Market Outlook, 20th February, 2013

7/29/2019 Market Outlook, 20th February, 2013

1/13

Market OutlookFebruary 20, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open marginally positive, mirroring SGX Nifty

which is trading marginally higher in the opening trades. Major Asian indices are

also trading in the positive zone.

The US markets ended on a positive note on Tuesday following Monday's

President's Day holiday. The market moved notably higher following the rally in

Europe and optimism about further merger-and-acquisition activity which helped

generate continued buying interest. European stock markets posted broad-based

gains on Tuesday, boosted by stronger-than-expected German ZEW economic

sentiment data. The ZEW economic expectation index jumped 16.7 points to 48.2

in February, exceeding analysts expectations of 35.0 points.

Back home in India, Indian shares rose notably on Tuesday, with gains

accelerating in the afternoon helped by firm European cues. Going ahead,investors are likely to keep an eye on reports on housing starts and producer price

inflation as well as the release of the minutes of the Federal Reserve's latest

monetary policy meeting.

Markets Today

The trend deciding level for the day is 19,588 / 5,923 levels. If NIFTY trades above

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

up to 19,719 19,802 / 5,964 5,988 levels. However, if NIFTY trades below

19,588 / 5,923 levels for the first half-an-hour of trade then it may correct up to

19,505 19,374 / 5,899 5,859 levels.Indices S2 S1 PIVOT R1 R2SENSEX 19,374 19,505 19,588 19,719 19,802

NIFTY 5,859 5,899 5,923 5,964 5,988

News Analysis MSIL expects a volume growth of 5.5-6% in FY2013 3QFY2013 Result Review: GSK PharmaceuticalsRefer detailed news analysis on the following page

Net Inflows (February 18, 2013)

` cr Purch Sales Net MTD YTDFII 2,773 2,403 370 20,386 42,615

MFs 339 337 2 (1,336) (6,049)

FII Derivatives (February 19, 2013)

` cr Purch Sales Net Open InterestIndex Futures 629 1,050 (421) 10,700

Stock Futures 1,477 1,064 413 30,544

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Eicher Motors 2,839 6.3 Bharti Airtel 308 (1.9)IFCI 33 5.5 Zee Entertainment 221 (1.7)

Tech Mahindra 1,034 4.8 Hero MotoCorp 1,673 (1.4)

Satyam Comp 119 4.2 Gail India 335 (1.4)

Berger Paints 198 4.2 Coal India 339 (1.4)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.7 134.6 19,636

Nifty 0.7 41.5 5,940

MID CAP 1.1 74.4 6,729

SMALL CAP 0.9 62.2 6,650

BSE HC 1.4 108.9 8,010

BSE PSU 1.1 77.7 7,389

BANKEX 0.6 79.0 14,243

AUTO 1.0 104.3 10,954

METAL 0.4 40.6 9,993

OIL & GAS 1.0 91.6 9,017

BSE IT 1.7 106.8 6,552

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.4 53.9 14,036NASDAQ 0.7 21.6 3,214

FTSE 1.0 60.9 6,379

Nikkei (0.3) (35.5) 11,372

Hang Seng (1.0) (238.0) 23,144

Straits Times 0.2 7.6 3,296

Shanghai Com (1.6) (38.6) 2,383

Indian ADR Chg (%) (Pts) (Close)INFY 1.7 0.8 $52.3

WIT 1.1 0.1 $9.3IBN 1.1 0.5 $43.6

HDB 2.6 1.0 $40.9

Advances / Declines BSE NSEAdvances 1,371 1,010

Declines 742 485

Unchanged 847 76

Volumes (` cr)BSE 1,659

NSE 8,109


2/13



MSIL expects a volume growth of 5.5-6% in FY2013

Maruti Suzuki (MSIL) has indicated that it expects a volume growth of 5.5-6% in

FY2013. The volume growth expectations of the company are broadly in-line with

the guidance that the Management had given in October 2012. The volume

growth expectation of the company is also broadly in-line with our FY2013estimates of ~5%. We however, expect the companys volumes to rebound in

FY2014 and post a growth of 13% driven by availability of additional diesel

engines and revival in demand for petrol cars led by easing of interest rates. On

the operating front, we expect EBITDA margins to improve ~140bp in FY2014 to

8.9% led by a favorable product-mix and currency movement, lower discounts and

ongoing cost reduction initiatives. At `1,512, MSIL is trading at 15.5x FY2014E

earnings. We maintain our Neutral rating on the stock.

3QFY2013 Result Reviews

GSK Pharmaceuticals (CMP: `2,103/ Target: -/ Upside: -)

For 4QCY2012, Glaxo Pharmaceuticals results were ahead of our expectations

on the net profit front, while the sales were just in line with expectations. Overall,

net sales came in at `657cr, tad below the expectation of `680cr, and registering

a yoy growth of 16.1%. The top-line growth was driven by a 15.9% yoy growth in

the pharmaceuticals segment. On the operating front, gross margin came in at

57.3%, ie a contraction of 170bp, which along with a 32.2% yoy growth in the

other income led the OPM to contract by 300bps to 27.2%. The OPM however,

was higher than our expectation of 26.8%. Apart from this the higher than

expected other income aided the adjusted net profit to come higher thanexpectation at `158.5cr, registering a yoy growth of 15.9% yoy. We maintain ourNeutral recommendations on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 2,651 31.7 644 76.0 30.8 27.7 8.0 18.4 5.8

CY2013E 2,993 31.2 698 82.4 29.0 25.5 6.9 16.1 5.0

Note: Estimates for consolidated financials are furnished in the table


3/13



Quarterly Bloomberg Brokers Consensus Estimate

Nestle India (20/02/2013)Particulars (` cr) 4QCY12E 4QCY11 y-o-y (%) 3QCY12 q-o-q (%)Net sales 2,216 1,955 13 2,156 3

EBITDA 469 410 14 452 4EBITDA margin (%) 21.2 21.0 21.0

Net profit 273 231 18 267 2

ABB (21/02/2013)Particulars (` cr) 4QCY12E 4QCY11 y-o-y (%) 3QCY12 q-o-q (%)Net sales 2,360 2,170 9 1,786 32

EBITDA 141 108 31 - #DIV/0!

EBITDA margin (%) 6.0 5.0 0.0

Net profit 81 64 27 21 286

Economic and Political News

India set to add 17,461MW power capacity in FY2013 CCI to clear most of oil and gas blocks in two weeks: Montek Singh Government receives 316 applications from PSUs for 17 coal mines Railway freight corridors to get enhanced government funding this year Wheat procurement may rise 15% to touch record 44mn tone

Corporate News

IndiGo, Jet slash fares by up to 50% PFC launches `100cr tax free bonds issue BP-RIL to invest US$5bn in flagging KG-D6 fields Tata Steel to set up manufacturing facility in UK Zylog Systems to raise US$25-30mn through equitySource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Date Company

February 20, 2013 Nestle, Abbott India

February 21, 2013 ABB, Gujarat Gas

February 22, 2013

February 23, 2013

February 24, 2013

February 25, 2013 Styrolution

February 26, 2013 Ranbaxy

February 27, 2013 Bosch India, Goodyear

February 28, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

February 20, 2013 7:00PM US GDP Qoq (Annualised) % Change 4Q S (0.10) 0.60

3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

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

3:00PM UK Jobless claims change % Change Jan (12.10) (5.50)

February 21, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

7:00PM US Building permits Thousands Jan 909.00 920.00

7:00PM US Initial Jobless claims Thousands Feb 16 341.00 355.00

February 22, 2013 12:30PM Germany GDP nsa (YoY) % Change 4Q F 0.10 0.10

February 26, 2013 3:00PM UK GDP (YoY) % Change 4Q P -- --

8:30PM US Existing home sales Millions Jan 4.94 4.90February 27, 2013 8:30PM US Consumer Confidence S.A./ 1985=100 Feb 58.60 59.80

February 28, 2013 8:30PM US New home sales Thousands Jan 369.00 385.00

2:25PM Germany Unemployment change (000's) Thousands Feb (16.00) --

March 1, 2013 10:00PM US FOMC rate decision % Mar 20 0.25 --

6:30AM China PMI Manufacturing Value Feb 50.40 --

March 6, 2013 3:00PM UK PMI Manufacturing Value Feb 50.80 --

March 7, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P (0.60) --

8:30PM Euro Zone Euro-Zone Consumer Confidence Value Feb A (23.90) (23.20)

March 8, 2013 5:30PM UK BOE Announces rates % Ratio Mar 7 0.50 0.50

7:00PM US Unnemployment rate % Feb 7.90 --

March 9, 2013 7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 --

7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 --

March 11, 2013 11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

5:29PM China Exports YoY% % Change Feb 25.00 --

March 12, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --

March 14, 2013 4:29PM India Exports YoY% % Change Feb 0.80 --

March 15, 2013 7:00PM US Housing Starts Thousands Jan 954.00 920.00


February 20, 2013

Market Outlook


5/13



Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

3.5

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

8.0

6.76.1

5.3 5.5 5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

(%)

1.0

4.3

2.5 2.0

8.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jan-1

2

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

(%)

7.7

6.9

7.4

7.7

7.5 7.67.6 7.5

8.0 8.1

7.5

7.2

6.26.4

6.6

6.8

7.0

7.2

7.4

7.6

7.8

8.0

8.2

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jan-12

Feb-12

Mar-12

Apr-12

Ma-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

No-12

Dec-12

Jan-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Exports yoy growth Imports yoy growth(%)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec-1

1

Jan-1

2

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Repo rate Reverse Repo rate CRR(%)


6/13

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 125 - 2,433 1,466 1,686 14.8 14.8 7.0 8.1 17.9 15.4 3.8 3.2 22.6 22.5 1.7 1.5

United Phosphorus Buy 127 170 5,610 8,421 9,263 16.5 16.5 15.0 17.0 8.5 7.5 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 289 323 4,931 2,983 3,477 16.1 16.1 18.5 21.6 15.6 13.4 4.5 3.5 32.9 29.1 1.6 1.4

Apollo Tyres Accumulate 88 97 4,446 13,066 14,503 11.5 11.8 13.0 14.5 6.8 6.1 1.3 1.1 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,133 12,910 14,836 8.8 9.6 1.5 2.2 15.6 10.4 2.1 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 344 - 520 934 1,103 10.2 10.7 24.5 34.3 14.0 10.0 1.8 1.6 13.2 16.9 0.6 0.5Bajaj Auto Neutral 1,992 - 57,645 20,775 23,889 18.5 19.0 107.6 126.4 18.5 15.8 7.6 6.1 45.8 42.8 2.3 1.9

Bharat Forge Accumulate 229 242 5,321 5,973 6,707 14.4 15.2 13.4 18.6 17.1 12.3 2.2 2.0 13.6 16.9 1.0 0.9

Bosch India* Accumulate 9,005 9,570 28,276 9,973 11,320 17.8 18.0 396.2 455.7 22.7 19.8 4.3 3.6 18.8 18.2 2.5 2.1

CEAT Buy 102 163 348 4,822 5,403 8.2 8.3 29.8 40.8 3.4 2.5 0.5 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 132 - 11,254 6,016 7,026 12.7 14.4 5.8 7.8 22.7 16.9 3.3 2.9 15.4 18.2 1.5 1.3

FAG Bearings* Accumulate 1,439 1,569 2,391 1,619 1,879 16.0 16.6 108.6 130.7 13.3 11.0 2.3 1.9 18.8 19.1 1.3 1.0

Hero Motocorp Accumulate 1,673 1,923 33,401 23,990 27,038 13.8 14.6 105.8 120.2 15.8 13.9 6.4 5.2 44.3 41.0 1.1 1.0

JK Tyre Buy 113 165 466 7,169 7,929 6.9 7.1 40.4 41.3 2.8 2.7 0.5 0.5 20.5 18.0 0.4 0.3

Mahindra and Mahindra Accumulate 899 1,019 55,203 40,060 46,301 11.5 11.7 55.3 64.3 16.3 14.0 3.7 3.1 24.5 23.8 1.1 0.9

Maruti Neutral 1,512 - 43,689 42,304 51,088 7.5 8.7 64.4 92.9 23.5 16.3 2.6 2.3 11.6 14.9 0.8 0.7

Motherson Sumi Neutral 199 - 11,722 25,769 29,010 7.1 7.5 10.2 13.1 19.6 15.3 4.9 3.9 28.1 28.3 0.6 0.5

Subros Buy 27 35 162 1,296 1,476 9.8 9.9 3.4 5.0 8.0 5.4 0.6 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 307 326 81,796 184,201 209,642 12.4 13.5 28.0 36.3 10.9 8.5 2.4 1.9 24.6 25.4 0.5 0.4

TVS Motor Buy 42 47 2,007 7,019 7,827 6.0 6.3 4.3 5.3 9.9 8.0 1.5 1.4 16.4 18.0 0.2 0.2

Capital Goods

ABB* Reduce 610 573 12,922 7,790 9,653 4.5 7.8 8.7 22.1 70.1 27.6 4.8 4.3 7.1 16.5 1.6 1.3BGR Energy Neutral 218 - 1,571 3,412 4,104 13.0 11.6 24.6 26.2 8.8 8.3 1.3 1.2 30.7 25.7 0.8 0.7

BHEL Neutral 212 - 51,840 47,801 43,757 18.0 17.1 24.1 20.8 8.8 10.2 2.6 2.2 32.9 23.6 0.9 1.0

Blue Star Buy 171 238 1,542 2,748 2,896 4.4 5.6 6.8 9.3 25.3 18.4 3.5 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 100 129 6,437 12,136 13,790 3.8 6.3 3.3 6.9 30.4 14.6 1.8 1.6 5.8 11.5 0.6 0.5

Jyoti Structures Buy 37 49 303 2,802 3,074 9.5 9.8 7.7 10.9 4.8 3.4 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 55 75 1,419 6,909 7,723 6.2 7.2 5.4 8.4 10.3 6.5 1.2 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,091 - 2,355 2,369 2,727 11.7 11.7 143.4 166.0 14.6 12.6 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 581 - 6,922 5,529 5,798 9.0 9.6 27.1 30.3 21.4 19.2 3.7 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

February 20, 2013


7/13



Cement

ACC Neutral 1,297 - 24,358 11,358 12,366 19.9 19.6 75.1 74.9 17.3 17.3 3.3 3.0 19.4 18.1 1.8 1.6

Ambuja Cements Neutral 194 - 29,864 9,730 11,221 25.6 25.0 10.2 11.3 19.0 17.1 3.4 3.1 18.7 19.0 2.6 2.2

India Cements Neutral 84 - 2,586 4,293 4,666 17.7 18.1 8.6 10.8 9.8 7.8 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Accumulate 131 143 1,606 2,119 2,478 22.9 22.3 20.3 22.8 6.5 5.8 1.1 1.0 18.0 17.7 0.9 1.1

Madras Cements Neutral 244 - 5,797 3,960 4,270 27.4 27.0 18.6 21.1 13.1 11.6 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,400 - 15,329 5,678 6,251 29.0 28.6 288.1 334.0 15.3 13.2 4.3 3.3 31.7 28.4 2.2 1.8

UltraTech Cement Neutral 1,947 - 53,373 20,466 23,017 23.3 24.3 100.0 117.1 19.5 16.6 3.5 3.0 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 221 268 1,161 20,466 23,017 22.5 22.5 24.4 27.0 9.1 8.2 1.1 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 13 - 240 2,262 2,522 5.9 6.3 0.9 1.6 14.2 8.4 0.4 0.4 2.7 4.6 0.4 0.4

IRB Infra Buy 118 164 3,925 3,843 4,212 43.1 43.6 16.8 17.8 7.0 6.6 1.2 1.1 18.3 17.0 3.1 3.4

ITNL Accumulate 200 225 3,884 6,564 7,054 27.2 27.4 26.3 29.0 7.6 6.9 1.2 1.1 17.0 16.3 2.7 2.7

IVRCL Infra Buy 31 35 961 3,773 6,706 6.9 8.4 (3.9) 2.9 (8.1) 10.9 0.5 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 75 97 16,699 14,243 16,382 26.2 26.1 3.2 4.3 23.5 17.4 1.2 1.2 5.4 7.0 2.6 2.4

Larsen & Toubro Buy 1,465 1,788 90,169 60,666 69,525 10.6 11.2 71.9 85.0 20.4 17.2 3.2 2.8 14.5 15.2 1.7 1.5

Nagarjuna Const. Accumulate 43 44 1,094 5,863 6,576 8.1 8.2 3.1 4.1 13.9 10.4 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 48 - 1,609 11,892 13,116 10.2 10.2 (0.4) 3.0 (113.7) 16.4 0.6 0.5 3.8 0.6 0.5

Sadbhav Engg. Buy 114 168 1,713 2,344 2,804 10.6 10.7 7.2 8.7 15.8 13.1 1.9 1.7 13.0 13.5 1.1 1.0

Simplex Infra Buy 167 197 828 6,026 7,135 9.1 9.3 14.1 24.6 11.9 6.8 0.7 0.6 5.6 9.2 0.5 0.5

Unity Infra Buy 36 59 267 2,180 2,455 13.7 13.4 13.3 15.0 2.7 2.4 0.3 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Buy 153 183 7,625 6,509 7,264 2.7 2.8 28.2 33.5 5.4 4.6 0.8 0.7 13.8 14.7 - -

Andhra Bank Neutral 105 - 5,881 4,795 5,475 3.0 3.0 21.8 21.9 4.8 4.8 0.8 0.7 15.4 13.8 - -Axis Bank Buy 1,440 1,753 67,266 15,959 18,660 3.2 3.2 119.2 139.0 12.1 10.4 2.3 1.9 20.3 20.1 - -

Bank of Baroda Buy 766 935 31,472 14,889 17,393 2.5 2.6 108.2 134.0 7.1 5.7 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 349 380 20,028 12,793 14,823 2.3 2.4 49.5 65.1 7.1 5.4 1.0 0.9 13.6 16.0 - -

Bank of Maharashtra Neutral 56 - 3,311 3,720 4,268 2.9 2.8 10.9 13.0 5.2 4.3 0.8 0.7 16.2 16.9 - -

Canara Bank Accumulate 457 517 20,265 10,783 12,000 2.1 2.3 64.8 82.2 7.1 5.6 1.0 0.8 13.2 15.0 - -

Central Bank Neutral 77 - 5,683 7,158 8,217 2.4 2.6 13.1 20.1 5.9 3.9 0.9 0.7 10.3 14.3 - -

Corporation Bank Buy 412 517 6,098 4,919 5,634 2.1 2.2 96.7 99.9 4.3 4.1 0.7 0.6 16.3 14.9 - -

Dena Bank Buy 104 124 3,641 3,090 3,462 2.7 2.7 25.6 24.6 4.1 4.2 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

February 20, 2013


8/13



Financials

Federal Bank Accumulate 505 557 8,632 2,667 2,920 3.2 3.2 49.1 51.4 10.3 9.8 1.4 1.2 13.9 13.1 - -

HDFC Neutral 822 - 126,783 7,446 8,923 3.5 3.5 32.2 38.5 25.6 21.3 5.2 4.6 35.4 32.6 - -

HDFC Bank Neutral 674 - 159,843 21,724 26,578 4.3 4.3 28.7 36.1 23.5 18.7 4.5 3.8 20.7 22.1 - -

ICICI Bank Buy 1,131 1,404 130,095 22,317 26,217 2.9 3.0 72.0 84.6 15.7 13.4 2.0 1.8 14.9 15.9 - -

IDBI Bank Buy 100 122 12,829 8,196 9,305 1.9 2.1 15.4 22.3 6.5 4.5 0.7 0.6 10.7 14.1 - -

Indian Bank Buy 184 221 7,903 5,716 6,362 3.2 3.2 37.7 41.1 4.9 4.5 0.8 0.7 16.9 16.2 - -

IOB Buy 78 88 6,181 7,231 8,369 2.4 2.5 10.2 20.2 7.6 3.8 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,309 1,406 6,344 2,784 2,932 3.7 3.7 229.2 199.6 5.7 6.6 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Buy 248 328 12,528 1,799 2,255 2.3 2.4 20.3 27.3 12.2 9.1 1.9 1.7 16.9 19.7 - -

Oriental Bank Accumulate 308 336 8,979 6,360 7,004 2.6 2.8 48.1 59.4 6.4 5.2 0.8 0.7 12.1 13.5 - -

Punjab Natl.Bank Buy 861 1,053 29,215 19,202 22,040 3.2 3.4 146.8 167.9 5.9 5.1 1.1 0.9 17.6 17.5 - -

South Ind.Bank Buy 26 34 3,413 1,583 1,789 3.0 2.9 3.5 4.1 7.3 6.3 1.2 1.1 19.1 17.7 - -

St Bk of India Buy 2,274 2,600 152,576 60,677 69,712 3.3 3.3 224.3 257.3 10.1 8.8 1.7 1.5 17.6 17.7 - -

Syndicate Bank Buy 130 153 7,822 6,673 7,644 2.9 3.0 32.0 27.9 4.1 4.7 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 67 - 4,467 5,388 6,262 2.4 2.6 9.0 14.9 7.5 4.5 1.0 0.8 9.1 13.8 - -

Union Bank Buy 240 286 13,216 10,006 11,558 2.8 2.8 36.4 47.0 6.6 5.1 0.9 0.8 14.6 16.6 - -

United Bank Buy 68 83 2,444 3,566 3,832 2.5 2.7 13.3 21.8 5.1 3.1 0.6 0.5 11.1 16.3 - -

Vijaya Bank Neutral 55 - 2,740 2,342 2,763 1.9 2.1 8.0 10.9 6.9 5.1 0.7 0.6 10.1 12.6 - -

Yes Bank Accumulate 505 576 18,092 3,364 4,260 2.8 3.0 36.3 42.6 13.9 11.9 3.1 2.5 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,545 - 43,591 11,198 13,319 15.9 15.7 122.1 147.1 37.2 30.9 12.6 9.8 37.7 35.7 3.8 3.2

Britannia Accumulate 499 564 5,963 5,580 6,417 4.8 5.0 18.1 21.7 27.6 23.0 10.0 8.0 38.7 38.7 1.0 0.8

Colgate Neutral 1,350 - 18,352 3,120 3,588 20.3 21.1 38.4 45.1 35.2 30.0 32.7 26.2 104.6 97.0 5.6 4.8Dabur India Neutral 132 - 23,007 6,196 7,183 16.3 16.8 4.5 5.5 29.3 24.1 12.1 9.4 43.4 44.0 3.7 3.2

GlaxoSmith Con* Neutral 3,831 - 16,110 3,084 3,617 15.3 15.5 101.2 118.3 37.8 32.4 11.5 9.4 33.5 31.9 4.8 4.0

Godrej Consumer Neutral 748 - 25,444 6,386 7,743 15.7 17.0 20.8 27.1 35.9 27.6 7.7 6.3 23.7 26.4 4.2 3.4

HUL Neutral 477 - 103,128 25,350 28,974 13.3 13.5 15.1 17.0 31.6 28.2 25.1 17.9 85.7 74.3 3.8 3.3

ITC Neutral 302 - 237,802 29,148 34,191 35.7 36.1 9.4 11.1 32.2 27.2 10.7 8.9 35.9 35.7 7.8 6.6

Marico Neutral 223 - 14,403 4,747 5,402 13.6 13.6 6.3 7.8 35.2 28.6 7.2 5.9 26.0 22.6 3.0 2.6

Nestle* Neutral 4,593 - 44,284 8,487 10,081 21.2 22.1 113.0 142.5 40.7 32.2 24.4 16.8 70.5 61.6 5.2 4.3


Market Outlook

Stock Watch

February 20, 2013


9/13



FMCG

Tata Global Neutral 146 - 9,050 7,272 7,998 9.1 9.5 6.9 8.1 21.4 18.0 2.2 2.2 8.9 9.8 1.1 1.0

IT

HCL Tech^ Accumulate 706 765 49,073 25,325 28,476 21.7 20.7 51.0 52.8 13.9 13.4 3.7 3.0 26.8 22.9 1.8 1.5

Hexaware* Buy 85 113 2,531 1,948 2,136 20.9 18.3 10.9 10.1 7.8 8.5 2.1 1.8 27.2 21.2 1.1 0.9

Infosys Neutral 2,819 - 161,877 40,746 44,283 28.9 28.8 162.6 172.9 17.3 16.3 4.1 3.5 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 167 184 1,862 1,881 1,987 17.9 17.4 18.5 19.4 9.0 8.6 1.3 1.2 14.8 13.6 0.6 0.5

KPIT Cummins Buy 111 140 2,137 2,234 2,477 15.8 15.2 10.9 12.8 10.2 8.7 2.2 1.7 22.2 20.6 0.9 0.8Mahindra Satyam Accumulate 119 125 13,977 7,711 8,683 21.6 20.3 8.7 11.3 13.6 10.5 3.2 2.5 30.6 23.7 1.3 1.1

Mindtree Accumulate 816 868 3,378 2,357 2,580 21.0 19.3 84.4 86.8 9.7 9.4 2.6 2.0 26.8 21.7 1.1 0.9

Mphasis& Accumulate 363 396 7,619 5,531 5,874 17.6 17.5 35.4 37.7 10.2 9.6 1.5 1.3 14.7 13.5 0.8 0.7

NIIT Buy 25 36 414 1,048 1,161 9.1 10.9 4.1 6.2 6.1 4.1 0.6 0.6 10.3 14.1 0.2 0.1

Persistent Neutral 531 - 2,124 1,297 1,433 25.6 24.1 46.5 54.0 11.4 9.8 2.1 1.8 18.5 18.0 1.3 1.1

TCS Neutral 1,443 - 282,368 62,954 70,871 29.0 28.9 71.6 79.1 20.2 18.2 6.7 5.4 33.2 29.7 4.2 3.7

Tech Mahindra Accumulate 1,034 1,105 13,225 6,789 7,609 21.0 19.6 95.8 110.7 10.8 9.3 2.6 2.1 24.3 22.3 1.9 1.6

Wipro Accumulate 410 429 100,910 43,514 47,304 20.1 19.4 26.6 27.7 15.4 14.8 3.0 2.6 19.7 17.9 1.9 1.7

Media

D B Corp Buy 240 276 4,393 1,583 1,787 23.9 25.4 11.9 14.5 20.2 16.5 4.0 3.4 21.4 22.4 2.7 2.3

HT Media Accumulate 105 113 2,462 2,061 2,205 14.0 15.1 6.6 7.9 15.8 13.4 1.6 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 102 125 3,234 1,511 1,698 23.2 23.4 6.4 7.3 15.9 14.0 4.0 3.5 25.9 26.6 2.3 2.0

PVR Neutral 276 - 801 820 1,307 17.3 17.3 11.2 17.8 24.8 15.5 1.1 1.1 9.7 10.8 1.0 0.6

Sun TV Network Neutral 445 - 17,525 1,942 2,237 77.2 75.5 17.6 19.1 25.3 23.3 6.1 5.5 25.8 25.2 8.5 7.3

Metals & Mining

Bhushan Steel Neutral 464 - 10,518 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4Coal India Accumulate 339 368 213,998 66,666 70,292 25.7 27.3 24.2 26.6 14.0 12.7 4.1 3.4 33.1 29.1 2.3 2.0

Electrosteel Castings Buy 23 34 778 1,984 2,074 10.6 11.6 1.8 2.6 12.8 8.7 0.4 0.2 3.6 5.1 0.6 0.5

Hind. Zinc Buy 122 149 51,718 12,002 13,759 49.7 50.8 14.7 16.4 8.3 7.5 1.6 1.4 21.1 19.8 2.4 1.7

Hindalco Neutral 112 - 21,482 80,205 88,987 9.0 9.2 13.4 13.8 8.4 8.1 0.6 0.6 7.9 7.6 0.6 0.6

JSW Steel Neutral 813 - 18,136 39,072 40,493 16.5 18.2 82.4 90.3 9.9 9.0 1.0 0.9 10.7 10.7 0.9 0.9

MOIL Neutral 250 - 4,192 933 954 46.9 45.5 25.8 26.1 9.7 9.6 1.5 1.4 16.7 15.1 2.0 1.9

Monnet Ispat Buy 253 318 1,610 2,287 2,883 21.8 21.8 35.3 40.7 7.2 6.2 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Neutral 46 - 11,933 6,630 8,357 11.4 14.5 2.1 3.3 21.8 14.2 1.0 1.0 4.6 6.9 1.1 1.0

NMDC Buy 153 198 60,720 11,209 12,525 78.4 78.3 18.5 20.6 8.3 7.4 2.0 1.7 27.0 24.6 3.4 2.8


Market Outlook

Stock Watch

February 20, 2013


10/13



Metals & Mining

SAIL Neutral 79 - 32,487 43,438 56,199 12.0 12.2 6.5 8.5 12.1 9.3 0.8 0.7 6.6 8.2 1.0 0.8

Sesa Goa Accumulate 171 183 14,857 2,412 3,911 30.8 33.1 29.6 31.8 5.8 5.4 0.9 0.8 16.3 15.4 7.5 4.6

Sterlite Inds Accumulate 103 110 34,497 43,185 45,442 23.3 23.7 16.8 17.9 6.1 5.7 0.7 0.6 11.6 11.2 0.8 0.7

Tata Steel Buy 387 463 37,567 145,725 154,108 8.3 9.5 22.0 44.5 17.6 8.7 0.8 0.8 4.9 9.3 0.5 0.5

Sarda Buy 121 148 434 1,442 1,494 19.0 19.1 29.2 31.7 4.2 3.8 0.5 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 43 52 572 2,512 2,816 12.4 13.7 10.0 12.6 4.3 3.4 0.3 0.3 7.2 8.4 0.5 0.4

Godawari Power andIspat Accumulate 103 112 327 2,367 2,425 14.2 13.7 33.3 33.5 3.1 3.1 0.4 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 310 383 59,281 17,394 17,034 76.4 72.3 60.8 55.1 5.1 5.6 1.0 0.9 21.9 17.0 2.6 2.2

GAIL Neutral 335 - 42,431 48,077 55,815 15.3 15.3 34.9 35.9 9.6 9.3 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 330 357 282,545 144,089 158,065 32.8 34.7 28.7 34.4 11.5 9.6 1.9 1.7 17.0 18.3 1.6 1.4

Reliance Industries Neutral 849 - 274,033 362,700 380,031 8.9 8.9 68.1 71.5 12.5 11.9 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 292 - 3,745 3,128 3,707 13.2 11.7 22.8 23.5 12.8 12.4 3.9 3.4 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 264 - 3,693 3,365 3,700 22.8 23.4 25.3 26.6 10.4 9.9 2.5 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 151 179 11,348 32,210 41,362 6.1 5.8 15.4 15.6 9.8 9.7 2.6 2.1 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 73 - 4,119 1,079 983 91.8 91.9 8.8 7.8 8.4 9.3 1.4 1.3 17.8 14.1 3.4 3.7

Pharmaceuticals

Alembic Pharma Buy 76 95 1,435 1,490 1,714 16.2 17.1 7.4 9.5 10.3 8.0 2.8 2.1 30.7 30.2 1.1 0.9

Aurobindo Pharma Accumulate 187 208 5,435 5,463 6,279 15.0 15.0 12.4 14.0 15.1 13.3 2.0 1.7 18.8 17.8 1.6 1.3

Aventis* Neutral 2,298 - 5,293 1,482 1,682 17.5 16.6 82.9 87.8 27.7 26.2 4.3 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 775 817 15,859 6,148 7,386 15.3 18.0 24.6 39.5 31.5 19.6 5.9 4.8 18.4 25.1 2.9 2.4

Cipla Accumulate 387 419 31,069 8,151 9,130 25.8 24.8 20.2 21.6 19.2 17.9 3.4 2.9 19.4 17.6 3.5 3.0

Dr Reddy's Neutral 1,823 - 30,956 10,696 11,662 20.7 21.0 83.7 92.9 21.8 19.6 4.5 3.8 22.4 20.8 3.1 2.8

Dishman Pharma Buy 82 155 664 1,280 1,536 20.2 20.2 12.1 15.5 6.8 5.3 0.7 0.6 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,102 - 17,805 2,651 2,993 31.7 31.2 76.0 82.4 27.7 25.5 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 61 78 564 642 784 14.2 15.2 5.7 7.8 10.8 7.9 1.3 1.2 12.9 16.4 1.1 0.9

Ipca labs Buy 478 559 6,031 2,850 3,474 21.0 21.0 29.9 37.3 16.0 12.8 3.8 3.0 26.7 26.4 2.3 1.9

Lupin Accumulate 600 655 26,839 8,426 10,082 19.7 20.0 26.1 31.1 23.0 19.3 5.3 4.3 25.8 24.7 3.3 2.7

Ranbaxy* Neutral 421 - 17,821 12,046 11,980 16.0 15.8 37.3 32.1 11.3 13.1 4.4 3.5 45.3 29.7 1.5 1.4

Sun Pharma Neutral 792 - 81,902 10,111 12,563 42.6 42.6 28.9 29.8 27.4 26.6 5.6 4.7 22.3 19.2 7.4 5.8

Power

GIPCL Accumulate 73 78 1,107 1,502 1,535 32.1 31.9 11.4 12.5 6.4 5.9 0.7 0.7 7.6 11.9 1.2 1.0


Market Outlook

Stock Watch

February 20, 2013


11/13



Power

NTPC Accumulate 154 163 126,568 72,809 81,951 23.4 24.1 12.2 13.6 12.6 11.3 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Neutral 270 - 45,864 9,878 12,033 44.7 46.1 9.6 13.4 28.2 20.1 1.8 1.7 6.4 8.7 7.0 5.7

HDIL Neutral 71 - 2,994 2,441 3,344 55.1 48.2 22.7 26.6 3.2 2.7 0.3 0.2 8.8 9.4 3.0 2.3

MLIFE Accumulate 411 446 1,679 786 888 26.3 26.7 31.0 36.3 13.3 11.3 1.3 1.2 10.1 10.8 2.4 2.1

Telecom

Bharti Airtel Accumulate 308 350 116,869 80,521 87,160 30.5 30.5 6.4 10.4 48.1 29.6 2.2 2.1 4.6 7.0 2.3 2.1Idea Cellular Neutral 109 - 36,242 22,087 23,927 26.6 27.7 2.9 3.9 37.4 28.0 2.6 2.4 6.9 8.4 2.2 2.0

Rcom Neutral 73 - 15,088 21,087 22,067 31.8 31.9 2.6 4.0 27.9 18.3 0.4 0.4 1.5 2.2 2.4 2.2

zOthers

Abbott India Buy 1,367 1,590 2,905 1,629 1,886 11.8 13.3 60.8 79.5 22.5 17.2 4.6 3.9 22.0 24.4 1.6 1.3

Bajaj Electricals Buy 185 217 1,846 3,450 3,929 4.5 7.4 10.0 15.5 18.6 12.0 2.4 2.1 13.0 17.4 0.5 0.5

Cera Sanitaryware Buy 417 495 527 460 596 16.4 16.2 34.7 45.0 12.0 9.3 3.0 2.3 27.7 27.8 1.2 1.0

Cravatex Buy 354 545 92 272 308 7.2 7.3 37.5 45.4 9.5 7.8 2.2 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 965 - 6,779 982 1,136 34.3 34.3 34.3 40.0 28.1 24.1 12.7 10.2 50.9 46.9 6.4 5.4

Finolex Cables Buy 53 61 808 2,304 2,552 9.9 9.1 8.2 10.1 6.5 5.2 0.9 0.8 13.7 14.7 0.3 0.2

Force Motors Buy 422 550 551 2,027 2,299 4.6 5.1 35.3 50.0 12.0 8.5 0.5 0.5 3.9 5.3 0.1 0.1

Goodyear India Buy 294 360 678 1,494 1,607 6.4 7.8 23.9 33.0 12.3 8.9 1.9 1.7 16.5 20.1 0.2 0.2

Greenply Industries Sell 390 309 941 1,925 2,235 10.6 10.9 29.6 44.1 13.2 8.9 2.2 1.8 16.8 21.0 0.8 0.6

Hitachi Neutral 135 - 310 905 1,025 4.8 6.0 7.7 12.4 17.6 10.9 1.7 1.5 9.9 14.4 0.4 0.4

Honeywell Automation* Accumulate 2,628 2,842 2,323 2,117 2,491 8.1 7.8 140.5 157.9 18.7 16.6 2.8 2.5 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 615 744 1,082 1,059 1,116 8.5 9.5 36.0 42.0 17.1 14.6 2.5 2.2 15.4 16.0 1.0 0.9

ITD Cementation Buy 207 334 238 1,455 1,630 12.4 12.6 29.8 40.5 6.9 5.1 0.5 0.5 8.2 9.8 0.6 0.6Jyothy Laboratories Buy 147 167 2,363 816 979 14.5 14.9 5.2 6.0 28.4 24.4 3.3 3.0 8.8 10.2 3.1 2.5

MCX Buy 1,210 1,440 6,169 553 624 65.3 66.3 62.5 72.0 19.4 16.8 5.3 4.6 27.5 27.4 8.2 6.8

MRF Accumulate 12,622 13,416 5,353 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.9 7.5 1.6 1.3 19.1 18.7 0.5 0.4

Page Industries Accumulate 3,332 3,438 3,716 856 1,047 19.1 19.6 101.2 127.3 32.9 26.2 16.9 12.5 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 681 887 817 989 1,148 10.7 11.7 41.8 55.5 16.3 12.3 3.7 2.9 25.5 26.3 1.0 0.9

Sintex Industries Buy 60 79 1,872 4,751 5,189 16.3 16.6 13.6 15.8 4.4 3.8 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 281 332 263 1,048 1,157 11.3 12.0 58.7 66.5 4.8 4.2 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 10 - 302 6,765 7,393 18.1 18.0 6.4 7.5 1.6 1.4 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Accumulate 41 43 2,003 5,720 6,599 5.3 6.8 3.6 5.4 11.5 7.7 16.6 5.3 - - 0.5 0.4


Market Outlook

Stock Watch

February 20, 2013


12/13



zOthers

TAJ GVK Buy 66 108 417 300 319 35.8 36.2 7.9 9.1 8.4 7.3 1.1 1.0 13.9 14.4 1.7 1.4

Tata Sponge Iron Buy 305 379 469 782 818 16.5 17.0 61.8 65.4 4.9 4.7 0.7 0.6 15.7 14.7 0.2 0.2

TTK Healthcare Buy 468 643 363 374 425 7.9 9.5 24.1 32.7 19.4 14.3 19.7 22.5 0.8 0.7

TVS Srichakra Buy 232 276 178 1,461 1,591 5.6 7.1 6.9 39.4 33.6 5.9 1.3 1.1 3.8 20.6 0.3 0.3

United Spirits Neutral 1,877 - 24,547 10,473 11,939 15.0 15.8 30.4 56.9 61.7 33.0 4.7 3.0 10.8 12.3 3.0 2.4

Vesuvius India Neutral 329 - 668 560 611 16.1 17.0 24.7 28.8 13.3 11.5 2.0 1.8 15.8 16.2 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 19, 2013


Market Outlook

Stock Watch

February 20, 2013


13/13


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Market Outlook, 20th February, 2013

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