market outlook 120712

7/31/2019 Market Outlook 120712

1/14

Market OutlookJuly 12, 2012

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open in the red mirroring the SGX Nifty and

Asian stocks which are trading lower in the opening trade. Asian stocks fell for a

sixth day, extending the regional benchmarks longest losing streak since May,

after unexpected job losses in Australia and before a report from China that may

signal a deeper slowdown in the regions biggest economy.

Stocks in US showed a negative bias throughout much of the trading day on

Wednesday, ending the session modestly lower. A negative reaction to the minutes

of the latest Federal Reserve meeting weighed on the markets, although stocks

closed well off their worst levels of the day. While the minutes noted that the Fed

members agreed that the central bank is prepared to take further action if

necessary, the Fed gave no hint that a third round of quantitative easing is

imminent.

Indian shares fell notably on Wednesday, as mixed Asian cues and weak cues from

European markets prompted investors to adopt a cautious stance following theprevious session's rally. Investors would keenly watch out for the quarterly results of

Infosys and TCS today to get further clarity on the direction of the markets.

Markets TodayThe trend deciding level for the day is 17,513 / 5,314 levels. If NIFTY trades above

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

up to 17,559 17,629 / 5,328 5,351 levels. However, if NIFTY trades below

17,513 / 5,314 levels for the first half-an-hour of trade then it may correct up to

17,443 17,397 / 5,292 5,278 levels.

SENSEX

NIFTY

News Analysis JSW Steel reports strong production numbers for 1QFY2013 1QFY2013 Result Reviews- HDFC Ltd, Cera Sanitaryware Ltd. 1QFY2013 Result Previews- TCS, InfosysRefer detailed news analysis on the following page

Net Inflows (July 10, 2012)

FII 2,190 1,554 636 2,897 48,891

MFs 395 519 (124) (1286) (7,131)

FII Derivatives (July10, 2012)

Index Futures 1,445 1,652 (207) 14,437

Stock Futures 1,368 1,278 91 26,010

Gainers / Losers

JPINFRATEC 59 3.6 Syndicate Bank 106 (4.2)Great Eastern Sh 264 3.4 NMDC 186 (3.5)

Motherson Sumi 170 3.1 National Alum 59 (3.2)

Financial Tech 776 3.1 Cummins India 436 (2.8)

Mahindra & Mah Fin 693 3.0 Hindalco Inds 124 (2.7)

BSE Sensex (0.7) (129.2) 17,489

Nifty (0.7) (39.1) 5,306

MID CAP (0.1) (7.7) 6,299

SMALL CAP (0.2) (16.0) 6,789

BSE HC (0.2) (10.8) 6,944

BSE PSU (0.4) (31.4) 7,337

BANKEX (0.3) (38.1) 12,322

AUTO (1.2) (112.5) 9,421

METAL (1.1) (115.4) 10,877

OIL & GAS (1.1) (84.9) 8,006

BSE IT (0.2) (11.9) 5,674

Dow Jones (0.4) (48.6) 12,605NASDAQ (0.5) (14.4) 2,888

FTSE 0.0 0.4 5,664

Nikkei (0.1) (6.7) 8,851

Hang Seng 0.1 23.5 19,420

Straits Times 0.8 24.7 2,989

Shanghai Com 0.5 11.0 2,175

INFY 0.2 0.1 $43.6

WIT (0.1) (0.0) $8.5IBN 0.5 0.2 $33.8

HDB 0.0 0.0 $33.7

Advances 1,165 526

Declines 1,664 927

Unchanged 114 66

BSE 2,088

NSE 10,105


2/14


3/14



Cera Sanitaryware Ltd. (CMP `288, TP: `368, Upside: 28%)

Cera Sanitaryware Ltd. reported its 1QFY2013 numbers. The companys top line

dipped by 9.7% sequentially to `90.5cr, but was 7.8% higher than our expectation

of `84cr. The companys EBITDA came in at `15.6cr, 20% higher than our

estimate of`

13cr. EBITDA margin came in at 17.2%, sequentially higher by132bp, mainly on account of lower net raw-material cost, which stood at 37.5% of

sales compared to 39.3% in the prior period. Net profit for the year fell marginally

by 0.9% to `9.21cr from `9.29 in the previous quarter. The decline in net profit

despite EBITDA growth was due to increased tax expense and lower other income.

We maintain our Buy recommendation on the stock with a target price of `368,

based on a target P/E of 9x for FY2014E.

FY2013E 405 15.8 39 31 25 9.0 2.0 6.4 1.0

FY2014E 477 17.2 52 41 25 6.8 1.6 5.2 0.9

Result Previews

TCS (CMP: `1,259 / TP: - / Upside: -)

TCS is slated to announce its 1QFY2013 results. We expect the company to post

revenue of US$2,742mn, with 3.5% qoq growth. In INR terms, revenue is expected

to grow by 1.8% qoq to `14,779cr. EBITDA margin is expected to decline by 28bp

qoq to 29.2% as gains derived from INR depreciation will be absorbed because ofthe negative effect of wage hike given during the quarter. PAT is expected to come

in at `2,948cr. TCS remains our preferred pick amongst tier-I IT companies, but

as current valuations preclude us from

taking a more favorable view in terms of good absolute upsides.

FY2013E 60,787 30.1 12,814 65.5 31.3 19.2 6.0 12.7 3.8

FY2014E 68,558 29.2 14,412 73.6 28.2 17.1 4.8 11.4 3.3

Infosys (CMP: `2,466 / TP: `2,747 / Upside: 11%)

Infosys is slated to announce its 1QFY2013 results. We expect the company to post

merely 0.5% qoq growth in USD revenue to US$1,779mn on the back of ~1%

qoq volume growth. In INR terms, the companys revenue is expected to come in

at `9,590cr, up 8.3% qoq, aided by ~8% qoq INR depreciation against USD. The

companys EBITDA margin is expected to increase by 181bp qoq to 34.3%. PAT is

expected to come in at `2,348cr for the quarter.

Key points to watch out for are: a) USD revenue growth guidance for FY2013; the

company provided 8-10% FY2013 USD top-line growth guidance in April;

however, at current currency rates (GBP/USD, EUR/USD, AUD/USD), USD top-line

growth is likely to be impacted by 1.2-1.5% for FY2013; in that regards, FY2013

guidance may have to be adjusted downwards; and b) volume growth guidance


4/14



for 2Q and managements commentary on pricing trends.

FY2013E 39,364 32.2 9,230 161.6 22.9 15.3 3.5 9.2 2.9FY2014E 42,981 30.5 9,806 171.7 20.5 14.4 2.9 8.4 2.6

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 14,642 10,797 36 12,980 13

Net profit 3,234 2,408 34 2,919 11

Net sales 9,606 7,485 28 8,852 8.4

Net profit 2,432 1,722 41 2,316 4.9

Net profit 1,422 1,085 31 1,751 (19)

Net sales 1,424 1,244 15 1,446 (1)

EBITDA 221 222 (1) 213 4

EBITDA margin (%) 15.5 17.9 14.7

Net profit 151 163 (7) 143 6

Economic and Political News

Roads Ministry meets industry, lenders on issue blocking projects Poor rains in Karnataka, central Maharashtra worrisome: Pawar Monsoon hits entire country but still 23% deficient: IMD Sadananda Gowda resigns as Karnataka Chief MinisterCorporate News

Nalco consortium to submit bid for Afghan gold, copper mines ONGC Videsh-led group to hike investment in Venezuela Over 30% mall supply in India delayed in the first half of 2012 Amway to invest `400cr to set up manufacturing facilitySource: Economic Times, Business Standard, Business Line, Financial Express, Mint


5/14

Date Company

July 12, 2012 TCS, Infosys

July 13, 2012 HDFC Bank, Sintex

July 14, 2012

July 15, 2012

July 16, 2012 Exide Industries, South Ind.Bank, Mindtree

July 17, 2012 Axis Bank

July 18, 2012 Bajaj Auto, CRISIL, Infotech Enterprises

July 19, 2012 Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, Persistent, Tata Sponge

July 20, 2012 UltraTech Cement, Asian Paints, Zee Entertainment, United Phosphorus, HT Media

July 21, 2012

July 22, 2012

July 23, 2012 Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Tata Global

July 24, 2012 Wipro, Lupin, LIC Housing Fin., Ashok Leyland, Page Industries

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 12, 2012 US Initial Jobless claims Thousands Jul 7 374.00 370.00

India Industrial Production YoY % Change May 0.10 1.80

July 13, 2012 US Producer Price Index (mom) % Change Jun (1.00) (0.40)

China Industrial Production (YoY) % Change Jun 9.60 9.80

China Real GDP (YoY) % Change 2Q 8.10 7.70

July 16, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Jun 7.55 7.61

Euro Zone Euro-Zone CPI (YoY) % Jun 2.40 --

July 17, 2012 UK CPI (YoY) % Change Jun 2.80 --

US Industrial Production % Jun (0.09) 0.40

US Consumer price index (mom) % Change Jun (0.30) --

July 18, 2012 US Housing Starts Thousands Jun 708.00 743.00

US Building permits Thousands Jun 784.00 773.00

UK Jobless claims change % Change Jun 8.10 --

July 19, 2012 US Existing home sales Millions Jun 4.55 4.64

July 23, 2012 Euro Zone Euro-Zone ConsumerConfidence Value Jul A (19.80) --

July 24, 2012 Germany PMI Services Value Jul A 49.90 --

Germany PMI Manufacturing Value Jul A 45.00 --

July 25, 2012 UK GDP (YoY) % Change 2Q A (0.20) --

US New home sales Thousands Jun 369.00 --

July 27, 2012 US GDP Qoq (Annualised) % Change 2Q A 1.90 --

July 31, 2012 US Consumer ConfidenceS.A./

1985=100Jul 62.00 --



July 12, 2012

Market Outlook


6/14

Market StrategyJuly 12, 2012


Macro watch

Exhibit1:

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit2:

6.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.1

(3.2)

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

(%)

Source: MOSPI, Angel Research

Exhibit3:

9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.2 7.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

(%)

Source: MOSPI, Angel Research

Exhibit4:

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Mfg. PMI Services PMI

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

Exhibit5:

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Exports yoy growth Imports yoy growth(%)


Exhibit6:

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Repo rate Reverse Repo rate CRR (%)

Source: RBI, Angel Research


7/14

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 136 - 2,646 1,432 1,647 14.7 14.7 7.0 8.0 19.4 17.0 4.1 3.5 22.8 22.3 1.9 1.6

United Phosphorus Buy 122 183 5,617 8,191 8,764 16.5 16.5 17.1 18.3 7.1 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 312 345 2,662 2,715 3,041 15.3 15.3 29.2 32.8 10.7 9.5 2.5 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 82 100 4,125 13,699 15,184 10.5 10.2 12.1 13.3 6.8 6.2 1.2 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 26 33 6,878 14,798 16,687 9.6 9.6 2.4 3.0 10.7 8.7 2.1 1.9 14.8 16.5 0.5 0.5

Automotive Axle Buy 445 514 672 1,211 1,387 12.1 11.7 50.3 57.1 8.9 7.8 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,513 1,787 43,793 21,665 24,334 18.6 18.4 111.7 123.2 13.6 12.3 5.3 4.3 43.8 38.5 1.6 1.3

Bharat Forge Buy 306 372 7,124 7,173 7,998 16.3 16.5 22.3 26.6 13.7 11.5 2.7 2.2 21.0 21.0 1.1 0.9

Bosch India Neutral 8,852 - 27,795 9,106 10,255 19.4 19.3 410.2 460.3 21.6 19.2 4.8 3.9 22.1 20.4 2.7 2.3

CEAT Buy 101 164 346 5,067 5,631 8.0 7.6 39.4 41.0 2.6 2.5 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 135 146 11,513 5,787 6,595 15.5 17.0 7.1 9.0 19.0 15.1 3.4 2.9 18.6 20.3 1.7 1.4

FAG Bearings Accumulate 1,480 1,557 2,459 1,492 1,703 18.8 18.5 115.3 129.8 12.8 11.4 2.7 2.2 23.5 21.6 1.4 1.1

Hero Motocorp Buy 2,041 2,473 40,746 25,970 29,772 15.0 15.5 139.7 154.5 14.6 13.2 6.9 5.2 54.7 44.9 1.2 1.0

JK Tyre Buy 100 135 409 7,950 8,904 5.5 6.0 25.1 38.6 4.0 2.6 0.5 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Accumulate 733 824 45,002 35,881 40,746 10.0 10.0 47.5 53.2 15.4 13.8 3.1 2.6 21.3 20.5 1.0 0.8

Maruti Accumulate 1,203 1,364 34,757 39,959 46,670 6.0 7.0 71.4 90.9 16.9 13.2 2.0 1.8 12.8 14.4 0.7 0.6

Motherson Sumi Buy 170 216 6,668 23,342 26,366 7.8 8.2 13.3 18.0 12.8 9.5 3.1 2.4 26.2 28.4 0.5 0.4

Subros Neutral 35 - 209 1,244 1,402 8.4 8.3 4.5 5.1 7.8 6.8 0.8 0.7 9.9 11.0 0.4 0.4

Tata Motors Buy 241 305 64,336 191,303 211,004 13.0 12.9 40.7 43.8 5.9 5.5 2.0 1.7 36.0 33.1 0.4 0.4

TVS Motor Neutral 41 - 1,955 7,442 8,198 6.2 6.1 4.8 5.2 8.7 7.9 1.5 1.3 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 794 498 16,818 8,760 10,023 7.6 7.5 18.2 20.7 43.5 38.3 5.9 5.2 14.4 14.6 1.9 1.6BGR Energy Neutral 312 - 2,248 4,195 4,837 11.0 11.0 30.1 32.4 10.4 9.6 1.8 1.6 18.4 17.6 1.1 1.0

BHEL Neutral 233 - 56,943 46,344 46,916 18.3 18.6 23.5 24.1 9.9 9.7 2.0 1.7 21.3 18.9 1.1 1.1

Blue Star Neutral 187 - 1,685 3,047 3,328 5.4 6.9 9.6 16.2 19.5 11.5 3.8 3.1 20.7 29.7 0.6 0.5

Crompton Greaves Accumulate 133 142 8,545 12,451 14,265 7.9 8.3 8.0 9.5 16.7 14.1 2.2 2.0 13.9 14.9 0.7 0.6

Jyoti Structures Buy 43 67 353 2,622 2,801 10.6 11.0 10.9 13.4 4.0 3.2 0.5 0.5 13.7 14.9 0.3 0.3

KEC International Buy 58 73 1,481 6,686 7,200 8.5 8.8 10.6 12.2 5.5 4.7 1.0 0.9 25.9 24.0 0.4 0.4

LMW Buy 1,662 1,992 1,872 2,369 2,727 11.7 11.7 143.4 166.0 11.6 10.0 1.9 1.8 17.4 18.4 0.3 0.2

Thermax Neutral 502 - 5,981 5,514 5,559 9.8 9.6 29.7 28.4 16.9 17.7 3.2 2.8 20.2 16.9 1.0 0.9


July 12, 2012

Market Outlook

Stock Watch


8/14



Cement

ACC Neutral 1,265 - 23,746 11,096 12,607 21.0 21.7 76.1 82.9 16.6 15.3 3.1 2.8 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 170 - 26,210 10,205 11,659 24.6 24.2 10.8 12.0 15.7 14.2 3.3 3.0 19.7 19.8 2.2 1.8

India Cements Neutral 83 - 2,537 4,364 4,791 18.9 19.1 9.2 11.4 9.0 7.3 0.7 0.7 8.0 9.5 0.5 0.5

J K Lakshmi Cements Neutral 79 - 967 1,938 2,246 19.1 20.1 15.2 16.8 5.2 4.7 0.7 0.6 13.8 14.0 0.6 1.0

Madras Cements Neutral 155 - 3,689 3,444 3,786 25.5 24.9 14.6 17.1 10.7 9.1 1.6 1.4 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,908 - 10,131 5,519 6,293 24.5 23.7 156.6 225.3 18.6 12.9 4.6 3.9 22.3 26.0 1.5 1.2

UltraTech Cement Neutral 1,584 - 43,421 20,099 22,642 21.7 22.9 89.6 1 04.7 17.7 15.1 2.9 2.5 17.7 17.9 2.0 1.9Construction

Ashoka Buildcon Buy 216 273 1,135 2,014 2,293 22.4 22.4 22.6 26.7 9.5 8.1 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 16 - 294 2,489 2,755 7.0 7.8 3.0 4.0 5.3 4.0 0.5 0.4 8.7 10.8 0.3 0.3

Hind. Const. Neutral 21 - 1,262 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.6) (26.7) 1.2 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 135 166 4,480 3,821 4,582 42.3 40.2 15.0 16.9 9.0 8.0 1.4 1.2 16.1 15.8 2.8 2.6

ITNL Buy 185 265 3,586 6,619 7,925 23.8 23.3 22.9 27.8 8.1 6.7 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 51 61 1,370 5,510 6,722 8.8 9.0 2.5 4.6 20.3 11.2 0.7 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Buy 76 88 16,235 15,259 17,502 25.7 24.7 4.2 5.0 18.0 15.3 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,435 1,553 87,919 59,559 69,089 12.1 11.5 78.4 85.2 18.3 16.8 3.0 2.7 16.1 15.3 1.6 1.4

Madhucon Proj Buy 38 56 281 2,206 2,502 10.7 10.7 4.6 4.7 8.2 8.2 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 43 - 1,106 5,453 6,169 8.1 8.5 1.6 1.9 26.2 22.3 0.5 0.5 1.8 2.1 0.6 0.7

Patel Engg. Neutral 100 - 699 3,609 3,836 13.1 13.1 14.0 14.6 7.1 6.9 0.4 0.4 6.3 6.1 1.1 1.1

Punj Lloyd Neutral 58 - 1,929 11,592 12,993 8.4 8.4 1.8 3.2 32.3 18.2 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 142 182 2,139 2,789 3,147 10.6 10.7 8.4 10.4 16.9 13.6 2.3 2.0 15.0 15.6 0.9 0.8

Simplex Infra Accumulate 234 265 1,159 6,732 7,837 8.1 8.4 23.5 29.4 10.0 8.0 0.9 0.8 9.6 11.0 0.5 0.5

FinancialsAllahabad Bank Neutral 146 - 7,318 7,467 8,685 3.2 3.3 37.5 41.5 3.9 3.5 0.7 0.6 18.1 17.4 - -

Andhra Bank Reduce 116 107 6,491 5,225 6,024 3.3 3.3 22.7 25.4 5.1 4.6 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,067 1,489 44,186 16,488 20,297 3.2 3.3 118.4 145.2 9.0 7.4 1.7 1.4 20.3 21.1 - -

Bank of Baroda Buy 735 921 28,786 16,157 19,475 2.7 2.7 123.7 148.3 5.9 5.0 1.0 0.8 17.3 18.1 - -

Bank of India Accumulate 345 388 19,778 13,657 15,902 2.5 2.6 59.5 70.6 5.8 4.9 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Accumulate 50 52 2,927 3,506 3,925 3.2 3.2 10.2 11.9 4.9 4.2 0.7 0.6 15.3 15.8 - -

Canara Bank Accumulate 430 492 19,040 12,296 14,445 2.4 2.5 81.5 92.2 5.3 4.7 0.9 0.7 16.4 16.3 - -

Central Bank Reduce 82 72 6,062 7,001 8,211 2.5 2.6 14.0 20.6 5.9 4.0 0.9 0.8 11.0 14.5 - -


July 12, 2012

Market Outlook

Stock Watch


9/14



Financials

Corporation Bank Accumulate 427 465 6,324 5,294 6,070 2.3 2.3 106.3 110.1 4.0 3.9 0.7 0.6 17.7 16.2 - -

Dena Bank Accumulate 101 106 3,523 3,170 3,577 2.9 2.9 22.8 25.3 4.4 4.0 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 443 - 7,565 2,736 3,165 3.4 3.4 49.3 57.4 9.0 7.7 1.2 1.1 13.9 14.5 - -

HDFC Neutral 678 - 101,016 7,372 8,812 3.6 3.5 31.5 37.7 21.5 18.0 4.3 3.8 34.8 32.1 - -

HDFC Bank Neutral 587 - 138,304 22,076 27,921 4.3 4.4 28.7 35.8 20.5 16.4 3.9 3.3 20.7 21.9 - -

ICICI Bank Buy 937 1,169 107,692 22,368 26,857 2.8 2.9 68.2 80.4 13.7 11.7 1.7 1.5 14.2 15.4 - -

IDBI Bank Buy 97 113 12,401 8,152 9,907 1.9 2.1 19.7 24.1 4.9 4.0 0.7 0.6 13.6 15.0 - -Indian Bank Neutral 186 - 7,994 6,417 7,292 3.5 3.5 40.2 43.1 4.6 4.3 0.8 0.7 17.9 16.9 - -

IOB Accumulate 84 91 6,723 7,578 8,662 2.6 2.7 17.2 22.5 4.9 3.7 0.6 0.5 12.1 14.3 - -

J & K Bank Accumulate 929 979 4,501 2,525 2,858 3.5 3.5 175.8 183.1 5.3 5.1 1.0 0.8 19.3 17.5 - -

LIC Housing Finance Accumulate 269 286 13,596 2,108 2,607 2.6 2.6 24.5 30.6 11.0 8.8 2.1 1.7 20.1 21.4 - -

Oriental Bank Neutral 261 - 7,605 6,497 7,533 2.8 2.8 53.4 63.9 4.9 4.1 0.7 0.6 13.3 14.3 - -

Punjab Natl.Bank Buy 863 1,050 29,275 20,142 23,929 3.2 3.3 153.3 174.3 5.6 5.0 1.0 0.9 18.3 18.0 - -

South Ind.Bank Neutral 25 - 2,820 1,447 1,664 2.8 2.7 3.8 4.1 6.6 6.1 1.2 1.1 19.5 18.2 - -

St Bk of India Accumulate 2,216 2,443 148,704 67,783 78,208 3.7 3.6 226.0 264.2 9.8 8.4 1.6 1.4 17.7 18.1 - -

Syndicate Bank Accumulate 106 118 6,387 7,176 8,299 3.1 3.1 25.1 29.1 4.2 3.6 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 80 71 5,328 5,642 6,438 2.5 2.5 16.4 17.6 4.9 4.6 0.9 0.8 16.2 15.4 - -

Union Bank Buy 213 256 11,732 10,623 12,404 3.0 3.0 42.5 49.6 5.0 4.3 0.8 0.7 16.9 17.2 - -

United Bank Buy 62 78 2,226 3,599 4,212 2.8 3.0 18.2 22.3 3.4 2.8 0.5 0.4 15.0 16.2 - -

Vijaya Bank Reduce 59 52 2,919 2,695 3,097 2.2 2.3 9.6 12.0 6.1 4.9 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 353 454 12,505 3,250 4,261 2.8 2.9 34.1 42.8 10.4 8.3 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,696 - 35,451 11,423 13,309 16.3 16.3 125.3 148.4 29.5 24.9 10.0 7.9 38.0 35.4 3.0 2.6Britannia Buy 525 633 6,265 5,835 6,824 6.3 6.7 20.7 27.5 25.3 19.1 9.9 7.4 42.7 44.3 1.1 0.9

Colgate Neutral 1,142 - 15,532 3,007 3,417 21.1 22.1 38.2 43.8 29.9 26.1 35.6 28.0 130.2 119.9 5.0 4.4

Dabur India Neutral 115 - 20,069 5,878 6,799 16.8 17.0 4.2 4.9 27.8 23.5 10.1 8.2 39.3 42.0 3.4 3.0

GlaxoSmith Con* Neutral 2,627 - 11,049 3,124 3,663 17.1 17.6 103.0 123.3 25.5 21.3 7.9 6.3 34.0 32.9 3.2 2.7

Godrej Consumer Neutral 571 - 19,436 5,973 7,000 18.4 18.6 22.8 27.2 25.0 21.0 6.9 5.6 31.3 38.4 3.4 2.9

HUL Neutral 441 - 95,400 25,350 29,309 14.3 14.4 14.1 16.4 31.2 26.9 23.4 18.3 82.7 76.2 3.6 3.1

ITC Neutral 254 - 198,624 29,588 34,063 35.4 35.8 9.3 10.9 27.2 23.4 8.8 7.2 35.2 33.8 6.4 5.5


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FMCG

Marico Neutral 182 - 11,701 4,667 5,427 12.8 12.9 6.6 8.1 27.3 22.3 7.3 5.7 30.0 28.8 2.5 2.1

Nestle* Neutral 4,494 - 43,328 8,731 10,539 21.0 21.4 114.4 143.0 39.3 31.4 23.7 16.3 71.1 61.4 5.0 4.1

Tata Global Buy 116 136 7,201 7,011 7,711 9.7 10.0 6.3 7.5 18.6 15.6 1.8 1.7 9.5 10.9 0.9 0.9

IT

HCL Tech Accumulate 494 562 34,254 24,029 26,633 18.3 17.2 39.6 43.2 12.5 11.4 2.8 2.4 22.9 21.0 1.4 1.2

Hexaware Accumulate 121 132 3,575 1,921 2,178 20.6 20.0 10.4 11.4 11.6 10.6 2.8 2.4 24.7 23.4 1.6 1.3

Infosys Accumulate 2,466 2,747 141,625 39,364 42,981 32.2 30.5 161.6 171.7 15.3 14.4 3.5 3.0 22.9 20.5 3.0 2.6Infotech Enterprises Reduce 188 177 2,095 1,825 2,008 17.5 17.1 16.9 18.7 11.1 10.1 1.5 1.3 13.7 13.3 0.8 0.6

KPIT Cummins Neutral 119 - 2,117 2,145 2,316 16.0 14.8 9.9 11.3 12.0 10.5 2.3 1.9 20.8 19.1 1.0 0.8

Mahindra Satyam Accumulate 81 87 9,497 7,492 8,038 17.0 16.3 8.1 8.3 9.9 9.7 1.4 1.2 14.1 12.6 0.9 0.7

Mindtree Accumulate 653 710 2,658 2,324 2,533 18.3 16.9 62.4 64.5 10.5 10.1 2.2 1.8 21.2 18.0 1.0 0.8

Mphasis Neutral 383 - 8,048 5,704 6,009 18.6 17.7 36.0 37.1 10.7 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 44 52 719 1,162 1,304 14.8 15.1 7.1 8.8 6.1 5.0 1.0 0.9 16.7 18.4 0.5 0.3

Persistent Neutral 395 - 1,579 1,187 1,274 26.7 26.0 34.5 42.6 11.5 9.3 1.7 1.4 14.4 15.4 1.0 0.9

TCS Neutral 1,259 - 246,375 60,787 68,558 30.1 29.2 65.5 73.6 19.2 17.1 6.0 4.8 31.3 28.2 3.8 3.3

Tech Mahindra Neutral 718 - 9,153 6,282 6,477 17.5 16.5 82.9 85.0 8.7 8.4 1.9 1.6 21.6 18.4 1.4 1.3

Wipro Buy 374 451 92,057 44,597 49,033 20.3 20.5 26.6 30.1 14.1 12.5 2.8 2.4 19.5 18.9 1.7 1.4

Media

D B Corp Buy 201 269 3,686 1,638 1,851 25.8 26.6 13.5 16.1 14.9 12.5 3.3 2.8 23.9 24.2 2.2 1.8

HT Media Buy 97 148 2,280 2,224 2,509 16.6 17.2 8.6 10.8 11.3 9.0 1.4 1.2 12.9 14.3 0.6 0.5

Jagran Prakashan Buy 84 125 2,663 1,521 1,698 22.6 23.1 6.2 6.4 13.7 13.1 3.3 2.9 20.7 23.9 2.0 1.8

PVR Neutral 162 - 421 625 732 16.5 15.7 11.9 13.3 13.6 12.2 1.3 1.2 11.9 12.0 1.1 0.9

Sun TV Network Neutral 298 - 11,750 2,002 2,296 77.1 76.7 18.9 22.1 15.8 13.5 4.0 3.5 27.7 28.3 5.3 4.5Metals & Mining

Bhushan Steel Reduce 474 429 10,058 11,408 13,773 31.0 30.0 53.7 60.8 8.8 7.8 1.3 1.1 15.3 14.9 2.6 2.2

Coal India Neutral 354 - 223,378 68,841 74,509 25.3 25.3 24.1 26.1 14.7 13.5 4.0 3.3 30.4 26.8 2.3 2.0

Electrosteel Castings Accumulate 21 22 718 1,984 2,074 11.2 12.6 2.0 2.7 10.2 7.7 0.4 0.2 4.2 5.5 0.5 0.5

Hind. Zinc Buy 120 141 50,514 13,050 14,585 51.4 52.1 14.5 16.5 8.2 7.2 1.6 1.3 20.8 19.9 2.1 1.5

Hindalco Neutral 124 - 23,759 83,212 91,057 9.0 9.9 13.7 18.1 9.1 6.9 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 715 - 15,943 39,592 44,910 18.0 17.7 74.7 88.9 9.6 8.0 0.9 0.8 10.7 11.6 0.8 0.7

MOIL Accumulate 280 296 4,698 1,007 1,091 56.6 56.9 29.4 31.9 9.5 8.8 1.7 1.5 19.0 18.2 2.5 2.0

Monnet Ispat Accumulate 390 447 2,506 3,115 3,748 22.1 25.1 59.1 66.8 6.6 5.8 0.9 0.8 15.6 15.3 1.5 1.2


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Metals & Mining

Nalco Reduce 59 54 15,270 8,474 9,024 12.6 16.2 2.6 3.6 23.2 16.5 1.3 1.2 5.6 7.5 1.3 1.3

NMDC Neutral 186 - 73,922 11,959 13,062 78.2 78.6 19.1 20.9 9.8 8.9 2.4 2.0 27.1 24.4 4.1 3.5

SAIL Neutral 93 - 38,476 50,914 60,785 14.6 15.1 9.4 10.5 9.9 8.9 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Neutral 197 - 17,143 9,067 9,316 35.7 35.5 44.5 44.3 4.4 4.5 1.0 0.8 23.5 19.5 0.5 0.2

Sterlite Inds Buy 106 123 35,707 45,294 48,059 25.7 25.3 16.5 18.0 6.4 5.9 0.7 0.6 12.0 11.2 0.5 0.3

Tata Steel Accumulate 436 499 42,379 143,088 148,011 10.9 12.1 53.9 66.0 8.1 6.6 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 312 372 59,459 15,513 16,074 74.0 69.7 51.1 48.6 6.1 6.4 1.0 0.9 18.3 14.8 2.7 1.9

GAIL Neutral 358 - 45,399 50,472 55,502 15.3 15.6 35.4 37.0 10.1 9.7 1.8 1.6 19.0 17.2 0.1 -

ONGC Buy 278 321 238,014 156,331 159,043 37.7 36.3 31.3 32.6 8.9 8.5 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 726 - 237,634 316,404 319,119 11.2 12.0 63.5 68.7 11.4 10.6 1.2 1.1 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 58 91 1,092 1,624 1,855 14.2 15.6 6.6 9.1 8.8 6.4 2.1 1.7 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 113 156 3,287 5,243 5,767 14.6 14.6 11.8 12.6 9.6 9.0 1.0 0.4 11.4 10.9 0.8 0.6

Aventis* Neutral - 1,482 1,682 15.5 15.5 95.0 104.0 18.6 17.0

Cadila Healthcare Buy 765 953 15,665 6,196 7,443 18.5 19.5 37.6 47.7 20.4 16.0 4.6 3.6 26.8 27.5 2.5 2.0

Cipla Buy 324 379 26,039 7,687 8,804 21.4 21.4 16.5 18.9 19.7 17.2 3.1 2.7 16.7 16.8 3.3 2.9

Dr Reddy's Neutral 1,647 - 27,936 10,696 11,662 20.7 21.0 83.7 92.9 19.7 17.7 4.1 3.4 22.4 21.0 2.7 2.5

Dishman Pharma Buy 65 92 522 1,280 1,536 17.8 17.8 9.2 11.3 7.0 5.7 0.5 0.5 7.7 8.5 1.1 0.9

GSK Pharma* Neutral 2,063 - 17,478 2,651 2,993 31.7 31.2 76.0 82.4 27.2 25.0 7.8 6.8 30.8 29.0 5.7 4.9

Indoco Remedies Buy 55 82 510 685 837 15.2 15.2 7.4 8.9 7.5 6.2 1.1 0.9 15.9 16.3 0.9 0.7

Ipca labs Buy 374 435 4,711 2,850 3,474 20.3 20.3 31.9 36.3 11.7 10.3 3.6 2.9 26.2 26.8 1.8 1.5

Lupin Buy 547 647 24,427 8,426 10,082 19.7 20.0 27.4 32.4 20.0 16.9 4.8 3.8 27.0 25.2 2.8 2.3Orchid Chemicals Buy 121 178 851 2,117 2,434 17.7 17.7 16.7 22.2 7.2 5.4 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 493 - 20,814 12,046 11,980 18.0 15.8 35.7 29.8 13.8 16.6 5.2 4.2 43.1 28.1 1.8 1.7

Sun Pharma Neutral 625 - 64,359 9,272 11,080 38.6 38.0 22.7 22.6 27.5 27.7 4.6 4.1 17.9 15.6 5.5 4.4

Power

CESC Accumulate 302 342 3,771 5,084 5,512 24.2 23.8 45.2 48.5 6.7 6.2 0.7 0.7 11.2 10.9 1.2 1.2

GIPCL Buy 65 77 983 1,557 1,573 28.8 28.5 10.4 10.9 6.3 6.0 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 160 - 132,298 74,766 86,549 23.1 23.4 12.4 14.1 12.9 11.4 1.6 1.5 13.0 13.5 2.5 2.3

Real Estate

Anant Raj Buy 55 78 1,635 657 875 52.0 56.1 8.4 12.7 6.6 4.4 0.4 0.4 6.3 8.9 3.8 2.8

DLF Neutral 210 - 35,718 9,878 12,033 44.7 46.1 9.6 13.4 22.0 15.7 1.4 1.3 6.4 8.7 6.1 5.0


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Real Estate

HDIL Buy 89 115 3,727 2,441 3,344 55.1 48.2 22.7 26.6 3.9 3.3 0.3 0.3 8.8 9.4 3.4 2.5

MLIFE Accumulate 332 376 1,355 814 897 26.9 27.0 31.3 33.9 10.6 9.8 1.1 1.0 10.2 10.1 2.0 1.8

Telecom

Bharti Airtel Neutral 316 - 119,945 80,076 86,613 32.8 33.5 15.5 19.8 20.5 15.9 2.1 1.9 10.5 11.9 2.2 1.9

Idea Cellular Neutral 85 - 28,133 23,209 26,063 26.2 27.5 3.3 4.9 25.8 17.2 2.0 1.8 7.7 10.3 1.7 1.5

Rcom Neutral 71 - 14,572 22,125 23,734 31.9 32.0 4.5 5.9 15.8 12.1 0.4 0.4 2.5 3.1 2.1 1.8

zOthersAbbott India Accumulate 1,479 1,628 3,144 1,661 1,918 9.7 12.0 60.7 90.4 24.4 16.4 5.0 4.1 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 198 246 1,975 3,569 4,172 8.6 9.2 17.3 22.3 11.5 8.9 2.5 2.1 22.9 25.3 0.5 0.5

Cera Sanitaryware Accumulate 288 327 365 405 477 15.8 17.2 31.0 41.0 9.3 7.0 2.1 1.6 24.3 25.8 1.1 0.9

Cravatex Buy 660 785 171 302 364 5.7 6.0 49.0 71.0 13.5 9.3 4.0 2.8 29.8 30.7 0.7 0.6

CRISIL Neutral 1,064 - 7,468 982 1,136 34.3 34.3 34.3 40.0 31.0 26.6 14.0 11.2 50.9 46.9 7.2 6.1

Finolex Cables Buy 43 61 654 2,334 2,687 8.8 9.3 7.6 10.2 5.6 4.2 0.7 0.6 13.7 16.1 0.2 0.2

Force Motors Buy 482 615 628 2,346 2,753 5.8 6.7 44.0 68.0 11.0 7.1 0.5 0.5 4.8 7.0 0.2 0.2

Goodyear India Accumulate 341 374 786 1,511 1,692 7.9 9.0 31.5 41.3 10.8 8.3 2.1 1.8 21.2 23.5 0.3 0.2

Graphite India Buy 88 124 1,722 2,158 2,406 18.1 18.9 12.4 14.0 7.1 6.3 1.0 0.9 14.0 14.3 0.9 0.8

Greenply Industries Buy 194 309 467 1,925 2,235 10.6 10.9 29.6 44.1 6.6 4.4 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 214 242 855 1,746 1,946 16.5 17.7 22.5 32.9 9.5 6.5 1.0 0.9 10.4 14.2 1.1 1.1

Hitachi Accumulate 146 160 335 857 968 6.9 8.4 10.2 16.0 14.4 9.1 1.8 1.5 12.9 17.8 0.5 0.4

Honeywell Automation Accumulate 2,637 2,864 2,331 1,761 2,024 6.7 8.2 95.0 127.0 27.8 20.8 3.3 2.8 14.1 16.3 1.2 1.1

INEOS ABS India Accumulate 720 804 1,267 900 1,020 9.0 11.1 33.0 45.0 21.8 16.0 3.0 2.6 14.3 17.0 1.2 1.0

ITD Cementation Neutral 231 - 266 1,535 1,842 11.1 11.1 27.3 38.3 8.5 6.0 0.7 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Accumulate 249 268 2,006 1,315 1,568 8.6 11.1 6.4 10.9 39.0 22.9 3.3 3.1 8.4 13.9 1.8 1.5MCX Buy 1,129 1,598 5,756 610 702 65.5 67.0 67.9 79.9 16.6 14.1 4.9 4.1 29.1 28.9 6.5 5.2

MRF Buy 10,480 13,106 4,445 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.9 6.4 1.6 1.3 16.5 17.4 0.6 0.5

Page Industries Neutral 2,921 - 3,258 887 1,108 18.3 18.6 95.0 120.9 30.8 24.2 16.1 13.0 57.4 59.5 3.7 3.0

Relaxo Footwears Buy 536 618 644 1,019 1,220 11.2 12.2 44.2 61.8 12.2 8.7 2.9 2.2 26.8 28.6 0.8 0.7

Sintex Industries Buy 66 79 1,792 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.2 0.6 0.6 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 278 392 261 1,042 1,173 12.4 12.5 66.3 78.5 4.2 3.5 0.8 0.7 21.1 20.8 0.5 0.4

SpiceJet Buy 34 40 1,627 5,647 6,513 3.5 6.5 1.9 4.9 17.3 6.9 40.6 5.9 - - 0.4 0.4

TAJ GVK Buy 69 108 430 300 319 35.8 36.2 7.9 9.1 8.7 7.5 1.2 1.0 13.9 14.4 1.7 1.5


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zOthers

Tata Sponge Iron Buy 338 420 521 700 806 18.2 18.2 55.6 65.1 6.1 5.2 0.8 0.7 14.2 14.8 0.3 0.2

TVS Srichakra Buy 325 462 249 1,612 1,827 9.5 9.8 72.3 92.5 4.5 3.5 1.3 1.0 33.1 32.1 0.4 0.3

United Spirits Neutral 722 - 9,440 10,289 11,421 13.5 14.3 31.0 42.9 23.3 16.8 1.8 1.7 8.1 10.3 1.6 1.4

Vesuvius India Accumulate 379 413 769 628 716 16.4 16.5 29.8 34.4 12.7 11.0 2.2 1.9 18.8 18.6 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 11, 2012


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July 12, 2012Market Outlook

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