Market Outlook 03-09-2013

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Market OutlookSeptember 3, 2013

Dealers DiaryIndian markets are expected to open in the positive territory tracking a positive

opening in SGX Nifty. Most of the Asian markets are trading in the positive

territory.

The US markets were closed yesterday for the Labor Day national holiday.

Meanwhile the European markets ended notably higher on Monday, after results of

two separate surveys showed that China's manufacturing sector performance

strengthened in August, suggesting that the overall economic growth may gather

pace in the coming months. Manufacturing data from the region also helped

influence sentiment.

Indian shares rose sharply to hit a two-week high on Monday, as falling oil

prices and the rupee's rebound last week following measures announced by

the RBI outweighed weaker-than-expected GDP data. Global cues remained

supportive, further bolstering investor sentiment.

Markets Today

The trend deciding level for the day is 18,836/ 5,532 levels. If NIFTY trades above

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

up to 18,992 19,099 / 5,584 5,618 levels. However, if NIFTY trades below

18,836/5,532 levels for the first half-an-hour of trade then it may correct up to

18,729 18,573 / 5,498 5,445 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,573 18,729 18,836 18,992 19,099

NIFTY 5,445 5,498 5,532 5,584 5,618

News Analysis Auto sales update - August 2013 TCS bags deal to implement NCB's core banking platform NTPC likely to bid for ultra-mega power projects SAILs August sales volumes grows 16% yoy

Refer detailed news analysis on the following page

Net Inflows (August 30, 2013)

` cr Purch Sales Net MTD YTDFII 6,417 6,517 (100) (6,200) 59,197

MFs 1,021 697 325 1,350 (12,996)

FII Derivatives (September 02, 2013)

` cr Purch Sales Net Open InterestIndex Futures 1,969 1,987 (18) 10,279

Stock Futures 2,180 1,766 415 26,120

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Jaiprakash Asso 36 9.7 Pipavav Defence 50 (5.0)

United Brew-$ 779 8.9 Kotak Mah Bank 627 (4.8)

Mah & Mah Fin 272 7.8 Wockhardt 450 (3.9)

Sun TV Network 419 7.4 Sobha Dev 241 (3.4)

Crompton Greav 87 7.4 Federal Bank 249 (3.3)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.4 266 18,886

Nifty 1.4 79 5,551

MID CAP 1.4 75 5,376

SMALL CAP 1.0 53 5,244

BSE HC 0.8 72 9,038

BSE PSU 1.4 71 5,060

BANKEX 0.9 94 10,398

AUTO 0.4 37 10,239

METAL 3.2 246 8,031

OIL & GAS 2.5 208 8,357

BSE IT 0.1 11 8,039

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (31) 14,810NASDAQ (0.8) (30) 3,590

FTSE 1.5 93 6,506

Nikkei 1.4 184 13,573

Hang Sang 2.0 444 22,175

Straits Times 0.9 27 3,056

Shanghai Com 0.0 0 2,098

Indian ADR Chg (%) (Pts) (Close)INFY 0.3 0.2 $46.4

WIT (0.6) (0.0) $9.0IBN (0.6) (0.2) $26.0

HDB 3.9 1.1 $29.0

Advances / Declines BSE NSEAdvances 1,388 896

Declines 872 409

Unchanged 140 75

Volumes (` cr)BSE 1,722

NSE 9,654

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Auto Monthly - August 2013

Ashok Leyland

Ashok Leyland (AL) witnessed a steep decline of 18.3% mom in its total sales to

7,139 units led by the weak demand environment amidst slowdown in the

economic activity. While medium and heavy commercial vehicle (MHCV) sales

posted a decline of 21.1% mom; Dost sales too posted a decline of 11.3% mom

during the month. On a yoy basis too, total sales declined by 24.3% with MHCV

and Dost sales registering a decline of 25.1% and 22.4% yoy respectively.

Bajaj Auto

Bajaj Auto recorded an in-line volume growth of 11% mom to 312,188 units led

by a 12.9% mom growth in the motorcycle sales primarily driven by the exports.

Total exports surged sharply by 31% mom during the month. The three-wheeler

sales however declined 2.6% mom as the sales continue to be impacted due to the

slowdown in Egypt. Domestic sales too declined by 1.9% mom due to the weakdemand for motorcycles. On a yoy basis, total sales posted a decline of 9.5% yoy

following a 21.2% decline in domestic volumes. Exports however, registered a

growth of 9.6% yoy. The company has launched new three-wheelers in an attempt

to progressively replace the entire portfolio over the next 3-4 months. Further, the

company also intends to launch new variants of Discover around the festival

season.

Hero MotoCorp

Hero MotoCorp (HMCL) registered lower-than-expected volumes in August 2013

as volumes continue to be impacted by the slowdown in motorcycle demand and

higher competition from Honda. Overall sales declined 5.7% mom to 459,996

units. However, on a yoy basis, the sales grew by 3.6% primarily due to the base

effect. Going ahead, the company expects better monsoons to revive growth

during the festival season.

Mahindra and Mahindra

Mahindra and Mahindras (MM) tractor sales came in lower-than-expected at

14,158 units, down 23.3% mom as domestic sales declined by 23.8% mom during

the month. However on a yoy basis, tractor sales grew by 7% yoy led by a 9.3%

yoy growth in domestic sales driven by good monsoon and improved prospects for

kharif crop. Meanwhile, the company has reached an agreement on the wagesettlement issue with the workers at the Nashik plant after negotiating for almost a

year. According to the media reports, the company will give an average wage hike

of `9,300/ month to all its 2,950 permanent employees at the facility and the

union has agreed to scale up production by 18% in a quid-pro-quo arrangement.

The Nashik plant employs around ~4,000 workers, out of which ~1,000 are on

contract basis, and produces models like Bolero, Scorpio, XyloQuanto and Verito.

Maruti Suzuki

Maruti Suzuki (MSIL) registered a better-than-expected volume growth of 4.8%

mom to 87,323 units driven by a strong 38.6% mom growth in exports. The

domestic volumes though grew modestly by 1.2% mom and were led by a strong

25.4% mom growth in the compact segment. The utility vehicle sales of MSIL have

slowed down considerably over the last few months due to the increasing

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competition from Renault and Ford and also due to the slowdown in demand for

diesel vehicles post the recent hike in the fuel prices. On a yoy basis, total sales

registered a growth of 61.2% yoy primarily due to the low base of last year. The

companys sales in August 2012 were impacted due to the labor problems at the

Manesar plant which had led to temporary shutdown in production.

TCS bags deal to implement NCB's core banking platform

As part of efforts to develop electronic services and ensure quality services to its

customers across all channels, the National Commercial Bank (NCB) has selected

Tata Consultancy Services (TCS) to implement a new core banking software

platform. The agreement between the two parties will be valid for two years. The

selection of TCS by the NCB was based on the former's expertise in the field of

core banking software and delivery of IT services. The agreement comes as part of

NCB's endeavour to provide the highest levels of service to its customers through

the provision of advanced and technically sophisticated service channels. We

continue to remain positive on TCS but owing to recent sharp run up in the stock

price, we maintain our Neutral rating on the stock

NTPC likely to bid for ultra-mega power projects

NTPC Ltd. is likely to bid for two ultra-mega power projects (UMPPs) worth

`20,000cr each in Odisha and Tamil Nadu according to a top company executive.

However, the Chairman & MD said that they have been participating in UMPPs

and will bid for such projects as and when they come. The Power Finance

Corporation (PFC) is expected to invite preliminary bids for the two UMPPs this

week. He also said that raising funds will not be an issue and the company would

also bid aggressively for coal blocks if the government puts them on auction. It is

working on coal blocks in Jharkhand, Andhra Pradesh and Odisha with total

geological reserves of 3,732 million tonnes (mt) and mineable reserves of 2,035

mt. The company plans to mine around 33 mt per annum by 2017 from these

blocks. The Ministry of Coal has also allocated four additional blocks to NTPC in

Chattisgarh and Odisha. NTPC plans to produce nearly 100 million tonnes over

the next 5-6 years to meet its fuel demand. Currently, NTPC has an installed

capacity of ~41,000MW excluding its joint ventures. We maintain Buy on the stockwith a Target Price of `163.

SAILs August sales volumes grows 16% yoy

SAIL reported sales volumes for August 2013. Its sales volumes grew by 16% yoy

to 1.09mn tonnes during August 2013. The increase in volumes is mainly due to

lower base during August 2012 in our view. However, given the weak steel

demand in India, we expect SAIL to lose market share. Hence , we maintain ourNeutral rating on the stock.

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Economic and Political News

Bhutan seeks investments from India in various sectors India, Japan to resume negotiations on civil nuclear pact HSBC, Nomura cut GDP forecast to 4-4.2% Odisha eases restriction on iron ore fines sale to sponge iron plantsCorporate News

NSIC signs pact with SBI for cheap loans to MSMEs Larsen & Toubro bags orders worth `1,141cr. in August CIL produces 31.6 MT of coal in Aug; misses target ONGC, Essar Oil shortlisted to bid for Iraq's Nassiriya field

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

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 4, 2013 1:25PM Germany PMI Services Value Aug F 52.40 52.40

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P 0.30 0.30

September 5, 2013 6:00PM US Initial Jobless claims Thousands Aug 31 331.00 330.00

4:30PM UK BOE Announces rates % Ratio Sep 5 0.50 0.50

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

September 6, 2013 2:00PM UK Industrial Production (YoY) % Change Jul 1.20 (1.70)

6:00PM US Change in Nonfarm payrolls Thousands Aug 162.00 180.00

6:00PM US Unnemployment rate % Aug 7.40 7.40

September 8, 2013 4:29PM China Exports YoY% % Change Aug 5.10 5.00

September 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Aug 2.70 2.70

September 10, 2013 11:00AM China Industrial Production (YoY) % Change Aug 9.70 9.90

4:29PM India Imports YoY% % Change Aug (6.20) --

4:29PM India Exports YoY% % Change Aug 11.64 --

September 11, 2013 2:00PM UK Jobless claims change % Change Aug (29.20) --

September 12, 2013 5:30PM India Industrial Production YoY % Change Jul (2.20) --

September 13, 2013 6:00PM US Producer Price Index (mom) % Change Aug -- 0.10

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

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

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

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

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

September 18, 2013 11:00AM India RBI Repo rate % Sep 18 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 18 4.00 --

11:00AM India RBI Reverse Repo rate % Sep 18 6.25 --6:00PM US Housing Starts Thousands Aug 896.00 --

6:00PM US Building permits Thousands Aug 954.00 --

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

Source: Bloomberg, Angel Research

September 03, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G DP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion

Exhibit 5:Exports and imp orts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8 4.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.5

1.9

(2.8)(2.2)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

(%)

8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.6 4.9

5.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

(%)

46.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

Jul-13

Mfg. PMI Services PMI

(15.0)

(12.0)

(9.0)

(6.0)

(3.0)

0.0

3.0

6.0

9.0

12.0

15.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Jun-1

3

Jul-13

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Aug-12

Sep-12

Oc-12

Oc-12

No-12

Dec-12

Dec-12

Jan-13

Feb-13

Feb-13

Mar-13

Apr-13

Apr-13

Ma-13

Jun-13

Jun-13

Jul-13

Aug-13

Repo rate Reverse Repo rate CRR(%)

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

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

Agri / Agri Chemical

Rallis Neutral 147 - 2,856 1,674 1,923 13.7 13.7 6.8 7.6 21.6 19.3 4.1 3.6 20.0 19.6 1.8 1.6

United Phosphorus Buy 136 225 6,015 10,091 11,302 16.5 16.5 19.2 22.5 7.1 6.0 1.1 1.0 17.0 17.2 0.8 0.6

Auto & Auto Ancillary

Amara Raja Batteries Buy 253 305 4,321 3,474 3,952 15.5 15.5 19.0 21.0 13.3 12.0 3.2 2.6 27.2 24.2 1.3 1.1

Apollo Tyres Neutral 64 - 3,206 13,409 15,106 11.8 11.6 13.1 15.4 4.8 4.1 0.8 0.7 17.9 17.8 0.4 0.3

Ashok Leyland Buy 12 18 3,323 12,945 15,049 6.3 8.2 0.2 1.5 71.8 8.3 1.1 1.0 1.1 9.1 0.4 0.3

Automotive Axle# Neutral 200 - 302 700 890 8.7 10.7 11.1 25.8 18.0 7.8 1.1 1.0 6.2 13.9 0.5 0.4

Bajaj Auto Accumulate 1,854 2,115 53,662 22,042 25,399 19.3 19.3 121.1 141.0 15.3 13.2 5.4 4.3 39.4 36.6 2.0 1.7

Bharat Forge Accumulate 243 256 5,656 5,942 6,417 15.2 15.5 15.6 19.7 15.5 12.4 2.3 2.0 15.4 17.3 1.1 1.0

Bosch India* Accumulate 8,233 9,096 25,850 9,301 10,895 16.8 18.0 339.9 423.1 24.2 19.5 4.0 3.4 16.6 17.6 2.4 2.0

CEAT Buy 106 170 380 5,159 5,628 9.3 9.0 43.5 48.6 2.4 2.2 0.4 0.4 18.4 17.5 0.2 0.2

Exide Industries Buy 125 148 10,651 6,899 7,873 14.7 14.7 7.9 9.0 15.8 13.9 2.7 2.3 18.3 18.0 1.2 1.0

FAG Bearings* Neutral 1,208 - 2,008 1,336 1,572 13.8 16.0 75.6 102.4 16.0 11.8 2.0 1.7 13.4 15.8 1.3 1.0

Hero Motocorp Neutral 2,027 - 4 0,473 25,562 28,297 14.5 14.4 111.2 146.3 18.2 13.9 6.7 5.2 40.1 42.1 1.4 1.2

JK Tyre Buy 86 152 353 7,376 8,262 10.0 9.8 56.0 60.9 1.5 1.4 0.3 0.3 22.7 20.2 0.4 0.4

Mahindra and Mahindra Buy 767 1,011 47,208 42,318 48,067 12.0 12.2 58.5 67.1 13.1 11.4 2.6 2.2 21.6 21.1 0.9 0.7

Maruti Buy 1,299 1,571 39,254 45,877 52,733 11.2 11.2 93.0 104.7 14.0 12.4 1.9 1.6 14.2 14.0 0.7 0.5

Motherson Sumi Buy 197 242 11,561 28,442 31,914 8.4 8.7 13.0 16.1 15.2 12.2 4.0 3.1 29.4 28.6 0.5 0.5

Subros Buy 19 23 112 1,230 1,398 10.5 10.5 2.3 3.8 8.0 4.9 0.4 0.4 4.8 7.6 0.3 0.3

Tata Motors Buy 300 355 80,715 215,043 240,077 13.5 13.7 35.1 39.4 8.6 7.6 2.0 1.6 26.2 23.3 0.4 0.4

TVS Motor Buy 31 36 1,475 7,659 8,528 6.0 6.2 4.9 5.9 6.4 5.2 1.1 0.9 17.8 19.0 0.1 0.1

Capital Goods

ABB* Neutral 454 - 9,619 8,037 9,087 5.8 6.9 12.2 17.0 37.2 26.7 3.6 3.4 9.8 13.1 1.2 1.0

BGR Energy Neutral 100 - 724 3,541 4,041 11.8 10.7 21.1 22.9 4.8 4.4 0.6 0.5 21.8 19.5 0.5 0.4

BHEL Neutral 121 - 29,567 42,227 38,453 16.0 14.4 18.8 15.0 6.4 8.1 1.3 1.2 21.7 15.4 0.5 0.6

Blue Star Buy 135 208 1,215 2,941 3,099 3.4 4.2 6.0 9.3 22.6 14.5 2.8 2.5 12.9 18.0 0.5 0.5

Crompton Greaves Buy 87 103 5,581 13,418 14,654 5.8 6.7 5.8 7.8 15.0 11.2 1.5 1.3 10.1 12.5 0.5 0.5

Jyoti Structures Neutral 19 - 154 3,312 3,555 9.0 9.0 4.5 6.5 4.2 2.9 0.2 0.2 5.6 7.7 0.3 0.3

KEC International Buy 24 36 626 7,709 8,399 6.2 6.9 5.1 8.1 4.8 3.0 0.5 0.4 16.6 21.5 0.3 0.2

Thermax Neutral 545 - 6,489 5,832 6,397 9.1 9.6 28.8 32.9 18.9 16.6 3.1 2.7 17.2 17.3 1.1 1.0

Cement

ACC Buy 955 1,225 17,922 11,581 13,009 17.6 19.3 63.9 81.5 14.9 11.7 2.2 2.0 15.6 18.2 1.3 1.1


Market Outlook

Stock Watch

September 03, 2013

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Cement

Ambuja Cements Neutral 170 - 26,290 9,975 11,409 22.4 23.1 9.4 11.1 18.2 15.3 2.8 2.5 15.7 17.2 2.1 1.8

India Cements Neutral 48 - 1,484 4,796 5,357 16.4 16.1 7.3 9.5 6.6 5.1 0.4 0.4 6.4 8.0 0.7 0.6

J K Lakshmi Cement Buy 59 79 694 2,235 2,684 19.4 21.4 15.0 18.4 3.9 3.2 0.5 0.4 13.2 14.3 0.4 0.9

Madras Cements Neutral 157 - 3,727 4,010 4,524 23.5 23.4 14.9 18.3 10.5 8.6 1.4 1.2 14.0 15.2 1.5 1.3

Shree Cement^ Neutral 3,591 - 12,510 6,316 7,162 26.5 25.7 294.6 340.5 12.2 10.5 2.7 2.2 24.0 22.7 1.5 1.2

UltraTech Cement Neutral 1,498 - 41,061 22,021 25,274 22.0 21.6 99.5 113.3 15.1 13.2 2.4 2.1 16.7 16.6 1.8 1.7

Construction

Ashoka Buildcon Buy 47 60 740 1,912 2,131 21.0 21.5 5.0 5.5 9.3 8.6 0.7 0.6 8.8 7.6 1.7 1.7

Consolidated Co Neutral 6 - 109 1,715 1,824 2.4 6.2 (2.9) (0.4) (2.0) (16.3) 0.2 0.2 0.5 0.5

IRB Infra Buy 65 106 2,144 3,805 4,248 45.1 45.3 15.0 15.8 4.3 4.1 0.6 0.5 14.5 13.9 2.8 3.0

ITNL Buy 115 156 2,231 7,423 7,970 27.5 28.7 30.3 32.0 3.8 3.6 0.5 0.5 15.0 14.0 2.4 2.5

IVRCL Infra Neutral 11 - 324 5,673 5,892 7.8 7.6 (1.7) (2.0) (6.4) (5.4) 0.2 0.2 0.6 0.6

Jaiprakash Asso. Buy 36 41 8,055 12,946 14,897 24.7 25.6 1.2 2.7 29.6 13.6 0.6 0.6 2.0 4.3 2.4 2.2

Larsen & Toubro Buy 727 1,002 67,303 68,946 78,040 10.0 10.0 49.0 55.2 14.9 13.2 2.1 1.9 14.9 15.3 1.1 1.0

Nagarjuna Const. Buy 18 30 453 6,167 6,945 8.0 8.2 2.7 3.6 6.6 4.9 0.2 0.2 2.7 3.6 0.4 0.4

Punj Lloyd Neutral 22 - 732 12,726 14,226 8.2 8.2 0.9 1.0 25.7 21.6 0.3 0.3 1.0 1.2 0.6 0.6

Sadbhav Engg. Buy 54 99 821 2,462 2,731 10.6 10.6 5.3 6.0 10.3 9.0 0.9 0.8 9.2 9.6 0.6 0.6

Simplex Infra Buy 41 56 203 6,237 6,908 9.1 9.0 9.9 13.9 4.2 3.0 0.2 0.1 3.7 5.0 0.5 0.4

Unity Infra Neutral 19 - 140 2,146 2,339 12.9 13.0 9.3 9.6 2.0 2.0 0.2 0.2 8.0 7.7 0.6 0.7

Financials

Allahabad Bank Neutral 68 - 3,423 6,843 7,528 2.5 2.5 26.0 30.1 2.6 2.3 0.4 0.3 11.8 12.4 - -

Andhra Bank Neutral 50 - 2,806 4,868 5,390 2.4 2.5 12.3 16.6 4.1 3.0 0.4 0.4 7.9 10.0 - -

Axis Bank Buy 863 1,023 40,463 19,280 22,886 3.3 3.3 130.7 157.1 6.6 5.5 1.1 0.9 17.3 18.1 - -

Bank of Baroda Neutral 472 - 19,900 15,896 17,947 2.2 2.3 95.4 124.4 5.0 3.8 0.6 0.5 12.0 14.2 - -

Bank of India Neutral 145 - 8,611 14,482 16,069 2.3 2.2 55.0 62.2 2.6 2.3 0.4 0.3 13.7 13.9 - -

Bank of Maharashtra Neutral 38 - 2,481 4,529 4,780 3.0 2.8 12.3 11.8 3.0 3.2 0.5 0.4 16.5 14.1 - -

Canara Bank Neutral 207 - 9,157 11,454 12,378 2.0 2.0 52.4 60.5 4.0 3.4 0.4 0.4 9.8 10.4 - -

Central Bank Neutral 51 - 5,353 8,196 9,202 2.4 2.4 6.1 15.9 8.5 3.2 0.6 0.5 5.2 12.8 - -

Corporation Bank Neutral 251 - 3,844 5,641 6,083 2.0 2.0 82.7 98.1 3.0 2.6 0.4 0.4 12.6 13.5 - -

Dena Bank Neutral 45 - 1,577 3,307 3,531 2.2 2.4 17.5 21.6 2.6 2.1 0.3 0.3 11.9 13.2 - -

Federal Bank Neutral 249 - 4,251 2,798 3,250 3.0 3.0 38.1 51.9 6.5 4.8 0.6 0.6 9.8 12.3 - -


Market Outlook

Stock Watch

September 03, 2013

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Financials

HDFC Neutral 736 - 114,378 8,679 10,350 3.6 3.6 37.5 44.7 19.6 16.5 4.1 3.7 30.1 30.7 - -

HDFC Bank Buy 589 692 140,828 27,392 33,264 4.6 4.6 36.3 45.1 16.2 13.1 3.3 2.8 21.9 22.8 - -

ICICI Bank Buy 827 951 95,451 25,727 29,969 3.2 3.2 83.2 96.7 9.9 8.6 1.3 1.2 14.9 15.4 - -

IDBI Bank Neutral 56 - 7,397 9,518 10,468 2.0 2.0 15.5 22.1 3.6 2.5 0.4 0.3 10.2 13.3 - -

Indian Bank Neutral 64 - 2,770 5,940 6,396 2.7 2.7 24.9 32.9 2.6 2.0 0.3 0.3 10.3 12.4 - -

IOB Neutral 41 - 3,766 7,692 8,627 2.2 2.3 8.1 15.2 5.0 2.7 0.3 0.3 5.9 10.5 - -

J & K Bank Neutral 1,079 - 5,231 3,038 3,370 3.7 3.9 214.2 202.6 5.0 5.3 0.9 0.8 19.8 16.3 - -

LIC Housing Finance Neutral 169 - 8,516 2,001 2,495 2.2 2.3 23.8 28.8 7.1 5.9 1.2 1.0 17.3 18.2 - -

Oriental Bank Neutral 130 - 3,783 6,918 7,459 2.6 2.5 46.7 52.5 2.8 2.5 0.3 0.3 10.8 11.1 - -

Punjab Natl.Bank Neutral 439 - 15,519 20,766 23,515 3.4 3.4 135.0 164.8 3.3 2.7 0.5 0.4 14.4 15.7 - -

South Ind.Bank Neutral 20 - 2,655 1,800 2,023 2.7 2.7 3.7 4.2 5.3 4.7 0.8 0.7 16.2 16.2 - -

St Bk of India Neutral 1,517 - 103,744 65,392 74,467 3.0 3.0 178.5 226.1 8.5 6.7 1.1 1.0 12.1 14.0 - -

Syndicate Bank Neutral 66 - 3,952 6,740 7,512 2.5 2.5 21.0 23.5 3.1 2.8 0.4 0.3 12.6 12.8 - -

UCO Bank Neutral 52 - 3,944 6,770 7,017 2.8 2.6 14.8 15.5 3.5 3.4 0.6 0.5 14.4 13.5 - -

Union Bank Neutral 107 - 6,410 10,458 11,809 2.5 2.5 32.0 40.6 3.4 2.7 0.4 0.4 11.6 13.4 - -

United Bank Neutral 29 - 1,079 3,386 3,884 2.3 2.5 12.4 20.0 2.3 1.4 0.3 0.2 10.0 14.7 - -

Vijaya Bank Neutral 36 - 1,764 2,718 2,941 1.8 1.9 7.0 9.0 5.1 4.0 0.4 0.4 8.2 9.8 - -

Yes Bank Neutral 252 - 9,093 4,417 5,486 2.7 2.8 42.9 49.5 5.9 5.1 1.3 1.1 23.9 22.8 - -

FMCG

Asian Paints Neutral 423 - 40,603 12,332 14,524 16.3 16.1 13.9 16.0 30.5 26.4 9.7 7.7 35.2 32.5 3.2 2.6

Britannia Neutral 716 - 8,574 6,422 7,367 6.9 7.3 24.2 29.7 29.6 24.1 10.5 8.1 39.6 37.7 1.3 1.1

Colgate Neutral 1,250 - 16,998 3,588 4,130 18.9 19.4 41.2 48.4 30.4 25.9 26.9 20.9 100.0 91.0 4.4 3.8

Dabur India Neutral 168 - 29,267 7,183 8,297 16.8 16.9 5.4 6.3 31.4 26.7 11.0 8.8 39.2 36.7 4.0 3.4

GlaxoSmith Con* Neutral 4,230 - 17,788 3,617 4,259 16.1 16.4 122.2 148.7 34.6 28.5 10.8 8.7 34.1 33.7 4.3 3.5

Godrej Consumer Neutral 814 - 27,701 7,801 9,017 16.2 15.9 25.1 29.7 32.4 27.4 7.0 5.8 24.9 24.2 3.7 3.1

HUL Neutral 639 - 138,110 28,415 31,962 13.6 14.1 16.7 18.2 38.3 35.1 36.8 26.7 112.2 88.1 4.7 4.1

ITC Neutral 319 - 252,850 34,294 39,991 36.8 37.0 11.3 13.3 28.3 23.9 9.3 7.6 36.1 34.9 6.8 5.8

Marico Neutral 217 - 14,016 5,104 5,876 15.1 15.2 7.2 8.6 30.4 25.3 5.9 4.8 21.1 20.9 2.7 2.3

Nestle* Neutral 4,957 - 47,795 9,330 10,860 21.8 21.9 123.3 149.7 40.2 33.1 19.8 14.4 56.4 50.3 5.1 4.3

Tata Global Neutral 144 - 8,893 8,070 8,958 9.8 9.9 7.6 8.5 19.0 16.9 2.2 2.1 9.3 9.7 1.1 0.9


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IT

HCL Tech^ Neutral 1,038 - 72,348 32,266 35,103 23.5 22.6 69.7 74.0 14.9 14.0 4.0 3.3 26.5 23.0 2.0 1.8

Hexaware* Neutral 129 - 3,851 2,273 2,575 22.2 21.5 12.4 13.4 10.4 9.6 2.6 2.3 25.4 23.5 1.5 1.3

Infosys Neutral 3,077 - 176,713 48,731 52,962 26.9 27.1 180.8 200.3 17.0 15.4 3.7 3.1 20.4 19.3 3.0 2.7

Infotech Enterprises Neutral 185 - 2,067 2,128 2,341 17.2 17.6 21.3 23.2 8.7 8.0 1.3 1.2 14.9 14.0 0.6 0.5

KPIT Cummins Buy 132 155 2,560 2,769 3,122 18.3 17.8 15.3 16.6 8.6 8.0 1.8 1.5 20.9 18.4 0.9 0.7

Mindtree Neutral 1,053 - 4,377 2,871 3,110 20.4 20.7 102.6 111.2 10.3 9.5 2.5 2.0 24.8 20.3 1.2 1.0

Mphasis& Accumulate 433 450 9,100 6,827 7,342 21.0 21.2 47.0 51.3 9.2 8.4 1.6 1.4 14.3 14.2 0.9 0.7

NIIT Neutral 19 - 315 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 Neutral 580 - 2,320 1,590 1,774 23.5 23.8 48.5 56.9 12.0 10.2 1.9 1.7 16.4 16.1 1.1 0.9

TCS Neutral 2,048 - 400,868 80,353 91,576 30.0 30.0 91.0 103.2 22.5 19.9 7.3 5.8 31.5 29.2 4.7 4.1

Tech Mahindra Accumulate 1,375 1,485 31,938 17,749 19,406 22.5 21.0 113.6 114.2 12.1 12.0 3.5 2.8 27.9 22.1 1.5 1.3

Wipro Neutral 484 - 119,344 43,610 47,320 21.6 22.2 30.0 33.0 16.2 14.7 3.6 3.1 20.7 19.4 2.3 2.0

Media

D B Corp Accumulate 241 267 4,425 1,783 1,968 23.8 25.0 13.6 16.0 17.7 15.1 4.3 3.7 22.5 22.9 2.4 2.1

HT Media Buy 89 112 2,095 2,205 2,380 14.1 14.4 7.6 8.4 11.7 10.6 1.3 1.2 10.7 10.7 0.6 0.5

Jagran Prakashan Buy 83 104 2,755 1,683 1,845 19.7 20.8 5.9 6.9 14.1 12.0 2.7 2.4 19.4 21.2 1.7 1.5

PVR Neutral 396 - 1,571 1,359 1,540 17.3 17.4 17.2 21.6 23.0 18.4 2.3 2.1 10.3 12.0 1.6 1.4

Sun TV Network Neutral 419 - 16,496 2,287 2,551 69.7 70.5 20.0 23.3 20.9 18.0 5.2 4.5 26.4 27.3 6.4 5.6

Metals & Mining

Bhushan Steel Reduce 462 419 10,459 12,640 15,667 28.5 31.5 25.9 38.6 17.9 12.0 1.1 1.0 6.1 8.5 2.6 2.1

Coal India Neutral 258 - 162,836 68,303 69,884 32.5 30.3 27.5 25.0 9.4 10.3 3.5 2.5 40.2 33.1 1.5 1.4

Electrosteel Castings Buy 11 15 361 1,976 2,017 11.8 12.7 0.1 1.2 173.0 9.1 0.1 - 0.1 1.9 0.6 0.1

GMDC Buy 84 115 2,671 1,701 1,985 47.8 48.8 17.4 20.6 4.8 4.1 0.9 0.8 20.7 20.9 1.1 0.8

Hind. Zinc Buy 124 143 52,352 12,389 13,093 48.5 51.7 15.2 17.0 8.1 7.3 1.4 1.2 18.5 18.0 2.0 1.6

Hindalco Neutral 109 - 20,840 95,465 102,491 8.4 9.0 13.9 17.2 7.9 6.3 0.6 0.5 7.6 8.7 0.6 0.5

JSW Steel Neutral 556 - 13,448 45,022 48,140 16.0 15.9 68.5 77.0 8.1 7.2 0.7 0.7 9.3 9.7 0.8 0.7

MOIL Accumulate 213 223 3,570 956 982 42.3 44.3 25.3 26.2 8.4 8.1 1.2 1.1 14.6 13.7 1.0 1.1

Monnet Ispat Buy 110 139 699 2,199 2,575 21.6 22.8 30.7 38.6 3.6 2.8 0.3 0.2 7.7 8.9 1.4 1.0

Nalco Neutral 35 - 9,046 7,270 7,521 13.6 13.8 2.8 2.9 12.7 12.1 0.7 0.7 5.9 6.0 0.6 0.6

NMDC Buy 123 142 48,647 10,718 11,514 66.6 64.5 15.5 16.1 7.9 7.6 1.6 1.5 21.2 20.0 2.3 2.1

SAIL Neutral 47 - 19,556 44,060 54,227 9.2 10.9 5.3 6.8 8.9 7.0 0.5 0.5 5.2 6.5 0.7 0.6


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Metals & Mining

Sesa Goa* Neutral 189 - 16,396 3,817 5,781 12.1 17.7 27.0 29.6 7.0 6.4 0.9 0.8 12.9 12.5 5.1 3.3

Tata Steel Buy 289 317 28,112 153,862 167,209 9.4 10.5 32.8 53.5 8.8 5.4 0.8 0.7 9.0 13.2 0.5 0.5

Sarda Buy 84 98 301 1,323 1,398 17.2 17.9 25.3 27.8 3.3 3.0 0.3 0.3 9.5 9.6 0.6 0.5

Prakash Industries Buy 30 37 410 2,486 2,637 15.2 15.0 13.7 14.2 2.2 2.2 0.2 0.2 9.1 8.7 0.4 0.3

Godawari Power andIspat

Accumulate 73 78 238 2,171 2,317 14.9 15.8 36.4 46.6 2.0 1.6 0.2 0.2 11.6 13.0 0.5 0.4

Oil & Gas

Cairn India Accumulate 320 364 61,154 18,403 17,925 71.9 62.1 62.1 57.4 5.2 5.6 1.1 0.9 22.6 17.8 2.1 1.9GAIL Neutral 302 - 38,308 49,700 48,822 16.0 16.6 32.9 33.4 9.2 9.0 1.4 1.2 15.9 14.4 0.3 0.2

ONGC Buy 251 350 214,999 164,816 196,050 33.7 36.6 30.0 38.7 8.4 6.5 1.3 1.1 16.0 18.5 1.0 0.7

Rel iance Industries Accumulate 884 953 285,499 417,018 442,434 8.4 8.4 70.3 75.2 12.6 11.8 1.3 1.2 12.0 11.6 0.6 0.6

Gujarat Gas* Neutral 199 - 2,551 3,270 3,414 12.8 12.6 22.6 23.1 8.8 8.6 2.3 2.1 28.2 25.6 0.6 0.5

Indraprastha Gas Neutral 261 - 3,653 3,656 4,456 21.5 18.6 25.7 26.8 10.1 9.7 2.1 1.8 22.1 19.6 1.0 0.8

Petronet LNG Accumulate 123 135 9,229 39,449 43,315 5.3 5.9 14.1 16.9 8.7 7.3 1.7 1.5 21.7 21.9 0.3 0.3

Gujarat State PetronetLtd.

Buy 51 67 2,850 1,002 1,021 91.4 91.5 8.2 8.4 6.2 6.1 0.8 0.8 14.3 13.0 2.3 2.1

Pharmaceuticals

Alembic Pharma Buy 137 165 2,586 1,736 2,008 17.1 18.9 10.5 13.8 13.1 9.9 4.0 3.0 34.4 34.7 1.5 1.3

Aurobindo Pharma Buy 183 271 5,323 6,641 7,637 15.9 15.9 17.3 20.6 10.6 8.9 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,387 - 5,498 1,682 1,917 15.6 15.6 91.9 101.7 26.0 23.5 3.7 3.6 15.6 17.1 2.8 2.2

Cadila Healthcare Buy 649 894 13,283 7,123 8,367 15.5 15.7 37.3 44.7 17.4 14.5 3.7 3.0 22.9 22.9 2.2 1.9

Cipla Accumulate 417 477 33,494 9,274 10,796 23.1 23.1 21.0 23.8 19.9 17.5 3.2 2.7 17.2 16.8 3.4 2.8

Dr Reddy's Accumulate 2,278 2,535 38,723 13,377 15,350 20.4 20.1 112.1 126.6 20.3 18.0 4.3 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 43 73 348 1,394 1,534 22.5 22.4 14.8 16.6 2.9 2.6 0.3 0.3 10.8 11.0 0.9 0.7

GSK Pharma* Neutral 2,348 - 19,889 2,744 2,964 22.0 23.4 59.2 66.6 39.7 35.3 9.9 9.5 24.9 27.5 6.4 5.9

Indoco Remedies Buy 63 78 580 747 906 15.3 15.3 5.9 7.6 10.7 8.3 1.3 1.1 12.5 14.4 1.0 0.8

Ipca labs Accumulate 644 674 8,130 3,246 3,830 20.5 21.7 36.2 44.9 17.8 14.4 4.2 3.3 26.1 25.7 2.6 2.1

Lupin Accumulate 819 904 36,681 11,576 13,855 22.0 22.0 35.8 43.0 22.9 19.1 5.6 4.4 27.1 25.8 3.2 2.6

Ranbaxy* Neutral 431 - 18,243 10,400 11,331 6.6 8.4 11.4 15.2 37.8 28.4 4.0 3.5 11.1 13.1 1.8 1.6

Sun Pharma Neutral 527 - 109,095 13,509 15,846 41.0 41.0 16.5 19.9 31.9 26.5 6.4 5.3 22.0 22.0 7.5 6.2

Power

GIPCL Buy 61 65 925 1,444 1,482 33.4 33.0 13.7 14.8 4.5 4.1 0.5 0.5 12.3 12.0 0.7 0.4

NTPC Buy 131 163 107,727 75,046 81,780 23.5 23.9 12.7 13.6 10.3 9.6 1.2 1.1 12.2 12.0 2.1 2.1

Real Estate

DLF Buy 137 179 24,330 8,293 9,622 36.5 36.1 5.7 6.7 23.9 20.3 0.9 0.8 3.7 4.1 4.9 4.1


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Real Estate

MLIFE Buy 405 483 1,654 888 1,002 27.0 29.9 33.9 42.1 11.9 9.6 1.2 1.1 9.9 11.2 2.4 2.2

Telecom

Bharti Airtel Buy 301 350 120,142 83,535 92,173 32.0 33.1 9.2 12.9 32.8 23.3 2.1 2.0 6.8 8.9 2.1 1.8

Idea Cellular Neutral 156 - 51,757 26,717 29,443 30.6 29.8 5.5 6.7 28.7 23.2 3.2 2.8 11.1 12.0 2.3 2.1

Rcom Neutral 130 - 26,925 22,050 23,647 30.6 30.8 3.2 5.2 40.8 25.0 0.8 0.8 1.9 3.1 2.8 2.5

Others

Abbott India* Buy 1,410 1,628 2,996 1,788 1,996 12.5 12.7 71.7 81.4 19.7 17.3 4.0 3.4 21.7 21.2 1.4 1.2

Bajaj Electricals Buy 158 184 1,574 3,885 4,472 4.0 5.8 6.8 15.4 23.4 10.3 2.1 1.8 8.8 17.3 0.4 0.4

Cera Sanitaryware Buy 481 613 608 631 797 14.5 13.7 42.6 51.1 11.3 9.4 2.7 2.1 26.5 25.3 1.0 0.8

Cravatex Buy 266 307 69 248 284 6.5 7.3 27.2 38.2 9.8 7.0 1.5 1.3 15.7 18.5 0.4 0.4

Finolex Cables Buy 51 68 783 2,563 2,899 9.8 9.8 10.1 11.3 5.1 4.5 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 282 349 367 2,304 2,649 3.1 3.6 28.0 43.7 10.1 6.5 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 300 345 693 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 109 153 297 1,080 1,199 8.9 9.1 18.3 19.1 6.0 5.7 1.1 0.9 19.2 17.0 0.4 0.3

Honeywell Automation* Neutral 2,415 - 2,135 1,842 2,131 7.7 7.8 111.1 130.9 21.7 18.5 2.7 2.4 13.3 13.9 1.0 0.9

IFB Agro Buy 136 156 122 491 642 12.3 13.8 35.0 50.9 3.9 2.7 0.7 0.5 18.2 21.6 0.2 0.1

ITD Cementation Buy 146 194 168 1,365 1,502 10.9 11.2 18.2 28.0 8.0 5.2 0.4 0.4 5.1 7.4 0.5 0.5

Jyothy Laboratories Buy 156 199 2,592 1,244 1,523 14.1 14.2 5.9 10.0 26.4 15.7 3.2 2.8 12.7 18.8 2.4 1.9

MRF Buy 13,564 16,218 5,753 11,799 12,587 14.1 13.5 1,792.0 1,802.0 7.6 7.5 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Buy 4,045 4,669 4,511 1,059 1,296 19.5 19.8 125.0 155.6 32.4 26.0 16.0 11.8 56.3 52.2 4.3 3.5

Relaxo Footwears Buy 981 1,196 1,401 11.9 12.6 55.6 75.4 27.1 28.1 0.9 0.7

Siyaram Silk Mills Buy 197 228 184 1,158 1,322 10.6 11.0 60.5 75.9 3.3 2.6 0.5 0.4 16.8 18.1 0.4 0.3

Styrolution ABS India* Buy 346 492 608 1,007 1,108 8.4 8.7 30.3 35.1 11.4 9.9 1.3 1.1 11.7 12.2 0.6 0.5

TAJ GVK Buy 57 108 355 300 319 35.8 36.2 7.9 9.1 7.2 6.2 1.0 0.9 13.9 14.4 1.5 1.2

Tata Sponge Iron Buy 260 371 400 814 849 17.0 17.6 64.6 69.2 4.0 3.8 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 501 632 389 416 481 4.5 6.1 16.2 25.3 30.9 19.8 3.8 3.4 12.6 18.1 0.8 0.7

Tree House Buy 223 297 801 153 194 53.0 52.8 12.4 15.6 18.0 14.2 2.1 1.9 11.8 13.1 5.3 4.1

TVS Srichakra Buy 170 230 130 1,591 1,720 6.1 6.4 30.5 38.3 5.6 4.4 0.7 0.7 13.5 15.5 0.3 0.2

United Spirits Neutral 2,269 - 32,977 12,294 14,162 12.0 12.0 42.1 67.7 53.9 33.5 3.8 3.4 9.1 10.7 2.9 2.5

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

HSIL Buy 80 117 530 2,042 2,363 14.6 14.8 12.3 16.5 6.5 4.9 0.5 0.5 7.6 9.4 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 02, 2013*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.


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

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