market outlook 280612

7/31/2019 Market Outlook 280612

1/13

Market OutlookJune 28, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in green tracking positive cues from

Asian markets. Indian shares rose modestly yesterday on expectations the

government will look at fresh reform initiatives after PM took charge of the finance

ministry following the resignation of Pranab Mukherjee.

US markets saw some strength on Wednesday as traders reacted positively to a

batch of relatively upbeat US economic data. A report from the National

Association of Realtors (NAR) showed much stronger than expected growth in home

sales index from 5.9% to 101.1 in May 2012 after falling 5.5% to 95.5 in April

2012 (expectation of 1.2% increase). European stock markets rallied in afternoon

trade on Wednesday, after upbeat housing data from the US fueled investors'

buying appetite.

Global cues also offered some support, with stocks rising modestly across Asia and

Europe on Wednesday, although the undertone remained weak ahead of a critical

European summit starting today. Markets would await direction on Eurozone crisis

from the Europe summit today.

Markets Today

The trend deciding level for the day is 16,923 / 5,127 levels. If NIFTY trades above

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

up to 16,976 17,021 / 5,144 5,158 levels. However, if NIFTY trades below

16,923 / 5,127 levels for the first half-an-hour of trade then it may correct up to

16,877 16,759 / 5,113 5,078 levels.

SENSEX 16,759 16,877 16,923 16,976 17,021NIFTY 5,078 5,113 5,127 5,144 5,158

News Analysis SAIL cuts prices of value added product modestly Hindalco reports consolidated results; delays Mahan smelter Sadbhav Engineering bags orders worth `353crRefer detailed news analysis on the following page

Net Inflows (June 26, 2012)

FII 1,474 1,388 86 589 42,527MFs 281 289 (8) 376 (6,091)

FII Derivatives (June 27, 2012)

Index Futures 3,839 3,203 636 17,026

Stock Futures 6,159 6,122 37 25,121

Gainers / Losers

Manappuram Finance 33 9.8 Andhra Bank 115 (7.1)

United Brew 531 6.5 Educomp Sol 164 (3.3)

JSW ENERGY 51 6.4 Tata Motors 239 (3.1)

Power Finance 174 5.1 Indiabulls Fin 221 (2.0)

REC 185 4.2 Yes Bank 335 (1.9)

BSE Sensex 0.4 61.2 16,968

Nifty 0.4 21.1 5,142

MID CAP 0.4 21.4 6,052

SMALL CAP 0.3 20.3 6,444

BSE HC 0.5 34.9 6,759

BSE PSU 0.5 32.4 7,111

BANKEX 0.4 41.8 11,544

AUTO (0.8) (71.5) 9,248

METAL 1.6 158.9 10,409

OIL & GAS (0.1) (6.4) 7,970

BSE IT 0.9 52.7 5,675

Dow Jones 0.7 92.3 12,627NASDAQ 0.7 21.3 2,875

FTSE 1.4 77.0 5,524

Nikkei 0.8 66.5 8,730

Hang Seng 1.0 195.1 19,177

Straits Times 1.3 36.0 2,842

Shanghai Com (0.2) (5.1) 2,217

INFY 1.6 0.7 $43.2

WIT 2.1 0.2 $8.8IBN 2.3 0.7 $30.6

HDB 0.8 0.2 $31.2

Advances 1,462 785

Declines 1,309 618

Unchanged 142 106

BSE 1,635

NSE 8,002


2/13



Steel Authority of India (SAIL) has slashed the price of galvanized corrugated (GC)

sheets by`600-3,000 (1-5%) per tonne for July due to slackening demand. GCsheets are mainly used for roofing, industrial sheds, paneling, automobile bodies,

household boxes, etc. The contribution of GC sheets to SAILs total sales volumes

would not be more than 4% of its consolidated volumes in our view. Hence, we do

not expect any significant impact of price cut on SAILs financials.

Hindalco reported its consolidated results for FY2012. The company's top line

grew by 12% yoy to `80,821cr and its net profit grew by 38% yoy to `3,397cr.

However, the company reported revised timeline for commissioning Mahan

smelter to CY2012 (earlier guidance: 1QFY2013). The delay in commissioning

Mahan smelter was in-line with our expectation. Nevertheless, the company has

broadly maintained its timelines for other projects.

Mahan smelter 359 2QFY12 3QFY12 4QFY12 4QFY12 1QFY13 1QFY13 CY2012

Utkal Alumina 1500 2QFY12 4QFY12 2QFY13 2QFY13 2HCY12 2HCY12 CY2012Aditya Smelter 359 3QFY12 3QFY13 4QFY13 4QFY13 4QFY13 4QFY13 CY2013

Aditya Refinery 1500 1QFY14 4QFY14 CY2014 CY2014 CY2014 CY2014 CY2014

Jharkhand Alumnium 359 1QFY14 2QFY15 CY2015 CY2015 CY2015 CY2015 CY2015

Source: Company, Angel Research

Sadbhav Engineering (SEL) has bagged two major orders worth `353cr. The

company has been declared a successful bidder by Maharashtra State Road

Development Corporation (MSRDC), Mumbai, for a contract valued at `319cr. SEL

has signed a joint venture with Hindustan Construction Company for the

construction of terminal facilities for passenger water transport along the west

coast of Mumbai at Marve and Borivali. The company will lead the JV with more

than 51% participation share. The second order worth `33.5cr from Delhi Metro

Rail Corporation (DMRC) involves construction work for phase-III of Delhi MRTS.

With these orders the order book of SEL stands at ~`7,900cr (3.0x FY2012

revenue), providing good revenue visibility.


3/13



Economic and Political News

Oil falls on Europe anxiety, strike supports Monsoon likely to revive only after July 5

Central Bank likely to impose curbs on gold coin sale Rupee, euro crisis hits gold demand in India Rupee down 12 paise to 57.14/dollar

Corporate News

PMO asks Coal Ministry to give deallocated mines to CIL United Phosphorus soars as buyback offer gains momentum DOT plans to impose `600cr fine on RCOM Brigade, GIC acquire HULs Whitefield land for `125cr Tata Motors to halt output for 3 days on poor offtakeSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 28, 2012 US Initial Jobless claims Thousands JUN 23 387.00 385.00

Euro ZoneEuro-Zone ConsumerConfidence Value JUN F (19.60) (19.60)

Germany Unemployment change (000's) Thousands JUN -- 3.00

US GDP Qoq (Annualised) % Change 1Q T 1.90 1.90

UK GDP (YoY) % Change 1Q F (0.10) (0.10)

July 01, 2012 China PMI Manufacturing Value JUN 50.40 49.80

July 02, 2012 India Imports YoY% % Change MAY 3.80 --

India Exports YoY% % Change MAY 3.20 --

UK PMI Manufacturing Value JUN 45.90 --

Germany PMI Manufacturing Value JUN F 44.70 --

July 04, 2012 Germany PMI Services Value JUN F 50.30 --

July 05, 2012 UK BOE Announces rates % Ratio JUL 5 0.50 0.50

Euro Zone ECB announces interest rates % JUL 5 1.00 --

July 06, 2012 US Change in Nonfarm payrolls Thousands JUN 69.00 95.50

US Unnemployment rate % JUN 8.20 8.20

July 09, 2012 China Consumer Price Index (YoY) % Change JUN 3.00 --

July 10, 2012 UK Industrial Production (YoY) % Change MAY (1.00) --

China Exports YoY% % Change JUN 15.30 --

July 12, 2012 India Industrial Production YoY % Change MAY 0.10 --

July 13, 2012 IndiaMonthly Wholesale PricesYoY%

% Change JUN 7.55 --

US Producer Price Index (mom) % Change JUN (1.00) --China Industrial Production (YoY) % Change JUN 9.60 --

China Real GDP (YoY) % Change 2Q 8.10 --

July 16, 2012 Euro Zone Euro-Zone CPI (YoY) % JUN 2.40 --

July 17, 2012 UK CPI (YoY) % Change JUN 2.80 --

US Industrial Production % JUN (0.09) --

US Consumer price index (mom) % Change JUN (0.30) --

July 18, 2012 US Housing Starts Thousands JUN 708.00 --

US Building permits Thousands JUN 784.00 --

UK Jobless claims change % Change JUN 8.10 --

July 19, 2012 US Existing home sales Millions JUN 4.55 --

July 25, 2012 US New home sales Thousands JUN 369.00 --

July 31, 2012 US Consumer ConfidenceS.A./

1985=100JUL 62.00 --

India RBI Repo rate % JUL 31 8.00 --

India RBI Cash Reserve ratio % JUL 31 4.75 --

India RBI Reverse Repo rate % JUL 31 7.00 --

August 01, 2012 US FOMC rate decision % AUG 1 0.25 --

Source: Bloomberg, Angel Research


June 28, 2012

Market Outlook


5/13

Market Strategy

June 28, 2012


Macro watch

Exhibit1:

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit2:

6.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.1

(3.2)

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

(%)

Source: MOSPI, Angel Research

Exhibit3:

9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.2 7.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

(%)

Source: MOSPI, Angel Research

Exhibit4:

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Mfg. PMI Services PMI

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

Exhibit5:

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

Exports yoy growth Imports yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit6:

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Repo rate Reverse Repo rate CRR (%)

Source: RBI, Angel Research


6/13

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 134 - 2,606 1,432 1,647 14.7 14.7 7.0 8.0 19.1 16.8 4.0 3.4 22.8 22.3 1.9 1.6

United Phosphorus Buy 123 183 5,679 8,191 8,764 16.5 16.5 17.1 18.3 7.2 6.7 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 298 345 2,546 2,715 3,041 15.3 15.3 29.2 32.8 10.2 9.1 2.4 1.9 26.0 23.3 0.9 0.8

Apollo Tyres Buy 79 100 3,999 13,699 15,184 10.5 10.2 12.1 13.3 6.6 6.0 1.2 1.0 19.7 18.4 0.5 0.4

Ashok Leyland Buy 25 33 6,625 14,798 16,687 9.6 9.6 2.4 3.0 10.3 8.4 2.1 1.8 14.8 16.5 0.5 0.5

Automotive Axle Accumulate 441 514 666 1,211 1,387 12.1 11.7 50.3 57.1 8.8 7.7 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,560 1,835 45,150 22,118 24,889 19.0 18.6 115.7 126.5 13.5 12.3 5.4 4.3 45.0 38.9 1.6 1.3

Bharat Forge Buy 292 372 6,795 7,173 7,998 16.3 16.5 22.3 26.6 13.1 11.0 2.5 2.1 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,636 9,429 27,116 9,390 10,716 19.5 19.1 420.2 471.4 20.6 18.3 4.8 4.0 23.3 21.8 2.7 2.3

CEAT Buy 101 164 347 5,067 5,631 8.0 7.6 39.4 41.0 2.6 2.5 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 137 146 11,611 5,787 6,595 15.5 17.0 7.1 9.0 19.2 15.3 3.4 2.9 18.6 20.3 1.7 1.4

FAG Bearings Accumulate 1,458 1,594 2,424 1,531 1,748 18.8 18.5 118.0 132.8 12.4 11.0 2.7 2.2 24.0 21.9 1.3 1.1

Hero Motocorp Accumulate 2,055 2,221 41,042 26,106 29,296 15.0 15.2 140.3 148.1 14.7 13.9 6.9 5.3 54.8 43.3 1.3 1.0

JK Tyre Buy 97 135 398 7,950 8,904 5.5 6.0 25.1 38.6 3.9 2.5 0.4 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Buy 692 821 42,497 36,010 40,882 10.0 10.0 47.7 53.3 14.5 13.0 2.9 2.5 21.3 20.6 0.9 0.8

Maruti Buy 1,120 1,510 32,367 42,683 48,736 7.1 7.5 86.6 100.6 12.9 11.1 1.9 1.6 15.3 15.5 0.5 0.4

Motherson Sumi Buy 165 216 6,449 23,342 26,366 7.8 8.2 13.3 18.0 12.4 9.2 3.0 2.3 26.2 28.4 0.4 0.4

Subros Accumulate 34 36 205 1,244 1,402 8.4 8.3 4.5 5.1 7.6 6.7 0.7 0.7 9.9 11.0 0.4 0.3

Tata Motors Buy 239 299 63,709 189,676 210,905 12.5 12.6 39.8 45.2 6.0 5.3 2.5 2.0 44.3 41.6 0.4 0.4

TVS Motor Buy 34 44 1,615 7,690 8,459 6.1 6.0 5.0 5.5 6.8 6.2 1.2 1.1 19.0 18.6 0.2 0.1

Capital Goods

ABB* Sell 784 498 16,621 8,760 10,023 7.6 7.5 18.2 20.7 43.0 37.8 5.8 5.2 14.4 14.6 1.9 1.7BGR Energy Neutral 297 - 2,144 4,195 4,837 11.0 11.0 30.1 32.4 9.9 9.2 1.7 1.5 18.4 17.6 1.0 1.0

BHEL Neutral 220 - 53,957 46,344 46,916 18.3 18.6 23.5 24.1 9.4 9.2 1.9 1.6 21.3 18.9 1.1 1.0

Blue Star Neutral 162 - 1,461 3,047 3,328 5.4 6.9 9.6 16.2 16.9 10.0 3.3 2.7 20.7 29.7 0.6 0.5

Crompton Greaves Buy 121 142 7,756 12,451 14,265 7.9 8.3 8.0 9.5 15.1 12.8 2.0 1.8 13.9 14.9 0.7 0.6

Jyoti Structures Buy 39 67 323 2,622 2,801 10.6 11.0 10.9 13.4 3.6 2.9 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 57 73 1,459 6,686 7,200 8.5 8.8 10.6 12.2 5.4 4.7 1.0 0.9 25.9 24.0 0.4 0.4

LMW Buy 1,602 1,992 1,804 2,369 2,727 11.7 11.7 143.4 166.0 11.2 9.7 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 479 - 5,710 5,514 5,559 9.8 9.6 29.7 28.4 16.2 16.9 3.0 2.7 20.2 16.9 0.9 0.8


June 28, 2012

Market Outlook

Stock Watch


7/13



Cement

ACC Neutral 1,206 - 22,639 11,018 12,663 19.9 21.2 70.7 81.2 17.1 14.9 3.0 2.7 18.0 19.0 1.9 1.5

Ambuja Cements Neutral 170 - 26,164 10,035 11,504 23.5 23.8 10.1 10.6 16.8 16.1 3.3 3.0 18.5 19.4 2.2 1.8

India Cements Neutral 83 - 2,534 4,423 4,906 18.2 18.8 9.9 12.7 8.4 6.5 0.7 0.7 8.6 10.5 0.9 0.8

J K Lakshmi Cements Buy 67 79 816 1,938 2,246 19.1 20.1 14.6 16.1 4.6 4.1 0.6 0.5 13.4 13.6 0.5 0.9

Madras Cements Neutral 146 - 3,466 3,444 3,786 25.5 24.9 14.6 17.1 10.0 8.5 1.5 1.3 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,902 - 10,111 5,465 6,249 24.3 23.7 151.5 222.1 19.2 13.1 4.6 3.9 21.6 25.8 1.4 1.1

UltraTech Cement Neutral 1,465 - 40,151 20,116 22,655 21.3 22.5 82.1 97.5 17.9 15.0 2.8 2.4 16.8 17.4 1.9 1.8Construction

Ashoka Buildcon Buy 212 273 1,115 2,014 2,293 22.4 22.4 22.6 26.7 9.4 7.9 1.0 0.9 11.4 11.9 2.3 2.6

Consolidated Co Neutral 13 - 249 2,526 2,792 5.7 6.6 1.8 2.8 7.3 4.8 0.4 0.4 5.5 8.1 0.3 0.3

Hind. Const. Neutral 20 - 1,192 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.0) (25.2) 1.1 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 124 166 4,108 3,821 4,582 42.3 40.2 15.0 16.9 8.2 7.3 1.2 1.1 16.1 15.8 2.7 2.5

ITNL Buy 180 265 3,488 6,619 7,925 23.8 23.3 22.0 26.7 8.2 6.7 1.2 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 51 61 1,368 5,510 6,722 8.8 9.0 2.5 4.6 20.2 11.2 0.7 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Buy 69 88 14,768 15,259 17,502 25.7 24.7 4.2 5.0 16.4 13.9 1.4 1.3 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,347 1,553 82,569 59,559 69,089 12.1 11.5 70.8 76.5 19.0 17.6 2.9 2.5 16.1 15.3 1.6 1.4

Madhucon Proj Buy 36 70 266 2,206 2,502 10.7 10.7 4.6 4.7 7.8 7.7 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 40 - 1,028 5,453 6,169 8.1 8.5 1.6 1.9 24.4 20.8 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 92 - 640 3,609 3,836 13.1 13.1 14.0 14.6 6.5 6.3 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 48 - 1,591 11,592 12,993 8.4 8.4 1.8 3.2 26.6 15.0 0.5 0.5 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 146 182 2,198 2,789 3,147 10.6 10.7 8.4 10.4 17.3 14.0 2.4 2.0 15.0 15.6 0.9 0.8

Simplex Infra Buy 216 265 1,069 6,732 7,837 8.1 8.4 23.5 29.4 9.2 7.4 0.9 0.8 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Neutral 149 - 7,430 7,392 8,542 3.1 3.1 38.3 42.1 3.9 3.5 0.7 0.6 18.4 17.6 - -

Andhra Bank Neutral 115 - 6,444 5,151 5,843 3.2 3.1 22.4 25.7 5.1 4.5 0.8 0.7 15.8 16.0 - -

Axis Bank Buy 1,001 1,476 41,462 16,157 19,557 3.2 3.2 116.4 139.1 8.6 7.2 1.6 1.4 20.0 20.3 - -

Bank of Baroda Buy 716 925 28,033 15,993 18,918 2.6 2.6 127.3 149.9 5.6 4.8 0.9 0.8 17.8 18.2 - -

Bank of India Accumulate 344 389 19,732 13,558 15,551 2.5 2.4 61.6 70.8 5.6 4.9 0.9 0.8 16.8 16.9 - -

Bank of Maharashtra Accumulate 49 53 2,886 3,580 4,050 3.2 3.2 11.5 13.1 4.2 3.7 0.7 0.6 17.4 17.2 - -

Canara Bank Buy 410 493 18,183 12,061 13,906 2.3 2.3 83.1 92.7 4.9 4.4 0.8 0.7 16.7 16.4 - -

Central Bank Neutral 78 - 5,760 6,838 7,912 2.3 2.4 13.8 20.3 5.7 3.9 0.8 0.7 10.9 14.4 - -


June 28, 2012

Market Outlook

Stock Watch


8/13



Financials

Corporation Bank Accumulate 413 468 6,121 5,203 5,880 2.2 2.1 107.5 112.7 3.9 3.7 0.7 0.6 17.9 16.5 - -

Dena Bank Accumulate 96 107 3,366 3,149 3,522 2.8 2.8 23.3 26.1 4.1 3.7 0.7 0.6 17.7 17.0 - -

Federal Bank Neutral 445 - 7,608 2,743 3,131 3.4 3.3 49.7 57.4 9.0 7.8 1.2 1.1 14.1 14.6 - -

HDFC Neutral 644 - 95,938 7,393 8,844 3.5 3.4 31.7 37.9 20.3 17.0 4.1 3.6 34.7 31.9 - -

HDFC Bank Neutral 549 - 129,151 21,831 27,477 4.3 4.3 28.3 35.5 19.4 15.5 3.7 3.2 20.8 22.1 - -

ICICI Bank Buy 852 1,174 97,980 22,209 26,512 2.8 2.8 67.9 81.1 12.6 10.5 1.5 1.4 14.7 16.0 - -

IDBI Bank Buy 92 113 11,787 8,004 9,589 1.9 2.0 19.9 23.9 4.6 3.9 0.6 0.6 13.8 14.9 - -Indian Bank Accumulate 172 190 7,383 6,312 7,119 3.4 3.3 41.1 43.7 4.2 3.9 0.7 0.6 18.2 16.9 - -

IOB Accumulate 84 92 6,659 7,354 8,283 2.5 2.4 16.3 21.7 5.1 3.9 0.6 0.5 11.5 13.9 - -

J & K Bank Neutral 976 - 4,732 2,535 2,861 3.5 3.4 176.3 184.4 5.5 5.3 1.0 0.9 19.3 17.6 - -

LIC Housing Finance Accumulate 260 286 13,131 2,108 2,607 2.6 2.6 24.5 30.6 10.6 8.5 2.0 1.7 20.1 21.4 - -

Oriental Bank Accumulate 248 262 7,249 6,431 7,315 2.7 2.6 54.4 63.8 4.6 3.9 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 787 1,041 26,680 19,893 23,653 3.1 3.2 153.4 175.2 5.1 4.5 0.9 0.8 18.3 18.1 - -

South Ind.Bank Neutral 24 - 2,673 1,440 1,635 2.7 2.5 3.8 4.1 6.3 5.8 1.2 1.1 19.9 18.6 - -

St Bk of India Accumulate 2,113 2,469 141,819 68,311 79,649 3.6 3.6 230.4 273.4 9.2 7.7 1.5 1.3 18.2 18.8 - -

Syndicate Bank Buy 105 126 6,320 7,133 8,255 3.0 3.0 25.9 30.0 4.1 3.5 0.6 0.6 16.9 17.1 - -

UCO Bank Neutral 77 - 5,085 5,623 6,380 2.4 2.4 16.9 17.9 4.5 4.3 0.8 0.8 16.5 15.4 - -

Union Bank Buy 208 261 11,427 10,215 11,854 2.9 2.8 42.7 50.3 4.9 4.1 0.8 0.7 17.0 17.5 - -

United Bank Buy 60 78 2,155 3,551 4,128 2.7 2.8 18.8 22.6 3.2 2.6 0.5 0.4 15.5 16.5 - -

Vijaya Bank Neutral 57 - 2,830 2,668 3,001 2.2 2.2 10.6 12.2 5.4 4.7 0.8 0.7 13.3 13.8 - -

Yes Bank Buy 335 450 11,842 3,209 4,144 2.7 2.8 33.9 41.5 9.9 8.1 2.1 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,770 - 36,157 11,423 13,309 16.3 16.3 125.3 148.4 30.1 25.4 10.2 8.0 38.0 35.4 3.2 2.7Britannia Buy 521 633 6,227 5,835 6,824 6.3 6.7 20.7 27.5 25.2 18.9 9.8 7.3 42.7 44.3 1.0 0.9

Colgate Neutral 1,152 - 15,670 3,007 3,417 21.1 22.1 38.2 43.8 30.1 26.3 35.9 28.2 130.2 119.9 4.9 4.3

Dabur India Reduce 113 106 19,660 5,878 6,799 16.8 17.0 4.2 4.9 27.2 23.0 9.9 8.1 39.3 42.0 3.4 2.9

GlaxoSmith Con* Neutral 2,662 - 11,193 3,124 3,663 17.1 11.6 103.0 123.3 25.9 21.6 8.0 6.4 34.0 32.9 3.2 2.7

Godrej Consumer Neutral 564 - 19,208 5,973 7,000 18.4 18.6 22.8 27.2 24.7 20.8 6.8 5.5 31.3 38.4 3.3 2.8

HUL Neutral 453 - 97,864 25,350 29,309 14.3 14.4 14.1 16.4 32.0 27.6 24.0 18.7 82.7 76.2 3.7 3.2

ITC Neutral 248 - 193,741 29,638 34,159 35.4 35.8 9.3 10.9 26.5 22.7 8.6 7.0 35.3 33.8 6.4 5.5


June 28, 2012

Market Outlook

Stock Watch


9/13



FMCG

Marico Neutral 182 - 11,714 4,667 5,427 12.8 12.9 6.6 8.1 27.4 22.4 7.3 5.7 30.0 28.8 2.4 2.0

Nestle* Neutral 4,510 - 43,481 8,731 10,539 21.0 21.4 119.3 147.9 37.8 30.5 23.2 15.8 73.0 61.6 5.0 4.0

Tata Global Buy 117 136 7,245 7,011 7,711 9.7 10.0 6.3 7.5 18.7 15.7 1.8 1.7 9.5 10.9 0.9 0.8

IT

HCL Tech Buy 470 560 32,586 22,792 25,743 17.4 17.4 37.8 43.0 12.5 10.9 2.8 2.3 22.3 21.3 1.4 1.2

Hexaware Neutral 128 - 3,781 1,821 2,105 19.0 18.6 9.8 10.7 13.0 11.9 3.0 2.6 23.7 22.5 1.8 1.5

Infosys Accumulate 2,469 2,792 141,752 37,615 42,491 31.1 30.6 158.5 174.5 15.6 14.1 3.5 3.0 22.5 20.8 3.1 2.6Infotech Enterprises Accumulate 160 177 1,778 1,758 1,972 17.0 16.6 16.8 18.6 9.5 8.6 1.3 1.1 13.6 13.2 0.6 0.5

KPIT Cummins Neutral 115 - 2,055 2,028 2,239 15.0 14.8 9.0 11.4 12.8 10.1 2.3 1.9 19.3 18.7 1.0 0.8

Mahindra Satyam Accumulate 77 86 9,067 7,097 7,812 16.2 16.0 7.5 8.0 10.3 9.7 1.4 1.2 13.2 12.3 0.9 0.7

Mindtree Accumulate 634 643 2,579 2,172 2,450 16.1 15.5 53.9 58.5 11.8 10.9 2.2 1.8 18.9 17.0 0.9 0.8

Mphasis Accumulate 363 373 7,630 5,608 5,964 17.7 17.3 35.5 36.8 10.2 9.9 1.4 1.3 13.9 12.6 0.8 0.7

NIIT Buy 42 52 691 1,162 1,304 14.8 15.1 7.1 8.8 5.9 4.8 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Reduce 395 361 1,580 1,109 1,224 23.3 22.4 37.2 40.1 10.6 9.9 1.6 1.4 15.4 14.5 1.1 0.9

TCS Neutral 1,247 - 244,017 57,189 66,329 29.3 28.7 63.2 70.9 19.7 17.6 6.0 4.9 30.5 27.7 4.0 3.3

Tech Mahindra Accumulate 695 725 8,865 5,880 6,314 15.6 15.2 75.9 82.2 9.2 8.5 1.8 1.5 20.1 18.1 1.4 1.3

Wipro Accumulate 400 452 98,275 43,150 48,541 20.0 20.5 25.9 30.1 15.4 13.3 3.0 2.5 19.1 19.0 2.0 1.6

Media

D B Corp Buy 205 269 3,754 1,652 1,863 25.7 26.3 13.5 16.1 15.2 12.7 3.4 2.9 24.1 24.4 2.0 1.7

HT Media Buy 97 148 2,271 2,255 2,555 16.3 16.7 9.0 10.6 10.7 9.1 1.3 1.2 13.4 13.8 0.6 0.5

Jagran Prakashan Buy 87 137 2,736 1,499 1,642 27.4 28.8 7.6 9.1 11.3 9.5 3.8 3.4 34.6 37.7 1.8 1.6

PVR Neutral 148 - 382 625 732 17.4 16.9 12.4 15.8 11.9 9.4 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 302 - 11,919 2,135 2,458 75.2 74.4 20.9 24.0 14.5 12.6 3.4 2.8 26.0 25.1 4.1 3.3Metals & Mining

Bhushan Steel Reduce 461 436 9,787 9,232 13,557 30.8 31.1 48.0 58.6 9.6 7.9 1.2 1.1 14.5 7.5 3.2 2.2

Coal India Neutral 343 - 216,651 68,841 74,509 25.3 25.3 24.1 26.1 14.3 13.1 3.9 3.2 30.4 26.8 2.2 1.9

Electrosteel Castings Buy 17 22 586 1,984 2,074 11.2 12.6 2.0 2.7 8.3 6.3 0.3 0.1 4.2 5.5 0.5 0.4

Hind. Zinc Buy 118 139 50,049 13,043 14,223 51.8 52.8 14.8 16.6 8.0 7.2 1.6 1.3 21.2 19.9 2.2 1.6

Hindalco Neutral 117 - 22,352 83,463 91,313 9.0 9.9 13.7 18.1 8.5 6.5 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 667 - 14,892 39,592 44,910 18.0 17.7 74.7 88.9 8.9 7.5 0.9 0.8 10.7 11.6 0.7 0.7

MOIL Accumulate 283 296 4,754 1,007 1,091 56.6 56.9 29.4 31.9 9.6 8.9 1.7 1.5 19.0 18.2 2.3 1.9

Monnet Ispat Buy 364 447 2,343 3,115 3,748 22.1 25.1 59.1 66.8 6.2 5.5 0.9 0.8 15.6 15.3 1.5 1.1


June 28, 2012

Market Outlook

Stock Watch


10/13


11/13



Real Estate

HDIL Buy 85 115 3,545 2,441 3,344 53.0 46.7 21.4 25.4 4.0 3.3 0.3 0.3 8.4 9.1 3.2 2.4

MLIFE Buy 321 376 1,311 814 897 26.9 27.0 31.3 33.9 10.3 9.5 1.0 1.0 10.2 10.1 1.9 1.7

Telecom

Bharti Airtel Neutral 305 - 115,825 80,961 86,705 33.5 34.0 17.2 20.8 17.7 14.7 2.0 1.8 11.5 12.3 2.1 1.9

Idea Cellular Neutral 74 - 24,557 22,558 25,326 26.4 27.5 3.2 4.7 23.0 15.7 1.7 1.6 7.5 10.0 1.6 1.4

Rcom Neutral 63 - 12,941 22,288 23,871 32.1 32.7 4.4 6.0 14.2 10.5 0.4 0.3 2.4 3.2 2.0 1.7

zOthersBajaj Electricals Buy 196 246 1,949 3,569 4,172 8.6 9.2 17.3 22.3 11.3 8.8 2.4 2.0 22.9 25.3 0.5 0.5

Abbott India Accumulate 1,442 1,628 3,064 1,661 1,918 9.7 12.0 60.7 90.4 23.8 16.0 4.9 4.0 22.0 27.3 1.6 1.3

CRISIL Neutral 1,069 - 7,501 982 1,136 34.3 34.3 34.3 40.0 31.1 26.7 14.1 11.3 50.9 46.9 7.3 6.1

Cera Sanitaryware Accumulate 276 288 349 385 444 17.2 17.4 28.9 32.0 9.5 8.6 2.0 1.7 23.4 21.1 1.0 0.9

Force Motors Buy 450 680 587 2,346 2,753 6.7 7.0 50.9 61.9 8.8 7.3 0.5 0.5 5.5 6.3 0.2 0.2

Finolex Cables Buy 42 61 635 2,334 2,687 8.8 9.3 7.6 10.2 5.4 4.1 0.7 0.6 13.7 16.1 0.2 0.1

Goodyear India Buy 316 374 729 1,511 1,692 7.9 9.0 31.5 41.3 10.0 7.7 2.0 1.7 21.2 23.5 0.3 0.2

Graphite India Buy 88 124 1,714 2,158 2,406 18.1 18.9 12.4 14.0 7.1 6.3 0.9 0.9 14.0 14.3 0.9 0.8

HEG Buy 202 242 808 1,746 1,946 16.5 17.7 22.5 32.9 9.0 6.1 0.9 0.8 10.4 14.2 1.1 1.0

Hitachi Buy 113 160 259 857 968 6.9 8.4 10.2 16.0 11.1 7.0 1.4 1.2 12.9 17.8 0.4 0.3

Honeywell Automation Neutral 2,656 - 2,348 1,542 1,739 9.4 10.0 116.1 140.8 22.9 18.9 3.2 2.8 15.5 15.9 1.3 1.2

INEOS ABS India Accumulate 715 777 1,257 900 1,011 10.2 11.5 35.6 45.7 20.1 15.7 2.9 2.5 15.4 17.2 1.2 1.0

ITD Cementation Accumulate 223 236 257 1,535 1,842 11.1 11.1 27.3 38.3 8.2 5.8 0.6 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Buy 232 268 1,869 1,315 1,568 8.6 11.1 6.4 10.9 36.4 21.3 3.1 2.9 8.4 13.9 1.7 1.4

MCX Buy 1,028 1,598 5,240 610 702 65.5 67.0 67.9 79.9 15.1 12.9 4.4 3.7 29.1 28.9 5.6 4.3

MRF Buy 10,099 13,106 4,283 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.6 6.2 1.5 1.2 16.5 17.4 0.5 0.5Greenply Industries Buy 192 309 464 1,925 2,235 10.6 10.9 29.6 44.1 6.5 4.4 1.1 0.9 16.8 21.0 0.5 0.4

Page Industries Neutral 2,878 - 3,210 887 1,108 18.3 18.6 95.0 120.9 30.3 23.8 15.8 12.8 57.4 59.5 3.6 2.9

Relaxo Footwears Neutral 517 - 620 1,019 1,208 11.0 10.8 44.9 53.1 11.5 9.7 2.8 2.2 27.2 25.0 0.7 0.6

Sintex Industries Buy 58 79 1,593 4,751 5,189 16.3 16.6 13.6 15.8 4.3 3.7 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 267 392 250 1,042 1,173 12.4 12.5 66.3 78.5 4.0 3.4 0.8 0.7 21.1 20.8 0.5 0.4

SpiceJet Buy 33 40 1,610 5,647 6,513 3.5 6.5 1.9 4.9 17.1 6.8 40.2 5.8 - - 0.4 0.4

TVS Srichakra Buy 327 462 250 1,612 1,827 9.5 9.8 72.3 92.5 4.5 3.5 1.3 1.0 33.1 32.1 0.4 0.3

TAJ GVK Buy 62 108 388 300 319 35.8 36.2 7.9 9.1 7.8 6.8 1.0 0.9 13.9 14.4 1.6 1.3


June 28, 2012

Market Outlook

Stock Watch


12/13



zOthers

Tata Sponge Iron Buy 345 420 531 757 875 19.0 19.1 63.5 72.9 5.4 4.7 0.8 0.7 16.1 16.1 0.3 0.1

United Spirits Accumulate 670 730 8,767 10,289 11,421 13.5 14.3 31.0 42.9 21.6 15.6 1.7 1.5 8.1 10.3 1.6 1.4

Vesuvius India Accumulate 371 413 752 628 716 16.4 16.5 29.8 34.4 12.4 10.8 2.2 1.9 18.8 18.6 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 27, 2012


June 28, 2012

Market Outlook

Stock Watch


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June 28, 2012Market Outlook

market outlook 280612

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