Professional Documents
Culture Documents
Dealers Diary
Domestic Indices
Indian markets are expected to open on a negative note following weak opening to
most of the Asian indices as weak Japanese retail sales data and South Korean
business confidence adds to signs of an economic slowdown.
BSE Sensex
Nifty
(0.9)
(46.8)
5,288
MID CAP
(0.5)
(32.2)
5,962
The US markets showed a lack of direction over the course of the trading day on
Wednesday, as traders largely ignored upbeat US economic data, including a
report from the Commerce Department showing slightly stronger than previously
estimated US economic growth in the second quarter. The report showed that the
GDP increased by 1.7% in the second quarter compared to the 1.5% growth
previously reported. A separate report from the National Association of Realtors
showed that pending home sales rose by 2.4% which was more than expected in
the month of July, reaching their highest level in over two years. Additionally, the
Federal Reserve released its Beige Book which indicated that US economic activity
continued to expand gradually in July and early August.
SMALL CAP
(0.9)
(54.7)
6,364
0.3
19.9
7,417
BSE PSU
(1.0)
(71.2)
6,959
BANKEX
(0.4)
(43.5) 11,501
AUTO
(1.4) (129.4)
9,344
METAL
(1.8) (179.9)
9,847
(1.1)
(94.3)
8,309
(0.9)
(51.4)
5,746
Chg (%)
(Pts)
(Close)
BSE HC
BSE IT
Global Indices
Dow Jones
Chg (%)
0.0
(Pts)
(Close)
4.5 13,107
NASDAQ
Markets Today
Straits Times
The trend deciding level for the day is 17,539 / 5,305 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,606 17,721 / 5,328 5,368 levels. However, if NIFTY trades below
17,539 / 5,305 levels for the first half-an-hour of trade then it may correct up to
17,423 17,356 / 5,265 5,243 levels.
Shanghai Com
WIT
0.2
0.0
$8.0
Indices
IBN
(0.3)
(0.1)
$33.1
0.6
0.2
$34.1
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,356
17,423
17,539
17,606
17,721
5,243
5,265
5,305
5,328
5,368
Nikkei
Hang Seng
Indian ADRs
INFY
HDB
Advances / Declines
News Analysis
FTSE
0.1
4.0
3,081
(0.6)
(32.2)
5,744
0.4
36.5
9,070
(0.1)
(23.3) 19,789
0.1
1.5
3,042
(1.0)
(19.9)
2,053
Chg (%)
(Pts)
(Close)
(0.8)
(0.3)
$42.8
BSE
NSE
Advances
1,060
457
Declines
1,720
1,008
150
94
Unchanged
Volumes (` cr)
BSE
1,839
NSE
9,000
` cr
Purch
Sales
FII
2,007
494
MFs
Net
MTD
YTD
1,838
169
2,331
59,697
718
(224)
(918)
(9,569)
Purch
Sales
Net
Index Futures
4,977
4,984
(7)
Open Interest
19,173
Stock Futures
5,910
6,489
(579)
27,074
Gainers / Losers
Gainers
Losers
Company
Price (`)
chg (%)
Wockhardt
1,190
6.7
JP Associates
United Spirits
Company
979
5.5
Educomp Solutions
Amtek Auto
90
3.8
Manappuram Fin.
Pipavav Defence
66
3.1
India Infoline
55
3.1
SAIL
www.angelbroking.com
Price (`)
chg (%)
64
(9.2)
136
(7.9)
34
(7.9)
340
(6.3)
78
(5.7)
Market Outlook
August 30, 2012
www.angelbroking.com
Market Outlook
August 30, 2012
same through the savings on the interest component on back of debt repayment.
On the EBDITA front, the EBDITA post the deal is expected to be around 14-15%
and consequent to the same the companys sales mix would be API: Formulation
of 70:30 and the EPS for FY2014 is expected to come down to `12-13. Thus, at
the current market price, the stock trades at 8.6xFY2014E earnings, leaving little
room for further upsides and hence we recommend a Neutral stance on the stock.
Result Review
Mphasis - 3QFY2012 (CMP: `370 / TP: Under review)
Mphasis announced its 3QFY2012 numbers which underperformed our
expectation on revenue front however came higher than expectations on the net
profit front. The dollar revenues came in at US$252mn, down 3.5% qoq, due to
softness in developed markets which led to ramp down in some projects from HP
channel. In INR terms revenues came in at `1,355cr, up merely 1.9% qoq. The
company again witnessed headcount reduction in Application as well as ITO
business, which led to increase in the respective utilization levels. EBITDA margin
of the company remained almost flat qoq at 19.7% as gains from INR
depreciation were absorbed due to wage hikes given during the quarter. PAT
came in at `209cr, aided by other income of `48cr. The company added 24 new
clients during the quarter, out of which 20 were added in direct channel. The stock
is currently under review.
Y/E
Sales
March
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,704
18.6
754
36.0
14.0
10.3
1.4
4.7
0.9
FY2014E
6,009
17.7
777
37.1
12.6
10.0
1.3
4.2
0.7
Corporate News
www.angelbroking.com
Market Outlook
August 30, 2012
Country
US
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
Thousands
Aug 25
372.00
370.00
Value
Aug F
(24.60)
(24.60)
Germany
Thousands
Aug
7.00
7.00
India
% Change
2Q
5.30
5.20
China
PMI Manufacturing
Value
Aug
50.10
50.00
Germany
PMI Manufacturing
Value
Aug F
45.10
--
India
Imports YoY%
% Change
Jul
(13.46)
--
India
Exports YoY%
% Change
Jul
(5.45)
--
UK
PMI Manufacturing
Value
Aug
45.40
--
Germany
PMI Services
Value
Aug F
48.30
--
Euro Zone
% Change
2Q P
(0.20)
--
UK
% Ratio
Sep 6
0.50
0.50
Euro Zone
Sep 6
0.75
0.75
UK
% Change
Jul
(4.30)
--
US
Thousands
Aug
163.00
120.00
US
Unnemployment rate
Aug
8.30
8.30
China
% Change
Aug
9.20
--
China
% Change
Aug
1.80
--
China
Exports YoY%
% Change
Aug
1.00
--
UK
% Change
Aug
(5.90)
--
India
% Change
Jul
(1.80)
--
US
% Change
Aug
0.30
--
US
Sep 13
0.25
--
Euro Zone
Aug
2.40
--
% Change
Aug
6.87
--
US
Aug
0.65
--
US
% Change
Aug
--
--
India
Sep 17
8.00
--
India
Sep 17
4.75
--
India
Sep 17
7.00
--
UK
CPI (YoY)
% Change
Aug
2.60
--
US
Millions
Aug
4.47
--
US
Housing Starts
Thousands
Aug
746.00
--
US
Building permits
Aug
811.00
--
US
Consumer Confidence
Sep
60.60
--
US
Thousands
S.A./
1985=100
Thousands
Aug
372.00
--
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
China
% Change
3Q
7.60
--
Euro Zone
India
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Market Strategy
August 30, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
9.8
10.0
9.4
7.5
8.0
8.0
9.2
8.5
9.0
6.0
8.2
7.4
6.0
8.0
7.6
3.4
5.3
5.0
2.5
2.7
2.5
6.1
5.9
6.0
1.0
2.0
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
9.9
Mfg. PMI
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Services PMI
58.0
9.5
7.7
8.0
Jan-12
(5.0)
60.0
10.0
(1.8)
(2.8) (0.9)
(6.0)
(%)
9.8
Dec-11
(4.0)
Nov-11
Oct-11
Sep-11
(2.0)
3.0
Aug-11
4.0
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
(%)
Jul-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
50.0
0.0
Oct-11
2.0
Sep-11
52.0
Aug-11
4.0
Oct-11
54.0
6.0
Aug-11
10.0
4.3
3.7
4.0
6.7
Jul-11
7.0
75.0
(%)
9.00
60.0
8.00
45.0
7.00
30.0
Repo rate
CRR
6.00
15.0
5.00
www.angelbroking.com
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Aug-11
(30.0)
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
(15.0)
Jul-11
0.0
Market Outlook
August 30, 2012
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
Neutral
130
2,528
1,466
1,686
14.8
14.8
7.0
8.1
18.6
16.1
3.9
3.4
22.6
22.5
1.8
1.6
United Phosphorus
Buy
116
170
5,352
8,421
9,263
16.5
16.5
15.0
17.0
7.7
6.8
1.1
1.0
15.6
15.5
0.8
0.7
Accumulate
373
402
3,183
2,844
3,225
15.4
15.5
31.7
36.6
11.8
10.2
3.0
2.4
28.8
26.2
1.0
0.9
Apollo Tyres
Accumulate
91
99
4,561
13,412
15,041
11.0
11.0
11.5
14.2
7.9
6.4
1.4
1.1
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
21
30
5,468
14,920
16,850
9.0
9.3
2.2
2.8
9.4
7.5
1.7
1.5
13.3
15.6
0.4
0.4
Automotive Axle
Buy
341
430
516
993
1,140
11.6
11.5
36.9
43.0
9.2
7.9
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,627
47,087
21,285
23,927
18.2
18.3
108.5
121.3
15.0
13.4
6.2
5.0
46.1
41.3
1.8
1.6
Bharat Forge
Buy
283
351
6,586
7,004
7,985
16.2
16.4
20.3
25.1
13.9
11.3
2.6
2.2
20.0
20.9
1.1
1.0
Bosch India
Neutral
8,641
27,132
9,034
10,286
17.8
18.3
373.6
435.8
23.1
19.8
4.8
3.9
20.5
19.8
2.7
2.3
CEAT
Buy
110
164
375
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Accumulate
134
149
11,356
5,899
6,771
16.0
17.0
7.4
9.1
18.2
14.6
3.2
2.8
19.0
20.2
1.6
1.3
FAG Bearings
Neutral
1,561
2,594
1,505
1,747
17.7
18.0
111.5
130.0
14.0
12.0
2.9
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,850
2,428
36,935
26,097
29,963
15.0
15.3
139.5
151.8
13.3
12.2
6.3
4.8
54.6
44.3
1.1
1.0
JK Tyre
Buy
107
135
439
7,517
8,329
6.1
6.3
26.2
38.5
4.1
2.8
0.5
0.4
13.4
17.2
0.3
0.3
773
879
47,433
36,536
41,650
11.6
11.5
49.3
54.9
15.7
14.1
3.2
2.8
22.1
21.1
1.0
0.9
1,169
33,759
42,887
49,079
5.5
6.6
66.8
87.6
17.5
13.3
2.0
1.8
12.1
14.1
0.6
0.5
Buy
186
216
7,270
23,342
26,366
7.8
8.2
13.3
18.0
13.9
10.3
3.3
2.6
26.2
28.4
0.5
0.4
Subros
Buy
29
34
173
1,230
1,378
8.8
8.6
4.5
5.7
6.4
5.1
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
234
292
12.8
12.8
39.0
43.9
6.0
5.3
1.7
1.3
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
38
43
1,815
7,545
8,301
6.2
6.1
4.9
5.4
7.8
7.1
1.4
1.2
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Capital Goods
ABB*
Sell
728
498
15,436
8,760
10,023
5.5
7.5
12.4
20.7
58.6
35.1
5.6
5.0
10.1
15.2
1.7
1.5
BGR Energy
Neutral
256
1,847
3,669
4,561
11.0
11.0
24.7
29.6
10.4
8.7
1.5
1.4
15.3
16.7
0.5
BHEL
Neutral
216
52,966
47,801
43,757
19.4
19.8
25.7
23.9
8.4
9.1
1.8
1.6
22.7
18.3
1.0
0.9
Blue Star
Neutral
175
1,572
3,047
3,328
5.4
6.9
12.5
16.2
14.0
10.8
3.4
2.8
26.1
28.2
0.6
0.5
Crompton Greaves
Buy
111
128
7,124
12,691
14,096
7.0
8.5
6.5
9.1
17.1
12.2
1.8
1.7
11.1
14.2
0.6
0.5
Jyoti Structures
Buy
38
59
312
2,622
2,801
10.3
10.7
8.7
13.1
4.4
2.9
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
57
69
1,463
6,858
7,431
7.5
8.3
9.0
11.5
6.3
5.0
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
1,953
2,200
2,369
2,727
11.7
11.7
143.4
166.0
13.6
11.8
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
490
5,839
5,514
5,559
8.9
9.6
26.9
28.4
18.2
17.3
3.2
2.8
18.4
17.1
1.0
1.0
www.angelbroking.com
Market Outlook
August 30, 2012
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
1,337
25,107
11,220
12,896
20.0
20.6
71.1
81.2
18.8
16.5
3.3
3.0
18.1
19.0
1.9
1.6
Ambuja Cements
Neutral
187
28,811
10,205
11,659
24.6
24.2
10.8
12.0
17.3
15.6
3.6
3.2
19.7
19.8
2.4
2.0
India Cements
Neutral
85
2,597
4,393
4,914
19.3
19.5
10.1
12.7
8.4
6.6
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
94
1,147
1,964
2,278
19.5
20.4
16.3
17.9
5.8
5.3
0.8
0.7
14.7
14.6
0.7
1.1
Madras Cements
Neutral
178
4,232
3,608
3,928
27.4
26.9
15.6
18.1
11.4
9.8
1.8
1.5
16.8
16.9
1.8
1.5
Shree Cements
Neutral
3,493
12,167
5,767
6,337
28.4
26.9
216.9
253.3
16.1
13.8
5.5
4.7
24.7
23.4
1.6
1.2
UltraTech Cement
Neutral
1,714
46,971
20,167
22,752
21.7
23.0
90.8
107.8
18.9
15.9
18.9
15.9
1.9
1.8
250
304
1,318
2,014
2,293
22.4
22.4
22.6
26.7
11.1
9.4
1.2
1.1
11.4
11.9
2.5
2.8
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
262
2,262
2,522
6.7
7.5
1.5
2.7
9.5
5.3
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
15
925
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(6.8)
(15.8)
0.8
1.0
(11.4)
(5.6)
1.1
1.1
IRB Infra
Buy
122
166
4,057
3,964
4,582
42.3
40.2
15.5
16.9
7.9
7.2
1.2
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
166
232
3,234
6,840
7,767
26.4
26.1
24.4
28.4
6.8
5.9
1.0
0.9
16.0
16.2
2.6
2.8
IVRCL Infra
Buy
39
61
1,033
5,510
6,722
8.8
9.0
2.5
4.6
15.3
8.5
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
64
91
13,599
15,259
17,502
25.7
24.7
4.2
5.0
15.1
12.8
1.2
1.2
8.5
9.3
2.2
1.9
Buy
1,350
1,553
82,864
60,474
69,091
12.1
11.5
79.7
85.4
16.9
15.8
2.9
2.5
16.3
15.1
1.5
1.3
Madhucon Proj
Buy
30
56
224
2,206
2,502
10.7
10.7
4.6
4.7
6.5
6.5
0.3
0.3
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
33
45
845
5,804
6,513
8.0
8.6
3.0
3.5
10.8
9.4
0.4
0.3
3.2
3.6
0.6
0.6
Patel Engg.
Neutral
67
469
3,609
3,836
13.1
13.1
14.0
14.6
4.8
4.6
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
45
1,506
11,892
13,116
8.9
8.9
1.7
3.1
26.7
14.7
0.5
0.5
1.9
3.4
0.5
0.5
Sadbhav Engg.
Buy
130
182
1,949
2,789
3,147
10.6
10.7
8.4
10.4
15.4
12.4
2.1
1.8
15.0
15.6
0.8
0.8
Simplex Infra
Buy
192
265
949
6,732
7,837
8.1
8.4
23.5
29.4
8.2
6.5
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
119
128
5,938
7,233
8,579
3.1
3.3
40.5
40.9
2.9
2.9
0.5
0.5
19.4
17.0
Andhra Bank
Neutral
91
5,067
4,959
5,787
3.1
3.1
22.7
24.5
4.0
3.7
0.6
0.6
16.0
15.3
Axis Bank
Buy
1,019
1,373
42,250
15,961
19,583
3.1
3.2
117.3
143.1
8.7
7.1
1.6
1.4
20.1
20.8
Bank of Baroda
Buy
624
829
24,446
15,830
19,300
2.6
2.7
118.9
147.1
5.3
4.2
0.8
0.7
16.7
18.0
Bank of India
Buy
259
323
14,887
13,159
15,851
2.4
2.5
61.1
71.1
4.3
3.7
0.7
0.6
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
www.angelbroking.com
44
2,571
3,471
3,889
3.1
3.1
9.0
11.5
4.8
3.8
0.6
0.6
13.7
15.5
313
421
13,846
11,334
13,629
2.2
2.3
75.4
85.1
4.2
3.7
0.6
0.6
15.2
15.3
64
4,696
7,181
8,365
2.5
2.7
16.3
21.8
3.9
2.9
0.7
0.6
12.7
15.1
Market Outlook
August 30, 2012
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
Financials
Corporation Bank
Buy
367
436
5,438
5,067
5,998
2.1
2.3
105.6
111.0
3.5
3.3
0.6
0.5
17.6
16.3
Dena Bank
Buy
86
107
3,014
3,177
3,595
2.8
2.8
25.2
25.4
3.4
3.4
0.6
0.5
18.9
16.4
Federal Bank
Accumulate
408
459
6,969
2,697
3,171
3.4
3.4
47.9
58.0
8.5
7.0
1.1
1.0
13.6
14.7
HDFC
Reduce
715
671
109,615
7,340
8,805
3.5
3.5
31.5
37.8
22.7
18.9
4.5
4.0
34.8
32.2
HDFC Bank
Neutral
589
138,946
21,936
27,454
4.4
4.4
28.7
36.0
20.6
16.4
3.9
3.3
20.7
22.0
ICICI Bank
Buy
917
1,169
105,440
22,356
27,157
2.9
3.0
68.7
82.0
13.4
11.2
1.6
1.5
14.2
15.5
IDBI Bank
Buy
84
101
10,681
7,952
9,876
1.9
2.2
18.5
23.6
4.5
3.5
0.6
0.5
12.8
14.7
Indian Bank
Buy
159
190
6,818
6,294
7,191
3.4
3.4
40.6
44.9
3.9
3.5
0.6
0.6
18.1
17.4
IOB
Buy
68
80
5,388
7,473
8,732
2.5
2.5
16.7
22.6
4.0
3.0
0.5
0.4
11.8
14.4
J & K Bank
Accumulate
927
1,026
4,494
2,625
2,921
3.6
3.5
194.4
191.9
4.8
4.8
0.9
0.8
21.2
18.0
Accumulate
245
279
12,387
1,867
2,338
2.4
2.4
21.1
28.5
11.6
8.6
1.9
1.6
17.5
20.4
Oriental Bank
Buy
214
278
6,245
6,518
7,458
2.8
2.9
61.3
65.1
3.5
3.3
0.5
0.5
15.2
14.3
Punjab Natl.Bank
Buy
666
950
22,605
20,116
23,625
3.3
3.4
152.8
173.9
4.4
3.8
0.8
0.7
18.2
18.0
South Ind.Bank
Buy
22
27
2,441
1,514
1,717
2.8
2.7
4.0
4.2
5.4
5.1
1.0
0.9
20.5
18.5
St Bk of India
Buy
1,829
2,270
122,754
64,470
75,940
3.5
3.5
224.4
258.7
8.2
7.1
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
93
119
5,601
6,840
7,996
2.9
3.0
25.7
29.2
3.6
3.2
0.6
0.5
17.9
17.8
UCO Bank
Neutral
63
4,164
5,488
6,338
2.4
2.5
17.3
17.7
3.6
3.5
0.7
0.6
17.0
15.3
Union Bank
Buy
152
230
8,368
10,299
12,227
2.9
3.0
42.1
49.3
3.6
3.1
0.6
0.5
16.7
17.1
United Bank
Buy
51
79
1,834
3,634
4,194
2.8
2.9
18.2
23.0
2.8
2.2
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
47
2,346
2,579
3,028
2.1
2.3
8.8
11.6
5.4
4.1
0.6
0.6
11.1
13.3
Yes Bank
Buy
331
453
11,736
3,255
4,228
2.8
3.0
34.2
42.7
9.7
7.7
2.1
1.7
23.3
23.8
3,701
35,504
11,198
13,184
16.3
16.3
121.0
144.8
30.6
25.6
10.3
8.1
37.4
35.3
3.1
2.6
488
584
5,824
5,835
6,824
5.7
6.0
20.7
25.4
23.6
19.2
9.3
7.1
43.1
41.9
0.9
0.8
1,185
16,112
3,018
3,429
20.9
22.3
34.6
41.0
34.2
28.9
31.5
23.9
99.5
94.1
5.2
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
125
21,743
6,124
7,030
17.0
16.8
4.5
5.2
27.9
24.1
11.5
9.1
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
2,881
12,115
3,124
3,663
17.1
17.6
104.5
123.8
27.6
23.3
8.6
6.9
34.4
32.8
3.5
2.9
Godrej Consumer
Neutral
680
23,139
6,097
7,233
18.4
18.6
21.9
26.5
31.1
25.7
6.9
5.7
25.5
25.4
4.0
3.3
HUL
Neutral
523
113,034
25,350
28,974
13.9
13.9
14.3
16.5
36.7
31.7
21.8
16.8
70.9
59.8
4.3
3.7
ITC
Neutral
269
211,334
29,513
33,885
35.4
35.8
9.3
10.8
29.0
25.0
9.6
8.0
35.6
35.0
6.9
5.9
www.angelbroking.com
Market Outlook
August 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
195
12,598
4,840
5,643
13.1
13.1
6.8
8.5
28.8
23.1
7.9
6.1
31.4
29.7
2.6
2.2
Nestle*
Neutral
4,693
45,250
8,610
10,174
20.9
21.2
114.8
139.8
40.9
33.6
24.7
17.2
71.2
60.3
5.3
4.4
Tata Global
Accumulate
125
136
7,742
7,207
7,927
9.7
10.0
6.6
7.9
18.9
16.0
1.9
1.8
8.6
9.5
1.0
0.9
HCL Tech
Accumulate
548
585
37,993
24,400
27,049
18.6
17.5
41.1
45.0
13.3
12.2
3.0
2.6
22.7
21.1
1.5
1.3
Hexaware
Accumulate
123
133
3,648
1,947
2,161
22.0
21.4
11.4
12.1
10.9
10.1
2.8
2.4
26.4
24.0
1.6
1.4
Infosys
Accumulate
2,390
2,530
137,224
39,151
41,743
31.6
31.9
161.9
174.5
14.8
13.7
3.5
3.0
23.8
22.1
2.9
2.6
Infotech Enterprises
Neutral
180
2,008
1,889
2,065
18.0
17.5
18.0
19.7
10.0
9.2
1.5
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
127
2,266
2,149
2,331
15.6
14.8
10.7
11.2
11.8
11.3
2.5
2.0
20.6
17.8
1.0
0.9
Mahindra Satyam
Neutral
96
11,274
7,574
8,062
19.6
18.4
9.5
9.7
10.1
9.9
1.6
1.4
16.1
14.1
1.1
0.9
Mindtree
Accumulate
650
708
2,656
2,341
2,513
18.6
17.1
66.5
70.8
9.8
9.2
2.2
1.8
22.3
19.3
1.0
0.8
Mphasis
Accumulate
369
390
7,752
5,704
6,009
18.6
17.7
36.0
37.1
10.3
10.0
1.4
1.3
14.0
12.6
0.9
0.7
NIIT
Buy
31
40
513
1,162
1,304
14.8
15.1
7.1
8.8
4.4
3.5
0.7
0.7
16.7
18.4
0.3
0.2
Persistent
Neutral
386
1,543
1,193
1,278
25.6
24.3
42.6
44.3
9.1
8.7
1.6
1.4
17.2
15.5
0.9
0.8
TCS
Neutral
1,343
262,767
61,046
67,507
29.3
29.1
67.3
72.4
19.9
18.5
6.4
5.3
31.9
28.3
4.1
3.7
Tech Mahindra
Neutral
836
10,662
6,148
6,434
18.4
17.6
91.8
97.6
9.1
8.6
2.1
1.7
23.4
20.2
1.7
1.6
Wipro
Buy
365
420
89,747
43,492
48,332
19.4
19.3
25.1
28.0
14.5
13.0
2.7
2.3
18.6
18.0
1.7
1.5
D B Corp
Buy
184
236
3,381
1,597
1,785
22.9
24.2
11.1
13.9
16.6
13.2
3.2
2.7
20.2
22.1
2.0
1.8
HT Media
Buy
93
113
2,193
2,111
2,263
15.2
15.2
7.3
8.1
12.7
11.5
1.4
1.2
11.2
11.2
0.6
0.4
Jagran Prakashan
Buy
92
112
2,902
1,506
1,687
22.5
23.2
6.2
7.0
14.8
13.1
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
184
477
625
732
17.4
17.1
13.3
15.6
13.8
11.7
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
285
11,237
1,981
2,239
77.0
76.7
18.6
21.3
15.4
13.4
3.9
3.4
27.1
27.5
5.1
4.4
Bhushan Steel
Neutral
465
9,868
11,979
14,584
31.6
31.0
49.2
61.4
9.5
7.6
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Accumulate
360
385
227,200
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.7
4.0
3.2
32.5
28.1
2.3
2.0
Electrosteel Castings
Buy
19
23
649
1,984
2,074
11.2
12.6
2.5
2.9
7.6
6.5
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Buy
123
144
51,866
12,446
13,538
52.3
52.9
14.3
15.5
8.6
7.9
1.6
1.4
20.5
18.9
2.3
1.7
Hindalco
Neutral
104
19,864
84,855
92,446
8.7
9.3
13.2
16.2
7.9
6.4
0.6
0.5
7.8
8.9
0.6
0.5
JSW Steel
Neutral
690
15,392
38,740
41,459
17.3
17.0
79.9
89.4
8.6
7.7
0.9
0.8
10.4
10.6
0.8
0.8
MOIL
Buy
233
271
3,916
918
993
50.7
50.9
24.5
26.1
9.5
8.9
1.5
1.3
16.0
15.5
1.9
1.7
Monnet Ispat
Buy
289
379
1,859
2,511
3,303
23.8
26.0
46.3
57.3
6.3
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
www.angelbroking.com
Market Outlook
August 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
50
12,925
192
214
76,083
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
7,401
7,841
16.7
19.2
12,934
14,266
79.4
80.1
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
3.4
4.1
14.7
12.3
1.1
1.0
21.1
23.4
9.1
8.2
2.4
2.0
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
7.4
8.4
1.3
1.2
29.6
26.5
4.0
3.4
Neutral
NMDC
Accumulate
SAIL
Neutral
78
32,218
47,252
60,351
14.2
14.8
9.6
11.7
8.2
6.7
0.7
0.7
9.4
10.6
1.1
0.9
Sesa Goa
Accumulate
173
192
15,001
7,704
8,034
33.6
34.6
42.0
43.1
4.1
4.0
0.8
0.7
22.3
19.2
0.2
(0.2)
Sterlite Inds
Buy
100
115
33,472
41,680
45,382
24.2
23.2
16.3
16.9
6.1
5.9
0.7
0.6
11.3
10.7
0.5
0.3
Tata Steel
Buy
374
481
10.3
11.2
48.6
63.3
7.7
5.9
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
118
148
424
1,251
1,321
22.7
23.4
33.0
37.1
3.6
3.2
0.5
0.4
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
53
73
706
2,694
2,906
14.6
16.6
17.9
22.6
2.9
2.3
0.3
0.3
11.4
12.8
0.5
0.4
Buy
115
161
364
2,341
2,425
15.6
17.3
33.8
43.8
3.4
2.6
0.4
0.3
13.2
14.4
0.5
0.5
Cairn India
Accumulate
339
380
64,710
16,605
17,258
75.4
71.7
57.0
54.9
6.0
6.2
1.1
0.9
20.2
16.3
2.9
2.3
GAIL
Neutral
365
46,274
50,176
55,815
15.5
15.8
35.4
36.5
10.3
10.0
1.8
1.6
18.9
17.0
0.1
ONGC
Accumulate
276
312
33.9
33.7
30.7
32.3
9.0
8.5
1.6
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
782
Gujarat Gas
Neutral
292
Indraprastha Gas
Neutral
244
3,416
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
151
176
11,359
80
4,496
Alembic Pharma
Buy
68
91
Aurobindo Pharma
Buy
112
156
Aventis*
Neutral
2,193
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Reduce
GSK Pharma*
Neutral
Indoco Remedies
Buy
64
92
589
Ipca labs
Accumulate
417
475
5,260
Lupin
Accumulate
579
647
25,856
Orchid Chemicals
Buy
112
140
787
Neutral
www.angelbroking.com
7.9
8.0
61.5
64.3
12.7
12.2
1.3
1.2
10.3
9.9
0.7
0.6
3,267
16.1
11.5
21.2
19.2
13.7
15.2
4.7
4.0
33.4
28.7
1.4
1.0
3,040
3,135
24.3
26.7
24.8
27.9
9.8
8.8
2.3
1.9
25.5
23.6
1.2
1.0
22,696
29,145
8.1
6.6
14.1
14.2
10.7
10.7
3.2
2.6
34.1
26.9
0.6
0.4
1,041
939
91.8
91.9
8.5
7.4
9.4
10.8
1.6
1.4
18.1
14.0
5.2
5.7
1,277
1,624
1,855
14.2
15.6
6.6
9.1
10.3
7.5
2.5
1.9
27.9
29.2
0.9
0.8
3,266
5,243
5,767
14.6
14.6
11.8
12.6
9.5
8.9
1.0
0.4
17.9
16.4
1.1
1.0
5,050
1,482
1,682
15.5
15.5
95.0
104.0
23.1
21.1
4.1
3.2
18.6
17.0
3.2
2.7
883
953
18,080
6,148
7,386
18.6
19.6
36.0
46.1
24.5
19.2
5.8
4.6
25.8
26.8
3.1
2.6
366
399
29,411
8,031
9,130
23.4
22.4
18.4
20.0
19.9
18.3
3.3
2.8
17.8
16.6
3.4
2.9
1,689
28,668
10,696
11,662
20.7
21.0
83.7
92.9
20.2
18.2
4.2
3.5
22.4
21.0
3.0
2.6
100
92
805
1,280
1,536
17.8
17.8
9.2
11.3
10.8
8.8
0.8
0.8
7.7
8.5
1.3
1.1
2,096
17,754
2,651
2,993
31.7
31.2
76.0
82.4
27.6
25.4
8.0
7.1
20.1
26.3
5.9
5.1
685
837
15.2
15.2
7.4
8.9
8.6
7.2
1.3
1.1
16.4
17.0
1.0
0.9
2,850
3,474
20.7
20.7
29.2
36.6
14.3
11.4
3.4
2.7
26.1
26.1
2.0
1.6
8,426
10,082
19.7
20.0
27.4
32.4
21.1
17.9
5.1
4.1
26.0
24.7
3.1
2.6
2,117
2,434
17.7
17.7
16.7
22.2
6.7
5.0
0.6
0.6
9.5
11.5
1.0
0.8
3,739
2,472
Market Outlook
August 30, 2012
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
Pharmaceuticals
Ranbaxy*
Neutral
554
23,389
12,046
11,980
18.0
15.8
35.7
29.8
15.5
18.6
6.0
4.8
39.1
28.9
2.0
1.9
Sun Pharma
Neutral
676
69,913
9,752
12,134
41.6
41.6
26.0
28.2
26.0
24.0
4.9
4.2
20.3
18.8
6.4
5.0
CESC
Accumulate
304
342
3,794
5,218
5,644
24.2
23.8
44.6
47.6
6.8
6.4
0.7
0.7
11.0
10.6
1.0
1.1
GIPCL
Accumulate
NTPC
Neutral
Power
68
77
1,025
1,557
1,573
29.3
28.7
10.8
11.0
6.3
6.2
0.7
0.6
10.8
10.2
1.1
1.0
172
142,069
74,111
85,789
23.2
23.6
12.4
14.0
13.9
12.3
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
45
78
1,324
657
875
52.0
56.1
8.4
12.7
5.3
3.5
0.3
0.3
6.3
8.9
3.3
2.5
192
32,527
9,878
12,033
44.7
46.1
9.6
13.4
20.0
14.3
1.3
1.2
6.4
8.7
5.8
HDIL
4.8
Buy
70
115
2,937
2,441
3,344
55.1
48.2
22.7
26.6
3.1
2.6
0.3
0.2
8.8
9.4
3.1
MLIFE
2.3
Buy
344
396
1,404
813
901
26.2
26.6
32.0
37.1
10.7
9.3
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
242
92,014
79,542
87,535
30.9
32.2
10.3
15.0
23.6
16.1
1.7
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
75
24,659
22,988
25,333
26.4
26.9
3.5
4.9
21.5
15.2
1.7
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
48
9,959
21,553
22,494
31.0
30.7
3.5
4.5
13.9
10.8
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,580
3,358
1,602
1,833
10.4
11.8
54.7
71.7
28.9
22.0
5.5
4.6
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
171
234
1,706
3,569
4,172
8.1
8.8
16.3
21.3
10.5
8.0
2.2
1.8
21.7
24.6
0.5
0.4
Cera Sanitaryware
Accumulate
319
352
404
396
470
16.7
16.5
28.0
33.2
11.4
9.6
2.3
1.9
23.8
23.1
1.1
1.0
Cravatex
Buy
442
785
114
302
364
5.7
6.0
49.0
71.0
9.0
6.2
2.7
1.9
29.8
30.7
0.5
0.4
CRISIL
Neutral
904
6,345
982
1,136
34.3
34.3
34.3
40.0
26.3
22.6
11.9
9.5
50.9
46.9
6.0
5.1
Finolex Cables
Buy
37
61
565
2,334
2,687
8.8
9.3
7.6
10.2
4.8
3.6
0.6
0.5
13.7
16.1
0.2
0.1
Force Motors
Buy
435
591
567
2,214
2,765
4.5
5.4
39.5
73.9
11.0
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Accumulate
334
370
771
1,543
1,646
8.1
9.2
32.3
39.4
10.3
8.5
2.1
1.8
21.7
22.4
0.3
0.2
Graphite India
Buy
78
113
1,531
2,158
2,406
18.1
18.9
12.4
14.0
6.3
5.6
0.8
0.8
14.0
14.3
0.8
0.7
Greenply Industries
Buy
193
309
466
1,925
2,235
10.6
10.9
29.6
44.1
6.5
4.4
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Accumulate
203
229
810
1,586
1,685
17.9
18.1
16.1
25.7
12.6
7.9
0.9
0.9
7.5
11.6
1.2
1.1
Hitachi
Buy
111
130
255
868
977
3.9
6.6
2.7
10.9
40.4
10.2
1.5
1.3
3.7
13.6
0.4
0.3
Honeywell Automation
Accumulate
2,497
2,842
2,208
1,847
2,162
4.3
7.3
61.0
120.0
40.9
20.8
3.2
2.8
9.3
16.3
1.1
0.9
Accumulate
654
744
1,150
1,056
1,081
8.1
10.6
33.8
46.5
19.3
14.1
2.7
2.3
14.7
17.5
1.0
0.9
ITD Cementation
Accumulate
224
241
258
1,451
1,669
12.3
12.4
32.4
41.5
6.9
5.4
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
149
2,404
1,248
1,468
9.8
10.4
5.9
7.2
25.2
20.8
3.6
3.3
15.0
16.6
2.3
1.9
MCX
Buy
1,121
1,440
5,717
553
624
65.3
66.3
62.5
72.0
18.0
15.6
4.9
4.3
27.5
27.4
7.3
6.0
Telecom
zOthers
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Market Outlook
August 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
EPS ( )
FY14E
FY13E
PER(x)
FY14E
FY13E
P/BV(x)
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
MRF
Buy
9,969
12,884
4,228
11,804
12,727
10.4
7.7
7.0
1.5
1.2
21.3
19.4
0.5
0.4
Page Industries
Neutral
3,031
3,381
887
1,108
18.3
18.6
95.0
120.9
31.9
25.1
16.7
13.5
57.4
59.5
3.9
3.1
Relaxo Footwears
Buy
583
684
700
1,019
1,208
12.3
13.0
51.0
68.4
11.4
8.5
3.0
2.2
30.3
30.2
0.9
0.7
Sintex Industries
Buy
54
79
1,484
4,751
5,189
16.3
16.6
13.6
15.8
4.0
3.5
0.5
0.5
12.9
13.2
0.7
0.5
Buy
295
392
277
1,042
1,173
12.4
12.5
66.3
78.5
4.5
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
19
38
559
7,279
8,290
20.5
20.5
13.4
16.3
1.4
1.2
0.2
0.1
12.3
13.1
0.7
0.6
SpiceJet
Buy
31
43
1,494
5,720
6,599
5.3
6.8
3.6
5.4
8.6
5.8
12.4
3.9
0.4
0.3
TAJ GVK
Buy
61
108
384
300
319
35.8
36.2
7.9
9.1
7.8
6.7
1.0
0.9
13.9
14.4
1.6
1.3
Buy
298
424
458
787
837
16.2
17.5
58.5
66.9
5.1
4.5
0.7
0.6
14.9
15.1
0.2
0.1
TVS Srichakra
Accumulate
317
335
243
1,476
1,643
7.1
8.2
24.7
42.8
12.9
7.4
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
979
12,802
10,289
11,421
13.5
14.3
31.0
42.9
31.5
22.8
2.5
2.2
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
351
712
560
611
16.1
17.0
24.7
28.8
14.2
12.2
2.1
1.9
15.8
16.2
1.2
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 29, 2012
www.angelbroking.com
Market Outlook
August 30, 2012
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