Professional Documents
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Dealers Diary
Indian markets are expected to open in green today, tracking positive opening
trades in the SGX Nifty and most of the Asian indices. Asian markets are trading
higher, as U.S. economic data beat estimates and on bets that the Federal
Reserve will keep its record stimulus.
US markets moved mostly higher over the course of the trading day on Thursday,
offsetting the weakness seen over the past few trading sessions, on the back of
better than expected US retail sales and jobless data. Meanwhile, the
European markets trimmed their early losses in the afternoon following the release
of upbeat US economic data.
Back home, Indian markets fell sharply on Thursday, mirroring weak Asian and
European cues as investors become anxious about central banks' stimulus policies.
Weak global cues dampened the investor enthusiasm over Fitch's move to upgrade
India's sovereign ratings outlook. On Friday, Investors will lookout for another
batch of U.S. economic data releases and India WPI Inflation data for May 2013.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(1.1)
Nifty
(1.1)
(61)
5,699
MID CAP
(1.4)
(85)
6,108
SMALL CAP
(1.1)
(61)
5,714
BSE HC
(1.8)
(159)
8,627
BSE PSU
(1.7)
(108)
6,240
BANKEX
(1.2)
(160) 13,359
AUTO
(2.3)
(247) 10,385
METAL
(1.1)
(90)
7,747
(0.7)
(58)
8,352
BSE IT
(1.7)
(101)
5,969
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
1.2
(214) 18,827
181 15,176
NASDAQ
1.3
45
3,445
Markets Today
FTSE
0.1
6,305
The trend deciding level for the day is 18,836 / 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 18,906 18,984 / 5,725 5,751 levels. However, if NIFTY trades below
18,836 / 5,704 levels for the first half-an-hour of trade then it may correct up to
18,757 18,687 / 5,678 5,657 levels.
Nikkei
(6.4)
(844) 12,445
Hang Sang
(2.2)
(468) 20,887
Straits Times
(0.7)
(23)
3,131
Shanghai Com
(2.7)
(61)
2,148
Indices
SENSEX
NIFTY
Indian ADR
Chg (%)
(Pts)
(Close)
INFY
(0.3)
(0.1)
$41.7
WIT
(0.4)
(0.0)
$7.4
IBN
0.1
0.1
$40.6
HDB
1.8
0.7
$37.6
S2
18,687
5,657
S1
18,757
5,678
PIVOT
18,836
5,704
R1
18,906
5,725
R2
18,984
5,751
News Analysis
Purch
2,523
535
Sales
3,567
513
Net
(1,044)
22
MTD
(408)
(635)
YTD
81,428
(12,711)
Purch
1,566
1,559
Sales
2,050
1,555
Net
(484)
4
Open Interest
10,086
28,581
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
433
6.2
Apollo Tyres
69
(25.4)
97
4.8
Sun TV Network
356
(10.9)
Titan Inds
214
4.3
MMTC
190
(10.0)
Bharti Airtel
288
3.5
JSW ENERGY
47
(6.2)
United Brew-$
670
3.2
66
(5.8)
Hindalco Inds
www.angelbroking.com
BSE
NSE
Advances
735
349
1,586
1,010
138
84
Declines
Advances / Declines
Unchanged
Volumes (` cr)
BSE
1,841
NSE
9,999
Market Outlook
June 14, 2013
www.angelbroking.com
Market Outlook
June 14, 2013
Land Rover sales grew at a healthy rate of 8% yoy (10.6% mom) to 26,303 units
led by sustained growth in Freelander, Evoque and continuous ramp-up in New
Range Rover. Land Rover witnessed strong growth in Asia Pacific and Europe with
volumes growing by 42% and 15% yoy respectively. However, volumes in UK and
China region remained flat during the month.
We retain our positive view on JLR and expect an ~13% volume CAGR over
FY2013-15E, driven by continued momentum in the luxury vehicle market,
coupled with the strong product launches that are lined up in FY2014 (expected to
launch 8 new refreshes/models in FY2014) and the success of the model launched
in 4QFY2013. We maintain our Buy rating on the stock with a sum-of-the-parts
(SOTP) target price of `347.
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
June 14, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
12:00PM
India
2:30PM
6:00PM
US
% Change
May
4.89
4.87
May F
1.20
1.40
% Change
May
(0.70)
0.10
6:45PM
US
Industrial Production
May
(0.53)
0.20
11:00AM
India
Jun 17
7.25
7.25
11:00AM
India
Jun 17
4.00
4.00
11:00AM
India
Jun 17
6.25
6.25
2:00PM
UK
CPI (YoY)
% Change
May
2.40
--
6:00PM
US
Housing Starts
Thousands
May
853.00
950.00
6:00PM
US
Building permits
Thousands
May
1,005.00
988.00
6:00PM
US
% Change
May
(0.40)
0.20
11:30PM
US
Jun 19
0.25
0.25
1:00PM
Value
Jun A
49.40
--
1:00PM
Value
Jun A
49.70
--
7:30PM
Value
Jun A
(21.90)
--
7:30PM
US
Million
May
4.97
5.00
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jun
76.20
--
7:30PM
US
Thousands
May
454.00
--
6:00PM
US
% Change
1Q T
2.40
--
1:25PM
Thousands
Jun
21.00
--
2:00PM
UK
GDP (YoY)
% Change
1Q F
0.60
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
--
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
--
4:30PM
UK
% Ratio
Jul 4
0.50
0.50
5:15PM
6:00PM
US
July 1, 2013
July 4, 2013
July 5, 2013
Jul 4
0.50
--
Thousands
Jun
175.00
--
6:00PM
US
Unnemployment rate
Jun
7.60
--
July 9, 2013
7:00AM
China
% Change
Jun
2.10
--
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
7:30AM
China
% Change
Jun
9.20
--
7:30AM
China
% Change
2Q
7.70
--
Market Outlook
June 14, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
7.5
Apr-13
Jun-12
Mfg. PMI
58.0
7.6
Mar-13
(4.0)
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
Services PMI
8.1
7.3
7.2
7.3
7.3
7.3
56.0
6.0
4.9
54.0
52.0
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
48.0
Mar-12
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
50.0
Jun-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
9.0
(2.0)
Jan-13
4.7 4.8
2.0
0.5
Dec-12
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
(%)
9.00
15.0
CRR
7.25
8.00
7.00
6.00
6.25
5.00
4.00
4.00
www.angelbroking.com
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
(15.0)
Jun-12
3.00
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
0.0
Market Outlook
June 14, 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
Neutral
139
2,706
1,657
1,906
14.1
14.1
7.7
8.9
18.1
15.6
3.8
3.2
22.2
21.9
1.6
1.3
United Phosphorus
Buy
140
232
6,203
10,298
11,310
16.5
16.5
20.5
23.2
6.8
6.0
1.1
1.0
18.0
17.4
0.6
0.5
Buy
247
285
4,211
3,418
3,892
14.5
14.5
18.5
20.4
13.3
12.1
3.2
2.6
26.6
23.8
1.3
1.0
Apollo Tyres
Buy
69
104
3,458
13,852
15,487
11.4
11.5
12.8
14.9
5.3
4.6
0.9
0.7
17.5
17.3
0.4
0.4
Ashok Leyland
Buy
21
27
5,707
14,038
16,442
7.6
8.7
1.1
2.2
20.5
9.6
1.8
1.6
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
234
353
834
965
9.3
10.6
17.3
27.1
13.5
8.6
1.3
1.2
9.5
14.0
0.5
0.4
Bajaj Auto
Buy
1,708
2,056
49,428
22,684
25,908
18.0
18.5
117.3
137.1
14.6
12.5
5.2
4.2
39.9
37.2
1.8
1.5
Bharat Forge
Neutral
222
5,176
6,198
6,793
14.6
14.9
14.5
17.3
15.3
12.9
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,981
28,199
9,821
11,394
17.0
17.3
373.5
438.7
24.0
20.5
4.3
3.7
18.0
17.9
2.6
2.2
CEAT
Buy
105
170
361
5,325
5,974
8.4
8.3
40.8
48.5
2.6
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
126
150
10,672
7,053
8,061
14.2
14.5
7.8
9.1
16.0
13.8
2.7
2.4
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,441
2,395
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.2
Hero Motocorp
Accumulate
1,609
1,819
32,127
25,274
27,658
14.1
13.7
110.2
139.9
14.6
11.5
5.3
4.2
39.8
40.7
1.1
0.9
JK Tyre
Buy
107
154
441
7,972
8,754
7.1
7.1
37.5
44.0
2.9
2.4
0.4
0.4
16.4
16.6
0.3
0.3
923
1,090
56,664
45,254
51,197
11.4
11.7
61.2
70.2
15.1
13.1
3.2
2.7
22.7
21.9
1.0
0.8
1,456
1,847
43,968
48,455
55,723
11.2
10.9
107.8
123.2
13.5
11.8
2.0
1.8
16.2
16.0
0.7
0.6
198
222
11,616
28,442
31,493
7.5
7.8
12.5
14.8
15.8
13.4
3.9
3.1
27.5
25.8
0.6
0.5
Buy
22
30
131
1,479
1,685
10.0
9.9
5.5
7.5
4.0
2.9
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
283
347
13.3
13.6
36.2
41.5
7.8
6.8
1.7
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
35
41
1,656
7,715
8,584
6.0
6.1
5.0
5.8
7.0
6.0
1.2
1.0
18.1
18.5
0.2
0.1
ABB*
Sell
592
461
12,553
8,073
9,052
5.5
6.9
11.5
16.9
51.4
35.0
4.7
4.5
9.3
13.1
1.5
1.3
BGR Energy
Neutral
133
963
4,114
4,886
11.4
10.7
24.9
28.0
5.4
4.8
0.7
0.7
25.2
22.6
0.5
0.5
BHEL
Neutral
175
42,833
44,054
39,326
16.8
15.1
20.6
16.1
8.5
10.9
1.9
1.7
23.5
16.1
0.9
0.9
Blue Star
Buy
160
230
1,434
2,896
3,087
5.6
6.2
9.3
11.7
17.1
13.6
2.8
2.4
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
85
117
5,459
13,446
15,272
6.7
7.6
6.6
8.9
12.8
9.6
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
24
195
3,360
3,597
9.7
9.8
7.3
10.2
3.2
2.3
0.7
0.6
8.8
11.4
0.3
0.3
KEC International
Buy
37
63
938
7,709
8,399
6.7
7.2
6.1
8.5
6.0
4.3
0.8
0.7
20.2
23.0
0.3
0.3
Thermax
Neutral
595
7,087
5,780
6,430
9.5
9.6
29.8
33.0
20.0
18.0
3.4
2.9
17.9
17.4
1.0
0.9
1,205
1,361
22,615
11,979
13,254
19.7
21.3
77.1
91.4
15.6
13.2
2.8
2.5
18.7
20.0
1.6
1.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Accumulate
www.angelbroking.com
Market Outlook
June 14, 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
175
27,016
10,232
11,762
23.5
24.5
10.3
12.2
17.0
14.4
2.8
2.6
17.2
18.6
2.1
1.7
India Cements
Neutral
63
1,948
4,929
5,434
17.4
17.1
8.9
10.9
7.1
5.8
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
106
143
1,241
2,247
2,742
21.0
23.1
17.8
21.8
5.9
4.8
0.9
0.7
15.5
16.4
0.5
0.9
Madras Cements
Neutral
235
5,590
4,234
4,788
23.9
24.0
18.5
22.8
12.7
10.3
2.0
1.7
17.2
18.2
1.7
1.4
Shree Cement^
Neutral
4,615
16,076
6,540
7,452
27.4
26.6
319.7
369.9
14.4
12.5
3.6
2.9
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,822
49,964
21,947
25,049
23.8
23.8
106.1
119.8
17.2
15.2
2.8
2.5
17.7
17.3
2.4
2.0
189
255
996
1,928
2,234
21.0
21.5
18.0
22.2
10.5
8.5
0.9
0.8
10.2
10.1
1.9
1.9
10
185
2,281
2,492
5.9
6.9
0.7
2.0
14.7
5.0
0.3
0.3
2.3
6.5
0.4
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
114
157
3,787
3,997
4,312
45.5
46.4
15.7
16.6
7.3
6.9
1.1
0.9
15.2
14.5
3.4
3.6
ITNL
Buy
175
230
3,407
7,444
8,041
27.4
28.9
29.8
32.1
5.9
5.5
0.8
0.7
14.9
14.2
2.6
2.6
IVRCL Infra
Buy
16
29
480
5,673
5,892
8.1
8.4
1.4
1.8
10.9
8.5
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
61
90
13,481
14,850
15,631
24.9
25.1
2.5
2.9
24.0
21.3
1.0
0.9
4.2
4.7
2.7
2.7
Buy
1,393
1,761
85,837
68,946
78,040
10.5
10.5
77.9
88.3
17.9
15.8
2.6
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
29
42
731
6,167
6,945
8.0
8.2
2.7
3.6
10.7
7.8
0.3
0.3
2.7
3.6
0.5
0.5
Punj Lloyd
Neutral
41
1,352
12,954
14,740
9.9
9.9
0.5
0.9
80.2
43.7
0.5
0.5
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
101
139
1,525
2,462
2,731
10.6
10.6
5.9
6.7
17.2
15.2
1.7
1.5
10.2
10.5
0.9
0.8
Simplex Infra
Buy
91
131
452
6,308
7,033
9.5
9.6
11.9
18.7
7.7
4.9
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
27
41
198
2,146
2,339
13.7
13.8
11.0
11.5
2.4
2.3
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
110
144
5,500
6,876
7,545
2.6
2.5
28.2
30.9
3.9
3.6
0.6
0.5
12.8
12.7
Andhra Bank
Neutral
85
4,745
5,254
5,900
2.8
2.8
21.2
22.9
4.0
3.7
0.6
0.5
13.3
13.0
Axis Bank
Buy
1,269
1,853
59,468
19,055
22,710
3.3
3.2
130.7
152.3
9.7
8.3
1.6
1.4
17.2
17.6
Bank of Baroda
Buy
625
851
26,310
16,365
18,781
2.2
2.3
121.3
142.5
5.2
4.4
0.8
0.7
15.1
15.7
Bank of India
Buy
281
350
16,721
14,482
16,383
2.3
2.3
58.1
68.1
4.8
4.1
0.7
0.6
14.4
15.0
Bank of Maharashtra
Buy
52
64
3,460
4,392
4,743
3.1
3.0
12.6
13.7
4.1
3.8
0.7
0.6
16.8
16.0
Canara Bank
Buy
381
481
16,874
11,928
13,467
2.1
2.2
74.8
86.0
5.1
4.4
0.7
0.6
13.7
14.2
Central Bank
Accumulate
63
69
6,576
8,249
9,211
2.4
2.5
14.9
18.2
4.2
3.5
0.6
0.5
12.5
13.8
Corporation Bank
Buy
372
495
5,695
5,558
6,121
2.0
2.0
98.4
107.7
3.8
3.5
0.6
0.5
14.9
14.5
Dena Bank
Buy
83
97
2,893
3,187
3,582
2.3
2.4
23.8
25.5
3.5
3.2
0.5
0.5
15.9
15.1
Federal Bank
Accumulate
422
459
7,216
2,873
3,413
3.0
3.1
52.7
62.0
8.0
6.8
1.0
0.9
13.4
14.2
Financials
www.angelbroking.com
Market Outlook
June 14, 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
Accumulate
813
933
125,919
8,573
10,142
3.6
3.6
37.0
43.6
22.0
18.6
4.5
4.0
30.0
30.3
HDFC Bank
Accumulate
656
722
156,389
27,682
33,916
4.6
4.6
35.3
42.7
18.6
15.4
3.7
3.1
21.3
21.8
ICICI Bank
Buy
1,068
1,503
123,236
25,705
30,330
3.1
3.2
83.9
96.3
12.7
11.1
1.7
1.5
15.2
15.7
IDBI Bank
Buy
75
93
10,022
9,477
10,678
2.0
2.1
19.6
22.6
3.9
3.3
0.5
0.4
12.8
13.4
Indian Bank
Buy
128
185
5,520
6,185
6,978
3.0
3.0
37.0
42.2
3.5
3.0
0.5
0.5
14.8
15.1
IOB
Buy
57
66
5,290
8,142
8,956
2.5
2.5
16.5
20.7
3.5
2.8
0.4
0.4
11.8
13.4
J & K Bank
Neutral
1,218
5,904
3,074
3,140
3.5
3.2
224.7
201.5
5.4
6.0
1.0
0.9
20.6
16.1
Buy
250
298
12,622
2,113
2,525
2.3
2.3
25.4
29.2
9.9
8.6
1.7
1.5
18.4
18.3
Oriental Bank
Buy
229
285
6,674
6,835
7,588
2.6
2.6
56.5
63.8
4.1
3.6
0.5
0.5
13.1
13.4
Punjab Natl.Bank
Buy
721
994
25,487
20,876
23,929
3.3
3.4
151.7
177.0
4.8
4.1
0.8
0.7
16.1
16.5
South Ind.Bank
Neutral
St Bk of India
Buy
Syndicate Bank
Accumulate
UCO Bank
Neutral
Union Bank
United Bank
24
3,277
1,839
2,091
2.9
2.8
4.2
4.5
5.8
5.4
1.0
0.9
18.2
17.0
2,020
2,637
138,161
67,243
76,612
3.1
3.0
242.4
284.8
8.3
7.1
1.3
1.1
16.3
16.8
127
142
7,630
7,238
8,249
2.7
2.6
27.1
30.4
4.7
4.2
0.7
0.6
16.1
15.9
76
5,720
6,250
6,738
2.6
2.5
12.1
14.7
6.3
5.2
1.0
0.8
11.8
13.0
Buy
208
260
12,398
11,229
12,794
2.6
2.6
40.7
48.2
5.1
4.3
0.7
0.6
14.6
15.4
Buy
50
65
1,859
3,443
3,998
2.4
2.6
15.1
20.4
3.3
2.4
0.4
0.4
12.1
14.8
Vijaya Bank
Neutral
50
2,478
2,730
3,059
1.9
2.0
10.2
11.3
4.9
4.4
0.6
0.5
11.8
12.0
Yes Bank
Accumulate
456
508
16,395
4,390
5,411
2.8
2.8
41.6
47.9
11.0
9.5
2.3
1.9
23.2
22.1
FMCG
Asian Paints
Neutral
4,442
42,606
12,332
14,524
16.5
16.3
141.6
162.7
31.4
27.3
9.9
7.9
35.4
32.2
3.3
2.8
Britannia
Neutral
674
8,066
6,417
7,502
6.1
6.3
23.2
27.9
29.1
24.2
10.0
7.9
38.3
36.4
1.2
1.0
Colgate
Neutral
1,310
17,821
3,588
4,130
20.5
20.9
44.2
51.8
29.7
25.3
28.9
21.1
108.6
96.2
4.8
4.1
Dabur India
Neutral
150
26,222
7,183
8,340
16.8
16.8
5.4
6.3
28.0
23.9
10.9
8.5
41.5
40.1
3.6
3.1
GlaxoSmith Con*
Neutral
5,683
23,898
3,617
4,259
16.1
16.4
122.2
148.7
46.5
38.2
14.5
11.6
34.1
33.7
6.1
5.1
Godrej Consumer
Neutral
775
26,380
7,801
9,017
16.2
15.9
25.1
29.7
30.8
26.1
6.7
5.5
24.9
24.2
3.5
3.0
HUL
Neutral
595
128,613
29,167
33,164
13.6
13.7
17.1
18.4
34.8
32.3
33.5
24.2
113.4
87.0
4.3
3.7
ITC
Neutral
327
258,232
34,294
39,991
36.8
37.0
11.3
13.3
29.0
24.5
9.6
7.7
36.1
34.9
7.2
6.1
Marico
Neutral
222
14,318
5,273
6,044
14.8
14.9
7.3
8.7
30.6
25.6
6.0
4.9
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,111
49,275
9,447
10,968
22.1
22.3
127.5
154.1
40.1
33.2
20.0
14.5
57.7
50.7
5.2
4.4
Tata Global
Neutral
139
8,602
8,069
8,957
9.8
9.7
7.8
8.6
17.8
16.2
2.1
2.0
9.5
9.7
1.0
0.9
www.angelbroking.com
Market Outlook
June 14, 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
755
863
52,613
28,633
32,216
21.5
20.7
57.3
61.7
13.2
12.2
3.1
2.6
24.0
21.5
1.7
1.4
79
96
2,358
2,091
2,289
19.0
18.8
10.6
11.3
7.4
7.0
1.7
1.5
22.8
21.7
1.0
0.8
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,379
136,617
43,338
47,244
27.5
27.7
169.4
182.6
14.1
13.0
2.9
2.5
20.8
19.3
2.5
2.2
Infotech Enterprises
Accumulate
170
185
1,897
1,956
2,174
17.9
17.7
20.4
21.9
8.3
7.8
1.2
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Buy
111
135
2,141
2,513
2,819
16.1
15.5
12.6
14.0
8.8
7.9
1.5
1.3
17.9
16.6
0.8
0.6
Mahindra Satyam
Accumulate
112
126
13,157
8,278
9,062
20.3
20.1
10.5
11.4
10.6
9.8
2.5
2.0
23.1
20.0
1.2
1.0
Mindtree
Accumulate
801
920
3,326
2,599
2,871
19.4
19.2
85.2
92.3
9.4
8.7
2.0
1.6
21.4
18.9
1.0
0.8
Mphasis&
Neutral
390
8,192
6,096
6,646
17.6
17.4
38.1
41.6
10.2
9.4
1.5
1.3
14.2
13.7
0.9
0.7
NIIT
Buy
21
30
347
1,144
1,267
9.0
9.1
4.3
5.4
4.9
3.9
0.5
0.5
10.3
12.0
0.1
Persistent
Buy
501
593
2,006
1,445
1,617
25.2
25.0
55.3
59.3
9.1
8.5
1.7
1.4
18.2
16.5
1.0
0.7
TCS
Accumulate
1,444
1,585
282,672
71,833
81,893
28.4
28.0
78.5
88.0
18.4
16.4
5.6
4.6
30.2
27.9
3.7
3.2
Tech Mahindra
Buy
968
1,170
12,434
7,779
8,398
19.7
19.3
107.4
117.8
9.0
8.2
1.9
1.6
21.2
19.0
1.6
1.4
Wipro
Accumulate
340
385
83,775
40,173
43,697
20.4
20.6
26.2
28.5
13.0
11.9
2.6
2.2
19.7
18.4
1.6
1.3
D B Corp
Buy
231
290
4,244
1,750
1,925
25.1
26.6
14.2
16.8
16.3
13.8
3.5
3.0
23.4
23.4
2.3
2.1
HT Media
Buy
100
117
2,351
2,205
2,380
15.1
15.6
8.3
9.1
12.1
11.0
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
91
119
3,024
1,664
1,825
20.9
23.0
6.4
7.8
14.2
11.7
2.9
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
322
1,276
1,359
1,540
17.3
17.4
17.2
21.6
18.7
15.0
1.9
1.7
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
356
14,024
2,287
2,551
69.7
70.5
20.0
23.3
17.8
15.3
4.4
3.9
26.4
27.3
5.8
5.1
Bhushan Steel
Neutral
462
10,470
13,794
17,088
30.9
33.5
49.3
66.6
9.4
6.9
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
299
345
188,891
72,174
76,311
33.3
28.4
28.4
30.9
10.5
9.7
2.9
2.5
37.6
36.2
1.8
1.6
Electrosteel Castings
Buy
14
24
441
1,976
2,017
11.8
12.7
1.3
2.6
10.7
5.2
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
122
193
3,883
1,920
2,239
53.2
52.9
21.6
25.0
5.7
4.9
1.3
1.1
25.1
23.8
1.5
1.1
Hind. Zinc
Buy
108
145
45,528
12,358
13,659
51.4
51.6
16.0
17.6
6.7
6.1
1.2
1.1
19.4
18.4
1.4
0.9
Hindalco
Neutral
97
18,543
89,352
93,672
8.8
9.2
13.4
15.0
7.2
6.5
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
671
14,975
39,973
40,926
17.2
17.0
71.9
82.8
9.3
8.1
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
204
248
3,430
1,010
1,046
46.5
47.6
26.8
28.8
7.6
7.1
1.1
1.0
15.4
14.7
1.0
0.7
Monnet Ispat
Buy
122
193
780
2,326
2,709
21.4
23.1
33.3
43.1
3.7
2.8
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
30
7,629
7,656
7,988
13.1
13.5
2.6
2.6
11.6
11.3
0.6
0.6
5.5
5.5
0.4
0.5
NMDC
Buy
107
156
42,601
10,461
11,892
71.6
72.6
16.3
17.6
6.6
6.1
1.4
1.2
22.1
21.4
2.3
2.0
Media
www.angelbroking.com
Market Outlook
June 14, 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
Neutral
Sesa Goa
Buy
53
22,075
44,060
54,786
9.4
11.5
5.2
7.2
10.2
7.5
0.5
0.5
5.2
6.8
0.8
0.6
140
166
12,172
3,742
4,426
32.9
32.8
30.0
29.8
4.7
4.7
0.6
0.6
14.3
12.5
4.0
3.3
Sterlite Inds
Tata Steel
Buy
82
100
27,389
44,462
45,568
23.2
24.7
18.1
20.2
4.5
4.0
0.5
0.4
11.3
11.4
0.6
0.5
Buy
266
378
9.7
10.8
30.9
47.6
8.6
5.6
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
101
153
363
1,494
1,568
19.1
20.3
31.3
36.5
3.2
2.8
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
45
405
2,615
2,776
12.1
12.0
9.8
10.4
3.1
2.9
0.2
0.2
6.5
6.5
0.4
0.4
Buy
76
102
249
2,344
2,509
14.9
15.4
38.7
47.0
2.0
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
290
345
55,398
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.9
0.8
0.8
16.5
13.6
2.0
1.7
GAIL
Neutral
297
37,661
52,102
52,876
15.7
16.1
34.1
35.7
8.7
8.3
1.4
1.2
16.4
15.3
0.3
0.2
ONGC
Buy
309
372
36.3
36.9
34.7
38.3
8.9
8.1
1.5
1.4
18.3
17.9
1.3
1.0
Reliance Industries
Neutral
789
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
208
2,670
3,707
3,850
11.7
12.4
23.7
25.7
8.8
8.1
2.5
2.1
29.6
28.2
0.6
0.5
Indraprastha Gas
Neutral
279
3,905
3,700
4,218
23.4
22.8
26.7
30.4
10.5
9.2
2.2
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
132
167
9,870
40,356
40,872
5.8
6.4
15.0
16.7
8.8
7.9
1.8
1.6
23.0
21.5
0.3
0.3
53
3,005
1,171
1,287
91.9
91.9
10.1
11.3
5.3
4.7
0.9
0.7
17.3
16.8
Alembic Pharma
Accumulate
129
139
2,427
1,736
2,008
17.1
18.9
10.7
13.9
12.0
9.3
3.8
2.8
35.0
34.7
1.5
1.2
Aurobindo Pharma
Buy
166
271
4,828
6,641
7,637
15.9
15.9
17.3
20.6
9.6
8.1
1.5
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,470
5,688
1,682
1,917
16.6
16.6
92.4
99.1
26.7
24.9
3.8
3.8
15.7
14.8
3.0
2.5
Cadila Healthcare
Buy
741
929
15,168
7,280
8,640
15.5
15.7
38.3
46.5
19.3
15.9
4.2
3.4
23.5
23.5
2.4
2.0
Cipla
Buy
379
477
30,419
9,274
10,796
23.1
23.1
21.0
23.8
18.0
15.9
2.9
2.5
17.2
16.8
3.0
2.5
Dr Reddy's
Buy
2,157
2,535
36,613
13,377
15,350
20.4
20.1
112.3
126.8
19.2
17.0
4.1
3.4
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
60
168
480
1,394
1,534
22.5
22.4
15.0
16.8
4.0
3.5
0.4
0.4
11.0
11.2
1.0
0.8
2,469
20,912
2,854
3,145
28.6
28.6
76.6
83.3
32.2
29.6
9.7
8.8
31.1
31.0
6.5
5.8
64
78
594
760
922
15.3
15.3
6.1
7.8
10.6
8.3
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
641
8,084
3,243
3,826
20.5
21.5
36.0
44.4
17.8
14.4
4.2
3.3
26.0
25.4
2.6
2.2
Lupin
Buy
760
877
34,026
11,641
13,933
21.3
21.3
34.8
41.8
21.8
18.2
5.1
4.0
26.2
24.8
3.0
2.4
Ranbaxy*
Neutral
374
15,818
11,400
12,060
10.5
12.5
17.5
22.5
21.4
16.6
3.4
3.0
17.0
19.1
1.3
1.2
Sun Pharma
Neutral
949
98,171
13,509
15,846
41.0
41.0
33.0
39.8
28.8
23.9
5.8
4.8
22.0
22.0
6.7
5.5
70
78
1,059
1,444
1,482
33.4
33.0
13.7
14.8
5.1
4.7
0.6
0.5
12.3
12.0
0.8
0.6
Power
GIPCL
Accumulate
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Market Outlook
June 14, 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
Accumulate
150
163
123,476
76,734
86,680
24.5
24.3
13.4
14.5
11.2
10.3
1.4
1.3
12.8
12.7
2.3
2.2
DLF
Buy
187
236
33,192
8,293
9,622
36.5
36.1
5.7
6.7
32.7
27.7
1.2
1.1
3.7
4.1
6.1
5.1
MLIFE
Buy
398
476
1,623
888
1,002
30.6
30.6
38.8
43.4
10.2
9.2
1.1
1.0
11.2
11.4
2.4
2.1
Bharti Airtel
Buy
288
338
109,217
86,592
95,860
31.4
31.8
10.9
14.5
26.4
19.8
2.0
1.9
7.7
9.3
1.9
1.6
Idea Cellular
Neutral
135
44,789
25,122
27,663
27.0
27.2
4.0
4.8
34.0
28.4
2.8
2.6
8.3
9.1
2.2
1.9
Rcom
Neutral
106
21,775
22,801
24,628
31.0
31.3
3.6
5.3
29.6
20.0
0.6
0.6
2.2
3.1
2.5
2.2
1,445
1,659
3,070
1,863
2,081
11.8
12.4
71.2
83.0
20.3
17.4
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
166
237
1,658
3,885
4,472
5.4
7.2
11.0
19.7
15.2
8.4
2.1
1.7
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
522
562
660
630
795
14.4
13.6
42.8
51.1
12.2
10.2
2.9
2.3
26.6
25.2
1.0
0.8
Cravatex
Buy
314
459
81
248
284
6.5
7.3
27.2
38.2
11.6
8.2
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
50
68
757
2,563
2,899
9.8
9.8
10.1
11.3
4.9
4.4
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
290
437
377
2,304
2,649
3.1
3.6
28.0
43.7
10.4
6.6
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
301
345
693
1,458
1,542
8.3
9.0
32.3
37.0
9.3
8.1
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
130
177
353
1,053
1,169
6.3
7.1
13.8
17.7
9.4
7.3
1.3
1.1
15.0
16.7
0.4
0.3
2,449
2,165
1,842
2,131
7.7
7.8
112.4
132.4
21.8
18.5
2.7
2.4
13.3
13.8
1.1
0.9
Buy
159
198
143
495
651
12.7
12.9
29.3
39.5
5.4
4.0
0.8
0.7
15.4
17.6
0.4
0.3
ITD Cementation
Buy
164
234
189
1,430
1,573
11.1
11.0
19.1
26.9
8.6
6.1
0.5
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Neutral
191
3,075
1,220
1,476
13.3
13.6
5.5
9.0
34.6
21.1
4.0
3.5
12.1
17.7
2.9
2.3
MRF
Neutral
14,357
6,089
11,799
12,587
14.1
8.0
8.0
1.7
1.4
23.5
19.2
0.6
0.6
Page Industries
Buy
3,988
4,611
4,448
1,057
1,282
19.4
19.6
124.8
153.7
32.0
25.9
15.8
11.7
56.3
51.8
4.3
3.5
Relaxo Footwears
Buy
664
791
797
1,146
1,333
10.9
11.4
45.9
60.9
14.5
10.9
3.0
2.4
23.0
24.6
0.9
0.7
Buy
247
343
232
1,158
1,322
11.9
11.9
72.9
85.7
3.4
2.9
0.6
0.5
19.9
19.6
0.4
0.4
Buy
415
617
730
1,068
1,223
9.6
9.6
38.1
44.1
10.9
9.4
1.5
1.3
14.5
14.7
0.7
0.6
TAJ GVK
Buy
60
108
378
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Buy
277
371
426
814
849
17.0
17.6
64.6
69.2
4.3
4.0
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
533
686
414
435
516
6.2
7.1
24.3
33.3
21.9
16.0
3.6
3.1
17.6
20.8
0.8
0.6
Tree House
Accumulate
274
297
986
153
194
53.0
52.8
12.4
15.6
22.1
17.5
2.6
2.3
11.8
13.1
6.6
5.1
TVS Srichakra
Buy
183
252
140
1,591
1,739
6.1
6.6
24.5
41.9
7.5
4.4
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,332
33,896
12,294
14,162
12.0
12.0
42.1
67.7
55.4
34.5
3.9
3.5
9.1
10.7
3.1
2.7
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Market Outlook
June 14, 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
365
439
741
600
638
20.1
19.4
35.7
36.6
10.2
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 13, 2013
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Market Outlook
June 14, 2013
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