Market Outlook 130812

Market Outlook
August 13, 2012
Dealers Diary
Indian markets are expected to open negative, tracing negative opening trades in
the SGX Nifty and the major Asian indices.
The US markets moved modestly lower in early trading on Friday due to
disappointing Chinese trade data for July which showed Chinas trade surplus
narrowed during the month as growth rates for both exports and imports fell below
estimates, thus leading to renewed concerns about the outlook for the global
economy. A report released by China's General Administration of Customs showed
that Chinese exports grew by just 1% yoy in July 2012, decelerating from the
11.3% growth reported for June 2012, while imports rose at a slower rate in July
2012, up 4.7% compared to the 6.3% increase in June 2012. Also, the US Labor
Department recently released a report showed an unexpected decrease of 0.6% in
import prices in the month of July 2012 after tumbling by 2.4% in June 2012. The
major European markets have also moved to the downside on Friday on the back
of weak Chinese trade data.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.0)
(3.1) 17,558
Nifty
(0.1)
(2.6)
5,320
0.0
1.5
6,100
SMALL CAP
(0.3)
(18.9)
6,550
BSE HC
(0.2)
(15.9)
7,292
BSE PSU
(0.8)
(60.0)
7,084
BANKEX
(0.9) (102.1) 11,889
AUTO
(1.2) (115.9)
MID CAP
9,367
METAL
0.1
OIL & GAS
0.3
22.2
8,310
BSE IT
1.3
73.0
5,542
(Pts)
(Close)
Global Indices
Chg (%)
9.2 10,521
Meanwhile, Indian shares ended a choppy session on Friday with the rupee trading
weak, tracking the ailing euro, and global cues remaining lackluster in the wake of
dismal Chinese trade data.
Dow Jones
0.1
2.2
3,021
FTSE
(0.1)
(4.4)
5,847
Markets Today
Nikkei
(1.0)
(87.2)
8,891
The trend deciding level for the day is 17,540 / 5,315 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,608 17,659 / 5,336 5,351 levels. However, if NIFTY trades below
17,540 / 5,315 levels for the first half-an-hour of trade then it may correct up to
17,489 17,421 / 5,300 5,279 levels.
Hang Seng
(0.7) (133.4) 20,136
Indices
S2
S1
PIVOT
R1
R2
INFY
SENSEX
17,421
17,489
17,540
17,608
17,659
NIFTY
5,279
5,300
5,315
5,336
5,351
WIT
1.0
0.1
$8.2
IBN
(0.1)
(0.1)
$34.9
0.7
0.3
$35.6
News Analysis
NASDAQ
Straits Times
Shanghai Com
Indian ADRs
HDB
Bosch to temporarily suspend manufacturing operations at its plants

Supreme Court denies PNGRB to enquire into IGLs books of accounts
Work on Dholera special investment region to start within a year
Electrosteel Castings associate, Electrosteel Steels reports 1QFY2013 results
1QFY2013 Result Reviews- ONGC, SBI, Sun Pharma, Glaxo Pharma, RCom,
Bharat Forge, Ashoka Buildcon, Godawari Power, CCCL, Madhucon Projects,
Hitachi Home.
1QFY2013 Result Previews- Coal India, Tata Steel, Bosch, NMDC, India Cem.
Refer detailed news analysis on the following page
Net Inflows (August 9, 2012)

` cr
Purch
Sales
FII
2,231
551
MFs
Net
MTD
YTD
1,914
317
3,867
57,147
801
(250)
(513)
(8,592)
FII Derivatives (August 10, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,059
Stock Futures
1,381
1,080
(21)
15,745
2,006
(625)
24,645
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Amtek Auto
96
11.5
Jain Irrigation
84
5.0
SBI
800
5.0
252
3,199
Tech Mahindra
Indraprastha Gas
Shree Cement
www.angelbroking.com
Company
JPINFRATEC
Price (`)
chg (%)
50
(7.2)
1,888
(4.3)
Power Finance
183
(4.2)
4.9
Ranbaxy Lab
483
(3.7)
3.6
GMR Infra
22
(3.4)
Advances / Declines
0.3
42.8 13,208
0.1
2.0
3,054
(0.2)
(5.3)
2,169
Chg (%)
(Pts)
(Close)
0.5
0.2
$41.8
BSE
NSE
Advances
1,182
580
Declines
1,577
898
129
88
Unchanged
Volumes (` cr)
BSE
2,192
NSE
10,499
Market Outlook
August 13, 2012
Bosch to temporarily suspend manufacturing operations at its

plants
Bosch (BOS) has announced to temporarily suspend manufacturing at its plants
(partial/full) during August 2012 in order to avoid unnecessary buildup of
inventory and align the production as per the market demand. The domestic
automobile industry which is the primary driver of companys revenue, have
witnessed a slowdown in demand recently due to sluggish economic growth,
increasing fuel prices and weak consumer sentiments.
Plant location
Partial/full
Dates of shutdown
Bangalore
Partial
11, 13, 14, 25, 27
Nashik
Partial
17 to 31
Jaipur
Full
16, 17, 18, 27, 28, 29
The company has been suspending operations at its plants in a phased manner to
align production in-line with the market demand since June 2012. It had earlier
announced temporary shutdown at its Jaipur plant (from June 28 to June 30,
2012 and July 25 to August 4, 2012), Bangalore plant (from June 29 to June 30,
2012, from July 13 to July 14, 2012 and July 27 to July 30, 2012) and Nashik
plant (July 30 to July 31, 2012). At the CMP of `8,865, the stock is trading at
19.3x CY2013E earnings, which is in-line with its historical average of 20x. Thus,
we recommend Neutral rating on the stock.
Supreme Court denies PNGRB to enquire into IGLs books of

accounts
The Supreme Court (SC) has declined to permit the Petroleum and Natural Gas
Regulatory Board (PNGRB) to proceed with its inquiry against Indraprastha Gas Ltd
(IGL) and some other companies over determining network tariff and compression
charges. However, the SC has sought IGLs reply on the same before passing the
final order. During June 2012, the Delhi High Court had ruled that the PNGRB did
not have the power to fix any component of network tariff or compression charges
for any entity having its own distribution network. We maintain our Neutral view on
the stock.
Work on Dholera special investment region to start within a year

According to news reports, work on Dholera Special Investment Region will start
within a year. The central government has approved `3,000cr to create basic
infrastructure for the project. The planned project will be coming up 90Kms from
Ahmedabad within the Delhi Mumbai Industrial Corridor (DMIC). The investment
sectors identified for the project include Heavy engineering, Automobiles and
ancillaries, electronics, Pharmaceuticals & biotechnology, agro and food
processing and IT/ITES. Mahindra lifespaces had signed a MOU with the
government of Gujarat. The MOU is for the development of 3,000acres of
integrated business city along the lines of the existing Mahindra World City (MWC).
We maintain BUY rating on MLIFE with a Target price of `396.
Market Outlook
August 13, 2012
Electrosteel Castings associate, Electrosteel Steels reports

1QFY2013 results
Electrosteel Steels (ESL), an associate of Electrosteel Castings (ECL) reported an
operating loss during 1QFY2013 as most of its integrated steel plants are yet to
commission operations. ESLs top-line stood at `12cr compared to `2cr in
1QFY2012 as it commenced partial operations at its plant (pig iron and DI pipes)
during the quarter. However, it reported an operating loss of `10cr during the
quarter. Depreciation and interest expenses stood at `14cr and `23cr respectively.
Hence, it reported a loss at the PAT level of `46cr. We await results of ECL
(expected to report results on August 14, 2012). Until then, we maintain our Buy
rating on ECL with a target price of `22.
Result Reviews
ONGC (CMP: `279/ TP: `321/ Upside: 15%)
ONGC reported better-than-expected 1QFY2013 standalone results due to lowerthan-expected subsidy burden. The companys top line increased by 23.9% yoy
to `20,084cr (slightly above our expectation of `19,478cr. The company shared a
subsidy burden was `12,346cr in 1QFY2013 vs. `12,046cr of subsidy shared in
1QFY2012 and `14,170cr in 4QFY2012. ONGCs crude oil net realization
declined by 4.4% yoy to US$46.6/bbl. Oil production increased by 3.2% yoy to
6.54mn tonnes during 1QFY2013. EBITDA margin expanded by 230bp yoy to
57.7% and EBITDA increased by 24.0% yoy to `11,130cr. Reported net profit
increased by 48.4% yoy to `6,077cr above our estimate of `5,382cr.
The company has notified 10 discoveries during FY2013 including one major
discovery (D1) off the west coast. D1s Initial Oil in-place (IOIP) is expected to be
140mtoe. Currently D1 block is producing 12,500bopd. The company expects the
production to reach 60,000bopd by January 2014. We maintain our Buy rating on
the stock with a target price of `321.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
156,331 37.7 26,796 31.3 18.7
8.9
1.6
3.5
1.2
FY2014E
159,043 36.3 27,892 32.6 17.3
8.6
1.4
3.3
1.1
State Bank of India (CMP: `1,888/ TP: `2,270/ Upside: 20%)

During 1QFY2013, SBI reported standalone net profit of `3,752cr as against
`1,584cr in 1QFY2012, which was in line with our estimates. The operating
income growth was however lower than our expectations which was negated by
lower than estimated provisioning expenses (investment write-back of `521cr). We
recommend a Buy rating on the stock.
Slippages surge up significantly: During 1QFY2013, the banks advances grew by
18.9% yoy, while deposits were up by 16.1% yoy. Domestic saving deposits growth
was moderate at 13.4% yoy which coupled with 2.9% yoy decline in volatile
Market Outlook
August 13, 2012
domestic current account deposits lead to domestic CASA deposits growing at a

modest pace of 10.1% yoy. The domestic NIMs for the bank were lower by 42bp
qoq on account of interest rate reversals, lower lending rates (SME and agri rates
lowered by 50-350bp eff. June 01, 2012), lower demand (seasonality effect) for
short term working capital loans (substituted into lower yielding CPs) and higher
cost of deposits during the quarter (up 29bp qoq to 6.2%). The performance on
the fee income front was muted with other income excluding treasury declining by
2.6% yoy. The growth in CEB income was flat yoy, while dividend income was
lower at `18cr compared to `228cr in 1QFY2012 (interim dividend from
subsidiaries not taken this year). Forex income however remained strong, growing
by 38.0% yoy during 1QFY2013. On the asset-quality front, the banks annualized
slippage ratio for the quarter surged sharply to 5.0%, significantly higher than
2.3% witnessed in 4QFY2012. Almost 62.1% slippages were witnessed in the
Corporate and SME segments. Amongst the corporate and SME segments
slippages, major industries witnessing sequentially higher slippages were trading
(`848cr vs. `56cr in 1QFY2012 and `396cr for entire FY2012) and infrastructure
(`787cr in 1QFY2013 and `554cr in 4QFY2012) and engineering (`636cr vs.
112cr in 4QFY2012).
Outlook and valuation: At the CMP, the stock is trading at 1.2x FY2014E ABV
(adjusting for value of subsidiaries 1.0x FY2014E ABV) vis--vis its historic range of
1.32.3x and median of 1.6x. Also, considering the banks dominant position and
reach, high fee income and superior earnings quality, we recommend a Buy on
the stock with a target price of `2,270.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
64,470
3.5 15,056 224.4
1,332.0
1.0
17.6
8.4
1.4
FY2014E
75,940
3.5 17,361 258.7
1,574.6
1.0
17.8
7.3
1.2
Sun Pharma (CMP: `676/ TP: -/ Upside: - %)

For 1QFY2013, Sun Pharma reported net sales of `2,658cr, up 62.5% yoy, mainly
driven by exports. The companys OPM expanded to 45.8% in 1QFY2013 from
33.5% in 1QFY2012. Also, the gross margin came in line at 81.1% from 75.1% in
1QFY2012. Net profit during the quarter reported 58.8% yoy growth to `796cr, higher
than expectations, mainly on back of the higher sales growth and expansion in OPM.
However, on account of rich valuation recommend a Neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
(` cr)
(`)
(%)
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2013E
9,272
38.6
2,347 22.7 17.9
29.8
4.8
15.6
6.0
FY2014E
11,080
38.0
2,333 22.6 15.6
29.9
4.2
12.6
4.8
Market Outlook
August 13, 2012
Glaxo Pharma (CMP: `2,105/ TP: - / Upside: - % )

For 2QCY2012, Glaxo Pharma reported net sales of `636cr, up 13.3% yoy,
mainly driven by domestic formulations. The companys OPM is expected to 31.0%
in 2QCY2012 from 33.2% in 1QCY2012. Net profit during the quarter reported
7.3% yoy growth to `163cr. However, on account of rich valuation recommend a
Neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
March
(` cr)
(%)
(` cr)
CY2012E
2,651
31.7
644
CY2013E
2,993
31.2
698
82.4
EV/EBITDA
EV/Sales
(`)
(%)
(x)
76.0
30.8 27.7
(x)
(x)
(x)
5.9
18.7
5.9
29.0 25.5
5.1
16.4
5.1
Reliance Communication (CMP: `55 / TP: - / Upside: -)

Reliance Communication reported decent set of results for 1QFY2013. The
companys top-line remained flat qoq at `5,319. Average revenue per user
declined by 2.0% qoq to `0.43/min, inline with expectations. EBITDA margin grew
by 30bp qoq to 31.0%. PAT came in at `162cr, aided by tax write backs. We
maintain our Neutral view 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)
FY2013E
22,125
31.9
925
4.5
2.5
12.2
0.3
6.1
2.0
FY2014E
23,734
32.0
1,207
5.8
3.1
9.3
0.3
5.1
1.6
Bharat Forge (CMP: `312/ TP: `358 / Upside: 15%)

Bharat Forge (BHFC) reported lower-than-expected results for 1QFY2013 led by
weak demand in the domestic automotive market and sharp increase in interest
cost.
Standalone revenue posted a 9.2% yoy (down 4.2% qoq) growth to `936cr led by
14.1% yoy (7% qoq) increase in net average realization on the back of rupee
depreciation and superior product-mix. Total volume in tonnage terms declined
3.2% yoy (10.4% qoq) to 51, 288MT due to a 12% yoy decline in domestic
medium and heavy commercial vehicle volumes (MHCV). Led by weakness in the
domestic MHCV sales, domestic revenues declined 5.6% yoy (15.2% qoq).
However, export revenues recorded a robust growth of 30.7% yoy (8.9% qoq) on
the back of strong demand in commercial vehicle (CV) market in US, continued
traction in non-auto segment in US and Europe and due to rupee depreciation.
Non-auto segment revenues grew by 16.4% yoy drive by strong momentum across
sectors.
On the operating front, margins improved 84bp yoy (down 57bp qoq) to 25.1%
which was in-line with our estimates owing to better product-mix and decline in
raw-material expenses. Hence operating profit grew 13% yoy (down 6.3% qoq) to
`235cr. Net profit however registered 8% yoy growth to `105cr, 12.4% below our
Market Outlook
August 13, 2012
estimates, on account of 75.6% yoy (59% qoq) jump in interest expense. Other
income on the other hand grew 72.7% yoy (93% qoq) which partially negated the
impact of higher finance cost. At `312, the stock is trading at 10.6x FY2014E
earnings. We maintain Buy on the stock with a revised target price of `358.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
FY2013E
7,004
16.2
483
(`)
(%)
(x)
(x)
(x)
(x)
20.8
20.3 13.1
2.5
6.3
1.0
FY2014E
7,985
16.4
595
25.6
21.2 10.6
2.1
5.1
0.8
Ashoka Buildcon (CMP: `255 / TP: `273 / Upside: 7%)

For 1QFY2013, Ashoka Buildcon Ltd (ABL) reported a good set of numbers,
broadly in line with our estimates. ABLs top line witnessed a healthy growth of
19.8% to `466cr marginally higher than our estimate of `453cr. On the EBITDAM
front, ABLs margins came at 22.0%, a dip of 210bp yoy and in line with our
estimate of 22.1%. At the earnings front as well, ABL reported decent growth of
27.4% to `41cr. As per media reports ABL is in advanced talks with Macquarie SBI
Infrastructure Fund to sell 35% stake in its road subsidiary for `800cr. The deal if
goes through would value the subsidiary at `2,300cr. This deal would be a big
positive for ABL as funding for its road BOT projects has been a major overhang
on the stock. Further owing to the sharp spike in share its price we recommend
Accumulate on the stock with target price of `273.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,023
22.4
141
26.7 12.9
12.9
1.2
9.3
2.1
FY2014E
2,303
22.4
165
31.3 13.3
13.3
1.0
10.4
2.3
Godawari Power and Ispat (CMP: `124/ TP: -/ Upside: -)

Godawari Power and Ispat (GPIL) reported its 1QFY2013 results. Net sales
increased by 22.7% to `602cr. On the operating front, although EBITDA increased
by 44.4% yoy to `110cr, EBITDA margin contracted 449bp yoy to 18.2% on
account of higher prices of key inputs. The other income fell by 29.8% yoy to `3cr.
The net profit increased by 55.3% yoy to `47cr in line with increase in EBITDA. We
keep our rating and target price under review.
Y/E
Sales
OPM
PAT
EPS
ROE
(`)
(%)
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(x)
(x)
(x)
(x)
FY2013E
2,085
16.8
117
36.9 14.3
3.4
0.4
2.9
0.5
FY2014E
2,139
18.2
146
45.9 15.2
2.7
0.4
2.3
0.4
Market Outlook
August 13, 2012
CCCL (CMP: `17 / TP: - / Upside: - %)

CCCL posted a dismal set of numbers once again for the quarter. A lower-thanexpected performance at both the revenue and the EBITDAM front along with a
high interest cost led to a higher-than-expected loss for the quarter. The top-line of
the company declined by 4.8% yoy to `482cr against our estimate of `534cr.
However, the major disappointment came on the margin front, as the company
posted abysmal EBITDA margin of 2.7% a drop of 270bp yoy and 680bp qoq,
against our expectations of it coming at 4.2%. Further, on the bottom-line front the
company posted loss of `16cr vs a profit of `1cr in 1QFY2012 and against our
expectations of `6cr loss mainly on account of poor performance at revenue and
EBITDAM level and high interest cost (`26cr, a jump of 43.1% yoy). CCCL had an
order inflow of `335cr during the quarter, taking its outstanding order book to
`4,821cr. The company has disappointed on the earnings front and posted erratic
margins since the last few quarters. Hence, we maintain our Neutral view 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)
FY2013E
2,489
7.0
44
2.4
6.9
7.1
0.5
5.2
0.4
FY2014E
2,755
7.8
67
3.6
9.8
4.6
0.4
4.3
0.3
Madhucon Projects (CMP: `37/ TP: `56 / Upside: 53%)

For 1QFY2013, Madhucon Projects (MPL) reported mixed set of numbers with
revenue coming below our expectations however higher EBITDAM resulted in
better-than-expected earnings performance. On the top line front, MPL posted
disappointing performance with yoy increase of 2.1% to `336cr, way below our
expectations of `425cr. EBITDAM came in at 14.0%, flat on yoy basis but posted a
jump of 220bp on qoq basis against our expectations of 11.9%. Interest cost stood
at `24cr a jump of 15.1% on yoy basis but a decline of 11.3% on a sequential
basis. On the earnings front, the company posted a decline of 11.9% on yoy basis
at `7cr higher than our expectations of `5cr despite a higher tax rate (39.5%) on
the back of higher EBITDAM and lower-than-expected interest cost. We maintain
Buy on the stock with target price of `56.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,206
10.7
34
4.6
8.6
7.9
0.4
6.6
0.7
FY2014E
2,502
10.7
35
4.7
8.3
7.8
0.4
6.4
0.7
Hitachi Home (CMP `114, TP: `130, Upside: 14.3%)

For 4QFY2012, Hitachi reported a better than expected topline of `376cr, 14.6%
higher yoy from `328cr in 1QFY2012. The company disappointed on the EBITDA
margin front which came in at 6.8% in 1QFY2013, contraction of 108bp yoy from
7.9% in 1QFY2012 on account of higher other expenses. Net profit grew
marginally by 3.8% yoy from `13.1cr in 1QFY2012 to `13.6cr in 1QFY2013. We
Market Outlook
August 13, 2012
recommend an Accumulate on the stock with a target price of `130, based on a

target PE of 12x for FY2014E.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
865
5.4
15
6.7
8.7
17.0
1.4
6.8
0.4
FY2014E
936
6.9
25
10.9 12.9
10.5
1.3
4.9
0.3
Result Previews
Coal India
Coal India is slated to report its 1QFY2013 results today. We expect net sales to
increase by 12.8% yoy to `16,361cr mainly on account of higher volumes.
However, the EBITDA margin is expected to contract 740bp yoy to 27.9% on
account of higher employee costs. Nevertheless, the net profit is expected to
decrease by only 1.6% yoy to `4,090cr as a decrease in operating profits is
expected to be partially offset by increase in interest income. We maintain our
Neutral view 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)
FY2013E
50,229
28.0 10,867 17.2 36.7
20.3
6.6
12.4
3.5
FY2014E
62,415
27.5 14,788 23.4 38.0
14.9
5.0
9.7
2.7
Tata Steel
Tata Steel would be reporting its consolidated 1QFY2013 results today. We expect
net sales to decrease by 2.1% yoy to `32,297cr mainly on account of lower
volumes from its European operations which however would get partially offset by
higher realizations. The EBITDA margin is expected to decline by 230bp yoy on
account of higher costs of raw materials (mainly in its European operations). We
maintain our Buy rating on the stock with a target price of `499.
Y/E
March
Sales
OPM
(` cr)
(%)
PAT
EPS
ROE
(` cr)
(`)
(%)
P/E
P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
FY2013E
143,088 10.9
5,812 53.9 13.0
7.4
0.9
5.6
0.6
FY2014E
148,011 12.0
7,120 66.0 14.2
7.6
0.8
4.8
0.6
Bosch
Bosch (BOS) is slated to announce its 2QCY2012 results today. We expect the
company to deliver ~9% yoy growth in revenues to `2,206cr as the automotive
sector registered a modest growth during the quarter. Meanwhile, the company
also announced temporary shutdowns at its plant in Jaipur and Bangalore for two
to three days in June 2012 to align its production with the demand and avoid
unnecessary build-up of inventory. On the operating front, the company is
Market Outlook
August 13, 2012
expected to post a 170bp yoy expansion in operating margin to 20% led by

decline in raw-material expenses. The net profit is expected to register a 13% yoy
growth to `316cr. At `8,865 the stock is trading at 19.3x CY2013E earnings,
which is in-line with its historical average of 20x. Currently we have a Neutral
rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
Dec.
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
9,106
19.3
1,288 410.2 22.1
21.6
4.8
14.0
2.6
CY2013E
10,255 19.3
1,445 460.3 20.4
19.3
3.9
12.0
2.2
NMDC
NMDC is slated to announce its 1QFY2013 results today. We expect the
companys top-line to decrease by 2.7% yoy to `2,706cr on account of decrease in
sales volumes. On the operating front, the EBITDA margin is expected to decrease
by 490bp yoy to 76.1%. The bottom-line is expected to decrease by 3.7% yoy to
`1,735cr. We maintain our Neutral view 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)
FY2013E
11,959
78.2
7,553 19.1 27.1
9.5
2.3
5.0
3.9
FY2014E
13,062
78.6
8,287 20.9 24.4
8.9
1.9
4.3
3.4
India Cements
India cements is expected to announce its 1QFY2013 results today. We expect the
company to post an 8.6% yoy growth in its topline to `1,152cr, aided largely by
better realization. OPM is expected to increase by 322bp yoy to 26%. Bottomline is
expected to grow by 6.2% yoy to `108cr. We maintain a neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/tone*
Dec.
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(US $)
CY2012E
4,364
18.8
283
9.2
8.0
9.3
0.7
5.5
52
CY2013E
4,791
19.1
349
11.4
9.5
7.5
0.7
4.9
Note: * computed on TTM basis
Market Outlook
August 13, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Coal India - Consolidated (13/08/2012)
Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
16,680
14,499
15
19,419
(14)
4,763
4,824
(1)
4,210
13
28.6
33.3
4,210
4,144
4,013
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
Net sales
2,805
2,783
2,594
EBITDA
2,334
1,801
30
1,925
21
83.2
64.7
1,765
1,801
Net sales
EBITDA
EBITDA margin (%)
Net profit
21.7
NMDC Ltd - (13/08/2012)

Particulars (` cr)
EBITDA margin (%)

Net profit
74.2
(2)
1,642
Suzlon Energy Ltd - Consolidated (13/08/2012)

Particulars (` cr)
Net sales
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
4,792
4,126
16
6,695
(28)
EBITDA
377
237
59
404
(7)
EBITDA margin (%)
7.9
5.7
(129)
63
Net profit
6.0
(305)
(299)
(57)
Tata Steel Ltd - Consolidated (13/08/2012)

Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
32,552
32,840
(1)
33,860
(4)
3,243
4,423
(27)
3,179
EBITDA margin (%)
10.0
13.5
Net profit
689
5,322
(87)
403
71
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
19,268
14,946
29
17,514
10
EBITDA
354
928
(62)
285
24
EBITDA margin (%)
1.8
6.2
(790)
469
(268)
(515)
53
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
Net sales
505
502
167
202
EBITDA
263
256
51
416
EBITDA margin (%)
52.1
51.0
Net profit
151
209
Net sales
EBITDA
9.4
Essar Oil Ltd - (14/08/2012)

Particulars (` cr)
Net sales
Net profit
1.6
HDIL - Consolidated (14/08/2012)

Particulars (` cr)
30.5
(28)
97
56
Market Outlook
August 13, 2012
Hindalco Industries Ltd - (14/08/2012)

Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
6,870
5,979
15
7,563
(9)
EBITDA
749
867
(14)
865
(13)
EBITDA margin (%)
10.9
14.5
Net profit
507
644
Net sales
11.4
(21)
640
(21)
Reliance Infrastructure Ltd - (14/08/2012)

Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
4,462
3,371
32
5,674
(21)
EBITDA
483
696
(31)
617
(22)
EBITDA margin (%)
10.8
20.6
Net profit
334
430
Net sales
10.9
(22)
658
(49)
Reliance Power - Consolidated (14/08/2012)

Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
1,005
542
85
533
89
97
179
103
Net sales
EBITDA
364
185
EBITDA margin (%)
36.2
34.1
Net profit
224
196
33.6
14
231
(3)
Unitech Ltd - Consolidated (14/08/2012)

Particulars (` cr)
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
Net sales
638
596
716
(11)
EBITDA
124
120
389
(68)
EBITDA margin (%)
19.4
20.1
85
102
Net profit
54.3
(17)
2647
IDFC Ltd - Consolidated (14/08/2012)

Particulars (` cr)
Net profit
1QFY13E
1QFY12
y-o-y (%)
4QFY12
q-o-q (%)
371
314
18
332
12
Economic and Political News
Foreign Telcos can bid alone in 2G Auctions

Centre tells power forum to fall in line on open access
PFC considers `17,000cr transition loans to discoms
Corporate News
Marutis Manesar plant may become operational next week

Sun Pharma to spin off local formulation business
Tata may produce high performance engines in India, UK
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 13, 2012
Result Calendar
Date
Company
August 13, 2012
Coal India, NMDC, Tata Steel, Bosch India, GSK Pharma, Suzlon Energy, India Cements, PTC India
Hindalco, Reliance Power, IDFC, Nalco, Essar Oil, Reliance Infra., Unitech, HDIL, Monnet Ispat, Amara Raja Batteries,
Orchid Chemicals, Simplex Infra, Electrosteel Castings, Finolex Cables, Cravatex, S. Kumars Nationwide
August 14, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Country
Event Description
Unit
Period
August 14, 2012
UK
Last Reported
Estimated
% Change
Jul
2.40
2.30
% Change
Jul
7.25
7.20
US
CPI (YoY)
Monthly Wholesale Prices
YoY%
Producer Price Index (mom)
% Change
Jul
0.10
0.20
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
--
(0.20)
Germany
GDP nsa (YoY)
% Change
2Q P
1.70
0.90
UK
Jobless claims change
% Change
Jul
6.10
6.00
US
Industrial Production
Jul
0.43
0.50
US
Consumer price index (mom)
% Change
Jul
--
0.20
US
Initial Jobless claims
Thousands
Aug 11
361.00
365.00
US
Housing Starts
Thousands
Jul
760.00
758.00
US
Building permits
Thousands
Jul
760.00
766.00
Euro Zone
Euro-Zone CPI (YoY)
Jul
2.40
2.40
August 22, 2012
US
Existing home sales
Millions
Jul
4.37
4.52
August 23, 2012
Germany
PMI Services
Value
Aug A
50.30
--
Germany
Value
Aug A
43.00
--
Value
Aug A
(21.50)
--
US
PMI Manufacturing
Euro-Zone Consumer
Confidence
New home sales
Thousands
Jul
350.00
360.00
August 24, 2012
UK
GDP (YoY)
2Q P
(0.80)
--
August 28, 2012
US
Consumer Confidence
Aug
65.90
--
August 29, 2012
US
GDP Qoq (Annualised)
% Change
S.A./
1985=100
% Change
2Q S
1.50
--
August 30, 2012
Germany
Unemployment change (000's)
Thousands
Aug
7.00
--
August 31, 2012
India
Qtrly GDP YoY%
% Change
2Q
5.30
--
September 01, 2012
China
PMI Manufacturing
Value
Aug
50.10
--
September 03, 2012
India
Imports YoY%
% Change
Jul
(13.46)
--
India
Exports YoY%
% Change
Jul
(5.45)
--
UK
PMI Manufacturing
Value
Aug
45.40
--
India
August 15, 2012
August 16, 2012
Euro Zone
Bloomberg Data
Market Strategy
August 13, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
9.8
10.0
9.4
7.5
8.0
8.0
9.2
8.5
9.0
6.0
8.2
7.4
6.0
8.0
7.6
3.4
5.3
5.0
2.5
2.7
2.5
6.1
5.9
6.0
1.0
2.0
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
10.0
9.9
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
(5.0)
Mfg. PMI
60.0
9.8
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
(%)
9.4
Dec-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

12.0
Nov-11
Oct-11
Sep-11
(2.0)
3.0
Source: CSO, Angel Research
Aug-11
4.0
7.7
8.0
Services PMI
58.0
9.5
6.9
7.4
7.7
7.5
7.6
7.3
56.0
Source: MOSPI, Angel Research
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
Jun-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
0.0
Oct-11
50.0
Sep-11
2.0
Aug-11
52.0
Jul-11
4.0
Aug-11
54.0
6.0
Jul-11
10.0
4.3
3.7
4.0
6.7
Jul-11
7.0
Exhibit 2: IIP trends
Exhibit 6: Key policy rates
Imports yoy growth
75.0
(%)
9.00
60.0
8.00
45.0
Repo rate
Reverse Repo rate
CRR
7.00
30.0
6.00
15.0
5.00
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Aug-11
(30.0)
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
(15.0)
Jul-11
0.0
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
124
2,412
1,466
1,686
14.8
14.8
7.0
8.1
17.7
15.3
3.8
3.2
22.6
22.5
1.7
1.5
United Phosphorus
Buy
120
170
5,527
8,421
9,263
16.5
16.5
15.0
17.0
8.0
7.1
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
319
345
2,724
2,715
3,041
15.3
15.3
29.2
32.8
10.9
9.7
2.5
2.0
26.0
23.3
1.0
0.8
Apollo Tyres
Buy
86
99
4,325
13,412
15,041
11.0
11.0
11.5
14.2
7.5
6.1
1.3
1.1
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
23
30
6,106
14,920
16,850
9.0
9.3
2.2
2.8
10.5
8.4
1.9
1.7
13.3
15.6
0.5
0.4
Automotive Axle
Buy
335
430
506
993
1,140
11.6
11.5
36.9
43.0
9.1
7.8
1.8
1.5
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,680
48,609
21,285
23,927
18.2
18.3
108.5
121.3
15.5
13.9
6.4
5.2
46.1
41.3
1.9
1.6
Bharat Forge
Buy
312
359
7,264
7,004
7,985
16.2
16.4
20.8
25.6
15.0
12.2
2.8
2.4
20.3
21.2
1.1
1.0
Bosch India
Neutral
8,853
27,799
9,106
10,255
19.4
19.3
410.2
460.3
21.6
19.2
4.8
3.9
22.1
20.4
2.7
2.3
CEAT
Buy
101
164
345
4,989
5,634
8.7
8.5
32.7
41.1
3.1
2.5
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Accumulate
130
149
11,063
5,899
6,771
16.0
17.0
7.4
9.1
17.7
14.3
3.2
2.7
19.0
20.2
1.5
1.3
FAG Bearings
Neutral
1,532
2,546
1,505
1,747
17.7
18.0
111.5
130.0
13.8
11.8
2.9
2.3
22.8
21.7
1.4
1.2
Hero Motocorp
Buy
1,914
2,428
38,224
26,097
29,963
15.0
15.3
139.5
151.8
13.7
12.6
6.5
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
93
135
380
7,517
8,329
6.1
6.3
26.2
38.5
3.5
2.4
0.5
0.4
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
739
879
45,352
36,536
41,650
11.6
11.5
49.3
54.9
15.0
13.5
3.1
2.6
22.1
21.1
1.0
0.8
1,164
1,227
33,615
42,887
49,079
5.5
6.6
66.8
87.6
17.4
13.3
2.0
1.8
12.1
14.1
0.6
0.5
Buy
172
216
6,725
23,342
26,366
7.8
8.2
13.3
18.0
12.9
9.5
3.1
2.4
26.2
28.4
0.5
0.4
Subros
Buy
28
34
169
1,230
1,378
8.8
8.6
4.5
5.7
6.2
4.9
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
232
292
61,830 195,096 219,428
12.8
12.8
39.0
43.9
6.0
5.3
1.7
1.3
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
39
43
1,872
7,545
8,301
6.2
6.1
4.9
5.4
8.0
7.3
1.4
1.3
18.8
18.2
0.2
0.2
Maruti
Accumulate
Motherson Sumi
Capital Goods
ABB*
Sell
772
498
16,355
8,760
10,023
5.5
7.5
12.4
20.7
62.1
37.2
6.0
5.3
10.1
15.2
1.8
1.6
BGR Energy
Neutral
274
1,980
3,669
4,561
11.0
11.0
24.7
29.6
11.1
9.3
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
229
56,001
47,801
43,757
19.4
19.8
25.7
23.9
8.9
9.6
1.9
1.6
22.7
18.3
1.1
0.9
Blue Star
Neutral
187
1,685
3,047
3,328
5.4
6.9
9.6
16.2
19.5
11.5
3.8
3.1
20.7
29.7
0.6
0.5
Crompton Greaves
Accumulate
116
128
7,441
12,691
14,096
7.0
8.5
6.5
9.1
17.8
12.7
1.9
1.7
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
38
67
313
2,622
2,801
10.6
11.0
10.9
13.4
3.5
2.8
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
57
69
1,458
6,858
7,431
7.5
8.3
9.0
11.5
6.3
4.9
1.1
1.0
26.9
27.2
0.3
0.3
LMW
Accumulate
1,768
1,992
1,992
2,369
2,727
11.7
11.7
143.4
166.0
12.3
10.7
2.1
1.9
17.4
18.4
0.4
0.2
Thermax
Neutral
500
5,961
5,514
5,559
8.9
9.6
26.9
28.4
18.6
17.6
3.2
2.9
18.4
17.1
1.0
1.0
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,342
25,190
11,220
12,896
20.0
20.6
71.1
81.2
18.9
16.5
3.3
3.0
18.1
19.0
2.0
1.6
Ambuja Cements
Neutral
194
29,890
10,205
11,659
24.6
24.2
10.8
12.0
17.9
16.1
3.7
3.4
19.7
19.8
2.5
2.1
India Cements
Neutral
86
2,628
4,364
4,791
18.9
19.1
9.2
11.4
9.3
7.5
0.7
0.7
8.0
9.5
0.5
0.5
J K Lakshmi Cements
Neutral
95
1,160
1,964
2,278
19.5
20.4
16.3
17.9
5.8
5.3
0.8
0.7
14.7
14.6
0.7
1.1
Madras Cements
Neutral
171
4,075
3,608
3,928
27.4
26.9
15.6
18.1
11.0
9.5
1.7
1.5
16.8
16.9
1.8
1.5
Shree Cements
Neutral
3,165
11,026
5,519
6,293
24.5
23.7
156.6
225.3
20.2
14.1
5.0
4.3
22.3
26.0
1.7
1.3
UltraTech Cement
Neutral
1,673
45,854
20,167
22,752
21.7
23.0
90.8
107.8
18.4
15.5
18.4
15.5
1.9
1.7
255
273
1,343
2,014
2,293
22.4
22.4
22.6
26.7
11.3
9.6
1.2
1.1
11.4
11.9
2.5
2.8
Construction
Ashoka Buildcon
Accumulate
Consolidated Co
Neutral
17
309
2,489
2,755
7.0
7.8
3.0
4.0
5.6
4.2
0.5
0.4
8.7
10.8
0.3
0.3
Hind. Const.
Neutral
17
1,046
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.6)
(17.9)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Buy
119
166
3,955
3,964
4,582
42.3
40.2
15.5
16.9
7.7
7.0
1.2
1.0
16.6
15.8
2.6
2.4
ITNL
Buy
164
232
3,193
6,840
7,767
26.4
26.1
24.4
28.4
6.7
5.8
1.0
0.9
16.0
16.2
2.6
2.8
IVRCL Infra
Buy
44
61
1,186
5,510
6,722
8.8
9.0
2.5
4.6
17.5
9.7
0.6
0.6
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
75
91
15,970
15,259
17,502
25.7
24.7
4.2
5.0
17.7
15.0
1.5
1.4
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,424
1,553
87,244
60,474
69,091
12.1
11.5
79.7
85.4
17.9
16.7
3.0
2.6
16.3
15.1
1.6
1.4
Madhucon Proj
Buy
36
56
266
2,206
2,502
10.7
10.7
4.6
4.7
7.8
7.7
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
40
45
1,031
5,804
6,513
8.0
8.6
3.0
3.5
13.2
11.5
0.4
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
81
566
3,609
3,836
13.1
13.1
14.0
14.6
5.8
5.6
0.4
0.3
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
50
1,660
11,892
13,116
8.9
8.9
1.7
3.1
29.5
16.2
0.6
0.5
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
132
182
1,979
2,789
3,147
10.6
10.7
8.4
10.4
15.6
12.6
2.1
1.8
15.0
15.6
0.9
0.8
Simplex Infra
Buy
205
265
1,014
6,732
7,837
8.1
8.4
23.5
29.4
8.7
7.0
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
127
6,340
7,233
8,579
3.1
3.3
40.5
40.9
3.1
3.1
0.6
0.5
19.4
17.0
Andhra Bank
Neutral
96
5,383
4,959
5,787
3.1
3.1
22.7
24.5
4.2
3.9
0.7
0.6
16.0
15.3
Axis Bank
Buy
1,071
1,373
44,362
15,961
19,583
3.1
3.2
117.3
143.1
9.1
7.5
1.7
1.4
20.1
20.8
Bank of Baroda
Buy
628
829
24,571
15,830
19,300
2.6
2.7
118.9
147.1
5.3
4.3
0.8
0.7
16.7
18.0
Bank of India
Buy
272
323
15,604
13,159
15,851
2.4
2.5
61.1
71.1
4.5
3.8
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
46
2,689
3,471
3,889
3.1
3.1
9.0
11.5
5.1
4.0
0.7
0.6
13.7
15.5
349
421
15,481
11,334
13,629
2.2
2.3
75.4
85.1
4.6
4.1
0.7
0.6
15.2
15.3
70
5,142
7,181
8,365
2.5
2.7
16.3
21.8
4.3
3.2
0.7
0.7
12.7
15.1
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
389
436
5,756
5,067
5,998
2.1
2.3
105.6
111.0
3.7
3.5
0.6
0.6
17.6
16.3
88
107
3,091
3,177
3,595
2.8
2.8
25.2
25.4
3.5
3.5
0.6
0.5
18.9
16.4
Financials
Corporation Bank
Accumulate
Dena Bank
Buy
Federal Bank
Accumulate
423
459
7,237
2,697
3,171
3.4
3.4
47.9
58.0
8.9
7.3
1.1
1.0
13.6
14.7
HDFC
Neutral
690
103,813
7,340
8,805
3.5
3.5
31.5
37.8
21.9
18.2
4.4
3.9
34.8
32.2
HDFC Bank
Neutral
602
141,940
21,936
27,454
4.4
4.4
28.7
36.0
21.0
16.7
4.0
3.4
20.7
22.0
ICICI Bank
Buy
955
1,169
109,730
22,356
27,157
2.9
3.0
68.7
82.0
13.9
11.6
1.7
1.5
14.2
15.5
IDBI Bank
Buy
84
101
10,758
7,952
9,876
1.9
2.2
18.5
23.6
4.6
3.6
0.6
0.5
12.8
14.7
Indian Bank
Accumulate
172
190
7,375
6,294
7,191
3.4
3.4
40.6
44.9
4.2
3.8
0.7
0.6
18.1
17.4
IOB
Accumulate
71
80
5,687
7,473
8,732
2.5
2.5
16.7
22.6
4.3
3.2
0.5
0.5
11.8
14.4
J & K Bank
Accumulate
924
1,026
4,477
2,625
2,921
3.6
3.5
194.4
191.9
4.8
4.8
0.9
0.8
21.2
18.0
LIC Housing Finance
Accumulate
248
279
12,516
1,867
2,338
2.4
2.4
21.1
28.5
11.8
8.7
1.9
1.7
17.5
20.4
Oriental Bank
Buy
226
278
6,601
6,518
7,458
2.8
2.9
61.3
65.1
3.7
3.5
0.6
0.5
15.2
14.3
Punjab Natl.Bank
Buy
724
950
24,543
20,116
23,625
3.3
3.4
152.8
173.9
4.7
4.2
0.9
0.7
18.2
18.0
South Ind.Bank
Buy
23
27
2,593
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
1.0
20.5
18.5
St Bk of India
Buy
1,888
2,270
126,690
64,470
75,940
3.5
3.5
224.4
258.7
8.4
7.3
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
94
119
5,661
6,840
7,996
2.9
3.0
25.7
29.2
3.7
3.2
0.6
0.5
17.9
17.8
UCO Bank
Neutral
68
4,497
5,488
6,338
2.4
2.5
17.3
17.7
3.9
3.8
0.8
0.7
17.0
15.3
Union Bank
Buy
164
230
9,012
10,299
12,227
2.9
3.0
42.1
49.3
3.9
3.3
0.7
0.6
16.7
17.1
United Bank
Buy
53
79
1,928
3,634
4,194
2.8
2.9
18.2
23.0
2.9
2.3
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
53
2,604
2,579
3,028
2.1
2.3
8.8
11.6
6.0
4.6
0.7
0.6
11.1
13.3
Yes Bank
Buy
357
453
12,683
3,255
4,228
2.8
3.0
34.2
42.7
10.5
8.4
2.2
1.8
23.3
23.8
3,719
35,670
11,198
13,184
16.3
16.3
121.0
144.8
30.7
25.7
10.3
8.1
37.4
35.3
3.1
2.6
453
633
5,417
5,835
6,824
6.3
6.7
20.7
27.5
21.9
16.5
8.5
6.4
42.7
44.3
0.9
0.8
1,179
16,039
3,018
3,429
20.9
22.3
34.6
41.0
34.1
28.8
31.4
23.8
99.5
94.1
5.2
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
120
20,905
6,124
7,030
17.0
16.8
4.5
5.2
26.8
23.2
11.1
8.8
43.2
41.5
3.4
2.9
GlaxoSmith Con*
Neutral
2,816
11,843
3,124
3,663
17.1
17.6
104.5
123.8
27.0
22.8
8.4
6.7
34.4
32.8
3.4
2.9
Godrej Consumer
Neutral
620
21,095
5,973
7,000
18.4
18.6
22.8
27.2
27.2
22.8
7.5
6.0
31.3
38.4
3.7
3.1
HUL
Neutral
498
107,592
25,350
28,974
13.9
13.9
14.3
16.5
34.9
30.2
20.8
16.0
70.9
59.8
4.0
3.5
ITC
Neutral
268
209,730
29,513
33,885
35.4
35.8
9.3
10.8
28.9
24.8
9.5
8.0
35.6
35.0
6.8
5.9
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
191
12,278
4,667
5,427
12.8
12.9
6.6
8.1
28.7
23.4
7.7
6.0
30.0
28.8
2.7
2.2
Nestle*
Neutral
4,407
42,486
8,610
10,174
20.9
21.2
114.8
139.8
38.4
31.5
23.2
16.1
71.2
60.3
5.0
4.1
Tata Global
Neutral
133
8,215
7,207
7,927
9.7
10.0
6.6
7.9
20.0
16.9
2.0
2.0
8.6
9.5
1.0
0.9
HCL Tech
Accumulate
537
585
37,209
24,400
27,049
18.6
17.5
41.1
45.0
13.1
11.9
2.9
2.5
22.7
21.1
1.5
1.3
Hexaware
Accumulate
116
133
3,438
1,947
2,161
22.0
21.4
11.4
12.1
10.2
9.6
2.6
2.2
26.4
24.0
1.5
1.3
Infosys
Accumulate
2,313
2,530
132,828
39,151
41,743
31.6
31.9
161.9
174.5
14.3
13.3
3.4
2.9
23.8
22.1
2.8
2.5
Infotech Enterprises
Accumulate
175
187
1,951
1,889
2,065
18.0
17.5
18.0
19.7
9.7
8.9
1.4
1.2
14.5
13.7
0.7
0.6
KPIT Cummins
Reduce
134
124
2,387
2,149
2,331
15.6
14.8
10.7
11.2
12.5
11.9
2.6
2.1
20.6
17.8
1.1
0.9
Mahindra Satyam
Accumulate
92
97
10,862
7,574
8,062
19.6
18.4
9.5
9.7
9.8
9.6
1.6
1.3
16.1
14.1
1.0
0.9
Mindtree
Accumulate
629
708
2,565
2,341
2,513
18.6
17.1
66.5
70.8
9.5
8.9
2.1
1.7
22.3
19.3
0.9
0.8
Mphasis
Neutral
392
8,243
5,704
6,009
18.6
17.7
36.0
37.1
10.9
10.6
1.5
1.3
14.0
12.6
1.0
0.8
NIIT
Accumulate
36
40
588
1,162
1,304
14.8
15.1
7.1
8.8
5.0
4.1
0.8
0.7
16.7
18.4
0.3
0.2
Persistent
Neutral
379
1,516
1,193
1,278
25.6
24.3
42.6
44.3
8.9
8.6
1.5
1.3
17.2
15.5
0.9
0.8
TCS
Neutral
1,278
250,094
61,046
67,507
29.3
29.1
67.3
72.4
19.0
17.6
6.1
5.0
31.9
28.3
3.9
3.5
Tech Mahindra
Reduce
800
726
10,202
6,282
6,477
17.5
16.5
82.9
85.0
9.7
9.4
2.1
1.7
21.6
18.4
1.6
1.4
Wipro
Buy
349
420
85,983
43,492
48,332
19.4
19.3
25.1
28.0
13.9
12.5
2.6
2.2
18.6
18.0
1.7
1.4
D B Corp
Buy
190
236
3,475
1,597
1,785
22.9
24.2
11.1
13.9
17.0
13.6
3.2
2.8
20.2
22.1
2.1
1.8
HT Media
Buy
90
113
2,109
2,111
2,263
15.2
15.2
7.3
8.1
12.3
11.0
1.3
1.2
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
91
112
2,886
1,506
1,687
22.5
23.2
6.2
7.0
14.7
13.0
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
186
481
625
732
17.4
17.1
13.3
15.6
13.9
11.9
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
311
12,256
1,981
2,239
77.0
76.7
18.6
21.3
16.8
14.6
4.2
3.7
27.1
27.5
5.7
4.8
Bhushan Steel
Neutral
470
9,984
11,979
14,584
31.6
31.0
49.2
61.4
9.6
7.7
1.3
1.1
14.1
15.2
2.8
2.4
Coal India
Neutral
349
220,188
68,841
74,509
25.3
25.3
24.1
26.1
14.5
13.4
4.0
3.3
30.4
26.8
2.3
2.0
Electrosteel Castings
Buy
19
22
657
1,984
2,074
11.2
12.6
2.0
2.7
9.3
7.0
0.4
0.1
4.2
5.5
0.5
0.5
Hind. Zinc
Accumulate
125
142
52,669
12,446
13,538
56.1
56.6
15.2
16.5
8.2
7.6
1.6
1.4
21.7
19.8
2.4
1.7
Hindalco
Neutral
123
23,511
83,212
91,057
9.0
9.9
13.7
18.1
9.0
6.8
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
730
16,280
38,740
41,459
17.3
17.0
79.9
89.4
9.1
8.2
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Neutral
264
4,439
918
993
50.7
50.9
24.5
26.1
10.8
10.1
1.6
1.5
16.0
15.5
2.5
2.2
Monnet Ispat
Buy
312
447
2,006
3,115
3,748
22.1
25.1
59.1
66.8
5.3
4.7
0.7
0.6
15.6
15.3
1.4
1.0
IT
Media
Metals & Mining
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Neutral
53
13,724
8,474
9,024
12.6
16.2
2.6
3.6
20.8
14.9
1.1
1.1
5.6
7.5
1.2
1.1
NMDC
Neutral
181
71,801
11,959
13,062
78.2
78.6
19.1
20.9
9.5
8.7
2.3
1.9
27.1
24.4
3.9
3.4
SAIL
Neutral
85
35,068
47,252
60,351
14.2
14.8
9.6
11.7
8.9
7.2
0.8
0.7
9.4
10.6
1.2
1.0
Sesa Goa
Neutral
191
16,595
7,704
8,034
33.6
34.6
42.0
43.1
4.6
4.4
0.9
0.8
22.3
19.2
0.4
Sterlite Inds
Neutral
111
37,303
41,680
45,382
24.2
23.2
16.3
16.9
6.8
6.6
0.7
0.7
11.3
10.7
0.5
0.4
Tata Steel
Buy
400
499
38,887 143,088 148,011
10.9
12.1
53.9
66.0
7.4
6.1
0.9
0.8
12.2
13.4
0.6
0.6
Sarda
Buy
128
148
459
1,251
1,321
22.7
23.4
33.0
37.1
3.9
3.5
0.6
0.5
15.1
14.8
0.7
0.7
Prakash Industries
Buy
60
73
810
2,694
2,906
14.6
16.6
17.9
22.6
3.4
2.7
0.4
0.3
11.4
12.8
0.5
0.4
Cairn India
Buy
324
380
61,845
16,605
17,258
75.4
71.7
57.0
54.9
5.7
5.9
1.0
0.9
20.2
16.3
2.7
2.1
GAIL
Neutral
368
46,629
50,176
55,815
15.5
15.8
35.4
36.5
10.4
10.1
1.8
1.6
18.9
17.0
0.1
ONGC
Accumulate
279
321
238,955 156,331 159,043
37.7
36.3
31.3
32.6
8.9
8.6
1.6
1.4
18.7
17.3
1.2
1.1
Reliance Industries
Neutral
782
256,086 362,700 380,031
7.9
8.0
61.5
64.3
12.7
12.2
1.3
1.2
10.3
9.9
0.7
0.6
Gujarat Gas
Neutral
303
3,885
2,472
3,267
16.1
11.5
21.2
19.2
14.3
15.8
4.9
4.2
33.4
28.7
1.5
1.1
Indraprastha Gas
Neutral
252
3,526
3,040
3,135
24.3
26.7
24.8
27.9
10.2
9.0
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
151
176
11,321
22,696
29,145
8.1
6.6
14.1
14.2
10.7
10.6
3.2
2.6
34.1
26.9
0.6
0.4
72
4,040
1,041
939
91.8
91.9
8.5
7.4
8.5
9.7
1.4
1.3
18.1
14.0
4.8
5.3
Alembic Pharma
Buy
59
91
1,104
1,624
1,855
14.2
15.6
6.6
9.1
8.9
6.4
2.2
1.7
27.5
29.2
0.9
0.8
Aurobindo Pharma
Buy
103
156
3,003
5,243
5,767
14.6
14.6
11.8
12.6
8.7
8.2
0.9
0.4
11.4
10.9
0.7
0.6
Aventis*
Neutral
2,207
5,083
1,482
1,682
15.5
15.5
95.0
104.0
23.2
21.2
4.1
3.2
18.6
17.0
3.2
2.8
Cadila Healthcare
Accumulate
874
953
17,894
6,196
7,443
18.5
19.5
37.6
47.7
23.2
18.3
5.2
4.2
26.8
27.5
2.9
2.3
Cipla
Accumulate
350
399
28,090
8,031
9,130
23.4
22.4
18.4
20.0
19.0
17.5
3.1
2.7
17.8
16.6
3.3
2.8
Dr Reddy's
Neutral
1,646
27,937
10,696
11,662
20.7
21.0
83.7
92.9
19.7
17.7
4.1
3.4
22.4
21.0
2.7
2.5
Dishman Pharma
Accumulate
86
92
697
1,280
1,536
17.8
17.8
9.2
11.3
9.4
7.7
0.7
0.7
7.7
8.5
1.2
1.0
GSK Pharma*
Neutral
2,105
17,828
2,651
2,993
31.7
31.2
76.0
82.4
27.7
25.5
8.0
6.9
30.8
29.0
5.8
5.0
Indoco Remedies
Buy
56
92
519
685
837
15.2
15.2
7.4
8.9
7.6
6.3
1.1
1.0
15.9
16.3
0.9
0.8
Ipca labs
Buy
406
475
5,117
2,850
3,474
20.7
20.7
29.2
36.6
13.9
11.1
3.3
2.6
26.1
26.1
2.0
1.6
Lupin
Accumulate
581
647
25,981
8,426
10,082
19.7
20.0
27.4
32.4
21.2
17.9
5.1
4.1
27.0
25.2
3.0
2.4
Orchid Chemicals
Buy
107
178
756
2,117
2,434
17.7
17.7
16.7
22.2
6.4
4.8
0.6
0.5
9.5
11.5
1.0
0.8
Ranbaxy*
Neutral
483
20,408
12,046
11,980
18.0
15.8
35.7
29.8
13.5
16.2
5.1
4.1
43.1
28.1
1.7
1.7
Oil & Gas
Neutral
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
676
69,856
9,272
11,080
38.6
38.0
22.7
22.6
29.8
29.9
5.0
4.4
17.9
15.6
6.1
4.9
CESC
Accumulate
300
342
3,748
5,218
5,644
24.2
23.8
44.6
47.6
6.7
6.3
0.7
0.6
11.0
10.6
1.0
1.1
GIPCL
Accumulate
67
77
1,020
1,557
1,573
29.3
28.7
10.8
11.0
6.3
6.1
0.7
0.6
10.8
10.2
1.1
1.0
NTPC
Reduce
172
158
141,698
74,111
85,789
23.2
23.6
12.4
14.0
13.9
12.2
1.7
1.6
13.0
13.5
2.6
2.4
48
78
1,409
657
875
52.0
56.1
8.4
12.7
5.7
3.8
0.4
0.3
6.3
8.9
3.4
2.6
210
35,709
9,878
12,033
44.7
46.1
9.6
13.4
22.0
15.7
1.4
1.3
6.4
8.7
6.1
5.0
81
115
3,394
2,441
3,344
55.1
48.2
22.7
26.6
3.6
3.0
0.3
0.3
8.8
9.4
3.2
2.4
11.0
2.2
1.9
Pharmaceuticals
Sun Pharma
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
HDIL
Buy
MLIFE
Accumulate
357
396
1,458
813
901
26.2
26.6
32.0
37.1
11.2
9.6
1.2
1.1
10.4
Bharti Airtel
Neutral
256
97,122
79,542
87,535
30.9
32.2
10.3
15.0
24.9
17.0
1.8
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
74
24,510
22,988
25,333
26.4
26.9
3.5
4.9
21.4
15.2
1.7
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
55
11,270
22,125
23,734
31.9
32.0
4.5
5.9
12.2
9.3
0.3
0.3
2.5
3.1
2.0
1.6
Telecom
zOthers
Abbott India
Accumulate
1,536
1,628
3,263
1,662
1,899
11.4
12.5
69.8
90.4
22.0
17.0
5.0
4.1
24.9
26.6
1.8
1.5
Bajaj Electricals
Buy
173
246
1,723
3,569
4,172
8.6
9.2
17.3
22.3
10.0
7.7
2.2
1.8
22.9
25.3
0.5
0.4
Cera Sanitaryware
Buy
300
352
380
396
470
16.7
16.5
28.0
33.2
10.7
9.0
2.2
1.8
23.8
23.1
1.1
0.9
Cravatex
Buy
623
785
161
302
364
5.7
6.0
49.0
71.0
12.7
8.8
3.8
2.7
29.8
30.7
0.6
0.5
CRISIL
Neutral
885
6,208
982
1,136
34.3
34.3
34.3
40.0
25.8
22.1
11.7
9.3
50.9
46.9
5.9
4.9
Finolex Cables
Buy
39
61
597
2,334
2,687
8.8
9.3
7.6
10.2
5.1
3.8
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
437
591
570
2,214
2,765
4.5
5.4
39.5
73.9
11.1
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Accumulate
335
370
773
1,543
1,646
8.1
9.2
32.3
39.4
10.4
8.5
2.1
1.8
21.7
22.4
0.3
0.2
Graphite India
Buy
82
124
1,606
2,158
2,406
18.1
18.9
12.4
14.0
6.6
5.9
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
188
309
454
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.0
0.8
16.8
21.0
0.5
0.4
HEG
Accumulate
211
229
844
1,586
1,685
17.9
18.1
16.1
25.7
13.2
8.2
1.0
0.9
7.5
11.6
1.2
1.1
Hitachi
Buy
113
160
259
857
968
6.9
8.4
10.2
16.0
11.1
7.0
1.4
1.2
12.9
17.8
0.4
0.3
Honeywell Automation
Buy
2,463
2,842
2,177
1,847
2,162
4.3
7.3
61.0
120.0
40.4
20.5
3.2
2.8
9.3
16.3
1.1
0.9
INEOS ABS India
Accumulate
673
744
1,183
1,056
1,081
8.1
10.6
33.8
46.5
19.9
14.5
2.8
2.3
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
230
265
1,451
1,669
12.3
12.4
32.4
41.5
7.1
5.5
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Accumulate
134
145
2,167
1,248
1,468
9.8
10.4
5.9
7.2
22.7
18.8
3.3
3.0
15.0
16.6
2.1
1.7
MCX
Buy
1,136
1,598
5,791
610
702
65.5
67.0
67.9
79.9
16.7
14.2
4.9
4.1
29.1
28.9
6.6
5.2
MRF
Buy
10,650
12,884
4,517
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.3
7.4
1.6
1.3
21.3
19.4
0.5
0.5
Market Outlook
August 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,070
550
684
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
3,424
887
1,108
18.3
18.6
95.0
120.9
32.3
25.4
16.9
13.7
57.4
59.5
3.9
3.1
660
1,019
1,208
12.3
13.0
51.0
68.4
10.8
8.0
2.9
2.1
30.3
30.2
0.8
0.7
zOthers
Page Industries
Neutral
Relaxo Footwears
Buy
Sintex Industries
Buy
60
79
1,632
4,751
5,189
16.3
16.6
13.6
15.8
4.4
3.8
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
290
392
272
1,042
1,173
12.4
12.5
66.3
78.5
4.4
3.7
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
24
45
718
7,279
8,290
21.0
21.0
15.0
17.6
1.6
1.4
0.2
0.2
13.7
13.9
0.7
0.6
SpiceJet
Buy
34
40
1,669
5,647
6,513
3.5
6.5
1.9
4.9
17.7
7.0
41.7
6.0
0.4
0.4
TAJ GVK
Buy
70
108
439
300
319
35.8
36.2
7.9
9.1
8.9
7.7
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
336
424
518
787
837
16.2
17.5
58.5
66.9
5.8
5.0
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Buy
307
427
235
1,476
1,660
7.1
8.3
32.5
61.0
9.4
5.0
1.5
1.2
16.7
26.8
0.4
0.4
United Spirits
Neutral
825
10,784
10,289
11,421
13.5
14.3
31.0
42.9
26.6
19.2
2.1
1.9
8.1
10.3
1.7
1.6
Vesuvius India
Accumulate
365
413
740
628
716
16.4
16.5
29.8
34.4
12.2
10.6
2.1
1.8
18.8
18.6
1.0
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 10, 2012
Market Outlook
August 13, 2012

Market Outlook 130812

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Market Outlook 130812

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Market Outlook

August 13, 2012

(0.9) (102.1) 11,889

OIL & GAS

(0.7) (133.4) 20,136

Bosch to temporarily suspend manufacturing operations at its plants

Refer detailed news analysis on the following page

Net Inflows (August 9, 2012)

FII Derivatives (August 10, 2012)

Bosch to temporarily suspend manufacturing operations at its

11, 13, 14, 25, 27

16, 17, 18, 27, 28, 29

Supreme Court denies PNGRB to enquire into IGLs books of

Work on Dholera special investment region to start within a year

Electrosteel Castings associate, Electrosteel Steels reports

156,331 37.7 26,796 31.3 18.7

159,043 36.3 27,892 32.6 17.3

State Bank of India (CMP: `1,888/ TP: `2,270/ Upside: 20%)

domestic current account deposits lead to domestic CASA deposits growing at a

3.5 15,056 224.4

3.5 17,361 258.7

Sun Pharma (CMP: `676/ TP: -/ Upside: - %)

2,347 22.7 17.9

2,333 22.6 15.6

Glaxo Pharma (CMP: `2,105/ TP: - / Upside: - % )

Reliance Communication (CMP: `55 / TP: - / Upside: -)

Bharat Forge (CMP: `312/ TP: `358 / Upside: 15%)

Ashoka Buildcon (CMP: `255 / TP: `273 / Upside: 7%)

Godawari Power and Ispat (CMP: `124/ TP: -/ Upside: -)

CCCL (CMP: `17 / TP: - / Upside: - %)

Madhucon Projects (CMP: `37/ TP: `56 / Upside: 53%)

Hitachi Home (CMP `114, TP: `130, Upside: 14.3%)

recommend an Accumulate on the stock with a target price of `130, based on a

28.0 10,867 17.2 36.7

27.5 14,788 23.4 38.0

5,812 53.9 13.0

7,120 66.0 14.2

expected to post a 170bp yoy expansion in operating margin to 20% led by

1,288 410.2 22.1

1,445 460.3 20.4

7,553 19.1 27.1

8,287 20.9 24.4

Note: * computed on TTM basis

Quarterly Bloomberg Brokers Consensus Estimate

NMDC Ltd - (13/08/2012)

EBITDA margin (%)

Suzlon Energy Ltd - Consolidated (13/08/2012)

EBITDA margin (%)

Tata Steel Ltd - Consolidated (13/08/2012)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Essar Oil Ltd - (14/08/2012)

HDIL - Consolidated (14/08/2012)

Hindalco Industries Ltd - (14/08/2012)

EBITDA margin (%)

Reliance Infrastructure Ltd - (14/08/2012)

EBITDA margin (%)

Reliance Power - Consolidated (14/08/2012)

EBITDA margin (%)

Unitech Ltd - Consolidated (14/08/2012)

EBITDA margin (%)

IDFC Ltd - Consolidated (14/08/2012)