Market Outlook: Dealer's Diary

Market Outlook
May 8, 2012
Dealers Diary
Indian markets are expected to open flat with a slightly negative bias. Most of the
Asian markets are trading in the positive zone. However, SGX Nifty is trading
marginally lower, down 0.1%.
Domestic Indices
U.S. markets showed a lack of direction during trading on Monday as traders

expressed uncertainty about the situation in Europe following recent French
presidential election results. The markets recovered from weakness seen in early
trade but ended the day nearly flat. European markets remained cautious due to
the uncertainty about the European debt crisis after the elections. The situation in
Greece is currently seen as a greater risk than the outcome of French presidential
election.
Meanwhile, Indian shares staged partial recovery from sharp previous-session
losses, amid weak global trend in global markets, after Finance Minister Pranab
Mukherjee postponed the enforcement of General Anti-Avoidance Rules (GAAR) by
one year until fiscal 2013/14.
0.5
81.6 16,913
0.5
27.3
5,114
MID CAP
0.5
31.8
6,133
0.3
20.1
6,608
BSE HC
(0.1)
(9.1)
6,794
BSE PSU
0.5
31.9
6,959
BANKEX
0.8
90.3 11,374
AUTO
1.2
123.0 10,147
1.6
166.1 10,728
SMALL CAP
METAL
OIL & GAS
(0.5)
(39.3)
7,699
BSE IT
(0.4)
(23.7)
5,710
(Pts)
(Close)
Global Indices
Dow Jones
R2
SENSEX
16,360
16,636
16,790
17,067
17,221
NIFTY
4,939
5,027
5,076
5,163
5,212
News Analysis
4QFY2012 Result Reviews HDFC, Bosch, GlaxoSmithKline Pharma, GSK

Consumer, South Indian Bank
4QFY2012 Result Previews Asian Paints, Hindalco, Central Bank, CESC,
Dena Bank
2,958
Nikkei
(2.8) (261.1)
9,119
Hang Seng
(2.6) (549.4) 20,537
Straits Times
(2.1)
(61.2)
2,929
0.0
(0.1)
2,452
Chg (%)
(Pts)
(Close)
INFY
(2.3)
(1.1)
$45.7
WIT
(1.3)
(0.1)
$9.4
IBN
(2.6)
(0.8)
$31.0
HDB
(1.6)
(0.5)
$32.4
Net Inflows (May 4, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,503
2,991
513
848
44,309
472
675
(204)
(500)
(6,601)
MFs
FII Derivatives (May 07, 2012)

` cr
Purch
Sales
Index Futures
2,654
2,713
(59)
9,335
Stock Futures
1,611
2,202
(591)
21,011
Net
Open Interest
Gainers / Losers
Gainers
Company
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
JSW Steel
721
7.9
IRB Infra
120
(7.0)
Jet Air India
328
7.0
Unitech
23
(6.0)
BHEL
227
6.1
Central Bank
88
(4.5)
Lanco Infra
14
5.7
Allahabad Bank
162
(4.4)
Reliance Power
102
5.4
United Brew
530
(4.2)
www.angelbroking.com
Shanghai Com
Advances / Declines
BSE
NSE
Advances
1,397
733
Declines
1,323
Unchanged
Refer detailed news analysis on the following page
(29.7) 13,009
1.4
Indian ADRs
R1
(0.2)
-
The trend deciding level for the day is 16,790 / 5,076 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,067 17,221 / 5,163 5,212 levels. However, if NIFTY trades below
16,790 / 5,076 levels for the first half-an-hour of trade then it may correct up to
16,636 16,360 / 5,027 4,939 levels.
PIVOT
Chg (%)
0.1
FTSE
S1
(Close)
Nifty
NASDAQ
S2
(Pts)
BSE Sensex
Markets Today
Indices
Chg (%)
136
682
79
Volumes (` cr)
BSE
2,067
NSE
11,678
Market Outlook
May 8, 2012
Result Reviews
HDFC (CMP: `664 / TP: - / Upside: -)
HDFC reported a healthy set of numbers with net profit growing by 16.1% yoy to
`1,326cr, which were above our estimates due to higher net interest income than
expected by us. The loan growth was also strong at 20% yoy. The NIMs for the
company rose on account of higher yield on advances and lower borrowing costs
(most of the borrowings done at the fag end of quarter). The cost pressures of
these borrowings however could be visible form 1QFY2012 onwards. The asset
quality also remained stable with gross and net NPA levels remaining at similar
levels on a yoy basis. We currently have a Neutral rating on the stock.
Op. Inc
NIM
PAT
EPS ABV
(` cr)
(%)
(` cr)
(`)
FY2013E
7,244
3.3
FY2014E
8,625
3.3
Y/E
March
RoA
RoE
P/E
P/ABV
(x)
(x)
(x)
(x)
4,767 31.2 158.3 2.7
34.2
21.2
4.2
5,689 37.2 178.6 2.7
31.3
17.7
3.7
(%)
Bosch (CMP: `8,873 / TP: `9,317 / Upside: 5%)

Bosch (BOS) registered a healthy top-line growth of 10% yoy (12.5% qoq) to
`2,295cr, in-line with our expectation of `2,086cr. Top-line growth was driven by
8.1% yoy growth in the auto segment and a strong 21.4% yoy growth in the nonauto segment. The auto segment performance was driven primarily by ~15%
growth in the after-market segment. While diesel systems segment reported a ~8%
yoy growth; gasoline systems segment registered a flat growth on account of
slowdown in the passenger car industry (petrol variants). Exports too grew at a
sluggish pace of ~3% and stood at `250cr mainly on account of slowdown in
Europe.
BOS recorded better-than-expected margins of 20.8%; an increase of 192bp yoy
and 331bp qoq primarily due to decline in raw-material expenses. Raw-material
expenses declined during the quarter led by cost savings due to localization
benefits and strategic buying decisions carried out by the company. Thus,
operating profit grew by 21.2% yoy (33.8% qoq) to `478cr. As a result, net profit
registered a strong 22.4% yoy (19.5% qoq) growth to `336cr.
At `8,873, the stock is trading at 19.5x and 19.1x CY2013E earnings,
respectively. We recommend Accumulate rating on the stock with a target price of
`9,317 valuing it at 20x CY2013E earnings.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
9,390
19.5
1,314
418.5
21.1 19.5
4.5
13.3
2.5
CY2013E
10,686
19.1
1,463
465.8
19.4 19.1
3.7
11.5
2.1
Market Outlook
May 8, 2012
Glaxo Pharmaceuticals (CMP 2,126, TP- : Neutral)

Glaxo Pharmaceuticals reported lower-than-expected sales growth. The companys
net profit also came in below expectations. For the quarter, the company posted
sales of `622.8cr, registering 3.3% yoy growth. On the operating front, gross and
operating margin came in at 57.9% and 31.4%, respectively, below our
expectation of 61.1% and 34.3%, respectively. Consequently, net profit came in at
`122.9cr vs. our expectation of `200.1cr. Currently, the stock is valued at 22.1x
CY2013E earnings. We maintain our Neutral stance on the stock.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
March
(` cr)
(%)
(` cr)
CY2012E
2,788
35.0
738
CY2013E
3,140
35.2
815
96.2
EV/EBITDA
EV/Sales
(`)
(%)
(x)
87.1
35.0 24.4
(x)
(x)
(x)
7.9
15.7
5.6
32.9 22.1
6.7
13.6
4.8
GSK Consumer (CMP: `2,701/ TP: -/ Upside :-)

For 1QCY2012, GSK Consumer (GSKCHL) posted 14.5% yoy growth in its net
sales to `813cr, aided by 7% volume growth and an 8% price increase. The
companys flagship brands Horlicks and Boost posted volume growth of 9.4% and
2.1%, respectively. During the quarter, sales were, to an extent, affected by low
orders from CSD (contributes around 8% to overall sales) during February and
March, adjusting for which volume growth would be 9.5%. OPM fell by 57bp yoy
to 19.9% due to higher costs of inputs such as barley and skimmed milk powder.
The companys bottom line rose by 19.3% yoy to `132cr. We recommend a
neutral 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)
CY2012E
3,111
16.9
423
100.6
33.3 26.8
8.1
19.7
3.3
CY2013E
3,648
17.1
496
117.9
31.9 22.9
6.6
16.5
2.8
South Indian Bank (CMP: `23 / TP: - / Upside: - )

South Indian Bank reported its results for 4QFY2012. The bank reported 28.4%
yoy growth in its NII to `285cr, which was in line with our estimates. Non-interest
income for the bank also increased by 37.8% on a yoy basis to `83cr. However,
operating expenses for the bank increased at much higher pace of 58.3% yoy
(32.2% qoq), which capped the growth in pre-provisioning profits to 6.4% yoy. Net
profit for the bank grew by 49.1% yoy to `122cr, on back of decrease in
provisioning expenses by 53.3% yoy. On the asset quality front, both gross and net
NPA ratio increased marginally on a sequential basis by 3bp and 4bp, respectively
and PCR declined by 382bp qoq to 71.4%. We maintain our Neutral
recommendation on the stock.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
(x)
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2013E
1,368
2.8
414
3.7
20.7
1.0
19.1 6.5
1.2
FY2014E
1,557
2.7
445
3.9
23.8
0.9
17.7 6.1
1.0
Market Outlook
May 8, 2012
Result Previews
Asian Paints
Asian Paints is set to declare its 4QFY2012 results. For the quarter, we expect
Asian Paints to post 22.4% yoy growth in its consolidated top line to `2,405cr,
driven by volume growth and price hikes. The companys OPM is expected to
decline by 101bp yoy to 13.7%. The companys bottom line is expected to register
growth of 17.4% yoy to `219cr. We maintain our Neutral view on the stock.
Hindalco
Hindalco is slated to report its 4QFY2012 results. We expect the companys
standalone net sales to decrease by 1.2% yoy to `6,680cr. However, EBITDA
margin is expected to contract by 165bp yoy to 11.9% on account of a decline in
aluminium prices and rise in costs of key inputs (primarily coal). Net profit is
expected to decrease by 27.1% yoy to `516cr. We recommend a Buy rating on the
stock with a target price of `136.
Central Bank
Central Bank is scheduled to announce its 4QFY2012 results today. We expect the
bank to report a Net Interest Income (NII) de-growth of 13.9% yoy to `1,230cr.
Non-interest income is also expected to decline by 24.9% yoy to `393cr. However,
operating expenses are expected to decline at much higher 38.9% yoy to `990cr
(due to one-off staff related provisioning in 4QFY2011). Provisioning expenses are
expected to increase by 55.7% yoy to `477cr, and would lead to 4.0% yoy degrowth in net profit to `127cr. At the CMP, the stock is trading at 0.8x FY2014E
ABV. We maintain our Neutral recommendation on the stock.
CESC
CESC is expected to register 28.1% yoy growth in its standalone top line to
`1,081cr, aided by improved realization. During the quarter, CESC got the
approval from WBERC for increasing the tariff for Kolkata region on an average
by 13%. Post this order, the company would charge its customers at a higher rate
with retrospective effect. The companys OPM for the quarter is expected to expand
by 385bp yoy to 33.0%. Net profit is expected to increase by 62.9% yoy to `182cr.
We maintain our Buy view on the stock with a target price of `342.
Dena Bank
Dena Bank is scheduled to announce its 4QFY2012 results. We expect the bank to
report reasonable growth of 4.4% qoq (21.0% yoy) in its net interest income to
`565cr. Non-interest income is also expected to show healthy traction by growing
at 36.2% yoy (29.1% qoq) to `173cr. Consequently, overall operating income is
expected to grow at a healthy pace of 9.3% qoq. Operating expenses for the bank
are expected to increase sequentially by 8.5% to `306cr. While provisioning
expenses are expected to decline by 24.9% qoq, a sharp increase of 58.4% qoq is
expected in tax expenses, which would limit net profit growth for the bank at
moderate levels of 11.7% to `209cr. At the CMP, the stock is trading at 0.5x
FY2014E ABV. We maintain our Buy recommendation on the stock with a target
price of `118.
Market Outlook
May 8, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Asian Paints Ltd - Consolidated (08/05/2012)
Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
2,388
1,966
21
2,561
(7)
EBITDA
345
289
19
397
(13)
EBITDA margin (%)
14.4
14.7
Net profit
220
186
Net sales
15.5
18
257
(14)
Glenmark Pharma Ltd - Consolidated (08/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
992
792
25
1,031
(4)
Net profit
116
81
43
103
13
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
6,929
6,761
6,590
(17)
715
Hindalco Industries Ltd - (08/05/2012)

Particulars (` cr)
Net sales
EBITDA
757
915
EBITDA margin (%)
10.9
13.5
Net profit
484
708
10.8
(32)
451
IDFC Ltd Consolidated (08/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
429
287
49
381
13
Kotak Mahindra Bank Ltd - Consolidated (08/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
481
491
(2)
463
Shriram Transport Finance Company Ltd - (08/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
328
341
(4)
303
ABB - (09/05/2012)
Particulars (` cr)
Net sales
1Q CY12E
1Q CY11
y-o-y (%)
4Q CY11
q-o-q (%)
1,978
1,781
11
2,170
(9)
EBITDA
120
102
18
108
11
EBITDA margin (%)
6.1
5.7
Net profit
66
60
5.0
10
64
PNB Bank Ltd (09/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,284
1,201
1,150
12
Market Outlook
May 8, 2012
Ranbaxy - Consolidated (09/05/2012)

Particulars (` cr)
1Q CY12E
1Q CY11
y-o-y (%)
4Q CY11
q-o-q (%)
3,607
2,143
68
3,738
(4)
EBITDA
898
403
123
860
EBITDA margin (%)
24.9
18.8
Net profit
732
304
Net sales
23.0
141
(2,983)
(125)
Union Bank of India Ltd (09/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
552
598
(8)
197
180
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
945
899
876
Net profit
Canara Bank Ltd (10/05/2012)

Particulars (` cr)
Net profit
Cipla Ltd - (09/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,820
1,615
13
1,711
EBITDA
407
302
35
391
EBITDA margin (%)
22.4
18.7
Net profit
286
214
Net sales
22.9
34
270
Lupin Ltd - Consolidated (09/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,851
1,512
22
1,792
EBITDA
391
311
26
636
(39)
EBITDA margin (%)
21.1
20.6
Net profit
265
227
17
235
13
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
17,224
15,519
11
15,332
12
3,860
4,279
(10)
2,906
33
22.4
27.6
2,570
2,782
Net sales
35.5
NTPC Ltd - (10/05/2012)

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
19.0
(8)
2,130
21
Market Outlook
May 8, 2012
Economic and Political News
Government slashes capital gains tax for PE investors

CEA requests Power Ministry to seek PMO help on fuel pact
Government eases 30% sourcing condition for single brand retail
Corporate News
Maruti operations unaffected by Suzukis recall of swifts

Kingfisher to start paying January salaries: Mallya
Ramky infra bags `1,249cr orders
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 08, 2012
Result Calendar
Date
Company
May 09, 2012
Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., Glenmark Pharma., Central Bank, CESC, Dena Bank,
CEAT
Punjab Natl.Bank, Ranbaxy, ABB, Union Bank, IRB Infra, NIIT
May 10, 2012
NTPC, Cipla, Lupin, Canara Bank, Cadila Healthcare, Reliance Capital, Sintex, Apollo Tyres, HEG
May 11, 2012
Dr Reddy's, Essar Oil, Indian Bank, Federal Bank, Thermax, Graphite India, Goodyear
May 12, 2012
J & K Bank, Rural Elec.Corp., Zee Entertainment, Divi's Lab., Bhushan Steel, Madhucon Proj, Consolidated Co, Relaxo
May 13, 2012
May 15, 2012
Larsen & Toubro, Mundra Port, JSW Steel , Unitech, Mphasis, Ashok Leyland, Indraprasth Gas, Tata Global, Areva,
Abbott India
Cummins India, Monnet Ispat, Patel Engg., Dishman Pharma, JK Tyre
May 16, 2012
Blue Star, J K Lakshmi Cements
May 17, 2012
Bajaj Auto, Mahindra Satyam
May 18, 2012
St Bk of India, Tata Motors, HT Media
May 19, 2012
Force Motors
May 20, 2012
May 21, 2012
Adani Enterp., Adani Power
May 22, 2012
May 23, 2012
BHEL, LMW, Jyothy Laboratories
May 08, 2012
May 14, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
May 10, 2012
May 11, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
28-Apr-12
365.00
368.00
US
Initial Jobless claims
Thousands
China
Exports YoY%
% Change
Mar-12
8.90
8.50
UK
BOE Announces rates
% Ratio
May-12
0.50
0.50
UK
Industrial Production (YoY)
% Change
Feb-12
(2.30)
(2.60)
India
Industrial Production YoY
% Change
Feb-12
4.10
2.50
US
Producer Price Index (mom)
% Change
Mar-12
--
--
China
Industrial Production (YoY)
% Change
Mar-12
11.90
12.20
China
% Change
Mar-12
3.60
3.40
% Change
Mar-12
6.89
6.70
% Change
Mar-12
0.30
0.10
Dec-11
(0.30)
--
May 14, 2012
India
May 15, 2012
US
Consumer Price Index (YoY)

Monthly Wholesale Prices
YoY%
Consumer price index (mom)
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
Germany
GDP nsa (YoY)
% Change
1.50
--
Euro Zone
Euro-Zone CPI (YoY)
Mar-12
2.70
--
US
Industrial Production
Mar-12
--
0.50
US
Housing Starts
Thousands
Mar-12
654.00
678.00
US
Building permits
Thousands
Mar-12
764.00
735.00
UK
% Change
Mar-12
3.60
--
Value
Apr-12
(19.90)
--
UK
Jobless claims change

Euro-Zone Consumer
Confidence
CPI (YoY)
% Change
Mar-12
3.50
--
US
Existing home sales
Millions
Mar-12
4.48
--
US
New home sales
Thousands
Mar-12
328.00
--
May 16, 2012
May 22, 2012
May 23, 2012
Euro Zone
Market Strategy
May 08, 2012
Macro watch
Exhibit 1: Quarterly GDP trends

(%)
Exhibit 2: IIP trends

(%)
9.8
10.0
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.5
2.5
1.1
2.0
(6.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
9.7
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Feb-12
Jan-12
Services PMI
58.0
9.5
6.9
7.0
56.0
6.9
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Repo rate
(%)
9.00
Imports yoy growth
90
75
Reverse Repo rate
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Jun-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
May-11
52.0
Apr-11
4.0
Jun-11
54.0
6.0
May-11
10.0
Dec-11
(5.0)
Source: CSO, Angel Research
12.0
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
(4.0)
May-11
(2.0)
5.0
Apr-11
Mar-11
6.0
9.5
9.4
10.0
8.5
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source: RBI, Angel Research
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
4.00
Apr-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Apr-12
15
(15)
7.00
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
117
2,275
1,432
1,647
14.7
14.7
7.0
8.0
16.7
14.6
3.5
3.0
22.8
22.3
1.6
1.4
United Phosphorus
Buy
120
183
5,518
8,191
8,764
16.5
16.5
17.1
18.3
7.0
6.5
1.1
1.0
17.5
16.2
0.8
0.7
Amara Raja Batteries
Buy
278
345
2,376
2,691
3,032
15.6
15.5
29.4
32.8
9.5
8.5
2.2
1.8
26.5
23.6
0.8
0.7
Apollo Tyres
Buy
83
100
4,199
13,580
15,007
10.1
10.2
10.5
12.5
7.9
6.7
1.3
1.1
21.8
30.7
0.5
0.4
Ashok Leyland
Buy
29
37
7,689
15,008
16,906
9.5
9.5
2.6
3.1
11.3
9.4
2.4
2.0
15.5
17.0
0.6
0.5
Automotive Axle
Neutral
512
774
1,211
1,390
11.9
11.5
50.5
56.3
10.2
9.1
2.6
2.1
27.9
25.3
0.7
0.6
Bajaj Auto
Buy
1,515
1,811
43,852
21,966
24,774
19.8
19.0
111.7
120.7
13.6
12.6
5.2
4.2
43.1
37.1
1.6
1.3
Bharat Forge
Accumulate
329
372
7,665
7,173
7,998
16.3
16.5
22.3
26.6
14.7
12.4
2.9
2.4
21.0
21.0
1.2
1.0
Bosch India
Accumulate
8,781
9,317
27,571
9,390
10,686
19.5
19.1
418.5
465.8
21.0
18.9
4.4
3.7
21.1
19.4
2.6
2.2
CEAT
Buy
104
140
356
5,057
5,620
5.4
5.6
22.2
31.1
4.7
3.4
0.5
0.5
11.9
16.8
0.3
0.3
Exide Industries
Buy
126
146
10,723
5,787
6,595
15.5
17.0
7.1
9.0
17.7
14.1
3.1
2.7
18.6
20.3
1.5
1.3
FAG Bearings
Neutral
1,592
2,646
1,531
1,748
18.8
18.5
118.0
132.8
13.5
12.0
2.9
2.4
24.0
21.9
1.5
1.2
Hero Motocorp
Neutral
1,957
39,078
26,106
29,296
15.0
15.2
140.3
148.1
14.0
13.2
6.6
5.1
54.8
43.3
1.2
0.9
JK Tyre
Buy
79
113
324
8,058
9,025
5.4
5.5
24.8
32.2
3.2
2.5
0.3
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
691
802
42,432
35,095
40,213
10.7
10.5
44.6
48.7
15.5
14.2
2.7
2.4
18.8
18.1
0.9
0.8
1,315
1,510
37,983
42,683
48,736
7.1
7.5
86.6
100.6
15.2
13.1
2.2
1.9
15.3
15.5
0.7
0.6
169
216
6,558
11,167
12,516
9.5
10.0
11.3
14.4
15.0
11.8
3.2
2.7
23.3
24.7
0.7
0.6
31
186
1,225
1,393
8.5
8.2
4.2
5.0
7.4
6.3
0.8
0.7
10.3
11.8
0.4
0.3
308
328
82,980 191,183 213,150
12.6
12.6
38.7
42.9
8.0
7.2
2.8
2.2
39.8
33.9
0.6
0.5
39
55
1,872
7,982
8,816
6.4
6.3
5.0
5.6
7.9
7.1
1.4
1.2
18.9
18.2
0.2
0.2
Sell
777
503
16,463
8,926
10,220
7.7
7.5
18.6
20.9
41.7
37.1
5.7
5.1
14.5
14.5
1.8
1.6
Sell
323
274
2,328
4,170
5,396
11.5
10.4
27.2
30.4
11.9
10.6
2.0
1.8
17.3
17.4
1.2
1.1
BHEL
Neutral
227
55,609
46,344
46,916
18.3
18.6
23.5
24.1
9.7
9.4
1.9
1.7
21.3
18.9
1.1
1.0
Blue Star
Buy
185
221
1,660
3,250
3,551
5.9
5.9
12.4
15.8
14.8
11.7
3.0
2.6
21.2
23.8
0.6
0.5
Crompton Greaves
Buy
127
164
8,150
12,936
14,101
9.6
10.0
10.9
11.7
11.7
10.8
2.0
1.8
18.4
17.3
0.7
0.6
Jyoti Structures
Buy
41
67
338
2,622
2,801
10.6
11.0
10.9
13.4
3.8
3.1
0.5
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
55
72
1,406
6,865
7,650
8.5
8.7
9.7
12.1
5.6
4.5
1.1
0.9
27.6
27.0
0.5
0.4
LMW
Buy
1,575
2,609
1,774
2,663
3,130
12.8
12.8
185.0
217.4
8.5
7.3
1.7
1.5
21.2
21.7
0.2
0.2
Thermax
Neutral
417
4,974
5,473
5,497
10.1
9.8
30.4
28.7
13.7
14.6
2.6
2.3
20.5
16.9
0.8
0.7
Maruti
Accumulate
Motherson Sumi
Buy
Subros
Neutral
Tata Motors
Accumulate
TVS Motor
Buy
ABB*
BGR Energy
Capital Goods
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,230
23,099
11,018
12,663
19.9
21.2
70.7
81.2
17.4
15.2
3.0
2.7
18.0
19.0
1.8
1.5
Ambuja Cements
Neutral
146
22,351
10,035
11,504
23.5
23.8
10.1
10.6
14.4
13.8
2.8
2.5
18.5
19.4
1.8
1.5
India Cements
Neutral
85
2,625
4,423
4,906
18.2
18.8
9.9
12.7
8.7
6.8
0.7
0.7
8.6
10.5
0.9
0.8
J K Lakshmi Cements
Buy
63
79
774
1,880
2,201
19.0
22.6
12.2
16.4
5.2
3.9
0.6
0.5
11.9
14.3
0.6
0.9
Madras Cements
Neutral
147
3,495
3,434
3,777
25.5
26.1
14.1
18.1
10.4
8.1
1.5
1.3
15.2
16.9
1.6
1.4
Shree Cements
Neutral
2,730
9,511
5,552
6,193
25.7
26.0
130.3
182.0
21.0
15.0
4.3
3.7
19.1
22.3
1.4
1.1
UltraTech Cement
Neutral
1,415
38,767
20,116
22,655
21.3
22.5
82.1
97.5
17.2
14.5
2.7
2.4
16.8
17.4
1.8
1.8
205
302
1,078
2,014
2,294
22.4
22.4
28.4
30.8
7.2
6.6
1.0
0.8
14.1
13.3
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
277
2,526
2,792
5.7
6.6
1.8
2.8
8.2
5.3
0.5
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
20
1,216
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.2)
(25.7)
1.1
1.3
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
120
228
3,978
3,821
4,582
42.3
40.2
15.0
16.9
8.0
7.1
1.2
1.1
16.3
15.9
2.7
2.5
ITNL
Buy
177
265
3,440
6,619
7,263
23.8
24.2
24.7
26.2
7.2
6.8
1.1
1.0
17.0
15.7
2.1
2.2
IVRCL Infra
Buy
56
79
1,502
5,758
6,860
9.2
9.2
4.7
6.0
12.0
9.3
0.7
0.7
6.0
7.3
0.7
0.7
Jaiprakash Asso.
Buy
69
104
14,757
16,017
18,359
24.4
23.5
4.2
5.0
16.5
13.8
1.4
1.3
8.8
9.7
2.2
2.0
Larsen & Toubro
Buy
1,203
1,641
73,665
60,258
69,900
12.1
11.5
70.7
76.3
17.0
15.8
2.6
2.2
16.1
15.2
1.4
1.2
Madhucon Proj
Buy
49
84
362
2,503
2,903
10.7
10.7
5.8
6.6
8.4
7.5
0.5
0.5
6.6
7.0
0.7
0.7
Nagarjuna Const.
Buy
43
76
1,106
5,790
7,022
9.2
9.5
3.5
5.4
12.4
8.0
0.5
0.4
3.7
5.6
0.8
0.8
Patel Engg.
Neutral
104
723
3,609
3,836
13.1
13.1
14.0
14.6
7.4
7.1
0.5
0.4
6.3
6.1
1.1
1.1
Punj Lloyd
Neutral
50
1,672
10,592
12,193
8.4
8.4
2.9
4.6
17.4
11.1
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
140
199
2,107
2,989
3,315
10.6
10.6
10.2
11.3
13.8
12.4
2.2
1.9
17.6
16.3
0.9
0.8
Simplex Infra
Buy
225
316
1,113
6,732
7,902
9.3
9.6
27.2
35.1
8.3
6.4
0.9
0.8
11.0
12.6
0.5
0.4
Allahabad Bank
Accumulate
162
193
8,123
7,700
8,677
3.4
3.3
37.4
40.9
4.3
4.0
0.7
0.6
19.0
17.0
Andhra Bank
Neutral
118
6,620
5,284
5,998
3.3
3.2
23.6
27.0
5.0
4.4
0.8
0.7
16.5
16.7
Axis Bank
Buy
1,023
1,587
42,250
16,157
19,557
3.2
3.2
116.4
139.1
8.8
7.4
1.6
1.4
20.0
20.3
Bank of Baroda
Buy
680
926
26,631
15,993
18,918
2.6
2.6
121.5
143.1
5.6
4.8
0.9
0.8
17.8
18.2
Bank of India
Accumulate
339
386
19,465
13,558
15,551
2.5
2.4
54.9
63.1
6.2
5.4
1.0
0.9
16.8
16.9
Bank of Maharashtra
Buy
51
62
2,977
3,665
4,107
3.5
3.5
10.7
13.5
4.7
3.8
0.7
0.6
17.8
17.5
Canara Bank
Buy
433
532
19,175
12,120
14,009
2.2
2.2
85.7
95.4
5.1
4.5
0.8
0.7
17.2
16.7
Central Bank
Reduce
88
92
6,500
6,860
7,934
2.4
2.4
13.1
19.9
6.7
4.4
0.9
0.8
10.5
13.8
Financials
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
403
522
5,968
5,203
5,880
2.2
2.1
107.5
112.7
3.8
3.6
0.6
0.6
17.9
16.5
Dena Bank
Buy
90
118
3,144
3,003
3,366
3.0
2.9
23.2
25.6
3.9
3.5
0.6
0.6
18.0
16.9
Federal Bank
Neutral
409
6,998
2,766
3,163
3.4
3.3
49.5
57.2
8.3
7.2
1.1
1.0
14.0
14.5
HDFC
Neutral
664
98,046
7,244
8,625
3.3
3.3
31.2
37.2
21.3
17.8
4.2
3.7
34.2
31.3
HDFC Bank
Neutral
532
124,958
21,831
27,477
4.3
4.3
28.3
35.5
18.8
15.0
3.6
3.1
20.8
22.1
ICICI Bank
Buy
848
1,183
97,423
22,209
26,512
2.8
2.8
67.9
81.1
12.5
10.5
1.5
1.4
14.7
16.0
IDBI Bank
Buy
Indian Bank
Accumulate
IOB
Buy
J & K Bank
98
117
12,477
8,004
9,589
1.9
2.0
19.9
23.9
4.9
4.1
0.7
0.6
13.8
14.9
209
240
8,982
6,469
7,244
3.5
3.3
45.5
48.8
4.6
4.3
0.8
0.7
19.6
18.2
84
104
6,683
7,328
8,264
2.5
2.5
15.9
21.1
5.3
4.0
0.6
0.5
12.7
13.9
Neutral
884
4,285
2,420
2,792
3.5
3.6
178.0
195.8
5.0
4.5
0.9
0.8
19.5
18.6
LIC Housing Finance
Accumulate
260
286
13,129
2,108
2,607
2.6
2.6
24.5
30.6
10.6
8.5
2.0
1.7
20.1
21.4
Oriental Bank
Buy
231
285
6,737
6,431
7,315
2.7
2.6
54.4
63.8
4.2
3.6
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
798
1,138
25,275
20,708
24,094
3.5
3.5
156.3
178.7
5.1
4.5
0.9
0.8
19.7
18.5
South Ind.Bank
Neutral
23
2,659
1,368
1,557
2.8
2.7
3.7
3.9
6.4
6.0
1.1
1.0
19.1
17.7
St Bk of India
Buy
2,026
2,593
135,964
69,568
81,445
3.7
3.7
220.9
269.8
9.2
7.5
1.5
1.3
18.9
19.1
Syndicate Bank
Buy
99
128
5,947
7,069
7,961
3.1
3.0
23.3
27.5
4.3
3.6
0.7
0.6
17.4
17.2
UCO Bank
Neutral
73
4,600
5,727
6,443
2.5
2.5
17.8
18.8
4.1
3.9
0.8
0.7
17.8
16.2
Union Bank
Buy
215
266
11,286
10,352
11,988
2.9
2.9
40.7
49.5
5.3
4.4
0.8
0.7
16.8
17.4
United Bank
Buy
63
87
2,265
3,666
4,128
2.9
2.9
18.4
21.7
3.4
2.9
0.5
0.5
15.9
16.0
Vijaya Bank
Neutral
57
2,682
2,668
3,001
2.2
2.2
10.1
11.7
5.6
4.9
0.8
0.7
13.2
13.7
Yes Bank
Buy
339
470
11,982
3,209
4,144
2.7
2.8
33.9
41.5
10.0
8.2
2.1
1.7
23.1
23.3
3,634
34,860
10,961
12,773
16.3
16.3
120.3
142.5
30.2
25.5
10.0
7.9
36.9
34.7
3.1
2.6
549
650
6,563
5,906
6,856
6.9
7.0
22.3
28.3
24.6
19.4
10.0
7.5
45.2
44.1
1.1
0.9
1,122
15,264
3,007
3,417
21.1
22.1
37.7
42.6
29.8
26.4
35.5
28.6
129.4
120.1
4.9
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
108
18,762
5,878
6,799
16.8
17.0
4.2
4.9
26.0
21.9
9.4
7.7
39.3
42.0
3.2
2.8
GlaxoSmith Con*
Neutral
2,702
11,365
3,111
2,687
16.9
15.8
100.6
86.1
26.9
31.4
8.2
9.9
33.3
33.8
3.3
3.8
Godrej Consumer
Neutral
554
18,839
5,904
6,905
17.8
18.1
22.6
26.9
24.5
20.6
6.7
5.5
29.9
36.3
3.4
2.9
HUL
Neutral
430
92,902
25,350
29,309
14.3
14.4
14.1
16.4
30.4
26.2
22.8
17.8
82.7
76.2
3.5
3.0
ITC
Accumulate
237
252
185,062
28,955
33,595
35.9
35.7
9.2
10.5
25.8
22.5
8.3
6.8
34.8
33.1
6.1
5.2
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
177
10,906
4,669
5,467
13.0
12.9
6.8
8.2
26.2
21.7
7.1
5.6
30.5
28.8
2.4
2.0
Nestle*
Neutral
4,589
44,250
8,731
10,539
21.0
21.4
119.3
147.9
38.5
31.0
23.6
16.1
73.0
61.6
5.1
4.1
Tata Global
Buy
116
136
7,186
7,011
7,712
9.7
10.0
6.0
7.1
19.5
16.3
1.8
1.7
8.9
10.2
0.9
0.8
HCL Tech
Accumulate
502
560
34,746
22,792
25,743
17.4
17.4
37.8
43.0
13.3
11.7
2.9
2.5
22.3
21.3
1.5
1.3
Hexaware
Neutral
125
3,698
1,821
2,105
19.0
18.6
9.8
10.7
12.7
11.7
2.9
2.6
23.7
22.5
1.8
1.5
Infosys
Accumulate
2,431
2,792
139,572
37,615
42,491
31.1
30.6
158.5
174.5
15.3
13.9
3.5
2.9
22.5
20.8
3.1
2.6
Infotech Enterprises
Accumulate
165
177
1,838
1,758
1,972
17.0
16.6
16.8
18.6
9.8
8.9
1.3
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Sell
117
98
2,072
2,042
2,139
15.2
14.9
9.6
10.9
12.2
10.7
2.1
1.8
19.2
18.0
1.0
0.9
Mahindra Satyam
Buy
76
89
8,979
7,142
8,042
15.4
15.0
7.7
8.3
10.0
9.2
1.4
1.2
13.8
13.0
0.9
0.7
Mindtree
Neutral
596
2,417
2,172
2,450
16.1
15.5
53.9
58.5
11.1
10.2
2.1
1.7
18.9
17.0
0.9
0.8
Mphasis
Accumulate
388
433
8,145
5,904
6,320
18.3
17.9
38.7
41.2
10.0
9.4
1.5
1.3
14.9
13.7
0.9
0.8
NIIT
Buy
46
61
754
1,105
1,200
16.4
16.9
7.5
9.2
6.1
5.0
1.1
1.0
17.6
19.0
0.5
0.3
Persistent
Neutral
373
1,492
1,109
1,224
23.3
22.4
37.2
40.1
10.0
9.3
1.5
1.4
15.4
14.5
1.0
0.8
TCS
Neutral
1,274
249,330
57,189
66,329
29.3
28.7
63.2
70.9
20.2
18.0
6.2
5.0
30.5
27.7
4.1
3.5
Tech Mahindra
Accumulate
682
750
8,688
6,030
6,511
16.3
15.7
81.1
87.0
8.4
7.8
1.7
1.4
20.1
18.0
1.4
1.2
Wipro
Neutral
412
101,288
41,918
46,879
19.4
19.9
25.1
28.7
16.4
14.4
3.1
2.6
18.6
18.3
2.1
1.7
D B Corp
Buy
203
274
3,717
1,656
1,869
26.0
26.8
14.0
16.1
14.5
12.6
3.3
2.8
24.8
24.1
2.2
1.9
HT Media
Buy
121
170
2,837
2,255
2,555
17.8
18.3
10.0
12.0
12.1
10.0
1.7
1.4
14.7
15.4
1.0
0.9
Jagran Prakashan
Buy
96
137
3,049
1,499
1,642
27.4
28.8
7.6
9.1
12.6
10.6
4.2
3.8
34.6
37.7
2.0
1.8
PVR
Neutral
148
383
625
732
17.4
16.9
12.4
15.8
11.9
9.4
1.9
2.0
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
296
11,669
2,135
2,458
75.2
74.4
20.9
24.0
14.2
12.3
3.3
2.8
26.0
25.1
4.4
3.6
Bhushan Steel
Neutral
438
9,303
9,232
13,557
30.8
31.1
48.0
58.6
9.1
7.5
1.2
1.0
14.5
7.5
3.2
2.2
Coal India
Accumulate
328
351
207,303
65,654
71,756
26.8
27.3
24.0
26.3
13.7
12.5
3.7
3.1
30.4
27.0
2.2
1.8
Electrosteel Castings
Buy
20
27
687
1,984
2,074
10.6
12.0
2.7
3.3
7.4
6.0
0.4
0.2
5.2
6.2
0.5
0.4
Hind. Zinc
Accumulate
124
139
52,563
13,043
14,223
51.8
52.8
14.8
16.6
8.4
7.5
1.6
1.4
21.2
19.9
2.3
1.7
Hindalco
Buy
116
136
22,218
84,638
88,753
9.6
10.5
15.2
17.3
7.7
6.7
0.6
0.6
8.7
9.2
0.5
0.5
JSW Steel
Neutral
721
16,093
39,161
43,958
17.8
17.9
72.2
89.5
10.0
8.1
0.9
0.8
10.1
11.4
0.7
0.6
MOIL
Neutral
253
4,255
979
1,061
45.7
46.8
24.5
26.6
10.4
9.5
1.6
1.4
16.1
15.8
2.2
1.9
Monnet Ispat
Buy
473
585
3,041
2,986
3,908
22.1
28.9
50.5
83.4
9.4
5.7
1.2
1.0
13.5
19.2
1.9
1.3
IT
Media
Metals & Mining
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
60
51
15,335
8,276
8,578
12.7
16.4
2.5
3.5
23.5
17.0
1.3
1.2
5.6
7.5
1.4
1.4
172
185
68,272
11,726
12,890
77.8
78.4
18.6
20.6
9.3
8.4
2.2
1.8
26.1
23.8
3.6
3.1
SAIL
Sesa Goa
Accumulate
93
102
38,455
52,461
62,935
18.0
18.8
13.2
14.5
7.1
6.4
0.8
0.8
12.4
12.3
1.1
1.0
Accumulate
184
206
15,987
9,067
9,316
35.7
35.5
44.5
44.3
4.1
4.2
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
103
123
34,463
45,805
49,029
21.2
23.5
16.5
19.1
6.2
5.4
0.7
0.6
11.5
12.0
0.4
0.2
Tata Steel
Accumulate
442
503
42,889 141,358 142,265
11.1
13.7
45.8
58.9
9.7
7.5
0.9
0.8
10.0
11.7
0.6
0.6
Cairn India
Accumulate
324
372
61,886
15,513
16,074
74.0
69.7
51.1
48.6
6.4
6.7
1.1
0.9
18.3
14.8
2.9
2.1
GAIL
Buy
319
392
40,439
50,472
55,503
15.3
15.6
35.4
37.0
9.0
8.6
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
261
319
223,469 148,157 150,563
37.6
39.5
31.0
33.6
8.4
7.8
1.5
1.3
18.8
18.1
1.1
1.0
Reliance Industries
Buy
715
872
234,229 325,734 328,669
10.9
11.7
65.8
70.1
10.9
10.2
1.1
1.0
11.9
11.5
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
53
91
1,004
1,624
1,855
14.2
15.6
6.6
9.1
8.1
5.9
2.0
1.5
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
126
175
3,664
5,243
5,767
14.6
14.6
13.8
14.7
9.1
8.6
1.1
0.5
11.4
10.9
1.0
0.9
Aventis*
Neutral
2,144
4,938
1,482
1,682
15.5
15.5
95.0
104.0
22.6
20.6
4.0
3.1
18.6
17.0
3.1
2.7
Cadila Healthcare
Buy
741
1,016
15,164
6,196
7,443
18.5
19.5
43.3
50.8
17.1
14.6
4.4
3.5
25.4
24.8
2.4
2.0
Cipla
Buy
327
380
26,243
7,006
8,164
20.0
21.2
17.0
19.0
19.2
17.2
3.5
3.0
16.8
18.2
3.7
3.2
Dr Reddy's
Neutral
1,714
29,055
9,183
10,063
25.7
25.1
92.1
89.9
18.6
19.1
4.0
3.5
22.8
18.8
3.2
3.0
Dishman Pharma
Buy
44
91
353
1,282
1,538
17.9
17.9
10.1
13.0
4.3
3.4
0.4
0.3
8.5
10.1
1.0
0.9
GSK Pharma*
Neutral
2,126
18,007
2,788
3,148
35.6
35.2
87.9
96.7
24.2
22.0
7.8
6.5
34.8
32.1
5.7
4.9
Indoco Remedies
Buy
454
665
558
685
837
15.2
15.2
55.5
66.5
8.2
6.8
1.3
1.1
16.4
16.9
1.0
0.9
Ipca labs
Buy
371
443
4,670
2,907
3,541
21.5
21.5
32.7
40.6
11.4
9.1
2.9
2.3
27.8
27.7
1.7
1.4
Lupin
Buy
552
656
24,642
8,272
9,929
19.7
20.0
29.7
32.8
18.6
16.8
4.8
3.7
25.0
22.9
3.0
2.4
Orchid Chemicals
Buy
174
270
1,228
2,143
2,508
21.8
21.8
28.3
38.1
6.2
4.6
1.2
1.0
19.3
23.4
1.5
1.2
Ranbaxy*
Neutral
502
21,205
12,023
12,264
19.9
16.9
41.1
36.9
12.2
13.6
2.6
2.3
30.0
17.6
1.5
1.4
Sun Pharma
Accumulate
600
634
61,789
9,272
11,080
40.3
36.3
26.7
28.8
22.5
20.8
4.6
3.9
22.1
20.8
5.6
4.6
CESC
Buy
256
342
3,203
4,927
5,429
23.8
23.9
41.0
46.2
6.3
5.5
0.6
0.6
10.4
10.7
1.2
1.3
GIPCL
Buy
66
98
991
1,557
1,573
28.7
27.5
10.4
10.2
6.3
6.4
0.6
0.6
10.5
9.6
1.1
0.9
NTPC
Buy
156
201
129,000
73,558
84,843
23.4
23.6
12.6
14.1
12.4
11.1
1.6
1.4
13.3
13.6
2.5
2.3
55
78
1,625
657
875
52.0
56.1
8.4
12.7
6.5
4.3
0.4
0.4
6.3
8.9
3.7
2.8
190
32,227
9,878
12,033
44.7
46.1
9.6
13.4
19.8
14.2
1.3
1.2
6.4
8.7
5.8
4.7
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
May 08, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
75
115
3,138
2,441
3,344
53.0
46.7
21.4
25.4
3.5
3.0
0.3
0.3
8.4
9.1
3.1
2.4
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
315
119,774
80,967
88,684
33.1
33.4
17.9
22.0
17.6
14.3
2.0
1.8
11.5
12.5
2.2
1.8
Idea Cellular
Neutral
81
26,835
22,558
25,326
26.4
27.5
3.2
4.7
25.2
17.1
1.9
1.7
7.5
10.0
1.7
1.4
Rcom
Neutral
74
15,325
21,899
23,740
32.7
32.7
4.2
6.7
17.6
11.1
0.4
0.4
2.1
3.2
2.1
1.7
194
245
1,935
3,670
4,384
8.5
8.5
18.3
22.3
10.6
8.7
2.3
1.9
23.9
24.3
0.5
0.5
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,030
7,225
982
1,136
34.3
34.3
34.3
40.0
30.0
25.8
13.6
10.9
50.9
46.9
6.9
5.8
Finolex Cables
Buy
36
60
552
2,341
2,656
8.5
8.8
8.0
10.0
4.5
3.6
0.6
0.6
18.1
20.2
0.2
0.1
Graphite India
Buy
90
116
1,754
2,053
2,437
22.6
22.4
13.5
16.3
6.6
5.5
1.0
0.9
15.4
16.5
1.0
0.8
Greenply
Buy
210
298
507
1,800
2,047
11.1
11.6
34.1
49.6
6.2
4.2
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
2,927
3,265
935
1,168
19.6
19.6
99.7
122.2
29.4
24.0
17.0
13.6
64.2
63.1
3.6
2.8
Sintex
Buy
64
129
1,747
5,219
5,912
16.5
16.9
15.8
21.4
4.1
3.0
0.6
0.5
14.7
17.1
0.6
0.5
Siyaram Silk Mills
Buy
255
439
239
1,045
1,173
12.3
12.4
61.5
73.2
4.1
3.5
0.8
0.7
20.2
20.4
0.5
0.4
SpiceJet
Neutral
31
1,377
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(9.2)
13.1
(12.6)
26.6
0.5
0.4
Taj GVK
Buy
59
116
369
322
355
36.3
35.8
8.3
9.6
7.1
6.1
1.0
0.9
14.5
14.9
1.5
1.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 07, 2012
Market Outlook
May 08, 2012

Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

U.S. markets showed a lack of direction during trading on Monday as traders

4QFY2012 Result Reviews HDFC, Bosch, GlaxoSmithKline Pharma, GSK

(2.6) (549.4) 20,537

Net Inflows (May 4, 2012)

FII Derivatives (May 07, 2012)

Jet Air India

Refer detailed news analysis on the following page

4,767 31.2 158.3 2.7

5,689 37.2 178.6 2.7

Bosch (CMP: `8,873 / TP: `9,317 / Upside: 5%)

Glaxo Pharmaceuticals (CMP 2,126, TP- : Neutral)

GSK Consumer (CMP: `2,701/ TP: -/ Upside :-)

South Indian Bank (CMP: `23 / TP: - / Upside: - )

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Glenmark Pharma Ltd - Consolidated (08/05/2012)

Hindalco Industries Ltd - (08/05/2012)

EBITDA margin (%)

IDFC Ltd Consolidated (08/05/2012)

Kotak Mahindra Bank Ltd - Consolidated (08/05/2012)

Shriram Transport Finance Company Ltd - (08/05/2012)

EBITDA margin (%)

PNB Bank Ltd (09/05/2012)

Ranbaxy - Consolidated (09/05/2012)

EBITDA margin (%)

Union Bank of India Ltd (09/05/2012)

Canara Bank Ltd (10/05/2012)

Cipla Ltd - (09/05/2012)

EBITDA margin (%)

Lupin Ltd - Consolidated (09/05/2012)

EBITDA margin (%)

NTPC Ltd - (10/05/2012)

Economic and Political News

Government slashes capital gains tax for PE investors

Maruti operations unaffected by Suzukis recall of swifts

May 09, 2012

May 10, 2012

May 11, 2012

May 12, 2012

May 13, 2012

May 15, 2012

May 16, 2012

Blue Star, J K Lakshmi Cements

May 17, 2012

Bajaj Auto, Mahindra Satyam

May 18, 2012

St Bk of India, Tata Motors, HT Media

May 19, 2012

May 20, 2012

May 21, 2012

Adani Enterp., Adani Power

May 22, 2012

May 23, 2012

BHEL, LMW, Jyothy Laboratories

May 08, 2012

May 14, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

May 10, 2012

May 11, 2012

Initial Jobless claims