market outlook 17-10-12

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Market OutlookOctober 17, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in the green, tracking positive opening in

most of the Asian markets, with expectations that policy makers around the world

will succeed in reducing market risks and gradually turning the global economy

around.

The US markets closed higher yesterday, buoyed by strong earnings from several

major companies, including financial giant Goldman Sachs (GS), Coca-Cola and

Johnson & Johnson, and reports that Spain is mulling a request for a line of credit

from the European Union. A report showed a rebound in industrial production to

0.4% in September from -1.4% earlier in August. European stocks also gained

ground, commodities rose and the euro held steady against the dollar after a key

survey revealed German investor confidence improved for a second month in

October, with the risks faced by the economy abating somewhat in the recent

weeks.

Meanwhile the Indian markets fell yesterday notwithstanding firm global cues, as

the opposition parties demanded a probe into the mounting controversy over a

land deal between Robert Vadra and DLF. On the global front, other Asian stocks

rose broadly, led by exporters on better-than-expected US retail sales data and

easing concerns about a Greek exit from the Eurozone.

Markets TodayThe trend deciding level for the day is 18,643 / 5,666 levels. If NIFTY trades above

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

up to 18,736 18,895 / 5,696 5,744 levels. However, if NIFTY trades below

18,643 / 5,666 levels for the first half-an-hour of trade then it may correct up to

18,484 18,391 / 5,618 5,587 levels.

SENSEX 18,391 18,484 18,643 18,736 18,895

NIFTY 5,587 5,618 5,666 5,696 5,744

News Analysis Maruti Suzuki launches Alto 800 at `2.44lakhs 2QFY2013 Result Review: Shree Cement, MindTree 2QFY2013 Result Preview: HCL Technologies, Infotech EnterprisesRefer detailed news analysis on the following page

Net Inflows (October 15, 2012)

FII 1,271 1,104 167 22,202 66,048

MFs 473 472 1 (4,362) (10,036)

FII Derivatives (October 16, 2012)

Index Futures 1,063 1,196 (133) 14,768

Stock Futures 1,350 1,500 (151) 30,350

Gainers / Losers

Essar Oil 64 6.8 HDIL 101 (5.8)

United Spirits 1,275 4.2 Reliance Comm 59 (4.9)

Exide Industries 157 3.6 Unitech 26 (4.8)

Axis Bank 1,146 2.5 Reliance Power 100 (4.3)

Maruti Suzuki 1,367 2.1 DLF 208 (4.3)

BSE Sensex (0.7) (135.9) 18,578

Nifty (0.7) (39.3) 5,648

MID CAP (0.7) (48.1) 6,633

SMALL CAP (0.4) (29.2) 7,111

BSE HC (0.6) (45.7) 7,549

BSE PSU (0.9) (69.0) 7,355

BANKEX (0.8) (109.0) 13,027

AUTO (0.9) (94.6) 10,149

METAL (1.9) (200.8) 10,410

OIL & GAS (0.8) (65.2) 8,524

BSE IT (0.1) (7.9) 5,677

Dow Jones 1.0 127.6 13,552NASDAQ 1.2 37.0 3,101

FTSE 1.1 64.9 5,871

Nikkei 1.4 123.4 8,701

Hang Seng 0.3 58.8 21,207

Straits Times 0.1 3.8 3,047

Shanghai Com 0.0 0.1 2,099

INFY 0.0 0.0 $44.6

WIT 0.5 0.0 $8.5IBN (0.2) (0.1) $39.9

HDB (0.6) (0.2) $37.5

Advances 1,179 537

Declines 1,712 986

Unchanged 123 66

BSE 2,936

NSE 10,738

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Maruti Suzuki launchesAlto 800 at `2.44lakhs

Maruti Suzuki (MSIL) launched its much awaited new small car, Alto 800 in petrol

and CNG options priced between `2.44lakhs to `3.56lakhs. The new Alto 800 is

based on the existing Alto platform and is powered by a 796cc three-cylinder

engine. According to the company, the new car has been developed at aninvestment of `470cr (MSIL as well as vendors) and will be rolled out from the

companys Gurgaon facility in three petrol and three factory fitted CNG variants.

The new Alto 800 sports a fresh look, is more spacious and is 15% more fuel

efficient than the previous model. The company has already received 10,000

bookings for the newAlto 800. The new car has been competitively priced and will

take on Hyundais Eon and General Motors Chevrolet Sparkwhich are available

at `2.75lakhs and `2.85lakhs, respectively.

We expect the launch of the new car ahead of the festival season to revive the

volumes of the company in the entry level segment which are down 21.2% yoy (as

against 1.4% decline in total volumes) YTD in FY2013. Further, MSIL is expected tobegin exports (to Africa and Latin America) of the new car from January 2013,

which will also lend momentum to the volumes. Nonetheless, due to challenging

macro-environment, dampened consumer sentiments and increasing competition

we expect MSIL to clock ~5% volume growth in FY2013. At `1,367 the stock is

trading at 14.8x FY2014E earnings which is in-line with its historical average of

15x.

Result Review

Shree Cement (CMP: `4,049/TP:-/Upside:-)

Shree Cement (SRCM) posted a 55.4% yoy growth in its 1QFY2013 top-line, which

is ahead of our estimates of a growth of 46.1% yoy. The stellar performance was

on account of a 27.3% yoy growth (vs our estimate of a 26.2% yoy growth) in

cement volumes coupled with a 10% yoy growth (vs our estimate of an 8.4% yoy

growth) in cement realization. The power business too posted a multifold growth

on a yoy basis in revenue to `136cr (`4.2cr in 2QFY2012). The OPM rose by

649bp yoy to 29.7% aided by better cement realization. The net profit stood at

`229cr up 519.8% on a yoy basis aided by a strong operational performance and

41.8% yoy decline in depreciation to `94cr (`162cr).

FY2013E 5,630 29.5 775 223 25.3 18.2 4.1 6.5 137

FY2014E 6,187 27.9 903 259 23.8 15.6 3.4 5.5 -

Note: * computed on TTM basis

MindTree (CMP: `677 / TP: Under review)

MindTree reported broadly in-line set of results for 2QFY2013. The volume as wellas USD revenue growth was muted at 1.0% and 1.7%, respectively. USD revenue

came in at US$107.3mn. In INR terms, revenue came in at `596cr, up 5.9% qoq.

Operating margins surprised positively with EBITDA growing by ~125bp qoq to

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22.1%, despite having some negative impact of wage hike which got offset by

operational efficiencies and INR depreciation. PAT came in at `72cr, down 18.8%

qoq, hit because of forex loss of ~`42cr but this loss was partially recouped by

lower tax outgo.

Because of muted growth in 1HFY2013, management lowered its revenue growthguidance from 11-14% earlier to less than 11% now, which doesnot bode very

well with the company though this was already factored in our estimates keeping

in mind the stretched growth rates required quarterly (FY2013E USD revenue

growth 9.5%). The company has recently set up a team to chase large deals and

management indicated that large deal closure is happening but at a slower rate.

We continue to be positive on the stock owing to its diversified revenue portfolio

and past performance. The target price is currently under review.

FY2013E 2,334 19.5 290 70.4 23.3 9.6 2.2 4.8 0.9FY2014E 2,481 17.6 318 77.2 20.4 8.8 1.8 4.5 0.8

Result Preview

HCL Technologies (CMP: `584 / TP: `632 / Upside: 8%)

HCL Technologies is slated to announce its 1QFY2013 numbers today. We expect

the company to post revenue of US$1,119mn, 3.6% qoq growth. In rupee terms,

the revenue is expected to grow by 3.9% qoq to `6,153cr. EBITDA margin is

expected to decline by 134bp qoq to 20.6% due to negative impact of wage hikes

given during the quarter. PAT is expected to come in at `786cr. The company is

one of our preferred picks in the IT sector.

FY2013E 24,569 18.8 2,906 41.4 22.8 14.1 3.2 8.4 1.6

FY2014E 27,002 17.6 3,166 45.1 21.1 12.9 2.7 8.0 1.4

Infotech Enterprises CMP: `191 / TP: - / Upside: -)

Infotech Enterprises is slated to announce its 2QFY2013 results today. We expect

the company to post revenues of US$87mn, up 3.4% qoq majorly led by volume

growth. In rupee terms, revenues are expected to come in at `479cr, up 4.9% qoq.

EBITDA margin is expected to decline by 20bp qoq to 18.5%. PAT is expected to

come in at `69cr.

FY2013E 1,895 18.0 201 18.1 14.5 10.6 1.5 4.3 0.8

FY2014E 2,049 17.5 217 19.5 13.6 9.8 1.3 3.6 0.6

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Quarterly Bloomberg Brokers Consensus Estimate

Net sales 6,139 4,651 32.0 5,919 3.7

EBITDA 1,217 795 53.1 1,301 (6.4)EBITDA margin (%) 19.8 17.1 22.0

Net profit 787 497 58.3 854 (7.8)

Net sales 2,495 2,283 9 2,919 (15)

EBITDA 461 317 45 690 (33)

EBITDA margin (%) 18.5 13.9 23.6

Net profit 283 159 78 415 (32)

Net sales 2,189 1,805 21 2,566 (15)

EBITDA 533 319 67 735 (27)

EBITDA margin (%) 24.3 17.7 28.6

Net profit 335 171 96 469 (29)

Net sales 2,750 2,593 6 2,713 1

EBITDA 1,428 1,465 (3) 1,429 (0)

EBITDA margin (%) 51.9 56.5 52.7

Net profit 1,393 1,345 4 1,581 (12)

Net sales 1,322 1,072 23 1,463 (10)

EBITDA 213 519 (59) (120) (278)

EBITDA margin (%) 16.1 48.4 -8.2

Net profit (268) 177 (251) (793) (66)

Net sales 701 588 19 774 (9)

EBITDA 496 411 21 632 (22)

EBITDA margin (%) 70.8 69.9 81.7

Net profit 335 273 23 418 (20)

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Net sales 1,504 1,175 28 1,551 (3)

EBITDA 232 90 158 233 0

EBITDA margin (%) 15.4 7.7 15.0

Net profit 155 51 204 152 2

Net sales 6,876 5,974 15 6,652 3

EBITDA 2,527 2,219 14 2,368 7

EBITDA margin (%) 36.8 37.1 35.6

Net profit 1,750 1,514 16 1,602 9

Net sales 862 718 20 811 6

EBITDA 213 208 2 233 (9)

EBITDA margin (%) 24.7 29.0 28.7

Net profit 164 160 2 157 4

Net sales 15,456 11,633 33 14,869 4

Net profit 3,360 2,231 51 3,072 9

Economic and Political News

Cabinet reshuffle likely on October 19 Food subsidy already 36% more than 2012-2013 budget estimate Government to lift cap on food parks to attract private investors Government to drop airport fee in New Delhi, Mumbai Land Bill to be presented to cabinet by month-end

Corporate News

Government nominees yet to sign revised plan for MA oilfield: RIL Jain Irrigation approves issue to raise `610cr Maruti's Manesar plant to produce 2,000 cars a day by Nov-end Welspun plans to buy back US$150mn convertible bonds

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

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Date Company

October 17, 2012 HCL Tech, CRISIL, Rallis, Infotech Enterprises

October 18, 2012 Hind. Zinc, Ambuja Cements, ACC, D B Corp, Persistent

October 19, 2012TCS, ITC, Mundra Port, Adani Power, Petronet LNG, Exide Industries, Zee Entertainment, South Ind.Bank, Blue Star,

NIIT, Alembic Pharma, Tata SpongeOctober 20, 2012 Bajaj Auto, UltraTech Cement, Indian Bank, Federal Bank, J K Lakshmi Cements, Force Motors

October 21, 2012

October 22, 2012 HDFC, Larsen & Toubro, Cairn India, Idea Cellular, Bank of Baroda, Syndicate Bank, Indiabulls Fin.

October 23, 2012 Hero Motocorp, Sterlite Inds, Lupin, Yes Bank, United Phosphorus, Bank of Maharashtra

October 24, 2012

October 25, 2012 Adani Enterp., M&M, Kotak Mah. Bank, Asian Paints, Oriental Bank, Ipca labs, Bajaj Electrical, KPIT Cummins

October 26, 2012 NTPC, ICICI Bank, GAIL, Punjab Natl.Bank, IDFC, Dabur India, IOB, United Bank, Hind. Const.

October 27, 2012 Sarda Energy

October 28, 2012 JSW Steel

October 29, 2012 Colgate, Styrolution

October 30, 2012 Maruti, Dr Reddy's, Grasim Inds, Thermax, Taj GVK

October 31, 2012 NHPC, Titan Inds., Tata Global, TVS Motor

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

October 17, 2012 US Housing Starts Thousands Sep 750.00 770.00

US Building permits Thousands Sep 801.00 810.00

UK Jobless claims change % Change Sep (15.00) --October 18, 2012 US Initial Jobless claims Thousands Oct 13 339.00 365.00

China Industrial Production (YoY) % Change Sep 8.90 9.00

China Real GDP (YoY) % Change 3Q 7.60 7.40

October 19, 2012 US Existing home sales Millions Sep 4.82 4.75

October 23, 2012 Euro ZoneEuro-Zone ConsumerConfidence

Value Oct A (25.90) --

October 24, 2012 Germany PMI Services Value Oct A 49.70 --

Germany PMI Manufacturing Value Oct A 47.40 --

US New home sales Thousands Sep 373.00 381.00

US FOMC rate decision % Oct 24 0.25 --

October 25, 2012 UK GDP (YoY) % Change 3Q A (0.50) --

October 26, 2012 US GDP Qoq (Annualised) % Change 3Q A 1.30 1.70

October 30, 2012 US Consumer ConfidenceS.A./

1985=100Oct 70.30 --

India RBI Repo rate % Oct 30 8.00 --

India RBI Cash Reserve ratio % Oct 30 4.50 --

India RBI Reverse Repo rate % Oct 30 7.00 --

October 31, 2012 Germany Unemployment change (000's) Thousands Oct 9.00 --

November 01, 2012 UK PMI Manufacturing Value Oct 48.40 --

China PMI Manufacturing Value Oct 49.80 --

November 02, 2012 US Change in Nonfarm payrolls Thousands Oct 114.00 --US Unnemployment rate % Oct 7.80 --

November 06, 2012 UK Industrial Production (YoY) % Change Sep (1.20) --



October 17, 2012

Market Outlook

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Market StrategyOctober 17, 2012


Macro watch

Exhibit 1 :Q uarterly G D P trends

3. 5

5. 7

9 .0

7. 5

8. 5

7. 68. 2

9. 2

8. 0

6. 76. 1

5. 3 5. 5

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

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

(%)

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

2. 5

(5.0)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2. 5

(1.8)

(0.2)

2. 7

(6.0)

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

(%)

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

9. 9 9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 5 7. 67. 8

0. 0

2. 0

4. 0

6. 0

8. 0

10.0

12.0

O

ct-11

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

(%)

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Sep

-11

O

ct-11

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

M fg. PM I 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

(30.0)

(15.0)

0. 0

15.0

30.0

45.0

60.0

Aug

-11

Sep

-11

O

ct-11

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Exp orts yo y growth Im ports yo y growth( %)


Exhibit 6 :Key policy rates

8.00

7.00

4.50

4.00

5.00

6.00

7.00

8.00

9.00

Sep

-11

O

ct-11

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

Repo rate Reverse Repo rate C RR(%)

Source: RBI, Angel Research

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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 143 - 2,786 1,466 1,686 14.8 14.8 7.0 8.1 20.5 17.7 4.3 3.7 22.6 22.5 2.0 1.7

United Phosphorus Buy 123 170 5,691 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.3 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 219 - 3,738 2,844 3,275 15.4 15.6 15.9 18.8 13.8 11.6 3.5 2.8 28.9 26.9 1.2 1.1

Apollo Tyres Accumulate 85 99 4,279 13,412 15,041 11.3 11.0 12.1 14.2 7.0 6.0 1.3 1.1 19.6 19.2 0.5 0.4

Ashok Leyland Buy 23 30 6,239 14,920 16,850 9.0 9.3 2.2 2.8 10.8 8.5 2.0 1.7 13.3 15.6 0.5 0.5

Automotive Axle# Neutral 381 - 576 993 1,140 11.6 11.5 36.9 43.0 10.3 8.9 2.0 1.8 21.2 21.3 0.7 0.5Bajaj Auto Neutral 1,751 - 50,664 21,285 23,927 18.2 18.3 108.5 121.3 16.1 14.4 6.7 5.4 46.1 41.3 2.1 1.8

Bharat Forge Accumulate 301 351 7,011 7,004 7,985 16.2 16.4 20.3 25.1 14.8 12.0 2.7 2.3 20.0 20.9 1.2 1.0

Bosch India* Neutral 8,764 - 27,519 8,793 10,294 17.4 18.5 348.3 435.8 25.2 20.1 4.9 4.0 19.4 20.1 2.8 2.3

CEAT Buy 119 164 406 4,989 5,634 8.7 8.5 32.7 41.1 3.6 2.9 0.5 0.5 15.8 16.9 0.3 0.2

Exide Industries Neutral 157 - 13,324 5,913 6,787 16.0 17.0 7.4 9.2 21.2 17.1 3.8 3.2 19.1 20.3 1.9 1.6

FAG Bearings* Neutral 1,792 - 2,978 1,505 1,768 17.5 18.0 111.2 132.7 16.1 13.5 3.3 2.7 22.8 22.2 1.7 1.4

Hero Motocorp Accumulate 1,801 2,077 35,955 24,941 28,706 15.0 15.5 122.5 134.0 14.7 13.4 6.5 5.1 49.6 42.2 1.2 1.0

JK Tyre Buy 110 135 453 7,517 8,329 6.1 6.3 26.2 38.5 4.2 2.9 0.5 0.5 13.4 17.2 0.3 0.3

Mahindra and Mahindra Accumulate 826 944 50,715 37,434 42,860 11.6 11.5 50.4 56.3 16.4 14.7 3.4 2.9 22.6 21.5 1.2 1.0

Maruti Neutral 1,367 - 39,484 41,796 49,350 7.6 8.6 66.6 92.6 20.5 14.8 2.3 2.1 12.0 14.8 0.7 0.6

Motherson Sumi Neutral 155 - 9,121 24,285 27,317 6.7 7.2 8.1 10.6 19.3 14.7 4.1 3.3 22.9 24.7 0.5 0.5

Subros Buy 30 34 179 1,230 1,378 8.8 8.6 4.5 5.7 6.6 5.3 0.6 0.6 9.8 11.8 0.4 0.3

Tata Motors Buy 262 316 69,906 195,096 219,428 12.8 13.0 39.0 44.9 6.7 5.8 1.9 1.5 32.6 28.8 0.4 0.4

TVS Motor Buy 41 49 1,926 7,611 8,443 7.9 7.9 4.7 5.4 8.6 7.5 1.5 1.3 17.9 18.1 0.2 0.2

Capital Goods

ABB* Sell 781 593 16,555 8,760 10,023 6.2 8.7 14.5 24.7 54.1 31.6 5.9 5.2 11.6 17.6 1.9 1.7BGR Energy Neutral 275 - 1,981 3,669 4,561 11.0 11.0 24.7 29.6 11.1 9.3 1.6 1.5 15.3 16.7 1.1 1.0

BHEL Neutral 244 - 59,807 47,801 43,757 19.0 18.8 25.3 22.8 9.7 10.7 3.0 2.5 34.3 25.3 1.1 1.2

Blue Star Neutral 208 - 1,867 3,047 3,328 5.4 6.9 12.5 16.2 16.6 12.8 4.0 3.3 26.1 28.2 0.6 0.5

Crompton Greaves Accumulate 133 141 8,519 12,691 14,126 7.4 8.9 7.0 9.7 19.0 13.7 2.2 2.0 11.9 15.0 0.7 0.6

Jyoti Structures Buy 46 54 378 2,622 2,744 10.7 10.5 9.6 12.2 4.8 3.8 0.5 0.5 10.8 12.3 0.4 0.3

KEC International Accumulate 67 78 1,722 6,858 7,431 7.1 7.5 8.3 9.8 8.1 6.9 1.4 1.2 25.1 24.0 0.4 0.4

LMW Neutral 2,090 - 2,355 2,369 2,727 11.7 11.7 143.4 166.0 14.6 12.6 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 563 - 6,710 5,514 5,559 8.9 10.2 26.9 30.3 21.0 18.6 3.6 3.2 18.4 18.2 1.1 1.0


Market Outlook

Stock Watch

October 17, 2012

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Cement

ACC Neutral 1,445 - 27,127 10,964 12,417 21.6 21.5 76.9 82.2 18.8 17.6 3.5 3.2 19.5 19.1 2.2 1.9

Ambuja Cements Neutral 209 - 32,256 10,163 11,729 25.4 24.9 11.2 12.5 18.8 16.8 4.0 3.6 20.3 20.5 2.7 2.2

India Cements Neutral 99 - 3,047 4,354 4,929 18.6 18.7 9.8 12.3 10.1 8.1 0.9 0.8 8.6 10.2 1.1 1.0

J K Lakshmi Cements Neutral 118 - 1,441 1,964 2,278 19.5 20.4 16.3 17.9 7.2 6.6 1.1 0.9 14.7 14.6 0.9 1.2

Madras Cements Neutral 186 - 4,420 3,608 3,928 27.6 27.0 15.7 18.3 11.8 10.2 1.9 1.6 16.9 17.0 1.9 1.6

Shree Cements^ Neutral 4,049 - 14,105 5,630 6,187 29.6 27.9 222.5 259.3 18.2 15.6 4.2 3.4 25.3 23.8 1.9 1.5

UltraTech Cement Neutral 2,028 - 55,579 20,913 23,530 21.3 22.7 93.2 1 10.5 21.8 18.4 3.7 3.2 18.4 18.7 2.5 2.3Construction

Ashoka Buildcon Buy 229 304 1,206 2,034 2,315 22.4 22.4 27.1 31.7 8.5 7.2 1.0 0.9 13.1 13.4 1.8 2.1

Consolidated Co Neutral 14 - 262 2,262 2,522 6.7 7.5 1.5 2.7 9.5 5.3 0.4 0.4 4.4 7.5 0.4 0.4

Hind. Const. Neutral 18 - 1,098 4,239 4,522 9.9 11.2 (2.3) (1.0) (8.0) (18.8) 1.0 1.1 (11.4) (5.6) 1.2 1.2

IRB Infra Accumulate 149 166 4,941 3,964 4,582 42.3 40.2 15.7 16.9 9.5 8.8 1.5 1.3 16.6 15.8 2.8 2.7

ITNL Buy 183 232 3,546 6,840 7,767 26.4 26.1 24.4 30.3 7.5 6.0 1.1 1.0 16.0 16.2 2.7 2.9

IVRCL Infra Accumulate 45 51 1,376 5,510 6,722 8.8 9.0 2.5 4.6 17.7 9.8 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 90 91 19,127 15,259 17,502 25.7 24.7 4.0 4.8 22.4 18.9 1.7 1.6 8.5 9.3 2.5 2.2

Larsen & Toubro Accumulate 1,608 1,721 98,685 60,474 69,091 12.1 11.5 79.7 85.4 20.2 18.8 3.4 3.0 16.3 15.1 1.8 1.6

Madhucon Proj Buy 35 56 256 2,206 2,502 10.7 10.7 4.6 4.7 7.5 7.4 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 50 - 1,278 5,804 6,513 8.0 8.6 3.0 3.5 16.4 14.2 0.5 0.5 3.2 3.6 0.6 0.7

Patel Engg. Neutral 81 - 565 3,609 3,836 13.1 13.1 14.0 14.6 5.8 5.6 0.4 0.3 6.3 6.1 1.0 1.0

Punj Lloyd Neutral 52 - 1,732 11,892 13,116 8.9 8.9 1.7 3.1 30.7 16.9 0.6 0.6 1.9 3.4 0.6 0.5

Sadbhav Engg. Buy 144 182 2,164 2,506 3,147 10.3 10.7 7.5 10.4 19.2 13.8 2.4 2.1 13.5 16.0 1.0 0.9

Simplex Infra Buy 214 265 1,056 6,732 7,837 8.1 8.4 23.4 29.4 9.1 7.3 0.8 0.7 9.2 10.6 0.5 0.5

FinancialsAllahabad Bank Reduce 137 131 6,865 6,944 7,884 3.0 3.1 35.5 37.0 3.9 3.7 0.6 0.6 17.2 15.7 - -

Andhra Bank Reduce 107 97 5,999 4,929 5,633 3.1 3.1 23.7 24.5 4.5 4.4 0.7 0.7 16.6 15.3 - -

Axis Bank Buy 1,146 1,326 47,521 15,425 18,500 3.1 3.2 115.9 137.5 9.9 8.3 1.8 1.6 19.9 20.1 - -

Bank of Baroda Neutral 767 - 30,024 15,473 18,142 2.6 2.6 115.3 139.4 6.7 5.5 1.0 0.9 16.2 17.2 - -

Bank of India Accumulate 298 330 17,070 12,573 14,971 2.3 2.4 58.2 68.0 5.1 4.4 0.8 0.7 15.9 16.3 - -

Bank of Maharashtra Neutral 50 - 2,918 3,442 3,802 3.1 3.2 8.9 11.4 5.6 4.3 0.7 0.6 13.5 15.5 - -

Canara Bank Neutral 423 - 18,728 10,905 12,783 2.1 2.2 74.9 85.1 5.7 5.0 0.9 0.8 15.1 15.3 - -

Central Bank Neutral 75 - 5,499 7,095 8,102 2.5 2.7 15.6 21.0 4.8 3.6 0.8 0.7 12.2 14.7 - -


Market Outlook

Stock Watch

October 17, 2012

7/31/2019 Market Outlook 17-10-12

10/15



Financials

Corporation Bank Accumulate 407 447 6,036 4,886 5,669 2.1 2.2 101.3 101.8 4.0 4.0 0.7 0.6 17.0 15.1 - -

Dena Bank Neutral 107 - 3,740 3,147 3,495 2.8 2.9 24.8 24.4 4.3 4.4 0.8 0.7 18.7 15.9 - -

Federal Bank Neutral 470 - 8,043 2,593 3,009 3.2 3.2 44.9 52.5 10.5 9.0 1.3 1.2 12.8 13.5 - -

HDFC Neutral 743 - 114,432 7,340 8,805 3.5 3.5 31.5 37.8 23.6 19.7 4.7 4.2 34.8 32.2 - -

HDFC Bank Neutral 630 - 148,716 21,753 26,811 4.4 4.5 28.7 35.9 22.0 17.6 4.2 3.6 20.7 21.9 - -

ICICI Bank Buy 1,042 1,245 119,789 22,304 26,855 2.9 3.0 68.6 82.0 15.2 12.7 1.8 1.7 14.2 15.6 - -

IDBI Bank Neutral 98 - 12,529 7,761 9,484 1.9 2.2 17.1 22.9 5.7 4.3 0.7 0.6 11.9 14.4 - -Indian Bank Reduce 185 181 7,934 6,062 6,818 3.4 3.4 40.5 41.6 4.6 4.4 0.8 0.7 18.1 16.3 - -

IOB Accumulate 78 87 6,229 7,343 8,391 2.5 2.5 16.0 21.3 4.9 3.7 0.6 0.5 11.3 13.6 - -

J & K Bank Accumulate 1,162 1,021 5,635 2,600 2,850 3.6 3.5 192.3 188.0 6.1 6.2 1.2 1.0 21.0 17.7 - -

LIC Housing Finance Accumulate 256 301 12,922 1,867 2,338 2.4 2.4 21.1 28.5 12.1 9.0 2.0 1.7 17.5 20.4 - -

Oriental Bank Neutral 291 - 8,498 6,278 7,125 2.7 2.8 56.7 62.6 5.1 4.7 0.7 0.6 14.1 13.9 - -

Punjab Natl.Bank Accumulate 805 941 27,307 19,934 22,705 3.3 3.3 147.8 166.2 5.5 4.8 1.0 0.8 17.7 17.3 - -

South Ind.Bank Accumulate 24 25 3,159 1,535 1,760 2.9 2.8 3.5 3.9 6.7 6.1 1.1 1.0 19.5 17.1 - -

St Bk of India Accumulate 2,229 2,353 149,573 63,806 73,435 3.5 3.6 225.7 258.4 9.9 8.6 1.7 1.4 17.7 17.8 - -

Syndicate Bank Accumulate 120 117 7,220 6,722 7,719 2.9 3.0 24.3 27.2 4.9 4.4 0.8 0.7 17.0 16.8 - -

UCO Bank Neutral 76 - 5,055 5,411 6,124 2.4 2.5 17.0 16.5 4.5 4.6 0.9 0.8 16.7 14.4 - -

Union Bank Accumulate 199 226 10,961 9,924 11,647 2.8 2.9 38.6 46.3 5.2 4.3 0.9 0.7 15.4 16.3 - -

United Bank Buy 65 78 2,363 3,572 4,041 2.8 2.9 17.2 22.1 3.8 3.0 0.5 0.5 14.2 16.2 - -

Vijaya Bank Neutral 57 - 2,812 2,490 2,881 2.1 2.2 9.2 11.4 6.2 5.0 0.8 0.7 11.5 13.0 - -

Yes Bank Buy 381 452 13,584 3,270 4,253 2.8 3.0 33.9 42.2 11.3 9.0 2.4 1.9 23.1 23.6 - -

FMCG

Asian Paints Neutral 3,882 - 37,238 11,198 13,184 16.3 16.3 121.0 144.8 32.1 26.8 10.8 8.5 37.4 35.3 3.3 2.8Britannia Buy 496 584 5,927 5,835 6,824 5.7 6.0 20.7 25.4 24.0 19.6 9.5 7.2 43.1 41.9 0.9 0.7

Colgate Neutral 1,237 - 16,825 3,018 3,429 20.9 22.2 35.7 42.3 34.7 29.2 32.0 23.8 101.0 93.5 5.3 4.6

Dabur India Neutral 135 - 23,486 6,124 7,030 17.0 16.8 4.5 5.2 30.2 26.0 12.4 9.9 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 2,954 - 12,424 3,124 3,663 17.1 17.6 104.5 123.8 28.3 23.9 8.8 7.1 34.4 32.8 3.7 3.1

Godrej Consumer Neutral 675 - 22,982 6,097 7,233 18.4 18.6 21.9 26.5 30.9 25.5 6.8 5.7 25.5 25.4 3.9 3.3

HUL Neutral 574 - 124,148 25,350 28,974 13.9 13.9 14.3 16.5 40.3 34.9 24.0 18.5 70.9 59.8 4.4 3.8

ITC Neutral 285 - 224,140 29,513 33,885 35.4 35.8 9.3 10.8 30.8 26.5 10.2 8.5 35.6 35.0 6.9 6.0


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7/31/2019 Market Outlook 17-10-12

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FMCG

Marico Neutral 203 - 13,088 4,840 5,643 13.1 13.1 6.8 8.5 29.9 24.0 8.3 6.3 31.4 29.7 2.7 2.2

Nestle* Neutral 4,756 - 45,859 8,610 10,174 20.9 21.2 114.8 139.8 41.4 34.0 25.0 17.4 71.2 60.3 5.0 4.1

Tata Global Neutral 161 - 9,972 7,207 7,927 9.7 10.0 6.6 7.8 24.4 20.6 2.5 2.4 8.6 9.5 1.1 1.0

IT

HCL Tech^ Accumulate 584 632 40,549 24,569 27,002 18.8 17.6 41.4 45.1 14.1 12.9 3.2 2.7 22.8 21.1 1.6 1.4

Hexaware* Accumulate 113 140 3,346 1,966 2,161 22.5 21.4 11.6 12.2 9.7 9.3 2.5 2.2 26.8 23.9 1.5 1.3

Infosys Accumulate 2,354 2,687 135,200 39,383 41,380 31.7 31.9 163.2 173.4 14.4 13.6 3.5 3.0 23.9 22.0 3.1 2.8Infotech Enterprises Neutral 191 - 2,129 1,895 2,049 18.0 17.5 18.1 19.5 10.6 9.8 1.5 1.3 14.5 13.7 0.8 0.6

KPIT Cummins Buy 120 142 2,149 2,191 2,364 16.1 16.5 11.3 13.0 10.7 9.3 2.4 1.9 21.8 20.0 1.0 0.8

Mahindra Satyam Neutral 109 - 12,816 7,628 8,062 19.9 18.4 9.7 10.0 11.2 10.9 3.1 2.4 27.7 22.2 1.3 1.1

Mindtree Buy 677 772 2,770 2,334 2,481 19.5 17.6 70.4 77.2 9.6 8.8 2.2 1.8 23.3 20.4 0.9 0.8

Mphasis& Neutral 401 - 8,424 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.8 1.6 1.4 14.3 12.6 1.0 0.9

NIIT Accumulate 35 36 570 1,034 1,146 9.9 11.0 5.2 6.4 6.6 5.4 0.9 0.8 12.8 14.3 0.3 0.2

Persistent Reduce 435 398 1,739 1,207 1,278 26.2 24.3 42.4 44.3 10.3 9.8 1.8 1.5 17.1 15.5 1.1 0.9

TCS Accumulate 1,295 1,405 253,480 61,611 67,507 29.3 29.1 69.0 74.0 18.8 17.5 6.1 5.0 32.4 28.6 3.9 3.5

Tech Mahindra Accumulate 945 1,046 12,059 6,603 7,196 18.2 17.1 92.7 99.6 10.2 9.5 2.4 1.9 23.6 20.5 1.9 1.7

Wipro Accumulate 352 421 86,687 43,800 48,332 19.5 19.3 25.6 28.1 13.8 12.6 2.6 2.3 18.9 17.9 1.8 1.5

Media

D B Corp Buy 214 236 3,921 1,604 1,786 22.3 23.8 11.2 13.7 19.2 15.7 3.6 3.1 20.3 21.4 2.2 2.0

HT Media Buy 96 113 2,267 2,111 2,272 15.0 15.2 7.4 8.3 13.1 11.7 1.4 1.3 11.3 11.4 0.7 0.6

Jagran Prakashan Buy 96 112 3,025 1,488 1,664 22.7 22.8 6.2 7.1 15.4 13.4 3.7 3.3 25.2 26.3 2.1 1.8

PVR Neutral 223 - 579 625 732 17.4 17.1 13.3 15.6 16.8 14.3 1.8 1.6 13.2 13.8 1.2 1.0

Sun TV Network Neutral 362 - 14,280 1,981 2,239 77.0 76.7 18.6 21.3 19.5 17.0 4.9 4.3 27.1 27.5 6.4 5.5Metals & Mining

Bhushan Steel Neutral 501 - 10,629 11,979 14,584 31.6 31.0 49.2 61.4 10.2 8.2 1.3 1.2 14.1 15.2 2.9 2.4

Coal India Accumulate 354 385 223,536 69,808 75,550 27.4 27.4 26.0 28.3 13.6 12.5 3.9 3.2 32.5 28.1 2.3 2.0

Electrosteel Castings Accumulate 22 23 775 1,984 2,074 11.2 12.6 2.5 2.9 9.1 7.8 0.4 0.2 5.1 5.7 0.5 0.5

Hind. Zinc Accumulate 133 144 56,007 12,446 13,538 52.3 52.9 14.3 15.5 9.3 8.5 1.8 1.5 20.5 18.9 2.7 2.1

Hindalco Neutral 117 - 22,420 84,855 92,446 8.7 9.3 13.2 16.2 8.9 7.2 0.7 0.6 7.8 8.9 0.7 0.6

JSW Steel Neutral 747 - 16,664 38,740 41,459 17.3 17.0 79.9 89.4 9.4 8.4 0.9 0.9 10.4 10.6 0.9 0.8

MOIL Accumulate 250 271 4,204 918 993 50.7 50.9 24.5 26.1 10.2 9.6 1.6 1.4 16.0 15.5 2.3 2.0

Monnet Ispat Buy 293 379 1,884 2,511 3,303 23.8 26.0 46.3 57.3 6.3 5.1 0.7 0.6 12.4 13.7 1.7 1.2


Market Outlook

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7/31/2019 Market Outlook 17-10-12

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Metals & Mining

Nalco Reduce 50 48 12,757 7,401 7,841 16.7 19.2 3.4 4.1 14.5 12.1 1.0 1.0 7.4 8.4 1.3 1.2

NMDC Accumulate 188 214 74,477 12,934 14,266 79.4 80.1 21.1 23.4 8.9 8.0 2.4 1.9 29.6 26.5 4.1 3.4

SAIL Neutral 84 - 34,634 47,252 60,351 14.2 14.8 9.6 11.7 8.8 7.2 0.8 0.7 9.4 10.6 1.2 1.0

Sesa Goa Neutral 169 - 14,644 7,704 8,034 33.6 34.6 42.0 43.1 4.0 3.9 0.8 0.7 22.3 19.2 2.2 2.1

Sterlite Inds Neutral 100 - 33,438 41,680 45,382 24.2 23.2 16.3 16.9 6.1 5.9 0.7 0.6 11.3 10.7 0.8 0.7

Tata Steel Buy 409 481 39,698 145,799 150,431 10.3 11.2 48.6 63.3 8.4 6.5 0.9 0.8 10.5 12.4 0.5 0.5

Sarda Accumulate 130 148 465 1,251 1,321 22.7 23.4 33.0 37.1 3.9 3.5 0.6 0.5 15.1 14.8 0.8 0.7Prakash Industries Buy 52 73 704 2,694 2,906 14.6 16.6 16.4 20.8 3.2 2.5 0.3 0.3 11.4 12.8 0.5 0.4

Godawari Power andIspat

Buy 119 161 379 2,341 2,425 15.6 17.3 33.3 43.2 3.6 2.8 0.4 0.4 13.2 14.4 0.5 0.5

Oil & Gas

Cairn India Accumulate 335 380 63,885 16,605 17,258 75.4 71.7 57.0 54.9 5.9 6.1 1.1 0.9 20.2 16.3 2.8 2.2

GAIL Neutral 379 - 48,044 50,176 55,815 15.5 15.8 35.4 36.5 10.7 10.4 1.9 1.7 18.9 17.0 0.7 0.5

ONGC Accumulate 279 312 238,655 147,139 154,821 33.9 33.7 30.7 32.3 9.1 8.6 1.6 1.4 18.3 17.2 1.4 1.2

Reliance Industries Neutral 813 - 266,303 362,700 380,031 7.9 8.0 61.5 64.3 13.2 12.7 1.3 1.2 10.3 9.9 0.7 0.7

Gujarat Gas* Neutral 299 - 3,836 3,228 3,819 11.5 11.3 19.2 22.1 15.6 13.5 4.1 3.7 28.7 29.0 1.3 1.0

Indraprastha Gas Neutral 255 - 3,574 3,040 3,135 24.3 26.7 24.8 27.9 10.3 9.2 2.4 2.0 25.5 23.6 1.3 1.1

Petronet LNG Accumulate 164 176 12,285 29,145 33,736 6.6 6.6 14.2 16.0 11.5 10.2 2.8 2.3 26.9 24.4 0.4 0.4

Gujarat State PetronetLtd.

Neutral 82 - 4,603 1,041 939 91.8 91.9 8.5 7.4 9.6 11.1 1.6 1.5 18.1 14.0 5.2 5.8

Pharmaceuticals

Alembic Pharma Buy 69 91 1,308 1,624 1,855 14.2 15.6 6.6 9.1 10.5 7.6 2.6 2.0 27.9 29.9 1.0 0.8

Aurobindo Pharma Accumulate 155 156 4,505 5,243 5,767 14.6 14.6 11.8 12.6 13.1 12.3 1.6 1.4 17.9 16.4 1.3 1.1

Aventis* Neutral 2,252 - 5,187 1,482 1,682 15.5 15.5 95.1 104.4 23.7 21.6 4.2 3.3 18.6 17.0 3.5 3.0Cadila Healthcare Accumulate 850 953 17,397 6,148 7,386 18.6 19.6 36.0 46.1 23.6 18.4 5.6 4.5 25.8 26.8 3.1 2.6

Cipla Neutral 363 - 29,166 8,031 9,130 23.4 22.4 18.4 20.0 19.7 18.2 3.3 2.8 17.8 16.6 3.6 3.1

Dr Reddy's Accumulate 1,691 1,859 28,714 10,696 11,662 20.7 21.0 83.7 92.9 20.2 18.2 4.2 3.5 22.4 20.8 2.9 2.6

Dishman Pharma Neutral 99 - 801 1,280 1,536 17.8 17.8 9.2 11.3 10.8 8.8 0.8 0.8 7.7 8.5 1.3 1.1

GSK Pharma* Neutral 1,986 - 16,819 2,651 2,993 31.7 31.2 76.0 82.4 26.1 24.1 7.6 6.7 20.1 26.3 5.5 4.8

Indoco Remedies Buy 68 92 623 685 837 15.2 15.2 7.4 8.9 9.1 7.6 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 448 - 5,655 2,850 3,474 20.7 20.7 29.2 36.6 15.4 12.3 3.6 2.9 26.1 26.1 2.3 1.9

Lupin Accumulate 555 647 24,801 8,426 10,082 19.7 20.0 26.3 31.3 21.1 17.7 4.9 4.0 26.0 24.7 3.2 2.6

Orchid Chemicals Neutral 112 - 791 1,667 1,835 13.9 13.9 11.4 13.3 9.9 8.4 0.6 0.6 6.6 7.3 0.9 0.8


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Pharmaceuticals

Ranbaxy* Neutral 541 - 22,861 12,046 11,980 18.0 15.8 31.3 29.8 17.3 18.2 5.9 4.7 39.1 28.9 1.9 1.8

Sun Pharma Neutral 718 - 74,261 9,752 12,134 41.6 41.6 26.0 28.2 27.6 25.5 5.2 4.4 20.3 18.8 6.6 5.1

Power

CESC Neutral 317 - 3,962 5,218 5,644 24.2 23.8 44.6 47.6 7.1 6.7 0.7 0.7 11.0 10.6 1.6 1.6

GIPCL Accumulate 70 77 1,054 1,557 1,573 29.3 28.7 10.8 11.0 6.5 6.3 0.7 0.6 10.8 10.2 1.2 1.0

NTPC Neutral 168 - 138,565 74,111 85,789 22.7 23.1 12.1 13.7 13.9 12.2 1.7 1.5 12.6 13.2 2.5 2.3

Real EstateAnant Raj Accumulate 77 78 2,262 657 875 52.0 56.1 8.4 12.7 9.1 6.0 0.6 0.5 6.3 8.9 4.5 3.4

DLF Neutral 208 - 35,330 9,878 12,033 44.7 46.1 9.6 13.4 21.7 15.5 1.4 1.3 6.4 8.7 6.5 5.4

HDIL Buy 101 115 4,217 2,441 3,344 55.1 48.2 22.7 26.6 4.4 3.8 0.4 0.3 8.8 9.4 3.5 2.7

MLIFE Neutral 404 - 1,648 813 901 26.2 26.6 32.0 37.1 12.6 10.9 1.3 1.2 10.4 11.0 2.3 2.0

Telecom

Bharti Airtel Neutral 268 - 101,641 79,147 86,745 31.1 32.5 9.9 15.1 27.0 17.8 1.9 1.7 7.0 9.7 2.0 1.7

Idea Cellular Neutral 81 - 26,851 22,582 24,684 26.4 26.9 3.3 4.7 24.4 17.2 1.9 1.7 7.8 9.9 1.7 1.5

Rcom Neutral 59 - 12,147 20,650 20,935 32.3 33.0 4.2 5.8 13.9 10.2 0.3 0.3 2.3 3.1 2.3 2.1

zOthers

Abbott India Neutral 1,459 - 3,100 1,602 1,833 10.4 11.8 54.7 71.7 26.7 20.3 5.0 4.3 20.0 22.7 1.9 1.6

Bajaj Electricals Buy 223 228 2,225 3,670 4,290 7.6 8.8 15.0 23.0 14.9 9.7 2.7 2.2 18.6 22.4 0.5 0.5

Cera Sanitaryware Buy 376 388 476 396 470 16.7 16.6 31.0 35.0 12.1 10.8 2.8 2.2 24.8 23.0 1.1 1.0

Cravatex Buy 465 682 120 289 340 5.2 5.9 41.0 57.0 11.3 8.2 2.9 2.2 25.2 26.5 0.5 0.4

CRISIL Neutral 950 - 6,666 982 1,136 34.3 34.3 34.3 40.0 27.7 23.8 12.5 10.0 50.9 46.9 6.5 5.4

Finolex Cables Buy 44 61 666 2,334 2,687 6.2 6.5 8.0 10.0 5.4 4.4 0.7 0.6 13.0 14.9 0.2 0.2

Force Motors Buy 420 591 548 2,214 2,765 4.5 5.4 39.0 74.0 10.8 5.7 0.5 0.4 4.4 7.6 0.1 0.1Goodyear India Neutral 319 - 736 1,543 1,654 6.5 7.3 24.8 31.1 12.9 10.3 2.1 1.8 17.1 19.0 0.3 0.2

Disa India Buy 2,982 3,353 450 176 203 22.7 22.6 182.5 209.6 16.3 14.2 8.5 6.7 51.8 47.1 2.2 1.8

Greenply Industries Buy 232 309 561 1,925 2,235 10.6 10.9 29.6 44.1 7.9 5.3 1.3 1.0 16.8 21.0 0.5 0.4

Hitachi Neutral 136 - 311 868 977 3.9 6.6 2.7 10.9 49.4 12.5 1.8 1.6 3.7 13.6 0.4 0.4

Honeywell Automation* Neutral 2,599 - 2,298 1,847 2,162 4.3 7.3 69.0 135.0 37.7 19.3 3.4 2.9 9.3 16.3 1.3 1.1

Styrolution ABS India* Buy 633 744 1,113 1,056 1,081 8.1 10.6 34.0 47.0 18.6 13.5 2.6 2.2 14.7 17.5 1.1 1.0

ITD Cementation Neutral 238 - 274 1,451 1,669 12.3 12.4 32.4 41.5 7.3 5.7 0.7 0.6 9.4 10.9 0.6 0.6

Jyothy Laboratories Neutral 166 - 2,681 1,248 1,468 9.8 10.4 5.9 7.2 28.0 23.2 4.0 3.7 15.0 16.6 2.5 2.0

MCX Accumulate 1,387 1,440 7,071 553 624 65.3 66.3 62.5 72.0 22.2 19.3 6.1 5.3 27.5 27.4 8.9 7.4

MRF Buy 10,176 12,884 4,316 11,804 12,727 10.4 10.5 1,289.9 1,431.3 7.9 7.1 1.5 1.3 21.3 19.4 0.5 0.5


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zOthers

Page Industries Neutral 3,472 - 3,872 887 1,108 18.3 18.6 95.0 120.9 36.6 28.7 19.1 15.5 57.4 59.5 4.0 3.2

Relaxo Footwears Accumulate 726 821 871 1,019 1,208 12.3 13.0 51.0 68.4 14.2 10.6 3.8 2.8 30.3 30.2 1.0 0.8

Sintex Industries Buy 73 79 1,981 4,751 5,189 16.3 16.6 13.6 15.8 5.3 4.6 0.7 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 300 392 281 1,042 1,173 12.4 12.5 66.3 78.5 4.5 3.8 0.9 0.7 21.1 20.8 0.5 0.4

S. Kumars Nationwide Buy 19 24 550 7,134 7,985 19.7 19.4 12.2 14.1 1.5 1.3 0.2 0.1 11.3 11.5 0.6 0.6

SpiceJet Buy 36 43 1,729 5,720 6,599 5.3 6.8 3.6 5.4 9.9 6.7 14.3 4.6 - - 0.4 0.4

TAJ GVK Buy 75 108 468 300 319 35.8 36.2 7.9 9.1 9.5 8.2 1.3 1.1 13.9 14.4 1.8 1.5Tata Sponge Iron Buy 327 377 503 787 837 16.2 17.5 58.5 66.9 5.6 4.9 0.8 0.7 14.9 15.1 0.3 0.2

TVS Srichakra Accumulate 312 335 239 1,476 1,643 7.0 8.2 32.6 55.9 9.6 5.6 1.5 1.3 16.8 24.8 0.4 0.3

United Spirits Neutral 1,275 - 16,682 10,289 11,421 13.5 14.3 31.0 42.9 41.1 29.7 3.2 2.9 8.1 10.3 2.2 2.0

Vesuvius India Neutral 356 - 722 560 611 16.1 17.0 24.7 28.8 14.4 12.4 2.2 1.9 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 16, 2012


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7/31/2019 Market Outlook 17-10-12

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market outlook 17-10-12

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