market outlook 2nd may 2012

8/2/2019 Market Outlook 2nd May 2012

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Market OutlookMay 2, 2012

www.angelbroking.com

Dealers Diary

The Indian markets are expected to open in green tracking positive cues from

Asian markets. Asian stocks gained as manufacturing in the U.S. unexpectedly

expanded in April at the fastest pace in 10 months, boosting the outlook for the

regions exporters.

The US markets moved sharply up in the morning trade on Tuesday; however gave

up some ground before closing for the day. The rally seen in morning trading

came on the heels of the release of a report from the Institute for Supply

Management showing that activity in the U.S. manufacturing sector unexpectedly

expanded at a faster rate in the month of April. The U.K. market got off to a

positive start, but pulled back from its intraday high after the country's weaker than

expected manufacturing report. The UK's manufacturing sector growth slowed in

April amid sharp decline in new export orders.

Indian shares meanwhile ended Monday's session on a firm note, with hopes for

more monetary stimulus from the U.S. Federal Reserve underpinning sentiment.Markets TodayThe trend deciding level for the day is 17,291 / 5,237 levels. If NIFTY trades above

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

up to 17,387 17,455 / 5,273 5,298 levels. However, if NIFTY trades below

17,291 / 5,237 levels for the first half-an-hour of trade then it may correct up to

17,223 17,127 / 5,212 5,177 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 17,127 17,223 17,291 17,387 17,455NIFTY 5,177 5,212 5,237 5,273 5,298News Analysis IPO Note : Samvardhana Motherson Finance Ltd. Avoid Auto sales numbers April 2012 Aditya Birla Nuvo to buy Pantaloons retail chain 4QFY2012 Result Reviews HUL, BOI, Dabur, GCPL, Exide, OBC, United

Phosphorus, Punj Lloyd, KPIT, Taj GVK 4QFY2012 Result Previews Bharti AIrtel, HMCLRefer detailed news analysis on the following page

Net Inflows (April 27, 2012)

` cr Purch Sales Net MTD YTDFII 2,084 2,415 (331) (2,406) 42,921

MFs 725 876 (152) (676) (6,249)

FII Derivatives (April 30, 2012)

` cr Purch Sales Net Open InterestIndex Futures 1,253 978 275 9,028

Stock Futures 929 854 75 20,447

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Pantaloon Retail 188 9.3 Oriental Bank 230 (4.7)

Reliance Power 107 6.2 Hindustan Copper 281 (3.5)

Jain Irrigation 88 6.1 GMR Infra 27 (3.4)Pidilite Ind. 181 4.9 Engineers India 252 (3.2)

Bank of India 353 4.6 Neyveli Lignite 82 (3.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.8 131.5 17,319

Nifty 0.8 39.2 5,248

MID CAP 0.7 43.5 6,316

SMALL CAP 0.6 38.5 6,765

BSE HC 0.3 17.5 6,796

BSE PSU 0.8 56.1 7,249

BANKEX 0.6 68.8 11,829

AUTO 0.7 70.5 10,646

METAL 0.9 97.5 11,067

OIL & GAS 1.1 83.0 7,965

BSE IT 2.4 131.9 5,704

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.5 65.7 13,279NASDAQ 0.1 4.1 3,050

FTSE 1.3 74.5 5,812

Nikkei (0.4) (40.9) 9,521

Hang Seng 1.7 352.8 21,094

Straits Times (0.3) (9.9) 2,972

Shanghai Com (0.4) (8.4) 2,396

Indian ADRs Chg (%) (Pts) (Close)INFY 0.2 0.1 $47.4

WIT 0.0 0.0 $9.7IBN 0.5 0.2 $34.1

HDB (1.5) (0.5) $33.8

Advances / Declines BSE NSEAdvances 1,173 852

Declines 1,091 622

Unchanged 593 70

Volumes (` cr)BSE 1,679

NSE 8,861


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IPO Note: Samvardhana Motherson Finance Ltd. AvoidSamvardhana Motherson Finance Ltd. (SMFL) is the principal holding company of

the Samvardhana Motherson group with 18 subsidiaries, 19 Joint Ventures and 86

other consolidated entities catering to the domestic and global automotiveindustry. The principal investments of SMFL constitute a 36.1% stake in Motherson

Sumi Systems (MSSL), 49% stake in Samvardhana Motherson Reflectec Group

Holdings Ltd. (SMR, erstwhile Visiocorp) and 49% stake in Samvardhana

Motherson Polymers Ltd. (SMPL). Together the three companies accounted for

~94% of the consolidated revenues in 9MFY2012.

MSSL: MSSL is the flagship company of the group and is the market leader in thedomestic wiring harness segment with a market share of ~65%.

SMR: SMR, acquired in March 2009, is the worlds second largest exterior rearview mirror manufacturer with ~22% global market share.

SMPL: SMPL is engaged in the business of high quality plastic components andassemblies for exterior and interior trims for passenger vehicles through Peguform

companies acquired in November 2011.

SMFLs major customers include the Volkswagen group, BMW, Daimler, Renault

Nissan, Ford India Private Limited, Volvo Car Corporation, Maruti Suzuki, Tata

Motors, Honda Siel Cars India Limited, Toyota Kirloskar Motor Private Limited and

Fiat India Automobiles Limited.

Details of the issueSMFL intends to raise `1,665cr through the IPO which comprises a fresh equity

issue of`1,344cr and an offer for sale of`321cr by promoter group entity, Radha

Rani Holdings Pte Ltd.

Objects of the issue

Particulars Amount (` cr)Funding pre-payment and repayment of debt facilities 338.5

Funding strategic investments in SMPL 627.5

Funding investments in rear-view vision systems business 156.0

General corporate purposes 222.0

Total 1,344.0Offer for sale by Radha Rani Investments 321.0

Total issue size 1,665.0Source: RHP, Angel Research

Outlook and valuationSMFL has posted a 123.6% and 63.4% CAGR in revenues and earnings,

respectively over FY2008-11 driven largely by the acquisition of SMR. SMFL is the

market leader in the domestic wiring harness (65% market share) and rear-view

mirror markets (53% market share) and has a 22% share in the global exteriorrear view mirrors segment. Further, acquisition of Peguform is expected to enrich

its product portfolio and consolidate its in-house design, development and tooling

capabilities.


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We value SMFLs 36.1% stake in MSSL based on our target price for the company

(`216 based on 15x FY2014E consolidated earnings). We value SMFLs stake in

SMR and SMPL on an EV/Sales basis instead of earnings based multiples as

current earnings of these companies do not reflect their true potential. Currently

the profitability at SMR and SMPL has been impacted due to significant start up

costs in relation to new manufacturing facilities and due to one-time costs relatedto the acquisition and refinancing of Peguform Group. We have assigned EV/Sales

multiple of 0.5x based on our analysis of SMFLs global as well domestic peers.

Based on our SOTP methodology we arrive at a value of `97/share against the

IPO price band of `113-`118. Management expects to turnaround the financial

performances of SMR and SMPL over the medium term. However, we believe that it

is early to factor in the anticipated turnaround in these two subsidiaries and

valuations in our view are not providing sufficient margin of safety to investors

considering the execution risks involved in the turnaround process. Hence werecommend Avoid on the issue.

SOTP valuation

Equity value(` cr) %holding Value(` cr)MSSL (based on 15x FY2014E EPS) 8,370.0 36.1 3,023

SMR (based on EV/Sales of 0.5x FY2012E) 2,251.5 49.0 1,103

SMPL (based on EV/Sales of 0.5x CY2011E) 2,704.7 49.0 1,325

Value of other investments (Book value) 234

Total Equity value 5,686Holding company discount (%) 20.0

4,549Net debt post issue (Standalone) (1,196)

Final value (` cr) 5,745Value (`/share) 97.0

Source: Company, Angel Research

Auto sales numbers April 2012Tata Motors (TTMT)TTMT registered a weak set of volumes during the month as total sales declined7% yoy to 60,086 units. The performance during the month was impacted as

commerical and passenger vehicle business registered a decline of 6% and 9%

yoy, respectively. In the commercial vehicle space, M&HCV sales were the most

impacted and it declined by 30% yoy during the month. In the passenger vehicle

segment, Nano volumes declined 20% yoy, while Indica sales grew by robust 63%

yoy, led by strong demand for diesel models.

Maruti Suzuki (MSIL)MSIL reported 3.4% yoy (down 20.3% mom) growth in total volumes to 100,415

units led by strong momentum in the recently launched Swift and Dzire sales. The

domestic volumes increased by 3.6% yoy to 90,255 units and exports recorded

1.5% yoy growth to 10,160 units. While the compact and super compact segments

posted a strong growth of 43% and 31.5% yoy, respectively; mini segment


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registered a decline of 26.4% yoy as lack of diesel variants continue to hurt the

sales.

Mahindra and Mahindra (MM)MM reported 26.9% yoy (down 14.3% mom) growth in automotive volumes to

40,719 units, driven by continued buoyancy in the four-wheeler pick-up and UV

segments (led byXUV5OO) which posted a 36.9% and 31.9% yoy growth,

respectively. However, the exports segment registered a decline of 18.4% yoy

during the month.

Hero MotoCorp (HMCL)HMCL posted a healthy 6.7% yoy (4.4% mom) growth in total volumes to 551,557

units led by momentum across the products. The company posted its highest ever

monthly sales during the month surpassing the previous highest monthly sales of

5,49,625 units in September 2011

TVS Motor (TVSL)TVSL posted a modest 4% yoy (down 4.4% mom) growth in total volumes to

174,455 units as motorcycle segment witnessed a decline of 2.3% yoy during the

month. Even the scooters sales posted a moderate growth of 2.2% yoy. Three-

wheeler and exports too witnessed a decline of 18.4% and 11.9% yoy. Mopeds on

the other maintained its strong run recording a 13.8% yoy growth.

Aditya Birla Nuvo to buy Pantaloons retail chainKishore Biyani-led Future Group will spin off the branded apparel business underPantaloon Retail into a separate entity in which Aditya Birla Nuvo will infuse

`1,600cr to acquire controlling stake. As per the plan, Birla-owned Madura

Garments will subscribe to some`800cr of debentures issued by Pantaloon, which,

on completion of the demerger process, will convert into equity in the format. This

will give Madura Garments 50.01% stake in the demerged entity and bring down

promoter shareholding in it to 25%. For debt-laden Pantaloon Retail, the proposed

stake sale in its retail format to Aditya Birla Nuvo will help partially ease its debt

concern as once the deal is completed; the company's debt will be pruned by

`1,600cr, or roughly 20% of its total debt. We do not have Pantaloon Retail underour coverage currently.

Result ReviewsHUL (CMP:`416/ TP: -/ Upside :-)

HUL posted a 15.7% growth in its stand-alone net sales to `5,660cr. The

companys domestic consumer business grew by 20.5% with a volume growth of

10.1%. OPMs stood at 14.7% up 292bp on yoy basis. The companys net profit

rose by 20.5%yoy to`686cr. We will be releasing a detailed result update shortly.

We continue to remain neutral on the stock.


5/19



Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 25,546 15.2 3,047 14.1 84.3 29.1 22.1 21.9 3.3

FY2014E 29,031 15.3 3,484 16.1 76.7 25.4 17.4 18.9 2.9

Bank of India (CMP:`353 / TP:`383 / Upside: 8.5%)For 4QFY2012, Bank of India posted a healthy set of numbers, with net profit

growing by 93.0% yoy to`953cr, which were above our estimates on account of

higher sequential rise in NIMs and lower provisioning expenses than expected by

us.

The banks balance sheet growth was healthy during FY2012, with advances

growing by 19.5% yoy (up 7.5% qoq) and deposits growing by 21.7% yoy (up

2.7% qoq). On a qoq basis, current account deposits witnessed strong traction

growing by 13.9% qoq (up 9.9% yoy), however savings account deposits growth

was muted, growing by 0.1% qoq (up a reasonable 14.3% yoy). Domestic CASA

ratio improved sequentially by ~40bp qoq to 32.8%. Domestic NIMs of the bank

improved by 43bp qoq in 4QFY2012 to 3.3%, on back of uptick in yield on

advances (up 33bp qoq) to 12.3% on back of shift to higher yielding corporate

loans and due to higher interest accrual on back of higher upgrades and

recoveries. Fee income performance was robust, growing by 14.4% qoq (up

28.3% yoy) during 4QFY2012, aided by higher forex income and interest income

on refund of interest tax (`108cr). The banks NPA levels improved during

4QFY2012 with both gross and net NPA levels declining by 7.7% and 10.7%

sequentially, respectively. The provisioning coverage ratio continues to remain low

at 64.2% (60.9% in 3QFY2012). We recommend an Accumulate rating on thestock with a target price of `383.

Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 12,780 2.4 2,794 45.3 339.3 0.7 13.8 7.8 1.0

FY2014E 14,868 2.3 3,731 60.4 382.9 0.8 15.5 4.8 0.9

Dabur (CMP: `110/ TP: -/ Upside :-)Dabur posted a 23% growth in its consolidated net sales to`1,364cr, aided by a

12.4% volume growth. The sales of domestic business grew by 19.2% driven by

strong growth in hair oil, home care and foods. OPMs stood flat on yoy basis at

16.3%. The companys net profit rose by 16%yoy to`171cr. We will be releasing a

detailed result update shortly. We continue to remain neutral on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 6,010 17.4 769 4.4 41.4 25.1 9.5 19.0 3.3

FY2014E 6,929 17.6 905 5.2 42.1 21.4 7.6 16.3 2.9


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GCPL (CMP: `540/ TP: -/ Upside :-)GCPL posted a 30.8% growth in its consolidated net sales to `1,323cr aided by

21%yoy growth in Indian Sub continent business. The companys international too

posted a strong 27% yoy organic sales growth. OPMs rose by 115bp yoy to

18.9%. The companys net profit rose by 36%yoy to`193cr. We will be releasing adetailed result update shortly We remain neutral on the stock.


FY2014E 6,905 18.1 872 26.9 36.3 19.4 5.1 14.1 2.6

Exide (CMP: `129 / TP: Under Review)For 4QFY2012, Exide Industries (EXID) registered a strong top-line growth of 16%

yoy (16% qoq) to`1,448cr driven by strong ~15% and ~26% yoy volume growth

in the industrial and two-wheeler batteries segments, respectively. However four-

wheeler OEM as well as the replacement segment registered a modearte 6.6% yoy

growth during the quarter. On the operating front, EBITDA margin declined 403bp

yoy to 14.7% led by significant increase in raw-material expenses. Raw-material

cost jumped 28% yoy and accounted for 67% of sales as compared to 60% of

sales in 4QFY2011. As a result, operating profit and net profit declined by 8.9%

and12.9% yoy, respectively. However on a sequential basis, 147bp improvement

in operating margin led to 36.6% jump in net profit to `143cr. At`129, the stock

is trading at 14.5x FY2013E earnings. The stock rating is currently under review.We shall revise our estimates and release a detailed note post earnings conference

call with the management.


FY2014E 6,710 16.5 757 8.9 19.8 14.5 2.7 7.6 1.3

OBC (CMP:`230/ TP:`296/ Upside: 28.7%)Oriental Bank of Commerce reported its performance for 4QFY2012.

Performance was disappointing, both on the operating and asset quality front.

NIMs for the bank declined by 32bp qoq, leading to sequential NII de-growth of

6.3%. The banks asset quality moderated during the quarter with both gross and

net NPA ratios improving by 25bp and 32bp qoq, respectively. However, non-

interest income for the bank saw traction during the quarter growing by 16.4%

qoq (14.6% yoy). Further, operating expenses for the bank increased by 8.2% qoq

(39.9% yoy), leading the net profit to decline by 25.2% qoq (20.6% yoy) to `265cr.

We recommend a Buy on the stock with a target price of `296.


7/19



Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 6,359 2.8 1,507 50.8 408.1 0.8 12.5 4.8 0.6

FY2014E 7,218 2.7 1,836 60.9 454.0 0.8 13.6 4.0 0.5

United Phosphorus (CMP:`114/ TP:`182/ Upside: 59.6%)

United Phosphorus Limited (UPL) reported consol revenues of ` 2,119cr,

registering a growth of 17.4% yoy. Volumes contributed 12% to growth while price

increased by 4% with the balance 2% being contributed by favorable impact of

exchange. Organic growth for the quarter stood at 8% yoy. According to the

regions, the main growth came in from RoW where revenues increased by 24%

mainly on account of acquisitions. Europe reported revenue growth of 24% while

North American revenues increased by 14%. On the other hand, India registered a

23% decline due to poor demand.

On the operating front, company reported an EBITDA Margin of 19%, V/s 21%

during the last corresponding period, on account of 26% yoy rise in other

expenditure. Consequently the Net Profits came in at Rs240cr, registering a dip of

3%.

For FY2012, the company has posted sales of `7,534cr, a rise of 33% yoy. The

Margins for the year came in at 19% and the Net profit at `606cr, registering a

growth of 2% yoy.

Going forward, the Management has guided for 15% revenue growth in FY2013

with EBITDA margins of 18-20%, mainly driven by the Europe & North America.

Also, the Management is confident about domestic growth to rebound and hasplans to launch 2- 3 new products. At current valuations the stock is valued at6.1xFY2014E earnings, which is attractive. Though we would be reviewing ournumbers, but at current juncture maintain a buy with a target of `182


FY2014E 7,986 17.5 862 18.7 16.3 6.1 0.9 6.1 1.1

Punj Lloyd (CMP:`54 / TP: - / Upside: -)

For 4QFY2012, Punj Lloyd (Punj) posted 32.2% yoy top-line growth to `3,038cr.

The companys EBITDA margin for the quarter stood at 8.4% against 10.7% in

4QFY2011. Interest and depreciation cost came in at `187cr and `70cr,

respectively. Interest cost witnessed a jump of 37.0%/15.3% on a yoy/qoq basis,

respectively. On the earnings front, Punj reported profit of `9cr, registering a

decline of 2.9% on a yoy basis. Order inflow for Punj in FY2012 was `13,817cr,

against `9,978cr in FY2011, with an order backlog of `27,276cr (2.6x FY2012

revenue). We maintain our Neutral view on the stock.


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FY2014E 12,193 8.4 151 4.5 4.7 11.8 0.5 6.9 0.6

KPIT (CMP: `85 / TP: `98 / Upside: 15%)KPIT Cummins Infosystems (KPIT) reported its 4QFY2012 results which were in-line

with our estimates onteh revenue as well as operating front. The dollar revenues

came in at US$95.4mn, up whopping 29.9% qoq because of revenues flowing

from Systime acquisition (US$~9mn). In INR terms, revenues came in at `480cr,

up 26.7% qoq. EBITDA margin of the company improved by just 53bp qoq to

15.8% as the incremental growth came from Systime which has got EBITDA

margin in single digits. PAT stood at`33cr, down 17.4% qoq, impacted by loss on

the other income front of `11cr as against profit of `11cr in 3QFY2012. The

management has given guidance of 32-35% yoyo USD revenue growth for

FY2013 which is in-line with our expectations as in FY2013 revenues from Systime

will flow in all the four quarters. The stock is currently under review and will bereleasing a detailed result update shortly.


FY2014E 2,139 14.9 197 10.9 18.0 7.8 1.3 3.6 0.5

TAJ GVK(CMP: `58/ TP: 116 / Upside: 100%)Taj GVK announced its 4QFY2012 results. Net sales grew by 2.3% yoy and 7.0%

qoq to `71cr. EBITDA was down 25.3% yoy on back of margin compression

during the quarter. The company commissioned its new property at Begumpet in

November 2011, and thus all pre operating expenses were charged to the P&L.

Consequently, EBITDA margin took a hit during the quarter declining by 1,057bp

yoy to 28.6% (39.2%). Other expenditure as a percentage to sales increased by

1,028bp yoy to 37.6% compared to 27.4% in 4QFY2011. PAT also declined by

46.2% yoy to `7cr (`13cr) while PAT margin declined by 882bp yoy to 9.8%(18.6%). Going ahead as the Begumpet property starts contributing to the top-line,

we expect margins to come back to historical levels. We currently have a Buyrecommendation on the stock. We may revise our estimates and target price postan interaction with the management.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 322 36.3 52 8.3 14.5 6.9 1.0 4.0 1.5

FY2014E 355 35.8 60 9.6 14.9 6.0 0.8 2.4 0.9


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Result Previews

Bharti Airtel

Bharti Airtel is slated to announce its 4QFY2012 results today. We expect the

company to record revenue of`

18,973cr, up 2.7% qoq on the back of growth in2.2% qoq growth in ARPM to`0.46min and MOU remaining flat qoq at 418min.

VAS as a share in mobility revenues is expected to move to 14.5% from 14.3% in

3QFY2012. Consolidated EBITDA margin of the company is expected to decline

by 43bp qoq to 31.8%. PAT is expected to be at `1,090cr. We maintain Neutralview on the stock.

Hero MotoCorp

Hero MotoCorp (HMCL) is slated to announce its 4QFY2012 results today. We

expect the companys top-line to grow by a healthy 12% yoy to`5,984cr driven by8.3% yoy growth in volumes and ~3% yoy increase in average net realization led

by price increases. Operating margins (adjusted for change in accounting for

royalty payments) are expected to expand 36bp yoy to 12.5% on account of

softening of commodity prices. As a result, we expect the bottom line (adjusted) to

post a 31% yoy increase to`658cr. The stock rating is under review.

Quarterly Bloomberg Brokers Consensus Estimate

Hero Moto Corp Ltd - (02/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 5,981 5,351 12 5,984 0

EBITDA 884 830 7 943 -6

EBITDA margin (%) 14.8 15.5 15.8

Net profit 620 502 24 613 1

Bharti Airtel Ltd - Consolidated (02/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 18,937 16,265 16 18,477 2

EBITDA 6,264 5,444 15 5,964 5

EBITDA margin (%) 33.1 33.5 32.3Net profit 1,232 1,401 (12) 1,011 22

Bank of Baroda - (04/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 1,306 1,294 1 1,290 1


10/19



Economic and Political News Exports down 5.7% in March at US$28.7bn Power sector needs`13.72 lakh cr for 12th Plan period: Government Bill to transfer RBI shareholding in NHB to Centre Engineering exports at US$58bn in FY2012, 19% short of target

Corporate News

Vodafone ups price for Mumbai postpaid users HCC Concessions bags`800cr contract from NHAI Punjab & Sind Bank cuts lending rate by 0.25%Source: Economic Times, Business Standard, Business Line, Financial Express, Mint


11/19

Date Company

May 02, 2012 Bharti Airtel, Hero Motocorp

May 03, 2012 Marico, Aventis, KEC International, Finolex Cables

May 04, 2012 Bank of Baroda, Corporation Bank, D B Corp, ITD Cementation

May 05, 2012 Grasim Inds, Allahabad Bank, IOB, Syndicate Bank, UCO Bank, United Bank, Bank of Maharashtra

May 06, 2012 -

May 07, 2012 HDFC, Bosch India, GSK Pharma, GlaxoSmith Con, South Ind.Bank

May 08, 2012 Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., Central Bank, CEAT

May 09, 2012 Punjab Natl.Bank, Ranbaxy, ABB, Union Bank

May 10, 2012 NTPC, Lupin, Cadila Healthcare, Apollo Tyres, HEG

May 11, 2012 Dr Reddy's, Thermax

May 12, 2012 -

May 13, 2012 -

May 14, 2012 Mundra Port, Indraprasth Gas

May 15, 2012 -

May 16, 2012 -

May 17, 2012 Bajaj Auto

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 01, 2012 China PMI Manufacturing Value Mar-12 53.10 53.60

India Imports YoY% % Change Feb-12 20.65 --

India Exports YoY% % Change Feb-12 4.28 --

UK PMI Manufacturing Value Mar-12 52.10 51.50

May 02, 2012 Germany PMI Manufacturing Value Apr-12 46.30 46.30

Germany Unemployment change (000's) Thousands Mar-12 (18.00) (10.00)

May 03, 2012 US Initial Jobless claims Thousands 21-Apr-12 388.00 379.00

Euro Zone ECB announces interest rates % Apr-12 1.00 1.00

May 04, 2012 Germany PMI Services Value Apr-12 52.60 52.60

US Change in Nonfarm payrolls Thousands Mar-12 120.00 165.00

US Unnemployment rate % Mar-12 8.20 8.20

May 10, 2012 China Exports YoY% % Change Mar-12 8.90 9.10

UK BOE Announces rates % Ratio May-12 0.50 0.50

UK Industrial Production (YoY) % Change Feb-12 (2.30) --

May 11, 2012 India Industrial Production YoY % Change Feb-12 4.10 --

US Producer Price Index (mom) % Change Mar-12 -- 0.10

China Industrial Production (YoY) % Change Mar-12 11.90 --

China Consumer Price Index (YoY) % Change Mar-12 3.60 --

May 14, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Mar-12 6.89 --

May 15, 2012 US Consumer price index (mom) % Change Mar-12 0.30 --

Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Dec-11 (0.30) --

Germany GDP nsa (YoY) % Change Dec-11 1.50 --



May 02, 2012

Market Outlook


12/19

Market StrategyMay 02, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

9.4

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.5

1.1

4.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.7 9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9 7.0 6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Mfg. PMI Services PMI

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5:Exports and imports growth trends

0

15

30

45

60

75

90

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Exports yoy growth Imports yoy growth(%)


Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


13/19

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 Buy 114 133 2,217 1,570 1,884 17.9 17.9 9.8 11.1 11.6 10.3 2.8 2.3 25.9 24.3 1.4 1.1

United Phosphorus Buy 114 210 5,243 7,797 8,150 19.7 19.7 16.0 18.6 7.1 6.1 1.1 0.9 16.1 16.4 0.7 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 294 345 2,508 2,691 3,032 15.6 15.5 29.4 32.8 10.0 8.9 2.4 1.9 26.5 23.6 0.9 0.7

Apollo Tyres Accumulate 92 100 4,652 13,580 15,007 10.1 10.2 10.5 12.5 8.8 7.4 1.5 1.2 21.8 30.7 0.5 0.5

Ashok Leyland Buy 32 37 8,408 15,008 16,906 9.5 9.5 2.6 3.1 12.3 10.2 2.6 2.2 15.5 17.0 0.6 0.6

Automotive Axle Neutral 526 - 795 1,211 1,390 11.6 11.4 48.1 55.3 10.9 9.5 2.7 2.2 26.8 25.2 0.7 0.6Bajaj Auto Buy 1,594 1,888 46,134 22,362 25,633 19.8 19.0 115.9 125.9 13.8 12.7 5.4 4.3 44.4 37.9 1.7 1.4

Bharat Forge Buy 316 372 7,361 7,173 7,998 16.3 16.5 22.3 26.6 14.2 11.9 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Neutral 8,670 - 27,222 9,335 10,564 18.3 18.3 394.5 439.3 22.0 19.7 4.4 3.7 20.1 18.7 2.6 2.2

CEAT Buy 110 140 378 5,057 5,620 5.4 5.6 22.2 31.1 5.0 3.6 0.6 0.5 11.9 16.8 0.3 0.3

Exide Industries Buy 128 155 10,850 5,812 6,710 16.2 16.5 7.6 8.9 16.9 14.3 3.1 2.7 19.4 19.8 1.5 1.2

FAG Bearings Neutral 1,550 - 2,576 1,531 1,748 18.8 18.5 118.0 132.8 13.1 11.7 2.9 2.3 24.0 21.9 1.4 1.2

Hero Motocorp Neutral 2,184 - 43,602 25,852 29,106 15.0 15.2 135.0 141.4 16.2 15.4 7.6 5.9 54.5 43.2 1.4 1.1

JK Tyre Buy 88 113 361 8,058 9,025 5.4 5.5 24.8 32.2 3.5 2.7 0.4 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Accumulate 715 802 43,884 35,095 40,213 10.7 10.5 44.6 48.7 16.0 14.7 2.8 2.5 18.8 18.1 0.9 0.8

Maruti Accumulate 1,397 1,510 40,364 42,752 49,296 7.1 8.0 77.7 100.6 18.0 13.9 2.4 2.0 13.9 15.7 0.8 0.6

Motherson Sumi Buy 180 216 6,988 23,342 26,366 7.8 8.2 13.3 18.0 13.6 10.0 3.2 2.6 26.2 28.4 0.5 0.4

Subros Neutral 32 - 194 1,225 1,393 8.5 8.2 4.2 5.0 7.7 6.5 0.8 0.8 10.3 11.8 0.4 0.3

Tata Motors Neutral 313 - 84,259 191,183 213,150 12.6 12.6 38.7 42.9 8.1 7.3 2.8 2.2 39.8 33.9 0.6 0.5

TVS Motor Buy 39 56 1,855 7,965 8,897 6.4 6.3 5.0 5.6 7.8 7.0 1.4 1.2 18.9 18.3 0.2 0.2

Capital Goods

ABB* Sell 808 503 17,119 8,926 10,220 7.7 7.5 18.6 20.9 43.4 38.6 5.9 5.3 14.5 14.5 1.9 1.6BGR Energy Sell 333 274 2,404 4,170 5,396 11.5 10.4 27.2 30.4 12.3 11.0 2.0 1.8 17.3 17.4 1.2 1.1

BHEL Neutral 229 - 56,136 46,344 46,916 18.3 18.6 23.5 24.1 9.7 9.5 1.9 1.7 21.3 18.9 1.1 1.0

Blue Star Buy 185 221 1,662 3,250 3,551 5.9 5.9 12.4 15.8 14.9 11.7 3.0 2.6 21.2 23.8 0.6 0.5

Crompton Greaves Buy 131 164 8,375 12,936 14,101 9.6 10.0 10.9 11.7 12.0 11.1 2.1 1.8 18.4 17.3 0.7 0.6

Jyoti Structures Buy 45 67 370 2,622 2,801 10.6 11.0 10.9 13.4 4.1 3.4 0.5 0.4 12.7 13.9 0.3 0.3

KEC International Buy 58 72 1,500 6,865 7,650 8.5 8.7 9.7 12.1 6.0 4.8 1.2 1.0 27.6 27.0 0.5 0.4

LMW Buy 1,653 2,609 1,862 2,663 3,130 12.8 12.8 185.0 217.4 8.9 7.6 1.8 1.6 21.2 21.7 0.2 0.2

Thermax Neutral 445 - 5,301 5,473 5,497 10.1 9.8 30.4 28.7 14.7 15.5 2.8 2.5 20.5 16.9 0.8 0.8


May 02, 2012

Market Outlook

Stock Watch


14/19



Cement

ACC Neutral 1,205 - 22,621 11,018 12,663 19.9 21.2 70.7 81.2 17.1 14.8 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 149 - 22,851 10,035 11,504 23.5 23.8 10.1 10.6 14.7 14.1 2.9 2.6 18.5 19.4 1.9 1.5

India Cements Neutral 85 - 2,619 4,423 4,906 18.2 18.8 9.9 12.7 8.6 6.7 0.7 0.7 8.6 10.5 0.9 0.8

J K Lakshmi Cements Buy 66 79 804 1,880 2,201 19.0 22.6 12.2 16.4 5.4 4.0 0.6 0.5 11.9 14.3 0.6 1.0

Madras Cements Neutral 143 - 3,395 3,434 3,777 25.5 26.1 14.1 18.1 10.1 7.9 1.4 1.2 15.2 16.9 1.6 1.3

Shree Cements Neutral 2,799 - 9,750 5,552 6,193 25.7 26.0 130.3 182.0 21.5 15.4 4.4 3.8 19.1 22.3 1.5 1.1

UltraTech Cement Neutral 1,417 - 38,845 20,116 22,655 21.3 22.5 82.1 97.5 17.3 14.5 2.7 2.4 16.8 17.4 1.9 1.8Construction

Ashoka Buildcon Buy 214 302 1,127 2,014 2,294 22.4 22.4 28.4 30.8 7.6 6.9 1.0 0.9 14.1 13.3 2.4 2.6

Consolidated Co Neutral 16 - 289 2,526 2,792 5.7 6.6 1.8 2.8 8.5 5.5 0.5 0.4 5.6 8.2 0.3 0.3

Hind. Const. Neutral 20 - 1,231 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.3) (26.0) 1.2 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 170 228 5,644 3,821 4,582 42.3 40.2 15.0 16.9 11.3 10.0 1.7 1.5 16.3 15.9 3.1 2.8

ITNL Buy 189 265 3,672 6,619 7,263 23.8 24.2 24.7 26.2 7.7 7.2 1.2 1.1 17.0 15.7 2.1 2.2

IVRCL Infra Buy 62 79 1,645 5,758 6,860 9.2 9.2 4.7 6.0 13.2 10.2 0.8 0.7 6.0 7.3 0.7 0.7

Jaiprakash Asso. Buy 73 104 15,512 16,017 18,359 24.4 23.5 4.2 5.0 17.4 14.5 1.5 1.4 8.8 9.7 2.3 2.0

Larsen & Toubro Buy 1,220 1,641 74,716 60,258 69,900 12.1 11.5 70.7 76.3 17.3 16.0 2.6 2.3 16.1 15.2 1.4 1.2

Madhucon Proj Buy 51 84 375 2,503 2,903 10.7 10.7 5.8 6.6 8.8 7.8 0.6 0.5 6.6 7.0 0.7 0.7

Nagarjuna Const. Buy 51 76 1,302 5,790 7,022 9.2 9.5 3.5 5.4 14.6 9.4 0.5 0.5 3.7 5.6 0.8 0.8

Patel Engg. Neutral 104 - 729 3,609 3,836 13.1 13.1 14.0 14.6 7.4 7.2 0.5 0.4 6.3 6.1 1.1 1.1

Punj Lloyd Neutral 53 - 1,760 10,592 12,193 8.4 8.4 2.9 4.6 18.3 11.7 0.6 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 144 199 2,159 2,989 3,315 10.6 10.6 10.2 11.3 14.1 12.7 2.2 1.9 17.6 16.3 0.9 0.8

Simplex Infra Buy 234 316 1,156 6,732 7,902 9.3 9.6 27.2 35.1 8.6 6.7 0.9 0.8 11.0 12.6 0.5 0.5

FinancialsAllahabad Bank Buy 165 205 8,225 7,700 8,677 3.4 3.3 37.4 40.9 4.4 4.0 0.7 0.6 19.0 17.0 - -

Andhra Bank Neutral 115 - 6,438 5,284 5,998 3.3 3.2 23.6 27.0 4.9 4.3 0.8 0.7 16.5 16.7 - -

Axis Bank Buy 1,121 1,587 46,306 16,157 19,557 3.2 3.2 116.4 139.1 9.6 8.1 1.8 1.5 20.0 20.3 - -

Bank of Baroda Buy 764 943 29,926 16,013 18,849 2.7 2.7 131.4 153.3 5.8 5.0 1.0 0.9 19.7 19.2 - -

Bank of India Buy 337 392 19,356 13,139 15,255 2.4 2.3 50.0 65.4 6.8 5.2 1.0 0.9 15.1 16.5 - -

Bank of Maharashtra Buy 51 62 3,019 3,665 4,107 3.5 3.5 10.7 13.5 4.8 3.8 0.7 0.6 17.8 17.5 - -

Canara Bank Buy 430 532 19,058 12,120 14,009 2.2 2.2 85.7 95.4 5.0 4.5 0.8 0.7 17.2 16.7 - -

Central Bank Neutral 95 - 6,978 6,860 7,934 2.4 2.4 13.1 19.9 7.2 4.8 0.9 0.8 10.5 13.8 - -


May 02, 2012

Market Outlook

Stock Watch


15/19



Financials

Corporation Bank Buy 410 508 6,071 5,361 5,995 2.2 2.1 108.3 111.5 3.8 3.7 0.7 0.6 17.9 16.2 - -

Dena Bank Buy 91 118 3,184 3,003 3,366 3.0 2.9 23.2 25.6 3.9 3.6 0.6 0.6 18.0 16.9 - -

Federal Bank Neutral 417 - 7,125 2,766 3,163 3.4 3.3 49.5 57.2 8.4 7.3 1.1 1.0 14.0 14.5 - -

HDFC Neutral 677 - 100,092 7,244 8,625 3.3 3.3 31.2 37.2 21.7 18.2 4.3 3.8 34.2 31.3 - -

HDFC Bank Neutral 543 - 127,460 21,831 27,477 4.3 4.3 28.3 35.5 19.2 15.3 3.7 3.1 20.8 22.1 - -

ICICI Bank Buy 869 1,183 99,860 22,209 26,512 2.8 2.8 67.9 81.1 12.8 10.7 1.6 1.4 14.7 16.0 - -

IDBI Bank Buy 101 117 9,984 8,004 9,589 1.9 2.0 19.9 23.9 5.1 4.2 0.7 0.6 13.8 14.9 - -Indian Bank Accumulate 213 240 9,161 6,469 7,244 3.5 3.3 45.5 48.8 4.7 4.4 0.8 0.7 19.6 18.2 - -

IOB Buy 87 104 6,926 7,328 8,264 2.5 2.5 15.9 21.1 5.5 4.1 0.6 0.5 12.7 13.9 - -

J & K Bank Neutral 895 - 4,341 2,420 2,792 3.5 3.6 178.0 195.8 5.0 4.6 0.9 0.8 19.5 18.6 - -

LIC Housing Finance Accumulate 255 286 12,094 2,108 2,607 2.6 2.6 24.5 30.6 10.4 8.3 1.9 1.7 20.1 21.4 - -

Oriental Bank Buy 242 296 7,049 6,359 7,218 2.6 2.5 50.8 60.9 4.8 4.0 0.6 0.5 12.5 13.6 - -

Punjab Natl.Bank Buy 839 1,138 26,587 20,708 24,094 3.5 3.5 156.3 178.7 5.4 4.7 1.0 0.8 19.7 18.5 - -

South Ind.Bank Neutral 24 - 2,681 1,368 1,557 2.8 2.7 3.7 3.9 6.5 6.0 1.1 1.0 19.1 17.7 - -

St Bk of India Buy 2,131 2,593 143,003 69,568 81,445 3.7 3.7 220.9 269.8 9.7 7.9 1.6 1.3 18.9 19.1 - -

Syndicate Bank Buy 101 128 6,062 7,069 7,961 3.1 3.0 23.3 27.5 4.3 3.7 0.7 0.6 17.4 17.2 - -

UCO Bank Neutral 76 - 4,753 5,727 6,443 2.5 2.5 17.8 18.8 4.3 4.0 0.8 0.8 17.8 16.2 - -

Union Bank Buy 219 266 11,488 10,352 11,988 2.9 2.9 40.7 49.5 5.4 4.4 0.8 0.7 16.8 17.4 - -

United Bank Buy 65 87 2,352 3,666 4,128 2.9 2.9 18.4 21.7 3.5 3.0 0.6 0.5 15.9 16.0 - -

Vijaya Bank Neutral 57 - 2,680 2,678 3,010 2.2 2.2 9.5 11.5 6.0 4.9 0.8 0.7 12.1 13.2 - -

Yes Bank Buy 350 470 12,346 3,209 4,144 2.7 2.8 33.9 41.5 10.3 8.4 2.2 1.8 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,540 - 33,954 10,961 12,773 16.3 16.3 120.3 142.5 29.4 24.8 9.8 7.7 36.9 34.7 3.0 2.5Britannia Buy 561 650 6,707 5,906 6,856 6.9 7.0 22.3 28.3 25.2 19.9 10.3 7.6 45.2 44.1 1.1 1.0

Colgate Neutral 1,120 - 15,233 3,007 3,417 21.1 22.1 37.7 42.6 29.7 26.3 35.4 28.6 129.4 120.1 4.9 4.4

Dabur India Neutral 111 - 19,250 6,010 6,929 17.4 17.6 4.4 5.2 25.0 21.3 9.4 7.6 41.4 42.1 3.2 2.8

GlaxoSmith Con* Neutral 2,872 - 12,078 3,111 2,687 16.9 15.8 100.6 86.1 28.6 33.4 8.7 10.6 33.3 33.8 3.6 4.1

Godrej Consumer Neutral 527 - 17,920 5,904 6,905 17.8 18.1 22.6 26.9 23.3 19.5 6.4 5.2 29.9 36.3 3.2 2.8

HUL Neutral 417 - 90,092 25,546 29,031 15.2 15.3 14.1 16.1 29.6 25.9 22.5 27.9 84.3 76.7 3.4 3.0

ITC Neutral 247 - 192,920 28,955 33,595 35.9 35.7 9.2 10.5 26.9 23.5 8.6 7.1 34.8 33.1 6.4 5.5


May 02, 2012

Market Outlook

Stock Watch


16/19



FMCG

Marico Neutral 179 - 11,032 4,669 5,467 13.0 12.9 6.8 8.2 26.5 21.9 7.2 5.6 30.5 28.8 2.4 2.0

Nestle* Neutral 4,710 - 45,415 8,731 10,539 21.0 21.4 119.3 147.9 39.5 31.9 24.2 16.5 73.0 61.6 5.2 4.3

Tata Global Buy 116 136 7,198 7,011 7,712 9.7 10.0 6.0 7.1 19.6 16.3 1.8 1.7 8.9 10.2 0.9 0.8

IT

HCL Tech Accumulate 510 560 35,304 22,792 25,743 17.4 17.4 37.8 43.0 13.5 11.9 3.0 2.5 22.3 21.3 1.5 1.3

Hexaware Neutral 129 - 3,823 1,821 2,105 19.0 18.6 9.8 10.7 13.2 12.1 3.0 2.7 23.7 22.5 1.8 1.5

Infosys Buy 2,397 2,792 137,631 37,615 42,491 31.1 30.6 158.5 174.5 15.1 13.7 3.4 2.9 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 160 177 1,788 1,758 1,972 17.0 16.6 16.8 18.6 9.5 8.6 1.3 1.1 13.6 13.2 0.6 0.5

KPIT Cummins Buy 84 98 1,496 2,042 2,139 15.2 14.9 9.6 10.9 8.8 7.7 1.5 1.3 19.2 18.0 0.7 0.6

Mahindra Satyam Buy 75 89 8,832 7,142 8,042 15.4 15.0 7.7 8.3 9.8 9.1 1.4 1.2 13.8 13.0 0.8 0.7

Mindtree Neutral 573 - 2,323 2,172 2,450 16.1 15.5 53.9 58.5 10.6 9.8 2.0 1.7 18.9 17.0 0.9 0.7

Mphasis Buy 367 433 7,702 5,904 6,320 18.3 17.9 38.7 41.2 9.5 8.9 1.4 1.2 14.9 13.7 0.8 0.7

NIIT Buy 44 61 726 1,105 1,200 16.4 16.9 7.5 9.2 5.8 4.8 1.0 0.9 17.6 19.0 0.4 0.2

Persistent Neutral 347 - 1,386 1,109 1,224 23.3 22.4 37.2 40.1 9.3 8.7 1.4 1.3 15.4 14.5 0.9 0.8

TCS Accumulate 1,203 1,276 235,444 57,189 66,329 29.3 28.7 63.2 70.9 19.1 17.0 5.8 4.7 30.5 27.7 3.9 3.3

Tech Mahindra Accumulate 693 750 8,830 6,030 6,511 16.3 15.7 81.1 87.0 8.5 8.0 1.7 1.4 20.1 18.0 1.4 1.2

Wipro Accumulate 406 430 99,924 41,918 46,879 19.4 19.9 25.1 28.7 16.2 14.2 3.0 2.6 18.6 18.3 2.0 1.7

Media

D B Corp Buy 204 274 3,748 1,656 1,869 26.0 26.8 14.0 16.1 14.6 12.7 3.4 2.8 24.8 24.1 2.2 1.9

HT Media Buy 129 170 3,031 2,255 2,555 17.8 18.3 10.0 12.0 12.9 10.7 1.8 1.5 14.7 15.4 1.1 0.9

Jagran Prakashan Buy 100 137 3,156 1,499 1,642 27.4 28.8 7.6 9.1 13.1 11.0 4.4 3.9 34.6 37.7 2.1 1.9

PVR Neutral 148 - 384 625 732 17.4 16.9 12.4 15.8 11.9 9.4 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 282 - 11,097 2,135 2,458 75.2 74.4 20.9 24.0 13.5 11.7 3.2 2.7 26.0 25.1 4.2 3.3Metals & Mining

Bhushan Steel Neutral 421 - 8,936 9,232 13,557 30.8 31.1 48.0 58.6 8.8 7.2 1.1 1.0 14.5 7.5 3.1 2.1

Coal India Neutral 351 - 221,925 65,654 71,756 26.8 27.3 24.0 26.3 14.6 13.3 4.0 3.3 30.4 27.0 2.4 2.1

Electrosteel Castings Buy 21 27 718 1,984 2,074 10.6 12.0 2.7 3.3 7.7 6.3 0.4 0.2 5.2 6.2 0.5 0.4

Hind. Zinc Accumulate 126 139 53,408 13,043 14,223 51.8 52.8 14.8 16.6 8.5 7.6 1.7 1.4 21.2 19.9 2.4 1.8

Hindalco Accumulate 120 136 22,936 84,638 88,753 9.6 10.5 15.2 17.3 7.9 6.9 0.7 0.6 8.7 9.2 0.5 0.5

JSW Steel Neutral 680 - 15,181 39,161 43,958 17.8 17.9 72.2 89.5 9.4 7.6 0.8 0.8 10.1 11.4 0.6 0.6

MOIL Neutral 261 - 4,391 979 1,061 45.7 46.8 24.5 26.6 10.7 9.8 1.6 1.5 16.1 15.8 2.3 2.0

Monnet Ispat Buy 482 585 3,101 2,986 3,908 22.1 28.9 50.5 83.4 9.5 5.8 1.2 1.0 13.5 19.2 1.9 1.3


May 02, 2012

Market Outlook

Stock Watch


17/19



Metals & Mining

Nalco Reduce 59 51 15,128 8,276 8,578 12.7 16.4 2.5 3.5 23.2 16.8 1.3 1.2 5.6 7.5 1.4 1.4

NMDC Accumulate 176 185 69,640 11,726 12,890 77.8 78.4 18.6 20.6 9.4 8.5 2.2 1.9 26.1 23.8 3.8 3.2

SAIL Accumulate 96 102 39,529 52,461 62,935 18.0 18.8 13.2 14.5 7.3 6.6 0.9 0.8 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 185 206 16,113 9,067 9,316 35.7 35.5 44.5 44.3 4.2 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 106 123 35,522 45,805 49,029 21.2 23.5 16.5 19.1 6.4 5.5 0.7 0.6 11.5 12.0 0.4 0.3

Tata Steel Accumulate 463 503 44,982 141,358 142,265 11.1 13.7 45.8 58.9 10.1 7.9 1.0 0.9 10.0 11.7 0.6 0.6

Oil & GasCairn India Accumulate 338 372 64,473 15,513 16,074 74.0 69.7 51.1 48.6 6.6 7.0 1.1 1.0 18.3 14.8 3.0 2.3

GAIL Buy 330 392 41,885 50,472 55,503 15.3 15.6 35.4 37.0 9.3 8.9 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 264 319 225,737 148,157 150,563 37.6 39.5 31.0 33.6 8.5 7.9 1.5 1.3 18.8 18.1 1.2 1.0

Reliance Industries Buy 740 872 242,284 325,734 328,669 10.9 11.7 65.8 70.1 11.3 10.6 1.2 1.1 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 55 95 1,027 1,576 1,813 15.9 16.9 8.2 9.5 6.7 5.7 2.3 1.9 35.0 34.3 0.9 0.8

Aurobindo Pharma Buy 131 175 3,817 5,243 5,767 14.6 14.6 13.8 14.7 9.5 8.9 1.1 0.5 11.4 10.9 1.1 0.9

Aventis* Neutral 2,247 - 5,174 1,401 1,569 15.3 15.0 89.7 110.3 25.0 20.4 4.1 3.3 17.1 15.4 3.1 2.6

Cadila Healthcare Buy 740 1,016 15,149 6,196 7,443 18.5 19.5 43.3 50.8 17.1 14.6 4.4 3.5 25.4 24.8 2.4 2.0

Cipla Buy 311 380 24,943 7,006 8,164 20.0 21.2 17.0 19.0 18.3 16.4 3.3 2.9 16.8 18.2 3.6 3.0

Dr Reddy's Neutral 1,781 - 30,191 9,183 10,063 25.7 25.1 92.1 89.9 19.3 19.8 4.2 3.6 22.8 18.8 3.4 3.1

Dishman Pharma Buy 46 91 367 1,282 1,538 17.9 17.9 10.1 13.0 4.5 3.5 0.4 0.3 8.5 10.1 1.0 0.9

GSK Pharma* Neutral 2,209 - 18,711 2,788 3,148 35.6 35.2 87.9 96.7 25.1 22.8 8.2 6.8 34.8 32.1 5.9 5.1

Indoco Remedies Buy 470 665 577 685 837 15.2 15.2 55.5 66.5 8.5 7.1 1.3 1.1 16.4 16.9 1.0 0.9

Ipca labs Buy 347 443 4,363 2,907 3,541 21.5 21.5 32.7 40.6 10.6 8.5 2.7 2.1 27.8 27.7 1.6 1.3

Lupin Buy 540 656 24,121 8,272 9,929 19.7 20.0 29.7 32.8 18.2 16.5 4.7 3.7 25.0 22.9 2.9 2.4Orchid Chemicals Buy 178 270 1,250 2,143 2,508 21.8 21.8 28.3 38.1 6.3 4.7 1.3 1.0 19.3 23.4 1.5 1.2

Ranbaxy* Neutral 507 - 21,420 12,023 12,264 19.9 16.9 41.1 36.9 12.4 13.8 2.6 2.3 30.0 17.6 1.5 1.4

Sun Pharma Accumulate 599 634 61,717 9,272 11,080 40.3 36.3 26.7 28.8 22.4 20.8 4.6 3.9 22.1 20.8 5.6 4.6

Power

CESC Buy 250 342 3,129 4,927 5,429 23.8 23.9 41.0 46.2 6.1 5.4 0.6 0.6 10.4 10.7 1.2 1.2

GIPCL Buy 67 98 1,019 1,557 1,573 28.7 27.5 10.4 10.2 6.5 6.6 0.7 0.6 10.5 9.6 1.1 1.0

NTPC Buy 162 201 133,948 73,558 84,843 23.4 23.6 12.6 14.1 12.9 11.5 1.6 1.5 13.3 13.6 2.6 2.4

Real Estate

Anant Raj Buy 58 78 1,698 657 875 52.0 56.1 8.4 12.7 6.8 4.5 0.4 0.4 6.3 8.9 3.9 2.9

DLF Neutral 182 - 30,936 9,878 12,033 44.7 46.1 9.6 13.4 19.0 13.6 1.2 1.2 6.4 8.7 5.6 4.6


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Market Outlook

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Real Estate

HDIL Buy 79 115 3,327 2,441 3,344 53.0 46.7 21.4 25.4 3.7 3.1 0.3 0.3 8.4 9.1 3.2 2.4

Telecom

Bharti Airtel Neutral 308 - 116,793 80,967 88,684 33.1 33.4 17.9 22.0 17.2 14.0 2.0 1.7 11.5 12.5 2.1 1.8

Idea Cellular Neutral 81 - 26,702 22,558 25,326 26.4 27.5 3.2 4.7 25.0 17.0 1.9 1.7 7.5 10.0 1.7 1.4

Rcom Neutral 74 - 15,356 21,899 23,740 32.7 32.7 4.2 6.7 17.6 11.1 0.4 0.4 2.1 3.2 2.1 1.7

zOthers

Bajaj Electrical Buy 199 245 1,984 3,670 4,384 8.5 8.5 18.3 22.3 10.9 8.9 2.4 2.0 23.9 24.3 0.5 0.5CRISIL Neutral 1,034 - 7,247 982 1,136 34.3 34.3 34.3 40.0 30.1 25.9 13.6 10.9 50.9 46.9 7.0 5.9

Finolex Cables Buy 33 60 505 2,341 2,656 8.5 8.8 8.0 10.0 4.2 3.3 0.6 0.5 18.1 20.2 0.2 0.1

Graphite India Buy 90 116 1,766 2,053 2,437 22.6 22.4 13.5 16.3 6.7 5.5 1.0 0.9 15.4 16.5 1.0 0.8

Greenply Buy 199 298 479 1,800 2,047 11.1 11.6 34.1 49.6 5.8 4.0 1.1 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 3,164 - 3,529 935 1,168 19.6 19.6 99.7 122.2 31.7 25.9 18.4 14.7 64.2 63.1 3.8 3.0

Sintex Buy 72 129 1,961 5,219 5,912 16.5 16.9 15.8 21.4 4.6 3.4 0.7 0.6 14.7 17.1 0.6 0.5

Siyaram Silk Mills Buy 254 439 238 1,045 1,173 12.3 12.4 61.5 73.2 4.1 3.5 0.8 0.7 20.2 20.4 0.5 0.4

SpiceJet Neutral 30 - 1,327 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (8.8) 12.6 (12.2) 25.6 - - 0.4 0.4

Taj GVK Buy 61 116 380 322 355 36.3 35.8 8.3 9.6 7.3 6.3 1.0 0.9 14.5 14.9 1.5 1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 30, 2012


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Market Outlook

Stock Watch


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May 02, 2012Market Outlook

market outlook 2nd may 2012

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