Market Outlook 

March 4, 2013

Dealer’s Diary
The Indian market is expected to open in the red today mirroring negative opening
trades in the SGX Nifty and mixed opening in the Asian markets.
After recovering from an early move, US markets slid on Friday. They then saw
modest strength for much of the remainder of the trading session. The strength on
the day came as upbeat economic data overshadowed concerns about the impact
of automatic government spending cuts. The major averages moved roughly
sideways going into the close, hovering in positive territory. The European markets
ended Friday's session with mixed results. A number of weaker-than-expected
economic reports weighed on investor sentiments at the end of the trading week.
Manufacturing data from China and the UK were disappointing, while
unemployment in the Eurozone climbed to a record high. The markets managed to
recover some ground in the afternoon, following some better-than-expected
economic reports in the US, including the stronger-than-expected ISM
manufacturing data.
Meanwhile, Indian shares rose on Friday, rebounding from three-month lows after
the finance ministry clarified it would not question the validity of tax residency
certificates held by foreign investors. India's indexes, however, ended lower for a
fifth consecutive week after the budget on Thursday disappointed investors by
financing increased revenues in part by raising taxes on some companies and
high-earners.

Markets Today

Indices

S2

S1

PIVOT

R1

R2

SENSEX

18,741

18,830

18,909

18,998

19,077

NIFTY

5,653

5,687

5,713

5,746

5,773

News Analysis
„
„

Net Inflows (February 28, 2013)
` cr

Purch

Sales

Net

MTD

YTD

FII

7,182

8,456

(1,275)

22,122

44,352

MFs

1,669

1,199

470

(848)

(5,561)

FII Derivatives (March 01, 2013)
` cr

Purch

Sales

Net

Index Futures

1,707

1,970

(263)

8,662

Stock Futures

2,254

1,683

570

23,705

Open Interest

Price (`)

chg (%)

Company

65

18.8

NHPC

Gainers / Losers
Gainers
Core Projects
Suzlon Energy

Losers
Price (`)

chg (%)

24

(10.6)

19

18.1

DLF

260

(6.3)

Sun TV Network

438

6.0

REC

214

(6.2)

Gujarat Fluo

295

6.0

Astrazeneca Phar

898

(5.5)

Opto Circuits

53

5.8

MMTC

407

(5.5)

www.angelbroking.com

(Close)

0.3

57.0 18,919

0.5

26.6

5,720

MID CAP

0.3

18.2

6,321

SMALL CAP

(0.2)

(10.9)

6,195

BSE HC

0.1

8.8

7,819

BSE PSU

0.1

3.6

6,866

BANKEX

0.3

38.0 13,242

AUTO

1.5

157.0 10,616

METAL
OIL & GAS
BSE IT
Global Indices

0.6

56.8

9,125

(0.0)

(3.5)

8,645

0.1

8.7

6,763

(Pts)

(Close)

Chg (%)

Dow Jones

0.3

35.2 14,090

NASDAQ

0.3

9.6

3,170

FTSE

0.3

17.8

6,379

Nikkei

0.4

47.0 11,606

Hang Seng

(0.6) (140.1) 22,880

Straits Times

(0.0)

(0.5)

3,270

Shanghai Com

(0.3)

(6.1)

2,360

Chg (%)

(Pts)

(Close)

0.1

0.0

$54.0

INFY
WIT

0.5

0.0

$9.7

IBN

(0.3)

(0.1)

$41.8

0.3

0.1

$38.2

HDB
Advances / Declines

BSE

NSE

Advances

1,336

687

Declines

1,522

819

112

78

Volumes (` cr)

Refer detailed news analysis on the following page

Company

(Pts)

Nifty

Unchanged

Quick clarification on TRC issue to soothe investor sentiments
Auto sales numbers – February 2013
SKNL plans to raise `600cr by selling Reid & Taylor shares

Chg (%)

BSE Sensex

Indian ADR

The trend deciding level for the day is 18,909 / 5,713 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,998 – 19,077 / 5,746 – 5,773 levels. However, if NIFTY trades below
18,909 / 5,713 levels for the first half-an-hour of trade then it may correct up to
18,830 – 18,741 / 5,687 – 5,653 levels.

„

Domestic Indices

BSE

2,045

NSE

12,135

Market Outlook
March 4, 2013

Quick clarification on TRC issue to soothe investor sentiments
Markets reacted negatively post the budget on account of confusion regarding
amendment to the requirements for claiming the benefit of DTAA (double taxation
avoidance agreement). But the finance ministry was quick to clear the confusion
regarding its statement on furnishing of TRC (tax residency certificate) being a
‘necessary but not sufficient condition’ to qualify for the benefits. It elucidated that
the validity of TRCs held by foreign investors will not be questioned and accepted
as evidence of residence while concerns over DTAA will be addressed suitably in
the Finance Bill.
We believe that the government is unlikely to fray nerves of foreign investors since
capital inflows are of utmost importance to finance the widening current account
deficit. In fact, the Finance Minister in his budget speech admitted that the current
account deficit is more worrying than the fiscal deficit and the economy needs to
find over USD 75bn to finance the CAD in this as well as the coming year too.

Auto sales numbers – February 2013
Ashok Leyland
Ashok Leyland (AL) reported slightly lower-than-expected volumes led by continued
weakness in the medium and heavy commercial vehicle (MHCV) segment, which
declined by 26% yoy (up 2.6% mom) to 7,045 units. Consequently, total volumes
declined 9.5% yoy (4.9% mom) to 10,046 units. Dost volumes, however,
maintained its steady performance and recorded sales of 3,001 units.

Tata Motors
Tata Motors (TTMT) reported in-line volumes for February 2013 with total volumes
registering a decline of 32.7% yoy to 61,998 units led by 33.1% and 26.2% yoy
decline in domestic and export volumes respectively. The domestic performance
was severely impacted on account of deteriorating sales performance in the MHCV
and passenger vehicle segments which witnessed a significant decline of 45% and
69.5% yoy respectively. The light commercial vehicle sales however, maintained its
momentum posting a strong growth of 13% yoy.

Mahindra and Mahindra
Mahindra and Mahindra (MM) reported an in-line volume growth of 7.3% yoy
(down 6.4% mom) in February 2013 as the farm equipment segment continued to
post decline in sales. However, the automotive segment registered a healthy
growth of 11% yoy (down 3.4% mom) driven by continued traction in the
passenger vehicle segment (up 13.8% yoy) on the back of the new launches
XUV5OO, Quanto and Rexton. The three-wheeler segment however registered a
sluggish growth with volumes declining by 6% yoy (17.3% mom). The export
volumes staged a recovery during the month and posted a strong 30.4% yoy
growth (106.1% mom) to 3,425 units. In the farm-equipment segment, MM
posted a decline of 3% yoy led by weakness in domestic markets, which posted a
decline of 3% yoy during the month.

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Market Outlook
March 4, 2013

Maruti Suzuki
Maruti Suzuki (MSIL) reported in-line volumes for February 2013, primarily driven
by growth in the Super Compact (up 21.6% yoy and 7.4% mom) and Utility Vehicle
segments led by Dzire and Ertiga respectively. Total volumes for the month
registered a decline of 7.9% yoy (4.1% mom) to 109,567 units largely due to the
slowdown in the demand for entry levels cars and vans. As a result, the Mini and
Vans segments witnessed a steep decline of 15.9% yoy (11.1% mom) and 38.9%
yoy (2.9% mom) respectively. The Compact segment too registered a decline of
13.9% yoy during the month. Export volumes on the other hand registered a
modest growth of 2.8% yoy (3.9% mom) as demand in key export markets
continues to remain weak. We believe that MSIL will miss out on its volume growth
guidance of 5.5-6% for FY2013; though by a small amount. MSIL has registered a
total volume growth of 4.3% YTD in FY2013.

Hero MotoCorp
Hero MotoCorp (HMCL) registered lower-than-expected performance in February
2013 with total sales posting a decline of 4.2% yoy (10.1% mom) to 501,271 units
led by slowdown in the industry volumes. Meanwhile, the workers at the company’s
Gurgaon plant have resorted to indefinite hunger strike as announced earlier to
pressurize the management to reach a wage settlement. This is following an
inconclusive meeting with the management on February 22, 2013. However, as
per the reports, the production at the plant has not been impacted.

TVS Motor
TVS Motor (TVSL) reported lower-than-expected volumes in February 2013 with
total volumes posting a decline of 3.7% yoy (5.8% mom) to 165,696 units. The
weakness was primarily on account of slowdown in two-wheeler volumes (down
4.8% yoy) led by motorcycle and scooter sales which registered a decline of 3.2%
and 16.6% yoy during the month. The three-wheeler sales however, maintained its
momentum and posted an impressive growth of 56.6% yoy.

SKNL plans to raise `600cr by selling Reid & Taylor shares
According to the media news, S. Kumars Nationwide (SKNL) plans to raise
~`600cr by selling shares of subsidiary, Reid & Taylor (R&T), through a QIP. The
money raised will be used to pay off the company’s debt. SKNL had planned to list
its Reid and Taylor business in 2010, however, due to the unfavorable market
conditions, the listing didn’t happen. As per the article, the promoters have
dropped the IPO plans as of now as the market conditions has not improved
substantially yet; and, in addition, the performance of SKNL’s stock isn’t well either
in the market. We currently have a Neutral view on the stock.

Economic and Political News
„
„
„
„
„

www.angelbroking.com

Government says FY2014 gross borrowing at `5.79 lakh cr
Diesel price for bulk consumers up by `1/litre
Budget poses fertiliser spending crunch in FY2014
Digitisation Phase II: Over 55% target achieved
SIAM wants roll-back of extra tax on SUVs

Market Outlook
March 4, 2013

Corporate News
„
„
„
„
„

HDFC Bank raises USD 500mn in overseas bond sale at 3% coupon
ONGC plans capex of `35,050cr for next fiscal
Tata Comm transfers data center biz to subsidiary
NTPC plans `20,200cr capex for FY2014
UltraTech shuts Awarpur plant as workers go on strike

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

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Market Outlook
March 04, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

March 5, 2013

2:25PM

Germany PMI Services

Value

Feb F

54.10

54.10

March 6, 2013

3:30PM

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

% Change

4Q P

(0.60)

(0.60)

March 7, 2013

7:00PM

US

Initial Jobless claims

Thousands

Mar 2

344.00

355.00

5:30PM

UK

BOE Announces rates

% Ratio

Mar 7

0.50

0.50

6:15PM

Euro Zone ECB announces interest rates

%

Mar 7

0.75

0.75

5:29PM

China

Exports YoY%

% Change

Feb

25.00

7.60

7:00PM

US

Change in Nonfarm payrolls

Thousands

Feb

157.00

151.00

7:00PM

US

Unnemployment rate

%

Feb

7.90

7.90

March 8, 2013

March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013

7:00AM

China

Consumer Price Index (YoY)

% Change

Feb

2.00

3.00

11:00AM

China

Industrial Production (YoY)

% Change

Feb

10.30

10.30

4:29PM

India

Imports YoY%

% Change

Feb

6.10

--

4:29PM

India

Exports YoY%

% Change

Feb

0.80

--

3:00PM

UK

Industrial Production (YoY)

% Change

Jan

(1.70)

--

6:00PM

US

Producer Price Index (mom)

% Change

Feb

0.20

--

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Feb

6.62

--

3:30PM

Euro Zone Euro-Zone CPI (YoY)

%

Feb

2.00

--

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

904.00

--

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

--

8:30PM

Euro Zone Euro-Zone Consumer Confidence

3:00PM

UK

Jobless claims change

10:00PM

US

FOMC rate decision

March 21, 2013

7:30PM

US

Existing home sales

March 26, 2013

7:30PM

US

Consumer Confidence

March 15, 2013

March 19, 2013

March 20, 2013

Value

Mar A

(23.60)

--

% Change

Feb

(12.50)

--

%

Mar 20

0.25

--

Millions

Feb

4.92

--

S.A./ 1985=100

Mar

69.60

--

7:30PM

US

New home sales

Thousands

Feb

437.00

--

March 27, 2013

3:00PM

UK

GDP (YoY)

% Change

4Q F

0.30

--

March 28, 2013

2:25PM

Germany Unemployment change (000's)

Thousands

Mar

(3.00)

--

6:00PM

US

% Change

4Q T

0.10

--

Source: Bloomberg, Angel Research

GDP Qoq (Annualised)

Market Outlook
March 4, 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

7.5
6.5

5.7

6.0

5.3 5.5 5.3
4.5

2.5

2.0

1.0

2.0

(4.0)

7.5

7.6

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Exhibit 4: Manufacturing and services PMI
Mfg. PMI

60.0
7.7

Jun-12

Source: MOSPI, Angel Research

(%)
7.6

May-12

Apr-12

Mar-12

(2.0)

Feb-12

Jan-12

3QFY13

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

-

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

1QFY10

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

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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
March 04, 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

113

-

2,205

1,466

1,686

14.8

14.8

7.0

8.1

16.2

14.0

3.4

2.9

22.6

22.5

1.6

1.4

United Phosphorus

Buy

116

170

5,125

8,421

9,263

16.5

16.5

15.0

17.0

7.7

6.8

1.1

1.0

15.6

15.5

0.8

0.7

Amara Raja Batteries

Buy

271

323

4,632

2,983

3,477

16.1

16.1

18.5

21.6

14.7

12.6

4.2

3.2

32.9

29.1

1.5

1.3

Apollo Tyres

Buy

83

97

4,181

13,066

14,503

11.5

11.8

13.0

14.5

6.4

5.7

1.2

1.0

21.0

19.4

0.5

0.4

Ashok Leyland

Buy

22

28

5,907

12,910

14,836

8.8

9.6

1.5

2.2

15.0

10.0

2.0

1.8

9.3

13.4

0.5

0.5

Automotive Axle#

Neutral

329

-

497

934

1,103

10.2

10.7

24.5

34.3

13.4

9.6

1.7

1.5

13.2

16.9

0.6

0.5

Bajaj Auto

Neutral

1,972

-

57,052

20,775

23,889

18.5

19.0

107.6

126.4

18.3

15.6

7.6

6.0

45.8

42.8

2.4

2.0

Bharat Forge

Accumulate

214

242

4,976

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

8,771

9,570

27,540

9,973

11,320

17.8

18.0

396.2

455.7

22.1

19.3

4.2

3.5

18.8

18.2

2.4

2.0

CEAT

Buy

92

163

314

4,822

5,403

8.2

8.3

29.8

40.8

3.1

2.2

0.4

0.4

14.5

17.0

0.3

0.2

Exide Industries

Neutral

125

-

10,612

6,016

7,026

12.7

14.4

5.8

7.8

21.4

15.9

3.1

2.7

15.4

18.2

1.5

1.2

FAG Bearings*

Neutral

1,522

-

2,529

1,619

1,879

16.0

16.6

108.6

130.7

14.0

11.6

2.4

2.1

18.8

19.1

1.3

1.1

Hero Motocorp

Buy

1,668

1,923

33,304

23,990

27,038

13.8

14.6

105.8

120.2

15.8

13.9

6.4

5.1

44.3

41.0

1.1

0.9

JK Tyre

Buy

104

165

426

7,169

7,929

6.9

7.1

40.4

41.3

2.6

2.5

0.5

0.4

20.5

18.0

0.4

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Buy
Maruti

Buy

Motherson Sumi

Accumulate

Subros

Buy

Tata Motors

Accumulate

TVS Motor

Buy

871

1,019

53,481

40,060

46,301

11.5

11.7

55.3

64.3

15.8

13.6

3.6

3.0

24.5

23.8

1.1

0.9

1,357

1,563

39,195

43,381

52,411

7.5

8.9

65.6

97.7

20.7

13.9

2.3

2.0

11.8

15.6

0.7

0.6

196

209

11,534

25,769

29,010

7.1

7.5

10.2

13.1

19.3

15.0

4.9

3.8

28.1

28.3

0.6

0.5

25

35

152

1,296

1,476

9.8

9.9

3.4

5.0

7.5

5.0

0.5

0.5

7.2

10.2

0.4

0.4

287

326

76,607 184,201 209,642

12.4

13.5

28.0

36.3

10.3

7.9

2.3

1.8

24.6

25.4

0.5

0.4

39

47

1,834

7,019

7,827

6.0

6.3

4.3

5.3

9.1

7.3

1.4

1.2

16.4

18.0

0.2

0.2

Capital Goods
ABB*

Reduce

571

487

12,097

8,073

9,052

5.5

7.2

11.3

17.4

50.7

32.8

4.4

4.0

8.9

12.8

1.5

1.3

BGR Energy

Neutral

209

-

1,507

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

201

-

49,246

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

1,540

2,748

2,896

4.4

5.6

6.8

9.3

25.2

18.4

3.5

3.0

14.5

17.6

0.7

0.6

Crompton Greaves

Buy

91

129

5,822

12,136

13,790

3.8

6.3

3.3

6.9

27.5

13.2

1.6

1.5

5.8

11.5

0.5

0.5

Jyoti Structures

Buy

33

49

267

2,802

3,074

9.5

9.8

7.7

10.9

4.2

3.0

0.4

0.3

9.6

12.1

0.3

0.3

KEC International

Buy

51

75

1,302

6,909

7,723

6.2

7.2

5.4

8.4

9.4

6.0

1.1

1.0

17.0

22.8

0.3

0.3

LMW

Neutral

1,989

-

2,241

2,369

2,727

11.7

11.7

143.4

166.0

13.9

12.0

2.3

2.1

17.4

18.4

0.5

0.3

Thermax

Neutral

581

-

6,927

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

www.angelbroking.com

Market Outlook
March 04, 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

1,271

-

23,864

11,358

12,366

19.9

19.6

75.1

74.9

16.9

17.0

3.2

2.9

19.4

18.1

1.8

1.7

Ambuja Cements

Neutral

192

-

29,587

9,730

11,221

25.6

25.0

10.2

11.3

18.8

16.9

3.4

3.1

18.7

19.0

2.6

2.2

India Cements

Neutral

84

-

2,591

4,439

4,789

16.7

17.2

6.8

9.1

12.4

9.3

0.7

0.7

6.0

7.7

1.0

0.9

J K Lakshmi Cements

Accumulate

131

143

1,607

2,119

2,478

22.9

22.3

20.3

22.8

6.5

5.8

1.1

1.0

18.0

17.7

0.9

1.1

Madras Cements

Neutral

243

-

5,777

3,960

4,270

27.4

27.0

18.6

21.1

13.1

11.5

2.4

2.0

19.7

18.9

2.1

1.8

Shree Cements^

Neutral

4,358

-

15,180

5,678

6,251

29.0

28.6

288.1

334.0

15.1

13.1

4.2

3.3

31.7

28.4

2.1

1.7

UltraTech Cement

Neutral

1,870

-

51,274

20,466

23,017

23.3

24.3

100.0

117.1

18.7

16.0

3.4

2.9

19.6

19.5

2.5

2.3

205

268

1,078

20,466

23,017

22.5

22.5

24.4

27.0

8.4

7.6

1.0

0.9

12.3

12.1

0.2

0.2

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

11

-

212

2,262

2,522

5.9

6.3

0.9

1.6

12.5

7.4

0.3

0.3

2.7

4.6

0.4

0.4

IRB Infra

Buy

115

164

3,809

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

190

225

3,696

6,564

7,054

27.2

27.4

26.3

29.0

7.3

6.6

1.2

1.0

17.0

16.3

2.7

2.7

IVRCL Infra

Buy

26

35

789

3,773

6,706

6.9

8.4

(3.9)

2.9

(6.6)

8.9

0.4

0.4

(5.4)

4.1

0.9

0.6

Jaiprakash Asso.

Buy

70

97

15,456

14,243

16,382

26.2

26.1

3.2

4.3

21.7

16.1

1.2

1.1

5.4

7.0

2.5

2.3

Larsen & Toubro

Buy

1,366

1,788

84,049

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.

Buy

38

44

962

5,863

6,576

8.1

8.2

3.1

4.1

12.2

9.2

0.4

0.4

3.2

4.2

0.6

0.5

Punj Lloyd

Neutral

41

-

1,350

11,892

13,116

10.2

10.2

(0.4)

3.0

(95.4)

13.7

0.5

0.5

3.8

0.5

0.5

Sadbhav Engg.

Buy

108

157

1,632

1,642

2,642

9.7

10.1

3.2

7.2

33.7

15.0

1.9

1.7

6.0

12.1

1.2

0.8

Simplex Infra

Buy

152

197

752

6,026

7,135

9.1

9.3

14.1

24.6

10.8

6.2

0.6

0.6

5.6

9.2

0.5

0.5

Unity Infra

Buy

31

58

228

2,180

2,455

13.7

13.4

12.9

14.8

2.4

2.1

0.3

0.2

12.1

12.5

0.5

0.5

Allahabad Bank

Buy

138

160

6,900

6,509

7,264

2.7

2.8

28.2

33.5

4.9

4.1

0.7

0.6

13.8

14.7

-

-

Andhra Bank

Neutral

92

-

5,126

4,795

5,475

3.0

3.0

21.8

21.9

4.2

4.2

0.7

0.6

15.4

13.8

-

-

Axis Bank

Buy

1,343

1,678

62,731

15,959

18,660

3.2

3.2

119.2

139.0

11.3

9.7

2.1

1.8

20.3

20.1

-

-

Bank of Baroda

Buy

703

850

28,898

14,889

17,393

2.5

2.6

108.2

134.0

6.5

5.3

1.0

0.8

15.3

16.7

-

-

Bank of India

Accumulate

320

350

18,367

12,793

14,823

2.3

2.4

49.5

65.1

6.5

4.9

0.9

0.8

13.6

16.0

-

-

Bank of Maharashtra

Accumulate

53

56

3,119

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

Accumulate

416

463

18,431

10,783

12,000

2.1

2.3

64.8

82.2

6.4

5.1

0.9

0.8

13.2

15.0

-

-

Central Bank

Neutral

71

-

5,252

7,158

8,217

2.4

2.6

13.1

20.1

5.4

3.6

0.8

0.7

10.3

14.3

-

-

Corporation Bank

Buy

399

465

5,906

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

89

107

3,116

3,090

3,462

2.7

2.7

25.6

24.6

3.5

3.6

0.6

0.5

19.2

15.9

-

-

Financials

www.angelbroking.com

Market Outlook
March 04, 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

536

8,439

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

760

-

117,385

7,446

8,923

3.5

3.5

32.2

38.5

23.6

19.7

4.8

4.3

35.4

32.6

-

-

HDFC Bank

Accumulate

626

666

148,409

21,724

26,578

4.3

4.3

28.7

36.1

21.8

17.3

4.2

3.5

20.7

22.1

-

-

ICICI Bank

Buy

1,040

1,302

119,632

22,317

26,217

2.9

3.0

72.0

84.6

14.4

12.3

1.8

1.7

14.9

15.9

-

-

IDBI Bank

Buy

89

106

11,340

8,196

9,305

1.9

2.1

15.4

22.3

5.8

4.0

0.6

0.6

10.7

14.1

-

-

Indian Bank

Buy

177

208

7,611

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

70

85

5,571

7,231

8,369

2.4

2.5

10.2

20.2

6.8

3.5

0.6

0.5

7.4

13.4

-

-

J & K Bank

Accumulate

1,265

1,406

6,131

2,784

2,932

3.7

3.7

229.2

199.6

5.5

6.3

1.2

1.1

24.6

18.2

-

-

LIC Housing Finance

Accumulate

232

257

11,706

1,722

2,080

2.2

2.2

19.9

24.6

11.7

9.4

1.8

1.6

16.6

17.9

-

-

Oriental Bank

Accumulate

276

314

8,038

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

788

957

26,724

19,202

22,040

3.2

3.4

146.8

167.9

5.4

4.7

1.0

0.8

17.6

17.5

-

-

South Ind.Bank

Buy

25

30

3,360

1,583

1,789

3.0

2.9

3.5

4.1

7.2

6.2

1.2

1.0

19.1

17.7

-

-

St Bk of India

Buy

2,085

2,514

139,940

60,594

70,439

3.3

3.3

221.9

257.4

9.4

8.1

1.6

1.4

17.4

17.7

-

-

Syndicate Bank

Buy

117

135

7,028

6,673

7,644

2.9

3.0

32.0

27.9

3.7

4.2

0.7

0.7

22.0

16.5

-

-

UCO Bank

Neutral

57

-

3,772

5,388

6,262

2.4

2.6

9.0

14.9

6.3

3.8

0.8

0.7

9.1

13.8

-

-

Union Bank

Buy

212

256

11,680

10,006

11,558

2.8

2.8

36.4

47.0

5.8

4.5

0.8

0.7

14.6

16.6

-

-

United Bank

Buy

62

75

2,240

3,549

3,814

2.5

2.7

12.0

21.4

5.2

2.9

0.5

0.5

10.1

16.3

-

-

Vijaya Bank

Accumulate

50

54

2,465

2,342

2,763

1.9

2.1

8.0

10.9

6.2

4.6

0.7

0.6

10.1

12.6

-

-

Yes Bank

Accumulate

473

526

16,919

3,364

4,260

2.8

3.0

36.3

42.6

13.0

11.1

2.9

2.4

24.6

23.6

-

-

4,290

-

41,154

11,198

13,319

15.9

15.7

122.1

147.1

35.1

29.2

11.9

9.3

37.7

35.7

3.6

3.0

FMCG
Asian Paints

Neutral

Britannia

Buy

480

564

5,741

5,580

6,417

4.8

5.0

18.1

21.7

26.6

22.2

9.6

7.7

38.7

38.7

0.9

0.8

Colgate

Neutral

1,276

-

17,348

3,120

3,588

20.3

21.1

38.4

45.1

33.3

28.3

30.9

24.8

104.6

97.0

5.4

4.6

Dabur India

Neutral

126

-

22,039

6,196

7,183

16.3

16.8

4.5

5.5

28.1

23.1

11.6

9.0

43.4

44.0

3.6

3.0

GlaxoSmith Con*

Neutral

3,957

-

16,639

3,084

3,617

15.2

16.3

103.9

123.0

38.1

32.2

12.2

10.1

34.9

34.3

4.9

4.2

Godrej Consumer

Neutral

723

-

24,612

6,386

7,743

15.7

17.0

20.8

27.1

34.7

26.7

7.5

6.1

23.7

26.4

4.1

3.3

HUL

Neutral

444

-

95,974

25,350

28,974

13.3

13.5

15.1

17.0

29.4

26.2

23.4

16.7

85.7

74.3

3.6

3.1

ITC

Neutral

295

-

232,758

29,148

34,191

35.7

36.1

9.4

11.1

31.5

26.6

10.5

8.7

35.9

35.7

7.7

6.5

Marico

Neutral

214

-

13,768

4,747

5,402

13.6

13.6

6.3

7.8

33.7

27.3

6.9

5.6

26.0

22.6

3.0

2.5

Nestle*

Neutral

4,753

-

45,825

8,302

9,739

22.0

21.5

110.7

130.8

43.0

36.3

25.5

18.3

69.5

58.6

5.6

4.6

www.angelbroking.com

Market Outlook
March 04, 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

125

-

7,742

7,272

7,998

9.1

9.5

6.9

8.1

18.3

15.4

1.9

1.8

8.9

9.8

1.0

0.9

HCL Tech^

Accumulate

725

765

50,341

25,325

28,476

21.7

20.7

51.0

52.8

14.2

13.7

3.8

3.1

26.8

22.9

1.9

1.6

Hexaware*

Buy

86

113

2,553

1,948

2,136

20.9

18.3

10.9

10.1

7.9

8.5

2.1

1.7

27.2

21.0

1.1

0.9

Infosys

Neutral

2,906

-

166,873

40,746

44,283

28.9

28.8

162.6

172.9

17.9

16.8

4.2

3.6

23.5

21.3

3.5

3.1

Infotech Enterprises

Accumulate

169

184

1,884

1,881

1,987

17.9

17.4

18.5

19.4

9.1

8.7

1.4

1.2

14.8

13.6

0.7

0.5

KPIT Cummins

Buy

107

134

2,067

2,234

2,477

15.8

15.2

10.9

12.8

9.8

8.4

2.1

1.7

22.2

20.6

0.9

0.7

Mahindra Satyam

Accumulate

119

125

13,954

7,711

8,683

21.6

20.3

8.7

11.3

13.6

10.5

3.2

2.5

30.6

23.7

1.4

1.2

Mindtree

Neutral

858

-

3,562

2,357

2,580

21.0

19.3

84.4

86.8

10.2

9.9

2.7

2.1

26.8

21.7

1.2

1.0

Mphasis&

Accumulate

374

396

7,854

5,531

5,874

17.6

17.5

35.4

37.7

10.6

9.9

1.6

1.3

14.7

13.5

0.9

0.8

NIIT

Buy

23

36

381

1,048

1,161

9.1

10.9

4.1

6.2

5.6

3.8

0.6

0.5

10.3

14.1

0.2

0.1

Persistent

Neutral

550

-

2,202

1,297

1,433

25.6

24.1

46.5

54.0

11.8

10.2

2.2

1.8

18.5

18.0

1.4

1.2

TCS

Neutral

1,515

-

296,470

62,954

70,871

29.0

28.9

71.6

79.1

21.2

19.1

7.0

5.7

33.2

29.7

4.5

3.9

Tech Mahindra

Buy

1,047

1,205

13,394

6,789

7,609

21.0

19.6

95.8

110.7

10.9

9.5

2.6

2.1

24.3

22.3

2.0

1.7

Wipro

Neutral

417

-

102,576

43,514

47,304

20.1

19.4

26.6

27.7

15.7

15.1

3.1

2.7

19.7

17.9

2.0

1.8

D B Corp

Buy

232

276

4,263

1,583

1,787

23.9

25.4

11.9

14.5

19.6

16.0

3.9

3.3

21.4

22.4

2.6

2.2

HT Media

Accumulate

104

113

2,447

2,061

2,205

14.0

15.1

6.6

7.9

15.7

13.3

1.5

1.4

10.3

11.0

0.8

0.7

Jagran Prakashan

Buy

97

125

3,080

1,511

1,698

23.2

23.4

6.4

7.3

15.1

13.3

3.8

3.4

25.9

26.6

2.2

1.9

PVR

Neutral

267

-

773

820

1,307

17.3

17.3

11.2

17.8

23.9

15.0

1.1

1.0

9.7

10.8

1.0

0.6

Sun TV Network

Neutral

413

-

16,278

1,942

2,237

77.2

75.5

17.6

19.1

23.5

21.6

5.7

5.1

25.8

25.2

7.9

6.8

Bhushan Steel

Neutral

462

-

10,454

10,746

13,982

30.8

31.1

43.3

55.5

10.7

8.3

1.1

1.0

11.4

12.6

3.1

2.4

Coal India

Buy

310

368

195,997

66,666

70,292

25.7

27.3

24.2

26.6

12.8

11.7

3.8

3.1

33.1

29.1

2.0

1.7

Electrosteel Castings

Buy

20

28

687

1,984

2,074

10.6

11.6

1.8

2.6

11.3

7.7

0.4

0.2

3.6

5.1

0.5

0.5

Hind. Zinc

Buy

115

149

48,760

12,002

13,759

49.7

50.8

14.7

16.4

7.9

7.1

1.5

1.3

21.1

19.8

2.1

1.5

Hindalco

Neutral

99

-

19,021

80,205

88,987

9.0

9.2

13.4

13.8

7.4

7.2

0.6

0.5

7.9

7.6

0.6

0.5

JSW Steel

Neutral

738

-

16,471

39,072

40,493

16.5

18.2

82.4

90.3

9.0

8.2

0.9

0.8

10.7

10.7

0.8

0.8

MOIL

Neutral

242

-

4,066

933

954

46.9

45.5

25.8

26.1

9.4

9.3

1.5

1.3

16.7

15.1

1.9

1.8

Monnet Ispat

Buy

235

318

1,496

2,287

2,883

21.8

21.8

35.3

40.7

6.7

5.8

0.6

0.5

9.6

10.2

1.8

1.4

Nalco

Neutral

44

-

11,379

6,630

8,357

11.4

14.5

2.1

3.3

20.8

13.6

1.0

0.9

4.6

6.9

1.0

0.9

NMDC

Buy

137

181

54,317

9,674

11,536

75.2

76.6

16.0

18.6

8.6

7.4

1.9

1.6

23.6

23.0

3.4

2.7

FMCG
Tata Global
IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
March 04, 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

Buy

71

-

29,368

43,438

56,199

12.0

12.2

6.5

8.5

10.9

8.4

0.7

0.7

6.6

8.2

0.9

0.7

155

183

13,428

2,412

3,911

30.8

33.1

29.6

31.8

5.2

4.9

0.8

0.7

16.3

15.4

7.0

4.4

Sterlite Inds
Tata Steel

Buy

94

110

31,557

43,185

45,442

23.3

23.7

16.8

17.9

5.6

5.2

0.6

0.6

11.6

11.2

0.7

0.6

Buy

342

443

33,250 142,732 146,575

7.4

9.9

7.2

34.7

47.7

9.9

0.8

0.7

1.6

7.5

0.5

0.5

Sarda

Buy

101

148

363

1,442

1,494

19.0

19.1

29.2

31.7

3.5

3.2

0.4

0.4

12.3

12.0

0.6

0.6

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

33

52

449

2,512

2,816

12.4

13.7

10.0

12.6

3.4

2.7

0.2

0.2

7.2

8.4

0.5

0.4

Buy

90

112

287

2,367

2,425

14.2

13.7

33.3

33.5

2.7

2.7

0.3

0.3

12.9

11.2

0.6

0.5

Cairn India

Buy

298

383

56,922

17,394

17,034

76.4

72.3

60.8

55.1

4.9

5.4

1.0

0.9

21.9

17.0

2.4

2.1

GAIL

Neutral

333

-

42,190

48,077

55,815

15.3

15.3

34.9

35.9

9.5

9.3

1.7

1.5

19.0

17.0

0.6

0.5

ONGC

Accumulate

313

357

268,086 144,089 158,065

32.8

34.7

28.7

34.4

10.9

9.1

1.8

1.6

17.0

18.3

1.6

1.4

Reliance Industries

Neutral

815

-

263,008 362,700 380,031

8.9

8.9

68.1

71.5

12.0

11.4

1.3

1.2

12.4

11.8

0.7

0.6

Gujarat Gas*

Neutral

277

-

3,555

3,707

3,850

11.7

12.4

23.7

25.7

11.7

10.8

3.3

2.8

29.6

28.2

0.8

0.8

Indraprastha Gas

Neutral

256

-

3,589

3,365

3,700

22.8

23.4

25.3

26.6

10.1

9.6

2.4

2.0

26.0

22.6

1.2

1.0

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

141

179

10,564

32,210

41,362

6.1

5.8

15.4

15.6

9.2

9.0

2.4

2.0

29.1

24.1

0.4

0.3

65

-

3,655

1,079

983

91.8

91.9

8.8

7.8

7.4

8.3

1.2

1.1

17.8

14.1

3.1

3.4

Alembic Pharma

Accumulate

83

95

1,569

1,490

1,714

16.2

17.1

7.4

9.5

11.3

8.8

3.1

2.4

30.7

30.2

1.2

1.0

Aurobindo Pharma

Buy

162

208

4,703

5,463

6,279

15.0

15.0

12.4

14.0

13.0

11.5

1.7

1.4

18.8

17.8

1.4

1.3

Aventis*

Neutral

2,341

-

5,391

1,482

1,682

17.5

16.6

82.9

87.8

28.2

26.7

4.4

3.6

16.3

14.8

3.4

2.9

Cadila Healthcare

Accumulate

759

817

15,542

6,148

7,386

15.3

18.0

24.6

39.5

30.9

19.2

5.8

4.7

18.4

25.1

2.9

2.4

Cipla

Buy

361

419

28,965

8,151

9,130

25.8

24.8

20.2

21.6

17.9

16.7

3.2

2.7

19.4

17.6

3.3

2.9

Dr Reddy's

Accumulate

1,761

1,859

29,887

10,696

11,662

20.7

21.0

83.7

92.9

21.0

19.0

4.3

3.6

22.4

20.8

3.1

2.7

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Buy

Ipca labs

Neutral

69

155

557

1,280

1,536

20.2

20.2

12.1

15.5

5.7

4.5

0.6

0.5

10.0

11.6

1.1

1.0

2,110

-

17,873

2,651

2,993

31.7

31.2

76.0

82.4

27.8

25.6

8.0

7.2

20.1

26.3

5.9

5.2

65

78

596

642

784

14.2

15.2

5.7

7.8

11.4

8.3

1.4

1.2

12.9

16.4

1.1

1.0

Accumulate

497

559

6,276

2,850

3,474

21.0

21.0

29.9

37.3

16.6

13.3

4.0

3.2

26.7

26.4

2.4

2.0

Lupin

Accumulate

585

655

26,187

8,426

10,082

19.7

20.0

26.1

31.1

22.4

18.8

5.2

4.2

25.8

24.7

3.2

2.7

Ranbaxy*

Neutral

380

-

16,059

12,253

11,400

14.1

12.5

31.2

21.6

12.2

17.6

3.9

3.4

37.9

20.6

1.3

1.3

Sun Pharma

Neutral

803

-

82,977

10,111

12,563

42.6

42.6

28.9

29.8

27.8

26.9

5.6

4.8

22.3

19.2

7.6

5.9

72

78

1,089

1,502

1,535

32.1

31.9

11.4

12.5

6.3

5.8

0.7

0.7

7.6

11.9

1.2

1.0

Power
GIPCL

Accumulate

www.angelbroking.com

Market Outlook
March 04, 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

124,300

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

277

-

47,020

7,953

9,699

34.7

37.0

4.4

6.0

63.3

46.4

1.8

1.7

3.1

3.8

8.0

6.3

MLIFE

Accumulate

403

446

1,647

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

Accumulate

324

350

122,869

80,521

87,160

30.5

30.5

6.4

10.4

50.6

31.1

2.3

2.2

4.6

7.0

2.4

2.1

Idea Cellular

Neutral

117

-

38,867

22,087

23,927

26.6

27.7

2.9

3.9

40.1

30.1

2.8

2.5

6.9

8.4

2.3

2.1

Rcom

Neutral

61

-

12,622

21,087

22,067

31.8

31.9

2.6

4.0

23.3

15.3

0.3

0.3

1.5

2.2

2.3

2.1

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

1,361

1,590

2,891

1,629

1,886

Bajaj Electricals

Buy

180

217

1,795

3,450

3,929

4.5

7.4

10.0

15.5

18.0

11.6

2.3

2.0

13.0

17.4

0.5

0.5

Cera Sanitaryware

Buy

413

495

523

460

596

16.4

16.2

34.7

45.0

11.9

9.2

2.9

2.3

27.7

27.8

1.2

1.0

Cravatex

Buy

354

545

91

272

308

7.2

7.3

37.5

45.4

9.4

7.8

2.2

1.8

23.7

22.7

0.4

0.4

CRISIL

Neutral

962

-

6,757

982

1,136

34.3

34.3

34.3

40.0

28.0

24.1

12.7

10.1

50.9

46.9

6.5

5.4

Finolex Cables

Buy

48

61

727

2,304

2,552

9.9

9.1

8.2

10.1

5.8

4.7

0.8

0.7

13.7

14.7

0.3

0.2

Force Motors

Buy

401

550

522

2,027

2,299

4.6

5.1

35.3

50.0

11.4

8.0

0.5

0.4

3.9

5.3

0.1

0.1

Goodyear India

Buy

285

360

657

1,494

1,607

6.4

7.8

23.9

33.0

11.9

8.6

1.9

1.6

16.5

20.1

0.2

0.2

Greenply Industries

Reduce

344

309

831

1,925

2,235

10.6

10.9

29.6

44.1

11.6

7.8

1.9

1.5

16.8

21.0

0.7

0.6

Hitachi

Neutral

Honeywell Automation* Accumulate

131

-

301

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

0.3

2,600

2,842

2,299

2,117

2,491

8.1

7.8

140.5

157.9

18.5

16.5

2.8

2.4

16.3

15.8

1.0

0.8

Styrolution ABS India*

Buy

617

744

1,085

1,059

1,116

8.5

9.5

36.0

42.0

17.1

14.7

2.5

2.2

15.4

16.0

1.1

1.0

ITD Cementation

Buy

201

334

232

1,455

1,630

12.4

12.6

29.8

40.5

6.8

5.0

0.5

0.5

8.2

9.8

0.6

0.6

Jyothy Laboratories

Accumulate

158

167

2,548

816

979

14.5

14.9

5.2

6.0

30.7

26.3

3.5

3.3

8.8

10.2

3.4

2.7

MCX

Buy

1,145

1,440

5,839

553

624

65.3

66.3

62.5

72.0

18.3

15.9

5.0

4.4

27.5

27.4

7.6

6.2

MRF

Buy

11,491

13,416

4,874

13,030

14,405

10.3

10.6 1,418.1 1,677.1

8.1

6.9

1.4

1.2

19.1

18.7

0.5

0.4

Page Industries

Neutral

3,298

-

3,679

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

Relaxo Footwears

Buy

636

887

763

989

1,148

10.7

11.7

41.8

55.5

15.2

11.5

3.5

2.7

25.5

26.3

0.9

0.8

Sintex Industries

Buy

55

79

1,721

4,751

5,189

16.3

16.6

13.6

15.8

4.0

3.5

0.5

0.5

12.9

13.2

0.7

0.6

Siyaram Silk Mills

Buy

264

332

248

1,048

1,157

11.3

12.0

58.7

66.5

4.5

4.0

0.8

0.7

18.9

18.3

0.5

0.5

S. Kumars Nationwide

Neutral

9

-

269

6,765

7,393

18.1

18.0

6.4

7.5

1.4

1.2

0.1

0.1

6.1

6.7

0.6

0.6

SpiceJet

Buy

35

43

1,717

5,720

6,599

5.3

6.8

3.6

5.4

9.8

6.6

14.2

4.5

-

-

0.4

0.4

TAJ GVK

Buy

66

108

412

300

319

35.8

36.2

7.9

9.1

8.3

7.2

1.1

1.0

13.9

14.4

1.7

1.4

www.angelbroking.com

Market Outlook
March 04, 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

0.7

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

428

643

333

374

425

7.9

9.5

24.1

32.7

17.8

13.1

TVS Srichakra

Buy

212

276

162

1,461

1,591

5.6

7.1

6.9

39.4

30.6

5.4

1.2

1.0

3.8

20.6

0.3

0.3

United Spirits

Neutral

1,841

-

24,075

10,473

11,939

15.0

15.8

30.4

56.9

60.6

32.4

4.6

2.9

10.8

12.3

3.0

2.3

Vesuvius India

Neutral

325

-

659

560

611

16.1

17.0

24.7

28.8

13.2

11.3

2.0

1.7

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 March 01, 2013

www.angelbroking.com

Market Outlook
March 04, 2013

www.angelbroking.com

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