Market Outlook, 24 January 2013

7/29/2019 Market Outlook, 24 January 2013

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www.angelbroking.com

Market OutlookJanuary 24, 2013

Tata Motors likely to see margin pressures at JLR in3QFY2013

Tata Motors (TTMT) in a US filing, provided details on Jaguar Land Rover's (JLR)

provisional results for 3QFY2013. According to the management, JLRs revenue

will be higher than the previous two quarters reflecting the higher sales volume(growth of 10% yoy). EBITDA is likely to be in the region of levels reported for the

previous two quarters; however EBITDA margin is likely to be slightly lower than in

the previous two quarters, primarily due to less favourable exchange rates and of

share of Evoque sales in the volume-mix. The company further stated that, Free

cash Flow (FCF) for JLR will be negative in 3QFY2013 primarily owing to higher

working capital requirements. Nonetheless, FCF will be positive for the first nine

months of FY2013. Further, the management has increased its capital expenditure

guidance for FY2014 to GBP2.75bn as against GBP2bn earlier. As a result, the

management expects FCF to turn negative in FY2014. The company has indicated

that JLR currently has a cash balance of GBP2.18bn Meanwhile, Jaguar Land

Rover Automotive plc, the parent company of the JLR group of companies and a

subsidiary of Tata Motors, has announced that it will be raising capital (US$400mn

Senior notes due in 2023) for its expansion plans. The company further stated

that the notes will be guaranteed on a senior unsecured basis by JLR Ltd, Land

Rover, JLR North America LLC, Land Rover Exports Ltd and JLR Exports Ltd

The management commentary for JLR on the margin front is slightly below our

estimates. For JLR, we expect top-line to increase 10% yoy to GBP4.1bn. On the

margin front, we expect the company to report margins of 14% (slightly higher

than 13.8% reported in 1HFY2013). On the consolidated front, we expect TTMT to

report 15.9% yoy decline in net profits to`2,865cr. Post the announcement of JLR

provisional results, Tata Motors ADR tanked by ~10% on NYSE. We expect thestock to see correction in domestic markets as well once the trading resumes

today.

Exide Industries to buy 50% stake in ING Vysya LifeInsurance for`550cr

Exide Industries (EXID) which currently has 50% stake in ING Vysya Life Insurance

Company (IVL) has announced that it will be acquiring the remaining 50% stake in

IVL for `550cr. EXID will be buying out the minority stake held by ING group(26%), Hemendra Kothari group (16.32%) and Enam group (7.68%). The

company intends to fund the acquisition through internal accruals. The deal

implies a market capitalization of `1,100cr for IVL. EXID has so far invested

`744.4cr in IVL for its 50% stake. This implies that the company is buying the

remaining 50% stake at a discount of ~26% of its book value which could be due

to the fact that the new business premium for IVL has been declining continuously

(down 5% in FY2012) and also owing to the fact that ING group was looking to

exit the business. The ING group had earlier announced its intentions to exit its

non-banking business such as insurance and asset management in Asia, including

India as a strategy to pay back the government bailout funds it received during the

financial crisis in 2008. We have been valuing IVL at `1,700 by assigning a

multiple of 15x to its FY2014E NBAP. Post the deal, we would value IVL at its

acquisition price of `1,100cr (`13/share). Going ahead, EXID intends to find

another strategic partner which could infuse fresh equity into IVL for future


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expansion. We would be watchful of the valuations the company gets for its

insurance business in the future and would also seek more clarity on the

companys future expansion plans. At`125, the stock is trading at 15.9x FY2014

earnings.

3QFY2013 Result Review

SUN TV (CMP:`439 / TP: - / Upside : -)

For 3QFY2013, Sun TV posted a healthy 14.3% yoy growth in its top-line to

`486cr mainly on account of a robust 20% yoy increase in advertising revenue to

`293cr (aided by festive season). OPM for the quarter stood at 77.5%, a decline of

279bp yoy, driven largely by 105bp yoy increase in cost of revenues and 141bp

yoy increase in other expenditure. In spite of margin pressure, net profit grew by

13.1% yoy to `190cr. The stock is currently trading at 23x FY2014 EPS of 19.1.

FY2013E 1,942 77.2 692 17.6 25.8 25.0 6.2 11.1 8.6

FY2014E 2,237 75.5 751 19.1 25.2 23.0 5.6 9.8 7.4

(CMP:`133/ TP:`158 / Upside: 18.8%)

For 3QFY2013, Syndicate Bank reported 50.4% yoy increase in its earnings, aided

by tax write-back of`174cr compared to tax expense of `41cr in 3QFY2012, as

earnings on PBT level declined by 11.8% yoy. On the operating front, theperformance was moderate, with operating income growth of 6.6% yoy. and

hence pre-provisioning profit decline of 6.3% yoy. Though, provisioning expenses

came down by 2.5% yoy, earnings at PBT level witnessed a decline of 11.8% yoy.

On the asset quality front, the bank witnessed improvement, as gross and Net NPA

levels remained flat sequentially, on an absolute basis. Gross and Net NPA ratio

declined sequentially by 16bp and 7bp, respectively to 2.3% and 0.9%. At the

CMP, the stock is trading at valuations of 0.7x FY2014E ABV.

.

FY2013E 6,676 2.9 1,844 30.6 157.2 0.9 21.1 4.3 0.8

FY2014E 7,633 2.9 1,663 27.6 178.4 0.7 16.5 4.8 0.7

Rallis (CMP:`141/ Target: -/ Upside: -)

For 3QFY2013, the company posted sales of`340cr, a yoy growth of 7.0%. On

the operating front, the margin came in at 12.3%, V/s 7.4% in the last

corresponding period, posting an expansion of 490bps. However, adjusting for

extra ordinary expenditure during the corresponding period, there was a dip in the

margins of around 280bp, This along with higher tax outgo during the period,

lead the adj. net profit to decline by 15.9% yoy to end the period at `22.0cr.


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FY2013E 1,466 14.8 135 7.0 22.6 20.2 4.3 12.3 1.8

FY2014E 1,686 14.8 157 8.1 22.5 17.5 3.6 10.5 1.6

3QFY2013 Result Preview

L&T (CMP:`1,561/TP:`1,748 /Upside: 12%)

We expect Larson & Turbo (L&T) to record revenue a revenue growth of 12.8% yoy

to`15,790cr for 3QFY2013. This growth can be attributed to the companys large

order book (~`1.6trillion). On the EBITDA front, we expect the companys margin

to witness on expansion of 161bp yoy to 11.2%. We project the net profit to come

in at`1,020cr, indicating a growth of 21.6% yoy.

At the current market price of `1,561, the stock is trading at 20.3x FY2014E

earnings and 2.9x FY2014E P/BV on a standalone basis. We have used the sum-

of-the-parts (SOTP) methodology to value the company to capture all its business

initiatives and investments/stakes in the different businesses. Ascribing separate

values to its parent business on a P/E basis and investments in subsidiaries on P/E,

P/BV and mcap basis, our target price works out to `1,748.

FY2013E 61,031 11.2 4,051 66.1 15.1 23.5 3.3 15.6 1.7

FY2014E 69,753 11.6 4,687 76.5 15.4 20.3 2.9 13.2 1.5

Quarterly Bloomberg Brokers Consensus Estimate

Net sales 2,476 2,880 (14) 3,222 (23)

EBITDA 190 210 (10) 334 (43)

EBITDA margin (%) 7.7 7.3 10.4

Net profit 13 67 (81) 143 (91)

Net sales 16,192 13,999 16 13,195 23

EBITDA 1,667 1,343 24 1,405 19

EBITDA margin (%) 10.3 9.6 10.6

Net profit 1,089 992 10 1,137 (4)


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Net sales 281 2,604 (89) 288 (3)

EBITDA (34) 1,085 (103) 6 (690)

EBITDA margin (%) (12) 41.7 2.0

Net profit 580 692 (16) 522 11

Net sales 10,871 7,664 42 8,070 35

EBITDA 861 417 106 509 69

EBITDA margin (%) 7.9 5.4 6.3

Net profit 494 206 140 227 118

Net sales 1,284 457 181 1,079 19

EBITDA 441 140 215 393 12

EBITDA margin (%) 34.3 30.6 36.4

Net profit 246 204 21 240 3

Net profit 354 303 17 338 5

Net sales 1,882 1,059 78 1,433 31

EBITDA 445 212 110 150 196

EBITDA margin (%) 23.6 20.0 10.5

Net profit (127) (358) (65) (225) (44)

Net sales 778 655 19 698 12

EBITDA 548 481 14 552 (1)EBITDA margin (%) 70.4 73.4 79.1

Net profit 375 311 21 430 (13)

Net profit 763 716 7 302 153


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Net sales 8,725 8,405 4 9,475 (8)

EBITDA 1,389 1,317 5 1,531 (9)

EBITDA margin (%) 15.9 15.7 16.2

Net profit 224 (55) (507) 678 (67)

Net sales 3,908 4,476 (13) 3,488 12

EBITDA 486 652 (26) 454 7

EBITDA margin (%) 12.4 14.6 13.0

Net profit 337 416 (19) 414 (19)

Economic and Political News

FDI inflows slump to 2-yr low at US$1.05bn in Nov 2012 Natural gas price set to go up Coal blocks to be allocated to government firms without reserve price Engineering exports to miss $60bn target in FY13

Corporate News

Telcos reduce promotional benefits, cut free minutes Government withdraws de-allocation of 3 coal mines to NTPC Oil Ministry for doubling gas price to US$8-8.5 per mmBtuSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


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Date Company

January 24, 2013 Larsen & Toubro, Sesa Goa, Andhra Bank, Ashok Leyland, Vijaya Bank

January 25, 2013 Maruti, Reliance Power, Shriram Trans., Oriental Bank, LMW, Sarda Energy

January 26, 2013

January 27, 2013 Persistent

January 28, 2013 Mundra Port, Bank of India, Adani Power, JSW Steel , Reliance Infra., Amara Raja Batteries, KPIT Cummins

January 29, 2013Sterlite Inds, Idea Cellular, Dabur India, Crompton Greaves, Reliance Capital, Glenmark Pharma., United Phosphorus,Areva, Indoco Remedies

January 30, 2013 Titan Inds., Power Fin.Corpn., Nalco, Colgate, Central Bank, IOB, Ipca labs, Dena Bank, Jyoti Structures, PVR

January 31, 2013ICICI Bank, Punjab Natl.Bank, Siemens, Grasim Inds, Lupin, Union Bank, Godrej Consumer, Cummins India,Mahindra Satyam, Allahabad Bank, Tata Global, Thermax, Jagran Prakashan

February 01, 2013 Bharti Airtel, BHEL, Adani Enterp., IDFC, Marico, Corporation Bank, TVS Motor, Hind. Const., Graphite India

February 02, 2013 Divi's Lab., Indian Bank

February 03, 2013

February 04, 2013 J & K Bank, Bank of Baroda, Rural Elec.Corp., United Spirits, ITNL, Taj GVK

February 05, 2013 NHPC

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

January 24, 2013 7:00PM US Initial Jobless claims Thousands Jan 19 335.00 355.00

2:00PM Germany PMI Services Value Jan A 52.00 52.00

2:00PM Germany PMI Manufacturing Value Jan A 46.00 46.80

January 25, 2013 3:00PM UK GDP (YoY) % Change 4Q A -- 0.20

8:30PM US New home sales Thousands Dec 377.00 385.00

January 29, 2013 8:30PM US Consumer Confidence S.A./ 1985=100 Jan 65.10 65.00

11:00AM India RBI Repo rate % Jan 29 8.00 7.75

11:00AM India RBI Cash Reserve ratio % Jan 29 4.25 4.25

11:00AM India RBI Reverse Repo rate % Jan 29 7.00 6.75

January 30, 2013 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Jan F (23.90) --

7:00PM US GDP Qoq (Annualised) % Change 4Q A 3.10 1.20

January 31, 2013 2:25PM Germany Unemployment change (000's) Thousands Jan 3.00 --

12:45AM US FOMC rate decision % Jan 30 0.25 0.25

February 1, 2013 7:00PM US Change in Nonfarm payrolls Thousands Jan 155.00 160.00

7:00PM US Unnemployment rate % Jan 7.80 7.80

3:00PM UK PMI Manufacturing Value Jan 51.40 --

6:30AM China PMI Manufacturing Value Jan 50.60 --

February 7, 2013 5:30PM UK BOE Announces rates % Ratio Feb 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Feb 7 0.75 --

3:00PM UK Industrial Production (YoY) % Change Dec (2.40) --

February 8, 2013 5:29PM China Exports YoY% % Change Jan 14.10 --

11:00AM China Consumer Price Index (YoY) % Change Jan 2.50 --

February 11, 2013 5:29PM India Imports YoY% % Change Jan 6.30 --

5:29PM India Exports YoY% % Change Jan (1.90) --

February 12, 2013 3:00PM UK CPI (YoY) % Change Jan 2.70 --

11:00AM India Industrial Production YoY % Change Dec (0.10) --


January 24, 2013

Market Outlook


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Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

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

Exhibit 5 :Expo rts an d impo rts growth trends


Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

2. 7

1 .0

4. 3

(2.8) (1.3)

2. 5

(2.0) (0.1)

2. 0

(0.7)

8. 3

(0.1)(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

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Sep

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O

ct-12

Nov

-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

Dec-12

M fg . PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

Jan

-12

Fe

b-

12

M

ar

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Apr

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Aug

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Sep

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O

ct-12

Nov

-12

Dec

-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

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Apr-

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Jun

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-12

Repo rate Reverse Repo rate C RR(%)


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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E

Agri / Agri Chemical

Rallis Neutral 141 - 2,732 1,466 1,686 14.8 14.8 7.0 8.1 20.1 17.4 4.3 3.6 22.6 22.5 1.9 1.7

United Phosphorus Buy 138 170 6,106 8,421 9,263 16.5 16.5 15.0 17.0 9.2 8.1 1.3 1.2 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 284 - 4,856 2,911 3,321 16.2 16.2 17.3 19.8 16.4 14.3 4.5 3.5 31.1 27.6 1.7 1.4

Apollo Tyres Accumulate 85 96 4,299 13,713 15,341 11.2 11.2 12.5 14.8 6.8 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Buy 25 31 6,652 14,226 16,256 9.4 10.0 2.1 2.8 11.9 8.9 2.1 1.9 12.9 16.0 0.6 0.5

Automotive Axle# Neutral 382 - 578 1,103 1,240 11.0 11.3 39.1 45.0 9.8 8.5 1.8 1.7 19.5 22.8 0.6 0.5Bajaj Auto Neutral 2,036 - 58,922 20,775 23,889 18.5 19.0 107.6 126.4 18.9 16.1 7.8 6.2 45.8 42.8 2.5 2.1

Bharat Forge Accumulate 242 278 5,639 6,754 7,565 15.5 15.7 18.8 23.2 12.9 10.5 2.2 1.9 18.5 19.7 1.0 0.9

Bosch India* Neutral 9,087 - 28,531 9,973 11,320 17.8 18.0 396.2 455.7 22.9 19.9 4.3 3.6 18.8 18.2 2.5 2.1

CEAT Buy 106 163 363 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Neutral 125 - 10,617 6,112 7,074 13.1 14.9 6.1 8.2 20.4 15.3 3.1 2.7 16.0 18.8 1.4 1.2

FAG Bearings* Accumulate 1,650 1,807 2,741 1,715 1,939 17.6 18.4 127.7 150.6 12.9 11.0 2.6 2.1 21.7 21.1 1.3 1.1

Hero Motocorp Accumulate 1,779 1,923 35,528 23,990 27,038 13.8 14.6 105.8 120.2 16.8 14.8 6.8 5.5 44.3 41.0 1.2 1.0

JK Tyre Buy 121 165 495 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 882 998 54,181 40,035 46,272 11.5 11.6 54.4 62.1 16.2 14.2 3.6 3.0 24.2 23.2 1.1 0.9

Maruti Neutral 1,574 - 45,480 43,384 51,903 7.3 8.6 67.3 94.6 23.4 16.6 2.7 2.4 12.1 15.1 0.9 0.7

Motherson Sumi Neutral 200 - 11,731 24,285 27,317 6.7 7.2 8.1 10.6 24.8 18.9 5.2 4.2 22.9 24.7 0.6 0.6

Subros Buy 28 35 171 1,286 1,479 9.4 9.7 2.6 5.1 11.0 5.6 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Accumulate 312 337 83,155 190,883 217,164 12.8 13.1 35.5 42.5 8.8 7.3 2.3 1.8 30.2 27.6 0.5 0.4

TVS Motor Neutral 44 - 2,098 7,298 8,123 6.1 6.4 4.6 5.8 9.7 7.6 1.6 1.4 17.4 19.4 0.3 0.2

Capital Goods

ABB* Sell 686 573 14,546 7,790 9,653 4.5 7.8 8.7 22.1 78.9 31.1 5.5 4.8 7.1 16.5 1.8 1.5BGR Energy Neutral 254 - 1,836 3,567 4,357 11.8 10.9 24.6 26.8 10.3 9.5 1.5 1.3 30.7 26.3 1.0 0.9

BHEL Neutral 231 - 56,527 47,801 43,757 18.5 18.0 24.6 21.8 9.4 10.6 2.8 2.4 33.5 24.5 1.0 1.2

Blue Star Buy 168 224 1,515 2,538 2,681 4.6 5.7 7.3 11.3 22.9 14.9 3.4 2.9 15.6 20.7 0.7 0.6

Crompton Greaves Buy 108 135 6,941 12,320 14,390 5.5 7.2 4.3 7.8 25.2 13.9 1.8 1.7 7.4 12.6 0.6 0.6

Jyoti Structures Buy 42 51 344 2,794 3,048 10.6 10.6 9.2 11.7 4.5 3.6 0.5 0.4 11.9 13.5 0.3 0.3

KEC International Buy 65 78 1,667 6,909 7,907 6.2 7.2 5.4 8.8 12.0 7.4 1.4 1.2 17.0 23.6 0.4 0.4

LMW Reduce 2,251 1,992 2,536 2,369 2,727 11.7 11.7 143.4 166.0 15.7 13.6 2.6 2.4 17.4 18.4 0.6 0.4

Thermax Neutral 578 - 6,881 5,552 5,767 9.3 10.2 28.3 30.9 20.4 18.7 3.7 3.2 19.3 18.4 1.1 1.0


Market Outlook

Stock Watch

January 24, 2013


10/16



Cement

ACC Neutral 1,352 - 25,388 11,012 12,333 21.1 20.9 77.0 80.3 17.6 16.8 3.3 3.0 19.5 18.7 2.0 1.7

Ambuja Cements Neutral 197 - 30,381 10,210 11,811 26.0 25.7 11.2 12.6 17.6 15.6 3.8 3.4 20.3 20.7 2.6 2.1

India Cements Neutral 87 - 2,674 4,293 4,666 17.7 18.1 8.6 10.8 10.1 8.1 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 142 - 1,741 2,171 2,544 22.5 22.5 21.6 23.2 6.6 6.2 1.2 1.0 19.0 17.8 0.9 1.2

Madras Cements Neutral 234 - 5,561 3,814 4,045 28.8 27.1 18.3 18.7 12.8 12.5 2.3 2.0 19.4 17.0 2.1 1.8

Shree Cements^ Neutral 4,515 - 15,727 5,701 6,210 29.7 28.1 240.7 260.7 18.8 17.3 4.6 3.7 27.1 23.6 2.2 1.8

UltraTech Cement Neutral 1,954 - 53,571 20,466 23,017 23.3 24.3 100.0 117.1 19.6 16.7 3.5 3.0 19.6 19.5 2.6 2.4Construction

Ashoka Buildcon Buy 204 286 1,074 2,032 2,311 22.4 22.4 27.0 31.6 7.6 6.5 0.9 0.8 13.0 13.4 1.9 2.2

Consolidated Co Neutral 16 - 301 2,262 2,522 5.9 6.3 0.9 1.6 17.8 10.5 0.5 0.5 2.7 4.6 0.4 0.4

IRB Infra Buy 123 164 4,100 3,843 4,212 43.1 43.6 16.8 17.8 7.3 6.9 1.3 1.1 18.3 17.0 3.2 3.5

ITNL Accumulate 206 225 4,010 6,564 7,054 27.2 27.4 26.3 29.0 7.9 7.1 1.3 1.1 17.0 16.3 2.7 2.8

IVRCL Infra Neutral 41 - 1,263 4,249 6,897 7.8 8.2 0.3 3.4 133.4 12.1 0.6 0.5 0.4 4.4 0.9 0.6

Jaiprakash Asso. Accumulate 88 100 18,898 13,842 15,863 26.9 26.4 3.7 4.6 24.0 19.2 1.4 1.4 6.2 7.3 2.9 2.6

Larsen & Toubro Accumulate 1,561 1,748 96,002 61,031 69,753 11.2 11.6 73.8 85.5 21.2 18.3 3.4 3.0 13.5 14.1 1.7 1.5

Nagarjuna Const. Neutral 53 - 1,351 5,947 6,569 8.5 8.6 3.1 4.1 17.0 12.8 0.6 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 52 - 1,739 11,892 13,116 9.0 9.0 1.8 3.2 28.9 16.3 0.6 0.6 2.0 3.5 0.6 0.5

Sadbhav Engg. Buy 127 168 1,924 2,344 2,804 10.6 10.7 7.2 8.7 17.7 14.7 2.1 1.9 13.0 13.5 1.2 1.0

Simplex Infra Buy 195 251 962 6,882 8,032 9.1 9.1 23.2 31.3 8.4 6.2 0.7 0.7 9.1 11.2 0.5 0.4

Unity Infra Buy 42 59 308 2,180 2,455 13.7 13.4 13.3 15.0 3.1 2.8 0.4 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Accumulate 178 199 8,880 6,403 7,186 2.7 2.8 30.5 33.6 5.8 5.3 0.9 0.8 14.9 14.6 - -

Andhra Bank Neutral 118 - 6,628 4,706 5,444 2.9 3.0 21.4 22.4 5.5 5.3 0.9 0.8 15.1 14.2 - -Axis Bank Buy 1,399 1,641 59,755 15,959 18,660 3.2 3.2 119.2 139.0 11.7 10.1 2.2 1.9 20.3 20.1 - -

Bank of Baroda Neutral 867 - 35,653 15,284 18,032 2.5 2.6 109.6 137.7 7.9 6.3 1.2 1.0 15.5 17.1 - -

Bank of India Neutral 359 - 20,596 12,568 14,758 2.2 2.4 41.6 64.1 8.6 5.6 1.1 0.9 11.6 16.0 - -

Bank of Maharashtra Accumulate 59 64 3,467 3,576 3,893 3.1 3.1 9.3 12.0 6.3 4.9 0.8 0.7 14.0 16.1 - -

Canara Bank Neutral 496 - 21,988 10,828 12,005 2.1 2.2 64.7 80.4 7.7 6.2 1.0 0.9 13.2 14.7 - -

Central Bank Neutral 85 - 6,257 7,252 8,236 2.5 2.6 16.8 21.4 5.1 4.0 0.9 0.7 13.1 14.8 - -

Corporation Bank Buy 456 551 6,755 4,835 5,570 2.0 2.2 105.0 99.8 4.3 4.6 0.8 0.7 17.5 14.8 - -

Dena Bank Accumulate 115 132 4,008 3,125 3,457 2.7 2.8 26.2 24.2 4.4 4.7 0.8 0.7 19.6 15.6 - -


Market Outlook

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January 24, 2013


11/16



Financials

Federal Bank Accumulate 502 576 8,581 2,682 2,968 3.3 3.2 48.6 51.7 10.3 9.7 1.4 1.2 13.8 13.2 - -

HDFC Neutral 821 - 126,549 7,336 8,802 3.5 3.5 31.5 37.8 26.0 21.7 5.2 4.6 34.8 32.1 - -

HDFC Bank Neutral 656 - 155,440 21,615 26,671 4.4 4.5 28.7 35.9 22.9 18.3 4.4 3.7 20.7 22.0 - -

ICICI Bank Buy 1,181 1,397 135,742 22,219 26,447 2.9 3.0 69.1 82.9 17.1 14.2 2.1 1.9 14.2 15.6 - -

IDBI Bank Accumulate 108 119 13,833 7,990 9,279 1.8 2.1 16.8 22.1 6.4 4.9 0.8 0.7 11.7 13.9 - -

Indian Bank Buy 203 252 8,726 5,902 6,563 3.2 3.2 41.3 43.2 4.9 4.7 0.8 0.7 18.4 16.8 - -

IOB Buy 83 98 6,635 7,063 8,308 2.3 2.5 12.6 20.4 6.6 4.1 0.6 0.6 9.0 13.3 - -J & K Bank Neutral 1,303 - 6,317 2,830 2,910 3.6 3.6 234.8 197.4 5.6 6.6 1.3 1.1 25.1 18.0 - -

LIC Housing Finance Buy 284 328 14,335 1,799 2,255 2.3 2.4 20.3 27.3 14.0 10.4 2.2 1.9 16.9 19.7 - -

Oriental Bank Accumulate 331 369 9,647 6,330 7,105 2.6 2.7 58.4 65.1 5.7 5.1 0.8 0.7 14.5 14.4 - -

Punjab Nat l.Bank Accumulate 874 933 29,637 19,688 22,497 3.2 3.3 138.9 164.5 6.3 5.3 1.1 0.9 16.7 17.3 - -

South Ind.Bank Buy 28 34 3,715 1,583 1,789 3.0 2.9 3.5 4.1 8.0 6.9 1.3 1.2 19.1 17.7 - -

St Bk of India Accumulate 2,480 2,600 166,439 60,677 69,712 3.3 3.3 224.3 257.3 11.1 9.6 1.9 1.6 17.6 17.7 - -

Syndicate Bank Accumulate 132 158 7,961 6,810 7,807 3.0 3.0 28.0 27.2 4.7 4.9 0.9 0.8 19.4 16.4 - -

UCO Bank Neutral 78 - 5,195 5,235 6,086 2.3 2.4 12.0 14.9 6.5 5.2 1.1 0.9 12.0 13.5 - -

Union Bank Accumulate 255 286 14,014 9,963 11,536 2.8 2.9 40.8 46.8 6.2 5.4 1.0 0.9 16.2 16.4 - -

United Bank Buy 74 90 2,673 3,498 3,858 2.5 2.8 15.1 21.6 4.9 3.4 0.6 0.5 12.5 16.1 - -

Vijaya Bank Accumulate 60 66 2,986 2,333 2,728 2.0 2.2 7.3 10.4 8.3 5.8 0.8 0.7 9.3 12.1 - -

Yes Bank Accumulate 514 576 18,395 3,364 4,260 2.8 3.0 36.3 42.6 14.2 12.1 3.2 2.6 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,442 - 42,612 11,198 13,184 15.4 15.7 117.1 141.5 37.9 31.4 12.5 9.8 36.4 35.0 3.7 3.1

Britannia Buy 486 584 5,805 5,627 6,581 4.9 5.7 18.3 24.7 26.5 19.7 9.7 7.4 39.1 42.7 1.0 0.8

Colgate Neutral 1,432 - 19,468 3,146 3,573 20.6 21.4 36.4 42.5 39.4 33.7 36.4 30.5 102.0 98.5 6.2 5.4

Dabur India Neutral 128 - 22,362 6,124 7,101 17.0 16.8 4.7 5.4 27.6 23.7 11.6 9.1 44.5 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,776 - 15,882 3,084 3,617 15.3 15.5 101.2 118.3 37.3 31.9 11.4 9.2 33.5 31.9 4.8 4.0

Godrej Consumer Neutral 705 - 23,995 6,355 7,548 16.7 17.4 20.3 25.4 34.7 27.7 7.3 6.1 23.2 25.1 4.0 3.3

HUL Neutral 460 - 99,493 25,350 28,974 13.3 13.5 14.7 17.1 31.2 27.0 24.7 17.5 84.5 75.8 3.9 3.4

ITC Neutral 293 - 230,629 29,148 34,191 35.7 36.1 9.4 11.1 31.2 26.4 10.4 8.6 35.9 35.7 7.5 6.3

Marico Neutral 223 - 14,358 4,840 5,643 13.6 13.6 6.4 8.1 34.6 27.4 6.8 5.5 26.3 23.3 3.1 2.5

Nestle* Neutral 4,506 - 43,449 8,487 10,081 21.2 22.1 113.0 142.5 39.9 31.6 23.9 16.4 70.5 61.6 5.4 4.4


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January 24, 2013


12/16



FMCG

Tata Global Neutral 149 - 9,214 7,207 7,927 9.1 9.5 6.9 8.2 21.6 18.3 2.3 2.2 8.9 9.8 1.2 1.1

IT

HCL Tech^ Neutral 677 - 46,998 24,453 27,269 19.8 18.7 45.0 50.0 15.0 13.5 3.6 3.0 24.4 22.6 1.9 1.7

Hexaware* Buy 86 118 2,547 1,941 2,118 20.8 19.0 10.7 10.7 8.0 8.0 2.0 1.7 25.3 22.0 1.1 0.9

Infosys Neutral 2,789 - 160,146 40,746 44,283 28.9 28.8 162.6 172.9 17.2 16.1 4.0 3.4 23.5 21.3 3.3 2.9

Infotech Enterprises Accumulate 176 191 1,968 1,900 2,064 18.2 17.8 19.1 21.2 9.2 8.3 1.4 1.2 15.2 14.6 0.7 0.5

KPIT Cummins Accumulate 113 130 2,181 2,221 2,390 16.1 15.9 11.3 13.0 10.1 8.7 2.2 1.8 21.9 20.9 1.0 0.9Mahindra Satyam Neutral 117 - 13,771 7,670 8,308 20.3 19.3 9.9 10.8 11.9 10.8 3.3 2.5 28.0 23.5 1.4 1.2

Mindtree Neutral 790 - 3,254 2,339 2,502 20.9 18.4 75.4 78.1 10.5 10.1 2.5 2.0 24.6 20.3 1.1 1.0

Mphasis& Accumulate 374 396 7,868 5,531 5,874 17.6 17.5 35.4 37.7 10.6 9.9 1.6 1.3 14.7 13.5 0.9 0.8

NIIT Buy 27 36 446 1,048 1,161 9.1 10.9 4.1 6.2 6.6 4.4 0.7 0.6 10.3 14.1 0.3 0.2

Persistent Reduce 579 539 2,315 1,277 1,398 26.8 25.2 48.0 53.9 12.1 10.7 2.3 1.9 19.0 17.9 1.5 1.3

TCS Accumulate 1,312 1,465 256,758 62,954 70,871 29.0 28.9 71.6 79.1 18.3 16.6 6.1 4.9 33.2 29.7 3.9 3.4

Tech Mahindra Accumulate 967 1,087 12,355 6,671 7,290 19.8 19.0 94.1 1 06.4 10.3 9.1 2.5 2.0 24.0 21.6 1.9 1.7

Wipro Accumulate 401 421 98,662 43,231 47,241 20.0 20.0 26.2 28.1 15.3 14.3 3.0 2.6 19.3 17.9 1.9 1.7

Media

D B Corp Accumulate 240 264 4,407 1,581 1,784 23.3 25.0 11.6 14.4 20.8 16.7 4.0 3.5 21.0 22.3 2.6 2.3

HT Media Buy 107 121 2,504 2,111 2,272 15.0 15.2 7.4 8.3 14.5 12.9 1.6 1.4 11.3 11.4 0.8 0.7

Jagran Prakashan Buy 108 126 3,425 1,503 1,681 23.1 23.1 6.4 7.3 16.9 14.9 4.2 3.7 25.8 26.5 2.5 2.1

PVR Neutral 259 - 749 682 786 17.3 16.9 17.6 19.7 14.7 13.2 1.7 1.5 14.9 14.5 1.4 1.2

Sun TV Network Neutral 439 - 17,308 1,942 2,237 77.2 75.5 17.6 19.1 25.0 23.0 6.0 5.4 25.8 25.2 8.1 7.0

Metals & Mining

Bhushan Steel Neutral 436 - 9,865 10,746 13,982 30.8 31.1 43.3 55.5 10.1 7.9 1.1 0.9 11.4 12.6 3.0 2.3Coal India Neutral 350 - 221,167 66,666 70,292 25.7 27.3 24.2 26.6 14.5 13.2 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Buy 25 34 858 1,984 2,074 10.6 11.6 1.8 2.6 14.1 9.6 0.5 0.2 3.6 5.1 0.6 0.6

Hind. Zinc Accumulate 127 149 53,704 12,002 13,759 49.7 50.8 14.7 16.4 8.6 7.8 1.7 1.4 21.1 19.8 2.7 2.0

Hindalco Neutral 118 - 22,573 79,148 89,258 9.4 9.0 15.0 15.6 7.9 7.6 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 855 - 19,078 39,586 41,459 17.6 17.0 78.7 90.1 10.9 9.5 1.1 1.0 10.2 10.7 0.9 0.9

MOIL Neutral 255 - 4,278 941 1,019 47.3 48.3 25.8 28.1 9.9 9.1 1.6 1.4 16.7 16.2 2.2 1.8

Monnet Ispat Buy 268 344 1,706 2,501 3,264 22.2 24.6 41.8 55.2 6.4 4.9 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 48 44 12,384 6,898 7,841 9.9 14.7 2.0 3.2 24.2 15.1 1.0 1.0 4.3 6.8 1.4 1.3

NMDC Buy 160 198 63,277 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.8 2.1 1.7 27.0 24.6 3.7 3.1


Market Outlook

Stock Watch

January 24, 2013


13/16



Metals & Mining

SAIL Neutral 89 - 36,927 47,252 60,351 14.2 14.8 9.6 11.7 9.3 7.6 0.9 0.8 9.4 10.6 1.2 1.0

Sesa Goa Neutral 185 - 16,061 4,551 6,640 32.8 34.4 33.7 39.3 5.5 4.7 0.9 0.8 18.3 18.3 4.2 2.8

Sterlite Inds Neutral 113 - 37,858 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.7 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 408 463 39,606 145,725 154,108 8.3 9.5 22.0 44.5 18.5 9.2 0.9 0.8 4.9 9.3 0.6 0.5

Sarda Buy 129 153 461 1,442 1,494 17.6 17.3 27.2 28.7 4.7 4.5 0.5 0.5 11.5 11.0 0.7 0.6

Prakash Industries Buy 49 73 656 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat Buy 113 143 360 2,342 2,470 13.7 15.3 27.7 33.8 4.1 3.4 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 328 383 62,696 17,394 17,034 76.4 72.3 60.8 55.1 5.4 6.0 1.1 1.0 21.9 17.0 2.8 2.5

GAIL Neutral 366 - 46,414 46,652 54,142 15.7 15.7 34.0 35.3 10.8 10.4 1.9 1.6 18.5 16.8 0.8 0.6

ONGC Reduce 333 312 284,855 147,139 154,821 33.9 33.7 30.7 32.3 10.9 10.3 1.9 1.7 18.3 17.2 1.7 1.6

Reliance Industries Neutral 923 - 302,372 362,700 380,031 8.9 8.9 68.1 71.5 13.6 12.9 1.5 1.3 12.4 11.8 0.8 0.8

Gujarat Gas* Neutral 310 - 3,978 3,128 3,707 13.2 11.7 22.8 23.5 13.6 13.2 4.1 3.6 33.2 29.2 1.2 0.9

Indraprastha Gas Neutral 264 - 3,690 3,213 3,643 23.3 23.5 24.3 25.7 10.9 10.3 2.5 2.1 25.0 22.1 1.3 1.1

Petronet LNG Accumulate 155 179 11,606 32,210 41,362 6.1 5.8 15.4 15.6 10.1 9.9 2.6 2.2 29.1 24.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,282 1,079 1,034 91.8 91.9 8.8 8.4 8.7 9.1 1.5 1.3 17.9 15.0 3.7 3.8

Pharmaceuticals

Alembic Pharma Buy 69 95 1,309 1,490 1,714 16.2 17.1 7.4 9.5 9.4 7.3 2.6 2.0 30.7 30.2 1.0 0.8

Aurobindo Pharma Accumulate 188 208 5,481 5,463 6,279 15.0 15.0 12.4 14.0 15.2 13.4 2.0 1.7 18.8 17.8 1.6 1.4

Aventis* Neutral 2,285 - 5,262 1,482 1,682 17.5 16.6 82.9 87.8 27.6 26.0 4.3 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 875 926 17,907 6,148 7,386 18.6 19.6 32.7 44.8 26.8 19.5 5.9 4.7 23.7 26.6 3.3 2.7

Cipla Neutral 406 - 32,611 8,151 9,130 25.8 24.8 20.2 21.6 20.1 18.8 3.6 3.1 19.4 17.6 3.8 3.3

Dr Reddy's Neutral 1,919 - 32,584 10,696 11,662 20.7 21.0 83.7 92.9 22.9 20.7 4.7 4.0 22.4 20.8 3.3 2.9

Dishman Pharma Buy 107 145 863 1,280 1,536 20.2 20.2 10.4 14.5 10.3 7.4 0.9 0.8 8.7 11.0 1.4 1.1

GSK Pharma* Neutral 2,107 - 17,847 2,651 2,993 31.7 31.2 76.0 82.4 27.7 25.6 8.0 7.1 20.1 26.3 6.1 5.3

Indoco Remedies Buy 62 89 573 685 837 15.2 15.2 7.4 8.9 8.4 7.0 1.3 1.1 16.4 17.0 1.0 0.8

Ipca labs Neutral 513 - 6,468 2,850 3,474 21.0 21.0 29.9 37.3 17.2 13.8 4.1 3.3 26.7 26.4 2.5 2.1

Lupin Accumulate 586 655 26,201 8,426 10,082 19.7 20.0 26.1 31.1 22.4 18.8 5.2 4.2 25.8 24.7 3.2 2.7

Ranbaxy* Neutral 468 - 19,807 12,046 11,980 16.0 15.8 37.3 32.1 12.6 14.6 4.9 3.9 45.3 29.7 1.7 1.6

Sun Pharma Neutral 710 - 73,433 9,902 12,313 42.6 42.6 26.7 29.1 26.6 24.4 5.1 4.3 20.7 19.1 6.8 5.3

Power

GIPCL Accumulate 72 78 1,082 1,523 1,568 30.3 30.3 5.4 11.5 13.3 6.2 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

January 24, 2013


14/16



Power

NTPC Neutral 162 - 133,865 72,809 81,951 23.0 23.7 12.0 13.4 13.5 12.1 1.6 1.5 12.5 12.9 2.5 2.4

Real Estate

Anant Raj Neutral 85 - 2,520 657 875 52.0 56.1 8.4 12.7 10.2 6.7 0.6 0.6 6.3 8.9 5.2 3.9

DLF Neutral 251 - 42,713 9,878 12,033 44.7 46.1 9.6 13.4 26.3 18.8 1.7 1.6 6.4 8.7 6.9 5.6

HDIL Neutral 96 - 4,033 2,441 3,344 55.1 48.2 22.7 26.6 4.2 3.6 0.4 0.3 8.8 9.4 3.8 2.8

MLIFE Accumulate 413 446 1,686 786 888 26.3 26.7 31.0 36.3 13.3 11.4 1.3 1.2 10.1 10.8 2.5 2.1

TelecomBharti Airtel Neutral 367 - 139,464 80,353 86,654 30.9 31.3 8.6 11.8 42.9 31.1 2.6 2.4 6.1 7.8 2.4 2.2

Idea Cellular Neutral 119 - 39,246 21,797 23,142 26.9 27.7 3.1 4.7 37.8 25.4 2.8 2.5 7.4 9.8 2.2 2.1

Rcom Neutral 88 - 18,184 21,032 22,084 31.8 30.2 2.9 4.0 30.1 22.1 0.5 0.5 1.6 2.2 2.5 2.3

zOthers

Abbott India Accumulate 1,443 1,590 3,065 1,629 1,886 11.8 13.3 60.8 79.5 23.7 18.1 4.9 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 193 217 1,925 3,497 3,968 6.6 7.6 9.8 15.5 19.7 12.5 2.5 2.2 12.7 17.4 0.6 0.5

Cera Sanitaryware Buy 434 495 549 460 596 16.4 16.2 34.7 45.0 12.5 9.7 3.1 2.4 27.7 27.8 1.2 1.0

Cravatex Buy 415 545 107 272 308 7.2 7.3 37.5 45.4 11.1 9.1 2.6 2.1 23.7 22.7 0.5 0.5

CRISIL Neutral 1,040 - 7,303 982 1,136 34.3 34.3 34.3 40.0 30.3 26.0 13.7 11.0 50.9 46.9 6.9 5.8

Finolex Cables Accumulate 57 61 866 2,304 2,552 9.9 9.1 8.2 10.1 6.9 5.6 1.0 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 453 537 590 2,318 2,700 5.0 5.7 45.0 67.0 10.1 6.8 0.5 0.5 5.0 7.0 0.1 0.1

Goodyear India Accumulate 319 360 736 1,494 1,607 6.4 7.8 23.9 33.0 13.3 9.7 2.1 1.8 16.5 20.1 0.3 0.2

Greenply Industries Sell 441 309 1,064 1,925 2,235 10.6 10.9 29.6 44.1 14.9 10.0 2.4 2.0 16.8 21.0 0.8 0.7

Hitachi Neutral 150 - 345 873 989 4.4 6.5 6.4 12.2 23.7 12.4 1.9 1.7 8.3 14.4 0.5 0.4

Honeywell Automation* Accumulate 2,540 2,842 2,246 1,809 2,117 5.5 7.5 84.9 135.3 29.9 18.8 3.2 2.8 11.3 16.0 1.2 1.0

Styrolution ABS India* Accumulate 692 744 1,216 1,059 1,116 8.5 9.5 36.0 42.0 19.2 16.5 2.8 2.4 15.4 16.0 1.2 1.1ITD Cementation Buy 240 334 276 1,455 1,630 12.4 12.6 29.8 40.5 8.1 5.9 0.6 0.6 8.2 9.8 0.6 0.6

Jyothy Laboratories Neutral 150 - 2,422 1,228 1,443 9.0 10.9 3.9 6.4 38.6 23.5 3.8 3.5 10.1 15.6 2.5 2.1

MCX Neutral 1,376 - 7,019 553 624 65.3 66.3 62.5 72.0 22.0 19.1 6.1 5.2 27.5 27.4 9.9 8.3

MRF Neutral 13,240 - 5,615 13,030 14,405 10.3 10.6 1,418.1 1,677.1 9.3 7.9 1.6 1.4 19.1 18.7 0.5 0.5

Page Industries Accumulate 3,430 3,602 3,826 836 1,023 20.2 20.6 105.6 133.4 32.5 25.7 16.5 11.7 59.3 53.2 4.6 3.7

Relaxo Footwears Accumulate 862 933 1,034 1,019 1,208 11.0 12.5 47.0 66.7 18.4 12.9 4.6 3.4 28.2 30.1 1.2 1.0

Sintex Industries Accumulate 67 79 2,005 4,751 5,189 16.3 16.6 13.6 15.8 4.9 4.3 0.7 0.6 12.9 13.2 0.8 0.7

Siyaram Silk Mills Buy 293 366 275 1,043 1,149 12.3 12.9 65.7 73.3 4.5 4.0 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 13 - 382 6,765 7,393 18.1 18.0 6.4 7.5 2.0 1.7 0.1 0.1 6.1 6.7 0.6 0.6


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January 24, 2013


15/16



zOthers

SpiceJet Reduce 46 43 2,235 5,720 6,599 5.3 6.8 3.6 5.4 12.8 8.6 18.5 5.9 - - 0.5 0.4

TAJ GVK Buy 69 108 434 300 319 35.8 36.2 7.9 9.1 8.8 7.6 1.2 1.0 13.9 14.4 1.8 1.5

Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TTK Healthcare Buy 531 643 412 374 425 7.9 9.5 24.1 32.7 22.0 16.2 19.7 22.5 0.9 0.8

TVS Srichakra Buy 255 322 195 1,461 1,625 6.9 8.2 24.6 53.7 10.3 4.7 1.3 1.1 12.9 24.9 0.4 0.3

United Spirits Neutral 1,799 - 23,533 10,289 11,421 12.8 12.8 26.0 45.3 69.2 39.7 3.1 2.9 5.8 7.6 2.6 2.3

Vesuvius India Neutral 339 - 687 560 611 16.1 17.0 24.7 28.8 13.7 11.8 2.0 1.8 15.8 16.2 1.1 1.0Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 23, 2013


Market Outlook

Stock Watch

January 24, 2013


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Market Outlook, 24 January 2013

Documents

Transcript of Market Outlook, 24 January 2013