Market Outlook 16-09-2013

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www.angelbroking.com

Market OutlookSeptember 16, 2013

Dealers Diary

Indian markets are expected to open in green tracking gap up opening in almost

all the Asian indices, after Lawrence Summers dropped from the race to be head of

the Federal Reserve and investors wagered that U.S. monetary policy would stay

easier for longer should the other leading candidate for Fed chair, Janet Yellen, getthe job. In addition, US and Russia reached an agreement to secure Syrias

chemical weapons

The US markets rose on Friday, with the Dow industrials posting their best week

since January, as worries about Syria ebbed and as investors looked to monetary-

policy decision by the Federal Reserve. The Commerce Department released a

report showing 0.2% retail sales growth in the month of August following an

upwardly revised 0.4% increase in July. This disappointing data seemed togenerate some optimism that the Federal Reserve will delay plans to begin scaling

back its asset purchase program at this weeks meeting.

Meanwhile, the domestic markets a volatile session modestly lower on Friday,

weighed down by weak global cues as traders refrained from taking fresh positions

ahead of this week's FOMC meeting. Many analysts expect the central bank to

announce a modest reduction in its bond-buying program at the end of the two-

day policy meeting slated to end Wednesday.

Markets TodayThe trend deciding level for the day is 19,769 / 5,853 levels. If NIFTY trades above

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

up to 19,863 19,993 / 5,882 5,914 levels. However, if NIFTY trades below

19,769 / 5,853 levels for the first half-an-hour of trade then it may correct up to

19,639 19,546 / 5,821 5,791 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,546 19,639 19,769 19,863 19,993

NIFTY 5,791 5,821 5,853 5,882 5,914

News Analysis PMEAC revises FY2014 growth estimates Metals sector update Bosch to temporarily suspend production at Nashik plant JSW Steel reported August crude steel production numbers

Refer detailed news analysis on the following page

Net Inflows (September 12, 2013)

` cr Purch Sales Net MTD YTDFII 3,778 2,820 958 6,472 65,685

MFs 552 538 14 (823) (14,241)

FII Derivatives (September 13, 2013)

` cr Purch Sales Net Open InterestIndex Futures 2,266 2,260 7 12,674

Stock Futures 1,933 2,118 (184) 28,742

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)JPPower 17 8.0 Financial Tech 199 (8.4)

NHPC 19 6.5 Shriram City Uni 886 (3.8)

Oriental Bank 172 6.1 Wipro 455 (3.6)

United Brew-$ 864 5.9 Pipavav Defence 45 (3.4)

GMR Infra 19 5.6 Hindustan Zinc 126 (2.9)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.2) (49) 19,733

Nifty (0.0) (0) 5,851

MID CAP 0.6 32 5,629

SMALL CAP 0.6 33 5,509

BSE HC 0.2 15 9,375

BSE PSU 1.9 101 5,574

BANKEX 0.1 15 11,589

AUTO 0.9 94 10,943

METAL 0.5 45 8,459

OIL & GAS 0.6 49 8,582

BSE IT (1.4) (113) 7,802

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.5 75 15,376NASDAQ 0.2 6 3,722

FTSE (0.1) (5) 6,584

Nikkei 0.1 17 14,405

Hang Sang (0.2) (38) 22,915

Straits Times (0.0) (1) 3,120

Shanghai Com (0.9) (19) 2,236

Indian ADR Chg (%) (Pts) (Close)INFY (0.7) (0.3) $48.0

WIT (1.1) (0.1) $9.7IBN 1.2 0.4 $30.7

HDB 0.6 0.2 $31.9

Advances / Declines BSE NSEAdvances 1,356 777

Declines 1,043 500

Unchanged 155 86

Volumes (` cr)BSE 1,856

NSE 11,035

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PMEAC revises FY2014 growth estimates

The PMEAC on September 13, 2013 pegged real GDP growth for FY2014 at 5.3%

higher than 5% in FY2013. It expects agriculture, industry and services growth at

4.8%, 2.7% and 6.6% in FY2014 as against 1.9%, 2.1% and 7.1% respectively in

the previous year. The Councils growth estimates have been revised lower from6.4% indicated in April 2013. The reasons it states for lowering the forecast are

impact of currency related disruptions and corporate results remaining stressed.

However these estimates continue to remain higher than market expectations of

growth ranging between 4.5-5% during the fiscal year and lower than FY2013.

The three main reasons it cites for a higher growth rate as compared to FY2013

are 1) reflection of full impact of various measures taken over the last six months,

2) performance of key infrastructure sectors that lie in the public domain such as

coal, power, roads and railways and 3) Continuous efforts being made to remove

the bottlenecks in the implementation of projects.

Domestic savings rate is projected at 31% of GDP as against the estimated 30.2%

of GDP in FY2013. Investment rate is projected to be lower at 34.7% of GDP in

FY2014 as against the estimated 35% in FY2013.

It estimates WPI inflation by end March 2014 to be around 5.5 percent as against

the average of 7.4% in FY2013 and 5.7% at end March 2013. But we believe that

upside risks to inflation exist from the full pass-through impact of currency

depreciation and deregulating of administered fuels.

The Current Account Deficit is projected at US$70bn (3.8% of GDP) in FY2014

against an estimated US$88.2bn (4.8% of GDP) in FY2013. Merchandise trade

deficit is projected at US$185bn (10.1% of GDP) in FY2014 against an estimatedUS$195.7bn (10.6% of the GDP) in FY2013. It also points to the likelihood of CAD

coming in lower than US$70bn if recent trends in exports and imports are

maintained through the year. However a note of caution is warranted despite the

improving CAD since it expects slower capital flows in the economy. Net Capital

inflows are projected at US$61.4 bn (3.4% of GDP) in FY2014 against an

estimated US$89.4bn in FY2013. This would entail a draw-down of US$8.6bn

from the countrys foreign exchange reserves. It is reiterates that for India, the

short-term problem is of financing the large CAD, while the medium term issue is

to compress CAD to a more sustainable level of around 2.5% of GDP and ensure

price stability.

On the fiscal situation it notes that containing fiscal deficit within the budgeted

estimate could be a challenge. The fiscal deficit during the first four months of the

current financial year has already reached 62.8%, and expenditure on major

subsidies 51.3%, of the budgetary provision for the full financial year.

Discretionary expenditure budgeted may need to be compressed, and subsidies

restructured, in the remaining months of the financial year in a growth friendly

manner to limit fiscal slippages.

It concurs that the current stance of monetary policy has to continue until stability

in the rupee is achieved. Thereafter, if the current trend in the moderation of

wholesale price inflation continues, which is in fact expected, the monetaryauthorities can switch to a policy of easing. However it notes that the time frame

for this is very difficult to specify.

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Metals sector update

Global positives fuelling rally in metal stocks lately: Over the past one year, wehave seen declines in stock prices alongside frequent earnings downgrades for

Metals and Mining sector companies. This is because global and domestic metal

and base metal prices have broadly slid during CY2013 (upto August 2013).However, Metals & Mining stocks have rallied by 5-35% over the past one month

on the back of positive news flows across the globe, especially China, alongside

INR depreciation against the USD.

Some gains for steel companies likely: For steel companies, these factors make acase for increase in realizations and better volume growth (due to higher export

prospects and also import substitution due to INR depreciation). However,

domestic steel demand remains weak in the near-term. Steel consumption growth

declined to multi-year lows to 3.3% yoy during FY2013. Further, real steel

consumption in India rose by just 0.3% yoy during April August 2013 due to low

demand from construction and automotive sectors. Nevertheless, we expect a3-4% improvement in realizations for domestic steel companies during 2HFY2014,

compared to announced price hikes of 6-7%.

Base metal stocks to benefit the most due to weak INR: Base metal companies(mainly aluminium and zinc producers) price their products based on LME spot

prices which are dollar-denominated. These companies are likely to be the real

beneficiaries on the back of INR depreciation against the USD as there is high level

of consolidation in the aluminium and zinc sectors in India. Hence,

INR depreciation makes a strong case for increases in realizations of zinc and

aluminium companies, but not of steel companies where low domestic demand

coupled with fragmented domestic industry play a spoilsport.

We upgrade some stocks: For steel makers, a weakening rupee raises landed costof steel imports, thus giving higher pricing power to domestic steel players. It also

raises coking coal costs (a key raw material in steel making) which partially offsets

the impact of price hikes. Steel companies have also announced price hikes in the

range of 3-7% effective September 2013. However, weak domestic demand (April-

August real consumption grew only 0.3% yoy) alongside fragmented domestic

industry is likely to partially spoil the party; these hikes will be partially rolled-back

in the form of discounts, in our view. Nevertheless, we continue to like companies

with captive assets, strong visibility on earnings growth over the coming few years,

low leverage levels and inexpensive valuations. Tata Steel, Hindustan Zinc andNMDC still remain our preferred bets.

Bosch to temporarily suspend production at Nashik plant

According to a filing with the BSE, Bosch has announced that it will suspend the

production at its Nashik plant for a period of three days starting from September

16, 2013. The company has announced the shutdown to avoid unnecessary

buildup of inventory and align the production as per the market demand. The

domestic automotive industry is the primary driver of companys revenue and the

weak domestic demand on account of sluggish economic growth, increasing fuel

prices and weak consumer sentiments is expected to impact the companys

operating performance in CY2013. Nevertheless, we remain positive on the long

term prospects of BOS due to its technological leadership and strong and

diversified product portfolio. At `8,284 the stock is trading at 19.6x CY2014E

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earnings. We maintain our Accumulate rating on the stock with a target price of`9,096.

JSW Steel reported August crude steel production numbers

JSW Steel reported August crude steel production numbers from all the three

plants namely Vijayanagar, Salem and Dolvi. The crude steel production for

August stood at 0.98mn tonnes and the rolled flat and rolled long production

stood at 0.82mn tonnes and 0.13mn tonnes respectively. The capacity utilization

at Vijayanagar plant remains at ~80% due to iron ore shortage caused by

inordinate delays in opening category A and B mines even after Supreme courts

order to resume mining operations. The production numbers are however, not

comparable to the August 2012 numbers since these numbers comprises of the

production from the erstwhile JSW Ispats Dolvi plant which is now merged with

JSW Steel. We maintain our Neutral view on the JSW Steel stock.

Economic and Political News

Former U.S. treasury secretary Lawrence Summers withdraws name for federalreserve chairman position

Government asks airlines to reduce cancellation, rescheduling charges Narendra Modi formally anointed BJP's prime ministerial candidate Petrol price increased by`1.63 a litre PowerMin unveils model Bill on distribution responsibilityCorporate News

Bayer CropScience inks pack to sell its unit for `127cr Biocon in strategic pact with CytoSorbents for management of sepsis IL&FS Engg wins `244cr housing project in Haryana ONGC to pre-empt Petrobras stake sale Promoters set to infuse `1,000cr in PNB Housing REC tax-free bond issue of `3,500 to close on September 16 RIL slams DGH move to snatch gas discoveries as arbitrary Sun Pharma announces USFDA approval for generic Prevacid

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 16, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Aug 5.79 5.70

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

6:45PM US Industrial Production % Aug 0.04 0.40

September 17, 2013 2:00PM UK CPI (YoY) % Change Aug 2.80 2.70

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

September 18, 2013 6:00PM US Housing Starts Thousands Aug 896.00 920.00

6:00PM US Building permits Thousands Aug 954.00 950.00

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

September 19, 2013 7:30PM US Existing home sales Million Aug 5.39 5.25

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) (14.50)

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 81.00

September 25, 2013 7:30PM US New home sales Thousands Aug 394.00 425.00

September 26, 2013 2:00PM UK GDP (YoY) % Change 2Q F 1.50 --

6:00PM US GDP Qoq (Annualised) % Change 2Q T 2.50 2.70

October 1, 2013 6:30AM China PMI Manufacturing Value Sep 51.00 --

2:00PM UK PMI Manufacturing Value Sep 57.20 --

1:25PM Germany Unemployment change (000's) Thousands Sep 7.00 --

October 2, 2013 5:15PM Euro Zone ECB announces interest rates % Oct 2 0.50 --

October 4, 2013 6:00PM US Change in Nonfarm payrolls Thousands Sep 169.00 --6:00PM US Unnemployment rate % Sep 7.30 --

October 9, 2013 2:00PM UK Industrial Production (YoY) % Change Aug (1.60) --

October 10, 2013 4:29PM India Imports YoY% % Change Sep (0.68) --

4:29PM India Exports YoY% % Change Sep 13.00 --

4:30PM UK BOE Announces rates % Ratio Oct 10 0.50 0.50

October 12, 2013 4:29PM China Exports YoY% % Change Sep 7.20 --

October 14, 2013 7:00AM China Consumer Price Index (YoY) % Change Sep 2.60 --

Source: Bloomberg, Angel Research

September 16, 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

(%)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.5

(2.8)(1.8)

2.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

(%)

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

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

Aug-1

3

Mfg. PMI Services PMI

(9.0)

(6.0)

(3.0)

0.0

3.0

6.09.0

12.0

15.0

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

Aug-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Sep-12

Oct-12

Nov-12

Nov-12

Dec-12

Jan-13

Jan-13

Feb-13

Mar-13

Mar-13

Apr-13

Ma-13

Ma-13

Jun-13

Jul-13

Jul-13

Aug-13

Sep-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 152 - 2,961 1,674 1,923 13.7 13.7 6.8 7.6 22.4 20.0 4.2 3.7 20.0 19.6 1.9 1.7

United Phosphorus Buy 134 225 5,909 10,091 11,302 16.5 16.5 19.2 22.5 7.0 5.9 1.1 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Neutral 303 - 5,172 3,474 3,952 15.5 15.5 19.0 21.0 15.9 14.4 3.9 3.2 27.2 24.2 1.5 1.3

Apollo Tyres Neutral 64 - 3,228 13,409 15,106 11.8 11.6 13.1 15.4 4.9 4.2 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 14 18 3,621 12,945 15,049 6.3 8.2 0.2 1.5 78.2 9.1 1.2 1.1 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 200 - 303 700 890 8.7 10.7 11.1 25.8 18.0 7.8 1.1 1.0 6.2 13.9 0.5 0.4

Bajaj Auto Accumulate 1,978 2,115 57,244 22,042 25,399 19.3 19.3 121.1 141.0 16.3 14.0 5.8 4.6 39.4 36.6 2.2 1.8

Bharat Forge Neutral 258 - 6,004 5,942 6,417 15.2 15.5 15.6 19.7 16.5 13.1 2.4 2.1 15.4 17.3 1.2 1.0

Bosch India* Accumulate 8,284 9,096 26,009 9,301 10,895 16.8 18.0 339.9 423.1 24.4 19.6 4.1 3.5 16.6 17.6 2.4 2.0

CEAT Buy 111 170 400 5,159 5,628 9.3 9.0 43.5 48.6 2.6 2.3 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 127 148 10,833 6,899 7,873 14.7 14.7 7.9 9.0 16.1 14.1 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,160 - 1,928 1,336 1,572 13.8 16.0 75.6 102.4 15.3 11.3 1.9 1.7 13.4 15.8 1.2 1.0

Hero Motocorp Neutral 2,011 - 40,152 25,543 28,228 14.5 14.5 110.5 148.1 18.2 13.6 6.9 5.5 40.8 44.9 1.4 1.2

JK Tyre Buy 89 152 365 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 813 999 50,084 42,003 47,250 12.0 12.2 58.1 66.1 14.0 12.3 2.8 2.4 21.5 20.8 0.9 0.8

Maruti Buy 1,320 1,571 39,861 45,877 52,733 11.2 11.2 93.0 104.7 14.2 12.6 1.9 1.7 14.2 14.0 0.7 0.6

Motherson Sumi Accumulate 216 242 12,669 27,905 31,297 7.8 8.0 13.8 16.6 15.7 13.0 4.1 3.2 29.9 27.7 0.6 0.5

Subros Buy 20 23 117 1,230 1,398 10.5 10.5 2.3 3.8 8.4 5.1 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Accumulate 333 360 89,672 226,969 247,825 13.5 13.7 38.3 41.1 8.7 8.1 2.2 1.7 28.2 23.7 0.5 0.4

TVS Motor Buy 31 36 1,451 7,659 8,528 6.0 6.2 4.9 5.9 6.3 5.1 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Sell 550 442 11,662 8,037 9,087 5.8 6.9 12.2 17.0 45.1 32.4 4.3 4.2 9.8 13.1 1.4 1.2

BGR Energy Neutral 122 - 881 3,541 4,041 11.8 10.7 21.1 22.9 5.8 5.3 0.7 0.6 21.8 19.5 0.5 0.5

BHEL Neutral 135 - 32,994 42,227 38,453 16.0 14.4 18.8 15.0 7.2 9.0 1.5 1.3 21.7 15.4 0.6 0.7

Blue Star Buy 150 208 1,349 2,941 3,099 3.4 4.2 6.0 9.3 25.1 16.1 3.1 2.7 12.9 18.0 0.6 0.5

Crompton Greaves Buy 88 103 5,655 13,418 14,654 5.8 6.7 5.8 7.8 15.2 11.3 1.5 1.4 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 21 - 170 3,312 3,555 9.0 9.0 4.5 6.5 4.6 3.2 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 26 36 674 7,709 8,399 6.2 6.9 5.1 8.1 5.1 3.2 0.5 0.5 16.6 21.5 0.3 0.2

Thermax Neutral 578 - 6,890 5,832 6,397 9.1 9.6 28.8 32.9 20.1 17.6 3.3 2.9 17.2 17.3 1.1 1.0

Cement

ACC Buy 1,026 1,225 19,270 11,581 13,009 17.6 19.3 63.9 81.5 16.1 12.6 2.4 2.2 15.6 18.2 1.4 1.2


Market Outlook

Stock Watch

September 16, 2013

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Cement

Ambuja Cements Neutral 181 - 27,896 9,975 11,409 22.4 23.1 9.4 11.1 19.3 16.2 2.9 2.7 15.7 17.2 2.3 1.9

India Cements Neutral 49 - 1,505 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 64 79 756 2,235 2,684 19.4 21.4 15.0 18.4 4.3 3.5 0.5 0.5 13.2 14.3 0.5 1.0

Madras Cements Neutral 167 - 3,968 4,010 4,524 23.5 23.4 14.9 18.3 11.2 9.1 1.5 1.3 14.0 15.2 1.6 1.4

Shree Cement^ Neutral 3,865 - 13,466 6,316 7,162 26.5 25.7 294.6 340.5 13.1 11.4 2.9 2.3 24.0 22.7 1.6 1.3

UltraTech Cement Neutral 1,751 - 48,025 22,021 25,274 22.0 21.6 99.5 113.3 17.6 15.5 2.8 2.4 16.7 16.6 2.2 2.0

Construction

Ashoka Buildcon Buy 49 60 774 1,912 2,131 21.0 21.5 5.0 5.5 9.8 9.0 0.7 0.7 8.8 7.6 1.7 1.8

Consolidated Co Neutral 6 - 107 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.0) (16.1) 0.2 0.2 0.5 0.5

IRB Infra Buy 74 106 2,458 3,805 4,248 45.1 45.3 15.0 15.8 4.9 4.7 0.7 0.6 14.5 13.9 2.9 3.1

ITNL Buy 118 156 2,290 7,423 7,970 27.5 28.7 30.3 32.0 3.9 3.7 0.6 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 12 - 380 5,673 5,892 7.8 7.6 (1.7) (2.0) (7.5) (6.3) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Neutral 38 - 8,510 12,946 14,897 24.7 25.6 1.2 2.7 31.2 14.3 0.6 0.6 2.0 4.3 2.5 2.3

Larsen & Toubro Buy 814 1,002 75,288 68,946 78,040 10.0 10.0 49.0 55.2 16.6 14.7 2.4 2.1 14.9 15.3 1.2 1.1

Nagarjuna Const. Buy 20 30 500 6,167 6,945 8.0 8.2 2.7 3.6 7.3 5.4 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 25 - 829 12,726 14,226 8.2 8.2 0.9 1.0 29.1 24.4 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 57 99 859 2,462 2,731 10.6 10.6 5.3 6.0 10.8 9.5 1.0 0.9 9.2 9.6 0.6 0.6

Simplex Infra Neutral 65 - 323 6,237 6,908 9.1 9.0 9.9 13.9 6.6 4.7 0.2 0.2 3.7 5.0 0.5 0.5

Unity Infra Neutral 20 - 145 2,146 2,339 12.9 13.0 9.3 9.6 2.1 2.0 0.2 0.2 8.0 7.7 0.7 0.7

Financials

Allahabad Bank Neutral 77 - 3,865 6,843 7,528 2.5 2.5 26.0 30.1 3.0 2.6 0.5 0.4 11.8 12.4 - -

Andhra Bank Neutral 53 - 2,991 4,868 5,390 2.4 2.5 12.3 16.6 4.4 3.2 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 1,021 1,218 47,875 19,280 22,886 3.3 3.3 130.7 157.1 7.8 6.5 1.3 1.1 17.3 18.1 - -

Bank of Baroda Neutral 521 - 21,935 15,896 17,947 2.2 2.3 95.4 124.4 5.5 4.2 0.7 0.6 12.0 14.2 - -

Bank of India Neutral 166 - 9,871 14,482 16,069 2.3 2.2 55.0 62.2 3.0 2.7 0.4 0.4 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,540 4,529 4,780 3.0 2.8 12.3 11.8 3.1 3.3 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 225 - 9,950 11,454 12,378 2.0 2.0 52.4 60.5 4.3 3.7 0.5 0.4 9.8 10.4 - -

Central Bank Neutral 58 - 6,079 8,196 9,202 2.4 2.4 6.1 15.9 9.6 3.7 0.7 0.6 5.2 12.8 - -

Corporation Bank Neutral 270 - 4,135 5,641 6,083 2.0 2.0 82.7 98.1 3.3 2.8 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 51 - 1,787 3,307 3,531 2.2 2.4 17.5 21.6 2.9 2.4 0.4 0.3 11.9 13.2 - -

Federal Bank Neutral 297 - 5,078 2,798 3,250 3.0 3.0 38.1 51.9 7.8 5.7 0.7 0.7 9.8 12.3 - -


Market Outlook

Stock Watch

September 16, 2013

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9/13



Financials

HDFC Accumulate 816 908 126,897 8,679 10,350 3.6 3.6 37.5 44.7 21.7 18.3 4.5 4.1 30.1 30.7 - -

HDFC Bank Buy 636 743 151,955 27,392 33,264 4.6 4.6 36.3 45.1 17.5 14.1 3.5 3.0 21.9 22.8 - -

ICICI Bank Buy 951 1,126 109,778 25,727 29,969 3.2 3.2 83.2 96.7 11.4 9.8 1.5 1.4 14.9 15.4 - -

IDBI Bank Neutral 59 - 7,883 9,598 10,551 2.0 2.0 15.9 22.5 3.7 2.6 0.4 0.3 10.4 13.5 - -

Indian Bank Neutral 71 - 3,056 5,940 6,396 2.7 2.7 24.9 32.9 2.9 2.2 0.3 0.3 10.3 12.4 - -

IOB Neutral 45 - 4,140 7,692 8,627 2.2 2.3 8.1 15.2 5.5 2.9 0.4 0.3 5.9 10.5 - -

J & K Bank Neutral 1,179 - 5,715 3,038 3,370 3.7 3.9 214.2 202.6 5.5 5.8 1.0 0.9 19.8 16.3 - -

LIC Housing Finance Neutral 181 - 9,150 2,001 2,495 2.2 2.3 23.8 28.8 7.6 6.3 1.3 1.1 17.3 18.2 - -

Oriental Bank Neutral 162 - 4,734 6,918 7,459 2.6 2.5 46.7 52.5 3.5 3.1 0.4 0.4 10.8 11.1 - -

Punjab Natl.Bank Neutral 494 - 17,467 20,766 23,515 3.4 3.4 135.0 164.8 3.7 3.0 0.6 0.5 14.4 15.7 - -

South Ind.Bank Neutral 21 - 2,769 1,800 2,023 2.7 2.7 3.7 4.2 5.6 4.9 0.9 0.8 16.2 16.2 - -

St Bk of India Neutral 1,658 - 113,420 65,392 74,467 3.0 3.0 178.5 226.1 9.3 7.3 1.2 1.0 12.1 14.0 - -

Syndicate Bank Neutral 73 - 4,385 6,740 7,512 2.5 2.5 21.0 23.5 3.5 3.1 0.4 0.4 12.6 12.8 - -

UCO Bank Neutral 58 - 4,377 6,770 7,017 2.8 2.6 14.8 15.5 3.9 3.7 0.7 0.6 14.4 13.5 - -

Union Bank Neutral 119 - 7,102 10,458 11,809 2.5 2.5 32.0 40.6 3.7 2.9 0.5 0.4 11.6 13.4 - -

United Bank Neutral 33 - 1,237 3,386 3,884 2.3 2.5 12.4 20.0 2.7 1.7 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 38 - 1,888 2,718 2,941 1.8 1.9 7.0 9.0 5.4 4.3 0.5 0.4 8.2 9.8 - -

Yes Bank Neutral 281 - 10,132 4,417 5,486 2.7 2.8 42.9 49.5 6.6 5.7 1.4 1.2 23.9 22.8 - -

FMCG

Asian Paints Neutral 438 - 41,984 12,332 14,524 16.3 16.1 13.9 16.0 31.5 27.3 10.0 8.0 35.2 32.5 3.3 2.8

Britannia Neutral 746 - 8,942 6,422 7,367 6.9 7.3 24.2 29.7 30.9 25.2 10.9 8.4 39.6 37.7 1.4 1.2

Colgate Neutral 1,219 - 16,575 3,588 4,130 18.9 19.4 41.2 48.4 29.6 25.2 26.3 20.4 100.0 91.0 4.5 3.8

Dabur India Neutral 169 - 29,523 7,183 8,297 16.8 16.9 5.4 6.3 31.7 26.9 11.1 8.8 39.2 36.7 4.1 3.5

GlaxoSmith Con* Neutral 4,748 - 19,966 3,617 4,259 16.1 16.4 122.2 148.7 38.9 31.9 12.1 9.7 34.1 33.7 5.1 4.2

Godrej Consumer Neutral 846 - 28,789 7,801 9,017 16.2 15.9 25.1 29.7 33.7 28.5 7.3 6.0 24.9 24.2 3.8 3.3

HUL Neutral 627 - 135,539 28,415 31,962 13.6 14.1 16.7 18.2 37.6 34.5 36.1 26.2 112.2 88.1 4.6 4.1

ITC Neutral 336 - 265,992 34,294 39,991 36.8 37.0 11.3 13.3 29.8 25.2 9.8 7.9 36.1 34.9 7.4 6.3

Marico Neutral 214 - 13,793 5,104 5,876 15.1 15.2 7.2 8.6 29.9 24.9 5.8 4.8 21.1 20.9 2.8 2.4

Nestle* Neutral 4,973 - 47,951 9,330 10,860 21.8 21.9 123.3 149.7 40.3 33.2 19.8 14.5 56.4 50.3 5.2 4.4

Tata Global Neutral 151 - 9,322 8,070 8,958 9.8 9.9 7.6 8.5 19.9 17.7 2.3 2.2 9.3 9.7 1.2 1.0


Market Outlook

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September 16, 2013

7/29/2019 Market Outlook 16-09-2013

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IT

HCL Tech^ Neutral 1,074 - 74,834 32,266 35,103 23.5 22.6 69.7 74.0 15.4 14.5 4.2 3.4 26.5 23.0 2.1 1.9

Hexaware* Neutral 126 - 3,774 2,273 2,575 22.2 21.5 12.4 13.4 10.2 9.4 2.6 2.2 25.4 23.5 1.5 1.3

Infosys Neutral 3,064 - 175,952 48,731 52,962 26.9 27.1 180.8 200.3 17.0 15.3 3.7 3.1 20.4 19.3 3.0 2.6

Infotech Enterprises Neutral 185 - 2,066 2,128 2,341 17.2 17.6 21.3 23.2 8.7 8.0 1.3 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 147 155 2,839 2,769 3,122 18.3 17.8 15.3 16.6 9.6 8.8 2.0 1.6 20.9 18.4 1.0 0.8

Mindtree Neutral 1,060 - 4,404 2,871 3,110 20.4 20.7 102.6 111.2 10.3 9.5 2.5 2.0 24.8 20.3 1.3 1.0

Mphasis& Neutral 439 - 9,221 6,826 7,373 18.1 17.2 41.1 43.5 10.7 10.1 1.6 1.4 14.3 14.2 0.9 0.7

NIIT Neutral 21 - 353 1,144 1,267 9.0 9.1 4.3 5.4 5.0 4.0 0.5 0.5 10.3 12.0 0.1 -

Persistent Reduce 605 570 2,419 1,590 1,774 23.5 23.8 48.5 56.9 12.5 10.6 2.0 1.7 16.4 16.1 1.1 0.9

TCS Neutral 1,968 - 385,083 82,186 91,561 30.5 30.0 92.2 103.2 21.3 19.1 7.0 5.6 31.5 29.2 4.5 3.9

Tech Mahindra Buy 1,310 1,531 30,438 17,823 19,729 22.5 21.4 113.1 117.7 11.6 11.1 3.4 2.7 27.9 22.1 1.4 1.2

Wipro Neutral 472 - 116,442 43,610 47,320 21.6 22.2 30.0 33.0 15.8 14.3 3.5 3.0 20.7 19.4 2.2 1.9

Media

D B Corp Accumulate 251 267 4,606 1,783 1,968 23.8 25.0 13.6 16.0 18.5 15.7 4.5 3.9 22.5 22.9 2.5 2.2

HT Media Buy 87 112 2,055 2,205 2,380 14.1 14.4 7.6 8.4 11.5 10.4 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 82 104 2,730 1,683 1,845 19.7 20.8 5.9 6.9 14.0 11.9 2.6 2.4 19.4 21.2 1.7 1.5

PVR Neutral 432 - 1,716 1,359 1,540 17.3 17.4 17.2 21.6 25.1 20.1 2.5 2.3 10.3 12.0 1.7 1.5

Sun TV Network Neutral 390 - 15,377 2,287 2,551 69.7 70.5 20.0 23.3 19.5 16.8 4.8 4.2 26.4 27.3 6.4 5.6

Metals & Mining

Bhushan Steel Reduce 478 419 10,816 12,640 15,667 28.5 31.5 25.9 38.6 18.5 12.4 1.1 1.0 6.1 8.5 2.7 2.2

Coal India Neutral 285 - 179,953 68,303 69,884 32.5 30.3 27.5 25.0 10.4 11.4 3.9 2.8 40.2 33.1 1.8 1.7

Electrosteel Castings Buy 12 15 391 1,976 2,017 11.8 12.7 0.1 1.2 187.4 9.9 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 86 115 2,749 1,701 1,985 47.8 48.8 17.4 20.6 5.0 4.2 1.0 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Buy 130 151 54,824 12,652 13,537 49.3 51.9 15.7 17.5 8.3 7.4 1.5 1.3 19.1 18.3 2.2 1.7

Hindalco Neutral 111 - 21,281 95,465 102,491 8.4 9.0 13.9 17.2 8.0 6.5 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 625 - 15,098 45,022 48,140 16.0 15.9 68.5 77.0 9.1 8.1 0.8 0.8 9.3 9.7 0.8 0.8

MOIL Neutral 216 - 3,631 956 982 42.3 44.3 25.3 26.2 8.6 8.2 1.2 1.1 14.6 13.7 1.1 1.2

Monnet Ispat Accumulate 127 139 810 2,199 2,575 21.6 22.8 30.7 38.6 4.1 3.3 0.3 0.3 7.7 8.9 1.4 1.1

Nalco Neutral 33 - 8,492 7,270 7,521 13.6 13.8 2.8 2.9 11.9 11.4 0.7 0.7 5.9 6.0 0.6 0.6

NMDC Buy 124 148 49,024 10,992 11,837 67.5 65.5 15.9 16.7 7.8 7.4 1.6 1.4 21.8 20.5 2.4 2.1

SAIL Neutral 49 - 20,341 44,060 54,227 9.2 10.9 5.3 6.8 9.3 7.3 0.5 0.5 5.2 6.5 0.7 0.6


Market Outlook

Stock Watch

September 16, 2013

7/29/2019 Market Outlook 16-09-2013

11/13



Metals & Mining

Sesa Goa* Neutral 183 - 54,283 3,817 5,781 12.1 17.7 27.0 29.6 6.8 6.2 0.8 0.7 12.9 12.5 15.0 9.9

Tata Steel Buy 303 389 29,423 153,862 167,209 9.4 10.5 32.8 53.5 9.2 5.7 0.8 0.7 9.0 13.2 0.5 0.5

Sarda Accumulate 89 98 320 1,323 1,398 17.2 17.9 25.3 27.8 3.5 3.2 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Accumulate 32 37 436 2,486 2,637 15.2 15.0 13.7 14.2 2.4 2.3 0.2 0.2 9.1 8.7 0.4 0.4

Godawari Power andIspat

Reduce 83 78 271 2,171 2,317 14.9 15.8 36.4 46.6 2.3 1.8 0.2 0.2 11.6 13.0 0.5 0.5

Oil & Gas

Cairn India Accumulate 319 364 60,944 18,403 17,925 71.9 62.1 62.1 57.4 5.1 5.6 1.1 0.9 22.6 17.8 2.1 1.9GAIL Neutral 309 - 39,171 49,700 48,822 16.0 16.6 32.9 33.4 9.4 9.2 1.4 1.3 15.9 14.4 0.3 0.2

ONGC Buy 279 350 238,998 164,816 196,050 33.7 36.6 30.0 38.7 9.3 7.2 1.4 1.3 16.0 18.5 1.2 0.9

Rel iance Industries Accumulate 874 953 282,342 417,018 442,434 8.4 8.4 70.3 75.2 12.4 11.6 1.3 1.2 12.0 11.6 0.7 0.6

Gujarat Gas* Neutral 212 - 2,715 3,270 3,414 12.8 12.6 22.6 23.1 9.4 9.2 2.5 2.2 28.2 25.6 0.7 0.6

Indraprastha Gas Neutral 273 - 3,819 3,656 4,456 21.5 18.6 25.7 26.8 10.6 10.2 2.2 1.9 22.1 19.6 1.1 0.8

Petronet LNG Accumulate 119 135 8,918 39,449 43,315 5.3 5.9 14.1 16.9 8.5 7.0 1.7 1.4 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 50 67 2,822 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 2,571 1,736 2,008 17.1 18.9 10.5 13.8 13.0 9.9 4.0 3.0 34.4 34.7 1.6 1.3

Aurobindo Pharma Buy 183 271 5,322 6,641 7,637 15.9 15.9 17.3 20.6 10.6 8.9 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,386 - 5,496 1,682 1,917 15.6 15.6 91.9 101.7 26.0 23.5 3.7 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 664 894 13,598 7,123 8,367 15.5 15.7 37.3 44.7 17.8 14.9 3.7 3.1 22.9 22.9 2.2 1.9

Cipla Buy 438 504 35,128 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 2,243 2,535 38,123 13,377 15,350 20.4 20.1 112.1 126.6 20.0 17.7 4.3 3.5 23.5 21.8 2.9 2.5

Dishman Pharma Buy 47 73 380 1,394 1,534 22.5 22.4 14.8 16.6 3.2 2.8 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,405 - 20,371 2,744 2,964 22.0 23.4 59.2 66.6 40.6 36.1 10.1 9.7 24.9 27.5 6.6 6.1

Indoco Remedies Buy 66 78 608 747 906 15.3 15.3 5.9 7.6 11.2 8.7 1.3 1.2 12.5 14.4 1.0 0.9

Ipca labs Neutral 695 - 8,771 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 2.3

Lupin Neutral 866 - 38,787 11,576 13,855 22.0 22.0 35.8 43.0 24.2 20.1 5.9 4.7 27.1 25.8 3.4 2.8

Ranbaxy* Reduce 457 426 19,345 10,400 11,331 6.6 8.4 11.4 15.2 40.1 30.1 4.2 3.7 11.1 13.1 2.0 1.7

Sun Pharma Neutral 556 - 115,164 13,509 15,846 41.0 41.0 16.5 19.9 33.7 27.9 6.8 5.6 22.0 22.0 8.0 6.7

Power

GIPCL Accumulate 59 65 889 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 139 163 114,653 75,046 81,780 23.5 23.9 12.7 13.6 11.0 10.2 1.3 1.2 12.2 12.0 2.2 2.2

Real Estate

DLF Buy 149 179 26,556 8,293 9,622 36.5 36.1 5.7 6.7 26.1 22.1 0.9 0.9 3.7 4.1 5.3 4.4


Market Outlook

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September 16, 2013

7/29/2019 Market Outlook 16-09-2013

12/13



Real Estate

MLIFE Buy 417 483 1,703 888 1,002 27.0 29.9 33.9 42.1 12.3 9.9 1.2 1.1 9.9 11.2 2.5 2.2

Telecom

Bharti Airtel Accumulate 329 350 131,514 83,535 92,173 32.0 33.1 9.2 12.9 35.9 25.5 2.3 2.1 6.8 8.9 2.3 2.0

Idea Cellular Neutral 164 - 54,278 26,717 29,443 30.6 29.8 5.5 6.7 30.1 24.3 3.3 2.9 11.1 12.0 2.4 2.1

Rcom Neutral 141 - 29,144 22,050 23,647 30.6 30.8 3.2 5.2 44.2 27.1 0.9 0.8 1.9 3.1 3.0 2.7

Others

Abbott India* Buy 1,379 1,628 2,931 1,788 1,996 12.5 12.7 71.7 81.4 19.2 17.0 3.9 3.3 21.7 21.2 1.4 1.2

Bajaj Electricals Accumulate 166 184 1,653 3,885 4,472 4.0 5.8 6.8 15.4 24.6 10.8 2.2 1.9 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 506 613 640 631 797 14.5 13.7 42.6 51.1 11.9 9.9 2.8 2.3 26.5 25.3 1.0 0.8

Cravatex Accumulate 267 307 69 248 284 6.5 7.3 27.2 38.2 9.8 7.0 1.6 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 301 349 392 2,304 2,649 3.1 3.6 28.0 43.7 10.8 6.9 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 303 345 698 1,458 1,542 8.3 9.0 32.3 37.0 9.4 8.2 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 116 153 315 1,080 1,199 8.9 9.1 18.3 19.1 6.3 6.1 1.1 1.0 19.2 17.0 0.4 0.4

Honeywell Automation* Neutral 2,525 - 2,232 1,842 2,131 7.7 7.8 111.1 130.9 22.7 19.3 2.9 2.5 13.3 13.9 1.1 1.0

IFB Agro Accumulate 141 156 127 491 642 12.3 13.8 35.0 50.9 4.0 2.8 0.7 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 158 194 182 1,365 1,502 10.9 11.2 18.2 28.0 8.7 5.7 0.4 0.4 5.1 7.4 0.6 0.5

Jyothy Laboratories Buy 144 199 2,382 1,244 1,523 14.1 14.2 5.9 10.0 24.2 14.4 2.9 2.5 12.7 18.8 2.3 1.8

MRF Buy 12,893 16,218 5,468 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 Accumulate 4,097 4,669 4,570 1,059 1,296 19.5 19.8 125.0 155.6 32.8 26.3 16.2 11.9 56.3 52.2 4.4 3.6

Relaxo Footwears Buy 706 981 847 1,196 1,401 11.9 12.6 55.6 75.4 12.7 9.4 3.0 2.3 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 194 228 182 1,158 1,322 10.6 11.0 60.5 75.9 3.2 2.6 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 370 492 651 1,007 1,108 8.4 8.7 30.3 35.1 12.2 10.5 1.4 1.2 11.7 12.2 0.6 0.6

TAJ GVK Buy 56 108 352 300 319 35.8 36.2 7.9 9.1 7.1 6.2 0.9 0.8 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 275 371 424 814 849 17.0 17.6 64.6 69.2 4.3 4.0 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 505 632 392 416 481 4.5 6.1 16.2 25.3 31.2 19.9 3.8 3.4 12.6 18.1 0.8 0.7

Tree House Buy 236 297 850 153 194 53.0 52.8 12.4 15.6 19.1 15.1 2.3 2.0 11.8 13.1 5.7 4.4

TVS Srichakra Buy 183 230 140 1,591 1,720 6.1 6.4 30.5 38.3 6.0 4.8 0.8 0.7 13.5 15.5 0.3 0.3

United Spirits Neutral 2,561 - 37,216 12,294 14,162 12.0 12.0 42.1 67.7 60.8 37.8 4.3 3.9 9.1 10.7 3.4 2.9

Vesuvius India* Buy 355 439 721 600 638 20.1 19.4 35.7 36.6 10.0 9.7 1.8 1.6 19.4 17.1 1.0 0.9

HSIL Buy 85 117 561 2,042 2,363 14.6 14.8 12.3 16.5 6.9 5.2 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 13, 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 16, 2013

7/29/2019 Market Outlook 16-09-2013

13/13

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

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