Market Outlook, 13-06-2013

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Market OutlookJune 13, 2013

Dealers Diary

Indian shares are expected to open in the negative today, tracking weakness in the

SGX Nifty and most of the Asian indices.

US Stocks moved down over the course of the trading day on Wednesday after

failing to sustain an initial upward move amid lingering concerns about the outlook

for the Federal Reserve's stimulus program. Concerns about the civil unrest in

Turkey also weighed on the markets. Meanwhile, the European markets extended

their recent losses to a third consecutive session due to stimulus worries, as

investors globally fear that other central banks may follow the Bank of Japan's

inaction. European markets were up in early trade after some M&A activity, the

better than expected Eurozone industrial production data and the larger than

expected decline in British jobless claims. However, the markets were unable to

hold on to those gains and ended the session in negative territory.

Back home, Indian shares joined a global selloff in equities and commodities to

end modestly lower for the day as the lack of further action from the Bank of Japan

to curb volatility in bond markets fueled concerns that global central banks may be

less forthcoming with additional monetary stimulus.

Markets Today

The trend deciding level for the day is 19,051 / 5,764 levels. If NIFTY trades above

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

up to 19,133 19,225 / 5,789 5,818 levels. However, if NIFTY trades below

19,051 / 5,764 levels for the first half-an-hour of trade then it may correct up to

18,959 18,877 / 5,735 5,710 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,877 18,959 19,051 19,133 19,225NIFTY 5,710 5,735 5,764 5,789 5,818

News Analysis Sun Pharmaceutical settles an ongoing litigation Apollo Tyres to acquire US based Cooper Tire and Rubber Company

MMTC - OFSRefer detailed news analysis on the following page

Net Inflows (June 11, 2013)` cr Purch Sales Net MTD YTDFII 2,658 3,482 (824) 636 82,472

MFs 523 826 (303) (656) (12,733)

FII Derivatives (June 12, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,902 2,386 (483) 9,123

Stock Futures 1,854 2,089 (235) 28,797

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)United Breweries 649 5.0 Titan Inds 205 (13.3)

IPCA Lab 651 4.9 Adani Enter 183 (7.3)

Havells India 750 4.9 Bajaj Holdings 832 (6.5)Indusind Bank 496 4.0 IFCI 23 (4.9)

Jindal Steel 235 3.8 Godrej Cons 798 (4.5)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.5) (102) 19,041

Nifty (0.5) (29) 5,760

MID CAP (0.6) (37) 6,193

SMALL CAP (0.6) (32) 5,775

BSE HC 0.5 40 8,787

BSE PSU (0.3) (20) 6,348

BANKEX 0.0 1 13,519

AUTO (0.6) (59) 10,632

METAL (1.7) (139) 7,837

OIL & GAS 0.4 38 8,410

BSE IT (1.5) (90) 6,070

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.8) (127) 14,995NASDAQ (1.1) (37) 3,400

FTSE (0.6) (41) 6,299

Nikkei (0.2) (28) 13,289

Hang Sang (1.2) (260) 21,355

Straits Times (0.5) (17) 3,153

Shanghai Com (1.3) (30) 2,211

Indian ADR Chg (%) (Pts) (Close)INFY (1.9) (0.8) $41.8

WIT (0.4) (0.0) $7.4IBN (0.1) (0.0) $40.5

HDB 0.1 0.0 $36.9

Advances / Declines BSE NSEAdvances 967 531

Declines 1,398 837

Unchanged 125 75

Volumes (` cr)BSE 1,935

NSE 11,189

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Sun Pharmaceutical settles an ongoing litigationSun Pharmaceutical announced that it together with its subsidiaries, have settled

an ongoing litigation pending in the United States District Court, District of New

Jersey regarding Sun Pharmaceuticals subsidiarys generic Pantoprazole.

Under the terms of the litigation settlement between Sun Pharma, and Wyeth, (now

a division of Pfizer Inc.,) and Altana Pharma AG, (now known as Takeda GmbH)

the parties have dismissed all their claims. Sun Pharma will pay a lump-sum US

$550mn as a part of this settlement.

In 2005, Wyeth and Altana had filed a patent infringement suit against Sun

Pharma after Sun Pharma filed its abbreviated new drug application for

pantoprazole. Sun Pharma launched its generic pantoprazole in the US on

January 30, 2008. In April 2010, a jury had determined that Altanas patent is not

invalid. On June 3, 2013, the Court began a jury trial to assess the amount ofpast damages that Sun Pharma owed for infringing Altanas now expired patent.

This settlement now culminates the ongoing litigation. Sun Pharma can continue to

sell its generic pantoprazole in the U.S.

While, the settlement amount is higher than already provided by the company

(`600cr), the settlement would end an overhang on the stock. In terms of fund, the

company is already cash rich with cash and cash equivalents of `5,000cr thus will

not strain the balance-sheet. We maintain our neutral on the stock.

Apollo Tyres to acquire US based Cooper Tire and RubberCompany

Apollo Tyres (APTY) and Cooper Tire and Rubber Company (CTB) have announced

a definitive merger agreement under which a wholly-owned subsidiary of APTY will

acquire CTB in an all cash transaction valued at ~US$2.5bn. Under the terms of

the agreement approved by the boards of both companies, CTB shareholders will

receive US$35/share which represents a ~40% premium to CTBs 30 day volume-

weighted average price. The acquisition would be funded entirely through debt.

APTY plans to form a new holding company in Dutch involving Cooper and its

European subsidiary, Vredestien, which would raise US$2.1bn debt via bonds. The

major portion of the debt will be backed by assets of Cooper and Vredestien. Theremaining debt of US$450mn will be raised at APTYs Mauritius subsidiary and

serviced by its standalone business. The Management expects the cost of debt to

be under 10% and has received commitment from the bankers regarding the loan.

The Management expects to derive synergy benefits of US$80 - 100mn over a

period of three years driven by scale of operations, raw-material sourcing,

technology and R&D investments and manufacturing efficiencies. According to the

company, the current management team at Cooper would be retained and APTY

has no plans to close down any of the manufacturing facilities at the moment. The

deal value of US$2.5bn translates into an implied EV/EBITDA multiple of 4.2x on

CY2012 basis, which is broadly in-line with the global average. Post the merger,

the consolidated Net Debt/ Equity would increase to ~3.8x from 0.8x currently.

CTB is the fourth largest tyre manufacturer in North America, and eleventh largest

in the world. The company derives ~70% of its revenues from North America and

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~30% from International operations (~7% from Europe and ~22% from China

and South East Asia). CTB caters to the light vehicle replacement tire market in US

and has a ~14% market share in the US. The company has also recently forayed

into the OEM segment in US and China. With 9 manufacturing facilities across 4

geographies (US, UK Serbia and China), the total capacity of the company stands

at 53mn tires/ year. The company registered revenues of US$4.2bn in CY2012with EBITDA margins of 12.5%. On a net debt basis, the company is cash positive

as of CY2012.

We see the acquisition to be a good strategic fit for APTY in the long run as it

provides the company access to geographies like North America, China, South

East Asia and Eastern Europe where it does not have a presence currently. Further

according to the management, the acquisition is expected to be value accretive

from year one and the management expects synergies of US$80-100mn over

three year period. While the acquisition will be positive for the company in the

longer run, the near term challenge for the company would be to successfully

integrate CTB operations with itself. We are in the process of revising our estimatesand therefore our rating is under review.

MMTC - OFS

Government of India is divesting 9,33,12,000 shares (9.33% stake) inMMTC. Ithas set a floor price of `60 (72% discount to CMP) for the OFS. We recommendinvestors to AVOID subscribing to shares due to expensive valuation.Company overviewMMTC was established in 1963 and is the largest trading company in India and

one of the major trading companies in Asia. It is a Mini Navratna company

focusing on trading of commodities ranging form minerals to agro commodities.

It deals in Precious metals, fertilizers, Coal and Hydrocarbons, Metals, Agro

products and other minerals. MMTC also has a wholly owned subsidiary named

MMTC Transnational Pte Ltd (MTPL), Singapore and various joint ventures

including a pig iron plant in which MMTC holds 49.8% stake.

Investment argumentsMineral exports to remain muted: The developments such as ban on iron oremining and export from Karnataka, regulation of export from eastern sector,increase in railway freight and higher export duty for exports, increase in

domestic demand of ore iron ore etc have resulted in lower exports of iron ore in

India during FY2012. Going forward, As per Federation of Indian Mineral

Industries (FIMI), iron ore exports from India had declined by 38.5% yoy to 62mn

tonnes during FY2012 on account of export ban in Karnataka, stringent measures

in issuing export permits in Odisha, a sharp decline in international iron ore price

and increased export duty. Further, as per FIMI, total iron ore exports during

FY2013 are estimated to decline 75.8% to 15mn tonnes, thus affecting top-line of

MMTC. The increase in domestic steel production capacity has also reduced the

availability of Chrome and Manganese Ore for exports; Moreover, export duty on

chrome ore has increased beginning March 2012 from `3,000/tonne to 30% ad

valorem which is likely to impact MMTCs FY2014 sales volumes. Even gold

imports into India are likely to be lower due to increase in customs duty on gold by

the government. This is further likely to hit MMTCs top-line going forward.

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Historical financials highly volatile: The companys financial performance has beeninconsistent and erratic over the past few years. During FY2012, its consolidated

adjusted net profit declined by 62.0% yoy to `43 cr. During FY2013, it reported a

net loss of `71cr on a standalone basis due to 56.9% decline in top-line (The

company has not reported consolidated FY2013 results). The past financials of the

company do not indicate stability in earnings going forward.

Valuation: MMTC is a trading company with a 'Five Star Export House' status.However, at the current price, the stock is trading at a very expensive valuation of

398x FY2012 PE due to low free float (0.67% of its market cap). Even at a floor

OFS price of `60, it is trading at FY2012 PE of 113x, which is very expensive in

our view. Hence, we recommend investors to AVOID subscribing to MMTC OFS.

Economic and Political News

April IIP dips to 2%, May CPI at 9.31%

RBI imposes restrictions on lending against gold

Fitch upgrades India's outlook to stable

Foreign investment limit in govt debt hiked by $5 billion

Corporate News

Havells India set to enter hospital business

Supreme Court stays HC order restraining DLF from selling property

Wipro to hire 1,000 employees in Germany over the next three years

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
http://economictimes.indiatimes.com/news/economy/indicators/april-iip-dips-to-2-may-cpi-at-9-31/articleshow/20551594.cmshttp://economictimes.indiatimes.com/news/economy/finance/rbi-imposes-restrictions-on-lending-against-gold/articleshow/20553966.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-to-hire-1000-employees-in-germany-over-the-next-three-years/articleshow/20554208.cmshttp://economictimes.indiatimes.com/news/news-by-industry/jobs/wipro-to-hire-1000-employees-in-germany-over-the-next-three-years/articleshow/20554208.cmshttp://economictimes.indiatimes.com/news/economy/finance/rbi-imposes-restrictions-on-lending-against-gold/articleshow/20553966.cmshttp://economictimes.indiatimes.com/news/economy/indicators/april-iip-dips-to-2-may-cpi-at-9-31/articleshow/20551594.cms

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 13, 2013 6:00PM US Initial Jobless claims Thousands Jun 8 346.00 346.00

June 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change May 4.89 4.87

2:30PM Euro Zone Euro-Zone CPI (YoY) % May F 1.20 1.40

6:00PM US Producer Price Index (mom) % Change May (0.70) 0.10

6:45PM US Industrial Production % May (0.53) 0.20

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 7.25

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 4.00

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 6.25

June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 950.00

6:00PM US Building permits Thousands May 1,005.00 988.00

6:00PM US Consumer price index (mom) % Change May (0.40) 0.20

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 0.25

June 20, 2013 1:00PM Germany PMI Manufacturing Value Jun A 49.40 --

1:00PM Germany PMI Services Value Jun A 49.70 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (21.90) --

7:30PM US Existing home sales Million May 4.97 5.00

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

2:00PM UK GDP (YoY) % Change 1Q F 0.60 --

July 1, 2013 6:30AM China PMI Manufacturing Value Jun 50.80 --

2:00PM UK PMI Manufacturing Value Jun 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 --

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

6:00PM US Unnemployment rate % Jun 7.60 --

July 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 --

July 10, 2013 4:29PM China Exports YoY% % Change Jun 1.00 --

July 15, 2013 7:30AM China Industrial Production (YoY) % Change Jun 9.20 --

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

Source: Bloomberg, Angel Research

June 13, 2013

Market Outlook

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Macro watch

Exhibit 1:Q uarterly G D P 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:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.4

2.0

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

May-1

2

Jun-1

2

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

(%)

7.6 7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

6.0

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jun-1

2

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

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

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

Mfg. PMI Services PMI

(15.0)

0.0

15.0

May-1

2

Jun-1

2

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

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

2

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

Ma-1

3

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 141 - 2,743 1,657 1,906 14.1 14.1 7.7 8.9 18.3 15.9 3.8 3.2 22.2 21.9 1.6 1.4

United Phosphorus Buy 148 232 6,548 10,298 11,310 16.5 16.5 20.5 23.2 7.2 6.4 1.2 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 250 285 4,276 3,418 3,892 14.5 14.5 18.5 20.4 13.6 12.3 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Accumulate 92 104 4,637 13,852 15,487 11.4 11.5 12.8 14.9 7.2 6.2 1.2 1.0 17.5 17.3 0.5 0.4

Ashok Leyland Buy 21 27 5,627 14,038 16,442 7.6 8.7 1.1 2.2 20.2 9.5 1.7 1.5 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 234 - 353 834 965 9.3 10.6 17.3 27.1 13.5 8.6 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Buy 1,744 2,056 50,470 22,684 25,908 18.0 18.5 117.3 137.1 14.9 12.7 5.4 4.3 39.9 37.2 1.8 1.5

Bharat Forge Neutral 224 - 5,206 6,198 6,793 14.6 14.9 14.5 17.3 15.4 12.9 2.0 1.8 13.6 14.7 1.0 0.8

Bosch India* Neutral 9,057 - 28,439 9,821 11,394 17.0 17.3 373.5 438.7 24.3 20.7 4.4 3.7 18.0 17.9 2.6 2.2

CEAT Buy 107 170 365 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 129 150 10,931 7,053 8,061 14.2 14.5 7.8 9.1 16.4 14.1 2.8 2.4 18.1 18.2 1.3 1.1

FAG Bearings* Neutral 1,445 - 2,401 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,611 1,819 32,160 25,274 27,658 14.1 13.7 110.2 139.9 14.6 11.5 5.3 4.2 39.8 40.7 1.1 0.9

JK Tyre Buy 114 154 467 7,972 8,754 7.1 7.1 37.5 44.0 3.0 2.6 0.5 0.4 16.4 16.6 0.3 0.3

Mahindra and MahindraAccumulate 954 1,090 58,568 45,254 51,197 11.4 11.7 61.2 70.2 15.6 13.6 3.3 2.7 22.7 21.9 1.0 0.9

Maruti Buy 1,479 1,847 44,681 48,455 55,723 11.2 10.9 107.8 123.2 13.7 12.0 2.1 1.8 16.2 16.0 0.8 0.6

Motherson Sumi Accumulate 204 222 12,013 28,442 31,493 7.5 7.8 12.5 14.8 16.3 13.8 4.0 3.2 27.5 25.8 0.6 0.5

Subros Buy 23 30 137 1,479 1,685 10.0 9.9 5.5 7.5 4.2 3.0 0.4 0.4 11.1 13.7 0.4 0.3

Tata Motors Buy 293 347 78,512 215,016 237,404 13.3 13.6 36.2 41.5 8.1 7.1 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Buy 35 41 1,641 7,715 8,584 6.0 6.1 5.0 5.8 7.0 6.0 1.2 1.0 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 602 461 12,761 8,073 9,052 5.5 6.9 11.5 16.9 52.3 35.5 4.8 4.6 9.3 13.1 1.6 1.3BGR Energy Neutral 139 - 1,004 4,114 4,886 11.4 10.7 24.9 28.0 5.6 5.0 0.8 0.7 25.2 22.6 0.6 0.5

BHEL Neutral 179 - 43,873 44,054 39,326 16.8 15.1 20.6 16.1 8.7 11.2 1.9 1.7 23.5 16.1 0.9 0.9

Blue Star Buy 160 230 1,440 2,896 3,087 5.6 6.2 9.3 11.7 17.2 13.7 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 87 117 5,562 13,446 15,272 6.7 7.6 6.6 8.9 13.1 9.8 1.4 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 24 - 198 3,360 3,597 9.7 9.8 7.3 10.2 3.3 2.4 0.7 0.6 8.8 11.4 0.3 0.3

KEC International Buy 37 63 946 7,709 8,399 6.7 7.2 6.1 8.5 6.1 4.3 0.8 0.7 20.2 23.0 0.3 0.3

Thermax Neutral 596 - 7,101 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 1,212 1,361 22,755 11,979 13,254 19.7 21.3 77.1 91.4 15.7 13.3 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 13, 2013

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Cement

Ambuja Cements Neutral 174 - 26,885 10,232 11,762 23.5 24.5 10.3 12.2 16.9 14.3 2.8 2.6 17.2 18.6 2.1 1.7

India Cements Neutral 63 - 1,921 4,929 5,434 17.4 17.1 8.9 10.9 7.0 5.7 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 110 143 1,297 2,247 2,742 21.0 23.1 17.8 21.8 6.2 5.1 0.9 0.8 15.5 16.4 0.5 0.9

Madras Cements Neutral 234 - 5,573 4,234 4,788 23.9 24.0 18.5 22.8 12.7 10.3 2.0 1.7 17.2 18.2 1.7 1.4

Shree Cement^ Neutral 4,630 - 16,130 6,540 7,452 27.4 26.6 319.7 369.9 14.5 12.5 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,840 - 50,454 21,947 25,049 23.8 23.8 106.1 119.8 17.4 15.4 2.9 2.5 17.7 17.3 2.4 2.0

ConstructionAshoka Buildcon Buy 189 255 995 1,928 2,234 21.0 21.5 18.0 22.2 10.5 8.5 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 10 - 178 2,281 2,492 5.9 6.9 0.7 2.0 14.1 4.8 0.3 0.3 2.3 6.5 0.3 0.3

IRB Infra Buy 115 157 3,821 3,997 4,312 45.5 46.4 15.7 16.6 7.3 6.9 1.1 1.0 15.2 14.5 3.4 3.6

ITNL Buy 170 230 3,294 7,444 8,041 27.4 28.9 29.8 32.1 5.7 5.3 0.8 0.7 14.9 14.2 2.5 2.6

IVRCL Infra Buy 16 29 489 5,673 5,892 8.1 8.4 1.4 1.8 11.1 8.7 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 63 90 13,869 14,850 15,631 24.9 25.1 2.5 2.9 24.7 21.9 1.0 1.0 4.2 4.7 2.7 2.7

Larsen & Toubro Buy 1,397 1,761 86,105 68,946 78,040 10.5 10.5 77.9 88.3 18.0 15.8 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 29 42 740 6,167 6,945 8.0 8.2 2.7 3.6 10.8 7.9 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 42 - 1,390 12,954 14,740 9.9 9.9 0.5 0.9 82.5 44.9 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 103 139 1,552 2,462 2,731 10.6 10.6 5.9 6.7 17.5 15.4 1.7 1.6 10.2 10.5 0.9 0.8

Simplex Infra Buy 95 131 469 6,308 7,033 9.5 9.6 11.9 18.7 8.0 5.1 0.4 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 27 41 199 2,146 2,339 13.7 13.8 11.0 11.5 2.4 2.3 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 111 144 5,535 6,876 7,545 2.6 2.5 28.2 30.9 3.9 3.6 0.6 0.5 12.8 12.7 - -

Andhra Bank Neutral 86 - 4,801 5,254 5,900 2.8 2.8 21.2 22.9 4.1 3.8 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,277 1,853 59,831 19,055 22,710 3.3 3.2 130.7 152.3 9.8 8.4 1.6 1.4 17.2 17.6 - -Bank of Baroda Buy 652 851 27,462 16,365 18,781 2.2 2.3 121.3 142.5 5.4 4.6 0.8 0.7 15.1 15.7 - -

Bank of India Buy 286 350 17,046 14,482 16,383 2.3 2.3 58.1 68.1 4.9 4.2 0.7 0.6 14.4 15.0 - -

Bank of Maharashtra Buy 53 64 3,512 4,392 4,743 3.1 3.0 12.6 13.7 4.2 3.9 0.7 0.6 16.8 16.0 - -

Canara Bank Buy 393 481 17,423 11,928 13,467 2.1 2.2 74.8 86.0 5.3 4.6 0.7 0.7 13.7 14.2 - -

Central Bank Accumulate 64 69 6,670 8,249 9,211 2.4 2.5 14.9 18.2 4.3 3.5 0.6 0.6 12.5 13.8 - -

Corporation Bank Buy 376 495 5,750 5,558 6,121 2.0 2.0 98.4 107.7 3.8 3.5 0.6 0.5 14.9 14.5 - -

Dena Bank Buy 84 97 2,925 3,187 3,582 2.3 2.4 23.8 25.5 3.5 3.3 0.5 0.5 15.9 15.1 - -

Federal Bank Neutral 422 - 7,217 2,873 3,413 3.0 3.1 52.7 62.0 8.0 6.8 1.0 0.9 13.4 14.2 - -


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Financials

HDFC Accumulate 821 933 127,174 8,573 10,142 3.6 3.6 37.0 43.6 22.2 18.8 4.6 4.1 30.0 30.3 - -

HDFC Bank Accumulate 665 722 158,559 27,682 33,916 4.6 4.6 35.3 42.7 18.9 15.6 3.7 3.1 21.3 21.8 - -

ICICI Bank Buy 1,081 1,503 124,782 25,705 30,330 3.1 3.2 83.9 96.3 12.9 11.2 1.7 1.6 15.2 15.7 - -

IDBI Bank Buy 76 93 10,156 9,477 10,678 2.0 2.1 19.6 22.6 3.9 3.4 0.5 0.4 12.8 13.4 - -

Indian Bank Buy 130 185 5,568 6,185 6,978 3.0 3.0 37.0 42.2 3.5 3.1 0.5 0.5 14.8 15.1 - -

IOB Accumulate 58 66 5,383 8,142 8,956 2.5 2.5 16.5 20.7 3.5 2.8 0.4 0.4 11.8 13.4 - -

J & K Bank Neutral 1,260 - 6,107 3,074 3,140 3.5 3.2 224.7 201.5 5.6 6.3 1.1 1.0 20.6 16.1 - -LIC Housing Finance Buy 256 298 12,899 2,113 2,525 2.3 2.3 25.4 29.2 10.1 8.8 1.8 1.5 18.4 18.3 - -

Oriental Bank Buy 230 285 6,699 6,835 7,588 2.6 2.6 56.5 63.8 4.1 3.6 0.5 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 754 994 26,659 20,876 23,929 3.3 3.4 151.7 177.0 5.0 4.3 0.8 0.7 16.1 16.5 - -

South Ind.Bank Neutral 25 - 3,344 1,839 2,091 2.9 2.8 4.2 4.5 6.0 5.5 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,010 2,637 137,494 67,243 76,612 3.1 3.0 242.4 284.8 8.3 7.1 1.3 1.1 16.3 16.8 - -

Syndicate Bank Accumulate 128 142 7,732 7,238 8,249 2.7 2.6 27.1 30.4 4.7 4.2 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 77 - 5,765 6,250 6,738 2.6 2.5 12.1 14.7 6.4 5.2 1.0 0.8 11.8 13.0 - -

Union Bank Buy 210 260 12,521 11,229 12,794 2.6 2.6 40.7 48.2 5.2 4.4 0.7 0.7 14.6 15.4 - -

United Bank Buy 50 65 1,868 3,443 3,998 2.4 2.6 15.1 20.4 3.3 2.4 0.4 0.4 12.1 14.8 - -

Vijaya Bank Neutral 51 - 2,527 2,730 3,059 1.9 2.0 10.2 11.3 5.0 4.5 0.6 0.5 11.8 12.0 - -

Yes Bank Neutral 469 - 16,853 4,390 5,411 2.8 2.8 41.6 47.9 11.3 9.8 2.4 2.0 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,491 - 43,076 12,332 14,524 16.5 16.3 141.6 162.7 31.7 27.6 10.0 8.0 35.4 32.2 3.4 2.8

Britannia Neutral 684 - 8,182 6,417 7,502 6.1 6.3 23.2 27.9 29.6 24.5 10.2 8.0 38.3 36.4 1.3 1.0

Colgate Neutral 1,364 - 18,556 3,588 4,130 20.5 20.9 44.2 51.8 30.9 26.4 30.1 21.9 108.6 96.2 5.0 4.3

Dabur India Neutral 154 - 26,789 7,183 8,340 16.8 16.8 5.4 6.3 28.6 24.4 11.2 8.7 41.5 40.1 3.7 3.1GlaxoSmith Con* Neutral 5,770 - 24,265 3,617 4,259 16.1 16.4 122.2 148.7 47.2 38.8 14.7 11.8 34.1 33.7 6.2 5.2

Godrej Consumer Neutral 798 - 27,158 7,801 9,017 16.2 15.9 25.1 29.7 31.8 26.9 6.8 5.7 24.9 24.2 3.6 3.1

HUL Neutral 594 - 128,375 29,167 33,164 13.6 13.7 17.1 18.4 34.7 32.3 33.4 24.2 113.4 87.0 4.3 3.7

ITC Neutral 332 - 262,341 34,294 39,991 36.8 37.0 11.3 13.3 29.5 24.9 9.7 7.9 36.1 34.9 7.3 6.2

Marico Neutral 226 - 14,547 5,273 6,044 14.8 14.9 7.3 8.7 31.1 26.0 6.1 5.0 21.4 21.0 2.8 2.4

Nestle* Neutral 5,142 - 49,577 9,447 10,968 22.1 22.3 127.5 154.1 40.3 33.4 20.2 14.6 57.7 50.7 5.3 4.4

Tata Global Neutral 142 - 8,757 8,069 8,957 9.8 9.7 7.8 8.6 18.1 16.5 2.2 2.1 9.5 9.7 1.1 0.9


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IT

HCL Tech^ Accumulate 763 863 53,111 28,633 32,216 21.5 20.7 57.3 61.7 13.3 12.4 3.2 2.6 24.0 21.5 1.7 1.4

Hexaware* Buy 83 96 2,468 2,091 2,289 19.0 18.8 10.6 11.3 7.8 7.3 1.7 1.5 22.8 21.7 1.0 0.9

Infosys Neutral 2,424 - 139,192 43,338 47,244 27.5 27.7 169.4 182.6 14.3 13.3 3.0 2.6 20.8 19.3 2.6 2.2

Infotech Enterprises Accumulate 170 185 1,898 1,956 2,174 17.9 17.7 20.4 21.9 8.3 7.8 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 116 135 2,246 2,513 2,819 16.1 15.5 12.6 14.0 9.3 8.3 1.6 1.3 17.9 16.6 0.9 0.7

Mahindra Satyam Accumulate 113 126 13,287 8,278 9,062 20.3 20.1 10.5 11.4 10.7 9.9 2.5 2.0 23.1 20.0 1.2 1.0

Mindtree Accumulate 816 920 3,388 2,599 2,871 19.4 19.2 85.2 92.3 9.6 8.8 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Neutral 412 - 8,664 6,096 6,646 17.6 17.4 38.1 41.6 10.8 9.9 1.5 1.4 14.2 13.7 0.9 0.7

NIIT Buy 21 30 346 1,144 1,267 9.0 9.1 4.3 5.4 4.9 3.9 0.5 0.5 10.3 12.0 0.1 -

Persistent Accumulate 519 593 2,077 1,445 1,617 25.2 25.0 55.3 59.3 9.4 8.8 1.7 1.5 18.2 16.5 1.0 0.8

TCS Accumulate 1,468 1,585 287,291 71,833 81,893 28.4 28.0 78.5 88.0 18.7 16.7 5.7 4.7 30.2 27.9 3.8 3.2

Tech Mahindra Buy 976 1,170 12,544 7,779 8,398 19.7 19.3 107.4 117.8 9.1 8.3 1.9 1.6 21.2 19.0 1.6 1.4

Wipro Accumulate 345 385 84,908 40,173 43,697 20.4 20.6 26.2 28.5 13.2 12.1 2.6 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Buy 235 290 4,310 1,750 1,925 25.1 26.6 14.2 16.8 16.5 14.0 3.6 3.0 23.4 23.4 2.4 2.1

HT Media Buy 100 117 2,358 2,205 2,380 15.1 15.6 8.3 9.1 12.1 11.0 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 91 119 3,015 1,664 1,825 20.9 23.0 6.4 7.8 14.1 11.7 2.9 2.6 21.0 23.1 1.9 1.7

PVR Neutral 322 - 1,277 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 400 - 15,746 2,287 2,551 69.7 70.5 20.0 23.3 20.0 17.2 4.9 4.3 26.4 27.3 6.5 5.7

Metals & Mining

Bhushan Steel Neutral 463 - 10,484 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 303 345 191,575 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 14 24 454 1,976 2,017 11.8 12.7 1.3 2.6 11.0 5.4 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 125 193 3,981 1,920 2,239 53.2 52.9 21.6 25.0 5.8 5.0 1.3 1.1 25.1 23.8 1.6 1.2

Hind. Zinc Buy 109 145 46,098 12,358 13,659 51.4 51.6 16.0 17.6 6.8 6.2 1.2 1.1 19.4 18.4 1.5 1.0

Hindalco Neutral 92 - 17,691 89,352 93,672 8.8 9.2 13.4 15.0 6.9 6.2 0.5 0.5 7.3 7.6 0.5 0.5

JSW Steel Neutral 674 - 15,046 39,973 40,926 17.2 17.0 71.9 82.8 9.4 8.1 0.8 0.8 9.0 9.6 0.7 0.6

MOIL Buy 206 248 3,464 1,010 1,046 46.5 47.6 26.8 28.8 7.7 7.2 1.1 1.0 15.4 14.7 1.0 0.8

Monnet Ispat Buy 123 193 785 2,326 2,709 21.4 23.1 33.3 43.1 3.7 2.9 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 30 - 7,680 7,656 7,988 13.1 13.5 2.6 2.6 11.7 11.4 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 112 156 44,544 10,461 11,892 71.6 72.6 16.3 17.6 6.9 6.4 1.5 1.3 22.1 21.4 2.5 2.2


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Metals & Mining

SAIL Neutral 55 - 22,591 44,060 54,786 9.4 11.5 5.2 7.2 10.5 7.6 0.6 0.5 5.2 6.8 0.8 0.7

Sesa Goa Accumulate 144 166 12,550 3,742 4,426 32.9 32.8 30.0 29.8 4.8 4.8 0.6 0.6 14.3 12.5 4.1 3.4

Sterlite Inds Buy 84 100 28,095 44,462 45,568 23.2 24.7 18.1 20.2 4.6 4.1 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 274 378 26,626 140,917 151,537 9.7 10.8 30.9 47.6 8.9 5.8 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 103 153 369 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 28 45 381 2,615 2,776 12.1 12.0 9.8 10.4 2.9 2.7 0.2 0.2 6.5 6.5 0.4 0.3

Godawari Power andIspat Buy 78 102 256 2,344 2,509 14.9 15.4 38.7 47.0 2.0 1.7 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 290 345 55,398 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.9 0.8 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 305 - 38,708 52,102 52,876 15.7 16.1 34.1 35.7 9.0 8.6 1.4 1.2 16.4 15.3 0.3 0.2

ONGC Buy 309 372 264,750 170,063 193,024 36.3 36.9 34.7 38.3 8.9 8.1 1.5 1.4 18.3 17.9 1.3 1.0

Reliance Industries Neutral 791 - 255,537 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.1 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 208 - 2,662 3,707 3,850 11.7 12.4 23.7 25.7 8.8 8.1 2.5 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 282 - 3,952 3,700 4,218 23.4 22.8 26.7 30.4 10.6 9.3 2.2 1.9 22.7 21.8 1.1 0.9

Petronet LNG Buy 135 167 10,106 40,356 40,872 5.8 6.4 15.0 16.7 9.0 8.1 1.9 1.6 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 55 - 3,084 1,171 1,287 91.9 91.9 10.1 11.3 5.4 4.8 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Accumulate 130 139 2,450 1,736 2,008 17.1 18.9 10.7 13.9 12.1 9.4 3.8 2.9 35.0 34.7 1.5 1.2

Aurobindo Pharma Buy 175 271 5,087 6,641 7,637 15.9 15.9 17.3 20.6 10.1 8.5 1.6 1.3 19.5 18.9 1.2 1.0

Aventis* Neutral 2,478 - 5,708 1,682 1,917 16.6 16.6 92.4 99.1 26.8 25.0 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 755 929 15,468 7,280 8,640 15.5 15.7 38.3 46.5 19.7 16.3 4.2 3.5 23.5 23.5 2.4 2.0

Cipla Buy 384 477 30,844 9,274 10,796 23.1 23.1 21.0 23.8 18.3 16.1 2.9 2.5 17.2 16.8 3.1 2.6

Dr Reddy's Buy 2,179 2,535 36,996 13,377 15,350 20.4 20.1 112.3 1 26.8 19.4 17.2 4.1 3.4 23.5 21.8 2.9 2.5

Dishman Pharma Buy 63 168 510 1,394 1,534 22.5 22.4 15.0 16.8 4.2 3.8 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,493 - 21,119 2,854 3,145 28.6 28.6 76.6 83.3 32.6 29.9 9.7 8.9 31.1 31.0 6.5 5.9

Indoco Remedies Buy 61 78 560 760 922 15.3 15.3 6.1 7.8 10.0 7.8 1.2 1.1 12.9 14.7 0.9 0.8

Ipca labs Neutral 651 - 8,208 3,243 3,826 20.5 21.5 36.0 44.4 18.1 14.7 4.2 3.4 26.0 25.4 2.7 2.2

Lupin Accumulate 772 877 34,541 11,641 13,933 21.3 21.3 34.8 41.8 22.2 18.5 5.2 4.1 26.2 24.8 3.0 2.4

Ranbaxy* Neutral 380 - 16,076 11,400 12,060 10.5 12.5 17.5 22.5 21.7 16.9 3.5 3.0 17.0 19.1 1.4 1.2

Sun Pharma Neutral 981 - 101,434 13,509 15,846 41.0 41.0 33.0 39.8 29.7 24.7 6.0 5.0 22.0 22.0 6.9 5.7

Power

GIPCL Accumulate 71 78 1,074 1,444 1,482 33.4 33.0 13.7 14.8 5.2 4.8 0.6 0.6 12.3 12.0 0.8 0.6


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Power

NTPC Accumulate 151 163 124,630 76,734 86,680 24.5 24.3 13.4 14.5 11.3 10.4 1.4 1.3 12.8 12.7 2.3 2.2

Real Estate

DLF Buy 190 236 33,762 8,293 9,622 36.5 36.1 5.7 6.7 33.2 28.1 1.2 1.1 3.7 4.1 6.2 5.2

MLIFE Buy 391 476 1,598 888 1,002 30.6 30.6 38.8 43.4 10.1 9.0 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Buy 278 338 105,552 86,592 95,860 31.4 31.8 10.9 14.5 25.5 19.1 2.0 1.8 7.7 9.3 1.9 1.6

Idea Cellular Neutral 134 - 44,524 25,122 27,663 27.0 27.2 4.0 4.8 33.8 28.2 2.8 2.6 8.3 9.1 2.2 1.9Rcom Neutral 107 - 21,982 22,801 24,628 31.0 31.3 3.6 5.3 29.9 20.2 0.6 0.6 2.2 3.1 2.5 2.2

Others

Abbott India* Buy 1,440 1,659 3,060 1,863 2,081 11.8 12.4 71.2 83.0 20.2 17.4 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 167 237 1,666 3,885 4,472 5.4 7.2 11.0 19.7 15.3 8.5 2.1 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 525 562 664 630 795 14.4 13.6 42.8 51.1 12.3 10.3 2.9 2.3 26.6 25.2 1.0 0.8

Cravatex Buy 330 459 85 248 284 6.5 7.3 27.2 38.2 12.2 8.6 1.9 1.6 15.7 18.5 0.5 0.5

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 294 437 383 2,304 2,649 3.1 3.6 28.0 43.7 10.5 6.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 315 345 727 1,458 1,542 8.3 9.0 32.3 37.0 9.8 8.5 1.8 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 132 177 358 1,053 1,169 6.3 7.1 13.8 17.7 9.5 7.4 1.3 1.2 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,480 - 2,193 1,842 2,131 7.7 7.8 112.4 132.4 22.1 18.7 2.8 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 159 198 143 495 651 12.7 12.9 29.3 39.5 5.4 4.0 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 164 234 189 1,430 1,573 11.1 11.0 19.1 26.9 8.6 6.1 0.5 0.4 4.9 6.3 0.5 0.5

Jyothy Laboratories Neutral 193 - 3,118 1,220 1,476 13.3 13.6 5.5 9.0 35.1 21.4 4.0 3.6 12.1 17.7 2.9 2.3

MRF Neutral 14,665 - 6,220 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.2 8.1 1.7 1.4 23.5 19.2 0.6 0.6

Page Industries Accumulate 4,018 4,611 4,482 1,057 1,282 19.4 19.6 124.8 153.7 32.2 26.1 16.0 11.8 56.3 51.8 4.3 3.6Relaxo Footwears Buy 674 791 809 1,146 1,333 10.9 11.4 45.9 60.9 14.7 11.1 3.1 2.5 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 247 343 232 1,158 1,322 11.9 11.9 72.9 85.7 3.4 2.9 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 414 617 728 1,068 1,223 9.6 9.6 38.1 44.1 10.9 9.4 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 60 108 378 300 319 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 282 371 434 814 849 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 536 686 416 435 516 6.2 7.1 24.3 33.3 22.1 16.1 3.6 3.1 17.6 20.8 0.8 0.7

Tree House Accumulate 280 297 1,007 153 194 53.0 52.8 12.4 15.6 22.6 17.9 2.7 2.4 11.8 13.1 6.8 5.2

TVS Srichakra Buy 188 252 144 1,591 1,739 6.1 6.6 24.5 41.9 7.7 4.5 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,380 - 34,588 12,294 14,162 12.0 12.0 42.1 67.7 56.5 35.2 4.0 3.6 9.1 10.7 3.2 2.7


Market Outlook

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June 13, 2013

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Others

Vesuvius India* Buy 364 439 738 600 638 20.1 19.4 35.7 36.6 10.2 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 12, 2013


Market Outlook

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Market Outlook, 13-06-2013

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Transcript of Market Outlook, 13-06-2013