market outlook 23-11-12

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Market OutlookNovember 23, 2012

Cabinet clears the new drug policy with minor changes

Yesterday the Cabinet cleared the drug Policy, with little changes from the draft

presented earlier. The proposed policy has recommended that the retail price of

essential 348 drugs will be fixed at simple average as proposed to weighted

average price of brands that have more than 1% market share. The extent ofcontrol will be limited to all drugs and combinations mentioned as part of NLEM.

However, any future combinations that include one or more molecules under

NLEM will also come under the preview of price control (under automatic

route).Along with this, the ceiling price of essential drugs will be open to upward or

downward revision by NPPA based on market conditions. The proposed policy is

expected to hit the revenues of the industry by 2%, as per the consultancy firm IMS

Pharmaceuticals.

We do believe that the policy in its current form is negative, but the policy is based

on average price mechanism, much better than the feared cost-plus method and

follows competition. Given the price competition, the policy is unlikely to imply anymajor negative for the sector.

However amongst the domestic and MNC players, MNC players would be

impacted the most, as they mostly price their products much higher than the

competition and derive 100% of their sales from domestic markets. The domestic

companies not having a significantly high exposure to the domestic market, will be

insulated to a large extent, as the pricing is not the key growth driver for their

growth. Thus their products are competitively priced.

Winter Session of Parliament commences

After a stormy monsoon session, the Winter Session of the Parliament commenced

yesterday and is expected to conclude on December 20, 2012 providing about 20

sittings over 29 days. The session has been lined up with some heavy legislative

agenda with the Parliament scheduled to consider and pass 25 bills and introduce

10 bills. In addition, financial business of the house includes discussion and voting

on supplementary demand for grants during the year.

The key bills for consideration and passing include the Companies Bill, 2011, the

PFRDA Bill, 2011, the Banking Laws (Amendment) Bill, 2011, the Insurance Laws

(Amendment) Bill, 2008 and The Lokpal and Lokayuktas Bill, 2011. The

Competition (Amendment) Bill, 2012 is amongst the bills to be introduced in the

Parliament. In the disrupted monsoon session the government managed to pass

merely 4 of the 30 bills planned.

The government has faced heat against its stance on FDI in retail from the

opposition as well as some of its allies and outside supporters. The policy does not

require parliamentary approval but we believe that the decision may be debated.

However the government is unlikely to take a vote on the issue. The bills that are

likely to face opposition include the opening up of insurance sector and pension

sector to foreign investment.

The Trinamool Congress (TMC), which had earlier withdrawn support from the

government in September 2012 on its opposition to some of the key reforms

unleashed, attempted to move a no-confidence motion against the government.

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However it was rejected since it did not have the numbers to support such a

motion. A no-confidence motion in the Lok Sabha (LS) would require at least 10%

or 54 members to vote for it and the TMC with 19 members in the LS is not likely

to garner the support. We do believe that the government is unlikely to face a risk

of survival in spite of being in the minority owing to outside support from the

Bahujan Samaj Party and Samajwadi Party.

Stake sale in Hindustan Copper

The government is kick-starting its divestment process by offloading its stake in

Hindustan Copper through the offer for sale (OFS) route. Hindustan Copper Ltd.

(HCL) is a public sector undertaking and the only company in India engaged in

mining of copper ore, beneficiation, smelting, refining and manufacturing of

down-stream products.

At present, the government stake in the company stands at 99.59% and it intendsto divest 9.59% stake in the company through two tranches of which 4% stake will

be disinvested today. The remaining 5.59% stake will be disinvested in the second

tranche in order to bring down government shareholding to 90%. The paid-up

equity capital of the company, as on March 31, is `462.61cr.Other than HCL, the Cabinet Committee on Economic Affairs (CCEA) has

approved sale of shares in NALCO, SAIL, RINL, BHEL, OIL, MMTC, NMDC and

HAL for disinvestment purpose. Amongst our coverage companies we reiterate our

Accumulate rating on NMDC and Neutral rating on NALCO, SAIL and BHEL. HCL

is the first PSU to be divested during the fiscal year since stake sale in RINL and

NALCO was deferred. In view of the improved market sentiments, the governmentis hopeful of achieving its budgeted divestment target of `30,000cr during FY2013

in order to meet its revised fiscal deficit target of 5.3% of GDP.

Cabinet approves 9.5% stake sale in NTPC

The cabinet has cleared the sale of 9.5% stake in NTPC to raise around `13,000cr

and provide boost to the selloff process. The government holds 84.5% stake in

NTPC and post the offering its stake will come down to 75%. The power ministry

had earlier opposed any immediate sale in NTPC on grounds that the current

stock price of NTPC is much below its 2010 FPO price of `205 per share, and anysale at this juncture would go at a massive discount. However, the government still

decided to go ahead with NTPCs stake sale. The Cabinet also directed the coal

ministry to re-allocate four coal blocks to NTPC that were de-allocated earlier

following slow progress by the company in developing these blocks.

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PVR to acquire Cinemax for`500cr

PVR is set to buy promoters stake of 69% in Cinemax for `500cr. Further, PVR will

acquire another 26% through open offer. The final negotiations over pricing are

still on, but PVR has offered `170-180 per share to buy out the promoters. This is

a premium of 6.25-12.5% to the current trading price of Cinemax, which closedon Thursday at `160. PVR has an ambitious plan to set up 500 screens in India

over next few years. The decision to acquire 141 screens of Cinemax is part of the

plan.

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 3,584 3,604 (1) 2,793 28EBITDA 332 292 14 97 244

EBITDA margin (%) 9.3 8.1 3.5

Net profit 210 169 24 36 477

Economic and Political News

Indian economy could have grown by over 5.5% in 2QFY2013: Moody's Eight FDI proposals in pharma for `1,842cr approved Shome panel recommendations on GAAR being examined: Government Government clears pharma policy; caps prices of 348 drugs Government to re-allocate three coal blocks to NTPC

Corporate News

Sterlite Technologies bags `200cr order to provide set top boxes Hindustan Copper share price fixed at `155/share REC to raise up to `5,000cr via tax free bonds United Bank board approves capital raising plan of `800crSource: 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

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 0.50

6:15PM 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 23, 2012

Market Outlook

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Market StrategyNovember 23, 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, 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. 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

(%)

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

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

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

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

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

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

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 154 - 2,991 1,466 1,686 14.8 14.8 7.0 8.1 22.0 19.0 4.7 4.0 22.6 22.5 2.1 1.8

United Phosphorus Buy 110 170 5,077 8,421 9,263 16.5 16.5 15.0 17.0 7.3 6.5 1.1 0.9 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 258 - 4,411 2,911 3,321 16.2 16.2 17.3 19.8 14.9 13.0 4.1 3.2 31.1 27.6 1.4 1.2

Apollo Tyres Buy 83 104 4,191 13,713 15,341 11.2 11.2 12.5 14.8 6.7 5.6 1.2 1.0 20.2 19.9 0.5 0.4

Ashok Leyland Buy 26 31 6,918 14,490 16,606 9.5 9.6 2.2 2.9 11.7 9.1 2.2 1.9 13.6 16.1 0.6 0.5

Automotive Axle# Buy 370 430 559 993 1,140 11.6 11.5 36.9 43.0 10.0 8.6 2.0 1.7 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,816 - 52,536 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 254 324 5,914 6,754 7,565 15.5 15.7 18.8 23.2 13.6 11.0 2.4 2.0 18.5 19.7 1.0 0.9

Bosch India* Neutral 8,886 - 27,901 8,776 10,276 16.6 18.0 331.9 417.7 26.8 21.3 5.0 4.2 18.7 19.5 2.8 2.4

CEAT Buy 105 163 359 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 11,947 6,229 7,200 14.8 15.8 7.2 9.0 19.6 15.7 3.4 2.9 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,649 - 2,740 1,489 1,750 16.5 17.5 103.3 126.9 16.0 13.0 3.1 2.6 21.3 21.6 1.6 1.3

Hero Motocorp Accumulate 1,803 1,956 35,996 24,743 27,996 14.8 15.2 118.2 130.4 15.3 13.8 6.6 5.2 48.3 41.9 1.2 1.0

JK Tyre Buy 117 165 478 7,517 8,329 6.6 6.6 37.2 41.3 3.1 2.8 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and MahindraNeutral 954 - 58,592 40,035 46,272 11.5 11.6 54.7 62.8 17.5 15.2 3.9 3.3 24.3 23.4 1.2 1.0

Maruti Neutral 1,494 - 43,166 42,019 50,246 7.3 8.6 66.1 94.4 22.6 15.8 2.6 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 165 - 9,709 24,285 27,317 6.7 7.2 8.1 10.6 20.5 15.6 4.3 3.5 22.9 24.7 0.6 0.5

Subros Buy 30 35 178 1,286 1,479 9.4 9.7 2.6 5.1 11.4 5.9 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 259 319 68,986 192,330 219,770 12.8 13.1 37.0 44.5 7.0 5.8 1.9 1.5 31.2 28.9 0.4 0.3

TVS Motor Buy 37 45 1,758 7,466 8,290 6.2 6.3 4.8 5.6 7.7 6.6 1.3 1.2 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 706 573 14,962 7,796 9,907 4.8 7.8 9.2 22.0 76.7 32.1 5.6 4.9 7.5 16.4 1.9 1.5BGR Energy Neutral 259 - 1,866 3,605 4,542 11.8 10.7 25.1 27.9 10.3 9.3 1.5 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 221 - 54,165 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 1.1

Blue Star Buy 189 242 1,699 2,763 2,948 3.1 5.6 2.6 8.6 71.8 22.1 4.2 3.7 5.9 17.6 0.7 0.6

Crompton Greaves Buy 111 145 7,108 12,370 14,277 5.2 7.3 4.0 7.8 27.7 14.2 1.9 1.7 6.9 12.6 0.6 0.5

Jyoti Structures Buy 44 53 365 2,794 3,048 10.6 10.6 9.2 11.7 4.8 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Buy 61 73 1,579 6,858 7,431 7.1 7.5 8.3 9.8 7.4 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 575 - 6,856 5,514 5,813 9.3 10.2 28.1 31.2 20.5 18.4 3.7 3.2 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

November 23, 2012

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Cement

ACC Neutral 1,391 - 26,121 11,085 12,415 21.6 21.4 79.4 83.1 17.5 16.8 3.4 3.1 20.1 19.2 2.1 1.7

Ambuja Cements Neutral 202 - 31,116 10,272 11,884 26.4 26.1 11.5 12.9 17.6 15.6 3.9 3.5 20.8 21.1 2.6 2.2

India Cements Neutral 84 - 2,568 4,293 4,666 17.7 18.1 8.6 10.8 9.7 7.8 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Accumulate 126 143 1,543 2,082 2,423 22.9 23.1 20.8 22.5 6.1 5.6 1.1 0.9 18.4 17.4 0.9 1.1

Madras Cements Neutral 202 - 4,806 3,814 4,045 29.3 27.5 18.7 19.2 10.8 10.5 2.0 1.7 19.9 17.4 1.9 1.7

Shree Cements^ Neutral 4,276 - 14,895 5,701 6,210 29.7 28.1 240.7 260.7 17.8 16.4 4.3 3.5 27.1 23.6 2.0 1.7

UltraTech Cement Neutral 1,896 - 51,970 21,368 24,043 22.5 23.5 103.5 121.4 18.3 15.6 3.4 2.9 20.2 20.1 2.4 2.2Construction

Ashoka Buildcon Buy 205 304 1,079 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 12 - 227 2,262 2,522 6.7 7.5 1.5 2.7 8.3 4.6 0.4 0.3 4.4 7.5 0.4 0.3

IRB Infra Buy 123 164 4,090 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 185 225 3,592 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 2.7

IVRCL Infra Neutral 40 - 1,218 4,249 6,897 7.8 8.2 0.3 3.3 128.7 12.0 0.5 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 90 100 19,158 13,842 15,863 26.9 26.4 3.7 4.6 24.6 19.7 1.5 1.4 6.2 7.3 2.8 2.6

Larsen & Toubro Accumulate 1,591 1,748 97,831 60,556 69,167 11.2 11.6 73.8 85.5 21.6 18.6 3.4 3.0 13.5 14.1 1.8 1.6

Nagarjuna Const. Neutral 42 - 1,080 5,947 6,569 8.5 8.6 3.1 4.1 13.6 10.2 0.4 0.4 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 50 - 1,654 11,892 13,116 9.0 9.0 1.8 3.2 27.5 15.5 0.6 0.5 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 137 182 2,072 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 181 251 894 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 134 152 6,723 6,392 7,238 2.7 2.8 30.3 33.3 4.4 4.0 0.7 0.6 14.8 14.5 - -

Andhra Bank Neutral 103 - 5,741 4,731 5,431 2.9 3.0 21.5 21.8 4.8 4.7 0.8 0.7 15.2 13.8 - -

Axis Bank Buy 1,257 1,476 53,654 15,686 18,687 3.1 3.2 116.8 138.0 10.8 9.1 2.0 1.7 20.0 20.2 - -Bank of Baroda Accumulate 734 817 28,741 15,436 18,208 2.5 2.6 111.8 137.4 6.6 5.3 1.0 0.9 15.8 17.0 - -

Bank of India Accumulate 269 294 15,406 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 - 3,249 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 430 - 19,065 10,699 12,213 2.1 2.2 67.3 80.1 6.4 5.4 0.9 0.8 13.7 14.6 - -

Central Bank Neutral 74 - 5,425 7,171 8,236 2.5 2.6 16.4 21.5 4.5 3.4 0.8 0.6 12.7 14.9 - -

Corporation Bank Accumulate 394 445 5,838 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 Buy 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 7,916 2,617 2,968 3.3 3.2 45.9 51.7 10.1 9.0 1.3 1.1 13.1 13.3 - -


Market Outlook

Stock Watch

November 23, 2012

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Financials

HDFC Neutral 775 - 119,487 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 Reduce 669 621 158,184 21,696 26,811 4.4 4.5 28.7 36.0 23.4 18.6 4.5 3.8 20.7 22.0 - -

ICICI Bank Buy 1,033 1,270 118,748 22,271 26,690 3.0 3.0 69.2 83.1 14.9 12.4 1.8 1.7 14.2 15.7 - -

IDBI Bank Neutral 103 - 13,142 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 176 195 7,583 5,874 6,551 3.2 3.2 40.6 41.8 4.4 4.2 0.7 0.6 18.1 16.4 - -

IOB Neutral 75 - 5,958 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 1,311 - 6,354 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 246 298 12,432 1,799 2,255 2.3 2.4 20.3 27.3 12.1 9.0 1.9 1.7 16.9 19.7 - -

Oriental Bank Accumulate 321 347 9,360 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 734 843 24,897 19,652 22,601 3.2 3.3 135.0 164.3 5.4 4.5 0.9 0.8 16.3 17.3 - -

South Ind.Bank Accumulate 23 25 3,072 1,556 1,750 2.8 2.7 3.5 3.9 6.6 6.0 1.1 1.0 19.1 16.9 - -

St Bk of India Buy 2,100 2,437 140,896 61,883 71,546 3.4 3.4 227.2 257.5 9.2 8.2 1.6 1.4 17.8 17.7 - -

Syndicate Bank Accumulate 119 131 7,142 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 - 4,716 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 231 250 12,712 9,912 11,536 2.8 2.9 40.4 46.7 5.7 5.0 0.9 0.8 16.1 16.4 - -

United Bank Accumulate 67 74 2,417 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 55 - 2,725 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 421 492 15,018 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 3,963 - 38,008 11,198 13,184 16.2 16.2 123.7 146.4 32.0 27.1 10.9 8.6 38.1 35.4 3.3 2.8

Britannia Buy 478 584 5,719 5,627 6,581 4.9 5.7 18.3 24.7 26.2 19.4 9.5 7.3 39.1 42.7 0.9 0.8

Colgate Neutral 1,331 - 18,097 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 123 - 21,412 6,124 7,101 17.0 16.8 4.5 5.2 27.5 23.5 11.3 9.0 43.2 41.5 3.5 3.0

GlaxoSmith Con* Neutral 3,047 - 12,816 3,124 3,663 17.1 17.6 104.5 123.8 29.2 24.6 9.1 7.3 34.4 32.8 3.8 3.1

Godrej Consumer Neutral 670 - 22,800 6,355 7,548 18.4 18.6 22.8 27.6 29.4 24.3 6.7 5.5 26.4 26.1 3.8 3.1

HUL Neutral 524 - 113,328 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 289 - 227,313 29,409 34,060 35.7 36.1 9.3 10.9 31.0 26.4 10.3 8.6 35.8 35.3 7.4 6.4

Marico Neutral 214 - 13,784 4,840 5,643 13.1 13.1 6.2 7.8 34.7 27.5 6.6 5.4 25.4 22.6 2.9 2.4

Nestle* Neutral 4,616 - 44,504 8,529 10,079 20.8 21.1 113.1 137.8 40.8 33.5 24.5 17.1 70.5 60.2 5.3 4.4

Tata Global Neutral 160 - 9,891 7,207 7,927 9.7 10.0 6.6 7.8 24.2 20.5 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

November 23, 2012

7/30/2019 Market Outlook 23-11-12

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IT

HCL Tech^ Neutral 627 - 43,529 24,214 26,772 19.5 18.1 44.0 48.0 14.3 13.1 3.4 2.8 24.0 22.0 1.7 1.5

Hexaware* Buy 102 135 3,020 1,944 2,159 21.8 21.1 11.4 12.2 9.0 8.3 2.3 2.0 26.4 24.1 1.3 1.1

Infosys Accumulate 2,385 2,573 136,940 39,174 41,580 29.5 30.4 159.2 171.6 15.0 13.9 3.6 3.2 24.1 23.1 2.9 2.7

Infotech Enterprises Accumulate 188 202 2,096 1,886 2,032 17.9 17.3 18.7 20.2 10.1 9.3 1.5 1.3 14.9 14.0 0.8 0.6

KPIT Cummins Accumulate 123 132 2,204 2,195 2,317 15.5 15.0 10.7 12.1 11.5 10.2 2.5 2.0 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 104 115 12,293 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 659 747 2,702 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 0.8Mphasis& 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 32 36 529 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.2 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 475 - 1,900 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 1,278 1,410 250,152 61,053 67,313 28.7 29.1 69.7 76.2 18.3 16.8 6.0 4.9 32.6 29.1 3.9 3.5

Tech Mahindra Buy 910 1,070 11,624 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 Accumulate 371 421 91,251 43,219 47,241 20.0 20.0 26.1 28.1 14.2 13.2 2.7 2.4 19.3 17.9 1.8 1.5

Media

D B Corp Buy 212 259 3,884 1,581 1,784 23.3 25.0 11.6 14.4 18.3 14.7 3.5 3.1 21.0 22.3 2.4 2.0

HT Media Accumulate 98 113 2,314 2,111 2,272 15.0 15.2 7.4 8.3 13.4 11.9 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 102 117 3,212 1,503 1,681 23.1 23.1 6.4 7.3 15.9 14.0 3.9 3.5 25.8 26.5 2.3 2.0

PVR Neutral 250 - 722 625 732 17.4 17.1 13.3 15.6 18.8 16.0 2.0 1.8 13.2 13.8 1.6 1.3

Sun TV Network Neutral 378 - 14,883 1,942 2,237 77.2 75.5 17.6 19.1 21.5 19.8 5.4 4.8 25.8 25.2 7.2 6.2

Metals & Mining

Bhushan Steel Neutral 493 - 10,464 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 2.4

Coal India Neutral 355 - 224,073 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 25 29 877 1,984 2,074 10.6 11.6 0.8 2.0 30.3 12.5 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Accumulate 133 145 56,091 12,446 13,538 52.3 52.9 15.0 16.4 8.9 8.1 1.7 1.5 21.4 19.7 2.6 2.0

Hindalco Neutral 108 - 20,697 79,148 89,258 9.4 9.0 15.0 15.6 7.2 7.0 0.6 0.6 8.8 8.4 0.6 0.6

JSW Steel Neutral 715 - 15,953 39,586 41,459 17.6 17.0 78.7 90.1 9.1 7.9 0.9 0.8 10.2 10.7 0.8 0.8

MOIL Accumulate 241 261 4,050 941 1,019 47.3 48.3 25.8 28.1 9.3 8.6 1.5 1.3 16.7 16.2 1.9 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

Nalco Neutral 46 - 11,778 6,898 7,841 9.9 14.7 2.0 3.2 23.1 14.4 1.0 1.0 4.3 6.8 1.2 1.1

NMDC Buy 170 198 67,281 11,209 12,525 78.4 78.3 18.5 20.6 9.2 8.3 2.2 1.9 27.0 24.6 4.1 3.4

SAIL Neutral 78 - 32,218 47,252 60,351 14.2 14.8 9.6 11.7 8.2 6.7 0.7 0.7 9.4 10.6 1.1 0.9


Market Outlook

Stock Watch

November 23, 2012

7/30/2019 Market Outlook 23-11-12

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zOthers

S. Kumars Nationwide Neutral 13 - 385 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 36 43 1,765 5,720 6,599 5.3 6.8 3.6 5.4 10.1 6.8 14.6 4.6 - - 0.4 0.4

TAJ GVK Buy 73 108 457 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 308 384 474 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TVS Srichakra Buy 282 335 216 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 0.3

United Spirits Neutral 1,829 - 23,924 10,289 11,421 12.8 12.8 26.0 45.3 70.4 40.4 3.2 3.0 5.8 7.6 2.7 2.4

Vesuvius India Neutral 344 - 699 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 1.8 15.8 16.2 1.1 1.0Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 22, 2012


Market Outlook

Stock Watch

November 23, 2012

7/30/2019 Market Outlook 23-11-12

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market outlook 23-11-12

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