Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 21, 2013
Dealers Diary
Domestic Indices
Indian markets are expected to open flat to positive tracking positive opening in
most of the Asian markets, backed by better than expected manufacturing data
from China with its PMI index for March coming in at 51.7 from 50.4 in February.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.7) (123.9) 18,884
Nifty
(0.9)
(51.5)
5,694
MID CAP
(1.9) (119.1)
6,162
US stocks ended higher over the course of the day yesterday after the Federal
Reserve said it would continue to support the US economy. The FOMC decided to
keep the target range for the federal funds rate at zero to 0.25% and said it would
continue its asset purchase program at a pace of US$85bn a month. In his
subsequent press conference, Federal Reserve Chairman Ben Bernanke expressed
confidence in the economic recovery but indicated that the central bank would
maintain its quantitative easing program for the foreseeable future. Also, market
gained early strength as Cyprus' parliament rejected a proposed Cyprus European
Union bailout plan that would tax bank deposits.
SMALL CAP
(2.3) (140.2)
5,902
BSE HC
(0.1)
(4.1)
8,060
BSE PSU
(2.4) (157.7)
6,488
BANKEX
(2.1) (277.3) 12,932
Indian markets extended losses yesterday on continued political uncertainty despite

Finance Minister P Chidambaram dismissing reports of threat to the government in
the aftermath of the withdrawal of support to the ruling UPA coalition by the DMK
over the issue of alleged human rights violations of Sri Lankan Tamils. Worries
about situation in Cyprus also kept investor sentiment subdued.
Dow Jones
Markets Today
Straits Times
The trend deciding level for the day is 18,916 / 5,707 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,996 19,108 / 5,732 5,770 levels. However, if NIFTY trades below
18,916 / 5,707 levels for the first half-an-hour of trade then it may correct up to
18,805 18,725 / 5,669 5,644 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,725
18,805
18,916
18,996
19,108
NIFTY
5,644
5,669
5,707
5,732
5,770
News Analysis
AUTO
7.7 10,346
METAL
(1.3) (117.0)
8,694
OIL & GAS
(1.1)
(96.2)
8,570
0.1
8.1
6,825
(Pts)
(Close)
BSE IT
Global Indices
NASDAQ
FTSE
Nikkei
Hang Seng
Shanghai Com
Indian ADR
INFY
Chg (%)
0.4
55.9 14,512
0.8
25.1
3,254
(0.1)
(8.6)
6,433
2.0
247.6 12,468
1.0
214.6 22,256
(0.6)
(20.7)
3,248
2.7
59.9
2,317
Chg (%)
(Pts)
(Close)
1.7
0.9
$53.4
WIT
0.5
0.1
$9.9
IBN
(0.1)
(0.0)
$40.6
HDB
(1.5)
(0.6)
$37.6
Advances / Declines
BSE
NSE
Advances
761
271
2,126
1,241
118
57
Declines
CCI clears five oil and gas blocks

Sadbhav Engg has bagged `382cr order from NHAI
0.1
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (March 19, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,932
3,785
147
8,570
52,922
303
376
(73)
(1,430)
(6,991)
MFs
FII Derivatives (March 20, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,867
2,230
(362)
10,535
Stock Futures
2,638
2,673
(34)
25,339
Price (`)
chg (%)
Company
469
3.4
HDIL
49
(19.9)
2,939
1.8
Opto Circuits
51
(12.6)
Gainers / Losers
Gainers
Company
Hindustan Unilever
Grasim Industries
Gujarat Mineral
Asian Paints
Bajaj Holdings
www.angelbroking.com
Losers
Price (`)
chg (%)
169
1.8
Muthoot Finance
175
(9.4)
4,994
1.7
Core Projects
54
(9.4)
907
1.5
Reliance Infra
359
(9.3)
BSE
2,176
NSE
12,294
Market Outlook
March 21, 2013
CCI clears five oil and gas blocks

Cabinet Committee of Investments (CCI) has cleared the exploration and
developmental activity of contractors including Reliance Industries, Cairn India and
ONGC. Although US$10bn investments were made in these blocks, the blocks
could not commence work due to inter-ministerial differences. The cleared blocks
include areas of KG-D6 block and gas discovery area NEC-25 along with 3 other
areas. We now await further clarity from company Managements regarding the
exploration and production timelines from these blocks. Until then, we maintain
our Neutral rating on RIL and Buy ratings on ONGC and Cairn India with target
prices of `356 and `381, respectively.
Sadbhav Engg has bagged `382cr order from NHAI

Sadbhav Engineering has been declared the successful bidder by National
Highways Authority of India (NHAI) for widening of an 80-km stretch of KaraikudiRamanathapuram section (NH-210) in Tamil Nadu. The estimated total cost of the
project is `382cr and has a concession period of 15 years, which includes 224
months of construction period. We continue to maintain our Buy rating on the
stock with a target price of `157.
Economic and Political News
FDI up 8% at US$2.2bn in January, 2013

FII limit auctioned for `11,000cr for government bonds
India to install 1300-1400 MW solar power in 2013
No plans to move no-confidence motion against government: BJP
Outbound deals of Indian companies at US$11bn in 2012
Telcos need `90,000cr capex for 100% teledensity in villages by 2020: E&YAssocham
RBI eases infrastructure financing norms
Corporate News
Bharti Airtel launches 4G services in Chandigarh, Mohali and Panchkula

IDBI sells US$500mn bonds in global markets, to pay 3.75% coupon
Labour trouble brewing at Tata Tea plantations
SAIL OFS to hit market on March 22, 2013
Videocon's D2H arm gets Sebi nod for `700cr IPO
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 21, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 21, 2013
March 26, 2013
6:00PM
US
Thousands
Mar 16
332.00
340.00
2:00PM
Germany PMI Services
Initial Jobless claims
Value
Mar A
54.70
55.00
2:00PM
Germany PMI Manufacturing
Value
Mar A
50.30
50.50
7:30PM
US
Existing home sales
7:30PM
US
Consumer Confidence
Millions
Feb
4.92
5.00
S.A./ 1985=100
Mar
69.60
68.00
7:30PM
US
New home sales
Thousands
Feb
437.00
425.00
March 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q F
0.30
--
March 28, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Mar
(3.00)
--
6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
0.10
0.50
April 1, 2013
6:30AM
China
PMI Manufacturing
Value
Mar
50.10
--
April 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Mar
47.90
--
April 4, 2013
4:30PM
UK
BOE Announces rates
% Ratio
Apr 4
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Apr 4
0.75
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
236.00
--
6:00PM
US
Unnemployment rate
Mar
7.70
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
3.20
--
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
(2.90)
--
4:29PM
China
Exports YoY%
% Change
Mar
21.80
--
4:29PM
India
Imports YoY%
% Change
Mar
2.60
--
April 5, 2013
April 9, 2013
April 10, 2013
April 12, 2013

April 15, 2013
April 16, 2013
May 3, 2013
May 15, 2013
4:29PM
India
Exports YoY%
% Change
Mar
4.20
--
11:00AM
India
Industrial Production YoY
% Change
Feb
2.40
--
6:00PM
US
Producer Price Index (mom)
% Change
Mar
0.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
10.30
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
6.84
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
7.90
--
6:00PM
US
Housing Starts
Thousands
Mar
917.00
--
6:00PM
US
Building permits
Thousands
Mar
946.00
--
2:00PM
UK
CPI (YoY)
% Change
Mar
2.80
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Mar
1.80
--
6:00PM
US
Consumer price index (mom)
% Change
Mar
0.70
--
6:45PM
US
Industrial Production
Mar
0.71
--
11:00AM
India
RBI Repo rate
May 3
7.50
--
11:00AM
India
RBI Cash Reserve ratio
May 3
4.00
--
11:00AM
India
RBI Reverse Repo rate
May 3
6.50
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
Source: Bloomberg, Angel Research
Market Outlook
March 21, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
(0.1)
(1.3)
7.6
Jan-13
Dec-12
Nov-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.6
Oct-12
Mar-12
Source: MOSPI, Angel Research
(%)
7.5
(0.8) (0.5)
(0.7)
(2.0)
(2.8)
(4.0)
Feb-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
5.3 5.5 5.3

4.5
7.7
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
Exhibit 3: Monthly WPI inflation trends
7.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
6.8
56.0
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Mar-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.4
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.50
Imports yoy growth
30.0
Reverse Repo rate
CRR
8.50
15.0
7.75
7.50
6.50
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
3.50
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.50
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(15.0)
Mar-12
0.0
Market Outlook
March 21, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
117
2,281
1,466
1,686
14.8
14.8
7.0
8.1
16.8
14.5
3.6
3.0
22.6
22.5
1.7
1.5
United Phosphorus
Buy
117
170
5,187
8,421
9,263
16.5
16.5
15.0
17.0
7.8
6.9
1.1
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
266
323
4,550
2,983
3,477
16.1
16.1
18.5
21.6
14.4
12.4
4.1
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Accumulate
84
97
4,209
13,066
14,503
11.5
11.8
13.0
14.5
6.4
5.8
1.2
1.0
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,026
12,910
14,836
8.8
9.6
1.5
2.2
15.3
10.2
2.0
1.9
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
305
461
934
1,103
10.2
10.7
24.5
34.3
12.4
8.9
1.6
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,840
53,246
20,775
23,889
18.5
19.0
107.6
126.4
17.1
14.6
7.1
5.6
45.8
42.8
2.2
1.8
Bharat Forge
Accumulate
215
242
4,995
5,973
6,707
14.4
15.2
13.4
18.6
16.1
11.5
2.1
1.8
13.6
16.9
1.0
0.9
Bosch India*
Neutral
8,747
27,464
9,717
11,092
16.2
17.0
354.7
423.3
24.7
20.7
4.3
3.6
17.2
17.5
2.5
2.1
CEAT
Buy
93
163
319
4,822
5,403
8.2
8.3
29.8
40.8
3.1
2.3
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
127
10,816
6,016
7,026
12.7
14.4
5.8
7.8
21.8
16.2
3.2
2.8
15.4
18.2
1.5
1.3
FAG Bearings*
Accumulate
1,430
1,569
2,377
1,619
1,879
16.0
16.6
108.6
130.7
13.2
10.9
2.3
1.9
18.8
19.1
1.3
1.1
Hero Motocorp
Accumulate
1,653
1,923
33,009
23,990
27,038
13.8
14.6
105.8
120.2
15.6
13.8
6.3
5.1
44.3
41.0
1.1
1.0
JK Tyre
Buy
103
165
422
7,169
7,929
6.9
7.1
40.4
41.3
2.5
2.5
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
875
1,019
53,714
40,060
46,301
11.5
11.7
55.3
64.3
15.8
13.6
3.6
3.0
24.5
23.8
1.2
1.0
1,341
1,563
38,746
43,381
52,411
7.5
8.9
65.6
97.7
20.4
13.7
2.3
2.0
11.8
15.6
0.8
0.6
205
12,078
25,769
29,010
7.1
7.5
10.2
13.1
20.2
15.7
5.1
4.0
28.1
28.3
0.6
0.5
24
35
144
1,296
1,476
9.8
9.9
3.4
5.0
7.1
4.8
0.5
0.5
7.2
10.2
0.4
0.4
286
326
76,181 184,201 209,642
12.4
13.5
28.0
36.3
10.2
7.9
2.2
1.8
24.6
25.4
0.5
0.4
33
47
1,556
7,019
7,827
6.0
6.3
4.3
5.3
7.7
6.2
1.2
1.1
16.4
18.0
0.2
0.1
Sell
531
487
11,259
8,073
9,052
5.5
7.2
11.3
17.4
47.2
30.6
4.1
3.7
8.9
12.8
1.5
1.3
Neutral
196
1,412
3,412
4,104
13.0
11.6
24.6
26.2
8.0
7.5
1.1
1.0
30.7
25.7
0.8
0.7
BHEL
Neutral
182
44,583
47,801
43,757
18.0
17.1
24.1
20.8
7.6
8.8
2.2
1.9
32.9
23.6
0.9
1.0
Blue Star
Buy
165
238
1,482
2,748
2,896
4.4
5.6
6.8
9.3
24.3
17.7
3.3
2.9
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
93
129
5,934
12,136
13,790
3.8
6.3
3.3
6.9
28.0
13.5
1.6
1.5
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
30
49
244
2,802
3,074
9.5
9.8
7.7
10.9
3.9
2.7
0.3
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
52
75
1,336
6,909
7,723
6.2
7.2
5.4
8.4
9.7
6.2
1.1
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
1,916
2,158
2,369
2,727
11.7
11.7
143.4
166.0
13.4
11.5
2.2
2.0
17.4
18.4
0.5
0.3
Thermax
Neutral
579
6,900
5,529
5,798
9.0
9.6
27.1
30.3
21.4
19.1
3.7
3.3
18.6
18.2
1.1
1.0
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
ABB*
BGR Energy
Capital Goods
Market Outlook
March 21, 2013
Stock Watch
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
Cement
ACC
Neutral
1,148
21,556
11,358
12,366
19.9
19.6
75.1
74.9
15.3
15.3
2.9
2.7
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
176
27,086
9,730
11,221
25.6
25.0
10.2
11.3
17.2
15.5
3.1
2.8
18.7
19.0
2.6
2.1
India Cements
Neutral
83
2,536
4,439
4,789
16.7
17.2
6.8
9.1
12.2
9.1
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
111
143
1,303
2,119
2,478
22.9
22.3
20.3
22.8
5.5
4.9
1.0
0.8
18.0
17.7
0.8
1.0
Madras Cements
Neutral
246
5,848
3,960
4,270
27.4
27.0
18.6
21.1
13.2
11.7
2.4
2.0
19.7
18.9
2.2
1.9
Shree Cement^
Neutral
4,187
14,588
5,678
6,251
29.0
28.6
288.1
334.0
14.5
12.5
4.1
3.2
31.7
28.4
2.0
1.7
UltraTech Cement
Neutral
1,845
50,590
20,466
23,017
23.3
24.3
100.0
117.1
18.5
15.8
3.3
2.9
19.6
19.5
2.5
2.3
198
268
1,043
20,466
23,017
22.5
22.5
24.4
27.0
8.1
7.3
1.0
0.8
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
199
2,262
2,522
5.9
6.3
0.9
1.6
11.7
6.9
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
111
164
3,704
3,843
4,212
43.1
43.6
16.8
17.8
6.6
6.3
1.1
1.0
18.3
17.0
3.2
3.5
ITNL
Accumulate
184
225
3,572
6,564
7,054
27.2
27.4
26.3
29.0
7.0
6.3
1.1
1.0
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
21
35
629
3,773
6,706
6.9
8.4
(3.9)
2.9
(5.3)
7.1
0.3
0.3
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
68
97
15,179
14,243
16,382
26.2
26.1
3.2
4.3
21.3
15.8
1.1
1.1
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,438
1,788
88,462
60,666
69,525
10.6
11.2
71.9
85.0
20.0
16.9
3.1
2.7
14.5
15.2
1.7
1.5
Nagarjuna Const.
Accumulate
36
44
926
5,863
6,576
8.1
8.2
3.1
4.1
11.7
8.8
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
43
1,443
11,892
13,116
10.2
10.2
(0.4)
3.0
(101.9)
14.7
0.5
0.5
3.8
0.6
0.5
Sadbhav Engg.
Buy
113
157
1,702
1,642
2,642
9.7
10.1
3.2
7.2
35.2
15.6
2.0
1.8
6.0
12.1
1.3
0.9
Simplex Infra
Buy
127
197
628
6,026
7,135
9.1
9.3
14.1
24.6
9.0
5.2
0.5
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
29
58
212
2,180
2,455
13.7
13.4
12.9
14.8
2.2
1.9
0.3
0.2
12.1
12.5
0.5
0.5
Allahabad Bank
Buy
129
160
6,470
6,509
7,264
2.7
2.8
28.2
33.5
4.6
3.9
0.6
0.6
13.8
14.7
Andhra Bank
Neutral
94
5,246
4,795
5,475
3.0
3.0
21.8
21.9
4.3
4.3
0.7
0.7
15.4
13.8
Axis Bank
Buy
1,300
1,678
60,806
15,959
18,660
3.2
3.2
119.2
139.0
10.9
9.4
2.0
1.7
20.3
20.1
Bank of Baroda
Buy
687
850
28,261
14,889
17,393
2.5
2.6
108.2
134.0
6.4
5.1
0.9
0.8
15.3
16.7
Bank of India
Accumulate
300
350
17,859
12,793
14,823
2.3
2.4
49.5
65.1
6.1
4.6
0.9
0.8
13.6
16.0
Bank of Maharashtra
Accumulate
49
56
2,901
3,720
4,268
2.9
2.8
10.9
13.0
4.5
3.8
0.7
0.6
16.2
16.9
Canara Bank
Accumulate
389
463
17,239
10,783
12,000
2.1
2.3
64.8
82.2
6.0
4.7
0.8
0.7
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
Financials
69
5,101
7,158
8,217
2.4
2.6
13.1
20.1
5.3
3.5
0.8
0.6
10.3
14.3
391
465
5,797
4,919
5,634
2.1
2.2
96.7
99.9
4.1
3.9
0.7
0.6
16.3
14.9
90
107
3,133
3,090
3,462
2.7
2.7
25.6
24.6
3.5
3.6
0.6
0.5
19.2
15.9
Market Outlook
March 21, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
480
536
8,214
2,667
2,920
3.2
3.2
49.1
51.4
9.8
9.3
1.3
1.2
13.9
13.1
HDFC
Neutral
781
120,602
7,446
8,923
3.5
3.5
32.2
38.5
24.3
20.3
4.9
4.4
35.4
32.6
HDFC Bank
Neutral
627
148,934
21,724
26,578
4.3
4.3
28.7
36.1
21.9
17.3
4.2
3.5
20.7
22.1
ICICI Bank
Buy
1,002
1,302
115,537
22,317
26,217
2.9
3.0
72.0
84.6
13.9
11.8
1.8
1.6
14.9
15.9
IDBI Bank
Buy
83
106
10,630
8,196
9,305
1.9
2.1
15.4
22.3
5.4
3.7
0.6
0.5
10.7
14.1
Indian Bank
Buy
167
208
7,175
5,716
6,362
3.2
3.2
37.7
41.1
4.4
4.1
0.7
0.6
16.9
16.2
IOB
Buy
68
85
5,388
7,231
8,369
2.4
2.5
10.2
20.2
6.6
3.3
0.5
0.5
7.4
13.4
J & K Bank
Accumulate
1,227
1,406
5,950
2,784
2,932
3.7
3.7
229.2
199.6
5.4
6.2
1.2
1.1
24.6
18.2
LIC Housing Finance
Accumulate
220
257
11,110
1,722
2,080
2.2
2.2
19.9
24.6
11.1
9.0
1.7
1.5
16.6
17.9
Oriental Bank
Accumulate
245
314
7,134
6,360
7,004
2.6
2.8
48.1
59.4
5.1
4.1
0.6
0.6
12.1
13.5
Punjab Natl.Bank
Buy
744
957
25,223
19,202
22,040
3.2
3.4
146.8
167.9
5.1
4.4
0.9
0.8
17.6
17.5
South Ind.Bank
Buy
23
30
3,119
1,583
1,789
3.0
2.9
3.5
4.1
6.7
5.8
1.1
1.0
19.1
17.7
St Bk of India
Accumulate
2,118
2,514
142,111
60,594
70,439
3.3
3.3
221.9
257.4
9.6
8.2
1.6
1.4
17.4
17.7
Syndicate Bank
Accumulate
115
135
6,928
6,673
7,644
2.9
3.0
32.0
27.9
3.6
4.1
0.7
0.6
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
57
4,298
5,388
6,262
2.4
2.6
9.0
14.9
6.4
3.8
0.8
0.7
9.1
13.8
220
256
12,096
10,006
11,558
2.8
2.8
36.4
47.0
6.0
4.7
0.9
0.7
14.6
16.6
Buy
57
75
2,058
3,549
3,814
2.5
2.7
12.0
21.4
4.7
2.7
0.5
0.4
10.1
16.3
Vijaya Bank
Neutral
48
2,389
2,342
2,763
1.9
2.1
8.0
10.9
6.0
4.4
0.6
0.6
10.1
12.6
Yes Bank
Accumulate
432
526
15,468
3,364
4,260
2.8
3.0
36.3
42.6
11.9
10.1
2.7
2.2
24.6
23.6
4,994
47,901
11,198
13,319
15.9
15.7
122.1
147.1
40.9
34.0
13.8
10.8
37.7
35.7
4.2
3.5
FMCG
Asian Paints
Neutral
Britannia
Neutral
528
6,307
5,580
6,417
4.8
5.0
18.1
21.7
29.2
24.3
10.6
8.5
38.7
38.7
1.1
0.9
Colgate
Neutral
1,317
17,916
3,120
3,588
20.3
21.1
38.4
45.1
34.3
29.3
31.9
25.6
104.6
97.0
5.5
4.8
Dabur India
Neutral
136
23,625
6,196
7,183
16.3
16.8
4.5
5.5
30.1
24.8
12.5
9.7
43.4
44.0
3.9
3.3
GlaxoSmith Con*
Neutral
4,146
17,438
3,084
3,617
15.2
16.3
103.9
123.0
39.9
33.7
12.8
10.5
34.9
34.3
5.3
4.5
Godrej Consumer
Neutral
757
25,754
6,386
7,743
15.7
17.0
20.8
27.1
36.4
27.9
7.8
6.4
23.7
26.4
4.2
3.4
HUL
Neutral
469
101,336
25,350
28,974
13.3
13.5
15.1
17.0
31.0
27.7
24.7
17.6
85.7
74.3
3.7
3.2
ITC
Neutral
307
242,526
29,148
34,191
35.7
36.1
9.4
11.1
32.8
27.7
10.9
9.0
35.9
35.7
7.9
6.7
Marico
Neutral
224
14,420
4,747
5,402
13.6
13.6
6.3
7.8
35.3
28.6
7.2
5.9
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,702
45,331
8,302
9,739
22.0
21.5
110.7
130.8
42.5
36.0
25.2
18.1
69.5
58.6
5.5
4.6
Market Outlook
March 21, 2013
Stock Watch
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
Accumulate
128
145
7,937
7,272
7,998
9.1
9.9
6.9
8.1
18.7
16.0
2.0
1.9
8.9
9.7
1.1
0.9
HCL Tech^
Neutral
776
53,913
25,325
28,476
21.7
20.7
51.0
52.8
15.2
14.7
4.0
3.3
26.8
22.9
2.1
1.8
Hexaware*
Buy
87
113
2,576
1,948
2,136
20.9
18.3
10.9
10.1
8.0
8.6
2.1
1.8
27.2
21.0
1.1
0.9
Infosys
Neutral
2,869
164,763
40,746
44,283
28.9
28.8
162.6
172.9
17.7
16.6
4.2
3.5
23.5
21.3
3.5
3.1
Infotech Enterprises
Accumulate
172
184
1,916
1,881
1,987
17.9
17.4
18.5
19.4
9.3
8.8
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
103
134
1,984
2,234
2,477
15.8
15.2
10.9
12.8
9.4
8.0
2.0
1.6
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
124
14,645
7,711
8,683
21.6
20.3
8.7
11.3
14.3
11.0
3.4
2.6
30.6
23.7
1.6
1.3
Mindtree
Neutral
915
3,801
2,357
2,580
21.0
19.3
84.4
86.8
10.9
10.5
2.9
2.3
26.8
21.7
1.3
1.1
Mphasis&
Neutral
397
8,351
5,531
5,874
17.6
17.5
35.4
37.7
11.2
10.6
1.7
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
21
36
351
1,048
1,161
9.1
10.9
4.1
6.2
5.2
3.5
0.5
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
539
2,157
1,297
1,433
25.6
24.1
46.5
54.0
11.6
10.0
2.1
1.8
18.5
18.0
1.4
1.2
TCS
Reduce
1,557
1,465
304,759
62,954
70,871
29.0
28.9
71.6
79.1
21.8
19.7
7.2
5.8
33.2
29.7
4.7
4.1
Tech Mahindra
Accumulate
1,067
1,205
13,656
6,789
7,609
21.0
19.6
95.8
110.7
11.1
9.6
2.7
2.1
24.3
22.3
2.1
1.8
Wipro
Neutral
430
105,879
43,514
47,304
20.1
19.4
26.6
27.7
16.2
15.5
3.2
2.7
19.7
17.9
2.2
1.9
D B Corp
Accumulate
240
276
4,403
1,583
1,787
23.9
25.4
11.9
14.5
20.3
16.5
4.0
3.4
21.4
22.4
2.8
2.4
HT Media
Accumulate
100
113
2,343
2,061
2,205
14.0
15.1
6.6
7.9
15.0
12.7
1.5
1.3
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
96
125
3,027
1,511
1,698
23.2
23.4
6.4
7.3
14.9
13.1
3.7
3.3
25.9
26.6
2.2
1.9
PVR
Neutral
298
1,180
820
1,307
17.3
17.3
11.2
17.8
26.7
16.8
1.2
1.1
9.7
10.8
1.5
0.9
Sun TV Network
Neutral
417
16,437
1,942
2,237
77.2
75.5
17.6
19.1
23.7
21.8
5.7
5.1
25.8
25.2
8.6
7.4
Bhushan Steel
Neutral
457
10,349
10,746
13,982
30.8
31.1
43.3
55.5
10.6
8.2
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
298
368
188,133
66,666
70,292
25.7
27.3
24.2
26.6
12.3
11.2
3.6
2.9
33.1
29.1
2.1
1.8
Electrosteel Castings
Buy
18
28
633
1,984
2,074
10.6
11.6
1.8
2.6
10.4
7.1
0.3
0.1
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
115
149
48,697
12,002
13,759
49.7
50.8
14.7
16.4
7.8
7.1
1.5
1.3
21.1
19.8
2.3
1.6
Hindalco
Neutral
90
17,308
80,205
88,987
9.0
9.2
13.4
13.8
6.7
6.6
0.5
0.5
7.9
7.6
0.6
0.5
JSW Steel
Neutral
640
14,277
39,072
40,493
16.5
18.2
82.4
90.3
7.8
7.1
0.8
0.7
10.7
10.7
0.8
0.8
MOIL
Accumulate
222
246
3,725
933
954
46.9
45.5
25.8
26.1
8.6
8.5
1.4
1.2
16.7
15.1
1.7
1.6
Monnet Ispat
Buy
229
318
1,458
2,287
2,883
21.8
21.8
35.3
40.7
6.5
5.6
0.6
0.5
9.6
10.2
1.8
1.4
Nalco
Accumulate
37
46
9,562
6,630
8,357
11.4
14.5
2.1
3.3
17.5
11.4
0.8
0.8
4.6
6.9
0.9
0.8
NMDC
Buy
134
178
53,167
9,674
10,329
75.2
73.8
16.0
16.6
8.4
8.1
1.8
1.6
23.6
20.7
3.8
3.4
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 21, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
106
148
381
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
35
52
474
Buy
86
112
Cairn India
Buy
285
GAIL
Neutral
319
ONGC
Accumulate
301
Reliance Industries
Neutral
823
Gujarat Gas*
Neutral
262
3,358
3,707
Indraprastha Gas
Neutral
267
3,735
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
144
179
62
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
Aventis*
Neutral
2,505
Cadila Healthcare
Accumulate
736
Cipla
Accumulate
389
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
65
26,869
43,438
56,199
12.0
12.2
6.5
8.5
10.0
7.7
0.7
0.6
6.6
8.2
0.9
0.7
154
183
13,341
2,412
3,911
30.8
33.1
29.6
31.8
5.2
4.8
0.8
0.7
16.3
15.4
7.4
4.6
92
110
30,817
43,185
45,442
23.3
23.7
16.8
17.9
5.5
5.1
0.6
0.6
11.6
11.2
0.8
0.7
335
443
32,516 142,732 146,575
7.4
9.9
7.2
34.7
46.6
9.7
0.7
0.7
1.6
7.5
0.5
0.5
1,494
19.0
19.1
29.2
31.7
3.6
3.4
0.4
0.4
12.3
12.0
0.6
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.5
2.8
0.2
0.2
7.2
8.4
0.5
0.4
273
2,367
2,425
14.2
13.7
33.3
33.5
2.6
2.6
0.3
0.3
12.9
11.2
0.6
0.5
383
54,432
17,394
17,034
76.4
72.3
60.8
55.1
4.7
5.2
0.9
0.8
21.9
17.0
2.4
2.0
40,420
48,077
55,815
15.3
15.3
34.9
35.9
9.1
8.9
1.6
1.4
19.0
17.0
0.6
0.5
357
257,649 144,089 158,065
32.8
34.7
28.7
34.4
10.5
8.8
1.7
1.5
17.0
18.3
1.6
1.4
265,574 362,700 380,031
8.9
8.9
68.1
71.5
12.1
11.5
1.3
1.2
12.4
11.8
0.7
0.7
3,850
11.7
12.4
23.7
25.7
11.1
10.2
3.1
2.7
29.6
28.2
0.8
0.8
3,365
3,700
22.8
23.4
25.3
26.6
10.5
10.0
2.5
2.1
26.0
22.6
1.2
1.1
10,770
32,210
41,362
6.1
5.8
15.4
15.6
9.3
9.2
2.5
2.0
29.1
24.1
0.4
0.3
3,506
1,079
983
91.8
91.9
8.8
7.8
7.1
8.0
1.2
1.1
17.8
14.1
3.1
3.3
95
1,784
1,490
1,714
16.2
17.1
7.4
9.5
12.8
10.0
3.5
2.7
30.7
30.2
1.4
1.2
152
208
4,416
5,463
6,279
15.0
15.0
12.4
14.0
12.2
10.8
1.6
1.3
18.8
17.8
1.4
1.2
5,769
1,482
1,682
17.5
16.6
82.9
87.8
30.2
28.5
4.7
3.8
16.3
14.8
3.7
3.1
817
15,079
6,148
7,386
15.3
18.0
24.6
39.5
29.9
18.6
5.6
4.5
18.4
25.1
2.9
2.3
419
31,226
8,151
9,130
25.8
24.8
20.2
21.6
19.3
18.0
3.4
2.9
19.4
17.6
3.6
3.1
1,800
30,553
10,696
11,662
20.7
21.0
83.7
92.9
21.5
19.4
4.4
3.7
22.4
20.8
3.2
2.8
71
155
575
1,280
1,536
20.2
20.2
12.1
15.5
5.9
4.6
0.6
0.5
10.0
11.6
1.2
1.0
2,146
18,176
2,651
2,993
31.7
31.2
76.0
82.4
28.2
26.0
8.2
7.3
20.1
26.3
6.0
5.2
62
78
571
642
784
14.2
15.2
5.7
7.8
10.9
8.0
1.3
1.2
12.9
16.4
1.1
0.9
Accumulate
524
559
6,606
2,850
3,474
21.0
21.0
29.9
37.3
17.5
14.0
4.2
3.3
26.7
26.4
2.5
2.0
Lupin
Accumulate
627
655
28,038
8,426
10,082
19.7
20.0
26.1
31.1
24.0
20.2
5.6
4.5
25.8
24.7
3.4
2.8
Ranbaxy*
Neutral
440
18,619
12,253
11,400
14.1
12.5
31.2
21.6
14.1
20.4
4.6
3.9
37.9
20.6
1.5
1.5
Sun Pharma
Neutral
839
86,772
10,111
12,563
42.6
42.6
28.9
29.8
29.0
28.2
5.9
5.0
22.3
19.2
7.9
6.2
Neutral
74
1,126
1,502
1,535
32.1
31.9
11.4
12.5
6.5
6.0
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Market Outlook
March 21, 2013
Stock Watch
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
Accumulate
139
163
114,901
72,809
81,951
23.4
24.1
12.2
13.6
11.4
10.3
1.4
1.3
12.2
12.5
2.3
2.2
DLF
Accumulate
249
288
42,238
7,953
9,699
34.7
37.0
4.4
6.0
56.9
41.7
1.6
1.6
3.1
3.8
7.9
6.2
MLIFE
Accumulate
394
446
1,608
786
888
26.3
26.7
31.0
36.3
12.7
10.9
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
281
350
106,768
80,521
87,160
30.5
30.5
6.4
10.4
44.0
27.0
2.0
1.9
4.6
7.0
2.3
2.1
Idea Cellular
Neutral
108
35,836
22,087
23,927
26.6
27.7
2.9
3.9
37.0
27.7
2.6
2.3
6.9
8.4
2.3
2.0
Rcom
Neutral
57
11,703
21,087
22,067
31.8
31.9
2.6
4.0
21.6
14.2
0.3
0.3
1.5
2.2
2.4
2.2
13.1
13.5
79.0
90.8
16.8
14.7
3.7
3.1
23.7
22.8
1.2
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India
Buy
1,330
1,634
2,826
1,926
2,152
Bajaj Electricals
Buy
175
217
1,749
3,450
3,929
4.5
7.4
10.0
15.5
17.6
11.3
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
450
495
570
460
596
16.4
16.2
34.7
45.0
13.0
10.0
3.2
2.5
27.7
27.8
1.3
1.1
Cravatex
Buy
322
545
83
272
308
7.2
7.3
37.5
45.4
8.6
7.1
2.0
1.6
23.7
22.7
0.4
0.4
CRISIL
Neutral
900
6,322
982
1,136
34.3
34.3
34.3
40.0
26.2
22.5
11.9
9.5
50.9
46.9
6.0
5.1
Finolex Cables
Buy
43
61
651
2,268
2,559
9.5
10.0
9.0
10.1
4.8
4.2
0.7
0.6
14.8
14.6
0.2
0.2
Force Motors
Buy
350
550
457
2,027
2,299
4.6
5.1
35.3
50.0
9.9
7.0
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
253
304
584
1,559
1,676
7.1
7.4
27.5
30.5
9.2
8.3
1.5
1.3
16.9
16.7
0.2
0.2
Greenply Industries
Sell
349
309
843
1,925
2,235
10.6
10.9
29.6
44.1
11.8
7.9
1.9
1.6
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
126
347
905
1,025
4.8
6.0
7.7
12.4
16.4
10.2
1.6
1.4
9.9
14.4
0.5
0.4
2,499
2,842
2,210
2,117
2,491
8.1
7.8
140.5
157.9
17.8
15.8
2.7
2.3
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
588
744
1,034
1,069
1,223
9.7
9.7
40.0
46.5
14.7
12.6
2.1
1.8
15.1
15.3
1.0
0.8
ITD Cementation
Buy
183
239
211
1,455
1,630
12.0
12.1
23.2
31.2
7.9
5.9
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
166
2,670
816
979
14.5
14.9
5.2
6.0
32.1
27.5
3.7
3.4
8.8
10.2
3.5
2.9
MCX
Buy
886
1,440
4,518
553
624
65.3
66.3
62.5
72.0
14.2
12.3
3.9
3.4
27.5
27.4
5.2
4.1
MRF
Accumulate
11,967
14,331
5,075
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.2
6.7
1.4
1.2
22.0
19.4
0.6
0.5
Page Industries
Neutral
3,264
3,641
856
1,047
19.1
19.6
101.2
127.3
32.3
25.6
16.5
12.3
58.5
54.9
4.4
3.6
Relaxo Footwears
Buy
604
887
725
989
1,148
10.7
11.7
41.8
55.5
14.5
10.9
3.3
2.5
25.5
26.3
0.9
0.8
Sintex Industries
Buy
49
79
1,526
4,751
5,189
16.3
16.6
13.6
15.8
3.6
3.1
0.5
0.4
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
245
332
230
1,048
1,157
11.3
12.0
58.7
66.5
4.2
3.7
0.7
0.6
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
266
6,765
7,393
18.1
18.0
6.4
7.5
1.4
1.2
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
30
43
1,451
5,720
6,599
5.3
6.8
3.6
5.4
8.3
5.6
12.0
3.8
0.4
0.3
TAJ GVK
Buy
65
108
408
300
319
35.8
36.2
7.9
9.1
8.2
7.1
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 21, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.6
15.7
14.7
0.3
0.2
17.5
19.1
0.7
0.6
Others
Tata Sponge Iron
Buy
299
379
460
782
818
16.5
17.0
61.8
65.4
4.8
4.6
TTK Healthcare
Buy
404
655
313
393
439
5.9
6.7
21.1
26.7
19.1
15.1
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
189
276
144
1,461
1,591
5.6
7.1
6.9
39.4
27.3
4.8
1.1
0.9
3.8
20.6
0.3
0.3
1,842
24,089
10,473
11,939
15.0
15.8
30.4
56.9
60.6
32.4
4.6
2.9
10.8
12.3
3.1
2.4
323
355
656
591
623
17.5
17.2
29.0
29.6
11.2
10.9
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 20, 2013
Market Outlook
March 21, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

March 21, 2013

(0.7) (123.9) 18,884

(2.1) (277.3) 12,932

Indian markets extended losses yesterday on continued political uncertainty despite

OIL & GAS

CCI clears five oil and gas blocks

Refer detailed news analysis on the following page

Net Inflows (March 19, 2013)

FII Derivatives (March 20, 2013)

CCI clears five oil and gas blocks

Sadbhav Engg has bagged `382cr order from NHAI

Economic and Political News

FDI up 8% at US$2.2bn in January, 2013

Bharti Airtel launches 4G services in Chandigarh, Mohali and Panchkula

Country Event Description

March 21, 2013

March 26, 2013

Germany PMI Services

Initial Jobless claims

Germany PMI Manufacturing

Existing home sales

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

BOE Announces rates

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

April 12, 2013

April 16, 2013

May 15, 2013

Industrial Production YoY

Producer Price Index (mom)

Industrial Production (YoY)

Monthly Wholesale Prices YoY%

Real GDP (YoY)

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone GDP s.a. (QoQ)

Germany GDP nsa (YoY)

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

5.3 5.5 5.3

Exhibit 3: Monthly WPI inflation trends

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research