Market Outlook 

February 27, 2013

Dealer’s Diary
The Indian market is expected to open flat tracking similar opening in SGX Nifty
and most other Asian markets.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(1.6) (316.6) 19,015

Nifty

(1.6)

(93.4)

5,761

The US market moved mostly higher over the course of the trading day on Tuesday
after seeing some volatility in morning trading. This volatility came as Federal
Reserve Chairman testified before the Senate Banking Committee. The positive
sentiment was on the back of upbeat reports on new home sales and consumer
confidence. The US new home sales surged up by 15.6% in January 2013. With
this increase, sales rose to their highest rate since July 2008. Also, consumer
confidence index jumped to 69.6 in February 2013 from a revised 58.4 in January
2013. The European markets also showed significant moves to the downside on
the day due to the uncertainty created by the results of the Italian elections. After
two days of voting in crucial elections, Italy appears headed for political gridlock,
sparking fears of eventual comeback of European financial crisis

MID CAP

(1.8) (115.2)

6,414

SMALL CAP

(2.4) (157.3)

6,318

BSE HC

(1.9) (154.6)

7,867

BSE PSU

(2.3) (164.0)

6,989

BANKEX

(1.7) (232.2) 13,586

AUTO

(2.8) (297.2) 10,488

METAL

(2.3) (217.5)

9,240

OIL & GAS

(3.1) (274.8)

8,690

Meanwhile, Indian shares fell sharply on Tuesday, mirroring extremely weak Asian
and European cues as inconclusive Italian elections stoked fears about the outlook
for the Eurozone economy. The underlying sentiment remained cautious as
investors await the upcoming Union Budget this week for directional cues.

Dow Jones

BSE IT
Global Indices

Chg (%)

0.8

59.7

6,788

(Pts)

(Close)

116.0 13,900

0.4

13.4

3,130

FTSE

(1.3)

(84.9)

6,270

Nikkei

(2.3) (263.7) 11,399

Hang Seng

(1.3) (300.4) 22,520

Straits Times

(1.0)

(34.5)

3,254

The trend deciding level for the day is 19,095 / 5,783 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,213 – 19,412 / 5,817 – 5,873 levels. However, if NIFTY trades below
19,095 / 5,783 levels for the first half-an-hour of trade then it may correct up to
18,897 – 18,779 / 5,727 – 5,693 levels.

Shanghai Com

(1.4)

(32.5)

2,293

Chg (%)

(Pts)

(Close)

INFY

(0.2)

(0.1)

$54.5

WIT

(1.3)

(0.1)

$9.4

Indices

S2

S1

PIVOT

R1

R2

0.2

0.1

$41.8

SENSEX

18,779

18,897

19,095

19,213

19,412

IBN

NIFTY

5,693

5,727

5,783

5,817

5,873

HDB

1.2

0.5

$39.2

Markets Today

News Analysis
„
„
„
„
„

Elections deadlock in Italy unfavorable for investor sentiments
Railway Budget 2013 – 2014
2G spectrum auction: No applicant for GSM waves
4QCY2012 Result Review – Ranbaxy, Vesuvius
4QCY2012 Result Preview – Bosch

Purch

Sales

Net

MTD

YTD

FII

2,537

2,271

266

22,471

44,701

348

312

36

(1,490)

(6,204)

FII Derivatives (February 26, 2013)
` cr

Purch

Sales

Net

Open Interest

Index Futures

7,710

8,981

(1,271)

17,110

Stock Futures

7,790

7,382

408

30,570

chg (%)

Company

Gainers / Losers
Gainers

Losers

Idea Cellular

118

3.7

Jet Air India

Berger Paints

195

3.4

IFCI

1,013

2.2

283
1,494

Container Corp
Oberoi Realty
TCS

www.angelbroking.com

BSE

NSE

Advances

774

423

2,072

1,083

115

65

Volumes (` cr)

` cr

Price (`)

Advances / Declines

Unchanged

Net Inflows (February 25, 2013)

Company

Indian ADR

Declines

Refer detailed news analysis on the following page

MFs

NASDAQ

0.9

Price (`)

chg (%)

448

(11.1)

31

(6.1)

Strides Arco

973

(5.7)

1.8

Financial Tech

883

(5.2)

1.6

MMTC

488

(4.9)

BSE

1,960

NSE

10,469

Market Outlook
February 27, 2013

Elections deadlock
sentiments

in

Italy

unfavorable

for

investor

Elections in Italy have resulted in a deadlock as no political party has secured a
clear majority. But former Prime Minister Silvio Berlusconi (of centre-right political
bloc) has indicated that he might be open to a coalition with the center-left bloc,
having a majority in the lower house. In the upper house, Senate, 158 seats are
required for a majority but the center-left is likely to get about 119 seats, higher
than 117 seats for the center-right bloc. This sentiment is largely coming from
opposition to anti-austerity measures adopted by Mario Monti which is adversely
impacting growth and employment in the economy. The economy has reported
double-digit growth in unemployment and it presently stands at 11.2%. A
prolonged political stalemate is likely to result in further risk aversion, coming on
the back of the unfavorable reaction of equity markets to the recently released
minutes of the United States Federal Reserve’s monetary policy meeting.

Railway Budget 2013 – 2014
The Railway Minister Pawan Kumar Bansal presented his maiden railway budget in
Lok Sabha and emphasized largely on financial sustainability. The Railway Budget
for FY2014 aims to focus on 4 areas namely safety, consolidation, passenger
amenities and fiscal discipline. However, the Minister refrained from hiking
passenger fares since the railways had already increased passenger fares across
the board in January 2013. This revision is likely to bring in an additional `6,600
cr for the railways in FY2014. However, the fuel bill in FY2014 is estimated to
increase by `5,100cr due to revision in HSD oil prices and electricity tariffs.
In this backdrop, the Railway Minister has proposed to segregate the fuel
component in tariffs such that the fuel adjustment component (FAC) adjusts to
changes in fuel costs and has proposed to implement this revision in freight tariff
from April 1, 2013. This is likely to result in an upward revision of about 5.0% in
freight tariff. Since no additional hike in passenger fares is implemented during the
budget, the railway ministry would absorb the impact of the expected burden of
`850cr.
Further, the Railway Minister has also proposed to increase charges for super fast
trains, reservation fee, clerkage charge, cancellation charge and tatkal charge but
enhanced reservation fee is abolished to simplify the fee structure.
Passenger earnings are budgeted to increase robustly by 29.9% in FY2014 over
the previous year’s estimates while earnings from freight are budgeted to increase
by a more modest 8.8% during FY2014. We believe that the FY2014 budgeted
estimates of passenger earnings appear optimistic particularly as even the revised
estimate for FY2013 indicates a decline of almost 10.0% over the budgeted
estimate in that period. It is thus likely overstating the gross traffic receipts (FY2014
BE of Rs. 143,742) to an extent.
The operating ratio is slated to be brought down to 87.8% in FY2014 from the
revised estimate of 88.8% in FY2013. The deceleration in the operating ratio from
the 95.0% level in FY2012 suggests an improvement in the financial health of the
railways.

www.angelbroking.com

Market Outlook
February 27, 2013

For FY2014, the highest ever plan outlay of `63,363cr is likely to be financed
through Gross budgetary support of `26,000cr, road safety fund of `2,000cr,
internal resources of `14,260cr, market borrowing of `15,103cr and public
private partnerships of `6,000cr.
Going ahead the proposal for setting up of Railway Tariff Regulatory Authority, still
at inter-ministerial consultation stage, is a positive for the railways and we believe
its implementation would depoliticize railway tariff and ensure financial
sustainability.

2G spectrum auction: No applicant for GSM waves
The second round of 2G spectrum sale is virtually set to be a flop show as there is
no applicant for GSM band of radio waves while Sistema Shyam Teleservices
(SSTL) is the only firm for CDMA band at close of deadline for applying to take
part in the auction. While no application was received for the GSM band spectrum
at the close of deadline, SSTL was the lone applicant for the 800 MHz CDMA band
airwaves.
Government plans to conduct auction for spectrum unsold in November auction
along with spectrum that is held by operators whose licenses are due for renewal
in 2014. The government had expected to raise `40,000cr from the March
auction. This estimate is likely to come down to ~`3,000cr after SSTL pays for the
spectrum it has applied for, due to the lack of competing bidders. The Supreme
Court in February last year had cancelled 122 2G telecom licenses. The
government in November 2012 held auction for sale of partial spectrum vacated
by these companies. However, there was no bidder for CDMA spectrum and GSM
band radio waves in four circles (Delhi, Mumbai, Karnataka and Rajasthan) as
operators believed the reserve price was too stiff. We continue to remain Neutral
on overall telecom sector.

4QCY2012 Result Review
Ranbaxy (CMP: `417/ TP: -/ Upside: -)
For 4QCY2012 Ranbaxy Labs posted numbers above expectations on the topline front, while it reported lower-than-expected numbers on the profit front.
On the sales front, the company reported a 28.8% decline to end the period at
`2,671cr vs our expectation of `2,525cr. The main disappointment came on
the OPM front which came in at 3.4% vs our expectation of 9.3%. In addition
to this, contractual expenses along with the forex losses amounted to an
obligation of `506cr and `281cr respectively. This lead the company to post
an adj. net loss of around `154cr vs an expected net profit of `274cr. We
maintain our Neutral view on the stock.
Y/E
March

www.angelbroking.com

Sales
(` cr)

OPM

PAT

EPS

(%)

(` cr)

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(`)

(%)

(x)

(x)

(x)

(x)

CY2013E

12,046

16.0 1,572 37.3

45.3

11.2

4.3

9.3

1.5

CY2014E

11,980

15.8 1,356 32.1

29.7

13.0

3.5

9.0

1.4

Market Outlook
February 27, 2013

Vesuvius India (CMP: `332/ TP: `355/ Upside: 7.1%)
For 4QCY2012, Vesuvius India (VIL) reported better-than-expected results. Its topline grew slightly by 3.5% yoy to `154cr, and 10.6% higher than our expectation of
`139cr. For the full year CY2012, revenue grew by a marginal 3.8% yoy to
`564cr. EBITDA margin expanded by 298bp yoy to 19.3% for the quarter from
16.3% in 4QCY2011 mainly due to reduction in other expenses. Consequently,
the net profit for the quarter grew by 33% yoy from `13cr to `18cr in 4QCY2012.
As we roll over to CY2014E, considering current fall in stock price, we upgrade the
stock to Accumulate with a target price of `355 based on a target PE of 12x for
CY2014E.
Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

CY2013E

591

18

59

29

33.8

11.5

1.7

5.4

0.9

CY2014E

623

17

60

30

33.7

11.2

1.5

4.9

0.8

4QCY2012 Result Preview

Bosch (CMP: `8,851/ TP: `9,570/ Upside: 8%)
Bosch (BOS) is slated to announce its 4QCY2012 results today. We expect the
company to post a revenue growth of ~8% yoy to `2,202cr. The top-line growth is
likely to be restricted on account of the slowdown in the MHCV industry which is
the primary driver of the company's revenues. We expect EBITDA margins to
decline sharply by ~220bp yoy led by increasing cost pressures and unfavorable
currency movement. Hence, the net profit is expected to decline by ~29% yoy to
`199cr. At `8,851 the stock is trading at 19.4x CY2014E earnings. Currently we
have an Accumulate rating on the stock with a target price of `9,570.
Y/E

Sales

OPM

PAT

EPS

ROE

P/E

Dec.

(` cr)

(%)

(` cr)

(`)

(%)

(x)

P/BV EV/EBITDA EV/Sales
(x)

(x)

(x)

CY2013E

9,973

17.8 1,244 396.2

18.8

22.3

4.2

13.6

2.3

CY2014E

11,320

18.0 1,431 455.7

18.2

19.4

3.5

11.4

1.9

Economic and Political News
„
„
„
„

Dual diesel pricing at same pumps difficult to implement: Finance Ministry
DoT to start auction of CDMA spectrum from March 11, 2013
Goa loses `800cr in revenue due to mining closure
Disinvestment proceeds to fund PSUs, banks, insurers: Finance Ministry

Corporate News
„
„
„
„
„

Suzlon gets 103 MW order from ONGC
TCS to pay $30mn to settle wage dispute in California
Posco sets target to start production from Odisha plant
Jaguar launches XJ Ultimate priced at upto `1.9cr
US-based Janus picks up 5.16% stake in Havells India

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

www.angelbroking.com

Market Outlook
February 27, 2013
Result Calendar
Date

Company

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 27, 2013
February 28, 2013

3:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Feb F

(23.60)

(23.60)

3:00PM

UK

GDP (YoY)

% Change

4Q P

--

--

7:00PM

US

Initial Jobless claims

Thousands

Feb 23

362.00

360.00

3:30PM

Euro Zone Euro-Zone CPI (YoY)

%

Jan

2.20

2.00

2:25PM

Germany Unemployment change (000's)

Thousands

Feb

(16.00)

--

7:00PM

US

GDP Qoq (Annualised)

% Change

4Q S

(0.10)

0.50

11:00AM

India

Qtrly GDP YoY%

% Change

4Q

5.30

4.90

2:25PM

Germany PMI Manufacturing

Value

Feb F

50.10

50.10

3:00PM

UK

PMI Manufacturing

Value

Feb

50.80

51.00

6:30AM

China

PMI Manufacturing

Value

Feb

50.40

50.50

March 5, 2013

2:25PM

Germany PMI Services

Value

Feb F

54.10

--

March 6, 2013

3:30PM

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

% Change

4Q P

(0.60)

--

March 7, 2013

5:30PM

UK

% Ratio

Mar 7

0.50

0.50

6:15PM

Euro Zone ECB announces interest rates

%

Mar 7

0.75

--

5:29PM

China

Exports YoY%

% Change

Feb

25.00

--

7:00PM

US

Change in Nonfarm payrolls

Thousands

Feb

157.00

150.00

7:00PM

US

Unnemployment rate

%

Feb

7.90

7.90

7:00AM

China

Consumer Price Index (YoY)

% Change

Feb

2.00

--

11:00AM

China

Industrial Production (YoY)

% Change

Feb

10.30

--

4:29PM

India

Imports YoY%

% Change

Feb

6.10

--

4:29PM

India

Exports YoY%

% Change

Feb

0.80

--

March 12, 2013

3:00PM

UK

Industrial Production (YoY)

% Change

Jan

(1.70)

--

March 14, 2013

6:00PM

US

Producer Price Index (mom)

% Change

Feb

0.20

--

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Feb

6.62

--

6:00PM

US

Consumer price index (mom)

% Change

Feb

--

--

6:45PM

US

Industrial Production

%

Feb

(0.10)

--

6:00PM

US

Housing Starts

Thousands

Feb

890.00

--

6:00PM

US

Building permits

Thousands

Feb

925.00

--

3:00PM

UK

CPI (YoY)

% Change

Feb

2.70

--

11:00AM

India

RBI Repo rate

%

Mar 19

7.75

--

11:00AM

India

RBI Cash Reserve ratio

%

Mar 19

4.00

--

11:00AM

India

RBI Reverse Repo rate

%

Mar 19

6.75

--

3:00PM

UK

Jobless claims change

% Change

Feb

(12.50)

--

10:00PM

US

FOMC rate decision

%

Mar 20

0.25

--

March 1, 2013

March 8, 2013

March 9, 2013
March 11, 2013

March 15, 2013
March 19, 2013

March 20, 2013

Source: Bloomberg, Angel Research

BOE Announces rates

Market Outlook
February 27, 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

5.3 5.5 5.3

3.5

2.5

(4.0)

7.5

7.6

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

Exhibit 4: Manufacturing and services PMI
Mfg. PMI

60.0
7.7

May-12

Apr-12

Mar-12

Feb-12

Jan-12

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

(2.0)

Source: MOSPI, Angel Research

(%)
7.6

2.0

1.0

2.0
-

Exhibit 3: Monthly WPI inflation trends

7.6

7.5

8.0

8.1
7.3

7.2

7.2

Services PMI

58.0
6.6

56.0
54.0
52.0

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends
(%)

48.0
Jan-12

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

50.0
Feb-12

8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

4.3

4.0

Source: CSO, Angel Research

9.0

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

(%)
9.50

Imports yoy growth

30.0

15.0

Reverse Repo rate

CRR

8.50

7.75

7.50

6.75

6.50

Source: Bloomberg, Angel Research

www.angelbroking.com

4.00

4.50

Source: RBI, Angel Research

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

3.50

Apr-12

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

5.50

Mar-12

(30.0)

Jul-12

Jun-12

May-12

Apr-12

Mar-12

(15.0)

Feb-12

0.0

Market Outlook
February 27, 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

120

-

2,327

1,466

1,686

14.8

14.8

7.0

8.1

17.1

14.8

3.6

3.1

22.6

22.5

1.7

1.5

United Phosphorus

Buy

121

170

5,356

8,421

9,263

16.5

16.5

15.0

17.0

8.1

7.1

1.2

1.0

15.6

15.5

0.8

0.7

Amara Raja Batteries

Buy

260

323

4,439

2,983

3,477

16.1

16.1

18.5

21.6

14.0

12.1

4.0

3.1

32.9

29.1

1.5

1.3

Apollo Tyres

Accumulate

85

97

4,279

13,066

14,503

11.5

11.8

13.0

14.5

6.5

5.9

1.3

1.0

21.0

19.4

0.5

0.5

Ashok Leyland

Buy

23

28

6,026

12,910

14,836

8.8

9.6

1.5

2.2

15.3

10.2

2.0

1.9

9.3

13.4

0.6

0.5

Automotive Axle#

Neutral

331

-

500

934

1,103

10.2

10.7

24.5

34.3

13.5

9.6

1.7

1.5

13.2

16.9

0.6

0.5

Bajaj Auto

Neutral

1,922

-

55,613

20,775

23,889

18.5

19.0

107.6

126.4

17.9

15.2

7.4

5.8

45.8

42.8

2.4

2.0

Bharat Forge

Accumulate

214

242

4,972

5,973

6,707

14.4

15.2

13.4

18.6

16.0

11.5

2.1

1.8

13.6

16.9

1.0

0.8

Bosch India*

Accumulate

8,892

9,570

27,921

9,973

11,320

17.8

18.0

396.2

455.7

22.5

19.5

4.2

3.6

18.8

18.2

2.4

2.1

CEAT

Buy

95

163

325

4,822

5,403

8.2

8.3

29.8

40.8

3.2

2.3

0.4

0.4

14.5

17.0

0.3

0.2

Exide Industries

Neutral

126

-

10,680

6,016

7,026

12.7

14.4

5.8

7.8

21.5

16.0

3.2

2.7

15.4

18.2

1.5

1.2

FAG Bearings*

Accumulate

1,439

1,569

2,391

1,619

1,879

16.0

16.6

108.6

130.7

13.3

11.0

2.3

1.9

18.8

19.1

1.2

1.0

Hero Motocorp

Accumulate

1,690

1,923

33,751

23,990

27,038

13.8

14.6

105.8

120.2

16.0

14.1

6.4

5.2

44.3

41.0

1.1

1.0

JK Tyre

Buy

106

165

436

7,169

7,929

6.9

7.1

40.4

41.3

2.6

2.6

0.5

0.4

20.5

18.0

0.4

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

865

1,019

53,115

40,060

46,301

11.5

11.7

55.3

64.3

15.7

13.5

3.5

2.9

24.5

23.8

1.1

0.9

Maruti

Accumulate

1,406

1,563

40,625

43,381

52,411

7.5

8.9

65.6

97.7

21.4

14.4

2.4

2.1

11.8

15.6

0.8

0.6

Motherson Sumi

Accumulate

188

209

11,028

25,769

29,010

7.1

7.5

10.2

13.1

18.4

14.4

4.7

3.6

28.1

28.3

0.6

0.5

Subros

Buy

26

35

154

1,296

1,476

9.8

9.9

3.4

5.0

7.6

5.1

0.5

0.5

7.2

10.2

0.4

0.4

Tata Motors

Accumulate

289

326

77,087 184,201 209,642

12.4

13.5

28.0

36.3

10.3

8.0

2.3

1.8

24.6

25.4

0.5

0.4

TVS Motor

Buy

40

47

1,888

7,019

7,827

6.0

6.3

4.3

5.3

9.3

7.5

1.5

1.3

16.4

18.0

0.2

0.2

ABB*

Sell

568

487

12,028

8,073

9,052

5.5

7.2

11.3

17.4

50.4

32.6

4.4

4.0

8.9

12.8

1.5

1.4

BGR Energy

Neutral

211

-

1,522

3,412

4,104

13.0

11.6

24.6

26.2

8.6

8.1

1.2

1.1

30.7

25.7

0.8

0.7

BHEL

Neutral

202

-

49,466

47,801

43,757

18.0

17.1

24.1

20.8

8.4

9.7

2.5

2.1

32.9

23.6

0.9

1.0

Blue Star

Buy

171

238

1,541

2,748

2,896

4.4

5.6

6.8

9.3

25.3

18.4

3.5

3.0

14.5

17.6

0.7

0.6

Crompton Greaves

Buy

93

129

5,966

12,136

13,790

3.8

6.3

3.3

6.9

28.1

13.5

1.6

1.5

5.8

11.5

0.5

0.5

Jyoti Structures

Buy

35

49

287

2,802

3,074

9.5

9.8

7.7

10.9

4.6

3.2

0.4

0.4

9.6

12.1

0.3

0.3

KEC International

Buy

51

75

1,318

6,909

7,723

6.2

7.2

5.4

8.4

9.5

6.1

1.1

1.0

17.0

22.8

0.3

0.3

LMW

Neutral

2,026

-

2,282

2,369

2,727

11.7

11.7

143.4

166.0

14.1

12.2

2.4

2.2

17.4

18.4

0.5

0.4

Thermax

Neutral

580

-

6,912

5,529

5,798

9.0

9.6

27.1

30.3

21.4

19.2

3.7

3.3

18.6

18.2

1.1

1.0

Capital Goods

www.angelbroking.com

Market Outlook
February 27, 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

1,295

-

24,320

11,358

12,366

19.9

19.6

75.1

74.9

17.3

17.3

3.3

3.0

19.4

18.1

1.9

1.7

Ambuja Cements

Neutral

197

-

30,420

9,730

11,221

25.6

25.0

10.2

11.3

19.3

17.4

3.5

3.2

18.7

19.0

2.8

2.3

India Cements

Neutral

85

-

2,611

4,439

4,789

16.7

17.2

6.8

9.1

12.5

9.4

0.7

0.7

6.0

7.7

1.0

0.9

J K Lakshmi Cements

Accumulate

126

143

1,537

2,119

2,478

22.9

22.3

20.3

22.8

6.2

5.5

1.1

0.9

18.0

17.7

0.9

1.1

Madras Cements

Neutral

245

-

5,824

3,960

4,270

27.4

27.0

18.6

21.1

13.2

11.6

2.4

2.0

19.7

18.9

2.1

1.8

Shree Cements^

Neutral

4,331

-

15,087

5,678

6,251

29.0

28.6

288.1

334.0

15.0

13.0

4.2

3.3

31.7

28.4

2.1

1.7

UltraTech Cement

Neutral

1,905

-

52,236

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

2.3

208

268

1,095

20,466

23,017

22.5

22.5

24.4

27.0

8.5

7.7

1.0

0.9

12.3

12.1

0.2

0.2

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

12

-

216

2,262

2,522

5.9

6.3

0.9

1.6

12.8

7.5

0.4

0.3

2.7

4.6

0.4

0.4

IRB Infra

Buy

115

164

3,827

3,843

4,212

43.1

43.6

16.8

17.8

6.8

6.5

1.2

1.0

18.3

17.0

3.1

3.4

ITNL

Accumulate

198

225

3,843

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

2.8

IVRCL Infra

Buy

28

35

852

3,773

6,706

6.9

8.4

(3.9)

2.9

(7.1)

9.6

0.4

0.4

(5.4)

4.1

0.9

0.6

Jaiprakash Asso.

Buy

69

97

15,201

14,243

16,382

26.2

26.1

3.2

4.3

21.4

15.8

1.1

1.1

5.4

7.0

2.5

2.3

Larsen & Toubro

Buy

1,367

1,788

84,142

60,666

69,525

10.6

11.2

71.9

85.0

19.0

16.1

3.0

2.6

14.5

15.2

1.6

1.4

Nagarjuna Const.

Accumulate

37

44

953

5,863

6,576

8.1

8.2

3.1

4.1

12.1

9.1

0.4

0.4

3.2

4.2

0.6

0.5

Punj Lloyd

Neutral

43

-

1,418

11,892

13,116

10.2

10.2

(0.4)

3.0

(100.2)

14.4

0.5

0.5

3.8

0.5

0.5

Sadbhav Engg.

Buy

110

157

1,662

1,642

2,642

9.7

10.1

3.2

7.2

34.4

15.2

2.0

1.8

6.0

12.1

1.3

0.8

Simplex Infra

Buy

159

197

788

6,026

7,135

9.1

9.3

14.1

24.6

11.3

6.5

0.6

0.6

5.6

9.2

0.5

0.5

Unity Infra

Buy

33

59

242

2,180

2,455

13.7

13.4

13.3

15.0

2.5

2.2

0.3

0.3

12.5

12.5

0.5

0.5

Allahabad Bank

Buy

143

183

7,155

6,509

7,264

2.7

2.8

28.2

33.5

5.1

4.3

0.7

0.6

13.8

14.7

-

-

Andhra Bank

Neutral

95

-

5,305

4,795

5,475

3.0

3.0

21.8

21.9

4.3

4.3

0.7

0.7

15.4

13.8

-

-

Axis Bank

Buy

1,368

1,753

63,880

15,959

18,660

3.2

3.2

119.2

139.0

11.5

9.8

2.1

1.8

20.3

20.1

-

-

Bank of Baroda

Buy

726

935

29,850

14,889

17,393

2.5

2.6

108.2

134.0

6.7

5.4

1.0

0.9

15.3

16.7

-

-

Bank of India

Accumulate

329

380

18,849

12,793

14,823

2.3

2.4

49.5

65.1

6.6

5.0

0.9

0.8

13.6

16.0

-

-

Bank of Maharashtra

Accumulate

53

58

3,125

3,720

4,268

2.9

2.8

10.9

13.0

4.9

4.1

0.7

0.6

16.2

16.9

-

-

Canara Bank

Buy

427

517

18,932

10,783

12,000

2.1

2.3

64.8

82.2

6.6

5.2

0.9

0.8

13.2

15.0

-

-

Central Bank

Neutral

73

-

5,348

7,158

8,217

2.4

2.6

13.1

20.1

5.5

3.6

0.8

0.7

10.3

14.3

-

-

Corporation Bank

Buy

398

517

5,890

4,919

5,634

2.1

2.2

96.7

99.9

4.1

4.0

0.7

0.6

16.3

14.9

-

-

Dena Bank

Buy

95

124

3,329

3,090

3,462

2.7

2.7

25.6

24.6

3.7

3.9

0.7

0.6

19.2

15.9

-

-

Financials

www.angelbroking.com

Market Outlook
February 27, 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

494

557

8,440

2,667

2,920

3.2

3.2

49.1

51.4

10.1

9.6

1.3

1.2

13.9

13.1

-

-

HDFC

Neutral

772

-

119,199

7,446

8,923

3.5

3.5

32.2

38.5

24.0

20.0

4.9

4.4

35.4

32.6

-

-

HDFC Bank

Neutral

649

-

153,901

21,724

26,578

4.3

4.3

28.7

36.1

22.6

18.0

4.3

3.7

20.7

22.1

-

-

ICICI Bank

Buy

1,064

1,404

122,300

22,317

26,217

2.9

3.0

72.0

84.6

14.8

12.6

1.9

1.7

14.9

15.9

-

-

IDBI Bank

Buy

94

122

11,985

8,196

9,305

1.9

2.1

15.4

22.3

6.1

4.2

0.7

0.6

10.7

14.1

-

-

Indian Bank

Buy

178

221

7,654

5,716

6,362

3.2

3.2

37.7

41.1

4.7

4.3

0.8

0.7

16.9

16.2

-

-

IOB

Buy

73

88

5,802

7,231

8,369

2.4

2.5

10.2

20.2

7.1

3.6

0.6

0.5

7.4

13.4

-

-

J & K Bank

Accumulate

1,282

1,406

6,216

2,784

2,932

3.7

3.7

229.2

199.6

5.6

6.4

1.3

1.1

24.6

18.2

-

-

LIC Housing Finance

Accumulate

240

264

12,132

1,722

2,080

2.2

2.2

19.9

24.6

12.1

9.8

1.9

1.6

16.6

17.9

-

-

Oriental Bank

Buy

275

336

8,009

6,360

7,004

2.6

2.8

48.1

59.4

5.7

4.6

0.7

0.6

12.1

13.5

-

-

Punjab Natl.Bank

Buy

827

1,053

28,042

19,202

22,040

3.2

3.4

146.8

167.9

5.6

4.9

1.0

0.9

17.6

17.5

-

-

South Ind.Bank

Buy

24

34

3,273

1,583

1,789

3.0

2.9

3.5

4.1

7.0

6.0

1.2

1.0

19.1

17.7

-

-

St Bk of India

Buy

2,199

2,597

147,563

60,594

70,439

3.3

3.3

221.9

257.4

9.9

8.5

1.7

1.4

17.4

17.7

-

-

Syndicate Bank

Buy

121

153

7,302

6,673

7,644

2.9

3.0

32.0

27.9

3.8

4.4

0.8

0.7

22.0

16.5

-

-

UCO Bank

Neutral

63

-

4,178

5,388

6,262

2.4

2.6

9.0

14.9

7.0

4.2

0.9

0.8

9.1

13.8

-

-

Union Bank

Buy

216

286

11,914

10,006

11,558

2.8

2.8

36.4

47.0

5.9

4.6

0.9

0.7

14.6

16.6

-

-

United Bank

Buy

66

82

2,383

3,549

3,814

2.5

2.7

12.0

21.4

5.5

3.1

0.6

0.5

10.1

16.3

-

-

Vijaya Bank

Neutral

52

-

2,582

2,342

2,763

1.9

2.1

8.0

10.9

6.5

4.8

0.7

0.6

10.1

12.6

-

-

Yes Bank

Buy

472

576

16,901

3,364

4,260

2.8

3.0

36.3

42.6

13.0

11.1

2.9

2.4

24.6

23.6

-

-

4,396

-

42,166

11,198

13,319

15.9

15.7

122.1

147.1

36.0

29.9

12.2

9.5

37.7

35.7

3.8

3.2

FMCG
Asian Paints

Neutral

Britannia

Accumulate

490

564

5,852

5,580

6,417

4.8

5.0

18.1

21.7

27.1

22.6

9.8

7.9

38.7

38.7

1.0

0.8

Colgate

Neutral

1,294

-

17,602

3,120

3,588

20.3

21.1

38.4

45.1

33.7

28.7

31.3

25.1

104.6

97.0

5.5

4.7

Dabur India

Neutral

128

-

22,388

6,196

7,183

16.3

16.8

4.5

5.5

28.5

23.5

11.8

9.2

43.4

44.0

3.6

3.1

GlaxoSmith Con*

Neutral

3,894

-

16,377

3,084

3,617

15.2

16.3

103.9

123.0

37.5

31.7

12.0

9.9

34.9

34.3

4.9

4.2

Godrej Consumer

Neutral

718

-

24,449

6,386

7,743

15.7

17.0

20.8

27.1

34.5

26.5

7.4

6.1

23.7

26.4

4.1

3.3

HUL

Neutral

453

-

97,834

25,350

28,974

13.3

13.5

15.1

17.0

30.0

26.7

23.8

17.0

85.7

74.3

3.7

3.2

ITC

Neutral

291

-

229,169

29,148

34,191

35.7

36.1

9.4

11.1

31.0

26.2

10.3

8.5

35.9

35.7

7.6

6.4

Marico

Neutral

219

-

14,135

4,747

5,402

13.6

13.6

6.3

7.8

34.6

28.0

7.1

5.8

26.0

22.6

3.1

2.6

Nestle*

Neutral

4,611

-

44,457

8,302

9,739

22.0

21.5

110.7

130.8

41.7

35.3

24.7

17.7

69.5

58.6

5.4

4.5

www.angelbroking.com

Market Outlook
February 27, 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

132

-

8,154

7,272

7,998

9.1

9.5

6.9

8.1

19.2

16.2

2.0

1.9

8.9

9.8

1.1

0.9

HCL Tech^

Neutral

726

-

50,421

25,325

28,476

21.7

20.7

51.0

52.8

14.2

13.8

3.8

3.1

26.8

22.9

1.9

1.6

Hexaware*

Buy

85

113

2,528

1,948

2,136

20.9

18.3

10.9

10.1

7.8

8.4

2.1

1.7

27.2

21.0

1.1

0.9

Infosys

Neutral

2,960

-

169,980

40,746

44,283

28.9

28.8

162.6

172.9

18.2

17.1

4.3

3.7

23.5

21.3

3.5

3.1

Infotech Enterprises

Accumulate

168

184

1,870

1,881

1,987

17.9

17.4

18.5

19.4

9.1

8.6

1.3

1.2

14.8

13.6

0.7

0.5

KPIT Cummins

Buy

106

140

2,037

2,234

2,477

15.8

15.2

10.9

12.8

9.7

8.3

2.1

1.7

22.2

20.6

0.9

0.8

Mahindra Satyam

Accumulate

117

125

13,795

7,711

8,683

21.6

20.3

8.7

11.3

13.5

10.3

3.2

2.4

30.6

23.7

1.4

1.2

Mindtree

Neutral

860

-

3,559

2,357

2,580

21.0

19.3

84.4

86.8

10.2

9.9

2.7

2.1

26.8

21.7

1.3

1.0

Mphasis&

Accumulate

375

396

7,879

5,531

5,874

17.6

17.5

35.4

37.7

10.6

10.0

1.6

1.3

14.7

13.5

0.9

0.8

NIIT

Buy

24

36

397

1,048

1,161

9.1

10.9

4.1

6.2

5.8

3.9

0.6

0.6

10.3

14.1

0.2

0.1

Persistent

Neutral

564

-

2,256

1,297

1,433

25.6

24.1

46.5

54.0

12.1

10.5

2.2

1.9

18.5

18.0

1.4

1.2

TCS

Neutral

1,494

-

292,468

62,954

70,871

29.0

28.9

71.6

79.1

20.9

18.9

6.9

5.6

33.2

29.7

4.4

3.8

Tech Mahindra

Accumulate

1,025

1,105

13,111

6,789

7,609

21.0

19.6

95.8

110.7

10.7

9.3

2.6

2.1

24.3

22.3

2.0

1.7

Wipro

Neutral

416

-

102,376

43,514

47,304

20.1

19.4

26.6

27.7

15.7

15.0

3.1

2.6

19.7

17.9

2.0

1.8

D B Corp

Buy

236

276

4,319

1,583

1,787

23.9

25.4

11.9

14.5

19.9

16.2

3.9

3.4

21.4

22.4

2.6

2.3

HT Media

Accumulate

103

113

2,421

2,061

2,205

14.0

15.1

6.6

7.9

15.5

13.1

1.5

1.4

10.3

11.0

0.8

0.7

Jagran Prakashan

Buy

100

125

3,163

1,511

1,698

23.2

23.4

6.4

7.3

15.5

13.7

3.9

3.4

25.9

26.6

2.3

2.0

PVR

Neutral

257

-

747

820

1,307

17.3

17.3

11.2

17.8

23.1

14.5

1.1

1.0

9.7

10.8

1.0

0.6

Sun TV Network

Neutral

423

-

16,680

1,942

2,237

77.2

75.5

17.6

19.1

24.1

22.2

5.8

5.2

25.8

25.2

8.2

7.0

Bhushan Steel

Neutral

463

-

10,484

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

315

368

198,997

66,666

70,292

25.7

27.3

24.2

26.6

13.0

11.8

3.9

3.1

33.1

29.1

2.1

1.9

Electrosteel Castings

Buy

20

28

699

1,984

2,074

10.6

11.6

1.8

2.6

11.5

7.8

0.4

0.2

3.6

5.1

0.5

0.5

Hind. Zinc

Buy

117

149

49,352

12,002

13,759

49.7

50.8

14.7

16.4

7.9

7.1

1.5

1.3

21.1

19.8

2.2

1.5

Hindalco

Neutral

102

-

19,529

80,205

88,987

9.0

9.2

13.4

13.8

7.6

7.4

0.6

0.5

7.9

7.6

0.6

0.6

JSW Steel

Neutral

763

-

17,031

39,072

40,493

16.5

18.2

82.4

90.3

9.3

8.5

0.9

0.9

10.7

10.7

0.9

0.8

MOIL

Neutral

241

-

4,056

933

954

46.9

45.5

25.8

26.1

9.3

9.2

1.5

1.3

16.7

15.1

2.0

1.8

Monnet Ispat

Buy

243

318

1,549

2,287

2,883

21.8

21.8

35.3

40.7

6.9

6.0

0.6

0.6

9.6

10.2

1.9

1.4

Nalco

Neutral

45

-

11,585

6,630

8,357

11.4

14.5

2.1

3.3

21.1

13.8

1.0

0.9

4.6

6.9

1.1

0.9

NMDC

Buy

139

181

55,228

9,674

11,536

75.2

76.6

16.0

18.6

8.7

7.5

1.9

1.6

23.6

23.0

3.7

2.9

FMCG
Tata Global
IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
February 27, 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

Sesa Goa

Accumulate

Sterlite Inds

Accumulate

Tata Steel

Buy

Sarda

Buy

111

148

399

1,442

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

36

52

488

Accumulate

95

112

Cairn India

Buy

307

GAIL

Neutral

340

ONGC

Accumulate

306

Reliance Industries

Neutral

824

Gujarat Gas*

Neutral

280

-

3,597

3,707

Indraprastha Gas

Neutral

263

-

3,676

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

141

179

67

Alembic Pharma

Buy

Aurobindo Pharma

Accumulate

Aventis*

Neutral

2,307

Cadila Healthcare

Accumulate

765

Cipla

Accumulate

362

Dr Reddy's

Neutral

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Buy

Ipca labs

Neutral

73

-

30,070

43,438

56,199

12.0

12.2

6.5

8.5

11.2

8.6

0.7

0.7

6.6

8.2

1.0

0.7

159

183

13,793

2,412

3,911

30.8

33.1

29.6

31.8

5.4

5.0

0.8

0.7

16.3

15.4

7.2

4.5

95

110

31,943

43,185

45,442

23.3

23.7

16.8

17.9

5.7

5.3

0.6

0.6

11.6

11.2

0.7

0.7

350

443

33,978 142,732 146,575

7.4

9.9

7.2

34.7

48.7

10.1

0.8

0.7

1.6

7.5

0.5

0.5

1,494

19.0

19.1

29.2

31.7

3.8

3.5

0.4

0.4

12.3

12.0

0.6

0.6

2,512

2,816

12.4

13.7

10.0

12.6

3.6

2.9

0.2

0.2

7.2

8.4

0.5

0.4

303

2,367

2,425

14.2

13.7

33.3

33.5

2.9

2.9

0.3

0.3

12.9

11.2

0.6

0.5

383

58,642

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

-

43,071

48,077

55,815

15.3

15.3

34.9

35.9

9.7

9.5

1.7

1.5

19.0

17.0

0.6

0.5

357

262,055 144,089 158,065

32.8

34.7

28.7

34.4

10.7

8.9

1.7

1.5

17.0

18.3

1.6

1.4

-

266,010 362,700 380,031

8.9

8.9

68.1

71.5

12.1

11.5

1.3

1.2

12.4

11.8

0.7

0.7

3,850

11.7

12.4

23.7

25.7

11.8

10.9

3.3

2.9

29.6

28.2

0.9

0.8

3,365

3,700

22.8

23.4

25.3

26.6

10.4

9.9

2.4

2.1

26.0

22.6

1.2

1.1

10,601

32,210

41,362

6.1

5.8

15.4

15.6

9.2

9.1

2.4

2.0

29.1

24.1

0.4

0.3

-

3,765

1,079

983

91.8

91.9

8.8

7.8

7.7

8.5

1.3

1.1

17.8

14.1

3.3

3.5

80

95

1,509

1,490

1,714

16.2

17.1

7.4

9.5

10.8

8.4

2.9

2.3

30.7

30.2

1.1

0.9

172

208

5,003

5,463

6,279

15.0

15.0

12.4

14.0

13.9

12.3

1.8

1.5

18.8

17.8

1.5

1.3

-

5,312

1,482

1,682

17.5

16.6

82.9

87.8

27.8

26.3

4.4

3.5

16.3

14.8

3.4

2.9

817

15,668

6,148

7,386

15.3

18.0

24.6

39.5

31.1

19.4

5.8

4.7

18.4

25.1

3.0

2.4

419

29,026

8,151

9,130

25.8

24.8

20.2

21.6

17.9

16.7

3.2

2.7

19.4

17.6

3.4

3.0

1,766

-

29,979

10,696

11,662

20.7

21.0

83.7

92.9

21.1

19.0

4.3

3.6

22.4

20.8

3.2

2.8

71

155

575

1,280

1,536

20.2

20.2

12.1

15.5

5.9

4.6

0.6

0.5

10.0

11.6

1.2

1.0

2,092

-

17,721

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

66

78

611

642

784

14.2

15.2

5.7

7.8

11.6

8.5

1.4

1.2

12.9

16.4

1.1

1.0

Accumulate

492

559

6,210

2,850

3,474

21.0

21.0

29.9

37.3

16.5

13.2

3.9

3.1

26.7

26.4

2.4

1.9

Lupin

Accumulate

597

655

26,711

8,426

10,082

19.7

20.0

26.1

31.1

22.9

19.2

5.3

4.3

25.8

24.7

3.4

2.8

Ranbaxy*

Neutral

417

-

17,652

12,046

11,980

16.0

15.8

37.3

32.1

11.2

13.0

4.3

3.5

45.3

29.7

1.5

1.5

Sun Pharma

Neutral

799

-

82,636

10,111

12,563

42.6

42.6

28.9

29.8

27.7

26.8

5.6

4.8

22.3

19.2

7.7

6.1

72

78

1,085

1,502

1,535

32.1

31.9

11.4

12.5

6.3

5.7

0.7

0.7

7.6

11.9

1.2

1.0

Power
GIPCL

Accumulate

www.angelbroking.com

Market Outlook
February 27, 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

124,507

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

Accumulate

269

288

45,754

7,953

9,699

34.7

37.0

4.4

6.0

61.6

45.1

1.8

1.7

3.1

3.8

7.9

6.2

MLIFE

Accumulate

408

446

1,667

786

888

26.3

26.7

31.0

36.3

13.2

11.3

1.3

1.2

10.1

10.8

2.5

2.1

Bharti Airtel

Accumulate

311

350

118,217

80,521

87,160

30.5

30.5

6.4

10.4

48.7

29.9

2.3

2.1

4.6

7.0

2.3

2.1

Idea Cellular

Neutral

118

-

39,091

22,087

23,927

26.6

27.7

2.9

3.9

40.4

30.2

2.8

2.6

6.9

8.4

2.3

2.1

Rcom

Neutral

68

-

14,004

21,087

22,067

31.8

31.9

2.6

4.0

25.9

17.0

0.4

0.4

1.5

2.2

2.4

2.2

11.8

13.3

60.8

79.5

22.4

17.1

4.6

3.8

22.0

24.4

1.6

1.3

Power
NTPC
Real Estate

Telecom

zOthers
Abbott India

Buy

1,362

1,590

2,895

1,629

1,886

Bajaj Electricals

Buy

177

217

1,763

3,450

3,929

4.5

7.4

10.0

15.5

17.7

11.4

2.3

2.0

13.0

17.4

0.5

0.5

Cera Sanitaryware

Buy

415

495

525

460

596

16.4

16.2

34.7

45.0

12.0

9.2

2.9

2.3

27.7

27.8

1.2

0.9

Cravatex

Buy

350

545

90

272

308

7.2

7.3

37.5

45.4

9.3

7.7

2.2

1.8

23.7

22.7

0.4

0.4

CRISIL

Neutral

967

-

6,794

982

1,136

34.3

34.3

34.3

40.0

28.2

24.2

12.8

10.2

50.9

46.9

6.5

5.4

Finolex Cables

Buy

49

61

753

2,304

2,552

9.9

9.1

8.2

10.1

6.0

4.9

0.8

0.7

13.7

14.7

0.3

0.3

Force Motors

Buy

415

550

541

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

287

360

662

1,494

1,607

6.4

7.8

23.9

33.0

12.0

8.7

1.9

1.6

16.5

20.1

0.2

0.2

Greenply Industries

Sell

353

309

853

1,925

2,235

10.6

10.9

29.6

44.1

12.0

8.0

2.0

1.6

16.8

21.0

0.8

0.6

Hitachi

Neutral

Honeywell Automation* Accumulate

131

-

300

905

1,025

4.8

6.0

7.7

12.4

17.1

10.6

1.6

1.4

9.9

14.4

0.4

0.4

2,590

2,842

2,290

2,117

2,491

8.1

7.8

140.5

157.9

18.4

16.4

2.8

2.4

16.3

15.8

1.0

0.8

Styrolution ABS India*

Buy

606

744

1,066

1,059

1,116

8.5

9.5

36.0

42.0

16.8

14.4

2.5

2.1

15.4

16.0

1.1

1.0

ITD Cementation

Buy

206

334

237

1,455

1,630

12.4

12.6

29.8

40.5

6.9

5.1

0.5

0.5

8.2

9.8

0.6

0.6

Jyothy Laboratories

Accumulate

MCX

Buy

MRF

Accumulate

Page Industries

Neutral

Relaxo Footwears
Sintex Industries

156

167

2,523

816

979

14.5

14.9

5.2

6.0

30.4

26.0

3.5

3.2

8.8

10.2

3.3

2.7

1,123

1,440

5,727

553

624

65.3

66.3

62.5

72.0

18.0

15.6

4.9

4.3

27.5

27.4

7.7

6.4

12,181

13,416

5,166

13,030

14,405

10.3

10.6 1,418.1 1,677.1

8.6

7.3

1.5

1.3

19.1

18.7

0.5

0.4

3,296

-

3,676

856

1,047

19.1

19.6

101.2

127.3

32.6

25.9

16.7

12.4

58.5

54.9

4.4

3.6

Buy

613

887

736

989

1,148

10.7

11.7

41.8

55.5

14.7

11.1

3.3

2.6

25.5

26.3

0.9

0.8

Buy

57

79

1,783

4,751

5,189

16.3

16.6

13.6

15.8

4.2

3.6

0.6

0.5

12.9

13.2

0.8

0.6

Siyaram Silk Mills

Buy

269

332

253

1,048

1,157

11.3

12.0

58.7

66.5

4.6

4.1

0.8

0.7

18.9

18.3

0.5

0.5

S. Kumars Nationwide

Neutral

9

-

281

6,765

7,393

18.1

18.0

6.4

7.5

1.5

1.3

0.1

0.1

6.1

6.7

0.6

0.6

SpiceJet

Buy

35

43

1,676

5,720

6,599

5.3

6.8

3.6

5.4

9.6

6.5

13.9

4.4

-

-

0.4

0.4

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

1.5

www.angelbroking.com

Market Outlook
February 27, 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

FY14E

PER(x)
FY13E

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

0.7

0.7

15.7

14.7

0.3

0.2

19.7

22.5

0.8

0.6

zOthers
Tata Sponge Iron

Buy

308

379

475

782

818

16.5

17.0

61.8

65.4

5.0

4.7

TTK Healthcare

Buy

437

643

340

374

425

7.9

9.5

24.1

32.7

18.2

13.4

TVS Srichakra

Buy

210

276

160

1,461

1,591

5.6

7.1

6.9

39.4

30.3

5.3

1.2

1.0

3.8

20.6

0.3

0.3

United Spirits

Neutral

1,801

-

23,552

10,473

11,939

15.0

15.8

30.4

56.9

59.2

31.7

4.5

2.9

10.8

12.3

3.0

2.3

Vesuvius India

Neutral

332

-

674

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 February 26, 2013

www.angelbroking.com

Market Outlook
February 27, 2013

www.angelbroking.com