market outlook, 09-07-2013

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Market OutlookJuly 9, 2013

Dealers Diary

The Indian markets are expected to open on a positive note following positive start

to SGX Nifty and most of the Asian indices.

The US markets moved notably higher in early trading on Monday and continued

to perform well throughout the session and ended with modest gains. The strength

on the Wall Street came as traders continued to react positively to last Friday's

monthly jobs report, which showed stronger than expected job growth in the month

of July. The increased optimism about the economic outlook seemed to

overshadow concerns that the data may lead the Federal Reserve to begin scaling

back its stimulus program. Nonetheless, trading activity was relatively subdued, as

some traders remained away following last week's Independence Day holiday.

Meanwhile, Indian markets closed in the red on Monday, as depreciating rupee

and weak Asian cues on the back of continued speculation over Fed tapering

dampened investor sentiments. The Indian rupee breached the 61 mark against

the dollar, mirroring losses in most emerging market currencies. Trading on

Tuesday may be impacted by reaction to quarterly results, although activity may be

somewhat subdued amid another quiet day on the economic front.

Markets Today

The trend deciding level for the day is 19,311/ 5,807 levels. If NIFTY trades above

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

up to 19,436 19,548 / 5,838 5,865 levels. However, if NIFTY trades below

19,311 / 5,807 levels for the first half-an-hour of trade then it may correct up to

19,200 19,074 / 5,780 5,749 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,074 19,200 19,311 19,436 19,548NIFTY 5,749 5,780 5,807 5,838 5,865

News Analysis

Maruti Suzuki shuts third shift at its engine plant Union bank reduces base rate by 25bps Jyoti Structures wins order worth `1,200cr Punj Lloyd to construct houses for Delhi Police for `1,300cr

Refer detailed news analysis on the following page

Net Inflows (July 5, 2013)` cr Purch Sales Net MTD YTDFII 1,550 1,568 (18) 1,023 72,329

MFs 365 389 (24) (450) (12,627)

FII Derivatives (July 8, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,393 1,840 (446) 10,138

Stock Futures 1,638 1,339 299 26,769

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)RCOM 145 7.2 BPCL 346 (5.6)

Reliance Power 71 5.2 GMDC 107 (5.5)

Havells India 749 5.0 Gitanjali Gems 174 (5.0)

Hindustan Copper 69 4.6 MMTC 76 (5.0)

Indusind Bank 493 3.9 Max India 204 (4.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.9) (171) 19,325

Nifty (1.0) (56) 5,812

MID CAP (0.1) (3) 5,989

SMALL CAP (0.4) (22) 5,670

BSE HC (0.0) (4) 9,079

BSE PSU (1.9) (114) 5,913

BANKEX (1.1) (139) 12,900

AUTO (1.5) (163) 10,655

METAL (1.4) (104) 7,543

OIL & GAS (1.9) (173) 8,743

BSE IT 0.3 20 6,246

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.6 89 15,225NASDAQ 0.2 5 3,485

FTSE 1.2 75 6,450

Nikkei (1.4) (201) 14,109

Hang Sang (1.3) (272) 20,582

Straits Times (0.4) (14) 3,155

Shanghai Com (2.4) (49) 1,958

Indian ADR Chg (%) (Pts) (Close)INFY 1.0 0.4 $41.6

WIT 0.4 0.0 $7.5IBN (0.1) (0.0) $36.9

HDB (1.7) (0.6) $36.2

Advances / Declines BSE NSEAdvances 1,016 515

Declines 1,292 781

Unchanged 123 71

Volumes (` cr)BSE 1,557

NSE 8,994

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Maruti Suzuki shuts third shift at its engine plant

According to media reports, Maruti Suzuki (MSIL) has shut the third shift at its

diesel engine plant at Manesar to avoid unnecessary build up of inventory and

align the production in-line with the market demand. The report further states that

the company has asked 200 contract workers to go on indefinite leave followingcut in the diesel engine production. The Manesar diesel engine plant operated at

close to full capacity in FY2013 as the demand for diesel vehicles remained strong.

However, the demand for diesel vehicles have moderated off-late with continued

increase in diesel prices which necessitated the company to shut the third shift.

Meanwhile, MSIL's vehicle production declined significantly by 25% yoy in June

2013 following weak consumer demand which prompted the company to

undertake a one day plant shutdown in addition to a six day scheduled

maintenance closure during the month. While the company's total sales remained

weak and posted a steep decline of 10% yoy in 1QFY2014; we expect volumes to

improve in 2HFY2014 driven by the expected easing of interest rates and also on

account of the festival season which is likely to boost consumer sentiments leadingto revival in demand. At `1,552, the stock is trading at 12.8x FY2015 earnings.

We maintain our Buy rating on the stock with a target price of `1,822.

Union bank reduces base rate by 25bps

Union Bank of India has cut its base rate by 25bp to 10%, with effect from July 8,

2013. The move follows the meeting of finance minister with PSU banks chief last

week, wherein the minister had advised banks to reduce lending rates, so as to

stimulate credit growth. Union bank is third bank after Bank of India and Canara

Bank to reduce rates since then. In the near term, the reduced rates could be a bit

negative for the bank from a margins perspective. After the recentunderperformance, the stock trades at 0.5x FY2015E ABV.We maintain our Buyrecommendation on it, with a target price of `243.

Jyoti Structures wins order worth `1,200cr

Jyoti Structureshas bagged export orders worth `1,200cr from countries includingKenya, Tanzania, Namibia, Nigeria, Philippines and Tajikistan. The orders pertain

to engineering, tower testing and turn-key construction of transmission lines and

sub stations. The orders envisage manufacture and supply of 36,000MT of towers.

We maintain Neutral on the stock.

Punj Lloyd to construct houses for Delhi Police for`1,300cr

Punj Lloyd said it will construct a residential complex for the Delhi police at an

estimated cost of `1,300cr at Dheerpur in the National Capital. The project is

being developed on public-private partnership (PPP) mode and has a concession

period of 25 years. The project involves construction of over 5,200 residential

units, three schools and some commercial space. We continue to maintain ourNeutral rating on the stock.

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Economic and Political News

Food Ministry in favour of 7.5% import duty on pulses June gold imports decline 80.6% to 31.5tonnes Indian smartphone segment grows by 167% in FY2013 RBI to meet oil companies to discuss forex needs India expresses interest in building refineries in IraqCorporate News

Apollo Hospitals Board approves `2,250cr investment plan JLR launchesJaguar F Type sports car priced up to `1.61cr Novartis, BioE join hands for typhoid, paratyphoid vaccines Essar Projects bags IOC contract for safety improvementsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

July 10, 2013 IndusInd Bank

July 11, 2013 Cera Sanitaryware Ltd

July 12, 2013 Infosys, Sintex, South Ind.Bank

July 13, 2013

July 14, 2013

July 15, 2013 Exide Industries

July 16, 2013 Ashok Leyland

July 17, 2013 HDFC Bank

July 18, 2013 TCS, Axis Bank, Kotak Mah. Bank, Mindtree, Infotech Enterprises

July 19, 2013 HDFC, Bajaj Auto, Hexaware

July 20, 2013 HT Media

July 21, 2013

July 22, 2013 Blue Star

July 23, 2013 Tata Sponge

July 24, 2013 Cairn India, Dabur India

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --

7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 2.50

July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --

4:29PM India Exports YoY% % Change Jun (1.10) --

4:29PM China Exports YoY% % Change Jun 1.00 4.00July 11, 2013 6:00PM US Initial Jobless claims Thousands Jul 6 343.00 335.00

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 9.10

7:30AM China Real GDP (YoY) % Change 2Q 7.70 7.60

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.60 --

6:45PM US Industrial Production % Jun 0.04 --

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --

6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --

July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --


July 09, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Repo rate Reverse Repo rate CRR(%)

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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 138 - 2,686 1,657 1,906 14.1 14.1 7.7 8.9 17.9 15.5 3.7 3.2 22.2 21.9 1.5 1.3

United Phosphorus Buy 136 232 6,015 10,298 11,310 16.5 16.5 20.5 23.2 6.6 5.9 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 265 285 4,521 3,418 3,892 14.5 14.5 18.5 20.4 14.3 13.0 3.4 2.8 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 60 - 3,039 13,852 15,487 11.4 11.5 12.8 14.9 4.7 4.1 0.8 0.7 17.5 17.3 0.4 0.3

Ashok Leyland Buy 19 27 4,962 14,038 16,442 7.6 8.7 1.1 2.2 17.8 8.4 1.5 1.4 6.2 12.5 0.4 0.4

Automotive Axle# Neutral 220 - 332 834 965 9.3 10.6 17.3 27.1 12.7 8.1 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,856 2,096 53,714 23,005 26,460 18.0 18.5 118.8 139.7 15.6 13.3 5.7 4.5 40.4 37.7 1.9 1.6

Bharat Forge Neutral 219 - 5,087 6,198 6,793 14.6 14.9 14.5 17.3 15.0 12.6 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,645 9,213 27,145 9,821 11,394 17.0 17.3 373.5 438.7 23.2 19.7 4.2 3.5 18.0 17.9 2.5 2.1

CEAT Buy 108 170 371 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 122 141 10,374 7,053 8,061 14.2 14.5 7.8 9.1 15.6 13.4 2.7 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,430 - 2,376 1,525 1,742 14.5 15.7 88.4 109.5 16.2 13.1 2.3 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,652 1,820 32,985 25,298 27,665 14.1 13.7 110.3 140.0 15.0 11.8 5.5 4.3 39.9 40.7 1.1 1.0

JK Tyre Buy 102 154 419 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 948 1,103 58,368 45,254 51,197 11.4 11.7 61.2 70.2 15.5 13.5 3.2 2.7 22.7 21.9 1.0 0.9

Maruti Buy 1,552 1,822 46,872 47,923 55,002 11.2 10.9 106.6 121.4 14.6 12.8 2.2 1.9 16.1 15.8 0.8 0.7

Motherson Sumi Accumulate 209 222 12,278 28,442 31,493 7.5 7.8 12.5 14.8 16.7 14.1 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 22 27 131 1,426 1,624 10.0 9.9 4.9 6.8 4.5 3.2 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 288 347 77,643 215,016 237,404 13.3 13.6 36.2 41.5 8.0 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 32 35 1,511 7,715 8,584 6.0 6.1 5.0 5.8 6.4 5.5 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 590 461 12,498 8,073 9,052 5.5 6.9 11.5 16.9 51.2 34.8 4.7 4.5 9.3 13.1 1.5 1.3BGR Energy Accumulate 122 140 879 3,756 4,569 11.4 9.7 21.7 24.1 5.6 5.1 0.7 0.6 22.3 20.3 0.6 0.5

BHEL Neutral 183 - 44,705 44,054 39,326 16.8 15.1 20.6 16.1 8.9 11.4 1.9 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 158 230 1,419 2,896 3,087 5.6 6.2 9.3 11.7 17.0 13.5 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 90 117 5,761 13,446 15,272 6.7 7.6 6.6 8.9 13.6 10.1 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 21 - 172 3,360 3,597 9.7 9.8 7.3 10.2 2.8 2.1 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 32 49 823 7,709 8,399 6.7 7.2 6.1 8.5 5.3 3.8 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 623 - 7,426 5,780 6,430 9.5 9.6 29.8 33.0 20.9 18.9 3.5 3.1 17.9 17.4 1.1 1.0

Cement

ACC Accumulate 1,257 1,361 23,600 11,820 13,254 19.3 20.9 74.9 93.1 16.8 13.5 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 09, 2013

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Cement

Ambuja Cements Neutral 193 - 29,837 10,171 11,762 23.5 24.6 10.2 12.2 18.9 15.8 3.1 2.8 17.1 18.7 2.4 2.0

India Cements Neutral 56 - 1,720 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.1 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 90 143 1,060 2,247 2,742 21.0 23.1 17.8 21.8 5.1 4.1 0.7 0.6 15.5 16.4 0.4 0.8

Madras Cements Neutral 216 - 5,146 4,234 4,788 23.9 24.0 18.5 22.8 11.7 9.5 1.9 1.6 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,562 - 15,893 6,607 7,520 27.5 26.7 322.8 374.3 14.1 12.2 3.5 2.8 27.8 25.6 1.8 1.3

UltraTech Cement Neutral 1,896 - 51,998 21,947 25,049 23.8 23.8 106.1 119.8 17.9 15.8 3.0 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 58 84 607 1,928 2,234 21.0 21.5 6.0 7.4 9.6 7.8 0.9 0.8 10.5 10.8 1.7 1.7

Consolidated Co Neutral 9 - 165 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.1) (24.8) 0.4 0.4 0.5 0.5

IRB Infra Buy 92 157 3,068 3,997 4,312 45.5 46.4 15.7 16.6 5.9 5.6 0.9 0.8 15.2 14.5 3.2 3.4

ITNL Buy 141 230 2,739 7,444 8,041 27.4 28.9 29.8 32.1 4.7 4.4 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 16 29 482 5,673 5,892 8.1 8.4 1.4 1.8 10.9 8.6 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 52 90 11,550 14,850 15,631 24.9 25.1 2.5 2.9 20.6 18.3 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 1,407 1,761 86,691 68,946 78,040 10.5 10.5 77.9 88.3 18.1 15.9 2.7 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 27 42 680 6,167 6,945 8.0 8.2 2.7 3.6 9.9 7.3 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 33 - 1,086 12,954 14,740 9.9 9.9 0.5 0.9 64.4 35.1 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 89 139 1,338 2,462 2,731 10.6 10.6 5.9 6.7 15.1 13.3 1.5 1.3 10.2 10.5 0.8 0.8

Simplex Infra Buy 80 131 396 6,308 7,033 9.5 9.6 11.9 18.7 6.7 4.3 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 184 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.2 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 89 123 4,425 6,705 7,535 2.5 2.5 27.6 33.2 3.2 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 85 - 4,740 5,195 5,834 2.7 2.7 19.2 23.1 4.4 3.7 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,255 1,778 58,867 19,237 23,261 3.2 3.2 133.8 161.5 9.4 7.8 1.6 1.3 17.6 18.5 - -Bank of Baroda Buy 560 761 23,592 16,287 18,707 2.2 2.3 120.6 144.6 4.6 3.9 0.7 0.6 15.0 16.0 - -

Bank of India Buy 226 270 13,464 14,459 16,176 2.3 2.2 55.2 68.2 4.1 3.3 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 50 61 3,314 4,291 4,724 3.0 3.0 12.1 12.9 4.2 3.9 0.6 0.6 16.2 15.3 - -

Canara Bank Buy 345 422 15,303 12,045 13,495 2.1 2.2 76.7 86.4 4.5 4.0 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 61 69 6,367 8,406 9,546 2.5 2.5 12.6 18.7 4.9 3.3 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 339 436 5,185 5,554 6,156 2.0 2.0 94.9 104.9 3.6 3.2 0.5 0.5 14.3 14.2 - -

Dena Bank Buy 68 79 2,370 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.7 0.4 0.4 14.8 14.8 - -

Federal Bank Accumulate 396 455 6,771 2,802 3,274 2.9 2.9 49.8 56.6 8.0 7.0 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 09, 2013

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Financials

HDFC Accumulate 824 904 128,106 8,573 10,142 3.6 3.6 37.0 43.6 22.3 18.9 4.6 4.1 30.0 30.3 - -

HDFC Bank Accumulate 660 752 157,740 27,560 33,766 4.6 4.6 36.3 45.1 18.2 14.7 3.7 3.1 21.9 22.8 - -

ICICI Bank Buy 1,028 1,454 118,631 26,119 30,474 3.1 3.2 86.2 99.5 11.9 10.3 1.6 1.5 15.7 16.2 - -

IDBI Bank Accumulate 71 80 9,463 9,416 10,392 2.0 2.0 19.8 22.8 3.6 3.1 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 107 141 4,611 6,077 6,845 2.9 2.9 35.2 41.0 3.1 2.6 0.4 0.4 14.2 14.8 - -

IOB Accumulate 48 53 4,468 8,027 9,204 2.4 2.6 12.5 19.7 3.9 2.5 0.4 0.3 9.1 13.0 - -

J & K Bank Accumulate 1,219 1,315 5,911 3,101 3,426 3.6 3.6 215.5 210.2 5.7 5.8 1.0 0.9 19.9 16.9 - -LIC Housing Finance Buy 225 298 11,340 2,113 2,525 2.3 2.3 25.4 29.2 8.9 7.7 1.6 1.4 18.4 18.3 - -

Oriental Bank Buy 198 236 5,786 6,790 7,676 2.6 2.7 55.7 62.3 3.6 3.2 0.5 0.4 12.9 13.1 - -

Punjab Natl.Bank Buy 620 883 21,928 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.5 0.7 0.6 16.2 16.5 - -

South Ind.Bank Accumulate 23 24 3,083 1,795 2,054 2.8 2.8 4.0 4.3 5.8 5.3 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,877 2,518 128,414 66,417 76,734 3.0 3.0 227.4 284.8 8.3 6.6 1.2 1.0 15.4 17.1 - -

Syndicate Bank Buy 110 136 6,621 7,125 8,188 2.6 2.6 27.4 27.9 4.0 4.0 0.6 0.6 16.2 14.6 - -

UCO Bank Neutral 68 - 5,088 6,545 6,859 2.7 2.6 14.8 15.7 4.6 4.3 0.8 0.7 14.4 13.6 - -

Union Bank Buy 172 243 10,265 11,101 12,543 2.6 2.6 39.3 47.4 4.4 3.6 0.6 0.5 14.1 15.2 - -

United Bank Buy 46 57 1,737 3,386 3,884 2.3 2.5 12.4 20.0 3.7 2.3 0.4 0.3 10.1 14.8 - -

Vijaya Bank Accumulate 45 49 2,220 2,714 3,046 1.9 2.0 9.2 10.8 4.9 4.1 0.5 0.5 10.7 11.6 - -

Yes Bank Neutral 468 - 16,804 4,451 5,526 2.8 2.8 43.0 49.7 10.9 9.4 2.4 2.0 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,668 - 44,772 12,332 14,524 16.5 16.3 141.6 162.7 33.0 28.7 10.4 8.3 35.4 32.2 3.5 2.9

Britannia Neutral 670 - 8,018 6,417 7,502 6.1 6.3 21.3 25.5 31.5 26.3 10.2 8.2 35.7 34.6 1.2 1.0

Colgate Neutral 1,412 - 19,202 3,588 4,130 20.5 20.9 44.2 51.8 32.0 27.3 31.1 22.7 108.6 96.2 5.2 4.5

Dabur India Neutral 158 - 27,573 7,183 8,340 16.8 16.8 5.4 6.3 29.5 25.2 11.5 8.9 41.5 40.1 3.8 3.2

GlaxoSmith Con* Neutral 5,395 - 22,690 3,617 4,259 16.1 16.4 122.2 148.7 44.2 36.3 13.7 11.0 34.1 33.7 5.8 4.9

Godrej Consumer Neutral 793 - 26,974 7,801 9,017 16.2 15.9 25.1 29.7 31.5 26.7 6.8 5.6 24.9 24.2 3.6 3.1

HUL Neutral 610 - 131,803 29,167 33,164 13.6 13.7 17.1 18.4 35.7 33.1 34.3 24.8 113.4 87.0 4.4 3.8

ITC Neutral 347 - 274,075 34,294 39,991 36.8 37.0 11.3 13.3 30.8 26.0 10.1 8.2 36.1 34.9 7.7 6.5

Marico Neutral 211 - 13,574 5,273 6,044 14.8 14.9 7.3 8.7 29.0 24.3 5.7 4.7 21.4 21.0 2.6 2.3

Nestle* Neutral 5,136 - 49,519 9,447 10,968 22.1 22.3 127.5 154.1 40.3 33.3 20.1 14.6 57.7 50.7 5.3 4.5

Tata Global Neutral 148 - 9,134 8,069 8,957 9.8 9.7 7.8 8.6 18.9 17.2 2.3 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

July 09, 2013

7/28/2019 Market Outlook, 09-07-2013

9/12



IT

HCL Tech^ Accumulate 818 870 57,004 29,424 32,837 22.6 22.0 59.5 63.3 13.8 12.9 3.3 2.8 24.6 21.7 1.8 1.5

Hexaware* Accumulate 94 105 2,795 2,158 2,374 19.6 19.8 10.7 11.7 8.7 8.0 2.0 1.7 23.0 22.3 1.1 1.0

Infosys Neutral 2,479 - 142,336 45,153 48,993 27.6 26.8 170.7 187.5 14.5 13.2 3.0 2.6 20.8 19.5 2.5 2.2

Infotech Enterprises Accumulate 178 190 1,992 2,037 2,254 17.9 17.7 21.2 22.6 8.4 7.9 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Buy 123 144 2,370 2,614 2,923 17.2 16.8 13.2 14.4 9.3 8.5 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Accumulate 850 925 3,532 2,707 2,978 20.3 20.2 87.4 97.0 9.7 8.8 2.1 1.7 21.8 19.5 1.0 0.8

Mphasis& Neutral 378 - 7,948 6,372 6,852 18.0 18.2 38.0 43.5 10.0 8.7 1.4 1.2 14.3 14.2 0.8 0.6NIIT Buy 18 30 301 1,144 1,267 9.0 9.1 4.3 5.4 4.3 3.4 0.4 0.4 10.3 12.0 0.1 -

Persistent Accumulate 497 565 1,987 1,505 1,677 25.9 26.2 53.6 59.7 9.3 8.3 1.6 1.4 17.7 16.7 0.9 0.7

TCS Accumulate 1,509 1,640 295,266 74,795 84,926 28.8 28.7 82.2 91.5 18.4 16.5 5.7 4.6 30.8 28.1 3.7 3.2

Tech Mahindra Buy 1,045 1,250 13,461 8,102 8,709 19.7 19.2 93.7 101.5 11.2 10.3 2.1 1.7 21.2 18.9 1.7 1.5

Wipro Accumulate 356 389 87,735 41,659 45,137 21.2 21.4 27.7 29.9 12.9 11.9 2.7 2.3 20.5 19.0 1.6 1.3

Media

D B Corp Buy 240 290 4,401 1,750 1,925 25.1 26.6 14.2 16.8 16.9 14.3 3.7 3.1 23.4 23.4 2.4 2.1

HT Media Buy 97 117 2,268 2,205 2,380 15.1 15.6 8.3 9.1 11.7 10.6 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 82 107 2,735 1,664 1,825 20.9 23.0 6.4 7.8 12.8 10.6 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 328 - 1,298 1,359 1,540 17.3 17.4 17.2 21.6 19.0 15.2 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 393 - 15,501 2,287 2,551 69.7 70.5 20.0 23.3 19.7 16.9 4.9 4.3 26.4 27.3 6.4 5.6

Metals & Mining

Bhushan Steel Neutral 463 - 10,486 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 290 345 183,301 72,174 76,311 33.3 28.4 28.4 30.9 10.2 9.4 2.8 2.4 37.6 36.2 1.7 1.5

Electrosteel Castings Buy 13 18 431 1,976 2,017 11.8 12.7 1.3 2.6 10.5 5.1 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 107 193 3,404 1,920 2,239 53.2 52.9 21.6 25.0 5.0 4.3 1.1 0.9 25.1 23.8 1.3 0.9Hind. Zinc Buy 101 145 42,739 12,358 13,659 51.4 51.6 16.0 17.6 6.3 5.8 1.1 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 101 - 19,289 89,352 93,672 8.8 9.2 13.4 15.0 7.5 6.7 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 605 - 14,631 47,613 48,385 17.4 18.8 81.8 109.6 7.4 5.5 0.8 0.7 11.1 13.4 0.6 0.5

MOIL Buy 195 248 3,274 1,010 1,046 46.5 47.6 26.8 28.8 7.3 6.8 1.1 0.9 15.4 14.7 0.8 0.6

Monnet Ispat Buy 121 193 772 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 30 - 7,642 7,656 7,988 13.1 13.5 2.6 2.6 11.6 11.3 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 102 156 40,559 10,461 11,892 71.6 72.6 16.3 17.6 6.3 5.8 1.3 1.2 22.1 21.4 2.1 1.8

SAIL Neutral 48 - 19,804 44,060 54,786 9.4 11.5 5.2 7.2 9.2 6.7 0.5 0.5 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 09, 2013

7/28/2019 Market Outlook, 09-07-2013

10/12



Metals & Mining

Sesa Goa Buy 141 166 12,289 3,742 4,426 32.9 32.8 30.0 29.8 4.7 4.7 0.6 0.6 14.3 12.5 4.1 3.4

Sterlite Inds Buy 83 100 27,776 44,462 45,568 23.2 24.7 18.1 20.2 4.6 4.1 0.5 0.4 11.3 11.4 0.6 0.5

Tata Steel Buy 260 378 25,286 140,917 151,537 9.7 10.8 30.9 47.6 8.4 5.5 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 92 153 331 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.5 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 29 40 395 2,615 2,776 12.1 12.0 9.8 10.4 3.0 2.8 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 75 102 246 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 296 345 56,526 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.0 0.9 0.8 16.5 13.6 2.1 1.7

GAIL Neutral 318 - 40,350 52,102 52,876 15.7 16.1 34.1 35.7 9.3 8.9 1.4 1.3 16.4 15.3 0.3 0.2

ONGC Buy 304 387 260,472 170,063 198,461 36.3 38.3 34.7 41.9 8.8 7.3 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 868 - 280,412 397,546 421,695 9.4 8.6 75.0 76.4 11.6 11.4 1.2 1.1 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 203 - 2,609 3,707 3,850 11.7 12.4 23.7 25.7 8.6 7.9 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 277 - 3,877 3,700 4,218 23.4 22.8 26.7 30.4 10.4 9.1 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 126 167 9,435 40,356 40,872 5.8 6.4 15.0 16.7 8.4 7.5 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 57 - 3,224 1,171 1,287 91.9 91.9 10.1 11.3 5.7 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Reduce 162 139 3,051 1,736 2,008 17.1 18.9 10.7 13.9 15.1 11.6 4.8 3.6 35.0 34.7 1.8 1.5

Aurobindo Pharma Buy 192 271 5,600 6,641 7,637 15.9 15.9 17.3 20.6 11.1 9.3 1.8 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,479 - 5,709 1,682 1,917 16.6 16.6 92.4 99.1 26.8 25.0 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 791 929 16,197 7,280 8,640 15.5 15.7 38.3 46.5 20.7 17.0 4.4 3.7 23.5 23.5 2.5 2.1

Cipla Buy 397 477 31,844 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.7 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Accumulate 2,248 2,535 38,207 13,377 15,350 20.4 20.1 112.3 126.8 20.0 17.7 4.3 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 57 168 459 1,394 1,534 22.5 22.4 15.0 16.8 3.8 3.4 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,525 - 21,390 2,854 3,145 28.6 28.6 76.6 83.3 33.0 30.3 9.9 9.0 31.1 31.0 6.6 5.9

Indoco Remedies Buy 63 78 585 760 922 15.3 15.3 6.1 7.8 10.4 8.1 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 695 - 8,769 3,243 3,826 20.5 21.5 36.0 44.4 19.3 15.7 4.5 3.6 26.0 25.4 2.8 2.4

Lupin Accumulate 828 877 37,087 11,641 13,933 21.3 21.3 34.8 41.8 23.8 19.8 5.6 4.4 26.2 24.8 3.2 2.6

Ranbaxy* Accumulate 343 384 14,498 11,400 12,060 10.5 12.5 17.5 22.5 19.6 15.2 3.2 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,043 - 107,818 13,509 15,846 41.0 41.0 33.0 39.8 31.6 26.2 6.4 5.3 22.0 22.0 7.4 6.1

Power

GIPCL Buy 67 78 1,010 1,444 1,482 33.4 33.0 13.7 14.8 4.9 4.5 0.6 0.5 12.3 12.0 0.8 0.5

NTPC Buy 140 163 115,684 76,734 86,680 24.5 24.3 13.4 14.5 10.5 9.7 1.3 1.2 12.8 12.7 2.2 2.1


Market Outlook

Stock Watch

July 09, 2013

7/28/2019 Market Outlook, 09-07-2013

11/12



Real Estate

DLF Buy 175 236 31,190 8,293 9,622 36.5 36.1 5.7 6.7 30.7 26.0 1.1 1.1 3.7 4.1 5.9 4.9

MLIFE Accumulate 430 476 1,754 888 1,002 30.6 30.6 38.8 43.4 11.1 9.9 1.2 1.1 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Accumulate 293 321 117,304 85,489 94,229 31.9 31.9 10.2 14.6 28.7 20.1 2.1 1.9 7.2 9.4 2.0 1.8

Idea Cellular Neutral 140 - 46,567 25,640 28,459 26.9 27.2 4.0 4.9 35.1 28.4 3.0 2.7 8.4 9.4 2.2 2.0

Rcom Neutral 145 - 30,001 22,751 24,628 30.9 31.3 3.4 5.3 42.4 27.6 0.9 0.9 2.1 3.1 2.9 2.6

OthersAbbott India* Buy 1,429 1,659 3,037 1,863 2,081 11.8 12.4 71.2 83.0 20.1 17.2 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 176 237 1,752 3,885 4,472 5.4 7.2 11.0 19.7 16.0 8.9 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Neutral 540 - 684 630 795 14.4 13.6 42.8 51.1 12.6 10.6 3.0 2.4 26.6 25.2 1.1 0.9

Cravatex Buy 300 459 78 248 284 6.5 7.3 27.2 38.2 11.1 7.9 1.7 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 56 68 858 2,563 2,899 9.8 9.8 10.1 11.3 5.6 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 255 437 332 2,304 2,649 3.1 3.6 28.0 43.7 9.1 5.8 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 301 345 695 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 120 177 326 1,053 1,169 6.3 7.1 13.8 17.7 8.7 6.8 1.2 1.1 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,351 - 2,079 1,842 2,131 7.7 7.8 112.4 132.4 20.9 17.8 2.6 2.3 13.3 13.8 1.0 0.9

IFB Agro Buy 145 198 130 495 651 12.7 12.9 29.3 39.5 4.9 3.7 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 154 234 177 1,430 1,573 11.1 11.0 19.1 26.9 8.1 5.7 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 186 199 3,095 1,220 1,476 13.3 13.6 5.5 9.0 33.8 20.6 3.9 3.5 12.1 17.7 2.9 2.3

MRF Buy 12,222 14,416 5,184 11,799 12,587 14.1 13.5 1,792.4 1,802.0 6.8 6.8 1.4 1.2 23.5 19.2 0.5 0.5

Page Industries Accumulate 4,217 4,611 4,704 1,057 1,282 19.4 19.6 124.8 153.7 33.8 27.4 16.7 12.4 56.3 51.8 4.5 3.7

Relaxo Footwears Accumulate 750 791 900 1,146 1,333 10.9 11.4 45.9 60.9 16.4 12.3 3.4 2.7 23.0 24.6 1.0 0.8

Siyaram Silk Mills Buy 226 343 212 1,158 1,322 11.9 11.9 72.9 85.7 3.1 2.6 0.6 0.5 19.9 19.6 0.4 0.4Styrolution ABS India* Buy 410 617 721 1,068 1,223 9.6 9.6 38.1 44.1 10.8 9.3 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 59 108 372 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 270 371 416 814 849 17.0 17.6 64.6 69.2 4.2 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 515 686 400 435 516 6.2 7.1 24.3 33.3 21.2 15.5 3.5 3.0 17.6 20.8 0.8 0.6

Tree House Accumulate 270 297 971 153 194 53.0 52.8 12.4 15.6 21.8 17.3 2.6 2.3 11.8 13.1 6.5 5.0

TVS Srichakra Buy 172 230 131 1,591 1,720 6.1 6.4 24.5 38.3 7.0 4.5 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,562 - 37,232 12,294 14,162 12.0 12.0 42.1 67.7 60.9 37.8 4.3 3.9 9.1 10.7 3.4 2.9

Vesuvius India* Buy 370 439 752 600 638 20.1 19.4 35.7 36.6 10.4 10.1 1.9 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 08, 2013


Market Outlook

Stock Watch

July 09, 2013

7/28/2019 Market Outlook, 09-07-2013

12/12


market outlook, 09-07-2013

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