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Market Outlook 240812

Market Outlook 240812

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Published by: Angel Broking on Aug 24, 2012
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Market Outlook 
 
 August 24, 2012
 
 www.angelbroking.com
 
Market Outlook 
 
 August 24, 2012
Dealer’s Diary 
Indian markets are expected to open in the red, tracing negative opening trades inthe SGX Nifty and the Asian indices. Asian stocks fell from the highest level sinceMay amid signs of slower growth in the U.S. and China and on concern Europe’sleaders aren’t making progress in solving the region’s debt crisis.The US markets closed in the red in yesterday’s trading session. The weakness on Wall Street was partly due to the release of a report from the Labor Departmentshowing an unexpected increase in initial jobless claims in the week ended August18th. Worries about the financial situation in Europe also helped to drag stockslower, with traders keeping a close eye on a meeting between German Chancellor Angela Merkel and French President Francois Hollande. Disappointing earningsnews from Hewlett-Packard (HPQ) also weighed on the markets, with the PC giantplunging by 8.2%.Indian shares ended largely unchanged on Thursday, as political tensions over theCAG report on coal block allocation and lingering worries about inflation and theinterest rate outlook offset positive global cues. Investors continue to wait for somepolicy action from the government to step up growth and boost investorconfidence.
Markets Today 
The trend deciding level for the day is 17,872 / 5,419 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 17,951 – 18,052 / 5,445 – 5,474 levels. However, if NIFTY trades below17,872 / 5,419 levels for the first half-an-hour of trade then it may correct up to17,771 – 17,692 / 5,390 – 5,365 levels.
Indices
 
S2
 
S1
 
PIVOT
 
R1
 
R2
 
SENSEX 
 
17,692 17,771 17,872 17,951 18,052NIFTY
 
5,365 5,390 5,419 5,445 5,474
News Analysis
 
DLF in discussion to sell Aman resorts for $350 million
 
Result Review- Shree Cement
Refer detailed news analysis on the following page
 
Net Inflows (August 22, 2012)
`
cr Purch Sales Net MTD YTD
FII 1,551 2,041 (491) 1,681 60,131MFs 564 598 (33) (459) (8,929)
FII Derivatives (August 23, 2012)
`
cr Purch Sales Net Open Interest
Index Futures
1,398 1,402 (4) 17,678
Stock Futures
3,220 3,297 (77) 26,290
Gainers / Losers
Gainers LosersCompany Price (
`
)
chg (%)
Company Price (
`
)
chg (%)
 Voltas 116
 4.5
Opto Circuits 121
(12.3)
Gujarat State Pet 77
 4.2
 Adani Ports 111
(4.9)
Shree Cement 3,385
3.8
Jet Air India 380
(4.4)
Manappuram Finance 36
3.5
Bajaj Finserv 885
(4.3)
India Cements 92
3.3
Mcleod Russel 299
(3.7)
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex
0.0
3.4 17,850Nifty 
0.1
2.5 5,415MID CAP
(0.1)
(5.2) 6,155SMALL CAP
(0.1)
(8.2) 6,627BSE HC
0.5
37.7 7,402BSE PSU
(0.4)
(25.0) 7,135BANKEX 
(0.2)
(24.2) 12,002 AUTO
(0.8)
(80.3) 9,592METAL
0.5
52.6 10,482OIL & GAS
(1.1)
(89.5) 8,427BSE IT
1.8
103.1 5,822
Global Indices
Chg (%)
(Pts) (Close)
Dow Jones
(0.9)
(115.3) 13,057NASDAQ
(0.7)
(20.3) 3,053FTSE
0.0
2.4 5,777Nikkei
0.5
46.4 9,178Hang Seng
1.2
244.5 20,132Straits Times
0.2
6.9 3,056Shanghai Com
0.3
5.4 2,113
Indian ADRs
Chg (%)
(Pts) (Close)
INFY
0.3
0.1 $43.6 WIT
0.1
0.0 $8.1IBN
(0.8)
(0.3) $35.1HDB
(1.2)
(0.4) $34.9
Advances / Declines BSE NSE
 Advances 1317 640Declines 1,498 794Unchanged 137 89
Volumes (
`
cr)
BSE 1,951NSE 10,110
 
 
 www.angelbroking.com
Market Outlook 
 August 24, 2012
DLF in discussion to sell Aman resorts for $350 million
Country's largest realty firm DLF is in advance stage of discussion to sell luxury hospitality business Aman resorts for around $350mn (about
 ` 
1,900cr) and thedeal may be finalised next month. Recently, DLF sold 17 acres of prime land inMumbai to Lodha Developers for
 ` 
2,700cr - almost four times higher than theprice it had paid in 2005, as part of the company's strategy to exit from non-corebusiness and cut debt that stood at
 ` 
22,680cr as on June 30, 2012. DLF hadacquired a controlling stake in Amanresorts for $400 million in 2007. It has now100% stake in the hospitality chain that has about 25 resorts across the world. DLFaims to cut debt by 
 ` 
5,000cr this fiscal by selling three major non-core businesses- Mumbai land, Aman resorts and wind energy.
We remain Neutral on the stock.
 
Result Review Shree Cement (CMP:
 ` 
3,385
 
/TP: /Upside :-)
Shree Cement reported its 5QFY2012 results. Top-line grew by 42.8% yoy to
 ` 
1,455cr due to robust growth in revenues of both the cement and powerdivisions. The growth in cement division is led by improvement in realization aswell as volume growth. Power division posted healthy revenues due to growth involumes aided by 300MW of additional power capacity on a yoy basis. OPM grewby 763bp yoy to 33%. Consequently, Net profit stood at
 ` 
352cr (vs.
 ` 
55cr in1QFY2012).
We
 
remain neutral on the stock.
 
Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/Tonne*March (
`
cr) (%) (
`
cr) (
`
) (%) (x) (x) (x) (x)
FY2013E 5,519 24.5 546 157 22.3 21.6 4.4 7.5 111FY2014E 6,293 23.7 785 225 26.0 15.0 3.5 6.2Note: * Computed on TTM basis
Economic and Political News
 
Ready to discuss threadbare CAG report on coal issue: Govt
 
CCI orders probe against 5 chemist and druggist associations
 
NDA sticks to demand for PM's resignation
 
Mamata opposes FDI in retail, other sectors
Corporate News
 
Government defers M&M’s FDI proposal for JV with Rafael Defense
 
IREL applies for mining of rare earth in Puri coast
 
Paradeep Phosphates to invest
 ` 
600cr in new projects
 
Banking operations remain disrupted on second day of strike
 Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
 
 
 
Global economic events release calendar 
DateCountryEvent DescriptionUnitPeriodBloomberg DataLast ReportedEstimated
 Aug 24 2012 12:00AMUKGDP (YoY)% Change2Q P(0.80)(0.60) Aug 28 2012 12:00AMUSConsumer ConfidenceS.A./1985=100 Aug65.9065.00 Aug 29 2012 12:00AMUSGDP Qoq (Annualised)% Change2Q S1.501.70 Aug 30 2012 12:00AMGermanyUnemployment change (000's)ThousandsAug7.00-- Aug 31 2012 12:00AMIndiaQtrly GDP YoY%% Change2Q5.30--Sep 1 2012 12:00AMChinaPMI ManufacturingValueAug50.10--Sep 3 2012 12:00AMIndiaImports YoY%% ChangeJul(13.46)--IndiaExports YoY%% ChangeJul(5.45)--UKPMI ManufacturingValueAug45.40--Sep 6 2012 12:00AMEuro ZoneEuro-Zone GDP s.a. (QoQ)% Change2Q P(0.20)--UKBOE Announces rates% RatioSep 60.500.50Euro ZoneECB announces interest rates%Sep 60.75--Sep 7 2012 12:00AMUKIndustrial Production (YoY)% ChangeJul(4.30)--USChange in Nonfarm payrollsThousandsAug163.00--USUnnemployment rate%Aug8.30--Sep 9 2012 12:00AMChinaIndustrial Production (YoY)% ChangeAug9.20--ChinaConsumer Price Index (YoY)% ChangeAug1.80--Sep 10 2012 12:00AMChinaExports YoY%% ChangeAug1.00--Sep 12 2012 12:00AMUKJobless claims change% ChangeAug(5.90)--IndiaIndustrial Production YoY% ChangeJul(1.80)--Sep 13 2012 12:00AMUSProducer Price Index (mom)% ChangeAug0.30--USFOMC rate decision%Sep 130.25--Sep 14 2012 12:00AMEuro ZoneEuro-Zone CPI (YoY)%Aug2.40--IndiaMonthly Wholesale PricesYoY%% ChangeAug6.87--USIndustrial Production%Aug0.65--USConsumer price index (mom)% ChangeAug----Sep 17 2012 12:00AMIndiaRBI Repo rate%Sep 178.00--IndiaRBI Cash Reserve ratio%Sep 174.75--IndiaRBI Reverse Repo rate%Sep 177.00--Sep 18 2012 12:00AMUKCPI (YoY)% ChangeAug2.60--Sep 19 2012 12:00AMUSExisting home salesMillionsAug4.47--USHousing StartsThousandsAug746.00--USBuilding permitsThousandsAug812.00--
 Source: Bloomberg, Angel Research
 www.angelbroking.com
 August 24, 2012
Market Outlook 

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