Market Outlook 2nd Jan

Market Outlook
January 2, 2013
Domestic Indices
Dealers Diary
Chg (%)
(Pts)
(Close)
BSE Sensex
0.8
Nifty
0.8
45.7
5,951
MID CAP
1.2
84.7
7,198
SMALL CAP
1.0
72.9
7,453
BSE HC
0.4
34.1
8,166
BSE PSU
1.0
75.3
7,410
BANKEX
1.5
210.2 14,555
Final voting by US House of representatives on the issue is expected to take place

at 9.45 hrs IST. The US and European markets were shut on Tuesday for New
Years day.
AUTO
0.9
98.6 11,525
METAL
2.1
235.9 11,307
OIL & GAS
0.2
16.6
8,535
The Indian market rose sharply on Tuesday, as investors cheered news that the US
Senate has cleared a deal to avert the fiscal cliff. The US Senate has approved the
fiscal cliff budget package on taxes with a majority of 89-8, making permanent the
tax reductions for most households and delaying automatic spending cuts for two
months.
BSE IT
0.0
1.5
5,686
Chg (%)
(Pts)
(Close)
Markets Today
The Indian market is expected to open in the green today tracing the positive
opening trades of the SGX Nifty. SGX Nifty is currently trading higher by 1.25%. All
the Asian markets too are trading in the positive zone buoyed by the developments
in the US where the Senate approved an agreement struck by the White House and
Senate Republicans to keep the world's biggest economy from falling off the Fiscal
Cliff.
The trend deciding level for the day is 19,571 / 5,950 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,633 19,686 / 5,965 5,979 levels. However, if NIFTY trades below
19,571 / 5,950 levels for the first half-an-hour of trade then it may correct up to
19,519 19,456 / 5,936 5,921 levels.
Indices
SENSEX
NIFTY
S2
19,456
5,921
S1
19,519
5,936
PIVOT
19,571
5,950
R1
19,633
5,965
R2
19,686
5,979
News Analysis
Progress on fiscal cliff negotiations

Government starts coal block allocation under new policy
Auto sales numbers December 2012
Sales
728
401
Net
872
(111)
MTD
24,299
(2,615)
YTD
129,319
(20,212)
FII Derivatives (January 01, 2013)

` cr
Index Futures
Stock Futures
Purch
279
493
Sales
423
712
Net
(144)
(219)
Open Interest
7,610
31,311
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Central Bank
89
6.2
Madras Cements
Lanco Infra
14
6.1
CRISIL
1,065
(1.7)
Indian Bank
210
6.0
Bosch
9,363
(1.2)
GMR Infra
20
5.2
Indian Oil Corp
267
(1.2)
IOB
90
5.1
Gujarat Mnrl
212
(1.1)
www.angelbroking.com
- 13,104
NASDAQ
3,020
FTSE
5,898
Nikkei
- 10,395
Hang Seng
Straits Times
Shanghai Com
- 22,657
- 3,167
- 2,269
Indian ADR
Chg (%)
(Pts)
(Close)
INFY
$42.3
WIT
$8.8
IBN
$43.6
HDB
$40.7
BSE
NSE
Advances
1,592
859
Declines
1,293
654
128
84
Unchanged
Net Inflows (December 31, 2012)

Purch
1,599
290
Dow Jones
Advances / Declines
Refer detailed news analysis on the following page
` cr
FII
MFs
Global Indices
Company
Price (`)
chg (%)
239
(2.6)
154.1 19,581
Volumes (` cr)
BSE
1,860
NSE
8,189
Market Outlook
January 2, 2013
Progress on fiscal cliff negotiations

The United States Senate passed a bill to avert the fiscal cliff which is a
combination of dramatic spending cuts and tax increases mandated to take effect
from January 1, 2013. The deal passed by the Senate is in the process of being
voted on in the House of Representatives. The Budget Control Act, 2011 mandated
the government to decrease the budget deficit by USD 1.2 trillion over 10 years
from January 1, 2013. In case of a failure to reach a mutually agreed deal to
avert the fiscal cliff by the legislators, a combination of about USD 600 billion in
tax increases and wide spending cuts could push the already fragile economy into
a recession by reducing the GDP by about 4%.
The deal passed by the Senate increases marginal tax rates at incomes over USD
400,000 for individuals and USD 450,000 for couples and increases taxes on
capital gains and dividends. It seeks to extend jobless benefits for the long-term
unemployed for an additional year and makes permanent changes to alternate
minimum taxes granting relief to middle-income earners. It is likely to increase
spending to prevent a 27% cut in Medicare payments to doctors and extends tax
breaks for businesses for renewable energy purposes. The payroll tax exemption of
2% for all wage earners is unlikely to be extended. The Congressional Budget
Office estimates that the legislation passed would add about USD 4 trillion to
deficits over the decade as it extends low rates for majority of income-earners in
the United States.
However, what has been achieved so far can be described as a partial deal since it
defers for two months, some USD 109 billion worth of automatic wide spending
cuts known as the sequester across military and domestic programs. The cost of
continuing the spending is likely to be USD 24 billion and would be offset by a
combination of revenue increases and other spending cuts. Therefore, the next
legislative agenda is likely to be raising the debt ceiling as the U.S treasury is
about to hit its statutory borrowing limit of USD 16.4 trillion and the issue of
sequestered spending cuts which is likely to be taken up by the parliament again in
February.
We are cautiously optimistic on the bill being passed in the House of
Representatives during the course of the day. If however, the House is unable to
come together and agree on the legislation, it can make further amendments and
the bill would be taken up in the Senate once again. The bill once passed id likely
to apply retrospectively to avoid the economic consequences of the fiscal cliff.
Government starts coal block allocation under new policy

Business Standard reported that the government has initiated a process of coal
block allocation under a new policy under which it will allocate 14 coal blocks with
total coal reserves of 8.2bn tonnes to government companies. Public sector steel
and power companies can apply for the blocks by January 30, 2013. The ministry
has published the selection criteria based on a 30-point system assigning the
highest 9 points for preparedness of the plan. However, there is no clarity on
reserve price of these blocks currently. Going forward, the government aims to
allocate another 41 coal blocks through competitive bidding. Although allocating
coal blocks will have no material impact on steel and power companies financials
Market Outlook
January 2, 2013
in our investment horizon, the process of allocating coal blocks via competitive
bidding is structurally positive for steel and power companies.
Auto sales numbers December 2012

Tata Motors
Tata Motors (TTMT) reported in-line volumes for December 2012 with total
volumes registering a decline of 20.3% yoy (1.4% mom) to 65,582 units led by
sharp decline of 19.5% yoy (1% mom) in domestic sales. On the domestic front,
light commercial vehicle sales continued its momentum posting a strong growth of
27.6% yoy (8.1% mom). However, the medium and heavy commercial vehicle
sales witnessed a considerable decline of 45.9% yoy leading to a 0.5% yoy (up
7.2% mom) decline in commercial vehicle sales. The MHCV segment continues to
be impacted by the slowdown in the industrial activity and due to the lack of freight
demand. On the passenger vehicle front, total domestic volumes fell sharply by
50.9% yoy (21.3% mom) largely on account of 52.4% yoy (16.8% mom) decline in
passenger cars.
Mahindra and Mahindra

Mahindra and Mahindra (MM) reported muted volume growth of 1.4% yoy (down
12.5% mom) in December 2012 as farm equipment segment posted sharp decline
in sales. The growth in the automotive segment too slowed down during the
month. The automotive segment grew by a modest 5.9% yoy (down 5.9% mom)
mainly due to flat growth (down 4.5% mom) in the pick-up segment and 9.3% yoy
decline in the three-wheeler sales. Exports too registered a sluggish growth of 4.2%
yoy. However, the passenger vehicle sales maintained its momentum on the back
of the new launches XUV5OO, Quanto and Rexton, and recorded a strong growth
of 17.7% yoy. In the farm-equipment segment, MM post considerably lower than
expected sales as domestic volumes witnessed a decline of 10.5% yoy (down
30.6% mom).
Hero MotoCorp
Hero MotoCorp (HMCL) registered better-than-expected performance in December
with total sales posting a growth of 7.8% mom to 541,615 units. On a yoy basis
though, the volumes remained flat as demand in the domestic markets continue to
remain sluggish. Going ahead, HMCL intends to improve sales led by various
marketing and customer engagement initiatives.
TVS Motor
TVS Motor (TVSL) posted weak sales for December 2012 with total volumes
registering a decline of 8.3% yoy (9.1% mom) to 156,221 units. The weak
performance can be attributed to the weakness in the two-wheeler portfolio which
registered a decline of 9.6% yoy (9% mom). The scooters and mopeds segment
witnessed a decline of 32.2% and 8% yoy respectively during the month.
Nonetheless, the motorcycle sales posted a growth of 6.3% yoy led by the launch
of Phoenix. TVSL registered better-than-expected growth in three-wheeler sales
(77.8% yoy) led by an impressive exports growth of 133% yoy.
Market Outlook
January 2, 2013
Economic and Political News
FIPB to take up IKEA plan next week

Economic growth may not cross 6% in FY13: Assocham
Government cuts import tariff value of gold, silver
Corporate News
Aurobindo Pharma gets US nod for anti-migraine tablets

Mercedes-Benz India to raise prices by 1-3%
L&T Finance Holdings acquires Family Credit for `120cr
GCPL subsidiary acquires UK's fourth largest deodorant brand
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
January 02, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
January 2, 2013
2:25PM
Germany PMI Manufacturing
Value
Dec F
46.30
46.30
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
49.10
7:00PM
US
Initial Jobless claims
Thousands
Dec 29
350.00
360.00
2:25PM
Germany Unemployment change (000's)
Thousands
Dec
5.00
11.00
2:25PM
Germany PMI Services
Value
Dec F
52.10
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Dec
146.00
150.00
7:00PM
US
Unnemployment rate
Dec
7.70
7.70
January 8, 2013
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec F
(26.60)
--
January 10, 2013
5:29PM
India
Imports YoY%
% Change
Dec
6.40
--
5:29PM
India
Exports YoY%
% Change
Dec
(4.20)
--
5:29PM
China
Exports YoY%
% Change
Dec
2.90
5.10
5:30PM
UK
BOE Announces rates
% Ratio
Jan 10
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Jan 10
0.75
0.75
7:00AM
China
Consumer Price Index (YoY)
% Change
Dec
2.00
2.40
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(3.00)
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
7.24
--
11:00AM
India
Industrial Production YoY
% Change
Nov
8.20
--
3:00PM
UK
CPI (YoY)
% Change
Dec
2.70
--
7:00PM
US
Producer Price Index (mom)
% Change
Dec
(0.80)
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
7:00PM
US
Consumer price index (mom)
7:45PM
US
Industrial Production
7:00PM
US
Housing Starts
7:00PM
US
Building permits
7:30AM
China
7:30AM
China
January 22, 2013
8:30PM
US
Existing home sales
January 23, 2013
3:00PM
UK
Jobless claims change
January 25, 2013
3:00PM
UK
GDP (YoY)
8:30PM
US
New home sales
8:30PM
US
Consumer Confidence
11:00AM
India
11:00AM
11:00AM
January 30, 2013
January 3, 2013
January 4, 2013
January 11, 2013

January 14, 2013
January 15, 2013
January 16, 2013
January 17, 2013

January 18, 2013
Dec
2.20
--
% Change
Dec
(0.30)
--
Dec
1.05
--
Thousands
Dec
861.00
--
Thousands
Dec
900.00
--
Industrial Production (YoY)
% Change
Dec
10.10
--
Real GDP (YoY)
% Change
4Q
7.40
--
Millions
Dec
5.04
--
% Change
Dec
(3.00)
--
% Change
4Q A
--
--
Thousands
Dec
377.00
--
S.A./ 1985=100
Jan
65.10
--
RBI Repo rate
Jan 29
8.00
--
India
RBI Cash Reserve ratio
Jan 29
4.25
--
India
RBI Reverse Repo rate
Jan 29
7.00
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.10
--
January 31, 2013
12:45AM
US
FOMC rate decision
Jan 30
0.25
--
February 14, 2013
12:30PM
Germany GDP nsa (YoY)
% Change
4Q P
0.40
--
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
February 28, 2013
11:00AM
India
% Change
4Q
5.30
--
January 29, 2013
Source: Bloomberg, Angel Research
Qtrly GDP YoY%
Market Outlook
January 02, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
9.0
10.0
8.0
9.2
8.5
7.6
7.5
8.2
6.7
6.1
6.0
4.3
4.0
5.3 5.5 5.3
3.5
2.7
2.5
2.3
1.0
2.0
(0.1)
8.0
7.7
7.5
7.6
7.6
Mfg. PMI
60.0
8.1
(0.7)
Services PMI
58.0
7.5
56.0
7.5
7.2
6.9
54.0
52.0
(%)
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
30.0
48.0
Nov-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Source: MOSPI, Angel Research
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
8.00
15.0
7.00
7.00
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
5.00
Dec-11
(30.0)
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
0.0
(15.0)
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
May-12
(2.0)
(1.3)
(2.8)
Exhibit 4: Manufacturing and services PMI
(%)
7.4
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.2
6.0
8.0
5.7
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
January 02, 2013
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
150
2,909
1,466
1,686
14.8
14.8
7.0
8.1
21.4
18.5
4.5
3.9
22.6
22.5
2.1
1.8
United Phosphorus
Buy
132
170
6,101
8,421
9,263
16.5
16.5
15.0
17.0
8.8
7.8
1.3
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
245
270
4,183
2,911
3,321
16.2
16.2
17.3
19.8
14.2
12.3
3.9
3.0
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
89
96
4,506
13,713
15,341
11.2
11.2
12.5
14.8
7.2
6.0
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
27
31
7,264
14,226
16,256
9.4
10.0
2.1
2.8
13.0
9.7
2.3
2.0
12.9
16.0
0.6
0.5
Automotive Axle#
Neutral
368
556
1,103
1,240
11.0
11.3
39.1
45.0
9.4
8.2
1.7
1.7
19.5
22.8
0.6
0.4
Bajaj Auto
Neutral
2,137
61,836
21,186
23,828
18.7
19.0
110.4
126.5
19.4
16.9
8.1
6.4
46.7
42.4
2.5
2.2
Bharat Forge
Accumulate
257
278
5,979
6,754
7,565
15.5
15.7
18.8
23.2
13.7
11.1
2.4
2.0
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,363
29,399
9,973
11,320
17.8
18.0
396.2
455.7
23.6
20.6
4.5
3.7
18.8
18.2
2.6
2.2
CEAT
Buy
107
163
367
4,989
5,634
8.2
8.5
27.1
40.8
4.0
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
143
155
12,172
6,229
7,200
14.8
15.8
7.2
9.0
20.0
16.0
3.5
3.0
18.5
19.9
1.6
1.4
FAG Bearings*
Accumulate
1,700
1,807
2,824
1,715
1,939
17.6
18.4
127.7
150.6
13.3
11.3
2.6
2.2
21.7
21.1
1.4
1.2
Hero Motocorp
Accumulate
1,898
2,014
37,904
24,743
27,966
14.8
15.2
118.2
130.0
16.1
14.6
6.9
5.5
48.3
41.8
1.2
1.1
JK Tyre
Buy
124
165
509
7,517
8,329
6.6
6.6
37.2
41.3
3.3
3.0
0.6
0.5
18.8
17.8
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
941
998
57,791
40,035
46,272
11.5
11.6
54.4
62.1
17.3
15.2
3.9
3.2
24.2
23.2
1.2
1.0
Maruti
Neutral
1,516
43,802
43,384
51,903
7.3
8.6
67.3
94.6
22.5
16.0
2.6
2.3
12.1
15.1
0.9
0.7
Motherson Sumi
Neutral
198
11,634
24,285
27,317
6.7
7.2
8.1
10.6
24.6
18.7
5.2
4.2
22.9
24.7
0.6
0.6
Subros
Buy
30
35
179
1,286
1,479
9.4
9.7
2.6
5.1
11.5
5.9
0.6
0.6
5.6
10.3
0.4
0.4
Tata Motors
Neutral
84,328 190,883 217,164
12.8
13.1
35.5
42.5
8.9
7.4
2.3
1.8
30.2
27.6
0.5
0.4
TVS Motor
Accumulate
6.1
6.4
4.6
5.8
9.4
7.3
1.5
1.3
17.4
19.4
0.2
0.2
316
43
46
2,024
7,298
8,123
Capital Goods
ABB*
Sell
705
573
14,937
7,790
9,653
4.5
7.8
8.7
22.1
81.0
31.9
5.6
4.9
7.1
16.5
1.9
1.5
BGR Energy
Neutral
263
1,898
3,567
4,357
11.8
10.9
24.6
26.8
10.7
9.8
1.5
1.4
30.7
26.3
1.0
0.9
BHEL
Neutral
233
56,968
47,801
43,757
18.5
18.0
24.6
21.8
9.5
10.7
2.8
2.4
33.5
24.5
1.1
1.2
Blue Star
Buy
180
224
1,618
2,538
2,681
4.6
5.7
7.3
11.3
24.5
15.9
3.6
3.0
15.6
20.7
0.8
0.7
Crompton Greaves
Accumulate
119
135
7,640
12,320
14,390
5.5
7.2
4.3
7.8
27.7
15.3
2.0
1.8
7.4
12.6
0.7
0.6
Jyoti Structures
Accumulate
46
51
379
2,794
3,048
10.6
10.6
9.2
11.7
5.0
3.9
0.5
0.5
11.9
13.5
0.3
0.3
KEC International
Buy
67
78
1,734
6,909
7,907
6.2
7.2
5.4
8.8
12.5
7.7
1.5
1.3
17.0
23.6
0.4
0.4
LMW
Reduce
2,273
1,992
2,560
2,369
2,727
11.7
11.7
143.4
166.0
15.9
13.7
2.6
2.4
17.4
18.4
0.6
0.5
Thermax
Neutral
612
7,298
5,552
5,767
9.3
10.2
28.3
30.9
21.6
19.8
3.9
3.4
19.3
18.4
1.2
1.1
Market Outlook
January 02, 2013
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
1,430
26,846
11,085
12,415
21.6
21.4
79.4
83.1
18.0
17.2
3.5
3.2
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
202
31,083
10,272
11,884
26.4
26.1
11.5
12.9
17.6
15.6
3.9
3.4
20.8
21.1
2.6
2.2
India Cements
Neutral
94
2,894
4,293
4,666
17.7
18.1
8.6
10.8
11.0
8.8
0.8
0.8
7.5
9.0
1.1
1.0
J K Lakshmi Cements
Neutral
161
1,970
2,082
2,423
22.9
23.1
20.8
22.5
7.7
7.2
1.4
1.2
18.4
17.4
1.1
1.3
Madras Cements
Neutral
239
5,680
3,814
4,045
29.3
27.5
18.7
19.2
12.7
12.4
2.3
2.0
19.9
17.4
2.1
1.9
Shree Cements^
Neutral
4,625
16,112
5,701
6,210
29.7
28.1
240.7
260.7
19.2
17.7
4.7
3.8
27.1
23.6
2.3
1.9
UltraTech Cement
Neutral
2,020
55,382
21,368
24,043
22.5
23.5
103.5
121.4
19.5
16.6
3.6
3.1
20.2
20.1
2.5
2.4
206
304
1,087
2,034
2,315
22.4
22.4
27.1
31.7
7.6
6.5
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
238
2,262
2,522
6.7
7.5
1.5
2.7
8.6
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
130
164
4,321
3,843
4,212
43.1
43.6
16.8
17.8
7.7
7.3
1.3
1.2
18.3
17.0
3.2
3.5
ITNL
Accumulate
207
225
4,018
6,564
7,054
27.2
27.4
26.3
29.0
7.9
7.1
1.3
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
47
1,429
4,249
6,897
7.8
8.2
0.3
3.3
151.0
14.1
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
Larsen & Toubro
Accumulate
Nagarjuna Const.
99
21,236
13,842
15,863
26.9
26.4
3.7
4.6
26.9
21.6
1.6
1.5
6.2
7.3
3.0
2.7
1,624
1,748
99,882
60,556
69,167
11.2
11.6
73.8
85.5
22.0
19.0
3.5
3.1
13.5
14.1
1.8
1.6
Sell
58
44
1,497
5,947
6,569
8.5
8.6
3.1
4.1
18.8
14.2
0.6
0.6
3.3
4.2
0.7
0.6
Punj Lloyd
Neutral
62
2,044
11,892
13,116
9.0
9.0
1.8
3.2
34.0
19.2
0.7
0.7
2.5
3.7
0.6
0.6
Sadbhav Engg.
Buy
137
168
2,068
2,344
2,804
10.6
10.7
7.2
8.7
19.1
15.8
2.3
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Neutral
245
1,210
6,882
8,032
9.1
9.1
23.2
31.3
10.5
7.8
0.9
0.8
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
175
187
8,735
6,403
7,186
2.7
2.8
30.5
33.6
5.7
5.2
0.9
0.8
14.9
14.6
Andhra Bank
Neutral
122
6,824
4,706
5,444
2.9
3.0
21.4
22.4
5.7
5.5
0.9
0.8
15.1
14.2
Axis Bank
Buy
1,362
1,587
58,187
15,903
18,707
3.1
3.2
118.2
139.1
11.5
9.8
2.2
1.9
20.3
20.3
Bank of Baroda
Neutral
883
34,579
15,284
18,032
2.5
2.6
109.6
137.7
8.1
6.4
1.2
1.0
15.5
17.1
Bank of India
Neutral
360
20,662
12,568
14,758
2.2
2.4
41.6
64.1
8.7
5.6
1.1
0.9
11.6
16.0
Bank of Maharashtra
Neutral
62
3,661
3,576
3,893
3.1
3.1
9.3
12.0
6.7
5.2
0.9
0.8
14.0
16.1
Canara Bank
Neutral
515
22,821
10,828
12,005
2.1
2.2
64.7
80.4
8.0
6.4
1.1
1.0
13.2
14.7
Central Bank
Neutral
89
6,540
7,252
8,236
2.5
2.6
16.8
21.4
5.3
4.2
0.9
0.8
13.1
14.8
Corporation Bank
Accumulate
478
534
7,079
4,835
5,570
2.0
2.2
105.0
99.8
4.6
4.8
0.8
0.7
17.5
14.8
Dena Bank
Accumulate
120
132
4,202
3,125
3,457
2.7
2.8
26.2
24.2
4.6
5.0
0.8
0.7
19.6
15.6
Federal Bank
Neutral
540
9,237
2,682
2,968
3.3
3.2
48.6
51.7
11.1
10.5
1.5
1.3
13.8
13.2
Financials
Market Outlook
January 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
833
128,423
7,336
8,802
3.5
3.5
31.5
37.8
26.4
22.0
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
684
162,059
21,615
26,671
4.4
4.5
28.7
35.9
23.9
19.1
4.6
3.9
20.7
22.0
ICICI Bank
Accumulate
1,159
1,320
133,267
22,219
26,447
2.9
3.0
69.1
82.9
16.8
14.0
2.0
1.9
14.2
15.6
IDBI Bank
Accumulate
114
119
14,529
7,990
9,279
1.8
2.1
16.8
22.1
6.8
5.2
0.8
0.7
11.7
13.9
Indian Bank
Accumulate
210
231
9,029
5,902
6,563
3.2
3.2
41.3
43.2
5.1
4.9
0.9
0.8
18.4
16.8
IOB
Neutral
90
7,177
7,063
8,308
2.3
2.5
12.6
20.4
7.1
4.4
0.7
0.6
9.0
13.3
J & K Bank
Accumulate
1,314
1,410
6,370
2,830
2,910
3.6
3.6
234.8
197.4
5.6
6.7
1.3
1.1
25.1
18.0
LIC Housing Finance
Accumulate
297
328
14,999
1,799
2,255
2.3
2.4
20.3
27.3
14.6
10.9
2.3
2.0
16.9
19.7
Oriental Bank
Neutral
359
10,464
6,330
7,105
2.6
2.7
58.4
65.1
6.1
5.5
0.9
0.8
14.5
14.4
Punjab Natl.Bank
Neutral
892
30,250
19,688
22,497
3.2
3.3
138.9
164.5
6.4
5.4
1.1
1.0
16.7
17.3
South Ind.Bank
Buy
27
32
3,661
1,560
1,755
2.8
2.7
3.5
3.9
7.8
7.0
1.3
1.2
19.2
17.1
St Bk of India
Accumulate
2,426
2,600
162,796
60,677
69,712
3.3
3.3
224.3
257.3
10.8
9.4
1.8
1.6
17.6
17.7
Syndicate Bank
Accumulate
133
141
7,985
6,810
7,807
3.0
3.0
28.0
27.2
4.7
4.9
0.9
0.8
19.4
16.4
UCO Bank
Neutral
82
5,441
5,235
6,086
2.3
2.4
12.0
14.9
6.9
5.5
1.1
0.9
12.0
13.5
Union Bank
Neutral
281
15,490
9,963
11,536
2.8
2.9
40.8
46.8
6.9
6.0
1.1
1.0
16.2
16.4
United Bank
Accumulate
82
90
2,975
3,498
3,858
2.5
2.8
15.1
21.6
5.5
3.8
0.7
0.6
12.5
16.1
Vijaya Bank
Neutral
65
3,196
2,333
2,728
2.0
2.2
7.3
10.4
8.8
6.2
0.9
0.8
9.3
12.1
Yes Bank
Accumulate
477
541
17,043
3,292
4,243
2.8
3.0
35.0
42.2
13.7
11.3
3.0
2.4
23.8
23.5
4,422
42,412
11,198
13,184
16.2
16.2
123.7
146.4
35.8
30.2
12.2
9.6
38.1
35.4
3.7
3.1
501
584
5,989
5,627
6,581
4.9
5.7
18.3
24.7
27.4
20.3
10.0
7.7
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,563
21,256
3,146
3,573
20.6
21.4
36.4
42.5
43.0
36.8
39.7
33.3
102.0
98.5
6.6
5.8
Dabur India
Neutral
129
22,553
6,124
7,101
17.0
16.8
4.5
5.2
29.0
24.7
11.9
9.4
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,832
16,114
3,124
3,663
17.1
17.6
104.5
123.8
36.7
31.0
11.4
9.2
34.4
32.8
4.8
4.0
Godrej Consumer
Neutral
722
24,560
6,355
7,548
18.4
18.6
22.8
27.6
31.6
26.1
7.2
5.9
26.4
26.1
4.1
3.4
HUL
Neutral
531
114,714
25,350
28,974
13.3
13.5
14.7
17.1
36.0
31.1
28.5
20.1
84.5
75.8
4.3
3.8
ITC
Neutral
287
226,304
29,409
34,060
35.7
36.1
9.3
10.9
30.8
26.3
10.2
8.5
35.8
35.3
7.4
6.3
Marico
Neutral
220
14,213
4,840
5,643
13.1
13.1
6.2
7.8
35.7
28.3
6.8
5.6
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,974
47,958
8,529
10,079
20.8
21.1
113.1
137.8
44.0
36.1
26.4
18.5
70.5
60.2
5.7
4.7
Tata Global
Neutral
161
9,944
7,207
7,927
9.7
10.0
6.6
7.8
24.3
20.6
2.5
2.4
8.6
9.5
1.3
1.2
Market Outlook
January 02, 2013
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
622
700
43,226
24,453
27,269
19.8
18.7
45.0
50.0
13.8
12.4
3.3
2.8
24.4
22.6
1.7
1.5
86
118
2,553
1,941
2,118
20.8
19.0
10.7
10.7
8.0
8.0
2.0
1.7
25.3
22.0
1.0
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Accumulate
2,308
2,490
132,551
39,353
41,700
29.1
29.2
157.6
166.0
14.6
13.9
3.5
3.1
23.9
22.5
2.8
2.6
Infotech Enterprises
Accumulate
181
191
2,025
1,900
2,064
18.2
17.8
19.1
21.2
9.5
8.6
1.4
1.3
15.2
14.6
0.7
0.6
KPIT Cummins
Buy
110
130
2,111
2,221
2,390
16.1
15.9
11.3
13.0
9.8
8.5
2.2
1.7
21.9
20.9
0.9
0.8
Mahindra Satyam
Accumulate
107
119
12,541
7,670
8,308
20.3
19.3
9.9
10.8
10.8
9.8
3.0
2.3
28.0
23.5
1.2
1.1
Mindtree
Accumulate
691
781
2,838
2,339
2,502
20.9
18.4
75.4
78.1
9.2
8.9
2.2
1.8
24.6
20.3
1.0
0.8
Mphasis&
Neutral
386
8,103
5,531
5,874
17.6
17.5
35.4
37.7
10.9
10.2
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
29
36
474
1,048
1,161
9.1
10.9
4.1
6.2
7.0
4.7
0.7
0.7
10.3
14.1
0.3
0.2
Persistent
Neutral
517
2,069
1,277
1,398
26.8
25.2
48.0
53.9
10.8
9.6
2.1
1.7
19.0
17.9
1.3
1.1
TCS
Accumulate
1,263
1,416
247,285
61,905
67,316
28.7
28.4
69.6
76.5
18.1
16.5
5.9
4.8
32.6
29.2
3.8
3.4
Tech Mahindra
Buy
932
1,087
11,911
6,671
7,290
19.8
19.0
94.1
106.4
9.9
8.8
2.4
1.9
24.0
21.6
1.9
1.6
Wipro
Accumulate
397
421
97,724
43,231
47,241
20.0
20.0
26.2
28.1
15.2
14.1
2.9
2.5
19.3
17.9
1.9
1.7
D B Corp
Buy
230
265
4,212
1,581
1,784
23.3
25.0
11.6
14.4
19.8
15.9
3.8
3.3
21.0
22.3
2.6
2.2
HT Media
Accumulate
106
119
2,484
2,111
2,272
15.0
15.2
7.4
8.3
14.4
12.8
1.6
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Accumulate
104
118
3,277
1,503
1,681
23.1
23.1
6.4
7.3
16.2
14.3
4.0
3.6
25.8
26.5
2.4
2.1
PVR
Neutral
282
815
682
786
17.3
16.9
17.6
19.7
16.0
14.3
1.9
1.7
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
430
16,946
1,942
2,237
77.2
75.5
17.6
19.1
24.4
22.5
6.1
5.5
25.8
25.2
8.3
7.1
Bhushan Steel
Neutral
482
10,234
11,307
14,287
29.5
29.1
45.1
51.0
10.7
9.5
1.2
1.1
12.2
12.2
3.0
2.3
Coal India
Neutral
360
227,389
66,666
70,292
25.7
27.3
24.2
26.6
14.9
13.5
4.4
3.6
33.1
29.1
2.4
2.2
Electrosteel Castings
Accumulate
26
29
898
1,984
2,074
10.6
11.6
0.8
2.0
31.0
12.8
0.5
0.2
1.7
4.1
0.7
0.6
Hind. Zinc
Accumulate
137
145
57,866
12,446
13,538
52.3
52.9
15.0
16.4
9.2
8.4
1.8
1.5
21.4
19.7
2.8
2.1
Hindalco
Neutral
134
25,684
79,148
89,258
9.4
9.0
15.0
15.6
9.0
8.6
0.8
0.7
8.8
8.4
0.7
0.6
JSW Steel
Neutral
831
18,540
39,586
41,459
17.6
17.0
78.7
90.1
10.6
9.2
1.0
0.9
10.2
10.7
0.9
0.9
MOIL
Neutral
263
4,423
941
1,019
47.3
48.3
25.8
28.1
10.2
9.4
1.6
1.4
16.7
16.2
2.3
2.0
Monnet Ispat
Buy
284
344
1,825
2,501
3,264
22.2
24.6
41.8
55.2
6.8
5.1
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
49
44
12,732
6,898
7,841
9.9
14.7
2.0
3.2
24.9
15.5
1.1
1.0
4.3
6.8
1.4
1.3
169
198
66,805
11,209
12,525
78.4
78.3
18.5
20.6
9.1
8.2
2.2
1.8
27.0
24.6
4.0
3.4
93
38,249
47,252
60,351
14.2
14.8
9.6
11.7
9.7
7.9
0.9
0.8
9.4
10.6
1.3
1.0
Market Outlook
January 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Metals & Mining

Sesa Goa
Neutral
199
17,256
4,551
6,640
32.8
34.4
33.7
39.3
5.9
5.1
1.0
0.9
18.3
18.3
4.4
3.0
Sterlite Inds
Neutral
119
39,941
43,185
45,442
23.3
23.7
16.8
17.9
7.1
6.6
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Accumulate
438
463
8.3
9.5
22.0
44.5
19.9
9.8
1.0
0.9
4.9
9.3
0.6
0.6
Sarda
Accumulate
134
153
479
1,442
1,494
17.6
17.3
27.2
28.7
4.9
4.7
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
50
73
674
2,694
2,906
14.6
16.6
16.4
20.8
3.1
2.4
0.3
0.3
11.4
12.8
0.5
0.3
Buy
118
143
374
2,342
2,470
13.7
15.3
27.7
33.8
4.3
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
321
382
61,346
17,567
17,643
76.2
72.3
61.1
56.8
5.3
5.7
1.1
0.9
22.0
17.5
2.7
2.2
GAIL
Neutral
357
45,259
46,652
54,142
15.7
15.7
34.0
35.3
10.5
10.1
1.8
1.6
18.5
16.8
0.7
0.6
ONGC
Buy
268
312
229,030 147,139 154,821
33.9
33.7
30.7
32.3
8.7
8.3
1.5
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
841
275,275 362,700 380,031
7.9
8.0
60.0
63.3
14.0
13.3
1.4
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
305
3,912
3,128
3,707
13.2
11.7
22.8
23.5
13.4
13.0
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
250
3,494
3,213
3,643
23.3
23.5
24.3
25.7
10.3
9.7
2.3
2.0
25.0
22.1
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
158
183
11,850
30,077
33,570
6.6
6.3
15.1
15.3
10.4
10.3
2.7
2.2
28.4
23.1
0.4
0.4
76
4,291
1,079
1,034
91.8
91.9
8.8
8.4
8.7
9.1
1.5
1.3
17.9
15.0
3.7
3.8
Alembic Pharma
Buy
Aurobindo Pharma
Accumulate
Aventis*
Neutral
42,568 145,725 154,108
72
91
1,362
1,624
1,855
14.2
15.6
6.6
9.1
11.0
7.9
2.7
2.1
27.9
29.9
1.0
0.8
193
208
5,627
5,463
6,279
15.0
15.0
12.4
14.0
15.6
13.8
2.0
1.7
18.8
17.8
1.6
1.4
Neutral
2,275
5,239
1,482
1,682
17.5
16.6
82.9
87.8
27.4
25.9
4.3
3.5
16.3
14.8
3.3
2.9
Cadila Healthcare
Neutral
898
18,378
6,148
7,386
18.6
19.6
32.7
44.8
27.5
20.0
6.0
4.8
23.7
26.6
3.4
2.7
Cipla
Neutral
417
33,510
8,151
9,130
25.8
24.8
20.2
21.6
20.7
19.3
3.7
3.2
19.4
17.6
3.9
3.4
Dr Reddy's
Neutral
1,834
31,139
10,696
11,662
20.7
21.0
83.7
92.9
21.9
19.7
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
116
145
933
1,280
1,536
20.2
20.2
10.4
14.5
11.1
8.0
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,148
18,192
2,651
2,993
31.7
31.2
76.0
82.4
28.3
26.1
8.2
7.3
20.1
26.3
6.1
5.3
Indoco Remedies
Buy
63
89
580
685
837
15.2
15.2
7.4
8.9
8.5
7.1
1.3
1.1
16.4
17.0
1.0
0.8
Ipca labs
Neutral
525
6,616
2,850
3,474
21.0
21.0
29.9
37.3
17.5
14.1
4.2
3.3
26.7
26.4
2.5
2.1
Lupin
Accumulate
615
652
27,494
8,426
10,082
19.7
20.0
26.1
31.1
23.5
19.8
5.5
4.4
25.8
24.7
3.4
2.8
Ranbaxy*
Neutral
509
21,491
12,046
11,980
16.0
15.8
37.3
32.1
13.6
15.9
5.3
4.2
45.3
29.7
1.8
1.7
Sun Pharma
Neutral
740
76,463
9,902
12,313
42.6
42.6
26.7
29.1
27.7
25.4
5.3
4.5
20.7
19.1
7.1
5.5
69
78
1,036
1,523
1,568
30.3
30.3
5.4
11.5
12.7
6.0
0.7
0.6
5.6
11.3
1.1
1.0
155
128,093
72,809
81,951
23.0
23.7
12.0
13.4
13.0
11.6
1.6
1.4
12.5
12.9
2.4
2.3
Power
GIPCL
Accumulate
NTPC
Neutral
Market Outlook
January 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Real Estate
Anant Raj
Sell
92
78
2,724
657
875
52.0
56.1
8.4
12.7
11.0
7.3
0.7
0.6
6.3
8.9
5.4
4.1
DLF
Neutral
235
39,960
9,878
12,033
44.7
46.1
9.6
13.4
24.6
17.5
1.6
1.5
6.4
8.7
6.5
5.4
HDIL
Neutral
115
4,814
2,441
3,344
55.1
48.2
22.7
26.6
5.1
4.3
0.4
0.4
8.8
9.4
3.8
2.9
MLIFE
Reduce
417
396
1,704
813
901
26.2
26.6
32.0
37.1
13.0
11.3
1.4
1.2
10.4
11.0
2.5
2.2
Bharti Airtel
Accumulate
321
350
121,749
80,353
86,654
30.9
31.3
8.6
11.8
37.5
27.2
2.3
2.1
6.1
7.8
2.3
2.0
Idea Cellular
Neutral
104
34,345
21,797
23,142
26.9
27.7
3.1
4.7
33.0
22.3
2.4
2.2
7.4
9.8
2.0
1.9
Rcom
Neutral
76
15,635
21,032
22,084
31.8
30.2
2.9
4.0
25.9
19.0
0.4
0.4
1.6
2.2
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,491
1,590
3,169
1,629
1,886
11.8
13.3
60.8
79.5
24.6
18.8
5.0
4.2
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
213
2,119
3,497
3,968
6.6
7.6
9.8
15.5
21.7
13.7
2.8
2.4
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
406
513
427
528
15.7
14.6
30.0
34.0
13.5
11.9
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
441
545
114
272
308
7.2
7.3
37.5
45.4
11.8
9.7
2.8
2.2
23.7
22.7
0.5
0.5
CRISIL
Neutral
1,068
7,504
982
1,136
34.3
34.3
34.3
40.0
31.1
26.7
14.1
11.3
50.9
46.9
7.2
6.1
Finolex Cables
Neutral
58
885
2,304
2,552
9.9
9.1
8.2
10.1
7.1
5.7
1.0
0.8
13.7
14.7
0.3
0.3
Force Motors
Accumulate
477
537
622
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Neutral
366
844
1,494
1,607
6.4
7.8
23.9
33.0
15.3
11.1
2.4
2.1
16.5
20.1
0.4
0.3
Greenply Industries
Neutral
318
768
1,925
2,235
10.6
10.9
29.6
44.1
10.8
7.2
1.8
1.4
16.8
21.0
0.7
0.6
Hitachi
Reduce
154
146
353
873
989
4.4
6.5
6.4
12.2
24.2
12.7
1.9
1.7
8.3
14.4
0.5
0.4
Honeywell Automation* Neutral
2,731
2,414
1,745
1,993
4.0
5.3
59.5
90.4
45.9
30.2
3.5
3.0
8.1
11.3
1.3
1.1
Styrolution ABS India*
Neutral
735
1,293
1,059
1,116
8.5
9.5
36.0
42.0
20.4
17.5
3.0
2.6
15.4
16.0
1.3
1.2
ITD Cementation
Neutral
237
273
1,323
1,455
12.4
12.4
23.2
27.7
10.2
8.6
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
163
2,635
1,228
1,443
9.0
10.9
3.9
6.4
42.0
25.6
4.2
3.8
10.1
15.6
2.6
2.2
MCX
Neutral
1,484
7,570
553
624
65.3
66.3
62.5
72.0
23.8
20.6
6.5
5.6
27.5
27.4
10.7
9.0
MRF
Neutral
13,258
5,623
13,030
14,405
10.3
10.6 1,418.1 1,677.1
9.4
7.9
1.6
1.4
19.1
18.7
0.5
0.5
Page Industries
Accumulate
3,419
3,602
3,814
836
1,023
20.2
20.6
105.6
133.4
32.4
25.6
16.5
11.6
59.3
53.2
4.6
3.8
Relaxo Footwears
Buy
804
933
965
1,019
1,208
11.0
12.5
47.0
66.7
17.1
12.1
4.3
3.2
28.2
30.1
1.1
0.9
Sintex Industries
Buy
67
79
2,019
4,751
5,189
16.3
16.6
13.6
15.8
4.9
4.3
0.7
0.6
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
304
366
285
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.1
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
407
6,765
7,393
18.1
18.0
6.4
7.5
2.1
1.8
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Neutral
45
2,187
5,720
6,599
5.3
6.8
3.6
5.4
12.5
8.4
18.1
5.8
0.5
0.4
Market Outlook
January 02, 2013
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
zOthers
TAJ GVK
Buy
71
108
445
300
319
35.8
36.2
7.9
9.1
9.0
7.8
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
312
384
480
750
803
18.6
18.4
65.4
69.1
4.8
4.5
0.7
0.7
16.5
15.3
0.3
0.2
TTK Healthcare
Buy
543
643
421
374
425
7.9
9.5
24.1
32.7
22.6
16.6
19.7
22.5
1.0
0.8
TVS Srichakra
Buy
266
335
204
1,476
1,643
7.0
8.2
32.6
55.9
8.2
4.8
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,953
25,540
10,289
11,421
12.8
12.8
26.0
45.3
75.1
43.1
3.4
3.2
5.8
7.6
2.9
2.6
Vesuvius India
Neutral
342
695
560
611
16.1
17.0
24.7
28.8
13.9
11.9
2.1
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 01, 2013
Market Outlook
January 02, 2013

Market Outlook 2nd Jan

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Market Outlook

Final voting by US House of representatives on the issue is expected to take place

OIL & GAS

Progress on fiscal cliff negotiations

FII Derivatives (January 01, 2013)

Indian Oil Corp

Net Inflows (December 31, 2012)

Refer detailed news analysis on the following page

Progress on fiscal cliff negotiations

Government starts coal block allocation under new policy

Auto sales numbers December 2012

Mahindra and Mahindra

Economic and Political News

FIPB to take up IKEA plan next week

Aurobindo Pharma gets US nod for anti-migraine tablets

Country Event Description

Germany PMI Manufacturing

Initial Jobless claims

Germany Unemployment change (000's)

Germany PMI Services

Change in Nonfarm payrolls

Euro Zone Euro-Zone Consumer Confidence

January 10, 2013

BOE Announces rates

Euro Zone ECB announces interest rates

Consumer Price Index (YoY)

Industrial Production (YoY)

Monthly Wholesale Prices YoY%

Industrial Production YoY

Producer Price Index (mom)

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

January 22, 2013

Existing home sales

January 23, 2013

Jobless claims change

January 25, 2013

New home sales

January 11, 2013

January 17, 2013

Industrial Production (YoY)

Real GDP (YoY)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

GDP Qoq (Annualised)

January 31, 2013

FOMC rate decision

February 14, 2013

Germany GDP nsa (YoY)

Euro Zone Euro-Zone GDP s.a. (QoQ)

February 28, 2013

January 29, 2013

Source: Bloomberg, Angel Research

Qtrly GDP YoY%

Exhibit 2: IIP trends

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

Exhibit 5: Exports and imports growth trends

Source: MOSPI, Angel Research