Market Outlook 040612

7/31/2019 Market Outlook 040612

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Market OutlookJune 4, 2012

www.angelbroking.com


Dealers Diary

The domestic markets are expected to open in the red, tracing negative opening in

most of the Asian bourses and the SGX Nifty, after a U.S. payrolls report showing

addition of fewer jobs to the worlds largest economy than the most pessimistic

forecast, added to the concerns regarding slowing global economy.

Globally, US markets ended sharply in the red on Friday. Wall Street sell-off came

on account of the release of the above mentioned report from the Labor

department showing much weaker than expected job growth in the month of May.

The European markets also finished to the downside on Friday, dragged lower by

weak economic results across the globe. A weaker than expected manufacturing

report from China proved to be a precursor to several weaker than expected

manufacturing reports from countries across Europe. However, the disappointing

U.S. employment report appears to have had the largest impact on investors.

Indian shares fell sharply on Friday, weighed down by tepid global cues and rupee

weakness amid worries about slowing domestic growth. A number of investment

banks cut India's FY2013 GDP growth estimates after data yesterday showed that

India's economic growth had slowed to 5.3% in the 4QFY2012, the lowest in nine

years.

Markets Today

The trend deciding level for the day is 16,042 / 4,866 levels. If NIFTY trades above

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

up to 16,150 16,334 / 4,900 4,959 levels. However, if NIFTY trades below

16,042 / 4,866 levels for the first half-an-hour of trade then it may correct up to

15,857 15,749 / 4,807 4,773 levels

SENSEX 15,749 15,857 16,042 16,150 16,334

NIFTY 4,773 4,807 4,866 4,900 4,959

News Analysis

Cement Dispatches May 2012 CRISIL to acquire U.K.-based Coalition Development Co. for `250cr MphasiS 2QFY2012 Result ReviewRefer detailed news analysis on the following page

Net Inflows (May 31, 2012)

FII 8,325 6,960 1,365 477 43,938

MFs 400 857 (457) (366) (6,467)

FII Derivatives (June 01, 2012)

Index Futures 1,128 1,624 (496) 7,144

Stock Futures 1,338 1,215 123 19,755

Gainers / Losers

Indraprastha Gas 249 28.7 Adani Enter 240 (8.2)

Neyveli Lignite 85 14.8 Pantaloon Retl 139 (7.8)

Gujarat State Pet 71 11.2 JSW ENERGY 42 (6.6)

Petronet LNG 139 9.0 IVRCL LTD 38 (6.4)

Amtek Auto 107 6.6 Asian Paints 3,777 (6.4)

BSE Sensex (1.6) (253.4) 15,965

Nifty (1.7) (82.7) 4,842

MID CAP (1.5) (86.3) 5,822

SMALL CAP (1.2) (76.6) 6,194

BSE HC (1.3) (88.4) 6,557

BSE PSU (1.4) (95.7) 6,664

BANKEX (1.8) (199.9) 10,685

AUTO (2.2) (192.7) 8,680

METAL (1.7) (171.6) 9,935

OIL & GAS (2.1) (160.2) 7,428

BSE IT (2.0) (113.8) 5,552

Dow Jones (2.2) (274.9) 12,119NASDAQ (2.8) (79.9) 2,747

FTSE (1.1) (60.7) 5,260

Nikkei (1.2) (102.5) 8,440

Hang Seng (0.4) (71.2) 18,558

Straits Times (1.0) (26.8) 2,746

Shanghai Com 0.1 1.2 2,373

INFY 0.2 0.1 $42.2

WIT (2.6) (0.2) $8.4IBN (0.6) (0.2) $28.0

HDB (1.4) (0.4) $27.6

Advances 826 356

Declines 1,869 1,078

Unchanged 115 70

BSE 1,874

NSE 8,947


2/12



For May 2012, ACC reported moderate 3% yoy growth in its dispatches to 2.02mn

tonnes (mt). However, Ambuja Cements (Ambuja) dispatches grew strongly by

12.1% yoy to 1.94mt in May 2012, aided by strong demand scenario in thecompanys primary markets in the northern region. UltraTech Cements also posted

healthy 10.6% yoy growth in its dispatches to 3.6mt.

CRISIL has entered into an agreement to acquire a 100% stake in U.K.-based

research and analytic firm, Coalition Development Co. (Coalition) and its

subsidiaries.

Coalition provides high-end analytics services mainly to leading global investment

banks. The company deploys unique proprietary analytics on market size

dynamics, revenue opportunities and human capital. Coalition reported revenue of

GBP9mn (`77cr) in FY2011. CRISILs revenue stood at `827cr at the end of

CY2011. CRISIL will be reporting Coalitions revenue from the first year itself,

directly fueling nearly 10%+ growth in its top line.

CRISIL will take over Coalition for a sum of GBP29mn (`250cr), close to 3.2x its

FY2011 revenue. CRISIL has been growing its global research and analytics

segment rapidly. Coalitions cutting-edge capabilities and in-depth understandingof the workings of financial markets and strong relation with clients will further

help CRISILs global research and analytics segment to widen its service offerings

and add new clients.

Coalition has offices in New York, London, Singapore and Mumbai. CRISILs

global research and analytics segment today is one of the leading high-end

research providers globally and is one of the worlds largest equity and fixed

income research providers. This acquisition will help CRISIL to fuel growth of its

global research and analytics segment going ahead.

.

Result Review

MphasiS announced its 2QFY2012 numbers. The company underperformed our

expectations on the revenue front; however, its numbers came in-line with our

expectations on the operating and net profit fronts. USD revenue came in at

US$261mn, down 1.7% qoq, due to softness in developed markets, which led to

lower discretionary spending and delays in decision making. In INR terms, revenue

came in at ```1,329cr, down 2.8% qoq. The companys major concern of billing

rate again cropped up in this quarter as onsite billing rate of ITO business

declined to US$63/hr vs. US$67/hr, which management indicated was due to

Euro depreciation against USD and change in pyramid mix. The company again


3/12



witnessed headcount reduction in its application as well as ITO business, which led

to a considerable increase in the respective utilization levels.

EBITDA margin of the company improved by 123bp qoq to 19.7%, aided by

savings on the employee expenses front. The companys PAT for the quarter came

in at`

189cr.

FY2013E 5,904 18.3 811 38.7 14.9 9.6 1.4 4.6 0.9FY2014E 6,320 17.9 864 41.2 113.7 8.9 1.2 3.9 0.7

Economic and Political News

Manufacturing sector activity keeps pace in May: survey PM sets up mechanism to fast track project implementation Planning Commission may lower growth target to 8% for 12th-Plan periodCorporate News

NMDC to start coal production by 2014 Maruti to spend `4,000cr on new Gujarat car plant Hyundai goes back to drawing board for India diesel plant Jindal Stainless seeks to reschedule `9,000cr debtSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/12

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jun 5 2012 12:00AM Germany PMI Services Value May-12 52.20 52.20

Jun 6 2012 12:00AM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Mar-12 -- --Euro Zone ECB announces interest rates % May-12 1.00 1.00

Jun 7 2012 12:00AM US Initial Jobless claims Thousands 26-May-12 383.00 380.00

UK BOE Announces rates % Ratio May-12 0.50 0.50

Jun 9 2012 12:00AM China Industrial Production (YoY) % Change Apr-12 9.30 9.80

China Consumer Price Index (YoY) % Change Apr-12 3.40 3.20

Jun 10 2012 12:00AM China Exports YoY% % Change Apr-12 4.90 7.00

Jun 12 2012 12:00AM India Industrial Production YoY % Change Mar-12 (3.50) --

UK Industrial Production (YoY) % Change Mar-12 (2.60) --

Jun 13 2012 12:00AM US Producer Price Index (mom) % Change Apr-12 (0.20) (0.60)

Jun 14 2012 12:00AM US Consumer price index (mom) % Change Apr-12 -- (0.20)

Euro Zone Euro-Zone CPI (YoY) % Apr-12 2.60 --

IndiaMonthly Wholesale PricesYoY%

% Change Apr-12 7.23 --

Jun 15 2012 12:00AM US Industrial Production % Apr-12 1.09 --

Jun 18 2012 12:00AM India RBI Repo rate % - 8.00 --

India RBI Cash Reserve ratio % - 4.75 --

India RBI Reverse Repo rate % - 7.00 --

Jun 19 2012 12:00AM UK CPI (YoY) % Change Apr-12 3.00 --

US Housing Starts Thousands Apr-12 717.00 --

US Building permits Thousands Apr-12 723.00 --

Jun 20 2012 12:00AM UK Jobless claims change % Change Apr-12 (13.70) --

US FOMC rate decision % Apr-12 0.25 --

Source: Bloomberg, Angel Research


June 04, 2012

Market Outlook


5/12

Market StrategyJune 04, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

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

Exhibit 2:IIP trends

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.1

4.1

(3.5)(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

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

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.46.9 7.2

0.0

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

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Apr-

11

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

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

45

60

75

90

Apr-

11

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

Exports yoy growth Imports yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

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

Repo rate Reverse Repo rate CRR (%)

Source: RBI, Angel Research


6/12

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 123 - 2,390 1,432 1,647 14.7 14.7 7.0 8.0 17.6 15.4 3.7 3.2 22.8 22.3 1.7 1.4

United Phosphorus Buy 108 183 4,976 8,191 8,764 16.5 16.5 17.1 18.3 6.3 5.9 1.0 0.9 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 296 345 2,528 2,691 3,032 15.6 15.5 29.4 32.8 10.1 9.0 2.4 1.9 26.5 23.6 0.9 0.8

Apollo Tyres Buy 81 100 4,093 13,699 15,184 10.5 10.2 12.1 13.3 6.7 6.1 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 0.4

Automotive Axle Accumulate 450 514 680 1,211 1,387 12.1 11.7 50.3 57.1 9.0 7.9 2.3 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,500 1,835 43,391 22,118 24,889 19.0 18.6 115.7 126.5 13.0 11.9 5.2 4.1 45.0 38.9 1.6 1.3

Bharat Forge Buy 302 372 7,029 7,173 7,998 16.3 16.5 22.3 26.6 13.5 11.4 2.6 2.2 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,708 9,429 27,341 9,390 10,716 19.5 19.1 420.2 471.4 20.7 18.5 4.8 4.0 23.3 21.8 2.6 2.2

CEAT Buy 90 164 307 5,067 5,631 8.0 7.6 39.4 41.0 2.3 2.2 0.4 0.3 18.8 16.5 0.3 0.3

Exide Industries Buy 117 146 9,907 5,787 6,595 15.5 17.0 7.1 9.0 16.4 13.0 2.9 2.5 18.6 20.3 1.4 1.1

FAG Bearings Accumulate 1,500 1,594 2,493 1,531 1,748 18.8 18.5 118.0 132.8 12.7 11.3 2.8 2.3 24.0 21.9 1.4 1.1

Hero Motocorp Buy 1,822 2,280 36,381 26,106 29,296 15.0 15.2 140.3 148.1 13.0 12.3 6.1 4.7 54.8 43.3 1.1 0.8

JK Tyre Buy 76 113 311 8,058 9,025 5.4 5.5 24.8 32.2 3.1 2.4 0.3 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Buy 645 793 39,592 34,740 39,263 10.7 11.0 44.9 51.7 14.4 12.5 2.6 2.2 18.9 19.1 0.8 0.7

Maruti Buy 1,074 1,510 31,026 42,683 48,736 7.1 7.5 86.6 100.6 12.4 10.7 1.8 1.5 15.3 15.5 0.5 0.4

Motherson Sumi Buy 160 216 6,200 11,167 12,516 9.5 10.0 11.3 14.4 14.1 11.1 3.1 2.5 23.3 24.7 0.6 0.6

Subros Neutral 32 - 193 1,225 1,393 8.5 8.2 4.2 5.0 7.7 6.5 0.8 0.8 10.3 11.8 0.4 0.3

Tata Motors Buy 225 312 59,832 191,183 210,301 12.8 12.8 39.4 43.6 5.7 5.1 2.0 1.6 40.4 34.3 0.4 0.4

TVS Motor Buy 33 55 1,577 7,982 8,816 6.4 6.3 5.0 5.6 6.6 6.0 1.2 1.0 18.9 18.2 0.2 0.2

Capital Goods

ABB* Sell 713 498 15,105 8,760 10,023 6.4 6.4 18.2 20.7 39.1 34.4 5.3 4.7 14.4 14.6 1.7 1.5BGR Energy Neutral 276 - 1,994 4,170 5,396 11.5 10.4 27.2 30.4 10.2 9.1 1.7 1.5 17.3 17.4 1.1 1.0

BHEL Neutral 207 - 50,592 46,344 46,916 18.3 18.6 23.5 24.1 8.8 8.6 1.7 1.5 21.3 18.9 1.0 0.9

Blue Star Buy 164 221 1,470 3,250 3,551 5.9 5.9 12.4 15.8 13.2 10.4 2.7 2.3 21.2 23.8 0.5 0.4

Crompton Greaves Buy 108 164 6,928 12,936 14,101 9.6 10.0 10.9 11.7 10.0 9.2 1.7 1.5 18.4 17.3 0.6 0.5

Jyoti Structures Buy 38 67 315 2,622 2,801 10.6 11.0 10.9 13.4 3.5 2.9 0.4 0.4 12.7 13.9 0.3 0.3

KEC International Buy 50 73 1,273 6,686 7,200 7.7 7.9 10.6 12.2 4.7 4.1 0.9 0.7 25.9 24.0 0.3 0.3

LMW Buy 1,550 2,609 1,746 2,663 3,130 12.8 12.8 185.0 217.4 8.4 7.1 1.7 1.5 21.2 21.7 0.2 0.1

Thermax Neutral 438 - 5,218 5,514 5,559 8.3 8.0 29.7 28.4 14.8 15.4 2.8 2.5 20.2 16.9 0.8 0.8


June 04, 2012

Market Outlook

Stock Watch


7/12



Cement

ACC Neutral 1,127 - 21,158 11,018 12,663 19.9 21.2 70.7 81.2 16.0 13.9 2.8 2.5 18.0 19.0 1.6 1.4

Ambuja Cements Neutral 148 - 22,781 10,035 11,504 23.5 23.8 10.1 10.6 14.6 14.0 2.9 2.6 18.5 19.4 1.9 1.5

India Cements Neutral 75 - 2,293 4,423 4,906 18.2 18.8 9.9 12.7 7.6 5.9 0.6 0.6 8.6 10.5 0.8 0.7

J K Lakshmi Cements Buy 62 79 753 1,938 2,246 19.1 20.1 14.6 16.1 4.2 3.8 0.6 0.5 13.4 13.6 0.5 0.9

Madras Cements Neutral 138 - 3,276 3,444 3,786 25.5 24.9 14.6 17.1 9.5 8.1 1.4 1.2 15.6 16.0 1.6 1.3

Shree Cements Neutral 2,365 - 8,240 5,465 6,249 24.3 23.7 151.5 222.1 15.6 10.7 3.8 3.2 21.6 25.8 1.2 0.9

UltraTech Cement Neutral 1,457 - 39,940 20,116 22,655 21.3 22.5 82.1 97.5 17.8 15.0 2.8 2.4 16.8 17.4 1.9 1.8Construction

Ashoka Buildcon Buy 208 273 1,094 2,014 2,293 22.4 22.4 22.6 26.7 9.2 7.8 1.0 0.9 11.4 11.9 2.4 2.7

Consolidated Co Neutral 14 - 254 2,526 2,792 5.7 6.6 1.8 2.8 7.5 4.8 0.4 0.4 5.5 8.1 0.3 0.3

Hind. Const. Neutral 17 - 1,043 4,239 4,522 11.1 11.8 (1.8) (0.8) (9.6) (22.0) 1.0 1.1 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 112 166 3,722 3,821 4,582 42.3 40.2 15.0 16.9 7.5 6.6 1.1 1.0 16.1 15.8 2.6 2.4

ITNL Buy 175 265 3,407 6,619 7,925 23.8 23.3 22.0 26.7 8.0 6.6 1.1 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 38 61 1,017 5,510 6,722 8.8 9.0 2.5 4.6 15.1 8.3 0.5 0.5 3.4 5.8 0.6 0.6

Jaiprakash Asso. Buy 62 98 13,088 16,017 18,359 24.4 23.5 4.2 5.0 14.7 12.3 1.2 1.2 8.8 9.7 2.1 1.9

Larsen & Toubro Buy 1,135 1,553 69,520 59,559 69,089 12.1 11.5 70.8 76.5 16.0 14.8 2.4 2.1 16.1 15.3 1.3 1.1

Madhucon Proj Buy 39 70 287 2,206 2,502 10.7 10.7 4.6 4.7 8.4 8.3 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Buy 30 41 757 5,453 6,169 8.1 8.5 1.6 1.9 18.0 15.3 0.3 0.3 1.8 2.1 0.6 0.7

Patel Engg. Neutral 84 - 588 3,609 3,836 13.1 13.1 14.0 14.6 6.0 5.8 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 44 - 1,458 10,592 12,193 8.4 8.4 2.9 4.6 15.1 9.7 0.5 0.4 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 123 199 1,854 2,989 3,315 10.6 10.6 10.2 11.3 12.2 10.9 1.9 1.7 17.6 16.3 0.8 0.8

Simplex Infra Buy 213 316 1,051 6,732 7,902 9.3 9.6 27.2 35.1 7.8 6.1 0.8 0.7 11.0 12.6 0.5 0.4

FinancialsAllahabad Bank Accumulate 128 147 6,420 7,392 8,542 3.1 3.1 38.3 42.1 3.4 3.1 0.6 0.5 18.4 17.6 - -

Andhra Bank Neutral 106 - 5,923 5,151 5,843 3.2 3.1 22.4 25.7 4.7 4.1 0.7 0.6 15.8 16.0 - -

Axis Bank Buy 964 1,476 39,896 16,157 19,557 3.2 3.2 116.4 139.1 8.3 6.9 1.5 1.3 20.0 20.3 - -

Bank of Baroda Buy 660 925 25,856 15,993 18,918 2.6 2.6 127.3 149.9 5.2 4.4 0.9 0.8 17.8 18.2 - -

Bank of India Buy 332 389 19,044 13,558 15,551 2.5 2.4 61.6 70.8 5.4 4.7 0.9 0.8 16.8 16.9 - -

Bank of Maharashtra Accumulate 50 53 2,945 3,580 4,050 3.2 3.2 11.5 13.1 4.3 3.8 0.7 0.6 17.4 17.2 - -

Canara Bank Buy 395 493 17,516 12,061 13,906 2.3 2.3 83.1 92.7 4.8 4.3 0.8 0.7 16.7 16.4 - -

Central Bank Neutral 75 - 5,495 6,838 7,912 2.3 2.4 13.8 20.3 5.4 3.7 0.8 0.7 10.9 14.4 - -


June 04, 2012

Market Outlook

Stock Watch


8/12



Financials

Corporation Bank Accumulate 411 468 6,086 5,203 5,880 2.2 2.1 107.5 112.7 3.8 3.7 0.7 0.6 17.9 16.5 - -

Dena Bank Buy 88 107 3,084 3,149 3,522 2.8 2.8 23.3 26.1 3.8 3.4 0.6 0.5 17.7 17.0 - -

Federal Bank Neutral 412 - 7,039 2,743 3,131 3.4 3.3 49.7 57.4 8.3 7.2 1.1 1.0 14.1 14.6 - -

HDFC Neutral 644 - 95,147 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 Buy 491 567 115,401 21,831 27,477 4.3 4.3 28.3 35.5 17.4 13.9 3.3 2.8 20.8 22.1 - -

ICICI Bank Buy 782 1,174 89,845 22,209 26,512 2.8 2.8 67.9 81.1 11.5 9.6 1.4 1.3 14.7 16.0 - -

IDBI Bank Buy 84 113 10,713 8,004 9,589 1.9 2.0 19.9 23.9 4.2 3.5 0.6 0.5 13.8 14.9 - -Indian Bank Buy 162 190 6,967 6,312 7,119 3.4 3.3 41.1 43.7 3.9 3.7 0.7 0.6 18.2 16.9 - -

IOB Accumulate 80 92 6,400 7,354 8,283 2.5 2.4 16.3 21.7 4.9 3.7 0.6 0.5 11.5 13.9 - -

J & K Bank Neutral 911 - 4,416 2,535 2,861 3.5 3.4 176.3 184.4 5.2 4.9 0.9 0.8 19.3 17.6 - -

LIC Housing Finance Buy 234 286 11,786 2,108 2,607 2.6 2.6 24.5 30.6 9.6 7.6 1.8 1.5 20.1 21.4 - -

Oriental Bank Accumulate 228 262 6,657 6,431 7,315 2.7 2.6 54.4 63.8 4.2 3.6 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 727 1,041 24,667 19,893 23,653 3.1 3.2 153.4 175.2 4.7 4.2 0.9 0.7 18.3 18.1 - -

South Ind.Bank Neutral 24 - 2,667 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 Buy 2,026 2,469 135,967 68,311 79,649 3.6 3.6 230.4 273.4 8.8 7.4 1.4 1.2 18.2 18.8 - -

Syndicate Bank Buy 89 126 5,360 7,133 8,255 3.0 3.0 25.9 30.0 3.4 3.0 0.5 0.5 16.9 17.1 - -

UCO Bank Neutral 68 - 4,527 5,623 6,380 2.4 2.4 16.9 17.9 4.0 3.8 0.8 0.7 16.5 15.4 - -

Union Bank Buy 193 261 10,628 10,215 11,854 2.9 2.8 42.7 50.3 4.5 3.8 0.8 0.6 17.0 17.5 - -

United Bank Buy 59 78 2,114 3,551 4,128 2.7 2.8 18.8 22.6 3.1 2.6 0.5 0.4 15.5 16.5 - -

Vijaya Bank Neutral 55 - 2,701 2,668 3,001 2.2 2.2 10.6 12.2 5.1 4.5 0.7 0.6 13.3 13.8 - -

Yes Bank Buy 323 450 11,419 3,209 4,144 2.7 2.8 33.9 41.5 9.5 7.8 2.0 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,777 - 36,230 11,423 13,309 16.3 16.3 125.3 148.4 30.2 25.5 10.3 8.0 38.0 35.4 3.1 2.6Britannia Buy 526 650 6,288 5,906 6,856 6.9 7.0 22.3 28.3 23.6 18.6 9.6 7.2 45.2 44.1 1.0 0.9

Colgate Neutral 1,183 - 16,081 3,007 3,417 21.1 22.1 37.7 42.6 31.4 27.8 37.4 30.2 129.4 120.1 5.2 4.6

Dabur India Neutral 103 - 17,970 5,878 6,799 16.8 17.0 4.2 4.9 24.9 21.0 9.0 7.4 39.3 42.0 3.1 2.6

GlaxoSmith Con* Neutral 2,749 - 11,560 3,124 3,663 17.1 11.6 103.0 123.3 26.7 22.3 8.2 6.6 34.0 32.9 3.4 2.8

Godrej Consumer Neutral 559 - 19,009 5,973 7,000 18.4 18.6 22.8 27.2 24.5 20.6 6.7 5.4 31.3 38.4 3.3 2.8

HUL Neutral 419 - 90,567 25,350 29,309 14.3 14.4 14.1 16.4 29.7 25.6 22.2 17.3 82.7 76.2 3.4 2.9

ITC Accumulate 234 252 182,795 29,638 34,159 35.4 35.8 9.3 10.9 25.0 21.5 8.1 6.6 35.3 33.8 5.9 5.1


June 04, 2012

Market Outlook

Stock Watch


9/12



FMCG

Marico Neutral 169 - 10,914 4,667 5,427 12.8 12.9 6.6 8.1 25.5 20.8 6.8 5.4 30.0 28.8 2.4 2.0

Nestle* Neutral 4,569 - 44,055 8,731 10,539 21.0 21.4 119.3 147.9 38.3 30.9 23.5 16.0 73.0 61.6 5.1 4.1

Tata Global Buy 106 136 6,533 7,011 7,712 9.7 10.0 6.0 7.1 17.8 14.8 1.6 1.6 8.9 10.2 0.8 0.7

IT

HCL Tech Accumulate 490 560 33,942 22,792 25,743 17.4 17.4 37.8 43.0 13.0 11.4 2.9 2.4 22.3 21.3 1.5 1.2

Hexaware Accumulate 115 128 3,404 1,821 2,105 19.0 18.6 9.8 10.7 11.7 10.7 2.7 2.4 23.7 22.5 1.6 1.3

Infosys Buy 2,388 2,792 137,115 37,615 42,491 31.1 30.6 158.5 174.5 15.1 13.7 3.4 2.9 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 168 177 1,872 1,758 1,972 17.0 16.6 16.8 18.6 10.0 9.0 1.4 1.2 13.6 13.2 0.7 0.5

KPIT Cummins Reduce 123 114 2,189 2,028 2,239 15.0 14.8 9.0 11.4 13.7 10.8 2.5 2.0 19.3 18.7 1.1 0.9

Mahindra Satyam Buy 74 86 8,673 7,097 7,812 16.2 16.0 7.5 8.0 9.8 9.3 1.3 1.1 13.2 12.3 0.8 0.7

Mindtree Neutral 629 - 2,553 2,172 2,450 16.1 15.5 53.9 58.5 11.7 10.8 2.2 1.8 18.9 17.0 1.0 0.8

Mphasis Buy 368 433 7,729 5,904 6,320 18.3 17.9 38.7 41.2 9.5 8.9 1.4 1.2 14.9 13.7 0.9 0.7

NIIT Buy 41 52 682 1,162 1,304 14.8 15.1 7.1 8.8 5.8 4.7 1.0 0.9 16.7 18.4 0.4 0.3

Persistent Neutral 344 - 1,377 1,109 1,224 23.3 22.4 37.2 40.1 9.3 8.6 1.4 1.2 15.4 14.5 0.9 0.8

TCS Neutral 1,225 - 239,711 57,189 66,329 29.3 28.7 63.2 70.9 19.4 17.3 5.9 4.8 30.5 27.7 4.0 3.3

Tech Mahindra Accumulate 655 725 8,346 5,880 6,314 15.6 15.2 75.9 82.2 8.6 8.0 1.7 1.4 20.1 18.1 1.4 1.2

Wipro Accumulate 401 430 98,636 41,918 46,879 19.4 19.9 25.1 28.7 16.0 14.0 3.0 2.6 18.6 18.3 2.0 1.7

Media

D B Corp Buy 195 269 3,570 1,652 1,863 25.7 26.3 13.5 16.1 14.4 12.1 3.2 2.7 24.1 24.4 2.1 1.8

HT Media Buy 114 148 2,669 2,255 2,555 16.3 16.7 9.0 10.6 12.6 10.7 1.6 1.4 13.4 13.8 0.8 0.6

Jagran Prakashan Buy 89 137 2,820 1,499 1,642 27.4 28.8 7.6 9.1 11.7 9.8 3.9 3.5 34.6 37.7 1.8 1.7

PVR Neutral 155 - 402 625 732 17.4 16.9 12.4 15.8 12.5 9.8 2.0 2.1 8.5 9.9 0.8 0.7

Sun TV Network Neutral 227 - 8,934 2,135 2,458 75.2 74.4 20.9 24.0 10.9 9.4 2.5 2.1 26.0 25.1 3.1 2.5Metals & Mining

Bhushan Steel Neutral 435 - 9,237 9,232 13,557 30.8 31.1 48.0 58.6 9.1 7.4 1.2 1.0 14.5 7.5 3.1 2.2

Coal India Accumulate 321 353 202,945 68,841 74,509 25.3 25.3 24.1 26.1 13.4 12.3 3.7 3.0 30.4 26.8 2.0 1.8

Electrosteel Castings Buy 17 27 604 1,984 2,074 10.6 12.0 2.7 3.3 6.5 5.3 0.3 0.1 5.2 6.2 0.4 0.4

Hind. Zinc Buy 117 139 49,288 13,043 14,223 51.8 52.8 14.8 16.6 7.9 7.0 1.5 1.3 21.2 19.9 2.1 1.5

Hindalco Neutral 116 - 22,285 84,652 88,766 9.6 10.5 17.0 18.9 6.9 6.2 0.6 0.6 9.7 9.8 0.5 0.5

JSW Steel Accumulate 601 663 13,402 39,592 44,910 18.0 17.7 74.7 88.9 8.0 6.8 0.8 0.7 10.7 11.6 0.7 0.6

MOIL Accumulate 271 296 4,545 1,007 1,091 56.6 56.9 29.4 31.9 9.2 8.5 1.6 1.5 19.0 18.2 2.3 1.9

Monnet Ispat Buy 398 593 2,560 3,115 3,748 22.1 25.1 59.1 66.8 6.7 6.0 0.9 0.8 15.6 15.3 1.6 1.2


June 04, 2012

Market Outlook

Stock Watch


10/12



Metals & Mining

Nalco Reduce 57 54 14,806 8,474 9,024 12.6 16.2 2.6 3.6 22.5 16.0 1.2 1.2 5.6 7.5 1.3 1.2

NMDC Accumulate 165 187 65,418 11,959 13,062 78.2 78.6 19.1 20.9 8.7 7.9 2.1 1.8 27.1 24.4 3.4 2.9

SAIL Accumulate 91 102 37,670 52,461 62,935 18.0 18.8 13.2 14.5 6.9 6.3 0.8 0.7 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 182 206 15,774 9,067 9,316 35.7 35.5 44.5 44.3 4.1 4.1 0.9 0.7 23.5 19.5 0.3 -

Sterlite Inds Buy 91 123 30,649 45,805 49,029 21.2 23.5 16.5 19.1 5.5 4.8 0.6 0.5 11.5 12.0 0.3 0.2

Tata Steel Buy 398 499 38,654 143,088 148,011 10.9 12.1 53.9 66.0 7.4 6.0 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 316 372 60,345 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.8 2.0

GAIL Buy 331 392 41,987 50,472 55,503 15.3 15.6 35.4 37.0 9.3 8.9 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 246 319 210,722 148,157 150,563 37.6 39.5 31.0 33.6 8.0 7.3 1.4 1.3 18.8 18.1 1.1 0.9

Reliance Industries Buy 684 872 223,881 325,734 328,669 10.9 11.7 65.8 70.1 10.4 9.8 1.1 1.0 11.9 11.5 0.7 0.6

Pharmaceuticals

Alembic Pharma Buy 49 91 917 1,624 1,855 14.2 15.6 6.6 9.1 7.4 5.4 1.8 1.4 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 105 175 3,055 5,243 5,767 14.6 14.6 13.8 14.7 7.6 7.1 0.9 0.4 11.4 10.9 0.9 0.8

Aventis* Neutral 2,070 - 4,768 1,482 1,682 15.5 15.5 95.0 104.0 21.8 19.9 3.9 3.0 18.6 17.0 3.0 2.6

Cadila Healthcare Buy 726 953 14,870 6,196 7,443 18.5 19.5 43.3 50.8 16.8 14.3 4.3 3.5 25.4 24.8 2.4 1.9

Cipla Buy 309 379 24,774 7,687 8,804 21.4 21.4 16.5 18.9 18.7 16.3 2.9 2.6 16.7 16.8 3.2 2.7

Dr Reddy's Neutral 1,650 - 27,967 10,696 11,662 20.7 21.0 83.7 92.9 19.7 17.8 4.1 3.4 22.4 21.0 2.7 2.5

Dishman Pharma Buy 50 92 401 1,280 1,536 17.8 17.8 9.2 11.3 5.4 4.4 0.4 0.4 7.7 8.5 1.0 0.8

GSK Pharma* Neutral 1,978 - 16,757 2,651 2,993 31.7 31.2 76.0 82.4 26.0 24.0 7.5 6.5 30.8 29.0 5.4 4.6

Indoco Remedies Buy 54 665 498 685 837 15.2 15.2 55.5 66.5 1.0 0.8 0.2 0.1 16.4 16.9 0.9 0.8

Ipca labs Buy 342 443 4,301 2,907 3,541 21.5 21.5 32.4 40.6 10.6 8.4 2.6 2.1 27.8 27.7 1.6 1.3

Lupin Buy 538 646 24,032 8,426 10,082 19.7 20.0 29.7 32.4 18.1 16.6 4.7 3.8 27.0 25.2 2.8 2.2Orchid Chemicals Buy 118 178 833 2,117 2,434 17.7 17.7 16.7 22.2 7.1 5.3 0.7 0.6 9.5 11.5 1.0 0.9

Ranbaxy* Neutral 492 - 20,772 12,046 11,980 18.0 15.8 35.7 29.8 13.8 16.5 5.2 4.2 43.1 28.1 1.8 1.7

Sun Pharma Accumulate 569 634 58,586 9,272 11,080 40.3 36.3 26.7 28.8 21.3 19.8 4.3 3.7 22.1 20.8 5.6 4.6

Power

CESC Buy 267 342 3,331 5,084 5,512 24.2 23.8 45.2 48.5 5.9 5.5 0.6 0.6 11.2 10.9 1.1 1.1

GIPCL Buy 59 98 889 1,557 1,573 28.7 27.5 10.4 10.2 5.7 5.8 0.6 0.5 10.5 9.6 1.0 0.9

NTPC Accumulate 145 158 119,518 74,766 86,549 23.1 23.4 12.4 14.1 11.7 10.3 1.5 1.3 13.0 13.5 2.3 2.1

Real Estate

Anant Raj Buy 46 78 1,360 657 875 52.0 56.1 8.4 12.7 5.5 3.6 0.3 0.3 6.3 8.9 3.3 2.5

DLF Neutral 182 - 30,979 9,878 12,033 44.7 46.1 9.6 13.4 19.0 13.6 1.2 1.2 6.4 8.7 5.6 4.6


June 04, 2012

Market Outlook

Stock Watch


11/12



Real Estate

HDIL Buy 64 115 2,667 2,441 3,344 53.0 46.7 21.4 25.4 3.0 2.5 0.2 0.2 8.4 9.1 2.9 2.2

Telecom

Bharti Airtel Neutral 301 - 114,287 80,967 88,684 33.1 33.4 17.9 22.0 16.8 13.7 1.9 1.7 11.5 12.5 2.1 1.8

Idea Cellular Neutral 76 - 25,217 22,558 25,326 26.4 27.5 3.2 4.7 23.6 16.1 1.8 1.6 7.5 10.0 1.6 1.4

Rcom Neutral 63 - 12,931 21,899 23,740 32.7 32.7 4.2 6.7 14.8 9.4 0.3 0.3 2.1 3.2 2.0 1.6

zOthers

Bajaj Electrical Buy 183 245 1,825 3,670 4,384 8.5 8.5 18.3 22.3 10.0 8.2 2.2 1.8 23.9 24.3 0.5 0.4CRISIL Neutral 1,067 - 7,486 982 1,136 34.3 34.3 34.3 40.0 31.1 26.7 14.1 11.3 50.9 46.9 7.2 6.1

Finolex Cables Buy 37 61 567 2,334 2,687 8.8 9.3 7.6 10.2 4.9 3.6 0.6 0.5 13.7 16.1 0.2 0.1

Graphite India Buy 89 124 1,736 2,158 2,406 18.1 18.9 12.4 14.0 7.2 6.3 1.0 0.9 14.0 14.3 0.9 0.8

Greenply Buy 214 298 517 1,800 2,047 11.1 11.6 34.1 49.6 6.3 4.3 1.2 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 3,059 - 3,412 935 1,168 19.6 19.6 99.7 122.2 30.7 25.0 17.8 14.2 64.2 63.1 3.7 2.9

Sintex Buy 52 129 1,415 4,751 5,189 16.3 16.6 13.6 15.8 3.8 3.3 0.5 0.4 13.1 13.4 0.7 0.5

Siyaram Silk Mills Buy 257 439 241 1,042 1,173 12.4 12.5 66.3 78.5 3.9 3.3 0.8 0.6 21.1 20.8 0.5 0.4

SpiceJet Neutral 28 - 1,342 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (8.1) 11.6 (11.2) 23.6 - - 0.4 0.4

Taj GVK Buy 60 108 376 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Goodyear Buy 318 372 732 1,571 1,753 7.2 8.6 29.8 42.4 10.6 7.5 2.0 1.7 20.2 24.3 0.3 0.2

HEG Buy 196 242 783 1,746 1,946 16.5 17.7 22.5 32.9 8.7 6.0 0.9 0.8 10.4 14.2 1.1 1.0

Hitachi Buy 113 160 260 857 968 6.9 8.4 10.2 16.0 11.2 7.1 1.4 1.2 12.9 17.8 0.4 0.3

Honeywell Automation Neutral 2,581 - 2,281 1,542 1,739 9.4 10.0 116.1 140.8 22.2 18.3 3.2 2.7 15.5 15.9

Ineos ABS Accumulate 730 777 1,284 900 1,011 10.2 11.5 35.6 45.7 20.5 16.0 3.0 2.6 15.4 17.2

ITD Cementation Accumulate 218 236 251 1,535 1,842 11.1 11.1 27.3 38.3 8.0 5.7 0.6 0.6 7.9 10.2 0.6 0.6

MRF Buy 10,610 13,106 4,500 12,390 14,400 10.4 11.3 1,334.6 1,638.2 8.0 6.5 1.6 1.3 16.5 17.4 0.6 0.5Relaxo Accumulate 451 478 541 1,019 1,208 11.0 10.8 44.9 53.1 10.0 8.5 2.4 1.9 27.2 25.0 0.7 0.6

Tata Sponge Buy 270 420 416 757 875 19.0 19.1 63.5 72.9 4.3 3.7 0.6 0.6 16.1 16.1 0.1 -

TVS Srichakra Buy 320 462 245 1,612 1,827 9.5 9.8 72.3 92.5 4.4 3.5 1.3 1.0 33.1 32.1 0.4 0.3

Vesuvius India Accumulate 367 413 746 628 716 16.4 16.5 29.8 34.4 12.3 10.7 2.2 1.8 18.8 18.6 1.0 0.8

Abbott India Accumulate 1,422 1,628 3,023 1,661 1,918 9.7 12.0 60.7 90.4 23.5 15.7 4.8 3.9 22.0 27.3 1.6 1.3

Cera Sanitaryware Ltd Accumulate 252 288 319 385 444 17.2 17.4 28.9 32.0 8.7 7.9 1.8 1.5 23.4 21.1 1.0 0.9

Jyothy Laboratories Buy 215 268 1,736 1,315 1,568 8.6 11.1 6.4 10.9 33.8 19.8 2.8 2.7 8.4 13.9 1.6 1.3

Force Motors Buy 438 680 571 2,346 2,753 6.7 7.0 50.9 61.9 8.6 7.1 0.5 0.5 5.5 6.3 0.2 0.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 01, 2012


June 04, 2012

Market Outlook

Stock Watch


12/12

June 04, 2012Market Outlook

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