Market Outlook, 30.04.13

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Market OutlookApril 30, 2013

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in the green following strong start to SGX

Nifty and major Asian indices after better-than-expected reading on US housing

sales and amid speculation that central banks will continue the stimulationmeasures.

The US markets ended on a positive note on Monday with S&P 500 closing at a

record high as traders reacted positively to the latest batch of economic news. The

strength on Wall Street reflected a positive reaction a report from the National

Association of Realtors showing a bigger than expected rebound in pending home

sales in the month of March. The pending home sales index rose by 1.5% in March

2013 after falling by 1% in February 2013. A separate report from the Commerce

Department showed that personal spending climbed 0.2% in March 2013

following a 0.7% increase in February 2013.

Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetarypolicy meet that is scheduled on May 3 helped stocks close higher on Monday.

Going ahead, release of economic data points is likely to remain in focus on

Tuesday, with traders likely to keep an eye on reports on home prices, consumer

confidence, and Chicago-area business activity.

Markets TodayThe trend deciding level for the day is 19,367 / 5,897 levels. If NIFTY trades above

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

up to 19,449 19,511 / 5,926 5,947 levels. However, if NIFTY trades below

19,367 / 5,897 levels for the first half-an-hour of trade then it may correct up to

19,305 19,222 / 5,876 5,847 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 19,222 19,305 19,367 19,449 19,511

NIFTY 5,847 5,876 5,897 5,926 5,947

News Analysis HMCL reaches on a wage settlement agreement with Gurgaon union Result Review: Hindustan Unilever, Sterlite Industries, Bosch, Shree Cements,

Exide Industries, Bank of Maharashtra, Hexaware, KPIT

Result Preview: Godrej Consumer, Dabur, GSK Consumer, Marico, SanofiIndia, TVS Motor

Refer detailed news analysis on the following page

Net Inflows (April 26, 2013)

` cr Purch Sales Net MTD YTDFII 3,367 3,064 303 4,754 59,504

MFs 349 492 (143) (1,172) (8,339)

FII Derivatives (April 29, 2013)

` cr Purch Sales Net Open InterestIndex Futures 870 863 7 10,138

Stock Futures 1,345 1,733 (388) 23,255

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Coromandel Int. 200 8.3 IOB 64 (5.1)

Reliance Comm. 100 7.8 Jindal Steel 301 (4.2)

Hindustan Unilever 498 7.0 Bajaj Finance 1,215 (3.6)

Indiabulls Real Est. 75 6.7 Federal Bank 448 (3.0)

Siemens 534 6.3 Exide Industries 135 (2.8)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.5 101 19,388

Nifty 0.6 33 5,904

MID CAP 0.7 42 6,318

SMALL CAP 0.3 16 6,040

BSE HC (0.1) (7) 8,618

BSE PSU 0.2 17 6,854

BANKEX 0.5 68 14,411

AUTO 0.5 57 10,906

METAL (0.8) (68) 8,569

OIL & GAS 0.5 48 8,739

BSE IT 1.0 58 5,673

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.7 106 14,819NASDAQ 0.8 28 3,307

FTSE 0.5 32 6,458

Nikkei (0.3) (42) 13,884

Hang Sang 0.1 33 22,581

Straits Times 0.4 13 3,362

Shanghai Com (1.0) (21) 2,178

Indian ADR Chg (%) (Pts) (Close)INFY 1.8 0.7 $40.8

WIT 1.0 0.1 $7.7IBN 0.2 0.1 $45.5

HDB 0.0 0.0 $42.2

Advances / Declines BSE NSEAdvances 1,289 753

Declines 1,070 588

Unchanged 131 111

Volumes (` cr)BSE 2,359

NSE 9,598

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HMCL reaches on a wage settlement agreement withGurgaon union

According to media reports, Hero MotoCorp (HMCL) has finally arrived at a wage

settlement agreement with the Gurgaon union. While the entire terms of the

agreement are not fully disclosed, according to media sources, the company hasagreed to hike wages of permanent workers by`9,000 a month over a three year

period taking effect retrospectively from August 2012. According to the agreement,

in the first year, the workers will get a hike of`5,400 and the remaining`3,600

will to be divided equally over the next two years. Besides the wage hikes, the

management has also conceded to offer other benefits and bonuses to the

workforce.

The workers at the Gurgaon unit have been agitating for higher wages in a

peaceful manner since the past few months. As a mark of protest, the workers

have been sporting black arm-bands at the workplace and had also stopped

taking tea and snacks offered by the company. The company currently employsaround 1,200 permanent workers and 4,000 contract workers at its Gurgaon

facility. The Gurgaon facility accounts for ~30% of HMCLs total annual installed

capacity of ~7mn units.

We see this as a positive development for HMCL as amicable solution to the

ongoing wage settlement dispute removes the uncertainty associated with the

disruption of operations at the plant. Further the impact of the wage settlement

agreement on companys profitability is unlikely to be material as we expect a

marginal impact of 10-20bp on FY2014s operating margins. We retain our

FY2014/15E earnings estimates for the company. At `1,649, the stock is trading

at 11.8x FY2015 earnings. We maintain our Accumulate rating on the stock with atarget price of `1,819.Result Review

Hindustan Unilever (CMP:`465/ TP:-/ Upside:-)

HUL delivered healthy set of numbers for 4QFY2013. The companys top-line and

bottom-line rose by 12.5% and 18.1% respectively. OPM stood at 13.7%, ahead of

our estimates of 13.4%. The most positive aspect of the result is the 6% yoy volume

growth posted by the company for the quarter. HUL managed to revive the volume

growth by passing on some benefits of reduction in raw material costs to

customers by way of price cuts and increased A&P expenditure. Soaps andDetergents segment grew by 12.6% yoy, led by key brands such as Dove, Lux,

Lifebuoy, Rin andSurf. The high margin Personal Products segment rose by 12.1%.

Beverages segment rose by 18.3% yoy. We maintain our Neutral recommendationon the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 28,974 13.5 3,663 16.9 74.3 29.4 18.7 26.0 3.5

FY2015E 32,970 13.5 3,913 18.1 58.3 27.5 14.0 22.6 3.1

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Sterlite Industries (CMP:`92/ TP:`98/ Upside: 7%)

Sterlite Industries (Sterlite) reported better than expected 4QFY2013 results

both on both top line and net profit front. Net sales increased 17.2% yoy to

`12,609cr above our estimate of`11,334cr. Net sales growth was driven by

increase in all the segments. Aluminium, Copper and Zinc segment revenues

grew 9.8%, 16.9% and 21.6% yoy to `953cr, `5783cr and `4,950cr,

respectively. On the operating front, Sterlites EBITDA grew 14.6% yoy at

`3,306cr and EBITDA margin was 26.2% (above our estimate of 23.1%)

mainly due to higher profitability from all the segments and hence, adjusted

net profit increased by 19.7% yoy to`2,041cr, which was above our estimate

of `1,522cr. We maintain our Accumulate rating on the stock with a targetprice of `98.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 44,462 23.2 5,855 17.4 10.9 5.3 0.5 2.3 0.5FY2015E 45,568 24.7 6,573 19.6 11.1 4.7 0.5 1.9 0.5

Bosch (CMP:`8,995/ TP: -/ Upside: -)

Bosch (BOS) reported better-than-expected results for 1QCY2013 led by

sequential expansion of 482bp in operating margins to 17.3% driven by a sharp

23.4% qoq decline in other expenditure. However, on a yoy basis the performance

was impacted due to the ongoing slowdown in the automotive industry.

For 1QCY2013, top-line posted a decline of 3.8% yoy to`2,207cr as medium and

heavy commercial vehicle and tractor segments of the automotive industry, the key

drivers of the companys performance, witnessed a decline of 39% and 8.5% yoy

respectively. As a result, the diesel systems segment of the company posted a

decline of 13% yoy. While domestic sales declined 2.5% yoy, export sales posted a

decline of 9.5% yoy during the quarter. On the operating front, EBITDA margin

declined by a sharp 349bp yoy to 17.3% as employee and other expenditure as

percentage of sales surged 210bp and 180bp yoy respectively. However, on a

sequential basis, EBITDA margins improved 482bp led by lower other expenditure

which benefitted from the cost reduction initiatives undertaken by the company.

Hence, operating profit grew by a strong 43.5% qoq to`382cr, significantly higher

than our estimates of`258cr. Led by a strong sequential operating performance,

net profit posted a better-than-expected growth of 51% to`

260cr. Nonetheless, itdeclined 22.6% yoy largely due to contraction in operating margins.

While we are positive on the long term prospects of BOS due to its technological

leadership and strong and diversified product portfolio, we expect the near-term

environment to remain challenging given the continued slowdown in the domestic

automotive industry. Nevertheless, current valuations of 20.5x CY2014E earnings,

leaves limited room for any potential upside. Hence, we maintain our Neutralrating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,821 17.0 1,173 373.5 18.0 24.1 4.3 15.1 2.4

CY2014E 11,394 17.2 1,378 438.7 17.9 20.5 3.7 12.5 2.0

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Exide Industries (CMP:`135/ TP:`146/ Upside: 8%)

For 4QFY2013, Exide Industries (EXID) operating performance was slightly ahead

of our estimates led by expansion in EBITDA margins on account of the sustained

momentum in the four-wheeler (4W) replacement battery segment. The top-line for

the quarter grew broadly in-line with our estimates and stood at`

1,541cr (6% yoyand 5.3% qoq) led by continued traction in the 4W replacement battery segment.

However, sluggish demand in the 4W and 2W OEM battery segments restricted

further growth in the top-line. The growth in the industrial battery segment too

remained healthy led by pick-up in the home UPS battery segment. On the

operating front, EBITDA margins improved sharply by ~200bp qoq to 13.3%,

which was slightly ahead of our estimates of 12.5%. The margin expansion was

carried out purely due to the decline in other expenditure (7% qoq). As a

percentage of sales, other expenditure declined 190bp sequentially. The

raw-material and staff cost as percentage of sales however remained stable on a

sequential basis. Consequently, net profit surged 40.7% qoq (2.8% yoy) to `146cr

as against our estimates of `126cr. The net profit also benefitted from a sharp

jump of 148.8% qoq (105.9% yoy) in other income to `30cr. We shall revise our

estimates and release a detailed result note post our interaction with the

management during the earnings conference call. At`135 the stock is trading at

15.2x FY2015 earnings. Currently, we maintain our Accumulate rating on thestock with a target price of `146.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,026 14.2 657 7.7 18.0 17.5 3.0 9.3 1.3

FY2015E 8,026 14.2 753 8.9 17.9 15.2 2.6 7.8 1.1

Bank of Maharashtra (CMP:`56/ TP: Under Review)Bank of Maharashtra reported stellar performance during the quarter, registering

a bottom-line growth of 255.6% yoy, which was ahead of our expectation of

192.5% yoy growth. Strong NII growth (34.6% yoy, aided by similar growth in

advance), robust non-interest income performance (more than double on a yoy

basis) and flat provisioning expenses (on sequential improvement in asset quality

and also due to high base), resulted in stellar earnings performance for the bank.

Asset quality for the bank improved sequentially, as both Gross and net NPA levels

declined by 11.4% and 19.3% qoq, respectively. At CMP, the stock trades at 0.6x

FY2015x ABV. Post the recent surge in the stock, our target price has beenachieved and hence our rating and recommendation on the stock is currently

under review.

Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 4,289 2.9 826 11.6 79.3 0.6 15.7 4.8 0.7

FY2015E 4,670 2.8 922 13.1 89.4 0.6 15.6 4.3 0.6

Hexaware (CMP:`82 / TP:-/ Under review:- )

For 1QCY2013, Hexaware reported broadly in-line set of results with operatingmargins coming ahead of expectations. The USD revenue came in at US$94mn,

up 1.8% qoq volume growth. In INR terms, revenue came in at `508cr, up 1.1%.

The companys EBITDA margin grew by ~240bp (estimate 190bp) qoq to 19.3%

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on account of considerable increase in utilization by ~550bp qoq to 70.3% and

offshore effort shift. PAT came in at`79cr, up 19.8% qoq.

Management has given 0-2% qoq USD revenue growth for 2QCY2013, which is

lower than the expectation of 13%. We maintain our accumulate rating on the

stock. The stock is currently under review and will be releasing a detailed resultupdate shortly.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,137 18.8 311 10.4 22.6 8.0 1.7 5.1 1.0

FY2015E 2,350 19.2 352 11.7 22.1 7.0 1.5 4.4 0.8

KPIT (CMP:`98 / TP:-/ Under review:- )

KPIT Cummins Infosystems (KPIT) reported its 4QFY2013 results which were

broadly in-line with our estimates on the revenue front but ahead on the operating

front. The dollar revenues came in at US$105.5mn, up 2% qoq. In INR terms,

revenues came in at `569cr, up 1.2% qoq. EBITDA margin of the company

expanded by 207bp qoq to 17.7%. For 4QFY2013, the company reported PAT of

`51cr, down ~15% qoq, while on a yoy basis the PAT grew 51.5%.

KPITs USD revenue for FY2013 grew by 33%, exceeding management gudance of

32% and much ahead of industrys FY2013 growth rate. For FY2014,

management has cited guidance of 1416%, which is encouraging. We maintain

our buy rating on the stock. The stock is currently under review and will bereleasing a detailed result update shortly.Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 2,458 15.5 241 13.1 20.9 7.5 1.5 3.9 0.6

FY2015E 2,729 15.2 267 14.5 18.8 6.8 1.2 3.0 0.5

Result Preview

Godrej Consumer (CMP:`856/ TP: -/ Upside: -)

Godrej Consumer is expected to declare its 4QFY2013 results today. We expect

the top-line to grow by 29.3% yoy to `1,711cr. OPM is expected to increase by

18bp yoy to 18.9%. Bottom-line is expected to increase by 27.2% yoy to `213cr.We maintain our Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,801 17.0 902 26.5 26.5 32.3 7.3 22.7 3.8

FY2015E 9,017 17.0 1,085 31.9 25.9 26.8 6.0 19.3 3.3

Dabur India (CMP:`147/ TP: -/ Upside: -)

Dabur is expected to declare its 4QFY2013 results today. We expect the top-line

to grow by 15.9% yoy to`1,581cr. OPM is expected to increase by 11bp yoy to

15.9%. Bottom-line is expected to increase by 18.5% yoy to`202cr. We maintainour Neutral recommendation on the stock.

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Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,183 16.8 942 5.4 43.9 27.2 10.6 21.3 3.6

FY2015E 8,340 16.8 1,102 6.3 39.9 23.2 8.2 18.2 3.1

GSK Consumer (CMP:`3,817/ TP: -/ Upside: -)

GSK Consumer is expected to declare its 1QCY2013 results tomorrow. We expect

the top-line to grow by 8.6% yoy to`883cr. OPM is expected to decline by 89bp

yoy to 19.0%. Bottom-line is expected to increase by 7.3% yoy to `142cr. Wemaintain our Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 3,617 16.1 507120.6 33.7 31.6 9.8 25.4 4.1

CY2014E 4,259 16.4 616146.4 33.4 26.1 7.9 20.7 3.4

Marico (CMP:`223/ TP: -/ Upside: -)

Marico is expected to declare its 4QFY2013 results today. We expect the top-line

to grow by 21.8% yoy to`1,118cr. OPM is expected to increase by 212bp yoy to

11.1%. Bottom-line is expected to increase by 44.5% yoy to`103cr. We maintainour Neutral recommendation on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 5,352 14.0 510 7.9 22.8 28.1 5.8 19.5 2.8

FY2015E 6,204 14.0 631 9.8 22.9 22.7 4.7 16.5 2.4Sanofi India (CMP:`2502/ Target:-/ Upside: -)

Sanofi India for the, 1QCY2013 is expected to post a good set of numbers. Thetop line will grow by 24.3% to `401cr. The OPM is expected to come to end the

period at 14.6%, a decline of 70bps. Inspite, of the same the adjusted Net Profit is

expected to grow by 25.0% yoy to end the period at `50.1cr, on back of top-line

growth. We recommend a neutral on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,682 16.6 213 92.4 15.7 27.1 3.8 18.4 3.0

FY2015E 1,917 16.6 228 99.1 14.8 25.3 3.5 17.4 2.9

TVS Motor (CMP:`39/ TP: -/ Upside: -)

TVS Motor is scheduled to announce its 4QFY2013 results today. We expect the

company to report a healthy top-line growth of ~11% yoy to `1,800cr led by

~15% yoy growth in net average realization driven by higher share of three-

wheelers in the product-mix. The total volumes however declined 3.6% yoy during

the quarter on account of weak motorcycle (down 4% yoy) and scooter sales (down

16.8% yoy) amidst rising competition and moderating demand environment. Weexpect the EBITDA margin to remain flat yoy at 6% as increase in other expenditure

is expected to be offset by easing raw-material expenses. Nevertheless, bottom-line

is expected to decline 8% yoy to`53cr due to higher tax outgo (tax rate expected to

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be at 22% as against 8% in 4QFY2012). At the CMP of`39, the stock is trading at

6.8x FY2015E earnings. Currently, we have a Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/salesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 7,714 6.1 228 4.8 16.5 8.1 1.3 2.8 0.2FY2015E 8,532 6.3 274 5.8 17.5 6.8 1.1 2.2 0.1

Quarterly Bloomberg Brokers Consensus Estimates

Dabur India Consolidated (30/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,566 1,364 14.7 1,631 (4.1)

EBITDA 261 224 16.5 275 (4.8)

EBITDA margin (%) 16.7 16.5 16.8

Net profit 199 171 16.8 211 (5.7)

Godrej Consumer Products Consolidated (30/04/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,694 1,323 28.0 1,691 0.2

EBITDA 310 250 24.0 285 8.8

EBITDA margin (%) 18.3 18.9 16.8

Net profit 209 193 8.5 172 21.4

IDFC Consolidated (01/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 483 335 44.3 455 6.2

Bharti Airtel Consolidated (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 20,836 18,729 11.2 20,240 2.9

EBITDA 6,430 6,253 2.8 6,199 3.7

EBITDA margin (%) 30.9 33.4 30.6

Net profit 729 1,006 (27.5) 284 156.9

Canara Bank (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 778 829 (6.2) 711 9.4

Kotak Mahindra Bank (02/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 401 297 35.1 362 10.9

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Economic and Political News

In-principle approval given for 12 NIMZs India may have to continue coal imports till 2017: Government India's GDP likely to improve to 5.7% in 2013: IMF Overseas fundraising down 13% in 2012-13

Corporate News

CERC upholds NTPC's PPAs to supply 37,000 MW to 37 beneficiaries Lanco settles legal dispute with Perdaman Chemicals BP seeks $1.5 per mmBtu incentive for deepsea gas Airtel launches flat roaming rates for African customers

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

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Date Company

April 30, 2013 Dabur India, Godrej Consumer, Petronet LNG, Marico, Aventis, TVS Motor, Finolex Cables, Taj GVK

May 01, 2013 IDFC, GlaxoSmith Con

May 02, 2013Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,Automotive Axle

May 03, 2013 Ambuja Cements, ACC, Titan Inds., Hind. Const., Honeywell AutomationMay 04, 2013 Grasim Inds, Jaiprakash Asso., Gujarat Gas

May 05, 2013

May 06, 2013 Mundra Port, Adani Power, South Ind.Bank

May 07, 2013 GSK Pharma, Shriram Trans., Glenmark Pharma., ITNL, CEAT

May 08, 2013 HDFC, Ranbaxy, ABB, Corporation Bank

May 09, 2013 Asian Paints, Union Bank

May 10, 2013 NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, Punj Lloyd

May 13, 2013 Nestle, Amara Raja Batteries

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

April 30, 2013 1:25PM Germany Unemployment change (000's) Thousands Apr 13.00 2.00

7:30PM US Consumer Confidence S.A./ 1985=100 Apr 59.70 59.75

May 1, 2013 2:00PM UK PMI Manufacturing Value Apr 48.30 48.30

6:30AM China PMI Manufacturing Value Apr 50.90 50.70

11:30PM US FOMC rate decision % May 1 0.25 0.25

May 2, 2013 1:25PM Germany PMI Manufacturing Value Apr F 47.90 47.90

5:15PM Euro Zone ECB announces interest rates % May 2 0.75 0.50

May 3, 2013 6:00PM US Change in Nonfarm payrolls Thousands Apr 88.00 145.00

6:00PM US Unnemployment rate % Apr 7.60 7.60

11:00AM India RBI Repo rate % May 3 7.50 7.25

11:00AM India RBI Cash Reserve ratio % May 3 4.00 4.00

11:00AM India RBI Reverse Repo rate % May 3 6.50 6.25

May 6, 2013 1:25PM Germany PMI Services Value Apr F 49.20 --

May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 --

May 9, 2013 2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --

4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50

7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --

May 10, 2013 4:29PM India Exports YoY% % Change Apr 7.00 --

11:00AM India Industrial Production YoY % Change Mar 0.60 --


April 30, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


Exhibit 6:Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.5

7.68.2

9.2

7.5

6.56.0

5.3 5.5 5.34.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

(%)

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0)(0.5)

2.4

0.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Mar-12

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-12

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Apr-12

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

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Feb

-12

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

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Mar-12

Apr-12

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

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Apr-12

Ma-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

Repo rate Reverse Repo rate CRR(%)

7/30/2019 Market Outlook, 30.04.13

11/18

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 129 - 2,509 1,657 1,906 14.1 14.1 7.7 8.9 16.8 14.5 3.5 3.0 22.2 21.9 1.4 1.2

United Phosphorus Buy 138 232 6,126 10,298 11,310 16.5 16.5 20.5 23.2 6.8 6.0 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 265 326 4,532 3,418 3,892 15.1 14.9 19.8 21.7 13.4 12.2 3.2 2.6 27.1 23.7 1.3 1.2

Apollo Tyres Accumulate 95 103 4,796 14,401 15,841 11.4 11.5 13.6 15.9 7.0 6.0 1.2 1.0 18.4 18.2 0.5 0.4

Ashok Leyland Buy 23 27 5,987 13,833 16,192 9.6 9.7 2.0 2.7 11.4 8.5 1.9 1.7 12.1 15.2 0.5 0.4

Automotive Axle# Accumulate 293 309 443 934 1,103 10.2 10.7 24.5 34.3 11.9 8.5 1.5 1.4 13.2 16.9 0.5 0.4Bajaj Auto Accumulate 1,897 2,014 54,891 22,552 25,498 18.6 18.6 117.9 134.3 16.1 14.1 5.8 4.7 40.2 36.6 2.0 1.7

Bharat Forge Neutral 230 - 5,358 6,198 6,793 14.6 14.9 14.5 17.3 15.8 13.3 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 8,995 - 28,242 9,821 11,394 17.0 17.3 373.5 438.7 24.1 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 108 155 369 5,403 6,057 8.3 8.3 36.4 41.3 3.0 2.6 0.4 0.4 15.3 16.6 0.2 0.2

Exide Industries Accumulate 135 146 11,479 7,026 8,027 14.2 14.2 7.7 8.9 17.5 15.3 3.0 2.6 18.0 17.9 1.3 1.1

FAG Bearings* Neutral 1,341 - 2,228 1,525 1,742 14.5 15.7 88.4 109.5 15.2 12.3 2.2 1.9 15.5 16.5 1.3 1.1

Hero Motocorp Accumulate 1,649 1,819 32,921 25,274 27,658 14.1 13.8 106.8 140.0 15.4 11.8 5.5 4.3 38.8 41.1 1.1 1.0

JK Tyre Buy 114 154 468 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 Mahindra Accumulate 903 1,006 55,427 44,550 50,260 11.4 11.7 59.6 68.3 15.2 13.2 3.1 2.6 22.3 21.6 1.0 0.8

Maruti Accumulate 1,681 1,847 48,557 48,455 55,723 11.2 10.9 107.8 123.2 15.6 13.7 2.4 2.0 16.2 16.0 0.8 0.7

Motherson Sumi Buy 189 222 11,131 28,442 31,493 7.5 7.8 12.5 14.8 15.1 12.8 3.7 3.0 27.5 25.8 0.5 0.5

Subros Buy 26 30 154 1,479 1,685 10.0 9.9 5.5 7.5 4.7 3.4 0.5 0.5 11.1 13.7 0.4 0.3

Tata Motors Accumulate 296 324 78,913 206,341 227,695 12.8 13.5 32.3 39.0 9.2 7.6 1.9 1.6 23.1 23.2 0.5 0.4

TVS Motor Neutral 39 - 1,853 7,714 8,532 6.1 6.3 4.8 5.8 8.1 6.8 1.3 1.1 16.5 17.5 0.2 0.1

Capital Goods

ABB* Reduce 512 452 10,843 8,073 9,052 5.5 7.2 11.3 17.4 45.4 29.4 3.9 3.6 8.9 12.8 1.3 1.2BGR Energy Neutral 187 - 1,352 4,114 4,886 11.4 10.7 24.9 28.0 7.5 6.7 1.0 0.9 25.2 22.6 0.6 0.6

BHEL Neutral 191 - 46,823 43,757 40,934 17.3 16.9 20.9 19.0 9.2 10.1 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 161 230 1,445 2,896 3,087 5.6 6.2 9.3 11.7 17.3 13.7 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 92 117 5,927 13,790 15,095 6.4 7.4 6.9 9.4 13.4 9.9 1.5 1.4 11.7 14.5 0.5 0.4

Jyoti Structures Accumulate 30 34 244 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 53 67 1,369 7,750 8,631 6.8 7.0 7.7 9.2 6.9 5.8 1.0 0.9 20.8 20.8 0.3 0.3

Thermax Neutral 573 - 6,828 5,931 6,592 9.6 9.7 31.0 34.3 18.5 16.7 3.2 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,244 1,361 23,346 12,182 13,435 21.0 22.4 78.7 98.8 15.8 12.6 2.9 2.6 19.0 21.4 1.6 1.4


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

12/18



Cement

Ambuja Cements Neutral 186 - 28,641 10,681 11,991 25.0 25.5 10.8 12.8 17.1 14.6 3.0 2.7 18.1 19.4 2.2 1.8

India Cements Neutral 83 - 2,548 4,777 5,276 17.3 17.1 8.8 10.9 9.4 7.7 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 98 143 1,156 2,313 2,728 19.8 20.7 16.6 23.1 5.9 4.3 0.8 0.7 13.6 16.5 1.1 0.8

Madras Cements Neutral 241 - 5,727 4,293 4,855 27.4 28.6 21.8 28.2 11.1 8.5 2.0 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,411 - 15,366 6,706 7,751 28.7 27.7 338.2 375.5 13.0 11.8 3.3 2.7 28.5 25.2 1.6 1.2

UltraTech Cement Neutral 1,920 - 52,637 21,947 25,049 23.8 23.8 106.1 119.8 18.1 16.0 3.0 2.6 17.7 17.3 2.5 2.1

ConstructionAshoka Buildcon Buy 190 272 1,000 2,013 2,293 22.5 22.5 26.0 24.4 7.3 7.8 0.8 0.7 11.7 9.9 2.1 1.9

Consolidated Co Neutral 12 - 217 2,281 2,492 5.9 6.9 0.7 2.0 17.3 5.9 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 117 167 3,890 4,152 4,624 44.4 45.0 17.0 17.2 6.9 6.8 1.1 0.9 16.2 14.6 3.3 3.4

ITNL Buy 173 230 3,360 7,177 7,772 27.4 28.9 29.4 32.4 5.9 5.3 0.9 0.8 16.5 15.9 2.6 2.7

IVRCL Infra Buy 20 35 626 6,287 6,836 8.5 8.5 2.3 3.0 8.7 6.7 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 77 95 17,098 14,914 15,699 26.2 26.4 4.2 4.4 18.4 17.7 1.2 1.1 6.8 6.6 2.5 2.4

Larsen & Toubro Buy 1,530 1,795 94,190 69,586 79,247 11.2 11.1 75.1 84.9 20.4 18.0 2.9 2.5 15.2 15.0 1.5 1.4

Nagarjuna Const. Buy 32 45 819 6,576 7,264 8.2 8.3 4.1 4.8 7.8 6.7 0.3 0.3 4.2 4.7 0.5 0.5

Punj Lloyd Neutral 53 - 1,750 1,338 1,542 10.2 10.2 3.0 4.8 17.8 11.1 0.6 0.6 3.4 5.2 5.5 5.3

Sadbhav Engg. Buy 115 153 1,737 2,511 2,736 10.6 10.6 7.3 7.8 15.9 14.8 2.0 1.8 13.3 12.7 0.9 0.8

Simplex Infra Buy 117 164 579 6,824 7,563 9.2 9.4 18.0 23.4 6.5 5.0 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 232 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Accumulate 136 155 6,808 7,137 7,907 2.9 2.8 32.3 36.0 4.2 3.8 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 92 - 5,151 5,285 5,937 3.0 2.9 21.2 23.4 4.3 3.9 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,474 1,737 68,991 19,055 22,710 3.3 3.2 130.7 152.3 11.3 9.7 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 699 815 29,433 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 328 360 19,543 14,284 16,295 2.3 2.3 55.9 68.4 5.9 4.8 0.8 0.7 13.9 15.2 - -

Bank of Maharashtra Neutral 56 - 3,724 4,289 4,670 2.9 2.8 11.6 13.1 4.9 4.3 0.7 0.6 15.7 15.6 - -

Canara Bank Accumulate 422 461 18,708 11,673 13,208 2.3 2.3 74.8 85.8 5.6 4.9 0.8 0.7 13.7 14.1 - -

Central Bank Neutral 70 - 7,343 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Buy 379 453 5,792 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -

Dena Bank Accumulate 93 101 3,252 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.5 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 448 - 7,664 2,916 3,389 3.3 3.3 50.1 59.4 8.9 7.6 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

13/18



Financials

HDFC Neutral 864 - 133,596 8,928 10,684 3.7 3.7 38.4 45.3 22.5 19.1 4.9 4.3 32.5 32.4 - -

HDFC Bank Neutral 694 - 165,182 27,682 33,916 4.6 4.6 35.3 42.7 19.7 16.3 3.9 3.3 21.3 21.8 - -

ICICI Bank Accumulate 1,152 1,306 132,935 26,371 31,618 3.0 3.0 84.1 96.7 13.7 11.9 1.8 1.7 15.8 16.5 - -

IDBI Bank Accumulate 90 96 11,948 9,309 10,541 2.1 2.2 20.1 23.4 4.5 3.8 0.6 0.5 12.8 13.5 - -

Indian Bank Buy 165 200 7,085 6,276 6,968 3.1 3.1 38.3 42.3 4.3 3.9 0.6 0.6 15.2 14.9 - -

IOB Buy 64 78 5,886 8,205 9,048 2.6 2.5 16.4 20.3 3.9 3.1 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,321 - 6,404 3,032 3,118 3.8 3.5 218.1 200.9 6.1 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Neutral 252 - 12,725 2,127 2,498 2.2 2.2 25.1 28.2 10.1 8.9 1.7 1.5 18.3 17.9 - -

Oriental Bank Neutral 272 - 7,923 6,791 7,478 2.7 2.7 56.7 63.4 4.8 4.3 0.6 0.6 12.9 13.1 - -

Punjab Natl.Bank Accumulate 784 889 27,709 21,161 24,166 3.3 3.3 153.4 176.4 5.1 4.4 0.8 0.7 16.1 16.3 - -

South Ind.Bank Neutral 24 - 3,192 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,272 2,567 155,443 67,091 76,746 3.2 3.1 241.2 280.4 9.4 8.1 1.5 1.3 16.5 17.0 - -

Syndicate Bank Accumulate 118 130 7,088 7,340 8,212 2.9 2.8 26.4 28.7 4.5 4.1 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 69 - 5,186 6,126 6,665 2.6 2.5 12.2 14.4 5.7 4.8 0.9 0.7 11.8 12.6 - -

Union Bank Accumulate 246 264 14,657 11,226 12,769 2.7 2.7 41.0 47.8 6.0 5.1 0.9 0.7 14.8 15.4 - -

United Bank Accumulate 60 68 2,244 3,597 4,008 2.6 2.7 16.0 20.8 3.8 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 53 - 2,641 2,600 2,946 2.0 2.1 9.7 11.0 5.5 4.9 0.6 0.6 11.4 11.7 - -

Yes Bank Neutral 504 - 18,084 4,390 5,411 2.8 2.8 41.6 47.9 12.1 10.5 2.6 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,701 - 45,094 13,319 15,805 15.7 15.7 143.8 170.2 32.7 27.6 10.2 8.1 35.1 32.7 3.3 2.8

Britannia Neutral 564 - 6,747 6,417 7,446 5.1 5.5 20.3 25.2 27.9 22.4 9.5 7.5 37.4 37.3 1.0 0.8

Colgate Neutral 1,390 - 18,902 3,588 4,130 21.1 21.6 44.7 51.9 31.1 26.8 28.0 20.8 100.0 89.1 5.1 4.4

Dabur India Neutral 147 - 25,612 7,183 8,340 16.8 16.8 5.4 6.3 27.2 23.2 10.6 8.2 43.9 39.9 3.5 3.0

GlaxoSmith Con* Neutral 3,817 - 16,051 3,617 4,260 16.1 16.4 120.6 146.4 31.6 26.1 9.8 7.9 33.8 33.4 4.1 3.4

Godrej Consumer Neutral 856 - 29,125 7,801 9,017 17.0 17.0 26.5 31.9 32.3 26.8 7.3 6.0 26.5 25.9 3.9 3.3

HUL Neutral 498 - 107,605 28,974 32,970 13.5 13.5 17.0 18.1 29.4 27.5 18.7 14.0 74.3 58.3 3.5 3.0

ITC Neutral 324 - 256,296 33,506 39,067 36.8 37.0 11.1 13.0 29.3 25.0 9.5 7.7 35.5 34.1 7.3 6.2

Marico Neutral 223 - 14,366 5,352 6,204 14.0 14.0 7.9 9.8 28.1 22.8 5.8 4.7 22.8 22.9 2.7 2.2

Nestle* Neutral 4,720 - 45,509 9,739 11,307 21.5 22.2 131.6 159.9 35.9 29.5 18.1 13.0 58.8 69.5 4.6 3.9

Tata Global Neutral 144 - 8,920 7,998 8,798 9.7 9.8 7.9 8.7 18.3 16.6 2.2 2.1 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

14/18



IT

HCL Tech^ Buy 701 863 48,812 28,633 32,216 21.5 20.7 57.3 61.7 12.2 11.4 2.9 2.4 24.0 21.5 1.5 1.3

Hexaware* Buy 82 105 2,458 2,137 2,350 18.8 19.2 10.4 11.7 8.0 7.0 1.8 1.5 22.6 22.1 1.0 0.9

Infosys Accumulate 2,229 2,465 128,000 43,338 47,244 27.5 27.7 169.4 182.6 13.2 12.2 2.7 2.4 20.8 19.3 2.3 2.0

Infotech Enterprises Accumulate 171 196 1,914 1,994 2,039 18.1 18.5 20.2 21.8 8.5 7.9 1.2 1.0 13.8 13.1 0.5 0.4

KPIT Cummins Buy 98 130 1,887 2,458 2,729 15.5 15.2 13.1 14.5 7.5 6.8 1.5 1.2 20.9 18.8 0.7 0.5

Mahindra Satyam Buy 108 143 12,668 8,456 9,385 19.3 19.1 10.6 11.9 10.2 9.1 2.3 1.8 22.4 20.1 1.1 0.9

Mindtree Accumulate 805 926 3,345 2,587 2,823 19.4 19.4 87.2 92.6 9.2 8.7 2.0 1.6 21.8 18.8 1.0 0.8Mphasis& Accumulate 374 395 7,858 6,096 6,646 17.6 17.4 38.1 41.6 9.8 9.0 1.4 1.2 14.2 13.7 0.8 0.6

NIIT Buy 24 30 396 1,144 1,267 9.0 9.1 4.3 5.4 5.6 4.5 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Buy 520 602 2,080 1,433 1,591 24.7 24.6 55.5 60.2 9.4 8.6 1.7 1.5 18.4 16.8 1.1 0.8

TCS Buy 1,371 1,585 268,276 71,833 81,893 28.4 28.0 78.5 88.0 17.5 15.6 5.3 4.4 30.2 27.9 3.5 3.0

Tech Mahindra Buy 945 1,230 12,105 7,699 8,315 19.3 18.1 107.0 115.0 8.8 8.2 1.9 1.6 21.7 19.1 1.6 1.4

Wipro Accumulate 342 385 84,208 40,173 43,697 20.4 20.6 26.2 28.5 13.1 12.0 2.6 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Buy 234 272 4,292 1,787 1,974 25.4 26.4 14.5 16.9 16.1 13.9 3.4 2.9 22.4 22.2 2.3 2.0

HT Media Accumulate 104 117 2,448 2,205 2,380 15.1 15.6 8.0 9.1 13.0 11.5 1.4 1.2 11.2 11.4 0.7 0.6

Jagran Prakashan Buy 93 121 3,075 1,698 1,908 23.9 24.5 7.4 8.4 12.6 11.1 3.2 2.8 26.7 26.8 1.9 1.7

PVR Neutral 338 - 1,337 1,343 1,521 18.8 18.9 18.3 22.9 18.4 14.8 1.7 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 421 - 16,607 2,293 2,571 68.7 68.7 19.3 22.7 21.8 18.6 5.3 4.7 26.1 27.3 6.7 5.8

Metals & Mining

Bhushan Steel Neutral 457 - 10,340 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9

Coal India Accumulate 314 345 198,050 72,174 76,311 33.3 28.4 28.4 30.9 11.0 10.2 3.0 2.6 37.6 36.2 1.9 1.7

Electrosteel Castings Buy 17 26 585 2,074 2,176 10.4 11.3 1.9 2.3 8.9 7.4 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 153 213 4,865 1,944 2,317 49.9 51.7 20.8 25.6 7.4 6.0 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 119 145 50,429 12,358 13,659 51.4 51.6 16.0 17.6 7.4 6.8 1.4 1.2 19.4 18.4 1.8 1.3

Hindalco Neutral 99 - 18,916 88,987 94,163 9.2 9.7 13.8 15.9 7.2 6.2 0.5 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 699 - 15,605 39,524 42,064 17.1 16.9 71.8 86.3 9.7 8.1 0.8 0.8 8.6 9.6 0.7 0.6

MOIL Accumulate 225 243 3,778 954 1,062 45.5 47.4 26.1 29.1 8.6 7.7 1.2 1.1 15.1 15.2 1.5 1.1

Monnet Ispat Buy 199 291 1,267 2,883 3,181 21.7 23.6 40.3 57.7 4.9 3.5 0.5 0.4 10.1 13.0 1.3 1.1

Nalco Neutral 36 - 9,162 8,187 8,416 14.5 14.7 3.2 3.3 11.1 10.9 0.7 0.7 6.8 6.7 0.6 0.6

NMDC Buy 124 179 49,004 10,329 12,540 73.8 75.0 16.6 19.0 7.4 6.5 1.4 1.2 20.6 20.2 2.6 2.0


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

15/18



Metals & Mining

SAIL Neutral 63 - 25,896 53,685 64,183 9.3 12.2 5.5 8.3 11.5 7.6 0.6 0.6 5.4 7.7 0.8 0.8

Sesa Goa Accumulate 155 163 13,471 3,742 4,426 32.9 32.8 31.3 31.2 5.0 5.0 0.7 0.6 14.8 12.9 4.3 3.6

Sterlite Inds Accumulate 92 98 30,834 45,864 46,970 23.8 25.3 18.8 20.9 4.9 4.4 0.5 0.5 11.7 11.8 0.6 0.5

Tata Steel Buy 302 430 29,370 141,775 151,672 10.5 11.4 35.3 51.7 8.6 5.9 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 105 153 375 1,494 1,568 19.1 20.3 31.3 36.5 3.3 2.9 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 36 48 484 2,668 2,834 10.0 10.1 4.6 5.2 7.8 7.0 0.2 0.2 3.2 3.4 0.5 0.4

Godawari Power andIspat Buy 88 118 290 2,425 2,552 13.7 14.8 33.5 45.3 2.6 2.0 0.3 0.2 11.2 13.1 0.5 0.4

Oil & Gas

Cairn India Accumulate 307 345 58,654 16,482 16,228 69.4 53.3 53.3 49.6 5.8 6.2 0.9 0.8 16.5 13.6 2.2 1.9

GAIL Neutral 351 - 44,511 55,815 63,013 15.3 15.2 35.9 41.5 9.8 8.5 1.6 1.4 17.0 17.1 0.7 0.5

ONGC Accumulate 329 354 281,305 157,962 175,367 35.1 36.2 34.3 39.3 9.6 8.4 1.7 1.5 18.2 18.6 1.5 1.4

Reliance Industries Neutral 793 - 255,956 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.2 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 248 - 3,179 3,707 3,850 11.7 12.4 23.7 25.7 10.5 9.7 2.9 2.5 29.6 28.2 0.7 0.7

Indraprastha Gas Neutral 311 - 4,358 3,700 4,218 23.4 22.8 26.6 30.4 11.7 10.2 2.4 2.0 22.6 21.7 1.3 1.0

Petronet LNG Buy 138 174 10,384 41,362 40,852 5.8 6.5 15.6 17.4 8.9 8.0 2.0 1.7 24.1 22.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 68 - 3,812 1,079 983 91.8 91.9 8.8 7.8 7.7 8.7 1.3 1.2 17.8 14.1 3.3 3.5

Pharmaceuticals

Alembic Pharma Accumulate 113 122 2,130 1,714 1,976 17.1 19.0 9.5 12.2 11.9 9.3 3.2 2.4 30.2 29.8 1.3 1.1

Aurobindo Pharma Buy 192 264 5,591 6,279 7,033 16.0 16.0 15.2 19.2 12.6 10.0 1.7 1.4 19.2 18.0 1.4 1.2

Aventis* Neutral 2,502 - 5,761 1,682 1,917 16.6 16.6 92.4 99.1 27.1 25.2 3.8 3.8 15.7 14.8 3.1 2.5

Cadila Healthcare Buy 774 962 15,850 7,386 8,863 18.0 18.0 39.5 48.1 19.6 16.1 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Accumulate 408 463 32,723 9,130 10,543 24.8 23.0 21.6 23.2 18.9 17.6 3.1 2.7 17.6 16.2 3.3 2.7

Dr Reddy's Neutral 1,993 - 33,828 11,662 13,101 21.0 20.8 92.9 103.9 21.5 19.2 4.1 3.5 20.8 19.6 3.1 2.7

Dishman Pharma Buy 69 206 554 1,536 1,739 20.2 20.9 15.4 20.6 4.5 3.3 0.5 0.4 11.6 13.7 1.0 0.8

GSK Pharma* Neutral 2,219 - 18,793 2,993 3,319 30.4 30.2 78.1 86.7 28.4 25.6 8.6 7.7 31.6 31.9 5.5 4.8

Indoco Remedies Buy 64 90 587 784 902 15.2 15.2 7.8 9.0 8.2 7.1 1.2 1.0 15.6 15.8 1.0 0.8

Ipca labs Buy 517 676 6,518 3,474 4,168 21.0 21.0 37.3 45.1 13.9 11.5 3.3 2.6 26.4 25.3 2.0 1.7

Lupin Buy 686 792 30,699 11,564 13,847 21.1 21.1 32.8 39.6 20.9 17.3 4.8 3.9 25.7 24.7 2.7 2.2

Ranbaxy* Neutral 457 - 19,327 11,400 12,060 12.5 12.5 21.6 22.5 21.2 20.3 4.0 3.5 20.6 18.5 1.6 1.5

Sun Pharma Reduce 942 888 97,355 12,563 14,698 42.6 42.6 29.8 35.5 31.6 26.5 5.6 4.7 19.2 19.3 7.1 5.9

Power

GIPCL Accumulate 72 78 1,086 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


Market Outlook

Stock Watch

April 30, 2013

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Power

NTPC Neutral 156 - 128,629 81,951 92,264 24.1 24.3 13.6 14.9 11.5 10.5 1.4 1.3 13.0 13.1 2.3 2.1

Real Estate

DLF Buy 242 288 41,033 9,699 12,010 37.0 36.9 6.0 8.4 40.5 28.7 1.5 1.4 3.8 5.1 5.6 4.6

MLIFE Accumulate 415 446 1,695 888 1,002 26.7 25.9 36.3 40.6 11.5 10.2 1.2 1.1 10.8 11.0 2.1 1.9

Telecom

Bharti Airtel Neutral 318 - 120,799 86,933 96,121 30.2 31.2 10.3 15.7 31.0 20.3 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 126 - 41,734 24,959 27,232 27.1 27.5 3.7 4.7 33.9 26.8 2.7 2.5 8.1 9.2 2.1 1.9Rcom Neutral 100 - 20,702 22,221 24,253 32.0 32.2 4.3 6.4 23.1 15.6 0.6 0.5 2.4 3.4 2.5 2.1

Others

Abbott India* Buy 1,396 1,659 2,967 1,863 2,081 11.8 12.4 71.2 83.0 19.6 16.8 3.9 3.4 21.6 21.5 1.3 1.0

Bajaj Electricals Buy 175 237 1,750 3,929 4,480 7.4 7.7 15.5 19.7 11.3 8.9 2.0 1.7 17.4 18.7 0.5 0.4

Cera Sanitaryware Buy 452 620 572 596 743 16.2 16.1 45.0 56.3 10.0 8.0 2.5 1.9 27.8 26.9 1.0 0.8

Cravatex Buy 319 566 82 308 351 7.0 7.0 39.6 47.2 8.1 6.8 1.8 1.4 21.8 21.0 0.3 0.3

Finolex Cables Buy 54 68 820 2,559 2,893 9.8 9.8 9.8 11.3 5.5 4.7 0.8 0.7 14.1 14.1 0.3 0.2

Force Motors Buy 383 570 499 2,299 2,621 4.7 4.9 46.3 57.0 8.3 6.7 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 277 352 638 1,453 1,560 9.4 9.8 38.4 41.4 7.2 6.7 1.5 1.3 22.9 20.8 0.3 0.2

Hitachi Buy 133 177 361 1,053 1,169 6.3 7.1 13.8 17.7 9.6 7.5 1.4 1.2 15.0 16.7 0.4 0.3

Honeywell Automation* Buy 2,410 2,842 2,131 2,117 2,491 8.1 7.8 137.9 157.9 17.5 15.3 2.6 2.3 16.0 15.8 0.9 0.8

IFB Agro Accumulate 173 198 155 495 651 12.7 12.9 29.3 39.5 5.9 4.4 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 178 238 205 1,430 1,573 12.1 12.2 21.8 30.6 8.2 5.8 0.5 0.5 6.1 8.0 0.6 0.6

Jyothy Laboratories Neutral 174 - 2,813 979 1,164 14.9 15.1 6.0 7.7 29.0 22.6 3.6 3.3 12.9 15.1 3.0 2.5

MRF Accumulate 13,668 14,416 5,797 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.6 7.6 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Neutral 3,549 - 3,959 1,047 1,281 19.6 19.8 127.3 158.1 27.9 22.5 13.3 9.7 54.9 50.0 3.9 3.2Relaxo Footwears Buy 609 786 731 1,148 1,360 11.7 11.9 55.5 71.4 11.0 8.5 2.6 2.0 26.3 26.2 0.8 0.6

Siyaram Silk Mills Buy 241 312 226 1,157 1,320 11.9 12.0 66.6 77.9 3.6 3.1 0.6 0.5 18.3 18.2 0.4 0.4

S. Kumars Nationwide Neutral 7 - 220 6,765 7,393 18.1 18.0 6.4 7.5 1.2 1.0 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 487 744 856 1,069 1,223 9.7 9.7 40.0 46.5 12.2 10.5 1.7 1.5 15.1 15.3 0.8 0.7

TAJ GVK Buy 64 108 401 300 319 35.8 36.2 7.9 9.1 8.1 7.0 1.1 1.0 13.9 14.4 1.6 1.4

Tata Sponge Iron Buy 295 371 454 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 482 553 375 435 516 6.2 7.1 24.3 33.3 19.9 14.5 3.3 2.8 17.6 20.8 0.7 0.6

Tree House Neutral 268 - 964 150 192 52.7 52.5 12.8 16.2 20.9 16.5 2.1 1.8 10.0 11.1 6.0 4.6

TVS Srichakra Buy 196 226 150 1,591 1,739 7.1 7.4 39.4 56.5 5.0 3.5 1.0 0.8 20.6 25.0 0.3 0.3


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

17/18



Others

United Spirits Neutral 2,078 - 27,177 11,886 13,491 14.4 14.0 50.9 74.5 40.8 27.9 3.4 3.0 10.6 11.4 2.6 2.3

Vesuvius India* Buy 361 439 733 600 638 20.1 19.4 35.7 36.6 10.1 9.9 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 April 29, 2013


Market Outlook

Stock Watch

April 30, 2013

7/30/2019 Market Outlook, 30.04.13

18/18


Market Outlook, 30.04.13

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Transcript of Market Outlook, 30.04.13