Market Outlook 

July 11, 2012

Dealer’s Diary
The Indian markets are expected to open in the red mirroring the SGX Nifty and
Asian stocks which are trading lower in the opening trade. Asian stocks fell a fifth
day, with the regional benchmark headed for its longest losing streak since May,
amid concern a deepening global economic slowdown will weigh on earnings.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

1.3

Nifty

1.3

226.4 17,618
70.2

5,345

MID CAP

1.1

68.5

6,307

The US markets opened strong in Tuesday’s trading session but eventually ended
in the red. The early strength among stocks was partly due to a positive reaction to
the latest news out of Europe, including a report showing an unexpected increase
in U.K. manufacturing output in the month of May. News that Eurozone finance
ministers agreed to provide the Spanish banking sector with up to £30bn by the
end of the month also generated some positive sentiment, with Spain given an
extra year to achieve its deficit reduction target. However, stocks moved sharply
lower over the course of the trading day as disappointing guidance from some well
known companies overshadowed the relatively positive news out of Europe

SMALL CAP

0.8

54.8

6,805

BSE HC

0.9

58.3

6,955

BSE PSU

0.8

61.0

7,369

BANKEX

1.5

187.1 12,361

AUTO

1.6

151.7

METAL

1.5

160.2 10,992

OIL & GAS

0.9

71.9

8,090

BSE IT

0.6

35.1

5,686

(Pts)

(Close)

Meanwhile, Indian shares rallied on Tuesday, shrugging off mixed Asian cues as
the rupee rebounded and euro area finance ministers agreed on the terms of a
bailout for Spain's troubled banks.

Dow Jones

(0.7)

(83.2) 12,653

NASDAQ

(1.0)

(29.4)

2,902

0.7

36.7

5,664

Nikkei

(0.4)

(39.2)

8,858

Hang Seng

(0.2)

(31.7) 19,396

Markets Today
The trend deciding level for the day is 17,558 / 5,326 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,692 – 17,765 / 5,368 – 5,390 levels. However, if NIFTY trades below
17,558 / 5,326 levels for the first half-an-hour of trade then it may correct up to
17,485 – 17,351 / 5,304 – 5,262 levels.
Indices

S2

S1

PIVOT

R1

R2

SENSEX

17,351

17,485

17,558

17,692

17,765

NIFTY

5,262

5,304

5,326

5,368

5,390

News Analysis
„
„
„

Global Indices

FTSE

1.2

35.5

2,965

(0.3)

(6.4)

2,164

Chg (%)

(Pts)

(Close)

INFY

(1.2)

(0.5)

$43.5

WIT

(0.8)

(0.1)

$8.5

IBN

0.8

0.3

$33.6

HDB

0.7

0.2

$33.7

Straits Times
Shanghai Com

Indian ADRs

Advances / Declines

L&T acquires Malaysia-based Henikwon Corporation
Lavasa’s request to confer infrastructure status on its loans rejected by RBI
1QFY2013 Result Previews- HDFC Ltd.

` cr

Purch

Sales

Net

MTD

YTD

FII

1,609

1,274

336

2,261

48,255

250

621

(371)

(1105)

(6,950)

FII Derivatives (July 10, 2012)
` cr

Purch

Sales

Net

Open Interest

Index Futures

1,445

1,652

(207)

14,437

Stock Futures

1,368

1,278

91

26,010

Gainers / Losers
Gainers
Company

Price (`)

Losers

chg (%)

Company

Price (`)

chg (%)

Punj Lloyd

59

7.6

Zee Entert

143

(1.7)

Reliance Comm

71

6.6

Pidilite Inds

164

(1.6)

Indiabulls Real Est

63

5.3

Cadila Health

763

(1.4)

718

(1.3)

82

(1.3)

EIH
Rajesh Exports

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NSE

Advances

1,713

949

Declines

1,189

491

113

81

Volumes (` cr)

Net Inflows (July 9, 2012)

MFs

BSE

Unchanged

Refer detailed news analysis on the following page

Chg (%)

9,533

85

5.2

United Spirits

141

5.0

Pipavav Defence

BSE

2,004

NSE

9,514

Market Outlook
July 11, 2012

L&T acquires Malaysia-based Henikwon Corporation
Larsen & Toubro's (L&T) Malaysia-based subsidiary Tamco Switchgear has
acquired electrical equipment maker Henikwon Corporation for an
undisclosedamount. Based in Malaysia, Henikwon Corporation is a leading
manufacturer of low and medium voltage busduct systems. Henikwon brand is
globally well recognized and offers high-quality products under compliance to
international quality standards. Henikwon’s acquisition brings a string of customer
base of large corporations to Tamco. This acquisition will be complementary to the
company’s electrical and automation portfolio and make comprehensive offerings
for the building and infrastructure segments. It will further enhance the company’s
presence in South East Asia and aid in catering to the Indian and Middle East
markets.
At the CMP of `1,418, the stock is trading at PE of 14.2x FY2014E earnings, after
adjusting for investments, which is below the historical trading multiple for L&T. We
have used the SOTP methodology to value the company to capture all its business
initiatives and investments/stakes in the different businesses. Ascribing separate
values to its parent business on a P/E basis and investments in subsidiaries on P/E,
P/BV and mcap basis, our target price works out to `1,553. Owing to the recent
surge in the stock price, we recommend Accumulate on the stock.

Lavasa’s request to confer infrastructure status on its loans
rejected by RBI
As per media reports, RBI has rejected Lavasa’s (HCC’s subsidiary) request to
confer infrastructure status on its loans. With this rejection the company’s effort to
escape the stigma of bad debt has suffered a jolt. The rejection means that the
firm cannot enter the special cell set up by banks to help ease the debt burden of
troubled companies with high-cost borrowings. It must take the difficult road of
negotiating individually with the banks and its debt will not have any chance of
becoming a standard asset. The `850cr loans on Lavasa's books are now treated
as bad loans by most banks. Lavasa had sought infrastructure status from RBI
some months ago on the grounds that it would help the company join the
corporate debt restructuring cell set up by banks. This is negative for HCC as this
development is likely to cause further delay to the project. We continue to maintain
Neutral view on HCC.

Result Previews
HDFC – 1QFY2013 Result Preview (CMP: `683/ TP: - / Upside: -)
HDFC is scheduled to announce its 1QFY2013 results today. We expect the bank
to report healthy operating income growth of 20.0% yoy to `1,568cr. Operating
expenses are expected to grow at 28.8% yoy to `146cr. The pre-provision profit is
expected to grow at 19.1% yoy to `1,422cr. Provisioning expenses are expected to
increase by 119.3% yoy to `39cr, leading to a net profit growth of 19.9% yoy to
`1,013cr. At the CMP, HDFC’s core business (after adjusting `232/share towards
value of the subsidiaries) is trading at 3.6x FY2014E ABV of `123.4 (including

www.angelbroking.com

Market Outlook
July 11, 2012

subsidiaries, the stock is trading at 3.8x FY2014E ABV of `176.9). We maintain
our Neutral recommendation on the stock.

Y/E
March

Op. Inc
(` cr)

NIM
(%)

PAT
(` cr)

EPS
(`)

ABV
(%)

ROA
(x)

ROE
(x)

P/E
(x)

P/ABV
(x)

FY2013E

7,372

3.6

4,826

31.5

13.9

2.6

34.8

21.4

4.3

FY2014E

8,812

3.5

5,771

37.7

15.7

2.6

32.1

17.9

3.8

Quarterly Bloomberg Brokers Consensus Estimate
HDFC Ltd - (11/07/2012)
Particulars (` cr)
Net profit

1Q FY13E

1Q FY12

y-o-y (%)

4Q FY12

q-o-q (%)

1,017

845

20

1,326

-23

TCS Ltd - Consolidated (12/07/2012)
Particulars (` cr)

1Q FY13E

1Q FY12

y-o-y (%)

4Q FY12

q-o-q (%)

Net sales

14,680

10,797

36

12,980

13

Net profit

3,233

2,408

34

2,919

11

Infosys Ltd - Consolidated (12/07/2012)
Particulars (` cr)

1Q FY13E

1Q FY12

y-o-y (%)

4Q FY12

q-o-q (%)

Net sales

9,596

7,485

28.2

8,852

8.4

Net profit

2,429

1,722

41.1

2,316

4.9

1Q FY13E

1Q FY12

y-o-y (%)

4Q FY12

q-o-q (%)

1,419

1,085

31

1,751

(19)

HDFC Bank - (13/07/2012)
Particulars (` cr)
Net profit

Economic and Political News
„
„
„
„

Power tariff in Delhi much less than major cities: Government
India buys Mahatma Gandhi’s archive to prevent its auction
Supreme court signals rethink on auction route for all natural resources
No service tax on NRI remittances: Govt.

Corporate News
„
„
„
„

SIAM lowers FY2013 car sales forecast
SAIL, Kobe ink pact for `1,500cr plant in Bengal
Quick recovery of US$1.4bn Kingfisher debt unlikely: SBI
Suzlon inks 300MW equipment sale deal with ReNew Power

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

www.angelbroking.com

Market Outlook
July 11, 2012

Result Calendar
Date

Company

July 11, 2012

HDFC, Cera Sanitaryware Ltd

July 12, 2012

Infosys

July 13, 2012

HDFC Bank, Sintex

July 14, 2012
July 15, 2012
July 16, 2012

Exide Industries, South Ind.Bank, Mindtree

July 17, 2012

Axis Bank

July 18, 2012

Bajaj Auto, CRISIL, Infotech Enterprises

July 19, 2012

Hero Motocorp, Kotak Mah. Bank, Dr Reddy's, Persistent, Tata Sponge

July 20, 2012

Asian Paints, Zee Entertainment, HT Media

July 21, 2012
July 22, 2012
July 23, 2012

Larsen & Toubro, HUL, Dabur India, Colgate, Tata Global

July 24, 2012

Wipro, Lupin, LIC Housing Fin., Ashok Leyland, Page Industries

Source: Bloomberg, Angel Research

Global economic events release calendar
Date

Country

Event Description

Unit

Period

Last Reported

Estimated

July 12, 2012

US

Initial Jobless claims

Thousands

JUL 7

374.00

370.00

India

Industrial Production YoY

% Change

MAY

0.10

1.80

US

Producer Price Index (mom)

% Change

JUN

(1.00)

(0.40)

China

Industrial Production (YoY)

% Change

JUN

9.60

9.80

China

% Change

2Q

8.10

7.70

% Change

JUN

7.55

7.62

Euro Zone

Real GDP (YoY)
Monthly Wholesale Prices
YoY%
Euro-Zone CPI (YoY)

%

JUN

2.40

--

UK

CPI (YoY)

% Change

JUN

2.80

--

US

Industrial Production

%

JUN

(0.09)

0.40

US

Consumer price index (mom)

% Change

JUN

(0.30)

--

US

Housing Starts

Thousands

JUN

708.00

745.00

US

Building permits

Thousands

JUN

784.00

775.00

UK

Jobless claims change

% Change

JUN

8.10

--

July 19, 2012

US

Millions

JUN

4.55

4.65

July 23, 2012

Euro Zone

Value

JUL A

(19.80)

--

July 24, 2012

Germany

Existing home sales
Euro-Zone Consumer
Confidence
PMI Services

Value

JUL A

49.90

--

Germany

PMI Manufacturing

Value

JUL A

45.00

--

UK

GDP (YoY)

% Change

2Q A

(0.20)

--

July 13, 2012

July 16, 2012

July 17, 2012

July 18, 2012

July 25, 2012

India

Bloomberg Data

US

New home sales

Thousands

JUN

369.00

--

July 27, 2012

US

GDP Qoq (Annualised)

2Q A

1.90

--

July 31, 2012

US

Consumer Confidence

JUL

62.00

--

Germany

Unemployment change (000's)

% Change
S.A./
1985=100
Thousands

JUL

7.00

--

India

RBI Repo rate

%

JUL 31

8.00

--

India

RBI Cash Reserve ratio

%

JUL 31

4.75

--

India

RBI Reverse Repo rate

%

JUL 31

7.00

--

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Strategy
July 11, 2012

Macro watch
Exhibit 1: Quarterly GDP trends

(%)

(6.0)

9.4

9.8

10.0

Mar-12

0.1

Feb-12

(4.0)

(3.2)

(5.0)

Mfg. PMI

60.0
9.9

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

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Jun-12

May-12

Apr-12

CRR

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Reverse Repo rate

Oct-11

Sep-11

Repo rate

Jun-11

4.00

May-12

0.0

Apr-12

5.00

Mar-12

15.0

Feb-12

6.00

Jan-12

30.0

Dec-11

7.00

Nov-11

45.0

Oct-11

8.00

Sep-11

60.0

Aug-11

(%)
9.00

Jul-11

75.0

Jun-11

Sep-11

Exhibit 6: Key policy rates

Imports yoy growth

Aug-11

Exports yoy growth

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Jul-11

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

Exhibit 5: Exports and imports growth trends
(%)

Jun-11

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

48.0

Oct-11

0.0

Sep-11

50.0

Aug-11

2.0

Jul-11

52.0

Jun-11

4.0

Aug-11

54.0

6.0

(15.0)

1.0

Exhibit 4: Manufacturing and services PMI

(%)
9.5

2.7

2.5

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends
12.0

4.1

3.4

Jan-12

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

(2.0)

2QFY10

3.0

1QFY10

-

4QFY09

2.0

4.0

Source: CSO, Angel Research

3.7

4.0

Dec-11

5.3

5.0

10.0

6.0

Nov-11

5.9

6.0

6.2

6.0

6.1

Apr-12

8.0
6.7

Oct-11

7.6

7.4

Jul-11

7.0

9.5

10.0

8.0

Sep-11

7.5

8.0

8.2

Aug-11

8.5

9.0

12.0

9.2

Jul-11

9.4

Jun-11

9.8

May-11

(%)
10.0

Exhibit 2: IIP trends

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

( Č)

Price ( Č)

( Č 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

137

-

2,673

1,432

1,647

14.7

14.7

7.0

8.0

19.6

17.2

4.1

3.5

22.8

22.3

1.9

1.6

United Phosphorus

Buy

123

183

5,661

8,191

8,764

16.5

16.5

17.1

18.3

7.2

6.7

1.2

1.0

17.5

16.2

0.8

0.7

Amara Raja Batteries

Accumulate

316

345

2,697

2,715

3,041

15.3

15.3

29.2

32.8

10.8

9.6

2.5

2.0

26.0

23.3

0.9

0.8

Apollo Tyres

Buy

83

100

4,201

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

26

33

6,918

14,798

16,687

9.6

9.6

2.4

3.0

10.7

8.8

2.1

1.9

14.8

16.5

0.6

0.5

Automotive Axle

Buy

440

514

665

1,211

1,387

12.1

11.7

50.3

57.1

8.8

7.7

2.2

1.8

27.8

25.7

0.6

0.5

Bajaj Auto

Buy

1,523

1,787

44,075

21,665

24,334

18.6

18.4

111.7

123.2

13.6

12.4

5.4

4.3

43.8

38.5

1.6

1.4

Bharat Forge

Buy

306

372

7,133

7,173

7,998

16.3

16.5

22.3

26.6

13.7

11.5

2.7

2.2

21.0

21.0

1.1

0.9

Bosch India

Neutral

8,900

-

27,945

9,106

10,255

19.4

19.3

410.2

460.3

21.7

19.3

4.8

3.9

22.1

20.4

2.7

2.3

CEAT

Buy

102

164

349

5,067

5,631

8.0

7.6

39.4

41.0

2.6

2.5

0.5

0.4

18.8

16.5

0.3

0.3

Exide Industries

Accumulate

138

146

11,730

5,787

6,595

15.5

17.0

7.1

9.0

19.4

15.4

3.4

2.9

18.6

20.3

1.7

1.4

FAG Bearings

Neutral

1,489

-

2,474

1,492

1,703

18.8

18.5

115.3

129.8

12.9

11.5

2.8

2.3

23.5

21.6

1.4

1.1

Hero Motocorp

Buy

2,065

2,473

41,232

25,970

29,772

15.0

15.5

139.7

154.5

14.8

13.4

7.0

5.3

54.7

44.9

1.3

1.0

JK Tyre

Buy

102

135

418

7,950

8,904

5.5

6.0

25.1

38.6

4.1

2.6

0.5

0.4

12.1

16.4

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate
Maruti

Accumulate

Motherson Sumi

Buy

Subros

Accumulate

Tata Motors

Buy

TVS Motor

Accumulate

734

824

45,054

35,881

40,746

10.0

10.0

47.5

53.2

15.4

13.8

3.1

2.6

21.3

20.5

1.0

0.8

1,221

1,364

35,285

39,959

46,670

6.0

7.0

71.4

90.9

17.1

13.4

2.1

1.8

12.8

14.4

0.7

0.6

165

216

6,468

23,342

26,366

7.8

8.2

13.3

18.0

12.4

9.2

3.0

2.3

26.2

28.4

0.5

0.4

34

36

204

1,244

1,402

8.4

8.3

4.5

5.1

7.6

6.7

0.7

0.7

9.9

11.0

0.4

0.4

246

305

65,668 191,303 211,004

13.0

12.9

40.7

43.8

6.1

5.6

2.0

1.7

36.0

33.1

0.4

0.4

40

42

1,896

7,442

8,198

6.2

6.1

4.8

5.2

8.4

7.6

1.4

1.3

18.2

17.9

0.2

0.2

Capital Goods
ABB*

Sell

809

498

17,137

8,760

10,023

7.6

7.5

18.2

20.7

44.4

39.0

6.0

5.3

14.4

14.6

1.9

1.7

BGR Energy

Neutral

313

-

2,257

4,195

4,837

11.0

11.0

30.1

32.4

10.4

9.7

1.8

1.6

18.4

17.6

1.1

1.0

BHEL

Neutral

236

-

57,727

46,344

46,916

18.3

18.6

23.5

24.1

10.0

9.8

2.0

1.7

21.3

18.9

1.1

1.1

Blue Star

Neutral

186

-

1,673

3,047

3,328

5.4

6.9

9.6

16.2

19.4

11.5

3.8

3.1

20.7

29.7

0.6

0.5

Crompton Greaves

Accumulate

133

142

8,500

12,451

14,265

7.9

8.3

8.0

9.5

16.6

14.0

2.2

2.0

13.9

14.9

0.7

0.6

Jyoti Structures

Buy

44

67

361

2,622

2,801

10.6

11.0

10.9

13.4

4.0

3.3

0.5

0.5

13.7

14.9

0.3

0.3

KEC International

Buy

58

73

1,487

6,686

7,200

8.5

8.8

10.6

12.2

5.5

4.8

1.0

0.9

25.9

24.0

0.4

0.4

LMW

Buy

1,672

1,992

1,884

2,369

2,727

11.7

11.7

143.4

166.0

11.7

10.1

1.9

1.8

17.4

18.4

0.3

0.2

Thermax

Neutral

489

-

5,823

5,514

5,559

9.8

9.6

29.7

28.4

16.5

17.2

3.1

2.8

20.2

16.9

0.9

0.9

www.angelbroking.com

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Cement
ACC

Neutral

1,272

-

23,874

11,096

12,607

21.0

21.7

76.1

82.9

16.7

15.3

3.1

2.8

19.3

19.3

1.9

1.6

Ambuja Cements

Neutral

170

-

26,195

10,205

11,659

24.6

24.2

10.8

12.0

15.7

14.2

3.3

2.9

19.7

19.8

2.2

1.8

India Cements

Neutral

85

-

2,602

4,364

4,791

18.9

19.1

9.2

11.4

9.2

7.4

0.7

0.7

8.0

9.5

0.5

0.5

J K Lakshmi Cements

Neutral

81

-

990

1,938

2,246

19.1

20.1

15.2

16.8

5.3

4.8

0.7

0.6

13.8

14.0

0.6

1.0

Madras Cements

Neutral

156

-

3,712

3,444

3,786

25.5

24.9

14.6

17.1

10.7

9.2

1.6

1.4

15.6

16.0

1.7

1.4

Shree Cements

Neutral

2,901

-

10,105

5,519

6,293

24.5

23.7

156.6

225.3

18.5

12.9

4.6

3.9

22.3

26.0

1.5

1.2

UltraTech Cement

Neutral

1,565

-

42,893

20,099

22,642

21.7

22.9

89.6

104.7

17.5

14.9

2.9

2.5

17.7

17.9

2.0

1.9

217

273

1,144

2,014

2,293

22.4

22.4

22.6

26.7

9.6

8.1

1.0

0.9

11.4

11.9

2.4

2.7

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

16

-

296

2,489

2,755

7.0

7.8

3.0

4.0

5.4

4.0

0.5

0.4

8.7

10.8

0.3

0.3

Hind. Const.

Neutral

21

-

1,283

4,239

4,522

11.1

11.8

(1.8)

(0.8)

(11.8)

(27.1)

1.2

1.4

(9.5)

(4.7)

1.3

1.2

IRB Infra

Buy

135

166

4,500

3,821

4,582

42.3

40.2

15.0

16.9

9.0

8.0

1.4

1.2

16.1

15.8

2.8

2.6

ITNL

Buy

185

265

3,590

6,619

7,925

23.8

23.3

22.9

27.8

8.1

6.7

1.2

1.0

15.5

16.4

2.2

2.1

IVRCL Infra

Buy

51

61

1,366

5,510

6,722

8.8

9.0

2.5

4.6

20.2

11.2

0.7

0.6

3.4

5.8

0.7

0.7

Jaiprakash Asso.

Accumulate

78

88

16,512

15,259

17,502

25.7

24.7

4.2

5.0

18.3

15.5

1.5

1.4

8.5

9.3

2.4

2.1

Larsen & Toubro

Accumulate

1,418

1,553

86,880

59,559

69,089

12.1

11.5

78.4

85.2

18.1

16.6

3.0

2.6

16.1

15.3

1.6

1.4

Madhucon Proj

Buy

39

56

285

2,206

2,502

10.7

10.7

4.6

4.7

8.3

8.3

0.4

0.4

5.2

5.0

0.7

0.7

Nagarjuna Const.

Neutral

44

-

1,132

5,453

6,169

8.1

8.5

1.6

1.9

26.8

22.9

0.5

0.5

1.8

2.1

0.7

0.7

Patel Engg.

Neutral

99

-

690

3,609

3,836

13.1

13.1

14.0

14.6

7.1

6.8

0.4

0.4

6.3

6.1

1.0

1.1

Punj Lloyd

Neutral

59

-

1,949

11,592

12,993

8.4

8.4

1.8

3.2

32.6

18.3

0.6

0.6

2.0

3.4

0.6

0.6

Sadbhav Engg.

Buy

142

182

2,140

2,789

3,147

10.6

10.7

8.4

10.4

16.9

13.7

2.3

2.0

15.0

15.6

0.9

0.8

Simplex Infra

Accumulate

232

265

1,146

6,732

7,837

8.1

8.4

23.5

29.4

9.8

7.9

0.9

0.8

9.6

11.0

0.5

0.5

Allahabad Bank

Neutral

148

-

7,395

7,467

8,685

3.2

3.3

37.5

41.5

4.0

3.6

0.7

0.6

18.1

17.4

-

-

Andhra Bank

Reduce

117

107

6,547

5,225

6,024

3.3

3.3

22.7

25.4

5.2

4.6

0.8

0.7

16.0

15.8

-

-

Axis Bank

Buy

1,075

1,489

44,547

16,488

20,297

3.2

3.3

118.4

145.2

9.1

7.4

1.7

1.4

20.3

21.1

-

-

Bank of Baroda

Buy

730

921

28,579

16,157

19,475

2.7

2.7

123.7

148.3

5.9

4.9

1.0

0.8

17.3

18.1

-

-

Bank of India

Accumulate

348

388

19,973

13,657

15,902

2.5

2.6

59.5

70.6

5.9

4.9

0.9

0.8

16.2

16.9

-

-

Bank of Maharashtra

Neutral

Canara Bank

Accumulate

Central Bank

Reduce

Financials

www.angelbroking.com

50

-

2,945

3,506

3,925

3.2

3.2

10.2

11.9

4.9

4.2

0.7

0.6

15.3

15.8

-

-

431

492

19,111

12,296

14,445

2.4

2.5

81.5

92.2

5.3

4.7

0.9

0.8

16.4

16.3

-

-

83

72

6,095

7,001

8,211

2.5

2.6

14.0

20.6

5.9

4.0

0.9

0.8

11.0

14.5

-

-

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Financials
Corporation Bank

Accumulate

429

465

6,349

5,294

6,070

2.3

2.3

106.3

110.1

4.0

3.9

0.7

0.6

17.7

16.2

-

-

Dena Bank

Neutral

101

-

3,551

3,170

3,577

2.9

2.9

22.8

25.3

4.5

4.0

0.7

0.6

17.2

16.6

-

-

Federal Bank

Neutral

448

-

7,651

2,736

3,165

3.4

3.4

49.3

57.4

9.1

7.8

1.2

1.1

13.9

14.5

-

-

HDFC

Neutral

683

-

101,649

7,372

8,812

3.6

3.5

31.5

37.7

21.7

18.1

4.3

3.9

34.8

32.1

-

-

HDFC Bank

Neutral

588

-

138,622

22,076

27,921

4.3

4.4

28.7

35.8

20.5

16.5

3.9

3.3

20.7

21.9

-

-

ICICI Bank

Buy

943

1,169

108,336

22,368

26,857

2.8

2.9

68.2

80.4

13.8

11.7

1.7

1.5

14.2

15.4

-

-

IDBI Bank

Buy

Indian Bank

Neutral

IOB

98

113

12,509

8,152

9,907

1.9

2.1

19.7

24.1

5.0

4.1

0.7

0.6

13.6

15.0

-

-

186

-

7,983

6,417

7,292

3.5

3.5

40.2

43.1

4.6

4.3

0.8

0.7

17.9

16.9

-

-

Accumulate

85

91

6,755

7,578

8,662

2.6

2.7

17.2

22.5

4.9

3.8

0.6

0.5

12.1

14.3

-

-

J & K Bank

Accumulate

929

979

4,501

2,525

2,858

3.5

3.5

175.8

183.1

5.3

5.1

1.0

0.8

19.3

17.5

-

-

LIC Housing Finance

Accumulate

270

286

13,601

2,108

2,607

2.6

2.6

24.5

30.6

11.0

8.8

2.1

1.7

20.1

21.4

-

-

Oriental Bank

Neutral

262

-

7,640

6,497

7,533

2.8

2.8

53.4

63.9

4.9

4.1

0.7

0.6

13.3

14.3

-

-

Punjab Natl.Bank

Buy

865

1,050

29,334

20,142

23,929

3.2

3.3

153.3

174.3

5.6

5.0

1.0

0.9

18.3

18.0

-

-

South Ind.Bank

Neutral

25

-

2,866

1,447

1,664

2.8

2.7

3.8

4.1

6.7

6.2

1.2

1.1

19.5

18.2

-

-

St Bk of India

Accumulate

2,222

2,443

149,120

67,783

78,208

3.7

3.6

226.0

264.2

9.8

8.4

1.6

1.4

17.7

18.1

-

-

Syndicate Bank

Accumulate

110

118

6,649

7,176

8,299

3.1

3.1

25.1

29.1

4.4

3.8

0.7

0.6

17.6

17.8

-

-

UCO Bank

Reduce

81

71

5,387

5,642

6,438

2.5

2.5

16.4

17.6

5.0

4.6

0.9

0.8

16.2

15.4

-

-

Union Bank

Buy

211

256

11,595

10,623

12,404

3.0

3.0

42.5

49.6

5.0

4.3

0.8

0.7

16.9

17.2

-

-

United Bank

Buy

62

78

2,240

3,599

4,212

2.8

3.0

18.2

22.3

3.4

2.8

0.5

0.4

15.0

16.2

-

-

Vijaya Bank

Reduce

59

52

2,936

2,695

3,097

2.2

2.3

9.6

12.0

6.2

4.9

0.8

0.7

12.0

13.6

-

-

Yes Bank

Buy

360

454

12,737

3,250

4,261

2.8

2.9

34.1

42.8

10.6

8.4

2.2

1.8

23.2

23.9

-

-

3,692

-

35,413

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

525

633

6,274

5,835

6,824

6.3

6.7

20.7

27.5

25.4

19.1

9.9

7.4

42.7

44.3

1.1

0.9

1,156

-

15,723

3,007

3,417

21.1

22.1

38.2

43.8

30.2

26.4

36.0

28.3

130.2

119.9

5.1

4.5

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

Dabur India

Neutral

115

-

20,025

5,878

6,799

16.8

17.0

4.2

4.9

27.7

23.4

10.1

8.2

39.3

42.0

3.4

3.0

GlaxoSmith Con*

Neutral

2,612

-

10,987

3,124

3,663

17.1

17.6

103.0

123.3

25.4

21.2

7.8

6.3

34.0

32.9

3.2

2.7

Godrej Consumer

Neutral

573

-

19,485

5,973

7,000

18.4

18.6

22.8

27.2

25.1

21.1

6.9

5.6

31.3

38.4

3.4

2.9

HUL

Neutral

446

-

96,481

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

258

-

201,949

29,588

34,063

35.4

35.8

9.3

10.9

27.7

23.8

8.9

7.3

35.2

33.8

6.5

5.6

www.angelbroking.com

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

( Č)

Price ( Č)

( Č cr )

FY13E

OPM(%)

EPS ( Č)

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

182

-

11,711

4,667

5,427

12.8

12.9

6.6

8.1

27.3

22.4

7.3

5.7

30.0

28.8

2.5

2.1

Nestle*

Neutral

4,460

-

43,006

8,731

10,539

21.0

21.4

114.4

143.0

39.0

31.2

23.5

16.2

71.1

61.4

5.0

4.0

Tata Global

Buy

116

136

7,155

7,011

7,711

9.7

10.0

6.3

7.5

18.5

15.5

1.8

1.7

9.5

10.9

0.9

0.8

HCL Tech

Accumulate

497

562

34,465

24,029

26,633

18.3

17.2

39.6

43.2

12.6

11.5

2.9

2.4

22.9

21.0

1.4

1.2

Hexaware

Accumulate

121

132

3,594

1,921

2,178

20.6

20.0

10.4

11.4

11.7

10.6

2.8

2.4

24.7

23.4

1.6

1.3

Infosys

Accumulate

2,459

2,747

141,209

39,364

42,981

32.2

30.5

161.6

171.7

15.2

14.3

3.5

2.9

22.9

20.5

3.0

2.6

Infotech Enterprises

Neutral

183

-

2,042

1,825

2,008

17.5

17.1

16.9

18.7

10.8

9.8

1.5

1.3

13.7

13.3

0.8

0.6

KPIT Cummins

Neutral

120

-

2,142

2,145

2,316

16.0

14.8

9.9

11.3

12.1

10.7

2.4

1.9

20.8

19.1

1.0

0.8

Mahindra Satyam

Accumulate

81

87

9,568

7,492

8,038

17.0

16.3

8.1

8.3

10.0

9.8

1.4

1.2

14.1

12.6

0.9

0.7

Mindtree

Accumulate

665

710

2,706

2,324

2,533

18.3

16.9

62.4

64.5

10.7

10.3

2.2

1.8

21.2

18.0

1.0

0.8

Mphasis

Neutral

384

-

8,065

5,704

6,009

18.6

17.7

36.0

37.1

10.7

10.4

1.5

1.3

14.0

12.6

0.9

0.8

NIIT

Buy

43

52

715

1,162

1,304

14.8

15.1

7.1

8.8

6.1

4.9

1.0

0.9

16.7

18.4

0.5

0.3

Persistent

Neutral

381

-

1,523

1,187

1,274

26.7

26.0

34.5

42.6

11.0

8.9

1.6

1.4

14.4

15.4

1.0

0.8

TCS

Neutral

1,261

-

246,884

60,787

68,558

30.1

29.2

65.5

73.6

19.3

17.1

6.0

4.8

31.3

28.2

3.8

3.4

Tech Mahindra

Neutral

721

-

9,198

6,282

6,477

17.5

16.5

82.9

85.0

8.7

8.5

1.9

1.6

21.6

18.4

1.4

1.3

Wipro

Buy

385

451

94,591

44,597

49,033

20.3

20.5

26.6

30.1

14.5

12.8

2.8

2.4

19.5

18.9

1.8

1.5

D B Corp

Buy

201

269

3,685

1,638

1,851

25.8

26.6

13.5

16.1

14.9

12.5

3.3

2.8

23.9

24.2

2.2

1.8

HT Media

Buy

98

148

2,303

2,224

2,509

16.6

17.2

8.6

10.8

11.4

9.1

1.4

1.2

12.9

14.3

0.6

0.5

Jagran Prakashan

Buy

87

125

2,740

1,521

1,698

22.6

23.1

6.2

6.4

14.1

13.5

3.4

3.0

20.7

23.9

2.1

1.8

PVR

Neutral

165

-

428

625

732

16.5

15.7

11.9

13.3

13.9

12.4

1.4

1.2

11.9

12.0

1.1

0.9

Sun TV Network

Neutral

303

-

11,953

2,002

2,296

77.1

76.7

18.9

22.1

16.1

13.8

4.1

3.6

27.7

28.3

5.4

4.6

Bhushan Steel

Reduce

475

429

10,093

11,408

13,773

31.0

30.0

53.7

60.8

8.9

7.8

1.3

1.1

15.3

14.9

2.6

2.2

Coal India

Neutral

354

-

223,315

68,841

74,509

25.3

25.3

24.1

26.1

14.7

13.5

4.0

3.3

30.4

26.8

2.3

2.0

Electrosteel Castings

Accumulate

21

22

728

1,984

2,074

11.2

12.6

2.0

2.7

10.3

7.8

0.4

0.2

4.2

5.5

0.5

0.5

Hind. Zinc

Buy

121

141

51,295

13,050

14,585

51.4

52.1

14.5

16.5

8.4

7.4

1.6

1.4

20.8

19.9

2.1

1.5

Hindalco

Neutral

128

-

24,430

83,212

91,057

9.0

9.9

13.7

18.1

9.3

7.1

0.7

0.7

7.9

9.6

0.5

0.5

JSW Steel

Neutral

713

-

15,899

39,592

44,910

18.0

17.7

74.7

88.9

9.5

8.0

0.9

0.8

10.7

11.6

0.8

0.7

MOIL

Accumulate

279

296

4,683

1,007

1,091

56.6

56.9

29.4

31.9

9.5

8.7

1.7

1.5

19.0

18.2

2.4

2.0

Monnet Ispat

Buy

388

447

2,496

3,115

3,748

22.1

25.1

59.1

66.8

6.6

5.8

0.9

0.8

15.6

15.3

1.5

1.2

IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

FY14E

FY13E

FY14E

EPS ( Č)
FY13E

PER(x)

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

Metals & Mining
Nalco

Reduce

61

54

15,773

8,474

9,024

12.6

16.2

2.6

3.6

23.9

17.1

1.3

1.3

5.6

7.5

1.4

1.4

NMDC

Neutral

193

-

76,578

11,959

13,062

78.2

78.6

19.1

20.9

10.1

9.2

2.5

2.1

27.1

24.4

4.3

3.7

SAIL

Neutral

94

-

38,682

50,914

60,785

14.6

15.1

9.4

10.5

10.0

8.9

0.9

0.8

9.2

9.6

1.2

1.1

Sesa Goa

Neutral

200

-

17,412

9,067

9,316

35.7

35.5

44.5

44.3

4.5

4.5

1.0

0.8

23.5

19.5

0.5

0.2

Sterlite Inds

Accumulate

108

123

36,395

45,294

48,059

25.7

25.3

16.5

18.0

6.6

6.0

0.7

0.6

12.0

11.2

0.5

0.4

Tata Steel

Accumulate

439

499

42,631 143,088 148,011

10.9

12.1

53.9

66.0

8.2

6.7

1.0

0.9

12.2

13.4

0.6

0.6

Cairn India

Buy

313

372

59,640

15,513

16,074

74.0

69.7

51.1

48.6

6.1

6.4

1.0

0.9

18.3

14.8

2.7

2.0

GAIL

Neutral

357

-

45,285

50,472

55,502

15.3

15.6

35.4

37.0

10.1

9.6

1.8

1.6

19.0

17.2

0.1

-

ONGC

Accumulate

280

321

239,383 156,331 159,043

37.7

36.3

31.3

32.6

8.9

8.6

1.6

1.4

18.7

17.3

1.2

1.1

Reliance Industries

Neutral

740

-

242,153 316,404 319,119

11.2

12.0

63.5

68.7

11.6

10.8

1.2

1.1

11.7

11.4

0.7

0.7

Oil & Gas

Pharmaceuticals
Alembic Pharma

Buy

59

91

1,103

1,624

1,855

14.2

15.6

6.6

9.1

8.9

6.4

2.2

1.7

27.5

29.2

0.9

0.8

Aurobindo Pharma

Buy

114

156

3,329

5,243

5,767

14.6

14.6

11.8

12.6

9.7

9.1

1.0

0.4

11.4

10.9

0.8

0.6

Aventis*

Neutral

2,178

-

1,482

1,682

15.5

15.5

95.0

104.0

22.9

20.9

4.1

3.2

18.6

17.0

Cadila Healthcare

Buy

764

953

15,647

6,196

7,443

18.5

19.5

37.6

47.7

20.3

16.0

4.6

3.6

26.8

27.5

2.5

2.0

Cipla

Buy

327

379

26,260

7,687

8,804

21.4

21.4

16.5

18.9

19.8

17.3

3.1

2.7

16.7

16.8

3.4

2.9

Dr Reddy's

Neutral

1,658

-

28,135

10,696

11,662

20.7

21.0

83.7

92.9

19.8

17.9

4.1

3.5

22.4

21.0

2.7

2.5

Dishman Pharma

Buy

65

92

525

1,280

1,536

17.8

17.8

9.2

11.3

7.1

5.8

0.5

0.5

7.7

8.5

1.1

0.9

GSK Pharma*

Neutral

2,034

-

17,228

2,651

2,993

31.7

31.2

76.0

82.4

26.8

24.7

7.7

6.7

30.8

29.0

5.6

4.8

Indoco Remedies

Buy

55

82

508

685

837

15.2

15.2

7.4

8.9

7.5

6.2

1.1

0.9

15.9

16.3

0.9

0.7

Ipca labs

Buy

373

435

4,700

2,850

3,474

20.3

20.3

31.9

36.3

11.7

10.3

3.6

2.9

26.2

26.8

1.8

1.5

Lupin

Buy

547

647

24,456

8,426

10,082

19.7

20.0

27.4

32.4

20.0

16.9

4.8

3.8

27.0

25.2

2.8

2.3

Orchid Chemicals

Buy

121

178

853

2,117

2,434

17.7

17.7

16.7

22.2

7.3

5.5

0.7

0.6

9.5

11.5

1.1

0.9

Ranbaxy*

Neutral

496

-

20,922

12,046

11,980

18.0

15.8

35.7

29.8

13.9

16.6

5.2

4.2

43.1

28.1

1.8

1.7

Sun Pharma

Neutral

626

-

64,457

9,272

11,080

38.6

38.0

22.7

22.6

27.6

27.7

4.6

4.1

17.9

15.6

5.6

4.4

CESC

Accumulate

307

342

3,831

5,084

5,512

24.2

23.8

45.2

48.5

6.8

6.3

0.7

0.7

11.2

10.9

1.2

1.2

GIPCL

Buy

65

77

985

1,557

1,573

28.8

28.5

10.4

10.9

6.3

6.0

0.6

0.6

10.4

10.2

1.1

0.9

NTPC

Neutral

160

-

131,721

74,766

86,549

23.1

23.4

12.4

14.1

12.9

11.4

1.6

1.5

13.0

13.5

2.5

2.3

56

78

1,644

657

875

52.0

56.1

8.4

12.7

6.6

4.4

0.4

0.4

6.3

8.9

3.8

2.8

215

-

36,482

9,878

12,033

44.7

46.1

9.6

13.4

22.4

16.0

1.4

1.4

6.4

8.7

6.2

5.1

Power

Real Estate
Anant Raj

Buy

DLF

Neutral

www.angelbroking.com

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Č cr )

OPM(%)

EPS ( Č)

PER(x)

( Č)

Price ( Č)

( Č cr )

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

P/BV(x)

RoE(%)

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

Real Estate
HDIL

Buy

90

115

3,758

2,441

3,344

55.1

48.2

22.7

26.6

4.0

3.4

0.3

0.3

8.8

9.4

3.4

2.6

MLIFE

Accumulate

330

376

1,349

814

897

26.9

27.0

31.3

33.9

10.6

9.7

1.1

1.0

10.2

10.1

2.0

1.8

Bharti Airtel

Neutral

321

-

122,072

80,076

86,613

32.8

33.5

15.5

19.8

20.8

16.2

2.2

1.9

10.5

11.9

2.2

1.9

Idea Cellular

Neutral

85

-

28,265

23,209

26,063

26.2

27.5

3.3

4.9

26.0

17.3

2.0

1.8

7.7

10.3

1.7

1.5

Rcom

Neutral

71

-

14,686

22,125

23,734

31.9

32.0

4.5

5.9

15.9

12.2

0.4

0.4

2.5

3.1

2.1

1.8

Telecom

zOthers
Abbott India

Accumulate

1,483

1,628

3,151

1,661

1,918

9.7

12.0

60.7

90.4

24.4

16.4

5.0

4.1

22.0

27.3

1.7

1.4

Bajaj Electricals

Buy

201

246

2,001

3,569

4,172

8.6

9.2

17.3

22.3

11.6

9.0

2.5

2.1

22.9

25.3

0.5

0.5

Cera Sanitaryware

Accumulate

290

306

367

395

469

15.4

16.6

30.0

38.0

9.7

7.6

2.1

1.7

23.7

24.5

1.1

1.0

Cravatex

Buy

640

785

165

302

364

5.7

6.0

49.0

71.0

13.1

9.0

3.9

2.8

29.8

30.7

0.7

0.5

CRISIL

Neutral

1,067

-

7,485

982

1,136

34.3

34.3

34.3

40.0

31.1

26.7

14.1

11.3

50.9

46.9

7.2

6.1

Finolex Cables

Buy

42

61

649

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

0.2

Force Motors

Buy

490

615

639

2,346

2,753

5.8

6.7

44.0

68.0

11.2

7.2

0.5

0.5

4.8

7.0

0.2

0.2

Goodyear India

Accumulate

335

374

773

1,511

1,692

7.9

9.0

31.5

41.3

10.6

8.1

2.1

1.8

21.2

23.5

0.3

0.2

Graphite India

Buy

88

124

1,722

2,158

2,406

18.1

18.9

12.4

14.0

7.1

6.3

1.0

0.9

14.0

14.3

0.9

0.8

Greenply Industries

Buy

193

309

466

1,925

2,235

10.6

10.9

29.6

44.1

6.5

4.4

1.1

0.9

16.8

21.0

0.5

0.4

HEG

Accumulate

214

242

855

1,746

1,946

16.5

17.7

22.5

32.9

9.5

6.5

1.0

0.9

10.4

14.2

1.1

1.1

Hitachi

Accumulate

149

160

342

857

968

6.9

8.4

10.2

16.0

14.7

9.3

1.8

1.5

12.9

17.8

0.5

0.4

Honeywell Automation

Accumulate

2,670

2,864

2,360

1,761

2,024

6.7

8.2

95.0

127.0

28.1

21.0

3.3

2.8

14.1

16.3

1.2

1.1

INEOS ABS India

Accumulate

725

804

1,275

900

1,020

9.0

11.1

33.0

45.0

22.0

16.1

3.0

2.6

14.3

17.0

1.2

1.0

ITD Cementation

Neutral

230

-

265

1,535

1,842

11.1

11.1

27.3

38.3

8.4

6.0

0.7

0.6

7.9

10.2

0.6

0.6

Jyothy Laboratories

Accumulate

245

268

1,973

1,315

1,568

8.6

11.1

6.4

10.9

38.4

22.5

3.2

3.0

8.4

13.9

1.8

1.5

MCX

Buy

1,157

1,598

5,901

610

702

65.5

67.0

67.9

79.9

17.1

14.5

5.0

4.2

29.1

28.9

6.8

5.4

MRF

Buy

10,533

13,106

4,467

12,390

14,400

10.4

11.3 1,334.6 1,638.2

7.9

6.4

1.6

1.3

16.5

17.4

0.6

0.5

Page Industries

Neutral

2,947

-

3,288

887

1,108

18.3

18.6

95.0

120.9

31.0

24.4

16.2

13.1

57.4

59.5

3.8

3.0

Relaxo Footwears

Buy

530

618

637

1,019

1,220

11.2

12.2

44.2

61.8

12.0

8.6

2.9

2.2

26.8

28.6

0.8

0.7

Sintex Industries

Buy

65

79

1,787

4,751

5,189

16.3

16.6

13.6

15.8

4.8

4.2

0.6

0.6

12.9

13.2

0.7

0.6

Siyaram Silk Mills

Buy

280

392

263

1,042

1,173

12.4

12.5

66.3

78.5

4.2

3.6

0.8

0.7

21.1

20.8

0.5

0.4

SpiceJet

Buy

34

40

1,654

5,647

6,513

3.5

6.5

1.9

4.9

17.6

7.0

41.3

6.0

-

-

0.4

0.4

TAJ GVK

Buy

70

108

438

300

319

35.8

36.2

7.9

9.1

8.9

7.7

1.2

1.1

13.9

14.4

1.8

1.5

www.angelbroking.com

Market Outlook
July 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( Č)

Price ( Č)

( Č cr )

Sales ( Č cr )
FY13E

OPM(%)

EPS ( Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

zOthers
Tata Sponge Iron

Buy

339

420

521

700

806

18.2

18.2

55.6

65.1

6.1

5.2

0.8

0.7

14.2

14.8

0.3

0.2

TVS Srichakra

Buy

332

462

254

1,612

1,827

9.5

9.8

72.3

92.5

4.6

3.6

1.3

1.0

33.1

32.1

0.4

0.3

United Spirits

Neutral

718

-

9,385

10,289

11,421

13.5

14.3

31.0

42.9

23.1

16.7

1.8

1.6

8.1

10.3

1.6

1.4

Vesuvius India

Accumulate

377

413

764

628

716

16.4

16.5

29.8

34.4

12.6

10.9

2.2

1.9

18.8

18.6

1.1

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 10, 2012

www.angelbroking.com

Market Outlook
July 11, 2012

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