Market Outlook

June 13, 2013

Dealer’s Diary
Indian shares are expected to open in the negative today, tracking weakness in the
SGX Nifty and most of the Asian indices.
US Stocks moved down over the course of the trading day on Wednesday after
failing to sustain an initial upward move amid lingering concerns about the outlook
for the Federal Reserve's stimulus program. Concerns about the civil unrest in
Turkey also weighed on the markets. Meanwhile, the European markets extended
their recent losses to a third consecutive session due to stimulus worries, as
investors globally fear that other central banks may follow the Bank of Japan's
inaction. European markets were up in early trade after some M&A activity, the
better than expected Eurozone industrial production data and the larger than
expected decline in British jobless claims. However, the markets were unable to
hold on to those gains and ended the session in negative territory.
Back home, Indian shares joined a global selloff in equities and commodities to
end modestly lower for the day as the lack of further action from the Bank of Japan
to curb volatility in bond markets fueled concerns that global central banks may be
less forthcoming with additional monetary stimulus.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.5)

Nifty

(0.5)

(102) 19,041
(29)

5,760

MID CAP

(0.6)

(37)

6,193

SMALL CAP

(0.6)

(32)

5,775

BSE HC

0.5

40

8,787

BSE PSU

(0.3)

(20)

6,348

BANKEX

0.0

1 13,519

AUTO

(0.6)

(59) 10,632

METAL

(1.7)

(139)

7,837

0.4

38

8,410

(1.5)

(90)

6,070

(Pts)

(Close)

OIL & GAS
BSE IT
Global Indices

Chg (%)

Dow Jones

(0.8)

NASDAQ

(1.1)

(37)

3,400

FTSE

(0.6)

(41)

6,299

Nikkei

(0.2)

(28) 13,289

Markets Today

Hang Sang

(1.2)

(260) 21,355

The trend deciding level for the day is 19,051 / 5,764 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,133 – 19,225 / 5,789 – 5,818 levels. However, if NIFTY trades below
19,051 / 5,764 levels for the first half-an-hour of trade then it may correct up to
18,959 – 18,877 / 5,735 – 5,710 levels.

Straits Times

(0.5)

(17)

3,153

Shanghai Com

(1.3)

(30)

2,211

Chg (%)

(Pts)

(Close)

INFY

(1.9)

(0.8)

$41.8

Indices
SENSEX
NIFTY

WIT

(0.4)

(0.0)

$7.4

IBN

(0.1)

(0.0)

$40.5

0.1

0.0

$36.9

S2
18,877
5,710

S1
18,959
5,735

PIVOT
19,051
5,764

R1
19,133
5,789

R2
19,225
5,818

News Analysis


Sun Pharmaceutical – settles an ongoing litigation
Apollo Tyres to acquire US based Cooper Tire and Rubber Company
MMTC - OFS

Sales
3,482
826

Net
(824)
(303)

MTD
636
(656)

YTD
82,472
(12,733)

FII Derivatives (June 12, 2013)
` cr
Index Futures
Stock Futures

Purch
1,902
1,854

Sales
2,386
2,089

Net
(483)
(235)

Open Interest
9,123
28,797

Gainers / Losers
Company

Gainers
Price (`)
chg (%)

Company

Losers
Price (`)
chg (%)

United Breweries

649

5.0

Titan Inds

205

(13.3)

IPCA Lab

651

4.9

Adani Enter

183

(7.3)

Havells India

750

4.9

Bajaj Holdings

832

(6.5)

Indusind Bank

496

4.0

IFCI

23

(4.9)

Jindal Steel

235

3.8

Godrej Cons

798

(4.5)

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Advances / Declines

BSE

NSE

Advances

967

531

1,398

837

125

75

Unchanged

Net Inflows (June 11, 2013)
Purch
2,658
523

HDB

Declines

Refer detailed news analysis on the following page

` cr
FII
MFs

Indian ADR

(127) 14,995

Volumes (` cr)

BSE

1,935

NSE

11,189

Market Outlook
June 13, 2013

Sun Pharmaceutical – settles an ongoing litigation
Sun Pharmaceutical announced that it together with its subsidiaries, have settled
an ongoing litigation pending in the United States District Court, District of New
Jersey regarding Sun Pharmaceuticals subsidiary’s generic Pantoprazole.
Under the terms of the litigation settlement between Sun Pharma, and Wyeth, (now
a division of Pfizer Inc.,) and Altana Pharma AG, (now known as Takeda GmbH)
the parties have dismissed all their claims. Sun Pharma will pay a lump-sum US
$550mn as a part of this settlement.
In 2005, Wyeth and Altana had filed a patent infringement suit against Sun
Pharma after Sun Pharma filed its abbreviated new drug application for
pantoprazole. Sun Pharma launched its generic pantoprazole in the US on
January 30, 2008. In April 2010, a jury had determined that Altana’s patent is not
invalid. On June 3, 2013, the Court began a jury trial to assess the amount of
past damages that Sun Pharma owed for infringing Altana’s now expired patent.
This settlement now culminates the ongoing litigation. Sun Pharma can continue to
sell its generic pantoprazole in the U.S.
While, the settlement amount is higher than already provided by the company
(`600cr), the settlement would end an overhang on the stock. In terms of fund, the
company is already cash rich with cash and cash equivalents of `5,000cr thus will
not strain the balance-sheet. We maintain our neutral on the stock.

Apollo Tyres to acquire US based Cooper Tire and Rubber
Company
Apollo Tyres (APTY) and Cooper Tire and Rubber Company (CTB) have announced
a definitive merger agreement under which a wholly-owned subsidiary of APTY will
acquire CTB in an all cash transaction valued at ~US$2.5bn. Under the terms of
the agreement approved by the boards of both companies, CTB shareholders will
receive US$35/share which represents a ~40% premium to CTB’s 30 day volumeweighted average price. The acquisition would be funded entirely through debt.
APTY plans to form a new holding company in Dutch involving Cooper and its
European subsidiary, Vredestien, which would raise US$2.1bn debt via bonds. The
major portion of the debt will be backed by assets of Cooper and Vredestien. The
remaining debt of US$450mn will be raised at APTY’s Mauritius subsidiary and
serviced by its standalone business. The Management expects the cost of debt to
be under 10% and has received commitment from the bankers regarding the loan.
The Management expects to derive synergy benefits of US$80 - 100mn over a
period of three years driven by scale of operations, raw-material sourcing,
technology and R&D investments and manufacturing efficiencies. According to the
company, the current management team at Cooper would be retained and APTY
has no plans to close down any of the manufacturing facilities at the moment. The
deal value of US$2.5bn translates into an implied EV/EBITDA multiple of 4.2x on
CY2012 basis, which is broadly in-line with the global average. Post the merger,
the consolidated Net Debt/ Equity would increase to ~3.8x from 0.8x currently.
CTB is the fourth largest tyre manufacturer in North America, and eleventh largest
in the world. The company derives ~70% of its revenues from North America and

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Market Outlook
June 13, 2013

~30% from International operations (~7% from Europe and ~22% from China
and South East Asia). CTB caters to the light vehicle replacement tire market in US
and has a ~14% market share in the US. The company has also recently forayed
into the OEM segment in US and China. With 9 manufacturing facilities across 4
geographies (US, UK Serbia and China), the total capacity of the company stands
at 53mn tires/ year. The company registered revenues of US$4.2bn in CY2012
with EBITDA margins of 12.5%. On a net debt basis, the company is cash positive
as of CY2012.
We see the acquisition to be a good strategic fit for APTY in the long run as it
provides the company access to geographies like North America, China, South
East Asia and Eastern Europe where it does not have a presence currently. Further
according to the management, the acquisition is expected to be value accretive
from year one and the management expects synergies of US$80-100mn over
three year period. While the acquisition will be positive for the company in the
longer run, the near term challenge for the company would be to successfully
integrate CTB operations with itself. We are in the process of revising our estimates
and therefore our rating is under review.

MMTC - OFS
Government of India is divesting 9,33,12,000 shares (9.33% stake) in MMTC. It
has set a floor price of `60 (72% discount to CMP) for the OFS. We recommend
investors to AVOID subscribing to shares due to expensive valuation.
Company overview
MMTC was established in 1963 and is the largest trading company in India and
one of the major trading companies in Asia. It is a Mini Navratna company
focusing on trading of commodities ranging form minerals to agro commodities.
It deals in Precious metals, fertilizers, Coal and Hydrocarbons, Metals, Agro
products and other minerals. MMTC also has a wholly owned subsidiary named
MMTC Transnational Pte Ltd (MTPL), Singapore and various joint ventures
including a pig iron plant in which MMTC holds 49.8% stake.
Investment arguments
Mineral exports to remain muted: The developments such as ban on iron ore
mining and export from Karnataka, regulation of export from eastern sector,
increase in railway freight and higher export duty for exports, increase in
domestic demand of ore iron ore etc have resulted in lower exports of iron ore in
India during FY2012. Going forward, As per Federation of Indian Mineral
Industries (FIMI), iron ore exports from India had declined by 38.5% yoy to 62mn
tonnes during FY2012 on account of export ban in Karnataka, stringent measures
in issuing export permits in Odisha, a sharp decline in international iron ore price
and increased export duty. Further, as per FIMI, total iron ore exports during
FY2013 are estimated to decline 75.8% to 15mn tonnes, thus affecting top-line of
MMTC. The increase in domestic steel production capacity has also reduced the
availability of Chrome and Manganese Ore for exports; Moreover, export duty on
chrome ore has increased beginning March 2012 from `3,000/tonne to 30% ad
valorem which is likely to impact MMTC’s FY2014 sales volumes. Even gold
imports into India are likely to be lower due to increase in customs duty on gold by
the government. This is further likely to hit MMTC’s top-line going forward.

www.angelbroking.com

Market Outlook
June 13, 2013

Historical financials highly volatile: The company’s financial performance has been
inconsistent and erratic over the past few years. During FY2012, its consolidated
adjusted net profit declined by 62.0% yoy to `43 cr. During FY2013, it reported a
net loss of `71cr on a standalone basis due to 56.9% decline in top-line (The
company has not reported consolidated FY2013 results). The past financials of the
company do not indicate stability in earnings going forward.
Valuation: MMTC is a trading company with a 'Five Star Export House' status.
However, at the current price, the stock is trading at a very expensive valuation of
398x FY2012 PE due to low free float (0.67% of its market cap). Even at a floor
OFS price of `60, it is trading at FY2012 PE of 113x, which is very expensive in
our view. Hence, we recommend investors to AVOID subscribing to MMTC OFS.

Economic and Political News




April IIP dips to 2%, May CPI at 9.31%
RBI imposes restrictions on lending against gold
Fitch upgrades India's outlook to stable
Foreign investment limit in govt debt hiked by $5 billion

Corporate News


Havells India set to enter hospital business
Supreme Court stays HC order restraining DLF from selling property
Wipro to hire 1,000 employees in Germany over the next three years
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

www.angelbroking.com

Market Outlook
June 13, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

June 13, 2013

6:00PM

US

Initial Jobless claims

Thousands

Jun 8

346.00

346.00

June 14, 2013

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

May

4.89

4.87

2:30PM

Euro Zone Euro-Zone CPI (YoY)

%

May F

1.20

1.40

6:00PM

US

Producer Price Index (mom)

% Change

May

(0.70)

0.10

6:45PM

US

Industrial Production

%

May

(0.53)

0.20

11:00AM

India

RBI Repo rate

%

Jun 17

7.25

7.25

11:00AM

India

RBI Cash Reserve ratio

%

Jun 17

4.00

4.00

11:00AM

India

RBI Reverse Repo rate

%

Jun 17

6.25

6.25

2:00PM

UK

CPI (YoY)

% Change

May

2.40

--

6:00PM

US

Housing Starts

Thousands

May

853.00

950.00

6:00PM

US

Building permits

Thousands

May

1,005.00

988.00

% Change

May

(0.40)

0.20

%

Jun 19

0.25

0.25

June 17, 2013

June 18, 2013

6:00PM

US

Consumer price index (mom)

June 19, 2013

11:30PM

US

FOMC rate decision

June 20, 2013

1:00PM

Germany PMI Manufacturing

Value

Jun A

49.40

--

1:00PM

Germany PMI Services

Value

Jun A

49.70

--

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Jun A

(21.90)

--

7:30PM

US

Existing home sales

7:30PM

US

Consumer Confidence

7:30PM

US

New home sales

June 26, 2013

6:00PM

US

GDP Qoq (Annualised)

June 27, 2013

1:25PM

Germany Unemployment change (000's)

2:00PM

UK

GDP (YoY)

% Change

6:30AM

China

PMI Manufacturing

Value

2:00PM

UK

PMI Manufacturing

4:30PM

UK

BOE Announces rates

5:15PM

Euro Zone ECB announces interest rates

6:00PM

US

Change in Nonfarm payrolls

6:00PM

US

Unnemployment rate

July 9, 2013

7:00AM

China

July 10, 2013

4:29PM

July 15, 2013

7:30AM
7:30AM

June 25, 2013

July 1, 2013
July 4, 2013
July 5, 2013

Source: Bloomberg, Angel Research

Million

May

4.97

5.00

S.A./ 1985=100

Jun

76.20

--

Thousands

May

454.00

--

% Change

1Q T

2.40

--

Thousands

Jun

21.00

--

1Q F

0.60

--

Jun

50.80

--

Value

Jun

51.30

--

% Ratio

Jul 4

0.50

0.50

%

Jul 4

0.50

--

Thousands

Jun

175.00

--

%

Jun

7.60

--

Consumer Price Index (YoY)

% Change

Jun

2.10

--

China

Exports YoY%

% Change

Jun

1.00

--

China

Industrial Production (YoY)

% Change

Jun

9.20

--

China

Real GDP (YoY)

% Change

2Q

7.70

--

Market Outlook
June 13, 2013

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
10.0

11.4
9.2

6.0
4.0
2.0

7.5

Apr-13

Jun-12

Mfg. PMI

58.0
7.6

Mar-13

(4.0)

Exhibit 4: Manufacturing and services PMI

(%)
8.0

(1.0) (0.6)

(0.7)

(2.0)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Services PMI

8.1
7.3

7.2

7.3

7.3

7.3

56.0
6.0
4.9

54.0
52.0

Source: MOSPI, Angel Research

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

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

Exhibit 5: Exports and imports growth trends
(%)

48.0

Mar-12

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

50.0

Jun-12

8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

(0.1)

May-12

4QFY13

3QFY13

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

Source: CSO, Angel Research

9.0

(2.0)

Jan-13

4.7 4.8

2.0
0.5

Dec-12

5.1 5.4 5.2

3.4

2.5

2.0

Nov-12

6.0

2.5

Oct-12

6.5

Feb-13

7.5

Sep-12

7.7

Aug-12

8.6

8.4

8.0

9.9

Jul-12

9.5

9.3

2QFY10

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

15.0

Reverse Repo rate

CRR

7.25

8.00
7.00
6.00

6.25

5.00
4.00
4.00

Source: Bloomberg, Angel Research

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Source: RBI, Angel Research

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

(15.0)

Jun-12

3.00

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

0.0

Market Outlook
June 13, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY14E

OPM(%)

EPS ( Č)

FY15E

FY14E

FY15E

FY14E

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Agri / Agri Chemical
Rallis

Neutral

141

-

2,743

1,657

1,906

14.1

14.1

7.7

8.9

18.3

15.9

3.8

3.2

22.2

21.9

1.6

1.4

United Phosphorus

Buy

148

232

6,548

10,298

11,310

16.5

16.5

20.5

23.2

7.2

6.4

1.2

1.0

18.0

17.4

0.6

0.5

Amara Raja Batteries

Accumulate

250

285

4,276

3,418

3,892

14.5

14.5

18.5

20.4

13.6

12.3

3.3

2.7

26.6

23.8

1.3

1.1

Apollo Tyres

Accumulate

92

104

4,637

13,852

15,487

11.4

11.5

12.8

14.9

7.2

6.2

1.2

1.0

17.5

17.3

0.5

0.4

Ashok Leyland

Buy

21

27

5,627

14,038

16,442

7.6

8.7

1.1

2.2

20.2

9.5

1.7

1.5

6.2

12.5

0.5

0.4

Automotive Axle#

Neutral

234

-

353

834

965

9.3

10.6

17.3

27.1

13.5

8.6

1.3

1.2

9.5

14.0

0.5

0.4

Bajaj Auto

Buy

1,744

2,056

50,470

22,684

25,908

18.0

18.5

117.3

137.1

14.9

12.7

5.4

4.3

39.9

37.2

1.8

1.5

Bharat Forge

Neutral

224

-

5,206

6,198

6,793

14.6

14.9

14.5

17.3

15.4

12.9

2.0

1.8

13.6

14.7

1.0

0.8

Bosch India*

Neutral

9,057

-

28,439

9,821

11,394

17.0

17.3

373.5

438.7

24.3

20.7

4.4

3.7

18.0

17.9

2.6

2.2

CEAT

Buy

107

170

365

5,325

5,974

8.4

8.3

40.8

48.5

2.6

2.2

0.4

0.4

17.3

17.6

0.2

0.2

Exide Industries

Buy

129

150

10,931

7,053

8,061

14.2

14.5

7.8

9.1

16.4

14.1

2.8

2.4

18.1

18.2

1.3

1.1

FAG Bearings*

Neutral

1,445

-

2,401

1,525

1,742

14.5

15.7

88.4

109.5

16.3

13.2

2.4

2.0

15.5

16.5

1.4

1.2

Hero Motocorp

Accumulate

1,611

1,819

32,160

25,274

27,658

14.1

13.7

110.2

139.9

14.6

11.5

5.3

4.2

39.8

40.7

1.1

0.9

JK Tyre

Buy

114

154

467

7,972

8,754

7.1

7.1

37.5

44.0

3.0

2.6

0.5

0.4

16.4

16.6

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

954

1,090

58,568

45,254

51,197

11.4

11.7

61.2

70.2

15.6

13.6

3.3

2.7

22.7

21.9

1.0

0.9

1,479

1,847

44,681

48,455

55,723

11.2

10.9

107.8

123.2

13.7

12.0

2.1

1.8

16.2

16.0

0.8

0.6

204

222

12,013

28,442

31,493

7.5

7.8

12.5

14.8

16.3

13.8

4.0

3.2

27.5

25.8

0.6

0.5

Buy

23

30

137

1,479

1,685

10.0

9.9

5.5

7.5

4.2

3.0

0.4

0.4

11.1

13.7

0.4

0.3

Tata Motors

Buy

293

347

78,512 215,016 237,404

13.3

13.6

36.2

41.5

8.1

7.1

1.8

1.5

24.6

23.2

0.4

0.4

TVS Motor

Buy

35

41

1,641

7,715

8,584

6.0

6.1

5.0

5.8

7.0

6.0

1.2

1.0

18.1

18.5

0.2

0.1

ABB*

Sell

602

461

12,761

8,073

9,052

5.5

6.9

11.5

16.9

52.3

35.5

4.8

4.6

9.3

13.1

1.6

1.3

BGR Energy

Neutral

139

-

1,004

4,114

4,886

11.4

10.7

24.9

28.0

5.6

5.0

0.8

0.7

25.2

22.6

0.6

0.5

BHEL

Neutral

179

-

43,873

44,054

39,326

16.8

15.1

20.6

16.1

8.7

11.2

1.9

1.7

23.5

16.1

0.9

0.9

Blue Star

Buy

160

230

1,440

2,896

3,087

5.6

6.2

9.3

11.7

17.2

13.7

2.8

2.4

17.6

19.2

0.6

0.5

Crompton Greaves

Buy

87

117

5,562

13,446

15,272

6.7

7.6

6.6

8.9

13.1

9.8

1.4

1.3

11.4

14.0

0.5

0.5

Jyoti Structures

Neutral

24

-

198

3,360

3,597

9.7

9.8

7.3

10.2

3.3

2.4

0.7

0.6

8.8

11.4

0.3

0.3

KEC International

Buy

37

63

946

7,709

8,399

6.7

7.2

6.1

8.5

6.1

4.3

0.8

0.7

20.2

23.0

0.3

0.3

Thermax

Neutral

596

-

7,101

5,780

6,430

9.5

9.6

29.8

33.0

20.0

18.1

3.4

3.0

17.9

17.4

1.0

0.9

1,212

1,361

22,755

11,979

13,254

19.7

21.3

77.1

91.4

15.7

13.3

2.8

2.5

18.7

20.0

1.6

1.4

Maruti

Buy

Motherson Sumi

Accumulate

Subros

Capital Goods

Cement
ACC

Accumulate

www.angelbroking.com

Market Outlook
June 13, 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 )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Cement
Ambuja Cements

Neutral

174

-

26,885

10,232

11,762

23.5

24.5

10.3

12.2

16.9

14.3

2.8

2.6

17.2

18.6

2.1

1.7

India Cements

Neutral

63

-

1,921

4,929

5,434

17.4

17.1

8.9

10.9

7.0

5.7

0.5

0.5

7.7

9.1

0.7

0.6

J K Lakshmi Cement

Buy

110

143

1,297

2,247

2,742

21.0

23.1

17.8

21.8

6.2

5.1

0.9

0.8

15.5

16.4

0.5

0.9

Madras Cements

Neutral

234

-

5,573

4,234

4,788

23.9

24.0

18.5

22.8

12.7

10.3

2.0

1.7

17.2

18.2

1.7

1.4

Shree Cement^

Neutral

4,630

-

16,130

6,540

7,452

27.4

26.6

319.7

369.9

14.5

12.5

3.6

2.9

27.5

25.4

1.8

1.4

UltraTech Cement

Neutral

1,840

-

50,454

21,947

25,049

23.8

23.8

106.1

119.8

17.4

15.4

2.9

2.5

17.7

17.3

2.4

2.0

189

255

995

1,928

2,234

21.0

21.5

18.0

22.2

10.5

8.5

0.9

0.8

10.2

10.1

1.9

1.9

10

-

178

2,281

2,492

5.9

6.9

0.7

2.0

14.1

4.8

0.3

0.3

2.3

6.5

0.3

0.3

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

115

157

3,821

3,997

4,312

45.5

46.4

15.7

16.6

7.3

6.9

1.1

1.0

15.2

14.5

3.4

3.6

ITNL

Buy

170

230

3,294

7,444

8,041

27.4

28.9

29.8

32.1

5.7

5.3

0.8

0.7

14.9

14.2

2.5

2.6

IVRCL Infra

Buy

16

29

489

5,673

5,892

8.1

8.4

1.4

1.8

11.1

8.7

0.2

0.2

2.0

2.6

0.5

0.5

Jaiprakash Asso.

Buy

63

90

13,869

14,850

15,631

24.9

25.1

2.5

2.9

24.7

21.9

1.0

1.0

4.2

4.7

2.7

2.7

Larsen & Toubro

Buy

1,397

1,761

86,105

68,946

78,040

10.5

10.5

77.9

88.3

18.0

15.8

2.6

2.3

15.5

15.6

1.4

1.2

Nagarjuna Const.

Buy

29

42

740

6,167

6,945

8.0

8.2

2.7

3.6

10.8

7.9

0.3

0.3

2.7

3.6

0.5

0.5

Punj Lloyd

Neutral

42

-

1,390

12,954

14,740

9.9

9.9

0.5

0.9

82.5

44.9

0.5

0.5

0.6

1.1

0.5

0.5

Sadbhav Engg.

Buy

103

139

1,552

2,462

2,731

10.6

10.6

5.9

6.7

17.5

15.4

1.7

1.6

10.2

10.5

0.9

0.8

Simplex Infra

Buy

95

131

469

6,308

7,033

9.5

9.6

11.9

18.7

8.0

5.1

0.4

0.3

4.5

6.7

0.5

0.5

Unity Infra

Buy

27

41

199

2,146

2,339

13.7

13.8

11.0

11.5

2.4

2.3

0.2

0.2

9.3

9.0

0.6

0.6

Allahabad Bank

Buy

111

144

5,535

6,876

7,545

2.6

2.5

28.2

30.9

3.9

3.6

0.6

0.5

12.8

12.7

-

-

Andhra Bank

Neutral

86

-

4,801

5,254

5,900

2.8

2.8

21.2

22.9

4.1

3.8

0.6

0.5

13.3

13.0

-

-

Axis Bank

Buy

1,277

1,853

59,831

19,055

22,710

3.3

3.2

130.7

152.3

9.8

8.4

1.6

1.4

17.2

17.6

-

-

Bank of Baroda

Buy

652

851

27,462

16,365

18,781

2.2

2.3

121.3

142.5

5.4

4.6

0.8

0.7

15.1

15.7

-

-

Bank of India

Buy

286

350

17,046

14,482

16,383

2.3

2.3

58.1

68.1

4.9

4.2

0.7

0.6

14.4

15.0

-

-

Bank of Maharashtra

Buy

53

64

3,512

4,392

4,743

3.1

3.0

12.6

13.7

4.2

3.9

0.7

0.6

16.8

16.0

-

-

Canara Bank

Buy

393

481

17,423

11,928

13,467

2.1

2.2

74.8

86.0

5.3

4.6

0.7

0.7

13.7

14.2

-

-

Central Bank

Accumulate

64

69

6,670

8,249

9,211

2.4

2.5

14.9

18.2

4.3

3.5

0.6

0.6

12.5

13.8

-

-

Corporation Bank

Buy

376

495

5,750

5,558

6,121

2.0

2.0

98.4

107.7

3.8

3.5

0.6

0.5

14.9

14.5

-

-

Dena Bank

Buy

84

97

2,925

3,187

3,582

2.3

2.4

23.8

25.5

3.5

3.3

0.5

0.5

15.9

15.1

-

-

Federal Bank

Neutral

422

-

7,217

2,873

3,413

3.0

3.1

52.7

62.0

8.0

6.8

1.0

0.9

13.4

14.2

-

-

Financials

www.angelbroking.com

Market Outlook
June 13, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Financials
HDFC

Accumulate

821

933

127,174

8,573

10,142

3.6

3.6

37.0

43.6

22.2

18.8

4.6

4.1

30.0

30.3

-

-

HDFC Bank

Accumulate

665

722

158,559

27,682

33,916

4.6

4.6

35.3

42.7

18.9

15.6

3.7

3.1

21.3

21.8

-

-

ICICI Bank

Buy

1,081

1,503

124,782

25,705

30,330

3.1

3.2

83.9

96.3

12.9

11.2

1.7

1.6

15.2

15.7

-

-

IDBI Bank

Buy

76

93

10,156

9,477

10,678

2.0

2.1

19.6

22.6

3.9

3.4

0.5

0.4

12.8

13.4

-

-

Indian Bank

Buy

130

185

5,568

6,185

6,978

3.0

3.0

37.0

42.2

3.5

3.1

0.5

0.5

14.8

15.1

-

-

IOB

Accumulate

58

66

5,383

8,142

8,956

2.5

2.5

16.5

20.7

3.5

2.8

0.4

0.4

11.8

13.4

-

-

J & K Bank

Neutral

1,260

-

6,107

3,074

3,140

3.5

3.2

224.7

201.5

5.6

6.3

1.1

1.0

20.6

16.1

-

-

LIC Housing Finance

Buy

256

298

12,899

2,113

2,525

2.3

2.3

25.4

29.2

10.1

8.8

1.8

1.5

18.4

18.3

-

-

Oriental Bank

Buy

230

285

6,699

6,835

7,588

2.6

2.6

56.5

63.8

4.1

3.6

0.5

0.5

13.1

13.4

-

-

Punjab Natl.Bank

Buy

754

994

26,659

20,876

23,929

3.3

3.4

151.7

177.0

5.0

4.3

0.8

0.7

16.1

16.5

-

-

South Ind.Bank

Neutral

St Bk of India

Buy

Syndicate Bank

Accumulate

UCO Bank

Neutral

Union Bank
United Bank

25

-

3,344

1,839

2,091

2.9

2.8

4.2

4.5

6.0

5.5

1.0

0.9

18.2

17.0

-

-

2,010

2,637

137,494

67,243

76,612

3.1

3.0

242.4

284.8

8.3

7.1

1.3

1.1

16.3

16.8

-

-

128

142

7,732

7,238

8,249

2.7

2.6

27.1

30.4

4.7

4.2

0.7

0.6

16.1

15.9

-

-

77

-

5,765

6,250

6,738

2.6

2.5

12.1

14.7

6.4

5.2

1.0

0.8

11.8

13.0

-

-

Buy

210

260

12,521

11,229

12,794

2.6

2.6

40.7

48.2

5.2

4.4

0.7

0.7

14.6

15.4

-

-

Buy

50

65

1,868

3,443

3,998

2.4

2.6

15.1

20.4

3.3

2.4

0.4

0.4

12.1

14.8

-

-

Vijaya Bank

Neutral

51

-

2,527

2,730

3,059

1.9

2.0

10.2

11.3

5.0

4.5

0.6

0.5

11.8

12.0

-

-

Yes Bank

Neutral

469

-

16,853

4,390

5,411

2.8

2.8

41.6

47.9

11.3

9.8

2.4

2.0

23.2

22.1

-

-

Asian Paints

Neutral

4,491

-

43,076

12,332

14,524

16.5

16.3

141.6

162.7

31.7

27.6

10.0

8.0

35.4

32.2

3.4

2.8

Britannia

Neutral

684

-

8,182

6,417

7,502

6.1

6.3

23.2

27.9

29.6

24.5

10.2

8.0

38.3

36.4

1.3

1.0

Colgate

Neutral

1,364

-

18,556

3,588

4,130

20.5

20.9

44.2

51.8

30.9

26.4

30.1

21.9

108.6

96.2

5.0

4.3

Dabur India

Neutral

154

-

26,789

7,183

8,340

16.8

16.8

5.4

6.3

28.6

24.4

11.2

8.7

41.5

40.1

3.7

3.1

GlaxoSmith Con*

Neutral

5,770

-

24,265

3,617

4,259

16.1

16.4

122.2

148.7

47.2

38.8

14.7

11.8

34.1

33.7

6.2

5.2

Godrej Consumer

Neutral

798

-

27,158

7,801

9,017

16.2

15.9

25.1

29.7

31.8

26.9

6.8

5.7

24.9

24.2

3.6

3.1

HUL

Neutral

594

-

128,375

29,167

33,164

13.6

13.7

17.1

18.4

34.7

32.3

33.4

24.2

113.4

87.0

4.3

3.7

ITC

Neutral

332

-

262,341

34,294

39,991

36.8

37.0

11.3

13.3

29.5

24.9

9.7

7.9

36.1

34.9

7.3

6.2

Marico

Neutral

226

-

14,547

5,273

6,044

14.8

14.9

7.3

8.7

31.1

26.0

6.1

5.0

21.4

21.0

2.8

2.4

Nestle*

Neutral

5,142

-

49,577

9,447

10,968

22.1

22.3

127.5

154.1

40.3

33.4

20.2

14.6

57.7

50.7

5.3

4.4

Tata Global

Neutral

142

-

8,757

8,069

8,957

9.8

9.7

7.8

8.6

18.1

16.5

2.2

2.1

9.5

9.7

1.1

0.9

FMCG

www.angelbroking.com

Market Outlook
June 13, 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 )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

763

863

53,111

28,633

32,216

21.5

20.7

57.3

61.7

13.3

12.4

3.2

2.6

24.0

21.5

1.7

1.4

83

96

2,468

2,091

2,289

19.0

18.8

10.6

11.3

7.8

7.3

1.7

1.5

22.8

21.7

1.0

0.9

IT
HCL Tech^

Accumulate

Hexaware*

Buy

Infosys

Neutral

2,424

-

139,192

43,338

47,244

27.5

27.7

169.4

182.6

14.3

13.3

3.0

2.6

20.8

19.3

2.6

2.2

Infotech Enterprises

Accumulate

170

185

1,898

1,956

2,174

17.9

17.7

20.4

21.9

8.3

7.8

1.2

1.1

14.7

13.7

0.6

0.5

KPIT Cummins

Buy

116

135

2,246

2,513

2,819

16.1

15.5

12.6

14.0

9.3

8.3

1.6

1.3

17.9

16.6

0.9

0.7

Mahindra Satyam

Accumulate

113

126

13,287

8,278

9,062

20.3

20.1

10.5

11.4

10.7

9.9

2.5

2.0

23.1

20.0

1.2

1.0

Mindtree

Accumulate

816

920

3,388

2,599

2,871

19.4

19.2

85.2

92.3

9.6

8.8

2.0

1.6

21.4

18.9

1.0

0.8

Mphasis&

Neutral

412

-

8,664

6,096

6,646

17.6

17.4

38.1

41.6

10.8

9.9

1.5

1.4

14.2

13.7

0.9

0.7

NIIT

Buy

21

30

346

1,144

1,267

9.0

9.1

4.3

5.4

4.9

3.9

0.5

0.5

10.3

12.0

0.1

-

Persistent

Accumulate

519

593

2,077

1,445

1,617

25.2

25.0

55.3

59.3

9.4

8.8

1.7

1.5

18.2

16.5

1.0

0.8

TCS

Accumulate

1,468

1,585

287,291

71,833

81,893

28.4

28.0

78.5

88.0

18.7

16.7

5.7

4.7

30.2

27.9

3.8

3.2

Tech Mahindra

Buy

976

1,170

12,544

7,779

8,398

19.7

19.3

107.4

117.8

9.1

8.3

1.9

1.6

21.2

19.0

1.6

1.4

Wipro

Accumulate

345

385

84,908

40,173

43,697

20.4

20.6

26.2

28.5

13.2

12.1

2.6

2.2

19.7

18.4

1.6

1.3

D B Corp

Buy

235

290

4,310

1,750

1,925

25.1

26.6

14.2

16.8

16.5

14.0

3.6

3.0

23.4

23.4

2.4

2.1

HT Media

Buy

100

117

2,358

2,205

2,380

15.1

15.6

8.3

9.1

12.1

11.0

1.3

1.2

11.5

11.4

0.7

0.6

Jagran Prakashan

Buy

91

119

3,015

1,664

1,825

20.9

23.0

6.4

7.8

14.1

11.7

2.9

2.6

21.0

23.1

1.9

1.7

PVR

Neutral

322

-

1,277

1,359

1,540

17.3

17.4

17.2

21.6

18.7

15.0

1.9

1.7

10.3

12.0

1.4

1.2

Sun TV Network

Neutral

400

-

15,746

2,287

2,551

69.7

70.5

20.0

23.3

20.0

17.2

4.9

4.3

26.4

27.3

6.5

5.7

Bhushan Steel

Neutral

463

-

10,484

13,794

17,088

30.9

33.5

49.3

66.6

9.4

7.0

1.0

0.9

11.3

13.5

2.4

1.9

Coal India

Accumulate

303

345

191,575

72,174

76,311

33.3

28.4

28.4

30.9

10.7

9.8

2.9

2.5

37.6

36.2

1.8

1.7

Electrosteel Castings

Buy

14

24

454

1,976

2,017

11.8

12.7

1.3

2.6

11.0

5.4

0.1

0.1

2.6

5.2

0.5

0.1

GMDC

Buy

125

193

3,981

1,920

2,239

53.2

52.9

21.6

25.0

5.8

5.0

1.3

1.1

25.1

23.8

1.6

1.2

Hind. Zinc

Buy

109

145

46,098

12,358

13,659

51.4

51.6

16.0

17.6

6.8

6.2

1.2

1.1

19.4

18.4

1.5

1.0

Hindalco

Neutral

92

-

17,691

89,352

93,672

8.8

9.2

13.4

15.0

6.9

6.2

0.5

0.5

7.3

7.6

0.5

0.5

JSW Steel

Neutral

674

-

15,046

39,973

40,926

17.2

17.0

71.9

82.8

9.4

8.1

0.8

0.8

9.0

9.6

0.7

0.6

MOIL

Buy

206

248

3,464

1,010

1,046

46.5

47.6

26.8

28.8

7.7

7.2

1.1

1.0

15.4

14.7

1.0

0.8

Monnet Ispat

Buy

123

193

785

2,326

2,709

21.4

23.1

33.3

43.1

3.7

2.9

0.3

0.3

8.3

9.9

1.4

1.0

Nalco

Neutral

30

-

7,680

7,656

7,988

13.1

13.5

2.6

2.6

11.7

11.4

0.6

0.6

5.5

5.5

0.4

0.5

NMDC

Buy

112

156

44,544

10,461

11,892

71.6

72.6

16.3

17.6

6.9

6.4

1.5

1.3

22.1

21.4

2.5

2.2

Media

Metals & Mining

www.angelbroking.com

Market Outlook
June 13, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

FY14E

FY15E

OPM(%)

EPS ( Č)

FY14E

FY15E

FY14E

PER(x)

P/BV(x)

RoE(%)

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

EV/Sales(x)

FY15E

FY14E

FY15E

Metals & Mining
SAIL

Neutral

Sesa Goa

Accumulate

55

-

22,591

44,060

54,786

9.4

11.5

5.2

7.2

10.5

7.6

0.6

0.5

5.2

6.8

0.8

0.7

144

166

12,550

3,742

4,426

32.9

32.8

30.0

29.8

4.8

4.8

0.6

0.6

14.3

12.5

4.1

3.4

Sterlite Inds
Tata Steel

Buy

84

100

28,095

44,462

45,568

23.2

24.7

18.1

20.2

4.6

4.1

0.5

0.5

11.3

11.4

0.6

0.5

Buy

274

378

26,626 140,917 151,537

9.7

10.8

30.9

47.6

8.9

5.8

0.8

0.7

9.6

13.4

0.6

0.5

Sarda

Buy

103

153

369

1,494

1,568

19.1

20.3

31.3

36.5

3.3

2.8

0.4

0.3

11.8

12.4

0.6

0.5

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

28

45

381

2,615

2,776

12.1

12.0

9.8

10.4

2.9

2.7

0.2

0.2

6.5

6.5

0.4

0.3

Buy

78

102

256

2,344

2,509

14.9

15.4

38.7

47.0

2.0

1.7

0.2

0.2

12.3

12.9

0.5

0.4

Cairn India

Buy

290

345

55,398

16,482

16,228

69.4

53.3

53.3

49.6

5.4

5.9

0.8

0.8

16.5

13.6

2.0

1.7

GAIL

Neutral

305

-

38,708

52,102

52,876

15.7

16.1

34.1

35.7

9.0

8.6

1.4

1.2

16.4

15.3

0.3

0.2

ONGC

Buy

309

372

264,750 170,063 193,024

36.3

36.9

34.7

38.3

8.9

8.1

1.5

1.4

18.3

17.9

1.3

1.0

Reliance Industries

Neutral

791

-

255,537 380,031 407,721

9.9

69.3

69.3

78.0

11.4

10.1

1.1

1.0

11.5

11.7

0.6

0.6

Gujarat Gas*

Neutral

208

-

2,662

3,707

3,850

11.7

12.4

23.7

25.7

8.8

8.1

2.5

2.1

29.6

28.2

0.6

0.5

Indraprastha Gas

Neutral

282

-

3,952

3,700

4,218

23.4

22.8

26.7

30.4

10.6

9.3

2.2

1.9

22.7

21.8

1.1

0.9

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

135

167

10,106

40,356

40,872

5.8

6.4

15.0

16.7

9.0

8.1

1.9

1.6

23.0

21.5

0.3

0.3

55

-

3,084

1,171

1,287

91.9

91.9

10.1

11.3

5.4

4.8

0.9

0.8

17.3

16.8

-

-

Alembic Pharma

Accumulate

130

139

2,450

1,736

2,008

17.1

18.9

10.7

13.9

12.1

9.4

3.8

2.9

35.0

34.7

1.5

1.2

Aurobindo Pharma

Buy

175

271

5,087

6,641

7,637

15.9

15.9

17.3

20.6

10.1

8.5

1.6

1.3

19.5

18.9

1.2

1.0

Aventis*

Neutral

2,478

-

5,708

1,682

1,917

16.6

16.6

92.4

99.1

26.8

25.0

3.8

3.8

15.7

14.8

3.0

2.5

Cadila Healthcare

Buy

755

929

15,468

7,280

8,640

15.5

15.7

38.3

46.5

19.7

16.3

4.2

3.5

23.5

23.5

2.4

2.0

Cipla

Buy

384

477

30,844

9,274

10,796

23.1

23.1

21.0

23.8

18.3

16.1

2.9

2.5

17.2

16.8

3.1

2.6

Dr Reddy's

Buy

2,179

2,535

36,996

13,377

15,350

20.4

20.1

112.3

126.8

19.4

17.2

4.1

3.4

23.5

21.8

2.9

2.5

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Buy

Ipca labs

Neutral

63

168

510

1,394

1,534

22.5

22.4

15.0

16.8

4.2

3.8

0.4

0.4

11.0

11.2

1.0

0.8

2,493

-

21,119

2,854

3,145

28.6

28.6

76.6

83.3

32.6

29.9

9.7

8.9

31.1

31.0

6.5

5.9

61

78

560

760

922

15.3

15.3

6.1

7.8

10.0

7.8

1.2

1.1

12.9

14.7

0.9

0.8

Neutral

651

-

8,208

3,243

3,826

20.5

21.5

36.0

44.4

18.1

14.7

4.2

3.4

26.0

25.4

2.7

2.2

Lupin

Accumulate

772

877

34,541

11,641

13,933

21.3

21.3

34.8

41.8

22.2

18.5

5.2

4.1

26.2

24.8

3.0

2.4

Ranbaxy*

Neutral

380

-

16,076

11,400

12,060

10.5

12.5

17.5

22.5

21.7

16.9

3.5

3.0

17.0

19.1

1.4

1.2

Sun Pharma

Neutral

981

-

101,434

13,509

15,846

41.0

41.0

33.0

39.8

29.7

24.7

6.0

5.0

22.0

22.0

6.9

5.7

71

78

1,074

1,444

1,482

33.4

33.0

13.7

14.8

5.2

4.8

0.6

0.6

12.3

12.0

0.8

0.6

Power
GIPCL

Accumulate

www.angelbroking.com

Market Outlook
June 13, 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 )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Accumulate

151

163

124,630

76,734

86,680

24.5

24.3

13.4

14.5

11.3

10.4

1.4

1.3

12.8

12.7

2.3

2.2

DLF

Buy

190

236

33,762

8,293

9,622

36.5

36.1

5.7

6.7

33.2

28.1

1.2

1.1

3.7

4.1

6.2

5.2

MLIFE

Buy

391

476

1,598

888

1,002

30.6

30.6

38.8

43.4

10.1

9.0

1.1

1.0

11.2

11.4

2.4

2.1

Bharti Airtel

Buy

278

338

105,552

86,592

95,860

31.4

31.8

10.9

14.5

25.5

19.1

2.0

1.8

7.7

9.3

1.9

1.6

Idea Cellular

Neutral

134

-

44,524

25,122

27,663

27.0

27.2

4.0

4.8

33.8

28.2

2.8

2.6

8.3

9.1

2.2

1.9

Rcom

Neutral

107

-

21,982

22,801

24,628

31.0

31.3

3.6

5.3

29.9

20.2

0.6

0.6

2.2

3.1

2.5

2.2

11.8

12.4

71.2

83.0

20.2

17.4

4.1

3.5

21.6

21.5

1.4

1.1

Power
NTPC
Real Estate

Telecom

Others
Abbott India*

Buy

1,440

1,659

3,060

1,863

2,081

Bajaj Electricals

Buy

167

237

1,666

3,885

4,472

5.4

7.2

11.0

19.7

15.3

8.5

2.1

1.7

13.5

20.3

0.4

0.4

Cera Sanitaryware

Accumulate

525

562

664

630

795

14.4

13.6

42.8

51.1

12.3

10.3

2.9

2.3

26.6

25.2

1.0

0.8

Cravatex

Buy

330

459

85

248

284

6.5

7.3

27.2

38.2

12.2

8.6

1.9

1.6

15.7

18.5

0.5

0.5

Finolex Cables

Buy

51

68

783

2,563

2,899

9.8

9.8

10.1

11.3

5.1

4.5

0.7

0.6

14.3

13.8

0.2

0.2

Force Motors

Buy

294

437

383

2,304

2,649

3.1

3.6

28.0

43.7

10.5

6.7

0.3

0.3

3.1

4.7

0.1

0.1

Goodyear India*

Accumulate

315

345

727

1,458

1,542

8.3

9.0

32.3

37.0

9.8

8.5

1.8

1.5

19.5

19.3

0.3

0.3

Hitachi

Buy

132

177

358

1,053

1,169

6.3

7.1

13.8

17.7

9.5

7.4

1.3

1.2

15.0

16.7

0.4

0.3

2,480

-

2,193

1,842

2,131

7.7

7.8

112.4

132.4

22.1

18.7

2.8

2.4

13.3

13.8

1.1

0.9

Honeywell Automation* Neutral
IFB Agro

Buy

159

198

143

495

651

12.7

12.9

29.3

39.5

5.4

4.0

0.8

0.7

15.4

17.6

0.4

0.3

ITD Cementation

Buy

164

234

189

1,430

1,573

11.1

11.0

19.1

26.9

8.6

6.1

0.5

0.4

4.9

6.3

0.5

0.5

Jyothy Laboratories

Neutral

193

-

3,118

1,220

1,476

13.3

13.6

5.5

9.0

35.1

21.4

4.0

3.6

12.1

17.7

2.9

2.3

MRF

Neutral

14,665

-

6,220

11,799

12,587

14.1

13.5 1,792.4 1,802.0

8.2

8.1

1.7

1.4

23.5

19.2

0.6

0.6

Page Industries

Accumulate

4,018

4,611

4,482

1,057

1,282

19.4

19.6

124.8

153.7

32.2

26.1

16.0

11.8

56.3

51.8

4.3

3.6

Relaxo Footwears

Buy

674

791

809

1,146

1,333

10.9

11.4

45.9

60.9

14.7

11.1

3.1

2.5

23.0

24.6

0.9

0.7

Siyaram Silk Mills

Buy

247

343

232

1,158

1,322

11.9

11.9

72.9

85.7

3.4

2.9

0.6

0.5

19.9

19.6

0.4

0.4

Styrolution ABS India*

Buy

414

617

728

1,068

1,223

9.6

9.6

38.1

44.1

10.9

9.4

1.5

1.3

14.5

14.7

0.7

0.6

TAJ GVK

Buy

60

108

378

300

319

35.8

36.2

7.9

9.1

7.6

6.6

1.0

0.9

13.9

14.4

1.6

1.3

Tata Sponge Iron

Buy

282

371

434

814

849

17.0

17.6

64.6

69.2

4.4

4.1

0.6

0.5

14.5

13.8

0.1

-

TTK Healthcare

Buy

536

686

416

435

516

6.2

7.1

24.3

33.3

22.1

16.1

3.6

3.1

17.6

20.8

0.8

0.7

Tree House

Accumulate

280

297

1,007

153

194

53.0

52.8

12.4

15.6

22.6

17.9

2.7

2.4

11.8

13.1

6.8

5.2

TVS Srichakra

Buy

188

252

144

1,591

1,739

6.1

6.6

24.5

41.9

7.7

4.5

0.8

0.7

10.9

17.2

0.3

0.3

United Spirits

Neutral

2,380

-

34,588

12,294

14,162

12.0

12.0

42.1

67.7

56.5

35.2

4.0

3.6

9.1

10.7

3.2

2.7

www.angelbroking.com

Market Outlook
June 13, 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 )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

364

439

738

600

638

20.1

19.4

35.7

36.6

10.2

10.0

1.8

1.6

19.4

17.1

1.0

0.9

Others
Vesuvius India*

Buy

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 12, 2013

www.angelbroking.com

Market Outlook
June 13, 2013

www.angelbroking.com

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