Market Outlook: Dealer's Diary

Market Outlook
August 1, 2013
Dealers Diary
Indian markets are expected to open flat to positive tracking the positive opening in
SGX Nifty and most of the other Asian markets.
The US markets saw considerable volatility on Wednesday following the release of
the Federal Reserve's monetary policy announcement and ended the session mixed.
The Federal Open Market Committee (FOMC) kept its bond-buying program
unchanged at US$85 billion a month and stated that the economy is expanding at
a modest pace. The investors will keep an eye over the upcoming reports due in
the week which includes weekly jobless claims, manufacturing activity, and
construction spending. Meanwhile, the European stock markets extended losses in
afternoon action on Wednesday, after data showed the U.S. economy grew at a
1.7% annual rate in the second quarter, beating the expectations.
Meanwhile, Indian shares recouped their early losses to end almost on a flat note
Wednesday. After sliding to as low as 61.21 in early trading, the rupee closed at
60.79 per dollar amid suspected RBI intervention. The mid-cap and small-cap
indices fell about a percent each on concerns over the rupee's continuous decline
and its impact on inflation and financial stability.
Markets Today
The trend deciding level for the day is 19,287/ 5,723 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,447 19,547 / 5,771 5,800 levels. However, if NIFTY trades below
19,287 / 5,723 levels for the first half-an-hour of trade then it may correct up to
19,186 19,026 / 5694 5,647 levels.
Indices
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.0)
Nifty
(0.2)
(13)
5,742
MID CAP
(0.9)
(49)
5,543
SMALL CAP
(0.9)
(50)
5,311
0.3
28
9,074
29
5,450
BSE HC
(3) 19,346
BSE PSU
0.5
BANKEX
(1.8)
(215) 11,441
AUTO
1.0
100 10,569
METAL
2.4
161
6,882
OIL & GAS
1.9
158
8,579
BSE IT
1.3
95
7,458
(Pts)
(Close)
Global Indices
Dow Jones
Chg (%)
(0.1)
(21) 15,500
NASDAQ
0.3
10
3,626
FTSE
0.8
50
6,621
Nikkei
(1.5)
(202)
13,668
Hang Sang
(0.3)
(70)
21,884
Straits Times
(0.7)
(24)
3,222
0.2
1,994
Chg (%)
(Pts)
(Close)
(0.0)
(0.0)
$49.7
Shanghai Com
Indian ADR
INFY
S2
S1
PIVOT
R1
R2
WIT
1.9
0.2
$8.6
SENSEX
19,026
19,186
19,287
19,447
19,547
IBN
(0.5)
(0.2)
$32.8
NIFTY
5,647
5,694
5,723
5,771
5,800
HDB
(1.3)
(0.4)
$32.9
News Analysis
Yes Bank raises lending and deposit rates

Result Review: Bharti Airtel, ICICI Bank, HCL Technologies, JSW Steel,
Motherson Sumi, Andhra Bank, Jagran, Dishman Pharma
Result Preview: Idea, RCom, Bank of Baroda, GSK, Canara Bank, Union Bank,
JKBank, Tata Global
Advances / Declines
BSE
NSE
Advances
797
439
1,434
876
140
70
Declines
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (July 30, 2013)

` cr
FII
MFs
Purch
2,524
424
Sales
2,297
597
Net
227
(173)
MTD
(6,086)
(2,184)
YTD
65,220
(14,362)
FII Derivatives (July 31, 2013)

` cr
Index Futures
Stock Futures
Purch
1,658
2,651
Sales
2,790
2,658
Net
(1,132)
(6)
Open Interest
11,329
25,657
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Reliance Comm
140
10.1
Sun TV Network
407
9.2
Idea Cellular
169
Bharti Airtel
345
Union Bank
133
7.1
Havells India
www.angelbroking.com
Strides Arco
Losers
Price (`)
chg (%)
589
(13.0)
Essar Oil
52
(10.0)
7.9
JPINFRATEC
18
(9.3)
7.3
JPPOWER
10
(8.2)
608
(7.9)
BSE
2,373
NSE
14,580
Market Outlook
August 1, 2013
Yes Bank raises lending and deposit rates

Yes bank yesterday revised interest rates upwards, with deposits rates across select
tenors hiked by 25 to 50bp and lending base rate increased by 25bp to 10.75%.
Recent liquidity tightening measures had exposed banks (more particularly the
wholesale funded ones) to increased funding costs and thereby further margin
pressures. Given the wholesale dominated funding nature of the bank, Yes bank
was one of many banks that could have faced higher margins pressures, in case
these measures were not temporary in nature. RBI yesterday clearly highlighted
that the calibrated withdrawal of these tightening measures would be conditional
on forex stability, which in itself, appeared challenging in the near-term due to
global and domestic factors unless there are sharper measures from the
government to address imports and exports.
Moreover, Axis Bank (yesterday) and HDFC Bank (few days ago), also have raised
deposit rates across select short term maturity buckets by upto 225bp and upto
100bp, respectively. The lending rates for both these banks have been kept
unchanged for now. However, we believe that with liquidity tightening measures
likely to continue over the next 1-2 months, we might see transmission of higherthan-anticipated interest rates into broader segments.
Result Review
Bharti Airtel (CMP: `345/ TP: -/ Upside: -)
For 1QFY2014, Bharti Airtels adjusted revenues as well as EBITDA came better
than expectations while bottomline was below our expectations due to higher
taxes. On reported basis, the numbers suggest lower than expected performance
as Indus Towers contribution came below EBITDA level (given change in
accounting from line by line consolidation to equity method). On reported basis,
consolidated revenues declined by 1.0% qoq to `20,264cr; adjusting for Indus
Tower contribution, consolidated revenues actually grew by 2.5% qoq. Africa
revenues declined by 5% qoq to US$1,062mn, due to political unrest in that
geography and reduction in interconnection charges.
KPIs for India mobile business were encouraging as ARPM increased by 4% qoq to
44paise and while MOU remained largely flat at 455min leading to a 3.8%
increase in ARPU to `200/month. Data ARPU increased 15% qoq to `63; data as
% of revenues declined slightly to 17.3% in 1QFY2014 from 17.4% in 4QFY2013.
Churn rate remained stable at 3.2%. Africa MOU increased by 8.5% to 134min
while ARPM was down 14.4% qoq. Africa EBITDA margin stood at 26.7%, up
~110bp qoq. Overall margin came at 32.2%, up ~50bp qoq. Profitability was hit
due to higher tax expense with tax rate coming in at 52.7%. PAT came in at
`869cr, up 12% yoy.
Operational KPIs of core cellular India business surprised us implying that the
larger telecom companies such as Bharti Airtel and Idea Cellular are benefiting at
a faster pace from declining competitive intensity but there are concerns regarding
the African operations which might weigh upon Bharti Airtels performance. Bharti
continues to be our preferred pick amongst telcos due to its low-cost integrated
model (owned tower infrastructure), established leadership in revenue and
subscriber market share and relatively better KPIs.
Market Outlook
August 1, 2013
Y/E
Sales OPM
March
(` cr)
PAT
(%)
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
85,489 31.9
3,883
10.2
7.2 33.7
2.4
6.9
2.2
FY2015E
94,229 31.9
5,553
14.6
9.4 23.6
2.2
6.0
1.9
ICICI Bank (CMP: `909 / TP: `1,131 / Upside: 24.3%)

ICICI Bank delivered healthy performance for the quarter, which was in line with
our expectations. NII grew at healthy pace of 19.7% yoy to `3,820cr (much higher
than advance growth of 12.3%). Non-interest income grew by 32.1% yoy to
`2,484cr, propelled by treasury gains of `403cr during the quarter vs. a loss of
`21cr in 1QFY2013. Overall, operating profit grew by healthy 29.3% yoy to
`3,814cr. On the asset quality front, the bank managed to broadly hold on to its
good asset quality, as Gross NPA ratio remained stable sequentially at 3.2%. Net
NPA ratio increased marginally by 5bp qoq to 0.8%, as PCR declined by 140bp
qoq to 75.4%. Overall, the bank delivered healthy earnings growth of 25.3% yoy
to `2,274cr .
At CMP, the stock trades at 1.3x FY2015E ABV, which is below our longer term fair
value estimates. Recent macro developments amidst a weak macro environment
clearly suggest that the asset quality pressures for the sector are unlikely to subside
as quickly as was expected earlier. Overall, we have a cautious outlook for the
sector. Though, in the near term, stocks like ICICI Bank may undershoot fair value
estimates, but from a relative point-of-view compared to peers, it remains one of
our preferred banks, from a medium term perspective. We maintain out Buy
recommendation on the stock, from a medium term perspective, with a target
price of `1,131.
Y/E
March
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
10.6
1.4
FY2015E
30,474
3.1 11,481
99.5 698.0
1.6
16.2
9.1
1.3
HCL Technologies (CMP: `938/ TP: -/ Upside: -)

HCL Tech reported inline set for results for 1QFY2014 on revenue and operational
margin front with overall bottomline ahead of expectations on the back of higher
than expected forex gains and lower tax rate. The dollar revenues grew by 3.1%
qoq to US$1227.6mn, led by strong 8.6% qoq dollar revenue growth in
Infrastructure management services. Software services saw the lowest growth
among the segments with about 0.6% qoq growth in revenues to US$788mn. HCL
Tech, with end-to-end IT capabilities and a strong client mining ability, is
outperforming many of its peers companies. Operating margin of this company
has always been a concern and now managements focus to improve this has
been paying off. The company has been able to increase its operating margins
since last five quarters and this quarter EBIT margin of the company grew by
118bp qoq to 21.0%. PAT stood tall at `1,209cr, up 16% qoq, aided by forex gain
of `31cr and lower tax rate of 22% as against 24.2% in 3QFY2013.
HCL Tech won 12 multi-year, multi-million dollar deals this quarter with worth over
US$1bn, maintaining its sustained momentum of signing ~US$1bn+ TCV worth
of deals every quarter. HCL Tech has displayed an industry-leading growth
Market Outlook
August 1, 2013
trajectory and has a strong position in one of the fastest growing service vertical of
IMS. The only concern that remains with the company is soft growth in core
software services since last three quarters and we wait for management
commentary on this. Overall, we continue to be positive on the stock keeping in
notice the companys deal signing trajectory and healthy performance since last
several quarters. The target price is currently under review.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
29,424 22.6
4,187
59.5 24.6 15.8
3.8
9.0
2.0
FY2015E
32,837 22.0
4,459
63.3 21.7 14.8
3.2
7.9
1.7
JSW Steel (CMP: `565 / TP: -/ Upside: -)

JSW Steels (JSW) 1QFY2014 top-line was below our estimate while its operating
margin was above our estimate. The results are not comparable with
1QFY2013 results as JSW Steel has merged with JSW Ispat during 4QFY2013.
JSW Steels standalone net sales stood at `9,235cr, below our estimate of
`11,147cr. JSW Steels EBITDA stood at `1,749cr, representing an EBITDA margin
of 18.9% above our estimate of 17.4%. Adjusted net profit (excluding forex loss of
`852cr) stood at `632cr (above our estimate was of `585cr). With slower than
expected ramp up of iron ore mining in Karnataka, we believe increasing steel
production meaningfully during FY2014 would remain a challenge. Moreover, we
opine that JSW Ispats merger with JSW Steel is likely to erode JSW steels margins.
We maintain our Neutral view on the stock.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BVEV/EBITDA EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
47,631
16.6
1,484
60.6
8.3
9.3
0.7
4.0
0.7
FY2015E
49,721
16.7
1,823
74.5
9.5
7.6
0.7
3.8
0.6
Motherson Sumi Systems (CMP: `204/ TP: `242/ Upside: 18%)

For 1QFY2014, Motherson Sumi Systems (MSS) registered slightly better-thanexpected bottom-line (adjusted for foreign exchange loss) performance, driven by
strong growth at the standalone and Samvardhana Motherson Reflectec (SMR)
front. Nevertheless, net loss at Samvardhana Motherson Peguform (SMP) widened
to `64cr (from `17cr in 4QFY2013) due to higher interest expense.
For 1QFY2014, consolidated revenues registered a healthy growth of 10.9% yoy
(6.1% qoq) to `7,083cr, slightly better than our expectations of `6,780cr. The topline performance was driven by a strong growth of 28.4% (7.3% qoq) and 9.4%
yoy (11.8% qoq) at SMR and SMP respectively led by pick-up in order execution at
the new plants in Hungary, Brazil and Thailand. The standalone revenues though
posted a modest growth of 1.6% yoy due to the slowdown in the domestic markets.
While the revenues in India remained flat, revenues outside India grew strongly by
14.2% yoy. On the operating front, consolidated margins improved 165bp yoy
(250bp qoq) to 8.8%, in-line with our expectations, primarily driven by easing of
raw-material prices and also on account of improving capacity utilization across
the SMR and SMP plants. Noticeably, the company witnessed margin expansion
across all the three entities, standalone level and SMR and SMP front. While
standalone margins improved 150bp yoy to 18.1%; SMR and SMP operations
reported a significant expansion in margins to 8.6% (up 260bp yoy) and 5.5% (up
Market Outlook
August 1, 2013
130bp yoy) respectively. As a result of the strong operating performance,

consolidated EBITDA surged 36.5% yoy (9.2% qoq) to `622cr. During the quarter
MSS registered a foreign exchange loss of `169cr. Adjusted for the same bottomline grew strongly by 16% yoy to `243cr, slightly ahead of our estimates of `221cr.
While the SMR bottom-line stood at `37cr (against a loss of `2cr in 1QFY2013
and `33cr profit in 4QFY2013); standalone net profit grew by 22% yoy to `81cr.
At `204, the stock is trading at 12.7x FY2015E earnings. We recommend a Buy
rating on the stock with a target price of `242.
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
8.4
763
13.0
29.4
15.7
4.1
6.4
0.5
FY2015E
31,914
8.7
948
16.1
28.6
12.7
3.2
5.4
0.5
Andhra Bank (CMP: `65 / TP: - / Upside: -)

Andhra Bank reported disappointing operating performance for the quarter. NII
for the bank de-grew 6.9% yoy to `874cr. Non-interest income grew strongly by
98.4% yoy to `468cr, probably boosted by treasury gains. Overall, preprovisioning profit for the bank grew by 5.9% yoy to `746cr. On the asset quality
front, the bank witnessed significant asset quality stress during the quarter, as
Gross and Net NPA levels increased sequentially by around 27.8% and 33.3%.
Bank increased Provisioning expenses by 86.3%, resulting in bottom-line degrowth of 36.3% yoy to `231cr. Considering recent macro developments amidst a
overall weak economic environment, we believe that asset quality stress is unlikely
to abate as quickly as was anticipated earlier. Hence, we maintain our Neutral
rating on the stock.
Y/E
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
3.4
0.4
FY2015E
5,815
2.7
1,281
22.9 160.8
0.7
13.2
2.8
0.4
March
Jagran (CMP: `90/TP: `119/Upside: 32%)

For 1QFY2014, Jagrans top-line and bottom-line performance was better than
our estimates. Top-line grew by healthy 12.4% yoy to `385cr (our estimate of
`344cr), primarily due to 12.8% yoy growth in advertising revenue to `269cr.
Circulation revenue also reported strong growth of 14.6% yoy to `79cr. On the
operating front, OPM expanded by 151bp yoy to 26.3%. Consequently, Net profit
grew by 9% yoy to `59cr (our estimate of `52cr). At the current market price,
Jagran is trading at 11.6x FY2015E consolidated EPS of `7.8. We maintain Buy on
the stock with the target price of `119.
Y/E
March
Sales
OPM
PAT EPS
(` cr)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(`)
(%)
(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
August 1, 2013
Dishman Pharma (CMP: `43/ TP: `168/ Upside: 290%)

Dishman Pharma reported numbers lower than expected. During the quarter,
Dishman reported a de-growth of 2.9% yoy in the top line to end the period at
`306.2cr, V/s expectation of `349cr. The dip in the sales was on back of the MM
segment, which de-grew by 22.0%, while the CRAMS segment grew by 8.6% yoy.
The OPM came in much higher at 27.8% V/s expectation of 24.6% and a yoy
expansion of 133bp. The expansion in margins was on back of gross margin
improvement , which expanded by 211bps.However, a 21.3% yoy and 30.4% yoy
rise in interest and depreciation expenses during the period lead the net profit to
decline by 24.5% during the period. We maintain buy on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
(` cr)
EPS ROE
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
1,394 22.5
121 15.0 11.0
2.9
0.3
3.9
0.9
FY2015E
1,534 22.4
136 16.8 11.2
2.6
0.3
3.2
0.7
Result Preview
Idea Cellular (CMP: `169/ TP: -/ Upside: -)
Idea Cellular is slated to announce its 1QFY2014 results today. We expect the
company to record revenue of `6,218cr, up 2.6% qoq. This is expected primarily
on the back of 1.0% qoq growth each in ARPM to `0.42/min in MOU to 410min.
APRU is expected to increase by ~2.0% qoq to `171/month. EBITDA margin of the
company is expected to decline by 70bp qoq to 26.9%. PAT is expected at `314cr.
We maintain Neutral rating 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
25,640 26.9
1,322
4.0
8.4 42.2
3.5
9.8
2.6
FY2015E
28,459 27.2
1,632
4.9
9.4 34.2
3.2
8.4
2.3
Reliance Communications (CMP: `140/ TP: -/ Upside: -)

Reliance Communication (RCom) is slated to announce its 1QFY2014 results
today. We expect to company to record revenues of `5,484cr, up 1.4% qoq. This is
expected primarily on the back of qoq flat ARPM at `0.44/min and 1.0% qoq
growth in MOU to 2942min. EBITDA margin is expected to decline by 27bp qoq to
30.6%. PAT is expected to come in at `267cr. 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
22,751 30.9
707
3.4
2.1 40.7
0.8
9.2
2.9
FY2015E
24,628 31.3
1,086
5.3
3.1 26.5
0.8
8.0
2.5
Bank of Baroda - (CMP: `561 / TP: - / Upside: - -)

Bank of Baroda is scheduled to announce its 1QFY2014 results today. We expect
the bank to report subdued NII growth of 5.3% yoy to `2,946cr. Non-interest
income is expected to grow moderately by 11.7% to `861cr. Operating expenses
are expected to grow at 11.9% yoy to `1,472cr. Thus the bank is expected to
Market Outlook
August 1, 2013
report modest operating profit growth of 3.6% yoy at `2,335cr. Provisioning

expenses are expected to remain almost flat at `894cr (on back of higher base in
1QFY2013). Overall, we expect the bank to report flat earnings performance at
`1,138cr. At CMP, the stock trades at valuations of 0.6x FY2015E ABV. Given the
recent macro developments amidst a weak macro-economic environment, we
believe that the asset quality pressures for the banking are unlikely to abate as
quickly as was expected earlier. Overall, we have a cautious view on the sector.
Hence, we recommend a Neutral recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
16,287
2.2
5,095
120.6 834.7
0.9
15.0
4.6
0.7
FY2015E
18,707
2.3
6,111
144.6 951.3
0.9
16.0
3.9
0.6
March
GSK Consumer (CMP: `4,685/TP:-/Upside :-)

GSK Consumer is expected to declare its 2QCY2013 results today. We expect the
top-line to grow by 17.5% yoy to `857cr aided by both higher volumes and better
realizations. OPM is expected to increase by 283bp yoy to 18.0%. Bottom-line is
expected to increase by 26.4% yoy to `135cr. We maintain our Neutral
recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
3,617
16.1
514122.2
34.1
38.4
11.9
31.1
5.0
CY2014E
4,259
16.4
625148.7
33.7
31.5
9.6
25.3
4.2
Canara Bank - (CMP: `275 / TP: - / Upside: -)

Canara Bank is scheduled to announce its 1QFY2014 results today. We expect the
bank to report healthy NII growth of 14.8% yoy to `2,116cr. Non-interest income
is expected to grow by 31.9% to `914cr, aided primarily by trading gains.
Operating expenses are expected to grow by 13.7% yoy to `1,299cr, which would
result in healthy operating profit growth of 24.2% yoy at `1,730cr. On back of
70.8% yoy higher provisioning at `715cr, we expect the bank to report earnings
de-growth of 3.1% yoy to `751cr. At CMP, the stock trades at valuations of 0.5x
FY2015E ABV. Given the recent macro developments amidst an overall weak
macro-economic environment, we believe that the asset quality pressures for the
banking are unlikely to abate as quickly as was expected earlier. Overall, we have
a cautious view on the sector. Hence, we maintain our Neutral recommendation
on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,045
2.1
3,400
76.7 534.8
0.8
14.1
3.6
0.5
FY2015E
13,495
2.2
3,826
86.4 603.8
0.8
14.2
3.2
0.5
March
Union Bank - (CMP: `133 / TP: -/ Upside: - )

Union Bank is scheduled to announce its 1QFY2014 results today. We expect the
bank to report 10.9% yoy growth in Net Interest Income (NII) to `2,020cr. Noninterest income is expected to grow by 16.1% yoy to `570cr, aided by treasury
gains. Operating expenses are expected to increase by 15.6% yoy to `1,209cr,
Market Outlook
August 1, 2013
while provisioning expenses are expected to increase by 3.7% yoy to `537cr.

Overall, Net profit is expected to grow by 8.9% to `557cr. Given the recent macro
developments amidst an overall weak macro-economic environment, we believe
that the asset quality pressures for the banking are unlikely to abate as quickly as
was expected earlier. Overall, we have a cautious view on the sector. Hence, we
maintain our Neutral recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
11,101
2.6
2,355
39.3 283.6
0.7
14.1
3.4
0.5
FY2015E
12,543
2.6
2,837
47.4 324.3
0.7
15.2
2.8
0.4
March
JK Bank (CMP: `1,122 / TP: - / Upside: -)

JK Bank is scheduled to announce its 1QFY2014 results today. We expect the bank
to report a healthy NII growth of 20.2% yoy to `644cr. Non-interest income is also
expected to grow at a healthy pace of 23.0% yoy to `115cr. Operating expenses
are expected to increase by 27.2% yoy to `272cr, while provisioning expenses are
expected to increase by much higher 93.3% yoy to `97cr. Overall, the bank is
expected to report subdued earnings growth of 4.4% yoy to `257cr. At CMP, the
stock is trading at 0.9x FY2015E ABV. We maintain our Neutral recommendation
on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
3,101
3.6
1,045
215.51,167.6
1.4
19.9
5.2
1.0
FY2015E
3,427
3.6
1,019
210.21,314.9
1.2
16.8
5.3
0.9
March
Tata Global (CMP: `160/TP:-/Upside :-)

Tata Global is expected to declare its 1QFY2014 results today. We expect the
consolidated top-line to grow by 5.9% yoy to `1,816cr. OPM is expected to
increase by 87bp yoy to 10.5%. Bottom-line is expected to increase by 37.7% yoy
to 107cr. 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
8,069
9.8
467
7.6
9.3
21.1
2.0
12.3
1.2
FY2015E
8,957
9.7
514
8.3
9.5
19.2
1.8
11.0
1.1
Market Outlook
August 1, 2013
Quarterly Bloomberg Consensus Estimate

Adani Ports & SEZ (01/08/2013)
Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
870
774
12.4
772
12.8
EBITDA
605
632
(4.3)
640
(5.5)
EBITDA margin (%)
69.5
81.7
Net profit
428
418
2.3
491
(12.8)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,080
1,139
(5.2)
1,029
5.0
83.0
Bank of Baroda (01/08/2013)

Particulars (` cr)
Net profit
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
253
165
53.2
255
(0.7)
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
1,793
1,436
24.9
1,673
7.2
EBITDA margin (%)
28.2
26.1
Net profit
394
234
68.3
308
27.8
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)
Market Outlook
August 1, 2013
Tata Global Beverage Consolidated (01/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
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
34.9
96
9.4
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
12.3
Titan Industries (01/08/2013)

Particulars (` cr)
Net sales
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
189
156
21.1
185
2.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
638
512
24.7
789
(19.2)
10.3
Union Bank of India (01/08/2013)

Particulars (` cr)
Net profit
Power Finance Corporation (02/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,256
972
29.2
1,294
(2.9)
3QSY13E
3QSY12
y-o-y (%)
2QSY13
q-o-q (%)
2,856
2,976
(4.0)
2,908
(1.8)
EBITDA
171
118
44.9
88
94.3
EBITDA margin (%)
6.0
4.0
Net profit
82
36
127.8
30
173.3
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
7,988
8,326
(4.1)
18,850
(57.6)
EBITDA
1,054
1,571
(32.9)
4,651
(77.3)
EBITDA margin (%)
13.2
18.9
Net profit
780
921
(15.3)
3,238
(75.9)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
799
775
3.1
725
10.2
y-o-y (%)
4QFY13
q-o-q (%)
Net profit
Siemens India (02/08/2013)

Particulars (` cr)
Net sales
3.0
BHEL (03/08/2013)
Particulars (` cr)
24.7
Canara Bank (03/08/2013)

Particulars (` cr)
Net profit
Coal India Consolidated (03/08/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
1QFY14E
1QFY13
17,048
16,500
3.3
19,905
(14.4)
4,401
4,815
(8.6)
7,490
(41.2)
25.8
29.2
4,230
4,469
37.6
(5.3)
5,414
(21.9)
Market Outlook
August 1, 2013
Divi's Laboratories (03/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
543
468
16.0
650
(16.5)
EBITDA
204
192
6.3
252
(19.0)
EBITDA margin (%)
37.6
41.0
Net profit
153
167
38.8
(8.4)
182
(15.9)
q-o-q (%)
Godrej Consumers Consolidated (03/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
Net sales
1,736
1,388
25.1
1,716
1.2
EBITDA
260
199
30.7
279
(6.8)
EBITDA margin (%)
15.0
14.3
Net profit
173
130
16.3
33.1
334
(48.2)
Grasim Industries Consolidated (03/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
6,652
6,793
(2.1)
7,553
(11.9)
EBITDA
(26.7)
1,990
(34.9)
1,296
1,767
EBITDA margin (%)
19.5
26.0
Net profit
560
718
26.3
(22.0)
818
Economic and Political News
Resentment in Odisha over compensation for Posco project

Trade deficit with China not healthy for economy: Anand Sharma
Visa bonds to impact India Inc's UK investment plans:Ficci
CCI approves 2 Arunachal hydro power projects
Corporate News
Lupin gets US nod for Armodafinil tablets, Doxycycline capsules

VE Commercial Vehicles to invest `1,000cr by 2014-end
Kesoram promoters infuse `200cr to raise stake to 49%
Coal India to discuss modalities for importing coal on Aug 8
Aircel-Maxis case- CBI to file status report in SC today
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
(31.5)
Market Outlook
August 01, 2013
Result Calendar
Date
August 01, 2013
August 02, 2013
August 03, 2013
Company
J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Titan Inds., Adani Power, Rcom, Union
Bank, United Spirits, 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 08, 2013
Tata Power Co., Bosch India, Crompton Greaves, Unitech

NMDC, Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.,
Alembic Pharma
Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, Prakash Industries, ITD Cementation
August 09, 2013
Sun Pharma, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear
August 10, 2013
Sarda Energy
August 07, 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
SAIL, LIC Housing Fin., 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
August 1, 2013
August 2, 2013
6:00PM
US
1:25PM
6:30AM
Initial Jobless claims
Thousands
Jul 27
343.00
345.00
Germany PMI Manufacturing
Value
Jul F
50.30
50.30
China
PMI Manufacturing
Value
Jul
50.30
49.80
2:00PM
UK
PMI Manufacturing
Value
Jul
52.50
52.80
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
0.50
6:00PM
US
Change in Nonfarm payrolls
Thousands
Jul
195.00
185.00
Unnemployment rate
6:00PM
US
August 5, 2013
1:25PM
Germany PMI Services
August 6, 2013
2:00PM
UK
August 8, 2013
4:29PM
China
August 9, 2013
7:00AM
August 12, 2013
August 13, 2013

August 14, 2013
August 15, 2013
Jul
7.60
7.50
Value
Jul F
52.50
--
Industrial Production (YoY)
% Change
Jun
(2.30)
--
Exports YoY%
% Change
Jul
(3.10)
0.50
China
Consumer Price Index (YoY)
% Change
Jul
2.70
2.80
11:00AM
China
Industrial Production (YoY)
% Change
Jul
8.90
8.80
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
Producer Price Index (mom)
% Change
Jul
0.80
--
6:00PM
US
Consumer price index (mom)
% Change
Jul
0.50
--
6:45PM
US
Industrial Production
Jul
0.31
--
Monthly Wholesale Prices YoY%
Market Outlook
August 1, 2013
Macro watch
Exhibit1: Quarterly GDP trends
Exhibit2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
0.6
Exhibit4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
7.2
May-13
Source: MOSPI, Angel Research
Exhibit3: 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
Exhibit5: 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
Exhibit6: 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
August 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
138
2,686
1,674
1,923
13.7
13.7
6.8
7.6
20.3
18.2
3.8
3.4
20.0
19.6
1.8
1.5
United Phosphorus
Buy
127
225
5,630
10,091
11,302
16.5
16.5
19.2
22.5
6.6
5.7
1.1
0.9
17.0
17.2
0.7
0.6
Amara Raja Batteries
Buy
240
285
4,100
3,418
3,892
14.5
14.5
18.5
20.4
13.0
11.8
3.1
2.6
26.6
23.8
1.2
1.0
Apollo Tyres
Neutral
67
3,379
13,852
15,487
11.4
11.5
12.8
14.9
5.2
4.5
0.9
0.7
17.5
17.3
0.4
0.4
Ashok Leyland
Buy
14
22
3,605
13,450
15,853
6.5
8.5
0.4
1.9
35.4
7.3
1.2
1.1
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
217
327
834
965
9.3
10.6
17.3
27.1
12.5
8.0
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,936
2,102
56,013
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
204
4,754
6,198
6,793
14.6
14.9
14.5
17.3
14.1
11.8
1.8
1.6
13.6
14.7
0.9
0.8
Bosch India*
Neutral
9,031
28,355
9,821
11,394
17.0
17.3
373.5
438.7
24.2
20.6
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
128
170
437
5,325
5,974
8.4
8.3
40.8
48.5
3.1
2.6
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
124
148
10,515
6,899
7,873
14.7
14.7
7.9
9.0
15.6
13.7
2.7
2.3
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,257
2,089
1,336
1,572
13.8
16.0
75.6
102.4
16.6
12.3
2.1
1.8
13.4
15.8
1.3
1.1
Hero Motocorp
Accumulate
1,819
2,048
36,327
25,562
28,297
14.5
14.4
111.2
146.3
16.4
12.4
6.0
4.6
40.1
42.1
1.2
1.0
JK Tyre
Buy
95
154
389
7,972
8,754
7.1
7.1
37.5
44.0
2.5
2.2
0.4
0.3
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
912
1,103
56,179
45,254
51,197
11.4
11.7
61.2
70.2
14.9
13.0
3.1
2.6
22.7
21.9
1.0
0.8
Maruti
Buy
1,327
1,648
40,089
45,862
52,647
11.2
11.1
94.6
109.9
14.0
12.1
1.9
1.7
14.4
14.6
0.7
0.6
Motherson Sumi
Buy
204
242
12,010
28,442
31,914
8.4
8.7
13.0
16.1
15.7
12.7
4.1
3.2
29.4
28.6
0.5
0.5
Subros
Buy
19
23
115
1,230
1,398
10.5
10.5
2.3
3.8
8.3
5.1
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Buy
291
347
78,277 215,016 237,404
13.3
13.6
36.2
41.5
8.0
7.0
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Accumulate
31
35
1,473
7,715
8,584
6.0
6.1
5.0
5.8
6.2
5.4
1.1
0.9
18.1
18.5
0.1
0.1
Capital Goods
ABB*
Reduce
501
461
10,617
8,073
9,052
5.5
6.9
11.5
16.9
43.5
29.6
4.0
3.8
9.3
13.1
1.3
1.1
BGR Energy
Neutral
85
613
3,756
4,569
11.4
9.7
21.7
24.1
3.9
3.5
0.5
0.4
22.3
20.3
0.5
0.4
BHEL
Neutral
158
38,733
44,054
39,326
16.8
15.1
20.6
16.1
7.7
9.8
1.7
1.5
23.5
16.1
0.8
0.8
Blue Star
Buy
154
208
1,383
2,941
3,099
3.4
4.2
6.0
9.3
25.7
16.5
3.2
2.8
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
85
117
5,437
13,446
15,272
6.7
7.6
6.6
8.9
12.8
9.5
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
17
138
3,312
3,555
9.0
9.0
4.5
6.5
3.7
2.6
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
28
49
710
7,709
8,399
6.7
7.2
6.1
8.5
4.6
3.2
0.6
0.5
20.2
23.0
0.3
0.2
Thermax
Neutral
581
6,924
5,832
6,397
9.1
9.6
28.8
32.9
20.2
17.7
3.3
2.9
17.2
17.3
1.1
1.0
1,171
1,361
21,992
11,820
13,254
19.3
20.9
74.9
93.1
15.7
12.6
2.7
2.4
18.1
20.3
1.6
1.3
Cement
ACC
Buy
Market Outlook
August 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
167
25,842
10,171
11,762
23.5
24.6
10.2
12.2
16.4
13.7
2.7
2.5
17.1
18.7
2.0
1.6
India Cements
Neutral
52
1,588
4,929
5,434
17.4
17.1
8.9
10.9
5.8
4.7
0.4
0.4
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
61
100
714
2,256
2,709
20.2
22.2
17.0
20.4
3.6
3.0
0.5
0.4
14.8
15.4
0.4
0.8
Madras Cements
Neutral
161
3,822
4,234
4,788
23.9
24.0
18.5
22.8
8.7
7.1
1.4
1.2
17.2
18.2
1.3
1.0
Shree Cement^
Neutral
4,366
15,211
6,607
7,520
27.5
26.7
322.8
374.3
13.5
11.7
3.4
2.7
27.8
25.6
1.7
1.3
UltraTech Cement
Neutral
1,833
50,251
21,947
25,049
23.8
23.8
106.1
119.8
17.3
15.3
2.9
2.5
17.7
17.3
2.4
2.0
50
84
797
1,928
2,234
21.0
21.5
6.0
7.4
8.4
6.8
0.8
0.7
10.5
10.8
1.8
1.8
138
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.6)
(20.6)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
73
157
2,416
3,997
4,312
45.5
46.4
15.7
16.6
4.6
4.4
0.7
0.6
15.2
14.5
3.0
3.3
ITNL
Buy
121
230
2,341
7,444
8,041
27.4
28.9
29.8
32.1
4.0
3.8
0.6
0.5
14.9
14.2
2.4
2.5
IVRCL Infra
Buy
12
29
359
5,673
5,892
8.1
8.4
1.4
1.8
8.1
6.4
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
36
53
8,044
12,946
14,897
24.7
25.6
1.2
2.7
29.5
13.5
0.6
0.6
2.0
4.3
2.5
2.3
Larsen & Toubro
Buy
846
1,128
78,287
68,946
78,040
10.0
10.0
49.0
55.2
17.3
15.3
2.5
2.2
14.9
15.3
1.3
1.1
Nagarjuna Const.
Buy
23
42
590
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
26
860
12,954
14,740
9.9
9.9
0.5
0.9
51.0
27.8
0.3
0.3
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
70
139
1,055
2,462
2,731
10.6
10.6
5.9
6.7
11.9
10.5
1.2
1.1
10.2
10.5
0.7
0.7
Simplex Infra
Buy
62
131
308
6,308
7,033
9.5
9.6
11.9
18.7
5.2
3.3
0.2
0.2
4.5
6.7
0.5
0.5
Unity Infra
Buy
19
41
141
2,146
2,339
13.7
13.8
11.0
11.5
1.7
1.7
0.2
0.1
9.3
9.0
0.6
0.6
Allahabad Bank
Neutral
71
3,570
6,705
7,535
2.5
2.5
27.6
33.2
2.6
2.2
0.4
0.3
12.5
13.6
Andhra Bank
Neutral
65
3,620
5,180
5,815
2.7
2.7
19.0
22.9
3.4
2.8
0.5
0.4
12.0
13.2
Axis Bank
Buy
1,034
1,348
48,512
19,280
22,886
3.3
3.3
130.7
157.1
7.9
6.6
1.3
1.1
17.3
18.1
Bank of Baroda
Neutral
561
23,614
16,287
18,707
2.2
2.3
120.6
144.6
4.7
3.9
0.7
0.6
15.0
16.0
Bank of India
Neutral
184
10,988
14,482
16,069
2.3
2.2
55.0
62.2
3.4
3.0
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
44
2,901
4,291
4,724
3.0
3.0
12.1
12.9
3.6
3.4
0.6
0.5
16.2
15.3
Canara Bank
Neutral
275
12,160
12,045
13,495
2.1
2.2
76.7
86.4
3.6
3.2
0.5
0.5
14.1
14.2
Central Bank
Neutral
56
5,834
8,196
9,202
2.4
2.4
6.1
15.9
9.2
3.5
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
287
4,387
5,554
6,156
2.0
2.0
94.9
104.9
3.0
2.7
0.4
0.4
14.3
14.2
Dena Bank
Neutral
54
1,873
3,255
3,623
2.3
2.4
22.0
24.9
2.4
2.2
0.4
0.3
14.7
14.7
Federal Bank
Neutral
349
5,970
2,798
3,250
3.0
3.0
38.1
51.9
9.2
6.7
0.9
0.8
9.8
12.3
Financials
Market Outlook
August 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Accumulate
800
867
124,252
8,679
10,350
3.6
3.6
37.5
44.7
21.3
17.9
4.5
4.0
30.1
30.7
HDFC Bank
Buy
610
745
145,641
27,392
33,264
4.6
4.6
36.3
45.1
16.8
13.5
3.4
2.9
21.9
22.8
ICICI Bank
Buy
909
1,131
104,950
26,119
30,474
3.1
3.2
86.2
99.5
10.6
9.1
1.4
1.3
15.7
16.2
IDBI Bank
Neutral
65
8,696
9,518
10,468
2.0
2.0
15.5
22.1
4.2
3.0
0.4
0.4
10.2
13.3
Indian Bank
Neutral
81
3,483
6,077
6,845
2.9
3.0
35.2
41.0
2.3
2.0
0.3
0.3
14.1
14.8
IOB
Neutral
42
3,881
7,709
8,645
2.2
2.3
8.2
17.1
5.1
2.5
0.3
0.3
6.0
11.7
J & K Bank
Neutral
1,122
5,439
3,101
3,427
3.6
3.6
215.5
210.3
5.2
5.3
1.0
0.9
19.9
16.9
LIC Housing Finance
Neutral
166
8,375
2,180
2,732
2.4
2.5
26.3
32.1
6.3
5.2
1.1
1.0
19.0
19.9
Oriental Bank
Neutral
154
4,503
6,790
7,676
2.6
2.7
55.7
62.3
2.8
2.5
0.4
0.3
12.8
12.9
Punjab Natl.Bank
Neutral
571
20,187
20,766
23,515
3.4
3.4
135.0
164.8
4.2
3.5
0.7
0.6
14.4
15.7
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
22
2,996
1,800
2,023
2.7
2.7
3.7
4.2
6.0
5.3
0.9
0.8
16.2
16.2
1,710
1,979
116,960
66,417
76,734
3.0
3.0
227.4
284.8
7.5
6.0
1.1
1.0
15.4
17.1
Neutral
88
5,288
7,125
8,188
2.6
2.6
27.4
27.9
3.2
3.2
0.5
0.4
16.2
14.6
UCO Bank
Neutral
60
4,516
6,736
6,979
2.7
2.6
15.3
15.7
3.9
3.8
0.7
0.6
14.8
13.6
Union Bank
Neutral
133
7,934
11,101
12,543
2.6
2.6
39.3
47.4
3.4
2.8
0.5
0.4
14.1
15.2
United Bank
Neutral
36
1,336
3,386
3,884
2.3
2.5
12.4
20.0
2.9
1.8
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
40
1,995
2,714
3,046
1.9
2.0
9.2
10.8
4.4
3.7
0.5
0.4
10.7
11.5
Yes Bank
Neutral
324
11,648
4,417
5,486
2.7
2.8
42.9
49.5
7.6
6.5
1.6
1.4
23.9
22.8
Asian Paints
Neutral
507
48,641
12,332
14,524
16.3
16.1
13.9
16.0
36.5
31.6
11.6
9.2
35.2
32.5
3.8
3.2
Britannia
Neutral
700
8,377
6,417
7,502
6.1
6.3
21.3
25.5
32.9
27.5
10.7
8.6
35.7
34.6
1.3
1.1
Colgate
Neutral
1,371
18,643
3,588
4,130
20.5
20.9
44.2
51.8
31.0
26.5
30.2
22.0
108.6
96.2
5.0
4.3
Dabur India
Neutral
162
28,195
7,183
8,340
16.8
16.8
5.4
6.3
30.1
25.7
11.7
9.1
41.5
40.1
3.9
3.3
GlaxoSmith Con*
Neutral
4,688
19,715
3,617
4,259
16.1
16.4
122.2
148.7
38.4
31.5
11.9
9.6
34.1
33.7
5.0
4.2
Godrej Consumer
Neutral
796
27,097
7,801
9,017
16.2
15.9
25.1
29.7
31.7
26.8
6.8
5.7
24.9
24.2
3.6
3.1
HUL
Neutral
613
132,657
28,415
31,962
13.6
14.1
16.7
18.2
36.8
33.7
35.3
25.6
112.2
88.1
4.5
4.0
ITC
Neutral
342
270,175
34,294
39,991
36.8
37.0
11.3
13.3
30.3
25.6
10.0
8.1
36.1
34.9
7.6
6.4
Marico
Neutral
210
13,545
5,273
6,044
14.8
14.9
7.3
8.7
29.0
24.2
5.6
4.7
21.4
21.0
2.6
2.3
Nestle*
Neutral
5,295
51,049
9,447
10,968
22.1
22.3
127.5
154.1
41.5
34.4
20.8
15.0
57.7
50.7
5.4
4.6
Tata Global
Neutral
160
9,876
8,069
8,957
9.8
9.7
7.8
8.6
20.4
18.6
2.5
2.4
9.5
9.7
1.2
1.1
FMCG
Market Outlook
August 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Reduce
938
870
65,349
29,424
32,837
22.6
22.0
59.5
63.3
15.8
14.8
3.8
3.2
24.6
21.7
2.0
1.8
Hexaware*
Accumulate
116
123
3,469
2,213
2,479
21.5
20.5
12.1
12.9
9.6
9.0
2.4
2.1
25.4
23.5
1.4
1.2
Infosys
Neutral
2,967
170,384
47,001
51,196
26.2
26.4
171.3
189.4
17.3
15.7
3.5
3.0
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
180
190
2,009
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
126
144
2,432
2,614
2,923
17.2
16.8
13.2
14.4
9.6
8.7
1.7
1.4
18.5
16.7
0.9
0.7
Mindtree
Accumulate
957
1,050
3,976
2,768
3,006
19.7
19.9
103.1
105.3
9.3
9.1
2.2
1.8
24.8
20.3
1.1
0.9
Mphasis&
Neutral
400
8,397
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
15
249
1,144
1,267
9.0
9.1
4.3
5.4
3.5
2.8
0.4
0.3
10.3
12.0
(0.1)
Persistent
Accumulate
518
595
2,072
1,505
1,677
25.9
26.2
53.6
59.7
9.7
8.7
1.7
1.5
17.7
16.7
1.0
0.8
TCS
Accumulate
1,815
2,060
355,255
79,005
91,576
29.7
30.0
88.6
103.1
20.5
17.6
6.5
5.1
31.5
29.2
4.3
3.6
Tech Mahindra
Accumulate
1,247
1,390
28,958
8,102
8,709
19.7
19.2
107.5
117.0
11.6
10.7
2.5
2.0
21.2
18.9
3.6
3.2
Wipro
Neutral
437
107,771
41,659
45,137
21.2
21.4
27.7
29.9
15.8
14.6
3.3
2.8
20.5
19.0
2.1
1.8
D B Corp
Buy
250
302
4,578
1,783
1,968
25.2
26.8
14.6
17.2
17.2
14.5
4.5
3.8
23.9
24.2
2.5
2.2
HT Media
Buy
99
117
2,321
2,205
2,380
15.1
15.6
8.3
9.3
11.9
10.7
1.5
1.3
11.6
11.6
0.7
0.6
Jagran Prakashan
Buy
90
107
2,996
1,664
1,825
20.9
23.0
6.4
7.8
14.0
11.6
2.8
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
351
1,393
1,359
1,540
17.3
17.4
17.2
21.6
20.3
16.3
2.0
1.9
10.3
12.0
1.4
1.3
Sun TV Network
Neutral
407
16,031
2,287
2,551
69.7
70.5
20.0
23.3
20.3
17.5
5.0
4.4
26.4
27.3
6.7
5.9
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
281
345
177,774
72,174
76,311
33.3
28.4
28.4
30.9
9.9
9.1
2.7
2.3
37.6
36.2
1.6
1.5
Electrosteel Castings
Buy
10
18
328
1,976
2,017
11.8
12.7
1.3
2.6
8.0
3.9
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
87
155
2,762
1,920
2,239
53.2
52.9
21.6
25.0
4.0
3.5
0.9
0.8
25.1
23.8
1.0
0.6
Hind. Zinc
Buy
102
140
42,908
12,389
13,093
48.5
51.7
15.2
17.0
6.7
6.0
1.2
1.0
18.5
18.0
1.3
0.8
Hindalco
Neutral
90
17,260
89,352
93,672
8.8
9.2
13.4
15.0
6.7
6.0
0.5
0.4
7.3
7.6
0.5
0.5
JSW Steel
Neutral
565
13,668
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
188
248
3,161
1,010
1,046
46.5
47.6
26.8
28.8
7.0
6.5
1.0
0.9
15.4
14.7
0.7
0.5
Monnet Ispat
Buy
104
193
664
2,326
2,709
21.4
23.1
33.3
43.1
3.1
2.4
0.2
0.2
8.3
9.9
1.3
1.0
Nalco
Neutral
27
6,971
7,656
7,988
13.1
13.5
2.6
2.6
10.6
10.3
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
98
140
38,914
10,610
11,400
66.3
64.2
15.6
16.1
6.3
6.1
1.3
1.2
21.3
19.9
1.5
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
Market Outlook
August 01, 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
Buy
128
162
11,116
3,817
5,781
12.1
17.7
27.0
29.6
4.7
4.3
0.6
0.5
12.9
12.5
3.7
2.5
Sterlite Inds
Buy
75
97
25,356
44,493
45,599
22.4
23.9
16.8
19.2
4.5
3.9
0.5
0.4
10.5
10.9
0.5
0.5
Tata Steel
Buy
216
378
9.7
10.8
30.9
47.6
7.0
4.5
0.6
0.6
9.6
13.4
0.5
0.5
Sarda
Buy
78
153
278
1,494
1,568
19.1
20.3
31.3
36.5
2.5
2.1
0.3
0.3
11.8
12.4
0.5
0.4
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
405
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
215
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
295
364
56,374
18,403
17,925
71.9
62.1
62.1
57.4
4.8
5.1
1.0
0.9
22.6
17.8
1.8
1.6
GAIL
Neutral
302
38,251
49,700
48,822
16.0
16.6
32.9
33.4
9.2
9.0
1.4
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
291
387
248,879 170,063 198,461
36.3
38.3
34.7
41.9
8.4
6.9
1.5
1.3
18.3
19.5
1.2
0.9
Reliance Industries
Neutral
872
281,488 397,546 421,695
8.9
8.7
72.3
76.8
12.1
11.4
1.3
1.1
12.3
11.8
0.7
0.6
Gujarat Gas*
Neutral
176
2,253
3,707
3,850
11.7
12.4
23.7
25.7
7.4
6.8
2.1
1.8
29.6
28.2
0.5
0.4
Indraprastha Gas
Neutral
262
3,665
3,700
4,218
23.4
22.8
26.7
30.4
9.8
8.6
2.1
1.7
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
116
167
8,663
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
Buy
50
68
2,816
1,171
1,287
91.9
91.9
10.1
11.3
5.0
4.4
0.8
0.7
17.3
16.8
1.9
1.5
Alembic Pharma
Neutral
154
2,912
1,736
2,008
17.1
18.9
10.7
13.9
14.4
11.1
4.5
3.4
35.0
34.7
1.7
1.5
Aurobindo Pharma
Buy
169
271
4,923
6,641
7,637
15.9
15.9
17.3
20.6
9.8
8.2
1.6
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
735
929
15,058
7,280
8,640
15.5
15.7
38.3
46.5
19.2
15.8
4.1
3.4
23.5
23.5
2.4
2.0
Cipla
Buy
401
477
32,193
9,274
10,796
23.1
23.1
21.0
23.8
19.1
16.9
3.1
2.6
17.2
16.8
3.2
2.7
Dr Reddy's
Accumulate
2,283
2,535
38,803
13,377
15,350
20.4
20.1
112.3
126.8
20.3
18.0
4.3
3.6
23.5
21.8
3.0
2.6
Dishman Pharma
Buy
43
168
348
1,394
1,534
22.5
22.4
15.0
16.8
2.9
2.6
0.3
0.3
11.0
11.2
0.9
0.7
GSK Pharma*
Neutral
2,374
20,106
2,854
3,145
28.6
28.6
76.6
83.3
31.0
28.5
9.3
8.4
31.1
31.0
6.2
5.5
Indoco Remedies
Buy
61
78
559
760
922
15.3
15.3
6.1
7.8
9.9
7.8
1.2
1.1
12.9
14.7
0.9
0.8
Ipca labs
Neutral
664
8,376
3,243
3,826
20.5
21.5
36.0
44.4
18.4
15.0
4.3
3.4
26.0
25.4
2.7
2.3
Lupin
Neutral
871
39,024
11,641
13,933
21.3
21.3
34.8
41.8
25.0
20.9
5.9
4.6
26.2
24.8
3.4
2.8
Ranbaxy*
Buy
286
384
12,093
11,400
12,060
10.5
12.5
17.5
22.5
16.3
12.7
2.6
2.3
17.0
19.1
1.0
0.9
Sun Pharma
Neutral
564
116,644
13,509
15,846
41.0
41.0
33.0
39.8
17.1
14.2
3.4
2.9
22.0
22.0
8.1
6.7
20,949 140,917 151,537
Power
GIPCL
Buy
62
78
940
1,444
1,482
33.4
33.0
13.7
14.8
4.5
4.2
0.5
0.5
12.3
12.0
0.7
0.5
NTPC
Buy
131
163
107,686
76,734
86,680
24.5
24.3
13.4
14.5
9.8
9.0
1.2
1.1
12.8
12.7
2.1
2.0
Market Outlook
August 01, 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
150
236
26,636
8,293
9,622
36.5
36.1
5.7
6.7
26.2
22.2
0.9
0.9
3.7
4.1
5.3
4.4
MLIFE
Accumulate
444
483
1,815
888
1,002
27.0
29.9
33.9
42.1
13.1
10.6
1.3
1.2
9.9
11.2
2.6
2.4
Bharti Airtel
Reduce
345
321
137,870
85,489
94,229
31.9
31.9
10.2
14.6
33.7
23.6
2.4
2.2
7.2
9.4
2.3
2.0
Idea Cellular
Neutral
169
56,043
25,640
28,459
26.9
27.2
4.0
4.9
42.2
34.2
3.6
3.2
8.4
9.4
2.6
2.3
Rcom
Neutral
140
28,814
22,751
24,628
30.9
31.3
3.4
5.3
40.7
26.5
0.8
0.8
2.1
3.1
2.9
2.5
Telecom
Others
Abbott India*
Buy
1,403
1,659
2,982
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
164
237
1,640
3,885
4,472
5.4
7.2
11.0
19.7
15.0
8.3
2.0
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Buy
501
613
633
631
797
14.5
13.7
42.6
51.1
11.8
9.8
2.8
2.2
26.5
25.3
1.0
0.8
Cravatex
Buy
289
459
75
248
284
6.5
7.3
27.2
38.2
10.7
7.6
1.7
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
254
349
331
2,304
2,649
3.1
3.6
28.0
43.7
9.1
5.8
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
319
345
737
1,458
1,542
8.3
9.0
32.3
37.0
9.9
8.6
1.8
1.6
19.5
19.3
0.3
0.3
Hitachi
Buy
109
191
296
1,080
1,199
8.9
9.1
18.3
19.1
6.0
5.7
1.1
0.9
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,426
2,145
1,842
2,131
7.7
7.8
111.1
130.9
21.8
18.5
2.8
2.4
13.3
13.9
1.1
0.9
IFB Agro
Buy
134
198
121
495
651
12.7
12.9
29.3
39.5
4.6
3.4
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
162
234
186
1,430
1,573
11.1
11.0
19.1
26.9
8.5
6.0
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Buy
164
199
2,729
1,220
1,476
13.3
13.6
5.5
9.0
29.8
18.2
3.4
3.0
12.1
17.7
2.6
2.0
MRF
Buy
13,221
16,218
5,607
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
4,394
4,901
1,057
1,282
19.4
19.6
124.8
153.7
35.2
28.6
17.4
12.9
56.3
51.8
4.7
3.9
Relaxo Footwears
Buy
782
981
939
1,196
1,401
11.9
12.6
55.6
75.4
14.1
10.4
3.4
2.6
27.1
28.1
0.9
0.8
Siyaram Silk Mills
Buy
206
311
193
1,158
1,322
10.8
11.2
62.1
77.8
3.3
2.6
0.5
0.5
17.2
18.4
0.4
0.3
Styrolution ABS India*
Buy
374
492
657
1,007
1,108
8.4
8.7
30.3
35.1
12.3
10.6
1.4
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
58
108
362
300
319
35.8
36.2
7.9
9.1
7.3
6.3
1.0
0.9
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
258
371
397
814
849
17.0
17.6
64.6
69.2
4.0
3.7
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
507
632
393
416
481
4.5
6.1
16.2
25.3
31.3
20.0
3.9
3.4
12.6
18.1
0.8
0.7
Tree House
Accumulate
260
297
934
153
194
53.0
52.8
12.4
15.6
21.0
16.6
2.5
2.2
11.8
13.1
6.3
4.8
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
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
2,392
34,758
12,294
14,162
12.0
12.0
42.1
67.7
56.8
35.3
4.0
3.6
9.1
10.7
3.2
2.7
366
439
743
600
638
20.1
19.4
35.7
36.6
10.3
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Market Outlook
August 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
77
117
511
2,042
2,363
14.6
14.8
12.3
16.5
6.3
4.7
0.5
0.4
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 31, 2013
Market Outlook
August 01, 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

OIL & GAS

Yes Bank raises lending and deposit rates

Refer detailed news analysis on the following page

Net Inflows (July 30, 2013)

FII Derivatives (July 31, 2013)

Yes Bank raises lending and deposit rates

ICICI Bank (CMP: `909 / TP: `1,131 / Upside: 24.3%)

HCL Technologies (CMP: `938/ TP: -/ Upside: -)

59.5 24.6 15.8

63.3 21.7 14.8

JSW Steel (CMP: `565 / TP: -/ Upside: -)

Motherson Sumi Systems (CMP: `204/ TP: `242/ Upside: 18%)

130bp yoy) respectively. As a result of the strong operating performance,

Andhra Bank (CMP: `65 / TP: - / Upside: -)

Jagran (CMP: `90/TP: `119/Upside: 32%)

Dishman Pharma (CMP: `43/ TP: `168/ Upside: 290%)

121 15.0 11.0

136 16.8 11.2

Reliance Communications (CMP: `140/ TP: -/ Upside: -)

Bank of Baroda - (CMP: `561 / TP: - / Upside: - -)

report modest operating profit growth of 3.6% yoy at `2,335cr. Provisioning

GSK Consumer (CMP: `4,685/TP:-/Upside :-)

Canara Bank - (CMP: `275 / TP: - / Upside: -)

Union Bank - (CMP: `133 / TP: -/ Upside: - )

while provisioning expenses are expected to increase by 3.7% yoy to `537cr.

JK Bank (CMP: `1,122 / TP: - / Upside: -)

Tata Global (CMP: `160/TP:-/Upside :-)

Quarterly Bloomberg Consensus Estimate

EBITDA margin (%)

Bank of Baroda (01/08/2013)

Glenmark Pharma Consolidated (01/08/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Idea Consolidated (01/08/2013)

Cummins India (01/08/2013)

Power Grid Corporation (01/08/2013)

Reliance Communication Consolidated (01/08/2013)

EBITDA margin (%)

Tata Global Beverage Consolidated (01/08/2013)

EBITDA margin (%)

Titan Industries (01/08/2013)

EBITDA margin (%)

Union Bank of India (01/08/2013)

Power Finance Corporation (02/08/2013)

EBITDA margin (%)

EBITDA margin (%)

Siemens India (02/08/2013)

Canara Bank (03/08/2013)

Coal India Consolidated (03/08/2013)

Divi's Laboratories (03/08/2013)

EBITDA margin (%)

Godrej Consumers Consolidated (03/08/2013)

EBITDA margin (%)

Grasim Industries Consolidated (03/08/2013)

EBITDA margin (%)

Economic and Political News

Resentment in Odisha over compensation for Posco project

Lupin gets US nod for Armodafinil tablets, Doxycycline capsules

August 04, 2013

Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet