Market Outlook, 17-06-2013

7/28/2019 Market Outlook, 17-06-2013

1/14

www.angelbroking.com

Market OutlookJune 17, 2013

Dealers Diary

Indian shares are expected to open in green today, tracking the positive trades in

Asian indices. SGX Nifty is trading flat.

US markets closed in red on Friday, as adisappointing batch of economic dataweighed on the indices. The Fed said that industrial production came in flat in

May following a revised 0.4% decrease in April as against the economists

estimate of 0.2% increase in May. A separate report from Thomson Reuters

and the University of Michigan showed an unexpected deterioration in

consumer sentiment in June which added to the negative sentiment as well.

Selling pressure was also generated by news that the International Monetary

Fund lowered its outlook for U.S. economic growth in 2014.

Meanwhile, Indian markets rose higher on Friday aided by appreciation in INR and

better-than-expected WPI inflation data. The markets were also buoyed by

positive trades in global markets. The markets will keenly await the outcome of

the RBIs policy meet scheduled to be held today.

Markets Today

The trend deciding level for the day is 19,114 / 5,789 levels. If NIFTY trades above

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

up to 19,277 19,375 / 5,839 5,869 levels. However, if NIFTY trades below

19,114 / 5,789 levels for the first half-an-hour of trade then it may correct up to

19,016 18,853 / 5,759 5,709 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,853 19,016 19,114 19,277 19,375

NIFTY 5,709 5,759 5,789 5,839 5,869

News Analysis Inflation continues to tread positively Mahindra Group forms a global alliance with Spain's CIE Automotive TTMT global sales down 14.9% yoy in May 2013

Refer detailed news analysis on the following page

Net Inflows (June 13, 2013)` cr Purch Sales Net MTD YTDFII 2,461 3,013 (552) (961) 80,876

MFs 592 554 38 (597) (12,674)

FII Derivatives (June 14, 2013)` cr Purch Sales Net Open InterestIndex Futures 2,082 1,535 547 10,320

Stock Futures 1,735 1,382 354 29,029

Gainers / LosersGainers Losers

Company Price (`) chg (%) Company Price (`) chg (%)Jet Air India 469 8.5 MMTC 171 (10.0)

JSW ENERGY 51 8.0 Apollo Tyres 65 (5.6)

OIL INDIA 573 7.8 United Brew-$ 639 (4.6)

JPPOWER 22 7.5 Syndicate Bank 123 (3.2)

Future Retail 130 7.4 Sun TV Network 347 (2.6)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 1.9 351 19,178

Nifty 1.9 109 5,808

MID CAP 1.2 73 6,181

SMALL CAP 1.0 59 5,772

BSE HC 1.0 88 8,715

BSE PSU 1.3 79 6,319

BANKEX 2.0 266 13,625

AUTO 3.0 312 10,697

METAL 2.5 194 7,940

OIL & GAS 2.3 193 8,545

BSE IT 0.4 25 5,993

Global Indices Chg (%) (Pts) (Close)Dow Jones (0.7) (106) 15,070NASDAQ (0.6) (22) 3,424

FTSE 0.1 4 6,308

Nikkei 1.9 241 12,687

Hang Sang 0.4 82 20,969

Straits Times 1.0 31 3,161

Shanghai Com 0.7 14 2,162

Indian ADR Chg (%) (Pts) (Close)INFY 0.9 0.4 $42.1

WIT (0.8) (0.1) $7.3IBN 1.1 0.4 $41.0

HDB 0.7 0.3 $37.8

Advances / Declines BSE NSEAdvances 1,404 937

Declines 900 432

Unchanged 147 84

Volumes (` cr)BSE 2,507

NSE 9,596

7/28/2019 Market Outlook, 17-06-2013

2/14



Inflation continues to tread positively

The Wholesale Price Index (WPI) based inflation moderated for the fourth straight

month in May 2013 to 4.70% as compared to 4.89% in the previous month and

7.55% in May 2012. Owing to benign commodity prices as well as a break-downof pricing power in manufacturing, headline WPI inflation is now within the 5%

comfort zone for the second consecutive month, since its spike post Nov 2009. The

moderation is led by core inflation which eased for the ninth straight month to

2.4% as compared to 2.7% in the previous month and 5.2% in May 2012.

Headline inflation for March 2013 has been positively revised down by 31bp to

5.7% from 6.0%, mainly owing to a 242bp revision in fuel inflation. Despite the

considerable moderation in WPI inflation, we believe that the Reserve Bank of

India (RBI) is unlikely to ease policy rates in its upcoming policy meeting on June

17, 2013. We believe that the RBI is likely to be cautious since the sharp INR

depreciation could potentially compound the trade deficit in the near term and

also offset the positive impact of benign global commodity prices on inflation.Further, inflation at the retail level, measured by the Consumer Price Index (CPI),

continues to remain elevated (9.3% in May 2013).

Trends in Inflation for May 2013

Primary articles weightage 20.1%

Inflation in primary articles (on a moderating trend since the past three months)

inched higher to 6.7% in May 2013 as compared to 5.8% in the previous month.

This can be attributed to higher inflation in primary food articles, even as non-food

articles and minerals moderated sequentially. Food inflation is mainly led by the

4.9% yoy (9.0% mom) rise in vegetables inflation against a 9.0% decline in theprevious month. In case of food articles, the marginal rise in cereal inflation to

16.0% from 15.6% in April 2013 was more than offset by moderation in pulses

inflation to 5.9% from 10.3% in the previous month.

Fuel and power weightage 14.9%

Inflation in fuel and power moderated to 7.3% during the month as compared to

8.8% in April 2013 and 11.5% in May 2012. The electricity index has gone up in

line with electricity tariff revisions by some states, pushing up inflation in this

category to 27.9% as against 13.2% in April 2013. It contributed 69bp to the

overall headline inflation of 4.70% as compared to a contribution of 33bp in theprevious eight months. The increase in the electricity index was offset by the decline

in coal index as well as moderation in mineral oils. Going ahead, the revision in

coal price index is likely to keep the fuel index from inching downwards.

Manufactured products weightage 65.0%

Inflation in manufactured products decelerated for the eighth straight month to

3.1% in May 2013 as compared to 3.4% in April 2013 and 5.2% in the

corresponding period of the previous year. Core inflation, ie the non-food

manufacturing component of inflation, softened to a 41-month-low to 2.4% as

compared to 5.2% in May 2012. The deceleration in core inflation can be attributed

to decline in commodity prices on a yoy basis as well as continued weakness in

pricing power.

7/28/2019 Market Outlook, 17-06-2013

3/14



Policy Outlook

Despite the considerable moderation in WPI inflation, we believe that the RBI is

unlikely to ease policy rates in its policy meeting on June 17, 2013. We believe

that the RBI is likely to be cautious since the sharp INR depreciation could

potentially compound the trade deficit in the near term and also offset the positiveimpact of benign global commodity prices on inflation. In fact we believe that INR

depreciation and its stabilization at a higher level could stoke imported inflation

and the RBI is likely to guard against those inflationary pressures.

Further, despite the substantial moderation in WPI inflation, inflation at the retail

level, as measured by the CPI, continues to remain elevated. CPI inflation came in

slightly lower at 9.3% in May 2013 as compared to 9.4% in April 2013 owing to

food inflation remaining above double-digits.

Mahindra Group forms a global alliance with Spain's CIEAutomotive

The Mahindra Group and CIE Automotive, Spain has signed a global alliance

agreement between Mahindra's automotive component businesses (held under its

Systech Sector) and CIE Automotive (involving also its subsidiary Autometal). The

agreement will see a formation of a global automotive component supply network

with combined annual sales of ~`15,000cr with operations in North America,

South America, Europe and Asia. As a part of the transaction, CIE Automotive

through one of its subsidiaries will acquire from Mahindra Group a stake in its

listed and unlisted companies belonging to Systech Automotive Component

business and CIE Automotive will contribute its forging businesses in Spain andLithuania and together consolidate all companies under MFL which will be

rechristened Mahindra CIE. Mahindra CIE will continue to be listed on BSE and

NSE. The proposed business transaction will be carried out in a series of steps over

the next year that will culminate in a) Mahindra and Mahindra taking a stake of

13.5% in CIE Automotive, which is listed in Spain. Mahindra and Mahindra will

also nominate two Directors to the CIE Board. b) CIE Automotive taking a majority

stake in a single listed entity in India which will continue to operate the current

Systech automotive component businesses globally and include CIE's European

forgings operations.

CIE Automotive is one of the main suppliers of components and sub-componentsfor the automobile sector operating in Europe, Brazil, NAFTA and China with sales

of EUR1.65bn. CIE develops its entire line of products through seven basic

processes or technologies (forging, machining, aluminum, stamping, plastic, iron

casting and painting). With them, CIE manufactures components and sub-

assemblies for all parts of vehicles, including: (i) the engine and powertrain; (ii) the

chassis and/or steering assembly; and (iii) the exterior and interior of the vehicle.

CIE Automotive's operations in Brazil, Mexico, USA and China are constituted

under its subsidiary, Autometal.

We see this development as a major boost to Mahindra and Mahindra's ambitions

of emerging as a global player in the automotive component business. Further, itwould also expand the Group's geographical footprint, and grow the collective

product portfolio going ahead. We await more clarity on this deal and would be

7/28/2019 Market Outlook, 17-06-2013

4/14



watchful of the further developments on this front. Until then, we maintain our Buyrating on Mahindra and Mahindra with a target price of `1,090.

TTMT global sales down 14.9% yoy in May 2013

Tata Motors' (TTMT) global sales continued to slide downwards in May 2013

(down 14.9% yoy to 81,783 units) led by the poor domestic performance in the

passenger vehicle and medium and heavy commercial vehicle segments. While,

global commercial vehicle sales posted a decline of 14.2% yoy; global passenger

vehicle volumes fell by 15.5% yoy. On a mom basis though, volumes remained

flat led by 4.5% growth in the global passenger vehicle segment.

For the month of May 2013, Jaguar and Land Rover (JLR) recorded better-than-

expected growth of 3.7% yoy (8.1% mom) to 31,210 units driven by continued

momentum in the recently launched models. Jaguar sales grew strongly by 62.6%

yoy (32,4% mom) led by the growth in the XF model driven by the introduction ofthe Sportbrake, AWD and smaller engine variants. Land Rover sales however

declined by 6.2% yoy as the volumes were impacted due to the impending launch

of the Range Rover Sport. On a mom basis, volumes grew by 2.6% led by growth

in Freelander, Evoque and continuous ramp-up in New Range Rover.

We retain our positive view on JLR and expect an ~13% volume CAGR

over FY2013-15E, driven by continued momentum in the luxury vehicle

market, coupled with the strong product launches that are lined up in FY2014

(expected to launch 8 new refreshes/models in FY2014) and the success of the

model launched in 4QFY2013. We maintain our Buy rating on the stock with asum-of-the-parts (SOTP) target price of `347.

Economic and Political News

Plan Comm. expects CAD to ease in 2013-14 on lower gold demand RBI can consider low inflation while deciding key rate: Montek Indian cos directly invested $1.8 bn overseas in May: RBI Iran crude costs India $2 less than global prices: Moily

Corporate News

NTPC signs term loan agreement with Central Bank for Rs 490 cr Infosys: Rupee rise to cushion wage hike impact RIL-Sebi case: SAT adjourns final hearing to July 22 Dabur takes up import alert issue with US FDA Not planning to convert Cooper deal debt into equity: Apollo

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

7/28/2019 Market Outlook, 17-06-2013

5/14

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 17, 2013 11:00AM India RBI Repo rate % Jun 17 7.25 7.25

11:00AM India RBI Cash Reserve ratio % Jun 17 4.00 4.00

11:00AM India RBI Reverse Repo rate % Jun 17 6.25 6.25

June 18, 2013 2:00PM UK CPI (YoY) % Change May 2.40 --

6:00PM US Housing Starts Thousands May 853.00 950.00

6:00PM US Building permits Thousands May 1,005.00 988.00

6:00PM US Consumer price index (mom) % Change May (0.40) 0.20

June 19, 2013 11:30PM US FOMC rate decision % Jun 19 0.25 0.25

June 20, 2013 1:00PM Germany PMI Manufacturing Value Jun A 49.40 --

1:00PM Germany PMI Services Value Jun A 49.70 --

7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (21.90) --

7:30PM US Existing home sales Million May 4.97 5.00

June 25, 2013 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 76.20 --

7:30PM US New home sales Thousands May 454.00 --

June 26, 2013 6:00PM US GDP Qoq (Annualised) % Change 1Q T 2.40 --

June 27, 2013 1:25PM Germany Unemployment change (000's) Thousands Jun 21.00 --

2:00PM UK GDP (YoY) % Change 1Q F 0.60 --

July 1, 2013 6:30AM China PMI Manufacturing Value Jun 50.80 --

2:00PM UK PMI Manufacturing Value Jun 51.30 --

July 4, 2013 4:30PM UK BOE Announces rates % Ratio Jul 4 0.50 0.50

5:15PM Euro Zone ECB announces interest rates % Jul 4 0.50 --

July 5, 2013 6:00PM US Change in Nonfarm payrolls Thousands Jun 175.00 --

6:00PM US Unnemployment rate % Jun 7.60 --

July 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Jun 2.10 --July 10, 2013 4:29PM China Exports YoY% % Change Jun 1.00 --

July 15, 2013 7:30AM China Industrial Production (YoY) % Change Jun 9.20 --

7:30AM China Real GDP (YoY) % Change 2Q 7.70 --

August 14, 2013 11:30AM Germany GDP nsa (YoY) % Change 2Q P (1.40) --

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A (0.20) --

Source: Bloomberg, Angel Research

June 17, 2013

Market Outlook

7/28/2019 Market Outlook, 17-06-2013

6/14



Macro watch

Exhibit 1:Q uarterly G D P trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:M onthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:M a nufacturing a nd services PM I

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

Exhibit 5:Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research

9.3

7.7

11.4

9.5

8.69.2

9.9

7.5

6.56.0

5.1 5.4 5.24.7 4.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.6)

2.5

0.5

3.42.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

(%)

7.58.0 8.1

7.3 7.2 7.3 7.3 7.3

5.74.9 4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

May-1

3

Mfg. PMI Services PMI

(15.0)

0.0

15.0

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Exports yoy growth Imports yoy growth(%)

7.25

6.25

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Mar-13

Apr-13

Ma-1

3

Repo rate Reverse Repo rate CRR(%)

7/28/2019 Market Outlook, 17-06-2013

7/14

Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E

Agri / Agri Chemical

Rallis Neutral 139 - 2,706 1,657 1,906 14.1 14.1 7.7 8.9 18.1 15.6 3.8 3.2 22.2 21.9 1.6 1.3

United Phosphorus Buy 140 232 6,203 10,298 11,310 16.5 16.5 20.5 23.2 6.8 6.0 1.1 1.0 18.0 17.4 0.6 0.5

Auto & Auto Ancillary

Amara Raja Batteries Buy 247 285 4,211 3,418 3,892 14.5 14.5 18.5 20.4 13.3 12.1 3.2 2.6 26.6 23.8 1.3 1.0

Apollo Tyres Buy 69 104 3,458 13,852 15,487 11.4 11.5 12.8 14.9 5.3 4.6 0.9 0.7 17.5 17.3 0.4 0.4

Ashok Leyland Buy 21 27 5,707 14,038 16,442 7.6 8.7 1.1 2.2 20.5 9.6 1.8 1.6 6.2 12.5 0.5 0.4

Automotive Axle# Neutral 234 - 353 834 965 9.3 10.6 17.3 27.1 13.5 8.6 1.3 1.2 9.5 14.0 0.5 0.4Bajaj Auto Buy 1,708 2,056 49,428 22,684 25,908 18.0 18.5 117.3 137.1 14.6 12.5 5.2 4.2 39.9 37.2 1.8 1.5

Bharat Forge Neutral 222 - 5,176 6,198 6,793 14.6 14.9 14.5 17.3 15.3 12.9 2.0 1.8 13.6 14.7 0.9 0.8

Bosch India* Neutral 8,981 - 28,199 9,821 11,394 17.0 17.3 373.5 438.7 24.0 20.5 4.3 3.7 18.0 17.9 2.6 2.2

CEAT Buy 105 170 361 5,325 5,974 8.4 8.3 40.8 48.5 2.6 2.2 0.4 0.4 17.3 17.6 0.2 0.2

Exide Industries Buy 126 150 10,672 7,053 8,061 14.2 14.5 7.8 9.1 16.0 13.8 2.7 2.4 18.1 18.2 1.2 1.0

FAG Bearings* Neutral 1,441 - 2,395 1,525 1,742 14.5 15.7 88.4 109.5 16.3 13.2 2.4 2.0 15.5 16.5 1.4 1.2

Hero Motocorp Accumulate 1,609 1,819 32,127 25,274 27,658 14.1 13.7 110.2 139.9 14.6 11.5 5.3 4.2 39.8 40.7 1.1 0.9

JK Tyre Buy 107 154 441 7,972 8,754 7.1 7.1 37.5 44.0 2.9 2.4 0.4 0.4 16.4 16.6 0.3 0.3

Mahindra and Mahindra Buy 923 1,090 5 6,664 45,254 51,197 11.4 11.7 61.2 70.2 15.1 13.1 3.2 2.7 22.7 21.9 1.0 0.8

Maruti Buy 1,456 1,847 43,968 48,455 55,723 11.2 10.9 107.8 123.2 13.5 11.8 2.0 1.8 16.2 16.0 0.7 0.6

Motherson Sumi Accumulate 198 222 11,616 28,442 31,493 7.5 7.8 12.5 14.8 15.8 13.4 3.9 3.1 27.5 25.8 0.6 0.5

Subros Buy 22 30 131 1,479 1,685 10.0 9.9 5.5 7.5 4.0 2.9 0.4 0.4 11.1 13.7 0.4 0.3

Tata Motors Buy 283 347 75,768 215,016 237,404 13.3 13.6 36.2 41.5 7.8 6.8 1.7 1.4 24.6 23.2 0.4 0.4

TVS Motor Buy 35 41 1,656 7,715 8,584 6.0 6.1 5.0 5.8 7.0 6.0 1.2 1.0 18.1 18.5 0.2 0.1

Capital Goods

ABB* Sell 592 461 12,553 8,073 9,052 5.5 6.9 11.5 16.9 51.4 35.0 4.7 4.5 9.3 13.1 1.5 1.3BGR Energy Neutral 133 - 963 4,114 4,886 11.4 10.7 24.9 28.0 5.4 4.8 0.7 0.7 25.2 22.6 0.5 0.5

BHEL Neutral 175 - 42,833 44,054 39,326 16.8 15.1 20.6 16.1 8.5 10.9 1.9 1.7 23.5 16.1 0.9 0.9

Blue Star Buy 160 230 1,434 2,896 3,087 5.6 6.2 9.3 11.7 17.1 13.6 2.8 2.4 17.6 19.2 0.6 0.5

Crompton Greaves Buy 85 117 5,459 13,446 15,272 6.7 7.6 6.6 8.9 12.8 9.6 1.4 1.3 11.4 14.0 0.5 0.5

Jyoti Structures Neutral 24 - 195 3,360 3,597 9.7 9.8 7.3 10.2 3.2 2.3 0.7 0.6 8.8 11.4 0.3 0.3

KEC International Buy 37 63 938 7,709 8,399 6.7 7.2 6.1 8.5 6.0 4.3 0.8 0.7 20.2 23.0 0.3 0.3

Thermax Neutral 595 - 7,087 5,780 6,430 9.5 9.6 29.8 33.0 20.0 18.0 3.4 2.9 17.9 17.4 1.0 0.9

Cement

ACC Accumulate 1,205 1,361 22,615 11,979 13,254 19.7 21.3 77.1 91.4 15.6 13.2 2.8 2.5 18.7 20.0 1.6 1.4


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

8/14



Cement

Ambuja Cements Neutral 175 - 27,016 10,232 11,762 23.5 24.5 10.3 12.2 17.0 14.4 2.8 2.6 17.2 18.6 2.1 1.7

India Cements Neutral 63 - 1,948 4,929 5,434 17.4 17.1 8.9 10.9 7.1 5.8 0.5 0.5 7.7 9.1 0.7 0.6

J K Lakshmi Cement Buy 106 143 1,241 2,247 2,742 21.0 23.1 17.8 21.8 5.9 4.8 0.9 0.7 15.5 16.4 0.5 0.9

Madras Cements Neutral 235 - 5,590 4,234 4,788 23.9 24.0 18.5 22.8 12.7 10.3 2.0 1.7 17.2 18.2 1.7 1.4

Shree Cement^ Neutral 4,615 - 16,076 6,540 7,452 27.4 26.6 319.7 369.9 14.4 12.5 3.6 2.9 27.5 25.4 1.8 1.4

UltraTech Cement Neutral 1,822 - 49,964 21,947 25,049 23.8 23.8 106.1 119.8 17.2 15.2 2.8 2.5 17.7 17.3 2.4 2.0

ConstructionAshoka Buildcon Buy 189 255 996 1,928 2,234 21.0 21.5 18.0 22.2 10.5 8.5 0.9 0.8 10.2 10.1 1.9 1.9

Consolidated Co Neutral 10 - 185 2,281 2,492 5.9 6.9 0.7 2.0 14.7 5.0 0.3 0.3 2.3 6.5 0.4 0.3

IRB Infra Buy 114 157 3,787 3,997 4,312 45.5 46.4 15.7 16.6 7.3 6.9 1.1 0.9 15.2 14.5 3.4 3.6

ITNL Buy 175 230 3,407 7,444 8,041 27.4 28.9 29.8 32.1 5.9 5.5 0.8 0.7 14.9 14.2 2.6 2.6

IVRCL Infra Buy 16 29 480 5,673 5,892 8.1 8.4 1.4 1.8 10.9 8.5 0.2 0.2 2.0 2.6 0.5 0.5

Jaiprakash Asso. Buy 61 90 13,481 14,850 15,631 24.9 25.1 2.5 2.9 24.0 21.3 1.0 0.9 4.2 4.7 2.7 2.7

Larsen & Toubro Buy 1,393 1,761 85,837 68,946 78,040 10.5 10.5 77.9 88.3 17.9 15.8 2.6 2.3 15.5 15.6 1.4 1.2

Nagarjuna Const. Buy 29 42 731 6,167 6,945 8.0 8.2 2.7 3.6 10.7 7.8 0.3 0.3 2.7 3.6 0.5 0.5

Punj Lloyd Neutral 41 - 1,352 12,954 14,740 9.9 9.9 0.5 0.9 80.2 43.7 0.5 0.5 0.6 1.1 0.5 0.5

Sadbhav Engg. Buy 101 139 1,525 2,462 2,731 10.6 10.6 5.9 6.7 17.2 15.2 1.7 1.5 10.2 10.5 0.9 0.8

Simplex Infra Buy 91 131 452 6,308 7,033 9.5 9.6 11.9 18.7 7.7 4.9 0.3 0.3 4.5 6.7 0.5 0.5

Unity Infra Buy 27 41 198 2,146 2,339 13.7 13.8 11.0 11.5 2.4 2.3 0.2 0.2 9.3 9.0 0.6 0.6

Financials

Allahabad Bank Buy 110 144 5,500 6,876 7,545 2.6 2.5 28.2 30.9 3.9 3.6 0.6 0.5 12.8 12.7 - -

Andhra Bank Neutral 85 - 4,745 5,254 5,900 2.8 2.8 21.2 22.9 4.0 3.7 0.6 0.5 13.3 13.0 - -

Axis Bank Buy 1,269 1,853 59,468 19,055 22,710 3.3 3.2 130.7 152.3 9.7 8.3 1.6 1.4 17.2 17.6 - -Bank of Baroda Buy 625 851 26,310 16,365 18,781 2.2 2.3 121.3 142.5 5.2 4.4 0.8 0.7 15.1 15.7 - -

Bank of India Buy 281 350 16,721 14,482 16,383 2.3 2.3 58.1 68.1 4.8 4.1 0.7 0.6 14.4 15.0 - -

Bank of Maharashtra Buy 52 64 3,460 4,392 4,743 3.1 3.0 12.6 13.7 4.1 3.8 0.7 0.6 16.8 16.0 - -

Canara Bank Buy 381 481 16,874 11,928 13,467 2.1 2.2 74.8 86.0 5.1 4.4 0.7 0.6 13.7 14.2 - -

Central Bank Accumulate 63 69 6,576 8,249 9,211 2.4 2.5 14.9 18.2 4.2 3.5 0.6 0.5 12.5 13.8 - -

Corporation Bank Buy 372 495 5,695 5,558 6,121 2.0 2.0 98.4 107.7 3.8 3.5 0.6 0.5 14.9 14.5 - -

Dena Bank Buy 83 97 2,893 3,187 3,582 2.3 2.4 23.8 25.5 3.5 3.2 0.5 0.5 15.9 15.1 - -

Federal Bank Accumulate 422 459 7,216 2,873 3,413 3.0 3.1 52.7 62.0 8.0 6.8 1.0 0.9 13.4 14.2 - -


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

9/14



Financials

HDFC Accumulate 813 933 125,919 8,573 10,142 3.6 3.6 37.0 43.6 22.0 18.6 4.5 4.0 30.0 30.3 - -

HDFC Bank Accumulate 656 722 156,590 27,682 33,916 4.6 4.6 35.3 42.7 18.6 15.4 3.7 3.1 21.3 21.8 - -

ICICI Bank Buy 1,068 1,503 123,236 25,705 30,330 3.1 3.2 83.9 96.3 12.7 11.1 1.7 1.5 15.2 15.7 - -

IDBI Bank Buy 75 93 10,022 9,477 10,678 2.0 2.1 19.6 22.6 3.9 3.3 0.5 0.4 12.8 13.4 - -

Indian Bank Buy 128 185 5,520 6,185 6,978 3.0 3.0 37.0 42.2 3.5 3.0 0.5 0.5 14.8 15.1 - -

IOB Buy 57 66 5,290 8,142 8,956 2.5 2.5 16.5 20.7 3.5 2.8 0.4 0.4 11.8 13.4 - -

J & K Bank Accumulate 1,218 1,315 5,904 3,074 3,140 3.5 3.2 224.7 201.5 5.4 6.0 1.0 0.9 20.6 16.1 - -LIC Housing Finance Buy 250 298 12,622 2,113 2,525 2.3 2.3 25.4 29.2 9.9 8.6 1.7 1.5 18.4 18.3 - -

Oriental Bank Buy 229 285 6,674 6,835 7,588 2.6 2.6 56.5 63.8 4.1 3.6 0.5 0.5 13.1 13.4 - -

Punjab Natl.Bank Buy 721 994 25,487 20,876 23,929 3.3 3.4 151.7 177.0 4.8 4.1 0.8 0.7 16.1 16.5 - -

South Ind.Bank Neutral 24 - 3,277 1,839 2,091 2.9 2.8 4.2 4.5 5.8 5.4 1.0 0.9 18.2 17.0 - -

St Bk of India Buy 2,020 2,637 138,161 67,243 76,612 3.1 3.0 242.4 284.8 8.3 7.1 1.3 1.1 16.3 16.8 - -

Syndicate Bank Accumulate 127 142 7,630 7,238 8,249 2.7 2.6 27.1 30.4 4.7 4.2 0.7 0.6 16.1 15.9 - -

UCO Bank Neutral 76 - 5,720 6,250 6,738 2.6 2.5 12.1 14.7 6.3 5.2 1.0 0.8 11.8 13.0 - -

Union Bank Buy 208 260 12,398 11,229 12,794 2.6 2.6 40.7 48.2 5.1 4.3 0.7 0.6 14.6 15.4 - -

United Bank Buy 50 65 1,859 3,443 3,998 2.4 2.6 15.1 20.4 3.3 2.4 0.4 0.4 12.1 14.8 - -

Vijaya Bank Neutral 50 - 2,478 2,730 3,059 1.9 2.0 10.2 11.3 4.9 4.4 0.6 0.5 11.8 12.0 - -

Yes Bank Accumulate 456 508 16,395 4,390 5,411 2.8 2.8 41.6 47.9 11.0 9.5 2.3 1.9 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,442 - 42,606 12,332 14,524 16.5 16.3 141.6 162.7 31.4 27.3 9.9 7.9 35.4 32.2 3.3 2.8

Britannia Neutral 674 - 8,066 6,417 7,502 6.1 6.3 23.2 27.9 29.1 24.2 10.0 7.9 38.3 36.4 1.2 1.0

Colgate Neutral 1,310 - 17,821 3,588 4,130 20.5 20.9 44.2 51.8 29.7 25.3 28.9 21.1 108.6 96.2 4.8 4.1

Dabur India Neutral 150 - 26,222 7,183 8,340 16.8 16.8 5.4 6.3 28.0 23.9 10.9 8.5 41.5 40.1 3.6 3.1

GlaxoSmith Con* Neutral 5,683 - 23,898 3,617 4,259 16.1 16.4 122.2 148.7 46.5 38.2 14.5 11.6 34.1 33.7 6.1 5.1

Godrej Consumer Neutral 775 - 26,380 7,801 9,017 16.2 15.9 25.1 29.7 30.8 26.1 6.7 5.5 24.9 24.2 3.5 3.0

HUL Neutral 595 - 128,613 29,167 33,164 13.6 13.7 17.1 18.4 34.8 32.3 33.5 24.2 113.4 87.0 4.3 3.7

ITC Neutral 327 - 258,232 34,294 39,991 36.8 37.0 11.3 13.3 29.0 24.5 9.6 7.7 36.1 34.9 7.2 6.1

Marico Neutral 222 - 14,318 5,273 6,044 14.8 14.9 7.3 8.7 30.6 25.6 6.0 4.9 21.4 21.0 2.7 2.3

Nestle* Neutral 5,111 - 49,275 9,447 10,968 22.1 22.3 127.5 154.1 40.1 33.2 20.0 14.5 57.7 50.7 5.2 4.4

Tata Global Neutral 139 - 8,602 8,069 8,957 9.8 9.7 7.8 8.6 17.8 16.2 2.1 2.0 9.5 9.7 1.0 0.9


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

10/14



IT

HCL Tech^ Accumulate 755 863 52,613 28,633 32,216 21.5 20.7 57.3 61.7 13.2 12.2 3.1 2.6 24.0 21.5 1.7 1.4

Hexaware* Buy 79 96 2,358 2,091 2,289 19.0 18.8 10.6 11.3 7.4 7.0 1.7 1.5 22.8 21.7 1.0 0.8

Infosys Neutral 2,379 - 136,617 43,338 47,244 27.5 27.7 169.4 182.6 14.1 13.0 2.9 2.5 20.8 19.3 2.5 2.2

Infotech Enterprises Accumulate 170 185 1,897 1,956 2,174 17.9 17.7 20.4 21.9 8.3 7.8 1.2 1.1 14.7 13.7 0.6 0.5

KPIT Cummins Buy 111 135 2,141 2,513 2,819 16.1 15.5 12.6 14.0 8.8 7.9 1.5 1.3 17.9 16.6 0.8 0.6

Mahindra Satyam Accumulate 112 126 13,157 8,278 9,062 20.3 20.1 10.5 11.4 10.6 9.8 2.5 2.0 23.1 20.0 1.2 1.0

Mindtree Accumulate 801 920 3,326 2,599 2,871 19.4 19.2 85.2 92.3 9.4 8.7 2.0 1.6 21.4 18.9 1.0 0.8Mphasis& Neutral 390 - 8,192 6,096 6,646 17.6 17.4 38.1 41.6 10.2 9.4 1.5 1.3 14.2 13.7 0.9 0.7

NIIT Buy 21 30 347 1,144 1,267 9.0 9.1 4.3 5.4 4.9 3.9 0.5 0.5 10.3 12.0 0.1 -

Persistent Buy 501 593 2,006 1,445 1,617 25.2 25.0 55.3 59.3 9.1 8.5 1.7 1.4 18.2 16.5 1.0 0.7

TCS Accumulate 1,444 1,585 282,672 71,833 81,893 28.4 28.0 78.5 88.0 18.4 16.4 5.6 4.6 30.2 27.9 3.7 3.2

Tech Mahindra Buy 968 1,170 12,434 7,779 8,398 19.7 19.3 107.4 117.8 9.0 8.2 1.9 1.6 21.2 19.0 1.6 1.4

Wipro Accumulate 340 385 83,775 40,173 43,697 20.4 20.6 26.2 28.5 13.0 11.9 2.6 2.2 19.7 18.4 1.6 1.3

Media

D B Corp Buy 231 290 4,244 1,750 1,925 25.1 26.6 14.2 16.8 16.3 13.8 3.5 3.0 23.4 23.4 2.3 2.1

HT Media Buy 100 117 2,351 2,205 2,380 15.1 15.6 8.3 9.1 12.1 11.0 1.3 1.2 11.5 11.4 0.7 0.6

Jagran Prakashan Buy 91 119 3,024 1,664 1,825 20.9 23.0 6.4 7.8 14.2 11.7 2.9 2.6 21.0 23.1 1.9 1.7

PVR Neutral 322 - 1,276 1,359 1,540 17.3 17.4 17.2 21.6 18.7 15.0 1.9 1.7 10.3 12.0 1.4 1.2

Sun TV Network Neutral 356 - 14,024 2,287 2,551 69.7 70.5 20.0 23.3 17.8 15.3 4.4 3.9 26.4 27.3 5.8 5.1

Metals & Mining

Bhushan Steel Neutral 462 - 10,470 13,794 17,088 30.9 33.5 49.3 66.6 9.4 6.9 1.0 0.9 11.3 13.5 2.4 1.9

Coal India Buy 299 345 188,891 72,174 76,311 33.3 28.4 28.4 30.9 10.5 9.7 2.9 2.5 37.6 36.2 1.8 1.6

Electrosteel Castings Buy 14 24 441 1,976 2,017 11.8 12.7 1.3 2.6 10.7 5.2 0.1 0.1 2.6 5.2 0.5 0.1GMDC Buy 122 193 3,883 1,920 2,239 53.2 52.9 21.6 25.0 5.7 4.9 1.3 1.1 25.1 23.8 1.5 1.1

Hind. Zinc Buy 108 145 45,528 12,358 13,659 51.4 51.6 16.0 17.6 6.7 6.1 1.2 1.1 19.4 18.4 1.4 0.9

Hindalco Neutral 97 - 18,543 89,352 93,672 8.8 9.2 13.4 15.0 7.2 6.5 0.5 0.5 7.3 7.6 0.6 0.5

JSW Steel Neutral 671 - 14,975 39,973 40,926 17.2 17.0 71.9 82.8 9.3 8.1 0.8 0.7 9.0 9.6 0.7 0.6

MOIL Buy 204 248 3,430 1,010 1,046 46.5 47.6 26.8 28.8 7.6 7.1 1.1 1.0 15.4 14.7 1.0 0.7

Monnet Ispat Buy 122 193 780 2,326 2,709 21.4 23.1 33.3 43.1 3.7 2.8 0.3 0.3 8.3 9.9 1.4 1.0

Nalco Neutral 30 - 7,629 7,656 7,988 13.1 13.5 2.6 2.6 11.6 11.3 0.6 0.6 5.5 5.5 0.4 0.5

NMDC Buy 107 156 42,601 10,461 11,892 71.6 72.6 16.3 17.6 6.6 6.1 1.4 1.2 22.1 21.4 2.3 2.0


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

11/14



Metals & Mining

SAIL Neutral 53 - 22,075 44,060 54,786 9.4 11.5 5.2 7.2 10.2 7.5 0.5 0.5 5.2 6.8 0.8 0.6

Sesa Goa Buy 140 166 12,172 3,742 4,426 32.9 32.8 30.0 29.8 4.7 4.7 0.6 0.6 14.3 12.5 4.0 3.3

Sterlite Inds Buy 82 100 27,389 44,462 45,568 23.2 24.7 18.1 20.2 4.5 4.0 0.5 0.4 11.3 11.4 0.6 0.5

Tata Steel Buy 266 378 25,849 140,917 151,537 9.7 10.8 30.9 47.6 8.6 5.6 0.8 0.7 9.6 13.4 0.6 0.5

Sarda Buy 101 153 363 1,494 1,568 19.1 20.3 31.3 36.5 3.2 2.8 0.4 0.3 11.8 12.4 0.6 0.5

Prakash Industries Buy 30 45 405 2,615 2,776 12.1 12.0 9.8 10.4 3.1 2.9 0.2 0.2 6.5 6.5 0.4 0.4

Godawari Power andIspat Buy 76 102 249 2,344 2,509 14.9 15.4 38.7 47.0 2.0 1.6 0.2 0.2 12.3 12.9 0.5 0.4

Oil & Gas

Cairn India Buy 290 345 55,398 16,482 16,228 69.4 53.3 53.3 49.6 5.4 5.9 0.8 0.8 16.5 13.6 2.0 1.7

GAIL Neutral 297 - 37,661 52,102 52,876 15.7 16.1 34.1 35.7 8.7 8.3 1.4 1.2 16.4 15.3 0.3 0.2

ONGC Buy 309 372 264,493 170,063 193,024 36.3 36.9 34.7 38.3 8.9 8.1 1.5 1.4 18.3 17.9 1.3 1.0

Reliance Industries Neutral 789 - 254,851 380,031 407,721 9.9 69.3 69.3 78.0 11.4 10.1 1.1 1.0 11.5 11.7 0.6 0.6

Gujarat Gas* Neutral 208 - 2,670 3,707 3,850 11.7 12.4 23.7 25.7 8.8 8.1 2.5 2.1 29.6 28.2 0.6 0.5

Indraprastha Gas Neutral 279 - 3,905 3,700 4,218 23.4 22.8 26.7 30.4 10.5 9.2 2.2 1.8 22.7 21.8 1.1 0.9

Petronet LNG Buy 132 167 9,870 40,356 40,872 5.8 6.4 15.0 16.7 8.8 7.9 1.8 1.6 23.0 21.5 0.3 0.3

Gujarat State PetronetLtd.

Neutral 53 - 3,005 1,171 1,287 91.9 91.9 10.1 11.3 5.3 4.7 0.9 0.7 17.3 16.8 - -

Pharmaceuticals

Alembic Pharma Accumulate 129 139 2,427 1,736 2,008 17.1 18.9 10.7 13.9 12.0 9.3 3.8 2.8 35.0 34.7 1.5 1.2

Aurobindo Pharma Buy 166 271 4,828 6,641 7,637 15.9 15.9 17.3 20.6 9.6 8.1 1.5 1.3 19.5 18.9 1.2 1.0

Aventis* Neutral 2,470 - 5,688 1,682 1,917 16.6 16.6 92.4 99.1 26.7 24.9 3.8 3.8 15.7 14.8 3.0 2.5

Cadila Healthcare Buy 741 929 15,168 7,280 8,640 15.5 15.7 38.3 46.5 19.3 15.9 4.2 3.4 23.5 23.5 2.4 2.0

Cipla Buy 379 477 30,419 9,274 10,796 23.1 23.1 21.0 23.8 18.0 15.9 2.9 2.5 17.2 16.8 3.0 2.5Dr Reddy's Buy 2,157 2,535 36,647 13,377 15,350 20.4 20.1 112.3 126.8 19.2 17.0 4.1 3.4 23.5 21.8 2.8 2.4

Dishman Pharma Buy 60 168 480 1,394 1,534 22.5 22.4 15.0 16.8 4.0 3.5 0.4 0.4 11.0 11.2 1.0 0.8

GSK Pharma* Neutral 2,469 - 20,912 2,854 3,145 28.6 28.6 76.6 83.3 32.2 29.6 9.7 8.8 31.1 31.0 6.5 5.8

Indoco Remedies Buy 64 78 594 760 922 15.3 15.3 6.1 7.8 10.6 8.3 1.3 1.1 12.9 14.7 1.0 0.8

Ipca labs Neutral 641 - 8,084 3,243 3,826 20.5 21.5 36.0 44.4 17.8 14.4 4.2 3.3 26.0 25.4 2.6 2.2

Lupin Buy 760 877 34,026 11,641 13,933 21.3 21.3 34.8 41.8 21.8 18.2 5.1 4.0 26.2 24.8 3.0 2.4

Ranbaxy* Neutral 374 - 15,818 11,400 12,060 10.5 12.5 17.5 22.5 21.4 16.6 3.4 3.0 17.0 19.1 1.3 1.2

Sun Pharma Neutral 949 - 98,171 13,509 15,846 41.0 41.0 33.0 39.8 28.8 23.9 5.8 4.8 22.0 22.0 6.7 5.5

Power

GIPCL Accumulate 70 78 1,059 1,444 1,482 33.4 33.0 13.7 14.8 5.1 4.7 0.6 0.5 12.3 12.0 0.8 0.6


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

12/14



Power

NTPC Accumulate 150 163 123,476 76,734 86,680 24.5 24.3 13.4 14.5 11.2 10.3 1.4 1.3 12.8 12.7 2.3 2.2

Real Estate

DLF Buy 187 236 33,192 8,293 9,622 36.5 36.1 5.7 6.7 32.7 27.7 1.2 1.1 3.7 4.1 6.1 5.1

MLIFE Buy 398 476 1,623 888 1,002 30.6 30.6 38.8 43.4 10.2 9.2 1.1 1.0 11.2 11.4 2.4 2.1

Telecom

Bharti Airtel Buy 288 338 109,217 86,592 95,860 31.4 31.8 10.9 14.5 26.4 19.8 2.0 1.9 7.7 9.3 1.9 1.6

Idea Cellular Neutral 135 - 44,789 25,122 27,663 27.0 27.2 4.0 4.8 34.0 28.4 2.8 2.6 8.3 9.1 2.2 1.9Rcom Neutral 106 - 21,775 22,801 24,628 31.0 31.3 3.6 5.3 29.6 20.0 0.6 0.6 2.2 3.1 2.5 2.2

Others

Abbott India* Accumulate 1,445 1,659 3,070 1,863 2,081 11.8 12.4 71.2 83.0 20.3 17.4 4.1 3.5 21.6 21.5 1.4 1.1

Bajaj Electricals Buy 166 237 1,658 3,885 4,472 5.4 7.2 11.0 19.7 15.2 8.4 2.1 1.7 13.5 20.3 0.4 0.4

Cera Sanitaryware Accumulate 522 562 660 630 795 14.4 13.6 42.8 51.1 12.2 10.2 2.9 2.3 26.6 25.2 1.0 0.8

Cravatex Buy 314 459 81 248 284 6.5 7.3 27.2 38.2 11.6 8.2 1.8 1.5 15.7 18.5 0.5 0.4

Finolex Cables Buy 50 68 757 2,563 2,899 9.8 9.8 10.1 11.3 4.9 4.4 0.7 0.6 14.3 13.8 0.2 0.2

Force Motors Buy 290 437 377 2,304 2,649 3.1 3.6 28.0 43.7 10.4 6.6 0.3 0.3 3.1 4.7 0.1 0.1

Goodyear India* Accumulate 301 345 693 1,458 1,542 8.3 9.0 32.3 37.0 9.3 8.1 1.7 1.5 19.5 19.3 0.3 0.2

Hitachi Buy 130 177 353 1,053 1,169 6.3 7.1 13.8 17.7 9.4 7.3 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Neutral 2,449 - 2,165 1,842 2,131 7.7 7.8 112.4 132.4 21.8 18.5 2.7 2.4 13.3 13.8 1.1 0.9

IFB Agro Buy 159 198 143 495 651 12.7 12.9 29.3 39.5 5.4 4.0 0.8 0.7 15.4 17.6 0.4 0.3

ITD Cementation Buy 164 234 189 1,430 1,573 11.1 11.0 19.1 26.9 8.6 6.1 0.5 0.4 4.9 6.3 0.5 0.5

Jyothy Laboratories Neutral 191 - 3,075 1,220 1,476 13.3 13.6 5.5 9.0 34.6 21.1 4.0 3.5 12.1 17.7 2.9 2.3

MRF Neutral 14,357 - 6,089 11,799 12,587 14.1 13.5 1,792.4 1,802.0 8.0 8.0 1.7 1.4 23.5 19.2 0.6 0.6

Page Industries Buy 3,988 4,611 4,448 1,057 1,282 19.4 19.6 124.8 153.7 32.0 25.9 15.8 11.7 56.3 51.8 4.3 3.5Relaxo Footwears Buy 664 791 797 1,146 1,333 10.9 11.4 45.9 60.9 14.5 10.9 3.0 2.4 23.0 24.6 0.9 0.7

Siyaram Silk Mills Buy 247 343 232 1,158 1,322 11.9 11.9 72.9 85.7 3.4 2.9 0.6 0.5 19.9 19.6 0.4 0.4

Styrolution ABS India* Buy 415 617 730 1,068 1,223 9.6 9.6 38.1 44.1 10.9 9.4 1.5 1.3 14.5 14.7 0.7 0.6

TAJ GVK Buy 60 108 378 300 319 35.8 36.2 7.9 9.1 7.6 6.6 1.0 0.9 13.9 14.4 1.6 1.3

Tata Sponge Iron Buy 277 371 426 814 849 17.0 17.6 64.6 69.2 4.3 4.0 0.6 0.5 14.5 13.8 0.1 (0.1)

TTK Healthcare Buy 533 686 414 435 516 6.2 7.1 24.3 33.3 21.9 16.0 3.6 3.1 17.6 20.8 0.8 0.6

Tree House Accumulate 274 297 986 153 194 53.0 52.8 12.4 15.6 22.1 17.5 2.6 2.3 11.8 13.1 6.6 5.1

TVS Srichakra Buy 183 252 140 1,591 1,739 6.1 6.6 24.5 41.9 7.5 4.4 0.8 0.7 10.9 17.2 0.3 0.3

United Spirits Neutral 2,332 - 33,896 12,294 14,162 12.0 12.0 42.1 67.7 55.4 34.5 3.9 3.5 9.1 10.7 3.1 2.7


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

13/14



Others

Vesuvius India* Buy 365 439 741 600 638 20.1 19.4 35.7 36.6 10.2 10.0 1.8 1.6 19.4 17.1 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 14, 2013


Market Outlook

Stock Watch

June 17, 2013

7/28/2019 Market Outlook, 17-06-2013

14/14


Market Outlook, 17-06-2013

Documents

Transcript of Market Outlook, 17-06-2013