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Market Outlook 

October 31, 2012

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

The Indian markets are expected to open flattish with a positive bias following flat
opening in the SGX Nifty and positive opening in the other major Asian indices.
Asian stocks rose, trimming a monthly loss, after South Korean industrial output
increased and home prices gained in the U.S.

BSE Sensex

(1.1) (205.0) 18,431

Nifty

(1.1)

(67.7)

5,597

MID CAP

(1.0)

(66.1)

6,509

SMALL CAP

(1.3)

(88.9)

6,955

With Hurricane Sandy swirling towards the east coast of the U.S., the major stock
markets in US remained closed on Tuesday as well. NYSE Euronext (NYX), said it
intends to re-open the U.S. markets Wednesday morning if conditions permit. The
European markets gained ground Tuesday after better than expected earnings
reports from companies such as Allianz, Deutsche Bank and BP. However, trading
volume remained thin in the wake of Hurricane Sandy's devastation in the United
States

BSE HC

(0.1)

(7.3)

7,491

BSE PSU

(1.7) (123.6)

7,098

BANKEX

(2.4) (310.0) 12,871

AUTO

(1.4) (141.5) 10,150

METAL

(1.5) (154.9) 10,029

OIL & GAS

(0.8)

(66.6)

8,380

0.5

29.0

5,698

Chg (%)

(Pts)

(Close)

Indian shares fell sharply on Tuesday after the RBI left interest rates on hold but cut
the cash reserve ratio for banks by 25 basis points, walking a tightrope on
managing faltering growth and high inflation. Rate-sensitive banking and realty
stocks bore the brunt of the selling

Markets Today
The trend deciding level for the day is 18,514 / 5,626 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,635 – 18,839 / 5,662 – 5,726 levels. However, if NIFTY trades below
18,514 / 5,626 levels for the first half-an-hour of trade then it may correct up to
18,310 – 18,189 / 5,562 – 5,526 levels.
Indices
SENSEX
NIFTY

S2
18,189
5,526

S1
18,310
5,562

PIVOT
18,514
5,626

R1
18,635
5,662

R2
18,839
5,726

News Analysis
„
„
„
„
„
„

RBI delivers on expected lines, reduces CRR by 25bp
RBI raises the provisioning requirement for standard restructured advances to
2.75% from 2% earlier
CCI finds no cartelization among tyre manufacturers
S Kumars US subsidiary, HMX, filed voluntary petition for bankruptcy
2QFY2013 Result Review: MSIL, DRL, Satyam, IDBI Bank, Thermax, IRB Infra,
KEC, PVR, JK Tyres, Jyoti
2QFY2013 Result Preview: Tata Global, Bharat Forge, J&K Bank, TVS Motors.

Refer detailed news analysis on the following page

Net Inflows (October 27, 2012)
` cr
FII
MFs

Purch
1,549
445

Sales
1,575
480

Net
(25)
(36)

MTD
3,197
(659)

YTD
56,558
(10,404)

FII Derivatives (October 29, 2012)
` cr
Index Futures
Stock Futures

Purch
1,641
1,430

Sales
2,177
1,537

Net
(536)
(107)

Open Interest
9,232
27,532

Gainers / Losers
Gainers
Company

Losers

Price (`)

chg (%)

United Spirits

1,144

4.4

Colgate Palmolive

1,285

4.2

Oriental Bank

298

(5.3)

120

4.0

Indian Bank

168

(5.0)

Dish TV India

74

2.8

IFCI

27

(4.9)

Maruti Suzuki

1,395

2.3

HDIL

93

(4.9)

IRB Infra

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Company
Canara Bank

Price (`)

chg (%)

396

(6.1)

BSE IT
Global Indices

Dow Jones

0.0

3.5 13,107

NASDAQ

0.1

1.8

2,988

FTSE

1.0

54.8

5,850

Nikkei

(1.0)

(87.4)

8,842

Hang Seng

(0.4)

(82.5) 21,429

Straits Times

0.3

9.1

3,039

Shanghai Com

0.2

3.4

2,062

Chg (%)

(Pts)

(Close)

INFY

(1.8)

(0.8)

$42.7

WIT

(1.5)

(0.1)

$8.0

IBN

(1.5)

(0.6)

$39.7

HDB

(1.3)

(0.5)

$37.0

Indian ADRs

Advances / Declines

BSE

NSE

Advances

997

425

1,801

1,082

120

69

Declines
Unchanged
Volumes (` cr)

BSE

2,184

NSE

10,439

Market Outlook
October 31, 2012

RBI delivers on expected lines, reduces CRR by 25bp
The Reserve Bank of India (RBI) in its Second Quarter Monetary Policy Review for
FY2013 reduced the Cash Reserve Ratio (CRR) by 25bp, from 4.50% to 4.25%, in
line with market expectations. It maintained the key policy rate – the repo rate
unchanged at 8.0%. Consequently, the reverse repo rate remains at 7.0% and the
marginal standing facility (MSF) rate and bank rate remain unchanged at 9.0%.
The statutory liquidity ratio (SLR) stands at 23.0% of banks’ net demand and time
liabilities (NDTL).
The RBI anticipates tightening of liquidity conditions owing to higher festival
demand and therefore the reduction in CRR is expected to provide some comfort
on the liquidity front. Trimming the CRR by 25bp is expected to inject around
`17,500cr of primary liquidity in the banking system effective November 3, 2012.
By maintaining the repo rate the RBI has reiterated its stance on inflation
management. WPI inflation for the month of September 2012 surged to 7.8%
mainly owing to the impact of hike in fuel prices initiated by the government earlier
in that month. We believe that the hike in diesel prices and revision in electricity
tariff will adversely impact inflation through its pass-through effect on generalized
inflation.
At the same time, the key change in the tone and stance of this policy is that the
RBI has increased the priority of supporting growth in its decision-making criteria
for the coming quarters rather than focusing purely on inflation. In fact, the RBI
governor has mentioned the possibility of a more accommodative policy stance in
4QFY2013.
Through its policy stance, the RBI has reiterated that managing inflation and
inflationary expectations remain amongst its top priority. The policy statement also
raises concerns over growth and indicates that a material improvement in the
current account and fiscal deficit situation will increase headroom for the central
bank to ease its policy stance.
We maintain our view that in the growth-inflation dynamics, the scale is still tilted
in favor of inflation control rather than growth, at least until the next policy review.
Post December 2012, we expect the RBI to ease rates by 25bp – 50bp.

RBI raises the provisioning requirement for standard restructured
advances to 2.75% from 2% earlier
RBI has raised the provisioning requirement for standard restructured advances to
2.75% from 2% earlier. Considering the current experience of most banks of about
25-30% of restructured loans slipping into NPAs and about 50% loss given default,
increase in provisioning requirement was imminent and 75bp increase can be
seen as a primary step by RBI in the direction of ensuring higher provisioning for
standard restructured advances. Earlier its working group had recommended
increasing provisioning on standard restructured advances from 2% to 5% in a
phased manner over a period of two years. Further, RBI can be expected to clarify
regarding upgrading of restructured advances to enable banks to write-back
provisions once the account performs satisfactorily over a stipulated period.

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Market Outlook
October 31, 2012

Higher provisioning on standard restructured advances would impact mid-PSU
banks the most, with an average PBT impact for FY2013E of 4.1%. Within the mid
PSUs, Central Bank and IOB would be worst affected, as their FY2013E PBT would
be lower by 8.8% and 7.7%, respectively owing to their higher outstanding
restructuring book. We await clarity from management on their restructured book,
as the book is not strictly comparable bank-wise, owing to difference in reporting
of restructured advance (account-wise/borrower-wise, sanctioned basis/disbursed
basis, total restructured advances /standard restructured advances). Meanwhile,
least affected amongst PSU banks would be SBI and BOB, while there would be
negligible impact on new private banks and moderate impact in case of old
private banks.

CCI finds no cartelization among tyre manufacturers
As per media report, Competition Commission of India (CCI) has found no
evidence of cartelization in the tyre industry and has therefore decided not to
impose any penalty on manufacturers. The manufacturers who were being probed
by the CCO included Apollo Tyres, MRF, JK Tyre & Industries, Ceat and Birla Tyres.
According to the CCI, available evidence did not indicate that tyre
manufacturers/ATMA acted together and limited and controlled the production
and price of tyres in the domestic markets. We see this as a positive development
for the tyre industry as the outcome of the CCI inquiry was an overhang on the
stock prices. The favorable outcome provides major relief to tyre manufacturers in
our view.

S Kumars US subsidiary, HMX, filed voluntary petition for
bankruptcy
SKNL ventured overseas through the acquisition of Hart Schaffner Marx (HMX) in
the US in May 2009 for a transaction value of ~ $119mn. HMX has reported sales
of `1,091cr and a net loss of `0.5cr for CY2011 and till June 2012, the company
has registered sales of `288cr with a loss of `10cr. At the time of acquisition, HMX
had received a US$95mn credit line in August 2009 which was reduced to about
two-thirds by July this year.
The company providing the DIP (debtor-in-possession), Salus Capital, has agreed
to fund upto US$75mn only if SKNL infuses $15 million. However, looking at the
sluggish market in U.S and uncertain future of HMX business coupled with liquidity
crunch, SKNL is not willing to infuse any additional capital in HMX and have
decided the option of voluntary petition under Chapter 11. Details on the same
will be available after November 8, 2012. Though the company is trading at low
valuation, we have a Neutral recommendation on the stock, given the lack of
clarity.
HMX is the largest men’s formal wear clothing company in the U.S. and a leading
American producer of luxury apparel. The company is the largest manufacturer
and marketer of men’s suits and coats in the U.S. The company’s brands include
HMX, Hickey Freeman, Misook, Coppley, Austin Reed, Claiborne and Pierre Cardin,
among others.

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Market Outlook
October 31, 2012

Result Review
Maruti Suzuki (CMP: `1,395/ TP: -/ Upside: -)
Maruti Suzuki (MSIL) reported marginally lower-than-expected results for
2QFY2013 led by lower-than-expected growth in top-line and operating
margin pressures on account of higher raw-material and employee expenses.
However the results were largely in-line with the street estimates.
For 2QFY2013, net sales grew by a healthy 8.2% yoy (down 22.9% qoq) to
`8,305cr which was 4.1% lower than our estimates, driven by 18.9% yoy
increase in net average realization. Net average realization improved on
account of price increases and relatively better product-mix (due to Swift, Dzire
and Ertiga in volume-mix). Volumes during the quarter witnessed a decline of
8.7% yoy (22.1% qoq) led by labor strike at the Manesar plant and reduced
demand for petrol cars. On the operating front, margins declined 117bp
sequentially to 6.1% primarily due to increase in raw-material and employee
expenses and lower operating leverage benefits. The raw-material cost as a
percentage of sales jumped 175bp qoq due to higher discounts and lagged
impact of indirect imports. Further, employee expense as a percentage of sales
also increased 60bp qoq due to wage settlements and one-time expense
related to the Manesar plant. On the positive side, other expenditure as a
percentage of sales declined 120bp qoq due to favorable foreign exchange
movement which led to lower royalty outgo (down 80bp qoq to 5.4%). As a
result, operating profit declined 35.3% yoy to `509cr. On a yoy basis though,
operating profit grew by 15.4% largely due to 40bp improvement in operating
margins. However, net profit declined 5.4% yoy (46.3% qoq) to `227cr as
depreciation and interest expense increased 248% and 30% yoy respectively.
At the CMP of `1,395, the stock is trading at 15x FY2014E earnings. Currently
we have a Neutral rating on the stock.
Y/E

SalesOPM

PAT

EPS

RoE

March

(` cr) (%)

(` cr)

(`)

(%)

P/E P/BV
(x)

EV/EBITDA EV/Sales

(x)

(x)

(x)

FY2013E

41,789 7.3

1,867

64.6

11.7

21.6 2.4

10.9

0.7

FY2014E

49,983 8.6

2,695

93.2

15.0

15.0 2.1

7.3

0.6

DRL (CMP-`1723, Target- `1859, Upside-8%,)
Dr Reddys Labs: Dr Reddys Labs (DRL) posted results in line with expectations. On
the top-line the DRL posted a growth of 27% to end the period at `2,880cr, in line
with the expectations of `2,800cr majorly driven by the US market, which grew by
47% yoy. The company’s other key regions Indian and Russian formulation
businesses have grown by 12% yoy and 14% yoy respectively. In terms of the
pharmaceuticals services and active ingredients (PSAI) segment, it grew by 33%
yoy during the quarter. The company’s the OPM came in at 22.5%, V/s 21.2%
during the last corresponding quarter. On the net profit front, the company posted
an adjusted net profit of `493.7cr, i.e a growth of 76.8% over the corresponding
period of the previous year. We recommend accumulate on the stock with a target
price of `1859.

www.angelbroking.com

Market Outlook
October 31, 2012

Y/E

SalesOPM

March

PAT

EPS

RoE

P/E P/BV
(x)

EV/EBITDA EV/Sales

(` cr) (%)

(` cr)

(`)

(%)

(x)

(x)

(x)

FY2013E

10,696 20.7

1,420

83.7

22.4

20.6 4.0

14.5

3.0

FY2014E

11,662 21.0

1,576

92.9

20.8

18.5 3.4

12.5

2.6

Mahindra Satyam (CMP: `108 / TP: Under review)
Mahindra Satyam reported broadly in-line set of results for 2QFY2013, with robust
operational performance. Revenue came in at US$354mn, up 3.5% qoq (better
than many of its peers), mainly led by 2.8% qoq volume growth. In INR terms,
revenue came in at `1,938cr, up 3.1% qoq. The company’s operational
performance was ahead of our expectations, with EBITDA margin remaining
almost flat qoq at 21.5% despite having negative impact of wage hikes given
during the quarter (6% to offshore employees and 1.5% to onsite employees). This
was due to reduction in sub contracting, visa and travel costs. PAT came in at
`278cr, impacted by forex loss of `86cr as against gain of `66cr in 1QFY2013.
The company’s growth was led by manufacturing and BFSI vertical. The company
continued to deliver operational exuberance with healthy volume growth. We
remain positive on the stock and the target price is currently under review.
Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

7,628

19.9

1,145

9.7

27.7

11.1

3.1

6.3

1.2

FY2014E

8,062

18.4

1,178

10.0

22.2

10.7

2.4

5.9

1.1

IDBI Bank- (CMP: `92/ TP: `108/ Upside: 17.4%)
IDBI Bank posted net profit decline of 6.3% yoy to `484cr due to 54.3% yoy
increase in provisioning expenses, which was directionally in-line with our
estimates. The performance on the operating front was healthy, with operating
income and operating profit growing by 20.7% and 17.2% yoy. On the asset
quality front, on an absolute basis, Gross NPA increased by 6.4% qoq, while Net
NPA declined by 2.4% qoq. Gross and Net NPA ratios were higher by 21bps and
3bps during the quarter to 3.45% and 2.04%, respectively.
At CMP, the stock trades at 0.6x FY2014 ABV. We value the stock at 0.7x FY2014
ABV and recommend a Buy rating on the stock with a target price of `108.
Y/E
March

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Op. Inc

NIM

PAT

EPS

ABV

ROA

ROE

P/E

P/ABV

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

2,593

3.2

769

368.4

8.5

1.2

12.8

10.5

1.3

FY2014E

3,009

3.2

898

409.2

10.0

1.1

13.5

9.0

1.1

Market Outlook
October 31, 2012

Thermax (CMP: `568/TP: -/Upside: - %)
For 2QFY2013, Thermax reported a decline of 8.5% yoy in its top-line to `1,192cr,
as weak order inflows continue to keep the company’s revenue under strict check.
The company’s order backlog stood at `4,412cr, a 13% decline yoy. The
company’s EBITDA margin remained flat at 9.4%. Falling revenue and flat margin
resulted in a y-o-y fall of 10.3% in the company’s PAT to `91cr. We maintain our
Neutral rating on the stock.
Y/E

Sales OPM

PAT

EPS

ROE

P/E

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

P/BV EV/EBITDA
(x)

(x)

EV/Sales
(x)

FY2013E

5,514

8.9

320

26.9

18.4

21.1

3.7

12.8

1.0

FY2014E

5,559 10.2

361

30.3

18.2

18.8

3.2

10.6

0.9

IRB Infra (CMP: `120 / TP: `164 / Upside: 37%)
For 2QFY2013, IRB Infrastructure (IRB) reported a decent set of numbers. The
company’s revenue came slightly below our expectation but owing to better-thanexpected performance at the EBITDAM level, earnings were higher than estimates.
IRB’s top line grew by 14.9% yoy to `845cr (below our estimate of `900cr) mainly
due to healthy execution pace for under-construction projects. The E&C segment’s
revenue grew by 17.8% yoy to `622cr and the BOT segment witnessed 7.7% yoy
growth to `257cr. On the EBITDAM front, IRB’s margin came in at 45% (+140bp
yoy basis), higher than our estimate of 43.3%. Stable input prices led to EBITDAM
of 27.3% (excluding other income) for E&C segment. Interest cost grew by 5.0%
yoy to `148cr. IRB net profit increase by 10.0% yoy to `121cr, above our estimate
of `106cr on account of better-than-expected performance at EBITDAM level.
IRB is looking at both organic and inorganic options for growth with a threshold of
18% equity IRR and intends to allot 20% of consolidated cash flow post debt repayment
towards acquisitions. IRB has a healthy order book of `7,466cr (2.9x FY2013E E&C
revenue, excluding O&M orders), which lends revenue visibility. Although a
slowdown in order awarding by NHAI in road sector has been witnessed in
1HFY2013, IRB expects ordering activity to improve going ahead. As far as road
EPC contracts are concerned IRB will decide whether to bid after the draft
agreement is out. We maintain our Buy rating on the stock with a target price of
`164.

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Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BVEV/EBITDAEV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E 3,843

43.5

592

17.8

19.2

6.7

3.2

3,843

43.5

FY2014E 4,212

43.9

629

18.9

17.8

6.3

3.4

4,212

43.9

Market Outlook
October 31, 2012

KEC International (CMP: `69/TP: `78/ Upside:13%)
For 2QFY2013, KEC International (KEC) reported a strong growth of 32% yoy to
`1,668cr, beating our expectations on the back of strong execution of its robust
order book. However on the EBITDA front, the company’s margin declined by
210bp yoy to 5.1% due to aggressive pricing in power, railway and cable business.
Consequently, PAT declined of 22%yoy to `17cr. We recommend an Accumulate
rating on the stock with a target price of `78.
Y/E

Sales OPM

PAT

EPS

ROE

P/E

March

(` cr)

FY2013E
FY2014E

P/BV EV/EBITDA

EV/Sales

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

6,858

7.1

213

8.3

25.1

6.9

1.2

5.3

0.4

7,431

7.4

251

9.8

24.0

5.8

1.0

4.9

0.4

PVR (CMP: `227/TP: -/Upside: - %)
For 2QFY2013, PVR reported robust 37% yoy growth in top-line to `189cr, on
back of good performance in movie exhibition business. The company’s EBITDA
margin declined by 126bp yoy to 18.9% primarily on account of 152bp yoy
increase in film distribution share. Consequently, Net profit grew by 13% yoy to
`16cr. We maintain our Neutral rating on the stock.
Y/E

Sales OPM

March

(` cr)

PAT

EPS

ROE

P/E

(%)

(` cr)

(`)

(%)

(x)

P/BV EV/EBITDA
(x)

(x)

EV/Sales
(x)

FY2013E

625 17.4

40

13.3

13.2

17.1

2.1

7.7

1.2

FY2014E

732 17.1

47

15.6

13.8

14.5

1.9

6.5

1.0

JK Tyre & Industries (CMP: `127/ TP: `135/ Upside: 6%)
JK Tyre & Industries’ (JKI) reported sluggish results for 2QFY2013 as operating
margins witnessed a decline of 70bp despite 220bp reduction in raw-material
expenses. For 2QFY2013, adjusted net profit came in at `25cr as against a loss of
`11cr in 2QFY2012 driven by sharp improvement in operating margins (594bp
margin expansion) on a yoy basis led by 710bp decline in raw-material expenses.
Top-line registered a modest growth of 6.1% yoy (down 7.1% qoq) growth to
`1,322cr as the demand for tyres in the replacement segment remained sluggish.
Also demand from the OEM’s remained muted as MHCV segment witnessed a
decline of 12.9% yoy in 1HFY2013. Operating margins registered a significant
improvement as it expanded by 594bp yoy to 8.1% driven mainly on account of
improvement in raw-material costs (710bp yoy) as natural rubber prices witnessed
a decline of ~15% yoy during the quarter. On a sequential basis though, margins
declined 70bp as benefits of lower raw-material expenses were mitigated by
higher employee and other expenses.
Going ahead we believe that the company will report improvement in its
performance on stable raw-material prices and likely pick-up in demand in the
replacement segment. At the CMP of `127, the stock is trading at 3.3x FY2014E
earnings. Currently we have an Accumulate rating on the stock with a target price
of `135. We shall revise our estimates and release a detailed result update soon.

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Market Outlook
October 31, 2012

Jyoti Structures (CMP: `46/TP: Under review)
Jyoti Structures announced its 2QFY2013 results. The company reported 6% yoy
decline in its top-line to `593cr. The company’s operating margin contracted by
110bp to 9.7% primarily on account of 120bp yoy increase in other expenses.
Consequently, the company’s PAT declined by 46% yoy to `12cr. We recommend
Accumulate on the stock with the target price under review.
Y/E

Sales OPM

March

(` cr)

(%)

PAT

EPS

ROE

P/E

P/BV EV/EBITDA

EV/Sales

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

2,622 10.7

79

9.6

10.8

4.9

0.5

3.5

0.4

FY2014E

2,744 10.5

100

12.2

12.3

3.8

0.5

3.4

0.3

Result Preview

Tata Global (CMP:`151/TP:/Upside:-)
Tata Global is expected to announce its 2QFY2013 results today. We expect the
topline to grow by 11.8% yoy to `1,802cr. OPM is expected to expand by 396bp
yoy to 10.6%. Bottomline is expected to grow by 28.7% yoy to `108cr. We
maintain our neutral recommendation on the stock.
Y/E

Sales

OPM

March

(` cr)

(%)

PAT EPS
(` cr)

(`)

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(%)

(x)

(x)

(x)

(x)

FY2013E

7,207

9.7

409 6.6

8.6

22.5

1.9

12.3

1.2

FY2014E

7,927

10.0

482 7.8

9.5

19.3

1.8

10.7

1.1

Bharat Forge (CMP: `272/ TP: `351/ Upside: 29%)
Bharat Forge is slated to announce its 2QFY2013 results today. On a standalone
basis, we expect Bharat Forge (BHFC) to report flat revenue growth of 1.9% yoy to
`927cr, driven by ~10% yoy growth in net average realization. The company is
expected to benefit from higher share of machining component. We expect the
BHFCs volumes to decline by ~7% yoy following a 12.9% yoy decline in MHCV
volumes. Nonetheless, the operating margin is expected to improve by 117bp yoy
to 24.8% led by stable commodity prices and a superior product-mix. However, we
expect the bottom-line to decline by 3.1% yoy to `103cr primarily due to an
increase in interest expense. At `272, the stock is trading at 10.9x its FY2014E
earnings. Currently, we have a Buy rating on the stock with a target price of `351.
Y/E
March

www.angelbroking.com

Sales

OPM

PAT

EPS ROE
(`)

(%)

P/E P/BV

EV/EBITDA EV/Sales

(` cr)

(%)

(` cr)

(x)

(x)

(x)

(x)

FY2013E

7,004

16.2

473.3

20.3 19.9 13.4

2.5

6.7

1.1

FY2014E

7,985

16.4

583.3

25.1 20.9 10.9

2.1

5.6

0.9

Market Outlook
October 31, 2012

J&K Bank- (CMP: `1,145 / TP: -/ Upside: -)
J&K Bank is slated to announce its 2QFY2013 results today. We expect the bank to
report a robust Net Interest Income (NII) growth of 24.6% yoy to `541cr. Noninterest income is expected to grow at a healthy pace of 19.6% yoy to `85cr.
Operating expenses of the bank are expected to be higher by 19.3% yoy to
`230cr. Net Profit is expected to grow by 17.0% yoy to `234cr, despite 126.9% yoy
increase in provisioning expenses (on a low base), due to strong growth of 26.7%
on the operating profit front. The stock has surged recently and it trades at a
valuation of 1.0x FY2014E ABV. We maintain our Neutral recommendation on the
stock.
Y/E

Op. Inc

NIM

PAT

EPS

ABV

ROA

ROE

P/E

P/ABV

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

2,600

3.6

932

192.3 991.1

1.5

21.0

6.0

1.2

FY2014E

2,850

3.5

911

188.01,134.9

1.3

17.7

6.1

1.0

March

TVS Motor (CMP: `40/ TP: `49/ Upside: 22%)
TVS Motor is scheduled to announce its 2QFY2013 results today. We expect the
company to report ~13.7% yoy (5.5% qoq) decline in its top-line to `1,719cr
largely due to 19.6% yoy (6.4% qoq) decline in volumes during the quarter. The
poor volume performance was on account of extremely weak motorcycle (down
28.4% yoy) and scooter sales (down 24.4% yoy) amidst rising competition and
moderating demand environment. We expect the EBITDA margin to contract
104bp yoy (flat qoq) to 5.9% led by inferior product-mix and lower operating
leverage benefits. As a result, bottom line is expected to decline 42.8% yoy (14.4%
qoq) to `44cr. At the CMP of `40, the stock is trading at 7.4x FY2014E earnings.
Currently, we have a Buy rating on the stock with a target price of `49.
Y/E

Sales

March

OPM

PAT EPS
(` cr)

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(` cr)

(%)

(`)

(%)

(x)

(x)

(x)

(x)

FY2013E

7,611

7.9

224 4.7

17.9

8.5

1.4

3.6

0.2

FY2014E

8,443

7.9

257 5.4

18.1

7.4

1.3

3.0

0.2

Quarterly Bloomberg Brokers Consensus Estimate
Bharat Forge (31/10/2012)
Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

Net sales

961

882

9

916

5

EBITDA

246

215

14

235

5

EBITDA margin (%)

25.6

24.4

Net profit

108

106

2

105

3

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

256

98

161

228

12

25.7

LIC Housing Finance (31/10/2012)
Particulars (` cr)
Net profit

www.angelbroking.com

Market Outlook
October 31, 2012

NHPC (31/10/2012)
Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

Net sales

1,789

1,831

(2)

1,399

28

EBITDA

1,170

1,451

(19)

904

29

EBITDA margin (%)

65.4

79.3

Net profit

840

966

64.6
(13)

670

25

Power Grid Corporation (31/10/2012)
Particulars (` cr)
Net profit

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

935

709

32

870

7

Tata Global Beverage Consolidated (31/10/2012)
Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

1,810

1,612

12

1,715

6

EBITDA

160

135

19

181

(12)

EBITDA margin (%)

8.8

8.4

Net profit

100

87

15

92

9

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

Net sales

10.6

Titan Industries (31/10/2012)
Particulars (` cr)
Net sales

2,388

2,096

14

2,206

8

EBITDA

233

200

17

212

10

EBITDA margin (%)

9.8

9.5

Net profit

180

148

9.6
22

145

24

Crompton Greaves Consolidated (02/11/2012)
Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

3,034

2,706

12

2,811

8

EBITDA

202

226

(11)

167

21

EBITDA margin (%)

6.7

8.3

Net profit

106

117

(9)

86

24

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

860

623

38

877

(2)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

543

353

54

512

6

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

10,681

9,007

19

10,620

1

1,956

1,652

18

2,143

(9)

18.3

18.3

1,521

1,300

Net sales

5.9

Rural Electrification (02/11/2012)
Particulars (` cr)
Net profit

Union Bank of India (02/11/2012)
Particulars (` cr)
Net profit

Wipro Consolidated (02/11/2012)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit

www.angelbroking.com

20.2
17

1,590

(4)

Market Outlook
October 31, 2012

Economic and Political News
„
„
„

Govt to launch pilots for direct food subsidy transfer
Exclusive teams to verify digitisation progress in 4 metros
LPG consumers can now fill KYC form till Nov 15

Corporate News
„
„
„

BS Limited bags orders worth `117cr
Punj Lloyd bags `664cr residential projects
Country Club opens fitness centre in Jaipur
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

www.angelbroking.com

Market Outlook
October 31, 2012

Result Calendar
Date

Company

October 31, 2012

J & K Bank, Power Grid Corpn, NHPC, Titan Inds., LIC Housing Fin., Bharat Forge, Tata Global, Aventis, TVS Motor

November 01, 2012

GlaxoSmith Con, Hexaware, BGR Energy , Jyothy Laboratories

November 02, 2012

Wipro, Rural Elec.Corp., Union Bank, Crompton Greaves, Marico, Apollo Tyres, Indoco Remedies, Dishman Pharma

November 03, 2012

Godrej Consumer, Divi's Lab., Godawari Ispat

November 04, 2012
November 05, 2012
November 06, 2012
November 07, 2012
November 08, 2012
November 09, 2012

Reliance Power, Cipla, Tech Mahindra, Allahabad Bank, Gujarat Gas, Vijaya Bank, Madras Cements, India Cements,
Amara Raja Batteries, CEAT, ITD Cementation, Vesuvius India
Hindalco, Tata Power Co., Bosch India, Canara Bank, ABB, Reliance Infra., Reliance Capital, Motherson Sumi, Andhra
Bank, Central Bank, Britannia, Tata Comm, ITNL, Dena Bank, GIPCL, Cravatex
Bharti Airtel, NMDC, Tata Motors, Cadila Healthcare, Indraprasth Gas, GSPL, UCO Bank
ONGC, Sun Pharma, SAIL, Ranbaxy, Cummins India, Ashok Leyland, Areva, Monnet Ispat, Page Industries, PTC India,
Nagarjuna Const., Finolex Cables, Goodyear
Coal India, IOC, Jindal Steel, Tata Steel, BPCL, Power Fin.Corpn., GSK Pharma, United Spirits, HPCL, Essar Oil, Tata
Chemicals, Corporation Bank, MOIL, Aurobindo Pharma, CESC, Anant Raj, Orchid Chemicals, Consolidated Co,
Subros

November 10, 2012
November 11, 2012
November 12, 2012

Nestle, GMR Infra.

Source: Bloomberg, Angel Research

Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

November 01, 2012

6:30AM

China

PMI Manufacturing

3:00PM

UK

PMI Manufacturing

Value

Oct

48.40

48.00

6:00PM

US

Initial Jobless claims

Thousands

Oct 27

369.00

370.00

7:30PM

US

Consumer Confidence

S.A./ 1985=100

Oct

70.30

73.00

2:25PM

Germany PMI Manufacturing

Value

Oct F

45.70

45.70

6:00PM

US

Change in Nonfarm payrolls

Thousands

Oct

114.00

125.00

6:00PM

US

Unnemployment rate

%

Oct

7.80

7.90

2:25PM

Germany PMI Services

Value

Oct F

49.30

--

3:00PM

UK

Industrial Production (YoY)

% Change

Sep

(1.20)

--

5:30PM

UK

BOE Announces rates

% Ratio

Nov 8

0.50

0.50

6:15PM

Euro Zone ECB announces interest rates

%

Nov 8

0.75

--

7:00AM

China

Consumer Price Index (YoY)

% Change

Oct

1.90

2.00

11:00AM

China

Industrial Production (YoY)

% Change

Oct

9.20

--

November 10, 2012

5:29PM

China

Exports YoY%

% Change

Oct

9.90

8.90

November 12, 2012

11:00AM

India

Industrial Production YoY

% Change

Sep

2.70

--

November 13, 2012

3:00PM

UK

CPI (YoY)

% Change

Oct

2.20

--

November 14, 2012

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Oct

7.81

--

3:00PM

UK

Jobless claims change

% Change

Oct

(4.00)

--

7:00PM

US

Producer Price Index (mom)

% Change

Oct

1.10

--

November 02, 2012

November 06, 2012

November 08, 2012

November 09, 2012

Source: Bloomberg, Angel Research

www.angelbroking.com

Value

Oct

49.80

50.20

Market Strategy
October 31, 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

1.0

(%)

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

(2.8)

(4.0)

(1.8)

(6.0)

(5.0)

Mfg. PMI

60.0

Services PMI

58.0

9.5
7.7

8.0

(0.2)

Exhibit 4: Manufacturing and services PMI

12.0
9.9

(1.3)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

10.0

Jan-12

Nov-11

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

Source: CSO, Angel Research

Oct-11

(2.0)

3.0

Dec-11

-

3.5

4QFY09

2.5

2.7

2.5

2.0

6.9

7.4

7.7

7.5

7.6

7.6

7.5

7.6

7.8

56.0

Source: MOSPI, Angel Research

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

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

Exhibit 5: Exports and imports growth trends
(%)

Sep-11

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

48.0

Jan-12

50.0

0.0

Dec-11

2.0

Nov-11

52.0

Oct-11

4.0

Nov-11

54.0

6.0

Oct-11

4.0

4.3
2.7

Sep-11

6.0

4.0

Exports yoy growth

Exhibit 6: Key policy rates
Repo rate

(%)
9.00

Imports yoy growth

45.0

Reverse Repo rate

CRR
8.00

8.00

30.0

7.00
7.00

15.0
6.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Source: RBI, Angel Research

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

4.00

Oct-11

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

4.50

5.00

Sep-11

(30.0)

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

(15.0)

Oct-11

0.0

Market Outlook
October 31, 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

141

-

2,742

1,466

1,686

14.8

14.8

7.0

8.1

20.1

17.4

4.3

3.6

22.6

22.5

1.9

1.7

United Phosphorus

Buy

116

170

5,352

8,421

9,263

16.5

16.5

15.0

17.0

7.7

6.8

1.1

1.0

15.6

15.5

0.8

0.7

Amara Raja Batteries

Neutral

220

-

3,756

2,844

3,275

15.4

15.6

15.9

18.8

13.8

11.7

3.6

2.8

28.9

26.9

1.3

1.1

Apollo Tyres

Buy

87

99

4,385

13,412

15,041

11.3

11.0

12.1

14.2

7.2

6.2

1.3

1.1

19.6

19.2

0.5

0.4

Ashok Leyland

Buy

23

30

6,120

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

377

430

570

993

1,140

11.6

11.5

36.9

43.0

10.2

8.8

2.0

1.7

21.2

21.3

0.7

0.5

Bajaj Auto

Neutral

1,797

-

52,004

21,121

23,642

18.4

18.5

108.7

122.6

16.5

14.7

6.9

5.5

46.2

41.6

2.1

1.8

Bharat Forge

Buy

273

351

6,360

7,004

7,985

16.2

16.4

20.3

25.1

13.4

10.9

2.5

2.1

20.0

20.9

1.1

1.0

Bosch India*

Neutral

8,890

-

27,914

8,793

10,294

17.4

18.5

348.3

435.8

25.5

20.4

5.0

4.1

19.4

20.1

2.8

2.4

CEAT

Buy

122

164

417

4,989

5,634

8.7

8.5

32.7

41.1

3.7

3.0

0.6

0.5

15.8

16.9

0.3

0.2

Exide Industries

Accumulate

140

155

11,896

6,229

7,200

14.8

15.8

7.2

9.0

19.5

15.6

3.4

2.9

18.5

19.9

1.6

1.3

FAG Bearings*

Neutral

1,707

-

2,836

1,489

1,750

16.5

17.5

103.3

126.9

16.5

13.4

3.2

2.7

21.3

21.6

1.8

1.4

Hero Motocorp

Neutral

1,872

-

37,381

24,743

27,996

14.8

15.2

118.2

130.4

15.8

14.4

6.8

5.4

48.3

41.9

1.2

1.0

JK Tyre

Accumulate

127

135

521

7,517

8,329

6.1

6.3

26.2

38.5

4.9

3.3

0.6

0.5

13.4

17.2

0.4

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

874

986

53,650

40,035

46,272

11.5

11.6

54.7

62.8

16.0

13.9

3.6

3.0

24.3

23.4

1.1

0.9

Maruti

Neutral

1,395

-

40,290

41,796

49,350

7.6

8.6

66.6

92.6

20.9

15.1

2.4

2.1

12.0

14.8

0.7

0.6

Motherson Sumi

Neutral

153

-

8,986

24,285

27,317

6.7

7.2

8.1

10.6

19.0

14.5

4.0

3.3

22.9

24.7

0.5

0.5

Subros

Buy

28

34

169

1,230

1,378

8.8

8.6

4.5

5.7

6.2

5.0

0.6

0.6

9.8

11.8

0.4

0.3

Tata Motors

Buy

248

316

66,015 195,096 219,428

12.8

13.0

39.0

44.9

6.4

5.5

1.8

1.4

32.6

28.8

0.4

0.4

TVS Motor

Buy

40

49

1,896

7,611

8,443

7.9

7.9

4.7

5.4

8.5

7.4

1.4

1.3

17.9

18.1

0.2

0.2

ABB*

Sell

736

593

15,598

8,760

10,023

6.2

8.7

14.5

24.7

50.9

29.8

5.6

4.9

11.6

17.6

1.8

1.5

BGR Energy

Neutral

263

-

1,897

3,669

4,561

11.0

11.0

24.7

29.6

10.7

8.9

1.6

1.4

15.3

16.7

1.0

1.0

BHEL

Neutral

228

-

55,830

47,801

43,757

19.0

18.8

25.3

22.8

9.0

10.0

2.8

2.3

34.3

25.3

1.1

1.2

Blue Star

Buy

197

249

1,771

2,763

2,948

3.2

5.6

3.5

9.1

57.0

21.6

4.3

3.7

7.7

18.4

0.7

0.6

Crompton Greaves

Accumulate

121

141

7,772

12,691

14,126

7.4

8.9

7.0

9.7

17.4

12.5

2.0

1.8

11.9

15.0

0.7

0.6

Jyoti Structures

Accumulate

46

54

378

2,622

2,744

10.7

10.5

9.6

12.2

4.8

3.8

0.5

0.5

10.8

12.3

0.4

0.3

KEC International

Neutral

69

-

1,769

6,858

7,431

7.1

7.5

8.3

9.8

8.3

7.0

1.4

1.2

25.1

24.0

0.4

0.4

LMW

Neutral

2,009

-

2,263

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

568

-

6,768

5,514

5,559

8.9

10.2

26.9

30.3

21.2

18.8

3.7

3.2

18.4

18.2

1.2

1.1

Capital Goods

www.angelbroking.com

Market Outlook
October 31, 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

1,378

-

25,870

11,085

12,415

21.6

21.4

79.4

83.1

17.4

16.6

3.4

3.0

20.1

19.2

2.1

1.8

Ambuja Cements

Neutral

203

-

31,309

10,272

11,884

26.4

26.1

11.5

12.9

17.8

15.8

3.9

3.5

20.8

21.1

2.7

2.2

India Cements

Neutral

95

-

2,903

4,354

4,929

18.6

18.7

9.8

12.3

9.6

7.7

0.8

0.8

8.6

10.2

1.1

1.0

J K Lakshmi Cements

Buy

122

143

1,497

2,082

2,423

22.9

23.1

20.8

22.5

5.9

5.5

1.0

0.9

18.4

17.4

0.8

1.1

Madras Cements

Neutral

198

-

4,717

3,608

3,928

27.6

27.0

15.7

18.3

12.6

10.9

2.0

1.7

16.9

17.0

1.9

1.6

Shree Cements^

Neutral

4,175

-

14,544

5,701

6,210

29.7

28.1

240.7

260.7

17.3

16.0

4.2

3.4

27.1

23.6

2.0

1.6

UltraTech Cement

Neutral

2,010

-

55,101

21,368

24,043

22.5

23.5

103.5

121.4

19.4

16.6

3.6

3.1

20.2

20.1

2.6

2.4

222

304

1,169

2,034

2,315

22.4

22.4

27.1

31.7

8.2

7.0

1.0

0.9

13.1

13.4

1.8

2.1

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

13

-

237

2,262

2,522

6.7

7.5

1.5

2.7

8.6

4.8

0.4

0.4

4.4

7.5

0.4

0.4

Hind. Const.

Neutral

17

-

1,022

4,239

4,522

9.9

11.2

(2.3)

(1.0)

(7.5)

(17.5)

0.9

1.1

(11.4)

(5.6)

1.2

1.2

IRB Infra

Buy

120

166

3,983

3,964

4,582

42.3

40.2

15.7

16.9

7.6

7.1

1.2

1.0

16.6

15.8

2.6

2.4

ITNL

Buy

183

232

3,552

6,840

7,767

26.4

26.1

24.4

30.3

7.5

6.0

1.1

1.0

16.0

16.2

2.7

2.8

IVRCL Infra

Buy

40

51

1,224

5,510

6,722

8.8

9.0

2.5

4.6

15.8

8.7

0.5

0.5

3.4

5.8

0.7

0.7

Jaiprakash Asso.

Neutral

86

-

18,340

15,259

17,502

25.7

24.7

4.0

4.8

21.5

18.1

1.7

1.6

8.5

9.3

2.6

2.3

Larsen & Toubro

Neutral

1,638

-

100,536

60,556

69,167

11.2

11.6

73.8

85.5

22.2

19.2

3.5

3.1

13.5

14.1

1.9

1.7

Madhucon Proj

Buy

32

56

238

2,206

2,502

10.7

10.7

4.6

4.7

7.0

6.9

0.4

0.3

5.2

5.0

0.7

0.7

Nagarjuna Const.

Neutral

42

-

1,076

5,804

6,513

8.0

8.6

3.0

3.5

13.8

12.0

0.4

0.4

3.2

3.6

0.6

0.7

Patel Engg.

Neutral

77

-

538

3,609

3,836

13.1

13.1

14.0

14.6

5.5

5.3

0.3

0.3

6.3

6.1

1.0

1.0

Punj Lloyd

Neutral

49

-

1,617

11,892

13,116

8.9

8.9

1.7

3.1

28.7

15.8

0.6

0.5

1.9

3.4

0.6

0.5

Sadbhav Engg.

Buy

143

182

2,164

2,506

3,147

10.3

10.7

7.5

10.4

19.1

13.8

2.4

2.1

13.5

16.0

1.0

0.9

Simplex Infra

Buy

201

265

992

6,732

7,837

8.1

8.4

23.4

29.4

8.6

6.8

0.8

0.7

9.2

10.6

0.5

0.5

Allahabad Bank

Neutral

131

-

6,570

6,944

7,884

3.0

3.1

35.5

37.0

3.7

3.6

0.6

0.5

17.2

15.7

-

-

Andhra Bank

Reduce

Axis Bank

Buy

Bank of Baroda

Financials
103

97

5,786

4,929

5,633

3.1

3.1

23.7

24.5

4.4

4.2

0.7

0.6

16.6

15.3

-

-

1,185

1,476

50,543

15,686

18,687

3.1

3.2

116.8

138.0

10.1

8.6

1.9

1.6

20.0

20.2

-

-

Accumulate

719

860

28,156

15,436

18,208

2.5

2.6

111.8

137.4

6.4

5.2

1.0

0.8

15.8

17.0

-

-

Bank of India

Accumulate

273

319

15,670

12,573

14,971

2.3

2.4

58.2

68.0

4.7

4.0

0.8

0.7

15.9

16.3

-

-

Bank of Maharashtra

Neutral

Canara Bank

Accumulate

Central Bank

Neutral

www.angelbroking.com

53

-

3,125

3,563

3,876

3.1

3.1

9.7

12.0

5.5

4.4

0.8

0.7

14.6

16.1

-

-

396

449

17,530

10,905

12,783

2.1

2.2

74.9

85.1

5.3

4.7

0.8

0.7

15.1

15.3

-

-

69

-

5,094

7,095

8,102

2.5

2.7

15.6

21.0

4.4

3.3

0.7

0.7

12.2

14.7

-

-

Market Outlook
October 31, 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

397

447

5,874

4,886

5,669

2.1

2.2

101.3

101.8

3.9

3.9

0.7

0.6

17.0

15.1

-

-

Dena Bank

Neutral

105

-

3,690

3,147

3,495

2.8

2.9

24.8

24.4

4.3

4.3

0.7

0.6

18.7

15.9

-

-

Federal Bank

Neutral

480

-

8,201

2,617

2,968

3.3

3.2

45.9

51.7

10.5

9.3

1.3

1.2

13.1

13.3

-

-

HDFC

Neutral

750

-

115,447

7,336

8,802

3.5

3.5

31.5

37.8

23.8

19.8

4.8

4.2

34.8

32.1

-

-

HDFC Bank

Neutral

634

-

149,720

21,696

26,811

4.4

4.5

28.7

36.0

22.1

17.6

4.2

3.6

20.7

22.0

-

-

ICICI Bank

Buy

1,045

1,270

120,123

22,271

26,690

3.0

3.0

69.2

83.1

15.1

12.6

1.8

1.7

14.2

15.7

-

-

IDBI Bank

Accumulate

92

108

11,774

7,761

9,484

1.9

2.2

17.1

22.9

5.4

4.0

0.7

0.6

11.9

14.4

-

-

Indian Bank

Neutral

168

-

7,222

5,874

6,551

3.2

3.2

40.6

41.8

4.1

4.0

0.7

0.6

18.1

16.4

-

-

IOB

Neutral

71

-

5,691

7,050

8,313

2.3

2.5

12.9

20.4

5.5

3.5

0.6

0.5

9.2

13.3

-

-

J & K Bank

Neutral

1,120

-

5,428

2,600

2,850

3.6

3.5

192.3

188.0

5.8

6.0

1.1

1.0

21.0

17.7

-

-

LIC Housing Finance

Buy

242

301

12,228

1,867

2,338

2.4

2.4

21.1

28.5

11.5

8.5

1.9

1.6

17.5

20.4

-

-

Oriental Bank

Neutral

298

-

8,702

6,277

7,090

2.6

2.7

60.5

65.1

4.9

4.6

0.7

0.6

15.0

14.4

-

-

Punjab Natl.Bank

Accumulate

730

843

24,752

19,652

22,601

3.2

3.3

135.0

164.3

5.4

4.4

0.9

0.8

16.3

17.3

-

-

South Ind.Bank

Accumulate

23

25

3,032

1,556

1,750

2.8

2.7

3.5

3.9

6.5

5.9

1.1

1.0

19.1

16.9

-

-

St Bk of India

Accumulate

2,074

2,353

139,185

63,806

73,435

3.5

3.6

225.7

258.4

9.2

8.0

1.6

1.3

17.7

17.8

-

-

Syndicate Bank

Neutral

116

-

6,965

6,756

7,783

3.0

3.0

26.3

27.1

4.4

4.3

0.8

0.7

18.3

16.6

-

-

UCO Bank

Neutral

72

-

4,786

5,411

6,124

2.4

2.5

17.0

16.5

4.2

4.4

0.8

0.7

16.7

14.4

-

-

Union Bank

Accumulate

193

226

10,617

9,924

11,647

2.8

2.9

38.6

46.3

5.0

4.2

0.8

0.7

15.4

16.3

-

-

United Bank

Buy

63

78

2,291

3,572

4,041

2.8

2.9

17.2

22.1

3.7

2.9

0.5

0.5

14.2

16.2

-

-

Vijaya Bank

Neutral

53

-

2,626

2,490

2,881

2.1

2.2

9.2

11.4

5.8

4.7

0.7

0.6

11.5

13.0

-

-

Yes Bank

Buy

408

492

14,515

3,270

4,240

2.8

3.0

34.5

42.2

11.8

9.7

2.5

2.1

23.5

23.5

-

-

3,884

-

37,251

11,198

13,184

16.3

16.3

121.0

144.8

32.1

26.8

10.8

8.5

37.4

35.3

3.3

2.8

484

584

5,784

5,835

6,824

5.7

6.0

20.7

25.4

23.4

19.1

9.2

7.1

43.1

41.9

0.9

0.8

1,285

-

17,479

3,018

3,429

20.9

22.2

35.7

42.3

36.0

30.4

33.3

24.7

101.0

93.5

5.4

4.7

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

3.7

3.2

GlaxoSmith Con*

Neutral

2,997

-

12,604

3,124

3,663

17.1

17.6

104.5

123.8

28.7

24.2

8.9

7.2

34.4

32.8

3.8

3.2

Godrej Consumer

Neutral

726

-

24,692

6,097

7,233

18.4

18.6

21.9

26.5

33.2

27.4

7.4

6.1

25.5

25.4

4.1

3.4

HUL

Neutral

550

-

119,003

25,350

28,974

13.9

13.9

14.3

16.5

38.6

33.4

23.0

17.7

70.9

59.8

4.5

3.9

ITC

Neutral

284

-

223,234

29,409

34,060

35.7

36.1

9.3

10.9

30.5

26.0

10.1

8.4

35.8

35.3

7.3

6.3

www.angelbroking.com

Market Outlook
October 31, 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

205

-

13,230

4,840

5,643

13.1

13.1

6.8

8.5

30.3

24.3

8.3

6.4

31.4

29.7

2.8

2.3

Nestle*

Neutral

4,673

-

45,056

8,610

10,174

20.9

21.2

114.8

139.8

40.7

33.4

24.6

17.1

71.2

60.3

5.3

4.4

Tata Global

Neutral

151

-

9,319

7,207

7,927

9.7

10.0

6.6

7.8

22.8

19.3

2.3

2.2

8.6

9.5

1.2

1.1

HCL Tech^

Accumulate

606

648

42,072

24,214

26,772

19.5

18.1

44.0

48.0

13.8

12.6

3.3

2.7

24.0

22.0

1.7

1.5

Hexaware*

Buy

109

140

3,240

1,966

2,161

22.5

21.4

11.6

12.2

9.4

9.0

2.5

2.1

26.8

23.9

1.4

1.2

Infosys

Accumulate

2,357

2,573

135,367

39,174

41,580

29.5

30.4

159.2

171.6

14.8

13.7

3.6

3.2

24.1

23.1

2.8

2.6

Infotech Enterprises

Accumulate

190

202

2,123

1,886

2,032

17.9

17.3

18.7

20.2

10.2

9.4

1.5

1.3

14.9

14.0

0.8

0.6

KPIT Cummins

Buy

123

142

2,188

2,191

2,364

16.1

16.5

11.3

13.0

10.9

9.5

2.4

1.9

21.8

20.0

0.9

0.8

Mahindra Satyam

Accumulate

108

110

12,657

7,628

8,062

19.9

18.4

9.7

10.0

11.1

10.8

3.1

2.4

27.7

22.2

1.2

1.1

Mindtree

Accumulate

659

747

2,702

2,324

2,437

20.0

17.7

73.3

74.7

9.0

8.8

2.1

1.7

24.1

19.7

0.9

0.8

Mphasis&

Neutral

383

-

8,051

5,700

5,993

18.0

16.9

37.0

37.3

10.4

10.3

1.5

1.3

14.3

12.6

0.9

0.8

NIIT

Neutral

33

-

551

1,034

1,146

9.9

11.0

5.2

6.4

6.4

5.2

0.8

0.8

12.8

14.3

0.4

0.3

Persistent

Neutral

TCS

Accumulate

Tech Mahindra
Wipro

IT

469

-

1,875

1,261

1,352

26.4

24.7

48.2

54.0

9.7

8.7

1.9

1.6

19.0

17.9

1.2

1.0

1,309

1,410

256,239

61,053

67,313

28.7

29.1

69.7

76.2

18.8

17.2

6.1

5.0

32.6

29.1

4.0

3.6

Buy

934

1,046

11,921

6,603

7,196

18.2

17.1

92.7

99.6

10.1

9.4

2.4

1.9

23.6

20.5

1.8

1.6

Buy

347

421

85,548

43,800

48,332

19.5

19.3

25.6

28.1

13.6

12.4

2.6

2.2

18.9

17.9

1.6

1.3

D B Corp

Buy

205

259

3,767

1,581

1,784

23.3

25.0

11.6

14.4

17.7

14.2

3.4

3.0

21.0

22.3

2.3

2.0

HT Media

Accumulate

102

113

2,397

2,111

2,272

15.0

15.2

7.4

8.3

13.9

12.4

1.5

1.3

11.3

11.4

0.8

0.7

Jagran Prakashan

Accumulate

100

112

3,160

1,488

1,664

22.7

22.8

6.2

7.1

16.1

14.0

3.9

3.5

25.2

26.3

2.3

2.0

PVR

Neutral

227

-

589

625

732

17.4

17.1

13.3

15.6

17.0

14.5

1.9

1.6

13.2

13.8

1.3

1.1

Sun TV Network

Neutral

319

-

12,554

1,981

2,239

77.0

76.7

18.6

21.3

17.2

14.9

4.3

3.8

27.1

27.5

5.8

5.0

Bhushan Steel

Neutral

496

-

10,530

11,979

14,584

31.6

31.0

49.2

61.4

10.1

8.1

1.3

1.1

14.1

15.2

2.9

2.4

Coal India

Accumulate

347

385

218,894

69,808

75,550

27.4

27.4

26.0

28.3

13.3

12.3

3.9

3.1

32.5

28.1

2.3

1.9

Electrosteel Castings

Buy

25

29

853

1,984

2,074

10.6

11.6

0.8

2.0

29.5

12.2

0.5

0.2

1.7

4.1

0.6

0.5

Hind. Zinc

Accumulate

130

145

54,929

12,446

13,538

52.3

52.9

15.0

16.4

8.7

7.9

1.7

1.4

21.4

19.7

2.6

2.0

Hindalco

Neutral

111

-

21,233

84,855

92,446

8.7

9.3

13.2

16.2

8.4

6.8

0.6

0.6

7.8

8.9

0.6

0.6

JSW Steel

Neutral

735

-

16,396

38,740

41,459

17.3

17.0

79.9

89.4

9.2

8.2

0.9

0.8

10.4

10.6

0.9

0.8

MOIL

Accumulate

244

271

4,093

918

993

50.7

50.9

24.5

26.1

9.9

9.3

1.5

1.4

16.0

15.5

2.2

1.9

Monnet Ispat

Buy

296

379

1,903

2,511

3,303

23.8

26.0

46.3

57.3

6.4

5.2

0.7

0.6

12.4

13.7

1.7

1.2

Media

Metals & Mining

www.angelbroking.com

Market Outlook
October 31, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

47

44

12,061

6,898

180

214

71,167

12,934

FY13E

FY14E

OPM(%)

EPS ( Č)

FY13E

FY14E

7,841

9.9

14.7

14,266

79.4

80.1

FY13E

PER(x)

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

FY13E

FY14E

2.0

3.2

23.6

14.7

1.0

1.0

21.1

23.4

8.5

7.7

2.3

1.9

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

4.3

6.8

1.3

1.2

29.6

26.5

3.8

3.1

Metals & Mining
Nalco

Reduce

NMDC

Buy

SAIL

Neutral

79

-

32,755

47,252

60,351

14.2

14.8

9.6

11.7

8.3

6.8

0.8

0.7

9.4

10.6

1.2

1.0

Sesa Goa

Accumulate

167

183

14,510

4,551

6,640

32.8

34.4

33.7

39.3

5.0

4.3

0.8

0.7

18.3

18.3

3.9

2.6

Sterlite Inds

Accumulate

98

110

32,917

43,185

45,442

23.3

23.7

16.8

17.9

5.8

5.5

0.7

0.6

11.6

11.2

0.8

0.7

Tata Steel

Buy

393

481

38,159 145,799 150,431

10.3

11.2

48.6

63.3

8.1

6.2

0.8

0.7

10.5

12.4

0.5

0.5

Sarda

Accumulate

132

148

474

1,251

1,321

22.7

23.4

33.0

37.1

4.0

3.6

0.6

0.5

15.1

14.8

0.7

0.7

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

50

73

668

2,694

2,906

14.6

16.6

16.4

20.8

3.0

2.4

0.3

0.3

11.4

12.8

0.5

0.3

Buy

116

161

367

2,341

2,425

15.6

17.3

33.3

43.2

3.5

2.7

0.4

0.4

13.2

14.4

0.5

0.5

Cairn India

Accumulate

335

382

63,998

17,567

17,643

76.2

72.3

61.1

56.8

5.5

5.9

1.1

1.0

22.0

17.5

2.8

2.4

GAIL

Neutral

355

-

45,012

50,176

55,815

15.5

15.8

35.4

36.5

10.0

9.7

1.8

1.6

18.9

17.0

0.6

0.5

ONGC

Accumulate

273

312

233,565 147,139 154,821

33.9

33.7

30.7

32.3

8.9

8.5

1.5

1.4

18.3

17.2

1.3

1.2

Reliance Industries

Neutral

803

-

262,979 362,700 380,031

7.9

8.0

60.0

63.3

13.4

12.7

1.3

1.2

11.1

10.6

0.7

0.7

Gujarat Gas*

Neutral

299

-

3,819

11.5

11.3

19.2

22.1

15.6

13.5

4.1

3.7

28.7

29.0

1.1

0.9

Indraprastha Gas

Neutral

248

-

3,473

3,040

3,135

24.3

26.7

24.8

27.9

10.0

8.9

2.3

1.9

25.5

23.6

1.2

1.0

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Accumulate

166

183

12,458

30,077

33,570

6.6

6.3

15.1

15.3

11.0

10.9

2.8

2.3

28.4

23.1

0.5

0.4

75

-

4,215

1,041

939

91.8

91.9

8.5

7.4

8.8

10.1

1.5

1.4

18.1

14.0

5.0

5.5

Alembic Pharma

Buy

67

91

1,269

1,624

1,855

14.2

15.6

6.6

9.1

10.2

7.4

2.6

2.0

27.9

29.9

0.9

0.8

Aurobindo Pharma

Neutral

161

-

4,694

5,243

5,767

14.6

14.6

11.8

12.6

13.7

12.8

1.7

1.5

17.9

16.4

1.4

1.2

Aventis*

Neutral

2,196

-

5,056

1,482

1,682

15.5

15.5

95.1

104.4

23.1

21.0

4.1

3.2

18.6

17.0

3.2

2.8

Cadila Healthcare

Accumulate

859

953

17,588

6,148

7,386

18.6

19.6

36.0

46.1

23.9

18.6

5.6

4.5

25.8

26.8

3.1

2.5

Cipla

Accumulate

355

399

28,468

8,031

9,130

23.4

22.4

18.4

20.0

19.3

17.7

3.2

2.8

17.8

16.6

3.3

2.8

Dr Reddy's

Accumulate

1,723

1,859

29,250

10,696

11,662

20.7

21.0

83.7

92.9

20.6

18.6

4.2

3.6

22.4

20.8

2.9

2.6

Dishman Pharma

Neutral

95

-

765

1,280

1,536

17.8

17.8

9.2

11.3

10.3

8.4

0.8

0.7

7.7

8.5

1.2

1.0

GSK Pharma*

Neutral

1,998

-

16,925

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

4.8

Indoco Remedies

Buy

63

92

581

685

837

15.2

15.2

7.4

8.9

8.5

7.1

1.3

1.1

16.4

17.0

1.0

0.8

Ipca labs

Accumulate

450

475

5,681

2,850

3,474

20.7

20.7

29.2

36.6

15.4

12.3

3.6

2.9

26.1

26.1

2.1

1.8

Lupin

Accumulate

566

647

25,327

8,426

10,082

19.7

20.0

26.3

31.3

21.5

18.1

5.0

4.0

26.0

24.7

3.1

2.5

Orchid Chemicals

Neutral

104

-

733

1,667

1,835

13.9

13.9

11.4

13.3

9.1

7.8

0.6

0.6

6.6

7.3

0.9

0.8

Neutral

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3,831

3,228

Market Outlook
October 31, 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

521

-

22,028

12,046

11,980

18.0

15.8

31.3

29.8

16.7

17.5

5.7

4.6

39.1

28.9

1.9

1.8

Sun Pharma

Neutral

682

-

70,528

9,752

12,134

41.6

41.6

26.0

28.2

26.2

24.2

4.9

4.2

20.3

18.8

6.5

5.1

CESC

Buy

273

342

3,406

5,218

5,644

24.2

23.8

44.6

47.6

6.1

5.7

0.6

0.6

11.0

10.6

1.4

1.5

GIPCL

Accumulate

NTPC

Neutral

Power
67

77

1,012

1,557

1,573

29.3

28.7

10.8

11.0

6.2

6.1

0.7

0.6

10.8

10.2

1.1

1.0

166

-

136,710

74,111

85,789

22.7

23.1

12.1

13.7

13.7

12.1

1.7

1.5

12.6

13.2

2.5

2.3

Real Estate
Anant Raj

Reduce

78

78

2,303

657

875

52.0

56.1

8.4

12.7

9.3

6.1

0.6

0.5

6.3

8.9

5.0

3.7

DLF

Neutral

199

-

33,811

9,878

12,033

44.7

46.1

9.6

13.4

20.8

14.8

1.3

1.3

6.4

8.7

6.0

4.9

HDIL

Buy

93

115

3,895

2,441

3,344

55.1

48.2

22.7

26.6

4.1

3.5

0.3

0.3

8.8

9.4

3.5

2.7

MLIFE

Neutral

395

-

1,613

813

901

26.2

26.6

32.0

37.1

12.3

10.7

1.3

1.2

10.4

11.0

2.4

2.1

Bharti Airtel

Neutral

270

-

102,571

79,147

86,745

31.1

32.5

9.9

15.1

27.2

17.9

1.9

1.7

7.0

9.7

2.0

1.7

Idea Cellular

Neutral

84

-

27,910

22,234

24,161

26.9

27.7

3.3

4.9

25.5

17.1

2.0

1.8

7.7

10.3

1.7

1.5

Rcom

Neutral

54

-

11,115

20,650

20,935

32.3

33.0

4.2

5.8

12.7

9.4

0.3

0.3

2.3

3.1

2.2

2.0

Abbott India

Neutral

1,460

-

3,103

1,602

1,833

10.4

11.8

54.7

71.7

26.7

20.4

5.0

4.3

20.0

22.7

1.7

1.5

Bajaj Electricals

Buy

196

228

1,958

3,670

4,290

7.6

8.8

15.0

23.0

13.1

8.5

2.4

1.9

18.6

22.4

0.5

0.5

Cera Sanitaryware

Accumulate

371

411

470

427

528

15.7

14.6

30.0

34.0

12.4

10.9

2.7

2.2

24.6

22.5

1.2

1.0

Cravatex

Buy

437

682

113

289

340

5.2

5.9

41.0

57.0

10.7

7.7

2.7

2.0

25.2

26.5

0.5

0.4

CRISIL

Neutral

940

-

6,605

982

1,136

34.3

34.3

34.3

40.0

27.4

23.5

12.4

9.9

50.9

46.9

6.3

5.3

Finolex Cables

Buy

43

61

659

2,334

2,687

6.2

6.5

8.0

10.0

5.4

4.3

0.7

0.6

13.0

14.9

0.2

0.2

Force Motors

Accumulate

469

537

611

2,318

2,700

5.0

5.7

45.0

67.0

10.4

7.0

0.5

0.5

5.0

7.0

0.2

0.2

Goodyear India

Neutral

320

-

738

1,543

1,654

6.5

7.3

24.8

31.1

12.9

10.3

2.1

1.8

17.1

19.0

0.2

0.2

Graphite India

#N/A

Greenply Industries

Accumulate

310

309

749

1,925

2,235

10.6

10.9

29.6

44.1

10.5

7.0

1.7

1.4

16.8

21.0

0.6

0.5

Hitachi

Neutral

132

-

302

868

977

3.9

6.6

2.7

10.9

48.0

12.1

1.7

1.6

3.7

13.6

0.4

0.4

Honeywell Automation

Accumulate

2,631

2,842

2,325

1,745

1,993

4.0

5.3

59.5

90.4

44.2

29.1

3.4

2.9

8.1

11.3

1.2

1.1

Styrolution ABS India

Buy

649

744

1,141

1,056

1,081

8.1

10.6

34.0

47.0

19.1

13.8

2.7

2.3

14.7

17.5

1.1

1.0

ITD Cementation

Neutral

255

-

293

1,451

1,669

12.3

12.4

32.4

41.5

7.9

6.1

0.7

0.6

9.4

10.9

0.6

0.6

Jyothy Laboratories

Neutral

172

-

2,775

1,248

1,468

9.8

10.4

5.9

7.2

29.0

24.0

4.2

3.8

15.0

16.6

2.6

2.2

MCX

Neutral

1,364

-

6,954

553

624

65.3

66.3

62.5

72.0

21.8

18.9

6.0

5.2

27.5

27.4

9.8

8.2

MRF

Buy

10,171

12,884

4,313

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

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83

1,627

Market Outlook
October 31, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

3,300

-

821

821

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

3,680

887

1,108

18.3

18.6

95.0

120.9

34.8

27.3

18.1

14.7

57.4

59.5

4.2

3.4

985

1,019

1,208

12.3

13.0

51.0

68.4

16.1

12.0

4.3

3.2

30.3

30.2

1.0

0.9

zOthers
Page Industries

Neutral

Relaxo Footwears

Accumulate

Sintex Industries

Buy

65

79

1,768

4,751

5,189

16.3

16.6

13.6

15.8

4.8

4.1

0.6

0.6

12.9

13.2

0.7

0.6

Siyaram Silk Mills

Buy

310

366

291

1,043

1,149

12.3

12.9

65.7

73.3

4.7

4.2

0.9

0.8

21.0

19.6

0.5

0.5

S. Kumars Nationwide

Buy

16

24

476

7,134

7,985

19.7

19.4

12.2

14.1

1.3

1.1

0.1

0.1

11.3

11.5

0.6

0.6

SpiceJet

Buy

32

43

1,555

5,720

6,599

5.3

6.8

3.6

5.4

8.9

6.0

12.9

4.1

-

-

0.4

0.3

TAJ GVK

Buy

75

108

467

300

319

35.8

36.2

7.9

9.1

9.4

8.2

1.3

1.1

13.9

14.4

1.9

1.6

Tata Sponge Iron

Accumulate

332

384

512

750

803

18.6

18.4

65.4

69.1

5.1

4.8

0.8

0.7

16.5

15.3

0.3

0.2

TVS Srichakra

Accumulate

300

335

230

1,476

1,643

7.0

8.2

32.6

55.9

9.2

5.4

1.5

1.2

16.8

24.8

0.4

0.3

United Spirits

Neutral

1,144

-

14,958

10,289

11,421

13.5

14.3

31.0

42.9

36.9

26.6

2.9

2.6

8.1

10.3

2.2

2.0

Vesuvius India

Neutral

333

-

675

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 October 30, 2012

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Market Outlook
October 31, 2012

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