Market Outlook 13-09-2013

Market Outlook
September 13, 2013
Dealers Diary
Indian markets are expected to open flat with a negative bias tracking negative
start to SGX Nifty and most of the Asian indices, as US and Russia hold talks on
Syria and investors await the outcome of Federal Reserves meeting next week.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(1.1)
Nifty
(1.1)
(62)
5,851
The US markets showed a lack of direction throughout the trading day on Thursday
before ending the session on a modestly lower note. Uncertainty about the
outcome of next week's Federal Reserve meeting along with profit booking likely
contributed to the lower close on the Wall Street. On the economic front, the Labor
Department's report on weekly jobless claims showed that claims unexpectedly
dropped to a seven year low but the data was distorted by technical issues. As
per the report, initial jobless claims dropped to 292,000 in the week ended
September 7, against expectations of 330,000. However, the Labor Department
noted that the drop in jobless claims came as two states failed to report all of their
claims while upgrading their computer systems.
MID CAP
(0.0)
(2)
5,597
Back home, the domestic markets fell sharply on Thursday following profit booking
by the investors after a sharp 10% rally over the past five sessions. Meanwhile,
Indias industrial production data for July 2013 surprised positively, contributed to
a large extent by increase in capital goods component and excluding that, IIP
growth would have stood at 0.8%.
Global Indices
SMALL CAP
0.3
14
5,477
BSE HC
(0.1)
(12)
9,360
BSE PSU
(1.6)
(88)
5,472
BANKEX
(1.9)
(219) 11,574
AUTO
(1.8)
(199) 10,850
METAL
(2.5)
(219)
8,414
OIL & GAS
(1.7)
(146)
8,533
BSE IT
(1.2)
(96)
7,915
(Pts)
(Close)
(0.2)
NASDAQ
(0.2)
(9)
3,716
0.0
6,589
FTSE
(38) 14,387
Hang Sang
0.1
17 22,954
Straits Times
0.4
13
3,121
Shanghai Com
0.6
14
2,256
Chg (%)
(Pts)
(Close)
INFY
(1.1)
(0.5)
$48.3
R2
WIT
(3.0)
(0.3)
$9.9
IBN
(2.7)
(0.8)
$30.3
HDB
(1.5)
(0.5)
$31.7
The trend deciding level for the day is 19,837/ 5,866 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,997 20,212 / 5,917 5,982 levels. However, if NIFTY trades below
19,837 / 5,866 levels for the first half-an-hour of trade then it may correct up to
19,622 19,461 / 5,800 5,750 levels.
S1
PIVOT
R1
SENSEX
19,461
19,622
19,837
19,997
20,212
NIFTY
5,750
5,800
5,866
5,917
5,982
News Analysis
(26) 15,301
(0.3)
Markets Today
S2
Chg (%)
Dow Jones
Nikkei
Indices
(216) 19,782
Indian ADR
Advances / Declines
IIP surprises positively, rises by 2.6%

Oil Ministry moves Cabinet to deny RIL higher gas price
Infosys BPO bags contract from AkzoNobel
Tech Mahindra signs contract with Volvo Car Corporation
BSE
NSE
Advances
1,161
639
Declines
1,199
693
143
96
Unchanged
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (September 11, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,328
2,781
548
5,515
64,712
552
538
14
(823)
(13,819)
MFs
FII Derivatives (September 12, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,895
2,239
(344)
13,781
Stock Futures
2,158
2,468
(310)
28,462
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Financial Tech.
TV18 Broadcast
217
18.3
Company
Jaiprakash Asso
Losers
Price (`)
chg (%)
38
(11.6)
20
12.5
Siemens
471
(8.2)
Tata Comm.
179
6.2
Yes Bank
281
(7.3)
MCX
482
4.9
JP Infratech
18
(6.7)
47
4.8
Future Retail
75
(6.3)
Pipavav Defence
www.angelbroking.com
BSE
2,818
NSE
12,999
Market Outlook
September 13, 2013
IIP surprises positively, rises by 2.6%

As per Quick Estimates on the Index of Industrial Production (IIP), industrial growth
in July 2013 came in at 2.6% in contrast with market expectations of 0.5%
de-growth. Retail CPI inflation slowed to 9.52 percent in August from 9.64 in
July 2013 coming in better than expected. The corresponding provisional inflation
rates for rural and urban areas for August 2013 are 8.93% and 10.32%
respectively.
The industrial production data for July 2013 is a positive surprise after two
consecutive months of contraction. The capital goods component has contributed
to a large extent to this increase in production and excluding that, IIP growth would
stand at 0.8%. We believe that external demand has improved and coupled with
the INR depreciation it has translated in a positive push for the manufacturing
sector and exports. This is reflected in double-digit growth of exports for two
straight months in July and August.
Performance on Sector-wise classification

In terms of sector-wise classification, electricity production increased by 5.2%
compared to a flat performance in June 2013. The Mining sector continued to
contract for the tenth consecutive month and reported a 2.3% decline in July 2013
as against a 4.3% contraction in the previous month. The Manufacturing sector
reported a growth of 3.0% as compared to 1.7% de-growth in the previous month
and flat performance in July 2012.
Performance in the Use-based category

As per the use-based classification, Capital Goods index posted a 15.6% growth
after three straight months of contraction. It contributed 1.9% to the headline
2.6% growth. Consumer durables continued to decline but consumer goods
production continued to be supported by non-durables sector.
Oil Ministry moves Cabinet to deny RIL higher gas price

Oil Ministry aims at moving the Cabinet in order to deny Reliance Industries (RIL)
higher gas price until it meets the previously targeted gas output from its KG D6
block. The output from the block has fallen to 15mmscmd currently compared to
its target of producing 60mmscmd. The government has decided to nearly double
the prices of all the domestically produced gas effective April 2014. Moreover, the
government had agreed to consider the change in gas price from April 2014,
irrespective of gas production for RIL's block. Hence, we maintain our estimates
and our Accumulate rating on the stock with a target price of `953.
Infosys BPO bags contract from AkzoNobel

Infosys BPO yesterday announced that the company has signed a contract with
AkzoNobel to transform their finance and accounting (F&A) processes to
accelerate operational efficiencies, improve controls and drive optimization.
Infosys BPO will play a key role in accelerating AkzoNobel's finance transformation
program and streamline accompanying operations for AkzoNobel's decorative
business in over 30 countries across Europe, the Middle East and Africa. Infosys
Market Outlook
September 13, 2013
BPO will consolidate the F&A processes at AkzoNobel to accelerate operational

efficiencies, improve controls and drive optimization. Infosys BPO will deliver the
services out of its global delivery centers in Poland and India, in multiple European
languages, including Dutch, English, French, German, Italian, Spanish and
Swedish. We maintain our Neutral rating on Infosys stock.
Tech Mahindra signs contract with Volvo Car Corporation

Tech Mahindra has signed an agreement with Volvo Car Corporation (Volvo
Cars). The IT company will provide the automobile company with a service to
maintain and develop a range of applications that can increase efficiency and
reduce costs. Beginning this month, Tech Mahindra will take care of Volvo Cars
application maintenance and development across multiple domains, including
manufacturing, product development, marketing, sales and reporting. We
maintain our Buy rating on Tech Mahindra with a target price of `1,531.
Economic and Political News
FIPB on fast track; to consider 6 more pharma proposals

Diesel, LPG hike decision in a few weeks: oil secretary
Downturn was temporary, growth picking up says Arvind Mayaram
Corporate News
Power Min to soon float Cabinet note for Power Grid FPO
Housing prices in Delhi fall by up to 12% in H1 of 2013: CBRE
Cabinet note on NHPC share buy back soon: Power Min
NTPC to soon get coal linkage for its Gadarwara and Barethi projects: Scindia
Jaypee plans to cut debt by `15,000cr this fiscal
India Infoline Finance to raise up to `1,050cr via NCDs
Godrej Properties raises `700cr via rights issue
Shriram Transport Finance to raise up to `500cr via NCDs
AMW ties up with IndusInd Bank for vehicle finance
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 13, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
September 13, 2013
6:00PM
US
Producer Price Index (mom)
% Change
Aug
--
0.20
September 16, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Aug
5.79
5.70
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Aug F
1.30
1.30
6:45PM
US
Industrial Production
2:00PM
UK
CPI (YoY)
6:00PM
US
6:00PM
US
6:00PM
September 17, 2013

September 18, 2013
Aug
0.04
0.40
% Change
Aug
2.80
2.70
Consumer price index (mom)
% Change
Aug
0.20
0.20
Housing Starts
Thousands
Aug
896.00
918.00
US
Building permits
Thousands
Aug
954.00
950.00
11:30PM
US
FOMC rate decision
Sep 18
0.25
0.25
September 19, 2013
7:30PM
US
Existing home sales
Million
Aug
5.39
5.26
September 20, 2013
11:00AM
India
RBI Repo rate
Sep 20
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 20
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 20
6.25
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Sep A
(15.60)
--
1:00PM
Germany PMI Services
Value
Sep A
52.80
--
1:00PM
Germany PMI Manufacturing
Value
Sep A
51.80
--
September 24, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
81.50
--
September 25, 2013
7:30PM
US
New home sales
Thousands
Aug
394.00
--
September 26, 2013
2:00PM
UK
GDP (YoY)
% Change
2Q F
1.50
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q T
2.50
--
6:30AM
China
PMI Manufacturing
Value
Sep
51.00
--
2:00PM
UK
PMI Manufacturing
Value
Sep
57.20
--
1:25PM
Germany Unemployment change (000's)
Thousands
Sep
7.00
--
October 2, 2013
5:15PM
Euro Zone ECB announces interest rates
Oct 2
0.50
--
October 4, 2013
6:00PM
US
Change in Nonfarm payrolls
Thousands
Sep
169.00
--
6:00PM
US
Unnemployment rate
Sep
7.30
--
October 9, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Aug
(1.60)
--
October 10, 2013
4:29PM
India
Imports YoY%
% Change
Sep
(0.68)
--
4:29PM
India
Exports YoY%
% Change
Sep
13.00
--
4:30PM
UK
BOE Announces rates
% Ratio
Oct 10
0.50
0.50
September 23, 2013
October 1, 2013
Source: Bloomberg, Angel Research
Market Outlook
September 13, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
2.0
(1.0) (0.6)
(0.7)
(4.0)
Mfg. PMI
60.0
7.2
7.3
Apr-13
Exhibit 4: Manufacturing and services PMI
(%)
7.3
(2.2)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

8.1
May-13
(2.8)
Jun-13
(0.1)
Jul-12
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
Source: CSO, Angel Research
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
5.0
4.6
4.9
56.0
54.0
52.0
4.0
3.0
2.0
1.0
0.0
50.0
Source: MOSPI, Angel Research
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
15.0
46.0
Jun-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
48.0
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
9.00
12.0
Reverse Repo rate
CRR
8.00
9.0
7.00
6.0
Source: RBI, Angel Research
Sep-13
Aug-13
Jul-13
Jul-13
Jun-13
May-13
May-13
Apr-13
Mar-13
Mar-13
Feb-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Source: Bloomberg, Angel Research
Jan-13
3.00
(9.0)
Jan-13
4.00
(6.0)
Dec-12
(3.0)
Nov-12
5.00
Sep-12
0.0
Nov-12
6.00
3.0
Oct-12
9.0
8.0
7.0
6.0
(2.0)
Mar-13
4.7 4.8 4.4
1.9
0.6
Jan-13
5.1 5.4 5.2
Dec-12
6.0
3.5
2.5
2.0
Nov-12
6.5
Feb-13
7.5
Oct-12
9.2
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-12
9.5
3QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
September 13, 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
152
2,961
1,674
1,923
13.7
13.7
6.8
7.6
22.4
20.0
4.2
3.7
20.0
19.6
1.9
1.7
United Phosphorus
Buy
134
225
5,909
10,091
11,302
16.5
16.5
19.2
22.5
7.0
5.9
1.1
1.0
17.0
17.2
0.8
0.6
Amara Raja Batteries
Neutral
303
5,172
3,474
3,952
15.5
15.5
19.0
21.0
15.9
14.4
3.9
3.2
27.2
24.2
1.5
1.3
Apollo Tyres
Neutral
64
3,228
13,409
15,106
11.8
11.6
13.1
15.4
4.9
4.2
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
14
18
3,621
12,945
15,049
6.3
8.2
0.2
1.5
78.2
9.1
1.2
1.1
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
200
303
700
890
8.7
10.7
11.1
25.8
18.0
7.8
1.1
1.0
6.2
13.9
0.5
0.4
Bajaj Auto
Accumulate
1,978
2,115
57,244
22,042
25,399
19.3
19.3
121.1
141.0
16.3
14.0
5.8
4.6
39.4
36.6
2.2
1.8
Bharat Forge
Neutral
258
6,004
5,942
6,417
15.2
15.5
15.6
19.7
16.5
13.1
2.4
2.1
15.4
17.3
1.2
1.0
Bosch India*
Accumulate
8,284
9,096
26,009
9,301
10,895
16.8
18.0
339.9
423.1
24.4
19.6
4.1
3.5
16.6
17.6
2.5
2.1
CEAT
Buy
111
170
400
5,159
5,628
9.3
9.0
43.5
48.6
2.6
2.3
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Accumulate
127
148
10,833
6,899
7,873
14.7
14.7
7.9
9.0
16.1
14.1
2.8
2.4
18.3
18.0
1.3
1.1
FAG Bearings*
Neutral
1,160
1,928
1,336
1,572
13.8
16.0
75.6
102.4
15.3
11.3
1.9
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Neutral
2,011
40,152
25,543
28,228
14.5
14.5
110.5
148.1
18.2
13.6
6.9
5.5
40.8
44.9
1.4
1.3
JK Tyre
Buy
89
152
365
7,376
8,262
10.0
9.8
56.0
60.9
1.6
1.5
0.3
0.3
22.7
20.2
0.4
0.4
Mahindra and Mahindra Buy
813
999
50,084
42,003
47,250
12.0
12.2
58.1
66.1
14.0
12.3
2.8
2.4
21.5
20.8
0.9
0.8
Auto & Auto Ancillary
Maruti
Buy
1,320
1,571
39,861
45,877
52,733
11.2
11.2
93.0
104.7
14.2
12.6
1.9
1.7
14.2
14.0
0.7
0.6
Motherson Sumi
Buy
216
242
12,669
28,442
31,914
8.4
8.7
13.0
16.1
16.6
13.4
4.4
3.4
29.4
28.6
0.6
0.5
Subros
Buy
20
23
117
1,230
1,398
10.5
10.5
2.3
3.8
8.4
5.1
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Neutral
333
89,672 215,043 240,077
13.5
13.7
35.1
39.4
9.5
8.4
2.2
1.8
26.2
23.3
0.5
0.4
TVS Motor
Buy
31
36
1,451
7,659
8,528
6.0
6.2
4.9
5.9
6.3
5.1
1.1
0.9
17.8
19.0
0.1
0.1
ABB*
Sell
550
442
11,662
8,037
9,087
5.8
6.9
12.2
17.0
45.1
32.4
4.3
4.2
9.8
13.1
1.5
1.3
BGR Energy
Neutral
122
881
3,541
4,041
11.8
10.7
21.1
22.9
5.8
5.3
0.7
0.6
21.8
19.5
0.5
0.5
BHEL
Neutral
135
32,994
42,227
38,453
16.0
14.4
18.8
15.0
7.2
9.0
1.5
1.3
21.7
15.4
0.6
0.8
Blue Star
Buy
150
208
1,349
2,941
3,099
3.4
4.2
6.0
9.3
25.1
16.1
3.1
2.7
12.9
18.0
0.6
0.5
Crompton Greaves
Accumulate
88
103
5,655
13,418
14,654
5.8
6.7
5.8
7.8
15.2
11.3
1.5
1.4
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
21
170
3,312
3,555
9.0
9.0
4.5
6.5
4.6
3.2
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
26
36
674
7,709
8,399
6.2
6.9
5.1
8.1
5.1
3.2
0.5
0.5
16.6
21.5
0.3
0.2
Thermax
Neutral
578
6,890
5,832
6,397
9.1
9.6
28.8
32.9
20.1
17.6
3.3
2.9
17.2
17.3
1.1
1.0
1,026
1,225
19,270
11,581
13,009
17.6
19.3
63.9
81.5
16.1
12.6
2.4
2.2
15.6
18.2
1.4
1.2
Capital Goods
Cement
ACC
Buy
Market Outlook
September 13, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Cement
Ambuja Cements
Neutral
181
27,896
9,975
11,409
22.4
23.1
9.4
11.1
19.3
16.2
2.9
2.7
15.7
17.2
2.4
2.0
India Cements
Neutral
49
1,505
4,796
5,357
16.4
16.1
7.3
9.5
6.7
5.2
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
64
79
756
2,235
2,684
19.4
21.4
15.0
18.4
4.3
3.5
0.5
0.5
13.2
14.3
0.4
0.9
Madras Cements
Neutral
167
3,968
4,010
4,524
23.5
23.4
14.9
18.3
11.2
9.1
1.5
1.3
14.0
15.2
1.6
1.4
Shree Cement^
Neutral
3,865
13,466
6,316
7,162
26.5
25.7
294.6
340.5
13.1
11.4
2.9
2.3
24.0
22.7
1.7
1.4
UltraTech Cement
Neutral
1,751
48,025
22,021
25,274
22.0
21.6
99.5
113.3
17.6
15.5
2.8
2.4
16.7
16.6
2.2
2.0
49
60
774
1,912
2,131
21.0
21.5
5.0
5.5
9.8
9.0
0.7
0.7
8.8
7.6
1.7
1.8
107
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.0)
(16.1)
0.2
0.2
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
74
106
2,458
3,805
4,248
45.1
45.3
15.0
15.8
4.9
4.7
0.7
0.6
14.5
13.9
2.9
3.1
ITNL
Buy
118
156
2,290
7,423
7,970
27.5
28.7
30.3
32.0
3.9
3.7
0.6
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
12
380
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(7.5)
(6.3)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Neutral
38
8,510
12,946
14,897
24.7
25.6
1.2
2.7
31.2
14.3
0.6
0.6
2.0
4.3
2.6
2.4
Larsen & Toubro
Buy
814
1,002
75,288
68,946
78,040
10.0
10.0
49.0
55.2
16.6
14.7
2.4
2.1
14.9
15.3
1.2
1.1
Nagarjuna Const.
Buy
20
30
500
6,167
6,945
8.0
8.2
2.7
3.6
7.3
5.4
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
25
829
12,726
14,226
8.2
8.2
0.9
1.0
29.1
24.4
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
57
99
859
2,462
2,731
10.6
10.6
5.3
6.0
10.8
9.5
1.0
0.9
9.2
9.6
0.6
0.6
Simplex Infra
Neutral
65
323
6,237
6,908
9.1
9.0
9.9
13.9
6.6
4.7
0.2
0.2
3.7
5.0
0.5
0.5
Unity Infra
Neutral
20
145
2,146
2,339
12.9
13.0
9.3
9.6
2.1
2.0
0.2
0.2
8.0
7.7
0.7
0.7
Allahabad Bank
Neutral
77
3,865
6,843
7,528
2.5
2.5
26.0
30.1
3.0
2.6
0.5
0.4
11.8
12.4
Andhra Bank
Neutral
53
2,991
4,868
5,390
2.4
2.5
12.3
16.6
4.4
3.2
0.4
0.4
7.9
10.0
Axis Bank
Buy
1,021
1,190
47,875
19,280
22,886
3.3
3.3
130.7
157.1
7.8
6.5
1.3
1.1
17.3
18.1
Bank of Baroda
Neutral
521
21,935
15,896
17,947
2.2
2.3
95.4
124.4
5.5
4.2
0.7
0.6
12.0
14.2
Bank of India
Neutral
166
9,871
14,482
16,069
2.3
2.2
55.0
62.2
3.0
2.7
0.4
0.4
13.7
13.9
Bank of Maharashtra
Neutral
38
2,540
4,529
4,780
3.0
2.8
12.3
11.8
3.1
3.3
0.5
0.4
16.5
14.1
Canara Bank
Neutral
225
9,950
11,454
12,378
2.0
2.0
52.4
60.5
4.3
3.7
0.5
0.4
9.8
10.4
Central Bank
Neutral
58
6,079
8,196
9,202
2.4
2.4
6.1
15.9
9.6
3.7
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
270
4,135
5,641
6,083
2.0
2.0
82.7
98.1
3.3
2.8
0.4
0.4
12.6
13.5
Dena Bank
Neutral
51
1,787
3,307
3,531
2.2
2.4
17.5
21.6
2.9
2.4
0.4
0.3
11.9
13.2
Federal Bank
Neutral
297
5,078
2,798
3,250
3.0
3.0
38.1
51.9
7.8
5.7
0.7
0.7
9.8
12.3
Financials
Market Outlook
September 13, 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
816
908
126,897
8,679
10,350
3.6
3.6
37.5
44.7
21.7
18.3
4.5
4.1
30.1
30.7
HDFC Bank
Buy
636
743
151,955
27,392
33,264
4.6
4.6
36.3
45.1
17.5
14.1
3.5
3.0
21.9
22.8
ICICI Bank
Buy
951
1,126
109,778
25,727
29,969
3.2
3.2
83.2
96.7
11.4
9.8
1.5
1.4
14.9
15.4
IDBI Bank
Neutral
59
7,883
9,598
10,551
2.0
2.0
15.9
22.5
3.7
2.6
0.4
0.3
10.4
13.5
Indian Bank
Neutral
71
3,056
5,940
6,396
2.7
2.7
24.9
32.9
2.9
2.2
0.3
0.3
10.3
12.4
IOB
Neutral
45
4,140
7,692
8,627
2.2
2.3
8.1
15.2
5.5
2.9
0.4
0.3
5.9
10.5
J & K Bank
Neutral
1,179
5,715
3,038
3,370
3.7
3.9
214.2
202.6
5.5
5.8
1.0
0.9
19.8
16.3
LIC Housing Finance
Neutral
181
9,150
2,001
2,495
2.2
2.3
23.8
28.8
7.6
6.3
1.3
1.1
17.3
18.2
Oriental Bank
Neutral
162
4,734
6,918
7,459
2.6
2.5
46.7
52.5
3.5
3.1
0.4
0.4
10.8
11.1
Punjab Natl.Bank
Neutral
494
17,467
20,766
23,515
3.4
3.4
135.0
164.8
3.7
3.0
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
21
2,769
1,800
2,023
2.7
2.7
3.7
4.2
5.6
4.9
0.9
0.8
16.2
16.2
St Bk of India
Neutral
1,658
113,420
65,392
74,467
3.0
3.0
178.5
226.1
9.3
7.3
1.2
1.0
12.1
14.0
Syndicate Bank
Neutral
73
4,385
6,740
7,512
2.5
2.5
21.0
23.5
3.5
3.1
0.4
0.4
12.6
12.8
UCO Bank
Neutral
58
4,377
6,770
7,017
2.8
2.6
14.8
15.5
3.9
3.7
0.7
0.6
14.4
13.5
Union Bank
Neutral
119
7,102
10,458
11,809
2.5
2.5
32.0
40.6
3.7
2.9
0.5
0.4
11.6
13.4
United Bank
Neutral
33
1,237
3,386
3,884
2.3
2.5
12.4
20.0
2.7
1.7
0.3
0.2
10.0
14.7
Vijaya Bank
Neutral
38
1,888
2,718
2,941
1.8
1.9
7.0
9.0
5.4
4.3
0.5
0.4
8.2
9.8
Yes Bank
Neutral
281
10,132
4,417
5,486
2.7
2.8
42.9
49.5
6.6
5.7
1.4
1.2
23.9
22.8
Asian Paints
Neutral
438
41,984
12,332
14,524
16.3
16.1
13.9
16.0
31.5
27.3
10.0
8.0
35.2
32.5
3.4
2.8
Britannia
Neutral
746
8,942
6,422
7,367
6.9
7.3
24.2
29.7
30.9
25.2
10.9
8.4
39.6
37.7
1.4
1.2
Colgate
Neutral
1,219
16,575
3,588
4,130
18.9
19.4
41.2
48.4
29.6
25.2
26.3
20.4
100.0
91.0
4.5
3.9
Dabur India
Neutral
169
29,523
7,183
8,297
16.8
16.9
5.4
6.3
31.7
26.9
11.1
8.8
39.2
36.7
4.2
3.6
GlaxoSmith Con*
Neutral
4,748
19,966
3,617
4,259
16.1
16.4
122.2
148.7
38.9
31.9
12.1
9.7
34.1
33.7
5.1
4.3
Godrej Consumer
Neutral
846
28,789
7,801
9,017
16.2
15.9
25.1
29.7
33.7
28.5
7.3
6.0
24.9
24.2
3.8
3.2
HUL
Neutral
627
135,539
28,415
31,962
13.6
14.1
16.7
18.2
37.6
34.5
36.1
26.2
112.2
88.1
4.8
4.2
ITC
Neutral
336
265,992
34,294
39,991
36.8
37.0
11.3
13.3
29.8
25.2
9.8
7.9
36.1
34.9
7.3
6.2
Marico
Neutral
214
13,793
5,104
5,876
15.1
15.2
7.2
8.6
29.9
24.9
5.8
4.8
21.1
20.9
2.7
2.3
Nestle*
Neutral
4,973
47,951
9,330
10,860
21.8
21.9
123.3
149.7
40.3
33.2
19.8
14.5
56.4
50.3
5.3
4.5
Tata Global
Neutral
151
9,322
8,070
8,958
9.8
9.9
7.6
8.5
19.9
17.7
2.3
2.2
9.3
9.7
1.2
1.0
FMCG
Market Outlook
September 13, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
IT
HCL Tech^
Neutral
1,074
74,834
32,266
35,103
23.5
22.6
69.7
74.0
15.4
14.5
4.2
3.4
26.5
23.0
2.1
1.8
Hexaware*
Neutral
126
3,774
2,273
2,575
22.2
21.5
12.4
13.4
10.2
9.4
2.6
2.2
25.4
23.5
1.5
1.3
Infosys
Neutral
3,064
175,952
48,731
52,962
26.9
27.1
180.8
200.3
17.0
15.3
3.7
3.1
20.4
19.3
3.0
2.7
Infotech Enterprises
Neutral
185
2,066
2,128
2,341
17.2
17.6
21.3
23.2
8.7
8.0
1.3
1.2
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
147
155
2,839
2,769
3,122
18.3
17.8
15.3
16.6
9.6
8.8
2.0
1.6
20.9
18.4
1.0
0.8
Mindtree
Neutral
1,060
4,404
2,871
3,110
20.4
20.7
102.6
111.2
10.3
9.5
2.5
2.0
24.8
20.3
1.2
1.0
Mphasis&
Neutral
439
9,221
6,826
7,373
18.1
17.2
41.1
43.5
10.7
10.1
1.6
1.4
14.3
14.2
0.9
0.7
NIIT
Neutral
21
353
1,144
1,267
9.0
9.1
4.3
5.4
5.0
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Neutral
605
2,419
1,590
1,774
23.5
23.8
48.5
56.9
12.5
10.6
2.0
1.7
16.4
16.1
1.1
0.9
TCS
Neutral
1,968
385,083
82,186
91,561
30.5
30.0
92.2
103.2
21.3
19.1
7.0
5.6
31.5
29.2
4.5
4.0
Tech Mahindra
Accumulate
1,310
1,531
30,438
17,823
19,729
22.5
21.4
113.1
117.7
11.6
11.1
3.4
2.7
27.9
22.1
1.5
1.2
Wipro
Neutral
472
116,442
43,610
47,320
21.6
22.2
30.0
33.0
15.8
14.3
3.5
3.0
20.7
19.4
2.2
1.9
D B Corp
Accumulate
251
267
4,606
1,783
1,968
23.8
25.0
13.6
16.0
18.5
15.7
4.5
3.9
22.5
22.9
2.5
2.2
HT Media
Buy
87
112
2,055
2,205
2,380
14.1
14.4
7.6
8.4
11.5
10.4
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
82
104
2,730
1,683
1,845
19.7
20.8
5.9
6.9
14.0
11.9
2.6
2.4
19.4
21.2
1.7
1.5
PVR
Neutral
432
1,716
1,359
1,540
17.3
17.4
17.2
21.6
25.1
20.1
2.5
2.3
10.3
12.0
1.7
1.5
Sun TV Network
Neutral
390
15,377
2,287
2,551
69.7
70.5
20.0
23.3
19.5
16.8
4.8
4.2
26.4
27.3
6.5
5.7
Bhushan Steel
Reduce
478
419
10,816
12,640
15,667
28.5
31.5
25.9
38.6
18.5
12.4
1.1
1.0
6.1
8.5
2.7
2.2
Coal India
Neutral
285
179,953
68,303
69,884
32.5
30.3
27.5
25.0
10.4
11.4
3.9
2.8
40.2
33.1
1.9
1.8
Electrosteel Castings
Buy
12
15
391
1,976
2,017
11.8
12.7
0.1
1.2
187.4
9.9
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
86
115
2,749
1,701
1,985
47.8
48.8
17.4
20.6
5.0
4.2
1.0
0.8
20.7
20.9
1.1
0.8
Hind. Zinc
Accumulate
130
143
54,824
12,389
13,093
48.5
51.7
15.2
17.0
8.5
7.6
1.5
1.3
18.5
18.0
2.2
1.8
Hindalco
Neutral
111
21,281
95,465 102,491
8.4
9.0
13.9
17.2
8.0
6.5
0.6
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
625
15,098
45,022
48,140
16.0
15.9
68.5
77.0
9.1
8.1
0.8
0.8
9.3
9.7
0.8
0.8
MOIL
Neutral
216
3,631
956
982
42.3
44.3
25.3
26.2
8.6
8.2
1.2
1.1
14.6
13.7
1.2
1.3
Monnet Ispat
Accumulate
127
139
810
2,199
2,575
21.6
22.8
30.7
38.6
4.1
3.3
0.3
0.3
7.7
8.9
1.5
1.1
Nalco
Neutral
33
8,492
7,270
7,521
13.6
13.8
2.8
2.9
11.9
11.4
0.7
0.7
5.9
6.0
0.6
0.6
NMDC
Accumulate
124
142
49,024
10,718
11,514
66.6
64.5
15.5
16.1
8.0
7.7
1.6
1.5
21.2
20.0
2.5
2.3
SAIL
Neutral
49
20,341
44,060
54,227
9.2
10.9
5.3
6.8
9.3
7.3
0.5
0.5
5.2
6.5
0.7
0.6
Media
Metals & Mining
Market Outlook
September 13, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
3,817
Metals & Mining

Sesa Goa*
Neutral
183
54,283
5,781
12.1
17.7
27.0
29.6
6.8
6.2
0.8
0.7
12.9
12.5
15.5
10.2
Tata Steel
Neutral
303
29,423 153,862 167,209
9.4
10.5
32.8
53.5
9.2
5.7
0.8
0.7
9.0
13.2
0.5
0.5
Sarda
Accumulate
89
98
320
1,323
1,398
17.2
17.9
25.3
27.8
3.5
3.2
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
32
37
436
2,486
2,637
15.2
15.0
13.7
14.2
2.4
2.3
0.2
0.2
9.1
8.7
0.4
0.4
Neutral
83
271
2,171
2,317
14.9
15.8
36.4
46.6
2.3
1.8
0.2
0.2
11.6
13.0
0.5
0.5
Cairn India
Accumulate
319
364
60,944
18,403
17,925
71.9
62.1
62.1
57.4
5.1
5.6
1.1
0.9
22.6
17.8
2.1
1.9
GAIL
Neutral
309
39,171
49,700
48,822
16.0
16.6
32.9
33.4
9.4
9.2
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
279
350
238,998 164,816 196,050
33.7
36.6
30.0
38.7
9.3
7.2
1.4
1.3
16.0
18.5
1.2
0.9
Reliance Industries
Accumulate
874
953
282,342 417,018 442,434
8.4
8.4
70.3
75.2
12.4
11.6
1.3
1.2
12.0
11.6
0.7
0.6
Gujarat Gas*
Neutral
212
2,715
3,270
3,414
12.8
12.6
22.6
23.1
9.4
9.2
2.5
2.2
28.2
25.6
0.7
0.6
Indraprastha Gas
Neutral
273
3,819
3,656
4,456
21.5
18.6
25.7
26.8
10.6
10.2
2.2
1.9
22.1
19.6
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
119
135
8,918
39,449
43,315
5.3
5.9
14.1
16.9
8.5
7.0
1.7
1.4
21.7
21.9
0.3
0.3
Buy
50
67
2,822
1,002
1,021
91.4
91.5
8.2
8.4
6.1
6.0
0.8
0.7
14.3
13.0
2.3
2.1
Alembic Pharma
Buy
136
165
2,571
1,736
2,008
17.1
18.9
10.5
13.8
13.0
9.9
4.0
3.0
34.4
34.7
1.6
1.3
Aurobindo Pharma
Buy
183
271
5,322
6,641
7,637
15.9
15.9
17.3
20.6
10.6
8.9
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,386
5,496
1,682
1,917
15.6
15.6
91.9
101.7
26.0
23.5
3.7
3.6
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
664
894
13,598
7,123
8,367
15.5
15.7
37.3
44.7
17.8
14.9
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Accumulate
438
477
35,128
9,274
10,796
23.1
23.1
21.0
23.8
20.8
18.4
3.3
2.9
17.2
16.8
3.5
2.9
Dr Reddy's
Accumulate
2,243
2,535
38,123
13,377
15,350
20.4
20.1
112.1
126.6
20.0
17.7
4.3
3.5
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
47
73
380
1,394
1,534
22.5
22.4
14.8
16.6
3.2
2.8
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,405
20,371
2,744
2,964
22.0
23.4
59.2
66.6
40.6
36.1
10.1
9.7
24.9
27.5
6.6
6.1
Indoco Remedies
Buy
66
78
608
747
906
15.3
15.3
5.9
7.6
11.2
8.7
1.3
1.2
12.5
14.4
1.1
0.9
Ipca labs
Neutral
695
8,771
3,296
4,087
20.5
21.7
36.8
48.3
18.9
14.4
4.5
3.5
26.5
27.3
2.8
2.2
Lupin
Accumulate
866
904
38,787
11,576
13,855
22.0
22.0
35.8
43.0
24.2
20.1
5.9
4.7
27.1
25.8
3.4
2.8
Ranbaxy*
Reduce
457
426
19,345
10,400
11,331
6.6
8.4
11.4
15.2
40.1
30.1
4.2
3.7
11.1
13.1
1.9
1.7
Sun Pharma
Neutral
556
115,164
13,509
15,846
41.0
41.0
16.5
19.9
33.7
27.9
6.8
5.6
22.0
22.0
8.1
6.7
Power
GIPCL
Accumulate
59
65
889
1,444
1,482
33.4
33.0
13.7
14.8
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.4
NTPC
Buy
139
163
114,653
75,046
81,780
23.5
23.9
12.7
13.6
11.0
10.2
1.3
1.2
12.2
12.0
2.2
2.2
Buy
149
179
26,556
8,293
9,622
36.5
36.1
5.7
6.7
26.1
22.1
0.9
0.9
3.7
4.1
5.3
4.4
Real Estate
DLF
Market Outlook
September 13, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Buy
417
483
1,703
888
1,002
27.0
29.9
33.9
42.1
12.3
9.9
1.2
1.1
9.9
11.2
2.5
2.2
Bharti Airtel
Neutral
329
131,514
83,535
92,173
32.0
33.1
9.2
12.9
35.9
25.5
2.3
2.1
6.8
8.9
2.3
2.0
Idea Cellular
Neutral
164
54,278
26,717
29,443
30.6
29.8
5.5
6.7
30.1
24.3
3.3
2.9
11.1
12.0
2.4
2.1
Rcom
Neutral
141
29,144
22,050
23,647
30.6
30.8
3.2
5.2
44.2
27.1
0.9
0.8
1.9
3.1
3.0
2.7
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,379
1,628
2,931
1,788
1,996
12.5
12.7
71.7
81.4
19.2
17.0
3.9
3.3
21.7
21.2
1.4
1.2
Bajaj Electricals
Accumulate
166
184
1,653
3,885
4,472
4.0
5.8
6.8
15.4
24.6
10.8
2.2
1.9
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
506
613
640
631
797
14.5
13.7
42.6
51.1
11.9
9.9
2.8
2.3
26.5
25.3
1.0
0.8
Cravatex
Accumulate
267
307
69
248
284
6.5
7.3
27.2
38.2
9.8
7.0
1.6
1.3
15.7
18.5
0.5
0.4
Finolex Cables
Buy
52
68
791
2,563
2,899
9.8
9.8
10.1
11.3
5.1
4.6
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Accumulate
301
349
392
2,304
2,649
3.1
3.6
28.0
43.7
10.8
6.9
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
303
345
698
1,458
1,542
8.3
9.0
32.3
37.0
9.4
8.2
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
116
153
315
1,080
1,199
8.9
9.1
18.3
19.1
6.3
6.1
1.1
1.0
19.2
17.0
0.4
0.4
Honeywell Automation* Neutral
2,525
2,232
1,842
2,131
7.7
7.8
111.1
130.9
22.7
19.3
2.9
2.5
13.3
13.9
1.1
1.0
IFB Agro
Accumulate
141
156
127
491
642
12.3
13.8
35.0
50.9
4.0
2.8
0.7
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
158
194
182
1,365
1,502
10.9
11.2
18.2
28.0
8.7
5.7
0.4
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
144
199
2,382
1,244
1,523
14.1
14.2
5.9
10.0
24.2
14.4
2.9
2.5
12.7
18.8
2.4
1.8
MRF
Buy
12,893
16,218
5,468
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Buy
4,097
4,669
4,570
1,059
1,296
19.5
19.8
125.0
155.6
32.8
26.3
16.2
11.9
56.3
52.2
4.3
3.5
Relaxo Footwears
Buy
706
981
847
1,196
1,401
11.9
12.6
55.6
75.4
12.7
9.4
3.0
2.3
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
194
228
182
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.6
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
370
492
651
1,007
1,108
8.4
8.7
30.3
35.1
12.2
10.5
1.4
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
56
108
352
300
319
35.8
36.2
7.9
9.1
7.1
6.2
0.9
0.8
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
275
371
424
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
505
632
392
416
481
4.5
6.1
16.2
25.3
31.2
19.9
3.8
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
236
297
850
153
194
53.0
52.8
12.4
15.6
19.1
15.1
2.3
2.0
11.8
13.1
5.7
4.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
183
230
140
1,591
1,720
6.1
6.4
30.5
38.3
6.0
4.8
0.8
0.7
13.5
15.5
0.3
0.3
2,561
37,216
12,294
14,162
12.0
12.0
42.1
67.7
60.8
37.8
4.3
3.9
9.1
10.7
3.4
2.9
355
439
721
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
5.2
0.5
0.5
7.6
9.4
0.7
0.6
HSIL
Buy
85
117
561
2,042
2,363
14.6
14.8
12.3
16.5
6.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 12, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.
Market Outlook
September 13, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
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Market Outlook 13-09-2013

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Market Outlook

September 13, 2013

OIL & GAS

IIP surprises positively, rises by 2.6%

Refer detailed news analysis on the following page

Net Inflows (September 11, 2013)

FII Derivatives (September 12, 2013)

IIP surprises positively, rises by 2.6%

Performance on Sector-wise classification

Performance in the Use-based category

Oil Ministry moves Cabinet to deny RIL higher gas price

Infosys BPO bags contract from AkzoNobel

BPO will consolidate the F&A processes at AkzoNobel to accelerate operational

Tech Mahindra signs contract with Volvo Car Corporation

Economic and Political News

FIPB on fast track; to consider 6 more pharma proposals

Country Event Description

September 13, 2013

Producer Price Index (mom)

September 16, 2013

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

September 17, 2013

Consumer price index (mom)

FOMC rate decision

September 19, 2013

Existing home sales

September 20, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Germany PMI Services

Germany PMI Manufacturing

September 24, 2013

September 25, 2013

New home sales

September 26, 2013

GDP Qoq (Annualised)

Germany Unemployment change (000's)

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Industrial Production (YoY)

October 10, 2013

BOE Announces rates

September 23, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

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

Imports yoy growth

Reverse Repo rate

Source: RBI, Angel Research

Source: Bloomberg, Angel Research

4.7 4.8 4.4

5.1 5.4 5.2

Agri / Agri Chemical

Amara Raja Batteries