Market Outlook 061212

7/30/2019 Market Outlook 061212

1/13

Market OutlookDecember 6, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open in the green reflecting positive opening

trades in the SGX Nifty and major Asian indices.

The US markets ended the session mixed after seeing considerable volatility over

the course of the trading day on Wednesday. The volatility on Wall Street came as

traders kept a close eye on comments out of Washington, where lawmakers

continue to struggle to reach an agreement to avoid the looming fiscal cliff. The

majority of the European markets managed to hold onto some modest gains at the

end of Wednesday's trading session. EU finance ministers' attempt to strike a deal

on a common supervisor for euro area banks hit a roadblock on Tuesday as

nations remained split on the terms of the proposed "single supervisory

mechanism." The ministers have agreed to meet again next week, ahead of the EU

leaders' summit scheduled for December 13-14. The meeting is expected to resolve

the disagreements over the single supervisor, which could enable Europe to containthe banking woes of the single-currency region.

Meanwhile, Indian shares rose on Wednesday on hopes the government will win

the Parliamentary vote on FDI in retail later in the day. However, India's service

sector growth declined in November, an HSBC survey showed, limiting any major

upside. The HSBC's Services Purchasing Managers Index (PMI) for November fell to

a 13-month low of 52.1 in November from 53.8 in the previous month.

Markets Today

The trend deciding level for the day is 19,409 / 5,903 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally

up to 19,446 19,501 / 5,915 5,930 levels. However, if NIFTY trades below19,409 / 5,903 levels for the first half-an-hour of trade then it may correct up to

19,354 19,316 / 5,889 5,877 levels.

SENSEX 19,316 19,354 19,409 19,446 19,501NIFTY 5,877 5,889 5,903 5,915 5,930

News Analysis Government wins vote on FDI in multi-brand retail in Lok Sabha

Result Review- MphasisRefer detailed news analysis on the following page

Net Inflows (December 04 2012)

FII 2,413 1,813 600 1,390 106,409

MFs 634 664 (30) (206) (17,803)

FII Derivatives (December 04, 2012)

Index Futures 584 893 (309) 10,933

Stock Futures 1,032 1,183 (151) 30,570

Gainers / Losers

Sterlite Inds 113 5.4 United Brew-$ 873 (12.6)

Allahabad Bank 155 4.9 Tata Power 108 (3.7)

Gujarat Fluo 349 4.8 Strides Arco 1,156 (3.3)

Sesa Goa 189 4.7 Muthoot Fin 196 (3.0)

Motherson Sumi 180 4.5 Glenmark Pharma 425 (3.0)

BSE Sensex 0.2 43.7 19,392

Nifty 0.2 11.2 5,901

MID CAP 0.5 32.4 7,025

SMALL CAP 0.5 38.1 7,420

BSE HC (0.1) (8.1) 7,979

BSE PSU 0.5 36.9 7,247

BANKEX 0.7 93.5 14,093

AUTO 0.1 7.7 10,795

METAL 1.6 167.7 10,569

OIL & GAS 0.7 62.2 8,484

BSE IT (1.2) (71.3) 5,779

Dow Jones 0.6 82.7 13,034NASDAQ (0.8) (23.0) 2,974

FTSE 0.4 23.0 5,892

Nikkei 0.4 36.4 9,469

Hang Seng 2.2 470.9 22,271

Straits Times 0.5 13.8 3,076

Shanghai Com 2.9 56.8 2,032

INFY (1.2) (0.5) $43.5

WIT 0.5 0.0 $8.7IBN 3.2 1.3 $42.9

HDB 0.4 0.2 $41.8

Advances 1,695 893

Declines 1,232 627

Unchanged 112 75

BSE 2,886

NSE 13,144


2/13



Government wins vote on FDI in multi-brand retail in Lok Sabha

The government defeated the oppositions motion against its decision of up to 51%

foreign direct investment in multi-brand retail in the Lok Sabha. The Congress-led

UPA government won the crucial debate on FDI in multi-brand retail with 253

votes against the oppositions 218 votes. Following the fervent debate which tookplace under Rule 184 in the Lok Sabha, outside-supporters to the UPA government

- the BSP and SP expectedly walked out of the house, refraining from the vote.

Thus, the majority required to win the vote came down to 251 (from 273) in the

544 member house. Subsequent to the vote in Lok Sabha, the issue is now

expected to be debated in the Rajya Sabha under rule 168.

On September 14, 2012 the Cabinet Committee on Economic Affairs approved

FDI in multi-brand retail with up to 51% stake, with the final decision on allowing it

to rest with the respective State governments. Further, since the decision on

permitting FDI in multi-brand retail up to 51% is an executive decision, the vote on

FDI is non-binding. However, we believe that it is key to ending the logjam inparliament since it convened on November 22, 2012. We believe that by winning

the vote the government is likely to confidently step up momentum on further

reforms drive thereby enabling it to push through difficult legislations.

Result Review

Mphasis - 4QFY2012 (CMP: `387 / TP: Under review)

Mphasis announced its 4QFY2012 numbers which underperformed our

expectation on revenue front however came higher than expectations on the net

profit front. The dollar revenues came in at US$248mn, down 1.6% qoq, due

ramp down in some projects from HP channel. In INR terms revenues came in at

`1,306cr, down 3.6% qoq. The company again witnessed headcount reduction in

Application as well as ITO business, which led to increase in the respective

utilization levels. EBITDA margin of the company increased by 93bp qoq to 20.7%

due to lower employee costs as the companys overall employee base got reduced

by ~1,000 employees. PAT came in at `209cr aided by slightly lower interest

charges and higher other income. The company added 22 new clients during the

quarter, out of which 14 were added in direct channel.

FY2013E 5,700 18.0 776 37.0 14.3 10.5 1.5 5.2 0.9

FY2014E 5,993 17.0 782 37.3 12.6 10.4 1.3 4.7 0.8

Economic and Political News

Maha coordination panel to decide on retail FDI: Praful Patel

SC declines to entertain Sangma's plea against President

Services PMI falls to 13-month low in November

Auction coal blocks only after geological report: Crisil


3/13



Corporate News

TVS Motors expects flat growth in sales this year

PC Jeweller plans to have 50 stores by FY14-end

RIL divests Yemen-9 Block To Medco, Indonesia

Sahara gets more time to repay bond investorsSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

December 6, 2012 7:00PM US Initial Jobless claims Thousands Dec 1 393.00 380.00

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) (0.10)

5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Dec 6 0.75 0.75

December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) (0.50)

7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 87.00

7:00PM US Unnemployment rate % Nov 7.90 7.90

December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 2.10

11:00AM China Industrial Production (YoY) % Change Nov 9.60 9.80

December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 9.00

5:29PM India Imports YoY% % Change Nov 7.37 --

5:29PM India Exports YoY% % Change Nov (1.63) --

December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --

3:00PM UK Jobless claims change % Change Nov 10.10 --

11:00PM US FOMC rate decision % Dec 12 0.25 --

December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)

December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --

3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --

7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)

7:45PM US Industrial Production % Nov (0.43) 0.30

December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --

11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --

3:00PM UK CPI (YoY) % Change Nov 2.70 --

India RBI Reverse Repo rate % Dec 18 7.00 --December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 --

7:00PM US Building permits Thousands Nov 868.00 --

December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --

7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 --

8:30PM US Existing home sales Millions Nov 4.79 --

December 21, 2012 3:00PM UK GDP (YoY) % Change 3Q F (0.10) --

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 --

8:30PM US New home sales Thousands Nov 368.00 --

Source: Bloomberg, Angel Research

December 06, 2012

Market Outlook


5/13



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

(5.0)

6 .0

2 .7

1 .0

4 .3

(2.8) (1.3)

2 .5

(2.0)(0.2)

2 .3

(0.4)

(6.0)

(4.0)

(2.0)

-

2 .0

4 .0

6 .0

8 .0

O

ct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

M

ay-12

Jun-12

Jul-12

Aug-12

Sep-12

(%)

9. 5

7. 76. 9

7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5

0. 0

1. 0

2. 0

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

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O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


6/13

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

Agri / Agri Chemical

Rallis Neutral 161 - 3,129 1,466 1,686 14.8 14.8 7.0 8.1 23.0 19.9 4.9 4.2 22.6 22.5 2.3 2.0

United Phosphorus Buy 123 170 5,674 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.2 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Neutral 252 - 4,304 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.7 4.0 3.1 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 86 96 4,357 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.8 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Accumulate 28 31 7,330 14,490 16,606 9.5 9.6 2.2 2.9 12.4 9.7 2.3 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 362 - 547 1,103 1,240 11.0 11.3 39.1 45.0 9.3 8.1 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 1,927 - 55,757 21,121 23,642 18.4 18.5 108.7 122.6 17.7 15.7 7.4 5.9 46.2 41.6 2.3 1.9

Bharat Forge Buy 268 324 6,245 6,754 7,565 15.5 15.7 18.8 23.2 14.3 11.6 2.5 2.1 18.5 19.7 1.1 0.9

Bosch India* Neutral 9,080 - 28,510 8,776 10,276 16.6 18.0 331.9 4 17.7 27.4 21.7 5.1 4.3 18.7 19.5 2.9 2.4

CEAT Buy 108 163 368 4,989 5,634 8.2 8.5 27.1 40.8 4.0 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 146 155 12,393 6,229 7,200 14.8 15.8 7.2 9.0 20.3 16.3 3.6 3.0 18.5 19.9 1.7 1.4

FAG Bearings* Neutral 1,733 - 2,880 1,489 1,750 16.5 17.5 103.3 126.9 16.8 13.7 3.3 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Accumulate 1,826 1,956 36,468 24,743 27,996 14.8 15.2 118.2 130.4 15.5 14.0 6.6 5.3 48.3 41.9 1.2 1.0

JK Tyre Buy 120 165 494 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Neutral 930 - 57,106 40,035 46,272 11.5 11.6 54.7 62.8 17.0 14.8 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,475 - 42,608 42,019 50,246 7.3 8.6 66.1 94.4 22.3 15.6 2.5 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 180 - 10,558 24,285 27,317 6.7 7.2 8.1 10.6 22.3 17.0 4.7 3.8 22.9 24.7 0.6 0.5

Subros Accumulate 31 35 187 1,286 1,479 9.4 9.7 2.6 5.1 12.0 6.2 0.7 0.6 5.6 10.3 0.4 0.4

Tata Motors Buy 275 319 73,267 192,330 219,770 12.8 13.1 37.0 44.5 7.4 6.2 2.1 1.6 31.2 28.9 0.4 0.4

TVS Motor Accumulate 40 45 1,898 7,466 8,290 6.2 6.3 4.8 5.6 8.3 7.1 1.4 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 724 573 15,341 7,796 9,907 4.8 7.8 9.2 22.0 78.7 32.9 5.7 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 269 - 1,944 3,605 4,542 11.8 10.7 25.1 27.9 10.7 9.7 1.6 1.4 31.1 27.1 1.0 0.9

BHEL Neutral 238 - 58,167 47,801 43,757 18.5 18.0 24.6 21.8 9.7 10.9 2.9 2.5 33.5 24.5 1.1 1.2

Blue Star Buy 197 242 1,770 2,763 2,948 3.1 5.6 2.6 8.6 74.8 23.0 4.3 3.8 5.9 17.6 0.8 0.7

Crompton Greaves Buy 120 145 7,701 12,370 14,277 5.2 7.3 4.0 7.8 30.0 15.4 2.0 1.9 6.9 12.6 0.6 0.6

Jyoti Structures Accumulate 48 53 396 2,794 3,048 10.6 10.6 9.2 11.7 5.2 4.1 0.6 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 67 73 1,722 6,858 7,431 7.1 7.5 8.3 9.8 8.1 6.9 1.4 1.2 25.1 24.0 0.4 0.4

LMW Neutral 2,105 - 2,371 2,369 2,727 11.7 11.7 143.4 166.0 14.7 12.7 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 601 - 7,156 5,514 5,813 9.3 10.2 28.1 31.2 21.4 19.3 3.8 3.3 19.2 18.5 1.2 1.1


Market Outlook

Stock Watch

December 06, 2012


7/13



Cement

ACC Neutral 1,428 - 26,804 11,085 12,415 21.6 21.4 79.4 83.1 18.0 17.2 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 207 - 31,925 10,272 11,884 26.4 26.1 11.5 12.9 18.1 16.1 4.0 3.5 20.8 21.1 2.8 2.3

India Cements Neutral 89 - 2,722 4,293 4,666 17.7 18.1 8.6 10.8 10.3 8.2 0.8 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Neutral 132 - 1,618 2,082 2,423 22.9 23.1 20.8 22.5 6.4 5.9 1.1 1.0 18.4 17.4 0.9 1.2

Madras Cements Neutral 206 - 4,903 3,814 4,045 29.3 27.5 18.7 19.2 11.0 10.7 2.0 1.7 19.9 17.4 1.9 1.7

Shree Cements^ Neutral 4,284 - 14,923 5,701 6,210 29.7 28.1 240.7 260.7 17.8 16.4 4.3 3.5 27.1 23.6 2.1 1.7

UltraTech Cement Neutral 1,952 - 53,517 21,368 24,043 22.5 23.5 103.5 121.4 18.9 16.1 3.5 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 212 304 1,118 2,034 2,315 22.4 22.4 27.1 31.7 7.8 6.7 1.0 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 13 - 237 2,262 2,522 6.7 7.5 1.5 2.7 8.6 4.8 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 138 164 4,578 3,843 4,212 43.1 43.6 16.8 17.8 8.2 7.7 1.4 1.2 18.3 17.0 3.3 3.6

ITNL Buy 195 225 3,792 6,564 7,054 27.2 27.4 26.3 29.0 7.4 6.7 1.2 1.0 14.0 11.8 2.7 2.7

IVRCL Infra Neutral 45 - 1,395 4,249 6,897 7.8 8.2 0.3 3.3 147.4 13.8 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 101 - 21,493 13,842 15,863 26.9 26.4 3.7 4.6 27.5 22.1 1.7 1.6 6.2 7.3 3.0 2.7

Larsen & Toubro Neutral 1,666 - 102,465 60,556 69,167 11.2 11.6 73.8 85.5 22.6 19.5 3.6 3.2 13.5 14.1 1.9 1.6

Nagarjuna Const. Reduce 48 44 1,242 5,947 6,569 8.5 8.6 3.1 4.1 15.6 11.8 0.5 0.5 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 58 - 1,923 11,892 13,116 9.0 9.0 1.8 3.2 32.0 18.0 0.7 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 130 168 1,967 2,344 2,804 10.6 10.7 7.2 8.7 18.1 15.0 2.2 1.9 13.0 13.5 1.2 1.1

Simplex Infra Buy 198 251 980 6,882 8,032 9.1 9.1 23.2 31.3 8.5 6.3 0.8 0.7 9.1 11.2 0.5 0.4

Financials

Allahabad Bank Neutral 155 - 7,760 6,392 7,238 2.7 2.8 30.3 33.3 5.1 4.7 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 114 - 6,351 4,731 5,431 2.9 3.0 21.5 21.8 5.3 5.2 0.9 0.8 15.2 13.8 - -

Axis Bank Accumulate 1,335 1,476 56,986 15,686 18,687 3.1 3.2 116.8 138.0 11.4 9.7 2.1 1.8 20.0 20.2 - -Bank of Baroda Accumulate 782 817 30,617 15,436 18,208 2.5 2.6 111.8 137.4 7.0 5.7 1.1 0.9 15.8 17.0 - -

Bank of India Neutral 290 - 16,617 12,491 14,883 2.2 2.4 43.8 63.7 6.6 4.5 0.9 0.7 12.1 15.8 - -

Bank of Maharashtra Neutral 57 - 3,384 3,563 3,876 3.1 3.1 9.7 12.0 5.9 4.8 0.8 0.7 14.6 16.1 - -

Canara Bank Neutral 471 - 20,856 10,699 12,213 2.1 2.2 67.3 80.1 7.0 5.9 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 79 - 5,786 7,171 8,236 2.5 2.6 16.4 21.5 4.8 3.7 0.8 0.7 12.7 14.9 - -

Corporation Bank Accumulate 429 445 6,349 4,780 5,569 2.0 2.1 101.8 99.2 4.2 4.3 0.7 0.6 17.0 14.7 - -

Dena Bank Accumulate 115 123 4,008 3,087 3,453 2.7 2.8 25.9 24.1 4.4 4.8 0.8 0.7 19.4 15.6 - -

Federal Bank Neutral 483 - 8,252 2,617 2,968 3.3 3.2 45.9 51.7 10.5 9.3 1.3 1.2 13.1 13.3 - -


Market Outlook

Stock Watch

December 06, 2012


8/13



Financials

HDFC Neutral 838 - 129,120 7,336 8,802 3.5 3.5 31.5 37.8 26.6 22.2 5.3 4.7 34.8 32.1 - -

HDFC Bank Neutral 692 - 163,783 21,696 26,811 4.4 4.5 28.7 36.0 24.2 19.2 4.6 3.9 20.7 22.0 - -

ICICI Bank Buy 1,119 1,270 128,677 22,271 26,690 3.0 3.0 69.2 83.1 16.2 13.5 2.0 1.8 14.2 15.7 - -

IDBI Bank Neutral 109 - 13,948 7,684 9,264 1.8 2.1 15.6 22.0 7.0 5.0 0.8 0.7 10.9 13.9 - -

Indian Bank Accumulate 188 202 8,090 5,874 6,551 3.2 3.2 40.6 41.8 4.6 4.5 0.8 0.7 18.1 16.4 - -

IOB Neutral 82 - 6,535 7,050 8,313 2.3 2.5 12.3 19.9 6.7 4.1 0.6 0.6 8.8 13.1 - -

J & K Bank Neutral 1,404 - 6,805 2,762 2,885 3.6 3.6 226.7 193.0 6.2 7.3 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 272 298 13,704 1,799 2,255 2.3 2.4 20.3 27.3 13.4 10.0 2.1 1.8 16.9 19.7 - -

Oriental Bank Neutral 345 - 10,072 6,277 7,090 2.6 2.7 60.5 65.1 5.7 5.3 0.8 0.8 15.0 14.4 - -

Punjab Natl.Bank Accumulate 813 843 27,575 19,652 22,601 3.2 3.3 135.0 164.3 6.0 5.0 1.0 0.9 16.3 17.3 - -

South Ind.Bank Neutral 26 - 3,494 1,556 1,750 2.8 2.7 3.5 3.9 7.5 6.8 1.3 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,269 2,437 152,274 61,883 71,546 3.4 3.4 227.2 257.5 10.0 8.8 1.7 1.5 17.8 17.7 - -

Syndicate Bank Neutral 127 - 7,672 6,756 7,783 3.0 3.0 26.3 27.1 4.9 4.7 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 78 - 5,201 5,234 6,097 2.3 2.4 11.8 14.7 6.6 5.3 1.1 0.9 11.9 13.4 - -

Union Bank Accumulate 247 250 13,590 9,912 11,536 2.8 2.9 40.4 46.7 6.1 5.3 1.0 0.9 16.1 16.4 - -

United Bank Neutral 76 - 2,735 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -

Vijaya Bank Neutral 61 - 3,015 2,354 2,754 2.0 2.2 7.4 10.2 8.3 6.0 0.8 0.7 9.3 11.9 - -

Yes Bank Accumulate 450 492 16,051 3,270 4,240 2.8 3.0 34.5 42.2 13.1 10.7 2.8 2.3 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,376 - 41,974 11,198 13,184 16.2 16.2 123.7 146.4 35.4 29.9 12.0 9.5 38.1 35.4 3.7 3.1

Britannia Buy 488 584 5,835 5,627 6,581 4.9 5.7 18.3 24.7 26.7 19.8 9.7 7.5 39.1 42.7 1.0 0.8

Colgate Neutral 1,449 - 19,703 3,146 3,573 20.6 21.4 36.4 42.5 39.8 34.1 36.8 30.9 102.0 98.5 6.1 5.4

Dabur India Neutral 130 - 22,641 6,124 7,101 17.0 16.8 4.5 5.2 29.1 24.8 12.0 9.5 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,798 - 15,974 3,124 3,663 17.1 17.6 104.5 123.8 36.4 30.7 11.3 9.1 34.4 32.8 4.7 3.9

Godrej Consumer Neutral 728 - 24,791 6,355 7,548 18.4 18.6 22.8 27.6 31.9 26.4 7.3 6.0 26.4 26.1 4.1 3.4

HUL Neutral 532 - 115,037 25,350 28,974 13.3 13.5 14.7 17.1 36.1 31.2 28.6 20.2 84.5 75.8 4.4 3.8

ITC Neutral 298 - 234,597 29,409 34,060 35.7 36.1 9.3 10.9 32.0 27.3 10.6 8.8 35.8 35.3 7.6 6.5

Marico Neutral 218 - 14,055 4,840 5,643 13.1 13.1 6.2 7.8 35.3 28.0 6.7 5.5 25.4 22.6 3.0 2.5

Nestle* Neutral 4,825 - 46,521 8,529 10,079 20.8 21.1 113.1 137.8 42.7 35.0 25.6 17.9 70.5 60.2 5.4 4.4

Tata Global Neutral 166 - 10,235 7,207 7,927 9.7 10.0 6.6 7.8 25.0 21.2 2.5 2.4 8.6 9.5 1.4 1.2


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IT

HCL Tech^ Neutral 639 - 44,336 24,214 26,772 19.5 18.1 44.0 48.0 14.5 13.3 3.4 2.9 24.0 22.0 1.8 1.6

Hexaware* Buy 110 135 3,255 1,944 2,159 21.8 21.1 11.4 12.2 9.7 9.0 2.5 2.1 26.4 24.1 1.4 1.2

Infosys Accumulate 2,382 2,573 136,799 39,174 41,580 29.5 30.4 159.2 171.6 15.0 13.9 3.6 3.2 24.1 23.1 3.0 2.8

Infotech Enterprises Accumulate 193 202 2,152 1,886 2,032 17.9 17.3 18.7 20.2 10.3 9.6 1.5 1.3 14.9 14.0 0.8 0.7

KPIT Cummins Neutral 125 - 2,232 2,195 2,317 15.5 15.0 10.7 12.1 11.6 10.4 2.5 2.0 21.0 19.8 1.0 0.9

Mahindra Satyam Accumulate 102 115 11,957 7,597 8,141 20.0 18.8 9.7 10.4 10.5 9.8 2.9 2.2 27.5 22.9 1.2 1.0

Mindtree Neutral 695 - 2,856 2,324 2,437 20.0 17.7 73.3 74.7 9.5 9.3 2.3 1.8 24.1 19.7 1.0 0.9Mphasis& Neutral 388 - 8,158 5,700 5,993 18.0 16.9 37.0 37.3 10.5 10.4 1.5 1.3 14.3 12.6 1.0 0.9

NIIT Accumulate 32 36 524 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.1 0.8 0.7 10.5 14.1 0.3 0.2

Persistent Neutral 490 - 1,961 1,261 1,352 26.4 24.7 48.2 54.0 10.2 9.1 1.9 1.6 19.0 17.9 1.3 1.1

TCS Accumulate 1,297 1,410 253,881 61,053 67,313 28.7 29.1 69.7 76.2 18.6 17.0 6.1 5.0 32.6 29.1 4.0 3.6

Tech Mahindra Buy 887 1,070 11,336 6,603 7,150 19.8 18.4 92.9 102.0 9.6 8.7 2.3 1.8 23.7 21.0 1.8 1.6

Wipro Accumulate 381 421 93,816 43,219 47,241 20.0 20.0 26.1 28.1 14.6 13.6 2.8 2.4 19.3 17.9 1.9 1.6

Media

D B Corp Buy 218 259 4,001 1,581 1,784 23.3 25.0 11.6 14.4 18.8 15.1 3.7 3.1 21.0 22.3 2.4 2.1

HT Media Neutral 107 - 2,519 2,111 2,272 15.0 15.2 7.4 8.3 14.6 13.0 1.6 1.4 11.3 11.4 0.9 0.7

Jagran Prakashan Accumulate 102 117 3,228 1,503 1,681 23.1 23.1 6.4 7.3 16.0 14.1 4.0 3.5 25.8 26.5 2.4 2.1

PVR Neutral 321 - 926 682 786 17.3 16.9 17.6 19.7 18.2 16.3 2.2 1.9 14.9 14.5 1.7 1.5

Sun TV Network Neutral 419 - 16,522 1,942 2,237 77.2 75.5 17.6 19.1 23.8 22.0 6.0 5.3 25.8 25.2 7.8 6.7

Metals & Mining

Bhushan Steel Neutral 474 - 10,067 11,307 14,287 29.5 29.1 45.1 51.0 10.5 9.3 1.2 1.1 12.2 12.2 2.9 2.3

Coal India Neutral 361 - 228,273 66,666 70,292 25.7 27.3 24.2 26.6 15.0 13.6 4.4 3.6 33.1 29.1 2.5 2.2

Electrosteel Castings Accumulate 25 29 856 1,984 2,074 10.6 11.6 0.8 2.0 29.6 12.2 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 138 - 58,457 12,446 13,538 52.3 52.9 15.0 16.4 9.3 8.5 1.8 1.5 21.4 19.7 2.9 2.3

Hindalco Neutral 121 - 23,138 79,148 89,258 9.4 9.0 15.0 15.6 8.1 7.8 0.7 0.6 8.8 8.4 0.7 0.6

JSW Steel Neutral 772 - 17,224 39,586 41,459 17.6 17.0 78.7 90.1 9.8 8.6 1.0 0.9 10.2 10.7 0.8 0.8

MOIL Accumulate 256 261 4,302 941 1,019 47.3 48.3 25.8 28.1 9.9 9.1 1.6 1.4 16.7 16.2 2.0 1.7

Monnet Ispat Buy 279 344 1,795 2,501 3,264 22.2 24.6 41.8 55.2 6.7 5.1 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 49 44 12,525 6,898 7,841 9.9 14.7 2.0 3.2 24.5 15.3 1.1 1.0 4.3 6.8 1.4 1.2

NMDC Buy 164 198 65,041 11,209 12,525 78.4 78.3 18.5 20.6 8.9 8.0 2.2 1.8 27.0 24.6 3.9 3.3

SAIL Neutral 83 - 34,366 47,252 60,351 14.2 14.8 9.6 11.7 8.7 7.1 0.8 0.7 9.4 10.6 1.2 1.0


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December 06, 2012


10/13



Metals & Mining

Sesa Goa Neutral 189 - 16,435 4,551 6,640 32.8 34.4 33.7 39.3 5.6 4.8 1.0 0.8 18.3 18.3 4.1 2.8

Sterlite Inds Neutral 113 - 37,908 43,185 45,442 23.3 23.7 16.8 17.9 6.7 6.3 0.7 0.7 11.6 11.2 0.8 0.8

Tata Steel Buy 398 463 38,620 145,725 154,108 8.3 9.5 22.0 44.5 18.1 8.9 0.9 0.8 4.9 9.3 0.5 0.5

Sarda Accumulate 138 153 496 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 52 73 698 2,694 2,906 14.6 16.6 16.4 20.8 3.2 2.5 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 120 143 381 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.6 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Accumulate 332 382 63,494 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.9 1.1 1.0 22.0 17.5 2.8 2.4

GAIL Neutral 354 - 44,841 46,652 54,142 15.7 15.7 34.0 35.3 10.4 10.0 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 267 312 228,645 147,139 154,821 33.9 33.7 30.7 32.3 8.7 8.3 1.5 1.4 18.3 17.2 1.3 1.1

Reliance Industries Neutral 831 - 272,083 362,700 380,031 7.9 8.0 60.0 63.3 13.9 13.1 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 304 - 3,900 3,128 3,707 13.2 11.7 22.8 23.5 13.3 12.9 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 264 - 3,695 3,213 3,643 23.3 23.5 24.3 25.7 10.9 10.3 2.5 2.1 25.0 22.1 1.3 1.1

Petronet LNG Accumulate 160 183 12,019 30,077 33,570 6.6 6.3 15.1 15.3 10.6 10.5 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 75 - 4,243 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.7 3.7

Pharmaceuticals

Alembic Pharma Buy 67 91 1,255 1,624 1,855 14.2 15.6 6.6 9.1 10.1 7.3 2.5 1.9 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 195 - 5,673 5,243 5,767 14.6 14.6 11.8 12.6 16.5 15.5 2.1 1.8 17.9 16.4 1.5 1.4

Aventis* Neutral 2,207 - 5,083 1,482 1,682 15.5 15.5 95.1 104.4 23.2 21.1 4.1 3.2 18.6 17.0 3.2 2.8

Cadila Healthcare Accumulate 846 926 17,327 6,148 7,386 18.6 19.6 32.7 44.8 25.9 18.9 5.7 4.6 23.7 26.6 3.2 2.6

Cipla Neutral 414 - 33,265 8,151 9,130 25.0 24.0 19.5 20.9 21.3 19.8 3.7 3.2 18.8 17.2 3.8 3.3

Dr Reddy's Neutral 1,832 - 31,100 10,696 11,662 20.7 21.0 83.7 92.9 21.9 19.7 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 122 145 987 1,280 1,536 20.2 20.2 10.4 14.5 11.8 8.4 1.0 0.9 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,045 - 17,321 2,651 2,993 31.7 31.2 76.0 82.4 26.9 24.8 7.8 6.9 20.1 26.3 5.7 4.9

Indoco Remedies Buy 68 89 622 685 837 15.2 15.2 7.4 8.9 9.1 7.6 1.4 1.2 16.4 17.0 1.1 0.9

Ipca labs Neutral 461 - 5,815 2,850 3,474 21.0 21.0 29.9 37.3 15.4 12.4 3.7 2.9 26.7 26.4 2.2 1.8

Lupin Accumulate 595 652 26,631 8,426 10,082 19.7 20.0 26.3 31.3 22.6 19.0 5.3 4.3 26.0 24.7 3.2 2.7

Ranbaxy* Neutral 514 - 21,717 12,046 11,980 18.0 15.8 31.3 29.8 16.4 17.3 5.6 4.5 39.1 28.9 1.8 1.7

Sun Pharma Neutral 703 - 72,668 9,752 12,134 41.6 41.6 26.0 28.2 27.0 24.9 5.1 4.3 20.3 18.8 6.7 5.2

Power

CESC Neutral 319 - 3,987 5,218 5,644 24.2 23.8 44.6 47.6 7.2 6.7 0.8 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 69 78 1,038 1,523 1,568 30.3 30.3 5.4 11.5 12.7 6.0 0.7 0.6 5.6 11.3 1.1 1.0


Market Outlook

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December 06, 2012


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Power

NTPC Neutral 159 - 130,979 74,111 85,789 22.7 23.1 12.1 13.7 13.1 11.6 1.6 1.5 12.6 13.2 2.4 2.2

Real Estate

Anant Raj Sell 101 78 2,973 657 875 52.0 56.1 8.4 12.7 12.0 7.9 0.7 0.7 6.3 8.9 5.8 4.4

DLF Neutral 222 - 37,768 9,878 12,033 44.7 46.1 9.6 13.4 23.2 16.6 1.5 1.4 6.4 8.7 6.1 5.0

HDIL Neutral 118 - 4,930 2,441 3,344 55.1 48.2 22.7 26.6 5.2 4.4 0.4 0.4 8.8 9.4 3.8 2.9

MLIFE Neutral 413 - 1,685 813 901 26.2 26.6 32.0 37.1 12.9 11.1 1.3 1.2 10.4 11.0 2.5 2.2

TelecomBharti Airtel Neutral 330 - 125,337 81,984 90,718 32.1 33.8 10.9 16.9 30.2 19.6 2.3 2.1 7.6 10.6 2.2 1.9

Idea Cellular Neutral 97 - 32,269 22,234 24,161 26.9 27.7 3.3 4.9 29.5 19.8 2.3 2.0 7.7 10.3 1.9 1.7

Rcom Neutral 72 - 14,954 21,090 22,308 31.8 29.9 3.0 3.8 23.8 19.1 0.4 0.4 1.7 2.1 2.4 2.1

zOthers

Abbott India Accumulate 1,466 1,590 3,115 1,629 1,886 11.8 13.3 60.8 79.5 24.1 18.4 5.0 4.1 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 208 217 2,071 3,497 3,968 6.6 7.6 9.8 15.5 21.2 13.4 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Reduce 417 411 528 427 528 15.7 14.6 30.0 34.0 13.9 12.3 3.1 2.5 24.6 22.5 1.4 1.2

Cravatex Buy 418 545 108 272 308 7.2 7.3 37.5 45.4 11.2 9.2 2.7 2.1 23.7 22.7 0.5 0.4

CRISIL Neutral 1,029 - 7,230 982 1,136 34.3 34.3 34.3 40.0 30.0 25.7 13.6 10.9 50.9 46.9 7.2 6.0

Finolex Cables Accumulate 61 61 928 2,304 2,552 9.9 9.1 8.2 10.1 7.4 6.0 1.0 0.9 13.7 14.7 0.3 0.3

Force Motors Accumulate 478 537 623 2,318 2,700 5.0 5.7 45.0 67.0 10.6 7.1 0.5 0.5 5.0 7.0 0.2 0.2

Goodyear India Accumulate 335 360 773 1,494 1,607 6.4 7.8 23.9 33.0 14.0 10.1 2.2 1.9 16.5 20.1 0.3 0.2

Greenply Industries Neutral 307 - 740 1,925 2,235 10.6 10.9 29.6 44.1 10.4 7.0 1.7 1.4 16.8 21.0 0.7 0.6

Hitachi Buy 126 146 289 873 989 4.4 6.5 6.4 12.2 19.8 10.4 1.6 1.4 8.3 14.4 0.4 0.3

Honeywell Automation* Buy 2,365 2,842 2,091 1,745 1,993 4.0 5.3 59.5 90.4 39.8 26.2 3.0 2.6 8.1 11.3 1.1 1.0

Styrolution ABS India* Accumulate 704 744 1,238 1,059 1,116 8.5 9.5 36.0 42.0 19.6 16.8 2.9 2.5 15.4 16.0 1.2 1.1ITD Cementation Neutral 238 - 274 1,323 1,455 12.4 12.4 23.2 27.7 10.3 8.6 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 188 - 3,032 1,228 1,443 9.0 10.9 3.9 6.4 48.4 29.4 4.8 4.4 10.1 15.6 3.0 2.5

MCX Reduce 1,533 1,440 7,818 553 624 65.3 66.3 62.5 72.0 24.5 21.3 6.7 5.8 27.5 27.4 11.4 9.6

MRF Buy 11,639 12,884 4,936 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.0 8.1 1.7 1.4 21.3 19.4 0.5 0.5

Page Industries Neutral 3,479 - 3,881 836 1,023 20.2 20.6 105.6 133.4 33.0 26.1 16.8 11.8 59.3 53.2 4.8 3.9

Relaxo Footwears Buy 784 933 941 1,019 1,208 11.0 12.5 47.0 66.7 16.7 11.8 4.1 3.1 28.2 30.1 1.1 0.9

Sintex Industries Buy 65 79 1,936 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 306 366 287 1,043 1,149 12.3 12.9 65.7 73.3 4.7 4.2 0.9 0.8 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 16 - 476 7,134 7,985 19.7 19.4 12.2 14.1 1.3 1.1 0.1 0.1 11.3 11.5 0.6 0.6


Market Outlook

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December 06, 2012


12/13



zOthers

SpiceJet Neutral 49 - 2,356 5,720 6,599 5.3 6.8 3.6 5.4 13.5 9.1 19.5 6.2 - - 0.5 0.4

TAJ GVK Buy 74 108 466 300 319 35.8 36.2 7.9 9.1 9.4 8.2 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2

TVS Srichakra Buy 263 335 201 1,476 1,643 7.0 8.2 32.6 55.9 8.1 4.7 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 2,015 - 26,349 10,289 11,421 12.8 12.8 26.0 45.3 77.5 44.5 3.5 3.3 5.8 7.6 2.9 2.6

Vesuvius India Neutral 354 - 718 560 611 16.1 17.0 24.7 28.8 14.3 12.3 2.1 1.9 15.8 16.2 1.2 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 05, 2012


Market Outlook

Stock Watch

December 06, 2012


13/13


Market Outlook 061212

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Transcript of Market Outlook 061212