You are on page 1of 13

Market Outlook 

December 26, 2012

Domestic Indices

Dealer’s Diary
The Indian market is expected to open flat to positive following flat start of the SGX
Nifty and positive opening of most Asian indices.

Chg (%)

(Pts)

(Close)

BSE Sensex

0.1

Nifty

0.1

13.1 19,255
8.1

5,856

MID CAP

0.4

25.2

7,023

The U.S. markets ended on a negative note on Monday as concerns about the
looming fiscal cliff continued to weigh on investor sentiments. However trading
activity was relatively subdued ahead of the Christmas holiday. The weakness on
Wall Street reflected lingering concerns about the fiscal cliff after the lawmakers
expressed pessimism about their ability to reach a budget agreement. Globally,
while markets across the Asia-Pacific region moved modestly higher on Monday,
major European markets posted a mixed performance, with several markets closed
for the day.

SMALL CAP

0.3

23.5

7,349

BSE HC

0.8

65.4

8,125

BSE PSU

(0.1)

(9.8)

7,177

BANKEX

(0.0)

(0.9) 14,150

AUTO

0.5

51.5 11,304

METAL

(0.5)

(58.8) 10,980

OIL & GAS

(0.4)

(36.1)

8,304

0.9

48.8

5,673

Going ahead, traders are likely to keep a close eye on developments in the US as
fiscal cliff deadline approaches. The budget negotiations are likely to once again
overshadow a batch of economic data, including reports on new home sales,
consumer confidence, and Chicago-area business activity.

Global Indices

(Pts)

(Close)

Markets Today

Nikkei

The trend deciding level for the day is 19,280 / 5,857 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,323 – 19,390 / 5,870 – 5,885 levels. However, if NIFTY trades below
19,280 / 5,857 levels for the first half-an-hour of trade then it may correct up to
19,212 – 19,170 / 5,843 – 5,830 levels.

BSE IT

Chg (%)

Dow Jones

(0.4)

NASDAQ

(0.3)

(8.4)

3,013

0.2

14.2

5,954

(1.0)

(99.3)

9,940

FTSE

(51.8) 13,139

Hang Seng

0.2

Straits Times

0.2

5.2

3,169

Shanghai Com

0.4

8.7

2,162

Chg (%)

(Pts)

(Close)
$41.9

Indian ADR

36.3 22,537

Indices

S2

S1

PIVOT

R1

R2

INFY

(1.7)

(0.7)

SENSEX
NIFTY

19,170
5,830

19,212
5,843

19,280
5,857

19,323
5,870

19,390
5,885

WIT

(0.9)

(0.1)

$8.7

IBN

(0.9)

(0.4)

$44.2

HDB

(0.6)

(0.2)

$40.9

News Analysis
„
„
„

TCS bags deal from Russia's NIS
JLR recalls vehicles in China over safety concerns
Union Bank and Bank of Maharashtra, to raise money via bonds

Advances / Declines

Refer detailed news analysis on the following page

Purch
3,533
460

Sales
2,560
551

Net
974
(91)

MTD
17,693
(2,595)

YTD
122,713
(20,192)

FII Derivatives (December 24, 2012)
` cr
Index Futures
Stock Futures

Purch
2,868
7,470

Sales
2,689
7,152

Net
178
319

Open Interest
14,070
36,060

Gainers / Losers
Gainers
Company

Losers

Price (`)

chg (%)

13

7.4

Lanco Infra
IPCA Lab

Price (`)

chg (%)

Exide Industries

Company

137

(2.8)

518

6.4

Videocon Industries

210

(2.4)

1,159

4.2

Opto Circuits

105

(2.2)

Glenmark Pharma

520

4.1

Shree Cement

4,395

(1.9)

Zee Entertainment

230

3.5

Jindal Steel

446

(1.9)

Strides Arcolabs

www.angelbroking.com

NSE

Advances

1,448

736

Declines

1,431

769

156

86

Unchanged

Net Inflows (December 21, 2012)
` cr
FII
MFs

BSE

Volumes (` cr)

BSE

1,647

NSE

7,735

Market Outlook
December 26, 2012

TCS bags deal from Russia's NIS
TCS and Russian firm Navigation Information Systems (NIS) signed a strategic
cooperation agreement to establish and strengthen technology partner relations
between the two enterprises in software development, systems integration,
professional services for and marketing of NIS products. The JV will serve as an
industrial base for hi-tech rotorcraft products from Russia to India and shall
contribute to the development of the domestic aerospace industry. The enterprise
will be eligible for implementing offset projects under various procurement tende`
in India. We maintain our Accumulate rating on the stock with a target price of
`1,410.

JLR recalls vehicles in China over safety concerns
According to the General Administration of Quality Supervision, Inspection and
Quarantine, China, Jaguar and Land Rover (JLR) has announced a recall of 337
cars because of substandard fixings in their brakes and steering boxes. The recall
has been prompted by concerns that substandard fixings in the vehicles rear brake
calipers may lead to brakes failing and sudden tyre deflation. Further as per the
agency, there is a possibility of recalling another 147 Evoque vehicles (2012 and
2013 models) made between October 20, 2011 and September 18, 2012 due to
problems in steering boxes which poses security risks. We believe that the quantum
of the current recall is not meaningful. Nonetheless, repeated occurrence of such
events (third such instance over last three months) may lead to quality concerns
amongst consumers. Due to sharp run-up in the stock price we recommend
Neutral rating on the stock.

Union Bank and Bank of Maharashtra, to raise money via
bonds
The boards of Union bank of India and Bank of Maharashtra, has approved fund
raising of not exceeding `1,500cr and `1,350cr, respectively via Tier-I and Tier-II
bonds, so as to improve their Capital adequacy ratio. While CAR for bank of
Maharashtra, remains one among the lowest at 10.7%, with tier-I at 7.1%, the
CAR for Union bank is on the lower side at 11.4%, with tier-I at 8.2%. At CMP,
Union Bank and Bank of Maharashtra trade at 0.9x and 0.7x FY2014E ABV,
respectively, we recommend Accumulate on both the stocks, with a target price of
`285 for Union Bank and `64 for Bank of Maharashtra.

Economic and Political News
„
„
„
„
„
„

www.angelbroking.com

India, Russia sign defense deals worth around US$3bn
Advance tax collection up 10.4% so far in December 2012
Direct cash transfer scheme not a complex project: P Chidambaram
Andhra Pradesh plans seven greenfield airports in PPP mode
Plan panel sets US$100bn target for pharmaceutical sector by 2020
FDI in services sector up 5% in April-Oct 2012

Market Outlook
December 26, 2012

Corporate News
„
„
„
„
„
„
„
„

IIFCL plans to raise up to `9,215cr through tax-free bonds
Aurobindo Pharma receives USFDA nod for nausea injections
HCC-Coastal JV bags `231cr contract
Essar Ports commissions 16mn tonne terminal at Paradip
Essar Ports sole bidder for `3686cr mega container terminal project
Lanco Infra wins legal battle against Perdaman Chemicals in Australia
ONGC achieves highest natural gas output from Gujarat
Tata Power barred from cherrypicking R Infra consumers in Greater Mumbai

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

www.angelbroking.com

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

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

December 27, 2012

8:30PM

US

Consumer Confidence

8:30PM

US

New home sales

S.A./ 1985=100

Dec

73.70

70.00

Thousands

Nov

368.00

380.00

January 1, 2013

6:30AM

China

PMI Manufacturing

Value

Dec

50.60

51.00

January 2, 2013

2:25PM

Germany PMI Manufacturing

Value

Dec

46.30

--

3:00PM

UK

PMI Manufacturing

Value

Dec

49.10

49.10

January 3, 2013

2:25PM

Germany Unemployment change (000's)

Thousands

Dec

5.00

--

January 4, 2013

2:25PM

Germany PMI Services

Value

Dec

52.10

--

7:00PM

US

Change in Nonfarm payrolls

Thousands

Dec

146.00

--

Unnemployment rate

7:00PM

US

January 8, 2013

3:30PM

Euro Zone Euro-Zone Consumer Confidence

January 9, 2013

5:29PM

China

5:29PM
5:29PM

January 10, 2013

%

Dec

7.70

--

Value

Dec

(26.60)

--

Consumer Price Index (YoY)

% Change

Dec

2.00

--

China

Industrial Production (YoY)

% Change

Dec

10.10

--

India

Imports YoY%

% Change

Dec

6.40

--

5:29PM

India

Exports YoY%

% Change

Dec

(4.20)

--

5:29PM

China

Exports YoY%

% Change

Dec

2.90

--

5:30PM

UK

BOE Announces rates

% Ratio

Jan 10

0.50

0.50

6:15PM

Euro Zone ECB announces interest rates

%

Jan 10

0.75

0.75

January 11, 2013

3:00PM

UK

Industrial Production (YoY)

% Change

Nov

(3.00)

--

January 13, 2013

5:29PM

China

Real GDP (YoY)

% Change

4Q

7.40

--

January 14, 2013

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Dec

7.24

--

11:00AM

India

Industrial Production YoY

% Change

Nov

8.20

--

3:00PM

UK

CPI (YoY)

% Change

Dec

2.70

--

7:00PM

US

Producer Price Index (mom)

% Change

Dec

(0.80)

--

3:30PM

Euro Zone Euro-Zone CPI (YoY)

%

Dec

2.20

--

7:00PM

US

Consumer price index (mom)

% Change

Dec

(0.30)

--

7:45PM

US

Industrial Production

%

Dec

1.05

--

7:00PM

US

Housing Starts

Thousands

Dec

861.00

--

January 15, 2013
January 16, 2013

January 17, 2013

7:00PM

US

Building permits

Thousands

Dec

899.00

--

January 23, 2013

3:00PM

UK

Jobless claims change

% Change

Dec

(3.00)

--

January 29, 2013

11:00AM

India

RBI Repo rate

%

Jan 29

8.00

--

11:00AM

India

RBI Cash Reserve ratio

%

Jan 29

4.25

--

11:00AM

India

RBI Reverse Repo rate

%

Jan 29

7.00

--

12:45AM

US

FOMC rate decision

%

Jan 30

0.25

--

January 31, 2013

Source: Bloomberg, Angel Research

Market Outlook
December 26, 2012

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
11.2

10.0

8.5
7.6

7.5

8.2

6.0

8.0

6.0
6.7

5.7

6.1

5.3 5.5 5.3

4.3

4.0

2.7

2.0

2.5

2.3

1.0

3.5
(0.7)

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

(2.0)

(2.8)

(4.0)

(0.1)

Exhibit 4: Manufacturing and services PMI

(%)

Mfg. PMI

60.0

8.0
7.7
7.5

7.4

(1.3)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

7.7

Mar-12

Feb-12

Jan-12

Dec-11

(2.0)

Nov-11

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

-

Source: CSO, Angel Research

7.6

7.6

Services PMI

8.1
58.0

7.5

56.0

7.5
7.2

54.0

6.9
52.0

Source: MOSPI, Angel Research

Nov-12

Oct-12

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
(%)

48.0

Nov-11

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

50.0

Dec-11

8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2

8.2

8.0

9.2

9.0

4QFY09

12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0

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

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

4.00

Dec-11

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

5.00

Nov-11

(30.0)

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

(15.0)

Nov-11

0.0

Market Outlook
December 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

150

-

2,910

1,466

1,686

14.8

14.8

7.0

8.1

21.4

18.5

4.5

3.9

22.6

22.5

2.1

1.8

United Phosphorus

Buy

123

170

5,674

8,421

9,263

16.5

16.5

15.0

17.0

8.2

7.2

1.2

1.1

15.6

15.5

0.8

0.7

Amara Raja Batteries

Accumulate

244

270

4,171

2,911

3,321

16.2

16.2

17.3

19.8

14.1

12.3

3.9

3.0

31.1

27.6

1.4

1.2

Apollo Tyres

Accumulate

87

96

4,367

13,713

15,341

11.2

11.2

12.5

14.8

6.9

5.9

1.3

1.1

20.2

19.9

0.5

0.4

Ashok Leyland

Buy

27

31

7,064

14,490

16,606

9.5

9.6

2.2

2.9

11.9

9.3

2.2

2.0

13.6

16.1

0.6

0.5

Automotive Axle#

Neutral

355

-

537

1,103

1,240

11.0

11.3

39.1

45.0

9.1

7.9

1.7

1.6

19.5

22.8

0.5

0.4

Bajaj Auto

Neutral

2,107

-

60,964

21,121

23,642

18.4

18.5

108.7

122.6

19.4

17.2

8.0

6.5

46.2

41.6

2.5

2.2

Bharat Forge

Buy

254

324

5,922

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

9,212

-

28,925

8,776

10,276

16.6

18.0

331.9

417.7

27.8

22.1

5.2

4.3

18.7

19.5

3.0

2.5

CEAT

Buy

107

163

368

4,989

5,634

8.2

8.5

27.1

40.8

4.0

2.6

0.5

0.4

13.2

17.2

0.3

0.2

Exide Industries

Accumulate

137

155

11,615

6,229

7,200

14.8

15.8

7.2

9.0

19.1

15.3

3.3

2.8

18.5

19.9

1.6

1.3

FAG Bearings*

Neutral

1,714

-

2,848

1,489

1,750

16.5

17.5

103.3

126.9

16.6

13.5

3.2

2.7

21.3

21.6

1.7

1.4

Hero Motocorp

Neutral

1,891

-

37,758

24,743

27,996

14.8

15.2

118.2

130.4

16.0

14.5

6.9

5.5

48.3

41.9

1.2

1.1

JK Tyre

Buy

120

165

493

7,517

8,329

6.6

6.6

37.2

41.3

3.2

2.9

0.6

0.5

18.8

17.8

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

937

986

57,509

40,035

46,272

11.5

11.6

54.7

62.8

17.1

14.9

3.8

3.2

24.3

23.4

1.2

1.0

Maruti

Neutral

1,480

-

42,750

42,019

50,246

7.3

8.6

66.1

94.4

22.4

15.7

2.5

2.2

11.9

15.1

0.9

0.7

Motherson Sumi

Neutral

197

-

11,599

24,285

27,317

6.7

7.2

8.1

10.6

24.5

18.7

5.2

4.2

22.9

24.7

0.6

0.6

Subros

Buy

30

35

177

1,286

1,479

9.4

9.7

2.6

5.1

11.4

5.8

0.6

0.6

5.6

10.3

0.4

0.4

Tata Motors

Neutral

307

-

81,742 192,330 219,770

12.8

13.1

37.0

44.5

8.3

6.9

2.3

1.8

31.2

28.9

0.5

0.4

TVS Motor

Neutral

43

-

2,029

7,466

8,290

6.2

6.3

4.8

5.6

8.9

7.6

1.5

1.3

18.2

18.7

0.2

0.2

Capital Goods
ABB*

Sell

690

573

14,629

7,796

9,907

4.8

7.8

9.2

22.0

75.0

31.4

5.5

4.8

7.5

16.4

1.8

1.5

BGR Energy

Neutral

263

-

1,894

3,605

4,542

11.8

10.7

25.1

27.9

10.5

9.4

1.5

1.4

31.1

27.1

1.0

0.8

BHEL

Neutral

228

-

55,695

47,801

43,757

18.5

18.0

24.6

21.8

9.3

10.4

2.8

2.4

33.5

24.5

1.0

1.1

Blue Star

Buy

185

242

1,667

2,763

2,948

3.1

5.6

2.6

8.6

70.5

21.7

4.1

3.6

5.9

17.6

0.7

0.6

Crompton Greaves

Buy

113

145

7,226

12,370

14,277

5.2

7.3

4.0

7.8

28.2

14.4

1.9

1.7

6.9

12.6

0.6

0.6

Jyoti Structures

Buy

44

53

363

2,794

3,048

10.6

10.6

9.2

11.7

4.8

3.8

0.5

0.5

10.9

12.5

0.4

0.4

KEC International

Accumulate

64

73

1,654

6,858

7,431

7.1

7.5

8.3

9.8

7.8

6.6

1.3

1.1

25.1

24.0

0.4

0.4

LMW

Reduce

2,213

1,992

2,493

2,369

2,727

11.7

11.7

143.4

166.0

15.4

13.3

2.6

2.4

17.4

18.4

0.6

0.4

Thermax

Neutral

588

-

7,011

5,514

5,813

9.3

10.2

28.1

31.2

20.9

18.9

3.8

3.3

19.2

18.5

1.1

1.0

www.angelbroking.com

Market Outlook
December 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

1,411

-

26,487

11,085

12,415

21.6

21.4

79.4

83.1

17.8

17.0

3.5

3.1

20.1

19.2

2.1

1.8

Ambuja Cements

Neutral

200

-

30,875

10,272

11,884

26.4

26.1

11.5

12.9

17.5

15.5

3.8

3.4

20.8

21.1

2.6

2.1

India Cements

Neutral

86

-

2,654

4,293

4,666

17.7

18.1

8.6

10.8

10.1

8.0

0.7

0.7

7.5

9.0

1.0

0.9

J K Lakshmi Cements

Reduce

156

143

1,905

2,082

2,423

22.9

23.1

20.8

22.5

7.5

6.9

1.3

1.1

18.4

17.4

1.0

1.3

Madras Cements

Neutral

234

-

5,560

3,814

4,045

29.3

27.5

18.7

19.2

12.5

12.2

2.3

2.0

19.9

17.4

2.1

1.9

Shree Cements^

Neutral

4,441

-

15,471

5,701

6,210

29.7

28.1

240.7

260.7

18.5

17.0

4.5

3.7

27.1

23.6

2.1

1.8

UltraTech Cement

Neutral

1,956

-

53,632

21,368

24,043

22.5

23.5

103.5

121.4

18.9

16.1

3.5

3.0

20.2

20.1

2.5

2.3

200

304

1,051

2,034

2,315

22.4

22.4

27.1

31.7

7.4

6.3

0.9

0.8

13.1

13.4

1.8

2.0

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

13

-

244

2,262

2,522

6.7

7.5

1.5

2.7

8.9

5.0

0.4

0.4

4.4

7.5

0.4

0.4

IRB Infra

Buy

126

164

4,183

3,843

4,212

43.1

43.6

16.8

17.8

7.5

7.1

1.3

1.1

18.3

17.0

3.2

3.5

ITNL

Accumulate

202

225

3,929

6,564

7,054

27.2

27.4

26.3

29.0

7.7

7.0

1.2

1.1

14.0

11.8

2.7

2.8

IVRCL Infra

Neutral

44

-

1,352

4,249

6,897

7.8

8.2

0.3

3.3

142.8

13.3

0.6

0.6

0.4

4.4

0.9

0.6

Jaiprakash Asso.

Neutral

Larsen & Toubro

Accumulate

Nagarjuna Const.

96

-

20,540

13,842

15,863

26.9

26.4

3.7

4.6

26.2

21.0

1.6

1.5

6.2

7.3

2.9

2.7

1,585

1,748

97,481

60,556

69,167

11.2

11.6

73.8

85.5

21.5

18.5

3.4

3.0

13.5

14.1

1.8

1.6

Sell

55

44

1,404

5,947

6,569

8.5

8.6

3.1

4.1

17.6

13.3

0.6

0.6

3.3

4.2

0.6

0.6

Punj Lloyd

Neutral

58

-

1,911

11,892

13,116

9.0

9.0

1.8

3.2

31.8

17.9

0.6

0.6

2.5

3.7

0.6

0.5

Sadbhav Engg.

Buy

136

168

2,050

2,344

2,804

10.6

10.7

7.2

8.7

18.9

15.6

2.3

2.0

13.0

13.5

1.2

1.1

Simplex Infra

Buy

218

251

1,076

6,882

8,032

9.1

9.1

23.2

31.3

9.4

6.9

0.8

0.7

9.1

11.2

0.5

0.5

Allahabad Bank

Accumulate

162

181

8,100

6,392

7,238

2.7

2.8

30.3

33.3

5.4

4.9

0.8

0.7

14.8

14.5

-

-

Andhra Bank

Neutral

115

-

6,416

4,731

5,431

2.9

3.0

21.5

21.8

5.3

5.3

0.9

0.8

15.2

13.8

-

-

Axis Bank

Buy

1,341

1,550

57,260

15,686

18,687

3.1

3.2

116.8

138.0

11.5

9.7

2.1

1.8

20.0

20.2

-

-

Bank of Baroda

Neutral

847

-

33,174

15,436

18,208

2.5

2.6

111.8

137.4

7.6

6.2

1.1

1.0

15.8

17.0

-

-

Bank of India

Neutral

329

-

18,872

12,491

14,883

2.2

2.4

43.8

63.7

7.5

5.2

1.0

0.8

12.1

15.8

-

-

Bank of Maharashtra

Accumulate

60

64

3,529

3,563

3,876

3.1

3.1

9.7

12.0

6.2

5.0

0.8

0.8

14.6

16.1

-

-

Canara Bank

Buy

472

544

20,930

10,699

12,213

2.1

2.2

67.3

80.1

7.0

5.9

1.0

0.9

13.7

14.6

-

-

Central Bank

Neutral

83

-

6,099

7,171

8,236

2.5

2.6

16.4

21.5

5.1

3.9

0.9

0.7

12.7

14.9

-

-

Corporation Bank

Accumulate

447

480

6,625

4,780

5,569

2.0

2.1

101.8

99.2

4.4

4.5

0.7

0.7

17.0

14.7

-

-

Dena Bank

Buy

113

132

3,950

3,087

3,453

2.7

2.8

25.9

24.1

4.4

4.7

0.8

0.7

19.4

15.6

-

-

Federal Bank

Accumulate

521

549

8,900

2,617

2,968

3.3

3.2

45.9

51.7

11.4

10.1

1.4

1.3

13.1

13.3

-

-

Financials

www.angelbroking.com

Market Outlook
December 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

826

-

127,398

7,336

8,802

3.5

3.5

31.5

37.8

26.2

21.9

5.2

4.7

34.8

32.1

-

-

HDFC Bank

Neutral

675

-

159,726

21,696

26,811

4.4

4.5

28.7

36.0

23.6

18.7

4.5

3.8

20.7

22.0

-

-

ICICI Bank

Buy

1,121

1,296

128,910

22,271

26,690

3.0

3.0

69.2

83.1

16.2

13.5

2.0

1.8

14.2

15.7

-

-

IDBI Bank

Accumulate

109

119

13,871

7,684

9,264

1.8

2.1

15.6

22.0

7.0

4.9

0.8

0.7

10.9

13.9

-

-

Indian Bank

Buy

189

230

8,116

5,874

6,551

3.2

3.2

40.6

41.8

4.7

4.5

0.8

0.7

18.1

16.4

-

-

IOB

Neutral

84

-

6,703

7,050

8,313

2.3

2.5

12.3

19.9

6.9

4.2

0.6

0.6

8.8

13.1

-

-

J & K Bank

Neutral

1,299

-

6,296

2,762

2,885

3.6

3.6

226.7

193.0

5.7

6.7

1.3

1.1

24.4

17.7

-

-

LIC Housing Finance

Accumulate

280

313

14,126

1,799

2,255

2.3

2.4

20.3

27.3

13.8

10.3

2.2

1.9

16.9

19.7

-

-

Oriental Bank

Accumulate

328

370

9,573

6,277

7,090

2.6

2.7

60.5

65.1

5.4

5.0

0.8

0.7

15.0

14.4

-

-

Punjab Natl.Bank

Accumulate

833

890

28,255

19,652

22,601

3.2

3.3

135.0

164.3

6.2

5.1

1.1

0.9

16.3

17.3

-

-

South Ind.Bank

Buy

26

31

3,414

1,556

1,750

2.8

2.7

3.5

3.9

7.4

6.6

1.2

1.1

19.1

16.9

-

-

St Bk of India

Accumulate

2,328

2,520

156,239

61,883

71,546

3.4

3.4

227.2

257.5

10.3

9.0

1.8

1.5

17.8

17.7

-

-

Syndicate Bank

Accumulate

128

139

7,693

6,756

7,783

3.0

3.0

26.3

27.1

4.9

4.7

0.8

0.7

18.3

16.6

-

-

UCO Bank

Neutral

77

-

5,115

5,234

6,097

2.3

2.4

11.8

14.7

6.5

5.2

1.0

0.9

11.9

13.4

-

-

Union Bank

Accumulate

264

285

14,521

9,912

11,536

2.8

2.9

40.4

46.7

6.5

5.7

1.1

0.9

16.1

16.4

-

-

United Bank

Buy

76

91

2,731

3,500

3,912

2.6

2.8

15.8

21.2

4.8

3.6

0.6

0.5

13.1

15.7

-

-

Vijaya Bank

Accumulate

61

66

3,005

2,354

2,754

2.0

2.2

7.4

10.2

8.2

6.0

0.8

0.7

9.3

11.9

-

-

Yes Bank

Buy

462

542

16,499

3,270

4,240

2.8

3.0

34.5

42.2

13.4

11.0

2.9

2.4

23.5

23.5

-

-

4,361

-

41,827

11,198

13,184

16.2

16.2

123.7

146.4

35.3

29.8

12.0

9.4

38.1

35.4

3.7

3.1

490

584

5,862

5,627

6,581

4.9

5.7

18.3

24.7

26.8

19.9

9.8

7.5

39.1

42.7

1.0

0.8

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

1,489

-

20,252

3,146

3,573

20.6

21.4

36.4

42.5

41.0

35.1

37.9

31.7

102.0

98.5

6.3

5.5

Dabur India

Neutral

129

-

22,475

6,124

7,101

17.0

16.8

4.5

5.2

28.9

24.7

11.9

9.4

43.2

41.5

3.7

3.1

GlaxoSmith Con*

Neutral

3,792

-

15,946

3,124

3,663

17.1

17.6

104.5

123.8

36.3

30.6

11.3

9.1

34.4

32.8

4.8

4.0

Godrej Consumer

Neutral

737

-

25,067

6,355

7,548

18.4

18.6

22.8

27.6

32.3

26.7

7.4

6.1

26.4

26.1

4.1

3.4

HUL

Neutral

531

-

114,724

25,350

28,974

13.3

13.5

14.7

17.1

36.0

31.1

28.5

20.1

84.5

75.8

4.3

3.8

ITC

Neutral

287

-

226,107

29,409

34,060

35.7

36.1

9.3

10.9

30.8

26.3

10.2

8.5

35.8

35.3

7.4

6.3

Marico

Neutral

220

-

14,187

4,840

5,643

13.1

13.1

6.2

7.8

35.7

28.3

6.8

5.5

25.4

22.6

3.0

2.5

Nestle*

Neutral

4,838

-

46,650

8,529

10,079

20.8

21.1

113.1

137.8

42.8

35.1

25.7

18.0

70.5

60.2

5.5

4.6

Tata Global

Neutral

161

-

9,935

7,207

7,927

9.7

10.0

6.6

7.8

24.3

20.6

2.5

2.4

8.6

9.5

1.3

1.2

www.angelbroking.com

Market Outlook
December 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

635

-

44,096

24,214

26,772

19.5

18.1

44.0

48.0

14.4

13.2

3.4

2.9

24.0

22.0

1.7

1.5

87

123

2,565

1,924

2,116

20.7

19.8

10.7

11.2

8.1

7.7

2.0

1.7

25.3

22.8

1.1

0.9

IT
HCL Tech^

Neutral

Hexaware*

Buy

Infosys

Accumulate

2,319

2,573

133,162

39,174

41,580

29.5

30.4

159.2

171.6

14.6

13.5

3.5

3.1

24.1

23.1

2.8

2.6

Infotech Enterprises

Accumulate

179

202

2,001

1,886

2,032

17.9

17.3

18.7

20.2

9.6

8.9

1.4

1.2

14.9

14.0

0.7

0.6

KPIT Cummins

Buy

109

132

1,948

2,195

2,317

15.5

15.0

10.7

12.1

10.2

9.0

2.2

1.7

21.0

19.8

0.9

0.8

Mahindra Satyam

Accumulate

102

115

12,058

7,597

8,141

20.0

18.8

9.7

10.4

10.6

9.8

2.9

2.3

27.5

22.9

1.2

1.0

Mindtree

Accumulate

708

747

2,909

2,324

2,437

20.0

17.7

73.3

74.7

9.7

9.5

2.3

1.9

24.1

19.7

1.0

0.9

Mphasis&

Neutral

378

-

7,937

5,700

5,993

18.0

16.9

37.0

37.3

10.2

10.1

1.5

1.3

14.3

12.6

0.9

0.8

NIIT

Buy

29

36

485

1,048

1,161

9.3

10.9

4.2

6.2

7.0

4.7

0.7

0.7

10.5

14.1

0.3

0.2

Persistent

Accumulate

514

540

2,056

1,261

1,352

26.4

24.7

48.2

54.0

10.7

9.5

2.0

1.7

19.0

17.9

1.3

1.1

TCS

Accumulate

1,263

1,410

247,236

61,053

67,313

28.7

29.1

69.7

76.2

18.1

16.6

5.9

4.8

32.6

29.1

3.8

3.4

Tech Mahindra

Buy

904

1,070

11,548

6,603

7,150

19.8

18.4

92.9

102.0

9.7

8.9

2.3

1.9

23.7

21.0

1.8

1.6

Wipro

Accumulate

386

421

94,990

43,219

47,241

20.0

20.0

26.1

28.1

14.8

13.7

2.8

2.5

19.3

17.9

1.9

1.6

D B Corp

Buy

222

259

4,070

1,581

1,784

23.3

25.0

11.6

14.4

19.2

15.4

3.7

3.2

21.0

22.3

2.5

2.1

HT Media

Accumulate

101

113

2,368

2,111

2,272

15.0

15.2

7.4

8.3

13.7

12.2

1.5

1.3

11.3

11.4

0.8

0.7

Jagran Prakashan

Accumulate

103

117

3,256

1,503

1,681

23.1

23.1

6.4

7.3

16.1

14.2

4.0

3.6

25.8

26.5

2.4

2.0

PVR

Neutral

285

-

824

682

786

17.3

16.9

17.6

19.7

16.2

14.5

1.9

1.7

14.9

14.5

1.5

1.3

Sun TV Network

Neutral

419

-

16,522

1,942

2,237

77.2

75.5

17.6

19.1

23.8

22.0

6.0

5.3

25.8

25.2

8.0

6.9

Bhushan Steel

Neutral

457

-

9,713

11,307

14,287

29.5

29.1

45.1

51.0

10.1

9.0

1.2

1.0

12.2

12.2

2.9

2.3

Coal India

Neutral

354

-

223,694

66,666

70,292

25.7

27.3

24.2

26.6

14.7

13.3

4.3

3.5

33.1

29.1

2.4

2.1

Electrosteel Castings

Accumulate

26

29

887

1,984

2,074

10.6

11.6

0.8

2.0

30.7

12.7

0.5

0.2

1.7

4.1

0.6

0.6

Hind. Zinc

Accumulate

138

145

58,246

12,446

13,538

52.3

52.9

15.0

16.4

9.2

8.4

1.8

1.5

21.4

19.7

2.8

2.2

Hindalco

Neutral

129

-

24,679

79,148

89,258

9.4

9.0

15.0

15.6

8.6

8.3

0.7

0.7

8.8

8.4

0.7

0.6

JSW Steel

Neutral

809

-

18,039

39,586

41,459

17.6

17.0

78.7

90.1

10.3

9.0

1.0

0.9

10.2

10.7

0.9

0.8

MOIL

Neutral

254

-

4,271

941

1,019

47.3

48.3

25.8

28.1

9.9

9.0

1.5

1.4

16.7

16.2

2.2

1.8

Monnet Ispat

Buy

288

344

1,851

2,501

3,264

22.2

24.6

41.8

55.2

6.9

5.2

0.7

0.6

11.3

13.4

1.8

1.3

Nalco

Reduce

NMDC

Buy

SAIL

Neutral

Media

Metals & Mining

www.angelbroking.com

50

44

12,964

6,898

7,841

9.9

14.7

2.0

3.2

25.4

15.8

1.1

1.1

4.3

6.8

1.4

1.3

159

198

63,158

11,209

12,525

78.4

78.3

18.5

20.6

8.6

7.7

2.1

1.7

27.0

24.6

3.7

3.1

89

-

36,782

47,252

60,351

14.2

14.8

9.6

11.7

9.3

7.6

0.8

0.8

9.4

10.6

1.2

1.0

Market Outlook
December 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

Neutral

192

-

16,708

4,551

6,640

32.8

34.4

33.7

39.3

5.7

4.9

1.0

0.8

18.3

18.3

4.3

2.9

Sterlite Inds

Neutral

115

-

38,681

43,185

45,442

23.3

23.7

16.8

17.9

6.9

6.4

0.8

0.7

11.6

11.2

0.9

0.8

Tata Steel

Accumulate

428

463

8.3

9.5

22.0

44.5

19.5

9.6

0.9

0.9

4.9

9.3

0.6

0.5

Sarda

Accumulate

137

153

491

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

48

73

652

2,694

2,906

14.6

16.6

16.4

20.8

3.0

2.3

0.3

0.3

11.4

12.8

0.5

0.3

Buy

116

143

369

2,342

2,470

13.7

15.3

27.7

33.8

4.2

3.4

0.4

0.4

10.9

11.4

0.6

0.6

Cairn India

Buy

315

382

60,181

17,567

17,643

76.2

72.3

61.1

56.8

5.2

5.6

1.0

0.9

22.0

17.5

2.6

2.2

GAIL

Neutral

351

-

44,543

46,652

54,142

15.7

15.7

34.0

35.3

10.3

10.0

1.8

1.6

18.5

16.8

0.7

0.5

ONGC

Buy

256

312

219,192 147,139 154,821

33.9

33.7

30.7

32.3

8.4

7.9

1.4

1.3

18.3

17.2

1.2

1.1

Reliance Industries

Neutral

820

-

268,513 362,700 380,031

7.9

8.0

60.0

63.3

13.7

13.0

1.3

1.2

11.1

10.6

0.7

0.7

Gujarat Gas*

Neutral

306

-

3,918

3,128

3,707

13.2

11.7

22.8

23.5

13.4

13.0

4.0

3.6

33.2

29.2

1.1

0.9

Indraprastha Gas

Neutral

252

-

3,533

3,213

3,643

23.3

23.5

24.3

25.7

10.4

9.8

2.4

2.0

25.0

22.1

1.2

1.0

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

159

183

11,944

30,077

33,570

6.6

6.3

15.1

15.3

10.5

10.4

2.7

2.2

28.4

23.1

0.4

0.4

76

-

4,248

1,079

1,034

91.8

91.9

8.8

8.4

8.6

9.0

1.4

1.3

17.9

15.0

3.7

3.7

Alembic Pharma

Buy

69

91

1,302

1,624

1,855

14.2

15.6

6.6

9.1

10.5

7.6

2.6

2.0

27.9

29.9

0.9

0.8

Aurobindo Pharma

Neutral

194

-

5,654

5,243

5,767

14.6

14.6

11.8

12.6

16.5

15.4

2.1

1.8

17.9

16.4

1.6

1.4

Aventis*

Neutral

2,352

-

5,417

1,482

1,682

15.5

15.5

95.1

104.4

24.7

22.5

4.4

3.4

18.6

17.0

3.4

3.0

Cadila Healthcare

Accumulate

880

926

18,013

6,148

7,386

18.6

19.6

32.7

44.8

26.9

19.6

5.9

4.7

23.7

26.6

3.3

2.7

Cipla

Neutral

418

-

33,578

8,151

9,130

25.0

24.0

19.5

20.9

21.5

20.0

3.7

3.2

18.8

17.2

3.9

3.4

Dr Reddy's

Neutral

1,820

-

30,890

10,696

11,662

20.7

21.0

83.7

92.9

21.7

19.6

4.5

3.8

22.4

20.8

3.2

2.8

Dishman Pharma

Buy

116

145

934

1,280

1,536

20.2

20.2

10.4

14.5

11.1

8.0

0.9

0.8

8.7

11.0

1.4

1.2

GSK Pharma*

Neutral

2,080

-

17,614

2,651

2,993

31.7

31.2

76.0

82.4

27.4

25.2

7.9

7.0

20.1

26.3

5.8

5.1

Indoco Remedies

Buy

64

89

586

685

837

15.2

15.2

7.4

8.9

8.6

7.1

1.3

1.1

16.4

17.0

1.0

0.9

Ipca labs

Reduce

516

485

6,507

2,850

3,474

21.0

21.0

29.9

37.3

17.3

13.8

4.1

3.3

26.7

26.4

2.5

2.0

Lupin

Accumulate

606

652

27,122

8,426

10,082

19.7

20.0

26.3

31.3

23.1

19.4

5.4

4.3

26.0

24.7

3.3

2.8

Ranbaxy*

Neutral

504

-

21,293

12,046

11,980

18.0

15.8

31.3

29.8

16.1

16.9

5.5

4.4

39.1

28.9

1.8

1.7

Sun Pharma

Neutral

741

-

76,566

9,752

12,134

41.6

41.6

26.0

28.2

28.5

26.3

5.3

4.6

20.3

18.8

7.1

5.5

CESC

Neutral

308

-

3,845

5,218

5,644

24.2

23.8

44.6

47.6

6.9

6.5

0.7

0.7

11.0

10.6

1.5

1.5

GIPCL

Accumulate

69

78

1,044

1,523

1,568

30.3

30.3

5.4

11.5

12.8

6.0

0.7

0.7

5.6

11.3

1.2

1.0

Neutral

41,612 145,725 154,108

Power

www.angelbroking.com

Market Outlook
December 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

154

-

127,228

74,111

85,789

22.7

23.1

12.1

13.7

12.8

11.2

1.6

1.4

12.6

13.2

2.3

2.2

Power
NTPC

Neutral

Real Estate
Anant Raj

Reduce

91

78

2,699

657

875

52.0

56.1

8.4

12.7

10.9

7.2

0.7

0.6

6.3

8.9

5.4

4.0

DLF

Neutral

223

-

37,947

9,878

12,033

44.7

46.1

9.6

13.4

23.3

16.7

1.5

1.4

6.4

8.7

6.3

5.2

HDIL

Accumulate

107

115

4,462

2,441

3,344

55.1

48.2

22.7

26.6

4.7

4.0

0.4

0.4

8.8

9.4

3.7

2.8

MLIFE

Neutral

411

-

1,677

813

901

26.2

26.6

32.0

37.1

12.8

11.1

1.3

1.2

10.4

11.0

2.4

2.1

Bharti Airtel

Accumulate

309

352

117,287

81,984

90,718

32.1

33.8

10.9

16.9

28.3

18.3

2.2

2.0

7.6

10.6

2.1

1.8

Idea Cellular

Neutral

99

-

32,733

22,234

24,161

26.9

27.7

3.3

4.9

29.9

20.0

2.3

2.1

7.7

10.3

1.9

1.7

Rcom

Neutral

73

-

15,119

21,090

22,308

31.8

29.9

3.0

3.8

24.1

19.3

0.4

0.4

1.7

2.1

2.4

2.2

Telecom

zOthers
Abbott India

Accumulate

1,485

1,590

3,155

1,629

1,886

11.8

13.3

60.8

79.5

24.4

18.7

5.0

4.2

22.0

24.4

1.7

1.4

Bajaj Electricals

Accumulate

206

217

2,055

3,497

3,968

6.6

7.6

9.8

15.5

21.0

13.3

2.7

2.3

12.7

17.4

0.6

0.5

Cera Sanitaryware

Neutral

415

-

525

427

528

15.7

14.6

30.0

34.0

13.8

12.2

3.0

2.5

24.6

22.5

1.3

1.1

Cravatex

Buy

CRISIL

Neutral

Finolex Cables

Accumulate

Force Motors

454

545

117

272

308

7.2

7.3

37.5

45.4

12.1

10.0

2.9

2.3

23.7

22.7

0.5

0.5

1,042

-

7,318

982

1,136

34.3

34.3

34.3

40.0

30.3

26.1

13.7

11.0

50.9

46.9

7.0

5.9

58

61

879

2,304

2,552

9.9

9.1

8.2

10.1

7.1

5.7

1.0

0.8

13.7

14.7

0.3

0.3

Buy

457

537

596

2,318

2,700

5.0

5.7

45.0

67.0

10.2

6.8

0.5

0.5

5.0

7.0

0.1

0.2

Goodyear India

Neutral

346

-

797

1,494

1,607

6.4

7.8

23.9

33.0

14.5

10.5

2.3

2.0

16.5

20.1

0.3

0.3

Greenply Industries

Neutral

324

-

782

1,925

2,235

10.6

10.9

29.6

44.1

11.0

7.3

1.8

1.5

16.8

21.0

0.7

0.6

Hitachi

Neutral

151

-

346

873

989

4.4

6.5

6.4

12.2

23.7

12.4

1.9

1.7

8.3

14.4

0.5

0.4

Honeywell Automation* Neutral

2,710

-

2,396

1,745

1,993

4.0

5.3

59.5

90.4

45.5

30.0

3.5

3.0

8.1

11.3

1.3

1.1

Styrolution ABS India*

Neutral

747

-

1,313

1,059

1,116

8.5

9.5

36.0

42.0

20.7

17.8

3.0

2.6

15.4

16.0

1.3

1.2

ITD Cementation

Neutral

235

-

271

1,323

1,455

12.4

12.4

23.2

27.7

10.1

8.5

0.7

0.6

6.8

7.6

0.7

0.6

Jyothy Laboratories

Neutral

157

-

2,525

1,228

1,443

9.0

10.9

3.9

6.4

40.3

24.5

4.0

3.7

10.1

15.6

2.6

2.1

MCX

Neutral

1,480

-

7,546

553

624

65.3

66.3

62.5

72.0

23.7

20.6

6.5

5.6

27.5

27.4

10.7

9.0

MRF

Neutral

12,597

-

5,342

11,804

12,727

10.4

10.5 1,289.9 1,431.3

9.8

8.8

1.9

1.6

21.3

19.4

0.6

0.5

Page Industries

Accumulate

3,319

3,602

3,702

836

1,023

20.2

20.6

105.6

133.4

31.5

24.9

16.0

11.3

59.3

53.2

4.5

3.7

Relaxo Footwears

Buy

749

933

899

1,019

1,208

11.0

12.5

47.0

66.7

16.0

11.2

4.0

3.0

28.2

30.1

1.0

0.9

Sintex Industries

Buy

65

79

1,933

4,751

5,189

16.3

16.6

13.6

15.8

4.7

4.1

0.6

0.6

12.9

13.2

0.8

0.6

Siyaram Silk Mills

Buy

302

366

283

1,043

1,149

12.3

12.9

65.7

73.3

4.6

4.1

0.9

0.7

21.0

19.6

0.5

0.5

S. Kumars Nationwide

Neutral

14

-

413

6,765

7,393

18.1

18.0

6.4

7.5

2.2

1.9

0.1

0.1

6.1

6.7

0.7

0.6

www.angelbroking.com

Market Outlook
December 26, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

OPM(%)
FY13E

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

zOthers
SpiceJet

Neutral

44

-

2,141

5,720

6,599

5.3

6.8

3.6

5.4

12.3

8.2

17.7

5.6

-

-

0.5

0.4

TAJ GVK

Buy

72

108

450

300

319

35.8

36.2

7.9

9.1

9.1

7.9

1.2

1.1

13.9

14.4

1.8

1.6

Tata Sponge Iron

Buy

310

384

477

750

803

18.6

18.4

65.4

69.1

4.7

4.5

0.7

0.6

16.5

15.3

0.3

0.2

TVS Srichakra

Buy

268

335

206

1,476

1,643

7.0

8.2

32.6

55.9

8.2

4.8

1.3

1.1

16.8

24.8

0.4

0.3

United Spirits

Neutral

1,917

-

25,078

10,289

11,421

12.8

12.8

26.0

45.3

73.7

42.3

3.4

3.1

5.8

7.6

2.8

2.5

Vesuvius India

Neutral

332

-

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 December 24, 2012

www.angelbroking.com

Market Outlook
December 26, 2012

www.angelbroking.com