market outlook 27-08-2013

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Market OutlookAugust 27, 2013

Dealers DiaryIndian markets are expected to open in the red today tracking negative opening in

the SGX Nifty and most of the other Asian markets.

US markets after trading mostly higher over the course of the trading day on

Monday closed in the red as worries about the situation in Syria weighed on the

markets following the comments from Secretary of State John Kerry which hinted at

taking military action in Syria. Going forward, while market will keep an eye on

any development in Syria, todays trading could be impacted by the release of

reports on home prices and consumer confidence. The majority of the

European markets closed lower on Monday, with concerns over the political

situation in Italy, following the threat from Silvio Berlusconi to bring down the

country's government if he is removed from the parliament. Investors remain

concerned over when the tapering of stimulus measures by the US Federal Reserve

will begin.

Indian markets rose sharply for a third consecutive session on Monday, aided byoptimism about the global economy.

Markets Today

The trend deciding level for the day is 18,592/ 5,487 levels. If NIFTY trades above

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

up to 18,695 18,831 / 5,519 5,561 levels. However, if NIFTY trades below

18,592/ 5,487 levels for the first half-an-hour of trade then it may correct up to

18,455 18,352 / 5,444 5,412 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,352 18,455 18,592 18,695 18,831NIFTY 5,412 5,444 5,487 5,519 5,561

News Analysis

Jaiprakash Associates to sell Gujarat Cement units to UltratechRefer detailed news analysis on the following page

Net Inflows (August 23, 2013)

` cr Purch Sales Net MTD YTDFII 6,961 8,311 (1,350) (3,196) 62,202

MFs 608 340 268 1,360 (12,986)

FII Derivatives (August 26, 2013)

` cr Purch Sales Net Open InterestIndex Futures 4,577 5,540 (964) 17,767

Stock Futures 6,515 5,944 571 28,590

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Future Retail 75 10.4 IDFC 95 (8.3)

Sesa Goa 167 9.4 Adani Enter 157 (5.0)

M&M Finance 234 8.1 Axis Bank 936 (4.6)

Financial Tech 144 7.5 Power Finance 116 (3.5)

BHEL 124 6.6 Shriram Trans 541 (3.4)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.2 39 18,558

Nifty 0.1 5 5,477

MID CAP 0.6 32 5,391

SMALL CAP 0.8 42 5,289

BSE HC 1.1 97 8,758

BSE PSU (0.2) (9) 5,218

BANKEX (1.0) (113) 10,679

AUTO (0.0) (0) 10,248

METAL 1.0 82 7,899

OIL & GAS (0.4) (35) 8,156

BSE IT 1.0 72 7,617

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.4) (64) 14,946NASDAQ (0.0) (0) 3,658

FTSE 0.7 45 6,492

Nikkei (0.2) (24) 13,636

Hang Sang 0.6 142 22,005

Straits Times (0.1) (4) 3,084

Shanghai Com 1.9 39 2,096

Indian ADR Chg (%) (Pts) (Close)INFY (0.1) (0.1) $47.6

WIT 0.4 0.0 $9.2IBN (2.4) (0.7) $27.0

HDB (2.2) (0.7) $29.4

Advances / Declines BSE NSEAdvances 1,283 758

Declines 1,011 563

Unchanged 147 87

Volumes (` cr)BSE 1,848

NSE 10,713

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Jaiprakash Associates to sell Gujarat Cement units toUltratech

As per media reports Jaiprakash Associates is close to finishing a deal to sell its

Gujarat cement units to Ultratech for `4,000cr. Jaiprakash Associates has 4.8mtpa

cement capacity in Gujarat and this sale will enable the company to reduce itsdebts. The acquisition will help Ultratech to increase its presence in Western India.

As per the reports, the deal is expected to be completed at a lower valuation of

US$130/tonne as against the earlier negotiated price of US$ 160/tonne. Wemaintain a neutral rating on Ultratech and maintain a Buy on JaipraksahAssociates.

Economic and Political News

Board of Trade to meet today to review export performance Govt sets up Tax Administration Reform Commission under Shome TRAI pre-determined to reduce reserve price of spectrum: MP Food Bill passed in Lok Sabha

Corporate News

Amara Raja Batteries charts `700cr capacity expansion Mcnally bags `309cr order for conveyor system Recommendations for third round of spectrum auction soon: Trai Infra sector faces acute shortage of skilled manpower: Assocham

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

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Date Company

August 29, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --

September 1, 2013 6:30AM China PMI Manufacturing Value Aug 50.30 --

September 2, 2013 2:00PM UK PMI Manufacturing Value Aug 54.60 --

September 5, 2013 4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Sep 5 0.50 --

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 --6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 --

6:00PM US Unnemployment rate % Aug 7.40 --

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 --

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 --

September 10, 2013 4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

11:00AM China Industrial Production (YoY) % Change Aug 9.70 --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

September 18, 2013 11:30PM US FOMC rate decision % Sep 18 0.25 --

11:00AM India RBI Repo rate % Sep 18 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --

October 18, 2013 7:30AM China Real GDP (YoY) % Change 3Q 7.50 --


August 27, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports 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

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Ju

l-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Oct-12

Nov-1

2

Dec-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Feb-1

3

Mar-13

Apr-13

Apr-13

May-1

3

Jun-1

3

Jun-1

3

Jul-13

Aug-1

3

Repo rate Reverse Repo rate CRR (%)

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

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 145 - 2,821 1,674 1,923 13.7 13.7 6.8 7.6 21.3 19.1 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 145 225 6,396 10,091 11,302 16.5 16.5 19.2 22.5 7.5 6.4 1.2 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 248 305 4,230 3,474 3,952 15.5 15.5 19.0 21.0 13.0 11.8 3.2 2.6 27.2 24.2 1.2 1.0

Apollo Tyres Neutral 64 - 3,206 13,409 15,106 11.8 11.6 13.1 15.4 4.8 4.1 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,440 12,945 15,049 6.3 8.2 0.2 1.5 74.3 8.6 1.1 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 198 - 299 700 890 8.7 10.7 11.1 25.8 17.8 7.7 1.1 1.0 6.2 13.9 0.5 0.4Bajaj Auto Buy 1,780 2,115 51,499 22,042 25,399 19.3 19.3 121.1 141.0 14.7 12.6 5.2 4.1 39.4 36.6 1.9 1.6

Bharat Forge Accumulate 227 256 5,288 5,942 6,417 15.2 15.5 15.6 19.7 14.5 11.6 2.1 1.9 15.4 17.3 1.1 0.9

Bosch India* Accumulate 8,164 9,096 25,634 9,301 10,895 16.8 18.0 339.9 423.1 24.0 19.3 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 114 170 411 5,159 5,628 9.3 9.0 43.5 48.6 2.6 2.4 0.5 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 128 148 10,918 6,899 7,873 14.7 14.7 7.9 9.0 16.2 14.2 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,170 - 1,944 1,336 1,572 13.8 16.0 75.6 102.4 15.5 11.4 2.0 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,946 2,048 38,853 25,562 28,297 14.5 14.4 111.2 146.3 17.5 13.3 6.4 5.0 40.1 42.1 1.3 1.1

JK Tyre Buy 90 152 368 7,376 8,262 10.0 9.8 56.0 60.9 1.6 1.5 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 809 1,011 49,801 42,318 48,067 12.0 12.2 58.5 67.1 13.8 12.1 2.8 2.4 21.6 21.1 0.9 0.8

Maruti Buy 1,308 1,648 39,526 45,862 52,647 11.2 11.1 94.6 109.9 13.8 11.9 1.9 1.6 14.4 14.6 0.7 0.6

Motherson Sumi Buy 208 242 12,201 28,442 31,914 8.4 8.7 13.0 16.1 16.0 12.9 4.2 3.3 29.4 28.6 0.5 0.5

Subros Buy 19 23 115 1,230 1,398 10.5 10.5 2.3 3.8 8.2 5.0 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 298 355 80,311 215,043 240,077 13.5 13.7 38.7 44.1 7.7 6.8 1.9 1.5 28.5 25.1 0.4 0.4

TVS Motor Buy 31 36 1,461 7,659 8,528 6.0 6.2 4.9 5.9 6.3 5.2 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 486 442 10,288 8,037 9,087 5.8 6.9 12.2 17.0 39.8 28.6 3.8 3.7 9.8 13.1 1.2 1.1BGR Energy Neutral 105 - 759 3,541 4,041 11.8 10.7 21.1 22.9 5.0 4.6 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 124 - 30,301 42,227 38,453 16.0 14.4 18.8 15.0 6.6 8.3 1.3 1.2 21.7 15.4 0.6 0.7

Blue Star Buy 138 208 1,239 2,941 3,099 3.4 4.2 6.0 9.3 23.0 14.8 2.9 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 81 103 5,225 13,446 15,272 6.7 7.6 6.6 8.9 12.3 9.2 1.4 1.2 11.4 14.0 0.5 0.4

Jyoti Structures Neutral 18 - 146 3,312 3,555 9.0 9.0 4.5 6.5 3.9 2.7 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 643 7,709 8,399 6.2 6.9 5.1 8.1 4.9 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 557 - 6,642 5,832 6,397 9.1 9.6 28.8 32.9 19.4 16.9 3.1 2.8 17.2 17.3 1.1 1.0

Cement

ACC Buy 1,002 1,361 18,808 11,581 13,009 17.6 19.3 63.9 81.5 15.7 12.3 2.4 2.1 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

August 27, 2013

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Cement

Ambuja Cements Neutral 164 - 25,255 9,975 11,409 22.4 23.1 9.4 11.1 17.5 14.7 2.7 2.4 15.7 17.2 2.0 1.7

India Cements Neutral 49 - 1,494 4,796 5,357 16.4 16.1 7.3 9.5 6.7 5.1 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 60 79 711 2,235 2,684 19.4 21.4 15.0 18.4 4.0 3.3 0.5 0.4 13.2 14.3 0.5 0.9

Madras Cements Neutral 147 - 3,491 4,010 4,524 23.5 23.4 14.9 18.3 9.9 8.0 1.3 1.1 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,621 - 12,615 6,316 7,162 26.5 25.7 294.6 340.5 12.3 10.6 2.7 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,593 - 43,666 22,021 25,274 22.0 21.6 99.5 113.3 16.0 14.1 2.5 2.2 16.7 16.6 2.0 1.8

ConstructionAshoka Buildcon Buy 48 60 759 1,912 2,131 21.0 21.5 5.0 5.5 9.6 8.8 0.7 0.7 8.8 7.6 1.7 1.8

Consolidated Co Neutral 7 - 120 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.2) (18.0) 0.3 0.3 0.5 0.5

IRB Infra Buy 72 106 2,381 3,805 4,248 45.1 45.3 15.0 15.8 4.8 4.6 0.7 0.6 14.5 13.9 2.8 3.1

ITNL Buy 119 156 2,309 7,423 7,970 27.5 28.7 30.3 32.0 3.9 3.7 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 319 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.3) (5.3) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Accumulate 36 41 7,933 12,946 14,897 24.7 25.6 1.2 2.7 29.1 13.4 0.6 0.6 2.0 4.3 2.5 2.3

Larsen & Toubro Buy 745 1,002 68,895 68,946 78,040 10.0 10.0 49.0 55.2 15.2 13.5 2.2 2.0 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 19 30 477 6,167 6,945 8.0 8.2 2.7 3.6 7.0 5.1 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 731 12,726 14,226 8.2 8.2 0.9 1.0 25.6 21.5 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 60 99 903 2,462 2,731 10.6 10.6 5.3 6.0 11.3 10.0 1.0 0.9 9.2 9.6 0.7 0.6

Simplex Infra Buy 43 56 213 6,237 6,908 9.1 9.0 9.9 13.9 4.4 3.1 0.2 0.2 3.7 5.0 0.5 0.4

Unity Infra Neutral 19 - 141 2,146 2,339 12.9 13.0 9.3 9.6 2.0 2.0 0.2 0.2 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 72 - 3,608 6,843 7,528 2.5 2.5 26.0 30.1 2.8 2.4 0.4 0.4 11.8 12.4 - -

Andhra Bank Neutral 54 - 3,005 4,868 5,390 2.4 2.5 12.3 16.6 4.4 3.2 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 936 1,116 43,925 19,280 22,886 3.3 3.3 130.7 157.1 7.2 6.0 1.2 1.0 17.3 18.1 - -Bank of Baroda Neutral 473 - 19,944 15,896 17,947 2.2 2.3 95.4 124.4 5.0 3.8 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 147 - 8,760 14,482 16,069 2.3 2.2 55.0 62.2 2.7 2.4 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,517 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 211 - 9,345 11,454 12,378 2.0 2.0 52.4 60.5 4.0 3.5 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 53 - 5,510 8,196 9,202 2.4 2.4 6.1 15.9 8.7 3.3 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 258 - 3,951 5,641 6,083 2.0 2.0 82.7 98.1 3.1 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 47 - 1,642 3,307 3,531 2.2 2.4 17.5 21.6 2.7 2.2 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 287 - 4,905 2,798 3,250 3.0 3.0 38.1 51.9 7.5 5.5 0.7 0.7 9.8 12.3 - -


Market Outlook

Stock Watch

August 27, 2013

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Financials

HDFC Accumulate 744 821 115,691 8,679 10,350 3.6 3.6 37.5 44.7 19.8 16.7 4.1 3.7 30.1 30.7 - -

HDFC Bank Buy 610 713 145,739 27,392 33,264 4.6 4.6 36.3 45.1 16.8 13.5 3.4 2.9 21.9 22.8 - -

ICICI Bank Buy 830 980 95,849 25,727 29,969 3.2 3.2 83.2 96.7 10.0 8.6 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 59 - 7,797 9,518 10,468 2.0 2.0 15.5 22.1 3.8 2.7 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 69 - 2,965 5,940 6,396 2.7 2.7 24.9 32.9 2.8 2.1 0.3 0.3 10.3 12.4 - -

IOB Neutral 40 - 3,683 7,692 8,627 2.2 2.3 8.1 15.2 4.9 2.6 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,101 - 5,337 3,038 3,370 3.7 3.9 214.2 202.6 5.1 5.4 0.9 0.8 19.8 16.3 - -LIC Housing Finance Neutral 176 - 8,877 2,001 2,495 2.2 2.3 23.8 28.8 7.4 6.1 1.2 1.1 17.3 18.2 - -

Oriental Bank Neutral 136 - 3,969 6,918 7,459 2.6 2.5 46.7 52.5 2.9 2.6 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 478 - 16,884 20,766 23,515 3.4 3.4 135.0 164.8 3.5 2.9 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,715 1,800 2,023 2.7 2.7 3.7 4.2 5.5 4.8 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,557 - 106,521 65,392 74,467 3.0 3.0 178.5 226.1 8.7 6.9 1.1 1.0 12.1 14.0 - -

Syndicate Bank Neutral 67 - 4,060 6,740 7,512 2.5 2.5 21.0 23.5 3.2 2.9 0.4 0.4 12.6 12.8 - -

UCO Bank Neutral 53 - 4,008 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.4 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 114 - 6,774 10,458 11,809 2.5 2.5 32.0 40.6 3.5 2.8 0.4 0.4 11.6 13.4 - -

United Bank Neutral 34 - 1,272 3,386 3,884 2.3 2.5 12.4 20.0 2.7 1.7 0.3 0.3 10.0 14.7 - -

Vijaya Bank Neutral 36 - 1,791 2,718 2,941 1.8 1.9 7.0 9.0 5.2 4.0 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 261 - 9,403 4,417 5,486 2.7 2.8 42.9 49.5 6.1 5.3 1.3 1.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 430 - 41,279 12,332 14,524 16.3 16.1 13.9 16.0 31.0 26.8 9.9 7.8 35.2 32.5 3.2 2.7

Britannia Neutral 706 - 8,458 6,422 7,367 6.9 7.3 24.2 29.7 29.2 23.8 10.3 8.0 39.6 37.7 1.3 1.1

Colgate Neutral 1,228 - 16,705 3,588 4,130 18.9 19.4 41.2 48.4 29.8 25.4 26.5 20.5 100.0 91.0 4.5 3.9

Dabur India Neutral 157 - 27,323 7,183 8,297 16.8 16.9 5.4 6.3 29.3 24.9 10.3 8.2 39.2 36.7 3.8 3.3

GlaxoSmith Con* Neutral 4,029 - 16,944 3,617 4,259 16.1 16.4 122.2 148.7 33.0 27.1 10.3 8.2 34.1 33.7 4.2 3.5

Godrej Consumer Neutral 822 - 27,969 7,801 9,017 16.2 15.9 25.1 29.7 32.7 27.7 7.0 5.9 24.9 24.2 3.7 3.2

HUL Neutral 609 - 131,623 28,415 31,962 13.6 14.1 16.7 18.2 36.5 33.5 35.1 25.4 112.2 88.1 4.5 4.0

ITC Neutral 308 - 243,797 34,294 39,991 36.8 37.0 11.3 13.3 27.3 23.1 9.0 7.3 36.1 34.9 6.8 5.8

Marico Neutral 208 - 13,438 5,104 5,876 15.1 15.2 7.2 8.6 29.2 24.3 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 4,865 - 46,910 9,330 10,860 21.8 21.9 123.3 149.7 39.5 32.5 19.4 14.1 56.4 50.3 5.1 4.3

Tata Global Neutral 144 - 8,908 8,070 8,958 9.8 9.9 7.6 8.5 19.1 17.0 2.2 2.1 9.3 9.7 1.1 1.0


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IT

HCL Tech^ Accumulate 945 1,070 65,880 32,266 35,103 23.5 22.6 69.7 74.0 13.6 12.8 3.7 3.0 26.5 23.0 1.8 1.6

Hexaware* Neutral 128 - 3,829 2,273 2,575 22.2 21.5 12.4 13.4 10.3 9.6 2.6 2.3 25.4 23.5 1.5 1.3

Infosys Neutral 3,031 - 174,025 48,731 52,962 26.9 27.1 180.8 200.3 16.8 15.1 3.6 3.1 20.4 19.3 2.9 2.6

Infotech Enterprises Accumulate 178 190 1,988 2,128 2,341 17.2 17.6 21.3 23.2 8.4 7.7 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Buy 132 155 2,557 2,769 3,122 18.3 17.8 15.3 16.6 8.6 8.0 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Accumulate 1,005 1,060 4,176 2,871 3,110 20.4 20.7 102.6 111.2 9.8 9.0 2.4 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 399 450 8,386 6,827 7,342 21.0 21.2 47.0 51.3 8.5 7.8 1.5 1.3 14.3 14.2 0.8 0.6NIIT Neutral 20 - 330 1,144 1,267 9.0 9.1 4.3 5.4 4.7 3.7 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 570 - 2,281 1,590 1,774 23.5 23.8 48.5 56.9 11.8 10.0 1.9 1.6 16.4 16.1 1.1 0.8

TCS Accumulate 1,839 2,015 359,874 80,353 91,576 30.0 30.0 91.0 103.2 20.2 17.8 6.5 5.2 31.5 29.2 4.2 3.7

Tech Mahindra Accumulate 1,380 1,485 32,052 17,749 19,406 22.5 21.0 113.6 114.2 12.2 12.1 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 460 - 113,306 43,610 47,320 21.6 22.2 30.0 33.0 15.3 13.9 3.4 2.9 20.7 19.4 2.1 1.8

Media

D B Corp Accumulate 240 267 4,400 1,783 1,968 23.8 25.0 13.6 16.0 17.6 15.0 4.3 3.7 22.5 22.9 2.4 2.1

HT Media Buy 91 112 2,133 2,205 2,380 14.1 14.4 7.6 8.4 11.9 10.8 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 84 104 2,771 1,683 1,845 19.7 20.8 5.9 6.9 14.2 12.1 2.7 2.5 19.4 21.2 1.7 1.5

PVR Neutral 382 - 1,516 1,359 1,540 17.3 17.4 17.2 21.6 22.1 17.7 2.2 2.0 10.3 12.0 1.5 1.4

Sun TV Network Neutral 376 - 14,818 2,287 2,551 69.7 70.5 20.0 23.3 18.8 16.1 4.7 4.1 26.4 27.3 6.1 5.4

Metals & Mining

Bhushan Steel Reduce 461 419 10,451 12,640 15,667 28.5 31.5 25.9 38.6 17.8 12.0 1.1 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 271 - 171,300 68,303 69,884 32.5 30.3 27.5 25.0 9.9 10.8 3.7 2.6 40.2 33.1 1.7 1.6

Electrosteel Castings Buy 11 15 367 1,976 2,017 11.8 12.7 0.1 1.2 176.1 9.3 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 85 115 2,713 1,701 1,985 47.8 48.8 17.4 20.6 4.9 4.1 0.9 0.8 20.7 20.9 1.1 0.8Hind. Zinc Buy 117 143 49,584 12,389 13,093 48.5 51.7 15.2 17.0 7.7 6.9 1.3 1.2 18.5 18.0 1.8 1.4

Hindalco Neutral 104 - 19,998 95,465 102,491 8.4 9.0 13.9 17.2 7.5 6.1 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 540 - 13,054 45,022 48,140 16.0 15.9 68.5 77.0 7.9 7.0 0.7 0.7 9.3 9.7 0.8 0.7

MOIL Accumulate 208 223 3,494 956 982 42.3 44.3 25.3 26.2 8.2 7.9 1.1 1.0 14.6 13.7 1.0 1.1

Monnet Ispat Buy 109 139 695 2,199 2,575 21.6 22.8 30.7 38.6 3.6 2.8 0.3 0.2 7.7 8.9 1.4 1.1

Nalco Neutral 30 - 7,757 7,270 7,521 13.6 13.8 2.8 2.9 10.9 10.4 0.6 0.6 5.9 6.0 0.5 0.5

NMDC Buy 118 142 46,803 10,718 11,514 66.6 64.5 15.5 16.1 7.6 7.3 1.5 1.4 21.2 20.0 2.3 2.1

SAIL Neutral 47 - 19,411 44,060 54,227 9.2 10.9 5.3 6.8 8.9 6.9 0.5 0.5 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa Neutral 167 - 14,536 73,497 76,089 34.5 34.7 5.6 6.2 30.0 27.1 1.8 1.6 6.1 5.9 0.5 0.4

Sterlite Inds Accumulate 90 99 30,313 44,493 45,599 22.4 23.9 16.8 19.2 5.4 4.7 0.5 0.5 10.5 10.9 0.2 0.1

Tata Steel Accumulate 277 317 26,946 153,862 167,209 9.4 10.5 32.8 53.5 8.5 5.2 0.7 0.7 9.0 13.2 0.5 0.5

Sarda Accumulate 89 98 320 1,323 1,398 17.2 17.9 25.3 27.8 3.5 3.2 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 410 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.2 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 73 78 239 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.6 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Accumulate 318 364 60,820 18,403 17,925 71.9 62.1 62.1 57.4 5.1 5.6 1.1 0.9 22.6 17.8 2.1 1.8

GAIL Neutral 296 - 37,534 49,700 48,822 16.0 16.6 32.9 33.4 9.0 8.9 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 268 350 229,116 164,816 196,050 33.7 36.6 30.0 38.7 8.9 6.9 1.4 1.2 16.0 18.5 1.1 0.8

Reliance Industries Buy 821 953 265,211 417,018 442,434 8.4 8.4 70.3 75.2 11.7 10.9 1.2 1.1 12.0 11.6 0.6 0.6

Gujarat Gas* Neutral 201 - 2,580 3,270 3,414 12.8 12.6 22.6 23.1 8.9 8.7 2.4 2.1 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 274 - 3,834 3,656 4,456 21.5 18.6 25.7 26.8 10.7 10.2 2.2 1.9 22.1 19.6 1.1 0.8

Petronet LNG Accumulate 126 135 9,458 39,449 43,315 5.3 5.9 14.1 16.9 9.0 7.5 1.8 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 53 67 2,985 1,002 1,021 91.4 91.5 8.2 8.4 6.5 6.3 0.9 0.8 14.3 13.0 2.5 2.3

Pharmaceuticals

Alembic Pharma Buy 138 165 2,609 1,736 2,008 17.1 18.9 10.7 13.9 12.9 10.0 4.1 3.0 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 183 274 5,323 6,641 7,637 15.9 15.9 17.3 20.6 10.6 8.9 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,518 - 5,798 1,682 1,917 15.6 15.6 91.9 101.7 27.4 24.8 3.9 3.8 15.6 17.1 3.0 2.4

Cadila Healthcare Buy 657 894 13,448 7,123 8,367 15.5 15.7 37.3 44.7 17.6 14.7 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 399 477 32,008 9,274 10,796 23.1 23.1 21.0 23.8 19.0 16.8 3.0 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Buy 2,151 2,535 36,565 13,377 15,350 20.4 20.1 112.1 126.6 19.2 17.0 4.1 3.4 23.5 21.8 2.8 2.4

Dishman Pharma Buy 45 73 360 1,394 1,534 22.5 22.4 14.8 16.6 3.0 2.7 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,314 - 19,596 2,744 2,964 22.0 23.4 59.2 66.6 39.1 34.7 9.7 9.4 24.9 27.5 6.3 5.8

Indoco Remedies Buy 65 78 599 747 906 15.3 15.3 5.9 7.6 11.0 8.6 1.3 1.2 12.5 14.4 1.0 0.9

Ipca labs Accumulate 626 674 7,892 3,246 3,830 20.5 21.7 36.2 44.9 17.3 13.9 4.0 3.2 26.1 25.7 2.6 2.2

Lupin Buy 775 904 34,694 11,576 13,855 22.0 22.0 35.8 43.0 21.6 18.0 5.3 4.2 27.1 25.8 3.1 2.5

Ranbaxy* Accumulate 403 426 17,069 10,400 11,331 6.6 8.4 11.4 15.2 35.4 26.5 3.7 3.3 11.1 13.1 1.7 1.5

Sun Pharma Neutral 517 - 107,066 13,509 15,846 41.0 41.0 16.5 19.9 31.3 26.0 6.3 5.2 22.0 22.0 7.4 6.1

Power

GIPCL Accumulate 58 65 878 1,444 1,482 33.4 33.0 13.7 14.8 4.2 3.9 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 132 163 109,046 75,046 81,780 23.5 23.9 12.7 13.6 10.4 9.7 1.2 1.1 12.2 12.0 2.2 2.1


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Real Estate

DLF Buy 137 179 24,410 8,293 9,622 36.5 36.1 5.7 6.7 24.0 20.3 0.9 0.8 3.7 4.1 5.0 4.2

MLIFE Accumulate 445 483 1,819 888 1,002 27.0 29.9 33.9 42.1 13.1 10.6 1.3 1.2 9.9 11.2 2.6 2.4

Telecom

Bharti Airtel Accumulate 307 350 122,720 83,535 92,173 32.0 33.1 9.2 12.9 33.5 23.8 2.2 2.0 6.8 8.9 2.2 1.9

Idea Cellular Neutral 161 - 53,291 26,717 29,443 30.6 29.8 5.5 6.7 29.5 23.9 3.3 2.9 11.1 12.0 2.4 2.1

Rcom Neutral 116 - 24,036 22,050 23,647 30.6 30.8 3.2 5.2 36.4 22.3 0.7 0.7 1.9 3.1 2.8 2.5

OthersAbbott India* Buy 1,366 1,628 2,903 1,788 1,996 12.5 12.7 71.7 81.4 19.1 16.8 3.9 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 158 184 1,580 3,885 4,472 4.0 5.8 6.8 15.4 23.5 10.3 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 505 613 639 631 797 14.5 13.7 42.6 51.1 11.9 9.9 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Accumulate 272 307 70 248 284 6.5 7.3 27.2 38.2 10.0 7.1 1.6 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 53 68 817 2,563 2,899 9.8 9.8 10.1 11.3 5.3 4.7 0.8 0.7 14.3 13.8 0.2 0.2

Force Motors Buy 284 349 370 2,304 2,649 3.1 3.6 28.0 43.7 10.1 6.5 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 306 345 706 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.3 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 115 153 313 1,080 1,199 8.9 9.1 18.3 19.1 6.3 6.0 1.1 1.0 19.2 17.0 0.4 0.4

Honeywell Automation* Neutral 2,308 - 2,041 1,842 2,131 7.7 7.8 111.1 130.9 20.8 17.6 2.6 2.3 13.3 13.9 1.0 0.9

IFB Agro Buy 132 156 119 491 642 12.3 13.8 35.0 50.9 3.8 2.6 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 145 194 167 1,365 1,502 10.9 11.2 18.2 28.0 8.0 5.2 0.4 0.4 5.1 7.4 0.5 0.5

Jyothy Laboratories Buy 161 199 2,675 1,244 1,523 14.1 14.2 5.9 10.0 27.2 16.2 3.3 2.9 12.7 18.8 2.5 2.0

MRF Buy 13,232 16,218 5,612 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.4 7.3 1.6 1.3 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,080 4,669 4,551 1,059 1,296 19.5 19.8 125.0 155.6 32.7 26.2 16.2 11.9 56.3 52.2 4.4 3.6

Relaxo Footwears Buy 740 981 888 1,196 1,401 11.9 12.6 55.6 75.4 13.3 9.8 3.2 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 196 228 183 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.6 0.5 0.4 16.8 18.1 0.4 0.3Styrolution ABS India* Buy 354 492 623 1,007 1,108 8.4 8.7 30.3 35.1 11.7 10.1 1.3 1.2 11.7 12.2 0.6 0.5

TAJ GVK Buy 55 108 347 300 319 35.8 36.2 7.9 9.1 7.0 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 261 371 402 814 849 17.0 17.6 64.6 69.2 4.1 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 506 632 393 416 481 4.5 6.1 16.2 25.3 31.2 20.0 3.8 3.4 12.6 18.1 0.8 0.7

Tree House Buy 241 297 865 153 194 53.0 52.8 12.4 15.6 19.4 15.4 2.3 2.0 11.8 13.1 5.8 4.5

TVS Srichakra Buy 169 230 130 1,591 1,720 6.1 6.4 30.5 38.3 5.6 4.4 0.7 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,245 - 32,629 12,294 14,162 12.0 12.0 42.1 67.7 53.3 33.2 3.8 3.4 9.1 10.7 3.0 2.6

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


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Others

HSIL Buy 81 117 538 2,042 2,363 14.6 14.8 12.3 16.5 6.6 5.0 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 26, 2013


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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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