Market Outlook Market Outlook: Dealer's Diary

Market Outlook
May 2, 2013
Dealers Diary
Domestic Indices
The Indian markets are expected to open in the red tracking weak cues from
SGX Nifty and major Asian markets following weaker than expected US payroll
data and slowdown in the pace of growth in the US manufacturing sector.
The US markets ended on a negative note on Wednesday as disappointing
batch of US economic data weighed on the markets, prompting traders to
indulge in profit booking. Sparking the negative sentiments, payroll processor
ADP released a data showing that private sector employment increased by
119,000 jobs in April following a downwardly revised increase of 131,000
jobs in March. Economists were expecting an addition of about 155,000 jobs.
Adding to the worries, the ISM report showed a slowdown in the pace of
growth in the manufacturing sector in April. The purchasing managers index
fell to 50.7 in April from 51.3 in March. Further, stocks saw continued
weakness in afternoon trading following the Federal Reserve's announcement
of its latest decision on monetary policy. The Fed left interest rates unchanged
and maintained the US$85bn per month pace of is asset purchase program.
Meanwhile Indian shares rose on Tuesday, with FMCG shares rallying after
consumer goods giant, Unilever Plc., offered to pay `600/share in an open offer to
raise its stake in its Indian subsidiary to 75% from the current 52.48%. Going
ahead, markets will keenly watch the European Central Bank's monetary policy
announcement which is scheduled today.
The trend deciding level for the day is 19,481 / 5,920 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,645 19,787 / 5,972 6,015 levels. However, if NIFTY trades below
19,481 / 5,920 levels for the first half-an-hour of trade then it may correct up to
19,340 19,176 / 5,878 5,826 levels.
Indices
SENSEX
NIFTY
S2
19,176
5,826
S1
19,340
5,878
PIVOT
19,481
5,920
R1
19,645
5,972
R2
19,787
6,015
(Pts)
(Close)
BSE Sensex
0.6
Nifty
0.4
26
5,930
MID CAP
0.4
26
6,344
(0.3)
(19)
6,021
0.9
73
8,691
10
6,865
SMALL CAP
BSE HC
117 19,504
BSE PSU
0.1
BANKEX
(0.3)
(48) 14,364
0.5
52 10,958
AUTO
METAL
OIL & GAS
BSE IT
Global Indices
1.0
82
8,651
(0.3)
(28)
8,711
0.6
37
5,710
(Pts)
(Close)
Chg (%)
Dow Jones
0.7
NASDAQ
0.8
28
3,307
FTSE
0.5
32
6,458
106 14,819
Nikkei
(0.4)
Hang Sang
(0.6) (146.1) 22,591
Straits Times
Markets Today
Chg (%)
(59.8) 13,740
0.3
11.7
3,380
(0.5)
(11.3)
2,167
Chg (%)
(Pts)
(Close)
INFY
(0.5)
(0.2)
$41.5
WIT
(2.4)
(0.2)
$7.8
IBN
(1.1)
(0.5)
$46.3
HDB
(0.5)
(0.2)
$42.2
Shanghai Com
Indian ADR
News Analysis
Fed maintains stimulus to support growth

Auto sales numbers April 2013
ONGC makes three major oil and gas discovery
Unilever makes a voluntary open offer to increase stake in HUL
TTKH receives approval for merger of TTKPD Limited and TSL
Result Review: Godrej Consumer, Dabur, GSK Consumer, Marico, Petronet
LNG, Sanofi India, TVS Motor, FCL
Result Preview: Bharti Airtel, Canara Bank, Syndicate Bank, Alembic Pharma
Refer detailed news analysis on the following page
Net Inflows (April 29, 2013)

` cr
FII
MFs
Purch
2,850
349
Sales
2,189
492
Net
661
(143)
MTD
5,414
(1,172)
YTD
60,165
(8,339)
FII Derivatives (April 30, 2013)

` cr
Index Futures
Stock Futures
Purch
1,590
2,263
Sales
1,618
2,461
Net
(28)
(199)
Open Interest
10,564
23,749
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Hindustan Unilever
Company
584
17.3
2,212
6.5
Financial Tech.
746
5.9
JP Power
Colgate Palmolive
1,470
5.7
GMR Infra.
Nestle India
4,981
5.5
Indraprastha Gas
United Spirits
Shriram Trans. Fin.
www.angelbroking.com
Essar Oil
Losers
Price (`)
chg (%)
76
(10.0)
809
(4.0)
25
(3.8)
20
(3.8)
300
(3.7)
Advances / Declines
BSE
NSE
Advances
1,067
628
Declines
1,271
716
144
98
Unchanged
Volumes (` cr)
BSE
4,323
NSE
12,455
Market Outlook
May 2, 2013
Fed maintains stimulus to support growth

In its assessment on the economy in its Federal Open Market Committee (FOMC)
meet, the Federal Reserve marked that economic activity is expanding at a
moderate pace and downside risks to the outlook may prevail. The economy
reported lower-than-expected 2.5% growth in 1QCY2013 and tighter fiscal
conditions are likely to weigh on growth going ahead. The FOMC decided to keep
the target range for the federal funds rate at zero to 0.25%. In addition, it also
decided to maintain the banks holdings of longer-term securities at USD 85
billion each month (USD 40 billion in mortgage-backed securities and longer-term
Treasury securities at a pace of USD 45 billion per month). Through these measures, it
seeks to continue supporting economic recovery by maintaining downward
pressure on longer-term interest rates, supporting mortgage markets, and easing
broader financial conditions. At the same time, the Committee stated that it is
prepared to increase or reduce the pace of its purchases as the outlook for the labor
market or inflation changes. The committee expressed concern over tight fiscal
policy restraining growth and reiterated its commitment to pursue an

accommodative monetary policy stance even after the asset purchase program
ends, so long as the unemployment rate remains above 6.5%.
Auto sales numbers April 2013

Hero MotoCorp
Hero MotoCorp (HMCL) registered slightly lower-than-expected volumes in April
2013 with total sales posting a decline of 9.5% yoy to 499,113 units. Considering
the ongoing slowdown in the two-wheeler industry the company lowered its
dispatches to the dealers in order to prevent unwarranted build-up in inventory.
However, retail sales of the company outpaced the wholesale sales and stood at
550,000 units.
Mahindra and Mahindra
Mahindra and Mahindra (MM) reported an in-line volume growth of 12.4% yoy to
64,634 units driven by a strong growth of 38.1% yoy (33.9% mom) in the tractor
segment. According to the management, the growth in the tractor segment was
driven on the back of improved market sentiments in the expectations of a normal
monsoon. However, the automotive segment (lower-than-expected performance)
registered a sluggish growth of 1.8% yoy as the passenger vehicle segment posted
almost flat growth during the month. The pick-up segment on the other hand
witnessed a healthy growth of 10.4% yoy.
Maruti Suzuki
Maruti Suzuki (MSIL) reported slightly lower-than-expected volumes for the month
on the back of the sharp fall in export volumes (down 33.3% yoy) and also due to
the slowing sales momentum in the Utility Vehicle (down 4.9% yoy) and Compact
segments. During the month, while the Mini segment registered a growth of 13.7%
yoy largely due to the low base of last year, the Super Compact segment posted a
strong growth of 25.4% yoy led by Dzire.
Market Outlook
May 2, 2013
Tata Motors
Tata Motors (TTMT) continued with its poor performance in the passenger vehicle
segment (down 48.9% yoy) which resulted in a 14.9% yoy decline in total volumes
to 51,160 units in April 2013. The commercial vehicle sales though posted a
modest growth of 4% yoy. During the month, the growth in the light commercial
vehicle segment slowed down considerably and the company managed to grow at
a rate of only 4.9% as against a growth of 18% recorded in FY2013. The medium
and heavy commercial vehicle sales posted a flat growth on the back of the low
base of last year.
TVS Motor
TVS Motor (TVSL) reported an in-line volume performance with total volumes
posting a decline of 5.3% yoy (1.4% mom) to 165,215 units. The company
continued with its weak performance in the two-wheeler segment (down 6.4% yoy)
led by sluggish demand in the motorcycle and scooter segments due to which the
sales in the segments declined by 0.2% and 17.1% yoy respectively. On the
positive side, the three-wheeler sales continued its strong momentum and posted a
growth of 62.3% yoy driven by exports. The overall exports however, registered a
decline of 2.5% yoy during the month.
ONGC makes three major oil and gas discovery

Media reports suggest that Oil and Natural Gas Corporation (ONGC) has struck
three major oil and gas discoveries. These discoveries are in three different
locations. The first discovery is in KG-DWN-98/2, where the company had
previously made 9 gas discoveries. The second one is in NELP block KG-DWN2005/1, in KG deep offshore basin and third was in GK-28 # 9 in GK-28 PML,
Kutch Shallow Offshore basin. The company says that it plans to drill some more
wells to appraise and re-ascertain the commerciality of the finds. We await further
clarity on this matter and till then maintain our Accumulate rating on ONGC with
a target price of `354.
Unilever makes a voluntary open offer to increase stake in

HUL
HULs promoter Unilever PLC has decided to make a voluntary open offer to buy
22.52% stake in the company at an offer price of `600/share. Unilever currently
holds 52.5% stake in HUL and it proposes to take its total stake in the company to
75%, which is the maximum permissible promoter holding limit in a listed
company. As per the Unilevers CEO Paul Polman, the US$5.4Bn deal represents
a further step in Unilevers strategy to invest in emerging markets and offers a
liquidity opportunity at an attractive premium for existing shareholders. Currently,
more than 50% of Unilevers total turnover comes from emerging markets such as
India, Brazil, Indonesia, Turkey, South Africa, China etc. India contributes ~7% of
Unilevers total turnover. In our view, this move by Unilever indicates the huge
confidence it has over the potential of Indias consumer sector. At the CMP, HUL
trades at 32x FY2015E, which we believe is fair. We maintain our neutral rating on
the stock.
Market Outlook
May 2, 2013
TTKH receives approval for merger of TTKPD and TSL

TTK Healthcare has received an approval for scheme of amalgamation of TTK
Protective Devices (TTKPD) (formerly known as TTK-LlG), an unlisted public
company; and TSL Techno Services (TSL), a wholly owned subsidiary of TTKPD with
itself. On amalgamation of the companies, the shareholders of TTKPD will be
entitled to nine equity shares of `10 each fully paid-up of TTK Healthcare, for
every two shares of `10 each fully paid-up held by them in TTKPD. Further, no
allotment shall be made to the shareholders of TSL Techno, it being the wholly
owned subsidiary of TTKPD, the value of TSL having already been considered as
part of the valuation of TTKPD.
The Scheme will take effect after necessary approvals from regulatory authorities,
shareholders of the respective Companies and the High Court of Judicature at
Madras.
Result Review
Godrej Consumer (CMP: `836/ TP: -/ Upside: -)
Godrej Consumer posted a healthy 29.7% yoy growth in top-line which was in-line
with estimates. However, the 271bp yoy decline in OPM was a disappointment.
OPM fell despite the fall in palm oil prices (a key raw material in soap
manufacturing) on account of higher A&P expenses which went up by 120bp on a
yoy basis. Recurring PAT rose by 22% yoy to `205cr, which was slightly below
estimates. We maintain our neutral rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,801
17.0
902 26.5
26.5
31.5
7.1
22.2
3.8
FY2015E
9,017
17.0 1,085 31.9
25.9
26.2
5.8
18.8
3.2
Dabur India (CMP: `148/ TP: -/ Upside: -)

Dabur delivered healthy set of numbers for 4QFY2013. Net sales rose by 12.3%
yoy. OPM rose by 121bp yoy and stood at 17%. The most positive aspect of the
result is the 12% yoy volume growth posted by the companys domestic consumer
business (highest in the eleven straight quarters) despite the slowdown witnessed in
FMCG sector. The companys international business rose by 17% yoy led by strong
performance in GCC, Bangaladesh and Levant markets. Bottom-line rose by
17.6% yoy to `201cr and was in-line with estimates. We maintain our neutral
rating on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,183
16.8
942
5.4
43.9
27.3
10.7
21.5
3.6
FY2015E
8,340
16.8 1,102
6.3
39.9
23.4
8.3
18.3
3.1
Market Outlook
May 2, 2013
GSK Consumer (CMP: `4,012/ TP: -/ Upside: -)

GSK Consumer posted a 15.6% yoy growth in top-line to `940cr. OPM rose by
200bp yoy to 22%, aided by higher prices. Bottom-line rose by 18.5% yoy to
`156cr and was above our estimates. We maintain our Neutral recommendation
on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
3,617
16.1
507120.6
33.7
33.3
10.3
26.8
4.3
CY2014E
4,259
16.4
616146.4
33.4
27.4
8.3
21.9
3.6
Marico (CMP: `225/ TP: -/ Upside: -)

Maricos consolidated top-line grew by 9.7% yoy growth in top-line to `997cr led
by volume growth of 8%. The companys domestic FMCG business (incl. the
acquired youth brands) posted growth of 12%, with the volume growth coming in
at 14%. However, the international FMCG business posted a de-growth of 1%
mainly due to the poor performance of GCC markets. OPM stood at 12.1%, flat
on a yoy basis, but below our estimates due to higher other expenses. Recurring
PAT rose by a marginal 1% on a yoy basis. We maintain our Neutral
recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,352
14.0
510
7.9
22.8
28.5
5.9
19.7
2.8
FY2015E
6,204
14.0
631
9.8
22.9
23.0
4.8
16.7
2.4
Petronet LNG (CMP: `139/ TP: `174/ Upside: 25%)

Petronet LNG reported 4QFY2013 numbers. The companys net sales grew by
32.8% yoy to `8,466 due to higher prices of LNG during the quarter. The volumes
for the company were flat yoy at 122TBTU mainly because of lower tolling volumes
from GAIL and GSPC. The cost of LNG regasified increased by 34.7% yoy to
`7,999cr and hence the EBITDA increased by only 2.7% yoy to `434cr whereas the
EBITDA margin declined by 150bp yoy to 5.1% in 4QFY2013 due to higher
proportion of contractual volumes. The other income decreased by 8.4% yoy to
`20cr, while the tax rate increased to 36.0% in 4QFY2013, compared to 32.9% in
4QFY2012. Hence, the net profit was flat at `245cr. We maintain our Buy rating
on the stock with a target price of `174.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
41,362
5.9 1,203 16.0
25.2
8.7
2.0
5.3
0.3
FY2015E
40,852
6.7 1,350 18.0
23.4
7.7
1.7
4.6
0.3
Sanofi India (CMP: `2,559/ TP: -/ Upside: -)

Sanofi Indias reported its 1QCY2013 results, below expectations. The Sales and
net profit for the quarter came in `363cr and `44cr, a yoy growth of 12.5% and
10.5% respectively. Though the sales came in lower by 9.5% as per our
expectations. However margins which came in at 13.1% V/s expectations of
14.6%, aided the net profit growth to come in at 10.5%. The decline in the net
Market Outlook
May 2, 2013
profit was restricted on back of higher other income. We maintain our neutral
stance on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2013E
1,682
16.6
213 92.4
15.7
27.7
3.8
18.4
3.0
CY2014E
1,917
16.6
228 99.1
14.8
25.8
3.5
17.4
2.9
TVS Motor (CMP: `38/ TP: -/ Upside: -)

For 4QFY2013, TVS Motor Company (TVSL) reported weak operating performance
led by continued EBITDA margin pressures which declined 60bp on a sequential
basis. However, the adjusted bottom-line at `58cr (adjusted for exceptional
charge) was ahead of our estimates led by 53% decline in interest cost, which was
the only positive surprise in the quarterly results. The interest cost declined as the
company repaid loans worth `170cr during the quarter. TVSL recorded an
exceptional charge of `92cr in 4QFY2013 towards provisioning for diminution in
the value of its European subsidiary, TVS Motor Company (Europe). As a result of
this, the company reported a bottom-line loss of `33cr.
The top-line for the quarter, declined by 2.8% qoq to `1,748cr due to a 1.8% qoq
decline in volumes led by the slowdown in the two-wheeler industry and increasing
competition. The net average realization too registered a decline of 1.3% qoq on
account of adverse product-mix. On the operating front, EBITDA margin posted a
decline of ~60bp qoq led by increase in other expenditure which could be
probably on account of higher marketing spends and increase in power and
distribution expenses. At `38, TVSL is trading at 6.6x FY2015E earnings.
Currently, we have a Neutral rating on the stock. We shall revise our estimates
post our interaction with the management.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BV EV/EBITDA EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,715
6.0
236
5.0
18.1
7.7
1.3
3.0
0.2
FY2015E
8,586
6.1
278
5.8
18.6
6.6
1.1
2.3
0.1
Finolex Cables Ltd. (CMP: `52 /TP: `68/ Upside: 31%)

Finolex Cables Ltd. (FCL) mixed set of numbers for 4QFY2013. Top-line reported
flat yoy growth of 4.5% to `632cr, in line with our estimate of `629cr. Electrical
cables (EC) and communication cables (CC) segments grew by 7.8% and 35.9%
while copper rods (CR) segment registered a decline of 42.2% on yoy basis.
EBITDA grew by 14.4% yoy to `67cr while EBITDA margin expanded by 91 basis
points yoy to 10.5%. Expansion was mainly due to reduction in selling,
administration and other expenses as percentage of sales. EBIT margin expanded
for all the segments; EC by 105bp, CC by 315bp and CR by 234bp yoy. However,
Net profit for the company declined by 12.6% yoy to `39cr owing to tax expense of
16% of PBT which was absent for the quarter previous year.
Annual top-line growth came in at 10% to `2,270cr. EC and CC segments grew
by 15.9% and 22.6% while CR segment registered a decline of 49.0%. EBITDA for
FY2013, grew by 30.9% to `229cr, while EBITDA margin expanded by 160 basis
points to 10.1%. EBIT margin for EC and CC expanded by 79 bp and 626bp
respectively while declined for CR segment by 66bp. On the back of reduced
Market Outlook
May 2, 2013
interest cost and lower exceptional losses on derivatives contract, Net profit grew
by whooping 47.9% to `145cr, while margin expanded by 164 bp to 6.4%. As we
rollover to FY2015E, we maintain our Buy recommendation on the stock with
revised target price of `68 based on target PE of 6x for FY2015E earnings.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
2,563
9.8
147
9.6
22.2
5.4
0.7
2.4
0.2
FY2015E
2,899
9.8
173
11.3
23.1
4.6
0.6
1.9
0.2
Result Preview
Bharti Airtel (CMP: `319/ TP: -/ Upside: -)
Bharti Airtel is slated to announce its 4QFY2013 results today. We expect the
company to record revenue of `20,631cr, up 1.9% qoq. In domestic mobile
services, MOU as well as ARPM is expected to go up by ~1.0% qoq each to
439min and `0.43/min, respectively. Africa business is expected to post 4.2% qoq
growth in revenues. Consolidated EBITDA margin of the company is expected to
decline by 83bp qoq to 29.7%. PAT is expected to be at `532cr. We maintain our
Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)

(x)
(x)
(x)
FY2014E
86,933
30.2 3,903
10.3
7.0
31.0
2.2
7.0
2.1
FY2015E
96,121
31.2 5,948
15.7
9.7
20.4
2.0
5.7
1.8
Canara Bank (CMP: `415/ TP: `461/ Upside: 11%)

Canara Bank is scheduled to announce its 4QFY2013 results today. We expect the
bank to report a flat yoy operating performance, with Net Interest Income (NII) at
`2,027cr and Non-interest income at `781cr. Operating expenses are expected to
increase by 3.6% yoy to `1,367cr, while Provisioning expenses are expected to
remain flat on a yoy basis to `466cr. Consequently, we expect Net profit to decline
6.2% yoy to `778cr. At the CMP, the stock is trading at 0.7x FY2015E ABV. We
maintain our Accumulate recommendation on the stock with a target price of
`461.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
11,673
2.2
3,316
74.8 539.9
0.8
13.7
5.6
0.8
FY2015E
13,208
2.3
3,802
85.8 614.2
0.8
14.1
4.9
0.7
March
Syndicate Bank (CMP: `120/ TP: `130/ Upside: 8%)

Syndicate Bank is scheduled to announce its 4QFY2013 results today. We expect
the bank to report a moderate 8.1% yoy growth in Net Interest Income to
`1,446cr. Growth in non-interest income is also expected to be moderate at 5.7%
yoy to `317cr. Operating expenses are expected to increase by only 2.1% yoy to
`863cr. While, provisioning expenses are expected to decline by 8.4% yoy, tax
expenses are expected to remain negative at `43cr, as against `61cr in
4QFY2012. Consequently, net profit is expected to grow by 43.9% yoy to `445cr.
Market Outlook
May 2, 2013
At the CMP, the stock is trading at 0.6x FY2015E ABV. We recommend

Accumulate rating on the stock, with a target price of `130.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
7,340
2.9
1,591
26.4 177.4
0.7
15.8
4.5
0.7
FY2015E
8,212
2.8
1,728
28.7 199.7
0.7
15.2
4.1
0.6
March
Alembic Pharma (CMP: `114/ TP: `122/ Upside: 7%)

Alembic Pharmaceuticals, for the, 4QFY2013 is expected to post a muted set of
numbers. The top line is expected to grow by only 2.4% to `349cr, mainly on back
of low growth in exports, on back of capacity constraints. The OPM is expected to
come to end the period at 14.6%, an expansion of 300bps. In spite, of the same
adjusted Net Profit is expected to grow by 7.4% yoy to end the period at `18.8cr,
on back of higher taxation. We recommend a accumulate with a price target of
`122.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
1,714
17.1
179
9.5
30.2
12.0
2.3
5.6
1.0
FY2015E
19,76
19.0
230 12.2
298
9.3
1.8
4.1
0.8
Quarterly Bloomberg Brokers Consensus Estimates

Bharti Airtel Consolidated (02/05/2013)
Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
20,852
18,729
11.3
20,240
3.0
6,446
6,253
3.1
6,199
4.0
EBITDA margin (%)
30.9
33.4
Net profit
731
1,006
(27.3)
284
157.7
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
778
829
(6.2)
711
9.4
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
408
297
37.4
362
12.8
1QCY13E
1QCY12
y-o-y (%)
4QCY12
q-o-q (%)
3,036
2,860
3,099
(2)
EBITDA
522
645
(19)
398
31
EBITDA margin (%)
17.2
22.5
Net profit
320
155
Net sales
EBITDA
30.6
Canara Bank (02/05/2013)

Particulars (` cr)
Net profit
Kotak Mahindra Bank (02/05/2013)

Particulars (` cr)
Net profit
ACC (03/05/2013)
Particulars (` cr)
Net sales
12.8
106
239
34
Market Outlook
May 2, 2013
Ambuja Cement (03/05/2013)

Particulars (` cr)
1QCY13E
1QCY12
y-o-y (%)
4QCY12
q-o-q (%)
2,666
2,313
15
2,633
EBITDA
635
450
41
772
(18)
EBITDA margin (%)
23.8
19.5
Net profit
392
212
85
312
26
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
2,705
2,281
19
2,983
(9)
258
237
282
(9)
9.5
10.4
267
144
Net sales
29.3
Titan Industries (03/05/2013)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
9.5
85
204
31
Grasim Industries Consolidated (04/05/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
7,393
7,206
6,718
10
EBITDA
1,504
1,610
(7)
1,307
15
EBITDA margin (%)
20.3
22.3
Net profit
781
809
(3)
549
42
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
3,816
4,026
(5)
3,398
12
EBITDA
914
1,019
(10)
795
15
EBITDA margin (%)
24.0
25.3
Net profit
174
284
(39)
174
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
1,897
998
90
1,687
12
EBITDA
326
96
241
294
11
EBITDA margin (%)
17.2
9.6
(397)
(290)
37
(507)
(22)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
832
617
35
868
(4)
EBITDA
579
458
27
666
(13)
EBITDA margin (%)
69.6
74.1
Net profit
375
339
19.5
Jaiprakash Associates (04/05/2013)

Particulars (` cr)
Net sales
23.4
Adani Power (06/05/2013)

Particulars (` cr)
Net sales
Net profit
17.4
Adani Ports & SEZ (06/05/2013)

Particulars (` cr)
76.7
11
415
(10)
Market Outlook
May 2, 2013
Economic and Political News
Government may trim 2013-14 wheat procurement target

Gems and jewellery exports fall 9% in FY2013
Indian economy to grow at 6.1% in FY2014: World Bank
FII invests `5,414cr in Apr; lowest in 16 months
Coalgate: Coal Ministry hands over about 730 files to CBI
Jet fuel prices cut by a steep 5.3%
Fertilizer subsidy to be down by 15%
Corporate News
Gail seeks stay on TN governments decision to halt `3,000cr project

ONGC Videsh raises US$800mn
Aurobindo Pharma gets US nod for hypertension drug
Apparel exports down 5.75% in 2012-13: AEPC
Promoters of Maharashtra Seamless to buy back `100cr shares
Indian Overseas Bank to raise US$2bn through MTN
ONGC's US$5bn Kazakh oil deal may fall through
NTPC's crosses major hurdle for flagship `11,640cr Gadarwara project
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 02, 2013
Result Calendar
Date
Company
May 03, 2013
Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,
Automotive Axle
Ambuja Cements, ACC, Titan Inds., Hind. Const., Honeywell Automation
May 04, 2013
Grasim Inds, Jaiprakash Asso., Gujarat Gas
May 02, 2013
May 05, 2013

May 06, 2013
Mundra Port, Adani Power, South Ind.Bank
May 07, 2013
GSK Pharma, Shriram Trans., Glenmark Pharma., Allahabad Bank, UCO Bank, ITNL, Sintex, CEAT
May 08, 2013
HDFC, Ranbaxy, Lupin, ABB, Corporation Bank
May 09, 2013
Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank
May 10, 2013
NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, Punj Lloyd, Electrosteel Castings, ITD Cementation
May 11, 2013

May 12, 2013
May 13, 2013
Nestle, Amara Raja Batteries
May 14, 2013
Dr Reddy's, HT Media
May 15, 2013

May 16, 2013
Bajaj Auto
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 2, 2013
May 3, 2013
6:00PM
US
1:25PM
Germany PMI Manufacturing
Initial Jobless claims
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
Apr 27
339.00
345.00
Value
Apr F
47.90
47.90
May 2
0.75
0.50
Thousands
Apr
88.00
150.00
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
RBI Reverse Repo rate
11:00AM
India
May 6, 2013
1:25PM
Germany PMI Services
May 8, 2013
4:29PM
China
May 9, 2013
2:00PM
4:30PM
May 10, 2013
Thousands
May 3
6.50
6.25
Value
Apr F
49.20
--
Exports YoY%
% Change
Apr
10.00
--
UK
Industrial Production (YoY)
% Change
Mar
(2.20)
--
UK
BOE Announces rates
% Ratio
May 9
0.50
0.50
7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
2.10
--
4:29PM
India
Imports YoY%
% Change
Apr
(2.90)
--
4:29PM
India
Exports YoY%
% Change
Apr
7.00
--
11:00AM
India
Industrial Production YoY
% Change
Mar
0.60
--
May 13, 2013
11:00AM
China
Industrial Production (YoY)
% Change
Apr
8.90
--
May 14, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Apr
5.96
--
May 15, 2013
2:00PM
UK
Jobless claims change
% Change
Apr
(7.00)
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
6:00PM
US
Producer Price Index (mom)
% Change
Apr
(0.60)
--
6:45PM
US
Industrial Production
Apr
0.41
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Apr F
1.70
--
6:00PM
US
Housing Starts
Thousands
Apr
1,036.00
--
6:00PM
US
Building permits
Thousands
Apr
907.00
--
6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.20)
--
May 16, 2013
Market Outlook
May 02, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
4.0
0.6
(0.1)
Jan-13
Dec-12
Nov-12
(2.8)
Mfg. PMI
58.0
7.5
(0.5)
Exhibit 4: Manufacturing and services PMI
(%)
7.6
(1.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.6
(0.7)
(2.0)
Oct-12
(4.0)
(1.3)
Mar-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
7.5
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
56.0
6.8
6.0
54.0
52.0
Mar-13
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
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Source: MOSPI, Angel Research
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
30.0
Reverse Repo rate
CRR
7.50
8.00
15.0
7.00
6.50
6.00
4.00
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: RBI, Angel Research
Mar-13
4.00
3.00
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.00
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
0.0
(15.0)
Feb-13
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
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
Market Outlook
May 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
134
2,612
1,657
1,906
14.1
14.1
7.7
8.9
17.4
15.1
3.6
3.1
22.2
21.9
1.5
1.3
United Phosphorus
Buy
141
232
6,243
10,298
11,310
16.5
16.5
20.5
23.2
6.9
6.1
1.2
1.0
18.0
17.4
0.6
0.5
Amara Raja Batteries
Buy
260
326
4,441
3,418
3,892
15.1
14.9
19.8
21.7
13.1
12.0
3.2
2.6
27.1
23.7
1.3
1.1
Apollo Tyres
Accumulate
97
103
4,871
14,401
15,841
11.4
11.5
13.6
15.9
7.1
6.1
1.2
1.0
18.4
18.2
0.5
0.4
Ashok Leyland
Buy
23
27
6,066
13,833
16,192
9.6
9.7
2.0
2.7
11.6
8.6
1.9
1.7
12.1
15.2
0.5
0.4
Automotive Axle#
Accumulate
286
309
433
934
1,103
10.2
10.7
24.5
34.3
11.7
8.3
1.5
1.3
13.2
16.9
0.5
0.4
Bajaj Auto
Accumulate
1,882
2,014
54,453
22,552
25,498
18.6
18.6
117.9
134.3
16.0
14.0
5.8
4.6
40.2
36.6
2.0
1.7
Bharat Forge
Neutral
231
5,379
6,198
6,793
14.6
14.9
14.5
17.3
15.9
13.4
2.1
1.9
13.6
14.7
1.0
0.9
Bosch India*
Neutral
8,910
27,977
9,821
11,394
17.0
17.3
373.5
438.7
23.9
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
105
155
360
5,403
6,057
8.3
8.3
36.4
41.3
2.9
2.5
0.4
0.4
15.3
16.6
0.2
0.2
Exide Industries
Accumulate
132
146
11,258
7,026
8,027
14.2
14.2
7.7
8.9
17.1
15.0
2.9
2.5
18.0
17.9
1.3
1.1
FAG Bearings*
Neutral
1,362
2,263
1,525
1,742
14.5
15.7
88.4
109.5
15.4
12.4
2.2
1.9
15.5
16.5
1.3
1.1
Hero Motocorp
Accumulate
1,645
1,819
32,851
25,274
27,658
14.1
13.7
110.2
139.9
14.9
11.8
5.4
4.3
39.8
40.7
1.1
0.9
JK Tyre
Buy
111
154
454
7,972
8,754
7.1
7.1
37.5
44.0
3.0
2.5
0.5
0.4
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
923
1,006
56,670
44,550
50,260
11.4
11.7
59.6
68.3
15.5
13.5
3.2
2.7
22.3
21.6
1.0
0.9
Maruti
Accumulate
1,669
1,847
48,215
48,455
55,723
11.2
10.9
107.8
123.2
15.5
13.6
2.3
2.0
16.2
16.0
0.8
0.7
Motherson Sumi
Accumulate
194
222
11,416
28,442
31,493
7.5
7.8
12.5
14.8
15.5
13.1
3.8
3.1
27.5
25.8
0.5
0.5
Subros
Accumulate
26
30
158
1,479
1,685
10.0
9.9
5.5
7.5
4.8
3.5
0.5
0.5
11.1
13.7
0.4
0.3
Tata Motors
Accumulate
299
324
79,819 206,341 227,695
12.8
13.5
32.3
39.0
9.3
7.7
2.0
1.6
23.1
23.2
0.5
0.4
TVS Motor
Neutral
38
1,827
7,715
8,586
6.0
6.1
5.0
5.9
7.7
6.6
1.3
1.2
18.1
18.6
0.2
0.1
ABB*
Reduce
520
452
11,010
8,073
9,052
5.5
7.2
11.3
17.4
46.1
29.9
4.0
3.6
8.9
12.8
1.3
1.2
BGR Energy
Neutral
195
1,405
4,114
4,886
11.4
10.7
24.9
28.0
7.8
7.0
1.1
1.0
25.2
22.6
0.6
0.6
BHEL
Neutral
193
47,116
43,757
40,934
17.3
16.9
20.9
19.0
9.2
10.2
2.0
1.8
23.7
18.8
1.0
0.9
Blue Star
Buy
162
230
1,452
2,896
3,087
5.6
6.2
9.3
11.7
17.3
13.8
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
92
117
5,924
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
245
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
54
67
1,375
7,750
8,631
6.8
7.0
7.7
9.2
7.0
5.8
1.0
0.9
20.8
20.8
0.3
0.3
Thermax
Neutral
570
6,793
5,931
6,592
9.6
9.7
31.0
34.3
18.4
16.6
3.2
2.8
18.6
17.9
1.0
0.8
1,237
1,361
23,226
12,182
13,435
21.0
22.4
78.7
98.8
15.7
12.5
2.9
2.5
19.0
21.4
1.6
1.4
Capital Goods
Cement
ACC
Accumulate
Market Outlook
May 02, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
186
28,764
10,681
11,991
25.0
25.5
10.8
12.8
17.2
14.6
3.0
2.7
18.1
19.4
2.2
1.8
India Cements
Neutral
83
2,560
4,777
5,276
17.3
17.1
8.8
10.9
9.5
7.7
0.7
0.7
7.5
8.8
0.9
0.8
J K Lakshmi Cement
Buy
97
143
1,143
2,313
2,728
19.8
20.7
16.6
23.1
5.9
4.2
0.8
0.7
13.6
16.5
1.0
0.8
Madras Cements
Neutral
247
5,883
4,293
4,855
27.4
28.6
21.8
28.2
11.4
8.8
2.1
1.7
19.6
21.3
1.8
1.5
Shree Cement^
Neutral
4,490
15,643
6,706
7,751
28.7
27.7
338.2
375.5
13.3
12.0
3.4
2.7
28.5
25.2
1.7
1.3
UltraTech Cement
Neutral
1,901
52,124
21,947
25,049
23.8
23.8
106.1
119.8
17.9
15.9
3.0
2.6
17.7
17.3
2.4
2.1
195
272
1,025
2,013
2,293
22.5
22.5
26.0
24.4
7.5
8.0
0.8
0.8
11.7
9.9
2.1
1.9
12
215
2,281
2,492
5.9
6.9
0.7
2.0
17.0
5.8
0.4
0.4
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
116
167
3,862
4,152
4,624
44.4
45.0
17.0
17.2
6.9
6.7
1.1
0.9
16.2
14.6
3.3
3.4
ITNL
Buy
176
230
3,419
7,177
7,772
27.4
28.9
29.4
32.4
6.0
5.4
0.9
0.8
16.5
15.9
2.7
2.7
IVRCL Infra
Buy
19
35
592
6,287
6,836
8.5
8.5
2.3
3.0
8.2
6.3
0.3
0.3
3.4
4.2
0.5
0.5
Jaiprakash Asso.
Buy
75
95
16,688
14,914
15,699
26.2
26.4
4.2
4.4
17.9
17.3
1.2
1.1
6.8
6.6
2.5
2.4
Larsen & Toubro
Buy
1,513
1,795
93,150
69,586
79,247
11.2
11.1
75.1
84.9
20.1
17.8
2.9
2.5
15.2
15.0
1.5
1.4
Nagarjuna Const.
Buy
31
45
797
6,576
7,264
8.2
8.3
4.1
4.8
7.6
6.5
0.3
0.3
4.2
4.7
0.5
0.5
Punj Lloyd
Neutral
54
1,787
1,338
1,542
10.2
10.2
3.0
4.8
18.2
11.3
0.6
0.6
3.4
5.2
5.6
5.3
Sadbhav Engg.
Buy
114
153
1,721
2,511
2,736
10.6
10.6
7.3
7.8
15.7
14.6
2.0
1.8
13.3
12.7
0.9
0.8
Simplex Infra
Buy
115
164
569
6,824
7,563
9.2
9.4
18.0
23.4
6.4
4.9
0.4
0.4
6.9
8.3
0.5
0.4
Unity Infra
Buy
31
45
226
2,455
2,734
13.4
13.0
14.6
14.9
2.1
2.1
0.2
0.2
12.3
11.3
0.5
0.5
Allahabad Bank
Buy
134
155
6,705
7,137
7,907
2.9
2.8
32.3
36.0
4.2
3.7
0.6
0.5
14.2
14.2
Andhra Bank
Neutral
91
5,103
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
1,493
1,737
69,870
19,055
22,710
3.3
3.2
130.7
152.3
11.4
9.8
1.9
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
19,519
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
58
3,830
4,289
4,670
2.9
2.8
11.6
13.1
5.0
4.4
0.7
0.7
15.7
15.6
Canara Bank
Accumulate
415
461
18,365
11,673
13,208
2.3
2.3
74.8
85.8
5.5
4.8
0.8
0.7
13.7
14.1
Central Bank
Neutral
71
7,411
8,079
9,086
2.6
2.6
14.9
18.0
4.8
4.0
0.7
0.6
12.2
13.3
Corporation Bank
Buy
378
453
5,783
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
91
101
3,186
3,334
3,700
2.7
2.7
23.6
26.5
3.9
3.4
0.6
0.5
15.5
15.3
Federal Bank
Neutral
457
7,811
2,916
3,389
3.3
3.3
50.1
59.4
9.1
7.7
1.1
1.0
12.8
13.7
Financials
Market Outlook
May 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
847
131,006
8,928
10,684
3.7
3.7
38.4
45.3
22.1
18.7
4.8
4.2
32.5
32.4
HDFC Bank
Neutral
682
162,362
27,682
33,916
4.6
4.6
35.3
42.7
19.3
16.0
3.8
3.2
21.3
21.8
ICICI Bank
Buy
1,163
1,352
134,181
25,705
30,330
3.1
3.2
83.9
96.3
13.9
12.1
1.8
1.7
15.2
15.7
IDBI Bank
Neutral
88
11,768
9,137
10,041
1.9
2.0
17.8
18.8
5.0
4.7
0.6
0.5
11.7
11.3
Indian Bank
Accumulate
171
193
7,358
6,276
6,968
3.1
3.1
38.3
42.3
4.5
4.1
0.7
0.6
15.2
14.9
IOB
Buy
64
74
5,882
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
1,365
6,619
3,032
3,118
3.8
3.5
218.1
200.9
6.3
6.8
1.2
1.0
19.9
16.0
LIC Housing Finance
Accumulate
245
281
12,349
2,113
2,525
2.3
2.3
25.4
29.2
9.6
8.4
1.7
1.5
18.4
18.3
Oriental Bank
Accumulate
268
282
7,821
6,791
7,478
2.7
2.7
56.7
63.4
4.7
4.2
0.6
0.6
12.9
13.1
Punjab Natl.Bank
Buy
768
889
27,150
21,161
24,166
3.3
3.3
153.4
176.4
5.0
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
2,264
2,567
154,879
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
120
130
7,214
7,340
8,212
2.9
2.8
26.4
28.7
4.5
4.2
0.7
0.6
15.8
15.2
UCO Bank
Neutral
69
5,227
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
245
264
14,604
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
2,254
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
52
2,599
2,600
2,946
2.0
2.1
9.7
11.0
5.4
4.8
0.6
0.6
11.4
11.7
Yes Bank
Neutral
501
17,981
4,390
5,411
2.8
2.8
41.6
47.9
12.1
10.5
2.6
2.1
23.2
22.1
Asian Paints
Neutral
4,682
44,907
13,319
15,805
15.7
15.7
143.8
170.2
32.6
27.5
10.2
8.0
35.1
32.7
3.3
2.7
Britannia
Neutral
578
6,916
6,417
7,446
5.1
5.5
20.3
25.2
28.6
23.0
9.7
7.7
37.4
37.3
1.0
0.8
Colgate
Neutral
1,470
19,986
3,588
4,130
21.1
21.6
44.7
51.9
32.9
28.3
29.6
22.0
100.0
89.1
5.4
4.6
Dabur India
Neutral
148
25,769
7,183
8,340
16.8
16.8
5.4
6.3
27.3
23.4
10.7
8.3
43.9
39.9
3.5
3.0
GlaxoSmith Con*
Neutral
4,012
16,874
3,617
4,260
16.1
16.4
120.6
146.4
33.3
27.4
10.3
8.3
33.8
33.4
4.3
3.6
Godrej Consumer
Neutral
836
28,463
7,801
9,017
17.0
17.0
26.5
31.9
31.5
26.2
7.1
5.8
26.5
25.9
3.8
3.2
HUL
Neutral
584
126,202
28,974
32,970
13.5
13.5
17.0
18.1
34.4
32.2
21.9
16.5
74.3
58.3
4.2
3.6
ITC
Neutral
329
259,891
33,506
39,067
36.8
37.0
11.1
13.0
29.7
25.3
9.6
7.9
35.5
34.1
7.4
6.3
Marico
Neutral
225
14,527
5,352
6,204
14.0
14.0
7.9
9.8
28.5
23.0
5.9
4.8
22.8
22.9
2.7
2.2
Nestle*
Neutral
4,981
48,023
9,739
11,307
21.5
22.2
131.6
159.9
37.9
31.2
19.1
13.7
58.8
69.5
4.8
4.1
Tata Global
Neutral
147
9,106
7,998
8,798
9.7
9.8
7.9
8.7
18.7
16.9
2.3
2.2
9.6
9.8
1.1
0.9
FMCG
Market Outlook
May 02, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Buy
721
863
50,194
28,633
32,216
21.5
20.7
57.3
61.7
12.6
11.7
3.0
2.5
24.0
21.5
1.6
1.3
Hexaware*
Buy
82
105
2,445
2,137
2,350
18.8
19.2
10.4
11.7
7.9
7.0
1.7
1.5
22.6
22.1
1.0
0.9
Infosys
Accumulate
2,234
2,465
128,310
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
175
196
1,958
1,994
2,039
18.1
18.5
20.2
21.8
8.7
8.1
1.2
1.1
13.8
13.1
0.6
0.5
KPIT Cummins
Buy
104
130
1,999
2,458
2,729
15.5
15.2
13.1
14.5
7.9
7.2
1.6
1.3
20.9
18.8
0.7
0.6
Mahindra Satyam
Buy
110
143
12,980
8,456
9,385
19.3
19.1
10.6
11.9
10.4
9.3
2.3
1.9
22.4
20.1
1.1
0.9
Mindtree
Buy
802
926
3,331
2,587
2,823
19.4
19.4
87.2
92.6
9.2
8.7
2.0
1.6
21.8
18.8
0.9
0.8
Mphasis&
Accumulate
372
395
7,819
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
395
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
1,376
1,585
269,363
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
955
1,230
12,229
7,699
8,315
19.3
18.1
107.0
115.0
8.9
8.3
1.9
1.6
21.7
19.1
1.6
1.4
Wipro
Accumulate
348
385
85,686
40,173
43,697
20.4
20.6
26.2
28.5
13.3
12.2
2.6
2.3
19.7
18.4
1.6
1.4
D B Corp
Accumulate
238
272
4,356
1,787
1,974
25.4
26.4
14.5
16.9
16.3
14.1
3.4
2.9
22.4
22.2
2.3
2.0
HT Media
Accumulate
106
117
2,488
2,205
2,380
15.1
15.6
8.0
9.1
13.2
11.7
1.4
1.3
11.2
11.4
0.7
0.6
Jagran Prakashan
Buy
93
121
3,080
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
339
1,343
1,343
1,521
18.8
18.9
18.3
22.9
18.5
14.8
1.8
1.9
10.6
12.3
1.0
0.9
Sun TV Network
Neutral
416
16,410
2,293
2,571
68.7
68.7
19.3
22.7
21.5
18.3
5.3
4.6
26.1
27.3
6.6
5.7
Bhushan Steel
Neutral
456
10,338
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
319
345
201,303
72,174
76,311
33.3
28.4
28.4
30.9
11.2
10.3
3.1
2.7
37.6
36.2
2.0
1.8
Electrosteel Castings
Buy
17
26
581
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
0.2
GMDC
Buy
157
213
4,989
1,944
2,317
49.9
51.7
20.8
25.6
7.6
6.1
1.7
1.4
24.3
24.6
2.1
1.6
Hind. Zinc
Buy
119
145
50,324
12,358
13,659
51.4
51.6
16.0
17.6
7.4
6.8
1.3
1.2
19.4
18.4
1.8
1.3
Hindalco
Neutral
97
18,619
88,987
94,163
9.2
9.7
13.8
15.9
7.1
6.1
0.5
0.5
7.6
8.1
0.6
0.5
JSW Steel
Neutral
702
15,673
39,524
42,064
17.1
16.9
71.8
86.3
9.8
8.1
0.8
0.8
8.6
9.6
0.7
0.6
MOIL
Accumulate
224
243
3,756
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
198
291
1,262
2,883
3,181
21.7
23.6
40.3
57.7
4.9
3.4
0.5
0.4
10.1
13.0
1.3
1.1
Nalco
Neutral
35
8,982
8,187
8,416
14.5
14.7
3.2
3.3
10.9
10.7
0.7
0.7
6.8
6.7
0.6
0.6
NMDC
Buy
126
179
49,817
10,329
12,540
73.8
75.0
16.6
19.0
7.6
6.6
1.4
1.3
20.6
20.2
2.6
2.1
Media
Metals & Mining
Market Outlook
May 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Metals & Mining

SAIL
Neutral
62
25,462
53,685
64,183
9.3
12.2
5.5
8.3
11.3
7.5
0.6
0.6
5.4
7.7
0.8
0.8
Sesa Goa
Neutral
159
13,827
3,742
4,426
32.9
32.8
31.3
31.2
5.1
5.1
0.7
0.6
14.8
12.9
4.4
3.7
Sterlite Inds
Neutral
95
32,077
45,864
46,970
23.8
25.3
18.8
20.9
5.1
4.6
0.6
0.5
11.7
11.8
0.6
0.6
Tata Steel
Buy
303
430
29,413 141,775 151,672
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
103
153
370
1,494
1,568
19.1
20.3
31.3
36.5
3.3
2.8
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
36
48
488
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
0.5
Buy
85
118
279
2,425
2,552
13.7
14.8
33.5
45.3
2.5
1.9
0.3
0.2
11.2
13.1
0.5
0.4
Cairn India
Accumulate
312
345
59,581
16,482
16,228
69.4
53.3
53.3
49.6
5.9
6.3
0.9
0.8
16.5
13.6
2.3
1.9
GAIL
Neutral
352
44,593
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
327
354
279,722 157,962 175,367
35.1
36.2
34.3
39.3
9.5
8.3
1.6
1.5
18.2
18.6
1.5
1.4
Reliance Industries
Neutral
788
254,519 380,031 407,721
9.9
69.3
69.3
78.0
11.4
10.1
1.1
1.0
11.5
11.7
0.6
0.6
Gujarat Gas*
Neutral
247
3,173
3,707
3,850
11.7
12.4
23.7
25.7
10.4
9.6
2.9
2.5
29.6
28.2
0.7
0.7
Indraprastha Gas
Neutral
300
4,195
3,700
4,218
23.4
22.8
26.6
30.4
11.3
9.9
2.3
2.0
22.6
21.7
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
139
174
10,436
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
67
3,784
1,079
983
91.8
91.9
8.8
7.8
7.7
8.6
1.3
1.2
17.8
14.1
3.2
3.5
Alembic Pharma
Accumulate
114
122
2,152
1,714
1,976
17.1
19.0
9.5
12.2
12.0
9.4
3.2
2.5
30.2
29.8
1.3
1.1
Aurobindo Pharma
Buy
191
264
5,555
6,279
7,033
16.0
16.0
15.2
19.2
12.6
9.9
1.7
1.4
19.2
18.0
1.4
1.2
Aventis*
Neutral
2,555
5,884
1,682
1,917
16.6
16.6
92.4
99.1
27.7
25.8
3.9
3.9
15.7
14.8
3.1
2.6
Cadila Healthcare
Buy
792
962
16,208
7,386
8,863
18.0
18.0
39.5
48.1
20.0
16.5
4.5
3.7
24.8
24.7
2.5
2.0
Cipla
Accumulate
406
463
32,595
9,130
10,543
24.8
23.0
21.6
23.2
18.8
17.5
3.1
2.7
17.6
16.2
3.3
2.7
Dr Reddy's
Neutral
2,024
34,356
11,662
13,101
21.0
20.8
92.9
103.9
21.8
19.5
4.2
3.5
20.8
19.6
3.1
2.7
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
69
206
553
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
2,254
19,095
2,993
3,319
30.4
30.2
78.1
86.7
28.9
26.0
8.8
7.9
31.6
31.9
5.6
4.9
Buy
63
90
582
784
902
15.2
15.2
7.8
9.0
8.1
7.0
1.2
1.0
15.6
15.8
1.0
0.8
Ipca labs
Buy
509
676
6,418
3,474
4,168
21.0
21.0
37.3
45.1
13.6
11.3
3.2
2.6
26.4
25.3
2.0
1.7
Lupin
Accumulate
702
792
31,411
11,564
13,847
21.1
21.1
32.8
39.6
21.4
17.7
4.9
3.9
25.7
24.7
2.8
2.3
Ranbaxy*
Neutral
452
19,139
11,400
12,060
12.5
12.5
21.6
22.5
20.9
20.1
4.0
3.5
20.6
18.5
1.6
1.5
Sun Pharma
Reduce
951
888
98,363
12,563
14,698
42.6
42.6
29.8
35.5
31.9
26.8
5.7
4.8
19.2
19.3
7.2
6.0
71
78
1,079
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
Power
GIPCL
Accumulate
Market Outlook
May 02, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
157
129,784
81,951
92,264
24.1
24.3
13.6
14.9
11.6
10.5
1.5
1.3
13.0
13.1
2.3
2.1
DLF
Buy
238
288
40,438
9,699
12,010
37.0
36.9
6.0
8.4
39.9
28.3
1.5
1.4
3.8
5.1
5.6
4.6
MLIFE
Accumulate
417
446
1,703
888
1,002
26.7
25.9
36.3
40.6
11.5
10.3
1.2
1.1
10.8
11.0
2.2
1.9
Bharti Airtel
Neutral
319
121,046
86,933
96,121
30.2
31.2
10.3
15.7
31.0
20.4
2.2
2.0
7.0
9.7
2.1
1.8
Idea Cellular
Neutral
133
43,955
24,959
27,232
27.1
27.5
3.7
4.7
35.7
28.2
2.9
2.6
8.1
9.2
2.2
1.9
Rcom
Neutral
97
20,021
22,221
24,253
32.0
32.2
4.3
6.4
22.4
15.1
0.5
0.5
2.4
3.4
2.4
2.1
11.8
12.4
71.2
83.0
19.8
17.0
4.0
3.4
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Buy
1,407
1,659
2,989
1,863
2,081
Bajaj Electricals
Buy
177
237
1,763
3,929
4,480
7.4
7.7
15.5
19.7
11.4
9.0
2.0
1.7
17.4
18.7
0.5
0.4
Cera Sanitaryware
Buy
455
562
576
630
795
14.4
13.6
42.8
51.1
10.7
8.9
2.5
2.0
26.6
25.2
0.9
0.7
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
52
68
792
2,559
2,893
9.8
9.8
9.8
11.3
5.3
4.6
0.8
0.6
14.1
14.1
0.2
0.2
Force Motors
Buy
382
570
497
2,299
2,621
4.7
4.9
46.3
57.0
8.2
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
134
177
363
1,053
1,169
6.3
7.1
13.8
17.7
9.7
7.5
1.4
1.2
15.0
16.7
0.4
0.3
Honeywell Automation* Buy
2,441
2,842
2,158
2,117
2,491
8.1
7.8
137.9
157.9
17.7
15.5
2.6
2.3
16.0
15.8
0.9
0.8
IFB Agro
Buy
168
198
151
495
651
12.7
12.9
29.3
39.5
5.7
4.3
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
182
238
210
1,430
1,573
12.1
12.2
21.8
30.6
8.4
6.0
0.5
0.5
6.1
8.0
0.6
0.6
Jyothy Laboratories
Neutral
176
2,842
979
1,164
14.9
15.1
6.0
7.7
29.3
22.9
3.6
3.3
12.9
15.1
3.0
2.5
MRF
Accumulate
13,380
14,416
5,674
11,799
12,587
14.1
13.5 1,792.4 1,802.0
7.5
7.4
1.6
1.3
23.5
19.2
0.6
0.5
Page Industries
Neutral
3,600
4,016
1,047
1,281
19.6
19.8
127.3
158.1
28.3
22.8
13.5
9.8
54.9
50.0
3.9
3.2
Relaxo Footwears
Buy
593
786
712
1,148
1,360
11.7
11.9
55.5
71.4
10.7
8.3
2.5
1.9
26.3
26.2
0.8
0.6
Siyaram Silk Mills
Buy
244
312
229
1,157
1,320
11.9
12.0
66.6
77.9
3.7
3.1
0.6
0.5
18.3
18.2
0.5
0.4
S. Kumars Nationwide
Neutral
202
6,765
7,393
18.1
18.0
6.4
7.5
1.1
0.9
0.1
0.1
6.1
6.7
0.6
0.6
Styrolution ABS India*
Buy
500
617
879
1,068
1,223
9.6
9.6
38.1
44.1
13.1
11.3
1.8
1.6
14.5
14.7
0.8
0.7
TAJ GVK
Buy
63
108
397
300
319
35.8
36.2
7.9
9.1
8.0
7.0
1.1
1.0
13.9
14.4
1.6
1.4
Tata Sponge Iron
Buy
291
371
448
814
849
17.0
17.6
64.6
69.2
4.5
4.2
0.6
0.6
14.5
13.8
0.2
TTK Healthcare
Accumulate
485
553
377
435
516
6.2
7.1
24.3
33.3
20.0
14.6
3.3
2.8
17.6
20.8
0.7
0.6
Tree House
Neutral
266
955
150
192
52.7
52.5
12.8
16.2
20.7
16.4
2.1
1.8
10.0
11.1
6.0
4.5
TVS Srichakra
Buy
195
226
149
1,591
1,739
7.1
7.4
39.4
56.5
4.9
3.5
1.0
0.8
20.6
25.0
0.3
0.3
Market Outlook
May 02, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
2,212
28,936
11,886
13,491
14.4
14.0
50.9
74.5
43.5
29.7
3.6
3.2
10.6
11.4
2.7
2.4
357
439
725
600
638
20.1
19.4
35.7
36.6
10.0
9.8
1.8
1.6
19.4
17.1
1.0
0.9
Others
United Spirits
Neutral
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 30, 2013
Market Outlook
May 02, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

(0.6) (146.1) 22,591

Fed maintains stimulus to support growth

Net Inflows (April 29, 2013)

FII Derivatives (April 30, 2013)

Fed maintains stimulus to support growth

policy restraining growth and reiterated its commitment to pursue an

Auto sales numbers April 2013

ONGC makes three major oil and gas discovery

Unilever makes a voluntary open offer to increase stake in

TTKH receives approval for merger of TTKPD and TSL

17.0 1,085 31.9

Dabur India (CMP: `148/ TP: -/ Upside: -)

GSK Consumer (CMP: `4,012/ TP: -/ Upside: -)

Marico (CMP: `225/ TP: -/ Upside: -)

Petronet LNG (CMP: `139/ TP: `174/ Upside: 25%)

5.9 1,203 16.0

6.7 1,350 18.0

Sanofi India (CMP: `2,559/ TP: -/ Upside: -)

TVS Motor (CMP: `38/ TP: -/ Upside: -)

P/BV EV/EBITDA EV/Sales

Finolex Cables Ltd. (CMP: `52 /TP: `68/ Upside: 31%)

P/BV EV/EBITDA EV/Sales

P/BV EV/EBITDA EV/Sales

Canara Bank (CMP: `415/ TP: `461/ Upside: 11%)

Syndicate Bank (CMP: `120/ TP: `130/ Upside: 8%)

At the CMP, the stock is trading at 0.6x FY2015E ABV. We recommend

Alembic Pharma (CMP: `114/ TP: `122/ Upside: 7%)

Quarterly Bloomberg Brokers Consensus Estimates

EBITDA margin (%)

EBITDA margin (%)

Canara Bank (02/05/2013)

Kotak Mahindra Bank (02/05/2013)

Ambuja Cement (03/05/2013)

EBITDA margin (%)

Titan Industries (03/05/2013)

Grasim Industries Consolidated (04/05/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Jaiprakash Associates (04/05/2013)

Adani Power (06/05/2013)

Adani Ports & SEZ (06/05/2013)

Economic and Political News

Government may trim 2013-14 wheat procurement target

Gail seeks stay on TN governments decision to halt `3,000cr project

May 03, 2013

May 04, 2013

Grasim Inds, Jaiprakash Asso., Gujarat Gas

May 02, 2013

May 05, 2013

Mundra Port, Adani Power, South Ind.Bank

May 07, 2013

May 08, 2013

HDFC, Ranbaxy, Lupin, ABB, Corporation Bank

May 09, 2013

Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank

May 10, 2013

May 11, 2013

Nestle, Amara Raja Batteries

May 14, 2013

May 15, 2013