market outlook, 13.05.13

7/30/2019 Market Outlook, 13.05.13

1/20

www.angelbroking.com

Market OutlookMay 13, 2013

Dealers Diary

The Indian markets are expected to open flat with a positive bias tracking

marginally positive opening in SGX Nifty, which is higher by 0.2%.

US markets moved mostly higher on Friday, despite a relatively quiet day in terms

of news. The gains on the day, resulted in the Dow and the S&P 500 reaching new

record closing highs, while the Nasdaq rose to another twelve-year high. European

markets too rose on Friday after companies like ArcelorMittal and BT Group Plc

reported better than expected results and data showed German exports recovered

as expected in March, boosting hopes of economic revival.

Meanwhile positive global cues and better-than-expected IIP numbers helped

Indian shares end notably higher on Friday. The BSE Sensex and NSE Nifty rose by

0.7% each after government data showed India's industrial output grew by 2.5% in

March compared to a contraction of 2.8% in the year-ago period. Markets were

flat on the special trading session held by exchanges on Saturday during which BSE

tested its disaster recovery software.

Markets TodayThe trend deciding level for the day is 20,108 / 6,102 levels. If NIFTY trades above

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

up to 20,161 20,200 / 6,120 6,132 levels. However, if NIFTY trades below

20,108 / 6,102 levels for the first half-an-hour of trade then it may correct up to

20,069 20,016 / 6,089 6,072 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 20,016 20,069 20,108 20,161 20,200NIFTY 6,072 6,089 6,102 6,120 6,132

News Analysis Industrial growth for FY2013 at subdued 1.0%, March IIP improves to 2.5% Diesel prices hiked by`1/litre MM union leaders at Nashik plant calls off hunger strike Result Review: NTPC, RCOM, Ashok Leyland, Central Bank, Apollo Tyres,

Dena Bank, Punj Lloyd, Ashoka Buildcon, Electrosteel castings, ITD

Cementation

Result Preview: Nestle India, Bank of Baroda, Bank of IndiaRefer detailed news analysis on the following page

Net Inflows (May 09, 2013)` cr Purch Sales Net MTD YTDFII 2,381 1,588 793 6,531 67,689

MFs 314 524 (210) (1,599) (10,190)

FII Derivatives (May 10, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,461 1,123 337 15,046

Stock Futures 1,384 1,499 (114) 27,038

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)MMTC 264 8.0 Sobha Dev 398 (2.5)

Hindustan Copper 111 3.9 Motherson Sumi 206 (2.5)

Muthoot Fin 155 3.9 Bharat Elect 1,264 (2.1)

Wockhardt 1,739 3.8 Coromandel Intl 192 (1.1)

Essar Oil 86 3.4 Mphasis 429 (1.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.2 40 20,122

Nifty 0.2 12 6,107

MID CAP 0.3 20 6,540

SMALL CAP 0.3 20 6,186

BSE HC 1.5 136 8,904

BSE PSU 0.6 40 6,893

BANKEX 0.2 33 14,617

AUTO 0.0 6 11,269

METAL 0.6 50 8,835

OIL & GAS 0.3 30 8,847

BSE IT (0.3) (16) 6,057

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.2 36 15,118NASDAQ 0.8 27 3,437

FTSE 0.5 32 6,625

Nikkei 2.9 416 14,608

Hang Sang 0.5 110 23,321

Straits Times 0.3 11 3,444

Shanghai Com 0.6 14 2,247

Indian ADR Chg (%) (Pts) (Close)INFY (0.9) (0.4) $42.9

WIT (0.9) (0.1) $8.0IBN 0.0 0.0 $47.0

HDB 0.9 0.4 $42.5

Advances / Declines BSE NSEAdvances 821 684

Declines 885 688

Unchanged 69 111

Volumes (` cr)BSE 3,414

NSE 1,007

7/30/2019 Market Outlook, 13.05.13

2/20



Industrial growth for FY2013 at subdued 1.0%, March IIP

improves to 2.5%

As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth

in March 2013 improved to 2.5% yoy, in line with market expectations. It

compares positively to a marginal 0.6% yoy growth in February 2013 and 2.8%

yoy de-growth in March 2012 owing to growth in consumer non-durables and

capital goods segments. Overall during FY2013, the index decelerated and

reported a shallow 1.0% growth as compared to 2.9% growth in FY2012 and a

more robust 8.2% growth in FY2011 on account of broad-based slowdown

amongst its components. Growth in eight core industries (37.9% weightage in the

index) recovered sharply to 2.9% in March 2013, having witnessed a decline of

2.4% in the previous month.

Performance on Sector-wise classificationThe Manufacturing sector continued to support IIP growth for the third straight

month. It reported a 3.2% yoy growth as compared to a 3.6% decline in growth in

the corresponding period of the previous year. The Electricity sector reported a

3.5% yoy growth after posting a 3.2% yoy decline in the previous month. But for

FY2013 as a whole, growth more than halved for the Manufacturing as well as the

Electricity sector at 1.2% yoy (as against 3.0% yoy in FY2012) and 4.0% yoy (as

against 8.2% yoy in FY2012) respectively.

The Mining sector continued to remain in negative territory and contraacted by

2.9% yoy, albeit lower than the decline of 7.6% yoy in the previous month. This

can be attributed to a slight 0.3% and 0.2% yoy revival in production of coal andcrude oil each, after contracting by 8.0% and 4.0% yoy respectively in February

2013. We expect the overhang on growth in the Mining sector to continue in

FY2014 as well in the absence of meaningful reform measures. The decision on

reopening Category B mines in Karnataka is likely to improve production in the

sector to some extent with a lag of about two quarters.

Performance in the Use-based categoryThe Capital Goods index posted a growth for the second straight month at 6.9%

yoy following a steep 20.1% yoy de-growth in March 2012. Production in

commercial vehicles, having the highest weightage in Capital Goods, has declined

during the month but performance of the capital goods sector has been supported

by very high growth in components such as rubber insulated cables (247.3% yoy)

and aluminum conductor (45.0% yoy) etc. Excluding the performance of the

volatile capital goods segment, IIP growth stood at 1.8% yoy. Overall, for FY2013

the capital goods index has declined by 6.3% as compared to a 4.0% growth in

FY2012 reflecting the subdued investment environment.

The Consumer Durables segment contracted for the fourth straight month by 4.5%

yoy indicating worryingly that the consumption slowdown continues to weigh on

overall growth. On the other hand, Consumer non-durables reported a pick-up to

6.5% yoy (owing to a low base effect), supporting an overall 1.6% yoy growth in

consumer goods. The consumer non-durables segment has contributed about

120bp to growth in the headline IIP growth print of 2.5% during March 2013.

7/30/2019 Market Outlook, 13.05.13

3/20



Overall during FY2013, the index decelerated and reported a shallow 1.0% yoy

growth as compared to 2.9% yoy growth in FY2012 and a more robust 8.2% yoy

growth in FY2011 on account of broad-based slowdown amongst its components.

We believe that industrial activity is likely to have bottomed out in FY2013. We

expect industrial activity as measured by the IIP to gradually improve to about

3.3% yoy in FY2014, owing to our expectation of growth of around 2.5% yoy inmining, 3.0% in manufacturing and 7.2% in electricity sector. We expect revival in

industrial activity to be supported by a low base, lagged impact of monetary

easing, the recent pick-up in exports and anticipated improvement in investment.

Diesel price hiked by`1/litre

Media reports suggest that the Oil marketing companies (OMCs) have raised the

price of diesel by`1/litre. In January 2013 the government had given its nod for

diesel price to be raised in small proportion every month. This is in-line with our

expectation that in the next 12-18months the subsidy on diesel will be completely

removed. Hence, we maintain our estimates and rating on ONGC and GAIL.MM union leaders at Nashik plant calls off hunger strike

According to media reports, the indefinite hunger-strike by two union leaders at

Mahindra & Mahindras (MM) Nashik plant has been called off. This is following

positive talks between the MM management and union leaders on the issue of

impending wage settlement. The two senior union leaders at the Nashik plant were

on a hunger strike since May 1, 2013 demanding a quick resolution to the wage

settlement agreement which expired in February 2013. However, the protests were

peaceful and the production at the plant was not impacted due to the strike.

The Nashik plant manufacturesScorpio, Xylo, Bolero and Quanto. At`970, MM is

trading at 14.2x FY2015 earnings. Due to the sharp run-up in the stock price over

the last one month, we recommend a Neutral rating on the stock.

Result ReviewNTPC (CMP:`154/TP:`163/Upside :5%)

For 4QFY2013, NTPCs top-line performance was below our estimates, registering

a growth 1.2% yoy to `16,462cr, due to lower off take. Gross generation in

4QFY2013 stood at 60.3bn unit, flat yoy. On the EBITDA front, OPM contracted

by 156bp yoy mainly on account of increase in other expenditure (due to higherwater charges). Consequently, net profit grew by 4.0% yoy to `2,698cr. Werecommend Accumulate rating on the stock with target price of `163.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 81,951 24.1 11,189 13.6 13.0 11.4 1.4 9.4 2.3

FY2015E 92,264 24.3 12,310 14.9 13.1 10.3 1.3 8.7 2.1

Reliance Communication(CMP:`111/ TP: Under review)Reliance Communication (RCom) reported modest set of numbers for 4QFY2012,aided mainly by a jump in data usage and GSM connections and other income

from reversal of an earlier provision. The company registered top-line (including

other income) of`5,956, up 12.3% qoq. Revenues from wireless business came in

7/30/2019 Market Outlook, 13.05.13

4/20



at`4,626cr, up 2.5% qoq. The better-than-expected result was also in part due to

a one-time reversal from money provisioned towards write-down of assets in the

course of a subsidiary restructuring exercise. RCom had earlier provisioned

`3,000cr in anticipation of required write-downs during a court-approved plan to

restructure its subsidiaries, but credited `550cr from it back during the quarter.

Adjusting for that, revenues grew by 2.0% qoq. ARPM came in at `0.44/min,almost flat qoq. Total minutes in the network grew by 2.3% qoq to 105.4bn.

Adjusted EBITDA margin came in at 30.9%, down 30bp qoq. PAT came in at

`303cr, up 187% qoq. The stock is currently under review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 22,221 32.0 895 4.3 2.4 25.6 0.6 8.0 2.6

FY2015E 24,253 32.2 1,327 6.4 3.4 17.3 0.6 6.8 2.2

Ashok Leyland (CMP:`22/ TP: Under Review/ Upside: -)

Ashok Leyland (AL) reported extremely weak performance for 4QFY2013, which

was broadly on the expected lines, on account of significant contraction in

operating margins (down sharply by 554bp yoy to 5.3%) owing to higher discounts

in the medium and heavy commercial vehicle (MHCV) segment, inferior product-

mix and lower utilization levels. Additionally, higher interest cost due to higher

working capital requirement also impacted the adjusted bottom-line. The company

reported a net profit of `150cr primarily on account of an exceptional gain of

`134cr (due to profit on sale of non-current investments). Adjusted for the

exceptional gain, ALs bottom-line stood at `16cr which was broadly on the

expected lines.

For 4QFY2013, net sales posted a significant decline of 14% yoy to `3,728cr;

however, it was slightly ahead of our expectations of `3,520cr. The decline in the

top-line was driven by an 11.2% yoy drop in net average realization following

higher levels of discounts and adverse product-mix (higher proportion of Dost in

the volume-mix at ~32% vs. ~14% in 4QFY2012). Total volumes too registered a

decline of 2.9% yoy led by 23.3% yoy decline in MHCV volumes. However, Dost

sales witnessed a substantial increase of 125.3% yoy (on a low base) and 38.1%

qoq during the quarter. At the operating level, EBITDA margins registered a sharp

contraction of 554bp yoy to 5.3% as against our estimates of 6.4%, largely on

account of higher discounting and lower utilization levels. As a result, other

expenditure and staff cost as a percentage of sales surged 210bp and 190bp yoy

respectively. Further, raw-material expenditure as a percentage of sales too

increased 170bp yoy during the quarter. Consequently, adjusted net profit stood at

`16cr for the quarter. On a sequential basis, EBITDA margins improved 102bp

driven by 52.8% and 1.4% growth in volumes and net average realization

respectively. At `22, the stock is trading at 8.2x FY2015E earnings.We shallrelease a detailed result note post earnings conference call with the management

which is scheduled today. Until then, the stock rating is under review.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 13,891 9.6 539 2.0 12.1 11.1 1.8 5.2 0.5

FY2015E 16,263 9.7 724 2.7 15.2 8.2 1.6 4.3 0.4

7/30/2019 Market Outlook, 13.05.13

5/20



Central Bank - (CMP:`72 / TP: - / Upside: -)

Central Bank reported healthy set of numbers for the quarter, as it posted Net

profit of `169cr as against a loss of `105cr in 4QFY2012 (the bank had

completely switched-over to system based NPA recognition during that quarter,

resulting in substantial provisioning). Key takeaways from the result were healthy

NII growth (21.4% yoy, in-line with expectations), strong performance on the non-

interest income front (growth of 47.4% yoy) and sequential improvement in the

asset quality front (after witnessing continued stress for several quarters, Gross and

Net NPA levels, on an absolute basis came in lower by 5.4% and 14.9% qoq). At

the CMP, the stock trades at valuations of 0.6x FY2015E ABV, which is relatively

expensive than some of the other mid-size PSU banks with a better asset quality

outlook and return ratios. Hence, we maintain our Neutral recommendation onthe stock.

Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 8,079 2.6 1,709 14.9 100.0 0.6 12.2 4.6 0.7

FY2015E 9,086 2.6 2,027 18.0 118.3 0.6 13.3 3.9 0.6

Apollo Tyres (CMP:`94/ TP:`104/ Upside: 10%)

Apollo Tyres (APTY) reported lower-than-expected results for 4QFY2013 owing to

sluggish performance across the three geographies due to slowdown in demand.

The adjusted profit (consolidated) at `123cr (down 21.9% yoy and 31.5% qoq)

came in below our expectations of `181cr as the performance was impacted bydrop in standalone volumes (down 10% yoy) and also due to significant increase

in the depreciation expense (up 32.8% yoy and 30.3% qoq).

For 4QFY2013, APTYs consolidated top-line declined by 6% yoy (5.6% qoq) to

`3,038cr, which was lower than our expectations of`3,228cr, largely on account

of a 9.9% (flat qoq) and 9.3% yoy (24.1% qoq) decline in standalone and South

Africa revenues respectively. While the revenues at the European operations

remained flat in Euro terms due to 3% yoy decline in volumes; favorable exchange

rate movement led to a 7.6% yoy (down 10.7% qoq) growth in INR terms. On the

standalone front, the company registered a volume decline of 10% yoy on account

of the weak OEM demand and also due to slower off-take in the replacementsegment. The Management stated that the utilization level across the three

geographies remains in the range of 70-80%. On the operating front, EBITDA

margins declined 16bp qoq and stood at 11.7%, which was slightly lower than our

expectations of 12.2%, despite the 9.1% qoq decline in raw-material expenditure.

This was on account of increase in other expenditure which as a percentage of

sales surged 220bp qoq led by higher marketing spends and increase in research

and development expenditure. Employee expense as a percentage of sales too

witnessed an increase of 80bp on a sequential basis. However, on a yoy basis,

EBITDA margins improved 53bp driven by softening of natural rubber prices which

led to a 12.2% yoy decline in raw-material costs. At the standalone level, EBITDA

margins witnessed a sharp improvement of 261bp yoy (201bp qoq) to 12.1% as

the natural rubber cost for the company declined by 29.4% yoy.

7/30/2019 Market Outlook, 13.05.13

6/20



We lower our volume estimates for FY2014/15 to account for the subdued

demand scenario in the key geographies, India and Europe. However, we expect

the operating margins to remain stable as the company will continue to benefit

from the softening of commodity prices. We expect the company to register ~10%

and 12% CAGR of in net sales and net profit respectively over FY2013-15. At`94,

the stock is trading at 6.3x FY2015E earnings. We retain our Accumulate rating onthe stock with a target price of `104.


FY2015E 15,487 11.5 750 14.9 17.3 6.3 1.0 3.8 0.4

Dena Bank- (CMP:`94/ TP: -/ Upside: -)

During 4QFY2013, Dena Bank posted a moderate operating performance, with

operating income and operating profit decline of 1.4% and 15.7% yoy,

respectively. The bank faced asset quality pressures during the quarter (as their

gross and Net NPA on an absolute basis increased by 10.3% and 12.3% qoq,

respectively) and consequently their provisioning expenses increased by 17.5% yoy.

Due to higher provisioning expenses and moderate operating performance, the

bank reported a PAT decline of 50.7% yoy to`126cr. At CMP, the stock trades at

valuations of 0.5x FY2015 ABV. Werecommend Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,334 2.7 827 23.6 162.4 0.8 15.5 4.0 0.6

FY2015E 3,700 2.7 927 26.5 184.3 0.8 15.3 3.5 0.5

Punj Lloyd (CMP:`54 / TP: - / Upside: -)

For 4QFY2013, Punj posted mixed set of numbers with subdued performance on

revenue front, however owing to higher tax credit provision during the quarter led

to a profit at earning levels. The company reported a top-line of `3,292cr in

4QFY2013 registering a growth of 8.4% yoy. EBITDA margins decline by

45bp/217bp on a yoy/qoq basis to 7.9% in 4QFY2013. Interest cost for the

quarter came in at`195cr, a jump of 4.5% yoy while depreciation came at `79cr,an increase of 12.9% yoy. On the bottom-line front, PAT came in at`16cr (`9cr) in

4QFY2013, registering a growth of 75.8%. This was mainly due to higher tax

credit provision of `11cr in 4QFY13 vs. `5cr in 4QFY2012. We continue tomaintain 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 13,116 10.8 44 1.3 1.5 42.6 0.6 5.3 0.6

FY2015E 15,119 10.8 64 1.9 2.2 29.2 0.6 5.1 0.6

7/30/2019 Market Outlook, 13.05.13

7/20



Ashoka Buildcon (CMP:`229 / TP: under review/ Upside: -)

Ashoka Buildcon (ABL) posted 4QFY13 results reflect improvement in execution

however bottom-line disappoints owing to lower-than-expected operating

performance and exceptional item. ABLs top line reported a robust growth of

38.8% yoy to`

542cr in 4QFY2013 and was higher than our estimate by 19.0%.On the EBITDAM front, ABLs margins came in at 16.7%, a dip of 336bp on a yoy

basis and below our estimate of 23.0%. This was mainly due to increase in

operating expense (a jump of 44% yoy). On the bottom line, ABL reported a PAT of

`6cr (our estimate was `45cr) in 4QFY2013, indicating a decline of 86.2% yoy.

This was mainly on back of lower-than-expected operating performance and an

exceptional item of`15.7cr. Adjusting to this, PAT came in at `22cr, a decline of

52.6% for the quarter. At CMP, the stock is trading at P/E and P/BV of 9.2x and

0.9 FY2015 earnings. The stock rating is currently under review. We shall reviseour estimates post earnings conference call with the management which isscheduled on 14th May 2013 at 4.30pm.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,013 22.5 143 26.0 12.3 8.6 1.0 10.1 2.3

FY2015E 2,293 22.5 135 24.4 10.3 9.2 0.9 9.0 2.0

Electrosteel Castings (CMP: `18, TP:`26, Upside: 44%)

Electrosteel Castings reported its 4QFY2013 results. Its net sales decreased by

1.5% yoy to`495cr. The companys EBITDA grew by 717.1% yoy to`40cr mainly

because of lower raw material costs and other expenditure. The other income rose

by 135.8% yoy to `57cr and therefore it reported a net profit growth of 652.7%

yoy to`44cr. We maintain our Buy view on the stock with a target price of `26.


FY2015E 2,017 6.7 59 1.7 3.5 10.5 0.1 14.3 1.0

ITD Cementation (CMP `184 / TP `239 / Upside: 30% )

ITD Cementation reported numbers for 1QCY2013. The revenue of the company

for the quarter declined by 7.6% on yoy basis, mainly on account of delay in

project execution and hence the delay in revenue recognition. However, on qoq

basis, the revenue witnessed a growth of 13.2% and came in at `355cr, better

than our expectation of `339cr. The company's operating margin contracted by

295bp yoy to 9.8% mainly because of higher employee cost as a percentage of

net sales. Consequently, profit for the quarter witnessed a decline of 53.3% on yoy

basis to `6cr against our estimate of `5cr. However, given the companys

promising outlook with a strong order book of`3,480 executable over a period of

two and a half years, we remain positive on its growth outlook. The stock is

currently trading at a PBV of 0.5x. We maintain our Buy recommendation on thestock with a target price of `239 based on the target PBV of 0.6x for CY2014E.

7/30/2019 Market Outlook, 13.05.13

8/20



Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,430 11.6 26 22.6 6.3 8.1 0.5 4.8 0.6CY2014E 1,573 11.7 37 31.9 8.3 5.7 0.5 4.5 0.5

Result PreviewNestle India (CMP:`4,905/TP:-/Upside:-)

Nestle India is set to announce its 1QCY2013 results today. Top-line is expected to

grow by 9.4% yoy to`2,240cr. OPM is expected to increase by 81bp yoy to 22.5%.

Net Profit is expected to increase by 5.8% yoy to `292cr. We maintain a neutralrating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesDec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,739 21.5 1,269131.6 58.8 37.3 18.8 21.9 4.7

CY2014E 11,307 22.2 1,541159.8 69.5 30.7 13.5 17.9 4.0

Bank of Baroda - (CMP:`705 / TP:`815/ Upside: 15.7%)

Bank of India is scheduled to announce its 4QFY2013 results today. We expect the

bank to report NII growth of 3.9% yoy to `2,907cr. Non-interest income is

expected to decline by 1.2% yoy to`887cr. Operating expenses are expected to be

higher by 4.6% yoy, while provisioning expenses are expected to be lower by 9.1%

yoy. Net profit is expected to decline by 33.3% yoy to `1,013cr. At CMP, the stock

is trading at valuations of 0.7x FY2015E P/ABV. Currently, we have a Buyrecommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 16,318 2.4 5,127 121.4 842.7 1.0 15.2 5.8 0.8

FY2015E 18,682 2.4 6,110 144.6 959.0 1.0 16.0 4.9 0.7

Bank of India- (CMP:`339 / TP: -`360/ Upside: - 6.2%)

Bank of India is scheduled to announce its 4QFY2013 results today. We expect the

operating income and operating profit to decline by 1.2% and 4.7% respectively.

The NII is expected to decline by 3.7% to `2,409cr. Provisioning expenses are

expected to increase by 22.0% yoy to `856cr, which would result in the earnings

de-growth of 20.3% yoy to `760cr. At the CMP, the stock is trading at 0.8x

FY2015E ABV. We recommend an Accumulate rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,284 2.3 3,334 55.9 391.7 0.7 13.9 6.1 0.9

FY2015E 16,295 2.3 4,082 68.4 449.9 0.8 15.1 5.0 0.8

7/30/2019 Market Outlook, 13.05.13

9/20



Quarterly Bloomberg Brokers Consensus EstimateBank of Baroda (13/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,078 1,518 (29) 1,012 7

Bank of India (13/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 851 953 (11) 804 6

Nestle India (13/05/2013)Particulars (` cr) 1QCY13E 1QCY12 y-o-y (%) 4QCY12 q-o-q (%)Net sales 2,312 1,955 18 2,153 7

EBITDA 531 410 30 502 6

EBITDA margin (%) 23.0 21.0 23.3

Net profit 309 231 34 279 11

Reliance Power Consolidated (13/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,265 533 138 1,464 (14)

EBITDA 414 179 131 493 (16)

EBITDA margin (%) 32.7 33.6 33.7

Net profit 233 231 1 266 (12)

Dr. Reddy Laboratories Consolidated (14/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 3,022 2,659 14 2,865 5

Net profit 444 343 30 363 22

Reliance Infrastructure (14/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 4,010 5,674 (29) 1,516 164

EBITDA 501 617 (19) 490 2

EBITDA margin (%) 12.5 10.9 32.3

Net profit 353 658 (46) 659 (46)

Adani Ports & SEZ (15/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 839 617 36 868 (3)

EBITDA 589 458 29 666 (11)

EBITDA margin (%) 70.2 74.1 76.7

Net profit 379 339 12 415 (9)

7/30/2019 Market Outlook, 13.05.13

10/20



United Spirits (15/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,115 1,863 14 2,174 (3)

EBITDA 253 195 30 275 (8)

EBITDA margin (%) 12.0 10.5 12.6

Net profit 66 10 562 81 (18)

Bajaj Auto (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 4,779 4,516 6 5,307 (10)

EBITDA 888 921 (3) 1,012 (12)

EBITDA margin (%) 18.6 20.4 19.1

Net profit 718 772 (7) 819 (12)

Reliance Capital Consolidated (16/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 163 329 (51) 101 61

ITC (17/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 8,053 6,361 27 7,627 6

EBITDA 2,691 2,263 19 2,858 (6)

EBITDA margin (%) 33.4 35.6 37.5

Net profit 1,899 1,614 18 2,052 (7)

Economic and Political News

IIP rises, but recovery not in sight yet Rupee falls most in four months Tesco seeks changes in FDI sourcing norms for multi-brand retail IRDA plans new norms for micro insurance

Corporate News

Oberoi realty to tie-up Ritz-Carlton for its Mumbai Hotel Lupin expects to launch 20-25 new products in the US Shriram City Union Finance to raise`325cr M&M may shrink UVs for lower excise

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

7/30/2019 Market Outlook, 13.05.13

11/20

Date Company

May 13, 2013 Nestle, Bank of Baroda, Reliance Power, Bank of India, Blue Star, Amara Raja Batteries

May 14, 2013 Dr Reddy's, Reliance Infra., HT Media, United Bank

May 15, 2013 J & K Bank, Mundra Port, United Spirits, IRB Infra, Orchid Chemicals, Hitachi

May 16, 2013 Bajaj Auto, Mahindra Satyam, Reliance Capital, D B Corp

May 17, 2013 ITC, Sun TV Network, Motherson Sumi, NIIT

May 18, 2013

May 19, 2013

May 20, 2013 Coal India, Adani Enterp., India Cements

May 21, 2013 Tech Mahindra

May 22, 2013 Larsen & Toubro, Thermax, LMW, Nagarjuna Const., Subros

May 23, 2013 BHEL, Indraprasth Gas

May 24, 2013 Britannia

May 25, 2013 MOIL, Force Motors

May 26, 2013

May 27, 2013 Tata Chemicals, Bajaj Electrical, GIPCL, TTK Healthcare

May 28, 2013 GAIL, Hindalco, Rural Elec.Corp., Colgate, Indoco Remedies, Dishman Pharma, PVR

May 29, 2013 BPCL, Anant Raj

May 30, 2013 M&M, Tata Power Co., Ipca labs, Page Industries, Madras Cements

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 13, 2013 11:00AM China Industrial Production (YoY) % Change Apr 8.90 9.40

May 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Apr 5.96 --May 15, 2013 11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --

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) (0.60)

6:45PM US Industrial Production % Apr 0.41 (0.10)

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

6:00PM US Housing Starts Thousands Apr 1,036.00 980.00

6:00PM US Building permits Thousands Apr 907.00 940.00

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

May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 --

May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 --

May 23, 2013 1:00PM Germany PMI Services Value May A 49.60 --

1:00PM Germany PMI Manufacturing Value May A 48.10 --

2:00PM UK GDP (YoY) % Change 1Q P 0.60 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) --

7:30PM US New home sales Thousands Apr 417.00 --

May 28, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 May 68.10 --

May 29, 2013 1:25PM Germany Unemployment change (000's) Thousands May 4.00 --

May 30, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q S 2.50 --

May 31, 2013 11:00AM India Qtrly GDP YoY% % Change 1Q 4.50 --

June 1, 2013 6:30AM China PMI Manufacturing Value May 50.60 --

June 3, 2013 2:00PM UK PMI Manufacturing Value May 49.80 --


May 13, 2013

Market Outlook

7/30/2019 Market Outlook, 13.05.13

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

(%)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.4

0.5

2.5

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

(%)

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

Apr-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, 13.05.13

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 136 - 2,640 1,657 1,906 14.1 14.1 7.7 8.9 17.6 15.3 3.7 3.1 22.2 21.9 1.5 1.3

United Phosphorus Buy 154 232 6,816 10,298 11,310 16.5 16.5 20.5 23.2 7.5 6.6 1.3 1.1 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 285 326 4,860 3,418 3,892 15.1 14.9 19.8 21.7 14.4 13.1 3.5 2.8 27.1 23.7 1.4 1.2

Apollo Tyres Accumulate 94 104 4,758 13,852 15,487 11.4 11.5 12.8 14.9 7.4 6.3 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Buy 22 27 5,960 13,891 16,263 9.6 9.7 2.0 2.7 11.1 8.2 1.8 1.6 12.1 15.2 0.5 0.4

Automotive Axle# Neutral 271 - 409 834 965 9.3 10.6 17.3 27.1 15.7 10.0 1.5 1.4 9.5 14.0 0.6 0.5Bajaj Auto Accumulate 1,859 2,014 53,798 22,552 25,498 18.6 18.6 117.9 134.3 15.8 13.9 5.7 4.6 40.2 36.6 2.0 1.7

Bharat Forge Neutral 241 - 5,601 6,198 6,793 14.6 14.9 14.5 17.3 16.6 13.9 2.2 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,012 - 28,297 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 115 170 394 5,325 5,974 8.4 8.3 40.8 48.5 2.8 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 135 150 11,450 7,053 8,061 14.2 14.5 7.8 9.1 17.2 14.8 2.9 2.5 18.1 18.2 1.3 1.1

FAG Bearings* Neutral 1,440 - 2,394 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,705 1,819 34,053 25,274 27,658 14.1 13.7 110.2 139.9 15.5 12.2 5.6 4.4 39.8 40.7 1.1 1.0

JK Tyre Buy 115 154 473 7,972 8,754 7.1 7.1 37.5 44.0 3.1 2.6 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Neutral 970 - 59,535 44,550 50,260 11.4 11.7 59.6 68.3 16.3 14.2 3.4 2.8 22.3 21.6 1.1 0.9

Maruti Accumulate 1,726 1,847 49,870 48,455 55,723 11.2 10.9 107.8 123.2 16.0 14.0 2.4 2.1 16.2 16.0 0.9 0.7

Motherson Sumi Accumulate 211 222 12,386 28,442 31,493 7.5 7.8 12.5 14.8 16.8 14.3 4.2 3.3 27.5 25.8 0.6 0.5

Subros Buy 26 30 154 1,479 1,685 10.0 9.9 5.5 7.5 4.7 3.4 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 309 324 82,245 206,341 227,695 12.8 13.5 32.3 39.0 9.6 7.9 2.0 1.7 23.1 23.2 0.5 0.4

TVS Motor Neutral 40 - 1,915 7,715 8,584 6.0 6.1 5.0 5.8 8.1 7.0 1.4 1.2 18.1 18.5 0.2 0.1

Capital Goods

ABB* Reduce 527 461 11,171 8,073 9,052 5.5 6.9 11.5 16.9 45.8 31.1 4.2 4.0 9.3 13.1 1.4 1.2BGR Energy Neutral 200 - 1,440 4,114 4,886 11.4 10.7 24.9 28.0 8.0 7.1 1.1 1.0 25.2 22.6 0.7 0.6

BHEL Neutral 197 - 48,095 43,757 40,934 17.3 16.9 20.9 19.0 9.4 10.4 2.1 1.9 23.7 18.8 1.0 1.0

Blue Star Buy 172 230 1,547 2,896 3,087 5.6 6.2 9.3 11.7 18.5 14.7 3.0 2.6 17.6 19.2 0.6 0.5

Crompton Greaves Buy 93 117 5,995 13,790 15,095 6.4 7.4 6.9 9.4 13.6 10.0 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Accumulate 30 34 244 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 48 63 1,224 7,709 8,399 6.7 7.2 6.1 8.5 7.8 5.6 1.0 0.9 20.2 23.0 0.3 0.3

Thermax Neutral 578 - 6,887 5,931 6,592 9.6 9.7 31.0 34.3 18.7 16.9 3.2 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,241 1,361 23,303 11,979 13,254 19.7 21.3 77.1 91.4 16.1 13.6 2.9 2.6 18.7 20.0 1.7 1.4


Market Outlook

Stock Watch

May 13, 2013

7/30/2019 Market Outlook, 13.05.13

14/20



Cement

Ambuja Cements Neutral 189 - 29,165 10,232 11,762 23.5 24.5 10.3 12.2 18.4 15.6 3.0 2.8 17.2 18.6 2.3 1.9

India Cements Neutral 89 - 2,743 4,777 5,276 17.3 17.1 8.8 10.9 10.1 8.2 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 108 143 1,272 2,313 2,728 19.8 20.7 16.6 23.1 6.5 4.7 0.8 0.7 13.6 16.5 1.1 0.9

Madras Cements Neutral 250 - 5,947 4,293 4,855 27.4 28.6 21.8 28.2 11.5 8.9 2.1 1.7 19.6 21.3 1.9 1.5

Shree Cement^ Neutral 4,576 - 15,943 6,540 7,452 27.4 26.6 319.7 369.9 14.3 12.4 3.5 2.8 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,975 - 54,137 21,947 25,049 23.8 23.8 106.1 119.8 18.6 16.5 3.1 2.7 17.7 17.3 2.5 2.2

ConstructionAshoka Buildcon Buy 225 272 1,182 2,013 2,293 22.5 22.5 26.0 24.4 8.7 9.2 1.0 0.9 11.7 9.9 2.2 2.0

Consolidated Co Neutral 12 - 213 2,281 2,492 5.9 6.9 0.7 2.0 16.9 5.7 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 120 167 3,988 4,152 4,624 44.4 45.0 17.0 17.2 7.1 7.0 1.1 1.0 16.2 14.6 3.4 3.4

ITNL Buy 176 230 3,423 7,444 8,041 27.4 28.9 29.8 32.1 5.9 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 20 35 614 6,287 6,836 8.5 8.5 2.3 3.0 8.5 6.6 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 75 90 16,743 14,850 15,631 24.9 25.1 2.5 2.9 29.8 26.5 1.2 1.2 4.2 4.7 2.9 2.9

Larsen & Toubro Accumulate 1,562 1,795 96,170 69,586 79,247 11.2 11.1 75.1 84.9 20.8 18.4 3.0 2.6 15.2 15.0 1.6 1.4

Nagarjuna Const. Buy 35 45 895 6,576 7,264 8.2 8.3 4.1 4.8 8.5 7.3 0.4 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 56 - 1,865 1,338 1,542 10.2 10.2 3.0 4.8 18.9 11.8 0.6 0.6 3.4 5.2 5.6 5.4

Sadbhav Engg. Buy 112 153 1,691 2,511 2,736 10.6 10.6 7.3 7.8 15.5 14.4 1.9 1.7 13.3 12.7 0.9 0.8

Simplex Infra Buy 115 164 570 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 45 229 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 123 155 6,170 7,137 7,907 2.9 2.8 32.3 36.0 3.8 3.4 0.5 0.5 14.2 14.2 - -

Andhra Bank Neutral 91 - 5,089 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 1,468 1,714 68,760 19,055 22,710 3.3 3.2 130.7 152.3 11.2 9.6 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 705 815 29,692 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.9 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 337 360 20,091 14,284 16,295 2.3 2.3 55.9 68.4 6.0 4.9 0.9 0.8 13.9 15.2 - -

Bank of Maharashtra Neutral 57 - 3,744 4,289 4,670 2.9 2.8 11.6 13.1 4.9 4.3 0.7 0.6 15.7 15.6 - -

Canara Bank Accumulate 423 461 18,748 11,673 13,208 2.3 2.3 74.8 85.8 5.7 4.9 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 72 - 7,552 8,079 9,086 2.6 2.6 14.9 18.0 4.9 4.0 0.7 0.6 12.2 13.3 - -

Corporation Bank Accumulate 406 453 6,210 5,397 5,973 2.2 2.2 96.3 105.9 4.2 3.8 0.6 0.5 14.6 14.4 - -

Dena Bank Neutral 93 - 3,257 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.5 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 456 - 7,796 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 13, 2013

7/30/2019 Market Outlook, 13.05.13

15/20



Financials

HDFC Neutral 878 - 135,866 8,928 10,684 3.7 3.7 38.4 45.3 22.9 19.4 5.0 4.4 32.5 32.4 - -

HDFC Bank Neutral 703 - 167,311 27,682 33,916 4.6 4.6 35.3 42.7 19.9 16.5 3.9 3.3 21.3 21.8 - -

ICICI Bank Buy 1,166 1,352 134,528 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 - 11,748 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 Buy 160 193 6,874 6,276 6,968 3.1 3.1 38.3 42.3 4.2 3.8 0.6 0.5 15.2 14.9 - -

IOB Neutral 63 - 5,845 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 1,361 - 6,597 3,032 3,118 3.8 3.5 218.1 200.9 6.2 6.8 1.2 1.0 19.9 16.0 - -LIC Housing Finance Accumulate 249 281 12,574 2,113 2,525 2.3 2.3 25.4 29.2 9.8 8.5 1.7 1.5 18.4 18.3 - -

Oriental Bank Accumulate 259 282 7,542 6,791 7,478 2.7 2.7 56.7 63.4 4.6 4.1 0.6 0.5 12.9 13.1 - -

Punjab Natl.Bank Buy 771 889 27,253 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 - 3,212 1,826 2,081 3.0 2.9 4.0 4.5 6.0 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,294 2,567 156,900 67,091 76,746 3.2 3.1 241.2 280.4 9.5 8.2 1.5 1.3 16.5 17.0 - -

Syndicate Bank Neutral 128 - 7,723 7,340 8,212 2.9 2.8 26.4 28.7 4.9 4.5 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 74 - 5,562 6,126 6,665 2.6 2.5 12.2 14.4 6.1 5.1 0.9 0.8 11.8 12.6 - -

Union Bank Accumulate 240 264 14,296 11,226 12,769 2.7 2.7 41.0 47.8 5.8 5.0 0.8 0.7 14.8 15.4 - -

United Bank Accumulate 60 68 2,235 3,597 4,008 2.6 2.7 16.0 20.8 3.7 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 53 - 2,626 2,600 2,946 2.0 2.1 9.7 11.0 5.5 4.8 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 509 - 18,273 4,390 5,411 2.8 2.8 41.6 47.9 12.3 10.6 2.6 2.2 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,637 - 44,476 13,319 15,805 15.7 15.7 143.8 170.2 32.2 27.3 10.1 8.0 35.1 32.7 3.3 2.7

Britannia Neutral 571 - 6,830 6,417 7,446 5.1 5.5 20.3 25.2 28.2 22.7 9.6 7.6 37.4 37.3 1.0 0.8

Colgate Neutral 1,536 - 20,895 3,588 4,130 21.1 21.6 44.7 51.9 34.3 29.6 30.9 23.0 100.0 89.1 5.6 4.8

Dabur India Neutral 161 - 27,974 7,183 8,340 16.8 16.8 5.4 6.3 29.9 25.5 11.6 9.1 41.5 40.1 3.8 3.3

GlaxoSmith Con* Neutral 4,062 - 17,083 3,617 4,260 16.1 16.4 120.6 146.4 33.7 27.7 10.4 8.4 33.8 33.4 4.4 3.7

Godrej Consumer Neutral 847 - 28,827 7,801 9,017 16.2 15.9 25.1 29.7 33.7 28.5 7.3 6.0 24.9 24.2 3.8 3.3

HUL Neutral 585 - 126,483 29,167 33,164 13.6 13.7 17.1 18.4 34.2 31.8 32.9 23.8 113.4 87.0 4.2 3.7

ITC Neutral 353 - 278,895 33,506 39,067 36.8 37.0 11.1 13.0 31.8 27.2 10.3 8.4 35.5 34.1 8.0 6.8

Marico Neutral 213 - 13,705 5,352 6,204 14.0 14.0 7.9 9.8 26.9 21.7 5.6 4.5 22.8 22.9 2.5 2.1

Nestle* Neutral 4,884 - 47,093 9,739 11,307 21.5 22.2 131.6 159.9 37.1 30.6 18.7 13.4 58.8 69.5 4.7 4.0

Tata Global Neutral 146 - 9,038 7,998 8,798 9.7 9.8 7.9 8.7 18.5 16.8 2.2 2.2 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

May 13, 2013

7/30/2019 Market Outlook, 13.05.13

16/20



IT

HCL Tech^ Accumulate 774 863 53,890 28,633 32,216 21.5 20.7 57.3 61.7 13.5 12.6 3.2 2.7 24.0 21.5 1.7 1.4

Hexaware* Buy 82 102 2,461 2,091 2,289 19.0 18.8 10.6 11.3 7.8 7.3 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,371 - 136,137 43,338 47,244 27.5 27.7 169.4 182.6 14.0 13.0 2.9 2.5 20.8 19.3 2.5 2.2

Infotech Enterprises Accumulate 170 185 1,902 1,956 2,174 17.9 17.7 20.4 21.9 8.3 7.8 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 102 135 1,968 2,513 2,819 16.1 15.5 12.6 14.0 8.1 7.3 1.4 1.2 17.9 16.6 0.7 0.6

Mahindra Satyam Buy 112 143 13,204 8,456 9,385 19.3 19.1 10.6 11.9 10.6 9.4 2.4 1.9 22.4 20.1 1.1 0.9

Mindtree Accumulate 859 920 3,568 2,599 2,871 19.4 19.2 85.2 92.3 10.1 9.3 2.1 1.7 21.4 18.9 1.1 0.9Mphasis& Reduce 433 395 9,101 6,096 6,646 17.6 17.4 38.1 41.6 11.4 10.4 1.6 1.4 14.2 13.7 1.0 0.8

NIIT Buy 23 30 381 1,144 1,267 9.0 9.1 4.3 5.4 5.4 4.3 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Accumulate 529 593 2,118 1,445 1,617 25.2 25.0 55.3 59.3 9.6 8.9 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,495 1,585 292,516 71,833 81,893 28.4 28.0 78.5 88.0 19.0 17.0 5.8 4.7 30.2 27.9 3.8 3.3

Tech Mahindra Buy 975 1,230 12,519 7,699 8,315 19.3 18.1 107.0 115.0 9.1 8.5 2.0 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 355 385 87,461 40,173 43,697 20.4 20.6 26.2 28.5 13.6 12.5 2.7 2.3 19.7 18.4 1.7 1.4

Media

D B Corp Buy 236 272 4,325 1,787 1,974 25.4 26.4 14.5 16.9 16.2 14.0 3.4 2.9 22.4 22.2 2.3 2.0

HT Media Accumulate 110 117 2,579 2,205 2,380 15.1 15.6 8.0 9.1 13.7 12.1 1.5 1.3 11.2 11.4 0.8 0.6

Jagran Prakashan Buy 90 121 2,991 1,698 1,908 23.9 24.5 7.4 8.4 12.2 10.8 3.1 2.7 26.7 26.8 1.9 1.7

PVR Neutral 361 - 1,432 1,343 1,521 18.8 18.9 18.3 22.9 19.7 15.8 1.9 2.0 10.6 12.3 1.1 0.9

Sun TV Network Neutral 423 - 16,666 2,293 2,571 68.7 68.7 19.3 22.7 21.9 18.6 5.4 4.7 26.1 27.3 6.7 5.8

Metals & Mining

Bhushan Steel Neutral 461 - 10,439 13,794 17,335 30.7 34.8 48.9 83.6 9.4 5.5 1.0 0.9 11.2 16.7 2.4 1.9

Coal India Buy 300 345 189,333 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 18 26 587 2,074 2,176 10.4 11.3 1.9 2.3 9.5 7.9 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 152 213 4,843 1,944 2,317 49.9 51.7 20.8 25.6 7.3 5.9 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 121 145 51,147 12,358 13,659 51.4 51.6 16.0 17.6 7.6 6.9 1.4 1.2 19.4 18.4 1.9 1.3

Hindalco Neutral 106 - 20,275 88,987 94,163 9.2 9.7 13.8 15.9 7.7 6.7 0.6 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 696 - 15,526 39,524 42,064 17.1 16.9 71.8 86.3 9.7 8.1 0.8 0.7 8.6 9.6 0.7 0.6

MOIL Accumulate 221 243 3,717 954 1,062 45.5 47.4 26.1 29.1 8.5 7.6 1.2 1.1 15.1 15.2 1.4 1.1

Monnet Ispat Buy 195 291 1,241 2,883 3,181 21.7 23.6 40.3 57.7 4.8 3.4 0.5 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 37 - 9,471 8,187 8,416 14.5 14.7 3.2 3.3 11.5 11.3 0.8 0.7 6.8 6.7 0.6 0.6

NMDC Buy 127 179 50,292 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.7 1.5 1.3 20.6 20.2 2.7 2.1


Market Outlook

Stock Watch

May 13, 2013

7/30/2019 Market Outlook, 13.05.13

17/20



Metals & Mining

SAIL Neutral 63 - 26,019 53,685 64,183 9.3 12.2 5.5 8.3 11.5 7.6 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Neutral 163 - 14,123 3,742 4,426 32.9 32.8 30.0 29.8 5.4 5.5 0.7 0.6 14.3 12.5 4.6 3.8

Sterlite Inds Neutral 96 - 32,414 44,462 45,568 23.2 24.7 18.1 20.2 5.3 4.8 0.6 0.5 11.3 11.4 0.7 0.6

Tata Steel Buy 318 430 30,899 141,775 151,672 10.5 11.4 35.3 51.7 9.0 6.2 0.7 0.6 7.6 10.3 0.6 0.5

Sarda Buy 106 153 381 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 37 48 498 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5

Godawari Power andIspat Buy 87 118 285 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Accumulate 303 345 57,957 16,482 16,228 69.4 53.3 53.3 49.6 5.7 6.1 0.9 0.8 16.5 13.6 2.2 1.8

GAIL Neutral 342 - 43,420 55,815 63,013 15.3 15.2 35.9 41.5 9.5 8.3 1.5 1.3 17.0 17.1 0.7 0.5

ONGC Accumulate 326 354 278,909 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.3

Reliance Industries Neutral 812 - 262,254 380,031 407,721 9.9 69.3 69.3 78.0 11.7 10.4 1.2 1.1 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 254 - 3,254 3,707 3,850 11.7 12.4 23.7 25.7 10.7 9.9 3.0 2.6 29.6 28.2 0.8 0.7

Indraprastha Gas Neutral 298 - 4,169 3,700 4,218 23.4 22.8 26.6 30.4 11.2 9.8 2.3 2.0 22.6 21.7 1.2 1.0

Petronet LNG Buy 144 167 10,830 40,356 40,872 5.8 6.4 15.0 16.7 9.6 8.6 2.0 1.7 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 65 - 3,635 1,079 983 91.8 91.9 8.8 7.8 7.4 8.2 1.2 1.1 17.8 14.1 3.1 3.3

Pharmaceuticals

Alembic Pharma Accumulate 122 139 2,296 1,736 2,008 17.1 18.9 10.7 13.9 11.4 8.8 3.6 2.7 35.0 34.7 1.4 1.1

Aurobindo Pharma Buy 195 264 5,676 6,279 7,033 16.0 16.0 15.2 19.2 12.8 10.2 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,504 - 5,766 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.3 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 789 962 16,149 7,386 8,863 18.0 18.0 39.5 48.1 20.0 16.4 4.5 3.7 24.8 24.7 2.5 2.0

Cipla Buy 397 463 31,912 9,130 10,543 24.8 23.0 21.6 23.2 18.4 17.1 3.0 2.6 17.6 16.2 3.2 2.7

Dr Reddy's Neutral 2,022 - 34,334 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 73 206 587 1,536 1,739 20.2 20.9 15.4 20.6 4.7 3.5 0.5 0.5 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,329 - 19,727 2,854 3,145 28.6 28.6 76.6 83.3 30.4 28.0 9.1 8.3 31.1 31.0 6.1 5.4

Indoco Remedies Buy 63 90 584 784 902 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 564 676 7,120 3,474 4,168 21.0 21.0 37.3 45.1 15.1 12.5 3.6 2.8 26.4 25.3 2.2 1.8

Lupin Buy 742 877 33,235 11,641 13,933 21.3 21.3 34.8 41.8 21.3 17.8 5.0 4.0 26.2 24.8 2.9 2.4

Ranbaxy* Neutral 444 - 18,771 11,400 12,060 12.5 12.5 21.6 22.5 20.5 19.7 3.9 3.4 20.6 18.5 1.6 1.4

Sun Pharma Neutral 935 - 96,698 12,563 14,698 42.6 42.6 29.8 35.5 31.4 26.3 5.6 4.7 19.2 19.3 7.1 5.9

Power

GIPCL Accumulate 72 78 1,091 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 13, 2013

7/30/2019 Market Outlook, 13.05.13

18/20



Power

NTPC Accumulate 155 163 127,928 81,951 92,264 24.1 24.3 13.6 14.9 11.4 10.4 1.4 1.3 13.0 13.1 2.3 2.1

Real Estate

DLF Buy 237 288 40,328 9,699 12,010 37.0 36.9 6.0 8.4 39.8 28.2 1.5 1.4 3.8 5.1 5.6 4.6

MLIFE Accumulate 407 446 1,663 888 1,002 26.7 25.9 36.3 40.6 11.2 10.0 1.2 1.1 10.8 11.0 2.1 1.9

Telecom

Bharti Airtel Neutral 324 - 123,097 86,933 96,121 30.2 31.2 10.3 15.7 31.5 20.7 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 126 - 41,700 24,959 27,232 27.1 27.5 3.7 4.7 33.8 26.8 2.7 2.5 8.1 9.2 2.1 1.8Rcom Neutral 110 - 22,766 22,221 24,253 32.0 32.2 4.3 6.4 25.4 17.2 0.6 0.6 2.4 3.4 2.6 2.2

Others

Abbott India* Accumulate 1,460 1,659 3,102 1,863 2,081 11.8 12.4 71.2 83.0 20.5 17.6 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 176 237 1,755 3,929 4,480 7.4 7.7 15.5 19.7 11.4 8.9 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 453 562 573 630 795 14.4 13.6 42.8 51.1 10.6 8.9 2.5 2.0 26.6 25.2 0.9 0.7

Cravatex Buy 430 566 111 308 351 7.0 7.0 39.6 47.2 10.9 9.1 2.4 1.9 21.8 21.0 0.4 0.4

Finolex Cables Buy 56 68 856 2,563 2,899 9.8 9.8 10.1 11.3 5.6 5.0 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 391 570 510 2,299 2,621 4.7 4.9 46.3 57.0 8.5 6.9 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 299 352 689 1,453 1,560 9.4 9.8 38.4 41.4 7.8 7.2 1.6 1.4 22.9 20.8 0.3 0.2

Hitachi Buy 152 177 413 1,053 1,169 6.3 7.1 13.8 17.7 11.0 8.6 1.6 1.3 15.0 16.7 0.4 0.4

Honeywell Automation* Sell 2,456 - 2,172 1,842 2,131 7.7 7.8 112.4 132.4 21.9 18.6 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 169 198 153 495 651 12.7 12.9 29.3 39.5 5.8 4.3 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 184 238 211 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 181 - 2,926 979 1,164 14.9 15.1 6.0 7.7 30.2 23.5 3.7 3.4 12.9 15.1 3.1 2.6

MRF Neutral 14,865 - 6,305 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.3 8.3 1.8 1.5 23.5 19.2 0.6 0.6

Page Industries Reduce 3,898 3,637 4,348 1,047 1,281 19.6 19.8 127.3 158.1 30.6 24.7 14.6 10.6 54.9 50.0 4.2 3.5Relaxo Footwears Buy 563 786 676 1,148 1,360 11.7 11.9 55.5 71.4 10.2 7.9 2.4 1.8 26.3 26.2 0.7 0.6

Siyaram Silk Mil ls Accumulate 274 312 257 1,157 1,320 11.9 12.0 66.6 77.9 4.1 3.5 0.7 0.6 18.3 18.2 0.5 0.4

S. Kumars Nationwide Neutral 7 - 199 6,765 7,393 18.1 18.0 6.4 7.5 1.0 0.9 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Accumulate 537 617 944 1,068 1,223 9.6 9.6 38.1 44.1 14.1 12.2 1.9 1.7 14.5 14.7 0.9 0.7

TAJ GVK Buy 62 108 389 300 319 35.8 36.2 7.9 9.1 7.9 6.8 1.0 0.9 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 288 371 443 814 849 17.0 17.6 64.6 69.2 4.5 4.2 0.6 0.5 14.5 13.8 0.2 -

TTK Healthcare Accumulate 503 553 391 435 516 6.2 7.1 24.3 33.3 20.7 15.1 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Neutral 279 - 1,004 150 192 52.7 52.5 12.8 16.2 21.8 17.2 2.2 1.9 10.0 11.1 6.3 4.8

TVS Srichakra Buy 184 226 141 1,591 1,739 7.1 7.4 39.4 56.5 4.7 3.3 0.9 0.8 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

May 13, 2013

7/30/2019 Market Outlook, 13.05.13

19/20



Others

United Spirits Neutral 2,328 - 30,452 11,886 13,491 14.4 14.0 50.9 74.5 45.7 31.3 3.8 3.4 10.6 11.4 2.9 2.5

Vesuvius India* Buy 368 439 747 600 638 20.1 19.4 35.7 36.6 10.3 10.1 1.9 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 May 11, 2013


Market Outlook

Stock Watch

May 13, 2013

7/30/2019 Market Outlook, 13.05.13

20/20


market outlook, 13.05.13

Documents