Market Outlook

November 26, 2012

Dealer’s Diary
The Indian market is expected to open in the green today tracing positive opening
trades in the SGX Nifty and major Asian indices.
The US markets saw significant strength during trading on Friday, thereby
extending the strong upward move seen earlier in the holiday interrupted week.
The rally on Wall Street came as traders continued to pick up stocks at reduced
levels following the sell-off that was seen in the weeks following the elections.
Positive sentiment was also generated by a report showing an unexpected
improvement in German business confidence in the month of November.
Meanwhile, most of the European bourses ended the trading session on Friday in
positive territory, following a day of mostly directionless trading. Investor sentiment
was uplifted by the unexpected increase in German business confidence.
The domestic markets ended a volatile session little changed on Friday after uproar
over the issue of foreign investment in multi-brand retail in the Lok Sabha forced
the Speaker to adjourn the House for the second day in a row, till Monday. Going
ahead, the proceedings in the Parliament during the ongoing winter session will be
on radar of investors.

Markets Today
The trend deciding level for the day is 18,488 / 5,619 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,575 – 18,643 / 5,645 – 5,664 levels. However, if NIFTY trades below
18,488 / 5,619 levels for the first half-an-hour of trade then it may correct up to
18,420 – 18,334 / 5,601 – 5,575 levels.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.1)

Nifty

(0.0)

(1.2)

5,627

0.1

3.7

6,597

MID CAP
SMALL CAP

(10.8) 18,507

0.2

14.2

7,057

BSE HC

(0.4)

(28.8)

7,703

BSE PSU

(0.8)

(57.1)

7,004

BANKEX

(0.3)

(45.6) 13,179

AUTO

0.3

34.5 10,559

METAL

(0.3)

(30.2)

9,801

OIL & GAS

0.3

21.5

7,988

BSE IT

0.0

1.7

5,733

(Pts)

(Close)

Global Indices

Chg (%)

Dow Jones

1.4

NASDAQ

1.4

40.3

2,967

FTSE

0.5

28.1

5,819

Nikkei

1.6

144.3

9,367

Hang Seng

0.8

170.8 21,914

Straits Times

0.1

2.7

2,989

Shanghai Com

0.6

11.8

2,027

Chg (%)

(Pts)

(Close)

2.8

1.2

$43.5

Indian ADR

172.8 13,010

Indices

S2

S1

PIVOT

R1

R2

INFY

SENSEX

18,334

18,420

18,488

18,575

18,643

WIT

2.0

0.2

$8.3

5,664

IBN

(1.5)

(0.6)

$37.6

0.1

0.0

$40.3

NIFTY

5,575

5,601

5,619

5,645

HDB

News Analysis


Metal sector - Result Analysis - 2QFY2013
Ranbaxy recalls atrocastian from US
Mahindra and Mahindra in race to acquire Aston Martin

Advances / Declines

Refer detailed news analysis on the following page

` cr

Purch

Sales

Net

FII

1,576

1,393

183

5,024

55,455

323

406

(83)

(1,070)

(10,871)

MTD

` cr

Purch

Sales

Net

Open Interest

Index Futures

1,191

1,177

14

8,860

Stock Futures

3,659

3,758

(99)

30,764

Gainers / Losers
Gainers

Losers

Price (`)

chg (%)

Jet Air India

506

15.9

Zee Entert

204

4.3

Crompton Greav

115

3.4

Astrazeneca Phar

27

3.1

Ranbaxy Lab

210

2.9

Thermax

Ashok Leyland
Gujarat Mnrl

www.angelbroking.com

Advances

1,315

647

Declines

1,498

841

142

95

YTD

FII Derivatives (November 23, 2012)

Company

NSE

Unchanged

Net Inflows (November 22, 2012)

MFs

BSE

Company

Price (`)

chg (%)

Hindustan Copp

213

(20.0)

MMTC

690

(4.6)

1,355

(3.4)

496

(3.3)

557

(3.2)

Volumes (` cr)

BSE

2,101

NSE

8,684

Market Outlook
November 26, 2012

Metal sector - Result Analysis - 2QFY2013
Mixed top-line performance:
Metal companies reported a mixed top-line
performance during 2QFY2013. Among steel players JSW Steel and Tata Steel
saw a net sales growth of 16.5% and 4.1% yoy, respectively, whereas SAIL
reported a 1.6% yoy decline in net sales. Among the non-ferrous players, Sterlite
and Hindustan Zinc both reported an 8.8% yoy increase in net sales; however, the
top-line of the rest of the players fell due to lower aluminium realization. Except for
Coal India, all other miners showed a decrease in top-line aided by lower
volumes.
Margins remain under pressure: Among the steel companies, Tata Steel reported a
16.0% fall in operating profits due to higher labor and power costs; SAIL also
reported a 16.4% fall in operating performance due to higher other expenditure.
Amongst the non-ferrous companies, except for Sterlite the remaining three
companies in our coverage reported an average 14.2% fall in operating profits
mainly due to lower realizations coupled with higher costs. Mining companies also
faced margin pressure led by lower volumes and/or higher costs.
Outlook: Globally, sea-borne iron ore prices declined sharply during April August 2012; however, the prices have risen sharply from August. Contracted
coking coal prices have declined gradually over the past one year. Coking coal
contract price for October – December 2012 have been signed at US$170.
Decline in coking coal prices is expected to benefit Indian steelmakers during
2HFY2013, although INR depreciation would partially offset the coking coal price
decline. A subdued demand, escalating eurozone debt crisis and falling iron ore
and coking coal prices have resulted in a decline in steel prices globally over the
past six months. Domestic steel prices have also declined lately; however, INR
depreciation against the USD has partially muted the decline in steel prices.
Non-ferrous companies are expected to continue to face a double whammy
of declining product prices coupled with higher input costs during 2HFY2013. Base
metal prices have declined steeply over the past six months and hence realizations
for companies are expected to decline during FY2013 (partially offset by INR
depreciation against the USD). Further, although several aluminium companies
(globally) have announced production cuts, we are yet to see any meaningful
decline in production. Thus, lower realizations coupled with high and sticky prices
of key inputs such as imported coal, caustic soda, CP pitch and petroleum coke
are expected to hit margins of non-ferrous companies during 2HFY2013 in our
view. Nevertheless, we expect prices to improve in FY2014 as announced
production cuts restore demand-supply mismatch during FY2014.
Valuations inexpensive, but we remain selective: Metal stocks have
underperformed over the past one year on account of eurozone debt crisis,
subdued domestic demand, decreasing prices, rising input costs and delays in
obtaining procedural clearances for mines. Nevertheless, we believe that the
recent fall has left some stocks undervalued. We like companies with captive
assets, strong visibility over its expansion plans, low leverage levels and
inexpensive valuations. Hence, our top picks are Tata Steel and MOIL.

www.angelbroking.com

Market Outlook
November 26, 2012

Ranbaxy recalls atrocastian from US
Ranbaxy has voluntarily recalled some batches of atrocastian (generic version of
cholesterol-lowering drug Lipitor) from the US market. The company had said it
was a temporary disruption in the US and it had already initiated an investigation,
which was expected to be over in two weeks, after which it was likely to resume
supplies. This development is unlikely to impact the company significantly as the
product is generic with 99% price erosion and since the product is withdrawn from
the market only for two weeks. Hence we maintain our Neutral view on the stock.

Mahindra and Mahindra in race to acquire Aston Martin
As per media reports, Mahindra and Mahindra (MM) is in the race to acquire
British luxury car maker Aston Martin. Aston Martin is currently owned by a
Kuwaiti consortium of financial sponsors led by Investment Dar who bought
the luxury car company from Ford Motor in 2007 for £479mn. Aston Martin
predominantly manufactures two door sports coupes like Vanquish, Vantage,
DB9 or DB5 from its Warwickshire plant. The report states that MM has
emerged as the front-runner to become the strategic investor in Aston Martin
edging out other contender Investindustrial, Italian private equity fund.
According to the report, MM is likely to pick up a minority stake of around
40% but will have the option to raise it to 50%. The final shareholding
structure however, is still being worked out. As per the deal, the three existing
shareholders and the management team will retain the residual stake. Even
the operations team is unlikely to change after a strategic partner comes in.
The transaction may also see fresh equity being issued to MM and based on
the final structuring; MM may have to shell out around £120mn - £200mn for
its strategic stake. This translates into an enterprise value of ~£700mn (at the
higher end) including a £300mn high yield bond issued by Aston Martin last
year. Aston Martin reported sales of £507mn in CY2011 with an EBITDA of
£76.2mn. At £700mn, the deal is based on 9.2x EV/EBITDA, which is broadly
in-line with its global peers. We believe that the deal will be positive for MM in
the long as it will increase MM's visibility in the global markets and give access
to new technology. We await more clarity on this front. Due to the sharp run
up in the stock price over the last one month, we recommend a Neutral rating
on the stock.

Economic and Political News



Economy likely to grow at 5.5% in Q2: Chidambaram
Current account deficit to come down to 3.5%: Rangarajan
FM says as of now no plans for additional Govt. borrowing
Govt. mulling selling residual stake in Hind Zinc, Balco

Corporate News


New drug policy will hurt investments in the sector
Airtel, Vodafone, Idea want part of CDMA spectrum for GSM tech
Sesa Goa may start importing iron ore to run pig iron plant

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

www.angelbroking.com

Market Outlook
November 26, 2012
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

November 27, 2012

3:00PM

UK

GDP (YoY)

8:30PM

US

Consumer Confidence

November 28, 2012

8:30PM

US

New home sales

November 29, 2012

2:25PM

Germany Unemployment change (000's)

7:00PM

US

GDP Qoq (Annualised)

November 30, 2012

11:00AM

India

Qtrly GDP YoY%

% Change

December 1, 2012

6:30AM

China

PMI Manufacturing

Value

December 3, 2012

3:00PM

UK

PMI Manufacturing

Value

December 6, 2012

3:30PM

Euro Zone Euro-Zone GDP s.a. (QoQ)

5:30PM

UK

6:15PM

Euro Zone ECB announces interest rates

3:00PM

UK

Industrial Production (YoY)

% Change

7:00PM

US

Change in Nonfarm payrolls

Thousands

7:00PM

US

Unnemployment rate

%

7:00AM

China

Consumer Price Index (YoY)

% Change

11:00AM

China

Industrial Production (YoY)

December 10, 2012

5:29PM

China

December 12, 2012

11:00AM

India

3:00PM

December 7, 2012

December 9, 2012

% Change

3Q P

--

--

S.A./ 1985=100

Nov

72.20

73.50

Thousands

Oct

389.00

385.00

Thousands

Nov

20.00

--

% Change

3Q S

2.00

3.00

3Q

5.50

--

Nov

50.20

--

Nov

47.50

--

% Change

3Q P

(0.10)

--

% Ratio

Dec 6

0.50

0.50

%

Dec 6

0.75

--

Oct

(2.60)

--

Nov

171.00

--

Nov

7.90

--

Nov

1.70

--

% Change

Nov

9.60

--

Exports YoY%

% Change

Nov

11.60

--

Industrial Production YoY

% Change

Oct

(0.40)

--

UK

Jobless claims change

% Change

Nov

10.10

--

BOE Announces rates

11:00PM

US

FOMC rate decision

%

Dec 12

0.25

--

December 13, 2012

7:00PM

US

Producer Price Index (mom)

% Change

Nov

(0.20)

--

December 14, 2012

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Nov

7.45

--

3:30PM

Euro Zone Euro-Zone CPI (YoY)

%

Nov

2.50

--

7:00PM

US

Consumer price index (mom)

% Change

Nov

0.10

--

December 18, 2012

7:45PM

US

Industrial Production

%

Nov

(0.40)

--

11:00AM

India

RBI Repo rate

%

Dec 18

8.00

--

11:00AM

India

RBI Cash Reserve ratio

%

Dec 18

4.25

--

3:00PM

UK

CPI (YoY)

% Change

Nov

2.70

--

Source: Bloomberg, Angel Research

Market Strategy
November 26, 2012

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)
10.0

9.2

9.0

8.5

9.0

8.2

8.0

7.6

7.5

8.0

6.7

7.0

6.1

5.7

6.0

5.3 5.5

5.0
4.0

3.5

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

4QFY09

3.0

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

Mfg. PMI

60.0

12.0
9.9
10.0

58.0

9.5
7.7

8.0

Services PMI

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

Nov-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

Oct-11

54.0

6.0

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

4.25

Source: RBI, Angel Research

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

4.00

Dec-11

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

5.00

Nov-11

(30.0)

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

(15.0)

Oct-11

0.0

Market Outlook
November 26, 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

155

-

3,009

1,466

1,686

14.8

14.8

7.0

8.1

22.1

19.1

4.7

4.0

22.6

22.5

2.1

1.8

United Phosphorus

Buy

111

170

5,123

8,421

9,263

16.5

16.5

15.0

17.0

7.4

6.5

1.1

1.0

15.6

15.5

0.8

0.7

Amara Raja Batteries

Neutral

256

-

4,377

2,911

3,321

16.2

16.2

17.3

19.8

14.8

12.9

4.1

3.2

31.1

27.6

1.4

1.2

Apollo Tyres

Buy

82

104

4,138

13,713

15,341

11.2

11.2

12.5

14.8

6.6

5.5

1.2

1.0

20.2

19.9

0.5

0.4

Ashok Leyland

Buy

27

31

7,131

14,490

16,606

9.5

9.6

2.2

2.9

12.1

9.4

2.2

2.0

13.6

16.1

0.6

0.5

Automotive Axle#

Buy

368

430

556

993

1,140

11.6

11.5

36.9

43.0

10.0

8.6

2.0

1.7

21.2

21.3

0.6

0.5

Bajaj Auto

Neutral

1,817

-

52,569

21,121

23,642

18.4

18.5

108.7

122.6

16.7

14.8

6.9

5.6

46.2

41.6

2.1

1.8

Bharat Forge

Buy

254

324

5,912

6,754

7,565

15.5

15.7

18.8

23.2

13.6

11.0

2.4

2.0

18.5

19.7

1.0

0.9

Bosch India*

Neutral

8,829

-

27,721

8,776

10,276

16.6

18.0

331.9

417.7

26.6

21.1

5.0

4.1

18.7

19.5

2.8

2.4

CEAT

Buy

102

163

351

4,989

5,634

8.2

8.5

27.1

40.8

3.8

2.5

0.5

0.4

13.2

17.2

0.3

0.2

Exide Industries

Accumulate

140

155

11,862

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

1,656

-

2,752

1,489

1,750

16.5

17.5

103.3

126.9

16.0

13.1

3.1

2.6

21.3

21.6

1.6

1.3

Hero Motocorp

Accumulate

1,824

1,956

36,430

24,743

27,996

14.8

15.2

118.2

130.4

15.4

14.0

6.6

5.3

48.3

41.9

1.2

1.0

JK Tyre

Buy

113

165

462

7,517

8,329

6.6

6.6

37.2

41.3

3.0

2.7

0.5

0.5

18.8

17.8

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Neutral

954

-

58,583

40,035

46,272

11.5

11.6

54.7

62.8

17.5

15.2

3.9

3.3

24.3

23.4

1.2

1.0

Maruti

Neutral

1,494

-

43,168

42,019

50,246

7.3

8.6

66.1

94.4

22.6

15.8

2.6

2.2

11.9

15.1

0.9

0.7

Motherson Sumi

Neutral

167

-

9,832

24,285

27,317

6.7

7.2

8.1

10.6

20.8

15.8

4.4

3.6

22.9

24.7

0.6

0.5

Subros

Buy

30

35

178

1,286

1,479

9.4

9.7

2.6

5.1

11.4

5.9

0.6

0.6

5.6

10.3

0.4

0.4

Tata Motors

Buy

261

319

69,479 192,330 219,770

12.8

13.1

37.0

44.5

7.1

5.9

1.9

1.5

31.2

28.9

0.4

0.3

TVS Motor

Buy

37

45

1,753

7,466

8,290

6.2

6.3

4.8

5.6

7.7

6.6

1.3

1.2

18.2

18.7

0.2

0.2

ABB*

Sell

709

573

15,015

7,796

9,907

4.8

7.8

9.2

22.0

77.0

32.2

5.6

4.9

7.5

16.4

1.9

1.5

BGR Energy

Neutral

257

-

1,851

3,605

4,542

11.8

10.7

25.1

27.9

10.2

9.2

1.5

1.3

31.1

27.1

1.0

0.8

BHEL

Neutral

225

-

54,985

47,801

43,757

18.5

18.0

24.6

21.8

9.1

10.3

2.7

2.3

33.5

24.5

1.0

1.1

Blue Star

Buy

186

242

1,674

2,763

2,948

3.1

5.6

2.6

8.6

70.8

21.8

4.1

3.6

5.9

17.6

0.7

0.6

Crompton Greaves

Buy

115

145

7,348

12,370

14,277

5.2

7.3

4.0

7.8

28.6

14.7

1.9

1.8

6.9

12.6

0.6

0.5

Jyoti Structures

Buy

44

53

361

2,794

3,048

10.6

10.6

9.2

11.7

4.8

3.8

0.5

0.4

10.9

12.5

0.4

0.4

KEC International

Buy

61

73

1,580

6,858

7,431

7.1

7.5

8.3

9.8

7.4

6.3

1.3

1.1

25.1

24.0

0.4

0.3

LMW

Reduce

2,076

1,992

2,339

2,369

2,727

11.7

11.7

143.4

166.0

14.5

12.5

2.4

2.2

17.4

18.4

0.5

0.4

Thermax

Neutral

560

-

6,673

5,514

5,813

9.3

10.2

28.1

31.2

19.9

18.0

3.6

3.1

19.2

18.5

1.1

1.0

Capital Goods

www.angelbroking.com

Market Outlook
November 26, 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

1,381

-

25,928

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

1.7

Ambuja Cements

Neutral

203

-

31,254

10,272

11,884

26.4

26.1

11.5

12.9

17.7

15.7

3.9

3.5

20.8

21.1

2.6

2.2

India Cements

Neutral

83

-

2,548

4,293

4,666

17.7

18.1

8.6

10.8

9.7

7.7

0.7

0.7

7.5

9.0

1.0

0.9

J K Lakshmi Cements

Accumulate

131

143

1,602

2,082

2,423

22.9

23.1

20.8

22.5

6.3

5.8

1.1

1.0

18.4

17.4

0.9

1.1

Madras Cements

Neutral

203

-

4,838

3,814

4,045

29.3

27.5

18.7

19.2

10.9

10.6

2.0

1.7

19.9

17.4

1.9

1.7

Shree Cements^

Neutral

4,249

-

14,803

5,701

6,210

29.7

28.1

240.7

260.7

17.7

16.3

4.3

3.5

27.1

23.6

2.0

1.7

UltraTech Cement

Neutral

1,900

-

52,086

21,368

24,043

22.5

23.5

103.5

121.4

18.4

15.7

3.4

2.9

20.2

20.1

2.4

2.2

205

304

1,079

2,034

2,315

22.4

22.4

27.1

31.7

7.6

6.5

0.9

0.8

13.1

13.4

1.8

2.1

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

12

-

222

2,262

2,522

6.7

7.5

1.5

2.7

8.1

4.5

0.4

0.3

4.4

7.5

0.4

0.3

IRB Infra

Buy

122

164

4,068

3,843

4,212

43.1

43.6

16.8

17.8

7.3

6.9

1.2

1.1

18.3

17.0

3.2

3.5

ITNL

Buy

183

225

3,562

6,564

7,054

27.2

27.4

26.3

29.0

7.0

6.3

1.1

1.0

14.0

11.8

2.7

2.7

IVRCL Infra

Neutral

39

-

1,201

4,249

6,897

7.8

8.2

0.3

3.3

127.0

11.9

0.5

0.5

0.4

4.4

0.9

0.6

Jaiprakash Asso.

Accumulate

89

100

19,005

13,842

15,863

26.9

26.4

3.7

4.6

24.4

19.5

1.5

1.4

6.2

7.3

2.8

2.6

Larsen & Toubro

Accumulate

1,587

1,748

97,573

60,556

69,167

11.2

11.6

73.8

85.5

21.5

18.6

3.4

3.0

13.5

14.1

1.8

1.6

Nagarjuna Const.

Neutral

42

-

1,073

5,947

6,569

8.5

8.6

3.1

4.1

13.5

10.2

0.4

0.4

3.3

4.2

0.6

0.6

Punj Lloyd

Neutral

49

-

1,642

11,892

13,116

9.0

9.0

1.8

3.2

27.3

15.4

0.6

0.5

2.5

3.7

0.6

0.5

Sadbhav Engg.

Buy

136

168

2,057

2,344

2,804

10.6

10.7

7.2

8.7

19.0

15.7

2.3

2.0

13.0

13.5

1.2

1.1

Simplex Infra

Buy

176

251

873

6,882

8,032

9.1

9.1

23.2

31.3

7.6

5.6

0.7

0.6

9.1

11.2

0.5

0.4

Allahabad Bank

Accumulate

134

152

6,713

6,392

7,238

2.7

2.8

30.3

33.3

4.4

4.0

0.7

0.6

14.8

14.5

-

-

Andhra Bank

Neutral

103

-

5,786

4,731

5,431

2.9

3.0

21.5

21.8

4.8

4.7

0.8

0.7

15.2

13.8

-

-

Axis Bank

Buy

1,255

1,476

53,552

15,686

18,687

3.1

3.2

116.8

138.0

10.7

9.1

2.0

1.7

20.0

20.2

-

-

Bank of Baroda

Accumulate

727

817

28,481

15,436

18,208

2.5

2.6

111.8

137.4

6.5

5.3

1.0

0.9

15.8

17.0

-

-

Bank of India

Accumulate

270

294

15,504

12,491

14,883

2.2

2.4

43.8

63.7

6.2

4.2

0.8

0.7

12.1

15.8

-

-

Bank of Maharashtra

Neutral

54

-

3,207

3,563

3,876

3.1

3.1

9.7

12.0

5.6

4.5

0.8

0.7

14.6

16.1

-

-

Canara Bank

Neutral

435

-

19,251

10,699

12,213

2.1

2.2

67.3

80.1

6.5

5.4

0.9

0.8

13.7

14.6

-

-

Central Bank

Neutral

74

-

5,433

7,171

8,236

2.5

2.6

16.4

21.5

4.5

3.4

0.8

0.6

12.7

14.9

-

-

Corporation Bank

Accumulate

397

445

5,887

4,780

5,569

2.0

2.1

101.8

99.2

3.9

4.0

0.7

0.6

17.0

14.7

-

-

Dena Bank

Buy

104

123

3,655

3,087

3,453

2.7

2.8

25.9

24.1

4.0

4.3

0.7

0.6

19.4

15.6

-

-

Federal Bank

Accumulate

462

491

7,897

2,617

2,968

3.3

3.2

45.9

51.7

10.1

8.9

1.3

1.1

13.1

13.3

-

-

Financials

www.angelbroking.com

Market Outlook
November 26, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Financials
HDFC

Neutral

778

-

119,957

7,336

8,802

3.5

3.5

31.5

37.8

24.7

20.6

4.9

4.4

34.8

32.1

-

-

HDFC Bank

Reduce

670

621

158,243

21,696

26,811

4.4

4.5

28.7

36.0

23.4

18.6

4.5

3.8

20.7

22.0

-

-

ICICI Bank

Buy

1,025

1,270

117,875

22,271

26,690

3.0

3.0

69.2

83.1

14.8

12.3

1.8

1.7

14.2

15.7

-

-

IDBI Bank

Neutral

102

-

13,097

7,684

9,264

1.8

2.1

15.6

22.0

6.6

4.7

0.7

0.7

10.9

13.9

-

-

Indian Bank

Accumulate

178

195

7,639

5,874

6,551

3.2

3.2

40.6

41.8

4.4

4.3

0.7

0.6

18.1

16.4

-

-

IOB

Neutral

75

-

5,981

7,050

8,313

2.3

2.5

12.3

19.9

6.1

3.8

0.6

0.5

8.8

13.1

-

-

J & K Bank

Neutral

1,307

-

6,334

2,762

2,885

3.6

3.6

226.7

193.0

5.8

6.8

1.3

1.1

24.4

17.7

-

-

LIC Housing Finance

Buy

245

298

12,384

1,799

2,255

2.3

2.4

20.3

27.3

12.1

9.0

1.9

1.7

16.9

19.7

-

-

Oriental Bank

Accumulate

315

347

9,201

6,277

7,090

2.6

2.7

60.5

65.1

5.2

4.8

0.8

0.7

15.0

14.4

-

-

Punjab Natl.Bank

Accumulate

734

843

24,904

19,652

22,601

3.2

3.3

135.0

164.3

5.4

4.5

0.9

0.8

16.3

17.3

-

-

South Ind.Bank

Accumulate

St Bk of India

Buy

Syndicate Bank

Accumulate

UCO Bank

Neutral

Union Bank
United Bank

23

25

3,072

1,556

1,750

2.8

2.7

3.5

3.9

6.6

6.0

1.1

1.0

19.1

16.9

-

-

2,090

2,437

140,228

61,883

71,546

3.4

3.4

227.2

257.5

9.2

8.1

1.6

1.4

17.8

17.7

-

-

119

131

7,187

6,756

7,783

3.0

3.0

26.3

27.1

4.5

4.4

0.8

0.7

18.3

16.6

-

-

71

-

4,723

5,234

6,097

2.3

2.4

11.8

14.7

6.0

4.8

1.0

0.8

11.9

13.4

-

-

Accumulate

227

250

12,481

9,912

11,536

2.8

2.9

40.4

46.7

5.6

4.9

0.9

0.8

16.1

16.4

-

-

Accumulate

67

74

2,406

3,500

3,912

2.6

2.8

15.8

21.2

4.2

3.1

0.6

0.5

13.1

15.7

-

-

Vijaya Bank

Neutral

55

-

2,733

2,354

2,754

2.0

2.2

7.4

10.2

7.5

5.4

0.8

0.7

9.3

11.9

-

-

Yes Bank

Buy

419

492

14,960

3,270

4,240

2.8

3.0

34.5

42.2

12.2

9.9

2.6

2.1

23.5

23.5

-

-

4,047

-

38,823

11,198

13,184

16.2

16.2

123.7

146.4

32.7

27.7

11.1

8.7

38.1

35.4

3.3

2.8

483

584

5,772

5,627

6,581

4.9

5.7

18.3

24.7

26.4

19.6

9.6

7.4

39.1

42.7

0.9

0.8

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

1,328

-

18,054

3,146

3,573

20.6

21.4

36.4

42.5

36.5

31.2

33.8

28.3

102.0

98.5

5.6

4.9

Dabur India

Neutral

122

-

21,290

6,124

7,101

17.0

16.8

4.5

5.2

27.3

23.4

11.3

8.9

43.2

41.5

3.5

3.0

GlaxoSmith Con*

Neutral

3,043

-

12,798

3,124

3,663

17.1

17.6

104.5

123.8

29.1

24.6

9.1

7.3

34.4

32.8

3.8

3.1

Godrej Consumer

Neutral

689

-

23,447

6,355

7,548

18.4

18.6

22.8

27.6

30.2

25.0

6.9

5.7

26.4

26.1

3.8

3.1

HUL

Neutral

530

-

114,506

25,350

28,974

13.3

13.5

14.7

17.1

35.9

31.1

28.5

20.1

84.5

75.8

4.3

3.7

ITC

Neutral

286

-

225,307

29,409

34,060

35.7

36.1

9.3

10.9

30.7

26.2

10.2

8.5

35.8

35.3

7.4

6.4

Marico

Neutral

214

-

13,781

4,840

5,643

13.1

13.1

6.2

7.8

34.7

27.5

6.6

5.4

25.4

22.6

2.9

2.4

Nestle*

Neutral

4,612

-

44,465

8,529

10,079

20.8

21.1

113.1

137.8

40.8

33.5

24.5

17.1

70.5

60.2

5.3

4.4

Tata Global

Neutral

163

-

10,105

7,207

7,927

9.7

10.0

6.6

7.8

24.7

20.9

2.5

2.4

8.6

9.5

1.3

1.2

www.angelbroking.com

Market Outlook
November 26, 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

IT
HCL Tech^

Neutral

636

-

44,168

24,214

26,772

19.5

18.1

44.0

48.0

14.5

13.2

3.4

2.9

24.0

22.0

1.7

1.5

Hexaware*

Buy

101

135

3,004

1,944

2,159

21.8

21.1

11.4

12.2

8.9

8.3

2.3

2.0

26.4

24.1

1.3

1.1

Infosys

Accumulate

2,376

2,573

136,438

39,174

41,580

29.5

30.4

159.2

171.6

14.9

13.9

3.6

3.2

24.1

23.1

2.9

2.7

Infotech Enterprises

Accumulate

186

202

2,074

1,886

2,032

17.9

17.3

18.7

20.2

10.0

9.2

1.5

1.3

14.9

14.0

0.8

0.6

KPIT Cummins

Accumulate

127

132

2,266

2,195

2,317

15.5

15.0

10.7

12.1

11.8

10.5

2.5

2.0

21.0

19.8

1.0

0.9

Mahindra Satyam

Accumulate

104

115

12,240

7,597

8,141

20.0

18.8

9.7

10.4

10.8

10.0

3.0

2.3

27.5

22.9

1.2

1.1

Mindtree

Accumulate

666

747

2,729

2,324

2,437

20.0

17.7

73.3

74.7

9.1

8.9

2.2

1.7

24.1

19.7

0.9

0.8

Mphasis&

Neutral

395

-

8,289

5,700

5,993

18.0

16.9

37.0

37.3

10.7

10.6

1.5

1.3

14.3

12.6

1.0

0.8

NIIT

Accumulate

32

36

528

1,048

1,161

9.3

10.9

4.2

6.2

7.6

5.2

0.8

0.7

10.5

14.1

0.3

0.2

Persistent

Neutral

476

-

1,904

1,261

1,352

26.4

24.7

48.2

54.0

9.9

8.8

1.9

1.6

19.0

17.9

1.2

1.0

TCS

Accumulate

1,288

1,410

252,110

61,053

67,313

28.7

29.1

69.7

76.2

18.5

16.9

6.0

4.9

32.6

29.1

3.9

3.5

Tech Mahindra

Buy

906

1,070

11,563

6,603

7,150

19.8

18.4

92.9

102.0

9.8

8.9

2.3

1.9

23.7

21.0

1.8

1.6

Wipro

Accumulate

367

421

90,279

43,219

47,241

20.0

20.0

26.1

28.1

14.0

13.1

2.7

2.3

19.3

17.9

1.8

1.5

D B Corp

Buy

214

259

3,919

1,581

1,784

23.3

25.0

11.6

14.4

18.5

14.8

3.6

3.1

21.0

22.3

2.4

2.0

HT Media

Accumulate

95

113

2,236

2,111

2,272

15.0

15.2

7.4

8.3

12.9

11.5

1.4

1.3

11.3

11.4

0.7

0.6

Jagran Prakashan

Buy

101

117

3,209

1,503

1,681

23.1

23.1

6.4

7.3

15.9

14.0

3.9

3.5

25.8

26.5

2.3

2.0

PVR

Neutral

244

-

705

625

732

17.4

17.1

13.3

15.6

18.3

15.6

2.0

1.8

13.2

13.8

1.6

1.3

Sun TV Network

Neutral

385

-

15,156

1,942

2,237

77.2

75.5

17.6

19.1

21.9

20.1

5.5

4.9

25.8

25.2

7.2

6.2

Bhushan Steel

Neutral

482

-

10,229

11,307

14,287

29.5

29.1

45.1

51.0

10.7

9.4

1.2

1.1

12.2

12.2

3.0

2.4

Coal India

Neutral

358

-

226,126

66,666

70,292

25.7

27.3

24.2

26.6

14.8

13.5

4.4

3.5

33.1

29.1

2.4

2.1

Electrosteel Castings

Accumulate

26

29

891

1,984

2,074

10.6

11.6

0.8

2.0

30.8

12.7

0.5

0.2

1.7

4.1

0.6

0.6

Hind. Zinc

Accumulate

131

145

55,478

12,446

13,538

52.3

52.9

15.0

16.4

8.8

8.0

1.7

1.5

21.4

19.7

2.6

2.0

Hindalco

Neutral

108

-

20,658

79,148

89,258

9.4

9.0

15.0

15.6

7.2

6.9

0.6

0.6

8.8

8.4

0.6

0.6

JSW Steel

Neutral

717

-

15,996

39,586

41,459

17.6

17.0

78.7

90.1

9.1

8.0

0.9

0.8

10.2

10.7

0.8

0.8

MOIL

Accumulate

238

261

4,005

941

1,019

47.3

48.3

25.8

28.1

9.2

8.5

1.5

1.3

16.7

16.2

1.9

1.6

Monnet Ispat

Buy

284

344

1,830

2,501

3,264

22.2

24.6

41.8

55.2

6.8

5.2

0.7

0.6

11.3

13.4

1.8

1.3

Nalco

Neutral

NMDC

Buy

SAIL

Neutral

Media

Metals & Mining

www.angelbroking.com

45

-

11,623

6,898

7,841

9.9

14.7

2.0

3.2

22.8

14.2

1.0

1.0

4.3

6.8

1.2

1.1

167

198

66,013

11,209

12,525

78.4

78.3

18.5

20.6

9.0

8.1

2.2

1.8

27.0

24.6

4.1

3.4

78

-

32,218

47,252

60,351

14.2

14.8

9.6

11.7

8.2

6.7

0.7

0.7

9.4

10.6

1.1

0.9

Market Outlook
November 26, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Metals & Mining
Sesa Goa

Accumulate

166

183

14,410

4,551

6,640

32.8

34.4

33.7

39.3

4.9

4.2

0.8

0.7

18.3

18.3

3.8

2.6

Sterlite Inds

Accumulate

96

110

32,363

43,185

45,442

23.3

23.7

16.8

17.9

5.7

5.4

0.6

0.6

11.6

11.2

0.7

0.7

Tata Steel

Buy

364

463

35,386 145,725 154,108

8.3

9.5

22.0

44.5

16.5

8.2

0.8

0.7

4.9

9.3

0.5

0.5

Sarda

Accumulate

137

153

490

1,442

1,494

17.6

17.3

27.2

28.7

5.0

4.8

0.6

0.5

11.5

11.0

0.7

0.7

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

46

73

623

2,694

2,906

14.6

16.6

16.4

20.8

2.8

2.2

0.3

0.3

11.4

12.8

0.5

0.3

Buy

117

143

372

2,342

2,470

13.7

15.3

27.7

33.8

4.2

3.5

0.4

0.4

10.9

11.4

0.6

0.6

Cairn India

Buy

327

382

62,471

17,567

17,643

76.2

72.3

61.1

56.8

5.4

5.8

1.1

0.9

22.0

17.5

2.7

2.3

GAIL

Neutral

340

-

43,128

46,652

54,142

15.7

15.7

34.0

35.3

10.0

9.6

1.7

1.5

18.5

16.8

0.7

0.5

ONGC

Buy

251

312

214,828 147,139 154,821

33.9

33.7

30.7

32.3

8.2

7.8

1.4

1.3

18.3

17.2

1.2

1.1

Reliance Industries

Neutral

773

-

253,156 362,700 380,031

7.9

8.0

60.0

63.3

12.9

12.2

1.2

1.1

11.1

10.6

0.7

0.6

Gujarat Gas*

Neutral

299

-

3,840

3,128

3,707

13.2

11.7

22.8

23.5

13.1

12.7

4.0

3.5

33.2

29.2

1.1

0.9

Indraprastha Gas

Neutral

259

-

3,632

3,213

3,643

23.3

23.5

24.3

25.7

10.7

10.1

2.4

2.1

25.0

22.1

1.2

1.1

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

155

183

11,648

30,077

33,570

6.6

6.3

15.1

15.3

10.3

10.2

2.6

2.1

28.4

23.1

0.4

0.4

72

-

4,035

1,079

1,034

91.8

91.9

8.8

8.4

8.2

8.5

1.4

1.2

17.9

15.0

3.5

3.6

Alembic Pharma

Buy

62

91

1,174

1,624

1,855

14.2

15.6

6.6

9.1

9.4

6.8

2.4

1.8

27.9

29.9

0.9

0.8

Aurobindo Pharma

Neutral

173

-

5,025

5,243

5,767

14.6

14.6

11.8

12.6

14.6

13.7

1.8

1.6

17.9

16.4

1.5

1.3

Aventis*

Neutral

2,158

-

4,970

1,482

1,682

15.5

15.5

95.1

104.4

22.7

20.7

4.0

3.1

18.6

17.0

3.1

2.7

Cadila Healthcare

Accumulate

821

926

16,811

6,148

7,386

18.6

19.6

32.7

44.8

25.1

18.3

5.5

4.4

23.7

26.6

3.1

2.5

Cipla

Accumulate

381

419

30,627

8,151

9,130

25.0

24.0

19.5

20.9

19.6

18.3

3.4

2.9

18.8

17.2

3.6

3.1

Dr Reddy's

Accumulate

1,741

1,859

29,549

10,696

11,662

20.7

21.0

83.7

92.9

20.8

18.7

4.3

3.6

22.4

20.8

3.0

2.7

Dishman Pharma

Buy

113

145

912

1,280

1,536

20.2

20.2

10.4

14.5

10.9

7.8

0.9

0.8

8.7

11.0

1.4

1.2

GSK Pharma*

Neutral

1,998

-

16,927

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

68

89

628

685

837

15.2

15.2

7.4

8.9

9.2

7.7

1.4

1.2

16.4

17.0

1.1

0.9

Ipca labs

Accumulate

442

485

5,576

2,850

3,474

21.0

21.0

29.9

37.3

14.8

11.9

3.5

2.8

26.7

26.4

2.1

1.8

Lupin

Buy

560

652

25,058

8,426

10,082

19.7

20.0

26.3

31.3

21.3

17.9

5.0

4.0

26.0

24.7

3.1

2.6

Orchid Chemicals

#N/A

Ranbaxy*

Neutral

496

-

20,953

12,046

11,980

18.0

15.8

31.3

29.8

15.9

16.6

5.4

4.3

39.1

28.9

1.8

1.8

Sun Pharma

Neutral

705

-

72,932

9,752

12,134

41.6

41.6

26.0

28.2

27.1

25.0

5.1

4.4

20.3

18.8

6.7

5.2

Neutral

278

-

3,479

5,218

5,644

24.2

23.8

44.6

47.6

6.3

5.9

0.7

0.6

11.0

10.6

1.4

1.5

Neutral

96

679

Power
CESC

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Market Outlook
November 26, 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

PER(x)

FY13E

FY14E

FY13E

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

EV/Sales(x)

FY13E

FY14E

FY13E

FY14E

Power
GIPCL

Buy

NTPC

Neutral

68

78

1,023

1,523

1,568

30.3

30.3

5.4

11.5

12.5

5.9

0.7

0.6

5.6

11.3

1.1

1.0

160

-

131,515

74,111

85,789

22.7

23.1

12.1

13.7

13.2

11.6

1.6

1.5

12.6

13.2

2.4

2.2

93

78

2,738

657

875

52.0

56.1

8.4

12.7

11.0

7.3

0.7

0.6

6.3

8.9

5.5

4.1

Real Estate
Anant Raj

Sell

DLF

Neutral

201

-

34,091

9,878

12,033

44.7

46.1

9.6

13.4

21.0

15.0

1.3

1.3

6.4

8.7

5.9

4.9

HDIL

Accumulate

104

115

4,353

2,441

3,344

55.1

48.2

22.7

26.6

4.6

3.9

0.4

0.4

8.8

9.4

3.6

2.7

MLIFE

Reduce

427

396

1,742

813

901

26.2

26.6

32.0

37.1

13.3

11.5

1.4

1.3

10.4

11.0

2.5

2.2

Bharti Airtel

Neutral

305

-

115,977

81,984

90,718

32.1

33.8

10.9

16.9

28.0

18.1

2.1

1.9

7.6

10.6

2.1

1.8

Idea Cellular

Neutral

93

-

30,709

22,234

24,161

26.9

27.7

3.3

4.9

28.0

18.8

2.2

1.9

7.7

10.3

1.8

1.6

Rcom

Neutral

63

-

13,086

21,090

22,308

31.8

29.9

3.0

3.8

20.9

16.7

0.4

0.4

1.7

2.1

2.3

2.1

Telecom

zOthers
Abbott India

Accumulate

1,434

1,590

3,047

1,629

1,886

11.8

13.3

60.8

79.5

23.6

18.0

4.9

4.0

22.0

24.4

1.7

1.4

Bajaj Electricals

Accumulate

200

217

1,991

3,497

3,968

6.6

7.6

9.8

15.5

20.4

12.9

2.6

2.2

12.7

17.4

0.6

0.5

Cera Sanitaryware

Neutral

407

-

515

427

528

15.7

14.6

30.0

34.0

13.6

12.0

3.0

2.4

24.6

22.5

1.3

1.1

Cravatex

Buy

422

545

109

272

308

7.2

7.3

37.5

45.4

11.3

9.3

2.7

2.1

23.7

22.7

0.5

0.5

CRISIL

Neutral

930

-

6,535

982

1,136

34.3

34.3

34.3

40.0

27.1

23.3

12.3

9.8

50.9

46.9

6.1

5.2

Finolex Cables

Buy

49

61

754

2,304

2,552

9.9

9.1

8.2

10.1

6.0

4.9

0.8

0.7

13.7

14.7

0.3

0.2

Force Motors

Accumulate

482

537

628

2,318

2,700

5.0

5.7

45.0

67.0

10.7

7.2

0.5

0.5

5.0

7.0

0.2

0.2

Goodyear India

Buy

309

360

714

1,494

1,607

6.4

7.8

23.9

33.0

12.9

9.4

2.0

1.8

16.5

20.1

0.3

0.2

Greenply Industries

Accumulate

290

309

699

1,925

2,235

10.6

10.9

29.6

44.1

9.8

6.6

1.6

1.3

16.8

21.0

0.6

0.5

Hitachi

Buy

121

146

278

873

989

4.4

6.5

6.4

12.2

19.0

9.9

1.5

1.4

8.3

14.4

0.4

0.3

Honeywell Automation* Accumulate

2,442

2,842

2,159

1,745

1,993

4.0

5.3

59.5

90.4

41.0

27.0

3.1

2.7

8.1

11.3

1.2

1.0

Styrolution ABS India*

Accumulate

670

744

1,178

1,059

1,116

8.5

9.5

36.0

42.0

18.6

16.0

2.7

2.4

15.4

16.0

1.1

1.0

ITD Cementation

Neutral

253

-

291

1,323

1,455

12.4

12.4

23.2

27.7

10.9

9.1

0.7

0.7

6.8

7.6

0.7

0.6

Jyothy Laboratories

Neutral

173

-

2,797

1,228

1,443

9.0

10.9

3.9

6.4

44.6

27.2

4.4

4.1

10.1

15.6

2.8

2.3

MCX

Reduce

62.5

MRF

Buy

Page Industries

Accumulate

Relaxo Footwears

1,514

1,440

7,721

553

624

65.3

66.3

72.0

24.2

21.0

6.7

5.8

27.5

27.4

11.0

9.3

10,023

12,884

4,251

11,804

12,727

10.4

10.5 1,289.9 1,431.3

7.8

7.0

1.5

1.2

21.3

19.4

0.5

0.4

3,343

3,602

3,729

836

1,023

20.2

20.6

105.6

133.4

31.7

25.1

16.1

11.4

59.3

53.2

4.5

3.7

Buy

801

933

961

1,019

1,208

11.0

12.5

47.0

66.7

17.1

12.0

4.2

3.2

28.2

30.1

1.1

0.9

Sintex Industries

Buy

58

79

1,745

4,751

5,189

16.3

16.6

13.6

15.8

4.3

3.7

0.6

0.5

12.9

13.2

0.7

0.6

Siyaram Silk Mills

Buy

295

366

277

1,043

1,149

12.3

12.9

65.7

73.3

4.5

4.0

0.9

0.7

21.0

19.6

0.5

0.5

www.angelbroking.com

Market Outlook
November 26, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

P/BV(x)

FY13E

FY14E

RoE(%)

EV/Sales(x)

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

zOthers
S. Kumars Nationwide

Neutral

13

-

385

7,134

7,985

19.7

19.4

12.2

14.1

1.1

0.9

0.1

0.1

11.3

11.5

0.6

0.6

SpiceJet

Buy

39

43

1,903

5,720

6,599

5.3

6.8

3.6

5.4

10.9

7.3

15.8

5.0

-

-

0.4

0.4

TAJ GVK

Buy

72

108

453

300

319

35.8

36.2

7.9

9.1

9.2

7.9

1.2

1.1

13.9

14.4

1.8

1.6

Tata Sponge Iron

Buy

306

384

471

750

803

18.6

18.4

65.4

69.1

4.7

4.4

0.7

0.6

16.5

15.3

0.2

0.2

TVS Srichakra

Buy

271

335

207

1,476

1,643

7.0

8.2

32.6

55.9

8.3

4.8

1.3

1.1

16.8

24.8

0.4

0.3

United Spirits

Neutral

1,879

-

24,578

10,289

11,421

12.8

12.8

26.0

45.3

72.3

41.5

3.3

3.1

5.8

7.6

2.7

2.4

Vesuvius India

Neutral

346

-

703

560

611

16.1

17.0

24.7

28.8

14.0

12.0

2.1

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 November 23, 2012

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Market Outlook
November 26, 2012

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