market outlook, 02.05.13

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Market OutlookMay 2, 2013

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in the red tracking weak cues fromSGX Nifty and major Asian markets following weaker than expected US payroll

data and slowdown in the pace of growth in the US manufacturing sector.The US markets ended on a negative note on Wednesday as disappointingbatch of US economic data weighed on the markets, prompting traders toindulge in profit booking. Sparking the negative sentiments, payroll processor

ADP released a data showing that private sector employment increased by119,000 jobs in April following a downwardly revised increase of 131,000jobs in March. Economists were expecting an addition of about 155,000 jobs.

Adding to the worries, the ISM report showed a slowdown in the pace ofgrowth in the manufacturing sector in April. The purchasing managers indexfell to 50.7 in April from 51.3 in March. Further, stocks saw continuedweakness in afternoon trading following the Federal Reserve's announcementof its latest decision on monetary policy. The Fed left interest rates unchanged

and maintained the US$85bn per month pace of is asset purchase program.Meanwhile Indian shares rose on Tuesday, with FMCG shares rallying afterconsumer goods giant, Unilever Plc., offered to pay`600/share in an open offer toraise its stake in its Indian subsidiary to 75% from the current 52.48%. Goingahead, markets will keenly watch the European Central Bank's monetary policyannouncement which is scheduled today.

Markets TodayThe trend deciding level for the day is 19,481 / 5,920 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rallyup to 19,645 19,787 / 5,972 6,015 levels. However, if NIFTY trades below19,481 / 5,920 levels for the first half-an-hour of trade then it may correct up to19,340 19,176 / 5,878 5,826 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,176 19,340 19,481 19,645 19,787NIFTY 5,826 5,878 5,920 5,972 6,015

News Analysis Fed maintains stimulus to support growth Auto sales numbers April 2013 ONGC makes three major oil and gas discovery Unilever makes a voluntary open offer to increase stake in HUL TTKH receives approval for merger of TTKPD Limited and TSL Result Review: Godrej Consumer, Dabur, GSK Consumer, Marico, Petronet

LNG, Sanofi India, TVS Motor, FCL

Result Preview: Bharti Airtel, Canara Bank, Syndicate Bank, Alembic PharmaRefer detailed news analysis on the following page

Net Inflows (April 29, 2013)` cr Purch Sales Net MTD YTDFII 2,850 2,189 661 5,414 60,165

MFs 349 492 (143) (1,172) (8,339)

FII Derivatives (April 30, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,590 1,618 (28) 10,564

Stock Futures 2,263 2,461 (199) 23,749

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Hindustan Unilever 584 17.3 Essar Oil 76 (10.0)

United Spirits 2,212 6.5 Financial Tech. 809 (4.0)

Shriram Trans. Fin. 746 5.9 JP Power 25 (3.8)

Colgate Palmolive 1,470 5.7 GMR Infra. 20 (3.8)

Nestle India 4,981 5.5 Indraprastha Gas 300 (3.7)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.6 117 19,504

Nifty 0.4 26 5,930

MID CAP 0.4 26 6,344

SMALL CAP (0.3) (19) 6,021

BSE HC 0.9 73 8,691

BSE PSU 0.1 10 6,865

BANKEX (0.3) (48) 14,364

AUTO 0.5 52 10,958

METAL 1.0 82 8,651

OIL & GAS (0.3) (28) 8,711

BSE IT 0.6 37 5,710

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.7 106 14,819NASDAQ 0.8 28 3,307

FTSE 0.5 32 6,458

Nikkei (0.4) (59.8) 13,740

Hang Sang (0.6) (146.1) 22,591

Straits Times 0.3 11.7 3,380

Shanghai Com (0.5) (11.3) 2,167

Indian ADR Chg (%) (Pts) (Close)INFY (0.5) (0.2) $41.5

WIT (2.4) (0.2) $7.8IBN (1.1) (0.5) $46.3

HDB (0.5) (0.2) $42.2

Advances / Declines BSE NSEAdvances 1,067 628

Declines 1,271 716

Unchanged 144 98

Volumes (` cr)BSE 4,323

NSE 12,455

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Fed maintains stimulus to support growth

In its assessment on the economy in its Federal Open Market Committee (FOMC)

meet, the Federal Reserve marked that economic activity is expanding at a

moderate pace and downside risks to the outlook may prevail. The economy

reported lower-than-expected 2.5% growth in 1QCY2013 and tighter fiscalconditions are likely to weigh on growth going ahead. The FOMC decided to keep

the target range for the federal funds rate at zero to 0.25%. In addition, it also

decided to maintain the banks holdings of longer-term securities at USD 85

billion each month (USD 40 billion in mortgage-backed securities and longer-term

Treasury securities at a pace of USD 45 billion per month). Through these measures, i t

seeks to continue supporting economic recovery by maintaining downward

pressure on longer-term interest rates, supporting mortgage markets, and easing

broader financial conditions. At the same time, the Committee stated that it is

prepared to increase or reduce the pace of its purchases as the outlook for the labor

market or inflation changes. The committee expressed concern over tight fiscal

policy restraining growth and reiterated its commitment to pursue an

accommodative monetary policy stance even after the asset purchase program

ends, so long as the unemployment rate remains above 6.5%.

Auto sales numbers April 2013

Hero MotoCorpHero MotoCorp (HMCL) registered slightly lower-than-expected volumes in April

2013 with total sales posting a decline of 9.5% yoy to 499,113 units. Considering

the ongoing slowdown in the two-wheeler industry the company lowered itsdispatches to the dealers in order to prevent unwarranted build-up in inventory.

However, retail sales of the company outpaced the wholesale sales and stood at

550,000 units.

Mahindra and MahindraMahindra and Mahindra (MM) reported an in-line volume growth of 12.4% yoy to

64,634 units driven by a strong growth of 38.1% yoy (33.9% mom) in the tractor

segment. According to the management, the growth in the tractor segment was

driven on the back of improved market sentiments in the expectations of a normal

monsoon. However, the automotive segment (lower-than-expected performance)

registered a sluggish growth of 1.8% yoy as the passenger vehicle segment posted

almost flat growth during the month. The pick-up segment on the other hand

witnessed a healthy growth of 10.4% yoy.

Maruti SuzukiMaruti Suzuki (MSIL) reported slightly lower-than-expected volumes for the month

on the back of the sharp fall in export volumes (down 33.3% yoy) and also due to

the slowing sales momentum in the Utility Vehicle (down 4.9% yoy) and Compact

segments. During the month, while the Mini segment registered a growth of 13.7%

yoy largely due to the low base of last year, the Super Compact segment posted a

strong growth of 25.4% yoy led byDzire.

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Tata MotorsTata Motors (TTMT) continued with its poor performance in the passenger vehicle

segment (down 48.9% yoy) which resulted in a 14.9% yoy decline in total volumes

to 51,160 units in April 2013. The commercial vehicle sales though posted a

modest growth of 4% yoy. During the month, the growth in the light commercialvehicle segment slowed down considerably and the company managed to grow at

a rate of only 4.9% as against a growth of 18% recorded in FY2013. The medium

and heavy commercial vehicle sales posted a flat growth on the back of the low

base of last year.

TVS MotorTVS Motor (TVSL) reported an in-line volume performance with total volumes

posting a decline of 5.3% yoy (1.4% mom) to 165,215 units. The company

continued with its weak performance in the two-wheeler segment (down 6.4% yoy)

led by sluggish demand in the motorcycle and scooter segments due to which the

sales in the segments declined by 0.2% and 17.1% yoy respectively. On the

positive side, the three-wheeler sales continued its strong momentum and posted a

growth of 62.3% yoy driven by exports. The overall exports however, registered a

decline of 2.5% yoy during the month.

ONGC makes three major oil and gas discovery

Media reports suggest that Oil and Natural Gas Corporation (ONGC) has struck

three major oil and gas discoveries. These discoveries are in three different

locations. The first discovery is in KG-DWN-98/2, where the company had

previously made 9 gas discoveries. The second one is in NELP block KG-DWN-2005/1, in KG deep offshore basin and third was in GK-28 # 9 in GK-28 PML,

Kutch Shallow Offshore basin. The company says that it plans to drill some more

wells to appraise and re-ascertain the commerciality of the finds. We await further

clarity on this matter and till then maintain our Accumulate rating on ONGC witha target price of `354.

Unilever makes a voluntary open offer to increase stake inHUL

HULs promoter Unilever PLC has decided to make a voluntary open offer to buy22.52% stake in the company at an offer price of `600/share. Unilever currently

holds 52.5% stake in HUL and it proposes to take its total stake in the company to

75%, which is the maximum permissible promoter holding limit in a listed

company. As per the Unilevers CEO Paul Polman, the US$5.4Bn deal represents

a further step in Unilevers strategy to invest in emerging markets and offers a

liquidity opportunity at an attractive premium for existing shareholders. Currently,

more than 50% of Unilevers total turnover comes from emerging markets such as

India, Brazil, Indonesia, Turkey, South Africa, China etc. India contributes ~7% of

Unilevers total turnover. In our view, this move by Unilever indicates the huge

confidence it has over the potential of Indias consumer sector. At the CMP, HUL

trades at 32x FY2015E, which we believe is fair. We maintain our neutral rating onthe stock.

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TTKH receives approval for merger of TTKPD and TSL

TTK Healthcare has received an approval for scheme of amalgamation of TTK

Protective Devices (TTKPD) (formerly known as TTK-LlG), an unlisted public

company; and TSL Techno Services (TSL), a wholly owned subsidiary of TTKPD with

itself. On amalgamation of the companies, the shareholders of TTKPD will beentitled to nine equity shares of `10 each fully paid-up of TTK Healthcare, for

every two shares of `10 each fully paid-up held by them in TTKPD. Further, no

allotment shall be made to the shareholders of TSL Techno, it being the wholly

owned subsidiary of TTKPD, the value of TSL having already been considered as

part of the valuation of TTKPD.

The Scheme will take effect after necessary approvals from regulatory authorities,

shareholders of the respective Companies and the High Court of Judicature at

Madras.

Result Review

Godrej Consumer (CMP: `836/ TP: -/ Upside: -)

Godrej Consumer posted a healthy 29.7% yoy growth in top-line which was in-line

with estimates. However, the 271bp yoy decline in OPM was a disappointment.

OPM fell despite the fall in palm oil prices (a key raw material in soap

manufacturing) on account of higher A&P expenses which went up by 120bp on a

yoy basis. Recurring PAT rose by 22% yoy to `205cr, which was slightly below

estimates. We maintain our neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,801 17.0 902 26.5 26.5 31.5 7.1 22.2 3.8

FY2015E 9,017 17.0 1,085 31.9 25.9 26.2 5.8 18.8 3.2

Dabur India (CMP: `148/ TP: -/ Upside: -)

Dabur delivered healthy set of numbers for 4QFY2013. Net sales rose by 12.3%

yoy. OPM rose by 121bp yoy and stood at 17%. The most positive aspect of the

result is the 12% yoy volume growth posted by the companys domestic consumer

business (highest in the eleven straight quarters) despite the slowdown witnessed in

FMCG sector. The companys international business rose by 17% yoy led by strong

performance in GCC, Bangaladesh and Levant markets. Bottom-line rose by

17.6% yoy to `201cr and was in-line with estimates. We maintain our neutralrating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,183 16.8 942 5.4 43.9 27.3 10.7 21.5 3.6

FY2015E 8,340 16.8 1,102 6.3 39.9 23.4 8.3 18.3 3.1

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GSK Consumer (CMP: `4,012/ TP: -/ Upside: -)

GSK Consumer posted a 15.6% yoy growth in top-line to `940cr. OPM rose by

200bp yoy to 22%, aided by higher prices. Bottom-line rose by 18.5% yoy to

`156cr and was above our estimates. We maintain our Neutral recommendationon the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 3,617 16.1 507120.6 33.7 33.3 10.3 26.8 4.3

CY2014E 4,259 16.4 616146.4 33.4 27.4 8.3 21.9 3.6

Marico (CMP: `225/ TP: -/ Upside: -)

Maricos consolidated top-line grew by 9.7% yoy growth in top-line to `997cr led

by volume growth of 8%. The companys domestic FMCG business (incl. the

acquired youth brands) posted growth of 12%, with the volume growth coming inat 14%. However, the international FMCG business posted a de-growth of 1%

mainly due to the poor performance of GCC markets. OPM stood at 12.1%, flat

on a yoy basis, but below our estimates due to higher other expenses. Recurring

PAT rose by a marginal 1% on a yoy basis. We maintain our Neutralrecommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 5,352 14.0 510 7.9 22.8 28.5 5.9 19.7 2.8

FY2015E 6,204 14.0 631 9.8 22.9 23.0 4.8 16.7 2.4

Petronet LNG (CMP: `139/ TP: `174/ Upside: 25%)

Petronet LNG reported 4QFY2013 numbers. The companys net sales grew by

32.8% yoy to `8,466 due to higher prices of LNG during the quarter. The volumes

for the company were flat yoy at 122TBTU mainly because of lower tolling volumes

from GAIL and GSPC. The cost of LNG regasified increased by 34.7% yoy to

`7,999cr and hence the EBITDA increased by only 2.7% yoy to `434cr whereas the

EBITDA margin declined by 150bp yoy to 5.1% in 4QFY2013 due to higher

proportion of contractual volumes. The other income decreased by 8.4% yoy to

`20cr, while the tax rate increased to 36.0% in 4QFY2013, compared to 32.9% in

4QFY2012. Hence, the net profit was flat at `245cr. We maintain our Buy ratingon the stock with a target price of `174.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 41,362 5.9 1,203 16.0 25.2 8.7 2.0 5.3 0.3

FY2015E 40,852 6.7 1,350 18.0 23.4 7.7 1.7 4.6 0.3

Sanofi India (CMP: `2,559/ TP: -/ Upside: -)

Sanofi Indias reported its 1QCY2013 results, below expectations. The Sales and

net profit for the quarter came in `363cr and `44cr, a yoy growth of 12.5% and10.5% respectively. Though the sales came in lower by 9.5% as per our

expectations. However margins which came in at 13.1% V/s expectations of

14.6%, aided the net profit growth to come in at 10.5%. The decline in the net

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profit was restricted on back of higher other income. We maintain our neutralstance on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,682 16.6 213 92.4 15.7 27.7 3.8 18.4 3.0CY2014E 1,917 16.6 228 99.1 14.8 25.8 3.5 17.4 2.9

TVS Motor (CMP: `38/ TP: -/ Upside: -)For 4QFY2013, TVS Motor Company (TVSL) reported weak operating performance

led by continued EBITDA margin pressures which declined 60bp on a sequential

basis. However, the adjusted bottom-line at `58cr (adjusted for exceptional

charge) was ahead of our estimates led by 53% decline in interest cost, which was

the only positive surprise in the quarterly results. The interest cost declined as the

company repaid loans worth `170cr during the quarter. TVSL recorded an

exceptional charge of `92cr in 4QFY2013 towards provisioning for diminution inthe value of its European subsidiary, TVS Motor Company (Europe). As a result of

this, the company reported a bottom-line loss of `33cr.

The top-line for the quarter, declined by 2.8% qoq to `1,748cr due to a 1.8% qoq

decline in volumes led by the slowdown in the two-wheeler industry and increasing

competition. The net average realization too registered a decline of 1.3% qoq on

account of adverse product-mix. On the operating front, EBITDA margin posted a

decline of ~60bp qoq led by increase in other expenditure which could be

probably on account of higher marketing spends and increase in power and

distribution expenses. At `38, TVSL is trading at 6.6x FY2015E earnings.

Currently, we have a Neutral rating on the stock. We shall revise our estimatespost our 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)FY2014E 7,715 6.0 236 5.0 18.1 7.7 1.3 3.0 0.2

FY2015E 8,586 6.1 278 5.8 18.6 6.6 1.1 2.3 0.1

Finolex Cables Ltd. (CMP: `52 /TP: `68/ Upside: 31%)

Finolex Cables Ltd. (FCL) mixed set of numbers for 4QFY2013. Top-line reported

flat yoy growth of 4.5% to `632cr, in line with our estimate of `629cr. Electrical

cables (EC) and communication cables (CC) segments grew by 7.8% and 35.9%

while copper rods (CR) segment registered a decline of 42.2% on yoy basis.

EBITDA grew by 14.4% yoy to `67cr while EBITDA margin expanded by 91 basis

points yoy to 10.5%. Expansion was mainly due to reduction in selling,

administration and other expenses as percentage of sales. EBIT margin expanded

for all the segments; EC by 105bp, CC by 315bp and CR by 234bp yoy. However,

Net profit for the company declined by 12.6% yoy to `39cr owing to tax expense of

16% of PBT which was absent for the quarter previous year.

Annual top-line growth came in at 10% to `2,270cr. EC and CC segments grew

by 15.9% and 22.6% while CR segment registered a decline of 49.0%. EBITDA for

FY2013, grew by 30.9% to `229cr, while EBITDA margin expanded by 160 basis

points to 10.1%. EBIT margin for EC and CC expanded by 79 bp and 626bp

respectively while declined for CR segment by 66bp. On the back of reduced

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interest cost and lower exceptional losses on derivatives contract, Net profit grew

by whooping 47.9% to `145cr, while margin expanded by 164 bp to 6.4%. As werollover to FY2015E, we maintain our Buy recommendation on the stock withrevised target price of `68 based on target PE of 6x for FY2015E earnings.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,563 9.8 147 9.6 22.2 5.4 0.7 2.4 0.2

FY2015E 2,899 9.8 173 11.3 23.1 4.6 0.6 1.9 0.2

Result Preview

Bharti Airtel (CMP: `319/ TP: -/ Upside: -)

Bharti Airtel is slated to announce its 4QFY2013 results today. We expect the

company to record revenue of `20,631cr, up 1.9% qoq. In domestic mobile

services, MOU as well as ARPM is expected to go up by ~1.0% qoq each to439min and `0.43/min, respectively. Africa business is expected to post 4.2% qoq

growth in revenues. Consolidated EBITDA margin of the company is expected to

decline by 83bp qoq to 29.7%. PAT is expected to be at `532cr. We maintain ourNeutral view on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 86,933 30.2 3,903 10.3 7.0 31.0 2.2 7.0 2.1

FY2015E 96,121 31.2 5,948 15.7 9.7 20.4 2.0 5.7 1.8

Canara Bank (CMP: `415/ TP: `461/ Upside: 11%)Canara Bank is scheduled to announce its 4QFY2013 results today. We expect the

bank to report a flat yoy operating performance, with Net Interest Income (NII) at

`2,027cr and Non-interest income at `781cr. Operating expenses are expected to

increase by 3.6% yoy to `1,367cr, while Provisioning expenses are expected to

remain flat on a yoy basis to `466cr. Consequently, we expect Net profit to decline

6.2% yoy to `778cr. At the CMP, the stock is trading at 0.7x FY2015E ABV. Wemaintain our Accumulate recommendation on the stock with a target price of`461.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 11,673 2.2 3,316 74.8 539.9 0.8 13.7 5.6 0.8

FY2015E 13,208 2.3 3,802 85.8 614.2 0.8 14.1 4.9 0.7

Syndicate Bank (CMP: `120/ TP: `130/ Upside: 8%)

Syndicate Bank is scheduled to announce its 4QFY2013 results today. We expect

the bank to report a moderate 8.1% yoy growth in Net Interest Income to

`1,446cr. Growth in non-interest income is also expected to be moderate at 5.7%

yoy to `317cr. Operating expenses are expected to increase by only 2.1% yoy to

`863cr. While, provisioning expenses are expected to decline by 8.4% yoy, tax

expenses are expected to remain negative at `43cr, as against `61cr in

4QFY2012. Consequently, net profit is expected to grow by 43.9% yoy to `445cr.

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At the CMP, the stock is trading at 0.6x FY2015E ABV. We recommendAccumulate rating on the stock, with a target price of `130.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,340 2.9 1,591 26.4 177.4 0.7 15.8 4.5 0.7FY2015E 8,212 2.8 1,728 28.7 199.7 0.7 15.2 4.1 0.6

Alembic Pharma (CMP: `114/ TP: `122/ Upside: 7%)

Alembic Pharmaceuticals, for the, 4QFY2013 is expected to post a muted set of

numbers. The top line is expected to grow by only 2.4% to `349cr, mainly on back

of low growth in exports, on back of capacity constraints. The OPM is expected to

come to end the period at 14.6%, an expansion of 300bps. In spite, of the same

adjusted Net Profit is expected to grow by 7.4% yoy to end the period at `18.8cr,

on back of higher taxation. We recommend a accumulate with a price target of`122.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,714 17.1 179 9.5 30.2 12.0 2.3 5.6 1.0

FY2015E 19,76 19.0 230 12.2 298 9.3 1.8 4.1 0.8

Quarterly Bloomberg Brokers Consensus Estimates

Bharti Airtel Consolidated (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 20,852 18,729 11.3 20,240 3.0

EBITDA 6,446 6,253 3.1 6,199 4.0

EBITDA margin (%) 30.9 33.4 30.6

Net profit 731 1,006 (27.3) 284 157.7

Canara Bank (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 778 829 (6.2) 711 9.4

Kotak Mahindra Bank (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 408 297 37.4 362 12.8

ACC (03/05/2013)Particulars (` cr) 1QCY13E 1QCY12 y-o-y (%) 4QCY12 q-o-q (%)Net sales 3,036 2,860 6 3,099 (2)

EBITDA 522 645 (19) 398 31

EBITDA margin (%) 17.2 22.5 12.8

Net profit 320 155 106 239 34

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Ambuja Cement (03/05/2013)Particulars (` cr) 1QCY13E 1QCY12 y-o-y (%) 4QCY12 q-o-q (%)Net sales 2,666 2,313 15 2,633 1

EBITDA 635 450 41 772 (18)

EBITDA margin (%) 23.8 19.5 29.3

Net profit 392 212 85 312 26

Titan Industries (03/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,705 2,281 19 2,983 (9)

EBITDA 258 237 9 282 (9)

EBITDA margin (%) 9.5 10.4 9.5

Net profit 267 144 85 204 31

Grasim Industries Consolidated (04/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 7,393 7,206 3 6,718 10

EBITDA 1,504 1,610 (7) 1,307 15

EBITDA margin (%) 20.3 22.3 19.5

Net profit 781 809 (3) 549 42

Jaiprakash Associates (04/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,816 4,026 (5) 3,398 12

EBITDA 914 1,019 (10) 795 15

EBITDA margin (%) 24.0 25.3 23.4

Net profit 174 284 (39) 174 0

Adani Power (06/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,897 998 90 1,687 12

EBITDA 326 96 241 294 11

EBITDA margin (%) 17.2 9.6 17.4

Net profit (397) (290) 37 (507) (22)

Adani Ports & SEZ (06/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 832 617 35 868 (4)

EBITDA 579 458 27 666 (13)

EBITDA margin (%) 69.6 74.1 76.7

Net profit 375 339 11 415 (10)

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Economic and Political News

Government may trim 2013-14 wheat procurement target Gems and jewellery exports fall 9% in FY2013 Indian economy to grow at 6.1% in FY2014: World Bank FII invests `5,414cr in Apr; lowest in 16 months Coalgate: Coal Ministry hands over about 730 files to CBI Jet fuel prices cut by a steep 5.3% Fertilizer subsidy to be down by 15%

Corporate News

Gail seeks stay on TN governments decision to halt `3,000cr project ONGC Videsh raises US$800mn Aurobindo Pharma gets US nod for hypertension drug Apparel exports down 5.75% in 2012-13: AEPC Promoters of Maharashtra Seamless to buy back `100cr shares Indian Overseas Bank to raise US$2bn through MTN ONGC's US$5bn Kazakh oil deal may fall through NTPC's crosses major hurdle for flagship `11,640cr Gadarwara project

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

7/30/2019 Market Outlook, 02.05.13

11/20

Date Company

May 02, 2013Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,Automotive Axle

May 03, 2013 Ambuja Cements, ACC, Titan Inds., Hind. Const., Honeywell Automation

May 04, 2013 Grasim Inds, Jaiprakash Asso., Gujarat Gas

May 05, 2013

May 06, 2013 Mundra Port, Adani Power, South Ind.Bank

May 07, 2013 GSK Pharma, Shriram Trans., Glenmark Pharma., Allahabad Bank, UCO Bank, ITNL, Sintex, CEAT

May 08, 2013 HDFC, Ranbaxy, Lupin, ABB, Corporation Bank

May 09, 2013 Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank

May 10, 2013 NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, Punj Lloyd, Electrosteel Castings, ITD Cementation

May 11, 2013

May 12, 2013

May 13, 2013 Nestle, Amara Raja Batteries

May 14, 2013 Dr Reddy's, HT Media

May 15, 2013

May 16, 2013 Bajaj Auto

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 2, 2013 6:00PM US Initial Jobless claims Thousands Apr 27 339.00 345.00

1:25PM Germany PMI Manufacturing Value Apr F 47.90 47.90

5:15PM Euro Zone ECB announces interest rates % May 2 0.75 0.50

May 3, 2013 6:00PM US Change in Nonfarm payrolls Thousands Apr 88.00 150.00

6:00PM US Unnemployment rate % Apr 7.60 7.60

11:00AM India RBI Repo rate % May 3 7.50 7.25

11:00AM India RBI Cash Reserve ratio % May 3 4.00 4.00

11:00AM India RBI Reverse Repo rate % May 3 6.50 6.25

May 6, 2013 1:25PM Germany PMI Services Value Apr F 49.20 --

May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 --

May 9, 2013 2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --

4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50

7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --

May 10, 2013 4:29PM India Imports YoY% % Change Apr (2.90) --

4:29PM India Exports YoY% % Change Apr 7.00 --

11:00AM India Industrial Production YoY % Change Mar 0.60 --

May 13, 2013 11:00AM China Industrial Production (YoY) % Change Apr 8.90 --

May 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Apr 5.96 --

May 15, 2013 2:00PM UK Jobless claims change % Change Apr (7.00) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --

6:00PM US Producer Price Index (mom) % Change Apr (0.60) --

6:45PM US Industrial Production % Apr 0.41 --

11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

May 16, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.70 --

6:00PM US Housing Starts Thousands Apr 1,036.00 --6:00PM US Building permits Thousands Apr 907.00 --

6:00PM US Consumer price index (mom) % Change Apr (0.20) --


May 02, 2013

Market Outlook

7/30/2019 Market Outlook, 02.05.13

12/20



Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0)(0.5)

2.4

0.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Mar-12

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Repo rate Reverse Repo rate CRR(%)

7/30/2019 Market Outlook, 02.05.13

13/20

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 134 - 2,612 1,657 1,906 14.1 14.1 7.7 8.9 17.4 15.1 3.6 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 141 232 6,243 10,298 11,310 16.5 16.5 20.5 23.2 6.9 6.1 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 260 326 4,441 3,418 3,892 15.1 14.9 19.8 21.7 13.1 12.0 3.2 2.6 27.1 23.7 1.3 1.1

Apollo Tyres Accumulate 97 103 4,871 14,401 15,841 11.4 11.5 13.6 15.9 7.1 6.1 1.2 1.0 18.4 18.2 0.5 0.4

Ashok Leyland Buy 23 27 6,066 13,833 16,192 9.6 9.7 2.0 2.7 11.6 8.6 1.9 1.7 12.1 15.2 0.5 0.4

Automotive Axle# Accumulate 286 309 433 934 1,103 10.2 10.7 24.5 34.3 11.7 8.3 1.5 1.3 13.2 16.9 0.5 0.4Bajaj Auto Accumulate 1,882 2,014 54,453 22,552 25,498 18.6 18.6 117.9 134.3 16.0 14.0 5.8 4.6 40.2 36.6 2.0 1.7

Bharat Forge Neutral 231 - 5,379 6,198 6,793 14.6 14.9 14.5 17.3 15.9 13.4 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 8,910 - 27,977 9,821 11,394 17.0 17.3 373.5 438.7 23.9 20.3 4.3 3.6 18.0 17.9 2.5 2.1

CEAT Buy 105 155 360 5,403 6,057 8.3 8.3 36.4 41.3 2.9 2.5 0.4 0.4 15.3 16.6 0.2 0.2

Exide Industries Accumulate 132 146 11,258 7,026 8,027 14.2 14.2 7.7 8.9 17.1 15.0 2.9 2.5 18.0 17.9 1.3 1.1

FAG Bearings* Neutral 1,362 - 2,263 1,525 1,742 14.5 15.7 88.4 109.5 15.4 12.4 2.2 1.9 15.5 16.5 1.3 1.1

Hero Motocorp Accumulate 1,645 1,819 32,851 25,274 27,658 14.1 13.7 110.2 139.9 14.9 11.8 5.4 4.3 39.8 40.7 1.1 0.9

JK Tyre Buy 111 154 454 7,972 8,754 7.1 7.1 37.5 44.0 3.0 2.5 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 923 1,006 56,670 44,550 50,260 11.4 11.7 59.6 68.3 15.5 13.5 3.2 2.7 22.3 21.6 1.0 0.9

Maruti Accumulate 1,669 1,847 48,215 48,455 55,723 11.2 10.9 107.8 123.2 15.5 13.6 2.3 2.0 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 194 222 11,416 28,442 31,493 7.5 7.8 12.5 14.8 15.5 13.1 3.8 3.1 27.5 25.8 0.5 0.5

Subros Accumulate 26 30 158 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 299 324 79,819 206,341 227,695 12.8 13.5 32.3 39.0 9.3 7.7 2.0 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 38 - 1,827 7,715 8,586 6.0 6.1 5.0 5.9 7.7 6.6 1.3 1.2 18.1 18.6 0.2 0.1

Capital Goods

ABB* Reduce 520 452 11,010 8,073 9,052 5.5 7.2 11.3 17.4 46.1 29.9 4.0 3.6 8.9 12.8 1.3 1.2BGR Energy Neutral 195 - 1,405 4,114 4,886 11.4 10.7 24.9 28.0 7.8 7.0 1.1 1.0 25.2 22.6 0.6 0.6

BHEL Neutral 193 - 47,116 43,757 40,934 17.3 16.9 20.9 19.0 9.2 10.2 2.0 1.8 23.7 18.8 1.0 0.9

Blue Star Buy 162 230 1,452 2,896 3,087 5.6 6.2 9.3 11.7 17.3 13.8 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,924 13,790 15,095 6.4 7.4 6.9 9.4 13.4 9.9 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Accumulate 30 34 245 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 54 67 1,375 7,750 8,631 6.8 7.0 7.7 9.2 7.0 5.8 1.0 0.9 20.8 20.8 0.3 0.3

Thermax Neutral 570 - 6,793 5,931 6,592 9.6 9.7 31.0 34.3 18.4 16.6 3.2 2.8 18.6 17.9 1.0 0.8

Cement

ACC Accumulate 1,237 1,361 23,226 12,182 13,435 21.0 22.4 78.7 98.8 15.7 12.5 2.9 2.5 19.0 21.4 1.6 1.4


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

14/20



Cement

Ambuja Cements Neutral 186 - 28,764 10,681 11,991 25.0 25.5 10.8 12.8 17.2 14.6 3.0 2.7 18.1 19.4 2.2 1.8

India Cements Neutral 83 - 2,560 4,777 5,276 17.3 17.1 8.8 10.9 9.5 7.7 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 97 143 1,143 2,313 2,728 19.8 20.7 16.6 23.1 5.9 4.2 0.8 0.7 13.6 16.5 1.0 0.8

Madras Cements Neutral 247 - 5,883 4,293 4,855 27.4 28.6 21.8 28.2 11.4 8.8 2.1 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,490 - 15,643 6,706 7,751 28.7 27.7 338.2 375.5 13.3 12.0 3.4 2.7 28.5 25.2 1.7 1.3

UltraTech Cement Neutral 1,901 - 52,124 21,947 25,049 23.8 23.8 106.1 119.8 17.9 15.9 3.0 2.6 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 195 272 1,025 2,013 2,293 22.5 22.5 26.0 24.4 7.5 8.0 0.8 0.8 11.7 9.9 2.1 1.9

Consolidated Co Neutral 12 - 215 2,281 2,492 5.9 6.9 0.7 2.0 17.0 5.8 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 116 167 3,862 4,152 4,624 44.4 45.0 17.0 17.2 6.9 6.7 1.1 0.9 16.2 14.6 3.3 3.4

ITNL Buy 176 230 3,419 7,177 7,772 27.4 28.9 29.4 32.4 6.0 5.4 0.9 0.8 16.5 15.9 2.7 2.7

IVRCL Infra Buy 19 35 592 6,287 6,836 8.5 8.5 2.3 3.0 8.2 6.3 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 75 95 16,688 14,914 15,699 26.2 26.4 4.2 4.4 17.9 17.3 1.2 1.1 6.8 6.6 2.5 2.4

Larsen & Toubro Buy 1,513 1,795 93,150 69,586 79,247 11.2 11.1 75.1 84.9 20.1 17.8 2.9 2.5 15.2 15.0 1.5 1.4

Nagarjuna Const. Buy 31 45 797 6,576 7,264 8.2 8.3 4.1 4.8 7.6 6.5 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 54 - 1,787 1,338 1,542 10.2 10.2 3.0 4.8 18.2 11.3 0.6 0.6 3.4 5.2 5.6 5.3

Sadbhav Engg. Buy 114 153 1,721 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.8 13.3 12.7 0.9 0.8

Simplex Infra Buy 115 164 569 6,824 7,563 9.2 9.4 18.0 23.4 6.4 4.9 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 226 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.2 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 134 155 6,705 7,137 7,907 2.9 2.8 32.3 36.0 4.2 3.7 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 91 - 5,103 5,285 5,937 3.0 2.9 21.2 23.4 4.3 3.9 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,493 1,737 69,870 19,055 22,710 3.3 3.2 130.7 152.3 11.4 9.8 1.9 1.6 17.2 17.6 - -Bank of Baroda Buy 699 815 29,433 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 328 360 19,519 14,284 16,295 2.3 2.3 55.9 68.4 5.9 4.8 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Neutral 58 - 3,830 4,289 4,670 2.9 2.8 11.6 13.1 5.0 4.4 0.7 0.7 15.7 15.6 - -

Canara Bank Accumulate 415 461 18,365 11,673 13,208 2.3 2.3 74.8 85.8 5.5 4.8 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 71 - 7,411 8,079 9,086 2.6 2.6 14.9 18.0 4.8 4.0 0.7 0.6 12.2 13.3 - -

Corporation Bank Buy 378 453 5,783 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -

Dena Bank Accumulate 91 101 3,186 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.4 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 457 - 7,811 2,916 3,389 3.3 3.3 50.1 59.4 9.1 7.7 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

15/20



Financials

HDFC Neutral 847 - 131,006 8,928 10,684 3.7 3.7 38.4 45.3 22.1 18.7 4.8 4.2 32.5 32.4 - -

HDFC Bank Neutral 682 - 162,362 27,682 33,916 4.6 4.6 35.3 42.7 19.3 16.0 3.8 3.2 21.3 21.8 - -

ICICI Bank Buy 1,163 1,352 134,181 25,705 30,330 3.1 3.2 83.9 96.3 13.9 12.1 1.8 1.7 15.2 15.7 - -

IDBI Bank Neutral 88 - 11,768 9,137 10,041 1.9 2.0 17.8 18.8 5.0 4.7 0.6 0.5 11.7 11.3 - -

Indian Bank Accumulate 171 193 7,358 6,276 6,968 3.1 3.1 38.3 42.3 4.5 4.1 0.7 0.6 15.2 14.9 - -

IOB Buy 64 74 5,882 8,205 9,048 2.6 2.5 16.4 20.3 3.9 3.1 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,365 - 6,619 3,032 3,118 3.8 3.5 218.1 200.9 6.3 6.8 1.2 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 245 281 12,349 2,113 2,525 2.3 2.3 25.4 29.2 9.6 8.4 1.7 1.5 18.4 18.3 - -

Oriental Bank Accumulate 268 282 7,821 6,791 7,478 2.7 2.7 56.7 63.4 4.7 4.2 0.6 0.6 12.9 13.1 - -

Punjab Natl.Bank Buy 768 889 27,150 21,161 24,166 3.3 3.3 153.4 176.4 5.0 4.4 0.8 0.7 16.1 16.3 - -

South Ind.Bank Neutral 24 - 3,192 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,264 2,567 154,879 67,091 76,746 3.2 3.1 241.2 280.4 9.4 8.1 1.5 1.3 16.5 17.0 - -

Syndicate Bank Accumulate 120 130 7,214 7,340 8,212 2.9 2.8 26.4 28.7 4.5 4.2 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 69 - 5,227 6,126 6,665 2.6 2.5 12.2 14.4 5.7 4.8 0.9 0.7 11.8 12.6 - -

Union Bank Accumulate 245 264 14,604 11,226 12,769 2.7 2.7 41.0 47.8 6.0 5.1 0.9 0.7 14.8 15.4 - -

United Bank Accumulate 60 68 2,254 3,597 4,008 2.6 2.7 16.0 20.8 3.8 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 52 - 2,599 2,600 2,946 2.0 2.1 9.7 11.0 5.4 4.8 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 501 - 17,981 4,390 5,411 2.8 2.8 41.6 47.9 12.1 10.5 2.6 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,682 - 44,907 13,319 15,805 15.7 15.7 143.8 170.2 32.6 27.5 10.2 8.0 35.1 32.7 3.3 2.7

Britannia Neutral 578 - 6,916 6,417 7,446 5.1 5.5 20.3 25.2 28.6 23.0 9.7 7.7 37.4 37.3 1.0 0.8

Colgate Neutral 1,470 - 19,986 3,588 4,130 21.1 21.6 44.7 51.9 32.9 28.3 29.6 22.0 100.0 89.1 5.4 4.6

Dabur India Neutral 148 - 25,769 7,183 8,340 16.8 16.8 5.4 6.3 27.3 23.4 10.7 8.3 43.9 39.9 3.5 3.0

GlaxoSmith Con* Neutral 4,012 - 16,874 3,617 4,260 16.1 16.4 120.6 146.4 33.3 27.4 10.3 8.3 33.8 33.4 4.3 3.6

Godrej Consumer Neutral 836 - 28,463 7,801 9,017 17.0 17.0 26.5 31.9 31.5 26.2 7.1 5.8 26.5 25.9 3.8 3.2

HUL Neutral 584 - 126,202 28,974 32,970 13.5 13.5 17.0 18.1 34.4 32.2 21.9 16.5 74.3 58.3 4.2 3.6

ITC Neutral 329 - 259,891 33,506 39,067 36.8 37.0 11.1 13.0 29.7 25.3 9.6 7.9 35.5 34.1 7.4 6.3

Marico Neutral 225 - 14,527 5,352 6,204 14.0 14.0 7.9 9.8 28.5 23.0 5.9 4.8 22.8 22.9 2.7 2.2

Nestle* Neutral 4,981 - 48,023 9,739 11,307 21.5 22.2 131.6 159.9 37.9 31.2 19.1 13.7 58.8 69.5 4.8 4.1

Tata Global Neutral 147 - 9,106 7,998 8,798 9.7 9.8 7.9 8.7 18.7 16.9 2.3 2.2 9.6 9.8 1.1 0.9


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

16/20



IT

HCL Tech^ Buy 721 863 50,194 28,633 32,216 21.5 20.7 57.3 61.7 12.6 11.7 3.0 2.5 24.0 21.5 1.6 1.3

Hexaware* Buy 82 105 2,445 2,137 2,350 18.8 19.2 10.4 11.7 7.9 7.0 1.7 1.5 22.6 22.1 1.0 0.9

Infosys Accumulate 2,234 2,465 128,310 43,338 47,244 27.5 27.7 169.4 182.6 13.2 12.2 2.7 2.4 20.8 19.3 2.3 2.0

Infotech Enterprises Accumulate 175 196 1,958 1,994 2,039 18.1 18.5 20.2 21.8 8.7 8.1 1.2 1.1 13.8 13.1 0.6 0.5

KPIT Cummins Buy 104 130 1,999 2,458 2,729 15.5 15.2 13.1 14.5 7.9 7.2 1.6 1.3 20.9 18.8 0.7 0.6

Mahindra Satyam Buy 110 143 12,980 8,456 9,385 19.3 19.1 10.6 11.9 10.4 9.3 2.3 1.9 22.4 20.1 1.1 0.9

Mindtree Buy 802 926 3,331 2,587 2,823 19.4 19.4 87.2 92.6 9.2 8.7 2.0 1.6 21.8 18.8 0.9 0.8Mphasis& Accumulate 372 395 7,819 6,096 6,646 17.6 17.4 38.1 41.6 9.8 9.0 1.4 1.2 14.2 13.7 0.8 0.6

NIIT Buy 24 30 395 1,144 1,267 9.0 9.1 4.3 5.4 5.6 4.5 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Buy 520 602 2,080 1,433 1,591 24.7 24.6 55.5 60.2 9.4 8.6 1.7 1.5 18.4 16.8 1.1 0.8

TCS Buy 1,376 1,585 269,363 71,833 81,893 28.4 28.0 78.5 88.0 17.5 15.6 5.3 4.4 30.2 27.9 3.5 3.0

Tech Mahindra Buy 955 1,230 12,229 7,699 8,315 19.3 18.1 107.0 115.0 8.9 8.3 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 348 385 85,686 40,173 43,697 20.4 20.6 26.2 28.5 13.3 12.2 2.6 2.3 19.7 18.4 1.6 1.4

Media

D B Corp Accumulate 238 272 4,356 1,787 1,974 25.4 26.4 14.5 16.9 16.3 14.1 3.4 2.9 22.4 22.2 2.3 2.0

HT Media Accumulate 106 117 2,488 2,205 2,380 15.1 15.6 8.0 9.1 13.2 11.7 1.4 1.3 11.2 11.4 0.7 0.6

Jagran Prakashan Buy 93 121 3,080 1,698 1,908 23.9 24.5 7.4 8.4 12.6 11.1 3.2 2.8 26.7 26.8 1.9 1.7

PVR Neutral 339 - 1,343 1,343 1,521 18.8 18.9 18.3 22.9 18.5 14.8 1.8 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 416 - 16,410 2,293 2,571 68.7 68.7 19.3 22.7 21.5 18.3 5.3 4.6 26.1 27.3 6.6 5.7

Metals & Mining

Bhushan Steel Neutral 456 - 10,338 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9

Coal India Accumulate 319 345 201,303 72,174 76,311 33.3 28.4 28.4 30.9 11.2 10.3 3.1 2.7 37.6 36.2 2.0 1.8

Electrosteel Castings Buy 17 26 581 2,074 2,176 10.4 11.3 1.9 2.3 8.9 7.4 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 157 213 4,989 1,944 2,317 49.9 51.7 20.8 25.6 7.6 6.1 1.7 1.4 24.3 24.6 2.1 1.6

Hind. Zinc Buy 119 145 50,324 12,358 13,659 51.4 51.6 16.0 17.6 7.4 6.8 1.3 1.2 19.4 18.4 1.8 1.3

Hindalco Neutral 97 - 18,619 88,987 94,163 9.2 9.7 13.8 15.9 7.1 6.1 0.5 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 702 - 15,673 39,524 42,064 17.1 16.9 71.8 86.3 9.8 8.1 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 224 243 3,756 954 1,062 45.5 47.4 26.1 29.1 8.6 7.7 1.2 1.1 15.1 15.2 1.5 1.1

Monnet Ispat Buy 198 291 1,262 2,883 3,181 21.7 23.6 40.3 57.7 4.9 3.4 0.5 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 35 - 8,982 8,187 8,416 14.5 14.7 3.2 3.3 10.9 10.7 0.7 0.7 6.8 6.7 0.6 0.6

NMDC Buy 126 179 49,817 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.6 1.4 1.3 20.6 20.2 2.6 2.1


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

17/20



Metals & Mining

SAIL Neutral 62 - 25,462 53,685 64,183 9.3 12.2 5.5 8.3 11.3 7.5 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 159 - 13,827 3,742 4,426 32.9 32.8 31.3 31.2 5.1 5.1 0.7 0.6 14.8 12.9 4.4 3.7

Sterlite Inds Neutral 95 - 32,077 45,864 46,970 23.8 25.3 18.8 20.9 5.1 4.6 0.6 0.5 11.7 11.8 0.6 0.6

Tata Steel Buy 303 430 29,413 141,775 151,672 10.5 11.4 35.3 51.7 8.6 5.9 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 103 153 370 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 36 48 488 2,668 2,834 10.0 10.1 4.6 5.2 7.8 7.0 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 85 118 279 2,425 2,552 13.7 14.8 33.5 45.3 2.5 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Accumulate 312 345 59,581 16,482 16,228 69.4 53.3 53.3 49.6 5.9 6.3 0.9 0.8 16.5 13.6 2.3 1.9

GAIL Neutral 352 - 44,593 55,815 63,013 15.3 15.2 35.9 41.5 9.8 8.5 1.6 1.4 17.0 17.1 0.7 0.5

ONGC Accumulate 327 354 279,722 157,962 175,367 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 788 - 254,519 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.1 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 247 - 3,173 3,707 3,850 11.7 12.4 23.7 25.7 10.4 9.6 2.9 2.5 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 300 - 4,195 3,700 4,218 23.4 22.8 26.6 30.4 11.3 9.9 2.3 2.0 22.6 21.7 1.2 1.0

Petronet LNG Buy 139 174 10,436 41,362 40,852 5.8 6.5 15.6 17.4 8.9 8.0 2.0 1.7 24.1 22.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 67 - 3,784 1,079 983 91.8 91.9 8.8 7.8 7.7 8.6 1.3 1.2 17.8 14.1 3.2 3.5

Pharmaceuticals

Alembic Pharma Accumulate 114 122 2,152 1,714 1,976 17.1 19.0 9.5 12.2 12.0 9.4 3.2 2.5 30.2 29.8 1.3 1.1

Aurobindo Pharma Buy 191 264 5,555 6,279 7,033 16.0 16.0 15.2 19.2 12.6 9.9 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,555 - 5,884 1,682 1,917 16.6 16.6 92.4 99.1 27.7 25.8 3.9 3.9 15.7 14.8 3.1 2.6

Cadila Healthcare Buy 792 962 16,208 7,386 8,863 18.0 18.0 39.5 48.1 20.0 16.5 4.5 3.7 24.8 24.7 2.5 2.0

Cipla Accumulate 406 463 32,595 9,130 10,543 24.8 23.0 21.6 23.2 18.8 17.5 3.1 2.7 17.6 16.2 3.3 2.7

Dr Reddy's Neutral 2,024 - 34,356 11,662 13,101 21.0 20.8 92.9 103.9 21.8 19.5 4.2 3.5 20.8 19.6 3.1 2.7

Dishman Pharma Buy 69 206 553 1,536 1,739 20.2 20.9 15.4 20.6 4.5 3.3 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,254 - 19,095 2,993 3,319 30.4 30.2 78.1 86.7 28.9 26.0 8.8 7.9 31.6 31.9 5.6 4.9

Indoco Remedies Buy 63 90 582 784 902 15.2 15.2 7.8 9.0 8.1 7.0 1.2 1.0 15.6 15.8 1.0 0.8

Ipca labs Buy 509 676 6,418 3,474 4,168 21.0 21.0 37.3 45.1 13.6 11.3 3.2 2.6 26.4 25.3 2.0 1.7

Lupin Accumulate 702 792 31,411 11,564 13,847 21.1 21.1 32.8 39.6 21.4 17.7 4.9 3.9 25.7 24.7 2.8 2.3

Ranbaxy* Neutral 452 - 19,139 11,400 12,060 12.5 12.5 21.6 22.5 20.9 20.1 4.0 3.5 20.6 18.5 1.6 1.5

Sun Pharma Reduce 951 888 98,363 12,563 14,698 42.6 42.6 29.8 35.5 31.9 26.8 5.7 4.8 19.2 19.3 7.2 6.0

Power

GIPCL Accumulate 71 78 1,079 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

18/20



Power

NTPC Neutral 157 - 129,784 81,951 92,264 24.1 24.3 13.6 14.9 11.6 10.5 1.5 1.3 13.0 13.1 2.3 2.1

Real Estate

DLF Buy 238 288 40,438 9,699 12,010 37.0 36.9 6.0 8.4 39.9 28.3 1.5 1.4 3.8 5.1 5.6 4.6

MLIFE Accumulate 417 446 1,703 888 1,002 26.7 25.9 36.3 40.6 11.5 10.3 1.2 1.1 10.8 11.0 2.2 1.9

Telecom

Bharti Airtel Neutral 319 - 121,046 86,933 96,121 30.2 31.2 10.3 15.7 31.0 20.4 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 133 - 43,955 24,959 27,232 27.1 27.5 3.7 4.7 35.7 28.2 2.9 2.6 8.1 9.2 2.2 1.9Rcom Neutral 97 - 20,021 22,221 24,253 32.0 32.2 4.3 6.4 22.4 15.1 0.5 0.5 2.4 3.4 2.4 2.1

Others

Abbott India* Buy 1,407 1,659 2,989 1,863 2,081 11.8 12.4 71.2 83.0 19.8 17.0 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 177 237 1,763 3,929 4,480 7.4 7.7 15.5 19.7 11.4 9.0 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 455 562 576 630 795 14.4 13.6 42.8 51.1 10.7 8.9 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 319 566 82 308 351 7.0 7.0 39.6 47.2 8.1 6.8 1.8 1.4 21.8 21.0 0.3 0.3

Finolex Cables Buy 52 68 792 2,559 2,893 9.8 9.8 9.8 11.3 5.3 4.6 0.8 0.6 14.1 14.1 0.2 0.2

Force Motors Buy 382 570 497 2,299 2,621 4.7 4.9 46.3 57.0 8.2 6.7 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 277 352 638 1,453 1,560 9.4 9.8 38.4 41.4 7.2 6.7 1.5 1.3 22.9 20.8 0.3 0.2

Hitachi Buy 134 177 363 1,053 1,169 6.3 7.1 13.8 17.7 9.7 7.5 1.4 1.2 15.0 16.7 0.4 0.3

Honeywell Automation* Buy 2,441 2,842 2,158 2,117 2,491 8.1 7.8 137.9 157.9 17.7 15.5 2.6 2.3 16.0 15.8 0.9 0.8

IFB Agro Buy 168 198 151 495 651 12.7 12.9 29.3 39.5 5.7 4.3 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 182 238 210 1,430 1,573 12.1 12.2 21.8 30.6 8.4 6.0 0.5 0.5 6.1 8.0 0.6 0.6

Jyothy Laboratories Neutral 176 - 2,842 979 1,164 14.9 15.1 6.0 7.7 29.3 22.9 3.6 3.3 12.9 15.1 3.0 2.5

MRF Accumulate 13,380 14,416 5,674 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.5 7.4 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Neutral 3,600 - 4,016 1,047 1,281 19.6 19.8 127.3 158.1 28.3 22.8 13.5 9.8 54.9 50.0 3.9 3.2Relaxo Footwears Buy 593 786 712 1,148 1,360 11.7 11.9 55.5 71.4 10.7 8.3 2.5 1.9 26.3 26.2 0.8 0.6

Siyaram Silk Mills Buy 244 312 229 1,157 1,320 11.9 12.0 66.6 77.9 3.7 3.1 0.6 0.5 18.3 18.2 0.5 0.4

S. Kumars Nationwide Neutral 7 - 202 6,765 7,393 18.1 18.0 6.4 7.5 1.1 0.9 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 500 617 879 1,068 1,223 9.6 9.6 38.1 44.1 13.1 11.3 1.8 1.6 14.5 14.7 0.8 0.7

TAJ GVK Buy 63 108 397 300 319 35.8 36.2 7.9 9.1 8.0 7.0 1.1 1.0 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 291 371 448 814 849 17.0 17.6 64.6 69.2 4.5 4.2 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 485 553 377 435 516 6.2 7.1 24.3 33.3 20.0 14.6 3.3 2.8 17.6 20.8 0.7 0.6

Tree House Neutral 266 - 955 150 192 52.7 52.5 12.8 16.2 20.7 16.4 2.1 1.8 10.0 11.1 6.0 4.5

TVS Srichakra Buy 195 226 149 1,591 1,739 7.1 7.4 39.4 56.5 4.9 3.5 1.0 0.8 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

19/20



Others

United Spirits Neutral 2,212 - 28,936 11,886 13,491 14.4 14.0 50.9 74.5 43.5 29.7 3.6 3.2 10.6 11.4 2.7 2.4

Vesuvius India* Buy 357 439 725 600 638 20.1 19.4 35.7 36.6 10.0 9.8 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 30, 2013


Market Outlook

Stock Watch

May 02, 2013

7/30/2019 Market Outlook, 02.05.13

20/20


market outlook, 02.05.13

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