Market Outlook, 17-07-2013

7/28/2019 Market Outlook, 17-07-2013

1/13

www.angelbroking.com

Market OutlookJuly 17, 2013

Dealers Diary

Indian markets are expected to open higher today in spite of flat opening in SGX

Nifty and mixed opening in Asian markets after the government opened the doors

to greater foreign direct investment.

US markets moved modestly lower over the course of the trading day on Tuesday,

after trending higher over the past few weeks. There were renewed concerns

regarding the Federal Reserves stimulus program which inspired some traders to

sell-off. The weakness was partly in reaction to Kansas City Federal Reserve

Presidents remarks against the recent policy actions. Today, the markets would

look forward to Fed Chairman Ben Bernankes testimony before the House

Financial Services Committee. Meanwhile European markets ended Tuesdays

session in the red affected by the unexpected decline in the German ZEW investor

confidence.

Meanwhile, Indian shares fell sharply on Tuesday as RBIs liquidity-tightening

measures to curb speculation in the forex market diminished hopes of further

interest rate cuts.

Markets Today

The trend deciding level for the day is 19,797/ 5,944 levels. If NIFTY trades above

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

up to 19,945 20,038 / 5,977 5999 levels. However, if NIFTY trades below

19,797 / 5,944 levels for the first half-an-hour of trade then it may correct up to

19,704 19,556/ 5,922 5,889 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,556 19,704 19,797 19,945 20,038

NIFTY 5,889 5,922 5,944 5,977 5,999

News Analysis

Govt Raises FDI caps in Telecom and other key sectors GSM operators add 3.57mn users in June CBI may file chargesheet against Sun Group promoter Kalanithi Maran JSW Steel reported 1QFY2014 crude steel production Result Review: Ashok Leyland Result Preview: HDFC Bank

Refer detailed news analysis on the following page

Net Inflows (July 15, 2013)

` cr Purch Sales Net MTD YTDFII 1,906 2,083 (177) (5,578) 65,729

MFs 426 325 101 (666) (12,843)

FII Derivatives (July 16, 2013)

` cr Purch Sales Net Open InterestIndex Futures 2,056 2,321 (265) 13,778

Stock Futures 1,911 2,350 (438) 28,717

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Neyveli Lignite 62 4.3 Yes Bank 452 (9.8)

Biocon 306 3.9 Indiabulls Real Est 68 (9.7)

Siemens 578 2.5 IRB Infra 95 (9.6)

Godrej Cons 890 2.4 Ashok Leyland 16 (9.5)

Castrol India 342 2.4 Oriental Bank 183 (9.0)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.9) (183) 19,851

Nifty (1.3) (76) 5,955

MID CAP (1.4) (88) 6,014

SMALL CAP (0.8) (45) 5,737

BSE HC (0.5) (46) 9,383

BSE PSU (1.0) (61) 5,906

BANKEX (4.8) (651) 12,821

AUTO (0.6) (65) 10,569

METAL (1.9) (148) 7,635

OIL & GAS 0.7 65 8,929

BSE IT (0.2) (14) 6,809

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.2) (32) 15,452NASDAQ (0.2) (9) 3,599

FTSE (0.5) (30) 6,556

Nikkei 0.6 93 14,599

Hang Sang 0.0 9 21,312

Straits Times (0.4) (12) 3,225

Shanghai Com 0.3 6 2,066

Indian ADR Chg (%) (Pts) (Close)INFY 0.3 0.1 $46.4

WIT (0.4) (0.0) $7.9IBN (3.9) (1.5) $36.5

HDB (2.5) (0.9) $36.3

Advances / Declines BSE NSEAdvances 1,316 790

Declines 991 537

Unchanged 138 81

Volumes (` cr)BSE 1,888

NSE 10,377

7/28/2019 Market Outlook, 17-07-2013

2/13



Govt Raises FDI caps in Telecom and other key sectors

The lifting of existing caps on fdi are likely to attract more stable foreign capital in

the economy. This is in addition to the measures taken by the Rbi recently to

provide stability in the currency and attract fii investment in Indian debt market.

We believe that these measures are positive with a view of financing the CAD andensuring stability in the economy.

GSM operators add 3.57mn users in June

GSM operators added 3.57 million subscribers in June, with incumbents adding

more subscribers than newer players during the month. This is a 0.54% increase

from the previous month as the total subscriber base rose to 671.13mn as of June

30, according to the data compiled by GSM operators body Cellular Operators

Association of India (COAI). Bharti Airtel added the maximum of 1.26mn

subscribers, followed by Idea Cellular which added 1.21mn subscribers. Aircel,

Vodafone, Uninor and Videocon added 0.61mn, 0.35mn, 0.3mn and 0.13mn,

respectively. While state-run BSNL didn't add any subscribers, MTNL lost 0.09mn

users, it added. Private operator Loop also didn't acquire any new customers. In

terms of number of subscribers, Bharti Airtel led the tally with 190.91mn, followed

by Vodafone with 155.03mn, Idea (124.97mn), BSNL (97.17mn), Aircel

(60.97mn), Uninor (32.30mn), MTNL (4.34mn), Loop (3.03mn) and Videocon

(2.42mn). Incumbent players in the industry continue to lead significantly in terms

of subscriber additions. We maintain our Neutral stance on overall telecom sector.

CBI may file chargesheet against Sun Group promoter Kalanithi

Maran

According to media reports, CBI has almost completed its investigation and isexpected to file a chargesheet against Sun Group promoter Kalanithi Maran and

his brother Dayanidhi Maran soon. The agency has approached the government

seeking sanction for hiring private financial consultants to determine the financial

aspects of the in the Aircel-Maxis deal. It is a negative development for the Sun TV

which has already led to 7% correction in stock price yesterday. We maintainNeutral on Sun TV.JSW Steel reported 1QFY2014 crude steel production

JSW Steel reported 1QFY2014 crude steel production numbers from all the threeplants namely Vijayanagar, Salem and Dolvi. The crude steel production for

1QFY2014 stood at 2.86mn tonnes and the rolled flat and rolled long productionstood at 2.23mn tonnes and 0.45mn tonnes respectively. These numbers are notcomparable to the 1QFY2013 numbers since these numbers comprises of theproduction from the erstwhile JSW Ispats Dolvi plant which is now merged withJSW Steel. We maintain our Neutral view on the JSW Steel stock.

Result Review

Ashok Leyland (CMP: `16/ TP: Under Review/ Upside: -)

Ashok Leyland (AL) reported extremely disappointing performance for1QFY2014 as EBITDA margins collapsed to 1% witnessing a severe decline of

697bp yoy (433bp qoq). The margin contraction was on account of asignificant decline in volumes (21.3% yoy (37.2% qoq) leading to lowerutilization levels and also due to higher discounts and inferior product-mix.

7/28/2019 Market Outlook, 17-07-2013

3/13



Additionally, higher interest cost (up 20.8% yoy and 21.6% qoq) due to higherworking capital requirement also impacted the bottom-line.

ALs top-line for the quarter registered a steep decline of 21.9% yoy (36.6%qoq) to `2,364cr which was broadly in-line with our estimates. The top-linedeclined primarily on account of a 21.3% yoy (37.3% qoq) decline in volumes

following slowdown in the industrial activity. While medium and heavycommercial vehicle sales declined by 26.7% yoy (36.8% qoq); Dost sales tooregistered a drop of 5.8% yoy (38.1% qoq). At the operating level, EBITDAmargins registered a sharp contraction of 697bp yoy (433bp qoq) to ameager 1% as against our estimates of 4.5%, largely on account of higherdiscounts and lower utilization levels. Consequently, other expenditure andstaff cost as a percentage of sales surged 170bp (120bp qoq) and 210bp yoy(330bp qoq) respectively. Further, raw-material expenditure as a percentageof sales too increased 320bp yoy (flat qoq) to 75.5% although in value terms itdeclined 22.4% yoy (36.8% qoq). As a result, operating profit declinedsubstantially by 90.3% yoy (88.3% qoq) to `23cr. Led by disappointingoperating performance and a significant increase in interest expense; AL

reported a net loss of `135cr as against our expectations of a loss of `74cr.We shall release a detailed result note post earnings conference call with themanagement which is scheduled today. Until then, the stock rating is underreview.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,038 7.6 278 1.1 6.2 15.1 1.3 5.2 0.4

FY2015E 16,442 8.7 594 2.2 12.5 7.1 1.2 3.3 0.3

Result Preview

HDFC Bank (CMP: `679/ TP: - 752 / Upside: - 10.9%)

HDFC Bank is expected to announce healthy set of results for 1QFY2014. The NII

is expected to increase by 25.1% yoy to `4,360cr, while non-interest income is

expected to come in at `1,885cr, thus achieving a healthy growth of 23.2% yoy.

Despite healthy growth of 24.6% yoy in operating Income, Operating profit is

expected to grow by just 22.0% yoy, due to a strong growth of 27.3% yoy in

operating expenses. Provisioning is expected to be `455cr compared to `487cr in

1QFY2013. Consequently the PAT is expected to increase by 30.1% yoy to

`1,845cr. The stock is currently trading at a valuation of 3.8x P/ABV FY2014E and

3.2x P/ABV FY2015E. Hence, we retain Accumulate rating on the stock.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 27,560 4.6 8,640 36.3 180.2 1.9 21.8 18.7 3.8

FY2015E 33,766 4.6 10,722 45.1 215.0 1.9 22.8 15.1 3.2

7/28/2019 Market Outlook, 17-07-2013

4/13



Quarterly Bloomberg Consensus Estimate

HDFC Bank (17/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,821 1,417 28.5 1,890 (4)

Axis Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 1,396 1,154 21.1 16 8880

IDBI Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 466 427 9.0 555 (16)

Kotak Mahindra Bank (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net profit 475 282 68.3 436 8.9

TCS Consolidated (18/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 17,628 14,869 18.6 16,425 7

Net profit 3,744 3,281 14.1 3,597 4

Bajaj Auto (19/07/2013)Particulars (` cr) 1QFY14E 1QFY13 y-o-y (%) 4QFY13 q-o-q (%)Net sales 4,829 4,714 2 4,651 4

EBITDA 906 872 4 790 15

EBITDA margin (%) 18.8 18.5 17.0

Net profit 742 718 3 766 (3)

Economic and Political News

Economy likely to grow at 6% in FY14: Chidambaram RBI measures on liquidity necessary for growth: Ahluwalia PSUs not meeting minimum public holding to face action: Sebi India will fully fund current account deficit : Chidambaram

Corporate News

Cipla completes acquisition of Cipla Medpro Essar Projects bags Rs 550 cr contract from BPCL Reliance Gas wins license for CBM pipelineSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

7/28/2019 Market Outlook, 17-07-2013

5/13

Date Company

July 17, 2013 HDFC Bank

July 18, 2013 TCS, Axis Bank, Kotak Mah. Bank, IDBI Bank, D B Corp, Rallis, Mindtree, Infotech Enterprises, Honeywell Automation

July 19, 2013 HDFC, Bajaj Auto, Federal Bank, CRISIL, UCO Bank, Hexaware, NIIT

July 20, 2013 HT Media

July 21, 2013

July 22, 2013 Larsen & Toubro, Asian Paints, Blue Star

July 23, 2013 Tata Sponge

July 24, 2013 Cairn India, Dabur India, Central Bank

July 25, 2013 Thermax, FAG Bearings, MRF

July 26, 2013 Nestle, CESC

July 27, 2013 Force Motors

July 28, 2013

July 29, 2013 IDFC, Colgate, Godrej Consumer, Subros, Vesuvius India

July 30, 2013 Dr Reddy's, Ipca labs, Indoco Remedies

July 31, 2013 ICICI Bank, JSW Steel , Dishman Pharma

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 17, 2013 2:00PM UK Jobless claims change % Change Jun (8.60) (8.00)

6:00PM US Housing Starts Thousands Jun 914.00 960.006:00PM US Building permits Thousands Jun 985.00 1,000.00

July 18, 2013 6:00PM US Initial Jobless claims Thousands Jul 13 360.00 341.00

July 22, 2013 7:30PM US Existing home sales Million Jun 5.18 5.27

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

July 24, 2013 1:00PM Germany PMI Services Value Jul A 50.40 --

1:00PM Germany PMI Manufacturing Value Jul A 48.60 --

7:30PM US New home sales Thousands Jun 476.00 484.00

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

July 30, 2013 11:00AM India RBI Repo rate % Jul 30 7.25 --

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

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

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

July 31, 2013 1:25PM Germany Unemployment change (000's) Thousands Jul (12.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A 1.80 --

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


July 17, 2013

Market Outlook

7/28/2019 Market Outlook, 17-07-2013

6/13



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


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

(%)

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.6

3.4

1.9

(1.6)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

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

May-1

3

(%)

8.0 8.17.3 7.2 7.3 7.3 7.3

5.7

4.8 4.7 4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Jun-1

3

(%)

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

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

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-12

Aug-12

Sep-12

Oc-12

No-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Repo rate Reverse Repo rate CRR(%)

7/28/2019 Market Outlook, 17-07-2013

7/13

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 151 - 2,936 1,657 1,906 14.1 14.1 7.7 8.9 19.6 17.0 4.1 3.5 22.2 21.9 1.7 1.5

United Phosphorus Buy 138 232 6,101 10,298 11,310 16.5 16.5 20.5 23.2 6.7 5.9 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 252 285 4,311 3,418 3,892 14.5 14.5 18.5 20.4 13.7 12.4 3.3 2.7 26.6 23.8 1.3 1.1

Apollo Tyres Neutral 68 - 3,437 13,852 15,487 11.4 11.5 12.8 14.9 5.3 4.6 0.9 0.7 17.5 17.3 0.4 0.4

Ashok Leyland Buy 16 27 4,204 14,038 16,442 7.6 8.7 1.1 2.2 15.1 7.1 1.3 1.2 6.2 12.5 0.4 0.3

Automotive Axle# Neutral 215 - 325 834 965 9.3 10.6 17.3 27.1 12.4 8.0 1.2 1.1 9.5 14.0 0.5 0.4Bajaj Auto Accumulate 1,904 2,096 55,103 23,005 26,460 18.0 18.5 118.8 139.7 16.0 13.6 5.8 4.6 40.4 37.7 2.0 1.7

Bharat Forge Neutral 223 - 5,194 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* Accumulate 8,565 9,213 26,892 9,821 11,394 17.0 17.3 373.5 438.7 22.9 19.5 4.1 3.5 18.0 17.9 2.4 2.0

CEAT Buy 112 170 383 5,325 5,974 8.4 8.3 40.8 48.5 2.7 2.3 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Accumulate 124 141 10,519 7,053 8,061 14.2 14.5 7.8 9.1 15.8 13.6 2.7 2.3 18.1 18.2 1.2 1.0

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 1,693 1,820 33,803 25,298 27,665 14.1 13.7 110.3 140.0 15.4 12.1 5.6 4.4 39.9 40.7 1.1 1.0

JK Tyre Buy 104 154 426 7,972 8,754 7.1 7.1 37.5 44.0 2.8 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 913 1,103 56,231 45,254 51,197 11.4 11.7 61.2 70.2 14.9 13.0 3.1 2.6 22.7 21.9 1.0 0.8

Maruti Buy 1,411 1,822 42,631 47,923 55,002 11.2 10.9 106.6 121.4 13.2 11.6 2.0 1.7 16.1 15.8 0.7 0.6

Motherson Sumi Neutral 215 - 12,636 28,442 31,493 7.5 7.8 12.5 14.8 17.2 14.6 4.2 3.4 27.5 25.8 0.6 0.5

Subros Buy 22 27 134 1,426 1,624 10.0 9.9 4.9 6.8 4.6 3.3 0.4 0.4 10.0 12.7 0.4 0.3

Tata Motors Buy 292 347 78,546 215,016 237,404 13.3 13.6 36.2 41.5 8.1 7.0 1.8 1.5 24.6 23.2 0.4 0.4

TVS Motor Accumulate 32 35 1,520 7,715 8,584 6.0 6.1 5.0 5.8 6.4 5.5 1.1 1.0 18.1 18.5 0.1 0.1

Capital Goods

ABB* Sell 600 461 12,704 8,073 9,052 5.5 6.9 11.5 16.9 52.0 35.4 4.7 4.5 9.3 13.1 1.5 1.3BGR Energy Buy 120 140 868 3,756 4,569 11.4 9.7 21.7 24.1 5.6 5.0 0.7 0.6 22.3 20.3 0.5 0.5

BHEL Neutral 183 - 44,730 44,054 39,326 16.8 15.1 20.6 16.1 8.9 11.4 1.9 1.8 23.5 16.1 0.9 1.0

Blue Star Buy 157 230 1,408 2,896 3,087 5.6 6.2 9.3 11.7 16.8 13.3 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 91 117 5,834 13,446 15,272 6.7 7.6 6.6 8.9 13.7 10.2 1.5 1.4 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 19 - 155 3,360 3,597 9.7 9.8 7.3 10.2 2.6 1.9 0.5 0.5 8.8 11.4 0.3 0.3

KEC International Buy 35 49 896 7,709 8,399 6.7 7.2 6.1 8.5 5.7 4.1 0.7 0.6 20.2 23.0 0.3 0.3

Thermax Neutral 596 - 7,106 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 1,258 1,361 23,614 11,820 13,254 19.3 20.9 74.9 93.1 16.8 13.5 2.9 2.6 18.1 20.3 1.7 1.5


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

8/13



Cement

Ambuja Cements Neutral 200 - 30,941 10,171 11,762 23.5 24.6 10.2 12.2 19.7 16.4 3.2 2.9 17.1 18.7 2.5 2.1

India Cements Neutral 56 - 1,729 4,929 5,434 17.4 17.1 8.9 10.9 6.3 5.2 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 80 143 940 2,247 2,742 21.0 23.1 17.8 21.8 4.5 3.7 0.7 0.6 15.5 16.4 0.3 0.8

Madras Cements Neutral 210 - 5,008 4,234 4,788 23.9 24.0 18.5 22.8 11.4 9.3 1.8 1.6 17.2 18.2 1.5 1.2

Shree Cement^ Neutral 4,416 - 15,384 6,607 7,520 27.5 26.7 322.8 374.3 13.7 11.8 3.4 2.7 27.8 25.6 1.7 1.3

UltraTech Cement Neutral 1,936 - 53,093 21,947 25,049 23.8 23.8 106.1 119.8 18.3 16.2 3.0 2.6 17.7 17.3 2.5 2.1

ConstructionAshoka Buildcon Buy 56 84 877 1,928 2,234 21.0 21.5 6.0 7.4 9.3 7.5 0.8 0.8 10.5 10.8 1.8 1.8

Consolidated Co Neutral 9 - 166 1,715 1,824 2.4 6.2 (2.9) (0.4) (3.1) (24.9) 0.4 0.4 0.5 0.5

IRB Infra Buy 95 157 3,149 3,997 4,312 45.5 46.4 15.7 16.6 6.0 5.7 0.9 0.8 15.2 14.5 3.2 3.5

ITNL Buy 151 230 2,941 7,444 8,041 27.4 28.9 29.8 32.1 5.1 4.7 0.7 0.6 14.9 14.2 2.5 2.5

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 51 90 11,229 14,850 15,631 24.9 25.1 2.5 2.9 20.0 17.7 0.8 0.8 4.2 4.7 2.6 2.5

Larsen & Toubro Buy 971 1,180 89,843 68,946 78,040 10.5 10.5 51.7 58.6 18.8 16.6 2.8 2.5 15.5 15.6 1.4 1.3

Nagarjuna Const. Buy 27 42 684 6,167 6,945 8.0 8.2 2.7 3.6 10.0 7.3 0.3 0.3 2.7 3.6 0.5 0.4

Punj Lloyd Neutral 32 - 1,068 12,954 14,740 9.9 9.9 0.5 0.9 63.3 34.5 0.4 0.4 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 90 139 1,358 2,462 2,731 10.6 10.6 5.9 6.7 15.3 13.5 1.5 1.4 10.2 10.5 0.8 0.8

Simplex Infra Buy 77 131 378 6,308 7,033 9.5 9.6 11.9 18.7 6.4 4.1 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 25 41 183 2,146 2,339 13.7 13.8 11.0 11.5 2.3 2.1 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Accumulate 87 95 4,353 6,705 7,535 2.5 2.5 27.6 33.2 3.2 2.6 0.5 0.4 12.5 13.6 - -

Andhra Bank Neutral 79 - 4,423 5,180 5,815 2.7 2.7 19.0 22.9 4.2 3.5 0.6 0.5 12.0 13.2 - -

Axis Bank Buy 1,232 1,498 57,751 19,237 23,261 3.2 3.2 133.8 161.5 9.2 7.6 1.5 1.3 17.6 18.5 - -Bank of Baroda Accumulate 565 642 23,795 16,287 18,707 2.2 2.3 120.6 144.6 4.7 3.9 0.7 0.6 15.0 16.0 - -

Bank of India Accumulate 221 236 13,155 14,459 16,176 2.3 2.2 55.2 68.2 4.0 3.2 0.6 0.5 13.7 15.1 - -

Bank of Maharashtra A ccumulate 49 54 3,271 4,291 4,724 3.0 3.0 12.1 12.9 4.1 3.9 0.6 0.6 16.2 15.3 - -

Canara Bank Neutral 330 - 14,615 12,045 13,495 2.1 2.2 76.7 86.4 4.3 3.8 0.6 0.6 14.1 14.2 - -

Central Bank Neutral 61 - 6,372 8,406 9,546 2.5 2.5 12.6 18.7 4.9 3.3 0.6 0.5 10.6 14.3 - -

Corporation Bank Accumulate 330 379 5,048 5,554 6,156 2.0 2.0 94.9 104.9 3.5 3.2 0.5 0.4 14.3 14.2 - -

Dena Bank Neutral 67 - 2,351 3,255 3,623 2.3 2.4 22.0 24.9 3.1 2.7 0.4 0.4 14.7 14.7 - -

Federal Bank Accumulate 386 409 6,591 2,802 3,275 2.9 2.9 49.8 56.6 7.8 6.8 0.9 0.9 12.7 13.1 - -


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

9/13



Financials

HDFC Accumulate 816 906 126,886 8,679 10,350 3.6 3.6 37.5 44.7 21.8 18.3 4.5 4.1 30.1 30.7 - -

HDFC Bank Accumulate 679 752 162,111 27,560 33,766 4.6 4.6 36.3 45.1 18.7 15.1 3.8 3.2 21.9 22.8 - -

ICICI Bank Buy 1,003 1,219 115,782 26,119 30,474 3.1 3.2 86.2 99.5 11.6 10.1 1.6 1.4 15.7 16.2 - -

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

Indian Bank Accumulate 107 113 4,614 6,077 6,845 2.9 3.0 35.2 41.0 3.1 2.6 0.4 0.4 14.1 14.8 - -

IOB Neutral 48 - 4,431 8,028 9,204 2.4 2.6 12.5 19.7 3.8 2.4 0.4 0.3 9.1 13.1 - -

J & K Bank Neutral 1,242 - 6,020 3,101 3,427 3.6 3.6 215.5 210.3 5.8 5.9 1.1 0.9 19.9 16.9 - -LIC Housing Finance Accumulate 221 244 11,156 2,180 2,732 2.4 2.5 26.3 32.1 8.4 6.9 1.5 1.3 19.0 19.9 - -

Oriental Bank Accumulate 183 203 5,345 6,790 7,676 2.6 2.7 55.7 62.3 3.3 2.9 0.4 0.4 12.8 12.9 - -

Punjab Natl.Bank Accumulate 625 718 22,089 20,914 23,879 3.3 3.4 152.4 176.2 4.1 3.6 0.7 0.6 16.2 16.5 - -

South Ind.Bank Neutral 23 - 3,036 1,800 2,023 2.7 2.7 3.7 4.2 6.1 5.4 1.0 0.8 16.2 16.2 - -

St Bk of India Buy 1,828 2,126 125,072 66,417 76,734 3.0 3.0 227.4 284.8 8.0 6.4 1.2 1.0 15.4 17.1 - -

Syndicate Bank Accumulate 114 121 6,838 7,125 8,188 2.6 2.6 27.4 27.9 4.2 4.1 0.6 0.6 16.2 14.6 - -

UCO Bank Neutral 65 - 4,858 6,545 6,859 2.7 2.6 14.8 15.7 4.4 4.1 0.8 0.7 14.4 13.6 - -

Union Bank Accumulate 168 186 10,050 11,101 12,543 2.6 2.6 39.3 47.4 4.3 3.6 0.6 0.5 14.1 15.2 - -

United Bank Accumulate 46 51 1,711 3,386 3,884 2.3 2.5 12.4 20.0 3.7 2.3 0.4 0.3 10.0 14.7 - -

Vijaya Bank Neutral 45 - 2,232 2,714 3,046 1.9 2.0 9.2 10.8 4.9 4.2 0.5 0.5 10.7 11.5 - -

Yes Bank Neutral 452 - 16,243 4,451 5,526 2.8 2.8 43.0 49.7 10.5 9.1 2.3 1.9 23.9 22.8 - -

FMCG

Asian Paints Neutral 4,834 - 46,365 12,332 14,524 16.5 16.3 141.6 162.7 34.2 29.7 10.8 8.6 35.4 32.2 3.6 3.0

Britannia Neutral 679 - 8,126 6,417 7,502 6.1 6.3 21.3 25.5 31.9 26.7 10.4 8.3 35.7 34.6 1.3 1.0

Colgate Neutral 1,459 - 19,845 3,588 4,130 20.5 20.9 44.2 51.8 33.0 28.2 32.2 23.4 108.6 96.2 5.4 4.6

Dabur India Neutral 159 - 27,715 7,183 8,340 16.8 16.8 5.4 6.3 29.6 25.3 11.5 9.0 41.5 40.1 3.8 3.3

GlaxoSmith Con* Neutral 4,970 - 20,900 3,617 4,259 16.1 16.4 122.2 148.7 40.7 33.4 12.7 10.2 34.1 33.7 5.3 4.4

Godrej Consumer Neutral 890 - 30,274 7,801 9,017 16.2 15.9 25.1 29.7 35.4 30.0 7.6 6.3 24.9 24.2 4.0 3.4

HUL Neutral 623 - 134,787 29,167 33,164 13.6 13.7 17.1 18.4 36.5 33.9 35.1 25.4 113.4 87.0 4.5 3.9

ITC Neutral 360 - 284,733 34,294 39,991 36.8 37.0 11.3 13.3 32.0 27.0 10.5 8.5 36.1 34.9 8.0 6.8

Marico Neutral 222 - 14,334 5,273 6,044 14.8 14.9 7.3 8.7 30.6 25.7 6.0 4.9 21.4 21.0 2.8 2.4

Nestle* Neutral 5,692 - 54,877 9,447 10,968 22.1 22.3 127.5 154.1 44.7 36.9 22.3 16.1 57.7 50.7 5.8 5.0

Tata Global Neutral 154 - 9,508 8,069 8,957 9.8 9.7 7.8 8.6 19.7 17.9 2.4 2.3 9.5 9.7 1.2 1.0


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

10/13



IT

HCL Tech^ Neutral 876 - 61,011 29,424 32,837 22.6 22.0 59.5 63.3 14.7 13.8 3.6 3.0 24.6 21.7 1.9 1.6

Hexaware* Neutral 102 - 3,049 2,158 2,374 19.6 19.8 10.7 11.7 9.5 8.7 2.1 1.9 23.0 22.3 1.3 1.1

Infosys Neutral 2,730 - 156,792 45,153 48,993 27.6 26.8 170.7 187.5 16.0 14.6 3.3 2.9 20.8 19.5 2.8 2.5

Infotech Enterprises Accumulate 180 190 2,009 2,037 2,254 17.9 17.7 21.2 22.6 8.5 8.0 1.3 1.1 15.2 14.1 0.6 0.5

KPIT Cummins Accumulate 127 144 2,446 2,614 2,923 17.2 16.8 13.2 14.4 9.6 8.8 1.7 1.4 18.5 16.7 0.9 0.7

Mindtree Neutral 912 - 3,789 2,707 2,978 20.3 20.2 87.4 97.0 10.4 9.4 2.2 1.8 21.8 19.5 1.1 0.9

Mphasis& Reduce 414 391 8,705 6,372 6,852 18.0 18.2 38.0 43.5 10.9 9.5 1.6 1.4 14.3 14.2 0.9 0.7NIIT Buy 19 30 311 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 Accumulate 518 565 2,073 1,505 1,677 25.9 26.2 53.6 59.7 9.7 8.7 1.7 1.5 17.7 16.7 1.0 0.8

TCS Neutral 1,649 - 322,736 74,795 84,926 28.8 28.7 82.2 91.5 20.1 18.0 6.2 5.1 30.8 28.1 4.1 3.5

Tech Mahindra Accumulate 1,092 1,250 25,372 8,102 8,709 19.7 19.2 93.7 101.5 11.7 10.8 2.2 1.8 21.2 18.9 3.1 2.8

Wipro Neutral 375 - 92,492 41,659 45,137 21.2 21.4 27.7 29.9 13.6 12.5 2.8 2.4 20.5 19.0 1.7 1.5

Media

D B Corp Buy 238 290 4,372 1,750 1,925 25.1 26.6 14.2 16.8 16.8 14.2 3.6 3.1 23.4 23.4 2.4 2.1

HT Media Buy 94 117 2,216 2,205 2,380 15.1 15.6 8.3 9.1 11.4 10.4 1.3 1.1 11.5 11.4 0.7 0.5

Jagran Prakashan Buy 87 107 2,873 1,664 1,825 20.9 23.0 6.4 7.8 13.5 11.2 2.7 2.4 21.0 23.1 1.8 1.7

PVR Neutral 330 - 1,310 1,359 1,540 17.3 17.4 17.2 21.6 19.2 15.3 1.9 1.8 10.3 12.0 1.4 1.2

Sun TV Network Neutral 399 - 15,708 2,287 2,551 69.7 70.5 20.0 23.3 19.9 17.1 4.9 4.3 26.4 27.3 6.5 5.7

Metals & Mining

Bhushan Steel Neutral 462 - 10,472 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 Buy 294 345 185,733 72,174 76,311 33.3 28.4 28.4 30.9 10.3 9.5 2.9 2.4 37.6 36.2 1.7 1.6

Electrosteel Castings Buy 13 18 415 1,976 2,017 11.8 12.7 1.3 2.6 10.1 4.9 0.1 0.1 2.6 5.2 0.5 0.1

GMDC Buy 106 155 3,361 1,920 2,239 53.2 52.9 21.6 25.0 4.9 4.2 1.1 0.9 25.1 23.8 1.3 0.9Hind. Zinc Buy 106 145 44,662 12,358 13,659 51.4 51.6 16.0 17.6 6.6 6.0 1.2 1.0 19.4 18.4 1.3 0.8

Hindalco Neutral 104 - 19,835 89,352 93,672 8.8 9.2 13.4 15.0 7.7 6.9 0.6 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 571 - 13,800 47,613 48,385 17.4 18.8 81.8 109.6 7.0 5.2 0.7 0.7 11.1 13.4 0.6 0.5

MOIL Buy 199 248 3,351 1,010 1,046 46.5 47.6 26.8 28.8 7.4 6.9 1.1 1.0 15.4 14.7 0.9 0.7

Monnet Ispat Buy 121 193 773 2,326 2,709 21.4 23.1 33.3 43.1 3.6 2.8 0.3 0.3 8.3 9.9 1.3 1.0

Nalco Neutral 31 - 7,873 7,656 7,988 13.1 13.5 2.6 2.6 12.0 11.7 0.7 0.6 5.5 5.5 0.5 0.5

NMDC Buy 107 140 42,304 10,610 11,400 66.3 64.2 15.6 16.1 6.9 6.6 1.4 1.3 21.3 19.9 1.9 1.7

SAIL Neutral 47 - 19,349 44,060 54,786 9.4 11.5 5.2 7.2 9.0 6.5 0.5 0.5 5.2 6.8 0.7 0.6


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

11/13



Metals & Mining

Sesa Goa Accumulate 152 166 13,228 3,742 4,426 32.9 32.8 30.0 29.8 5.1 5.1 0.7 0.6 14.3 12.5 4.3 3.6

Sterlite Inds Accumulate 88 100 29,675 44,462 45,568 23.2 24.7 18.1 20.2 4.9 4.4 0.5 0.5 11.3 11.4 0.6 0.5

Tata Steel Buy 251 378 24,421 140,917 151,537 9.7 10.8 30.9 47.6 8.1 5.3 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 96 153 345 1,494 1,568 19.1 20.3 31.3 36.5 3.1 2.6 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 40 403 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat

Buy 74 102 242 2,344 2,509 14.9 15.4 38.7 47.0 1.9 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Accumulate 303 345 57,844 16,482 16,228 69.4 53.3 53.3 49.6 5.7 6.1 0.9 0.8 16.5 13.6 2.2 1.8

GAIL Neutral 324 - 41,080 52,102 52,876 15.7 16.1 34.1 35.7 9.5 9.1 1.5 1.3 16.4 15.3 0.3 0.2

ONGC Buy 300 387 256,322 170,063 198,461 36.3 38.3 34.7 41.9 8.6 7.2 1.5 1.3 18.3 19.5 1.2 0.9

Reliance Industries Neutral 901 - 290,940 397,546 421,695 9.4 8.6 75.0 76.4 12.0 11.8 1.3 1.2 12.4 11.4 0.7 0.6

Gujarat Gas* Neutral 199 - 2,556 3,707 3,850 11.7 12.4 23.7 25.7 8.4 7.8 2.4 2.0 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 292 - 4,082 3,700 4,218 23.4 22.8 26.7 30.4 10.9 9.6 2.3 1.9 22.7 21.8 1.2 1.0

Petronet LNG Buy 131 167 9,821 40,356 40,872 5.8 6.4 15.0 16.7 8.7 7.8 1.8 1.6 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 58 - 3,250 1,171 1,287 91.9 91.9 10.1 11.3 5.7 5.1 0.9 0.8 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Reduce 156 139 2,932 1,736 2,008 17.1 18.9 10.7 13.9 14.5 11.2 4.6 3.4 35.0 34.7 1.8 1.5

Aurobindo Pharma Buy 182 271 5,309 6,641 7,637 15.9 15.9 17.3 20.6 10.5 8.9 1.7 1.4 19.5 18.9 1.3 1.1

Aventis* Neutral 2,436 - 5,611 1,682 1,917 16.6 16.6 92.4 99.1 26.4 24.6 3.7 3.7 15.7 14.8 3.0 2.4

Cadila Healthcare Buy 775 929 15,874 7,280 8,640 15.5 15.7 38.3 46.5 20.2 16.7 4.3 3.6 23.5 23.5 2.5 2.1

Cipla Buy 402 477 32,289 9,274 10,796 23.1 23.1 21.0 23.8 19.2 16.9 3.1 2.6 17.2 16.8 3.2 2.7

Dr Reddy's Accumulate 2,280 2,535 38,753 13,377 15,350 20.4 20.1 112.3 126.8 20.3 18.0 4.3 3.6 23.5 21.8 3.0 2.6

Dishman Pharma Buy 62 168 499 1,394 1,534 22.5 22.4 15.0 16.8 4.1 3.7 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,600 - 22,026 2,854 3,145 28.6 28.6 76.6 83.3 34.0 31.2 10.2 9.2 31.1 31.0 6.9 6.1

Indoco Remedies Accumulate 72 78 661 760 922 15.3 15.3 6.1 7.8 11.8 9.2 1.4 1.3 12.9 14.7 1.1 0.9

Ipca labs Neutral 680 - 8,579 3,243 3,826 20.5 21.5 36.0 44.4 18.9 15.3 4.4 3.5 26.0 25.4 2.8 2.3

Lupin Neutral 874 - 39,153 11,641 13,933 21.3 21.3 34.8 41.8 25.1 20.9 5.9 4.7 26.2 24.8 3.4 2.8

Ranbaxy* Accumulate 341 384 14,436 11,400 12,060 10.5 12.5 17.5 22.5 19.5 15.2 3.1 2.7 17.0 19.1 1.2 1.1

Sun Pharma Neutral 1,120 - 115,754 13,509 15,846 41.0 41.0 33.0 39.8 33.9 28.1 6.8 5.7 22.0 22.0 8.0 6.6

Power

GIPCL Buy 65 78 980 1,444 1,482 33.4 33.0 13.7 14.8 4.7 4.4 0.6 0.5 12.3 12.0 0.8 0.5

NTPC Accumulate 143 163 118,034 76,734 86,680 24.5 24.3 13.4 14.5 10.7 9.9 1.3 1.2 12.8 12.7 2.2 2.1


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

12/13



Real Estate

DLF Buy 165 236 29,303 8,293 9,622 36.5 36.1 5.7 6.7 28.8 24.4 1.0 1.0 3.7 4.1 5.6 4.7

MLIFE Accumulate 433 476 1,767 888 1,002 30.6 30.6 38.8 43.4 11.1 10.0 1.3 1.1 11.2 11.4 2.6 2.3

Telecom

Bharti Airtel Neutral 321 - 128,416 85,489 94,229 31.9 31.9 10.2 14.6 31.4 22.0 2.3 2.1 7.2 9.4 2.2 1.9

Idea Cellular Neutral 157 - 52,204 25,640 28,459 26.9 27.2 4.0 4.9 39.3 31.8 3.3 3.0 8.4 9.4 2.4 2.1

Rcom Neutral 146 - 30,114 22,751 24,628 30.9 31.3 3.4 5.3 42.6 27.7 0.9 0.9 2.1 3.1 2.9 2.6

OthersAbbott India* Buy 1,416 1,659 3,008 1,863 2,081 11.8 12.4 71.2 83.0 19.9 17.1 4.0 3.4 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 184 237 1,834 3,885 4,472 5.4 7.2 11.0 19.7 16.8 9.3 2.3 1.9 13.5 20.3 0.5 0.4

Cera Sanitaryware Buy 503 613 636 631 797 14.5 13.7 42.6 51.1 11.8 9.8 2.8 2.2 26.5 25.3 1.0 0.8

Cravatex Buy 286 459 74 248 284 6.5 7.3 27.2 38.2 10.5 7.5 1.7 1.4 15.7 18.5 0.5 0.4

Finolex Cables Buy 57 68 877 2,563 2,899 9.8 9.8 10.1 11.3 5.7 5.1 0.8 0.7 14.3 13.8 0.3 0.2

Force Motors Buy 249 437 324 2,304 2,649 3.1 3.6 28.0 43.7 8.9 5.7 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 310 345 714 1,458 1,542 8.3 9.0 32.3 37.0 9.6 8.4 1.7 1.5 19.5 19.3 0.3 0.3

Hitachi Buy 124 177 337 1,053 1,169 6.3 7.1 13.8 17.7 9.0 7.0 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,411 - 2,131 1,842 2,131 7.7 7.8 112.4 132.4 21.5 18.2 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 146 198 132 495 651 12.7 12.9 29.3 39.5 5.0 3.7 0.7 0.6 15.4 17.6 0.4 0.3

ITD Cementation Buy 133 234 153 1,430 1,573 11.1 11.0 19.1 26.9 7.0 5.0 0.4 0.3 5.4 7.1 0.5 0.5

Jyothy Laboratories Accumulate 178 199 2,959 1,220 1,476 13.3 13.6 5.5 9.0 32.3 19.7 3.7 3.3 12.1 17.7 2.8 2.2

MRF Accumulate 12,580 14,416 5,335 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.0 7.0 1.5 1.2 23.5 19.2 0.5 0.5

Page Industries Neutral 4,593 - 5,123 1,057 1,282 19.4 19.6 124.8 153.7 36.8 29.9 18.2 13.5 56.3 51.8 4.9 4.1

Relaxo Footwears Accumulate 723 791 868 1,146 1,333 10.9 11.4 45.9 60.9 15.8 11.9 3.3 2.6 23.0 24.6 0.9 0.8

Siyaram Silk Mills Buy 244 343 229 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 0.4Styrolution ABS India* Buy 413 617 726 1,068 1,223 9.6 9.6 38.1 44.1 10.8 9.4 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 59 108 369 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.5 1.3

Tata Sponge Iron Buy 267 371 411 814 849 17.0 17.6 64.6 69.2 4.1 3.9 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 535 686 416 435 516 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 Neutral 285 - 1,024 153 194 53.0 52.8 12.4 15.6 23.0 18.2 2.7 2.4 11.8 13.1 6.9 5.3

TVS Srichakra Buy 174 230 134 1,591 1,720 6.1 6.4 24.5 38.3 7.1 4.6 0.8 0.7 10.9 15.9 0.3 0.3

United Spirits Neutral 2,687 - 39,044 12,294 14,162 12.0 12.0 42.1 67.7 63.8 39.7 4.5 4.1 9.1 10.7 3.5 3.0

Vesuvius India* Buy 365 439 741 600 638 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 July 16, 2013


Market Outlook

Stock Watch

July 17, 2013

7/28/2019 Market Outlook, 17-07-2013

13/13

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

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, makeinvestment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in thisdocument are those of the analyst, and the company may or may not subscribe to all the views expressed within.Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is forgeneral guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for anyloss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make anyrepresentation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel BrokingPvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or inthe past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from orin connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.


Market Outlook, 17-07-2013

Documents

Transcript of Market Outlook, 17-07-2013