market outlook, 31st january 2013

7/29/2019 Market Outlook, 31st January 2013

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Market OutlookJanuary 31, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat today, mirroring flat opening to SGX

Nifty and weak opening to most of the Asian markets.

The US stocks ended modestly lower on Wednesday following the announcementby the Federal Reserve on the monetary policy. The Fed announced that it widely

expects to keep interest rates unchanged and maintain its asset purchase program

as part an effort to stimulate the economy. The comments from the Fed were

backed up by a Commerce Department report showing that GDP unexpectedly fell

by 0.1% in 4QCY2012 after surging up by 3.1% in 3QCY2012. Nonetheless,

upbeat jobs data helped offset the negative sentiment generated by the GDP

report, with payroll processor ADP reporting a bigger than expected increase in

private sector employment in the month of January. ADP said private sector

employment increased by 192,000 jobs in January compared to economist

estimates for an increase of about 172,000 jobs.

Meanwhile, Indian shares rose marginally led by index heavyweight, Reliance

Industries after the company raised US$800mn from overseas investors via a

perpetual bond sale. Going ahead, earnings news is likely to be in focus on

Thursday. Additionally, traders are also likely to keep an eye on reports on weekly

jobless claims, personal income and spending, and Chicago-area business activity.

Markets Today

The trend deciding level for the day is 20,014 / 6,057 levels. If NIFTY trades above

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

up to 20,064 20,123 / 6,070 6,085 levels. However, if NIFTY trades below

20,014 / 6,057 levels for the first half-an-hour of trade then it may correct up to

19,955 19,906 / 6,043 6,029 levels.

SENSEX 19,906 19,955 20,014 20,064 20,123

NIFTY 6,029 6,043 6,057 6,070 6,085

News Analysis Unity Infra projects bags ~`235cr road project in Maharashtra 3QFY2013 Result Review: Colgate, Central Bank, Idea, Nalco, IPCA Labs,

KEC, PVR, Jyoti Structures

3QFY2013 Result Preview: ICICI Bank, PNB, GCPL, Union Bank, Lupin, TataGlobal. Thermax, Jagran Prakashan

Refer detailed news analysis on the following pageNet Inflows (January 29, 2013)

FII 4,435 3,429 1,006 19,938 19,938

MFs 422 773 (351) (3,881) (3,881)

FII Derivatives (January 30, 2013)

Index Futures 3,260 2,927 334 10,599

Stock Futures 8,518 8,680 (162) 36,442

Gainers / Losers

NALCO 51 8.1 HDIL 76 (5.4)

Pidilite Industries 228 5.8 Gujarat Flour. 285 (3.5)

Indiabulls Finance. 332 4.0 Gail India 339 (3.4)

Bayer Crop 1,229 3.7 M &M Finance 1,022 (3.3)

DLF 273 3.5 Union Bank 241 (3.2)

BSE Sensex 0.1 14.1 20,005

Nifty 0.1 5.8 6,056

MID CAP (0.0) (2.2) 6,934

SMALL CAP (0.2) (15.2) 7,082

BSE HC 0.4 28.5 7,988

BSE PSU (0.1) (5.6) 7,585

BANKEX 0.4 53.0 14,642

AUTO (0.5) (53.9) 11,006

METAL 0.3 30.0 10,607

OIL & GAS 1.1 98.8 9,398

BSE IT (0.0) (0.2) 6,410

Dow Jones (0.3) (44.0) 13,910NASDAQ (0.4) (11.4) 3,142

FTSE (0.3) (16.1) 6,323

Nikkei 2.3 247.2 11,114

Hang Seng 0.7 166.9 23,822

Straits Times 0.8 26.2 3,286

Shanghai Com 1.0 23.5 2,382

INFY 0.7 0.4 $52.8

WIT 1.2 0.1 $9.5IBN (1.2) (0.6) $46.4

HDB 1.6 0.6 $40.8

Advances 969 574

Declines 1,219 922

Unchanged 828 90

BSE 2,075

NSE 12,047


2/19



Unity Infra projects bags ~`235cr road project in Maharashtra

Unity Infraprojects has been awarded a`235cr road project in Maharashtra. It is

for the construction of major roads in Solapur city by Solapur Municipal

Corporation. The project involves construction/improvement of major roads in

Solapur city under the scheme of Maharashtra Suvarna Jayanti NagarotthanMahaabhiyan Yojana Road Project, Phase I and has a construction period of 18

months.

3QFY2013 Result Review

Colgate Palmolive (CMP:`1,385/TP:/Upside:-)

For 3QFY2013, Colgate Palmolive (Colgate) posted a 13.9% yoy growth in its top-

line to `763cr, which was below our estimates. For 9MFY2013, the company

achieved an overall volume growth of 9%, with toothpaste volume growth coming

in at 10%. For 3QFY2013, OPM stood at 16.9% down 457bp yoy due to

substantial 44% yoy increase in advertisement and promotional expenditure.

Bottom-line fell by 4% yoy to`111cr due to flat performance on the EBITDA front

and higher tax outgo.

FY2013E 3,146 20.5 495 36.4 101.9 38.1 35.2 30.2 5.8

FY2014E 3,573 21.4 578 42.5 98.5 32.6 29.5 25.3 5.1

(CMP:`83/ TP: - / Upside: -)

During 3QFY2013, Central Bank reported healthy operating performance, with

operating income and operating profit growth of 15% yoy and 27% yoy,

respectively. Earnings at PBT level were higher by 19% yoy, however due to tax

write-back of`29cr during the quarter compared to tax expenses of `14cr during

3QFY2012, the bank managed higher Net profit growth of 59% yoy. On the asset

quality front, gross and net NPA levels, were higher sequentially by 5% and 3%,

respectively, on an absolute basis. Gross NPA ratio came in higher by 10bp qoq to

5.64%, while Net NPA ratio remained flat sequentially at 3.79%. As of 3QFY2013,

Capital adequacy ratio for the bank came in at 10.76%. The Govt. is expected to

infuse ~`2,400 in the bank, which is likely to be at book dilutive valuations. At the

CMP, the stock trades at valuations of 0.7x FY2014E ABV.

FY2013E 7,252 2.5 1,388 16.8 94.2 0.5 13.1 5.0 0.9

FY2014E 8,236 2.6 1,726 21.4 115.9 0.6 14.8 3.9 0.7

Idea (CMP:`114 / TP: - / Upside: -)

Idea Cellular (Idea) reported its 3QFY2013, which were in-line with our estimates

on the revenue front but disappointed on the operating as well as profitability


3/19



front. The revenues came in at`5,579cr, up 5.0% qoq, because of 7.0% qoq rise

in MOU to 384min. Overall network traffic grew by 5.2% qoq to 132bn min.

Overall subscriber base of Idea reduced by 1.6mn to 113.9mn in 3QFY2013.

ARPM declined by 0.5% qoq to `0.411/min due to reduction of VAS share in

revenues to 13.6% from 14.6% which was a major negative surprise in the results.

EBITDA margin declined by 36bp qoq to 26.4%. PAT came in at `229cr, down4.8% qoq, impacted by higher interest charges. The company remain surrounded

by regulatory uncertainties related to spectrum and license fee payments.

FY2013E 21,797 26.9 1,036 3.1 7.4 36.2 2.7 8.1 2.2

FY2014E 23,142 27.7 1,537 4.7 9.8 24.4 2.4 7.3 2.0

Nalco (CMP:`51/ TP: -/ Upside: -)

Nalco reported a better-than-expected PAT although its top-line was in line with

our estimates. Net sales grew by 16.8% yoy to`1,670cr (in line with our estimate

of`1,657cr). Its aluminum segment reported an EBIT loss of`22cr, compared to a

loss of `150cr in 3QFY2012 which led to an improvement in the performance.

Power costs as a percentage of net sales stood at 35.0%, compared to 39.7% in

3QFY2012. Further, staff costs (surprisingly) decreased 2.4% yoy to `289cr.

Hence, Nalco reported an EBITDA growth of 166.6% yoy to`182cr. Other income,

however, declined by 10.5% yoy to `113cr; also, the tax rate also increased to

30.9% compared to 27.9% in 3QFY2012. Consequently, the company reported anet profit growth of 132.0% yoy to `119cr (significantly above our estimate of

`63cr).

FY2013E 6,898 9.9 479 1.9 4.1 27.4 1.1 14.6 1.4

FY2014E 7,841 9.6 517 2.0 4.3 25.4 1.1 14.2 1.4

IPCA Labs (CMP:`479/ TP:`559/ Upside: 17%)

Ipca Labs posted a good set of numbers for 3QFY2013; however they were a bit

lower than expected. The top-line grew by 15.5% to `692cr (lower than our

expectation of`740 cr or 6.4%). The top-line growth was mainly driven by exports,

which grew by 16.1%, while domestic markets posted a 13.2% yoy growth. The

OPM came in line with expectations to end the period at 21.6%, a decline of

134bp. In spite of the same, the adjusted net profit grew by 37.5% yoy at `88cr,

on back of top-line growth.

FY2013E 2,850 21.0 377 29.9 26.7 16.3 3.7 10.6 2.2

FY2014E 3,474 21.0 470 37.3 26.4 13.1 2.9 8.7 1.8


4/19



KEC International (CMP:`59/ TP:`78/Upside: 31%)

For 3QFY2013, KEC International (KEC) posted a strong top-line growth of 23.1%

yoy to`1,797cr, beating our expectations, on the back of strong execution of its

robust order book. However, on the EBITDA front, the company's margin

contracted by 197bp yoy (compared to our expectation of 146bp yoy contraction)on account of low margin orders in new segments. Consequently, PAT came in at

`29cr against our expectation of`33cr.

FY2013E 6,909 6.2 138 5.4 17.0 11.1 1.3 5.6 0.4

FY2014E 7,907 7.2 226 8.8 23.6 6.8 1.1 4.9 0.3

PVR (CMP:`274/ TP: -/ Upside: -)

For 3QFY2013, PVRs top-line performance was better than our expectations. It

posted a robust 45% yoy growth in its top-line to `202cr, on back of good

performance in movie exhibition business, with many successful releases during

the quarter. However, the companys operating margin came in flat at 16.8%

mainly on account of 182bp yoy increase in film distribution share as a percentage

of net sales to 25.6%. Consequently, net profit came in flat at `9cr. At the current

market price, PVR is trading at 13.2x FY2014E consolidated EPS of `19.6.

FY2013E 682 14.8 46 17.6 14.9 15.7 2.2 7.0 1.1

FY2014E 786 13.2 51 19.6 14.5 14.0 1.9 6.1 0.9

Jyoti Structures (CMP:`41/ TP:`51/ Upside: 24%)

For 3QFY2013, Jyoti Structures top-line performance was in-line with our

expectations. Top-line grew by 5.5% yoy to `620cr. On the EBITDA front, the

companys margin came in flat yoy at 9.9%. However, net profit was below our

expectations, declining by 3.0% yoy to`13cr. The stock is currently trading at 3.5x2014E EPS of`11.7.

FY2013E 2,794 10.6 76 9.2 11.9 4.5 0.5 3.1 0.3

FY2014E 3,048 10.6 96 11.7 13.5 3.5 0.4 2.7 0.3


5/19


6/19



Union Bank - (CMP:`241 / TP:`271 / Upside: 12.5%)

Union Bank is scheduled to announce its 3QFY2013 results today. We expect

the bank to report a moderate 8.1% yoy growth in net interest income (NII) to

`1,925cr. Non-interest income is expected to remain almost flat on a yoy

basis to`

581cr. Operating expenses are expected to increase by 6.3% yoy to`1,158cr. However, provisioning expenses are expected to decline by 48.6%

yoy to `500cr, on high base of 3QFY2012. Consequently, net profit is

expected to grow by 190.9% yoy to`573cr. At the CMP, the stock is trading at

0.8x FY2014E ABV.

FY2013E 9,963 2.8 2,256 40.8 246.3 0.8 16.2 5.9 1.0

FY2014E 11,536 2.9 2,587 46.8 285.6 0.8 16.4 5.2 0.8

Lupin (CMP:`599/ TP:`655/ Upside: 9%)

For 3QFY2013, Lupin is expected to register a growth of 17.2%. The OPM is

expected to expand by 110bp for the period. In spite of the same the net profit is

expected to increase by 10.1% only, on back of higher tax outgo.

FY2013E 8,426 19.7 1,167 26.1 25.8 22.9 5.3 16.8 3.3

FY2014E 10,082 20.0 1,388 31.1 24.7 19.3 4.3 13.5 2.7

Tata Global Beverages (CMP:`144/ TP: / Upside: -)

Tata Global Beverages (TGBL) is expected to announce its 3QFY2013 results

today. We expect the consolidated top-line to grow by 6.5% yoy to `1,910cr. OPM

is expected to decline by 121bp yoy to 8.5%. Bottom-line is expected to grow by

32.3% yoy to`110cr.

FY2013E 7,207 9.1 427 6.9 8.9 20.9 1.9 12.8 1.2

FY2014E 7,927 9.5 504 8.2 9.8 17.7 1.7 11.0 1.0

Thermax (CMP:`572/ TP: -/ Upside: -)

For 3QFY2013, we expect Thermax to report a subdued top-line growth of 2.0%

yoy to`1,295cr on account of weak order inflows since the last couple of quarters.

The company's EBITDA margin is likely to compress by 57bp yoy to 10.1%.

Sluggish top-line performance and margin contraction are expected to result in a

yoy fall of 9.1% in the PAT to`87cr.


7/19



FY2013E 5,552 9.3 337 28.3 19.5 20.5 3.7 12.4 1.0

FY2014E 5,767 10.2 368 30.9 18.5 18.7 3.2 10.4 0.9

Jagran Prakashan (CMP:`108/ TP:`126/ Upside: 17%)

Jagran Prakashan (Jagran) is slated to announce its 3QFY2013 results. The

companys top-line is expected to grow by 8.4% yoy to `344cr driven by healthy

advertising growth (aided by festive season). Its OPM is expected to expand by

67bp yoy to 25.3%. Strong operational performance and tax benefit due to

accumulated losses at Nai Dunia subsidiary are expected to result in robust 25.6%

yoy growth in net profit to`52cr. At the current market price, Jagran is trading at

16.9x FY2014E consolidated EPS of`7.1.

FY2013E 1,503 23.1 202 6.4 25.8 16.9 4.2 10.8 2.5

FY2014E 1,681 23.1 230 7.3 26.5 14.9 3.7 9.4 2.2

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 1,703 1,344 27 1,595 7

EBITDA 307 272 13 249 23

EBITDA margin (%) 18.0 20.2 15.6

Net profit 204 183 11 168 22

Net sales 6,686 6,260 7 6,552 2

EBITDA 1,249 1,413 (12) 1,405 (11)

EBITDA margin (%) 18.7 22.6 21.4

Net profit 540 904 (40) 841 (36)

Net profit 2,080 1,728 20 1,956 6

Net sales 1,035 971 7 1,068 (3)

EBITDA 186 179 4 200 (7)

EBITDA margin (%) 18.0 18.4 18.7

Net profit 148 141 5 161 (8)


8/19



Net sales 2,318 1,792 29 2,239 4

EBITDA 485 374 30 516 (6)

EBITDA margin (%) 20.9 20.8 23.0

Net profit 300 241 25 297 1

Net profit 1,153 1,150 0 1,066 8

Net sales 2,441 2,361 3 3,269 (25)

EBITDA 161 123 31 99 63

EBITDA margin (%) 6.6 5.2 3.0Net profit 91 71 29 (56) (264)

Net sales 1,982 1,793 11 1,843 8

EBITDA 207 181 14 161 29

EBITDA margin (%) 10.4 10.1 8.7

Net profit 113 82 37 140 (19)

Net profit 581 197 195 555 5

Net sales 20,100 18,477 9 20,273 (1)

EBITDA 6,271 5,964 5 6,353 (1)

EBITDA margin (%) 31.2 32.3 31.3

Net profit 844 1,022 (17) 702 20

Net sales 10,967 10,548 4 10,400 5

EBITDA 1,974 2,080 (5) 1,899 4

EBITDA margin (%) 18.0 19.7 18.3

Net profit 1,356 1,433 (5) 1,274 6

Net profit 483 382 26 478 1


9/19


10/19

Date Company

February 01, 2013Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const., Graphite India, TTKHealthcare

February 02, 2013 Divi's Lab., Indian Bank

February 03, 2013

February 04, 2013 J & K Bank, Bank of Baroda, Rural Elec.Corp., United Spirits, ITNL, Taj GVK

February 05, 2013 NHPC, UCO Bank, United Bank

February 06, 2013Cipla, Tech Mahindra, IRB Infra, MOIL, Apollo Tyres, Bajaj Electrical, Automotive Axle, J K Lakshmi Cements,Honeywell Automation

February 07, 2013 Ambuja Cements, ACC, Aurobindo Pharma, Anant Raj, Prakash Industries, JK Tyre, CEAT, MRF, Jyothy Laboratories

February 08, 2013M&M, Sun Pharma, Hindalco, Canara Bank, Cadila Healthcare, GMR Infra., Tata Chemicals, Bharat Forge, GSPL,BGR Energy , Nagarjuna Const., Subros, Cravatex

February 09, 2013 Indraprasth Gas, Tata Comm

February 10, 2013

February 11, 2013 ONGC, Tata Power Co., Britannia, Hexaware, GIPCL, Dishman Pharma

February 12, 2013 Power Grid Corpn, SAIL, HPCL, Motherson Sumi, CESC, HT Media

February 13, 2013 Coal India, BPCL, Madras Cements, PTC India, Finolex CablesFebruary 14, 2013 Tata Motors, Dr Reddy's, Monnet Ispat, Page Industries, India Cements, FAG Bearings

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

February 1, 2013 2:25PM Germany PMI Manufacturing Value Jan F 48.80 48.80

7:00PM US Change in Nonfarm payrolls Thousands Jan 155.00 161.00

7:00PM US Unnemployment rate % Jan 7.80 7.80

3:00PM UK PMI Manufacturing Value Jan 51.40 51.00

6:30AM China PMI Manufacturing Value Jan 50.60 51.00

February 5, 2013 2:25PM Germany PMI Services Value Jan F 55.30 --

February 7, 2013 5:30PM UK BOE Announces rates % Ratio Feb 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Feb 7 0.75 0.75

3:00PM UK Industrial Production (YoY) % Change Dec (2.40) --

February 8, 2013 5:29PM China Exports YoY% % Change Jan 14.10 20.00

11:00AM China Consumer Price Index (YoY) % Change Jan 2.50 2.00

February 11, 2013 5:29PM India Imports YoY% % Change Jan 6.30 --

5:29PM India Exports YoY% % Change Jan (1.90) --

February 12, 2013 3:00PM UK CPI (YoY) % Change Jan 2.70 --11:00AM India Industrial Production YoY % Change Dec (0.10) --

February 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jan 7.18 --

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

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

February 15, 2013 7:45PM US Industrial Production % Jan 0.26 --

February 20, 2013 3:00PM UK Jobless claims change % Change Jan (12.10) --

7:00PM US Housing Starts Thousands Jan 954.00 --

7:00PM US Building permits Thousands Jan 909.00 --

7:00PM US Producer Price Index (mom) % Change Jan (0.20) --

February 21, 2013 8:30PM US Existing home sales Millions Jan 4.94 --

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

February 22, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Jan 2.20 --


January 31, 2013

Market Outlook


11/19



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends


Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

2. 7

1 .0

4. 3

(2.8) (1.3)

2. 5

(2.0) (0.1)

2. 0

(0.7)

8. 3

(0.1)(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

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

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Repo rate Reverse Repo rate C RR(%)


12/19

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 Neutral 132 - 2,567 1,466 1,686 14.8 14.8 7.0 8.1 18.9 16.3 4.0 3.4 22.6 22.5 1.8 1.6

United Phosphorus Buy 135 170 5,969 8,421 9,263 16.5 16.5 15.0 17.0 9.0 7.9 1.3 1.2 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 310 - 5,298 2,983 3,477 16.1 16.0 18.5 21.2 16.8 14.7 4.8 3.7 32.8 28.7 1.7 1.5

Apollo Tyres Accumulate 86 96 4,330 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 25 28 6,598 12,910 14,836 8.8 9.6 1.5 2.2 16.7 11.2 2.2 2.0 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 371 - 561 928 1,103 9.7 10.4 22.4 32.6 16.6 11.4 2.0 1.8 12.1 16.2 0.7 0.5Bajaj Auto Neutral 2,027 - 58,662 20,775 23,889 18.5 19.0 107.6 126.4 18.9 16.0 7.8 6.2 45.8 42.8 2.4 2.0

Bharat Forge Buy 234 278 5,436 6,754 7,565 15.5 15.7 18.8 23.2 12.5 10.1 2.2 1.8 18.5 19.7 1.0 0.8

Bosch India* Neutral 9,132 - 28,673 9,973 11,320 17.8 18.0 396.2 455.7 23.1 20.0 4.3 3.7 18.8 18.2 2.5 2.1

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

Exide Industries Neutral 122 - 10,383 6,112 7,074 13.1 14.9 6.1 8.2 20.0 14.9 3.1 2.6 16.0 18.8 1.4 1.1

FAG Bearings* Accumulate 1,614 1,807 2,682 1,715 1,939 17.6 18.4 127.7 150.6 12.6 10.7 2.5 2.1 21.7 21.1 1.3 1.1

Hero Motocorp Accumulate 1,800 1,923 35,939 23,990 27,038 13.8 14.6 105.8 120.2 17.0 15.0 6.9 5.5 44.3 41.0 1.2 1.0

JK Tyre Buy 117 165 481 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.8 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and MahindraAccumulate 894 998 54,878 40,035 46,272 11.5 11.6 54.4 62.1 16.4 14.4 3.7 3.1 24.2 23.2 1.1 1.0

Maruti Neutral 1,602 - 46,283 42,304 51,088 7.5 8.7 64.4 92.9 24.9 17.2 2.8 2.4 11.6 14.9 0.9 0.7

Motherson Sumi Neutral 200 - 11,751 24,285 27,317 6.7 7.2 8.1 10.6 24.8 18.9 5.2 4.3 22.9 24.7 0.6 0.6

Subros Buy 27 35 163 1,286 1,479 9.4 9.7 2.6 5.1 10.5 5.4 0.6 0.5 5.6 10.3 0.4 0.4

Tata Motors Accumulate 299 337 79,690 190,883 217,164 12.8 13.1 35.5 42.5 8.4 7.0 2.2 1.7 30.2 27.6 0.5 0.4

TVS Motor Accumulate 43 46 2,048 7,298 8,123 6.1 6.4 4.6 5.8 9.5 7.4 1.6 1.3 17.4 19.4 0.2 0.2

Capital Goods

ABB* Reduce 656 573 13,892 7,790 9,653 4.5 7.8 8.7 22.1 75.4 29.7 5.2 4.6 7.1 16.5 1.8 1.4BGR Energy Neutral 244 - 1,760 3,567 4,357 11.8 10.9 24.6 26.8 9.9 9.1 1.4 1.3 30.7 26.3 0.9 0.8

BHEL Neutral 222 - 54,447 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 165 224 1,487 2,538 2,681 4.6 5.7 7.3 11.3 22.5 14.6 3.3 2.8 15.6 20.7 0.7 0.6

Crompton Greaves Buy 108 135 6,899 12,320 14,390 5.5 7.2 4.3 7.8 25.0 13.8 1.8 1.7 7.4 12.6 0.6 0.5

Jyoti Structures Buy 41 51 333 2,794 3,048 10.6 10.6 9.2 11.7 4.4 3.5 0.5 0.4 11.9 13.5 0.3 0.3

KEC International Buy 59 78 1,528 6,909 7,907 6.2 7.2 5.4 8.8 11.0 6.8 1.3 1.1 17.0 23.6 0.4 0.4

LMW Reduce 2,119 1,992 2,387 2,369 2,727 11.7 11.7 143.4 166.0 14.8 12.8 2.5 2.3 17.4 18.4 0.5 0.4

Thermax Neutral 577 - 6,871 5,552 5,767 9.3 10.2 28.3 30.9 20.4 18.7 3.7 3.2 19.3 18.4 1.1 1.0


Market Outlook

Stock Watch

January 31, 2013


13/19



Cement

ACC Neutral 1,326 - 24,886 11,012 12,333 21.1 20.9 77.0 80.3 17.2 16.5 3.3 2.9 19.5 18.7 2.0 1.7

Ambuja Cements Neutral 200 - 30,875 10,210 11,811 26.0 25.7 11.2 12.6 17.9 15.9 3.8 3.4 20.3 20.7 2.6 2.2

India Cements Neutral 88 - 2,705 4,293 4,666 17.7 18.1 8.6 10.8 10.3 8.2 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 141 - 1,730 2,171 2,544 22.5 22.5 21.6 23.2 6.6 6.1 1.2 1.0 19.0 17.8 0.9 1.2

Madras Cements Neutral 235 - 5,588 3,814 4,045 28.8 27.1 18.3 18.7 12.9 12.6 2.3 2.0 19.4 17.0 2.1 1.9

Shree Cements^ Neutral 4,339 - 15,114 5,678 6,251 29.0 28.6 288.1 334.0 15.1 13.0 4.2 3.3 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,887 - 51,734 20,466 23,017 23.3 24.3 100.0 117.1 18.9 16.1 3.4 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 200 286 1,051 2,032 2,311 22.4 22.4 27.0 31.6 7.4 6.3 0.9 0.8 13.0 13.4 1.9 2.2

Consolidated Co Neutral 15 - 282 2,262 2,522 5.9 6.3 0.9 1.6 16.7 9.8 0.5 0.4 2.7 4.6 0.4 0.4

IRB Infra Buy 120 164 3,988 3,843 4,212 43.1 43.6 16.8 17.8 7.1 6.7 1.2 1.1 18.3 17.0 3.2 3.4

ITNL Accumulate 198 225 3,839 6,564 7,054 27.2 27.4 26.3 29.0 7.5 6.8 1.2 1.0 17.0 16.3 2.7 2.8

IVRCL Infra Neutral 34 - 1,028 4,249 6,897 7.8 8.2 0.3 3.4 108.6 9.9 0.5 0.4 0.4 4.4 0.8 0.5

Jaiprakash Asso. Accumulate 87 100 18,769 13,842 15,863 26.9 26.4 3.7 4.6 23.8 19.1 1.4 1.3 6.2 7.3 2.8 2.5

Larsen & Toubro Accumulate 1 ,564 1,788 96,174 60,666 69,525 10.6 11.2 71.9 85.0 21.8 18.4 3.4 3.0 14.5 15.2 1.8 1.6

Nagarjuna Const. Neutral 48 - 1,220 5,947 6,569 8.5 8.6 3.1 4.1 15.3 11.6 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 51 - 1,697 11,892 13,116 9.0 9.0 1.8 3.2 28.2 15.9 0.6 0.6 2.0 3.5 0.6 0.5

Sadbhav Engg. Buy 122 168 1,841 2,344 2,804 10.6 10.7 7.2 8.7 17.0 14.0 2.0 1.8 13.0 13.5 1.1 1.0

Simplex Infra Buy 184 251 911 6,882 8,032 9.1 9.1 23.2 31.3 7.9 5.9 0.7 0.6 9.1 11.2 0.5 0.4

Unity Infra Buy 39 59 290 2,180 2,455 13.7 13.4 13.3 15.0 2.9 2.6 0.4 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Buy 167 199 8,355 6,403 7,186 2.7 2.8 30.5 33.6 5.5 5.0 0.8 0.7 14.9 14.6 - -

Andhra Bank Neutral 113 - 6,320 4,706 5,444 2.9 3.0 21.4 22.4 5.3 5.0 0.9 0.8 15.1 14.2 - -Axis Bank Accumulate 1,501 1,641 64,114 15,959 18,660 3.2 3.2 119.2 139.0 12.6 10.8 2.4 2.0 20.3 20.1 - -

Bank of Baroda Neutral 833 - 34,232 15,284 18,032 2.5 2.6 109.6 137.7 7.6 6.1 1.1 1.0 15.5 17.1 - -

Bank of India Neutral 334 - 19,167 12,568 14,758 2.2 2.4 41.6 64.1 8.0 5.2 1.0 0.9 11.6 16.0 - -

Bank of Maharashtra Neutral 59 - 3,464 3,720 4,268 2.9 2.8 10.9 13.0 5.4 4.5 0.8 0.7 16.2 16.9 - -

Canara Bank Accumulate 467 516 20,704 10,828 12,005 2.1 2.2 64.7 80.4 7.2 5.8 1.0 0.9 13.2 14.7 - -

Central Bank Neutral 83 - 6,113 7,252 8,236 2.5 2.6 16.8 21.4 4.9 3.9 0.9 0.7 13.1 14.8 - -

Corporation Bank Buy 459 534 6,804 4,835 5,570 2.0 2.2 105.0 99.8 4.4 4.6 0.8 0.7 17.5 14.8 - -

Dena Bank Accumulate 110 124 3,866 3,125 3,457 2.7 2.8 26.2 24.2 4.2 4.6 0.8 0.7 19.6 15.6 - -


Market Outlook

Stock Watch

January 31, 2013


14/19



Financials

Federal Bank Accumulate 509 557 8,699 2,667 2,920 3.2 3.2 49.1 51.4 10.4 9.9 1.4 1.2 13.9 13.1 - -

HDFC Neutral 798 - 122,980 7,446 8,923 3.5 3.5 32.2 38.5 24.8 20.7 5.1 4.5 35.4 32.6 - -

HDFC Bank Neutral 656 - 155,262 21,724 26,578 4.3 4.3 28.7 36.1 22.9 18.2 4.4 3.7 20.7 22.1 - -

ICICI Bank Buy 1,214 1,397 139,625 22,219 26,447 2.9 3.0 69.1 82.9 17.6 14.7 2.1 2.0 14.2 15.6 - -

IDBI Bank Accumulate 106 122 13,602 8,196 9,305 1.9 2.1 15.4 22.3 6.9 4.8 0.7 0.7 10.7 14.1 - -

Indian Bank Buy 205 252 8,793 5,902 6,563 3.2 3.2 41.3 43.2 5.0 4.7 0.8 0.7 18.4 16.8 - -

IOB Accumulate 80 90 6,408 7,063 8,308 2.3 2.5 12.6 20.4 6.4 4.0 0.6 0.5 9.0 13.3 - -J & K Bank Neutral 1,328 - 6,438 2,830 2,910 3.6 3.6 234.8 197.4 5.7 6.7 1.3 1.1 25.1 18.0 - -

LIC Housing Finance Buy 285 328 14,358 1,799 2,255 2.3 2.4 20.3 27.3 14.0 10.4 2.2 1.9 16.9 19.7 - -

Oriental Bank Neutral 320 - 9,332 6,330 7,105 2.6 2.7 58.4 65.1 5.5 4.9 0.8 0.7 14.5 14.4 - -

Punjab Nat l.Bank Accumulate 834 933 28,296 19,688 22,497 3.2 3.3 138.9 164.5 6.0 5.1 1.1 0.9 16.7 17.3 - -

South Ind.Bank Buy 27 34 3,588 1,583 1,789 3.0 2.9 3.5 4.1 7.7 6.6 1.3 1.1 19.1 17.7 - -

St Bk of India Neutral 2,435 - 163,426 60,677 69,712 3.3 3.3 224.3 257.3 10.9 9.5 1.9 1.6 17.6 17.7 - -

Syndicate Bank Buy 133 159 8,015 6,673 7,644 2.9 3.0 30.0 27.1 4.4 4.9 0.9 0.8 20.7 16.2 - -

UCO Bank Neutral 75 - 4,969 5,235 6,086 2.3 2.4 12.0 14.9 6.3 5.0 1.0 0.9 12.0 13.5 - -

Union Bank Accumulate 241 271 13,274 9,963 11,536 2.8 2.9 40.8 46.8 5.9 5.2 1.0 0.8 16.2 16.4 - -

United Bank Buy 74 87 2,688 3,498 3,858 2.5 2.8 15.1 21.6 4.9 3.4 0.6 0.5 12.5 16.1 - -

Vijaya Bank Neutral 59 - 2,946 2,333 2,728 2.0 2.2 7.3 10.4 8.1 5.7 0.8 0.7 9.3 12.1 - -

Yes Bank Accumulate 520 576 18,582 3,364 4,260 2.8 3.0 36.3 42.6 14.3 12.2 3.2 2.6 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,463 - 42,813 11,198 13,319 15.9 15.7 122.1 147.1 36.5 30.4 12.3 9.7 37.7 35.7 3.8 3.1

Britannia Buy 476 584 5,692 5,627 6,581 4.9 5.7 18.3 24.7 26.0 19.3 9.5 7.3 39.1 42.7 0.9 0.8

Colgate Neutral 1,385 - 18,828 3,146 3,573 20.6 21.4 36.4 42.5 38.1 32.6 35.2 29.5 102.0 98.5 5.8 5.1Dabur India Neutral 130 - 22,623 6,124 7,101 17.0 16.8 4.7 5.4 27.9 24.0 11.8 9.2 44.5 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,704 - 15,579 3,084 3,617 15.3 15.5 101.2 118.3 36.6 31.3 11.2 9.0 33.5 31.9 4.7 3.9

Godrej Consumer Neutral 721 - 24,534 6,355 7,548 16.7 17.4 20.3 25.4 35.5 28.3 7.5 6.2 23.2 25.1 4.1 3.4

HUL Neutral 478 - 103,288 25,350 28,974 13.3 13.5 15.1 17.0 31.6 28.2 25.2 17.9 85.7 74.3 3.9 3.4

ITC Neutral 304 - 239,299 29,148 34,191 35.7 36.1 9.4 11.1 32.4 27.4 10.8 8.9 35.9 35.7 7.9 6.7

Marico Neutral 226 - 14,551 4,840 5,643 13.6 13.6 6.4 8.1 35.1 27.8 6.9 5.6 26.3 23.3 3.1 2.5

Nestle* Neutral 4,672 - 45,044 8,487 10,081 21.2 22.1 113.0 142.5 41.4 32.8 24.8 17.1 70.5 61.6 5.4 4.4


Market Outlook

Stock Watch

January 31, 2013


15/19



FMCG

Tata Global Neutral 144 - 8,899 7,207 7,927 9.1 9.5 6.9 8.2 20.8 17.6 2.2 2.1 8.9 9.8 1.2 1.0

IT

HCL Tech^ Accumulate 690 725 47,911 24,453 27,269 19.8 18.7 45.0 50.0 15.3 13.8 3.7 3.1 24.4 22.6 1.9 1.6

Hexaware* Buy 80 118 2,365 1,941 2,118 20.8 19.0 10.7 10.7 7.5 7.5 1.8 1.6 25.3 22.0 0.9 0.8

Infosys Neutral 2,793 - 160,355 40,746 44,283 28.9 28.8 162.6 172.9 17.2 16.2 4.0 3.4 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 172 191 1,917 1,900 2,064 18.2 17.8 19.1 21.2 9.0 8.1 1.4 1.2 15.2 14.6 0.7 0.5

KPIT Cummins Buy 111 130 2,142 2,221 2,390 16.1 15.9 11.3 13.0 9.9 8.6 2.2 1.7 21.9 20.9 1.0 0.8Mahindra Satyam Neutral 123 - 14,448 7,670 8,308 20.3 19.3 9.9 10.8 12.5 11.3 3.5 2.7 28.0 23.5 1.5 1.3

Mindtree Neutral 798 - 3,302 2,339 2,502 20.9 18.4 75.4 78.1 10.6 10.2 2.6 2.1 24.6 20.3 1.2 1.0

Mphasis& Accumulate 369 396 7,763 5,531 5,874 17.6 17.5 35.4 37.7 10.4 9.8 1.5 1.3 14.7 13.5 0.9 0.7

NIIT Buy 27 36 451 1,048 1,161 9.1 10.9 4.1 6.2 6.6 4.4 0.7 0.6 10.3 14.1 0.3 0.2

Persistent Neutral 559 - 2,237 1,277 1,398 26.8 25.2 48.0 53.9 11.6 10.4 2.2 1.9 19.0 17.9 1.4 1.2

TCS Accumulate 1,344 1,465 263,021 62,954 70,871 29.0 28.9 71.6 79.1 18.8 17.0 6.2 5.0 33.2 29.7 4.0 3.5

Tech Mahindra Accumulate 1,011 1,087 12,922 6,671 7,290 19.8 19.0 94.1 106.4 10.7 9.5 2.6 2.0 24.0 21.6 2.0 1.8

Wipro Neutral 415 - 102,114 43,231 47,241 20.0 20.0 26.2 28.1 15.9 14.8 3.1 2.6 19.3 17.9 2.0 1.8

Media

D B Corp Accumulate 248 264 4,554 1,581 1,784 23.3 25.0 11.6 14.4 21.4 17.2 4.2 3.6 21.0 22.3 2.8 2.4

HT Media Buy 103 121 2,429 2,111 2,272 15.0 15.2 7.4 8.3 14.0 12.5 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 110 126 3,477 1,503 1,681 23.1 23.1 6.4 7.3 17.2 15.1 4.3 3.8 25.8 26.5 2.5 2.2

PVR Neutral 274 - 793 682 786 17.3 16.9 17.6 19.7 15.5 13.9 1.8 1.6 14.9 14.5 1.5 1.3

Sun TV Network Neutral 469 - 18,477 1,942 2,237 77.2 75.5 17.6 19.1 26.6 24.6 6.4 5.8 25.8 25.2 9.0 7.8

Metals & Mining

Bhushan Steel Neutral 445 - 10,086 10,746 13,982 30.8 31.1 43.3 55.5 10.3 8.0 1.1 1.0 11.4 12.6 3.0 2.3Coal India Neutral 351 - 221,546 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.3 2.1

Electrosteel Castings Buy 26 34 889 1,984 2,074 10.6 11.6 1.8 2.6 14.6 9.9 0.5 0.2 3.6 5.1 0.6 0.6

Hind. Zinc Buy 128 149 53,957 12,002 13,759 49.7 50.8 14.7 16.4 8.7 7.8 1.7 1.4 21.1 19.8 2.6 1.9

Hindalco Neutral 115 - 22,027 79,148 89,258 9.4 9.0 15.0 15.6 7.7 7.4 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 850 - 18,963 39,072 40,493 16.5 18.2 82.4 90.3 10.3 9.4 1.1 1.0 10.7 10.7 0.9 0.9

MOIL Neutral 252 - 4,231 941 1,019 47.3 48.3 25.8 28.1 9.8 9.0 1.5 1.4 16.7 16.2 2.1 1.8

Monnet Ispat Buy 262 344 1,667 2,501 3,264 22.2 24.6 41.8 55.2 6.3 4.7 0.7 0.6 11.3 13.4 1.7 1.2

Nalco Reduce 51 44 13,041 6,898 7,841 9.9 14.7 2.0 3.2 25.5 15.9 1.1 1.1 4.3 6.8 1.4 1.3

NMDC Buy 157 198 62,147 11,209 12,525 78.4 78.3 18.5 20.6 8.5 7.6 2.1 1.7 27.0 24.6 3.6 3.0


Market Outlook

Stock Watch

January 31, 2013


16/19



Metals & Mining

SAIL Neutral 89 - 36,555 47,252 60,351 14.2 14.8 9.6 11.7 9.3 7.5 0.8 0.8 9.4 10.6 1.2 1.0

Sesa Goa Neutral 187 - 16,222 2,412 3,911 30.8 33.1 29.6 31.8 6.3 5.9 1.0 0.9 16.3 15.4 8.2 5.1

Sterlite Inds Neutral 115 - 38,597 43,185 45,442 23.3 23.7 16.8 17.9 6.8 6.4 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 406 463 39,426 145,725 154,108 8.3 9.5 22.0 44.5 18.4 9.1 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 125 148 449 1,442 1,494 19.0 19.1 29.2 31.7 4.3 4.0 0.5 0.5 12.3 12.0 0.7 0.6

Prakash Industries Buy 46 73 625 2,694 2,906 14.6 16.6 16.4 20.8 2.8 2.2 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat Buy 108 143 344 2,342 2,470 13.7 15.3 27.7 33.8 3.9 3.2 0.4 0.3 10.9 11.4 0.6 0.5

Oil & Gas

Cairn India Buy 325 383 62,084 17,394 17,034 76.4 72.3 60.8 55.1 5.4 5.9 1.1 0.9 21.9 17.0 2.7 2.4

GAIL Neutral 339 - 42,995 46,652 54,142 15.7 15.7 34.0 35.3 10.0 9.6 1.7 1.5 18.5 16.8 0.7 0.5

ONGC Reduce 338 312 289,304 147,139 154,821 33.9 33.7 30.7 32.3 11.0 10.5 1.9 1.7 18.3 17.2 1.7 1.6

Reliance Industries Neutral 899 - 294,399 362,700 380,031 8.9 8.9 68.1 71.5 13.2 12.6 1.4 1.3 12.4 11.8 0.8 0.7

Gujarat Gas* Neutral 312 - 3,995 3,128 3,707 13.2 11.7 22.8 23.5 13.7 13.2 4.1 3.7 33.2 29.2 1.2 1.0

Indraprastha Gas Neutral 260 - 3,644 3,213 3,643 23.3 23.5 24.3 25.7 10.7 10.1 2.5 2.1 25.0 22.1 1.2 1.1

Petronet LNG Buy 152 179 11,366 32,210 41,362 6.1 5.8 15.4 15.6 9.9 9.7 2.6 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 73 - 4,088 1,079 1,034 91.8 91.9 8.8 8.4 8.3 8.7 1.4 1.2 17.9 15.0 3.5 3.6

Pharmaceuticals

Alembic Pharma Buy 78 95 1,477 1,490 1,714 16.2 17.1 7.4 9.5 10.6 8.3 2.9 2.2 30.7 30.2 1.1 0.9

Aurobindo Pharma Accumulate 187 208 5,440 5,463 6,279 15.0 15.0 12.4 14.0 15.1 13.3 2.0 1.7 18.8 17.8 1.6 1.4

Aventis* Neutral 2,268 - 5,222 1,482 1,682 17.5 16.6 82.9 87.8 27.4 25.8 4.3 3.4 16.3 14.8 3.3 2.8

Cadila Healthcare Accumulate 856 926 17,530 6,148 7,386 18.6 19.6 32.7 44.8 26.2 19.1 5.8 4.6 23.7 26.6 3.2 2.6

Cipla Neutral 408 - 32,739 8,151 9,130 25.8 24.8 20.2 21.6 20.2 18.9 3.6 3.1 19.4 17.6 3.8 3.3

Dr Reddy's Neutral 1,935 - 32,842 10,696 11,662 20.7 21.0 83.7 92.9 23.1 20.8 4.8 4.0 22.4 20.8 3.4 3.0

Dishman Pharma Buy 104 145 837 1,280 1,536 20.2 20.2 10.4 14.5 10.0 7.2 0.8 0.8 8.7 11.0 1.3 1.1

GSK Pharma* Neutral 2,056 - 17,413 2,651 2,993 31.7 31.2 76.0 82.4 27.1 25.0 7.8 7.0 20.1 26.3 5.8 5.0

Indoco Remedies Buy 61 78 564 642 784 14.2 15.2 5.7 7.8 10.7 7.8 1.3 1.2 12.9 16.4 1.1 0.9

Ipca labs Buy 479 559 6,042 2,850 3,474 21.0 21.0 29.9 37.3 16.0 12.8 3.8 3.0 26.7 26.4 2.3 1.9

Lupin Accumulate 599 655 26,814 8,426 10,082 19.7 20.0 26.1 31.1 23.0 19.3 5.3 4.3 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 455 - 19,245 12,046 11,980 16.0 15.8 37.3 32.1 12.2 14.2 4.7 3.8 45.3 29.7 1.6 1.6

Sun Pharma Neutral 709 - 73,294 9,902 12,313 42.6 42.6 26.7 29.1 26.6 24.4 5.1 4.3 20.7 19.1 6.7 5.3

Power

GIPCL Accumulate 70 78 1,065 1,523 1,568 30.3 30.3 5.4 11.5 13.0 6.1 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

January 31, 2013


17/19



Power

NTPC Neutral 156 - 128,547 72,809 81,951 23.0 23.7 12.0 13.4 13.0 11.6 1.6 1.4 12.5 12.9 2.4 2.3

Real Estate

Anant Raj Neutral 83 - 2,451 657 875 52.0 56.1 8.4 12.7 9.9 6.5 0.6 0.6 6.3 8.9 5.0 3.8

DLF Neutral 273 - 46,323 9,878 12,033 44.7 46.1 9.6 13.4 28.5 20.3 1.8 1.7 6.4 8.7 7.2 5.9

HDIL Buy 76 115 3,189 2,441 3,344 55.1 48.2 22.7 26.6 3.4 2.9 0.3 0.3 8.8 9.4 3.2 2.4

MLIFE Accumulate 409 446 1,668 786 888 26.3 26.7 31.0 36.3 13.2 11.3 1.3 1.2 10.1 10.8 2.4 2.1

TelecomBharti Airtel Neutral 345 - 130,882 80,353 86,654 30.9 31.3 8.6 11.8 40.3 29.2 2.5 2.3 6.1 7.8 2.4 2.1

Idea Cellular Neutral 113 - 37,385 21,797 23,142 26.9 27.7 3.1 4.7 36.0 24.2 2.7 2.4 7.4 9.8 2.2 2.0

Rcom Neutral 82 - 16,904 21,032 22,084 31.8 30.2 2.9 4.0 28.0 20.5 0.5 0.5 1.6 2.2 2.5 2.3

zOthers

Abbott India Accumulate 1,448 1,590 3,076 1,629 1,886 11.8 13.3 60.8 79.5 23.8 18.2 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 191 217 1,903 3,497 3,968 6.6 7.6 9.8 15.5 19.5 12.3 2.5 2.1 12.7 17.4 0.6 0.5

Cera Sanitaryware Buy 415 495 525 460 596 16.4 16.2 34.7 45.0 12.0 9.2 2.9 2.3 27.7 27.8 1.2 1.0

Cravatex Buy 416 545 108 272 308 7.2 7.3 37.5 45.4 11.1 9.2 2.6 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 1,000 - 7,024 982 1,136 34.3 34.3 34.3 40.0 29.1 25.0 13.2 10.5 50.9 46.9 6.7 5.7

Finolex Cables Accumulate 57 61 876 2,304 2,552 9.9 9.1 8.2 10.1 7.0 5.7 1.0 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 442 550 576 2,027 2,299 4.6 5.1 35.3 50.0 12.5 8.8 0.5 0.5 3.9 5.3 0.1 0.1

Goodyear India Accumulate 317 360 731 1,494 1,607 6.4 7.8 23.9 33.0 13.3 9.6 2.1 1.8 16.5 20.1 0.3 0.2

Greenply Industries Sell 407 309 983 1,925 2,235 10.6 10.9 29.6 44.1 13.8 9.2 2.3 1.8 16.8 21.0 0.8 0.7

Hitachi Neutral 143 - 328 873 989 4.4 6.5 6.4 12.2 22.5 11.8 1.8 1.6 8.3 14.4 0.4 0.3

Honeywell Automation* Accumulate 2,577 2,842 2,278 1,809 2,117 5.5 7.5 84.9 135.3 30.4 19.0 3.3 2.8 11.3 16.0 1.2 1.0

Styrolution ABS India* Accumulate 669 744 1,176 1,059 1,116 8.5 9.5 36.0 42.0 18.6 15.9 2.7 2.4 15.4 16.0 1.1 1.1ITD Cementation Buy 236 334 271 1,455 1,630 12.4 12.6 29.8 40.5 7.9 5.8 0.6 0.6 8.2 9.8 0.6 0.6

Jyothy Laboratories Neutral 150 - 2,414 1,228 1,443 9.0 10.9 3.9 6.4 38.5 23.4 3.8 3.5 10.1 15.6 2.5 2.1

MCX Neutral 1,412 - 7,199 553 624 65.3 66.3 62.5 72.0 22.6 19.6 6.2 5.4 27.5 27.4 10.0 8.4

MRF Neutral 13,091 - 5,552 13,030 14,405 10.3 10.6 1,418.1 1,677.1 9.2 7.8 1.6 1.3 19.1 18.7 0.5 0.5

Page Industries Accumulate 3,394 3,602 3,786 836 1,023 20.2 20.6 105.6 133.4 32.2 25.4 16.4 11.5 59.3 53.2 4.6 3.7

Relaxo Footwears Buy 807 933 968 1,019 1,208 11.0 12.5 47.0 66.7 17.2 12.1 4.3 3.2 28.2 30.1 1.1 0.9

Sintex Industries Buy 62 79 1,933 4,751 5,189 16.3 16.6 13.6 15.8 4.5 3.9 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 291 366 273 1,043 1,149 12.3 12.9 65.7 73.3 4.4 4.0 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 12 - 351 6,765 7,393 18.1 18.0 6.4 7.5 1.8 1.6 0.1 0.1 6.1 6.7 0.6 0.6


Market Outlook

Stock Watch

January 31, 2013


18/19



zOthers

SpiceJet Reduce 46 43 2,230 5,720 6,599 5.3 6.8 3.6 5.4 12.8 8.6 18.5 5.9 - - 0.5 0.4

TAJ GVK Buy 68 108 425 300 319 35.8 36.2 7.9 9.1 8.6 7.4 1.1 1.0 13.9 14.4 1.7 1.5

Tata Sponge Iron Buy 312 384 480 750 803 18.6 18.4 65.4 69.1 4.8 4.5 0.7 0.7 16.5 15.3 0.3 0.2

TTK Healthcare Buy 518 643 403 374 425 7.9 9.5 24.1 32.7 21.5 15.8 19.7 22.5 0.9 0.8

TVS Srichakra Buy 250 322 191 1,461 1,625 6.9 8.2 24.6 53.7 10.1 4.7 1.3 1.1 12.9 24.9 0.4 0.3

United Spirits Neutral 1,815 - 23,739 10,289 11,421 12.8 12.8 26.0 45.3 69.8 40.1 3.2 3.0 5.8 7.6 2.7 2.4

Vesuvius India Neutral 332 - 674 560 611 16.1 17.0 24.7 28.8 13.5 11.6 2.0 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 January 30, 2013


Market Outlook

Stock Watch

January 31, 2013


19/19


market outlook, 31st january 2013

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