Market Outlook: Dealer's Diary

Market Outlook
July 23, 2013
Dealers Diary
Indian markets are expected to open positive today following the positive opening
in SGX Nifty and other Asian bourses.
US markets continued their upward momentum on Monday even as McDonalds
and toy-maker Hasbro posted lower than expected earnings. S&P 500 index rose
by 0.2%, while NASDAQ was up by 0.4%. However, Dow Jones ended the day flat.
Data from the National Association of Realtors revealed that sales of previouslyowned homes fell 1.2% in June; whereas, economists had expected a gain for the
month. The European markets ended Mondays session in the green after
Japanese PMs Liberal Democratic Partys victory in parliaments upper house.
However, there were concerns of a slowdown in the German economy.
Meanwhile Indian markets ended flat on Monday after witnessing intraday
volatility. The market, which rose in early trade, lost intraday gains in late trade
after weak Q1 results from L&T sent capital goods shares tumbling.
Markets Today
Indices
S2
S1
PIVOT
R1
R2
SENSEX
19,964
20,062
20,163
20,261
20,362
NIFTY
5,974
6,003
6,033
6,063
6,093
News Analysis
Lupin Pharma received approval for Glumetza HCl ER Tablets
CCI probes Gujarat Gas Company
Result Review: L&T, Asian Paints, Blue Star
Result Preview: KPIT Cummins
Chg (%)
(Pts)
(Close)
BSE Sensex
0.0
9 20,159
Nifty
0.0
6,032
MID CAP
0.0
5,996
SMALL CAP
(0.3)
(18)
5,688
BSE HC
(0.2)
(22)
9,324
BSE PSU
(0.6)
(37)
5,908
BANKEX
1.0
123 12,666
AUTO
1.1
114 10,800
METAL
(0.3)
(19)
7,459
OIL & GAS
(1.6)
(151)
9,010
0.7
52
7,149
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
NASDAQ
The trend deciding level for the day is 20,163/ 6,033 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,261 20,362 / 6,063 6,093 levels. However, if NIFTY trades below
20,163 / 6,033 levels for the first half-an-hour of trade then it may correct up to
20,062 19,964/ 6,003 5,974 levels.
Domestic Indices
FTSE
0.0
2 15,546
0.4
13
3,600
(0.1)
(7)
6,623
Nikkei
0.5
68 14,658
Hang Sang
0.3
54 21,417
Straits Times
0.7
21
3,234
Shanghai Com
0.6
12
2,005
Chg (%)
(Pts)
(Close)
INFY
2.7
1.3
$49.0
WIT
1.4
0.1
$8.2
IBN
1.0
0.4
$36.1
HDB
0.4
0.1
$38.0
Indian ADR
Advances / Declines
BSE
NSE
Advances
1,023
569
Net Inflows (July 19, 2013)
Declines
1,245
754
` cr
FII
MFs
Unchanged
148
74
Refer detailed news analysis on the following page
Purch
3,475
521
Sales
3,075
593
Net
400
(72)
MTD
(5,605)
(1,105)
YTD
65,701
(13,283)
FII Derivatives (July 22, 2013)

` cr
Index Futures
Stock Futures
Purch
3,421
7,442
Sales
2,708
7,615
Net
713
(174)
Open Interest
16,602
29,865
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
GMR Infra
17
Century Tex
MMTC
MRF
7.5
Company
Wockhardt
Losers
Price (`)
chg (%)
808
(9.1)
260
7.1
L&T
902
(7.5)
56
4.9
BHEL
162
(7.1)
14,383
3.7
Financial Tech
591
(6.3)
1,172
3.7
Gitanjali Gems
104
(5.0)
Tech Mahindra
www.angelbroking.com
Volumes (` cr)
BSE
1,651
NSE
8,786
Market Outlook
July 23, 2013
Lupin Pharma received approval for Glumetza HCl ER

Tablets
Lupin announced that its U.S. subsidiary, Lupin Pharmaceuticals, Inc. (LPI) has
received final approval for its Metformin Hydrochloride extended release tablets
(HCl ER) 500 mg and 1000 mg from the United States Food and Drugs
Administration (FDA). Lupins Metformin HCl ER Tablets, 500 mg and 1000 mg
strengths are the ABrated generic equivalent of Santarus, Inc.s Glumetza HCl
ER Tablets, 500 mg and 1000 mg strengths. Metformin HCl ER tablets is a
biguanide and is indicated as an adjunct to diet and exercise to improve glycemic
control in adults with type 2 diabetes mellitus.
Glumetza HCl ER tablets, 500 mg and 1000 mg had U.S sales of

approximately US$ 144 million, for the twelve months ending March, 2013
(IMS Health data). Lupin had earlier received the tentative approval for generic
GLUMETZA (Metformin Hydrochloride Extended Release Tablets) 1000 mg
and 500 mg from the United States Food and Drugs Administration (FDA) in
January, 2012.Lupin believes that it is the first applicant to file an ANDA for
Glumetza HCL ER Tablets, 500 mg & 1000 mg strengths and as such will be
entitled to 180 days of marketing exclusivity. During the six month exclusivity,
the drug will contribute around US $20mn during the period. We recommend
a Neutral on the stock, as the stock has risen significantly in the recent times.
CCI probes Gujarat Gas Company

Media reports suggest that the Competition Commission of India (CCI) has
launched an investigation into allegations of anti-compsetitive practices followed
by Gujarat Gas. According to a CCI order, Saint Gobain had complained with
regards to long-term contract, absence of an exit clause, a minimum guarantee
offtake liability and right of first refusal in its agreement with Gujarat Gas. We
await clarity on the details of the order. Until then, we maintain our Neutral rating
on the stock.
Result Review
L&T (CMP: `902 /TP: Under review /Upside: -)
Larsen and Toubro (L&T) posted disappointing set of numbers for 1QFY2014,
which were below our and street expectation on both, revenue and profitability
front. This was mainly on the back of lower-than-expected execution and poor
operating performance. The top-line stood at `12,555cr, registering a growth of
5.0% yoy for the quarter and was lower than our and street estimate of `13,100cr
and `13,487cr respectively. The slow execution was mainly on the back of poor
performance in power and metallurgical segment. On the EBITDA front, company
reported a yoy dip of 56bp to 8.5% against our expectations of 10.5%, owing to
lower-than-expected execution and high construction and sub contracting cost. On
the bottom line front, L&T reported a yoy decline of 16.2% to `756cr which was
lower than our estimate of `911cr. This was mainly on the back of lower-thanexpected execution and poor operating performance.
Market Outlook
July 23, 2013
L&Ts order backlog stands at `1,65,393cr as of 1QFY2014, registering a growth

of 8.0% yoy. Order inflows for the quarter came in at `25,159cr (up 28.4% yoy)
against our expectation of `30,000cr.
For FY2014, the management has given a guidance of 15-17% growth in revenue
and 20% growth in order inflow. The guidance is mainly based on (a) high share
of exports in both order inflows and revenues (power T&D and hydrocarbon) and
(b) continued momentum in infrastructure segment (building and factories,
railways, airports, etc).
We believe L&T is best placed to benefit from the gradual recovery in the capex
cycle, given its diverse exposure to sectors, strong balance sheet and cash flow
generation as compared to its peers. We continue to remain positive on L&T while
our target price is under review.
Y/E
March
FY2014E
FY2015E
Sales OPM PAT EPS ROE P/E P/BV

(` cr)
(%) (` cr) (`) (%) (x)
(x)
68,396
77,435
10.0 4,521 49.0 14.9 18.4

10.0 5,096 55.2 15.3 16.3
2.6
2.4
EV/EBITDA
(x)
EV/Sales
(x)
9.2
8.3
0.9
0.8
Asian Paints (CMP: `5,075/TP:-/Upside:-)

For 1QFY2014 Asian Paints posted a 11.1% yoy growth in its consolidated net
sales to `2,818cr, which was in-line with estimates. The companys decorative
paints business in India continued to perform well with paints volume growing by
double digits. However, industrial paints and automotive coatings businesses
continued to be affected by economic slowdown. OPM fell by 156bp yoy to 15.7%
and was in-line with estimates. Steep decline in INR offset decline in raw material
prices. Net Profit fell by 4.6% on a yoy basis to `275cr. We maintain a neutral
rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,332
16.5 1,353 141.1
35.6
36.0
11.6
23.2
3.8
FY2015E
14,524
16.3 1,559 162.5
32.7
31.2
9.2
19.7
3.2
Blue Star (CMP: `159 / TP: `215 / Upside: 35%)

Blue Star announced a decent set of numbers for 1QFY2014. Topline came in at
`771cr, marginally higher than our expectation of `761cr and 5.4% higher on a
yoy basis from `731cr in 1QFY2013. On the operational front, EBITDA registered
14.6% yoy growth to `38cr owing to reduced raw material cost as percentage of
sales. EBITDA margin came in at 5.0% yoy as compare to 4.6% in same quarter
previous year. However, bottom line grew by just 10.9% yoy to `23cr due to
increased depreciation (11.5%) and decline in other income (37.5%).
Robust top line growth of 18.8% yoy in Cooling Product segment was offset by dip
in revenue from EMPPACS segment by 6.7% yoy. Decline in EMPPACS segment
was due to selective order booking (relatively higher margin) by the company
leading to improvement in EBIT margin by 252bps yoy to 5.9% for the division.
EBIT margin for Cooling Product segment contracted slightly by 58bps to 10.7%
yoy in 1QFY2014. We maintain our Buy recommendation on the stock with a
revised target price of `215 based on a target EV/sales of 0.7x for FY2015E.
Market Outlook
July 23, 2013
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,045
2.9
44
4.9
10.8
31.3
3.3
19.4
0.6
FY2015E
3,203
4.0
81
9.0
17.9
17.1
2.9
13.1
0.5
Result Preview
KPIT Cummins (CMP: `131/ TP: `144/ Upside: 10%)
KPIT Cummins Infosystems (KPIT) is slated to announce its 1QFY2014 results
today. We expect the company to post revenue of US$109mn, up 3.0%. In INR
terms, the revenue is expected to come in at `619cr, up 8.7% qoq. EBITDA margin
is expected to increase by 106bp qoq to 18.8%, majorly on the back of INR
depreciation. PAT is expected to come in at `63cr. We maintain Accumulate rating
on the stock with a target price of `144.
Y/E
Sales OPM
March
(` cr)
PAT
(%)
(` cr)
FY2014E
2,614 17.2
FY2015E
2,923 16.7
EPS ROE
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
242
13.2 18.5 10.0
1.8
4.9
0.8
265
14.4 16.7
1.5
4.0
0.7
9.1
Quarterly Bloomberg Consensus Estimate

Shriram Transport Finance Company (23/07/2013)
Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
370
322
14.8
355
4.0
2QCY13E
2QCY12
y-o-y (%)
1QCY13
q-o-q (%)
2,428
2,566
(5.4)
2,545
(4.6)
EBITDA
529
735
(28.0)
553
(4.3)
EBITDA margin (%)
21.8
28.6
Net profit
343
469
Net profit
Ambuja Cement (24/07/2013)

Particulars (` cr)
Net sales
21.7
(26.9)
488
(29.7)
q-o-q (%)
Dabur India Consolidated (24/07/2013)

Particulars (` cr)
Net sales
1QFY14E
1QFY13
y-o-y (%)
4QFY13
1,659
1,462
13.5
1,531
8.4
EBITDA
253
216
17.1
273
(7.4)
EBITDA margin (%)
15.2
14.8
Net profit
187
149
25.0
201
(6.9)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
17.8
Hero Moto Corp (24/07/2013)

Particulars (` cr)
Net sales
6,270
6,208
1.0
6,073
3.3
EBITDA
823
937
(12.1)
850
(3.1)
EBITDA margin (%)
13.1
15.1
Net profit
551
616
14.0
(10.6)
574
(4.1)
Market Outlook
July 23, 2013
United Phosphorous Consolidated (24/07/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,537
2,180
16.4
2,773
(8.5)
EBITDA
452
386
17.0
537
(15.9)
EBITDA margin (%)
17.8
17.7
Net profit
221
203
8.7
278
(20.8)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
372
290
28.3
362
2.8
2QCY13E
2QCY12
y-o-y (%)
1QCY13
q-o-q (%)
2,795
2,778
0.6
2,911
(4.0)
EBITDA
432
688
(37.3)
492
(12.2)
EBITDA margin (%)
15.5
24.8
Net profit
270
418
(35.5)
438
(38.4)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
12,439
11,089
12.2
12,409
0.2
1,682
1,923
(12.5)
1,468
14.6
EBITDA margin (%)
13.5
17.3
Net profit
953
1,134
(15.9)
618
54.2
Net sales
19.4
Yes Bank Ltd (24/07/2013)

Particulars (` cr)
Net profit
ACC (25/07/2013)
Particulars (` cr)
Net sales
16.9
Gail (25/07/2013)
Particulars (` cr)
Net sales
EBITDA
11.8
ITC (25/07/2013)
Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
7,843
6,652
17.9
8,180
(4.1)
EBITDA
2,771
2,368
17.0
2,706
2.4
35.3
35.6
1,897
1,602
18.4
1,928
(1.6)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
10,334
10,529
(1.9)
14,718
(29.8)
1,203
786
52.9
2,399
(49.9)
51.8
1,240
(48.1)
EBITDA margin (%)

Net profit
33.1
Maruti Suzuki (25/07/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
11.6
7.5
Net profit
643
424
16.3
Sterlite Industries Consolidated (25/07/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
7,125
10,591
(32.7)
12,609
(43.5)
EBITDA
2,123
2,308
(8.0)
4,065
(47.8)
29.8
21.8
1,001
1,202
EBITDA margin (%)

Net profit
32.2
(16.7)
2,027
(50.6)
Market Outlook
July 23, 2013
Zee Entertainment Consolidated (25/07/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
979
843
16.1
934
4.8
EBITDA
258
233
10.7
242
6.6
EBITDA margin (%)
26.4
27.7
Net profit
190
158
25.9
20.1
180
5.8
Economic and Political News
India produces record pulses in 2012-13;foodgrains output down

Karnataka plans to roll out GST
Onion hoarding: Maharashtra Govt. forms flying squads to tackle onion
hoarders
Corporate News
Tata Power to set up 28.8-MW solar plant in Maharashtra

Coal India trade unions may soften stand on disinvestment
Reliance Telecom moves SC against summons to Ambanis
Sterlite Inds starts commercial production while protestors remain skeptical
Zuari permanently shelves Rs 5,000 cr urea plant plan in Karnataka
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
July 23, 2013
Result Calendar
Date
Company
July 23, 2013
Shriram Trans., KPIT Cummins, Tata Sponge
July 24, 2013
Cairn India, Hero Motocorp, Ambuja Cements, Dabur India, Yes Bank, United Phosphorus, Central Bank
July 25, 2013
ITC, GAIL, Sterlite Inds, Maruti, ACC, IOB, Thermax, FAG Bearings, MRF, TTK Healthcare
July 26, 2013
Wipro, Nestle, Punjab Natl.Bank, Tata Comm, CESC
July 27, 2013
Corporation Bank, Force Motors
July 28, 2013

July 29, 2013
UltraTech Cement, IDFC, Colgate, Godrej Consumer, Madras Cements, Subros, Vesuvius India
July 30, 2013
NTPC, Dr Reddy's, Petronet LNG, Syndicate Bank, Ipca labs, Indoco Remedies
July 31, 2013
Bharti Airtel, ICICI Bank, NHPC, JSW Steel , Dishman Pharma
August 01, 2013
Idea Cellular, Mundra Port, Adani Power, GlaxoSmith Con
August 02, 2013
Siemens
August 03, 2013
Coal India, PTC India
August 04, 2013

August 05, 2013
Tata Chemicals, LMW, GIPCL
August 06, 2013
Tata Power Co.
August 07, 2013
Ranbaxy, Apollo Tyres
August 08, 2013
Adani Enterp., Rural Elec.Corp.
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
July 23, 2013
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Jul A
(18.80)
--
July 24, 2013
1:00PM
Germany PMI Services
Value
Jul A
50.40
--
1:00PM
Germany PMI Manufacturing
Value
Jul A
48.60
--
Last Reported Estimated
7:30PM
US
New home sales
Thousands
Jun
476.00
484.00
July 25, 2013
2:00PM
UK
GDP (YoY)
% Change
2Q A
0.30
--
July 30, 2013
11:00AM
India
RBI Repo rate
Jul 30
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Jul 30
4.00
--
11:00AM
India
RBI Reverse Repo rate
Jul 30
6.25
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jul
81.40
--
1:25PM
Germany Unemployment change (000's)
Thousands
Jul
(12.00)
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q A
1.80
--
11:30PM
US
FOMC rate decision
Jul 31
0.25
--
6:30AM
China
PMI Manufacturing
Value
Jul
50.10
--
2:00PM
UK
PMI Manufacturing
Value
Jul
52.50
--
4:30PM
UK
BOE Announces rates
% Ratio
Aug 1
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Aug 1
0.50
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Jul
195.00
--
July 31, 2013
August 1, 2013
August 2, 2013
6:00PM
US
Unnemployment rate
Jul
7.60
--
August 6, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Jun
(2.30)
--
August 8, 2013
4:29PM
China
Exports YoY%
% Change
Jul
(3.10)
--
Market Outlook
July 23, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
0.6
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
7.2
(1.6)
May-13
Jul-12
Jun-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
(1.0) (0.6)
(0.7)
(2.0)
Apr-13
(0.1)
(2.0)
Feb-13
4.7 4.8
Source: CSO, Angel Research
7.3
7.3
7.3
Services PMI
56.0
5.7
4.8
5.0
4.7
4.9
4.0
3.0
2.0
1.0
0.0
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
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
15.0
48.0
Apr-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
50.0
Mar-12
9.0
8.0
7.0
6.0
1.9
2.0
5.1 5.4 5.2
Jan-13
6.0
3.4
2.5
2.0
Dec-12
6.5
Mar-13
7.5
Nov-12
7.7
Oct-12
9.2
Sep-12
8.6
8.4
8.0
9.9
Aug-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
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
7.00
6.00
4.00
Source: RBI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
3.00
Sep-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
5.00
Aug-12
(15.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
0.0
Market Outlook
July 23, 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
147
2,864
1,674
1,923
13.7
13.7
6.8
7.6
21.7
19.4
4.1
3.6
20.0
19.6
1.9
1.6
United Phosphorus
Buy
148
232
6,557
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
254
285
4,344
3,418
3,892
14.5
14.5
18.5
20.4
13.8
12.5
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
70
3,513
13,852
15,487
11.4
11.5
12.8
14.9
5.4
4.7
0.9
0.8
17.5
17.3
0.4
0.4
Ashok Leyland
Buy
15
22
3,978
13,450
15,853
6.5
8.5
0.4
1.9
39.1
8.0
1.3
1.2
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
201
304
834
965
9.3
10.6
17.3
27.1
11.6
7.4
1.1
1.0
9.5
14.0
0.4
0.4
Bajaj Auto
Accumulate
1,986
2,102
57,458
21,696
25,239
19.2
19.3
119.3
140.2
16.7
14.2
5.9
4.7
38.9
36.6
2.2
1.8
Bharat Forge
Neutral
220
5,120
6,198
6,793
14.6
14.9
14.5
17.3
15.1
12.7
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Accumulate
8,625
9,213
27,081
9,821
11,394
17.0
17.3
373.5
438.7
23.1
19.7
4.2
3.5
18.0
17.9
2.4
2.1
CEAT
Buy
120
170
409
5,325
5,974
8.4
8.3
40.8
48.5
2.9
2.5
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Accumulate
133
148
11,292
6,899
7,873
14.7
14.7
7.9
9.0
16.8
14.7
2.9
2.5
18.3
18.0
1.3
1.1
FAG Bearings*
Neutral
1,448
2,406
1,525
1,742
14.5
15.7
88.4
109.5
16.4
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Neutral
1,788
35,712
25,298
27,665
14.1
13.7
110.3
140.0
16.2
12.8
5.9
4.7
39.9
40.7
1.2
1.1
JK Tyre
Buy
104
154
426
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 Buy
902
1,103
55,526
45,254
51,197
11.4
11.7
61.2
70.2
14.7
12.8
3.1
2.6
22.7
21.9
1.0
0.8
1,450
1,822
43,788
47,923
55,002
11.2
10.9
106.6
121.4
13.6
11.9
2.0
1.8
16.1
15.8
0.7
0.6
223
13,089
28,442
31,493
7.5
7.8
12.5
14.8
17.8
15.1
4.4
3.5
27.5
25.8
0.6
0.5
Buy
21
27
128
1,426
1,624
10.0
9.9
4.9
6.8
4.4
3.1
0.4
0.4
10.0
12.7
0.4
0.3
Tata Motors
Buy
298
347
80,216 215,016 237,404
13.3
13.6
36.2
41.5
8.2
7.2
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Accumulate
33
35
1,556
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
Maruti
Buy
Motherson Sumi
Neutral
Subros
Capital Goods
ABB*
Sell
580
461
12,288
8,073
9,052
5.5
6.9
11.5
16.9
50.3
34.2
4.6
4.4
9.3
13.1
1.5
1.3
BGR Energy
Buy
116
140
840
3,756
4,569
11.4
9.7
21.7
24.1
5.4
4.8
0.6
0.6
22.3
20.3
0.5
0.5
BHEL
Neutral
162
39,529
44,054
39,326
16.8
15.1
20.6
16.1
7.8
10.0
1.7
1.6
23.5
16.1
0.8
0.8
Blue Star
Buy
158
230
1,425
2,896
3,087
5.6
6.2
9.3
11.7
17.0
13.5
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
90
117
5,761
13,446
15,272
6.7
7.6
6.6
8.9
13.6
10.1
1.5
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
20
164
3,360
3,597
9.7
9.8
7.3
10.2
2.7
2.0
0.6
0.5
8.8
11.4
0.3
0.3
KEC International
Buy
33
49
856
7,709
8,399
6.7
7.2
6.1
8.5
5.5
3.9
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
606
7,220
5,780
6,430
9.5
9.6
29.8
33.0
20.3
18.4
3.4
3.0
17.9
17.4
1.1
0.9
1,237
1,361
23,219
11,820
13,254
19.3
20.9
74.9
93.1
16.5
13.3
2.9
2.6
18.1
20.3
1.7
1.4
Cement
ACC
Accumulate
Market Outlook
July 23, 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
199
30,679
10,171
11,762
23.5
24.6
10.2
12.2
19.5
16.3
3.2
2.9
17.1
18.7
2.5
2.1
India Cements
Neutral
58
1,782
4,929
5,434
17.4
17.1
8.9
10.9
6.5
5.3
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
76
143
897
2,247
2,742
21.0
23.1
17.8
21.8
4.3
3.5
0.6
0.5
15.5
16.4
0.3
0.8
Madras Cements
Neutral
196
4,665
4,234
4,788
23.9
24.0
18.5
22.8
10.6
8.6
1.7
1.5
17.2
18.2
1.5
1.2
Shree Cement^
Neutral
4,473
15,583
6,607
7,520
27.5
26.7
322.8
374.3
13.9
12.0
3.4
2.8
27.8
25.6
1.7
1.3
UltraTech Cement
Neutral
1,921
52,660
21,947
25,049
23.8
23.8
106.1
119.8
18.1
16.0
3.0
2.6
17.7
17.3
2.5
2.1
52
84
814
1,928
2,234
21.0
21.5
6.0
7.4
8.6
7.0
0.8
0.7
10.5
10.8
1.8
1.8
158
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.9)
(23.6)
0.3
0.4
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
94
157
3,129
3,997
4,312
45.5
46.4
15.7
16.6
6.0
5.7
0.9
0.8
15.2
14.5
3.2
3.5
ITNL
Buy
145
230
2,818
7,444
8,041
27.4
28.9
29.8
32.1
4.9
4.5
0.7
0.6
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
15
29
465
5,673
5,892
8.1
8.4
1.4
1.8
10.5
8.3
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
49
90
10,962
14,850
15,631
24.9
25.1
2.5
2.9
19.5
17.3
0.8
0.8
4.2
4.7
2.6
2.5
Larsen & Toubro
Buy
902
1,180
83,420
68,946
78,040
10.5
10.5
51.7
58.6
17.5
15.4
2.6
2.3
15.5
15.6
1.3
1.2
Nagarjuna Const.
Buy
26
42
662
6,167
6,945
8.0
8.2
2.7
3.6
9.7
7.1
0.3
0.3
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
30
1,011
12,954
14,740
9.9
9.9
0.5
0.9
60.0
32.7
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
88
139
1,331
2,462
2,731
10.6
10.6
5.9
6.7
15.0
13.2
1.5
1.3
10.2
10.5
0.8
0.8
Simplex Infra
Buy
67
131
332
6,308
7,033
9.5
9.6
11.9
18.7
5.6
3.6
0.3
0.2
4.5
6.7
0.5
0.5
Unity Infra
Buy
24
41
177
2,146
2,339
13.7
13.8
11.0
11.5
2.2
2.1
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Accumulate
85
95
4,265
6,705
7,535
2.5
2.5
27.6
33.2
3.1
2.6
0.4
0.4
12.5
13.6
Andhra Bank
Neutral
79
4,418
5,180
5,815
2.7
2.7
19.0
22.9
4.2
3.5
0.6
0.5
12.0
13.2
Axis Bank
Buy
1,200
1,441
56,283
19,280
22,886
3.3
3.3
130.7
157.1
9.2
7.6
1.5
1.3
17.3
18.1
Bank of Baroda
Accumulate
587
642
24,740
16,287
18,707
2.2
2.3
120.6
144.6
4.9
4.1
0.7
0.6
15.0
16.0
Bank of India
Accumulate
212
236
12,618
14,459
16,176
2.3
2.2
55.2
68.2
3.8
3.1
0.5
0.5
13.7
15.1
Bank of Maharashtra
Accumulate
49
54
3,261
4,291
4,724
3.0
3.0
12.1
12.9
4.1
3.8
0.6
0.6
16.2
15.3
Canara Bank
Neutral
320
14,183
12,045
13,495
2.1
2.2
76.7
86.4
4.2
3.7
0.6
0.5
14.1
14.2
Central Bank
Neutral
64
6,664
8,406
9,546
2.5
2.5
12.6
18.7
5.1
3.4
0.6
0.6
10.6
14.3
Corporation Bank
Accumulate
330
360
5,039
5,554
6,156
2.0
2.0
94.9
104.9
3.5
3.1
0.5
0.4
14.3
14.2
Dena Bank
Neutral
67
2,358
3,255
3,623
2.3
2.4
22.0
24.9
3.1
2.7
0.4
0.4
14.7
14.7
Federal Bank
Neutral
381
6,519
2,802
3,275
2.9
2.9
49.8
56.6
7.7
6.7
0.9
0.8
12.7
13.1
Financials
Market Outlook
July 23, 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
829
128,837
8,679
10,350
3.6
3.6
37.5
44.7
22.1
18.6
4.6
4.1
30.1
30.7
HDFC Bank
Accumulate
682
745
162,947
27,392
33,264
4.6
4.6
36.3
45.1
18.8
15.1
3.8
3.2
21.9
22.8
ICICI Bank
Buy
975
1,160
112,503
26,119
30,474
3.1
3.2
86.2
99.5
11.3
9.8
1.5
1.4
15.7
16.2
IDBI Bank
Neutral
71
9,429
9,518
10,468
2.0
2.0
15.5
22.1
4.6
3.2
0.5
0.4
10.2
13.3
Indian Bank
Accumulate
107
113
4,603
6,077
6,845
2.9
3.0
35.2
41.0
3.1
2.6
0.4
0.4
14.1
14.8
IOB
Neutral
48
4,422
8,028
9,204
2.4
2.6
12.5
19.7
3.8
2.4
0.4
0.3
9.1
13.1
J & K Bank
Neutral
1,257
6,093
3,101
3,427
3.6
3.6
215.5
210.3
5.8
6.0
1.1
1.0
19.9
16.9
LIC Housing Finance
Neutral
209
10,550
2,180
2,732
2.4
2.5
26.3
32.1
7.9
6.5
1.4
1.2
19.0
19.9
Oriental Bank
Buy
174
203
5,078
6,790
7,676
2.6
2.7
55.7
62.3
3.1
2.8
0.4
0.4
12.8
12.9
Punjab Natl.Bank
Accumulate
646
718
22,834
20,914
23,879
3.3
3.4
152.4
176.2
4.2
3.7
0.7
0.6
16.2
16.5
South Ind.Bank
Neutral
23
3,076
1,800
2,023
2.7
2.7
3.7
4.2
6.2
5.5
1.0
0.9
16.2
16.2
St Bk of India
Accumulate
1,824
2,077
124,778
66,417
76,734
3.0
3.0
227.4
284.8
8.0
6.4
1.2
1.0
15.4
17.1
Syndicate Bank
Accumulate
112
121
6,763
7,125
8,188
2.6
2.6
27.4
27.9
4.1
4.0
0.6
0.6
16.2
14.6
UCO Bank
Reduce
69
63
5,197
6,545
6,859
2.7
2.6
14.8
15.7
4.7
4.4
0.9
0.7
14.4
13.6
Union Bank
Accumulate
156
178
9,295
11,101
12,543
2.6
2.6
39.3
47.4
4.0
3.3
0.6
0.5
14.1
15.2
United Bank
Neutral
46
1,718
3,386
3,884
2.3
2.5
12.4
20.0
3.7
2.3
0.4
0.3
10.0
14.7
Vijaya Bank
Accumulate
45
47
2,215
2,714
3,046
1.9
2.0
9.2
10.8
4.9
4.1
0.5
0.5
10.7
11.5
Yes Bank
Neutral
424
15,247
4,451
5,526
2.8
2.8
43.0
49.7
9.9
8.5
2.2
1.8
23.9
22.8
Asian Paints
Neutral
5,077
48,698
12,332
14,524
16.5
16.3
141.1
162.5
36.0
31.2
11.6
9.2
35.7
32.7
3.8
3.2
Britannia
Neutral
720
8,623
6,417
7,502
6.1
6.3
21.3
25.5
33.9
28.3
11.0
8.8
35.7
34.6
1.3
1.1
Colgate
Neutral
1,497
20,357
3,588
4,130
20.5
20.9
44.2
51.8
33.9
28.9
33.0
24.1
108.6
96.2
5.5
4.7
Dabur India
Neutral
171
29,807
7,183
8,340
16.8
16.8
5.4
6.3
31.8
27.2
12.4
9.6
41.5
40.1
4.1
3.5
GlaxoSmith Con*
Neutral
5,194
21,844
3,617
4,259
16.1
16.4
122.2
148.7
42.5
34.9
13.2
10.6
34.1
33.7
5.6
4.7
Godrej Consumer
Neutral
912
31,048
7,801
9,017
16.2
15.9
25.1
29.7
36.3
30.7
7.8
6.5
24.9
24.2
4.1
3.5
HUL
Neutral
697
150,659
29,167
33,164
13.6
13.7
17.1
18.4
40.8
37.9
39.2
28.4
113.4
87.0
5.0
4.4
ITC
Neutral
369
291,612
34,294
39,991
36.8
37.0
11.3
13.3
32.7
27.7
10.8
8.7
36.1
34.9
8.2
7.0
Marico
Neutral
215
13,889
5,273
6,044
14.8
14.9
7.3
8.7
29.7
24.9
5.8
4.8
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,638
54,356
9,447
10,968
22.1
22.3
127.5
154.1
44.2
36.6
22.1
16.0
57.7
50.7
5.8
4.9
Tata Global
Neutral
155
9,560
8,069
8,957
9.8
9.7
7.8
8.6
19.8
18.0
2.4
2.3
9.5
9.7
1.2
1.0
FMCG
Market Outlook
July 23, 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^
Neutral
890
62,032
29,424
32,837
22.6
22.0
59.5
63.3
15.0
14.1
3.6
3.0
24.6
21.7
1.9
1.7
Hexaware*
Neutral
107
3,186
2,158
2,374
19.6
19.8
10.7
11.7
10.0
9.1
2.2
2.0
23.0
22.3
1.3
1.2
Infosys
Neutral
2,876
165,130
45,153
48,993
27.6
26.8
170.7
187.5
16.9
15.3
3.5
3.0
20.8
19.5
3.0
2.7
Infotech Enterprises
Neutral
182
2,029
2,037
2,254
17.9
17.7
21.2
22.6
8.6
8.0
1.3
1.1
15.2
14.1
0.6
0.5
KPIT Cummins
Accumulate
131
144
2,532
2,614
2,923
17.2
16.8
13.2
14.4
10.0
9.1
1.8
1.5
18.5
16.7
0.9
0.7
Mindtree
Neutral
942
3,915
2,707
2,978
20.3
20.2
87.4
97.0
10.8
9.7
2.3
1.9
21.8
19.5
1.2
0.9
Mphasis&
Reduce
417
391
8,763
6,372
6,852
18.0
18.2
38.0
43.5
11.0
9.6
1.6
1.4
14.3
14.2
0.9
0.7
NIIT
Buy
17
30
281
1,144
1,267
9.0
9.1
4.3
5.4
4.0
3.2
0.4
0.4
10.3
12.0
Persistent
Accumulate
525
565
2,099
1,505
1,677
25.9
26.2
53.6
59.7
9.8
8.8
1.7
1.5
17.7
16.7
1.0
0.8
TCS
Reduce
1,746
1,640
341,701
74,795
84,926
28.8
28.7
82.2
91.5
21.2
19.1
6.6
5.4
30.8
28.1
4.3
3.8
Tech Mahindra
Accumulate
1,172
1,250
27,222
8,102
8,709
19.7
19.2
93.7
101.5
12.5
11.6
2.3
1.9
21.2
18.9
3.4
3.0
Wipro
Neutral
393
96,832
41,659
45,137
21.2
21.4
27.7
29.9
14.2
13.1
2.9
2.5
20.5
19.0
1.8
1.5
D B Corp
Accumulate
277
302
5,073
1,783
1,968
25.2
26.8
14.6
17.2
19.0
16.0
4.9
4.2
23.9
24.2
2.7
2.4
HT Media
Buy
95
117
2,235
2,205
2,380
15.1
15.6
8.3
9.1
11.5
10.5
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
91
107
3,029
1,664
1,825
20.9
23.0
6.4
7.8
14.2
11.8
2.9
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
334
1,324
1,359
1,540
17.3
17.4
17.2
21.6
19.4
15.5
1.9
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
397
15,635
2,287
2,551
69.7
70.5
20.0
23.3
19.8
17.0
4.9
4.3
26.4
27.3
6.5
5.7
Bhushan Steel
Neutral
464
10,506
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
Buy
300
345
189,333
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
12
18
399
1,976
2,017
11.8
12.7
1.3
2.6
9.7
4.7
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
102
155
3,239
1,920
2,239
53.2
52.9
21.6
25.0
4.7
4.1
1.1
0.9
25.1
23.8
1.2
0.8
Hind. Zinc
Buy
102
145
43,141
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
104
19,960
89,352
93,672
8.8
9.2
13.4
15.0
7.8
7.0
0.6
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
565
13,652
47,613
48,385
17.4
18.8
81.8
109.6
6.9
5.2
0.7
0.7
11.1
13.4
0.6
0.5
MOIL
Buy
201
248
3,373
1,010
1,046
46.5
47.6
26.8
28.8
7.5
7.0
1.1
1.0
15.4
14.7
0.9
0.7
Monnet Ispat
Buy
118
193
751
2,326
2,709
21.4
23.1
33.3
43.1
3.5
2.7
0.3
0.3
8.3
9.9
1.3
1.0
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
29
7,551
7,656
7,988
13.1
13.5
2.6
2.6
11.5
11.2
0.6
0.6
5.5
5.5
0.4
0.4
108
140
42,700
10,610
11,400
66.3
64.2
15.6
16.1
6.9
6.7
1.4
1.3
21.3
19.9
1.9
1.8
44
18,338
44,060
54,786
9.4
11.5
5.2
7.2
8.5
6.2
0.4
0.4
5.2
6.8
0.7
0.6
Market Outlook
July 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Metals & Mining

Sesa Goa
Accumulate
146
166
12,689
3,742
4,426
32.9
32.8
30.0
29.8
4.9
4.9
0.7
0.6
14.3
12.5
4.2
3.5
Sterlite Inds
Buy
83
100
27,927
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
Tata Steel
Buy
234
378
22,722 140,917 151,537
9.7
10.8
30.9
47.6
7.6
4.9
0.7
0.6
9.6
13.4
0.5
0.5
Sarda
Buy
93
153
333
1,494
1,568
19.1
20.3
31.3
36.5
3.0
2.5
0.3
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
404
2,615
2,776
12.1
12.0
9.8
10.4
3.1
2.9
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
Accumulate
306
345
58,494
16,482
16,228
69.4
53.3
53.3
49.6
5.7
6.2
0.9
0.8
16.5
13.6
2.2
1.9
GAIL
Neutral
330
41,866
52,102
52,876
15.7
16.1
34.1
35.7
9.7
9.3
1.5
1.3
16.4
15.3
0.3
0.2
ONGC
Buy
307
387
262,910 170,063 198,461
36.3
38.3
34.7
41.9
8.9
7.3
1.5
1.3
18.3
19.5
1.3
0.9
Reliance Industries
Neutral
909
293,405 397,546 421,695
9.4
8.6
75.0
76.4
12.1
11.9
1.3
1.2
12.4
11.4
0.7
0.6
Gujarat Gas*
Neutral
208
2,673
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
287
4,024
3,700
4,218
23.4
22.8
26.7
30.4
10.8
9.4
2.3
1.9
22.7
21.8
1.2
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
126
167
9,454
40,356
40,872
5.8
6.4
15.0
16.7
8.4
7.5
1.8
1.5
23.0
21.5
0.3
0.3
Neutral
54
3,050
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
Neutral
158
2,981
1,736
2,008
17.1
18.9
10.7
13.9
14.8
11.4
4.6
3.5
35.0
34.7
1.8
1.5
Aurobindo Pharma
Buy
174
271
5,071
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
2,376
5,472
1,682
1,917
16.6
16.6
92.4
99.1
25.7
24.0
3.6
3.6
15.7
14.8
2.9
2.3
Cadila Healthcare
Buy
764
929
15,633
7,280
8,640
15.5
15.7
38.3
46.5
19.9
16.4
4.3
3.5
23.5
23.5
2.5
2.1
Cipla
Buy
411
477
33,012
9,274
10,796
23.1
23.1
21.0
23.8
19.6
17.3
3.1
2.7
17.2
16.8
3.3
2.8
Dr Reddy's
Accumulate
2,319
2,535
39,417
13,377
15,350
20.4
20.1
112.3
126.8
20.7
18.3
4.4
3.7
23.5
21.8
3.0
2.6
Dishman Pharma
Buy
59
168
474
1,394
1,534
22.5
22.4
15.0
16.8
3.9
3.5
0.4
0.4
11.0
11.2
1.0
0.8
GSK Pharma*
Neutral
2,486
21,059
2,854
3,145
28.6
28.6
76.6
83.3
32.5
29.9
9.7
8.8
31.1
31.0
6.5
5.8
Indoco Remedies
Accumulate
69
78
640
760
922
15.3
15.3
6.1
7.8
11.4
8.9
1.4
1.2
12.9
14.7
1.1
0.9
Ipca labs
Neutral
640
8,070
3,243
3,826
20.5
21.5
36.0
44.4
17.8
14.4
4.1
3.3
26.0
25.4
2.6
2.2
Lupin
Neutral
891
39,877
11,641
13,933
21.3
21.3
34.8
41.8
25.6
21.3
6.0
4.7
26.2
24.8
3.5
2.8
Ranbaxy*
Buy
317
384
13,396
11,400
12,060
10.5
12.5
17.5
22.5
18.1
14.1
2.9
2.5
17.0
19.1
1.1
1.0
Sun Pharma
Neutral
1,110
114,772
13,509
15,846
41.0
41.0
33.0
39.8
33.6
27.9
6.8
5.6
22.0
22.0
7.9
6.6
Power
GIPCL
Buy
NTPC
Accumulate
64
78
963
1,444
1,482
33.4
33.0
13.7
14.8
4.7
4.3
0.5
0.5
12.3
12.0
0.7
0.5
143
163
117,910
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
Market Outlook
July 23, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Real Estate
DLF
Buy
170
236
30,194
8,293
9,622
36.5
36.1
5.7
6.7
29.7
25.2
1.1
1.0
3.7
4.1
5.7
4.8
MLIFE
Neutral
455
1,857
888
1,002
30.6
30.6
38.8
43.4
11.7
10.5
1.3
1.2
11.2
11.4
2.7
2.4
Bharti Airtel
Neutral
336
134,113
85,489
94,229
31.9
31.9
10.2
14.6
32.8
23.0
2.4
2.2
7.2
9.4
2.2
1.9
Idea Cellular
Neutral
151
50,165
25,640
28,459
26.9
27.2
4.0
4.9
37.8
30.6
3.2
2.9
8.4
9.4
2.4
2.1
Rcom
Neutral
141
29,154
22,751
24,628
30.9
31.3
3.4
5.3
41.2
26.8
0.9
0.8
2.1
3.1
2.9
2.5
Telecom
Others
Abbott India*
Buy
1,432
1,659
3,043
1,863
2,081
11.8
12.4
71.2
83.0
20.1
17.3
4.0
3.4
21.6
21.5
1.4
1.1
Bajaj Electricals
Buy
178
237
1,776
3,885
4,472
5.4
7.2
11.0
19.7
16.3
9.0
2.2
1.8
13.5
20.3
0.5
0.4
Cera Sanitaryware
Buy
520
613
658
631
797
14.5
13.7
42.6
51.1
12.2
10.2
2.9
2.3
26.5
25.3
1.0
0.8
Cravatex
Buy
238
459
61
248
284
6.5
7.3
27.2
38.2
8.8
6.2
1.4
1.2
15.7
18.5
0.4
0.4
Finolex Cables
Accumulate
64
68
974
2,563
2,899
9.8
9.8
10.1
11.3
6.3
5.6
0.9
0.8
14.3
13.8
0.3
0.3
Force Motors
Buy
249
437
325
2,304
2,649
3.1
3.6
28.0
43.7
8.9
5.7
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
313
345
721
1,458
1,542
8.3
9.0
32.3
37.0
9.7
8.4
1.8
1.5
19.5
19.3
0.3
0.3
Hitachi
Buy
116
177
316
1,053
1,169
6.3
7.1
13.8
17.7
8.4
6.6
1.2
1.0
15.0
16.7
0.3
0.3
Honeywell Automation* Neutral
2,486
2,198
1,842
2,131
7.7
7.8
112.4
132.4
22.1
18.8
2.8
2.4
13.3
13.8
1.1
0.9
IFB Agro
Buy
138
198
124
495
651
12.7
12.9
29.3
39.5
4.7
3.5
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
151
234
174
1,430
1,573
11.1
11.0
19.1
26.9
7.9
5.6
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Accumulate
179
199
2,977
1,220
1,476
13.3
13.6
5.5
9.0
32.5
19.8
3.7
3.3
12.1
17.7
2.8
2.2
MRF
Neutral
14,383
6,100
11,799
12,587
14.1
13.5 1,792.4 1,802.0
8.0
8.0
1.7
1.4
23.5
19.2
0.6
0.6
Page Industries
Neutral
4,414
4,923
1,057
1,282
19.4
19.6
124.8
153.7
35.4
28.7
17.5
12.9
56.3
51.8
4.7
3.9
Relaxo Footwears
Accumulate
729
791
875
1,146
1,333
10.9
11.4
45.9
60.9
15.9
12.0
3.3
2.7
23.0
24.6
0.9
0.8
Siyaram Silk Mills
Buy
236
343
221
1,158
1,322
11.9
11.9
72.9
85.7
3.2
2.8
0.6
0.5
19.9
19.6
0.4
0.4
Styrolution ABS India*
Buy
410
617
721
1,068
1,223
9.6
9.6
38.1
44.1
10.8
9.3
1.5
1.3
14.5
14.7
0.7
0.6
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
257
371
395
814
849
17.0
17.6
64.6
69.2
4.0
3.7
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
539
686
419
435
516
6.2
7.1
24.3
33.3
22.2
16.2
3.7
3.1
17.6
20.8
0.8
0.7
Tree House
Neutral
292
1,049
153
194
53.0
52.8
12.4
15.6
23.5
18.6
2.8
2.5
11.8
13.1
7.0
5.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
172
230
132
1,591
1,720
6.1
6.4
24.5
38.3
7.0
4.5
0.8
0.7
10.9
15.9
0.3
0.3
2,706
39,321
12,294
14,162
12.0
12.0
42.1
67.7
64.3
40.0
4.5
4.1
9.1
10.7
3.5
3.0
375
439
761
600
638
20.1
19.4
35.7
36.6
10.5
10.3
1.9
1.6
19.4
17.1
1.1
0.9
Market Outlook
July 23, 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
86
117
570
2,042
2,363
14.6
14.8
12.3
16.5
7.0
5.2
0.5
0.5
7.6
9.4
0.7
0.6
Others
HSIL
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 22, 2013
Market Outlook
July 23, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

July 23, 2013

OIL & GAS

Net Inflows (July 19, 2013)

Refer detailed news analysis on the following page

FII Derivatives (July 22, 2013)

Lupin Pharma received approval for Glumetza HCl ER

Glumetza HCl ER tablets, 500 mg and 1000 mg had U.S sales of

CCI probes Gujarat Gas Company

L&Ts order backlog stands at `1,65,393cr as of 1QFY2014, registering a growth

Sales OPM PAT EPS ROE P/E P/BV

10.0 4,521 49.0 14.9 18.4

Asian Paints (CMP: `5,075/TP:-/Upside:-)

16.5 1,353 141.1

16.3 1,559 162.5

Blue Star (CMP: `159 / TP: `215 / Upside: 35%)

13.2 18.5 10.0

Quarterly Bloomberg Consensus Estimate

EBITDA margin (%)

Ambuja Cement (24/07/2013)

Dabur India Consolidated (24/07/2013)

EBITDA margin (%)

Hero Moto Corp (24/07/2013)

EBITDA margin (%)

United Phosphorous Consolidated (24/07/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Yes Bank Ltd (24/07/2013)

EBITDA margin (%)

Maruti Suzuki (25/07/2013)

Sterlite Industries Consolidated (25/07/2013)

EBITDA margin (%)

Zee Entertainment Consolidated (25/07/2013)

EBITDA margin (%)

Economic and Political News

India produces record pulses in 2012-13;foodgrains output down

Tata Power to set up 28.8-MW solar plant in Maharashtra

July 23, 2013

Shriram Trans., KPIT Cummins, Tata Sponge

July 24, 2013

July 25, 2013

July 26, 2013

Wipro, Nestle, Punjab Natl.Bank, Tata Comm, CESC

July 27, 2013

Corporation Bank, Force Motors

July 28, 2013

July 30, 2013

July 31, 2013

Bharti Airtel, ICICI Bank, NHPC, JSW Steel , Dishman Pharma

August 01, 2013

Idea Cellular, Mundra Port, Adani Power, GlaxoSmith Con

August 02, 2013

August 03, 2013

Coal India, PTC India

August 04, 2013

Tata Chemicals, LMW, GIPCL

August 06, 2013

Tata Power Co.

August 07, 2013

Ranbaxy, Apollo Tyres

August 08, 2013

Adani Enterp., Rural Elec.Corp.