Market Outlook 

September 16, 2013

Dealer’s Diary
Indian markets are expected to open in green tracking gap up opening in almost
all the Asian indices, after Lawrence Summers dropped from the race to be head of
the Federal Reserve and investors wagered that U.S. monetary policy would stay
easier for longer should the other leading candidate for Fed chair, Janet Yellen, get
the job. In addition, US and Russia reached an agreement to secure Syria’s
chemical weapons
The US markets rose on Friday, with the Dow industrials posting their best week
since January, as worries about Syria ebbed and as investors looked to monetarypolicy decision by the Federal Reserve. The Commerce Department released a
report showing 0.2% retail sales growth in the month of August following an
upwardly revised 0.4% increase in July. This disappointing data seemed to
generate some optimism that the Federal Reserve will delay plans to begin scaling
back its asset purchase program at this week’s meeting.
Meanwhile, the domestic markets a volatile session modestly lower on Friday,
weighed down by weak global cues as traders refrained from taking fresh positions
ahead of this week's FOMC meeting. Many analysts expect the central bank to
announce a modest reduction in its bond-buying program at the end of the twoday policy meeting slated to end Wednesday.
The trend deciding level for the day is 19,769 / 5,853 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,863 – 19,993 / 5,882 – 5,914 levels. However, if NIFTY trades below
19,769 / 5,853 levels for the first half-an-hour of trade then it may correct up to
19,639 – 19,546 / 5,821 – 5,791 levels.

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.2)

Nifty

(0.0)

(0)

5,851

MID CAP

0.6

32

5,629

SMALL CAP

0.6

33

5,509

BSE HC

0.2

15

9,375

BSE PSU

1.9

101

5,574

BANKEX

0.1

15 11,589

AUTO

0.9

94 10,943

METAL

0.5

45

8,459

OIL & GAS

0.6

49

8,582

(1.4)

(113)

7,802

Chg (%)

(Pts)

(Close)

BSE IT
Global Indices

Dow Jones
NASDAQ
FTSE
Nikkei

Markets Today

Indices

Domestic Indices

(49) 19,733

0.5

75 15,376

0.2

6

3,722

(0.1)

(5)

6,584

0.1

17 14,405

Hang Sang

(0.2)

(38) 22,915

Straits Times

(0.0)

(1)

3,120

Shanghai Com

(0.9)

(19)

2,236

Chg (%)

(Pts)

(Close)

INFY

(0.7)

(0.3)

$48.0

Indian ADR

S2

S1

PIVOT

R1

R2

WIT

(1.1)

(0.1)

$9.7

SENSEX

19,546

19,639

19,769

19,863

19,993

IBN

1.2

0.4

$30.7

NIFTY

5,791

5,821

5,853

5,882

5,914

HDB

0.6

0.2

$31.9

News Analysis



Advances / Declines

PMEAC revises FY2014 growth estimates
Metals sector update
Bosch to temporarily suspend production at Nashik plant
JSW Steel reported August crude steel production numbers

Net Inflows (September 12, 2013)
` cr

Purch

Sales

Net

MTD

YTD

FII

3,778

2,820

958

6,472

65,685

552

538

14

(823)

(14,241)

FII Derivatives (September 13, 2013)
` cr

Purch

Sales

Net

Open Interest

Index Futures

2,266

2,260

7

12,674

Stock Futures

1,933

2,118

(184)

28,742

Gainers / Losers
Company

Gainers
Price (`)
chg (%)

Company

Losers
Price (`)
chg (%)

JPPower

17

8.0

Financial Tech

199

(8.4)

NHPC

19

6.5

Shriram City Uni

886

(3.8)

Oriental Bank

172

6.1

Wipro

455

(3.6)

United Brew-$

864

5.9

Pipavav Defence

45

(3.4)

19

5.6

Hindustan Zinc

126

(2.9)

GMR Infra

www.angelbroking.com

NSE

Advances

1,356

777

Declines

1,043

500

155

86

Unchanged

Refer detailed news analysis on the following page

MFs

BSE

Volumes (` cr)

BSE

1,856

NSE

11,035

Market Outlook
September 16, 2013

PMEAC revises FY2014 growth estimates
The PMEAC on September 13, 2013 pegged real GDP growth for FY2014 at 5.3%
higher than 5% in FY2013. It expects agriculture, industry and services growth at
4.8%, 2.7% and 6.6% in FY2014 as against 1.9%, 2.1% and 7.1% respectively in
the previous year. The Council’s growth estimates have been revised lower from
6.4% indicated in April 2013. The reasons it states for lowering the forecast are
impact of currency related disruptions and corporate results remaining stressed.
However these estimates continue to remain higher than market expectations of
growth ranging between 4.5-5% during the fiscal year and lower than FY2013.
The three main reasons it cites for a higher growth rate as compared to FY2013
are 1) reflection of full impact of various measures taken over the last six months,
2) performance of key infrastructure sectors that lie in the public domain such as
coal, power, roads and railways and 3) Continuous efforts being made to remove
the bottlenecks in the implementation of projects.
Domestic savings rate is projected at 31% of GDP as against the estimated 30.2%
of GDP in FY2013. Investment rate is projected to be lower at 34.7% of GDP in
FY2014 as against the estimated 35% in FY2013.
It estimates WPI inflation by end March 2014 to be around 5.5 percent as against
the average of 7.4% in FY2013 and 5.7% at end March 2013. But we believe that
upside risks to inflation exist from the full pass-through impact of currency
depreciation and deregulating of administered fuels.
The Current Account Deficit is projected at US$70bn (3.8% of GDP) in FY2014
against an estimated US$88.2bn (4.8% of GDP) in FY2013. Merchandise trade
deficit is projected at US$185bn (10.1% of GDP) in FY2014 against an estimated
US$195.7bn (10.6% of the GDP) in FY2013. It also points to the likelihood of CAD
coming in lower than US$70bn if recent trends in exports and imports are
maintained through the year. However a note of caution is warranted despite the
improving CAD since it expects slower capital flows in the economy. Net Capital
inflows are projected at US$61.4 bn (3.4% of GDP) in FY2014 against an
estimated US$89.4bn in FY2013. This would entail a draw-down of US$8.6bn
from the country’s foreign exchange reserves. It is reiterates that for India, the
short-term problem is of financing the large CAD, while the medium term issue is
to compress CAD to a more sustainable level of around 2.5% of GDP and ensure
price stability.
On the fiscal situation it notes that containing fiscal deficit within the budgeted
estimate could be a challenge. The fiscal deficit during the first four months of the
current financial year has already reached 62.8%, and expenditure on major
subsidies 51.3%, of the budgetary provision for the full financial year.
Discretionary expenditure budgeted may need to be compressed, and subsidies
restructured, in the remaining months of the financial year in a growth friendly
manner to limit fiscal slippages.
It concurs that the current stance of monetary policy has to continue until stability
in the rupee is achieved. Thereafter, if the current trend in the moderation of
wholesale price inflation continues, which is in fact expected, the monetary
authorities can switch to a policy of easing. However it notes that the time frame
for this is very difficult to specify.

www.angelbroking.com

Market Outlook
September 16, 2013

Metals sector update
Global positives fuelling rally in metal stocks lately: Over the past one year, we
have seen declines in stock prices alongside frequent earnings downgrades for
Metals and Mining sector companies. This is because global and domestic metal
and base metal prices have broadly slid during CY2013 (upto August 2013).
However, Metals & Mining stocks have rallied by 5-35% over the past one month
on the back of positive news flows across the globe, especially China, alongside
INR depreciation against the USD.
Some gains for steel companies likely: For steel companies, these factors make a
case for increase in realizations and better volume growth (due to higher export
prospects and also import substitution due to INR depreciation). However,
domestic steel demand remains weak in the near-term. Steel consumption growth
declined to multi-year lows to 3.3% yoy during FY2013. Further, real steel
consumption in India rose by just 0.3% yoy during April – August 2013 due to low
demand from construction and automotive sectors. Nevertheless, we expect a
3-4% improvement in realizations for domestic steel companies during 2HFY2014,
compared to announced price hikes of 6-7%.
Base metal stocks to benefit the most due to weak INR: Base metal companies
(mainly aluminium and zinc producers) price their products based on LME spot
prices which are dollar-denominated. These companies are likely to be the real
beneficiaries on the back of INR depreciation against the USD as there is high level
of consolidation in the aluminium and zinc sectors in India. Hence,
INR depreciation makes a strong case for increases in realizations of zinc and
aluminium companies, but not of steel companies where low domestic demand
coupled with fragmented domestic industry play a spoilsport.
We upgrade some stocks: For steel makers, a weakening rupee raises landed cost
of steel imports, thus giving higher pricing power to domestic steel players. It also
raises coking coal costs (a key raw material in steel making) which partially offsets
the impact of price hikes. Steel companies have also announced price hikes in the
range of 3-7% effective September 2013. However, weak domestic demand (AprilAugust real consumption grew only 0.3% yoy) alongside fragmented domestic
industry is likely to partially spoil the party; these hikes will be partially rolled-back
in the form of discounts, in our view. Nevertheless, we continue to like companies
with captive assets, strong visibility on earnings growth over the coming few years,
low leverage levels and inexpensive valuations. Tata Steel, Hindustan Zinc and
NMDC still remain our preferred bets.

Bosch to temporarily suspend production at Nashik plant
According to a filing with the BSE, Bosch has announced that it will suspend the
production at its Nashik plant for a period of three days starting from September
16, 2013. The company has announced the shutdown to avoid unnecessary
buildup of inventory and align the production as per the market demand. The
domestic automotive industry is the primary driver of company’s revenue and the
weak domestic demand on account of sluggish economic growth, increasing fuel
prices and weak consumer sentiments is expected to impact the company’s
operating performance in CY2013. Nevertheless, we remain positive on the long
term prospects of BOS due to its technological leadership and strong and
diversified product portfolio. At `8,284 the stock is trading at 19.6x CY2014E

www.angelbroking.com

Market Outlook
September 16, 2013

earnings. We maintain our Accumulate rating on the stock with a target price of
`9,096.

JSW Steel reported August crude steel production numbers
JSW Steel reported August crude steel production numbers from all the three
plants namely Vijayanagar, Salem and Dolvi. The crude steel production for
August stood at 0.98mn tonnes and the rolled flat and rolled long production
stood at 0.82mn tonnes and 0.13mn tonnes respectively. The capacity utilization
at Vijayanagar plant remains at ~80% due to iron ore shortage caused by
inordinate delays in opening category A and B mines even after Supreme court’s
order to resume mining operations. The production numbers are however, not
comparable to the August 2012 numbers since these numbers comprises of the
production from the erstwhile JSW Ispat’s Dolvi plant which is now merged with
JSW Steel. We maintain our Neutral view on the JSW Steel stock.

Economic and Political News




Former U.S. treasury secretary Lawrence Summers withdraws name for federal
reserve chairman position
Government asks airlines to reduce cancellation, rescheduling charges
Narendra Modi formally anointed BJP's prime ministerial candidate
Petrol price increased by `1.63 a litre
PowerMin unveils model Bill on distribution responsibility

Corporate News







Bayer CropScience inks pack to sell its unit for `127cr
Biocon in strategic pact with CytoSorbents for management of sepsis
IL&FS Engg wins `244cr housing project in Haryana
ONGC to pre-empt Petrobras stake sale
Promoters set to infuse `1,000cr in PNB Housing
REC tax-free bond issue of `3,500 to close on September 16
RIL slams DGH move to snatch gas discoveries as arbitrary
Sun Pharma announces USFDA approval for generic Prevacid®

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

www.angelbroking.com

Market Outlook
September 16, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

September 16, 2013

12:00PM

India

% Change

Aug

5.79

5.70

2:30PM

Euro Zone Euro-Zone CPI (YoY)

%

Aug F

1.30

1.30

6:45PM

US

Industrial Production

%

Aug

0.04

0.40

2:00PM

UK

CPI (YoY)

% Change

Aug

2.80

2.70

6:00PM

US

Consumer price index (mom)

% Change

Aug

0.20

0.20

6:00PM

US

Housing Starts

Thousands

Aug

896.00

920.00

6:00PM

US

Building permits

Thousands

Aug

954.00

950.00

11:30PM

US

FOMC rate decision

%

Sep 18

0.25

0.25

September 19, 2013

7:30PM

US

Existing home sales

Million

Aug

5.39

5.25

September 20, 2013

11:00AM

India

RBI Repo rate

%

Sep 20

7.25

--

11:00AM

India

RBI Cash Reserve ratio

%

Sep 20

4.00

--

11:00AM

India

RBI Reverse Repo rate

%

Sep 20

6.25

--

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Sep A

(15.60)

(14.50)

1:00PM

Germany PMI Services

Value

Sep A

52.80

--

1:00PM

Germany PMI Manufacturing

Value

Sep A

51.80

--

September 24, 2013

7:30PM

US

Consumer Confidence

S.A./ 1985=100

Sep

81.50

81.00

September 25, 2013

7:30PM

US

New home sales

Thousands

Aug

394.00

425.00

September 26, 2013

2:00PM

UK

GDP (YoY)

% Change

2Q F

1.50

--

6:00PM

US

GDP Qoq (Annualised)

% Change

2Q T

2.50

2.70

6:30AM

China

PMI Manufacturing

Value

Sep

51.00

--

2:00PM

UK

PMI Manufacturing

Value

Sep

57.20

--

Thousands

Sep

7.00

--

%

Oct 2

0.50

--

Thousands

Sep

169.00

--

September 17, 2013
September 18, 2013

September 23, 2013

October 1, 2013

Monthly Wholesale Prices YoY%

1:25PM

Germany Unemployment change (000's)

October 2, 2013

5:15PM

Euro Zone ECB announces interest rates

October 4, 2013

6:00PM

US

Change in Nonfarm payrolls

6:00PM

US

Unnemployment rate

%

Sep

7.30

--

October 9, 2013

2:00PM

UK

Industrial Production (YoY)

% Change

Aug

(1.60)

--

October 10, 2013

4:29PM

India

Imports YoY%

% Change

Sep

(0.68)

--

4:29PM

India

Exports YoY%

% Change

Sep

13.00

--

4:30PM

UK

BOE Announces rates

% Ratio

Oct 10

0.50

0.50

October 12, 2013

4:29PM

China

Exports YoY%

% Change

Sep

7.20

--

October 14, 2013

7:00AM

China

Consumer Price Index (YoY)

% Change

Sep

2.60

--

Source: Bloomberg, Angel Research

Market Outlook
September 16, 2013

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
10.0

11.4
9.2

6.0
4.0
2.0

Mfg. PMI

60.0
8.1
7.3

7.2

7.3

Jul-13

Jun-13

May-13

(2.8)

Exhibit 4: Manufacturing and services PMI

(%)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

(1.8)

(4.0)

Aug-12

1QFY14

4QFY13

3QFY13

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

(1.0) (0.6)

(0.7)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

7.3

Services PMI

58.0

7.3
5.8

5.7
4.8

4.9

4.6

56.0
54.0
52.0
50.0

Source: MOSPI, Angel Research

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

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

Exhibit 5: Exports and imports growth trends
Exports yoy growth

(%)
15.0

46.0

Jun-12

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Sep-12

48.0

Oct-12

Exhibit 6: Key policy rates

Imports yoy growth

Repo rate

(%)
9.00

12.0

Reverse Repo rate

CRR

8.00

9.0

7.00

6.0

www.angelbroking.com

Source: RBI, Angel Research

Sep-13

Aug-13

Jul-13

Jul-13

Jun-13

May-13

May-13

Apr-13

Mar-13

Mar-13

Feb-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Source: Bloomberg, Angel Research

Jan-13

3.00

(9.0)

Jan-13

4.00

(6.0)

Dec-12

(3.0)

Nov-12

5.00

Sep-12

0.0

Nov-12

6.00

3.0

Oct-12

9.0

0.6

(2.0)

Source: CSO, Angel Research

2.6
1.5

Apr-13

4.7 4.8 4.4

Feb-13

5.1 5.4 5.2

Jan-13

6.0

3.5

2.5

2.0

Dec-12

6.5

Mar-13

7.5

Nov-12

7.7

Oct-12

8.6

8.4

8.0

9.9

Sep-12

9.5

3QFY10

12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0

Market Outlook
September 16, 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

152

-

2,961

1,674

1,923

13.7

13.7

6.8

7.6

22.4

20.0

4.2

3.7

20.0

19.6

1.9

1.7

United Phosphorus

Buy

134

225

5,909

10,091

11,302

16.5

16.5

19.2

22.5

7.0

5.9

1.1

1.0

17.0

17.2

0.8

0.6

Amara Raja Batteries

Neutral

303

-

5,172

3,474

3,952

15.5

15.5

19.0

21.0

15.9

14.4

3.9

3.2

27.2

24.2

1.5

1.3

Apollo Tyres

Neutral

64

-

3,228

13,409

15,106

11.8

11.6

13.1

15.4

4.9

4.2

0.8

0.7

17.9

17.8

0.4

0.3

Ashok Leyland

Buy

14

18

3,621

12,945

15,049

6.3

8.2

0.2

1.5

78.2

9.1

1.2

1.1

1.1

9.1

0.4

0.3

Automotive Axle#

Neutral

200

-

303

700

890

8.7

10.7

11.1

25.8

18.0

7.8

1.1

1.0

6.2

13.9

0.5

0.4

Bajaj Auto

Accumulate

1,978

2,115

57,244

22,042

25,399

19.3

19.3

121.1

141.0

16.3

14.0

5.8

4.6

39.4

36.6

2.2

1.8

Bharat Forge

Neutral

258

-

6,004

5,942

6,417

15.2

15.5

15.6

19.7

16.5

13.1

2.4

2.1

15.4

17.3

1.2

1.0

Bosch India*

Accumulate

8,284

9,096

26,009

9,301

10,895

16.8

18.0

339.9

423.1

24.4

19.6

4.1

3.5

16.6

17.6

2.4

2.0

CEAT

Buy

111

170

400

5,159

5,628

9.3

9.0

43.5

48.6

2.6

2.3

0.4

0.4

18.4

17.5

0.2

0.2

Exide Industries

Buy

127

148

10,833

6,899

7,873

14.7

14.7

7.9

9.0

16.1

14.1

2.8

2.4

18.3

18.0

1.3

1.1

FAG Bearings*

Neutral

1,160

-

1,928

1,336

1,572

13.8

16.0

75.6

102.4

15.3

11.3

1.9

1.7

13.4

15.8

1.2

1.0

Hero Motocorp

Neutral

2,011

-

40,152

25,543

28,228

14.5

14.5

110.5

148.1

18.2

13.6

6.9

5.5

40.8

44.9

1.4

1.2

JK Tyre

Buy

89

152

365

7,376

8,262

10.0

9.8

56.0

60.9

1.6

1.5

0.3

0.3

22.7

20.2

0.4

0.4

Mahindra and Mahindra Buy

813

999

50,084

42,003

47,250

12.0

12.2

58.1

66.1

14.0

12.3

2.8

2.4

21.5

20.8

0.9

0.8

1,320

1,571

39,861

45,877

52,733

11.2

11.2

93.0

104.7

14.2

12.6

1.9

1.7

14.2

14.0

0.7

0.6

216

242

12,669

27,905

31,297

7.8

8.0

13.8

16.6

15.7

13.0

4.1

3.2

29.9

27.7

0.6

0.5

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

333

360

89,672 226,969 247,825

13.5

13.7

38.3

41.1

8.7

8.1

2.2

1.7

28.2

23.7

0.5

0.4

6.0

6.2

4.9

5.9

6.3

5.1

1.1

0.9

17.8

19.0

0.1

0.1

Auto & Auto Ancillary

Maruti

Buy

Motherson Sumi

Accumulate

Subros

Buy

Tata Motors

Accumulate

TVS Motor

Buy

31

36

1,451

7,659

8,528

ABB*

Sell

550

442

11,662

8,037

9,087

5.8

6.9

12.2

17.0

45.1

32.4

4.3

4.2

9.8

13.1

1.4

1.2

BGR Energy

Neutral

122

-

881

3,541

4,041

11.8

10.7

21.1

22.9

5.8

5.3

0.7

0.6

21.8

19.5

0.5

0.5

BHEL

Neutral

135

-

32,994

42,227

38,453

16.0

14.4

18.8

15.0

7.2

9.0

1.5

1.3

21.7

15.4

0.6

0.7

Blue Star

Buy

150

208

1,349

2,941

3,099

3.4

4.2

6.0

9.3

25.1

16.1

3.1

2.7

12.9

18.0

0.6

0.5

Crompton Greaves

Buy

88

103

5,655

13,418

14,654

5.8

6.7

5.8

7.8

15.2

11.3

1.5

1.4

10.1

12.5

0.5

0.5

Jyoti Structures

Neutral

21

-

170

3,312

3,555

9.0

9.0

4.5

6.5

4.6

3.2

0.2

0.2

5.6

7.7

0.3

0.3

KEC International

Buy

26

36

674

7,709

8,399

6.2

6.9

5.1

8.1

5.1

3.2

0.5

0.5

16.6

21.5

0.3

0.2

Thermax

Neutral

578

-

6,890

5,832

6,397

9.1

9.6

28.8

32.9

20.1

17.6

3.3

2.9

17.2

17.3

1.1

1.0

1,026

1,225

19,270

11,581

13,009

17.6

19.3

63.9

81.5

16.1

12.6

2.4

2.2

15.6

18.2

1.4

1.2

Capital Goods

Cement
ACC

Buy

www.angelbroking.com

Market Outlook
September 16, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

FY14E

Sales ( Č cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( Č)
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

Cement
Ambuja Cements

Neutral

181

-

27,896

9,975

11,409

22.4

23.1

9.4

11.1

19.3

16.2

2.9

2.7

15.7

17.2

2.3

1.9

India Cements

Neutral

49

-

1,505

4,796

5,357

16.4

16.1

7.3

9.5

6.7

5.2

0.4

0.4

6.4

8.0

0.7

0.6

J K Lakshmi Cement

Buy

64

79

756

2,235

2,684

19.4

21.4

15.0

18.4

4.3

3.5

0.5

0.5

13.2

14.3

0.5

1.0

Madras Cements

Neutral

167

-

3,968

4,010

4,524

23.5

23.4

14.9

18.3

11.2

9.1

1.5

1.3

14.0

15.2

1.6

1.4

Shree Cement^

Neutral

3,865

-

13,466

6,316

7,162

26.5

25.7

294.6

340.5

13.1

11.4

2.9

2.3

24.0

22.7

1.6

1.3

UltraTech Cement

Neutral

1,751

-

48,025

22,021

25,274

22.0

21.6

99.5

113.3

17.6

15.5

2.8

2.4

16.7

16.6

2.2

2.0

49

60

774

1,912

2,131

21.0

21.5

5.0

5.5

9.8

9.0

0.7

0.7

8.8

7.6

1.7

1.8

6

-

107

1,715

1,824

2.4

6.2

(2.9)

(0.4)

(2.0)

(16.1)

0.2

0.2

0.5

0.5

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

74

106

2,458

3,805

4,248

45.1

45.3

15.0

15.8

4.9

4.7

0.7

0.6

14.5

13.9

2.9

3.1

ITNL

Buy

118

156

2,290

7,423

7,970

27.5

28.7

30.3

32.0

3.9

3.7

0.6

0.5

15.0

14.0

2.4

2.5

IVRCL Infra

Neutral

12

-

380

5,673

5,892

7.8

7.6

(1.7)

(2.0)

(7.5)

(6.3)

0.2

0.2

0.6

0.6

Jaiprakash Asso.

Neutral

38

-

8,510

12,946

14,897

24.7

25.6

1.2

2.7

31.2

14.3

0.6

0.6

2.0

4.3

2.5

2.3

Larsen & Toubro

Buy

814

1,002

75,288

68,946

78,040

10.0

10.0

49.0

55.2

16.6

14.7

2.4

2.1

14.9

15.3

1.2

1.1

Nagarjuna Const.

Buy

20

30

500

6,167

6,945

8.0

8.2

2.7

3.6

7.3

5.4

0.2

0.2

2.7

3.6

0.4

0.4

Punj Lloyd

Neutral

25

-

829

12,726

14,226

8.2

8.2

0.9

1.0

29.1

24.4

0.3

0.3

1.0

1.2

0.6

0.6

Sadbhav Engg.

Buy

57

99

859

2,462

2,731

10.6

10.6

5.3

6.0

10.8

9.5

1.0

0.9

9.2

9.6

0.6

0.6

Simplex Infra

Neutral

65

-

323

6,237

6,908

9.1

9.0

9.9

13.9

6.6

4.7

0.2

0.2

3.7

5.0

0.5

0.5

Unity Infra

Neutral

20

-

145

2,146

2,339

12.9

13.0

9.3

9.6

2.1

2.0

0.2

0.2

8.0

7.7

0.7

0.7

Allahabad Bank

Neutral

77

-

3,865

6,843

7,528

2.5

2.5

26.0

30.1

3.0

2.6

0.5

0.4

11.8

12.4

-

-

Andhra Bank

Neutral

53

-

2,991

4,868

5,390

2.4

2.5

12.3

16.6

4.4

3.2

0.4

0.4

7.9

10.0

-

-

Axis Bank

Buy

1,021

1,218

47,875

19,280

22,886

3.3

3.3

130.7

157.1

7.8

6.5

1.3

1.1

17.3

18.1

-

-

Bank of Baroda

Neutral

521

-

21,935

15,896

17,947

2.2

2.3

95.4

124.4

5.5

4.2

0.7

0.6

12.0

14.2

-

-

Bank of India

Neutral

166

-

9,871

14,482

16,069

2.3

2.2

55.0

62.2

3.0

2.7

0.4

0.4

13.7

13.9

-

-

Bank of Maharashtra

Neutral

38

-

2,540

4,529

4,780

3.0

2.8

12.3

11.8

3.1

3.3

0.5

0.4

16.5

14.1

-

-

Canara Bank

Neutral

225

-

9,950

11,454

12,378

2.0

2.0

52.4

60.5

4.3

3.7

0.5

0.4

9.8

10.4

-

-

Central Bank

Neutral

58

-

6,079

8,196

9,202

2.4

2.4

6.1

15.9

9.6

3.7

0.7

0.6

5.2

12.8

-

-

Corporation Bank

Neutral

270

-

4,135

5,641

6,083

2.0

2.0

82.7

98.1

3.3

2.8

0.4

0.4

12.6

13.5

-

-

Dena Bank

Neutral

51

-

1,787

3,307

3,531

2.2

2.4

17.5

21.6

2.9

2.4

0.4

0.3

11.9

13.2

-

-

Federal Bank

Neutral

297

-

5,078

2,798

3,250

3.0

3.0

38.1

51.9

7.8

5.7

0.7

0.7

9.8

12.3

-

-

Financials

www.angelbroking.com

Market Outlook
September 16, 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

816

908

126,897

8,679

10,350

3.6

3.6

37.5

44.7

21.7

18.3

4.5

4.1

30.1

30.7

-

-

HDFC Bank

Buy

636

743

151,955

27,392

33,264

4.6

4.6

36.3

45.1

17.5

14.1

3.5

3.0

21.9

22.8

-

-

ICICI Bank

Buy

951

1,126

109,778

25,727

29,969

3.2

3.2

83.2

96.7

11.4

9.8

1.5

1.4

14.9

15.4

-

-

IDBI Bank

Neutral

59

-

7,883

9,598

10,551

2.0

2.0

15.9

22.5

3.7

2.6

0.4

0.3

10.4

13.5

-

-

Indian Bank

Neutral

71

-

3,056

5,940

6,396

2.7

2.7

24.9

32.9

2.9

2.2

0.3

0.3

10.3

12.4

-

-

IOB

Neutral

45

-

4,140

7,692

8,627

2.2

2.3

8.1

15.2

5.5

2.9

0.4

0.3

5.9

10.5

-

-

J & K Bank

Neutral

1,179

-

5,715

3,038

3,370

3.7

3.9

214.2

202.6

5.5

5.8

1.0

0.9

19.8

16.3

-

-

LIC Housing Finance

Neutral

181

-

9,150

2,001

2,495

2.2

2.3

23.8

28.8

7.6

6.3

1.3

1.1

17.3

18.2

-

-

Oriental Bank

Neutral

162

-

4,734

6,918

7,459

2.6

2.5

46.7

52.5

3.5

3.1

0.4

0.4

10.8

11.1

-

-

Punjab Natl.Bank

Neutral

494

-

17,467

20,766

23,515

3.4

3.4

135.0

164.8

3.7

3.0

0.6

0.5

14.4

15.7

-

-

South Ind.Bank

Neutral

21

-

2,769

1,800

2,023

2.7

2.7

3.7

4.2

5.6

4.9

0.9

0.8

16.2

16.2

-

-

St Bk of India

Neutral

1,658

-

113,420

65,392

74,467

3.0

3.0

178.5

226.1

9.3

7.3

1.2

1.0

12.1

14.0

-

-

Syndicate Bank

Neutral

73

-

4,385

6,740

7,512

2.5

2.5

21.0

23.5

3.5

3.1

0.4

0.4

12.6

12.8

-

-

UCO Bank

Neutral

58

-

4,377

6,770

7,017

2.8

2.6

14.8

15.5

3.9

3.7

0.7

0.6

14.4

13.5

-

-

Union Bank

Neutral

119

-

7,102

10,458

11,809

2.5

2.5

32.0

40.6

3.7

2.9

0.5

0.4

11.6

13.4

-

-

United Bank

Neutral

33

-

1,237

3,386

3,884

2.3

2.5

12.4

20.0

2.7

1.7

0.3

0.2

10.0

14.7

-

-

Vijaya Bank

Neutral

38

-

1,888

2,718

2,941

1.8

1.9

7.0

9.0

5.4

4.3

0.5

0.4

8.2

9.8

-

-

Yes Bank

Neutral

281

-

10,132

4,417

5,486

2.7

2.8

42.9

49.5

6.6

5.7

1.4

1.2

23.9

22.8

-

-

Asian Paints

Neutral

438

-

41,984

12,332

14,524

16.3

16.1

13.9

16.0

31.5

27.3

10.0

8.0

35.2

32.5

3.3

2.8

Britannia

Neutral

746

-

8,942

6,422

7,367

6.9

7.3

24.2

29.7

30.9

25.2

10.9

8.4

39.6

37.7

1.4

1.2

Colgate

Neutral

1,219

-

16,575

3,588

4,130

18.9

19.4

41.2

48.4

29.6

25.2

26.3

20.4

100.0

91.0

4.5

3.8

Dabur India

Neutral

169

-

29,523

7,183

8,297

16.8

16.9

5.4

6.3

31.7

26.9

11.1

8.8

39.2

36.7

4.1

3.5

GlaxoSmith Con*

Neutral

4,748

-

19,966

3,617

4,259

16.1

16.4

122.2

148.7

38.9

31.9

12.1

9.7

34.1

33.7

5.1

4.2

Godrej Consumer

Neutral

846

-

28,789

7,801

9,017

16.2

15.9

25.1

29.7

33.7

28.5

7.3

6.0

24.9

24.2

3.8

3.3

HUL

Neutral

627

-

135,539

28,415

31,962

13.6

14.1

16.7

18.2

37.6

34.5

36.1

26.2

112.2

88.1

4.6

4.1

ITC

Neutral

336

-

265,992

34,294

39,991

36.8

37.0

11.3

13.3

29.8

25.2

9.8

7.9

36.1

34.9

7.4

6.3

Marico

Neutral

214

-

13,793

5,104

5,876

15.1

15.2

7.2

8.6

29.9

24.9

5.8

4.8

21.1

20.9

2.8

2.4

Nestle*

Neutral

4,973

-

47,951

9,330

10,860

21.8

21.9

123.3

149.7

40.3

33.2

19.8

14.5

56.4

50.3

5.2

4.4

Tata Global

Neutral

151

-

9,322

8,070

8,958

9.8

9.9

7.6

8.5

19.9

17.7

2.3

2.2

9.3

9.7

1.2

1.0

FMCG

www.angelbroking.com

Market Outlook
September 16, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

FY14E

Sales ( Č cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( Č)
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

IT
HCL Tech^

Neutral

1,074

-

74,834

32,266

35,103

23.5

22.6

69.7

74.0

15.4

14.5

4.2

3.4

26.5

23.0

2.1

1.9

Hexaware*

Neutral

126

-

3,774

2,273

2,575

22.2

21.5

12.4

13.4

10.2

9.4

2.6

2.2

25.4

23.5

1.5

1.3

Infosys

Neutral

3,064

-

175,952

48,731

52,962

26.9

27.1

180.8

200.3

17.0

15.3

3.7

3.1

20.4

19.3

3.0

2.6

Infotech Enterprises

Neutral

185

-

2,066

2,128

2,341

17.2

17.6

21.3

23.2

8.7

8.0

1.3

1.2

14.9

14.0

0.6

0.5

KPIT Cummins

Accumulate

147

155

2,839

2,769

3,122

18.3

17.8

15.3

16.6

9.6

8.8

2.0

1.6

20.9

18.4

1.0

0.8

Mindtree

Neutral

1,060

-

4,404

2,871

3,110

20.4

20.7

102.6

111.2

10.3

9.5

2.5

2.0

24.8

20.3

1.3

1.0

Mphasis&

Neutral

439

-

9,221

6,826

7,373

18.1

17.2

41.1

43.5

10.7

10.1

1.6

1.4

14.3

14.2

0.9

0.7

NIIT

Neutral

21

-

353

1,144

1,267

9.0

9.1

4.3

5.4

5.0

4.0

0.5

0.5

10.3

12.0

0.1

-

Persistent

Reduce

605

570

2,419

1,590

1,774

23.5

23.8

48.5

56.9

12.5

10.6

2.0

1.7

16.4

16.1

1.1

0.9

TCS

Neutral

1,968

-

385,083

82,186

91,561

30.5

30.0

92.2

103.2

21.3

19.1

7.0

5.6

31.5

29.2

4.5

3.9

Tech Mahindra

Buy

1,310

1,531

30,438

17,823

19,729

22.5

21.4

113.1

117.7

11.6

11.1

3.4

2.7

27.9

22.1

1.4

1.2

Wipro

Neutral

472

-

116,442

43,610

47,320

21.6

22.2

30.0

33.0

15.8

14.3

3.5

3.0

20.7

19.4

2.2

1.9

D B Corp

Accumulate

251

267

4,606

1,783

1,968

23.8

25.0

13.6

16.0

18.5

15.7

4.5

3.9

22.5

22.9

2.5

2.2

HT Media

Buy

87

112

2,055

2,205

2,380

14.1

14.4

7.6

8.4

11.5

10.4

1.3

1.2

10.7

10.7

0.6

0.5

Jagran Prakashan

Buy

82

104

2,730

1,683

1,845

19.7

20.8

5.9

6.9

14.0

11.9

2.6

2.4

19.4

21.2

1.7

1.5

PVR

Neutral

432

-

1,716

1,359

1,540

17.3

17.4

17.2

21.6

25.1

20.1

2.5

2.3

10.3

12.0

1.7

1.5

Sun TV Network

Neutral

390

-

15,377

2,287

2,551

69.7

70.5

20.0

23.3

19.5

16.8

4.8

4.2

26.4

27.3

6.4

5.6

Bhushan Steel

Reduce

478

419

10,816

12,640

15,667

28.5

31.5

25.9

38.6

18.5

12.4

1.1

1.0

6.1

8.5

2.7

2.2

Coal India

Neutral

285

-

179,953

68,303

69,884

32.5

30.3

27.5

25.0

10.4

11.4

3.9

2.8

40.2

33.1

1.8

1.7

Electrosteel Castings

Buy

12

15

391

1,976

2,017

11.8

12.7

0.1

1.2

187.4

9.9

0.1

-

0.1

1.9

0.6

0.1

GMDC

Buy

86

115

2,749

1,701

1,985

47.8

48.8

17.4

20.6

5.0

4.2

1.0

0.8

20.7

20.9

1.1

0.8

Hind. Zinc

Buy

130

151

54,824

12,652

13,537

49.3

51.9

15.7

17.5

8.3

7.4

1.5

1.3

19.1

18.3

2.2

1.7

Hindalco

Neutral

111

-

21,281

95,465 102,491

8.4

9.0

13.9

17.2

8.0

6.5

0.6

0.5

7.6

8.7

0.6

0.5

JSW Steel

Neutral

625

-

15,098

45,022

48,140

16.0

15.9

68.5

77.0

9.1

8.1

0.8

0.8

9.3

9.7

0.8

0.8

MOIL

Neutral

216

-

3,631

956

982

42.3

44.3

25.3

26.2

8.6

8.2

1.2

1.1

14.6

13.7

1.1

1.2

Monnet Ispat

Accumulate

127

139

810

2,199

2,575

21.6

22.8

30.7

38.6

4.1

3.3

0.3

0.3

7.7

8.9

1.4

1.1

Nalco

Neutral

33

-

8,492

7,270

7,521

13.6

13.8

2.8

2.9

11.9

11.4

0.7

0.7

5.9

6.0

0.6

0.6

NMDC

Buy

124

148

49,024

10,992

11,837

67.5

65.5

15.9

16.7

7.8

7.4

1.6

1.4

21.8

20.5

2.4

2.1

SAIL

Neutral

49

-

20,341

44,060

54,227

9.2

10.9

5.3

6.8

9.3

7.3

0.5

0.5

5.2

6.5

0.7

0.6

Media

Metals & Mining

www.angelbroking.com

Market Outlook
September 16, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

FY14E

Sales ( Č cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( Č)
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

54,283

3,817

5,781

12.1

17.7

27.0

29.6

6.8

6.2

0.8

0.7

12.9

12.5

15.0

9.9

29,423 153,862 167,209

9.4

10.5

32.8

53.5

9.2

5.7

0.8

0.7

9.0

13.2

0.5

0.5

Metals & Mining
Sesa Goa*

Neutral

183

-

Tata Steel

Buy

303

389

Sarda

Accumulate

89

98

320

1,323

1,398

17.2

17.9

25.3

27.8

3.5

3.2

0.3

0.3

9.5

9.6

0.6

0.5

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Accumulate

32

37

436

2,486

2,637

15.2

15.0

13.7

14.2

2.4

2.3

0.2

0.2

9.1

8.7

0.4

0.4

Reduce

83

78

271

2,171

2,317

14.9

15.8

36.4

46.6

2.3

1.8

0.2

0.2

11.6

13.0

0.5

0.5

Cairn India

Accumulate

319

364

60,944

18,403

17,925

71.9

62.1

62.1

57.4

5.1

5.6

1.1

0.9

22.6

17.8

2.1

1.9

GAIL

Neutral

309

-

39,171

49,700

48,822

16.0

16.6

32.9

33.4

9.4

9.2

1.4

1.3

15.9

14.4

0.3

0.2

ONGC

Buy

279

350

238,998 164,816 196,050

33.7

36.6

30.0

38.7

9.3

7.2

1.4

1.3

16.0

18.5

1.2

0.9

Reliance Industries

Accumulate

874

953

282,342 417,018 442,434

8.4

8.4

70.3

75.2

12.4

11.6

1.3

1.2

12.0

11.6

0.7

0.6

Gujarat Gas*

Neutral

212

-

2,715

3,270

3,414

12.8

12.6

22.6

23.1

9.4

9.2

2.5

2.2

28.2

25.6

0.7

0.6

Indraprastha Gas

Neutral

273

-

3,819

3,656

4,456

21.5

18.6

25.7

26.8

10.6

10.2

2.2

1.9

22.1

19.6

1.1

0.8

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Accumulate

119

135

8,918

39,449

43,315

5.3

5.9

14.1

16.9

8.5

7.0

1.7

1.4

21.7

21.9

0.3

0.3

Buy

50

67

2,822

1,002

1,021

91.4

91.5

8.2

8.4

6.1

6.0

0.8

0.7

14.3

13.0

2.3

2.1

Alembic Pharma

Buy

136

165

2,571

1,736

2,008

17.1

18.9

10.5

13.8

13.0

9.9

4.0

3.0

34.4

34.7

1.6

1.3

Aurobindo Pharma

Buy

183

271

5,322

6,641

7,637

15.9

15.9

17.3

20.6

10.6

8.9

1.7

1.4

19.5

18.9

1.3

1.1

Aventis*

Neutral

2,386

-

5,496

1,682

1,917

15.6

15.6

91.9

101.7

26.0

23.5

3.7

3.6

15.6

17.1

2.8

2.2

Cadila Healthcare

Buy

664

894

13,598

7,123

8,367

15.5

15.7

37.3

44.7

17.8

14.9

3.7

3.1

22.9

22.9

2.2

1.9

Cipla

Buy

438

504

35,128

9,274

10,796

23.1

23.1

21.0

23.8

20.8

18.4

3.3

2.9

17.2

16.8

3.5

3.0

Dr Reddy's

Accumulate

2,243

2,535

38,123

13,377

15,350

20.4

20.1

112.1

126.6

20.0

17.7

4.3

3.5

23.5

21.8

2.9

2.5

Dishman Pharma

Buy

47

73

380

1,394

1,534

22.5

22.4

14.8

16.6

3.2

2.8

0.3

0.3

10.8

11.0

0.9

0.7

GSK Pharma*

Neutral

2,405

-

20,371

2,744

2,964

22.0

23.4

59.2

66.6

40.6

36.1

10.1

9.7

24.9

27.5

6.6

6.1

Indoco Remedies

Buy

66

78

608

747

906

15.3

15.3

5.9

7.6

11.2

8.7

1.3

1.2

12.5

14.4

1.0

0.9

Ipca labs

Neutral

695

-

8,771

3,296

4,087

20.5

21.7

36.8

48.3

18.9

14.4

4.5

3.5

26.5

27.3

2.8

2.3

Lupin

Neutral

866

-

38,787

11,576

13,855

22.0

22.0

35.8

43.0

24.2

20.1

5.9

4.7

27.1

25.8

3.4

2.8

Ranbaxy*

Reduce

457

426

19,345

10,400

11,331

6.6

8.4

11.4

15.2

40.1

30.1

4.2

3.7

11.1

13.1

2.0

1.7

Sun Pharma

Neutral

556

-

115,164

13,509

15,846

41.0

41.0

16.5

19.9

33.7

27.9

6.8

5.6

22.0

22.0

8.0

6.7

Power
GIPCL

Accumulate

59

65

889

1,444

1,482

33.4

33.0

13.7

14.8

4.3

4.0

0.5

0.5

12.3

12.0

0.7

0.4

NTPC

Buy

139

163

114,653

75,046

81,780

23.5

23.9

12.7

13.6

11.0

10.2

1.3

1.2

12.2

12.0

2.2

2.2

Buy

149

179

26,556

8,293

9,622

36.5

36.1

5.7

6.7

26.1

22.1

0.9

0.9

3.7

4.1

5.3

4.4

Real Estate
DLF

www.angelbroking.com

Market Outlook
September 16, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

FY14E

Sales ( Č cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( Č)
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

Buy

417

483

1,703

888

1,002

27.0

29.9

33.9

42.1

12.3

9.9

1.2

1.1

9.9

11.2

2.5

2.2

Bharti Airtel

Accumulate

329

350

131,514

83,535

92,173

32.0

33.1

9.2

12.9

35.9

25.5

2.3

2.1

6.8

8.9

2.3

2.0

Idea Cellular

Neutral

164

-

54,278

26,717

29,443

30.6

29.8

5.5

6.7

30.1

24.3

3.3

2.9

11.1

12.0

2.4

2.1

Rcom

Neutral

141

-

29,144

22,050

23,647

30.6

30.8

3.2

5.2

44.2

27.1

0.9

0.8

1.9

3.1

3.0

2.7

Real Estate
MLIFE
Telecom

Others
Abbott India*

Buy

1,379

1,628

2,931

1,788

1,996

12.5

12.7

71.7

81.4

19.2

17.0

3.9

3.3

21.7

21.2

1.4

1.2

Bajaj Electricals

Accumulate

166

184

1,653

3,885

4,472

4.0

5.8

6.8

15.4

24.6

10.8

2.2

1.9

8.8

17.3

0.4

0.4

Cera Sanitaryware

Buy

506

613

640

631

797

14.5

13.7

42.6

51.1

11.9

9.9

2.8

2.3

26.5

25.3

1.0

0.8

Cravatex

Accumulate

267

307

69

248

284

6.5

7.3

27.2

38.2

9.8

7.0

1.6

1.3

15.7

18.5

0.4

0.4

Finolex Cables

Buy

52

68

791

2,563

2,899

9.8

9.8

10.1

11.3

5.1

4.6

0.7

0.6

14.3

13.8

0.2

0.2

Force Motors

Buy

301

349

392

2,304

2,649

3.1

3.6

28.0

43.7

10.8

6.9

0.3

0.3

3.1

4.7

0.1

0.1

Goodyear India*

Accumulate

303

345

698

1,458

1,542

8.3

9.0

32.3

37.0

9.4

8.2

1.7

1.5

19.5

19.3

0.3

0.2

Hitachi

Buy

116

153

315

1,080

1,199

8.9

9.1

18.3

19.1

6.3

6.1

1.1

1.0

19.2

17.0

0.4

0.4

Honeywell Automation* Neutral

2,525

-

2,232

1,842

2,131

7.7

7.8

111.1

130.9

22.7

19.3

2.9

2.5

13.3

13.9

1.1

1.0

IFB Agro

Accumulate

141

156

127

491

642

12.3

13.8

35.0

50.9

4.0

2.8

0.7

0.5

18.2

21.6

0.2

0.1

ITD Cementation

Buy

158

194

182

1,365

1,502

10.9

11.2

18.2

28.0

8.7

5.7

0.4

0.4

5.1

7.4

0.6

0.5

Jyothy Laboratories

Buy

144

199

2,382

1,244

1,523

14.1

14.2

5.9

10.0

24.2

14.4

2.9

2.5

12.7

18.8

2.3

1.8

MRF

Buy

12,893

16,218

5,468

11,799

12,587

14.1

13.5 1,792.0 1,802.0

7.2

7.2

1.5

1.3

23.5

19.2

0.6

0.5

Page Industries

Accumulate

4,097

4,669

4,570

1,059

1,296

19.5

19.8

125.0

155.6

32.8

26.3

16.2

11.9

56.3

52.2

4.4

3.6

Relaxo Footwears

Buy

706

981

847

1,196

1,401

11.9

12.6

55.6

75.4

12.7

9.4

3.0

2.3

27.1

28.1

0.9

0.7

Siyaram Silk Mills

Buy

194

228

182

1,158

1,322

10.6

11.0

60.5

75.9

3.2

2.6

0.5

0.4

16.8

18.1

0.4

0.3

Styrolution ABS India*

Buy

370

492

651

1,007

1,108

8.4

8.7

30.3

35.1

12.2

10.5

1.4

1.2

11.7

12.2

0.6

0.6

TAJ GVK

Buy

56

108

352

300

319

35.8

36.2

7.9

9.1

7.1

6.2

0.9

0.8

13.9

14.4

1.5

1.2

Tata Sponge Iron

Buy

275

371

424

814

849

17.0

17.6

64.6

69.2

4.3

4.0

0.6

0.5

14.5

13.8

0.1

(0.1)

TTK Healthcare

Buy

505

632

392

416

481

4.5

6.1

16.2

25.3

31.2

19.9

3.8

3.4

12.6

18.1

0.8

0.7

Tree House

Buy

236

297

850

153

194

53.0

52.8

12.4

15.6

19.1

15.1

2.3

2.0

11.8

13.1

5.7

4.4

TVS Srichakra

Buy

United Spirits

Neutral

Vesuvius India*

Buy

183

230

140

1,591

1,720

6.1

6.4

30.5

38.3

6.0

4.8

0.8

0.7

13.5

15.5

0.3

0.3

2,561

-

37,216

12,294

14,162

12.0

12.0

42.1

67.7

60.8

37.8

4.3

3.9

9.1

10.7

3.4

2.9

355

439

721

600

638

20.1

19.4

35.7

36.6

10.0

9.7

1.8

1.6

19.4

17.1

1.0

0.9

5.2

0.5

0.5

7.6

9.4

0.7

0.6

HSIL
Buy
85
117
561
2,042
2,363
14.6
14.8
12.3
16.5
6.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 13, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.

www.angelbroking.com

Market Outlook
September 16, 2013

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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