market outlook 26-08-2013

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Market OutlookAugust 26, 2013

Dealers DiaryIndian markets are expected to open in the green today tracking positive openingtrades in the SGX Nifty and most of the Asian markets.

US markets moved mostly higher over the course of the trading day on Friday,recovering from the lows that were seen in the previous session.

The markets reacted positively to weak new home sales data. The weaker thanexpected data offset some of the recent optimism about the housing marketrecovery and eased concerns about the Federal Reserve scaling back its assetpurchases at its September meeting. The European markets rose higher on Friday,adding to gains of the previous session. The driving force behind the gains for thesecond day in a row was better than expected European economic data. While thestrong German GDP data for the second quarter was unrevised from the initialestimates, the British GDP was revised upward.

Indian markets rose sharply for a second consecutive session on Friday, aided byoptimism about the global economy. Further, reassuring comments from the RBIand Finance Minister P Chidambaram also boosted market sentiments. TheFinance Minister told Parliament today that the RBI's liquidity-tightening measuresaimed at curbing speculation in the forex market would also aid in moderating

inflation.

Markets Today

The trend deciding level for the day is 18,426/ 5,443 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rallyup to 18,640 18,761 / 5,508 5,544 levels. However, if NIFTY trades below18,426/ 5,443 levels for the first half-an-hour of trade then it may correct up to18,305 18,090 / 5,407 5,342 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,090 18,305 18,426 18,640 18,761

NIFTY 5,342 5,407 5,443 5,508 5,544

News Analysis

RIL-BP announce new deepwater gas condensate discovery in Cauvery ONGC to buy stake in Anadarko Mozambique gas block for US$2.64 billion TTMT to observe block closure at the Jamshedpur plant Baring to buy controlling stake in Hexaware for ~US420mn Bank of Maharashtra raises base rate by 25 bps to 10.25%

Refer detailed news analysis on the following page

Net Inflows (August 21, 2013)

` cr Purch Sales Net MTD YTDFII 3,958 4,707 (749) (1,846) 63,552

MFs 836 409 427 509 (13,837)

FII Derivatives (August 23, 2013)

` cr Purch Sales Net Open InterestIndex Futures 2,709 3,371 (662) 17,073

Stock Futures 4,099 3,299 801 28,269

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)United Brew 754 13.7 Gitanjali Gems 73 (4.9)

BHEL 116 8.1 DLF 137 (4.7)

Tech Mahindra 1,367 7.4 Future Retail 67 (4.1)

Jet Air India 317 6.8 Reliance Comm 117 (3.7)

Yes Bank 259 6.8 Ultratech Cem 1,581 (3.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.1 207 18,519

Nifty 1.2 63 5,472

MID CAP 0.9 49 5,359

SMALL CAP 0.7 39 5,248

BSE HC 0.5 41 8,661

BSE PSU 1.1 58 5,227

BANKEX 1.9 203 10,791

AUTO 1.5 152 10,248

METAL 1.0 77 7,817

OIL & GAS 1.6 128 8,191

BSE IT 1.4 102 7,545

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.3 47 15,011NASDAQ 0.5 19 3,658

FTSE 0.7 45 6,492

Nikkei 2.2 295 13,661

Hang Sang (0.1) (32) 21,864

Straits Times (0.0) (1) 3,089

Shanghai Com (0.5) (10) 2,057

Indian ADR Chg (%) (Pts) (Close)INFY 1.6 0.7 $47.6

WIT 2.4 0.2 $9.1IBN 1.3 0.4 $27.7

HDB 1.3 0.4 $30.1

Advances / Declines BSE NSEAdvances 1,352 805

Declines 975 475

Unchanged 142 105

Volumes (` cr)BSE 1,960

NSE 12,081
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RIL-BP announce new deepwater gas condensate discoveryin Cauvery basin

Reliance Industries Limited (RIL) and its exploration partner BP have announced a

new gas condensate discovery off the east coast of India in the Cauvery basin. The

discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62km fromthe coast in the Cauvery Basin and is the second gas discovery in the block. RIL is

the operator in this block with 70% equity and BP has a 30% share. The company

has notified this discovery named D-56 to the Government of India and

Directorate General of Hydrocarbons (DGH). We await further clarity on the

quantum of reserves addition from this discovery and until then we maintain ourBuy rating on the stock with a target price of `959.

ONGC to buy stake in Anadarko Mozambique gas block forUS$2.64 billion

Media reports suggest that ONGC is planning to buy a 10% stake in a gas field of

Anadarko Petroleum Corp in the offshore Mozambique for US$2.64bn. The deal

for Mozambique's offshore Area 1 is expected to close around the end of this year.

ONGC has been facing diminishing supplies from its aging oil and gas fields in

India and has been buying interests in overseas assets. The exact details of the

deal are still awaited and until further clarity emerges on the deal we maintain ourBuy rating on the stock with a target price of `352.

TTMT to observe block closure at the Jamshedpur plant

According to media reports, Tata Motors (TTMT) is likely to observe a three day

block closure at its Jamshedpur plant starting from August 29, 2013. The

Jamshedpur plant of the company manufactures medium and heavy commercial

vehicles (MHCV) and has a capacity of around 150,000 units per year. The

production shutdown has been undertaken considering the weak demand

environment and is basically to avoid unnecessary buildup of inventory and align

the production as per the market demand. We are not surprised by the company's

decision given that the MHCV demand remains extremely weak and we believe

that this exercise of aligning production in-line with the market demand will help

the company curtail costs and prevent inventory build-up. Nevertheless, we remain

positive on Tata Motors primarily due to the sustained momentum witnessed at

Jaguar and Land Rover driven by the success of the new launches. We maintainour Buy rating on the stock with an SOTP based target price of `355.

Baring to buy controlling stake in Hexaware for ~US420mn

Baring Private Equity Asia has agreed to buy a controlling stake in Indian

outsourcing service provider Hexaware Technologies Ltd for about US$420mn.

Baring will buy out promoters led by Atul Nishar and GA Global Investment Ltd's

41.8% stake for about US$260mn. It will then have to make a mandatory tenderoffer for up to 26% for ~US$160mn. It will buy Hexaware founders' 27.7% stake

and 14.1% from private equity firm General Atlantic at `126 or `135 per share for

an aggregate `1,575cr to `1,687cr (~US$242-260mn), with the higher price

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payable should the private equity firm manage to acquire 50% or more. The price

for the tender offer to acquire the additional 26% stake in Hexaware has been set

at `135 rupees a share, a premium of nearly 12% over its Friday closing market

price.

The deal, which is subject to regulatory approvals, will be the fourth largestacquisition of an Indian company this year and fifth largest in the technology

sector. Morgan Stanley and Credit Suisse advised Hexaware founders and General

Atlantic on the deal. In India, buyout opportunities for private equity firms are rare

and the deal highlights the surging interest in IT firms on expectations of lucrative

outsourcing contracts from global corporations trying to cut costs and boost

efficiency. The deal does not have an impact on the operational front as the

existing management team led by Mr. P. R. Chandrasekar, CEO, will remain at the

helm which will ensure continuity in relationships with all stakeholders. Mr. Atul

Nishar, the current chairman, will continue as non-executive chairman of

Hexaware.

While the news of possible stake sale by the promoters and General Atlantic was

doing rounds for almost one and a half year, the valuation at which it will be done

was keenly watched by investors. This agreement implies a premium of 4.2%-

11.7% to the current market price. We maintain our Accumulate rating on thestock with a revised target price of `134.

Bank of Maharashtra raises base rate by 25 bps to 10.25%

Bank of Maharashtra has raised its base rates by 25bp to 10.25%, effective from

today. Recent liquidity tightening measures has exposed banks (more particularlythe wholesale funded ones) to increased funding costs and thereby putting

pressures on the margins. Earlier private lenders like Yes Bank, HDFC Bank, Axis

Bank, HDFC & Andhra Bank have also raised their benchmark lending rates.We

believe that as liquidity tightening measures are likely to remain over near term,

transmission of higher-than-anticipated interest rates into broader segments can

be expected, as other banks might also follow these banks.

Economic and Political News

Enhancing capacity to protect cyber, telephony data: Sibal Fertiliser demand for all states fully met: Jena Health Ministry to set up expert panel to frame biotech law CCI to take up 1.72 lakh cr power projects on Monday 94 hydel plants stuck due to delay in clearances: Jyotiraditya Scindia Government to bid two UMPPs worth Rs 40,000 crore in a month EGoM clears changes to bidding norms for thermal power plants

Corporate News

Low Nano sales hit compensation to vendors Cairn Energy values Cairn India stake at $955.6mn DCGI asked to check quality of drugs sold by Ranbaxy: Govt CII bats for floating of sovereign bonds RBI slaps Rs 6.5 cr penalty on 6 PSU banks for KYC violations CIL restructuring: Govt may zero-in on study consultant this week

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

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Date Company

August 29, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

August 27, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 80.30 --

August 29, 2013 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.70 --

1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --

August 30, 2013 5:30PM India Qtrly GDP YoY% % Change 2Q 4.80 --

September 1, 2013 6:30AM China PMI Manufacturing Value Aug 50.30 --

September 2, 2013 2:00PM UK PMI Manufacturing Value Aug 54.60 --

September 5, 2013 4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Sep 5 0.50 --

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 --6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 --

6:00PM US Unnemployment rate % Aug 7.40 --

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 --

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 --

September 10, 2013 4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

11:00AM China Industrial Production (YoY) % Change Aug 9.70 --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

September 18, 2013 11:30PM US FOMC rate decision % Sep 18 0.25 --

11:00AM India RBI Repo rate % Sep 18 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --

October 18, 2013 7:30AM China Real GDP (YoY) % Change 3Q 7.50 --


August 26, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G DP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imp orts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Jun-1

3

Jul-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-12

Sep-12

Oct-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-13

Feb-13

Mar-13

Apr-13

Apr-13

Ma-13

Jun-13

Jun-13

Jul-13

Aug-13

Repo rate Reverse Repo rate CRR(%)

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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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 145 - 2,821 1,674 1,923 13.7 13.7 6.8 7.6 21.3 19.1 4.0 3.5 20.0 19.6 1.8 1.6

United Phosphorus Buy 144 225 6,376 10,091 11,302 16.5 16.5 19.2 22.5 7.5 6.4 1.2 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 249 305 4,246 3,474 3,952 15.5 15.5 19.0 21.0 13.1 11.8 3.2 2.6 27.2 24.2 1.2 1.0

Apollo Tyres Neutral 62 - 3,127 13,409 15,106 11.8 11.6 13.1 15.4 4.7 4.0 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,448 12,945 15,049 6.3 8.2 0.2 1.5 74.5 8.6 1.1 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 200 - 302 700 890 8.7 10.7 11.1 25.8 18.0 7.8 1.1 1.0 6.2 13.9 0.5 0.4Bajaj Auto Buy 1,780 2,115 51,515 22,042 25,399 19.3 19.3 121.1 141.0 14.7 12.6 5.2 4.1 39.4 36.6 1.9 1.6

Bharat Forge Accumulate 229 256 5,326 5,942 6,417 15.2 15.5 15.6 19.7 14.6 11.6 2.1 1.9 15.4 17.3 1.1 0.9

Bosch India* Accumulate 8,151 9,096 25,594 9,301 10,895 16.8 18.0 339.9 423.1 24.0 19.3 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 114 170 411 5,159 5,628 9.3 9.0 43.5 48.6 2.6 2.4 0.5 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 128 148 10,855 6,899 7,873 14.7 14.7 7.9 9.0 16.1 14.1 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,160 - 1,928 1,336 1,572 13.8 16.0 75.6 102.4 15.3 11.3 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,901 2,048 37,962 25,562 28,297 14.5 14.4 111.2 146.3 17.1 13.0 6.3 4.9 40.1 42.1 1.3 1.1

JK Tyre Buy 89 152 366 7,376 8,262 10.0 9.8 56.0 60.9 1.6 1.5 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 814 1,011 50,161 42,318 48,067 12.0 12.2 58.5 67.1 13.9 12.1 2.8 2.4 21.6 21.1 0.9 0.8

Maruti Buy 1,295 1,648 39,130 45,862 52,647 11.2 11.1 94.6 109.9 13.7 11.8 1.9 1.6 14.4 14.6 0.7 0.6

Motherson Sumi Buy 206 242 12,113 28,442 31,914 8.4 8.7 13.0 16.1 15.9 12.8 4.2 3.3 29.4 28.6 0.5 0.5

Subros Buy 19 23 114 1,230 1,398 10.5 10.5 2.3 3.8 8.2 5.0 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 301 355 81,065 215,043 240,077 13.5 13.7 38.7 44.1 7.8 6.8 2.0 1.5 28.5 25.1 0.4 0.4

TVS Motor Accumulate 31 36 1,473 7,659 8,528 6.0 6.2 4.9 5.9 6.4 5.2 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 479 442 10,140 8,037 9,087 5.8 6.9 12.2 17.0 39.2 28.2 3.8 3.6 9.8 13.1 1.2 1.1BGR Energy Neutral 102 - 734 3,541 4,041 11.8 10.7 21.1 22.9 4.8 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 116 - 28,417 42,227 38,453 16.0 14.4 18.8 15.0 6.2 7.7 1.3 1.1 21.7 15.4 0.5 0.6

Blue Star Buy 136 208 1,222 2,941 3,099 3.4 4.2 6.0 9.3 22.7 14.6 2.8 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 82 103 5,267 13,446 15,272 6.7 7.6 6.6 8.9 12.4 9.2 1.4 1.2 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 17 - 143 3,312 3,555 9.0 9.0 4.5 6.5 3.9 2.7 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 643 7,709 8,399 6.2 6.9 5.1 8.1 4.9 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 542 - 6,460 5,832 6,397 9.1 9.6 28.8 32.9 18.8 16.5 3.1 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 990 1,361 18,594 11,581 13,009 17.6 19.3 63.9 81.5 15.5 12.2 2.3 2.1 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

August 26, 2013

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Cement

Ambuja Cements Neutral 159 - 24,630 9,975 11,409 22.4 23.1 9.4 11.1 17.0 14.3 2.6 2.4 15.7 17.2 2.0 1.6

India Cements Neutral 49 - 1,514 4,796 5,357 16.4 16.1 7.3 9.5 6.7 5.2 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 59 79 698 2,235 2,684 19.4 21.4 15.0 18.4 4.0 3.2 0.5 0.4 13.2 14.3 0.5 0.9

Madras Cements Neutral 145 - 3,447 4,010 4,524 23.5 23.4 14.9 18.3 9.8 7.9 1.3 1.1 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,623 - 12,621 6,316 7,162 26.5 25.7 294.6 340.5 12.3 10.6 2.7 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,581 - 43,359 22,021 25,274 22.0 21.6 99.5 113.3 15.9 14.0 2.5 2.2 16.7 16.6 2.0 1.8

ConstructionAshoka Buildcon Buy 48 60 760 1,912 2,131 21.0 21.5 5.0 5.5 9.6 8.8 0.7 0.7 8.8 7.6 1.7 1.8

Consolidated Co Neutral 7 - 132 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.4) (19.7) 0.3 0.3 0.5 0.5

IRB Infra Buy 71 106 2,375 3,805 4,248 45.1 45.3 15.0 15.8 4.8 4.5 0.7 0.6 14.5 13.9 2.8 3.1

ITNL Buy 120 156 2,333 7,423 7,970 27.5 28.7 30.3 32.0 4.0 3.8 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 317 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.2) (5.2) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 34 41 7,534 12,946 14,897 24.7 25.6 1.2 2.7 27.7 12.7 0.6 0.5 2.0 4.3 2.5 2.2

Larsen & Toubro Buy 739 1,002 68,353 68,946 78,040 10.0 10.0 49.0 55.2 15.1 13.4 2.2 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 19 30 475 6,167 6,945 8.0 8.2 2.7 3.6 6.9 5.1 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 734 12,726 14,226 8.2 8.2 0.9 1.0 25.7 21.6 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 57 99 869 2,462 2,731 10.6 10.6 5.3 6.0 10.9 9.6 1.0 0.9 9.2 9.6 0.6 0.6

Simplex Infra Buy 44 56 216 6,237 6,908 9.1 9.0 9.9 13.9 4.4 3.1 0.2 0.2 3.7 5.0 0.5 0.4

Unity Infra Neutral 19 - 138 2,146 2,339 12.9 13.0 9.3 9.6 2.0 1.9 0.2 0.1 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 71 - 3,565 6,843 7,528 2.5 2.5 26.0 30.1 2.8 2.4 0.4 0.4 11.8 12.4 - -

Andhra Bank Neutral 54 - 2,997 4,868 5,390 2.4 2.5 12.3 16.6 4.4 3.2 0.4 0.4 7.9 10.0 - -

Axis Bank Accumulate 982 1,116 46,043 19,280 22,886 3.3 3.3 130.7 157.1 7.5 6.3 1.2 1.1 17.3 18.1 - -Bank of Baroda Neutral 471 - 19,822 15,896 17,947 2.2 2.3 95.4 124.4 4.9 3.8 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 148 - 8,790 14,482 16,069 2.3 2.2 55.0 62.2 2.7 2.4 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,524 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 213 - 9,418 11,454 12,378 2.0 2.0 52.4 60.5 4.1 3.5 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 53 - 5,494 8,196 9,202 2.4 2.4 6.1 15.9 8.7 3.3 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 262 - 4,010 5,641 6,083 2.0 2.0 82.7 98.1 3.2 2.7 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 46 - 1,623 3,307 3,531 2.2 2.4 17.5 21.6 2.7 2.1 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 285 - 4,878 2,798 3,250 3.0 3.0 38.1 51.9 7.5 5.5 0.7 0.7 9.8 12.3 - -


Market Outlook

Stock Watch

August 26, 2013

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Financials

HDFC Accumulate 741 821 115,124 8,679 10,350 3.6 3.6 37.5 44.7 19.7 16.6 4.1 3.7 30.1 30.7 - -

HDFC Bank Buy 608 713 145,165 27,392 33,264 4.6 4.6 36.3 45.1 16.7 13.5 3.4 2.9 21.9 22.8 - -

ICICI Bank Accumulate 852 980 98,380 25,727 29,969 3.2 3.2 83.2 96.7 10.2 8.8 1.4 1.2 14.9 15.4 - -

IDBI Bank Neutral 58 - 7,717 9,518 10,468 2.0 2.0 15.5 22.1 3.7 2.6 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 68 - 2,907 5,940 6,396 2.7 2.7 24.9 32.9 2.7 2.1 0.3 0.3 10.3 12.4 - -

IOB Neutral 40 - 3,683 7,692 8,627 2.2 2.3 8.1 15.2 4.9 2.6 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,124 - 5,448 3,038 3,370 3.7 3.9 214.2 202.6 5.3 5.6 1.0 0.9 19.8 16.3 - -LIC Housing Finance Neutral 168 - 8,478 2,001 2,495 2.2 2.3 23.8 28.8 7.1 5.8 1.2 1.0 17.3 18.2 - -

Oriental Bank Neutral 136 - 3,966 6,918 7,459 2.6 2.5 46.7 52.5 2.9 2.6 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 483 - 17,078 20,766 23,515 3.4 3.4 135.0 164.8 3.6 2.9 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,709 1,800 2,023 2.7 2.7 3.7 4.2 5.4 4.8 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,559 - 106,672 65,392 74,467 3.0 3.0 178.5 226.1 8.7 6.9 1.1 1.0 12.1 14.0 - -

Syndicate Bank Neutral 65 - 3,892 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.8 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 53 - 4,023 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.4 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 114 - 6,777 10,458 11,809 2.5 2.5 32.0 40.6 3.5 2.8 0.4 0.4 11.6 13.4 - -

United Bank Neutral 34 - 1,280 3,386 3,884 2.3 2.5 12.4 20.0 2.8 1.7 0.3 0.3 10.0 14.7 - -

Vijaya Bank Neutral 36 - 1,791 2,718 2,941 1.8 1.9 7.0 9.0 5.2 4.0 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 259 - 9,338 4,417 5,486 2.7 2.8 42.9 49.5 6.0 5.2 1.3 1.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 421 - 40,334 12,332 14,524 16.3 16.1 13.9 16.0 30.3 26.2 9.6 7.6 35.2 32.5 3.2 2.6

Britannia Neutral 715 - 8,566 6,422 7,367 6.9 7.3 24.2 29.7 29.6 24.1 10.5 8.1 39.6 37.7 1.3 1.1

Colgate Neutral 1,240 - 16,858 3,588 4,130 18.9 19.4 41.2 48.4 30.1 25.6 26.7 20.7 100.0 91.0 4.5 3.9

Dabur India Neutral 150 - 26,085 7,183 8,297 16.8 16.9 5.4 6.3 28.0 23.8 9.8 7.8 39.2 36.7 3.7 3.1

GlaxoSmith Con* Neutral 4,014 - 16,880 3,617 4,259 16.1 16.4 122.2 148.7 32.9 27.0 10.2 8.2 34.1 33.7 4.2 3.5

Godrej Consumer Neutral 811 - 27,606 7,801 9,017 16.2 15.9 25.1 29.7 32.3 27.3 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 602 - 130,087 28,415 31,962 13.6 14.1 16.7 18.2 36.1 33.1 34.7 25.1 112.2 88.1 4.4 3.9

ITC Neutral 308 - 243,916 34,294 39,991 36.8 37.0 11.3 13.3 27.3 23.1 9.0 7.3 36.1 34.9 6.8 5.8

Marico Neutral 208 - 13,387 5,104 5,876 15.1 15.2 7.2 8.6 29.1 24.2 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 4,881 - 47,056 9,330 10,860 21.8 21.9 123.3 149.7 39.6 32.6 19.4 14.2 56.4 50.3 5.1 4.3

Tata Global Neutral 147 - 9,075 8,070 8,958 9.8 9.9 7.6 8.5 19.4 17.3 2.3 2.2 9.3 9.7 1.1 1.0


Market Outlook

Stock Watch

August 26, 2013

7/30/2019 Market Outlook 26-08-2013

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IT

HCL Tech^ Accumulate 947 1,070 65,988 32,266 35,103 23.5 22.6 69.7 74.0 13.6 12.8 3.7 3.0 26.5 23.0 1.8 1.6

Hexaware* Accumulate 121 128 3,608 2,273 2,575 22.2 21.5 12.4 13.4 9.7 9.0 2.5 2.1 25.4 23.5 1.4 1.2

Infosys Neutral 2,999 - 172,185 48,731 52,962 26.9 27.1 180.8 200.3 16.6 15.0 3.6 3.1 20.4 19.3 2.9 2.6

Infotech Enterprises Accumulate 175 190 1,959 2,128 2,341 17.2 17.6 21.3 23.2 8.2 7.6 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Buy 131 155 2,535 2,769 3,122 18.3 17.8 15.3 16.6 8.6 7.9 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Accumulate 999 1,060 4,154 2,871 3,110 20.4 20.7 102.6 111.2 9.7 9.0 2.3 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 394 450 8,281 6,827 7,342 21.0 21.2 47.0 51.3 8.4 7.7 1.5 1.3 14.3 14.2 0.8 0.6NIIT Neutral 20 - 330 1,144 1,267 9.0 9.1 4.3 5.4 4.7 3.7 0.5 0.4 10.3 12.0 0.1 -

Persistent Neutral 559 - 2,235 1,590 1,774 23.5 23.8 48.5 56.9 11.5 9.8 1.9 1.6 16.4 16.1 1.0 0.8

TCS Accumulate 1,828 2,015 357,800 80,353 91,576 30.0 30.0 91.0 103.2 20.1 17.7 6.5 5.2 31.5 29.2 4.2 3.6

Tech Mahindra Accumulate 1,367 1,485 31,755 17,749 19,406 22.5 21.0 113.6 114.2 12.0 12.0 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 448 - 110,521 43,610 47,320 21.6 22.2 30.0 33.0 15.0 13.6 3.3 2.8 20.7 19.4 2.1 1.8

Media

D B Corp Accumulate 237 267 4,350 1,783 1,968 23.8 25.0 13.6 16.0 17.4 14.8 4.2 3.7 22.5 22.9 2.3 2.1

HT Media Buy 89 112 2,100 2,205 2,380 14.1 14.4 7.6 8.4 11.8 10.6 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 84 104 2,785 1,683 1,845 19.7 20.8 5.9 6.9 14.3 12.2 2.7 2.5 19.4 21.2 1.7 1.6

PVR Neutral 368 - 1,460 1,359 1,540 17.3 17.4 17.2 21.6 21.3 17.1 2.1 2.0 10.3 12.0 1.5 1.3

Sun TV Network Neutral 371 - 14,624 2,287 2,551 69.7 70.5 20.0 23.3 18.6 15.9 4.6 4.0 26.4 27.3 6.0 5.3

Metals & Mining

Bhushan Steel Reduce 460 419 10,425 12,640 15,667 28.5 31.5 25.9 38.6 17.8 11.9 1.1 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 270 - 170,416 68,303 69,884 32.5 30.3 27.5 25.0 9.8 10.8 3.7 2.6 40.2 33.1 1.6 1.6

Electrosteel Castings Buy 11 15 355 1,976 2,017 11.8 12.7 0.1 1.2 170.0 9.0 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 86 115 2,749 1,701 1,985 47.8 48.8 17.4 20.6 5.0 4.2 1.0 0.8 20.7 20.9 1.1 0.8Hind. Zinc Buy 116 143 48,845 12,389 13,093 48.5 51.7 15.2 17.0 7.6 6.8 1.3 1.1 18.5 18.0 1.8 1.3

Hindalco Neutral 104 - 19,835 95,465 102,491 8.4 9.0 13.9 17.2 7.5 6.0 0.5 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 545 - 13,167 45,022 48,140 16.0 15.9 68.5 77.0 8.0 7.1 0.7 0.7 9.3 9.7 0.8 0.7

MOIL Accumulate 210 223 3,525 956 982 42.3 44.3 25.3 26.2 8.3 8.0 1.2 1.0 14.6 13.7 1.0 1.1

Monnet Ispat Buy 107 139 681 2,199 2,575 21.6 22.8 30.7 38.6 3.5 2.8 0.3 0.2 7.7 8.9 1.4 1.1

Nalco Neutral 29 - 7,410 7,270 7,521 13.6 13.8 2.8 2.9 10.4 9.9 0.6 0.6 5.9 6.0 0.4 0.4

NMDC Buy 117 142 46,268 10,718 11,514 66.6 64.5 15.5 16.1 7.5 7.3 1.5 1.4 21.2 20.0 2.2 2.1

SAIL Neutral 47 - 19,349 44,060 54,227 9.2 10.9 5.3 6.8 8.9 6.9 0.5 0.5 5.2 6.5 0.7 0.6


Market Outlook

Stock Watch

August 26, 2013

7/30/2019 Market Outlook 26-08-2013

10/13



Metals & Mining

Sesa Goa Accumulate 153 164 13,289 3,817 5,781 12.1 17.7 27.0 29.6 5.7 5.2 0.7 0.6 12.9 12.5 4.3 2.8

Sterlite Inds Accumulate 88 99 29,490 44,493 45,599 22.4 23.9 16.8 19.2 5.2 4.6 0.5 0.5 10.5 10.9 0.6 0.5

Tata Steel Accumulate 282 313 27,413 153,862 167,209 9.9 10.7 39.0 56.0 7.2 5.0 0.7 0.7 10.6 13.6 0.5 0.5

Sarda Buy 83 98 296 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 408 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.1 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 72 78 234 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.5 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Buy 310 364 59,196 18,403 17,925 71.9 62.1 62.1 57.4 5.0 5.4 1.0 0.9 22.6 17.8 2.0 1.8

GAIL Neutral 305 - 38,657 49,700 48,822 16.0 16.6 32.9 33.4 9.3 9.1 1.4 1.3 15.9 14.4 0.3 0.2

ONGC Buy 277 352 236,602 169,963 196,050 35.3 36.6 33.4 38.7 8.3 7.2 1.4 1.2 17.7 18.2 1.1 0.8

Reliance Industries Buy 819 959 264,597 417,856 442,434 8.6 8.4 74.2 77.7 11.0 10.5 1.2 1.1 12.6 11.9 0.6 0.6

Gujarat Gas* Neutral 203 - 2,600 3,270 3,414 12.8 12.6 22.6 23.1 9.0 8.8 2.4 2.1 28.2 25.6 0.7 0.5

Indraprastha Gas Neutral 272 - 3,803 3,656 4,456 21.5 18.6 25.7 26.8 10.6 10.1 2.2 1.9 22.1 19.6 1.1 0.8

Petronet LNG Accumulate 125 135 9,356 39,449 43,315 5.3 5.9 14.1 16.9 8.9 7.4 1.8 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 53 67 2,994 1,002 1,021 91.4 91.5 8.2 8.4 6.5 6.4 0.9 0.8 14.3 13.0 2.5 2.3

Pharmaceuticals

Alembic Pharma Buy 141 165 2,657 1,736 2,008 17.1 18.9 10.7 13.9 13.2 10.1 4.1 3.1 35.0 34.7 1.6 1.3

Aurobindo Pharma Buy 180 269 5,227 6,641 7,637 15.9 15.9 17.3 20.6 10.4 8.7 1.7 1.4 19.5 18.9 1.2 1.1

Aventis* Neutral 2,394 - 5,513 1,682 1,917 15.6 15.6 91.9 101.7 26.1 23.5 3.7 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 663 894 13,574 7,123 8,367 15.5 15.7 37.3 44.7 17.8 14.8 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 396 477 31,796 9,274 10,796 23.1 23.1 21.0 23.8 18.9 16.6 3.0 2.6 17.2 16.8 3.2 2.6

Dr Reddy's Buy 2,118 2,535 35,998 13,377 15,350 20.4 20.1 112.1 126.6 18.9 16.7 4.0 3.3 23.5 21.8 2.8 2.4

Dishman Pharma Buy 44 73 358 1,394 1,534 22.5 22.4 14.8 16.6 3.0 2.7 0.3 0.3 10.8 11.0 0.9 0.8

GSK Pharma* Neutral 2,282 - 19,330 2,744 2,964 22.0 23.4 59.2 66.6 38.6 34.3 9.6 9.2 24.9 27.5 6.2 5.7

Indoco Remedies Buy 64 78 591 747 906 15.3 15.3 5.9 7.6 10.9 8.4 1.3 1.2 12.5 14.4 1.0 0.9

Ipca labs Accumulate 623 674 7,864 3,246 3,830 20.5 21.7 36.2 44.9 17.2 13.9 4.0 3.2 26.1 25.7 2.6 2.2

Lupin Accumulate 790 904 35,390 11,576 13,855 22.0 22.0 35.8 43.0 22.1 18.4 5.4 4.3 27.1 25.8 3.1 2.6

Ranbaxy* Accumulate 385 426 16,290 10,400 11,331 6.6 8.4 11.4 15.2 33.8 25.3 3.6 3.1 11.1 13.1 1.7 1.5

Sun Pharma Neutral 507 - 105,057 13,509 15,846 41.0 41.0 16.5 19.9 30.7 25.5 6.2 5.1 22.0 22.0 7.2 6.0

Power

GIPCL Buy 56 65 842 1,444 1,482 33.4 33.0 13.7 14.8 4.1 3.8 0.5 0.4 12.3 12.0 0.7 0.4

NTPC Buy 129 163 106,366 75,046 81,780 23.5 23.9 12.7 13.6 10.2 9.5 1.2 1.1 12.2 12.0 2.1 2.1


Market Outlook

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7/30/2019 Market Outlook 26-08-2013

11/13



Real Estate

DLF Buy 137 179 24,401 8,293 9,622 36.5 36.1 5.7 6.7 24.0 20.3 0.9 0.8 3.7 4.1 5.0 4.2

MLIFE Accumulate 439 483 1,791 888 1,002 27.0 29.9 33.9 42.1 12.9 10.4 1.3 1.2 9.9 11.2 2.6 2.3

Telecom

Bharti Airtel Accumulate 309 350 123,360 83,535 92,173 32.0 33.1 9.2 12.9 33.6 23.9 2.2 2.0 6.8 8.9 2.2 1.9

Idea Cellular Neutral 157 - 52,047 26,717 29,443 30.6 29.8 5.5 6.7 28.8 23.3 3.2 2.8 11.1 12.0 2.3 2.0

Rcom Neutral 117 - 24,077 22,050 23,647 30.6 30.8 3.2 5.2 36.5 22.4 0.7 0.7 1.9 3.1 2.8 2.5

OthersAbbott India* Buy 1,359 1,628 2,887 1,788 1,996 12.5 12.7 71.7 81.4 18.9 16.7 3.8 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 158 184 1,580 3,885 4,472 4.0 5.8 6.8 15.4 23.5 10.3 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 508 613 643 631 797 14.5 13.7 42.6 51.1 11.9 10.0 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 260 307 67 248 284 6.5 7.3 27.2 38.2 9.6 6.8 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 53 68 804 2,563 2,899 9.8 9.8 10.1 11.3 5.2 4.7 0.8 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 284 349 370 2,304 2,649 3.1 3.6 28.0 43.7 10.2 6.5 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 306 345 706 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.3 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 120 153 327 1,080 1,199 8.9 9.1 18.3 19.1 6.6 6.3 1.2 1.0 19.2 17.0 0.4 0.4

Honeywell Automation* Neutral 2,308 - 2,041 1,842 2,131 7.7 7.8 111.1 130.9 20.8 17.6 2.6 2.3 13.3 13.9 1.0 0.9

IFB Agro Buy 134 156 121 491 642 12.3 13.8 35.0 50.9 3.8 2.6 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 154 194 177 1,365 1,502 10.9 11.2 18.2 28.0 8.5 5.5 0.4 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 164 199 2,719 1,244 1,523 14.1 14.2 5.9 10.0 27.7 16.5 3.3 2.9 12.7 18.8 2.5 2.0

MRF Buy 13,208 16,218 5,602 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.4 7.3 1.6 1.3 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,085 4,669 4,556 1,059 1,296 19.5 19.8 125.0 155.6 32.7 26.3 16.2 11.9 56.3 52.2 4.4 3.6

Relaxo Footwears Buy 740 981 888 1,196 1,401 11.9 12.6 55.6 75.4 13.3 9.8 3.2 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 196 228 183 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.6 0.5 0.4 16.8 18.1 0.4 0.3Styrolution ABS India* Buy 347 492 610 1,007 1,108 8.4 8.7 30.3 35.1 11.5 9.9 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 56 108 350 300 319 35.8 36.2 7.9 9.1 7.1 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 261 371 401 814 849 17.0 17.6 64.6 69.2 4.0 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 495 632 384 416 481 4.5 6.1 16.2 25.3 30.5 19.5 3.8 3.3 12.6 18.1 0.8 0.7

Tree House Buy 240 297 863 153 194 53.0 52.8 12.4 15.6 19.4 15.4 2.3 2.0 11.8 13.1 5.8 4.4

TVS Srichakra Buy 170 230 130 1,591 1,720 6.1 6.4 30.5 38.3 5.6 4.4 0.7 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,208 - 32,093 12,294 14,162 12.0 12.0 42.1 67.7 52.5 32.6 3.7 3.3 9.1 10.7 3.0 2.5

Vesuvius India* Buy 362 439 735 600 638 20.1 19.4 35.7 36.6 10.2 9.9 1.8 1.6 19.4 17.1 1.0 0.9


Market Outlook

Stock Watch

August 26, 2013

7/30/2019 Market Outlook 26-08-2013

12/13



Others

HSIL Buy 84 117 551 2,042 2,363 14.6 14.8 12.3 16.5 6.8 5.1 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 23, 2013


Market Outlook

Stock Watch

August 26, 2013

7/30/2019 Market Outlook 26-08-2013

13/13

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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market outlook 26-08-2013

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