market outlook, 15-07-2013

7/28/2019 Market Outlook, 15-07-2013

1/15

www.angelbroking.com

Market OutlookJuly 15, 2013

Dealers Diary

Indian markets are expected to open flat today tracking flat opening trades in the

SGX Nifty and marginally positive opening of Asian bourses.

US stocks ended Friday's trading mostly higher extending the strong upward trend

that has been shown by the markets over the past few weeks. However, buyinginterest was somewhat subdued amid lingering uncertainty about the outlook for

the Federal Reserve's stimulus program. Meanwhile, the European markets ended

Friday's session with mixed results, although the overall trading week was largely

positive. Investors continued to be encouraged by the statements made by Federal

Reserve Chairman Ben Bernanke late Wednesday. However, political uncertainty in

Portugal and concerns over China served to limit the upside.

Indian shares rose sharply for a second consecutive session on Friday buoyed by

Infosys quarterly result meeting street estimates, and retention of its FY14 revenue

guidance in dollar terms at 6-10 percent.

Markets Today

The trend deciding level for the day is 19,912/ 5,993 levels. If NIFTY trades above

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

up to 20,038 20,118 / 6,035 6,061 levels. However, if NIFTY trades below

19,912 / 5,993 levels for the first half-an-hour of trade then it may correct up to

19,832 19,706/ 5,967 5,925 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,706 19,832 19,912 20,038 20,118NIFTY 5,925 5,967 5,993 6,035 6,061

News Analysis

IIP continues to disappoint with decline in 1.6% IVRCL bagged various orders worth ~`1,098cr Some respite on trade deficit, narrows to USD12.2bn in June 2013 Result Review: Infosys, South Indian Bank Result Preview: Exide Industries

Refer detailed news analysis on the following page

Net Inflows (July 11, 2013)` cr Purch Sales Net MTD YTDFII 2,510 3,823 (1,313) (290) 71,016

MFs 470 465 5 (751) (12,928)

FII Derivatives (July 12, 2013)` cr Purch Sales Net Open InterestIndex Futures 2,604 2,533 71 13,388

Stock Futures 1,988 1,445 543 28,704

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Infosys 2,803 10.9 MMTC 62 (5.0)

Tech Mahindra 1,122 5.2 Gitanjali Gems 142 (5.0)

Mphasis 413 5.1 Emami-$ 498 (4.1)

Pipavav Defence 66 4.2 JSW ENERGY 44 (3.8)

Siemens 553 3.9 Maruti Suzuki 1,453 (3.6)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.4 282 19,958

Nifty 1.2 74 6,009

MID CAP (0.0) (0) 6,048

SMALL CAP (0.2) (11) 5,737

BSE HC 1.1 101 9,385

BSE PSU (0.4) (24) 5,966

BANKEX 0.6 73 13,376

AUTO (0.1) (12) 10,572

METAL 0.2 13 7,747

OIL & GAS 0.7 57 8,800

BSE IT 6.5 414 6,826

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.0 3 15,464NASDAQ 0.6 22 3,600

FTSE 0.0 2 6,545

Nikkei 0.2 34 14,506

Hang Sang (0.7) (160) 21,277

Straits Times (0.4) (13) 3,236

Shanghai Com (1.6) (34) 2,039

Indian ADR Chg (%) (Pts) (Close)INFY 4.8 2.1 $46.2

WIT 1.4 0.1 $7.8IBN (1.3) (0.5) $38.4

HDB (0.5) (0.2) $37.4

Advances / Declines BSE NSEAdvances 1,061 596

Declines 1,249 710

Unchanged 140 87

Volumes (` cr)BSE 1,558

NSE 10,457

7/28/2019 Market Outlook, 15-07-2013

2/15



IIP continues to disappoint

As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth

in May 2013 continued its poor show as it declined by 1.6% (in contrast with

market expectations of 1.5% growth). The production data continues to reflect

weakness on the demand-side from investment as well as consumption. The indexfor April 2013 has been revised downwards owing to revision in mining and

manufacturing. Consequently, growth has decelerated by 40bp to 1.9% from 2.3%

reported earlier.

Performance on Sector-wise classificationIn terms of sector-wise classification, electricity production paced higher but

decline in production in mining and manufacturing sectors weighed on overall

output.

The Mining sector continued to contract for the eight consecutive month and

reported a 5.7% decline in May 2013 as against a 0.7% contraction in thecorresponding period of the previous year owing to decline in production of coal,

crude oil and natural gas.

The Manufacturing sector reported a 2.0% decline after having posted tepid

growth since January 2013. . In the near-term, a meaningful recovery in the

manufacturing sector still looks unlikely as consumption and investment side of

growth remains sluggish. Exports have reported about 4.6% de-growth in the

month of June 2013 so manufacturing activity is unlikely to get support in the near

term. But we believe that the sharp INR depreciation and a recovery in global

growth would eventually improve the outlook for exports in the medium term.

Performance in the Use-based categoryAs per the use-based classification, Consumer Durables continued to weigh on the

overall IIP for the second consecutive month. The 4.0% decline in Consumer

Goods production can be attributed to the sharp 10.4% contraction in Consumer

Durables. Growth in consumer non-durables also slipped to 1.7% as compared to

11.5% in April 2013 and despite a low base (0.1% decline) in the previous year.

The persistence of weakness in consumption is mirrored in slackening of

production in consumer goods. We believe that an improvement in consumption

and in particular for durable goods largely rests on transmission of monetary

policy rate cuts into the economy.

The Capital Goods index posted a 2.7% decline despite a low base, reflecting

continued sluggishness in the investment climate and dashing hopes of a

sustainable recovery. The April 2013 print for capital goods has been revised

lower to reflect a 0.1% de-growth as compared to 1.0% growth reported earlier

while the 9.0% growth in the months of February and March 2013 are aberrations

owing to a low base.

CPI inflation inches upwards to 9.9% in June 2013In contrast with expectations of a further moderation in CPI inflation, the combined

(rural + urban) inflation for June 2013 accelerated to almost double-digits at

9.9% from 9.3% in May 2013. Inflation in food articles in the CPI (accounting for

almost 50% weightage in the index) came in higher at 11.7% as compared to

10.7% in the previous month and this can be attributed mainly to seasonal factors.

7/28/2019 Market Outlook, 15-07-2013

3/15



Fuel inflation also inched higher to 8.7% during June 2013 as against 8.5% in the

previous month. Worryingly though, core (non-food, non-fuel) CPI inflation has

also accelerated to 8.2% in June 2013 as against a moderation to 7.7% in the

previous month.

Going ahead, we are positive on the trajectory for food inflation owing to thedecent rabi production, pick-up in sowing of kharif crops and reasonable MSP

price hikes announced by the government for the kharif crops. The sowing of

kharif crops has reached about 517.7 lakh hectares ie a 51.6% pick-up as

compared to the coverage during the corresponding period of the previous year.

Some respite on trade deficit, narrows to USD12.2bn in June

2013

Provisional data released by the commerce ministry shows that Indias trade deficit

for June 2013 narrowed to USD12.2bn, a huge respite as compared toUSD20.1bn in the previous month. The narrowing of the deficit for June 2013 can

be attributed to de-growth of imports in particular lower non-oil imports. Imports

reported 0.7% yoy decline during the month as compared to 7.0% growth in May

2013 owing to the 6.7% contraction in non-oil imports.

But negatively exports also declined by 4.1% yoy in June 2013 despite a 6.1% yoy

decline a year ago. In the medium-term, the sharp INR depreciation coupled with

improvement in global growth particularly in the U.S is expected to provide an

impetus to export growth to some extent.

The trade deficit for April June of 2013-14 is estimated at USD50.2bn, much

higher than the deficit of USD42.2bn during April June of 2012-13. Gold

imports constitute a large part of the increase in imports during this period owing

to their dip in prices. In terms of volumes, during the months of April and May

2013 gold imports came in at a massive 143 and 162 tonnes respectively. But this

was owing to front-ended demand as expected. Gold imports have already come

down to 31 tonnes in June 2013 and are likely to normalize going forward

particularly owing to sluggish investment demand.

Trade deficit for June 2013Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13Trade balance (12.2) (20.1) (17.8) (9.8) (14.7) (20.0)

Exports 23.8 24.5 24.2 30.7 26.6 25.7

Imports 36.0 44.6 42.0 40.5 41.3 45.7

GrowthExport (4.6) (1.1) 1.7 6.6 5.6 1.2

Import (0.4) 7.0 11.0 (4.3) 3.0 6.3

Non oil (6.7) 9.1 14.9 2.8 (3.2) 5.3

Oil 13.7 3.0 3.9 (16.1) 15.7 8.2

7/28/2019 Market Outlook, 15-07-2013

4/15



IVRCL has bagged various orders worth ~`1,098cr

IVRCL said its building & factories division has bagged various orders worth

~`573cr. The company said that the water division of the company had bagged

three orders worth`472cr which a major order of`311cr by Orissa water supply

and sewerage board. The nature of work includes construction of sewers forBhubaneswar sewerage district-VI and the completion period is three years from

the start of the project. Also, the company has three bagged orders worth ~`53cr

in the power division. We continue to maintain our Buy rating on the stock withtarget price of `29.

Result Review

Infosys (CMP:`2803/ TP: -/Upside: -)

Infosys reported a healthy set of results for 1QFY2014. Its dollar revenues grew by

2.7% qoq (against an estimate of 1.5% qoq) to US$1,991mn, aided by a 4.1%

qoq volume growth, led by recovery in application development and consulting

revenues. Pricing went down by 0.7% qoq due to negative cross currency

movement. The overall volume growth was robust at 4.1% qoq with a 5.8%

onsite volume growth and 3.3% offshore volume growth. In INR terms, revenue

came in at `11,267cr, up 7.8% qoq. The companys EBIT margin inched up

slightly by 9bp qoq to 23.6%, while EBITDA margin remained almost flat qoq at

26.5%. The gains from the rupees depreciation were offset by the negative impact

of wage hikes given to the Sales team from May 2013 of ~8% and onsite wage

hikes given in February 2013. The PAT came in at`2,374, down 0.8% qoq.

Infosys maintained its FY2014 USD revenue growth guidance at 6-10%, which is

encouraging, as against our expectation of the company reducing it down to 6-

8%. We believe a healthy 1QFY2014 performance increases the probability of the

company achieving/beating the top end of the guidance. Post 1QFY2014 results,

Infosys requires ~1.4% CQGR for the remaining quarters to meet its upper end of

the guidance which we believe the company can possibly achieve. In INR terms,

the company has given revenue guidance of 13-17% (assuming USD/INR rate at

59.39). The Management commentary indicates that the environment remains

challenging and the company continues to see pricing pressure in large deals

coming in re-bid market space because of competitive intensity. Over FY2013-

15E, we expect USD and INR revenue to grow at a CAGR of 9.2% and 12.6%,respectively. The Management indicated that the company has given wage hikes of

~8% offshore and ~3% onsite from July 1, 2013 which will again impact the

operating margin negatively by ~300bp in 2QFY2014. Going ahead, we expect

the EBIT margin of Infosys to decline to 23.4% and 23.6% for FY2014 and

FY2015, respectively from 25.8% in FY2013. Considering Infosys current quarter

results as well as management commentary, it seems that some parts of Infosys'

new strategy are working, although numbers could remain volatile in the near

term. We value the stock at 15x FY2015E EPS of `189.4, which gives us a targetprice of `2,820. We maintain our Neutral rating on the stock.

7/28/2019 Market Outlook, 15-07-2013

5/15



Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 47,001 26.2 9,785 171.3 20.4 16.4 3.3 10.5 2.8

FY2015E 51,196 26.4 10,816 189.4 19.3 14.8 2.9 9.1 2.4

South Indian Bank - (CMP:`23/ TP: - / Upside: -)SIB reported weak set of numbers during the quarter, as it reported a bottom line

de-growth of 6.7% yoy, which was lower than ours as well as streets estimates.

On the operating front, while NII grew at moderate pace of 10%, however,

boosted by treasury gains non-interest income grew strongly by 57%, leading to

healthy 21% yoy growth in operating profits. On the asset quality front, the bank

witnessed pressures, as its Gross NPA levels increased sequentially by 14%, while

net NPA levels increased by 40% qoq, in spite of higher provisioning during the

quarter (at `105cr compared to`66cr in 4QFY2013 and`25cr in 1QFY2013). At

the CMP, the stock is trading at 0.9x FY2015E ABV. We recommend a Neutralrating on the stock.

Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,795 2.8 530 4.0 23.7 1.0 17.2 5.8 1.0

FY2015E 2,054 2.8 578 4.3 27.0 0.9 16.5 5.4 0.9

Result Preview

Exide Industries(CMP:`124/ TP:`150/ Upside: 21%)Exide Industries (EXID) is slated to announce its 1QFY2014 results today. Weexpect EXID to register a modest revenue growth of ~4% yoy, with growth inthe automotive replacement market offsetting weak OEM sales. We expectEBITDA margins to decline ~140bp yoy to 13.6% on account of increase inlead prices (up ~5% yoy) and also due to increase in power costs anddistribution expenses, leading to an ~5% yoy decline in net profit to`145cr. At`124, the stock is trading at 13.6x FY2015E earnings. Currently, we have aBuy rating on the stock with a target price of `150.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,053 14.2 666 7.8 18.1 15.8 2.7 8.5 1.2

FY2015E 8,061 14.5 776 9.1 18.2 13.6 2.3 7.0 1.0

7/28/2019 Market Outlook, 15-07-2013

6/15



Quarterly Bloomberg Brokers Consensus Estimate

Exide Industries (15/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net Sales 1,607 1,551 4 1,538 4

EBITDA 228 233 (2) 204 12

EBITDA margins (%) 14 15 13

Net Profit 146 152 (4) 146 -

Ashok Leyland (16/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net Sales 2,415 2,941 (18) 3,648 (34)

EBITDA 93 241 (61) 198 (53)

EBITDA margins (%) 4 8 5

Net Profit (60) 67 (190) 150 (140)

Economic and Political News

Economy turnaround likely from FY15: CII 12th Plan growth target may be cut to 7%-Planning commission Will have to reassess our growth estimate: C Rangarajan FIPB rejects four FDI proposals, Defers one

Corporate News

Tech M may buy Polraris IT services business CG buyback delayed to meet Sebis revised norms SKIL infra to sell`750cr non-core assets to repay loans DGH refuses to approve RILs $3.5b NEC-25 gas production plan House panel raps ICICI Bank for poor show on farm loansSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

7/28/2019 Market Outlook, 15-07-2013

7/15

Date Company

July 15, 2013 Exide Industries

July 16, 2013 Ashok Leyland

July 17, 2013 HDFC Bank

July 18, 2013 TCS, Axis Bank, Kotak Mah. Bank, IDBI Bank, D B Corp, Rallis, Mindtree, Infotech Enterprises, Honeywell Automation

July 19, 2013 HDFC, Bajaj Auto, Federal Bank, CRISIL, UCO Bank, Hexaware, NIIT

July 20, 2013 HT Media

July 21, 2013

July 22, 2013 Larsen & Toubro, Asian Paints, Blue Star

July 23, 2013 Tata Sponge

July 24, 2013 Cairn India, Dabur India

July 25, 2013 Thermax, FAG Bearings, MRF

July 26, 2013 Nestle, CESC

July 27, 2013 Force Motors

July 28, 2013

July 29, 2013 IDFC, Colgate, Godrej Consumer, Subros, Vesuvius India

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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 Services Value Jul A 50.40 --

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 15, 2013

Market Outlook

7/28/2019 Market Outlook, 15-07-2013

8/15



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


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

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

(%)

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

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

Jun-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(%)

7/28/2019 Market Outlook, 15-07-2013

9/15

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 156 - 3,032 1,657 1,906 14.1 14.1 7.7 8.9 20.3 17.5 4.2 3.6 22.2 21.9 1.8 1.5

United Phosphorus Buy 143 232 6,347 10,298 11,310 16.5 16.5 20.5 23.2 7.0 6.2 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 258 285 4,411 3,418 3,892 14.5 14.5 18.5 20.4 14.0 12.7 3.4 2.8 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 66 - 3,311 13,852 15,487 11.4 11.5 12.8 14.9 5.1 4.4 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 18 27 4,763 14,038 16,442 7.6 8.7 1.1 2.2 17.1 8.0 1.5 1.3 6.2 12.5 0.4 0.3

Automotive Axle# Neutral 219 - 331 834 965 9.3 10.6 17.3 27.1 12.7 8.1 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,868 2,096 54,044 23,005 26,460 18.0 18.5 118.8 139.7 15.7 13.4 5.7 4.5 40.4 37.7 2.0 1.6

Bharat Forge Neutral 226 - 5,259 6,198 6,793 14.6 14.9 14.5 17.3 15.5 13.1 2.0 1.8 13.6 14.7 1.0 0.8

Bosch India* Accumulate 8,606 9,213 27,020 9,821 11,394 17.0 17.3 373.5 438.7 23.0 19.6 4.1 3.5 18.0 17.9 2.4 2.0

CEAT Buy 112 170 384 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 124 141 10,536 7,053 8,061 14.2 14.5 7.8 9.1 15.8 13.6 2.7 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,446 - 2,403 1,525 1,742 14.5 15.7 88.4 109.5 16.4 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,709 1,820 34,117 25,298 27,665 14.1 13.7 110.3 140.0 15.5 12.2 5.6 4.4 39.9 40.7 1.1 1.0

JK Tyre Buy 107 154 440 7,972 8,754 7.1 7.1 37.5 44.0 2.9 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 906 1,103 55,775 45,254 51,197 11.4 11.7 61.2 70.2 14.8 12.9 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,453 1,822 43,883 47,923 55,002 11.2 10.9 106.6 121.4 13.6 12.0 2.0 1.8 16.1 15.8 0.7 0.6

Motherson Sumi Accumulate 208 222 12,254 28,442 31,493 7.5 7.8 12.5 14.8 16.7 14.1 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 22 27 132 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 292 347 78,654 215,016 237,404 13.3 13.6 36.2 41.5 8.1 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 32 35 1,527 7,715 8,584 6.0 6.1 5.0 5.8 6.5 5.6 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 613 461 12,997 8,073 9,052 5.5 6.9 11.5 16.9 53.2 36.2 4.8 4.7 9.3 13.1 1.6 1.4BGR Energy Accumulate 124 140 892 3,756 4,569 11.4 9.7 21.7 24.1 5.7 5.1 0.7 0.6 22.3 20.3 0.6 0.5

BHEL Neutral 188 - 45,978 44,054 39,326 16.8 15.1 20.6 16.1 9.1 11.7 2.0 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 156 230 1,403 2,896 3,087 5.6 6.2 9.3 11.7 16.8 13.3 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 89 117 5,735 13,446 15,272 6.7 7.6 6.6 8.9 13.5 10.1 1.5 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 20 - 164 3,360 3,597 9.7 9.8 7.3 10.2 2.7 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 34 49 882 7,709 8,399 6.7 7.2 6.1 8.5 5.7 4.0 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 599 - 7,134 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 1,242 1,361 23,326 11,820 13,254 19.3 20.9 74.9 93.1 16.6 13.4 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

10/15



Cement

Ambuja Cements Neutral 197 - 30,377 10,171 11,762 23.5 24.6 10.2 12.2 19.3 16.1 3.2 2.9 17.1 18.7 2.5 2.0

India Cements Neutral 56 - 1,713 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.1 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 84 143 983 2,247 2,742 21.0 23.1 17.8 21.8 4.7 3.8 0.7 0.6 15.5 16.4 0.3 0.8

Madras Cements Neutral 214 - 5,102 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 4,532 - 15,788 6,607 7,520 27.5 26.7 322.8 374.3 14.0 12.1 3.5 2.8 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,941 - 53,221 21,947 25,049 23.8 23.8 106.1 119.8 18.3 16.2 3.0 2.6 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 54 84 851 1,928 2,234 21.0 21.5 6.0 7.4 9.0 7.3 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 9 - 169 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.1) (25.3) 0.4 0.4 0.5 0.5

IRB Infra Buy 100 157 3,337 3,997 4,312 45.5 46.4 15.7 16.6 6.4 6.0 0.9 0.8 15.2 14.5 3.3 3.5

ITNL Buy 149 230 2,885 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 16 29 499 5,673 5,892 8.1 8.4 1.4 1.8 11.3 8.9 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 52 90 11,628 14,850 15,631 24.9 25.1 2.5 2.9 20.7 18.4 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 994 1,180 91,943 68,946 78,040 10.5 10.5 51.7 58.6 19.3 17.0 2.9 2.6 15.5 15.6 1.5 1.3

Nagarjuna Const. Buy 28 42 730 6,167 6,945 8.0 8.2 2.7 3.6 10.7 7.8 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 32 - 1,069 12,954 14,740 9.9 9.9 0.5 0.9 63.4 34.6 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 88 139 1,324 2,462 2,731 10.6 10.6 5.9 6.7 14.9 13.2 1.5 1.3 10.2 10.5 0.8 0.8

Simplex Infra Buy 83 131 411 6,308 7,033 9.5 9.6 11.9 18.7 7.0 4.4 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 185 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 90 123 4,515 6,705 7,535 2.5 2.5 27.6 33.2 3.3 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 81 - 4,535 5,195 5,834 2.7 2.7 19.2 23.1 4.2 3.5 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,290 1,778 60,483 19,237 23,261 3.2 3.2 133.8 161.5 9.6 8.0 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 569 761 23,955 16,287 18,707 2.2 2.3 120.6 144.6 4.7 3.9 0.7 0.6 15.0 16.0 - -

Bank of India Buy 227 270 13,554 14,459 16,176 2.3 2.2 55.2 68.2 4.1 3.3 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 50 61 3,291 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 354 423 15,680 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 63 69 6,628 8,406 9,546 2.5 2.5 12.6 18.7 5.1 3.4 0.6 0.6 10.6 14.3 - -

Corporation Bank Buy 345 436 5,268 5,554 6,156 2.0 2.0 94.9 104.9 3.6 3.3 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 69 79 2,417 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.8 0.5 0.4 14.7 14.7 - -

Federal Bank Accumulate 397 455 6,780 2,802 3,275 2.9 2.9 49.8 56.6 8.0 7.0 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

11/15



Financials

HDFC Accumulate 850 904 132,077 8,573 10,142 3.6 3.6 37.0 43.6 23.0 19.5 4.7 4.2 30.0 30.3 - -

HDFC Bank Accumulate 694 752 165,874 27,560 33,766 4.6 4.6 36.3 45.1 19.1 15.4 3.9 3.2 21.9 22.8 - -

ICICI Bank Buy 1,062 1,454 122,558 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 73 80 9,709 9,416 10,392 2.0 2.0 19.8 22.8 3.7 3.2 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 107 141 4,607 6,077 6,845 2.9 3.0 35.2 41.0 3.1 2.6 0.4 0.4 14.1 14.8 - -

IOB Accumulate 49 53 4,537 8,028 9,204 2.4 2.6 12.5 19.7 3.9 2.5 0.4 0.3 9.1 13.1 - -

J & K Bank Accumulate 1,239 1,315 6,008 3,101 3,427 3.6 3.6 215.5 210.3 5.8 5.9 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 235 298 11,855 2,113 2,525 2.3 2.3 25.4 29.2 9.3 8.0 1.6 1.4 18.4 18.3 - -

Oriental Bank Buy 197 239 5,737 6,790 7,676 2.6 2.7 55.7 62.3 3.5 3.2 0.5 0.4 12.8 12.9 - -

Punjab Natl.Bank Buy 633 883 22,371 20,914 23,879 3.3 3.4 152.4 176.2 4.2 3.6 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 23 - 3,096 1,795 2,054 2.8 2.8 4.0 4.3 5.8 5.4 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,893 2,518 129,515 66,417 76,734 3.0 3.0 227.4 284.8 8.3 6.7 1.2 1.1 15.4 17.1 - -

Syndicate Bank Buy 115 136 6,910 7,125 8,188 2.6 2.6 27.4 27.9 4.2 4.1 0.6 0.6 16.2 14.6 - -

UCO Bank Reduce 67 63 5,061 6,545 6,859 2.7 2.6 14.8 15.7 4.6 4.3 0.8 0.7 14.4 13.6 - -

Union Bank Buy 175 243 10,465 11,101 12,543 2.6 2.6 39.3 47.4 4.5 3.7 0.6 0.5 14.1 15.2 - -

United Bank Buy 47 58 1,754 3,386 3,884 2.3 2.5 12.4 20.0 3.8 2.3 0.4 0.4 10.0 14.7 - -

Vijaya Bank Accumulate 46 49 2,282 2,714 3,046 1.9 2.0 9.2 10.8 5.0 4.3 0.5 0.5 10.7 11.5 - -

Yes Bank Neutral 490 - 17,614 4,451 5,526 2.8 2.8 43.0 49.7 11.4 9.8 2.5 2.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,825 - 46,280 12,332 14,524 16.5 16.3 141.6 162.7 34.1 29.7 10.8 8.6 35.4 32.2 3.6 3.0

Britannia Neutral 680 - 8,136 6,417 7,502 6.1 6.3 21.3 25.5 32.0 26.7 10.4 8.3 35.7 34.6 1.3 1.0

Colgate Neutral 1,410 - 19,180 3,588 4,130 20.5 20.9 44.2 51.8 31.9 27.3 31.1 22.7 108.6 96.2 5.2 4.4

Dabur India Neutral 158 - 27,584 7,183 8,340 16.8 16.8 5.4 6.3 29.5 25.2 11.5 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 4,687 - 19,711 3,617 4,259 16.1 16.4 122.2 148.7 38.4 31.5 11.9 9.6 34.1 33.7 5.0 4.2

Godrej Consumer Neutral 849 - 28,909 7,801 9,017 16.2 15.9 25.1 29.7 33.8 28.6 7.3 6.1 24.9 24.2 3.8 3.3

HUL Neutral 601 - 130,051 29,167 33,164 13.6 13.7 17.1 18.4 35.2 32.7 33.8 24.5 113.4 87.0 4.3 3.8

ITC Neutral 350 - 276,406 34,294 39,991 36.8 37.0 11.3 13.3 31.0 26.2 10.2 8.3 36.1 34.9 7.7 6.6

Marico Neutral 209 - 13,461 5,273 6,044 14.8 14.9 7.3 8.7 28.8 24.1 5.6 4.6 21.4 21.0 2.6 2.2

Nestle* Neutral 5,400 - 52,060 9,447 10,968 22.1 22.3 127.5 154.1 42.4 35.0 21.2 15.3 57.7 50.7 5.5 4.7

Tata Global Neutral 148 - 9,128 8,069 8,957 9.8 9.7 7.8 8.6 18.9 17.2 2.3 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

12/15



IT

HCL Tech^ Neutral 860 - 59,938 29,424 32,837 22.6 22.0 59.5 63.3 14.5 13.6 3.5 2.9 24.6 21.7 1.9 1.6

Hexaware* Accumulate 97 105 2,888 2,158 2,374 19.6 19.8 10.7 11.7 9.0 8.2 2.0 1.8 23.0 22.3 1.2 1.0

Infosys Reduce 2,803 2,530 160,944 45,153 48,993 27.6 26.8 170.7 187.5 16.4 15.0 3.4 2.9 20.8 19.5 2.9 2.6

Infotech Enterprises Neutral 183 - 2,043 2,037 2,254 17.9 17.7 21.2 22.6 8.7 8.1 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Accumulate 127 144 2,455 2,614 2,923 17.2 16.8 13.2 14.4 9.7 8.8 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Neutral 911 - 3,784 2,707 2,978 20.3 20.2 87.4 97.0 10.4 9.4 2.2 1.8 21.8 19.5 1.1 0.9

Mphasis& Reduce 413 391 8,669 6,372 6,852 18.0 18.2 38.0 43.5 10.9 9.5 1.6 1.4 14.3 14.2 0.9 0.7NIIT Buy 19 30 313 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Accumulate 512 565 2,049 1,505 1,677 25.9 26.2 53.6 59.7 9.6 8.6 1.7 1.4 17.7 16.7 1.0 0.8

TCS Neutral 1,606 - 314,349 74,795 84,926 28.8 28.7 82.2 91.5 19.5 17.6 6.0 4.9 30.8 28.1 4.0 3.4

Tech Mahindra Accumulate 1,122 1,250 26,064 8,102 8,709 19.7 19.2 93.7 101.5 12.0 11.1 2.2 1.8 21.2 18.9 3.2 2.9

Wipro Neutral 376 - 92,528 41,659 45,137 21.2 21.4 27.7 29.9 13.6 12.6 2.8 2.4 20.5 19.0 1.7 1.5

Media

D B Corp Buy 240 290 4,409 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 2,252 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 86 107 2,864 1,664 1,825 20.9 23.0 6.4 7.8 13.4 11.1 2.7 2.4 21.0 23.1 1.8 1.6

PVR Neutral 334 - 1,324 1,359 1,540 17.3 17.4 17.2 21.6 19.4 15.5 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 414 - 16,331 2,287 2,551 69.7 70.5 20.0 23.3 20.7 17.8 5.1 4.5 26.4 27.3 6.8 6.0

Metals & Mining

Bhushan Steel Neutral 465 - 10,526 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 300 345 189,491 72,174 76,311 33.3 28.4 28.4 30.9 10.6 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 13 18 424 1,976 2,017 11.8 12.7 1.3 2.6 10.3 5.0 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 108 155 3,444 1,920 2,239 53.2 52.9 21.6 25.0 5.0 4.3 1.1 0.9 25.1 23.8 1.3 0.9Hind. Zinc Buy 105 145 44,218 12,358 13,659 51.4 51.6 16.0 17.6 6.5 5.9 1.2 1.0 19.4 18.4 1.3 0.8

Hindalco Neutral 102 - 19,462 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 602 - 14,548 47,613 48,385 17.4 18.8 81.8 109.6 7.4 5.5 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 196 248 3,299 1,010 1,046 46.5 47.6 26.8 28.8 7.3 6.8 1.1 1.0 15.4 14.7 0.9 0.6

Monnet Ispat Buy 120 193 767 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 30 - 7,642 7,656 7,988 13.1 13.5 2.6 2.6 11.6 11.3 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 107 140 42,442 10,610 11,400 66.3 64.2 15.6 16.1 6.9 6.7 1.4 1.3 21.3 19.9 1.9 1.7

SAIL Neutral 48 - 19,618 44,060 54,786 9.4 11.5 5.2 7.2 9.1 6.6 0.5 0.5 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

13/15



Metals & Mining

Sesa Goa Accumulate 152 166 13,176 3,742 4,426 32.9 32.8 30.0 29.8 5.1 5.1 0.7 0.6 14.3 12.5 4.3 3.6

Sterlite Inds Accumulate 88 100 29,675 44,462 45,568 23.2 24.7 18.1 20.2 4.9 4.4 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 263 378 25,524 140,917 151,537 9.7 10.8 30.9 47.6 8.5 5.5 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 97 153 348 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 30 40 410 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 75 102 245 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 291 345 55,618 16,482 16,228 69.4 53.3 53.3 49.6 5.5 5.9 0.8 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 322 - 40,820 52,102 52,876 15.7 16.1 34.1 35.7 9.4 9.0 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 296 387 253,499 170,063 198,461 36.3 38.3 34.7 41.9 8.6 7.1 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 890 - 287,290 397,546 421,695 9.4 8.6 75.0 76.4 11.9 11.7 1.3 1.2 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 197 - 2,521 3,707 3,850 11.7 12.4 23.7 25.7 8.3 7.7 2.3 2.0 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 289 - 4,047 3,700 4,218 23.4 22.8 26.7 30.4 10.9 9.5 2.3 1.9 22.7 21.8 1.2 1.0

Petronet LNG Buy 128 167 9,619 40,356 40,872 5.8 6.4 15.0 16.7 8.6 7.7 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,269 1,171 1,287 91.9 91.9 10.1 11.3 5.8 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Reduce 159 139 3,006 1,736 2,008 17.1 18.9 10.7 13.9 14.9 11.5 4.7 3.5 35.0 34.7 1.8 1.5

Aurobindo Pharma Buy 191 271 5,571 6,641 7,637 15.9 15.9 17.3 20.6 11.1 9.3 1.8 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,440 - 5,619 1,682 1,917 16.6 16.6 92.4 99.1 26.4 24.6 3.7 3.7 15.7 14.8 3.0 2.4

Cadila Healthcare Buy 781 929 15,985 7,280 8,640 15.5 15.7 38.3 46.5 20.4 16.8 4.4 3.6 23.5 23.5 2.5 2.1

Cipla Buy 405 477 32,518 9,274 10,796 23.1 23.1 21.0 23.8 19.3 17.0 3.1 2.7 17.2 16.8 3.2 2.7

Dr Reddy's Accumulate 2,350 2,535 39,947 13,377 15,350 20.4 20.1 112.3 126.8 20.9 18.5 4.5 3.7 23.5 21.8 3.1 2.7

Dishman Pharma Buy 64 168 515 1,394 1,534 22.5 22.4 15.0 16.8 4.3 3.8 0.5 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,551 - 21,606 2,854 3,145 28.6 28.6 76.6 83.3 33.3 30.6 10.0 9.1 31.1 31.0 6.7 6.0

Indoco Remedies Accumulate 71 78 654 760 922 15.3 15.3 6.1 7.8 11.6 9.1 1.4 1.3 12.9 14.7 1.1 0.9

Ipca labs Neutral 694 - 8,757 3,243 3,826 20.5 21.5 36.0 44.4 19.3 15.6 4.5 3.6 26.0 25.4 2.8 2.4

Lupin Neutral 869 - 38,886 11,641 13,933 21.3 21.3 34.8 41.8 25.0 20.8 5.8 4.6 26.2 24.8 3.4 2.8

Ranbaxy* Accumulate 338 384 14,309 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 1,108 - 114,591 13,509 15,846 41.0 41.0 33.0 39.8 33.6 27.9 6.8 5.6 22.0 22.0 7.9 6.6

Power

GIPCL Buy 67 78 1,018 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

NTPC Accumulate 146 163 120,466 76,734 86,680 24.5 24.3 13.4 14.5 10.9 10.1 1.3 1.2 12.8 12.7 2.3 2.1


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

14/15



Real Estate

DLF Buy 177 236 31,492 8,293 9,622 36.5 36.1 5.7 6.7 31.0 26.3 1.1 1.1 3.7 4.1 5.9 4.9

MLIFE Accumulate 440 476 1,798 888 1,002 30.6 30.6 38.8 43.4 11.3 10.1 1.3 1.2 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Accumulate 305 321 121,901 85,489 94,229 31.9 31.9 10.2 14.6 29.8 20.9 2.2 2.0 7.2 9.4 2.1 1.8

Idea Cellular Neutral 146 - 48,258 25,640 28,459 26.9 27.2 4.0 4.9 36.3 29.4 3.1 2.8 8.4 9.4 2.3 2.0

Rcom Neutral 144 - 29,701 22,751 24,628 30.9 31.3 3.4 5.3 42.0 27.3 0.9 0.9 2.1 3.1 2.9 2.5

OthersAbbott India* Buy 1,439 1,659 3,058 1,863 2,081 11.8 12.4 71.2 83.0 20.2 17.4 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 192 237 1,913 3,885 4,472 5.4 7.2 11.0 19.7 17.5 9.7 2.4 2.0 13.5 20.3 0.5 0.4

Cera Sanitaryware Accumulate 504 562 637 630 795 14.4 13.6 42.8 51.1 11.8 9.9 2.8 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 280 459 72 248 284 6.5 7.3 27.2 38.2 10.3 7.3 1.6 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 54 68 832 2,563 2,899 9.8 9.8 10.1 11.3 5.4 4.8 0.8 0.7 14.3 13.8 0.2 0.2

Force Motors Buy 250 437 326 2,304 2,649 3.1 3.6 28.0 43.7 8.9 5.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 308 345 711 1,458 1,542 8.3 9.0 32.3 37.0 9.6 8.3 1.7 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 124 177 336 1,053 1,169 6.3 7.1 13.8 17.7 9.0 7.0 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,430 - 2,148 1,842 2,131 7.7 7.8 112.4 132.4 21.6 18.4 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 148 198 133 495 651 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 137 234 157 1,430 1,573 11.1 11.0 19.1 26.9 7.2 5.1 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 180 199 2,981 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 12,604 14,416 5,345 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.0 7.0 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Neutral 4,402 - 4,910 1,057 1,282 19.4 19.6 124.8 153.7 35.3 28.6 17.5 12.9 56.3 51.8 4.7 3.9

Relaxo Footwears Accumulate 744 791 893 1,146 1,333 10.9 11.4 45.9 60.9 16.2 12.2 3.4 2.7 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 241 343 226 1,158 1,322 11.9 11.9 72.9 85.7 3.3 2.8 0.6 0.5 19.9 19.6 0.4 0.4Styrolution ABS India* Buy 414 617 728 1,068 1,223 9.6 9.6 38.1 44.1 10.9 9.4 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 59 108 368 300 319 35.8 36.2 7.9 9.1 7.4 6.5 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 268 371 413 814 849 17.0 17.6 64.6 69.2 4.2 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 537 686 417 435 516 6.2 7.1 24.3 33.3 22.1 16.2 3.6 3.1 17.6 20.8 0.8 0.7

Tree House Accumulate 282 297 1,013 153 194 53.0 52.8 12.4 15.6 22.7 18.0 2.7 2.4 11.8 13.1 6.8 5.2

TVS Srichakra Buy 174 230 133 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.5 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,666 - 38,751 12,294 14,162 12.0 12.0 42.1 67.7 63.3 39.4 4.5 4.0 9.1 10.7 3.5 3.0

Vesuvius India* Buy 365 439 741 600 638 20.1 19.4 35.7 36.6 10.2 10.0 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 12, 2013


Market Outlook

Stock Watch

July 15, 2013

7/28/2019 Market Outlook, 15-07-2013

15/15


market outlook, 15-07-2013

Documents