Market Outlook 090712

7/31/2019 Market Outlook 090712

1/12

Market OutlookJuly 9, 2012

www.angelbroking.com


Dealers DiaryThe Indian markets are expected to open in the red tracing SGX Nifty and Asian

stocks which are trading lower in the opening trade. Asian stocks fell for a third day

amid concerns regarding slowing Chinese growth and disappointing data which

showed Japanese machinery orders fell more than expected following a

disappointing U.S. jobs report.

The US markets saw significant weakness during trading on Friday. The sell-off on

Wall Street came on the heels of the release of the Labor Department's report on

U.S. employment in the month of June. While the report showed a continued

increase in employment, the pace of job growth fell well short of economist

estimates. The Labor Department said non-farm payroll employment rose by

80,000 jobs in June compared to economist estimates for an increase of about

100,000 jobs. Despite the continued job growth during the month, the

unemployment rate remained unchanged at 8.2 percent, in line with economist

estimates.

Meanwhile, Indian markets traded subdued on Friday in line with a weak trend

across Asia as European Central Bank President Mario Draghi sounded dovish and

didn't hint at any liquidity boosts or non-standard measures to combat the debt

crisis.

Markets TodayThe trend deciding level for the day is 17,500 / 5,311 levels. If NIFTY trades above

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

up to 17,575 17,629 / 5,334 5,350 levels. However, if NIFTY trades below

17,500 / 5,311 levels for the first half-an-hour of trade then it may correct up to

17,446 17,371 / 5,294 5,271 levels.

SENSEX 17,371 17,446 17,500 17,575 17,629

NIFTY 5,271 5,294 5,311 5,334 5,350

News Analysis ONGC to sell 35% stake in CBM blocks Mahindra and Mahindra rolls out utility vehicles in KenyaRefer detailed news analysis on the following page

Net Inflows (July5, 2012)

FII 2,185 1,884 301 5,212 47,291

MFs 573 593 (20) (488) (6,706)

FII Derivatives (July5, 2012)

Index Futures 938 814 124 13,929

Stock Futures 963 1,318 (355) 24,940

Gainers / Losers

IFCI 41 2.9 Shree Cement 2,922 (4.3)

Suzlon Energy 20 2.6 Wockhardt 885 (3.5)

Chambal Fert 81 2.4 Jet Air India 385 (3.5)

United Spirits 758 2.3 Indraprastha Gas 242 (3.2)

Dish TV India 71 2.2 Jindal Steel 455 (3.2)

BSE Sensex (0.1) (17.6) 17,521

Nifty (0.2) (10.35) 5,316

MID CAP (0.6) (35.4) 6,314

SMALL CAP (0.2) (14.0) 6,823

BSE HC (0.0) (0.4) 6,942

BSE PSU (0.3) (24.5) 7,377

BANKEX 0.2 21.8 12,265

AUTO (0.5) (42.9) 9,488

METAL (1.1) (120.7) 11,002

OIL & GAS (0.4) (28.5) 8,061

BSE IT (0.8) (45.2) 5,655

Dow Jones (1.0) (124.2) 12,772NASDAQ (1.3) (38.8) 2,937

FTSE (0.5) (30.0) 5,663

Nikkei (0.7) (59.1) 9,021

Hang Seng (0.0) (8.5) 19,801

Straits Times 0.2 7.1 2,979

Shanghai Com 1.0 22.2 2,224

INFY (2.3) (1.0) $43.6

WIT (2.4) (0.2) $8.7IBN 0.2 0.1 $33.5

HDB (0.7) (0.3) $33.4

Advances 1,348 573

Declines 1,580 898

Unchanged 86 64

BSE 2,111

NSE 9,782


2/12



Media reports have indicated that ONGC is expected to sell 35% stake in its Coal

Bed Methane (CBM) blocks. However, there is no clarity on the price at which sale

is expected to take place. ONGC has four CBM blocks in Jharia, Bokaro and

Karanpura. It's Jharia block produces around 8-10,000mmscmd of gas. The capex

spent on all these blocks by the company is `510cr. Until further clarity,

Mahindra and Mahindra (MM) introduced its range of utility vehicles, including the

recently launched XUV5OO in Kenya as it forayed into the passenger vehicle

segment in Kenya. The vehicles include sports utility vehicles and pick-up range,

Genio and Maxximo. MM is already selling tractors in the country throughTimsales, a part of the Rai Group. MM has appointed Simba Corporation as its

exclusive dealer for the passenger vehicle segment in Kenya. The exclusive dealer

will trade under Xylon Motors and it will offer full range of MM vehicles as well as

provide servicing facilities, testing and an after sales department supplying parts

and accessories. We see this as a positive development for MM which will enable

the company to ramp up its exports in the long term. At `731, the stock is trading

at 13.7x FY2014E earnings.

.

Economic and Political News

Growth rate of 9% in next 5 yrs not possible: Montek Govt. gives state-run oil retailers `14,000cr as subsidy India for peaceful resolution of South China sea dispute New banks need of the hour: C Rangarajan

Corporate News

Kingfisher starts paying Feb salaries to staff Nokia launches cheapest Lumia phone at `12,999 No lucrative salary hike this year: Mahindra Satyam Cairn India seeks extension of Rajasthan block contractSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Date Company

July 10, 2012 IndusInd Bank

July 11, 2012 HDFC, Cera Sanitaryware Ltd

July 12, 2012 TCS, Infosys

July 13, 2012 HDFC Bank, Sintex

July 14, 2012

July 15, 2012 Mindtree

July 16, 2012 Exide Industries, South Ind.Bank

July 17, 2012 Axis Bank

July 18, 2012 Bajaj Auto, Infotech Enterprises

July 19, 2012 Kotak Mah. Bank, Dr Reddy's, Persistent, Tata Sponge

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 09, 2012 China Consumer Price Index (YoY) % Change Jun 2.20 2.30

July 10, 2012 UK Industrial Production (YoY) % Change May (1.00) (2.10)

China Exports YoY% % Change Jun 15.30 10.60

July 12, 2012 US Initial Jobless claims Thousands Jul 7 374.00 370.00

India Industrial Production YoY % Change May 0.10 --

July 13, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Jun 7.55 --

US Producer Price Index (mom) % Change Jun (1.00) (0.40)

China Industrial Production (YoY) % Change Jun 9.60 9.80China Real GDP (YoY) % Change 2Q 8.10 7.70

July 16, 2012 Euro Zone Euro-Zone CPI (YoY) % Jun 2.40 --

July 17, 2012 UK CPI (YoY) % Change Jun 2.80 --

US Industrial Production % Jun (0.09) 0.30

US Consumer price index (mom) % Change Jun (0.30) --

July 18, 2012 US Housing Starts Thousands Jun 708.00 745.00

US Building permits Thousands Jun 784.00 775.00

UK Jobless claims change % Change Jun 8.10 --

July 19, 2012 US Existing home sales Millions Jun 4.55 4.65

July 23, 2012 Euro Zone Euro-Zone ConsumerConfidence Value Jul A (19.80) --

July 24, 2012 Germany PMI Services Value Jul A 49.90 --

Germany PMI Manufacturing Value Jul A 45.00 --

July 25, 2012 UK GDP (YoY) % Change 2Q A (0.20) --

US New home sales Thousands Jun 369.00 --

July 27, 2012 US GDP Qoq (Annualised) % Change 2Q A 1.90 --



July 09, 2012

Market Outlook


4/12

Market StrategyJuly 9, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

6.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.1

(3.2)

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

(%)

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.2 7.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

(%)

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15.0)

0.0

15.0

30.0

45.0

60.0

75.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Exports yoy growth Impor ts yoy growth(%)


Exhibit 6:Key policy rates

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Repo rate Reverse Repo rate CRR(%)

Source: RBI, Angel Research


5/12

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

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

Agri / Agri Chemical

Rallis Neutral 138 - 2,688 1,432 1,647 14.7 14.7 7.0 8.0 19.7 17.3 4.2 3.6 22.8 22.3 1.9 1.6

United Phosphorus Buy 126 183 5,790 8,191 8,764 16.5 16.5 17.1 18.3 7.3 6.9 1.2 1.0 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 306 345 2,611 2,715 3,041 15.3 15.3 29.2 32.8 10.5 9.3 2.4 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 82 100 4,120 13,699 15,184 10.5 10.2 12.1 13.3 6.8 6.1 1.2 1.1 19.7 18.4 0.5 0.4

Ashok Leyland Buy 26 33 6,825 14,798 16,687 9.6 9.6 2.4 3.0 10.6 8.6 2.1 1.8 14.8 16.5 0.5 0.5

Automotive Axle Buy 444 514 671 1,211 1,387 12.1 11.7 50.3 57.1 8.8 7.8 2.2 1.8 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,540 1,787 44,550 21,665 24,334 18.6 18.4 111.7 123.2 13.8 12.5 5.4 4.3 43.8 38.5 1.6 1.4

Bharat Forge Buy 312 372 7,263 7,173 7,998 16.3 16.5 22.3 26.6 14.0 11.7 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Neutral 8,959 - 28,132 9,106 10,255 19.4 19.3 410.2 460.3 21.8 19.5 4.8 4.0 22.1 20.4 2.7 2.4

CEAT Buy 101 164 347 5,067 5,631 8.0 7.6 39.4 41.0 2.6 2.5 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 136 146 11,594 5,787 6,595 15.5 17.0 7.1 9.0 19.2 15.2 3.4 2.9 18.6 20.3 1.7 1.4

FAG Bearings Neutral 1,519 - 2,525 1,492 1,703 18.8 18.5 115.3 129.8 13.2 11.7 2.8 2.3 23.5 21.6 1.4 1.2

Hero Motocorp Buy 2,085 2,473 41,628 25,970 29,772 15.0 15.5 139.7 154.5 14.9 13.5 7.0 5.3 54.7 44.9 1.3 1.0

JK Tyre Buy 102 135 419 7,950 8,904 5.5 6.0 25.1 38.6 4.1 2.7 0.5 0.4 12.1 16.4 0.3 0.3

Mahindra and Mahindra Accumulate 731 824 44,888 35,881 40,746 10.0 10.0 47.5 53.2 15.4 13.7 3.1 2.6 21.3 20.5 1.0 0.8

Maruti Accumulate 1,217 1,364 35,152 39,959 46,670 6.0 7.0 71.4 90.9 17.1 13.4 2.1 1.8 12.8 14.4 0.7 0.6

Motherson Sumi Buy 165 216 6,482 23,342 26,366 7.8 8.2 13.3 18.0 12.4 9.2 3.0 2.4 26.2 28.4 0.5 0.4

Subros Neutral 35 - 210 1,244 1,402 8.4 8.3 4.5 5.1 7.8 6.9 0.8 0.7 9.9 11.0 0.4 0.4

Tata Motors Buy 241 305 64,109 191,303 211,004 13.0 12.9 40.7 43.8 5.9 5.5 2.0 1.7 36.0 33.1 0.4 0.4

TVS Motor Accumulate 37 42 1,739 7,442 8,198 6.2 6.1 4.8 5.2 7.7 7.0 1.3 1.2 18.2 17.9 0.2 0.2

Capital Goods

ABB* Sell 795 498 16,851 8,760 10,023 7.6 7.5 18.2 20.7 43.6 38.3 5.9 5.3 14.4 14.6 1.9 1.6BGR Energy Neutral 311 - 2,245 4,195 4,837 11.0 11.0 30.1 32.4 10.3 9.6 1.8 1.6 18.4 17.6 1.1 1.0

BHEL Neutral 236 - 57,812 46,344 46,916 18.3 18.6 23.5 24.1 10.0 9.8 2.0 1.7 21.3 18.9 1.1 1.1

Blue Star Neutral 185 - 1,664 3,047 3,328 5.4 6.9 9.6 16.2 19.3 11.4 3.8 3.1 20.7 29.7 0.6 0.5

Crompton Greaves Accumulate 131 142 8,426 12,451 14,265 7.9 8.3 8.0 9.5 16.5 13.9 2.2 2.0 13.9 14.9 0.7 0.6

Jyoti Structures Buy 44 67 363 2,622 2,801 10.6 11.0 10.9 13.4 4.1 3.3 0.5 0.5 13.7 14.9 0.3 0.3

KEC International Buy 60 73 1,535 6,686 7,200 8.5 8.8 10.6 12.2 5.7 4.9 1.1 0.9 25.9 24.0 0.4 0.4

LMW Buy 1,704 1,992 1,919 2,369 2,727 11.7 11.7 143.4 166.0 11.9 10.3 2.0 1.8 17.4 18.4 0.3 0.2

Thermax Neutral 489 - 5,826 5,514 5,559 9.8 9.6 29.7 28.4 16.5 17.2 3.1 2.8 20.2 16.9 0.9 0.9


July 09, 2012

Market Outlook

Stock Watch


6/12



Cement

ACC Neutral 1,296 - 24,331 11,096 12,607 21.0 21.7 76.1 82.9 17.0 15.6 3.2 2.9 19.3 19.3 1.9 1.6

Ambuja Cements Neutral 173 - 26,595 10,205 11,659 24.6 24.2 10.8 12.0 16.0 14.4 3.3 3.0 19.7 19.8 2.2 1.8

India Cements Neutral 87 - 2,668 4,364 4,791 18.9 19.1 9.2 11.4 9.4 7.6 0.7 0.7 8.0 9.5 0.5 0.5

J K Lakshmi Cements Neutral 82 - 1,005 1,938 2,246 19.1 20.1 15.2 16.8 5.4 4.9 0.7 0.7 13.8 14.0 0.7 1.0

Madras Cements Neutral 156 - 3,702 3,444 3,786 25.5 24.9 14.6 17.1 10.7 9.1 1.6 1.4 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,942 - 10,248 5,519 6,293 24.5 23.7 156.6 225.3 18.8 13.1 4.7 4.0 22.3 26.0 1.6 1.2

UltraTech Cement Neutral 1,541 - 42,236 20,099 22,642 21.7 22.9 89.6 1 04.7 17.2 14.7 2.8 2.5 17.7 17.9 1.9 1.8Construction

Ashoka Buildcon Buy 227 273 1,192 2,014 2,293 22.4 22.4 22.6 26.7 10.0 8.5 1.1 1.0 11.4 11.9 2.4 2.7

Consolidated Co Neutral 15 - 285 2,489 2,755 7.0 7.8 3.0 4.0 5.2 3.9 0.4 0.4 8.7 10.8 0.3 0.3

Hind. Const. Neutral 21 - 1,292 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.9) (27.3) 1.2 1.4 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 137 166 4,553 3,821 4,582 42.3 40.2 15.0 16.9 9.1 8.1 1.4 1.2 16.1 15.8 2.8 2.6

ITNL Buy 185 265 3,592 6,619 7,925 23.8 23.3 22.9 27.8 8.1 6.7 1.2 1.0 15.5 16.4 2.2 2.1

IVRCL Infra Buy 53 61 1,415 5,510 6,722 8.8 9.0 2.5 4.6 20.9 11.6 0.7 0.7 3.4 5.8 0.7 0.7

Jaiprakash Asso. Accumulate 77 88 16,416 15,259 17,502 25.7 24.7 4.2 5.0 18.2 15.4 1.5 1.4 8.5 9.3 2.4 2.1

Larsen & Toubro Accumulate 1,406 1,553 86,138 59,559 69,089 12.1 11.5 78.4 85.2 17.9 16.5 3.0 2.6 16.1 15.3 1.6 1.4

Madhucon Proj Buy 40 56 297 2,206 2,502 10.7 10.7 4.6 4.7 8.7 8.6 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Neutral 43 - 1,110 5,453 6,169 8.1 8.5 1.6 1.9 26.3 22.4 0.5 0.5 1.8 2.1 0.6 0.7

Patel Engg. Neutral 99 - 693 3,609 3,836 13.1 13.1 14.0 14.6 7.1 6.8 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 56 - 1,855 11,592 12,993 8.4 8.4 1.8 3.2 31.0 17.5 0.6 0.6 2.0 3.4 0.6 0.6

Sadbhav Engg. Buy 141 182 2,115 2,789 3,147 10.6 10.7 8.4 10.4 16.7 13.5 2.3 2.0 15.0 15.6 0.9 0.8

Simplex Infra Accumulate 231 265 1,143 6,732 7,837 8.1 8.4 23.5 29.4 9.8 7.9 0.9 0.8 9.6 11.0 0.5 0.5

FinancialsAllahabad Bank Neutral 151 - 7,550 7,467 8,685 3.2 3.3 37.5 41.5 4.0 3.6 0.7 0.6 18.1 17.4 - -

Andhra Bank Reduce 118 107 6,600 5,225 6,024 3.3 3.3 22.7 25.4 5.2 4.7 0.8 0.7 16.0 15.8 - -

Axis Bank Buy 1,038 1,489 42,985 16,488 20,297 3.2 3.3 118.4 145.2 8.8 7.2 1.6 1.4 20.3 21.1 - -

Bank of Baroda Buy 726 921 28,411 16,157 19,475 2.7 2.7 123.7 148.3 5.9 4.9 1.0 0.8 17.3 18.1 - -

Bank of India Accumulate 352 388 20,203 13,657 15,902 2.5 2.6 59.5 70.6 5.9 5.0 0.9 0.8 16.2 16.9 - -

Bank of Maharashtra Neutral 50 - 2,963 3,506 3,925 3.2 3.2 10.2 11.9 4.9 4.2 0.7 0.6 15.3 15.8 - -

Canara Bank Buy 426 492 18,856 12,296 14,445 2.4 2.5 81.5 92.2 5.2 4.6 0.8 0.7 16.4 16.3 - -

Central Bank Reduce 83 72 6,136 7,001 8,211 2.5 2.6 14.0 20.6 6.0 4.1 0.9 0.8 11.0 14.5 - -


July 09, 2012

Market Outlook

Stock Watch


7/12



Financials

Corporation Bank Accumulate 430 465 6,367 5,294 6,070 2.3 2.3 106.3 110.1 4.0 3.9 0.7 0.6 17.7 16.2 - -

Dena Bank Neutral 102 - 3,583 3,170 3,577 2.9 2.9 22.8 25.3 4.5 4.0 0.7 0.6 17.2 16.6 - -

Federal Bank Neutral 451 - 7,712 2,736 3,165 3.4 3.4 49.3 57.4 9.2 7.9 1.2 1.1 13.9 14.5 - -

HDFC Neutral 684 - 101,813 7,372 8,812 3.6 3.5 31.5 37.7 21.7 18.1 4.3 3.9 34.8 32.1 - -

HDFC Bank Neutral 583 - 137,421 22,076 27,921 4.3 4.4 28.7 35.8 20.4 16.3 3.9 3.3 20.7 21.9 - -

ICICI Bank Buy 935 1,169 107,491 22,368 26,857 2.8 2.9 68.2 80.4 13.7 11.6 1.7 1.5 14.2 15.4 - -

IDBI Bank Buy 98 113 12,496 8,152 9,907 1.9 2.1 19.7 24.1 5.0 4.1 0.7 0.6 13.6 15.0 - -Indian Bank Neutral 190 - 8,181 6,417 7,292 3.5 3.5 40.2 43.1 4.7 4.4 0.8 0.7 17.9 16.9 - -

IOB Accumulate 86 91 6,870 7,578 8,662 2.6 2.7 17.2 22.5 5.0 3.8 0.6 0.5 12.1 14.3 - -

J & K Bank Neutral 963 - 4,669 2,525 2,858 3.5 3.5 175.8 183.1 5.5 5.3 1.0 0.9 19.3 17.5 - -

LIC Housing Finance Accumulate 268 286 13,515 2,108 2,607 2.6 2.6 24.5 30.6 11.0 8.8 2.0 1.7 20.1 21.4 - -

Oriental Bank Neutral 261 - 7,603 6,497 7,533 2.8 2.8 53.4 63.9 4.9 4.1 0.7 0.6 13.3 14.3 - -

Punjab Natl.Bank Buy 841 1,050 28,523 20,142 23,929 3.2 3.3 153.3 174.3 5.5 4.8 1.0 0.8 18.3 18.0 - -

South Ind.Bank Neutral 25 - 2,860 1,447 1,664 2.8 2.7 3.8 4.1 6.7 6.2 1.2 1.1 19.5 18.2 - -

St Bk of India Accumulate 2,218 2,443 148,838 67,783 78,208 3.7 3.6 226.0 264.2 9.8 8.4 1.6 1.4 17.7 18.1 - -

Syndicate Bank Accumulate 109 118 6,570 7,176 8,299 3.1 3.1 25.1 29.1 4.3 3.8 0.7 0.6 17.6 17.8 - -

UCO Bank Reduce 82 71 5,444 5,642 6,438 2.5 2.5 16.4 17.6 5.0 4.7 0.9 0.8 16.2 15.4 - -

Union Bank Buy 212 256 11,672 10,623 12,404 3.0 3.0 42.5 49.6 5.0 4.3 0.8 0.7 16.9 17.2 - -

United Bank Buy 64 78 2,298 3,599 4,212 2.8 3.0 18.2 22.3 3.5 2.9 0.5 0.5 15.0 16.2 - -

Vijaya Bank Reduce 60 52 2,996 2,695 3,097 2.2 2.3 9.6 12.0 6.3 5.0 0.8 0.7 12.0 13.6 - -

Yes Bank Buy 361 454 12,760 3,250 4,261 2.8 2.9 34.1 42.8 10.6 8.4 2.2 1.8 23.2 23.9 - -

FMCG

Asian Paints Neutral 3,713 - 35,617 11,423 13,309 16.3 16.3 125.3 148.4 29.6 25.0 10.1 7.9 38.0 35.4 3.0 2.6Britannia Buy 532 633 6,351 5,835 6,824 6.3 6.7 20.7 27.5 25.7 19.3 10.0 7.5 42.7 44.3 1.1 0.9

Colgate Neutral 1,167 - 15,868 3,007 3,417 21.1 22.1 38.2 43.8 30.5 26.7 36.3 28.6 130.2 119.9 5.1 4.5

Dabur India Neutral 115 - 20,017 5,878 6,799 16.8 17.0 4.2 4.9 27.7 23.4 10.0 8.2 39.3 42.0 3.4 2.9

GlaxoSmith Con* Neutral 2,665 - 11,206 3,124 3,663 17.1 17.6 103.0 123.3 25.9 21.6 8.0 6.4 34.0 32.9 3.3 2.7

Godrej Consumer Neutral 571 - 19,431 5,973 7,000 18.4 18.6 22.8 27.2 25.0 21.0 6.9 5.6 31.3 38.4 3.4 2.9

HUL Neutral 445 - 96,243 25,350 29,309 14.3 14.4 14.1 16.4 31.5 27.2 23.6 18.4 82.7 76.2 3.6 3.1

ITC Neutral 253 - 197,572 29,588 34,063 35.4 35.8 9.3 10.9 27.1 23.2 8.7 7.1 35.2 33.8 6.4 5.5


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FMCG

Marico Neutral 184 - 11,846 4,667 5,427 12.8 12.9 6.6 8.1 27.7 22.6 7.4 5.8 30.0 28.8 2.6 2.1

Nestle* Neutral 4,436 - 42,770 8,731 10,539 21.0 21.4 114.4 143.0 38.8 31.0 23.4 16.1 71.1 61.4 4.9 4.0

Tata Global Buy 118 136 7,285 7,011 7,711 9.7 10.0 6.3 7.5 18.8 15.8 1.8 1.7 9.5 10.9 0.9 0.9

IT

HCL Tech Accumulate 490 562 33,959 24,029 26,633 18.3 17.2 39.6 43.2 12.4 11.3 2.8 2.4 22.9 21.0 1.4 1.2

Hexaware Accumulate 121 132 3,578 1,921 2,178 20.6 20.0 10.4 11.4 11.6 10.6 2.8 2.4 24.7 23.4 1.6 1.3

Infosys Accumulate 2,444 2,747 140,333 39,364 42,981 32.2 30.5 161.6 171.7 15.1 14.2 3.5 2.9 22.9 20.5 2.9 2.6Infotech Enterprises Neutral 172 - 1,919 1,825 2,008 17.5 17.1 16.9 18.7 10.2 9.2 1.4 1.2 13.7 13.3 0.7 0.6

KPIT Cummins Neutral 122 - 2,170 2,145 2,316 16.0 14.8 9.9 11.3 12.3 10.8 2.4 2.0 20.8 19.1 1.0 0.9

Mahindra Satyam Accumulate 82 87 9,591 7,492 8,038 17.0 16.3 8.1 8.3 10.0 9.8 1.4 1.2 14.1 12.6 0.9 0.7

Mindtree Accumulate 663 710 2,696 2,324 2,533 18.3 16.9 62.4 64.5 10.6 10.3 2.2 1.8 21.2 18.0 1.0 0.8

Mphasis Neutral 382 - 8,033 5,704 6,009 18.6 17.7 36.0 37.1 10.6 10.3 1.5 1.3 14.0 12.6 0.9 0.8

NIIT Buy 44 52 722 1,162 1,304 14.8 15.1 7.1 8.8 6.2 5.0 1.0 0.9 16.7 18.4 0.5 0.3

Persistent Neutral 385 - 1,539 1,187 1,274 26.7 26.0 34.5 42.6 11.2 9.0 1.6 1.4 14.4 15.4 1.0 0.8

TCS Neutral 1,246 - 243,909 60,787 68,558 30.1 29.2 65.5 73.6 19.0 16.9 6.0 4.8 31.3 28.2 3.8 3.3

Tech Mahindra Neutral 722 - 9,209 6,282 6,477 17.5 16.5 82.9 85.0 8.7 8.5 1.9 1.6 21.6 18.4 1.4 1.3

Wipro Buy 392 451 96,461 44,597 49,033 20.3 20.5 26.6 30.1 14.8 13.0 2.9 2.5 19.5 18.9 1.8 1.5

Media

D B Corp Buy 204 269 3,737 1,638 1,851 25.8 26.6 13.5 16.1 15.1 12.7 3.4 2.8 23.9 24.2 2.2 1.9

HT Media Buy 101 148 2,363 2,224 2,509 16.6 17.2 8.6 10.8 11.7 9.3 1.4 1.3 12.9 14.3 0.7 0.5

Jagran Prakashan Buy 87 125 2,744 1,521 1,698 22.6 23.1 6.2 6.4 14.1 13.5 3.4 3.0 20.7 23.9 2.1 1.8

PVR Neutral 166 - 430 625 732 16.5 15.7 11.9 13.3 13.9 12.5 1.4 1.2 11.9 12.0 1.1 0.9

Sun TV Network Neutral 314 - 12,357 2,002 2,296 77.1 76.7 18.9 22.1 16.6 14.2 4.3 3.7 27.7 28.3 5.6 4.7Metals & Mining

Bhushan Steel Reduce 475 429 10,079 11,408 13,773 31.0 30.0 53.7 60.8 8.8 7.8 1.3 1.1 15.3 14.9 2.6 2.2

Coal India Neutral 351 - 221,957 68,841 74,509 25.3 25.3 24.1 26.1 14.6 13.5 4.0 3.3 30.4 26.8 2.3 2.0

Electrosteel Castings Accumulate 21 22 721 1,984 2,074 11.2 12.6 2.0 2.7 10.2 7.7 0.4 0.2 4.2 5.5 0.5 0.5

Hind. Zinc Accumulate 125 139 52,647 13,043 14,223 51.8 52.8 14.8 16.6 8.4 7.5 1.6 1.4 21.2 19.9 2.3 1.7

Hindalco Neutral 124 - 23,750 83,212 91,057 9.0 9.9 13.7 18.1 9.1 6.9 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 715 - 15,953 39,592 44,910 18.0 17.7 74.7 88.9 9.6 8.0 0.9 0.8 10.7 11.6 0.8 0.7

MOIL Neutral 284 - 4,777 1,007 1,091 56.6 56.9 29.4 31.9 9.7 8.9 1.7 1.5 19.0 18.2 2.5 2.1

Monnet Ispat Accumulate 389 447 2,504 3,115 3,748 22.1 25.1 59.1 66.8 6.6 5.8 0.9 0.8 15.6 15.3 1.5 1.2


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Metals & Mining

Nalco Reduce 62 54 15,953 8,474 9,024 12.6 16.2 2.6 3.6 24.2 17.3 1.3 1.3 5.6 7.5 1.4 1.4

NMDC Reduce 197 187 77,986 11,959 13,062 78.2 78.6 19.1 20.9 10.3 9.4 2.5 2.1 27.1 24.4 4.4 3.8

SAIL Neutral 94 - 38,889 50,914 60,785 14.6 15.1 9.4 10.5 10.0 9.0 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Neutral 198 - 17,208 9,067 9,316 35.7 35.5 44.5 44.3 4.5 4.5 1.0 0.8 23.5 19.5 0.5 0.2

Sterlite Inds Accumulate 108 123 36,143 45,294 48,059 25.7 25.3 16.5 18.0 6.5 6.0 0.7 0.6 12.0 11.2 0.5 0.4

Tata Steel Accumulate 447 499 43,457 143,088 148,011 10.9 12.1 53.9 66.0 8.3 6.8 1.0 0.9 12.2 13.4 0.6 0.6

Oil & GasCairn India Buy 315 372 60,146 15,513 16,074 74.0 69.7 51.1 48.6 6.2 6.5 1.0 0.9 18.3 14.8 2.7 2.0

GAIL Neutral 357 - 45,266 50,472 55,502 15.3 15.6 35.4 37.0 10.1 9.6 1.8 1.6 19.0 17.2 0.1 -

ONGC Buy 279 321 238,399 156,331 159,043 37.7 36.3 31.3 32.6 8.9 8.6 1.6 1.4 18.7 17.3 1.2 1.1

Reliance Industries Neutral 734 - 240,450 316,404 319,119 11.2 12.0 63.5 68.7 11.6 10.7 1.2 1.1 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 57 91 1,077 1,624 1,855 14.2 15.6 6.6 9.1 8.7 6.3 2.1 1.6 27.5 29.2 0.9 0.7

Aurobindo Pharma Buy 116 156 3,364 5,243 5,767 14.6 14.6 11.8 12.6 9.8 9.2 1.0 0.4 11.4 10.9 0.8 0.7

Aventis* Neutral 2,176 - 5,011 1,482 1,682 15.5 15.5 95.0 104.0 22.9 20.9 4.1 3.2 18.6 17.0 3.2 2.7

Cadila Healthcare Buy 767 953 15,710 6,196 7,443 18.5 19.5 37.6 47.7 20.4 16.1 4.6 3.7 26.8 27.5 2.5 2.0

Cipla Buy 328 379 26,328 7,687 8,804 21.4 21.4 16.5 18.9 19.9 17.4 3.1 2.7 16.7 16.8 3.4 2.9

Dr Reddy's Neutral 1,633 - 27,709 10,696 11,662 20.7 21.0 83.7 92.9 19.5 17.6 4.0 3.4 22.4 21.0 2.7 2.5

Dishman Pharma Buy 66 92 534 1,280 1,536 17.8 17.8 9.2 11.3 7.2 5.9 0.5 0.5 7.7 8.5 1.1 0.9

GSK Pharma* Neutral 2,022 - 17,127 2,651 2,993 31.7 31.2 76.0 82.4 26.6 24.5 7.6 6.7 30.8 29.0 5.5 4.8

Indoco Remedies Buy 56 82 515 685 837 15.2 15.2 7.4 8.9 7.6 6.3 1.1 1.0 15.9 16.3 0.9 0.8

Ipca labs Buy 367 435 4,634 2,850 3,474 20.3 20.3 31.9 36.3 11.5 10.1 3.5 2.8 26.2 26.8 1.8 1.5

Lupin Buy 547 647 24,422 8,426 10,082 19.7 20.0 27.4 32.4 20.0 16.9 4.8 3.8 27.0 25.2 2.8 2.3Orchid Chemicals Buy 125 178 883 2,117 2,434 17.7 17.7 16.7 22.2 7.5 5.7 0.7 0.6 9.5 11.5 1.1 0.9

Ranbaxy* Neutral 505 - 21,319 12,046 11,980 18.0 15.8 35.7 29.8 14.2 17.0 5.3 4.3 43.1 28.1 1.8 1.7

Sun Pharma Neutral 635 - 65,353 9,272 11,080 38.6 38.0 22.7 22.6 28.0 28.1 4.7 4.1 17.9 15.6 5.7 4.5

Power

CESC Accumulate 303 342 3,786 5,084 5,512 24.2 23.8 45.2 48.5 6.7 6.2 0.7 0.7 11.2 10.9 1.2 1.2

GIPCL Buy 66 77 997 1,557 1,573 28.8 28.5 10.4 10.9 6.4 6.1 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Neutral 161 - 132,628 74,766 86,549 23.1 23.4 12.4 14.1 12.9 11.4 1.6 1.5 13.0 13.5 2.5 2.3

Real Estate

Anant Raj Buy 56 78 1,648 657 875 52.0 56.1 8.4 12.7 6.6 4.4 0.4 0.4 6.3 8.9 3.8 2.8

DLF Neutral 211 - 35,879 9,878 12,033 44.7 46.1 9.6 13.4 22.1 15.8 1.4 1.3 6.4 8.7 6.1 5.0


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Real Estate

HDIL Buy 89 115 3,731 2,441 3,344 55.1 48.2 22.7 26.6 3.9 3.3 0.3 0.3 8.8 9.4 3.4 2.5

MLIFE Accumulate 334 376 1,365 814 897 26.9 27.0 31.3 33.9 10.7 9.9 1.1 1.0 10.2 10.1 2.0 1.8

Telecom

Bharti Airtel Neutral 322 - 122,091 80,076 86,613 32.8 33.5 15.5 19.8 20.8 16.2 2.2 1.9 10.5 11.9 2.2 1.9

Idea Cellular Neutral 85 - 28,282 23,209 26,063 26.2 27.5 3.3 4.9 26.0 17.3 2.0 1.8 7.7 10.3 1.7 1.5

Rcom Neutral 69 - 14,149 22,125 23,734 31.9 32.0 4.5 5.9 15.3 11.7 0.4 0.4 2.5 3.1 2.1 1.8

zOthersAbbott India Accumulate 1,506 1,628 3,201 1,661 1,918 9.7 12.0 60.7 90.4 24.8 16.7 5.1 4.1 22.0 27.3 1.7 1.4

Bajaj Electricals Buy 200 246 1,989 3,569 4,172 8.6 9.2 17.3 22.3 11.5 8.9 2.5 2.1 22.9 25.3 0.5 0.5

Cera Sanitaryware Accumulate 280 306 355 395 469 15.4 16.6 30.0 38.0 9.4 7.4 2.0 1.6 23.7 24.5 1.1 0.9

Cravatex Buy 651 785 168 302 364 5.7 6.0 49.0 71.0 13.3 9.2 4.0 2.8 29.8 30.7 0.7 0.5

CRISIL Neutral 1,072 - 7,519 982 1,136 34.3 34.3 34.3 40.0 31.2 26.8 14.1 11.3 50.9 46.9 7.2 6.1

Finolex Cables Buy 43 61 653 2,334 2,687 8.8 9.3 7.6 10.2 5.6 4.2 0.7 0.6 13.7 16.1 0.2 0.2

Force Motors Buy 486 615 634 2,346 2,753 5.8 6.7 44.0 68.0 11.1 7.2 0.5 0.5 4.8 7.0 0.2 0.2

Goodyear India Accumulate 335 374 773 1,511 1,692 7.9 9.0 31.5 41.3 10.6 8.1 2.1 1.8 21.2 23.5 0.3 0.2

Graphite India Buy 91 124 1,776 2,158 2,406 18.1 18.9 12.4 14.0 7.3 6.5 1.0 0.9 14.0 14.3 1.0 0.8

Greenply Industries Buy 197 309 475 1,925 2,235 10.6 10.9 29.6 44.1 6.7 4.5 1.1 0.9 16.8 21.0 0.5 0.4

HEG Accumulate 214 242 856 1,746 1,946 16.5 17.7 22.5 32.9 9.5 6.5 1.0 0.9 10.4 14.2 1.1 1.1

Hitachi Neutral 154 - 353 857 968 6.9 8.4 10.2 16.0 15.1 9.6 1.9 1.6 12.9 17.8 0.5 0.4

Honeywell Automation Accumulate 2,705 2,864 2,391 1,761 2,024 6.7 8.2 95.0 127.0 28.5 21.3 3.3 2.9 14.1 16.3 1.3 1.1

INEOS ABS India Accumulate 720 804 1,266 900 1,020 9.0 11.1 33.0 45.0 21.8 16.0 3.0 2.6 14.3 17.0 1.2 1.0

ITD Cementation Neutral 229 - 264 1,535 1,842 11.1 11.1 27.3 38.3 8.4 6.0 0.6 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Accumulate 243 268 1,961 1,315 1,568 8.6 11.1 6.4 10.9 38.1 22.4 3.2 3.0 8.4 13.9 1.8 1.5MCX Buy 1,117 1,598 5,696 610 702 65.5 67.0 67.9 79.9 16.5 14.0 4.8 4.0 29.1 28.9 6.4 5.1

MRF Buy 10,500 13,106 4,453 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.9 6.4 1.6 1.3 16.5 17.4 0.6 0.5

Page Industries Neutral 2,970 - 3,313 887 1,108 18.3 18.6 95.0 120.9 31.3 24.6 16.3 13.2 57.4 59.5 3.8 3.0

Relaxo Footwears Buy 526 618 631 1,019 1,220 11.2 12.2 44.2 61.8 11.9 8.5 2.8 2.1 26.8 28.6 0.8 0.7

Sintex Industries Buy 65 79 1,770 4,751 5,189 16.3 16.6 13.6 15.8 4.8 4.1 0.6 0.6 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 269 392 252 1,042 1,173 12.4 12.5 66.3 78.5 4.1 3.4 0.8 0.7 21.1 20.8 0.5 0.4

SpiceJet Buy 35 40 1,678 5,647 6,513 3.5 6.5 1.9 4.9 17.8 7.1 41.9 6.1 - - 0.4 0.4

TAJ GVK Buy 70 108 441 300 319 35.8 36.2 7.9 9.1 8.9 7.7 1.2 1.1 13.9 14.4 1.8 1.5


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zOthers

Tata Sponge Iron Buy 338 420 521 700 806 18.2 18.2 55.6 65.1 6.1 5.2 0.8 0.7 14.2 14.8 0.3 0.2

TVS Srichakra Buy 334 462 256 1,612 1,827 9.5 9.8 72.3 92.5 4.6 3.6 1.4 1.0 33.1 32.1 0.4 0.3

United Spirits Neutral 758 - 9,916 10,289 11,421 13.5 14.3 31.0 42.9 24.4 17.7 1.9 1.7 8.1 10.3 1.7 1.5

Vesuvius India Accumulate 381 413 773 628 716 16.4 16.5 29.8 34.4 12.8 11.1 2.2 1.9 18.8 18.6 1.1 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 06, 2012


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July 09, 2012Market Outlook

Market Outlook 090712

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