market outlook 18-11-2014

www.angelbroking.com

Market OutlookNovember 18, 2014

Dealers Diary Indian markets are expected to open on negative note tracking SGX Nifty.

The choppy trading on Wall Street came as traders expressed uncertainty about the global economic outlook following mixed developments overseas. Some negative sentiment was generated by the release of data indicating that Japan has unexpectedly slipped into a recession.

European stocks rallied Monday, storming back from early losses after European Central Bank President Mario Draghi said he was willing to offer further stimulus, including buying government bonds.

Back home, Indian markets erased early losses to end higher on Monday, led by gains in auto, power, consumer durable and oil/gas stocks. Stocks turned positive after government data showed India's trade deficit narrowed to $13.36bn in October from $14.25bn in September on lower oil imports, presumably due to falling prices.

News Analysis News: Trade deficit narrows to USD13.36bn in October 2014. Sun Pharma recalls anti-depressant drug Refer detailed news analysis on the following page

Markets Today The trend deciding level for the day is 28,102 / 8,406 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,282 28,386 / 8,463 8,495 levels. However, if NIFTY trades below 28,102 / 8,406 levels for the first half-an-hour of trade then it may correct towards 27,998 27,817 / 8,374 8,317 levels.

Indices S2 S1 PIVOT R1 R2

SENSEX 27,817 27,998 28,102 28,282 28,386

NIFTY 8,317 8,374 8,406 8,463 8,495

Net Inflows (Nov 14, 2014) ` cr Purch Sales Net MTD YTD

FII 4,994 4,318 676 8,283 92,195

MFs 857 866 (9) (966) 14,121

FII Derivatives (Nov 17, 2014) ` cr Purch Sales Net Open Interest

Index Futures 853 1,088 (235) 19,588

Stock Futures 2192 2,665 (473) 50,619

Gainers / Losers Gainer Loser

Company Price (`) chg (%) Company Price (`) chg (%)

HIRECT 73 20.0 RASOYPR 5 (19.9)

JSWENERGY 85 12.1 BALKRISIND 642 (7.0)

BAJFINANCE 3,278 10.4 PUNJLLOYD 38 (5.7)

RECLTD 336 10.3 PIPAVAVDOC 36 (4.9)

NCC 67 9.5 DEN 148 (4.9)

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.5 131 28,178

Nifty 0.5 41 8,431

MID CAP 0.9 93 10,248

SMALL CAP 1.1 121 11,338

BSE HC (0.2) (22) 14,818

BSE PSU 1.4 116 8,341

BANKEX 0.4 83 20,202

AUTO 1.4 267 18,927

METAL (0.6) (63) 11,339

OIL & GAS 0.8 90 10,927

BSE IT 0.3 31 10,923

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 13 17,648

NASDAQ (0.4) (18) 4,671

FTSE 0.3 18 6,672

Nikkei 1.9 321 17,295

Hang Sang (0.2) (45) 23,752

Straits Times 0.5 15 3,304

Shanghai Com 0.1 2 2,476

Indian ADR Chg (%) (Pts) (Close)

INFY 0.2 0.2 $68.0

WIT (0.8) (0.1) $12.5

IBN 0.3 0.2 $58.1

HDB (0.4) (0.2) $51.9

Advances / Declines BSE NSE

Advances 1,608 857

Declines 1,458 700

Unchanged 82 53

Volumes (` cr)

BSE 3,399

NSE 17,087


Market Outlook November 18, 2014

Trade deficit narrows to USD13.36bn in October 2014

According to provisional data released by the commerce ministry, the trade deficit for October 2014 narrowed slightly to USD13.36bn from USD14.25bn in the previous month, but widened as compared to last year (USD10.59bn in October 2013). Exports have contracted by 5.04% yoy and 9.7% qoq to $26.09bn with slowdown in global economy.

Imports during October 2014 came in higher by 3.6% yoy to $39.45bn, however was down as compared to $43.15bn in September 2014. Higher imports were mainly on account of non-oil imports, which was 18.9% higher over October 2013. Oil imports during October 2014 were at $12.365bn, which was 19.2% lower over October 2013. Trade deficit for April-October, 2014-15 came in at $83.76bn for April-October 2014 period.

Sun Pharma recalls anti-depressant drug

Generic drug major Sun Pharma has recalled about 68,000 bottles of its anti-depressant venlafaxine hydrochloride, from the US market after they failed to dissolve properly, said the US Food and Drug Administration. The FDA has called it a Class II recall, which means use or exposure to the drug would cause temporary or medically reversible adverse health consequences. This is the second recall of this drug by Sun Pharma in last four months. In July, the company had recalled about 40,000 bottles. Sun Pharma Global Inc, Dubai, United Arab Emirates, started the recall on September 26. We remain neutral on the stock.

Economic and Political News Centre to include GST compensation in Constitutional Bill Oil Min to move Cabinet to allow private firm in CBM mining RBI in talks with govt to increase gold import curbs: official

Corporate News Adani group's Australian mine project cleared Truck sales rebound on positive sentiments Ashok Leyland bags orders worth $79.2 mn from Tanzania, Zimbabwe

Date Company

November 25, 2014 Automotive Axle, Siemens

November 26, 2014 MRF

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

November 18, 2014 UK CPI (YoY) % Change Oct 1.20 1.20

November 19, 2014 US Building permits Thousands Oct 1,031.00 1,040.00

US Housing Starts Thousands Oct 1,017.00 1,025.00

November 20, 2014 7:00PM US Initial Jobless claims Thousands Nov 15 290.00 282.00

2:00PM Germany PMI Services Value Nov P 54.40 54.50

2:00PM Germany PMI Manufacturing Value Nov P 51.40 51.50

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (11.10) (10.70)

7:00PM US Consumer price index (mom) % Change Oct 0.09 (0.10)

8:30PM US Existing home sales Million Oct 5.17 5.15

November 25, 2014 12:30PM Germany GDP nsa (YoY) % Change 3Q F 1.20 --

7:00PM US GDP Qoq (Annualised) % Change 3Q S 3.50 3.20

8:30PM US Consumer Confidence S.A./ 1985=100 Nov 94.48 95.52

November 26, 2014 3:00PM UK GDP (YoY) % Change 3Q P 3.00 --

8:30PM US New home sales Thousands Oct 467.00 470.00

November 27, 2014 2:25PM Germany Unemployment change (000's) Thousands Nov (22.00) --

November 28, 2014 5:30PM India Qtrly GDP YoY% % Change 3Q 5.70 --

December 1, 2014 3:00PM UK PMI Manufacturing Value Nov 53.20 --

6:30AM China PMI Manufacturing Value Nov 50.80 --

December 2, 2014 11:00AM India RBI Reverse Repo rate % Dec 2 7.00 --

11:00AM India RBI Repo rate % Dec 2 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 2 4.00 --

December 3, 2014 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P 0.20 --

December 4, 2014 5:30PM UK BOE Announces rates % Ratio Dec 4 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Dec 4 0.05 --

December 5, 2014 7:00PM US Change in Nonfarm payrolls Thousands Nov 214.00 --

7:00PM US Unnemployment rate % Nov 5.80 --

December 8, 2014 China Exports YoY% % Change Nov 11.60 --

December 9, 2014 3:00PM UK Industrial Production (YoY) % Change Oct 1.50 --

December 10, 2014 7:00AM China Consumer Price Index (YoY) % Change Nov 1.60 --

December 12, 2014 11:00AM China Industrial Production (YoY) % Change Nov 7.70 --

5:30PM India Industrial Production YoY % Change Oct 2.50 --


November 18, 2014

Market Outlook

h


www.angelbroking.com www.angelbroking.com

Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

8.7 9.6

7.6 7.0

6.5 5.8

4.5 4.6 4.4 4.4 4.4 4.8 4.6 4.6 5.7

3.0 4.0 5.0 6.0 7.0 8.0 9.0

10.0 11.0 12.0

3QFY

11

4QFY

11

1QFY

12

2QFY

12

3QFY

12

4QFY

12

1QFY

13

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

(%)

(1.2) (1.3)

0.1 1.1

(2.0)

(0.5)

3.7

5.6

4.3

0.4 0.5

2.5

(3.0)(2.0)(1.0)

-1.0 2.0 3.0 4.0 5.0 6.0

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

(%)

7.5

6.4

5.1 5.06.0

5.66.2

5.7 5.4

3.7

2.4

0.01.02.03.04.05.06.07.08.0

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0 M

ay-1

3

Jun-

13

Jul-1

3

Aug

-13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Mfg. PMI Services PMI

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb

-14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep

-14

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Sep-

13

Oct

-13

Oct

-13

Nov

-13

Nov

-13

Dec

-13

Jan-

14

Jan-

14

Feb-

14

Mar

-14

Mar

-14

Apr

-14

May

-14

May

-14

Jun-

14

Jul-1

4

Jul-1

4

Aug

-14

Repo rate Reverse Repo rate CRR (%)

h



Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries


Exhibit 2: 2014 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries


(0.9

)

0.8

5.7

7.5

1.0

5.1

6.4

0.4

3.2

2.6

0.8

0.1

(0.1

)

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(%)

1.8

1.3

5.4

7.5

2.3

5.4

5.2

2.5

2.9

2.8

1.7

1.0

1.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(%)

10.3

4.6

16.7

9.3

15.6

15.4

15.9

14.1

14.3

16.3

12.8

14.2

15.3

-2.0 4.0 6.0 8.0

10.0 12.0 14.0 16.0 18.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(x)

h



Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 51,257 (10.6) (9.0) (0.8)

Russia Micex 1,507 7.8 6.0 1.7

India Nifty 8,431 6.6 8.8 32.3

China Shanghai Composite 2,474 4.4 13.0 16.4

South Africa Top 40 45,031 6.2 (1.7) 10.8

Mexico Mexbol 43,372 1.3 (2.3) 8.5

Indonesia LQ45 867 3.1 (1.8) 17.1

Malaysia KLCI 1,806 1.0 (2.0) 0.5

Thailand SET 50 1,046 2.9 1.7 9.0

USA Dow Jones 17,648 8.2 5.6 10.6

UK FTSE 6,672 3.8 (0.7) (1.3)

Japan Nikkei 16,974 17.1 15.4 22.9

Germany DAX 9,306 4.8 0.3 0.9

France CAC 4,226 2.4 0.3 (1.9)


Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)( ) Price ( ) ( cr ) FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E

Agri / Agri Chemical

Rallis Neutral 224 - 4,365 2,020 2,365 13.9 13.9 9.0 10.5 24.9 21.4 5.2 4.4 22.6 22.4 2.2 1.9

United Phosphorus Buy 358 424 15,355 11,850 13,627 17.3 17.3 29.9 35.3 12.0 10.2 2.4 2.0 22.2 21.7 1.4 1.2

Auto & Auto Ancillary

Ashok Leyland Neutral 55 - 15,738 12,734 17,269 7.4 10.2 0.6 3.2 92.2 17.4 3.0 2.7 3.1 15.6 1.2 0.9

Bajaj Auto Neutral 2,655 - 76,836 23,766 28,398 20.5 20.7 131.3 161.4 20.2 16.5 6.8 5.6 31.3 33.8 2.7 2.2

Eicher Motors Neutral 13,846 - 37,525 11,026 13,997 15.6 16.6 399.0 547.0 34.7 25.3 11.0 8.2 31.3 32.0 3.2 2.5

Hero Motocorp Neutral 3,028 - 60,459 29,378 34,898 13.9 14.7 148.4 184.1 20.4 16.5 8.6 7.5 42.3 45.4 1.9 1.6

L G Balakrishnan & Bros Neutral 680 - 1,067 1,276 1,484 11.5 11.5 42.6 50.4 16.0 13.5 2.9 2.5 18.2 18.1 0.9 0.8

Mahindra and Mahindra Accumulate 1,253 1,428 77,851 39,758 44,615 12.9 13.1 55.9 65.2 22.4 19.2 3.9 3.4 17.4 17.7 1.7 1.5

Maruti Accumulate 3,333 3,750 100,694 49,994 62,656 12.7 14.3 122.0 187.5 27.3 17.8 4.3 3.7 15.6 20.7 1.8 1.4

Tata Motors Neutral 545 - 146,855 277,024 324,026 14.8 15.5 50.4 60.7 10.8 9.0 2.2 1.8 20.2 19.8 0.7 0.6

TVS Motor Neutral 235 - 11,184 10,521 12,856 6.3 7.9 8.5 15.0 27.7 15.7 6.5 5.0 23.7 31.5 1.0 0.8

Amara Raja Batteries Neutral 700 - 11,964 4,308 5,251 17.6 17.4 26.4 31.7 26.5 22.1 6.9 5.5 26.0 24.8 2.7 2.2

Exide Industries Neutral 162 - 13,791 7,289 8,383 13.5 14.0 7.1 8.5 22.9 19.1 3.4 3.0 14.7 15.8 1.6 1.4

Apollo Tyres Neutral 233 - 11,858 15,021 17,026 14.5 14.1 21.6 24.0 10.8 9.7 2.2 1.8 20.2 18.4 0.9 0.8

Ceat Neutral 944 - 3,395 6,202 7,386 12.5 12.0 91.0 99.2 10.4 9.5 2.6 2.1 24.8 21.7 0.8 0.7

JK Tyres Neutral 532 - 2,186 8,229 8,982 11.7 11.4 73.5 76.8 7.2 6.9 1.6 1.3 22.0 19.0 0.6 0.6

Sterling Tools Accumulate 365 397 250 342 394 47.5 54.8 27.4 33.1 13.4 11.1 2.2 1.9 16.2 16.7 0.9 0.8

Swaraj Engines Accumulate 956 1,056 1,187 665 759 15.1 15.0 61.9 70.4 15.4 13.6 4.5 3.7 29.4 27.3 1.5 1.3

Capital Goods

BGR Energy Neutral 156 - 1,126 3,938 4,362 11.6 11.8 23.9 27.1 6.5 5.8 0.8 0.7 19.9 17.6 0.9 0.9

BHEL Neutral 249 - 60,982 36,844 36,607 10.8 10.8 11.8 11.4 21.1 21.8 2.1 1.9 10.2 9.0 1.5 1.5

Blue Star Neutral 365 - 3,286 3,211 3,689 5.0 6.2 10.3 13.8 35.4 26.5 6.0 5.0 18.0 20.6 1.1 1.0

Crompton Greaves Buy 194 235 12,153 14,899 16,720 6.6 7.2 7.9 10.0 24.5 19.4 3.0 2.7 12.9 14.8 0.9 0.8

KEC International Accumulate 98 109 2,528 8,657 9,879 7.2 7.5 7.1 9.9 13.9 9.9 1.9 1.6 22.9 24.7 0.5 0.4

Thermax Neutral 1,058 - 12,611 6,091 6,988 9.4 9.7 29.5 35.6 35.9 29.7 5.4 4.8 16.0 17.0 2.0 1.7

Cement

ACC Accumulate 1,496 1,623 28,094 12,249 13,960 14.9 15.6 56.1 69.1 26.7 21.7 3.4 3.1 13.0 14.9 2.0 1.8

Ambuja Cements Neutral 228 - 35,240 10,116 11,296 21.8 22.9 8.5 10.2 26.9 22.3 3.5 3.2 13.3 14.9 3.0 2.6

India Cements Buy 113 146 3,459 5,086 5,869 10.5 11.3 3.2 6.1 34.7 18.4 1.4 1.3 3.5 7.4 1.2 1.0

J K Lakshmi Cement Accumulate 393 437 4,624 2,475 3,312 17.7 20.6 9.8 21.8 40.1 18.0 3.3 2.9 8.6 17.3 2.3 1.7

Mangalam Cements Accumulate 316 337 843 1,001 1,189 13.4 15.0 16.7 29.9 18.9 10.6 1.6 1.4 8.5 14.1 1.2 0.9


November 18, 2014

Market Outlook

Stock Watch


Cement

Ramco Cements Neutral 353 - 8,405 4,251 5,018 17.4 19.5 9.6 16.4 36.7 21.6 3.1 2.8 8.8 13.6 2.6 2.2

Shree Cement^ Neutral 9,183 - 31,992 6,558 8,056 24.4 25.3 272.3 360.5 33.7 25.5 6.0 5.0 19.4 21.5 4.5 3.6

UltraTech Cement Neutral 2,553 - 70,059 22,771 26,413 19.5 19.8 79.6 95.9 32.1 26.6 3.7 3.3 12.1 13.1 3.2 2.8

Financials

Axis Bank Buy 476 586 112,333 22,279 25,910 3.6 3.6 30.7 36.1 15.5 13.2 2.6 2.2 17.6 18.0 - -

Bank of Baroda Accumulate 1,056 1,116 45,340 17,962 20,377 2.0 2.0 117.8 135.8 9.0 7.8 1.2 1.1 13.4 13.8 - -

Bank of India Buy 289 353 18,542 16,297 18,384 2.1 2.1 50.7 60.9 5.7 4.7 0.8 0.7 11.9 12.9 - -

Canara Bank Buy 411 481 18,976 14,057 15,709 2.0 2.0 59.9 71.0 6.9 5.8 0.8 0.7 11.0 11.9 - -

Dena Bank Buy 62 78 3,337 3,583 3,966 2.2 2.3 11.5 15.4 5.4 4.0 0.6 0.5 9.5 11.6 - -

Federal Bank Neutral 144 - 12,316 3,158 3,574 3.2 3.2 11.1 12.5 13.0 11.5 1.6 1.5 13.8 14.6 - -

HDFC Neutral 1,127 - 176,983 9,438 11,024 3.5 3.4 38.8 45.4 29.0 24.8 5.7 5.2 26.9 27.5 - -

HDFC Bank Accumulate 920 1,014 222,069 30,897 37,011 4.4 4.4 42.5 52.1 21.6 17.7 4.3 3.6 21.5 22.3 - -

ICICI Bank Buy 1,674 2,045 193,717 30,623 36,128 3.2 3.2 98.3 117.7 17.0 14.2 2.4 2.2 15.2 16.0 - -

IDBI Bank Accumulate 71 76 11,388 9,583 10,921 2.0 2.0 11.1 13.1 6.4 5.4 0.5 0.5 7.9 8.7 - -

LIC Housing Finance Neutral 421 - 21,261 2,567 3,073 2.4 2.4 30.3 35.6 13.9 11.8 2.5 2.2 18.9 19.1 - -

Punjab Natl.Bank Buy 964 1,114 34,898 22,911 25,755 3.0 3.0 112.8 152.1 8.5 6.3 1.0 0.9 11.3 13.8 - -

South Ind.Bank Buy 27 36 3,687 1,872 2,128 2.7 2.7 3.7 4.3 7.4 6.4 1.0 0.9 14.4 15.0 - -

St Bk of India Neutral 2,940 - 219,504 76,522 89,477 3.1 3.1 182.5 244.3 16.1 12.0 1.9 1.6 11.2 13.7 - -

UCO Bank Buy 88 101 8,884 7,817 8,725 2.9 2.9 20.1 22.0 4.4 4.0 0.8 0.7 16.8 16.1 - -

Union Bank Accumulate 221 235 14,028 11,499 12,840 2.4 2.3 35.3 42.2 6.3 5.2 0.8 0.7 11.9 12.9 - -

Yes Bank Buy 689 824 28,718 5,352 6,602 3.0 3.1 47.7 57.9 14.5 11.9 2.4 2.1 21.0 18.9 - -

FMCG

Asian Paints Neutral 692 - 66,353 14,498 16,653 16.0 16.0 15.6 17.7 44.4 39.1 12.9 10.4 32.4 29.4 4.5 3.8

Britannia Neutral 1,646 - 19,745 7,056 8,065 9.7 9.6 40.4 47.2 40.8 34.9 15.7 11.6 45.1 38.3 2.7 2.3

Colgate Neutral 1,947 - 26,476 4,165 4,836 17.7 18.4 43.5 50.5 44.8 38.5 38.6 29.4 94.1 86.7 6.2 5.3

Dabur India Neutral 236 - 41,389 8,135 9,370 17.1 17.1 6.4 7.3 37.1 32.1 12.2 9.7 36.9 33.7 5.0 4.3

GlaxoSmith Con* Neutral 5,599 - 23,546 4,259 4,919 15.7 15.9 143.2 168.3 39.1 33.3 11.7 9.4 33.1 31.4 5.1 4.3

Godrej Consumer Neutral 982 - 33,443 8,777 10,168 15.4 15.6 26.1 31.1 37.7 31.6 7.4 6.2 19.7 19.7 3.9 3.4

HUL Neutral 756 - 163,502 31,055 34,940 13.7 14.2 18.3 20.1 41.3 37.6 34.6 24.9 99.0 77.0 5.1 4.5

ITC Accumulate 370 409 294,927 38,185 44,068 37.7 37.8 12.7 14.6 29.0 25.3 9.5 8.1 32.7 32.1 7.4 6.4

Marico Neutral 330 - 21,282 5,406 6,351 15.7 15.7 8.6 10.4 38.4 31.8 11.8 9.2 30.7 29.0 3.9 3.3


November 18, 2014

Market Outlook

Stock Watch


FMCG

Nestle* Neutral 6,264 - 60,399 10,356 11,691 22.0 22.2 138.0 160.9 45.4 38.9 19.1 14.5 48.0 55.0 5.7 5.0

Tata Global Buy 160 186 9,888 8,615 9,562 9.5 9.5 8.1 8.9 19.8 18.0 2.5 2.4 9.1 9.4 1.1 1.0

IT

HCL Tech^ Buy 1,619 1,968 113,568 37,265 41,535 24.7 24.0 97.2 109.3 16.7 14.8 4.4 3.5 26.9 23.9 2.7 2.3

Infosys Accumulate 4,209 4,700 241,685 55,347 61,546 27.3 27.8 213.4 235.7 19.7 17.9 4.3 3.7 22.0 20.8 3.6 3.2

TCS Accumulate 2,619 2,833 512,893 97,401 111,037 29.7 29.3 114.8 128.8 22.8 20.3 8.5 7.5 37.2 37.0 5.0 4.4

Tech Mahindra Accumulate 2,596 2,887 61,139 21,636 24,359 22.3 22.8 135.9 164.0 19.1 15.8 5.1 3.7 26.2 23.0 2.5 2.0

Wipro Buy 564 697 139,271 51,807 57,807 23.5 23.7 36.6 41.0 15.4 13.8 3.3 2.8 21.8 20.3 2.3 1.9

Media

D B Corp Neutral 362 - 6,646 2,007 2,241 26.9 26.8 17.7 19.8 20.5 18.3 5.0 4.3 24.4 23.7 3.3 2.9

HT Media Buy 109 129 2,545 2,301 2,495 12.4 12.4 7.5 8.0 14.6 13.6 1.3 1.2 9.0 8.7 0.6 0.6

Jagran Prakashan Accumulate 136 154 4,449 1,824 1,981 22.9 24.2 7.7 9.1 17.7 15.0 3.3 2.8 19.0 20.2 2.5 2.2

Sun TV Network Neutral 316 - 12,471 2,548 2,879 68.6 68.9 22.8 25.8 13.9 12.3 3.6 3.1 27.1 26.7 4.5 3.8Hindustan Media Ventures Neutral 224 - 1,645 831 941 19.4 19.0 15.8 17.0 14.2 13.2 2.3 2.0 16.2 15.0 1.5 1.3

Metals & Mining

Coal India Accumulate 353 385 223,031 73,842 81,735 11.8 12.9 27.1 31.2 13.0 11.3 4.4 3.6 33.9 32.1 2.1 1.7

Hind. Zinc Accumulate 163 179 68,661 13,881 15,410 47.0 48.9 17.0 19.0 9.6 8.6 1.6 1.4 16.9 16.4 2.8 2.3

Hindalco Neutral 158 - 32,615 97,816 104,037 11.2 11.4 17.9 19.5 8.8 8.1 0.7 0.7 8.6 8.6 0.8 0.7

JSW Steel Buy 1,236 1,538 29,876 57,358 60,796 18.8 19.3 117.0 123.0 10.6 10.1 1.2 1.1 12.2 11.4 1.2 1.1

NMDC Neutral 152 - 60,363 14,551 16,453 67.4 67.7 19.2 21.1 7.9 7.2 1.8 1.6 21.9 20.8 2.7 2.7

SAIL Neutral 85 - 35,271 52,835 56,944 13.3 14.4 7.9 9.8 10.8 8.7 0.8 0.8 7.4 8.8 1.1 1.0

Sesa Sterlite Buy 238 290 70,544 86,780 89,360 32.2 30.4 19.3 21.2 12.3 11.2 0.9 0.8 7.9 6.5 1.0 0.9

Tata Steel Accumulate 480 539 46,584 147,705 155,401 13.3 14.2 49.0 60.7 9.8 7.9 1.3 1.1 12.4 13.5 0.8 0.7

Oil & Gas

Cairn India Buy 268 332 50,283 17,818 19,412 69.4 68.2 44.3 51.7 6.1 5.2 0.8 0.7 13.0 13.2 1.5 1.3

GAIL Neutral 489 - 61,997 59,990 66,199 11.9 12.8 34.2 42.8 14.3 11.4 2.1 1.9 15.3 15.9 1.0 0.9

ONGC Buy 397 469 339,311 177,311 201,041 31.2 35.4 30.4 44.7 13.1 8.9 1.9 1.7 14.2 17.8 1.8 1.5

Petronet LNG Neutral 198 - 14,880 40,481 42,913 4.2 4.9 10.5 13.7 18.9 14.5 2.7 2.4 14.2 15.7 0.4 0.4

Reliance Industries Accumulate 983 1,124 318,095 378,320 368,790 9.3 12.8 89.9 112.8 10.9 8.7 1.2 1.1 11.4 12.8 0.8 0.8

Pharmaceuticals

Alembic Pharma Neutral 454 - 8,559 2,188 2,542 19.4 19.3 15.7 18.4 28.9 24.7 9.3 7.1 37.2 32.6 4.0 3.4

Aurobindo Pharma Neutral 1,107 - 32,275 11,707 14,054 19.9 19.9 48.0 56.3 23.1 19.7 6.4 4.9 31.8 28.2 3.2 2.7

Aventis* Accumulate 3,465 3,700 7,980 1,912 2,226 15.5 16.4 104.5 123.1 33.2 28.2 4.7 3.8 17.6 20.7 3.8 3.1

Cadila Healthcare Neutral 1,540 - 31,532 8,505 10,176 16.7 17.2 49.8 61.9 30.9 24.9 7.4 6.0 26.5 26.5 3.9 3.2


November 18, 2014

Market Outlook

Stock Watch


Pharmaceuticals

Cipla Neutral 613 - 49,215 11,233 13,106 17.7 19.3 19.4 24.1 31.6 25.4 4.3 3.7 14.5 15.7 4.4 3.7

Dr Reddy's Accumulate 3,440 3,723 58,578 15,747 18,477 23.3 24.2 148.1 186.1 23.2 18.5 5.2 4.2 24.8 25.0 3.7 3.1

Dishman Pharma Buy 142 217 1,145 1,511 1,662 23.0 23.0 16.7 21.7 8.5 6.5 0.9 0.8 10.8 12.7 1.1 0.9

GSK Pharma* Neutral 2,850 - 24,137 2,640 2,853 19.7 20.5 54.5 59.4 52.3 48.0 12.3 12.3 23.4 25.7 8.4 7.8

Indoco Remedies Neutral 306 - 2,821 856 1,112 18.2 18.2 10.4 14.2 29.4 21.6 5.2 4.3 19.2 21.8 3.5 2.7

Ipca labs Buy 677 817 8,537 3,503 4,213 18.6 20.9 36.2 48.1 18.7 14.1 3.7 3.0 21.2 23.3 2.6 2.2

Lupin Neutral 1,445 - 64,880 13,623 15,775 26.9 26.9 51.9 59.8 27.8 24.2 7.1 5.6 27.8 26.1 4.7 4.0

Ranbaxy* Neutral 642 - 27,264 12,024 13,228 8.2 8.8 10.8 13.3 59.5 48.3 7.2 6.3 12.9 13.9 3.0 2.7

Sun Pharma Neutral 882 - 182,765 18,929 38,386 44.0 31.5 31.2 34.9 28.3 25.3 7.5 5.1 28.5 27.9 9.0 5.2

Power

Tata Power Neutral 89 - 23,949 37,654 38,320 25.0 25.2 5.9 6.5 15.0 13.6 1.7 1.6 11.0 11.6 1.4 1.3

NTPC Accumulate 146 163 120,095 74,675 80,198 24.9 26.1 10.9 12.7 13.4 11.5 1.3 1.2 9.7 10.6 2.2 2.0

Telecom

Bharti Airtel Accumulate 392 429 156,818 95,793 103,292 33.6 34.2 12.8 16.4 30.7 23.9 2.4 2.2 8.2 9.3 2.2 2.0

Idea Cellular Buy 164 192 59,096 30,636 34,560 32.0 32.4 7.5 8.6 21.9 19.1 2.8 2.4 13.9 13.8 2.5 2.2

zOthers

Abbott India* Neutral 3,296 - 7,003 1,996 2,184 12.3 11.9 80.1 84.7 41.2 38.9 8.0 6.9 20.2 19.0 3.2 2.9

Bajaj Electricals Neutral 231 - 2,331 4,677 5,458 6.2 6.4 14.4 19.0 16.1 12.2 2.8 2.4 17.4 19.4 0.5 0.4

Cravatex Neutral 540 - 140 207 239 6.6 6.6 20.2 27.8 26.7 19.4 3.1 2.7 11.7 14.2 0.9 0.8

Finolex Cables Neutral 256 - 3,918 2,527 2,815 11.1 11.4 14.4 16.8 17.7 15.3 3.0 2.6 17.1 17.0 1.4 1.2

Goodyear India* Buy 649 830 1,498 1,785 1,943 10.5 10.7 53.1 59.3 12.2 11.0 2.5 2.1 22.1 20.7 0.6 0.5

Hitachi Neutral 809 - 2,199 1,273 1,474 6.5 8.0 13.7 22.1 59.2 36.6 8.1 6.7 14.5 20.0 1.7 1.5

Jyothy Laboratories Neutral 234 - 4,242 1,554 1,891 13.3 13.5 8.9 9.4 26.4 24.9 4.5 3.8 17.6 16.5 2.9 2.2

MRF Neutral 32,621 - 13,835 13,118 14,312 14.3 15.1 1,988.2 2,444.3 16.4 13.4 3.1 2.5 20.8 20.8 1.1 1.0

Page Industries Neutral 9,635 - 10,747 1,442 1,773 20.6 21.0 174.4 219.9 55.3 43.8 26.5 18.8 56.0 50.2 7.6 6.1

Relaxo Footwears Neutral 526 - 3,156 1,462 1,756 12.0 12.3 14.8 19.8 35.5 26.6 8.8 6.7 24.7 25.0 2.2 1.8

Siyaram Silk Mills Buy 830 1,065 778 1,536 1,810 10.9 11.4 85.4 118.4 9.7 7.0 1.8 1.5 19.8 22.8 0.6 0.5

Styrolution ABS India* Neutral 643 - 1,130 1,172 1,288 7.0 7.0 29.7 33.3 21.7 19.3 2.2 2.0 10.5 10.7 1.0 0.9

Tree House Neutral 445 - 1,663 206 246 54.7 54.7 15.9 19.2 28.0 23.1 3.9 3.5 14.1 15.1 7.8 6.4

TVS Srichakra Neutral 1,714 - 1,312 1,923 2,167 9.3 9.4 114.0 137.1 15.0 12.5 4.7 3.6 31.5 28.7 0.8 0.7

Vesuvius India* Neutral 700 - 1,421 688 758 17.8 18.0 35.4 39.8 19.8 17.6 3.1 2.7 16.8 16.4 1.8 1.6

HSIL Accumulate 393 421 2,592 1,998 2,313 17.6 18.1 16.5 23.4 23.8 16.8 2.2 1.9 9.0 11.5 1.7 1.4


November 18, 2014

Market Outlook

Stock Watch


zOthers

Heritage Foods Accumulate 319 350 740 1,910 2,153 5.2 6.2 21.4 31.8 14.9 10.0 3.4 2.6 22.5 25.8 0.4 0.4Kirloskar Engines India Ltd Accumulate 268 290 3,871 2,421 2,651 12.4 12.6 14.1 16.1 19.0 16.6 2.8 2.5 15.3 15.8 1.3 1.1

M M Forgings Neutral 550 - 663 493 581 22.5 22.9 44.2 55.0 12.5 10.0 2.7 2.2 24.2 24.0 1.6 1.3

ITD Cementation India Neutral 434 - 673 1,386 1,636 11.1 11.3 9.4 28.2 46.3 15.4 1.2 1.1 2.6 7.3 0.9 0.8

Banco Products (India) Accumulate 164 182 1,173 1,313 1,536 13.3 13.7 14.3 18.2 11.5 9.0 1.9 1.6 16.8 19.0 0.9 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 17, 2014


November 18, 2014

Market Outlook

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMER

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within.Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.


Market OutlookNovember 18, 2014

market outlook 18-11-2014

Documents