Market Outlook, 01-07-2013

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Market OutlookJuly 1, 2013

Dealers Diary

Indian markets are expected to open flat tracking almost flat to negative opening in

most of the Asian markets while data showed that Chinese manufacturing activity

contracted in June as monthly manufacturing PMI for June dropped to 50.1 from

50.8 in May.

US markets, after moving modestly higher in early trade on Friday, ended with

losses as investors started to come to terms with the potential slowdown in the

Federal Reserves monetary stimulus program. Early in the day, some negative

sentiment was generated by a report from the ISM Chicago which showed that its

Chicago business barometer tumbled to 51.6 in June from 58.7 in May. Selling

pressure waned not long after the open, however, with a better than expected

reading on consumer sentiment helping to limit the downside for the markets.

Thomson Reuters and the University of Michigan reported that their consumer index

for June was upwardly revised to 84.1 from the preliminary reading of 82.7.

Meanwhile, Indian markets rose sharply on Friday, with energy stocks rallying after

the government approved a gas price hike for the first time in three years to help

boost domestic production and ease acute power shortages in the country.

Markets Today

The trend deciding level for the day is 19,307/ 5,815 levels. If NIFTY trades above

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

up to 19,521 19,647 / 5,880 5,918 levels. However, if NIFTY trades below

19,307/ 5,815 levels for the first half-an-hour of trade then it may correct up to

19,182 18,968 / 5,777 5,711 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,968 19,182 19,307 19,521 19,647NIFTY 5,711 5,777 5,815 5,880 5,918

News Analysis

CCEA approves increase in MSP for kharif crops DoT decides not to scrap dual-technology telecom licenses YES Bank gets CCEA nod to increase foreign holdings to 60% Crompton Greaves announces buyback of equity shares

Refer detailed news analysis on the following page

Net Inflows (June 27, 2013)` cr Purch Sales Net MTD YTDFII 5,111 5,953 (843) (10,530) 71,306

MFs 636 464 172 (101) (12,177)

FII Derivatives (June 28, 2013)` cr Purch Sales Net Open InterestIndex Futures 3,838 2,146 1,692 9,233

Stock Futures 2,271 1,582 688 24,491

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)IFCI 26 17.8 Gitanjali Gems 237 (10.0)

Piramal Ent 564 10.8 MMTC 103 (5.0)

Crompton Greav 87 8.9 United Spirits 2,171 (2.5)

Coromandel Intl 184 8.8 Ranbaxy Lab 310 (2.4)

Glaxosmithkl Cons 5,140 8.2 HCL Tech 776 (2.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 2.8 520 19,396

Nifty 2.8 160 5,842

MID CAP 2.3 132 5,965

SMALL CAP 1.4 76 5,644

BSE HC 2.3 198 8,845

BSE PSU 3.5 210 6,163

BANKEX 3.2 409 13,258

AUTO 3.1 323 10,716

METAL 4.7 348 7,754

OIL & GAS 3.4 290 8,900

BSE IT 0.7 46 6,255

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.8) (115) 14,910NASDAQ 0.0 1 3,403

FTSE (0.4) (28) 6,215

Nikkei 3.5 464 13,677

Hang Sang 1.8 363 20,803

Straits Times 1.0 32 3,150

Shanghai Com 1.5 29 1,979

Indian ADR Chg (%) (Pts) (Close)INFY (0.5) (0.2) $41.2

WIT 1.3 0.1 $7.3IBN 2.6 1.0 $38.3

HDB 1.1 0.4 $36.2

Advances / Declines BSE NSEAdvances 1,538 1,011

Declines 858 377

Unchanged 116 54

Volumes (` cr)BSE 1,986

NSE 14,659

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CCEA approves increase in MSP for kharif crops

The Cabinet Committee on Economic Affairs (CCEA) approved the Minimum

Support Prices (MSPs) for kharif crops for the 2013-14 season. Overall, the MSP

increases are expectedly moderate and in the range of 0-15% as against increases

of 15-53% in the 2012-13 crop season for kharif. We believe that these moderateprice hikes for cereals mainly, in particular for rice (Rs.60-65), are positive for the

food inflation outlook as cereal inflation remains at elevated levels. Notably, the

MSP for jowar, ragi and urad remain unchanged and this can be attributed to the

high MSP increases of 53%, 43% and 30% respectively for these crops during the

previous year. Since FY2001, the increase in MSP for these three items stands at a

massive 9.8-10.3% CAGR.

During May 2013, inflation in cereals came in at 16.0% while inflation in pulses

came in a reasonable 5.9%. As far as sowing of kharif crops is concerned, reports

of various States indicate that sowing has picked up robustly by about 85% to 251

lakh hectares in 2013 as compared to 136 lakh hectare in the correspondingperiod of the previous year.

MSP price hikes (in %) 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14Kharif cropsPaddy (Common variety) 31.8 11.8 5.3 8.0 15.7 4.8

Paddy (A - grade) 30.4 11.4 5.1 7.8 15.3 5.1

Jowar (Hybrid) 40.0 0.0 4.8 11.4 53.1 0.0

Jowar (Maldandi) 38.7 0.0 4.7 11.1 52.0 0.0

Bajra 40.0 0.0 4.8 11.4 19.9 6.4

Maize 35.5 0.0 4.8 11.4 19.9 11.5

Ragi 52.5 0.0 5.5 8.8 42.9 0.0Arhar (Tur) 29.0 15.0 30.4 6.7 20.3 11.7

Moong 48.2 9.5 14.9 10.4 25.7 2.3

Urad 48.2 0.0 15.1 13.8 30.3 0.0

Cotton (Medium Staple) 38.9 0.0 0.0 12.0 28.6 2.8

Cotton (Long Staple) 47.8 0.0 0.0 10.0 18.2 2.6

Groundnut In Shell 35.5 0.0 9.5 17.4 37.0 8.1

Sunflower Seed 46.7 0.0 6.1 19.1 32.1 0.0

Soyabeen (Black) 48.4 0.0 3.7 17.9 33.3 13.6

Soyabeen (Yellow) 32.4 0.0 3.6 17.4 32.5 14.3

Sesamum 74.1 3.6 1.8 17.2 23.5 7.1

Nigerseed 94.0 0.0 1.9 18.4 20.7 0.0

We are thus positive on food inflation moderating going ahead owing to positive

factors including the onset of normal monsoon, decent rabi production in 2012-

2013 season, increase in sowing of kharif crops and these reasonable MSP hikes.

In addition, the moderation in inflation is likely to lead to further easing of rural

wage inflation which has been softening to about 17.3% in April 2013 from 18.3%

in January 2013 thus breaking the wage-price spiral. We believe that the

governments stance on MSP is reflective of their firm commitment to fiscal

consolidation despite the upcoming elections. Earlier in December 2012, the MSP

for wheat was increased by Rs. 65 per quintal, lower than the agricultural

ministrys proposal of a hike of Rs. 100 per quintal. Other rabi crops witnessed

similar MSP hikes in the range of 5% - 20%.

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DoT decides not to scrap dual-technology telecom licenses

In a reprieve for holders of dual-technology telecom licenses, such as Tata

Teleservices (TTSL) and Reliance Communications (RCom), the Department of

Telecommunications (DoT) has decided that licenses will not be scrapped. TTSL

holds 19 such licenses across the country, while RCom owns 22. Dual-technologyplayers are those offering services on both GSM and CDMA platforms.

The decision is based on the legal advice of senior advocate P P Rao. DoT had

sought his opinion after various groups, including Assocham and the Cellular

Operators Association of India (COAI), besides the managing director of Idea

Cellular, insisted the Supreme Court decision to cancel 2G licences should lead to

scrapping of 141 Unified Access Service (UAS) licenses, instead of 122 as

undertaken by the government. According to a recent communication, Rao, in an

opinion dated June 15, said there were two sets of applicants. One set was of

those that applied for UAS licenses till September 25, 2007, and the second of

existing licensees seeking approval to use dual-technology spectrum. Rao addedthe SC judgment had not mentioned quashing of the approval given for use of

dual-technology spectrum to the existing players that had been given licenses

before the issuance of two press releases on January 10, 2008. The allocation of

spectrum quashed by the Supreme Court was limited to the cancelled licenses. The

existing licensees were not to be affected, as neither their licenses were cancelled

nor their spectrum quashed. RComs UAS licenses were amended on October 18,

2007, to also include offering GSM services. TTSL, on the other hand, had got its

CDMA license in 2005 and was allowed in January 2008 to operate GSM services

under the same license through the dual-technology route. We maintain our

Neutral rating on RCom.

YES Bank gets CCEA nod to increase foreign holdings to60%

Yes bank has received CCEAs approval to increase its foreign equity participation

upto 60%. As per current rules, FDI in private banking sector is allowed upto 74%,

within which upto 49% is allowed through automatic route and beyond 49% but

upto 74% is allowed through government approval route. In case the amount to be

invested under FDI government approval route is less than `1,200cr, the matter is

considered by FIPB, else by CCEA. As of March 31, 2013, Yes Banks FII

shareholding stood at 49%. It has plans to raise a sum of `2,500cr (US $ 500mn)for which it has received shareholder approval recently and now has also received

CCEA approval. Yes Bank plans to grow its customer asset base at 25%+ for the

next 2-3 years, leading to higher capital requirements. The banks capital

adequacy ratio (CAR) continues to be strong at 18.3%, with tier-I ratio at 9.5%.

With RoE of above 22%, the banks retained earnings itself are capable of funding

balance sheet growth of 18-20%. Any capital raising for the bank is likely to be

book-accretive and will aid in further enhancing the bank's credit market share

going forward. At CMP, after the recent underperformance across the bankingstocks, Yes Bank trades at 1.9x FY2015E ABV. We recommend an Accumulaterating on the stock, with a target price of `489.

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Crompton Greaves announces buyback of equity shares

Crompton Greaves has announced buyback of equity shares from the open

market through the Stock Exchanges, at a price not exceeding `125/share, upto

an amount of `266cr at a meeting of the Board of Directors on June 28, 2013.

The restructuring at its Belgium unit along with slowdown in investments (due toGDP slowdown) has heavily impacted its profitability, leading to sharp fall in stock

price. Hence, buyback of equity shares sends a positive signal and lends support

to the stock price. We maintain BUY with a target price of `117 from a medium tolong term perspective.

Economic and Political News

DCGA puts cap on preferential seats in planes SIDBI launches India Microfinance platform Retail inflation for factory worker inches to 10.68% in May Government to allocate 14 coal mines to PSUs within a week: Jaiswal RBI tightens debt fundraising rules for non-bank financials

Corporate News

Delhi Metro prepares taking over Airport Express Line from Reliance Infra-ledoperator

Expect completion of Cipla Medpro takeover by mid July: Cipla GAIL expects `1,300cr rise in profit on gas price increase Oil India expects `1,000cr rise in profits after gas price hike ONGC sees annual profit rising by`8,000cr on gas price hike NTPC ties up 95mn euros loan facility with KfW

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 1, 2013 1:25PM Germany PMI Manufacturing Value Jun F 48.70 48.70

6:30AM China PMI Manufacturing Value Jun 50.80 50.10

2:00PM UK PMI Manufacturing Value Jun 51.30 51.40

July 3, 2013 6:00PM US Initial Jobless claims Thousands Jun 29 346.00 345.00

1:25PM Germany PMI Services Value Jun F 51.30 51.30

July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 0.50

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 165.00

6:00PM US Unnemployment rate % Jun 7.60 7.50

July 9, 2013 2:00PM UK Industrial Production (YoY) % Change May (0.60) --

7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 --

July 10, 2013 4:29PM India Imports YoY% % Change Jun 7.00 --

4:29PM India Exports YoY% % Change Jun (1.10) --

4:29PM China Exports YoY% % Change Jun 1.00 --

July 12, 2013 11:00AM India Industrial Production YoY % Change May 2.30 --

6:00PM US Producer Price Index (mom) % Change Jun 0.50 0.50

July 15, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 4.70 --

7:30AM China Industrial Production (YoY) % Change Jun 9.20 --

7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

July 16, 2013 2:00PM UK CPI (YoY) % Change Jun 2.70 --

6:00PM US Consumer price index (mom) % Change Jun 0.10 --

2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F 1.40 --

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

July 17, 2013 6:00PM US Housing Starts Thousands Jun 914.00 --6:00PM US Building permits Thousands Jun 985.00 --

2:00PM UK Jobless claims change % Change Jun (8.60) --

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 --

July 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (18.80) --

July 24, 2013 7:30PM US New home sales Thousands Jun 476.00 --

July 25, 2013 2:00PM UK GDP (YoY) % Change 2Q A 0.30 --

July 30, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jul 81.40 --

11:00AM India RBI Repo rate % Jul 30 7.25 --

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

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

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 --

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

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.20) --

August 30, 2013 11:00AM India Qtrly GDP YoY% % Change 2Q 4.80 --

Source: Bloomberg, Angel Research

July 01, 2013

Market Outlook

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

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 142 - 2,752 1,657 1,906 14.1 14.1 7.7 8.9 18.4 15.9 3.8 3.3 22.2 21.9 1.6 1.4

United Phosphorus Buy 136 232 6,013 10,298 11,310 16.5 16.5 20.5 23.2 6.6 5.9 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 256 285 4,378 3,418 3,892 14.5 14.5 18.5 20.4 13.9 12.6 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 57 - 2,848 13,852 15,487 11.4 11.5 12.8 14.9 4.4 3.8 0.7 0.6 17.5 17.3 0.3 0.3

Ashok Leyland Buy 20 27 5,348 14,038 16,442 7.6 8.7 1.1 2.2 19.2 9.0 1.7 1.5 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 228 - 345 834 965 9.3 10.6 17.3 27.1 13.2 8.4 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,917 2,056 55,485 22,684 25,908 18.0 18.5 117.3 137.1 16.4 14.0 5.9 4.7 39.9 37.2 2.1 1.7

Bharat Forge Neutral 221 - 5,153 6,198 6,793 14.6 14.9 14.5 17.3 15.2 12.8 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,948 - 28,095 9,821 11,394 17.0 17.3 373.5 438.7 24.0 20.4 4.3 3.7 18.0 17.9 2.5 2.1

CEAT Buy 106 170 362 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 121 150 10,319 7,053 8,061 14.2 14.5 7.8 9.1 15.5 13.3 2.6 2.3 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,420 - 2,360 1,525 1,742 14.5 15.7 88.4 109.5 16.1 13.0 2.3 2.0 15.5 16.5 1.4 1.1

Hero Motocorp Accumulate 1,662 1,819 33,193 25,274 27,658 14.1 13.7 110.2 139.9 15.1 11.9 5.5 4.3 39.8 40.7 1.1 1.0

JK Tyre Buy 103 154 424 7,972 8,754 7.1 7.1 37.5 44.0 2.8 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Accumulate 967 1,090 59,529 45,254 51,197 11.4 11.7 61.2 70.2 15.8 13.8 3.3 2.8 22.7 21.9 1.1 0.9

Maruti Buy 1,538 1,847 46,460 48,455 55,723 11.2 10.9 107.8 123.2 14.3 12.5 2.2 1.9 16.2 16.0 0.8 0.7

Motherson Sumi Accumulate 198 222 11,643 28,442 31,493 7.5 7.8 12.5 14.8 15.8 13.4 3.9 3.1 27.5 25.8 0.6 0.5

Subros Buy 22 30 132 1,479 1,685 10.0 9.9 5.5 7.5 4.0 2.9 0.4 0.4 11.1 13.7 0.4 0.3

Tata Motors Buy 281 347 75,825 215,016 237,404 13.3 13.6 36.2 41.5 7.8 6.8 1.7 1.4 24.6 23.2 0.4 0.4

TVS Motor Buy 33 41 1,558 7,715 8,584 6.0 6.1 5.0 5.8 6.6 5.7 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 611 461 12,944 8,073 9,052 5.5 6.9 11.5 16.9 53.0 36.1 4.8 4.6 9.3 13.1 1.6 1.4BGR Energy Neutral 130 - 937 4,114 4,886 11.4 10.7 24.9 28.0 5.2 4.6 0.7 0.6 25.2 22.6 0.5 0.5

BHEL Neutral 174 - 42,662 44,054 39,326 16.8 15.1 20.6 16.1 8.5 10.8 1.8 1.7 23.5 16.1 0.8 0.9

Blue Star Buy 163 230 1,463 2,896 3,087 5.6 6.2 9.3 11.7 17.5 13.9 2.9 2.5 17.6 19.2 0.6 0.5

Crompton Greaves Buy 87 117 5,600 13,446 15,272 6.7 7.6 6.6 8.9 13.2 9.8 1.5 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 20 - 167 3,360 3,597 9.7 9.8 7.3 10.2 2.8 2.0 0.6 0.5 8.8 11.4 0.3 0.3

KEC International Buy 32 63 827 7,709 8,399 6.7 7.2 6.1 8.5 5.3 3.8 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 597 - 7,108 5,780 6,430 9.5 9.6 29.8 33.0 20.0 18.1 3.4 3.0 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,223 1,361 22,970 11,979 13,254 19.7 21.3 77.1 91.4 15.9 13.4 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

July 01, 2013

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Cement

Ambuja Cements Neutral 187 - 28,822 10,232 11,762 23.5 24.5 10.3 12.2 18.1 15.4 3.0 2.7 17.2 18.6 2.3 1.9

India Cements Neutral 57 - 1,746 4,929 5,434 17.4 17.1 8.9 10.9 6.4 5.2 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 97 143 1,140 2,247 2,742 21.0 23.1 17.8 21.8 5.4 4.4 0.8 0.7 15.5 16.4 0.4 0.9

Madras Cements Neutral 228 - 5,433 4,234 4,788 23.9 24.0 18.5 22.8 12.4 10.0 2.0 1.7 17.2 18.2 1.6 1.3

Shree Cement^ Neutral 4,668 - 16,262 6,540 7,452 27.4 26.6 319.7 369.9 14.6 12.6 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,876 - 51,435 21,947 25,049 23.8 23.8 106.1 119.8 17.7 15.7 2.9 2.5 17.7 17.3 2.4 2.1

ConstructionAshoka Buildcon Buy 190 255 1,000 1,928 2,234 21.0 21.5 18.0 22.2 10.6 8.6 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 9 - 174 2,281 2,492 5.9 6.9 0.7 2.0 13.8 4.7 0.3 0.3 2.3 6.5 0.3 0.3

IRB Infra Buy 96 157 3,194 3,997 4,312 45.5 46.4 15.7 16.6 6.1 5.8 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 146 230 2,837 7,444 8,041 27.4 28.9 29.8 32.1 4.9 4.6 0.7 0.6 14.9 14.2 2.5 2.5

IVRCL Infra Buy 15 29 462 5,673 5,892 8.1 8.4 1.4 1.8 10.4 8.2 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 54 90 11,883 14,850 15,631 24.9 25.1 2.5 2.9 21.2 18.8 0.9 0.8 4.2 4.7 2.6 2.6

Larsen & Toubro Buy 1,404 1,761 86,528 68,946 78,040 10.5 10.5 77.9 88.3 18.0 15.9 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 24 42 625 6,167 6,945 8.0 8.2 2.7 3.6 9.1 6.7 0.3 0.2 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 35 - 1,157 12,954 14,740 9.9 9.9 0.5 0.9 68.7 37.4 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 95 139 1,432 2,462 2,731 10.6 10.6 5.9 6.7 16.1 14.2 1.6 1.4 10.2 10.5 0.9 0.8

Simplex Infra Buy 78 131 385 6,308 7,033 9.5 9.6 11.9 18.7 6.6 4.2 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 189 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.2 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 90 129 4,503 6,705 7,535 2.5 2.5 27.6 33.2 3.3 2.7 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 82 - 4,583 5,195 5,834 2.7 2.7 19.2 23.1 4.3 3.5 0.6 0.5 12.2 13.3 - -

Axis Bank Buy 1,323 1,732 62,018 19,237 23,261 3.2 3.2 133.8 161.5 9.9 8.2 1.6 1.4 17.6 18.5 - -Bank of Baroda Buy 575 761 24,201 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 232 292 13,819 14,459 16,176 2.3 2.2 55.2 68.2 4.2 3.4 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra Buy 53 61 3,476 4,291 4,724 3.0 3.0 12.1 12.9 4.4 4.1 0.7 0.6 16.2 15.3 - -

Canara Bank Buy 360 437 15,964 12,045 13,495 2.1 2.2 76.7 86.4 4.7 4.2 0.7 0.6 14.1 14.2 - -

Central Bank Accumulate 62 69 6,445 8,406 9,546 2.5 2.5 12.6 18.7 4.9 3.3 0.6 0.5 10.6 14.3 - -

Corporation Bank Buy 350 436 5,356 5,554 6,156 2.0 2.0 94.9 104.9 3.7 3.3 0.5 0.5 14.3 14.2 - -

Dena Bank Accumulate 70 79 2,442 3,255 3,623 2.3 2.4 22.0 24.9 3.2 2.8 0.5 0.4 14.8 14.8 - -

Federal Bank Accumulate 409 455 6,997 2,802 3,274 2.9 2.9 49.8 56.6 8.2 7.2 1.0 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 01, 2013

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Financials

HDFC Neutral 873 - 135,659 8,573 10,142 3.6 3.6 37.0 43.6 23.6 20.0 4.9 4.3 30.0 30.3 - -

HDFC Bank Accumulate 669 752 159,647 27,560 33,766 4.6 4.6 36.3 45.1 18.4 14.8 3.7 3.1 21.9 22.8 - -

ICICI Bank Buy 1,070 1,454 123,455 26,119 30,474 3.1 3.2 86.2 99.5 12.4 10.8 1.7 1.5 15.7 16.2 - -

IDBI Bank Accumulate 71 80 9,456 9,416 10,392 2.0 2.0 19.8 22.8 3.6 3.1 0.5 0.4 12.9 13.5 - -

Indian Bank Buy 115 141 4,947 6,077 6,845 2.9 2.9 35.2 41.0 3.3 2.8 0.5 0.4 14.2 14.8 - -

IOB Accumulate 50 53 4,611 8,027 9,204 2.4 2.6 12.5 19.7 4.0 2.5 0.4 0.3 9.1 13.0 - -

J & K Bank Accumulate 1,227 1,315 5,950 3,101 3,426 3.6 3.6 215.5 210.2 5.7 5.8 1.1 0.9 19.9 16.9 - -LIC Housing Finance Buy 255 298 12,856 2,113 2,525 2.3 2.3 25.4 29.2 10.0 8.7 1.8 1.5 18.4 18.3 - -

Oriental Bank Accumulate 207 236 6,026 6,790 7,676 2.6 2.7 55.7 62.3 3.7 3.3 0.5 0.4 12.9 13.1 - -

Punjab Natl.Bank Buy 651 883 23,008 20,914 23,879 3.3 3.4 152.4 176.2 4.3 3.7 0.7 0.6 16.2 16.5 - -

South Ind.Bank Accumulate 23 24 3,076 1,795 2,054 2.8 2.8 4.0 4.3 5.8 5.3 1.0 0.9 17.2 16.5 - -

St Bk of India Buy 1,954 2,518 133,633 66,417 76,734 3.0 3.0 227.4 284.8 8.6 6.9 1.3 1.1 15.4 17.1 - -

Syndicate Bank Buy 109 136 6,567 7,125 8,188 2.6 2.6 27.4 27.9 4.0 3.9 0.6 0.5 16.2 14.6 - -

UCO Bank Neutral 62 - 4,651 6,545 6,859 2.7 2.6 14.8 15.7 4.2 3.9 0.8 0.6 14.4 13.6 - -

Union Bank Buy 186 243 11,115 11,101 12,543 2.6 2.6 39.3 47.4 4.7 3.9 0.7 0.6 14.1 15.2 - -

United Bank Buy 49 57 1,821 3,386 3,884 2.3 2.5 12.4 20.0 3.9 2.4 0.4 0.4 10.1 14.8 - -

Vijaya Bank Accumulate 45 49 2,232 2,714 3,046 1.9 2.0 9.2 10.8 4.9 4.2 0.5 0.5 10.7 11.6 - -

Yes Bank Accumulate 461 489 16,563 4,451 5,526 2.8 2.8 43.0 49.7 10.7 9.3 2.3 1.9 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,630 - 44,411 12,332 14,524 16.5 16.3 141.6 162.7 32.7 28.5 10.3 8.2 35.4 32.2 3.5 2.9

Britannia Neutral 672 - 8,041 6,417 7,502 6.1 6.3 23.2 27.9 29.0 24.1 10.0 7.8 38.3 36.4 1.2 1.0

Colgate Neutral 1,353 - 18,406 3,588 4,130 20.5 20.9 44.2 51.8 30.6 26.2 29.8 21.7 108.6 96.2 5.0 4.3

Dabur India Neutral 156 - 27,138 7,183 8,340 16.8 16.8 5.4 6.3 29.0 24.8 11.3 8.8 41.5 40.1 3.7 3.2

GlaxoSmith Con* Neutral 5,140 - 21,615 3,617 4,259 16.1 16.4 122.2 148.7 42.1 34.6 13.1 10.5 34.1 33.7 5.5 4.6

Godrej Consumer Neutral 816 - 27,767 7,801 9,017 16.2 15.9 25.1 29.7 32.5 27.5 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 585 - 126,515 29,167 33,164 13.6 13.7 17.1 18.4 34.2 31.8 32.9 23.8 113.4 87.0 4.2 3.7

ITC Neutral 324 - 256,335 34,294 39,991 36.8 37.0 11.3 13.3 28.8 24.3 9.5 7.7 36.1 34.9 7.2 6.1

Marico Neutral 209 - 13,457 5,273 6,044 14.8 14.9 7.3 8.7 28.8 24.1 5.6 4.6 21.4 21.0 2.6 2.2

Nestle* Neutral 4,867 - 46,926 9,447 10,968 22.1 22.3 127.5 154.1 38.2 31.6 19.1 13.8 57.7 50.7 5.0 4.2

Tata Global Accumulate 134 145 8,311 8,069 8,957 9.8 9.7 7.8 8.6 17.2 15.7 2.1 2.0 9.5 9.7 1.0 0.9


Market Outlook

Stock Watch

July 01, 2013

7/28/2019 Market Outlook, 01-07-2013

10/14



IT

HCL Tech^ Accumulate 776 863 54,067 28,633 32,216 21.5 20.7 57.3 61.7 13.6 12.6 3.2 2.7 24.0 21.5 1.7 1.4

Hexaware* Accumulate 87 96 2,589 2,091 2,289 19.0 18.8 10.6 11.3 8.2 7.7 1.8 1.6 22.8 21.7 1.1 0.9

Infosys Neutral 2,493 - 143,171 43,338 47,244 27.5 27.7 169.4 182.6 14.7 13.7 3.1 2.6 20.8 19.3 2.7 2.3

Infotech Enterprises Neutral 177 - 1,970 1,956 2,174 17.9 17.7 20.4 21.9 8.6 8.1 1.3 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Accumulate 122 135 2,355 2,513 2,819 16.1 15.5 12.6 14.0 9.7 8.7 1.7 1.4 17.9 16.6 0.9 0.7

Mahindra Satyam Neutral 122 - 14,383 8,278 9,062 20.3 20.1 10.5 11.4 11.6 10.7 2.7 2.1 23.1 20.0 1.3 1.1

Mindtree Accumulate 837 920 3,479 2,599 2,871 19.4 19.2 85.2 92.3 9.8 9.1 2.1 1.7 21.4 18.9 1.0 0.8Mphasis& Accumulate 371 395 7,805 6,096 6,646 17.6 17.4 38.1 41.6 9.8 8.9 1.4 1.2 14.2 13.7 0.8 0.6

NIIT Buy 19 30 310 1,144 1,267 9.0 9.1 4.3 5.4 4.4 3.5 0.5 0.4 10.3 12.0 0.1 -

Persistent Buy 499 593 1,996 1,445 1,617 25.2 25.0 55.3 59.3 9.0 8.4 1.6 1.4 18.2 16.5 1.0 0.7

TCS Neutral 1,518 - 297,184 71,833 81,893 28.4 28.0 78.5 88.0 19.3 17.3 5.9 4.8 30.2 27.9 3.9 3.4

Tech Mahindra Accumulate 1,059 1,170 13,608 7,779 8,398 19.7 19.3 107.4 117.8 9.9 9.0 2.1 1.7 21.2 19.0 1.8 1.5

Wipro Accumulate 350 385 86,185 40,173 43,697 20.4 20.6 26.2 28.5 13.4 12.3 2.6 2.3 19.7 18.4 1.6 1.4

Media

D B Corp Buy 240 290 4,401 1,750 1,925 25.1 26.6 14.2 16.8 16.9 14.3 3.7 3.1 23.4 23.4 2.4 2.1

HT Media Buy 97 117 2,281 2,205 2,380 15.1 15.6 8.3 9.1 11.7 10.7 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 81 119 2,702 1,664 1,825 20.9 23.0 6.4 7.8 12.7 10.5 2.6 2.3 21.0 23.1 1.7 1.6

PVR Neutral 322 - 1,276 1,359 1,540 17.3 17.4 17.2 21.6 18.7 15.0 1.9 1.7 10.3 12.0 1.4 1.2

Sun TV Network Neutral 380 - 14,975 2,287 2,551 69.7 70.5 20.0 23.3 19.0 16.3 4.7 4.1 26.4 27.3 6.2 5.4

Metals & Mining

Bhushan Steel Neutral 464 - 10,519 13,794 17,088 30.9 33.5 49.3 66.6 9.4 7.0 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Accumulate 303 345 191,354 72,174 76,311 33.3 28.4 28.4 30.9 10.7 9.8 2.9 2.5 37.6 36.2 1.8 1.7

Electrosteel Castings Buy 13 24 420 1,976 2,017 11.8 12.7 1.3 2.6 10.2 5.0 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 127 193 4,027 1,920 2,239 53.2 52.9 21.6 25.0 5.9 5.1 1.3 1.1 25.1 23.8 1.6 1.2

Hind. Zinc Buy 102 145 43,288 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 100 - 19,098 89,352 93,672 8.8 9.2 13.4 15.0 7.5 6.7 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 657 - 14,669 39,973 40,926 17.2 17.0 71.9 82.8 9.2 7.9 0.8 0.7 9.0 9.6 0.7 0.6

MOIL Buy 200 248 3,353 1,010 1,046 46.5 47.6 26.8 28.8 7.4 6.9 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 125 193 797 2,326 2,709 21.4 23.1 33.3 43.1 3.8 2.9 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 29 - 7,448 7,656 7,988 13.1 13.5 2.6 2.6 11.3 11.0 0.6 0.6 5.5 5.5 0.4 0.4

NMDC Buy 106 156 41,927 10,461 11,892 71.6 72.6 16.3 17.6 6.5 6.0 1.4 1.2 22.1 21.4 2.2 2.0


Market Outlook

Stock Watch

July 01, 2013

7/28/2019 Market Outlook, 01-07-2013

11/14

7/28/2019 Market Outlook, 01-07-2013

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Power

NTPC Accumulate 144 163 118,487 76,734 86,680 24.5 24.3 13.4 14.5 10.7 9.9 1.3 1.2 12.8 12.7 2.2 2.1

Real Estate

DLF Buy 181 236 32,187 8,293 9,622 36.5 36.1 5.7 6.7 31.7 26.8 1.1 1.1 3.7 4.1 6.0 5.0

MLIFE Accumulate 421 476 1,720 888 1,002 30.6 30.6 38.8 43.4 10.8 9.7 1.2 1.1 11.2 11.4 2.5 2.2

Telecom

Bharti Airtel Accumulate 291 328 116,484 86,592 95,860 31.4 31.8 10.9 14.5 26.7 20.0 2.1 1.9 7.7 9.3 2.0 1.7

Idea Cellular Neutral 141 - 46,882 25,122 27,663 27.0 27.2 4.0 4.8 35.6 29.7 3.0 2.7 8.3 9.1 2.3 2.0Rcom Neutral 118 - 24,376 22,801 24,628 31.0 31.3 3.6 5.3 33.2 22.4 0.7 0.7 2.2 3.1 2.7 2.3

Others

Abbott India* Accumulate 1,464 1,659 3,110 1,863 2,081 11.8 12.4 71.2 83.0 20.6 17.7 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 172 237 1,714 3,885 4,472 5.4 7.2 11.0 19.7 15.7 8.7 2.1 1.8 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 496 562 627 630 795 14.4 13.6 42.8 51.1 11.6 9.7 2.8 2.2 26.6 25.2 1.0 0.8

Cravatex Buy 305 459 79 248 284 6.5 7.3 27.2 38.2 11.2 8.0 1.8 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 49 68 756 2,563 2,899 9.8 9.8 10.1 11.3 4.9 4.4 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 270 437 351 2,304 2,649 3.1 3.6 28.0 43.7 9.6 6.2 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 301 345 694 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 125 177 340 1,053 1,169 6.3 7.1 13.8 17.7 9.1 7.1 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,525 - 2,233 1,842 2,131 7.7 7.8 112.4 132.4 22.5 19.1 2.8 2.5 13.3 13.8 1.1 1.0

IFB Agro Buy 143 198 128 495 651 12.7 12.9 29.3 39.5 4.9 3.6 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 153 234 176 1,430 1,573 11.1 11.0 19.1 26.9 8.0 5.7 0.4 0.4 4.9 6.3 0.5 0.5

Jyothy Laboratories Accumulate 180 199 2,988 1,220 1,476 13.3 13.6 5.5 9.0 32.6 19.9 3.8 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,928 14,416 5,483 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.2 7.2 1.5 1.3 23.5 19.2 0.6 0.5

Page Industries Accumulate 4,098 4,611 4,570 1,057 1,282 19.4 19.6 124.8 153.7 32.8 26.7 16.3 12.0 56.3 51.8 4.4 3.6Relaxo Footwears Neutral 796 - 955 1,146 1,333 10.9 11.4 45.9 60.9 17.3 13.1 3.6 2.9 23.0 24.6 1.0 0.8

Siyaram Silk Mills Buy 230 343 215 1,158 1,322 11.9 11.9 72.9 85.7 3.2 2.7 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 395 617 695 1,068 1,223 9.6 9.6 38.1 44.1 10.4 9.0 1.4 1.2 14.5 14.7 0.6 0.5

TAJ GVK Buy 60 108 375 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 283 371 435 814 849 17.0 17.6 64.6 69.2 4.4 4.1 0.6 0.5 14.5 13.8 0.1 -

TTK Healthcare Buy 501 686 389 435 516 6.2 7.1 24.3 33.3 20.6 15.1 3.4 2.9 17.6 20.8 0.7 0.6

Tree House Buy 242 297 869 153 194 53.0 52.8 12.4 15.6 19.5 15.5 2.3 2.0 11.8 13.1 5.9 4.5

TVS Srichakra Buy 176 252 135 1,591 1,739 6.1 6.6 24.5 41.9 7.2 4.2 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,171 - 31,551 12,294 14,162 12.0 12.0 42.1 67.7 51.6 32.1 3.6 3.3 9.1 10.7 2.9 2.5


Market Outlook

Stock Watch

July 01, 2013

7/28/2019 Market Outlook, 01-07-2013

13/14



Others

Vesuvius India* Buy 366 439 743 600 638 20.1 19.4 35.7 36.6 10.3 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 28, 2013


Market Outlook

Stock Watch

July 01, 2013

7/28/2019 Market Outlook, 01-07-2013

14/14


Market Outlook, 01-07-2013

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Transcript of Market Outlook, 01-07-2013