market outlook 28-08-2013

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Market OutlookAugust 28, 2013

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

the SGX Nifty which is down by 1.4%. Other Asian markets too are trading in the

negative territory.

United States (US) markets moved sharply lower over the course of the trading dayon Tuesday, extending the decline seen late in the previous session. Worries about

recent developments regarding the situation in Syria continued to weigh on the

markets. The decline in the markets was due to concerns that the US is moving

closer to taking military action in Syria in response to reports that the Syrian

government used chemicals weapons against civilians. Meanwhile a report from

Standard & Poor's showed that home prices in major US metropolitan areas rose

by a seasonally adjusted 0.9% in June after rising by 1% in May. Another report

released by Conference Board showed that consumer confidence unexpectedly saw

a modest improvement in the month of August. European markets too ended lower

concerned over the developments in Syria.

Indian markets plunged on Tuesday on worries that the Food Security Bill, whichwas passed in the Lok Sabha on Monday, would worsen the country's fiscal deficit

situation.

Markets Today

The trend deciding level for the day is 18,117/ 5,330 levels. If NIFTY trades above

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

up to 18,312 18,656 / 5,444 5,412 levels. However, if NIFTY trades below

18,117/ 5,330 levels for the first half-an-hour of trade then it may correct up to

17,773 17,578 / 5,232 5,177 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 17,578 17,773 18,117 18,312 18,656

NIFTY 5,177 5,232 5,330 5,385 5,483

News Analysis

RBI issues discussion paper on Banking structure in India Fuel supply pacts for 18 power projects to be signed by next week Expansion at MSIL's Gujarat plant to be delayed due to the slowdown

Refer detailed news analysis on the following page

Net Inflows (August 26, 2013)

` cr Purch Sales Net MTD YTDFII 2,260 2,813 (553) (3,749) 61,649

MFs 558 611 (53) 1,307 (13,039)

FII Derivatives (August 27, 2013)

` cr Purch Sales Net Open InterestIndex Futures 6,445 6,987 (542) 17,921

Stock Futures 9,513 9,112 400 28,430

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)MCX 322 5.0 IDFC 79 (16.6)

Strides Arco 830 2.8 Yes Bank 236 (9.6)

Gitanjali Gems 78 1.6 BHEL 112 (9.5)

CESC 298 1.1 JPPOWER 12 (9.2)

Infosys 3,058 0.9 Jaiprakash Asso 33 (9.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (3.2) (590) 17,968

Nifty (3.5) (189) 5,287

MID CAP (2.1) (113) 5,278

SMALL CAP (1.7) (90) 5,200

BSE HC (2.0) (173) 8,584

BSE PSU (3.8) (198) 5,019

BANKEX (5.3) (570) 10,109

AUTO (2.6) (265) 9,983

METAL (3.5) (278) 7,620

OIL & GAS (2.4) (198) 7,958

BSE IT 0.2 12 7,629

Global Indices Chg (%) (Pts) (Close)Dow Jones (1.1) (170) 14,776NASDAQ (2.2) (79) 3,579

FTSE (0.8) (51) 6,441

Nikkei (0.7) (94) 13,542

Hang Sang (0.6) (131) 21,875

Straits Times (1.6) (50) 3,034

Shanghai Com 0.3 7 2,104

Indian ADR Chg (%) (Pts) (Close)INFY (2.4) (1.1) $46.4

WIT (2.5) (0.2) $8.9IBN (5.7) (1.5) $25.5

HDB (7.2) (2.1) $27.3

Advances / Declines BSE NSEAdvances 701 267

Declines 1,567 1,053

Unchanged 127 65

Volumes (` cr)BSE 2,065

NSE 12,078
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RBI issues discussion paper on Banking structure in India

RBI has issued discussion paper on Banking structure in India the way forward,

wherein it has reviewed the existing banking structure and has identified certain

building blocks for the revised banking structure with a view to address need of

enhancing competition, financing higher growth, providing specialized servicesand furthering financial inclusion, while managing the trade off with financial

stability. Among other things discussion paper highlights following points for

elaborate discussion.

Continuous Licensing with stringent entry norms, better than current stop and gopolicy: RBI highlights the case for reviewing the present stop and go banklicensing policy and considering continuous licensing policy, as it would promote

competition. However, it also admits the need of keeping the entry norms

stringent, as it would attract only well-qualified entities, which would help maintain

the quality of the banking system.

Financial Holding Company model preferred model of Universal Banking: InIndia, the universal banking model is followed with banks themselves as holding

companies. However, RBI highlights that the Financial Holding Company structure

may be a preferred model, as it has distinct advantages. Additionally it

acknowledges, need for niche banking and differentiated licensing, particularly for

infrastructure financing, whole sale banking and retail banking. RBI also

recognizes a need to promote investment banks.

Voluntary consolidation with established synergies should only be considered: RBIhighlights the need of consolidation as it would create stronger financial

institutions with the capacity to meet corporate and infrastructure funding needs. It

recognizes need of a measured approach towards consolidation and global

presence of Indian Banks, keeping in mind that while voluntary consolidation with

established synergies is welcome, it cannot be imposed on banks.

Government Ownership: RBI suggests various options of the reducing fiscal burdenon account of recapitalization of the Public Sector Banks like issue of non-voting

equity shares or differential voting equity shares, moving to a Financial Holding

Company structure and reduction of Government stake below 51% in conjunction

with certain protective rights to the Government by amending the statutes

governing the PSBs.

Small banks vs. large banks: RBI acknowledges the importance of Small localbanks with geographical limitations in the supply of credit to small enterprises and

agriculture, however it highlights that the performance of these banks in India

(Local Area Banks and Urban Cooperative Banks) has not been satisfactory. In that

case, RBI acknowledges need to address If small banks are to be preferred, the

issues relating to their size, numbers, capital requirements, exposure norms,

regulatory prescriptions and corporate governance need to be suitably addressed.

Four tier level structure for Indian Banks could emerge: After all the relevantpolicies are in place, a re-oriented Banking system with distinct tiers of banking

institutions is likely to emerge. The first tier may consist of three or four large

Indian banks with global presence along with branches of foreign banks in India.The second tier is likely to comprise of several mid-sized banking institutions

including niche banks with economy-wide presence, which would be capable of

offering a broad range of banking products and services to the domestic economy

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such as investment banking, wholesale banking and funding large infrastructure

projects. The third tier may encompass old private sector banks, Regional Rural

Banks, and multi state Urban Cooperative Banks. The fourth tier may embrace

many small privately owned local banks and cooperative banks, which may

specifically cater to the credit requirements of small borrowers in the unorganized

sector in unbanked and under banked areas.

Fuel supply pacts for 18 power projects to be signed bynext week

Coal India Ltd (CIL) will sign Fuel Supply Agreements (FSAs) for 18 new projects

totaling `73,772cr (of which disbursal is `30,313cr) by September 6 which were

earlier supposed to be signed by August 31. These projects were stalled due to

absence of coal linkages. The major beneficiaries would include Adani Power

Maharashtra Ltd, GMR Kamalanga Energy Ltd, Lanco Babandh Power, Talwandi

Power, Haldia Energy, Abhijeet MADC Nagpur Energy and Lanco Amarkantak.

Earlier, CIL was directed to sign FSAs for 60,678 MW of capacity which was the

projected requirement for 131 power plants commissioned or to be commissioned

by March, 2015. CIL has so far signed around 100 FSAs. We remain Neutral onPower sector.

Expansion at MSIL's Gujarat plant to be delayed due to theslowdown

Maruti Suzuki (MSIL) has announced that the commissioning of its new plant inGujarat will be delayed due to the ongoing slowdown which has had a severe

impact on the demand. The Gujarat plant which was scheduled to be operational

by end of FY2016 will miss its deadline now and depending upon the assessment

of the projected demand, appropriate decision would be taken in the future.

According to the Management, the company is yet to being the construction at the

Gujarat site. MSIL has ambitious investment plans of `4,000cr towards setting up

an 250,000 units /annum capacity at the Gujarat plant. Meanwhile, MSIL is on

track to commission its third assembly line at the Manesar plant which will increase

the annual installed capacity of the company to 1.5mn units from 1.26mn units

currently. Post the recent correction in the stock price (down ~25% over the last

two months), the stock is trading attractively 12x FY2015 earnings.We maintainour Buy rating on the stock with a target price of `1,571.

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Economic and Political News

Railways to hike freight tariff in October Cabinet likely to take up proposed PSUs reforms in September No plans of diesel, LPG price hike now, says Moily PM seeks $25 bn cut in oil import billCorporate News

RCom will collaborate with Reliance Jio Anil Ambani RCom talks on for unit stake sale, says Anil Ambani Empee Distilleries inks pact with USL for manufacturing IMFL NMDC's Legacy Iron eyes zinc-lead-silver project in Australia SBI to merge one associate this fiscal: Chaudhuri L&T's container terminal near Chennai set to go on stream

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 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 28, 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 143 - 2,787 1,674 1,923 13.7 13.7 6.8 7.6 21.1 18.9 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 142 225 6,281 10,091 11,302 16.5 16.5 19.2 22.5 7.4 6.3 1.2 1.0 17.0 17.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 242 305 4,132 3,474 3,952 15.5 15.5 19.0 21.0 12.7 11.5 3.1 2.5 27.2 24.2 1.2 1.0

Apollo Tyres Neutral 62 - 3,110 13,409 15,106 11.8 11.6 13.1 15.4 4.7 4.0 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,329 12,945 15,049 6.3 8.2 0.2 1.5 71.9 8.3 1.1 1.0 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 203 - 307 700 890 8.7 10.7 11.1 25.8 18.3 7.9 1.1 1.1 6.2 13.9 0.5 0.4Bajaj Auto Buy 1,726 2,115 49,953 22,042 25,399 19.3 19.3 121.1 141.0 14.3 12.2 5.1 4.0 39.4 36.6 1.9 1.5

Bharat Forge Accumulate 224 256 5,224 5,942 6,417 15.2 15.5 15.6 19.7 14.3 11.4 2.1 1.9 15.4 17.3 1.1 0.9

Bosch India* Accumulate 8,151 9,096 25,594 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 106 170 381 5,159 5,628 9.3 9.0 43.5 48.6 2.4 2.2 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 124 148 10,561 6,899 7,873 14.7 14.7 7.9 9.0 15.7 13.8 2.7 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,155 - 1,919 1,336 1,572 13.8 16.0 75.6 102.4 15.3 11.3 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,901 2,048 37,951 25,562 28,297 14.5 14.4 111.2 146.3 17.1 13.0 6.3 4.9 40.1 42.1 1.3 1.1

JK Tyre Buy 86 152 353 7,376 8,262 10.0 9.8 56.0 60.9 1.5 1.4 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 790 1,011 48,643 42,318 48,067 12.0 12.2 58.5 67.1 13.5 11.8 2.7 2.3 21.6 21.1 0.9 0.8

Maruti Buy 1,259 1,571 38,024 45,877 52,733 11.2 11.2 93.0 104.7 13.5 12.0 1.8 1.6 14.2 14.0 0.7 0.5

Motherson Sumi Buy 199 242 11,725 28,442 31,914 8.4 8.7 13.0 16.1 15.4 12.4 4.0 3.2 29.4 28.6 0.5 0.5

Subros Buy 19 23 112 1,230 1,398 10.5 10.5 2.3 3.8 8.0 4.9 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 290 355 78,196 215,043 240,077 13.5 13.7 35.1 39.4 8.3 7.4 1.9 1.5 26.2 23.3 0.4 0.4

TVS Motor Buy 30 36 1,418 7,659 8,528 6.0 6.2 4.9 5.9 6.1 5.0 1.0 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 473 442 10,014 8,037 9,087 5.8 6.9 12.2 17.0 38.7 27.8 3.7 3.6 9.8 13.1 1.2 1.0BGR Energy Neutral 101 - 727 3,541 4,041 11.8 10.7 21.1 22.9 4.8 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 112 - 27,425 42,227 38,453 16.0 14.4 18.8 15.0 6.0 7.5 1.2 1.1 21.7 15.4 0.5 0.6

Blue Star Buy 137 208 1,234 2,941 3,099 3.4 4.2 6.0 9.3 23.0 14.8 2.8 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 81 103 5,164 13,418 14,654 5.8 6.7 5.8 7.8 13.9 10.3 1.4 1.2 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 17 - 141 3,312 3,555 9.0 9.0 4.5 6.5 3.8 2.6 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 24 36 625 7,709 8,399 6.2 6.9 5.1 8.1 4.8 3.0 0.5 0.4 16.6 21.5 0.3 0.2

Thermax Neutral 560 - 6,670 5,832 6,397 9.1 9.6 28.8 32.9 19.4 17.0 3.2 2.8 17.2 17.3 1.1 1.0

Cement

ACC Buy 945 1,225 17,745 11,581 13,009 17.6 19.3 63.9 81.5 14.8 11.6 2.2 2.0 15.6 18.2 1.3 1.0


Market Outlook

Stock Watch

August 28, 2013

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Cement

Ambuja Cements Neutral 159 - 24,614 9,975 11,409 22.4 23.1 9.4 11.1 17.0 14.3 2.6 2.4 15.7 17.2 2.0 1.6

India Cements Neutral 47 - 1,450 4,796 5,357 16.4 16.1 7.3 9.5 6.5 5.0 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 58 79 684 2,235 2,684 19.4 21.4 15.0 18.4 3.9 3.2 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 141 - 3,349 4,010 4,524 23.5 23.4 14.9 18.3 9.5 7.7 1.3 1.1 14.0 15.2 1.5 1.2

Shree Cement^ Neutral 3,613 - 12,588 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 1,558 - 42,712 22,021 25,274 22.0 21.6 99.5 113.3 15.7 13.8 2.4 2.1 16.7 16.6 2.0 1.8

ConstructionAshoka Buildcon Buy 48 60 757 1,912 2,131 21.0 21.5 5.0 5.5 9.5 8.8 0.7 0.6 8.8 7.6 1.7 1.8

Consolidated Co Neutral 6 - 117 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.2) (17.6) 0.3 0.3 0.5 0.5

IRB Infra Buy 65 106 2,170 3,805 4,248 45.1 45.3 15.0 15.8 4.4 4.1 0.6 0.6 14.5 13.9 2.8 3.0

ITNL Buy 121 156 2,348 7,423 7,970 27.5 28.7 30.3 32.0 4.0 3.8 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 312 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.1) (5.2) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 33 41 7,223 12,946 14,897 24.7 25.6 1.2 2.7 26.5 12.2 0.5 0.5 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 705 1,002 65,240 68,946 78,040 10.0 10.0 49.0 55.2 14.4 12.8 2.1 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 18 30 470 6,167 6,945 8.0 8.2 2.7 3.6 6.9 5.0 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 21 - 709 12,726 14,226 8.2 8.2 0.9 1.0 24.9 20.9 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 59 99 900 2,462 2,731 10.6 10.6 5.3 6.0 11.3 9.9 1.0 0.9 9.2 9.6 0.7 0.6

Simplex Infra Buy 42 56 207 6,237 6,908 9.1 9.0 9.9 13.9 4.2 3.0 0.2 0.2 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 136 2,146 2,339 12.9 13.0 9.3 9.6 2.0 1.9 0.2 0.1 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 68 - 3,420 6,843 7,528 2.5 2.5 26.0 30.1 2.6 2.3 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 52 - 2,885 4,868 5,390 2.4 2.5 12.3 16.6 4.2 3.1 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 879 1,116 41,223 19,280 22,886 3.3 3.3 130.7 157.1 6.7 5.6 1.1 1.0 17.3 18.1 - -Bank of Baroda Neutral 460 - 19,369 15,896 17,947 2.2 2.3 95.4 124.4 4.8 3.7 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 137 - 8,179 14,482 16,069 2.3 2.2 55.0 62.2 2.5 2.2 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 37 - 2,471 4,529 4,780 3.0 2.8 12.3 11.8 3.0 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 202 - 8,955 11,454 12,378 2.0 2.0 52.4 60.5 3.9 3.3 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 51 - 5,317 8,196 9,202 2.4 2.4 6.1 15.9 8.4 3.2 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 252 - 3,847 5,641 6,083 2.0 2.0 82.7 98.1 3.0 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 44 - 1,551 3,307 3,531 2.2 2.4 17.5 21.6 2.5 2.1 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 268 - 4,575 2,798 3,250 3.0 3.0 38.1 51.9 7.0 5.2 0.7 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

August 28, 2013

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Financials

HDFC Buy 687 821 106,783 8,679 10,350 3.6 3.6 37.5 44.7 18.3 15.4 3.8 3.4 30.1 30.7 - -

HDFC Bank Buy 561 713 134,019 27,392 33,264 4.6 4.6 36.3 45.1 15.5 12.4 3.1 2.6 21.9 22.8 - -

ICICI Bank Buy 803 980 92,727 25,727 29,969 3.2 3.2 83.2 96.7 9.7 8.3 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 57 - 7,550 9,518 10,468 2.0 2.0 15.5 22.1 3.7 2.6 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 67 - 2,875 5,940 6,396 2.7 2.7 24.9 32.9 2.7 2.0 0.3 0.3 10.3 12.4 - -

IOB Neutral 39 - 3,558 7,692 8,627 2.2 2.3 8.1 15.2 4.8 2.5 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,082 - 5,243 3,038 3,370 3.7 3.9 214.2 202.6 5.1 5.3 0.9 0.8 19.8 16.3 - -LIC Housing Finance Neutral 165 - 8,342 2,001 2,495 2.2 2.3 23.8 28.8 6.9 5.7 1.2 1.0 17.3 18.2 - -

Oriental Bank Neutral 129 - 3,762 6,918 7,459 2.6 2.5 46.7 52.5 2.8 2.5 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 459 - 16,239 20,766 23,515 3.4 3.4 135.0 164.8 3.4 2.8 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,635 1,800 2,023 2.7 2.7 3.7 4.2 5.3 4.7 0.8 0.7 16.2 16.2 - -

St Bk of India Neutral 1,520 - 103,966 65,392 74,467 3.0 3.0 178.5 226.1 8.5 6.7 1.1 1.0 12.1 14.0 - -

Syndicate Bank Neutral 63 - 3,810 6,740 7,512 2.5 2.5 21.0 23.5 3.0 2.7 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 50 - 3,782 6,770 7,017 2.8 2.6 14.8 15.5 3.4 3.2 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 107 - 6,365 10,458 11,809 2.5 2.5 32.0 40.6 3.3 2.6 0.4 0.4 11.6 13.4 - -

United Bank Neutral 33 - 1,238 3,386 3,884 2.3 2.5 12.4 20.0 2.7 1.7 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 35 - 1,712 2,718 2,941 1.8 1.9 7.0 9.0 4.9 3.9 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 236 - 8,499 4,417 5,486 2.7 2.8 42.9 49.5 5.5 4.8 1.2 1.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 411 - 39,380 12,332 14,524 16.3 16.1 13.9 16.0 29.6 25.6 9.4 7.5 35.2 32.5 3.1 2.6

Britannia Neutral 690 - 8,264 6,422 7,367 6.9 7.3 24.2 29.7 28.6 23.3 10.1 7.8 39.6 37.7 1.3 1.1

Colgate Neutral 1,212 - 16,483 3,588 4,130 18.9 19.4 41.2 48.4 29.4 25.1 26.1 20.2 100.0 91.0 4.4 3.8

Dabur India Neutral 157 - 27,384 7,183 8,297 16.8 16.9 5.4 6.3 29.4 25.0 10.3 8.2 39.2 36.7 3.8 3.3

GlaxoSmith Con* Neutral 3,997 - 16,809 3,617 4,259 16.1 16.4 122.2 148.7 32.7 26.9 10.2 8.2 34.1 33.7 4.2 3.5

Godrej Consumer Neutral 818 - 27,831 7,801 9,017 16.2 15.9 25.1 29.7 32.5 27.6 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 594 - 128,465 28,415 31,962 13.6 14.1 16.7 18.2 35.6 32.7 34.2 24.8 112.2 88.1 4.4 3.9

ITC Neutral 297 - 235,395 34,294 39,991 36.8 37.0 11.3 13.3 26.4 22.3 8.7 7.0 36.1 34.9 6.5 5.5

Marico Neutral 207 - 13,354 5,104 5,876 15.1 15.2 7.2 8.6 29.0 24.1 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 4,717 - 45,482 9,330 10,860 21.8 21.9 123.3 149.7 38.3 31.5 18.8 13.7 56.4 50.3 4.9 4.2

Tata Global Neutral 141 - 8,738 8,070 8,958 9.8 9.9 7.6 8.5 18.7 16.6 2.2 2.1 9.3 9.7 1.1 0.9


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IT

HCL Tech^ Accumulate 948 1,070 66,099 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* Accumulate 127 134 3,804 2,273 2,575 22.2 21.5 12.4 13.4 10.3 9.5 2.6 2.3 25.4 23.5 1.5 1.3

Infosys Neutral 3,058 - 175,607 48,731 52,962 26.9 27.1 180.8 200.3 16.9 15.3 3.7 3.1 20.4 19.3 3.0 2.6

Infotech Enterprises Accumulate 175 190 1,955 2,128 2,341 17.2 17.6 21.3 23.2 8.2 7.6 1.3 1.1 14.9 14.0 0.6 0.4

KPIT Cummins Buy 129 155 2,491 2,769 3,122 18.3 17.8 15.3 16.6 8.4 7.7 1.7 1.4 20.9 18.4 0.8 0.7

Mindtree Accumulate 997 1,060 4,143 2,871 3,110 20.4 20.7 102.6 111.2 9.7 9.0 2.3 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 395 450 8,294 6,827 7,342 21.0 21.2 47.0 51.3 8.4 7.7 1.5 1.3 14.3 14.2 0.8 0.6NIIT Neutral 20 - 329 1,144 1,267 9.0 9.1 4.3 5.4 4.6 3.7 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 575 - 2,299 1,590 1,774 23.5 23.8 48.5 56.9 11.9 10.1 1.9 1.6 16.4 16.1 1.1 0.9

TCS Accumulate 1,837 2,015 359,551 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 1,361 1,485 31,606 17,749 19,406 22.5 21.0 113.6 114.2 12.0 11.9 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 455 - 112,123 43,610 47,320 21.6 22.2 30.0 33.0 15.2 13.8 3.4 2.9 20.7 19.4 2.1 1.8

Media

D B Corp Accumulate 235 267 4,315 1,783 1,968 23.8 25.0 13.6 16.0 17.3 14.7 4.2 3.6 22.5 22.9 2.3 2.1

HT Media Buy 91 112 2,145 2,205 2,380 14.1 14.4 7.6 8.4 12.0 10.9 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 84 104 2,791 1,683 1,845 19.7 20.8 5.9 6.9 14.3 12.2 2.7 2.5 19.4 21.2 1.7 1.6

PVR Neutral 384 - 1,526 1,359 1,540 17.3 17.4 17.2 21.6 22.3 17.8 2.2 2.1 10.3 12.0 1.5 1.4

Sun TV Network Neutral 377 - 14,841 2,287 2,551 69.7 70.5 20.0 23.3 18.8 16.2 4.7 4.1 26.4 27.3 6.1 5.4

Metals & Mining

Bhushan Steel Reduce 454 419 10,285 12,640 15,667 28.5 31.5 25.9 38.6 17.6 11.8 1.0 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 260 - 164,289 68,303 69,884 32.5 30.3 27.5 25.0 9.5 10.4 3.6 2.5 40.2 33.1 1.5 1.5

Electrosteel Castings Buy 11 15 347 1,976 2,017 11.8 12.7 0.1 1.2 166.5 8.8 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 82 115 2,606 1,701 1,985 47.8 48.8 17.4 20.6 4.7 4.0 0.9 0.8 20.7 20.9 1.1 0.7Hind. Zinc Buy 115 143 48,718 12,389 13,093 48.5 51.7 15.2 17.0 7.6 6.8 1.3 1.1 18.5 18.0 1.8 1.3

Hindalco Neutral 99 - 19,002 95,465 102,491 8.4 9.0 13.9 17.2 7.2 5.8 0.5 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 517 - 12,485 45,022 48,140 16.0 15.9 68.5 77.0 7.6 6.7 0.7 0.6 9.3 9.7 0.8 0.7

MOIL Accumulate 205 223 3,444 956 982 42.3 44.3 25.3 26.2 8.1 7.8 1.1 1.0 14.6 13.7 0.9 1.0

Monnet Ispat Buy 104 139 665 2,199 2,575 21.6 22.8 30.7 38.6 3.4 2.7 0.2 0.2 7.7 8.9 1.4 1.0

Nalco Neutral 30 - 7,719 7,270 7,521 13.6 13.8 2.8 2.9 10.8 10.3 0.6 0.6 5.9 6.0 0.5 0.4

NMDC Buy 113 142 44,682 10,718 11,514 66.6 64.5 15.5 16.1 7.3 7.0 1.5 1.3 21.2 20.0 2.1 1.9

SAIL Neutral 45 - 18,585 44,060 54,227 9.2 10.9 5.3 6.8 8.5 6.6 0.5 0.4 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa* Neutral 168 - 14,562 3,817 5,781 12.1 17.7 27.0 29.6 6.2 5.7 0.8 0.7 12.9 12.5 4.6 3.1

Tata Steel Buy 272 317 26,441 153,862 167,209 9.4 10.5 32.8 53.5 8.3 5.1 0.7 0.6 9.0 13.2 0.5 0.5

Sarda Buy 85 98 304 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.1 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 398 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.1 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 Buy 309 364 58,985 18,403 17,925 71.9 62.1 62.1 57.4 5.0 5.4 1.0 0.9 22.6 17.8 2.0 1.7

GAIL Neutral 293 - 37,173 49,700 48,822 16.0 16.6 32.9 33.4 8.9 8.8 1.3 1.2 15.9 14.4 0.3 0.2

ONGC Buy 259 350 221,801 164,816 196,050 33.7 36.6 30.0 38.7 8.7 6.7 1.3 1.2 16.0 18.5 1.1 0.8

Reliance Industries Buy 804 953 259,671 417,018 442,434 8.4 8.4 70.3 75.2 11.4 10.7 1.2 1.1 12.0 11.6 0.6 0.6

Gujarat Gas* Neutral 194 - 2,488 3,270 3,414 12.8 12.6 22.6 23.1 8.6 8.4 2.3 2.0 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 269 - 3,765 3,656 4,456 21.5 18.6 25.7 26.8 10.5 10.0 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 124 135 9,326 39,449 43,315 5.3 5.9 14.1 16.9 8.8 7.4 1.8 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 52 67 2,923 1,002 1,021 91.4 91.5 8.2 8.4 6.3 6.2 0.9 0.8 14.3 13.0 2.4 2.2

Pharmaceuticals

Alembic Pharma Buy 135 165 2,543 1,736 2,008 17.1 18.9 10.5 13.8 12.9 9.8 3.9 3.0 34.4 34.7 1.5 1.3

Aurobindo Pharma Buy 172 271 4,994 6,641 7,637 15.9 15.9 17.3 20.6 9.9 8.3 1.6 1.3 19.5 18.9 1.2 1.0

Aventis* Neutral 2,435 - 5,609 1,682 1,917 15.6 15.6 91.9 101.7 26.5 24.0 3.7 3.7 15.6 17.1 2.8 2.3

Cadila Healthcare Buy 654 894 13,400 7,123 8,367 15.5 15.7 37.3 44.7 17.6 14.6 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 397 477 31,856 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.7 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Buy 2,162 2,535 36,757 13,377 15,350 20.4 20.1 112.1 126.6 19.3 17.1 4.1 3.4 23.5 21.8 2.8 2.4

Dishman Pharma Buy 43 73 344 1,394 1,534 22.5 22.4 14.8 16.6 2.9 2.6 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,262 - 19,157 2,744 2,964 22.0 23.4 59.2 66.6 38.2 34.0 9.5 9.2 24.9 27.5 6.1 5.7

Indoco Remedies Buy 62 78 575 747 906 15.3 15.3 5.9 7.6 10.6 8.2 1.3 1.1 12.5 14.4 1.0 0.8

Ipca labs Accumulate 628 674 7,923 3,246 3,830 20.5 21.7 36.2 44.9 17.4 14.0 4.1 3.2 26.1 25.7 2.6 2.2

Lupin Buy 757 904 33,913 11,576 13,855 22.0 22.0 35.8 43.0 21.2 17.6 5.1 4.1 27.1 25.8 3.0 2.4

Ranbaxy* Accumulate 378 426 16,011 10,400 11,331 6.6 8.4 11.4 15.2 33.2 24.9 3.5 3.1 11.1 13.1 1.6 1.4

Sun Pharma Neutral 497 - 102,954 13,509 15,846 41.0 41.0 16.5 19.9 30.1 25.0 6.1 5.0 22.0 22.0 7.1 5.9

Power

GIPCL Accumulate 58 65 881 1,444 1,482 33.4 33.0 13.7 14.8 4.3 3.9 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 125 163 102,656 75,046 81,780 23.5 23.9 12.7 13.6 9.8 9.2 1.2 1.1 12.2 12.0 2.1 2.0

Real Estate


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DLF Buy 130 179 23,199 8,293 9,622 36.5 36.1 5.7 6.7 22.8 19.3 0.8 0.8 3.7 4.1 4.9 4.1


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Real Estate

MLIFE Accumulate 440 483 1,798 888 1,002 27.0 29.9 33.9 42.1 13.0 10.5 1.3 1.2 9.9 11.2 2.6 2.3

Telecom

Bharti Airtel Buy 294 350 117,623 83,535 92,173 32.0 33.1 9.2 12.9 32.1 22.8 2.1 1.9 6.8 8.9 2.1 1.8

Idea Cellular Neutral 155 - 51,434 26,717 29,443 30.6 29.8 5.5 6.7 28.5 23.1 3.2 2.8 11.1 12.0 2.3 2.0

Rcom Neutral 112 - 23,107 22,050 23,647 30.6 30.8 3.2 5.2 35.0 21.5 0.7 0.7 1.9 3.1 2.7 2.4

Others

Abbott India* Buy 1,360 1,628 2,890 1,788 1,996 12.5 12.7 71.7 81.4 19.0 16.7 3.8 3.3 21.7 21.2 1.4 1.2Bajaj Electricals Buy 158 184 1,573 3,885 4,472 4.0 5.8 6.8 15.4 23.4 10.3 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 495 613 626 631 797 14.5 13.7 42.6 51.1 11.6 9.7 2.8 2.2 26.5 25.3 1.0 0.8

Cravatex Accumulate 280 307 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 52 68 789 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 279 349 364 2,304 2,649 3.1 3.6 28.0 43.7 10.0 6.4 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Buy 300 345 691 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 110 153 298 1,080 1,199 8.9 9.1 18.3 19.1 6.0 5.7 1.1 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,267 - 2,004 1,842 2,131 7.7 7.8 111.1 130.9 20.4 17.3 2.6 2.3 13.3 13.9 1.0 0.8

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 154 199 2,558 1,244 1,523 14.1 14.2 5.9 10.0 26.0 15.5 3.1 2.7 12.7 18.8 2.4 1.9

MRF Buy 12,922 16,218 5,481 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.2 7.2 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 4,007 4,669 4,470 1,059 1,296 19.5 19.8 125.0 155.6 32.1 25.8 15.9 11.6 56.3 52.2 4.3 3.5

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 193 228 181 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.5 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 346 492 609 1,007 1,108 8.4 8.7 30.3 35.1 11.4 9.9 1.3 1.1 11.7 12.2 0.6 0.5TAJ GVK Buy 55 108 345 300 319 35.8 36.2 7.9 9.1 7.0 6.0 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 259 371 399 814 849 17.0 17.6 64.6 69.2 4.0 3.7 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 493 632 383 416 481 4.5 6.1 16.2 25.3 30.4 19.5 3.8 3.3 12.6 18.1 0.8 0.7

Tree House Buy 228 297 820 153 194 53.0 52.8 12.4 15.6 18.4 14.6 2.2 1.9 11.8 13.1 5.5 4.2

TVS Srichakra Buy 160 230 123 1,591 1,720 6.1 6.4 30.5 38.3 5.3 4.2 0.7 0.6 13.5 15.5 0.3 0.2

United Spirits Neutral 2,119 - 30,798 12,294 14,162 12.0 12.0 42.1 67.7 50.3 31.3 3.6 3.2 9.1 10.7 2.8 2.4

Vesuvius India* Buy 354 439 719 600 638 20.1 19.4 35.7 36.6 9.9 9.7 1.8 1.5 19.4 17.1 1.0 0.9

HSIL Buy 80 117 528 2,042 2,363 14.6 14.8 12.3 16.5 6.5 4.9 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 27, 2013


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

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