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Market Outlook 

July 31, 2013

Dealer’s Diary
Indian markets are expected to open in the red tracking negative opening trades in
SGX Nifty and most of the other Asian markets.

Domestic Indices

BSE Sensex

(1.3)

The US markets turned in a relatively lackluster performance over the course of the
trading day on Tuesday before ending the session roughly flat. Lingering
uncertainty about the Federal Reserve contributed to the choppy trading on the
day. The Dow ended the day down 1.38 points to 15,521, while the S&P 500
inched up 0.63 points to 1,686. Meanwhile, The European markets ended
Tuesday's session in positive territory. Investor sentiment received a boost from the
better than expected German GfK consumer sentiment report and the continued
gains in Eurozone economic confidence. Investors were also confronted by a large
number of earnings reports on Tuesday, the results of which were mixed.

Nifty

(1.3)

(77)

5,755

MID CAP

(2.0)

(112)

5,592

SMALL CAP

(2.0)

(108)

5,361

BSE HC

(1.1)

(101)

9,046

BSE PSU

(3.1)

(174)

5,421

BANKEX

(1.3)

(151) 11,656

AUTO

(2.1)

(220) 10,469

METAL

(1.9)

(131)

6,722

OIL & GAS

(3.9)

(341)

8,421

Meanwhile, Indian shares fell sharply on Tuesday as the Reserve Bank of India (RBI)
left its key interest rates unchanged, but lowered its growth projection for 2013-14
to 5.5 percent from 5.7 percent. The Indian rupee slumped below the
psychological 60 mark against the dollar after the central bank sounded more
dovish, saying the time available now should be used with alacrity to institute
structural measures to bring the current account deficit down to sustainable levels.
The RBI didn't give a specific timeline for rolling back the recent liquidity tightening
measures.

BSE IT

0.9

66

7,363

Chg (%)

(Pts)

(Close)

Markets Today
The trend deciding level for the day is 19,450/ 5,788 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,571 – 19,794 / 5,828 – 5,902 levels. However, if NIFTY trades below
19,450 / 5,788 levels for the first half-an-hour of trade then it may correct up to
19,227 – 19,106 / 5,715 – 5,674 levels.

Global Indices

Dow Jones

3,616

11

6,571

Nikkei

1.5

209 13,870

Hang Sang

0.5

104 21,954

Straits Times

0.3

8

3,245

Shanghai Com

0.7

14

1,990

Chg (%)

(Pts)

(Close)

(0.2)

(0.1)

$49.7

Indian ADR

INFY
WIT

0.8

0.1

$8.5

(3.5)

(1.2)

$33.0

(4.8)

(1.7)

$33.3

S1

PIVOT

R1

R2

19,227

19,450

19,571

19,794

HDB

NIFTY

5,674

5,715

5,788

5,828

5,902

Net Inflows (July 29, 2013)
` cr

Purch

Sales

Net

MTD

YTD

FII
MFs

2,171
326

2,381
684

(209)
(359)

(6,313)
(1,982)

64,993
(14,159)

FII Derivatives (July 30, 2013)
` cr
Index Futures
Stock Futures

Purch
1,733
1,756

Sales
2,592
1,910

Net
(859)
(154)

Open Interest
11,559
24,687

Gainers / Losers
Company

Gainers
Price (`)
chg (%)

Neyveli Lignite

Company

57

6.3

JPPOWER

230

4.4

400

Bharti Infratel
Wipro

Mahindra & Mah
Fin
Mphasis

www.angelbroking.com

Losers
Price (`)
chg (%)
11

(15.8)

Havells India

660

(12.6)

3.1

HPCL

199

(11.3)

149

2.8

TV18 Broadcast

17

(9.1)

420

2.8

BPCL

312

(8.4)

(1) 15,521
17

S2

Refer detailed news analysis on the following page

(0.0)
0.2

19,106

„

(245) 19,348

0.5

SENSEX

Constrained by impossible trinity, RBI maintains rates
CBI may close Aircel-Maxis case
Result Review: NTPC, DRL, Shree Cement, Petronet LNG, IPCA Labs, Sanofi
India, GMDC, PVR, Indoco Remedies,
Result Preview: Bharti Airtel, ICICI Bank, HCL Technologies, JSW Steel,
Motherson Sumi, United Spirits, Andhra Bank, Jagran, Dishman Pharma

(Close)

FTSE

Indices

„
„
„

(Pts)

NASDAQ

IBN

News Analysis

Chg (%)

Advances / Declines

BSE

NSE

Advances

677

295

1,593

1,022

140

70

Declines
Unchanged
Volumes (` cr)

BSE

1,753

NSE

10,265

Market Outlook
July 31, 2013

Constrained by impossible trinity, RBI maintains rates
The Reserve Bank of India (RBI) in its First Quarter Review of the monetary policy
maintained status quo on policy rates, in line with our and market expectations.
The Repo Rate stands unchanged at 7.25%, Reverse Repo Rate at 6.25% and the
Cash Reserve Ratio remains unchanged at 4.00% of banks’ NDTL. After cutting
rates thrice in 2013, the RBI maintained status quo on rates for the second time
since June in order to address macro-stability concerns owing to the sharp INR
depreciation. The policy came in the backdrop of recent hikes by the RBI in the
Marginal Standing Facility (MSF) Rate and Bank Rate by 200bp to tackle exchange
rate volatility and they continue to remain at 10.25%.
The RBI has revised its real GDP growth projection for FY2014 lower to 5.5% from
the earlier estimate of 5.7%. The trajectory for WPI inflation is expected to reach
5.0% by end-March 2014 on account of soft global commodity prices, good
monsoon and sluggish demand scenario. The RBI has amply indicated that given
the growth-inflation dynamics, it would in normal circumstances have supported
growth. However to revert to that stance, stability in currency remains key.
In its guidance on the monetary policy stance, the RBI concurs that it is constrained
by the ‘impossible trinity trilemma’. In the current context, with the policy-makers
not keen on letting the exchange rate be dictated purely by market forces, it is
monetary independence that RBI has acknowledged to sacrifice to an extent.
Simply put, the RBI has indicated that sluggish demand and growth conditions and
moderating inflation would have warranted a more growth-supportive stance.
However, the exchange rate volatility amidst a high current account deficit (CAD)
and risk of continued capital outflows due to the U.S Fed’s anticipated withdrawal
of QE have compelled it to increase short-term rates to elevated levels.
The RBI has tightened monetary conditions particularly at the short-end since
July 15, 2013 in order to contain exchange rate volatility. Following the
announcement of these measures, the bond yields have hardened by nearly
150bp on the short-end. With higher nominal rates and decelerating inflation, the
real interest rate is also on a rising trajectory. We note that the real interest rate
differential on 1-year paper between India and the US is at almost 6%. Such
considerable differential is expected to attract FII investments in the debt market,
boost capital inflows and thereby support the INR. The policy had some dovish
remarks regarding their eventual roll-back, possibly to manage medium-term
growth expectations.

Policy outlook
Overall, we believe the RBI’s recent stabilization measures signal a reversal from
the RBI’s earlier stance of supporting growth until the INR is at a comfortable level.
We believe that in the near-term, coupled with the growth-inflation scenario,
developments on the CAD front and capital flows (which depend on global
liquidity) would continue determining the monetary policy stance. The calibrated
withdrawal of the RBI’s tightening measures is conditional on forex stability, which
itself could be challenging in the near-term due to global and domestic factors
unless there are sharper measures from the government to address imports and
exports. We believe that with these measures likely to continue over the next 1-2
months, we might see transmission of higher-than-anticipated interest rates into
broader segments.

www.angelbroking.com

Market Outlook
July 31, 2013

CBI may close Aircel-Maxis case
According to media reports, CBI has not received any useful information from
Malaysia in regards to Aircel-Maxis case. Hence, the agency may find it difficult to
file a charge-sheet and the case is likely to be closed. A final decision regarding
closing of case is expected in 2 months. This case has been an overhang on Sun
TV for some time. Hence, Sun TV stands to benefit if this case is closed. Till further
clarity emerges, we maintain our Neutral rating on the stock.

Result Review
NTPC (CMP: `138/TP: `163 /Upside: 18.1%)
For 1QFY2014, NTPC reported mixed set of results. The company’s top-line
declined by 2.2% yoy to `15,613cr (compared to our expectation of `16,519cr).
Generation revenues fell by 3% yoy to `15,711cr as power generation declined by
3.2% yoy to 57,007GWH.
However, EBITDA margin has beaten our expectations and street estimates,
expanding by 457bp yoy to 27.3% (our expectation of 24.1%). Consequently, net
profit came in almost flat yoy at `2,527cr (our expectation of `2,515cr). NTPC is
currently trading at relatively cheap valuations of 1.2x 2015E BV. We recommend
Buy rating on the stock.
Y/E

Sales

March

(` cr)

OPM

PAT

(%)

EPS

ROE

P/E

P/BV EV/EBITDA EV/Sales

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2014E 76,734

24.5 11,039

13.4

12.8

10.3

1.3

8.9

2.2

FY2015E 86,680

24.3 11,933

14.5

12.7

9.5

1.2

8.5

2.1

DRL (CMP: `2179/ TP: -2535/ Upside: -16.3%)
DRL reported numbers lower than expected. The top line posted a growth of 11.9%
to `2845cr for 1QFY2014 14.8% lower than expectations of `3340cr.The Topline
growth was primarily driven by Global Generics, which grew by 15% yoy, driven
by USA ,which rose by 37% yoy. On the Other hand the PSAI segment, registered
a growth of 6% yoy.
Other key markets, like Europe dipped by 28%, mainly lead by Germany which
posted a dip of 26% yoy. The key markets which impacted the sales and
profitability was Russia and India. While Russia, posted a growth of 4% yoy, the
Indian markets remained flat during the period. The Russian market growth during
the quarter was impacted by the high base impact of the previous year, while the
Indian markets were impacted by the implementation of the new drug policy.
The OPM came in at 19.2% lower than expectation of 21.1% and a yoy dip of
280bps. The main reason for the dip has been the R&D expenses, which increased
by 55% yoy, to end the period at 8.5% of the sales V/s 6.2% of sales in
1QFY2013.The adjusted net profit came in at `322cr a growth of 11.9% yoy,
lower than estimated `453cr. The main reason for the same has been the
contraction in OPM. We maintain a buy on the stock.

www.angelbroking.com

Market Outlook
July 31, 2013

Y/E

Sales OPM

March

(` cr)

PAT

(%)

EPS ROE

(` cr)

(`)

P/E P/BV

(%)

(x)

(x)

EV/EBITDA

EV/Sales

(x)

(x)

FY2014E

13,377 20.4

1,903 112.3 23.5 19.4

4.1

14.6

3.0

FY2015E

15,350 20.1

2,149 126.8 21.8 17.2

3.4

12.8

2.6

Shree Cement (CMP: `4,313/TP:-/Upside:-)
For 4QFY2013 Shree Cement posted better than expected results on the bottomline front on account of higher other income and lower tax expense. Top-line fell
by 1% yoy to `1,442cr, with cement division posting a 9.7% decline in the top-line
to `1,141cr. Cement volumes were down by 5.9% yoy impacted by demand degrowth in the company’s key markets in North India. However, power business
posted a top-line growth of 81%, aided by a 104% yoy growth in volumes to
794MU. OPM was down by 663bp yoy to 26.3% due to lower cement realization
and increase in raw material and freight cost. Although Bottom-line fell by 18.9%
yoy to `284cr, it was better than estimates on account of higher other income of
`92cr (up 184% yoy) and lower tax expense of `16cr (down 50% yoy). We
maintain our neutral rating on the stock.
Y/E
June

Sales

OPM

PAT

EPS

(%)

(` cr)

(` cr)

ROE

P/E

P/BV

EV/EBITDA EV/tonne*

(`)

(%)

(x)

(x)

(x)

(US $)

FY2014E

6,607

27.5 1,124 323

27.8

13.4

3.3

5.9

130

FY2015E

7,520

26.7 1,304 374

25.6

11.5

2.7

4.6

Note: *Computed on TTM basis

Petronet LNG (CMP: `115, TP: Under Review, Upside: -)
Petronet LNG reported 1QFY2014 numbers. The company’s net sales grew by
20.1% yoy to `8,444 due to higher prices of LNG during the quarter. The volumes
for the company were flat yoy at 130TBTU mainly due to lower tolling volumes
from GAIL and GSPC. The cost of LNG re-gasified increased by 22.5% yoy to
`7,959cr and hence the EBITDA declined by 13.0% yoy to `398cr whereas the
EBITDA margin declined by 179bp yoy to 4.7% in 1QFY2014 due to higher
proportion of contractual volumes. The other income decreased by 42.7% yoy to
`15cr, while the tax rate increased to 34.2% in 1QFY2014, compared to 33.1% in
1QFY2013. Hence, the net profit declined by 16.8% yoy to `225cr. We maintain
our Buy rating on the stock but keep our target price under review.
Y/E

Sales

OPM

PAT

EPS

ROE

P/E

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

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

(x)

(x)

FY2014E 39,582

5.4

1,052

14.0

21.6

8.2

1.6

5.3

0.3

FY2015E 43,315

5.9

1,287

17.2

22.2

6.7

1.4

4.1

0.2

IPCA Labs (CMP: `654/ TP: -/ Upside: -)
Ipca Laboratories reported numbers in line with the expectations. The topline
posted a growth of 25.7% to `793cr for 1QFY2014 2.2% lower than expectations
of `811cr.The Topline growth was primarily driven by formulations, which grew by
29% yoy, driven by exports, which rose by 47% yoy, while domestic sales grew by
12%, outperforming the Industry growth, which is expected to have grown around
7% during the period. API segment on the hand grew by 17% yoy, driven by the
both domestic and exports, which grew by 16% and 17% respectively.

www.angelbroking.com

Market Outlook
July 31, 2013

The OPM came in at 19.9% lower than expectation of 20.8% and a yoy dip of
190bps. The adjusted net profit came in at `107cr a de-growth of 7.0% yoy. This
was just in line with the expectation of `109cr during the quarter. Higher other
income compensated the lower than expected operating profit during the period,
thus aiding the net profit to come in line with expectations. We maintain neutral on
the stock.
Y/E

Sales OPM

March

(` cr)

(%)

PAT

EPS ROE

(` cr)

(`)

(%)

P/E P/BV
(x)

(x)

EV/EBITDA

EV/Sales

(x)

(x)

FY2014E

3,243 20.5

455 36.0 26.0 18.0

4.2

13.0

2.7

FY2015E

3,826 21.5

560 44.4 25.4 14.5

3.4

10.3

2.2

Sanofi India (CMP: `2,375/ TP: -/ Upside: -)
Sanofi posted better than expected numbers. For 1QFY2014, Sanofi India, posted
a growth of 9.5% in sales to `410cr during 2QCY2013 V/s expectation of `421cr
.Its OPM came in at 15.2% an expansion of 120bps. This aided, the net profit to
come in at `51.2cr a yoy growth of 26.4%.We maintain our neutral on the stock.
Y/E

Sales OPM

Dec

(` cr)

(%)

PAT

EPS ROE

(` cr)

(`)

(%)

P/E P/BV
(x)

(x)

EV/EBITDA

EV/Sales

(x)

(x)

CY2013E

1,682 16.6

213 92.4 15.7 25.7

3.6

17.3

2.9

CY2014E

1,917 16.6

228 99.1 16.7 24.0

3.6

14.1

2.3

GMDC (CMP: `93/ TP: Under Review/ Upside: -)
GMDC reported disappointing 1QFY2014 results. The company's net sales
declined by 25.4% yoy to `370cr due to poor performance from both mining and
power segments. The Company's EBITDA also declined by 36.0% yoy to `172cr
reflecting the fall in top-line. The other income grew by 90.0% yoy to `38cr and as
a result company’s net profit declined by a lower rate of 30.4% to `119cr. We
maintain our Buy view on the stock but keep our target price under review.
Y/E

Sales

OPM

March

(` cr)

(%)

FY2014E

1,776

FY2015E

2,124

PAT EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(`)

(%)

(x)

(x)

(x)

(x)

52.7

653 19.9

23.3

4.7

1.0

2.3

1.2

52.6

776 23.6

23.0

3.9

0.8

1.6

0.8

(` cr)

PVR (CMP: `341/TP: -/Upside: - %)
For 1QFY2014, PVR’s top-line came in at `335cr, beating our estimates as well as
street expectations due to good performance in movie exhibition business, with
many successful releases during the quarter. Cinemax’s financials have been
consolidated in the quarter and hence, the numbers are not comparable yoy. On
the operating front, PVR’s EBITDA margin was in-line with our expectations,
coming in at 17.7% Consequently, Net profit came in at `14cr. At the current
market price, PVR is trading at 15.9x FY2015E consolidated EPS of `21.5. We
believe the stock is fairly valued and hence, maintain our Neutral rating on the
stock.

www.angelbroking.com

Market Outlook
July 31, 2013

Y/E

Sales OPM

March

(` cr)

(%)

PAT

EPS

ROE

P/E

(` cr)

(`)

(%)

(x)

P/BV EV/EBITDA
(x)

(x)

EV/Sales
(x)

FY2014E

1,359 17.3

68

17.2

10.6

19.9

2.0

6.2

0.9

FY2015E

1,540 17.4

85

21.5

12.3

15.9

1.8

5.4

0.8

Indoco Remedies (CMP: `59/ TP: -78/ Upside: -32.2%)
Indoco Remedies announced numbers much below expectations. The topline came
in at `148cr, much below the expectations of `183cr, a yoy dip of 2.0%. The dip in
the topline was on account of exports which declined by 17.7% yoy , while
domestic sales grew by yoy 6.5%.
The OPM’s also came in at 12.5% lower than expectations of 13.8% and 13.7% in
1QFY2013, a yoy dip of 120bps. Inspite of a lower sale the dip in OPM was not
significant as Gross Profit Margins came in at 59.7% V/s expectations 56.3%
(same as in1QFY2013). As a result, net profit came in at `9.2cr V/s expectation of
`14.4cr, a yoy dip of 11.3%.We maintain our buy with a target price of `78.
Y/E

Sales OPM

March

(` cr)

PAT

EPS ROE
(`)

P/E P/BV

EV/EBITDA

EV/Sales

(%)

(` cr)

(%)

(x)

(x)

(x)

(x)

FY2014E

761 15.3

56

6.1 12.9

9.8

1.3

6.4

1.0

FY2015E

922 15.3

72

7.8 14.7

7.7

1.1

5.5

0.8

Result Preview
Bharti Airtel (CMP: `321/ TP: -/ Upside: -)
Bharti Airtel is slated to announce its 1QFY2014 results today. We expect the
company to record revenue of `20,859cr, up 1.9% qoq. In domestic mobile
services, MOU as well as ARPM is expected to go up by ~1.0% qoq each to
460min and `0.43/min, respectively. Africa business is expected to post ~3% qoq
growth in revenues. Consolidated EBITDA margin of the company is expected to
inch up by 49bp qoq to 32.2%. PAT is expected to be at `780cr. We maintain our
Neutral view on the stock.
Y/E
March

Sales OPM
(` cr)

PAT

EPS ROE
(%)

P/E P/BV

EV/EBITDA

EV/Sales

(%)

(` cr)

(`)

(x)

(x)

(x)

(x)

FY2014E

85,489 31.9

3,883

10.2

7.2 31.4

2.3

6.6

2.1

FY2015E

94,229 31.9

5,553

14.6

9.4 22.0

2.1

5.7

1.8

ICICI Bank – (CMP: `927 / TP: `1,131 / Upside: 22.0%)
ICICI Bank is scheduled to announce its 1QFY2014 results today. We expect the
bank to report a healthy NII growth of 23.9% yoy to `3,956cr. Non-interest
income is also expected to grow at a healthy pace of 19.6% yoy to `2,249cr, aided
by gains on treasury book. Operating expenses are expected to increase by 14.6%
yoy to `2,433cr. Provisioning expenses are expected to increase by 30.5% yoy to
`608cr. Overall, we expect the bank to report healthy PAT growth of 25.8% yoy at
`2,284Cr. At the CMP, post the recent correction, the stock trades at 1.3x
FY2015E ABV. We recommend a Buy rating on the stock, with a target price of
`1,131. 

www.angelbroking.com

Market Outlook
July 31, 2013

Y/E

Op. Inc

NIM

PAT

EPS

ABV

ROA

ROE

P/E

P/ABV

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2014E

26,119

3.1

9,943

86.2 634.0

1.6

15.6

10.8

1.5

FY2015E

30,474

3.1 11,481

99.5 698.0

1.6

16.2

9.3

1.3

March

HCL Technologies (CMP: `906/ TP: - Upside: -)
HCL Technologies is slated to announce its 4QFY2013 numbers today. We expect
the company to post revenue of US$1,232mn, up 3.5% qoq. In rupee terms, the
revenue is expected to grow by 9% qoq to `7,025cr. EBITDA margin is expected to
increase by 92bp qoq to 23.3%, aided by INR depreciation. PAT is expected to
come in at `1,071cr, up 3.0% qoq. Owing to recent run-up in the stock price, we
maintain our Neutral rating on the stock.
Y/E

Sales OPM

March

(` cr)

(%)

PAT

EPS ROE

(` cr)

(`)

P/E P/BV

(%)

(x)

(x)

EV/EBITDA

EV/Sales

(x)

(x)

FY2014E

29,424 22.6

4,187

59.5 24.6 15.2

3.7

8.7

2.0

FY2015E

32,837 22.0

4,459

63.3 21.7 14.3

3.1

7.6

1.7

United Spirits (CMP: `2,535/TP:-/Upside:-)
United Spirits is expected to declare its 1QFY2014 results today. We expect the
standalone top-line to grow by 12.5% yoy to `2,314cr. OPM is expected to decline
by 408bp yoy to 12.2%. Bottom-line is expected to decline by 29.9% yoy to
`102cr. We maintain our Neutral recommendation 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

12,294

12.0

612 42.1

9.1

60.2

4.2

27.9

3.4

FY2015E

14,162

12.0

983 67.7

10.7

37.5

3.8

24.0

2.9

Note: Consolidated financials are furnished in the table

JSW Steel (CPM: `534/ TP:-/ Upside :-)
JSW Steel is slated to announce its 1QFY2014 results today. The results are not
comparable with 1QFY2013 as JSW Steel has merged with JSW Ispat during
4QFY2013. We expect its standalone net sales to be `11,147cr. The operating
margin is expected to be 17.4% and the net profit is also expected to be `585cr.
We maintain our Neutral view 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

47,631

16.1

1,173 47.9

6.6

11.1

0.7

4.1

0.7

FY2015E

49,721

16.6

1,652 67.5

8.8

7.9

0.7

3.8

0.6

Motherson Sumi Systems (CMP: `199/ TP: `222/ Upside: 11%)
Motherson Sumi Systems (MSS) is scheduled to announce its 1QFY2014 results
today. We expect MSS to register a ~6% yoy growth in its consolidated revenues to
`6,665cr. The top-line is expected to be driven by a strong growth of ~24% yoy
(~4% qoq) in Samvardhana Motherson Reflectec (SMR) revenues, which is likely to
be aided by improving utilization levels. However revenues at Peguform
(accounting for ~50% of total revenue) are expected to remain flat yoy as well as
qoq. We expect EBITDA margins to improve by ~165bp yoy to 8.8% led by

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Market Outlook
July 31, 2013

improvement in operating performance at SMR. This is expected to result in a ~6%
yoy growth in the adjusted net profit to `221cr. At the CMP of `199, the stock is
trading at 13.5x FY2015E earnings. Currently we have an Accumulate rating on
the stock with a target price of `222.
Y/E
March

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

FY2014E

28,442

7.5

736

12.5

27.5

15.9

3.9

7.3

0.5

FY2015E

31,493

7.8

869

14.8

25.8

13.5

3.1

6.3

0.5

Dishman Pharma (CMP: `45/ TP: -168/ Upside: -270.5%)
We estimate Dishman Pharma’s top-line to grow by 10.5% to `349cr for
1QFY2014. The OPM is expected to dip by 190bp yoy to end at 24.6%. The net
profit is expected to degrow by 13.4% yoy, on back of dip in OPM. We maintain
buy on the stock.
Y/E

Sales OPM

March

(` cr)

(%)

PAT

EPS ROE

(` cr)

(`)

(%)

P/E P/BV
(x)

EV/EBITDA

EV/Sales

(x)

(x)

(x)

FY2014E

1,394 22.5

121 15.0 11.0

3.0

0.3

3.9

0.9

FY2015E

1,534 22.4

136 16.8 11.2

2.7

0.3

3.2

0.7

Andhra Bank- (CMP: `69 / TP: - / Upside: -)
Andhra Bank is slated to announce its 1QFY2014 results today. We expect the
bank to report Net Interest Income (NII) growth of 4.0% yoy to `976cr. Noninterest income is expected to remain flat yoy at `235cr. Operating expenses of the
bank are expected to be higher by 11.1% yoy to `522cr, while provisioning
expenses are expected to increase by 7.4% yoy to `222cr. Overall, Net Profit is
expected to decline by 3.4% yoy to `350cr. At the CMP, the stock trades at a
valuation of 0.4x FY2015E ABV. Given the weak economic environment, we
believe that the asset quality pressures are unlikely to abate as quickly as was
anticipated earlier. Hence, we maintain our Neutral recommendation on the stock.
Y/E
March

Op. Inc

NIM

PAT

EPS

ABV

(`)

ROA

ROE

P/E

P/ABV

(` cr)

(%)

(` cr)

(%)

(x)

(x)

(x)

(x)

FY2014E

5,180

2.7

1,064

19.0 143.8

0.7

12.0

3.7

0.5

FY2015E

5,815

2.7

1,281

22.9 160.8

0.7

13.2

3.1

0.4

Jagran (CMP: `90/TP: `119/Upside: 32%)
Jagran is slated to announce its 1QFY2014 results. The company’s top-line is
expected to grow by 8.1% yoy to `343cr. However, OPM is expected to contract by
232bp yoy to 22.5%. Consequently, Net profit is expected to decline by 6.7% yoy
to `52cr. At the current market price, Jagran is trading at 11x FY2015E
consolidated EPS of `7.8. We maintain Buy on the stock with the target price of
`119.

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Y/E

Sales

OPM

March

(` cr)

(%)

PAT EPS
(` cr)

(`)

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(%)

(x)

(x)

(x)

(x)

FY2014E

1,664

20.9

203 6.4

26.7

14.0

2.8

8.9

1.8

FY2015E

1,825

23.0

246 7.8

26.8

11.6

2.5

7.2

1.7

Market Outlook
July 31, 2013

Quarterly Bloomberg Consensus Estimate
Bharti Airtel Consolidated (31/07/2013)
Particulars (` cr)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

21,264

19,350

9.9

20,460

3.9

6,700

6,009

11.5

6,501

3.1

EBITDA margin (%)

31.5

31.1

Net profit

720

762

Net sales
EBITDA

31.8
(5.5)

509

41.5

HCL Tech Consolidated (31/07/2013)
Particulars (` cr)

4QFY13E

4QFY12

y-o-y (%)

3QFY13

q-o-q (%)

Net sales

6,772

5,919

14.4

6,451

5.0

EBITDA

1,560

1,301

19.9

1,439

8.4

23.0

22.0

1,061

854

24.2

1,044

1.6

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

2,233

1,815

23.0

2,304

(3.1)

EBITDA margin (%)
Net profit

22.3

ICICI Bank (31/07/2013)
Particulars (` cr)
Net profit

JSW Steel Consolidated (31/07/2013)
Particulars (` cr)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

10,525

9,902

6.3

9,898

6.3

1,654

1,909

(13.3)

1,733

(4.6)

EBITDA margin (%)

15.7

19.3

Net profit

311

50

522.4

296

5.2

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

Net sales

1,565

1,399

11.9

1,038

50.8

EBITDA

1,038

904

14.8

602

72.3

EBITDA margin (%)

66.3

3.0

Net profit

649

670

(3.1)

583

11.2

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

Net sales
EBITDA

17.5

NHPC (31/07/2013)
Particulars (` cr)

58.0

United Spirits (31/07/2013)
Particulars (` cr)
Net sales

2,333

2,057

13.4

2,058

13.4

EBITDA

365

351

4.1

236

54.6

EBITDA margin (%)

15.6

17.0

Net profit

140

145

(3.2)

56

150.7

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

Net sales

863

774

11.5

772

11.8

EBITDA

608

632

(3.8)

640

(5.0)

EBITDA margin (%)

70.5

81.7

Net profit

428

418

11.5

Adani Ports & SEZ (01/08/2013)
Particulars (` cr)

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83.0
2.3

491

(12.8)

Market Outlook
July 31, 2013

Bank of Baroda (01/08/2013)
Particulars (` cr)
Net profit

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

1,082

1,139

(5.0)

1,029

5.1

Glenmark Pharma Consolidated (01/08/2013)
Particulars (` cr)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

1,270

1,040

22.0

1,336

(4.9)

EBITDA

252

165

52.8

255

(1.0)

EBITDA margin (%)

19.9

15.9

Net profit

151

78

92.9

167

(9.5)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

Net sales

6,347

5,502

15.4

6,027

5.3

EBITDA

1,786

1,436

24.4

1,673

6.7

EBITDA margin (%)

28.1

26.1

Net profit

395

234

68.6

308

28.0

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

1,264

1,241

1.8

1,128

12.0

EBITDA

213

232

(8.6)

194

9.6

EBITDA margin (%)

16.8

18.7

Net profit

173

181

Net sales

19.1

Idea Consolidated (01/08/2013)
Particulars (` cr)

27.8

Cummins India (01/08/2013)
Particulars (` cr)
Net sales

17.2
(4.2)

189

(8.2)

Power Grid Corporation (01/08/2013)
Particulars (` cr)
Net profit

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

1,077

870

23.8

1,109

(2.9)

Reliance Communication Consolidated (01/08/2013)
Particulars (` cr)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

Net sales

5,776

4,878

18.4

4,985

15.9

EBITDA

1,884

1,595

18.1

1,392

35.3

EBITDA margin (%)

32.6

32.7

Net profit

230

162

27.9
42.0

303

(24.1)

y-o-y (%)

4QFY13

q-o-q (%)

Tata Global Beverage Consolidated (01/08/2013)
Particulars (` cr)
Net sales

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1QFY14E

1QFY13

1,866

1,715

8.8

1,811

3.1

EBITDA

219

181

21.0

223

(2.1)

EBITDA margin (%)

11.7

10.5

Net profit

105

78

12.3
34.9

96

9.4

Market Outlook
July 31, 2013

Titan Industries (01/08/2013)
Particulars (` cr)

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

2,727

2,206

23.6

2,593

5.1

EBITDA

271

212

27.8

267

1.8

EBITDA margin (%)

9.9

9.6

Net profit

188

156

20.6

185

1.7

1QFY14E

1QFY13

y-o-y (%)

4QFY13

q-o-q (%)

636

512

24.4

789

(19.4)

Net sales

10.3

Union Bank of India (01/08/2013)
Particulars (` cr)
Net profit

Economic and Political News
„
„
„
„

Weak rupee to adversely hit fuel prices in coming months: RBI
RBI promises to roll back tough liquidity tightening steps
Fin Min may cut expenditure again to control fiscal deficit
Coal bed methane policy to be placed before cabinet

Corporate News
„
„
„

Cabinet may take up 10% IOC disinvestment proposal tomorrow
Maruti earmarks capital investment of `3,500cr for FY2014
SIDBI targets 10% loan disbursement growth in FY2014

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

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Market Outlook
July 31, 2013
Result Calendar
Date
July 31, 2013
August 01, 2013
August 02, 2013
August 03, 2013

Company
Bharti Airtel, ICICI Bank, NHPC, HCL Tech, JSW Steel , United Spirits, Motherson Sumi, Andhra Bank, Jagran
Prakashan, Dishman Pharma, HSIL
J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Titan Inds., Adani Power, Rcom, Union
Bank, Cummins India, GlaxoSmith Con, Glenmark Pharma., Tata Global, Tree House
Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra
Coal India, BHEL, Grasim Inds, Canara Bank, Godrej Consumer, Divi's Lab., Oriental Bank, PTC India, Godawari
Ispat

August 04, 2013
August 05, 2013

Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet

August 06, 2013

August 09, 2013

Tata Power Co., Bosch India, Crompton Greaves, Unitech
Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const., Alembic
Pharma
NMDC, Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, Prakash Industries, ITD
Cementation
Sun Pharma, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear

August 10, 2013

Sarda Energy

August 07, 2013
August 08, 2013

August 11, 2013
August 12, 2013

ONGC, HPCL, Marico, Indraprasth Gas, Britannia, India Cements, Jyothy Laboratories

August 13, 2013

IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL

August 14, 2013

Amara Raja Batteries, Simplex Infra

Source: Bloomberg, Angel Research

Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

July 31, 2013

1:25PM

Germany Unemployment change (000's)

Thousands

Jul

(12.00)

--

6:00PM

US

GDP Qoq (Annualised)

% Change

2Q A

1.80

1.00

11:30PM

US

FOMC rate decision

%

Jul 31

0.25

0.25

6:00PM

US

Initial Jobless claims

Thousands

Jul 27

343.00

345.00

1:25PM

Germany PMI Manufacturing

Value

Jul F

50.30

50.30

6:30AM

China

PMI Manufacturing

Value

Jul

50.10

49.80

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

August 5, 2013

1:25PM

Germany PMI Services

August 6, 2013

2:00PM

UK

Industrial Production (YoY)

August 8, 2013

4:29PM

China

Exports YoY%

August 1, 2013

August 2, 2013

August 9, 2013
August 12, 2013

August 13, 2013
August 14, 2013

Value

Jul

52.50

52.80

% Ratio

Aug 1

0.50

0.50

%

Aug 1

0.50

0.50

Thousands

Jul

195.00

185.00

%

Jul

7.60

7.50

Value

Jul F

52.50

--

% Change

Jun

(2.30)

--

% Change

Jul

(3.10)

--

7:00AM

China

Consumer Price Index (YoY)

% Change

Jul

2.70

--

11:00AM

China

Industrial Production (YoY)

% Change

Jul

8.90

--

4:29PM

India

Imports YoY%

% Change

Jul

(0.37)

--

4:29PM

India

Exports YoY%

% Change

Jul

(4.60)

--

5:30PM

India

Industrial Production YoY

% Change

Jun

(1.60)

--

2:00PM

UK

CPI (YoY)

% Change

Jul

2.90

--

Jobless claims change

2:00PM

UK

% Change

Jul

(21.20)

--

11:30AM

Germany GDP nsa (YoY)

% Change

2Q P

(1.40)

--

12:00PM

India

% Change

Jul

4.86

--

2:30PM

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

% Change

2Q A

(0.30)

--

6:00PM

US

% Change

Jul

0.80

--

Source: Bloomberg, Angel Research

Monthly Wholesale Prices YoY%
Producer Price Index (mom)

Market Outlook
July 31, 2013

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
10.0

11.4

6.0
4.0

0.6

-

Exhibit 4: Manufacturing and services PMI

(%)

Mfg. PMI

58.0
8.0

8.1

7.3

7.2

May-13

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

8.0

(1.6)

Apr-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)

Feb-13

(0.1)

(2.0)

Jan-13

4.7 4.8

Source: CSO, Angel Research

9.0

1.9

2.0

5.1 5.4 5.2

Dec-12

6.0

3.4

2.5

2.0

Nov-12

6.5

Mar-13

7.5

Oct-12

9.2

7.7

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

7.3

7.3

7.3

Services PMI

56.0

7.0
6.0

5.7
4.8

5.0

4.7

4.9

4.0

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

Mar-12

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Oct-12

Nov-12

48.0

Sep-12

50.0

1.0
0.0

Aug-12

2.0

Apr-12

3.0

Exhibit 6: Key policy rates
Repo rate

(%)
9.00

Imports yoy growth

Reverse Repo rate

CRR

8.00
7.00
6.00

Source: Bloomberg, Angel Research

www.angelbroking.com 

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 31, 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

142

-

2,763

1,674

1,923

13.7

13.7

6.8

7.6

20.9

18.7

3.9

3.5

20.0

19.6

1.8

1.6

United Phosphorus

Buy

137

225

6,084

10,091

11,302

16.5

16.5

19.2

22.5

7.2

6.1

1.1

1.0

17.0

17.2

0.7

0.6

Amara Raja Batteries

Buy

243

285

4,148

3,418

3,892

14.5

14.5

18.5

20.4

13.1

11.9

3.2

2.6

26.6

23.8

1.2

1.0

Apollo Tyres

Neutral

68

-

3,427

13,852

15,487

11.4

11.5

12.8

14.9

5.3

4.6

0.9

0.7

17.5

17.3

0.4

0.4

Ashok Leyland

Buy

14

22

3,619

13,450

15,853

6.5

8.5

0.4

1.9

35.6

7.3

1.2

1.1

2.3

11.0

0.4

0.3

Automotive Axle#

Neutral

219

-

331

834

965

9.3

10.6

17.3

27.1

12.7

8.1

1.2

1.1

9.5

14.0

0.5

0.4

Bajaj Auto

Accumulate

1,928

2,102

55,787

21,696

25,239

19.2

19.3

119.3

140.2

16.2

13.8

5.7

4.5

38.9

36.6

2.2

1.8

Bharat Forge

Neutral

200

-

4,648

6,198

6,793

14.6

14.9

14.5

17.3

13.7

11.5

1.8

1.6

13.6

14.7

0.9

0.8

Bosch India*

Neutral

8,902

-

27,953

9,821

11,394

17.0

17.3

373.5

438.7

23.8

20.3

4.3

3.6

18.0

17.9

2.5

2.1

CEAT

Buy

120

170

412

5,325

5,974

8.4

8.3

40.8

48.5

3.0

2.5

0.5

0.4

17.3

17.6

0.2

0.2

Exide Industries

Buy

126

148

10,702

6,899

7,873

14.7

14.7

7.9

9.0

15.9

13.9

2.7

2.4

18.3

18.0

1.2

1.0

FAG Bearings*

Neutral

1,365

-

2,269

1,336

1,572

13.8

16.0

75.6

102.4

18.1

13.3

2.3

2.0

13.4

15.8

1.5

1.2

Hero Motocorp

Accumulate

1,848

2,048

36,894

25,562

28,297

14.5

14.4

111.2

146.3

16.6

12.6

6.1

4.7

40.1

42.1

1.2

1.1

JK Tyre

Buy

98

154

403

7,972

8,754

7.1

7.1

37.5

44.0

2.6

2.2

0.4

0.3

16.4

16.6

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Buy

897

1,103

55,242

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

1,342

1,648

40,553

45,862

52,647

11.2

11.1

94.6

109.9

14.2

12.2

1.9

1.7

14.4

14.6

0.7

0.6

199

222

11,719

28,442

31,493

7.5

7.8

12.5

14.8

15.9

13.5

3.9

3.1

27.5

25.8

0.6

0.5

Buy

20

23

117

1,230

1,398

10.5

10.5

2.3

3.8

8.4

5.1

0.4

0.4

4.8

7.6

0.3

0.3

Tata Motors

Buy

284

347

76,620 215,016 237,404

13.3

13.6

36.2

41.5

7.9

6.9

1.8

1.4

24.6

23.2

0.4

0.4

TVS Motor

Buy

29

35

1,397

7,715

8,584

6.0

6.1

5.0

5.8

5.9

5.1

1.0

0.9

18.1

18.5

0.1

0.1

502

461

10,646

8,073

9,052

5.5

6.9

11.5

16.9

43.6

29.7

4.0

3.8

9.3

13.1

1.3

1.1

77

140

557

3,756

4,569

11.4

9.7

21.7

24.1

3.6

3.2

0.4

0.4

22.3

20.3

0.5

0.4

Maruti

Buy

Motherson Sumi

Accumulate

Subros

Capital Goods
ABB*

Reduce

BGR Energy

Buy

BHEL

Neutral

153

-

37,363

44,054

39,326

16.8

15.1

20.6

16.1

7.4

9.5

1.6

1.5

23.5

16.1

0.7

0.8

Blue Star

Buy

154

208

1,387

2,941

3,099

3.4

4.2

6.0

9.3

25.8

16.6

3.2

2.8

12.9

18.0

0.6

0.5

Crompton Greaves

Buy

85

117

5,462

13,446

15,272

6.7

7.6

6.6

8.9

12.9

9.6

1.4

1.3

11.4

14.0

0.5

0.5

Jyoti Structures

Neutral

17

-

138

3,360

3,597

9.7

9.8

7.3

10.2

2.3

1.7

0.5

0.4

8.8

11.4

0.3

0.3

KEC International

Buy

29

49

738

7,709

8,399

6.7

7.2

6.1

8.5

4.7

3.4

0.6

0.5

20.2

23.0

0.3

0.3

Thermax

Neutral

588

-

7,011

5,832

6,397

9.1

9.6

28.8

32.9

20.4

17.9

3.3

2.9

17.2

17.3

1.2

1.0

1,177

1,361

22,102

11,820

13,254

19.3

20.9

74.9

93.1

15.7

12.7

2.7

2.4

18.1

20.3

1.6

1.3

Cement
ACC

Buy

www.angelbroking.com

Market Outlook
July 31, 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

168

-

25,904

10,171

11,762

23.5

24.6

10.2

12.2

16.4

13.8

2.7

2.5

17.1

18.7

2.0

1.6

India Cements

Neutral

50

-

1,531

4,929

5,434

17.4

17.1

8.9

10.9

5.6

4.6

0.4

0.4

7.7

9.1

0.7

0.6

J K Lakshmi Cement

Buy

66

100

774

2,256

2,709

20.2

22.2

17.0

20.4

3.9

3.2

0.5

0.5

14.8

15.4

0.4

0.9

Madras Cements

Neutral

169

-

4,017

4,234

4,788

23.9

24.0

18.5

22.8

9.1

7.4

1.5

1.3

17.2

18.2

1.3

1.0

Shree Cement^

Neutral

4,313

-

15,027

6,607

7,520

27.5

26.7

322.8

374.3

13.4

11.5

3.3

2.7

27.8

25.6

1.6

1.2

UltraTech Cement

Neutral

1,866

-

51,175

21,947

25,049

23.8

23.8

106.1

119.8

17.6

15.6

2.9

2.5

17.7

17.3

2.4

2.1

53

84

837

1,928

2,234

21.0

21.5

6.0

7.4

8.9

7.2

0.8

0.8

10.5

10.8

1.8

1.8

8

-

148

1,715

1,824

2.4

6.2

(2.9)

(0.4)

(2.7)

(22.2)

0.3

0.3

0.5

0.5

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

74

157

2,469

3,997

4,312

45.5

46.4

15.7

16.6

4.7

4.5

0.7

0.6

15.2

14.5

3.1

3.3

ITNL

Buy

125

230

2,428

7,444

8,041

27.4

28.9

29.8

32.1

4.2

3.9

0.6

0.5

14.9

14.2

2.4

2.5

IVRCL Infra

Buy

12

29

370

5,673

5,892

8.1

8.4

1.4

1.8

8.4

6.6

0.2

0.2

2.0

2.6

0.5

0.5

Jaiprakash Asso.

Buy

38

53

8,377

12,946

14,897

24.7

25.6

1.2

2.7

30.8

14.1

0.6

0.6

2.0

4.3

2.5

2.3

Larsen & Toubro

Buy

850

1,128

78,573

68,946

78,040

10.0

10.0

49.0

55.2

17.4

15.4

2.5

2.2

14.9

15.3

1.3

1.1

Nagarjuna Const.

Buy

23

42

588

6,167

6,945

8.0

8.2

2.7

3.6

8.6

6.3

0.2

0.2

2.7

3.6

0.5

0.4

Punj Lloyd

Neutral

25

-

825

12,954

14,740

9.9

9.9

0.5

0.9

49.0

26.7

0.3

0.3

0.6

1.1

0.5

0.5

Sadbhav Engg.

Buy

77

139

1,169

2,462

2,731

10.6

10.6

5.9

6.7

13.2

11.6

1.3

1.2

10.2

10.5

0.8

0.7

Simplex Infra

Buy

64

131

317

6,308

7,033

9.5

9.6

11.9

18.7

5.4

3.4

0.2

0.2

4.5

6.7

0.5

0.5

Unity Infra

Buy

19

41

143

2,146

2,339

13.7

13.8

11.0

11.5

1.8

1.7

0.2

0.2

9.3

9.0

0.6

0.6

Allahabad Bank

Neutral

70

-

3,505

6,705

7,535

2.5

2.5

27.6

33.2

2.5

2.1

0.4

0.3

12.5

13.6

-

-

Andhra Bank

Neutral

69

-

3,858

5,180

5,815

2.7

2.7

19.0

22.9

3.6

3.0

0.5

0.4

12.0

13.2

-

-

Axis Bank

Buy

1,093

1,348

51,257

19,280

22,886

3.3

3.3

130.7

157.1

8.4

7.0

1.4

1.2

17.3

18.1

-

-

Bank of Baroda

Neutral

554

-

23,327

16,287

18,707

2.2

2.3

120.6

144.6

4.6

3.8

0.7

0.6

15.0

16.0

-

-

Bank of India

Neutral

174

-

10,378

14,482

16,069

2.3

2.2

55.0

62.2

3.2

2.8

0.5

0.4

13.7

13.9

-

-

Bank of Maharashtra

Neutral

45

-

2,957

4,291

4,724

3.0

3.0

12.1

12.9

3.7

3.5

0.6

0.5

16.2

15.3

-

-

Canara Bank

Neutral

261

-

11,560

12,045

13,495

2.1

2.2

76.7

86.4

3.4

3.0

0.5

0.4

14.1

14.2

-

-

Central Bank

Neutral

55

-

5,787

8,196

9,202

2.4

2.4

6.1

15.9

9.1

3.5

0.7

0.6

5.2

12.8

-

-

Corporation Bank

Neutral

296

-

4,522

5,554

6,156

2.0

2.0

94.9

104.9

3.1

2.8

0.4

0.4

14.3

14.2

-

-

Dena Bank

Neutral

56

-

1,945

3,255

3,623

2.3

2.4

22.0

24.9

2.5

2.2

0.4

0.3

14.7

14.7

-

-

Federal Bank

Neutral

336

-

5,753

2,798

3,250

3.0

3.0

38.1

51.9

8.8

6.5

0.8

0.8

9.8

12.3

-

-

Financials

www.angelbroking.com

Market Outlook
July 31, 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

808

867

125,495

8,679

10,350

3.6

3.6

37.5

44.7

21.5

18.1

4.5

4.0

30.1

30.7

-

-

HDFC Bank

Buy

626

745

149,439

27,392

33,264

4.6

4.6

36.3

45.1

17.2

13.9

3.5

2.9

21.9

22.8

-

-

ICICI Bank

Buy

927

1,131

106,941

26,119

30,474

3.1

3.2

86.2

99.5

10.8

9.3

1.5

1.3

15.7

16.2

-

-

IDBI Bank

Neutral

65

-

8,630

9,518

10,468

2.0

2.0

15.5

22.1

4.2

2.9

0.4

0.4

10.2

13.3

-

-

Indian Bank

Neutral

86

-

3,715

6,077

6,845

2.9

3.0

35.2

41.0

2.5

2.1

0.4

0.3

14.1

14.8

-

-

IOB

Neutral

43

-

3,969

7,709

8,645

2.2

2.3

8.2

17.1

5.2

2.5

0.4

0.3

6.0

11.7

-

-

J & K Bank

Neutral

1,101

-

5,338

3,101

3,427

3.6

3.6

215.5

210.3

5.1

5.2

0.9

0.8

19.9

16.9

-

-

LIC Housing Finance

Neutral

173

-

8,705

2,180

2,732

2.4

2.5

26.3

32.1

6.6

5.4

1.2

1.0

19.0

19.9

-

-

Oriental Bank

Neutral

145

-

4,229

6,790

7,676

2.6

2.7

55.7

62.3

2.6

2.3

0.3

0.3

12.8

12.9

-

-

Punjab Natl.Bank

Neutral

566

-

20,000

20,766

23,515

3.4

3.4

135.0

164.8

4.2

3.4

0.7

0.5

14.4

15.7

-

-

South Ind.Bank

Neutral

St Bk of India

Accumulate

Syndicate Bank

22

-

2,888

1,800

2,023

2.7

2.7

3.7

4.2

5.8

5.1

0.9

0.8

16.2

16.2

-

-

1,724

1,979

117,904

66,417

76,734

3.0

3.0

227.4

284.8

7.6

6.1

1.1

1.0

15.4

17.1

-

-

Neutral

87

-

5,207

7,125

8,188

2.6

2.6

27.4

27.9

3.2

3.1

0.5

0.4

16.2

14.6

-

-

UCO Bank

Neutral

58

-

4,395

6,736

6,979

2.7

2.6

15.3

15.7

3.8

3.7

0.7

0.6

14.8

13.6

-

-

Union Bank

Neutral

124

-

7,409

11,101

12,543

2.6

2.6

39.3

47.4

3.2

2.6

0.4

0.4

14.1

15.2

-

-

United Bank

Neutral

39

-

1,445

3,386

3,884

2.3

2.5

12.4

20.0

3.1

1.9

0.3

0.3

10.0

14.7

-

-

Vijaya Bank

Neutral

40

-

1,975

2,714

3,046

1.9

2.0

9.2

10.8

4.3

3.7

0.5

0.4

10.7

11.5

-

-

Yes Bank

Neutral

349

-

12,551

4,417

5,486

2.7

2.8

42.9

49.5

8.1

7.0

1.8

1.5

23.9

22.8

-

-

Asian Paints

Neutral

510

-

48,943

12,332

14,524

16.3

16.1

138.9

160.4

3.7

3.2

1.2

0.9

35.2

32.5

3.9

3.2

Britannia

Neutral

697

-

8,349

6,417

7,502

6.1

6.3

21.3

25.5

32.8

27.4

10.6

8.5

35.7

34.6

1.3

1.1

Colgate

Neutral

1,349

-

18,349

3,588

4,130

20.5

20.9

44.2

51.8

30.5

26.1

29.8

21.7

108.6

96.2

5.0

4.2

Dabur India

Neutral

165

-

28,779

7,183

8,340

16.8

16.8

5.4

6.3

30.7

26.2

12.0

9.3

41.5

40.1

4.0

3.4

GlaxoSmith Con*

Neutral

4,727

-

19,881

3,617

4,259

16.1

16.4

122.2

148.7

38.7

31.8

12.0

9.7

34.1

33.7

5.0

4.2

Godrej Consumer

Neutral

823

-

27,994

7,801

9,017

16.2

15.9

25.1

29.7

32.7

27.7

7.1

5.9

24.9

24.2

3.7

3.2

HUL

Neutral

626

-

135,317

29,167

33,164

13.6

13.7

17.1

18.4

36.6

34.0

35.2

25.5

113.4

87.0

4.5

3.9

ITC

Neutral

351

-

277,173

34,294

39,991

36.8

37.0

11.3

13.3

31.1

26.3

10.2

8.3

36.1

34.9

7.8

6.6

Marico

Neutral

215

-

13,841

5,273

6,044

14.8

14.9

7.3

8.7

29.6

24.8

5.8

4.8

21.4

21.0

2.7

2.3

Nestle*

Neutral

5,328

-

51,373

9,447

10,968

22.1

22.3

127.5

154.1

41.8

34.6

20.9

15.1

57.7

50.7

5.5

4.6

Tata Global

Neutral

159

-

9,823

8,069

8,957

9.8

9.7

7.8

8.6

20.3

18.5

2.4

2.3

9.5

9.7

1.2

1.1

FMCG

www.angelbroking.com

Market Outlook
July 31, 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

IT
HCL Tech^

Neutral

906

-

63,126

29,424

32,837

22.6

22.0

59.5

63.3

15.2

14.3

3.7

3.1

24.6

21.7

2.0

1.7

Hexaware*

Accumulate

113

123

3,375

2,213

2,479

21.5

20.5

12.1

12.9

9.3

8.8

2.3

2.0

25.4

23.5

1.4

1.2

Infosys

Neutral

2,956

-

169,727

47,001

51,196

26.2

26.4

171.3

189.4

17.3

15.6

3.5

3.0

20.4

19.3

3.0

2.6

Infotech Enterprises

Accumulate

180

190

2,011

2,052

2,263

17.2

17.6

20.7

22.5

8.7

8.0

1.3

1.1

14.9

14.0

0.6

0.5

KPIT Cummins

Accumulate

131

144

2,533

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

Accumulate

961

1,050

3,992

2,768

3,006

19.7

19.9

103.1

105.3

9.3

9.1

2.3

1.8

24.8

20.3

1.1

0.9

Mphasis&

Neutral

400

-

8,398

6,372

6,852

18.0

18.2

38.0

43.5

10.5

9.2

1.5

1.3

14.3

14.2

0.8

0.7

NIIT

Neutral

16

-

258

1,144

1,267

9.0

9.1

4.3

5.4

3.6

2.9

0.4

0.4

10.3

12.0

-

-

Persistent

Accumulate

523

595

2,091

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

Buy

1,791

2,060

350,509

79,005

91,576

29.7

30.0

88.6

103.1

20.2

17.4

6.4

5.1

31.5

29.2

4.2

3.6

Tech Mahindra

Accumulate

1,231

1,390

28,581

8,102

8,709

19.7

19.2

107.5

117.0

11.5

10.5

2.4

2.0

21.2

18.9

3.5

3.2

Wipro

Neutral

420

-

103,446

41,659

45,137

21.2

21.4

27.7

29.9

15.2

14.0

3.1

2.7

20.5

19.0

2.0

1.7

D B Corp

Buy

260

302

4,760

1,783

1,968

25.2

26.8

14.6

17.2

17.8

15.1

4.6

4.0

23.9

24.2

2.6

2.3

HT Media

Buy

98

117

2,291

2,205

2,380

15.1

15.6

8.3

9.3

11.7

10.5

1.4

1.3

11.6

11.6

0.7

0.5

Jagran Prakashan

Buy

90

107

2,997

1,664

1,825

20.9

23.0

6.4

7.8

14.1

11.6

2.8

2.6

21.0

23.1

1.9

1.7

PVR

Neutral

341

-

1,352

1,359

1,540

17.3

17.4

17.2

21.6

19.8

15.8

2.0

1.8

10.3

12.0

1.4

1.3

Sun TV Network

Neutral

373

-

14,688

2,287

2,551

69.7

70.5

20.0

23.3

18.6

16.0

4.6

4.0

26.4

27.3

6.1

5.3

Bhushan Steel

Neutral

460

-

10,425

13,794

17,088

30.9

33.5

49.3

66.6

9.3

6.9

1.0

0.9

11.3

13.5

2.4

1.9

Coal India

Buy

275

345

173,732

72,174

76,311

33.3

28.4

28.4

30.9

9.7

8.9

2.7

2.3

37.6

36.2

1.6

1.4

Electrosteel Castings

Buy

10

18

338

1,976

2,017

11.8

12.7

1.3

2.6

8.2

4.0

0.1

-

2.6

5.2

0.5

0.1

GMDC

Buy

92

155

2,929

1,920

2,239

53.2

52.9

21.6

25.0

4.3

3.7

1.0

0.8

25.1

23.8

1.0

0.7

Hind. Zinc

Buy

99

140

41,936

12,389

13,093

48.5

51.7

15.2

17.0

6.5

5.8

1.1

1.0

18.5

18.0

1.2

0.8

Hindalco

Neutral

86

-

16,542

89,352

93,672

8.8

9.2

13.4

15.0

6.5

5.8

0.5

0.4

7.3

7.6

0.5

0.5

JSW Steel

Neutral

534

-

12,899

47,613

48,385

17.4

18.8

81.8

109.6

6.5

4.9

0.7

0.6

11.1

13.4

0.6

0.5

MOIL

Buy

191

248

3,211

1,010

1,046

46.5

47.6

26.8

28.8

7.1

6.6

1.0

0.9

15.4

14.7

0.8

0.5

Monnet Ispat

Buy

111

193

708

2,326

2,709

21.4

23.1

33.3

43.1

3.3

2.6

0.3

0.2

8.3

9.9

1.3

1.0

Nalco

Neutral

28

-

7,255

7,656

7,988

13.1

13.5

2.6

2.6

11.0

10.7

0.6

0.6

5.5

5.5

0.4

0.4

NMDC

Buy

99

140

39,132

10,610

11,400

66.3

64.2

15.6

16.1

6.4

6.2

1.3

1.2

21.3

19.9

1.6

1.4

SAIL

Neutral

42

-

17,243

44,060

54,786

9.4

11.5

5.2

7.2

8.0

5.8

0.4

0.4

5.2

6.8

0.6

0.6

Media

Metals & Mining

www.angelbroking.com

Market Outlook
July 31, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY14E

OPM(%)

EPS ( Č)

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

Buy

124

166

10,773

3,742

4,426

32.9

32.8

30.0

29.8

4.1

4.2

0.6

0.5

14.3

12.5

3.7

3.0

Sterlite Inds

Buy

73

97

24,566

44,493

45,599

22.4

23.9

16.8

19.2

4.3

3.8

0.4

0.4

10.5

10.9

0.5

0.4

Tata Steel

Buy

210

378

9.7

10.8

30.9

47.6

6.8

4.4

0.6

0.6

9.6

13.4

0.5

0.5

Sarda

Buy

83

153

299

1,494

1,568

19.1

20.3

31.3

36.5

2.7

2.3

0.3

0.3

11.8

12.4

0.5

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

66

102

217

2,344

2,509

14.9

15.4

38.7

47.0

1.7

1.4

0.2

0.2

12.3

12.9

0.5

0.4

Cairn India

Buy

292

364

55,781

18,403

17,925

71.9

62.1

62.1

57.4

4.7

5.1

1.0

0.8

22.6

17.8

1.8

1.6

GAIL

Neutral

307

-

38,917

49,700

48,822

16.0

16.6

32.9

33.4

9.3

9.2

1.4

1.3

15.9

14.4

0.3

0.2

ONGC

Buy

281

387

240,281 170,063 198,461

36.3

38.3

34.7

41.9

8.1

6.7

1.4

1.2

18.3

19.5

1.1

0.8

Reliance Industries

Neutral

859

-

277,370 397,546 421,695

8.9

8.7

72.3

76.8

11.9

11.2

1.2

1.1

12.3

11.8

0.7

0.6

Gujarat Gas*

Neutral

184

-

2,360

3,707

3,850

11.7

12.4

23.7

25.7

7.8

7.2

2.2

1.9

29.6

28.2

0.5

0.5

Indraprastha Gas

Neutral

265

-

3,714

3,700

4,218

23.4

22.8

26.7

30.4

10.0

8.7

2.1

1.7

22.7

21.8

1.1

0.9

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

115

167

8,618

40,356

40,872

5.8

6.4

15.0

16.7

7.7

6.9

1.6

1.4

23.0

21.5

0.3

0.3

Neutral

49

-

2,766

1,171

1,287

91.9

91.9

10.1

11.3

4.9

4.3

0.8

0.7

17.3

16.8

-

-

Alembic Pharma

Neutral

158

-

2,982

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

165

271

4,809

6,641

7,637

15.9

15.9

17.3

20.6

9.6

8.0

1.5

1.3

19.5

18.9

1.2

1.0

Aventis*

Neutral

2,375

-

5,470

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

732

929

14,995

7,280

8,640

15.5

15.7

38.3

46.5

19.1

15.8

4.1

3.4

23.5

23.5

2.4

2.0

Cipla

Buy

408

477

32,763

9,274

10,796

23.1

23.1

21.0

23.8

19.4

17.1

3.1

2.7

17.2

16.8

3.3

2.7

Dr Reddy's

Buy

2,179

2,535

37,049

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

45

168

366

1,394

1,534

22.5

22.4

15.0

16.8

3.0

2.7

0.3

0.3

11.0

11.2

0.9

0.7

GSK Pharma*

Neutral

2,384

-

20,194

2,854

3,145

28.6

28.6

76.6

83.3

31.1

28.6

9.3

8.5

31.1

31.0

6.2

5.6

Indoco Remedies

Buy

59

78

546

760

922

15.3

15.3

6.1

7.8

9.7

7.6

1.2

1.1

12.9

14.7

0.9

0.8

Ipca labs

Neutral

654

-

8,246

3,243

3,826

20.5

21.5

36.0

44.4

18.2

14.7

4.2

3.4

26.0

25.4

2.7

2.3

Lupin

Neutral

840

-

37,614

11,641

13,933

21.3

21.3

34.8

41.8

24.1

20.1

5.7

4.5

26.2

24.8

3.3

2.7

Ranbaxy*

Buy

280

384

11,841

11,400

12,060

10.5

12.5

17.5

22.5

16.0

12.4

2.6

2.2

17.0

19.1

1.0

0.9

Sun Pharma

Neutral

575

-

118,856

13,509

15,846

41.0

41.0

33.0

39.8

17.4

14.4

3.5

2.9

22.0

22.0

8.2

6.8

20,357 140,917 151,537

Power
GIPCL

Buy

61

78

918

1,444

1,482

33.4

33.0

13.7

14.8

4.4

4.1

0.5

0.5

12.3

12.0

0.7

0.5

NTPC

Buy

138

163

113,746

76,734

86,680

24.5

24.3

13.4

14.5

10.3

9.5

1.3

1.2

12.8

12.7

2.2

2.1

www.angelbroking.com

Market Outlook
July 31, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

( Č)

Price ( Č)

( Č 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

159

236

28,263

8,293

9,622

36.5

36.1

5.7

6.7

27.8

23.6

1.0

1.0

3.7

4.1

5.5

4.6

MLIFE

Accumulate

453

483

1,848

888

1,002

27.0

29.9

33.9

42.1

13.4

10.8

1.3

1.2

9.9

11.2

2.7

2.4

Bharti Airtel

Neutral

321

-

128,496

85,489

94,229

31.9

31.9

10.2

14.6

31.4

22.0

2.3

2.1

7.2

9.4

2.2

1.9

Idea Cellular

Neutral

157

-

51,955

25,640

28,459

26.9

27.2

4.0

4.9

39.1

31.7

3.3

3.0

8.4

9.4

2.4

2.1

Rcom

Neutral

127

-

26,162

22,751

24,628

30.9

31.3

3.4

5.3

37.0

24.1

0.8

0.8

2.1

3.1

2.7

2.4

Telecom

Others
Abbott India*

Buy

1,405

1,659

2,985

1,863

2,081

11.8

12.4

71.2

83.0

19.7

16.9

4.0

3.4

21.6

21.5

1.4

1.1

Bajaj Electricals

Buy

171

237

1,706

3,885

4,472

5.4

7.2

11.0

19.7

15.6

8.7

2.1

1.8

13.5

20.3

0.4

0.4

Cera Sanitaryware

Buy

500

613

632

631

797

14.5

13.7

42.6

51.1

11.7

9.8

2.8

2.2

26.5

25.3

1.0

0.8

Cravatex

Buy

283

459

73

248

284

6.5

7.3

27.2

38.2

10.4

7.4

1.6

1.4

15.7

18.5

0.5

0.4

Finolex Cables

Buy

54

68

831

2,563

2,899

9.8

9.8

10.1

11.3

5.4

4.8

0.8

0.7

14.3

13.8

0.2

0.2

Force Motors

Buy

257

349

335

2,304

2,649

3.1

3.6

28.0

43.7

9.2

5.9

0.3

0.3

3.1

4.7

0.1

0.1

Goodyear India*

Accumulate

314

345

724

1,458

1,542

8.3

9.0

32.3

37.0

9.7

8.5

1.8

1.5

19.5

19.3

0.3

0.3

Hitachi

Buy

112

191

304

1,080

1,199

8.9

9.1

18.3

19.1

6.1

5.9

1.1

0.9

19.2

17.0

0.4

0.3

Honeywell Automation* Neutral

2,382

-

2,106

1,842

2,131

7.7

7.8

111.1

130.9

21.4

18.2

2.7

2.4

13.3

13.9

1.0

0.9

IFB Agro

Buy

139

198

125

495

651

12.7

12.9

29.3

39.5

4.8

3.5

0.7

0.6

15.4

17.6

0.4

0.3

ITD Cementation

Buy

157

234

180

1,430

1,573

11.1

11.0

19.1

26.9

8.2

5.8

0.4

0.4

5.4

7.1

0.5

0.5

Jyothy Laboratories

Buy

169

199

2,800

1,220

1,476

13.3

13.6

5.5

9.0

30.6

18.7

3.5

3.1

12.1

17.7

2.6

2.1

MRF

Buy

13,170

16,218

5,585

11,799

12,587

14.1

13.5 1,792.0 1,802.0

7.4

7.3

1.6

1.3

23.5

19.2

0.6

0.6

Page Industries

Neutral

4,503

-

5,022

1,057

1,282

19.4

19.6

124.8

153.7

36.1

29.3

17.9

13.2

56.3

51.8

4.8

4.0

Relaxo Footwears

Buy

781

982

937

1,196

1,401

12.3

13.4

58.3

81.9

13.4

9.5

3.3

2.5

28.2

29.8

0.9

0.8

Siyaram Silk Mills

Buy

218

311

204

1,158

1,322

10.8

11.2

62.1

77.8

3.5

2.8

0.6

0.5

17.2

18.4

0.4

0.4

Styrolution ABS India*

Buy

388

492

682

1,007

1,108

8.4

8.7

30.3

35.1

12.8

11.0

1.4

1.3

11.7

12.2

0.7

0.6

TAJ GVK

Buy

59

108

369

300

319

35.8

36.2

7.9

9.1

7.5

6.5

1.0

0.9

13.9

14.4

1.5

1.3

Tata Sponge Iron

Buy

245

371

377

814

849

17.0

17.6

64.6

69.2

3.8

3.5

0.5

0.5

14.5

13.8

0.1

(0.1)

TTK Healthcare

Buy

520

632

404

416

481

4.5

6.1

16.2

25.3

32.1

20.5

4.0

3.5

12.6

18.1

0.8

0.7

Tree House

Accumulate

269

297

969

153

194

53.0

52.8

12.4

15.6

21.8

17.2

2.6

2.3

11.8

13.1

6.5

5.0

TVS Srichakra

Buy

United Spirits

Neutral

Vesuvius India*

Buy

www.angelbroking.com

167

230

128

1,591

1,720

6.1

6.4

24.5

38.3

6.8

4.4

0.7

0.7

10.9

15.9

0.3

0.2

2,535

-

36,839

12,294

14,162

12.0

12.0

42.1

67.7

60.2

37.4

4.3

3.8

9.1

10.7

3.3

2.9

372

439

756

600

638

20.1

19.4

35.7

36.6

10.4

10.2

1.9

1.6

19.4

17.1

1.1

0.9

Market Outlook
July 31, 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

79

117

524

2,042

2,363

14.6

14.8

12.3

16.5

6.5

4.8

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 30, 2013

www.angelbroking.com

Market Outlook
July 31, 2013

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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