market outlook 22-11-12

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Market Outlook November 22, 2012

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Dealers Diary The Indian market is expected to open in the green following positive start to SGX Nifty and major Asian indices on news of Gaza cease fire.

The US markets moved modestly higher over the course of the trading day on Wednesday due to news that Israel and Hamas have agreed to a cease fire, easingconcerns about a further escalation of the conflict in the Gaza strip. The LaborDepartment released a report showing a notable decrease in initial jobless claimsin the week ended 17 th November 2012 fell to 410,000 from the previous week'srevised figure of 451,000. Moreover, the consumer sentiment index forNovember12 came in at 82.7, down sharply from the preliminary reading of84.9. With the downward revision, the index was only just above the final Octoberreading of 82.6. The European markets recovered from early weakness on

Wednesday and ended the session with modest gains. The early losses were

caused by the failure of the Eurozone finance ministers to come to an agreementon Greece at their meeting in Brussels on Tuesday.

The Indian markets rose notably on Wednesday despite mixed Asian and weakEuropean cues on disappointment over a lack of deal on Greek aid.

Markets Today

The trend deciding level for the day is 18,416 / 5,599 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 18,523 18,585 / 5,636 5,658 levels. However, if NIFTY trades below18,416 / 5,599 levels for the first half-an-hour of trade then it may correct up to18,354 18,248 / 5,577 5,540 levels.

SENSEX 18,248 18,354 18,416 18,523 18,585NIFTY 5,540 5,577 5,599 5,636 5,658

News Analysis Cipla set to buy 51% of South Africa's Cipla Medpro for US$220mn Promoters of HAIL to reduce stake

Refer detailed news analysis on the following page

Net Inflows (November 20, 2012)

FII 2,380 2,206 174 4,995 99,048

MFs 381 327 54 (1,016) (16,223)FII Derivatives (November 21, 2012)

Index Futures 1,053 1,150 (97) 8,276Stock Futures 1,918 1,661 257 29,827

Gainers / Losers

Jet Air India 452 9.2 Hindustan Copper 239 (3.9)

Union Bank 227 4.9 NTPC 162 (3.5)

Pantaloon Retail 188 4.6 BHEL 222 (2.7)

HDIL 105 4.6 Astrazeneca Pharm. 1,425 (2.4)Reliance Comm. 62 4.5 Gujarat Fluoro. 307 (2.1)

BSE Sensex 0.7 131.1 18,460

Nifty 0.8 43.3 5,615

MID CAP 0.4 24.0 6,573SMALL CAP 0.4 27.0 7,015

BSE HC 0.8 60.8 7,696

BSE PSU (0.2) (13.4) 7,023

BANKEX 1.3 165.3 13,156

AUTO (0.2) (25.1) 10,550

METAL 0.7 69.1 9,791

OIL & GAS 0.4 33.0 8,005

BSE IT 0.9 47.7 5,684

Dow Jones 0.4 48.4 12,837NASDAQ 0.3 9.9 2,927

FTSE 0.1 3.9 5,752

Nikkei 0.9 79.9 9,223

Hang Seng 1.4 296.1 21,524

Straits Times 0.1 1.5 2,960

Shanghai Com 1.1 21.4 2,030

INFY 0.7 0.3 $42.4

WIT 0.6 0.1 $8.1IBN 1.4 0.5 $38.2

HDB 3.0 1.2 $40.2

Advances 1,487 769

Declines 1,362 726

Unchanged 135 74

BSE 1,954NSE 9,353

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Cipla set to buy 51% of South Africa's Cipla Medpro forUS$220mn

Cipla, India's second-largest drug firm, has agreed to acquire South African drugmaker Cipla Medpro, taking an important step towards consolidating its

international business that now makes up more than half its quarterly revenues.Cipla said on Wednesday it will buy 51% of Cipla Medpro for about $220 million,valuing the beleaguered South African company at about $440mn. This is Cipla'sfirst international acquisition in its 75-year-old history.

With this acquisition, South Africa will become the second-largest drug market forCipla, where the company hopes to capture 5% of the market. Medpro used tosource 80% of its products from Cipla, and the companies agreed Medpro woulduse the brand name of Cipla for selling products in Africa. Medpro is South

Africa's third-biggest drug maker with annual sales of about ` 1,000cr. The South African market is estimated at about $4 billion, growing at about 10% and

comprises about 35% of the total African market. While the profitability of theacquired business is not known, the business is likely to add ` 75cr on the net profitlevel. On the valuation front, the company has been valued at 2.2xEV/Sales, whichis not very expensive. Further the acquisition would not put any strain on thebalance sheet, as the company is almost debt free. Currently on lack of clarity onthe profitability of the acquired business,

Promoters of HAIL to reduce stake

Honeywell Automation India Ltd (HAIL) has 81% of its stake held by the promotersimplying 19% public share holding. We expected a delisting offer from HAIL inresponse to the stipulation which requires minimum 25% of public shareholding.However, the company has announced that the promoters intend to reduce theirstake in due course through an offer for sale (OFS) in one or more tranches.

Economic and Political News

Liquidity is comfortable at the moment: RBI Inflation partly responsible for slowdown: RBI DoT to declare final spectrum auction result within two days IRDA to bring out final investment guidelines by next week Working towards depoliticization of passenger fares: Railway minister Indirect tax collection rises 17% in April-Oct

Corporate News

ONGC Videsh plans to raise US$1b via dollar bond issue Government to offload 4% equity in Hindustan Copper on Friday Wipro to develop smartphone based car connectivity solutions Not seeking revision in gas price before April 2014: RIL DB Realty arm may sell stake in hotel project in Delhi Blue Dart promoter to prune 6% stake, may fetch over ` 245cr

Source: 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 DataLast Reported Estimated

November 22, 2012 2:00PM Germany PMI Services Value Nov A 48.40 48.30

2:00PM Germany PMI Manufacturing Value Nov A 46.00 46.00

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (25.70) (25.90)

November 23, 2012 12:30PM Germany GDP nsa (YoY) % Change 3Q F 0.40 0.40

November 27, 2012 3:00PM UK GDP (YoY) % Change 3Q P -- --

8:30PM US Consumer Confidence S.A./ 1985=100 Nov 72.20 73.50

November 28, 2012 8:30PM US New home sales Thousands Oct 389.00 385.00

November 29, 2012 2:25PM Germany Unemployment change (000's) Thousands Nov 20.00 --

7:00PM US GDP Qoq (Annualised) % Change 3Q S 2.00 3.00

November 30, 2012 11:00AM India Qtrly GDP YoY% % Change 3Q 5.50 --

December 1, 2012 6:30AM China PMI Manufacturing Value Nov 50.20 --

December 3, 2012 3:00PM UK PMI Manufacturing Value Nov 47.50 --

December 6, 2012 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) --

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.506:15PM Euro Zone ECB announces interest rates % Dec 6 0.75 --

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) --

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 --

7:00PM US Unnemployment rate % Nov 7.90 --

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 --

11:00AM China Industrial Production (YoY) % Change Nov 9.60 --

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 --

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --

11:00PM US FOMC rate decision % Dec 12 0.25 --December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) --

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

7:00PM US Consumer price index (mom) % Change Nov 0.10 --

7:45PM US Industrial Production % Nov (0.40) --

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

3:00PM UK CPI (YoY) % Change Nov 2.70 --

Source: Bloomberg, Angel Research

November 22, 2012

Market Outlook

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Market StrategyNovember 22, 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

4 Q F Y 0 9

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

(%)

Source: CSO, Ang el Research

Exhibit 2 : IIP trends

Source: 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. 6 7. 8

0. 02. 0

4. 0

6. 0

8. 0

10.0

12.0

O c t - 1

1

N o v - 1 1

D e c - 1

1

J a n - 1

2

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

(%)

Source: M O SPI, Ang el 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

S e p - 1

1

O c t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

M fg. PM I 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

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

O c t - 1 1

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

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

Source: Bloomberg, Angel Research

Exhibit 6 : Key policy rates

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

N o v - 1

1

D e c - 1

1

J a n - 1

2

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1 2

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 153 - 2,969 1,466 1,686 14.8 14.8 7.0 8.1 21.8 18.9 4.6 3.9 22.6 22.5 2.2 1.9

United Phosphorus Buy 110 170 5,082 8,421 9,263 16.5 16.5 15.0 17.0 7.4 6.5 1.1 0.9 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 255 - 4,353 2,911 3,321 16.2 16.2 17.3 19.8 14.7 12.9 4.0 3.2 31.1 27.6 1.4 1.2

Apollo Tyres Buy 81 104 4,075 13,713 15,341 11.2 11.2 12.5 14.8 6.5 5.5 1.2 1.0 20.2 19.9 0.5 0.4 Ashok Leyland Accumulate 25 31 6,745 14,490 16,606 9.5 9.6 2.2 2.9 11.4 8.9 2.1 1.9 13.6 16.1 0.6 0.5

Automotive Axle# Buy 367 430 555 993 1,140 11.6 11.5 36.9 43.0 10.0 8.5 2.0 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,820 - 52,668 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 1.8Bharat Forge Buy 251 324 5,845 6,754 7,565 15.5 15.7 18.8 23.2 13.4 10.9 2.3 2.0 18.5 19.7 1.1 0.9

Bosch India* Neutral 8,811 - 27,664 8,776 10,276 16.6 18.0 331.9 417.7 26.6 21.1 5.0 4.1 18.7 19.5 2.8 2.3CEAT Buy 104 163 355 4,989 5,634 8.2 8.5 27.1 40.8 3.8 2.5 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 139 155 11,836 6,229 7 ,200 14.8 15.8 7.2 9.0 19.4 15.6 3.4 2.9 18.5 19.9 1.6 1.3FAG Bearings* Neutral 1,670 - 2,775 1,489 1,750 16.5 17.5 103.3 126.9 16.2 13.2 3.2 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,806 1,956 36,070 24,743 27,996 14.8 15.2 118.2 130.4 15.3 13.9 6.6 5.2 48.3 41.9 1.2 1.0JK Tyre Buy 113 165 464 7,517 8,329 6.6 6.6 37.2 41.3 3.0 2.7 0.5 0.5 18.8 17.8 0.3 0.3Mahindra and Mahindra Accumulate 943 986 57,889 40,035 46,272 11.5 11.6 54.7 62.8 17.2 15.0 3.9 3.2 24.3 23.4 1.1 1.0

Maruti Neutral 1,492 - 43,100 42,019 50,246 7.3 8.6 66.1 94.4 22.6 15.8 2.6 2.2 11.9 15.1 0.8 0.7Motherson Sumi Neutral 160 - 9,406 24,285 27,317 6.7 7.2 8.1 10.6 19.9 15.1 4.2 3.4 22.9 24.7 0.6 0.5

Subros Buy 30 35 181 1,286 1,479 9.4 9.7 2.6 5.1 11.6 6.0 0.6 0.6 5.6 10.3 0.4 0.4Tata Motors Buy 265 319 70,745 192,330 219,770 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 1,786 7,466 8,290 6.2 6.3 4.8 5.6 7.9 6.7 1.3 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 709 573 15,019 7,796 9,907 4.8 7.8 9.2 22.0 77.0 32.2 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 260 - 1,878 3,605 4,542 11.8 10.7 25.1 27.9 10.4 9.3 1.5 1.4 31.1 27.1 1.0 0.9BHEL Neutral 222 - 54,337 47,801 43,757 18.5 18.0 24.6 21.8 9.0 10.2 2.7 2.3 33.5 24.5 1.0 1.2

Blue Star Buy 188 242 1,690 2,763 2,948 3.1 5.6 2.6 8.6 71.5 22.0 4.1 3.6 5.9 17.6 0.7 0.6Crompton Greaves Buy 109 145 6,986 12,370 14,277 5.2 7.3 4.0 7.8 27.2 14.0 1.8 1.7 6.9 12.6 0.6 0.5Jyoti Structures Buy 45 53 368 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 61 73 1,568 6,858 7,431 7.1 7.5 8.3 9.8 7.4 6.2 1.2 1.1 25.1 24.0 0.4 0.3LMW Reduce 2,078 1,992 2,341 2,369 2,727 11.7 11.7 143.4 166.0 14.5 12.5 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 564 - 6,721 5,514 5,813 9.3 10.2 28.1 31.2 20.1 18.1 3.6 3.1 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 22, 2012

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Cement

ACC Neutral 1,384 - 25,978 11,085 12,415 21.6 21.4 79.4 83.1 17.4 16.7 3.4 3.1 20.1 19.2 2.0 1.7 Ambuja Cements Neutral 200 - 30,746 10,272 11,884 26.4 26.1 11.5 12.9 17.4 15.5 3.8 3.4 20.8 21.1 2.7 2.2

India Cements Neutral 84 - 2,573 4,293 4,666 17.7 18.1 8.6 10.8 9.8 7.8 0.7 0.7 7.5 9.0 1.0 0.9J K Lakshmi Cements Neutral 126 - 1,539 2,082 2,423 22.9 23.1 20.8 22.5 6.0 5.6 1.1 0.9 18.4 17.4 0.9 1.2

Madras Cements Neutral 205 - 4,886 3,814 4,045 29.3 27.5 18.7 19.2 11.0 10.7 2.0 1.7 19.9 17.4 2.0 1.7Shree Cements^ Neutral 4,080 - 14,214 5,701 6,210 29.7 28.1 240.7 260.7 17.0 15.7 4.1 3.4 27.1 23.6 2.0 1.6

UltraTech Cement Neutral 1,928 - 52,846 21,368 24,043 22.5 23.5 103.5 121.4 18.6 15.9 3.5 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 219 304 1,153 2,034 2,315 22.4 22.4 27.1 31.7 8.1 6.9 1.0 0.9 13.1 13.4 1.8 2.0

Consolidated Co Neutral 13 - 235 2,262 2,522 6.7 7.5 1.5 2.7 8.5 4.8 0.4 0.4 4.4 7.5 0.4 0.4Hind. Const. Neutral 17 - 1,031 4,239 4,522 9.9 11.2 (2.3) (1.0) (7.5) (17.6) 0.9 1.1 (11.4) (5.6) 1.2 1.2IRB Infra Buy 120 164 3,982 3,843 4,212 43.1 43.6 16.8 17.8 7.1 6.7 1.2 1.1 18.3 17.0 3.2 3.5

ITNL Buy 185 225 3,588 6,564 7,054 27.2 27.4 26.3 29.0 7.0 6.4 1.1 1.0 14.0 11.8 2.7 2.7IVRCL Infra Neutral 39 - 1,203 4,249 6,897 7.8 8.2 0.3 3.3 127.1 11.9 0.5 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 89 100 18,934 13,842 15,863 26 .9 26 .4 3.7 4.6 24.3 19.5 1.5 1.4 6.2 7.3 2.9 2.6Larsen & Toubro Accumulate 1,564 1,748 96,174 60,556 69,167 11.2 11.6 73.8 85.5 21.2 18.3 3.4 3.0 13.5 14.1 1.8 1.6

Madhucon Proj Buy 33 56 244 2,206 2,502 10.7 10.7 4.6 4.7 7.1 7.1 0.4 0.4 5.2 5.0 0.7 0.7Nagarjuna Const. Neutral 42 - 1,066 5,947 6,569 8.5 8.6 3.1 4.1 13.4 10.1 0.4 0.4 3.3 4.2 0.6 0.6

Patel Engg. Neutral 73 - 513 3,609 3,836 13.1 13.1 14.0 14.6 5.2 5.1 0.3 0.3 6.3 6.1 1.0 1.0Punj Lloyd Neutral 50 - 1,664 11,892 13,116 9.0 9.0 1.8 3.2 27.7 15.6 0.6 0.5 2.5 3.7 0.6 0.5Sadbhav Engg. Buy 138 182 2,077 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 181 251 895 6,882 8,032 9.1 9.1 23.2 31.3 7.8 5.8 0.7 0.6 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Accumulate 133 152 6,650 6,392 7,238 2.7 2.8 30.3 33.3 4.4 4.0 0.6 0.6 14.8 14.5 - -

Andhra Bank Neutral 102 - 5,697 4,731 5,431 2.9 3.0 21.5 21.8 4.7 4.7 0.8 0.7 15.2 13.8 - - Axis Bank Buy 1,234 1,476 52,675 15,686 18,687 3.1 3.2 116.8 138.0 10.6 8.9 2.0 1.7 20.0 20.2 - -

Bank of Baroda Accumulate 730 817 28,573 15,436 18,208 2.5 2.6 111.8 137.4 6.5 5.3 1.0 0.9 15.8 17.0 - -Bank of India Accumulate 266 294 15,283 12,491 14,883 2.2 2.4 43.8 63.7 6.1 4.2 0.8 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 55 - 3,243 3,563 3,876 3.1 3.1 9.7 12.0 5.7 4.6 0.8 0.7 14.6 16.1 - -Canara Bank Neutral 428 - 18,949 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 73 - 5,392 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.4 0.8 0.6 12.7 14.9 - -


Market Outlook

Stock Watch

November 22, 2012

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Financials

Corporat ion Bank Accumulate 394 445 5,836 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 105 123 3,674 3,087 3,453 2.7 2.8 25.9 24.1 4.1 4.4 0.7 0.6 19.4 15.6 - -

Federal Bank Accumulate 463 491 7,921 2,617 2,968 3.3 3.2 45.9 51.7 10.1 9.0 1.3 1.1 13.1 13.3 - -HDFC Neutral 777 - 119,780 7,336 8,802 3.5 3.5 31.5 37.8 24.7 20.6 4.9 4.4 34.8 32.1 - -

HDFC Bank Neutral 662 - 156,565 21,696 26,811 4.4 4.5 28.7 36.0 23.1 18.4 4.4 3.7 20.7 22.0 - -ICICI Bank Buy 1,044 1,270 119,990 22,271 26,690 3.0 3.0 69.2 83.1 15.1 12.6 1.8 1.7 14.2 15.7 - -

IDBI Bank Neutral 101 - 12,944 7,684 9,264 1.8 2.1 15.6 22.0 6.5 4.6 0.7 0.6 10.9 13.9 - -Indian Bank Accumulate 174 195 7,478 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 74 - 5,870 7,050 8,313 2.3 2.5 12.3 19.9 6.0 3.7 0.6 0.5 8.8 13.1 - -

J & K Bank Neutral 1,330 - 6,447 2,762 2,885 3.6 3.6 226.7 193.0 5.9 6.9 1.3 1.1 24.4 17.7 - -LIC Housing Finance Buy 243 298 12,286 1,799 2,255 2.3 2.4 20.3 27.3 12.0 8.9 1.9 1.6 16.9 19.7 - -

Oriental Bank Accumulate 320 347 9,329 6,277 7,090 2.6 2.7 60.5 65.1 5.3 4.9 0.8 0.7 15.0 14.4 - -Punjab Natl.Bank Accumulate 728 843 24,682 19,652 22,601 3.2 3.3 135.0 164.3 5.4 4.4 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,045 1,556 1,750 2.8 2.7 3.5 3.9 6.6 5.9 1.1 1.0 19.1 16.9 - -St Bk of India Buy 2,061 2,437 138,282 61,883 71,546 3.4 3.4 227.2 257.5 9.1 8.0 1.6 1.3 17.8 17.7 - -Syndicate Bank Accumulate 118 131 7,124 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 71 - 4,726 5,234 6,097 2.3 2.4 11.8 14.7 6.0 4.8 1.0 0.8 11.9 13.4 - -Union Bank Accumulate 227 250 12,484 9,912 11,536 2.8 2.9 40.4 46.7 5.6 4.9 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 67 74 2,406 3,500 3,912 2.6 2.8 15.8 21.2 4.2 3.1 0.6 0.5 13.1 15.7 - - Vijaya Bank Neutral 55 - 2,738 2,354 2,754 2.0 2.2 7.4 10.2 7.5 5.4 0.8 0.7 9.3 11.9 - -

Yes Bank Buy 422 492 15,049 3,270 4,240 2.8 3.0 34.5 42.2 12.2 10.0 2.6 2.1 23.5 23.5 - -

FMCG

Asian Paints Neutral 3,915 - 37,556 11,198 13,184 16.2 16.2 123.7 146.4 31.7 26.8 10.8 8.5 38.1 35.4 3.3 2.8

Britannia Buy 475 584 5,679 5,627 6,581 4.9 5.7 18.3 24.7 26.0 19.3 9.5 7.3 39.1 42.7 0.9 0.8Colgate Neutral 1,341 - 18,238 3,146 3,573 20.6 21.4 36.4 42.5 36.9 31.6 34.1 28.6 102.0 98.5 5.6 4.9

Dabur India Neutral 124 - 21,682 6,124 7,101 17.0 16.8 4.5 5.2 27.8 23.8 11.5 9.1 43.2 41.5 3.6 3.1GlaxoSmith Con* Neutral 3,030 - 12,743 3,124 3,663 17.1 17.6 104.5 123.8 29.0 24.5 9.0 7.2 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 672 - 22,868 6,355 7,548 18.4 18.6 22.8 27.6 29.5 24.3 6.7 5.5 26.4 26.1 3.8 3.2HUL Neutral 524 - 113,274 25,350 28,974 13.3 13.5 14.7 17.1 35.6 30.7 28.1 19.9 84.5 75.8 4.3 3.7ITC Neutral 286 - 224,678 29,409 34,060 35.7 36.1 9.3 10.9 30.6 26.1 10.2 8.5 35.8 35.3 7.0 6.0


Market Outlook

Stock Watch

November 22, 2012

7/30/2019 Market Outlook 22-11-12

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FMCG

Marico Neutral 211 - 13,607 4,840 5,643 13.1 13.1 6.2 7.8 34.2 27.1 6.5 5.3 25.4 22.6 3.0 2.5Nestle* Neutral 4,614 - 44,482 8,529 10,079 20.8 21.1 113.1 137.8 40.8 33.5 24.5 17.1 70.5 60.2 5.4 4.4

Tata Global Neutral 161 - 9,947 7,207 7,927 9.7 10.0 6.6 7.8 24.3 20.6 2.5 2.4 8.6 9.5 1.4 1.3

IT

HCL Tech^ Accumulate 617 648 42,800 24,214 26,772 19.5 18.1 44.0 48.0 14.0 12.8 3.3 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 101 135 2,992 1,944 2,159 21.8 21.1 11.4 12.2 8.9 8.3 2.3 1.9 26.4 24.1 1.3 1.1

Infosys Accumulate 2,348 2,573 134,850 39,174 41,580 29.5 30.4 159.2 171.6 14.8 13.7 3.6 3.2 24.1 23.1 2.9 2.6Infotech Enterprises Neutral 190 - 2,123 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.4 1.5 1.3 14.9 14.0 0.8 0.7KPIT Cummins Accumulate 119 132 2,134 2,195 2,317 15.5 15.0 10.7 12.1 11.1 9.9 2.4 1.9 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 104 115 12,181 7,597 8,141 20.0 18.8 9.7 10.4 10.7 9.9 3.0 2.3 27.5 22.9 1.2 1.1Mindtree Accumulate 663 747 2,716 2,324 2,437 20.0 17.7 73.3 74.7 9.0 8.9 2.2 1.7 24.1 19.7 0.9 0.8Mphasis& Neutral 395 - 8,297 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 32 36 531 1,048 1,161 9.3 10.9 4.2 6.2 7.7 5.2 0.8 0.7 10.5 14.1 0.3 0.3Persistent Neutral 472 - 1,888 1,261 1,352 26.4 24.7 48.2 54.0 9.8 8.7 1.9 1.6 19.0 17.9 1.2 1.0

TCS Accumulate 1,282 1,410 250,828 61,053 67,313 28.7 29.1 69.7 76.2 18.4 16.8 6.0 4.9 32.6 29.1 3.9 3.5Tech Mahindra Buy 904 1,070 11,537 6,603 7,150 19.8 18.4 92.9 102.0 9.7 8.9 2.3 1.9 23.7 21.0 1.8 1.6

Wipro Buy 367 421 90,303 43,219 47,241 20.0 20.0 26.1 28.1 14.0 13.1 2.7 2.3 19.3 17.9 1.7 1.5

Media

D B Corp Buy 212 259 3,887 1,581 1,784 23.3 25.0 11.6 14.4 18.3 14.7 3.6 3.1 21.0 22.3 2.3 2.0

HT Media Buy 99 113 2,320 2,111 2,272 15.0 15.2 7.4 8.3 13.4 12.0 1.4 1.3 11.3 11.4 0.7 0.6Jagran Prakashan Buy 101 117 3,190 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 246 - 709 625 732 17.4 17.1 13.3 15.6 18.4 15.7 2.0 1.8 13.2 13.8 1.5 1.3

Sun TV Network Neutral 383 - 15,080 1,942 2,237 77.2 75.5 17.6 19.1 21.7 20.0 5.4 4.9 25.8 25.2 6.8 5.8Metals & Mining

Bhushan Steel Neutral 493 - 10,465 11,307 14,287 29.5 29.1 45.1 51.0 10.9 9.7 1.3 1.1 12.2 12.2 3.0 2.4Coal India Neutral 354 - 223,789 66,666 70,292 25.7 27.3 24.2 26.6 14.7 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 24 29 844 1,984 2,074 10.6 11.6 0.8 2.0 29.2 12.1 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Accumulate 135 145 56,894 12,446 13,538 52.3 52.9 15.0 16.4 9.0 8.2 1.8 1.5 21.4 19.7 2.7 2.1Hindalco Neutral 107 - 20,505 79,148 89,258 9.4 9.0 15.0 15.6 7.2 6.9 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 703 - 15,675 39,586 41,459 17.6 17.0 78.7 90.1 8.9 7.8 0.9 0.8 10.2 10.7 0.8 0.8MOIL Accumulate 240 261 4,027 941 1,019 47.3 48.3 25.8 28.1 9.3 8.5 1.5 1.3 16.7 16.2 2.0 1.6

Monnet Ispat Buy 284 344 1,827 2,501 3,264 22.2 24.6 41.8 55.2 6.8 5.1 0.7 0.6 11.3 13.4 1.8 1.3


Market Outlook

Stock Watch

November 22, 2012

7/30/2019 Market Outlook 22-11-12

9/12



Metals & Mining

Nalco Neutral 44 - 11,430 6,898 7,841 9.9 14.7 2.0 3.2 22.4 13.9 1.0 0.9 4.3 6.8 1.2 1.1NMDC Buy 171 198 67,638 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 77 - 31,950 47,252 60,351 14.2 14.8 9.6 11.7 8.1 6.6 0.7 0.7 9.4 10.6 1.1 0.9Sesa Goa Accumulate 166 183 14,418 4,551 6,640 32.8 34.4 33.7 39.3 4.9 4.2 0.8 0.7 18.3 18.3 3.8 2.6

Sterlite Inds Accumulate 96 110 32,296 43,185 45,442 23.3 23.7 16.8 17.9 5.7 5.4 0.6 0.6 11.6 11.2 0.7 0.7Tata Steel Buy 364 463 35,386 145,725 154,108 8.3 9.5 22.0 44.5 16.5 8.2 0.8 0.7 4.9 9.3 0.5 0.5

Sarda Accumulate 134 153 479 1,442 1,494 17.6 17.3 27.2 28.7 4.9 4.7 0.5 0.5 11.5 11.0 0.7 0.7Prakash Industries Buy 47 73 625 2,694 2,906 14.6 16.6 16.4 20.8 2.8 2.2 0.3 0.3 11.4 12.8 0.5 0.3Godawari Power andIspat Buy 117 143 371 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.5 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 328 382 62,566 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 0.9 22.0 17.5 2.8 2.3

GAIL Neutral 348 - 44,086 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 0.5ONGC Buy 252 312 215,855 147,139 154,821 33.9 33.7 30.7 32.3 8.2 7.8 1.4 1.3 18.3 17.2 1.2 1.1Reliance Industries Neutral 770 - 252,222 362,700 380,031 7.9 8.0 60.0 63.3 12.8 12.2 1.2 1.1 11.1 10.6 0.7 0.6

Gujarat Gas* Neutral 300 - 3,841 3,128 3,707 13.2 11.7 22.8 23.5 13.1 12.7 4.0 3.5 33.2 29.2 1.1 0.9Indraprastha Gas Neutral 256 - 3,585 3,213 3,643 23.3 23.5 24.3 25.7 10.5 10.0 2.4 2.0 25.0 22.1 1.2 1.1

Petronet LNG Buy 158 183 11,831 30,077 33,570 6.6 6.3 15.1 15.3 10.4 10.3 2.6 2.2 28.4 23.1 0.4 0.4Gujarat State PetronetLtd. Neutral 72 - 4,060 1,079 1,034 91.8 91.9 8.8 8.4 8.2 8.6 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 63 91 1,187 1,624 1,855 14.2 15.6 6.6 9.1 9.5 6.9 2.4 1.8 27.9 29.9 0.9 0.8 Aurobindo Pharma Neutral 179 - 5,201 5,243 5,767 14.6 14.6 11.8 12.6 15.1 14.2 1.9 1.6 17.9 16.4 1.5 1.3

Aventis* Neutral 2,200 - 5,066 1,482 1,682 15.5 15.5 95.1 104.4 23.1 21.1 4.1 3.2 18.6 17.0 3.1 2.7Cadila Healthcare Accumulate 798 926 16,335 6,148 7,386 18.6 19.6 32.7 44.8 24.4 17.8 5.4 4.3 23.7 26.6 3.1 2.5

Cipla Accumulate 390 419 31,290 8,151 9,130 25.0 24.0 19.5 20.9 20.0 18.7 3.5 3.0 18.8 17.2 3.5 3.0Dr Reddy's Accumulate 1,736 1,859 29,463 10,696 11,662 20.7 21.0 83.7 92.9 20.7 18.7 4.3 3.6 22.4 20.8 3.1 2.7

Dishman Pharma Buy 114 145 917 1,280 1,536 20.2 20.2 10.4 14.5 10.9 7.8 0.9 0.8 8.7 11.0 1.4 1.2GSK Pharma* Neutral 1,997 - 16,912 2,651 2,993 31.7 31.2 76.0 82.4 26.3 24.2 7.6 6.8 20.1 26.3 5.6 4.8

Indoco Remedies Buy 66 89 609 685 837 15.2 15.2 7.4 8.9 8.9 7.4 1.4 1.2 16.4 17.0 1.1 0.9Ipca labs Accumulate 419 485 5,284 2,850 3,474 21.0 21.0 29.9 37.3 14.0 11.2 3.4 2.7 26.7 26.4 2.1 1.7Lupin Accumulate 563 652 25,195 8,426 10,082 19.7 20.0 26.3 31.3 21.4 18.0 5.0 4.0 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 99 - 694 1,667 1,835 13.9 13.9 11.4 13.3 8.6 7.4 0.6 0.5 6.6 7.3 0.9 0.8


Market Outlook

Stock Watch

November 22, 2012

7/30/2019 Market Outlook 22-11-12

10/12



Pharmaceuticals

Ranbaxy* Neutral 517 - 21,861 12,046 11,980 18.0 15.8 31.3 29.8 16.5 17.4 5.6 4.5 39.1 28.9 1.9 1.8Sun Pharma Neutral 699 - 72,312 9,752 12,134 41.6 41.6 26.0 28.2 26.9 24.8 5.0 4.3 20.3 18.8 6.5 5.0

Power

CESC Neutral 277 - 3,457 5,218 5,644 24.2 23.8 44.6 47.6 6.2 5.8 0.7 0.6 11.0 10.6 1.4 1.5GIPCL Accumulate 67 78 1,019 1,523 1,568 30.3 30.3 5.4 11.5 12.5 5.9 0.7 0.6 5.6 11.3 1.1 1.0

NTPC Neutral 162 - 133,577 74,111 85,789 22.7 23.1 12.1 13.7 13.4 11.8 1.6 1.5 12.6 13.2 2.5 2.3

Real Estate Anant Raj Sell 94 78 2,761 657 875 52.0 56.1 8.4 12.7 11.1 7.4 0.7 0.6 6.3 8.9 5.4 4.1

DLF Neutral 202 - 34,295 9,878 12,033 44.7 46.1 9.6 13.4 21.1 15.1 1.3 1.3 6.4 8.7 6.0 4.9HDIL Accumulate 105 115 4,381 2,441 3,344 55.1 48.2 22.7 26.6 4.6 3.9 0.4 0.4 8.8 9.4 3.6 2.7

MLIFE Neutral 431 - 1,758 813 901 26.2 26.6 32.0 37.1 13.5 11.6 1.4 1.3 10.4 11.0 2.4 2.1

Telecom

Bharti Airtel Neutral 307 - 116,698 81,984 90,718 32.1 33.8 10.9 16.9 28.2 18.2 2.2 1.9 7.6 10.6 2.1 1.7

Idea Cellular Neutral 93 - 30,627 22,234 24,161 26.9 27.7 3.3 4.9 28.0 18.8 2.2 1.9 7.7 10.3 1.9 1.7Rcom Neutral 62 - 12,704 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 1,450 1,590 3,081 1,629 1,886 11.8 13.3 60.8 79.5 23.9 18.2 4.9 4.1 22.0 24.4 1.7 1.4Bajaj Electricals Accumulate 199 217 1,981 3,497 3,968 6.6 7.6 9.8 15.5 20.3 12.8 2.6 2.2 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 407 - 515 427 528 15.7 14.6 30.0 34.0 13.6 12.0 3.0 2.4 24.6 22.5 1.3 1.1Cravatex Buy 424 545 110 272 308 7.2 7.3 37.5 45.4 11.3 9.3 2.7 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 922 - 6,474 982 1,136 34.3 34.3 34.3 40.0 26.8 23.1 12.2 9.7 50.9 46.9 6.2 5.2Finolex Cables Buy 48 61 740 2,304 2,552 9.9 9.1 8.2 10.1 5.9 4.8 0.8 0.7 13.7 14.7 0.3 0.2

Force Motors Accumulate 475 537 619 2,318 2,700 5.0 5.7 45.0 67.0 10.6 7.1 0.5 0.5 5.0 7.0 0.2 0.2Goodyear India Buy 308 360 710 1,494 1,607 6.4 7.8 23.9 33.0 12.9 9.3 2.0 1.8 16.5 20.1 0.3 0.2Greenply Industries Neutral 301 - 726 1,925 2,235 10.6 10.9 29.6 44.1 10.2 6.8 1.7 1.4 16.8 21.0 0.7 0.5

Hitachi Buy 124 146 284 873 989 4.4 6.5 6.4 12.2 19.5 10.2 1.6 1.4 8.3 14.4 0.4 0.3Honeywell Automation* Neutral 2,504 - 2,213 1,745 1,993 4.0 5.3 59.5 90.4 42.1 27.7 3.2 2.8 8.1 11.3 1.3 1.2

Styrolution ABS India* Accumulate 632 744 1,111 1,059 1,116 8.5 9.5 36.0 42.0 17.6 15.0 2.6 2.2 15.4 16.0 1.1 1.0ITD Cementation Neutral 250 - 288 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 - 2,816 1,228 1,443 9.0 10.9 3.9 6.4 44.9 27.3 4.4 4.1 10.1 15.6 2.8 2.3MCX Reduce 1,499 1,440 7,645 553 624 65.3 66.3 62.5 72.0 24.0 20.8 6.6 5.7 27.5 27.4 11.1 9.3MRF Buy 9,991 12,884 4,237 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.8 7.0 1.5 1.2 21.3 19.4 0.5 0.4

Page Industries Accumulate 3,345 3,602 3,730 836 1,023 20.2 20.6 105.6 133.4 31.7 25.1 16.1 11.4 59.3 53.2 4.5 3.7


Market Outlook

Stock Watch

November 22, 2012

7/30/2019 Market Outlook 22-11-12

11/12



zOthers

Relaxo Footwears Accumulate 797 933 956 1,019 1,208 11.0 12.5 47.0 66.7 17.0 12.0 4.2 3.1 28.2 30.1 1.1 0.9Sintex Industries Buy 60 79 1,782 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 297 366 278 1,043 1,149 12.3 12.9 65.7 73.3 4.5 4.1 0.9 0.7 21.0 19.6 0.5 0.5S. Kumars Nationwide Neutral 13 - 394 7,134 7,985 19.7 19.4 12.2 14.1 1.1 0.9 0.1 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 37 43 1,811 5,720 6,599 5.3 6.8 3.6 5.4 10.4 7.0 15.0 4.8 - - 0.4 0.4TAJ GVK Buy 74 108 462 300 319 35.8 36.2 7.9 9.1 9.3 8.1 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.3 0.2TVS Srichakra Buy 283 335 216 1,476 1,643 7.0 8.2 32.6 55.9 8.7 5.1 1.4 1.2 16.8 24.8 0.4 0.3United Spirits Neutral 1,810 - 23,673 10,289 11,421 12.8 12.8 26.0 45.3 69.6 40.0 3.2 2.9 5.8 7.6 2.6 2.4

Vesuvius India Neutral 344 - 698 560 611 16.1 17.0 24.7 28.8 13.9 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 21, 2012


Market Outlook

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November 22, 2012

7/30/2019 Market Outlook 22-11-12

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market outlook 22-11-12

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