Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 26, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open in the red today tracing negative opening
trades in most of the Asian bourses and the SGX Nifty. Asian markets are
trading lower on concerns that stimulus measures by central banks across the
US, Asia and Europe would not be enough to boost global economic growth.
The US markets moved sharply lower over the course of the trading day on
Tuesday after moving moderately higher in the morning trade. Lingering concerns
about the global economic outlook weighed on the markets, which overshadowed
upbeat US consumer confidence data. Most of the European bourses closed in
positive territory on Tuesday. The markets struggled to find direction ahead of the
meeting of German Chancellor Angela Merkel and ECB President Mario Draghi in
Berlin.
0.1
0.1
4.3
5,674
MID CAP
0.5
29.6
6,483
SMALL CAP
0.5
36.2
6,903
BSE HC
0.6
44.3
7,379
BSE PSU
(0.3)
(20.0)
7,426
BANKEX
0.0
4.1 13,105
AUTO
(0.7)
(74.3) 10,275
METAL
(1.4) (145.4) 10,563
OIL & GAS
(0.2)
(17.6)
8,709
0.1
7.3
5,974
Chg (%)
(Pts)
(Close)
BSE IT
Markets Today
FTSE
Nikkei
S1
PIVOT
R1
R2
SENSEX
18,553
18,624
18,707
18,778
18,861
NIFTY
5,626
5,650
5,676
5,700
5,727
News Analysis
MM to invest `1,500cr to develop a new vehicle platform with SMC

Nissan calls off the ultra-low cost car project with Bajaj Auto
MSIL enters into wage settlement agreement with Gurgaon workers
United Spirits confirms talks with Diageo
` cr
Purch
Sales
Net
MTD
YTD
FII
4,501
2,849
1,652
13,416
76,427
664
1,295
(631)
(2,593)
(12,026)
FII Derivatives (September 25, 2012)

` cr
Purch
Sales
Index Futures
5,725
Stock Futures
9,215
Net
Open Interest
5,081
645
19,480
9,825
(610)
32,356
Gainers / Losers
Gainers
Company
United Spirits
JPINFRATEC
Crompton Greav
Wockhardt
Apollo Hosp
www.angelbroking.com
Price (`)
Losers
chg (%)
NASDAQ
(1.4)
(43.1)
3,118
0.4
20.9
5,860
0.3
22.3
9,092
Hang Seng
Company
Price (`)
chg (%)
1,084
2.9
Shree Renuka Sug
35
(6.3)
54
2.6
Essar Oil
49
(5.0)
127
2.4
Jindal Steel
425
(4.4)
1,250
2.2
Cairn India
334
(3.6)
691
2.1
Axis Bank
1,103
(2.7)
0.0
4.0 20,699
Straits Times
(0.0)
(0.8)
3,067
Shanghai Com
(0.2)
(3.9)
2,029
Chg (%)
(Pts)
(Close)
INFY
(1.6)
(0.8)
$47.5
WIT
(1.2)
(0.1)
$8.8
IBN
(1.7)
(0.7)
$39.5
HDB
(0.6)
(0.2)
$36.7
BSE
NSE
Advances
1,534
747
Declines
1,346
686
132
88
Unchanged
Net Inflows (September 24, 2012)
MFs
(0.8) (101.4) 13,458
Advances / Declines
Refer detailed news analysis on the following page
21.1 18,694
Dow Jones
Indian ADRs
S2
(Close)
Nifty
Global Indices
Indices
(Pts)
BSE Sensex
Meanwhile, Indian markets ended a choppy trading session modestly higher on

Tuesday, helped by the recent pullback in commodity prices and the strengthening
of the rupee. However, lackluster global cues capped the markets upside.
The trend deciding level for the day is 18,707 / 5,676 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,778 18,861 / 5,700 5,727 levels. However, if NIFTY trades below
18,707 / 5,676 levels for the first half-an-hour of trade then it may correct up to
18,624 18,553 / 5,650 5,626 levels.
Chg (%)
Volumes (` cr)
BSE
3,442
NSE
19,884
Market Outlook
September 26, 2012
MM to invest `1,500cr to develop a new vehicle platform with

SMC
Mahindra and Mahindra (MM) has announced that it will invest `1,500cr (Korean
Won 300bn) to develop a new vehicle platform with its Korean subsidiary
Ssangyong Motor Corporation (SMC). MM expects to develop three products jointly
with SMC over the next three years and is willing to invest more money over the
course of the period. Further, both the companies are also developing a new
engine platform (both petrol and diesel) that will be used by both the companies.
We believe that the investment plans announced by MM are on the expected line
as the company had stated its intentions of working jointly with SMC to leverage
upon its technical know-how. Additionally in order to consolidate its position in the
domestic utility vehicle space, MM is also launching SMCs Rexton in the domestic
markets. We expect MM to sustain the growth momentum in the automotive
segment with the new launches, XUV5OO, Quanto and Rexton. At `846, the stock
is trading at 15.4x FY2014E earnings. We maintain our Accumulate rating on the
stock with revised sum of the parts (SOTP) based target price of `895.
Nissan calls off the ultra-low cost car project with Bajaj
Auto
According to media reports, Nissan has called off its alliance with Baja Auto
(BJAUT) to develop an ultra-low cost (ULC) car. In 2009, BJAUT had entered into
an agreement with Renault-Nissan alliance to design, develop and manufacture
the ULC car, which was intended to take on Tata Nano. As part of the agreement,
Renault-Nissan alliance was supposed to market and sell the car under their
badge. Further, in 2010, Renault-Nissan announced the signing of a
memorandum of understanding with BJAUT to take forward their ULC car project.
The ULC was first scheduled to hit the roads in India in 2011, but was delayed due
to differences between the partners on pricing and design. Since then, BJAUT
continued with its development work and earlier this year the company unveiled
the RE60, a mini-four wheeler for urban transportation to replace three-wheelers.
While the Nissan-Renault alliance did not mention any reason for calling off the
ULC car project, we believe it could be due to the revival of its own low cost car
project under the Datsun brand. Meanwhile, BJAUT is planning to launch RE60 by
the end of FY2013. At `1,790 the stock is trading at 14.8x FY2014E earnings.
Due to limited upside form current levels we maintain our Neutral rating on
BJAUT.
MSIL enters into wage settlement agreement with Gurgaon

workers
As per media reports, Maruti Suzuki (MSIL) has entered into a wage settlement
agreement with the workers at the Gurgaon plant. According to the agreement
signed between the company and Maruti Udyog Kamgar Union (MUKU),
permanent workers at the Gurgaon plant would be given an increment of `18,000
in their monthly salary spread over a period of three years. Under the three year
agreement, to be implemented with retrospective effect from April 2012, the
workers will receive 80% of the increased salary in the first year and the rest in the
Market Outlook
September 26, 2012
following two years. Besides this, MSIL has also doled out a host of other incentives
ranging from increased travel allowance and improved medical coverage.
We see this settlement agreement as a certain positive for the company
considering that the solution has been arrived amicably and both the parties have
expressed happiness over the agreement. However, the wage settlement
agreement with the Manesar employees is still pending due to the absence of
union in Manesar. We believe that the current wage agreement should put aside
any overhang on the stock from the labor unrest perspective. We expect the
current wage hike to dilute margins by 25bp-30bp in FY2013. At `1,321 the stock
is trading at 15.1x FY2014 earnings which is in-line with its historical average of
15x. We therefore maintain our Neutral rating on the stock.
United Spirits confirms talks with Diageo

United Spirits (USL) has confirmed that Diageo plc (Diageo) is holding talks with
itself and United Breweries Holding (UBH) with regard to acquisition of an interest
in USL. This was confirmed by a joint statement issued by USL and Diageo that
was filed with BSE regarding the talks and was reiterated by USLs Chairman Vijay
Mallya in the companys AGM held yesterday. USL however maintained that
nothing has been finalized with regard to the deal. UBH along with its subsidiary
Kingfisher Finvest holds 27.7% stake in USL. Meanwhile, media reports have said
that the UBH and Diageo are working on a three-way plan, wherein (a) UBH will
sell 12% stake in USL (b) Diageo will buy treasury stock equivalent to 3% and (c)
Diageo will get another 10% in USL via preferential route. Diageo will follow this
with an open offer which will give the company a majority holding in USL. Media
reports also added that UBH will hold around 15% in USL and Vijay Mallya will
continue to remain the Chairman. USL stock has rallied considerably over the past
few days in anticipation of this deal. We continue to remain neutral on USL.
Economic and Political News
Govt to bring draft model legislation for state discoms

Debt rejig to increase cash flow of discoms: Rating agencies
Farm sector biggest beneficiary of FDI in retail: Kamal Nath
Corporate News
RIL likely to bid for telecom spectrum

Cairn raises US$910mn from India Unit stake sale
Yes Bank wants to be party in BCCI-Deccan Chargers tangle
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 26, 2012
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
September 26, 2012
US
New home sales
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)
--
October 01, 2012
October 04, 2012
October 05, 2012
October 16, 2012
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
--
October 24, 2012
Source: Bloomberg, Angel Research
Market Strategy
September 26, 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
7.5
8.0
6.0
8.0
7.6
6.0
6.7
7.0
6.1
5.7
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
(1.8)
(5.0)
60.0
9.9
(1.3)
Exhibit 4: Manufacturing and services PMI
(%)
10.0
Dec-11
Nov-11
(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
Jan-12
48.0
Dec-11
50.0
0.0
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
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
Sep-11
(2.0)
10.0
0.1
1.0
3.5
3.0
12.0
2.7
2.5
Oct-11
4.0
2.5
4.3
3.4
Aug-11
6.0
4.0
Market Outlook
September 26, 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
145
2,811
1,466
1,686
14.8
14.8
7.0
8.1
20.7
17.9
4.4
3.7
22.6
22.5
2.0
1.7
United Phosphorus
Buy
126
170
5,799
8,421
9,263
16.5
16.5
15.0
17.0
8.4
7.4
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
219
402
3,732
2,844
3,225
15.4
15.5
31.7
36.6
6.9
6.0
1.8
1.4
28.8
26.2
1.2
1.1
Apollo Tyres
Accumulate
92
99
4,650
13,412
15,041
11.0
11.0
11.5
14.2
8.1
6.5
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
25
30
6,519
14,920
16,850
9.0
9.3
2.2
2.8
11.3
8.9
2.1
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Accumulate
405
430
613
993
1,140
11.6
11.5
36.9
43.0
11.0
9.4
2.2
1.9
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,790
51,789
21,285
23,927
18.2
18.3
108.5
121.3
16.5
14.8
6.8
5.5
46.1
41.3
2.1
1.8
Bharat Forge
Buy
302
351
7,032
7,004
7,985
16.2
16.4
20.3
25.1
14.9
12.1
2.8
2.3
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,548
26,841
9,034
10,286
17.8
18.3
373.6
435.8
22.9
19.6
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
113
164
385
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
145
12,312
5,899
6,771
16.0
17.0
7.4
9.1
19.7
15.9
3.5
3.0
19.0
20.2
1.8
1.5
FAG Bearings*
Neutral
1,612
2,679
1,505
1,747
17.7
18.0
111.5
130.0
14.5
12.4
3.0
2.5
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,894
2,428
37,812
26,097
29,963
15.0
15.3
139.5
151.8
13.6
12.5
6.4
4.9
54.6
44.3
1.2
1.0
JK Tyre
Buy
107
135
439
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.4
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
846
895
51,946
36,536
41,650
11.6
11.5
49.3
54.9
17.2
15.4
3.5
3.0
22.1
21.1
1.2
1.0
Maruti
Neutral
1,321
38,168
41,796
47,953
7.6
8.4
67.1
87.6
19.7
15.1
2.3
2.0
12.1
14.1
0.7
0.6
Motherson Sumi
Neutral
222
8,687
24,173
27,055
6.6
7.1
11.7
15.2
18.9
14.6
3.9
3.2
22.4
24.2
0.5
0.5
Subros
Buy
29
34
175
1,230
1,378
8.8
8.6
4.5
5.7
6.5
5.1
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Accumulate
269
292
71,651 195,096 219,428
12.8
12.8
39.0
43.9
6.9
6.1
2.0
1.5
32.6
28.2
0.4
0.4
TVS Motor
Neutral
43
2,043
7,545
8,301
6.2
6.1
4.9
5.4
8.7
8.0
1.6
1.4
18.8
18.2
0.2
0.2
Capital Goods
ABB*
Sell
773
498
16,377
8,760
10,023
5.5
7.5
12.4
20.7
62.2
37.3
6.0
5.3
10.1
15.2
1.8
1.6
BGR Energy
Neutral
279
2,017
3,669
4,561
11.0
11.0
24.7
29.6
11.3
9.5
1.7
1.5
15.3
16.7
0.6
BHEL
Neutral
254
62,120
47,801
43,757
19.4
19.8
25.7
23.9
9.9
10.6
2.1
1.8
22.7
18.3
1.2
1.1
Blue Star
Neutral
180
1,616
3,047
3,328
5.4
6.9
12.5
16.2
14.4
11.1
3.5
2.8
26.1
28.2
0.6
0.5
Crompton Greaves
Neutral
130
8,352
12,691
14,096
7.0
8.5
6.5
9.1
20.0
14.3
2.1
1.9
11.1
14.2
0.7
0.6
Jyoti Structures
Buy
49
59
399
2,622
2,801
10.3
10.7
8.7
13.1
5.6
3.7
0.6
0.5
10.3
14.0
0.4
0.4
KEC International
Accumulate
70
80
1,803
6,858
7,431
7.5
8.3
9.0
11.5
7.8
6.1
1.4
1.2
26.9
27.2
0.4
0.4
LMW
Neutral
1,994
2,246
2,369
2,727
11.7
11.7
143.4
166.0
13.9
12.0
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
555
6,612
5,514
5,559
8.9
9.6
26.9
28.4
20.7
19.6
3.6
3.2
18.4
17.1
1.2
1.1
Market Outlook
September 26, 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
1,375
25,821
11,220
12,896
20.0
20.6
71.1
81.2
19.3
16.9
3.4
3.1
18.1
19.0
2.0
1.7
Ambuja Cements
Neutral
195
29,999
10,205
11,659
24.6
24.2
10.8
12.0
18.0
16.2
3.8
3.4
19.7
19.8
2.6
2.1
India Cements
Neutral
86
2,639
4,393
4,914
19.3
19.5
10.1
12.7
8.5
6.8
0.7
0.7
8.8
10.6
1.1
0.9
J K Lakshmi Cements
Neutral
100
1,219
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
184
4,369
3,608
3,928
27.4
26.9
15.6
18.1
11.8
10.1
1.8
1.6
16.8
16.9
1.8
1.6
Shree Cements^
Neutral
3,621
12,616
5,767
6,337
28.4
26.9
216.9
253.3
16.7
14.3
3.7
3.0
24.7
23.4
1.6
1.3
UltraTech Cement
Neutral
1,835
50,306
20,167
22,752
21.7
23.0
90.8
107.8
20.2
17.0
3.4
2.9
17.9
18.3
2.4
2.2
229
304
1,206
2,029
2,310
22.4
22.4
27.1
31.7
8.5
7.2
1.0
0.9
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
264
2,262
2,522
6.7
7.5
1.5
2.7
9.6
5.4
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
18
1,116
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.2)
(19.1)
1.0
1.1
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
152
166
5,047
3,964
4,582
42.3
40.2
15.5
16.9
9.8
9.0
1.5
1.3
16.6
15.8
2.8
2.7
ITNL
Buy
185
232
3,595
6,840
7,767
26.4
26.1
24.4
28.4
7.6
6.5
1.1
1.0
16.0
16.2
2.7
2.8
IVRCL Infra
Neutral
49
1,493
5,510
6,722
8.8
9.0
2.5
4.6
19.2
10.6
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
83
91
17,564
15,259
17,502
25.7
24.7
4.2
5.0
19.5
16.5
1.6
1.5
8.5
9.3
2.5
2.2
Larsen & Toubro
Neutral
1,575
96,644
60,474
69,091
12.1
11.5
79.7
85.4
19.8
18.4
3.3
2.9
16.3
15.1
1.7
1.5
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.
Neutral
46
1,189
5,804
6,513
8.0
8.6
3.0
3.5
15.2
13.3
0.5
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
74
514
3,609
3,836
13.1
13.1
14.0
14.6
5.3
5.1
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
54
1,790
11,892
13,116
8.9
8.9
1.7
3.1
31.8
17.5
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
145
182
2,174
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
211
265
1,046
6,732
7,837
8.1
8.4
23.5
29.4
9.0
7.2
0.8
0.8
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
145
7,260
7,233
8,579
3.1
3.3
40.5
40.9
3.6
3.6
0.7
0.6
19.4
17.0
Andhra Bank
Neutral
Axis Bank
Buy
Bank of Baroda
Financials
111
6,211
4,959
5,787
3.1
3.1
22.7
24.5
4.9
4.5
0.8
0.7
16.0
15.3
1,103
1,336
45,698
15,961
19,583
3.1
3.2
117.3
143.1
9.4
7.7
1.8
1.5
20.1
20.8
Accumulate
780
829
30,545
15,830
19,300
2.6
2.7
118.9
147.1
6.6
5.3
1.0
0.9
16.7
18.0
Bank of India
Accumulate
302
323
17,328
13,159
15,851
2.4
2.5
61.1
71.1
5.0
4.3
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
49
2,871
3,471
3,889
3.1
3.1
9.0
11.5
5.4
4.3
0.7
0.6
13.7
15.5
Canara Bank
Neutral
433
19,173
11,334
13,629
2.2
2.3
75.4
85.1
5.7
5.1
0.9
0.8
15.2
15.3
Central Bank
Neutral
76
5,620
7,181
8,365
2.5
2.7
16.3
21.8
4.7
3.5
0.8
0.7
12.7
15.1
Market Outlook
September 26, 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
Financials
Corporation Bank
Accumulate
408
436
6,047
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
Neutral
103
3,613
3,177
3,595
2.8
2.8
25.2
25.4
4.1
4.1
0.7
0.6
18.9
16.4
Federal Bank
Neutral
447
7,638
2,634
3,104
3.3
3.3
45.4
55.4
9.8
8.1
1.2
1.1
12.9
14.2
HDFC
Neutral
769
118,388
7,340
8,805
3.5
3.5
31.5
37.8
24.4
20.3
4.9
4.4
34.8
32.2
HDFC Bank
Neutral
637
150,219
21,936
27,454
4.4
4.4
28.7
36.0
22.2
17.7
4.3
3.6
20.7
22.0
ICICI Bank
Accumulate
1,067
1,220
122,616
22,356
27,157
2.9
3.0
68.7
82.0
15.5
13.0
1.9
1.7
14.2
15.5
IDBI Bank
Neutral
98
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
Indian Bank
Reduce
193
183
8,286
6,294
7,191
3.4
3.4
40.6
44.9
4.8
4.3
0.8
0.7
18.1
17.4
IOB
Neutral
78
6,221
7,473
8,732
2.5
2.5
16.7
22.6
4.7
3.5
0.6
0.5
11.8
14.4
J & K Bank
Accumulate
918
1,026
4,452
2,625
2,921
3.6
3.5
194.4
191.9
4.7
4.8
0.9
0.8
21.2
18.0
LIC Housing Finance
Neutral
279
14,093
1,867
2,338
2.4
2.4
21.1
28.5
13.2
9.8
2.2
1.9
17.5
20.4
Oriental Bank
Neutral
284
8,298
6,518
7,458
2.8
2.9
61.3
65.1
4.6
4.4
0.7
0.6
15.2
14.3
Punjab Natl.Bank
Buy
823
950
27,926
20,116
23,625
3.3
3.4
152.8
173.9
5.4
4.7
1.0
0.8
18.2
18.0
South Ind.Bank
Accumulate
23
25
3,032
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
Neutral
2,197
147,442
64,470
75,940
3.5
3.5
224.4
258.7
9.8
8.5
1.7
1.4
17.6
17.8
Syndicate Bank
Accumulate
103
119
6,218
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
76
5,045
5,488
6,338
2.4
2.5
17.3
17.7
4.4
4.3
0.9
0.8
17.0
15.3
Union Bank
Accumulate
203
230
11,184
10,299
12,227
2.9
3.0
42.1
49.3
4.8
4.1
0.9
0.7
16.7
17.1
United Bank
Buy
63
79
2,256
3,634
4,194
2.8
2.9
18.2
23.0
3.4
2.7
0.5
0.4
15.0
16.7
Vijaya Bank
Neutral
56
2,763
2,579
3,028
2.1
2.3
8.8
11.6
6.3
4.8
0.7
0.7
11.1
13.3
Yes Bank
Buy
375
453
13,331
3,255
4,228
2.8
3.0
34.2
42.7
11.0
8.8
2.3
1.9
23.3
23.8
3,929
37,690
11,198
13,184
16.3
16.3
121.0
144.8
32.5
27.1
10.9
8.6
37.4
35.3
3.3
2.8
471
584
5,620
5,835
6,824
5.7
6.0
20.7
25.4
22.7
18.5
9.0
6.9
43.1
41.9
0.9
0.7
1,167
15,870
3,018
3,429
20.9
22.3
34.6
41.0
33.7
28.5
31.1
23.6
99.5
94.1
5.1
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
125
21,726
6,124
7,030
17.0
16.8
4.5
5.2
27.9
24.1
11.5
9.1
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
2,956
12,433
3,124
3,663
17.1
17.6
104.5
123.8
28.3
23.9
8.8
7.1
34.4
32.8
3.6
3.0
Godrej Consumer
Neutral
672
22,870
6,097
7,233
18.4
18.6
21.9
26.5
30.7
25.4
6.8
5.6
25.5
25.4
3.9
3.3
HUL
Neutral
527
113,964
25,350
28,974
13.9
13.9
14.3
16.5
37.0
32.0
22.0
16.9
70.9
59.8
4.3
3.7
ITC
Neutral
261
204,656
29,513
33,885
35.4
35.8
9.3
10.8
28.1
24.2
9.3
7.8
35.6
35.0
6.6
5.7
Market Outlook
September 26, 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
195
12,536
4,840
5,643
13.1
13.1
6.8
8.5
28.7
23.0
7.9
6.0
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,353
41,965
8,610
10,174
20.9
21.2
114.8
139.8
37.9
31.1
22.9
15.9
71.2
60.3
4.9
4.1
Tata Global
Accumulate
129
136
7,968
7,207
7,927
9.7
10.0
6.6
7.9
19.4
16.4
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech^
Neutral
565
39,227
24,400
27,049
18.6
17.5
41.1
45.0
13.8
12.6
3.1
2.6
22.7
21.1
1.5
1.4
Hexaware*
Accumulate
123
133
3,654
1,947
2,161
22.0
21.4
11.4
12.1
10.9
10.2
2.8
2.4
26.4
24.0
1.6
1.4
Infosys
Neutral
2,596
149,074
39,151
41,743
31.6
31.9
161.9
174.5
16.0
14.9
3.8
3.3
23.8
22.1
3.2
2.9
Infotech Enterprises
Neutral
193
2,151
1,889
2,065
18.0
17.5
18.0
19.7
10.7
9.8
1.6
1.4
14.5
13.7
0.8
0.7
KPIT Cummins
Neutral
126
2,247
2,149
2,331
15.6
14.8
10.7
11.2
11.8
11.2
2.5
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Reduce
107
97
12,534
7,574
8,062
19.6
18.4
9.5
9.7
11.3
11.0
1.8
1.6
16.1
14.1
1.3
1.1
Mindtree
Neutral
679
2,775
2,341
2,513
18.6
17.1
66.5
70.8
10.2
9.6
2.3
1.8
22.3
19.3
1.0
0.9
Mphasis&
Neutral
400
8,404
5,713
6,005
18.0
16.8
36.9
37.1
10.8
10.8
1.6
1.4
14.3
12.6
1.0
0.9
NIIT
Buy
32
40
527
1,162
1,304
14.8
15.1
7.1
8.8
4.5
3.6
0.8
0.7
16.7
18.4
0.3
0.2
Persistent
Neutral
419
1,676
1,193
1,278
25.6
24.3
42.6
44.3
9.8
9.5
1.7
1.5
17.2
15.5
1.0
0.9
TCS
Neutral
1,295
253,392
61,046
67,507
29.3
29.1
67.3
72.4
19.2
17.9
6.1
5.1
31.9
28.3
4.0
3.5
Tech Mahindra
Neutral
928
11,841
6,553
7,331
18.1
17.1
92.5
100.7
10.0
9.2
2.4
1.9
23.6
20.7
1.9
1.6
Wipro
Accumulate
377
420
92,823
43,492
48,332
19.4
19.3
25.1
28.0
15.0
13.5
2.8
2.4
18.6
18.0
1.8
1.5
D B Corp
Buy
198
236
3,638
1,597
1,785
22.9
24.2
11.1
13.9
17.8
14.3
3.4
2.9
20.2
22.1
2.2
1.9
HT Media
Buy
94
113
2,201
2,111
2,263
15.2
15.2
7.3
8.1
12.8
11.5
1.4
1.2
11.2
11.2
0.6
0.5
Jagran Prakashan
Buy
92
112
2,908
1,506
1,687
22.5
23.2
6.2
7.0
14.8
13.1
3.6
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
188
489
625
732
17.4
17.1
13.3
15.6
14.1
12.0
1.5
1.4
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
323
12,715
1,981
2,239
77.0
76.7
18.6
21.3
17.4
15.1
4.4
3.8
27.1
27.5
5.9
5.0
Bhushan Steel
Neutral
475
10,084
11,979
14,584
31.6
31.0
49.2
61.4
9.7
7.7
1.3
1.1
14.1
15.2
2.8
2.4
Coal India
Neutral
369
232,758
69,808
75,550
27.4
27.4
26.0
28.3
14.2
13.0
4.1
3.3
32.5
28.1
2.4
2.1
Electrosteel Castings
Buy
18
23
626
1,984
2,074
11.2
12.6
2.5
2.9
7.3
6.3
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
131
144
55,331
12,446
13,538
52.3
52.9
14.3
15.5
9.2
8.4
1.7
1.5
20.5
18.9
2.6
2.0
Hindalco
Neutral
119
22,841
84,855
92,446
8.7
9.3
13.2
16.2
9.0
7.4
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
745
16,613
38,740
41,459
17.3
17.0
79.9
89.4
9.3
8.3
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
257
271
4,325
918
993
50.7
50.9
24.5
26.1
10.5
9.9
1.6
1.5
16.0
15.5
2.4
2.1
Monnet Ispat
Buy
305
379
1,960
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 26, 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
Reduce
NMDC
Accumulate
52
48
13,389
7,401
7,841
16.7
19.2
3.4
4.1
15.2
12.7
1.1
1.0
7.4
8.4
1.3
1.3
189
214
75,052
12,934
14,266
79.4
80.1
21.1
23.4
9.0
8.1
2.4
2.0
29.6
26.5
3.9
3.3
SAIL
Sesa Goa
Neutral
90
37,030
47,252
60,351
14.2
14.8
9.6
11.7
9.4
7.6
0.9
0.8
9.4
10.6
1.2
1.0
Neutral
178
15,466
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
101
34,060
41,680
45,382
24.2
23.2
16.3
16.9
6.2
6.0
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
401
481
38,912 145,799 150,431
10.3
11.2
48.6
63.3
8.2
6.3
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
126
148
452
1,251
1,321
22.7
23.4
33.0
37.1
3.8
3.4
0.5
0.5
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
54
73
726
2,694
2,906
14.6
16.6
16.4
20.8
3.3
2.6
0.3
0.3
11.4
12.8
0.5
0.4
Buy
123
161
390
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.9
0.5
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
334
380
63,675
16,605
17,258
75.4
71.7
57.0
54.9
5.9
6.1
1.1
0.9
20.2
16.3
2.9
2.2
GAIL
Neutral
383
48,640
50,176
55,815
15.5
15.8
35.4
36.5
10.8
10.5
1.9
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
284
312
242,933 147,139 154,821
33.9
33.7
30.7
32.3
9.3
8.8
1.6
1.4
18.3
17.2
1.4
1.3
Reliance Industries
Neutral
840
275,013 362,700 380,031
7.9
8.0
61.5
64.3
13.7
13.1
1.4
1.3
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
297
3,864
11.5
11.3
19.2
22.1
15.5
13.4
4.1
3.7
28.7
29.0
1.1
0.9
Indraprastha Gas
Neutral
258
3,618
3,040
3,135
24.3
26.7
24.8
27.9
10.4
9.3
2.4
2.0
25.5
23.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
162
176
12,161
29,145
33,736
6.6
6.6
14.2
16.0
11.4
10.1
2.8
2.2
26.9
24.4
0.5
0.4
78
4,392
1,041
939
91.8
91.9
8.5
7.4
9.2
10.5
1.6
1.4
18.1
14.0
5.1
5.6
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
70
92
644
Ipca labs
Accumulate
437
475
5,512
Lupin
Accumulate
583
647
26,070
Orchid Chemicals
Neutral
113
797
Neutral
3,809
3,267
71
91
1,336
1,624
1,855
14.2
15.6
6.6
9.1
10.7
7.8
2.7
2.1
27.9
29.2
1.0
0.8
138
156
4,016
5,243
5,767
14.6
14.6
11.8
12.6
11.7
11.0
1.5
1.3
17.9
16.4
1.2
1.1
2,281
5,252
1,482
1,682
15.5
15.5
95.0
104.0
24.0
21.9
4.3
3.3
18.6
17.0
3.3
2.9
834
953
17,066
6,148
7,386
18.6
19.6
36.0
46.1
23.2
18.1
5.4
4.4
25.8
26.8
3.0
2.4
363
399
29,142
8,031
9,130
23.4
22.4
18.4
20.0
19.7
18.2
3.3
2.8
17.8
16.6
3.4
2.9
1,653
28,057
10,696
11,662
20.7
21.0
83.7
92.9
19.8
17.8
4.1
3.4
22.4
21.0
2.9
2.6
100
804
1,280
1,536
17.8
17.8
9.2
11.3
10.8
8.8
0.8
0.8
7.7
8.5
1.3
1.1
1,993
16,883
2,651
2,993
31.7
31.2
76.0
82.4
26.2
24.2
7.6
6.8
20.1
26.3
5.6
4.8
685
837
15.2
15.2
7.4
8.9
9.4
7.9
1.4
1.3
16.4
17.0
1.1
0.9
2,850
3,474
20.7
20.7
29.2
36.6
15.0
11.9
3.5
2.8
26.1
26.1
2.1
1.7
8,426
10,082
19.7
20.0
27.4
32.4
21.3
18.0
5.2
4.2
26.0
24.7
3.1
2.6
1,667
1,835
13.9
13.9
11.4
13.3
9.9
8.5
0.6
0.6
6.6
7.3
0.9
0.8
Market Outlook
September 26, 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
Pharmaceuticals
Ranbaxy*
Neutral
531
22,407
12,046
11,980
18.0
15.8
35.7
29.8
14.9
17.8
5.8
4.6
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
676
69,928
9,752
12,134
41.6
41.6
26.0
28.2
26.0
24.0
4.9
4.2
20.3
18.8
6.4
5.0
CESC
Neutral
335
4,183
5,218
5,644
24.2
23.8
44.6
47.6
7.5
7.0
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
71
77
1,069
1,557
1,573
29.3
28.7
10.8
11.0
6.6
6.4
0.7
0.6
10.8
10.2
1.2
1.0
165
135,926
74,111
85,789
23.2
23.6
12.4
14.0
13.3
11.7
1.7
1.5
13.0
13.5
2.6
2.3
Real Estate
Anant Raj
Buy
DLF
Neutral
65
78
1,909
657
875
52.0
56.1
8.4
12.7
7.7
5.1
0.5
0.4
6.3
8.9
4.2
3.1
236
40,078
9,878
12,033
44.7
46.1
9.6
13.4
24.6
17.6
1.6
1.5
6.4
8.7
6.6
HDIL
Buy
5.4
93
115
3,911
2,441
3,344
55.1
48.2
22.7
26.6
4.1
3.5
0.4
0.3
8.8
9.4
3.5
MLIFE
2.6
Neutral
383
1,562
813
901
26.2
26.6
32.0
37.1
12.0
10.3
1.2
1.1
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
276
104,831
79,542
87,535
30.9
32.2
10.3
15.0
26.8
18.4
1.9
1.8
7.2
9.6
2.0
1.7
Idea Cellular
Neutral
87
28,636
22,988
25,333
26.4
26.9
3.5
4.9
25.0
17.7
2.0
1.8
8.1
10.2
1.7
1.5
Rcom
Neutral
64
13,251
21,553
22,494
31.0
30.7
3.5
4.5
18.5
14.4
0.4
0.4
1.9
2.4
2.1
1.9
Abbott India
Neutral
1,589
3,377
1,602
1,833
10.4
11.8
54.7
71.7
29.1
22.2
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
201
234
2,005
3,569
4,172
8.1
8.8
16.3
21.3
12.4
9.4
2.5
2.1
21.7
24.6
0.6
0.5
Cera Sanitaryware
Accumulate
338
387
427
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
450
682
116
289
340
5.2
6.0
40.7
56.8
11.1
7.9
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
920
6,454
982
1,136
34.3
34.3
34.3
40.0
26.8
23.0
12.1
9.7
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
440
591
574
2,214
2,765
4.5
5.4
39.5
73.9
11.1
6.0
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
316
728
1,543
1,654
6.5
7.3
24.8
31.1
12.7
10.2
2.1
1.8
17.1
19.0
0.3
0.2
Graphite India
Buy
83
113
1,613
2,158
2,406
18.1
18.9
12.4
14.0
6.7
5.9
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
189
309
457
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.0
0.9
16.8
21.0
0.5
0.4
Hitachi
Neutral
128
295
868
977
3.9
6.6
2.7
10.9
46.8
11.8
1.7
1.5
3.7
13.6
0.4
0.4
Honeywell Automation
Accumulate
2,611
2,842
2,308
1,847
2,162
4.3
7.3
61.0
120.0
42.8
21.8
3.4
2.9
9.3
16.3
1.2
1.0
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
Neutral
250
288
1,451
1,669
12.3
12.4
32.4
41.5
7.7
6.0
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
160
2,578
1,248
1,468
9.8
10.4
5.9
7.2
27.0
22.3
3.9
3.5
15.0
16.6
2.4
2.0
MCX
Accumulate
1,318
1,440
6,722
553
624
65.3
66.3
62.5
72.0
21.1
18.3
5.8
5.0
27.5
27.4
9.2
7.6
MRF
Buy
10,208
12,884
4,329
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.9
7.1
1.5
1.3
21.3
19.4
0.5
0.4
Telecom
zOthers
Market Outlook
September 26, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
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
zOthers
Page Industries
Neutral
3,207
3,577
887
1,108
18.3
18.6
95.0
120.9
33.8
26.5
17.6
14.3
57.4
59.5
4.1
3.2
Relaxo Footwears
Neutral
713
856
1,019
1,208
12.3
13.0
51.0
68.4
14.0
10.4
3.7
2.7
30.3
30.2
1.0
0.8
Sintex Industries
Buy
66
79
1,814
4,751
5,189
16.3
16.6
13.6
15.8
4.9
4.2
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
289
392
271
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
19
24
567
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
Buy
36
43
1,722
5,720
6,599
5.3
6.8
3.6
5.4
9.9
6.6
14.3
4.5
0.4
0.4
TAJ GVK
Buy
67
108
420
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
308
377
475
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
Accumulate
303
335
232
1,476
1,643
7.1
8.2
32.3
55.8
9.4
5.4
1.5
1.2
16.6
24.8
0.4
0.3
United Spirits
Neutral
1,148
15,011
10,289
11,421
13.5
14.3
31.0
42.9
37.0
26.7
2.9
2.6
8.1
10.3
2.2
1.9
Vesuvius India
Neutral
334
677
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 25, 2012
Market Outlook
September 26, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

September 26, 2012

(1.4) (145.4) 10,563

OIL & GAS

MM to invest `1,500cr to develop a new vehicle platform with SMC

FII Derivatives (September 25, 2012)

Shree Renuka Sug

Net Inflows (September 24, 2012)

(0.8) (101.4) 13,458

Refer detailed news analysis on the following page

Meanwhile, Indian markets ended a choppy trading session modestly higher on

MM to invest `1,500cr to develop a new vehicle platform with

MSIL enters into wage settlement agreement with Gurgaon

United Spirits confirms talks with Diageo

Economic and Political News

Govt to bring draft model legislation for state discoms

RIL likely to bid for telecom spectrum

Global economic events release calendar

September 26, 2012

New home sales

September 27, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

October 09, 2012

Industrial Production (YoY)

October 12, 2012

Producer Price Index (mom)

Industrial Production YoY

October 13, 2012

October 15, 2012

Euro-Zone CPI (YoY)

October 01, 2012

October 04, 2012

October 05, 2012

October 16, 2012

Consumer price index (mom)

October 17, 2012

Jobless claims change

October 18, 2012

Industrial Production (YoY)

Real GDP (YoY)

FOMC rate decision

October 24, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

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

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research

Agri / Agri Chemical