Market Outlook Market Outlook: Dealer's Diary

Market Outlook
June 19, 2012
Dealers Diary
The Indian markets are expected to open flat with negative bias taking cues from
flat to negative opening in the Asia markets, following a muted session on Wall
Street, as Spains financial problems tempered any optimism about election
outcomes in Greece. Asian markets rallied yesterday as a narrow election victory
for Greece's pro-bailout parties eased investor fears about contagion from the
country's political and economic turmoil.
Domestic Indices
US markets ended lower yesterday as Spanish bond yields hit a euro-era high,
countering cheer that came with the results of Greek elections. Markets are now
looking for the Federal Reserve's monetary policy meeting scheduled on
Wednesday where the Fed is expected to announce additional stimulus measures.
Meanwhile, a report from NAHB showed that housing market index crept up to 29
(five-year high) in June from 28 in May in U.S.
Meanwhile, Indian shares fell sharply yesterday erasing early gains, as
disappointment came from RBIs unexpected move of leaving interest rates as well
as CRR unchanged in its monetary policy.
Chg (%)
(Pts)
(Close)
BSE Sensex
(1.4) (244.0) 16,706
Nifty
(1.5)
(74.8)
5,064
MID CAP
(1.1)
(63.1)
5,895
SMALL CAP
(0.7)
(44.4)
6,307
BSE HC
(0.7)
(45.6)
6,535
BSE PSU
(1.4)
(97.5)
6,899
BANKEX
(3.2) (365.8) 11,221
AUTO
(0.6)
METAL
(1.0) (105.0) 10,290
OIL & GAS
(0.9)
(69.9)
7,755
BSE IT
(0.8)
(48.4)
5,717
(Pts)
(Close)
Global Indices
Dow Jones
Chg (%)
(0.2)
(58.8)
9,155
(25.4) 12,742
NASDAQ
0.8
22.5
2,895
FTSE
0.2
12.3
5,491
Markets Today
Nikkei
1.8
151.7
8,721
The trend deciding level for the day is 16,817 / 5,099 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,998 17,291 / 5,156 5,247 levels. However, if NIFTY trades below
16,817 / 5,099 levels for the first half-an-hour of trade then it may correct up to
16,525 16,343 / 5,007 4,950 levels.
Hang Seng
1.0
193.9 19,428
Straits Times
0.5
13.2
2,824
Shanghai Com
0.4
9.2
2,316
Chg (%)
(Pts)
(Close)
Indices
S2
S1
PIVOT
R1
R2
INFY
(1.1)
(0.5)
$44.5
SENSEX
16,343
16,525
16,817
16,998
17,291
WIT
(0.7)
(0.1)
$8.9
NIFTY
4,950
5,007
5,099
5,156
5,247
IBN
(3.2)
(1.0)
$29.3
HDB
(0.7)
(0.2)
$30.3
Indian ADRs
News Analysis
Fitch downgrades Indias credit rating outlook to negative

Monetary policy review
Ashok Leyland wins export orders worth US$6.5mn from Bangladesh
India Cements Managing Director questioned by CBI
` cr
Purch
Sales
Net
MTD
YTD
FII
2,530
2,138
392
841
42,779
187
462
(275)
408
(6,058)
FII Derivatives (June 18, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,379
2,189
189
11,149
Stock Futures
1,462
1,821
(360)
22,682
Gainers / Losers
Company
National Alum
Motherson Sumi
EIH
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
60
3.4
Adani Enter
208
(6.4)
161
1.8
IRB Infra
119
(5.6)
78
1.4
Uco Bank
73
(5.1)
Mahindra & Mah Fin
618
1.4
IDBI Bank
88
(4.7)
Tata Steel
419
1.3
DLF
188
(4.6)
www.angelbroking.com
NSE
Advances
976
411
1,731
1,031
115
62
Unchanged
Net Inflows (June 15, 2012)
Gainers
BSE
Declines
Refer detailed news analysis on the following page
MFs
Advances / Declines
Volumes (` cr)
BSE
1,942
NSE
9,752
Market Outlook
June 19, 2012
Fitch downgrades Indias credit rating outlook to negative

Fitch Ratings on Monday revised Indias credit outlook to negative from stable,
citing the heightening risk of economic growth deteriorating further if measures
are not taken to improve operational environment for business and investment.
This action follows that of Standard and Poors (S&P), which lowered the countrys
sovereign credit outlook to negative in April. Fitch confirmed Indias country rating
at BBB-, the lowest investment grade. The negative outlook also reflects India's
limited progress on fiscal consolidation and, in particular, on reducing the central
government's deficit despite improvement in the financial health of state
governments, Fitch said. Fitch trimmed real GDP forecast for India to 6.5% for
FY2013, down from a previous projection of 7.5%.
Monetary policy review

Key highlights
Keeps SLR and CRR unchanged at 24.0% and 4.75%, respectively
Holds on to key policy rates (Repo: 8.0%, Reverse Repo: 7.0% and MSF: 9.0%)
Monetary policy maintains status quo as against consensus expectation of easing:

The Reserve Bank of India (RBI) in its mid-quarterly monetary policy review has
kept both CRR and repo rate unchanged, as against streets expectation of a
monetary stimulus.
Market expectations were on the backdrop of evident domestic slowdown, as
reflected from the recent weak set of economic data (IIP disappointing at 0.1%,
GDP growth moderating to 5.3%) and moderating core inflation (even though
primary inflation remained above comfort levels). However, RBI eluded from any
such measures stressing that the role of interest rates in the current activity
(particularly investment) slowdown remains relatively small and after considering
significant upside risks to inflation expectations.
Though core inflation (non-food manufacturing inflation) has moderated, RBI
remained concerned about the uptrend seen in headline inflation reading, which
has moved upwards to 7.6% in May 2012 from 7.2% in April 2012, mainly on
higher food and fuel prices. Primary food inflation has, in fact, increased from
negative 0.7% in January 2012 to 10.7% in May 2012 on the back of higher
vegetable prices. Further, consumer price index (CPI) inflation rose from 8.8% in
February 2012 to 10.4% in April 2012, indicating that moderation in wholesale
price inflation has not transmitted to the retail level.
Despite demand slowdown and lower crude prices, upside risks to inflation
expectation remain high on the back of a) supply bottlenecks, b) recent revision in
MSP prices of kharif crops such as paddy, jowar, cotton etc, which have a
cumulative weight of ~16.4% and ~2.4% in determining food inflation and
primary inflation, respectively, in the range of 15-50%, c) long anticipated
deregulation of diesel prices and d) lower-than-expected monsoon (as some of the
recent reports have indicated) leading to sell-off of agriculture produce at a price
much higher than MSP. These upside risks to inflation expectations have also been
one of the reasons that prompted RBI to postpone any form of monetary stimulus.
Market Outlook
June 19, 2012
Liquidity to be managed through OMOs: RBI also did not cede to market/industry
expectation of a CRR cut. That said, as per our calculations, taking into account the
primary liquidity required to be infused in FY2013 as well as YTD depletion in
forex reserves, the RBI will be in a position to infuse about `1.72.0 lakh crores
into the economy through OMOs. This should keep bond yields in check at current
levels (8-8.25% for the 10-year bond yields).
Moreover, RBI enhanced the eligible limit of export credit refinance (ECR) facility
for scheduled banks from 15% of the outstanding export credit to 50% to provide
additional liquidity support of over `30,000cr to banks.
Ashok Leyland wins export orders worth US$6.5mn from

Bangladesh
Ashok Leyland (AL) has won an order worth US$6.5mn to export 88 AC buses
from Bangladesh Road Transport Corporation (BRTC). The order comes under the
Indian Line of Credit scheme offered for the improvement of urban transportation
in that country. This is a second order that the company has won in Bangladesh.
AL had earlier won an order to supply 50 vestibule buses to BRTC worth US$6mn.
We expect the company to maintain its growth momentum (25% growth in exports
revenue in FY2012) in the exports markets and expect exports to register a 15%
yoy growth in FY2013. At `25, the stock is trading at 8.4x FY2014E earnings. We
maintain our Buy rating on the stock with a target price of `33.
India Cements Managing Director questioned by CBI

India Cements Managing Director, N.Srinivasan, appeared before CBI regarding
the disproportionate assets cases against YSR Congress chief Jaganmohan Reddy.
CBI is probing the `135cr of alleged quid-pro-quo investments made by India
Cements in the firms promoted by Jaganmohan Reddy, namely Bharati Cements
and Jagati Publications. These investments were made during the tenure of
Jaganmohan Reddys father, Y S Rajasekhara Reddy, as Chief Minister of Andhra
Pradesh. CBIs contention is that these investments have been made in return for
allocation of water towards expansion of India Cements two plants in Andhra
Pradesh situated at Nalgonda and Ranga Reddy districts. However, India Cements
has refuted the charges stating that water allocation to its units was as per the
industrial policy of Andhra Pradesh government. We maintain our Neutral view on
India Cements.
Economic and Political News
Abdul Kalam refuses to contest

RBI leaves key rates unchanged disappointing industry, market
RBI ups export credit refinance cap
Retail inflation inches up to 10.36% in May
Corporate News
Airlines will cut domestic fares by 5-20%: Government

Government plans to raise `7,000cr by selling NMDC stake
Infosys delays start-dates for new hires as slowdown bites
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 19, 2012
Global economic events release calendar

Date
June 20, 2012
Country
Event Description
Jobless claims change
US
Period
Bloomberg Data
Last Reported
Estimated
% Change
MAY
(13.70)
(4.00)
FOMC rate decision
JUN 20
0.25
0.25
US
Initial Jobless claims
Thousands
JUN 16
386.00
382.00
Germany
Value
JUN A
45.20
45.20
Value
JUN A
(19.30)
(20.00)
US
PMI Manufacturing
Euro-Zone Consumer
Confidence
Existing home sales
Millions
MAY
4.62
4.57
Germany
PMI Services
Value
JUN A
51.80
51.50
June 25, 2012
US
New home sales
MAY
343.00
345.00
June 26, 2012
US
Consumer Confidence
JUN
64.90
64.15
June 28, 2012
Germany
Unemployment change (000's)
Thousands
S.A./
1985=100
Thousands
JUN
--
--
US
GDP Qoq (Annualised)
% Change
1Q T
1.90
1.90
UK
GDP (YoY)
% Change
1Q F
(0.10)
--
July 01, 2012
China
PMI Manufacturing
Value
JUN
50.40
--
July 02, 2012
India
Imports YoY%
% Change
MAY
3.80
--
India
Exports YoY%
% Change
MAY
3.20
--
UK
PMI Manufacturing
Value
JUN
45.90
--
UK
BOE Announces rates
% Ratio
JUL 5
0.50
0.50
Euro Zone
ECB announces interest rates
JUL 5
1.00
--
US
Change in Nonfarm payrolls
Thousands
JUN
69.00
--
US
Unnemployment rate
JUN
8.20
--
July 09, 2012
China
Consumer Price Index (YoY)
% Change
JUN
3.00
--
July 10, 2012
UK
Industrial Production (YoY)
% Change
MAY
(1.00)
--
June 21, 2012
UK
Unit
Euro Zone
July 05, 2012
July 06, 2012
China
Exports YoY%
% Change
JUN
15.30
--
July 12, 2012
India
% Change
MAY
0.10
--
July 13, 2012
India
% Change
JUN
7.55
--
US
Industrial Production YoY

Monthly Wholesale Prices
YoY%
Producer Price Index (mom)
% Change
JUN
(1.00)
--
China
% Change
JUN
9.60
--
China
Real GDP (YoY)
% Change
2Q
8.10
--
July 16, 2012
Euro Zone
Euro-Zone CPI (YoY)
JUN
2.40
--
July 17, 2012
US
Industrial Production
JUN
(0.09)
--
US
% Change
JUN
(0.30)
--
% Change
JUN
7.55
--
US
Consumer price index (mom)

Monthly Wholesale Prices
YoY%
Producer Price Index (mom)
% Change
JUN
(1.00)
--
China
% Change
JUN
9.60
--
July 13, 2012
India
Source: Bloomberg, Angel Research
Market Strategy
June 19, 2012
Macro watch
Exhibit1: Quarterly GDP trends
(%)
1.0
(6.0)
Mfg. PMI
60.0
9.8
9.4
10.0
9.9
Apr-12
Mar-12
Services PMI
58.0
9.5
7.7
8.0
6.9
7.4
7.7
7.2
7.6
56.0
Source: MOSPI, Angel Research
(%)
Exports yoy growth
Exhibit6: Key policy rates
Imports yoy growth
60
45
30
15
Source: Bloomberg, Angel Research
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit5: Exports and imports growth trends

75
May-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Aug-11
Dec-11
48.0
Nov-11
0.0
Oct-11
50.0
Sep-11
2.0
Jul-11
52.0
Jun-11
4.0
Aug-11
54.0
6.0
(15)
(3.2)
(5.0)
Exhibit4: Manufacturing and services PMI
(%)
9.5
0.1
Source: MOSPI, Angel Research
Exhibit3: Monthly WPI inflation trends

12.0
2.7
2.5
Feb-12
(4.0)
4.1
3.4
Jan-12
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(2.0)
3QFY10
3.0
2QFY10
1QFY10
4.0
4QFY09
2.0
Source: CSO, Angel Research
3.7
4.0
Dec-11
5.3
5.0
10.0
6.0
Nov-11
5.9
6.2
6.0
6.1
Oct-11
8.0
6.7
Jul-11
6.0
7.4
9.5
10.0
8.0
Jun-11
7.0
8.2
Sep-11
7.5
8.0
7.6
Aug-11
8.5
9.0
12.0
9.2
Jul-11
9.4
Jun-11
9.8
May-11
(%)
10.0
Exhibit2: IIP trends
Source: RBI, Angel Research
Market Outlook
June 19, 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
133
2,577
1,432
1,647
14.7
14.7
7.0
8.0
18.9
16.6
4.0
3.4
22.8
22.3
1.8
1.5
United Phosphorus
Buy
114
183
5,236
8,191
8,764
16.5
16.5
17.1
18.3
6.6
6.2
1.1
0.9
17.5
16.2
0.8
0.7
Amara Raja Batteries
Accumulate
309
345
2,639
2,715
3,041
15.3
15.3
29.2
32.8
10.6
9.4
2.5
2.0
26.0
23.3
0.9
0.8
Apollo Tyres
Buy
78
100
3,939
13,699
15,184
10.5
10.2
12.1
13.3
6.5
5.9
1.2
1.0
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,665
14,798
16,687
9.6
9.6
2.4
3.0
10.3
8.4
2.1
1.8
14.8
16.5
0.6
0.5
Automotive Axle
Accumulate
448
514
677
1,211
1,387
12.1
11.7
50.3
57.1
8.9
7.8
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,542
1,835
44,619
22,118
24,889
19.0
18.6
115.7
126.5
13.3
12.2
5.3
4.3
45.0
38.9
1.6
1.4
Bharat Forge
Buy
304
372
7,071
7,173
7,998
16.3
16.5
22.3
26.6
13.6
11.4
2.6
2.2
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,812
9,429
27,669
9,390
10,716
19.5
19.1
420.2
471.4
21.0
18.7
4.9
4.1
23.3
21.8
2.6
2.2
CEAT
Buy
95
164
324
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
Accumulate
132
146
11,250
5,787
6,595
15.5
17.0
7.1
9.0
18.6
14.8
3.3
2.8
18.6
20.3
1.6
1.3
FAG Bearings
Accumulate
1,477
1,594
2,455
1,531
1,748
18.8
18.5
118.0
132.8
12.5
11.1
2.7
2.2
24.0
21.9
1.4
1.1
Hero Motocorp
Accumulate
1,992
2,221
39,776
26,106
29,296
15.0
15.2
140.3
148.1
14.2
13.5
6.7
5.2
54.8
43.3
1.2
0.9
JK Tyre
Buy
84
135
346
7,950
8,904
5.5
6.0
25.1
38.6
3.4
2.2
0.4
0.3
12.1
16.4
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
691
821
42,429
36,010
40,882
10.0
10.0
47.7
53.3
14.5
13.0
2.9
2.5
21.3
20.6
0.9
0.8
Maruti
Buy
1,092
1,510
31,535
42,683
48,736
7.1
7.5
86.6
100.6
12.6
10.9
1.8
1.6
15.3
15.5
0.5
0.4
Motherson Sumi
Buy
161
216
6,302
23,342
26,366
7.8
8.2
13.3
18.0
12.1
8.9
2.9
2.3
26.2
28.4
0.4
0.4
Subros
Accumulate
32
36
189
1,244
1,402
8.4
8.3
4.5
5.1
7.0
6.2
0.7
0.7
9.9
11.0
0.4
0.3
Tata Motors
Buy
238
299
63,430 189,676 210,905
12.5
12.6
39.8
45.2
6.0
5.3
2.4
2.0
44.3
41.6
0.4
0.3
TVS Motor
Buy
33
44
1,561
7,690
8,459
6.1
6.0
5.0
5.5
6.6
6.0
1.2
1.0
19.0
18.6
0.2
0.1
ABB*
Sell
751
498
15,909
8,760
10,023
7.6
7.5
18.2
20.7
41.2
36.2
5.5
5.0
14.4
14.6
1.8
1.6
BGR Energy
Neutral
279
2,016
4,195
4,837
11.0
11.0
30.1
32.4
9.3
8.6
1.6
1.4
18.4
17.6
1.0
1.0
BHEL
Neutral
214
52,477
46,344
46,916
18.3
18.6
23.5
24.1
9.1
8.9
1.8
1.6
21.3
18.9
1.0
1.0
Blue Star
Neutral
162
1,453
3,047
3,328
5.4
6.9
9.6
16.2
16.8
10.0
3.3
2.7
20.7
29.7
0.6
0.5
Crompton Greaves
Buy
114
142
7,326
12,451
14,265
7.9
8.3
8.0
9.5
14.3
12.1
1.9
1.7
13.9
14.9
0.6
0.5
Jyoti Structures
Buy
39
67
321
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
56
73
1,440
6,686
7,200
8.5
8.8
10.6
12.2
5.3
4.6
1.0
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,588
1,992
1,789
2,369
2,727
11.7
11.7
143.4
166.0
11.1
9.6
1.8
1.7
17.4
18.4
0.3
0.2
Thermax
Neutral
453
5,400
5,514
5,559
9.8
9.6
29.7
28.4
15.3
16.0
2.9
2.6
20.2
16.9
0.9
0.8
Capital Goods
Market Outlook
June 19, 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
1,222
22,944
11,018
12,663
19.9
21.2
70.7
81.2
17.3
15.1
3.0
2.7
18.0
19.0
1.8
1.4
Ambuja Cements
Neutral
166
25,541
10,035
11,504
23.5
23.8
10.1
10.6
16.4
15.7
3.2
2.9
18.5
19.4
2.1
1.7
India Cements
Neutral
80
2,461
4,423
4,906
18.2
18.8
9.9
12.7
8.1
6.3
0.7
0.7
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
64
79
783
1,938
2,246
19.1
20.1
14.6
16.1
4.4
4.0
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
152
3,614
3,444
3,786
25.5
24.9
14.6
17.1
10.4
8.9
1.5
1.3
15.6
16.0
1.7
1.4
Shree Cements
Neutral
2,640
9,198
5,465
6,249
24.3
23.7
151.5
222.1
17.4
11.9
4.2
3.6
21.6
25.8
1.4
1.1
UltraTech Cement
Neutral
1,443
39,560
20,116
22,655
21.3
22.5
82.1
97.5
17.6
14.8
2.8
2.4
16.8
17.4
1.9
1.8
200
273
1,050
2,014
2,293
22.4
22.4
22.6
26.7
8.8
7.5
1.0
0.8
11.4
11.9
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
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
19
1,122
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.3)
(23.7)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
119
166
3,939
3,821
4,582
42.3
40.2
15.0
16.9
7.9
7.0
1.2
1.0
16.1
15.8
2.7
2.5
ITNL
Buy
181
265
3,512
6,619
7,925
23.8
23.3
22.0
26.7
8.2
6.8
1.2
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
47
61
1,246
5,510
6,722
8.8
9.0
2.5
4.6
18.4
10.2
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Buy
69
88
14,683
15,259
17,502
25.7
24.7
4.2
5.0
16.3
13.8
1.3
1.2
8.5
9.3
2.3
2.0
Larsen & Toubro
Buy
1,318
1,553
80,743
59,559
69,089
12.1
11.5
70.8
76.5
18.6
17.2
2.8
2.5
16.1
15.3
1.5
1.3
Madhucon Proj
Buy
37
70
270
2,206
2,502
10.7
10.7
4.6
4.7
7.9
7.8
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
36
41
919
5,453
6,169
8.1
8.5
1.6
1.9
21.8
18.6
0.4
0.4
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
86
600
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
1,518
11,592
12,993
8.4
8.4
1.8
3.2
25.4
14.3
0.5
0.5
2.0
3.4
0.6
0.5
Sadbhav Engg.
Buy
133
182
1,997
2,789
3,147
10.6
10.7
8.4
10.4
15.7
12.7
2.1
1.9
15.0
15.6
0.9
0.8
Simplex Infra
Buy
210
265
1,039
6,732
7,837
8.1
8.4
23.5
29.4
8.9
7.1
0.8
0.8
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
139
147
6,933
7,392
8,542
3.1
3.1
38.3
42.1
3.6
3.3
0.6
0.5
18.4
17.6
Andhra Bank
Neutral
113
6,312
5,151
5,843
3.2
3.1
22.4
25.7
5.0
4.4
0.8
0.7
15.8
16.0
Axis Bank
Buy
1,000
1,476
41,390
16,157
19,557
3.2
3.2
116.4
139.1
8.6
7.2
1.6
1.4
20.0
20.3
Bank of Baroda
Buy
678
925
26,545
15,993
18,918
2.6
2.6
127.3
149.9
5.3
4.5
0.9
0.8
17.8
18.2
Bank of India
Accumulate
341
389
19,543
13,558
15,551
2.5
2.4
61.6
70.8
5.5
4.8
0.9
0.8
16.8
16.9
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
49
2,883
3,580
4,050
3.2
3.2
11.5
13.1
4.2
3.7
0.7
0.6
17.4
17.2
405
493
17,935
12,061
13,906
2.3
2.3
83.1
92.7
4.9
4.4
0.8
0.7
16.7
16.4
79
5,797
6,838
7,912
2.3
2.4
13.8
20.3
5.7
3.9
0.8
0.7
10.9
14.4
Market Outlook
June 19, 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
Accumulate
410
468
6,075
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
Accumulate
95
107
3,324
3,149
3,522
2.8
2.8
23.3
26.1
4.1
3.6
0.7
0.6
17.7
17.0
Federal Bank
Neutral
423
7,228
2,743
3,131
3.4
3.3
49.7
57.4
8.5
7.4
1.1
1.0
14.1
14.6
HDFC
Neutral
639
94,440
7,393
8,844
3.5
3.4
31.7
37.9
20.2
16.8
4.0
3.6
34.7
31.9
HDFC Bank
Accumulate
533
567
125,378
21,831
27,477
4.3
4.3
28.3
35.5
18.9
15.0
3.6
3.1
20.8
22.1
ICICI Bank
Buy
817
1,174
93,871
22,209
26,512
2.8
2.8
67.9
81.1
12.0
10.1
1.4
1.3
14.7
16.0
IDBI Bank
Buy
88
113
11,192
8,004
9,589
1.9
2.0
19.9
23.9
4.4
3.7
0.6
0.5
13.8
14.9
Indian Bank
Accumulate
174
190
7,484
6,312
7,119
3.4
3.3
41.1
43.7
4.2
4.0
0.7
0.6
18.2
16.9
IOB
Accumulate
88
92
7,014
7,354
8,283
2.5
2.4
16.3
21.7
5.4
4.1
0.6
0.6
11.5
13.9
J & K Bank
Neutral
916
4,441
2,535
2,861
3.5
3.4
176.3
184.4
5.2
5.0
0.9
0.8
19.3
17.6
LIC Housing Finance
Accumulate
250
286
12,596
2,108
2,607
2.6
2.6
24.5
30.6
10.2
8.2
1.9
1.6
20.1
21.4
Oriental Bank
Accumulate
237
262
6,903
6,431
7,315
2.7
2.6
54.4
63.8
4.4
3.7
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
760
1,041
25,781
19,893
23,653
3.1
3.2
153.4
175.2
5.0
4.3
0.9
0.8
18.3
18.1
South Ind.Bank
Neutral
24
2,678
1,440
1,635
2.7
2.5
3.8
4.1
6.3
5.8
1.2
1.1
19.9
18.6
St Bk of India
Accumulate
2,088
2,469
140,091
68,311
79,649
3.6
3.6
230.4
273.4
9.1
7.6
1.5
1.3
18.2
18.8
Syndicate Bank
Buy
99
126
5,962
7,133
8,255
3.0
3.0
25.9
30.0
3.8
3.3
0.6
0.5
16.9
17.1
UCO Bank
Neutral
73
4,842
5,623
6,380
2.4
2.4
16.9
17.9
4.3
4.1
0.8
0.7
16.5
15.4
Union Bank
Buy
204
261
11,231
10,215
11,854
2.9
2.8
42.7
50.3
4.8
4.1
0.8
0.7
17.0
17.5
United Bank
Buy
62
78
2,226
3,551
4,128
2.7
2.8
18.8
22.6
3.3
2.7
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
57
2,832
2,668
3,001
2.2
2.2
10.6
12.2
5.4
4.7
0.8
0.7
13.3
13.8
Yes Bank
Buy
325
450
11,497
3,209
4,144
2.7
2.8
33.9
41.5
9.6
7.8
2.0
1.7
23.1
23.3
3,865
37,070
11,423
13,309
16.3
16.3
125.3
148.4
30.9
26.0
10.5
8.2
38.0
35.4
3.2
2.7
520
633
6,213
5,835
6,824
6.3
6.7
20.7
27.5
25.1
18.9
9.8
7.3
42.7
44.3
1.1
0.9
1,128
15,343
3,007
3,417
21.1
22.1
38.2
43.8
29.5
25.8
35.1
27.6
130.2
119.9
5.1
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
108
18,876
5,878
6,799
16.8
17.0
4.2
4.9
26.1
22.1
9.5
7.7
39.3
42.0
3.3
2.8
GlaxoSmith Con*
Neutral
2,613
10,990
3,124
3,663
17.1
11.6
103.0
123.3
25.4
21.2
7.8
6.3
34.0
32.9
3.2
2.7
Godrej Consumer
Neutral
551
18,740
5,973
7,000
18.4
18.6
22.8
27.2
24.1
20.3
6.6
5.4
31.3
38.4
3.3
2.8
HUL
Neutral
446
96,382
25,350
29,309
14.3
14.4
14.1
16.4
31.6
27.2
23.6
18.5
82.7
76.2
3.6
3.1
ITC
Neutral
243
190,027
29,638
34,159
35.4
35.8
9.3
10.9
26.0
22.3
8.4
6.9
35.3
33.8
6.2
5.3
Market Outlook
June 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
172
11,082
4,667
5,427
12.8
12.9
6.6
8.1
25.9
21.2
6.9
5.4
30.0
28.8
2.4
2.0
Nestle*
Neutral
4,509
43,473
8,731
10,539
21.0
21.4
119.3
147.9
37.8
30.5
23.2
15.8
73.0
61.6
5.0
4.1
Tata Global
Buy
106
136
6,533
7,011
7,711
9.7
10.0
6.3
7.5
16.9
14.1
1.6
1.6
9.5
10.9
0.8
0.8
HCL Tech
Buy
470
560
32,538
22,792
25,743
17.4
17.4
37.8
43.0
12.4
10.9
2.7
2.3
22.3
21.3
1.4
1.2
Hexaware
Neutral
122
3,606
1,821
2,105
19.0
18.6
9.8
10.7
12.4
11.4
2.9
2.5
23.7
22.5
1.7
1.4
Infosys
Accumulate
2,511
2,792
144,183
37,615
42,491
31.1
30.6
158.5
174.5
15.9
14.4
3.6
3.0
22.5
20.8
3.2
2.7
Infotech Enterprises
Accumulate
163
177
1,819
1,758
1,972
17.0
16.6
16.8
18.6
9.7
8.8
1.3
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Neutral
109
1,935
2,028
2,239
15.0
14.8
9.0
11.4
12.1
9.5
2.2
1.8
19.3
18.7
1.0
0.8
Mahindra Satyam
Accumulate
77
86
9,014
7,097
7,812
16.2
16.0
7.5
8.0
10.2
9.6
1.3
1.2
13.2
12.3
0.9
0.7
Mindtree
Neutral
605
2,459
2,172
2,450
16.1
15.5
53.9
58.5
11.2
10.4
2.1
1.8
18.9
17.0
1.0
0.8
Mphasis
Accumulate
339
373
7,130
5,608
5,964
17.7
17.3
35.5
36.8
9.6
9.2
1.3
1.2
13.9
12.6
0.8
0.7
NIIT
Buy
43
52
712
1,162
1,304
14.8
15.1
7.1
8.8
6.1
4.9
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Neutral
351
1,406
1,109
1,224
23.3
22.4
37.2
40.1
9.5
8.8
1.5
1.3
15.4
14.5
0.9
0.8
TCS
Neutral
1,257
246,072
57,189
66,329
29.3
28.7
63.2
70.9
19.9
17.7
6.1
4.9
30.5
27.7
4.0
3.4
Tech Mahindra
Accumulate
686
725
8,743
5,880
6,314
15.6
15.2
75.9
82.2
9.0
8.3
1.8
1.5
20.1
18.1
1.4
1.2
Wipro
Accumulate
395
452
97,254
43,150
48,541
20.0
20.5
25.9
30.1
15.3
13.1
2.9
2.5
19.1
19.0
1.9
1.6
D B Corp
Buy
189
269
3,467
1,652
1,863
25.7
26.3
13.5
16.1
14.0
11.8
3.1
2.6
24.1
24.4
1.9
1.6
HT Media
Buy
97
148
2,286
2,255
2,555
16.3
16.7
9.0
10.6
10.8
9.2
1.4
1.2
13.4
13.8
0.6
0.4
Jagran Prakashan
Buy
86
137
2,721
1,499
1,642
27.4
28.8
7.6
9.1
11.3
9.5
3.8
3.4
34.6
37.7
1.8
1.6
PVR
Neutral
150
390
625
732
17.4
16.9
12.4
15.8
12.1
9.5
1.9
2.0
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
265
10,447
2,135
2,458
75.2
74.4
20.9
24.0
12.7
11.0
3.0
2.5
26.0
25.1
3.8
3.0
Bhushan Steel
Neutral
458
9,715
9,232
13,557
30.8
31.1
48.0
58.6
9.5
7.8
1.2
1.1
14.5
7.5
3.2
2.2
Coal India
Accumulate
339
353
214,283
68,841
74,509
25.3
25.3
24.1
26.1
14.1
13.0
3.9
3.2
30.4
26.8
2.1
1.8
Electrosteel Castings
Buy
17
22
588
1,984
2,074
11.2
12.6
2.0
2.7
8.4
6.3
0.3
0.1
4.2
5.5
0.5
0.5
Hind. Zinc
Buy
115
139
48,676
13,043
14,223
51.8
52.8
14.8
16.6
7.8
7.0
1.5
1.3
21.2
19.9
2.1
1.5
Hindalco
Neutral
122
23,396
83,463
91,313
9.0
9.9
13.7
18.1
8.9
6.8
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Accumulate
626
663
13,974
39,592
44,910
18.0
17.7
74.7
88.9
8.4
7.0
0.8
0.7
10.7
11.6
0.7
0.7
MOIL
Accumulate
264
296
4,439
1,007
1,091
56.6
56.9
29.4
31.9
9.0
8.3
1.6
1.4
19.0
18.2
2.3
1.8
Monnet Ispat
Buy
348
447
2,236
3,115
3,748
22.1
25.1
59.1
66.8
5.9
5.2
0.8
0.7
15.6
15.3
1.4
1.1
IT
Media
Metals & Mining
Market Outlook
June 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
60
54
15,476
167
187
66,211
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
8,474
9,024
12.6
16.2
11,959
13,062
78.2
78.6
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
2.6
3.6
23.5
16.8
1.3
1.2
19.1
20.9
8.8
8.0
2.2
1.8
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
5.6
7.5
1.3
1.3
27.1
24.4
3.5
3.0
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
92
38,001
50,914
60,785
14.6
15.1
9.4
10.5
9.8
8.8
0.9
0.8
9.2
9.6
1.2
1.1
183
206
15,861
9,067
9,316
35.7
35.5
44.5
44.3
4.1
4.1
0.9
0.7
23.5
19.5
0.4
0.1
Buy
96
123
32,228
45,805
49,029
21.2
23.5
16.5
19.1
5.8
5.0
0.6
0.6
11.5
12.0
0.4
0.2
Buy
419
499
40,670 143,088 148,011
10.9
12.1
53.9
66.0
7.8
6.3
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Accumulate
332
372
63,397
15,513
16,074
74.0
69.7
51.1
48.6
6.5
6.8
1.1
0.9
18.3
14.8
2.8
2.1
GAIL
Buy
327
389
41,536
50,472
55,502
15.3
15.6
35.4
37.0
9.2
8.8
1.6
1.4
19.0
17.2
0.1
ONGC
Buy
263
321
225,181 156,331 159,043
37.7
36.3
31.3
32.6
8.4
8.1
1.5
1.3
18.7
17.3
1.2
1.0
Reliance Industries
Buy
719
897
235,342 316,404 319,119
11.2
12.0
63.5
68.7
11.3
10.5
1.1
1.0
11.7
11.4
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
52
91
985
1,624
1,855
14.2
15.6
6.6
9.1
7.9
5.7
1.9
1.5
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
106
156
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
0.7
0.6
Aventis*
Neutral
2,104
4,846
1,482
1,682
15.5
15.5
95.0
104.0
22.2
20.2
3.9
3.1
18.6
17.0
3.1
2.6
Cadila Healthcare
Buy
727
953
14,877
6,196
7,443
18.5
19.5
43.3
50.8
16.8
14.3
4.3
3.5
25.4
24.8
2.4
1.9
Cipla
Buy
305
379
24,501
7,687
8,804
21.4
21.4
16.5
18.9
18.5
16.2
2.9
2.5
16.7
16.8
3.1
2.7
Dr Reddy's
Neutral
1,543
26,150
10,696
11,662
20.7
21.0
83.7
92.9
18.4
16.6
3.8
3.2
22.4
21.0
2.6
2.3
Dishman Pharma
Buy
53
92
431
1,280
1,536
17.8
17.8
9.2
11.3
5.8
4.7
0.4
0.4
7.7
8.5
1.0
0.8
GSK Pharma*
Neutral
1,995
16,900
2,651
2,993
31.7
31.2
76.0
82.4
26.3
24.2
7.5
6.6
30.8
29.0
5.5
4.7
Indoco Remedies
Buy
53
82
490
685
837
15.2
15.2
7.4
8.9
7.2
6.0
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
345
435
4,341
2,850
3,474
20.3
20.3
26.6
32.7
13.0
10.6
3.3
2.7
28.2
27.9
1.6
1.3
Lupin
Buy
514
647
22,982
8,426
10,082
19.7
20.0
29.7
32.4
17.3
15.9
4.5
3.6
27.0
25.2
2.6
2.1
Orchid Chemicals
Buy
115
178
807
2,117
2,434
17.7
17.7
16.7
22.2
6.9
5.2
0.6
0.6
9.5
11.5
1.0
0.9
Ranbaxy*
Neutral
472
19,932
12,046
11,980
18.0
15.8
35.7
29.8
13.2
15.9
5.0
4.0
43.1
28.1
1.7
1.6
Sun Pharma
Neutral
591
60,914
9,272
11,080
38.6
38.0
22.7
22.6
26.1
26.2
4.4
3.9
17.9
15.6
5.0
3.9
CESC
Buy
270
342
3,378
5,084
5,512
24.2
23.8
45.2
48.5
6.0
5.6
0.6
0.6
11.2
10.9
1.1
1.1
GIPCL
Buy
62
77
935
1,557
1,573
28.8
28.5
10.4
10.9
6.0
5.7
0.6
0.6
10.4
10.2
1.1
0.9
NTPC
Accumulate
149
158
123,228
74,766
86,549
23.1
23.4
12.4
14.1
12.0
10.6
1.5
1.4
13.0
13.5
2.4
2.2
44
78
1,304
657
875
52.0
56.1
8.4
12.7
5.3
3.5
0.3
0.3
6.3
8.9
3.4
2.5
188
31,896
9,878
12,033
44.7
46.1
9.6
13.4
19.6
14.0
1.2
1.2
6.4
8.7
5.8
4.8
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
June 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Real Estate
HDIL
Buy
72
115
3,000
2,441
3,344
53.0
46.7
21.4
25.4
3.3
2.8
0.3
0.2
8.4
9.1
3.1
2.3
MLIFE
Buy
307
376
1,252
814
897
26.9
27.0
31.3
33.9
9.8
9.0
1.0
0.9
10.2
10.1
1.9
1.7
Bharti Airtel
Neutral
309
117,382
80,961
86,705
33.5
34.0
17.2
20.8
18.0
14.9
2.1
1.8
11.5
12.3
2.1
1.8
Idea Cellular
Neutral
76
25,053
22,558
25,326
26.4
27.5
3.2
4.7
23.5
16.0
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
65
13,447
22,288
23,871
32.1
32.7
4.4
6.0
14.8
10.9
0.4
0.4
2.4
3.2
2.0
1.7
Telecom
zOthers
Bajaj Electricals
Buy
187
246
1,862
3,569
4,172
8.6
9.2
17.3
22.3
10.8
8.4
2.3
2.0
22.9
25.3
0.5
0.4
Abbott India
Accumulate
1,433
1,628
3,045
1,661
1,918
9.7
12.0
60.7
90.4
23.6
15.9
4.8
3.9
22.0
27.3
1.6
1.3
CRISIL
Neutral
1,070
7,506
982
1,136
34.3
34.3
34.3
40.0
31.2
26.8
14.1
11.3
50.9
46.9
7.2
6.0
Cera Sanitaryware
Accumulate
260
288
329
385
444
17.2
17.4
28.9
32.0
9.0
8.1
1.9
1.6
23.4
21.1
1.0
0.9
Force Motors
Buy
443
680
578
2,346
2,753
6.7
7.0
50.9
61.9
8.7
7.2
0.5
0.5
5.5
6.3
0.2
0.2
Finolex Cables
Buy
43
61
650
2,334
2,687
8.8
9.3
7.6
10.2
5.6
4.2
0.7
0.6
13.7
16.1
0.2
0.1
Goodyear India
Buy
320
374
739
1,511
1,692
7.9
9.0
31.5
41.3
10.2
7.8
2.0
1.7
21.2
23.5
0.3
0.2
Graphite India
Buy
88
124
1,717
2,158
2,406
18.1
18.9
12.4
14.0
7.1
6.3
0.9
0.9
14.0
14.3
0.9
0.8
HEG
Buy
202
242
807
1,746
1,946
16.5
17.7
22.5
32.9
9.0
6.1
0.9
0.8
10.4
14.2
1.1
1.0
Hitachi
Buy
113
160
259
857
968
6.9
8.4
10.2
16.0
11.1
7.0
1.4
1.2
12.9
17.8
0.4
0.3
Honeywell Automation
Accumulate
2,515
2,674
2,223
1,542
1,739
9.4
10.0
116.1
140.8
21.7
17.9
3.1
2.7
15.5
15.9
1.3
1.1
INEOS ABS India
Accumulate
710
777
1,249
900
1,011
10.2
11.5
35.6
45.7
20.0
15.5
2.9
2.5
15.4
17.2
1.2
1.0
ITD Cementation
Neutral
217
249
1,535
1,842
11.1
11.1
27.3
38.3
7.9
5.7
0.6
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Accumulate
228
268
1,839
1,315
1,568
8.6
11.1
6.4
10.9
35.8
21.0
3.0
2.8
8.4
13.9
1.8
1.5
MCX
Buy
1,005
1,598
5,128
610
702
65.5
67.0
67.9
79.9
14.8
12.6
4.3
3.6
29.1
28.9
5.6
4.4
MRF
Buy
10,226
13,106
4,337
12,390
14,400
10.4
11.3 1,334.6 1,638.2
7.7
6.2
1.5
1.2
16.5
17.4
0.6
0.5
Greenply Industries
Buy
205
309
494
1,925
2,235
10.6
10.9
29.6
44.1
6.9
4.6
1.1
0.9
16.8
21.0
0.5
0.4
Page Industries
Neutral
2,853
3,182
887
1,108
18.3
18.6
95.0
120.9
30.0
23.6
15.7
12.7
57.4
59.5
3.7
2.9
Relaxo Footwears
Neutral
483
580
1,019
1,208
11.0
10.8
44.9
53.1
10.8
9.1
2.6
2.0
27.2
25.0
0.7
0.6
Sintex Industries
Buy
57
79
1,566
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
262
392
246
1,042
1,173
12.4
12.5
66.3
78.5
4.0
3.3
0.8
0.6
21.1
20.8
0.5
0.4
SpiceJet
Buy
31
40
1,511
5,647
6,513
3.5
6.5
1.9
4.9
16.1
6.4
37.7
5.5
0.4
0.4
TVS Srichakra
Buy
315
462
241
1,612
1,827
9.5
9.8
72.3
92.5
4.4
3.4
1.3
1.0
33.1
32.1
0.4
0.3
TAJ GVK
Buy
60
108
375
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Market Outlook
June 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Tata Sponge Iron
Buy
346
420
532
757
875
19.0
19.1
63.5
72.9
5.4
4.7
0.8
0.7
16.1
16.1
0.2
0.1
United Spirits
Accumulate
659
730
8,619
10,289
11,421
13.5
14.3
31.0
42.9
21.2
15.4
1.7
1.5
8.1
10.3
1.5
1.4
Vesuvius India
Accumulate
367
413
744
628
716
16.4
16.5
29.8
34.4
12.3
10.7
2.2
1.8
18.8
18.6
1.0
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 18, 2012
Market Outlook
June 19, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

June 19, 2012

(1.4) (244.0) 16,706

(3.2) (365.8) 11,221

(1.0) (105.0) 10,290

OIL & GAS

Fitch downgrades Indias credit rating outlook to negative

FII Derivatives (June 18, 2012)

Mahindra & Mah Fin

Net Inflows (June 15, 2012)

Refer detailed news analysis on the following page

Fitch downgrades Indias credit rating outlook to negative

Monetary policy review

Keeps SLR and CRR unchanged at 24.0% and 4.75%, respectively

Monetary policy maintains status quo as against consensus expectation of easing:

Ashok Leyland wins export orders worth US$6.5mn from

India Cements Managing Director questioned by CBI

Economic and Political News

Abdul Kalam refuses to contest

Airlines will cut domestic fares by 5-20%: Government

Global economic events release calendar

June 20, 2012

Jobless claims change

FOMC rate decision

Initial Jobless claims

June 25, 2012

New home sales

June 26, 2012

June 28, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

July 01, 2012

July 02, 2012

BOE Announces rates

ECB announces interest rates

Change in Nonfarm payrolls

July 09, 2012

Consumer Price Index (YoY)

July 10, 2012

Industrial Production (YoY)

June 21, 2012

July 05, 2012

July 06, 2012

July 12, 2012

July 13, 2012

Industrial Production YoY

Industrial Production (YoY)

Real GDP (YoY)

July 16, 2012

Euro-Zone CPI (YoY)

July 17, 2012

Consumer price index (mom)

Industrial Production (YoY)

July 13, 2012

Source: Bloomberg, Angel Research

Source: MOSPI, Angel Research

Exports yoy growth

Exhibit6: Key policy rates

Imports yoy growth

Source: Bloomberg, Angel Research

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

Exhibit5: Exports and imports growth trends