market outlook 20th dec

7/30/2019 Market Outlook 20th Dec

1/13

Market OutlookDecember 20, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat to negative, mirroring negative opening

trades in most of the Asian markets as doubt over the progress of U.S. budget talksset in.

The U.S. markets ended lower yesterday as negotiations to avoid deep spending

cuts and tax hikes seemed to hit an especially rocky spot. Continued uncertainty

about the looming fiscal cliff with remarks by President Barack Obama and House

Speaker John Boehner suggested that an agreement might not be as close as it

appeared earlier this week. On the economic front, the Commerce Department

released a report showing that U.S. housing starts came in below economist

estimates in November as it fell by 3.0% to an annual rate of 861,000 from the

revised October estimate of 888,000.

Indian markets rose notably higher yesterday as the government managed to pushthrough the banking law amendment bill in Lok Sabha. Firm Asian and European

cues amid optimism that American politicians will reach an agreement to avert the

looming fiscal cliff further boosted the sentiment.

Markets Today

The trend deciding level for the day is 19,471 / 5,927 levels. If NIFTY trades above

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

up to 19,521 19,567 / 5,942 5,955 levels. However, if NIFTY trades below

19,471 / 5,927 levels for the first half-an-hour of trade then it may correct up to

19,425 19,374 / 5,914 5,898 levels.

SENSEX 19,374 19,425 19,471 19,521 19,567NIFTY 5,898 5,914 5,927 5,942 5,955

News Analysis

L&T bagged orders worth `1,009cr

Maruti Suzuki likely to foray into SCV space

Lupin to launch Generic Yasmin Tablets; receives USFDA approval

Bank of Maharashtra to decide on fund raising options

BGR wins order worth `1,548crRefer detailed news analysis on the following page

Net Inflows (December 18, 2012)

FII 3,747 2,378 1,369 14,573 119,594

MFs 463 743 (280) (2,153) (19,695)

FII Derivatives (December 19, 2012)

Index Futures 725 891 (166) 12,915

Stock Futures 3,154 3,106 48 35,922

Gainers / Losers

Adani Power 68 6.5 Gitanjali Gems 476 (2.9)

Federal Bank 527 5.9 NHPC 24 (2.0)

Oberoi Realty 299 5.7 Oriental Bank 346 (2.0)

Strides Arco 1,135 5.6 Videocon Industries 221 (2.0)

Piramal Enterprises 569 5.3 Union Bank 270 (1.8)

BSE Sensex 0.6 111.3 19,476

Nifty 0.6 32.8 5,930

MID CAP 0.6 39.2 7,117

SMALL CAP 0.4 32.3 7,464

BSE HC 1.6 127.4 8,199

BSE PSU 0.8 61.4 7,289

BANKEX 0.4 52.6 14,375

AUTO 1.8 208.2 11,495

METAL 1.5 162.7 11,109

OIL & GAS 1.3 109.3 8,493

BSE IT 1.3 74.0 5,623

Dow Jones (0.7) (99.0) 13,252NASDAQ (0.3) (10.2) 3,044

FTSE 0.4 25.7 5,962

Nikkei 2.4 237.4 10,160

Hang Seng 0.6 128.6 22,623

Straits Times 0.1 1.8 3,159

Shanghai Com (0.0) (0.2) 2,162

INFY 0.8 0.3 $42.4

WIT 1.4 0.1 $8.8IBN 0.2 0.1 $44.7

HDB (0.5) (0.2) $40.8

Advances 1,628 843

Declines 1,336 620

Unchanged 138 75

BSE 2,519

NSE 14,125


2/13



L&T bagged orders worth `1,009cr

Larsen & Toubros (L&T) construction segment has bagged an order worth `852cr

for the design and construction of a major IT campus in the National Capital

Region, New Delhi. Also, L&Ts metallurgical and minerals handling segment has

bagged a`

206cr order from Steel Authority of India for rebuilding andconstruction of a coke oven battery at Durgapur Steel Plant in consortium with

LUET China.

Maruti Suzuki likely to foray into SCV space

As per media reports, Maruti Suzuki (MSIL) is exploring the possibility of foraying

into the small commercial vehicle space (SCV). SCV is one of the fastest growing

segments in the domestic automotive industry and is growing at a strong rate of

over 20%. The SCV (goods segment) accounted for ~55% and ~31% of the totallight commercial vehicle (LCV) and total commercial vehicle industry in FY2012.

The segment is dominated by Tata Motors (Ace) which has over 50% market share

in the SCV segment. The reports indicate that MSIL is likely to develop an all-new

platform or may use the Suzukis pick-up truck platform for its foray which could

happen between 2015 and 2017. We see this as a positive development for MSIL

and entry into the SCV segment would propel the volume growth of the company.

At `1,510 the stock is trading at 16x FY2014E earnings.

Lupin to launch generic Yasmin tablets; receives USFDAapproval

Pharma major Lupin announced today that its subsidiary Lupin Pharmaceuticals

Inc. (collectively Lupin) has received final approval for its Drospirenone and Ethinyl

Estradiol Tablets, 3 mg / 0.03 mg from the United States Food and Drugs

Administration (FDA) to market a generic version of Bayer Healthcares (Bayer)

Yasmin tablets 3 mg / 0.03 mg. Lupins Drospirenone and Ethinyl Estradiol

tablets are the AB rated generic equivalent of Bayers Yasmin Tablets 3 mg /0.03

mg. Yasmin tablets had annual U.S sales of approximately US$275mn (IMS MAT

Sept 2012 sales). On a conservative side the company can garner sales of around

US$30mn and net profit of US$9-10mn.

Bank of Maharashtra to decide on fund raising options

Bank of Maharashtra is scheduled to consider the proposal of raising equity capital

by way of preferential allotment to Government of India and/or to qualified

institutional buyers or right issue, in its board meeting to be held on Saturday. In

FY2012, the bank had approached government for an infusion of ~`860cr, while

it received`

605cr via equity capital infusion from the government and LIC. As of2QFY2013, excluding 1HFY2013 profits, the banks total CAR stood at 10.75%,

with tier-1 ratio at 7.1%, which remains on the lower side. Considering its

valuations, the fund raising can be expected to be book dilutive.


3/13



BGR wins order worth `1,548cr

BGR has received Notification of Award for Steam turbines and generators for

NTPCs Lara STTP project in Chhattisgarh. The order is worth `1,548cr comprising

of USD component of $210mn, Euro component of 16mn and INR component of

`281cr. The contract provides for price variation and foreign exchange variation

risk protection. With this order, the company has an order backlog of `14,077cr.

This is a positive development for the company.

Economic and Political News

Domestic air traffic fell 7.8% in November

India-Israel FTA: Next round of talks in January

Indirect tax kitty up 17% at `2.92lakh cr in April-November

Online hiring activity grew 10% in November: Monster Index

Corporate News

DLF inks pact to sell Aman Resorts for over `1,600cr

L&T Construction bags orders worth `1,009cr in two months

Natco receives USFDA approval for anti-ulcer drug

RIL plans to invest US$10bn on its 4G network: VendorSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

December 20, 2012 7:00PM US Initial Jobless claims Thousands Dec 15 343.00 360.00

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) (26.50)

7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 2.80

8:30PM US Existing home sales Millions Nov 4.79 4.90

December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) (0.10)

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 71.00

8:30PM US New home sales Thousands Nov 368.00 378.00

January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 --

January 2, 2013 2:25PM Germany PMI Manufacturing Value Dec F 46.30 --

3:00PM UK PMI Manufacturing Value Dec 49.10 49.10

January 3, 2013 2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

January 4, 2013 2:25PM Germany PMI Services Value Dec F 52.10 --

7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --

7:00PM US Unnemployment rate % Dec 7.70 --

January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --

5:29PM China Industrial Production (YoY) % Change Dec 10.10 --

January 10, 2013 5:29PM India Imports YoY% % Change Dec 6.40 --

5:29PM India Exports YoY% % Change Dec (4.20) --

5:29PM China Exports YoY% % Change Dec 2.90 --

5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 --

January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --

January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --

January 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Dec 7.24 --11:00AM India Industrial Production YoY % Change Nov 8.20 --

January 15, 2013 7:00PM US Producer Price Index (mom) % Change Dec (0.80) --

January 16, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Dec 2.20 --

7:00PM US Consumer price index (mom) % Change Dec (0.30) --

7:45PM US Industrial Production % Dec 1.05 --

January 23, 2013 3:00PM UK Jobless claims change % Change Dec (3.00) --

January 31, 2013 12:45AM US FOMC rate decision % Jan 30 0.25 --

February 14, 2013 12:30PM Germany GDP nsa (YoY) % Change 4Q P 0.40 --

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A (0.10) --

Source: Bloomberg, Angel Research

December 20, 2012

Market Outlook


5/13



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

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

2Q

FY13

(%)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2 .5

(2.0)

(0.1)

2. 3

(0.7)

8 .2

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

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

O

ct-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

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

O

ct-12

Nov

-12

M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

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

O

ct-12

Exp orts yoy g ro wth Im ports yo y growth( %)

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

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O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


6/13

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 152 - 2,956 1,466 1,686 14.8 14.8 7.0 8.1 21.7 18.8 4.6 3.9 22.6 22.5 2.1 1.8

United Phosphorus Buy 124 170 5,727 8,421 9,263 16.5 16.5 15.0 17.0 8.3 7.3 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 248 270 4,231 2,911 3,321 16.2 16.2 17.3 19.8 14.3 12.5 3.9 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 88 96 4,440 13,713 15,341 11.2 11.2 12.5 14.8 7.1 5.9 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 28 31 7,330 14,490 16,606 9.5 9.6 2.2 2.9 12.4 9.7 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 360 - 543 1,103 1,240 11.0 11.3 39.1 45.0 9.2 8.0 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,096 - 60,650 21,121 23,642 18.4 18.5 108.7 122.6 19.3 17.1 8.0 6.4 46.2 41.6 2.5 2.2

Bharat Forge Buy 266 324 6,200 6,754 7,565 15.5 15.7 18.8 23.2 14.2 11.5 2.5 2.1 18.5 19.7 1.1 0.9

Bosch India* Neutral 9,063 - 28,457 8,776 10,276 16.6 18.0 331.9 417.7 27.3 21.7 5.1 4.2 18.7 19.5 2.9 2.4

CEAT Buy 105 163 358 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 141 155 11,985 6,229 7,200 14.8 15.8 7.2 9.0 19.7 15.8 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,738 - 2,887 1,489 1,750 16.5 17.5 103.3 126.9 16.8 13.7 3.3 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Neutral 1,882 - 37,571 24,743 27,996 14.8 15.2 118.2 130.4 15.9 14.4 6.8 5.4 48.3 41.9 1.2 1.1

JK Tyre Buy 124 165 509 7,517 8,329 6.6 6.6 37.2 41.3 3.3 3.0 0.6 0.5 18.8 17.8 0.4 0.3

Mahindra and MahindraNeutral 964 - 59,206 40,035 46,272 11.5 11.6 54.7 62.8 17.6 15.4 3.9 3.3 24.3 23.4 1.3 1.0

Maruti Neutral 1,475 - 42,608 42,019 50,246 7.3 8.6 66.1 94.4 22.3 15.6 2.5 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 200 - 11,757 24,285 27,317 6.7 7.2 8.1 10.6 24.9 18.9 5.2 4.3 22.9 24.7 0.6 0.6

Subros Accumulate 31 35 185 1,286 1,479 9.4 9.7 2.6 5.1 11.9 6.1 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 298 319 79,357 192,330 219,770 12.8 13.1 37.0 44.5 8.1 6.7 2.2 1.7 31.2 28.9 0.5 0.4

TVS Motor Accumulate 40 45 1,910 7,466 8,290 6.2 6.3 4.8 5.6 8.4 7.2 1.4 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 707 573 14,983 7,796 9,907 4.8 7.8 9.2 22.0 76.9 32.1 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 263 - 1,899 3,605 4,542 11.8 10.7 25.1 27.9 10.5 9.4 1.5 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 230 - 56,319 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 191 242 1,720 2,763 2,948 3.1 5.6 2.6 8.6 72.7 22.4 4.2 3.7 5.9 17.6 0.7 0.6

Crompton Greaves Buy 118 145 7,586 12,370 14,277 5.2 7.3 4.0 7.8 29.6 15.2 2.0 1.8 6.9 12.6 0.6 0.6

Jyoti Structures Buy 45 53 370 2,794 3,048 10.6 10.6 9.2 11.7 4.9 3.9 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 65 73 1,662 6,858 7,431 7.1 7.5 8.3 9.8 7.8 6.6 1.3 1.1 25.1 24.0 0.4 0.4

LMW Reduce 2,177 1,992 2,452 2,369 2,727 11.7 11.7 143.4 166.0 15.2 13.1 2.5 2.3 17.4 18.4 0.6 0.4

Thermax Neutral 603 - 7,185 5,514 5,813 9.3 10.2 28.1 31.2 21.5 19.3 3.9 3.4 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 20, 2012


7/13



Cement

ACC Neutral 1,410 - 26,480 11,085 12,415 21.6 21.4 79.4 83.1 17.8 17.0 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 206 - 31,762 10,272 11,884 26.4 26.1 11.5 12.9 18.0 16.0 3.9 3.5 20.8 21.1 2.7 2.2

India Cements Neutral 89 - 2,728 4,293 4,666 17.7 18.1 8.6 10.8 10.3 8.3 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 144 - 1,764 2,082 2,423 22.9 23.1 20.8 22.5 6.9 6.4 1.2 1.0 18.4 17.4 1.0 1.2

Madras Cements Neutral 221 - 5,258 3,814 4,045 29.3 27.5 18.7 19.2 11.8 11.5 2.2 1.9 19.9 17.4 2.0 1.8

Shree Cements^ Neutral 4,478 - 15,601 5,701 6,210 29.7 28.1 240.7 260.7 18.6 17.2 4.5 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 2,011 - 55,144 21,368 24,043 22.5 23.5 103.5 121.4 19.4 16.6 3.6 3.1 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 207 304 1,088 2,034 2,315 22.4 22.4 27.1 31.7 7.6 6.5 0.9 0.8 13.1 13.4 1.8 2.1

Consolidated Co Neutral 13 - 245 2,262 2,522 6.7 7.5 1.5 2.7 8.9 5.0 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 129 164 4,286 3,843 4,212 43.1 43.6 16.8 17.8 7.7 7.2 1.3 1.2 18.3 17.0 3.2 3.5

ITNL Accumulate 210 225 4,079 6,564 7,054 27.2 27.4 26.3 29.0 8.0 7.2 1.3 1.1 14.0 11.8 2.7 2.8

IVRCL Infra Neutral 44 - 1,349 4,249 6,897 7.8 8.2 0.3 3.3 142.5 13.3 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 102 - 21,851 13,842 15,863 26.9 26.4 3.7 4.6 27.9 22.4 1.7 1.6 6.2 7.3 3.0 2.7

Larsen & Toubro Accumulate 1,656 1,748 101,828 60,556 69,167 11.2 11.6 73.8 85.5 22.5 19.4 3.6 3.1 13.5 14.1 1.9 1.6

Nagarjuna Const. Sell 54 44 1,392 5,947 6,569 8.5 8.6 3.1 4.1 17.5 13.2 0.6 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 59 - 1,958 11,892 13,116 9.0 9.0 1.8 3.2 32.6 18.3 0.7 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 135 168 2,043 2,344 2,804 10.6 10.7 7.2 8.7 18.8 15.6 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 214 251 1,059 6,882 8,032 9.1 9.1 23.2 31.3 9.2 6.8 0.8 0.7 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 168 181 8,400 6,392 7,238 2.7 2.8 30.3 33.3 5.6 5.1 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 117 - 6,572 4,731 5,431 2.9 3.0 21.5 21.8 5.5 5.4 0.9 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,351 1,550 57,669 15,686 18,687 3.1 3.2 116.8 138.0 11.6 9.8 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 850 - 33,270 15,436 18,208 2.5 2.6 111.8 137.4 7.6 6.2 1.1 1.0 15.8 17.0 - -

Bank of India Neutral 322 - 18,453 12,491 14,883 2.2 2.4 43.8 63.7 7.3 5.1 1.0 0.8 12.1 15.8 - -

Bank of Maharashtra A ccumulate 59 64 3,464 3,563 3,876 3.1 3.1 9.7 12.0 6.1 4.9 0.8 0.7 14.6 16.1 - -

Canara Bank Buy 472 544 20,916 10,699 12,213 2.1 2.2 67.3 80.1 7.0 5.9 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 83 - 6,102 7,171 8,236 2.5 2.6 16.4 21.5 5.1 3.9 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 448 480 6,630 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -

Dena Bank Accumulate 120 132 4,185 3,087 3,453 2.7 2.8 25.9 24.1 4.6 5.0 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 497 - 8,503 2,617 2,968 3.3 3.2 45.9 51.7 10.9 9.6 1.4 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 20, 2012


8/13



Financials

HDFC Neutral 846 - 130,438 7,336 8,802 3.5 3.5 31.5 37.8 26.9 22.4 5.4 4.8 34.8 32.1 - -

HDFC Bank Neutral 676 - 159,833 21,696 26,811 4.4 4.5 28.7 36.0 23.6 18.8 4.5 3.8 20.7 22.0 - -

ICICI Bank Accumulate 1,149 1,296 132,069 22,271 26,690 3.0 3.0 69.2 83.1 16.6 13.8 2.0 1.9 14.2 15.7 - -

IDBI Bank Accumulate 111 119 14,184 7,684 9,264 1.8 2.1 15.6 22.0 7.1 5.1 0.8 0.7 10.9 13.9 - -

Indian Bank Buy 192 230 8,271 5,874 6,551 3.2 3.2 40.6 41.8 4.7 4.6 0.8 0.7 18.1 16.4 - -

IOB Neutral 86 - 6,866 7,050 8,313 2.3 2.5 12.3 19.9 7.0 4.3 0.6 0.6 8.8 13.1 - -

J & K Bank Accumulate 1,340 1,456 6,495 2,762 2,885 3.6 3.6 226.7 193.0 5.9 6.9 1.3 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 283 313 14,269 1,799 2,255 2.3 2.4 20.3 27.3 13.9 10.4 2.2 1.9 16.9 19.7 - -

Oriental Bank Neutral 353 - 10,312 6,277 7,090 2.6 2.7 60.5 65.1 5.8 5.4 0.9 0.8 15.0 14.4 - -

Punjab Natl.Bank Accumulate 844 890 28,640 19,652 22,601 3.2 3.3 135.0 164.3 6.3 5.1 1.1 0.9 16.3 17.3 - -

South Ind.Bank Accumulate 26 29 3,528 1,556 1,750 2.8 2.7 3.5 3.9 7.6 6.9 1.3 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,371 2,520 159,132 61,883 71,546 3.4 3.4 227.2 257.5 10.4 9.2 1.8 1.5 17.8 17.7 - -

Syndicate Bank Neutral 134 - 8,051 6,756 7,783 3.0 3.0 26.3 27.1 5.1 4.9 0.9 0.8 18.3 16.6 - -

UCO Bank Neutral 80 - 5,328 5,234 6,097 2.3 2.4 11.8 14.7 6.8 5.4 1.1 0.9 11.9 13.4 - -

Union Bank Neutral 275 - 15,132 9,912 11,536 2.8 2.9 40.4 46.7 6.8 5.9 1.1 1.0 16.1 16.4 - -

United Bank Buy 76 91 2,760 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.6 13.1 15.7 - -

Vijaya Bank Neutral 64 - 3,152 2,354 2,754 2.0 2.2 7.4 10.2 8.6 6.2 0.9 0.8 9.3 11.9 - -

Yes Bank Buy 468 542 16,715 3,270 4,240 2.8 3.0 34.5 42.2 13.6 11.1 2.9 2.4 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,291 - 41,163 11,198 13,184 16.2 16.2 123.7 146.4 34.7 29.3 11.8 9.3 38.1 35.4 3.6 3.0

Britannia Buy 493 584 5,894 5,627 6,581 4.9 5.7 18.3 24.7 27.0 20.0 9.8 7.5 39.1 42.7 1.0 0.8

Colgate Neutral 1,407 - 19,133 3,146 3,573 20.6 21.4 36.4 42.5 38.7 33.1 35.8 30.0 102.0 98.5 5.9 5.2

Dabur India Neutral 130 - 22,641 6,124 7,101 17.0 16.8 4.5 5.2 29.1 24.8 12.0 9.5 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,753 - 15,784 3,124 3,663 17.1 17.6 104.5 123.8 35.9 30.3 11.2 9.0 34.4 32.8 4.7 3.9

Godrej Consumer Neutral 724 - 24,626 6,355 7,548 18.4 18.6 22.8 27.6 31.7 26.2 7.3 6.0 26.4 26.1 4.1 3.4

HUL Neutral 525 - 113,405 25,350 28,974 13.3 13.5 14.7 17.1 35.6 30.8 28.2 19.9 84.5 75.8 4.3 3.7

ITC Neutral 294 - 231,055 29,409 34,060 35.7 36.1 9.3 10.9 31.5 26.9 10.4 8.7 35.8 35.3 7.5 6.5

Marico Neutral 222 - 14,316 4,840 5,643 13.1 13.1 6.2 7.8 36.0 28.5 6.9 5.6 25.4 22.6 3.0 2.5

Nestle* Neutral 4,777 - 46,061 8,529 10,079 20.8 21.1 113.1 137.8 42.3 34.7 25.4 17.7 70.5 60.2 5.5 4.5

Tata Global Neutral 165 - 10,216 7,207 7,927 9.7 10.0 6.6 7.8 25.0 21.1 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

December 20, 2012


9/13



IT

HCL Tech^ Neutral 632 - 43,915 24,214 26,772 19.5 18.1 44.0 48.0 14.4 13.2 3.4 2.9 24.0 22.0 1.7 1.5

Hexaware* Buy 90 123 2,660 1,924 2,116 20.7 19.8 10.7 11.2 8.4 8.0 2.1 1.8 25.3 22.8 1.1 0.9

Infosys Accumulate 2,271 2,573 130,385 39,174 41,580 29.5 30.4 159.2 171.6 14.3 13.2 3.4 3.1 24.1 23.1 2.8 2.5

Infotech Enterprises Accumulate 191 202 2,132 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.5 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Buy 111 132 1,986 2,195 2,317 15.5 15.0 10.7 12.1 10.4 9.2 2.2 1.8 21.0 19.8 0.9 0.8

Mahindra Satyam Accumulate 106 115 12,517 7,597 8,141 20.0 18.8 9.7 10.4 11.0 10.2 3.0 2.3 27.5 22.9 1.3 1.1

Mindtree Accumulate 708 747 2,908 2,324 2,437 20.0 17.7 73.3 74.7 9.7 9.5 2.3 1.9 24.1 19.7 1.0 0.9Mphasis& Neutral 379 - 7,973 5,700 5,993 18.0 16.9 37.0 37.3 10.3 10.2 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Buy 31 36 507 1,048 1,161 9.3 10.9 4.2 6.2 7.3 5.0 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 492 - 1,966 1,261 1,352 26.4 24.7 48.2 54.0 10.2 9.1 1.9 1.6 19.0 17.9 1.2 1.1

TCS Buy 1,211 1,410 237,000 61,053 67,313 28.7 29.1 69.7 76.2 17.4 15.9 5.7 4.6 32.6 29.1 3.7 3.3

Tech Mahindra Accumulate 946 1,070 12,091 6,603 7,150 19.8 18.4 92.9 1 02.0 10.2 9.3 2.4 1.9 23.7 21.0 1.9 1.7

Wipro Accumulate 376 421 92,586 43,219 47,241 20.0 20.0 26.1 28.1 14.4 13.4 2.8 2.4 19.3 17.9 1.8 1.5

Media

D B Corp Buy 220 259 4,025 1,581 1,784 23.3 25.0 11.6 14.4 19.0 15.2 3.7 3.2 21.0 22.3 2.4 2.1

HT Media Accumulate 103 113 2,409 2,111 2,272 15.0 15.2 7.4 8.3 13.9 12.4 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 101 117 3,197 1,503 1,681 23.1 23.1 6.4 7.3 15.8 13.9 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 286 - 826 682 786 17.3 16.9 17.6 19.7 16.2 14.6 1.9 1.7 14.9 14.5 1.5 1.3

Sun TV Network Neutral 414 - 16,329 1,942 2,237 77.2 75.5 17.6 19.1 23.5 21.7 5.9 5.3 25.8 25.2 7.9 6.8

Metals & Mining

Bhushan Steel Neutral 456 - 9,681 11,307 14,287 29.5 29.1 45.1 51.0 10.1 8.9 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 353 - 222,778 66,666 70,292 25.7 27.3 24.2 26.6 14.6 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 24 29 829 1,984 2,074 10.6 11.6 0.8 2.0 28.7 11.8 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 139 - 58,605 12,446 13,538 52.3 52.9 15.0 16.4 9.3 8.5 1.8 1.5 21.4 19.7 2.8 2.2

Hindalco Neutral 127 - 24,401 79,148 89,258 9.4 9.0 15.0 15.6 8.5 8.2 0.7 0.7 8.8 8.4 0.7 0.6

JSW Steel Neutral 804 - 17,930 39,586 41,459 17.6 17.0 78.7 90.1 10.2 8.9 1.0 0.9 10.2 10.7 0.9 0.8

MOIL Neutral 265 - 4,444 941 1,019 47.3 48.3 25.8 28.1 10.2 9.4 1.6 1.4 16.7 16.2 2.4 2.0

Monnet Ispat Accumulate 299 344 1,926 2,501 3,264 22.2 24.6 41.8 55.2 7.2 5.4 0.7 0.7 11.3 13.4 1.9 1.3

Nalco Reduce 49 44 12,538 6,898 7,841 9.9 14.7 2.0 3.2 24.5 15.3 1.1 1.0 4.3 6.8 1.3 1.2

NMDC Buy 163 198 64,446 11,209 12,525 78.4 78.3 18.5 20.6 8.8 7.9 2.2 1.8 27.0 24.6 3.8 3.2

SAIL Neutral 88 - 36,452 47,252 60,351 14.2 14.8 9.6 11.7 9.2 7.5 0.8 0.8 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 20, 2012


10/13



Metals & Mining

Sesa Goa Reduce 195 183 16,965 4,551 6,640 32.8 34.4 33.7 39.3 5.8 5.0 1.0 0.9 18.3 18.3 4.4 3.0

Sterlite Inds Reduce 118 110 39,773 43,185 45,442 23.3 23.7 16.8 17.9 7.0 6.6 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 414 463 40,203 145,725 154,108 8.3 9.5 22.0 44.5 18.8 9.3 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 128 153 460 1,442 1,494 17.6 17.3 27.2 28.7 4.7 4.5 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 48 73 647 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 120 143 380 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 328 382 62,549 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 0.9 22.0 17.5 2.7 2.3

GAIL Neutral 347 - 44,073 46,652 54,142 15.7 15.7 34.0 35.3 10.2 9.9 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 256 312 219,234 147,139 154,821 33.9 33.7 30.7 32.3 8.4 7.9 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 831 - 272,099 362,700 380,031 7.9 8.0 60.0 63.3 13.9 13.1 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 305 - 3,913 3,128 3,707 13.2 11.7 22.8 23.5 13.4 13.0 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 263 - 3,688 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 Accumulate 162 183 12,128 30,077 33,570 6.6 6.3 15.1 15.3 10.7 10.6 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 75 - 4,220 1,079 1,034 91.8 91.9 8.8 8.4 8.6 8.9 1.4 1.3 17.9 15.0 3.6 3.7

Pharmaceuticals

Alembic Pharma Buy 69 91 1,301 1,624 1,855 14.2 15.6 6.6 9.1 10.5 7.6 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 191 - 5,556 5,243 5,767 14.6 14.6 11.8 12.6 16.2 15.2 2.0 1.7 17.9 16.4 1.5 1.4

Aventis* Neutral 2,255 - 5,194 1,482 1,682 15.5 15.5 95.1 104.4 23.7 21.6 4.2 3.3 18.6 17.0 3.3 2.8

Cadila Healthcare Accumulate 873 926 17,872 6,148 7,386 18.6 19.6 32.7 44.8 26.7 19.5 5.9 4.7 23.7 26.6 3.3 2.7

Cipla Neutral 412 - 33,116 8,151 9,130 25.0 24.0 19.5 20.9 21.2 19.7 3.7 3.2 18.8 17.2 3.8 3.3

Dr Reddy's Neutral 1,840 - 31,229 10,696 11,662 20.7 21.0 83.7 92.9 22.0 19.8 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 119 145 956 1,280 1,536 20.2 20.2 10.4 14.5 11.4 8.2 1.0 0.9 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,062 - 17,468 2,651 2,993 31.7 31.2 76.0 82.4 27.1 25.0 7.8 7.0 20.1 26.3 5.8 5.0

Indoco Remedies Buy 67 89 619 685 837 15.2 15.2 7.4 8.9 9.1 7.6 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 487 - 6,138 2,850 3,474 21.0 21.0 29.9 37.3 16.3 13.1 3.9 3.1 26.7 26.4 2.3 1.9

Lupin Accumulate 609 652 27,230 8,426 10,082 19.7 20.0 26.3 31.3 23.1 19.4 5.4 4.3 26.0 24.7 3.4 2.8

Ranbaxy* Neutral 502 - 21,227 12,046 11,980 18.0 15.8 31.3 29.8 16.1 16.9 5.5 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 736 - 76,132 9,752 12,134 41.6 41.6 26.0 28.2 28.3 26.1 5.3 4.5 20.3 18.8 7.1 5.5

Power

CESC Neutral 307 - 3,838 5,218 5,644 24.2 23.8 44.6 47.6 6.9 6.5 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 71 78 1,068 1,523 1,568 30.3 30.3 5.4 11.5 13.1 6.1 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 20, 2012


11/13



Power

NTPC Neutral 155 - 128,011 74,111 85,789 22.7 23.1 12.1 13.7 12.8 11.3 1.6 1.4 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 98 78 2,898 657 875 52.0 56.1 8.4 12.7 11.7 7.7 0.7 0.7 6.3 8.9 5.7 4.3

DLF Neutral 224 - 37,973 9,878 12,033 44.7 46.1 9.6 13.4 23.3 16.7 1.5 1.4 6.4 8.7 6.3 5.2

HDIL Neutral 118 - 4,955 2,441 3,344 55.1 48.2 22.7 26.6 5.2 4.4 0.4 0.4 8.8 9.4 3.9 2.9

MLIFE Neutral 414 - 1,692 813 901 26.2 26.6 32.0 37.1 13.0 11.2 1.3 1.2 10.4 11.0 2.5 2.1

TelecomBharti Airtel Accumulate 313 352 118,920 81,984 90,718 32.1 33.8 10.9 16.9 28.7 18.6 2.2 2.0 7.6 10.6 2.1 1.8

Idea Cellular Neutral 95 - 31,507 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 76 - 15,635 21,090 22,308 31.8 29.9 3.0 3.8 24.9 19.9 0.4 0.4 1.7 2.1 2.4 2.2

zOthers

Abbott India Accumulate 1,476 1,590 3,136 1,629 1,886 11.8 13.3 60.8 79.5 24.3 18.6 5.0 4.2 22.0 24.4 1.7 1.4

Bajaj Electricals Neutral 211 - 2,103 3,497 3,968 6.6 7.6 9.8 15.5 21.5 13.6 2.8 2.4 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 415 - 526 427 528 15.7 14.6 30.0 34.0 13.9 12.2 3.0 2.5 24.6 22.5 1.3 1.1

Cravatex Buy 448 545 116 272 308 7.2 7.3 37.5 45.4 12.0 9.9 2.8 2.2 23.7 22.7 0.5 0.5

CRISIL Neutral 1,040 - 7,301 982 1,136 34.3 34.3 34.3 40.0 30.3 26.0 13.7 11.0 50.9 46.9 7.0 5.9

Finolex Cables Neutral 59 - 909 2,304 2,552 9.9 9.1 8.2 10.1 7.3 5.9 1.0 0.9 13.7 14.7 0.3 0.3

Force Motors Accumulate 492 537 641 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 0.2

Goodyear India Accumulate 340 360 784 1,494 1,607 6.4 7.8 23.9 33.0 14.2 10.3 2.2 1.9 16.5 20.1 0.3 0.3

Greenply Industries Reduce 344 309 831 1,925 2,235 10.6 10.9 29.6 44.1 11.6 7.8 1.9 1.5 16.8 21.0 0.7 0.6

Hitachi Neutral 141 - 324 873 989 4.4 6.5 6.4 12.2 22.2 11.6 1.8 1.6 8.3 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,604 2,842 2,303 1,745 1,993 4.0 5.3 59.5 90.4 43.8 28.8 3.3 2.9 8.1 11.3 1.2 1.0

Styrolution ABS India* Neutral 750 - 1,319 1,059 1,116 8.5 9.5 36.0 42.0 20.8 17.9 3.0 2.6 15.4 16.0 1.3 1.2ITD Cementation Neutral 235 - 271 1,323 1,455 12.4 12.4 23.2 27.7 10.1 8.5 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 170 - 2,738 1,228 1,443 9.0 10.9 3.9 6.4 43.7 26.6 4.3 4.0 10.1 15.6 2.7 2.3

MCX Neutral 1,489 - 7,592 553 624 65.3 66.3 62.5 72.0 23.8 20.7 6.6 5.7 27.5 27.4 10.7 9.0

MRF Neutral 12,366 - 5,245 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.6 8.6 1.9 1.5 21.3 19.4 0.6 0.5

Page Industries Accumulate 3,410 3,602 3,803 836 1,023 20.2 20.6 105.6 133.4 32.3 25.6 16.4 11.6 59.3 53.2 4.6 3.8

Relaxo Footwears Buy 784 933 941 1,019 1,208 11.0 12.5 47.0 66.7 16.7 11.8 4.1 3.1 28.2 30.1 1.1 0.9

Sintex Industries Buy 66 79 1,974 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.2 0.6 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 304 366 285 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.2 0.9 0.8 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 13 - 400 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


Market Outlook

Stock Watch

December 20, 2012


12/13



zOthers

SpiceJet Reduce 47 43 2,262 5,720 6,599 5.3 6.8 3.6 5.4 12.9 8.7 18.7 6.0 - - 0.5 0.4

TAJ GVK Buy 72 108 449 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 315 384 485 750 803 18.6 18.4 65.4 69.1 4.8 4.6 0.7 0.7 16.5 15.3 0.3 0.2

TVS Srichakra Buy 268 335 205 1,476 1,643 7.0 8.2 32.6 55.9 8.2 4.8 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,921 - 25,130 10,289 11,421 12.8 12.8 26.0 45.3 73.9 42.4 3.4 3.1 5.8 7.6 2.8 2.5

Vesuvius India Neutral 331 - 672 560 611 16.1 17.0 24.7 28.8 13.4 11.5 2.0 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 December 19, 2012


Market Outlook

Stock Watch

December 20, 2012


13/13


market outlook 20th dec

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