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Market Outlook

July 1, 2013

Dealers Diary
Indian markets are expected to open flat tracking almost flat to negative opening in
most of the Asian markets while data showed that Chinese manufacturing activity
contracted in June as monthly manufacturing PMI for June dropped to 50.1 from
50.8 in May.
US markets, after moving modestly higher in early trade on Friday, ended with
losses as investors started to come to terms with the potential slowdown in the
Federal Reserves monetary stimulus program. Early in the day, some negative
sentiment was generated by a report from the ISM Chicago which showed that its
Chicago business barometer tumbled to 51.6 in June from 58.7 in May. Selling
pressure waned not long after the open, however, with a better than expected
reading on consumer sentiment helping to limit the downside for the markets.
Thomson Reuters and the University of Michigan reported that their consumer index
for June was upwardly revised to 84.1 from the preliminary reading of 82.7.
Meanwhile, Indian markets rose sharply on Friday, with energy stocks rallying after
the government approved a gas price hike for the first time in three years to help
boost domestic production and ease acute power shortages in the country.

Markets Today
The trend deciding level for the day is 19,307/ 5,815 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,521 19,647 / 5,880 5,918 levels. However, if NIFTY trades below
19,307/ 5,815 levels for the first half-an-hour of trade then it may correct up to
19,182 18,968 / 5,777 5,711 levels.
Indices
SENSEX
NIFTY

S2
18,968
5,711

S1
19,182
5,777

PIVOT
19,307
5,815

R1
19,521
5,880

R2
19,647
5,918

News Analysis

Domestic Indices

(Pts)

(Close)

BSE Sensex

2.8

520 19,396

Nifty

2.8

160

5,842

MID CAP

2.3

132

5,965

SMALL CAP

1.4

76

5,644

BSE HC

2.3

198

8,845

BSE PSU

3.5

210

6,163

BANKEX

3.2

409 13,258

AUTO

3.1

323 10,716

METAL

4.7

348

7,754

OIL & GAS

3.4

290

8,900

BSE IT

0.7

46

6,255

(Pts)

(Close)

Global Indices

Dow Jones
NASDAQ
FTSE

Chg (%)

(0.8)

(115) 14,910

0.0

3,403

(0.4)

(28)

6,215

Nikkei

3.5

464 13,677

Hang Sang

1.8

363 20,803

Straits Times

1.0

32

3,150

Shanghai Com

1.5

29

1,979

Chg (%)

(Pts)

(Close)

(0.5)

(0.2)

$41.2

WIT

1.3

0.1

$7.3

IBN

2.6

1.0

$38.3

HDB

1.1

0.4

$36.2

Indian ADR

INFY

Advances / Declines

CCEA approves increase in MSP for kharif crops


DoT decides not to scrap dual-technology telecom licenses
YES Bank gets CCEA nod to increase foreign holdings to 60%
Crompton Greaves announces buyback of equity shares

Chg (%)

BSE

NSE

1,538

1,011

Declines

858

377

Unchanged

116

54

Advances

Refer detailed news analysis on the following page

Volumes (` cr)

Net Inflows (June 27, 2013)


` cr
FII
MFs

Purch
5,111
636

Sales
5,953
464

Net
(843)
172

MTD
(10,530)
(101)

YTD
71,306
(12,177)

FII Derivatives (June 28, 2013)


` cr
Index Futures
Stock Futures

Purch
3,838
2,271

Sales
2,146
1,582

Net
1,692
688

Open Interest
9,233
24,491

Gainers / Losers
Company

Gainers
Price (`)
chg (%)

IFCI

Company

Losers
Price (`)
chg (%)

26

17.8

Gitanjali Gems

237

(10.0)

564

10.8

MMTC

103

(5.0)

Crompton Greav

87

8.9

United Spirits

2,171

(2.5)

Coromandel Intl

184

8.8

Ranbaxy Lab

310

(2.4)

5,140

8.2

HCL Tech

776

(2.3)

Piramal Ent

Glaxosmithkl Cons

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BSE

1,986

NSE

14,659

Market Outlook
July 1, 2013

CCEA approves increase in MSP for kharif crops


The Cabinet Committee on Economic Affairs (CCEA) approved the Minimum
Support Prices (MSPs) for kharif crops for the 2013-14 season. Overall, the MSP
increases are expectedly moderate and in the range of 0-15% as against increases
of 15-53% in the 2012-13 crop season for kharif. We believe that these moderate
price hikes for cereals mainly, in particular for rice (Rs.60-65), are positive for the
food inflation outlook as cereal inflation remains at elevated levels. Notably, the
MSP for jowar, ragi and urad remain unchanged and this can be attributed to the
high MSP increases of 53%, 43% and 30% respectively for these crops during the
previous year. Since FY2001, the increase in MSP for these three items stands at a
massive 9.8-10.3% CAGR.
During May 2013, inflation in cereals came in at 16.0% while inflation in pulses
came in a reasonable 5.9%. As far as sowing of kharif crops is concerned, reports
of various States indicate that sowing has picked up robustly by about 85% to 251
lakh hectares in 2013 as compared to 136 lakh hectare in the corresponding
period of the previous year.
MSP price hikes (in %)

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Kharif crops
Paddy (Common variety)

31.8

11.8

5.3

8.0

15.7

4.8

Paddy (A - grade)

30.4

11.4

5.1

7.8

15.3

5.1

Jowar (Hybrid)

40.0

0.0

4.8

11.4

53.1

0.0

Jowar (Maldandi)

38.7

0.0

4.7

11.1

52.0

0.0

Bajra

40.0

0.0

4.8

11.4

19.9

6.4

Maize

35.5

0.0

4.8

11.4

19.9

11.5

Ragi

52.5

0.0

5.5

8.8

42.9

0.0

Arhar (Tur)

29.0

15.0

30.4

6.7

20.3

11.7

Moong

48.2

9.5

14.9

10.4

25.7

2.3

Urad

48.2

0.0

15.1

13.8

30.3

0.0

Cotton (Medium Staple)

38.9

0.0

0.0

12.0

28.6

2.8

Cotton (Long Staple)

47.8

0.0

0.0

10.0

18.2

2.6

Groundnut In Shell

35.5

0.0

9.5

17.4

37.0

8.1

Sunflower Seed

46.7

0.0

6.1

19.1

32.1

0.0

Soyabeen (Black)

48.4

0.0

3.7

17.9

33.3

13.6

Soyabeen (Yellow)

32.4

0.0

3.6

17.4

32.5

14.3

Sesamum

74.1

3.6

1.8

17.2

23.5

7.1

Nigerseed

94.0

0.0

1.9

18.4

20.7

0.0

We are thus positive on food inflation moderating going ahead owing to positive
factors including the onset of normal monsoon, decent rabi production in 20122013 season, increase in sowing of kharif crops and these reasonable MSP hikes.
In addition, the moderation in inflation is likely to lead to further easing of rural
wage inflation which has been softening to about 17.3% in April 2013 from 18.3%
in January 2013 thus breaking the wage-price spiral. We believe that the
governments stance on MSP is reflective of their firm commitment to fiscal
consolidation despite the upcoming elections. Earlier in December 2012, the MSP
for wheat was increased by Rs. 65 per quintal, lower than the agricultural
ministrys proposal of a hike of Rs. 100 per quintal. Other rabi crops witnessed
similar MSP hikes in the range of 5% - 20%.

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Market Outlook
July 1, 2013

DoT decides not to scrap dual-technology telecom licenses


In a reprieve for holders of dual-technology telecom licenses, such as Tata
Teleservices (TTSL) and Reliance Communications (RCom), the Department of
Telecommunications (DoT) has decided that licenses will not be scrapped. TTSL
holds 19 such licenses across the country, while RCom owns 22. Dual-technology
players are those offering services on both GSM and CDMA platforms.
The decision is based on the legal advice of senior advocate P P Rao. DoT had
sought his opinion after various groups, including Assocham and the Cellular
Operators Association of India (COAI), besides the managing director of Idea
Cellular, insisted the Supreme Court decision to cancel 2G licences should lead to
scrapping of 141 Unified Access Service (UAS) licenses, instead of 122 as
undertaken by the government. According to a recent communication, Rao, in an
opinion dated June 15, said there were two sets of applicants. One set was of
those that applied for UAS licenses till September 25, 2007, and the second of
existing licensees seeking approval to use dual-technology spectrum. Rao added
the SC judgment had not mentioned quashing of the approval given for use of
dual-technology spectrum to the existing players that had been given licenses
before the issuance of two press releases on January 10, 2008. The allocation of
spectrum quashed by the Supreme Court was limited to the cancelled licenses. The
existing licensees were not to be affected, as neither their licenses were cancelled
nor their spectrum quashed. RComs UAS licenses were amended on October 18,
2007, to also include offering GSM services. TTSL, on the other hand, had got its
CDMA license in 2005 and was allowed in January 2008 to operate GSM services
under the same license through the dual-technology route. We maintain our
Neutral rating on RCom.

YES Bank gets CCEA nod to increase foreign holdings to


60%
Yes bank has received CCEAs approval to increase its foreign equity participation
upto 60%. As per current rules, FDI in private banking sector is allowed upto 74%,
within which upto 49% is allowed through automatic route and beyond 49% but
upto 74% is allowed through government approval route. In case the amount to be
invested under FDI government approval route is less than `1,200cr, the matter is
considered by FIPB, else by CCEA. As of March 31, 2013, Yes Banks FII
shareholding stood at 49%. It has plans to raise a sum of `2,500cr (US $ 500mn)
for which it has received shareholder approval recently and now has also received
CCEA approval. Yes Bank plans to grow its customer asset base at 25%+ for the
next 2-3 years, leading to higher capital requirements. The banks capital
adequacy ratio (CAR) continues to be strong at 18.3%, with tier-I ratio at 9.5%.
With RoE of above 22%, the banks retained earnings itself are capable of funding
balance sheet growth of 18-20%. Any capital raising for the bank is likely to be
book-accretive and will aid in further enhancing the bank's credit market share
going forward. At CMP, after the recent underperformance across the banking
stocks, Yes Bank trades at 1.9x FY2015E ABV. We recommend an Accumulate
rating on the stock, with a target price of `489.

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Market Outlook
July 1, 2013

Crompton Greaves announces buyback of equity shares


Crompton Greaves has announced buyback of equity shares from the open
market through the Stock Exchanges, at a price not exceeding `125/share, upto
an amount of `266cr at a meeting of the Board of Directors on June 28, 2013.
The restructuring at its Belgium unit along with slowdown in investments (due to
GDP slowdown) has heavily impacted its profitability, leading to sharp fall in stock
price. Hence, buyback of equity shares sends a positive signal and lends support
to the stock price. We maintain BUY with a target price of `117 from a medium to
long term perspective.

Economic and Political News

DCGA puts cap on preferential seats in planes


SIDBI launches India Microfinance platform
Retail inflation for factory worker inches to 10.68% in May
Government to allocate 14 coal mines to PSUs within a week: Jaiswal
RBI tightens debt fundraising rules for non-bank financials

Corporate News

Delhi Metro prepares taking over Airport Express Line from Reliance Infra-led
operator
Expect completion of Cipla Medpro takeover by mid July: Cipla
GAIL expects `1,300cr rise in profit on gas price increase
Oil India expects `1,000cr rise in profits after gas price hike
ONGC sees annual profit rising by `8,000cr on gas price hike
NTPC ties up 95mn euros loan facility with KfW
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Market Outlook
July 01, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

July 1, 2013

July 3, 2013
July 4, 2013
July 5, 2013
July 9, 2013
July 10, 2013

1:25PM

Germany PMI Manufacturing

Value

Jun F

48.70

48.70

6:30AM

China

PMI Manufacturing

Value

Jun

50.80

50.10

2:00PM

UK

PMI Manufacturing

Value

Jun

51.30

51.40

6:00PM

US

Initial Jobless claims

Thousands

Jun 29

346.00

345.00

1:25PM

Germany PMI Services

Value

Jun F

51.30

51.30

4:30PM

UK

% Ratio

Jul 4

0.50

0.50

5:15PM

Euro Zone ECB announces interest rates

Jul 4

0.50

0.50

6:00PM

US

Change in Nonfarm payrolls

Thousands

Jun

175.00

165.00

6:00PM

US

Unnemployment rate

Jun

7.60

7.50

2:00PM

UK

Industrial Production (YoY)

% Change

May

(0.60)

--

7:00AM

China

Consumer Price Index (YoY)

% Change

Jun

2.10

--

4:29PM

India

Imports YoY%

% Change

Jun

7.00

--

4:29PM

India

Exports YoY%

% Change

Jun

(1.10)

--

BOE Announces rates

4:29PM

China

Exports YoY%

% Change

Jun

1.00

--

11:00AM

India

Industrial Production YoY

% Change

May

2.30

--

6:00PM

US

Producer Price Index (mom)

% Change

Jun

0.50

0.50

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Jun

4.70

--

7:30AM

China

Industrial Production (YoY)

% Change

Jun

9.20

--

7:30AM

China

Real GDP (YoY)

% Change

2Q

7.70

--

2:00PM

UK

CPI (YoY)

% Change

Jun

2.70

--

6:00PM

US

Consumer price index (mom)

% Change

Jun

0.10

--

2:30PM

Euro Zone Euro-Zone CPI (YoY)

Jun F

1.40

--

6:45PM

US

Industrial Production

Jun

0.04

--

6:00PM

US

Housing Starts

Thousands

Jun

914.00

--

6:00PM

US

Building permits

Thousands

Jun

985.00

--

2:00PM

UK

Jobless claims change

% Change

Jun

(8.60)

--

July 22, 2013

7:30PM

US

Existing home sales

July 23, 2013

7:30PM

Euro Zone Euro-Zone Consumer Confidence

July 24, 2013

7:30PM

US

New home sales

July 25, 2013

2:00PM

UK

GDP (YoY)

July 30, 2013

7:30PM

US

Consumer Confidence

11:00AM

India

11:00AM
11:00AM
1:25PM

July 12, 2013


July 15, 2013

July 16, 2013

July 17, 2013

July 31, 2013

August 14, 2013


August 30, 2013

Million

Jun

5.18

--

Value

Jul A

(18.80)

--

Thousands

Jun

476.00

--

% Change

2Q A

0.30

--

S.A./ 1985=100

Jul

81.40

--

RBI Repo rate

Jul 30

7.25

--

India

RBI Cash Reserve ratio

Jul 30

4.00

--

India

RBI Reverse Repo rate

Jul 30

6.25

--

Germany Unemployment change (000's)

Thousands

Jul

(12.00)

--

% Change

2Q A

1.80

--

Jul 31

0.25

--

6:00PM

US

GDP Qoq (Annualised)

11:30PM

US

FOMC rate decision

11:30AM

Germany GDP nsa (YoY)

% Change

2Q P

(1.40)

--

2:30PM

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

% Change

2Q A

(0.20)

--

11:00AM

India

% Change

2Q

4.80

--

Source: Bloomberg, Angel Research

Qtrly GDP YoY%

Market Outlook
July 1, 2013

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
10.0

11.4
9.2

6.0
4.0
2.0

Apr-13

Jun-12

Mfg. PMI

58.0
7.5

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

7.3

7.2

7.3

7.3

56.0
5.7
4.9

4.7

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

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

50.0

Jul-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

2.3
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

8.00
7.00
6.00

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

0.0

5.00
4.00

Source: Bloomberg, Angel Research

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Source: RBI, Angel Research

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

(15.0)

Jul-12

3.00

Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )
FY14E

OPM(%)

EPS ( )

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

142

2,752

1,657

1,906

14.1

14.1

7.7

8.9

18.4

15.9

3.8

3.3

22.2

21.9

1.6

1.4

United Phosphorus

Buy

136

232

6,013

10,298

11,310

16.5

16.5

20.5

23.2

6.6

5.9

1.1

1.0

18.0

17.4

0.6

0.5

Amara Raja Batteries

Accumulate

256

285

4,378

3,418

3,892

14.5

14.5

18.5

20.4

13.9

12.6

3.3

2.7

26.6

23.8

1.3

1.1

Apollo Tyres

Neutral

57

2,848

13,852

15,487

11.4

11.5

12.8

14.9

4.4

3.8

0.7

0.6

17.5

17.3

0.3

0.3

Ashok Leyland

Buy

20

27

5,348

14,038

16,442

7.6

8.7

1.1

2.2

19.2

9.0

1.7

1.5

6.2

12.5

0.5

0.4

Automotive Axle#

Neutral

228

345

834

965

9.3

10.6

17.3

27.1

13.2

8.4

1.2

1.1

9.5

14.0

0.5

0.4

Bajaj Auto

Accumulate

1,917

2,056

55,485

22,684

25,908

18.0

18.5

117.3

137.1

16.4

14.0

5.9

4.7

39.9

37.2

2.1

1.7

Bharat Forge

Neutral

221

5,153

6,198

6,793

14.6

14.9

14.5

17.3

15.2

12.8

2.0

1.8

13.6

14.7

0.9

0.8

Bosch India*

Neutral

8,948

28,095

9,821

11,394

17.0

17.3

373.5

438.7

24.0

20.4

4.3

3.7

18.0

17.9

2.5

2.1

CEAT

Buy

106

170

362

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

121

150

10,319

7,053

8,061

14.2

14.5

7.8

9.1

15.5

13.3

2.6

2.3

18.1

18.2

1.2

1.0

FAG Bearings*

Neutral

1,420

2,360

1,525

1,742

14.5

15.7

88.4

109.5

16.1

13.0

2.3

2.0

15.5

16.5

1.4

1.1

Hero Motocorp

Accumulate

1,662

1,819

33,193

25,274

27,658

14.1

13.7

110.2

139.9

15.1

11.9

5.5

4.3

39.8

40.7

1.1

1.0

JK Tyre

Buy

103

154

424

7,972

8,754

7.1

7.1

37.5

44.0

2.8

2.4

0.4

0.4

16.4

16.6

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

967

1,090

59,529

45,254

51,197

11.4

11.7

61.2

70.2

15.8

13.8

3.3

2.8

22.7

21.9

1.1

0.9

1,538

1,847

46,460

48,455

55,723

11.2

10.9

107.8

123.2

14.3

12.5

2.2

1.9

16.2

16.0

0.8

0.7

198

222

11,643

28,442

31,493

7.5

7.8

12.5

14.8

15.8

13.4

3.9

3.1

27.5

25.8

0.6

0.5

Buy

22

30

132

1,479

1,685

10.0

9.9

5.5

7.5

4.0

2.9

0.4

0.4

11.1

13.7

0.4

0.3

Tata Motors

Buy

281

347

75,825 215,016 237,404

13.3

13.6

36.2

41.5

7.8

6.8

1.7

1.4

24.6

23.2

0.4

0.4

TVS Motor

Buy

33

41

1,558

7,715

8,584

6.0

6.1

5.0

5.8

6.6

5.7

1.1

1.0

18.1

18.5

0.1

0.1

ABB*

Sell

611

461

12,944

8,073

9,052

5.5

6.9

11.5

16.9

53.0

36.1

4.8

4.6

9.3

13.1

1.6

1.4

BGR Energy

Neutral

130

937

4,114

4,886

11.4

10.7

24.9

28.0

5.2

4.6

0.7

0.6

25.2

22.6

0.5

0.5

BHEL

Neutral

174

42,662

44,054

39,326

16.8

15.1

20.6

16.1

8.5

10.8

1.8

1.7

23.5

16.1

0.8

0.9

Blue Star

Buy

163

230

1,463

2,896

3,087

5.6

6.2

9.3

11.7

17.5

13.9

2.9

2.5

17.6

19.2

0.6

0.5

Crompton Greaves

Buy

87

117

5,600

13,446

15,272

6.7

7.6

6.6

8.9

13.2

9.8

1.5

1.3

11.4

14.0

0.5

0.5

Jyoti Structures

Neutral

20

167

3,360

3,597

9.7

9.8

7.3

10.2

2.8

2.0

0.6

0.5

8.8

11.4

0.3

0.3

KEC International

Buy

32

63

827

7,709

8,399

6.7

7.2

6.1

8.5

5.3

3.8

0.7

0.6

20.2

23.0

0.3

0.3

Thermax

Neutral

597

7,108

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

1,223

1,361

22,970

11,979

13,254

19.7

21.3

77.1

91.4

15.9

13.4

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
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( )

Price ( )

( cr )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Cement
Ambuja Cements

Neutral

187

28,822

10,232

11,762

23.5

24.5

10.3

12.2

18.1

15.4

3.0

2.7

17.2

18.6

2.3

1.9

India Cements

Neutral

57

1,746

4,929

5,434

17.4

17.1

8.9

10.9

6.4

5.2

0.5

0.5

7.7

9.1

0.7

0.6

J K Lakshmi Cement

Buy

97

143

1,140

2,247

2,742

21.0

23.1

17.8

21.8

5.4

4.4

0.8

0.7

15.5

16.4

0.4

0.9

Madras Cements

Neutral

228

5,433

4,234

4,788

23.9

24.0

18.5

22.8

12.4

10.0

2.0

1.7

17.2

18.2

1.6

1.3

Shree Cement^

Neutral

4,668

16,262

6,540

7,452

27.4

26.6

319.7

369.9

14.6

12.6

3.6

2.9

27.5

25.4

1.8

1.4

UltraTech Cement

Neutral

1,876

51,435

21,947

25,049

23.8

23.8

106.1

119.8

17.7

15.7

2.9

2.5

17.7

17.3

2.4

2.1

190

255

1,000

1,928

2,234

21.0

21.5

18.0

22.2

10.6

8.6

0.9

0.8

10.2

10.1

1.9

1.9

174

2,281

2,492

5.9

6.9

0.7

2.0

13.8

4.7

0.3

0.3

2.3

6.5

0.3

0.3

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

96

157

3,194

3,997

4,312

45.5

46.4

15.7

16.6

6.1

5.8

0.9

0.8

15.2

14.5

3.2

3.5

ITNL

Buy

146

230

2,837

7,444

8,041

27.4

28.9

29.8

32.1

4.9

4.6

0.7

0.6

14.9

14.2

2.5

2.5

IVRCL Infra

Buy

15

29

462

5,673

5,892

8.1

8.4

1.4

1.8

10.4

8.2

0.2

0.2

2.0

2.6

0.5

0.5

Jaiprakash Asso.

Buy

54

90

11,883

14,850

15,631

24.9

25.1

2.5

2.9

21.2

18.8

0.9

0.8

4.2

4.7

2.6

2.6

Larsen & Toubro

Buy

1,404

1,761

86,528

68,946

78,040

10.5

10.5

77.9

88.3

18.0

15.9

2.6

2.3

15.5

15.6

1.4

1.2

Nagarjuna Const.

Buy

24

42

625

6,167

6,945

8.0

8.2

2.7

3.6

9.1

6.7

0.3

0.2

2.7

3.6

0.5

0.4

Punj Lloyd

Neutral

35

1,157

12,954

14,740

9.9

9.9

0.5

0.9

68.7

37.4

0.4

0.4

0.6

1.1

0.5

0.5

Sadbhav Engg.

Buy

95

139

1,432

2,462

2,731

10.6

10.6

5.9

6.7

16.1

14.2

1.6

1.4

10.2

10.5

0.9

0.8

Simplex Infra

Buy

78

131

385

6,308

7,033

9.5

9.6

11.9

18.7

6.6

4.2

0.3

0.3

4.5

6.7

0.5

0.5

Unity Infra

Buy

25

41

189

2,146

2,339

13.7

13.8

11.0

11.5

2.3

2.2

0.2

0.2

9.3

9.0

0.6

0.6

Allahabad Bank

Buy

90

129

4,503

6,705

7,535

2.5

2.5

27.6

33.2

3.3

2.7

0.5

0.4

12.5

13.6

Andhra Bank

Neutral

82

4,583

5,195

5,834

2.7

2.7

19.2

23.1

4.3

3.5

0.6

0.5

12.2

13.3

Axis Bank

Buy

1,323

1,732

62,018

19,237

23,261

3.2

3.2

133.8

161.5

9.9

8.2

1.6

1.4

17.6

18.5

Bank of Baroda

Buy

575

761

24,201

16,287

18,707

2.2

2.3

120.6

144.6

4.8

4.0

0.7

0.6

15.0

16.0

Bank of India

Buy

232

292

13,819

14,459

16,176

2.3

2.2

55.2

68.2

4.2

3.4

0.6

0.5

13.7

15.1

Bank of Maharashtra

Buy

53

61

3,476

4,291

4,724

3.0

3.0

12.1

12.9

4.4

4.1

0.7

0.6

16.2

15.3

Canara Bank

Buy

360

437

15,964

12,045

13,495

2.1

2.2

76.7

86.4

4.7

4.2

0.7

0.6

14.1

14.2

Central Bank

Accumulate

62

69

6,445

8,406

9,546

2.5

2.5

12.6

18.7

4.9

3.3

0.6

0.5

10.6

14.3

Corporation Bank

Buy

350

436

5,356

5,554

6,156

2.0

2.0

94.9

104.9

3.7

3.3

0.5

0.5

14.3

14.2

Dena Bank

Accumulate

70

79

2,442

3,255

3,623

2.3

2.4

22.0

24.9

3.2

2.8

0.5

0.4

14.8

14.8

Federal Bank

Accumulate

409

455

6,997

2,802

3,274

2.9

2.9

49.8

56.6

8.2

7.2

1.0

0.9

12.7

13.1

Financials

www.angelbroking.com

Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )

OPM(%)

EPS ( )

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

Neutral

873

135,659

8,573

10,142

3.6

3.6

37.0

43.6

23.6

20.0

4.9

4.3

30.0

30.3

HDFC Bank

Accumulate

669

752

159,647

27,560

33,766

4.6

4.6

36.3

45.1

18.4

14.8

3.7

3.1

21.9

22.8

ICICI Bank

Buy

1,070

1,454

123,455

26,119

30,474

3.1

3.2

86.2

99.5

12.4

10.8

1.7

1.5

15.7

16.2

IDBI Bank

Accumulate

71

80

9,456

9,416

10,392

2.0

2.0

19.8

22.8

3.6

3.1

0.5

0.4

12.9

13.5

Indian Bank

Buy

115

141

4,947

6,077

6,845

2.9

2.9

35.2

41.0

3.3

2.8

0.5

0.4

14.2

14.8

IOB

Accumulate

50

53

4,611

8,027

9,204

2.4

2.6

12.5

19.7

4.0

2.5

0.4

0.3

9.1

13.0

J & K Bank

Accumulate

1,227

1,315

5,950

3,101

3,426

3.6

3.6

215.5

210.2

5.7

5.8

1.1

0.9

19.9

16.9

LIC Housing Finance

Buy

255

298

12,856

2,113

2,525

2.3

2.3

25.4

29.2

10.0

8.7

1.8

1.5

18.4

18.3

Oriental Bank

Accumulate

207

236

6,026

6,790

7,676

2.6

2.7

55.7

62.3

3.7

3.3

0.5

0.4

12.9

13.1

Punjab Natl.Bank

Buy

651

883

23,008

20,914

23,879

3.3

3.4

152.4

176.2

4.3

3.7

0.7

0.6

16.2

16.5

South Ind.Bank

Accumulate

23

24

3,076

1,795

2,054

2.8

2.8

4.0

4.3

5.8

5.3

1.0

0.9

17.2

16.5

St Bk of India

Buy

1,954

2,518

133,633

66,417

76,734

3.0

3.0

227.4

284.8

8.6

6.9

1.3

1.1

15.4

17.1

Syndicate Bank

Buy

109

136

6,567

7,125

8,188

2.6

2.6

27.4

27.9

4.0

3.9

0.6

0.5

16.2

14.6

UCO Bank

Neutral

62

4,651

6,545

6,859

2.7

2.6

14.8

15.7

4.2

3.9

0.8

0.6

14.4

13.6

Union Bank

Buy

186

243

11,115

11,101

12,543

2.6

2.6

39.3

47.4

4.7

3.9

0.7

0.6

14.1

15.2

United Bank

Buy

49

57

1,821

3,386

3,884

2.3

2.5

12.4

20.0

3.9

2.4

0.4

0.4

10.1

14.8

Vijaya Bank

Accumulate

45

49

2,232

2,714

3,046

1.9

2.0

9.2

10.8

4.9

4.2

0.5

0.5

10.7

11.6

Yes Bank

Accumulate

461

489

16,563

4,451

5,526

2.8

2.8

43.0

49.7

10.7

9.3

2.3

1.9

23.9

22.8

FMCG
Asian Paints

Neutral

4,630

44,411

12,332

14,524

16.5

16.3

141.6

162.7

32.7

28.5

10.3

8.2

35.4

32.2

3.5

2.9

Britannia

Neutral

672

8,041

6,417

7,502

6.1

6.3

23.2

27.9

29.0

24.1

10.0

7.8

38.3

36.4

1.2

1.0

Colgate

Neutral

1,353

18,406

3,588

4,130

20.5

20.9

44.2

51.8

30.6

26.2

29.8

21.7

108.6

96.2

5.0

4.3

Dabur India

Neutral

156

27,138

7,183

8,340

16.8

16.8

5.4

6.3

29.0

24.8

11.3

8.8

41.5

40.1

3.7

3.2

GlaxoSmith Con*

Neutral

5,140

21,615

3,617

4,259

16.1

16.4

122.2

148.7

42.1

34.6

13.1

10.5

34.1

33.7

5.5

4.6

Godrej Consumer

Neutral

816

27,767

7,801

9,017

16.2

15.9

25.1

29.7

32.5

27.5

7.0

5.8

24.9

24.2

3.7

3.1

HUL

Neutral

585

126,515

29,167

33,164

13.6

13.7

17.1

18.4

34.2

31.8

32.9

23.8

113.4

87.0

4.2

3.7

ITC

Neutral

324

256,335

34,294

39,991

36.8

37.0

11.3

13.3

28.8

24.3

9.5

7.7

36.1

34.9

7.2

6.1

Marico

Neutral

209

13,457

5,273

6,044

14.8

14.9

7.3

8.7

28.8

24.1

5.6

4.6

21.4

21.0

2.6

2.2

Nestle*

Neutral

4,867

46,926

9,447

10,968

22.1

22.3

127.5

154.1

38.2

31.6

19.1

13.8

57.7

50.7

5.0

4.2

Tata Global

Accumulate

134

145

8,311

8,069

8,957

9.8

9.7

7.8

8.6

17.2

15.7

2.1

2.0

9.5

9.7

1.0

0.9

www.angelbroking.com

Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( )

Price ( )

( cr )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

IT
HCL Tech^

Accumulate

776

863

54,067

28,633

32,216

21.5

20.7

57.3

61.7

13.6

12.6

3.2

2.7

24.0

21.5

1.7

1.4

Hexaware*

Accumulate

87

96

2,589

2,091

2,289

19.0

18.8

10.6

11.3

8.2

7.7

1.8

1.6

22.8

21.7

1.1

0.9

Infosys

Neutral

2,493

143,171

43,338

47,244

27.5

27.7

169.4

182.6

14.7

13.7

3.1

2.6

20.8

19.3

2.7

2.3

Infotech Enterprises

Neutral

177

1,970

1,956

2,174

17.9

17.7

20.4

21.9

8.6

8.1

1.3

1.1

14.7

13.7

0.6

0.5

KPIT Cummins

Accumulate

122

135

2,355

2,513

2,819

16.1

15.5

12.6

14.0

9.7

8.7

1.7

1.4

17.9

16.6

0.9

0.7

Mahindra Satyam

Neutral

122

14,383

8,278

9,062

20.3

20.1

10.5

11.4

11.6

10.7

2.7

2.1

23.1

20.0

1.3

1.1

Mindtree

Accumulate

837

920

3,479

2,599

2,871

19.4

19.2

85.2

92.3

9.8

9.1

2.1

1.7

21.4

18.9

1.0

0.8

Mphasis&

Accumulate

371

395

7,805

6,096

6,646

17.6

17.4

38.1

41.6

9.8

8.9

1.4

1.2

14.2

13.7

0.8

0.6

NIIT

Buy

19

30

310

1,144

1,267

9.0

9.1

4.3

5.4

4.4

3.5

0.5

0.4

10.3

12.0

0.1

Persistent

Buy

499

593

1,996

1,445

1,617

25.2

25.0

55.3

59.3

9.0

8.4

1.6

1.4

18.2

16.5

1.0

0.7

TCS

Neutral

1,518

297,184

71,833

81,893

28.4

28.0

78.5

88.0

19.3

17.3

5.9

4.8

30.2

27.9

3.9

3.4

Tech Mahindra

Accumulate

1,059

1,170

13,608

7,779

8,398

19.7

19.3

107.4

117.8

9.9

9.0

2.1

1.7

21.2

19.0

1.8

1.5

Wipro

Accumulate

350

385

86,185

40,173

43,697

20.4

20.6

26.2

28.5

13.4

12.3

2.6

2.3

19.7

18.4

1.6

1.4

D B Corp

Buy

240

290

4,401

1,750

1,925

25.1

26.6

14.2

16.8

16.9

14.3

3.7

3.1

23.4

23.4

2.4

2.1

HT Media

Buy

97

117

2,281

2,205

2,380

15.1

15.6

8.3

9.1

11.7

10.7

1.3

1.2

11.5

11.4

0.7

0.6

Jagran Prakashan

Buy

81

119

2,702

1,664

1,825

20.9

23.0

6.4

7.8

12.7

10.5

2.6

2.3

21.0

23.1

1.7

1.6

PVR

Neutral

322

1,276

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

380

14,975

2,287

2,551

69.7

70.5

20.0

23.3

19.0

16.3

4.7

4.1

26.4

27.3

6.2

5.4

Bhushan Steel

Neutral

464

10,519

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

191,354

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

13

24

420

1,976

2,017

11.8

12.7

1.3

2.6

10.2

5.0

0.1

0.1

2.6

5.2

0.5

0.1

GMDC

Buy

127

193

4,027

1,920

2,239

53.2

52.9

21.6

25.0

5.9

5.1

1.3

1.1

25.1

23.8

1.6

1.2

Hind. Zinc

Buy

102

145

43,288

12,358

13,659

51.4

51.6

16.0

17.6

6.4

5.8

1.2

1.0

19.4

18.4

1.2

0.7

Hindalco

Neutral

100

19,098

89,352

93,672

8.8

9.2

13.4

15.0

7.5

6.7

0.5

0.5

7.3

7.6

0.6

0.5

JSW Steel

Neutral

657

14,669

39,973

40,926

17.2

17.0

71.9

82.8

9.2

7.9

0.8

0.7

9.0

9.6

0.7

0.6

MOIL

Buy

200

248

3,353

1,010

1,046

46.5

47.6

26.8

28.8

7.4

6.9

1.1

1.0

15.4

14.7

0.9

0.7

Monnet Ispat

Buy

125

193

797

2,326

2,709

21.4

23.1

33.3

43.1

3.8

2.9

0.3

0.3

8.3

9.9

1.4

1.0

Nalco

Neutral

29

7,448

7,656

7,988

13.1

13.5

2.6

2.6

11.3

11.0

0.6

0.6

5.5

5.5

0.4

0.4

NMDC

Buy

106

156

41,927

10,461

11,892

71.6

72.6

16.3

17.6

6.5

6.0

1.4

1.2

22.1

21.4

2.2

2.0

Media

Metals & Mining

www.angelbroking.com

Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

( )

Price ( )

( cr )

FY14E

FY15E

OPM(%)

EPS ( )

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

Buy

51

20,919

44,060

54,786

9.4

11.5

5.2

7.2

9.7

7.1

0.5

0.5

5.2

6.8

0.7

0.6

143

166

12,411

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

28,062

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

26,592 140,917 151,537

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

95

153

341

1,494

1,568

19.1

20.3

31.3

36.5

3.0

2.6

0.3

0.3

11.8

12.4

0.6

0.5

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

29

45

387

2,615

2,776

12.1

12.0

9.8

10.4

2.9

2.8

0.2

0.2

6.5

6.5

0.4

0.4

Buy

74

102

241

2,344

2,509

14.9

15.4

38.7

47.0

1.9

1.6

0.2

0.2

12.3

12.9

0.5

0.4

Cairn India

Buy

290

345

55,303

16,482

16,228

69.4

53.3

53.3

49.6

5.4

5.8

0.8

0.8

16.5

13.6

2.0

1.7

GAIL

Neutral

313

39,703

52,102

52,876

15.7

16.1

34.1

35.7

9.2

8.8

1.4

1.3

16.4

15.3

0.3

0.2

ONGC

Accumulate

330

372

282,417 170,063 193,024

36.3

36.9

34.7

38.3

9.5

8.6

1.6

1.5

18.3

17.9

1.4

1.1

Reliance Industries

Neutral

862

278,329 380,031 407,721

9.9

69.3

69.3

78.0

12.4

11.1

1.2

1.1

11.5

11.7

0.7

0.6

Gujarat Gas*

Neutral

190

2,443

3,707

3,850

11.7

12.4

23.7

25.7

8.0

7.4

2.2

2.0

29.6

28.2

0.5

0.5

Indraprastha Gas

Neutral

268

3,758

3,700

4,218

23.4

22.8

26.7

30.4

10.1

8.8

2.1

1.8

22.7

21.8

1.1

0.9

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

125

167

9,356

40,356

40,872

5.8

6.4

15.0

16.7

8.3

7.5

1.8

1.5

23.0

21.5

0.3

0.3

Neutral

57

3,227

1,171

1,287

91.9

91.9

10.1

11.3

5.7

5.1

0.9

0.8

17.3

16.8

Alembic Pharma

Neutral

133

2,499

1,736

2,008

17.1

18.9

10.7

13.9

12.4

9.5

3.9

2.9

35.0

34.7

1.5

1.3

Aurobindo Pharma

Buy

181

271

5,259

6,641

7,637

15.9

15.9

17.3

20.6

10.4

8.8

1.7

1.4

19.5

18.9

1.2

1.1

Aventis*

Neutral

2,421

5,575

1,682

1,917

16.6

16.6

92.4

99.1

26.2

24.4

3.7

3.7

15.7

14.8

2.9

2.4

Cadila Healthcare

Buy

773

929

15,836

7,280

8,640

15.5

15.7

38.3

46.5

20.2

16.6

4.3

3.6

23.5

23.5

2.5

2.1

Cipla

Buy

391

477

31,430

9,274

10,796

23.1

23.1

21.0

23.8

18.6

16.5

3.0

2.6

17.2

16.8

3.1

2.6

Dr Reddy's

Accumulate

2,215

2,535

37,644

13,377

15,350

20.4

20.1

112.3

126.8

19.7

17.5

4.2

3.5

23.5

21.8

2.9

2.5

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Buy

Ipca labs

57

168

461

1,394

1,534

22.5

22.4

15.0

16.8

3.8

3.4

0.4

0.4

11.0

11.2

1.0

0.8

2,339

19,810

2,854

3,145

28.6

28.6

76.6

83.3

30.5

28.1

9.1

8.3

31.1

31.0

6.1

5.4

64

78

588

760

922

15.3

15.3

6.1

7.8

10.5

8.2

1.3

1.1

12.9

14.7

1.0

0.8

Neutral

658

8,296

3,243

3,826

20.5

21.5

36.0

44.4

18.3

14.8

4.3

3.4

26.0

25.4

2.7

2.3

Lupin

Accumulate

780

877

34,906

11,641

13,933

21.3

21.3

34.8

41.8

22.4

18.7

5.3

4.2

26.2

24.8

3.0

2.5

Ranbaxy*

Neutral

310

13,114

11,400

12,060

10.5

12.5

17.5

22.5

17.7

13.8

2.9

2.5

17.0

19.1

1.1

1.0

Sun Pharma

Neutral

1,009

104,277

13,509

15,846

41.0

41.0

33.0

39.8

30.6

25.3

6.2

5.1

22.0

22.0

7.2

5.9

69

78

1,038

1,444

1,482

33.4

33.0

13.7

14.8

5.0

4.6

0.6

0.5

12.3

12.0

0.8

0.5

Power
GIPCL

Accumulate

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Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( )

Price ( )

( cr )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Accumulate

144

163

118,487

76,734

86,680

24.5

24.3

13.4

14.5

10.7

9.9

1.3

1.2

12.8

12.7

2.2

2.1

DLF

Buy

181

236

32,187

8,293

9,622

36.5

36.1

5.7

6.7

31.7

26.8

1.1

1.1

3.7

4.1

6.0

5.0

MLIFE

Accumulate

421

476

1,720

888

1,002

30.6

30.6

38.8

43.4

10.8

9.7

1.2

1.1

11.2

11.4

2.5

2.2

Bharti Airtel

Accumulate

291

328

116,484

86,592

95,860

31.4

31.8

10.9

14.5

26.7

20.0

2.1

1.9

7.7

9.3

2.0

1.7

Idea Cellular

Neutral

141

46,882

25,122

27,663

27.0

27.2

4.0

4.8

35.6

29.7

3.0

2.7

8.3

9.1

2.3

2.0

Rcom

Neutral

118

24,376

22,801

24,628

31.0

31.3

3.6

5.3

33.2

22.4

0.7

0.7

2.2

3.1

2.7

2.3

1,464

1,659

3,110

1,863

2,081

11.8

12.4

71.2

83.0

20.6

17.7

4.1

3.5

21.6

21.5

1.4

1.1

Power
NTPC
Real Estate

Telecom

Others
Abbott India*

Accumulate

Bajaj Electricals

Buy

172

237

1,714

3,885

4,472

5.4

7.2

11.0

19.7

15.7

8.7

2.1

1.8

13.5

20.3

0.4

0.4

Cera Sanitaryware

Accumulate

496

562

627

630

795

14.4

13.6

42.8

51.1

11.6

9.7

2.8

2.2

26.6

25.2

1.0

0.8

Cravatex

Buy

305

459

79

248

284

6.5

7.3

27.2

38.2

11.2

8.0

1.8

1.5

15.7

18.5

0.5

0.4

Finolex Cables

Buy

49

68

756

2,563

2,899

9.8

9.8

10.1

11.3

4.9

4.4

0.7

0.6

14.3

13.8

0.2

0.2

Force Motors

Buy

270

437

351

2,304

2,649

3.1

3.6

28.0

43.7

9.6

6.2

0.3

0.3

3.1

4.7

0.1

0.1

Goodyear India*

Accumulate

301

345

694

1,458

1,542

8.3

9.0

32.3

37.0

9.3

8.1

1.7

1.5

19.5

19.3

0.3

0.2

Hitachi

Buy

125

177

340

1,053

1,169

6.3

7.1

13.8

17.7

9.1

7.1

1.3

1.1

15.0

16.7

0.4

0.3

2,525

2,233

1,842

2,131

7.7

7.8

112.4

132.4

22.5

19.1

2.8

2.5

13.3

13.8

1.1

1.0

Honeywell Automation* Neutral


IFB Agro

Buy

143

198

128

495

651

12.7

12.9

29.3

39.5

4.9

3.6

0.7

0.6

15.4

17.6

0.4

0.3

ITD Cementation

Buy

153

234

176

1,430

1,573

11.1

11.0

19.1

26.9

8.0

5.7

0.4

0.4

4.9

6.3

0.5

0.5

Jyothy Laboratories

Accumulate

180

199

2,988

1,220

1,476

13.3

13.6

5.5

9.0

32.6

19.9

3.8

3.3

12.1

17.7

2.8

2.2

MRF

Accumulate

12,928

14,416

5,483

11,799

12,587

14.1

13.5 1,792.4 1,802.0

7.2

7.2

1.5

1.3

23.5

19.2

0.6

0.5

Page Industries

Accumulate

4,098

4,611

4,570

1,057

1,282

19.4

19.6

124.8

153.7

32.8

26.7

16.3

12.0

56.3

51.8

4.4

3.6

Relaxo Footwears

Neutral

796

955

1,146

1,333

10.9

11.4

45.9

60.9

17.3

13.1

3.6

2.9

23.0

24.6

1.0

0.8

Siyaram Silk Mills

Buy

230

343

215

1,158

1,322

11.9

11.9

72.9

85.7

3.2

2.7

0.6

0.5

19.9

19.6

0.4

0.4

Styrolution ABS India*

Buy

395

617

695

1,068

1,223

9.6

9.6

38.1

44.1

10.4

9.0

1.4

1.2

14.5

14.7

0.6

0.5

TAJ GVK

Buy

60

108

375

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

283

371

435

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

501

686

389

435

516

6.2

7.1

24.3

33.3

20.6

15.1

3.4

2.9

17.6

20.8

0.7

0.6

Tree House

Buy

242

297

869

153

194

53.0

52.8

12.4

15.6

19.5

15.5

2.3

2.0

11.8

13.1

5.9

4.5

TVS Srichakra

Buy

176

252

135

1,591

1,739

6.1

6.6

24.5

41.9

7.2

4.2

0.8

0.7

10.9

17.2

0.3

0.3

United Spirits

Neutral

2,171

31,551

12,294

14,162

12.0

12.0

42.1

67.7

51.6

32.1

3.6

3.3

9.1

10.7

2.9

2.5

www.angelbroking.com

Market Outlook
July 01, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( )

Price ( )

( cr )

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

366

439

743

600

638

20.1

19.4

35.7

36.6

10.3

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 28, 2013

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Market Outlook
July 01, 2013

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