market outlook 080512

8/2/2019 Market Outlook 080512

1/16

Market OutlookMay 8, 2012

www.angelbroking.com

Dealers Diary

Indian markets are expected to open flat with a slightly negative bias. Most of the

Asian markets are trading in the positive zone. However, SGX Nifty is trading

marginally lower, down 0.1%.

U.S. markets showed a lack of direction during trading on Monday as traders

expressed uncertainty about the situation in Europe following recent French

presidential election results. The markets recovered from weakness seen in early

trade but ended the day nearly flat. European markets remained cautious due to

the uncertainty about the European debt crisis after the elections. The situation in

Greece is currently seen as a greater risk than the outcome of French presidential

election.

Meanwhile, Indian shares staged partial recovery from sharp previous-session

losses, amid weak global trend in global markets, after Finance Minister Pranab

Mukherjee postponed the enforcement of General Anti-Avoidance Rules (GAAR) by

one year until fiscal 2013/14.

Markets TodayThe trend deciding level for the day is 16,790 / 5,076 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally

up to 17,067 17,221 / 5,163 5,212 levels. However, if NIFTY trades below

16,790 / 5,076 levels for the first half-an-hour of trade then it may correct up to

16,636 16,360 / 5,027 4,939 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 16,360 16,636 16,790 17,067 17,221

NIFTY 4,939 5,027 5,076 5,163 5,212

News Analysis

4QFY2012 Result Reviews HDFC, Bosch, GlaxoSmithKline Pharma, GSKConsumer, South Indian Bank

4QFY2012 Result Previews Asian Paints, Hindalco, Central Bank, CESC,Dena Bank

Refer detailed news analysis on the following page

Net Inflows (May 4, 2012)

` cr Purch Sales Net MTD YTDFII 3,503 2,991 513 848 44,309

MFs 472 675 (204) (500) (6,601)

FII Derivatives (May 07, 2012)

` cr Purch Sales Net Open InterestIndex Futures 2,654 2,713 (59) 9,335

Stock Futures 1,611 2,202 (591) 21,011

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)JSW Steel 721 7.9 IRB Infra 120 (7.0)

Jet Air India 328 7.0 Unitech 23 (6.0)

BHEL 227 6.1 Central Bank 88 (4.5)

Lanco Infra 14 5.7 Allahabad Bank 162 (4.4)

Reliance Power 102 5.4 United Brew 530 (4.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.5 81.6 16,913

Nifty 0.5 27.3 5,114

MID CAP 0.5 31.8 6,133

SMALL CAP 0.3 20.1 6,608

BSE HC (0.1) (9.1) 6,794

BSE PSU 0.5 31.9 6,959

BANKEX 0.8 90.3 11,374

AUTO 1.2 123.0 10,147

METAL 1.6 166.1 10,728

OIL & GAS (0.5) (39.3) 7,699

BSE IT (0.4) (23.7) 5,710

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (29.7) 13,009NASDAQ 0.1 1.4 2,958

FTSE - - -

Nikkei (2.8) (261.1) 9,119

Hang Seng (2.6) (549.4) 20,537

Straits Times (2.1) (61.2) 2,929

Shanghai Com 0.0 (0.1) 2,452

Indian ADRs Chg (%) (Pts) (Close)INFY (2.3) (1.1) $45.7

WIT (1.3) (0.1) $9.4IBN (2.6) (0.8) $31.0

HDB (1.6) (0.5) $32.4

Advances / Declines BSE NSEAdvances 1,397 733

Declines 1,323 682

Unchanged 136 79

Volumes (` cr)BSE 2,067

NSE 11,678


2/16



Result Reviews

HDFC (CMP:`664 / TP: - / Upside: -)

HDFC reported a healthy set of numbers with net profit growing by 16.1% yoy to

`1,326cr, which were above our estimates due to higher net interest income than

expected by us. The loan growth was also strong at 20% yoy. The NIMs for the

company rose on account of higher yield on advances and lower borrowing costs

(most of the borrowings done at the fag end of quarter). The cost pressures of

these borrowings however could be visible form 1QFY2012 onwards. The asset

quality also remained stable with gross and net NPA levels remaining at similar

levels on a yoy basis. We currently have a Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 7,244 3.3 4,767 31.2 158.3 2.7 34.2 21.2 4.2

FY2014E 8,625 3.3 5,689 37.2 178.6 2.7 31.3 17.7 3.7

Bosch (CMP:`8,873 / TP:`9,317 / Upside: 5%)

Bosch (BOS) registered a healthy top-line growth of 10% yoy (12.5% qoq) to

`2,295cr, in-line with our expectation of`2,086cr. Top-line growth was driven by

8.1% yoy growth in the auto segment and a strong 21.4% yoy growth in the non-

auto segment. The auto segment performance was driven primarily by ~15%

growth in the after-market segment. While diesel systems segment reported a ~8%

yoy growth; gasoline systems segment registered a flat growth on account of

slowdown in the passenger car industry (petrol variants). Exports too grew at a

sluggish pace of ~3% and stood at `250cr mainly on account of slowdown in

Europe.

BOS recorded better-than-expected margins of 20.8%; an increase of 192bp yoy

and 331bp qoq primarily due to decline in raw-material expenses. Raw-material

expenses declined during the quarter led by cost savings due to localization

benefits and strategic buying decisions carried out by the company. Thus,

operating profit grew by 21.2% yoy (33.8% qoq) to `478cr. As a result, net profit

registered a strong 22.4% yoy (19.5% qoq) growth to`336cr.

At `8,873, the stock is trading at 19.5x and 19.1x CY2013E earnings,respectively. We recommend Accumulate rating on the stock with a target price of`9,317 valuing it at 20x CY2013E earnings.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 9,390 19.5 1,314 418.5 21.1 19.5 4.5 13.3 2.5

CY2013E 10,686 19.1 1,463 465.8 19.4 19.1 3.7 11.5 2.1


3/16



Glaxo Pharmaceuticals (CMP 2,126, TP- : Neutral)

Glaxo Pharmaceuticals reported lower-than-expected sales growth. The companys

net profit also came in below expectations. For the quarter, the company posted

sales of`622.8cr, registering 3.3% yoy growth. On the operating front, gross and

operating margin came in at 57.9% and 31.4%, respectively, below ourexpectation of 61.1% and 34.3%, respectively. Consequently, net profit came in at

`122.9cr vs. our expectation of `200.1cr. Currently, the stock is valued at 22.1xCY2013E earnings. We maintain our Neutral stance on the stock.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 2,788 35.0 738 87.1 35.0 24.4 7.9 15.7 5.6

CY2013E 3,140 35.2 815 96.2 32.9 22.1 6.7 13.6 4.8

GSK Consumer (CMP:`

2,701/ TP: -/ Upside :-)

For 1QCY2012, GSK Consumer (GSKCHL) posted 14.5% yoy growth in its net

sales to `813cr, aided by 7% volume growth and an 8% price increase. The

companys flagship brands Horlicks and Boost posted volume growth of 9.4% and

2.1%, respectively. During the quarter, sales were, to an extent, affected by low

orders from CSD (contributes around 8% to overall sales) during February and

March, adjusting for which volume growth would be 9.5%. OPM fell by 57bp yoy

to 19.9% due to higher costs of inputs such as barley and skimmed milk powder.

The companys bottom line rose by 19.3% yoy to `132cr. We recommend aneutral on the stock.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 3,111 16.9 423 100.6 33.3 26.8 8.1 19.7 3.3

CY2013E 3,648 17.1 496 117.9 31.9 22.9 6.6 16.5 2.8

South Indian Bank (CMP:`23/ TP: - / Upside: - )South Indian Bank reported its results for 4QFY2012. The bank reported 28.4%

yoy growth in its NII to `285cr, which was in line with our estimates. Non-interest

income for the bank also increased by 37.8% on a yoy basis to`83cr. However,

operating expenses for the bank increased at much higher pace of 58.3% yoy

(32.2% qoq), which capped the growth in pre-provisioning profits to 6.4% yoy. Net

profit for the bank grew by 49.1% yoy to `122cr, on back of decrease in

provisioning expenses by 53.3% yoy. On the asset quality front, both gross and net

NPA ratio increased marginally on a sequential basis by 3bp and 4bp, respectively

and PCR declined by 382bp qoq to 71.4%. We maintain our Neutralrecommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 1,368 2.8 414 3.7 20.7 1.0 19.1 6.5 1.2

FY2014E 1,557 2.7 445 3.9 23.8 0.9 17.7 6.1 1.0


4/16



Result Previews

Asian Paints

Asian Paints is set to declare its 4QFY2012 results. For the quarter, we expect

Asian Paints to post 22.4% yoy growth in its consolidated top line to `2,405cr,

driven by volume growth and price hikes. The companys OPM is expected to

decline by 101bp yoy to 13.7%. The companys bottom line is expected to register

growth of 17.4% yoy to `219cr. We maintain our Neutral view on the stock.

Hindalco

Hindalco is slated to report its 4QFY2012 results. We expect the companys

standalone net sales to decrease by 1.2% yoy to `6,680cr. However, EBITDA

margin is expected to contract by 165bp yoy to 11.9% on account of a decline in

aluminium prices and rise in costs of key inputs (primarily coal). Net profit is

expected to decrease by 27.1% yoy to `516cr. We recommend a Buy rating on thestock with a target price of `136.

Central Bank

Central Bank is scheduled to announce its 4QFY2012 results today. We expect the

bank to report a Net Interest Income (NII) de-growth of 13.9% yoy to `1,230cr.

Non-interest income is also expected to decline by 24.9% yoy to `393cr. However,

operating expenses are expected to decline at much higher 38.9% yoy to `990cr

(due to one-off staff related provisioning in 4QFY2011). Provisioning expenses are

expected to increase by 55.7% yoy to `477cr, and would lead to 4.0% yoy de-

growth in net profit to `127cr. At the CMP, the stock is trading at 0.8x FY2014E

ABV. We maintain our Neutral recommendation on the stock.

CESC

CESC is expected to register 28.1% yoy growth in its standalone top line to

`1,081cr, aided by improved realization. During the quarter, CESC got the

approval from WBERC for increasing the tariff for Kolkata region on an average

by 13%. Post this order, the company would charge its customers at a higher rate

with retrospective effect. The companys OPM for the quarter is expected to expand

by 385bp yoy to 33.0%. Net profit is expected to increase by 62.9% yoy to `182cr.

We maintain our Buy view on the stock with a target price of `342.

Dena Bank

Dena Bank is scheduled to announce its 4QFY2012 results. We expect the bank to

report reasonable growth of 4.4% qoq (21.0% yoy) in its net interest income to

`565cr. Non-interest income is also expected to show healthy traction by growing

at 36.2% yoy (29.1% qoq) to `173cr. Consequently, overall operating income is

expected to grow at a healthy pace of 9.3% qoq. Operating expenses for the bank

are expected to increase sequentially by 8.5% to `306cr. While provisioning

expenses are expected to decline by 24.9% qoq, a sharp increase of 58.4% qoq is

expected in tax expenses, which would limit net profit growth for the bank atmoderate levels of 11.7% to `209cr. At the CMP, the stock is trading at 0.5x

FY2014E ABV. We maintain our Buy recommendation on the stock with a targetprice of `118.


5/16



Quarterly Bloomberg Brokers Consensus Estimate

Asian Paints Ltd - Consolidated (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 2,388 1,966 21 2,561 (7)

EBITDA 345 289 19 397 (13)

EBITDA margin (%) 14.4 14.7 15.5

Net profit 220 186 18 257 (14)

Glenmark Pharma Ltd - Consolidated (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 992 792 25 1,031 (4)

Net profit 116 81 43 103 13

Hindalco Industries Ltd - (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 6,929 6,761 2 6,590 5

EBITDA 757 915 (17) 715 6

EBITDA margin (%) 10.9 13.5 10.8

Net profit 484 708 (32) 451 7

IDFC Ltd Consolidated (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 429 287 49 381 13

Kotak Mahindra Bank Ltd - Consolidated (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 481 491 (2) 463 4

Shriram Transport Finance Company Ltd - (08/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 328 341 (4) 303 8

ABB - (09/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 1,978 1,781 11 2,170 (9)

EBITDA 120 102 18 108 11

EBITDA margin (%) 6.1 5.7 5.0

Net profit 66 60 10 64 3

PNB Bank Ltd (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 1,284 1,201 7 1,150 12


6/16



Ranbaxy - Consolidated (09/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 3,607 2,143 68 3,738 (4)

EBITDA 898 403 123 860 4

EBITDA margin (%) 24.9 18.8 23.0

Net profit 732 304 141 (2,983) (125)

Union Bank of India Ltd (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 552 598 (8) 197 180

Canara Bank Ltd (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 945 899 5 876 8

Cipla Ltd - (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,820 1,615 13 1,711 6

EBITDA 407 302 35 391 4

EBITDA margin (%) 22.4 18.7 22.9

Net profit 286 214 34 270 6

Lupin Ltd - Consolidated (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,851 1,512 22 1,792 3

EBITDA 391 311 26 636 (39)

EBITDA margin (%) 21.1 20.6 35.5

Net profit 265 227 17 235 13

NTPC Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 17,224 15,519 11 15,332 12

EBITDA 3,860 4,279 (10) 2,906 33

EBITDA margin (%) 22.4 27.6 19.0

Net profit 2,570 2,782 (8) 2,130 21


7/16



Economic and Political News Government slashes capital gains tax for PE investors CEA requests Power Ministry to seek PMO help on fuel pact Government eases 30% sourcing condition for single brand retail

Corporate News

Maruti operations unaffected by Suzukis recall of swifts Kingfisher to start paying January salaries: Mallya Ramky infra bags `1,249cr ordersSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


8/16

Date Company

May 08, 2012Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., Glenmark Pharma., Central Bank, CESC, Dena Bank,CEAT

May 09, 2012 Punjab Natl.Bank, Ranbaxy, ABB, Union Bank, IRB Infra, NIIT

May 10, 2012 NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Reliance Capital, Sintex, Apollo Tyres, HEG

May 11, 2012 Dr Reddy's, Essar Oil, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear

May 12, 2012 J & K Bank, Rural Elec.Corp., Zee Entertainment, Divi's Lab., Bhushan Steel, Madhucon Proj, Consolidated Co, Relaxo

May 13, 2012 -

May 14, 2012Larsen & Toubro, Mundra Port, JSW Steel , Unitech, Mphasis, Ashok Leyland, Indraprasth Gas, Tata Global, Areva,Abbott India

May 15, 2012 Cummins India, Monnet Ispat, Patel Engg., Dishman Pharma, JK Tyre

May 16, 2012 Blue Star, J K Lakshmi Cements

May 17, 2012 Bajaj Auto, Mahindra Satyam

May 18, 2012 St Bk of India, Tata Motors, HT Media

May 19, 2012 Force Motors

May 20, 2012 -May 21, 2012 Adani Enterp., Adani Power

May 22, 2012 -

May 23, 2012 BHEL, LMW, Jyothy Laboratories

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 10, 2012 US Initial Jobless claims Thousands 28-Apr-12 365.00 368.00

China Exports YoY% % Change Mar-12 8.90 8.50

UK BOE Announces rates % Ratio May-12 0.50 0.50

UK Industrial Production (YoY) % Change Feb-12 (2.30) (2.60)

May 11, 2012 India Industrial Production YoY % Change Feb-12 4.10 2.50

US Producer Price Index (mom) % Change Mar-12 -- --

China Industrial Production (YoY) % Change Mar-12 11.90 12.20

China Consumer Price Index (YoY) % Change Mar-12 3.60 3.40

May 14, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Mar-12 6.89 6.70

May 15, 2012 US Consumer price index (mom) % Change Mar-12 0.30 0.10

Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Dec-11 (0.30) --Germany GDP nsa (YoY) % Change - 1.50 --

May 16, 2012 Euro Zone Euro-Zone CPI (YoY) % Mar-12 2.70 --

US Industrial Production % Mar-12 -- 0.50

US Housing Starts Thousands Mar-12 654.00 678.00

US Building permits Thousands Mar-12 764.00 735.00

UK Jobless claims change % Change Mar-12 3.60 --

May 22, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Apr-12 (19.90) --

UK CPI (YoY) % Change Mar-12 3.50 --

US Existing home sales Millions Mar-12 4.48 --

May 23, 2012 US New home sales Thousands Mar-12 328.00 --



May 08, 2012

Market Outlook


9/16

Market StrategyMay 08, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

9.4

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.5

1.1

4.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.7 9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9 7.0 6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

45

60

75

90

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Exports yoy growth Imports yoy growth(%)


Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


10/16

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

Agri / Agri Chemical

Rallis Neutral 117 - 2,275 1,432 1,647 14.7 14.7 7.0 8.0 16.7 14.6 3.5 3.0 22.8 22.3 1.6 1.4

United Phosphorus Buy 120 183 5,518 8,191 8,764 16.5 16.5 17.1 18.3 7.0 6.5 1.1 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 278 345 2,376 2,691 3,032 15.6 15.5 29.4 32.8 9.5 8.5 2.2 1.8 26.5 23.6 0.8 0.7

Apollo Tyres Buy 83 100 4,199 13,580 15,007 10.1 10.2 10.5 12.5 7.9 6.7 1.3 1.1 21.8 30.7 0.5 0.4

Ashok Leyland Buy 29 37 7,689 15,008 16,906 9.5 9.5 2.6 3.1 11.3 9.4 2.4 2.0 15.5 17.0 0.6 0.5

Automotive Axle Neutral 512 - 774 1,211 1,390 11.9 11.5 50.5 56.3 10.2 9.1 2.6 2.1 27.9 25.3 0.7 0.6Bajaj Auto Buy 1,515 1,811 43,852 21,966 24,774 19.8 19.0 111.7 120.7 13.6 12.6 5.2 4.2 43.1 37.1 1.6 1.3

Bharat Forge Accumulate 329 372 7,665 7,173 7,998 16.3 16.5 22.3 26.6 14.7 12.4 2.9 2.4 21.0 21.0 1.2 1.0

Bosch India Accumulate 8,781 9,317 27,571 9,390 10,686 19.5 19.1 418.5 465.8 21.0 18.9 4.4 3.7 21.1 19.4 2.6 2.2

CEAT Buy 104 140 356 5,057 5,620 5.4 5.6 22.2 31.1 4.7 3.4 0.5 0.5 11.9 16.8 0.3 0.3

Exide Industries Buy 126 146 10,723 5,787 6,595 15.5 17.0 7.1 9.0 17.7 14.1 3.1 2.7 18.6 20.3 1.5 1.3

FAG Bearings Neutral 1,592 - 2,646 1,531 1,748 18.8 18.5 118.0 132.8 13.5 12.0 2.9 2.4 24.0 21.9 1.5 1.2

Hero Motocorp Neutral 1,957 - 39,078 26,106 29,296 15.0 15.2 140.3 148.1 14.0 13.2 6.6 5.1 54.8 43.3 1.2 0.9

JK Tyre Buy 79 113 324 8,058 9,025 5.4 5.5 24.8 32.2 3.2 2.5 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 691 802 42,432 35,095 40,213 10.7 10.5 44.6 48.7 15.5 14.2 2.7 2.4 18.8 18.1 0.9 0.8

Maruti Accumulate 1,315 1,510 37,983 42,683 48,736 7.1 7.5 86.6 100.6 15.2 13.1 2.2 1.9 15.3 15.5 0.7 0.6

Motherson Sumi Buy 169 216 6,558 11,167 12,516 9.5 10.0 11.3 14.4 15.0 11.8 3.2 2.7 23.3 24.7 0.7 0.6

Subros Neutral 31 - 186 1,225 1,393 8.5 8.2 4.2 5.0 7.4 6.3 0.8 0.7 10.3 11.8 0.4 0.3

Tata Motors Accumulate 308 328 82,980 191,183 213,150 12.6 12.6 38.7 42.9 8.0 7.2 2.8 2.2 39.8 33.9 0.6 0.5

TVS Motor Buy 39 55 1,872 7,982 8,816 6.4 6.3 5.0 5.6 7.9 7.1 1.4 1.2 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 777 503 16,463 8,926 10,220 7.7 7.5 18.6 20.9 41.7 37.1 5.7 5.1 14.5 14.5 1.8 1.6BGR Energy Sell 323 274 2,328 4,170 5,396 11.5 10.4 27.2 30.4 11.9 10.6 2.0 1.8 17.3 17.4 1.2 1.1

BHEL Neutral 227 - 55,609 46,344 46,916 18.3 18.6 23.5 24.1 9.7 9.4 1.9 1.7 21.3 18.9 1.1 1.0

Blue Star Buy 185 221 1,660 3,250 3,551 5.9 5.9 12.4 15.8 14.8 11.7 3.0 2.6 21.2 23.8 0.6 0.5

Crompton Greaves Buy 127 164 8,150 12,936 14,101 9.6 10.0 10.9 11.7 11.7 10.8 2.0 1.8 18.4 17.3 0.7 0.6

Jyoti Structures Buy 41 67 338 2,622 2,801 10.6 11.0 10.9 13.4 3.8 3.1 0.5 0.4 12.7 13.9 0.3 0.3

KEC International Buy 55 72 1,406 6,865 7,650 8.5 8.7 9.7 12.1 5.6 4.5 1.1 0.9 27.6 27.0 0.5 0.4

LMW Buy 1,575 2,609 1,774 2,663 3,130 12.8 12.8 185.0 217.4 8.5 7.3 1.7 1.5 21.2 21.7 0.2 0.2

Thermax Neutral 417 - 4,974 5,473 5,497 10.1 9.8 30.4 28.7 13.7 14.6 2.6 2.3 20.5 16.9 0.8 0.7


May 08, 2012

Market Outlook

Stock Watch


11/16



Cement

ACC Neutral 1,230 - 23,099 11,018 12,663 19.9 21.2 70.7 81.2 17.4 15.2 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 146 - 22,351 10,035 11,504 23.5 23.8 10.1 10.6 14.4 13.8 2.8 2.5 18.5 19.4 1.8 1.5

India Cements Neutral 85 - 2,625 4,423 4,906 18.2 18.8 9.9 12.7 8.7 6.8 0.7 0.7 8.6 10.5 0.9 0.8

J K Lakshmi Cements Buy 63 79 774 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 147 - 3,495 3,434 3,777 25.5 26.1 14.1 18.1 10.4 8.1 1.5 1.3 15.2 16.9 1.6 1.4

Shree Cements Neutral 2,730 - 9,511 5,552 6,193 25.7 26.0 130.3 182.0 21.0 15.0 4.3 3.7 19.1 22.3 1.4 1.1

UltraTech Cement Neutral 1,415 - 38,767 20,116 22,655 21.3 22.5 82.1 97.5 17.2 14.5 2.7 2.4 16.8 17.4 1.8 1.8Construction

Ashoka Buildcon Buy 205 302 1,078 2,014 2,294 22.4 22.4 28.4 30.8 7.2 6.6 1.0 0.8 14.1 13.3 2.3 2.6

Consolidated Co Neutral 15 - 277 2,526 2,792 5.7 6.6 1.8 2.8 8.2 5.3 0.5 0.4 5.6 8.2 0.3 0.3

Hind. Const. Neutral 20 - 1,216 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.2) (25.7) 1.1 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 120 228 3,978 3,821 4,582 42.3 40.2 15.0 16.9 8.0 7.1 1.2 1.1 16.3 15.9 2.7 2.5

ITNL Buy 177 265 3,440 6,619 7,263 23.8 24.2 24.7 26.2 7.2 6.8 1.1 1.0 17.0 15.7 2.1 2.2

IVRCL Infra Buy 56 79 1,502 5,758 6,860 9.2 9.2 4.7 6.0 12.0 9.3 0.7 0.7 6.0 7.3 0.7 0.7

Jaiprakash Asso. Buy 69 104 14,757 16,017 18,359 24.4 23.5 4.2 5.0 16.5 13.8 1.4 1.3 8.8 9.7 2.2 2.0

Larsen & Toubro Buy 1,203 1,641 73,665 60,258 69,900 12.1 11.5 70.7 76.3 17.0 15.8 2.6 2.2 16.1 15.2 1.4 1.2

Madhucon Proj Buy 49 84 362 2,503 2,903 10.7 10.7 5.8 6.6 8.4 7.5 0.5 0.5 6.6 7.0 0.7 0.7

Nagarjuna Const. Buy 43 76 1,106 5,790 7,022 9.2 9.5 3.5 5.4 12.4 8.0 0.5 0.4 3.7 5.6 0.8 0.8

Patel Engg. Neutral 104 - 723 3,609 3,836 13.1 13.1 14.0 14.6 7.4 7.1 0.5 0.4 6.3 6.1 1.1 1.1

Punj Lloyd Neutral 50 - 1,672 10,592 12,193 8.4 8.4 2.9 4.6 17.4 11.1 0.5 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 140 199 2,107 2,989 3,315 10.6 10.6 10.2 11.3 13.8 12.4 2.2 1.9 17.6 16.3 0.9 0.8

Simplex Infra Buy 225 316 1,113 6,732 7,902 9.3 9.6 27.2 35.1 8.3 6.4 0.9 0.8 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 162 193 8,123 7,700 8,677 3.4 3.3 37.4 40.9 4.3 4.0 0.7 0.6 19.0 17.0 - -

Andhra Bank Neutral 118 - 6,620 5,284 5,998 3.3 3.2 23.6 27.0 5.0 4.4 0.8 0.7 16.5 16.7 - -

Axis Bank Buy 1,023 1,587 42,250 16,157 19,557 3.2 3.2 116.4 139.1 8.8 7.4 1.6 1.4 20.0 20.3 - -

Bank of Baroda Buy 680 926 26,631 15,993 18,918 2.6 2.6 121.5 143.1 5.6 4.8 0.9 0.8 17.8 18.2 - -

Bank of India Accumulate 339 386 19,465 13,558 15,551 2.5 2.4 54.9 63.1 6.2 5.4 1.0 0.9 16.8 16.9 - -

Bank of Maharashtra Buy 51 62 2,977 3,665 4,107 3.5 3.5 10.7 13.5 4.7 3.8 0.7 0.6 17.8 17.5 - -

Canara Bank Buy 433 532 19,175 12,120 14,009 2.2 2.2 85.7 95.4 5.1 4.5 0.8 0.7 17.2 16.7 - -

Central Bank Reduce 88 92 6,500 6,860 7,934 2.4 2.4 13.1 19.9 6.7 4.4 0.9 0.8 10.5 13.8 - -


May 08, 2012

Market Outlook

Stock Watch


12/16



Financials

Corporation Bank Buy 403 522 5,968 5,203 5,880 2.2 2.1 107.5 112.7 3.8 3.6 0.6 0.6 17.9 16.5 - -

Dena Bank Buy 90 118 3,144 3,003 3,366 3.0 2.9 23.2 25.6 3.9 3.5 0.6 0.6 18.0 16.9 - -

Federal Bank Neutral 409 - 6,998 2,766 3,163 3.4 3.3 49.5 57.2 8.3 7.2 1.1 1.0 14.0 14.5 - -

HDFC Neutral 664 - 98,046 7,244 8,625 3.3 3.3 31.2 37.2 21.3 17.8 4.2 3.7 34.2 31.3 - -

HDFC Bank Neutral 532 - 124,958 21,831 27,477 4.3 4.3 28.3 35.5 18.8 15.0 3.6 3.1 20.8 22.1 - -

ICICI Bank Buy 848 1,183 97,423 22,209 26,512 2.8 2.8 67.9 81.1 12.5 10.5 1.5 1.4 14.7 16.0 - -

IDBI Bank Buy 98 117 12,477 8,004 9,589 1.9 2.0 19.9 23.9 4.9 4.1 0.7 0.6 13.8 14.9 - -Indian Bank Accumulate 209 240 8,982 6,469 7,244 3.5 3.3 45.5 48.8 4.6 4.3 0.8 0.7 19.6 18.2 - -

IOB Buy 84 104 6,683 7,328 8,264 2.5 2.5 15.9 21.1 5.3 4.0 0.6 0.5 12.7 13.9 - -

J & K Bank Neutral 884 - 4,285 2,420 2,792 3.5 3.6 178.0 195.8 5.0 4.5 0.9 0.8 19.5 18.6 - -

LIC Housing Finance Accumulate 260 286 13,129 2,108 2,607 2.6 2.6 24.5 30.6 10.6 8.5 2.0 1.7 20.1 21.4 - -

Oriental Bank Buy 231 285 6,737 6,431 7,315 2.7 2.6 54.4 63.8 4.2 3.6 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 798 1,138 25,275 20,708 24,094 3.5 3.5 156.3 178.7 5.1 4.5 0.9 0.8 19.7 18.5 - -

South Ind.Bank Neutral 23 - 2,659 1,368 1,557 2.8 2.7 3.7 3.9 6.4 6.0 1.1 1.0 19.1 17.7 - -

St Bk of India Buy 2,026 2,593 135,964 69,568 81,445 3.7 3.7 220.9 269.8 9.2 7.5 1.5 1.3 18.9 19.1 - -

Syndicate Bank Buy 99 128 5,947 7,069 7,961 3.1 3.0 23.3 27.5 4.3 3.6 0.7 0.6 17.4 17.2 - -

UCO Bank Neutral 73 - 4,600 5,727 6,443 2.5 2.5 17.8 18.8 4.1 3.9 0.8 0.7 17.8 16.2 - -

Union Bank Buy 215 266 11,286 10,352 11,988 2.9 2.9 40.7 49.5 5.3 4.4 0.8 0.7 16.8 17.4 - -

United Bank Buy 63 87 2,265 3,666 4,128 2.9 2.9 18.4 21.7 3.4 2.9 0.5 0.5 15.9 16.0 - -

Vijaya Bank Neutral 57 - 2,682 2,668 3,001 2.2 2.2 10.1 11.7 5.6 4.9 0.8 0.7 13.2 13.7 - -

Yes Bank Buy 339 470 11,982 3,209 4,144 2.7 2.8 33.9 41.5 10.0 8.2 2.1 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,634 - 34,860 10,961 12,773 16.3 16.3 120.3 142.5 30.2 25.5 10.0 7.9 36.9 34.7 3.1 2.6Britannia Buy 549 650 6,563 5,906 6,856 6.9 7.0 22.3 28.3 24.6 19.4 10.0 7.5 45.2 44.1 1.1 0.9

Colgate Neutral 1,122 - 15,264 3,007 3,417 21.1 22.1 37.7 42.6 29.8 26.4 35.5 28.6 129.4 120.1 4.9 4.4

Dabur India Neutral 108 - 18,762 5,878 6,799 16.8 17.0 4.2 4.9 26.0 21.9 9.4 7.7 39.3 42.0 3.2 2.8

GlaxoSmith Con* Neutral 2,702 - 11,365 3,111 2,687 16.9 15.8 100.6 86.1 26.9 31.4 8.2 9.9 33.3 33.8 3.3 3.8

Godrej Consumer Neutral 554 - 18,839 5,904 6,905 17.8 18.1 22.6 26.9 24.5 20.6 6.7 5.5 29.9 36.3 3.4 2.9

HUL Neutral 430 - 92,902 25,350 29,309 14.3 14.4 14.1 16.4 30.4 26.2 22.8 17.8 82.7 76.2 3.5 3.0

ITC Accumulate 237 252 185,062 28,955 33,595 35.9 35.7 9.2 10.5 25.8 22.5 8.3 6.8 34.8 33.1 6.1 5.2


May 08, 2012

Market Outlook

Stock Watch


13/16



FMCG

Marico Neutral 177 - 10,906 4,669 5,467 13.0 12.9 6.8 8.2 26.2 21.7 7.1 5.6 30.5 28.8 2.4 2.0

Nestle* Neutral 4,589 - 44,250 8,731 10,539 21.0 21.4 119.3 147.9 38.5 31.0 23.6 16.1 73.0 61.6 5.1 4.1

Tata Global Buy 116 136 7,186 7,011 7,712 9.7 10.0 6.0 7.1 19.5 16.3 1.8 1.7 8.9 10.2 0.9 0.8

IT

HCL Tech Accumulate 502 560 34,746 22,792 25,743 17.4 17.4 37.8 43.0 13.3 11.7 2.9 2.5 22.3 21.3 1.5 1.3

Hexaware Neutral 125 - 3,698 1,821 2,105 19.0 18.6 9.8 10.7 12.7 11.7 2.9 2.6 23.7 22.5 1.8 1.5

Infosys Accumulate 2,431 2,792 139,572 37,615 42,491 31.1 30.6 158.5 174.5 15.3 13.9 3.5 2.9 22.5 20.8 3.1 2.6Infotech Enterprises Accumulate 165 177 1,838 1,758 1,972 17.0 16.6 16.8 18.6 9.8 8.9 1.3 1.2 13.6 13.2 0.7 0.5

KPIT Cummins Sell 117 98 2,072 2,042 2,139 15.2 14.9 9.6 10.9 12.2 10.7 2.1 1.8 19.2 18.0 1.0 0.9

Mahindra Satyam Buy 76 89 8,979 7,142 8,042 15.4 15.0 7.7 8.3 10.0 9.2 1.4 1.2 13.8 13.0 0.9 0.7

Mindtree Neutral 596 - 2,417 2,172 2,450 16.1 15.5 53.9 58.5 11.1 10.2 2.1 1.7 18.9 17.0 0.9 0.8

Mphasis Accumulate 388 433 8,145 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 46 61 754 1,105 1,200 16.4 16.9 7.5 9.2 6.1 5.0 1.1 1.0 17.6 19.0 0.5 0.3

Persistent Neutral 373 - 1,492 1,109 1,224 23.3 22.4 37.2 40.1 10.0 9.3 1.5 1.4 15.4 14.5 1.0 0.8

TCS Neutral 1,274 - 249,330 57,189 66,329 29.3 28.7 63.2 70.9 20.2 18.0 6.2 5.0 30.5 27.7 4.1 3.5

Tech Mahindra Accumulate 682 750 8,688 6,030 6,511 16.3 15.7 81.1 87.0 8.4 7.8 1.7 1.4 20.1 18.0 1.4 1.2

Wipro Neutral 412 - 101,288 41,918 46,879 19.4 19.9 25.1 28.7 16.4 14.4 3.1 2.6 18.6 18.3 2.1 1.7

Media

D B Corp Buy 203 274 3,717 1,656 1,869 26.0 26.8 14.0 16.1 14.5 12.6 3.3 2.8 24.8 24.1 2.2 1.9

HT Media Buy 121 170 2,837 2,255 2,555 17.8 18.3 10.0 12.0 12.1 10.0 1.7 1.4 14.7 15.4 1.0 0.9

Jagran Prakashan Buy 96 137 3,049 1,499 1,642 27.4 28.8 7.6 9.1 12.6 10.6 4.2 3.8 34.6 37.7 2.0 1.8

PVR Neutral 148 - 383 625 732 17.4 16.9 12.4 15.8 11.9 9.4 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 296 - 11,669 2,135 2,458 75.2 74.4 20.9 24.0 14.2 12.3 3.3 2.8 26.0 25.1 4.4 3.6Metals & Mining

Bhushan Steel Neutral 438 - 9,303 9,232 13,557 30.8 31.1 48.0 58.6 9.1 7.5 1.2 1.0 14.5 7.5 3.2 2.2

Coal India Accumulate 328 351 207,303 65,654 71,756 26.8 27.3 24.0 26.3 13.7 12.5 3.7 3.1 30.4 27.0 2.2 1.8

Electrosteel Castings Buy 20 27 687 1,984 2,074 10.6 12.0 2.7 3.3 7.4 6.0 0.4 0.2 5.2 6.2 0.5 0.4

Hind. Zinc Accumulate 124 139 52,563 13,043 14,223 51.8 52.8 14.8 16.6 8.4 7.5 1.6 1.4 21.2 19.9 2.3 1.7

Hindalco Buy 116 136 22,218 84,638 88,753 9.6 10.5 15.2 17.3 7.7 6.7 0.6 0.6 8.7 9.2 0.5 0.5

JSW Steel Neutral 721 - 16,093 39,161 43,958 17.8 17.9 72.2 89.5 10.0 8.1 0.9 0.8 10.1 11.4 0.7 0.6

MOIL Neutral 253 - 4,255 979 1,061 45.7 46.8 24.5 26.6 10.4 9.5 1.6 1.4 16.1 15.8 2.2 1.9

Monnet Ispat Buy 473 585 3,041 2,986 3,908 22.1 28.9 50.5 83.4 9.4 5.7 1.2 1.0 13.5 19.2 1.9 1.3


May 08, 2012

Market Outlook

Stock Watch


14/16



Metals & Mining

Nalco Reduce 60 51 15,335 8,276 8,578 12.7 16.4 2.5 3.5 23.5 17.0 1.3 1.2 5.6 7.5 1.4 1.4

NMDC Accumulate 172 185 68,272 11,726 12,890 77.8 78.4 18.6 20.6 9.3 8.4 2.2 1.8 26.1 23.8 3.6 3.1

SAIL Accumulate 93 102 38,455 52,461 62,935 18.0 18.8 13.2 14.5 7.1 6.4 0.8 0.8 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 184 206 15,987 9,067 9,316 35.7 35.5 44.5 44.3 4.1 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 103 123 34,463 45,805 49,029 21.2 23.5 16.5 19.1 6.2 5.4 0.7 0.6 11.5 12.0 0.4 0.2

Tata Steel Accumulate 442 503 42,889 141,358 142,265 11.1 13.7 45.8 58.9 9.7 7.5 0.9 0.8 10.0 11.7 0.6 0.6

Oil & GasCairn India Accumulate 324 372 61,886 15,513 16,074 74.0 69.7 51.1 48.6 6.4 6.7 1.1 0.9 18.3 14.8 2.9 2.1

GAIL Buy 319 392 40,439 50,472 55,503 15.3 15.6 35.4 37.0 9.0 8.6 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 261 319 223,469 148,157 150,563 37.6 39.5 31.0 33.6 8.4 7.8 1.5 1.3 18.8 18.1 1.1 1.0

Reliance Industries Buy 715 872 234,229 325,734 328,669 10.9 11.7 65.8 70.1 10.9 10.2 1.1 1.0 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 53 91 1,004 1,624 1,855 14.2 15.6 6.6 9.1 8.1 5.9 2.0 1.5 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 126 175 3,664 5,243 5,767 14.6 14.6 13.8 14.7 9.1 8.6 1.1 0.5 11.4 10.9 1.0 0.9

Aventis* Neutral 2,144 - 4,938 1,482 1,682 15.5 15.5 95.0 104.0 22.6 20.6 4.0 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Buy 741 1,016 15,164 6,196 7,443 18.5 19.5 43.3 50.8 17.1 14.6 4.4 3.5 25.4 24.8 2.4 2.0

Cipla Buy 327 380 26,243 7,006 8,164 20.0 21.2 17.0 19.0 19.2 17.2 3.5 3.0 16.8 18.2 3.7 3.2

Dr Reddy's Neutral 1,714 - 29,055 9,183 10,063 25.7 25.1 92.1 89.9 18.6 19.1 4.0 3.5 22.8 18.8 3.2 3.0

Dishman Pharma Buy 44 91 353 1,282 1,538 17.9 17.9 10.1 13.0 4.3 3.4 0.4 0.3 8.5 10.1 1.0 0.9

GSK Pharma* Neutral 2,126 - 18,007 2,788 3,148 35.6 35.2 87.9 96.7 24.2 22.0 7.8 6.5 34.8 32.1 5.7 4.9

Indoco Remedies Buy 454 665 558 685 837 15.2 15.2 55.5 66.5 8.2 6.8 1.3 1.1 16.4 16.9 1.0 0.9

Ipca labs Buy 371 443 4,670 2,907 3,541 21.5 21.5 32.7 40.6 11.4 9.1 2.9 2.3 27.8 27.7 1.7 1.4

Lupin Buy 552 656 24,642 8,272 9,929 19.7 20.0 29.7 32.8 18.6 16.8 4.8 3.7 25.0 22.9 3.0 2.4Orchid Chemicals Buy 174 270 1,228 2,143 2,508 21.8 21.8 28.3 38.1 6.2 4.6 1.2 1.0 19.3 23.4 1.5 1.2

Ranbaxy* Neutral 502 - 21,205 12,023 12,264 19.9 16.9 41.1 36.9 12.2 13.6 2.6 2.3 30.0 17.6 1.5 1.4

Sun Pharma Accumulate 600 634 61,789 9,272 11,080 40.3 36.3 26.7 28.8 22.5 20.8 4.6 3.9 22.1 20.8 5.6 4.6

Power

CESC Buy 256 342 3,203 4,927 5,429 23.8 23.9 41.0 46.2 6.3 5.5 0.6 0.6 10.4 10.7 1.2 1.3

GIPCL Buy 66 98 991 1,557 1,573 28.7 27.5 10.4 10.2 6.3 6.4 0.6 0.6 10.5 9.6 1.1 0.9

NTPC Buy 156 201 129,000 73,558 84,843 23.4 23.6 12.6 14.1 12.4 11.1 1.6 1.4 13.3 13.6 2.5 2.3

Real Estate

Anant Raj Buy 55 78 1,625 657 875 52.0 56.1 8.4 12.7 6.5 4.3 0.4 0.4 6.3 8.9 3.7 2.8

DLF Neutral 190 - 32,227 9,878 12,033 44.7 46.1 9.6 13.4 19.8 14.2 1.3 1.2 6.4 8.7 5.8 4.7


May 08, 2012

Market Outlook

Stock Watch


15/16



Real Estate

HDIL Buy 75 115 3,138 2,441 3,344 53.0 46.7 21.4 25.4 3.5 3.0 0.3 0.3 8.4 9.1 3.1 2.4

Telecom

Bharti Airtel Neutral 315 - 119,774 80,967 88,684 33.1 33.4 17.9 22.0 17.6 14.3 2.0 1.8 11.5 12.5 2.2 1.8

Idea Cellular Neutral 81 - 26,835 22,558 25,326 26.4 27.5 3.2 4.7 25.2 17.1 1.9 1.7 7.5 10.0 1.7 1.4

Rcom Neutral 74 - 15,325 21,899 23,740 32.7 32.7 4.2 6.7 17.6 11.1 0.4 0.4 2.1 3.2 2.1 1.7

zOthers

Bajaj Electrical Buy 194 245 1,935 3,670 4,384 8.5 8.5 18.3 22.3 10.6 8.7 2.3 1.9 23.9 24.3 0.5 0.5CRISIL Neutral 1,030 - 7,225 982 1,136 34.3 34.3 34.3 40.0 30.0 25.8 13.6 10.9 50.9 46.9 6.9 5.8

Finolex Cables Buy 36 60 552 2,341 2,656 8.5 8.8 8.0 10.0 4.5 3.6 0.6 0.6 18.1 20.2 0.2 0.1

Graphite India Buy 90 116 1,754 2,053 2,437 22.6 22.4 13.5 16.3 6.6 5.5 1.0 0.9 15.4 16.5 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 2,927 - 3,265 935 1,168 19.6 19.6 99.7 122.2 29.4 24.0 17.0 13.6 64.2 63.1 3.6 2.8

Sintex Buy 64 129 1,747 5,219 5,912 16.5 16.9 15.8 21.4 4.1 3.0 0.6 0.5 14.7 17.1 0.6 0.5

Siyaram Silk Mills Buy 255 439 239 1,045 1,173 12.3 12.4 61.5 73.2 4.1 3.5 0.8 0.7 20.2 20.4 0.5 0.4

SpiceJet Neutral 31 - 1,377 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (9.2) 13.1 (12.6) 26.6 - - 0.5 0.4

Taj GVK Buy 59 116 369 322 355 36.3 35.8 8.3 9.6 7.1 6.1 1.0 0.9 14.5 14.9 1.5 1.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 07, 2012


May 08, 2012

Market Outlook

Stock Watch


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May 08, 2012Market Outlook

market outlook 080512

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