Market Outlook Market Outlook: Dealer's Diary
Market Outlook Market Outlook: Dealer's Diary
Market Outlook Market Outlook: Dealer's Diary
June 7, 2012
Dealers Diary
The Indian markets are expected to open in the green tracing positive opening in
most of the Asian bourses and the SGX Nifty after policy makers worldwide
announced steps to revive the slowing economy.
Domestic Indices
Globally, US markets and major European markets closed sharply higher amid
optimism about further stimulus from the world's central banks. The optimism came
from the European Central Banks (ECB) decision to leave interest rates unchanged
as expected and following the Reserve Bank of Australia's interest rate cut on
Tuesday. Further, ECB president also stated that the central bank stands ready to
act if the economic situation continues to worsen. The sentiments were boosted
further following the release of the Fed's Beige Book report, which said overall
economic activity expanded at a moderate pace during the reporting period from
early April to late May.
Back home, Indian shares rallied on Wednesday, with strong global cues on hopes
for policy action from major central banks which boosted the sentiments. Going
ahead, investors globally are likely to be watchful of Federal Reserve Chairman
Ben Bernankes testimony before the Joint Economic Committee in Washington.
S1
PIVOT
R1
BSE Sensex
2.7
433.7 16,454
Nifty
2.8
133.8
4,997
MID CAP
1.8
103.8
5,932
SMALL CAP
1.5
91.4
6,285
BSE HC
1.1
68.6
6,616
BSE PSU
2.3
154.5
6,876
BANKEX
3.0
327.5 11,219
AUTO
3.9
336.7
METAL
2.9
287.5 10,136
1.7
131.9
1.5
82.2
5,639
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
2.4
66.6
2,845
2.4
123.9
5,384
Nikkei
1.8
151.5
8,534
Hang Seng
1.4
261.5 18,521
Straits Times
1.8
48.5
2,761
(0.1)
(2.4)
2,310
Chg (%)
(Pts)
(Close)
INFY
3.8
1.7
$45.0
R2
WIT
5.9
0.5
$9.1
5.9
1.7
$30.1
6.0
1.7
$29.7
Shanghai Com
Indian ADRs
15,956
16,205
16,350
16,599
16,744
NIFTY
4,840
4,919
4,965
5,043
5,089
HDB
News Analysis
Advances / Declines
Purch
Sales
Net
MTD
YTD
FII
1,237
1,866
(630)
(1,342)
40,596
650
359
290
348
(6,119)
Sales
Net
Open Interest
Index Futures
1,778
1,819
(40)
7,777
Stock Futures
1,856
1,278
578
21,664
Gainers / Losers
Gainers
Losers
Company
Price (`)
chg (%)
Company
Price (`)
chg (%)
GMR Infra
22
11.1
Wockhardt
849
(2.4)
Pantaloon Retail
163
7.9
GlaxoSmithKline C
2,680
(2.1)
India Infoline
52
7.6
Colgate Palmolive
1,121
(1.9)
Apollo Tyres
84
7.6
Rajesh Exports
135
(1.3)
IVRCL Ltd.
42
7.3
HPCL
301
(1.2)
www.angelbroking.com
286.8 12,415
BSE
NSE
1,849
1,168
Declines
894
319
Unchanged
123
67
Advances
` cr
7,699
FTSE
SENSEX
MFs
9,067
NASDAQ
IBN
(Close)
2.4
The trend deciding level for the day is 16,350 / 4,965 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,599 16,744 / 5,043 5,089 levels. However, if NIFTY trades below
16,350 / 4,965 levels for the first half-an-hour of trade then it may correct up to
16,205 15,956 / 4,919 4,840 levels.
S2
(Pts)
Dow Jones
Markets Today
Indices
Chg (%)
Volumes (` cr)
BSE
2,060
NSE
11,678
Market Outlook
June 7, 2012
Corporate News
Dr. Reddy's inks pact with Merck Serono to co-develop biosimilar compounds
Alstom T&D India bags `41cr contract from Power Grid Corporation
Tata Motors commences production at Dharwad plant for SCVs
Ashok Leyland bags US$6mn exports order from Bangladesh
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
June 07, 2012
Country
Event Description
UK
China
China
Period
Bloomberg Data
Last Reported
Estimated
Thousands
26-May-12
383.00
378.00
% Ratio
May-12
0.50
0.50
% Change
Apr-12
9.30
9.80
% Change
Apr-12
3.40
3.20
Exports YoY%
% Change
Apr-12
4.90
7.20
% Change
Mar-12
(3.50)
1.70
US
Unit
% Change
Mar-12
(2.60)
--
UK
% Change
Apr-12
(0.20)
(0.70)
% Change
Apr-12
--
(0.20)
Apr-12
2.60
2.40
% Change
Apr-12
7.23
7.45
Apr-12
1.09
0.05
Euro Zone
India
8.00
--
India
4.75
--
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
--
% Change
Apr-12
(13.70)
--
Apr-12
0.25
--
Value
May-12
51.80
--
Jun-12
1.00
--
% Change
Mar-12
--
--
PMI Services
Euro Zone
www.angelbroking.com
Market Strategy
June 7, 2012
Macro watch
(%)
8.0
4.0
2.7
2.5
(3.5)
(6.0)
(5.0)
(%)
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Services PMI
58.0
9.5
6.9
7.4
6.9
7.2
56.0
(%)
Repo rate
(%)
9.00
90
75
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
Aug-11
Nov-11
48.0
Oct-11
0.0
Sep-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
Mar-12
(4.0)
Feb-12
1.1
Jan-12
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(2.0)
3QFY10
3.0
2QFY10
1QFY10
2.0
4.0
4QFY09
5.0
4.1
3.4
Dec-11
5.3
6.0
3.7
Nov-11
6.0
6.2
5.3
6.0
6.1
5.9
Oct-11
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
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
www.angelbroking.com
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
4.00
May-11
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 07, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
124
2,412
1,432
1,647
14.7
14.7
7.0
8.0
17.7
15.5
3.7
3.2
22.8
22.3
1.7
1.4
United Phosphorus
Buy
114
183
5,257
8,191
8,764
16.5
16.5
17.1
18.3
6.7
6.2
1.1
0.9
17.5
16.2
0.8
0.7
Accumulate
300
345
2,562
2,715
3,041
15.3
15.3
29.2
32.8
10.3
9.1
2.4
1.9
26.0
23.3
0.9
0.8
Apollo Tyres
Buy
84
100
4,236
13,699
15,184
10.5
10.2
12.1
13.3
7.0
6.3
1.3
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
26
33
6,931
14,798
16,687
9.6
9.6
2.4
3.0
10.7
8.8
2.1
1.9
14.8
16.5
0.6
0.5
Automotive Axle
Accumulate
471
514
711
1,211
1,387
12.1
11.7
50.3
57.1
9.4
8.2
2.4
1.9
27.8
25.7
0.6
0.5
Bajaj Auto
Buy
1,543
1,835
44,655
22,118
24,889
19.0
18.6
115.7
126.5
13.3
12.2
5.4
4.3
45.0
38.9
1.6
1.3
Bharat Forge
Buy
311
372
7,242
7,173
7,998
16.3
16.5
22.3
26.6
13.9
11.7
2.7
2.3
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,948
9,429
28,095
9,390
10,716
19.5
19.1
420.2
471.4
21.3
19.0
5.0
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
94
164
322
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Buy
125
146
10,651
5,787
6,595
15.5
17.0
7.1
9.0
17.6
14.0
3.1
2.7
18.6
20.3
1.5
1.2
FAG Bearings
Neutral
1,525
2,534
1,531
1,748
18.8
18.5
118.0
132.8
12.9
11.5
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Accumulate
1,946
2,221
38,854
26,106
29,296
15.0
15.2
140.3
148.1
13.9
13.1
6.6
5.0
54.8
43.3
1.2
0.9
JK Tyre
Buy
76
113
312
8,058
9,025
5.4
5.5
24.8
32.2
3.1
2.4
0.3
0.3
11.4
13.2
0.3
0.3
676
793
41,486
34,740
39,263
10.7
11.0
44.9
51.7
15.1
13.1
2.7
2.3
18.9
19.1
0.9
0.7
Maruti
Buy
1,109
1,510
32,031
42,683
48,736
7.1
7.5
86.6
100.6
12.8
11.0
1.8
1.6
15.3
15.5
0.5
0.5
Motherson Sumi
Buy
164
216
6,351
11,167
12,516
9.5
10.0
11.3
14.4
14.5
11.4
3.1
2.6
23.3
24.7
0.7
0.6
Subros
Neutral
32
191
1,225
1,393
8.5
8.2
4.2
5.0
7.6
6.4
0.8
0.7
10.3
11.8
0.4
0.3
Tata Motors
Buy
234
299
12.5
12.5
38.3
43.2
6.1
5.4
2.0
1.6
36.0
31.9
0.4
0.4
TVS Motor
Buy
33
55
1,584
7,982
8,816
6.4
6.3
5.0
5.6
6.7
6.0
1.2
1.0
18.9
18.2
0.2
0.2
ABB*
Sell
743
498
15,736
8,760
10,023
6.4
6.4
18.2
20.7
40.7
35.8
5.5
4.9
14.4
14.6
1.8
1.5
BGR Energy
Neutral
286
2,061
4,195
4,837
10.6
10.2
30.1
32.4
9.5
8.8
1.7
1.5
18.4
17.6
1.0
1.0
BHEL
Neutral
215
52,672
46,344
46,916
16.5
16.5
23.5
24.1
9.1
8.9
1.8
1.6
21.3
18.9
1.0
1.0
Blue Star
Buy
162
221
1,460
3,250
3,551
5.9
5.9
12.4
15.8
13.1
10.3
2.7
2.3
21.2
23.8
0.5
0.4
Crompton Greaves
Buy
114
133
7,342
12,451
14,265
5.5
6.1
8.0
9.5
14.3
12.1
1.9
1.7
13.9
14.9
0.6
0.5
Jyoti Structures
Buy
41
67
340
2,622
2,801
10.6
11.0
10.9
13.4
3.8
3.1
0.5
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
52
73
1,334
6,686
7,200
7.7
7.9
10.6
12.2
4.9
4.3
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,586
2,609
1,787
2,663
3,130
12.8
12.8
185.0
217.4
8.6
7.3
1.7
1.5
21.2
21.7
0.2
0.2
Thermax
Neutral
444
5,296
5,514
5,559
8.3
8.0
29.7
28.4
15.0
15.7
2.8
2.5
20.2
16.9
0.8
0.8
Capital Goods
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Market Outlook
June 07, 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
1,159
21,751
11,018
12,663
19.9
21.2
70.7
81.2
16.4
14.3
2.9
2.6
18.0
19.0
1.7
1.4
Ambuja Cements
Neutral
153
23,442
10,035
11,504
23.5
23.8
10.1
10.6
15.1
14.5
3.0
2.7
18.5
19.4
2.0
1.6
India Cements
Neutral
77
2,358
4,423
4,906
18.2
18.8
9.9
12.7
7.8
6.1
0.7
0.6
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
64
79
777
1,938
2,246
19.1
20.1
14.6
16.1
4.3
3.9
0.6
0.5
13.4
13.6
0.5
0.9
Madras Cements
Neutral
138
3,290
3,444
3,786
25.5
24.9
14.6
17.1
9.5
8.1
1.4
1.2
15.6
16.0
1.6
1.3
Shree Cements
Neutral
2,462
8,578
5,465
6,249
24.3
23.7
151.5
222.1
16.3
11.1
3.9
3.3
21.6
25.8
1.3
1.0
UltraTech Cement
Neutral
1,396
38,268
20,116
22,655
21.3
22.5
82.1
97.5
17.0
14.3
2.7
2.3
16.8
17.4
1.8
1.7
210
273
1,105
2,014
2,293
22.4
22.4
22.6
26.7
9.3
7.9
1.0
0.9
11.4
11.9
2.4
2.7
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
254
2,526
2,792
5.7
6.6
1.8
2.8
7.5
4.9
0.4
0.4
5.5
8.1
0.3
0.3
Hind. Const.
Neutral
19
1,122
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.3)
(23.7)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
122
166
4,061
3,821
4,582
42.3
40.2
15.0
16.9
8.2
7.2
1.2
1.1
16.1
15.8
2.7
2.5
ITNL
Buy
176
265
3,419
6,619
7,925
23.8
23.3
22.0
26.7
8.0
6.6
1.1
1.0
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
42
61
1,117
5,510
6,722
8.8
9.0
2.5
4.6
16.5
9.1
0.6
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
66
88
14,024
15,259
17,502
25.7
24.7
4.2
5.0
15.6
13.2
1.3
1.2
8.5
9.3
2.2
2.0
Buy
1,267
1,553
77,654
59,559
69,089
12.1
11.5
70.8
76.5
17.9
16.6
2.7
2.4
16.1
15.3
1.4
1.3
Madhucon Proj
Buy
39
70
286
2,206
2,502
10.7
10.7
4.6
4.7
8.4
8.3
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
31
41
804
5,453
6,169
8.1
8.5
1.6
1.9
19.1
16.3
0.3
0.3
1.8
2.1
0.6
0.7
Patel Engg.
Neutral
89
621
3,609
3,836
13.1
13.1
14.0
14.6
6.3
6.1
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
46
1,511
10,592
12,193
8.4
8.4
2.9
4.6
15.7
10.0
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
126
182
1,890
2,789
3,147
10.6
10.7
8.4
10.4
14.9
12.1
2.0
1.8
15.0
15.6
0.8
0.8
Simplex Infra
Buy
215
265
1,064
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
136
147
6,785
7,392
8,542
3.1
3.1
38.3
42.1
3.6
3.2
0.6
0.5
18.4
17.6
Andhra Bank
Neutral
113
6,315
5,151
5,843
3.2
3.1
22.4
25.7
5.0
4.4
0.8
0.7
15.8
16.0
Axis Bank
Buy
1,020
1,476
42,223
16,157
19,557
3.2
3.2
116.4
139.1
8.8
7.3
1.6
1.4
20.0
20.3
Bank of Baroda
Buy
721
925
28,219
15,993
18,918
2.6
2.6
127.3
149.9
5.7
4.8
0.9
0.8
17.8
18.2
Bank of India
Accumulate
342
389
19,635
13,558
15,551
2.5
2.4
61.6
70.8
5.6
4.8
0.9
0.8
16.8
16.9
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
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51
3,004
3,580
4,050
3.2
3.2
11.5
13.1
4.4
3.9
0.7
0.6
17.4
17.2
415
493
18,404
12,061
13,906
2.3
2.3
83.1
92.7
5.0
4.5
0.8
0.7
16.7
16.4
77
5,686
6,838
7,912
2.3
2.4
13.8
20.3
5.6
3.8
0.8
0.7
10.9
14.4
Market Outlook
June 07, 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
414
468
6,129
5,203
5,880
2.2
2.1
107.5
112.7
3.9
3.7
0.7
0.6
17.9
16.5
Dena Bank
Accumulate
96
107
3,355
3,149
3,522
2.8
2.8
23.3
26.1
4.1
3.7
0.7
0.6
17.7
17.0
Federal Bank
Neutral
418
7,146
2,743
3,131
3.4
3.3
49.7
57.4
8.4
7.3
1.1
1.0
14.1
14.6
HDFC
Neutral
649
95,960
7,393
8,844
3.5
3.4
31.7
37.9
20.5
17.1
4.1
3.6
34.7
31.9
HDFC Bank
Accumulate
519
567
122,080
21,831
27,477
4.3
4.3
28.3
35.5
18.4
14.6
3.5
3.0
20.8
22.1
ICICI Bank
Buy
807
1,174
92,767
22,209
26,512
2.8
2.8
67.9
81.1
11.9
10.0
1.4
1.3
14.7
16.0
IDBI Bank
Buy
89
113
11,371
8,004
9,589
1.9
2.0
19.9
23.9
4.5
3.7
0.6
0.5
13.8
14.9
Indian Bank
Buy
165
190
7,089
6,312
7,119
3.4
3.3
41.1
43.7
4.0
3.8
0.7
0.6
18.2
16.9
IOB
Accumulate
85
92
6,759
7,354
8,283
2.5
2.4
16.3
21.7
5.2
3.9
0.6
0.5
11.5
13.9
J & K Bank
Neutral
926
4,490
2,535
2,861
3.5
3.4
176.3
184.4
5.3
5.0
1.0
0.8
19.3
17.6
Buy
241
286
12,175
2,108
2,607
2.6
2.6
24.5
30.6
9.9
7.9
1.8
1.6
20.1
21.4
Oriental Bank
Accumulate
237
262
6,913
6,431
7,315
2.7
2.6
54.4
63.8
4.4
3.7
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
768
1,041
26,040
19,893
23,653
3.1
3.2
153.4
175.2
5.0
4.4
0.9
0.8
18.3
18.1
South Ind.Bank
Neutral
24
2,724
1,440
1,635
2.7
2.5
3.8
4.1
6.4
5.9
1.2
1.1
19.9
18.6
St Bk of India
Accumulate
2,159
2,469
144,909
68,311
79,649
3.6
3.6
230.4
273.4
9.4
7.9
1.5
1.3
18.2
18.8
Syndicate Bank
Buy
96
126
5,761
7,133
8,255
3.0
3.0
25.9
30.0
3.7
3.2
0.6
0.5
16.9
17.1
UCO Bank
Neutral
73
4,882
5,623
6,380
2.4
2.4
16.9
17.9
4.4
4.1
0.8
0.7
16.5
15.4
Union Bank
Buy
201
261
11,044
10,215
11,854
2.9
2.8
42.7
50.3
4.7
4.0
0.8
0.7
17.0
17.5
United Bank
Buy
62
78
2,242
3,551
4,128
2.7
2.8
18.8
22.6
3.3
2.8
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
57
2,825
2,668
3,001
2.2
2.2
10.6
12.2
5.4
4.7
0.8
0.7
13.3
13.8
Yes Bank
Buy
331
450
11,704
3,209
4,144
2.7
2.8
33.9
41.5
9.8
8.0
2.1
1.7
23.1
23.3
3,827
36,712
11,423
13,309
16.3
16.3
125.3
148.4
30.6
25.8
10.4
8.1
38.0
35.4
3.1
2.7
523
633
6,245
5,835
6,824
6.3
6.7
20.7
27.5
25.2
19.0
9.9
7.3
42.7
44.3
1.0
0.9
1,121
15,242
3,007
3,417
21.1
22.1
38.2
43.8
29.3
25.6
34.9
27.4
130.2
119.9
4.9
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
107
18,614
5,878
6,799
16.8
17.0
4.2
4.9
25.8
21.8
9.3
7.6
39.3
42.0
3.2
2.7
GlaxoSmith Con*
Neutral
2,690
11,311
3,124
3,663
17.1
11.6
103.0
123.3
26.1
21.8
8.1
6.5
34.0
32.9
3.3
2.7
Godrej Consumer
Neutral
575
19,569
5,973
7,000
18.4
18.6
22.8
27.2
25.2
21.2
6.9
5.6
31.3
38.4
3.4
2.9
HUL
Neutral
420
90,816
25,350
29,309
14.3
14.4
14.1
16.4
29.7
25.6
22.3
17.4
82.7
76.2
3.4
2.9
ITC
Accumulate
234
252
183,068
29,638
34,159
35.4
35.8
9.3
10.9
25.1
21.5
8.1
6.6
35.3
33.8
5.9
5.1
www.angelbroking.com
Market Outlook
June 07, 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
169
10,863
4,667
5,427
12.8
12.9
6.6
8.1
25.4
20.7
6.8
5.3
30.0
28.8
2.4
2.0
Nestle*
Neutral
4,552
43,886
8,731
10,539
21.0
21.4
119.3
147.9
38.2
30.8
23.4
15.9
73.0
61.6
5.1
4.1
Tata Global
Buy
108
136
6,673
7,011
7,711
9.7
10.0
6.3
7.5
17.2
14.4
1.7
1.6
9.5
10.9
0.9
0.8
HCL Tech
Accumulate
502
560
34,756
22,792
25,743
17.4
17.4
37.8
43.0
13.3
11.7
2.9
2.5
22.3
21.3
1.5
1.3
Hexaware
Neutral
124
3,658
1,821
2,105
19.0
18.6
9.8
10.7
12.6
11.5
2.9
2.5
23.7
22.5
1.7
1.4
Infosys
Buy
2,410
2,792
138,392
37,615
42,491
31.1
30.6
158.5
174.5
15.2
13.8
3.4
2.9
22.5
20.8
3.0
2.5
Infotech Enterprises
Accumulate
166
177
1,849
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
2,213
2,028
2,239
15.0
14.8
9.0
11.4
13.8
10.9
2.5
2.0
19.3
18.7
1.1
0.9
Mahindra Satyam
Accumulate
78
86
9,185
7,097
7,812
16.2
16.0
7.5
8.0
10.4
9.8
1.4
1.2
13.2
12.3
0.9
0.7
Mindtree
Neutral
635
2,580
2,172
2,450
16.1
15.5
53.9
58.5
11.8
10.9
2.2
1.8
18.9
17.0
1.0
0.8
Mphasis
Buy
348
433
7,316
5,904
6,320
18.3
17.9
38.7
41.2
9.0
8.5
1.3
1.2
14.9
13.7
0.8
0.6
NIIT
Buy
42
52
689
1,162
1,304
14.8
15.1
7.1
8.8
5.9
4.7
1.0
0.9
16.7
18.4
0.4
0.3
Persistent
Neutral
347
1,387
1,109
1,224
23.3
22.4
37.2
40.1
9.3
8.7
1.4
1.3
15.4
14.5
0.9
0.8
TCS
Neutral
1,253
245,289
57,189
66,329
29.3
28.7
63.2
70.9
19.9
17.7
6.1
4.9
30.5
27.7
4.1
3.4
Tech Mahindra
Accumulate
674
725
8,597
5,880
6,314
15.6
15.2
75.9
82.2
8.9
8.2
1.8
1.5
20.1
18.1
1.4
1.2
Wipro
Accumulate
409
430
100,456
41,918
46,879
19.4
19.9
25.1
28.7
16.3
14.3
3.0
2.6
18.6
18.3
2.1
1.7
D B Corp
Buy
193
269
3,534
1,652
1,863
25.7
26.3
13.5
16.1
14.3
12.0
3.2
2.7
24.1
24.4
2.0
1.7
HT Media
Buy
100
148
2,342
2,255
2,555
16.3
16.7
9.0
10.6
11.1
9.4
1.4
1.2
13.4
13.8
0.6
0.5
Jagran Prakashan
Buy
90
137
2,846
1,499
1,642
27.4
28.8
7.6
9.1
11.8
9.9
4.0
3.5
34.6
37.7
1.9
1.7
PVR
Neutral
153
397
625
732
17.4
16.9
12.4
15.8
12.3
9.7
2.0
2.1
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
235
9,247
2,135
2,458
75.2
74.4
20.9
24.0
11.2
9.8
2.6
2.2
26.0
25.1
3.3
2.6
Bhushan Steel
Neutral
446
9,465
9,232
13,557
30.8
31.1
48.0
58.6
9.3
7.6
1.2
1.0
14.5
7.5
3.2
2.2
Coal India
Accumulate
322
353
203,324
68,841
74,509
25.3
25.3
24.1
26.1
13.4
12.3
3.7
3.0
30.4
26.8
2.1
1.8
Electrosteel Castings
Buy
18
27
607
1,984
2,074
10.6
12.0
2.7
3.3
6.5
5.3
0.3
0.1
5.2
6.2
0.4
0.4
Hind. Zinc
Buy
119
139
50,281
13,043
14,223
51.8
52.8
14.8
16.6
8.0
7.2
1.6
1.3
21.2
19.9
2.1
1.5
Hindalco
Neutral
121
23,070
84,652
88,766
9.6
10.5
17.0
18.9
7.1
6.4
0.7
0.6
9.7
9.8
0.5
0.5
JSW Steel
Accumulate
627
663
13,981
39,592
44,910
18.0
17.7
74.7
88.9
8.4
7.1
0.8
0.7
10.7
11.6
0.7
0.7
MOIL
Accumulate
271
296
4,559
1,007
1,091
56.6
56.9
29.4
31.9
9.2
8.5
1.7
1.5
19.0
18.2
2.3
1.9
Monnet Ispat
Buy
345
593
2,221
3,115
3,748
22.1
25.1
59.1
66.8
5.8
5.2
0.8
0.7
15.6
15.3
1.5
1.1
IT
Media
www.angelbroking.com
Market Outlook
June 07, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
60
54
15,360
167
187
66,330
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
8,474
9,024
12.6
16.2
11,959
13,062
78.2
78.6
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
2.6
3.6
23.3
16.6
1.3
1.2
19.1
20.9
8.8
8.0
2.2
1.8
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
5.6
7.5
1.4
1.3
27.1
24.4
3.4
3.0
1.1
Reduce
NMDC
Accumulate
SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
95
39,095
50,914
60,785
14.6
15.1
9.4
10.5
10.1
9.0
0.9
0.8
9.2
9.6
1.2
181
206
15,692
9,067
9,316
35.7
35.5
44.5
44.3
4.1
4.1
0.9
0.7
23.5
19.5
0.3
Buy
94
123
31,455
45,805
49,029
21.2
23.5
16.5
19.1
5.7
4.9
0.6
0.6
11.5
12.0
0.3
0.2
Buy
410
499
10.9
12.1
53.9
66.0
7.6
6.2
0.9
0.8
12.2
13.4
0.6
0.6
Cairn India
Buy
321
372
61,308
15,513
16,074
74.0
69.7
51.1
48.6
6.3
6.6
1.1
0.9
18.3
14.8
2.8
2.1
GAIL
Buy
326
389
41,378
50,472
55,502
15.3
15.6
35.4
37.0
9.2
8.8
1.6
1.4
19.0
17.2
0.1
ONGC
Buy
261
319
37.6
39.5
31.0
33.6
8.4
7.8
1.5
1.3
18.8
18.1
1.1
1.0
Reliance Industries
Buy
714
872
10.9
11.7
65.8
70.1
10.9
10.2
1.1
1.0
11.9
11.5
0.7
0.7
Pharmaceuticals
Alembic Pharma
Buy
50
91
936
1,624
1,855
14.2
15.6
6.6
9.1
7.5
5.5
1.8
1.4
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
109
156
3,176
5,243
5,767
14.6
14.6
13.8
14.7
7.9
7.4
0.9
0.4
11.4
10.9
0.8
0.6
Aventis*
Neutral
2,124
4,891
1,482
1,682
15.5
15.5
95.0
104.0
22.4
20.4
4.0
3.1
18.6
17.0
3.1
2.6
Cadila Healthcare
Buy
726
953
14,868
6,196
7,443
18.5
19.5
43.3
50.8
16.8
14.3
4.3
3.5
25.4
24.8
2.4
1.9
Cipla
Buy
309
379
24,806
7,687
8,804
21.4
21.4
16.5
18.9
18.7
16.4
2.9
2.6
16.7
16.8
3.2
2.7
Dr Reddy's
Neutral
1,615
27,368
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
54
92
435
1,280
1,536
17.8
17.8
9.2
11.3
5.9
4.8
0.4
0.4
7.7
8.5
1.0
0.8
GSK Pharma*
Neutral
1,987
16,826
2,651
2,993
31.7
31.2
76.0
82.4
26.1
24.1
7.5
6.6
30.8
29.0
5.4
4.7
Indoco Remedies
Buy
55
82
508
685
837
15.2
15.2
7.4
8.9
7.5
6.2
1.1
0.9
15.9
16.3
0.9
0.7
Ipca labs
Buy
336
435
4,224
2,850
3,474
20.3
20.3
26.6
32.7
12.6
10.3
3.2
2.6
28.2
27.9
1.6
1.3
Lupin
Buy
552
646
24,640
8,426
10,082
19.7
20.0
29.7
32.4
18.6
17.0
4.8
3.9
27.0
25.2
2.8
2.3
Orchid Chemicals
Buy
121
178
850
2,117
2,434
17.7
17.7
16.7
22.2
7.2
5.4
0.7
0.6
9.5
11.5
1.1
0.9
Ranbaxy*
Neutral
493
20,829
12,046
11,980
18.0
15.8
35.7
29.8
13.8
16.6
5.2
4.2
43.1
28.1
1.8
1.7
Sun Pharma
Neutral
574
59,122
9,272
11,080
38.6
38.0
22.7
22.6
25.3
25.4
4.2
3.7
17.9
15.6
5.0
3.9
CESC
Buy
278
342
3,477
5,084
5,512
24.2
23.8
45.2
48.5
6.2
5.7
0.7
0.6
11.2
10.9
1.1
1.2
GIPCL
Buy
61
77
916
1,557
1,573
28.8
28.5
10.4
10.9
5.9
5.6
0.6
0.5
10.4
10.2
1.1
0.9
NTPC
Neutral
153
125,826
74,766
86,549
23.1
23.4
12.4
14.1
12.3
10.8
1.5
1.4
13.0
13.5
2.4
2.2
48
78
1,421
657
875
52.0
56.1
8.4
12.7
5.7
3.8
0.4
0.3
6.3
8.9
3.4
2.6
188
31,955
9,878
12,033
44.7
46.1
9.6
13.4
19.6
14.0
1.2
1.2
6.4
8.7
5.7
4.7
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
www.angelbroking.com
Market Outlook
June 07, 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
66
115
2,784
2,441
3,344
53.0
46.7
21.4
25.4
3.1
2.6
0.3
0.2
8.4
9.1
3.0
2.3
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
297
112,692
80,967
88,684
33.1
33.4
17.9
22.0
16.6
13.5
1.9
1.7
11.5
12.5
2.1
1.7
Idea Cellular
Neutral
77
25,583
22,558
25,326
26.4
27.5
3.2
4.7
24.0
16.3
1.8
1.6
7.5
10.0
1.6
1.4
Rcom
Neutral
65
13,457
21,899
23,740
32.7
32.7
4.2
6.7
15.4
9.8
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
1,060
7,439
982
1,136
34.3
34.3
34.3
40.0
30.9
26.5
14.0
11.2
50.9
46.9
7.2
6.0
Finolex Cables
Buy
37
61
572
2,334
2,687
8.8
9.3
7.6
10.2
4.9
3.7
0.6
0.6
13.7
16.1
0.2
0.1
Graphite India
Buy
89
124
1,733
2,158
2,406
18.1
18.9
12.4
14.0
7.2
6.3
1.0
0.9
14.0
14.3
0.9
0.8
Greenply
Buy
216
298
522
1,800
2,047
11.1
11.6
34.1
49.6
6.4
4.4
1.2
0.9
20.2
23.7
0.6
0.4
Page Industries
Neutral
2,977
3,320
935
1,168
19.6
19.6
99.7
122.2
29.9
24.4
17.3
13.8
64.2
63.1
3.6
2.9
Sintex
Buy
54
129
1,485
4,751
5,189
16.3
16.6
13.6
15.8
4.0
3.5
0.5
0.5
13.1
13.4
0.7
0.5
Buy
254
439
238
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
32
1,538
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(9.3)
13.3
(12.8)
27.1
0.5
0.4
Taj GVK
Buy
61
108
385
300
319
35.8
36.2
7.9
9.1
7.8
6.8
1.0
0.9
13.9
14.4
1.6
1.4
Goodyear
Accumulate
326
372
752
1,571
1,753
7.2
8.6
29.8
42.4
10.9
7.7
2.1
1.7
20.2
24.3
0.3
0.2
HEG
Buy
201
242
804
1,746
1,946
16.5
17.7
22.5
32.9
8.9
6.1
0.9
0.8
10.4
14.2
1.1
1.0
Hitachi
Buy
118
160
271
857
968
6.9
8.4
10.2
16.0
11.6
7.4
1.4
1.2
12.9
17.8
0.4
0.4
Honeywell Automation
Accumulate
2,519
2,674
2,227
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
Neutral
741
1,303
900
1,011
10.2
11.5
35.6
45.7
20.8
16.2
3.0
2.6
15.4
17.2
ITD Cementation
Neutral
225
259
1,535
1,842
11.1
11.1
27.3
38.3
8.3
5.9
0.6
0.6
7.9
10.2
0.6
0.6
MRF
Buy
10,746
13,106
4,557
12,390
14,400
10.4
8.1
6.6
1.6
1.3
16.5
17.4
0.6
0.5
Relaxo
Neutral
456
547
1,019
1,208
11.0
10.8
44.9
53.1
10.2
8.6
2.4
1.9
27.2
25.0
0.7
0.6
Tata Sponge
Buy
284
420
437
757
875
19.0
19.1
63.5
72.9
4.5
3.9
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
370
413
751
628
716
16.4
16.5
29.8
34.4
12.4
10.8
2.2
1.9
18.8
18.6
1.0
0.8
Abbott India
Accumulate
1,441
1,628
3,062
1,661
1,918
9.7
12.0
60.7
90.4
23.8
15.9
4.9
3.9
22.0
27.3
1.6
1.3
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
215
268
1,735
1,315
1,568
8.6
11.1
6.4
10.9
33.8
19.8
2.8
2.7
8.4
13.9
1.6
1.3
Force Motors
Buy
455
680
593
2,346
2,753
6.7
7.0
50.9
61.9
8.9
7.4
0.5
0.5
5.5
6.3
0.2
0.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 06, 2012
www.angelbroking.com
Market Outlook
June 07, 2012
www.angelbroking.com