Market Outlook: Dealer's Diary

Market Outlook
May 16, 2013
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are expected to open flat today with a negative bias tracking
marginally negative opening in SGX Nifty which is trading lower by 0.1%. Most of
the Asian markets too are trading in the red.
BSE Sensex
2.5
491 20,213
Nifty
2.5
151
6,147
MID CAP
1.6
102
6,564
US market saw some volatility on Wednesday but extended the recent upward
move by reaching new record highs and ended the day in positive. The better than
expected housing data offset negative sentiment generated by a separate report
from the Federal Reserve showing a bigger than expected drop in industrial
production in April. Thursdays trading could be impacted by another slew of U.S.
economic data, including reports on weekly jobless claims, housing starts, and
Philadelphia-area manufacturing activity along with the news on corporate
earnings. Meanwhile, a similar trend was seen in the European markets despite
weak GDP reports from Germany, France and the Eurozone. Traders also
welcomed the news that the Bank of England raised its economic growth forecast.
SMALL CAP
1.0
60
6,177
BSE HC
2.0
181
9,062
BSE PSU
2.4
160
6,959
BANKEX
3.9
568 14,963
AUTO
2.3
253 11,268
METAL
1.9
159
8,770
OIL & GAS
2.2
191
8,907
Dow Jones
0.4
Indian markets rallied to a 28-month high on Wednesday, buoyed by rate cut

hopes after RBI Governor said the central bank will take note of falling inflation
when discussing potential interest rate cuts.
NASDAQ
0.3
3,472
FTSE
0.1
6,694
Nikkei
2.3
338 15,096
Hang Sang
0.5
114 23,044
Straits Times
0.3
3,442
Shanghai Com
0.4
2,225
Chg (%)
(Pts)
(Close)
INFY
(1.0)
(0.4)
$42.5
WIT
1.3
0.1
$7.9
IBN
2.5
1.2
$47.9
HDB
1.4
0.6
$43.0
Markets Today
The trend deciding level for the day is 20,084 / 6,108 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,371 20,528 / 6,196 6,246 levels. However, if NIFTY trades below
20,084 / 6,108 levels for the first half-an-hour of trade then it may correct up to
19,927 19,641 / 6,058 5,969 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,641
5,969
19,927
6,058
20,084
6,108
20,371
6,196
20,528
6,246
News Analysis
BSE IT
Global Indices
Indian ADR
Advances / Declines
Advances
0.4
21
5,986
Chg (%)
(Pts)
(Close)
60 15,276
BSE
NSE
1,466
909
TTMT global sales down 7% yoy in April 2013

Result Review: United spirits, J&K Bank, IRB Infra
Result Preview: Baja Auto, Mahindra Satyam, DB Corp.
Declines
973
461
Unchanged
160
93
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (May 14, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
2,282
198
1,825
240
456
(42)
8,058
(1,641)
69,216
(10,232)
FII Derivatives (May 15, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
2,651
1,775
2,405
2,159
246
(384)
16,531
28,867
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Uco Bank
Company
82
8.8
Amara Raja
823
7.5
Gujarat State Pet
23
7.0
Apollo Hosp
966
IRB Infra
124
PNB
GMR Infra
www.angelbroking.com
Losers
Price (`)
chg (%)
258
(2.9)
62
(1.8)
Cummins India
504
(1.4)
6.3
Berger Paints
237
(1.3)
6.3
IFCI
29
(1.0)
BSE
2,277
NSE
12,896
Market Outlook
May 16, 2013
TTMT global sales down 7% yoy in April 2013

Tata Motors (TTMT) global sales continued its downward trend in April 2013,
down 7% yoy to 81,241 units, led by continued weakness in the domestic
passenger vehicle (down 46.6% yoy) segment. During April 2013, the global
commercial vehicle sales posted a growth of 5.2% yoy on a low base of last year.
However, the global passenger vehicle volumes fell significantly by 16.4% yoy led
by weak performance in the domestic passenger vehicle segment. Nevertheless,
Jaguar and Land Rover (JLR) continued its momentum posting a strong volume
growth of 14.8% yoy to 28,874 units driven largely by the new launches. Jaguar
sales grew strongly by 48% yoy to 5,334 units on the back of the growth in the XF
model due to the introduction of the Sportbrake, AWD and smaller engine
variants. Land Rover sales on the other hand grew by 9.3% yoy primarily led by the
new Range Rover. We retain our positive view on JLR and expect the company to
maintain its growth momentum driven by the new launches - Range Rover, Range
Rover Sport, Jaguar XF Sportbrake and AWD and smaller engine variants of XF and
XJ models. Due to the sharp run-up in the stock price over the last one month (up
~15%), we recommend an Accumulate rating on the stock. Our SOTP target price
for the company works out to `324.
Result Review
United Spirits (CMP: `2,304/TP:-/Upside:-)
For 4QFY2013 United Spirits posted a 11.3% yoy growth in to `2,094cr, which
was slightly below our estimates. Volume growth stood at 4% for the quarter.
Volume growth in Prestige and strategic brands stood at 30%. OPM came in line
with estimates at 11.3%. Bottom-line stood at `56cr impacted by `22cr of
exceptional items. We maintain our Neutral recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
11,886
14.4
740 50.9
10.6
45.3
3.7
21.9
3.1
FY2015E
13,491
14.0 1,082 74.5
11.4
30.9
3.3
19.5
2.7
Note: Consolidated financials are furnished in the table
J&K Bank (CMP: `1342 / TP: -/ Upside: -)

J&K Bank reported healthy operating performance for the quarter, which came
largely on expected lines, however, on the asset quality front, it faced moderate
pressures during the quarter. While, NII grew by 23% yoy, non-interest income
grew by 71% (possibly aided by the booking of Metlife stake sale, during the
quarter) and hence, growth in operating profit was strong at 29% yoy. On the
asset quality front, the bank witnessed pressures during the quarter, as their gross
and net NPA levels were sequentially higher by around 11% each and hence, the
provisioning expenses for the bank more than doubled on a yoy basis and
earnings grew at a moderate pace of 20% yoy.
Market Outlook
May 16, 2013
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,032
3.8
1,058
218.1 1,181.8
1.5
19.9
6.2
1.1
FY2015E
3,118
3.5
974
200.9 1,322.8
1.2
16.0
6.7
1.0
March
IRB Infra (CMP: `124 / TP: `163 / Upside: 31%)

For 4QFY2013, IRB Infrastructure (IRB) reported a healthy set of numbers and was
above street expectations. The companys revenue came in below our expectation
owing to delay in toll collection at IRDP-Kolhapur BOT project which led to lowerthan-expected BOT revenue for the quarter. However better-than-expected
performance at the EBITDAM level and lower tax expense led to healthy growth at
earnings level. IRBs top line witnessed a growth of 11.4% yoy to `948cr in
4QFY2013 and was below our estimate of `1,104cr. The growth was mainly due
to healthy execution pace in the under-construction BOT projects. The E&C
segments revenue grew by 10.6% yoy to `691cr (our estimate was `638cr) while
the BOT segment witnessed 12.7% yoy growth to `289cr (our estimate was
`310cr). On the EBITDAM front, IRBs margin came in at 44.6% in 4QFY2013,
indicating a decline of 53bp on a yoy basis and was higher than our estimate of
44.0%. Stable input prices led to EBITDAM of 34.2% (excluding other income) for
E&C segment. Interest cost came in at `158cr, indicating a growth of 3.0% on a
yoy basis. At the earnings front, IRB reported PAT of `151cr (our estimate was
`187cr), an increase of 25.6% yoy owing to better-than-expected operating
performance and lower tax expense during the quarter. IRB is looking at both
organic and inorganic options for growth with a threshold of 18% equity IRR and
intends to allot 20% of consolidated cash flow post debt repayment towards
acquisitions. IRB has a robust order book of `6,431cr (2.4x FY2013E E&C
revenue, excluding O&M orders), which lends revenue visibility. Although a
slowdown in order awarding by NHAI in road sector has been witnessed in
FY2013, IRB expects ordering activity to improve going ahead. We maintain our
Buy view on the stock with a target price of `163.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA EV/Sales

(x)
(x)
(x)
FY2014E
4,152
44.4
618
18.6
17.8
6.7
1.1
7.5
3.3
FY2015E
4,624
45.0
623
18.8
16.0
6.6
1.0
7.6
3.4
Result Preview
Bajaj Auto (CMP: `1,822/ TP: `2,014/ Upside: 11%)
Bajaj Auto (BJAUT) is scheduled to announce its 4QFY2013 results today. We
expect the revenues to register a modest growth of ~3% yoy to `4,784cr primarily
due to a ~4% yoy decline in volumes following slowdown in the domestic twowheeler industry. However, we expect the net average realization to grow by ~7%
yoy led by favorable foreign exchange rate on the exports front and also due to
price hike in export markets to pass on the impact of reduction in export incentives.
On the operating front, EBITDA margin is expected to decline 120bp yoy to 18.6%
largely led by weaker product-mix. As a result, the bottom-line is expected to
Market Outlook
May 16, 2013
decline by ~3% yoy to `732cr. At the CMP of `1,822, the stock is trading at 13.6x
FY2015E earnings. Currently, we have an Accumulate rating on the stock.
Y/E
March
Sales
OPM
PAT
EPS
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
18.6 3,411 117.9

.9.9
18.6 3,885 134.3
40.2
15.5
5.6
10.3
1.9
36.6
13.6
4.5
8.6
1.6
(` cr)
FY2014E
22,552
FY2015E
25,498
ROE
P/E
P/BV EV/EBITDA EV/Sales
Mahindra Satyam (CMP: `110/ TP: `135/ Upside: 23%)

Mahindra Satyam (Satyam) is slated to announce its 4QFY2013 results today. We
expect the company to post revenue of US$363mn, up 2.0% qoq majorly led by
volume growth. In rupee terms, the revenue is expected to come in at `1,964cr, up
1.2% qoq. EBITDA margin is expected to remain almost flat qoq at 21.7%. PAT is
expected to come in at `312cr. We maintain Buy rating on the stock with a target
price of `135.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
8,456
19.3 1,245 10.6
22.4
10.4
2.3
5.6
1.1
FY2015E
9,385
19.1 1,399 11.9
20.1
9.2
1.9
4.6
0.9
DB Corp. (CMP: `233 / TP: `272 / Upside: 16.7%)

DB Corp is slated to announce its 4QFY2013 results. The company is expected to
post 13.9% yoy growth in its top-line to `402cr on the back of uptick in advertising
revenue as well as selective increase in cover prices of mature editions over the last
year. The companys margins are expected to expand by 556bp yoy to 24.9%.
Consequently, net profit is expected to grow by 27.0% yoy to `58cr. At the current
market price, DB Corp is trading at 13.8x FY2015E consolidated EPS of `16.9. We
recommend Buy on the stock with the target price of `272.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
1,787
FY2015E
1,974
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
25.4
267 14.5
22.4
16.0
3.4
8.8
2.2
26.4
309 16.9
22.2
13.8
2.9
7.4
2.0
(` cr)
Quarterly Bloomberg Brokers Consensus Estimate

Bajaj Auto (16/05/2013)
Particulars (` cr)
Net sales
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
4,779
4,516
5,307
(10)
EBITDA
888
921
(3)
1,012
(12)
EBITDA margin (%)
18.6
20.4
Net profit
718
772
19.1
(7)
819
(12)
Market Outlook
May 16, 2013
ITC (17/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
8,053
6,361
27
7,627
EBITDA
2,691
2,263
19
2,858
(6)
33.4
35.6
1,899
1,614
EBITDA margin (%)

Net profit
37.5
18
2,052
(7)
y-o-y (%)
3QFY13
q-o-q (%)
Adani Enterprise Consolidated (20/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
11,330
10,594
13,610
(17)
1,644
1,086
51
2,038
(19)
EBITDA margin (%)
14.5
10.2
Net profit
263
310
Net sales
EBITDA
15.0
(15)
416
(37)
Coal India Consolidated (20/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
19,478
19,419
17,325
12
5,591
3,786
48
4,288
30
28.7
19.5
4,988
4,008
24
4,395
13
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
802
708
13
533
50
EBITDA
303
286
182
66
EBITDA margin (%)
37.8
40.4
Net profit
225
215
144
56
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
21,217
18,461
15
15,429
38
2,812
2,561
10
1,475
91
13.3
13.9
1,865
1,920
Net sales
EBITDA
EBITDA margin (%)
Net profit
24.8
Divi's Laboratories (20/05/2013)

Particulars (` cr)
34.1
Larsen & Toubro (22/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
9.6
(3)
1,122
66
Zee Entertainment Consolidated (22/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
928
869
919
EBITDA
216
160
35
261
(17)
EBITDA margin (%)
23.2
18.4
Net profit
166
160
28.4
4
194
(14)
Market Outlook
May 16, 2013
Economic and Political News
RBI to issue first tranche of inflation indexed bonds on June 4

Indias 10-yr bond yield falls to lowest since Dec 2009
Oil Min proposal on gas prices rejected
Indias net services exports recover in second half of FY13
Corporate News
Haryana challenges ruling allowing higher power tariffs for Adani power
Glenmark gets US approval for migraine drug
L&T to raise `100cr in 10-year inflation-linked bonds
Heineken takes 3.2% stake in United Breweries
Cipla Medpro shareholders approve Cipla acquisition
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 16, 2013
Result Calendar
Date
Company
May 16, 2013
Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp
May 17, 2013
ITC, Sun TV Network, Motherson Sumi, NIIT
May 18, 2013

May 19, 2013
May 20, 2013
Coal India, Adani Enterp., India Cements
May 21, 2013
Tech Mahindra
May 22, 2013
Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros
May 23, 2013
BHEL, Indraprasth Gas
May 24, 2013
Britannia
May 25, 2013
MOIL, Force Motors
May 26, 2013

May 27, 2013
Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare
May 28, 2013
GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR
May 29, 2013
BPCL, Anant Raj
May 30, 2013
M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 16, 2013
6:00PM
US
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Thousands
May 11
323.00
330.00
Apr F
1.70
1.20
6:00PM
US
6:00PM
US
Housing Starts
Thousands
Apr
1,036.00
970.00
Building permits
Thousands
Apr
907.00
941.00
6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.20)
(0.30)
May 21, 2013

May 22, 2013
2:00PM
UK
CPI (YoY)
% Change
Apr
2.80
--
7:30PM
US
Existing home sales
Millions
Apr
4.92
4.98
May 23, 2013
1:00PM
Germany PMI Services
Value
May A
49.60
--
1:00PM
Germany PMI Manufacturing
2:00PM
UK
7:30PM
Euro Zone Euro-Zone Consumer Confidence
7:30PM
US
New home sales
May 28, 2013
7:30PM
US
Consumer Confidence
May 29, 2013
1:25PM
Germany Unemployment change (000's)
May 30, 2013
6:00PM
US
GDP Qoq (Annualised)
May 31, 2013
11:00AM
India
Qtrly GDP YoY%
June 1, 2013
6:30AM
China
June 3, 2013
2:00PM
UK
June 6, 2013
4:30PM
UK
BOE Announces rates
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
June 7, 2013
Initial Jobless claims
GDP (YoY)
Value
May A
48.10
--
% Change
1Q P
0.60
--
Value
May A
(22.30)
--
Thousands
Apr
417.00
425.00
S.A./ 1985=100
May
68.10
--
Thousands
May
4.00
--
% Change
1Q S
2.50
--
% Change
1Q
4.50
4.90
PMI Manufacturing
Value
May
50.60
--
PMI Manufacturing
Value
May
49.80
--
% Ratio
Jun 6
0.50
0.50
Jun 6
0.50
--
Thousands
May
165.00
--
6:00PM
US
Unnemployment rate
May
7.50
--
June 8, 2013
4:29PM
China
Exports YoY%
% Change
May
14.70
--
June 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.40
--
11:00AM
China
Industrial Production (YoY)
% Change
May
9.30
--
Market Outlook
May 16, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.2
9.2
6.0
4.0
(0.1)
(1.3)
Mfg. PMI
58.0
7.5
Feb-13
Jan-13
Dec-12
Exhibit 4: Manufacturing and services PMI
(%)
7.6
Nov-12
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(1.0) (0.6)
(0.7)
(2.0)
Apr-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
0.5
(2.0)
8.0
2.5
2.4
2.0
Oct-12
4.5
2QFY10
2.5
2.0
5.3 5.5 5.3
Sep-12
6.0
Aug-12
6.5
5.7
Mar-13
7.5
Jul-12
7.6
7.5
8.2
Jun-12
8.5
May-12
9.0
Source: CSO, Angel Research
Services PMI
8.1
7.3
7.2
7.3
7.3
56.0
6.8
6.0
4.9
54.0
52.0
Source: MOSPI, Angel Research
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
50.0
May-12
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.4
8.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
15.0
Reverse Repo rate
CRR
7.50
8.00
7.00
6.50
6.00
5.00
4.00
4.00
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(15.0)
Apr-12
3.00
Mar-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
May 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
136
2,647
1,657
1,906
14.1
14.1
7.7
8.9
17.7
15.3
3.7
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
152
232
6,732
10,298
11,310
16.5
16.5
20.5
23.2
7.4
6.6
1.2
1.1
18.0
17.4
0.6
0.5
Amara Raja Batteries
Accumulate
258
285
4,401
3,418
3,892
14.5
14.5
18.5
20.4
14.0
12.7
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Accumulate
91
104
4,569
13,852
15,487
11.4
11.5
12.8
14.9
7.1
6.1
1.2
1.0
17.5
17.3
0.5
0.4
Ashok Leyland
Accumulate
23
25
5,987
13,778
16,132
7.5
8.6
0.9
2.1
24.1
10.9
1.9
1.7
5.5
11.7
0.5
0.4
Automotive Axle#
Neutral
268
405
834
965
9.3
10.6
17.3
27.1
15.5
9.9
1.5
1.3
9.5
14.0
0.6
0.5
Bajaj Auto
Accumulate
1,822
2,014
52,717
22,552
25,498
18.6
18.6
117.9
134.3
15.5
13.6
5.6
4.5
40.2
36.6
1.9
1.6
Bharat Forge
Neutral
232
5,396
6,198
6,793
14.6
14.9
14.5
17.3
16.0
13.4
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
9,002
28,265
9,821
11,394
17.0
17.3
373.5
438.7
24.1
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
116
170
396
5,325
5,974
8.4
8.3
40.8
48.5
2.8
2.4
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
139
150
11,777
7,053
8,061
14.2
14.5
7.8
9.1
17.7
15.2
3.0
2.6
18.1
18.2
1.4
1.2
FAG Bearings*
Neutral
1,393
2,315
1,525
1,742
14.5
15.7
88.4
109.5
15.8
12.7
2.3
2.0
15.5
16.5
1.3
1.1
Hero Motocorp
Accumulate
1,704
1,819
34,024
25,274
27,658
14.1
13.7
110.2
139.9
15.5
12.2
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
118
154
486
7,972
8,754
7.1
7.1
37.5
44.0
3.2
2.7
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
985
60,456
44,550
50,260
11.4
11.7
59.6
68.3
16.5
14.4
3.4
2.9
22.3
21.6
1.1
0.9
1,739
1,847
52,532
48,455
55,723
11.2
10.9
107.8
123.2
16.1
14.1
2.4
2.1
16.2
16.0
0.9
0.8
212
12,483
28,442
31,493
7.5
7.8
12.5
14.8
17.0
14.4
4.2
3.3
27.5
25.8
0.6
0.5
26
30
156
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
308
324
82,205 206,341 227,695
12.8
13.5
32.3
39.0
9.6
7.9
2.0
1.7
23.1
23.2
0.5
0.4
40
1,879
7,715
8,584
6.0
6.1
5.0
5.8
8.0
6.8
1.4
1.2
18.1
18.5
0.2
0.1
Reduce
522
461
11,052
8,073
9,052
5.5
6.9
11.5
16.9
45.3
30.8
4.1
4.0
9.3
13.1
1.3
1.2
Neutral
198
1,426
4,114
4,886
11.4
10.7
24.9
28.0
7.9
7.1
1.1
1.0
25.2
22.6
0.7
0.6
BHEL
Neutral
191
46,847
43,757
40,934
17.3
16.9
20.9
19.0
9.2
10.1
2.0
1.8
23.7
18.8
0.9
0.9
Blue Star
Buy
167
230
1,497
2,896
3,087
5.6
6.2
9.3
11.7
17.9
14.2
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
97
117
6,200
13,790
15,095
6.4
7.4
6.9
9.4
14.0
10.3
1.6
1.4
11.7
14.5
0.5
0.4
Jyoti Structures
Buy
29
34
242
3,074
3,355
9.0
8.8
8.7
10.2
3.4
2.9
0.3
0.3
10.4
11.1
0.3
0.2
KEC International
Buy
46
63
1,194
7,709
8,399
6.7
7.2
6.1
8.5
7.7
5.5
1.0
0.8
20.2
23.0
0.3
0.3
Thermax
Neutral
594
7,076
5,931
6,592
9.6
9.7
31.0
34.3
19.2
17.3
3.3
2.9
18.6
17.9
1.0
0.9
1,230
1,361
23,086
11,979
13,254
19.7
21.3
77.1
91.4
16.0
13.5
2.8
2.6
18.7
20.0
1.6
1.4
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Neutral
ABB*
BGR Energy
Capital Goods
Cement
ACC
Accumulate
Market Outlook
May 16, 2013
Stock Watch
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
Cement
Ambuja Cements
Neutral
186
28,764
10,232
11,762
23.5
24.5
10.3
12.2
18.1
15.3
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
88
2,692
4,777
5,276
17.3
17.1
8.8
10.9
10.0
8.1
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
102
143
1,196
2,313
2,728
19.8
20.7
16.6
23.1
6.1
4.4
0.8
0.7
13.6
16.5
1.1
0.9
Madras Cements
Neutral
252
5,997
4,293
4,855
27.4
28.6
21.8
28.2
11.6
8.9
2.1
1.7
19.6
21.3
1.9
1.5
Shree Cement^
Neutral
4,685
16,322
6,540
7,452
27.4
26.6
319.7
369.9
14.7
12.7
3.6
2.9
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,971
54,048
21,947
25,049
23.8
23.8
106.1
119.8
18.6
16.5
3.1
2.7
17.7
17.3
2.5
2.2
221
255
1,162
1,928
2,234
21.0
21.5
18.0
22.2
12.3
10.0
1.1
1.0
10.2
10.1
2.0
1.9
12
223
2,281
2,492
5.9
6.9
0.7
2.0
17.7
6.0
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
124
167
4,131
4,152
4,624
44.4
45.0
17.0
17.2
7.3
7.2
1.1
1.0
16.2
14.6
3.4
3.4
ITNL
Buy
178
230
3,454
7,444
8,041
27.4
28.9
29.8
32.1
6.0
5.5
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
20
35
628
6,287
6,836
8.5
8.5
2.3
3.0
8.7
6.7
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
76
90
16,787
14,850
15,631
24.9
25.1
2.5
2.9
29.9
26.5
1.2
1.2
4.2
4.7
2.9
2.9
Larsen & Toubro
Accumulate
1,580
1,795
97,322
69,586
79,247
11.2
11.1
75.1
84.9
21.0
18.6
3.0
2.6
15.2
15.0
1.6
1.4
Nagarjuna Const.
Buy
36
45
933
6,576
7,264
8.2
8.3
4.1
4.8
8.9
7.6
0.4
0.4
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
55
1,828
12,954
14,740
9.9
9.9
0.5
0.9
108.5
59.1
0.6
0.6
0.6
1.1
0.6
0.5
Sadbhav Engg.
Buy
114
153
1,713
2,511
2,736
10.6
10.6
7.3
7.8
15.7
14.6
2.0
1.7
13.3
12.7
0.9
0.8
Simplex Infra
Buy
113
164
558
6,824
7,563
9.2
9.4
18.0
23.4
6.3
4.8
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
32
45
235
2,455
2,734
13.4
13.0
14.6
14.9
2.2
2.1
0.3
0.2
12.3
11.3
0.5
0.5
126
142
6,300
7,137
7,907
2.9
2.8
32.3
36.0
3.9
3.5
0.6
0.5
14.2
14.2
93
5,190
5,285
5,937
3.0
2.9
21.2
23.4
4.4
4.0
0.6
0.6
13.4
13.4
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Accumulate
1,509
1,714
70,684
19,055
22,710
3.3
3.2
130.7
152.3
11.6
9.9
1.9
1.6
17.2
17.6
Bank of Baroda
Accumulate
729
815
30,695
16,318
18,682
2.4
2.4
121.4
144.6
6.0
5.0
0.9
0.8
15.2
16.0
Bank of India
Accumulate
328
360
19,560
14,284
16,295
2.3
2.3
55.9
68.4
5.9
4.8
0.8
0.7
13.9
15.2
Bank of Maharashtra
Neutral
58
3,846
4,289
4,670
2.9
2.8
11.6
13.1
5.0
4.5
0.7
0.7
15.7
15.6
Canara Bank
Accumulate
429
461
19,018
11,673
13,208
2.3
2.3
74.8
85.8
5.7
5.0
0.8
0.7
13.7
14.1
Central Bank
Neutral
71
7,385
8,079
9,086
2.6
2.6
14.9
18.0
4.7
3.9
0.7
0.6
12.2
13.3
Corporation Bank
Accumulate
413
453
6,321
5,397
5,973
2.2
2.2
96.3
105.9
4.3
3.9
0.6
0.6
14.6
14.4
Dena Bank
Neutral
95
3,322
3,334
3,700
2.7
2.7
23.6
26.5
4.0
3.6
0.6
0.5
15.5
15.3
Federal Bank
Neutral
477
8,149
2,916
3,389
3.3
3.3
50.1
59.4
9.5
8.0
1.2
1.0
12.8
13.7
Market Outlook
May 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
910
140,763
8,928
10,684
3.7
3.7
38.4
45.3
23.7
20.1
5.1
4.5
32.5
32.4
HDFC Bank
Neutral
715
170,205
27,682
33,916
4.6
4.6
35.3
42.7
20.3
16.8
4.0
3.4
21.3
21.8
ICICI Bank
Accumulate
1,192
1,357
137,479
25,705
30,330
3.1
3.2
83.9
96.3
14.2
12.4
1.9
1.7
15.2
15.7
IDBI Bank
Neutral
90
11,935
9,137
10,041
1.9
2.0
17.8
18.8
5.0
4.8
0.6
0.5
11.7
11.3
Indian Bank
Buy
160
186
6,889
6,276
6,968
3.1
3.1
38.3
42.3
4.2
3.8
0.6
0.5
15.2
14.9
IOB
Neutral
64
5,891
8,205
9,048
2.6
2.5
16.4
20.3
3.9
3.1
0.5
0.4
11.6
13.1
J & K Bank
Neutral
1,342
6,506
3,032
3,118
3.8
3.5
218.1
200.9
6.2
6.7
1.1
1.0
19.9
16.0
LIC Housing Finance
Accumulate
259
281
13,088
2,113
2,525
2.3
2.3
25.4
29.2
10.2
8.9
1.8
1.6
18.4
18.3
Oriental Bank
Neutral
270
7,879
6,791
7,478
2.7
2.7
56.7
63.4
4.8
4.3
0.6
0.6
12.9
13.1
Punjab Natl.Bank
Accumulate
823
945
29,089
21,161
24,166
3.3
3.3
153.4
176.4
5.4
4.7
0.9
0.7
16.1
16.3
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
25
3,326
1,826
2,081
3.0
2.9
4.0
4.5
6.2
5.5
1.0
0.9
17.6
17.1
2,385
2,572
163,108
67,091
76,746
3.2
3.1
241.2
280.4
9.9
8.5
1.5
1.3
16.5
17.0
Neutral
130
7,834
7,340
8,212
2.9
2.8
26.4
28.7
4.9
4.5
0.7
0.7
15.8
15.2
UCO Bank
Reduce
82
73
6,141
6,126
6,665
2.6
2.5
12.2
14.4
6.7
5.7
1.0
0.8
11.8
12.6
Union Bank
Accumulate
243
264
14,523
11,226
12,769
2.7
2.7
41.0
47.8
5.9
5.1
0.8
0.7
14.8
15.4
United Bank
Accumulate
59
64
2,211
3,597
4,008
2.6
2.7
16.0
20.8
3.7
2.8
0.5
0.4
12.5
14.7
Vijaya Bank
Neutral
54
2,696
2,600
2,946
2.0
2.1
9.7
11.0
5.6
5.0
0.7
0.6
11.4
11.7
Yes Bank
Neutral
527
18,923
4,390
5,411
2.8
2.8
41.6
47.9
12.7
11.0
2.7
2.2
23.2
22.1
Asian Paints
Neutral
4,824
46,272
13,319
15,805
15.7
15.7
143.8
170.2
33.5
28.4
10.5
8.3
35.1
32.7
3.4
2.8
Britannia
Neutral
572
6,836
6,417
7,446
5.1
5.5
20.3
25.2
28.2
22.7
9.6
7.6
37.4
37.3
1.0
0.8
Colgate
Neutral
1,546
21,023
3,588
4,130
21.1
21.6
44.7
51.9
34.6
29.8
31.1
23.2
100.0
89.1
5.7
4.9
Dabur India
Neutral
161
28,070
7,183
8,340
16.8
16.8
5.4
6.3
30.0
25.6
11.7
9.1
41.5
40.1
3.9
3.3
GlaxoSmith Con*
Neutral
4,443
18,685
3,617
4,260
16.1
16.4
120.6
146.4
36.8
30.4
11.4
9.2
33.8
33.4
4.8
4.0
Godrej Consumer
Neutral
867
29,518
7,801
9,017
16.2
15.9
25.1
29.7
34.5
29.2
7.4
6.2
24.9
24.2
3.9
3.3
HUL
Neutral
586
126,742
29,167
33,164
13.6
13.7
17.1
18.4
34.3
31.9
33.0
23.9
113.4
87.0
4.2
3.7
ITC
Neutral
343
270,756
33,506
39,067
36.8
37.0
11.1
13.0
30.9
26.4
10.0
8.2
35.5
34.1
7.7
6.6
Marico
Neutral
217
14,021
5,273
6,044
14.8
14.9
7.3
8.7
30.0
25.1
5.8
4.8
21.4
21.0
2.7
2.3
Nestle*
Neutral
4,925
47,483
9,739
11,307
21.5
22.2
131.6
159.9
37.4
30.8
18.9
13.5
58.8
69.5
4.8
4.1
Tata Global
Neutral
147
9,109
7,998
8,798
9.7
9.8
7.9
8.7
18.7
16.9
2.3
2.2
9.6
9.8
1.1
0.9
FMCG
Market Outlook
May 16, 2013
Stock Watch
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
IT
HCL Tech^
Buy
746
863
51,923
28,633
32,216
21.5
20.7
57.3
61.7
13.0
12.1
3.1
2.6
24.0
21.5
1.6
1.4
Hexaware*
Buy
81
102
2,413
2,091
2,289
19.0
18.8
10.6
11.3
7.6
7.1
1.7
1.5
22.8
21.7
1.0
0.9
Infosys
Neutral
2,360
135,531
43,338
47,244
27.5
27.7
169.4
182.6
13.9
12.9
2.9
2.5
20.8
19.3
2.5
2.1
Infotech Enterprises
Accumulate
165
185
1,845
1,956
2,174
17.9
17.7
20.4
21.9
8.1
7.6
1.2
1.0
14.7
13.7
0.6
0.4
KPIT Cummins
Buy
104
135
1,998
2,513
2,819
16.1
15.5
12.6
14.0
8.2
7.4
1.4
1.2
17.9
16.6
0.8
0.6
Mahindra Satyam
Buy
110
135
12,933
8,456
9,385
19.3
19.1
10.6
11.9
10.4
9.2
2.3
1.9
22.4
20.1
1.1
0.9
Mindtree
Accumulate
848
920
3,523
2,599
2,871
19.4
19.2
85.2
92.3
10.0
9.2
2.1
1.7
21.4
18.9
1.1
0.9
Mphasis&
Reduce
427
395
8,974
6,096
6,646
17.6
17.4
38.1
41.6
11.2
10.3
1.6
1.4
14.2
13.7
1.0
0.8
NIIT
Buy
23
30
376
1,144
1,267
9.0
9.1
4.3
5.4
5.3
4.2
0.6
0.5
10.3
12.0
0.1
0.1
Persistent
Accumulate
526
593
2,106
1,445
1,617
25.2
25.0
55.3
59.3
9.5
8.9
1.7
1.5
18.2
16.5
1.0
0.8
TCS
Accumulate
1,469
1,585
287,565
71,833
81,893
28.4
28.0
78.5
88.0
18.7
16.7
5.7
4.7
30.2
27.9
3.8
3.3
Tech Mahindra
Buy
954
1,230
12,253
7,699
8,315
19.3
18.1
107.0
115.0
8.9
8.3
1.9
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
346
385
85,245
40,173
43,697
20.4
20.6
26.2
28.5
13.2
12.1
2.6
2.2
19.7
18.4
1.6
1.4
D B Corp
Buy
233
272
4,277
1,787
1,974
25.4
26.4
14.5
16.9
16.0
13.8
3.3
2.8
22.4
22.2
2.3
2.0
HT Media
Buy
99
117
2,322
2,205
2,380
15.1
15.6
8.0
9.1
12.4
10.9
1.3
1.2
11.2
11.4
0.6
0.5
Jagran Prakashan
Buy
93
121
3,083
1,698
1,908
23.9
24.5
7.4
8.4
12.6
11.1
3.2
2.8
26.7
26.8
1.9
1.7
PVR
Neutral
367
1,454
1,343
1,521
18.8
18.9
18.3
22.9
20.0
16.1
1.9
2.1
10.6
12.3
1.1
1.0
Sun TV Network
Neutral
437
17,216
2,293
2,571
68.7
68.7
19.3
22.7
22.6
19.2
5.5
4.9
26.1
27.3
7.0
6.0
Bhushan Steel
Neutral
466
10,552
13,794
17,335
30.7
34.8
48.9
83.6
9.5
5.6
1.0
0.9
11.2
16.7
2.4
1.9
Coal India
Accumulate
300
345
189,649
72,174
76,311
33.3
28.4
28.4
30.9
10.6
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
17
26
557
2,074
2,176
10.4
11.3
1.9
2.3
9.0
7.5
0.1
0.1
3.7
4.3
0.5
0.2
GMDC
Buy
150
213
4,768
1,944
2,317
49.9
51.7
20.8
25.6
7.2
5.9
1.6
1.3
24.3
24.6
2.0
1.5
Hind. Zinc
Buy
118
145
49,964
12,358
13,659
51.4
51.6
16.0
17.6
7.4
6.7
1.3
1.2
19.4
18.4
1.8
1.2
Hindalco
Neutral
108
20,725
88,987
94,163
9.2
9.7
13.8
15.9
7.9
6.8
0.6
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
691
15,427
39,524
42,064
17.1
16.9
71.8
86.3
9.6
8.0
0.8
0.7
8.6
9.6
0.7
0.6
MOIL
Accumulate
221
243
3,704
954
1,062
45.5
47.4
26.1
29.1
8.5
7.6
1.2
1.1
15.1
15.2
1.4
1.1
Monnet Ispat
Buy
190
291
1,209
2,883
3,181
21.7
23.6
40.3
57.7
4.7
3.3
0.4
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
36
9,265
8,187
8,416
14.5
14.7
3.2
3.3
11.2
11.0
0.8
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
128
179
50,867
10,329
12,540
73.8
75.0
16.6
19.0
7.7
6.8
1.5
1.3
20.6
20.2
2.7
2.1
Media
Metals & Mining
Market Outlook
May 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
63
26,081
53,685
64,183
9.3
12.2
5.5
8.3
11.5
7.7
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
164
14,249
3,742
4,426
32.9
32.8
30.0
29.8
5.5
5.5
0.7
0.6
14.3
12.5
4.6
3.8
Sterlite Inds
Neutral
96
32,414
44,462
45,568
23.2
24.7
18.1
20.2
5.3
4.8
0.6
0.5
11.3
11.4
0.7
0.6
Tata Steel
Buy
309
430
29,967 141,775 151,672
10.5
11.4
35.3
51.7
8.8
6.0
0.6
0.6
7.6
10.3
0.5
0.5
Sarda
Buy
105
153
377
1,494
1,568
19.1
20.3
31.3
36.5
3.4
2.9
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
37
48
500
2,668
2,834
10.0
10.1
4.6
5.2
8.0
7.2
0.2
0.2
3.2
3.4
0.5
0.5
Buy
87
118
286
2,425
2,552
13.7
14.8
33.5
45.3
2.6
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Buy
296
345
56,487
16,482
16,228
69.4
53.3
53.3
49.6
5.6
6.0
0.9
0.8
16.5
13.6
2.1
1.7
GAIL
Neutral
340
43,103
55,815
63,013
15.3
15.2
35.9
41.5
9.5
8.2
1.5
1.3
17.0
17.1
0.7
0.5
ONGC
Accumulate
335
354
286,694 157,962 175,367
35.1
36.2
34.3
39.3
9.8
8.5
1.7
1.5
18.2
18.6
1.6
1.4
Reliance Industries
Neutral
819
264,417 380,031 407,721
9.9
69.3
69.3
78.0
11.8
10.5
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
252
3,225
3,707
3,850
11.7
12.4
23.7
25.7
10.6
9.8
3.0
2.6
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
288
4,029
3,700
4,218
23.4
22.8
26.6
30.4
10.8
9.5
2.3
1.9
22.6
21.7
1.2
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
167
10,793
40,356
40,872
5.8
6.4
15.0
16.7
9.6
8.6
2.0
1.7
23.0
21.5
0.3
0.3
62
3,472
1,079
983
91.8
91.9
8.8
7.8
7.1
7.9
1.2
1.1
17.8
14.1
2.9
3.2
Alembic Pharma
Accumulate
128
139
2,420
1,736
2,008
17.1
18.9
10.7
13.9
12.0
9.2
3.8
2.8
35.0
34.7
1.5
1.2
Aurobindo Pharma
Buy
194
264
5,663
6,279
7,033
16.0
16.0
15.2
19.2
12.8
10.1
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,511
5,783
1,682
1,917
16.6
16.6
92.4
99.1
27.2
25.3
3.8
3.8
15.7
14.8
3.1
2.5
Cadila Healthcare
Buy
827
962
16,932
7,386
8,863
18.0
18.0
39.5
48.1
20.9
17.2
4.7
3.9
24.8
24.7
2.6
2.1
Cipla
Accumulate
411
463
33,036
9,130
10,543
24.8
23.0
21.6
23.2
19.1
17.7
3.1
2.7
17.6
16.2
3.3
2.8
Dr Reddy's
Buy
2,065
2,535
35,049
13,377
15,350
20.4
20.1
112.3
126.8
18.4
16.3
3.9
3.3
23.5
21.8
2.7
2.3
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
75
206
601
1,536
1,739
20.2
20.9
15.4
20.6
4.8
3.6
0.5
0.5
11.6
13.7
1.0
0.8
2,304
19,517
2,854
3,145
28.6
28.6
76.6
83.3
30.1
27.7
9.0
8.2
31.1
31.0
6.0
5.3
Buy
65
90
596
784
902
15.2
15.2
7.8
9.0
8.3
7.2
1.2
1.1
15.6
15.8
1.0
0.8
Ipca labs
Buy
562
676
7,095
3,474
4,168
21.0
21.0
37.3
45.1
15.1
12.5
3.6
2.8
26.4
25.3
2.2
1.8
Lupin
Accumulate
783
877
35,028
11,641
13,933
21.3
21.3
34.8
41.8
22.5
18.7
5.3
4.2
26.2
24.8
3.0
2.5
Ranbaxy*
Neutral
463
19,609
11,400
12,060
10.5
10.5
17.5
22.5
26.5
20.6
4.3
3.7
17.0
19.1
1.7
1.5
Sun Pharma
Neutral
973
100,586
12,563
14,698
42.6
42.6
29.8
35.5
32.6
27.4
5.8
4.9
19.2
19.3
7.4
6.1
72
78
1,088
1,535
1,570
31.9
31.6
13.1
14.1
5.5
5.1
0.7
0.6
12.4
12.2
1.0
0.8
Power
GIPCL
Accumulate
Market Outlook
May 16, 2013
Stock Watch
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
Neutral
157
129,536
76,734
86,680
24.5
24.3
13.4
14.5
11.7
10.8
1.4
1.3
12.8
12.7
2.4
2.2
DLF
Buy
242
288
41,050
9,699
12,010
37.0
36.9
6.0
8.4
40.5
28.8
1.5
1.4
3.8
5.1
5.6
4.6
MLIFE
Accumulate
410
446
1,676
888
1,002
26.7
25.9
36.3
40.6
11.3
10.1
1.2
1.1
10.8
11.0
2.1
1.9
Bharti Airtel
Neutral
322
122,432
86,933
96,121
30.2
31.2
10.3
15.7
31.4
20.6
2.2
2.0
7.0
9.7
2.1
1.8
Idea Cellular
Neutral
130
43,026
24,959
27,232
27.1
27.5
3.7
4.7
34.9
27.6
2.8
2.6
8.1
9.2
2.1
1.9
Rcom
Neutral
115
23,695
22,221
24,253
32.0
32.2
4.3
6.4
26.5
17.9
0.6
0.6
2.4
3.4
2.6
2.2
11.8
12.4
71.2
83.0
20.0
17.2
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,426
1,659
3,031
1,863
2,081
Bajaj Electricals
Buy
175
237
1,746
3,929
4,480
7.4
7.7
15.5
19.7
11.3
8.9
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
457
562
578
630
795
14.4
13.6
42.8
51.1
10.7
8.9
2.5
2.0
26.6
25.2
0.9
0.7
Cravatex
Buy
439
566
113
308
351
7.0
7.0
39.6
47.2
11.1
9.3
2.4
2.0
21.8
21.0
0.4
0.4
Finolex Cables
Buy
57
68
869
2,563
2,899
9.8
9.8
10.1
11.3
5.7
5.0
0.8
0.7
14.3
13.8
0.3
0.2
Force Motors
Buy
393
570
512
2,299
2,621
4.7
4.9
46.3
57.0
8.5
6.9
0.4
0.4
5.0
5.8
0.1
0.1
Goodyear India*
Buy
290
352
669
1,453
1,560
9.4
9.8
38.4
41.4
7.6
7.0
1.6
1.4
22.9
20.8
0.3
0.2
Hitachi
Accumulate
155
177
422
1,053
1,169
6.3
7.1
13.8
17.7
11.3
8.8
1.6
1.4
15.0
16.7
0.4
0.4
2,449
2,166
1,842
2,131
7.7
7.8
112.4
132.4
21.8
18.5
2.7
2.4
13.3
13.8
1.1
0.9
Honeywell Automation* Sell

IFB Agro
Buy
170
198
153
495
651
12.7
12.9
29.3
39.5
5.8
4.3
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
180
234
208
1,430
1,573
11.1
11.0
19.1
26.9
9.5
6.7
0.5
0.5
4.9
6.3
0.6
0.5
Jyothy Laboratories
Neutral
177
2,857
979
1,164
14.9
15.1
6.0
7.7
29.5
23.0
3.6
3.3
12.9
15.1
3.0
2.5
MRF
Neutral
15,145
6,423
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.5
8.4
1.8
1.5
23.5
19.2
0.6
0.6
Page Industries
Reduce
3,950
3,637
4,405
1,047
1,281
19.6
19.8
127.3
158.1
31.0
25.0
14.8
10.8
54.9
50.0
4.3
3.5
Relaxo Footwears
Buy
605
736
727
1,148
1,360
11.1
11.5
45.4
61.3
13.3
9.9
2.7
2.1
22.6
24.3
0.8
0.7
Siyaram Silk Mills
Buy
270
312
253
1,157
1,320
11.9
12.0
66.6
77.9
4.1
3.5
0.7
0.6
18.3
18.2
0.5
0.4
Styrolution ABS India*
Buy
518
617
912
1,068
1,223
9.6
9.6
38.1
44.1
13.6
11.8
1.9
1.6
14.5
14.7
0.8
0.7
TAJ GVK
Buy
62
108
388
300
319
35.8
36.2
7.9
9.1
7.8
6.8
1.0
0.9
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
290
371
447
814
849
17.0
17.6
64.6
69.2
4.5
4.2
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
509
553
395
435
516
6.2
7.1
24.3
33.3
21.0
15.3
3.5
3.0
17.6
20.8
0.7
0.6
Tree House
Neutral
266
956
150
192
52.7
52.5
12.8
16.2
20.7
16.4
2.1
1.8
10.0
11.1
6.0
4.5
TVS Srichakra
Buy
172
226
132
1,591
1,739
7.1
7.4
39.4
56.5
4.4
3.1
0.8
0.7
20.6
25.0
0.3
0.3
United Spirits
Neutral
2,304
30,132
11,886
13,491
14.4
14.0
50.9
74.5
45.3
30.9
3.7
3.3
10.6
11.4
2.8
2.5
Market Outlook
May 16, 2013
Stock Watch
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
367
439
744
600
638
20.1
19.4
35.7
36.6
10.3
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 15, 2013
Market Outlook
May 16, 2013

Market Outlook: Dealer's Diary

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Market Outlook: Dealer's Diary

Uploaded by

Copyright:

Available Formats

Market Outlook

May 16, 2013

OIL & GAS

Indian markets rallied to a 28-month high on Wednesday, buoyed by rate cut

TTMT global sales down 7% yoy in April 2013

Refer detailed news analysis on the following page

Net Inflows (May 14, 2013)

FII Derivatives (May 15, 2013)

Gujarat State Pet

TTMT global sales down 7% yoy in April 2013

14.0 1,082 74.5

Note: Consolidated financials are furnished in the table

J&K Bank (CMP: `1342 / TP: -/ Upside: -)

IRB Infra (CMP: `124 / TP: `163 / Upside: 31%)

P/BV EV/EBITDA EV/Sales

18.6 3,411 117.9

P/BV EV/EBITDA EV/Sales

Mahindra Satyam (CMP: `110/ TP: `135/ Upside: 23%)

19.3 1,245 10.6

19.1 1,399 11.9

DB Corp. (CMP: `233 / TP: `272 / Upside: 16.7%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Adani Enterprise Consolidated (20/05/2013)

EBITDA margin (%)

Coal India Consolidated (20/05/2013)

EBITDA margin (%)

Divi's Laboratories (20/05/2013)

Larsen & Toubro (22/05/2013)

Zee Entertainment Consolidated (22/05/2013)

EBITDA margin (%)

Economic and Political News

RBI to issue first tranche of inflation indexed bonds on June 4

May 16, 2013

Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013

ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

Coal India, Adani Enterp., India Cements

May 21, 2013

May 22, 2013

Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013

BHEL, Indraprasth Gas

May 24, 2013

May 25, 2013

MOIL, Force Motors

May 26, 2013

Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013

May 29, 2013

BPCL, Anant Raj

May 30, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

May 16, 2013

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

May 21, 2013

Existing home sales

May 23, 2013