Market Outlook 10-09-2013

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Market OutlookSeptember 10, 2013

Dealers DiaryIndian markets are expected to open on a positive note tracking positive start to

SGX Nifty and most of the Asian indices. Positive reports from China regarding the

factory output and retail sales data have fuelled optimism among market

participants about the economic recovery in China.

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

Monday, extending the upward move that was seen last week. The rally on Wall

Street was partly in reaction to positive economic news out of China, which helped

trigger a notable advance by stocks across the Asia-Pacific region. A report

released by the Chinese National Bureau of Statistics showed that Chinese annual

consumer price inflation eased to 2.6% in August from 2.7% in July. Producer

prices too fell 1.6% yoy. Buying interest was also generated by news that Syria is

considering a Russian proposal to give up its chemical weapons in order to avoid

an attack by the US.

Back home, domestic markets remain closed on Monday on account of Ganesh

Chaturthi. The markets extended gains for a third consecutive session on Friday

with banks and oil stocks leading the market gains. Meanwhile, RBI'smid-quarter policy review has been postponed to September 20 from the earlier

scheduled date of September 18 to allow the central bank to factor in the outcome

of a two day Federal Reserve policy meeting scheduled on September 17-18.

Going ahead trading on Tuesday could be impacted by any developments

regarding the situation in Syria.

Markets Today

The trend deciding level for the day is 19,164 / 5,645 levels. If NIFTY trades above

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

up to 19,400 19,529 / 5,724 5,768 levels. However, if NIFTY trades below

19,164 / 5,645 levels for the first half-an-hour of trade then it may correct up to

19,035 18,800 / 5,602 5,523 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,800 19,035 19,164 19,400 19,529

NIFTY 5,523 5,602 5,645 5,724 5,768

News Analysis

TRAI cuts base price of pan India spectrum sharply Workers at HMCL's Gurgaon plant threaten to go on a strike IGL raises CNG & PNG prices by 8%

Refer detailed news analysis on the following page

Net Inflows (September 05, 2013)

` cr Purch Sales Net MTD YTDFII 4,304 3,200 1,104 982 60,180

MFs 532 441 90 (250) (13,247)

FII Derivatives (September 06, 2013)

` cr Purch Sales Net Open InterestIndex Futures 3,223 2,158 1,065 10,059

Stock Futures 2,851 2,073 778 27,819

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Engineers India 168 19.3 Pipavav Defence 41 (4.9)

L&T Finance Hold. 67 13.6 Sun TV Network 390 (3.1)

Wockhardt 514 10.9 BOB 489 (2.8)

Hindustan Copper 65 10.6 Britannia Ind. 728 (2.7)

Future Retail 79 10.0 GSPL 50 (2.6)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.5 290 19,270

Nifty 1.6 87 5,680

MID CAP 0.6 31 5,451

SMALL CAP 0.6 34 5,344

BSE HC 1.1 98 9,149

BSE PSU 2.1 112 5,405

BANKEX 2.9 318 11,333

AUTO (0.0) (2) 10,416

METAL 0.4 31 8,148

OIL & GAS 2.2 184 8,573

BSE IT (0.0) (1) 7,856

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.9 141 15,063NASDAQ 1.3 46 3,706

FTSE (0.3) (17) 6,531

Nikkei 2.5 344.4 14,205

Hang Sang 0.6 129.4 22,751

Straits Times 1.3 39.8 3,088

Shanghai Com 3.4 72.5 2,213

Indian ADR Chg (%) (Pts) (Close)INFY 2.0 0.9 $47.6

WIT 7.4 0.7 $10.0IBN (0.3) (0.1) $31.1

HDB 1.5 0.5 $31.2

Advances / Declines BSE NSEAdvances 1,322 768

Declines 986 556

Unchanged 145 90

Volumes (` cr)BSE 2,094

NSE 13,433

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TRAI cuts base price of pan India spectrum sharply

After two of the governments attempts to auction 2G spectrum in the 1,800MHz

band received lukewarm response - the Telecom Regulatory Authority of India

(Trai) yesterday proposed a 37% reduction in base price, from `2,379cr to

`1,496cr per MHz of pan India spectrum. While the Trai rejected incumbent

operators demand to reserve at least 2.5MHz spectrum in the 900MHz band, it

sharply lowered the base price for this band, too by ~60% in Mumbai, Delhi and

Kolkata, the three cities where licenses are coming for renewal. In March,

spectrum in this band was priced at `970cr for every 1.75MHz in Delhi and

`949cr for the same amount of spectrum in Mumbai. Now the regulator has

proposed to fix the base price at `288cr for 1MHz spectrum in Delhi and `262cr

in Mumbai. Under the earlier formula, the base price for 900MHz spectrum had

been fixed at twice the 1,800MHz rate. But the new rate would be 20% lower than

that and 70% less than the 3G auction price, despite the fact that this band is

considered three times more efficient than the 2,100MHz band. The Trai

recommendations have come after the empowered group of ministers (EGoM) on

telecom decided that the regulator views should be sought on the reserve price of

spectrum to be auctioned in the 1,800MHz, 900MHz and 800MHz bands.

Trai has also recommended that a flat spectrum usage charges (SUC) of 3% of the

gross revenue should be levied, instead of the existing range of 2-8% per cent.

Based on normal revenue growth, this would mean a benefit of `60,000 to

`80,000cr for telecom companies over a 20 year period. It will also help the

incumbent players, which have more spectrum, because they had to pay a higher

SUC under the earlier formula. The move is also expected to attract the telcos that

had kept away from the earlier spectrum auctions in key circles like Mumbai, Delhi

and Karnataka, citing high base price. The regulator has cut the reserve price by54% to `175cr in Delhi, by 56% to `165cr in Mumbai and by 32% to `124cr in

Karnataka. Trai has also recommended that trading of spectrum be allowed,

provided it has been obtained through auction or market value has been paid for

it. No recommendations on 800MHz spectrum came from Trai yesterday. It will be

a bonanza for incumbent players with large presence, as the base price for

spectrum in Delhi and Mumbai, for instance, is much less than what new operators

in the earlier auction paid for circles like Tamil Nadu and Maharashtra. The

government has to take a call on whether they will refund the money if the final

price of spectrum is lower than that paid in the same circle.

The government has to conduct another round of auction to comply with theSupreme Courts order, the court had asked it to auction the entire spectrum

available after license cancellation. The EGoM, headed by Finance Minister P

Chidambaram, has to take a final decision on the recommendations. In

November 2012, the government earned `9,408cr by auctioning 1,800MHz

spectrum. Though it had auctioned 176 blocks (1.25 MHz each) of the 198 blocks,

it recorded bidders for just 101 blocks. Due to the high reserve price, Mumbai,

Delhi, Karnataka, and Rajasthan did not record any bidder. For the auction in

March, the government reduced the base price for these circles 30%. It had also

cut the base price of the 800MHz spectrum 50%, after it failed to attract bidders

during the auction in November. Clearly, the recommendations are favorable to

the existing players who acquired license prior to 2008. This will benefit incumbent

players such as Bharti Airtel and Vodafone, who currently own this spectrum. The

incumbent operators licenses expire in 2014 after which they will have to buy

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back spectrum through an auction. A higher reserve price would have made the

acquisition very expensive. We maintain our Accumulate rating on Bharti Airtelwith target price of `350.

Workers at HMCL's Gurgaon plant threaten to go on astrike

According to media reports, workers at Hero MotoCorp's (HMCL) Gurgaon plant

have threatened to go on a strike to protest against the management action

against some of the workers. According to the reports, the management has taken

a police action on some workers, who have been alleged by the management of

assaulting supervisors in the shop floor of the plant. Accordingly, nine workmen

involved in the incident have been suspended pending the inquiry. While there

have been no reports on the resolution to the problem, management has

hardened its stance against the threat of strike by the workers and have stated that

they will not accept any indiscipline at the workplace. Further, details regarding the

current production status at the plant are also not available. However, the

company remains optimistic and has ruled out any prolonged tussle with the

workers. We believe that an amicable resolution to the ongoing labor problem is

important for the company given that the company is gearing up for the festival

season. At the CMP price of `1,929, the stock is trading at 13x FY2015 earnings.

We maintain our Accumulate rating on the stock with a target price of `2,073.

IGL raises CNG & PNG prices by 8%

Indraprastha Gas Ltd. (IGL) has increased the price of CNG and PNG by 8% in theNCR region. CNG price in Delhi has been hiked by`3.70 /kg to `45.6/kg and in

Noida, Greater Noida and Ghaziabad it is hiked by`4.20/kg to `51.5/kg. PNG

price has been hiked to `27.5/scm in Delhi. The steep hike has been taken due to

sharp depreciation in the INR against US$ in last couple of months which has

made imported LNG costlier. The hike is undertaken to nullify the cost increases

and therefore will not result in substantial margin improvement for the company

and hence we maintain our Neutral view on IGL.

Economic and Political News Japan, India expand joint currency swap line to US$50bn Government to unveil steps to cut fuel consumption on September 16 CIL has signed FSA's with 140 power plants: Coal Secretary Make SEZs attractive for investors to boost exports: Assocham Standing committee urges introduction of DEPB like scheme for exportersCorporate News

Union Bank hikes base rate to 10.25%, ups rate for NRE deposits Coal India, trade unions to meet on September 11 on stake sale issue NPCIL plans to generate 60,000 MW power in next two decades

HPCL puts its`

30,000cr Maharashtra refinery in cold storage Ashok Leyland to cut debt by`1,000cr in FY2014 Jyothy Laboratories launches Ujala IBF 100 in the southern states

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 10, 2013 11:00AM China Industrial Production (YoY) % Change Aug 9.70 9.90

4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

September 11, 2013 2:00PM UK Jobless claims change % Change Aug (29.20) (21.50)

September 12, 2013 6:00PM US Initial Jobless claims Thousands Sep 7 323.00 330.00

5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 13, 2013 6:00PM US Producer Price Index (mom) % Change Aug -- 0.20

September 16, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Aug 5.79 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Aug F 1.30 --

6:45PM US Industrial Production % Aug 0.04 --

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 --

6:00PM US Consumer price index (mom) % Change Aug 0.20 --

September 18, 2013 6:00PM US Housing Starts Thousands Aug 896.00 --

6:00PM US Building permits Thousands Aug 954.00 --

11:30PM US FOMC rate decision % Sep 18 0.25 --

September 19, 2013 7:30PM US Existing home sales Million Aug 5.39 --

September 20, 2013 11:00AM India RBI Repo rate % Sep 20 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 20 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 20 6.25 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Sep A (15.60) --

September 23, 2013 1:00PM Germany PMI Services Value Sep A 52.80 --

1:00PM Germany PMI Manufacturing Value Sep A 51.80 --

September 24, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Sep 81.50 --

September 25, 2013 7:30PM US New home sales Thousands Aug 394.00 --September 26, 2013 2:00PM UK GDP (YoY) % Change 2Q F 1.50 --

6:00PM US GDP Qoq (Annualised) % Change 2Q T 2.50 --

Source: Bloomberg, Angel Research

September 10, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G DP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imp orts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

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 4.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Jun-1

3

Jul-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-12

Sep-12

Oc-12

Oc-12

No-12

Dec-12

Dec-12

Jan-13

Feb-13

Feb-13

Mar-13

Apr-13

Apr-13

Ma-13

Jun-13

Jun-13

Jul-13

Aug-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 149 - 2,900 1,674 1,923 13.7 13.7 6.8 7.6 21.9 19.6 4.1 3.6 20.0 19.6 1.9 1.6

United Phosphorus Buy 138 225 6,117 10,091 11,302 16.5 16.5 19.2 22.5 7.2 6.1 1.1 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 275 305 4,700 3,474 3,952 15.5 15.5 19.0 21.0 14.5 13.1 3.5 2.9 27.2 24.2 1.4 1.2

Apollo Tyres Neutral 65 - 3,276 13,409 15,106 11.8 11.6 13.1 15.4 5.0 4.2 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 13 18 3,451 12,945 15,049 6.3 8.2 0.2 1.5 74.6 8.6 1.1 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 203 - 306 700 890 8.7 10.7 11.1 25.8 18.2 7.9 1.1 1.1 6.2 13.9 0.5 0.4

Bajaj Auto Accumulate 1,911 2,115 55,311 22,042 25,399 19.3 19.3 121.1 141.0 15.8 13.6 5.6 4.5 39.4 36.6 2.1 1.7

Bharat Forge Neutral 250 - 5,816 5,942 6,417 15.2 15.5 15.6 19.7 16.0 12.7 2.3 2.1 15.4 17.3 1.2 1.0

Bosch India* Accumulate 8,215 9,096 25,794 9,301 10,895 16.8 18.0 339.9 423.1 24.2 19.4 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 105 170 379 5,159 5,628 9.3 9.0 43.5 48.6 2.4 2.2 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 124 148 10,510 6,899 7,873 14.7 14.7 7.9 9.0 15.6 13.7 2.7 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,150 - 1,911 1,336 1,572 13.8 16.0 75.6 102.4 15.2 11.2 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Accumulate 1,929 2,073 38,519 25,543 28,228 14.5 14.5 110.5 148.1 17.5 13.0 6.6 5.2 40.8 44.9 1.3 1.2

JK Tyre Buy 88 152 363 7,376 8,262 10.0 9.8 56.0 60.9 1.6 1.5 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 771 1,011 47,491 42,318 48,067 12.0 12.2 58.5 67.1 13.2 11.5 2.6 2.2 21.6 21.1 0.9 0.7

Maruti Buy 1,290 1,571 38,976 45,877 52,733 11.2 11.2 93.0 104.7 13.9 12.3 1.9 1.6 14.2 14.0 0.7 0.6

Motherson Sumi Buy 199 242 11,705 28,442 31,914 8.4 8.7 13.0 16.1 15.3 12.4 4.0 3.2 29.4 28.6 0.5 0.5

Subros Buy 20 23 118 1,230 1,398 10.5 10.5 2.3 3.8 8.4 5.2 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Accumulate 318 355 85,618 215,043 240,077 13.5 13.7 35.1 39.4 9.1 8.1 2.1 1.7 26.2 23.3 0.5 0.4

TVS Motor Buy 30 36 1,430 7,659 8,528 6.0 6.2 4.9 5.9 6.2 5.1 1.0 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Reduce 477 442 10,106 8,037 9,087 5.8 6.9 12.2 17.0 39.1 28.1 3.8 3.6 9.8 13.1 1.2 1.0

BGR Energy Neutral 113 - 816 3,541 4,041 11.8 10.7 21.1 22.9 5.4 4.9 0.6 0.6 21.8 19.5 0.5 0.4

BHEL Neutral 142 - 34,646 42,227 38,453 16.0 14.4 18.8 15.0 7.5 9.4 1.5 1.4 21.7 15.4 0.7 0.8

Blue Star Buy 135 208 1,214 2,941 3,099 3.4 4.2 6.0 9.3 22.6 14.5 2.8 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 88 103 5,629 13,418 14,654 5.8 6.7 5.8 7.8 15.1 11.3 1.5 1.3 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 18 - 147 3,312 3,555 9.0 9.0 4.5 6.5 4.0 2.8 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 25 36 643 7,709 8,399 6.2 6.9 5.1 8.1 4.9 3.1 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 552 - 6,573 5,832 6,397 9.1 9.6 28.8 32.9 19.2 16.8 3.1 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 963 1,225 18,084 11,581 13,009 17.6 19.3 63.9 81.5 15.1 11.8 2.3 2.1 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

September 10, 2013

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Cement

Ambuja Cements Neutral 172 - 26,607 9,975 11,409 22.4 23.1 9.4 11.1 18.4 15.5 2.8 2.6 15.7 17.2 2.2 1.8

India Cements Neutral 49 - 1,516 4,796 5,357 16.4 16.1 7.3 9.5 6.7 5.2 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 58 79 680 2,235 2,684 19.4 21.4 15.0 18.4 3.9 3.2 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 165 - 3,919 4,010 4,524 23.5 23.4 14.9 18.3 11.1 9.0 1.5 1.3 14.0 15.2 1.6 1.4

Shree Cement^ Neutral 3,796 - 13,223 6,316 7,162 26.5 25.7 294.6 340.5 12.9 11.2 2.8 2.3 24.0 22.7 1.6 1.3

UltraTech Cement Neutral 1,602 - 43,914 22,021 25,274 22.0 21.6 99.5 113.3 16.1 14.1 2.5 2.2 16.7 16.6 2.0 1.8

Construction

Ashoka Buildcon Buy 47 60 736 1,912 2,131 21.0 21.5 5.0 5.5 9.3 8.5 0.7 0.6 8.8 7.6 1.7 1.8

Consolidated Co Neutral 5 - 98 1,715 1,824 2.4 6.2 (2.9) (0.4) (1.8) (14.7) 0.2 0.2 0.5 0.5

IRB Infra Buy 65 106 2,169 3,805 4,248 45.1 45.3 15.0 15.8 4.4 4.1 0.6 0.6 14.5 13.9 2.8 3.0

ITNL Buy 113 156 2,191 7,423 7,970 27.5 28.7 30.3 32.0 3.7 3.5 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 10 - 322 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.3) (5.3) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Accumulate 38 41 8,421 12,946 14,897 24.7 25.6 1.2 2.7 30.9 14.2 0.6 0.6 2.0 4.3 2.5 2.3

Larsen & Toubro Buy 754 1,002 69,732 68,946 78,040 10.0 10.0 49.0 55.2 15.4 13.7 2.2 2.0 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 18 30 463 6,167 6,945 8.0 8.2 2.7 3.6 6.8 5.0 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 744 12,726 14,226 8.2 8.2 0.9 1.0 26.1 21.9 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 56 99 840 2,462 2,731 10.6 10.6 5.3 6.0 10.6 9.3 0.9 0.9 9.2 9.6 0.6 0.6

Simplex Infra Buy 40 56 199 6,237 6,908 9.1 9.0 9.9 13.9 4.1 2.9 0.2 0.1 3.7 5.0 0.5 0.4

Unity Infra Neutral 18 - 134 2,146 2,339 12.9 13.0 9.3 9.6 1.9 1.9 0.2 0.1 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 71 - 3,563 6,843 7,528 2.5 2.5 26.0 30.1 2.7 2.4 0.4 0.4 11.8 12.4 - -

Andhra Bank Neutral 51 - 2,837 4,868 5,390 2.4 2.5 12.3 16.6 4.1 3.1 0.4 0.4 7.9 10.0 - -

Axis Bank Accumulate 953 1,069 44,722 19,280 22,886 3.3 3.3 130.7 157.1 7.3 6.1 1.2 1.0 17.3 18.1 - -

Bank of Baroda Neutral 489 - 20,580 15,896 17,947 2.2 2.3 95.4 124.4 5.1 3.9 0.6 0.6 12.0 14.2 - -

Bank of India Neutral 145 - 8,641 14,482 16,069 2.3 2.2 55.0 62.2 2.6 2.3 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,510 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 205 - 9,097 11,454 12,378 2.0 2.0 52.4 60.5 3.9 3.4 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 53 - 5,583 8,196 9,202 2.4 2.4 6.1 15.9 8.8 3.4 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 252 - 3,856 5,641 6,083 2.0 2.0 82.7 98.1 3.1 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 47 - 1,659 3,307 3,531 2.2 2.4 17.5 21.6 2.7 2.2 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 281 - 4,803 2,798 3,250 3.0 3.0 38.1 51.9 7.4 5.4 0.7 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

September 10, 2013

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Financials

HDFC Accumulate 762 822 118,459 8,679 10,350 3.6 3.6 37.5 44.7 20.3 17.1 4.2 3.8 30.1 30.7 - -

HDFC Bank Accumulate 616 703 147,317 27,392 33,264 4.6 4.6 36.3 45.1 17.0 13.7 3.4 2.9 21.9 22.8 - -

ICICI Bank Accumulate 959 1,038 110,701 25,727 29,969 3.2 3.2 83.2 96.7 11.5 9.9 1.5 1.4 14.9 15.4 - -

IDBI Bank Neutral 56 - 7,510 9,518 10,468 2.0 2.0 15.5 22.1 3.6 2.6 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 69 - 2,972 5,940 6,396 2.7 2.7 24.9 32.9 2.8 2.1 0.3 0.3 10.3 12.4 - -

IOB Neutral 43 - 3,987 7,692 8,627 2.2 2.3 8.1 15.2 5.3 2.8 0.4 0.3 5.9 10.5 - -

J & K Bank Neutral 1,148 - 5,565 3,038 3,370 3.7 3.9 214.2 202.6 5.4 5.7 1.0 0.9 19.8 16.3 - -

LIC Housing Finance Neutral 174 - 8,774 2,001 2,495 2.2 2.3 23.8 28.8 7.3 6.0 1.2 1.1 17.3 18.2 - -

Oriental Bank Neutral 145 - 4,233 6,918 7,459 2.6 2.5 46.7 52.5 3.1 2.8 0.4 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 446 - 15,781 20,766 23,515 3.4 3.4 135.0 164.8 3.3 2.7 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,715 1,800 2,023 2.7 2.7 3.7 4.2 5.5 4.8 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,633 - 111,720 65,392 74,467 3.0 3.0 178.5 226.1 9.2 7.2 1.2 1.0 12.1 14.0 - -

Syndicate Bank Neutral 69 - 4,150 6,740 7,512 2.5 2.5 21.0 23.5 3.3 2.9 0.4 0.4 12.6 12.8 - -

UCO Bank Neutral 53 - 3,996 6,770 7,017 2.8 2.6 14.8 15.5 3.6 3.4 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 108 - 6,448 10,458 11,809 2.5 2.5 32.0 40.6 3.4 2.7 0.4 0.4 11.6 13.4 - -

United Bank Neutral 31 - 1,156 3,386 3,884 2.3 2.5 12.4 20.0 2.5 1.5 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 37 - 1,814 2,718 2,941 1.8 1.9 7.0 9.0 5.2 4.1 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 293 - 10,544 4,417 5,486 2.7 2.8 42.9 49.5 6.8 5.9 1.5 1.2 23.9 22.8 - -

FMCG

Asian Paints Neutral 425 - 40,723 12,332 14,524 16.3 16.1 13.9 16.0 30.6 26.5 9.7 7.7 35.2 32.5 3.2 2.7

Britannia Neutral 728 - 8,719 6,422 7,367 6.9 7.3 24.2 29.7 30.1 24.5 10.6 8.2 39.6 37.7 1.4 1.1

Colgate Neutral 1,228 - 16,697 3,588 4,130 18.9 19.4 41.2 48.4 29.8 25.4 26.5 20.5 100.0 91.0 4.5 3.9

Dabur India Neutral 163 - 28,450 7,183 8,297 16.8 16.9 5.4 6.3 30.5 25.9 10.7 8.5 39.2 36.7 4.0 3.4

GlaxoSmith Con* Neutral 4,310 - 18,127 3,617 4,259 16.1 16.4 122.2 148.7 35.3 29.0 11.0 8.8 34.1 33.7 4.6 3.8

Godrej Consumer Neutral 816 - 27,785 7,801 9,017 16.2 15.9 25.1 29.7 32.5 27.5 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 617 - 133,472 28,415 31,962 13.6 14.1 16.7 18.2 37.0 33.9 35.6 25.8 112.2 88.1 4.6 4.0

ITC Neutral 316 - 250,317 34,294 39,991 36.8 37.0 11.3 13.3 28.1 23.7 9.2 7.5 36.1 34.9 7.0 5.9

Marico Neutral 207 - 13,378 5,104 5,876 15.1 15.2 7.2 8.6 29.0 24.2 5.6 4.6 21.1 20.9 2.7 2.3

Nestle* Neutral 5,005 - 48,258 9,330 10,860 21.8 21.9 123.3 149.7 40.6 33.4 19.9 14.6 56.4 50.3 5.2 4.4

Tata Global Neutral 147 - 9,090 8,070 8,958 9.8 9.9 7.6 8.5 19.4 17.3 2.3 2.2 9.3 9.7 1.1 1.0


Market Outlook

Stock Watch

September 10, 2013

7/29/2019 Market Outlook 10-09-2013

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IT

HCL Tech^ Accumulate 1,016 1,070 70,850 32,266 35,103 23.5 22.6 69.7 74.0 14.6 13.7 3.9 3.2 26.5 23.0 2.0 1.7

Hexaware* Accumulate 125 134 3,754 2,273 2,575 22.2 21.5 12.4 13.4 10.1 9.4 2.6 2.2 25.4 23.5 1.5 1.3

Infosys Neutral 3,021 - 173,468 48,731 52,962 26.9 27.1 180.8 200.3 16.7 15.1 3.6 3.1 20.4 19.3 2.9 2.6

Infotech Enterprises Neutral 188 - 2,095 2,128 2,341 17.2 17.6 21.3 23.2 8.8 8.1 1.4 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Buy 132 155 2,559 2,769 3,122 18.3 17.8 15.3 16.6 8.6 8.0 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Neutral 1,035 - 4,302 2,871 3,110 20.4 20.7 102.6 111.2 10.1 9.3 2.4 1.9 24.8 20.3 1.2 1.0

Mphasis& Accumulate 419 450 8,797 6,827 7,342 21.0 21.2 47.0 51.3 8.9 8.2 1.6 1.4 14.3 14.2 0.8 0.7

NIIT Neutral 20 - 337 1,144 1,267 9.0 9.1 4.3 5.4 4.8 3.8 0.5 0.5 10.3 12.0 0.1 -

Persistent Neutral 569 - 2,274 1,590 1,774 23.5 23.8 48.5 56.9 11.7 10.0 1.9 1.6 16.4 16.1 1.0 0.8

TCS Neutral 1,988 - 389,007 80,353 91,576 30.0 30.0 91.0 103.2 21.9 19.3 7.1 5.6 31.5 29.2 4.6 4.0

Tech Mahindra Accumulate 1,359 1,485 31,561 17,749 19,406 22.5 21.0 113.6 114.2 12.0 11.9 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 468 - 115,451 43,610 47,320 21.6 22.2 30.0 33.0 15.6 14.2 3.5 3.0 20.7 19.4 2.2 1.9

Media

D B Corp Accumulate 242 267 4,443 1,783 1,968 23.8 25.0 13.6 16.0 17.8 15.2 4.3 3.7 22.5 22.9 2.4 2.1

HT Media Buy 92 112 2,159 2,205 2,380 14.1 14.4 7.6 8.4 12.1 10.9 1.4 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 84 104 2,788 1,683 1,845 19.7 20.8 5.9 6.9 14.3 12.2 2.7 2.5 19.4 21.2 1.7 1.6

PVR Neutral 398 - 1,580 1,359 1,540 17.3 17.4 17.2 21.6 23.1 18.5 2.3 2.1 10.3 12.0 1.6 1.4

Sun TV Network Neutral 390 - 15,365 2,287 2,551 69.7 70.5 20.0 23.3 19.5 16.7 4.8 4.2 26.4 27.3 6.4 5.6

Metals & Mining

Bhushan Steel Reduce 475 419 10,760 12,640 15,667 28.5 31.5 25.9 38.6 18.4 12.3 1.1 1.0 6.1 8.5 2.7 2.2

Coal India Neutral 277 - 175,248 68,303 69,884 32.5 30.3 27.5 25.0 10.1 11.1 3.8 2.7 40.2 33.1 1.7 1.7

Electrosteel Castings Buy 12 15 380 1,976 2,017 11.8 12.7 0.1 1.2 182.2 9.6 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 84 115 2,668 1,701 1,985 47.8 48.8 17.4 20.6 4.8 4.1 0.9 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Accumulate 126 143 53,155 12,389 13,093 48.5 51.7 15.2 17.0 8.3 7.4 1.4 1.2 18.5 18.0 2.1 1.6

Hindalco Neutral 108 - 20,678 95,465 102,491 8.4 9.0 13.9 17.2 7.8 6.3 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 580 - 14,010 45,022 48,140 16.0 15.9 68.5 77.0 8.5 7.5 0.8 0.7 9.3 9.7 0.8 0.8

MOIL Neutral 214 - 3,591 956 982 42.3 44.3 25.3 26.2 8.5 8.2 1.2 1.1 14.6 13.7 1.1 1.2

Monnet Ispat Accumulate 129 139 820 2,199 2,575 21.6 22.8 30.7 38.6 4.2 3.3 0.3 0.3 7.7 8.9 1.4 1.1

Nalco Neutral 33 - 8,608 7,270 7,521 13.6 13.8 2.8 2.9 12.1 11.5 0.7 0.7 5.9 6.0 0.6 0.6

NMDC Buy 121 142 48,033 10,718 11,514 66.6 64.5 15.5 16.1 7.8 7.5 1.6 1.4 21.2 20.0 2.4 2.2

SAIL Neutral 48 - 19,762 44,060 54,227 9.2 10.9 5.3 6.8 9.0 7.1 0.5 0.5 5.2 6.5 0.7 0.6


Market Outlook

Stock Watch

September 10, 2013

7/29/2019 Market Outlook 10-09-2013

10/12



Metals & Mining

Sesa Goa* Neutral 175 - 52,015 3,817 5,781 12.1 17.7 27.0 29.6 6.5 5.9 0.8 0.7 12.9 12.5 14.4 9.5

Tata Steel Accumulate 292 317 28,374 153,862 167,209 9.4 10.5 32.8 53.5 8.9 5.5 0.8 0.7 9.0 13.2 0.5 0.5

Sarda Buy 84 98 303 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 31 37 418 2,486 2,637 15.2 15.0 13.7 14.2 2.3 2.2 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Neutral 79 - 258 2,171 2,317 14.9 15.8 36.4 46.6 2.2 1.7 0.2 0.2 11.6 13.0 0.5 0.5

Oil & Gas

Cairn India Accumulate 332 364 63,428 18,403 17,925 71.9 62.1 62.1 57.4 5.3 5.8 1.1 1.0 22.6 17.8 2.2 2.0GAIL Neutral 301 - 38,219 49,700 48,822 16.0 16.6 32.9 33.4 9.2 9.0 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 289 350 247,382 164,816 196,050 33.7 36.6 30.0 38.7 9.7 7.5 1.5 1.3 16.0 18.5 1.2 0.9

Reliance Indus tr ies Accumulate 868 953 280,275 417,018 442,434 8.4 8.4 70.3 75.2 12.3 11.5 1.3 1.1 12.0 11.6 0.7 0.6

Gujarat Gas* Neutral 207 - 2,649 3,270 3,414 12.8 12.6 22.6 23.1 9.1 8.9 2.4 2.2 28.2 25.6 0.7 0.6

Indraprastha Gas Neutral 262 - 3,662 3,656 4,456 21.5 18.6 25.7 26.8 10.2 9.8 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Buy 117 135 8,768 39,449 43,315 5.3 5.9 14.1 16.9 8.3 6.9 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 50 67 2,811 1,002 1,021 91.4 91.5 8.2 8.4 6.1 6.0 0.8 0.7 14.3 13.0 2.3 2.1

Pharmaceuticals

Alembic Pharma Buy 136 165 2,555 1,736 2,008 17.1 18.9 10.5 13.8 12.9 9.8 4.0 3.0 34.4 34.7 1.5 1.3

Aurobindo Pharma Buy 190 271 5,530 6,641 7,637 15.9 15.9 17.3 20.6 11.0 9.2 1.8 1.5 19.5 18.9 1.3 1.1

Aventis* Neutral 2,367 - 5,451 1,682 1,917 15.6 15.6 91.9 101.7 25.8 23.3 3.6 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 650 894 13,304 7,123 8,367 15.5 15.7 37.3 44.7 17.4 14.5 3.7 3.0 22.9 22.9 2.2 1.9

Cipla Accumulate 438 477 35,136 9,274 10,796 23.1 23.1 21.0 23.8 20.8 18.4 3.3 2.9 17.2 16.8 3.5 3.0

Dr Reddy's Accumulate 2,284 2,535 38,825 13,377 15,350 20.4 20.1 112.1 126.6 20.4 18.0 4.4 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 46 73 369 1,394 1,534 22.5 22.4 14.8 16.6 3.1 2.8 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,252 - 19,072 2,744 2,964 22.0 23.4 59.2 66.6 38.0 33.8 9.5 9.1 24.9 27.5 6.1 5.6

Indoco Remedies Buy 62 78 575 747 906 15.3 15.3 5.9 7.6 10.6 8.2 1.3 1.1 12.5 14.4 1.0 0.8

Ipca labs Neutral 694 - 8,756 3,296 4,087 20.5 21.7 36.8 48.3 18.9 14.4 4.5 3.5 26.5 27.3 2.8 2.2

Lupin Accumulate 839 904 37,579 11,576 13,855 22.0 22.0 35.8 43.0 23.4 19.5 5.7 4.5 27.1 25.8 3.3 2.7

Ranbaxy* Neutral 445 - 18,808 10,400 11,331 6.6 8.4 11.4 15.2 39.0 29.2 4.1 3.6 11.1 13.1 1.9 1.7

Sun Pharma Neutral 529 - 109,458 13,509 15,846 41.0 41.0 16.5 19.9 32.0 26.6 6.5 5.3 22.0 22.0 7.6 6.3

Power

GIPCL Accumulate 59 65 886 1,444 1,482 33.4 33.0 13.7 14.8 4.3 4.0 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 134 163 110,654 75,046 81,780 23.5 23.9 12.7 13.6 10.6 9.9 1.2 1.1 12.2 12.0 2.2 2.1

Real Estate

DLF Buy 138 179 24,526 8,293 9,622 36.5 36.1 5.7 6.7 24.1 20.4 0.9 0.8 3.7 4.1 5.1 4.2


Market Outlook

Stock Watch

September 10, 2013

7/29/2019 Market Outlook 10-09-2013

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Real Estate

MLIFE Buy 408 483 1,664 888 1,002 27.0 29.9 33.9 42.1 12.0 9.7 1.2 1.1 9.9 11.2 2.5 2.2

Telecom

Bharti Airtel Accumulate 314 350 125,338 83,535 92,173 32.0 33.1 9.2 12.9 34.2 24.3 2.2 2.0 6.8 8.9 2.2 1.9

Idea Cellular Neutral 158 - 52,470 26,717 29,443 30.6 29.8 5.5 6.7 29.1 23.5 3.2 2.8 11.1 12.0 2.3 2.0

Rcom Neutral 140 - 28,793 22,050 23,647 30.6 30.8 3.2 5.2 43.7 26.8 0.8 0.8 1.9 3.1 3.0 2.7

Others

Abbott India* Buy 1,407 1,628 2,989 1,788 1,996 12.5 12.7 71.7 81.4 19.6 17.3 4.0 3.4 21.7 21.2 1.4 1.3

Bajaj Electricals Buy 156 184 1,551 3,885 4,472 4.0 5.8 6.8 15.4 23.0 10.1 2.0 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 503 613 637 631 797 14.5 13.7 42.6 51.1 11.8 9.9 2.8 2.2 26.5 25.3 1.0 0.8

Cravatex Buy 266 307 69 248 284 6.5 7.3 27.2 38.2 9.8 7.0 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 52 68 791 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.6 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 300 349 391 2,304 2,649 3.1 3.6 28.0 43.7 10.7 6.9 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 305 345 705 1,458 1,542 8.3 9.0 32.3 37.0 9.5 8.3 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 106 153 289 1,080 1,199 8.9 9.1 18.3 19.1 5.8 5.6 1.0 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,444 - 2,161 1,842 2,131 7.7 7.8 111.1 130.9 22.0 18.7 2.8 2.4 13.3 13.9 1.1 0.9

IFB Agro Buy 134 156 121 491 642 12.3 13.8 35.0 50.9 3.8 2.6 0.6 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 164 194 188 1,365 1,502 10.9 11.2 18.2 28.0 9.0 5.9 0.5 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 148 199 2,462 1,244 1,523 14.1 14.2 5.9 10.0 25.0 14.9 3.0 2.6 12.7 18.8 2.3 1.8

MRF Buy 12,976 16,218 5,503 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.2 7.2 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 3,987 4,669 4,447 1,059 1,296 19.5 19.8 125.0 155.6 31.9 25.6 15.8 11.6 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 720 981 864 1,196 1,401 11.9 12.6 55.6 75.4 13.0 9.5 3.1 2.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 197 228 185 1,158 1,322 10.6 11.0 60.5 75.9 3.3 2.6 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 343 492 603 1,007 1,108 8.4 8.7 30.3 35.1 11.3 9.8 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 56 108 348 300 319 35.8 36.2 7.9 9.1 7.0 6.1 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 262 371 403 814 849 17.0 17.6 64.6 69.2 4.1 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 501 632 389 416 481 4.5 6.1 16.2 25.3 30.9 19.8 3.8 3.4 12.6 18.1 0.8 0.7

Tree House Buy 237 297 853 153 194 53.0 52.8 12.4 15.6 19.1 15.2 2.3 2.0 11.8 13.1 5.8 4.4

TVS Srichakra Buy 176 230 134 1,591 1,720 6.1 6.4 30.5 38.3 5.8 4.6 0.8 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,420 - 35,174 12,294 14,162 12.0 12.0 42.1 67.7 57.5 35.8 4.1 3.7 9.1 10.7 3.2 2.8

Vesuvius India* Buy 353 439 715 600 638 20.1 19.4 35.7 36.6 9.9 9.7 1.8 1.5 19.4 17.1 1.0 0.9

HSIL Buy 82 117 538 2,042 2,363 14.6 14.8 12.3 16.5 6.6 5.0 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 September 06, 2013*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.


Market Outlook

Stock Watch

September 10, 2013

7/29/2019 Market Outlook 10-09-2013

12/12

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

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