market outlook, 02-07-2013

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www.angelbroking.com

Market OutlookJuly 2, 2013

Dealers Diary

Indian markets are expected to open in green tracking positive opening in most of

the Asian markets after upbeat manufacturing reports from the U.S. and the euro

zone signaled an improvement in the major developed economies.

US markets closed higher Monday supported by release of a report from the ISM

showing a modest expansion in US manufacturing activity in the month of June.

The ISM indicated that its purchasing managers index climbed to 50.9 in June from

49.0 in May, with a reading above 50 indicating an increase in manufacturing

activity. A separate report from the Commerce Department showed a slightly

smaller than expected increase in construction spending in May, although spending

still reached its highest level in well over three years.

Meanwhile, Indian markets rose sharply yesterday on expectations that a

strengthening rupee on the back of a revival in foreign investment flows on hopes

for policy reforms will keep inflation under control and eventually leave room wide

open for rate cuts. India's manufacturing sector activity remained broadly flat in

June, as the seasonally adjusted PMI moved to 50.3 from 50.1 in May, staying

above the no-change 50 mark for the fifty-first consecutive month, data from a

survey by Markit Economics and HSBC Bank showed.

Markets Today

The trend deciding level for the day is 19,508/ 5,875 levels. If NIFTY trades above

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

up to 19,688 19,759 / 5,928 5,957 levels. However, if NIFTY trades below

19,508 / 5,875 levels for the first half-an-hour of trade then it may correct up to

19,417 19,257 / 5,846 5,793 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,257 19,417 19,508 19,668 19,759NIFTY 5,793 5,846 5,875 5,928 5,957

News Analysis

Auto Monthly - June - 2013 RBI receives 26 applications for new bank licenses L&T has bagged various orders worth `3,057cr HMCL acquires 49.2% stake in EBR for US$25mn Crompton Greaves announces buyback of equity shares

Refer detailed news analysis on the following page

Net Inflows (June 27, 2013)` cr Purch Sales Net MTD YTDFII 5,111 5,953 (843) (10,530) 71,306

MFs 636 464 172 (101) (12,177)

FII Derivatives (July 1, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,752 1,663 89 10,327

Stock Futures 1,783 1,632 151 25,257

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)JPInfratec 25 17.0 Gitanjali Gems 225 (5.0)

United Breweries 824 14.1 MMTC 98 (5.0)

United Spirits 2,460 13.3 Gujarat Mnrl 124 (3.4)

Tata Comm 178 13.1 Apollo Hospital 1,011 (2.6)

Reliance Comm 133 12.2 Marico 203 (2.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.9 182 19,577

Nifty 1.0 57 5,899

MID CAP 1.8 108 6,073

SMALL CAP 1.9 110 5,753

BSE HC 1.2 108 8,954

BSE PSU 1.5 90 6,253

BANKEX 0.9 125 13,383

AUTO 1.9 199 10,915

METAL 2.0 152 7,906

OIL & GAS 1.6 139 9,039

BSE IT (1.6) (100) 6,155

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.4 65 14,975NASDAQ 0.9 31 3,434

FTSE 1.5 92 6,308

Nikkei 1.3 175 13,853

Hang Sang 1.8 363 20,803

Straits Times (0.3) (10) 3,141

Shanghai Com 0.8 16 1,995

Indian ADR Chg (%) (Pts) (Close)INFY (0.4) (0.2) $41.0

WIT 0.7 0.1 $7.3IBN 1.9 0.7 $39.0

HDB (0.4) (0.1) $36.1

Advances / Declines BSE NSEAdvances 1,584 1,041

Declines 786 324

Unchanged 136 80

Volumes (` cr)BSE 1,719

NSE 10,254

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Auto Monthly - June - 2013

Ashok Leyland

Ashok Leyland reported broadly in-line volumes with total sales witnessing a

decline of 32% yoy (4.1% mom) to 6,967 units. The volumes continue to be

impacted by the slowdown in the medium and heavy commercial vehicle segment

which led to a 37.3% yoy (4.4% mom) decline in commercial vehicle sales (ex.

Dost). Dost volumes too reported a decline of 17.3% yoy to 2,253 units.

Hero MotoCorp

Hero MotoCorp (HMCL) posted a 6% yoy (10% mom) decline in volumes to

502,000 units, which was lower than our expectations. Total volumes were

impacted by the slowdown in demand and also on account of higher dispatches

that had happened in the month of April and May. Going ahead, the company

expects normal monsoon forecast coupled with improving consumer sentiments to

revive the growth.

Maruti Suzuki

Maruti Suzuki (MSIL) posted a 12.6% yoy (flat mom) decline in total sales to

84,455 units, which was in-line with our expectations. Continued slowdown in the

domestic demand and macroeconomic uncertainty in key export markets attributed

to the weak performance. While domestic volumes declined 7.8% yoy (1.1% mom),

export volumes posted a significant decline of 43% yoy. The compact (down 7.2%

yoy), super compact (down 8.7% mom) and utility vehicles (down 11.4%) segments

which have been driving the growth over the last one year witnessed sluggish

performance on account of continued slowdown in demand and also due to

increasing competition.

Mahindra and Mahindra

Mahindra & Mahindra (MM) reported mixed performance with automotive

segment witnessing a sharp decline of 7.8% yoy (12.4% mom) due to the

slowdown in the passenger vehicle segment; however, the tractor segment

continued its strong momentum and reported better-than-expected growth of

16.8% yoy (17.5%). As a result, the total sales of the company posted a modest

growth of 1.2% yoy (down 1.9% mom) to 65,841 units. The automotive segment

recorded lower-than-expected sales as the volumes were impacted due to a 12.9%

yoy (22.5% mom) decline in the passenger vehicle segment on account of theslowdown in demand for utility vehicles following an increase in excise duty and

also due to increasing competition in the segment. The tractor segment witnessed

a strong growth with domestic volumes increasing by 18.8% yoy (18.9% mom) on

expectations of normal monsoon and improved prospects for kharif crop.

Tata Motors

Tata Motors (TTMT) maintained its downward sales momentum in the domestic

markets as the commercial (CV) and passenger vehicle (PV) businesses reported a

decline of 10% and 31.5% yoy respectively. Consequently, total volumes registered

a decline of 18.1% yoy to 52,708 units. Within the CV space, domestic medium

and heavy and light commercial vehicle segments witnessed a decline of 12.1%

and 9.1% yoy respectively. While in the PV segment, utility vehicle and passenger

cars witnessed a decline of 40.4% and 29.2% yoy respectively. Exports too

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registered a decline of 34.2% yoy during the month. On a mom basis though,

volumes posted a growth of 6.9% driven by 7.6% and 6% mom growth in the CV

and PV segments respectively.

TVS Motor

TVS Motor (TVSL) reported in-line volumes with total volumes registering a decline

of 2.7% yoy (flat mom) to 164,128 units. The company continued its sluggish

performance in the two-wheeler segment down 4.9% yoy and 1.3% mom) on

account of poor demand and increased competitive activity in the motorcycle

(down 3.7% mom) and scooter (up 1.4% mom, however up 14.6% mom due to

base effect) segments. The three-wheeler sales on the other hand continued its

strong momentum and posted a growth of 108.2% yoy (16.7% mom) driven by

exports. The overall exports registered a strong growth of 31.9% yoy (6.8% mom)

during the month.

RBI receives 26 applications for new bank licenses

RBI received a total of 26 applications for a new bank license till the expiry of

deadline yesterday. Applicants include some of Indias big corporate groups like

Tata (via Tata Sons), Aditya Birla group (via Aditya Birla Nuvo), ADA group (via

Reliance Capital), L&T group (via L&T Finance Holdings), Bajaj group (via Bajaj

Finserv), Videocon (via Value Industries) and Shriram group (via Shriram Capital).

Department of Posts and IFCI also applied for a bank license. Among housing

finance companies, LIC and Indiabulls expressed intentions to set up a bank, while

Infra financiers like IDFC and SREI Infra, microfinance lenders such as Bandhan

and Janalakshmi and Gold loan company Muthoot Finance have also submitted

applications for bank license. Diversified financial companies such as Edelweiss,

India Infoline, J M Financial and Religare Enterprises and NBFCs such as Magma

Fincorp also expressed intentions to set up a bank. Other applicants were INMACS

management, Smart Global Ventures, Suryamani Finance Company, Tourism

Finance Corporation and UAE Exchange and Financial services.

RBI will now screen the applications for eligibility and then would refer them to a

high level advisory committee to be set by RBI (whose composition is yet to be

announced, but would comprise of eminent persons with experience in banking,

financial sector and other relevant areas). The high level committee would then

make recommendations to the RBI. The decision to issue an in-principle approval

for setting up of a bank will be taken by the Reserve Bank. Though, RBI has not

fixed any timeframe by which it will issue licenses, however, media reports suggest

that the finance ministry officials have indicated that the license are likely to be

issued by the end of current fiscal.

L&T has bagged various orders worth `3,057cr

L&T said its building & factories division has bagged various orders worth

`1,808cr for the construction of an office space, residential building and a hospital

from customers across the country. In the water & renewable energy business

segment, it has bagged various orders worth `628cr. In the power transmissionand distribution business, the company has got orders of `442cr from the Delhi

Metro for design verification, detailed engineering, manufacture, supply,

installation, testing and commissioning of electrical and mechanical system

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including fire and hydraulic system for its underground stations under the phase-3

of the project. Also, the company has bagged orders worth `179cr from heavy civil

infrastructure and metallurgical & material handling businesses. We continue tomaintain our Buy rating on the stock with target price of `1,761.

HMCL acquires 49.2% stake in EBR for US$25mn

Hero MotoCorp (HMCL) has acquired 49.2% equity stake in US based motorcycle

company Erik Buell Racing (EBR) for US$25mn. According to the management,

the company has invested US$15mn on June 29, 2013 and expects to invest the

balance US$10mn within the next nine months. The acquisition will be made via

HMCLs wholly owned subsidiary based in US, HMCL (NA). Further, according to

the terms of the agreement, HMCL will have representations on the EBR board with

two directors and one observer. However, there will be no organizational changes

at EBR, and Erik Buell will continue to be its Chairman and CEO. According to the

management, both the companies will now closely work on the design and selling

and marketing of products of both EBR and Hero brands. The management

expects that the acquisition will provide HMCL access to newer markets such as

North America where EBR is already present and also in Europe where it has been

firming up plans to enter through its high-end bikes.

We are not surprised by HMCLs move to acquire stake in EBR considering that the

company had already entered into a strategic agreement with EBR in February

2012. We see this investment in-line with the companys strategy to enhance

technological prowess, post the break-up with Honda. While EBR is more into high

end (greater than 1000cc) bikes, according to the management the technology

can also be used for to develop smaller engine bikes. This development is certainly

positive for HMCL and is also on the expected lines as HMCL intends to develop its

own R&D team. HMCL intends to spend `400cr to set up state of the art integrated

R&D centre in Jaipur by 2QFY2014. At `1,699 the stock is trading at 12.1x

FY2015E earnings. We maintain our Accumulate rating on the stock with a targetprice of `1,820.

RCom clears `6,000cr foreign currency loans

RCom yesterday announced that the company has fully repaid two loansamounting to US$1bn (~`6,000cr) during the quarter ended June 30, 2013. The

two syndicated ECB loan facilities of US$500mn each were availed in 2007 from a

clutch of foreign banks. In addition, RCom has made scheduled repayments of

another US$207mn (`1,200cr) against other foreign currency loans. The

repayments have been from the companys rupee resources. We believe this move

has come keeping in view the volatility seen in INR as firms which have foreign

currency debt exposure are set to be hurt by the ongoing slide in the rupee. Wecontinue to remain Neutral on the stock.

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Economic and Political News

EGoM on gas to meet on July 17, 2013 Diesel price up 50paise/litre excluding VAT Growth of core industries slows to 2.3% in May Gas price hike may hit urea cos profits: India Ratings Gems, jewellery exports slump 16.5% in May on sluggish demandCorporate News

Dr Reddy's launches online repositries on lung, breast cancer Mahindra launches motorcycle 'Centuro' Mahindra Satyam shares to stop trading from July 4 Moody's downgrades Tata Power to negative Tata Global Beverages increases stake in plantations company

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 3, 2013 6:00PM US Initial Jobless claims Thousands Jun 29 346.00 345.00

1:25PM Germany PMI Services Value Jun F 51.30 51.30

July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 0.50

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 165.00

6:00PM US Unnemployment rate % Jun 7.60 7.50

July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --

7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 2.50

July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --

4:29PM India Exports YoY% % Change Jun (1.10) --

4:29PM China Exports YoY% % Change Jun 1.00 4.00

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 9.10

7:30AM China Real GDP (YoY) % Change 2Q 7.70 7.60

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.60 --

6:45PM US Industrial Production % Jun 0.04 --

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --

6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

11:30PM US FOMC rate decision % Jul 31 0.25 --

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.20) --

August 30, 2013 11:00AM India Qtrly GDP YoY% % Change 2Q 4.80 --

Source: Bloomberg, Angel Research

July 02, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

Feb

-13

Mar-13

Apr-13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

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

Mar-13

Apr-13

May-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Repo rate Reverse Repo rate CRR(%)

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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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 144 - 2,796 1,657 1,906 14.1 14.1 7.7 8.9 18.7 16.2 3.9 3.3 22.2 21.9 1.6 1.4

United Phosphorus Buy 139 232 6,152 10,298 11,310 16.5 16.5 20.5 23.2 6.8 6.0 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 257 285 4,387 3,418 3,892 14.5 14.5 18.5 20.4 13.9 12.6 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 60 - 3,034 13,852 15,487 11.4 11.5 12.8 14.9 4.7 4.0 0.8 0.7 17.5 17.3 0.3 0.3

Ashok Leyland Buy 21 27 5,494 14,038 16,442 7.6 8.7 1.1 2.2 19.7 9.3 1.7 1.5 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 220 - 333 834 965 9.3 10.6 17.3 27.1 12.8 8.1 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,923 2,056 55,648 22,684 25,908 18.0 18.5 117.3 137.1 16.4 14.0 5.9 4.7 39.9 37.2 2.1 1.7

Bharat Forge Neutral 224 - 5,220 6,198 6,793 14.6 14.9 14.5 17.3 15.4 13.0 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,907 - 27,966 9,821 11,394 17.0 17.3 373.5 438.7 23.9 20.3 4.3 3.6 18.0 17.9 2.5 2.1

CEAT Buy 106 170 362 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 123 150 10,447 7,053 8,061 14.2 14.5 7.8 9.1 15.7 13.5 2.7 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,441 - 2,394 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,699 1,819 33,917 25,274 27,658 14.1 13.7 110.2 139.9 15.4 12.1 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 105 154 432 7,972 8,754 7.1 7.1 37.5 44.0 2.8 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 982 1,090 60,505 45,254 51,197 11.4 11.7 61.2 70.2 16.1 14.0 3.4 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,605 1,847 48,491 48,455 55,723 11.2 10.9 107.8 123.2 14.9 13.0 2.3 1.9 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 197 222 11,552 28,442 31,493 7.5 7.8 12.5 14.8 15.7 13.3 3.9 3.1 27.5 25.8 0.6 0.5

Subros Buy 23 30 135 1,479 1,685 10.0 9.9 5.5 7.5 4.1 3.0 0.4 0.4 11.1 13.7 0.4 0.3

Tata Motors Buy 290 347 78,034 215,016 237,404 13.3 13.6 36.2 41.5 8.0 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Buy 33 41 1,584 7,715 8,584 6.0 6.1 5.0 5.8 6.7 5.8 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 621 461 13,167 8,073 9,052 5.5 6.9 11.5 16.9 53.9 36.7 4.9 4.7 9.3 13.1 1.6 1.4BGR Energy Neutral 134 - 968 4,114 4,886 11.4 10.7 24.9 28.0 5.4 4.8 0.7 0.7 25.2 22.6 0.5 0.5

BHEL Neutral 179 - 43,763 44,054 39,326 16.8 15.1 20.6 16.1 8.7 11.1 1.9 1.7 23.5 16.1 0.8 0.9

Blue Star Buy 164 230 1,476 2,896 3,087 5.6 6.2 9.3 11.7 17.6 14.0 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 90 117 5,757 13,446 15,272 6.7 7.6 6.6 8.9 13.5 10.1 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 22 - 178 3,360 3,597 9.7 9.8 7.3 10.2 3.0 2.1 0.6 0.6 8.8 11.4 0.3 0.3

KEC International Buy 33 49 837 7,709 8,399 6.7 7.2 6.1 8.5 5.4 3.8 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 597 - 7,111 5,780 6,430 9.5 9.6 29.8 33.0 20.0 18.1 3.4 3.0 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,221 1,361 22,932 11,820 13,254 19.3 20.9 74.9 93.1 16.3 13.1 2.8 2.5 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 02, 2013

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Cement

Ambuja Cements Neutral 189 - 29,200 10,171 11,762 23.5 24.6 10.2 12.2 18.6 15.5 3.0 2.8 17.1 18.7 2.3 1.9

India Cements Neutral 60 - 1,840 4,929 5,434 17.4 17.1 8.9 10.9 6.7 5.5 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 99 143 1,161 2,247 2,742 21.0 23.1 17.8 21.8 5.5 4.5 0.8 0.7 15.5 16.4 0.4 0.9

Madras Cements Neutral 225 - 5,344 4,234 4,788 23.9 24.0 18.5 22.8 12.2 9.9 1.9 1.7 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,758 - 16,577 6,607 7,520 27.5 26.7 322.8 374.3 14.7 12.7 3.7 2.9 27.8 25.6 1.8 1.4

UltraTech Cement Neutral 1,926 - 52,802 21,947 25,049 23.8 23.8 106.1 119.8 18.2 16.1 3.0 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 185 255 974 1,928 2,234 21.0 21.5 18.0 22.2 10.3 8.4 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 10 - 182 1,928 2,234 2.4 6.2 (2.9) (0.4) (3.4) (27.3) 0.4 0.4 0.5 0.4

IRB Infra Buy 99 157 3,294 3,997 4,312 45.5 46.4 15.7 16.6 6.3 6.0 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 148 230 2,877 7,444 8,041 27.4 28.9 29.8 32.1 5.0 4.6 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 17 29 525 5,673 5,892 8.1 8.4 1.4 1.8 11.9 9.3 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 56 90 12,360 14,850 15,631 24.9 25.1 2.5 2.9 22.0 19.5 0.9 0.9 4.2 4.7 2.6 2.6

Larsen & Toubro Buy 1,450 1,761 89,350 68,946 78,040 10.5 10.5 77.9 88.3 18.6 16.4 2.7 2.4 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 28 42 706 6,167 6,945 8.0 8.2 2.7 3.6 10.3 7.6 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 37 - 1,219 12,954 14,740 9.9 9.9 0.5 0.9 72.3 39.4 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 96 139 1,448 2,462 2,731 10.6 10.6 5.9 6.7 16.3 14.4 1.6 1.5 10.2 10.5 0.9 0.8

Simplex Infra Buy 85 131 420 6,308 7,033 9.5 9.6 11.9 18.7 7.1 4.5 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 27 41 198 2,146 2,339 13.7 13.8 11.0 11.5 2.4 2.3 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 95 123 4,730 6,705 7,535 2.5 2.5 27.6 33.2 3.4 2.9 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 84 - 4,726 5,195 5,834 2.7 2.7 19.2 23.1 4.4 3.7 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,346 1,778 63,106 19,237 23,261 3.2 3.2 133.8 161.5 10.1 8.3 1.7 1.4 17.6 18.5 - -Bank of Baroda Buy 590 761 24,854 16,287 18,707 2.2 2.3 120.6 144.6 4.9 4.1 0.7 0.6 15.0 16.0 - -

Bank of India Buy 242 270 14,394 14,459 16,176 2.3 2.2 55.2 68.2 4.4 3.5 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 53 61 3,483 4,291 4,724 3.0 3.0 12.1 12.9 4.4 4.1 0.7 0.6 16.2 15.3 - -

Canara Bank Buy 385 422 17,033 12,045 13,495 2.1 2.2 76.7 86.4 5.0 4.5 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 63 69 6,607 8,406 9,546 2.5 2.5 12.6 18.7 5.0 3.4 0.6 0.6 10.6 14.3 - -

Corporation Bank Buy 356 436 5,441 5,554 6,156 2.0 2.0 94.9 104.9 3.8 3.4 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 72 79 2,534 3,255 3,623 2.3 2.4 22.0 24.9 3.3 2.9 0.5 0.4 14.8 14.8 - -

Federal Bank Accumulate 417 455 7,137 2,802 3,274 2.9 2.9 49.8 56.6 8.4 7.4 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 02, 2013

7/28/2019 Market Outlook, 02-07-2013

10/15

7/28/2019 Market Outlook, 02-07-2013

11/15



IT

HCL Tech^ Accumulate 759 870 52,876 29,424 32,837 22.6 22.0 59.5 63.3 12.8 12.0 3.1 2.6 24.6 21.7 1.7 1.4

Hexaware* Buy 88 105 2,620 2,158 2,374 19.6 19.8 10.7 11.7 8.2 7.5 1.8 1.6 23.0 22.3 1.0 0.9

Infosys Neutral 2,448 - 140,547 45,153 48,993 27.6 26.8 170.7 187.5 14.3 13.1 3.0 2.6 20.8 19.5 2.5 2.2

Infotech Enterprises Accumulate 174 190 1,946 2,037 2,254 17.9 17.7 21.2 22.6 8.2 7.7 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 118 144 2,287 2,614 2,923 17.2 16.8 13.2 14.4 9.0 8.2 1.6 1.3 18.5 16.7 0.9 0.7

Mahindra Satyam Accumulate 120 135 14,071 8,590 9,324 20.9 20.6 10.9 11.7 11.0 10.3 2.6 2.1 23.7 20.3 1.3 1.1

Mindtree Accumulate 835 925 3,469 2,707 2,978 20.3 20.2 87.4 97.0 9.6 8.6 2.0 1.6 21.8 19.5 1.0 0.8Mphasis& Accumulate 372 391 7,808 6,372 6,852 18.0 18.2 38.0 43.5 9.8 8.5 1.4 1.2 14.3 14.2 0.7 0.6

NIIT Buy 19 30 316 1,144 1,267 9.0 9.1 4.3 5.4 4.5 3.6 0.5 0.4 10.3 12.0 0.1 -

Persistent Buy 503 595 2,010 1,505 1,677 25.9 26.2 53.6 59.7 9.4 8.4 1.7 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,492 1,640 291,959 74,795 84,926 28.8 28.7 82.2 91.5 18.1 16.3 5.6 4.6 30.8 28.1 3.7 3.2

Tech Mahindra Buy 1,034 1,250 13,288 8,102 8,709 19.7 19.2 107.5 117.0 9.6 8.8 2.0 1.7 21.2 18.9 1.7 1.5

Wipro Accumulate 351 389 86,530 41,659 45,137 21.2 21.4 27.7 29.9 12.7 11.7 2.6 2.2 20.5 19.0 1.6 1.3

Media

D B Corp Buy 240 290 4,393 1,750 1,925 25.1 26.6 14.2 16.8 16.9 14.3 3.7 3.1 23.4 23.4 2.4 2.1

HT Media Buy 96 117 2,246 2,205 2,380 15.1 15.6 8.3 9.1 11.6 10.5 1.3 1.1 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 81 107 2,693 1,664 1,825 20.9 23.0 6.4 7.8 12.6 10.5 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 339 - 1,342 1,359 1,540 17.3 17.4 17.2 21.6 19.7 15.7 2.0 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 392 - 15,428 2,287 2,551 69.7 70.5 20.0 23.3 19.6 16.8 4.8 4.2 26.4 27.3 6.2 5.4

Metals & Mining

Bhushan Steel Neutral 464 - 10,508 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 304 345 192,144 72,174 76,311 33.3 28.4 28.4 30.9 10.7 9.9 3.0 2.5 37.6 36.2 1.8 1.7

Electrosteel Castings Buy 13 18 435 1,976 2,017 11.8 12.7 1.3 2.6 10.6 5.1 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 123 193 3,921 1,920 2,239 53.2 52.9 21.6 25.0 5.7 4.9 1.3 1.1 25.1 23.8 1.6 1.2

Hind. Zinc Buy 105 145 44,387 12,358 13,659 51.4 51.6 16.0 17.6 6.6 6.0 1.2 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 102 - 19,481 89,352 93,672 8.8 9.2 13.4 15.0 7.6 6.8 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 659 - 14,703 39,973 40,926 17.2 17.0 71.9 82.8 9.2 8.0 0.8 0.7 9.0 9.6 0.7 0.6

MOIL Buy 203 248 3,412 1,010 1,046 46.5 47.6 26.8 28.8 7.6 7.1 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 124 193 787 2,326 2,709 21.4 23.1 33.3 43.1 3.7 2.9 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 31 - 7,886 7,656 7,988 13.1 13.5 2.6 2.6 12.0 11.7 0.7 0.6 5.5 5.5 0.4 0.4

NMDC Buy 106 156 41,828 10,461 11,892 71.6 72.6 16.3 17.6 6.5 6.0 1.4 1.2 22.1 21.4 2.2 2.0


Market Outlook

Stock Watch

July 02, 2013

7/28/2019 Market Outlook, 02-07-2013

12/15



Metals & Mining

SAIL Neutral 52 - 21,580 44,060 54,786 9.4 11.5 5.2 7.2 10.0 7.3 0.5 0.5 5.2 6.8 0.7 0.6

Sesa Goa Buy 149 166 12,906 3,742 4,426 32.9 32.8 30.0 29.8 5.0 5.0 0.7 0.6 14.3 12.5 4.1 3.4

Sterlite Inds Buy 87 100 29,154 44,462 45,568 23.2 24.7 18.1 20.2 4.8 4.3 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 281 378 27,252 140,917 151,537 9.7 10.8 30.9 47.6 9.1 5.9 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 97 153 346 1,494 1,568 19.1 20.3 31.3 36.5 3.1 2.7 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 31 40 416 2,615 2,776 12.1 12.0 9.8 10.4 3.2 3.0 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 76 102 250 2,344 2,509 14.9 15.4 38.7 47.0 2.0 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 293 345 55,914 16,482 16,228 69.4 53.3 53.3 49.6 5.5 5.9 0.9 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 323 - 41,004 52,102 52,876 15.7 16.1 34.1 35.7 9.5 9.1 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 328 387 280,877 170,063 198,461 36.3 38.3 34.7 41.9 9.5 7.8 1.6 1.4 18.3 19.5 1.4 1.0

Reliance Industries Neutral 883 - 285,094 380,031 407,721 9.9 69.3 69.3 78.0 12.7 11.3 1.3 1.2 11.5 11.7 0.7 0.6

Gujarat Gas* Neutral 202 - 2,591 3,707 3,850 11.7 12.4 23.7 25.7 8.5 7.9 2.4 2.1 29.6 28.2 0.5 0.5

Indraprastha Gas Neutral 281 - 3,931 3,700 4,218 23.4 22.8 26.7 30.4 10.5 9.2 2.2 1.9 22.7 21.8 1.1 0.9

Petronet LNG Buy 127 167 9,548 40,356 40,872 5.8 6.4 15.0 16.7 8.5 7.6 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,250 1,171 1,287 91.9 91.9 10.1 11.3 5.7 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 139 - 2,618 1,736 2,008 17.1 18.9 10.7 13.9 13.0 10.0 4.1 3.1 35.0 34.7 1.5 1.3

Aurobindo Pharma Buy 187 271 5,443 6,641 7,637 15.9 15.9 17.3 20.6 10.8 9.1 1.7 1.4 19.5 18.9 1.2 1.1

Aventis* Neutral 2,469 - 5,687 1,682 1,917 16.6 16.6 92.4 99.1 26.7 24.9 3.8 3.8 15.7 14.8 2.9 2.4

Cadila Healthcare Buy 771 929 15,790 7,280 8,640 15.5 15.7 38.3 46.5 20.1 16.6 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 397 477 31,884 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.7 3.0 2.6 17.2 16.8 3.1 2.6Dr Reddy's Accumulate 2,268 2,535 38,546 13,377 15,350 20.4 20.1 112.3 126.8 20.2 17.9 4.3 3.6 23.5 21.8 2.9 2.5

Dishman Pharma Buy 58 168 467 1,394 1,534 22.5 22.4 15.0 16.8 3.9 3.5 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,467 - 20,892 2,854 3,145 28.6 28.6 76.6 83.3 32.2 29.6 9.6 8.8 31.1 31.0 6.1 5.4

Indoco Remedies Buy 63 78 578 760 922 15.3 15.3 6.1 7.8 10.3 8.0 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 659 - 8,309 3,243 3,826 20.5 21.5 36.0 44.4 18.3 14.8 4.3 3.4 26.0 25.4 2.7 2.3

Lupin Accumulate 777 877 34,781 11,641 13,933 21.3 21.3 34.8 41.8 22.3 18.6 5.2 4.1 26.2 24.8 3.0 2.5

Ranbaxy* Neutral 324 - 13,721 11,400 12,060 10.5 12.5 17.5 22.5 18.5 14.4 3.0 2.6 17.0 19.1 1.1 1.0

Sun Pharma Neutral 1,004 - 103,817 13,509 15,846 41.0 41.0 33.0 39.8 30.4 25.2 6.1 5.1 22.0 22.0 7.2 5.9

Power

GIPCL Accumulate 69 78 1,047 1,444 1,482 33.4 33.0 13.7 14.8 5.1 4.7 0.6 0.5 12.3 12.0 0.8 0.5


Market Outlook

Stock Watch

July 02, 2013

7/28/2019 Market Outlook, 02-07-2013

13/15



Power

NTPC Accumulate 148 163 121,786 76,734 86,680 24.5 24.3 13.4 14.5 11.0 10.2 1.4 1.2 12.8 12.7 2.2 2.1

Real Estate

DLF Buy 189 236 33,664 8,293 9,622 36.5 36.1 5.7 6.7 33.1 28.1 1.2 1.1 3.7 4.1 6.0 5.0

MLIFE Accumulate 434 476 1,773 888 1,002 30.6 30.6 38.8 43.4 11.2 10.0 1.3 1.1 11.2 11.4 2.5 2.2

Telecom

Bharti Airtel Accumulate 295 321 118,063 85,489 94,229 31.9 31.9 10.2 14.6 28.9 20.2 2.1 1.9 7.2 9.4 2.0 1.8

Idea Cellular Neutral 144 - 47,811 25,640 28,459 26.9 27.2 4.0 4.9 36.0 29.2 3.0 2.7 8.4 9.4 2.2 2.0Rcom Neutral 133 - 27,348 22,751 24,628 30.9 31.3 3.4 5.3 38.7 25.2 0.8 0.8 2.1 3.1 2.7 2.3

Others

Abbott India* Accumulate 1,439 1,659 3,057 1,863 2,081 11.8 12.4 71.2 83.0 20.2 17.3 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 174 237 1,736 3,885 4,472 5.4 7.2 11.0 19.7 15.9 8.8 2.2 1.8 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 495 562 627 630 795 14.4 13.6 42.8 51.1 11.6 9.7 2.8 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 305 459 79 248 284 6.5 7.3 27.2 38.2 11.2 8.0 1.8 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 51 68 778 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.5 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 271 437 353 2,304 2,649 3.1 3.6 28.0 43.7 9.7 6.2 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 306 345 705 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.3 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 125 177 341 1,053 1,169 6.3 7.1 13.8 17.7 9.1 7.1 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,482 - 2,194 1,842 2,131 7.7 7.8 112.4 132.4 22.1 18.7 2.8 2.4 13.3 13.8 1.1 1.0

IFB Agro Buy 146 198 131 495 651 12.7 12.9 29.3 39.5 5.0 3.7 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 157 234 181 1,430 1,573 11.1 11.0 19.1 26.9 8.3 5.9 0.4 0.4 4.9 6.3 0.5 0.5

Jyothy Laboratories Accumulate 180 199 2,988 1,220 1,476 13.3 13.6 5.5 9.0 32.6 19.9 3.8 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,911 14,416 5,476 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.2 7.2 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Accumulate 4,106 4,611 4,580 1,057 1,282 19.4 19.6 124.8 153.7 32.9 26.7 16.3 12.0 56.3 51.8 4.4 3.6Relaxo Footwears Neutral 796 - 955 1,146 1,333 10.9 11.4 45.9 60.9 17.3 13.1 3.6 2.9 23.0 24.6 1.0 0.8

Siyaram Silk Mills Buy 229 343 214 1,158 1,322 11.9 11.9 72.9 85.7 3.1 2.7 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 401 617 705 1,068 1,223 9.6 9.6 38.1 44.1 10.5 9.1 1.4 1.3 14.5 14.7 0.6 0.5

TAJ GVK Buy 60 108 374 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 287 371 441 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 507 686 394 435 516 6.2 7.1 24.3 33.3 20.9 15.3 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Buy 252 297 906 153 194 53.0 52.8 12.4 15.6 20.3 16.1 2.4 2.1 11.8 13.1 5.9 4.5

TVS Srichakra Buy 170 252 130 1,591 1,739 6.1 6.6 24.5 41.9 7.0 4.1 0.7 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,460 - 35,756 12,294 14,162 12.0 12.0 42.1 67.7 58.4 36.3 4.1 3.7 9.1 10.7 2.9 2.5


Market Outlook

Stock Watch

July 02, 2013

7/28/2019 Market Outlook, 02-07-2013

14/15



Others

Vesuvius India* Buy 356 439 723 600 638 20.1 19.4 35.7 36.6 10.0 9.7 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 01, 2013


Market Outlook

Stock Watch

July 02, 2013

7/28/2019 Market Outlook, 02-07-2013

15/15


market outlook, 02-07-2013

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