Market Outlook Market Outlook: Dealer's Diary

Market Outlook
October 10, 2012
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the red today, tracking a weak
opening of the SGX Nifty, which is down by 0.4% in early trade. Most of the Asian
markets are trading in the negative zone.
BSE Sensex
0.4
84.0 18,793
Nifty
0.5
29.0
5,705
MID CAP
0.5
30.6
6,680
The US markets moved sharply lower on Tuesday, weighed down by concerns

about the outlook for the global economy. The International Monetary Fund (IMF)
in its world economic outlook has lowered its global growth forecast for 2012 to
3.3% from 3.5% earlier, while its 2013 forecast was also reduced by 0.3
percentage points to 3.6%. IMFs lowering of global growth forecast, along with
warning that the risks for a serious global slowdown are alarmingly high added to
the investor concerns. The markets also kept an eye on Europe, where finance
ministers of the region held a second day of meetings after formally launching the
European Stability Mechanism on Monday.
SMALL CAP
0.3
22.9
7,157
BSE HC
1.1
85.7
7,602
BSE PSU
0.1
6.8
7,453
BANKEX
0.7
92.0 13,143
(0.0)
(4.5) 10,356
Meanwhile key benchmark indices ended higher on Tuesday after closing lower for
two consecutive trading sessions. US Treasury Secretary Timothy Geithner on
Tuesday said India's recent steps to further open its market to foreign investors will
help provide a foundation for India's strong economic growth. Going ahead, the
market would keenly observe the 2QFY2013 earnings season starting off this
week.
Dow Jones
(0.2)
(26.5) 13,584
NASDAQ
(0.8)
(23.8)
3,112
FTSE
(0.2)
(12.2)
5,830
Nikkei
(1.1)
(93.7)
8,770
Markets Today
METAL
OIL & GAS
BSE IT
Global Indices
Hang Seng
Straits Times
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,637
18,715
18,800
18,879
18,964
NIFTY
5,653
5,679
5,704
5,730
5,754
News Analysis
IMF revises its global growth forecast downwards
Shome Committee recommendations to boost investor-confidence
Government reduces duty drawback rates on exports
Purch
Sales
FII
3,317
351
MFs
Net
MTD
YTD
2,380
936
26,245
69,763
813
(463)
(4,159)
(10,727)
FII Derivatives (October 09, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,021
1,028
(7)
16,453
Stock Futures
1,138
1,225
(87)
29,882
Gainers / Losers
Gainers
Company
United Spirits
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
1,261
6.7
Idea Cellular
82
(3.2)
125
5.5
Gail India
381
(2.8)
64
4.8
Motherson Sumi
159
(2.7)
Biocon
282
4.6
Adani Enter
221
(2.6)
Aurobindo Phar
150
4.4
Apollo Hosp
773
(2.6)
Rajesh Exports
JSW Energy
www.angelbroking.com
50.9 10,550
(0.4)
(38.6)
8,568
1.1
64.2
5,892
(Pts)
(Close)
Chg (%)
0.5
112.7 20,937
3,066
2.0
40.8
2,115
Chg (%)
(Pts)
(Close)
INFY
(0.9)
(0.4)
$47.5
WIT
(2.1)
(0.2)
$8.7
IBN
(0.9)
(0.4)
$40.3
HDB
(0.7)
(0.3)
$38.1
Indian ADRs
Advances / Declines
BSE
NSE
Advances
1,534
807
Declines
1,343
648
131
78
Volumes (` cr)
Net Inflows (October 08, 2012)

` cr
(Close)
(10.7)
Unchanged
Refer detailed news analysis on the following page
0.5
(Pts)
(0.4)
Shanghai Com
The trend deciding level for the day is 18,800 / 5,704 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,879 18,964 / 5,730 5,754 levels. However, if NIFTY trades below
18,800 / 5,704 levels for the first half-an-hour of trade then it may correct up to
18,715 18,637 / 5,679 5,653 levels.
AUTO
Chg (%)
BSE
2,351
NSE
11,017
Market Outlook
October 10, 2012
IMF revises its global growth forecast downwards

In its latest World Economic Outlook, the International Monetary Fund (IMF)
revised global growth downwards to 3.3% for CY2012 and 3.6% for CY2013 due
to signs of weakness in recovery of growth. The IMF highlighted that downside
risks to growth emanating from advanced economies due to fiscal imbalances and
weak banking system are adversely impacting growth in emerging and developing
markets. At the same time it also emphasized that effective policy response by
advanced economies by avoiding tail-risk scenarios is likely to improve growth
prospects and abate risks to growth.
The IMF revised its growth forecasts for advanced economies to 1.3% in CY2012
and 1.5% in CY2013. For emerging markets and developing economies it revised
the growth forecast to 5.3% in CY2012 and 5.6% in CY2013. It slashed Indias
growth forecast, for CY2012, sharply to 4.9% vis--vis its forecast of 6.2% in the
month of July citing adverse impact of factors such as slow approvals for new
projects, sluggish structural reforms, high policy rates and slowing external
demand.
Shome Committee recommendations to boost investorconfidence

The Parthasarathi Shome Committee constituted to undertake stakeholder
consultations and finalize the guidelines for General Anti Avoidance Rules (GAAR)
has recommended that an amendment to the income-tax law seeking to tax
indirect transfers of Indian assets should apply prospectively and only on those
who make capital gains. Even in rarest of rare cases where retrospective taxes
are applied it recommends exhaustive and transparent consultation with
stakeholders and waiver on interest levies or penalties. It also recommends the
exclusion of FIIs, listed companies P-notes and stock market transactions from the
ambit of the retrospective amendment.
This development is expected to come as a major relief for investors and thereby
abate tax uncertainty and boost investor confidence in the economy. The draft
report has been put up for public discussion and comments until October 19,
2012. The government having unleashed a slew of reforms to boost investor and
business sentiment is likely to broadly accept the recommendations and thus we
expect it to be sentiment positive for markets.
Government reduces duty drawback rates on exports

In a notification, the Ministry of Finance has reduced duty drawback rates on
exports. As per the notification, duty drawback rates on motorcycles, threewheelers and medium and heavy commercial vehicles (MHCV) have been reduced
to 2% from 5.5% previously. In light commercial vehicles, duty drawback rates
have been reduced to 2% from 4% earlier, while the rates have been largely
unchanged for the passenger cars segment at 3%. For the auto ancillary
companies, rates have been reduced from 3-5% to around 2.5-4%. These new
rates will be effective from 10 October, 2012.
Within our coverage universe, Bajaj Auto, Ashok Leyland, TVS Motor and Bharat
Forge are amongst the largest exporters and derive 12-47% of their revenues from
exports. As such, we believe these companies will be the most affected by the cut in
the duty drawback rates. However, most of the companies have announced that
Market Outlook
October 10, 2012
they will increase the prices in the export markets which will likely offset the
negative impact of duty cut. Nonetheless, given the current macro economic
conditions we believe that it will be challenging for the companies to pass on the
price increases completely. In the event of no pricing action, the export revenues of
the companies will be impacted negatively which will pressurize operating margins
as well as the bottom-line (FY2014 earnings expected to decline by 2-7% for these
companies).
Exports revenue as a percentage of sales

Companies
FY2011
FY2012
Ashok Leyland
9.7
11.6
Bajaj Auto
27.1
33.0
TVS Motor
13.6
15.5
Bharat Forge (standalone)
41.1
47.0
Source: Company, Angel Research
Bloomberg consensus
IndusInd Bank - (10/10/2012)
Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
244
193
26
236
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
1,507
1,565
(4)
1,417
Net profit
HDFC Bank - (12/10/2012)

Particulars (` cr)
Net profit
Infosys Ltd - Consolidated (12/10/2012)

Particulars (` cr)
2QFY13E
2QFY12
y-o-y (%)
1QFY13
q-o-q (%)
Net sales
9,898
8,099
22
9,616
Net profit
2,378
1,906
25
2,289
Economic and Political News
CAG, government not adversaries, says Finance Minister

Panel seeks Attorney Generals opinion on 2G spectrum fees
National Pharmaceutical Pricing Authority issues notice to drug firms
Corporate News
R-Power raises US$302mn via ECB for solar projects

Ranbaxy launches Evoxac generic in US
IPO of RINL issue deferred again
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
October 10, 2012
Result Calendar
Date
Company
October 10, 2012
IndusInd Bank
October 11, 2012

October 12, 2012
Infosys, HDFC Bank
October 13, 2012

October 14, 2012
October 15, 2012
Reliance Industries, HT Media, LMW
October 16, 2012

October 17, 2012
HCL Tech, CRISIL
October 18, 2012
Ambuja Cements, ACC, Persistent
October 19, 2012
Mundra Port, Adani Power, Exide Industries, Zee Entertainment
October 20, 2012
M&M, Bajaj Auto, UltraTech Cement, Federal Bank
October 21, 2012

October 22, 2012
HDFC, Cairn India
October 23, 2012
Hero Motocorp
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Last Reported
Estimated
Oct 11 2012 12:00AM US
Initial Jobless claims
Thousands
Oct 6
367.00
370.00
Oct 12 2012 12:00AM US
Producer Price Index (mom)
% Change
Sep
1.70
0.80
Industrial Production YoY
% Change
Aug
0.10
1.10
Exports YoY%
Monthly Wholesale Prices
YoY%
Consumer Price Index (YoY)
% Change
Sep
2.70
5.80
% Change
Sep
7.55
7.70
% Change
Sep
2.00
1.90
CPI (YoY)
% Change
Sep
2.50
--
Sep
2.60
--
India
Oct 13 2012 12:00AM China
Oct 15 2012 12:00AM India
China
Oct 16 2012 12:00AM UK
Euro Zone
Euro-Zone CPI (YoY)
US
Industrial Production
Sep
(1.16)
0.20
US
Consumer price index (mom)
% Change
Sep
0.60
0.50
Housing Starts
Thousands
Sep
750.00
770.00
US
Building permits
Thousands
Sep
801.00
810.00
UK
Jobless claims change
% Change
Sep
(15.00)
--
Industrial Production (YoY)
% Change
Sep
8.90
9.00
Real GDP (YoY)
% Change
3Q
7.60
7.40
Millions
Sep
4.82
4.75
Value
Oct A
(25.90)
--
Oct 17 2012 12:00AM US
Oct 18 2012 12:00AM China

China
Oct 19 2012 12:00AM US
Oct 23 2012 12:00AM Euro Zone
Bloomberg Data
Existing home sales

Euro-Zone Consumer
Confidence
Market Strategy
October 10, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.5
8.0
6.0
8.0
7.6
6.0
6.7
7.0
6.1
5.7
5.3 5.5
5.0
2.0
(6.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
(1.8)
(5.0)
60.0
9.9
(1.3)
Exhibit 4: Manufacturing and services PMI
(%)
10.0
Dec-11
Nov-11
(2.8)
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.6
6.9
7.6
56.0
Source: MOSPI, Angel Research
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Sep-11
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
48.0
Dec-11
50.0
0.0
Nov-11
2.0
Oct-11
52.0
Sep-11
4.0
Oct-11
54.0
6.0
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
Repo rate
Reverse Repo rate
CRR
8.00
7.00
6.00
4.50
5.00
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Sep-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
Sep-12
15.0
(15.0)
Oct-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
Source: CSO, Angel Research
Sep-11
(2.0)
10.0
0.1
1.0
3.5
3.0
12.0
2.7
2.5
Oct-11
4.0
2.5
4.3
3.4
Aug-11
6.0
4.0
Market Outlook
October 10, 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
Agri / Agri Chemical

Rallis
Neutral
149
2,901
1,466
1,686
14.8
14.8
7.0
8.1
21.3
18.4
4.5
3.9
22.6
22.5
2.0
1.7
United Phosphorus
Buy
131
170
6,041
8,421
9,263
16.5
16.5
15.0
17.0
8.7
7.7
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
223
3,810
2,844
3,275
15.4
15.6
15.9
18.8
14.0
11.9
3.6
2.9
28.9
26.9
1.2
1.1
Apollo Tyres
Accumulate
86
99
4,330
13,412
15,041
11.3
11.0
12.1
14.2
7.1
6.1
1.3
1.1
19.6
19.2
0.5
0.4
Ashok Leyland
Buy
24
30
6,399
14,920
16,850
9.0
9.3
2.2
2.8
11.0
8.8
2.0
1.8
13.3
15.6
0.5
0.5
Automotive Axle#
Neutral
386
582
993
1,140
11.6
11.5
36.9
43.0
10.4
9.0
2.1
1.8
21.2
21.3
0.7
0.5
Bajaj Auto
Neutral
1,745
50,505
21,285
23,927
18.2
18.3
108.5
121.3
16.1
14.4
6.7
5.4
46.1
41.3
2.1
1.8
Bharat Forge
Accumulate
306
351
7,115
7,004
7,985
16.2
16.4
20.3
25.1
15.0
12.2
2.8
2.4
20.0
20.9
1.2
1.0
Bosch India*
Neutral
8,693
27,296
8,793
10,294
17.4
18.5
348.3
435.8
25.0
20.0
4.8
4.0
19.4
20.1
2.8
2.3
CEAT
Buy
114
164
389
4,989
5,634
8.7
8.5
32.7
41.1
3.5
2.8
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
151
12,805
5,913
6,787
16.0
17.0
7.4
9.2
20.4
16.4
3.7
3.1
19.1
20.3
1.9
1.6
FAG Bearings*
Neutral
1,751
2,910
1,505
1,768
17.5
18.0
111.2
132.7
15.7
13.2
3.3
2.7
22.8
22.2
1.7
1.4
Hero Motocorp
Accumulate
1,804
2,077
36,025
24,941
28,706
15.0
15.5
122.5
134.0
14.7
13.5
6.5
5.1
49.6
42.2
1.2
1.0
JK Tyre
Buy
109
135
448
7,517
8,329
6.1
6.3
26.2
38.5
4.2
2.8
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
868
944
53,275
37,434
42,860
11.6
11.5
50.4
56.3
17.2
15.4
3.6
3.1
22.6
21.5
1.2
1.0
Maruti
Neutral
1,392
40,203
41,796
49,350
7.6
8.6
66.6
92.6
20.9
15.0
2.4
2.1
12.0
14.8
0.7
0.6
Motherson Sumi
Neutral
159
9,362
24,285
27,317
6.7
7.2
8.1
10.6
19.8
15.1
4.2
3.4
22.9
24.7
0.5
0.5
Subros
Buy
30
34
178
1,230
1,378
8.8
8.6
4.5
5.7
6.6
5.2
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
270
316
71,878 195,096 219,428
12.8
13.0
39.0
44.9
6.9
6.0
2.0
1.5
32.6
28.8
0.4
0.4
TVS Motor
Buy
43
49
2,045
7,611
8,443
7.9
7.9
4.7
5.4
9.2
8.0
1.5
1.4
17.9
18.1
0.2
0.2
ABB*
Sell
771
593
16,344
8,760
10,023
6.2
8.7
14.5
24.7
53.4
31.2
5.9
5.1
11.6
17.6
1.9
1.7
BGR Energy
Neutral
287
2,071
3,669
4,561
11.0
11.0
24.7
29.6
11.6
9.7
1.7
1.6
15.3
16.7
1.1
1.0
BHEL
Neutral
250
61,251
47,801
43,757
19.0
18.8
25.3
22.8
9.9
11.0
3.0
2.6
34.3
25.3
1.1
1.2
Blue Star
Neutral
213
1,918
3,047
3,328
5.4
6.9
12.5
16.2
17.1
13.1
4.1
3.4
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
134
141
8,570
12,691
14,126
7.4
8.9
7.0
9.7
19.1
13.8
2.2
2.0
11.9
15.0
0.7
0.6
Jyoti Structures
Buy
49
54
400
2,622
2,744
10.7
10.5
9.6
12.2
5.1
4.0
0.6
0.5
10.8
12.3
0.4
0.3
KEC International
Accumulate
68
78
1,742
6,858
7,431
7.1
7.5
8.3
9.8
8.2
6.9
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Neutral
2,026
2,283
2,369
2,727
11.7
11.7
143.4
166.0
14.1
12.2
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
573
6,829
5,514
5,559
8.9
10.2
26.9
30.3
21.3
18.9
3.7
3.2
18.4
18.2
1.1
1.0
Capital Goods
Market Outlook
October 10, 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
1,430
26,854
10,964
12,417
21.6
21.5
76.9
82.2
18.6
17.4
3.5
3.2
19.5
19.1
2.2
1.9
Ambuja Cements
Neutral
210
32,409
10,163
11,729
25.4
24.9
11.2
12.5
18.9
16.9
4.0
3.6
20.3
20.5
2.7
2.2
India Cements
Neutral
92
2,826
4,354
4,929
18.6
18.7
9.8
12.3
9.4
7.5
0.8
0.8
8.6
10.2
1.1
1.0
J K Lakshmi Cements
Neutral
112
1,372
1,964
2,278
19.5
20.4
16.3
17.9
6.9
6.3
1.0
0.9
14.7
14.6
0.9
1.2
Madras Cements
Neutral
186
4,435
3,608
3,928
27.6
27.0
15.7
18.3
11.8
10.2
1.9
1.6
16.9
17.0
1.9
1.6
Shree Cements^
Neutral
3,914
13,636
5,630
6,187
29.6
27.9
222.5
259.3
17.6
15.1
4.0
3.3
25.3
23.8
1.9
1.5
UltraTech Cement
Neutral
2,052
56,248
20,913
23,530
21.3
22.7
93.2
110.5
22.0
18.6
3.8
3.2
18.4
18.7
2.5
2.3
232
304
1,222
2,034
2,315
22.4
22.4
27.1
31.7
8.6
7.3
1.1
0.9
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
269
2,262
2,522
6.7
7.5
1.5
2.7
9.8
5.5
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
19
1,150
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(8.4)
(19.7)
1.1
1.2
(11.4)
(5.6)
1.2
1.2
IRB Infra
Accumulate
153
166
5,080
3,964
4,582
42.3
40.2
15.7
16.9
9.7
9.0
1.5
1.3
16.6
15.8
2.8
2.7
ITNL
Buy
186
232
3,608
6,840
7,767
26.4
26.1
24.4
30.3
7.6
6.1
1.1
1.0
16.0
16.2
2.7
2.9
IVRCL Infra
Accumulate
47
51
1,430
5,510
6,722
8.8
9.0
2.5
4.6
18.4
10.2
0.6
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
85
91
18,117
15,259
17,502
25.7
24.7
4.0
4.8
21.3
17.9
1.7
1.5
8.5
9.3
2.5
2.2
Larsen & Toubro
Accumulate
1,629
1,721
99,971
60,474
69,091
12.1
11.5
79.7
85.4
20.4
19.1
3.4
3.0
16.3
15.1
1.8
1.6
Madhucon Proj
Buy
37
56
273
2,206
2,502
10.7
10.7
4.6
4.7
8.0
7.9
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
53
1,359
5,804
6,513
8.0
8.6
3.0
3.5
17.4
15.1
0.6
0.5
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
85
593
3,609
3,836
13.1
13.1
14.0
14.6
6.1
5.8
0.4
0.4
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
55
1,817
11,892
13,116
8.9
8.9
1.7
3.1
32.2
17.7
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
151
182
2,275
2,506
3,147
10.3
10.7
7.5
10.4
20.1
14.5
2.5
2.2
13.5
16.0
1.0
0.9
Simplex Infra
Buy
221
265
1,095
6,732
7,837
8.1
8.4
23.4
29.4
9.5
7.5
0.8
0.8
9.2
10.6
0.5
0.5
Allahabad Bank
Reduce
142
131
7,093
6,944
7,884
3.0
3.1
35.5
37.0
4.0
3.8
0.7
0.6
17.2
15.7
Andhra Bank
Reduce
Axis Bank
Buy
Bank of Baroda
Financials
109
97
6,108
4,929
5,633
3.1
3.1
23.7
24.5
4.6
4.5
0.8
0.7
16.6
15.3
1,128
1,326
46,767
15,425
18,500
3.1
3.2
115.9
137.5
9.7
8.2
1.8
1.5
19.9
20.1
Neutral
773
30,263
15,473
18,142
2.6
2.6
115.3
139.4
6.7
5.5
1.0
0.9
16.2
17.2
Bank of India
Accumulate
296
330
16,978
12,573
14,971
2.3
2.4
58.2
68.0
5.1
4.4
0.8
0.7
15.9
16.3
Bank of Maharashtra
Reduce
50
47
2,924
3,442
3,802
3.1
3.2
8.9
11.4
5.6
4.3
0.7
0.6
13.5
15.5
Canara Bank
Neutral
436
19,304
10,905
12,783
2.1
2.2
74.9
85.1
5.8
5.1
0.9
0.8
15.1
15.3
Central Bank
Neutral
76
5,572
7,095
8,102
2.5
2.7
15.6
21.0
4.9
3.6
0.8
0.7
12.2
14.7
Market Outlook
October 10, 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
Neutral
412
6,107
4,886
5,669
2.1
2.2
101.3
101.8
4.1
4.1
0.7
0.6
17.0
15.1
Dena Bank
Neutral
105
3,670
3,147
3,495
2.8
2.9
24.8
24.4
4.2
4.3
0.7
0.6
18.7
15.9
Federal Bank
Neutral
463
7,918
2,593
3,009
3.2
3.2
44.9
52.5
10.3
8.8
1.3
1.1
12.8
13.5
HDFC
Neutral
748
115,148
7,340
8,805
3.5
3.5
31.5
37.8
23.7
19.8
4.7
4.2
34.8
32.2
HDFC Bank
Neutral
626
147,760
21,753
26,811
4.4
4.5
28.7
35.9
21.8
17.4
4.2
3.5
20.7
21.9
ICICI Bank
Buy
1,064
1,245
122,323
22,304
26,855
2.9
3.0
68.6
82.0
15.5
13.0
1.9
1.7
14.2
15.6
IDBI Bank
Neutral
100
12,797
7,761
9,484
1.9
2.2
17.1
22.9
5.8
4.4
0.7
0.6
11.9
14.4
Indian Bank
Reduce
187
181
8,043
6,062
6,818
3.4
3.4
40.5
41.6
4.6
4.5
0.8
0.7
18.1
16.3
IOB
Accumulate
80
83
6,372
7,343
8,391
2.5
2.5
16.0
21.3
5.0
3.8
0.6
0.5
11.3
13.6
J & K Bank
Accumulate
1,074
1,021
5,206
2,600
2,850
3.6
3.5
192.3
188.0
5.6
5.7
1.1
1.0
21.0
17.7
LIC Housing Finance
Accumulate
268
301
13,510
1,867
2,338
2.4
2.4
21.1
28.5
12.7
9.4
2.1
1.8
17.5
20.4
Oriental Bank
Neutral
287
8,360
6,278
7,125
2.7
2.8
56.7
62.6
5.1
4.6
0.7
0.6
14.1
13.9
Punjab Natl.Bank
Accumulate
792
941
26,863
19,934
22,705
3.3
3.3
147.8
166.2
5.4
4.8
0.9
0.8
17.7
17.3
South Ind.Bank
Accumulate
23
25
3,092
1,535
1,760
2.9
2.8
3.5
3.9
6.5
5.9
1.1
1.0
19.5
17.1
St Bk of India
Accumulate
2,280
2,353
153,012
63,806
73,435
3.5
3.6
225.7
258.4
10.1
8.8
1.7
1.5
17.7
17.8
Syndicate Bank
Accumulate
116
117
6,971
6,722
7,719
2.9
3.0
24.3
27.2
4.8
4.3
0.8
0.7
17.0
16.8
UCO Bank
Neutral
76
5,042
5,411
6,124
2.4
2.5
17.0
16.5
4.5
4.6
0.9
0.8
16.7
14.4
Union Bank
Accumulate
197
226
10,846
9,924
11,647
2.8
2.9
38.6
46.3
5.1
4.3
0.8
0.7
15.4
16.3
United Bank
Buy
63
78
2,285
3,572
4,041
2.8
2.9
17.2
22.1
3.7
2.9
0.5
0.5
14.2
16.2
Vijaya Bank
Neutral
56
2,768
2,490
2,881
2.1
2.2
9.2
11.4
6.1
4.9
0.7
0.7
11.5
13.0
Yes Bank
Buy
394
452
14,038
3,270
4,253
2.8
3.0
33.9
42.2
11.6
9.3
2.5
2.0
23.1
23.6
3,879
37,212
11,198
13,184
16.3
16.3
121.0
144.8
32.1
26.8
10.8
8.5
37.4
35.3
3.3
2.8
509
584
6,083
5,835
6,824
5.7
6.0
20.7
25.4
24.6
20.1
9.7
7.4
43.1
41.9
0.9
0.7
1,250
16,998
3,018
3,429
20.9
22.2
35.7
42.3
35.0
29.5
32.3
24.1
101.0
93.5
5.3
4.6
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
131
22,832
6,124
7,030
17.0
16.8
4.5
5.2
29.3
25.3
12.1
9.6
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
2,925
12,303
3,124
3,663
17.1
17.6
104.5
123.8
28.0
23.6
8.7
7.0
34.4
32.8
3.7
3.1
Godrej Consumer
Neutral
691
23,510
6,097
7,233
18.4
18.6
21.9
26.5
31.6
26.1
7.0
5.8
25.5
25.4
3.9
3.3
HUL
Neutral
568
122,819
25,350
28,974
13.9
13.9
14.3
16.5
39.9
34.5
23.7
18.3
70.9
59.8
4.4
3.8
ITC
Neutral
280
219,583
29,513
33,885
35.4
35.8
9.3
10.8
30.1
25.9
10.0
8.3
35.6
35.0
6.9
6.0
Market Outlook
October 10, 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
203
13,059
4,840
5,643
13.1
13.1
6.8
8.5
29.9
24.0
8.2
6.3
31.4
29.7
2.7
2.2
Nestle*
Neutral
4,623
44,568
8,610
10,174
20.9
21.2
114.8
139.8
40.3
33.1
24.3
16.9
71.2
60.3
5.0
4.1
Tata Global
Neutral
153
9,486
7,207
7,927
9.7
10.0
6.6
7.8
23.2
19.6
2.4
2.3
8.6
9.5
1.1
1.0
HCL Tech^
Accumulate
561
632
38,932
24,569
27,002
18.8
17.6
41.4
45.1
13.5
12.4
3.1
2.6
22.8
21.1
1.6
1.4
Hexaware*
Accumulate
115
140
3,393
1,966
2,161
22.5
21.4
11.6
12.2
9.9
9.4
2.6
2.2
26.8
23.9
1.5
1.3
Infosys
Accumulate
2,537
2,687
145,680
39,383
41,380
31.7
31.9
163.2
173.4
15.5
14.6
3.7
3.2
23.9
22.0
3.1
2.8
Infotech Enterprises
Neutral
193
2,153
1,895
2,049
18.0
17.5
18.1
19.5
10.7
9.9
1.6
1.4
14.5
13.7
0.8
0.6
KPIT Cummins
Buy
123
142
2,197
2,191
2,364
16.1
16.5
11.3
13.0
10.9
9.5
2.4
1.9
21.8
20.0
1.0
0.8
Mahindra Satyam
Neutral
109
12,875
7,628
8,062
19.9
18.4
9.7
10.0
11.2
10.9
3.1
2.4
27.7
22.2
1.3
1.1
Mindtree
Buy
661
772
2,707
2,334
2,481
19.5
17.6
70.4
77.2
9.4
8.6
2.2
1.7
23.3
20.4
0.9
0.8
Mphasis&
Neutral
412
8,656
5,700
5,993
18.0
16.9
37.0
37.3
11.1
11.1
1.6
1.4
14.3
12.6
1.0
0.9
NIIT
Accumulate
35
36
577
1,034
1,146
9.9
11.0
5.2
6.4
6.7
5.5
0.9
0.8
12.8
14.3
0.3
0.2
Persistent
Reduce
429
398
1,715
1,207
1,278
26.2
24.3
42.4
44.3
10.1
9.7
1.7
1.5
17.1
15.5
1.1
0.9
TCS
Accumulate
1,295
1,405
253,489
61,611
67,507
29.3
29.1
69.0
74.0
18.8
17.5
6.1
5.0
32.4
28.6
3.9
3.5
Tech Mahindra
Accumulate
952
1,046
12,153
6,603
7,196
18.2
17.1
92.7
99.6
10.3
9.6
2.4
2.0
23.6
20.5
1.9
1.7
Wipro
Accumulate
367
421
90,441
43,800
48,332
19.5
19.3
25.6
28.1
14.4
13.1
2.7
2.4
18.9
17.9
1.8
1.5
D B Corp
Buy
217
236
3,978
1,604
1,786
22.3
23.8
11.2
13.7
19.4
15.9
3.7
3.2
20.3
21.4
2.2
2.0
HT Media
Buy
100
113
2,353
2,111
2,263
14.7
14.8
7.3
8.1
13.7
12.4
1.5
1.3
11.3
11.2
0.7
0.6
Jagran Prakashan
Buy
97
112
3,076
1,488
1,664
22.7
22.8
6.2
7.1
15.6
13.6
3.8
3.4
25.2
26.3
2.1
1.8
PVR
Neutral
207
537
625
732
17.4
17.1
13.3
15.6
15.5
13.2
1.7
1.5
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
352
13,882
1,981
2,239
77.0
76.7
18.6
21.3
19.0
16.5
4.8
4.2
27.1
27.5
6.4
5.5
Bhushan Steel
Neutral
498
10,567
11,979
14,584
31.6
31.0
49.2
61.4
10.1
8.1
1.3
1.2
14.1
15.2
2.9
2.4
Coal India
Accumulate
356
385
224,989
69,808
75,550
27.4
27.4
26.0
28.3
13.7
12.6
4.0
3.2
32.5
28.1
2.3
2.0
Electrosteel Castings
Accumulate
20
23
689
1,984
2,074
11.2
12.6
2.5
2.9
8.0
6.9
0.4
0.2
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
136
144
57,338
12,446
13,538
52.3
52.9
14.3
15.5
9.5
8.7
1.8
1.5
20.5
18.9
2.7
2.1
Hindalco
Neutral
119
22,716
84,855
92,446
8.7
9.3
13.2
16.2
9.0
7.3
0.7
0.6
7.8
8.9
0.7
0.6
JSW Steel
Neutral
743
16,568
38,740
41,459
17.3
17.0
79.9
89.4
9.3
8.3
0.9
0.8
10.4
10.6
0.9
0.8
MOIL
Accumulate
255
271
4,279
918
993
50.7
50.9
24.5
26.1
10.4
9.8
1.6
1.4
16.0
15.5
2.3
2.0
Monnet Ispat
Buy
306
379
1,968
2,511
3,303
23.8
26.0
46.3
57.3
6.6
5.3
0.8
0.7
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
October 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
51
48
13,183
7,401
7,841
16.7
19.2
3.4
4.1
14.9
12.5
1.1
1.0
7.4
8.4
1.3
1.2
189
214
74,993
12,934
14,266
79.4
80.1
21.1
23.4
9.0
8.1
2.4
2.0
29.6
26.5
4.1
3.4
SAIL
Sesa Goa
Neutral
85
35,151
47,252
60,351
14.2
14.8
9.6
11.7
8.9
7.3
0.8
0.7
9.4
10.6
1.2
1.0
Neutral
173
15,035
7,704
8,034
33.6
34.6
42.0
43.1
4.1
4.0
0.8
0.7
22.3
19.2
2.2
2.1
Sterlite Inds
Neutral
102
34,379
41,680
45,382
24.2
23.2
16.3
16.9
6.3
6.1
0.7
0.6
11.3
10.7
0.8
0.7
Tata Steel
Buy
412
481
39,990 145,799 150,431
10.3
11.2
48.6
63.3
8.5
6.5
0.9
0.8
10.5
12.4
0.5
0.5
Sarda
Accumulate
135
148
486
1,251
1,321
22.7
23.4
33.0
37.1
4.1
3.7
0.6
0.5
15.1
14.8
0.8
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
54
73
727
2,694
2,906
14.6
16.6
16.4
20.8
3.3
2.6
0.3
0.3
11.4
12.8
0.5
0.4
Buy
122
161
387
2,341
2,425
15.6
17.3
33.3
43.2
3.7
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
330
380
63,083
16,605
17,258
75.4
71.7
57.0
54.9
5.8
6.0
1.1
0.9
20.2
16.3
2.8
2.2
GAIL
Neutral
381
48,335
50,176
55,815
15.5
15.8
35.4
36.5
10.8
10.4
1.9
1.7
18.9
17.0
0.7
0.5
ONGC
Accumulate
281
312
240,195 147,139 154,821
33.9
33.7
30.7
32.3
9.2
8.7
1.6
1.4
18.3
17.2
1.4
1.2
Reliance Industries
Neutral
815
267,007 362,700 380,031
7.9
8.0
61.5
64.3
13.3
12.7
1.3
1.2
10.3
9.9
0.7
0.7
Gujarat Gas*
Neutral
301
3,819
11.5
11.3
19.2
22.1
15.7
13.6
4.2
3.8
28.7
29.0
1.3
1.0
Indraprastha Gas
Neutral
258
3,613
3,040
3,135
24.3
26.7
24.8
27.9
10.4
9.3
2.4
2.0
25.5
23.6
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
163
176
12,244
29,145
33,736
6.6
6.6
14.2
16.0
11.5
10.2
2.8
2.3
26.9
24.4
0.4
0.4
81
4,578
1,041
939
91.8
91.9
8.5
7.4
9.6
11.0
1.6
1.5
18.1
14.0
5.2
5.8
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
Accumulate
Cipla
Neutral
Dr Reddy's
Accumulate
Dishman Pharma
Neutral
3,863
3,228
71
91
1,334
1,624
1,855
14.2
15.6
6.6
9.1
10.7
7.8
2.7
2.1
27.9
29.9
1.0
0.8
150
156
4,358
5,243
5,767
14.6
14.6
11.8
12.6
12.7
11.9
1.6
1.4
17.9
16.4
1.3
1.1
2,212
5,093
1,482
1,682
15.5
15.5
95.1
104.4
23.3
21.2
4.1
3.2
18.6
17.0
3.5
3.0
846
953
17,331
6,148
7,386
18.6
19.6
36.0
46.1
23.5
18.4
5.5
4.4
25.8
26.8
3.1
2.6
372
29,829
8,031
9,130
23.4
22.4
18.4
20.0
20.2
18.6
3.3
2.9
17.8
16.6
3.6
3.1
1,706
1,859
28,954
10,696
11,662
20.7
21.0
83.7
92.9
20.4
18.4
4.2
3.5
22.4
20.8
2.9
2.6
Neutral
96
773
1,280
1,536
17.8
17.8
9.2
11.3
10.4
8.5
0.8
0.7
7.7
8.5
1.3
1.1
GSK Pharma*
Neutral
1,946
16,485
2,651
2,993
31.7
31.2
76.0
82.4
25.6
23.6
7.4
6.6
20.1
26.3
5.5
4.8
Indoco Remedies
Buy
66
92
604
685
837
15.2
15.2
7.4
8.9
8.9
7.4
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
464
5,856
2,850
3,474
20.7
20.7
29.2
36.6
15.9
12.7
3.7
3.0
26.1
26.1
2.3
1.9
Lupin
Accumulate
574
647
25,668
8,426
10,082
19.7
20.0
26.3
31.3
21.8
18.4
5.1
4.1
26.0
24.7
3.2
2.6
Orchid Chemicals
Neutral
115
812
1,667
1,835
13.9
13.9
11.4
13.3
10.1
8.7
0.7
0.6
6.6
7.3
0.9
0.8
Market Outlook
October 10, 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
538
22,737
12,046
11,980
18.0
15.8
31.3
29.8
17.2
18.1
5.9
4.7
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
720
74,488
9,752
12,134
41.6
41.6
26.0
28.2
27.7
25.6
5.2
4.4
20.3
18.8
6.6
5.1
CESC
Neutral
330
4,123
5,218
5,644
24.2
23.8
44.6
47.6
7.4
6.9
0.8
0.7
11.0
10.6
1.6
1.6
GIPCL
Accumulate
NTPC
Neutral
Power
70
77
1,052
1,557
1,573
29.3
28.7
10.8
11.0
6.5
6.3
0.7
0.6
10.8
10.2
1.2
1.0
170
140,132
74,111
85,789
22.7
23.1
12.1
13.7
14.1
12.4
1.7
1.6
12.6
13.2
2.5
2.3
Real Estate
Anant Raj
Accumulate
85
78
2,495
657
875
52.0
56.1
8.4
12.7
10.1
6.7
0.6
0.6
6.3
8.9
4.5
3.4
DLF
Neutral
224
38,082
9,878
12,033
44.7
46.1
9.6
13.4
23.4
16.7
1.5
1.4
6.4
8.7
6.5
5.4
HDIL
Buy
104
115
4,368
2,441
3,344
55.1
48.2
22.7
26.6
4.6
3.9
0.4
0.4
8.8
9.4
3.5
2.7
MLIFE
Neutral
403
1,644
813
901
26.2
26.6
32.0
37.1
12.6
10.9
1.3
1.2
10.4
11.0
2.3
2.0
Bharti Airtel
Neutral
265
100,711
79,147
86,745
31.1
32.5
9.9
15.1
26.7
17.6
1.9
1.7
7.0
9.7
2.0
1.7
Idea Cellular
Neutral
82
27,165
22,582
24,684
26.4
26.9
3.3
4.7
24.7
17.4
1.9
1.7
7.8
9.9
1.7
1.5
Rcom
Neutral
62
12,714
20,650
20,935
32.3
33.0
4.2
5.8
14.6
10.7
0.3
0.3
2.3
3.1
2.3
2.1
Abbott India
Neutral
1,551
3,296
1,602
1,833
10.4
11.8
54.7
71.7
28.4
21.6
5.4
4.6
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
223
228
2,225
3,670
4,290
7.6
8.8
15.0
23.0
14.9
9.7
2.7
2.2
18.6
22.4
0.5
0.5
Cera Sanitaryware
Buy
364
388
460
396
470
16.7
16.6
31.0
35.0
11.7
10.4
2.7
2.2
24.8
23.0
1.1
1.0
Cravatex
Buy
455
682
118
289
340
5.2
5.9
41.0
57.0
11.1
8.0
2.8
2.1
25.2
26.5
0.5
0.4
CRISIL
Neutral
951
6,673
982
1,136
34.3
34.3
34.3
40.0
27.7
23.8
12.5
10.0
50.9
46.9
6.5
5.4
Finolex Cables
Buy
47
61
720
2,334
2,687
6.2
6.5
8.0
10.0
5.9
4.7
0.8
0.7
13.0
14.9
0.2
0.2
Force Motors
Buy
424
591
552
2,214
2,765
4.5
5.4
39.0
74.0
10.9
5.7
0.5
0.4
4.4
7.6
0.1
0.1
Goodyear India
Neutral
324
748
1,543
1,654
6.5
7.3
24.8
31.1
13.1
10.4
2.1
1.9
17.1
19.0
0.3
0.2
Disa India
Buy
2,897
3,353
438
176
203
22.7
22.6
182.5
209.6
15.9
13.8
8.2
6.5
51.8
47.1
2.2
1.8
Greenply Industries
Buy
213
309
513
1,925
2,235
10.6
10.9
29.6
44.1
7.2
4.8
1.2
1.0
16.8
21.0
0.5
0.4
Hitachi
Neutral
139
319
868
977
3.9
6.6
2.7
10.9
50.6
12.8
1.8
1.6
3.7
13.6
0.4
0.4
Honeywell Automation
Neutral
2,823
2,495
1,847
2,162
4.3
7.3
69.0
135.0
40.9
20.9
3.7
3.2
9.3
16.3
1.3
1.1
Styrolution ABS India
Buy
668
744
1,175
1,056
1,081
8.1
10.6
34.0
47.0
19.7
14.2
2.7
2.3
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
241
278
1,451
1,669
12.3
12.4
32.4
41.5
7.4
5.8
0.7
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
155
2,497
1,248
1,468
9.8
10.4
5.9
7.2
26.1
21.6
3.8
3.4
15.0
16.6
2.5
2.0
MCX
Accumulate
1,432
1,440
7,301
553
624
65.3
66.3
62.5
72.0
22.9
19.9
6.3
5.4
27.5
27.4
8.9
7.4
MRF
Buy
10,295
12,884
4,366
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.0
7.2
1.5
1.3
21.3
19.4
0.5
0.5
Telecom
zOthers
Market Outlook
October 10, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
3,386
712
821
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
3,776
887
1,108
18.3
18.6
95.0
120.9
35.7
28.0
18.6
15.1
57.4
59.5
4.0
3.2
855
1,019
1,208
12.3
13.0
51.0
68.4
14.0
10.4
3.7
2.7
30.3
30.2
1.0
0.8
zOthers
Page Industries
Neutral
Relaxo Footwears
Accumulate
Sintex Industries
Buy
73
79
1,987
4,751
5,189
16.3
16.6
13.6
15.8
5.3
4.6
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
300
392
281
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
20
24
586
7,134
7,985
19.7
19.4
12.2
14.1
1.6
1.4
0.2
0.2
11.3
11.5
0.6
0.6
SpiceJet
Buy
37
43
1,778
5,720
6,599
5.3
6.8
3.6
5.4
10.2
6.8
14.7
4.7
0.4
0.4
TAJ GVK
Buy
74
108
461
300
319
35.8
36.2
7.9
9.1
9.3
8.1
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
324
377
499
787
837
16.2
17.5
58.5
66.9
5.6
4.9
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Accumulate
306
335
234
1,476
1,643
7.0
8.2
32.6
55.9
9.4
5.5
1.5
1.2
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,261
16,489
10,289
11,421
13.5
14.3
31.0
42.9
40.6
29.4
3.2
2.9
8.1
10.3
2.2
2.0
Vesuvius India
Neutral
346
702
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 09, 2012
Market Outlook
October 10, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

October 10, 2012

The US markets moved sharply lower on Tuesday, weighed down by concerns

FII Derivatives (October 09, 2012)

Net Inflows (October 08, 2012)

Refer detailed news analysis on the following page

IMF revises its global growth forecast downwards

Shome Committee recommendations to boost investorconfidence

Government reduces duty drawback rates on exports

Exports revenue as a percentage of sales

Bharat Forge (standalone)

Source: Company, Angel Research

HDFC Bank - (12/10/2012)

Infosys Ltd - Consolidated (12/10/2012)

Economic and Political News

CAG, government not adversaries, says Finance Minister

R-Power raises US$302mn via ECB for solar projects

October 10, 2012

October 11, 2012

Infosys, HDFC Bank

October 13, 2012

Reliance Industries, HT Media, LMW

October 16, 2012

HCL Tech, CRISIL

October 18, 2012

Ambuja Cements, ACC, Persistent

October 19, 2012

Mundra Port, Adani Power, Exide Industries, Zee Entertainment

October 20, 2012

M&M, Bajaj Auto, UltraTech Cement, Federal Bank

October 21, 2012

HDFC, Cairn India

October 23, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

Oct 11 2012 12:00AM US

Initial Jobless claims

Oct 12 2012 12:00AM US

Producer Price Index (mom)

Industrial Production YoY

Euro-Zone CPI (YoY)

Consumer price index (mom)

Jobless claims change

Industrial Production (YoY)

Real GDP (YoY)

Oct 17 2012 12:00AM US

Oct 18 2012 12:00AM China

Existing home sales

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Exports yoy growth

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: CSO, Angel Research