Market Outlook, 26-07-2013

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Market OutlookJuly 26, 2013

Dealers Diary

Indian markets are expected to open in the green today tracking a positive opening

in SGX Nifty, which is trading higher by 0.3%. Most of the other Asian markets, too,

are trading in the positive territory.

US markets rose higher on Thursday with the major indices posting gains in the

range of 0.1% to 0.7%. The upmove in Nasdaq was aided by the surge in shares

of Facebook which rose by 29.6% after the company posted better than expected

results. On the economic front, the Commerce Department released a report

showing a better than expected increase in durable goods orders in June.

Separately, the Labor Department released another report showing that initial

jobless claims rose slightly more than expected in the week ended July 20th.

European markets fell on Thursday reacting to earnings reports from Eurozone.

Indian shares fell sharply on Thursday on the settlement day of near-month F&O

contracts after the investors turned wary of the upcoming monetary policy meet

next week.

Markets Today

The trend deciding level for the day is 19,893/ 5,932 levels. If NIFTY trades above

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

up to 20,022 20,240 / 5,967 6,026 levels. However, if NIFTY trades below

19,893 / 5,932 levels for the first half-an-hour of trade then it may correct up to

19,676 19,546 / 5,872 5,837 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,546 19,676 19,893 20,022 20,240

NIFTY 5,837 5,872 5,932 5,967 6,026

News Analysis

DLF to sell 74% stake in DLF Pramerica Life Insurance to Dewan HousingFinance

High Court of Madras approves Sterlite Industries amalgamation Zydus Cadila enters into an partnership with US-based Infectious Disease

Research Institute (IDRI) Result Review: ITC, Maruti Suzuki, GAIL, Sterlite Industries, ACC, Thermax,

MRF, IOB, FAG Bearings, TTK Healthcare Result Preview: Hindustan Unilever, Wipro, Nestle India, PNB, BOI, JK Lakshmi

CementRefer detailed news analysis on the following page

Net Inflows (July 24, 2013)` cr Purch Sales Net MTD YTDFII 2,870 3,261 (391) (6,157) 65,149

MFs 440 397 44 (940) (13,117)

FII Derivatives (July 25, 2013)

` cr Purch Sales Net Open InterestIndex Futures 7,197 6,864 333 12,561

Stock Futures 8,818 8,936 (118) 24,647

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)

Zee Entert 260 6.3 Ambuja Cements 171 (10.5)

Apollo Tyres 69 4.6 Jaiprakash Asso 43 (8.9)

JSW Energy 44 4.6 Central Bank 57 (8.2)

IPCA Lab 658 4.5 JP Power 13 (7.9)

Adani Power 41 4.4 GMR Infra 16 (6.8)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (1.4) (286) 19,805

Nifty (1.4) (83) 5,908

MID CAP (0.9) (52) 5,837

SMALL CAP (0.7) (40) 5,562

BSE HC (1.6) (152) 9,164

BSE PSU (1.2) (71) 5,785

BANKEX (0.9) (114) 12,124

AUTO 0.1 15 10,714

METAL (1.7) (127) 7,233

OIL & GAS (1.4) (122) 8,895

BSE IT (0.1) (10) 7,245

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.1 13 15,556NASDAQ 0.7 26 3,605

FTSE (0.5) (32) 6,588

Nikkei (1.1) (168) 14,563

Hang Sang (0.3) (68) 21,901

Straits Times (1.2) (39) 3,236

Shanghai Com (0.6) (12) 2,021

Indian ADR Chg (%) (Pts) (Close)INFY 0.8 0.4 $50.0

WIT 0.9 0.1 $8.2IBN 0.9 0.3 $35.0

HDB 0.1 0.0 $36.0

Advances / Declines BSE NSEAdvances 827 420

Declines 1,444 891

Unchanged 172 81

Volumes (` cr)BSE 2,144

NSE 14,318

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DLF to sell 74% stake in DLF Pramerica Life Insurance toDewan Housing Finance

DLF has signed a definitive agreement to sell its 74% equity stake in its the Life

Insurance Joint Venture - DLF Pramerica Life Insurance Company to Dewan

Housing Finance Corporation ("DHFL") & its group entities. As per the company,the transaction of the sale value would be disclosed post receipt of all approvals. We continue to maintain Buy rating on the stock with a target price of `236.

High Court of Madras approves Sterlite Industriesamalgamation

The Honorable High Court of Madras has approved the scheme of Amalgamation

and Arrangement amongst Sterlite Industries (Sterlite), Madras Aluminium

Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective

shareholders and creditors, to create a new entity Sesa Sterlite. The High court ofBombay at Goa had given its approval in April 2013. Sterlite and Sesa had

proposed the merger during February 2012.The merger has been approved byshareholders. We continue to value Sterlite considering the merged entity and Buyrating on the stock with a SOTP-based target price of `100.

Zydus Cadila enters into an partnership with US-based Infectious Disease Research Institute (IDRI)Zydus Cadila Healthcare, has entered into an partnership with US-basedInfectious

Disease Research Institute(IDRI) a non-profit research and product development

organization, to collaborate on the production and clinical development of

IDRI's visceral leishmaniasis (VL) vaccine candidate, designed to prevent the

deadly parasitic disease,known as Kala-Azar in India.Visceral Leishmaniasis (VL) is

transmitted by the bite of an infected sand fly. There are over 500,000

new VL cases and 50,000 associated deaths each year. VL is the most severe form

of leishmaniasis, affecting vital organs, and, if left untreated, the disease can be

fatal. This is positive step for the companys R&D initiatives and since it doesnt

change our estimates, we maintain our buy with a target price of `929.

Result Review

ITC (CMP:`359/TP:-/Upside:-)

For 1QFY2014 ITC posted in-line results on the bottom-line front, with net profit

coming at`1,892cr (up 18% on yoy basis). Topline rose by 10.3% yoy to`7,338cr.

Cigarettes business posted a top-line growth of 7.1% yoy, while the growth in other

FMCG business stood at 18.4% yoy. Agri-business continued to post impressive

performance with a top-line growth of 29.4%. Performance of Hotels business

continued to remain muted with a top-line growth of 7.5% yoy. OPM rose by

237bp on yoy basis to 37.1% aided by higher margins in cigarettes business.

However, other FMCG business posted a loss of `19cr (profit of `12cr in

4QFY2013) in the quarter. We maintain our Neutral view on the stock.
http://economictimes.indiatimes.com/topic/Zydus-Cadilahttp://economictimes.indiatimes.com/topic/Zydus-Cadila

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 34,294 36.8 8,909 21.3 36.1 31.8 10.5 21.3 7.8

FY2015E 39,991 37.0 10,543 17.9 34.9 26.9 8.5 17.9 6.6

Maruti Suzuki (CMP:`1,414/ TP: Under Review/ Upside: -)For 1QFY2014, Maruti Suzuki (MSIL) reported in-line results on the operating

front; however net profit was lower than our estimates on account of higher

depreciation expense (due to SPIL merger) and also due to higher tax rate (at

25.3% as against expectations of 21%). The quarterly results are not comparable

on a yoy as well as sequential basis as 1QFY2014 results reflect the impact of the

consolidation of Suzuki Power Train India (SPIL) operations.

The top-line for the quarter declined 5.1% yoy to`10,237cr and was in-line with

our estimates of `10,284cr. The top-line performance was aided by a strong

growth of 5.4% yoy in net average realization driven by better product-mix and

price increases partially offset by higher discounts. Volumes however posted a

decline of 10% yoy due to slowdown in demand in the domestic (down 6.8% yoy)

as well as export (down 35.4% yoy) markets. On the operating front, EBITDA

margins stood at 11.4% (significant expansion of 410bp yoy), in-line with our

estimates, largely led by favorable impact of forex movement and also supported

by the ongoing cost reduction initiatives and re-distribution of expenses owing to

the SPIL merger. As a result, net profit surged 49% yoy to `632cr. We shall release

a detailed result note soon. Our rating is currently Under Review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 47,923 11.2 3,220 106.6 16.1 13.3 2.0 7.5 0.7FY2015E 55,002 10.9 3,667 121.4 15.8 11.7 1.7 6.6 0.6GAIL (CMP:`326/TP:-/Upside :-)

GAILs 1QFY2014 profitability performance was lower than our expectation due to

higher than expected subsidy burden. The companys top line grew by15.9% yoy

to `12,856cr (above our estimate of `12,296cr) mainly due to better than

expected performance from Petrochemicals and Natural gas trading segment

which grew by 92.2% and 19.7% yoy to `1,103cr and`11,058cr respectively. Thecompanys fuel subsidy burden stood at `700cr in 1QFY2014, compared to

`700cr in 1QFY2013 and `587cr in 4QFY2013. The petrochemical segments

EBIT grew by 123.8% yoy to`438cr. However, natural gas trading EBIT decreased

39.0% to `303cr and the LPG segment reported a loss of `11cr in 1QFY2014

compared to a profit of `437cr in 1QFY2013. GAILs EBITDA therefore declined

by 22.9% yoy to`1,464cr in 1QFY2014 and EBITDA margin contracted by 574bp

yoy to 11.4%. The tax rate also increased to 34.0% in 1QFY2014 compared to

32.7% in 1QFY2013 and therefore the companys net profit decreased by 28.7%

yoy to`808cr (below our estimate of `918cr). We maintain our Neutral view onthe stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 52,102 15.7 4,322 34.1 16.4 9.6 1.5 4.4 0.7

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FY2015E 52,876 16.1 4,527 35.7 15.2 9.1 1.3 3.8 0.6

Sterlite Industries (CMP:`80, TP:`100, Upside: 25%)

Sterlite Industries (Sterlite) reported lower than expected 1QFY2014 results on both

top line and net profit front. Net sales declined 22.7% yoy to`8,190cr (below our

estimate of`8,372cr). Net sales decline was mainly in the copper segment due to

temporary shutdown of the Tuticorin copper smelter in this quarter which was

partially offset by higher revenues from power segment due to higher power sales

from the Jharsuguda power plant. Copper segment revenues declined 52.3%yoy

to `2,446cr. On the operating front, Sterlites EBITDA declined 5.9% yoy to

`2,173cr and EBITDA margin was 26.5% (below our estimate of 28.6%) mainly

due loss of `51cr and `26cr in the copper and aluminium segment respectively

and hence adjusted net profit decreased by 18.0% yoy to `1,164cr, which was

below our estimate of `1,198cr. We maintain our Buy rating on the stock with atarget price of `100.Y/E Sales OPM PAT EPS ROE P/E P/BVEV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 44,493 22.4 5,875 17.5 10.9 4.6 0.5 2.0 0.4

FY2015E 45,599 23.9 6,570 19.5 11.1 4.1 0.4 1.6 0.4

ACC (CMP:`1,194/TP:`1,361/Upside: 14%)

ACCs 2QCY2013 results were marginally below expectations on the

bottom-line front. The company posted a stand-alone net profit of`259cr for the

quarter down 37.9% on yoy basis. The companys top-line rose by 1.4% on yoy

basis to`2,795cr, with the volumes increasing by 1.2% on a yoy basis. OPM stood

at 17.2% down 725bp on yoy basis. Poor operational performance and lower

other income resulted in the steep fall in bottom-line. We maintain an Accumulaterating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Dec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)CY2013E 11,593 19.3 1,407 74.9 18.1 16.4 2.8 8.8 106

CY2014E 13,026 20.9 1,749 93.1 20.3 13.2 2.6 6.9 -

Note: Computed on TTM basis

Thermax (CMP:`602/TP: -/Upside: - )

For 1QFY2014, Thermaxs top-line and bottom-line performance were below our

expectations as well as street estimates. The company reported 12.3% yoy decline

in top-line to `863cr (our estimate of `944cr), mainly due to slow execution in

energy segment (segmental revenue down by 17.2% yoy to `634cr). On the

operating front, OPM contracted by 36bp yoy to 9.4% (our estimate of 9.8%) on

account of appreciation in cost of raw materials (due to rupee depreciation).

Falling revenue and margin contraction led to yoy fall of 25.2% in the company's

PAT to`50cr. Order intake for the company is likely to remain muted as not many

large orders are expected to be finalized during FY2014, thereby limiting revenue

visibility. Hence, we maintain our Neutral rating on the stock.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 5,780 9.5 355 29.8 17.9 20.2 3.4 11.5 1.0

FY2015E 6,430 9.6 393 33.0 17.4 18.2 3.0 10.2 1.0

MRF (CMP:`13,815/ TP: -`16,218/ Upside: -17.4%)

For 3QSY2013, MRF reported a good set of numbers. Top-line grew by 1.4% yoy

to`3,051cr. However, EBITDA margins expanded by 506bp yoy to 15.8% due to

fall in rubber prices to a two year low during the quarter. This led the net profit to

surge by 57.2% in 3QSY2013 to`227cr from`145cr in 3QSY2012. Slowdown in

auto demand has led the tyre companies to cut prices, which will impact the MRFs

top-line in the short term. However, lower international rubber prices are likely to

help in maintaining margins. Hence, we expect MRFs bottom-line to post a 15.5%

CAGR over SY2012-14E to `764cr in SY2014E. At the current market price, the

stock is trading at a PE of 7.7x for SY2014E and P/B of 1.3x for SY2014E. Werecommend Buy rating on the stock with a target price of `16,218, based on atarget P/E of 9.0x for SY2014E.Y/E Sales OPM PAT EPS RoE P/E P/BV EV/EBITDA EV/salesSept (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)SY2013E 11,799 14.1 760.0 1,793 23.5 7.7 1.6 4.6 0.6SY2014E 12,587 13.5 764.1 1,802 19.2 7.7 1.3 4.2 0.6

Indian Overseas Bank- (CMP:`46 / TP: - / Upside: -)

Indian Overseas Bank reported weak set of numbers for the quarter, dragged byasset quality pressures. NII for bank de-grew by 0.9% yoy. Other income grew by

108.3% yoy primarily boosted by trading gains, thereby aiding pre-provisioning

profit growth of 24.5% yoy. On the asset quality front, Gross and Net NPA levels

jumped up sequentially by 12.5% and 13.7%, respectively, on an already large

base. Consequently, the provisioning expenses for the bank increased 62% yoy,

thereby resulting in earnings de-growth of 46.1% yoy. At CMP stock trades at 0.3x

FY2015E ABV. We maintain Neutral recommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,709 2.2 759 8.2 122.6 0.3 6.0 5.6 0.4FY2015E 8,645 2.3 1,582 17.1 137.3 0.5 11.7 2.7 0.3

FAG Bearings (CMP:`1,433/ TP: -/ Upside: -)

FAG Bearings (FAG) reported weak results for 2QCY2013, which were lower than

our expectations on account of continued slowdown in automobile production and

industrial activity. However, operating margins for the quarter came in ahead of

our expectations largely due to easing of commodity cost pressures.

For 2QCY2013, top-line posted a significant decline of 18% yoy at`312cr, which

was lower than our expectations of`334cr. The top-line performance continued tobe impacted by the slowdown in the automotive and industrial sectors which are

the keydrivers of the companys revenue. The operating profit too fell significantly

by 34.9% yoy as EBITDA margins witnessed a sharp contraction of 345bp yoy to

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13.4%. While, the raw-material cost as a percentage of sales declined by 513bp

yoy; other expenditure and employee expenses as a percentage of sales surged

570bp and 290yoy respectively. This we believe could be due to lower utilization

levels. On a sequential basis though, operating margins expanded by 116bp and

were ahead of our expectations of 12.5% primarily on account of the savings on

the raw-material front. As a result the operating profit remained flat sequentiallydespite an 8.3% qoq decline in the top-line. Net profit for the quarter stood at

`26cr (down 44.7% yoy and flat qoq) and came in lower than our expectations of

`29cr. At`1,445, the stock is trading at 13x CY2014 earnings, which is broadly

in-line with its historical average. We maintain our Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,525 14.5 14788.4 15.5 16.2 2.4 9.5 1.4CY2014E 1,742 15.7 182109.5 16.5 13.1 2.0 7.4 1.2

TTK Healthcare(CMP: `598/ TP: 632/ Upside: 5.5%)TTKH reported a disappointing set of numbers for 1QFY2014. Topline came flat at

`109cr as compare to`108cr in 1QFY2013. The EBITDA margin for the quarter

contracted by 370bp yoy to 2.9% primarily due to increase in employee cost and

other expenses by 22.2% and 26.7% respectively as compared to 1QFY2013. The

margin contraction was attributable to loss of `2cr in the consumer products

division. Consequently, net profit declined by 58.2% to`2cr in 1QFY2014.

Contraction in consumer product division is due to restructuring of condom

business. However, we believe this restructuring process will reap benefits from

next year. We also expect the EBITDA margin to expand on account of increasing

contribution from high margin business like food business, thus resulting in better

profit. At the current market price, the stock is trading at EV/sales of 0.9x for

FY2015E. Hence, we recommend an Accumulate recommendation on the stockwith a target price of `632.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 416 4.5 13 16.2 12.6 36.9 4.5 21.7 1.0

FY2015E 481 6.1 20 25.3 18.1 23.6 4.0 14.0 0.9

Result Preview

Hindustan Unilever (CMP:`687/TP:-/Upside:-)

Hindustan Unilever is scheduled to declare its 1QFY2014 results today. We expect

the top-line to grow by 11.1% yoy to `6,942cr. OPM is expected to decline by

41bp yoy to 13.0%. Bottom-line is expected to increase by 17.2% yoy to `852cr.

We maintain our Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 29,167 13.6 3,695 17.1 113.4 40.2 38.6 36.4 5.0

FY2015E 33,164 13.7 3,978 18.4 87.0 37.3 28.0 31.6 4.3

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grow by 14.5% yoy at`758cr. At the CMP, the stock trades at valuations of 0.5x

FY2015E ABV.We maintain our Accumulate recommendation on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,459 2.3 3,294 55.2 391.8 0.7 13.7 3.5 0.5FY2015E 16,176 2.2 4,069 68.2 449.8 0.7 15.1 2.8 0.4

JK Lakshmi Cement (CMP:`71/TP:143/Upside:-101%)

JK Lakshmi Cement is expected to post its 1QFY2014 results. We expect the topline

to decline by 5.8% yoy to `502cr. OPM is expected to decline by 49bp yoy to

22.3%. Bottom-line is expected to remain flat at`50cr. We maintain a Buy on thestock with a target Price of `143.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Mar (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)FY2014E 2,278 20.5 209 17.7 15.4 4.4 0.6 2.1 30

FY2015E 2,789 22.6 261 22.2 16.6 3.5 0.5 3.9 -

Note: Computed on TTM basis

Quarterly Bloomberg Consensus Estimate

Bank of India (26/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 784 888 (11.6) 757 3.6

Nestle India (26/07/2013)Particulars (` cr) 2QCY13E 2QCY12 y-o-y (%) 1QCY13 q-o-q (%)Net sales 2,208 1,987 11.1 2,248 (1.8)

EBITDA 491 440 11.6 540 (9.0)

EBITDA margin (%) 22.3 22.2 24.0

Net profit 278 246 13.1 279 (0.3)

Punjab National Bank (26/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,204 1,246 (3.4) 1,131 6.4

Wipro Consolidated (26/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 9,940 10,620 (6.4) 9,613 3.4

EBITDA 1,996 1,973 1.2 1,974 1.1

EBITDA margin (%) 20.1 18.6 20.5

Net profit 1,628 1,580 3.0 1,729 (5.8)

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Hindustan Unilever (26/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 7,007 6,250 12.1 6,367 10.1

EBITDA 1,080 977 10.6 972 11.1

EBITDA margin (%) 15.4 15.6 15.3

Net profit 865 729 18.7 787 9.9

Colgate (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 864 736 17.4 812 6.4

EBITDA 179 163 9.8 169 5.9

EBITDA margin (%) 20.7 22.1 20.8

Net profit 133 117 13.7 123 8.1

Godrej Consumer Products Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 1,734 1,389 24.8 1,716 1.0

EBITDA 260 202 28.7 279 (6.8)

EBITDA margin (%) 15.0 14.5 16.3

Net profit 169 131 29.0 334 (49.4)

IDFC Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 465 380 22.4 526 (11.6)

Jaiprakash Associates (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 3,273 2,964 10.4 3,864 (15.3)

EBITDA 770 816 (5.6) 894 (13.9)

EBITDA margin (%) 23.5 27.5 23.1

Net profit 121 139 (12.9) 124 (2.4)

Reliance Capital Consolidated (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 83 45 84.4 265 (68.7)

Ultratech Cement (29/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 5,038 5,075 (0.7) 5,389 (6.5)

EBITDA 1,115 1,308 (14.8) 1,282 (13.0)

EBITDA margin (%) 22.1 25.8 23.8

Net profit 627 778 (19.4) 726 (13.6)

Economic and Political News

PowerMin seeks urgent solution on fuel for USD 21 bn worth power projects

India sells cash management bills at lower-than-expected cut-off yields PMO sets deadline for infra projects in first steering committee meet

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Corporate News

Jet-Etihad deal hits SEBI, DIPP roadblocks Wockhardt to appoint consultant at plant for US FDA compliance Sebi puts rider on Jets stake sale plan to Etihad JSW Energy eyes overseas coal assets to boost fuel security

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

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Date Company

July 26, 2013 Wipro, HUL, Nestle, Punjab Natl.Bank, Bank of India, Tata Comm, CESC

July 27, 2013 Corporation Bank, Areva, Electrosteel Castings, Relaxo, Force Motors

July 28, 2013

July 29, 2013

UltraTech Cement, IDFC, Jaiprakash Asso., Colgate, Godrej Consumer, Indian Bank, Reliance Capital, Allahabad

Bank, Syndicate Bank, Vijaya Bank, Madras Cements, Subros, Vesuvius IndiaJuly 30, 2013 NTPC, Jindal Steel, Dr Reddy's, Reliance Power, Petronet LNG, Reliance Infra., Ipca labs, Indoco Remedies

July 31, 2013Bharti Airtel, ICICI Bank, NHPC, HCL Tech, JSW Steel , United Spirits, Motherson Sumi, Andhra Bank, JagranPrakashan, Dishman Pharma, HSIL

August 01, 2013J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Canara Bank, Titan Inds., Adani Power,Rcom, Union Bank, Cummins India, GlaxoSmith Con, Glenmark Pharma., Tata Global

August 02, 2013 Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy

August 03, 2013 Coal India, BHEL, Grasim Inds, Divi's Lab., Oriental Bank, PTC India

August 04, 2013

August 05, 2013 Tata Chemicals, LMW, GIPCL

August 06, 2013 Tata Power Co., Bosch India, Crompton Greaves

August 07, 2013 Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const.

August 08, 2013 Adani Enterp., Rural Elec.Corp., Bharat Forge, ITNL, Page Industries

August 09, 2013 Sun Pharma, ABB, TVS Motor

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 30, 2013 11:00AM India RBI Repo rate % Jul 30 7.25 7.25

11:00AM India RBI Cash Reserve ratio % Jul 30 4.00 4.00

11:00AM India RBI Reverse Repo rate % Jul 30 6.25 6.25

7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 81.00

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 1.30

11:30PM US FOMC rate decision % Jul 31 0.25 0.25

August 1, 2013 6:30AM China PMI Manufacturing Value Jul 50.10 --

2:00PM UK PMI Manufacturing Value Jul 52.50 --

4:30PM UK BOE Announces rates % Ratio Aug 1 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Aug 1 0.50 0.50

August 2, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jul 195.00 179.00

6:00PM US Unnemployment rate % Jul 7.60 7.50

August 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jun (2.30) --August 8, 2013 4:29PM China Exports YoY% % Change Jul (3.10) --

August 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jul 2.70 --

11:00AM China Industrial Production (YoY) % Change Jul 8.90 --


July 26, 2013

Market Outlook

7/27/2019 Market Outlook, 26-07-2013

12/20



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

9.3

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

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

Ju

l-12

Aug-1

2

Sep-1

2

Oc

t-12

Nov-1

2

Dec-1

2

Jan-1

3

Fe

b-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Repo rate Reverse Repo rate CRR (%)

7/27/2019 Market Outlook, 26-07-2013

13/20

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 156 - 3,032 1,674 1,923 13.7 13.7 6.8 7.6 22.9 20.5 4.3 3.8 20.0 19.6 2.0 1.7

United Phosphorus Buy 144 225 6,356 10,091 11,302 16.5 16.5 19.2 22.5 7.5 6.4 1.2 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 255 285 4,363 3,418 3,892 14.5 14.5 18.5 20.4 13.8 12.5 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 69 - 3,478 13,852 15,487 11.4 11.5 12.8 14.9 5.4 4.6 0.9 0.7 17.5 17.3 0.4 0.4

Ashok Leyland Buy 14 22 3,778 13,450 15,853 6.5 8.5 0.4 1.9 37.1 7.6 1.2 1.1 2.3 11.0 0.4 0.3

Automotive Axle# Neutral 207 - 313 834 965 9.3 10.6 17.3 27.1 12.0 7.7 1.1 1.0 9.5 14.0 0.4 0.4Bajaj Auto Neutral 2,003 - 57,970 21,696 25,239 19.2 19.3 119.3 140.2 16.8 14.3 5.9 4.7 38.9 36.6 2.3 1.9

Bharat Forge Neutral 215 - 5,014 6,198 6,793 14.6 14.9 14.5 17.3 14.8 12.4 1.9 1.7 13.6 14.7 0.9 0.8

Bosch India* Accumulate 8,553 9,213 26,854 9,821 11,394 17.0 17.3 373.5 438.7 22.9 19.5 4.1 3.5 18.0 17.9 2.4 2.0

CEAT Buy 117 170 399 5,325 5,974 8.4 8.3 40.8 48.5 2.9 2.4 0.5 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 130 148 11,046 6,899 7 ,873 14.7 14.7 7.9 9.0 16.4 14.4 2.8 2.4 18.3 18.0 1.3 1.1

FAG Bearings* Neutral 1,433 - 2,381 1,525 1,742 14.5 15.7 88.4 109.5 16.2 13.1 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,829 2,049 36,525 25,562 28,297 14.5 14.1 115.2 146.4 15.9 12.5 5.9 4.6 41.3 41.6 1.2 1.0

JK Tyre Buy 102 154 421 7,972 8,754 7.1 7.1 37.5 44.0 2.7 2.3 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 880 1,103 54,205 45,254 51,197 11.4 11.7 61.2 70.2 14.4 12.5 3.0 2.5 22.7 21.9 0.9 0.8

Maruti Buy 1,414 1,822 42,720 47,923 55,002 11.2 10.9 106.6 121.4 13.3 11.7 2.0 1.7 16.1 15.8 0.7 0.6

Motherson Sumi Accumulate 207 222 12,169 28,442 31,493 7.5 7.8 12.5 14.8 16.6 14.0 4.1 3.3 27.5 25.8 0.6 0.5

Subros Buy 21 27 124 1,426 1,624 10.0 9.9 4.9 6.8 4.2 3.0 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 300 347 80,782 215,016 237,404 13.3 13.6 36.2 41.5 8.3 7.2 1.9 1.5 24.6 23.2 0.5 0.4

TVS Motor Accumulate 32 35 1,513 7,715 8,584 6.0 6.1 5.0 5.8 6.4 5.5 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 546 461 11,564 8,073 9,052 5.5 6.9 11.5 16.9 47.4 32.2 4.3 4.1 9.3 13.1 1.4 1.2BGR Energy Buy 107 140 771 3,756 4,569 11.4 9.7 21.7 24.1 4.9 4.4 0.6 0.5 22.3 20.3 0.5 0.5

BHEL Neutral 159 - 38,819 44,054 39,326 16.8 15.1 20.6 16.1 7.7 9.9 1.7 1.5 23.5 16.1 0.8 0.8

Blue Star Buy 153 230 1,376 2,896 3,087 5.6 6.2 9.3 11.7 16.4 13.1 2.7 2.3 17.6 19.2 0.5 0.5

Crompton Greaves Buy 88 117 5,616 13,446 15,272 6.7 7.6 6.6 8.9 13.2 9.9 1.5 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 19 - 158 3,360 3,597 9.7 9.8 7.3 10.2 2.6 1.9 0.5 0.5 8.8 11.4 0.3 0.3

KEC International Buy 31 49 788 7,709 8,399 6.7 7.2 6.1 8.5 5.1 3.6 0.6 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 602 - 7,173 5,780 6,430 9.5 9.6 29.8 33.0 20.2 18.2 3.4 3.0 17.9 17.4 1.1 0.9

Cement

ACC Accumulate 1,194 1,361 22,419 11,820 13,254 19.3 20.9 74.9 93.1 16.0 12.8 2.8 2.5 18.1 20.3 1.6 1.4


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

14/20



Cement

Ambuja Cements Neutral 171 - 26,408 10,171 11,762 23.5 24.6 10.2 12.2 16.8 14.0 2.8 2.5 17.1 18.7 2.1 1.7

India Cements Neutral 53 - 1,619 4,929 5,434 17.4 17.1 8.9 10.9 5.9 4.8 0.5 0.4 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 71 143 835 2,247 2,742 21.0 23.1 17.8 21.8 4.0 3.3 0.6 0.5 15.5 16.4 0.3 0.7

Madras Cements Neutral 183 - 4,343 4,234 4,788 23.9 24.0 18.5 22.8 9.9 8.0 1.6 1.4 17.2 18.2 1.4 1.1

Shree Cement^ Neutral 4,421 - 15,400 6,607 7,520 27.5 26.7 322.8 374.3 13.7 11.8 3.4 2.7 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,854 - 50,823 21,947 25,049 23.8 23.8 106.1 119.8 17.5 15.5 2.9 2.5 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 52 84 821 1,928 2,234 21.0 21.5 6.0 7.4 8.7 7.0 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 8 - 149 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.8) (22.3) 0.3 0.3 0.5 0.5

IRB Infra Buy 89 157 2,946 3,997 4,312 45.5 46.4 15.7 16.6 5.6 5.3 0.8 0.7 15.2 14.5 3.2 3.4

ITNL Buy 137 230 2,656 7,444 8,041 27.4 28.9 29.8 32.1 4.6 4.3 0.6 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 13 29 391 5,673 5,892 8.1 8.4 1.4 1.8 8.8 7.0 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 43 90 9,542 14,850 15,631 24.9 25.1 2.5 2.9 17.0 15.1 0.7 0.7 4.2 4.7 2.5 2.4

Larsen & Toubro Buy 854 1,128 78,976 68,946 78,040 10.0 10.0 49.0 55.2 17.4 15.5 2.5 2.3 14.9 15.3 1.3 1.1

Nagarjuna Const. Buy 24 42 620 6,167 6,945 8.0 8.2 2.7 3.6 9.0 6.6 0.3 0.2 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 29 - 956 12,954 14,740 9.9 9.9 0.5 0.9 56.7 30.9 0.3 0.3 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 83 139 1,257 2,462 2,731 10.6 10.6 5.9 6.7 14.2 12.5 1.4 1.3 10.2 10.5 0.8 0.7

Simplex Infra Buy 70 131 347 6,308 7,033 9.5 9.6 11.9 18.7 5.9 3.8 0.3 0.2 4.5 6.7 0.5 0.5

Unity Infra Buy 22 41 166 2,146 2,339 13.7 13.8 11.0 11.5 2.0 2.0 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 79 95 3,930 6,705 7,535 2.5 2.5 27.6 33.2 2.9 2.4 0.4 0.4 12.5 13.6 - -

Andhra Bank Neutral 75 - 4,191 5,180 5,815 2.7 2.7 19.0 22.9 3.9 3.3 0.5 0.5 12.0 13.2 - -

Axis Bank Buy 1,128 1,441 52,898 19,280 22,886 3.3 3.3 130.7 157.1 8.6 7.2 1.4 1.2 17.3 18.1 - -Bank of Baroda Accumulate 582 642 24,534 16,287 18,707 2.2 2.3 120.6 144.6 4.8 4.0 0.7 0.6 15.0 16.0 - -

Bank of India Buy 192 236 11,456 14,459 16,176 2.3 2.2 55.2 68.2 3.5 2.8 0.5 0.4 13.7 15.1 - -

Bank of Maharashtra A ccumulate 48 54 3,145 4,291 4,724 3.0 3.0 12.1 12.9 3.9 3.7 0.6 0.5 16.2 15.3 - -

Canara Bank Neutral 294 - 13,037 12,045 13,495 2.1 2.2 76.7 86.4 3.8 3.4 0.6 0.5 14.1 14.2 - -

Central Bank Neutral 57 - 5,949 8,406 9,546 2.5 2.5 12.6 18.7 4.5 3.0 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 312 360 4,763 5,554 6,156 2.0 2.0 94.9 104.9 3.3 3.0 0.5 0.4 14.3 14.2 - -

Dena Bank Neutral 61 - 2,142 3,255 3,623 2.3 2.4 22.0 24.9 2.8 2.5 0.4 0.4 14.7 14.7 - -

Federal Bank Neutral 347 - 5,930 2,802 3,275 2.9 2.9 49.8 56.6 7.0 6.1 0.8 0.8 12.7 13.1 - -


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

15/20



Financials

HDFC Accumulate 801 867 124,555 8,679 10,350 3.6 3.6 37.5 44.7 21.4 18.0 4.5 4.0 30.1 30.7 - -

HDFC Bank Accumulate 654 745 156,271 27,392 33,264 4.6 4.6 36.3 45.1 18.0 14.5 3.6 3.1 21.9 22.8 - -

ICICI Bank Buy 935 1,160 107,956 26,119 30,474 3.1 3.2 86.2 99.5 10.9 9.4 1.5 1.3 15.7 16.2 - -

IDBI Bank Neutral 70 - 9,389 9,518 10,468 2.0 2.0 15.5 22.1 4.6 3.2 0.5 0.4 10.2 13.3 - -

Indian Bank Accumulate 100 113 4,278 6,077 6,845 2.9 3.0 35.2 41.0 2.8 2.4 0.4 0.4 14.1 14.8 - -

IOB Neutral 46 - 4,214 8,028 9,204 2.4 2.6 12.5 19.7 3.6 2.3 0.3 0.3 9.1 13.1 - -

J & K Bank Neutral 1,179 - 5,716 3,101 3,427 3.6 3.6 215.5 210.3 5.5 5.6 1.0 0.9 19.9 16.9 - -LIC Housing Finance Accumulate 195 211 9,826 2,180 2,732 2.4 2.5 26.3 32.1 7.4 6.1 1.3 1.2 19.0 19.9 - -

Oriental Bank Buy 165 203 4,821 6,790 7,676 2.6 2.7 55.7 62.3 3.0 2.7 0.4 0.4 12.8 12.9 - -

Punjab Natl.Bank Accumulate 628 718 22,209 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.6 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 22 - 2,969 1,800 2,023 2.7 2.7 3.7 4.2 6.0 5.3 0.9 0.8 16.2 16.2 - -

St Bk of India Buy 1,799 2,077 123,089 66,417 76,734 3.0 3.0 227.4 284.8 7.9 6.3 1.2 1.0 15.4 17.1 - -

Syndicate Bank Buy 103 121 6,176 7,125 8,188 2.6 2.6 27.4 27.9 3.8 3.7 0.6 0.5 16.2 14.6 - -

UCO Bank Neutral 64 - 4,824 6,545 6,859 2.7 2.6 14.8 15.7 4.3 4.1 0.8 0.7 14.4 13.6 - -

Union Bank Buy 146 178 8,695 11,101 12,543 2.6 2.6 39.3 47.4 3.7 3.1 0.5 0.5 14.1 15.2 - -

United Bank Neutral 44 - 1,630 3,386 3,884 2.3 2.5 12.4 20.0 3.5 2.2 0.4 0.3 10.0 14.7 - -

Vijaya Bank Accumulate 43 47 2,111 2,714 3,046 1.9 2.0 9.2 10.8 4.6 3.9 0.5 0.5 10.7 11.5 - -

Yes Bank Neutral 374 - 13,441 4,451 5,526 2.8 2.8 43.0 49.7 8.7 7.5 1.9 1.6 23.9 22.8 - -

FMCG

Asian Paints Neutral 5,079 - 48,721 12,332 14,524 16.3 16.1 138.9 160.4 36.6 31.7 11.6 9.2 35.2 32.5 3.9 3.2

Britannia Neutral 722 - 8,642 6,417 7,502 6.1 6.3 21.3 25.5 34.0 28.4 11.0 8.8 35.7 34.6 1.3 1.1

Colgate Neutral 1,451 - 19,737 3,588 4,130 20.5 20.9 44.2 51.8 32.8 28.1 32.0 23.3 108.6 96.2 5.3 4.6

Dabur India Neutral 171 - 29,799 7,183 8,340 16.8 16.8 5.4 6.3 31.8 27.2 12.4 9.6 41.5 40.1 4.1 3.5

GlaxoSmith Con* Neutral 5,016 - 21,096 3,617 4,259 16.1 16.4 122.2 148.7 41.1 33.7 12.8 10.3 34.1 33.7 5.4 4.5

Godrej Consumer Neutral 888 - 30,204 7,801 9,017 16.2 15.9 25.1 29.7 35.3 29.9 7.6 6.3 24.9 24.2 4.0 3.4

HUL Neutral 687 - 148,454 29,167 33,164 13.6 13.7 17.1 18.4 40.2 37.3 38.6 28.0 113.4 87.0 5.0 4.3

ITC Neutral 359 - 283,737 34,294 39,991 36.8 37.0 11.3 13.3 31.8 26.9 10.5 8.5 36.1 34.9 8.0 6.8

Marico Neutral 218 - 14,057 5,273 6,044 14.8 14.9 7.3 8.7 30.0 25.2 5.9 4.8 21.4 21.0 2.7 2.3

Nestle* Neutral 5,561 - 53,619 9,447 10,968 22.1 22.3 127.5 154.1 43.6 36.1 21.8 15.8 57.7 50.7 5.7 4.8

Tata Global Neutral 152 - 9,384 8,069 8,957 9.8 9.7 7.8 8.6 19.4 17.7 2.3 2.2 9.5 9.7 1.1 1.0


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

16/20



IT

HCL Tech^ Neutral 902 - 62,875 29,424 32,837 22.6 22.0 59.5 63.3 15.2 14.2 3.7 3.0 24.6 21.7 2.0 1.7

Hexaware* Accumulate 113 123 3,376 2,213 2,479 21.5 20.5 12.1 12.9 9.3 8.8 2.3 2.0 25.4 23.5 1.4 1.2

Infosys Neutral 2,916 - 167,442 47,001 51,196 26.2 26.4 171.3 189.4 17.0 15.4 3.5 3.0 20.4 19.3 2.9 2.5

Infotech Enterprises Accumulate 180 190 2,010 2,052 2,263 17.2 17.6 20.7 22.5 8.7 8.0 1.3 1.1 14.9 14.0 0.6 0.5

KPIT Cummins Accumulate 132 144 2,556 2,614 2,923 17.2 16.8 13.2 14.4 10.1 9.2 1.8 1.5 18.5 16.7 0.9 0.8

Mindtree Accumulate 956 1,050 3,973 2,768 3,006 19.7 19.9 103.1 105.3 9.3 9.1 2.2 1.8 24.8 20.3 1.1 0.9

Mphasis& Neutral 391 - 8,212 6,372 6,852 18.0 18.2 38.0 43.5 10.3 9.0 1.5 1.3 14.3 14.2 0.8 0.6NIIT Buy 17 30 278 1,144 1,267 9.0 9.1 4.3 5.4 3.9 3.1 0.4 0.4 10.3 12.0 - -

Persistent Accumulate 537 595 2,150 1,505 1,677 25.9 26.2 53.6 59.7 10.0 9.0 1.8 1.5 17.7 16.7 1.0 0.8

TCS Accumulate 1,793 2,060 350,998 79,005 91,576 29.7 30.0 88.6 103.1 20.2 17.4 6.4 5.1 31.5 29.2 4.2 3.6

Tech Mahindra Accumulate 1,178 1,250 27,367 8,102 8,709 19.7 19.2 107.5 117.0 11.0 10.1 2.3 1.9 21.2 18.9 3.4 3.1

Wipro Neutral 376 - 92,725 41,659 45,137 21.2 21.4 27.7 29.9 13.6 12.6 2.8 2.4 20.5 19.0 1.7 1.5

Media

D B Corp Accumulate 270 302 4,959 1,783 1,968 25.2 26.8 14.6 17.2 18.6 15.7 4.8 4.1 23.9 24.2 2.7 2.4

HT Media Buy 98 117 2,297 2,205 2,380 15.1 15.6 8.3 9.3 11.8 10.6 1.4 1.3 11.6 11.6 0.7 0.5

Jagran Prakashan Buy 90 107 2,976 1,664 1,825 20.9 23.0 6.4 7.8 14.0 11.6 2.8 2.5 21.0 23.1 1.9 1.7

PVR Neutral 343 - 1,362 1,359 1,540 17.3 17.4 17.2 21.6 19.9 15.9 2.0 1.8 10.3 12.0 1.4 1.3

Sun TV Network Neutral 386 - 15,229 2,287 2,551 69.7 70.5 20.0 23.3 19.3 16.6 4.8 4.2 26.4 27.3 6.3 5.5

Metals & Mining

Bhushan Steel Neutral 460 - 10,425 13,794 17,088 30.9 33.5 49.3 66.6 9.3 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 294 345 185,954 72,174 76,311 33.3 28.4 28.4 30.9 10.4 9.5 2.9 2.4 37.6 36.2 1.7 1.6

Electrosteel Castings Buy 12 18 395 1,976 2,017 11.8 12.7 1.3 2.6 9.6 4.7 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 99 155 3,145 1,920 2,239 53.2 52.9 21.6 25.0 4.6 4.0 1.0 0.9 25.1 23.8 1.2 0.8Hind. Zinc Buy 102 145 43,119 12,358 13,659 51.4 51.6 16.0 17.6 6.4 5.8 1.2 1.0 19.4 18.4 1.2 0.7

Hindalco Neutral 102 - 19,557 89,352 93,672 8.8 9.2 13.4 15.0 7.6 6.8 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 567 - 13,695 47,613 48,385 17.4 18.8 81.8 109.6 6.9 5.2 0.7 0.7 11.1 13.4 0.6 0.5

MOIL Buy 195 248 3,279 1,010 1,046 46.5 47.6 26.8 28.8 7.3 6.8 1.1 0.9 15.4 14.7 0.9 0.6

Monnet Ispat Buy 114 193 724 2,326 2,709 21.4 23.1 33.3 43.1 3.4 2.6 0.3 0.2 8.3 9.9 1.3 1.0

Nalco Neutral 29 - 7,564 7,656 7,988 13.1 13.5 2.6 2.6 11.5 11.2 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 104 140 41,253 10,610 11,400 66.3 64.2 15.6 16.1 6.7 6.5 1.4 1.2 21.3 19.9 1.8 1.6

SAIL Neutral 43 - 17,904 44,060 54,786 9.4 11.5 5.2 7.2 8.3 6.1 0.4 0.4 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

17/20



Metals & Mining

Sesa Goa Buy 140 166 12,163 3,742 4,426 32.9 32.8 30.0 29.8 4.7 4.7 0.6 0.6 14.3 12.5 4.0 3.3

Sterlite Inds Buy 80 100 26,986 44,462 45,568 23.2 24.7 18.1 20.2 4.4 4.0 0.5 0.4 11.3 11.4 0.5 0.5

Tata Steel Buy 223 378 21,663 140,917 151,537 9.7 10.8 30.9 47.6 7.2 4.7 0.7 0.6 9.6 13.4 0.5 0.5

Sarda Buy 94 153 337 1,494 1,568 19.1 20.3 31.3 36.5 3.0 2.6 0.3 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 31 40 418 2,615 2,776 12.1 12.0 9.8 10.4 3.2 3.0 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 72 102 236 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.5 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Accumulate 305 345 58,208 16,482 16,228 69.4 53.3 53.3 49.6 5.7 6.2 0.9 0.8 16.5 13.6 2.2 1.8

GAIL Neutral 329 - 41,682 52,102 52,876 15.7 16.1 34.1 35.7 9.6 9.2 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 305 387 261,071 170,063 198,461 36.3 38.3 34.7 41.9 8.8 7.3 1.5 1.3 18.3 19.5 1.3 0.9

Reliance Industries Neutral 891 - 287,705 397,546 421,695 9.4 8.6 75.0 76.4 11.9 11.7 1.3 1.2 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 201 - 2,572 3,707 3,850 11.7 12.4 23.7 25.7 8.5 7.8 2.4 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 286 - 3,998 3,700 4,218 23.4 22.8 26.7 30.4 10.7 9.4 2.2 1.9 22.7 21.8 1.2 0.9

Petronet LNG Buy 124 167 9,266 40,356 40,872 5.8 6.4 15.0 16.7 8.2 7.4 1.7 1.5 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 54 - 3,011 1,171 1,287 91.9 91.9 10.1 11.3 5.3 4.7 0.9 0.7 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Neutral 153 - 2,893 1,736 2,008 17.1 18.9 10.7 13.9 14.3 11.0 4.5 3.4 35.0 34.7 1.7 1.5

Aurobindo Pharma Buy 179 271 5,208 6,641 7,637 15.9 15.9 17.3 20.6 10.3 8.7 1.7 1.4 19.5 18.9 1.2 1.0

Aventis* Neutral 2,369 - 5,456 1,682 1,917 16.6 16.6 92.4 99.1 25.6 23.9 3.6 3.6 15.7 14.8 2.9 2.3

Cadila Healthcare Buy 738 929 15,115 7,280 8,640 15.5 15.7 38.3 46.5 19.3 15.9 4.1 3.4 23.5 23.5 2.4 2.0

Cipla Buy 410 477 32,900 9,274 10,796 23.1 23.1 21.0 23.8 19.5 17.2 3.1 2.7 17.2 16.8 3.3 2.7

Dr Reddy's Accumulate 2,320 2,535 39,446 13,377 15,350 20.4 20.1 112.3 126.8 20.7 18.3 4.4 3.7 23.5 21.8 3.0 2.6Dishman Pharma Buy 54 168 432 1,394 1,534 22.5 22.4 15.0 16.8 3.6 3.2 0.4 0.3 11.0 11.2 0.9 0.8

GSK Pharma* Neutral 2,425 - 20,538 2,854 3,145 28.6 28.6 76.6 83.3 31.7 29.1 9.5 8.6 31.1 31.0 6.3 5.7

Indoco Remedies Buy 64 78 593 760 922 15.3 15.3 6.1 7.8 10.6 8.3 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 658 - 8,301 3,243 3,826 20.5 21.5 36.0 44.4 18.3 14.8 4.3 3.4 26.0 25.4 2.7 2.3

Lupin Neutral 864 - 38,706 11,641 13,933 21.3 21.3 34.8 41.8 24.8 20.7 5.8 4.6 26.2 24.8 3.4 2.7

Ranbaxy* Buy 311 384 13,140 11,400 12,060 10.5 12.5 17.5 22.5 17.8 13.8 2.9 2.5 17.0 19.1 1.1 1.0

Sun Pharma Neutral 1,094 - 113,102 13,509 15,846 41.0 41.0 33.0 39.8 33.2 27.5 6.7 5.5 22.0 22.0 7.8 6.5

Power

GIPCL Buy 63 78 952 1,444 1,482 33.4 33.0 13.7 14.8 4.6 4.3 0.5 0.5 12.3 12.0 0.7 0.5

NTPC Buy 140 163 115,478 76,734 86,680 24.5 24.3 13.4 14.5 10.5 9.7 1.3 1.2 12.8 12.7 2.2 2.1


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

18/20



Real Estate

DLF Buy 175 236 31,164 8,293 9,622 36.5 36.1 5.7 6.7 30.7 26.0 1.1 1.1 3.7 4.1 5.9 4.9

MLIFE Accumulate 450 476 1,836 888 1,002 30.6 30.6 38.8 43.4 11.6 10.4 1.3 1.2 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Neutral 337 - 134,592 85,489 94,229 31.9 31.9 10.2 14.6 32.9 23.0 2.4 2.2 7.2 9.4 2.3 2.0

Idea Cellular Neutral 160 - 52,917 25,640 28,459 26.9 27.2 4.0 4.9 39.9 32.3 3.4 3.0 8.4 9.4 2.5 2.2

Rcom Neutral 137 - 28,329 22,751 24,628 30.9 31.3 3.4 5.3 40.0 26.1 0.8 0.8 2.1 3.1 2.8 2.5

OthersAbbott India* Buy 1,416 1,659 3,009 1,863 2,081 11.8 12.4 71.2 83.0 19.9 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 180 237 1,798 3,885 4,472 5.4 7.2 11.0 19.7 16.5 9.1 2.2 1.9 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 519 613 656 631 797 14.5 13.7 42.6 51.1 12.2 10.2 2.9 2.3 26.5 25.3 1.0 0.8

Cravatex Buy 260 459 67 248 284 6.5 7.3 27.2 38.2 9.6 6.8 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 58 68 886 2,563 2,899 9.8 9.8 10.1 11.3 5.8 5.1 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 238 437 310 2,304 2,649 3.1 3.6 28.0 43.7 8.5 5.4 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 326 345 751 1,458 1,542 8.3 9.0 32.3 37.0 10.1 8.8 1.8 1.6 19.5 19.3 0.3 0.3

Hitachi Buy 117 177 318 1,053 1,169 6.3 7.1 13.8 17.7 8.5 6.6 1.2 1.0 15.0 16.7 0.3 0.3

Honeywell Automation* Neutral 2,424 - 2,143 1,842 2,131 7.7 7.8 112.4 132.4 21.6 18.3 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 135 198 122 495 651 12.7 12.9 29.3 39.5 4.6 3.4 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 164 234 189 1,430 1,573 11.1 11.0 19.1 26.9 8.6 6.1 0.5 0.4 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 177 199 2,932 1,220 1,476 13.3 13.6 5.5 9.0 32.0 19.5 3.7 3.3 12.1 17.7 2.7 2.2

MRF Neutral 13,877 - 5,885 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.7 7.7 1.6 1.4 23.5 19.2 0.6 0.5

Page Industries Neutral 4,479 - 4,996 1,057 1,282 19.4 19.6 124.8 153.7 35.9 29.1 17.8 13.1 56.3 51.8 4.8 4.0

Relaxo Footwears Buy 687 791 824 1,146 1,333 10.9 11.4 45.9 60.9 15.0 11.3 3.1 2.5 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 235 311 220 1,158 1,322 10.8 11.2 62.1 77.8 3.8 3.0 0.6 0.5 17.2 18.4 0.4 0.4Styrolution ABS India* Buy 408 617 717 1,068 1,223 9.6 9.6 38.1 44.1 10.7 9.3 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 58 108 366 300 319 35.8 36.2 7.9 9.1 7.4 6.4 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 259 371 398 814 849 17.0 17.6 64.6 69.2 4.0 3.7 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 573 686 445 435 516 6.2 7.1 24.3 33.3 23.6 17.2 3.9 3.3 17.6 20.8 0.9 0.7

Tree House Neutral 290 - 1,042 153 194 53.0 52.8 12.4 15.6 23.4 18.5 2.8 2.4 11.8 13.1 7.0 5.4

TVS Srichakra Buy 174 230 134 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.6 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,707 - 39,339 12,294 14,162 12.0 12.0 42.1 67.7 64.3 40.0 4.5 4.1 9.1 10.7 3.5 3.0

Vesuvius India* Accumulate 382 439 775 600 638 20.1 19.4 35.7 36.6 10.7 10.5 1.9 1.7 19.4 17.1 1.1 1.0


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

19/20



Others

HSIL Buy 87 117 575 2,042 2,363 14.6 14.8 12.3 16.5 7.1 5.3 0.5 0.5 7.6 9.4 0.7 0.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 25, 2013


Market Outlook

Stock Watch

July 26, 2013

7/27/2019 Market Outlook, 26-07-2013

20/20

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

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