Market Outlook Market Outlook: Dealer's Diary

Market Outlook
June 6, 2012
Dealers Diary
The domestic markets are expected to open on a positive note following positive
opening in most of the Asian indices.
Domestic Indices
BSE Sensex
0.2
32.2 16,021
Globally, US markets ended the day in the positive territory after showing a lack of
direction earlier in the session. After seeing substantial weakness at the start of the
session, buying interest emerged after The Philadelphia Housing Sector Index
surged up by 3%, bouncing well off a nearly five-month closing low. Buying
interest, however, remained relatively subdued amid lingering concerns about the
U.S. economic outlook following last Friday's weaker than expected jobs report,
limiting the upside for the markets. Meanwhile, investors also were watchful of the
developments in Europe amid news of an emergency conference call by the
finance ministers and central bank governors of the Group of Seven industrialized
nations.
Nifty
0.3
15.2
4,863
MID CAP
0.3
19.2
5,828
SMALL CAP
0.2
12.8
6,193
BSE HC
0.4
25.3
6,547
BSE PSU
0.4
23.4
6,722
BANKEX
0.8
88.8 10,891
Looking ahead, key events to watch out for would be the developments in Europe
with the European Central Bank scheduled to hold its monetary policy meeting
today. Even Indian markets would be watchful ahead of the central bank's midquarterly policy review on June 18.
S1
PIVOT
R1
AUTO
(0.2)
(18.1)
8,730
METAL
(0.3)
(27.1)
9,848
OIL & GAS
0.7
53.1
7,567
BSE IT
0.4
20.3
5,557
(Pts)
(Close)
Global Indices
Dow Jones
5,260
Nikkei
1.0
86.4
8,382
Hang Seng
0.4
73.4 18,259
Straits Times
0.5
13.4
2,712
Shanghai Com
0.2
3.4
2,312
Chg (%)
(Pts)
(Close)
INFY
1.4
0.6
$43.3
R2
WIT
0.7
0.1
$8.6
0.6
0.2
$28.4
0.0
0.0
$28.1
Indian ADRs
15,888
15,954
16,046
16,113
16,205
4,819
4,841
4,870
4,892
4,921
HDB
News Analysis
Advances / Declines
EGoM clears minimum 10-MHz spectrum auction, puts off decision on pricing
Regulator recommends cancelation of 1 gas pipeline for GAIL
Refer detailed news analysis on the following page
Net Inflows (June 04, 2012)

` cr
Purch
Sales
Net
MTD
YTD
FII
1,496
2,071
(574)
(713)
41,226
518
431
87
52
(6,415)
FII Derivatives (June 05, 2012)

` cr
Purch
Sales
Net
Index Futures
1,272
986
286
7,667
Stock Futures
1,170
891
279
20,373
Open Interest
Gainers / Losers
Losers
Price (`)
chg (%)
46
7.9
Wockhardt
870
5.6
Apollo Tyres
78
(4.1)
Exide Industries
124
5.2
Gujarat State Petr.
67
(3.3)
Mcleod Russel
288
4.5
Tata Motors
222
(3.2)
Oriental Bank
230
4.5
Unitech
21
(2.8)
JP Infratech
www.angelbroking.com
BSE
NSE
Advances
1,406
784
Declines
1,291
657
131
89
Unchanged
Gainers
Company
Mphasis
26.5 12,128
2,778
NIFTY
Company
0.2
18.1
FTSE
SENSEX
MFs
Chg (%)
(60.7)
NASDAQ
IBN
(Close)
0.7
The trend deciding level for the day is 16,046/4,870 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,113 16,205/4,892 4,921 levels. However, if NIFTY trades below
16,046/4,870 levels for the first half-an-hour of trade then it may correct up to
15,954 15,883/4,841 4,819 levels.
S2
(Pts)
(1.1)
Markets Today
Indices
Chg (%)
Price (`)
chg (%)
346
(5.4)
Volumes (` cr)
BSE
1,820
NSE
8,587
Market Outlook
June 6, 2012
EGoM clears minimum 10-MHz spectrum auction, puts off

decision on pricing
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab
Mukherjee on Tuesday decided to sell up to 13.75 MHz of spectrum in the 1800
MHz band in the upcoming auctions, raising the possibility of two mobile phone
companies winning back their cancelled permits but put off a decision on the
contentious issue of determining the reserve price for spectrum auction. A
minimum of 10 MHz (eight blocks of 1.25Mhz) of airwaves will be sold in all 22
circles. In addition, a provision will be made for spectrum in another three blocks
of 1.25 MHz each to meet the requirements of new operators. It also decided that
airwaves allotted in this auction will be technology-neutral, and it will be up to the
winner to decide whether it wants to offer 2G, 3G or 4G services on these
frequencies. We believe this is a positive development for telecom companies,
however, overall we remain Neutral on telecom sector until regulatory clarity on all
the impending issues emerges.
Regulator recommends cancelation of 1 gas pipeline for GAIL

Petroleum and Natural Gas Regulatory Board (PNGRB) has recommended that
license for one upcoming pipeline of GAIL should be revoked as the project have
witnessed considerable delay. The primary reason for very little progress on the
projects has been falling gas production from KG D6 basin which would have
provided gas for its pipelines. KG D6 gas output has currently decreased
34mmscmd compared to estimated 80mmscmd. The final decision for
cancellation of license will be taken by the Oil Ministry. Until further update on this
matter, we maintain our Buy view on GAIL with a target price of `392.
Economic and Political News
HSBC India Services PMI jumps to 3-month high to 54.7 in May 2012
Power Ministry asks Coal Ministry to change penalty clause in fuel pacts
Government likely to announce new guidelines to revive SEZs
Government announces steps to raise exports to US$360bn in FY2012-13
Monsoon reaches Kerala, may progress further: IMD
Corporate News
Lupin receives USFDA approval for antibiotic capsules

Essar Oil completes optimization at its Vadinar refinery in Gujarat
Suzlon announces launch of a new turbine with up to 29% more output
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
June 06, 2012
Global economic events release calendar

Date
Jun 6 2012 12:00AM
Country
Event Description
Euro Zone
ECB announces interest rates
US
Initial Jobless claims
UK
BOE Announces rates
China
China
Bloomberg Data
Last Reported
Estimated
Mar-12
--
--
May-12
1.00
1.00
Thousands
26-May-12
383.00
378.00
% Ratio
May-12
0.50
0.50
Industrial Production (YoY)
% Change
Apr-12
9.30
9.80
Consumer Price Index (YoY)
% Change
Apr-12
3.40
3.20
Jun 10 2012 12:00AM China
Exports YoY%
% Change
Apr-12
4.90
7.10
Jun 12 2012 12:00AM India
Industrial Production YoY
% Change
Mar-12
(3.50)
--
Industrial Production (YoY)
% Change
Mar-12
(2.60)
--
Jun 13 2012 12:00AM US
Producer Price Index (mom)
% Change
Apr-12
(0.20)
(0.70)
Jun 14 2012 12:00AM US
Consumer price index (mom)
% Change
Apr-12
--
(0.20)
Apr-12
2.60
--
% Change
Apr-12
7.23
--
Apr-12
1.09
0.10
Jun 9 2012 12:00AM
Euro-Zone GDP s.a. (QoQ)
Period
% Change
Jun 7 2012 12:00AM
Euro Zone
Unit
UK
Euro Zone
Jun 15 2012 12:00AM US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Jun 18 2012 12:00AM India
RBI Repo rate
8.00
--
India
RBI Cash Reserve ratio
4.75
--
India
RBI Reverse Repo rate
India
7.00
--
CPI (YoY)
% Change
Apr-12
3.00
--
US
Housing Starts
Thousands
Apr-12
717.00
--
US
Building permits
Thousands
Apr-12
723.00
--
Jobless claims change
% Change
Apr-12
(13.70)
--
Apr-12
0.25
--
Value
May-12
51.80
--
Jun 19 2012 12:00AM UK
Jun 20 2012 12:00AM UK

US
Jun 23 2012 12:00AM Germany
Source: Bloomberg, Angel Research
FOMC rate decision

PMI Services
Market Strategy
June 6, 2012
Macro watch
Exhibit1: QuarterlyGDPtrends
(%)
4.0
4.1
3.4
2.7
2.5
(6.0)
Mar-12
Feb-12
(4.0)
Jan-12
1.1
Dec-11
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(2.0)
3QFY10
3.0
2QFY10
1QFY10
2.0
4.0
4QFY09
5.0
Source:CSO,AngelResearch
6.0
3.7
Nov-11
5.3
6.2
5.3
6.0
6.1
5.9
Oct-11
6.0
8.0
6.7
Sep-11
7.0
7.6
7.4
9.5
10.0
8.0
Aug-11
7.5
8.0
8.2
Jul-11
8.5
9.0
12.0
9.2
Jun-11
9.4
May-11
9.8
Apr-11
(%)
10.0
Exhibit2: IIPtrends
(3.5)
(5.0)
Source:MOSPI,AngelResearch
Exhibit3: MonthlyWPIinflationtrends
Exhibit4: ManufacturingandservicesPMI
(%)
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Services PMI
58.0
9.5
7.4
6.9
7.2
6.9
56.0
Source:MOSPI,AngelResearch
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
Jun-11
52.0
May-11
4.0
Jun-11
54.0
6.0
May-11
10.0
Mfg. PMI
60.0
12.0
Source:Market,AngelResearch;Note:Levelabove50indicatesexpansion
Exhibit5: Exportsandimportsgrowthtrends
(%)
Exports yoy growth
Exhibit6: Keypolicyrates
Imports yoy growth
Repo rate
(%)
9.00
90
75
Reverse Repo rate
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source:Bloomberg,AngelResearch
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
4.00
Source:RBI,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
May-12
15
(15)
7.00
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
123
2,394
1,432
1,647
14.7
14.7
7.0
8.0
17.6
15.4
3.7
3.2
22.8
22.3
1.7
1.4
United Phosphorus
Buy
112
183
5,169
8,191
8,764
16.5
16.5
17.1
18.3
6.6
6.1
1.1
0.9
17.5
16.2
0.8
0.7
Amara Raja Batteries
Buy
298
345
2,549
2,691
3,032
15.6
15.5
29.4
32.8
10.2
9.1
2.4
1.9
26.5
23.6
0.9
0.8
Apollo Tyres
Buy
78
100
3,939
13,699
15,184
10.5
10.2
12.1
13.3
6.5
5.9
1.2
1.0
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,718
14,798
16,687
9.6
9.6
2.4
3.0
10.4
8.5
2.1
1.8
14.8
16.5
0.5
0.5
Automotive Axle
Buy
445
514
672
1,211
1,387
12.1
11.7
50.3
57.1
8.9
7.8
2.2
1.8
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,494
1,835
43,237
22,118
24,889
19.0
18.6
115.7
126.5
12.9
11.8
5.2
4.1
45.0
38.9
1.5
1.3
Bharat Forge
Buy
303
372
7,051
7,173
7,998
16.3
16.5
22.3
26.6
13.6
11.4
2.6
2.2
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,830
9,429
27,725
9,390
10,716
19.5
19.1
420.2
471.4
21.0
18.7
4.9
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
91
164
311
5,067
5,631
8.0
7.6
39.4
41.0
2.3
2.2
0.4
0.3
18.8
16.5
0.3
0.3
Exide Industries
Buy
124
146
10,553
5,787
6,595
15.5
17.0
7.1
9.0
17.5
13.9
3.1
2.6
18.6
20.3
1.5
1.2
FAG Bearings
Accumulate
1,515
1,594
2,518
1,531
1,748
18.8
18.5
118.0
132.8
12.8
11.4
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Buy
1,866
2,221
37,256
26,106
29,296
15.0
15.2
140.3
148.1
13.3
12.6
6.3
4.8
54.8
43.3
1.1
0.9
JK Tyre
Buy
75
113
307
8,058
9,025
5.4
5.5
24.8
32.2
3.0
2.3
0.3
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
655
793
40,200
34,740
39,263
10.7
11.0
44.9
51.7
14.6
12.7
2.6
2.3
18.9
19.1
0.8
0.7
Maruti
Buy
1,079
1,510
31,165
42,683
48,736
7.1
7.5
86.6
100.6
12.5
10.7
1.8
1.6
15.3
15.5
0.5
0.4
Motherson Sumi
Buy
160
216
6,182
11,167
12,516
9.5
10.0
11.3
14.4
14.1
11.1
3.1
2.5
23.3
24.7
0.6
0.6
Subros
Neutral
31
188
1,225
1,393
8.5
8.2
4.2
5.0
7.5
6.3
0.8
0.7
10.3
11.8
0.4
0.3
Tata Motors
Buy
222
299
59,045 189,676 209,586
12.5
12.5
38.3
43.2
5.8
5.1
1.9
1.5
36.0
31.9
0.4
0.4
TVS Motor
Buy
33
55
1,546
7,982
8,816
6.4
6.3
5.0
5.6
6.5
5.9
1.2
1.0
18.9
18.2
0.2
0.2
ABB*
Sell
720
498
15,248
8,760
10,023
6.4
6.4
18.2
20.7
39.5
34.7
5.3
4.8
14.4
14.6
1.7
1.5
BGR Energy
Neutral
276
1,991
4,170
5,396
11.5
10.4
27.2
30.4
10.2
9.1
1.7
1.5
17.3
17.4
1.1
1.0
BHEL
Neutral
210
51,424
46,344
46,916
18.3
18.6
23.5
24.1
8.9
8.7
1.8
1.6
21.3
18.9
1.0
0.9
Blue Star
Buy
161
221
1,449
3,250
3,551
5.9
5.9
12.4
15.8
13.0
10.2
2.7
2.2
21.2
23.8
0.5
0.4
Crompton Greaves
Buy
112
164
7,162
12,936
14,101
9.6
10.0
10.9
11.7
10.3
9.5
1.8
1.5
18.4
17.3
0.6
0.5
Jyoti Structures
Buy
39
67
321
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.4
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
51
73
1,312
6,686
7,200
7.7
7.9
10.6
12.2
4.8
4.2
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,552
2,609
1,749
2,663
3,130
12.8
12.8
185.0
217.4
8.4
7.1
1.7
1.5
21.2
21.7
0.2
0.1
Thermax
Neutral
441
5,259
5,514
5,559
8.3
8.0
29.7
28.4
14.9
15.6
2.8
2.5
20.2
16.9
0.8
0.8
Capital Goods
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,130
21,218
11,018
12,663
19.9
21.2
70.7
81.2
16.0
13.9
2.8
2.5
18.0
19.0
1.7
1.4
Ambuja Cements
Neutral
146
22,451
10,035
11,504
23.5
23.8
10.1
10.6
14.4
13.8
2.8
2.6
18.5
19.4
1.9
1.5
India Cements
Neutral
73
2,245
4,423
4,906
18.2
18.8
9.9
12.7
7.4
5.8
0.6
0.6
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
62
79
757
1,938
2,246
19.1
20.1
14.6
16.1
4.2
3.8
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
137
3,267
3,444
3,786
25.5
24.9
14.6
17.1
9.4
8.1
1.4
1.2
15.6
16.0
1.6
1.3
Shree Cements
Neutral
2,354
8,201
5,465
6,249
24.3
23.7
151.5
222.1
15.5
10.6
3.7
3.2
21.6
25.8
1.2
0.9
UltraTech Cement
Neutral
1,385
37,946
20,116
22,655
21.3
22.5
82.1
97.5
16.9
14.2
2.7
2.3
16.8
17.4
1.8
1.7
209
273
1,102
2,014
2,293
22.4
22.4
22.6
26.7
9.3
7.8
1.0
0.9
11.4
11.9
2.4
2.7
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
251
2,526
2,792
5.7
6.6
1.8
2.8
7.4
4.8
0.4
0.4
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
17
1,056
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(9.7)
(22.3)
1.0
1.1
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
114
166
3,801
3,821
4,582
42.3
40.2
15.0
16.9
7.6
6.8
1.2
1.0
16.1
15.8
2.6
2.4
ITNL
Buy
171
265
3,329
6,619
7,925
23.8
23.3
22.0
26.7
7.8
6.4
1.1
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
39
61
1,041
5,510
6,722
8.8
9.0
2.5
4.6
15.4
8.5
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
64
88
13,535
15,259
17,502
25.7
24.7
4.2
5.0
15.0
12.7
1.2
1.1
8.5
9.3
2.2
1.9
Larsen & Toubro
Buy
1,210
1,553
74,116
59,559
69,089
12.1
11.5
70.8
76.5
17.1
15.8
2.6
2.3
16.1
15.3
1.4
1.2
Madhucon Proj
Buy
38
70
278
2,206
2,502
10.7
10.7
4.6
4.7
8.1
8.1
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
31
41
783
5,453
6,169
8.1
8.5
1.6
1.9
18.6
15.8
0.3
0.3
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
85
593
3,609
3,836
13.1
13.1
14.0
14.6
6.1
5.8
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
44
1,448
10,592
12,193
8.4
8.4
2.9
4.6
15.0
9.6
0.5
0.4
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
119
199
1,794
2,989
3,315
10.6
10.6
10.2
11.3
11.8
10.6
1.9
1.6
17.6
16.3
0.8
0.7
Simplex Infra
Buy
215
265
1,063
6,732
7,837
8.1
8.4
23.5
29.4
9.1
7.3
0.8
0.8
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
130
147
6,485
7,392
8,542
3.1
3.1
38.3
42.1
3.4
3.1
0.6
0.5
18.4
17.6
Andhra Bank
Neutral
108
6,069
5,151
5,843
3.2
3.1
22.4
25.7
4.8
4.2
0.7
0.7
15.8
16.0
Axis Bank
Buy
990
1,476
40,976
16,157
19,557
3.2
3.2
116.4
139.1
8.5
7.1
1.6
1.3
20.0
20.3
Bank of Baroda
Buy
690
925
27,028
15,993
18,918
2.6
2.6
127.3
149.9
5.4
4.6
0.9
0.8
17.8
18.2
Bank of India
Buy
337
389
19,319
13,558
15,551
2.5
2.4
61.6
70.8
5.5
4.8
0.9
0.8
16.8
16.9
Bank of Maharashtra
Accumulate
Canara Bank
Buy
Central Bank
Neutral
Financials
50
53
2,954
3,580
4,050
3.2
3.2
11.5
13.1
4.3
3.8
0.7
0.6
17.4
17.2
410
493
18,141
12,061
13,906
2.3
2.3
83.1
92.7
4.9
4.4
0.8
0.7
16.7
16.4
74
5,458
6,838
7,912
2.3
2.4
13.8
20.3
5.4
3.7
0.8
0.7
10.9
14.4
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Accumulate
411
468
6,082
5,203
5,880
2.2
2.1
107.5
112.7
3.8
3.6
0.7
0.6
17.9
16.5
Dena Bank
Accumulate
93
107
3,250
3,149
3,522
2.8
2.8
23.3
26.1
4.0
3.6
0.7
0.6
17.7
17.0
Federal Bank
Neutral
414
7,080
2,743
3,131
3.4
3.3
49.7
57.4
8.3
7.2
1.1
1.0
14.1
14.6
HDFC
Neutral
644
95,184
7,393
8,844
3.5
3.4
31.7
37.9
20.3
17.0
4.1
3.6
34.7
31.9
HDFC Bank
Accumulate
502
567
117,955
21,831
27,477
4.3
4.3
28.3
35.5
17.7
14.1
3.4
2.9
20.8
22.1
ICICI Bank
Buy
790
1,174
90,830
22,209
26,512
2.8
2.8
67.9
81.1
11.6
9.7
1.4
1.3
14.7
16.0
IDBI Bank
Buy
86
113
10,956
8,004
9,589
1.9
2.0
19.9
23.9
4.3
3.6
0.6
0.5
13.8
14.9
Indian Bank
Buy
162
190
6,954
6,312
7,119
3.4
3.3
41.1
43.7
3.9
3.7
0.7
0.6
18.2
16.9
IOB
Accumulate
82
92
6,567
7,354
8,283
2.5
2.4
16.3
21.7
5.1
3.8
0.6
0.5
11.5
13.9
J & K Bank
Accumulate
898
952
4,354
2,535
2,861
3.5
3.4
176.3
184.4
5.1
4.9
0.9
0.8
19.3
17.6
LIC Housing Finance
Buy
233
286
11,769
2,108
2,607
2.6
2.6
24.5
30.6
9.5
7.6
1.8
1.5
20.1
21.4
Oriental Bank
Accumulate
228
262
6,662
6,431
7,315
2.7
2.6
54.4
63.8
4.2
3.6
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
751
1,041
25,483
19,893
23,653
3.1
3.2
153.4
175.2
4.9
4.3
0.9
0.7
18.3
18.1
South Ind.Bank
Neutral
23
2,639
1,440
1,635
2.7
2.5
3.8
4.1
6.2
5.7
1.2
1.1
19.9
18.6
St Bk of India
Buy
2,080
2,469
139,594
68,311
79,649
3.6
3.6
230.4
273.4
9.0
7.6
1.5
1.3
18.2
18.8
Syndicate Bank
Buy
93
126
5,577
7,133
8,255
3.0
3.0
25.9
30.0
3.6
3.1
0.6
0.5
16.9
17.1
UCO Bank
Neutral
71
4,746
5,623
6,380
2.4
2.4
16.9
17.9
4.2
4.0
0.8
0.7
16.5
15.4
Union Bank
Buy
194
261
10,694
10,215
11,854
2.9
2.8
42.7
50.3
4.6
3.9
0.8
0.6
17.0
17.5
United Bank
Buy
61
78
2,184
3,551
4,128
2.7
2.8
18.8
22.6
3.2
2.7
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
56
2,770
2,668
3,001
2.2
2.2
10.6
12.2
5.3
4.6
0.7
0.6
13.3
13.8
Yes Bank
Buy
322
450
11,407
3,209
4,144
2.7
2.8
33.9
41.5
9.5
7.8
2.0
1.7
23.1
23.3
3,721
35,690
11,423
13,309
16.3
16.3
125.3
148.4
29.7
25.1
10.1
7.9
38.0
35.4
3.0
2.6
518
633
6,189
5,835
6,824
6.3
6.7
20.7
27.5
25.0
18.8
9.8
7.3
42.7
44.3
1.0
0.9
1,143
15,539
3,007
3,417
21.1
22.1
37.7
42.6
30.3
26.9
36.1
29.2
129.4
120.1
5.0
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
102
17,778
5,878
6,799
16.8
17.0
4.2
4.9
24.6
20.8
8.9
7.3
39.3
42.0
3.0
2.6
GlaxoSmith Con*
Neutral
2,737
11,510
3,124
3,663
17.1
11.6
103.0
123.3
26.6
22.2
8.2
6.6
34.0
32.9
3.4
2.8
Godrej Consumer
Neutral
573
19,489
5,973
7,000
18.4
18.6
22.8
27.2
25.1
21.1
6.9
5.6
31.3
38.4
3.4
2.9
HUL
Neutral
408
88,211
25,350
29,309
14.3
14.4
14.1
16.4
28.9
24.9
21.6
16.9
82.7
76.2
3.3
2.8
ITC
Accumulate
226
252
176,579
29,638
34,159
35.4
35.8
9.3
10.9
24.2
20.7
7.8
6.4
35.3
33.8
5.7
4.9
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
167
10,785
4,667
5,427
12.8
12.9
6.6
8.1
25.2
20.6
6.7
5.3
30.0
28.8
2.3
2.0
Nestle*
Neutral
4,533
43,700
8,731
10,539
21.0
21.4
119.3
147.9
38.0
30.7
23.3
15.9
73.0
61.6
5.0
4.1
Tata Global
Buy
105
136
6,515
7,011
7,711
9.7
10.0
6.3
7.5
16.8
14.1
1.6
1.6
9.5
10.9
0.8
0.8
HCL Tech
Accumulate
495
560
34,313
22,792
25,743
17.4
17.4
37.8
43.0
13.1
11.5
2.9
2.4
22.3
21.3
1.5
1.3
Hexaware
Accumulate
121
128
3,578
1,821
2,105
19.0
18.6
9.8
10.7
12.3
11.3
2.8
2.5
23.7
22.5
1.7
1.4
Infosys
Buy
2,389
2,792
137,201
37,615
42,491
31.1
30.6
158.5
174.5
15.1
13.7
3.4
2.9
22.5
20.8
3.0
2.5
Infotech Enterprises
Accumulate
166
177
1,848
1,758
1,972
17.0
16.6
16.8
18.6
9.9
8.9
1.4
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Reduce
124
114
2,216
2,028
2,239
15.0
14.8
9.0
11.4
13.8
10.9
2.5
2.1
19.3
18.7
1.1
0.9
Mahindra Satyam
Accumulate
76
86
8,956
7,097
7,812
16.2
16.0
7.5
8.0
10.1
9.6
1.3
1.2
13.2
12.3
0.8
0.7
Mindtree
Neutral
629
2,555
2,172
2,450
16.1
15.5
53.9
58.5
11.7
10.8
2.2
1.8
18.9
17.0
1.0
0.8
Mphasis
Buy
346
433
7,264
5,904
6,320
18.3
17.9
38.7
41.2
8.9
8.4
1.3
1.2
14.9
13.7
0.8
0.6
NIIT
Buy
41
52
677
1,162
1,304
14.8
15.1
7.1
8.8
5.8
4.7
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Accumulate
TCS
Neutral
Tech Mahindra
Wipro
IT
339
361
1,357
1,109
1,224
23.3
22.4
37.2
40.1
9.1
8.5
1.4
1.2
15.4
14.5
0.9
0.7
1,227
240,180
57,189
66,329
29.3
28.7
63.2
70.9
19.4
17.3
5.9
4.8
30.5
27.7
4.0
3.3
Accumulate
670
725
8,542
5,880
6,314
15.6
15.2
75.9
82.2
8.8
8.2
1.8
1.5
20.1
18.1
1.4
1.2
Accumulate
399
430
98,108
41,918
46,879
19.4
19.9
25.1
28.7
15.9
13.9
3.0
2.6
18.6
18.3
2.0
1.7
D B Corp
Buy
195
269
3,576
1,652
1,863
25.7
26.3
13.5
16.1
14.5
12.1
3.2
2.7
24.1
24.4
2.1
1.8
HT Media
Buy
109
148
2,551
2,255
2,555
16.3
16.7
9.0
10.6
12.1
10.2
1.5
1.3
13.4
13.8
0.7
0.6
Jagran Prakashan
Buy
87
137
2,752
1,499
1,642
27.4
28.8
7.6
9.1
11.4
9.6
3.8
3.4
34.6
37.7
1.8
1.6
PVR
Neutral
152
394
625
732
17.4
16.9
12.4
15.8
12.2
9.6
2.0
2.1
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
227
8,960
2,135
2,458
75.2
74.4
20.9
24.0
10.9
9.5
2.6
2.1
26.0
25.1
3.2
2.5
Bhushan Steel
Neutral
436
9,263
9,232
13,557
30.8
31.1
48.0
58.6
9.1
7.4
1.2
1.0
14.5
7.5
3.1
2.2
Coal India
Accumulate
316
353
199,787
68,841
74,509
25.3
25.3
24.1
26.1
13.2
12.1
3.6
3.0
30.4
26.8
2.0
1.7
Electrosteel Castings
Buy
17
27
597
1,984
2,074
10.6
12.0
2.7
3.3
6.4
5.3
0.3
0.1
5.2
6.2
0.4
0.4
Hind. Zinc
Buy
116
139
48,802
13,043
14,223
51.8
52.8
14.8
16.6
7.8
7.0
1.5
1.3
21.2
19.9
2.0
1.4
Hindalco
Neutral
117
22,429
84,652
88,766
9.6
10.5
17.0
18.9
6.9
6.2
0.6
0.6
9.7
9.8
0.5
0.5
JSW Steel
Accumulate
604
663
13,476
39,592
44,910
18.0
17.7
74.7
88.9
8.1
6.8
0.8
0.7
10.7
11.6
0.7
0.7
MOIL
Accumulate
272
296
4,575
1,007
1,091
56.6
56.9
29.4
31.9
9.3
8.5
1.7
1.5
19.0
18.2
2.3
1.9
Monnet Ispat
Buy
357
593
2,294
3,115
3,748
22.1
25.1
59.1
66.8
6.0
5.3
0.8
0.7
15.6
15.3
1.5
1.1
Media
Metals & Mining
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
58
54
15,038
8,474
9,024
12.6
16.2
2.6
3.6
22.8
16.3
1.3
1.2
5.6
7.5
1.3
1.3
166
187
65,834
11,959
13,062
78.2
78.6
19.1
20.9
8.7
7.9
2.1
1.8
27.1
24.4
3.4
2.9
SAIL
Accumulate
Sesa Goa
Buy
93
102
38,207
52,461
62,935
18.0
18.8
13.2
14.5
7.0
6.4
0.8
0.8
12.4
12.3
1.1
1.0
176
206
15,331
9,067
9,316
35.7
35.5
44.5
44.3
4.0
4.0
0.9
0.7
23.5
19.5
0.3
Sterlite Inds
Buy
90
123
30,229
45,805
49,029
21.2
23.5
16.5
19.1
5.5
4.7
0.6
0.5
11.5
12.0
0.3
0.2
Tata Steel
Buy
399
499
38,703 143,088 148,011
10.9
12.1
53.9
66.0
7.4
6.0
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Buy
315
372
60,145
15,513
16,074
74.0
69.7
51.1
48.6
6.2
6.5
1.0
0.9
18.3
14.8
2.7
2.0
GAIL
Buy
321
392
40,712
50,472
55,503
15.3
15.6
35.4
37.0
9.1
8.7
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
254
319
217,053 148,157 150,563
37.6
39.5
31.0
33.6
8.2
7.6
1.5
1.3
18.8
18.1
1.1
1.0
Reliance Industries
Buy
702
872
229,955 325,734 328,669
10.9
11.7
65.8
70.1
10.7
10.0
1.1
1.0
11.9
11.5
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
49
91
916
1,624
1,855
14.2
15.6
6.6
9.1
7.4
5.3
1.8
1.4
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
106
156
3,093
5,243
5,767
14.6
14.6
13.8
14.7
7.7
7.2
0.9
0.4
11.4
10.9
0.7
0.6
Aventis*
Neutral
2,105
4,848
1,482
1,682
15.5
15.5
95.0
104.0
22.2
20.2
3.9
3.1
18.6
17.0
3.1
2.6
Cadila Healthcare
Buy
730
953
14,952
6,196
7,443
18.5
19.5
43.3
50.8
16.9
14.4
4.3
3.5
25.4
24.8
2.4
1.9
Cipla
Buy
309
379
24,774
7,687
8,804
21.4
21.4
16.5
18.9
18.7
16.3
2.9
2.6
16.7
16.8
3.2
2.7
Dr Reddy's
Neutral
1,619
27,438
10,696
11,662
20.7
21.0
83.7
92.9
19.3
17.4
4.0
3.4
22.4
21.0
2.7
2.4
Dishman Pharma
Buy
51
92
414
1,280
1,536
17.8
17.8
9.2
11.3
5.6
4.5
0.4
0.4
7.7
8.5
1.0
0.8
GSK Pharma*
Neutral
2,008
17,004
2,651
2,993
31.7
31.2
76.0
82.4
26.4
24.4
7.6
6.6
30.8
29.0
5.5
4.7
Indoco Remedies
Buy
54
82
500
685
837
15.2
15.2
7.4
8.9
7.3
6.1
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
337
435
4,234
2,850
3,474
20.3
20.3
26.6
32.7
12.7
10.3
3.2
2.6
28.2
27.9
1.6
1.3
Lupin
Buy
541
646
24,171
8,426
10,082
19.7
20.0
29.7
32.4
18.2
16.7
4.8
3.8
27.0
25.2
2.8
2.2
Orchid Chemicals
Buy
119
178
835
2,117
2,434
17.7
17.7
16.7
22.2
7.1
5.3
0.7
0.6
9.5
11.5
1.0
0.9
Ranbaxy*
Neutral
483
20,386
12,046
11,980
18.0
15.8
35.7
29.8
13.5
16.2
5.1
4.1
43.1
28.1
1.7
1.7
Sun Pharma
Neutral
559
57,536
9,272
11,080
38.6
38.0
22.7
22.6
24.6
24.7
4.1
3.6
17.9
15.6
5.0
3.9
CESC
Buy
263
342
3,289
5,084
5,512
24.2
23.8
45.2
48.5
5.8
5.4
0.6
0.6
11.2
10.9
1.1
1.1
GIPCL
Buy
59
77
895
1,557
1,573
28.8
28.5
10.4
10.9
5.7
5.4
0.6
0.5
10.4
10.2
1.0
0.9
NTPC
Accumulate
147
158
121,167
74,766
86,549
23.1
23.4
12.4
14.1
11.8
10.4
1.5
1.4
13.0
13.5
2.3
2.1
47
78
1,397
657
875
52.0
56.1
8.4
12.7
5.6
3.7
0.3
0.3
6.3
8.9
3.4
2.6
183
31,123
9,878
12,033
44.7
46.1
9.6
13.4
19.1
13.7
1.2
1.2
6.4
8.7
5.6
4.6
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
June 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
64
115
2,673
2,441
3,344
53.0
46.7
21.4
25.4
3.0
2.5
0.2
0.2
8.4
9.1
2.9
2.2
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
287
109,008
80,967
88,684
33.1
33.4
17.9
22.0
16.1
13.0
1.9
1.6
11.5
12.5
2.0
1.7
Idea Cellular
Neutral
76
25,151
22,558
25,326
26.4
27.5
3.2
4.7
23.6
16.0
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
62
12,807
21,899
23,740
32.7
32.7
4.2
6.7
14.7
9.3
0.3
0.3
2.1
3.2
2.0
1.6
178
245
1,776
3,670
4,384
8.5
8.5
18.3
22.3
9.7
8.0
2.1
1.8
23.9
24.3
0.5
0.4
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,055
7,406
982
1,136
34.3
34.3
34.3
40.0
30.7
26.4
13.9
11.1
50.9
46.9
7.1
6.0
Finolex Cables
Buy
37
61
566
2,334
2,687
8.8
9.3
7.6
10.2
4.8
3.6
0.6
0.5
13.7
16.1
0.2
0.1
Graphite India
Buy
88
124
1,712
2,158
2,406
18.1
18.9
12.4
14.0
7.1
6.2
0.9
0.9
14.0
14.3
0.9
0.8
Greenply
Buy
215
298
519
1,800
2,047
11.1
11.6
34.1
49.6
6.3
4.3
1.2
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
2,981
3,325
935
1,168
19.6
19.6
99.7
122.2
29.9
24.4
17.3
13.9
64.2
63.1
3.6
2.9
Sintex
Buy
53
129
1,440
4,751
5,189
16.3
16.6
13.6
15.8
3.9
3.3
0.5
0.5
13.1
13.4
0.7
0.5
Siyaram Silk Mills
Buy
252
439
236
1,042
1,173
12.4
12.5
66.3
78.5
3.8
3.2
0.7
0.6
21.1
20.8
0.5
0.4
SpiceJet
Neutral
30
1,443
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.7)
12.5
(12.1)
25.4
0.5
0.4
Taj GVK
Buy
60
108
375
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
Goodyear
Accumulate
329
372
759
1,571
1,753
7.2
8.6
29.8
42.4
11.0
7.8
2.1
1.7
20.2
24.3
0.3
0.2
HEG
Buy
198
242
792
1,746
1,946
16.5
17.7
22.5
32.9
8.8
6.0
0.9
0.8
10.4
14.2
1.1
1.0
Hitachi
Buy
115
160
265
857
968
6.9
8.4
10.2
16.0
11.3
7.2
1.4
1.2
12.9
17.8
0.4
0.3
Honeywell Automation
Accumulate
2,516
2,674
2,224
1,542
1,739
9.4
10.0
116.1
140.8
21.7
17.9
3.1
2.7
15.5
15.9
Ineos ABS
Accumulate
736
777
1,295
900
1,011
10.2
11.5
35.6
45.7
20.7
16.1
3.0
2.6
15.4
17.2
ITD Cementation
Accumulate
220
236
253
1,535
1,842
11.1
11.1
27.3
38.3
8.1
5.8
0.6
0.6
7.9
10.2
0.6
0.6
MRF
Buy
10,551
13,106
4,475
12,390
14,400
10.4
11.3 1,334.6 1,638.2
7.9
6.4
1.6
1.3
16.5
17.4
0.6
0.5
Relaxo
Neutral
462
554
1,019
1,208
11.0
10.8
44.9
53.1
10.3
8.7
2.5
1.9
27.2
25.0
0.7
0.6
Tata Sponge
Buy
280
420
431
757
875
19.0
19.1
63.5
72.9
4.4
3.8
0.7
0.6
16.1
16.1
0.2
TVS Srichakra
Buy
319
462
244
1,612
1,827
9.5
9.8
72.3
92.5
4.4
3.5
1.3
1.0
33.1
32.1
0.4
0.3
Vesuvius India
Accumulate
376
413
763
628
716
16.4
16.5
29.8
34.4
12.6
10.9
2.2
1.9
18.8
18.6
1.1
0.9
Abbott India
Accumulate
1,416
1,628
3,008
1,661
1,918
9.7
12.0
60.7
90.4
23.3
15.7
4.8
3.9
22.0
27.3
1.6
1.3
Cera Sanitaryware Ltd
Accumulate
252
288
319
385
444
17.2
17.4
28.9
32.0
8.7
7.9
1.8
1.5
23.4
21.1
1.0
0.9
Jyothy Laboratories
Buy
214
268
1,721
1,315
1,568
8.6
11.1
6.4
10.9
33.5
19.6
2.8
2.7
8.4
13.9
1.6
1.3
Force Motors
Buy
420
680
547
2,346
2,753
6.7
7.0
50.9
61.9
8.3
6.8
0.5
0.4
5.5
6.3
0.1
0.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 05, 2012
Market Outlook
June 06, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

OIL & GAS

Refer detailed news analysis on the following page

Net Inflows (June 04, 2012)

FII Derivatives (June 05, 2012)

Gujarat State Petr.

EGoM clears minimum 10-MHz spectrum auction, puts off

Regulator recommends cancelation of 1 gas pipeline for GAIL

Economic and Political News

Lupin receives USFDA approval for antibiotic capsules

Global economic events release calendar

Jun 6 2012 12:00AM

ECB announces interest rates

Initial Jobless claims

BOE Announces rates

Industrial Production (YoY)

Consumer Price Index (YoY)

Jun 10 2012 12:00AM China

Jun 12 2012 12:00AM India

Industrial Production YoY

Industrial Production (YoY)

Jun 13 2012 12:00AM US

Producer Price Index (mom)

Jun 14 2012 12:00AM US

Consumer price index (mom)

Jun 9 2012 12:00AM

Euro-Zone GDP s.a. (QoQ)

Jun 7 2012 12:00AM

Jun 15 2012 12:00AM US

Euro-Zone CPI (YoY)

Jun 18 2012 12:00AM India

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Jobless claims change

Jun 19 2012 12:00AM UK

Jun 20 2012 12:00AM UK

FOMC rate decision

Exports yoy growth

Imports yoy growth

Reverse Repo rate

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Buy

59,045 189,676 209,586

Larsen & Toubro

LIC Housing Finance

Metals & Mining

Metals & Mining

38,703 143,088 148,011

217,053 148,157 150,563

229,955 325,734 328,669

Oil & Gas

Siyaram Silk Mills

11.3 1,334.6 1,638.2

Cera Sanitaryware Ltd

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