market outlook 090512

8/2/2019 Market Outlook 090512

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Market OutlookMay 9, 2012

www.angelbroking.com

Dealers Diary

Indian markets are expected to open in the red tracking weak global cues. Most of

the Asian markets are trading in the negative zone. SGX Nifty is trading lower by

0.4%.

The US markets fell on Tuesday weighed down by uncertain political situation in

Europe. The markets were gripped by fear that recent elections in France and

Greece will negatively impact the efforts to address the European debt crisis.

European markets too fell sharply on Tuesday as CAC 40 Index, DAX Index and

FTSE 100 Index falling by 2.8%, 1.9% and 1.8% respectively.

Meanwhile, Indian markets too plunged on Tuesday, owing to the concerns over

the European political situation. The fall in the markets was also caused by fears

that there is little room for further rate cuts by RBI.

Markets TodayThe trend deciding level for the day is 16,656 / 5,035 levels. If NIFTY trades above

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

up to 16,809 17,071 / 5,085 5,171 levels. However, if NIFTY trades below

16,656 / 5,035 levels for the first half-an-hour of trade then it may correct up to

16,393 16,240 / 4,949 4,898 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 16,240 16,393 16,656 16,809 17,071

NIFTY 4,898 4,949 5,035 5,085 5,171

News Analysis

4QFY2012 Result Reviews Asian Paints, Hindalco, Central Bank, CESC,Dena Bank, Electrosteel Steels, Ceat

4QFY2012 Result Previews Punjab National Bank, Ranbaxy Labs, ABB, IRBInfra

Refer detailed news analysis on the following page

Net Inflows (May 7, 2012)

` cr Purch Sales Net MTD YTDFII 2,191 2,784 (593) 255 43,716

MFs 622 596 26 (474) (6,575)

FII Derivatives (May 08, 2012)

` cr Purch Sales Net Open InterestIndex Futures 2,039 2,115 (76) 9,727

Stock Futures 1,721 1,825 (104) 20,700

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)MMTC 790 5.4 Central Bank 78 (12.2)

Petronet LNG 142 4.4 India Infoline 46 (10.5)

Bosch 8,980 2.3 Pantaloon Retl 153 (7.8)

CESC 262 2.3 Jaiprakash Asso 64 (7.6)

Coromandel Intl 258 2.2 Shriram Trans 507 (6.9)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (2.2) (366.5) 16,546

Nifty (2.2) (114.2) 5,000

MID CAP (1.3) (78.7) 6,054

SMALL CAP (0.9) (57.5) 6,551

BSE HC (0.9) (59.8) 6,734

BSE PSU (0.6) (39.9) 6,919

BANKEX (2.8) (322.5) 11,052

AUTO (2.4) (243.5) 9,904

METAL (1.7) (178.7) 10,550

OIL & GAS (0.8) (60.3) 7,638

BSE IT (3.1) (176.2) 5,533

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.6) (76.4) 12,932NASDAQ (0.4) (11.5) 2,946

FTSE (1.8) (100.5) 5,555

Nikkei 0.7 62.5 9,182

Hang Seng (0.3) (51.9) 20,485

Straits Times 0.2 6.4 2,931

Shanghai Com (0.1) (3.1) 2,449

Indian ADRs Chg (%) (Pts) (Close)INFY 0.4 0.2 $45.0

WIT (0.7) (0.1) $9.2IBN (3.0) (0.9) $30.7

HDB (3.2) (1.0) $31.8

Advances / Declines BSE NSEAdvances 1,039 433

Declines 1,711 992

Unchanged 132 71

Volumes (` cr)BSE 2,115

NSE 10,900


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Result Reviews

Asian Paints (CMP:`3,653/ TP: - Upside: -)

Asian Paints (APL) posted its 4QFY2012 results. The companys consolidated top

line grew by 29.5% yoy to `2,539cr. Top-line growth was driven by higher

volumes and price hikes taken by the company. The companys OPM remained

flat yoy at 15.1%. APLs net profit rose by 39.5% yoy to `265cr. We will be

releasing a result update shortly. We maintain our Neutral 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)FY2013E 10,961 16.3 1,154 120.3 36.9 30.4 10.1 18.9 3.1

FY2014E 12,773 16.3 1,367 142.5 34.7 25.6 8.0 16.1 2.6

Hindalco (CMP:`117 / TP: -)

Hindalcos standalone 4QFY2012 top-line and bottom-line were above our

estimates. Net sales increased 11.9% yoy to `7,563cr (above our estimate of

`6,680cr) mainly on account of higher aluminium and copper sales volumes. In

aluminium segment alumina, aluminium and donwstream products production

increased by 0.3%, 3.8%, 12.0% yoy to 345k, 144k, and 64k, respectively. In

copper segment, copper cathode and CC rods production grew by 11.8% and

20.9% yoy to 95k and 40k, respectively. However, aluminium segment EBIT

decreased by 14.0% yoy to `484cr due to decrease in realizations coupled with

increase in input costs (mainly coal and crude derivatives). Nevertheless, copper

segment EBIT rose by 42.5% yoy to `293cr due to higher treatment and refining

charges and by-product credits. Overall, Hindalcos EBITDA decreased by 5.4%yoy to`865cr and EBITDA margin slipped 209bp yoy to 11.4% during 4QFY2012.

Interest expenses grew by 42.0% yoy to `80cr. Other income came in ahead of

our expectations and grew by 52.7% yoy to `161cr. Consequently, net profit

decreased by only 9.7% yoy to`640cr (above our estimate of`516cr).

Although Hindalco is expanding its capacities three-fold over the coming four-five

years, low aluminium prices, rising costs and delay in commencement of mining

from captive blocks are expected to mute its profitability growth. In the near-term,

there is lack of clarity over production from Mahan coal block for its upcoming

Mahan smelter. Without captive coal block, the Mahan smelter (expected to

commission in 1QFY2013) is expected to face cost pressures, resulting in lowerreturn ratios over the next two years. Moreover, we do not rule out delays in

upcoming projects. Hence, we recommend Neutral on the stock.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 84,652 9.6 3,249 17.0 9.7 6.9 0.6 5.1 0.5

FY2014E 88,766 10.5 3,611 18.9 9.8 6.2 0.6 4.8 0.5

Central Bank (CMP:`78 / TP: - / Upside: -)

For 4QFY2012, Central bank posted a weak set of numbers with bottom-line

registering a net loss of`105cr. The bank reported a growth of 85.1% yoy on the

PPP front to `613cr on account of 33.2% yoy fall in operating costs (one off

pension expenses related to retired employees in 4QFY2011), however the


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provisioning expenses nearly trebled yoy to`859cr , leading to a net loss for the

bank during the quarter.

The banks asset quality deteriorated sharply during 4QFY2012 with both gross

and net NPA levels rising by 47.8% and 70.7% sequentially, respectively. As of

4QFY2012 gross NPA ratio stands at 4.8% (3.7% in 3QFY2012), while net NPA

ratio stands at 3.1% (2.0% in 3QFY2012). We currently have a Neutral rating onthe stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 6,860 2.4 1,132 13.1 104.2 0.5 10.5 5.9 0.7

FY2014E 7,934 2.4 1,632 19.9 115.6 0.6 13.8 3.9 0.7

Estimates are subject to change

CESC (CMP :`262 /TP:`342 /Upside 30.5%)

For 4QFY2012, CESC posted strong 48.5% yoy growth in its standalone net sales

to`1,348cr, aided by higher tariffs. During 4QFY2012, CESC got new tariff order

for FY2012, which became applicable with retrospective effect, thereby boosting

the revenue for the quarter. The companys sales volume rose by 3% yoy to

1,811MU. OPM stood at 29.7%, up 618bp yoy, bolstered by higher realization.

The companys bottom line rose by 137.5% yoy to `266cr, aided by a 87.4%

surge in operating profit to`401cr. On the retail business front, Spencers (CESCs

retail arm) same store sales per month increased from`1,000/sq. ft. in FY2011 to

`1,147/sq. ft. in FY2012. Spencers store level EBITDA stood at `32/sq. ft. per

month for FY2012. We maintain our Buy rating on the stock with a target price of`342.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 4,926 23.8 515 41.0 10.4 6.4 0.6 5.2 1.2

FY2014E 5,429 23.9 581 46.2 10.7 5.7 0.6 4.7 1.1

Dena Bank (CMP:`85/ TP:`118 / Upside: 38.5%)Dena Bank reported its results for 4QFY2012. The bank reported 27.0% yoy

growth in its NII to `598cr, aided by NIM expansion of 12bp yoy. Non-interest

income also increased by 16.4% on a yoy basis to`210cr, mainly aided by 34.9%yoy growth in fee income. Operating expenses for the bank increased by much

lower 7.9% yoy (18.2% qoq). Net profit for the bank grew by 62.3% yoy to `255cr

despite increase in provisioning expenses by 135.1% yoy, mainly on account of

negative tax expenses of`70cr during the quarter as against tax expense of`62cr

in 4QFY2011. The banks asset quality improved on sequential basis, with both

gross and net NPA ratio declining by 20bp qoq and PCR improving by 91bp qoq

to 71.4%. We maintain our Buy recommendation on the stock with a target priceof `118.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 3,003 3.0 812 23.2 141.1 1.0 18.0 3.7 0.6

FY2014E 3,366 2.9 896 25.6 162.6 0.9 16.9 3.3 0.5

Estimates are subject to change


4/16



Electrosteel Steels

Electrosteel Steels, an associate of Electrosteel Castings (34.8% stake), reported its

4QFY2012 results. Electrosteel Steels net sales stood at only`55cr in 4QFY2012

as it is yet to commence meaningful commercial production from its 2.2mn tonne

steel plant. The company reported a loss of `34cr and`76cr at EBITDA and PAT

level, respectively. The company proposes to issue fresh capital of ~`250cr in the

form of equity shares. We await further clarity on ramp of production from its

plant. Meanwhile, we maintain our Buy rating on Electrosteel Castings with atarget price of `27.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x)FY2013E 1,984 16.2 180 5.2 10.7 3.8 0.4 0.9

FY2014E 2,074 8.5 64 1.9 3.7 10.7 0.4 1.0

Ceat - (CMP:`106 / TP:`164 / Upside: 54.6%)Ceat reported impressive results for 4QFY2012 driven by significant improvement

in operating margins. Net sales registered a strong 22.5% yoy (14.9% qoq) growth

driven largely by realization increases. While volumes in tonnage terms increased

5.9% yoy (17.4% qoq); net average realization jumped 17.3% yoy (down by 1.2%

qoq) led by price increases and superior product-mix. Exports grew by ~40%

sequentially to`280cr. EBITDA margins surged 874bp yoy (422bp qoq) to 10.6%

as the company benefited from 15.2% yoy (5.9% qoq) decline in natural prices

during the quarter. As a result, raw-material cost to net sales declined 660bp yoy

(240bp qoq) during the quarter. Further 270bp yoy decline in other expenditure

also boosted the margins. Hence operating profit jumped 597.5% yoy (90.9% qoq)

to `130cr. Led by strong operating performance, net profit surged to `41cr as

against `2cr in 3QFY2012. Higher depreciation (up 91.7% yoy) and interest

expense (69.7% yoy) on account of commissioning of Halol facility however,

restricted bottom-line growth. At`106, the stock is trading at attractive valuations

of 2.6x FY2014E earnings. We maintain our Buy rating on the stock with a revisedtarget price of `164.

Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 5,067 8.0 135 39.4 18.8 2.7 0.5 3.2 0.3

FY2014E 5,631 7.6 141 41.0 16.5 2.6 0.4 3.1 0.2


5/16



Result Previews

Punjab National Bank

Punjab National Bank is scheduled to announce its 4QFY2012 results today. We

expect the bank to report a Net Interest Income (NII) growth of 22.2% yoy to

`3,702cr. Non-interest income is expected to decline by 6.6% yoy to `1,070cr.

Operating expenses are also expected to decline by 13.3% yoy to `1,889cr.

Provisioning expenses are expected to increase by 28.3% yoy to `934cr, and

would lead to 10.0% yoy growth in net profit to`1,321cr. At the CMP, the stock is

trading at 0.8x FY2014E ABV. We maintain our Buy recommendation on the stockwith a target price of `1,138.

Ranbaxy Labs

For 1QCY2012, Ranbaxy Labs (Ranbaxy) is expected to post a robust set of

numbers, with sales of`5,000cr during 1QCY2012, mainly on the back of Lipitor,

which would aid the company's OPM to expand to 38.8% yoy in 1QCY2012. The

company's net profit for the quarter is expected to come in at `1,470cr. Wecontinue to maintain our Neutral view on the stock.

ABB India 1QFY2012

For 1QCY2012, we expect ABB India (ABB) to post decent top-line growth of

14.5% yoy to`2,053cr, driven by the companys balanced performance across all

the segments. EBITDA margin is likely witness marginal improvement of 20bp yoy

to 5.9%. Also, on a qoq basis, we expect margins to improve by 100bp. Aided bymodest revenue growth; ABBs bottom line is expected to jump by 15.7% to`68.9cr. We maintain our Sell recommendation on the stock with a target price of`503.

IRB Infra

IRB Infra (IRB) is expected to post a mixed performance on a quarterly basis. We

expect a 1.7% yoy decline in the E&C segment to `568.7cr, as Surat Dahisar and

Kolhapur road projects are complete and, hence, will not be contributing to E&Crevenue. However, the BOT segment is expected to report healthy 23.2% yoy

growth to `260.6cr, leading to overall top-line growth of 8.1% to `829.4cr. We

expect blended EBITDA margin at 42.5%, an improvement of 140bp yoy. This is

on the back of low base in 4QFY2011. Depreciation for the quarter is expected to

witness a yoy jump of 76.8%, owing to completion of Surat Dahisar project. We

project net profit before tax and after tax (post minority interest) at `139.5cr and

`103.6cr, respectively, after factoring a blended tax rate of 23.9% for the quarter.

We recommend Buy on the stock with a target price of `228.


6/16



Quarterly Bloomberg Brokers Consensus Estimate

ABB - (09/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 1,978 1,781 11 2,170 (9)

EBITDA 120 102 18 108 11EBITDA margin (%) 6.1 5.7 5.0

Net profit 67 60 12 64 5

PNB Bank Ltd - (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 1,284 1,201 7 1,150 12

Ranbaxy - Consolidated (09/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 3,607 2,143 68 3,738 (4)EBITDA 898 403 123 860 4

EBITDA margin (%) 24.9 18.8 23.0

Net profit 732 304 141 (2,983) (125)

Union Bank of India Ltd - (09/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 552 598 (8) 197 180

Canara Bank Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 945 899 5 876 8

Cipla Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,820 1,615 13 1,711 6

EBITDA 407 302 35 391 4

EBITDA margin (%) 22.4 18.7 22.9

Net profit 286 214 34 270 6

Lupin Ltd - Consolidated (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,851 1,512 22 1,792 3

EBITDA 391 311 26 636 (39)

EBITDA margin (%) 21.1 20.6 35.5

Net profit 265 227 17 235 13

NTPC Ltd - (10/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 17,224 15,519 11 15,332 12

EBITDA3,860 4,279 (10) 2,906 33

EBITDA margin (%) 22.4 27.6 19.0

Net profit 2,570 2,782 (8) 2,130 21


7/16



Dr. Reddy Laboratories Ltd - Consolidated (11/05/2012)Particulars (` cr) 1Q CY12E 1Q CY11 y-o-y (%) 4Q CY11 q-o-q (%)Net sales 2,592 2,017 29 2,769 (6)

Net profit 451 334 35 513 (12)

Essar Oil Ltd - (11/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 16,520 13,315 24 12,851 29

EBITDA 619 865 (28) 734 (16)

EBITDA margin (%) 3.7 6.5 5.7

Net profit (221) 321 (169) (3,986) (94)

Federal Bank Ltd - (11/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 204 172 19 202 1

Economic and Political News Oil Ministry for hiking excise duty on diesel cars 29 thermal plants with less than one week's coal India unlikely to maintain 21% export growth in FY13: FIEO US working with India on Iran oil replacements: Clinton

Corporate News Cipla considers price cuts on more cancer drugs Maruti hikes prices of diesel DZire by up to Rs 12,000 SREI Infra partners ISB to groom future business leaders Jubilant FoodWorks begins Dunkin' Donuts rollout in IndiaSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


8/16

Date Company

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

May 10, 2012 NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Reliance Capital, Sintex, Apollo Tyres, HEG

May 11, 2012 Dr Reddy's, Essar Oil, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear

May 12, 2012 J & K Bank, Divi's Lab., Bhushan Steel, Madhucon Proj, Consolidated Co, Relaxo

May 13, 2012 -

May 14, 2012Larsen & Toubro, Mundra Port, JSW Steel , Ashok Leyland, Indraprasth Gas, Areva, Monnet Ispat, Orchid Chemicals,Abbott India

May 15, 2012 Cummins India, Unitech, Patel Engg., Dishman Pharma, JK Tyre

May 16, 2012 Blue Star, J K Lakshmi Cements

May 17, 2012 Bajaj Auto, Mahindra Satyam

May 18, 2012 Coal India, St Bk of India, Tata Steel, HT Media

May 19, 2012 Force Motors

May 20, 2012 -

May 21, 2012 Adani Enterp., Adani Power, Zee Entertainment

May 22, 2012 Tata Power Co., Power Fin.Corpn.

May 23, 2012 Rural Elec.Corp., Tata Global, LMW, Jyothy Laboratories

May 24, 2012 GSPL, Madras Cements, Hitachi

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 10, 2012 US Initial Jobless claims Thousands 28-Apr-12 365.00 368.00

China Exports YoY% % Change Mar-12 8.90 8.50UK BOE Announces rates % Ratio May-12 0.50 0.50

UK Industrial Production (YoY) % Change Feb-12 (2.30) (2.60)

May 11, 2012 India Industrial Production YoY % Change Feb-12 4.10 2.50

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

China Industrial Production (YoY) % Change Mar-12 11.90 12.20

China Consumer Price Index (YoY) % Change Mar-12 3.60 3.40

May 14, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Mar-12 6.89 6.70

May 15, 2012 US Consumer price index (mom) % Change Mar-12 0.30 0.10

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

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

May 16, 2012 Euro Zone Euro-Zone CPI (YoY) % Mar-12 2.70 --

US Industrial Production % Mar-12 -- 0.50

US Housing Starts Thousands Mar-12 654.00 678.00

US Building permits Thousands Mar-12 764.00 735.00

UK Jobless claims change % Change Mar-12 3.60 --

May 22, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Apr-12 (19.90) --

UK CPI (YoY) % Change Mar-12 3.50 --

US Existing home sales Millions Mar-12 4.48 --

May 23, 2012 US New home sales Thousands Mar-12 328.00 --Source: Bloomberg, Angel Research


May 09, 2012

Market Outlook


9/16

Market StrategyMay 09, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

9.4

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.5

1.1

4.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-

11

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.7 9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9 7.0 6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

45

60

75

90

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Exports yoy growth Imports yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

Apr-

11

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


10/16

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 120 - 2,329 1,432 1,647 14.7 14.7 7.0 8.0 17.1 15.0 3.6 3.1 22.8 22.3 1.6 1.4

United Phosphorus Buy 121 183 5,559 8,191 8,764 16.5 16.5 17.1 18.3 7.1 6.6 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 278 345 2,374 2,691 3,032 15.6 15.5 29.4 32.8 9.5 8.5 2.2 1.8 26.5 23.6 0.8 0.7

Apollo Tyres Buy 82 100 4,138 13,580 15,007 10.1 10.2 10.5 12.5 7.8 6.6 1.3 1.1 21.8 30.7 0.5 0.4

Ashok Leyland Buy 29 37 7,636 15,008 16,906 9.5 9.5 2.6 3.1 11.2 9.3 2.3 2.0 15.5 17.0 0.6 0.5

Automotive Axle Neutral 516 - 780 1,211 1,390 11.9 11.5 50.5 56.3 10.2 9.2 2.6 2.1 27.9 25.3 0.7 0.6Bajaj Auto Buy 1,494 1,811 43,230 21,966 24,774 19.8 19.0 111.7 120.7 13.4 12.4 5.2 4.1 43.1 37.1 1.6 1.3

Bharat Forge Accumulate 336 372 7,830 7,173 7,998 16.3 16.5 22.3 26.6 15.1 12.7 2.9 2.5 21.0 21.0 1.2 1.0

Bosch India Neutral 8,989 - 28,225 9,390 10,716 19.5 19.1 420.2 471.4 21.4 19.1 5.0 4.2 23.3 21.8 2.7 2.3

CEAT Buy 106 164 364 5,067 5,631 8.0 7.6 39.4 41.0 2.7 2.6 0.5 0.4 18.8 16.5 0.3 0.2

Exide Industries Buy 125 146 10,638 5,787 6,595 15.5 17.0 7.1 9.0 17.6 14.0 3.1 2.7 18.6 20.3 1.5 1.2

FAG Bearings Neutral 1,545 - 2,567 1,531 1,748 18.8 18.5 118.0 132.8 13.1 11.6 2.8 2.3 24.0 21.9 1.4 1.2

Hero Motocorp Neutral 1,897 - 37,889 26,106 29,296 15.0 15.2 140.3 148.1 13.5 12.8 6.4 4.9 54.8 43.3 1.1 0.9

JK Tyre Buy 79 113 324 8,058 9,025 5.4 5.5 24.8 32.2 3.2 2.5 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 677 802 41,560 35,095 40,213 10.7 10.5 44.6 48.7 15.2 13.9 2.7 2.4 18.8 18.1 0.9 0.7

Maruti Buy 1,303 1,510 37,646 42,683 48,736 7.1 7.5 86.6 100.6 15.0 13.0 2.2 1.9 15.3 15.5 0.7 0.6

Motherson Sumi Buy 169 216 6,550 11,167 12,516 9.5 10.0 11.3 14.4 14.9 11.8 3.2 2.7 23.3 24.7 0.7 0.6

Subros Neutral 31 - 187 1,225 1,393 8.5 8.2 4.2 5.0 7.5 6.3 0.8 0.7 10.3 11.8 0.4 0.3

Tata Motors Accumulate 296 328 79,764 191,183 213,150 12.6 12.6 38.7 42.9 7.7 6.9 2.7 2.1 39.8 33.9 0.5 0.5

TVS Motor Buy 38 55 1,793 7,982 8,816 6.4 6.3 5.0 5.6 7.5 6.8 1.3 1.2 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 758 503 16,070 8,926 10,220 7.7 7.5 18.6 20.9 40.7 36.2 5.5 5.0 14.5 14.5 1.8 1.5BGR Energy Reduce 308 274 2,223 4,170 5,396 11.5 10.4 27.2 30.4 11.3 10.1 1.9 1.7 17.3 17.4 1.1 1.0

BHEL Neutral 216 - 52,905 46,344 46,916 18.3 18.6 23.5 24.1 9.2 9.0 1.8 1.6 21.3 18.9 1.0 1.0

Blue Star Buy 186 221 1,672 3,250 3,551 5.9 5.9 12.4 15.8 15.0 11.8 3.1 2.6 21.2 23.8 0.6 0.5

Crompton Greaves Buy 122 164 7,823 12,936 14,101 9.6 10.0 10.9 11.7 11.2 10.4 1.9 1.7 18.4 17.3 0.6 0.5

Jyoti Structures Buy 41 67 333 2,622 2,801 10.6 11.0 10.9 13.4 3.7 3.0 0.5 0.4 12.7 13.9 0.3 0.3

KEC International Buy 53 72 1,364 6,865 7,650 8.5 8.7 9.7 12.1 5.5 4.4 1.1 0.9 27.6 27.0 0.5 0.4

LMW Buy 1,566 2,609 1,764 2,663 3,130 12.8 12.8 185.0 217.4 8.5 7.2 1.7 1.5 21.2 21.7 0.2 0.1

Thermax Neutral 428 - 5,095 5,473 5,497 10.1 9.8 30.4 28.7 14.1 14.9 2.7 2.4 20.5 16.9 0.8 0.7


May 09, 2012

Market Outlook

Stock Watch


11/16



Cement

ACC Neutral 1,224 - 22,980 11,018 12,663 19.9 21.2 70.7 81.2 17.3 15.1 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 145 - 22,252 10,035 11,504 23.5 23.8 10.1 10.6 14.3 13.7 2.8 2.5 18.5 19.4 1.8 1.5

India Cements Neutral 85 - 2,605 4,423 4,906 18.2 18.8 9.9 12.7 8.6 6.7 0.7 0.7 8.6 10.5 0.9 0.8

J K Lakshmi Cements Buy 62 79 760 1,880 2,201 19.0 22.6 12.2 16.4 5.1 3.8 0.6 0.5 11.9 14.3 0.6 0.9

Madras Cements Neutral 144 - 3,420 3,434 3,777 25.5 26.1 14.1 18.1 10.2 8.0 1.5 1.3 15.2 16.9 1.6 1.4

Shree Cements Neutral 2,696 - 9,392 5,552 6,193 25.7 26.0 130.3 182.0 20.7 14.8 4.3 3.7 19.1 22.3 1.4 1.1

UltraTech Cement Neutral 1,404 - 38,486 20,116 22,655 21.3 22.5 82.1 97.5 17.1 14.4 2.7 2.3 16.8 17.4 1.8 1.8Construction

Ashoka Buildcon Buy 200 302 1,053 2,014 2,294 22.4 22.4 28.4 30.8 7.1 6.5 0.9 0.8 14.1 13.3 2.3 2.6

Consolidated Co Neutral 15 - 278 2,526 2,792 5.7 6.6 1.8 2.8 8.2 5.3 0.5 0.4 5.6 8.2 0.3 0.3

Hind. Const. Neutral 19 - 1,159 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.6) (24.5) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 120 228 3,993 3,821 4,582 42.3 40.2 15.0 16.9 8.0 7.1 1.2 1.1 16.3 15.9 2.7 2.5

ITNL Buy 175 265 3,401 6,619 7,925 23.8 23.3 22.0 26.7 8.0 6.6 1.1 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 57 79 1,527 5,758 6,860 9.2 9.2 4.7 6.0 12.2 9.5 0.7 0.7 6.0 7.3 0.7 0.7

Jaiprakash Asso. Buy 64 104 13,630 16,017 18,359 24.4 23.5 4.2 5.0 15.3 12.8 1.3 1.2 8.8 9.7 2.2 1.9

Larsen & Toubro Buy 1,158 1,641 70,940 60,258 69,900 12.1 11.5 70.7 76.3 16.4 15.2 2.5 2.2 16.1 15.2 1.3 1.1

Madhucon Proj Buy 49 84 360 2,503 2,903 10.7 10.7 5.8 6.6 8.4 7.5 0.5 0.5 6.6 7.0 0.7 0.7

Nagarjuna Const. Buy 41 76 1,046 5,790 7,022 9.2 9.5 3.5 5.4 11.7 7.6 0.4 0.4 3.7 5.6 0.8 0.8

Patel Engg. Neutral 98 - 686 3,609 3,836 13.1 13.1 14.0 14.6 7.0 6.8 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 47 - 1,572 10,592 12,193 8.4 8.4 2.9 4.6 16.3 10.4 0.5 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 135 199 2,035 2,989 3,315 10.6 10.6 10.2 11.3 13.3 12.0 2.1 1.8 17.6 16.3 0.9 0.8

Simplex Infra Buy 221 316 1,091 6,732 7,902 9.3 9.6 27.2 35.1 8.1 6.3 0.8 0.8 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 155 166 7,760 7,392 8,542 3.1 3.1 38.3 42.1 4.1 3.7 0.7 0.6 18.4 17.6 - -

Andhra Bank Neutral 117 - 6,519 5,284 5,998 3.3 3.2 23.6 27.0 4.9 4.3 0.8 0.7 16.5 16.7 - -

Axis Bank Buy 983 1,587 40,610 16,157 19,557 3.2 3.2 116.4 139.1 8.5 7.1 1.6 1.3 20.0 20.3 - -

Bank of Baroda Buy 659 926 25,787 15,993 18,918 2.6 2.6 121.5 143.1 5.4 4.6 0.9 0.8 17.8 18.2 - -

Bank of India Buy 330 386 18,926 13,558 15,551 2.5 2.4 54.9 63.1 6.0 5.2 1.0 0.9 16.8 16.9 - -

Bank of Maharashtra Buy 50 62 2,927 3,665 4,107 3.5 3.5 10.7 13.5 4.7 3.7 0.7 0.6 17.8 17.5 - -

Canara Bank Buy 425 532 18,830 12,120 14,009 2.2 2.2 85.7 95.4 5.0 4.5 0.8 0.7 17.2 16.7 - -

Central Bank Buy 78 92 5,709 6,860 7,934 2.4 2.4 13.1 19.9 5.9 3.9 0.7 0.7 10.5 13.8 - -


May 09, 2012

Market Outlook

Stock Watch


12/16



Financials

Corporation Bank Buy 404 522 5,981 5,203 5,880 2.2 2.1 107.5 112.7 3.8 3.6 0.6 0.6 17.9 16.5 - -

Dena Bank Buy 85 118 2,979 3,003 3,366 3.0 2.9 23.2 25.6 3.7 3.3 0.6 0.5 18.0 16.9 - -

Federal Bank Neutral 407 - 6,960 2,766 3,163 3.4 3.3 49.5 57.2 8.2 7.1 1.1 1.0 14.0 14.5 - -

HDFC Neutral 658 - 97,285 7,244 8,625 3.3 3.3 31.2 37.2 21.1 17.7 4.2 3.7 34.2 31.3 - -

HDFC Bank Accumulate 515 567 121,037 21,831 27,477 4.3 4.3 28.3 35.5 18.2 14.5 3.5 3.0 20.8 22.1 - -

ICICI Bank Buy 830 1,183 95,424 22,209 26,512 2.8 2.8 67.9 81.1 12.2 10.2 1.5 1.4 14.7 16.0 - -

IDBI Bank Buy 95 117 12,145 8,004 9,589 1.9 2.0 19.9 23.9 4.8 4.0 0.6 0.6 13.8 14.9 - -Indian Bank Buy 200 240 8,615 6,469 7,244 3.5 3.3 45.5 48.8 4.4 4.1 0.8 0.7 19.6 18.2 - -

IOB Buy 82 101 6,531 7,354 8,283 2.5 2.4 16.3 21.7 5.0 3.8 0.6 0.5 11.5 13.9 - -

J & K Bank Neutral 866 - 4,199 2,420 2,792 3.5 3.6 178.0 195.8 4.9 4.4 0.9 0.8 19.5 18.6 - -

LIC Housing Finance Accumulate 254 286 12,839 2,108 2,607 2.6 2.6 24.5 30.6 10.4 8.3 1.9 1.6 20.1 21.4 - -

Oriental Bank Buy 223 285 6,515 6,431 7,315 2.7 2.6 54.4 63.8 4.1 3.5 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 784 1,138 24,829 20,708 24,094 3.5 3.5 156.3 178.7 5.0 4.4 0.9 0.8 19.7 18.5 - -

South Ind.Bank Neutral 23 - 2,647 1,368 1,557 2.8 2.7 3.7 3.9 6.4 5.9 1.1 1.0 19.1 17.7 - -

St Bk of India Buy 1,959 2,593 131,454 69,568 81,445 3.7 3.7 220.9 269.8 8.9 7.3 1.5 1.2 18.9 19.1 - -

Syndicate Bank Buy 95 128 5,700 7,069 7,961 3.1 3.0 23.3 27.5 4.1 3.5 0.6 0.6 17.4 17.2 - -

UCO Bank Neutral 69 - 4,339 5,727 6,443 2.5 2.5 17.8 18.8 3.9 3.7 0.8 0.7 17.8 16.2 - -

Union Bank Buy 211 266 11,087 10,352 11,988 2.9 2.9 40.7 49.5 5.2 4.3 0.8 0.7 16.8 17.4 - -

United Bank Buy 61 87 2,213 3,666 4,128 2.9 2.9 18.4 21.7 3.3 2.8 0.5 0.5 15.9 16.0 - -

Vijaya Bank Neutral 55 - 2,588 2,668 3,001 2.2 2.2 10.1 11.7 5.4 4.7 0.8 0.7 13.2 13.7 - -

Yes Bank Buy 329 470 11,622 3,209 4,144 2.7 2.8 33.9 41.5 9.7 7.9 2.0 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,653 - 35,038 10,961 12,773 16.3 16.3 120.3 142.5 30.4 25.6 10.1 8.0 36.9 34.7 3.1 2.6Britannia Buy 542 650 6,474 5,906 6,856 6.9 7.0 22.3 28.3 24.3 19.2 9.9 7.4 45.2 44.1 1.1 0.9

Colgate Neutral 1,129 - 15,351 3,007 3,417 21.1 22.1 37.7 42.6 29.9 26.5 35.7 28.8 129.4 120.1 5.0 4.4

Dabur India Neutral 106 - 18,431 5,878 6,799 16.8 17.0 4.2 4.9 25.5 21.5 9.3 7.6 39.3 42.0 3.2 2.7

GlaxoSmith Con* Neutral 2,622 - 11,028 3,111 2,687 16.9 15.8 100.6 86.1 26.1 30.5 7.9 9.6 33.3 33.8 3.2 3.7

Godrej Consumer Neutral 550 - 18,699 5,973 7,000 18.4 18.6 22.8 27.2 24.1 20.2 6.6 5.3 31.3 38.4 3.3 2.8

HUL Neutral 431 - 93,172 25,350 29,309 14.3 14.4 14.1 16.4 30.5 26.3 22.8 17.8 82.7 76.2 3.5 3.0

ITC Accumulate 227 252 177,713 28,955 33,595 35.9 35.7 9.2 10.5 24.8 21.6 7.9 6.5 34.8 33.1 5.8 5.0


May 09, 2012

Market Outlook

Stock Watch


13/16



FMCG

Marico Neutral 177 - 10,897 4,669 5,467 13.0 12.9 6.8 8.2 26.2 21.6 7.1 5.6 30.5 28.8 2.4 2.0

Nestle* Neutral 4,506 - 43,441 8,731 10,539 21.0 21.4 119.3 147.9 37.8 30.5 23.1 15.8 73.0 61.6 5.0 4.1

Tata Global Buy 113 136 6,979 7,011 7,712 9.7 10.0 6.0 7.1 19.0 15.8 1.7 1.7 8.9 10.2 0.9 0.8

IT

HCL Tech Buy 478 560 33,111 22,792 25,743 17.4 17.4 37.8 43.0 12.7 11.1 2.8 2.3 22.3 21.3 1.4 1.2

Hexaware Neutral 121 - 3,571 1,821 2,105 19.0 18.6 9.8 10.7 12.3 11.3 2.8 2.5 23.7 22.5 1.7 1.4

Infosys Buy 2,392 2,792 137,353 37,615 42,491 31.1 30.6 158.5 174.5 15.1 13.7 3.4 2.9 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 165 177 1,838 1,758 1,972 17.0 16.6 16.8 18.6 9.8 8.9 1.3 1.2 13.6 13.2 0.7 0.5

KPIT Cummins Reduce 109 98 1,937 2,042 2,139 15.2 14.9 9.6 10.9 11.4 10.0 2.0 1.6 19.2 18.0 0.9 0.8

Mahindra Satyam Buy 74 89 8,685 7,142 8,042 15.4 15.0 7.7 8.3 9.7 8.9 1.3 1.2 13.8 13.0 0.8 0.7

Mindtree Neutral 585 - 2,373 2,172 2,450 16.1 15.5 53.9 58.5 10.9 10.0 2.0 1.7 18.9 17.0 0.9 0.7

Mphasis Accumulate 380 433 7,975 5,904 6,320 18.3 17.9 38.7 41.2 9.8 9.2 1.5 1.3 14.9 13.7 0.9 0.7

NIIT Buy 45 61 742 1,105 1,200 16.4 16.9 7.5 9.2 6.0 4.9 1.1 0.9 17.6 19.0 0.4 0.2

Persistent Neutral 369 - 1,475 1,109 1,224 23.3 22.4 37.2 40.1 9.9 9.2 1.5 1.3 15.4 14.5 1.0 0.8

TCS Accumulate 1,200 1,276 234,935 57,189 66,329 29.3 28.7 63.2 70.9 19.0 16.9 5.8 4.7 30.5 27.7 3.9 3.3

Tech Mahindra Accumulate 668 750 8,515 6,030 6,511 16.3 15.7 81.1 87.0 8.2 7.7 1.7 1.4 20.1 18.0 1.4 1.2

Wipro Accumulate 404 430 99,371 41,918 46,879 19.4 19.9 25.1 28.7 16.1 14.1 3.0 2.6 18.6 18.3 2.0 1.7

Media

D B Corp Buy 199 274 3,640 1,656 1,869 26.0 26.8 14.0 16.1 14.2 12.4 3.3 2.7 24.8 24.1 2.1 1.8

HT Media Buy 118 170 2,774 2,255 2,555 17.8 18.3 10.0 12.0 11.8 9.8 1.6 1.4 14.7 15.4 1.0 0.8

Jagran Prakashan Buy 96 137 3,022 1,499 1,642 27.4 28.8 7.6 9.1 12.5 10.5 4.2 3.8 34.6 37.7 2.0 1.8

PVR Neutral 151 - 392 625 732 17.4 16.9 12.4 15.8 12.2 9.6 2.0 2.1 8.5 9.9 0.8 0.7

Sun TV Network Neutral 295 - 11,616 2,135 2,458 75.2 74.4 20.9 24.0 14.1 12.3 3.3 2.8 26.0 25.1 4.4 3.6Metals & Mining

Bhushan Steel Neutral 436 - 9,252 9,232 13,557 30.8 31.1 48.0 58.6 9.1 7.4 1.2 1.0 14.5 7.5 3.1 2.2

Coal India Neutral 335 - 211,535 65,654 71,756 26.8 27.3 24.0 26.3 13.9 12.7 3.8 3.1 30.4 27.0 2.2 1.9

Electrosteel Castings Buy 20 27 690 1,984 2,074 10.6 12.0 2.7 3.3 7.4 6.1 0.4 0.2 5.2 6.2 0.5 0.4

Hind. Zinc Accumulate 123 139 51,887 13,043 14,223 51.8 52.8 14.8 16.6 8.3 7.4 1.6 1.4 21.2 19.9 2.3 1.7

Hindalco Neutral 117 - 22,477 84,649 88,764 9.6 10.5 15.5 17.7 7.6 6.6 0.6 0.6 8.9 9.3 0.5 0.5

JSW Steel Neutral 690 - 15,395 39,161 43,958 17.8 17.9 72.2 89.5 9.6 7.7 0.9 0.8 10.1 11.4 0.7 0.6

MOIL Neutral 255 - 4,277 979 1,061 45.7 46.8 24.5 26.6 10.4 9.6 1.6 1.5 16.1 15.8 2.2 1.9

Monnet Ispat Buy 474 585 3,049 2,986 3,908 22.1 28.9 50.5 83.4 9.4 5.7 1.2 1.0 13.5 19.2 1.9 1.3


May 09, 2012

Market Outlook

Stock Watch


14/16



Metals & Mining

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

NMDC Accumulate 168 185 66,607 11,726 12,890 77.8 78.4 18.6 20.6 9.0 8.2 2.1 1.8 26.1 23.8 3.5 3.0

SAIL Accumulate 93 102 38,517 52,461 62,935 18.0 18.8 13.2 14.5 7.1 6.4 0.8 0.8 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 181 206 15,692 9,067 9,316 35.7 35.5 44.5 44.3 4.1 4.1 0.9 0.7 23.5 19.5 0.3 -

Sterlite Inds Buy 99 123 33,270 45,805 49,029 21.2 23.5 16.5 19.1 6.0 5.2 0.7 0.6 11.5 12.0 0.3 0.2

Tata Steel Buy 427 503 41,505 141,358 142,265 11.1 13.7 45.8 58.9 9.3 7.3 0.9 0.8 10.0 11.7 0.6 0.6

Oil & GasCairn India Buy 315 372 60,083 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.7 2.0

GAIL Buy 324 392 41,099 50,472 55,503 15.3 15.6 35.4 37.0 9.2 8.8 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 258 319 220,817 148,157 150,563 37.6 39.5 31.0 33.6 8.3 7.7 1.5 1.3 18.8 18.1 1.1 1.0

Reliance Industries Buy 709 872 232,051 325,734 328,669 10.9 11.7 65.8 70.1 10.8 10.1 1.1 1.0 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 53 91 1,007 1,624 1,855 14.2 15.6 6.6 9.1 8.1 5.9 2.0 1.5 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 124 175 3,604 5,243 5,767 14.6 14.6 13.8 14.7 9.0 8.4 1.1 0.5 11.4 10.9 1.0 0.9

Aventis* Neutral 2,130 - 4,906 1,482 1,682 15.5 15.5 95.0 104.0 22.4 20.5 4.0 3.1 18.6 17.0 3.1 2.7

Cadila Healthcare Buy 742 1,016 15,189 6,196 7,443 18.5 19.5 43.3 50.8 17.1 14.6 4.4 3.5 25.4 24.8 2.5 2.0

Cipla Buy 325 380 26,091 7,006 8,164 20.0 21.2 17.0 19.0 19.1 17.1 3.5 3.0 16.8 18.2 3.7 3.2

Dr Reddy's Neutral 1,710 - 28,984 9,183 10,063 25.7 25.1 92.1 89.9 18.6 19.0 4.0 3.4 22.8 18.8 3.2 3.0

Dishman Pharma Buy 43 91 345 1,282 1,538 17.9 17.9 10.1 13.0 4.2 3.3 0.4 0.3 8.5 10.1 1.0 0.9

GSK Pharma* Neutral 2,092 - 17,723 2,788 3,148 35.6 35.2 87.9 96.7 23.8 21.6 7.7 6.4 34.8 32.1 5.6 4.8

Indoco Remedies Buy 446 665 548 685 837 15.2 15.2 55.5 66.5 8.0 6.7 1.2 1.1 16.4 16.9 1.0 0.9

Ipca labs Buy 362 443 4,554 2,907 3,541 21.5 21.5 32.7 40.6 11.1 8.9 2.8 2.2 27.8 27.7 1.7 1.4

Lupin Buy 546 656 24,410 8,272 9,929 19.7 20.0 29.7 32.8 18.4 16.7 4.8 3.7 25.0 22.9 3.0 2.4Orchid Chemicals Buy 172 270 1,214 2,143 2,508 21.8 21.8 28.3 38.1 6.1 4.5 1.2 1.0 19.3 23.4 1.5 1.2

Ranbaxy* Neutral 494 - 20,840 12,023 12,264 19.9 16.9 41.1 36.9 12.0 13.4 2.5 2.3 30.0 17.6 1.5 1.4

Sun Pharma Accumulate 596 634 61,352 9,272 11,080 40.3 36.3 26.7 28.8 22.3 20.7 4.5 3.9 22.1 20.8 5.6 4.6

Power

CESC Buy 262 342 3,275 4,927 5,429 23.8 23.9 41.0 46.2 6.4 5.7 0.6 0.6 10.4 10.7 1.2 1.3

GIPCL Buy 65 98 983 1,557 1,573 28.7 27.5 10.4 10.2 6.3 6.4 0.6 0.6 10.5 9.6 1.1 0.9

NTPC Buy 156 201 128,629 73,558 84,843 23.4 23.6 12.6 14.1 12.4 11.1 1.6 1.4 13.3 13.6 2.5 2.3

Real Estate

Anant Raj Buy 53 78 1,560 657 875 52.0 56.1 8.4 12.7 6.3 4.2 0.4 0.4 6.3 8.9 3.6 2.7

DLF Neutral 190 - 32,278 9,878 12,033 44.7 46.1 9.6 13.4 19.8 14.2 1.3 1.2 6.4 8.7 5.8 4.7


May 09, 2012

Market Outlook

Stock Watch


15/16



Real Estate

HDIL Buy 71 115 2,981 2,441 3,344 53.0 46.7 21.4 25.4 3.3 2.8 0.3 0.2 8.4 9.1 3.1 2.3

Telecom

Bharti Airtel Neutral 315 - 119,660 80,967 88,684 33.1 33.4 17.9 22.0 17.6 14.3 2.0 1.8 11.5 12.5 2.2 1.8

Idea Cellular Neutral 79 - 26,156 22,558 25,326 26.4 27.5 3.2 4.7 24.5 16.7 1.9 1.7 7.5 10.0 1.6 1.4

Rcom Neutral 70 - 14,469 21,899 23,740 32.7 32.7 4.2 6.7 16.6 10.5 0.3 0.3 2.1 3.2 2.1 1.7

zOthers

Bajaj Electrical Buy 192 245 1,914 3,670 4,384 8.5 8.5 18.3 22.3 10.5 8.6 2.3 1.9 23.9 24.3 0.5 0.4CRISIL Neutral 1,035 - 7,263 982 1,136 34.3 34.3 34.3 40.0 30.1 25.9 13.7 10.9 50.9 46.9 7.0 5.9

Finolex Cables Buy 37 60 567 2,341 2,656 8.5 8.8 8.0 10.0 4.7 3.7 0.7 0.6 18.1 20.2 0.2 0.1

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

Greenply Buy 210 298 507 1,800 2,047 11.1 11.6 34.1 49.6 6.2 4.2 1.1 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 2,901 - 3,236 935 1,168 19.6 19.6 99.7 122.2 29.1 23.7 16.9 13.5 64.2 63.1 3.5 2.8

Sintex Buy 61 129 1,671 5,219 5,912 16.5 16.9 15.8 21.4 3.9 2.9 0.6 0.5 14.7 17.1 0.6 0.4

Siyaram Silk Mills Buy 258 439 241 1,045 1,173 12.3 12.4 61.5 73.2 4.2 3.5 0.8 0.7 20.2 20.4 0.5 0.5

SpiceJet Neutral 30 - 1,322 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (8.8) 12.5 (12.1) 25.5 - - 0.4 0.4

Taj GVK Buy 59 116 367 322 355 36.3 35.8 8.3 9.6 7.1 6.1 1.0 0.9 14.5 14.9 1.5 1.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 08, 2012


May 09, 2012

Market Outlook

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May 09, 2012Market Outlook

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