Market Outlook 

February 19, 2013

Dealer’s Diary

Domestic Indices

The Indian market is expected to open flat to positive, mirroring SGX Nifty which is
trading marginally higher in the opening trades. The major Asian indices are
trading on a mixed note after the minutes of last month’s Bank of Japan meeting
indicated that Japan’s economy remains relatively weak.

Chg (%)

(Pts)

(Close)

BSE Sensex

0.2

32.9 19,501

Nifty

0.2

10.8

5,898

MID CAP

0.4

27.8

6,655

SMALL CAP

0.7

46.6

6,587

The US markets were closed on Monday following the President's Day holiday. The
European markets traded mostly lower, amid no major announcement on the
earnings or economic data front.

BSE HC

0.0

1.4

7,901

BSE PSU

0.3

23.9

7,311

BANKEX

0.1

18.0 14,164

Back home in India, the domestic market moved in a narrow range before ending
modestly higher. Stocks pared early gains, tracking mixed European cues and
weak industrial metal prices. However, the underlying sentiment remained slightly
cautious as global ratings agency Moody's warned that a continued rise in India's
current-account deficit is ‘credit negative’ for the country. It also stated that the
rising current account deficit and external debt may impact the nation's credit risk
profile. Going ahead, the domestic investors would be watchful of the
developments on the Union Budget front. The market participants would also keep
an eye on US economic data that is scheduled to be released in the week,
including reports on housing starts, existing home sales, and consumer and
producer price inflation.

AUTO

0.1

13.2 10,849

Markets Today

Shanghai Com

The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,549 – 19,598 / 5,913 – 5,928 levels. However, if NIFTY trades below
19,506 / 5,896 levels for the first half-an-hour of trade then it may correct up to
19,458 – 19,415 / 5,881 – 5,863 levels.
Indices

S2

S1

PIVOT

R1

R2

SENSEX

19,415

19,458

19,506

19,549

19,598

NIFTY

5,863

5,881

5,896

5,913

5,928

News Analysis
„
„
„

Telecom Commission allows 4G airwave holders to offer voice services
CEC recommends mining to restart in Karnataka
3QFY2013 Result Preview: GSK Pharmaceuticals

Net Inflows (February 15, 2013)
` cr

Purch

Sales

Net

MTD

YTD

FII

3,610

3,090

520

20,016

42,246

486

499

(12)

(1,337)

(6,050)

FII Derivatives (February 18, 2013)
` cr

Purch

Sales

Net

Open Interest

Index Futures

578

993

(416)

10,259

Stock Futures

1,326

939

387

30,031

Gainers / Losers
Gainers
Company

Losers

Price (`)

chg (%)

MMTC

600

8.7

JP Infra

48

Company

Price (`)

chg (%)

Jet Air India

571

(7.7)

6.0

Havells India

684

(2.0)

DLF

261

5.1

Jindal Steel

379

(1.8)

M&M Financial

211

4.7

Aurobindo Pharma

182

(1.8)

Canara Bank

457

4.4

Coal India

343

(1.8)

www.angelbroking.com

0.5

48.6

9,953

OIL & GAS

(0.0)

(3.1)

8,925

BSE IT

(0.5)

(32.0)

6,446

Chg (%)

(Pts)

(Close)

Global Indices

Dow Jones

0.1

8.4 13,982

NASDAQ

(0.2)

(6.6)

3,192

FTSE

(0.2)

(10.1)

6,318

Nikkei
Hang Seng
Straits Times

Indian ADR

INFY

2.1

234.0 11,408

(0.3)

(62.6) 23,382

0.2

5.1

3,288

(0.4)

(10.8)

2,422

Chg (%)

(Pts)

(Close)

(0.4)

(0.2)

$51.4

WIT

0.1

0.0

$9.2

IBN

(1.8)

(0.8)

$43.2

HDB

(0.3)

(0.1)

$39.8

Advances / Declines

BSE

NSE

1,245

906

Declines

860

592

Unchanged

874

71

Advances

Volumes (` cr)

Refer detailed news analysis on the following page

MFs

METAL

BSE

1,608

NSE

8,161

Market Outlook
February 19, 2013

Telecom Commission allows 4G airwave holders to offer voice
services
The Telecom Commission gave an approval to companies having internet service
licenses and holding 4G spectrum to offer phone calls services by paying
additional fee of `1,658cr each. The Telecom Commission decision, if finally
approved by Telecom Minister Kapil Sibal, will allow companies such as Mukesh
Ambani-led Reliance Jio Infocomm (RJI), Augere, and Tikona Digital among others
to offer mobile phone service using BWA spectrum that they won in 2010 auction.
The framework for new licenses will be ready by end of this financial year. In
2010, six private players - RJI, Bharti Airtel, Aircel, Qualcomm, Tikona Digital and
Augere had won BWA spectrum. This decision has a direct bearing on Reliance
Industries backed RJI, which had sought the Department of Telecom’s permission
to offer voice services on top of its broadband spectrum. We continue to remain
Neutral on the telecom sector.

CEC recommends mining to restart in Karnataka
Central Empowered Committee (CEC) has recommended Supreme Court to permit
resumption of production of iron ore from category A mines. CEC has also
recommended that permission be given for mining operations for category B
mines after some specified R&R conditions are met by the miners. The speedier
commencement of production from mines in Karnataka is likely to be positive for
JSW Steel and Sesa Goa. However, we remain skeptical on the speedier
commencement of mining in Karnataka as we believe R&R compliance by miners
is likely to take some more time for category B mines. Until further update, we
maintain our Neutral rating on JSW Steel.

3QFY2013 Result Previews
GSK Pharmaceuticals (CMP: `2,095/ TP: -/ Upside: -)
For 4QCY2012, the company is expected to post net sales of `680cr. The Gross
Margins are expected to be around 57.4% and the OPMs are expected to come to
26.8%. Overall, the net profit came in at `132.4cr, a dip of 10.1%. 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)

CY2012E

2,651

31.7

644 76.0

30.8

27.6

7.9

18.3

5.8

CY2013E

2,993

31.2

698 82.4

29.0

25.4

6.9

16.1

5.0

Note: Estimates for consolidated financials are furnished in the table

www.angelbroking.com

Market Outlook
February 19, 2013

Quarterly Bloomberg Brokers Consensus Estimate
Nestle India (20/02/2013)
Particulars (` cr)
Net sales

4QCY12E

4QCY11

y-o-y (%)

3QCY12

q-o-q (%)

2,216

1,955

13

2,156

3

EBITDA

469

410

14

452

4

EBITDA margin (%)

21.2

21.0

Net profit

273

231

18

267

2

4QCY12E

4QCY11

y-o-y (%)

3QCY12

q-o-q (%)

2,360

2,170

9

1,786

32

EBITDA

141

108

31

-

#DIV/0!

EBITDA margin (%)

6.0

5.0

Net profit

81

64

21.0

ABB (21/02/2013)
Particulars (` cr)
Net sales

0.0
27

21

Economic and Political News
„
„
„
„

India likely to take more steps to curb gold imports: MMTC
India allows 4G holders to offer voice services
Nearly 209 co-operative banks need to raise `4,024cr by 2014-15: RBI
Room for monetary easing limited, says RBI governor

Corporate News
„
„
„
„

Dabur launches new toothpaste
GAIL commissions `4,500cr Dabhol-Bengaluru gas pipeline
Unilever to set up EUR50mn deodorant plant in Maharashtra
Wipro Infotech bags 10 year contract from MIAL

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

www.angelbroking.com

286

Market Outlook
February 19, 2013
Result Calendar
Date

Company

February 19, 2013

GSK Pharma

February 20, 2013

Nestle, Abbott India

February 21, 2013

ABB, Gujarat Gas

February 22, 2013
February 23, 2013
February 24, 2013
February 25, 2013

Styrolution

February 26, 2013

Ranbaxy

February 27, 2013

Bosch India, Goodyear

February 28, 2013

Mphasis

Source: Bloomberg, Angel Research

Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

February 20, 2013

February 21, 2013

7:00PM

US

GDP Qoq (Annualised)

% Change

4Q S

(0.10)

0.60

3:00PM

UK

Industrial Production (YoY)

% Change

Jan

(1.70)

--

3:00PM

UK

CPI (YoY)

% Change

Feb

2.70

--

3:00PM

UK

Jobless claims change

% Change

Jan

(12.10)

(5.50)

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Feb

6.62

--

7:00PM

US

Building permits

Thousands

Jan

909.00

920.00

Initial Jobless claims

7:00PM

US

Thousands

Feb 16

341.00

355.00

February 22, 2013

12:30PM

Germany GDP nsa (YoY)

% Change

4Q F

0.10

0.10

February 26, 2013

3:00PM

UK

GDP (YoY)

% Change

4Q P

--

--

8:30PM

US

Existing home sales

Millions

Jan

4.94

4.90

February 27, 2013

8:30PM

US

Consumer Confidence

S.A./ 1985=100

Feb

58.60

59.80

February 28, 2013

8:30PM

US

New home sales

Thousands

Jan

369.00

385.00

2:25PM

Germany Unemployment change (000's)

Thousands

Feb

(16.00)

--

10:00PM

US

FOMC rate decision

%

Mar 20

0.25

--

March 1, 2013

6:30AM

China

PMI Manufacturing

Value

Feb

50.40

--

March 6, 2013

3:00PM

UK

PMI Manufacturing

Value

Feb

50.80

--

March 7, 2013

3:30PM

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

8:30PM

Euro Zone Euro-Zone Consumer Confidence

5:30PM

UK

BOE Announces rates

7:00PM

US

Unnemployment rate

7:00PM

US

Change in Nonfarm payrolls

7:00AM

China

Consumer Price Index (YoY)

11:00AM

China

5:29PM

China

March 8, 2013
March 9, 2013
March 11, 2013

Source: Bloomberg, Angel Research

% Change

4Q P

(0.60)

--

Value

Feb A

(23.90)

(23.20)

% Ratio

Mar 7

0.50

0.50

%

Feb

7.90

--

Thousands

Feb

157.00

--

% Change

Feb

2.00

--

Industrial Production (YoY)

% Change

Feb

10.30

--

Exports YoY%

% Change

Feb

25.00

--

Market Outlook
February 19, 2013

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
6.7

5.7

6.1

4.3

4.0
5.3 5.5 5.3

3.5

2.0

2.5

2.0

1.0

(4.0)

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Exhibit 4: Manufacturing and services PMI

(%)

Mfg. PMI

60.0
8.0
7.7
7.5

7.4

Jun-12

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

7.7

May-12

Apr-12

Mar-12

Feb-12

(2.0)

Jan-12

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

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

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

Exhibit 5: Exports and imports growth trends
(%)

48.0
Jan-12

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

8.3

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

30.0

Reverse Repo rate

CRR
8.00

8.00
7.00

15.0

7.00
6.00

Source: Bloomberg, Angel Research

www.angelbroking.com

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

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

5.00

Dec-11

(30.0)

Jul-12

Jun-12

May-12

Apr-12

Mar-12

(15.0)

Feb-12

0.0

Market Outlook
February 19, 2013

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

125

-

2,427

1,466

1,686

14.8

14.8

7.0

8.1

17.8

15.4

3.8

3.2

22.6

22.5

1.8

1.5

United Phosphorus

Buy

126

170

5,559

8,421

9,263

16.5

16.5

15.0

17.0

8.4

7.4

1.2

1.1

15.6

15.5

0.8

0.7

Amara Raja Batteries

Accumulate

289

323

4,942

2,983

3,477

16.1

16.1

18.5

21.6

15.6

13.4

4.5

3.5

32.9

29.1

1.6

1.4

Apollo Tyres

Accumulate

87

97

4,388

13,066

14,503

11.5

11.8

13.0

14.5

6.7

6.0

1.3

1.1

21.0

19.4

0.5

0.5

Ashok Leyland

Buy

23

28

6,159

12,910

14,836

8.8

9.6

1.5

2.2

15.6

10.4

2.1

1.9

9.3

13.4

0.5

0.5

Automotive Axle#

Neutral

334

-

504

934

1,103

10.2

10.7

24.5

34.3

13.6

9.7

1.7

1.6

13.2

16.9

0.6

0.5

Bajaj Auto

Neutral

1,951

-

56,454

20,775

23,889

18.5

19.0

107.6

126.4

18.1

15.4

7.5

5.9

45.8

42.8

2.4

2.0

Bharat Forge

Accumulate

224

242

5,222

5,973

6,707

14.4

15.2

13.4

18.6

16.8

12.1

2.2

1.9

13.6

16.9

1.0

0.9

Bosch India*

Accumulate

8,978

9,570

28,189

9,973

11,320

17.8

18.0

396.2

455.7

22.7

19.7

4.3

3.6

18.8

18.2

2.4

2.1

CEAT

Buy

100

163

344

4,822

5,403

8.2

8.3

29.8

40.8

3.4

2.5

0.5

0.4

14.5

17.0

0.3

0.2

Exide Industries

Neutral

129

-

10,969

6,016

7,026

12.7

14.4

5.8

7.8

22.1

16.5

3.3

2.8

15.4

18.2

1.5

1.2

FAG Bearings*

Accumulate

1,436

1,620

2,386

1,671

1,890

16.0

16.6

113.0

132.8

12.7

10.8

2.3

1.9

19.7

19.4

1.2

1.0

Hero Motocorp

Accumulate

1,696

1,923

33,866

23,990

27,038

13.8

14.6

105.8

120.2

16.0

14.1

6.5

5.2

44.3

41.0

1.1

0.9

JK Tyre

Buy

112

165

459

7,169

7,929

6.9

7.1

40.4

41.3

2.8

2.7

0.5

0.5

20.5

18.0

0.4

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

891

1,019

54,733

40,060

46,301

11.5

11.7

55.3

64.3

16.1

13.9

3.6

3.0

24.5

23.8

1.1

0.9

Maruti

Neutral

1,480

-

42,754

42,304

51,088

7.5

8.7

64.4

92.9

23.0

15.9

2.6

2.2

11.6

14.9

0.8

0.7

Motherson Sumi

Neutral

200

-

11,751

25,769

29,010

7.1

7.5

10.2

13.1

19.6

15.3

5.0

3.9

28.1

28.3

0.6

0.5

Subros

Buy

27

35

160

1,296

1,476

9.8

9.9

3.4

5.0

8.0

5.3

0.6

0.5

7.2

10.2

0.4

0.4

Tata Motors

Accumulate

305

326

81,289 184,201 209,642

12.4

13.5

28.0

36.3

10.9

8.4

2.4

1.9

24.6

25.4

0.5

0.4

TVS Motor

Buy

40

47

1,907

7,019

7,827

6.0

6.3

4.3

5.3

9.4

7.6

1.5

1.3

16.4

18.0

0.2

0.2

Capital Goods
ABB*

Reduce

609

573

12,913

7,790

9,653

4.5

7.8

8.7

22.1

70.0

27.6

4.8

4.3

7.1

16.5

1.6

1.3

BGR Energy

Neutral

208

-

1,502

3,412

4,104

13.0

11.6

24.6

26.2

8.5

8.0

1.2

1.1

30.7

25.7

0.8

0.7

BHEL

Neutral

208

-

50,824

47,801

43,757

18.0

17.1

24.1

20.8

8.6

10.0

2.6

2.2

32.9

23.6

0.9

1.0

Blue Star

Buy

170

238

1,525

2,748

2,896

4.4

5.6

6.8

9.3

25.0

18.2

3.4

3.0

14.5

17.6

0.7

0.6

Crompton Greaves

Buy

100

129

6,405

12,136

13,790

3.8

6.3

3.3

6.9

30.2

14.5

1.7

1.6

5.8

11.5

0.6

0.5

Jyoti Structures

Buy

37

49

302

2,802

3,074

9.5

9.8

7.7

10.9

4.8

3.4

0.4

0.4

9.6

12.1

0.3

0.3

KEC International

Buy

55

75

1,410

6,909

7,723

6.2

7.2

5.4

8.4

10.2

6.5

1.2

1.0

17.0

22.8

0.3

0.3

LMW

Neutral

2,077

-

2,340

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

577

-

6,870

5,529

5,798

9.0

9.6

27.1

30.3

21.3

19.1

3.7

3.2

18.6

18.2

1.1

1.0

www.angelbroking.com

Market Outlook
February 19, 2013

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

1,262

-

23,695

11,358

12,366

19.9

19.6

75.1

74.9

16.8

16.9

3.2

2.9

19.4

18.1

1.8

1.6

Ambuja Cements

Neutral

191

-

29,409

9,730

11,221

25.6

25.0

10.2

11.3

18.7

16.8

3.3

3.1

18.7

19.0

2.6

2.2

India Cements

Neutral

83

-

2,545

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

Neutral

130

-

1,591

2,119

2,478

22.9

22.3

20.3

22.8

6.4

5.7

1.1

0.9

18.0

17.7

0.9

1.1

Madras Cements

Neutral

239

-

5,689

3,814

4,045

28.8

27.1

18.3

18.7

13.1

12.8

2.4

2.0

19.4

17.0

2.2

1.9

Shree Cements^

Neutral

4,397

-

15,319

5,678

6,251

29.0

28.6

288.1

334.0

15.3

13.2

4.3

3.3

31.7

28.4

2.2

1.8

UltraTech Cement

Neutral

1,905

-

52,225

20,466

23,017

23.3

24.3

100.0

117.1

19.1

16.3

3.5

2.9

19.6

19.5

2.5

2.4

216

268

1,135

20,466

23,017

22.5

22.5

24.4

27.0

8.9

8.0

1.0

0.9

12.3

12.1

0.2

0.2

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

13

-

237

2,262

2,522

5.9

6.3

0.9

1.6

14.0

8.3

0.4

0.4

2.7

4.6

0.4

0.4

IRB Infra

Buy

115

164

3,811

3,843

4,212

43.1

43.6

16.8

17.8

6.8

6.4

1.2

1.0

18.3

17.0

3.1

3.4

ITNL

Buy

196

225

3,809

6,564

7,054

27.2

27.4

26.3

29.0

7.5

6.8

1.2

1.0

17.0

16.3

2.7

2.7

IVRCL Infra

Buy

30

35

931

3,773

6,706

6.9

8.4

(3.9)

2.9

(7.8)

10.5

0.4

0.4

(5.4)

4.1

0.9

0.6

Jaiprakash Asso.

Buy

74

97

16,499

14,243

16,382

26.2

26.1

3.2

4.3

23.2

17.1

1.2

1.2

5.4

7.0

2.6

2.3

Larsen & Toubro

Buy

1,467

1,788

90,249

60,666

69,525

10.6

11.2

71.9

85.0

20.4

17.3

3.2

2.8

14.5

15.2

1.6

1.5

Nagarjuna Const.

Accumulate

41

44

1,052

5,863

6,576

8.1

8.2

3.1

4.1

13.3

10.0

0.4

0.4

3.2

4.2

0.6

0.5

Punj Lloyd

Neutral

48

-

1,589

11,892

13,116

10.2

10.2

(0.4)

3.0

(112.3)

16.2

0.6

0.5

3.8

0.6

0.5

Sadbhav Engg.

Buy

115

168

1,739

2,344

2,804

10.6

10.7

7.2

8.7

16.0

13.3

1.9

1.7

13.0

13.5

1.1

1.0

Simplex Infra

Buy

163

251

806

6,882

8,032

9.1

9.1

23.2

31.3

7.0

5.2

0.6

0.6

9.1

11.2

0.5

0.4

Unity Infra

Buy

36

59

266

2,180

2,455

13.7

13.4

13.3

15.0

2.7

2.4

0.3

0.3

12.5

12.5

0.5

0.5

Allahabad Bank

Buy

150

183

7,485

6,509

7,264

2.7

2.8

28.2

33.5

5.3

4.5

0.7

0.7

13.8

14.7

-

-

Andhra Bank

Neutral

103

-

5,755

4,795

5,475

3.0

3.0

21.8

21.9

4.7

4.7

0.8

0.7

15.4

13.8

-

-

Axis Bank

Buy

1,433

1,753

66,904

15,959

18,660

3.2

3.2

119.2

139.0

12.0

10.3

2.2

1.9

20.3

20.1

-

-

Bank of Baroda

Buy

760

935

31,233

14,889

17,393

2.5

2.6

108.2

134.0

7.0

5.7

1.0

0.9

15.3

16.7

-

-

Bank of India

Accumulate

344

380

19,709

12,793

14,823

2.3

2.4

49.5

65.1

6.9

5.3

1.0

0.9

13.6

16.0

-

-

Bank of Maharashtra

Neutral

56

-

3,293

3,720

4,268

2.9

2.8

10.9

13.0

5.1

4.3

0.8

0.7

16.2

16.9

-

-

Canara Bank

Buy

455

517

20,176

10,783

12,000

2.1

2.3

64.8

82.2

7.0

5.5

1.0

0.8

13.2

15.0

-

-

Central Bank

Neutral

76

-

5,613

7,158

8,217

2.4

2.6

13.1

20.1

5.8

3.8

0.9

0.7

10.3

14.3

-

-

Corporation Bank

Buy

408

517

6,047

4,919

5,634

2.1

2.2

96.7

99.9

4.2

4.1

0.7

0.6

16.3

14.9

-

-

Dena Bank

Buy

102

124

3,579

3,090

3,462

2.7

2.7

25.6

24.6

4.0

4.2

0.7

0.6

19.2

15.9

-

-

Financials

www.angelbroking.com

Market Outlook
February 19, 2013

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

FY13E

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Financials
Federal Bank

Accumulate

501

557

8,563

2,667

2,920

3.2

3.2

49.1

51.4

10.2

9.7

1.4

1.2

13.9

13.1

-

-

HDFC

Neutral

823

-

126,883

7,446

8,923

3.5

3.5

32.2

38.5

25.6

21.4

5.2

4.6

35.4

32.6

-

-

HDFC Bank

Neutral

675

-

160,199

21,724

26,578

4.3

4.3

28.7

36.1

23.6

18.7

4.5

3.8

20.7

22.1

-

-

ICICI Bank

Buy

1,122

1,404

128,991

22,317

26,217

2.9

3.0

72.0

84.6

15.6

13.3

2.0

1.8

14.9

15.9

-

-

IDBI Bank

Buy

99

122

12,688

8,196

9,305

1.9

2.1

15.4

22.3

6.5

4.5

0.7

0.6

10.7

14.1

-

-

Indian Bank

Buy

183

221

7,880

5,716

6,362

3.2

3.2

37.7

41.1

4.9

4.5

0.8

0.7

16.9

16.2

-

-

IOB

Buy

J & K Bank

Accumulate

LIC Housing Finance

76

88

6,053

7,231

8,369

2.4

2.5

10.2

20.2

7.4

3.8

0.6

0.5

7.4

13.4

-

-

1,286

1,406

6,236

2,784

2,932

3.7

3.7

229.2

199.6

5.6

6.4

1.3

1.1

24.6

18.2

-

-

Buy

246

328

12,397

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

299

336

8,732

6,360

7,004

2.6

2.8

48.1

59.4

6.2

5.0

0.8

0.7

12.1

13.5

-

-

Punjab Natl.Bank

Buy

850

1,053

28,823

19,202

22,040

3.2

3.4

146.8

167.9

5.8

5.1

1.0

0.9

17.6

17.5

-

-

South Ind.Bank

Buy

25

34

3,387

1,583

1,789

3.0

2.9

3.5

4.1

7.3

6.3

1.2

1.1

19.1

17.7

-

-

St Bk of India

Buy

2,260

2,600

151,639

60,677

69,712

3.3

3.3

224.3

257.3

10.1

8.8

1.7

1.5

17.6

17.7

-

-

Syndicate Bank

Buy

128

153

7,711

6,673

7,644

2.9

3.0

32.0

27.9

4.0

4.6

0.8

0.7

22.0

16.5

-

-

UCO Bank

Neutral

66

-

4,397

5,388

6,262

2.4

2.6

9.0

14.9

7.4

4.4

0.9

0.8

9.1

13.8

-

-

Union Bank

Buy

234

286

12,894

10,006

11,558

2.8

2.8

36.4

47.0

6.4

5.0

0.9

0.8

14.6

16.6

-

-

United Bank

Buy

68

83

2,440

3,566

3,832

2.5

2.7

13.3

21.8

5.1

3.1

0.6

0.5

11.1

16.3

-

-

Vijaya Bank

Neutral

55

-

2,718

2,342

2,763

1.9

2.1

8.0

10.9

6.9

5.0

0.7

0.6

10.1

12.6

-

-

Yes Bank

Accumulate

502

576

17,968

3,364

4,260

2.8

3.0

36.3

42.6

13.8

11.8

3.1

2.5

24.6

23.6

-

-

4,496

-

43,129

11,198

13,319

15.9

15.7

122.1

147.1

36.8

30.6

12.4

9.7

37.7

35.7

3.8

3.2

FMCG
Asian Paints

Neutral

Britannia

Buy

492

564

5,886

5,580

6,417

4.8

5.0

18.1

21.7

27.2

22.7

9.9

7.9

38.7

38.7

1.0

0.8

Colgate

Neutral

1,332

-

18,111

3,120

3,588

20.3

21.1

38.4

45.1

34.7

29.6

32.2

25.9

104.6

97.0

5.5

4.8

Dabur India

Neutral

132

-

22,954

6,196

7,183

16.3

16.8

4.5

5.5

29.2

24.0

12.1

9.4

43.4

44.0

3.8

3.2

GlaxoSmith Con*

Neutral

3,773

-

15,868

3,084

3,617

15.3

15.5

101.2

118.3

37.3

31.9

11.4

9.2

33.5

31.9

4.8

4.0

Godrej Consumer

Neutral

745

-

25,358

6,386

7,743

15.7

17.0

20.8

27.1

35.8

27.5

7.7

6.3

23.7

26.4

4.1

3.3

HUL

Neutral

470

-

101,636

25,350

28,974

13.3

13.5

15.1

17.0

31.1

27.7

24.8

17.7

85.7

74.3

3.7

3.2

ITC

Neutral

300

-

236,698

29,148

34,191

35.7

36.1

9.4

11.1

32.0

27.1

10.7

8.8

35.9

35.7

7.8

6.6

Marico

Neutral

217

-

14,016

4,747

5,402

13.6

13.6

6.3

7.8

34.3

27.8

7.0

5.7

26.0

22.6

3.0

2.5

Nestle*

Neutral

4,557

-

43,932

8,487

10,081

21.2

22.1

113.0

142.5

40.3

32.0

24.2

16.6

70.5

61.6

5.3

4.3

www.angelbroking.com

Market Outlook
February 19, 2013

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

Neutral

142

-

8,775

7,272

7,998

9.1

9.5

6.9

8.1

20.7

17.5

2.2

2.1

8.9

9.8

1.1

1.0

HCL Tech^

Accumulate

691

765

48,006

25,325

28,476

21.7

20.7

51.0

52.8

13.6

13.1

3.6

3.0

26.8

22.9

1.8

1.6

Hexaware*

Buy

85

113

2,531

1,948

2,136

20.9

18.3

10.9

10.1

7.8

8.5

2.1

1.8

27.2

21.2

1.0

0.8

Infosys

Neutral

2,777

-

159,440

40,746

44,283

28.9

28.8

162.6

172.9

17.1

16.1

4.0

3.4

23.5

21.3

3.3

2.9

Infotech Enterprises

Accumulate

166

184

1,857

1,881

1,987

17.9

17.4

18.5

19.4

9.0

8.6

1.3

1.2

14.8

13.6

0.6

0.5

KPIT Cummins

Buy

110

140

2,127

2,234

2,477

15.8

15.2

10.9

12.8

10.1

8.6

2.2

1.7

22.2

20.6

0.9

0.7

Mahindra Satyam

Accumulate

114

125

13,412

7,711

8,683

21.6

20.3

8.7

11.3

13.1

10.1

3.1

2.4

30.6

23.7

1.3

1.1

Mindtree

Accumulate

799

868

3,309

2,357

2,580

21.0

19.3

84.4

86.8

9.5

9.2

2.5

2.0

26.8

21.7

1.1

0.9

Mphasis&

Accumulate

355

396

7,452

5,531

5,874

17.6

17.5

35.4

37.7

10.0

9.4

1.5

1.3

14.7

13.5

0.9

0.7

NIIT

Buy

25

36

411

1,048

1,161

9.1

10.9

4.1

6.2

6.0

4.0

0.6

0.6

10.3

14.1

0.2

0.1

Persistent

Neutral

529

-

2,116

1,297

1,433

25.6

24.1

46.5

54.0

11.4

9.8

2.1

1.8

18.5

18.0

1.3

1.1

TCS

Neutral

1,425

-

278,894

62,954

70,871

29.0

28.9

71.6

79.1

19.9

18.0

6.6

5.4

33.2

29.7

4.3

3.7

Tech Mahindra

Accumulate

986

1,105

12,616

6,789

7,609

21.0

19.6

95.8

110.7

10.3

8.9

2.5

2.0

24.3

22.3

1.9

1.7

Wipro

Accumulate

402

429

99,026

43,514

47,304

20.1

19.4

26.6

27.7

15.1

14.5

3.0

2.6

19.7

17.9

1.9

1.7

D B Corp

Accumulate

239

266

4,379

1,583

1,787

23.9

25.4

11.9

14.5

20.2

16.4

4.0

3.4

21.4

22.4

2.7

2.3

HT Media

Accumulate

104

113

2,435

2,061

2,205

14.0

15.1

6.6

7.9

15.6

13.2

1.5

1.4

10.3

11.0

0.8

0.7

Jagran Prakashan

Buy

103

125

3,243

1,511

1,698

23.2

23.4

6.4

7.3

15.9

14.1

4.0

3.5

25.9

26.6

2.3

2.0

PVR

Neutral

273

-

790

820

1,307

17.3

17.3

11.2

17.8

24.5

15.3

1.1

1.0

9.7

10.8

1.0

0.6

Sun TV Network

Neutral

440

-

17,352

1,942

2,237

77.2

75.5

17.6

19.1

25.0

23.1

6.0

5.4

25.8

25.2

8.5

7.3

Bhushan Steel

Neutral

464

-

10,508

10,746

13,982

30.8

31.1

43.3

55.5

10.7

8.4

1.1

1.0

11.4

12.6

3.1

2.4

Coal India

Accumulate

343

368

216,936

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

2.1

Electrosteel Castings

Buy

23

34

780

1,984

2,074

10.6

11.6

1.8

2.6

12.8

8.7

0.4

0.2

3.6

5.1

0.6

0.5

Hind. Zinc

Buy

122

149

51,739

12,002

13,759

49.7

50.8

14.7

16.4

8.3

7.5

1.6

1.4

21.1

19.8

2.4

1.7

Hindalco

Neutral

111

-

21,261

80,205

88,987

9.0

9.2

13.4

13.8

8.3

8.1

0.6

0.6

7.9

7.6

0.6

0.6

JSW Steel

Neutral

803

-

17,914

39,072

40,493

16.5

18.2

82.4

90.3

9.7

8.9

1.0

0.9

10.7

10.7

0.9

0.9

MOIL

Neutral

250

-

4,192

933

954

46.9

45.5

25.8

26.1

9.7

9.6

1.5

1.4

16.7

15.1

2.0

1.9

Monnet Ispat

Buy

247

344

1,574

2,501

3,264

22.2

24.6

41.8

55.2

5.9

4.5

0.6

0.5

11.3

13.4

1.7

1.2

Nalco

Neutral

46

-

11,971

6,630

8,357

11.4

14.5

2.1

3.3

21.9

14.3

1.0

1.0

4.6

6.9

1.1

0.9

NMDC

Buy

151

198

59,768

11,209

12,525

78.4

78.3

18.5

20.6

8.1

7.3

2.0

1.7

27.0

24.6

3.4

2.8

FMCG
Tata Global
IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
February 19, 2013

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(%)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

Metals & Mining
SAIL

Neutral

78

-

32,239

43,438

56,199

12.0

12.2

6.5

8.5

12.0

9.2

0.8

0.7

6.6

8.2

1.0

0.8

Sesa Goa

Accumulate

168

183

14,579

2,412

3,911

30.8

33.1

29.6

31.8

5.7

5.3

0.9

0.8

16.3

15.4

7.4

4.6

Sterlite Inds

Accumulate

101

110

33,943

43,185

45,442

23.3

23.7

16.8

17.9

6.0

5.6

0.7

0.6

11.6

11.2

0.8

0.7

Tata Steel

Buy

385

463

37,421 145,725 154,108

8.3

9.5

22.0

44.5

17.5

8.7

0.8

0.8

4.9

9.3

0.5

0.5

Sarda

Buy

119

148

426

1,442

1,494

19.0

19.1

29.2

31.7

4.1

3.8

0.5

0.4

12.3

12.0

0.6

0.6

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

41

52

547

2,512

2,816

12.4

13.7

10.0

12.6

4.1

3.2

0.3

0.2

7.2

8.4

0.5

0.4

Accumulate

101

112

320

2,367

2,425

14.2

13.7

33.3

33.5

3.0

3.0

0.4

0.3

12.9

11.2

0.6

0.5

Cairn India

Buy

309

383

59,061

17,394

17,034

76.4

72.3

60.8

55.1

5.1

5.6

1.0

0.9

21.9

17.0

2.5

2.2

GAIL

Neutral

339

-

43,020

48,077

55,815

15.3

15.3

34.9

35.9

9.7

9.4

1.7

1.5

19.0

17.0

0.6

0.5

ONGC

Accumulate

317

357

271,594 144,089 158,065

32.8

34.7

28.7

34.4

11.1

9.2

1.8

1.6

17.0

18.3

1.6

1.4

Reliance Industries

Neutral

847

-

273,549 362,700 380,031

8.9

8.9

68.1

71.5

12.5

11.9

1.3

1.2

12.4

11.8

0.7

0.7

Gujarat Gas*

Neutral

290

-

3,717

3,128

3,707

13.2

11.7

22.8

23.5

12.7

12.3

3.8

3.4

33.2

29.2

1.1

0.9

Indraprastha Gas

Neutral

259

-

3,627

3,365

3,700

22.8

23.4

25.3

26.6

10.2

9.7

2.4

2.0

26.0

22.6

1.2

1.0

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

150

179

11,246

32,210

41,362

6.1

5.8

15.4

15.6

9.7

9.6

2.6

2.1

29.1

24.1

0.4

0.3

71

-

4,015

1,079

983

91.8

91.9

8.8

7.8

8.2

9.1

1.4

1.2

17.8

14.1

3.4

3.7

Alembic Pharma

Buy

77

95

1,447

1,490

1,714

16.2

17.1

7.4

9.5

10.4

8.1

2.8

2.2

30.7

30.2

1.1

0.9

Aurobindo Pharma

Accumulate

182

208

5,290

5,463

6,279

15.0

15.0

12.4

14.0

14.7

13.0

1.9

1.6

18.8

17.8

1.6

1.3

Aventis*

Neutral

2,304

-

5,306

1,482

1,682

17.5

16.6

82.9

87.8

27.8

26.2

4.4

3.5

16.3

14.8

3.4

2.9

Cadila Healthcare

Accumulate

755

817

15,449

6,148

7,386

15.3

18.0

24.6

39.5

30.7

19.1

5.8

4.6

18.4

25.1

2.9

2.4

Cipla

Accumulate

380

419

30,471

8,151

9,130

25.8

24.8

20.2

21.6

18.8

17.6

3.4

2.9

19.4

17.6

3.5

3.1

Dr Reddy's

Neutral

1,801

-

30,567

10,696

11,662

20.7

21.0

83.7

92.9

21.5

19.4

4.4

3.7

22.4

20.8

3.2

2.8

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Neutral

81

155

654

1,280

1,536

20.2

20.2

12.1

15.5

6.7

5.2

0.6

0.6

10.0

11.6

1.2

1.0

2,091

-

17,715

2,651

2,993

31.7

31.2

76.0

82.4

27.5

25.4

8.0

7.1

20.1

26.3

5.9

5.1

Buy

61

78

563

642

784

14.2

15.2

5.7

7.8

10.7

7.8

1.3

1.1

12.9

16.4

1.0

0.9

Ipca labs

Buy

471

559

5,937

2,850

3,474

21.0

21.0

29.9

37.3

15.7

12.6

3.8

3.0

26.7

26.4

2.3

1.9

Lupin

Accumulate

593

655

26,516

8,426

10,082

19.7

20.0

26.1

31.1

22.7

19.1

5.3

4.2

25.8

24.7

3.2

2.7

Ranbaxy*

Neutral

410

-

17,356

12,046

11,980

16.0

15.8

37.3

32.1

11.0

12.8

4.3

3.4

45.3

29.7

1.5

1.4

Sun Pharma

Neutral

788

-

81,452

10,111

12,563

42.6

42.6

28.9

29.8

27.3

26.4

5.5

4.7

22.3

19.2

7.4

5.8

73

78

1,101

1,502

1,535

32.1

31.9

11.4

12.5

6.4

5.8

0.7

0.7

7.6

11.9

1.2

1.0

Power
GIPCL

Accumulate

www.angelbroking.com

Market Outlook
February 19, 2013

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

Accumulate

151

163

124,548

72,809

81,951

23.4

24.1

12.2

13.6

12.4

11.1

1.5

1.4

12.2

12.5

2.3

2.2

DLF

Neutral

261

-

44,412

9,878

12,033

44.7

46.1

9.6

13.4

27.3

19.5

1.7

1.7

6.4

8.7

6.8

5.6

HDIL

Neutral

70

-

2,912

2,441

3,344

55.1

48.2

22.7

26.6

3.1

2.6

0.3

0.2

8.8

9.4

3.0

2.3

MLIFE

Accumulate

410

446

1,674

786

888

26.3

26.7

31.0

36.3

13.2

11.3

1.3

1.2

10.1

10.8

2.4

2.1

Bharti Airtel

Accumulate

314

350

119,185

80,521

87,160

30.5

30.5

6.4

10.4

49.1

30.2

2.3

2.1

4.6

7.0

2.3

2.1

Idea Cellular

Neutral

110

-

36,325

22,087

23,927

26.6

27.7

2.9

3.9

37.5

28.1

2.6

2.4

6.9

8.4

2.2

2.0

Rcom

Neutral

72

-

14,820

21,087

22,067

31.8

31.9

2.6

4.0

27.4

17.9

0.4

0.4

1.5

2.2

2.4

2.2

Power
NTPC
Real Estate

Telecom

zOthers
Abbott India

Buy

1,371

1,590

2,912

1,629

1,886

11.8

13.3

60.8

79.5

22.6

17.2

4.6

3.9

22.0

24.4

1.6

1.3

Bajaj Electricals

Buy

185

217

1,842

3,450

3,929

4.5

7.4

10.0

15.5

18.5

11.9

2.4

2.1

13.0

17.4

0.5

0.5

Cera Sanitaryware

Buy

416

495

526

460

596

16.4

16.2

34.7

45.0

12.0

9.2

3.0

2.3

27.7

27.8

1.2

1.0

Cravatex

Buy

355

545

92

272

308

7.2

7.3

37.5

45.4

9.5

7.8

2.3

1.8

23.7

22.7

0.4

0.4

CRISIL

Neutral

958

-

6,725

982

1,136

34.3

34.3

34.3

40.0

27.9

24.0

12.6

10.1

50.9

46.9

6.4

5.4

Finolex Cables

Buy

51

61

782

2,304

2,552

9.9

9.1

8.2

10.1

6.3

5.1

0.9

0.7

13.7

14.7

0.3

0.2

Force Motors

Buy

416

550

542

2,027

2,299

4.6

5.1

35.3

50.0

11.8

8.3

0.5

0.4

3.9

5.3

0.1

0.1

Goodyear India

Buy

286

360

659

1,494

1,607

6.4

7.8

23.9

33.0

11.9

8.7

1.9

1.6

16.5

20.1

0.2

0.2

Greenply Industries

Sell

391

309

943

1,925

2,235

10.6

10.9

29.6

44.1

13.2

8.9

2.2

1.8

16.8

21.0

0.8

0.6

Hitachi

Neutral

136

-

311

905

1,025

4.8

6.0

7.7

12.4

17.7

11.0

1.7

1.5

9.9

14.4

0.4

0.3

2,560

2,842

2,264

2,117

2,491

8.1

7.8

140.5

157.9

18.2

16.2

2.8

2.4

16.3

15.8

1.0

0.8

1,030

1,059

1,116

8.5

9.5

36.0

42.0

16.3

14.0

2.4

2.1

15.4

16.0

1.0

0.9

Honeywell Automation* Accumulate
Styrolution ABS India*

Buy

586

744

ITD Cementation

Buy

209

334

241

1,455

1,630

12.4

12.6

29.8

40.5

7.0

5.2

0.6

0.5

8.2

9.8

0.6

0.6

Jyothy Laboratories

Buy

145

167

2,339

816

979

14.5

14.9

5.2

6.0

28.1

24.1

3.2

3.0

8.8

10.2

3.1

2.5

MCX

Buy

1,215

1,440

6,195

553

624

65.3

66.3

62.5

72.0

19.5

16.9

5.3

4.6

27.5

27.4

8.0

6.6

MRF

Accumulate

12,458

13,416

5,284

13,030

14,405

10.3

10.6 1,418.1 1,677.1

8.8

7.4

1.5

1.3

19.1

18.7

0.5

0.4

Page Industries

Accumulate

3,270

3,438

3,647

856

1,047

19.1

19.6

101.2

127.3

32.3

25.7

16.6

12.3

58.5

54.9

4.3

3.5

Relaxo Footwears

Buy

690

887

828

989

1,148

10.7

11.7

41.8

55.5

16.5

12.4

3.8

2.9

25.5

26.3

1.0

0.8

Sintex Industries

Buy

59

79

1,858

4,751

5,189

16.3

16.6

13.6

15.8

4.4

3.8

0.6

0.5

12.9

13.2

0.8

0.6

Siyaram Silk Mills

Buy

276

332

259

1,048

1,157

11.3

12.0

58.7

66.5

4.7

4.2

0.8

0.7

18.9

18.3

0.5

0.5

S. Kumars Nationwide

Neutral

10

-

303

6,765

7,393

18.1

18.0

6.4

7.5

1.6

1.4

0.1

0.1

6.1

6.7

0.6

0.6

SpiceJet

Neutral

41

-

1,964

5,720

6,599

5.3

6.8

3.6

5.4

11.2

7.6

16.3

5.2

-

-

0.5

0.4

www.angelbroking.com

Market Outlook
February 19, 2013

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

zOthers
TAJ GVK

Buy

66

108

414

300

319

35.8

36.2

7.9

9.1

8.4

7.3

1.1

1.0

13.9

14.4

1.7

1.4

Tata Sponge Iron

Buy

304

379

467

782

818

16.5

17.0

61.8

65.4

4.9

4.6

0.7

0.6

15.7

14.7

0.2

0.2

TTK Healthcare

Buy

466

643

362

374

425

7.9

9.5

24.1

32.7

19.4

14.3

19.7

22.5

0.8

0.7

TVS Srichakra

Buy

224

276

172

1,461

1,591

5.6

7.1

6.9

39.4

32.4

5.7

1.3

1.1

3.8

20.6

0.3

0.3

United Spirits

Neutral

1,878

-

24,558

10,473

11,939

15.0

15.8

30.4

56.9

61.8

33.0

4.7

3.0

10.8

12.3

3.1

2.4

Vesuvius India

Neutral

323

-

656

560

611

16.1

17.0

24.7

28.8

13.1

11.2

2.0

1.7

15.8

16.2

1.1

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 18, 2013

www.angelbroking.com

Market Outlook
February 19, 2013

www.angelbroking.com

Sign up to vote on this title
UsefulNot useful