Market Outlook, 29th January 2013

Market Outlook
January 29, 2013
Dealers Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian market is expected to open flat today, mirroring flat opening in the SGX
BSE Sensex
Nifty and marginally positive opening trades in most of the Asian bourses. Investors
Nifty
0.0
0.1
6,075
would keenly watch out for the outcome of the RBIs monetary policy meet
MID CAP
0.0
1.6
6,976
scheduled today.
SMALL CAP
0.3
19.3
7,162
The US stocks, after trending higher over the past few weeks, showed a lack of
BSE HC
(0.1)
(5.9)
7,986
direction throughout the trading on Monday. The lackluster performance came as
BSE PSU
(0.5)
(35.0)
7,643
traders seemed reluctant to make any significant moves following the recent
BANKEX
0.7
98.5 14,664
strength. The European markets ended the trading session on Monday with mixed
AUTO
1.0
114.1 11,185
results. Investors were pleased with some positive economic data from China, as
METAL
0.3
30.1 10,629
well as the surge in U.S. durable goods orders. However, the larger than expected
OIL & GAS
decrease in U.S. pending home sales provided a note of caution.
BSE IT
Meanwhile, the Indian markets ended a lackluster session largely unchanged as

investors adopted a cautious stance ahead of the monetary policy meet of RBI
scheduled today and the January series F&O expiry slated for Thursday.
Global Indices
Dow Jones
(0.0)
(0.2) 20,103
(1.1) (109.0)
0.4
Chg (%)
(0.1)
9,427
28.4
6,443
(Pts)
(Close)
(14.1) 13,882
NASDAQ
0.1
4.6
3,154
FTSE
0.2
10.0
6,294
Markets Today
Nikkei
The trend deciding level for the day is 20,113 / 6,075 levels. If NIFTY trades above
Hang Seng
0.4
Straits Times
0.1
4.6
3,274
Shanghai Com
2.4
55.2
2,347
Chg (%)
(Pts)
(Close)
(0.9)
(0.5)
$52.2
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,163 20,223 / 6,088 6,102 levels. However, if NIFTY trades below
(0.9) (102.3) 10,824

91.5 23,672
20,113 / 6,075 levels for the first half-an-hour of trade then it may correct up to
Indian ADR
20,053 20,003 / 6,061 6,048 levels.
INFY
Indices
S2
S1
PIVOT
R1
R2
SENSEX
20,003
20,053
20,113
20,163
20,223
NIFTY
6,048
6,061
6,075
6,088
6,102
WIT
0.2
0.0
$9.5
IBN
(0.3)
(0.1)
$46.3
HDB
(1.0)
(0.4)
$40.4
News Analysis
Axis Bank to raise `5,546cr via QIP and preferential allotment

3QFY2013 Result Review: Bank of India, JSW Steel, Amara Raja, KPIT
3QFY2013 Result Preview: Sterlite, Idea, Dabur, Crompton Greaves, Indoco
Remedies, Hitachi
Advances / Declines
BSE
NSE
1,213
796
Declines
992
688
Unchanged
767
84
Advances
Refer detailed news analysis on the following page
Net Inflows (January 24, 2013)
Volumes (` cr)
` cr
Purch
Sales
Net
MTD
YTD
FII
8,321
6,626
1,695
18,122
18,122
411
609
(198)
(3,530)
(3,530)
MFs
FII Derivatives (January 28, 2013)

` cr
Purch
Sales
Net
Index Futures
2,650
2,686
(36)
Open Interest
8,825
Stock Futures
6,496
6,387
109
34,748
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Bharat Elect
1,308
5.3
Adani Power
61
(4.4)
Adani Ports
137
4.9
Jain Irrigation
74
(3.9)
Yes Bank
522
3.6
Opto Circuits
84
(3.6)
1,412
3.4
HPCL
341
(2.9)
124
3.1
Bank of India
355
(2.5)
MCX
Satyam Comp
www.angelbroking.com
Company
Price (`)
chg (%)
BSE
2,010
NSE
11,026
Market Outlook
January 29, 2013
Axis Bank to raise `5,546cr via QIP and preferential allotment

Axis Bank has launched its `5,546cr fund raising drive on Monday through
qualified institutional placement (QIP) and preferential allotment. The banks QIP
issue size is around `4,726cr which involves an issue of 34mn shares. It will also
allot 5mn shares aggregating `820cr on preferential basis to LIC and other
promoters. The offer price is fixed at `1,390 per equity share. We note that Axis
Bank's tier-I capital adequacy had dipped to 8.8% as of 3QFY2013 (10.3%
including 9MFY2013 profits) from 11.2% in FY2010 due to strong credit growth.
The dilution is at book accretive valuations and will aid in further enhancing the
bank's credit market share going forward. At CMP, Axis Bank is trading at 1.9x
FY2014E ABV more than 50% discount to HDFC Bank vs. an average
discount of 35% over past five years (which we believe over discounts asset quality
concerns). We remain positive on the bank, owing to its attractive CASA franchise,
multiple sources of sustainable fee income and reasonable growth outlook. We
maintain our Buy recommendation on the stock with a target price of `1,641.
3QFY2013 Result Review

Bank of India (CMP: `355 / TP: - / Upside: -)
During 3QFY2013, Bank of India reported Net profit growth of 12.2% yoy, mainly
aided by lower tax expenses at `137cr compared to `323cr in 3QFY2012, as the
earnings at PBT level declined by 9.5% yoy.
Advance growth healthy, NPA levels stable on lower slippages/higher write-offs:
During 3QFY2013, the bank reported healthy advance growth of 20.0% yoy, while
deposits growth remained moderate at 13.6% yoy. Domestic NIMs declined by
4bp to 2.8%. On the asset quality front, slippages for the quarter moderated to
`1,220cr from `2,733cr in 2QFY2013 and `1,747cr in 1QFY2013. Annualized
slippages ratio came in at 2.0% during the quarter compared to 4.4% in
2QFY2013 and 2.8% in 1QFY2013. Aided by lower slippages and higher writeoffs, Gross NPA levels for the bank, on an absolute basis, came in lower
sequentially by 3.1%. On an absolute basis, Net NPA levels were higher
sequentially by 4.3%. Gross and Net NPA ratios were lower by 34bp and 7bp,
sequentially to 3.1% and 2.0%. The banks PCR declined marginal by 20bp qoq to
60.7%. At CMP, the stock trades at 0.9x 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
12,568
2.2
2,391
41.6 332.7
0.6
11.6
8.8
1.1
FY2014E
14,758
2.4
3,680
64.0 391.2
0.8
15.9
5.7
0.9
March
JSW Steel (CMP: `870 / TP: -/ Upside: -)

JSW Steels 3QFY2013 top-line came in lower than our expectation; however, the
bottom-line was slightly better-than-our expectation. Its net sales grew by 5.3% yoy
to `8,275cr (below our estimate of `8,531cr). Net sales growth was driven by an
increase in steel volumes (+14.0% yoy to 2.17mn tonne), although the same was
partially offset by a decline in realizations (-9.5% yoy to `38,804/tonne). Top-line
was below our estimates due to higher-than-expected fall in realizations. The
Market Outlook
January 29, 2013
companys EBITDA increased only 4.9% yoy to `1,314cr on account of decrease in

realizations. The EBITDA margin slipped by 6bp yoy to 15.9%. The company
reported an exceptional item related to forex loss of `327cr during the quarter.
Interest expenses grew by 61.3% yoy to `455cr. Hence, the adjusted net profit
(excluding exceptional items) decreased by 30.6% yoy to `464cr (slightly ahead of
our estimate of `451cr). The reported PAT also declined 19.0% yoy to `137cr.
On the iron ore situation in Karnataka, the company stated that 6 A

category mines with a capacity of 3.3mtpa have opened up while another 4
mines with a capacity of 1.8mtpa are at various stages of approvals. For B
category mines, 20 mines received R&R approvals; however, there is no clarity
on timelines of production from these mines. On the projects front, the
company is implementing various projects which are likely to take the
companys share of value-added products to 40-50% of the total capacity over
the coming two years. We maintain our Neutral rating on JSW Steel.
Y/E
March
Sales
(` cr)
OPM
PAT
EPS
(%)
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
39,586
17.6 2,136 95.8
12.3
9.1
1.1
5.1
0.9
FY2014E
41,594
19.9 2,529113.3
13.0
7.7
0.9
4.3
0.9
Amara Raja Batteries (CMP: `302/ TP: Under Review/ Upside: -)

Amara Raja Batteries (AMRJ) reported strong performance for 3QFY2013 with topline and bottom-line beating our estimates yet again. Top-line posted a robust
growth of 23.8% yoy (5.6% qoq) to `759cr led by strong double digit revenue
growth in the automotive replacement (four-wheeler as well as two-wheeler) and
industrial (telecom and UPS) battery segments. However, depressed OEM demand
and capacity constraints for four-wheeler batteries restricted further growth in the
top-line. On the operating front, margins remained stable on a sequential basis
and stood at 16% as raw-material expense for the company remained stable
despite increase in lead prices. On a yoy basis though, margins declined 130bp
mainly on account of 200bp increase in other expenditure as a percentage of
sales which could possibly be on account of higher promotional and advertising
expenses. Led by strong operating performance and higher other income, net
profit registered a strong 22.7% yoy (flat qoq) growth to `81cr. At `302 the stock is
trading at 14.4x FY2014 earnings. We are in the process of reviewing our
estimates and come up with a detailed result update post our interaction with the
management. Until then the stock rating is under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
2,987
16.1
FY2014E
3,442
16.0
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
317 18.6
356 20.9
33.0
16.2
4.7
10.3
1.7
28.3
14.4
3.6
8.9
1.4
(` cr)
KPIT (CMP: `115 / TP: Under review / Upside: -)

KPIT Cummins Infosystems (KPIT) reported its 3QFY2013 results which were
in-line with our estimates on the revenue front but disappointed on the
operating front. The dollar revenues came in at US$103mn, almost flat qoq.
In INR terms, revenues came in at `563cr, down 0.7% qoq. EBITDA margin of
the company declined by 100bp qoq to 15.7%, because of lower working
days during the quarter coupled with decline in average realization rate.
Market Outlook
January 29, 2013
Adjusted PAT came in higher than expected at `60cr, up 47% qoq, aided by
other income of `8cr as against loss of `19cr in 2QFY2013. The stock is
currently under review and will be releasing a detailed result update shortly.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,221
16.1
199
11.3
21.9
10.2
2.3
5.7
0.9
FY2014E
2,390
15.9
240
13.0
20.9
8.9
1.8
4.9
0.8
Hitachi Home (CMP: `147/ TP: -/ Upside: -)

For 3QFY2013, Hitachi Home (HHLS) reported a better than expected topline
growth of 33.9% yoy to `144cr from `107cr in 3QFY2012. However, the company
made loss of `4cr on the operating (EBITDA) front in line with our expectation, on
account of seasonal nature of the business. Adjusted PAT was in line with our
expectation at `6cr vs a loss of `10cr in 3QFY2012E. The company inaugurated
the re-constructed facility of Kadi on 13th Jan 2013 which caught fire in July 2012.
Due to higher valuation, we recommend a neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
873
4.4
15
6.4
8.3
23.1
1.9
10.1
0.4
FY2014E
989
6.5
28
12.2
14.4
12.1
1.6
5.4
0.4
3QFY2013 Result Preview

Sterlite Industries (CMP: `114 / TP: - / Upside: -)
Sterlite Industries is slated to announce its 3QFY2013 results today. The top-line is
expected to grow by 10.2% yoy to `11,288cr. EBITDA margin is expected to
expand by 21bp yoy to 22.8% due to improvement in its Aluminium segment
profitability. The bottom-line is expected to increase by 13.3% yoy to `1,524cr. We
maintain Neutral view on the stock.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
P/BV EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
42,891 22.6
5,467
16.3
11.3
7.0
0.8
3.4
0.8
FY2014E
45,864 23.6
6,152
18.3
11.5
6.2
0.7
2.9
0.7
Idea Cellular (CMP: `113 / TP: - / Upside: -)

Idea Cellular is slated to announce its 3QFY2013 results today. We expect the
company to record revenue of `5,453cr, up 2.6% qoq. This is expected primarily
on the back of almost flat ARPM at `0.41/min and 1.5% qoq growth in MOU to
364min. APRU is expected to increase by 1.7% qoq to `151/month. EBITDA
margin of the company is expected to improve by 30bp qoq to 27.1%. PAT is
expected at `251cr. We maintain Neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
21,797
26.9
1,036
3.1
7.4
35.9
2.6
8.1
2.2
FY2014E
23,142
27.7
1,537
4.7
9.8
24.2
2.4
7.2
2.0
Market Outlook
January 29, 2013
Dabur (CMP: `131/ TP:-/ Upside:-)

Dabur is slated to announce its 3QFY2013 results today. The company is expected
to post a 13.8% yoy growth in topline to 1,654cr. OPM is expected to grow by
135bp yoy to 16.6%. Bottomline is expected to grow by 26.9% yoy to `219cr. We
maintain a neutral view on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2013E
6,124
FY2014E
7,101
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
17.0
811 4.7
44.5
28.2
11.9
22.3
3.8
16.8
944 5.4
41.4
24.2
9.3
19.2
3.2
(` cr)
Crompton Greaves (CMP: `108/TP: `135/Upside: 24%)

For 3QFY2013, we project Crompton Greaves to report a modest top-line growth
of 13% yoy to `3,422cr. Weak capex cycle along with strained consumer sentiment
is also likely to impact the company's growth. On the EBITDA front, the company's
margin is expected at 5.0% due to restructuring losses. Though we expect a
modest revenue growth, however, due to stress on margins, we expect the
company's PAT to fall by 3.9% yoy to `74cr. We recommend Buy on the stock with
a target price of `135.
Y/E
Sales OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
FY2013E
FY2014E
12,320
5.5
275
4.3
7.4
14,390
7.2
501
7.8
12.6
P/BV EV/EBITDA
EV/Sales
(x)
(x)
(x)
25.4
1.8
10.5
0.6
14.0
1.7
7.1
0.5
Indoco Remedies (CMP: `63/ Target: `89/ Upside: 41.3%)

For 3QFY2013, Indoco Remedies is expected to report top-line growth of 30.8% to
`185cr.The OPM is expected to expand by 350bps yoy to 16.5%, driven by growth
in domestic formulation sales. As a result, net profit is expected to increase by
124.0% yoy to `18.5cr on back of improvement of OPM. We maintain our buy
recommendation on the stock with a target price of `89.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
685
15.2
68
7.4
16.4
8.4
1.3
6.5
1.0
FY2014E
837
15.2
82
8.9
17.0
7.0
1.1
5.7
0.9
Quarterly Bloomberg Brokers Consensus Estimate

Crompton Greaves Consolidated (29/01/2013)
Particulars (` cr)
3QFY13E
3QFY12
Net sales
y-o-y (%)
2QFY13
q-o-q (%)
3,224
3,028
2,924
10
EBITDA
159
183
(13)
136
17
EBITDA margin (%)
4.9
6.0
Net profit
67
77
4.7
(12)
42
62
Market Outlook
January 29, 2013
Dabur India Consolidated (29/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
Net sales
2QFY13
q-o-q (%)
1,709
1,453
18
1,523
12
EBITDA
281
232
21
269
EBITDA margin (%)
16.4
16.0
Net profit
210
172
22
204
Glenmark Pharma Consolidated (29/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
17.7
1,259
1,031
22
1,255
EBITDA
269
103
162
271
(1)
EBITDA margin (%)
21.4
10.0
Net profit
170
46
269
160
Idea Consolidated (29/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
21.6
Net sales
5,520
5,020
10
5,307
EBITDA
1,500
1,345
12
1,423
EBITDA margin (%)
27.2
26.8
Net profit
269
201
34
240
12
Sterlite Industries Consolidated (29/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
26.8
11,047
10,246
11,029
2,523
2,318
2,527
(0)
22.8
22.6
1,398
1,380
2,322
(40)
United Phosphorous Consolidated (29/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
EBITDA
EBITDA margin (%)
Net profit
Net sales
22.9
2,082
1,872
11
1,802
16
EBITDA
363
348
326
11
EBITDA margin (%)
17.4
18.6
Net profit
142
122
17
139
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
796
670
19
774
EBITDA
167
149
12
176
(5)
EBITDA margin (%)
21.0
22.3
Net profit
137
116
18
145
(6)
Power Finance Corporation (30/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
(6)
1,036
Colgate (30/01/2013)
Particulars (` cr)
Net profit
y-o-y (%)
1,042
1,108
18.1
22.7
Market Outlook
January 29, 2013
Titan Industries (30/01/2013)

Particulars (` cr)
3QFY13E
Net sales
EBITDA
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,888
2,440
18
2,258
28
286
213
34
249
15
EBITDA margin (%)
9.9
8.7
Net profit
205
164
180
14
Godrej Consumer Products Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
Net sales
1,701
1,344
27
1,595
EBITDA
309
272
13
249
24
EBITDA margin (%)
18.1
20.2
Net profit
205
183
12
168
22
Grasim Industries Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
15.6
Net sales
6,686
6,260
6,552
EBITDA
1,249
1,413
(12)
1,405
(11)
EBITDA margin (%)
18.7
22.6
Net profit
540
904
(40)
841
(36)
ICICI Bank (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,077
1,728
20
1,956
Cummins India (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,037
971
1,068
(3)
EBITDA
186
179
200
(7)
EBITDA margin (%)
17.9
18.4
Net profit
148
141
161
(8)
Lupin Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
2,314
1,792
29
2,239
EBITDA
483
374
29
516
(6)
EBITDA margin (%)
20.9
20.8
Net profit
298
241
24
297
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
1,146
1,150
(0)
1,066
Siemens India (31/01/2013)

Particulars (` cr)
1QSY13E
1QSY12
y-o-y (%)
4QSY12
q-o-q (%)
2,433
2,361
3,269
(26)
EBITDA
161
123
31
99
63
EBITDA margin (%)
6.6
5.2
Net profit
92
71
Net profit
Net sales
Net sales
Punjab National Bank (31/01/2013)

Particulars (` cr)
3QFY13E
Net profit
Net sales
11.0
25
21.4
18.7
23.0
3.0
30
(56)
(265)
Market Outlook
January 29, 2013
Tata Global Beverage Consolidated (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
Net sales
y-o-y (%)
2QFY13
q-o-q (%)
1,783
1,793
(1)
1,843
(3)
EBITDA
207
181
14
161
29
EBITDA margin (%)
11.6
10.1
Net profit
106
82
29
140
(24)
Union Bank of India (31/01/2013)

Particulars (` cr)
3QFY13E
3QFY12
y-o-y (%)
2QFY13
q-o-q (%)
197
194
555
Net profit
580
8.7
Economic and Political News
Government approves 4 FDI proposals worth `280cr

Government to review delays in `52,000cr Posco project
Finance Ministry for export parity pricing of diesel
Centre, States agree on CST compensation formula, paves way for GST roll
out
Corporate News
RIL hits overseas debt markets again, launches US$500mn issue

Coal India to raise output by 6% in FY14
Glenmark receives US nod for skin disease cream
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
January 29, 2013
Result Calendar
Date
Company
February 01, 2013
Sterlite Inds, Idea Cellular, Dabur India, Crompton Greaves, Reliance Capital, Glenmark Pharma., United Phosphorus,
Areva, Indoco Remedies, Hitachi
Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR
ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,
Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan
Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const., Graphite India
February 02, 2013
Divi's Lab., Indian Bank
January 29, 2013

January 30, 2013
January 31, 2013
February 03, 2013

February 04, 2013
J & K Bank, Bank of Baroda, Rural Elec.Corp., United Spirits, ITNL, Taj GVK
February 05, 2013
NHPC, UCO Bank, United Bank
February 06, 2013
Tech Mahindra, MOIL, Apollo Tyres, Bajaj Electrical, Automotive Axle, J K Lakshmi Cements, Honeywell Automation
February 07, 2013
Ambuja Cements, ACC, Aurobindo Pharma, Anant Raj, JK Tyre, CEAT, MRF, Jyothy Laboratories
M&M, Sun Pharma, Hindalco, Cadila Healthcare, GMR Infra., Tata Chemicals, GSPL, BGR Energy , Nagarjuna Const.,
Subros, Cravatex
Indraprasth Gas
February 08, 2013

February 09, 2013
February 10, 2013
February 11, 2013
ONGC, Tata Power Co., Britannia, Hexaware, GIPCL, Dishman Pharma
February 12, 2013
SAIL, HPCL, CESC
February 13, 2013
BPCL, Madras Cements, PTC India
February 14, 2013
Dr Reddy's, Page Industries, India Cements, FAG Bearings
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
January 30, 2013
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jan F
(23.90)
(23.90)
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.10
1.10
7:00PM
US
Initial Jobless claims
Thousands
Jan 26
330.00
355.00
2:25PM
Germany Unemployment change (000's)
Thousands
Jan
3.00
8.00
12:45AM
US
Jan 30
0.25
0.25
2:25PM
Germany PMI Manufacturing
7:00PM
US
Change in Nonfarm payrolls
7:00PM
US
Unnemployment rate
3:00PM
UK
6:30AM
China
February 5, 2013
2:25PM
Germany PMI Services
February 7, 2013
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
5:29PM
China
11:00AM
January 31, 2013
February 1, 2013
February 8, 2013
February 11, 2013
February 12, 2013
February 14, 2013
February 15, 2013
FOMC rate decision
Value
Jan F
48.80
48.80
Thousands
Jan
155.00
160.00
Jan
7.80
7.80
PMI Manufacturing
Value
Jan
51.40
51.00
PMI Manufacturing
Value
Jan
50.60
51.00
Value
Jan F
55.30
--
% Ratio
Feb 7
0.50
0.50
Feb 7
0.75
--
Industrial Production (YoY)
% Change
Dec
(2.40)
--
Exports YoY%
% Change
Jan
14.10
--
China
Consumer Price Index (YoY)
% Change
Jan
2.50
--
5:29PM
India
Imports YoY%
% Change
Jan
6.30
--
5:29PM
India
Exports YoY%
% Change
Jan
(1.90)
--
BOE Announces rates
3:00PM
UK
CPI (YoY)
% Change
Jan
2.70
--
11:00AM
India
Industrial Production YoY
% Change
Dec
(0.10)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jan
7.18
--
12:30PM
Germany GDP nsa (YoY)
% Change
4Q P
0.40
--
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
7:45PM
US
Jan
0.26
--
Industrial Production
Market Outlook
January 29, 2013
Macro watch
Exhibit1: Quarterly GDP trends
Exhibit2: IIP trends
(%)
(%)
11.2
9.0
10.0
7.6
8.2
6.0
8.0
6.7
5.7
6.1
4.0
5.3 5.5 5.3
3.5
2.5
4.3
2.7
2.0
1.0
2.0
(0.1)
Mfg. PMI
60.0
8.0
7.7
7.5
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
6.9
54.0
52.0
(%)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit5: Exports and imports growth trends

Exports yoy growth
30.0
48.0
Dec-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Source: MOSPI, Angel Research
Exhibit6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
8.00
15.0
7.00
7.00
6.00
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
5.00
Dec-11
(30.0)
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
0.0
(15.0)
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
(0.7)
Exhibit4: Manufacturing and services PMI
(%)
7.4
(2.0) (0.1)
(2.8) (1.3)
Source: MOSPI, Angel Research
Exhibit3: Monthly WPI inflation trends
7.7
Apr-12
Mar-12
Feb-12
(4.0)
Jan-12
(2.0)
Dec-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.3
8.0
9.2
8.5
7.5
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
137
2,656
1,466
1,686
14.8
14.8
7.0
8.1
19.5
16.9
4.1
3.5
22.6
22.5
1.9
1.6
United Phosphorus
Buy
137
170
6,055
8,421
9,263
16.5
16.5
15.0
17.0
9.1
8.1
1.3
1.2
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
302
5,150
2,987
3,442
16.1
16.0
18.6
20.9
16.2
14.5
4.7
3.6
33.0
28.3
1.7
1.4
Apollo Tyres
Accumulate
84
96
4,236
13,713
15,341
11.2
11.2
12.5
14.8
6.7
5.7
1.3
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
25
28
6,625
12,910
14,836
8.8
9.6
1.5
2.2
16.8
11.2
2.2
2.0
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
370
559
1,103
1,240
11.0
11.3
39.1
45.0
9.5
8.2
1.7
1.7
19.5
22.8
0.6
0.4
Bajaj Auto
Neutral
2,087
60,376
20,775
23,889
18.5
19.0
107.6
126.4
19.4
16.5
8.0
6.3
45.8
42.8
2.5
2.1
Bharat Forge
Buy
233
278
5,424
6,754
7,565
15.5
15.7
18.8
23.2
12.4
10.1
2.2
1.8
18.5
19.7
1.0
0.8
Bosch India*
Accumulate
9,004
9,570
28,272
9,973
11,320
17.8
18.0
396.2
455.7
22.7
19.8
4.3
3.6
18.8
18.2
2.5
2.1
CEAT
Buy
107
163
367
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
Neutral
121
10,277
6,112
7,074
13.1
14.9
6.1
8.2
19.8
14.8
3.0
2.6
16.0
18.8
1.4
1.1
FAG Bearings*
Accumulate
1,667
1,807
2,770
1,715
1,939
17.6
18.4
127.7
150.6
13.1
11.1
2.6
2.1
21.7
21.1
1.4
1.1
Hero Motocorp
Accumulate
1,797
1,923
35,877
23,990
27,038
13.8
14.6
105.8
120.2
17.0
15.0
6.8
5.5
44.3
41.0
1.2
1.0
JK Tyre
Buy
117
165
482
7,517
8,329
6.6
6.6
37.2
41.3
3.2
2.8
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
905
998
55,544
40,035
46,272
11.5
11.6
54.4
62.1
16.6
14.6
3.7
3.1
24.2
23.2
1.2
1.0
Maruti
Neutral
1,607
46,435
42,304
51,088
7.5
8.7
64.4
92.9
25.0
17.3
2.8
2.4
11.6
14.9
0.9
0.7
Motherson Sumi
Neutral
197
11,578
24,285
27,317
6.7
7.2
8.1
10.6
24.5
18.6
5.2
4.2
22.9
24.7
0.6
0.6
Subros
Buy
28
35
165
1,286
1,479
9.4
9.7
2.6
5.1
10.6
5.4
0.6
0.5
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
309
337
82,235 190,883 217,164
12.8
13.1
35.5
42.5
8.7
7.3
2.3
1.8
30.2
27.6
0.5
0.4
TVS Motor
Accumulate
44
46
2,083
7,298
8,123
6.1
6.4
4.6
5.8
9.6
7.6
1.6
1.4
17.4
19.4
0.3
0.2
Capital Goods
ABB*
Reduce
667
573
14,143
7,790
9,653
4.5
7.8
8.7
22.1
76.7
30.2
5.3
4.7
7.1
16.5
1.8
1.4
BGR Energy
Neutral
249
1,798
3,567
4,357
11.8
10.9
24.6
26.8
10.1
9.3
1.5
1.3
30.7
26.3
1.0
0.8
BHEL
Neutral
229
55,940
47,801
43,757
18.5
18.0
24.6
21.8
9.3
10.5
2.8
2.4
33.5
24.5
1.0
1.2
Blue Star
Buy
163
224
1,465
2,538
2,681
4.6
5.7
7.3
11.3
22.2
14.4
3.3
2.8
15.6
20.7
0.7
0.6
Crompton Greaves
Buy
108
135
6,925
12,320
14,390
5.5
7.2
4.3
7.8
25.1
13.8
1.8
1.7
7.4
12.6
0.6
0.5
Jyoti Structures
Buy
41
51
338
2,794
3,048
10.6
10.6
9.2
11.7
4.5
3.5
0.5
0.4
11.9
13.5
0.3
0.3
KEC International
Buy
64
78
1,645
6,909
7,907
6.2
7.2
5.4
8.8
11.9
7.3
1.4
1.2
17.0
23.6
0.4
0.4
LMW
Reduce
2,125
1,992
2,394
2,369
2,727
11.7
11.7
143.4
166.0
14.8
12.8
2.5
2.3
17.4
18.4
0.5
0.4
Thermax
Neutral
574
6,840
5,552
5,767
9.3
10.2
28.3
30.9
20.3
18.6
3.7
3.2
19.3
18.4
1.1
1.0
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,328
24,938
11,012
12,333
21.1
20.9
77.0
80.3
17.3
16.5
3.3
2.9
19.5
18.7
2.0
1.7
Ambuja Cements
Neutral
197
30,381
10,210
11,811
26.0
25.7
11.2
12.6
17.6
15.6
3.8
3.4
20.3
20.7
2.6
2.1
India Cements
Neutral
89
2,720
4,293
4,666
17.7
18.1
8.6
10.8
10.3
8.2
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
142
1,739
2,171
2,544
22.5
22.5
21.6
23.2
6.6
6.1
1.2
1.0
19.0
17.8
0.9
1.2
Madras Cements
Neutral
234
5,560
3,814
4,045
28.8
27.1
18.3
18.7
12.8
12.5
2.3
2.0
19.4
17.0
2.1
1.9
Shree Cements^
Neutral
4,489
15,640
5,678
6,251
29.0
28.6
288.1
334.0
15.6
13.4
4.4
3.4
31.7
28.4
2.2
1.8
UltraTech Cement
Neutral
1,889
51,798
20,466
23,017
23.3
24.3
100.0
117.1
18.9
16.1
3.4
2.9
19.6
19.5
2.5
2.3
200
286
1,053
2,032
2,311
22.4
22.4
27.0
31.6
7.4
6.3
0.9
0.8
13.0
13.4
1.9
2.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
16
292
2,262
2,522
5.9
6.3
0.9
1.6
17.3
10.2
0.5
0.5
2.7
4.6
0.4
0.4
IRB Infra
Buy
119
164
3,957
3,843
4,212
43.1
43.6
16.8
17.8
7.1
6.7
1.2
1.1
18.3
17.0
3.2
3.4
ITNL
Accumulate
203
225
3,942
6,564
7,054
27.2
27.4
26.3
29.0
7.7
7.0
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Neutral
36
1,099
4,249
6,897
7.8
8.2
0.3
3.4
116.1
10.5
0.5
0.5
0.4
4.4
0.8
0.5
Jaiprakash Asso.
Buy
Larsen & Toubro
Accumulate
Nagarjuna Const.
85
100
18,284
13,842
15,863
26.9
26.4
3.7
4.6
23.2
18.6
1.4
1.3
6.2
7.3
2.8
2.5
1,594
1,788
98,000
60,666
69,525
10.6
11.2
71.9
85.0
22.2
18.8
3.4
3.0
14.5
15.2
1.8
1.6
Neutral
52
1,328
5,947
6,569
8.5
8.6
3.1
4.1
16.7
12.6
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
52
1,724
11,892
13,116
9.0
9.0
1.8
3.2
28.7
16.2
0.6
0.6
2.0
3.5
0.6
0.5
Sadbhav Engg.
Buy
127
168
1,910
2,344
2,804
10.6
10.7
7.2
8.7
17.6
14.6
2.1
1.9
13.0
13.5
1.2
1.0
Simplex Infra
Buy
191
251
945
6,882
8,032
9.1
9.1
23.2
31.3
8.2
6.1
0.7
0.7
9.1
11.2
0.5
0.4
Unity Infra
Buy
41
59
302
2,180
2,455
13.7
13.4
13.3
15.0
3.1
2.7
0.4
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
171
199
8,553
6,403
7,186
2.7
2.8
30.5
33.6
5.6
5.1
0.8
0.7
14.9
14.6
Andhra Bank
Neutral
117
6,525
4,706
5,444
2.9
3.0
21.4
22.4
5.5
5.2
0.9
0.8
15.1
14.2
Axis Bank
Buy
1,415
1,641
60,445
15,959
18,660
3.2
3.2
119.2
139.0
11.9
10.2
2.2
1.9
20.3
20.1
Bank of Baroda
Neutral
870
35,772
15,284
18,032
2.5
2.6
109.6
137.7
7.9
6.3
1.2
1.0
15.5
17.1
Bank of India
Neutral
355
20,384
12,568
14,758
2.2
2.4
41.6
64.1
8.5
5.6
1.1
0.9
11.6
16.0
Bank of Maharashtra
Neutral
60
3,529
3,720
4,268
2.9
2.8
10.9
13.0
5.5
4.6
0.8
0.7
16.2
16.9
Canara Bank
Accumulate
483
516
21,377
10,828
12,005
2.1
2.2
64.7
80.4
7.5
6.0
1.0
0.9
13.2
14.7
Central Bank
Neutral
85
6,272
7,252
8,236
2.5
2.6
16.8
21.4
5.1
4.0
0.9
0.7
13.1
14.8
Corporation Bank
Buy
459
534
6,797
4,835
5,570
2.0
2.2
105.0
99.8
4.4
4.6
0.8
0.7
17.5
14.8
Dena Bank
Accumulate
114
124
3,987
3,125
3,457
2.7
2.8
26.2
24.2
4.4
4.7
0.8
0.7
19.6
15.6
Financials
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
503
557
8,592
2,667
2,920
3.2
3.2
49.1
51.4
10.2
9.8
1.4
1.2
13.9
13.1
HDFC
Neutral
802
123,627
7,446
8,923
3.5
3.5
32.2
38.5
24.9
20.8
5.1
4.5
35.4
32.6
HDFC Bank
Neutral
ICICI Bank
Buy
IDBI Bank
670
158,660
21,724
26,578
4.3
4.3
28.7
36.1
23.4
18.6
4.5
3.8
20.7
22.1
1,191
1,397
136,905
22,219
26,447
2.9
3.0
69.1
82.9
17.2
14.4
2.1
1.9
14.2
15.6
Accumulate
108
122
13,801
8,196
9,305
1.9
2.1
15.4
22.3
7.0
4.8
0.8
0.7
10.7
14.1
Indian Bank
Buy
202
252
8,696
5,902
6,563
3.2
3.2
41.3
43.2
4.9
4.7
0.8
0.7
18.4
16.8
IOB
Accumulate
J & K Bank
Neutral
LIC Housing Finance
84
90
6,719
7,063
8,308
2.3
2.5
12.6
20.4
6.7
4.1
0.6
0.6
9.0
13.3
1,317
6,386
2,830
2,910
3.6
3.6
234.8
197.4
5.6
6.7
1.3
1.1
25.1
18.0
Buy
285
328
14,388
1,799
2,255
2.3
2.4
20.3
27.3
14.0
10.5
2.2
1.9
16.9
19.7
Oriental Bank
Neutral
330
9,621
6,330
7,105
2.6
2.7
58.4
65.1
5.6
5.1
0.8
0.7
14.5
14.4
Punjab Natl.Bank
Accumulate
872
933
29,573
19,688
22,497
3.2
3.3
138.9
164.5
6.3
5.3
1.1
0.9
16.7
17.3
South Ind.Bank
Buy
28
34
3,695
1,583
1,789
3.0
2.9
3.5
4.1
8.0
6.8
1.3
1.2
19.1
17.7
St Bk of India
Neutral
2,490
167,100
60,677
69,712
3.3
3.3
224.3
257.3
11.1
9.7
1.9
1.6
17.6
17.7
Syndicate Bank
Buy
135
159
8,147
6,673
7,644
2.9
3.0
30.0
27.1
4.5
5.0
0.9
0.8
20.7
16.2
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
78
5,155
5,235
6,086
2.3
2.4
12.0
14.9
6.5
5.2
1.0
0.9
12.0
13.5
249
271
13,689
9,963
11,536
2.8
2.9
40.8
46.8
6.1
5.3
1.0
0.9
16.2
16.4
Buy
75
87
2,702
3,498
3,858
2.5
2.8
15.1
21.6
5.0
3.5
0.6
0.5
12.5
16.1
Vijaya Bank
Neutral
60
2,976
2,333
2,728
2.0
2.2
7.3
10.4
8.2
5.8
0.8
0.7
9.3
12.1
Yes Bank
Accumulate
522
576
18,675
3,364
4,260
2.8
3.0
36.3
42.6
14.4
12.3
3.2
2.6
24.6
23.6
4,396
42,170
11,198
13,319
15.9
15.7
122.1
147.1
36.0
29.9
12.2
9.5
37.7
35.7
3.7
3.1
FMCG
Asian Paints
Neutral
Britannia
Buy
478
584
5,712
5,627
6,581
4.9
5.7
18.3
24.7
26.1
19.4
9.5
7.3
39.1
42.7
0.9
0.8
Colgate
Neutral
1,387
18,862
3,146
3,573
20.6
21.4
36.4
42.5
38.1
32.6
35.3
29.5
102.0
98.5
5.8
5.1
Dabur India
Neutral
131
22,841
6,124
7,101
17.0
16.8
4.7
5.4
28.2
24.2
11.9
9.3
44.5
41.5
3.7
3.2
GlaxoSmith Con*
Neutral
3,788
15,931
3,084
3,617
15.3
15.5
101.2
118.3
37.4
32.0
11.4
9.3
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
722
24,568
6,355
7,548
16.7
17.4
20.3
25.4
35.6
28.4
7.5
6.2
23.2
25.1
4.1
3.4
HUL
Neutral
471
101,720
25,350
28,974
13.3
13.5
15.1
17.0
31.2
27.8
24.8
17.7
85.7
74.3
3.8
3.3
ITC
Neutral
300
236,777
29,148
34,191
35.7
36.1
9.4
11.1
32.1
27.1
10.7
8.8
35.9
35.7
7.8
6.6
Marico
Neutral
222
14,293
4,840
5,643
13.6
13.6
6.4
8.1
34.5
27.3
6.8
5.5
26.3
23.3
3.0
2.5
Nestle*
Neutral
4,593
44,285
8,487
10,081
21.2
22.1
113.0
142.5
40.7
32.2
24.4
16.8
70.5
61.6
5.3
4.3
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
148
9,131
7,207
7,927
9.1
9.5
6.9
8.2
21.4
18.1
2.3
2.2
8.9
9.8
1.2
1.1
HCL Tech^
Neutral
697
48,418
24,453
27,269
19.8
18.7
45.0
50.0
15.5
13.9
3.7
3.1
24.4
22.6
1.9
1.7
Hexaware*
Buy
82
118
2,441
1,941
2,118
20.8
19.0
10.7
10.7
7.7
7.7
1.9
1.7
25.3
22.0
1.0
0.8
Infosys
Neutral
2,810
161,363
40,746
44,283
28.9
28.8
162.6
172.9
17.3
16.3
4.1
3.5
23.5
21.3
3.4
3.0
Infotech Enterprises
Accumulate
174
191
1,936
1,900
2,064
18.2
17.8
19.1
21.2
9.1
8.2
1.4
1.2
15.2
14.6
0.7
0.5
KPIT Cummins
Accumulate
115
130
2,217
2,221
2,390
16.1
15.9
11.3
13.0
10.2
8.9
2.3
1.8
21.9
20.9
1.0
0.9
Mahindra Satyam
Neutral
124
14,636
7,670
8,308
20.3
19.3
9.9
10.8
12.6
11.5
3.5
2.7
28.0
23.5
1.5
1.3
Mindtree
Neutral
797
3,297
2,339
2,502
20.9
18.4
75.4
78.1
10.6
10.2
2.6
2.1
24.6
20.3
1.2
1.0
Mphasis&
Accumulate
365
396
7,679
5,531
5,874
17.6
17.5
35.4
37.7
10.3
9.7
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
28
36
459
1,048
1,161
9.1
10.9
4.1
6.2
6.8
4.5
0.7
0.6
10.3
14.1
0.3
0.2
Persistent
Neutral
524
2,097
1,277
1,398
26.8
25.2
48.0
53.9
10.9
9.7
2.1
1.7
19.0
17.9
1.3
1.1
TCS
Accumulate
1,344
1,465
262,982
62,954
70,871
29.0
28.9
71.6
79.1
18.8
17.0
6.2
5.0
33.2
29.7
4.0
3.5
Tech Mahindra
Accumulate
1,015
1,087
12,980
6,671
7,290
19.8
19.0
94.1
106.4
10.8
9.6
2.6
2.1
24.0
21.6
2.0
1.8
Wipro
Neutral
414
101,843
43,231
47,241
20.0
20.0
26.2
28.1
15.8
14.7
3.1
2.6
19.3
17.9
2.0
1.7
D B Corp
Accumulate
242
264
4,443
1,581
1,784
23.3
25.0
11.6
14.4
20.9
16.8
4.1
3.5
21.0
22.3
2.7
2.4
HT Media
Buy
105
121
2,456
2,111
2,272
15.0
15.2
7.4
8.3
14.2
12.7
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
108
126
3,416
1,503
1,681
23.1
23.1
6.4
7.3
16.9
14.9
4.2
3.7
25.8
26.5
2.5
2.1
PVR
Neutral
270
782
682
786
17.3
16.9
17.6
19.7
15.3
13.7
1.8
1.6
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
456
17,972
1,942
2,237
77.2
75.5
17.6
19.1
25.9
23.9
6.3
5.6
25.8
25.2
8.8
7.6
Bhushan Steel
Neutral
443
10,043
10,746
13,982
30.8
31.1
43.3
55.5
10.2
8.0
1.1
1.0
11.4
12.6
3.0
2.3
Coal India
Accumulate
342
368
216,051
66,666
70,292
25.7
27.3
24.2
26.6
14.2
12.9
4.2
3.4
33.1
29.1
2.3
2.0
Electrosteel Castings
Buy
26
34
882
1,984
2,074
10.6
11.6
1.8
2.6
14.5
9.8
0.5
0.2
3.6
5.1
0.6
0.6
Hind. Zinc
Buy
128
149
53,873
12,002
13,759
49.7
50.8
14.7
16.4
8.7
7.8
1.7
1.4
21.1
19.8
2.6
1.9
Hindalco
Neutral
118
22,669
79,148
89,258
9.4
9.0
15.0
15.6
7.9
7.6
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
870
19,409
39,586
41,459
17.6
17.0
78.7
90.1
11.1
9.7
1.1
1.0
10.2
10.7
0.9
0.9
MOIL
Neutral
257
4,310
941
1,019
47.3
48.3
25.8
28.1
9.9
9.1
1.6
1.4
16.7
16.2
2.2
1.9
Monnet Ispat
Buy
267
344
1,703
2,501
3,264
22.2
24.6
41.8
55.2
6.4
4.8
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
47
44
12,139
6,898
7,841
9.9
14.7
2.0
3.2
23.8
14.8
1.0
1.0
4.3
6.8
1.3
1.2
NMDC
Buy
159
198
62,980
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
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
90
37,113
47,252
60,351
14.2
14.8
9.6
11.7
9.4
7.7
0.9
0.8
9.4
10.6
1.2
1.0
Sesa Goa
Neutral
183
15,918
2,412
3,911
30.8
33.1
29.6
31.8
6.2
5.8
1.0
0.8
16.3
15.4
8.1
5.0
Sterlite Inds
Neutral
114
38,328
43,185
45,442
23.3
23.7
16.8
17.9
6.8
6.4
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Accumulate
406
463
39,407 145,725 154,108
8.3
9.5
22.0
44.5
18.4
9.1
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Buy
131
153
468
1,442
1,494
17.6
17.3
27.2
28.7
4.8
4.6
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
47
73
634
2,694
2,906
14.6
16.6
16.4
20.8
2.9
2.3
0.3
0.3
11.4
12.8
0.5
0.3
Buy
112
143
355
2,342
2,470
13.7
15.3
27.7
33.8
4.0
3.3
0.4
0.3
10.9
11.4
0.6
0.5
Cairn India
Buy
328
383
62,676
17,394
17,034
76.4
72.3
60.8
55.1
5.4
6.0
1.1
1.0
21.9
17.0
2.8
2.4
GAIL
Neutral
358
45,386
46,652
54,142
15.7
15.7
34.0
35.3
10.5
10.2
1.8
1.6
18.5
16.8
0.7
0.6
ONGC
Reduce
335
312
286,609 147,139 154,821
33.9
33.7
30.7
32.3
10.9
10.4
1.9
1.7
18.3
17.2
1.7
1.5
Reliance Industries
Neutral
898
293,940 362,700 380,031
8.9
8.9
68.1
71.5
13.2
12.6
1.4
1.3
12.4
11.8
0.8
0.7
Gujarat Gas*
Neutral
311
3,982
3,128
3,707
13.2
11.7
22.8
23.5
13.6
13.2
4.1
3.6
33.2
29.2
1.2
0.9
Indraprastha Gas
Neutral
260
3,641
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
179
11,655
32,210
41,362
6.1
5.8
15.4
15.6
10.1
10.0
2.7
2.2
29.1
24.1
0.4
0.3
74
4,170
1,079
1,034
91.8
91.9
8.8
8.4
8.5
8.8
1.4
1.3
17.9
15.0
3.6
3.7
Alembic Pharma
Buy
75
95
1,413
1,490
1,714
16.2
17.1
7.4
9.5
10.1
7.9
2.8
2.1
30.7
30.2
1.1
0.9
Aurobindo Pharma
Accumulate
190
208
5,536
5,463
6,279
15.0
15.0
12.4
14.0
15.3
13.6
2.0
1.7
18.8
17.8
1.6
1.4
Aventis*
Neutral
2,279
5,249
1,482
1,682
17.5
16.6
82.9
87.8
27.5
26.0
4.3
3.5
16.3
14.8
3.4
2.9
Cadila Healthcare
Accumulate
858
926
17,571
6,148
7,386
18.6
19.6
32.7
44.8
26.2
19.2
5.8
4.6
23.7
26.6
3.2
2.6
Cipla
Neutral
400
32,077
8,151
9,130
25.8
24.8
20.2
21.6
19.8
18.5
3.5
3.0
19.4
17.6
3.7
3.2
Dr Reddy's
Neutral
1,942
32,968
10,696
11,662
20.7
21.0
83.7
92.9
23.2
20.9
4.8
4.0
22.4
20.8
3.4
3.0
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
106
145
852
1,280
1,536
20.2
20.2
10.4
14.5
10.2
7.3
0.9
0.8
8.7
11.0
1.3
1.1
2,034
17,230
2,651
2,993
31.7
31.2
76.0
82.4
26.8
24.7
7.7
6.9
20.1
26.3
5.7
4.9
62
89
570
685
837
15.2
15.2
7.4
8.9
8.4
7.0
1.3
1.1
16.4
17.0
1.0
0.8
Neutral
493
6,221
2,850
3,474
21.0
21.0
29.9
37.3
16.5
13.2
4.0
3.1
26.7
26.4
2.4
2.0
Lupin
Accumulate
595
655
26,629
8,426
10,082
19.7
20.0
26.1
31.1
22.8
19.1
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
462
19,560
12,046
11,980
16.0
15.8
37.3
32.1
12.4
14.4
4.8
3.9
45.3
29.7
1.6
1.6
Sun Pharma
Neutral
721
74,545
9,902
12,313
42.6
42.6
26.7
29.1
27.0
24.8
5.2
4.4
20.7
19.1
6.9
5.4
70
78
1,060
1,523
1,568
30.3
30.3
5.4
11.5
13.0
6.1
0.7
0.7
5.6
11.3
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
158
130,072
72,809
81,951
23.0
23.7
12.0
13.4
13.2
11.8
1.6
1.5
12.5
12.9
2.4
2.3
Power
NTPC
Neutral
Real Estate
Anant Raj
Neutral
85
2,520
657
875
52.0
56.1
8.4
12.7
10.2
6.7
0.6
0.6
6.3
8.9
5.1
3.8
DLF
Neutral
267
45,346
9,878
12,033
44.7
46.1
9.6
13.4
27.9
19.9
1.8
1.7
6.4
8.7
7.1
5.8
HDIL
Buy
84
115
3,507
2,441
3,344
55.1
48.2
22.7
26.6
3.7
3.1
0.3
0.3
8.8
9.4
3.3
2.5
MLIFE
Accumulate
403
446
1,646
786
888
26.3
26.7
31.0
36.3
13.0
11.1
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Neutral
358
135,800
80,353
86,654
30.9
31.3
8.6
11.8
41.8
30.3
2.5
2.4
6.1
7.8
2.5
2.2
Idea Cellular
Neutral
113
37,358
21,797
23,142
26.9
27.7
3.1
4.7
35.9
24.2
2.6
2.4
7.4
9.8
2.2
2.0
Rcom
Neutral
84
17,400
21,032
22,084
31.8
30.2
2.9
4.0
28.8
21.1
0.5
0.5
1.6
2.2
2.5
2.3
Telecom
zOthers
Abbott India
Accumulate
1,441
1,590
3,062
1,629
1,886
11.8
13.3
60.8
79.5
23.7
18.1
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Buy
186
217
1,859
3,497
3,968
6.6
7.6
9.8
15.5
19.0
12.0
2.4
2.1
12.7
17.4
0.5
0.5
Cera Sanitaryware
Buy
411
495
520
460
596
16.4
16.2
34.7
45.0
11.8
9.1
2.9
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
Accumulate
Force Motors
406
545
105
272
308
7.2
7.3
37.5
45.4
10.8
8.9
2.6
2.0
23.7
22.7
0.5
0.4
1,007
7,069
982
1,136
34.3
34.3
34.3
40.0
29.3
25.2
13.3
10.6
50.9
46.9
6.8
5.7
56
61
851
2,304
2,552
9.9
9.1
8.2
10.1
6.8
5.5
0.9
0.8
13.7
14.7
0.3
0.3
Buy
447
550
583
2,027
2,299
4.6
5.1
35.3
50.0
12.7
8.9
0.5
0.5
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
318
360
732
1,494
1,607
6.4
7.8
23.9
33.0
13.3
9.6
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Sell
428
309
1,033
1,925
2,235
10.6
10.9
29.6
44.1
14.5
9.7
2.4
1.9
16.8
21.0
0.8
0.7
Hitachi
Neutral
147
338
873
989
4.4
6.5
6.4
12.2
23.2
12.1
1.9
1.6
8.3
14.4
0.5
0.4
2,568
2,842
2,271
1,809
2,117
5.5
7.5
84.9
135.3
30.3
19.0
3.3
2.8
11.3
16.0
1.1
1.0
Honeywell Automation* Accumulate

Styrolution ABS India*
Accumulate
682
744
1,200
1,059
1,116
8.5
9.5
36.0
42.0
19.0
16.3
2.8
2.4
15.4
16.0
1.2
1.1
ITD Cementation
Buy
238
334
274
1,455
1,630
12.4
12.6
29.8
40.5
8.0
5.9
0.6
0.6
8.2
9.8
0.6
0.6
Jyothy Laboratories
Neutral
150
2,416
1,228
1,443
9.0
10.9
3.9
6.4
38.5
23.5
3.8
3.5
10.1
15.6
2.5
2.1
MCX
Neutral
1,412
7,199
553
624
65.3
66.3
62.5
72.0
22.6
19.6
6.2
5.4
27.5
27.4
10.0
8.4
MRF
Neutral
13,263
5,625
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.4
7.9
1.6
1.4
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,403
3,602
3,796
836
1,023
20.2
20.6
105.6
133.4
32.2
25.5
16.4
11.6
59.3
53.2
4.6
3.7
Relaxo Footwears
Accumulate
817
933
980
1,019
1,208
11.0
12.5
47.0
66.7
17.4
12.3
4.3
3.2
28.2
30.1
1.1
0.9
Sintex Industries
Buy
63
79
1,971
4,751
5,189
16.3
16.6
13.6
15.8
4.6
4.0
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
289
366
271
1,043
1,149
12.3
12.9
65.7
73.3
4.4
3.9
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
12
370
6,765
7,393
18.1
18.0
6.4
7.5
1.9
1.7
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
January 29, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
47
43
2,274
5,720
6,599
5.3
6.8
3.6
5.4
13.0
8.8
18.8
6.0
0.5
0.4
TAJ GVK
Buy
68
108
424
300
319
35.8
36.2
7.9
9.1
8.6
7.4
1.1
1.0
13.9
14.4
1.7
1.5
Tata Sponge Iron
Buy
310
384
477
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.7
16.5
15.3
0.3
0.2
TTK Healthcare
Buy
517
643
402
374
425
7.9
9.5
24.1
32.7
21.5
15.8
19.7
22.5
0.9
0.8
TVS Srichakra
Buy
260
322
199
1,461
1,625
6.9
8.2
24.6
53.7
10.6
4.8
1.3
1.1
12.9
24.9
0.4
0.3
United Spirits
Neutral
1,841
24,083
10,289
11,421
12.8
12.8
26.0
45.3
70.8
40.7
3.2
3.0
5.8
7.6
2.7
2.4
Vesuvius India
Neutral
334
678
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 January 28, 2013
Market Outlook
January 29, 2013

Market Outlook, 29th January 2013

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Market Outlook, 29th January 2013

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Market Outlook

January 29, 2013

direction throughout the trading on Monday. The lackluster performance came as

OIL & GAS

decrease in U.S. pending home sales provided a note of caution.

Meanwhile, the Indian markets ended a lackluster session largely unchanged as

(0.9) (102.3) 10,824

20,053 20,003 / 6,061 6,048 levels.

Axis Bank to raise `5,546cr via QIP and preferential allotment

Refer detailed news analysis on the following page

Net Inflows (January 24, 2013)

FII Derivatives (January 28, 2013)

Axis Bank to raise `5,546cr via QIP and preferential allotment

3QFY2013 Result Review

JSW Steel (CMP: `870 / TP: -/ Upside: -)

companys EBITDA increased only 4.9% yoy to `1,314cr on account of decrease in

On the iron ore situation in Karnataka, the company stated that 6 A

17.6 2,136 95.8

Amara Raja Batteries (CMP: `302/ TP: Under Review/ Upside: -)

KPIT (CMP: `115 / TP: Under review / Upside: -)

Hitachi Home (CMP: `147/ TP: -/ Upside: -)

3QFY2013 Result Preview

Idea Cellular (CMP: `113 / TP: - / Upside: -)

Dabur (CMP: `131/ TP:-/ Upside:-)

Crompton Greaves (CMP: `108/TP: `135/Upside: 24%)

Indoco Remedies (CMP: `63/ Target: `89/ Upside: 41.3%)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Dabur India Consolidated (29/01/2013)

EBITDA margin (%)

Glenmark Pharma Consolidated (29/01/2013)

EBITDA margin (%)

Idea Consolidated (29/01/2013)

EBITDA margin (%)

Sterlite Industries Consolidated (29/01/2013)

United Phosphorous Consolidated (29/01/2013)

EBITDA margin (%)

EBITDA margin (%)

Power Finance Corporation (30/01/2013)

Titan Industries (30/01/2013)

EBITDA margin (%)

Godrej Consumer Products Consolidated (31/01/2013)

EBITDA margin (%)

Grasim Industries Consolidated (31/01/2013)

EBITDA margin (%)

ICICI Bank (31/01/2013)

Cummins India (31/01/2013)

EBITDA margin (%)

Lupin Consolidated (31/01/2013)

EBITDA margin (%)

Siemens India (31/01/2013)

EBITDA margin (%)

Punjab National Bank (31/01/2013)

Tata Global Beverage Consolidated (31/01/2013)

EBITDA margin (%)

Union Bank of India (31/01/2013)

Economic and Political News

Government approves 4 FDI proposals worth `280cr

RIL hits overseas debt markets again, launches US$500mn issue

February 01, 2013

February 02, 2013

Divi's Lab., Indian Bank

January 29, 2013

February 03, 2013