market outlook 121212
TRANSCRIPT
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Market OutlookDecember 12, 2012
www.angelbroking.com
Market OutlookDecember 12, 2012
Dealers Diary
The Indian market is expected to open flat to positive mirroring positive opening
trades in most of the Asian markets amid sustained optimism for an agreement on
upcoming U.S. tax hikes and spending cuts, ahead of the conclusion of a Federal
Open Market Committee that may see it undertake more asset buying.
The U.S. markets closed modestly higher yesterday, buoyed by optimism that
Republicans and Democrats will eventually reach a deal to prevent the automatic
spending cuts and tax hikes set to go into effect early next year. The strength on
Wall Street was aided by a release of a report from the Center for European
Economic Research showing a bigger than expected improvement in German
investor confidence to 6.9 in December from a negative 15.7 in November.
Meanwhile the Indian markets reversed early gains and closed lower after both
houses of Parliament adjourned before taking up the Banking Amendment Bill and
data released by the Director General of Foreign Trade showed India's exports
contracted for the seventh month in a row in November due to slowdown in
demand in developed markets. Investors will now watch out for the domestic
industrial output data of October due to be released today, and monthly inflation
figures, which will be released on Friday, for cues with regards the mid-quarter
monetary policy review on December 18.
Markets Today
The trend deciding level for the day is 19,428 / 5,910 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,571 19,755 / 5,954 6,010 levels. However, if NIFTY trades below
19,428 / 5,910 levels for the first half-an-hour of trade then it may correct up to
19,244 19,101 / 5,854 5,810 levels.
SENSEX 19,101 19,244 19,428 19,571 19,755NIFTY 5,810 5,854 5,910 5,954 6,010
News Analysis Exports contract by 4.2% while imports report moderate growth of 6.4% NMDC FPO - Subscribe JLR to set up a new plant in Saudi Arabia BT exits stake in Tech Mahindra MM to hike product prices by over 1% from January 2013
Refer detailed news analysis on the following pageNet Inflows (December 10, 2012)
FII 2,769 2,171 598 5,096 110,116
MFs 294 661 (367) (1,460) (19,002)
FII Derivatives (December 11, 2012)
Index Futures 1,191 704 487 11,450
Stock Futures 1,333 1,682 (349) 32,383
Gainers / Losers
Piramal Enterprise 602 9.4 Strides Arco 1,063 (5.1)
Jet Air India 538 4.2 Gujarat State Pet 74 (4.4)
ADANI POWER 63 4.1 Oriental Bank 350 (4.1)
Madras Cements 214 3.9 Dena Bank 117 (3.8)
United Breweries 952 3.6 Ashok Leyland 27 (3.4)
BSE Sensex (0.1) (22.6) 19,387
Nifty (0.2) (10.1) 5,899
MID CAP (1.1) (81.7) 7,035
SMALL CAP (0.9) (68.0) 7,402
BSE HC (0.0) (1.8) 8,040
BSE PSU (0.9) (66.7) 7,227
BANKEX (0.4) (50.5) 14,176
AUTO (0.1) (14.2) 10,898
METAL (0.5) (47.6) 10,528
OIL & GAS (0.9) (75.6) 8,374
BSE IT (0.7) (39.5) 5,555
Dow Jones 0.6 78.6 13,248NASDAQ 1.2 35.3 3,022
FTSE 0.1 3.3 5,925
Nikkei (0.1) (8.4) 9,525
Hang Seng 0.2 47.2 22,324
Straits Times 0.1 4.0 3,118
Shanghai Com (0.4) (9.1) 2,075
INFY (0.3) (0.1) $43.0
WIT (0.6) (0.1) $8.7IBN (1.0) (0.4) $43.3
HDB (0.3) (0.1) $42.0
Advances 1,095 446
Declines 1,834 1,032
Unchanged 132 60
BSE 2,614
NSE 14,243
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Market OutlookDecember 12, 2012
Exports contract by 4.2% while imports report moderategrowth of 6.4%
Weak global demand continued to affect exports as they contracted for the seventh
straight month. While exports reported a de-growth of 4.2% yoy as compared to
0.9% yoy decline in November 2011, imports reported moderate growth of 6.4%yoy as compared to 35.1% yoy growth in November 2011. Consequently, Indias
trade deficit during November 2012 stood at $19.3bn as compared to $20.9bn in
October 2012 and $15.8bn in November 2011. On a cumulative basis, exports
for the April - November 2012 period contracted by 6.0% yoy in USD terms while
cumulative imports for the period declined by 1.6% yoy in USD terms.
On account of the moderation in oil prices, oil imports registered a growth of
16.8% in yoy terms, lower than 59.6% yoy in the corresponding period last year as
well as 31.6% yoy in the previous month. Non-oil imports reported 1.5% yoy
growth in USD terms after six months of contracting import growth and on a
cumulative basis in the fiscal year to date; non-oil imports witnessed a contractionof 7.1% yoy.
NMDC FPO - Subscribe
Incorporated in November 1958, government-owned NMDC is Indias largest iron
ore producer with a capacity of 32mn tonne. The company operates high-grade
iron ore mines in Chhattisgarh and Karnataka. As of March 31, 2011, its
estimated reserves and resources stood at 1,434mn tonne.
NMDC aims to ramp up its production capacity to
48mn tonne by FY2015E (current capacity 32mn tonne) through increased
exploration of its existing mines and development of new mines, ie, Bailadila 11/B,
Kumaraswamy and Deposit 10 & 11/A. However, given its past track record, we
forecast iron ore production capacity to increase to 40mn tonne by FY2015
(compared to its target of 48mn tonne).
NMDC is one of the lowest cost producers of iron
ore on account of its highly mechanized and high-grade iron ore mines and
logistical efficiencies. Further, NMDC (unlike other PSUs such as SAIL and Coal
India) does not face issues of overstaffing.
Seeking to diversify into steel making: NMDC intends to diversify its operations bymoving downstream through establishing steel plants and pellet plants.
Accordingly, the company aims to build an integrated 3mn tonne steel plant in
Jagdalpur, Chhattisgarh with a capex of `15,525cr.
Over the past five years, NMDC has traded at an average
EV/EBITDA of 11.1x, compared to its floor price (`147/share) valuation of 3.6x
FY2014E EV/EBITDA. A strong balance sheet, presence in sellers market (iron ore),
low cost of production, high-grade mines and long mine life make NMDC an
attractive bet in our view.
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Market OutlookDecember 12, 2012
JLR to set up a new plant in Saudi Arabia
As per media reports, Jaguar Land Rover (JLR) is considering to set up a
manufacturing facility in Saudi Arabia. Accordingly, JLR has signed a letter of
intent with National Industrial Clusters Development Programme (NICDP) to start a
feasibility study. The reports indicate that JLR is planning a manufacturing facilitywith an annual installed capacity of 50,000 units of Land Rovers at an investment
of 4.5bn Riyals (US$1.2bn). While the discussions are still at the exploratory stage,
reports state that JLR may also set up an aluminum component production facility
in the country to take advantage of the upcoming integrated aluminum smelting
facility (expected to produce the lowest priced aluminum in the world when
production is commenced). This augurs well for JLR as it intends to use aluminum
for the manufacturing of its vehicles going ahead. We see this as a positive
development for Tata Motors.
BT exits stake in Tech Mahindra
British telecom group, BT, is selling its 9.1% stake in IT services provider Tech
Mahindra in a deal expected to raise about $183 million, according to a term
sheet seen by Reuters. BT, which once owned about a third of the company, has
been gradually paring its stake in Tech Mahindra. The Tech Mahindra shares are
being sold at a floor price of `855, the term sheet showed, a discount of 2.8%
from `879.50 closing price on Tuesday.
MM to hike product prices by over 1% from January 2013
Mahindra and Mahindra (MM) has announced that it will increase the prices of its
products by over 1% from January 2013 to mitigate the impact of rising input
costs, mainly from the commodity prices, and also adverse currency movements.
The price hike will be carried out across the commercial and passenger vehicles
segment. We believe that the price hike will not have a major impact on the
companys volumes as the company continues to witness strong demand. At the
CMP of `928 the stock is trading at 14.8x FY2014E earnings.
Economic and Political News
Gross direct tax collection grows 7.14% in Apr-Nov November exports fall 4%, imports soar S&P retains India's sovereign ratings at BBB-Corporate News
Bharti Infratel's `4,500cr IPO subscribed 15% on Day 1 CARE's `540cr IPO subscribed nearly 41 times Andhra HC stays Enforcement Directorate order in Mahindra Satyam case Etihad Airways set to buy Kingfisher stake: report Sebi okays Wipro's demerger route to public shareholding complianceSource: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) 5.10
3:00PM UK Jobless claims change % Change Nov 10.10 7.00
11:00PM US FOMC rate decision % Dec 12 0.25 0.25
December 13, 2012 7:00PM US Initial Jobless claims Thousands Dec 8 370.00 369.00
7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)
December 14, 2012 2:00PM Germany PMI Manufacturing Value Dec A 46.80 47.30
2:00PM Germany PMI Services Value Dec A 49.70 50.00
12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 7.60
3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 2.20
7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)
7:45PM US Industrial Production % Nov (0.43) 0.30
December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 8.00
11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 4.00
3:00PM UK CPI (YoY) % Change Nov 2.70 --
11:00AM India RBI Reverse Repo rate % Dec 18 7.00 7.00
December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 870.00
7:00PM US Building permits Thousands Nov 868.00 870.00
December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --
7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 2.80
8:30PM US Existing home sales Millions Nov 4.79 4.84
December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) --
December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --
8:30PM US New home sales Thousands Nov 368.00 --
January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 --January 2, 2013 3:00PM UK PMI Manufacturing Value Dec 49.10 --
2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --
January 4, 2013 7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --
7:00PM US Unnemployment rate % Dec 7.70 --
January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --
5:29PM China Industrial Production (YoY) % Change Dec 10.10 --
January 10, 2013 5:29PM China Exports YoY% % Change Dec 2.90 --
5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.50
6:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 --
January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --
January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --
Source: Bloomberg, Angel Research
December 12, 2012
Market Outlook
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Market OutlookDecember 12, 2012
www.angelbroking.com
Macro watch
Exhibit 1 :Q uarterly G D P trends
Source: CSO, Ang el Research
Exhibit 2 :IIP trends
Source: M O SPI, Ang el Research
Exhibit 3 :M onthly WPI inflation trends
Source: M O SPI, Ang el Research
Exhibit 4 :M a nufacturing a nd services PM I
Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion
Exhibit 5 :Expo rts an d impo rts growth trends
Source: Bloomberg, Angel Research
Exhibit 6 :Key policy rates
Source: RBI, Angel Research
3. 5
5. 7
9. 0
7. 5
11.2
8. 5
7. 68 .2
9. 2
8. 0
6. 76. 1
5. 3 5. 5 5. 3
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 0
10.0
11.0
12.0
4Q
FY09
1Q
FY10
2Q
FY10
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
(%)
(5.0)
6 .0
2 .7
1 .0
4 .3
(2.8) (1.3)
2 .5
(2.0)(0.2)
2 .3
(0.4)
(6.0)
(4.0)
(2.0)
-
2 .0
4 .0
6 .0
8 .0
O
ct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
M
ay-12
Jun-12
Jul-12
Aug-12
Sep-12
(%)
9. 5
7. 76. 9
7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 0
10.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
(%)
48.0
50.0
52.0
54.0
56.0
58.0
60.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Nov
-12
M fg. PM I Services PM I
(30.0)
(15.0)
0 .0
15.0
30.0
45.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Exp orts yoy g ro wth Im ports yo y growth( %)
8.00
7.00
4.25
4.00
5.00
6.00
7.00
8.00
9.00
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
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Sep
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O
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Nov
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Repo rate Reverse Repo rate C RR(%)
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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 153 - 2,982 1,466 1,686 14.8 14.8 7.0 8.1 21.9 18.9 4.7 4.0 22.6 22.5 2.2 1.9
United Phosphorus Buy 125 170 5,751 8,421 9,263 16.5 16.5 15.0 17.0 8.3 7.3 1.2 1.1 15.6 15.5 0.8 0.7
Auto & Auto Ancillary
Amara Raja Batteries Neutral 253 - 4,315 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.7 4.0 3.1 31.1 27.6 1.4 1.2
Apollo Tyres Accumulate 85 96 4,284 13,713 15,341 11.2 11.2 12.5 14.8 6.8 5.7 1.3 1.1 20.2 19.9 0.5 0.4
Ashok Leyland Accumulate 27 31 7,104 14,490 16,606 9.5 9.6 2.2 2.9 12.0 9.4 2.2 2.0 13.6 16.1 0.6 0.5
Automotive Axle# Neutral 363 - 548 1,103 1,240 11.0 11.3 39.1 45.0 9.3 8.1 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,004 - 57,988 21,121 23,642 18.4 18.5 108.7 122.6 18.4 16.3 7.6 6.1 46.2 41.6 2.3 1.9
Bharat Forge Buy 254 324 5,907 6,754 7,565 15.5 15.7 18.8 23.2 13.5 11.0 2.4 2.0 18.5 19.7 1.1 0.9
Bosch India* Neutral 9,210 - 28,919 8,776 10,276 16.6 18.0 331.9 417.7 27.8 22.1 5.2 4.3 18.7 19.5 2.9 2.4
CEAT Buy 105 163 361 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2
Exide Industries Accumulate 148 155 12,610 6,229 7,200 14.8 15.8 7.2 9.0 20.7 16.6 3.6 3.1 18.5 19.9 1.7 1.4
FAG Bearings* Neutral 1,703 - 2,831 1,489 1,750 16.5 17.5 103.3 126.9 16.5 13.4 3.2 2.6 21.3 21.6 1.7 1.4
Hero Motocorp Accumulate 1,850 1,956 36,936 24,743 27,996 14.8 15.2 118.2 130.4 15.7 14.2 6.7 5.3 48.3 41.9 1.2 1.0
JK Tyre Buy 120 165 492 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3
Mahindra and MahindraAccumulate 928 986 56,974 40,035 46,272 11.5 11.6 54.7 62.8 17.0 14.8 3.8 3.2 24.3 23.4 1.2 1.0
Maruti Neutral 1,476 - 42,639 42,019 50,246 7.3 8.6 66.1 94.4 22.3 15.6 2.5 2.2 11.9 15.1 0.9 0.7
Motherson Sumi Neutral 193 - 11,346 24,285 27,317 6.7 7.2 8.1 10.6 24.0 18.2 5.1 4.1 22.9 24.7 0.6 0.5
Subros Accumulate 30 35 180 1,286 1,479 9.4 9.7 2.6 5.1 11.6 6.0 0.6 0.6 5.6 10.3 0.4 0.4
Tata Motors Buy 278 319 74,107 192,330 219,770 12.8 13.1 37.0 44.5 7.5 6.3 2.1 1.6 31.2 28.9 0.4 0.4
TVS Motor Accumulate 39 45 1,831 7,466 8,290 6.2 6.3 4.8 5.6 8.1 6.9 1.4 1.2 18.2 18.7 0.2 0.2
Capital Goods
ABB* Sell 713 573 15,109 7,796 9,907 4.8 7.8 9.2 22.0 77.5 32.4 5.6 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 264 - 1,908 3,605 4,542 11.8 10.7 25.1 27.9 10.5 9.5 1.5 1.4 31.1 27.1 1.0 0.9
BHEL Neutral 237 - 58,020 47,801 43,757 18.5 18.0 24.6 21.8 9.6 10.9 2.9 2.5 33.5 24.5 1.1 1.2
Blue Star Buy 198 242 1,783 2,763 2,948 3.1 5.6 2.6 8.6 75.4 23.2 4.4 3.8 5.9 17.6 0.7 0.7
Crompton Greaves Buy 116 145 7,435 12,370 14,277 5.2 7.3 4.0 7.8 29.0 14.9 2.0 1.8 6.9 12.6 0.7 0.6
Jyoti Structures Accumulate 47 53 389 2,794 3,048 10.6 10.6 9.2 11.7 5.1 4.0 0.5 0.5 10.9 12.5 0.4 0.4
KEC International Accumulate 65 73 1,679 6,858 7,431 7.1 7.5 8.3 9.8 7.9 6.7 1.3 1.1 25.1 24.0 0.4 0.4
LMW Reduce 2,156 1,992 2,429 2,369 2,727 11.7 11.7 143.4 166.0 15.0 13.0 2.5 2.3 17.4 18.4 0.5 0.4
Thermax Neutral 614 - 7,317 5,514 5,813 9.3 10.2 28.1 31.2 21.9 19.7 3.9 3.4 19.2 18.5 1.2 1.1
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Market Outlook
Stock Watch
December 12, 2012
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7/30/2019 Market Outlook 121212
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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
Cement
ACC Neutral 1,428 - 26,804 11,085 12,415 21.6 21.4 79.4 83.1 18.0 17.2 3.5 3.1 20.1 19.2 2.1 1.8
Ambuja Cements Neutral 212 - 32,609 10,272 11,884 26.4 26.1 11.5 12.9 18.5 16.4 4.1 3.6 20.8 21.1 2.7 2.2
India Cements Neutral 90 - 2,777 4,293 4,666 17.7 18.1 8.6 10.8 10.5 8.4 0.8 0.7 7.5 9.0 1.0 0.9
J K Lakshmi Cements Accumulate 132 143 1,613 2,082 2,423 22.9 23.1 20.8 22.5 6.3 5.9 1.1 1.0 18.4 17.4 0.9 1.2
Madras Cements Neutral 214 - 5,088 3,814 4,045 29.3 27.5 18.7 19.2 11.4 11.1 2.1 1.8 19.9 17.4 1.9 1.7
Shree Cements^ Neutral 4,275 - 14,894 5,701 6,210 29.7 28.1 240.7 260.7 17.8 16.4 4.3 3.5 27.1 23.6 2.1 1.7
UltraTech Cement Neutral 1,979 - 54,245 21,368 24,043 22.5 23.5 103.5 121.4 19.1 16.3 3.6 3.0 20.2 20.1 2.5 2.3Construction
Ashoka Buildcon Buy 204 304 1,073 2,034 2,315 22.4 22.4 27.1 31.7 7.5 6.4 0.9 0.8 13.1 13.4 1.8 2.1
Consolidated Co Neutral 14 - 259 2,262 2,522 6.7 7.5 1.5 2.7 9.4 5.3 0.4 0.4 4.4 7.5 0.4 0.4
IRB Infra Buy 141 164 4,686 3,843 4,212 43.1 43.6 16.8 17.8 8.4 7.9 1.4 1.3 18.3 17.0 3.3 3.6
ITNL Buy 210 225 4,079 6,564 7,054 27.2 27.4 26.3 29.0 8.0 7.2 1.3 1.1 14.0 11.8 2.7 2.7
IVRCL Infra Neutral 44 - 1,352 4,249 6,897 7.8 8.2 0.3 3.3 142.8 13.3 0.6 0.6 0.4 4.4 0.9 0.6
Jaiprakash Asso. Neutral 104 - 22,182 13,842 15,863 26.9 26.4 3.7 4.6 28.3 22.7 1.7 1.6 6.2 7.3 3.0 2.7
Larsen & Toubro Neutral 1,667 - 102,526 60,556 69,167 11.2 11.6 73.8 85.5 22.6 19.5 3.6 3.2 13.5 14.1 1.9 1.6
Nagarjuna Const. Reduce 48 44 1,232 5,947 6,569 8.5 8.6 3.1 4.1 15.5 11.7 0.5 0.5 3.3 4.2 0.6 0.6
Punj Lloyd Neutral 59 - 1,959 11,892 13,116 9.0 9.0 1.8 3.2 32.6 18.4 0.7 0.6 2.5 3.7 0.6 0.5
Sadbhav Engg. Buy 132 168 1,991 2,344 2,804 10.6 10.7 7.2 8.7 18.4 15.2 2.2 1.9 13.0 13.5 1.2 1.0
Simplex Infra Buy 205 251 1,012 6,882 8,032 9.1 9.1 23.2 31.3 8.8 6.5 0.8 0.7 9.1 11.2 0.5 0.4
Financials
Allahabad Bank Neutral 161 - 8,065 6,392 7,238 2.7 2.8 30.3 33.3 5.3 4.9 0.8 0.7 14.8 14.5 - -
Andhra Bank Neutral 116 - 6,514 4,731 5,431 2.9 3.0 21.5 21.8 5.4 5.3 0.9 0.8 15.2 13.8 - -
Axis Bank Accumulate 1,326 1,476 56,597 15,686 18,687 3.1 3.2 116.8 138.0 11.4 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 826 - 32,328 15,436 18,208 2.5 2.6 111.8 137.4 7.4 6.0 1.1 1.0 15.8 17.0 - -
Bank of India Neutral 305 - 17,503 12,491 14,883 2.2 2.4 43.8 63.7 7.0 4.8 0.9 0.8 12.1 15.8 - -
Bank of Maharashtra Neutral 59 - 3,455 3,563 3,876 3.1 3.1 9.7 12.0 6.1 4.9 0.8 0.7 14.6 16.1 - -
Canara Bank Neutral 482 - 21,348 10,699 12,213 2.1 2.2 67.3 80.1 7.2 6.0 1.0 0.9 13.7 14.6 - -
Central Bank Neutral 81 - 5,966 7,171 8,236 2.5 2.6 16.4 21.5 5.0 3.8 0.9 0.7 12.7 14.9 - -
Corporation Bank Neutral 445 - 6,586 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -
Dena Bank Accumulate 117 123 4,096 3,087 3,453 2.7 2.8 25.9 24.1 4.5 4.9 0.8 0.7 19.4 15.6 - -
Federal Bank Neutral 500 - 8,553 2,617 2,968 3.3 3.2 45.9 51.7 10.9 9.7 1.4 1.2 13.1 13.3 - -
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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
Financials
HDFC Neutral 875 - 134,793 7,336 8,802 3.5 3.5 31.5 37.8 27.7 23.1 5.6 4.9 34.8 32.1 - -
HDFC Bank Neutral 691 - 163,393 21,696 26,811 4.4 4.5 28.7 36.0 24.1 19.2 4.6 3.9 20.7 22.0 - -
ICICI Bank Accumulate 1,122 1,270 129,033 22,271 26,690 3.0 3.0 69.2 83.1 16.2 13.5 2.0 1.8 14.2 15.7 - -
IDBI Bank Neutral 111 - 14,159 7,684 9,264 1.8 2.1 15.6 22.0 7.1 5.1 0.8 0.7 10.9 13.9 - -
Indian Bank Accumulate 195 202 8,378 5,874 6,551 3.2 3.2 40.6 41.8 4.8 4.7 0.8 0.7 18.1 16.4 - -
IOB Neutral 85 - 6,806 7,050 8,313 2.3 2.5 12.3 19.9 7.0 4.3 0.6 0.6 8.8 13.1 - -
J & K Bank Neutral 1,409 - 6,830 2,762 2,885 3.6 3.6 226.7 193.0 6.2 7.3 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 273 298 13,777 1,799 2,255 2.3 2.4 20.3 27.3 13.4 10.0 2.1 1.8 16.9 19.7 - -
Oriental Bank Neutral 350 - 10,201 6,277 7,090 2.6 2.7 60.5 65.1 5.8 5.4 0.9 0.8 15.0 14.4 - -
Punjab Natl.Bank Neutral 829 - 28,123 19,652 22,601 3.2 3.3 135.0 164.3 6.1 5.1 1.0 0.9 16.3 17.3 - -
South Ind.Bank Reduce 27 25 3,574 1,556 1,750 2.8 2.7 3.5 3.9 7.7 7.0 1.3 1.1 19.1 16.9 - -
St Bk of India Accumulate 2,304 2,437 154,585 61,883 71,546 3.4 3.4 227.2 257.5 10.1 9.0 1.7 1.5 17.8 17.7 - -
Syndicate Bank Neutral 131 - 7,861 6,756 7,783 3.0 3.0 26.3 27.1 5.0 4.8 0.9 0.8 18.3 16.6 - -
UCO Bank Neutral 79 - 5,258 5,234 6,097 2.3 2.4 11.8 14.7 6.7 5.4 1.1 0.9 11.9 13.4 - -
Union Bank Neutral 256 - 14,072 9,912 11,536 2.8 2.9 40.4 46.7 6.3 5.5 1.0 0.9 16.1 16.4 - -
United Bank Neutral 78 - 2,803 3,500 3,912 2.6 2.8 15.8 21.2 4.9 3.7 0.6 0.6 13.1 15.7 - -
Vijaya Bank Neutral 62 - 3,065 2,354 2,754 2.0 2.2 7.4 10.2 8.4 6.1 0.8 0.8 9.3 11.9 - -
Yes Bank Accumulate 456 492 16,302 3,270 4,240 2.8 3.0 34.5 42.2 13.2 10.8 2.8 2.3 23.5 23.5 - -
FMCG
Asian Paints Neutral 4,296 - 41,210 11,198 13,184 16.2 16.2 123.7 146.4 34.7 29.4 11.8 9.3 38.1 35.4 3.7 3.1
Britannia Buy 499 584 5,969 5,627 6,581 4.9 5.7 18.3 24.7 27.3 20.3 10.0 7.6 39.1 42.7 1.0 0.8
Colgate Neutral 1,410 - 19,176 3,146 3,573 20.6 21.4 36.4 42.5 38.8 33.2 35.9 30.0 102.0 98.5 6.1 5.3
Dabur India Neutral 131 - 22,858 6,124 7,101 17.0 16.8 4.5 5.2 29.3 25.1 12.1 9.6 43.2 41.5 3.7 3.1
GlaxoSmith Con* Neutral 3,759 - 15,810 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 36.0 30.4 11.2 9.0 34.4 32.8 4.8 4.0
Godrej Consumer Neutral 713 - 24,279 6,355 7,548 18.4 18.6 22.8 27.6 31.3 25.8 7.2 5.9 26.4 26.1 4.1 3.4
HUL Neutral 544 - 117,675 25,350 28,974 13.3 13.5 14.7 17.1 36.9 31.9 29.2 20.6 84.5 75.8 4.3 3.8
ITC Neutral 304 - 238,966 29,409 34,060 35.7 36.1 9.3 10.9 32.6 27.8 10.8 9.0 35.8 35.3 7.7 6.6
Marico Neutral 219 - 14,100 4,840 5,643 13.1 13.1 6.2 7.8 35.5 28.1 6.8 5.5 25.4 22.6 3.0 2.5
Nestle* Neutral 4,819 - 46,466 8,529 10,079 20.8 21.1 113.1 137.8 42.6 35.0 25.6 17.9 70.5 60.2 5.5 4.6
Tata Global Neutral 170 - 10,500 7,207 7,927 9.7 10.0 6.6 7.8 25.7 21.7 2.6 2.5 8.6 9.5 1.3 1.2
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December 12, 2012
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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
IT
HCL Tech^ Neutral 614 - 42,617 24,214 26,772 19.5 18.1 44.0 48.0 14.0 12.8 3.3 2.8 24.0 22.0 1.8 1.5
Hexaware* Buy 92 135 2,716 1,944 2,159 21.8 21.1 11.4 12.2 8.1 7.5 2.1 1.8 26.4 24.1 1.4 1.2
Infosys Accumulate 2,294 2,573 131,735 39,174 41,580 29.5 30.4 159.2 171.6 14.4 13.4 3.5 3.1 24.1 23.1 2.9 2.7
Infotech Enterprises Neutral 195 - 2,176 1,886 2,032 17.9 17.3 18.7 20.2 10.5 9.7 1.6 1.4 14.9 14.0 0.8 0.7
KPIT Cummins Accumulate 116 132 2,085 2,195 2,317 15.5 15.0 10.7 12.1 10.9 9.7 2.3 1.9 21.0 19.8 1.0 0.9
Mahindra Satyam Accumulate 98 115 11,481 7,597 8,141 20.0 18.8 9.7 10.4 10.1 9.4 2.8 2.1 27.5 22.9 1.2 1.0
Mindtree Accumulate 681 747 2,798 2,324 2,437 20.0 17.7 73.3 74.7 9.3 9.1 2.2 1.8 24.1 19.7 1.0 0.8Mphasis& Neutral 383 - 8,038 5,700 5,993 18.0 16.9 37.0 37.3 10.3 10.3 1.5 1.3 14.3 12.6 1.0 0.8
NIIT Accumulate 32 36 527 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.2 0.8 0.7 10.5 14.1 0.3 0.2
Persistent Neutral 477 - 1,910 1,261 1,352 26.4 24.7 48.2 54.0 9.9 8.8 1.9 1.6 19.0 17.9 1.2 1.1
TCS Accumulate 1,221 1,410 238,879 61,053 67,313 28.7 29.1 69.7 76.2 17.5 16.0 5.7 4.7 32.6 29.1 4.0 3.5
Tech Mahindra Buy 878 1,070 11,222 6,603 7,150 19.8 18.4 92.9 102.0 9.5 8.6 2.2 1.8 23.7 21.0 1.8 1.6
Wipro Accumulate 380 421 93,446 43,219 47,241 20.0 20.0 26.1 28.1 14.5 13.5 2.8 2.4 19.3 17.9 1.8 1.6
Media
D B Corp Buy 219 259 4,015 1,581 1,784 23.3 25.0 11.6 14.4 18.9 15.2 3.7 3.2 21.0 22.3 2.4 2.1
HT Media Accumulate 102 113 2,404 2,111 2,272 15.0 15.2 7.4 8.3 13.9 12.4 1.5 1.3 11.3 11.4 0.8 0.7
Jagran Prakashan Accumulate 101 117 3,196 1,503 1,681 23.1 23.1 6.4 7.3 15.8 13.9 3.9 3.5 25.8 26.5 2.3 2.0
PVR Neutral 308 - 889 682 786 17.3 16.9 17.6 19.7 17.5 15.7 2.1 1.8 14.9 14.5 1.7 1.4
Sun TV Network Neutral 405 - 15,958 1,942 2,237 77.2 75.5 17.6 19.1 23.0 21.2 5.7 5.2 25.8 25.2 8.0 6.9
Metals & Mining
Bhushan Steel Neutral 448 - 9,505 11,307 14,287 29.5 29.1 45.1 51.0 9.9 8.8 1.1 1.0 12.2 12.2 2.9 2.3
Coal India Neutral 357 - 225,399 66,666 70,292 25.7 27.3 24.2 26.6 14.8 13.4 4.4 3.5 33.1 29.1 2.5 2.2
Electrosteel Castings Buy 24 29 832 1,984 2,074 10.6 11.6 0.8 2.0 28.8 11.9 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 139 - 58,605 12,446 13,538 52.3 52.9 15.0 16.4 9.3 8.5 1.8 1.5 21.4 19.7 2.8 2.2
Hindalco Neutral 120 - 22,975 79,148 89,258 9.4 9.0 15.0 15.6 8.0 7.7 0.7 0.6 8.8 8.4 0.7 0.6
JSW Steel Neutral 757 - 16,898 39,586 41,459 17.6 17.0 78.7 90.1 9.6 8.4 0.9 0.9 10.2 10.7 0.8 0.8
MOIL Neutral 271 - 4,549 941 1,019 47.3 48.3 25.8 28.1 10.5 9.6 1.6 1.5 16.7 16.2 2.2 1.9
Monnet Ispat Buy 303 344 1,950 2,501 3,264 22.2 24.6 41.8 55.2 7.2 5.5 0.8 0.7 11.3 13.4 1.8 1.3
Nalco Reduce 48 44 12,281 6,898 7,841 9.9 14.7 2.0 3.2 24.0 15.0 1.0 1.0 4.3 6.8 1.3 1.2
NMDC Buy 159 198 63,158 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.7 2.1 1.7 27.0 24.6 3.9 3.2
SAIL Neutral 82 - 33,870 47,252 60,351 14.2 14.8 9.6 11.7 8.6 7.0 0.8 0.7 9.4 10.6 1.2 1.0
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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
Metals & Mining
Sesa Goa Neutral 187 - 16,291 4,551 6,640 32.8 34.4 33.7 39.3 5.6 4.8 1.0 0.8 18.3 18.3 4.3 2.9
Sterlite Inds Neutral 113 - 37,975 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.7 0.7 11.6 11.2 0.9 0.8
Tata Steel Buy 396 463 38,470 145,725 154,108 8.3 9.5 22.0 44.5 18.0 8.9 0.9 0.8 4.9 9.3 0.6 0.5
Sarda Accumulate 135 153 483 1,442 1,494 17.6 17.3 27.2 28.7 5.0 4.7 0.5 0.5 11.5 11.0 0.7 0.7
Prakash Industries Buy 50 73 669 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.4 0.3 0.3 11.4 12.8 0.5 0.4
Godawari Power andIspat
Buy 116 143 368 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.4 0.4 0.4 10.9 11.4 0.6 0.6
Oil & Gas
Cairn India Accumulate 319 382 60,944 17,567 17,643 76.2 72.3 61.1 56.8 5.2 5.6 1.1 0.9 22.0 17.5 2.8 2.4
GAIL Neutral 354 - 44,936 46,652 54,142 15.7 15.7 34.0 35.3 10.4 10.1 1.8 1.6 18.5 16.8 0.7 0.5
ONGC Buy 264 312 225,437 147,139 154,821 33.9 33.7 30.7 32.3 8.6 8.2 1.5 1.3 18.3 17.2 1.3 1.2
Reliance Industries Neutral 820 - 268,382 362,700 380,031 7.9 8.0 60.0 63.3 13.7 13.0 1.3 1.2 11.1 10.6 0.7 0.7
Gujarat Gas* Neutral 302 - 3,878 3,128 3,707 13.2 11.7 22.8 23.5 13.3 12.9 4.0 3.6 33.2 29.2 1.1 0.9
Indraprastha Gas Neutral 262 - 3,671 3,213 3,643 23.3 23.5 24.3 25.7 10.8 10.2 2.5 2.1 25.0 22.1 1.3 1.1
Petronet LNG Accumulate 161 183 12,053 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4
Gujarat State PetronetLtd.
Neutral 74 - 4,178 1,079 1,034 91.8 91.9 8.8 8.4 8.5 8.8 1.4 1.3 17.9 15.0 3.7 3.7
Pharmaceuticals
Alembic Pharma Buy 66 91 1,252 1,624 1,855 14.2 15.6 6.6 9.1 10.1 7.3 2.5 1.9 27.9 29.9 0.9 0.8
Aurobindo Pharma Neutral 192 - 5,582 5,243 5,767 14.6 14.6 11.8 12.6 16.3 15.2 2.0 1.7 17.9 16.4 1.6 1.4
Aventis* Neutral 2,249 - 5,179 1,482 1,682 15.5 15.5 95.1 104.4 23.7 21.5 4.2 3.3 18.6 17.0 3.2 2.8
Cadila Healthcare Accumulate 846 926 17,327 6,148 7,386 18.6 19.6 32.7 44.8 25.9 18.9 5.7 4.6 23.7 26.6 3.2 2.6
Cipla Neutral 415 - 33,357 8,151 9,130 25.0 24.0 19.5 20.9 21.3 19.9 3.7 3.2 18.8 17.2 3.9 3.3
Dr Reddy's Neutral 1,881 - 31,939 10,696 11,662 20.7 21.0 83.7 92.9 22.5 20.3 4.6 3.9 22.4 20.8 3.2 2.8
Dishman Pharma Buy 115 145 928 1,280 1,536 20.2 20.2 10.4 14.5 11.1 7.9 0.9 0.8 8.7 11.0 1.4 1.2
GSK Pharma* Neutral 2,047 - 17,337 2,651 2,993 31.7 31.2 76.0 82.4 26.9 24.8 7.8 6.9 20.1 26.3 5.7 5.0
Indoco Remedies Buy 65 89 596 685 837 15.2 15.2 7.4 8.9 8.7 7.3 1.3 1.2 16.4 17.0 1.1 0.9
Ipca labs Accumulate 448 485 5,653 2,850 3,474 21.0 21.0 29.9 37.3 15.0 12.0 3.6 2.8 26.7 26.4 2.2 1.8
Lupin Accumulate 601 652 26,896 8,426 10,082 19.7 20.0 26.3 31.3 22.9 19.2 5.3 4.3 26.0 24.7 3.3 2.7
Ranbaxy* Neutral 504 - 21,299 12,046 11,980 18.0 15.8 31.3 29.8 16.1 16.9 5.5 4.4 39.1 28.9 1.8 1.8
Sun Pharma Neutral 715 - 73,935 9,752 12,134 41.6 41.6 26.0 28.2 27.5 25.4 5.2 4.4 20.3 18.8 6.7 5.2
Power
CESC Neutral 320 - 3,998 5,218 5,644 24.2 23.8 44.6 47.6 7.2 6.7 0.8 0.7 11.0 10.6 1.5 1.5
GIPCL Accumulate 71 78 1,076 1,523 1,568 30.3 30.3 5.4 11.5 13.2 6.2 0.7 0.7 5.6 11.3 1.2 1.0
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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
Power
NTPC Neutral 154 - 127,228 74,111 85,789 22.7 23.1 12.1 13.7 12.8 11.2 1.6 1.4 12.6 13.2 2.4 2.2
Real Estate
Anant Raj Sell 96 78 2,831 657 875 52.0 56.1 8.4 12.7 11.4 7.6 0.7 0.7 6.3 8.9 5.8 4.4
DLF Neutral 218 - 37,004 9,878 12,033 44.7 46.1 9.6 13.4 22.7 16.2 1.4 1.4 6.4 8.7 6.3 5.2
HDIL Neutral 117 - 4,907 2,441 3,344 55.1 48.2 22.7 26.6 5.2 4.4 0.4 0.4 8.8 9.4 3.9 2.9
MLIFE Neutral 408 - 1,667 813 901 26.2 26.6 32.0 37.1 12.8 11.0 1.3 1.2 10.4 11.0 2.5 2.1
TelecomBharti Airtel Neutral 314 - 119,280 81,984 90,718 32.1 33.8 10.9 16.9 28.8 18.6 2.2 2.0 7.6 10.6 2.2 1.8
Idea Cellular Neutral 94 - 31,044 22,234 24,161 26.9 27.7 3.3 4.9 28.3 19.0 2.2 2.0 7.7 10.3 1.9 1.7
Rcom Neutral 75 - 15,449 21,090 22,308 31.8 29.9 3.0 3.8 24.6 19.7 0.4 0.4 1.7 2.1 2.4 2.1
zOthers
Abbott India Accumulate 1,456 1,590 3,094 1,629 1,886 11.8 13.3 60.8 79.5 24.0 18.3 4.9 4.1 22.0 24.4 1.7 1.4
Bajaj Electricals Neutral 215 - 2,148 3,497 3,968 6.6 7.6 9.8 15.5 22.0 13.9 2.8 2.4 12.7 17.4 0.6 0.5
Cera Sanitaryware Neutral 413 - 523 427 528 15.7 14.6 30.0 34.0 13.8 12.2 3.0 2.5 24.6 22.5 1.3 1.1
Cravatex Buy 436 545 113 272 308 7.2 7.3 37.5 45.4 11.6 9.6 2.8 2.2 23.7 22.7 0.5 0.4
CRISIL Neutral 1,021 - 7,174 982 1,136 34.3 34.3 34.3 40.0 29.7 25.5 13.5 10.8 50.9 46.9 6.9 5.8
Finolex Cables Neutral 61 - 939 2,304 2,552 9.9 9.1 8.2 10.1 7.5 6.1 1.0 0.9 13.7 14.7 0.4 0.3
Force Motors Accumulate 509 537 664 2,318 2,700 5.0 5.7 45.0 67.0 11.3 7.6 0.6 0.5 5.0 7.0 0.2 0.2
Goodyear India Accumulate 315 360 726 1,494 1,607 6.4 7.8 23.9 33.0 13.2 9.5 2.1 1.8 16.5 20.1 0.3 0.3
Greenply Industries Neutral 308 - 744 1,925 2,235 10.6 10.9 29.6 44.1 10.4 7.0 1.7 1.4 16.8 21.0 0.7 0.6
Hitachi Buy 132 146 304 873 989 4.4 6.5 6.4 12.2 20.8 10.9 1.7 1.5 8.3 14.4 0.4 0.3
Honeywell Automation* Buy 2,323 2,842 2,054 1,745 1,993 4.0 5.3 59.5 90.4 39.1 25.7 3.0 2.6 8.1 11.3 1.1 0.9
Styrolution ABS India* Accumulate 749 744 1,317 1,059 1,116 8.5 9.5 36.0 42.0 20.8 17.8 3.0 2.6 15.4 16.0 1.2 1.1ITD Cementation Neutral 234 - 269 1,323 1,455 12.4 12.4 23.2 27.7 10.1 8.5 0.7 0.6 6.8 7.6 0.7 0.6
Jyothy Laboratories Neutral 174 - 2,800 1,228 1,443 9.0 10.9 3.9 6.4 44.7 27.2 4.4 4.1 10.1 15.6 3.0 2.5
MCX Reduce 1,516 1,440 7,733 553 624 65.3 66.3 62.5 72.0 24.3 21.1 6.7 5.8 27.5 27.4 11.1 9.4
MRF Accumulate 12,252 12,884 5,196 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.5 8.6 1.8 1.5 21.3 19.4 0.6 0.5
Page Industries Neutral 3,451 - 3,849 836 1,023 20.2 20.6 105.6 133.4 32.7 25.9 16.6 11.7 59.3 53.2 4.7 3.8
Relaxo Footwears Buy 777 933 932 1,019 1,208 11.0 12.5 47.0 66.7 16.5 11.7 4.1 3.1 28.2 30.1 1.1 0.9
Sintex Industries Buy 66 79 1,968 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.2 0.6 0.6 12.9 13.2 0.8 0.6
Siyaram Silk Mills Buy 309 366 290 1,043 1,149 12.3 12.9 65.7 73.3 4.7 4.2 0.9 0.8 21.0 19.6 0.5 0.5
S. Kumars Nationwide Neutral 15 - 431 7,134 7,985 19.7 19.4 12.2 14.1 1.2 1.0 0.1 0.1 11.3 11.5 0.6 0.6
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December 12, 2012
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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
zOthers
SpiceJet Reduce 46 43 2,226 5,720 6,599 5.3 6.8 3.6 5.4 12.7 8.6 18.4 5.9 - - 0.5 0.5
TAJ GVK Buy 72 108 451 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.9 1.6
Tata Sponge Iron Buy 307 384 472 750 803 18.6 18.4 65.4 69.1 4.7 4.4 0.7 0.6 16.5 15.3 0.3 0.2
TVS Srichakra Buy 273 335 209 1,476 1,643 7.0 8.2 32.6 55.9 8.4 4.9 1.3 1.1 16.8 24.8 0.4 0.3
United Spirits Neutral 2,008 - 26,260 10,289 11,421 12.8 12.8 26.0 45.3 77.2 44.3 3.5 3.3 5.8 7.6 2.9 2.6
Vesuvius India Neutral 355 - 720 560 611 16.1 17.0 24.7 28.8 14.4 12.3 2.1 1.9 15.8 16.2 1.2 1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 11, 2012
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Market OutlookDecember 12, 2012