market outlook 19-10-12

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Market OutlookOctober 19, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open flat to negative tracking negative opening

in most of the Asian markets which traced lower closing yesterday in US and

European markets. Investors are also watchful as a two-day European Union

summit got underway in Brussels, although expectations were low for any major

developments.

The US markets fell yesterday as Google Incs profit miss highlighted trouble in the

tech sector and a rise in jobless claims offset upbeat manufacturing data. A report

showed that jobless claims jumped to 388,000 (estimate 365,000) in the week

ended October 13 after falling to a four-year low of 342,000 in the previous week.

However, another report from the Federal Reserve Bank of Philadelphia indicated

that its diffusion index of current activity jumped to a positive 5.7 in October from a

negative 1.9 in September, with a positive reading indicating an increase in

regional manufacturing activity.

Meanwhile the Indian markets rose firmly yesterday, helped by firm Asian cues

after a string of Chinese data beat estimates, raising hopes for a rebound in the

world's second largest economy.

Markets Today

The trend deciding level for the day is 18,725 / 5,697 levels. If NIFTY trades above

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

up to 18,874 18,955 / 5,744 5,769 levels. However, if NIFTY trades below

18,725 / 5,697 levels for the first half-an-hour of trade then it may correct up to

18,643 18,495 / 5,672 5,625 levels.

SENSEX 18,495 18,643 18,725 18,874 18,955

NIFTY 5,625 5,672 5,697 5,744 5,769

News Analysis

2QFY2013 Result Review: Hindustan Zinc, Ambuja Cements, ACC, DB Corp,Honeywell Automation India Ltd, Persistent

2QFY2013 Result Preview: TCS, ITC, Bajaj Auto, Exide Industries, South IndianBank, Alembic Pharma

Refer detailed news analysis on the following page

Net Inflows (October 17, 2012)

FII 2,140 2,064 76 21,102 58,062

MFs 272 441 (169) (3,100) (10,384)

FII Derivatives (October 18, 2012)

Index Futures 1,557 1,521 36 15,649

Stock Futures 2,743 2,698 45 31,701

Gainers / Losers

Century Tex 403 5.7 Dish TV India 78 (3.2)

JPPOWER 38 5.5 Wipro 346 (2.0)

Union Bank 209 5.0 Mphasis 397 (1.8)

Syndicate Bank 124 4.9 Sun Pharma 700 (1.7)

Andhra Bank 112 4.7 Bharti Airtel 266 (1.6)

BSE Sensex 1.0 181.2 18,792

Nifty 1.0 58.4 5,719

MID CAP 1.2 76.8 6,707

SMALL CAP 0.9 61.6 7,194

BSE HC (0.3) (22.8) 7,557

BSE PSU 1.0 76.5 7,429

BANKEX 2.1 271.9 13,308

AUTO 1.4 142.8 10,343

METAL 1.0 99.4 10,490

OIL & GAS 0.3 24.0 8,503

BSE IT 0.8 44.3 5,716

Dow Jones (0.1) (8.1) 13,549NASDAQ (1.0) (31.3) 3,073

FTSE 0.1 6.1 5,917

Nikkei 2.0 176.3 8,983

Hang Seng 0.5 102.1 21,519

Straits Times 0.5 14.7 3,060

Shanghai Com 1.2 26.1 2,132

INFY 0.7 0.3 $44.4

WIT (0.7) (0.1) $8.4IBN (0.4) (0.2) $40.0

HDB (0.6) (0.2) $37.1

Advances 1,727 989

Declines 1,125 521

Unchanged 146 84

BSE 2,271

NSE 11,654

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Result Review

Hindustan Zinc (CMP:`135 / TP:`144 / Upside: 7%)

For 2QFY2013, Hindustan Zincs (HZL) bottom-line was above our expectations

due to higher-than-expected other income and lower-than-expected tax rate. HZLs

net revenue increased by 8.8% yoy to`2,822cr (above our estimate of`2,733cr).

However, zinc production volumes declined 12.0% yoy to 163kt due to lower

production from Rampura Agucha mines (in line with companys guidance).

Nevertheless, lead production volumes grew by 60.0% yoy to 27kt and silver

production volumes grew 86.0% yoy to 92kt due to higher production from

Sindesur Khurd mine and new Dariba lead and silver capacities. However, the

EBITDA margin contracted by 529bp yoy (against our expectation of 580bp) to

51.3% mainly on account of lower zinc-lead realizations coupled with cost

increases. The EBITDA decreased by 1.2% yoy to `1,447cr. Further, other income

rose by 39.6% yoy to `540cr (higher than our estimate) while the tax rate was

lower at 14.9% in 2QFY2013 (19.5% in 2QFY2012). Hence, the net profit beatour estimate of `1,348cr and grew by 12.5% yoy to `1,540cr.

FY2013E 12,446 52.3 6,027 14.3 20.5 9.5 1.8 5.2 2.7

FY2014E 13,538 52.9 6,568 15.5 18.9 8.7 1.5 4.0 2.1

Ambuja Cements (CMP:`204/ TP: - / Upside: -)

Ambuja Cements 3QFY2012 top-line rose by 20% yoy to `2,168cr, which wasslightly ahead of our estimates. The growth was driven mainly by higher

realization, as sales volume rose only marginally by 1.3% to 4.7mn tonne. The

OPM stood at 24.1% up 637bp, (vs an estimated 23.4%) aided by higher

realization. The bottom-line rose by 77% yoy to`304cr, which was in line with our

estimates, aided by superior operational performance.

CY2012E 10,074 25.4 1,712 11.2 20.3 18.2 3.9 10.6 181

CY2013E 11,619 24.9 1,915 12.5 20.5 16.3 3.5 9.0

Note:* computed on TTM basis

ACC (CMP:`1,420/ TP: - /Upside: -)

ACCs 3QCY2012 stand-alone top-line growth of 13.7% yoy to `2,445cr was

slightly ahead of our estimates of an 11.7% yoy growth. The top-line growth was

driven by a 17.3% yoy growth in realization, even as cement sales volume was

down by 5.1% on a y-o-y basis at 5.4mn tonne. The OPM rose by 415bp yoy to

18.8% slightly below our estimates of 19.3%. Although, the company benefitted

due to higher realization, it was negatively impacted due to higher freight, powerand fuel costs, which rose by 54% yoy and 8% yoy on a per tonne basis. The

bottom-line rose by 48% yoy to`249cr (vs an estimated`230cr), aided by superior

operational performance.

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CY2012E 10,802 21.6 1,445 76.9 19.4 18.5 3.5 10.0 138

CY2013E 12,256 21.5 1,546 82.2 19.1 17.3 3.1 8.4

Note:* computed on TTM basis

DB Corp (CMP:`222 / TP: Under review)

DB Corp has announced 2QFY2013 results. The company top-line performance

was in line with our expectations of 8% yoy growth to `378cr. The company

reported 3% yoy growth in advertising revenue to `283cr and 16% yoy growth in

circulation revenue to `70cr. The OPM expanded by 295bp to 22.8%. However,

adjusting EBIDTA for forex gain of 4.6cr, OPM expanded by 174bp to 21.5%.

Consequently, the net profit rose by 21% yoy to`47cr and profit adjusted for forex

gain rose by 9.4% to`44cr. At the current market price, DB Corp is trading at 16x

FY2014E consolidated EPS of `13.6.

FY2013E 1,604 22.3 205 11.2 20.3 19.6 3.7 10.7 2.4

FY2014E 1,786 23.8 250 13.6 21.4 16.0 3.2 8.8 2.1

Honeywell Automation India Ltd (CMP `2,644/ TP: `2,842/

Upside: 8%)

HAIL reported a healthy set of numbers with revival in the operating margin for

3QCY2012. The top-line grew by 5.5% sequentially to `408cr against our

estimation of `475cr. The companys EBITDA came in higher sequentially by a

whopping 109% at`28.5cr, far better than our estimate of `19cr. The operating

margin was higher by 346 basis points and came in at 7%. The improvement in

EBITDA was mainly on account of lower raw material cost as a percentage of sales

(due to current rupee appreciation) which was at 56.6% compared to 61.7% in the

last quarter. The net profit for the quarter stood at `11.8cr, in line with our

estimate of`21cr vis--vis`12cr in 2QCY2012, on the back of a better operating

performance.

CY2012E 1,847 4.3 61 69 12.5 38.4 3.4 26.9 1.2

CY2013E 2,162 7.3 120 135 23.4 19.5 3.0 13.4 1.0

Persistent (CMP:`428 / TP: - / Upside: -)

Persistent Systems (Persistent) reported its 2QFY2013 results which exceeded our

as well as the streets expectations on all fronts. The dollar revenues came in at

US$60.1mn, up 9.4% qoq, led by a strong growth in IP led revenue of ~49% qoq

to US$11.3mn. The companys EBITDA margin increased by 40bp qoq to 27.2%,

despite having a wage hike impact of ~330bp qoq which was a positive surprise.

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Bajaj Auto (CMP:`1,774 / TP: - / Upside: -)

Bajaj Auto (BJAUT) is scheduled to announce its 2QFY2013 results on October 20,

2012. We expect the companys top line to register a 6.8% yoy (flat qoq) decline to

`4,909cr mainly on account of 9.9% yoy (2.8% qoq) decline in volumes. Decline in

total volumes was led by weak demand in the domestic markets for motorcyclesand disruption in exports on account of increase in import duty on two-wheelers

and three-wheelers in Sri Lanka. On the operating front, EBITDA margin is

expected to contract by 190bp yoy led by adverse product-mix and reduced

operating leverage benefits. Thus, the bottom line is expected to decline by 7.5%

yoy (6.6% qoq) to `671cr. At the CMP of `1,774, the stock is trading at 14.6x

FY2014E earnings.

FY2013E 21,285 18.2 3,140 108.5 46.1 16.3 6.8 11.1 2.0

FY2014E 23,927 18.3 3,510 121.3 41.3 14.6 5.5 9.4 1.7

Exide Industries (CMP:`163 / TP: - / Upside: -)

Exide Industries (EXID) is slated to announce its 2QFY2013 results today. We

expect the company to post a strong revenue growth of 16.5% yoy (down 12%

sequentially due to lower OEM volumes) to`1,370cr driven by growth in the four-

wheeler replacement and inverter batteries. While we expect EBITDA margins to

improve by 30bp sequentially to 15.3%; net profit is expected to decline by 11.7%

qoq to`134cr mainly on account of a sequential decline expected in the top-line.

On a y-o-y basis, the net profit is expected to jump significantly by 162.6% due to

the base effect. At the CMP of `163, the stock is trading at 17.7x FY2014E

earnings.

FY2013E 5,913 16.0 628 7.4 19.1 22.0 3.9 12.6 2.0

FY2014E 6,787 17.0 780 9.2 20.3 17.7 3.3 9.9 1.7

South Indian Bank(CMP:`24/ TP:`25 / Upside: 7.6%)

South Indian Bank is scheduled to announce its 2QFY2013 results today. Weexpect the bank to report a healthy growth of 17.3% yoy in Net Interest Income

(NII) to `304cr. Non-interest income is expected to increase by 15.1% yoy to

`61cr. Operating expenses are expected to grow at 17.6% yoy to `171cr.

Provisioning expenses are expected to increase by a moderate 11.7% yoy to`27cr.

Net profit is expected to grow at 18.7% yoy to `113cr. At the CMP, the stock is

trading at 1.0x FY2014E ABV.

FY2013E 1,535 2.9 473 3.5 21.1 1.1 19.4 6.7 1.1FY2014E 1,760 2.8 522 3.9 24.2 1.0 17.1 6.1 1.0

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Alembic Pharmaceuticals (CMP:`71/ TP: `91 / Upside: 28%)

For the 2QFY2013, Alembic Pharmaceuticals is expected to post a net sales and

profits of around `419cr and `34.7cr, registering a yoy growth of 5.7% and a

decline of 8.8%. The Sales growth would be impacted on back of lower growth in

exports. On the operating front, the OPM is expected to decline by 80bps, leadingto a decline in OPMs. The OPM for the quarter is expected to come in at around

14.2%.

FY2013E 1,624 14.2 125 6.6 27.9 10.7 2.8 6.8 1.0

FY2014E 1,855 15.6 171 9.1 29.9 7.8 2.2 5.3 0.8

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 1,335 1,072 25 1,463 (9)

EBITDA 213 519 (59) (120) (278)

EBITDA margin (%) 16.0 48.4 -8.2

Net profit (263) 177 (249) (793) (67)

Net sales 701 588 19 774 (9)

EBITDA 496 411 21 632 (22)

EBITDA margin (%) 70.8 69.9 81.7

Net profit 335 273 23 418 (20)

Net sales 1,504 1,175 28 1,551 (3)

EBITDA 232 90 158 233 0

EBITDA margin (%) 15.4 7.7 15.0

Net profit 155 51 204 152 2

Net sales 6,884 5,974 15 6,652 3

EBITDA 2,538 2,219 14 2,368 7

EBITDA margin (%) 36.9 37.1 35.6

Net profit 1,754 1,514 16 1,602 9

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Net sales 862 718 20 811 6

EBITDA 213 208 2 233 (9)

EBITDA margin (%) 24.7 29.0 28.7

Net profit 164 160 2 157 4

Net sales 15,460 11,633 33 14,869 4

Net profit 3,357 2,231 50 3,072 9

Net sales 4,836 5,046 (4) 4,714 3

EBITDA 906 1,057 (14) 872 4

EBITDA margin (%) 18.7 20.9 18.5

Net profit 723 726 (0) 718 1

Net sales 4,619 3,910 18 5,075 (9)

EBITDA 990 652 52 1,308 (24)

EBITDA margin (%) 21.4 16.7 25.8

Net profit 579 279 108 778 (26)

Net profit 201 191 5 190 6

Net profit 1,195 1,166 2 1,139 5

Net profit 1,144 971 18 1,002 14

Net sales 4,542 2,652 71 4,440 2

EBITDA 3,522 2,065 71 3,457 2

EBITDA margin (%) 77.5 77.9 77.9

Net profit 2,799 763 267 3,826 (27)

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Net sales 5,451 4,608 18 5,502 (1)

EBITDA 1,392 1,187 17 1,436 (3)

EBITDA margin (%) 25.5 25.8 26.1

Net profit 207 106 95 234 (12)

Net sales 13,213 11,245 18 11,955 11

EBITDA 1,304 1,174 11 1,087 20

EBITDA margin (%) 9.9 10.4 9.1

Net profit 892 798 12 864 3

Economic and Political News

EGoM defers decision on spectrum refarming Indian economy to grow 5.9% in 2012-13: UN agency India-EU free trade pact may not conclude this year: IGCC Land Bill to slow down projects further

Corporate News

Bharti Airtel launches 4G services in Pune Cipla gets tentative US nod for HIV tablets

ED freezes`

822cr fixed deposits of Mahindra Satyam Voltas' all weather ACs beats Korean rivals

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

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Date Company

October 19, 2012TCS, ITC, Mundra Port, Adani Power, Petronet LNG, Exide Industries, Zee Entertainment, South Ind.Bank, Blue Star,NIIT, Alembic Pharma, Tata Sponge

October 20, 2012 Bajaj Auto, UltraTech Cement, Indian Bank, Federal Bank, J K Lakshmi Cements, Force Motors

October 21, 2012

October 22, 2012 HDFC, Larsen & Toubro, Cairn India, Idea Cellular, Bank of Baroda, Syndicate Bank, Indiabulls Fin.

October 23, 2012 Hero Motocorp, Sterlite Inds, Lupin, Yes Bank, United Phosphorus, Bank of Maharashtra

October 24, 2012

October 25, 2012 Adani Enterp., M&M, Kotak Mah. Bank, Asian Paints, Nalco, Oriental Bank, Ipca labs, Bajaj Electrical, KPIT Cummins

October 26, 2012 NTPC, ICICI Bank, HUL, GAIL, Punjab Natl.Bank, Sesa Goa, IDFC, Dabur India, IOB, United Bank, Hind. Const.

October 27, 2012 IDBI Bank, Sarda Energy

October 28, 2012 JSW Steel

October 29, 2012 BHEL, Colgate, Styrolution

October 30, 2012 Maruti, Dr Reddy's, Grasim Inds, Mahindra Satyam, Thermax, Taj GVK, PVR

October 31, 2012 NHPC, Titan Inds., LIC Housing Fin., Tata Global, Aventis, TVS Motor

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Oct 19 2012 12:00AM US Existing home sales Millions Sep 4.82 4.74

Oct 23 2012 12:00AM Euro ZoneEuro-Zone ConsumerConfidence

Value Oct A (25.90) (26.00)

Oct 24 2012 12:00AM Germany PMI Services Value Oct A 49.70 50.00

Germany PMI Manufacturing Value Oct A 47.40 47.90

US New home sales Thousands Sep 373.00 385.00

US FOMC rate decision % Oct 24 0.25 0.25

Oct 25 2012 12:00AM UK GDP (YoY) % Change 3Q A (0.50) --

Oct 26 2012 12:00AM US GDP Qoq (Annualised) % Change 3Q A 1.30 1.80

Oct 30 2012 12:00AM US Consumer ConfidenceS.A./

1985=100Oct 70.30 --

India RBI Repo rate % Oct 30 8.00 8.00

India RBI Cash Reserve ratio % Oct 30 4.50 4.25

India RBI Reverse Repo rate % Oct 30 7.00 7.00

Oct 31 2012 12:00AM Germany Unemployment change (000's) Thousands Oct 9.00 --

Nov 1 2012 12:00AM UK PMI Manufacturing Value Oct 48.40 --China PMI Manufacturing Value Oct 49.80 --

Nov 2 2012 12:00AM US Change in Nonfarm payrolls Thousands Oct 114.00 --

US Unnemployment rate % Oct 7.80 --

Nov 6 2012 12:00AM UK Industrial Production (YoY) % Change Sep (1.20) --

Nov 8 2012 12:00AM UK BOE Announces rates % Ratio Nov 8 0.50 0.50

Euro Zone ECB announces interest rates % Nov 8 0.75 --

Nov 9 2012 12:00AM China Industrial Production (YoY) % Change Oct 9.20 --

China Consumer Price Index (YoY) % Change Oct 1.90 --

Source: Bloomberg, Angel Research


October 19, 2012

Market Outlook

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Market StrateOctober 19 , 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

(%)

Source: CSO, Angel Research

Exhibit 2 :IIP trends

2. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2. 5

(1.8)

(0.2)

2. 7

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

(%)

Sour ce: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 5 7. 67. 8

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Sour ce: M O SPI, Angel Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

M fg. PM I Services PM I

Source: M arket, Angel Research; N ote: Level abo ve 50 ind icates expansion

Exhibit 5 :Expo rts an d impo rts growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

60.0

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Exp orts yo y growth Im ports yo y growth( %)

Source: Bloo mb erg, An gel Research

Exhibit 6 :Key policy rates

8.00

7.00

4.50

4.00

5.00

6.00

7.00

8.00

9.00

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

Repo rate Reverse Repo rate C RR(%)

Sour ce: RBI, A ngel Research

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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 139 - 2,697 1,466 1,686 14.8 14.8 7.0 8.1 19.8 17.1 4.2 3.6 22.6 22.5 2.0 1.7

United Phosphorus Buy 120 170 5,550 8,421 9,263 16.5 16.5 15.0 17.0 8.0 7.1 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 237 - 4,047 2,844 3,275 15.4 15.6 15.9 18.8 14.9 12.6 3.8 3.0 28.9 26.9 1.2 1.1

Apollo Tyres Accumulate 86 99 4,330 13,412 15,041 11.3 11.0 12.1 14.2 7.1 6.1 1.3 1.1 19.6 19.2 0.5 0.4

Ashok Leyland Buy 23 30 6,239 14,920 16,850 9.0 9.3 2.2 2.8 10.8 8.5 2.0 1.7 13.3 15.6 0.5 0.5

Automotive Axle# Neutral 393 - 594 993 1,140 11.6 11.5 36.9 43.0 10.7 9.2 2.1 1.8 21.2 21.3 0.7 0.5Bajaj Auto Neutral 1,774 - 51,321 21,285 23,927 18.2 18.3 108.5 121.3 16.3 14.6 6.8 5.5 46.1 41.3 2.1 1.8

Bharat Forge Accumulate 306 351 7,134 7,004 7,985 16.2 16.4 20.3 25.1 15.1 12.2 2.8 2.4 20.0 20.9 1.2 1.0

Bosch India* Neutral 8,795 - 27,616 8,793 10,294 17.4 18.5 348.3 435.8 25.3 20.2 4.9 4.1 19.4 20.1 2.8 2.3

CEAT Buy 119 164 406 4,989 5,634 8.7 8.5 32.7 41.1 3.6 2.9 0.5 0.5 15.8 16.9 0.3 0.2

Exide Industries Neutral 163 - 13,830 5,913 6,787 16.0 17.0 7.4 9.2 22.0 17.7 3.9 3.3 19.1 20.3 1.9 1.6

FAG Bearings* Neutral 1,809 - 3,007 1,505 1,768 17.5 18.0 111.2 132.7 16.3 13.6 3.4 2.8 22.8 22.2 1.7 1.4

Hero Motocorp Accumulate 1,840 2,077 36,733 24,941 28,706 15.0 15.5 122.5 134.0 15.0 13.7 6.6 5.2 49.6 42.2 1.2 1.0

JK Tyre Buy 109 135 449 7,517 8,329 6.1 6.3 26.2 38.5 4.2 2.8 0.5 0.5 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 837 944 51,363 37,434 42,860 11.6 11.5 50.4 56.3 16.6 14.9 3.5 3.0 22.6 21.5 1.2 1.0

Maruti Neutral 1,379 - 39,848 41,796 49,350 7.6 8.6 66.6 92.6 20.7 14.9 2.4 2.1 12.0 14.8 0.7 0.6

Motherson Sumi Neutral 151 - 8,859 24,285 27,317 6.7 7.2 8.1 10.6 18.7 14.3 3.9 3.2 22.9 24.7 0.5 0.5

Subros Buy 30 34 180 1,230 1,378 8.8 8.6 4.5 5.7 6.7 5.3 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 270 316 72,011 195,096 219,428 12.8 13.0 39.0 44.9 6.9 6.0 2.0 1.5 32.6 28.8 0.4 0.4

TVS Motor Buy 41 49 1,945 7,611 8,443 7.9 7.9 4.7 5.4 8.7 7.6 1.5 1.3 17.9 18.1 0.2 0.2

Capital Goods

ABB* Sell 782 593 16,565 8,760 10,023 6.2 8.7 14.5 24.7 54.1 31.6 5.9 5.2 11.6 17.6 1.9 1.7BGR Energy Neutral 275 - 1,986 3,669 4,561 11.0 11.0 24.7 29.6 11.2 9.3 1.6 1.5 15.3 16.7 1.1 1.0

BHEL Neutral 247 - 60,480 47,801 43,757 19.0 18.8 25.3 22.8 9.8 10.8 3.0 2.5 34.3 25.3 1.1 1.2

Blue Star Neutral 207 - 1,863 3,047 3,328 5.4 6.9 12.5 16.2 16.6 12.8 4.0 3.3 26.1 28.2 0.6 0.5

Crompton Greaves Accumulate 132 141 8,477 12,691 14,126 7.4 8.9 7.0 9.7 18.9 13.6 2.2 1.9 11.9 15.0 0.7 0.6

Jyoti Structures Buy 49 54 406 2,622 2,744 10.7 10.5 9.6 12.2 5.2 4.1 0.6 0.5 10.8 12.3 0.4 0.3

KEC International Accumulate 72 78 1,863 6,858 7,431 7.1 7.5 8.3 9.8 8.7 7.4 1.5 1.3 25.1 24.0 0.4 0.4

LMW Neutral 2,060 - 2,320 2,369 2,727 11.7 11.7 143.4 166.0 14.4 12.4 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 565 - 6,738 5,514 5,559 8.9 10.2 26.9 30.3 21.1 18.7 3.6 3.2 18.4 18.2 1.1 1.0


Market Outlook

Stock Watch

October 19, 2012

7/31/2019 Market Outlook 19-10-12

12/18

7/31/2019 Market Outlook 19-10-12

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Financials

Corporation Bank Accumulate 410 447 6,070 4,886 5,669 2.1 2.2 101.3 101.8 4.0 4.0 0.7 0.6 17.0 15.1 - -

Dena Bank Neutral 112 - 3,905 3,147 3,495 2.8 2.9 24.8 24.4 4.5 4.6 0.8 0.7 18.7 15.9 - -

Federal Bank Neutral 483 - 8,250 2,593 3,009 3.2 3.2 44.9 52.5 10.7 9.2 1.3 1.2 12.8 13.5 - -

HDFC Neutral 761 - 117,157 7,340 8,805 3.5 3.5 31.5 37.8 24.1 20.1 4.8 4.3 34.8 32.2 - -

HDFC Bank Neutral 635 - 150,039 21,696 26,811 4.4 4.5 28.7 36.0 22.2 17.6 4.2 3.6 20.7 22.0 - -

ICICI Bank Buy 1,065 1,245 122,415 22,304 26,855 2.9 3.0 68.6 82.0 15.5 13.0 1.9 1.7 14.2 15.6 - -

IDBI Bank Neutral 101 - 12,906 7,761 9,484 1.9 2.2 17.1 22.9 5.9 4.4 0.7 0.6 11.9 14.4 - -Indian Bank Reduce 183 181 7,856 6,062 6,818 3.4 3.4 40.5 41.6 4.5 4.4 0.7 0.7 18.1 16.3 - -

IOB Accumulate 82 87 6,527 7,343 8,391 2.5 2.5 16.0 21.3 5.1 3.9 0.6 0.5 11.3 13.6 - -

J & K Bank Accumulate 1,164 1,021 5,641 2,600 2,850 3.6 3.5 192.3 188.0 6.1 6.2 1.2 1.0 21.0 17.7 - -

LIC Housing Finance Accumulate 252 301 12,702 1,867 2,338 2.4 2.4 21.1 28.5 11.9 8.8 2.0 1.7 17.5 20.4 - -

Oriental Bank Neutral 293 - 8,559 6,278 7,125 2.7 2.8 56.7 62.6 5.2 4.7 0.7 0.6 14.1 13.9 - -

Punjab Natl.Bank Accumulate 832 941 28,204 19,934 22,705 3.3 3.3 147.8 166.2 5.6 5.0 1.0 0.8 17.7 17.3 - -

South Ind.Bank Accumulate 24 25 3,152 1,535 1,760 2.9 2.8 3.5 3.9 6.7 6.0 1.1 1.0 19.5 17.1 - -

St Bk of India Accumulate 2,277 2,353 152,773 63,806 73,435 3.5 3.6 225.7 258.4 10.1 8.8 1.7 1.4 17.7 17.8 - -

Syndicate Bank Accumulate 124 117 7,458 6,722 7,719 2.9 3.0 24.3 27.2 5.1 4.6 0.8 0.7 17.0 16.8 - -

UCO Bank Neutral 79 - 5,248 5,411 6,124 2.4 2.5 17.0 16.5 4.7 4.8 0.9 0.8 16.7 14.4 - -

Union Bank Accumulate 209 226 11,531 9,924 11,647 2.8 2.9 38.6 46.3 5.4 4.5 0.9 0.7 15.4 16.3 - -

United Bank Buy 67 78 2,406 3,572 4,041 2.8 2.9 17.2 22.1 3.9 3.0 0.6 0.5 14.2 16.2 - -

Vijaya Bank Neutral 58 - 2,877 2,490 2,881 2.1 2.2 9.2 11.4 6.3 5.1 0.8 0.7 11.5 13.0 - -

Yes Bank Buy 389 452 13,853 3,270 4,253 2.8 3.0 33.9 42.2 11.5 9.2 2.4 2.0 23.1 23.6 - -

FMCG

Asian Paints Neutral 3,924 - 37,638 11,198 13,184 16.3 16.3 121.0 144.8 32.4 27.1 10.9 8.6 37.4 35.3 3.3 2.8Britannia Buy 491 584 5,863 5,835 6,824 5.7 6.0 20.7 25.4 23.7 19.3 9.3 7.2 43.1 41.9 0.9 0.7

Colgate Neutral 1,244 - 16,911 3,018 3,429 20.9 22.2 35.7 42.3 34.8 29.4 32.2 23.9 101.0 93.5 5.3 4.6

Dabur India Neutral 132 - 22,989 6,124 7,030 17.0 16.8 4.5 5.2 29.5 25.5 12.2 9.6 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,009 - 12,653 3,124 3,663 17.1 17.6 104.5 123.8 28.8 24.3 9.0 7.2 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 684 - 23,283 6,097 7,233 18.4 18.6 21.9 26.5 31.3 25.9 6.9 5.7 25.5 25.4 3.9 3.3

HUL Neutral 576 - 124,451 25,350 28,974 13.9 13.9 14.3 16.5 40.4 35.0 24.0 18.5 70.9 59.8 4.4 3.8

ITC Neutral 291 - 228,932 29,513 33,885 35.4 35.8 9.3 10.8 31.4 27.0 10.4 8.7 35.6 35.0 6.9 6.0


Market Outlook

Stock Watch

October 19, 2012

7/31/2019 Market Outlook 19-10-12

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FMCG

Marico Neutral 206 - 13,259 4,840 5,643 13.1 13.1 6.8 8.5 30.3 24.3 8.4 6.4 31.4 29.7 2.7 2.2

Nestle* Neutral 4,726 - 45,562 8,610 10,174 20.9 21.2 114.8 139.8 41.2 33.8 24.9 17.3 71.2 60.3 5.0 4.1

Tata Global Neutral 162 - 10,021 7,207 7,927 9.7 10.0 6.6 7.8 24.5 20.7 2.5 2.4 8.6 9.5 1.1 1.0

IT

HCL Tech^ Accumulate 601 648 41,697 24,214 26,772 19.5 18.1 44.0 48.0 13.7 12.5 3.2 2.7 24.0 22.0 1.6 1.4

Hexaware* Accumulate 112 140 3,323 1,966 2,161 22.5 21.4 11.6 12.2 9.7 9.2 2.5 2.2 26.8 23.9 1.5 1.3

Infosys Neutral 2,376 - 136,426 39,174 41,580 29.5 30.4 159.2 171.6 14.9 13.9 3.6 3.2 24.1 23.1 3.2 2.9Infotech Enterprises Accumulate 195 202 2,173 1,886 2,032 17.9 17.3 18.7 20.2 10.5 9.7 1.6 1.4 14.9 14.0 0.8 0.6

KPIT Cummins Buy 117 142 2,085 2,191 2,364 16.1 16.5 11.3 13.0 10.4 9.0 2.3 1.8 21.8 20.0 1.0 0.8

Mahindra Satyam Neutral 109 - 12,798 7,628 8,062 19.9 18.4 9.7 10.0 11.2 10.9 3.1 2.4 27.7 22.2 1.3 1.1

Mindtree Accumulate 660 747 2,700 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.8 2.1 1.7 24.1 19.7 0.9 0.8

Mphasis& Neutral 397 - 8,343 5,700 5,993 18.0 16.9 37.0 37.3 10.7 10.7 1.5 1.3 14.3 12.6 1.0 0.9

NIIT Accumulate 34 36 567 1,034 1,146 9.9 11.0 5.2 6.4 6.6 5.4 0.8 0.8 12.8 14.3 0.3 0.2

Persistent Neutral 428 - 1,711 1,207 1,278 26.2 24.3 42.4 44.3 10.1 9.7 1.7 1.5 17.1 15.5 1.1 0.9

TCS Accumulate 1,305 1,405 255,456 61,611 67,507 29.3 29.1 69.0 74.0 18.9 17.7 6.1 5.0 32.4 28.6 3.9 3.5

Tech Mahindra Accumulate 940 1,046 11,993 6,603 7,196 18.2 17.1 92.7 99.6 10.1 9.4 2.4 1.9 23.6 20.5 1.9 1.7

Wipro Accumulate 346 421 85,247 43,800 48,332 19.5 19.3 25.6 28.1 13.6 12.3 2.6 2.2 18.9 17.9 1.8 1.5

Media

D B Corp Buy 222 236 4,077 1,604 1,786 22.3 23.8 11.2 13.7 19.9 16.3 3.8 3.3 20.3 21.4 2.2 2.0

HT Media Buy 98 113 2,303 2,111 2,272 15.0 15.2 7.4 8.3 13.3 11.9 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 102 112 3,234 1,488 1,664 22.7 22.8 6.2 7.1 16.4 14.3 4.0 3.6 25.2 26.3 2.1 1.8

PVR Neutral 219 - 569 625 732 17.4 17.1 13.3 15.6 16.5 14.0 1.8 1.6 13.2 13.8 1.2 1.0

Sun TV Network Neutral 363 - 14,288 1,981 2,239 77.0 76.7 18.6 21.3 19.5 17.0 4.9 4.3 27.1 27.5 6.4 5.5Metals & Mining

Bhushan Steel Neutral 500 - 10,619 11,979 14,584 31.6 31.0 49.2 61.4 10.2 8.2 1.3 1.2 14.1 15.2 2.9 2.4

Coal India Accumulate 359 385 226,979 69,808 75,550 27.4 27.4 26.0 28.3 13.8 12.7 4.0 3.2 32.5 28.1 2.3 2.0

Electrosteel Castings Accumulate 23 23 798 1,984 2,074 11.2 12.6 2.5 2.9 9.3 8.0 0.4 0.2 5.1 5.7 0.5 0.5

Hind. Zinc Accumulate 135 144 56,957 12,446 13,538 52.3 52.9 14.3 15.5 9.5 8.7 1.8 1.5 20.5 18.9 2.7 2.1

Hindalco Neutral 118 - 22,573 84,855 92,446 8.7 9.3 13.2 16.2 8.9 7.3 0.7 0.6 7.8 8.9 0.7 0.6

JSW Steel Neutral 736 - 16,431 38,740 41,459 17.3 17.0 79.9 89.4 9.2 8.2 0.9 0.8 10.4 10.6 0.9 0.8

MOIL Accumulate 251 271 4,212 918 993 50.7 50.9 24.5 26.1 10.2 9.6 1.6 1.4 16.0 15.5 2.3 2.0

Monnet Ispat Buy 292 379 1,881 2,511 3,303 23.8 26.0 46.3 57.3 6.3 5.1 0.7 0.6 12.4 13.7 1.7 1.2


Market Outlook

Stock Watch

October 19, 2012

7/31/2019 Market Outlook 19-10-12

15/18



Metals & Mining

Nalco Reduce 50 48 12,848 7,401 7,841 16.7 19.2 3.4 4.1 14.6 12.2 1.1 1.0 7.4 8.4 1.3 1.2

NMDC Accumulate 186 214 73,922 12,934 14,266 79.4 80.1 21.1 23.4 8.9 8.0 2.4 1.9 29.6 26.5 4.1 3.4

SAIL Neutral 82 - 34,015 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.0 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 171 - 14,866 7,704 8,034 33.6 34.6 42.0 43.1 4.1 4.0 0.8 0.7 22.3 19.2 2.2 2.1

Sterlite Inds Neutral 101 - 33,993 41,680 45,382 24.2 23.2 16.3 16.9 6.2 6.0 0.7 0.6 11.3 10.7 0.8 0.7

Tata Steel Buy 412 481 39,980 145,799 150,431 10.3 11.2 48.6 63.3 8.5 6.5 0.9 0.8 10.5 12.4 0.5 0.5

Sarda Accumulate 127 148 455 1,251 1,321 22.7 23.4 33.0 37.1 3.9 3.4 0.5 0.5 15.1 14.8 0.8 0.7Prakash Industries Buy 53 73 719 2,694 2,906 14.6 16.6 16.4 20.8 3.3 2.6 0.3 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 120 161 379 2,341 2,425 15.6 17.3 33.3 43.2 3.6 2.8 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 338 380 64,504 16,605 17,258 75.4 71.7 57.0 54.9 5.9 6.2 1.1 0.9 20.2 16.3 2.8 2.2

GAIL Neutral 368 - 46,737 50,176 55,815 15.5 15.8 35.4 36.5 10.4 10.1 1.8 1.6 18.9 17.0 0.7 0.5

ONGC Accumulate 279 312 238,613 147,139 154,821 33.9 33.7 30.7 32.3 9.1 8.6 1.6 1.4 18.3 17.2 1.4 1.2

Reliance Industries Neutral 811 - 265,550 362,700 380,031 7.9 8.0 61.5 64.3 13.2 12.6 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas* Neutral 297 - 3,811 3,228 3,819 11.5 11.3 19.2 22.1 15.5 13.5 4.1 3.7 28.7 29.0 1.3 1.0

Indraprastha Gas Neutral 257 - 3,595 3,040 3,135 24.3 26.7 24.8 27.9 10.4 9.2 2.4 2.0 25.5 23.6 1.3 1.1

Petronet LNG Accumulate 167 176 12,540 29,145 33,736 6.6 6.6 14.2 16.0 11.8 10.5 2.8 2.3 26.9 24.4 0.4 0.4

Gujarat State PetronetLtd.

Neutral 81 - 4,530 1,041 939 91.8 91.9 8.5 7.4 9.5 10.9 1.6 1.5 18.1 14.0 5.2 5.8

Pharmaceuticals

Alembic Pharma Buy 71 91 1,331 1,624 1,855 14.2 15.6 6.6 9.1 10.7 7.8 2.7 2.1 27.9 29.9 1.0 0.8

Aurobindo Pharma Accumulate 159 156 4,626 5,243 5,767 14.6 14.6 11.8 12.6 13.5 12.6 1.7 1.4 17.9 16.4 1.3 1.1

Aventis* Neutral 2,193 - 5,050 1,482 1,682 15.5 15.5 95.1 104.4 23.1 21.0 4.1 3.2 18.6 17.0 3.5 3.0Cadila Healthcare Accumulate 867 953 17,755 6,148 7,386 18.6 19.6 36.0 46.1 24.1 18.8 5.7 4.6 25.8 26.8 3.1 2.6

Cipla Neutral 363 - 29,158 8,031 9,130 23.4 22.4 18.4 20.0 19.7 18.2 3.3 2.8 17.8 16.6 3.6 3.1

Dr Reddy's Accumulate 1,694 1,859 28,755 10,696 11,662 20.7 21.0 83.7 92.9 20.2 18.2 4.2 3.5 22.4 20.8 2.9 2.6

Dishman Pharma Neutral 101 - 811 1,280 1,536 17.8 17.8 9.2 11.3 10.9 8.9 0.8 0.8 7.7 8.5 1.3 1.1

GSK Pharma* Neutral 1,991 - 16,868 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.2 7.6 6.7 20.1 26.3 5.5 4.8

Indoco Remedies Buy 66 92 612 685 837 15.2 15.2 7.4 8.9 9.0 7.5 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 460 - 5,796 2,850 3,474 20.7 20.7 29.2 36.6 15.7 12.6 3.7 2.9 26.1 26.1 2.3 1.9

Lupin Accumulate 571 647 25,513 8,426 10,082 19.7 20.0 26.3 31.3 21.7 18.2 5.1 4.1 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 111 - 781 1,667 1,835 13.9 13.9 11.4 13.3 9.7 8.3 0.6 0.6 6.6 7.3 0.9 0.8


Market Outlook

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October 19, 2012

7/31/2019 Market Outlook 19-10-12

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Pharmaceuticals

Ranbaxy* Neutral 550 - 23,206 12,046 11,980 18.0 15.8 31.3 29.8 17.6 18.4 6.0 4.8 39.1 28.9 1.9 1.8

Sun Pharma Neutral 700 - 72,348 9,752 12,134 41.6 41.6 26.0 28.2 26.9 24.8 5.0 4.3 20.3 18.8 6.6 5.1

Power

CESC Neutral 331 - 4,130 5,218 5,644 24.2 23.8 44.6 47.6 7.4 7.0 0.8 0.7 11.0 10.6 1.6 1.6

GIPCL Accumulate 69 77 1,044 1,557 1,573 29.3 28.7 10.8 11.0 6.4 6.3 0.7 0.6 10.8 10.2 1.2 1.0

NTPC Neutral 169 - 138,936 74,111 85,789 22.7 23.1 12.1 13.7 13.9 12.3 1.7 1.6 12.6 13.2 2.5 2.3

Real EstateAnant Raj Accumulate 79 78 2,340 657 875 52.0 56.1 8.4 12.7 9.4 6.2 0.6 0.5 6.3 8.9 4.5 3.4

DLF Neutral 205 - 34,863 9,878 12,033 44.7 46.1 9.6 13.4 21.4 15.3 1.4 1.3 6.4 8.7 6.5 5.4

HDIL Buy 106 115 4,420 2,441 3,344 55.1 48.2 22.7 26.6 4.7 4.0 0.4 0.4 8.8 9.4 3.5 2.7

MLIFE Neutral 415 - 1,695 813 901 26.2 26.6 32.0 37.1 13.0 11.2 1.4 1.2 10.4 11.0 2.3 2.0

Telecom

Bharti Airtel Neutral 266 - 100,919 79,147 86,745 31.1 32.5 9.9 15.1 26.8 17.6 1.9 1.7 7.0 9.7 2.0 1.7

Idea Cellular Neutral 81 - 26,818 22,582 24,684 26.4 26.9 3.3 4.7 24.4 17.2 1.9 1.7 7.8 9.9 1.7 1.5

Rcom Neutral 62 - 12,735 20,650 20,935 32.3 33.0 4.2 5.8 14.6 10.7 0.3 0.3 2.3 3.1 2.3 2.1

zOthers

Abbott India Neutral 1,486 - 3,158 1,602 1,833 10.4 11.8 54.7 71.7 27.2 20.7 5.1 4.4 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 231 228 2,299 3,670 4,290 7.6 8.8 15.0 23.0 15.4 10.0 2.8 2.3 18.6 22.4 0.5 0.5

Cera Sanitaryware Buy 376 388 475 396 470 16.7 16.6 31.0 35.0 12.1 10.7 2.7 2.2 24.8 23.0 1.1 1.0

Cravatex Buy 465 682 120 289 340 5.2 5.9 41.0 57.0 11.3 8.2 2.9 2.2 25.2 26.5 0.5 0.4

CRISIL Neutral 938 - 6,579 982 1,136 34.3 34.3 34.3 40.0 27.3 23.5 12.4 9.9 50.9 46.9 6.5 5.4

Finolex Cables Buy 44 61 674 2,334 2,687 6.2 6.5 8.0 10.0 5.5 4.4 0.8 0.7 13.0 14.9 0.2 0.2

Force Motors Buy 426 591 556 2,214 2,765 4.5 5.4 39.0 74.0 10.9 5.8 0.5 0.4 4.4 7.6 0.1 0.1Goodyear India Neutral 319 - 735 1,543 1,654 6.5 7.3 24.8 31.1 12.8 10.2 2.1 1.8 17.1 19.0 0.3 0.2

Disa India Buy 2,994 3,353 452 176 203 22.7 22.6 182.5 209.6 16.4 14.3 8.5 6.7 51.8 47.1 2.2 1.8

Greenply Industries Buy 249 309 601 1,925 2,235 10.6 10.9 29.6 44.1 8.4 5.7 1.4 1.1 16.8 21.0 0.5 0.4

Hitachi Neutral 138 - 316 868 977 3.9 6.6 2.7 10.9 50.2 12.7 1.8 1.6 3.7 13.6 0.4 0.4

Honeywell Automation* Neutral 2,644 - 2,337 1,847 2,162 4.3 7.3 69.0 135.0 38.3 19.6 3.4 3.0 9.3 16.3 1.3 1.1

Styrolution ABS India* Buy 640 744 1,125 1,056 1,081 8.1 10.6 34.0 47.0 18.8 13.6 2.6 2.2 14.7 17.5 1.1 1.0

ITD Cementation Neutral 240 - 277 1,451 1,669 12.3 12.4 32.4 41.5 7.4 5.8 0.7 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 175 - 2,818 1,248 1,468 9.8 10.4 5.9 7.2 29.5 24.4 4.2 3.9 15.0 16.6 2.5 2.0

MCX Accumulate 1,396 1,440 7,118 553 624 65.3 66.3 62.5 72.0 22.4 19.4 6.1 5.3 27.5 27.4 8.9 7.4

MRF Buy 10,197 12,884 4,325 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.9 7.1 1.5 1.3 21.3 19.4 0.5 0.5


Market Outlook

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October 19, 2012

7/31/2019 Market Outlook 19-10-12

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zOthers

Page Industries Neutral 3,426 - 3,821 887 1,108 18.3 18.6 95.0 120.9 36.1 28.3 18.8 15.3 57.4 59.5 4.0 3.2

Relaxo Footwears Accumulate 731 821 878 1,019 1,208 12.3 13.0 51.0 68.4 14.3 10.7 3.8 2.8 30.3 30.2 1.0 0.8

Sintex Industries Buy 73 79 1,989 4,751 5,189 16.3 16.6 13.6 15.8 5.3 4.6 0.7 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 293 392 274 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 18 24 544 7,134 7,985 19.7 19.4 12.2 14.1 1.5 1.3 0.2 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 36 43 1,734 5,720 6,599 5.3 6.8 3.6 5.4 9.9 6.7 14.4 4.6 - - 0.4 0.4

TAJ GVK Buy 76 108 475 300 319 35.8 36.2 7.9 9.1 9.6 8.3 1.3 1.1 13.9 14.4 1.8 1.5Tata Sponge Iron Buy 322 377 495 787 837 16.2 17.5 58.5 66.9 5.5 4.8 0.8 0.7 14.9 15.1 0.3 0.2

TVS Srichakra Accumulate 314 335 240 1,476 1,643 7.0 8.2 32.6 55.9 9.6 5.6 1.5 1.3 16.8 24.8 0.4 0.3

United Spirits Neutral 1,268 - 16,585 10,289 11,421 13.5 14.3 31.0 42.9 40.9 29.5 3.2 2.9 8.1 10.3 2.2 2.0

Vesuvius India Neutral 361 - 732 560 611 16.1 17.0 24.7 28.8 14.6 12.6 2.2 1.9 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 18, 2012


Market Outlook

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October 19, 2012

7/31/2019 Market Outlook 19-10-12

18/18


market outlook 19-10-12

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