7 12.7 2.1 1.8 15.1 15.3 1.0 0.8
ITD Cementation Buy 185 239 213 1,455 1,630 12.0 12.1 23.2 31.2 8.0 5.9 0.5 0.5 6.5 8.1 0.6 0.6
Jyothy Laboratories Neutral 164 - 2,643 816 979 14.5 14.9 5.2 6.0 31.8 27.2 3.6 3.4 8.8 10.2 3.5 2.8MCX Buy 970 1,440 4,947 553 624 65.3 66.3 62.5 72.0 15.5 13.5 4.3 3.7 27.5 27.4 6.4 5.2
MRF Accumulate 12,977 14,331 5,504 12,422 13,767 12.9 12.8 1,661.0 1,791.4 7.8 7.2 1.6 1.3 22.0 19.4 0.6 0.5
Page Industries Neutral 3,406 - 3,799 856 1,047 19.1 19.6 101.2 127.3 33.7 26.8 17.3 12.8 58.5 54.9 4.6 3.8
Relaxo Footwears Buy 674 887 809 989 1,148 10.7 11.7 41.8 55.5 16.1 12.2 3.7 2.8 25.5 26.3 0.9 0.8
Sintex Industries Buy 57 79 1,778 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.6 0.6 0.5 12.9 13.2 0.7 0.6
Siyaram Silk Mills Buy 291 332 273 1,048 1,157 11.3 12.0 58.7 66.5 5.0 4.4 0.9 0.7 18.9 18.3 0.5 0.5
S. Kumars Nationwide Neutral 10 - 308 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 Buy 35 43 1,702 5,720 6,599 5.3 6.8 3.6 5.4 9.7 6.6 14.1 4.5 - - 0.4 0.3
TAJ GVK Buy 66 108 411 300 319 35.8 36.2 7.9 9.1 8.3 7.2 1.1 1.0 13.9 14.4 1.7 1.4
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
12/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
zOthers
Tata Sponge Iron Buy 309 379 476 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2
TTK Healthcare Buy 484 655 376 393 439 5.9 6.7 21.1 26.7 22.9 18.2 17.5 19.1 0.8 0.7
TVS Srichakra Buy 203 276 155 1,461 1,591 5.6 7.1 6.9 39.4 29.3 5.1 1.1 1.0 3.8 20.6 0.3 0.3
United Spirits Neutral 1,896 - 24,799 10,473 11,939 15.0 15.8 30.4 56.9 62.4 33.3 4.8 3.0 10.8 12.3 3.0 2.3
Vesuvius India Accumulate 325 355 659 591 623 17.5 17.2 29.0 29.6 11.2 11.0 1.7 1.5 16.0 14.5 0.9 0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 08, 2013
www.angelbroking.com
Market Outlook
Stock Watch
March 11, 2013
-
7/29/2019 Market Outlook, 11.03.13
13/13
Market OutlookMarch 11, 2013