market outlook report, 23rd january

7/29/2019 Market Outlook Report, 23rd January

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Market OutlookJanuary 23, 2013

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Dealers Diary

The Indian market is expected to open flat to positive mirroring similar opening in

SGX Nifty.

The US markets moved higher over the course of the trading day on Tuesday, on

the back of a positive reaction to the latest earnings news, although buying interest

was somewhat subdued. The major European markets ended the day in the red on

Tuesday for a third consecutive session after the Bank of Japan disappointed

investors hoping for a bolder policy by introducing a 2% inflation target and

announced additional easing steps; but investors appeared somewhat

disappointed that additional asset buying will not start until 2014. However, the

stronger than expected German economic sentiment helped to curb market losses.

The Indian markets snapped three days of gains on Tuesday, weighed down by

weak European cues as investors waited for key US earnings and housing data for

directional cues. Going ahead investors would be watchful of the earnings datacoupled with reports on weekly jobless claims, leading economic indicators, and

new and existing home sales.

Markets Today

The trend deciding level for the day is 20,030 / 6,063 levels. If NIFTY trades above

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

up to 20,108 20,234 / 6,086 6,124 levels. However, if NIFTY trades below

20,030 / 6,063 levels for the first half-an-hour of trade then it may correct up to

19,904 19,826 / 6,026 6,003 levels.

SENSEX 19,826 19,904 20,030 20,108 20,234

NIFTY 6,003 6,026 6,063 6,086 6,124

News Analysis

RIL shuts 8th well in KG-D6 basin JP Associates to sell 2.78cr shares of Jaypee Infratech 3QFY2013 Result Review: HUL, Bank of Maharashtra, Tata Sponge Iron 3QFY2013 Result Preview: Sun TV, Syndicate BankRefer detailed news analysis on the following page

Net Inflows (January 21, 2013)

FII 3,441 2,578 863 14,585 14,585

MFs 613 863 (250) (2,198) (2,198)

FII Derivatives (January 22, 2013)

Index Futures 850 883 (33) 7,586

Stock Futures 2,264 2,366 (102) 33,987

Gainers / Losers

Pantaloon Retail 266 9.7 HDIL 112 (7.0)

Berger Paints 167 3.2 Dish TV India 74 (5.0)

CRISIL 1,027 2.4 Indian Bank 201 (4.8)

Asian Paints 4,400 2.4 Gail India 371 (4.5)

ACC 1,363 2.0 REC 242 (4.5)

BSE Sensex (0.6) (120.2) 19,982

Nifty (0.6) (33.8) 6,049

MID CAP (0.9) (65.3) 7,090

SMALL CAP (0.8) (59.4) 7,312

BSE HC (0.5) (37.8) 7,997

BSE PSU (0.9) (71.4) 7,779

BANKEX (0.6) (84.9) 14,435

AUTO (0.5) (56.7) 11,206

METAL (0.7) (79.8) 10,689

OIL & GAS (0.6) (59.0) 9,637

BSE IT (0.8) (51.4) 6,345

Dow Jones 0.4 53.7 13,650NASDAQ (0.0) (1.3) 3,135

FTSE (0.0) (2.4) 6,179

Nikkei (0.4) (37.8) 10,710

Hang Seng 0.3 68.1 23,659

Straits Times (0.1) (1.5) 3,220

Shanghai Com (0.6) (13.1) 2,315

INFY (0.4) (0.2) $52.0

WIT 0.1 0.0 $9.2

IBN 1.9 0.8 $45.0

HDB 1.8 0.7 $40.3

Advances 853 424

Declines 1,479 1,103

Unchanged 676 64

BSE 2,435

NSE 12,363


2/16



RIL shuts 8th well in KG-D6 basin

Media reports suggests that Reliance Industries (RIL) has shut its eighth well on the

main gas fields in KG-D6 block on January 9, 2013, leading to output

plummeting to all time low of 21mmscmd. Prior to this, on November 29, 2012, it

had shut B4, the seventh well on D1&D3 field. This development is on theexpected lines since the management had guided for lower production during

CY2013. Hence, .

JP Associates to sell 2.78cr shares of Jaypee Infratech

Jaiprakash Associates has proposed to sell 2,78,64,584 equity shares of face

value of`10 each of Jaypee Infratech Ltd on January 24, 2013 through a sale on

the separate window provided by the stock exchanges for this purpose. If the offer

is fully subscribed at the current market price of `53.15 of Jaypee Infratech, the

company will be able to raise ~`148cr. Further, the company has also kept theoption of selling up to 70,619,430 additional shares of Jaypee Infratech.

3QFY2013 Result Review

HUL (CMP:`482 / TP: - / Upside: -)

HUL has delivered a disappointing set of numbers for 3QFY2013. 5% underlying

volume growth for domestic consumer business is the lowest in the last three years.

Net sales rose by 10.3% yoy to `6,434cr. While the low margin Soaps and

Detergents division posted a 20% sales growth, the Personal Products division

disappointed with a modest 13% sales growth. OPM fell by 122bp yoy to 13.5%,

due to higher input costs and `132cr of higher advertisement and promotion

expenses (up 100bp yoy). The bottom-line rose by 15.6% yoy to `871cr, aided

largely by the 85.5% increase in other income to`355cr.

The Board of Directors of the company has approved an incremental royalty

payment of 1.75% of turnover payable to the parent group Unilever. Currently the

company pays 1.4% of turnover as royalty, which will be increased to 3.15% based

on a new agreement which would be effective from February 1, 2013.The royalty

would be increased in a phased manner from February 2013 till March 31, 2018.

For the period February 1, 2013 to March 31, 2014 the additional impact would

be 0.5% of turnover. We expect the increase in royalty to have an impact of

`0.5/share on FY2014E EPS.

FY2013E 25,350 13.3 3,185 14.7 84.5 32.7 25.9 29.5 3.9

FY2014E 28,974 13.5 3,685 17.0 75.8 28.2 18.3 25.2 3.4


3/16



Bank of Maharashtra (CMP:`59 / TP:`64 / Upside: 7.9%)

Bank of Maharashtra reported strong performance for 3QFY2013, both on the

operating as well as on the asset quality front. While strong advance growth of

48.5% yoy, resulted in operating income growth of 23.4% yoy, earnings growth

came in much higher at 43.2% yoy, further aided by decline in provisioningexpenses on a yoy basis.

During 3QFY2013,

the bank reported a strong growth in its business, with advances and deposits

growth of 16.0% and 14.7% qoq, respectively. Owing to strong traction in term

deposits, CASA ratio for the bank declined by around 350bp sequentially to 34%.

Reported NIMs for the bank came off by 6bp qoq to 2.9%, on back of lower CASA

ratio. The non-interest income for the bank grew by 15.9% yoy to`174cr. On the

asset quality front, the bank witnessed improvement, as annualized slippage ratio

came in at 1.8%, much below the levels of 2.3% witnessed in 1HFY2013. Apart

from normalized slippages, the bank also registered inspired performance onrecoveries/upgrades front, resulting in sequentially flat gross NPA levels, on an

absolute basis. Net NPA levels were also lower sequentially by 12.9%, on an

absolute basis. Gross and Net NPA ratio declined sequentially by 29bp and 22bp,

respectively to 1.7% and 0.7%. The banks PCR (including technically written-off

accounts) improved by 270bp qoq to 82.8%. Owing to strong growth, as of

3QFY2013, excluding profits, the banks total CAR stood at 10.7%, with tier-1

ratio at 6.0%, which still remains on the lower side. Apart from likely Government

infusion of ~`400cr, the bank has evinced interest to raise funds from the equity

markets.

At the CMP, the stock is trading at valuations of 0.7xFY2014E ABV.

FY2013E 3,576 3.1 605 9.3 70.7 0.6 14.0 6.4 0.8

FY2014E 3,893 3.1 765 12.0 79.8 0.7 16.1 4.9 0.7

Tata Sponge Iron (CMP:`308/ TP:`379/ Upside: 22.8%)

For 3QFY2013, TSIL reported a mixed set of results. Revenue grew by astupendous 52.8% yoy to `200cr, 10.5% higher than our expectation of `181cr.

However, EBITDA margin contracted by 512bp on a yoy basis to 13.7% on

account of higher raw material costs (as percentage of net sales) as compared to

same quarter last year. Conversely, net profit for 3QFY2013 grew by 22.6% yoy to

`21cr on account of higher other income and lower tax outgo for the quarter as

compared to 3QFY2012. TSIL received a notice in Nov 2012 from the Ministry of

Coal (MoC) for encashment of bank guarantee (BG) of `32.5cr on the grounds

that there was a delay in commissioning the Radhikapur coal block allotted to the

company. This amount has been disclosed as a contingent liability in the books of

TSIL. The company has applied to the MoC for extension of the normative date of

production after it contended that the delays in commissioning of the project were

mainly attributable to both Central and State Government in granting approval,

which is still pending. Even though TSIL has obtained a stay from the Honble High


4/16



Court of Delhi against revocation of BG by the MoC till April 11, 2013, it

continues to remain an overhang on the stock. At CMP, the stock is currently

trading at a P/B of 0.7x for FY2014E, which we believe is attractive.

FY2013E 782 16.5 95 61.8 30.6 5.0 0.7 1.5 0.2

FY2014E 818 17.0 101 65.4 30.1 4.7 0.7 0.9 0.2

3QFY2013 Result Preview

Sun TV (CMP:`424/ TP: -/ Upside: -)

Sun TV is slated to announce its 3QFY2013 results. The company is expected to

post a healthy 12.1% yoy growth in its top-line to `477cr on the back of uptick in

advertising revenue aided by festive season as well as increase in cable revenues.

On the EBITDA front, the companys margins are expected to contract by 113bp

yoy to 79%. However, net profit is expected to grow by 10.3% yoy to`185cr. At the

current market price, Sun TV is trading at 22.3x FY2014E consolidated EPS of

`19.1.

FY2013E 1,942 77.2 692 17.6 25.8 24.2 6.0 10.7 8.3

FY2014E 2,237 75.5 751 19.1 25.2 22.3 5.4 9.5 7.2

Syndicate Bank(CMP:`140/ TP:`158 / Upside: 12.8%)

Syndicate Bank is scheduled to announce its 3QFY2013 results today. We

expect the bank to report a moderate 8.4% yoy growth in Net Interest Income

to`1,437cr. Growth in non-interest income is expected to be healthy at 19.7%

yoy to`288cr. Operating expenses are expected to increase at a higher pace

of 24.5% yoy to`800cr. While, provisioning expenses are expected to decline

by 23.9% yoy, tax expenses are expected to come in at`128cr compared to

`41cr in 3QFY2012, which would result in net profit growth of 13.4% yoy to

`383cr. At the CMP, the stock is trading at 0.8x FY2014E ABV.

FY2013E 6,810 3.0 1,687 28.0 155.1 0.9 19.4 5.0 0.9

FY2014E 7,807 3.0 1,637 27.2 175.9 0.7 16.4 5.1 0.8


5/16



Quarterly Bloomberg Brokers Consensus Estimate

Net sales 5,281 4,737 11 4,634 14

EBITDA 1,684 1,383 22 1,467 15EBITDA margin (%) 31.9 29.2 31.7

Net profit 162 242 (33) 132 23

Net sales 912 755 21 923 (1)

EBITDA 231 216 7 218 6

EBITDA margin (%) 25.3 28.6 23.6

Net profit 173 138 26 187 (8)

Net sales 2,474 2,880 (14) 3,222 (23)

EBITDA 189 210 (10) 334 (44)

EBITDA margin (%) 7.6 7.3 10.4

Net profit 12 67 (83) 143 (92)

Net sales 16,157 13,999 15 13,195 22

EBITDA 1,672 1,343 24 1,405 19

EBITDA margin (%) 10.3 9.6 10.6

Net profit 1,089 992 10 1,137 (4)

Net sales 249 2,604 (90) 288 (14)

EBITDA (34) 1,085 (103) 6 (690)

EBITDA margin (%) (14) 41.7 2.0

Net profit 580 692 (16) 522 11

Net sales 10,871 7,664 42 8,070 35

EBITDA 861 417 106 509 69

EBITDA margin (%) 7.9 5.4 6.3

Net profit 494 206 140 227 118


6/16



Net sales 1,284 457 181 1,079 19

EBITDA 441 140 215 393 12

EBITDA margin (%) 34.3 30.6 36.4

Net profit 246 204 21 240 3

Net profit 354 303 17 338 5

Economic and Political News

Cotton output estimate at 325lakh bales for 2012-13 Government issues spectrum auction guidelines IT industry concerned over property tax hike proposal Indian packaging industry likely to touch US$44bn by 2016 Retail credit for NBFCs to grow by 17% in 2012-13: ICRA

Corporate News

Allahabad Bank to off-load`540cr worth NPAs this quarter Larsen and Toubro bags`447cr order from Defense Ministry Law Min approves re-allocation of coal blocks to NTPC Lupin gets USFDA nod to market oral contraceptive Tata Steel halts Sukinda mine operation as lease term endsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


7/16

Date Company

January 23, 2013 Rcom, Zee Entertainment, Sun TV Network, Syndicate Bank, Rallis, Greenply

January 24, 2013 Larsen & Toubro, Sesa Goa, Andhra Bank, Ashok Leyland, Vijaya Bank

January 25, 2013 Maruti, Reliance Power, Shriram Trans., Oriental Bank, LMW, Sarda Energy

January 26, 2013

January 27, 2013 Persistent

January 28, 2013 Mundra Port, Bank of India, Adani Power, JSW Steel , Reliance Infra., Amara Raja Batteries, KPIT Cummins

January 29, 2013Sterlite Inds, Idea Cellular, Dabur India, Crompton Greaves, Reliance Capital, Glenmark Pharma., United Phosphorus,Areva, Indoco Remedies

January 30, 2013 Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR

January 31, 2013ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan

February 01, 2013 Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const.

February 02, 2013

February 03, 2013

February 04, 2013 J & K Bank, Bank of Baroda, Rural Elec.Corp., ITNL, Taj GVK

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

January 23, 2013 3:00PM UK GDP (YoY) % Change 4Q A 0.20

8:30PM US Existing home sales Millions Dec 5.04 5.10

January 24, 2013 8:30PM US Consumer Confidence S.A./ 1985=100 Jan 65.10 65.50

11:00AM India RBI Cash Reserve ratio % Jan 29 4.25 4.25

7:00PM US GDP Qoq (Annualised) % Change 4Q A 3.10 1.00

January 25, 2013 7:00PM US Unnemployment rate % Jan 7.80 7.80

3:00PM UK PMI Manufacturing Value Jan 51.40 --

January 29, 2013 5:30PM UK BOE Announces rates % Ratio Feb 7 0.50 0.50

11:00AM China Consumer Price Index (YoY) % Change Jan 2.50 --

3:00PM UK CPI (YoY) % Change Jan 2.70 --

12:00PM India Monthly Wholesale Prices YoY% % Change Jan 7.18 --

January 30, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A (0.10) --

January 31, 2013 7:00PM US Housing Starts Thousands Jan 954.00 --

7:00PM US Consumer price index (mom) % Change Jan --

February 1, 2013 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Jan A (26.50) (26.00)

3:30PM Euro Zone Euro-Zone CPI (YoY) % Jan 2.20 --

11:00AM India Qtrly GDP YoY% % Change 4Q 5.30 --

11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

February 7, 2013 7:00PM US Initial Jobless claims Thousands Jan 19 335.00 355.00

2:00PM Germany PMI Services Value Jan A 52.00 52.00

3:00PM UK Jobless claims change % Change Dec (3.00) 0.50

February 8, 2013 8:30PM US New home sales Thousands Dec 377.00 385.00

11:00AM India RBI Repo rate % Jan 29 8.00 7.75

February 11, 2013 11:00AM India RBI Reverse Repo rate % Jan 29 7.00 6.75

2:25PM Germany Unemployment change (000's) Thousands Jan 3.00 --


January 23, 2013

Market Outlook


8/16



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion

Exhibit 5 :Expo rts an d impo rts growth trends


Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

2. 7

1 .0

4. 3

(2.8) (1.3)

2. 5

(2.0) (0.1)

2. 0

(0.7)

8. 3

(0.1)(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Dec

-12

Repo rate Reverse Repo rate C RR(%)


9/16

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 139 - 2,703 1,466 1,686 14.8 14.8 7.0 8.1 19.9 17.2 4.2 3.6 22.6 22.5 1.9 1.7

United Phosphorus Buy 140 170 6,183 8,421 9,263 16.5 16.5 15.0 17.0 9.3 8.2 1.4 1.2 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 294 - 5,029 2,911 3,321 16.2 16.2 17.3 19.8 17.0 14.8 4.7 3.7 31.1 27.6 1.7 1.4

Apollo Tyres Accumulate 86 96 4,330 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Buy 26 31 6,825 14,226 16,256 9.4 10.0 2.1 2.8 12.2 9.1 2.2 1.9 12.9 16.0 0.6 0.5

Automotive Axle# Neutral 385 - 582 1,103 1,240 11.0 11.3 39.1 45.0 9.9 8.6 1.8 1.7 19.5 22.8 0.6 0.5Bajaj Auto Neutral 2,063 - 59,692 20,775 23,889 18.5 19.0 107.6 126.4 19.2 16.3 7.9 6.3 45.8 42.8 2.5 2.1

Bharat Forge Accumulate 246 278 5,729 6,754 7,565 15.5 15.7 18.8 23.2 13.1 10.6 2.3 1.9 18.5 19.7 1.0 0.9

Bosch India* Neutral 9,153 - 28,739 9,973 11,320 17.8 18.0 396.2 455.7 23.1 20.1 4.4 3.7 18.8 18.2 2.5 2.1

CEAT Buy 109 163 373 4,989 5,634 8.2 8.5 27.1 40.8 4.0 2.7 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Neutral 126 - 10,727 6,112 7,074 13.1 14.9 6.1 8.2 20.6 15.4 3.2 2.7 16.0 18.8 1.4 1.2

FAG Bearings* Accumulate 1,645 1,807 2,734 1,715 1,939 17.6 18.4 127.7 150.6 12.9 10.9 2.6 2.1 21.7 21.1 1.3 1.1

Hero Motocorp Accumulate 1,764 1,923 35,225 23,990 27,038 13.8 14.6 105.8 120.2 16.7 14.7 6.7 5.4 44.3 41.0 1.2 1.0

JK Tyre Buy 121 165 497 7,517 8,329 6.6 6.6 37.2 41.3 3.3 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 882 998 54,153 40,035 46,272 11.5 11.6 54.4 62.1 16.2 14.2 3.6 3.0 24.2 23.2 1.1 0.9

Maruti Neutral 1,570 - 45,362 43,384 51,903 7.3 8.6 67.3 94.6 23.3 16.6 2.7 2.3 12.1 15.1 0.9 0.7

Motherson Sumi Neutral 201 - 11,798 24,285 27,317 6.7 7.2 8.1 10.6 24.9 19.0 5.3 4.3 22.9 24.7 0.6 0.6

Subros Buy 29 35 172 1,286 1,479 9.4 9.7 2.6 5.1 11.1 5.7 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 319 337 84,914 190,883 217,164 12.8 13.1 35.5 42.5 9.0 7.5 2.4 1.9 30.2 27.6 0.5 0.4

TVS Motor Neutral 45 - 2,114 7,298 8,123 6.1 6.4 4.6 5.8 9.8 7.7 1.6 1.4 17.4 19.4 0.3 0.2

Capital Goods

ABB* Sell 683 573 14,471 7,790 9,653 4.5 7.8 8.7 22.1 78.5 30.9 5.4 4.8 7.1 16.5 1.8 1.5BGR Energy Neutral 257 - 1,856 3,567 4,357 11.8 10.9 24.6 26.8 10.5 9.6 1.5 1.4 30.7 26.3 1.0 0.9

BHEL Neutral 230 - 56,405 47,801 43,757 18.5 18.0 24.6 21.8 9.4 10.6 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 171 224 1,538 2,538 2,681 4.6 5.7 7.3 11.3 23.3 15.1 3.4 2.9 15.6 20.7 0.7 0.6

Crompton Greaves Buy 112 135 7,191 12,320 14,390 5.5 7.2 4.3 7.8 26.1 14.4 1.9 1.7 7.4 12.6 0.6 0.6

Jyoti Structures Buy 42 51 348 2,794 3,048 10.6 10.6 9.2 11.7 4.6 3.6 0.5 0.4 11.9 13.5 0.3 0.3

KEC International Buy 64 78 1,645 6,909 7,907 6.2 7.2 5.4 8.8 11.9 7.3 1.4 1.2 17.0 23.6 0.4 0.4

LMW Reduce 2,265 1,992 2,551 2,369 2,727 11.7 11.7 143.4 166.0 15.8 13.6 2.6 2.4 17.4 18.4 0.6 0.4

Thermax Neutral 577 - 6,875 5,552 5,767 9.3 10.2 28.3 30.9 20.4 18.7 3.7 3.2 19.3 18.4 1.1 1.0


Market Outlook

Stock Watch

January 23, 2013


10/16



Cement

ACC Neutral 1,361 - 25,552 11,012 12,333 21.1 20.9 77.0 80.3 17.7 16.9 3.3 3.0 19.5 18.7 2.0 1.7

Ambuja Cements Neutral 198 - 30,535 10,210 11,811 26.0 25.7 11.2 12.6 17.7 15.7 3.8 3.4 20.3 20.7 2.6 2.1

India Cements Neutral 87 - 2,657 4,293 4,666 17.7 18.1 8.6 10.8 10.1 8.1 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 144 - 1,758 2,171 2,544 22.5 22.5 21.6 23.2 6.7 6.2 1.2 1.0 19.0 17.8 0.9 1.2

Madras Cements Neutral 230 - 5,476 3,814 4,045 28.8 27.1 18.3 18.7 12.6 12.3 2.3 2.0 19.4 17.0 2.1 1.8

Shree Cements^ Neutral 4,470 - 15,572 5,701 6,210 29.7 28.1 240.7 260.7 18.6 17.2 4.5 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 1,956 - 53,613 20,466 23,017 23.3 24.3 100.0 117.1 19.6 16.7 3.5 3.0 19.6 19.5 2.6 2.4Construction

Ashoka Buildcon Buy 199 286 1,048 2,032 2,311 22.4 22.4 27.0 31.6 7.4 6.3 0.9 0.8 13.0 13.4 1.9 2.2

Consolidated Co Neutral 17 - 307 2,262 2,522 5.9 6.3 0.9 1.6 18.1 10.7 0.5 0.5 2.7 4.6 0.4 0.4

IRB Infra Buy 128 164 4,264 3,843 4,212 43.1 43.6 16.8 17.8 7.6 7.2 1.3 1.2 18.3 17.0 3.2 3.5

ITNL Accumulate 209 225 4,054 6,564 7,054 27.2 27.4 26.3 29.0 8.0 7.2 1.3 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Neutral 42 - 1,292 4,249 6,897 7.8 8.2 0.3 3.4 136.5 12.4 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 90 100 19,362 13,842 15,863 26.9 26.4 3.7 4.6 24.6 19.7 1.5 1.4 6.2 7.3 2.9 2.6

Larsen & Toubro Accumulate 1,553 1,748 95,498 61,031 69,753 11.2 11.6 73.8 85.5 21.1 18.2 3.3 2.9 13.5 14.1 1.7 1.5

Nagarjuna Const. Neutral 54 - 1,395 5,947 6,569 8.5 8.6 3.1 4.1 17.5 13.2 0.6 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 54 - 1,787 11,892 13,116 9.0 9.0 1.8 3.2 29.7 16.7 0.6 0.6 2.0 3.5 0.6 0.5

Sadbhav Engg. Buy 129 168 1,947 2,344 2,804 10.6 10.7 7.2 8.7 17.9 14.8 2.1 1.9 13.0 13.5 1.2 1.0

Simplex Infra Buy 197 251 974 6,882 8,032 9.1 9.1 23.2 31.3 8.5 6.3 0.7 0.7 9.1 11.2 0.5 0.4

Unity Infra Buy 43 59 316 2,180 2,455 13.7 13.4 13.3 15.0 3.2 2.9 0.4 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 182 199 9,113 6,403 7,186 2.7 2.8 30.5 33.6 6.0 5.4 0.9 0.8 14.9 14.6 - -

Andhra Bank Neutral 121 - 6,774 4,706 5,444 2.9 3.0 21.4 22.4 5.7 5.4 0.9 0.8 15.1 14.2 - -Axis Bank Buy 1,388 1,641 59,302 15,959 18,660 3.2 3.2 119.2 139.0 11.7 10.0 2.2 1.9 20.3 20.1 - -

Bank of Baroda Neutral 872 - 35,831 15,284 18,032 2.5 2.6 109.6 137.7 8.0 6.3 1.2 1.0 15.5 17.1 - -

Bank of India Neutral 373 - 21,376 12,568 14,758 2.2 2.4 41.6 64.1 9.0 5.8 1.1 1.0 11.6 16.0 - -

Bank of Maharashtra Accumulate 59 64 3,479 3,576 3,893 3.1 3.1 9.3 12.0 6.4 4.9 0.8 0.7 14.0 16.1 - -

Canara Bank Neutral 503 - 22,272 10,828 12,005 2.1 2.2 64.7 80.4 7.8 6.3 1.1 0.9 13.2 14.7 - -

Central Bank Neutral 87 - 6,412 7,252 8,236 2.5 2.6 16.8 21.4 5.2 4.1 0.9 0.8 13.1 14.8 - -

Corporation Bank Buy 464 551 6,874 4,835 5,570 2.0 2.2 105.0 99.8 4.4 4.7 0.8 0.7 17.5 14.8 - -

Dena Bank Accumulate 117 132 4,101 3,125 3,457 2.7 2.8 26.2 24.2 4.5 4.9 0.8 0.7 19.6 15.6 - -


Market Outlook

Stock Watch

January 23, 2013


11/16



Financials

Federal Bank Accumulate 504 576 8,608 2,682 2,968 3.3 3.2 48.6 51.7 10.4 9.8 1.4 1.2 13.8 13.2 - -

HDFC Neutral 814 - 125,524 7,336 8,802 3.5 3.5 31.5 37.8 25.8 21.5 5.2 4.6 34.8 32.1 - -

HDFC Bank Neutral 653 - 154,729 21,615 26,671 4.4 4.5 28.7 35.9 22.8 18.2 4.4 3.7 20.7 22.0 - -

ICICI Bank Buy 1,170 1,397 134,535 22,219 26,447 2.9 3.0 69.1 82.9 16.9 14.1 2.1 1.9 14.2 15.6 - -

IDBI Bank Accumulate 110 119 14,050 7,990 9,279 1.8 2.1 16.8 22.1 6.5 5.0 0.8 0.7 11.7 13.9 - -

Indian Bank Buy 207 252 8,885 5,902 6,563 3.2 3.2 41.3 43.2 5.0 4.8 0.8 0.7 18.4 16.8 - -

IOB Buy 85 98 6,751 7,063 8,308 2.3 2.5 12.6 20.4 6.7 4.2 0.6 0.6 9.0 13.3 - -J & K Bank Neutral 1,300 - 6,303 2,830 2,910 3.6 3.6 234.8 197.4 5.5 6.6 1.3 1.1 25.1 18.0 - -

LIC Housing Finance Buy 281 328 14,156 1,799 2,255 2.3 2.4 20.3 27.3 13.8 10.3 2.2 1.9 16.9 19.7 - -

Oriental Bank Accumulate 333 369 9,716 6,330 7,105 2.6 2.7 58.4 65.1 5.7 5.1 0.8 0.7 14.5 14.4 - -

Punjab Natl.Bank Accumulate 882 933 2 9,914 19,688 22,497 3.2 3.3 138.9 164.5 6.4 5.4 1.1 1.0 16.7 17.3 - -

South Ind.Bank Buy 28 34 3,755 1,583 1,789 3.0 2.9 3.5 4.1 8.1 6.9 1.3 1.2 19.1 17.7 - -

St Bk of India Accumulate 2,462 2,600 165,211 60,677 69,712 3.3 3.3 224.3 257.3 11.0 9.6 1.9 1.6 17.6 17.7 - -

Syndicate Bank Accumulate 139 158 8,385 6,810 7,807 3.0 3.0 28.0 27.2 5.0 5.1 0.9 0.8 19.4 16.4 - -

UCO Bank Neutral 80 - 5,344 5,235 6,086 2.3 2.4 12.0 14.9 6.7 5.4 1.1 0.9 12.0 13.5 - -

Union Bank Accumulate 262 286 14,400 9,963 11,536 2.8 2.9 40.8 46.8 6.4 5.6 1.1 0.9 16.2 16.4 - -

United Bank Buy 76 90 2,729 3,498 3,858 2.5 2.8 15.1 21.6 5.0 3.5 0.6 0.5 12.5 16.1 - -

Vijaya Bank Accumulate 62 66 3,062 2,333 2,728 2.0 2.2 7.3 10.4 8.5 6.0 0.8 0.8 9.3 12.1 - -

Yes Bank Accumulate 508 576 18,164 3,364 4,260 2.8 3.0 36.3 42.6 14.0 11.9 3.1 2.6 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,392 - 42,129 11,198 13,184 15.4 15.7 117.1 141.5 37.5 31.0 12.3 9.7 36.4 35.0 3.7 3.1

Britannia Buy 490 584 5,857 5,627 6,581 4.9 5.7 18.3 24.7 26.8 19.9 9.8 7.5 39.1 42.7 1.0 0.8

Colgate Neutral 1,479 - 20,113 3,146 3,573 20.6 21.4 36.4 42.5 40.7 34.8 37.6 31.5 102.0 98.5 6.2 5.4

Dabur India Neutral 130 - 22,606 6,124 7,101 17.0 16.8 4.7 5.4 27.9 24.0 11.8 9.2 44.5 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,781 - 15,901 3,084 3,617 15.3 15.5 101.2 118.3 37.4 32.0 11.4 9.2 33.5 31.9 4.8 4.0

Godrej Consumer Neutral 702 - 23,891 6,355 7,548 16.7 17.4 20.3 25.4 34.6 27.6 7.3 6.1 23.2 25.1 4.0 3.3

HUL Neutral 479 - 103,515 25,350 28,974 13.3 13.5 14.7 17.1 32.5 28.1 25.7 18.2 84.5 75.8 3.9 3.4

ITC Neutral 288 - 227,091 29,148 34,191 35.7 36.1 9.4 11.1 30.8 26.0 10.2 8.5 35.9 35.7 7.5 6.3

Marico Neutral 224 - 14,441 4,840 5,643 13.6 13.6 6.4 8.1 34.8 27.6 6.9 5.6 26.3 23.3 3.1 2.5

Nestle* Neutral 4,695 - 45,267 8,487 10,081 21.2 22.1 113.0 142.5 41.6 33.0 24.9 17.1 70.5 61.6 5.4 4.4


Market Outlook

Stock Watch

January 23, 2013


12/16



FMCG

Tata Global Neutral 152 - 9,387 7,207 7,927 9.1 9.5 6.9 8.2 22.0 18.6 2.3 2.2 8.9 9.8 1.2 1.1

IT

HCL Tech^ Neutral 697 - 48,439 24,453 27,269 19.8 18.7 45.0 50.0 15.5 13.9 3.7 3.1 24.4 22.6 1.9 1.7

Hexaware* Buy 88 118 2,613 1,941 2,118 20.8 19.0 10.7 10.7 8.2 8.2 2.0 1.8 25.3 22.0 1.1 0.9

Infosys Neutral 2,778 - 159,534 40,746 44,283 28.9 28.8 162.6 172.9 17.1 16.1 4.0 3.4 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 175 191 1,954 1,900 2,064 18.2 17.8 19.1 21.2 9.2 8.3 1.4 1.2 15.2 14.6 0.7 0.5

KPIT Cummins Accumulate 116 130 2,226 2,221 2,390 16.1 15.9 11.3 13.0 10.3 8.9 2.3 1.8 21.9 20.9 1.0 0.9Mahindra Satyam Neutral 117 - 13,771 7,670 8,308 20.3 19.3 9.9 10.8 11.9 10.8 3.3 2.5 28.0 23.5 1.4 1.2

Mindtree Neutral 786 - 3,239 2,339 2,502 20.9 18.4 75.4 78.1 10.4 10.1 2.5 2.0 24.6 20.3 1.1 1.0

Mphasis& Accumulate 375 396 7,873 5,531 5,874 17.6 17.5 35.4 37.7 10.6 9.9 1.6 1.3 14.7 13.5 0.9 0.8

NIIT Buy 28 36 460 1,048 1,161 9.1 10.9 4.1 6.2 6.8 4.5 0.7 0.6 10.3 14.1 0.3 0.2

Persistent Reduce 572 539 2,289 1,277 1,398 26.8 25.2 48.0 53.9 11.9 10.6 2.3 1.9 19.0 17.9 1.5 1.3

TCS Accumulate 1,318 1,465 257,962 62,954 70,871 29.0 28.9 71.6 79.1 18.4 16.7 6.1 5.0 33.2 29.7 3.9 3.4

Tech Mahindra Accumulate 977 1,087 12,488 6,671 7,290 19.8 19.0 94.1 1 06.4 10.4 9.2 2.5 2.0 24.0 21.6 1.9 1.7

Wipro Accumulate 399 421 98,170 43,231 47,241 20.0 20.0 26.2 28.1 15.3 14.2 2.9 2.5 19.3 17.9 1.9 1.7

Media

D B Corp Accumulate 237 264 4,337 1,581 1,784 23.3 25.0 11.6 14.4 20.4 16.4 4.0 3.4 21.0 22.3 2.6 2.3

HT Media Buy 105 121 2,468 2,111 2,272 15.0 15.2 7.4 8.3 14.3 12.7 1.5 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 108 126 3,416 1,503 1,681 23.1 23.1 6.4 7.3 16.9 14.9 4.2 3.7 25.8 26.5 2.5 2.1

PVR Neutral 262 - 758 682 786 17.3 16.9 17.6 19.7 14.9 13.3 1.8 1.5 14.9 14.5 1.4 1.2

Sun TV Network Neutral 424 - 16,717 1,942 2,237 77.2 75.5 17.6 19.1 24.1 22.2 5.8 5.2 25.8 25.2 8.1 7.0

Metals & Mining

Bhushan Steel Neutral 434 - 9,841 11,307 14,287 29.5 29.1 45.1 51.0 9.6 8.5 1.1 1.0 12.2 12.2 2.9 2.3Coal India Neutral 351 - 221,578 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 25 34 875 1,984 2,074 10.6 11.6 1.8 2.6 14.4 9.8 0.5 0.2 3.6 5.1 0.6 0.6

Hind. Zinc Accumulate 131 145 55,394 12,446 13,538 52.3 52.9 15.0 16.4 8.8 8.0 1.7 1.5 21.4 19.7 2.6 1.9

Hindalco Neutral 119 - 22,870 79,148 89,258 9.4 9.0 15.0 15.6 8.0 7.7 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 857 - 19,121 39,586 41,459 17.6 17.0 78.7 90.1 10.9 9.5 1.1 1.0 10.2 10.7 0.9 0.9

MOIL Neutral 256 - 4,297 941 1,019 47.3 48.3 25.8 28.1 9.9 9.1 1.6 1.4 16.7 16.2 2.2 1.8

Monnet Ispat Buy 267 344 1,702 2,501 3,264 22.2 24.6 41.8 55.2 6.4 4.8 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 49 44 12,577 6,898 7,841 9.9 14.7 2.0 3.2 24.6 15.3 1.1 1.0 4.3 6.8 1.4 1.3

NMDC Buy 160 198 63,515 11,209 12,525 78.4 78.3 18.5 20.6 8.7 7.8 2.1 1.8 27.0 24.6 3.7 3.1


Market Outlook

Stock Watch

January 23, 2013


13/16



Metals & Mining

SAIL Neutral 91 - 37,402 47,252 60,351 14.2 14.8 9.6 11.7 9.5 7.7 0.9 0.8 9.4 10.6 1.2 1.0

Sesa Goa Neutral 185 - 16,052 4,551 6,640 32.8 34.4 33.7 39.3 5.5 4.7 0.9 0.8 18.3 18.3 4.2 2.8

Sterlite Inds Neutral 113 - 37,908 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.7 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 409 463 39,718 145,725 154,108 8.3 9.5 22.0 44.5 18.6 9.2 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 128 153 459 1,442 1,494 17.6 17.3 27.2 28.7 4.7 4.5 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 49 73 664 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.4 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat Buy 116 143 367 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.4 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 332 382 63,355 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.8 1.1 1.0 22.0 17.5 2.8 2.4

GAIL Neutral 371 - 47,067 46,652 54,142 15.7 15.7 34.0 35.3 10.9 10.5 1.9 1.7 18.5 16.8 0.8 0.6

ONGC Reduce 337 312 287,978 147,139 154,821 33.9 33.7 30.7 32.3 11.0 10.4 1.9 1.7 18.3 17.2 1.7 1.6

Reliance Industries Neutral 920 - 301,324 362,700 380,031 8.9 8.9 68.1 71.5 13.5 12.9 1.5 1.3 12.4 11.8 0.8 0.8

Gujarat Gas* Neutral 310 - 3,976 3,128 3,707 13.2 11.7 22.8 23.5 13.6 13.2 4.1 3.6 33.2 29.2 1.2 0.9

Indraprastha Gas Neutral 267 - 3,735 3,213 3,643 23.3 23.5 24.3 25.7 11.0 10.4 2.5 2.1 25.0 22.1 1.3 1.1

Petronet LNG Accumulate 157 179 11,775 32,210 41,362 6.1 5.8 15.4 15.6 10.2 10.1 2.7 2.2 29.1 24.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,262 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.7 3.8

Pharmaceuticals

Alembic Pharma Buy 70 95 1,310 1,490 1,714 16.2 17.1 7.4 9.5 9.4 7.3 2.6 2.0 30.7 30.2 1.0 0.8

Aurobindo Pharma Accumulate 189 208 5,504 5,463 6,279 15.0 15.0 12.4 14.0 15.2 13.5 2.0 1.7 18.8 17.8 1.6 1.4

Aventis* Neutral 2,302 - 5,302 1,482 1,682 17.5 16.6 82.9 87.8 27.8 26.2 4.3 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 880 926 18,018 6,148 7,386 18.6 19.6 32.7 44.8 26.9 19.6 5.9 4.7 23.7 26.6 3.3 2.7

Cipla Neutral 404 - 32,474 8,151 9,130 25.8 24.8 20.2 21.6 20.0 18.7 3.6 3.1 19.4 17.6 3.8 3.3

Dr Reddy's Neutral 1,913 - 32,479 10,696 11,662 20.7 21.0 83.7 92.9 22.9 20.6 4.7 3.9 22.4 20.8 3.3 2.9

Dishman Pharma Buy 107 145 859 1,280 1,536 20.2 20.2 10.4 14.5 10.2 7.3 0.9 0.8 8.7 11.0 1.4 1.1

GSK Pharma* Neutral 2,146 - 18,180 2,651 2,993 31.7 31.2 76.0 82.4 28.2 26.1 8.2 7.3 20.1 26.3 6.1 5.3

Indoco Remedies Buy 63 89 577 685 837 15.2 15.2 7.4 8.9 8.5 7.0 1.3 1.1 16.4 17.0 1.0 0.8

Ipca labs Neutral 526 - 6,634 2,850 3,474 21.0 21.0 29.9 37.3 17.6 14.1 4.2 3.3 26.7 26.4 2.5 2.1

Lupin Accumulate 585 655 26,183 8,426 10,082 19.7 20.0 26.1 31.1 22.4 18.8 5.2 4.2 25.8 24.7 3.2 2.7

Ranbaxy* Neutral 474 - 20,029 12,046 11,980 16.0 15.8 37.3 32.1 12.7 14.8 4.9 4.0 45.3 29.7 1.7 1.6

Sun Pharma Neutral 711 - 73,464 9,902 12,313 42.6 42.6 26.7 29.1 26.6 24.4 5.1 4.3 20.7 19.1 6.8 5.3

Power

GIPCL Accumulate 71 78 1,078 1,523 1,568 30.3 30.3 5.4 11.5 13.2 6.2 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

January 23, 2013


14/16



Power

NTPC Neutral 164 - 135,349 72,809 81,951 23.0 23.7 12.0 13.4 13.7 12.3 1.7 1.5 12.5 12.9 2.5 2.4

Real Estate

Anant Raj Neutral 88 - 2,604 657 875 52.0 56.1 8.4 12.7 10.5 6.9 0.6 0.6 6.3 8.9 5.2 3.9

DLF Neutral 254 - 43,087 9,878 12,033 44.7 46.1 9.6 13.4 26.5 18.9 1.7 1.6 6.4 8.7 6.9 5.6

HDIL Neutral 112 - 4,701 2,441 3,344 55.1 48.2 22.7 26.6 4.9 4.2 0.4 0.4 8.8 9.4 3.8 2.8

MLIFE Neutral 415 - 1,694 813 901 26.2 26.6 32.0 37.1 13.0 11.2 1.4 1.2 10.4 11.0 2.5 2.1

TelecomBharti Airtel Neutral 351 - 133,312 80,353 86,654 30.9 31.3 8.6 11.8 41.0 29.7 2.5 2.3 6.1 7.8 2.4 2.2

Idea Cellular Neutral 117 - 38,882 21,797 23,142 26.9 27.7 3.1 4.7 37.4 25.2 2.8 2.5 7.4 9.8 2.2 2.1

Rcom Neutral 87 - 18,029 21,032 22,084 31.8 30.2 2.9 4.0 29.8 21.9 0.5 0.5 1.6 2.2 2.5 2.3

zOthers

Abbott India Accumulate 1,446 1,590 3,073 1,629 1,886 11.8 13.3 60.8 79.5 23.8 18.2 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 198 217 1,976 3,497 3,968 6.6 7.6 9.8 15.5 20.2 12.8 2.6 2.2 12.7 17.4 0.6 0.5

Cera Sanitaryware Buy 429 495 543 460 596 16.4 16.2 34.7 45.0 12.4 9.5 3.0 2.4 27.7 27.8 1.2 1.0

Cravatex Buy 423 545 109 272 308 7.2 7.3 37.5 45.4 11.3 9.3 2.7 2.1 23.7 22.7 0.5 0.5

CRISIL Neutral 1,028 - 7,217 982 1,136 34.3 34.3 34.3 40.0 29.9 25.7 13.6 10.8 50.9 46.9 6.9 5.8

Finolex Cables Accumulate 57 61 873 2,304 2,552 9.9 9.1 8.2 10.1 7.0 5.7 1.0 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 455 537 593 2,318 2,700 5.0 5.7 45.0 67.0 10.1 6.8 0.5 0.5 5.0 7.0 0.1 0.1

Goodyear India Accumulate 320 360 739 1,494 1,607 6.4 7.8 23.9 33.0 13.4 9.7 2.1 1.8 16.5 20.1 0.3 0.2

Greenply Industries Sell 428 309 1,033 1,925 2,235 10.6 10.9 29.6 44.1 14.5 9.7 2.4 1.9 16.8 21.0 0.8 0.7

Hitachi Neutral 152 - 350 873 989 4.4 6.5 6.4 12.2 24.0 12.5 1.9 1.7 8.3 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,580 2,842 2,281 1,809 2,117 5.5 7.5 84.9 135.3 30.4 19.1 3.3 2.8 11.3 16.0 1.2 1.0

Styrolution ABS India* Accumulate 693 744 1,219 1,059 1,116 8.5 9.5 36.0 42.0 19.3 16.5 2.8 2.4 15.4 16.0 1.2 1.1ITD Cementation Buy 240 334 276 1,455 1,630 12.4 12.6 29.8 40.5 8.1 5.9 0.6 0.6 8.2 9.8 0.6 0.6

Jyothy Laboratories Neutral 152 - 2,443 1,228 1,443 9.0 10.9 3.9 6.4 39.0 23.7 3.9 3.6 10.1 15.6 2.5 2.1

MCX Neutral 1,401 - 7,145 553 624 65.3 66.3 62.5 72.0 22.4 19.5 6.2 5.3 27.5 27.4 9.9 8.3

MRF Neutral 13,398 - 5,682 13,030 14,405 10.3 10.6 1,418.1 1,677.1 9.5 8.0 1.7 1.4 19.1 18.7 0.5 0.5

Page Industries Accumulate 3,401 3,602 3,793 836 1,023 20.2 20.6 105.6 133.4 32.2 25.5 16.4 11.6 59.3 53.2 4.6 3.7

Relaxo Footwears Accumulate 862 933 1,035 1,019 1,208 11.0 12.5 47.0 66.7 18.4 12.9 4.6 3.4 28.2 30.1 1.2 1.0

Sintex Industries Accumulate 69 79 2,071 4,751 5,189 16.3 16.6 13.6 15.8 5.1 4.4 0.7 0.6 12.9 13.2 0.8 0.7

Siyaram Silk Mills Buy 297 366 278 1,043 1,149 12.3 12.9 65.7 73.3 4.5 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 13 - 400 6,765 7,393 18.1 18.0 6.4 7.5 2.1 1.8 0.1 0.1 6.1 6.7 0.6 0.6


Market Outlook

Stock Watch

January 23, 2013


15/16



zOthers

SpiceJet Reduce 47 43 2,255 5,720 6,599 5.3 6.8 3.6 5.4 12.9 8.7 18.7 5.9 - - 0.5 0.4

TAJ GVK Buy 69 108 435 300 319 35.8 36.2 7.9 9.1 8.8 7.6 1.2 1.0 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TTK Healthcare Buy 532 643 413 374 425 7.9 9.5 24.1 32.7 22.1 16.3 19.7 22.5 0.9 0.8

TVS Srichakra Buy 257 322 196 1,461 1,625 6.9 8.2 24.6 53.7 10.4 4.8 1.3 1.1 12.9 24.9 0.4 0.3

United Spirits Neutral 1,754 - 22,941 10,289 11,421 12.8 12.8 26.0 45.3 67.5 38.7 3.1 2.9 5.8 7.6 2.6 2.3

Vesuvius India Neutral 345 - 700 560 611 16.1 17.0 24.7 28.8 14.0 12.0 2.1 1.8 15.8 16.2 1.1 1.0Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 22, 2013


Market Outlook

Stock Watch

January 23, 2013


16/16


market outlook report, 23rd january

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