Market Outlook 

June 1, 2012

Dealer’s Diary
The domestic markets are expected to edge lower, tracing negative opening in
most of the Asian bourses and the SGX Nifty, after China’s manufacturing and U.S.
economic data missed estimates, adding to concern the world’s two largest
economies are slowing.
Globally, US markets moved sharply lower in early trading on Thursday as traders
reacted negatively to a another batch of U.S. economic data, including reports that
provided further signs of sluggishness in the labor market. Selling pressure reemerged in late-day trading resulting in a lower close. The European markets gave
back their early gains yesterday and largely finished in negative territory, following
the release of the weaker than expected U.S. employment data, the downwardly
revised GDP result and the sharp decline in the Chicago PMI result. Meanwhile,
ECB President Mario Draghi on Thursday said that the bank cannot fix the turmoil
in the currency bloc and urged Eurozone leaders to come up with a 'vision' for
years ahead.
Indian markets fell sharply on Thursday, extending the previous session's losses,
after government data showed that the country's 4QFY2012 GDP slumped to a
nine-year low of 5.3%, reflecting weak business sentiment, high fiscal and current
account deficits and government policy inaction.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.6)

(93.6) 16,219

Nifty

(0.5)

(26.5)

4,924

0.4

21.0

5,908

SMALL CAP

(0.6)

(36.2)

6,271

BSE HC

(0.1)

(4.9)

6,645

19.9

6,760

MID CAP

BSE PSU

0.3

BANKEX

(0.9)

AUTO

(2.0) (177.1)

METAL

(0.2)

(95.3) 10,885
8,873

(21.5) 10,106

OIL & GAS

0.1

3.4

7,588

BSE IT

0.4

19.5

5,666

(Pts)

(Close)

Global Indices

Chg (%)

Dow Jones

(0.2)

(26.4) 12,393

NASDAQ

(0.4)

(10.0)

2,827

0.5

23.6

5,321

Nikkei

(1.1)

(90.5)

8,543

Hang Seng

(0.3)

(60.7) 18,630

Straits Times

(0.4)

(11.4)

2,773

The trend deciding level for the day is 16,194 / 4,919 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,302 – 16,385 / 4,954 – 4,985 levels. However, if NIFTY trades below
16,194 / 4,919 levels for the first half-an-hour of trade then it may correct up to
16,111 – 16,003 / 4,889 – 4,853 levels.

Shanghai Com

(0.5)

(12.4)

2,372

Chg (%)

(Pts)

(Close)

INFY

(1.0)

(0.4)

$42.1

WIT

(0.5)

(0.0)

$8.6

Indices

S2

S1

PIVOT

R1

R2

IBN

(0.4)

(0.1)

$28.2

SENSEX

16,003

16,111

16,194

16,302

16,385

HDB

(3.3)

(0.9)

$28.0

NIFTY

4,853

4,889

4,919

4,954

4,985

Markets Today

Indian ADRs

Advances / Declines

News Analysis
„
„
„
„

FTSE

India’s 4QFY2012 GDP grows at weakest pace in ~9 years
Cabinet approves new telecom policy
BHEL bags `1,143cr order from NTPC
MphasiS 2QFY2012 Result Preview

BSE

NSE

Advances

1165

622

Declines

1,449

819

104

57

Unchanged

Refer detailed news analysis on the following page

Volumes (` cr)

Net Inflows (May 29, 2012)

BSE

1,783

NSE

16,178

` cr

Purch

Sales

FII

1,593
241

MFs

Net

MTD

YTD

1,405

187

(974)

42,488

363

-122

360

(5,741)

FII Derivatives (May 31, 2012)
` cr

Purch

Sales

Net

Open Interest

Index Futures

3,773

5,025

(1,252)

6,755

Stock Futures

5,646

5,500

146

19,890

Gainers / Losers
Gainers
Company
Bank of India

Losers

Price (`)

chg (%)

Company

Price (`)

chg (%)

340

6.6

Suzlon Energy

18

(8.6)

Dena Bank

92

5.7

United Spirits

564

(7.9)

Uco Bank

69

5.6

Amtek Auto-$

99

(4.7)

4,035

5.6

Tata Motors

233

(4.2)

76

5.1

ICICI Bank

784

(4.0)

Asian Paints
Central Bank

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Market Outlook
June 1, 2012

India’s 4QFY2012 GDP grows at the weakest pace in ~9 years
Economic slowdown clearly evident: The Indian economy grew at its weakest pace
in nearly nine years in 4QFY2012, suggesting the impact of high inflation and
interest rates as well as added supply constraints and execution slowdown due to
the government’s policy impasse. India's gross domestic product (GDP) grew by
5.3% yoy in 4QFY2012 in comparison to 9.2% yoy expansion witnessed in
4QFY2011, due to continued poor performance of the manufacturing and
agriculture sectors. The reading was much lower than Bloomberg’s survey of
economists at 6.1% and added to the prevailing negative sentiments in the
markets. GDP growth for FY2012 also moderated to 6.5% from 8.4% growth
registered in FY2011.
Farm output growth declines; manufacturing declines: During 4QFY2012, the
manufacturing sector’s output declined by 0.3% yoy from 7.3% registered in
4QFY2011. Growth in farm output also dipped to meager 1.7% yoy from 7.5%
yoy recorded in 4QFY2011. Mining and quarrying production improved by 4.3%
yoy during the quarter, as against subdued growth of 0.6% yoy in 4QFY2011.
Growth in the construction sector also slowed to 4.8% yoy from 8.9% yoy in
4QFY2011.
Services sector growth also moderates this time: Growth momentum moderated in
the trade, hotels, transport and communications segments (grew by 7.0% yoy as
against 11.6% witnessed in 4QFY2011) and community, social and personnel
services (grew by 7.1% yoy from 9.5% registered in 4QFY2011). Growth in
business services including insurance and real estate remained strong, however,
with an increase of 10.0% yoy in 4QFY2012 (10.0% in 4QFY2011 as well).
Overall, services sector growth moderated to 7.8% yoy during 4QFY2012 from
10.5% registered in 4QFY2011.
Capex cycle shows signs of turnaround; private consumption remains moderate:
Capex cycle for India Inc., which had slowed down considerably over the past few
quarters, showed signs of improvement. Gross fixed capital formation (GFCF),
which had dipped by 0.3% yoy in 3QFY2012, increased by 3.6% yoy during the
quarter. Also, as a result of high inflation, private consumption expenditure growth
remained moderate (6.1% yoy in 4QFY2012 as against 6.4% in 3QFY2012).
5.3% reading increases the probability of further monetary easing: The Reserve
Bank of India (RBI) in its latest monetary policy cited slowdown in growth and
headroom provided by moderating core inflation as the primary motivators behind
the larger-than-expected reduction in policy rates. In our view, the recent weak set
of economic data (IIP declined by 3.5%, moderation in GDP growth to 5.3% and
weakening global macro scenario) improves the probability of further rate cuts in
the next monetary policy due in June.

www.angelbroking.com

Market Outlook
June 1, 2012

Exhibit 1: Component-wise GDP growth
Industry (` cr)

4QFY12

3QFY11

% chg

FY2012

FY2011

Agriculture, Forestry & Fishing

193,955

190,778

1.7

728,668

709,104

2.8

30,798

29,520

4.3

108,468

109,422

(0.9)

208,999

209,523

(0.3)

793,468

774,162

2.5

Mining & Quarrying
Manufacturing
Electricity, Gas & Water Supply

% chg

24,839

23,684

4.9

98,105

90,946

7.9

Construction

108,385

103,378

4.8

404,617

384,199

5.3

Trade, Hotels, Transport & Commn.

391,527

365,994

7.0

1,462,774

1,330,455

9.9

Fin., Ins, Real Estate & Business Services

243,294

221,114

10.0

931,715

849,995

9.6

Community, Social & Personal Services

193,275

180,493

7.1

674,703

637,675

5.8

1,395,072

1,324,484

5.3

5,202,518

4,885,958

6.5

GDP at factor cost
Source: CSO, Angel Research

Exhibit 2: GDP component-wise yoy growth trends
Industry (%)
Agriculture, Forestry & Fishing
Mining & Quarrying

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

1.7

2.8

3.1

3.7

7.5

11.0

4.9

3.1

4.3

(2.8)

(5.4)

(0.2)

0.6

6.1

7.3

6.9

(0.3)

0.6

2.9

7.3

7.3

7.8

6.1

9.1

Electricity, Gas & Water Supply

4.9

9.0

9.8

7.9

5.1

3.8

0.3

2.9

Construction

4.8

6.6

6.3

3.5

8.9

8.7

6.0

8.4

Trade, Hotels, Transport & Commn.

7.0

10.0

9.5

13.8

11.6

9.7

10.6

12.6

Fin., Ins, Real Estate & Business Services

10.0

9.1

9.9

9.4

10.0

11.2

10.4

10.0

Community, Social & Personal Services

7.1

6.4

6.1

3.2

9.5

(0.8)

4.5

4.4

GDP at factor cost

5.3

6.1

6.7

8.0

9.2

8.2

7.6

8.5

Manufacturing

Source: CSO, Angel Research

Cabinet approves new telecom policy
The Cabinet, yesterday, approved National Telecom Policy (NTP) 2012 that
proposes to abolish roaming charges on mobile phones and allow users to retain
the same number across the country. NTP 2012 aims to provide free roaming to
telecom users and allow them to retain their mobile number even outside their
circles without having to pay any extra charge. However, consumers will have to
wait for some time before roaming charges are abolished and one-number-onenation concept implements, as DoT will first workout modalities of the new scheme
before it is brought into force. NTP 2012 envisages increasing penetration of
telecom services in rural areas from the current level of ~39% to 70% by 2017
and 100% by 2020. The new policy, which will separate licenses and airwaves and
will allow sharing of airwaves among carriers, also seeks to facilitate consolidation
in the telecom industry. Pricing of airwaves is, however, not part of the telecom
policy and will be set through an open auction process.

BHEL bags `1,143cr order from NTPC
BHEL has bagged a `1,143cr contract from NTPC for setting up a 500-MW power
generating unit at its Vindhyachal Super Thermal Power Station in Madhya
Pradesh. The order includes supply and installation of the main plant package
(boilers, turbines and generators). The scope of work in the contract envisages
design, engineering, manufacture, supply and erection & commissioning of steam

www.angelbroking.com

Market Outlook
June 1, 2012

generator and steam turbine generator along with associated auxiliaries and
controls and instrumentation. We maintain our Neutral view on the stock.

Result preview
MphasiS – 2QFY2012 (CMP: `375, TP: `433, Upside: 15%)
MphasiS is slated to announce its 2QFY2012 results. We expect the company to
record revenue of US$275mn, up 3% qoq. In INR terms, revenue is expected to
come in at `1,380cr, up 0.9% qoq. EBITDA margin is expected to increase by
66bp qoq to 19.1%. PAT is expected to come in at `189cr, up 2.2% qoq. We
continue to maintain our Buy rating on the stock with a target price of `433.
Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

5,904

18.3

811

38.7

14.9

9.7

1.4

4.8

0.9

FY2014E

6,320

17.9

864

41.2

113.7

9.1

1.2

4.0

0.7

Economic and Political News
„
„
„

Fiscal deficit lower at 5.7% in FY2012: CGA
Government launches austerity drive, bans creation of new posts
Finance Minister axes multiple tax on software made in India

Corporate News
„
„
„
„
„

SpiceJet to be the first carrier to import jet fuel directly
M&M to spend `5,000cr on capex over the next three years
RINL to kick off overseas roadshows for IPO in June
Royal Dutch Shell, Reliance Power to set up LNG terminal in AP
Telenor in talks for new partner in India

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

www.angelbroking.com

Market Outlook
June 01, 2012

Result Calendar
Date

Company

June 01, 2012

Mphasis

Source: Bloomberg, Angel Research

Global economic events release calendar
Date

June 01, 2012

Country

Event Description

Germany

PMI Manufacturing

US

Change in Nonfarm payrolls

US

Unnemployment rate

China

PMI Manufacturing

India

Unit

Period

Bloomberg Data
Last Reported

Estimated

Value

May-12

45.00

45.00

Thousands

Apr-12

115.00

150.00

%

Apr-12

8.10

8.10

Value

Apr-12

53.30

52.00

Imports YoY%

% Change

Mar-12

24.28

--

India

Exports YoY%

% Change

Mar-12

(5.71)

--

UK

PMI Manufacturing

Value

Apr-12

50.50

49.70

June 05, 2012

Germany

PMI Services

Value

May-12

52.20

52.20

June 06, 2012

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

Mar-12

--

--

Euro Zone

ECB announces interest rates

%

May-12

1.00

1.00

June 07, 2012

UK

BOE Announces rates

% Ratio

May-12

0.50

0.50

June 09, 2012

China

Industrial Production (YoY)

% Change

Apr-12

9.30

9.80

China

Consumer Price Index (YoY)

% Change

Apr-12

3.40

3.20

June 10, 2012

China

Exports YoY%

% Change

Apr-12

4.90

7.50

June 12, 2012

India

Industrial Production YoY

% Change

Mar-12

(3.50)

--

UK

Industrial Production (YoY)

% Change

Mar-12

(2.60)

--

June 13, 2012

US

Producer Price Index (mom)

% Change

Apr-12

(0.20)

--

June 14, 2012

US

Consumer price index (mom)

% Change

Apr-12

--

--

Euro Zone

%

Apr-12

2.60

--

% Change

Apr-12

7.23

--

%

Apr-12

1.09

--

June 15, 2012

US

Euro-Zone CPI (YoY)
Monthly Wholesale Prices
YoY%
Industrial Production

June 18, 2012

India

RBI Repo rate

%

-

8.00

--

India

RBI Cash Reserve ratio

%

-

4.75

--

India

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Strategy
June 01, 2012

Macro watch

Exhibit 1: Quarterly GDP trends

(%)

4.0

4.1

3.4

2.7

2.5

(6.0)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

Mfg. PMI

60.0

9.6

9.5

9.4

9.8

10.0

9.9

7.7

8.0

Mar-12

Services PMI

58.0

9.5
6.9

7.4

6.9

7.2

56.0

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

Repo rate

(%)
9.00

90
75

Reverse Repo rate

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Apr-11

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

48.0
Sep-11

0.0

Aug-11

50.0
Jul-11

2.0

Jun-11

52.0

May-11

4.0

Jun-11

54.0

6.0

May-11

10.0

(3.5)

(5.0)

Source: CSO, Angel Research

12.0

Feb-12

(4.0)

Jan-12

1.1
Dec-11

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

(2.0)

4QFY10

3.0

3QFY10

-

2QFY10

2.0

4.0

1QFY10

5.0

4QFY09

6.0
3.7

Nov-11

5.3

6.2

5.3

6.0

6.1

5.9

Oct-11

6.0

8.0

6.7

Sep-11

7.0

7.6

7.4

9.5

10.0

8.0

Aug-11

7.5

8.0

8.2

Jul-11

8.5

9.0

12.0

9.2

Jun-11

9.4

May-11

9.8

Apr-11

(%)

10.0

Exhibit 2: IIP trends

CRR

8.00

8.00

60
7.00

45

30

6.00
4.75

5.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Source: RBI, Angel Research

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

4.00
May-11

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

0

May-12

15

(15)

7.00

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

( Č)

Price ( Č)

( Č 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

-

2,419

1,432

1,647

14.7

14.7

7.0

8.0

17.8

15.6

3.8

3.2

22.8

22.3

1.7

1.5

United Phosphorus

Buy

111

183

5,107

8,191

8,764

16.5

16.5

17.1

18.3

6.5

6.1

1.1

0.9

17.5

16.2

0.8

0.7

Amara Raja Batteries

Accumulate

301

345

2,568

2,691

3,032

15.6

15.5

29.4

32.8

10.2

9.2

2.4

2.0

26.5

23.6

0.9

0.8

Apollo Tyres

Buy

87

100

4,360

13,699

15,184

10.5

10.2

12.1

13.3

7.2

6.5

1.3

1.1

19.7

18.4

0.5

0.4

Ashok Leyland

Buy

25

33

6,652

14,798

16,687

9.6

9.6

2.4

3.0

10.3

8.4

2.1

1.8

14.8

16.5

0.5

0.4

Automotive Axle

Buy

445

514

673

1,211

1,387

12.1

11.7

50.3

57.1

8.9

7.8

2.2

1.8

27.8

25.7

0.6

0.5

Bajaj Auto

Buy

1,513

1,835

43,781

22,118

24,889

19.0

18.6

115.7

126.5

13.1

12.0

5.2

4.2

45.0

38.9

1.6

1.3

Bharat Forge

Buy

312

372

7,268

7,173

7,998

16.3

16.5

22.3

26.6

14.0

11.8

2.7

2.3

21.0

21.0

1.1

0.9

Bosch India

Accumulate

8,683

9,429

27,264

9,390

10,716

19.5

19.1

420.2

471.4

20.7

18.4

4.8

4.0

23.3

21.8

2.6

2.2

CEAT

Buy

93

164

317

5,067

5,631

8.0

7.6

39.4

41.0

2.4

2.3

0.4

0.4

18.8

16.5

0.3

0.3

Exide Industries

Buy

119

146

10,081

5,787

6,595

15.5

17.0

7.1

9.0

16.7

13.3

2.9

2.5

18.6

20.3

1.4

1.2

FAG Bearings

Neutral

1,525

-

2,535

1,531

1,748

18.8

18.5

118.0

132.8

12.9

11.5

2.8

2.3

24.0

21.9

1.4

1.1

Hero Motocorp

Buy

1,837

2,280

36,683

26,106

29,296

15.0

15.2

140.3

148.1

13.1

12.4

6.2

4.8

54.8

43.3

1.1

0.8

JK Tyre

Buy

78

113

322

8,058

9,025

5.4

5.5

24.8

32.2

3.2

2.4

0.3

0.3

11.4

13.2

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Buy

652

793

40,013

34,740

39,263

10.7

11.0

44.9

51.7

14.5

12.6

2.6

2.3

18.9

19.1

0.8

0.7

Maruti

Buy

1,106

1,510

31,966

42,683

48,736

7.1

7.5

86.6

100.6

12.8

11.0

1.8

1.6

15.3

15.5

0.5

0.5

Motherson Sumi

Buy

163

216

6,330

11,167

12,516

9.5

10.0

11.3

14.4

14.4

11.4

3.1

2.6

23.3

24.7

0.7

0.6

Subros

Neutral

33

-

197

1,225

1,393

8.5

8.2

4.2

5.0

7.9

6.6

0.8

0.8

10.3

11.8

0.4

0.3

Tata Motors

Buy

233

312

62,150 191,183 210,301

12.8

12.8

39.4

43.6

5.9

5.3

2.1

1.6

40.4

34.3

0.4

0.4

TVS Motor

Buy

34

55

1,615

7,982

8,816

6.4

6.3

5.0

5.6

6.8

6.1

1.2

1.0

18.9

18.2

0.2

0.2

ABB*

Sell

734

498

15,560

8,760

10,023

6.4

6.4

18.2

20.7

40.3

35.4

5.4

4.9

14.4

14.6

1.7

1.5

BGR Energy

Neutral

286

-

2,065

4,170

5,396

11.5

10.4

27.2

30.4

10.5

9.4

1.7

1.6

17.3

17.4

1.1

1.0

BHEL

Neutral

212

-

51,877

46,344

46,916

18.3

18.6

23.5

24.1

9.0

8.8

1.8

1.6

21.3

18.9

1.0

1.0

Blue Star

Buy

163

221

1,467

3,250

3,551

5.9

5.9

12.4

15.8

13.1

10.3

2.7

2.3

21.2

23.8

0.5

0.4

Crompton Greaves

Buy

112

164

7,182

12,936

14,101

9.6

10.0

10.9

11.7

10.3

9.5

1.8

1.6

18.4

17.3

0.6

0.5

Jyoti Structures

Buy

39

67

317

2,622

2,801

10.6

11.0

10.9

13.4

3.6

2.9

0.4

0.4

12.7

13.9

0.3

0.3

KEC International

Buy

51

73

1,302

6,686

7,200

7.7

7.9

10.6

12.2

4.8

4.2

0.9

0.8

25.9

24.0

0.3

0.3

LMW

Buy

1,549

2,609

1,745

2,663

3,130

12.8

12.8

185.0

217.4

8.4

7.1

1.7

1.5

21.2

21.7

0.2

0.1

Thermax

Neutral

447

-

5,323

5,514

5,559

8.3

8.0

29.7

28.4

15.1

15.8

2.8

2.5

20.2

16.9

0.8

0.8

Capital Goods

www.angelbroking.com

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Cement
ACC

Neutral

1,140

-

21,407

11,018

12,663

19.9

21.2

70.7

81.2

16.1

14.1

2.8

2.5

18.0

19.0

1.7

1.4

Ambuja Cements

Neutral

151

-

23,211

10,035

11,504

23.5

23.8

10.1

10.6

14.9

14.3

2.9

2.6

18.5

19.4

1.9

1.6

India Cements

Neutral

75

-

2,316

4,423

4,906

18.2

18.8

9.9

12.7

7.6

6.0

0.6

0.6

8.6

10.5

0.8

0.7

J K Lakshmi Cements

Buy

61

79

748

1,938

2,246

19.1

20.1

14.6

16.1

4.2

3.8

0.6

0.5

13.4

13.6

0.5

0.9

Madras Cements

Neutral

137

-

3,252

3,444

3,786

25.5

24.9

14.6

17.1

9.4

8.0

1.4

1.2

15.6

16.0

1.6

1.3

Shree Cements

Neutral

2,421

-

8,433

5,465

6,249

24.3

23.7

151.5

222.1

16.0

10.9

3.8

3.3

21.6

25.8

1.3

0.9

UltraTech Cement

Neutral

1,417

-

38,822

20,116

22,655

21.3

22.5

82.1

97.5

17.3

14.5

2.7

2.4

16.8

17.4

1.9

1.8

210

302

1,106

2,014

2,294

22.4

22.4

28.4

30.8

7.4

6.8

1.0

0.9

14.1

13.3

2.3

2.6

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

14

-

256

2,526

2,792

5.7

6.6

1.8

2.8

7.5

4.9

0.4

0.4

5.5

8.1

0.3

0.3

Hind. Const.

Neutral

18

-

1,071

4,239

4,522

11.1

11.8

(1.8)

(0.8)

(9.8)

(22.6)

1.0

1.1

(9.5)

(4.7)

1.3

1.2

IRB Infra

Buy

113

166

3,744

3,821

4,582

42.3

40.2

15.0

16.9

7.5

6.7

1.1

1.0

16.1

15.8

2.6

2.4

ITNL

Buy

182

265

3,532

6,619

7,925

23.8

23.3

22.0

26.7

8.3

6.8

1.2

1.0

14.9

15.9

2.2

2.1

IVRCL Infra

Buy

41

79

1,087

5,758

6,860

9.2

9.2

4.7

6.0

8.7

6.8

0.5

0.5

6.0

7.3

0.6

0.6

Jaiprakash Asso.

Buy

62

104

13,195

16,017

18,359

24.4

23.5

4.2

5.0

14.8

12.4

1.3

1.2

8.8

9.7

2.1

1.9

Larsen & Toubro

Buy

1,172

1,553

71,792

59,559

69,089

12.1

11.5

70.8

76.5

16.6

15.3

2.5

2.2

16.1

15.3

1.3

1.2

Madhucon Proj

Buy

41

70

303

2,206

2,502

10.7

10.7

4.6

4.7

8.8

8.8

0.5

0.4

5.2

5.0

0.7

0.7

Nagarjuna Const.

Buy

31

76

785

5,790

7,022

9.2

9.5

3.5

5.4

8.8

5.7

0.3

0.3

3.7

5.6

0.7

0.7

Patel Engg.

Neutral

86

-

599

3,609

3,836

13.1

13.1

14.0

14.6

6.1

5.9

0.4

0.4

6.3

6.1

1.0

1.1

Punj Lloyd

Neutral

45

-

1,486

10,592

12,193

8.4

8.4

2.9

4.6

15.4

9.8

0.5

0.5

3.9

3.1

0.6

0.6

Sadbhav Engg.

Buy

126

199

1,889

2,989

3,315

10.6

10.6

10.2

11.3

12.4

11.1

2.0

1.7

17.6

16.3

0.8

0.8

Simplex Infra

Buy

223

316

1,103

6,732

7,902

9.3

9.6

27.2

35.1

8.2

6.4

0.9

0.8

11.0

12.6

0.5

0.4

Allahabad Bank

Accumulate

131

147

6,565

7,392

8,542

3.1

3.1

38.3

42.1

3.4

3.1

0.6

0.5

18.4

17.6

-

-

Andhra Bank

Neutral

108

-

6,069

5,151

5,843

3.2

3.1

22.4

25.7

4.8

4.2

0.7

0.7

15.8

16.0

-

-

Axis Bank

Buy

972

1,476

40,204

16,157

19,557

3.2

3.2

116.4

139.1

8.4

7.0

1.5

1.3

20.0

20.3

-

-

Bank of Baroda

Buy

687

925

26,899

15,993

18,918

2.6

2.6

127.3

149.9

5.4

4.6

0.9

0.8

17.8

18.2

-

-

Bank of India

Accumulate

340

389

19,534

13,558

15,551

2.5

2.4

61.6

70.8

5.5

4.8

0.9

0.8

16.8

16.9

-

-

Bank of Maharashtra

Accumulate

Canara Bank

Buy

Central Bank

Neutral

Financials

www.angelbroking.com

51

53

2,989

3,580

4,050

3.2

3.2

11.5

13.1

4.4

3.9

0.7

0.6

17.4

17.2

-

-

403

493

17,871

12,061

13,906

2.3

2.3

83.1

92.7

4.9

4.4

0.8

0.7

16.7

16.4

-

-

76

-

5,628

6,838

7,912

2.3

2.4

13.8

20.3

5.6

3.8

0.8

0.7

10.9

14.4

-

-

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

417

468

6,171

5,203

5,880

2.2

2.1

107.5

112.7

3.9

3.7

0.7

0.6

17.9

16.5

-

-

92

107

3,207

3,149

3,522

2.8

2.8

23.3

26.1

3.9

3.5

0.6

0.6

17.7

17.0

-

-

Financials
Corporation Bank

Accumulate

Dena Bank

Buy

Federal Bank

Neutral

419

-

7,158

2,743

3,131

3.4

3.3

49.7

57.4

8.4

7.3

1.1

1.0

14.1

14.6

-

-

HDFC

Neutral

655

-

96,832

7,393

8,844

3.5

3.4

31.7

37.9

20.7

17.3

4.1

3.7

34.7

31.9

-

-

HDFC Bank

Accumulate

506

567

118,806

21,831

27,477

4.3

4.3

28.3

35.5

17.9

14.3

3.4

2.9

20.8

22.1

-

-

ICICI Bank

Buy

784

1,174

90,144

22,209

26,512

2.8

2.8

67.9

81.1

11.6

9.7

1.4

1.3

14.7

16.0

-

-

IDBI Bank

Buy

85

113

10,924

8,004

9,589

1.9

2.0

19.9

23.9

4.3

3.6

0.6

0.5

13.8

14.9

-

-

Indian Bank

Accumulate

169

190

7,263

6,312

7,119

3.4

3.3

41.1

43.7

4.1

3.9

0.7

0.6

18.2

16.9

-

-

IOB

Accumulate

81

92

6,488

7,354

8,283

2.5

2.4

16.3

21.7

5.0

3.8

0.6

0.5

11.5

13.9

-

-

J & K Bank

Neutral

929

-

4,502

2,535

2,861

3.5

3.4

176.3

184.4

5.3

5.0

1.0

0.8

19.3

17.6

-

-

LIC Housing Finance

Buy

237

286

11,981

2,108

2,607

2.6

2.6

24.5

30.6

9.7

7.8

1.8

1.5

20.1

21.4

-

-

Oriental Bank

Accumulate

229

262

6,690

6,431

7,315

2.7

2.6

54.4

63.8

4.2

3.6

0.6

0.5

13.6

14.3

-

-

Punjab Natl.Bank

Buy

756

1,041

25,628

19,893

23,653

3.1

3.2

153.4

175.2

4.9

4.3

0.9

0.7

18.3

18.1

-

-

South Ind.Bank

Neutral

24

-

2,741

1,440

1,635

2.7

2.5

3.8

4.1

6.5

5.9

1.2

1.1

19.9

18.6

-

-

St Bk of India

Buy

2,056

2,469

137,940

68,311

79,649

3.6

3.6

230.4

273.4

8.9

7.5

1.5

1.2

18.2

18.8

-

-

Syndicate Bank

Buy

93

126

5,568

7,133

8,255

3.0

3.0

25.9

30.0

3.6

3.1

0.6

0.5

16.9

17.1

-

-

UCO Bank

Neutral

69

-

4,613

5,623

6,380

2.4

2.4

16.9

17.9

4.1

3.9

0.8

0.7

16.5

15.4

-

-

Union Bank

Buy

202

261

11,099

10,215

11,854

2.9

2.8

42.7

50.3

4.7

4.0

0.8

0.7

17.0

17.5

-

-

United Bank

Buy

60

78

2,171

3,551

4,128

2.7

2.8

18.8

22.6

3.2

2.7

0.5

0.4

15.5

16.5

-

-

Vijaya Bank

Neutral

55

-

2,735

2,668

3,001

2.2

2.2

10.6

12.2

5.2

4.5

0.7

0.6

13.3

13.8

-

-

Yes Bank

Buy

330

450

11,681

3,209

4,144

2.7

2.8

33.9

41.5

9.7

8.0

2.1

1.7

23.1

23.3

-

-

4,035

-

38,700

11,423

13,309

16.3

16.3

125.3

148.4

32.2

27.2

10.9

8.6

38.0

35.4

3.3

2.8

533

650

6,372

5,906

6,856

6.9

7.0

22.3

28.3

23.9

18.9

9.8

7.3

45.2

44.1

1.1

0.9

1,201

-

16,326

3,007

3,417

21.1

22.1

37.7

42.6

31.8

28.2

37.9

30.6

129.4

120.1

5.3

4.7

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

Dabur India

Neutral

104

-

18,179

5,878

6,799

16.8

17.0

4.2

4.9

25.2

21.2

9.1

7.5

39.3

42.0

3.1

2.7

GlaxoSmith Con*

Neutral

2,792

-

11,741

3,124

3,663

17.1

11.6

103.0

123.3

27.1

22.7

8.4

6.7

34.0

32.9

3.4

2.9

Godrej Consumer

Neutral

575

-

19,559

5,973

7,000

18.4

18.6

22.8

27.2

25.2

21.2

6.9

5.6

31.3

38.4

3.4

2.9

HUL

Neutral

427

-

92,232

25,350

29,309

14.3

14.4

14.1

16.4

30.2

26.0

22.6

17.7

82.7

76.2

3.5

3.0

ITC

Accumulate

230

252

180,019

29,638

34,159

35.4

35.8

9.3

10.9

24.6

21.1

8.0

6.5

35.3

33.8

5.8

5.0

www.angelbroking.com

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

FY13E

OPM(%)

FY14E

FY13E

FY14E

EPS ( Č)
FY13E

PER(x)

P/BV(x)

FY14E

FY13E

FY14E

FY13E

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FMCG
Marico

Neutral

175

-

11,282

4,667

5,427

12.8

12.9

6.6

8.1

26.3

21.5

7.1

5.5

30.0

28.8

2.4

2.0

Nestle*

Neutral

4,504

-

43,430

8,731

10,539

21.0

21.4

119.3

147.9

37.8

30.5

23.1

15.8

73.0

61.6

5.0

4.1

Tata Global

Buy

108

136

6,654

7,011

7,712

9.7

10.0

6.0

7.1

18.1

15.1

1.7

1.6

8.9

10.2

0.8

0.8

HCL Tech

Accumulate

504

560

34,926

22,792

25,743

17.4

17.4

37.8

43.0

13.4

11.7

3.0

2.5

22.3

21.3

1.5

1.3

Hexaware

Accumulate

119

128

3,532

1,821

2,105

19.0

18.6

9.8

10.7

12.2

11.2

2.8

2.4

23.7

22.5

1.7

1.4

Infosys

Accumulate

2,440

2,792

140,104

37,615

42,491

31.1

30.6

158.5

174.5

15.4

14.0

3.5

2.9

22.5

20.8

3.1

2.6

Infotech Enterprises

Neutral

172

-

1,914

1,758

1,972

17.0

16.6

16.8

18.6

10.2

9.2

1.4

1.2

13.6

13.2

0.7

0.6

KPIT Cummins

Neutral

119

-

2,111

2,028

2,239

15.0

14.8

9.0

11.4

13.2

10.4

2.4

2.0

19.3

18.7

1.0

0.9

Mahindra Satyam

Accumulate

75

86

8,855

7,097

7,812

16.2

16.0

7.5

8.0

10.0

9.5

1.3

1.2

13.2

12.3

0.8

0.7

Mindtree

Neutral

630

-

2,556

2,172

2,450

16.1

15.5

53.9

58.5

11.7

10.8

2.2

1.8

18.9

17.0

1.0

0.8

Mphasis

Buy

375

433

7,875

5,904

6,320

18.3

17.9

38.7

41.2

9.7

9.1

1.4

1.3

14.9

13.7

0.9

0.7

NIIT

Buy

42

52

699

1,162

1,304

14.8

15.1

7.1

8.8

6.0

4.8

1.0

0.9

16.7

18.4

0.4

0.3

Persistent

Accumulate

TCS

Neutral

Tech Mahindra
Wipro

IT

343

361

1,371

1,109

1,224

23.3

22.4

37.2

40.1

9.2

8.6

1.4

1.2

15.4

14.5

0.9

0.7

1,246

-

243,831

57,189

66,329

29.3

28.7

63.2

70.9

19.7

17.6

6.0

4.9

30.5

27.7

4.0

3.4

Accumulate

671

725

8,552

5,880

6,314

15.6

15.2

75.9

82.2

8.8

8.2

1.8

1.5

20.1

18.1

1.4

1.2

Neutral

410

-

100,714

41,918

46,879

19.4

19.9

25.1

28.7

16.3

14.3

3.0

2.6

18.6

18.3

2.1

1.7

D B Corp

Buy

196

269

3,584

1,652

1,863

25.7

26.3

13.5

16.1

14.5

12.2

3.2

2.7

24.1

24.4

2.1

1.8

HT Media

Buy

110

148

2,595

2,255

2,555

16.3

16.7

9.0

10.6

12.3

10.4

1.5

1.4

13.4

13.8

0.7

0.6

Jagran Prakashan

Buy

93

137

2,925

1,499

1,642

27.4

28.8

7.6

9.1

12.1

10.2

4.1

3.6

34.6

37.7

1.9

1.7

PVR

Neutral

153

-

396

625

732

17.4

16.9

12.4

15.8

12.3

9.7

2.0

2.1

8.5

9.9

0.8

0.7

Sun TV Network

Neutral

239

-

9,417

2,135

2,458

75.2

74.4

20.9

24.0

11.5

10.0

2.7

2.3

26.0

25.1

3.4

2.7

Bhushan Steel

Neutral

441

-

9,364

9,232

13,557

30.8

31.1

48.0

58.6

9.2

7.5

1.2

1.0

14.5

7.5

3.2

2.2

Coal India

Accumulate

322

353

203,197

68,841

74,509

25.3

25.3

24.1

26.1

13.4

12.3

3.7

3.0

30.4

26.8

2.1

1.8

Electrosteel Castings

Buy

17

27

588

1,984

2,074

10.6

12.0

2.7

3.3

6.3

5.2

0.3

0.1

5.2

6.2

0.4

0.4

Hind. Zinc

Buy

117

139

49,521

13,043

14,223

51.8

52.8

14.8

16.6

7.9

7.1

1.5

1.3

21.2

19.9

2.1

1.5

Hindalco

Neutral

117

-

22,343

84,652

88,766

9.6

10.5

17.0

18.9

6.9

6.2

0.6

0.6

9.7

9.8

0.5

0.5

JSW Steel

Accumulate

629

663

14,034

39,592

44,910

18.0

17.7

74.7

88.9

8.4

7.1

0.8

0.7

10.7

11.6

0.7

0.7

MOIL

Accumulate

278

296

4,665

1,007

1,091

56.6

56.9

29.4

31.9

9.5

8.7

1.7

1.5

19.0

18.2

2.4

2.0

Monnet Ispat

Buy

400

593

2,571

3,115

3,748

22.1

25.1

59.1

66.8

6.8

6.0

1.0

0.8

15.6

15.3

1.6

1.2

Media

Metals & Mining

www.angelbroking.com

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

FY14E

FY13E

FY14E

EPS ( Č)
FY13E

PER(x)

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

Metals & Mining
Nalco

Reduce

NMDC

Accumulate

58

54

14,845

8,474

9,024

12.6

16.2

2.6

3.6

22.5

16.1

1.2

1.2

5.6

7.5

1.3

1.2

166

187

65,874

11,959

13,062

78.2

78.6

19.1

20.9

8.7

8.0

2.1

1.8

27.1

24.4

3.4

2.9

SAIL
Sesa Goa

Accumulate

95

102

39,199

52,461

62,935

18.0

18.8

13.2

14.5

7.2

6.6

0.9

0.8

12.4

12.3

1.1

1.0

Accumulate

187

206

16,248

9,067

9,316

35.7

35.5

44.5

44.3

4.2

4.2

0.9

0.8

23.5

19.5

0.4

Sterlite Inds

0.1

Buy

94

123

31,623

45,805

49,029

21.2

23.5

16.5

19.1

5.7

4.9

0.6

0.6

11.5

12.0

0.3

Tata Steel

0.2

Buy

403

499

39,125 143,088 148,011

10.9

12.1

53.9

66.0

7.5

6.1

0.9

0.8

12.2

13.4

0.6

0.6

Cairn India

Accumulate

332

372

63,395

15,513

16,074

74.0

69.7

51.1

48.6

6.5

6.8

1.1

0.9

18.3

14.8

2.9

2.2

GAIL

Buy

322

392

40,902

50,472

55,503

15.3

15.6

35.4

37.0

9.1

8.7

1.6

1.4

18.7

17.0

0.5

0.4

ONGC

Buy

254

319

217,053 148,157 150,563

37.6

39.5

31.0

33.6

8.2

7.6

1.5

1.3

18.8

18.1

1.1

1.0

Reliance Industries

Buy

706

872

231,183 325,734 328,669

10.9

11.7

65.8

70.1

10.7

10.1

1.1

1.0

11.9

11.5

0.7

0.7

Oil & Gas

Pharmaceuticals
Alembic Pharma

Buy

50

91

933

1,624

1,855

14.2

15.6

6.6

9.1

7.5

5.4

1.8

1.4

27.5

29.2

0.8

0.7

Aurobindo Pharma

Buy

109

175

3,178

5,243

5,767

14.6

14.6

13.8

14.7

7.9

7.4

0.9

0.4

11.4

10.9

0.9

0.8

Aventis*

Neutral

2,080

-

4,790

1,482

1,682

15.5

15.5

95.0

104.0

21.9

20.0

3.9

3.0

18.6

17.0

3.0

2.6

Cadila Healthcare

Buy

731

953

14,957

6,196

7,443

18.5

19.5

43.3

50.8

16.9

14.4

4.4

3.5

25.4

24.8

2.4

1.9

Cipla

Buy

310

379

24,862

7,687

8,804

21.4

21.4

16.5

18.9

18.8

16.4

2.9

2.6

16.7

16.8

3.2

2.7

Dr Reddy's

Neutral

1,691

-

28,656

10,696

11,662

20.7

21.0

83.7

92.9

20.2

18.2

4.2

3.5

22.4

21.0

2.8

2.5

Dishman Pharma

Buy

51

92

410

1,280

1,536

17.8

17.8

9.2

11.3

5.5

4.5

0.4

0.4

7.7

8.5

1.0

0.8

GSK Pharma*

Neutral

2,011

-

17,032

2,651

2,993

31.7

31.2

76.0

82.4

26.5

24.4

7.6

6.6

30.8

29.0

5.5

4.7

Indoco Remedies

Buy

55

665

507

685

837

15.2

15.2

55.5

66.5

1.0

0.8

0.2

0.1

16.4

16.9

0.9

0.9

Ipca labs

Buy

341

443

4,289

2,907

3,541

21.5

21.5

32.4

40.6

10.5

8.4

2.6

2.1

27.8

27.7

1.6

1.3

Lupin

Buy

539

646

24,099

8,426

10,082

19.7

20.0

29.7

32.4

18.2

16.7

4.7

3.8

27.0

25.2

2.8

2.2

Orchid Chemicals

Buy

121

178

852

2,117

2,434

17.7

17.7

16.7

22.2

7.2

5.5

0.7

0.6

9.5

11.5

1.1

0.9

Ranbaxy*

Neutral

517

-

21,830

12,046

11,980

18.0

15.8

35.7

29.8

14.5

17.4

5.4

4.4

43.1

28.1

1.8

1.8

Sun Pharma

Accumulate

568

634

58,447

9,272

11,080

40.3

36.3

26.7

28.8

21.3

19.7

4.3

3.7

22.1

20.8

5.6

4.6

CESC

Buy

268

342

3,352

5,084

5,512

24.2

23.8

45.2

48.5

5.9

5.5

0.6

0.6

11.2

10.9

1.1

1.1

GIPCL

Buy

57

98

869

1,557

1,573

28.7

27.5

10.4

10.2

5.5

5.6

0.6

0.5

10.5

9.6

1.0

0.9

NTPC

Accumulate

147

158

121,126

74,766

86,549

23.1

23.4

12.4

14.1

11.8

10.4

1.5

1.4

13.0

13.5

2.3

2.1

46

78

1,359

657

875

52.0

56.1

8.4

12.7

5.5

3.6

0.3

0.3

6.3

8.9

3.3

2.5

185

-

31,386

9,878

12,033

44.7

46.1

9.6

13.4

19.3

13.8

1.2

1.2

6.4

8.7

5.7

4.7

Power

Real Estate
Anant Raj

Buy

DLF

Neutral

www.angelbroking.com

Market Outlook
June 01, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

67

115

2,824

2,441

3,344

53.0

46.7

21.4

25.4

3.2

2.7

0.3

0.2

8.4

9.1

3.0

2.3

Real Estate
HDIL

Buy

Telecom
Bharti Airtel

Neutral

302

-

114,723

80,967

88,684

33.1

33.4

17.9

22.0

16.9

13.7

1.9

1.7

11.5

12.5

2.1

1.8

Idea Cellular

Neutral

76

-

25,234

22,558

25,326

26.4

27.5

3.2

4.7

23.7

16.1

1.8

1.6

7.5

10.0

1.6

1.4

Rcom

Neutral

65

-

13,334

21,899

23,740

32.7

32.7

4.2

6.7

15.3

9.7

0.3

0.3

2.1

3.2

2.0

1.6

185

245

1,846

3,670

4,384

8.5

8.5

18.3

22.3

10.1

8.3

2.2

1.8

23.9

24.3

0.5

0.4

zOthers
Bajaj Electrical

Buy

CRISIL

Neutral

1,064

-

7,467

982

1,136

34.3

34.3

34.3

40.0

31.0

26.6

14.0

11.2

50.9

46.9

7.2

6.1

Finolex Cables

Buy

37

61

562

2,334

2,687

8.8

9.3

7.6

10.2

4.8

3.6

0.6

0.5

13.7

16.1

0.2

0.1

Graphite India

Buy

89

124

1,747

2,158

2,406

18.1

18.9

12.4

14.0

7.2

6.4

1.0

0.9

14.0

14.3

0.9

0.8

Greenply

Buy

212

298

512

1,800

2,047

11.1

11.6

34.1

49.6

6.2

4.3

1.1

0.9

20.2

23.7

0.5

0.4

Page Industries

Neutral

3,089

-

3,445

935

1,168

19.6

19.6

99.7

122.2

31.0

25.3

17.9

14.4

64.2

63.1

3.7

3.0

Sintex

Buy

54

129

1,473

4,751

5,189

16.3

16.6

13.6

15.8

4.0

3.4

0.5

0.5

13.1

13.4

0.7

0.5

Siyaram Silk Mills

Buy

263

439

246

1,042

1,173

12.4

12.5

66.3

78.5

4.0

3.4

0.8

0.6

21.1

20.8

0.5

0.4

SpiceJet

Neutral

28

-

1,363

5,384

6,443

(1.0)

4.1

(3.4)

2.4

(8.3)

11.8

(11.4)

24.0

-

-

0.4

0.4

Taj GVK

Buy

60

108

374

300

319

35.8

36.2

7.9

9.1

7.6

6.6

1.0

0.9

13.9

14.4

1.6

1.3

Goodyear

Buy

321

372

739

1,571

1,753

7.2

8.6

29.8

42.4

10.7

7.6

2.0

1.7

20.2

24.3

0.3

0.2

HEG

Buy

198

242

792

1,746

1,946

16.5

17.7

22.5

32.9

8.8

6.0

0.9

0.8

10.4

14.2

1.1

1.0

Hitachi

Buy

117

160

269

857

968

6.9

8.4

10.2

16.0

11.5

7.3

1.4

1.2

12.9

17.8

0.4

0.4

Honeywell Automation

Neutral

2,607

-

2,305

1,542

1,739

9.4

10.0

116.1

140.8

22.5

18.5

3.2

2.7

15.5

15.9

Ineos ABS

Accumulate

722

777

1,270

900

1,011

10.2

11.5

35.6

45.7

20.3

15.8

2.9

2.5

15.4

17.2

ITD Cementation

Accumulate

212

236

244

1,535

1,842

11.1

11.1

27.3

38.3

7.8

5.5

0.6

0.5

7.9

10.2

0.6

0.6

MRF

Buy

10,929

13,106

4,635

12,390

14,400

10.4

11.3 1,334.6 1,638.2

8.2

6.7

1.6

1.3

16.5

17.4

0.6

0.5

Relaxo

Accumulate

433

478

520

1,019

1,208

11.0

10.8

44.9

53.1

9.7

8.2

2.3

1.8

27.2

25.0

0.7

0.6

Tata Sponge

Buy

270

420

416

757

875

19.0

19.1

63.5

72.9

4.3

3.7

0.6

0.6

16.1

16.1

0.1

-

TVS Srichakra

Buy

323

462

247

1,612

1,827

9.5

9.8

72.3

92.5

4.5

3.5

1.3

1.0

33.1

32.1

0.4

0.3

Vesuvius India

Accumulate

Abbott India

Buy

Cera Sanitaryware Ltd
Jyothy Laboratories
Force Motors

370

413

752

628

716

16.4

16.5

29.8

34.4

12.4

10.8

2.2

1.9

18.8

18.6

1.0

0.8

1,405

1,628

2,986

1,661

1,918

9.7

12.0

60.7

90.4

23.2

15.5

4.8

3.9

22.0

27.3

1.6

1.3

Accumulate

252

288

319

385

444

17.2

17.4

28.9

32.0

8.7

7.9

1.8

1.5

23.4

21.1

1.0

0.9

Buy

219

268

1,769

1,315

1,568

8.6

11.1

6.4

10.9

34.4

20.2

2.9

2.7

8.4

13.9

1.7

1.4

Buy

449

680

586

2,346

2,753

6.7

7.0

50.9

61.9

8.8

7.3

0.5

0.5

5.5

6.3

0.2

0.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 31, 2012

www.angelbroking.com

Market Outlook
June 01, 2012

www.angelbroking.com

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