Market Outlook

September 20, 2012

Dealer’s Diary

Domestic Indices

The Indian markets are expected to open on a negative note tracking weak
opening of most of the Asian indices following Japanese exports data which
declined 5.8% yoy in August 2012 raising concerns on global economic growth.

BSE Sensex

(0.3)

(46.3) 18,496

Nifty

(0.2)

(10.0)

5,600

0.9

55.7

6,372

The US markets moved modestly higher over the course of the trading day on
Wednesday, although buying interest remained subdued. The modest strength on
Wall Street was partly due to news of additional stimulus from the Bank of Japan.
The US Commerce Department said housing starts rose 2.3% to an annual rate of
750,000 in August 2012 from the revised July 2012 estimate of 733,000; while
building permits, an indicator of future housing demand, fell 1.0% to an annual
rate of 803,000 in August 2012 from 811,000 in July 2012. As per National
Association of Realtors (NAR), existing home sales jumped 7.8% to an annual rate
of 4.82mn in August 2012 from 4.47mn in July 2012, reaching their highest level
since May 2010.

SMALL CAP

Indian shares eased slightly on Tuesday, as caution crept in amid extremely weak
global cues. Going ahead, trading is likely to be impacted by the release of US
economic data, including reports on weekly jobless claims, leading economic
indicators and Philadelphia area manufacturing activity. Further, a preliminary
survey for China’s manufacturing activity in September is due today which is also
likely to weigh on investors mind.

Markets Today
The trend deciding level for the day is 18,515/5,602 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,561 – 18,626/5,618 – 5,636 levels. However, if NIFTY trades below
18,515/5,602 levels for the first half-an-hour of trade then it may correct up to
18,450 – 18,404/5,584 – 5,568 levels.
Indices

S2

S1

PIVOT

R1

R2

SENSEX

18,404

18,450

18,515

18,561

18,626

NIFTY

5,568

5,584

5,602

5,618

5,636

News Analysis





MID CAP

Chg (%)

(Pts)

(Close)

0.7

49.0

6,747

(0.2)

(16.1)

7,370

BSE PSU

1.6

114.4

7,361

BANKEX

0.7

86.9 12,670

AUTO

0.1

10.9 10,136

METAL

(0.2)

(20.4) 10,501

OIL & GAS

(1.1) (100.6)

BSE HC

BSE IT
Global Indices

8,786

(0.5)

(32.7)

5,974

Chg (%)

(Pts)

(Close)

Dow Jones

0.1

NASDAQ

0.2

4.8

3,183

FTSE

0.4

20.3

5,888

Nikkei

0.5

45.2

9,169

Hang Seng

0.7

151.7

20,754

Straits Times

0.1

1.6

3,070

(0.7)

(13.8)

2,046

Chg (%)

(Pts)

(Close)

INFY

(0.4)

(0.2)

$47.5

WIT

(0.6)

(0.0)

$8.8

IBN

(0.3)

(0.1)

$37.9

HDB

(0.1)

(0.0)

$36.2

Shanghai Com

Indian ADRs

Advances / Declines

13.3 13,578

BSE

NSE

CPI inflation for August 2012 reports double-digit growth at 10.03%
IMG recommends some more coal block cancellations
Bajaj Auto enters into marketing tie-up with Kawasaki
HCL bags 5 year, multi-million deal from Freescale Semiconductors
Bajaj Electricals sells its entire 50% stake in Bajaj Ventures for `35.9cr
Tata Sponge Iron denies de-allocation of coal block

Advances

1,674

901

Declines

1,220

554

113

73

Refer detailed news analysis on the following page

BSE

2,582

NSE

13,880

Unchanged

Volumes (` cr)

Net Inflows (September 17, 2012)
` cr

Purch

Sales

Net

MTD

YTD

FII

5,902

3,588

2,315

8,203

71, 214

883

1,370

(487)

(1,086)

(10,519)

MFs

FII Derivatives (September 18, 2012)
` cr

Purch

Sales

Net

Open Interest

Index Futures

1,234

1,120

114

13,117

Stock Futures

2,130

2,760

(629)

28,498

Gainers / Losers
Gainers
Company
IFCI
Oriental Bank

Losers

Price (`)

chg (%)

32

13.5

Company
Pantaloon Retl

Price (`)

chg (%)

180

(4.1)

287

13.0

Wipro

370

(3.8)

Lanco Infra

14

10.8

Cairn India

350

(3.4)

Union Bank

195

10.0

Cadila Health

839

(3.4)

Canara Bank

394

9.2

1,239

(3.4)

www.angelbroking.com

Wockhardt

Market Outlook
September 20, 2012

CPI inflation for August 2012 reports double-digit growth
at 10.03%
As per provisional estimates from the Central Statistical office (CSO), combined
Consumer Price Index (CPI) inflation for the month of August 2012 increased to
10.03% as compared to 9.86% in July 2012. Inflation in rural areas stands at
9.9% during August 2012 as against 9.76% in the month of July 2012. Inflation in
urban areas stands at 10.19% in the August 2012 as compared to 10.1% in July
2012.
Inflation in the ‘Food and Beverages’ category has witnessed an uptrend since
January 2012 and reached 12% during August 2012 as compared to 11.53% in
the previous month. The index reported an increase of 11.68% for rural consumers
and 12.64% for urban consumers. Inflation in ‘Food and Beverages’ was led by
high vegetable prices which reported an increase of 20.79% for the month. The
Combined Index for Fuel and Light witnessed an increase to 7.55% during the
month as compared to 7.36% in July. Inflation in ‘Housing’ as well as ‘Clothing,
Bedding and Footwear’ recorded an increase of 10.75% and 10.71% respectively
in the month of August 2012. Inflation in the Miscellaneous Category comprising
transport and communication, education, recreation etc slipped for the second
quarter to 6.8% in August 2012 as compared to 7.53% in July 2012.
Headline inflation, as measured by the Wholesale Price Index (WPI), also inched
upwards to 7.55% during the month as compared to 6.87% in July 2012 driven by
increase in fuel prices and inflation in manufactured products.
Earlier, on September 17, 2012 the Reserve Bank in its Mid Quarter Review of
Monetary Policy maintained its key policy rates, while reducing the CRR by 25 bps,
in spite of fiscal consolidation and reform measures announced by the
government; signaling that inflation management remains its top priority.

IMG recommends some more coal block cancellations
Inter-Ministerial Group (IMG) has recommended canceling three more mines
allocated to various steel makers including Electrosteel Castings’ North Dhadu
thermal coal mine. North Dhadu thermal coal mine was allotted to Electrosteel
Castings & others in January 2006. It has extractable reserves of 340mn tonnes
and the coal from the mine was meant to be used in Sponge Iron project. However
the clearance for this mine were in the preliminary stage of development and
hence was not factored in our estimates. Hence, we maintain our estimates and
our Buy rating on the stock with a target price of `23.

Bajaj Auto enters into marketing tie-up with Kawasaki
Bajaj Auto (BJAUT) has entered into marketing tie-up with Japanese major
Kawasaki to penetrate into Brazil and other ASEAN countries. Following the
successful tie-up with Kawasaki in Philippines, BJAUT is planning to replicate the
business model in other emerging countries leveraging upon the distribution
network of Kawasaki. BJAUT and Kawasaki began their Philippines operations in
2004 and has been successful in garnering 45% market share in the country.
Initially, the models introduced in Philippines will be showcased in Indonesia by
mid CY2013. Further, BJAUT will also sell the newly launched Bajaj Pulsar

www.angelbroking.com

Market Outlook
September 20, 2012

200NS in Indonesia under the Kawasaki brand. As per the agreement, all the
motorcycles will be manufactured in India and sold under the Kawasaki-Bajaj
brand name. We believe that the tie-up with Kawasaki to enter into emerging
markets is a positive move as it will enable the company to strengthen its position
in the highly competitive exports markets. Also, entering into newer geographies
will help BJAUT sustain its exports momentum. Nonetheless, at `1,748, the stock is
trading at 14.4x FY2014E earnings which is in-line with its historical average of
15x. We therefore recommend Neutral rating on the stock.

HCL bags 5 year, multi-million deal from Freescale
Semiconductors
HCL Tech has bagged a five year contract from US based Freescale
Semiconductor to manage its IT infrastructure across the world. As part of the deal,
HCL Tech will manage and transform infrastructure operations covering desktop
support, compute, storage, database, telecom (network and security), process
automation and compliance. According to media reports, the contract would
generate about US$60-$80mn for HCL Tech over a five year period, starting in
November this year. The company denied to confirm the size of this deal, which it
has won by displacing a large incumbent US based IT firm. HCL Tech will deliver
these services to Freescale across 20 countries, handling a user base of 19,000
employees. HCL Tech’s infrastructure services business is the fastest growing line of
business of the company. We remain positive on the stock but maintain Neutral
view on it given recent stock run-up.

Bajaj Electricals sells its entire 50% stake in Bajaj Ventures
for `35.9cr
Bajaj electrical Ltd. (BEL) divested its entire 50% stake in Bajaj Ventures for
`35.9cr. BEL held 1.5cr shares of `10 each in its subsidiary Bajaj Ventures Ltd
which is a leading provider of Electrical & Electronic Products & Components. BEL
sold its entire stake to Black & Decker Pvt. Ltd for `35.94cr under share purchase
agreement signed on 17 September 2012 at a consideration of `23.96 per share.
The cost of the investment stood at `11.3cr as on FY2012 thereby leading to net
income of `24.7cr. We maintain our Buy recommendation on the stock with a
target price of `228, based on target PE of 10x for FY2014E.

Tata Sponge Iron denies de-allocation of coal block
Tata Sponge Iron’s management denied any de-allocation of Radhikapur coal
block. However, there are recommendations to forfeit the bank guarantee, though
the management was uncertain on the quantum of its impact on the company.
This issue continues to be an overhang on the stock; hence we maintain our target
price at `377 based on a target P/B of 0.8x for FY2014E.

www.angelbroking.com

Market Outlook
September 20, 2012

Economic and Political News



Union Cabinet to take up discom debt revamp in three weeks : Power Minister
Planning Commission pitches for privatization of coal mining
India's steel exports declined by 1% to 19.19lakh tones YTD in FY2013
Government may reserve 50% of RINL issue for retail subscription

Corporate News




HPCL to raise US$200mn via ECBs
Tribhovandas Bhimji Zaveri to invest `1,200cr to open 43 showrooms
CIL initiates process to set up 20 more washeries
Cairn seeks permission to sell crude oil to RIL's SEZ refinery
Tata Motors bags record order of 1,314 trucks
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

www.angelbroking.com

Market Outlook
September 20, 2012

Global economic events release calendar
Date

September 20, 2012

Country

Event Description

Unit

Period

Bloomberg Data
Last Reported

Estimated

US

Initial Jobless claims

Thousands

Sep 15

382.00

375.00

Germany

Value

Sep A

48.30

48.50

Value

Sep A

(24.60)

(24.00)

Germany

PMI Services
Euro-Zone Consumer
Confidence
PMI Manufacturing

Sep A

44.70

45.20

September 25, 2012

US

Consumer Confidence

Sep

60.60

63.00

September 26, 2012

US

New home sales

Value
S.A./
1985=100
Thousands

Aug

372.00

381.00

September 27, 2012

Germany

Unemployment change (000's)

Thousands

Sep

9.00

--

US

GDP Qoq (Annualised)

% Change

2Q T

1.70

1.60

UK

GDP (YoY)

% Change

2Q F

(0.50)

--

India

Imports YoY%

% Change

Aug

(7.60)

--

India

Exports YoY%

% Change

Aug

(14.80)

--

UK

PMI Manufacturing

Value

Sep

49.50

--

China

PMI Manufacturing

Value

Sep

49.20

--

UK

BOE Announces rates

% Ratio

Oct 4

0.50

0.50

Euro Zone

ECB announces interest rates

%

Oct 4

0.75

--

US

Change in Nonfarm payrolls

Thousands

Sep

96.00

--

US

Unnemployment rate

%

Sep

8.10

--

October 09, 2012

UK

Industrial Production (YoY)

% Change

Aug

(0.80)

--

October 12, 2012

US

Producer Price Index (mom)

% Change

Sep

1.70

--

India

Industrial Production YoY

% Change

Aug

0.10

--

October 13, 2012

China

% Change

Sep

2.70

--

October 15, 2012

India

% Change

Sep

7.55

--

China

Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)

% Change

Sep

2.00

--

Euro Zone

Euro-Zone CPI (YoY)

%

Sep

2.60

--

US

Industrial Production

%

Sep

(1.16)

--

US

Consumer price index (mom)

% Change

Sep

0.60

--

October 17, 2012

UK

Jobless claims change

% Change

Sep

(15.00)

--

October 18, 2012

China

Industrial Production (YoY)

% Change

Sep

8.90

--

China

Real GDP (YoY)

% Change

3Q

7.60

--

US

FOMC rate decision

%

Oct 24

0.25

--

Euro Zone

October 01, 2012

October 04, 2012

October 05, 2012

October 16, 2012

October 24, 2012

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Strategy
September 20, 2012

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)

10.0

8.0

9.2

9.0

8.5

9.0

8.2

8.0

6.0
8.0

7.6

7.5

6.0
6.7

7.0

4.0
5.3 5.5

5.0

2.0

(6.0)

(%)

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Mfg. PMI

Services PMI

58.0

9.5
7.7

8.0

Dec-11

Nov-11

(5.0)

60.0
9.9

(1.8)

Exhibit 4: Manufacturing and services PMI

12.0
10.0

(1.3)

(2.8)

(4.0)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

6.9

7.4

7.7

7.5

7.6

7.6

6.9

7.6

56.0

Source: MOSPI, Angel Research

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Sep-11

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

Exhibit 5: Exports and imports growth trends
(%)

Aug-11

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

48.0

Jan-12

0.0

Dec-11

50.0

Nov-11

2.0

Oct-11

52.0

Sep-11

4.0

Oct-11

54.0

6.0

Exhibit 6: Key policy rates

60.0

(%)
9.00

45.0

8.00

30.0

7.00

Exports yoy growth

Imports yoy growth

Repo rate

Reverse Repo rate

CRR
8.00
7.00

6.00
4.50

5.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Source: RBI, Angel Research

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

4.00

Sep-11

(30.0)

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

0.0

Sep-12

15.0

(15.0)

Oct-11

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

4QFY09

Source: CSO, Angel Research

Aug-11

(2.0)

3.0

Sep-11

-

3.5

10.0

0.1

1.0

Oct-11

4.0

2.7

2.5

6.1

5.7

6.0

2.5

4.3
3.4

Market Outlook
September 20, 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

138

-

2,689

1,466

1,686

14.8

14.8

7.0

8.1

19.8

17.1

4.2

3.6

22.6

22.5

1.9

1.6

United Phosphorus

Buy

130

170

5,990

8,421

9,263

16.5

16.5

15.0

17.0

8.7

7.6

1.3

1.1

15.6

15.5

0.8

0.7

Amara Raja Batteries

Neutral

380

-

3,246

2,844

3,225

15.4

15.5

31.7

36.6

12.0

10.4

3.1

2.5

28.8

26.2

1.1

0.9

Apollo Tyres

Neutral

100

-

5,018

13,412

15,041

11.0

11.0

11.5

14.2

8.7

7.0

1.5

1.3

18.7

19.4

0.5

0.5

Ashok Leyland

Buy

23

30

6,133

14,920

16,850

9.0

9.3

2.2

2.8

10.6

8.4

1.9

1.7

13.3

15.6

0.5

0.4

Automotive Axle#

Accumulate

371

430

561

993

1,140

11.6

11.5

36.9

43.0

10.1

8.6

2.0

1.7

21.2

21.3

0.6

0.5

Bajaj Auto

Neutral

1,748

-

50,587

21,285

23,927

18.2

18.3

108.5

121.3

16.1

14.4

6.7

5.4

46.1

41.3

2.0

1.7

Bharat Forge

Buy

299

351

6,952

7,004

7,985

16.2

16.4

20.3

25.1

14.7

11.9

2.7

2.3

20.0

20.9

1.1

1.0

Bosch India*

Neutral

8,514

-

26,733

9,034

10,286

17.8

18.3

373.6

435.8

22.8

19.5

4.7

3.9

20.5

19.8

2.6

2.2

CEAT

Buy

116

164

398

4,989

5,634

8.7

8.5

32.7

41.1

3.6

2.8

0.5

0.4

15.8

16.9

0.3

0.2

Exide Industries

Neutral

145

-

12,334

5,899

6,771

16.0

17.0

7.4

9.1

19.7

15.9

3.5

3.0

19.0

20.2

1.7

1.5

FAG Bearings*

Neutral

1,581

-

2,628

1,505

1,747

17.7

18.0

111.5

130.0

14.2

12.2

2.9

2.4

22.8

21.7

1.5

1.2

Hero Motocorp

Buy

1,925

2,428

38,431

26,097

29,963

15.0

15.3

139.5

151.8

13.8

12.7

6.5

4.9

54.6

44.3

1.2

1.0

JK Tyre

Buy

112

135

460

7,517

8,329

6.1

6.3

26.2

38.5

4.3

2.9

0.5

0.5

13.4

17.2

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

798

879

48,977

36,536

41,650

11.6

11.5

49.3

54.9

16.2

14.5

3.3

2.9

22.1

21.1

1.1

0.9

1,275

-

36,843

41,796

47,953

7.6

8.4

67.1

87.6

19.0

14.6

2.2

1.9

12.1

14.1

0.7

0.6

220

228

8,608

24,173

27,055

6.6

7.1

11.7

15.2

18.8

14.4

3.9

3.2

22.4

24.2

0.5

0.4

29

34

176

1,230

1,378

8.8

8.6

4.5

5.7

6.5

5.2

0.6

0.6

9.8

11.8

0.4

0.3

Accumulate

274

292

73,037 195,096 219,428

12.8

12.8

39.0

43.9

7.0

6.3

2.0

1.6

32.6

28.2

0.4

0.4

Accumulate

42

43

1,979

7,545

8,301

6.2

6.1

4.9

5.4

8.5

7.8

1.5

1.3

18.8

18.2

0.2

0.2

Maruti

Neutral

Motherson Sumi

Accumulate

Subros

Buy

Tata Motors
TVS Motor
Capital Goods
ABB*

Sell

768

498

16,284

8,760

10,023

5.5

7.5

12.4

20.7

61.9

37.1

5.9

5.3

10.1

15.2

1.8

1.6

BGR Energy

Neutral

276

-

1,991

3,669

4,561

11.0

11.0

24.7

29.6

11.2

9.3

1.6

1.5

15.3

16.7

-

0.6

BHEL

Neutral

225

-

55,071

47,801

43,757

19.4

19.8

25.7

23.9

8.8

9.4

1.8

1.6

22.7

18.3

1.0

0.8

Blue Star

Neutral

171

-

1,539

3,047

3,328

5.4

6.9

12.5

16.2

13.7

10.5

3.3

2.7

26.1

28.2

0.6

0.5

Crompton Greaves

Accumulate

114

128

7,297

12,691

14,096

7.0

8.5

6.5

9.1

17.5

12.5

1.9

1.7

11.1

14.2

0.6

0.5

Jyoti Structures

Buy

40

59

332

2,622

2,801

10.3

10.7

8.7

13.1

4.7

3.1

0.5

0.4

10.3

14.0

0.3

0.3

KEC International

Buy

61

69

1,571

6,858

7,431

7.5

8.3

9.0

11.5

6.8

5.3

1.2

1.0

26.9

27.2

0.3

0.3

LMW

Neutral

2,008

-

2,262

2,369

2,727

11.7

11.7

143.4

166.0

14.0

12.1

2.3

2.1

17.4

18.4

0.5

0.4

Thermax

Neutral

519

-

6,190

5,514

5,559

8.9

9.6

26.9

28.4

19.3

18.3

3.3

3.0

18.4

17.1

1.1

1.0

www.angelbroking.com

Market Outlook
September 20, 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

1,368

-

25,691

11,220

12,896

20.0

20.6

71.1

81.2

19.2

16.9

3.4

3.1

18.1

19.0

2.0

1.6

Ambuja Cements

Neutral

192

-

29,591

10,205

11,659

24.6

24.2

10.8

12.0

17.7

16.0

3.7

3.3

19.7

19.8

2.5

2.1

India Cements

Neutral

85

-

2,608

4,393

4,914

19.3

19.5

10.1

12.7

8.4

6.7

0.7

0.7

8.8

10.6

1.0

0.9

J K Lakshmi Cements

Neutral

99

-

1,211

1,964

2,278

19.5

20.4

16.3

17.9

6.1

5.6

0.9

0.8

14.7

14.6

0.8

1.1

Madras Cements

Neutral

181

-

4,314

3,608

3,928

27.4

26.9

15.6

18.1

11.6

10.0

1.8

1.6

16.8

16.9

1.8

1.5

Shree Cements^

Neutral

3,511

-

12,232

5,767

6,337

28.4

26.9

216.9

253.3

16.2

13.9

3.6

3.0

24.7

23.4

1.5

1.2

UltraTech Cement

Neutral

1,799

-

49,322

20,167

22,752

21.7

23.0

90.8

107.8

19.8

16.7

3.3

2.8

17.9

18.3

2.3

2.1

243

304

1,280

2,029

2,310

22.4

22.4

27.1

31.7

9.0

7.7

1.1

1.0

13.1

13.4

1.9

2.1

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

14

-

262

2,262

2,522

6.7

7.5

1.5

2.7

9.5

5.3

0.4

0.4

4.4

7.5

0.4

0.4

Hind. Const.

Neutral

18

-

1,086

4,239

4,522

9.9

11.2

(2.3)

(1.0)

(7.9)

(18.6)

1.0

1.1

(11.4)

(5.6)

1.2

1.2

IRB Infra

Buy

142

166

4,731

3,964

4,582

42.3

40.2

15.5

16.9

9.2

8.4

1.4

1.2

16.6

15.8

2.7

2.5

ITNL

Buy

171

232

3,321

6,840

7,767

26.4

26.1

24.4

28.4

7.0

6.0

1.1

0.9

16.0

16.2

2.7

2.8

IVRCL Infra

Accumulate

45

51

1,387

5,510

6,722

8.8

9.0

2.5

4.6

17.9

9.9

0.6

0.6

3.4

5.8

0.7

0.7

Jaiprakash Asso.

Buy

80

91

16,980

15,259

17,502

25.7

24.7

4.2

5.0

18.8

16.0

1.6

1.4

8.5

9.3

2.4

2.1

Larsen & Toubro

Neutral

1,552

-

95,242

60,474

69,091

12.1

11.5

79.7

85.4

19.5

18.2

3.3

2.9

16.3

15.1

1.7

1.5

Madhucon Proj

Buy

36

56

265

2,206

2,502

10.7

10.7

4.6

4.7

7.7

7.7

0.4

0.4

5.2

5.0

0.7

0.7

Nagarjuna Const.

Accumulate

43

45

1,103

5,804

6,513

8.0

8.6

3.0

3.5

14.1

12.3

0.5

0.4

3.2

3.6

0.6

0.7

Patel Engg.

Neutral

73

-

508

3,609

3,836

13.1

13.1

14.0

14.6

5.2

5.0

0.3

0.3

6.3

6.1

1.0

1.0

Punj Lloyd

Neutral

52

-

1,727

11,892

13,116

8.9

8.9

1.7

3.1

30.7

16.8

0.6

0.6

1.9

3.4

0.6

0.5

Sadbhav Engg.

Buy

145

182

2,185

2,506

3,147

10.3

10.7

7.5

10.4

19.3

13.9

2.4

2.1

13.5

16.0

1.0

0.9

Simplex Infra

Buy

202

265

1,000

6,732

7,837

8.1

8.4

23.5

29.4

8.6

6.9

0.8

0.7

9.6

11.0

0.5

0.4

Allahabad Bank

Neutral

142

-

7,108

7,233

8,579

3.1

3.3

40.5

40.9

3.5

3.5

0.6

0.6

19.4

17.0

-

-

Andhra Bank

Neutral

Axis Bank

Buy

Bank of Baroda

Financials
105

-

5,878

4,959

5,787

3.1

3.1

22.7

24.5

4.6

4.3

0.7

0.7

16.0

15.3

-

-

1,070

1,336

44,337

15,961

19,583

3.1

3.2

117.3

143.1

9.1

7.5

1.7

1.4

20.1

20.8

-

-

Accumulate

745

829

29,186

15,830

19,300

2.6

2.7

118.9

147.1

6.3

5.1

1.0

0.9

16.7

18.0

-

-

Bank of India

Accumulate

296

323

16,995

13,159

15,851

2.4

2.5

61.1

71.1

4.9

4.2

0.8

0.7

16.6

17.0

-

-

Bank of Maharashtra

Neutral

Canara Bank

Buy

Central Bank

Neutral

www.angelbroking.com

48

-

2,845

3,471

3,889

3.1

3.1

9.0

11.5

5.3

4.2

0.7

0.6

13.7

15.5

-

-

394

421

17,432

11,334

13,629

2.2

2.3

75.4

85.1

5.2

4.6

0.8

0.7

15.2

15.3

-

-

72

-

5,282

7,181

8,365

2.5

2.7

16.3

21.8

4.4

3.3

0.8

0.7

12.7

15.1

-

-

Market Outlook
September 20, 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

Financials
Corporation Bank

Accumulate

407

436

6,033

5,067

5,998

2.1

2.3

105.6

111.0

3.9

3.7

0.7

0.6

17.6

16.3

-

-

Dena Bank

Accumulate

102

107

3,583

3,177

3,595

2.8

2.8

25.2

25.4

4.1

4.0

0.7

0.6

18.9

16.4

-

-

Federal Bank

Accumulate

428

453

7,325

2,634

3,104

3.3

3.3

45.4

55.4

9.4

7.7

1.2

1.0

12.9

14.2

-

-

HDFC

Neutral

775

-

119,170

7,340

8,805

3.5

3.5

31.5

37.8

24.6

20.5

4.9

4.4

34.8

32.2

-

-

HDFC Bank

Neutral

606

-

142,939

21,936

27,454

4.4

4.4

28.7

36.0

21.1

16.8

4.1

3.4

20.7

22.0

-

-

ICICI Bank

Buy

1,049

1,220

120,569

22,356

27,157

2.9

3.0

68.7

82.0

15.3

12.8

1.8

1.7

14.2

15.5

-

-

IDBI Bank

Accumulate

Indian Bank

Neutral

IOB

98

101

12,548

7,867

9,782

1.9

2.1

18.0

23.1

5.4

4.2

0.7

0.6

12.5

14.4

-

-

187

-

8,015

6,294

7,191

3.4

3.4

40.6

44.9

4.6

4.2

0.8

0.7

18.1

17.4

-

-

Accumulate

76

80

6,033

7,473

8,732

2.5

2.5

16.7

22.6

4.5

3.4

0.5

0.5

11.8

14.4

-

-

J & K Bank

Accumulate

922

1,026

4,471

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

Neutral

258

-

13,010

1,867

2,338

2.4

2.4

21.1

28.5

12.2

9.0

2.0

1.7

17.5

20.4

-

-

Oriental Bank

Accumulate

287

289

8,384

6,518

7,458

2.8

2.9

61.3

65.1

4.7

4.4

0.7

0.6

15.2

14.3

-

-

Punjab Natl.Bank

Buy

803

950

27,241

20,116

23,625

3.3

3.4

152.8

173.9

5.3

4.6

1.0

0.8

18.2

18.0

-

-

South Ind.Bank

Accumulate

23

25

3,012

1,514

1,717

2.8

2.7

4.0

4.2

5.7

5.4

1.1

0.9

20.5

18.5

-

-

St Bk of India

Accumulate

2,151

2,270

144,318

64,470

75,940

3.5

3.5

224.4

258.7

9.6

8.3

1.6

1.4

17.6

17.8

-

-

Syndicate Bank

Buy

103

119

6,179

6,840

7,996

2.9

3.0

25.7

29.2

4.0

3.5

0.7

0.6

17.9

17.8

-

-

UCO Bank

Neutral

75

-

4,992

5,488

6,338

2.4

2.5

17.3

17.7

4.3

4.2

0.9

0.8

17.0

15.3

-

-

Union Bank

Buy

195

230

10,711

10,299

12,227

2.9

3.0

42.1

49.3

4.6

4.0

0.8

0.7

16.7

17.1

-

-

United Bank

Buy

64

79

2,321

3,634

4,194

2.8

2.9

18.2

23.0

3.5

2.8

0.5

0.5

15.0

16.7

-

-

Vijaya Bank

Neutral

54

-

2,696

2,579

3,028

2.1

2.3

8.8

11.6

6.2

4.7

0.7

0.7

11.1

13.3

-

-

Yes Bank

Buy

370

453

13,163

3,255

4,228

2.8

3.0

34.2

42.7

10.8

8.7

2.3

1.9

23.3

23.8

-

-

3,896

-

37,366

11,198

13,184

16.3

16.3

121.0

144.8

32.2

26.9

10.8

8.5

37.4

35.3

3.3

2.7

489

584

5,838

5,835

6,824

5.7

6.0

20.7

25.4

23.6

19.3

9.3

7.1

43.1

41.9

0.9

0.8

1,202

-

16,351

3,018

3,429

20.9

22.3

34.6

41.0

34.7

29.4

32.0

24.3

99.5

94.1

5.3

4.6

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

Dabur India

Neutral

125

-

21,769

6,124

7,030

17.0

16.8

4.5

5.2

28.0

24.1

11.5

9.1

43.2

41.5

3.6

3.0

GlaxoSmith Con*

Neutral

2,918

-

12,272

3,124

3,663

17.1

17.6

104.5

123.8

27.9

23.6

8.7

7.0

34.4

32.8

3.7

3.1

Godrej Consumer

Neutral

645

-

21,939

6,097

7,233

18.4

18.6

21.9

26.5

29.5

24.4

6.5

5.4

25.5

25.4

3.9

3.2

HUL

Neutral

531

-

114,839

25,350

28,974

13.9

13.9

14.3

16.5

37.3

32.3

22.2

17.1

70.9

59.8

4.3

3.7

ITC

Neutral

254

-

199,388

29,513

33,885

35.4

35.8

9.3

10.8

27.4

23.6

9.1

7.6

35.6

35.0

6.4

5.6

www.angelbroking.com

Market Outlook
September 20, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

FY13E

OPM(%)

EPS ( Č)

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

-

12,301

4,840

5,643

13.1

13.1

6.8

8.5

28.1

22.6

7.8

5.9

31.4

29.7

2.6

2.2

Nestle*

Neutral

4,412

-

42,542

8,610

10,174

20.9

21.2

114.8

139.8

38.4

31.6

23.2

16.2

71.2

60.3

5.1

4.2

Tata Global

Accumulate

130

136

8,024

7,207

7,927

9.7

10.0

6.6

7.9

19.6

16.5

2.0

1.9

8.6

9.5

1.0

0.9

HCL Tech^

Neutral

571

-

39,633

24,400

27,049

18.6

17.5

41.1

45.0

13.9

12.7

3.1

2.7

22.7

21.1

1.5

1.4

Hexaware*

Neutral

129

-

3,826

1,947

2,161

22.0

21.4

11.4

12.1

11.4

10.6

2.9

2.5

26.4

24.0

1.7

1.4

Infosys

Neutral

2,600

-

149,280

39,151

41,743

31.6

31.9

161.9

174.5

16.1

14.9

3.8

3.3

23.8

22.1

3.2

2.9

Infotech Enterprises

Neutral

195

-

2,170

1,889

2,065

18.0

17.5

18.0

19.7

10.8

9.9

1.6

1.4

14.5

13.7

0.8

0.7

KPIT Cummins

Neutral

127

-

2,259

2,149

2,331

15.6

14.8

10.7

11.2

11.8

11.3

2.5

2.0

20.6

17.8

1.0

0.9

Mahindra Satyam

Reduce

104

97

12,192

7,574

8,062

19.6

18.4

9.5

9.7

11.0

10.7

1.8

1.5

16.1

14.1

1.2

1.0

Mindtree

Neutral

690

-

2,817

2,341

2,513

18.6

17.1

66.5

70.8

10.4

9.8

2.3

1.9

22.3

19.3

1.0

0.9

Mphasis&

Neutral

379

-

7,952

5,713

6,005

18.0

16.8

36.9

37.1

10.3

10.2

1.5

1.3

14.3

12.6

0.9

0.8

NIIT

Buy

31

40

512

1,162

1,304

14.8

15.1

7.1

8.8

4.4

3.5

0.7

0.7

16.7

18.4

0.3

0.2

Persistent

Reduce

414

398

1,655

1,193

1,278

25.6

24.3

42.6

44.3

9.7

9.4

1.7

1.4

17.2

15.5

1.1

0.9

TCS

Neutral

1,300

-

254,517

61,046

67,507

29.3

29.1

67.3

72.4

19.3

18.0

6.2

5.1

31.9

28.3

4.1

3.7

Tech Mahindra

Neutral

901

-

11,499

6,553

7,331

18.1

17.1

92.5

100.7

9.7

8.9

2.3

1.9

23.6

20.7

1.8

1.5

Wipro

Accumulate

370

420

90,989

43,492

48,332

19.4

19.3

25.1

28.0

14.7

13.2

2.7

2.4

18.6

18.0

1.9

1.6

D B Corp

Buy

192

236

3,523

1,597

1,785

22.9

24.2

11.1

13.9

17.3

13.8

3.3

2.8

20.2

22.1

2.1

1.8

HT Media

Buy

92

113

2,157

2,111

2,263

15.2

15.2

7.3

8.1

12.5

11.3

1.3

1.2

11.2

11.2

0.5

0.4

Jagran Prakashan

Buy

91

112

2,873

1,506

1,687

22.5

23.2

6.2

7.0

14.6

13.0

3.5

3.2

25.0

25.7

2.1

1.9

PVR

Neutral

182

-

473

625

732

17.4

17.1

13.3

15.6

13.7

11.6

1.5

1.3

13.2

13.8

1.2

1.0

Sun TV Network

Neutral

330

-

13,001

1,981

2,239

77.0

76.7

18.6

21.3

17.8

15.5

4.5

3.9

27.1

27.5

5.9

5.1

Bhushan Steel

Neutral

465

-

9,873

11,979

14,584

31.6

31.0

49.2

61.4

9.5

7.6

1.2

1.1

14.1

15.2

2.8

2.3

Coal India

Neutral

376

-

237,622

69,808

75,550

27.4

27.4

26.0

28.3

14.5

13.3

4.2

3.4

32.5

28.1

2.5

2.1

Electrosteel Castings

Buy

18

23

631

1,984

2,074

11.2

12.6

2.5

2.9

7.4

6.4

0.4

0.1

5.1

5.7

0.5

0.5

Hind. Zinc

Neutral

134

-

56,725

12,446

13,538

52.3

52.9

14.3

15.5

9.4

8.6

1.8

1.5

20.5

18.9

2.8

2.2

Hindalco

Neutral

115

-

21,970

84,855

92,446

8.7

9.3

13.2

16.2

8.7

7.1

0.7

0.6

7.8

8.9

0.7

0.6

JSW Steel

Neutral

727

-

16,223

38,740

41,459

17.3

17.0

79.9

89.4

9.1

8.1

0.9

0.8

10.4

10.6

0.9

0.8

MOIL

Neutral

265

-

4,444

918

993

50.7

50.9

24.5

26.1

10.8

10.1

1.7

1.5

16.0

15.5

2.5

2.2

Monnet Ispat

Buy

300

379

1,927

2,511

3,303

23.8

26.0

46.3

57.3

6.5

5.2

0.7

0.7

12.4

13.7

1.7

1.2

IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
September 20, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

EPS ( Č)

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

Reduce

NMDC

Accumulate

54

48

13,930

7,401

7,841

16.7

19.2

3.4

4.1

15.8

13.2

1.1

1.1

7.4

8.4

1.4

1.4

192

214

75,924

12,934

14,266

79.4

80.1

21.1

23.4

9.1

8.2

2.4

2.0

29.6

26.5

4.0

3.4

SAIL
Sesa Goa

Neutral

88

-

36,473

47,252

60,351

14.2

14.8

9.6

11.7

9.2

7.5

0.8

0.8

9.4

10.6

1.2

1.0

Neutral

176

-

15,283

7,704

8,034

33.6

34.6

42.0

43.1

4.2

4.1

0.9

0.7

22.3

19.2

2.3

2.1

Sterlite Inds

Neutral

102

-

34,245

41,680

45,382

24.2

23.2

16.3

16.9

6.3

6.0

0.7

0.6

11.3

10.7

0.8

0.7

Tata Steel

Buy

405

481

39,324 145,799 150,431

10.3

11.2

48.6

63.3

8.3

6.4

0.8

0.8

10.5

12.4

0.5

0.5

Sarda

Buy

123

148

441

1,251

1,321

22.7

23.4

33.0

37.1

3.7

3.3

0.5

0.5

15.1

14.8

0.7

0.6

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

51

73

690

2,694

2,906

14.6

16.6

16.4

20.8

3.1

2.5

0.3

0.3

11.4

12.8

0.5

0.4

Buy

121

161

384

2,341

2,425

15.6

17.3

33.3

43.2

3.6

2.8

0.4

0.4

13.2

14.4

0.5

0.5

Cairn India

Neutral

350

-

66,825

16,605

17,258

75.4

71.7

57.0

54.9

6.1

6.4

1.1

1.0

20.2

16.3

3.2

2.5

GAIL

Neutral

388

-

49,204

50,176

55,815

15.5

15.8

35.4

36.5

11.0

10.6

1.9

1.7

18.9

17.0

0.7

0.5

ONGC

Accumulate

281

312

240,666 147,139 154,821

33.9

33.7

30.7

32.3

9.2

8.7

1.6

1.4

18.3

17.2

1.4

1.2

Reliance Industries

Neutral

855

-

280,040 362,700 380,031

7.9

8.0

61.5

64.3

13.9

13.3

1.4

1.3

10.3

9.9

0.8

0.7

Gujarat Gas*

Neutral

294

-

3,864

11.5

11.3

19.2

22.1

15.4

13.3

4.1

3.7

28.7

29.0

1.1

0.9

Indraprastha Gas

Neutral

257

-

3,604

3,040

3,135

24.3

26.7

24.8

27.9

10.4

9.2

2.4

2.0

25.5

23.6

1.2

1.0

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Accumulate

168

176

12,581

29,145

33,736

6.6

6.6

14.2

16.0

11.8

10.5

2.9

2.3

26.9

24.4

0.5

0.4

75

-

4,234

1,041

939

91.8

91.9

8.5

7.4

8.9

10.2

1.5

1.4

18.1

14.0

5.0

5.5

Alembic Pharma

Buy

70

91

1,313

1,624

1,855

14.2

15.6

6.6

9.1

10.6

7.7

2.6

2.0

27.9

29.2

1.0

0.8

Aurobindo Pharma

Buy

129

156

3,755

5,243

5,767

14.6

14.6

11.8

12.6

10.9

10.2

1.4

1.2

17.9

16.4

1.2

1.0

Aventis*

Neutral

2,308

-

5,316

1,482

1,682

15.5

15.5

95.0

104.0

24.3

22.2

4.3

3.4

18.6

17.0

3.4

2.9

Cadila Healthcare

Accumulate

839

953

17,171

6,148

7,386

18.6

19.6

36.0

46.1

23.3

18.2

5.5

4.4

25.8

26.8

3.1

2.5

Cipla

Accumulate

365

399

29,295

8,031

9,130

23.4

22.4

18.4

20.0

19.8

18.2

3.3

2.8

17.8

16.6

3.5

3.0

Dr Reddy's

Neutral

1,676

-

28,453

10,696

11,662

20.7

21.0

83.7

92.9

20.0

18.0

4.1

3.5

22.4

21.0

2.9

2.6

Dishman Pharma

Neutral

101

-

818

1,280

1,536

17.8

17.8

9.2

11.3

11.0

9.0

0.8

0.8

7.7

8.5

1.3

1.1

GSK Pharma*

Neutral

2,000

-

16,939

2,651

2,993

31.7

31.2

76.0

82.4

26.3

24.3

7.6

6.8

20.1

26.3

5.6

4.9

Indoco Remedies

Buy

71

92

653

685

837

15.2

15.2

7.4

8.9

9.6

8.0

1.5

1.3

16.4

17.0

1.1

0.9

Ipca labs

Accumulate

421

475

5,311

2,850

3,474

20.7

20.7

29.2

36.6

14.4

11.5

3.4

2.7

26.1

26.1

2.0

1.6

Lupin

Accumulate

568

647

25,382

8,426

10,082

19.7

20.0

27.4

32.4

20.7

17.5

5.1

4.1

26.0

24.7

3.1

2.5

Orchid Chemicals

Neutral

114

-

806

1,667

1,835

13.9

13.9

11.4

13.3

10.0

8.6

0.7

0.6

6.6

7.3

0.9

0.8

Neutral

www.angelbroking.com

3,772

3,267

Market Outlook
September 20, 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

Pharmaceuticals
Ranbaxy*

Neutral

527

-

22,232

12,046

11,980

18.0

15.8

35.7

29.8

14.8

17.7

5.7

4.6

39.1

28.9

1.9

1.8

Sun Pharma

Neutral

672

-

69,515

9,752

12,134

41.6

41.6

26.0

28.2

25.9

23.8

4.8

4.1

20.3

18.8

6.4

5.0

CESC

Neutral

322

-

4,022

5,218

5,644

24.2

23.8

44.6

47.6

7.2

6.8

0.8

0.7

11.0

10.6

1.6

1.6

GIPCL

Accumulate

NTPC

Neutral

Power
68

77

1,027

1,557

1,573

29.3

28.7

10.8

11.0

6.3

6.2

0.7

0.6

10.8

10.2

1.1

1.0

166

-

137,246

74,111

85,789

23.2

23.6

12.4

14.0

13.5

11.9

1.7

1.5

13.0

13.5

2.6

2.4

Real Estate
Anant Raj

Buy

DLF

Neutral

53

78

1,564

657

875

52.0

56.1

8.4

12.7

6.3

4.2

0.4

0.4

6.3

8.9

3.6

2.7

227

-

38,566

9,878

12,033

44.7

46.1

9.6

13.4

23.7

16.9

1.5

1.4

6.4

8.7

6.5

HDIL

Buy

5.3

84

115

3,536

2,441

3,344

55.1

48.2

22.7

26.6

3.7

3.2

0.3

0.3

8.8

9.4

3.3

MLIFE

2.5

Accumulate

372

396

1,520

813

901

26.2

26.6

32.0

37.1

11.6

10.1

1.2

1.1

10.4

11.0

2.2

1.9

Bharti Airtel

Neutral

268

-

101,793

79,542

87,535

30.9

32.2

10.3

15.0

26.1

17.8

1.9

1.7

7.2

9.6

2.0

1.7

Idea Cellular

Neutral

86

-

28,487

22,988

25,333

26.4

26.9

3.5

4.9

24.8

17.6

2.0

1.8

8.1

10.2

1.7

1.4

Rcom

Neutral

57

-

11,775

21,553

22,494

31.0

30.7

3.5

4.5

16.4

12.8

0.3

0.3

1.9

2.4

2.0

1.8

Abbott India

Neutral

1,600

-

3,400

1,602

1,833

10.4

11.8

54.7

71.7

29.3

22.3

5.5

4.7

20.0

22.7

1.9

1.6

Bajaj Electricals

Buy

190

234

1,889

3,569

4,172

8.1

8.8

16.3

21.3

11.6

8.9

2.4

2.0

21.7

24.6

0.5

0.5

Cera Sanitaryware

Accumulate

340

387

430

396

470

16.7

16.5

28.0

33.2

12.1

10.2

2.5

2.0

23.8

23.1

1.2

1.0

Cravatex

Buy

425

682

110

289

340

5.2

6.0

40.7

56.8

10.4

7.5

2.6

2.0

25.2

26.5

0.5

0.4

CRISIL

Neutral

928

-

6,508

982

1,136

34.3

34.3

34.3

40.0

27.0

23.2

12.2

9.8

50.9

46.9

6.2

5.2

Finolex Cables

Buy

40

61

616

2,334

2,687

8.8

9.3

7.6

10.2

5.3

3.9

0.7

0.6

13.7

16.1

0.2

0.1

Force Motors

Buy

430

591

560

2,214

2,765

4.5

5.4

39.5

73.9

10.9

5.8

0.5

0.4

4.4

7.6

0.1

0.1

Goodyear India

Neutral

321

-

740

1,543

1,654

6.5

7.3

24.8

31.1

12.9

10.3

2.1

1.8

17.1

19.0

0.3

0.2

Graphite India

Buy

84

113

1,640

2,158

2,406

18.1

18.9

12.4

14.0

6.8

6.0

0.9

0.8

14.0

14.3

0.9

0.7

Greenply Industries

Buy

190

309

458

1,925

2,235

10.6

10.9

29.6

44.1

6.4

4.3

1.1

0.9

16.8

21.0

0.5

0.4

Hitachi

Accumulate

130

130

297

868

977

3.9

6.6

2.7

10.9

47.2

11.9

1.7

1.5

3.7

13.6

0.4

0.3

Honeywell Automation

Accumulate

2,526

2,842

2,233

1,847

2,162

4.3

7.3

61.0

120.0

41.4

21.1

3.3

2.8

9.3

16.3

1.1

0.9

Styrolution ABS India

Buy

634

744

1,114

1,056

1,081

8.1

10.6

33.8

46.5

18.7

13.6

2.6

2.2

14.7

17.5

1.0

0.9

ITD Cementation

Accumulate

230

241

265

1,451

1,669

12.3

12.4

32.4

41.5

7.1

5.6

0.6

0.6

9.4

10.9

0.6

0.6

Jyothy Laboratories

Neutral

158

-

2,555

1,248

1,468

9.8

10.4

5.9

7.2

26.7

22.1

3.8

3.5

15.0

16.6

2.4

2.0

MCX

Accumulate

1,290

1,440

6,580

553

624

65.3

66.3

62.5

72.0

20.7

17.9

5.7

4.9

27.5

27.4

9.1

7.5

MRF

Buy

10,359

12,884

4,393

11,804

12,727

10.4

10.5 1,289.9 1,431.3

8.0

7.2

1.6

1.3

21.3

19.4

0.5

0.5

Telecom

zOthers

www.angelbroking.com

Market Outlook
September 20, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

zOthers
Page Industries

Neutral

3,288

-

3,667

887

1,108

18.3

18.6

95.0

120.9

34.6

27.2

18.1

14.7

57.4

59.5

4.3

3.4

Relaxo Footwears

Neutral

706

-

847

1,019

1,208

12.3

13.0

51.0

68.4

13.9

10.3

3.7

2.7

30.3

30.2

1.0

0.8

Sintex Industries

Buy

63

79

1,732

4,751

5,189

16.3

16.6

13.6

15.8

4.7

4.0

0.6

0.5

12.9

13.2

0.7

0.6

Siyaram Silk Mills

Buy

294

392

275

1,042

1,173

12.4

12.5

66.3

78.5

4.4

3.8

0.9

0.7

21.1

20.8

0.5

0.4

S. Kumars Nationwide

Buy

20

24

595

7,134

7,985

19.7

19.4

12.2

14.1

1.6

1.4

0.2

0.2

11.3

11.5

0.6

0.6

SpiceJet

Accumulate

38

43

1,845

5,720

6,599

5.3

6.8

3.6

5.4

10.6

7.1

15.3

4.9

-

-

0.5

0.4

TAJ GVK

Buy

68

108

424

300

319

35.8

36.2

7.9

9.1

8.6

7.4

1.1

1.0

13.9

14.4

1.7

1.5

Tata Sponge Iron

Buy

308

377

474

787

837

16.2

17.5

58.5

66.9

5.3

4.6

0.7

0.7

14.9

15.1

0.3

0.1

TVS Srichakra

Neutral

308

-

236

1,476

1,643

7.1

8.2

32.3

55.8

9.6

5.5

1.5

1.3

16.6

24.8

0.4

0.3

United Spirits

Neutral

969

-

12,672

10,289

11,421

13.5

14.3

31.0

42.9

31.2

22.6

2.4

2.2

8.1

10.3

1.9

1.7

Vesuvius India

Neutral

333

-

676

560

611

16.1

17.0

24.7

28.8

13.5

11.6

2.0

1.8

15.8

16.2

1.1

1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 17, 2012

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Market Outlook
September 20, 2012

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