market outlook 19-11-12

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Market OutlookNovember 19, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open on a positive note following positive start to

SGX Nifty and major Asian indices after U.S. President Barack Obama expressed

confidence on resolving the fiscal cliff problem.

The US markets ended modestly higher on Friday as it pared early losses following

a constructive meeting in Washington on the fiscal cliff. The market participants

were initially concerned that the President and the Congressional leadership would

not be able to work out a long-term solution to the looming fiscal cliff.

Meanwhile, the domestic markets fell sharply in the last hour of trading, after RBI

Governor D Subbarao stated inflation is still quite high, dampening hopes for an

interest rate cut next month. The fall was led by interest rate sensitive stocks. Going

ahead, investor would be watchful of series of global data that are scheduled to be

released this week. The key data points to watch out today will be US existing homesales housing starts numbers coupled with initial jobless claims data.

Markets Today

The trend deciding level for the day is 18,380 / 5,595 levels. If NIFTY trades above

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

up to 18,493 18,676 / 5,630 5,685 levels. However, if NIFTY trades below

18,380 / 5,595 levels for the first half-an-hour of trade then it may correct up to

18,196 18,083 / 5,539 5,504 levels.

SENSEX 18,083 18,196 18,380 18,493 18,676

NIFTY 5,504 5,539 5,595 5,630 5,685

News Analysis

JLR Cherry JV starts work on China plant Disa India's Promoters offer for stake sale

Refer detailed news analysis on the following page

Net Inflows (November 17, 2012)

FII 3,741 3,557 183 4,073 52,628

MFs 28 11 18 (1,417) (10,563)

FII Derivatives (November 16, 2012)

Index Futures 1,026 1,752 (726) 8,207

Stock Futures 1,609 1,331 278 29,386

Gainers / Losers

Strides Arco 927 4.7 Unitech 27 (5.6)

Apollo Hosp 830 4.6 J&K Bank 1,320 (5.3)

Bharti Airtel 301 3.5 Biocon 292 (4.7)Shree Cement 4,250 3.4 HDIL 102 (4.1)

United Phos 113 2.5 Adani Enter 226 (4.1)

BSE Sensex (0.9) (162.0) 18,309

Nifty (1.0) (57.0) 5,574

MID CAP (0.9) (59.8) 6,658

SMALL CAP (1.1) (81.2) 7,111

BSE HC (0.3) (19.6) 7,686

BSE PSU (0.6) (40.7) 7,091

BANKEX (1.6) (212.6) 13,021

AUTO (1.5) (158.2) 10,400

METAL (0.6) (59.1) 9,860

OIL & GAS (0.8) (65.7) 8,067

BSE IT 0.4 24.3 5,669

Dow Jones 0.4 45.9 12,588NASDAQ 0.6 16.2 2,853

FTSE (1.3) (72.2) 5,606

Nikkei 2.2 194.4 9,024

Hang Seng 0.2 50.1 21,159

Straits Times (0.0) (0.3) 2,946

Shanghai Com (0.8) (15.6) 2,015

INFY 1.6 0.7 $42.6

WIT 0.2 0.0 $8.2IBN (2.0) (0.8) $37.4

HDB 1.0 0.4 $37.7

Advances 1,112 483

Declines 1,738 1,021

Unchanged 113 76

BSE 2,388

NSE 11,882

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JLR Cherry JV starts work on China plant

As per media reports, Jaguar Land Rover (JLR) and Chery Automobile Company

(Chery) has laid the foundation stone for their first manufacturing facility in

Changshu, China. The joint venture (JV) had recently received regulatory approval

to manufacture Jaguar and Land Rover branded vehicles in China. The JV whichentails an investment of US$1.8bn (10.9bn Yuan) will set up a new plant with an

annual capacity of 130,000 vehicles. The scope of the JV includes manufacturing

JLR and JV branded vehicles, manufacturing engines and establishing a research

and development facility. We see this as a positive development for JLR as local

production (will lead to zero import duty as against 25% currently) along with

localization of components and lower labor cost will result in lower cost of

production and therefore higher profitability. We believe that localization will pave

way for faster growth for JLR in China which accounted for ~23% of companys

volumes in 2QFY2013. JLR is also in the process of increasing its dealer network in

China, which is likely to increase to 150 by end of FY2013. We expect JLR to

sustain its volume momentum (expect a ~14% volume growth in FY2013) driven

by the success of Evoque and new XF 2.2 coupled with the launch of new Range

Rover andJaguar XE in FY2013.

Disa India's Promoters offer for stake sale

DISA Holding A/S has submitted to BSE a Notice of Offer for sale of an aggregate

of upto 173,483 equity shares of face value of Rs. 10/- each of Disa India Ltd.

aggregating to 11.487% of the total paid up share capital of the Company as on

November 15, 2012. The Sale shall take place at the separate window of the BSELtd and shall commence on November 20, 2012. Since, expectation of a delisting

offer was the key reason for our recommendation, whose likelihood would cease

post the stake sale offer;

Economic and Political News

2G spectrum auction flop, positive for telcos Oil companies resume issuance of new subsidised LPG connections Sebi to auction over `10,000cr debt investment for FIIs

Corporate News

IL&FS Transportation refinances term loan worth `530cr in APEL SREI Infra to raise US$500mn from infrastructure debt fund BHEL lowest bidder for Odisha thermal power project Dr Reddy's signs pact with OctoPlus for public offer Biocon finally gets Bristol-Myers to partner on oral insulin Nalco's bauxite mining comes to a halt GMR Energy seeks rescheduling of `2,600cr loan RIL pitches for market-driven price for natural gas Uttam Galva acquires Lloyds Steel, to invest `380cr more NMDC aims 48mn tonne per annum iron ore production capacity by FY15Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Nov 19 201212:00AM

12:00AM US Existing home sales Millions Oct 4.75 4.74

Nov 20 201212:00AM

12:00AM US Housing Starts Thousands Oct 872.00 840.00

Nov 21 201212:00AM

12:00AM US Initial Jobless claims Thousands Nov 17 439.00 395.00

Nov 22 201212:00AM

12:00AM Germany PMI Services Value Nov A 48.40 48.30

Nov 23 201212:00AM

12:00AM Germany GDP nsa (YoY) % Change 3Q F 0.40 0.40

Nov 27 201212:00AM

12:00AM UK GDP (YoY) % Change 3Q P -- --

Nov 28 201212:00AM

12:00AM US New home sales Thousands Oct 389.00 --

Nov 29 201212:00AM

12:00AM Germany Unemployment change (000's) Thousands Nov 20.00 --

Nov 30 201212:00AM

12:00AM India Qtrly GDP YoY% % Change 3Q 5.50 --

Dec 1 2012 12:00AM 12:00AM China PMI Manufacturing Value Nov 50.20 --Dec 3 2012 12:00AM 12:00AM UK PMI Manufacturing Value Nov 47.50 --

Dec 6 2012 12:00AM 12:00AM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) --

Dec 6 2012 12:00AM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

Dec 7 2012 12:00AM 12:00AM UK Industrial Production (YoY) % Change Oct (2.60) --

Dec 9 2012 12:00AM 12:00AM China Consumer Price Index (YoY) % Change Nov 1.70 --

Dec 10 2012 12:00AM12:00AM China Exports YoY% % Change Nov 11.60 --

Dec 12 2012 12:00AM12:00AM India Industrial Production YoY % Change Oct (0.40) --

Dec 13 2012 12:00AM12:00AM US Producer Price Index (mom) % Change Nov (0.20) --

Dec 14 2012 12:00AM12:00AM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

Dec 14 2012 12:00AM US Consumer price index (mom) % Change Nov 0.10 --

Dec 14 2012 12:00AM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

Dec 18 2012 12:00AM12:00AM India RBI Repo rate % Dec 18 8.00 --

Source: Bloomberg, Angel Research

November 19, 2012

Market Outlook

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Market StrategyNo vember 19, 2012


Macro watch

Exhibit 1 :Q uarterly GD 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. 010.0

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: C SO , Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Angel 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-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

(%)

Source: M O SPI, Angel Research

Exhibit 4 :M an ufacturing and 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: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5 :Exports and imports growth trends

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

O

ct-11

Nov

-11

Dec

-1

1

Jan

-1

2

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-1

2

Jun

-1

2

Ju

l-1

2

Aug

-1

2

Sep

-1

2

Exp orts yo y g ro wth Im p orts yo y g rowth(%)

Source: Bloomb erg, Ang el Research

Exhibit 6 :Key policy rates

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

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

O

ct-12

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel 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 158 - 3,070 1,466 1,686 14.8 14.8 7.0 8.1 22.6 19.5 4.8 4.1 22.6 22.5 2.2 1.9

United Phosphorus Buy 113 170 5,209 8,421 9,263 16.5 16.5 15.0 17.0 7.5 6.6 1.1 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 253 - 4,314 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.7 4.0 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Buy 80 104 4,045 13,713 15,341 11.2 11.2 12.5 14.8 6.4 5.4 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 27 31 7,290 14,490 16,606 9.5 9.6 2.2 2.9 12.3 9.6 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Buy 361 430 546 993 1,140 11.6 11.5 36.9 43.0 9.8 8.4 1.9 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,814 - 52,480 21,121 23,642 18.4 18.5 108.7 122.6 16.7 14.8 6.9 5.6 46.2 41.6 2.1 1.8

Bharat Forge Buy 259 324 6,018 6,754 7,565 15.5 15.7 18.8 23.2 13.8 11.2 2.4 2.0 18.5 19.7 1.1 0.9

Bosch India* Neutral 8,794 - 27,612 8,776 10,276 16.6 18.0 331.9 417.7 26.5 21.1 5.0 4.1 18.7 19.5 2.8 2.3

CEAT Buy 101 163 346 4,989 5,634 8.2 8.5 27.1 40.8 3.7 2.5 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 139 155 11,807 6,229 7 ,200 14.8 15.8 7.2 9.0 19.4 15.5 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,683 - 2,797 1,489 1,750 16.5 17.5 103.3 126.9 16.3 13.3 3.2 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,818 1,956 36,294 24,743 27,996 14.8 15.2 118.2 130.4 15.4 13.9 6.6 5.2 48.3 41.9 1.2 1.0

JK Tyre Buy 114 165 467 7,517 8,329 6.6 6.6 37.2 41.3 3.1 2.8 0.5 0.5 18.8 17.8 0.3 0.3

Mahindra and MahindraAccumulate 894 986 54,918 40,035 46,272 11.5 11.6 54.7 62.8 16.4 14.2 3.7 3.1 24.3 23.4 1.1 1.0

Maruti Neutral 1,439 - 41,571 42,019 50,246 7.3 8.6 66.1 94.4 21.8 15.2 2.5 2.2 11.9 15.1 0.8 0.7

Motherson Sumi Neutral 163 - 9,597 24,285 27,317 6.7 7.2 8.1 10.6 20.3 15.4 4.3 3.5 22.9 24.7 0.6 0.5

Subros Buy 30 35 180 1,286 1,479 9.4 9.7 2.6 5.1 11.6 5.9 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 265 319 70,639 192,330 219,770 12.8 13.1 37.0 44.5 7.2 6.0 2.0 1.5 31.2 28.9 0.4 0.4

TVS Motor Buy 38 45 1,805 7,466 8,290 6.2 6.3 4.8 5.6 7.9 6.8 1.4 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 719 573 15,239 7,796 9,907 4.8 7.8 9.2 22.0 78.2 32.7 5.7 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 266 - 1,918 3,605 4,542 11.8 10.7 25.1 27.9 10.6 9.5 1.6 1.4 31.1 27.1 1.0 0.9

BHEL Neutral 230 - 56,283 47,801 43,757 18.5 18.0 24.6 21.8 9.4 10.6 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 190 242 1,710 2,763 2,948 3.1 5.6 2.6 8.6 72.3 22.2 4.2 3.7 5.9 17.6 0.7 0.6

Crompton Greaves Buy 110 145 7,079 12,370 14,277 5.2 7.3 4.0 7.8 27.6 14.2 1.9 1.7 6.9 12.6 0.6 0.5

Jyoti Structures Buy 45 53 370 2,794 3,048 10.6 10.6 9.2 11.7 4.9 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Buy 62 73 1,589 6,858 7,431 7.1 7.5 8.3 9.8 7.5 6.3 1.3 1.1 25.1 24.0 0.4 0.3

LMW Reduce 2,100 1,992 2,366 2,369 2,727 11.7 11.7 143.4 166.0 14.7 12.7 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 572 - 6,814 5,514 5,813 9.3 10.2 28.1 31.2 20.4 18.3 3.7 3.2 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 19, 2012

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Cement

ACC Neutral 1,381 - 25,929 11,085 12,415 21.6 21.4 79.4 83.1 17.4 16.6 3.4 3.0 20.1 19.2 2.0 1.7

Ambuja Cements Neutral 203 - 31,270 10,272 11,884 26.4 26.1 11.5 12.9 17.7 15.7 3.9 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 86 - 2,642 4,293 4,666 17.7 18.1 8.6 10.8 10.0 8.0 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 139 - 1,705 2,082 2,423 22.9 23.1 20.8 22.5 6.7 6.2 1.2 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 215 - 5,118 3,814 4,045 29.3 27.5 18.7 19.2 11.5 11.2 2.1 1.8 19.9 17.4 2.0 1.7

Shree Cements^ Neutral 4,192 - 14,602 5,701 6,210 29.7 28.1 240.7 260.7 17.4 16.1 4.2 3.5 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 1,918 - 52,570 21,368 24,043 22.5 23.5 103.5 121.4 18.5 15.8 3.5 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 203 304 1,066 2,034 2,315 22.4 22.4 27.1 31.7 7.5 6.4 0.9 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 13 - 233 2,262 2,522 6.7 7.5 1.5 2.7 8.5 4.7 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 17 - 1,059 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.7) (18.1) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Buy 124 164 4,106 3,843 4,212 43.1 43.6 16.8 17.8 7.3 6.9 1.3 1.1 18.3 17.0 3.2 3.5

ITNL Buy 187 225 3,628 6,564 7,054 27.2 27.4 26.3 29.0 7.1 6.4 1.1 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 40 - 1,238 4,249 6,897 7.8 8.2 0.3 3.3 130.9 12.2 0.6 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 91 - 19,594 15,259 17,502 25.7 24.7 4.0 4.8 22.7 19.1 1.8 1.6 8.5 9.3 2.6 2.3

Larsen & Toubro Accumulate 1,578 1,748 97,038 60,556 69,167 11.2 11.6 73.8 85.5 21.4 18.5 3.4 3.0 13.5 14.1 1.8 1.6

Madhucon Proj Buy 34 56 250 2,206 2,502 10.7 10.7 4.6 4.7 7.3 7.2 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 43 - 1,111 5,947 6,569 8.5 8.6 3.1 4.1 14.0 10.5 0.5 0.4 3.3 4.2 0.6 0.6

Patel Engg. Neutral 76 - 533 3,609 3,836 13.1 13.1 14.0 14.6 5.5 5.3 0.3 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 51 - 1,697 11,892 13,116 9.0 9.0 1.8 3.2 28.2 15.9 0.6 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 137 182 2,074 2,506 3,147 10.3 10.7 7.5 10.4 18.3 13.2 2.3 2.0 13.5 16.0 1.0 0.8

Simplex Infra Buy 192 251 948 6,882 8,032 9.1 9.1 23.2 31.3 8.3 6.1 0.7 0.7 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 137 152 6,865 6,392 7,238 2.7 2.8 30.3 33.3 4.5 4.1 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 104 - 5,800 4,731 5,431 2.9 3.0 21.5 21.8 4.8 4.8 0.8 0.7 15.2 13.8 - -

Axis Bank Buy 1,226 1,476 52,334 15,686 18,687 3.1 3.2 116.8 138.0 10.5 8.9 1.9 1.7 20.0 20.2 - -

Bank of Baroda Accumulate 736 817 28,828 15,436 18,208 2.5 2.6 111.8 137.4 6.6 5.4 1.0 0.9 15.8 17.0 - -

Bank of India Accumulate 274 294 15,716 12,491 14,883 2.2 2.4 43.8 63.7 6.3 4.3 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 54 - 3,207 3,563 3,876 3.1 3.1 9.7 12.0 5.6 4.5 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 428 - 18,956 10,699 12,213 2.1 2.2 67.3 80.1 6.4 5.3 0.9 0.8 13.7 14.6 - -

Central Bank Neutral 75 - 5,499 7,171 8,236 2.5 2.6 16.4 21.5 4.6 3.5 0.8 0.6 12.7 14.9 - -


Market Outlook

Stock Watch

November 19, 2012

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Financials

Corporation Bank Accumulate 396 445 5,862 4,780 5,569 2.0 2.1 101.8 99.2 3.9 4.0 0.7 0.6 17.0 14.7 - -

Dena Bank Accumulate 108 123 3,791 3,087 3,453 2.7 2.8 25.9 24.1 4.2 4.5 0.8 0.7 19.4 15.6 - -

Federal Bank Accumulate 459 491 7,843 2,617 2,968 3.3 3.2 45.9 51.7 10.0 8.9 1.2 1.1 13.1 13.3 - -

HDFC Neutral 775 - 119,350 7,336 8,802 3.5 3.5 31.5 37.8 24.6 20.5 4.9 4.4 34.8 32.1 - -

HDFC Bank Neutral 642 - 151,849 21,696 26,811 4.4 4.5 28.7 36.0 22.4 17.8 4.3 3.6 20.7 22.0 - -

ICICI Bank Buy 1,027 1,270 118,006 22,271 26,690 3.0 3.0 69.2 83.1 14.8 12.4 1.8 1.7 14.2 15.7 - -

IDBI Bank Neutral 103 - 13,193 7,684 9,264 1.8 2.1 15.6 22.0 6.6 4.7 0.7 0.7 10.9 13.9 - -Indian Bank Accumulate 174 195 7,459 5,874 6,551 3.2 3.2 40.6 41.8 4.3 4.2 0.7 0.6 18.1 16.4 - -

IOB Neutral 75 - 5,997 7,050 8,313 2.3 2.5 12.3 19.9 6.1 3.8 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,320 - 6,400 2,762 2,885 3.6 3.6 226.7 193.0 5.8 6.8 1.3 1.1 24.4 17.7 - -

LIC Housing Finance Buy 250 298 12,591 1,799 2,255 2.3 2.4 20.3 27.3 12.3 9.1 2.0 1.7 16.9 19.7 - -

Oriental Bank Accumulate 317 347 9,255 6,277 7,090 2.6 2.7 60.5 65.1 5.2 4.9 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 743 843 25,211 19,652 22,601 3.2 3.3 135.0 164.3 5.5 4.5 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,085 1,556 1,750 2.8 2.7 3.5 3.9 6.7 6.0 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,108 2,437 141,423 61,883 71,546 3.4 3.4 227.2 257.5 9.3 8.2 1.6 1.4 17.8 17.7 - -

Syndicate Bank Accumulate 119 131 7,184 6,756 7,783 3.0 3.0 26.3 27.1 4.5 4.4 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 72 - 4,763 5,411 6,124 2.4 2.5 17.0 16.5 4.2 4.3 0.8 0.7 16.7 14.4 - -

Union Bank Accumulate 222 250 12,244 9,912 11,536 2.8 2.9 40.4 46.7 5.5 4.8 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 67 74 2,410 3,500 3,912 2.6 2.8 15.8 21.2 4.2 3.2 0.6 0.5 13.1 15.7 - -

Vijaya Bank Neutral 54 - 2,693 2,490 2,881 2.1 2.2 9.2 11.4 5.9 4.8 0.7 0.7 11.5 13.0 - -

Yes Bank Buy 416 492 14,821 3,270 4,240 2.8 3.0 34.5 42.2 12.1 9.9 2.6 2.1 23.5 23.5 - -

FMCG

Asian Paints Neutral 3,950 - 37,892 11,198 13,184 16.2 16.2 123.7 146.4 32.0 27.0 10.9 8.5 38.1 35.4 3.3 2.8

Britannia Buy 477 584 5,700 5,835 6,824 5.7 6.0 20.7 25.4 23.0 18.8 9.1 7.0 43.1 41.9 0.9 0.7

Colgate Neutral 1,330 - 18,086 3,146 3,573 20.6 21.4 36.4 42.5 36.6 31.3 33.8 28.3 102.0 98.5 5.6 4.9

Dabur India Neutral 126 - 21,987 6,124 7,101 17.0 16.8 4.5 5.2 28.2 24.1 11.6 9.2 43.2 41.5 3.6 3.1

GlaxoSmith Con* Neutral 3,035 - 12,765 3,124 3,663 17.1 17.6 104.5 123.8 29.1 24.5 9.0 7.3 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 678 - 23,067 6,355 7,548 18.4 18.6 22.8 27.6 29.7 24.6 6.8 5.6 26.4 26.1 3.8 3.2

HUL Neutral 521 - 112,712 25,350 28,974 13.3 13.5 14.7 17.1 35.4 30.6 28.0 19.8 84.5 75.8 4.3 3.7

ITC Neutral 275 - 215,882 29,409 34,060 35.7 36.1 9.3 10.9 29.5 25.1 9.8 8.1 35.8 35.3 7.0 6.0


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FMCG

Marico Neutral 218 - 14,045 4,840 5,643 13.1 13.1 6.2 7.8 35.3 28.0 6.7 5.5 25.4 22.6 3.0 2.5

Nestle* Neutral 4,709 - 45,405 8,610 10,174 20.9 21.2 114.8 139.8 41.0 33.7 24.8 17.2 71.2 60.3 5.3 4.4

Tata Global Neutral 173 - 10,723 7,207 7,927 9.7 10.0 6.6 7.8 26.2 22.2 2.7 2.6 8.6 9.5 1.4 1.3

IT

HCL Tech^ Accumulate 608 648 42,241 24,214 26,772 19.5 18.1 44.0 48.0 13.8 12.7 3.3 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 105 135 3,115 1,944 2,159 21.8 21.1 11.4 12.2 9.2 8.6 2.4 2.0 26.4 24.1 1.3 1.1

Infosys Accumulate 2,342 2,573 134,477 39,174 41,580 29.5 30.4 159.2 171.6 14.7 13.7 3.6 3.2 24.1 23.1 2.9 2.6Infotech Enterprises Neutral 199 - 2,218 1,886 2,032 17.9 17.3 18.7 20.2 10.7 9.9 1.6 1.4 14.9 14.0 0.8 0.7

KPIT Cummins Accumulate 123 132 2,198 2,195 2,317 15.5 15.0 10.7 12.1 11.5 10.2 2.4 2.0 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 104 115 12,258 7,597 8,141 20.0 18.8 9.7 10.4 10.8 10.0 3.0 2.3 27.5 22.9 1.2 1.1

Mindtree Accumulate 671 747 2,751 2,324 2,437 20.0 17.7 73.3 74.7 9.2 9.0 2.2 1.8 24.1 19.7 0.9 0.8

Mphasis& Neutral 395 - 8,309 5,700 5,993 18.0 16.9 37.0 37.3 10.7 10.6 1.5 1.3 14.3 12.6 1.0 0.8

NIIT Accumulate 33 36 549 1,048 1,161 9.3 10.9 4.2 6.2 7.9 5.4 0.8 0.8 10.5 14.1 0.3 0.3

Persistent Neutral 476 - 1,902 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.8 1.9 1.6 19.0 17.9 1.2 1.0

TCS Accumulate 1,286 1,410 251,689 61,053 67,313 28.7 29.1 69.7 76.2 18.5 16.9 6.0 4.9 32.6 29.1 3.9 3.5

Tech Mahindra Buy 910 1,070 11,623 6,603 7,150 19.8 18.4 92.9 102.0 9.8 8.9 2.3 1.9 23.7 21.0 1.8 1.6

Wipro Buy 360 421 88,518 43,219 47,241 20.0 20.0 26.1 28.1 13.8 12.8 2.7 2.3 19.3 17.9 1.7 1.5

Media

D B Corp Buy 208 259 3,808 1,581 1,784 23.3 25.0 11.6 14.4 17.9 14.4 3.5 3.0 21.0 22.3 2.3 2.0

HT Media Buy 97 113 2,280 2,111 2,272 15.0 15.2 7.4 8.3 13.2 11.8 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 101 117 3,180 1,503 1,681 23.1 23.1 6.4 7.3 15.7 13.8 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 238 - 686 625 732 17.4 17.1 13.3 15.6 17.9 15.2 1.9 1.7 13.2 13.8 1.5 1.3

Sun TV Network Neutral 357 - 14,081 1,942 2,237 77.2 75.5 17.6 19.1 20.3 18.7 5.1 4.5 25.8 25.2 6.8 5.8Metals & Mining

Bhushan Steel Neutral 490 - 10,402 11,979 14,584 31.6 31.0 49.2 61.4 10.0 8.0 1.3 1.1 14.1 15.2 2.8 2.4

Coal India Neutral 351 - 221,673 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 26 29 882 1,984 2,074 10.6 11.6 0.8 2.0 30.5 12.6 0.5 0.2 1.7 4.1 0.6 0.6

Hind. Zinc Accumulate 135 145 57,232 12,446 13,538 52.3 52.9 15.0 16.4 9.1 8.3 1.8 1.5 21.4 19.7 2.7 2.1

Hindalco Neutral 109 - 20,850 79,148 89,258 9.4 9.0 15.0 15.6 7.3 7.0 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 730 - 16,296 39,586 41,459 17.6 17.0 78.7 90.1 9.3 8.1 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 243 261 4,076 941 1,019 47.3 48.3 25.8 28.1 9.4 8.6 1.5 1.3 16.7 16.2 2.0 1.6

Monnet Ispat Buy 289 379 1,860 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


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Metals & Mining

Nalco Neutral 45 - 11,585 6,898 7,841 9.9 14.7 2.0 3.2 22.7 14.1 1.0 0.9 4.3 6.8 1.2 1.1

NMDC Buy 170 198 67,460 11,209 12,525 78.4 78.3 18.5 20.6 9.2 8.3 2.3 1.9 27.0 24.6 4.1 3.4

SAIL Neutral 79 - 32,755 47,252 60,351 14.2 14.8 9.6 11.7 8.3 6.8 0.8 0.7 9.4 10.6 1.1 0.9

Sesa Goa Accumulate 168 183 14,570 4,551 6,640 32.8 34.4 33.7 39.3 5.0 4.3 0.9 0.7 18.3 18.3 3.8 2.6

Sterlite Inds Accumulate 97 110 32,699 43,185 45,442 23.3 23.7 16.8 17.9 5.8 5.4 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 370 463 35,940 145,725 154,108 8.3 9.5 22.0 44.5 16.8 8.3 0.8 0.7 4.9 9.3 0.5 0.5

Sarda Accumulate 142 153 509 1,442 1,494 17.6 17.3 27.2 28.7 5.2 4.9 0.6 0.5 11.5 11.0 0.7 0.7Prakash Industries Buy 48 73 639 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 121 143 385 2,342 2,470 13.7 15.3 27.7 33.8 4.4 3.6 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 331 382 63,251 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 1.0 22.0 17.5 2.8 2.3

GAIL Neutral 346 - 43,934 46,652 54,142 15.7 15.7 34.0 35.3 10.2 9.8 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 255 312 218,550 147,139 154,821 33.9 33.7 30.7 32.3 8.3 7.9 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 775 - 253,925 362,700 380,031 7.9 8.0 60.0 63.3 12.9 12.3 1.2 1.1 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 299 - 3,835 3,128 3,707 13.2 11.7 22.8 23.5 13.1 12.7 3.9 3.5 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 262 - 3,668 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.2 1.1

Petronet LNG Buy 159 183 11,903 30,077 33,570 6.6 6.3 15.1 15.3 10.5 10.4 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 72 - 4,071 1,079 1,034 91.8 91.9 8.8 8.4 8.3 8.6 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 66 91 1,242 1,624 1,855 14.2 15.6 6.6 9.1 10.0 7.2 2.5 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 177 - 5,156 5,243 5,767 14.6 14.6 11.8 12.6 15.0 14.1 1.9 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,140 - 4,928 1,482 1,682 15.5 15.5 95.1 104.4 22.5 20.5 4.0 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Accumulate 820 926 16,788 6,148 7,386 18.6 19.6 32.7 44.8 25.1 18.3 5.5 4.4 23.7 26.6 3.1 2.5

Cipla Accumulate 380 419 30,519 8,151 9,130 25.0 24.0 19.5 20.9 19.5 18.2 3.4 2.9 18.8 17.2 3.5 3.0

Dr Reddy's Accumulate 1,757 1,859 29,833 10,696 11,662 20.7 21.0 83.7 92.9 21.0 18.9 4.3 3.6 22.4 20.8 3.1 2.7

Dishman Pharma Buy 113 145 908 1,280 1,536 20.2 20.2 10.4 14.5 10.8 7.8 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 1,989 - 16,844 2,651 2,993 31.7 31.2 76.0 82.4 26.2 24.1 7.6 6.7 20.1 26.3 5.6 4.8

Indoco Remedies Buy 68 89 629 685 837 15.2 15.2 7.4 8.9 9.2 7.7 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Accumulate 427 485 5,385 2,850 3,474 21.0 21.0 29.9 37.3 14.3 11.5 3.4 2.7 26.7 26.4 2.1 1.7

Lupin Accumulate 575 652 25,731 8,426 10,082 19.7 20.0 26.3 31.3 21.9 18.4 5.1 4.1 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 99 - 701 1,667 1,835 13.9 13.9 11.4 13.3 8.7 7.5 0.6 0.5 6.6 7.3 0.9 0.8


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Pharmaceuticals

Ranbaxy* Neutral 521 - 22,026 12,046 11,980 18.0 15.8 31.3 29.8 16.7 17.5 5.7 4.6 39.1 28.9 1.9 1.8

Sun Pharma Neutral 679 - 70,218 9,752 12,134 41.6 41.6 26.0 28.2 26.1 24.1 4.9 4.2 20.3 18.8 6.5 5.0

Power

CESC Neutral 280 - 3,494 5,218 5,644 24.2 23.8 44.6 47.6 6.3 5.9 0.7 0.6 11.0 10.6 1.4 1.5

GIPCL Accumulate 68 78 1,033 1,523 1,568 30.3 30.3 5.4 11.5 12.7 5.9 0.7 0.6 5.6 11.3 1.1 1.0

NTPC Neutral 166 - 137,040 74,111 85,789 22.7 23.1 12.1 13.7 13.8 12.1 1.7 1.5 12.6 13.2 2.5 2.3

Real EstateAnant Raj Sell 93 78 2,736 657 875 52.0 56.1 8.4 12.7 11.0 7.3 0.7 0.6 6.3 8.9 5.4 4.1

DLF Neutral 204 - 34,617 9,878 12,033 44.7 46.1 9.6 13.4 21.3 15.2 1.4 1.3 6.4 8.7 6.0 4.9

HDIL Accumulate 102 115 4,272 2,441 3,344 55.1 48.2 22.7 26.6 4.5 3.8 0.4 0.3 8.8 9.4 3.6 2.7

MLIFE Neutral 406 - 1,656 813 901 26.2 26.6 32.0 37.1 12.7 11.0 1.3 1.2 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 301 - 114,344 81,984 90,718 32.1 33.8 10.9 16.9 27.6 17.8 2.1 1.9 7.6 10.6 2.1 1.7

Idea Cellular Neutral 95 - 31,504 22,234 24,161 26.9 27.7 3.3 4.9 28.8 19.3 2.2 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 61 - 12,673 21,090 22,308 31.8 29.9 3.0 3.8 20.2 16.2 0.3 0.3 1.7 2.1 2.3 2.0

zOthers

Abbott India Accumulate 1,444 1,590 3,068 1,629 1,886 11.8 13.3 60.8 79.5 23.8 18.2 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 202 217 2,010 3,497 3,968 6.6 7.6 9.8 15.5 20.6 13.0 2.6 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 406 - 514 427 528 15.7 14.6 30.0 34.0 13.5 12.0 3.0 2.4 24.6 22.5 1.3 1.1

Cravatex Buy 421 545 109 272 308 7.2 7.3 37.5 45.4 11.2 9.3 2.7 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 926 - 6,502 982 1,136 34.3 34.3 34.3 40.0 27.0 23.2 12.2 9.8 50.9 46.9 6.2 5.2

Finolex Cables Buy 50 61 759 2,304 2,552 9.9 9.1 8.2 10.1 6.1 4.9 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Accumulate 491 537 639 2,318 2,700 5.0 5.7 45.0 67.0 10.9 7.3 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Buy 312 360 719 1,494 1,607 6.4 7.8 23.9 33.0 13.0 9.4 2.1 1.8 16.5 20.1 0.3 0.2

Disa India Buy 2,721 3,275 411 138 174 17.2 21.5 103.7 163.8 26.2 16.6 10.0 8.5 37.9 51.0 2.7 2.1

Greenply Industries Neutral 295 - 711 1,925 2,235 10.6 10.9 29.6 44.1 10.0 6.7 1.6 1.3 16.8 21.0 0.7 0.5

Hitachi Buy 126 146 290 873 989 4.4 6.5 6.4 12.2 19.9 10.4 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Neutral 2,858 - 2,527 1,745 1,993 4.0 5.3 59.5 90.4 48.0 31.6 3.6 3.1 8.1 11.3 1.3 1.2

Styrolution ABS India* Accumulate 649 744 1,142 1,059 1,116 8.5 9.5 36.0 42.0 18.0 15.5 2.6 2.3 15.4 16.0 1.1 1.0

ITD Cementation Neutral 251 - 289 1,323 1,455 12.4 12.4 23.2 27.7 10.8 9.1 0.7 0.7 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 175 - 2,826 1,228 1,443 9.0 10.9 3.9 6.4 45.1 27.5 4.5 4.1 10.1 15.6 2.8 2.3

MCX Reduce 1,525 1,440 7,778 553 624 65.3 66.3 62.5 72.0 24.4 21.2 6.7 5.8 27.5 27.4 11.1 9.3

MRF Buy 10,066 12,884 4,269 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.0 1.5 1.3 21.3 19.4 0.5 0.4


Market Outlook

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November 19, 2012

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zOthers

Page Industries Accumulate 3,359 3,602 3,747 836 1,023 20.2 20.6 105.6 133.4 31.8 25.2 16.2 11.4 59.3 53.2 4.5 3.7

Relaxo Footwears Accumulate 825 933 990 1,019 1,208 11.0 12.5 47.0 66.7 17.6 12.4 4.4 3.2 28.2 30.1 1.1 0.9

Sintex Industries Buy 64 79 1,746 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 306 366 287 1,043 1,149 12.3 12.9 65.7 73.3 4.7 4.2 0.9 0.8 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 14 - 412 7,134 7,985 19.7 19.4 12.2 14.1 1.1 1.0 0.1 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 35 43 1,707 5,720 6,599 5.3 6.8 3.6 5.4 9.8 6.6 14.2 4.5 - - 0.4 0.4

TAJ GVK Buy 73 108 456 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6Tata Sponge Iron Buy 314 384 483 750 803 18.6 18.4 65.4 69.1 4.8 4.5 0.7 0.7 16.5 15.3 0.3 0.2

TVS Srichakra Buy 285 335 218 1,476 1,643 7.0 8.2 32.6 55.9 8.8 5.1 1.4 1.2 16.8 24.8 0.4 0.3

United Spirits Neutral 1,792 - 23,432 10,289 11,421 12.8 12.8 26.0 45.3 68.9 39.6 3.1 2.9 5.8 7.6 2.6 2.4

Vesuvius India Neutral 346 - 702 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 1.8 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 November 16, 2012


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