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www.angelbroking.com

Market OutlookJuly 4, 2013

L&T wins US$352mn Oman road project

As per media reports, L&T has emerged as a successful bidder to build Batinah

road project (package 4) in the northwest of Oman. The estimated project cost is

~US$352mn (~`2,100cr) and has a construction period of two years. Wecontinue to maintain our Buy rating on the stock with target price of `1,761.Bank of India slashes base rate by 25bp

Public sector lender - Bank of India (BOI) has cut its base rate by 25bp to 10% with

effect from July 8, 2013. The move follows the meeting of finance minister with

PSU banks chief, wherein the minister had advised banks to reduce lending rates,

so as to stimulate credit growth. Though systemic liquidity has eased considerably,

the deposits rates remain elevated, making it difficult for banks to lower their

lending rates. Amongst our coverage banks, the base rate for BOI after the rate

cut, would be second lowest amongst PSUs and fourth lowest overall. The move to

reduce rates when deposit rates are elevated, is likely to a bit negative for BOI, in

the near term. Having said that, after the recent underperformance, it trades at0.5x FY2015E ABV. We maintain our Buy recommendation on the stock, with atarget price of `270.

Ashoka Buildcon and GVR Infra consortium has beendeclared as selected bidder for `985cr road project

Ashoka Buildcon and GVR Infra Projects 50:50 consortium has emerged as a

'selected bidder' for development of Chennai outer ring road phase II from

Nemilicheri in NH 205 to Minjur in Thiruvottiyur - Ponneri - Panchetti (TPP) road byTamil Nadu Road Development Company (TNRDC). The estimate project cost is

`985cr and has a concession period of 20 years. The scope of project includes

design, build, finance, operate and transfer annuity basis at Chennai, in the State

of Tamil Nadu project. We continue to maintain our Buy rating on the stock withtarget price of `255.

Economic and Political News

Currency volatility adding to corporate treasury dilemma: KPMG Government clears 8 FDI proposals worth over `1,311cr June services PMI falls to 51.7 from 53.6 in May Corporates prefer bonds over bank credit due to slow monetary transmission

Corporate News

25 domestic-coal based plants to import 50 MT coal in FY2014 GlaxoSmithKline expands offering in digestive antacid market Government rejects MCX's foreign investment plan Hind Copper share sale fully subscribed, government gets `260cr Iron ore sales for Q1 grew 5.83%: NMDC JSPL plans `12,000cr investment this year Mahindra Holidays to add 500 units One out of 5 associate banks can be merged in FY2014: SBI Chief Zensar eyes acquisition to reach US$1bn revenue by 2017-18Source: 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 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 3.70

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 04, 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 141 - 2,749 1,657 1,906 14.1 14.1 7.7 8.9 18.4 15.9 3.8 3.2 22.2 21.9 1.6 1.4

United Phosphorus Buy 133 232 5,898 10,298 11,310 16.5 16.5 20.5 23.2 6.5 5.7 1.1 0.9 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 267 285 4,567 3,418 3,892 14.5 14.5 18.5 20.4 14.5 13.1 3.5 2.9 26.6 23.8 1.4 1.1

Apollo Tyres Neutral 60 - 3,032 13,852 15,487 11.4 11.5 12.8 14.9 4.7 4.0 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 20 27 5,361 14,038 16,442 7.6 8.7 1.1 2.2 19.3 9.0 1.7 1.5 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 218 - 330 834 965 9.3 10.6 17.3 27.1 12.6 8.1 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,896 2,096 54,854 23,005 26,460 18.0 18.5 118.8 139.7 16.0 13.6 5.8 4.6 40.4 37.7 2.0 1.6

Bharat Forge Neutral 217 - 5,042 6,198 6,793 14.6 14.9 14.5 17.3 14.9 12.5 1.9 1.7 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,797 - 27,623 9,821 11,394 17.0 17.3 373.5 438.7 23.6 20.1 4.2 3.6 18.0 17.9 2.5 2.1

CEAT Buy 104 170 355 5,325 5,974 8.4 8.3 40.8 48.5 2.5 2.1 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 120 141 10,196 7,053 8,061 14.2 14.5 7.8 9.1 15.3 13.1 2.6 2.2 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,415 - 2,351 1,525 1,742 14.5 15.7 88.4 109.5 16.0 12.9 2.3 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,659 1,820 33,133 25,298 27,665 14.1 13.7 110.3 140.0 15.0 11.9 5.5 4.3 39.9 40.7 1.1 1.0

JK Tyre Buy 101 154 416 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 978 1,103 60,237 45,254 51,197 11.4 11.7 61.2 70.2 16.0 13.9 3.3 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,561 1,822 47,156 47,923 55,002 11.2 10.9 106.6 121.4 14.7 12.9 2.2 1.9 16.1 15.8 0.8 0.7

Motherson Sumi Accumulate 199 222 11,681 28,442 31,493 7.5 7.8 12.5 14.8 15.9 13.5 3.9 3.1 27.5 25.8 0.6 0.5

Subros Buy 22 27 130 1,426 1,624 10.0 9.9 4.9 6.8 4.5 3.2 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 284 347 76,593 215,016 237,404 13.3 13.6 36.2 41.5 7.9 6.9 1.8 1.4 24.6 23.2 0.4 0.4

TVS Motor Accumulate 33 35 1,570 7,715 8,584 6.0 6.1 5.0 5.8 6.7 5.7 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 609 461 12,903 8,073 9,052 5.5 6.9 11.5 16.9 52.9 35.9 4.8 4.6 9.3 13.1 1.6 1.4BGR Energy Neutral 126 - 910 3,756 4,569 11.4 10.7 21.7 28.3 5.8 4.5 0.7 0.6 22.3 23.4 0.6 0.5

BHEL Neutral 178 - 43,616 44,054 39,326 16.8 15.1 20.6 16.1 8.7 11.1 1.9 1.7 23.5 16.1 0.9 0.9

Blue Star Buy 160 230 1,441 2,896 3,087 5.6 6.2 9.3 11.7 17.2 13.7 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 90 117 5,802 13,446 15,272 6.7 7.6 6.6 8.9 13.7 10.2 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 21 - 171 3,360 3,597 9.7 9.8 7.3 10.2 2.8 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 32 49 819 7,709 8,399 6.7 7.2 6.1 8.5 5.2 3.7 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 599 - 7,132 5,780 6,430 9.5 9.6 29.8 33.0 20.1 18.1 3.4 3.0 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,206 1,361 22,638 11,820 13,254 19.3 20.9 74.9 93.1 16.1 13.0 2.8 2.5 18.1 20.3 1.6 1.4


Market Outlook

Stock Watch

July 04, 2013

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Cement

Ambuja Cements Neutral 188 - 29,069 10,171 11,762 23.5 24.6 10.2 12.2 18.5 15.4 3.0 2.8 17.1 18.7 2.3 1.9

India Cements Neutral 56 - 1,728 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.2 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 94 143 1,103 2,247 2,742 21.0 23.1 17.8 21.8 5.3 4.3 0.8 0.7 15.5 16.4 0.4 0.8

Madras Cements Neutral 214 - 5,081 4,234 4,788 23.9 24.0 18.5 22.8 11.6 9.4 1.9 1.6 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,586 - 15,976 6,607 7,520 27.5 26.7 322.8 374.3 14.2 12.3 3.5 2.8 27.8 25.6 1.8 1.4

UltraTech Cement Neutral 1,905 - 52,232 21,947 25,049 23.8 23.8 106.1 119.8 18.0 15.9 3.0 2.6 17.7 17.3 2.5 2.1

ConstructionAshoka Buildcon Buy 64 255 676 1,928 2,234 21.0 21.5 18.0 22.2 3.6 2.9 0.3 0.3 10.2 10.1 1.7 1.7

Consolidated Co Neutral 9 - 173 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.2) (25.9) 0.4 0.4 0.5 0.5

IRB Infra Buy 94 157 3,126 3,997 4,312 45.5 46.4 15.7 16.6 6.0 5.7 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 144 230 2,796 7,444 8,041 27.4 28.9 29.8 32.1 4.8 4.5 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 16 29 479 5,673 5,892 8.1 8.4 1.4 1.8 10.8 8.5 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 52 90 11,506 14,850 15,631 24.9 25.1 2.5 2.9 20.5 18.2 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 1,393 1,761 85,822 68,946 78,040 10.5 10.5 77.9 88.3 17.9 15.8 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 26 42 670 6,167 6,945 8.0 8.2 2.7 3.6 9.8 7.2 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 33 - 1,099 12,954 14,740 9.9 9.9 0.5 0.9 65.2 35.5 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 93 139 1,402 2,462 2,731 10.6 10.6 5.9 6.7 15.8 13.9 1.5 1.4 10.2 10.5 0.9 0.8

Simplex Infra Buy 82 131 405 6,308 7,033 9.5 9.6 11.9 18.7 6.9 4.4 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 26 41 190 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.2 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 89 123 4,443 6,705 7,535 2.5 2.5 27.6 33.2 3.2 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 82 - 4,577 5,195 5,834 2.7 2.7 19.2 23.1 4.3 3.5 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,274 1,778 59,739 19,237 23,261 3.2 3.2 133.8 161.5 9.5 7.9 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 544 761 22,910 16,287 18,707 2.2 2.3 120.6 144.6 4.5 3.8 0.7 0.6 15.0 16.0 - -

Bank of India Buy 220 270 13,131 14,459 16,176 2.3 2.2 55.2 68.2 4.0 3.2 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 50 61 3,307 4,291 4,724 3.0 3.0 12.1 12.9 4.1 3.9 0.6 0.6 16.2 15.3 - -

Canara Bank Buy 356 422 15,791 12,045 13,495 2.1 2.2 76.7 86.4 4.6 4.1 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 61 69 6,377 8,406 9,546 2.5 2.5 12.6 18.7 4.9 3.3 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 347 436 5,301 5,554 6,156 2.0 2.0 94.9 104.9 3.7 3.3 0.5 0.5 14.3 14.2 - -

Dena Bank Buy 68 79 2,365 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.7 0.4 0.4 14.8 14.8 - -

Federal Bank Accumulate 402 455 6,869 2,802 3,274 2.9 2.9 49.8 56.6 8.1 7.1 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

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Financials

HDFC Accumulate 853 904 132,574 8,573 10,142 3.6 3.6 37.0 43.6 23.1 19.6 4.8 4.2 30.0 30.3 - -

HDFC Bank Buy 651 752 155,542 27,560 33,766 4.6 4.6 36.3 45.1 17.9 14.5 3.6 3.0 21.9 22.8 - -

ICICI Bank Buy 1,063 1,454 122,722 26,119 30,474 3.1 3.2 86.2 99.5 12.3 10.7 1.7 1.5 15.7 16.2 - -

IDBI Bank Accumulate 70 80 9,316 9,416 10,392 2.0 2.0 19.8 22.8 3.5 3.1 0.4 0.4 12.9 13.5 - -

Indian Bank Buy 112 141 4,833 6,077 6,845 2.9 2.9 35.2 41.0 3.2 2.7 0.5 0.4 14.2 14.8 - -

IOB Accumulate 48 53 4,417 8,027 9,204 2.4 2.6 12.5 19.7 3.8 2.4 0.4 0.3 9.1 13.0 - -

J & K Bank Accumulate 1,207 1,315 5,852 3,101 3,426 3.6 3.6 215.5 210.2 5.6 5.7 1.0 0.9 19.9 16.9 - -LIC Housing Finance Buy 239 298 12,077 2,113 2,525 2.3 2.3 25.4 29.2 9.4 8.2 1.7 1.5 18.4 18.3 - -

Oriental Bank Buy 199 236 5,806 6,790 7,676 2.6 2.7 55.7 62.3 3.6 3.2 0.5 0.4 12.9 13.1 - -

Punjab Natl.Bank Buy 622 883 21,972 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.5 0.7 0.6 16.2 16.5 - -

South Ind.Bank Accumulate 23 24 3,083 1,795 2,054 2.8 2.8 4.0 4.3 5.8 5.3 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,900 2,518 129,939 66,417 76,734 3.0 3.0 227.4 284.8 8.4 6.7 1.2 1.1 15.4 17.1 - -

Syndicate Bank Buy 107 136 6,456 7,125 8,188 2.6 2.6 27.4 27.9 3.9 3.9 0.6 0.5 16.2 14.6 - -

UCO Bank Neutral 60 - 4,486 6,545 6,859 2.7 2.6 14.8 15.7 4.0 3.8 0.7 0.6 14.4 13.6 - -

Union Bank Buy 171 243 10,217 11,101 12,543 2.6 2.6 39.3 47.4 4.4 3.6 0.6 0.5 14.1 15.2 - -

United Bank Buy 47 57 1,742 3,386 3,884 2.3 2.5 12.4 20.0 3.7 2.3 0.4 0.3 10.1 14.8 - -

Vijaya Bank Accumulate 44 49 2,175 2,714 3,046 1.9 2.0 9.2 10.8 4.8 4.1 0.5 0.5 10.7 11.6 - -

Yes Bank Accumulate 464 489 16,671 4,451 5,526 2.8 2.8 43.0 49.7 10.8 9.3 2.4 2.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,564 - 43,782 12,332 14,524 16.5 16.3 141.6 162.7 32.3 28.1 10.2 8.1 35.4 32.2 3.4 2.9

Britannia Neutral 679 - 8,125 6,417 7,502 6.1 6.3 21.3 25.5 31.9 26.7 10.4 8.3 35.7 34.6 1.3 1.0

Colgate Neutral 1,320 - 17,954 3,588 4,130 20.5 20.9 44.2 51.8 29.9 25.5 29.1 21.2 108.6 96.2 4.8 4.2

Dabur India Neutral 156 - 27,251 7,183 8,340 16.8 16.8 5.4 6.3 29.1 24.9 11.3 8.8 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,572 - 23,433 3,617 4,259 16.1 16.4 122.2 148.7 45.6 37.5 14.2 11.4 34.1 33.7 6.0 5.0

Godrej Consumer Neutral 811 - 27,587 7,801 9,017 16.2 15.9 25.1 29.7 32.3 27.3 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 587 - 127,024 29,167 33,164 13.6 13.7 17.1 18.4 34.4 31.9 33.1 23.9 113.4 87.0 4.2 3.7

ITC Neutral 326 - 257,837 34,294 39,991 36.8 37.0 11.3 13.3 28.9 24.5 9.5 7.7 36.1 34.9 7.2 6.1

Marico Neutral 205 - 13,193 5,273 6,044 14.8 14.9 7.3 8.7 28.2 23.6 5.5 4.5 21.4 21.0 2.6 2.2

Nestle* Neutral 5,086 - 49,034 9,447 10,968 22.1 22.3 127.5 154.1 39.9 33.0 19.9 14.4 57.7 50.7 5.2 4.4

Tata Global Neutral 142 - 8,757 8,069 8,957 9.8 9.7 7.8 8.6 18.1 16.5 2.2 2.1 9.5 9.7 1.1 0.9


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

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IT

HCL Tech^ Accumulate 767 870 53,461 29,424 32,837 22.6 22.0 59.5 63.3 12.9 12.1 3.1 2.6 24.6 21.7 1.6 1.4

Hexaware* Buy 88 105 2,614 2,158 2,374 19.6 19.8 10.7 11.7 8.2 7.5 1.8 1.6 23.0 22.3 1.1 0.9

Infosys Accumulate 2,405 2,530 138,121 45,153 48,993 27.6 26.8 170.7 187.5 14.1 12.8 2.9 2.5 20.8 19.5 2.4 2.1

Infotech Enterprises Accumulate 173 190 1,931 2,037 2,254 17.9 17.7 21.2 22.6 8.2 7.7 1.2 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 120 144 2,308 2,614 2,923 17.2 16.8 13.2 14.4 9.1 8.3 1.6 1.4 18.5 16.7 0.8 0.7

Mahindra Satyam Buy 115 135 13,576 8,590 9,324 20.9 20.6 10.9 11.7 10.6 9.9 2.5 2.0 23.7 20.3 1.2 1.0

Mindtree Accumulate 813 925 3,377 2,707 2,978 20.3 20.2 87.4 97.0 9.3 8.4 2.0 1.6 21.8 19.5 1.0 0.8Mphasis& Accumulate 369 391 7,751 6,372 6,852 18.0 18.2 38.0 43.5 9.7 8.5 1.4 1.2 14.3 14.2 0.7 0.6

NIIT Buy 19 30 307 1,144 1,267 9.0 9.1 4.3 5.4 4.3 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Buy 485 595 1,938 1,505 1,677 25.9 26.2 53.6 59.7 9.0 8.1 1.6 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,486 1,640 290,784 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 1,000 1,250 12,873 8,102 8,709 19.7 19.2 107.5 117.0 9.3 8.5 2.0 1.6 21.2 18.9 1.6 1.4

Wipro Accumulate 343 389 84,620 41,659 45,137 21.2 21.4 27.7 29.9 12.4 11.5 2.6 2.2 20.5 19.0 1.5 1.3

Media

D B Corp Buy 238 290 4,365 1,750 1,925 25.1 26.6 14.2 16.8 16.7 14.2 3.6 3.1 23.4 23.4 2.4 2.1

HT Media Buy 96 117 2,244 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 82 107 2,728 1,664 1,825 20.9 23.0 6.4 7.8 12.8 10.6 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 327 - 1,295 1,359 1,540 17.3 17.4 17.2 21.6 19.0 15.2 1.9 1.7 10.3 12.0 1.4 1.2

Sun TV Network Neutral 381 - 15,001 2,287 2,551 69.7 70.5 20.0 23.3 19.0 16.3 4.7 4.1 26.4 27.3 6.2 5.4

Metals & Mining

Bhushan Steel Neutral 461 - 10,433 13,794 17,088 30.9 33.5 49.3 66.6 9.4 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 298 345 187,912 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.6 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 13 18 419 1,976 2,017 11.8 12.7 1.3 2.6 10.2 4.9 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 118 193 3,751 1,920 2,239 53.2 52.9 21.6 25.0 5.5 4.7 1.2 1.0 25.1 23.8 1.5 1.1

Hind. Zinc Buy 102 145 42,887 12,358 13,659 51.4 51.6 16.0 17.6 6.3 5.8 1.1 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 99 - 18,926 89,352 93,672 8.8 9.2 13.4 15.0 7.4 6.6 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 610 - 14,754 47,613 48,385 17.4 18.8 81.8 109.6 7.5 5.6 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 194 248 3,262 1,010 1,046 46.5 47.6 26.8 28.8 7.2 6.7 1.1 0.9 15.4 14.7 0.8 0.6

Monnet Ispat Buy 125 193 796 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 29 - 7,590 7,656 7,988 13.1 13.5 2.6 2.6 11.5 11.2 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 100 156 39,588 10,461 11,892 71.6 72.6 16.3 17.6 6.2 5.7 1.3 1.2 22.1 21.4 2.0 1.8


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

9/12



Metals & Mining

SAIL Neutral 50 - 20,609 44,060 54,786 9.4 11.5 5.2 7.2 9.6 7.0 0.5 0.5 5.2 6.8 0.7 0.6

Sesa Goa Accumulate 144 166 12,545 3,742 4,426 32.9 32.8 30.0 29.8 4.8 4.8 0.6 0.6 14.3 12.5 4.1 3.4

Sterlite Inds Buy 84 100 28,330 44,462 45,568 23.2 24.7 18.1 20.2 4.7 4.2 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 269 378 26,160 140,917 151,537 9.7 10.8 30.9 47.6 8.7 5.7 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 94 153 338 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.6 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 29 40 396 2,615 2,776 12.1 12.0 9.8 10.4 3.0 2.8 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 75 102 246 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 290 345 55,427 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.9 0.8 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 328 - 41,568 52,102 52,876 15.7 16.1 34.1 35.7 9.6 9.2 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 311 387 266,161 170,063 198,461 36.3 38.3 34.7 41.9 9.0 7.4 1.6 1.4 18.3 19.5 1.3 1.0

Reliance Industries Neutral 850 - 274,599 397,546 421,695 9.4 8.6 75.0 76.4 11.3 11.1 1.2 1.1 12.4 11.4 0.6 0.6

Gujarat Gas* Neutral 204 - 2,618 3,707 3,850 11.7 12.4 23.7 25.7 8.6 7.9 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 281 - 3,928 3,700 4,218 23.4 22.8 26.7 30.4 10.5 9.2 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 121 167 9,086 40,356 40,872 5.8 6.4 15.0 16.7 8.1 7.2 1.7 1.4 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 56 - 3,160 1,171 1,287 91.9 91.9 10.1 11.3 5.6 5.0 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 142 - 2,675 1,736 2,008 17.1 18.9 10.7 13.9 13.3 10.2 4.2 3.1 35.0 34.7 1.6 1.4

Aurobindo Pharma Buy 184 271 5,366 6,641 7,637 15.9 15.9 17.3 20.6 10.7 8.9 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,492 - 5,740 1,682 1,917 16.6 16.6 92.4 99.1 27.0 25.2 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 775 929 15,865 7,280 8,640 15.5 15.7 38.3 46.5 20.2 16.7 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 397 477 31,872 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.7 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Accumulate 2,213 2,535 37,595 13,377 15,350 20.4 20.1 112.3 126.8 19.7 17.5 4.2 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 55 168 447 1,394 1,534 22.5 22.4 15.0 16.8 3.7 3.3 0.4 0.4 11.0 11.2 0.9 0.8

GSK Pharma* Neutral 2,616 - 22,160 2,854 3,145 28.6 28.6 76.6 83.3 34.2 31.4 10.2 9.3 31.1 31.0 6.9 6.2

Indoco Remedies Buy 64 78 586 760 922 15.3 15.3 6.1 7.8 10.4 8.2 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 689 - 8,699 3,243 3,826 20.5 21.5 36.0 44.4 19.2 15.5 4.5 3.6 26.0 25.4 2.8 2.4

Lupin Accumulate 831 877 37,205 11,641 13,933 21.3 21.3 34.8 41.8 23.9 19.9 5.6 4.4 26.2 24.8 3.2 2.6

Ranbaxy* Neutral 338 - 14,290 11,400 12,060 10.5 12.5 17.5 22.5 19.3 15.0 3.1 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,020 - 105,461 13,509 15,846 41.0 41.0 33.0 39.8 30.9 25.6 6.2 5.2 22.0 22.0 7.2 6.0

Power

GIPCL Buy 67 78 1,019 1,444 1,482 33.4 33.0 13.7 14.8 4.9 4.6 0.6 0.5 12.3 12.0 0.8 0.5


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

10/12



Power

NTPC Accumulate 144 163 118,900 76,734 86,680 24.5 24.3 13.4 14.5 10.8 9.9 1.3 1.2 12.8 12.7 2.2 2.1

Real Estate

DLF Buy 176 236 31,297 8,293 9,622 36.5 36.1 5.7 6.7 30.8 26.1 1.1 1.1 3.7 4.1 5.9 4.9

MLIFE Accumulate 430 476 1,756 888 1,002 30.6 30.6 38.8 43.4 11.1 9.9 1.2 1.1 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Accumulate 294 321 117,623 85,489 94,229 31.9 31.9 10.2 14.6 28.8 20.1 2.1 1.9 7.2 9.4 2.1 1.8

Idea Cellular Neutral 141 - 46,783 25,640 28,459 26.9 27.2 4.0 4.9 35.2 28.5 3.0 2.7 8.4 9.4 2.2 2.0Rcom Neutral 131 - 27,070 22,751 24,628 30.9 31.3 3.4 5.3 38.3 24.9 0.8 0.8 2.1 3.1 2.8 2.4

Others

Abbott India* Accumulate 1,453 1,659 3,087 1,863 2,081 11.8 12.4 71.2 83.0 20.4 17.5 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 175 237 1,746 3,885 4,472 5.4 7.2 11.0 19.7 16.0 8.9 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Accumulate 495 562 626 630 795 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 68 773 2,563 2,899 9.8 9.8 10.1 11.3 5.0 4.5 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 278 437 362 2,304 2,649 3.1 3.6 28.0 43.7 9.9 6.4 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 304 345 700 1,458 1,542 8.3 9.0 32.3 37.0 9.4 8.2 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 122 177 332 1,053 1,169 6.3 7.1 13.8 17.7 8.8 6.9 1.2 1.1 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,402 - 2,124 1,842 2,131 7.7 7.8 112.4 132.4 21.4 18.1 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 145 198 131 495 651 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 150 234 173 1,430 1,573 11.1 11.0 19.1 26.9 7.9 5.6 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Buy 170 199 2,830 1,220 1,476 13.3 13.6 5.5 9.0 30.9 18.9 3.6 3.2 12.1 17.7 2.7 2.1

MRF Buy 12,290 14,416 5,212 11,799 12,587 14.1 13.5 1,792.4 1,802.0 6.9 6.8 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Accumulate 4,263 4,611 4,755 1,057 1,282 19.4 19.6 124.8 153.7 34.2 27.7 16.9 12.5 56.3 51.8 4.6 3.8Relaxo Footwears Neutral 800 - 960 1,146 1,333 10.9 11.4 45.9 60.9 17.4 13.1 3.6 2.9 23.0 24.6 1.0 0.8

Siyaram Silk Mills Buy 232 343 217 1,158 1,322 11.9 11.9 72.9 85.7 3.2 2.7 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 398 617 700 1,068 1,223 9.6 9.6 38.1 44.1 10.5 9.0 1.4 1.3 14.5 14.7 0.7 0.5

TAJ GVK Buy 60 108 373 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 274 371 422 814 849 17.0 17.6 64.6 69.2 4.2 4.0 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 503 686 391 435 516 6.2 7.1 24.3 33.3 20.7 15.1 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Buy 255 297 917 153 194 53.0 52.8 12.4 15.6 20.6 16.3 2.4 2.1 11.8 13.1 6.2 4.7

TVS Srichakra Buy 178 230 136 1,591 1,720 6.1 6.4 24.5 38.3 7.3 4.6 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,514 - 36,530 12,294 14,162 12.0 12.0 42.1 67.7 59.7 37.1 4.2 3.8 9.1 10.7 3.3 2.8


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

11/12



Others

Vesuvius India* Buy 354 439 718 600 638 20.1 19.4 35.7 36.6 9.9 9.7 1.8 1.5 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 03, 2013


Market Outlook

Stock Watch

July 04, 2013

7/28/2019 Market Outlook, 04-07-2013

12/12


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