market outlook, 23-07-2013

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Market OutlookJuly 23, 2013

Dealers Diary

Indian markets are expected to open positive today following the positive opening

in SGX Nifty and other Asian bourses.

US markets continued their upward momentum on Monday even as McDonalds

and toy-maker Hasbro posted lower than expected earnings. S&P 500 index rose

by 0.2%, while NASDAQ was up by 0.4%. However, Dow Jones ended the day flat.

Data from the National Association of Realtors revealed that sales of previously-

owned homes fell 1.2% in June; whereas, economists had expected a gain for the

month. The European markets ended Mondays session in the green after

Japanese PMs Liberal Democratic Partys victory in parliaments upper house.

However, there were concerns of a slowdown in the German economy.

Meanwhile Indian markets ended flat on Monday after witnessing intraday

volatility. The market, which rose in early trade, lost intraday gains in late trade

after weak Q1 results from L&T sent capital goods shares tumbling.

Markets Today

The trend deciding level for the day is 20,163/ 6,033 levels. If NIFTY trades above

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

up to 20,261 20,362 / 6,063 6,093 levels. However, if NIFTY trades below

20,163 / 6,033 levels for the first half-an-hour of trade then it may correct up to

20,062 19,964/ 6,003 5,974 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,964 20,062 20,163 20,261 20,362

NIFTY 5,974 6,003 6,033 6,063 6,093

News Analysis

Lupin Pharma received approval for Glumetza HCl ER Tablets CCI probes Gujarat Gas Company Result Review: L&T,Asian Paints, Blue Star Result Preview: KPIT Cummins

Refer detailed news analysis on the following page

Net Inflows (July 19, 2013)

` cr Purch Sales Net MTD YTDFII 3,475 3,075 400 (5,605) 65,701

MFs 521 593 (72) (1,105) (13,283)

FII Derivatives (July 22, 2013)` cr Purch Sales Net Open InterestIndex Futures 3,421 2,708 713 16,602

Stock Futures 7,442 7,615 (174) 29,865

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)GMR Infra 17 7.5 Wockhardt 808 (9.1)

Century Tex 260 7.1 L&T 902 (7.5)

MMTC 56 4.9 BHEL 162 (7.1)

MRF 14,383 3.7 Financial Tech 591 (6.3)

Tech Mahindra 1,172 3.7 Gitanjali Gems 104 (5.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.0 9 20,159

Nifty 0.0 3 6,032

MID CAP 0.0 3 5,996

SMALL CAP (0.3) (18) 5,688

BSE HC (0.2) (22) 9,324

BSE PSU (0.6) (37) 5,908

BANKEX 1.0 123 12,666

AUTO 1.1 114 10,800

METAL (0.3) (19) 7,459

OIL & GAS (1.6) (151) 9,010

BSE IT 0.7 52 7,149

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.0 2 15,546NASDAQ 0.4 13 3,600

FTSE (0.1) (7) 6,623

Nikkei 0.5 68 14,658

Hang Sang 0.3 54 21,417

Straits Times 0.7 21 3,234

Shanghai Com 0.6 12 2,005

Indian ADR Chg (%) (Pts) (Close)INFY 2.7 1.3 $49.0

WIT 1.4 0.1 $8.2IBN 1.0 0.4 $36.1

HDB 0.4 0.1 $38.0

Advances / Declines BSE NSEAdvances 1,023 569

Declines 1,245 754

Unchanged 148 74

Volumes (` cr)BSE 1,651

NSE 8,786

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Lupin Pharma received approval for Glumetza HCl ERTablets

Lupin announced that its U.S. subsidiary, Lupin Pharmaceuticals, Inc. (LPI) has

received final approval for its Metformin Hydrochloride extended release tablets

(HCl ER) 500 mg and 1000 mg from the United States Food and DrugsAdministration (FDA). Lupins Metformin HCl ER Tablets, 500 mg and 1000 mg

strengths are the ABrated generic equivalent of Santarus, Inc.s Glumetza HCl

ER Tablets, 500 mg and 1000 mg strengths. Metformin HCl ER tablets is a

biguanide and is indicated as an adjunct to diet and exercise to improve glycemic

control in adults with type 2 diabetes mellitus.

Glumetza HCl ER tablets, 500 mg and 1000 mg had U.S sales of

approximately US$ 144 million, for the twelve months ending March, 2013

(IMS Health data). Lupin had earlier received the tentative approval for generic

GLUMETZA (Metformin Hydrochloride Extended Release Tablets) 1000 mg

and 500 mg from the United States Food and Drugs Administration (FDA) inJanuary, 2012.Lupin believes that it is the first applicant to file an ANDA for

Glumetza HCL ER Tablets, 500 mg & 1000 mg strengths and as such will be

entitled to 180 days of marketing exclusivity. During the six month exclusivity,

the drug will contribute around US $20mn during the period. We recommenda Neutral on the stock, as the stock has risen significantly in the recent times.

CCI probes Gujarat Gas Company

Media reports suggest that the Competition Commission of India (CCI) has

launched an investigation into allegations of anti-compsetitive practices followed

by Gujarat Gas. According to a CCI order, Saint Gobain had complained with

regards to long-term contract, absence of an exit clause, a minimum guarantee

offtake liability and right of first refusal in its agreement with Gujarat Gas. We

await clarity on the details of the order. Until then, we maintain our Neutral ratingon the stock.

Result Review

L&T (CMP:`902 /TP: Under review /Upside: -)

Larsen and Toubro (L&T) posted disappointing set of numbers for 1QFY2014,which were below our and street expectation on both, revenue and profitability

front. This was mainly on the back of lower-than-expected execution and poor

operating performance. The top-line stood at `12,555cr, registering a growth of

5.0% yoy for the quarter and was lower than our and street estimate of `13,100cr

and `13,487cr respectively. The slow execution was mainly on the back of poor

performance in power and metallurgical segment. On the EBITDA front, company

reported a yoy dip of 56bp to 8.5% against our expectations of 10.5%, owing to

lower-than-expected execution and high construction and sub contracting cost. On

the bottom line front, L&T reported a yoy decline of 16.2% to `756cr which was

lower than our estimate of `911cr. This was mainly on the back of lower-than-

expected execution and poor operating performance.

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L&Ts order backlog stands at`1,65,393cr as of 1QFY2014, registering a growth

of 8.0% yoy. Order inflows for the quarter came in at `25,159cr (up 28.4% yoy)

against our expectation of`30,000cr.

For FY2014, the management has given a guidance of 15-17% growth in revenue

and 20% growth in order inflow. The guidance is mainly based on (a) high shareof exports in both order inflows and revenues (power T&D and hydrocarbon) and

(b) continued momentum in infrastructure segment (building and factories,

railways, airports, etc).

We believe L&T is best placed to benefit from the gradual recovery in the capexcycle, given its diverse exposure to sectors, strong balance sheet and cash flowgeneration as compared to its peers. We continue to remain positive on L&T whileour target price 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 68,396 10.0 4,521 49.0 14.9 18.4 2.6 9.2 0.9FY2015E 77,435 10.0 5,096 55.2 15.3 16.3 2.4 8.3 0.8

Asian Paints (CMP:`5,075/TP:-/Upside:-)

For 1QFY2014 Asian Paints posted a 11.1% yoy growth in its consolidated net

sales to `2,818cr, which was in-line with estimates. The companys decorative

paints business in India continued to perform well with paints volume growing by

double digits. However, industrial paints and automotive coatings businesses

continued to be affected by economic slowdown. OPM fell by 156bp yoy to 15.7%

and was in-line with estimates. Steep decline in INR offset decline in raw material

prices. Net Profit fell by 4.6% on a yoy basis to `275cr. We maintain a neutralrating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 12,332 16.5 1,353 141.1 35.6 36.0 11.6 23.2 3.8

FY2015E 14,524 16.3 1,559 162.5 32.7 31.2 9.2 19.7 3.2

Blue Star(CMP: `159/ TP: `215 / Upside: 35%)Blue Star announced a decent set of numbers for 1QFY2014. Topline came in at

`771cr, marginally higher than our expectation of`761cr and 5.4% higher on a

yoy basis from`731cr in 1QFY2013. On the operational front, EBITDA registered

14.6% yoy growth to`38cr owing to reduced raw material cost as percentage of

sales. EBITDA margin came in at 5.0% yoy as compare to 4.6% in same quarter

previous year. However, bottom line grew by just 10.9% yoy to `23cr due to

increased depreciation (11.5%) and decline in other income (37.5%).

Robust top line growth of 18.8% yoy in Cooling Product segment was offset by dip

in revenue from EMPPACS segment by 6.7% yoy. Decline in EMPPACS segment

was due to selective order booking (relatively higher margin) by the company

leading to improvement in EBIT margin by 252bps yoy to 5.9% for the division.

EBIT margin for Cooling Product segment contracted slightly by 58bps to 10.7%

yoy in 1QFY2014. We maintain our Buy recommendation on the stock with arevised target price of `215 based on a target EV/sales of 0.7x for FY2015E.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 3,045 2.9 44 4.9 10.8 31.3 3.3 19.4 0.6

FY2015E 3,203 4.0 81 9.0 17.9 17.1 2.9 13.1 0.5

Result Preview

KPIT Cummins (CMP:`131/ TP:`144/ Upside: 10%)

KPIT Cummins Infosystems (KPIT) is slated to announce its 1QFY2014 results

today. We expect the company to post revenue of US$109mn, up 3.0%. In INR

terms, the revenue is expected to come in at`619cr, up 8.7% qoq. EBITDA margin

is expected to increase by 106bp qoq to 18.8%, majorly on the back of INR

depreciation. PAT is expected to come in at`63cr. We maintain Accumulate ratingon the stock with a target price of `144.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,614 17.2 242 13.2 18.5 10.0 1.8 4.9 0.8

FY2015E 2,923 16.7 265 14.4 16.7 9.1 1.5 4.0 0.7

Quarterly Bloomberg Consensus Estimate

Shriram Transport Finance Company (23/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 370 322 14.8 355 4.0

Ambuja Cement (24/07/2013)Particulars (` cr) 2QCY13E 2QCY12 y-o-y (%) 1QCY13 q-o-q (%)Net sales 2,428 2,566 (5.4) 2,545 (4.6)

EBITDA 529 735 (28.0) 553 (4.3)

EBITDA margin (%) 21.8 28.6 21.7

Net profit 343 469 (26.9) 488 (29.7)

Dabur India Consolidated (24/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 1,659 1,462 13.5 1,531 8.4

EBITDA 253 216 17.1 273 (7.4)

EBITDA margin (%) 15.2 14.8 17.8

Net profit 187 149 25.0 201 (6.9)

Hero Moto Corp (24/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 6,270 6,208 1.0 6,073 3.3

EBITDA 823 937 (12.1) 850 (3.1)

EBITDA margin (%) 13.1 15.1 14.0

Net profit 551 616 (10.6) 574 (4.1)

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United Phosphorous Consolidated (24/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 2,537 2,180 16.4 2,773 (8.5)

EBITDA 452 386 17.0 537 (15.9)

EBITDA margin (%) 17.8 17.7 19.4

Net profit 221 203 8.7 278 (20.8)

Yes Bank Ltd (24/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 372 290 28.3 362 2.8

ACC (25/07/2013)Particulars (` cr) 2QCY13E 2QCY12 y-o-y (%) 1QCY13 q-o-q (%)Net sales 2,795 2,778 0.6 2,911 (4.0)

EBITDA 432 688 (37.3) 492 (12.2)

EBITDA margin (%) 15.5 24.8 16.9Net profit 270 418 (35.5) 438 (38.4)

Gail (25/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 12,439 11,089 12.2 12,409 0.2

EBITDA 1,682 1,923 (12.5) 1,468 14.6

EBITDA margin (%) 13.5 17.3 11.8

Net profit 953 1,134 (15.9) 618 54.2

ITC (25/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 7,843 6,652 17.9 8,180 (4.1)

EBITDA 2,771 2,368 17.0 2,706 2.4

EBITDA margin (%) 35.3 35.6 33.1

Net profit 1,897 1,602 18.4 1,928 (1.6)

Maruti Suzuki (25/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 10,334 10,529 (1.9) 14,718 (29.8)

EBITDA 1,203 786 52.9 2,399 (49.9)

EBITDA margin (%) 11.6 7.5 16.3

Net profit 643 424 51.8 1,240 (48.1)

Sterlite Industries Consolidated (25/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 7,125 10,591 (32.7) 12,609 (43.5)

EBITDA 2,123 2,308 (8.0) 4,065 (47.8)

EBITDA margin (%) 29.8 21.8 32.2

Net profit 1,001 1,202 (16.7) 2,027 (50.6)

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Zee Entertainment Consolidated (25/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 979 843 16.1 934 4.8

EBITDA 258 233 10.7 242 6.6

EBITDA margin (%) 26.4 27.7 25.9

Net profit 190 158 20.1 180 5.8

Economic and Political News

India produces record pulses in 2012-13;foodgrains output down Karnataka plans to roll out GST Onion hoarding: Maharashtra Govt. forms flying squads to tackle onion

hoarders

Corporate News

Tata Power to set up 28.8-MW solar plant in Maharashtra Coal India trade unions may soften stand on disinvestment Reliance Telecom moves SC against summons to Ambanis Sterlite Inds starts commercial production while protestors remain skeptical Zuari permanently shelves Rs 5,000 cr urea plant plan in Karnataka

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

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Date Company

July 23, 2013 Shriram Trans., KPIT Cummins, Tata Sponge

July 24, 2013 Cairn India, Hero Motocorp, Ambuja Cements, Dabur India, Yes Bank, United Phosphorus, Central Bank

July 25, 2013 ITC, GAIL, Sterlite Inds, Maruti, ACC, IOB, Thermax, FAG Bearings, MRF, TTK Healthcare

July 26, 2013 Wipro, Nestle, Punjab Natl.Bank, Tata Comm, CESC

July 27, 2013 Corporation Bank, Force Motors

July 28, 2013

July 29, 2013 UltraTech Cement, IDFC, Colgate, Godrej Consumer, Madras Cements, Subros, Vesuvius India

July 30, 2013 NTPC, Dr Reddy's, Petronet LNG, Syndicate Bank, Ipca labs, Indoco Remedies

July 31, 2013 Bharti Airtel, ICICI Bank, NHPC, JSW Steel , Dishman Pharma

August 01, 2013 Idea Cellular, Mundra Port, Adani Power, GlaxoSmith Con

August 02, 2013 Siemens

August 03, 2013 Coal India, PTC India

August 04, 2013

August 05, 2013 Tata Chemicals, LMW, GIPCL

August 06, 2013 Tata Power Co.

August 07, 2013 Ranbaxy, Apollo Tyres

August 08, 2013 Adani Enterp., Rural Elec.Corp.

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --7:30PM US New home sales Thousands Jun 476.00 484.00

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 11:00AM India RBI Repo rate % Jul 30 7.25 --

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 --

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 --

7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

11:30PM US FOMC rate decision % Jul 31 0.25 --

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

4:30PM UK BOE Announces rates % Ratio Aug 1 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Aug 1 0.50 --

August 2, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jul 195.00 --

6:00PM US Unnemployment rate % Jul 7.60 --

August 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jun (2.30) --

August 8, 2013 4:29PM China Exports YoY% % Change Jul (3.10) --


July 23, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.02.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Repo rate Reverse Repo rate CRR (%)

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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 ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 147 - 2,864 1,674 1,923 13.7 13.7 6.8 7.6 21.7 19.4 4.1 3.6 20.0 19.6 1.9 1.6

United Phosphorus Buy 148 232 6,557 10,298 11,310 16.5 16.5 20.5 23.2 7.2 6.4 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 254 285 4,344 3,418 3,892 14.5 14.5 18.5 20.4 13.8 12.5 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 70 - 3,513 13,852 15,487 11.4 11.5 12.8 14.9 5.4 4.7 0.9 0.8 17.5 17.3 0.4 0.4

Ashok Leyland Buy 15 22 3,978 13,450 15,853 6.5 8.5 0.4 1.9 39.1 8.0 1.3 1.2 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 201 - 304 834 965 9.3 10.6 17.3 27.1 11.6 7.4 1.1 1.0 9.5 14.0 0.4 0.4Bajaj Auto Accumulate 1,986 2,102 57,458 21,696 25,239 19.2 19.3 119.3 140.2 16.7 14.2 5.9 4.7 38.9 36.6 2.2 1.8

Bharat Forge Neutral 220 - 5,120 6,198 6,793 14.6 14.9 14.5 17.3 15.1 12.7 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,625 9,213 27,081 9,821 11,394 17.0 17.3 373.5 438.7 23.1 19.7 4.2 3.5 18.0 17.9 2.4 2.1

CEAT Buy 120 170 409 5,325 5,974 8.4 8.3 40.8 48.5 2.9 2.5 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 133 148 11,292 6,899 7,873 14.7 14.7 7.9 9.0 16.8 14.7 2.9 2.5 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,448 - 2,406 1,525 1,742 14.5 15.7 88.4 109.5 16.4 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Neutral 1,788 - 35,712 25,298 27,665 14.1 13.7 110.3 140.0 16.2 12.8 5.9 4.7 39.9 40.7 1.2 1.1

JK Tyre Buy 104 154 426 7,972 8,754 7.1 7.1 37.5 44.0 2.8 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 902 1,103 55,526 45,254 51,197 11.4 11.7 61.2 70.2 14.7 12.8 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,450 1,822 43,788 47,923 55,002 11.2 10.9 106.6 121.4 13.6 11.9 2.0 1.8 16.1 15.8 0.7 0.6

Motherson Sumi Neutral 223 - 13,089 28,442 31,493 7.5 7.8 12.5 14.8 17.8 15.1 4.4 3.5 27.5 25.8 0.6 0.5

Subros Buy 21 27 128 1,426 1,624 10.0 9.9 4.9 6.8 4.4 3.1 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 298 347 80,216 215,016 237,404 13.3 13.6 36.2 41.5 8.2 7.2 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 33 35 1,556 7,715 8,584 6.0 6.1 5.0 5.8 6.6 5.7 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 580 461 12,288 8,073 9,052 5.5 6.9 11.5 16.9 50.3 34.2 4.6 4.4 9.3 13.1 1.5 1.3BGR Energy Buy 116 140 840 3,756 4,569 11.4 9.7 21.7 24.1 5.4 4.8 0.6 0.6 22.3 20.3 0.5 0.5

BHEL Neutral 162 - 39,529 44,054 39,326 16.8 15.1 20.6 16.1 7.8 10.0 1.7 1.6 23.5 16.1 0.8 0.8

Blue Star Buy 158 230 1,425 2,896 3,087 5.6 6.2 9.3 11.7 17.0 13.5 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 90 117 5,761 13,446 15,272 6.7 7.6 6.6 8.9 13.6 10.1 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 20 - 164 3,360 3,597 9.7 9.8 7.3 10.2 2.7 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 33 49 856 7,709 8,399 6.7 7.2 6.1 8.5 5.5 3.9 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 606 - 7,220 5,780 6,430 9.5 9.6 29.8 33.0 20.3 18.4 3.4 3.0 17.9 17.4 1.1 0.9

Cement

ACC Accumulate 1,237 1,361 23,219 11,820 13,254 19.3 20.9 74.9 93.1 16.5 13.3 2.9 2.6 18.1 20.3 1.7 1.4


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

10/16



Cement

Ambuja Cements Neutral 199 - 30,679 10,171 11,762 23.5 24.6 10.2 12.2 19.5 16.3 3.2 2.9 17.1 18.7 2.5 2.1

India Cements Neutral 58 - 1,782 4,929 5,434 17.4 17.1 8.9 10.9 6.5 5.3 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 76 143 897 2,247 2,742 21.0 23.1 17.8 21.8 4.3 3.5 0.6 0.5 15.5 16.4 0.3 0.8

Madras Cements Neutral 196 - 4,665 4,234 4,788 23.9 24.0 18.5 22.8 10.6 8.6 1.7 1.5 17.2 18.2 1.5 1.2

Shree Cement^ Neutral 4,473 - 15,583 6,607 7,520 27.5 26.7 322.8 374.3 13.9 12.0 3.4 2.8 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,921 - 52,660 21,947 25,049 23.8 23.8 106.1 119.8 18.1 16.0 3.0 2.6 17.7 17.3 2.5 2.1

ConstructionAshoka Buildcon Buy 52 84 814 1,928 2,234 21.0 21.5 6.0 7.4 8.6 7.0 0.8 0.7 10.5 10.8 1.8 1.8

Consolidated Co Neutral 9 - 158 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.9) (23.6) 0.3 0.4 0.5 0.5

IRB Infra Buy 94 157 3,129 3,997 4,312 45.5 46.4 15.7 16.6 6.0 5.7 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 145 230 2,818 7,444 8,041 27.4 28.9 29.8 32.1 4.9 4.5 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 15 29 465 5,673 5,892 8.1 8.4 1.4 1.8 10.5 8.3 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 49 90 10,962 14,850 15,631 24.9 25.1 2.5 2.9 19.5 17.3 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 902 1,180 83,420 68,946 78,040 10.5 10.5 51.7 58.6 17.5 15.4 2.6 2.3 15.5 15.6 1.3 1.2

Nagarjuna Const. Buy 26 42 662 6,167 6,945 8.0 8.2 2.7 3.6 9.7 7.1 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 30 - 1,011 12,954 14,740 9.9 9.9 0.5 0.9 60.0 32.7 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 88 139 1,331 2,462 2,731 10.6 10.6 5.9 6.7 15.0 13.2 1.5 1.3 10.2 10.5 0.8 0.8

Simplex Infra Buy 67 131 332 6,308 7,033 9.5 9.6 11.9 18.7 5.6 3.6 0.3 0.2 4.5 6.7 0.5 0.5

Unity Infra Buy 24 41 177 2,146 2,339 13.7 13.8 11.0 11.5 2.2 2.1 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Accumulate 85 95 4,265 6,705 7,535 2.5 2.5 27.6 33.2 3.1 2.6 0.4 0.4 12.5 13.6 - -

Andhra Bank Neutral 79 - 4,418 5,180 5,815 2.7 2.7 19.0 22.9 4.2 3.5 0.6 0.5 12.0 13.2 - -

Axis Bank Buy 1,200 1,441 56,283 19,280 22,886 3.3 3.3 130.7 157.1 9.2 7.6 1.5 1.3 17.3 18.1 - -Bank of Baroda Accumulate 587 642 24,740 16,287 18,707 2.2 2.3 120.6 144.6 4.9 4.1 0.7 0.6 15.0 16.0 - -

Bank of India Accumulate 212 236 12,618 14,459 16,176 2.3 2.2 55.2 68.2 3.8 3.1 0.5 0.5 13.7 15.1 - -

Bank of Maharashtra A ccumulate 49 54 3,261 4,291 4,724 3.0 3.0 12.1 12.9 4.1 3.8 0.6 0.6 16.2 15.3 - -

Canara Bank Neutral 320 - 14,183 12,045 13,495 2.1 2.2 76.7 86.4 4.2 3.7 0.6 0.5 14.1 14.2 - -

Central Bank Neutral 64 - 6,664 8,406 9,546 2.5 2.5 12.6 18.7 5.1 3.4 0.6 0.6 10.6 14.3 - -

Corporation Bank Accumulate 330 360 5,039 5,554 6,156 2.0 2.0 94.9 104.9 3.5 3.1 0.5 0.4 14.3 14.2 - -

Dena Bank Neutral 67 - 2,358 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.7 0.4 0.4 14.7 14.7 - -

Federal Bank Neutral 381 - 6,519 2,802 3,275 2.9 2.9 49.8 56.6 7.7 6.7 0.9 0.8 12.7 13.1 - -


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

11/16



Financials

HDFC Neutral 829 - 128,837 8,679 10,350 3.6 3.6 37.5 44.7 22.1 18.6 4.6 4.1 30.1 30.7 - -

HDFC Bank Accumulate 682 745 162,947 27,392 33,264 4.6 4.6 36.3 45.1 18.8 15.1 3.8 3.2 21.9 22.8 - -

ICICI Bank Buy 975 1,160 112,503 26,119 30,474 3.1 3.2 86.2 99.5 11.3 9.8 1.5 1.4 15.7 16.2 - -

IDBI Bank Neutral 71 - 9,429 9,518 10,468 2.0 2.0 15.5 22.1 4.6 3.2 0.5 0.4 10.2 13.3 - -

Indian Bank Accumulate 107 113 4,603 6,077 6,845 2.9 3.0 35.2 41.0 3.1 2.6 0.4 0.4 14.1 14.8 - -

IOB Neutral 48 - 4,422 8,028 9,204 2.4 2.6 12.5 19.7 3.8 2.4 0.4 0.3 9.1 13.1 - -

J & K Bank Neutral 1,257 - 6,093 3,101 3,427 3.6 3.6 215.5 210.3 5.8 6.0 1.1 1.0 19.9 16.9 - -LIC Housing Finance Neutral 209 - 10,550 2,180 2,732 2.4 2.5 26.3 32.1 7.9 6.5 1.4 1.2 19.0 19.9 - -

Oriental Bank Buy 174 203 5,078 6,790 7,676 2.6 2.7 55.7 62.3 3.1 2.8 0.4 0.4 12.8 12.9 - -

Punjab Natl.Bank Accumulate 646 718 22,834 20,914 23,879 3.3 3.4 152.4 176.2 4.2 3.7 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 23 - 3,076 1,800 2,023 2.7 2.7 3.7 4.2 6.2 5.5 1.0 0.9 16.2 16.2 - -

St Bk of India Accumulate 1,824 2,077 124,778 66,417 76,734 3.0 3.0 227.4 284.8 8.0 6.4 1.2 1.0 15.4 17.1 - -

Syndicate Bank Accumulate 112 121 6,763 7,125 8,188 2.6 2.6 27.4 27.9 4.1 4.0 0.6 0.6 16.2 14.6 - -

UCO Bank Reduce 69 63 5,197 6,545 6,859 2.7 2.6 14.8 15.7 4.7 4.4 0.9 0.7 14.4 13.6 - -

Union Bank Accumulate 156 178 9,295 11,101 12,543 2.6 2.6 39.3 47.4 4.0 3.3 0.6 0.5 14.1 15.2 - -

United Bank Neutral 46 - 1,718 3,386 3,884 2.3 2.5 12.4 20.0 3.7 2.3 0.4 0.3 10.0 14.7 - -

Vijaya Bank Accumulate 45 47 2,215 2,714 3,046 1.9 2.0 9.2 10.8 4.9 4.1 0.5 0.5 10.7 11.5 - -

Yes Bank Neutral 424 - 15,247 4,451 5,526 2.8 2.8 43.0 49.7 9.9 8.5 2.2 1.8 23.9 22.8 - -

FMCG

Asian Paints Neutral 5,077 - 48,698 12,332 14,524 16.5 16.3 141.1 162.5 36.0 31.2 11.6 9.2 35.7 32.7 3.8 3.2

Britannia Neutral 720 - 8,623 6,417 7,502 6.1 6.3 21.3 25.5 33.9 28.3 11.0 8.8 35.7 34.6 1.3 1.1

Colgate Neutral 1,497 - 20,357 3,588 4,130 20.5 20.9 44.2 51.8 33.9 28.9 33.0 24.1 108.6 96.2 5.5 4.7

Dabur India Neutral 171 - 29,807 7,183 8,340 16.8 16.8 5.4 6.3 31.8 27.2 12.4 9.6 41.5 40.1 4.1 3.5

GlaxoSmith Con* Neutral 5,194 - 21,844 3,617 4,259 16.1 16.4 122.2 148.7 42.5 34.9 13.2 10.6 34.1 33.7 5.6 4.7

Godrej Consumer Neutral 912 - 31,048 7,801 9,017 16.2 15.9 25.1 29.7 36.3 30.7 7.8 6.5 24.9 24.2 4.1 3.5

HUL Neutral 697 - 150,659 29,167 33,164 13.6 13.7 17.1 18.4 40.8 37.9 39.2 28.4 113.4 87.0 5.0 4.4

ITC Neutral 369 - 291,612 34,294 39,991 36.8 37.0 11.3 13.3 32.7 27.7 10.8 8.7 36.1 34.9 8.2 7.0

Marico Neutral 215 - 13,889 5,273 6,044 14.8 14.9 7.3 8.7 29.7 24.9 5.8 4.8 21.4 21.0 2.7 2.3

Nestle* Neutral 5,638 - 54,356 9,447 10,968 22.1 22.3 127.5 154.1 44.2 36.6 22.1 16.0 57.7 50.7 5.8 4.9

Tata Global Neutral 155 - 9,560 8,069 8,957 9.8 9.7 7.8 8.6 19.8 18.0 2.4 2.3 9.5 9.7 1.2 1.0


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

12/16



IT

HCL Tech^ Neutral 890 - 62,032 29,424 32,837 22.6 22.0 59.5 63.3 15.0 14.1 3.6 3.0 24.6 21.7 1.9 1.7

Hexaware* Neutral 107 - 3,186 2,158 2,374 19.6 19.8 10.7 11.7 10.0 9.1 2.2 2.0 23.0 22.3 1.3 1.2

Infosys Neutral 2,876 - 165,130 45,153 48,993 27.6 26.8 170.7 187.5 16.9 15.3 3.5 3.0 20.8 19.5 3.0 2.7

Infotech Enterprises Neutral 182 - 2,029 2,037 2,254 17.9 17.7 21.2 22.6 8.6 8.0 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Accumulate 131 144 2,532 2,614 2,923 17.2 16.8 13.2 14.4 10.0 9.1 1.8 1.5 18.5 16.7 0.9 0.7

Mindtree Neutral 942 - 3,915 2,707 2,978 20.3 20.2 87.4 97.0 10.8 9.7 2.3 1.9 21.8 19.5 1.2 0.9

Mphasis& Reduce 417 391 8,763 6,372 6,852 18.0 18.2 38.0 43.5 11.0 9.6 1.6 1.4 14.3 14.2 0.9 0.7NIIT Buy 17 30 281 1,144 1,267 9.0 9.1 4.3 5.4 4.0 3.2 0.4 0.4 10.3 12.0 - -

Persistent Accumulate 525 565 2,099 1,505 1,677 25.9 26.2 53.6 59.7 9.8 8.8 1.7 1.5 17.7 16.7 1.0 0.8

TCS Reduce 1,746 1,640 341,701 74,795 84,926 28.8 28.7 82.2 91.5 21.2 19.1 6.6 5.4 30.8 28.1 4.3 3.8

Tech Mahindra Accumulate 1,172 1,250 27,222 8,102 8,709 19.7 19.2 93.7 101.5 12.5 11.6 2.3 1.9 21.2 18.9 3.4 3.0

Wipro Neutral 393 - 96,832 41,659 45,137 21.2 21.4 27.7 29.9 14.2 13.1 2.9 2.5 20.5 19.0 1.8 1.5

Media

D B Corp Accumulate 277 302 5,073 1,783 1,968 25.2 26.8 14.6 17.2 19.0 16.0 4.9 4.2 23.9 24.2 2.7 2.4

HT Media Buy 95 117 2,235 2,205 2,380 15.1 15.6 8.3 9.1 11.5 10.5 1.3 1.1 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 91 107 3,029 1,664 1,825 20.9 23.0 6.4 7.8 14.2 11.8 2.9 2.6 21.0 23.1 1.9 1.7

PVR Neutral 334 - 1,324 1,359 1,540 17.3 17.4 17.2 21.6 19.4 15.5 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 397 - 15,635 2,287 2,551 69.7 70.5 20.0 23.3 19.8 17.0 4.9 4.3 26.4 27.3 6.5 5.7

Metals & Mining

Bhushan Steel Neutral 464 - 10,506 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 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 12 18 399 1,976 2,017 11.8 12.7 1.3 2.6 9.7 4.7 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 102 155 3,239 1,920 2,239 53.2 52.9 21.6 25.0 4.7 4.1 1.1 0.9 25.1 23.8 1.2 0.8Hind. Zinc Buy 102 145 43,141 12,358 13,659 51.4 51.6 16.0 17.6 6.4 5.8 1.2 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 104 - 19,960 89,352 93,672 8.8 9.2 13.4 15.0 7.8 7.0 0.6 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 565 - 13,652 47,613 48,385 17.4 18.8 81.8 109.6 6.9 5.2 0.7 0.7 11.1 13.4 0.6 0.5

MOIL Buy 201 248 3,373 1,010 1,046 46.5 47.6 26.8 28.8 7.5 7.0 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 118 193 751 2,326 2,709 21.4 23.1 33.3 43.1 3.5 2.7 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 29 - 7,551 7,656 7,988 13.1 13.5 2.6 2.6 11.5 11.2 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 108 140 42,700 10,610 11,400 66.3 64.2 15.6 16.1 6.9 6.7 1.4 1.3 21.3 19.9 1.9 1.8

SAIL Neutral 44 - 18,338 44,060 54,786 9.4 11.5 5.2 7.2 8.5 6.2 0.4 0.4 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

13/16



Metals & Mining

Sesa Goa Accumulate 146 166 12,689 3,742 4,426 32.9 32.8 30.0 29.8 4.9 4.9 0.7 0.6 14.3 12.5 4.2 3.5

Sterlite Inds Buy 83 100 27,927 44,462 45,568 23.2 24.7 18.1 20.2 4.6 4.1 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 234 378 22,722 140,917 151,537 9.7 10.8 30.9 47.6 7.6 4.9 0.7 0.6 9.6 13.4 0.5 0.5

Sarda Buy 93 153 333 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.5 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 404 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 74 102 241 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Accumulate 306 345 58,494 16,482 16,228 69.4 53.3 53.3 49.6 5.7 6.2 0.9 0.8 16.5 13.6 2.2 1.9

GAIL Neutral 330 - 41,866 52,102 52,876 15.7 16.1 34.1 35.7 9.7 9.3 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 307 387 262,910 170,063 198,461 36.3 38.3 34.7 41.9 8.9 7.3 1.5 1.3 18.3 19.5 1.3 0.9

Reliance Industries Neutral 909 - 293,405 397,546 421,695 9.4 8.6 75.0 76.4 12.1 11.9 1.3 1.2 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 208 - 2,673 3,707 3,850 11.7 12.4 23.7 25.7 8.8 8.1 2.5 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 287 - 4,024 3,700 4,218 23.4 22.8 26.7 30.4 10.8 9.4 2.3 1.9 22.7 21.8 1.2 0.9

Petronet LNG Buy 126 167 9,454 40,356 40,872 5.8 6.4 15.0 16.7 8.4 7.5 1.8 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 54 - 3,050 1,171 1,287 91.9 91.9 10.1 11.3 5.4 4.8 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 158 - 2,981 1,736 2,008 17.1 18.9 10.7 13.9 14.8 11.4 4.6 3.5 35.0 34.7 1.8 1.5

Aurobindo Pharma Buy 174 271 5,071 6,641 7,637 15.9 15.9 17.3 20.6 10.1 8.5 1.6 1.3 19.5 18.9 1.2 1.0

Aventis* Neutral 2,376 - 5,472 1,682 1,917 16.6 16.6 92.4 99.1 25.7 24.0 3.6 3.6 15.7 14.8 2.9 2.3

Cadila Healthcare Buy 764 929 15,633 7,280 8,640 15.5 15.7 38.3 46.5 19.9 16.4 4.3 3.5 23.5 23.5 2.5 2.1

Cipla Buy 411 477 33,012 9,274 10,796 23.1 23.1 21.0 23.8 19.6 17.3 3.1 2.7 17.2 16.8 3.3 2.8

Dr Reddy's Accumulate 2,319 2,535 39,417 13,377 15,350 20.4 20.1 112.3 126.8 20.7 18.3 4.4 3.7 23.5 21.8 3.0 2.6

Dishman Pharma Buy 59 168 474 1,394 1,534 22.5 22.4 15.0 16.8 3.9 3.5 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,486 - 21,059 2,854 3,145 28.6 28.6 76.6 83.3 32.5 29.9 9.7 8.8 31.1 31.0 6.5 5.8

Indoco Remedies Accumulate 69 78 640 760 922 15.3 15.3 6.1 7.8 11.4 8.9 1.4 1.2 12.9 14.7 1.1 0.9

Ipca labs Neutral 640 - 8,070 3,243 3,826 20.5 21.5 36.0 44.4 17.8 14.4 4.1 3.3 26.0 25.4 2.6 2.2

Lupin Neutral 891 - 39,877 11,641 13,933 21.3 21.3 34.8 41.8 25.6 21.3 6.0 4.7 26.2 24.8 3.5 2.8

Ranbaxy* Buy 317 384 13,396 11,400 12,060 10.5 12.5 17.5 22.5 18.1 14.1 2.9 2.5 17.0 19.1 1.1 1.0

Sun Pharma Neutral 1,110 - 114,772 13,509 15,846 41.0 41.0 33.0 39.8 33.6 27.9 6.8 5.6 22.0 22.0 7.9 6.6

Power

GIPCL Buy 64 78 963 1,444 1,482 33.4 33.0 13.7 14.8 4.7 4.3 0.5 0.5 12.3 12.0 0.7 0.5

NTPC Accumulate 143 163 117,910 76,734 86,680 24.5 24.3 13.4 14.5 10.7 9.9 1.3 1.2 12.8 12.7 2.2 2.1


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

14/16



Real Estate

DLF Buy 170 236 30,194 8,293 9,622 36.5 36.1 5.7 6.7 29.7 25.2 1.1 1.0 3.7 4.1 5.7 4.8

MLIFE Neutral 455 - 1,857 888 1,002 30.6 30.6 38.8 43.4 11.7 10.5 1.3 1.2 11.2 11.4 2.7 2.4

Telecom

Bharti Airtel Neutral 336 - 134,113 85,489 94,229 31.9 31.9 10.2 14.6 32.8 23.0 2.4 2.2 7.2 9.4 2.2 1.9

Idea Cellular Neutral 151 - 50,165 25,640 28,459 26.9 27.2 4.0 4.9 37.8 30.6 3.2 2.9 8.4 9.4 2.4 2.1

Rcom Neutral 141 - 29,154 22,751 24,628 30.9 31.3 3.4 5.3 41.2 26.8 0.9 0.8 2.1 3.1 2.9 2.5

OthersAbbott India* Buy 1,432 1,659 3,043 1,863 2,081 11.8 12.4 71.2 83.0 20.1 17.3 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 178 237 1,776 3,885 4,472 5.4 7.2 11.0 19.7 16.3 9.0 2.2 1.8 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 520 613 658 631 797 14.5 13.7 42.6 51.1 12.2 10.2 2.9 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 238 459 61 248 284 6.5 7.3 27.2 38.2 8.8 6.2 1.4 1.2 15.7 18.5 0.4 0.4

Finolex Cables Accumulate 64 68 974 2,563 2,899 9.8 9.8 10.1 11.3 6.3 5.6 0.9 0.8 14.3 13.8 0.3 0.3

Force Motors Buy 249 437 325 2,304 2,649 3.1 3.6 28.0 43.7 8.9 5.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 313 345 721 1,458 1,542 8.3 9.0 32.3 37.0 9.7 8.4 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 116 177 316 1,053 1,169 6.3 7.1 13.8 17.7 8.4 6.6 1.2 1.0 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,486 - 2,198 1,842 2,131 7.7 7.8 112.4 132.4 22.1 18.8 2.8 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 138 198 124 495 651 12.7 12.9 29.3 39.5 4.7 3.5 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 151 234 174 1,430 1,573 11.1 11.0 19.1 26.9 7.9 5.6 0.4 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 179 199 2,977 1,220 1,476 13.3 13.6 5.5 9.0 32.5 19.8 3.7 3.3 12.1 17.7 2.8 2.2

MRF Neutral 14,383 - 6,100 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.0 8.0 1.7 1.4 23.5 19.2 0.6 0.6

Page Industries Neutral 4,414 - 4,923 1,057 1,282 19.4 19.6 124.8 153.7 35.4 28.7 17.5 12.9 56.3 51.8 4.7 3.9

Relaxo Footwears Accumulate 729 791 875 1,146 1,333 10.9 11.4 45.9 60.9 15.9 12.0 3.3 2.7 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 236 343 221 1,158 1,322 11.9 11.9 72.9 85.7 3.2 2.8 0.6 0.5 19.9 19.6 0.4 0.4Styrolution ABS India* Buy 410 617 721 1,068 1,223 9.6 9.6 38.1 44.1 10.8 9.3 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 60 108 375 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 257 371 395 814 849 17.0 17.6 64.6 69.2 4.0 3.7 0.5 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 539 686 419 435 516 6.2 7.1 24.3 33.3 22.2 16.2 3.7 3.1 17.6 20.8 0.8 0.7

Tree House Neutral 292 - 1,049 153 194 53.0 52.8 12.4 15.6 23.5 18.6 2.8 2.5 11.8 13.1 7.0 5.4

TVS Srichakra Buy 172 230 132 1,591 1,720 6.1 6.4 24.5 38.3 7.0 4.5 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,706 - 39,321 12,294 14,162 12.0 12.0 42.1 67.7 64.3 40.0 4.5 4.1 9.1 10.7 3.5 3.0

Vesuvius India* Buy 375 439 761 600 638 20.1 19.4 35.7 36.6 10.5 10.3 1.9 1.6 19.4 17.1 1.1 0.9


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

15/16



Others

HSIL Buy 86 117 570 2,042 2,363 14.6 14.8 12.3 16.5 7.0 5.2 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 22, 2013


Market Outlook

Stock Watch

July 23, 2013

7/27/2019 Market Outlook, 23-07-2013

16/16

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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