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Market Outlook

June 3, 2013

Dealers Diary
The Indian markets are expected to open in the red today tracking negative
opening trades in the SGX Nifty and most of Asian markets. Asian markets are
trading lower, after improving U.S. economic data added to concern the Federal
Reserve will scale back its stimulus.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(2.3)

(455) 19,760

Nifty

(2.3)

(138)

5,986

MID CAP

(1.3)

(86)

6,389

US markets moved sharply lower in the latter part of the trading day on Friday.
The sell-off seen in late-day trading came as a pair of economic reports added to
recent concerns that the Federal Reserve could scale back its stimulus program
within the next few meetings. Major European markets too ended in negative
territory on Friday, due to some weaker than expected economic data from Europe.
Eurozone unemployment rate climbed to a new record high, while German retail
sales unexpectedly fell.

SMALL CAP

(1.6)

(94)

5,943

BSE HC

(0.9)

(83)

8,847

BSE PSU

(2.1)

(146)

6,656

BANKEX

(2.5)

(360) 14,261

AUTO

(1.8)

(203) 11,166

METAL

(1.9)

(163)

8,503

OIL & GAS

(2.7)

(241)

8,655

Meanwhile, Indian markets fell sharply on Friday, as RBI Governors hawkish


comments on inflation, current account deficit and commodity price movements
dented hopes for an interest-rate cut at the RBIs June 17 policy meeting. Weak
GDP data also added to growth worries, dampening investor sentiments.

BSE IT

0.9

52

6,065

(Pts)

(Close)

Global Indices

Chg (%)

Dow Jones

(1.4)

NASDAQ

(1.0)

(35)

3,456

Markets Today

FTSE

(1.1)

(74)

6,583

The trend deciding level for the day is 19,894 / 6,023 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 20,058 20,355 / 6,070 6,153 levels. However, if NIFTY trades below
19,894 / 6,023 levels for the first half-an-hour of trade then it may correct up to
19,597 19,433 / 5,939 5,892 levels.
Indices
SENSEX
NIFTY

Nikkei

S2
19,433
5,892

S1
19,597
5,939

PIVOT
19,894
6,023

R1
20,058
6,070

R2
20,355
6,153

News Analysis

Real GDP growth at 4.8% in 4QFY2013, in line with expectations


Auto Monthly - May 2013
Infosys Board appoints Mr. N R Narayana Murthy as Executive Chairman of
the Board
National Green Tribunal (NGT) allows Sterlite to restart copper smelter
India's Sun Pharmaceuticals reported to be in talks to be in a US $5bn deal for
Sweden's Meda
Result Review: IFB Agro
Refer detailed news analysis on the following page

Net Inflows (May 30, 2013)


` cr
FII
MFs

Purch
6,423
527

Sales
4,926
623

Net
1,497
(96)

MTD
21,175
(3,486)

YTD
82,333
(12,077)

FII Derivatives (May 31, 2013)


` cr
Index Futures
Stock Futures

Purch
1,522
2,149

Sales
3,350
1,887

Net
(1,828)
262

Open Interest
8,836
27,656

Gainers / Losers
Company

Gainers
Price (`)
chg (%)

Company

Glaxosmithkl Cons

5,822

10.6

Glaxosmithkl Phar

2,507

9.0

Corporation Bank

388

(8.9)

Wockhardt

1,223

7.2

Indiabulls Real Est

70

(7.1)

Videocon Inds
Apollo Hosp

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Suzlon Energy

Losers
Price (`)
chg (%)
12

(9.9)

218

5.2

Berger Paints

225

(7.0)

1,003

4.5

Jet Air India

492

(7.0)

(209) 15,116

1.4

186 13,775

Hang Sang

(0.4)

(92) 22,392

Straits Times

(0.7)

(25)

3,311

Shanghai Com

(0.7)

(17)

2,301

Chg (%)

(Pts)

(Close)

0.1

0.0

$41.8

WIT

(2.6)

(0.2)

$7.6

IBN

(4.1)

(1.9)

$45.0

HDB

(3.9)

(1.7)

$40.2

Indian ADR

INFY

Advances / Declines

BSE

NSE

Advances

791

350

1,591

1,042

117

75

Declines
Unchanged
Volumes (` cr)

BSE

2,039

NSE

13,855

Market Outlook
June 3, 2013

Real GDP growth at 4.8% in 4QFY2013, in line with expectations


Real GDP growth for 4QFY2013 came in at 4.8%, in line with our as well as
market expectations, as against 4.7% in the previous quarter and 5.1% in
4QFY2012. Growth in the services sector has decelerated to 6.6% the lowest in
about 4 years resulting in a sub-5% reading for GDP growth for the second
consecutive quarter. While 3QFY2013 GDP growth has been revised upwards to
4.7% from 4.5% estimated earlier, it has been revised slightly downwards in the
three preceding quarters. Overall for FY2013 as a whole, real GDP growth stands
at a decadal-low of 5% as compared to 6.2% during FY2012. We believe growth
has bottomed out in 3QFY2013 and we expect a gradual pick up with recovery in
consumption as well as investment to about 5.8% in FY2014.
Trends in economic growth
Growth in agriculture and allied activities continued to remain muted and stood at
1.4% as against 1.8% yoy in 3QFY2013 and 2.0% yoy in 4QFY2012. For FY2013,
agriculture reported 1.9% growth, impacted by the decline in food-grain
production by 1.5% particularly in the kharif season owing to below-normal
monsoon. Non-farm GDP is relatively higher at 5.5% as compared to total output
growth of 5% but it has almost halved since FY2010.
The growth in industrial sector recovered to 2.7% during the quarter as compared
to 2.1% in 4QFY2012 owing to the 2.6% growth in manufacturing sector. For
FY2013 as a whole, the mining sector reported 0.6% de-growth despite a low
base effect from a similar decline in the previous year reflecting the impact of
persistent regulatory hurdles. Growth in the manufacturing sector disappointed
coming in at 1.0% in FY2013, a 15 year low. It has decelerated for the third
straight year from 11.3% in FY2010. Even growth in electricity and construction
decelerated to 4.2% and 4.3% from 6.5% and 5.6% in FY2012 respectively.
Growth in the services sector decelerated further to 6.6% during 4QFY2013, the
lowest in about 4 years. As the government stepped up its fiscal consolidation drive
and curtailed expenditure, the pace of growth in community, social and personal
services slowed down for the fourth straight quarter to a moderate 4.0% during the
quarter. Overall, growth in the services sector has slipped to 7.1% for FY2013, a
3-year low. The share of services in total GDP has reached 59.6%, its highest level.
Demand-side GDP trends
Despite high discrepancies in data, the sharp slump in economic activity is clearly
evident in terms of growth in GDP at market prices which slowed to 3.2%, its
lowest level since FY1993. The growth in major components consumption,
investment and exports has more than halved as compared to FY2012. The share
of consumption in GDP at market prices is the highest at 71% and its growth stood
at 3.9% as compared to 8.1% in the previous year owing to deceleration in both
government and private consumption. During 4QFY2013, government
consumption reported a low 0.6% growth as compared to 7.6% in 4QFY2012 and
this corresponds to the slow growth in community, social and personal services.
Gross fixed capital formation (GFCF) decelerated to 1.7% in FY2013 as compared
to 4.4% in FY2012 and 14.0% in FY2011 concurring with the weak investment
climate in the economy. Net exports declined by 17.3% and continued to weigh on
growth during FY2013.

www.angelbroking.com

Market Outlook
June 3, 2013

Auto Monthly - May - 2013


Ashok Leyland
Ashok Leyland reported broadly in-line volumes for May 2013 with total sales
witnessing a decline of 2.9% qoq to 7,267 units. The volumes continue to be
impacted by the slowdown in the medium and heavy commercial vehicle (MHCV)
segment which led to a 6.1% qoq decline in commercial vehicle sales (ex. Dost) to
4,932 units. Dost volumes on the other hand reported a healthy growth of 4.4%
qoq to 2,335 units. Total volumes on a yoy basis though, posted a decline of 16%
yoy mainly led by the impact of the slowdown in the MHCV sales.

Maruti Suzuki
Maruti Suzuki registered a lower than expected volume performance in May 2013
as total volumes declined by 13% qoq (14.4% yoy) to 84,677 units. Continued
slowdown in the domestic demand and macroeconomic uncertainty in key export
markets attributed to the weak performance. While domestic volumes declined
14% qoq (13% yoy), exports posted a marginal growth of 1.1% qoq (down 27.1%
yoy). The compact (down 20.4% qoq and 29.4% yoy), super compact (down
11.2% qoq and 2.5% yoy) and utility vehicles (down 19% qoq and 44.3% yoy)
segments which have been driving the growth over the last one year witnessed
sluggish performance on account of continued slowdown in demand and also due
to increasing competition.

Mahindra and Mahindra


Mahindra and Mahindra's automotive segment reported an in-line volume growth
of 4.9% qoq (down marginally by1.2% yoy) to 43,460 units driven by a healthy
growth of 5.5% qoq (5.4% yoy) in domestic volumes. Export volumes however
remained sluggish and registered a decline of 11.4% qoq (down 66.5% yoy)
during the month. The growth in the domestic segment was driven primarily by a
healthy growth of 7.2% qoq (5.2% yoy) in the utility vehicle segment which has
been witnessing an increased competitive activity recently. The pick-up segment
growth was modest and the segment reported a growth of 3% qoq (12% yoy)
during the month.

Tata Motors
Tata Motors (TTMT) continued with its poor performance in the domestic markets
with total volumes registering a decline of 3.6% qoq to 49,304 units led by
continued demand slowdown in the commercial (CV) and passenger vehicle (PV)
segments. The performance was sluggish across the CV and PV segments during
the month. While CV sales witnessed a decline of 4.8% qoq, PV sales reported a
decline of 3.8% qoq. Exports however posted a healthy growth of 8.7% qoq.

TVS Motor
TVS Motor reported an in-line volume performance with total volumes remaining
flat qoq (down 6.2%yoy) at 165,151 units. The company continued with its weak
performance in the two-wheeler segment (flat qoq and down 7.9% yoy) led by
sluggish demand and rising competition in the motorcycle (down 1.8% qoq) and
scooter (up 13.7% qoq on a low base, however down 13.1% yoy) segments. On
the positive side, the three-wheeler sales continued its strong momentum and

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Market Outlook
June 3, 2013

posted a growth of 98.8% yoy (23.2% qoq) driven by exports. The overall exports
however, registered a growth of 6.9% yoy (12.3% qoq) during the month.

Infosys Board appoints Mr. N R Narayana Murthy as Executive


Chairman of the Board
Infosys Limited, in a board meeting held on June 1, 2013 announced the
appointment of Mr. N R Narayana Murthy into the Board and executive leadership
of the Company with effect from June 1, 2013. Mr. Narayana Murthy will serve at
the position for 5 years. During his tenure, he will have his son Rohan Murty as
Executive Assistant. Mr. K V Kamath would step down from his position as
Chairman of the Board and take up the position of Lead Independent Director
effective June 1, 2013. The move is aimed to strengthen the leadership and put
the company back on high growth path. Apart from Mr. Narayana Murthys
appointment as Executive Chairman and Director, the other change at the top
level is the re designation of Mr. S.Gopalakrishnan as Executive Vice Chairman
with a focus key client relationships. Mr. Shibulal will be the MD & CEO of the
company. We believe the move is positive for the company. Maintain Neutral
rating on the stock.

National Green Tribunal (NGT) allows Sterlite to restart copper


smelter
Media reports suggest that the National Green Tribunal (NGT) has given its nod to
restart Sterlite Industries Tuticorin copper smelter. The Tuticorin smelter was shut
down on 29th March, 2013 following an order by the Tamil Nadu Pollution control
board (TNPCB) after a case of gas leak was reported by the local residents of the
area. This relief order is in line with our expectation that the closure will be
temporary and hence we maintain our estimates on Sterlite Industries and a
Neutral view on the stock.

India's Sun Pharmaceuticals reported to be in talks to be in a US


$5bn deal for Sweden's Meda
Sun has been reported to be in talks to acquire the Sweden Meda, the branded
generics, which have products in respiratory, cardiology, dermatology and pain
and inflammation drugs. Meda makes respiratory, cardiology, dermatology and
pain and inflammation drugs. It also makes over-the-counter products which treat
warts, skin infections and other maladies that account for roughly one-quarter of
its revenue. The company is said to have sales of ~US $1.98bn, with most of the
sales in the Western Europe and USA region. The company is said to be valued at
around US$ 5bn. , valuing the business at around 20xCY2012, which is not
expensive given the product portfolio. While its not certain whether the acquisition,
would be through, but if through, Sun Pharmaceuticals product portfolio would be
more focused on the regulated markets. Us already accounts for almost 54% of its
overall sales (in FY2013). As terms of funding the acquisition, the company is
already cash rich and has a cash of around of `5,000cr, thus making it easier to
fund the acquisition. We maintain our neutral on the stock.

www.angelbroking.com

Market Outlook
June 3, 2013

Result Review
IFB Agro (CMP: `167/ TP: `224/ Upside: 34%)
IFB Agro reported better than expected results for 4QFY2013. Revenue came in at
`86cr as compared to our estimate of `82cr, while on a yoy basis, revenue decline
dby 9.3% primarily due to fall in revenue in the alcohol division due to closure of
the molasses distillery. However, EBITDA margin expanded by 298bp yoy to 6.8%
in 4QFY2013 from 3.8% in 4QFY2012, due to a sharp decline in other expenses
during the quarter. This coupled with lower depreciation and higher other income
led to a net profit `4cr during the quarter as compared to a net profit of `0.3cr in
4QFY2012.
For FY2013, overall revenue growth stood at 4.5% yoy to `462cr from `442cr in
FY2012. Decline in revenue growth is attributable to lower contribution from the
alcohol division. EBITDA margin contracted by 71bp to 10.3% on account of
increase in net raw material cost. This was offset by lower depreciation and higher
other income which led to 2.5% yoy growth in net profit to `26cr for FY2013.
Going forward we expect the revenue to post a 19.2% CAGR to `657cr over
FY2013-15 at the back of new distillery capacity, which is expected to be
operational by FY2015E. We expect the net profit to post a CAGR of 32.4% on the
back of margin expansion arising from high margin distillery business. At the
current market price, the stock is trading at P/B of 0.6x for FY2015E, which we feel
is attractive. Hence, we maintain our buy recommendation on the stock with a
target price of `224 based on a target P/B of 0.8x for FY2015E.
Y/E

Sales

OPM

March

(` cr)

(%)

PAT EPS
(` cr)

(`)

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

(%)

(x)

(x)

(x)

(x)

FY2014E

502

12.3

31 34.9

17.3

4.8

0.7

1.7

0.2

FY2015E

657

13.8

46 51.0

20.1

3.3

0.6

0.8

0.1

Economic and Political News

GDP growth likely to be between 6-6.5% in FY2014: CII


FDI dips by 38% to US $22.4 billion in 2012-13
CII for de-regulation of coal sector
Inflation to come under greater control in coming months: PM

Corporate News

Pantaloons to invest `175cr on store expansion in 12 months


DLF to invest about `3,000cr to build new projects in FY2014
RIL plans to shut VGO unit at 580,000 bpd refinery
Jet's promoters to sell 1.54% more stake to comply SEBI norms
BPCL-run Assam refinery mostly closed after fire breaks out at crude unit
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Market Outlook
June 03, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

June 3, 2013
June 5, 2013
June 6, 2013

June 7, 2013

1:25PM

Germany PMI Manufacturing

Value

May F

49.00

49.00

2:00PM

UK

Value

May

49.80

50.30

1:25PM

Germany PMI Services

Value

May F

49.80

49.80

2:30PM

Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

1Q P

(0.20)

(0.20)

6:00PM

US

Initial Jobless claims

Thousands

Jun 1

354.00

345.00

4:30PM

UK

BOE Announces rates

% Ratio

Jun 6

0.50

0.50

5:15PM

Euro Zone ECB announces interest rates

Jun 6

0.50

0.50

6:00PM

US

Change in Nonfarm payrolls

Thousands

May

165.00

165.00

PMI Manufacturing

6:00PM

US

Unnemployment rate

May

7.50

7.50

June 8, 2013

4:29PM

China

Exports YoY%

% Change

May

14.70

6.50

June 9, 2013

7:00AM

China

Consumer Price Index (YoY)

% Change

May

2.40

2.50

11:00AM

China

Industrial Production (YoY)

% Change

May

9.30

9.20

4:29PM

India

Imports YoY%

% Change

May

10.96

--

June 10, 2013

4:29PM

India

Exports YoY%

% Change

May

1.68

--

June 11, 2013

2:00PM

UK

Industrial Production (YoY)

% Change

Apr

(1.40)

--

June 12, 2013

2:00PM

UK

Jobless claims change

% Change

May

(7.30)

--

11:00AM

India

Industrial Production YoY

% Change

Apr

2.50

--

2:30PM

Euro Zone Euro-Zone CPI (YoY)

May F

1.20

--

6:00PM

US

Producer Price Index (mom)

% Change

May

(0.70)

0.10

June 14, 2013

May

(0.53)

0.30

% Change

May

4.89

--

RBI Repo rate

Jun 17

7.25

--

RBI Cash Reserve ratio

Jun 17

4.00

--

India

RBI Reverse Repo rate

Jun 17

6.25

--

2:00PM

UK

CPI (YoY)

% Change

May

2.40

--

6:00PM

US

Housing Starts

Thousands

May

853.00

--

6:00PM

US

Building permits

Thousands

May

1,005.00

--

6:00PM

US

Consumer price index (mom)

% Change

May

(0.40)

--

June 19, 2013

11:30PM

US

FOMC rate decision

Jun 19

0.25

--

June 20, 2013

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Jun A

(21.90)

--

7:30PM

US

Existing home sales

Million

May

4.97

--

7:30PM

US

Consumer Confidence

S.A./ 1985=100

Jun

76.20

--

June 17, 2013

June 18, 2013

June 25, 2013

6:45PM

US

Industrial Production

12:00PM

India

Monthly Wholesale Prices YoY%

11:00AM

India

11:00AM

India

11:00AM

7:30PM

US

New home sales

Thousands

May

454.00

--

June 26, 2013

6:00PM

US

GDP Qoq (Annualised)

% Change

1Q T

2.40

--

June 27, 2013

1:25PM

Germany Unemployment change (000's)

Thousands

Jun

21.00

--

2:00PM

UK

GDP (YoY)

% Change

1Q F

0.60

--

6:30AM

China

PMI Manufacturing

Value

Jun

50.80

--

July 15, 2013

7:30AM

China

Real GDP (YoY)

August 14, 2013

11:30AM

Germany GDP nsa (YoY)

July 1, 2013

Source: Bloomberg, Angel Research

% Change

2Q

7.70

--

% Change

2Q P

(1.40)

--

Market Outlook
June 03, 2013

Macro watch
Exhibit1: Quarterly GDP trends

Exhibit2: IIP trends

(%)

(%)
10.0

11.4

6.0
4.0

8.1

8.0

Feb-13

Jan-13

Exhibit4: Manufacturing and services PMI


Mfg. PMI

58.0
7.5

Nov-12

(4.0)

Source: MOSPI, Angel Research

(%)
7.6

(1.0) (0.6)

(0.7)

(2.0)

Dec-12

(0.1)
(1.3)

Apr-12

4QFY13

3QFY13

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

0.5

(2.0)

Exhibit3: Monthly WPI inflation trends

8.0

2.5

2.4

2.0

Oct-12

4.7 4.8

Source: CSO, Angel Research

9.0

2.5

2.0

5.1 5.4 5.2

Sep-12

6.0

Aug-12

6.5

Mar-13

7.5

Jul-12

9.2

7.7

Jun-12

8.6

8.4

8.0

9.9

May-12

9.5

9.3

2QFY10

12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0

7.3

7.2

7.3

7.3

7.3

7.0
6.0

Services PMI

56.0
6.0
4.9

5.0
4.0

54.0
52.0

Source: MOSPI, Angel Research

(%)

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Jul-12

Aug-12

Jun-12

May-12

Apr-12

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

Exhibit5: Exports and imports growth trends


Exports yoy growth

15.0

Feb-12

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Aug-12

Sep-12

48.0

Jul-12

50.0

1.0
0.0

Jun-12

2.0

Mar-12

3.0

Exhibit6: Key policy rates


Repo rate

(%)
9.00

Imports yoy growth

Reverse Repo rate

CRR
7.25

8.00
7.00
6.00

Source: Bloomberg, Angel Research

www.angelbroking.com

4.00

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Source: RBI, Angel Research

May-13

4.00

3.00

Jul-12

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

6.25

5.00

Jun-12

(15.0)

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

0.0

Market Outlook
June 03, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )
FY14E

OPM(%)

EPS ( )

FY15E

FY14E

FY15E

FY14E

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Agri / Agri Chemical


Rallis

Neutral

128

2,490

1,657

1,906

14.1

14.1

7.7

8.9

16.6

14.4

3.5

2.9

22.2

21.9

1.4

1.2

United Phosphorus

Buy

155

232

6,858

10,298

11,310

16.5

16.5

20.5

23.2

7.6

6.7

1.3

1.1

18.0

17.4

0.6

0.5

Amara Raja Batteries

Accumulate

267

285

4,556

3,418

3,892

14.5

14.5

18.5

20.4

14.4

13.1

3.5

2.8

26.6

23.8

1.4

1.1

Apollo Tyres

Buy

89

104

4,486

13,852

15,487

11.4

11.5

12.8

14.9

6.9

6.0

1.1

1.0

17.5

17.3

0.5

0.4

Ashok Leyland

Accumulate

24

27

6,306

14,038

16,442

7.6

8.7

1.1

2.2

22.7

10.6

2.0

1.7

6.2

12.5

0.5

0.4

Automotive Axle#

Neutral

238

360

834

965

9.3

10.6

17.3

27.1

13.8

8.8

1.3

1.2

9.5

14.0

0.5

0.4

Bajaj Auto

Accumulate

1,823

2,056

52,741

22,684

25,908

18.0

18.5

117.3

137.1

15.5

13.3

5.6

4.4

39.9

37.2

1.9

1.6

Bharat Forge

Neutral

234

5,457

6,198

6,793

14.6

14.9

14.5

17.3

16.1

13.5

2.1

1.9

13.6

14.7

1.0

0.9

Bosch India*

Neutral

9,113

28,615

9,821

11,394

17.0

17.3

373.5

438.7

24.4

20.8

4.4

3.7

18.0

17.9

2.6

2.2

CEAT

Buy

108

170

369

5,325

5,974

8.4

8.3

40.8

48.5

2.6

2.2

0.4

0.4

17.3

17.6

0.2

0.2

Exide Industries

Accumulate

138

150

11,705

7,053

8,061

14.2

14.5

7.8

9.1

17.6

15.1

3.0

2.6

18.1

18.2

1.4

1.2

FAG Bearings*

Neutral

1,450

2,409

1,525

1,742

14.5

15.7

88.4

109.5

16.4

13.3

2.4

2.0

15.5

16.5

1.4

1.2

Hero Motocorp

Accumulate

1,731

1,819

34,560

25,274

27,658

14.1

13.7

110.2

139.9

15.7

12.4

5.7

4.5

39.8

40.7

1.2

1.0

JK Tyre

Buy

118

154

485

7,972

8,754

7.1

7.1

37.5

44.0

3.2

2.7

0.5

0.4

16.4

16.6

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Neutral

965

59,268

44,550

50,260

11.4

11.7

59.6

68.3

16.2

14.1

3.3

2.8

22.3

21.6

1.1

0.9

1,606

1,847

48,517

48,455

55,723

11.2

10.9

107.8

123.2

14.9

13.0

2.3

1.9

16.2

16.0

0.8

0.7

214

12,577

28,442

31,493

7.5

7.8

12.5

14.8

17.1

14.5

4.2

3.4

27.5

25.8

0.6

0.5

24

30

145

1,479

1,685

10.0

9.9

5.5

7.5

4.4

3.2

0.5

0.4

11.1

13.7

0.4

0.3

Neutral

313

83,921 206,341 227,695

12.8

13.5

32.3

39.0

9.7

8.0

2.1

1.7

23.1

23.2

0.5

0.4

Neutral

36

1,708

7,715

8,584

6.0

6.1

5.0

5.8

7.2

6.2

1.2

1.1

18.1

18.5

0.2

0.1

Maruti

Buy

Motherson Sumi

Neutral

Subros

Buy

Tata Motors
TVS Motor
Capital Goods
ABB*

Sell

641

461

13,580

8,073

9,052

5.5

6.9

11.5

16.9

55.6

37.8

5.1

4.9

9.3

13.1

1.7

1.4

BGR Energy

Neutral

192

1,388

4,114

4,886

11.4

10.7

24.9

28.0

7.7

6.9

1.0

0.9

25.2

22.6

0.6

0.6

BHEL

Neutral

200

48,940

44,054

39,326

16.8

15.1

20.6

16.1

9.7

12.4

2.1

1.9

23.5

16.1

1.0

1.1

Blue Star

Buy

166

230

1,494

2,896

3,087

5.6

6.2

9.3

11.7

17.8

14.2

2.9

2.5

17.6

19.2

0.6

0.5

Crompton Greaves

Buy

94

117

6,033

13,446

15,272

6.7

7.6

6.6

8.9

14.2

10.6

1.6

1.4

11.4

14.0

0.5

0.5

Jyoti Structures

Buy

28

34

227

3,074

3,355

9.0

8.8

8.7

10.2

3.2

2.7

0.3

0.3

10.4

11.1

0.3

0.2

KEC International

Buy

42

63

1,073

7,709

8,399

6.7

7.2

6.1

8.5

6.9

4.9

0.9

0.8

20.2

23.0

0.3

0.3

Thermax

Neutral

579

6,902

5,780

6,430

9.5

9.6

29.8

33.0

19.4

17.5

3.3

2.9

17.9

17.4

1.0

0.9

1,219

1,361

22,883

11,979

13,254

19.7

21.3

77.1

91.4

15.8

13.3

2.8

2.5

18.7

20.0

1.6

1.4

Cement
ACC

Accumulate

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
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

Cement
Ambuja Cements

Neutral

183

28,278

10,232

11,762

23.5

24.5

10.3

12.2

17.8

15.1

2.9

2.7

17.2

18.6

2.2

1.8

India Cements

Neutral

67

2,050

4,929

5,434

17.4

17.1

8.9

10.9

7.5

6.1

0.6

0.5

7.7

9.1

0.8

0.7

J K Lakshmi Cement

Buy

108

143

1,272

2,313

2,728

19.8

20.7

16.1

22.1

6.7

4.9

0.9

0.7

13.2

15.8

1.1

0.9

Madras Cements

Neutral

223

5,303

4,293

4,855

27.4

28.6

21.8

28.2

10.2

7.9

1.9

1.5

19.6

21.3

1.7

1.4

Shree Cement^

Neutral

4,893

17,046

6,540

7,452

27.4

26.6

319.7

369.9

15.3

13.2

3.8

3.0

27.5

25.4

2.0

1.5

UltraTech Cement

Neutral

1,889

51,797

21,947

25,049

23.8

23.8

106.1

119.8

17.8

15.8

2.9

2.6

17.7

17.3

2.4

2.1

201

255

1,059

1,928

2,234

21.0

21.5

18.0

22.2

11.2

9.1

1.0

0.9

10.2

10.1

1.9

1.9

11

206

2,281

2,492

5.9

6.9

0.7

2.0

16.4

5.6

0.4

0.4

2.3

6.5

0.4

0.3

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

119

157

3,960

3,997

4,312

45.5

46.4

15.7

16.6

7.6

7.2

1.1

1.0

15.2

14.5

3.4

3.7

ITNL

Buy

167

230

3,243

7,444

8,041

27.4

28.9

29.8

32.1

5.6

5.2

0.8

0.7

14.9

14.2

2.5

2.6

IVRCL Infra

Buy

18

35

540

6,287

6,836

8.5

8.5

2.3

3.0

7.5

5.8

0.3

0.2

3.4

4.2

0.5

0.5

Jaiprakash Asso.

Buy

66

90

14,590

14,850

15,631

24.9

25.1

2.5

2.9

26.0

23.1

1.0

1.0

4.2

4.7

2.8

2.7

Larsen & Toubro

Buy

1,402

1,761

86,314

68,946

78,040

10.5

10.5

77.9

88.3

18.0

15.9

2.6

2.3

15.5

15.6

1.4

1.2

Nagarjuna Const.

Buy

31

42

803

6,167

6,945

8.0

8.2

2.7

3.6

11.7

8.6

0.3

0.3

2.7

3.6

0.5

0.5

Punj Lloyd

Neutral

43

1,431

12,954

14,740

9.9

9.9

0.5

0.9

84.9

46.3

0.5

0.5

0.6

1.1

0.5

0.5

Sadbhav Engg.

Buy

109

153

1,649

2,511

2,736

10.6

10.6

7.3

7.8

15.1

14.0

1.9

1.7

13.3

12.7

0.9

0.8

Simplex Infra

Buy

103

164

507

6,824

7,563

9.2

9.4

18.0

23.4

5.7

4.4

0.4

0.4

6.9

8.3

0.5

0.4

Unity Infra

Buy

29

45

216

2,455

2,734

13.4

13.0

14.6

14.9

2.0

2.0

0.2

0.2

12.3

11.3

0.4

0.5

Allahabad Bank

Buy

121

144

6,060

6,876

7,545

2.6

2.5

28.2

30.9

4.3

3.9

0.6

0.6

12.8

12.7

Andhra Bank

Neutral

86

4,810

5,254

5,900

2.8

2.8

21.2

22.9

4.1

3.8

0.6

0.5

13.3

13.0

Axis Bank

Buy

1,431

1,853

67,033

19,055

22,710

3.3

3.2

130.7

152.3

11.0

9.4

1.8

1.5

17.2

17.6

Bank of Baroda

Buy

654

851

27,548

16,365

18,781

2.2

2.3

121.3

142.5

5.4

4.6

0.8

0.7

15.1

15.7

Bank of India

Buy

288

350

17,135

14,482

16,383

2.3

2.3

58.1

68.1

5.0

4.2

0.7

0.6

14.4

15.0

Bank of Maharashtra

Buy

54

64

3,572

4,392

4,743

3.1

3.0

12.6

13.7

4.3

4.0

0.7

0.6

16.8

16.0

Canara Bank

Buy

411

481

18,203

11,928

13,467

2.1

2.2

74.8

86.0

5.5

4.8

0.8

0.7

13.7

14.2

Central Bank

Neutral

66

6,847

8,249

9,211

2.4

2.5

14.9

18.2

4.4

3.6

0.7

0.6

12.5

13.8

Corporation Bank

Buy

388

495

5,925

5,558

6,121

2.0

2.0

98.4

107.7

3.9

3.6

0.6

0.5

14.9

14.5

Dena Bank

Buy

85

97

2,958

3,187

3,582

2.3

2.4

23.8

25.5

3.6

3.3

0.6

0.5

15.9

15.1

Federal Bank

Neutral

449

7,685

2,873

3,413

3.0

3.1

52.7

62.0

8.5

7.3

1.1

1.0

13.4

14.2

Financials

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

FY15E

Financials
HDFC

Neutral

890

137,784

8,573

10,142

3.6

3.6

37.0

43.6

24.1

20.4

5.0

4.4

30.0

30.3

HDFC Bank

Neutral

700

166,788

27,682

33,916

4.6

4.6

35.3

42.7

19.9

16.4

3.9

3.3

21.3

21.8

ICICI Bank

Buy

1,154

1,503

133,191

25,705

30,330

3.1

3.2

83.9

96.3

13.8

12.0

1.8

1.7

15.2

15.7

IDBI Bank

Buy

80

93

10,636

9,477

10,678

2.0

2.1

19.6

22.6

4.1

3.5

0.5

0.5

12.8

13.4

Indian Bank

Buy

143

185

6,146

6,185

6,978

3.0

3.0

37.0

42.2

3.9

3.4

0.6

0.5

14.8

15.1

IOB

Accumulate

59

66

5,466

8,142

8,956

2.5

2.5

16.5

20.7

3.6

2.9

0.4

0.4

11.8

13.4

J & K Bank

Accumulate

1,221

1,315

5,920

3,074

3,140

3.5

3.2

224.7

201.5

5.4

6.1

1.0

0.9

20.6

16.1

LIC Housing Finance

Buy

256

298

12,919

2,113

2,525

2.3

2.3

25.4

29.2

10.1

8.8

1.8

1.6

18.4

18.3

Oriental Bank

Buy

244

285

7,115

6,835

7,588

2.6

2.6

56.5

63.8

4.3

3.8

0.6

0.5

13.1

13.4

Punjab Natl.Bank

Buy

759

994

26,837

20,876

23,929

3.3

3.4

151.7

177.0

5.0

4.3

0.8

0.7

16.1

16.5

South Ind.Bank

Neutral

St Bk of India

Buy

Syndicate Bank

Accumulate

UCO Bank

Neutral

Union Bank
United Bank

25

3,351

1,839

2,091

2.9

2.8

4.2

4.5

6.0

5.6

1.0

0.9

18.2

17.0

2,048

2,637

140,070

67,243

76,612

3.1

3.0

242.4

284.8

8.5

7.2

1.3

1.1

16.3

16.8

128

142

7,693

7,238

8,249

2.7

2.6

27.1

30.4

4.7

4.2

0.7

0.6

16.1

15.9

76

5,705

6,250

6,738

2.6

2.5

12.1

14.7

6.3

5.2

1.0

0.8

11.8

13.0

Buy

220

260

13,121

11,229

12,794

2.6

2.6

40.7

48.2

5.4

4.6

0.8

0.7

14.6

15.4

Buy

52

65

1,960

3,443

3,998

2.4

2.6

15.1

20.4

3.5

2.6

0.5

0.4

12.1

14.8

Vijaya Bank

Neutral

51

2,535

2,730

3,059

1.9

2.0

10.2

11.3

5.0

4.5

0.6

0.5

11.8

12.0

Yes Bank

Neutral

487

17,514

4,390

5,411

2.8

2.8

41.6

47.9

11.7

10.2

2.5

2.1

23.2

22.1

Asian Paints

Neutral

4,864

46,657

12,332

14,524

16.5

16.3

141.6

162.7

34.4

29.9

10.9

8.6

35.4

32.2

3.7

3.1

Britannia

Neutral

724

8,654

6,417

7,502

6.1

6.3

23.2

27.9

31.3

25.9

10.7

8.4

38.3

36.4

1.3

1.1

Colgate

Neutral

1,454

19,767

3,588

4,130

20.5

20.9

44.2

51.8

32.9

28.1

32.1

23.4

108.6

96.2

5.4

4.6

Dabur India

Neutral

157

27,286

7,183

8,340

16.8

16.8

5.4

6.3

29.1

24.9

11.4

8.8

41.5

40.1

3.7

3.2

GlaxoSmith Con*

Neutral

5,822

24,484

3,617

4,259

16.1

16.4

122.2

148.7

47.6

39.2

14.8

11.9

34.1

33.7

6.3

5.3

Godrej Consumer

Neutral

865

29,421

7,801

9,017

16.2

15.9

25.1

29.7

34.4

29.1

7.4

6.2

24.9

24.2

3.9

3.3

HUL

Neutral

593

128,126

29,167

33,164

13.6

13.7

17.1

18.4

34.7

32.2

33.3

24.1

113.4

87.0

4.2

3.7

ITC

Neutral

340

268,544

34,294

39,991

36.8

37.0

11.3

13.3

30.1

25.5

9.9

8.0

36.1

34.9

7.5

6.4

Marico

Neutral

235

15,182

5,273

6,044

14.8

14.9

7.3

8.7

32.5

27.2

6.3

5.2

21.4

21.0

2.9

2.5

Nestle*

Neutral

5,316

51,254

9,447

10,968

22.1

22.3

127.5

154.1

41.7

34.5

20.8

15.1

57.7

50.7

5.4

4.6

Tata Global

Neutral

146

9,022

7,998

8,798

9.7

9.8

7.9

8.7

18.5

16.8

2.2

2.1

9.5

9.8

1.0

0.9

FMCG

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
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

IT
HCL Tech^

Buy

747

863

52,014

28,633

32,216

21.5

20.7

57.3

61.7

13.0

12.1

3.1

2.6

24.0

21.5

1.6

1.4

Hexaware*

Buy

81

96

2,404

2,091

2,289

19.0

18.8

10.6

11.3

7.6

7.1

1.7

1.5

22.8

21.7

1.0

0.9

Infosys

Neutral

2,408

138,253

43,338

47,244

27.5

27.7

169.4

182.6

14.2

13.2

3.0

2.5

20.8

19.3

2.5

2.2

Infotech Enterprises

Accumulate

167

185

1,863

1,956

2,174

17.9

17.7

20.4

21.9

8.2

7.6

1.2

1.1

14.7

13.7

0.6

0.4

KPIT Cummins

Buy

108

135

2,086

2,513

2,819

16.1

15.5

12.6

14.0

8.6

7.7

1.5

1.2

17.9

16.6

0.8

0.6

Mahindra Satyam

Accumulate

110

126

12,992

8,278

9,062

20.3

20.1

10.5

11.4

10.5

9.7

2.4

1.9

23.1

20.0

1.2

1.0

Mindtree

Accumulate

820

920

3,407

2,599

2,871

19.4

19.2

85.2

92.3

9.6

8.9

2.0

1.6

21.4

18.9

1.0

0.8

Mphasis&

Sell

485

395

10,181

6,096

6,646

17.6

17.4

38.1

41.6

12.7

11.7

1.8

1.6

14.2

13.7

1.2

1.0

NIIT

Buy

22

30

357

1,144

1,267

9.0

9.1

4.3

5.4

5.0

4.0

0.5

0.5

10.3

12.0

0.1

Persistent

Buy

512

593

2,048

1,445

1,617

25.2

25.0

55.3

59.3

9.3

8.6

1.7

1.4

18.2

16.5

1.0

0.8

TCS

Accumulate

1,500

1,585

293,505

71,833

81,893

28.4

28.0

78.5

88.0

19.1

17.0

5.8

4.8

30.2

27.9

3.9

3.3

Tech Mahindra

Buy

967

1,170

12,412

7,779

8,398

19.7

19.3

107.4

117.8

9.0

8.2

1.9

1.6

21.2

19.0

1.6

1.4

Wipro

Buy

327

385

80,434

40,173

43,697

20.4

20.6

26.2

28.5

12.5

11.5

2.5

2.1

19.7

18.4

1.5

1.2

D B Corp

Buy

251

290

4,607

1,750

1,925

25.1

26.6

14.2

16.8

17.7

15.0

3.8

3.2

23.4

23.4

2.5

2.2

HT Media

Buy

99

117

2,330

2,205

2,380

15.1

15.6

8.3

9.1

12.0

10.9

1.3

1.2

11.5

11.4

0.7

0.6

Jagran Prakashan

Buy

86

119

2,851

1,664

1,825

20.9

23.0

6.4

7.8

13.4

11.1

2.7

2.4

21.0

23.1

1.8

1.6

PVR

Neutral

338

1,339

1,343

1,521

18.8

18.9

18.3

22.9

18.5

14.8

1.7

1.9

10.6

12.3

1.0

0.9

Sun TV Network

Neutral

415

16,370

2,287

2,551

69.7

70.5

20.0

23.3

20.8

17.8

5.1

4.5

26.4

27.3

6.8

6.0

Bhushan Steel

Neutral

464

10,507

13,794

17,088

30.9

33.5

49.3

66.6

9.4

7.0

1.0

0.9

11.3

13.5

2.4

1.9

Coal India

Accumulate

325

345

205,250

72,174

76,311

33.3

28.4

28.4

30.9

11.4

10.5

3.2

2.7

37.6

36.2

2.0

1.8

Electrosteel Castings

Buy

16

24

516

1,976

2,017

11.8

12.7

1.3

2.6

12.5

6.1

0.1

0.1

2.6

5.2

0.6

0.2

GMDC

Buy

138

213

4,403

1,944

2,317

49.9

51.7

20.8

25.6

6.7

5.4

1.5

1.2

24.3

24.6

1.8

1.3

Hind. Zinc

Buy

116

145

49,035

12,358

13,659

51.4

51.6

16.0

17.6

7.2

6.6

1.3

1.1

19.4

18.4

1.7

1.2

Hindalco

Neutral

102

19,577

88,987

94,163

9.2

9.7

13.8

15.9

7.4

6.5

0.5

0.5

7.6

8.1

0.6

0.5

JSW Steel

Neutral

685

15,286

39,973

40,926

17.2

17.0

71.9

82.8

9.5

8.3

0.8

0.8

9.0

9.6

0.7

0.6

MOIL

Buy

198

248

3,331

1,010

1,046

46.5

47.6

26.8

28.8

7.4

6.9

1.1

1.0

15.4

14.7

0.9

0.6

Monnet Ispat

Buy

150

291

957

2,883

3,181

21.7

23.6

40.3

57.7

3.7

2.6

0.4

0.3

10.1

13.0

1.2

1.0

Nalco

Neutral

34

8,698

7,656

7,988

13.1

13.5

2.6

2.6

13.2

12.9

0.7

0.7

5.5

5.5

0.6

0.6

NMDC

Buy

117

179

46,546

10,329

12,540

73.8

75.0

16.6

19.0

7.1

6.2

1.4

1.2

20.6

20.2

2.3

1.8

Media

Metals & Mining

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

( )

Price ( )

( cr )

FY14E

FY15E

OPM(%)

EPS ( )

FY14E

FY15E

FY14E

PER(x)

P/BV(x)

RoE(%)

FY15E

FY14E

FY15E

FY14E

FY15E

FY14E

EV/Sales(x)

FY15E

FY14E

FY15E

Metals & Mining


SAIL

Neutral

56

23,170

53,685

64,183

9.3

12.2

5.5

8.3

10.3

6.8

0.5

0.5

5.4

7.7

0.7

0.8

Sesa Goa

Neutral

163

14,201

3,742

4,426

32.9

32.8

30.0

29.8

5.4

5.5

0.7

0.6

14.3

12.5

4.6

3.8

Sterlite Inds

Accumulate

94

100

31,439

44,462

45,568

23.2

24.7

18.1

20.2

5.2

4.6

0.6

0.5

11.3

11.4

0.6

0.6

Tata Steel

Buy

292

378

28,340 140,917 151,537

9.7

10.8

30.9

47.6

9.4

6.1

0.9

0.8

9.6

13.4

0.6

0.5

Sarda

Buy

106

153

378

1,494

1,568

19.1

20.3

31.3

36.5

3.4

2.9

0.4

0.3

11.8

12.4

0.6

0.5

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

35

45

467

2,615

2,776

12.1

12.0

9.8

10.4

3.5

3.3

0.2

0.2

6.5

6.5

0.4

0.4

Buy

82

118

268

2,425

2,552

13.7

14.8

33.5

45.3

2.4

1.8

0.3

0.2

11.2

13.1

0.5

0.4

Cairn India

Buy

285

345

54,500

16,482

16,228

69.4

53.3

53.3

49.6

5.4

5.8

0.8

0.7

16.5

13.6

2.0

1.6

GAIL

Neutral

307

38,936

55,815

63,013

15.3

15.2

35.9

41.5

8.6

7.4

1.4

1.2

17.0

17.1

0.6

0.4

ONGC

Accumulate

327

354

279,636 157,962 175,367

35.1

36.2

34.3

39.3

9.5

8.3

1.6

1.5

18.2

18.6

1.5

1.4

Reliance Industries

Neutral

806

260,155 380,031 407,721

9.9

69.3

69.3

78.0

11.6

10.3

1.2

1.1

11.5

11.7

0.6

0.6

Gujarat Gas*

Neutral

232

2,971

3,707

3,850

11.7

12.4

23.7

25.7

9.8

9.0

2.7

2.4

29.6

28.2

0.7

0.6

Indraprastha Gas

Neutral

277

3,875

3,700

4,218

23.4

22.8

26.7

30.4

10.4

9.1

2.2

1.8

22.7

21.8

1.1

0.9

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Buy

142

167

10,673

40,356

40,872

5.8

6.4

15.0

16.7

9.5

8.5

2.0

1.7

23.0

21.5

0.3

0.3

Neutral

59

3,337

1,079

983

91.8

91.9

8.8

7.8

6.8

7.6

1.1

1.0

17.8

14.1

2.8

3.0

Alembic Pharma

Neutral

136

2,565

1,736

2,008

17.1

18.9

10.7

13.9

12.7

9.8

4.0

3.0

35.0

34.7

1.5

1.3

Aurobindo Pharma

Buy

171

264

4,970

6,279

7,033

16.0

16.0

15.2

19.2

11.2

8.9

1.5

1.3

19.2

18.0

1.3

1.1

Aventis*

Neutral

2,518

5,799

1,682

1,917

16.6

16.6

92.4

99.1

27.3

25.4

3.8

3.8

15.7

14.8

3.1

2.5

Cadila Healthcare

Buy

774

962

15,844

7,386

8,863

18.0

18.0

39.5

48.1

19.6

16.1

4.4

3.6

24.8

24.7

2.4

2.0

Cipla

Buy

370

444

29,744

9,192

10,535

22.1

22.1

19.6

22.2

18.9

16.7

2.9

2.5

16.2

15.9

3.0

2.5

Dr Reddy's

Buy

2,093

2,535

35,525

13,377

15,350

20.4

20.1

112.3

126.8

18.6

16.5

4.0

3.3

23.5

21.8

2.7

2.4

Dishman Pharma

Buy

GSK Pharma*

Neutral

Indoco Remedies

Buy

Ipca labs

71

206

572

1,536

1,739

20.2

20.9

15.4

20.6

4.6

3.4

0.5

0.4

11.6

13.7

1.0

0.8

2,507

21,235

2,854

3,145

28.6

28.6

76.6

83.3

32.7

30.1

9.8

8.9

31.1

31.0

6.6

5.9

63

78

580

760

922

15.3

15.3

6.1

7.8

10.3

8.1

1.3

1.1

12.9

14.7

1.0

0.8

Accumulate

594

676

7,500

3,474

4,168

21.0

21.0

37.3

45.1

15.9

13.2

3.8

3.0

26.4

25.3

2.3

1.9

Lupin

Buy

740

877

33,132

11,641

13,933

21.3

21.3

34.8

41.8

21.3

17.7

5.0

3.9

26.2

24.8

2.9

2.3

Ranbaxy*

Neutral

375

15,885

11,400

12,060

10.5

12.5

17.5

22.5

21.5

16.7

3.5

3.0

17.0

19.1

1.3

1.2

Sun Pharma

Neutral

1,046

108,103

13,509

15,846

41.0

41.0

33.0

39.8

31.7

26.3

6.4

5.3

22.0

22.0

7.4

6.2

73

78

1,107

1,535

1,570

31.9

31.6

13.1

14.1

5.6

5.2

0.7

0.6

12.4

12.2

1.0

0.8

Power
GIPCL

Accumulate

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
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

Accumulate

154

163

127,310

76,734

86,680

24.5

24.3

13.4

14.5

11.5

10.7

1.4

1.3

12.8

12.7

2.4

2.2

DLF

Buy

195

288

34,678

9,699

12,010

37.0

36.9

6.0

8.4

32.6

23.2

1.2

1.2

3.8

5.1

5.0

4.1

MLIFE

Buy

403

476

1,645

888

1,002

30.6

30.6

38.8

43.4

10.4

9.3

1.2

1.1

11.2

11.4

2.4

2.2

Bharti Airtel

Accumulate

301

338

114,135

86,592

95,860

31.4

31.8

10.9

14.5

27.6

20.7

2.1

1.9

7.7

9.3

2.0

1.6

Idea Cellular

Neutral

130

43,248

25,122

27,663

27.0

27.2

4.0

4.8

32.9

27.4

2.7

2.5

8.3

9.1

2.1

1.9

Rcom

Neutral

106

21,951

22,801

24,628

31.0

31.3

3.6

5.3

29.9

20.2

0.6

0.6

2.2

3.1

2.5

2.2

11.8

12.4

71.2

83.0

20.0

17.1

4.0

3.4

21.6

21.5

1.4

1.1

Power
NTPC
Real Estate

Telecom

Others
Abbott India*

Buy

1,420

1,659

3,018

1,863

2,081

Bajaj Electricals

Buy

164

237

1,636

3,885

4,472

5.4

7.2

11.0

19.7

15.0

8.3

2.0

1.7

13.5

20.3

0.4

0.4

Cera Sanitaryware

Accumulate

494

562

625

630

795

14.4

13.6

42.8

51.1

11.6

9.7

2.7

2.2

26.6

25.2

1.0

0.8

Cravatex

Buy

370

459

96

248

284

6.5

7.3

27.2

38.2

13.6

9.7

2.1

1.8

15.7

18.5

0.5

0.5

Finolex Cables

Buy

52

68

801

2,563

2,899

9.8

9.8

10.1

11.3

5.2

4.6

0.7

0.6

14.3

13.8

0.2

0.2

Force Motors

Buy

347

437

453

2,304

2,649

3.1

3.6

28.0

43.7

12.4

8.0

0.4

0.4

3.1

4.7

0.1

0.1

Goodyear India*

Buy

263

345

607

1,458

1,542

8.3

9.0

32.3

37.0

8.2

7.1

1.5

1.3

19.5

19.3

0.2

0.2

Hitachi

Buy

142

177

387

1,053

1,169

6.3

7.1

13.8

17.7

10.3

8.0

1.5

1.3

15.0

16.7

0.4

0.4

2,399

2,121

1,842

2,131

7.7

7.8

112.4

132.4

21.4

18.1

2.7

2.4

13.3

13.8

1.1

0.9

Honeywell Automation* Neutral


IFB Agro

Buy

160

198

144

495

651

12.7

12.9

29.3

39.5

5.5

4.1

0.8

0.7

15.4

17.6

0.4

0.3

ITD Cementation

Buy

180

234

207

1,430

1,573

11.1

11.0

19.1

26.9

9.5

6.7

0.5

0.5

4.9

6.3

0.6

0.5

Jyothy Laboratories

Neutral

204

3,284

1,220

1,476

13.3

13.6

5.5

9.0

36.9

22.5

4.3

3.8

12.1

17.7

3.0

2.4

MRF

Neutral

14,905

6,322

11,799

12,587

14.1

13.5 1,792.4 1,802.0

8.3

8.3

1.8

1.5

23.5

19.2

0.6

0.6

Page Industries

Accumulate

4,240

4,611

4,729

1,057

1,282

19.4

19.6

124.8

153.7

34.0

27.6

16.8

12.4

56.3

51.8

4.6

3.8

Relaxo Footwears

Buy

656

791

787

1,146

1,333

10.9

11.4

45.9

60.9

14.3

10.8

3.0

2.4

23.0

24.6

0.9

0.7

Siyaram Silk Mills

Buy

261

331

244

1,157

1,320

11.9

11.8

72.2

82.8

3.6

3.2

0.7

0.6

19.7

19.0

0.4

0.4

Styrolution ABS India*

Buy

430

617

756

1,068

1,223

9.6

9.6

38.1

44.1

11.3

9.8

1.5

1.4

14.5

14.7

0.7

0.6

TAJ GVK

Buy

61

108

385

300

319

35.8

36.2

7.9

9.1

7.8

6.8

1.0

0.9

13.9

14.4

1.6

1.3

Tata Sponge Iron

Buy

286

371

440

814

849

17.0

17.6

64.6

69.2

4.4

4.1

0.6

0.5

14.5

13.8

0.1

TTK Healthcare

Buy

553

686

430

435

516

6.2

7.1

24.3

33.3

22.8

16.6

3.7

3.2

17.6

20.8

0.8

0.7

Tree House

Accumulate

273

297

981

153

194

53.0

52.8

12.4

15.6

22.0

17.5

2.6

2.3

11.8

13.1

6.6

5.1

TVS Srichakra

Buy

185

252

141

1,591

1,739

6.1

6.6

24.5

41.9

7.6

4.4

0.8

0.7

10.9

17.2

0.3

0.3

United Spirits

Neutral

2,416

31,595

12,294

14,162

12.0

12.0

42.1

67.7

57.4

35.7

4.1

3.6

9.1

10.7

2.9

2.5

www.angelbroking.com

Market Outlook
June 03, 2013

Stock Watch
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

370

439

752

600

638

20.1

19.4

35.7

36.6

10.4

10.1

1.9

1.6

19.4

17.1

1.0

0.9

Others
Vesuvius India*

Buy

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 31, 2013

www.angelbroking.com

Market Outlook
June 03, 2013

www.angelbroking.com