Market Outlook: Dealer's Diary

Market Outlook
May 18, 2012
Dealers Diary
The domestic markets are expected to open in red tracking negative opening in
most of the Asian markets. Asian markets recovered a bit yesterday as healthy
economic data from the U.S., robust Japanese quarterly growth figures buoyed by
government reconstruction spending and fresh hopes that the Federal Reserve will
consider further policy easing, if necessary, gave investors reasons to cherry-pick
battered stocks, but worries about Greece's condition remained.
Domestic Indices
U.S markets again declined yesterday due to the release of some weaker than
expected U.S. economic data, including a report from the Philadelphia Federal
Reserve showing an unexpected contraction in regional manufacturing activity in
the month of May. A report from the Conference Board showed an unexpected
drop by its leading economic indicators index to 0.1% in April from 0.3% increase
in March. Also, the initial jobless claims data for last week unexpectedly came in
unchanged at 370,000.
BSE PSU
0.2
BANKEX
(0.2)
(24.2) 10,543
AUTO
(0.8)
(78.7)
METAL
0.4
40.0 10,038
OIL & GAS
0.4
32.8
7,422
(0.0)
(2.2)
5,511
Chg (%)
(Pts)
(Close)
Meanwhile, Indian markets pared early gain on Thursday due to a further slide in
European stocks on fears over Greek banks and fall in rupee to a new record low
against the dollar. Investors today will watch out for jobless claims data of the U.S.
for the last week to be released today.
Dow Jones
(1.2) (156.1) 12,442
NASDAQ
(2.1)
(60.4)
2,814
FTSE
(1.2)
(66.9)
5,338
0.9
75.4
8,877
Chg (%)
(Pts)
(Close)
BSE Sensex
0.3
40.4 16,070
Nifty
0.3
12.0
4,870
MID CAP
0.0
1.2
5,881
0.1
5.4
6,270
(0.3)
(22.7)
6,624
12.1
6,589
SMALL CAP
BSE HC
BSE IT
Global Indices
Nikkei
9,411
Hang Seng
(0.3)
Markets Today
Straits Times
(0.1)
(1.9)
2,828
The trend deciding level for the day is 16,106 / 4,881 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,204 16,338 / 4,912 4,953 levels. However, if NIFTY trades below
16,106 / 4,881 levels for the first half-an-hour of trade then it may correct up to
15,972 15,874 / 4,840 4,809 levels.
Shanghai Com
1.4
32.7
2,379
Chg (%)
(Pts)
(Close)
INFY
(2.1)
(0.9)
$42.5
WIT
(0.6)
(0.1)
$8.7
Indices
S2
S1
PIVOT
R1
R2
IBN
(1.8)
(0.5)
$28.4
SENSEX
15,874
15,972
16,106
16,204
16,338
HDB
(2.7)
(0.8)
$28.7
NIFTY
4,809
4,840
4,881
4,912
4,953
Indian ADRs
Advances / Declines
News Analysis
4QFY2012 Result Reviews Bajaj Auto, Mahindra Satyam

4QFY2012 Result Previews Coal India, State Bank of India, Tata Steel,
Ashoka Buildcon
Refer detailed news analysis on the following page
(58.9) 19,201
BSE
NSE
Advances
1,336
720
Declines
1,383
698
133
77
Unchanged
Volumes (` cr)
Net Inflows (May 16, 2012)

` cr
Purch
Sales
Net
MTD
YTD
BSE
1,805
FII
2,243
2,725
(482)
(167)
43,295
NSE
9,737
572
591
(19)
(248)
(6,348)
MFs
FII Derivatives (May 17, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,214
1,460
(246)
12,416
Stock Futures
1,827
1,457
370
21,236
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Dish TV India
61
10.3
Shriram Trans
502
4.6
Pantaloon Retl
CESC
275
4.4
Cummins India
431
(4.7)
Mcleod Russel
277
4.3
Tech Mahindra
607
(4.6)
Ambuja Cements
149
4.2
JUBL FOOD
1,132
(4.0)
www.angelbroking.com
Company
Voltas
Price (`)
chg (%)
99
(6.5)
132
(6.0)
Market Outlook
May 18, 2012
Result Reviews
Bajaj Auto (CMP: `1,574 / TP: Under Review / Upside: -)
Bajaj Auto (BJAUT) registered lower-than-expected results for 4QFY2012 mainly
on account of lower-than-expected top line. The company's top line grew by 12.2%
yoy (down 6.7% qoq) to `4,651cr, against our expectation of `4,941cr, driven by
7.3% yoy (down 5.4% qoq) growth in volumes and a 3.3% yoy (down 1.4% qoq)
increase in net average realization. Volume performance was led by robust growth
on the exports front, with volumes growing by 25.9% yoy (down 8.8% qoq).
Domestic volume growth continued to remain muted and declined marginally by
0.4% yoy (3.6% qoq) during the quarter.
The company's EBITDA margin stood at 19.8% (up 41bp yoy and flat qoq),
primarily benefitting from the decline in raw-material expenses, which as a
percentage of sales declined by 60bp yoy. As a result, operating profit witnessed
14.6% yoy (down 6.5% qoq) growth to `921cr. Adjusted net profit, however,
declined by 3.8% yoy mainly on account of lower-than-expected top line, higher
depreciation expense (up 44.5% yoy), higher tax-rate (25.4% vs. 15.3% in
4QFY2011) and lower other income (down 10.7% yoy). At the CMP, the stock is
trading at 13x FY2014 earnings. We maintain our Buy rating on the stock;
however, our target price is under reveiew.
Y/E
March
Sales
OPM
PAT
EPS
RoE
P/E
(%)
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2013E
21,966
19.8
3,232
111.7
43.1 14.1
5.4
8.4
1.7
FY2014E
24,774
19.0
3,494
120.7
37.1 13.0
4.4
7.3
1.4
Mahindra Satyam (CMP: `67 / TP: `89 / Upside: 33.1%)

Mahindra Satyam announced its 4QFY2012 results, which were ahead of our as
well as street expectations on all the fronts. Revenue came in at US$337mn, up
3.7% qoq, mainly led by volume growth. In INR terms, revenue came in at
`1,666cr, down 3.0% qoq due to INR appreciation against USD. Mahindra
Satyam, like other peer companies, witnessed pressure from BFSI clients. The
companys operational performance was ahead of our expectations, with EBITDA
and EBIT margin increasing by 132bp and 107bp qoq to 17.5% and 15.0%,
respectively. This was due to reduction in SG&A expenses. PAT stood tall at 534cr,
up 73.2% qoq, aided by one-time gain of `109cr and tax reversal of `94cr. PAT,
adjusted for one-time gain, came in at `425cr, up 38% qoq. Overall, results were
good with healthy operating performance. The stock is currently under review.
Y/E
March
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
7,142
15.4
900
7.6
13.8
8.7
1.2
4.6
0.7
FY2014E
8,042
15.0
972
8.3
13.0
8.1
1.0
3.7
0.5
Market Outlook
May 18, 2012
Result Previews
Coal India
Coal India is slated to report its 4QFY2012 results. We expect the companys net
sales to increase by 17.1% yoy to `17,672cr mainly on account of coal price hike
taken during February 2011. However, EBITDA margin is expected to contract by
1,623bp yoy to 26.8% in 4QFY2012 on account of higher employee cost
provision. Nevertheless, net profit is expected to decrease by only 5.9% yoy to
`3,958cr, as the decrease in operating profit is expected to be partially offset by
increased interest income. We maintain our Neutral view on the stock.
State Bank of India

State Bank of India is scheduled to announce its 4QFY2012 results today. We
expect the bank to report a strong Net Interest Income (NII) growth of 48.8% on a
yoy basis to `11,990cr (4.6% on a qoq basis) due to sharp dip in NIMs witnessed
in 4QFY2011. The non-interest income is expected to decline by 17.8% yoy.
Consequently, the operating income of the bank is expected to grow at a healthy
23.9% yoy. Provisioning expenses are expected to decline by 4.3% yoy due to
higher NPA provisioning in 4QFY2011. The bank is expected to post bottom-line
of `3,549cr as against the low base of `20cr reported in 4QFY2011. At the CMP,
the stock is trading at 1.1x FY2014E ABV before adjusting for subsidiaries (1.0x
post adjustment). We maintain a Buy rating on the stock with the target price of
`2,511.
Tata Steel
Tata Steel is slated to report its consolidated 4QFY2012 results. We expect the
companys net sales to decrease by 1.1% yoy to `33,437cr mainly on account of
lower volumes from its European operations, partially offset by higher realizations.
EBITDA is expected to decrease to 42.4% yoy to `2,693cr on account of higher
raw-material cost (mainly in its European operations). We maintain our
Accumulate rating on the stock with a target price of `503.
Ashoka Buildcon
For Ashoka Buildcon (ABL), 4QFY2012 numbers are not comparable with
4QFY2011 due to change in accounting policy, which was incorporated by the
company in 4QFY2011. On the revenue front, ABL is expected to post a decline of
18.0% yoy on the consolidated revenue front to `494.6cr. On the margin front, we
expect ABL to post OPM of 20.3%. We expect the company to post a 10.0% yoy
decline in its earnings to `34.4cr for the quarter. Hence, we maintain our Buy
recommendation on the stock with a target price of `302.
Market Outlook
May 18, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Coal India - Consolidated (18/05/2012)
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
17,703
12,692
39
15,349
15
4,404
3,380
30
4,547
(3)
24.9
26.6
3,829
2,626
29.6
46
4,038
(5)
State Bank of India - (18/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
3,589
21
3,263
10
Tata Steel Ltd - Consolidated (18/05/2012)

Particulars (` cr)
Net sales
EBITDA
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
33,584
33,443
32,964
3,215
4,466
(28)
1,717
87
(78)
(603)
EBITDA margin (%)
9.6
13.4
Net profit
899
4,176
5.2
Zee Entertainment Ltd - Consolidated (21/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
753
798
(6)
755
(0)
EBITDA
177
227
(22)
216
(18)
EBITDA margin (%)
23.5
28.4
Net profit
126
188
28.6
(33)
139
(9)
Power Finance Corporation Ltd (22/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
785
607
29
1,108
(29)
Tata Power Ltd - Consolidated (22/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
6,153
4,986
23
6,646
(7)
EBITDA
1,515
1,287
18
1,003
51
EBITDA margin (%)
24.6
25.8
Net profit
605
627
15.1
(4)
263
130
Market Outlook
May 18, 2012
Economic and Political News
Exports target set at US$350bn for FY2012-13

Italy keen to bring FDI in fashion, textiles in India
Government makes norms stringent for incorporation of firms
Government may offer incentives on export of textiles, handloom and leather
products
Corporate News
Bharti Airtel slashes 3G data tariffs by up to 70%

Cairn deal boosts miner Vedanta's core profit
DLF gets `2,900cr offer for 17 acre plot in Lower Parel
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 18, 2012
Result Calendar
Date
Company
May 18, 2012
Coal India, St Bk of India, Tata Steel, HT Media, Siyaram Silk Mills
May 19, 2012
Reliance Capital, Force Motors
May 20, 2012
May 21, 2012
Adani Enterp., Nalco, Zee Entertainment, Tata Comm
May 22, 2012
Tata Power Co., Power Fin.Corpn., Godawari Ispat
May 23, 2012
Rural Elec.Corp., Tech Mahindra, Tata Global, LMW, Jyothy Laboratories
May 24, 2012
Reliance Power, GSPL, TVS Motor, Madras Cements, Hitachi
May 25, 2012
ITC, NHPC, BPCL, Reliance Infra., Sun TV Network, Crompton Greaves, Suzlon Energy, MOIL, Jyoti Structures
May 26, 2012
Jagran Prakashan, Sarda Energy, TVS Srichakra
May 27, 2012
May 28, 2012
May 30, 2012
NMDC, Motherson Sumi, Bharat Forge, Britannia, Bajaj Electrical, Amara Raja Batteries, Indoco Remedies, Subros
ONGC, Tata Motors, Sun Pharma, Power Grid Corpn, SAIL, HPCL, GMR Infra., Aurobindo Pharma, Ipca labs,
Nagarjuna Const., PVR
GAIL, M&M, Colgate, Tata Chemicals, BGR Energy , PTC India, Anant Raj, GIPCL
May 31, 2012
June 01, 2012
Mphasis
May 29, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
May 22, 2012
Country
Event Description
UK
Euro-Zone Consumer
Confidence
CPI (YoY)
Euro Zone
Unit
Period
Bloomberg Data
Last Reported
Estimated
Value
Apr-12
(19.90)
(20.10)
% Change
Mar-12
3.50
3.10
US
Existing home sales
Millions
Mar-12
4.48
4.61
May 23, 2012
US
New home sales
Thousands
Mar-12
328.00
335.00
May 24, 2012
Germany
GDP nsa (YoY)
% Change
Mar-12
1.70
1.70
Germany
PMI Services
Value
Apr-12
52.20
52.00
Germany
PMI Manufacturing
UK
GDP (YoY)
May 29, 2012
US
Consumer Confidence
May 31, 2012
Germany
Value
Apr-12
46.20
47.00
Mar-12
--
--
Apr-12
69.20
70.00
Unemployment change (000's)
% Change
S.A./
1985=100
Thousands
Apr-12
19.00
--
US
GDP Qoq (Annualised)
% Change
Mar-12
2.20
1.80
India
Qtrly GDP YoY%
% Change
6.10
--
US
Change in Nonfarm payrolls
Thousands
Apr-12
115.00
160.00
US
Unnemployment rate
Apr-12
8.10
8.10
China
PMI Manufacturing
Value
Apr-12
53.30
--
India
Imports YoY%
% Change
Mar-12
24.28
--
India
Exports YoY%
% Change
Mar-12
(5.71)
--
UK
PMI Manufacturing
Value
Apr-12
50.50
--
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
Mar-12
--
--
Euro Zone
ECB announces interest rates
May-12
1.00
--
June 07, 2012
UK
BOE Announces rates
% Ratio
May-12
0.50
0.50
June 09, 2012
China
Industrial Production (YoY)
% Change
Apr-12
9.30
--
China
Consumer Price Index (YoY)
% Change
Apr-12
3.40
--
June 01, 2012
June 06, 2012
Source: Bloomberg, Angel Research
Market Strategy
May 18, 2012
Macro watch
Exhibit1: QuarterlyGDPtrends
(%)
(%)
9.8
10.0
Exhibit2: IIPtrends
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.7
2.5
1.1
2.0
(6.0)
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
Source:CSO,AngelResearch
(4.0)
Jun-11
(2.0)
5.0
May-11
Apr-11
6.0
9.5
10.0
8.5
(3.5)
(5.0)
Source:MOSPI,AngelResearch
Exhibit3: MonthlyWPIinflationtrends
Exhibit4: ManufacturingandservicesPMI
(%)
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Services PMI
58.0
9.5
7.4
6.9
7.2
6.9
56.0
Source:MOSPI,AngelResearch
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
Jun-11
52.0
May-11
4.0
Jun-11
54.0
6.0
May-11
10.0
Mfg. PMI
60.0
12.0
Source:Market,AngelResearch;Note:Levelabove50indicatesexpansion
Exhibit5: Exportsandimportsgrowthtrends
(%)
Exports yoy growth
Exhibit6: Keypolicyrates
Imports yoy growth
Repo rate
(%)
9.00
90
75
Reverse Repo rate
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source:Bloomberg,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
4.00
Source:RBI,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Apr-12
15
(15)
7.00
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
125
2,432
1,432
1,647
14.7
14.7
7.0
8.0
17.9
15.6
3.8
3.2
22.8
22.3
1.7
1.5
United Phosphorus
Buy
121
183
5,575
8,191
8,764
16.5
16.5
17.1
18.3
7.1
6.6
1.2
1.0
17.5
16.2
0.8
0.7
Amara Raja Batteries
Buy
274
345
2,338
2,691
3,032
15.6
15.5
29.4
32.8
9.3
8.3
2.2
1.8
26.5
23.6
0.8
0.7
Apollo Tyres
Buy
84
100
4,219
13,699
15,184
10.5
10.2
12.1
13.3
6.9
6.3
1.3
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,625
14,798
16,687
9.6
9.6
2.4
3.0
10.3
8.4
2.1
1.8
14.8
16.5
0.5
0.4
Automotive Axle
Neutral
490
740
1,211
1,387
12.1
11.7
50.3
57.1
9.8
8.6
2.5
2.0
27.8
25.7
0.7
0.6
Bajaj Auto
Buy
1,574
1,811
45,556
21,966
24,774
19.8
19.0
111.7
120.7
14.1
13.0
5.4
4.4
43.1
37.1
1.7
1.4
Bharat Forge
Buy
308
372
7,179
7,173
7,998
16.3
16.5
22.3
26.6
13.8
11.6
2.7
2.3
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,893
9,429
27,922
9,390
10,716
19.5
19.1
420.2
471.4
21.2
18.9
4.9
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
94
164
323
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Buy
120
146
10,179
5,787
6,595
15.5
17.0
7.1
9.0
16.8
13.4
3.0
2.5
18.6
20.3
1.4
1.2
FAG Bearings
Accumulate
1,511
1,594
2,510
1,531
1,748
18.8
18.5
118.0
132.8
12.8
11.4
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Buy
1,890
2,280
37,741
26,106
29,296
15.0
15.2
140.3
148.1
13.5
12.8
6.4
4.9
54.8
43.3
1.1
0.9
JK Tyre
Buy
80
113
326
8,058
9,025
5.4
5.5
24.8
32.2
3.2
2.5
0.4
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
636
802
39,058
35,095
40,213
10.7
10.5
44.6
48.7
14.3
13.1
2.5
2.2
18.8
18.1
0.8
0.7
Maruti
Buy
1,205
1,510
34,814
42,683
48,736
7.1
7.5
86.6
100.6
13.9
12.0
2.0
1.7
15.3
15.5
0.6
0.5
Motherson Sumi
Buy
166
216
6,426
11,167
12,516
9.5
10.0
11.3
14.4
14.7
11.5
3.2
2.6
23.3
24.7
0.7
0.6
Subros
Neutral
30
179
1,225
1,393
8.5
8.2
4.2
5.0
7.1
6.0
0.7
0.7
10.3
11.8
0.4
0.3
Tata Motors
Buy
271
328
72,968 191,183 213,150
12.6
12.6
38.7
42.9
7.0
6.3
2.5
1.9
39.8
33.9
0.5
0.4
TVS Motor
Buy
33
55
1,570
7,982
8,816
6.4
6.3
5.0
5.6
6.6
6.0
1.2
1.0
18.9
18.2
0.2
0.2
ABB*
Sell
716
498
15,174
8,760
10,023
6.4
6.4
18.2
20.7
39.3
34.5
5.3
4.7
14.4
14.6
1.7
1.5
BGR Energy
Neutral
284
2,048
4,170
5,396
11.5
10.4
27.2
30.4
10.4
9.3
1.7
1.5
17.3
17.4
1.1
1.0
BHEL
Neutral
206
50,347
46,344
46,916
18.3
18.6
23.5
24.1
8.7
8.5
1.7
1.5
21.3
18.9
1.0
0.9
Blue Star
Buy
178
221
1,601
3,250
3,551
5.9
5.9
12.4
15.8
14.3
11.3
2.9
2.5
21.2
23.8
0.6
0.5
Crompton Greaves
Buy
113
164
7,226
12,936
14,101
9.6
10.0
10.9
11.7
10.4
9.6
1.8
1.6
18.4
17.3
0.6
0.5
Jyoti Structures
Buy
38
67
311
2,622
2,801
10.6
11.0
10.9
13.4
3.5
2.8
0.4
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
51
73
1,305
6,686
7,200
7.7
7.9
10.6
12.2
4.8
4.2
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,517
2,609
1,709
2,663
3,130
12.8
12.8
185.0
217.4
8.2
7.0
1.6
1.4
21.2
21.7
0.2
0.1
Thermax
Neutral
422
5,027
5,514
5,559
8.3
8.0
29.7
28.4
14.2
14.9
2.7
2.4
20.2
16.9
0.8
0.7
Capital Goods
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,170
21,966
11,018
12,663
19.9
21.2
70.7
81.2
16.6
14.4
2.9
2.6
18.0
19.0
1.7
1.4
Ambuja Cements
Neutral
149
22,828
10,035
11,504
23.5
23.8
10.1
10.6
14.7
14.1
2.9
2.6
18.5
19.4
1.9
1.5
India Cements
Neutral
79
2,427
4,423
4,906
18.2
18.8
9.9
12.7
8.0
6.2
0.7
0.6
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
63
79
776
1,880
2,201
19.0
22.6
12.2
16.4
5.2
3.9
0.6
0.5
11.9
14.3
0.6
0.9
Madras Cements
Neutral
140
3,320
3,434
3,777
25.5
26.1
14.1
18.1
9.9
7.7
1.4
1.2
15.2
16.9
1.6
1.3
Shree Cements
Neutral
2,598
9,052
5,552
6,193
25.7
26.0
130.3
182.0
19.9
14.3
4.1
3.5
19.1
22.3
1.3
1.0
UltraTech Cement
Neutral
1,411
38,662
20,116
22,655
21.3
22.5
82.1
97.5
17.2
14.5
2.7
2.3
16.8
17.4
1.8
1.8
199
302
1,047
2,014
2,294
22.4
22.4
28.4
30.8
7.0
6.5
0.9
0.8
14.1
13.3
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
262
2,526
2,792
5.7
6.6
1.8
2.8
7.7
5.0
0.4
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
18
1,116
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.3)
(23.6)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
113
166
3,747
3,821
4,582
42.3
40.2
15.0
16.9
7.5
6.7
1.1
1.0
16.1
15.8
2.6
2.4
ITNL
Buy
163
265
3,172
6,619
7,925
23.8
23.3
22.0
26.7
7.4
6.1
1.0
0.9
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
46
79
1,220
5,758
6,860
9.2
9.2
4.7
6.0
9.8
7.6
0.6
0.5
6.0
7.3
0.7
0.6
Jaiprakash Asso.
Buy
62
104
13,237
16,017
18,359
24.4
23.5
4.2
5.0
14.8
12.4
1.3
1.2
8.8
9.7
2.1
1.9
Larsen & Toubro
Buy
1,163
1,553
71,243
59,559
69,089
12.1
11.5
70.8
76.5
16.4
15.2
2.5
2.2
16.1
15.3
1.3
1.2
Madhucon Proj
Buy
45
70
330
2,206
2,502
10.7
10.7
4.6
4.7
9.6
9.6
0.5
0.5
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
32
76
833
5,790
7,022
9.2
9.5
3.5
5.4
9.3
6.0
0.3
0.3
3.7
5.6
0.8
0.7
Patel Engg.
Neutral
86
601
3,609
3,836
13.1
13.1
14.0
14.6
6.1
5.9
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
46
1,513
10,592
12,193
8.4
8.4
2.9
4.6
15.7
10.0
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
132
199
1,990
2,989
3,315
10.6
10.6
10.2
11.3
13.0
11.7
2.1
1.8
17.6
16.3
0.9
0.8
Simplex Infra
Buy
215
316
1,064
6,732
7,902
9.3
9.6
27.2
35.1
7.9
6.1
0.8
0.7
11.0
12.6
0.5
0.4
Allahabad Bank
Buy
144
166
7,208
7,392
8,542
3.1
3.1
38.3
42.1
3.8
3.4
0.7
0.6
18.4
17.6
Andhra Bank
Neutral
105
5,876
5,151
5,843
3.2
3.1
22.4
25.7
4.7
4.1
0.7
0.6
15.8
16.0
Axis Bank
Buy
950
1,587
39,310
16,157
19,557
3.2
3.2
116.4
139.1
8.2
6.8
1.5
1.3
20.0
20.3
Bank of Baroda
Buy
642
925
25,137
15,993
18,918
2.6
2.6
127.3
149.9
5.0
4.3
0.8
0.7
17.8
18.2
Bank of India
Buy
308
411
17,667
13,558
15,551
2.5
2.4
61.6
70.8
5.0
4.4
0.8
0.7
16.8
16.9
Bank of Maharashtra
Buy
48
55
2,806
3,580
4,050
3.2
3.2
11.5
13.1
4.1
3.6
0.7
0.6
17.4
17.2
Canara Bank
Buy
398
522
17,634
12,061
13,906
2.3
2.3
83.1
92.7
4.8
4.3
0.8
0.7
16.7
16.4
Central Bank
Neutral
75
5,506
6,838
7,912
2.3
2.4
13.8
20.3
5.4
3.7
0.8
0.7
10.9
14.4
Financials
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
407
486
6,036
5,203
5,880
2.2
2.1
107.5
112.7
3.8
3.6
0.7
0.6
17.9
16.5
Dena Bank
Buy
84
111
2,926
3,149
3,522
2.8
2.8
23.3
26.1
3.6
3.2
0.6
0.5
17.7
17.0
Federal Bank
Neutral
399
6,822
2,743
3,131
3.4
3.3
49.7
57.4
8.0
7.0
1.1
1.0
14.1
14.6
HDFC
Accumulate
633
670
93,502
7,393
8,844
3.5
3.4
31.7
37.9
20.0
16.7
4.0
3.5
34.7
31.9
HDFC Bank
Accumulate
497
567
116,786
21,831
27,477
4.3
4.3
28.3
35.5
17.6
14.0
3.4
2.9
20.8
22.1
ICICI Bank
Buy
787
1,201
90,478
22,209
26,512
2.8
2.8
67.9
81.1
11.6
9.7
1.4
1.3
14.7
16.0
IDBI Bank
Buy
Indian Bank
Accumulate
IOB
Buy
J & K Bank
87
117
11,090
8,004
9,589
1.9
2.0
19.9
23.9
4.4
3.6
0.6
0.5
13.8
14.9
179
197
7,699
6,312
7,119
3.4
3.3
41.1
43.7
4.4
4.1
0.8
0.7
18.2
16.9
79
96
6,268
7,354
8,283
2.5
2.4
16.3
21.7
4.8
3.6
0.6
0.5
11.5
13.9
Accumulate
859
960
4,163
2,420
2,792
3.5
3.6
178.0
195.8
4.8
4.4
0.9
0.8
19.5
18.6
LIC Housing Finance
Buy
242
286
12,203
2,108
2,607
2.6
2.6
24.5
30.6
9.9
7.9
1.8
1.6
20.1
21.4
Oriental Bank
Buy
213
274
6,216
6,431
7,315
2.7
2.6
54.4
63.8
3.9
3.3
0.5
0.5
13.6
14.3
Punjab Natl.Bank
Buy
719
1,066
24,394
19,893
23,653
3.1
3.2
153.4
175.2
4.7
4.1
0.8
0.7
18.3
18.1
South Ind.Bank
Neutral
22
2,486
1,399
1,596
2.6
2.5
3.5
3.8
6.2
5.8
1.1
1.0
18.7
17.5
St Bk of India
Buy
1,848
2,511
124,016
69,568
81,445
3.7
3.7
220.9
269.8
8.4
6.9
1.4
1.2
18.9
19.1
Syndicate Bank
Buy
87
131
5,231
7,133
8,255
3.0
3.0
25.9
30.0
3.4
2.9
0.5
0.5
16.9
17.1
UCO Bank
Neutral
65
4,101
5,623
6,380
2.4
2.4
16.9
17.9
3.9
3.7
0.7
0.6
16.5
15.4
Union Bank
Buy
195
276
10,201
10,215
11,854
2.9
2.8
42.7
50.3
4.6
3.9
0.8
0.6
17.0
17.5
United Bank
Buy
56
78
2,027
3,551
4,128
2.7
2.8
18.8
22.6
3.0
2.5
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
52
2,582
2,668
3,001
2.2
2.2
10.6
12.2
4.9
4.3
0.7
0.6
13.3
13.8
Yes Bank
Buy
303
470
10,718
3,209
4,144
2.7
2.8
33.9
41.5
8.9
7.3
1.9
1.6
23.1
23.3
3,691
35,407
11,423
13,309
16.3
16.3
125.3
148.4
29.5
24.9
10.0
7.9
38.0
35.4
3.0
2.6
521
650
6,217
5,906
6,856
6.9
7.0
22.3
28.3
23.3
18.4
9.5
7.1
45.2
44.1
1.0
0.9
1,230
16,720
3,007
3,417
21.1
22.1
37.7
42.6
32.6
28.9
38.9
31.4
129.4
120.1
5.4
4.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
104
18,196
5,878
6,799
16.8
17.0
4.2
4.9
25.2
21.3
9.1
7.5
39.3
42.0
3.1
2.7
GlaxoSmith Con*
Neutral
2,741
11,529
3,124
3,663
17.1
11.6
103.0
123.3
26.6
22.2
8.2
6.6
34.0
32.9
3.4
2.8
Godrej Consumer
Neutral
549
18,679
5,973
7,000
18.4
18.6
22.8
27.2
24.1
20.2
6.6
5.3
31.3
38.4
3.3
2.8
HUL
Neutral
429
92,621
25,350
29,309
14.3
14.4
14.1
16.4
30.3
26.1
22.7
17.7
82.7
76.2
3.5
3.0
ITC
Accumulate
235
252
183,616
28,955
33,595
35.9
35.7
9.2
10.5
25.6
22.4
8.2
6.8
34.8
33.1
6.0
5.2
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
176
10,825
4,667
5,427
12.8
12.9
6.6
8.1
26.5
21.7
7.1
5.6
30.0
28.8
2.3
2.0
Nestle*
Neutral
4,688
45,196
8,731
10,539
21.0
21.4
119.3
147.9
39.3
31.7
24.1
16.4
73.0
61.6
5.2
4.2
Tata Global
Buy
107
136
6,639
7,011
7,712
9.7
10.0
6.0
7.1
18.1
15.0
1.6
1.6
8.9
10.2
0.8
0.8
HCL Tech
Buy
485
560
33,585
22,792
25,743
17.4
17.4
37.8
43.0
12.8
11.3
2.8
2.4
22.3
21.3
1.4
1.2
Hexaware
Accumulate
119
128
3,520
1,821
2,105
19.0
18.6
9.8
10.7
12.1
11.1
2.8
2.4
23.7
22.5
1.7
1.4
Infosys
Buy
2,371
2,792
136,170
37,615
42,491
31.1
30.6
158.5
174.5
15.0
13.6
3.4
2.8
22.5
20.8
3.0
2.5
Infotech Enterprises
Accumulate
167
177
1,857
1,758
1,972
17.0
16.6
16.8
18.6
9.9
9.0
1.4
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Neutral
117
2,081
2,028
2,239
15.0
14.8
9.0
11.4
13.0
10.2
2.4
1.9
19.3
18.7
1.0
0.8
Mahindra Satyam
Buy
67
89
7,861
7,142
8,042
15.4
15.0
7.7
8.3
8.7
8.1
1.2
1.1
13.8
13.0
0.7
0.6
Mindtree
Reduce
619
585
2,510
2,172
2,450
16.1
15.5
53.9
58.5
11.5
10.6
2.2
1.8
18.9
17.0
1.0
0.8
Mphasis
Accumulate
388
433
8,160
5,904
6,320
18.3
17.9
38.7
41.2
10.0
9.4
1.5
1.3
14.9
13.7
0.9
0.8
NIIT
Buy
40
52
668
1,162
1,304
14.8
15.1
7.1
8.8
5.7
4.6
1.0
0.8
16.7
18.4
0.4
0.3
Persistent
Neutral
355
1,419
1,109
1,224
23.3
22.4
37.2
40.1
9.5
8.9
1.5
1.3
15.4
14.5
0.9
0.8
TCS
Neutral
1,220
238,840
57,189
66,329
29.3
28.7
63.2
70.9
19.3
17.2
5.9
4.8
30.5
27.7
3.9
3.3
Tech Mahindra
Buy
608
750
7,755
6,030
6,511
16.3
15.7
81.1
87.0
7.5
7.0
1.5
1.3
20.1
18.0
1.3
1.0
Wipro
Accumulate
390
430
95,953
41,918
46,879
19.4
19.9
25.1
28.7
15.6
13.6
2.9
2.5
18.6
18.3
1.9
1.6
D B Corp
Buy
201
274
3,692
1,656
1,869
26.0
26.8
14.0
16.1
14.4
12.5
3.3
2.8
24.8
24.1
2.2
1.9
HT Media
Buy
113
170
2,646
2,255
2,555
17.8
18.3
10.0
12.0
11.3
9.4
1.6
1.3
14.7
15.4
0.9
0.8
Jagran Prakashan
Buy
89
137
2,799
1,499
1,642
27.4
28.8
7.6
9.1
11.6
9.8
3.9
3.5
34.6
37.7
1.8
1.7
PVR
Neutral
145
377
625
732
17.4
16.9
12.4
15.8
11.7
9.2
1.9
2.0
8.5
9.9
0.8
0.6
Sun TV Network
Neutral
264
10,388
2,135
2,458
75.2
74.4
20.9
24.0
12.6
11.0
3.0
2.5
26.0
25.1
3.8
3.1
Bhushan Steel
Neutral
435
9,239
9,232
13,557
30.8
31.1
48.0
58.6
9.1
7.4
1.2
1.0
14.5
7.5
3.1
2.2
Coal India
Accumulate
306
351
193,565
65,654
71,756
26.8
27.3
24.0
26.3
12.8
11.6
3.5
2.9
30.4
27.0
2.0
1.7
Electrosteel Castings
Buy
19
27
644
1,984
2,074
10.6
12.0
2.7
3.3
6.9
5.7
0.3
0.1
5.2
6.2
0.4
0.4
Hind. Zinc
Buy
117
139
49,331
13,043
14,223
51.8
52.8
14.8
16.6
7.9
7.1
1.5
1.3
21.2
19.9
2.1
1.5
Hindalco
Neutral
109
20,830
84,652
88,766
9.6
10.5
17.0
18.9
6.4
5.8
0.6
0.5
9.7
9.8
0.5
0.5
JSW Steel
Accumulate
602
663
13,428
39,592
44,910
18.0
17.7
74.7
88.9
8.1
6.8
0.8
0.7
10.7
11.6
0.7
0.6
MOIL
Neutral
260
4,366
979
1,061
45.7
46.8
24.5
26.6
10.6
9.8
1.6
1.5
16.1
15.8
2.3
2.0
Monnet Ispat
Buy
424
593
2,728
3,115
3,748
22.1
25.1
59.1
66.8
7.2
6.4
1.0
0.9
15.6
15.3
1.6
1.2
IT
Media
Metals & Mining
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
SAIL
Buy
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
57
51
14,780
8,276
8,578
12.7
16.4
2.5
3.5
22.6
16.4
1.3
1.2
5.6
7.5
1.3
1.3
172
185
68,035
11,726
12,890
77.8
78.4
18.6
20.6
9.2
8.3
2.2
1.8
26.1
23.8
3.6
3.1
88
102
36,287
52,461
62,935
18.0
18.8
13.2
14.5
6.7
6.1
0.8
0.7
12.4
12.3
1.1
0.9
186
206
16,183
9,067
9,316
35.7
35.5
44.5
44.3
4.2
4.2
0.9
0.8
23.5
19.5
0.4
0.1
Buy
99
123
33,136
45,805
49,029
21.2
23.5
16.5
19.1
6.0
5.2
0.7
0.6
11.5
12.0
0.3
0.2
Buy
406
503
39,417 141,358 142,265
11.1
13.7
45.8
58.9
8.9
6.9
0.9
0.8
10.0
11.7
0.6
0.6
Cairn India
Buy
321
372
61,258
15,513
16,074
74.0
69.7
51.1
48.6
6.3
6.6
1.1
0.9
18.3
14.8
2.8
2.1
GAIL
Buy
311
392
39,431
50,472
55,503
15.3
15.6
35.4
37.0
8.8
8.4
1.5
1.3
18.7
17.0
0.5
0.4
ONGC
Buy
246
319
210,636 148,157 150,563
37.6
39.5
31.0
33.6
7.9
7.3
1.4
1.3
18.8
18.1
1.1
0.9
Reliance Industries
Buy
685
872
224,339 325,734 328,669
10.9
11.7
65.8
70.1
10.4
9.8
1.1
1.0
11.9
11.5
0.7
0.6
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
50
91
939
1,624
1,855
14.2
15.6
6.6
9.1
7.6
5.5
1.8
1.4
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
106
175
3,090
5,243
5,767
14.6
14.6
13.8
14.7
7.7
7.2
0.9
0.4
11.4
10.9
0.9
0.8
Aventis*
Neutral
2,148
4,946
1,482
1,682
15.5
15.5
95.0
104.0
22.6
20.7
4.0
3.1
18.6
17.0
3.1
2.7
Cadila Healthcare
Buy
789
953
16,163
6,196
7,443
18.5
19.5
43.3
50.8
18.2
15.5
4.7
3.8
25.4
24.8
2.6
2.1
Cipla
Buy
314
379
25,204
7,687
8,804
21.4
21.4
16.5
18.9
19.0
16.6
3.0
2.6
16.7
16.8
3.2
2.8
Dr Reddy's
Neutral
1,662
28,167
10,696
11,662
20.7
21.0
83.7
92.9
19.9
17.9
4.1
3.5
22.4
21.0
2.8
2.5
Dishman Pharma
Buy
46
92
368
1,280
1,536
17.8
17.8
9.2
11.3
5.0
4.0
0.4
0.3
7.7
8.5
0.9
0.8
GSK Pharma*
Neutral
2,068
17,514
2,651
2,993
31.7
31.2
76.0
82.4
27.2
25.1
7.8
6.8
30.8
29.0
5.7
4.9
Indoco Remedies
Buy
58
665
537
685
837
15.2
15.2
55.5
66.5
1.1
0.9
0.2
0.1
16.4
16.9
1.0
0.9
Ipca labs
Buy
348
443
4,378
2,907
3,541
21.5
21.5
32.4
40.6
10.7
8.6
2.7
2.1
27.8
27.7
1.6
1.3
Lupin
Buy
544
646
24,311
8,426
10,082
19.7
20.0
29.7
32.4
18.3
16.8
4.8
3.8
27.0
25.2
2.8
2.2
Orchid Chemicals
Buy
126
178
886
2,117
2,434
17.7
17.7
16.7
22.2
7.5
5.7
0.7
0.6
9.5
11.5
1.1
0.9
Ranbaxy*
Neutral
488
20,584
12,046
11,980
18.0
15.8
35.7
29.8
13.7
16.4
5.1
4.2
43.1
28.1
1.7
1.7
Sun Pharma
Accumulate
580
634
59,760
9,272
11,080
40.3
36.3
26.7
28.8
21.7
20.2
4.4
3.8
22.1
20.8
5.6
4.6
CESC
Buy
275
342
3,435
5,084
5,512
24.2
23.8
45.2
48.5
6.1
5.7
0.7
0.6
11.2
10.9
1.1
1.1
GIPCL
Buy
60
98
901
1,557
1,573
28.7
27.5
10.4
10.2
5.8
5.9
0.6
0.6
10.5
9.6
1.0
0.9
NTPC
Buy
142
201
117,168
73,558
84,843
23.4
23.6
12.6
14.1
11.3
10.1
1.4
1.3
13.3
13.6
2.3
2.2
51
78
1,505
657
875
52.0
56.1
8.4
12.7
6.1
4.0
0.4
0.3
6.3
8.9
3.6
2.7
185
31,395
9,878
12,033
44.7
46.1
9.6
13.4
19.3
13.8
1.2
1.2
6.4
8.7
5.7
4.7
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
May 18, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
62
115
2,598
2,441
3,344
53.0
46.7
21.4
25.4
2.9
2.4
0.2
0.2
8.4
9.1
2.9
2.2
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
298
113,280
80,967
88,684
33.1
33.4
17.9
22.0
16.7
13.5
1.9
1.7
11.5
12.5
2.1
1.8
Idea Cellular
Neutral
83
27,319
22,558
25,326
26.4
27.5
3.2
4.7
25.6
17.4
1.9
1.7
7.5
10.0
1.7
1.5
Rcom
Neutral
65
13,406
21,899
23,740
32.7
32.7
4.2
6.7
15.4
9.7
0.3
0.3
2.1
3.2
2.0
1.6
218
245
2,176
3,670
4,384
8.5
8.5
18.3
22.3
11.9
9.8
2.6
2.2
23.9
24.3
0.6
0.5
zOthers
Bajaj Electrical
Accumulate
CRISIL
Neutral
1,063
7,455
982
1,136
34.3
34.3
34.3
40.0
30.9
26.6
14.0
11.2
50.9
46.9
7.2
6.0
Finolex Cables
Buy
36
61
544
2,334
2,687
8.8
9.3
7.6
10.2
4.7
3.5
0.6
0.5
13.7
16.1
0.2
0.1
Graphite India
Buy
92
124
1,800
2,158
2,406
18.1
18.9
12.4
14.0
7.4
6.6
1.0
0.9
14.0
14.3
1.0
0.8
Greenply
Buy
210
298
507
1,800
2,047
11.1
11.6
34.1
49.6
6.2
4.2
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
3,064
3,418
935
1,168
19.6
19.6
99.7
122.2
30.7
25.1
17.8
14.2
64.2
63.1
3.7
3.0
Sintex
Buy
52
129
1,417
5,219
5,912
16.5
16.9
15.8
21.4
3.3
2.4
0.5
0.4
14.7
17.1
0.5
0.4
Siyaram Silk Mills
Buy
246
439
230
1,045
1,173
12.3
12.4
61.5
73.2
4.0
3.4
0.8
0.6
20.2
20.4
0.5
0.4
SpiceJet
Neutral
27
1,315
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.0)
11.4
(11.0)
23.2
0.4
0.4
Taj GVK
Buy
59
108
368
300
319
35.8
36.2
7.9
9.1
7.4
6.5
1.0
0.9
13.9
14.4
1.5
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 17, 2012
Market Outlook
May 18, 2012

Market Outlook: Dealer's Diary

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Market Outlook: Dealer's Diary

Uploaded by

Copyright:

Available Formats

Market Outlook

May 18, 2012

OIL & GAS

(1.2) (156.1) 12,442

4QFY2012 Result Reviews Bajaj Auto, Mahindra Satyam

Refer detailed news analysis on the following page

Net Inflows (May 16, 2012)

FII Derivatives (May 17, 2012)

Mahindra Satyam (CMP: `67 / TP: `89 / Upside: 33.1%)

State Bank of India

Quarterly Bloomberg Brokers Consensus Estimate

State Bank of India - (18/05/2012)

Tata Steel Ltd - Consolidated (18/05/2012)

EBITDA margin (%)

Zee Entertainment Ltd - Consolidated (21/05/2012)

EBITDA margin (%)

Power Finance Corporation Ltd (22/05/2012)

Tata Power Ltd - Consolidated (22/05/2012)

EBITDA margin (%)

Economic and Political News

Exports target set at US$350bn for FY2012-13

Bharti Airtel slashes 3G data tariffs by up to 70%

May 18, 2012

Coal India, St Bk of India, Tata Steel, HT Media, Siyaram Silk Mills

May 19, 2012

Reliance Capital, Force Motors

May 20, 2012

May 21, 2012

Adani Enterp., Nalco, Zee Entertainment, Tata Comm

May 22, 2012

Tata Power Co., Power Fin.Corpn., Godawari Ispat

May 23, 2012

Rural Elec.Corp., Tech Mahindra, Tata Global, LMW, Jyothy Laboratories

May 24, 2012

Reliance Power, GSPL, TVS Motor, Madras Cements, Hitachi

May 25, 2012

May 26, 2012

Jagran Prakashan, Sarda Energy, TVS Srichakra

May 27, 2012

May 28, 2012

May 30, 2012

May 31, 2012

June 01, 2012

May 29, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

May 22, 2012

Existing home sales

May 23, 2012

New home sales

May 24, 2012

GDP nsa (YoY)

May 29, 2012

May 31, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%

Change in Nonfarm payrolls

Euro-Zone GDP s.a. (QoQ)

ECB announces interest rates

June 07, 2012

BOE Announces rates

June 09, 2012