Market Outlook

October 11, 2012

Dealers Diary

Domestic Indices

The Indian markets are expected to open in the green today, tracking a positive
opening of the SGX Nifty in early trade. Most of the Asian markets are trading in
the negative zone.

BSE Sensex

(0.9)

Nifty

(0.9)

(52.9)

5,652

MID CAP

(1.3)

(85.3)

6,595

SMALL CAP

(1.5)

(108.8)

7,048

BSE HC

(0.8)

(58.8)

7,543

BSE PSU

(1.3)

(97.0)

7,356

BANKEX

(1.3)

(172.3) 12,971

AUTO

(0.7)

(72.1) 10,284

METAL

(0.9)

(90.8) 10,459

OIL & GAS

(0.6)

(50.0)

8,518

BSE IT

(0.8)

(48.0)

5,844

Chg (%)

(Pts)

(Close)

The US market moved lower consecutively for the third day with major averages
falling to their lowest levels in a month. The US market was weighed down by
concerns about the outlook for the global economy. Traders largely shrugged off
the release of the Federal Reserves Beige Book report which said economic activity
generally expanded while conditions in the manufacturing sector were described as
mixed since the last report. The European markets continued to be under pressure
due to concerns over the situation in Greece and Spain. Spanish Prime Minister
Mariano Rajoy is due to meet French President Francois Hollande during which
they are expected to discuss about the economic scenario in the Eurozone.

PIVOT

R1

(0.4)

(13.2)

3,052

FTSE

(0.6)

(33.5)

5,777

Nikkei

(2.0) (173.4)

8,596

Hang Seng

(0.1)

(17.7) 20,920

Straits Times

(1.1)

(32.1)

3,034

0.2

4.7

2,120

Chg (%)

(Pts)

(Close)

INFY

(1.2)

(0.6)

$46.9

R2

WIT

(0.7)

(0.1)

$8.6

(1.5)

(0.6)

$39.7

(1.6)

(0.6)

$37.5

Shanghai Com
Indian ADRs

SENSEX

18,536

18,583

18,662

18,710

18,788

IBN

NIFTY

5,622

5,637

5,662

5,677

5,701

HDB

News Analysis

(161.9) 18,631

NASDAQ

The trend deciding level for the day is 18,662 / 5,662 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,710 18,788 / 5,677 5,701 levels. However, if NIFTY trades below
18,662 / 5,662 levels for the first half-an-hour of trade then it may correct up to
18,583 18,536 / 5,637 5,622 levels.
S1

(Close)

(1.0) (128.6) 13,345

Markets Today

S2

(Pts)

Dow Jones

Meanwhile, the Indian markets fell sharply on Wednesday after global credit rating
agency S&P said that there is a significant chance of it cutting Indias credit rating
in future, expressing concerns over Indias large fiscal and budget deficits.

Indices

Global Indices

Chg (%)

S&P views Eurozone situation as a main threat to Asia-Pacific sovereigns

SIAM lowers growth outlook for automotive industry for FY2013
Tata Steel 2QFY2013 Production numbers
UB scrip under SEBI lens to check for securities law violation
2QFY2013 Result Review: Cera Sanitaryware

Advances / Declines

BSE

NSE

Advances

933

365

1,965

1,111

132

43

Declines
Unchanged

Refer detailed news analysis on the following page

Volumes (` cr)

Net Inflows (October 09, 2012)

BSE

2,054

NSE

10,391

` cr

Purch

Sales

Net

MTD

YTD

FII

2,334

1,681

653

26,342

69,270

229

305

(76)

(4,080)

(10,788)

MFs

FII Derivatives (October 10, 2012)

` cr

Purch

Sales

Net

Open Interest

Index Futures

1,212

2,224

(1,012)

15,423

Stock Futures

910

1,334

(424)

29,599

Gainers / Losers
Gainers
Company
IIFL
Container corp.
JP Assoc.
Max India
Financial Tech

www.angelbroking.com

Losers

Price (`)

chg (%)

Company

Price (`)

chg (%)

66

3.8

GMR Infra

23

(9.0)

1,040

3.3

Lanco Infra

14

(8.5)

87

2.6

Indiabulls Real

61

(8.0)

225

2.5

Unitech

23

(6.3)

1,010

2.5

IVRCL

44

(6.2)

Market Outlook
October 11, 2012

S&P views Eurozone situation as a main threat to Asia-Pacific

sovereigns
Despite decisive actions by Eurozone policymakers, the ratings agency Standard &
Poor's (S&P) believes that risks of instability from the euro crisis are still substantial
and it is likely to remain the main threat to credit ratings of Asia-Pacific sovereigns
during 2012-2013.
In the Indian context, S&P warned that there is a 1 in 3 likelihood of the economy
facing a credit rating downgrade in the next 24 months. In its view, a downgrade
is likely in case the country's economic growth prospects dim, its external position
deteriorates, its political climate worsens, or fiscal reforms slow.
In April 2012, the ratings agency revised India's rating outlook from stable to
negative. Amongst others structural reforms, failure to reign in the fiscal deficit
which the rating agency has pegged at 6% of GDP is likely to lead to downgrade
of the economy's sovereign rating from the lowest investment grade 'BBB-' to
speculative grade.
However, the ratings agency acknowledged that the recent policy measures taken
by the government will support India's medium to long-term growth prospects. In
addition, it reaffirmed that the implementation of reforms will remain a key factor
in determining the economys sovereign ratings. We believe that by taking credible
measures towards fiscal consolidation and maintaining the momentum on the
reform agenda, the government could expect a positive improvement in the longterm growth outlook of the economy.

SIAM lowers growth outlook for automotive industry for FY2013

The Society of Indian Automobile Manufacturers (SIAM) has scaled down its growth
projections for the automotive industry for FY2013 in the wake of the slowdown in
demand led by macro-economic concerns, increase in vehicle and fuel prices and
higher levels of inflation. SIAM now expects total vehicle sales to grow by 5-7% in
FY2013 as against 11-13% previously. While the growth outlook has been lowered
across the segments, outlook for passenger cars sales has been significantly
lowered on account of continued slowdown in demand due to high interest rates,
slowing economic growth and increase in fuel prices. The outlook for two-wheeler
sales has also been revised considerably as demand remains extremely weak led
by weak economic environment, lower rural income and sharp increase in fuel
prices.

FY2013 Growth estimates (%)

Segment

Earlier

Revised

Passenger cars

9-11

1-3

Utility vehicles

29-31

50-52

Total passenger vehicles

11-13

8-10

6-8

3-5

Total commercial vehicles

Two-wheelers
Three-wheelers
Total automotive

11-13

5-7

0-2

0-2

11-13

5-7

Source: SIAM, Angel Research

We believe that the scaling down of growth of the automotive sector is on the
expected lines as the industry has been reporting weak monthly sales amidst

www.angelbroking.com

Market Outlook
October 11, 2012

production cuts, temporary plant shutdowns and high levels of dealer inventory.
Total industry volumes registered a growth of 2.1% YTD in FY2013 (8.2% in
1QFY2013) with almost all the segments of the industry except light commercial
vehicles (LCV, up 16% yoy) and utility vehicles (UV, up 55.6% yoy) seeing
significant moderation in demand. Going ahead, we expect the demand
environment to remain weak in 2HFY2013 as well; however, festival season
buying may lead to slight improvement in volumes.

Tata Steel 2QFY2013 Production numbers

In 2QFY2013 Tata Steel Hot metal production increased by 6.4% yoy to 2.1mn
tonnes, crude steel production increased by 10.6% yoy to 1.9mn tonnes and
saleable steel production increased 9.3% yoy to 1.8mn tonnes. The deliveries also
increased by 4.9% yoy to 1.7mn tonnes. The company stated that it has ramped
up its production and reached an annual run rate of 7.7mn tonnes and the
recently commissioned new plants at the Jamshedpur brownfield expansion have
achieved their planned targets for 2QFY2013. We maintain our Buy rating on Tata
Steel with a target `481.

UB scrip under Sebi lens to check for securities law violation

The capital market regulator, Securities and Exchange Board of India (SEBI), has
started a probe into last few months' stock price movement in companies
belonging to Vijay Mallya-controlled UB Group such as United Breweries Holding,
United Breweries and United Spirits. SEBI is investigating into the unusual price
movements of these stocks to assess if there are any securities law violations such
as insider trading. SEBI recently wrote to the UB Group in connection with this
probe and the company has responded to all queries raised by the regulator, a
spokesperson for the UB Group said on Wednesday. We have a neutral view on
United Spirits.

2QFY2013 Result Review

Cera Sanitaryware Ltd (CMP: `362, TP: `411, Upside: 14%)
Cera Sanitaryware Ltd (CSL) reported strong set of numbers for 2QFY2013. Top
line soar by 23.1% sequentially to `111cr and was 18.5% higher than our
expectations of `94cr. The companys EBITDA came in at `18.4cr 18.1% higher
sequentially attributable mainly to higher top-line. EBITDA margin came in at
16.5%, in-line with our estimate, but was sequentially lower by 70bp. The net raw
material cost as percentage of sales rose by 470bps to 42.2% from 37.5% in
previous quarter but the impact was offset to some extent owing to dip in
employee (224bps) and other expenses (172bps). Net profit rose by 19.7%
sequentially to `11cr from `9.2 in prior period. We recommend Accumulate on
the stock with a target price of `411, based on a target P/E of 11x for FY2014E.

www.angelbroking.com

Y/E

Sales

OPM

PAT

Mar
FY2013E
FY2014E

EPS

ROIC

P/E

P/BV

EV/EBITDA

EV/sales

(` cr)

(%)

(` cr)

(`)

(%)

(x)

(x)

(x)

(x)

427

16.6

41

32.4

30.0

11.2

2.6

6.9

1.2

528

15.7

47

37.4

26.4

9.7

2.1

6.1

1.0

Market Outlook
October 11, 2012

Quarterly Bloomberg Brokers Consensus Estimate

HDFC Bank - (12/10/2012)
Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

1,549

1,565

(1)

1,417

Net profit

Infosys Ltd - Consolidated (12/10/2012)

Particulars (` cr)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

Net sales

9,919

8,099

22

9,616

Net profit

2,375

1,906

25

2,289

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

1,116

920

21

1,154

(3)

2QFY13E

2QFY12

y-o-y (%)

1QFY13

q-o-q (%)

95,129

78,569

21

91,875

7,996

9,844

(19)

6,747

19

8.4

12.5

5,239

5,703

Axis Bank - (15/10/2012)

Particulars (` cr)
Net profit

Reliance Industries Ltd (15/10/2012)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit

7.3
(8)

4,473

Economic and Political News

PM says failure to stop bribery will be punished

Net Direct tax collections rise 16% during April-September
India to see strong IT spends: Gartner

Corporate News

Australian government clears GVKs coal terminal project

Peninsula land inks deal with Bhattads to develop 19-acre plot in Mumbai
Vijaya Bank ups deposit rates, cuts home, car loan rates
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

www.angelbroking.com

17

Market Outlook
October 11, 2012

Result Calendar
Date

Company

October 11, 2012

Sintex, Electrosteel Castings

October 12, 2012

Infosys, HDFC Bank

October 13, 2012

HT Media

October 14, 2012

October 15, 2012

Reliance Industries, Axis Bank, LMW

October 16, 2012

Mindtree

October 17, 2012

HCL Tech, CRISIL, Infotech Enterprises

October 18, 2012

Hind. Zinc, Ambuja Cements, ACC, Persistent

October 19, 2012

ITC, Mundra Port, Adani Power, Petronet LNG, Exide Industries, Zee Entertainment, South Ind.Bank, Tata Sponge

October 20, 2012

Bajaj Auto, UltraTech Cement, Federal Bank

October 21, 2012

October 22, 2012

HDFC, Larsen & Toubro, Cairn India, Idea Cellular

October 23, 2012

Hero Motocorp, Lupin

October 24, 2012

October 25, 2012

Adani Enterp., M&M, Kotak Mah. Bank, Asian Paints, Ipca labs

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Country

Event Description

Unit

Period

Bloomberg Data
Last Reported

Estimated

Oct 6

367.00

370.00

Oct 11 2012 12:00AM US

Initial Jobless claims

Thousands

Oct 12 2012 12:00AM US

Producer Price Index (mom)

% Change

Sep

1.70

0.80

Industrial Production YoY

% Change

Aug

0.10

1.00

Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)

% Change

Sep

2.70

5.70

% Change

Sep

7.55

7.70

% Change

Sep

2.00

1.90

CPI (YoY)

% Change

Sep

2.50

--

India
Oct 13 2012 12:00AM China
Oct 15 2012 12:00AM India
China
Oct 16 2012 12:00AM UK
Euro Zone

Euro-Zone CPI (YoY)

Sep

2.60

--

US

Industrial Production

Sep

(1.16)

0.25

US

Consumer price index (mom)

% Change

Sep

0.60

0.50

Housing Starts

Thousands

Sep

750.00

770.00

US

Building permits

Thousands

Sep

801.00

815.00

UK

Jobless claims change

% Change

Sep

(15.00)

--

Industrial Production (YoY)

% Change

Sep

8.90

9.00

Real GDP (YoY)

% Change

3Q

7.60

7.40

Millions

Sep

4.82

4.74

Value

Oct A

(25.90)

--

Value

Oct A

49.70

--

Value

Oct A

47.40

--

Thousands

Sep

373.00

--

Oct 24

0.25

--

% Change

3Q A

(0.50)

--

Oct 17 2012 12:00AM US

Oct 18 2012 12:00AM China

China
Oct 19 2012 12:00AM US
Oct 23 2012 12:00AM Euro Zone
Oct 24 2012 12:00AM Germany
Germany

PMI Manufacturing

US

New home sales

US

FOMC rate decision

Oct 25 2012 12:00AM UK

Source: Bloomberg, Angel Research

www.angelbroking.com

Existing home sales

Euro-Zone Consumer
Confidence
PMI Services

GDP (YoY)

Market Strategy
October 11, 2012

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)

10.0

8.0

9.2

9.0

8.5

9.0

8.2

7.5

8.0

6.0
8.0

7.6

6.0
6.7

7.0

6.1

5.7

5.3 5.5

5.0

2.0

(6.0)

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Mfg. PMI

Services PMI

58.0

9.5
7.7

8.0

(1.8)

(5.0)

60.0
9.9

(1.3)

Exhibit 4: Manufacturing and services PMI

(%)

10.0

Dec-11

Nov-11

(2.8)

(4.0)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

6.9

7.4

7.7

7.5

7.6

7.6

6.9

7.6

56.0

Source: MOSPI, Angel Research

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

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

Exhibit 5: Exports and imports growth trends

(%)

Sep-11

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

48.0

Dec-11

50.0

0.0

Nov-11

2.0

Oct-11

52.0

Sep-11

4.0

Oct-11

54.0

6.0

Exhibit 6: Key policy rates

60.0

(%)
9.00

45.0

8.00

30.0

7.00

Exports yoy growth

Imports yoy growth

Repo rate

Reverse Repo rate

CRR
8.00
7.00

6.00
4.50

5.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Source: RBI, Angel Research

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

4.00

Sep-11

(30.0)

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

0.0

Sep-12

15.0

(15.0)

Oct-11

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

4QFY10

3QFY10

2QFY10

1QFY10

4QFY09

Source: CSO, Angel Research

Sep-11

(2.0)

10.0

0.1

1.0

3.5

3.0

12.0

2.7

2.5

Oct-11

4.0

2.5

4.3
3.4

Aug-11

6.0

4.0

Market Outlook
October 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

OPM(%)

EPS ( )

( )

Price ( )

( cr )

FY13E

FY14E

FY13E

FY14E

FY13E

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Agri / Agri Chemical

Rallis

Neutral

145

2,816

1,466

1,686

14.8

14.8

7.0

8.1

20.7

17.9

4.4

3.7

22.6

22.5

2.0

1.7

United Phosphorus

Buy

125

170

5,778

8,421

9,263

16.5

16.5

15.0

17.0

8.4

7.4

1.2

1.1

15.6

15.5

0.8

0.7

Amara Raja Batteries

Neutral

217

3,713

2,844

3,275

15.4

15.6

15.9

18.8

13.7

11.6

3.5

2.8

28.9

26.9

1.2

1.1

Apollo Tyres

Accumulate

86

99

4,342

13,412

15,041

11.3

11.0

12.1

14.2

7.1

6.1

1.3

1.1

19.6

19.2

0.5

0.4

Ashok Leyland

Buy

24

30

6,319

14,920

16,850

9.0

9.3

2.2

2.8

10.9

8.6

2.0

1.8

13.3

15.6

0.5

0.5

Automotive Axle#

Neutral

385

582

993

1,140

11.6

11.5

36.9

43.0

10.4

9.0

2.1

1.8

21.2

21.3

0.7

0.5

Bajaj Auto

Neutral

1,741

50,380

21,285

23,927

18.2

18.3

108.5

121.3

16.0

14.4

6.6

5.4

46.1

41.3

2.1

1.8

Bharat Forge

Accumulate

303

351

7,050

7,004

7,985

16.2

16.4

20.3

25.1

14.9

12.1

2.8

2.3

20.0

20.9

1.2

1.0

Bosch India*

Neutral

8,830

27,725

8,793

10,294

17.4

18.5

348.3

435.8

25.4

20.3

4.9

4.1

19.4

20.1

2.8

2.3

CEAT

Buy

112

164

383

4,989

5,634

8.7

8.5

32.7

41.1

3.4

2.7

0.5

0.4

15.8

16.9

0.3

0.2

Exide Industries

Neutral

154

13,099

5,913

6,787

16.0

17.0

7.4

9.2

20.9

16.8

3.7

3.2

19.1

20.3

1.9

1.6

FAG Bearings*

Neutral

1,764

2,931

1,505

1,768

17.5

18.0

111.2

132.7

15.9

13.3

3.3

2.7

22.8

22.2

1.7

1.4

Hero Motocorp

Accumulate

1,810

2,077

36,142

24,941

28,706

15.0

15.5

122.5

134.0

14.8

13.5

6.5

5.1

49.6

42.2

1.2

1.0

JK Tyre

Buy

106

135

437

7,517

8,329

6.1

6.3

26.2

38.5

4.1

2.8

0.5

0.4

13.4

17.2

0.3

0.3

Auto & Auto Ancillary

Mahindra and Mahindra Accumulate

853

944

52,345

37,434

42,860

11.6

11.5

50.4

56.3

16.9

15.1

3.5

3.0

22.6

21.5

1.2

1.0

Maruti

Neutral

1,378

39,819

41,796

49,350

7.6

8.6

66.6

92.6

20.7

14.9

2.4

2.1

12.0

14.8

0.7

0.6

Motherson Sumi

Neutral

150

8,797

24,285

27,317

6.7

7.2

8.1

10.6

18.6

14.2

3.9

3.2

22.9

24.7

0.5

0.5

Subros

Buy

29

34

175

1,230

1,378

8.8

8.6

4.5

5.7

6.5

5.1

0.6

0.6

9.8

11.8

0.4

0.3

Tata Motors

Buy

268

316

71,385 195,096 219,428

12.8

13.0

39.0

44.9

6.9

6.0

2.0

1.5

32.6

28.8

0.4

0.4

TVS Motor

Buy

41

49

1,969

7,611

8,443

7.9

7.9

4.7

5.4

8.8

7.7

1.5

1.3

17.9

18.1

0.2

0.2

ABB*

Sell

777

593

16,459

8,760

10,023

6.2

8.7

14.5

24.7

53.7

31.4

5.9

5.1

11.6

17.6

1.9

1.7

BGR Energy

Neutral

278

2,009

3,669

4,561

11.0

11.0

24.7

29.6

11.3

9.4

1.7

1.5

15.3

16.7

1.1

1.0

BHEL

Neutral

245

60,003

47,801

43,757

19.0

18.8

25.3

22.8

9.7

10.8

3.0

2.5

34.3

25.3

1.1

1.2

Blue Star

Neutral

207

1,861

3,047

3,328

5.4

6.9

12.5

16.2

16.6

12.7

4.0

3.3

26.1

28.2

0.6

0.5

Crompton Greaves

Accumulate

134

141

8,618

12,691

14,126

7.4

8.9

7.0

9.7

19.2

13.8

2.2

2.0

11.9

15.0

0.7

0.6

Jyoti Structures

Buy

48

54

396

2,622

2,744

10.7

10.5

9.6

12.2

5.0

4.0

0.5

0.5

10.8

12.3

0.4

0.3

KEC International

Accumulate

67

78

1,720

6,858

7,431

7.1

7.5

8.3

9.8

8.1

6.9

1.4

1.2

25.1

24.0

0.4

0.4

LMW

Neutral

2,005

2,259

2,369

2,727

11.7

11.7

143.4

166.0

14.0

12.1

2.3

2.1

17.4

18.4

0.5

0.4

Thermax

Neutral

561

6,682

5,514

5,559

8.9

10.2

26.9

30.3

20.9

18.5

3.6

3.2

18.4

18.2

1.1

1.0

Capital Goods

www.angelbroking.com

Market Outlook
October 11, 2012

Stock Watch
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

Cement
ACC

Neutral

1,423

26,725

10,964

12,417

21.6

21.5

76.9

82.2

18.5

17.3

3.5

3.2

19.5

19.1

2.2

1.9

Ambuja Cements

Neutral

210

32,285

10,163

11,729

25.4

24.9

11.2

12.5

18.8

16.8

4.0

3.6

20.3

20.5

2.7

2.2

India Cements

Neutral

93

2,861

4,354

4,929

18.6

18.7

9.8

12.3

9.5

7.6

0.8

0.8

8.6

10.2

1.1

1.0

J K Lakshmi Cements

Neutral

109

1,335

1,964

2,278

19.5

20.4

16.3

17.9

6.7

6.1

1.0

0.9

14.7

14.6

0.9

1.2

Madras Cements

Neutral

182

4,336

3,608

3,928

27.6

27.0

15.7

18.3

11.6

10.0

1.8

1.6

16.9

17.0

1.9

1.6

Shree Cements^

Neutral

3,925

13,672

5,630

6,187

29.6

27.9

222.5

259.3

17.6

15.1

4.0

3.3

25.3

23.8

1.9

1.5

UltraTech Cement

Neutral

2,050

56,189

20,913

23,530

21.3

22.7

93.2

110.5

22.0

18.6

3.8

3.2

18.4

18.7

2.5

2.3

232

304

1,222

2,034

2,315

22.4

22.4

27.1

31.7

8.6

7.3

1.1

0.9

13.1

13.4

1.8

2.1

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

14

258

2,262

2,522

6.7

7.5

1.5

2.7

9.4

5.3

0.4

0.4

4.4

7.5

0.4

0.4

Hind. Const.

Neutral

18

1,110

4,239

4,522

9.9

11.2

(2.3)

(1.0)

(8.1)

(19.0)

1.0

1.1

(11.4)

(5.6)

1.2

1.2

IRB Infra

Accumulate

149

166

4,951

3,964

4,582

42.3

40.2

15.7

16.9

9.5

8.8

1.5

1.3

16.6

15.8

2.8

2.7

ITNL

Buy

183

232

3,545

6,840

7,767

26.4

26.1

24.4

30.3

7.5

6.0

1.1

1.0

16.0

16.2

2.7

2.9

IVRCL Infra

Accumulate

44

51

1,341

5,510

6,722

8.8

9.0

2.5

4.6

17.3

9.6

0.6

0.5

3.4

5.8

0.7

0.7

Jaiprakash Asso.

Accumulate

87

91

18,585

15,259

17,502

25.7

24.7

4.0

4.8

21.8

18.3

1.7

1.6

8.5

9.3

2.5

2.2

Larsen & Toubro

Accumulate

1,613

1,721

99,020

60,474

69,091

12.1

11.5

79.7

85.4

20.2

18.9

3.4

3.0

16.3

15.1

1.8

1.6

Madhucon Proj

Buy

36

56

268

2,206

2,502

10.7

10.7

4.6

4.7

7.8

7.8

0.4

0.4

5.2

5.0

0.7

0.7

Nagarjuna Const.

Neutral

49

1,257

5,804

6,513

8.0

8.6

3.0

3.5

16.1

14.0

0.5

0.5

3.2

3.6

0.6

0.7

Patel Engg.

Neutral

82

570

3,609

3,836

13.1

13.1

14.0

14.6

5.8

5.6

0.4

0.3

6.3

6.1

1.0

1.0

Punj Lloyd

Neutral

53

1,753

11,892

13,116

8.9

8.9

1.7

3.1

31.1

17.1

0.6

0.6

1.9

3.4

0.6

0.5

Sadbhav Engg.

Buy

148

182

2,228

2,506

3,147

10.3

10.7

7.5

10.4

19.7

14.2

2.5

2.1

13.5

16.0

1.0

0.9

Simplex Infra

Buy

214

265

1,058

6,732

7,837

8.1

8.4

23.4

29.4

9.2

7.3

0.8

0.7

9.2

10.6

0.5

0.5

Allahabad Bank

Reduce

137

131

6,845

6,944

7,884

3.0

3.1

35.5

37.0

3.9

3.7

0.6

0.6

17.2

15.7

Andhra Bank

Reduce

Axis Bank

Buy

Bank of Baroda

Financials
107

97

6,010

4,929

5,633

3.1

3.1

23.7

24.5

4.5

4.4

0.7

0.7

16.6

15.3

1,107

1,326

45,876

15,425

18,500

3.1

3.2

115.9

137.5

9.6

8.1

1.8

1.5

19.9

20.1

Neutral

768

30,051

15,473

18,142

2.6

2.6

115.3

139.4

6.7

5.5

1.0

0.9

16.2

17.2

Bank of India

Accumulate

294

330

16,881

12,573

14,971

2.3

2.4

58.2

68.0

5.1

4.3

0.8

0.7

15.9

16.3

Bank of Maharashtra

Reduce

52

47

3,042

3,442

3,802

3.1

3.2

8.9

11.4

5.8

4.5

0.7

0.7

13.5

15.5

Canara Bank

Neutral

428

18,956

10,905

12,783

2.1

2.2

74.9

85.1

5.7

5.0

0.9

0.8

15.1

15.3

Central Bank

Neutral

74

5,433

7,095

8,102

2.5

2.7

15.6

21.0

4.7

3.5

0.8

0.7

12.2

14.7

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Market Outlook
October 11, 2012

Stock Watch
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

Financials
Corporation Bank

Neutral

406

6,009

4,886

5,669

2.1

2.2

101.3

101.8

4.0

4.0

0.7

0.6

17.0

15.1

Dena Bank

Neutral

103

3,602

3,147

3,495

2.8

2.9

24.8

24.4

4.2

4.2

0.7

0.6

18.7

15.9

Federal Bank

Neutral

459

7,849

2,593

3,009

3.2

3.2

44.9

52.5

10.2

8.7

1.3

1.1

12.8

13.5

HDFC

Neutral

741

114,032

7,340

8,805

3.5

3.5

31.5

37.8

23.5

19.6

4.7

4.2

34.8

32.2

HDFC Bank

Neutral

618

145,988

21,753

26,811

4.4

4.5

28.7

35.9

21.6

17.2

4.1

3.5

20.7

21.9

ICICI Bank

Buy

1,054

1,245

121,133

22,304

26,855

2.9

3.0

68.6

82.0

15.4

12.9

1.9

1.7

14.2

15.6

IDBI Bank

Neutral

98

12,560

7,761

9,484

1.9

2.2

17.1

22.9

5.7

4.3

0.7

0.6

11.9

14.4

Indian Bank

Reduce

185

181

7,934

6,062

6,818

3.4

3.4

40.5

41.6

4.6

4.4

0.8

0.7

18.1

16.3

IOB

Accumulate

78

83

6,209

7,343

8,391

2.5

2.5

16.0

21.3

4.9

3.7

0.6

0.5

11.3

13.6

J & K Bank

Accumulate

1,053

1,021

5,103

2,600

2,850

3.6

3.5

192.3

188.0

5.5

5.6

1.1

0.9

21.0

17.7

LIC Housing Finance

Accumulate

260

301

13,096

1,867

2,338

2.4

2.4

21.1

28.5

12.3

9.1

2.0

1.7

17.5

20.4

Oriental Bank

Neutral

284

8,271

6,278

7,125

2.7

2.8

56.7

62.6

5.0

4.5

0.7

0.6

14.1

13.9

Punjab Natl.Bank

Accumulate

797

941

27,038

19,934

22,705

3.3

3.3

147.8

166.2

5.4

4.8

1.0

0.8

17.7

17.3

South Ind.Bank

Accumulate

23

25

3,065

1,535

1,760

2.9

2.8

3.5

3.9

6.5

5.9

1.1

1.0

19.5

17.1

St Bk of India

Accumulate

2,227

2,353

149,455

63,806

73,435

3.5

3.6

225.7

258.4

9.9

8.6

1.7

1.4

17.7

17.8

Syndicate Bank

Accumulate

114

117

6,844

6,722

7,719

2.9

3.0

24.3

27.2

4.7

4.2

0.8

0.7

17.0

16.8

UCO Bank

Neutral

75

4,965

5,411

6,124

2.4

2.5

17.0

16.5

4.4

4.5

0.9

0.8

16.7

14.4

Union Bank

Accumulate

193

226

10,650

9,924

11,647

2.8

2.9

38.6

46.3

5.0

4.2

0.8

0.7

15.4

16.3

United Bank

Buy

64

78

2,310

3,572

4,041

2.8

2.9

17.2

22.1

3.7

2.9

0.5

0.5

14.2

16.2

Vijaya Bank

Neutral

55

2,728

2,490

2,881

2.1

2.2

9.2

11.4

6.0

4.8

0.7

0.7

11.5

13.0

Yes Bank

Buy

393

452

14,006

3,270

4,253

2.8

3.0

33.9

42.2

11.6

9.3

2.4

2.0

23.1

23.6

3,885

37,266

11,198

13,184

16.3

16.3

121.0

144.8

32.1

26.8

10.8

8.5

37.4

35.3

3.3

2.8

504

584

6,025

5,835

6,824

5.7

6.0

20.7

25.4

24.4

19.9

9.6

7.4

43.1

41.9

0.9

0.7

1,249

16,986

3,018

3,429

20.9

22.2

35.7

42.3

35.0

29.5

32.3

24.1

101.0

93.5

5.3

4.6

FMCG
Asian Paints

Neutral

Britannia

Buy

Colgate

Neutral

Dabur India

Neutral

129

22,545

6,124

7,030

17.0

16.8

4.5

5.2

28.9

25.0

11.9

9.5

43.2

41.5

3.7

3.1

GlaxoSmith Con*

Neutral

2,977

12,520

3,124

3,663

17.1

17.6

104.5

123.8

28.5

24.1

8.9

7.1

34.4

32.8

3.7

3.1

Godrej Consumer

Neutral

687

23,368

6,097

7,233

18.4

18.6

21.9

26.5

31.4

26.0

7.0

5.8

25.5

25.4

3.9

3.3

HUL

Neutral

564

121,997

25,350

28,974

13.9

13.9

14.3

16.5

39.6

34.3

23.6

18.1

70.9

59.8

4.4

3.8

ITC

Neutral

281

220,369

29,513

33,885

35.4

35.8

9.3

10.8

30.2

26.0

10.0

8.4

35.6

35.0

6.9

6.0

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Market Outlook
October 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

Sales ( cr )

( )

Price ( )

( cr )

FY13E

OPM(%)

EPS ( )

FY14E

FY13E

FY14E

FY13E

PER(x)

P/BV(x)

FY14E

FY13E

FY14E

FY13E

RoE(%)

EV/Sales(x)

FY14E

FY13E

FY14E

FY13E

FY14E

FMCG
Marico

Neutral

201

12,956

4,840

5,643

13.1

13.1

6.8

8.5

29.6

23.8

8.2

6.2

31.4

29.7

2.7

2.2

Nestle*

Neutral

4,650

44,830

8,610

10,174

20.9

21.2

114.8

139.8

40.5

33.3

24.5

17.0

71.2

60.3

5.0

4.1

Tata Global

Neutral

156

9,656

7,207

7,927

9.7

10.0

6.6

7.8

23.6

20.0

2.4

2.3

8.6

9.5

1.1

1.0

HCL Tech^

Accumulate

566

632

39,313

24,569

27,002

18.8

17.6

41.4

45.1

13.7

12.6

3.1

2.6

22.8

21.1

1.6

1.4

Hexaware*

Accumulate

116

140

3,438

1,966

2,161

22.5

21.4

11.6

12.2

10.0

9.5

2.6

2.2

26.8

23.9

1.5

1.3

Infosys

Accumulate

2,504

2,687

143,802

39,383

41,380

31.7

31.9

163.2

173.4

15.3

14.4

3.7

3.2

23.9

22.0

3.1

2.8

Infotech Enterprises

Neutral

191

2,126

1,895

2,049

18.0

17.5

18.1

19.5

10.5

9.8

1.5

1.3

14.5

13.7

0.8

0.6

KPIT Cummins

Buy

122

142

2,175

2,191

2,364

16.1

16.5

11.3

13.0

10.8

9.4

2.4

1.9

21.8

20.0

1.0

0.8

Mahindra Satyam

Neutral

112

13,122

7,628

8,062

19.9

18.4

9.7

10.0

11.5

11.1

3.2

2.5

27.7

22.2

1.3

1.1

Mindtree

Buy

671

772

2,744

2,334

2,481

19.5

17.6

70.4

77.2

9.5

8.7

2.2

1.8

23.3

20.4

0.9

0.8

Mphasis&

Neutral

409

8,594

5,700

5,993

18.0

16.9

37.0

37.3

11.1

11.0

1.6

1.4

14.3

12.6

1.0

0.9

NIIT

Accumulate

34

36

569

1,034

1,146

9.9

11.0

5.2

6.4

6.6

5.4

0.9

0.8

12.8

14.3

0.3

0.2

Persistent

Reduce

423

398

1,694

1,207

1,278

26.2

24.3

42.4

44.3

10.0

9.6

1.7

1.5

17.1

15.5

1.1

0.9

TCS

Accumulate

1,289

1,405

252,364

61,611

67,507

29.3

29.1

69.0

74.0

18.7

17.4

6.1

5.0

32.4

28.6

3.9

3.5

Tech Mahindra

Accumulate

965

1,046

12,311

6,603

7,196

18.2

17.1

92.7

99.6

10.4

9.7

2.5

2.0

23.6

20.5

1.9

1.7

Wipro

Accumulate

361

421

88,890

43,800

48,332

19.5

19.3

25.6

28.1

14.1

12.9

2.7

2.3

18.9

17.9

1.8

1.5

D B Corp

Buy

218

236

3,989

1,604

1,786

22.3

23.8

11.2

13.7

19.5

15.9

3.7

3.2

20.3

21.4

2.2

2.0

HT Media

Buy

97

113

2,286

2,111

2,263

14.7

14.8

7.3

8.1

13.3

12.0

1.4

1.3

11.3

11.2

0.7

0.6

Jagran Prakashan

Buy

96

112

3,049

1,488

1,664

22.7

22.8

6.2

7.1

15.5

13.5

3.8

3.4

25.2

26.3

2.1

1.8

PVR

Neutral

205

533

625

732

17.4

17.1

13.3

15.6

15.4

13.1

1.7

1.5

13.2

13.8

1.2

1.0

Sun TV Network

Neutral

341

13,419

1,981

2,239

77.0

76.7

18.6

21.3

18.4

16.0

4.6

4.0

27.1

27.5

6.4

5.5

Bhushan Steel

Neutral

498

10,569

11,979

14,584

31.6

31.0

49.2

61.4

10.1

8.1

1.3

1.2

14.1

15.2

2.9

2.4

Coal India

Accumulate

353

385

223,157

69,808

75,550

27.4

27.4

26.0

28.3

13.6

12.5

3.9

3.2

32.5

28.1

2.3

2.0

Electrosteel Castings

Accumulate

20

23

692

1,984

2,074

11.2

12.6

2.5

2.9

8.1

7.0

0.4

0.2

5.1

5.7

0.5

0.5

Hind. Zinc

Accumulate

134

144

56,767

12,446

13,538

52.3

52.9

14.3

15.5

9.4

8.6

1.8

1.5

20.5

18.9

2.7

2.1

Hindalco

Neutral

116

22,238

84,855

92,446

8.7

9.3

13.2

16.2

8.8

7.2

0.7

0.6

7.8

8.9

0.7

0.6

JSW Steel

Neutral

746

16,643

38,740

41,459

17.3

17.0

79.9

89.4

9.3

8.4

0.9

0.8

10.4

10.6

0.9

0.8

MOIL

Accumulate

252

271

4,239

918

993

50.7

50.9

24.5

26.1

10.3

9.7

1.6

1.4

16.0

15.5

2.3

2.0

Monnet Ispat

Buy

302

379

1,940

2,511

3,303

23.8

26.0

46.3

57.3

6.5

5.3

0.7

0.7

12.4

13.7

1.7

1.2

IT

Media

Metals & Mining

www.angelbroking.com

Market Outlook
October 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )
FY13E

OPM(%)

EPS ( )

FY14E

FY13E

FY14E

FY13E

PER(x)

P/BV(x)

RoE(%)

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

EV/Sales(x)

FY14E

FY13E

FY14E

Metals & Mining

Nalco

Reduce

NMDC

Accumulate

50

48

12,925

7,401

7,841

16.7

19.2

3.4

4.1

14.7

12.3

1.1

1.0

7.4

8.4

1.3

1.2

189

214

74,933

12,934

14,266

79.4

80.1

21.1

23.4

9.0

8.1

2.4

2.0

29.6

26.5

4.1

3.4

SAIL
Sesa Goa

Neutral

85

35,006

47,252

60,351

14.2

14.8

9.6

11.7

8.9

7.2

0.8

0.7

9.4

10.6

1.2

1.0

Neutral

171

14,818

7,704

8,034

33.6

34.6

42.0

43.1

4.1

4.0

0.8

0.7

22.3

19.2

2.2

2.1

Sterlite Inds

Neutral

101

33,892

41,680

45,382

24.2

23.2

16.3

16.9

6.2

6.0

0.7

0.6

11.3

10.7

0.8

0.7

Tata Steel

Buy

412

481

39,980 145,799 150,431

10.3

11.2

48.6

63.3

8.5

6.5

0.9

0.8

10.5

12.4

0.5

0.5

Sarda

Accumulate

131

148

471

1,251

1,321

22.7

23.4

33.0

37.1

4.0

3.5

0.6

0.5

15.1

14.8

0.8

0.7

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

53

73

707

2,694

2,906

14.6

16.6

16.4

20.8

3.2

2.5

0.3

0.3

11.4

12.8

0.5

0.4

Buy

124

161

393

2,341

2,425

15.6

17.3

33.3

43.2

3.7

2.9

0.5

0.4

13.2

14.4

0.5

0.5

Cairn India

Accumulate

327

380

62,453

16,605

17,258

75.4

71.7

57.0

54.9

5.7

6.0

1.1

0.9

20.2

16.3

2.8

2.2

GAIL

Neutral

376

47,638

50,176

55,815

15.5

15.8

35.4

36.5

10.6

10.3

1.9

1.6

18.9

17.0

0.7

0.5

ONGC

Accumulate

276

312

236,431 147,139 154,821

33.9

33.7

30.7

32.3

9.0

8.6

1.6

1.4

18.3

17.2

1.4

1.2

Reliance Industries

Neutral

816

267,253 362,700 380,031

7.9

8.0

61.5

64.3

13.3

12.7

1.3

1.2

10.3

9.9

0.7

0.7

Gujarat Gas*

Neutral

300

3,819

11.5

11.3

19.2

22.1

15.7

13.6

4.2

3.8

28.7

29.0

1.3

1.0

Indraprastha Gas

Neutral

253

3,546

3,040

3,135

24.3

26.7

24.8

27.9

10.2

9.1

2.4

2.0

25.5

23.6

1.3

1.1

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Accumulate

162

176

12,154

29,145

33,736

6.6

6.6

14.2

16.0

11.4

10.1

2.8

2.2

26.9

24.4

0.4

0.4

82

4,639

1,041

939

91.8

91.9

8.5

7.4

9.7

11.1

1.7

1.5

18.1

14.0

5.2

5.8

Alembic Pharma

Buy

Aurobindo Pharma

Accumulate

Aventis*

Neutral

Cadila Healthcare

Accumulate

Cipla

Neutral

Dr Reddy's

Accumulate

Dishman Pharma

Neutral

3,852

3,228

70

91

1,316

1,624

1,855

14.2

15.6

6.6

9.1

10.6

7.7

2.6

2.0

27.9

29.9

1.0

0.8

152

156

4,424

5,243

5,767

14.6

14.6

11.8

12.6

12.9

12.1

1.6

1.4

17.9

16.4

1.3

1.1

2,192

5,047

1,482

1,682

15.5

15.5

95.1

104.4

23.1

21.0

4.1

3.2

18.6

17.0

3.5

3.0

857

953

17,550

6,148

7,386

18.6

19.6

36.0

46.1

23.8

18.6

5.6

4.5

25.8

26.8

3.1

2.6

367

29,503

8,031

9,130

23.4

22.4

18.4

20.0

20.0

18.4

3.3

2.9

17.8

16.6

3.6

3.1

1,691

1,859

28,708

10,696

11,662

20.7

21.0

83.7

92.9

20.2

18.2

4.2

3.5

22.4

20.8

2.9

2.6

Neutral

95

766

1,280

1,536

17.8

17.8

9.2

11.3

10.3

8.4

0.8

0.7

7.7

8.5

1.3

1.1

GSK Pharma*

Neutral

1,959

16,597

2,651

2,993

31.7

31.2

76.0

82.4

25.8

23.8

7.5

6.6

20.1

26.3

5.5

4.8

Indoco Remedies

Buy

66

92

612

685

837

15.2

15.2

7.4

8.9

9.0

7.5

1.4

1.2

16.4

17.0

1.1

0.9

Ipca labs

Neutral

461

5,808

2,850

3,474

20.7

20.7

29.2

36.6

15.8

12.6

3.7

2.9

26.1

26.1

2.3

1.9

Lupin

Accumulate

567

647

25,364

8,426

10,082

19.7

20.0

26.3

31.3

21.6

18.1

5.0

4.1

26.0

24.7

3.2

2.6

Orchid Chemicals

Neutral

112

792

1,667

1,835

13.9

13.9

11.4

13.3

9.9

8.5

0.6

0.6

6.6

7.3

0.9

0.8

www.angelbroking.com

Market Outlook
October 11, 2012

Stock Watch
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

Pharmaceuticals
Ranbaxy*

Neutral

534

22,562

12,046

11,980

18.0

15.8

31.3

29.8

17.1

17.9

5.8

4.7

39.1

28.9

1.9

1.8

Sun Pharma

Neutral

719

74,364

9,752

12,134

41.6

41.6

26.0

28.2

27.7

25.5

5.2

4.4

20.3

18.8

6.6

5.1

CESC

Neutral

320

3,995

5,218

5,644

24.2

23.8

44.6

47.6

7.2

6.7

0.8

0.7

11.0

10.6

1.6

1.6

GIPCL

Accumulate

NTPC

Neutral

Power
69

77

1,039

1,557

1,573

29.3

28.7

10.8

11.0

6.4

6.2

0.7

0.6

10.8

10.2

1.2

1.0

167

137,576

74,111

85,789

22.7

23.1

12.1

13.7

13.8

12.1

1.7

1.5

12.6

13.2

2.5

2.3

Real Estate
Anant Raj

Accumulate

DLF

Neutral

79

78

2,330

657

875

52.0

56.1

8.4

12.7

9.4

6.2

0.6

0.5

6.3

8.9

4.5

3.4

213

36,179

9,878

12,033

44.7

46.1

9.6

13.4

22.2

15.9

1.4

1.3

6.4

8.7

6.5

HDIL

Buy

5.4

99

115

4,163

2,441

3,344

55.1

48.2

22.7

26.6

4.4

3.7

0.4

0.3

8.8

9.4

3.5

MLIFE

2.7

Neutral

401

1,637

813

901

26.2

26.6

32.0

37.1

12.5

10.8

1.3

1.2

10.4

11.0

2.3

2.0

Bharti Airtel

Neutral

262

99,419

79,147

86,745

31.1

32.5

9.9

15.1

26.4

17.4

1.8

1.7

7.0

9.7

2.0

1.7

Idea Cellular

Neutral

80

26,487

22,582

24,684

26.4

26.9

3.3

4.7

24.1

16.9

1.9

1.7

7.8

9.9

1.7

1.5

Rcom

Neutral

60

12,353

20,650

20,935

32.3

33.0

4.2

5.8

14.2

10.4

0.3

0.3

2.3

3.1

2.3

2.1

Abbott India

Neutral

1,537

3,265

1,602

1,833

10.4

11.8

54.7

71.7

28.1

21.4

5.3

4.5

20.0

22.7

1.9

1.6

Bajaj Electricals

Buy

220

228

2,192

3,670

4,290

7.6

8.8

15.0

23.0

14.7

9.6

2.7

2.2

18.6

22.4

0.5

0.5

Cera Sanitaryware

Buy

364

388

460

396

470

16.7

16.6

31.0

35.0

11.7

10.4

2.7

2.2

24.8

23.0

1.1

1.0

Cravatex

Buy

444

682

115

289

340

5.2

5.9

41.0

57.0

10.8

7.8

2.8

2.1

25.2

26.5

0.5

0.4

CRISIL

Neutral

947

6,647

982

1,136

34.3

34.3

34.3

40.0

27.6

23.7

12.5

10.0

50.9

46.9

6.5

5.4

Finolex Cables

Buy

46

61

701

2,334

2,687

6.2

6.5

8.0

10.0

5.7

4.6

0.8

0.7

13.0

14.9

0.2

0.2

Force Motors

Buy

416

591

542

2,214

2,765

4.5

5.4

39.0

74.0

10.7

5.6

0.5

0.4

4.4

7.6

0.1

0.1

Goodyear India

Neutral

325

751

1,543

1,654

6.5

7.3

24.8

31.1

13.1

10.5

2.1

1.9

17.1

19.0

0.3

0.2

Disa India

Buy

2,932

3,353

443

176

203

22.7

22.6

182.5

209.6

16.1

14.0

8.3

6.6

51.8

47.1

2.2

1.8

Greenply Industries

Buy

222

309

536

1,925

2,235

10.6

10.9

29.6

44.1

7.5

5.0

1.2

1.0

16.8

21.0

0.5

0.4

Hitachi

Neutral

135

309

868

977

3.9

6.6

2.7

10.9

49.1

12.4

1.8

1.6

3.7

13.6

0.4

0.4

Honeywell Automation* Neutral

2,767

2,446

1,847

2,162

4.3

7.3

69.0

135.0

40.1

20.5

3.6

3.1

9.3

16.3

1.3

1.1

1,169

1,056

1,081

8.1

10.6

34.0

47.0

19.6

14.2

2.7

2.3

14.7

17.5

1.1

1.0

Telecom

zOthers

Styrolution ABS India*

Buy

665

744

ITD Cementation

Neutral

242

279

1,451

1,669

12.3

12.4

32.4

41.5

7.5

5.8

0.7

0.6

9.4

10.9

0.6

0.6

Jyothy Laboratories

Neutral

153

2,463

1,248

1,468

9.8

10.4

5.9

7.2

25.8

21.3

3.7

3.4

15.0

16.6

2.5

2.0

MCX

Accumulate

1,408

1,440

7,181

553

624

65.3

66.3

62.5

72.0

22.5

19.6

6.2

5.4

27.5

27.4

8.9

7.4

MRF

Buy

10,285

12,884

4,362

11,804

12,727

10.4

10.5 1,289.9 1,431.3

8.0

7.2

1.5

1.3

21.3

19.4

0.5

0.5

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Market Outlook
October 11, 2012

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

3,372

722

821

Sales ( cr )

OPM(%)

EPS ( )

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

3,761

887

1,108

18.3

18.6

95.0

120.9

35.5

27.9

18.5

15.0

57.4

59.5

4.0

3.2

866

1,019

1,208

12.3

13.0

51.0

68.4

14.2

10.6

3.7

2.8

30.3

30.2

1.0

0.8

zOthers
Page Industries

Neutral

Relaxo Footwears

Accumulate

Sintex Industries

Buy

70

79

1,920

4,751

5,189

16.3

16.6

13.6

15.8

5.2

4.5

0.7

0.6

12.9

13.2

0.8

0.6

Siyaram Silk Mills

Buy

299

392

280

1,042

1,173

12.4

12.5

66.3

78.5

4.5

3.8

0.9

0.7

21.1

20.8

0.5

0.4

S. Kumars Nationwide

Buy

19

24

570

7,134

7,985

19.7

19.4

12.2

14.1

1.6

1.4

0.2

0.2

11.3

11.5

0.6

0.6

SpiceJet

Buy

36

43

1,741

5,720

6,599

5.3

6.8

3.6

5.4

10.0

6.7

14.4

4.6

0.4

0.4

TAJ GVK

Buy

74

108

461

300

319

35.8

36.2

7.9

9.1

9.3

8.1

1.2

1.1

13.9

14.4

1.8

1.5

Tata Sponge Iron

Buy

323

377

497

787

837

16.2

17.5

58.5

66.9

5.5

4.8

0.8

0.7

14.9

15.1

0.3

0.2

TVS Srichakra

Accumulate

308

335

235

1,476

1,643

7.0

8.2

32.6

55.9

9.4

5.5

1.5

1.3

16.8

24.8

0.4

0.3

United Spirits

Neutral

1,263

16,523

10,289

11,421

13.5

14.3

31.0

42.9

40.7

29.4

3.2

2.9

8.1

10.3

2.2

2.0

Vesuvius India

Neutral

357

725

560

611

16.1

17.0

24.7

28.8

14.5

12.4

2.2

1.9

15.8

16.2

1.1

1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 10, 2012

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Market Outlook
October 11, 2012

www.angelbroking.com