market outlook 170712

7/31/2019 Market Outlook 170712

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Market Outlook July 17, 2012

www.angelbroking.com


Dealer’s Diary The Indian markets are expected to open in the green tracking SGX Nifty and

minor gains in the Asian markets amidst optimism on China’s stimulus outlook.

Stocks in US closed moderately lower on account of the release of a disappointing

report on US retail sales. Weakness on Wall Street stemmed from continuedconcerns about the economic outlook following the release of a report from the

Commerce Department showing an unexpected drop in retail sales by 0.5% in

June, which came in below consensus estimates.

Indian shares fell modestly on Monday although June inflation numbers added to

pressure on the RBI to cut rates at the forthcoming monetary policy review on

July 31. India's headline inflation unexpectedly slowed to 7.3%, its lowest level in

five months in June, mainly driven by lower prices of fuel and manufacturing items.

Globally, trading on Tuesday could be impacted by reaction to remarks by Federal

Reserve Chairman Ben Bernanke, who is due to testify before the Senate Banking

Committee. Reports on US CPI, industrial production, and homebuilder confidence

may also attract some attention.

Markets Today The trend deciding level for the day is 17,155/5,212 levels. If NIFTY trades above

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

up to 17,231 – 17,358/5,233 – 5,268 levels. However, if NIFTY trades below

17,155/5,212 levels for the first half-an-hour of trade then it may correct up to

17,028 – 16,952/5,176 – 5,155 levels.

SENSEX 16,952 17,028 17,155 17,231 17,358

NIFTY 5,155 5,176 5,212 5,233 5,268

News Analysis June inflation levels at 7.3% yoy

TTMT reports lower-than-expected global sales for June’12

PNGRB slashes GAIL's tariff for a pipeline by 57%

Tata Steel to sell its entire 50% stake in HKS

1QFY2013 Result Reviews - Exide Industries, SIB, MindTree

1QFY2013 Result Previews – Axis Bank

Refer detailed news analysis on the following page

Net Inflows (July 13, 2012)

FII 1,984 1,604 380 7,736 49,855

MFs 336 509 (174) (1,855) (7,890)

FII Derivatives (July 16, 2012)

Index Futures 1,036 979 57 14,965

Stock Futures 1,287 1,383 (96) 26,295

Gainers / Losers

Bharti Airtel 320 3.9 JP Infra 56 (5.0)

Lupin 571 3.0 Adani Enter 212 (4.6)

Cadila Health 799 2.6 Tata Steel 409 (4.0)

Godrej Ind. 257 2.4 United Brew 516 (3.9)

Cummins India 442 2.2 Century Tex 304 (3.6)

BSE Sensex (0.6) (110.4) 17,103

Nifty (0.6) (30.0) 5,197

MID CAP (0.6) (39.0) 6,209

SMALL CAP (0.6) (41.4) 6,696

BSE HC 0.9 65.0 6,996

BSE PSU (0.4) (26.6) 7,296

BANKEX (0.3) (36.5) 12,146

AUTO (0.7) (65.7) 9,244

METAL (2.0) (211.2) 10,430

OIL & GAS 0.1 5.6 8,034

BSE IT (2.3) (125.3) 5,235

Dow Jones (0.4) (49.9) 12,727NASDAQ (0.4) (11.5) 2,897

FTSE (0.1) (3.7) 5,662

Nikkei 0.1 4.1 8,724

Hang Seng 0.2 28.7 19,121

Straits Times 0.1 3.2 2,999

Shanghai Com (1.7) (37.9) 2,148

INFY (2.2) (0.9) $39.3

WIT (0.5) (0.0) $8.1IBN 0.1 0.0 $33.9

HDB (0.7) (0.2) $34.1

Advances 1,160 542

Declines 1,661 938

Unchanged 112 68

BSE 1,838

NSE 7,978





June inflation levels at 7.3% yoy

Wholesale price-based inflation for the month of June, 2012 came in at 7.3% yoy,

lower than 7.5% yoy levels registered in May, 2012. The inflation levels of April,

2012 were revised upwards from 7.2% yoy to 7.5% yoy. The June, 2012 inflation

levels of 7.3% yoy were lower than Bloomberg estimates of 7.6%. Core (non-foodmanufacturing) inflation – which the RBI tracks closely – remained stable at 4.7%

yoy (four consecutive months below 5%)

Primary articles inflation declined by c.40bp compared to May 2012, however still

remained at elevated levels of 10.5% yoy. The food articles inflation which had

moderated considerably between October 2011 and January 2012 before rising

back sharply too remained at elevated levels (10.8% yoy) for the month of June

2012. On a mom basis, the food inflation index witnessed an uptick of 1.4%

(16.9% annualized) as against a marginal fall off 0.4% (annualized decline of

5.2% yoy). The monsoon levels which were in deficit of ~30% for the month of

June 2012 have picked up, however still stand at a cumulative deficit of ~23% asof July 15, 2012. The weaker southwest monsoons and revision in MSP prices

could keep food inflation levels resistant at similar levels.

The Non-food articles index rose by a lower 6.8% yoy in June 2012 compared to

8.5% yoy in May 2012, while inflation for minerals increased by a 14.5% yoy

which was lower compared to 15.6% yoy rise in May 2012. More positively, both

non-food articles index and minerals index declined mom by 2.6% (annualized

decline of 30.8%).

Fuel & power inflation (10.3% yoy) witnessed mom de-growth of 0.6% over May

2012. While petrol price index increased by 6.6% mom (effect of steep petrol price

hike of ` 7+), lower index prices of ATF, Naptha, light diesel oil and furnace oil led

to the mom decline. With INR stabilizing at current levels (~55), the positive effect

of lower global crude prices is expected to become further visible going ahead.

The impending fuel hikes (particularly diesel) to reduce the subsidy burden on oil

marketing companies could, however, create some inflationary pressures in the

coming few months.

Manufactured products which have a weightage of c.65% in the overall WPI

inflation remained stable at 5.0%. The annualized mom growth in manufacturing

index remained stable at 4.2% in June, 2012. The core inflation which the RBI

tracks closely for its monetary policy remained stable at 4.7% yoy (monthly

average of 7.3% in FY2012). The recent sharp decline in global commodity prices,

which generally gets reflected in inflation levels domestically with a lag, is expected

to keep manufacturing inflation in check going ahead.

Inflation levels (%, yoy) – Component wise

WPI

Primary Articles 11.3% 11.5% 12.5% 12.2% 11.0% 8.9% 3.6% 2.8% 7.1% 10.4% 9.6% 10.9% 10.5%

Fuel & Power 12.8% 12.0% 12.9% 14.0% 14.8% 15.5% 15.0% 14.6% 13.6% 12.8% 12.1% 11.5% 10.3%

Manufactured Products 7.9% 7.7% 7.9% 8.0% 8.0% 8.2% 7.6% 6.7% 5.8% 5.2% 5.3% 5.0% 5.0%

Source: MOSPI, Angel Research





TTMT reports lower-than-expected global sales for June’12

Tata Motors (TTMT) reported slightly lower-than-expected global volumes for June

2012, registering a growth of 4.7% yoy (down 2.1% mom) to 94,055 units led by

weak performance of the passenger vehicle segment. Global commercial volumes

(CV) grew by 5.8% yoy (strong growth of 6.3% mom), driven by growth in thedomestic CV sales. Global passenger vehicle (PV) volumes registered a modest

3.6% yoy (down by a significant 9.6% mom) growth mainly on account of steep

20.9% yoy (14.4% mom) decline in the domestic passenger vehicle sales. Jaguar

and Land Rover (JLR) posted lower-than-expected volume growth of 38.6% yoy

(down 6.2% mom) to 28,215 units led largely by 5.2% yoy (11.8% mom) decline in

Jaguar sales. While Land Rover sales posted strong 49.4% yoy growth led by

Evoque, the volumes declined 5.3% mom. At current market price of ` 229, the

stock is trading at 5.2x and 3.3x FY2014E earnings and EV/EBITDA, respectively.

PNGRB slashes GAIL's tariff for a pipeline by 57%

Oil regulator PNGRB has cut GAIL’s transportation tariff for the upcoming Dadri-

Bawana-Nangal pipeline by ~57% to ` 11.85/mmbtu. GAIL had seeked a tariff of

` 27.73/mmbtu on which it aims to spent a capex of ` 2,203cr Dadri-Bawana-

Nangal pipeline. PNGRB has not considered capex of ` 365cr for the spurline built

from Panipat to Amritsar for tariff determination. The pipeline has a capacity to

carry 31mmscmd of gas. Since the pipeline has not yet fully commissioned, we do

not expect material impact on GAIL’s financials due to this.

Tata Steel to sell its entire 50% stake in HKS

Media reports suggest that Tata Steel is expected to sell its 50% stake in

Netherlands-based HKS to Euro Scrap Alliance. HKS is a ferrous and non-ferrous

metals recycler with an annual turnover of ` 2,700cr. However, the expected price

of the transaction is still unknown. The stake sell in HKS is in line with the

company’s strategy of focusing on its core activities (making steel). HKS contributes

only 2% to Tata Steel’s consolidated top-line; hence, we do not foresee any

material impact on Tata Steel’s financials and valuation on account of this

transaction. .

Result Reviews

Exide Industries (CMP: ` 136 / TP: ` 146 / Upside: 7%)

Exide Industries (EXID) reported better-than-expected 1QFY2013 results driven by

robust growth in revenues. Top-line registered better-than-expected 24.5% yoy

(7.3% qoq) growth to ` 1,554cr driven by ~28% and ~19% yoy volume growth in

two-wheeler and industrial battery segments, respectively. However, four-wheeler

automotive segment registered ~10% yoy growth as demand in the segmentcontinues to remain subdued. On the operating front, EBITDA margin declined

285bp yoy (up 30bp qoq) to 15%, led by 140bp and 170bp increase in

raw-material expenses and other expenditure, respectively. While the lead prices





declined 22% yoy and 6% qoq, depreciation of rupee against the dollar negated

most of the resulting advantages. Other expenditure increased primarily led by

foreign exchange loss of ` 10cr. Net profit witnessed a decline of 6.9% yoy to

` 152cr mainly due to contraction in operating margins and higher tax outgo.

However, it jumped 6.7% sequentially, led by strong growth in top-line. We expect

the company to report improvement in its performance in FY2013 led by likely revival in demand in the four-wheeler OEM as well as replacement batteries and

decline in lead prices. At ` 136, the stock is trading at 15.2x FY2014E earnings.

We shall revise our estimates and release a detailed note post earnings conference

call with the management.

FY2013E 5,787 15.5 605 7.1 18.6 19.1 3.4 10.9 1.7

FY2014E 6,595 17.0 761 9.0 20.3 15.2 2.9 8.2 1.4

(CMP: ` 25 / TP: - / Upside: -)

For 1QFY2013, South Indian Bank (SIB) reported net profit growth of 49.2% yoy

(up 0.9% qoq) to ` 123cr, which was higher than our estimates on account of

higher non-interest income than estimated by us.

The bank’s business growth remained healthy, with advances growing by 23.5%

yoy and deposits growing by 17.5% yoy. The NII income registered a healthy

growth of 44.8% yoy driven by strong advances growth and expanding margins.

The yield on advances for the bank increased by 51bp qoq leading to NIMs rising

by 5bp qoq to 3.15%, despite a sharp rise in cost of deposits by 47bp qoq (on

expected lines post the NRE term deposits de-regulation). The non-interest income

surprised positively with fee income increasing by 49.8% yoy. The bank has been

witnessing strong fee inflows from its third party distribution business and from

gold coin sales.

The asset quality of the bank deteriorated slightly during 1QFY2013, with

slippages increasing to ` 100cr (annualised slippage ratio of 1.5%) from a

quarterly run-rate of ~ ` 35cr). The provision coverage ratio deteriorated

sequentially by 365bp to 67.7% (747bp decline in last 2 quarters).

FY2013E 1,498 2.8 442 3.9 20.7 1.0 20.1 6.5 1.2

FY2014E 1,677 2.7 456 4.0 21.6 0.9 17.9 6.3 1.1

MindTree (CMP: ` 643 / TP: ` 708 / Upside: 10%)

MindTree reported in-line operational performance for 1QFY2013, with PAT

coming in ahead of our expectation because of higher than expected forex gain.

The USD revenue came in at US$105.5mn, up 0.4% qoq, on the back of 0.2%

qoq volume growth and 0.4% qoq pricing growth. USD revenue of the company

got impacted by 80bp qoq due to unfavourable cross currency movement. In INR

terms, revenue came in at ` 563cr, up 7.1% qoq. MindTree’s EBITDA and EBIT

margins improved by 211bp and 248bp qoq to 20.9% and 18.0%, respectively.





EBITDA margin was negatively impacted by 100bp qoq due to wage hikes given to

80% of the employee base from 1 June, but this negative impact got

overshadowed by 230bp qoq positive impact from INR depreciation against USD

and 80bp qoq benefit derived from operational efficiency. PAT came in above

expectations at ` 89cr, up 29.1% qoq, aided by forex gain of ` 8.6cr vs. ` 4cr loss in

4QFY2012.

The management indicated that the company will achieve Nasscom’s current

industry growth guidance of 11-14% yoy in FY2013. To achieve this, the company

requires minimum ask rate of 3.8% from 2QFY2013-4QFY2013, which looks a bit

stretched. Keeping that in notice, we expect USD revenue to grow by 9.5% yoy in

FY2013. Overall, we expect the company to record a 9.8% and 14.8% CAGR in

USD and INR revenue, respectively, over FY2012-14E. At the CMP of ` 643, the

stock is trading at 9.1x FY2014E EPS of ` 70.8.

FY2013E 2,341 18.6 274 66.5 22/3 9.7 2.1 5.0 0.9

FY2014E 2,513 17.1 292 70.8 19.3 9.1 1.7 4.7 0.8

Result Previews

(CMP: ` 1,045 / TP: ` 1,489 / Upside: 42.4%)

Axis Bank is slated to announce its 1QFY2013 results. We expect the bank to

report healthy NII growth of 26.0% yoy to ` 2,172cr. Non-interest income is

expected to increase by healthy 24.1% yoy to ` 1,450cr. Pre-provision profit of the

bank is expected to register growth of 23.3% yoy. However, owing to higher

provisioning burden (an increase of 37.4% yoy), net profit is expected to increase

by relatively low pace of 20.4% yoy to ` 1,135cr.

The stock is currently trading at attractive valuations of 1.4x FY2014E ABV – more

than 50% discount to HDFC Bank, despite similar earnings quality, profitability

and growth expectations over FY2013-14.

FY2013E 16,488 3.2 5,054 118.4 632.3 1.6 20.3 8.7 1.6

FY2014E 20,297 3.3 6,198 145.1 744.8 1.6 21.1 7.1 1.4



Date Company

July 17, 2012 Axis Bank

July 18, 2012 Bajaj Auto, CRISIL, Infotech Enterprises

July 19, 2012 Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, D B Corp, Persistent, Automotive Axle, Tata Sponge

July 20, 2012 Reliance Industries, Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, UnitedPhosphorus, Indiabulls Fin., HT Media

July 21, 2012 Bank of Maharashtra

July 22, 2012

July 23, 2012 Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Indian Bank, Tata Global, Rallis, Greenply

July 24, 2012 Wipro, Jindal Steel, Lupin, Canara Bank, Sesa Goa, Shriram Trans., LIC Housing Fin., Ashok Leyland, Page Industries,Ineos ABS

July 25, 2012 GAIL, Power Grid Corpn, HCL Tech, Yes Bank, Aventis, Madras Cements, GIPCL, MRF

July 26, 2012 BHEL, Ambuja Cements, ACC, JSW Steel , Gujarat Gas, Tata Comm, Thermax, Bajaj Electrical

July 27, 2012 ICICI Bank, Punjab Natl.Bank, Grasim Inds, Rural Elec.Corp., Central Bank, CESC, TVS Motor, Hind. Const.

July 28, 2012 Maruti, Vesuvius India, Force Motors

July 29, 2012July 30, 2012 Subros

July 31, 2012 Titan Inds., Ipca labs, Hexaware

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

US Industrial Production % Jun (0.09) 0.30

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

July 18, 2012 US Housing Starts Thousands Jun 708.00 745.00

US Building permits Thousands Jun 784.00 765.00

UK Jobless claims change % Change Jun 8.10 5.00

July 19, 2012 US Initial Jobless claims Thousands Jul 14 350.00 365.00

US Existing home sales Millions Jun 4.55 4.62

July 23, 2012 Euro ZoneEuro-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 369.00 371.00

July 27, 2012 US GDP Qoq (Annualised) % Change 2Q A 1.90 1.50

July 31, 2012 US Consumer ConfidenceS.A./

1985=100Jul 62.00 --

Germany Unemployment change (000's) Thousands Jul 7.00 --

India RBI Repo rate % Jul 31 8.00 --

India RBI Cash Reserve ratio % Jul 31 4.75 --

India RBI Reverse Repo rate % Jul 31 7.00 --



July 17, 2012

Market Outlook



Market Strategy

July 17, 2012


Macro watch

Exhibit 1:

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

4 Q F Y 0 9

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

(%)

Source: CSO, Angel Research

Exhibit 2:

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.3

(3.2)

(0.9)

2.4

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

J u n - 1

1

J u

l - 1 1

A u g - 1

1

S e p - 1

1

O c

t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e

b - 1

2

M a r - 1

2

A p r - 1

2

M a y - 1

2

(%)


Exhibit 3:

9.4 9.8 10.0 9.9 9.5

7.76.9

7.4 7.7 7.5 7.6 7.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

J u

l - 1 1

A u g - 1

1

S e p - 1

1

O c

t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e

b - 1

2

M a r - 1

2

A p r - 1

2

M a y - 1

2

J u n - 1

2

(%)


Exhibit 4:

48.0

50.0

52.0

54.0

56.0

58.0

60.0

J u n - 1

1

J u

l - 1 1

A u g - 1

1

S e p - 1

1

O c

t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e

b - 1

2

M a r - 1

2

A p r - 1

2

M a y - 1

2

J u n - 1

2

Mfg. PMI Services PMI

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

Exhibit 5:

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

J u n - 1

1

J u

l - 1 1

A u g - 1

1

S e p - 1

1

O c

t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e

b - 1

2

M a r - 1

2

A p r - 1

2

M a y - 1

2

Exports yoy growth Imports yoy growth(%)


Exhibit 6:

4.00

5.00

6.00

7.00

8.00

9.00

J u

l - 1 1

A u g - 1

1

S e p - 1

1

O c

t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e

b - 1

2

M a r - 1

2

A p r - 1

2

M a y - 1

2

J u n - 1

2

J u

l - 1 2

Repo rate Reverse Repo rate CRR (%)

Source: RBI, Angel Research



Company Name Reco CMP Target Mkt Cap Sales ( Čcr ) OPM(%) EPS (Č) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( Č ) Price ( Č) ( Č cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 127 - 2,478 1,432 1,647 14.7 14.7 7.0 8.0 18.2 15.9 3.8 3.3 22.8 22.3 1.7 1.5

United Phosphorus Buy 123 183 5,651 8,191 8,764 16.5 16.5 17.1 18.3 7.2 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 304 345 2,597 2,715 3,041 15.3 15.3 29.2 32.8 10.4 9.3 2.4 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 82 100 4,156 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 24 33 6,399 14,798 16,687 9.6 9.6 2.4 3.0 9.9 8.1 2.0 1.7 14.8 16.5 0.5 0.4

Automotive Axle Buy 444 514 670 1,211 1,387 12.1 11.7 50.3 57.1 8.8 7.8 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,483 1,787 42,920 21,665 24,334 18.6 18.4 111.7 123.2 13.3 12.0 5.2 4.2 43.8 38.5 1.6 1.3

Bharat Forge Buy 302 372 7,030 7,173 7,998 16.3 16.5 22.3 26.6 13.5 11.4 2.6 2.2 21.0 21.0 1.1 0.9

Bosch India Neutral 8,809 - 27,658 9,106 10,255 19.4 19.3 410.2 460.3 21.5 19.1 4.7 3.9 22.1 20.4 2.7 2.3

CEAT Buy 97 164 333 5,067 5,631 8.0 7.6 39.4 41.0 2.5 2.4 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 136 146 11,526 5,787 6,595 15.5 17.0 7.1 9.0 19.1 15.2 3.4 2.9 18.6 20.3 1.7 1.4

FAG Bearings Neutral 1,500 - 2,492 1,492 1,703 18.8 18.5 115.3 129.8 13.0 11.6 2.8 2.3 23.5 21.6 1.4 1.1

Hero Motocorp Buy 2,096 2,473 41,846 25,970 29,772 15.0 15.5 139.7 154.5 15.0 13.6 7.1 5.3 54.7 44.9 1.3 1.0

JK Tyre Buy 94 135 388 7,950 8,904 5.5 6.0 25.1 38.6 3.8 2.5 0.4 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Accumulate 718 824 44,065 35,881 40,746 10.0 10.0 47.5 53.2 15.1 13.5 3.0 2.6 21.3 20.5 1.0 0.8

Maruti Accumulate 1,203 1,364 34,750 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 169 216 6,625 23,342 26,366 7.8 8.2 13.3 18.0 12.7 9.4 3.0 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 229 305 61,111 191,303 211,004 13.0 12.9 40.7 43.8 5.6 5.2 1.9 1.6 36.0 33.1 0.4 0.4

TVS Motor Neutral 40 - 1,907 7,442 8,198 6.2 6.1 4.8 5.2 8.4 7.7 1.5 1.3 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 777 498 16,465 8,760 10,023 7.6 7.5 18.2 20.7 42.6 37.5 5.7 5.1 14.4 14.6 1.8 1.6BGR Energy Neutral 301 - 2,172 4,195 4,837 11.0 11.0 30.1 32.4 10.0 9.3 1.7 1.6 18.4 17.6 1.0 1.0

BHEL Neutral 230 - 56,295 46,344 46,916 18.3 18.6 23.5 24.1 9.8 9.6 1.9 1.7 21.3 18.9 1.1 1.1

Blue Star Neutral 189 - 1,702 3,047 3,328 5.4 6.9 9.6 16.2 19.7 11.7 3.9 3.1 20.7 29.7 0.7 0.5

Crompton Greaves Accumulate 128 142 8,227 12,451 14,265 7.9 8.3 8.0 9.5 16.1 13.6 2.1 1.9 13.9 14.9 0.7 0.6

Jyoti Structures Buy 42 67 343 2,622 2,801 10.6 11.0 10.9 13.4 3.8 3.1 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 56 73 1,431 6,686 7,200 8.5 8.8 10.6 12.2 5.3 4.6 1.0 0.8 25.9 24.0 0.4 0.4

LMW Buy 1,635 1,992 1,842 2,369 2,727 11.7 11.7 143.4 166.0 11.4 9.9 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 493 - 5,874 5,514 5,559 9.8 9.6 29.7 28.4 16.6 17.4 3.1 2.8 20.2 16.9 0.9 0.9


July 17, 2012

Market Outlook

Stock Watch





Cement

ACC Neutral 1,257 - 23,605 11,096 12,607 21.0 21.7 76.1 82.9 16.5 15.2 3.1 2.8 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 168 - 25,910 10,205 11,659 24.6 24.2 10.8 12.0 15.6 14.0 3.2 2.9 19.7 19.8 2.2 1.8

India Cements Neutral 81 - 2,480 4,364 4,791 18.9 19.1 9.2 11.4 8.8 7.1 0.7 0.7 8.0 9.5 0.5 0.4

J K Lakshmi Cements Neutral 80 - 979 1,938 2,246 19.1 20.1 15.2 16.8 5.3 4.8 0.7 0.6 13.8 14.0 0.6 1.0

Madras Cements Neutral 155 - 3,694 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 2,895 - 10,085 5,519 6,293 24.5 23.7 156.6 225.3 18.5 12.9 4.6 3.9 22.3 26.0 1.5 1.2

UltraTech Cement Neutral 1,567 - 42,959 20,099 22,642 21.7 22.9 89.6 1 04.7 17.5 15.0 2.9 2.5 17.7 17.9 2.0 1.9Construction

Ashoka Buildcon Buy 212 273 1,117 2,014 2,293 22.4 22.4 22.6 26.7 9.4 8.0 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 17 - 314 2,489 2,755 7.0 7.8 3.0 4.0 5.7 4.3 0.5 0.4 8.7 10.8 0.3 0.3

Hind. Const. Neutral 19 - 1,180 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.8) (24.9) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 133 166 4,425 3,821 4,582 42.3 40.2 15.0 16.9 8.9 7.9 1.3 1.2 16.1 15.8 2.8 2.6

ITNL Buy 184 265 3,567 6,619 7,925 23.8 23.3 22.9 27.8 8.0 6.6 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 47 61 1,266 5,510 6,722 8.8 9.0 2.5 4.6 18.7 10.4 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 77 88 16,459 15,259 17,502 25.7 24.7 4.2 5.0 18.3 15.5 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,383 1,553 84,769 59,559 69,089 12.1 11.5 78.4 85.2 17.7 16.2 2.9 2.6 16.1 15.3 1.6 1.4

Madhucon Proj Buy 36 56 263 2,206 2,502 10.7 10.7 4.6 4.7 7.7 7.6 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 40 - 1,037 5,453 6,169 8.1 8.5 1.6 1.9 24.6 20.9 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 96 - 668 3,609 3,836 13.1 13.1 14.0 14.6 6.8 6.6 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 56 - 1,845 11,592 12,993 8.4 8.4 1.8 3.2 30.9 17.4 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 137 182 2,066 2,789 3,147 10.6 10.7 8.4 10.4 16.3 13.2 2.2 1.9 15.0 15.6 0.9 0.8

Simplex Infra Buy 225 265 1,114 6,732 7,837 8.1 8.4 23.5 29.4 9.6 7.7 0.9 0.8 9.6 11.0 0.5 0.5

Financials Allahabad Bank Accumulate 143 153 7,133 7,467 8,685 3.2 3.3 37.5 41.5 3.8 3.4 0.7 0.6 18.1 17.4 - -

Andhra Bank Reduce 113 107 6,343 5,225 6,024 3.3 3.3 22.7 25.4 5.0 4.5 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,045 1,489 43,306 16,488 20,297 3.2 3.3 118.4 145.2 8.8 7.2 1.7 1.4 20.3 21.1 - -

Bank of Baroda Buy 725 921 28,405 16,157 19,475 2.7 2.7 123.7 148.3 5.9 4.9 1.0 0.8 17.3 18.1 - -

Bank of India Buy 333 388 19,133 13,657 15,902 2.5 2.6 59.5 70.6 5.6 4.7 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Accumulate 48 52 2,812 3,506 3,925 3.2 3.2 10.2 11.9 4.7 4.0 0.7 0.6 15.3 15.8 - -

Canara Bank Buy 419 492 18,568 12,296 14,445 2.4 2.5 81.5 92.2 5.2 4.5 0.8 0.7 16.4 16.3 - -

Central Bank Reduce 79 72 5,848 7,001 8,211 2.5 2.6 14.0 20.6 5.7 3.9 0.8 0.7 11.0 14.5 - -


July 17, 2012

Market Outlook

Stock Watch





Financials

Corporation Bank Accumulate 423 465 6,269 5,294 6,070 2.3 2.3 106.3 110.1 4.0 3.8 0.7 0.6 17.7 16.2 - -

Dena Bank Neutral 101 - 3,551 3,170 3,577 2.9 2.9 22.8 25.3 4.5 4.0 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 431 - 7,375 2,736 3,165 3.4 3.4 49.3 57.4 8.8 7.5 1.2 1.0 13.9 14.5 - -

HDFC Neutral 679 - 101,061 7,340 8,805 3.5 3.5 31.5 37.8 21.5 18.0 4.3 3.8 34.8 32.2 - -

HDFC Bank Neutral 583 - 137,327 21,936 27,454 4.4 4.4 28.7 36.0 20.3 16.2 3.9 3.3 20.7 22.0 - -

ICICI Bank Buy 919 1,169 105,681 22,368 26,857 2.8 2.9 68.2 80.4 13.5 11.4 1.6 1.5 14.2 15.4 - -

IDBI Bank Buy 95 113 12,107 8,152 9,907 1.9 2.1 19.7 24.1 4.8 3.9 0.6 0.6 13.6 15.0 - -Indian Bank Neutral 188 - 8,093 6,417 7,292 3.5 3.5 40.2 43.1 4.7 4.4 0.8 0.7 17.9 16.9 - -

IOB Accumulate 83 91 6,619 7,578 8,662 2.6 2.7 17.2 22.5 4.8 3.7 0.6 0.5 12.1 14.3 - -

J & K Bank Accumulate 932 979 4,517 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 261 286 13,194 2,108 2,607 2.6 2.6 24.5 30.6 10.7 8.5 2.0 1.7 20.1 21.4 - -

Oriental Bank Neutral 258 - 7,513 6,497 7,533 2.8 2.8 53.4 63.9 4.8 4.0 0.7 0.6 13.3 14.3 - -

Punjab Natl.Bank Buy 852 1,050 28,910 20,142 23,929 3.2 3.3 153.3 174.3 5.6 4.9 1.0 0.9 18.3 18.0 - -

South Ind.Bank Neutral 25 - 2,854 1,498 1,677 2.8 2.7 3.9 4.0 6.5 6.3 1.2 1.2 20.1 17.9 - -

St Bk of India Accumulate 2,194 2,443 147,257 67,783 78,208 3.7 3.6 226.0 264.2 9.7 8.3 1.6 1.3 17.7 18.1 - -

Syndicate Bank Accumulate 103 118 6,197 7,176 8,299 3.1 3.1 25.1 29.1 4.1 3.5 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 79 71 5,218 5,642 6,438 2.5 2.5 16.4 17.6 4.8 4.5 0.9 0.8 16.2 15.4 - -

Union Bank Buy 208 256 11,449 10,623 12,404 3.0 3.0 42.5 49.6 4.9 4.2 0.8 0.7 16.9 17.2 - -

United Bank Buy 61 78 2,186 3,599 4,212 2.8 3.0 18.2 22.3 3.3 2.7 0.5 0.4 15.0 16.2 - -

Vijaya Bank Reduce 58 52 2,859 2,695 3,097 2.2 2.3 9.6 12.0 6.0 4.8 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 350 454 12,390 3,250 4,261 2.8 2.9 34.1 42.8 10.3 8.2 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,689 - 35,388 11,423 13,309 16.3 16.3 125.3 148.4 29.5 24.9 10.0 7.8 38.0 35.4 3.0 2.6Britannia Buy 516 633 6,163 5,835 6,824 6.3 6.7 20.7 27.5 24.9 18.8 9.7 7.2 42.7 44.3 1.0 0.9

Colgate Neutral 1,136 - 15,445 3,007 3,417 21.1 22.1 38.2 43.8 29.7 26.0 35.4 27.8 130.2 119.9 5.0 4.4

Dabur India Neutral 114 - 19,781 5,878 6,799 16.8 17.0 4.2 4.9 27.4 23.1 9.9 8.1 39.3 42.0 3.4 2.9

GlaxoSmith Con* Neutral 2,652 - 11,154 3,124 3,663 17.1 17.6 103.0 123.3 25.8 21.5 7.9 6.4 34.0 32.9 3.2 2.7

Godrej Consumer Neutral 577 - 19,618 5,973 7,000 18.4 18.6 22.8 27.2 25.3 21.2 6.9 5.6 31.3 38.4 3.5 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 252 - 197,060 29,588 34,063 35.4 35.8 9.3 10.9 27.0 23.2 8.7 7.1 35.2 33.8 6.4 5.5


July 17, 2012

Market Outlook

Stock Watch





FMCG

Marico Neutral 181 - 11,663 4,667 5,427 12.8 12.9 6.6 8.1 27.2 22.3 7.3 5.7 30.0 28.8 2.5 2.1

Nestle* Neutral 4,523 - 43,606 8,731 10,539 21.0 21.4 114.4 143.0 39.5 31.6 23.8 16.4 71.1 61.4 5.0 4.1

Tata Global Buy 114 136 7,078 7,011 7,711 9.7 10.0 6.3 7.5 18.3 15.3 1.8 1.7 9.5 10.9 0.9 0.8

IT

HCL Tech Buy 481 562 33,333 24,029 26,633 18.3 17.2 39.6 43.2 12.1 11.1 2.8 2.3 22.9 21.0 1.4 1.2

Hexaware Buy 114 132 3,363 1,921 2,178 20.6 20.0 10.4 11.4 10.9 9.9 2.6 2.3 24.7 23.4 1.5 1.2

Infosys Buy 2,173 2,747 124,757 39,364 42,981 32.2 30.5 161.6 171.7 13.5 12.7 3.1 2.6 22.9 20.5 2.5 2.2Infotech Enterprises Neutral 181 - 2,020 1,825 2,008 17.5 17.1 16.9 18.7 10.7 9.7 1.5 1.3 13.7 13.3 0.7 0.6

KPIT Cummins Neutral 116 - 2,066 2,145 2,316 16.0 14.8 9.9 11.3 11.7 10.3 2.3 1.9 20.8 19.1 0.9 0.8

Mahindra Satyam Accumulate 81 87 9,479 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 643 710 2,619 2,324 2,533 18.3 16.9 62.4 64.5 10.3 10.0 2.2 1.8 21.2 18.0 0.9 0.8

Mphasis Neutral 382 - 8,034 5,704 6,009 18.6 17.7 36.0 37.1 10.6 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 42 52 691 1,162 1,304 14.8 15.1 7.1 8.8 5.9 4.8 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 389 - 1,555 1,187 1,274 26.7 26.0 34.5 42.6 11.3 9.1 1.6 1.4 14.4 15.4 1.0 0.9

TCS Accumulate 1,210 1,289 236,863 60,787 68,558 30.1 29.2 65.5 73.6 18.5 16.4 5.8 4.6 31.3 28.2 3.7 3.2

Tech Mahindra Neutral 706 - 9,010 6,282 6,477 17.5 16.5 82.9 85.0 8.5 8.3 1.8 1.5 21.6 18.4 1.4 1.2

Wipro Buy 356 451 87,478 44,597 49,033 20.3 20.5 26.6 30.1 13.4 11.8 2.6 2.2 19.5 18.9 1.6 1.4

Media

D B Corp Buy 196 269 3,594 1,638 1,851 25.8 26.6 13.5 16.1 14.5 12.2 3.2 2.7 23.9 24.2 2.1 1.8

HT Media Buy 96 148 2,257 2,224 2,509 16.6 17.2 8.6 10.8 11.2 8.9 1.4 1.2 12.9 14.3 0.6 0.5

Jagran Prakashan Buy 84 125 2,652 1,521 1,698 22.6 23.1 6.2 6.4 13.6 13.0 3.3 2.9 20.7 23.9 2.0 1.8

PVR Neutral 169 - 438 625 732 16.5 15.7 11.9 13.3 14.2 12.7 1.4 1.3 11.9 12.0 1.1 0.9

Sun TV Network Neutral 300 - 11,821 2,002 2,296 77.1 76.7 18.9 22.1 15.9 13.6 4.1 3.5 27.7 28.3 5.4 4.5Metals & Mining

Bhushan Steel Reduce 474 429 10,074 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 352 - 222,020 68,841 74,509 25.3 25.3 24.1 26.1 14.6 13.5 4.0 3.3 30.4 26.8 2.3 2.0

Electrosteel Castings Accumulate 20 22 676 1,984 2,074 11.2 12.6 2.0 2.7 9.6 7.2 0.4 0.1 4.2 5.5 0.5 0.5

Hind. Zinc Buy 119 141 50,112 13,050 14,585 51.4 52.1 14.5 16.5 8.2 7.2 1.6 1.3 20.8 19.9 2.0 1.4

Hindalco Accumulate 118 125 22,668 83,212 91,057 9.0 9.9 13.7 18.1 8.7 6.6 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 677 - 15,099 39,592 44,910 18.0 17.7 74.7 88.9 9.1 7.6 0.9 0.8 10.7 11.6 0.7 0.7

MOIL Neutral 283 - 4,749 1,007 1,091 56.6 56.9 29.4 31.9 9.6 8.9 1.7 1.5 19.0 18.2 2.5 2.1

Monnet Ispat Accumulate 390 447 2,507 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


July 17, 2012

Market Outlook

Stock Watch





Metals & Mining

Nalco Reduce 57 54 14,626 8,474 9,024 12.6 16.2 2.6 3.6 22.2 15.8 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Neutral 187 - 74,160 11,959 13,062 78.2 78.6 19.1 20.9 9.8 9.0 2.4 2.0 27.1 24.4 4.1 3.6

SAIL Neutral 93 - 38,228 50,914 60,785 14.6 15.1 9.4 10.5 9.9 8.8 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Neutral 187 - 16,222 9,067 9,316 35.7 35.5 44.5 44.3 4.2 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 102 123 34,110 45,294 48,059 25.7 25.3 16.5 18.0 6.2 5.7 0.7 0.6 12.0 11.2 0.4 0.3

Tata Steel Buy 409 499 39,708 143,088 148,011 10.9 12.1 53.9 66.0 7.6 6.2 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 315 372 60,127 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.7 2.0

GAIL Neutral 355 - 45,006 50,472 55,502 15.3 15.6 35.4 37.0 10.0 9.6 1.8 1.6 19.0 17.2 0.1 -

ONGC Accumulate 287 321 245,500 156,331 159,043 37.7 36.3 31.3 32.6 9.2 8.8 1.6 1.4 18.7 17.3 1.3 1.2

Reliance Industries Neutral 720 - 235,866 316,404 319,119 11.2 12.0 63.5 68.7 11.3 10.5 1.2 1.0 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 57 91 1,083 1,624 1,855 14.2 15.6 6.6 9.1 8.7 6.3 2.1 1.7 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 111 156 3,218 5,243 5,767 14.6 14.6 11.8 12.6 9.4 8.8 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 799 953 16,354 6,196 7,443 18.5 19.5 37.6 47.7 21.2 16.8 4.8 3.8 26.8 27.5 2.6 2.1

Cipla Accumulate 333 379 26,717 7,687 8,804 21.4 21.4 16.5 18.9 20.2 17.6 3.1 2.8 16.7 16.8 3.4 2.9

Dr Reddy's Neutral 1,676 - 28,439 10,696 11,662 20.7 21.0 83.7 92.9 20.0 18.0 4.1 3.5 22.4 21.0 2.8 2.5

Dishman Pharma Buy 62 92 502 1,280 1,536 17.8 17.8 9.2 11.3 6.8 5.5 0.5 0.5 7.7 8.5 1.1 0.9

GSK Pharma* Neutral 2,054 - 17,402 2,651 2,993 31.7 31.2 76.0 82.4 27.0 24.9 7.8 6.8 30.8 29.0 5.6 4.9

Indoco Remedies Buy 56 82 515 685 837 15.2 15.2 7.4 8.9 7.6 6.3 1.1 1.0 15.9 16.3 0.9 0.8

Ipca labs Buy 378 435 4,770 2,850 3,474 20.3 20.3 31.9 36.3 11.9 10.4 3.6 2.9 26.2 26.8 1.8 1.5

Lupin Accumulate 571 647 25,519 8,426 10,082 19.7 20.0 27.4 32.4 20.8 17.6 5.0 4.0 27.0 25.2 2.9 2.4Orchid Chemicals Buy 122 178 860 2,117 2,434 17.7 17.7 16.7 22.2 7.3 5.5 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 493 - 20,825 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 621 - 63,957 9,272 11,080 38.6 38.0 22.7 22.6 27.4 27.5 4.6 4.1 17.9 15.6 5.5 4.4

Power

CESC Accumulate 299 342 3,739 5,084 5,512 24.2 23.8 45.2 48.5 6.6 6.2 0.7 0.6 11.2 10.9 1.2 1.2

GIPCL Buy 66 77 996 1,557 1,573 28.8 28.5 10.4 10.9 6.4 6.1 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 158 - 130,567 74,766 86,549 23.1 23.4 12.4 14.1 12.7 11.3 1.6 1.5 13.0 13.5 2.5 2.3

Real Estate

Anant Raj Buy 55 78 1,627 657 875 52.0 56.1 8.4 12.7 6.6 4.3 0.4 0.4 6.3 8.9 3.7 2.8

DLF Neutral 205 - 34,886 9,878 12,033 44.7 46.1 9.6 13.4 21.4 15.3 1.4 1.3 6.4 8.7 6.0 5.0


July 17, 2012

Market Outlook

Stock Watch





Real Estate

HDIL Buy 86 115 3,616 2,441 3,344 55.1 48.2 22.7 26.6 3.8 3.2 0.3 0.3 8.8 9.4 3.3 2.5

MLIFE Buy 323 376 1,317 814 897 26.9 27.0 31.3 33.9 10.3 9.5 1.1 1.0 10.2 10.1 2.0 1.8

Telecom

Bharti Airtel Neutral 320 - 121,388 80,076 86,613 32.8 33.5 15.5 19.8 20.7 16.1 2.2 1.9 10.5 11.9 2.2 1.9

Idea Cellular Neutral 84 - 27,885 23,209 26,063 26.2 27.5 3.3 4.9 25.6 17.1 2.0 1.8 7.7 10.3 1.7 1.4

Rcom Neutral 67 - 13,860 22,125 23,734 31.9 32.0 4.5 5.9 15.0 11.5 0.4 0.4 2.5 3.1 2.1 1.7

zOthers Abbott India Accumulate 1,477 1,628 3,138 1,661 1,918 9.7 12.0 60.7 90.4 24.3 16.3 5.0 4.0 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 197 246 1,961 3,569 4,172 8.6 9.2 17.3 22.3 11.4 8.8 2.5 2.1 22.9 25.3 0.5 0.5

Cera Sanitaryware Accumulate 291 327 368 405 477 15.8 17.2 31.0 41.0 9.4 7.1 2.1 1.6 24.3 25.8 1.1 0.9

Cravatex Buy 651 785 168 302 364 5.7 6.0 49.0 71.0 13.3 9.2 4.0 2.8 29.8 30.7 0.7 0.5

CRISIL Neutral 1,050 - 7,367 982 1,136 34.3 34.3 34.3 40.0 30.6 26.3 13.8 11.1 50.9 46.9 7.1 6.0

Finolex Cables Buy 42 61 639 2,334 2,687 8.8 9.3 7.6 10.2 5.5 4.1 0.7 0.6 13.7 16.1 0.2 0.1

Force Motors Buy 480 615 626 2,346 2,753 5.8 6.7 44.0 68.0 10.9 7.1 0.5 0.5 4.8 7.0 0.2 0.2

Goodyear India Accumulate 340 374 785 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 89 124 1,730 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 200 309 482 1,925 2,235 10.6 10.9 29.6 44.1 6.8 4.5 1.1 0.9 16.8 21.0 0.5 0.4

HEG Buy 207 242 826 1,746 1,946 16.5 17.7 22.5 32.9 9.2 6.3 0.9 0.9 10.4 14.2 1.1 1.0

Hitachi Buy 135 160 310 857 968 6.9 8.4 10.2 16.0 13.3 8.4 1.6 1.4 12.9 17.8 0.4 0.4

Honeywell Automation Accumulate 2,631 2,864 2,326 1,761 2,024 6.7 8.2 95.0 127.0 27.7 20.7 3.3 2.8 14.1 16.3 1.2 1.1

INEOS ABS India Accumulate 708 804 1,245 900 1,020 9.0 11.1 33.0 45.0 21.5 15.7 2.9 2.5 14.3 17.0 1.2 1.0

ITD Cementation Neutral 230 - 265 1,535 1,842 11.1 11.1 27.3 38.3 8.4 6.0 0.7 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Buy 128 268 2,056 1,315 1,568 8.6 11.1 6.4 10.9 20.0 11.7 1.7 1.6 8.4 13.9 1.9 1.6MCX Buy 1,096 1,598 5,589 610 702 65.5 67.0 67.9 79.9 16.2 13.7 4.7 4.0 29.1 28.9 6.2 4.9

MRF Buy 10,198 13,106 4,325 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.6 6.2 1.5 1.2 16.5 17.4 0.5 0.5

Page Industries Neutral 2,887 - 3,220 887 1,108 18.3 18.6 95.0 120.9 30.4 23.9 15.9 12.9 57.4 59.5 3.7 2.9

Relaxo Footwears Buy 537 618 645 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 1,798 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 290 392 272 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 34 45 998 7,279 8,290 21.0 21.0 15.0 17.6 2.2 1.9 0.3 0.3 13.7 13.9 0.7 0.7

SpiceJet Buy 32 40 1,540 5,647 6,513 3.5 6.5 1.9 4.9 16.4 6.5 38.5 5.6 - - 0.4 0.3


July 17, 2012

Market Outlook

Stock Watch





zOthers

TAJ GVK Buy 69 108 432 300 319 35.8 36.2 7.9 9.1 8.7 7.6 1.2 1.0 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 339 420 523 700 806 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 334 462 256 1,612 1,827 9.5 9.8 72.3 92.5 4.6 3.6 1.4 1.0 33.1 32.1 0.4 0.3

United Spirits Reduce 779 730 10,183 10,289 11,421 13.5 14.3 31.0 42.9 25.1 18.1 2.0 1.8 8.1 10.3 1.7 1.5

Vesuvius India Accumulate 383 413 778 628 716 16.4 16.5 29.8 34.4 12.9 11.1 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 16, 2012


July 17, 2012

Market Outlook

Stock Watch



July 17, 2012

Market Outlook

market outlook 170712

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