Market Outlook 29.04.13

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Market Outlook April 29, 2013

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Market Outlook April 29, 2013

Dealers Diary

The Indian markets are expected to open flat to positive mirroring flat openingtrades in the SGX Nifty and most other Asian markets.

The US markets showed a mixed performance on Friday on the back of disappointing data on 1QCY2013 economic growth and a mixed response to thelatest batch of earnings. According to new government statistics, GDP expanded ata 2.5% (as against an expectation of 3.1%) annual rate in 1QCY2013, up 0.4%from 4QCY2012. Meanwhile, the European markets ended Friday's session innegative territory, snapping its recent upward trend. The pull back was largelyattributed to profit taking following this week's strong run. The gains accumulatedthis week were largely due to speculation that the ECB will cut rates at its upcomingmeeting next week.

Meanwhile, Indian markets ended weak on Friday, as investors awaited cues from

the Reserve Bank of India's monetary policy meeting due this week. A broaderrebound in commodities, the rupee's weakness on the back of month-end importerdemand for dollars and weak European stocks following five straight sessions of gains also kept investors at bay.

Markets Today The trend deciding level for the day is 19,307 / 5,880 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rallyup to 19,365 19,442 / 5,899 5,926 levels. However, if NIFTY trades below19,307 / 5,880 levels for the first half-an-hour of trade then it may correct up to19,229 19,172 / 5,852 5,833 levels.

Indices S2 S1 PIVOT R1 R2 SENSEX 19,172 19,229 19,307 19,365 19,442NIFTY 5,833 5,852 5,880 5,899 5,926

News Analysis Result Review: ICICI Bank, Maruti, Hero MotoCorp, LIC Housing, Sesa Goa,

Styrolution, Goodyear India Result Preview: Hindustan Unilever, Sterlite, Bosch, Shree Cements, Exide

Industries, Bank of Maharashtra, Hexaware, KPITRefer detailed news analysis on the following page

Net Inflows (April 25, 2013)` cr Purch Sales Net MTD YTDFII 6,221 4,675 1,546 4,450 59,201MFs 238 492 (254) (894) (8,062)

FII Derivatives (April 26, 2013)` cr Purch Sales Net Open Interest

Index Futures 1,559 1,269 290 9,779Stock Futures 1,585 2,064 (479) 22,544

Gainers / LosersGainers Losers

Company Price ( ` ) chg (%) Company Price ( ` ) chg (%)

LIC Housing Fin 247 6.3 Unitech 27 (6.4)Sobha Developers 399 5.6 HDIL 54 (5.9)Maruti Suzuki 1,673 5.3 HCL Technology 684 (4.8)Idea Cellular 122 5.2 Reliance Capital 347 (4.6)United Phosphorus 139 4.9 Oriental Bank 266 (4.6)

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex (0.6) (120) 19,287

Nifty (0.8) (45) 5,871

MID CAP (0.6) (40) 6,275

SMALL CAP (0.5) (33) 6,024

BSE HC (0.8) (69) 8,625

BSE PSU (0.8) (55) 6,838

BANKEX (1.4) (202) 14,343

AUTO 0.8 90 10,848

METAL (1.4) (121) 8,637

OIL & GAS (1.6) (142) 8,692

BSE IT (1.5) (86) 5,615

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 12 14,713NASDAQ (0.3) (11) 3,279

FTSE (0.3) (16) 6,426

Nikkei (0.3) (42) 13,884

Hang Seng 0.7 146 22,548

Straits Times 0.3 11 3,349

Shanghai Com (1.0) (21) 2,178

Indian AD R Chg (%) (Pts) (Close)

INFY (1.9) (0.8) $40.1

WIT (0.9) (0.1) $7.7IBN (1.4) (0.6) $45.4

HDB (0.5) (0.2) $42.1

Advances / Declines BSE NSE

Advances 949 529

Declines 1,356 840

Unchanged 136 89

Volumes ( ` cr)

BSE 2,265

NSE 11,250

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Market OutlookApril 29, 2013

Result Review

ICICI Bank (CMP: ` 1,144/ TP: ` 1,306/ Upside: 11%)

ICICI bank delivered a healthy performance for 4Q FY2013, with net profit growthof 21.2% yoy. On the operating front, the bank witnessed a healthy 22.5% yoygrowth in its Net interest income, however disappointment on the non-interestincome front with a flat yoy performance, limited the operating profit growth to15.8% yoy. On the asset quality front, while the bank reported sequentially stableNPA ratios, however, incremental restructuring at around ` 1,200cr, came in onexpected lines.

Business growth moderate; NIMs improve sequentially by 26bp: During4Q FY2013, the banks advances grew by 14.4% yoy, aided by a strong 29.9% yoygrowth in the domestic corporate book. The growth in the retail portfolio wasmoderate at 11.4% yoy. O n the deposits front, the bank witnessed moderategrowth of 14.3% yoy . CASA accretion remained moderate at 10.4% yoy, primarilyaided by savings deposits, which increased by 12.6% yoy, even as current depositsdeclined by 10.4% yoy. CASA ratio was higher by 100bp qoq to 41.9%. Thereported overall NIM improved by 26bp qoq to 3.33%, mainly on account of 23bpsequential improvement in the domestic NIM to 3.7%, while international NIMsremained stable sequentially. The non-interest income (excluding treasury) de-grewby 9.9% yoy basis to ` 1,866cr, however the bank registered higher treasury gainsof ` 342cr during the quarter (primarily bond gains) as against ` 158cr in4QFY2012, which aided it to report flat performance on the overall non-interestincome front. O n the asset quality front, the bank reported stability, as Gross andNet NPA levels remained flat sequentially, on an absolute basis. Gross NPA ratio

declined sequentially by 9bp to 3.2%, while net NPA ratio came in flat at 0.8%.During the quarter, the bank restructured loans worth ` 1,146cr (though higher,but was on expected lines), thereby taking its restructured book to ` 5,315cr.

Outlook and valuation: The banks substantial branch expansion in the past threeto four years is expected to sustain a far more favorable deposit mix goingforward. Moreover, a lower risk balance sheet has driven down NPA provisioningcosts, which we believe will drive a 15.7% CAGR in net profit over FY2013-15Eand enable a RoE of 16.5% by FY2015E (with further upside from financialleverage). At the current market price, the banks core banking business (afteradjusting ` 158/ share towards value of the subsidiaries) is trading at 1.72x

FY2015E ABV (including subsidiaries, the stock is trading at 1.66x FY2015E ABV).We value the banks subsidiaries at ` 158/share and the core bank at` 1,149/ share (2.0x FY2015E ABV). We maintain our Accumulate rating on thestock with a target price of ` 1,306.

Y/E Op. Inc NIM PAT EPS ABV ROA ROE P/E P/AB

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 26,371 3.0 9,693 84.1 626.4 1.5 15.8 14.0 1.9

FY2015E 31,618 3.0 11,152 96.7 688.5 1.4 16.5 12.2 1.7

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Maruti Suzuki (CMP: ` 1,673/ TP: ` 1,847/ Upside: 10%)

For 4QFY2013, Maruti Suzuki (MSIL) reported extremely strong results (pre SPILmerger), beating ours as well as consensus estimates by a significant margin.

The top-line registered a healthy growth of 9.1% yoy (14.2% qoq) to ` 12,793crwhich was broadly in-line with our estimates. The top-line performance wasprimarily driven by a strong 14.7% yoy (flat qoq) growth in net average realizationled by better product-mix (higher share of Swift, Dzire and Ertiga), price hikes andlower levels of discounts (at ` 10,500/unit vs ` 12,100/unit in 3QFY2013). Thevolumes however, registered a decline of 4.6% yoy led by the weak demand forentry segment cars (down 13.7% yoy) and slowdown in exports (down 10.5% yoy).

The export revenue for the quarter stood at ` 1,530cr (strong growth of 23% yoyand 15.9% qoq) driven by a robust net average realization growth of 37.4% yoy(8.2% qoq). Nevertheless, the bottom-line at ` 1,148cr (79.3% yoy) wassubstantially ahead of our expectations driven by strong expansion in EBITDA

margins (up 306bp yoy and 243bp qoq to 10.4%), higher other income (up 120%qoq) and lower tax rate (17.1% vs. 25.8% in 3Q FY2013). MSILs EBITDA marginregistered a sharp expansion of 306bp yoy to 10.4%, which was significantlyahead of our estimates of 8.6%. The EBITDA margin expansion was led by betterproduct-mix, price hikes, lower average discounts and favorable currencymovement (+ve impact of ~120bp qoq). The raw-material cost as a percentage of sales declined 310bp yoy to 76.5%, led largely by superior product-mix (towardsSwift, Dzire and Ertiga ), positive impact of Yen depreciation and ongoing costreduction initiatives. Due to the favorable movement in exchange rate, the royaltyoutgo during the quarter stood at 4.8% (down 30bp yoy and 80bp qoq). Duringthe quarter, MSIL merged its engine manufacturing subsidiary Suzuki Power Train

India (SPIL) with itself through a share swap ratio of 1:70 as announced earlier.

Going ahead, the ongoing weakness in Yen (down ~10% yoy against INR in YTDCY2013) which partially benefited EBITDA margins in 4QFY2013 is expectedto enhance profitability in FY2014 as the favorable currency impact on indirectexposure is expected to reflect completely in FY2014. We expect EBITDA marginsto improve 150bp in FY2014 driven by favorable product-mix and currencymovement, lower discounts, ongoing cost reduction initiatives and also on accountof the SPIL merger. As a result, we expect MSIL to register strong earnings CAGR of ~25% over FY2013-15. At ` 1,673, MSIL is trading at 13.6x FY2015E earnings(including the impact of SPIL merger). We recommend Accumulate rating on the

stock with a target price of ` 1,847, valuing the stock at 15x FY2015 earnings.

Y/E Sales OPM PAT EPS RoE P/E P/ B EV/ EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 48,455 11.2 3,258 107.8 16.2 15.5 2.3 7.8 0.9FY2015E 55,723 10.9 3,720 123.1 16.0 13.6 2.0 6.7 0.7

Hero MotoCorp (CMP: ` 1,597/ TP: ` 1,767/ Upside: 11%)

Hero MotoCorp (HMCL) reported better-than-expected results for 4Q FY2013 ledby sequential improvement (up ~120bp) in operating margins to 13.8%. The

margin improvement was largely due to the depreciation of Yen (vs. the INR) whichled to significant savings on the raw-material front. While the top-line growth waslargely in-line with our estimates; bottom-line came in 16.7% ahead of ourestimates driven by strong operating performance.

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For 4QFY2013, HMCLs top-line recorded a modest growth of 1.8% yoy (down0.7% qoq) to ` 6,146cr driven primarily by 4.8% yoy (1.7% qoq) growth in netaverage realization. Volume performance however was subdued (down ~3% yoyand qoq) owing to slowdown in demand and increasing competition from HondaMotors and Scooters India. The operating performance witnessed a sharp

improvement during the quarter as margins expanded ~120bp qoq to 13.8% ledby 3.2% decline in raw-material cost. We believe this could possibly be on accountof ongoing depreciation in Yen vs. the INR. Led by better-than-expected operatingperformance, bottom-line registered a robust growth of 17.7% qoq to ` 574cr,which was ahead of our expectations of ` 492cr. O n a yoy basis though, net profitdeclined 4.9% following 150bp decline in operating margins.

At the CMP of ` 1,597, the stock is trading at 11.8x FY2015E earnings. We shallrelease a detailed note post the conference call with the management which isscheduled on April 29, 2013. We maintain our Accumulate rating on the stockwith a target price of ` 1,767.

Y/E Sales OPM PAT EP ROE P/E P/B EV/EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 25,112 13.9 2,076 103.9 38.8 15.4 5.6 7.6 1.1

FY2015E 27,477 13.6 2,714 135.9 42.7 11.8 4.5 6.8 0.9

LIC Housing (CMP: ` 247/ TP: Under Review/ Upside: -)

LIC Housing Finance reported a healthy set of numbers for 4Q FY2013, with netinterest income growth of 20.3% yoy and earnings growth of 24.7% yoy. Keyhighlights from the results were sequentially improvement in NIMs (36bp) and

stability witnessed on the asset quality front (Gross NPA ratio at 0.61% and NetNPA ratio at 0.36%).

NIM improved qoq; Asset quality improved: LICHFs loan book grew strongly by23.3% yoy to ` 77,812cr during 4QFY2013. Loans to the individual segment grewby 25.5% yoy, while loans to the developer segment declined by 16.3% yoy.Hence, the share of developer loans declined from 3.9% in 3Q FY2013 to 3.4% for4Q FY2013. The margins remained flat yoy at 2.45%, however, were higher by36bp sequentially primarily due to the 27bp decline in cost of funds. During thequarter, the company witnessed improvement in asset quality, as gross and netNPA levels declined sequentially by 12.5% and 15.8%, respectively, on an absolute

basis. Gross and Net NPA ratios, improved by 13bp and 9bp, respectively to0.61% and 0.36%. Provision coverage ratio improved sequentially from 39.1% to41.4%.

Outlook and valuation: At the CMP, the stock is trading at a P/ABV multiple of 1.4x FY2015E ABV. The stock rating and target price is currently under review.


March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 2,127 2.2 1,266 25.1 146.3 1.4 18.3 9.3 1.6

FY2015E 2,498 2.2 1,426 28.2 168.4 1.3 17.9 8.2 1.4

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Sesa Goa (CMP: ` 152/ TP: ` 163/ Upside: 7%)

For 4Q FY2013, Sesa Goa (Sesa) reported disappointing results due to continuingiron ore ban in Goa. The net sales declined by 89.8% yoy to ` 285cr mainly onaccount of no iron ore sales. The Pig iron and Met coke sales however grew 59.0%

and 28.0% to 95kt and 90kt respectively. Consequently the company reported anEBITDA loss of ` 78cr and a net loss of ` 215cr in 4QFY2013. Sesa reported shareof income from associate (Cairn India) of ` 512cr during 4QFY2013. The adjustedPAT including share of profit from associate declined 74.4% yoy to ` 298cr. Theproposed Sesa-Sterlite merger has received the approval of the High Court of Bombay at Goa on 3 April 2013. The hearings at the High Court of Madras havebeen completed and the order is awaited. we continue to value Sesa-Sterlite as amerged entity and based on its SOTP valuation maintain our Accumulate rating onthe stock with a target price of ` 163.

Y/E Sales OPM PAT EPS ROIC P/E P/BV EV/EBITDA EV/sales

March ( ` cr) (%) ( ` cr) (` ) (%) (x) (x) (x) (x)

FY2014E 3,742 32.9 2,785 31.3 14.8 4.9 0.7 13.3 4.4

FY2015E 4,426 32.8 2,774 31.2 12.9 4.9 0.6 10.9 3.6

Styrolution ABS Ltd. (CMP: ` 501/ TP: ` 617/ Upside: 23%)

Styrolution ABS Ltd. (Styrolution) reported poor set of numbers for 1Q CY2013. Topline growth for the quarter was flat at 2.6% yoy to ` 242cr, 6.9% lower than ourestimate of ` 260cr. EBITDA was lower by 1.0% yoy to ` 23.4cr, 6.13% lower thanour expectation owing to poor top-line growth. EBITDA margin for the quarterremained constant yoy at 9.7%, better than our estimate of 9.6%. The company

reported net profit of `15cr, 15% lower than our estimates of

`18cr. As we rollover

to CY2014E we continue to maintain our Buy recommendation on the stock withthe revised target price of ` 617, based on target PE of 14x.

Y/E Sales OPM PAT EPS ROIC P/E P/BV EV/EBITDA EV/sales

Dec ( ` cr) (%) ( ` cr) (` ) (%) (x) (x) (x) (x)

CY2013E 1,069 9.6 67 38 17.0 13.1 1.8 8.4 0.8

CY2014E 1,223 9.6 78 44 18.4 11.4 1.6 7.1 0.7

Goodyear India (CMP: ` 256/ TP: ` 352/ Upside: 38%)

For 1QCY2013, Goodyear reported a better-than-expected top-line of ` 337cr,marginally higher on a yoy basis from ` 331cr in 1QCY2012. A decline in rawmaterial cost led to an expansion of the EBITDA margin by 302bp yoy from 6.0%in 1QCY2012 to 9.0% in 1QCY2013. This margin expansion coupled with higherother income led to a stupendous growth in net profit of 90.6% yoy to ` 21cr from` 11cr in 1QCY2012. Though a slowdown in auto industry is expected to keeprevenue growth restrained, we believe lower rubber prices would help growth innet profit, going forward. Hence, we upgrade the stock to Buy with a revised targetprice of ` 352 based on a target PE of 8x for CY2014E.

Y/E Sales OPM PAT EPS RoE P/E P/B EV/EBITDA EV/sales

Dec ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

CY2013E 1,453 9.4 89 38.4 22.9 6.7 1.4 2.3 0.2

CY2014E 1,559 9.8 96 41.4 20.8 6.2 1.2 1.6 0.2

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Result Preview

Hindustan Unilever (CMP: ` 465/ TP: -/ Upside: -)

Hindustan Unilever is scheduled to declare its 4QFY2013 results today. We expectthe top-line to grow by 12.2% yoy to ` 6,354cr. OPM is expected to increase by55bp yoy to 13.4%. Bottom-line is expected to increase by 29.6% yoy to ` 854cr.We maintain our Neutral recommendation on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/B EV/EBITDA EV/sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 28,974 13.5 3,663 16.9 74.3 27.4 17.5 24.2 3.3

FY2015E 32,970 13.5 3,913 18.1 58.3 25.7 13.1 21.0 2.8

Sterlite Industries (CMP: ` 90/ TP: ` 98/ Upside: 9%)

Sterlite Industries is slated to announce its 4QFY2013 results today. The top-line is

expected to grow by 5.3% yoy to ` 11,334cr. EBITDA margin is however expectedto contract by 200bp yoy to 23.1% due to lower aluminum segment profitability.

The bottom-line is expected to increase by 10.5% yoy to ` 1,522cr due to higherother income. We maintain our Accumulate view on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/B EV/EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 45,864 24.8 6,578 19.6 12.1 4.6 0.5 2.0 0.5

FY2015E 46,970 26.3 7,295 21.7 12.1 4.1 0.5 1.6 0.4

Bosch (CMP: ` 9,028/ TP: - / Upside: -)

Bosch (BOS) is slated to announce its 1QCY2013 results today. We expect Bosch(BOS) to post a ~14% yoy decline in revenues during the quarter to ` 1,983cr ledby continued weakness in the MHCV and tractor industries, which are the primarydrivers of company's revenues. On the operating front, we expect margins todecline by a significant ~780bp yoy to 13% led by continued raw-material costpressures (due to INR depreciation) and lower utilization levels. As a result, the netprofit is expected to decline by ~46% yoy to ` 181cr during the quarter. At ` 9,028,the stock is trading at 21.3x CY2014E earnings. Currently, we have a Neutralrating on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

CY2013E 9,717 16.2 1,114 354.7 17.2 25.5 4.4 16.0 2.5

CY2014E 11,092 17.0 1,329 423.3 17.5 21.3 3.7 13.0 2.1

Shree Cement (CMP: ` 4,324/ TP: -/ Upside: -)

Shree Cement is scheduled to declare its 3QFY2013 results today. We expectthe top-line to grow by 9.7% yoy to ` 1,510cr. The OPM is expected to declineby 375bp yoy to 23.4%. Bottom-line is expected to increase by 76.8% yoy to` 207cr. We maintain our Neutral recommendation on the stock.

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Y/E Sales OPM PAT EPS ROE P/E P/B EV/EBITDA EV/tonne

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (US $)

FY2014E 6,706 28.7 1,178 338 28.5 12.8 3.2 5.5 138

FY2015E 7,751 27.7 1,308 376 25.2 11.5 2.6 4.3

Note: Computed on TTM basis

Exide Industries (CMP: ` 139/ TP: ` 146/ Upside: 5%)

Exide Industries (EXID) is slated to announce its 4QFY2013 results today. Weexpect EXID to post a modest revenue growth of ~7% yoy to ` 1,551cr led bysteady market share gains in the replacement segment. The sluggish demand inthe OEM segment, however, is expected to restrict the overall performance. Weexpect EBITDA margins to decline ~230bp yoy to 12.5% primarily on account of increase in lead prices (up ~10% yoy), which is expected to result in a ~12% yoydecline in net profit to ` 126cr. At the CMP of ` 139, the stock is trading at 15.7xFY2015E earnings. Currently, we have an Accumulate rating on the stock with atarget price of ` 146.

Y/E Sales OPM PAT EPS ROE P/E P/B EV/EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 7,026 14.2 657 7.7 18.0 18.0 3.0 9.7 1.4

FY2015E 8,026 14.2 753 8.9 17.9 15.7 2.6 8.1 1.1

Bank of Maharashtra (CMP: ` 50 / TP: ` 56 / Upside: 11.8%)

Bank of Maharashtra is scheduled to announce its 4QFY2013 results today. Weexpect the bank to report a 28.6% yoy growth in Net Interest Income to ` 832cr.

Growth in non-interest income is expected to come in moderate at 10.8% yoy to` 191cr. O perating expenses are expected to increase by only 4.2% yoy to ` 594cr,on a high base and hence, operating profit is expected to grow by 71.9% yoy.Provisioning expenses are expected to decline by 10.3% yoy, while tax expensesare expected to increase from ` 33cr to ` 87cr. Overall, we expect net profit tocome in at ` 213cr, as against from ` 73cr in 4Q FY2012. At the CMP, the stock istrading at 0.6x FY2014E ABV. We recommend Accumulate rating on the stock,with a target price of ` 56.


March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 4,289 2.9 826 11.6 79.3 0.6 15.7 4.3 0.6FY2015E 4,670 2.8 922 13.1 89.4 0.6 15.6 3.8 0.6

Hexaware (CMP: ` 83 / TP: ` 105 / Upside: 27%)

Hexaware is slated to announce its 1QCY2013 results today. We expect thecompany to post a revenue growth of 2.4% qoq to US$94.6mn. In rupee terms,revenues are expected to come in at ` 512cr, up 2% qoq. EBITDA margin isexpected to increase by 180bp qoq to 18.8%. PAT is expected to come in at ` 74cr.We maintain our Buy rating on the stock with a target price of ` 105.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

CY2013E 2,137 18.8 311 10.4 22.6 8.0 1.8 5.1 1.0

CY2014E 2,350 19.2 352 11.7 22.1 7.1 1.5 4.4 0.8

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KPIT (CMP: ` 95/ TP: ` 130/ Upside: 37%)

KPIT Cummins Infosystems (KPIT) is slated to announce its 4QFY2013 resultstoday. We expect the company to post revenue of US$105mn, ie higher by 1.5%.In INR terms, the revenue is expected to come in at ` 569cr, higher by 1.1% qoq.

The EBITDA margin is expected to increase by 20bp qoq to 15.8%. PAT is expectedto come in at ` 54cr. We maintain our Buy rating on the stock with a target price of ` 130.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

March ( ` cr) (%) ( ` cr) ( ` ) (%) (x) (x) (x) (x)

FY2014E 2,458 15.5 241 13.1 20.9 7.2 1.5 3.7 0.6

FY2015E 2,729 15.2 267 14.5 18.8 6.5 1.2 2.9 0.4

Quarterly Bloomberg Brokers Consensus Estimates

Exide Industries (29/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 1,602 1,446 11 1,654 (3)

EBITDA 204 213 (4) 165 24

EBITDA margin (%) 12.7 14.7 10.0

Net profit 131 143 (8) 104 26

Sterlite Industries Consolidated (29/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 11,049 10,763 3 10,692 3

EBITDA 2,693 2,705 (0) 2,327 16

EBITDA margin (%) 24.4 25.1 21.8

Net profit 1,476 1,277 16 1,191 24

Dabur India Consolidated (30/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 1,564 1,364 15 1,631 (4)

EBITDA 261 224 16 275 (5)

EBITDA margin (%) 16.7 16.5 16.8

Net profit 199 171 17 211 (6)

Godrej Consumer Products Consolidated (30/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 1,695 1,323 28 1,691 0

EBITDA 309 250 23 285 8

EBITDA margin (%) 18.2 18.9 16.8

Net profit 206 193 7 172 20

IDFC Consolidated (01/05/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net profit 489 335 46 455 7

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Sterlite Industries Consolidated (29/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 11,045 10,763 3 10,692 3

EBITDA 2,696 2,705 (0) 2,327 16

EBITDA margin (%) 24.4 25.1 21.8

Net profit 1,480 1,277 16 1,191 24

Dabur India Consolidated (30/04/2013)Particulars ( ` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)

Net sales 1,564 1,364 15 1,631 (4)

EBITDA 261 224 16 275 (5)

EBITDA margin (%) 16.7 16.5 16.8

Net profit 199 171 17 211 (6)

Godrej Consumer Products Consolidated (30/04/2013)

Particulars (`

cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,695 1,323 28 1,691 0

EBITDA 309 250 23 285 8

EBITDA margin (%) 18.2 18.9 16.8

Net profit 206 193 7 172 20

Economic and Political News Monsoon in 2013 to be better than last year: IMD DoT proposes amendment in licence terms regarding CMS Ficci pitches for 1% cut in rates by RBI to boost growth Gold imports down 12% in Apr-Feb 2012-13 CCEA likely to consider IKEA's FDI proposal next week

Corporate News Air India gets ` 800cr in equity infusion Tata Power pushes for 60-85paise hike to keep Mundra UMPP viable Third 500 MW unit of NTPC's Jhajjar plant starts selling power Lupin receives FDA nod for oral contraceptive drug

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

7/30/2019 Market Outlook 29.04.13

10/19

Date Company

April 29, 2013 HUL, Sterlite Inds, Bosch India, Exide Industries, IOB, Areva, Hexaware, Bank of Maharashtra, KPIT Cummins

April 30, 2013 Dabur India, Godrej Consumer, Petronet LNG, Marico, Aventis, TVS Motor, Finolex Cables, Taj GVK

May 01, 2013 IDFC, GlaxoSmith Con

May 02, 2013Bharti Airtel, Kotak Mah. Bank, Canara Bank, Oriental Bank, Andhra Bank, Syndicate Bank, Alembic Pharma,

Automotive AxleMay 03, 2013 Ambuja Cements, ACC, Titan Inds., Hind. Const., Honeywell Automation

May 04, 2013 Grasim Inds, Jaiprakash Asso., Gujarat Gas

May 05, 2013

May 06, 2013 Mundra Port, Adani Power, South Ind.Bank

May 07, 2013 GSK Pharma, Shriram Trans., Glenmark Pharma., ITNL, CEAT

May 08, 2013 HDFC, Ranbaxy, ABB, Corporation Bank

May 09, 2013 Asian Paints, Union Bank

May 10, 2013 NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, Punj Lloyd

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg DataLast Reported Estimated

April 29, 2013 2:30PM Euro ZoneEuro-Zone Consumer Confidence Value Apr F (22.30) (22.30)

April 30, 2013 1:25PM Germany Unemployment change (000's) Thousands Apr 13.00 2.00

7:30PM US Consumer Confidence S.A./ 1985=100 Apr 59.70 59.75

May 1, 2013 2:00PM UK PMI Manufacturing Value Apr 48.30 48.30

6:30AM China PMI Manufacturing Value Apr 50.90 50.70

11:30PM US FOMC rate decision % May 1 0.25 0.25

May 2, 2013 1:25PM Germany PMI Manufacturing Value Apr F 47.90 47.90

5:15PM Euro Zone ECB announces interest rates % May 2 0.75 0.50May 3, 2013 6:00PM US Change in Nonfarm payrolls Thousands Apr 88.00 145.00

6:00PM US Unnemployment rate % Apr 7.60 7.60

11:00AM India RBI Repo rate % May 3 7.50 7.25

11:00AM India RBI Cash Reserve ratio % May 3 4.00 4.00

11:00AM India RBI Reverse Repo rate % May 3 6.50 6.25

May 6, 2013 1:25PM Germany PMI Services Value Apr F 49.20 --

May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 --

May 9, 2013 2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --

4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50

7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 --


April 29, 2013

Market Outlook

7/30/2019 Market Outlook 29.04.13

11/19



Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

5.7

9.0

7.5

11.2

8.57.6

8.29.2

7.56.5

6.05.3 5.5 5.3

4.5

3.04.05.06.07.08.09.0

10.011.012.0

1 Q F Y 1 0

2 Q F Y 1 0

3 Q F Y 1 0

4 Q F Y 1 0

1 Q F Y 1 1

2 Q F Y 1 1

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)

(2.8)

(1.3)

2.5

(2.0)

(0.1)

2.0

(0.7)

8.4

(1.0) (0.5)

2.4

0.6

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

M a r - 1 2

A p r - 1 2

M a - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c t - 1

2

N o v - 1 2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

(%)

7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.36.6 6.8

6.0

0.01.0

2.03.04.05.06.07.08.09.0

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

F e b

- 1 2

M a r - 1 2

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o v - 1 2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

M a r - 1 2

A p r - 1 2

M a y - 1 2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

Exports yoy growth Imports yoy growth(%)

7.50

6.50

4.003.00

4.00

5.00

6.00

7.00

8.00

9.00

A p r - 1 2

M a - 1

2

J u n - 1

2

J u l - 1 2

A u g - 1

2

S e p - 1

2

O c - 1

2

N o - 1

2

D e c - 1 2

J a n - 1

3

F e b

- 1 3

M a r - 1 3

Repo rate Reverse Repo rate CRR(%)

7/30/2019 Market Outlook 29.04.13

12/19

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 125 - 2,423 1,657 1,906 14.1 14.1 7.7 8.9 16.2 14.0 3.4 2.9 22.2 21.9 1.4 1.2

United Phosphorus Buy 139 232 6,135 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 268 326 4,577 3,418 3,892 15.1 14.9 19.8 21.7 13.5 12.3 3.3 2.7 27.1 23.7 1.3 1.2

Apollo Tyres Accumulate 91 103 4,587 14,401 15,841 11.4 11.5 13.6 15.9 6.7 5.7 1.1 1.0 18.4 18.2 0.5 0.4 Ashok Leyland Buy 22 27 5,973 13,833 16,192 9.6 9.7 2.0 2.7 11.4 8.5 1.9 1.7 12.1 15.2 0.5 0.4

Automotive Axle# Neutral 299 - 452 934 1,103 10.2 10.7 24.5 34.3 12.2 8.7 1.6 1.4 13.2 16.9 0.5 0.4Bajaj Auto Accumulate 1,893 2,014 54,782 22,552 25,498 18.6 18.6 117.9 134.3 16.1 14.1 5.8 4.6 40.2 36.6 2.0 1.7Bharat Forge Neutral 232 - 5,401 6,198 6,793 14.6 14.9 14.5 17.3 16.0 13.4 2.1 1.9 13.6 14.7 1.0 0.9

Bosch India* Neutral 9,028 - 28,346 9,717 11,092 16.2 17.0 354.7 423.3 25.5 21.3 4.4 3.7 17.2 17.5 2.6 2.2CEAT Buy 107 155 365 5,403 6,057 8.3 8.3 36.4 41.3 2.9 2.6 0.4 0.4 15.3 16.6 0.2 0.2

Exide Industries Accumulate 139 146 11,815 7,026 8,027 14.2 14.2 7.7 8.9 17.9 15.6 3.0 2.6 18.0 17.9 1.4 1.2FAG Bearings* Neutral 1,346 - 2,237 1,525 1,742 14.5 15.7 88.4 109.5 15.2 12.3 2.2 1.9 15.5 16.5 1.3 1.1

Hero Motocorp Accumulate 1,597 1,767 31,889 25,112 27,477 13.9 13.6 103.9 135.9 15.4 11.8 5.6 4.6 38.8 42.7 1.1 0.9JK Tyre Buy 111 154 458 7,972 8,754 7.1 7.1 37.5 44.0 3.0 2.5 0.5 0.4 16.4 16.6 0.3 0.3Mahindra and Mahindra Accumulate 891 1,006 54,721 44,550 50,260 11.4 11.7 59.6 68.3 15.0 13.1 3.1 2.6 22.3 21.6 1.0 0.8

Maruti Accumulate 1,673 1,847 48,348 48,455 55,723 11.2 10.9 107.8 123.2 15.5 13.6 2.4 2.0 16.2 16.0 0.8 0.7Motherson Sumi Buy 183 222 10,758 28,442 31,493 7.5 7.8 12.5 14.8 14.6 12.4 3.6 2.9 27.5 25.8 0.5 0.5

Subros Buy 26 30 154 1,479 1,685 10.0 9.9 5.5 7.5 4.7 3.4 0.5 0.5 11.1 13.7 0.4 0.3Tata Motors Accumulate 296 324 78,966 206,341 227,695 12.8 13.5 32.3 39.0 9.2 7.6 1.9 1.6 23.1 23.2 0.5 0.4

TVS Motor Accumulate 38 40 1,791 7,714 8,532 6.1 6.3 4.8 5.8 7.8 6.5 1.2 1.1 16.5 17.5 0.2 0.1

Capital Goods

ABB* Reduce 498 452 10,555 8,073 9,052 5.5 7.2 11.3 17.4 44.2 28.7 3.8 3.5 8.9 12.8 1.3 1.1BGR Energy Neutral 188 - 1,354 4,114 4,886 11.4 10.7 24.9 28.0 7.5 6.7 1.0 0.9 25.2 22.6 0.6 0.6BHEL Neutral 189 - 46,235 43,757 40,934 17.3 16.9 20.9 19.0 9.0 10.0 2.0 1.8 23.7 18.8 0.9 0.9

Blue Star Buy 161 230 1,448 2,896 3,087 5.6 6.2 9.3 11.7 17.3 13.7 2.9 2.4 17.6 19.2 0.6 0.5Crompton Greaves Buy 91 117 5,812 13,790 15,095 6.4 7.4 6.9 9.4 13.2 9.7 1.5 1.3 11.7 14.5 0.5 0.4Jyoti Structures Accumulate 30 34 245 3,074 3,355 9.0 8.8 8.7 10.2 3.4 2.9 0.3 0.3 10.4 11.1 0.3 0.2

KEC International Buy 53 67 1,374 7,750 8,631 6.8 7.0 7.7 9.2 7.0 5.8 1.0 0.9 20.8 20.8 0.3 0.3Thermax Neutral 580 - 6,910 5,931 6,592 9.6 9.7 31.0 34.3 18.7 16.9 3.3 2.8 18.6 17.9 1.0 0.9

Cement

ACC Accumulate 1,246 1,361 23,391 12,182 13,435 21.0 22.4 78.7 98.8 15.8 12.6 2.9 2.6 19.0 21.4 1.6 1.4


Market Outlook

Stock Watch

April 29, 2013

7/30/2019 Market Outlook 29.04.13

13/19



Cement

Ambuja Cements Neutral 188 - 28,957 10,681 11,991 25.0 25.5 10.8 12.8 17.3 14.7 3.0 2.7 18.1 19.4 2.2 1.9India Cements Neutral 81 - 2,494 4,777 5,276 17.3 17.1 8.8 10.9 9.2 7.5 0.7 0.7 7.5 8.8 0.9 0.8

J K Lakshmi Cement Buy 96 143 1,133 2,313 2,728 19.8 20.7 16.6 23.1 5.8 4.2 0.8 0.6 13.6 16.5 1.0 0.8Madras Cements Neutral 241 - 5,740 4,293 4,855 27.4 28.6 21.8 28.2 11.1 8.5 2.0 1.7 19.6 21.3 1.8 1.5

Shree Cement^ Neutral 4,324 - 15,064 6,706 7,751 28.7 27.7 338.2 375.5 12.8 11.5 3.3 2.6 28.5 25.2 1.6 1.2UltraTech Cement Neutral 1,907 - 52,294 21,947 25,049 23.8 23.8 106.1 119.8 18.0 15.9 3.0 2.6 17.7 17.3 2.5 2.1

Construction Ashoka Buildcon Buy 188 272 987 2,013 2,293 22.5 22.5 26.0 24.4 7.2 7.7 0.8 0.7 11.7 9.9 2.1 1.9Consolidated Co Neutral 12 - 227 2,281 2,492 5.9 6.9 0.7 2.0 18.0 6.1 0.4 0.4 2.3 6.5 0.4 0.3

IRB Infra Buy 116 167 3,850 4,152 4,624 44.4 45.0 17.0 17.2 6.8 6.7 1.1 0.9 16.2 14.6 3.3 3.4ITNL Buy 177 230 3,433 7,177 7,772 27.4 28.9 29.4 32.4 6.0 5.5 0.9 0.8 16.5 15.9 2.7 2.7IVRCL Infra Buy 20 35 621 6,287 6,836 8.5 8.5 2.3 3.0 8.6 6.7 0.3 0.3 3.4 4.2 0.5 0.5

Jaiprakash Asso. Buy 75 95 16,654 14,914 15,699 26 .2 26 .4 4.2 4.4 17.9 17.3 1.2 1.1 6.8 6.6 2.5 2.4Larsen & Toubro Buy 1,542 1,795 94,948 69,586 79,247 11.2 11.1 75.1 84.9 20.5 18.2 2.9 2.6 15.2 15.0 1.6 1.4

Nagarjuna Const. Buy 32 45 816 6,576 7,264 8.2 8.3 4.1 4.8 7.8 6.7 0.3 0.3 4.2 4.7 0.5 0.5Punj Lloyd Neutral 52 - 1,732 1,338 1,542 10.2 10.2 3.0 4.8 17.6 11.0 0.6 0.6 3.4 5.2 5.5 5.3

Sadbhav Engg. Buy 114 153 1,721 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.8 13.3 12.7 0.9 0.8Simplex Infra Buy 118 164 584 6,824 7,563 9.2 9.4 18.0 23.4 6.6 5.1 0.4 0.4 6.9 8.3 0.5 0.4

Unity Infra Buy 31 45 232 2,455 2,734 13.4 13.0 14.6 14.9 2.2 2.1 0.3 0.2 12.3 11.3 0.5 0.5

Financials

Allahabad Bank Buy 134 155 6,710 7,137 7,907 2.9 2.8 32.3 36.0 4.2 3.7 0.6 0.5 14.2 14.2 - -

Andhra Bank Neutral 92 - 5,165 5,285 5,937 3.0 2.9 21.2 23.4 4.4 4.0 0.6 0.6 13.4 13.4 - -

Axis Bank Buy 1,487 1,737 69,573 19,055 22,710 3.3 3.2 130.7 152.3 11.4 9.8 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 697 815 29,370 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.8 0.8 0.7 15.2 16.0 - -

Bank of India Accumulate 326 360 19,423 14,284 16,295 2.3 2.3 55.9 68.4 5.8 4.8 0.8 0.7 13.9 15.2 - -Bank of Maharashtra Accumulate 50 56 3,307 4,289 4,670 2.9 2.8 11.6 13.1 4.3 3.8 0.6 0.6 15.7 15.6 - -

Canara Bank Accumulate 422 461 18,672 11,673 13,208 2.3 2.3 74.8 85.8 5.6 4.9 0.8 0.7 13.7 14.1 - -Central Bank Neutral 69 - 7,255 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -

Corporation Bank Buy 379 453 5,802 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -Dena Bank Accumulate 93 101 3,249 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.5 0.6 0.5 15.5 15.3 - -

Federal Bank Neutral 462 - 7,904 2,916 3,389 3.3 3.3 50.1 59.4 9.2 7.8 1.1 1.0 12.8 13.7 - -


Market Outlook

Stock Watch

April 29, 2013

7/30/2019 Market Outlook 29.04.13

14/19



Financials

HDFC Reduce 873 822 134,933 8,928 10,684 3.7 3.7 38.4 45.3 22.7 19.3 4.9 4.4 32.5 32.4 - -HDFC Bank Neutral 689 - 164,028 27,682 33,916 4.6 4.6 35.3 42.7 19.5 16.2 3.8 3.2 21.3 21.8 - -

ICICI Bank Accumulate 1,144 1,306 132,006 26,371 31,618 3.0 3.0 84.1 96.7 13.6 11.8 1.8 1.7 15.8 16.5 - -IDBI Bank Accumulate 89 96 11,841 9,309 10,541 2.1 2.2 20.1 23.4 4.4 3.8 0.6 0.5 12.8 13.5 - -

Indian Bank Buy 163 200 7,005 6,276 6,968 3.1 3.1 38.3 42.3 4.3 3.9 0.6 0.6 15.2 14.9 - -IOB Buy 67 78 6,201 8,205 9,048 2.6 2.5 16.4 20.3 4.1 3.3 0.5 0.4 11.6 13.1 - -

J & K Bank Neutral 1,288 - 6,242 3,032 3,118 3.8 3.5 218.1 200.9 5.9 6.4 1.1 1.0 19.9 16.0 - -LIC Housing Finance Neutral 247 - 12,465 2,127 2,498 2.2 2.2 25.1 28.2 9.9 8.8 1.7 1.5 18.3 17.9 - -Oriental Bank Accumulate 266 282 7,758 6,791 7,478 2.7 2.7 56.7 63.4 4.7 4.2 0.6 0.5 12.9 13.1 - -

Punjab Natl.Bank Buy 772 889 27,283 21,161 24,166 3.3 3.3 153.4 176.4 5.0 4.4 0.8 0.7 16.1 16.3 - -South Ind.Bank Neutral 24 - 3,172 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -

St Bk of India Accumulate 2,290 2,567 156,613 67,091 76,746 3.2 3.1 241.2 280.4 9.5 8.2 1.5 1.3 16.5 17.0 - -Syndicate Bank Accumulate 117 130 7,064 7,340 8,212 2.9 2.8 26.4 28.7 4.4 4.1 0.7 0.6 15.8 15.2 - -

UCO Bank Neutral 67 - 5,050 6,126 6,665 2.6 2.5 12.2 14.4 5.5 4.7 0.8 0.7 11.8 12.6 - -Union Bank Accumulate 234 264 13,938 11,226 12,769 2.7 2.7 41.0 47.8 5.7 4.9 0.8 0.7 14.8 15.4 - -United Bank Accumulate 60 68 2,230 3,597 4,008 2.6 2.7 16.0 20.8 3.7 2.9 0.5 0.4 12.5 14.7 - -

Vijaya Bank Neutral 53 - 2,621 2,600 2,946 2.0 2.1 9.7 11.0 5.4 4.8 0.6 0.6 11.4 11.7 - -Yes Bank Neutral 498 - 17,850 4,390 5,411 2.8 2.8 41.6 47.9 12.0 10.4 2.5 2.1 23.2 22.1 - -

FMCG

Asian Paints Neutral 4,706 - 45,140 13,319 15,805 15.7 15.7 143.8 170.2 32.7 27.7 10.3 8.1 35.1 32.7 3.3 2.8Britannia Neutral 566 - 6,766 6,417 7,446 5.1 5.5 20.3 25.2 27.9 22.5 9.5 7.5 37.4 37.3 1.0 0.8

Colgate Neutral 1,395 - 18,969 3,588 4,130 21.1 21.6 44.7 51.9 31.2 26.9 28.1 20.9 100.0 89.1 5.1 4.4Dabur India Neutral 146 - 25,456 7,183 8,340 16.8 16.8 5.4 6.3 27.0 23.1 10.5 8.2 43.9 39.9 3.5 3.0

GlaxoSmith Con* Neutral 3,841 - 16,155 3,617 4,260 16.1 16.4 120.6 146.4 31.9 26.2 9.8 7.9 33.8 33.4 4.1 3.4Godrej Consumer Neutral 846 - 28,804 7,801 9,017 17.0 17.0 26.5 31.9 31.9 26.5 7.2 5.9 26.5 25.9 3.8 3.2

HUL Neutral 465 - 100,587 28,974 32,970 13.5 13.5 17.0 18.1 27.5 25.7 17.5 13.1 74.3 58.3 3.3 2.8ITC Neutral 319 - 252,029 33,506 39,067 36.8 37.0 11.1 13.0 28.8 24.6 9.3 7.6 35.5 34.1 7.2 6.1

Marico Neutral 219 - 14,101 5,352 6,204 14.0 14.0 7.9 9.8 27.6 22.3 5.7 4.6 22.8 22.9 2.6 2.2Nestle* Neutral 4,714 - 45,450 9,739 11,307 21.5 22.2 131.6 159.9 35.8 29.5 18.1 13.0 58.8 69.5 4.6 3.9Tata Global Neutral 140 - 8,682 7,998 8,798 9.7 9.8 7.9 8.7 17.8 16.1 2.2 2.1 9.6 9.8 1.0 0.9


Market Outlook

Stock Watch

April 29, 2013

7/30/2019 Market Outlook 29.04.13

15/19



IT

HCL Tech^ Buy 684 863 47,590 28,633 32,216 21.5 20.7 57.3 61.7 11.9 11.1 2.8 2.4 24.0 21.5 1.5 1.2Hexaware* Buy 83 105 2,470 2,137 2,350 18.8 19.2 10.4 11.7 8.0 7.1 1.8 1.5 22.6 22.1 1.0 0.9

Infosys Accumulate 2,212 2,465 127,038 43,338 47,244 27.5 27.7 169.4 182.6 13.1 12.1 2.7 2.3 20.8 19.3 2.3 2.0Infotech Enterprises Buy 165 196 1,840 1,994 2,039 18.1 18.5 20.2 21.8 8.2 7.6 1.1 1.0 13.8 13.1 0.5 0.4

KPIT Cummins Buy 95 130 1,824 2,458 2,729 15.5 15.2 13.1 14.5 7.2 6.5 1.5 1.2 20.9 18.8 0.6 0.5Mahindra Satyam Buy 106 143 12,450 8,456 9,385 19.3 19.1 10.6 11.9 10.0 8.9 2.2 1.8 22.4 20.1 1.0 0.8

Mindtree Accumulate 810 926 3,365 2,587 2,823 19.4 19.4 87.2 92.6 9.3 8.8 2.0 1.6 21.8 18.8 1.0 0.8Mphasis& Accumulate 375 395 7,883 6,096 6,646 17.6 17.4 38.1 41.6 9.9 9.0 1.4 1.2 14.2 13.7 0.8 0.6NIIT Buy 24 30 392 1,144 1,267 9.0 9.1 4.3 5.4 5.5 4.4 0.6 0.5 10.3 12.0 0.1 0.1

Persistent Buy 508 602 2,033 1,433 1,591 24.7 24.6 55.5 60.2 9.2 8.4 1.7 1.4 18.4 16.8 1.0 0.8TCS Buy 1,368 1,585 267,787 71,833 81,893 28.4 28.0 78.5 88.0 17.4 15.5 5.3 4.3 30.2 27.9 3.5 3.0

Tech Mahindra Buy 926 1,230 11,866 7,699 8,315 19.3 18.1 107.0 115.0 8.7 8.1 1.9 1.5 21.7 19.1 1.5 1.3 Wipro Buy 330 385 81,301 40,173 43,697 20.4 20.6 26.2 28.5 12.6 11.6 2.5 2.1 19.7 18.4 1.5 1.3

Media

D B Corp Buy 227 272 4,171 1,787 1,974 25.4 26.4 14.5 16.9 15.6 13.5 3.3 2.8 22.4 22.2 2.2 1.9HT Media Accumulate 102 117 2,400 2,205 2,380 15.1 15.6 8.0 9.1 12.8 11.3 1.4 1.2 11.2 11.4 0.7 0.6

Jagran Prakashan Buy 91 121 3,032 1,698 1,908 23.9 24.5 7.4 8.4 12.4 10.9 3.1 2.7 26.7 26.8 1.9 1.7PVR Neutral 330 - 1,309 1,343 1,521 18.8 18.9 18.3 22.9 18.0 14.5 1.7 1.9 10.6 12.3 1.0 0.9

Sun TV Network Neutral 419 - 16,526 2,293 2,571 68.7 68.7 19.3 22.7 21.7 18.5 5.3 4.7 26.1 27.3 6.7 5.8

Metals & Mining

Bhushan Steel Neutral 457 - 10,340 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9

Coal India Accumulate 319 345 201,555 72,174 76,311 33.3 28.4 28.4 30.9 11.2 10.3 3.1 2.7 37.6 36.2 2.0 1.8

Electrosteel Castings Buy 17 26 578 2,074 2,176 10.4 11.3 1.9 2.3 8.8 7.3 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 153 213 4,853 1,944 2,317 49.9 51.7 20.8 25.6 7.4 6.0 1.6 1.3 24.3 24.6 2.0 1.5

Hind. Zinc Buy 119 145 50,091 12,358 13,659 51.4 51.6 16.0 17.6 7.4 6.7 1.3 1.2 19.4 18.4 1.8 1.2Hindalco Neutral 99 - 18,954 88,987 94,163 9.2 9.7 13.8 15.9 7.2 6.2 0.5 0.5 7.6 8.1 0.6 0.5

JSW Steel Neutral 704 - 15,714 39,524 42,064 17.1 16.9 71.8 86.3 9.8 8.2 0.8 0.8 8.6 9.6 0.7 0.6MOIL Accumulate 229 243 3,843 954 1,062 45.5 47.4 26.1 29.1 8.8 7.9 1.3 1.1 15.1 15.2 1.5 1.2

Monnet Ispat Buy 198 291 1,264 2,883 3,181 21.7 23.6 40.3 57.7 4.9 3.4 0.5 0.4 10.1 13.0 1.3 1.1Nalco Neutral 36 - 9,214 8,187 8,416 14.5 14.7 3.2 3.3 11.2 11.0 0.8 0.7 6.8 6.7 0.6 0.6

NMDC Buy 127 179 50,193 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.7 1.5 1.3 20.6 20.2 2.7 2.1


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7/30/2019 Market Outlook 29.04.13

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Metals & Mining

SAIL Neutral 62 - 25,751 53,685 64,183 9.3 12.2 5.5 8.3 11.4 7.6 0.6 0.6 5.4 7.7 0.8 0.8Sesa Goa Accumulate 152 163 13,223 3,742 4,426 32.9 32.8 31.3 31.2 4.9 4.9 0.7 0.6 14.8 12.9 4.3 3.5

Sterlite Inds Accumulate 90 98 30,145 45,864 46,970 23.8 25.3 18.8 20.9 4.8 4.3 0.5 0.5 11.7 11.8 0.6 0.5Tata Steel Buy 305 430 29,608 141,775 151,672 10.5 11.4 35.3 51.7 8.6 5.9 0.6 0.6 7.6 10.3 0.5 0.5

Sarda Buy 110 153 396 1,494 1,568 19.1 20.3 31.3 36.5 3.5 3.0 0.4 0.4 11.8 12.4 0.6 0.5Prakash Industries Buy 36 48 484 2,668 2,834 10.0 10.1 4.6 5.2 7.8 7.0 0.2 0.2 3.2 3.4 0.5 0.4Godawari Power andIspat Buy 88 118 287 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4Oil & Gas

Cairn India Accumulate 300 345 57,308 16,482 16,228 69.4 53.3 53.3 49.6 5.6 6.1 0.9 0.8 16.5 13.6 2.1 1.8

GAIL Neutral 351 - 44,498 55,815 63,013 15.3 15.2 35.9 41.5 9.8 8.5 1.6 1.4 17.0 17.1 0.7 0.5ONGC Accumulate 324 354 277,497 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.3

Reliance Industries Neutral 793 - 256,113 380,031 407,721 9.9 69.3 69.3 78.0 11.5 10.2 1.1 1.0 11.5 11.7 0.6 0.6Gujarat Gas* Neutral 245 - 3,146 3,707 3,850 11.7 12.4 23.7 25.7 10.4 9.6 2.9 2.5 29.6 28.2 0.7 0.7Indraprastha Gas Neutral 305 - 4,264 3,700 4,218 23.4 22.8 26.6 30.4 11.4 10.0 2.4 2.0 22.6 21.7 1.2 1.0

Petronet LNG Buy 136 174 10,230 41,362 40,852 5.8 6.5 15.6 17.4 8.7 7.9 1.9 1.6 24.1 22.5 0.3 0.3Gujarat State PetronetLtd. Neutral 68 - 3,832 1,079 983 91.8 91.9 8.8 7.8 7.8 8.7 1.3 1.2 17.8 14.1 3.3 3.5

Pharmaceuticals

Alembic Pharma Accumulate 111 122 2,096 1,714 1,976 17.1 19.0 9.5 12.2 11.7 9.1 3.1 2.4 30.2 29.8 1.3 1.1

Aurobindo Pharma Buy 190 264 5,539 6,279 7,033 16.0 16.0 15.2 19.2 12.5 9.9 1.7 1.4 19.2 18.0 1.4 1.2 Aventis* Neutral 2,512 - 5,786 1,682 1,917 16.6 16.6 92.4 99.1 27.2 25.4 3.8 3.8 15.7 14.8 3.1 2.5Cadila Healthcare Buy 774 962 15,847 7,386 8,863 18.0 18.0 39.5 48.1 19.6 16.1 4.4 3.6 24.8 24.7 2.4 2.0

Cipla Accumulate 410 463 32,892 9,130 10,543 24.8 23.0 21.6 23.2 19.0 17.7 3.1 2.7 17.6 16.2 3.3 2.8Dr Reddy's Neutral 1,990 - 33,784 11,662 13,101 21.0 20.8 92.9 103.9 21.4 19.2 4.1 3.5 20.8 19.6 3.0 2.7

Dishman Pharma Buy 68 206 550 1,536 1,739 20.2 20.9 15.4 20.6 4.4 3.3 0.5 0.4 11.6 13.7 1.0 0.8GSK Pharma* Neutral 2,201 - 18,646 2,993 3,319 30.4 30.2 78.1 86.7 28.2 25.4 8.6 7.7 31.6 31.9 5.4 4.8

Indoco Remedies Buy 63 90 582 784 902 15.2 15.2 7.8 9.0 8.1 7.0 1.2 1.0 15.6 15.8 1.0 0.8Ipca labs Buy 516 676 6,510 3,474 4,168 21.0 21.0 37.3 45.1 13.8 11.4 3.3 2.6 26.4 25.3 2.0 1.7

Lupin Buy 685 792 30,642 11,564 13,847 21.1 21.1 32.8 39.6 20.9 17.3 4.8 3.8 25.7 24.7 2.7 2.2Ranbaxy* Neutral 459 - 19,406 11,400 12,060 12.5 12.5 21.6 22.5 21.2 20.4 4.1 3.5 20.6 18.5 1.6 1.5Sun Pharma Reduce 956 888 98,833 12,563 14,698 42.6 42.6 29.8 35.5 32.1 26.9 5.7 4.8 19.2 19.3 7.2 6.0

Power

GIPCL Accumulate 72 78 1,082 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8


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Power

NTPC Accumulate 155 163 127,640 81,951 92,264 24.1 24.3 13.6 14.9 11.4 10.4 1.4 1.3 13.0 13.1 2.3 2.1

Real Estate

DLF Buy 238 288 40,370 9,699 12,010 37.0 36.9 6.0 8.4 39.8 28.3 1.5 1.4 3.8 5.1 5.6 4.6

MLIFE Accumulate 409 446 1,670 888 1,002 26.7 25.9 36.3 40.6 11.3 10.1 1.2 1.1 10.8 11.0 2.1 1.9

Telecom

Bharti Airtel Neutral 318 - 120,913 86,933 96,121 30.2 31.2 10.3 15.7 31.0 20.3 2.2 2.0 7.0 9.7 2.1 1.8

Idea Cellular Neutral 122 - 40,534 24,959 27,232 27.1 27.5 3.7 4.7 32.9 26.0 2.7 2.4 8.1 9.2 2.0 1.8Rcom Neutral 93 - 19,206 22,221 24,253 32.0 32.2 4.3 6.4 21.5 14.5 0.5 0.5 2.4 3.4 2.4 2.0

Others

Abbott India* Buy 1,361 1,659 2,892 1,863 2,081 11.8 12.4 71.2 83.0 19.1 16.4 3.8 3.3 21.6 21.5 1.3 1.0Bajaj Electricals Buy 173 237 1,725 3,929 4,480 7.4 7.7 15.5 19.7 11.2 8.8 1.9 1.6 17.4 18.7 0.4 0.4

Cera Sanitaryware Buy 447 620 566 596 743 16.2 16.1 45.0 56.3 9.9 7.9 2.5 1.9 27.8 26.9 1.0 0.8Cravatex Buy 337 566 87 308 351 7.0 7.0 39.6 47.2 8.5 7.1 1.9 1.5 21.8 21.0 0.4 0.3

Finolex Cables Buy 53 68 813 2,559 2,893 9.8 9.8 9.8 11.3 5.4 4.7 0.8 0.7 14.1 14.1 0.2 0.2Force Motors Buy 381 570 497 2,299 2,621 4.7 4.9 46.3 57.0 8.2 6.7 0.4 0.4 5.0 5.8 0.1 0.1

Goodyear India* Buy 256 352 590 1,453 1,560 9.4 9.8 38.4 41.4 6.7 6.2 1.4 1.2 22.9 20.8 0.2 0.2Hitachi Buy 129 177 350 1,053 1,169 6.3 7.1 13.8 17.7 9.3 7.3 1.3 1.1 15.0 16.7 0.4 0.3

Honeywell Automation* Buy 2,409 2,842 2,130 2,117 2,491 8.1 7.8 137.9 157.9 17.5 15.3 2.6 2.3 16.0 15.8 0.9 0.8IFB Agro Accumulate 173 198 155 495 651 12.7 12.9 29.3 39.5 5.9 4.4 0.8 0.7 15.4 17.6 0.4 0.3ITD Cementation Buy 179 238 206 1,430 1,573 12.1 12.2 21.8 30.6 8.2 5.8 0.5 0.5 6.1 8.0 0.6 0.6

Jyothy Laboratories Neutral 175 - 2,828 979 1,164 14.9 15.1 6.0 7.7 29.2 22.8 3.6 3.3 12.9 15.1 3.0 2.5MRF Accumulate 13,589 14,416 5,763 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.6 7.5 1.6 1.3 23.5 19.2 0.6 0.5

Page Industries Neutral 3,568 - 3,980 1,047 1,281 19.6 19.8 127.3 1 58.1 28.0 22.6 13.4 9.7 54.9 50.0 3.9 3.2Relaxo Footwears Buy 569 786 683 1,148 1,360 11.7 11.9 55.5 71.4 10.3 8.0 2.4 1.9 26.3 26.2 0.7 0.6

Siyaram Silk Mills Buy 245 312 229 1,157 1,320 11.9 12.0 66.6 77.9 3.7 3.1 0.6 0.5 18.3 18.2 0.5 0.4S. Kumars Nationwide Neutral 8 - 230 6,765 7,393 18.1 18.0 6.4 7.5 1.2 1.0 0.1 0.1 6.1 6.7 0.6 0.6

Styrolution ABS India* Buy 500 744 879 1,069 1,223 9.7 9.7 40.0 46.5 12.5 10.8 1.8 1.5 15.1 15.3 0.8 0.7TAJ GVK Buy 64 108 398 300 319 35.8 36.2 7.9 9.1 8.0 7.0 1.1 1.0 13.9 14.4 1.6 1.4Tata Sponge Iron Buy 296 371 455 814 849 17.0 17.6 64.6 69.2 4.6 4.3 0.6 0.6 14.5 13.8 0.2 -

TTK Healthcare Accumulate 483 553 375 435 516 6.2 7.1 24.3 33.3 19.9 14.5 3.3 2.8 17.6 20.8 0.7 0.6Tree House Neutral 270 - 973 150 192 52.7 52.5 12.8 16.2 21.1 16.7 2.1 1.9 10.0 11.1 6.1 4.6

TVS Srichakra Buy 188 226 144 1,591 1,739 7.1 7.4 39.4 56.5 4.8 3.3 0.9 0.8 20.6 25.0 0.3 0.3


Market Outlook

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April 29, 2013

7/30/2019 Market Outlook 29.04.13

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Others

United Spirits Neutral 2,046 - 26,760 11,886 13,491 14.4 14.0 50.9 74.5 40.2 27.5 3.3 3.0 10.6 11.4 2.6 2.2 Vesuvius India* Buy 362 439 736 600 638 20.1 19.4 35.7 36.6 10.2 9.9 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 April 26, 2013


Market Outlook

Stock Watch

April 29, 2013

7/30/2019 Market Outlook 29.04.13

19/19

Market Outlook

April 29, 2013

Market Outlook 29.04.13

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Transcript of Market Outlook 29.04.13