Professional Documents
Culture Documents
Dealers Diary
The Indian markets are expected to open flattish mirroring the SGX Nifty and Asian
stocks which are trading close to their opening levels. Asian stocks rose, with the
benchmark index poised to end its six days of losses after data showed Chinas
economy grew 7.6% in the second quarter from a year earlier.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
Nifty
(1.3)
(71.1)
5,235
MID CAP
(0.6)
(37.1)
6,262
The US economic jobless claims data release showed that jobless claims fell to
350,000 from the previous week's revised figure of 376,000. The drop surprised
economists, who had expected jobless claims to edge up to 375,000 from the
374,000 originally reported for the previous week. However, traders largely
shrugged off this report from the Labor Department as concerns about the outlook
for the economy continued to weigh on the markets. The US stock markets
eventually ended in the red.
SMALL CAP
(0.7)
(44.6)
6,745
BSE HC
(0.1)
(5.5)
6,938
BSE PSU
(0.1)
(5.5)
7,332
BANKEX
AUTO
(1.2) (108.3)
METAL
BSE IT
0.3
9,312
21.8
8,027
(5.1) (289.8)
5,384
Chg (%)
(Pts)
(Close)
Dow Jones
(0.3)
(31.3) 12,573
NASDAQ
(0.8)
(21.8)
2,866
FTSE
(1.0)
(56.2)
5,608
Markets Today
Nikkei
(1.5) (131.0)
8,720
The trend deciding level for the day is 17,248 / 5,238 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,314 17,396 / 5,259 5,282 levels. However, if NIFTY trades below
17,248 / 5,238 levels for the first half-an-hour of trade then it may correct up to
17,166 17,099 / 5,215 5,194 levels.
Hang Seng
Straits Times
(0.6)
(17.3)
2,972
0.5
10.1
2,185
Chg (%)
(Pts)
(Close)
Indices
S2
S1
PIVOT
R1
R2
INFY
(11.2)
4.9
$38.8
SENSEX
17,099
17,166
17,248
17,314
17,396
WIT
(5.2)
(0.4)
$8.1
NIFTY
5,194
5,215
5,238
5,259
5,282
IBN
(2.4)
0. 8
$33.0
HDB
(1.9)
0.6
$33.0
News Analysis
` cr
Purch
Sales
Net
MTD
YTD
FII
2,460
2,209
251
3,148
49,142
386
560
(174)
(1459)
(7,304)
Purch
1,502
Sales
1,917
Net
(416)
Open Interest
14,634
Stock Futures
1,131
1,610
(480)
26,101
Gainers / Losers
Gainers
Company
United Spirits
Indiabulls Real Est
Unitech
Price (`)
Losers
chg (%)
Company
766
6.1
Infosys
64
4.1
Hexaware Tech
Price (`)
chg (%)
2,265
(8.2)
115
(4.5)
25
4.1
India Infoline
58
(4.3)
Godrej Inds
251
4.0
Ashok Leyland
25
(4.3)
HPCL
354
3.1
Rajesh Exports
133
(4.3)
www.angelbroking.com
BSE
NSE
Advances
1,133
439
Declines
1,679
985
105
81
Unchanged
` cr
Indian ADRs
Advances / Declines
MFs
Shanghai Com
Volumes (` cr)
BSE
2,189
NSE
10,325
Market Outlook
July 13, 2012
IIP
Mfg
Mining
Elec.
May-11
6.2
6.3
1.8
10.3
7.5
6.2
0.1
7.2
5.1
9.0
Jun-11
9.5
11.2
(1.4)
7.9
7.8
38.7
1.6
3.1
1.6
4.4
Jul-11
3.7
3.1
0.6
13.1
10.0
(13.7)
(0.1)
6.4
9.0
4.1
Aug-11
3.4
4.1
(5.5)
9.5
5.8
4.0
(1.0)
2.1
5.5
(0.7)
Sep-11
2.5
3.1
(7.5)
9.0
5.3
(6.5)
(1.4)
5.7
8.9
2.7
Oct-11
(5.0)
(6.0)
(5.9)
5.6
1.2
(26.5)
(8.4)
0.1
(0.4)
0.5
Nov-11
6.0
6.6
(3.5)
14.6
6.5
(4.7)
1.3
12.8
10.4
15.0
Dec-11
2.7
2.8
(3.3)
9.1
5.5
(16.0)
18.2
10.1
5.1
13.8
Jan-12
1.1
1.4
(2.4)
3.2
1.8
(1.7)
(2.8)
2.9
(7.1)
11.0
Feb-12
4.1
3.9
2.7
8.0
7.7
10.2
(0.2)
(0.3)
(6.1)
4.5
Mar-12
(3.2)
(4.0)
(1.3)
2.7
0.9
(20.3)
(1.7)
1.2
1.0
1.2
Apr-12
(0.9)
(1.2)
(3.2)
4.6
2.1
(19.6)
(1.6)
3.7
5.2
2.5
May-12
2.4
2.5
(0.9)
5.9
4.1
(7.7)
2.7
4.3
9.3
0.1
www.angelbroking.com
Market Outlook
July 13, 2012
At the CMP of `1,410, the stock is trading at PE of 14.1x FY2014E earnings, after
adjusting for investments, which is below the historical trading multiple for L&T. We
have used the sum-of-the-parts (SOTP) methodology to value the company to
capture all its business initiatives and investments/stakes in the different
businesses. Ascribing separate values to its parent business on a P/E basis and
investments in subsidiaries on P/E, P/BV and mcap basis, our target price works
out to `1,553. Owing to the recent surge in stock price we recommend
Accumulate on the stock.
Result Reviews
TCS (CMP: `1,236 / TP: - / Upside: -)
TCS reported yet another healthy quarterly result. The most remarkable thing was
5.3% qoq volume growth. The dollar revenue grew by 3.0% qoq to US$2,728mn.
The EBIT margin of the company declined by 20bp qoq to 27.6%, the negative
impact of wage hike got absorbed by benefits from INR depreciation. Bottomline
of company grew by ~12% qoq to `3,280crdue to lower than expected forex loss
(~`94cr).
TCS, like Infosys, also said that unprecedented currency volatility continued to be a
challenge in the short-term, but it continues to see good demand from global
companies. Among key deal wins included a US$100mn contract with a leading
North American retailer, a multi-million dollar managed services contract by a
North American communications solutions provider and a multi-year contract from
an Australian financial institution. Overall the results were encouraging with
management commentary indicating that the company would be able to grow
higher than industry. We are Neutral on TCS as valuations preclude us from taking
a more favorable view in terms of good absolute upsides. Still, that said, TCS
remains the best relative play in near term and will act as defensive for investors.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
60,787
30.1
12,814
65.5
31.3
18.9
5.9
12.5
3.8
FY2014E
68,558
29.2
14,412
73.6
28.2
16.8
4.7
11.2
3.3
www.angelbroking.com
Market Outlook
July 13, 2012
The companys EBITDA and EBIT margin declined by 181bp and 190bp qoq to
30.8% and 28.0%, respectively, despite having considerable benefits from ~8%
qoq INR depreciation against USD. Operating margins of the company were
impacted adversely by ~3.7% qoq decline in revenue productivity and US$15mn
of revenue reversal on account of a project cancellation. Management indicated
that they expect EBIT margin to go down by 50-100bp in FY2013 which does not
factor any wage hike.
The most disappointing thing in Infosys result was revision of FY2013 USD revenue
growth guidance downwards to at least 5% from 8-10% earlier, tad lower than our
estimate of 6-8% taking into account: a) 1.5% impact due to adverse cross
currency movement, b) 3.2% impact due to price decline and c) rest due to impact
on overall demand scenario. The management has stopped issuing quarterly
guidance citing uncertainly in demand environment which is discomforting. We
believe this clearly indicates challenging visibility in business volumes and
managements future expectation. Post 1.1% decline in USD revenue in
1QFY2012, the company requires ~3% ask rate in 2Q-4QFY2013 to achieve 5%
growth in FY2013, which at current scenario looks a bit stretched.
At the CMP of `2,265, the stock is trading at 14.0x FY2013E and 13.0x FY2014E
EPS. We value the company at 14.5x FY2014E of `174.5 which is significant
discounts to its peak valuations as well as to Sensex. We maintain Accumulate
rating on the stock with a target price of `2,530 but in the near term though we do
not expect Infosys to give considerable absolute upsides.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
39,151
31.6
9,247
161.9
23.8
14.0
3.3
8.6
2.7
FY2014E
41,743
31.9
9,966
174.5
22.1
13.0
2.9
7.6
2.4
Result Previews
HDFC Bank (CMP: `580 / TP: - / Upside :-)
HDFC Bank is expected to announce another healthy set of results for 1QFY2013.
We expect the bank to report healthy NII growth of 22.1% yoy to `3,476cr. Noninterest income is expected to register growth of 28.6% yoy to `1,440cr, leading to
operating income growth of 23.9% yoy. Due to a relatively high increase in
operating expenses (expected to increase by 30.7% yoy), pre-provision profit is
expected to grow by relatively low 17.4% yoy. Provisioning expenses are expected
to decline by 33.4% yoy to `296cr, leading to healthy net profit growth of 30.2%
yoy to `1,413cr. At the CMP, the stock is trading at valuations of 3.3x FY2014E
P/ABV. We recommend a Neutral rating on the stock.
Y/E
March
www.angelbroking.com
Op. Inc
(` cr)
NIM
(%)
PAT
(` cr)
EPS
(`)
ABV
(%)
ROA
(x)
ROE
(x)
P/E
(x)
P/ABV
(x)
FY2013E
22,076
4.3
6,722
28.6
149.5
1.8
20.7
20.2
3.9
FY2014E
27,921
4.4
8,394
35.8
176.1
1.7
21.9
16.2
3.3
Market Outlook
July 13, 2012
1Q FY13E
1Q FY12
y-o-y (%)
4Q FY12
q-o-q (%)
1,422
1,085
31
1,751
(19)
1Q FY12E
1Q FY12
Net sales
y-o-y (%)
4Q FY12
q-o-q (%)
1,428
1,244
15
1,446
(1)
EBITDA
221
222
(1)
213
15.5
17.9
Net profit
154
163
14.7
(6)
143
1Q FY13E
1Q FY12
y-o-y (%)
4Q FY12
q-o-q (%)
1,140
1,118
1,277
(11)
Corporate News
Infosys will hire 35,000 people, but may not hike salary
BPCL, Videocon find oil off Brazil Coast
Vodafone to acquire NZ's TelstraClear for `3,700cr
Bosch suspends production at its Bangalore plant for two days
Greaves Cotton inks pact with Atul Auto
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
July 13, 2012
Result Calendar
Date
Company
Axis Bank
Hind. Zinc, UltraTech Cement, Asian Paints, Zee Entertainment, Crompton Greaves, United Phosphorus, HT Media
Larsen & Toubro, HUL, Idea Cellular, Dabur India, Colgate, Tata Global
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
US
% Change
Jun
(1.00)
(0.40)
China
% Change
Jun
9.60
9.80
China
% Change
2Q
8.10
7.70
% Change
Jun
7.55
7.61
Euro Zone
Jun
2.40
--
UK
CPI (YoY)
% Change
Jun
2.80
--
US
Industrial Production
Jun
(0.09)
0.40
US
% Change
Jun
(0.30)
--
US
Housing Starts
Thousands
Jun
708.00
743.00
US
Building permits
Thousands
Jun
784.00
773.00
India
UK
% Change
Jun
8.10
--
US
Millions
Jun
4.55
4.64
Euro Zone
Value
Jul A
(19.80)
--
Germany
Value
Jul A
49.90
--
Germany
PMI Manufacturing
Value
Jul A
45.00
--
UK
GDP (YoY)
% Change
2Q A
(0.20)
--
US
Thousands
Jun
369.00
--
US
2Q A
1.90
--
US
Consumer Confidence
% Change
S.A./
1985=100
Jul
62.00
--
www.angelbroking.com
Market Strategy
July 13, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
8.0
6.7
5.9
6.0
5.3
4.3
3.4
2.7
2.5
2.4
1.0
(6.0)
9.8
10.0
Jan-12
Dec-11
Mfg. PMI
60.0
9.4
Nov-11
(5.0)
(%)
9.5
(0.9)
(3.2)
Oct-11
Sep-11
Aug-11
(4.0)
Jul-11
Jun-11
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
1QFY10
3.0
4QFY09
4.0
9.9
Services PMI
58.0
9.5
7.7
8.0
6.9
7.4
7.7
7.2
7.6
56.0
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Jun-12
May-12
Apr-12
CRR
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Repo rate
Jun-11
4.00
May-12
0.0
Apr-12
5.00
Mar-12
15.0
Feb-12
6.00
Jan-12
30.0
Dec-11
7.00
Nov-11
45.0
Oct-11
8.00
Sep-11
60.0
Aug-11
(%)
9.00
Jul-11
75.0
Jun-11
Sep-11
Aug-11
www.angelbroking.com
Jul-11
Jun-11
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
48.0
Oct-11
0.0
Sep-11
50.0
Aug-11
2.0
Jul-11
52.0
Jun-11
4.0
Aug-11
54.0
6.0
(15.0)
3.7
4.0
2.0
5.0
10.0
6.0
6.0
6.1
May-12
7.6
7.4
Jul-11
7.0
9.5
10.0
8.0
Jun-12
7.5
8.0
8.2
Apr-12
8.5
9.0
12.0
9.2
May-12
9.4
Mar-12
9.8
Feb-12
(%)
10.0
Market Outlook
July 13, 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
Neutral
132
2,574
1,432
1,647
14.7
14.7
7.0
8.0
18.9
16.5
4.0
3.4
22.8
22.3
1.8
1.5
United Phosphorus
Buy
120
183
5,550
8,191
8,764
16.5
16.5
17.1
18.3
7.0
6.6
1.2
1.0
17.5
16.2
0.8
0.7
Accumulate
306
345
2,615
2,715
3,041
15.3
15.3
29.2
32.8
10.5
9.3
2.4
2.0
26.0
23.3
0.9
0.8
Apollo Tyres
Buy
83
100
4,201
13,699
15,184
10.5
10.2
12.1
13.3
6.9
6.3
1.3
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,585
14,798
16,687
9.6
9.6
2.4
3.0
10.2
8.3
2.0
1.8
14.8
16.5
0.5
0.4
Automotive Axle
Buy
438
514
661
1,211
1,387
12.1
11.7
50.3
57.1
8.7
7.7
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,492
1,787
43,159
21,665
24,334
18.6
18.4
111.7
123.2
13.4
12.1
5.2
4.2
43.8
38.5
1.6
1.3
Bharat Forge
Buy
303
372
7,049
7,173
7,998
16.3
16.5
22.3
26.6
13.6
11.4
2.6
2.2
21.0
21.0
1.1
0.9
Bosch India
Neutral
8,821
27,698
9,106
10,255
19.4
19.3
410.2
460.3
21.5
19.2
4.8
3.9
22.1
20.4
2.7
2.3
CEAT
Buy
99
164
340
5,067
5,631
8.0
7.6
39.4
41.0
2.5
2.4
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Accumulate
139
146
11,802
5,787
6,595
15.5
17.0
7.1
9.0
19.5
15.5
3.4
2.9
18.6
20.3
1.7
1.4
FAG Bearings
Neutral
1,491
2,478
1,492
1,703
18.8
18.5
115.3
129.8
12.9
11.5
2.8
2.3
23.5
21.6
1.4
1.1
Hero Motocorp
Buy
2,059
2,473
41,107
25,970
29,772
15.0
15.5
139.7
154.5
14.7
13.3
6.9
5.3
54.7
44.9
1.2
1.0
JK Tyre
Buy
97
135
400
7,950
8,904
5.5
6.0
25.1
38.6
3.9
2.5
0.5
0.4
12.1
16.4
0.3
0.3
Accumulate
Motherson Sumi
Buy
Subros
Neutral
Tata Motors
Buy
TVS Motor
Neutral
718
824
44,059
35,881
40,746
10.0
10.0
47.5
53.2
15.1
13.5
3.0
2.6
21.3
20.5
1.0
0.8
1,195
1,364
34,523
39,959
46,670
6.0
7.0
71.4
90.9
16.8
13.1
2.0
1.8
12.8
14.4
0.7
0.6
170
216
6,655
23,342
26,366
7.8
8.2
13.3
18.0
12.8
9.4
3.1
2.4
26.2
28.4
0.5
0.4
35
207
1,244
1,402
8.4
8.3
4.5
5.1
7.7
6.8
0.8
0.7
9.9
11.0
0.4
0.4
237
305
13.0
12.9
40.7
43.8
5.8
5.4
2.0
1.7
36.0
33.1
0.4
0.4
41
1,934
7,442
8,198
6.2
6.1
4.8
5.2
8.6
7.8
1.5
1.3
18.2
17.9
0.2
0.2
Capital Goods
ABB*
Sell
784
498
16,613
8,760
10,023
7.6
7.5
18.2
20.7
43.0
37.8
5.8
5.2
14.4
14.6
1.9
1.6
BGR Energy
Neutral
306
2,206
4,195
4,837
11.0
11.0
30.1
32.4
10.2
9.5
1.8
1.6
18.4
17.6
1.1
1.0
BHEL
Neutral
231
56,576
46,344
46,916
18.3
18.6
23.5
24.1
9.8
9.6
2.0
1.7
21.3
18.9
1.1
1.1
Blue Star
Neutral
184
1,652
3,047
3,328
5.4
6.9
9.6
16.2
19.1
11.3
3.8
3.0
20.7
29.7
0.6
0.5
Crompton Greaves
Accumulate
130
142
8,317
12,451
14,265
7.9
8.3
8.0
9.5
16.2
13.7
2.2
1.9
13.9
14.9
0.7
0.6
Jyoti Structures
Buy
43
67
352
2,622
2,801
10.6
11.0
10.9
13.4
3.9
3.2
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
57
73
1,468
6,686
7,200
8.5
8.8
10.6
12.2
5.4
4.7
1.0
0.9
25.9
24.0
0.4
0.4
LMW
Buy
1,649
1,992
1,858
2,369
2,727
11.7
11.7
143.4
166.0
11.5
9.9
1.9
1.8
17.4
18.4
0.3
0.2
Thermax
Neutral
496
5,908
5,514
5,559
9.8
9.6
29.7
28.4
16.7
17.5
3.2
2.8
20.2
16.9
1.0
0.9
www.angelbroking.com
Market Outlook
July 13, 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
1,263
23,713
11,096
12,607
21.0
21.7
76.1
82.9
16.6
15.2
3.1
2.8
19.3
19.3
1.9
1.6
Ambuja Cements
Neutral
169
26,010
10,205
11,659
24.6
24.2
10.8
12.0
15.6
14.1
3.3
2.9
19.7
19.8
2.2
1.8
India Cements
Neutral
82
2,527
4,364
4,791
18.9
19.1
9.2
11.4
8.9
7.2
0.7
0.7
8.0
9.5
0.5
0.5
J K Lakshmi Cements
Neutral
79
972
1,938
2,246
19.1
20.1
15.2
16.8
5.2
4.7
0.7
0.6
13.8
14.0
0.6
1.0
Madras Cements
Neutral
155
3,686
3,444
3,786
25.5
24.9
14.6
17.1
10.6
9.1
1.6
1.4
15.6
16.0
1.7
1.4
Shree Cements
Neutral
2,885
10,050
5,519
6,293
24.5
23.7
156.6
225.3
18.4
12.8
4.6
3.9
22.3
26.0
1.5
1.2
UltraTech Cement
Neutral
1,574
43,152
20,099
22,642
21.7
22.9
89.6
104.7
17.6
15.0
2.9
2.5
17.7
17.9
2.0
1.9
217
273
1,144
2,014
2,293
22.4
22.4
22.6
26.7
9.6
8.1
1.0
0.9
11.4
11.9
2.4
2.7
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
16
293
2,489
2,755
7.0
7.8
3.0
4.0
5.3
4.0
0.5
0.4
8.7
10.8
0.3
0.3
Hind. Const.
Neutral
20
1,219
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.2)
(25.8)
1.2
1.3
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
134
166
4,469
3,821
4,582
42.3
40.2
15.0
16.9
9.0
7.9
1.4
1.2
16.1
15.8
2.8
2.6
ITNL
Buy
184
265
3,576
6,619
7,925
23.8
23.3
22.9
27.8
8.0
6.6
1.2
1.0
15.5
16.4
2.2
2.1
IVRCL Infra
Buy
49
61
1,318
5,510
6,722
8.8
9.0
2.5
4.6
19.5
10.8
0.7
0.6
3.4
5.8
0.7
0.7
Jaiprakash Asso.
Accumulate
79
88
16,693
15,259
17,502
25.7
24.7
4.2
5.0
18.5
15.7
1.5
1.4
8.5
9.3
2.4
2.1
Accumulate
1,410
1,553
86,384
59,559
69,089
12.1
11.5
78.4
85.2
18.0
16.6
3.0
2.6
16.1
15.3
1.6
1.4
Madhucon Proj
Buy
37
56
273
2,206
2,502
10.7
10.7
4.6
4.7
8.0
7.9
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Neutral
42
1,088
5,453
6,169
8.1
8.5
1.6
1.9
25.8
22.0
0.5
0.5
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
98
687
3,609
3,836
13.1
13.1
14.0
14.6
7.0
6.8
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
58
1,933
11,592
12,993
8.4
8.4
1.8
3.2
32.3
18.2
0.6
0.6
2.0
3.4
0.6
0.6
Sadbhav Engg.
Buy
144
182
2,162
2,789
3,147
10.6
10.7
8.4
10.4
17.0
13.8
2.3
2.0
15.0
15.6
0.9
0.9
Simplex Infra
Buy
225
265
1,111
6,732
7,837
8.1
8.4
23.5
29.4
9.5
7.6
0.9
0.8
9.6
11.0
0.5
0.5
Allahabad Bank
Accumulate
144
153
7,210
7,467
8,685
3.2
3.3
37.5
41.5
3.9
3.5
0.7
0.6
18.1
17.4
Andhra Bank
Reduce
115
107
6,421
5,225
6,024
3.3
3.3
22.7
25.4
5.1
4.5
0.8
0.7
16.0
15.8
Axis Bank
Buy
1,047
1,489
43,378
16,488
20,297
3.2
3.3
118.4
145.2
8.9
7.2
1.7
1.4
20.3
21.1
Bank of Baroda
Buy
722
921
28,276
16,157
19,475
2.7
2.7
123.7
148.3
5.8
4.9
1.0
0.8
17.3
18.1
Bank of India
Accumulate
341
388
19,552
13,657
15,902
2.5
2.6
59.5
70.6
5.7
4.8
0.9
0.8
16.2
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Reduce
Financials
www.angelbroking.com
49
52
2,910
3,506
3,925
3.2
3.2
10.2
11.9
4.8
4.2
0.7
0.6
15.3
15.8
427
492
18,894
12,296
14,445
2.4
2.5
81.5
92.2
5.2
4.6
0.8
0.7
16.4
16.3
80
72
5,915
7,001
8,211
2.5
2.6
14.0
20.6
5.7
3.9
0.9
0.8
11.0
14.5
Market Outlook
July 13, 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
Accumulate
425
465
6,297
5,294
6,070
2.3
2.3
106.3
110.1
4.0
3.9
0.7
0.6
17.7
16.2
Dena Bank
Accumulate
101
106
3,525
3,170
3,577
2.9
2.9
22.8
25.3
4.4
4.0
0.7
0.6
17.2
16.6
Federal Bank
Neutral
440
7,523
2,736
3,165
3.4
3.4
49.3
57.4
8.9
7.7
1.2
1.1
13.9
14.5
HDFC
Neutral
674
100,443
7,372
8,812
3.6
3.5
31.5
37.7
21.4
17.9
4.3
3.8
34.8
32.1
HDFC Bank
Neutral
580
136,608
22,076
27,921
4.3
4.4
28.7
35.8
20.2
16.2
3.9
3.3
20.7
21.9
ICICI Bank
Buy
928
1,169
106,663
22,368
26,857
2.8
2.9
68.2
80.4
13.6
11.6
1.6
1.5
14.2
15.4
IDBI Bank
Buy
Indian Bank
Neutral
IOB
96
113
12,215
8,152
9,907
1.9
2.1
19.7
24.1
4.9
4.0
0.6
0.6
13.6
15.0
186
7,983
6,417
7,292
3.5
3.5
40.2
43.1
4.6
4.3
0.8
0.7
17.9
16.9
Accumulate
84
91
6,663
7,578
8,662
2.6
2.7
17.2
22.5
4.9
3.7
0.6
0.5
12.1
14.3
J & K Bank
Accumulate
928
979
4,497
2,525
2,858
3.5
3.5
175.8
183.1
5.3
5.1
1.0
0.8
19.3
17.5
Accumulate
269
286
13,593
2,108
2,607
2.6
2.6
24.5
30.6
11.0
8.8
2.1
1.7
20.1
21.4
Oriental Bank
Accumulate
255
269
7,449
6,497
7,533
2.8
2.8
53.4
63.9
4.8
4.0
0.7
0.6
13.3
14.3
Punjab Natl.Bank
Buy
844
1,050
28,637
20,142
23,929
3.2
3.3
153.3
174.3
5.5
4.9
1.0
0.8
18.3
18.0
South Ind.Bank
Neutral
24
2,775
1,447
1,664
2.8
2.7
3.8
4.1
6.5
6.0
1.2
1.1
19.5
18.2
St Bk of India
Accumulate
2,217
2,443
148,761
67,783
78,208
3.7
3.6
226.0
264.2
9.8
8.4
1.6
1.4
17.7
18.1
Syndicate Bank
Accumulate
104
118
6,266
7,176
8,299
3.1
3.1
25.1
29.1
4.1
3.6
0.7
0.6
17.6
17.8
UCO Bank
Reduce
79
71
5,241
5,642
6,438
2.5
2.5
16.4
17.6
4.8
4.5
0.9
0.8
16.2
15.4
Union Bank
Buy
212
256
11,691
10,623
12,404
3.0
3.0
42.5
49.6
5.0
4.3
0.8
0.7
16.9
17.2
United Bank
Buy
61
78
2,204
3,599
4,212
2.8
3.0
18.2
22.3
3.4
2.7
0.5
0.4
15.0
16.2
Vijaya Bank
Reduce
58
52
2,887
2,695
3,097
2.2
2.3
9.6
12.0
6.1
4.9
0.8
0.7
12.0
13.6
Yes Bank
Buy
353
454
12,509
3,250
4,261
2.8
2.9
34.1
42.8
10.4
8.3
2.2
1.8
23.2
23.9
3,722
35,704
11,423
13,309
16.3
16.3
125.3
148.4
29.7
25.1
10.1
7.9
38.0
35.4
3.0
2.6
524
633
6,263
5,835
6,824
6.3
6.7
20.7
27.5
25.3
19.1
9.9
7.4
42.7
44.3
1.1
0.9
1,128
15,343
3,007
3,417
21.1
22.1
38.2
43.8
29.5
25.8
35.1
27.6
130.2
119.9
5.0
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
116
20,130
5,878
6,799
16.8
17.0
4.2
4.9
27.9
23.5
10.1
8.3
39.3
42.0
3.4
3.0
GlaxoSmith Con*
Neutral
2,622
11,028
3,124
3,663
17.1
17.6
103.0
123.3
25.5
21.3
7.9
6.3
34.0
32.9
3.2
2.7
Godrej Consumer
Neutral
579
19,710
5,973
7,000
18.4
18.6
22.8
27.2
25.4
21.3
7.0
5.6
31.3
38.4
3.5
2.9
HUL
Neutral
443
95,735
25,350
29,309
14.3
14.4
14.1
16.4
31.3
27.0
23.5
18.3
82.7
76.2
3.6
3.1
ITC
Neutral
252
196,942
29,588
34,063
35.4
35.8
9.3
10.9
27.0
23.2
8.7
7.1
35.2
33.8
6.4
5.5
www.angelbroking.com
Market Outlook
July 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
183
11,775
4,667
5,427
12.8
12.9
6.6
8.1
27.5
22.5
7.4
5.8
30.0
28.8
2.6
2.1
Nestle*
Neutral
4,500
43,389
8,731
10,539
21.0
21.4
114.4
143.0
39.3
31.5
23.7
16.3
71.1
61.4
5.0
4.1
Tata Global
Buy
115
136
7,136
7,011
7,711
9.7
10.0
6.3
7.5
18.4
15.4
1.8
1.7
9.5
10.9
0.9
0.8
HCL Tech
Buy
482
562
33,382
24,029
26,633
18.3
17.2
39.6
43.2
12.2
11.2
2.8
2.3
22.9
21.0
1.4
1.2
Hexaware
Accumulate
115
132
3,415
1,921
2,178
20.6
20.0
10.4
11.4
11.1
10.1
2.7
2.3
24.7
23.4
1.5
1.3
Infosys
Buy
2,265
2,747
130,078
39,364
42,981
32.2
30.5
161.6
171.7
14.0
13.2
3.2
2.7
22.9
20.5
2.7
2.3
Infotech Enterprises
Neutral
183
2,034
1,825
2,008
17.5
17.1
16.9
18.7
10.8
9.8
1.5
1.3
13.7
13.3
0.8
0.6
KPIT Cummins
Neutral
114
2,033
2,145
2,316
16.0
14.8
9.9
11.3
11.5
10.1
2.3
1.8
20.8
19.1
0.9
0.8
Mahindra Satyam
Accumulate
80
87
9,456
7,492
8,038
17.0
16.3
8.1
8.3
9.9
9.6
1.4
1.2
14.1
12.6
0.9
0.7
Mindtree
Accumulate
637
710
2,593
2,324
2,533
18.3
16.9
62.4
64.5
10.2
9.9
2.2
1.8
21.2
18.0
0.9
0.8
Mphasis
Neutral
382
8,030
5,704
6,009
18.6
17.7
36.0
37.1
10.6
10.3
1.5
1.3
14.0
12.6
0.9
0.8
NIIT
Buy
43
52
702
1,162
1,304
14.8
15.1
7.1
8.8
6.0
4.8
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Neutral
390
1,561
1,187
1,274
26.7
26.0
34.5
42.6
11.3
9.2
1.6
1.4
14.4
15.4
1.0
0.9
TCS
Neutral
1,236
241,932
60,787
68,558
30.1
29.2
65.5
73.6
18.9
16.8
5.9
4.7
31.3
28.2
3.8
3.3
Tech Mahindra
Neutral
710
9,055
6,282
6,477
17.5
16.5
82.9
85.0
8.6
8.4
1.9
1.5
21.6
18.4
1.4
1.3
Wipro
Buy
359
451
88,401
44,597
49,033
20.3
20.5
26.6
30.1
13.5
12.0
2.6
2.3
19.5
18.9
1.6
1.4
D B Corp
Buy
199
269
3,645
1,638
1,851
25.8
26.6
13.5
16.1
14.7
12.3
3.3
2.8
23.9
24.2
2.1
1.8
HT Media
Buy
97
148
2,289
2,224
2,509
16.6
17.2
8.6
10.8
11.4
9.0
1.4
1.2
12.9
14.3
0.6
0.5
Jagran Prakashan
Buy
85
125
2,685
1,521
1,698
22.6
23.1
6.2
6.4
13.8
13.2
3.4
2.9
20.7
23.9
2.0
1.8
PVR
Neutral
169
439
625
732
16.5
15.7
11.9
13.3
14.2
12.8
1.4
1.3
11.9
12.0
1.1
0.9
Sun TV Network
Neutral
301
11,874
2,002
2,296
77.1
76.7
18.9
22.1
16.0
13.7
4.1
3.5
27.7
28.3
5.4
4.5
Bhushan Steel
Reduce
473
429
10,042
11,408
13,773
31.0
30.0
53.7
60.8
8.8
7.8
1.3
1.1
15.3
14.9
2.6
2.2
Coal India
Neutral
355
224,041
68,841
74,509
25.3
25.3
24.1
26.1
14.7
13.6
4.0
3.3
30.4
26.8
2.4
2.0
Electrosteel Castings
Accumulate
20
22
697
1,984
2,074
11.2
12.6
2.0
2.7
9.9
7.5
0.4
0.2
4.2
5.5
0.5
0.5
Hind. Zinc
Buy
119
141
50,070
13,050
14,585
51.4
52.1
14.5
16.5
8.2
7.2
1.6
1.3
20.8
19.9
2.0
1.4
Hindalco
Neutral
123
23,558
83,212
91,057
9.0
9.9
13.7
18.1
9.0
6.8
0.7
0.6
7.9
9.6
0.5
0.5
JSW Steel
Neutral
701
15,633
39,592
44,910
18.0
17.7
74.7
88.9
9.4
7.9
0.9
0.8
10.7
11.6
0.8
0.7
MOIL
Accumulate
280
296
4,707
1,007
1,091
56.6
56.9
29.4
31.9
9.5
8.8
1.7
1.5
19.0
18.2
2.5
2.0
Monnet Ispat
Buy
387
447
2,488
3,115
3,748
22.1
25.1
59.1
66.8
6.5
5.8
0.9
0.8
15.6
15.3
1.5
1.1
IT
Media
www.angelbroking.com
Market Outlook
July 13, 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
Reduce
58
54
15,025
8,474
9,024
12.6
16.2
2.6
3.6
22.8
16.3
1.3
1.2
5.6
7.5
1.3
1.3
NMDC
Neutral
188
74,537
11,959
13,062
78.2
78.6
19.1
20.9
9.9
9.0
2.4
2.0
27.1
24.4
4.1
3.6
SAIL
Neutral
93
38,207
50,914
60,785
14.6
15.1
9.4
10.5
9.9
8.8
0.9
0.8
9.2
9.6
1.2
1.1
Sesa Goa
Neutral
193
16,761
9,067
9,316
35.7
35.5
44.5
44.3
4.3
4.4
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
105
123
35,219
45,294
48,059
25.7
25.3
16.5
18.0
6.4
5.8
0.7
0.6
12.0
11.2
0.5
0.3
Tata Steel
Buy
429
499
10.9
12.1
53.9
66.0
8.0
6.5
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Buy
314
372
59,945
15,513
16,074
74.0
69.7
51.1
48.6
6.2
6.5
1.0
0.9
18.3
14.8
2.7
2.0
GAIL
Neutral
360
45,684
50,472
55,502
15.3
15.6
35.4
37.0
10.2
9.7
1.8
1.6
19.0
17.2
0.1
ONGC
Accumulate
282
321
37.7
36.3
31.3
32.6
9.0
8.7
1.6
1.4
18.7
17.3
1.2
1.1
Reliance Industries
Neutral
721
11.2
12.0
63.5
68.7
11.4
10.5
1.2
1.0
11.7
11.4
0.7
0.7
Pharmaceuticals
Alembic Pharma
Buy
58
91
1,085
1,624
1,855
14.2
15.6
6.6
9.1
8.7
6.3
2.1
1.7
27.5
29.2
0.9
0.7
Aurobindo Pharma
Buy
114
156
3,314
5,243
5,767
14.6
14.6
11.8
12.6
9.7
9.0
1.0
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
1,482
1,682
15.5
15.5
95.0
104.0
18.6
17.0
Cadila Healthcare
Buy
780
953
15,964
6,196
7,443
18.5
19.5
37.6
47.7
20.7
16.4
4.6
3.7
26.8
27.5
2.6
2.1
Cipla
Buy
326
379
26,207
7,687
8,804
21.4
21.4
16.5
18.9
19.8
17.3
3.1
2.7
16.7
16.8
3.3
2.9
Dr Reddy's
Neutral
1,649
27,982
10,696
11,662
20.7
21.0
83.7
92.9
19.7
17.8
4.1
3.4
22.4
21.0
2.7
2.5
Dishman Pharma
Buy
64
92
514
1,280
1,536
17.8
17.8
9.2
11.3
6.9
5.6
0.5
0.5
7.7
8.5
1.1
0.9
GSK Pharma*
Neutral
2,045
17,323
2,651
2,993
31.7
31.2
76.0
82.4
26.9
24.8
7.7
6.7
30.8
29.0
5.6
4.8
Indoco Remedies
Buy
54
82
501
685
837
15.2
15.2
7.4
8.9
7.3
6.1
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
374
435
4,716
2,850
3,474
20.3
20.3
31.9
36.3
11.7
10.3
3.6
2.9
26.2
26.8
1.8
1.5
Lupin
Buy
552
647
24,676
8,426
10,082
19.7
20.0
27.4
32.4
20.2
17.0
4.9
3.9
27.0
25.2
2.8
2.3
Orchid Chemicals
Buy
118
178
835
2,117
2,434
17.7
17.7
16.7
22.2
7.1
5.3
0.7
0.6
9.5
11.5
1.0
0.9
Ranbaxy*
Neutral
488
20,597
12,046
11,980
18.0
15.8
35.7
29.8
13.7
16.4
5.1
4.2
43.1
28.1
1.7
1.7
Sun Pharma
Neutral
621
63,962
9,272
11,080
38.6
38.0
22.7
22.6
27.4
27.5
4.6
4.1
17.9
15.6
5.5
4.4
CESC
Accumulate
304
342
3,801
5,084
5,512
24.2
23.8
45.2
48.5
6.7
6.3
0.7
0.7
11.2
10.9
1.2
1.2
GIPCL
Buy
66
77
994
1,557
1,573
28.8
28.5
10.4
10.9
6.4
6.0
0.6
0.6
10.4
10.2
1.1
0.9
NTPC
Neutral
159
131,185
74,766
86,549
23.1
23.4
12.4
14.1
12.8
11.3
1.6
1.5
13.0
13.5
2.5
2.3
56
78
1,658
657
875
52.0
56.1
8.4
12.7
6.7
4.4
0.4
0.4
6.3
8.9
3.8
2.9
211
35,803
9,878
12,033
44.7
46.1
9.6
13.4
22.0
15.7
1.4
1.3
6.4
8.7
6.1
5.0
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
www.angelbroking.com
Market Outlook
July 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
P/BV(x)
RoE(%)
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Real Estate
HDIL
Buy
89
115
3,738
2,441
3,344
55.1
48.2
22.7
26.6
3.9
3.4
0.3
0.3
8.8
9.4
3.4
2.6
MLIFE
Buy
326
376
1,331
814
897
26.9
27.0
31.3
33.9
10.4
9.6
1.1
1.0
10.2
10.1
2.0
1.8
Bharti Airtel
Neutral
306
116,299
80,076
86,613
32.8
33.5
15.5
19.8
19.8
15.4
2.1
1.8
10.5
11.9
2.1
1.8
Idea Cellular
Neutral
83
27,355
23,209
26,063
26.2
27.5
3.3
4.9
25.1
16.7
1.9
1.7
7.7
10.3
1.7
1.4
Rcom
Neutral
69
14,221
22,125
23,734
31.9
32.0
4.5
5.9
15.4
11.8
0.4
0.4
2.5
3.1
2.1
1.8
Telecom
zOthers
Abbott India
Accumulate
1,481
1,628
3,146
1,661
1,918
9.7
12.0
60.7
90.4
24.4
16.4
5.0
4.1
22.0
27.3
1.7
1.4
Bajaj Electricals
Buy
198
246
1,969
3,569
4,172
8.6
9.2
17.3
22.3
11.4
8.9
2.5
2.1
22.9
25.3
0.5
0.5
Cera Sanitaryware
Accumulate
290
327
367
405
477
15.8
17.2
31.0
41.0
9.4
7.1
2.1
1.6
24.3
25.8
1.1
0.9
Cravatex
Accumulate
689
785
178
302
364
5.7
6.0
49.0
71.0
14.1
9.7
4.2
3.0
29.8
30.7
0.7
0.6
CRISIL
Neutral
1,071
7,516
982
1,136
34.3
34.3
34.3
40.0
31.2
26.8
14.1
11.3
50.9
46.9
7.2
6.1
Finolex Cables
Buy
43
61
653
2,334
2,687
8.8
9.3
7.6
10.2
5.6
4.2
0.7
0.6
13.7
16.1
0.2
0.2
Force Motors
Buy
479
615
624
2,346
2,753
5.8
6.7
44.0
68.0
10.9
7.0
0.5
0.5
4.8
7.0
0.2
0.2
Goodyear India
Accumulate
340
374
784
1,511
1,692
7.9
9.0
31.5
41.3
10.8
8.2
2.1
1.8
21.2
23.5
0.3
0.2
Graphite India
Buy
88
124
1,710
2,158
2,406
18.1
18.9
12.4
14.0
7.1
6.2
0.9
0.9
14.0
14.3
0.9
0.8
Greenply Industries
Buy
199
309
479
1,925
2,235
10.6
10.9
29.6
44.1
6.7
4.5
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Accumulate
214
242
855
1,746
1,946
16.5
17.7
22.5
32.9
9.5
6.5
1.0
0.9
10.4
14.2
1.1
1.1
Hitachi
Accumulate
145
160
332
857
968
6.9
8.4
10.2
16.0
14.2
9.0
1.7
1.5
12.9
17.8
0.5
0.4
Honeywell Automation
Accumulate
2,646
2,864
2,339
1,761
2,024
6.7
8.2
95.0
127.0
27.9
20.8
3.3
2.8
14.1
16.3
1.2
1.1
Accumulate
715
804
1,257
900
1,020
9.0
11.1
33.0
45.0
21.7
15.9
2.9
2.5
14.3
17.0
1.2
1.0
ITD Cementation
Neutral
227
261
1,535
1,842
11.1
11.1
27.3
38.3
8.3
5.9
0.6
0.6
7.9
10.2
0.6
0.6
Jyothy Laboratories
Buy
126
268
2,032
1,315
1,568
8.6
11.1
6.4
10.9
19.8
11.6
1.7
1.6
8.4
13.9
1.9
1.5
MCX
Buy
1,111
1,598
5,663
610
702
65.5
67.0
67.9
79.9
16.4
13.9
4.8
4.0
29.1
28.9
6.4
5.0
MRF
Buy
10,269
13,106
4,355
12,390
14,400
10.4
7.7
6.3
1.5
1.2
16.5
17.4
0.5
0.5
Page Industries
Neutral
2,892
3,226
887
1,108
18.3
18.6
95.0
120.9
30.5
23.9
15.9
12.9
57.4
59.5
3.7
2.9
Relaxo Footwears
Accumulate
540
618
648
1,019
1,220
11.2
12.2
44.2
61.8
12.2
8.7
2.9
2.2
26.8
28.6
0.8
0.7
Sintex Industries
Buy
65
79
1,761
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.6
12.9
13.2
0.7
0.6
Buy
282
392
264
1,042
1,173
12.4
12.5
66.3
78.5
4.3
3.6
0.8
0.7
21.1
20.8
0.5
0.4
SpiceJet
Buy
34
40
1,649
5,647
6,513
3.5
6.5
1.9
4.9
17.5
7.0
41.2
6.0
0.4
0.4
TAJ GVK
Buy
67
108
421
300
319
35.8
36.2
7.9
9.1
8.5
7.4
1.1
1.0
13.9
14.4
1.7
1.5
www.angelbroking.com
Market Outlook
July 13, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
zOthers
Tata Sponge Iron
Buy
338
420
520
700
806
18.2
18.2
55.6
65.1
6.1
5.2
0.8
0.7
14.2
14.8
0.3
0.2
TVS Srichakra
Buy
335
462
256
1,612
1,827
9.5
9.8
72.3
92.5
4.6
3.6
1.4
1.0
33.1
32.1
0.4
0.3
United Spirits
Neutral
766
10,020
10,289
11,421
13.5
14.3
31.0
42.9
24.7
17.8
1.9
1.8
8.1
10.3
1.7
1.5
Vesuvius India
Accumulate
379
413
768
628
716
16.4
16.5
29.8
34.4
12.7
11.0
2.2
1.9
18.8
18.6
1.1
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 12, 2012
www.angelbroking.com
Market Outlook
July 13, 2012
www.angelbroking.com