Market Outlook Market Outlook: Dealer's Diary

Market Outlook
September 6, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open flat with a negative bias tracking SGX Nifty
which is marginally trading in the red currently. Most of the Asian markets are
currently trading in the positive zone.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.7) (127.5) 17,313
Nifty
(0.9)
(48.3)
5,226
MID CAP
(0.3)
(18.9)
6,024
SMALL CAP
(0.5)
(31.2)
6,391
The US markets closed mixed for a second straight session on Wednesday. While
the Dow Jones inched up by a marginal 0.1%, the Nasdaq fell by 0.2%. The
markets remained directionless throughout the day ahead of the European Central
Banks meeting scheduled on Thursday. The markets largely shrugged off a report
which showed that US labor productivity increased much more than estimates in
the second quarter. Most of the European markets ended higher on Wednesday.
BSE HC
(0.9)
(67.6)
7,400
BSE PSU
(1.1)
(73.6)
6,901
BANKEX
(1.8) (208.9) 11,293
AUTO
(1.0)
(95.7)
9,240
METAL
(2.6) (256.3)
9,454
OIL & GAS
(0.6)
(49.4)
8,194
Meanwhile the Indian markets fell on Wednesday tracking the slide in most of the
Asian markets amidst concerns over weak domestic economy and absence of
major policy announcements on the reforms front.
BSE IT
(0.1)
(5.4)
5,726
(Pts)
(Close)
Global Indices
Dow Jones
NASDAQ
Chg (%)
(0.4)
(54.9) 13,036
0.3
8.1
3,075
FTSE
(0.0)
(1.7)
5,670
The trend deciding level for the day is 17,325 / 5,234 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,400 17,486 / 5,252 5,277 levels. However, if NIFTY trades below
17,325 / 5,234 levels for the first half-an-hour of trade then it may correct up to
17,239 17,164 / 5,208 5,190 levels.
Nikkei
(1.1)
(95.7)
8,680
Hang Seng
(1.5) (284.8) 19,145
Straits Times
(0.5)
(15.7)
2,996
Shanghai Com
(0.3)
(6.0)
2,038
Indices
Indian ADRs
Chg (%)
(Pts)
(Close)
0.4
0.2
$42.4
Markets Today
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,164
17,239
17,325
17,400
17,486
INFY
5,190
5,208
5,234
5,252
5,277
WIT
(0.3)
(0.0)
$7.8
IBN
(2.1)
(0.7)
$32.3
0.4
0.1
$33.7
News Analysis
HDB
Public sector banks start reducing retail lending rates

SBI cuts retail term deposit rates by 100 bps across maturities
Advances / Declines
Refer detailed news analysis on the following page
Net Inflows (September 4, 2012)

Purch
Sales
Net
MTD
YTD
FII
1,634
1,332
303
256
63,267
290
354
(64)
(216)
(9,649)
FII Derivatives (September 5, 2012)

` cr
Purch
Sales
Net
Index Futures
1,325
1,712
(387)
9,834
Stock Futures
1,047
1,561
(514)
24,180
Open Interest
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Torrent Power
164
4.0
Bharti Airtel
258
3.3
Axis Bank
930
(4.9)
GMR Infra
20
2.9
REC
182
(4.8)
Wockhardt
1,216
2.7
Jindal Steel
336
(4.8)
77
2.5
India Cements
80
(4.5)
Idea Cellular
www.angelbroking.com
NSE
Advances
1,235
594
Declines
1,558
883
142
92
Unchanged
` cr
MFs
BSE
Company
BHEL
Price (`)
chg (%)
208
(5.0)
Volumes (` cr)
BSE
1,978
NSE
8,813
Market Outlook
September 6, 2012
Public sector banks start reducing retail lending rates

Public sector banks following on the footsteps of State bank of India have started
reducing their lending rates on retail loans. Punjab National Bank, Union Bank,
Central Bank, Corporation Bank, Oriental Bank, Vijaya Bank and Dena Bank have
all reduced their lending rates across home, auto, personal, educational and gold
loan segments. The clamor for shoring up retail assets has intensified lately as
currently retail lending is offering higher risk adjusted yields compared to other
segments. Most banks have also waived off or reduced their processing charges
on these loans to attract more customers. The reduction in retail loan rates is
expected to lead to higher retail market share for PSU banks while further
intensifying the competition within the retail loan segment.
SBI cuts retail term deposit rates by 100 bps across

maturities
State bank of India (SBI) has cut its retail term deposit rates by 50-100bp across all
maturities except 5 years and above. The new rates will be effective from
September 07, 2012. The downward revision is expected to push up the margins
of the bank which witnessed significant decline in 1QFY2013 on account of asset
quality pressures. We expect the calculated NIMs of the bank to sustain at 3.5%
levels for both FY2013 and FY2014. At the CMP, the stock is trading at 1.2x
(including subsidiaries) FY2014E ABV and we recommend a buy on the stock with
a target price of `2270
Economic and Political News
CBI widens coal probe, six more firms on radar

Aug services PMI rises to 55, highest in 6 months
RBI to buy bonds if liquidity deficit stays above comfort level
Corporate News
Jindal Steel arm acquires Canadas CIC Energy for US $ 115mn

Suzlon inks 332 MW offshore contract with RWE Innogy
BHEL signs preliminary deal with Tajikistan for 100-MW project
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 06, 2012
Global economic events release calendar

Date
September 06, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
US
Initial Jobless claims
Thousands
Sep 1
374.00
370.00
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
(0.20)
(0.20)
UK
BOE Announces rates
% Ratio
Sep 6
0.50
0.50
Euro Zone
ECB announces interest rates
Sep 6
0.75
0.50
UK
Industrial Production (YoY)
% Change
Jul
(4.30)
(2.70)
US
Change in Nonfarm payrolls
Thousands
Aug
163.00
125.00
US
Unnemployment rate
Aug
8.30
8.30
China
Industrial Production (YoY)
% Change
Aug
9.20
9.00
China
Consumer Price Index (YoY)
% Change
Aug
1.80
2.00
September 10, 2012
China
Exports YoY%
% Change
Aug
1.00
3.00
September 12, 2012
UK
Jobless claims change
% Change
Aug
(5.90)
--
India
Industrial Production YoY
% Change
Jul
(1.80)
--
US
Producer Price Index (mom)
% Change
Aug
0.30
1.10
US
FOMC rate decision
Sep 13
0.25
--
Euro Zone
Aug
2.40
--
% Change
Aug
6.87
--
US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Aug
0.65
0.20
US
Consumer price index (mom)
% Change
Aug
--
0.50
India
RBI Repo rate
Sep 17
8.00
--
India
RBI Cash Reserve ratio
Sep 17
4.75
--
September 07, 2012
September 09, 2012
September 13, 2012
September 14, 2012
India
September 17, 2012
India
RBI Reverse Repo rate
September 18, 2012
UK
CPI (YoY)
Sep 17
7.00
--
% Change
Aug
2.60
--
September 19, 2012
US
Existing home sales
Millions
Aug
4.47
--
US
Housing Starts
Thousands
Aug
746.00
--
US
Thousands
Aug
811.00
--
Value
Sep A
(24.60)
--
Germany
Building permits
Euro-Zone Consumer
Confidence
PMI Manufacturing
Sep A
44.70
--
September 25, 2012
US
Consumer Confidence
Sep
60.60
--
September 26, 2012
US
New home sales
Value
S.A./
1985=100
Thousands
Aug
372.00
--
September 27, 2012
Germany
Unemployment change (000's)
Thousands
Sep
9.00
--
US
GDP Qoq (Annualised)
% Change
2Q T
1.70
--
UK
GDP (YoY)
% Change
2Q F
(0.50)
--
India
Imports YoY%
% Change
Aug
(7.60)
--
India
Exports YoY%
% Change
Aug
(14.80)
--
UK
PMI Manufacturing
Value
Sep
49.50
--
China
PMI Manufacturing
Value
Sep
49.20
--
October 18, 2012
China
Real GDP (YoY)
% Change
3Q
7.60
--
November 15, 2012
Germany
GDP nsa (YoY)
% Change
3Q P
0.50
--
September 20, 2012
October 01, 2012
Euro Zone
Source: Bloomberg, Angel Research
Market Strategy
September 06, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.6
7.5
8.0
6.0
6.0
8.0
5.3 5.5
5.0
1.0
2.0
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
(%)
9.9
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Mfg. PMI
Services PMI
58.0
9.5
7.7
8.0
Dec-11
(5.0)
60.0
10.0
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
12.0
9.8
Nov-11
Oct-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Source: MOSPI, Angel Research
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
Jul-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
48.0
Dec-11
0.0
Nov-11
50.0
Oct-11
2.0
Sep-11
52.0
Aug-11
4.0
Aug-11
54.0
6.0
Exhibit 6: Key policy rates
60.0
(%)
9.00
45.0
8.00
30.0
7.00
Exports yoy growth
Imports yoy growth
Repo rate
Reverse Repo rate
CRR
6.00
15.0
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Aug-11
(30.0)
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
0.0
(15.0)
Sep-11
Jul-11
(2.0)
Source: CSO, Angel Research
Aug-11
3.5
3.0
10.0
2.5
2.7
2.5
Sep-11
4.0
3.4
6.1
5.7
6.0
4.3
3.7
4.0
6.7
7.0
Market Outlook
September 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
139
2,697
1,466
1,686
14.8
14.8
7.0
8.1
19.8
17.1
4.2
3.6
22.6
22.5
1.9
1.6
United Phosphorus
Buy
120
170
5,545
8,421
9,263
16.5
16.5
15.0
17.0
8.0
7.1
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
371
402
3,170
2,844
3,225
15.4
15.5
31.7
36.6
11.7
10.2
3.0
2.4
28.8
26.2
1.1
0.9
Apollo Tyres
Accumulate
92
99
4,640
13,412
15,041
11.0
11.0
11.5
14.2
8.0
6.5
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
21
30
5,508
14,920
16,850
9.0
9.3
2.2
2.8
9.5
7.5
1.7
1.5
13.3
15.6
0.5
0.4
Automotive Axle
Buy
341
430
515
993
1,140
11.6
11.5
36.9
43.0
9.2
7.9
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,646
47,620
21,285
23,927
18.2
18.3
108.5
121.3
15.2
13.6
6.3
5.1
46.1
41.3
1.9
1.6
Bharat Forge
Buy
275
351
6,404
7,004
7,985
16.2
16.4
20.3
25.1
13.5
11.0
2.5
2.1
20.0
20.9
1.1
0.9
Bosch India
Neutral
8,466
26,583
9,034
10,286
17.8
18.3
373.6
435.8
22.7
19.4
4.7
3.9
20.5
19.8
2.6
2.2
CEAT
Buy
110
164
377
4,989
5,634
8.7
8.5
32.7
41.1
3.4
2.7
0.5
0.4
15.8
16.9
0.3
0.2
Exide Industries
Neutral
143
12,138
5,899
6,771
16.0
17.0
7.4
9.1
19.4
15.6
3.5
2.9
19.0
20.2
1.7
1.4
FAG Bearings
Neutral
1,578
2,623
1,505
1,747
17.7
18.0
111.5
130.0
14.2
12.1
2.9
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,808
2,428
36,107
26,097
29,963
15.0
15.3
139.5
151.8
13.0
11.9
6.1
4.6
54.6
44.3
1.1
1.0
JK Tyre
Buy
110
135
452
7,517
8,329
6.1
6.3
26.2
38.5
4.2
2.9
0.5
0.5
13.4
17.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
755
879
46,334
36,536
41,650
11.6
11.5
49.3
54.9
15.3
13.8
3.2
2.7
22.1
21.1
1.0
0.9
1,174
33,931
42,887
49,079
5.5
6.6
66.8
87.6
17.6
13.4
2.0
1.8
12.1
14.1
0.6
0.5
Buy
192
228
7,521
24,173
27,055
6.6
7.1
11.7
15.2
16.4
12.6
3.4
2.8
22.4
24.2
0.5
0.4
Subros
Buy
27
34
163
1,230
1,378
8.8
8.6
4.5
5.7
6.0
4.8
0.6
0.6
9.8
11.8
0.4
0.3
Tata Motors
Buy
229
292
60,951 195,096 219,428
12.8
12.8
39.0
43.9
5.9
5.2
1.7
1.3
32.6
28.2
0.4
0.3
TVS Motor
Accumulate
38
43
1,784
7,545
8,301
6.2
6.1
4.9
5.4
7.6
7.0
1.4
1.2
18.8
18.2
0.2
0.2
Maruti
Neutral
Motherson Sumi
Capital Goods
ABB*
Sell
716
498
15,178
8,760
10,023
5.5
7.5
12.4
20.7
57.7
34.5
5.5
4.9
10.1
15.2
1.7
1.5
BGR Energy
Neutral
258
1,862
3,669
4,561
11.0
11.0
24.7
29.6
10.5
8.7
1.5
1.4
15.3
16.7
0.6
BHEL
Neutral
208
50,910
47,801
43,757
19.4
19.8
25.7
23.9
8.1
8.7
1.7
1.5
22.7
18.3
1.0
0.9
Blue Star
Neutral
170
1,528
3,047
3,328
5.4
6.9
12.5
16.2
13.6
10.5
3.3
2.7
26.1
28.2
0.6
0.5
Crompton Greaves
Buy
107
128
6,874
12,691
14,096
7.0
8.5
6.5
9.1
16.5
11.7
1.8
1.6
11.1
14.2
0.5
0.5
Jyoti Structures
Buy
38
59
312
2,622
2,801
10.3
10.7
8.7
13.1
4.4
2.9
0.4
0.4
10.3
14.0
0.3
0.3
KEC International
Buy
54
69
1,386
6,858
7,431
7.5
8.3
9.0
11.5
6.0
4.7
1.1
0.9
26.9
27.2
0.3
0.3
LMW
Neutral
1,943
2,189
2,369
2,727
11.7
11.7
143.4
166.0
13.6
11.7
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
486
5,789
5,514
5,559
8.9
9.6
26.9
28.4
18.1
17.1
3.1
2.8
18.4
17.1
1.0
1.0
Market Outlook
September 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
1,302
24,435
11,220
12,896
20.0
20.6
71.1
81.2
18.3
16.0
3.2
2.9
18.1
19.0
1.9
1.6
Ambuja Cements
Neutral
180
27,772
10,205
11,659
24.6
24.2
10.8
12.0
16.7
15.0
3.5
3.1
19.7
19.8
2.4
1.9
India Cements
Neutral
81
2,485
4,393
4,914
19.3
19.5
10.1
12.7
8.0
6.4
0.7
0.7
8.8
10.6
1.0
0.9
J K Lakshmi Cements
Neutral
95
1,162
1,964
2,278
19.5
20.4
16.3
17.9
5.8
5.3
0.8
0.7
14.7
14.6
0.7
1.1
Madras Cements
Neutral
182
4,339
3,608
3,928
27.4
26.9
15.6
18.1
11.7
10.1
1.8
1.6
16.8
16.9
1.8
1.6
Shree Cements
Neutral
3,403
11,855
5,767
6,337
28.4
26.9
216.9
253.3
15.7
13.4
5.4
4.6
24.7
23.4
1.5
1.1
UltraTech Cement
Neutral
1,673
45,857
20,167
22,752
21.7
23.0
90.8
107.8
18.4
15.5
18.4
15.5
1.9
1.7
255
304
1,340
2,029
2,310
22.4
22.4
27.1
31.7
9.4
8.0
1.2
1.0
13.1
13.4
1.9
2.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
254
2,262
2,522
6.7
7.5
1.5
2.7
9.2
5.2
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
16
946
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(6.9)
(16.2)
0.9
1.0
(11.4)
(5.6)
1.1
1.1
IRB Infra
Buy
126
166
4,194
3,964
4,582
42.3
40.2
15.5
16.9
8.2
7.5
1.3
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
164
232
3,179
6,840
7,767
26.4
26.1
24.4
28.4
6.7
5.8
1.0
0.9
16.0
16.2
2.6
2.8
IVRCL Infra
Buy
39
51
1,208
5,510
6,722
8.8
9.0
2.5
4.6
15.5
8.6
0.5
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
64
91
13,577
15,259
17,502
25.7
24.7
4.2
5.0
15.1
12.8
1.2
1.2
8.5
9.3
2.2
2.0
Larsen & Toubro
Accumulate
1,324
1,568
81,290
60,474
69,091
12.1
11.5
79.7
85.4
16.6
15.5
2.8
2.5
16.3
15.1
1.5
1.4
Madhucon Proj
Buy
29
56
213
2,206
2,502
10.7
10.7
4.6
4.7
6.2
6.2
0.3
0.3
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
33
45
838
5,804
6,513
8.0
8.6
3.0
3.5
10.7
9.3
0.3
0.3
3.2
3.6
0.6
0.6
Patel Engg.
Neutral
65
451
3,609
3,836
13.1
13.1
14.0
14.6
4.6
4.4
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
44
1,475
11,892
13,116
8.9
8.9
1.7
3.1
26.2
14.4
0.5
0.5
1.9
3.4
0.5
0.5
Sadbhav Engg.
Buy
128
182
1,922
2,506
3,147
10.3
10.7
7.5
10.4
17.0
12.3
2.1
1.8
13.5
16.0
1.0
0.8
Simplex Infra
Buy
194
265
959
6,732
7,837
8.1
8.4
23.5
29.4
8.2
6.6
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Accumulate
119
128
5,968
7,233
8,579
3.1
3.3
40.5
40.9
3.0
2.9
0.5
0.5
19.4
17.0
Andhra Bank
Neutral
90
5,059
4,959
5,787
3.1
3.1
22.7
24.5
4.0
3.7
0.6
0.6
16.0
15.3
Axis Bank
Buy
930
1,373
38,558
15,961
19,583
3.1
3.2
117.3
143.1
7.9
6.5
1.5
1.3
20.1
20.8
Bank of Baroda
Buy
613
829
23,988
15,830
19,300
2.6
2.7
118.9
147.1
5.2
4.2
0.8
0.7
16.7
18.0
Bank of India
Buy
256
323
14,663
13,159
15,851
2.4
2.5
61.1
71.1
4.2
3.6
0.7
0.6
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
44
2,565
3,471
3,889
3.1
3.1
9.0
11.5
4.8
3.8
0.6
0.6
13.7
15.5
318
421
14,090
11,334
13,629
2.2
2.3
75.4
85.1
4.2
3.7
0.6
0.6
15.2
15.3
66
4,855
7,181
8,365
2.5
2.7
16.3
21.8
4.0
3.0
0.7
0.6
12.7
15.1
Market Outlook
September 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
Buy
372
436
5,508
5,067
5,998
2.1
2.3
105.6
111.0
3.5
3.4
0.6
0.5
17.6
16.3
Dena Bank
Buy
86
107
3,012
3,177
3,595
2.8
2.8
25.2
25.4
3.4
3.4
0.6
0.5
18.9
16.4
Federal Bank
Accumulate
401
458
6,855
2,697
3,171
3.4
3.4
47.9
58.0
8.4
6.9
1.1
1.0
13.6
14.7
HDFC
Neutral
725
111,233
7,340
8,805
3.5
3.5
31.5
37.8
23.0
19.2
4.6
4.1
34.8
32.2
HDFC Bank
Neutral
592
139,695
21,936
27,454
4.4
4.4
28.7
36.0
20.7
16.4
4.0
3.3
20.7
22.0
ICICI Bank
Buy
880
1,169
101,101
22,356
27,157
2.9
3.0
68.7
82.0
12.8
10.7
1.6
1.4
14.2
15.5
IDBI Bank
Buy
86
101
11,033
7,952
9,876
1.9
2.2
18.5
23.6
4.7
3.7
0.6
0.5
12.8
14.7
Indian Bank
Buy
156
190
6,698
6,294
7,191
3.4
3.4
40.6
44.9
3.8
3.5
0.6
0.6
18.1
17.4
IOB
Buy
67
80
5,336
7,473
8,732
2.5
2.5
16.7
22.6
4.0
3.0
0.5
0.4
11.8
14.4
J & K Bank
Accumulate
899
1,026
4,356
2,625
2,921
3.6
3.5
194.4
191.9
4.6
4.7
0.9
0.8
21.2
18.0
LIC Housing Finance
Buy
238
279
12,021
1,867
2,338
2.4
2.4
21.1
28.5
11.3
8.4
1.9
1.6
17.5
20.4
Oriental Bank
Buy
218
278
6,371
6,518
7,458
2.8
2.9
61.3
65.1
3.6
3.4
0.5
0.5
15.2
14.3
Punjab Natl.Bank
Buy
669
950
22,679
20,116
23,625
3.3
3.4
152.8
173.9
4.4
3.9
0.8
0.7
18.2
18.0
South Ind.Bank
Buy
22
25
2,447
1,514
1,717
2.8
2.7
4.0
4.2
5.4
5.1
1.0
0.9
20.5
18.5
St Bk of India
Buy
1,832
2,270
122,915
64,470
75,940
3.5
3.5
224.4
258.7
8.2
7.1
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
94
119
5,667
6,840
7,996
2.9
3.0
25.7
29.2
3.7
3.2
0.6
0.5
17.9
17.8
UCO Bank
Neutral
64
4,251
5,488
6,338
2.4
2.5
17.3
17.7
3.7
3.6
0.7
0.6
17.0
15.3
Union Bank
Buy
158
230
8,677
10,299
12,227
2.9
3.0
42.1
49.3
3.8
3.2
0.7
0.6
16.7
17.1
United Bank
Buy
52
79
1,865
3,634
4,194
2.8
2.9
18.2
23.0
2.8
2.3
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
47
2,329
2,579
3,028
2.1
2.3
8.8
11.6
5.3
4.1
0.6
0.6
11.1
13.3
Yes Bank
Buy
324
453
11,512
3,255
4,228
2.8
3.0
34.2
42.7
9.5
7.6
2.0
1.7
23.3
23.8
3,646
34,973
11,198
13,184
16.3
16.3
121.0
144.8
30.1
25.2
10.1
8.0
37.4
35.3
3.1
2.6
501
584
5,989
5,835
6,824
5.7
6.0
20.7
25.4
24.2
19.8
9.5
7.3
43.1
41.9
1.0
0.8
1,219
16,575
3,018
3,429
20.9
22.3
34.6
41.0
35.2
29.8
32.4
24.6
99.5
94.1
5.3
4.7
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
128
22,240
6,124
7,030
17.0
16.8
4.5
5.2
28.6
24.7
11.8
9.3
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
2,889
12,152
3,124
3,663
17.1
17.6
104.5
123.8
27.7
23.4
8.6
6.9
34.4
32.8
3.5
3.0
Godrej Consumer
Neutral
678
23,069
6,097
7,233
18.4
18.6
21.9
26.5
31.0
25.6
6.9
5.7
25.5
25.4
4.0
3.3
HUL
Neutral
531
114,775
25,350
28,974
13.9
13.9
14.3
16.5
37.2
32.2
22.2
17.1
70.9
59.8
4.2
3.7
ITC
Neutral
268
210,295
29,513
33,885
35.4
35.8
9.3
10.8
28.9
24.9
9.6
8.0
35.6
35.0
6.8
5.9
Market Outlook
September 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
204
13,158
4,840
5,643
13.1
13.1
6.8
8.5
30.1
24.2
8.3
6.3
31.4
29.7
2.8
2.3
Nestle*
Neutral
4,590
44,254
8,610
10,174
20.9
21.2
114.8
139.8
40.0
32.8
24.1
16.8
71.2
60.3
5.2
4.3
Tata Global
Neutral
134
8,265
7,207
7,927
9.7
10.0
6.6
7.9
20.2
17.0
2.1
2.0
8.6
9.5
1.0
0.9
HCL Tech
Neutral
562
38,978
24,400
27,049
18.6
17.5
41.1
45.0
13.7
12.5
3.1
2.6
22.7
21.1
1.5
1.3
Hexaware
Accumulate
125
133
3,698
1,947
2,161
22.0
21.4
11.4
12.1
11.0
10.3
2.8
2.4
26.4
24.0
1.6
1.4
Infosys
Accumulate
2,338
2,530
134,281
39,151
41,743
31.6
31.9
161.9
174.5
14.5
13.4
3.4
3.0
23.8
22.1
2.9
2.6
Infotech Enterprises
Neutral
179
1,997
1,889
2,065
18.0
17.5
18.0
19.7
9.9
9.1
1.4
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
129
2,293
2,149
2,331
15.6
14.8
10.7
11.2
12.0
11.4
2.5
2.0
20.6
17.8
1.1
0.9
Mahindra Satyam
Neutral
96
11,303
7,574
8,062
19.6
18.4
9.5
9.7
10.2
10.0
1.6
1.4
16.1
14.1
1.1
0.9
Mindtree
Accumulate
677
708
2,766
2,341
2,513
18.6
17.1
66.5
70.8
10.2
9.6
2.3
1.8
22.3
19.3
1.0
0.9
Mphasis
Neutral
382
8,018
5,704
6,009
18.6
17.7
36.0
37.1
10.6
10.3
1.5
1.3
14.0
12.6
0.9
0.8
NIIT
Buy
30
40
501
1,162
1,304
14.8
15.1
7.1
8.8
4.3
3.5
0.7
0.6
16.7
18.4
0.3
0.2
Persistent
Neutral
383
1,531
1,193
1,278
25.6
24.3
42.6
44.3
9.0
8.7
1.6
1.3
17.2
15.5
0.9
0.8
TCS
Neutral
1,361
266,407
61,046
67,507
29.3
29.1
67.3
72.4
20.2
18.8
6.4
5.3
31.9
28.3
4.1
3.7
Tech Mahindra
Neutral
832
10,612
6,148
6,434
18.4
17.6
91.8
97.6
9.1
8.5
2.1
1.7
23.4
20.2
1.7
1.5
Wipro
Buy
362
420
88,988
43,492
48,332
19.4
19.3
25.1
28.0
14.4
12.9
2.7
2.3
18.6
18.0
1.7
1.4
D B Corp
Buy
199
236
3,647
1,597
1,785
22.9
24.2
11.1
13.9
17.9
14.3
3.4
2.9
20.2
22.1
2.1
1.8
HT Media
Buy
89
113
2,100
2,111
2,263
15.2
15.2
7.3
8.1
12.2
11.0
1.3
1.2
11.2
11.2
0.6
0.4
Jagran Prakashan
Buy
90
112
2,854
1,506
1,687
22.5
23.2
6.2
7.0
14.5
12.9
3.5
3.1
25.0
25.7
2.1
1.9
PVR
Neutral
180
468
625
732
17.4
17.1
13.3
15.6
13.5
11.5
1.5
1.3
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
297
11,700
1,981
2,239
77.0
76.7
18.6
21.3
16.0
13.9
4.0
3.5
27.1
27.5
5.4
4.6
Bhushan Steel
Neutral
462
9,810
11,979
14,584
31.6
31.0
49.2
61.4
9.4
7.5
1.2
1.1
14.1
15.2
2.8
2.3
Coal India
Accumulate
358
385
226,347
69,808
75,550
27.4
27.4
26.0
28.3
13.8
12.7
4.0
3.2
32.5
28.1
2.3
2.0
Electrosteel Castings
Buy
17
23
600
1,984
2,074
11.2
12.6
2.5
2.9
7.0
6.1
0.3
0.1
5.1
5.7
0.5
0.4
Hind. Zinc
Accumulate
126
144
53,239
12,446
13,538
52.3
52.9
14.3
15.5
8.8
8.1
1.7
1.4
20.5
18.9
2.5
1.9
Hindalco
Neutral
101
19,337
84,855
92,446
8.7
9.3
13.2
16.2
7.7
6.2
0.6
0.5
7.8
8.9
0.6
0.5
JSW Steel
Neutral
654
14,596
38,740
41,459
17.3
17.0
79.9
89.4
8.2
7.3
0.8
0.7
10.4
10.6
0.8
0.8
MOIL
Accumulate
244
271
4,101
918
993
50.7
50.9
24.5
26.1
10.0
9.4
1.5
1.4
16.0
15.5
2.1
1.8
Monnet Ispat
Buy
294
379
1,891
2,511
3,303
23.8
26.0
46.3
57.3
6.4
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
September 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
50
12,886
183
214
72,455
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
7,401
7,841
16.7
19.2
12,934
14,266
79.4
80.1
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
3.4
4.1
14.6
12.2
1.1
1.0
21.1
23.4
8.7
7.8
2.3
1.9
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
7.4
8.4
1.3
1.2
29.6
26.5
3.9
3.3
Metals & Mining

Nalco
Neutral
NMDC
Accumulate
SAIL
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Tata Steel
76
31,557
47,252
60,351
14.2
14.8
9.6
11.7
8.0
6.5
0.7
0.7
9.4
10.6
1.1
0.9
164
192
14,284
7,704
8,034
33.6
34.6
42.0
43.1
3.9
3.8
0.8
0.7
22.3
19.2
0.2
(0.2)
Buy
93
115
31,321
41,680
45,382
24.2
23.2
16.3
16.9
5.7
5.5
0.6
0.6
11.3
10.7
0.4
0.3
Buy
351
481
34,060 145,799 150,431
10.3
11.2
48.6
63.3
7.2
5.5
0.7
0.7
10.5
12.4
0.5
0.5
Sarda
Buy
116
148
417
1,251
1,321
22.7
23.4
33.0
37.1
3.5
3.1
0.5
0.4
15.1
14.8
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
49
73
660
2,694
2,906
14.6
16.6
17.9
22.6
2.8
2.2
0.3
0.3
11.4
12.8
0.5
0.3
Buy
112
161
355
2,341
2,425
15.6
17.3
33.8
43.8
3.3
2.6
0.4
0.3
13.2
14.4
0.5
0.5
Cairn India
Accumulate
334
380
63,675
16,605
17,258
75.4
71.7
57.0
54.9
5.9
6.1
1.1
0.9
20.2
16.3
2.9
2.3
GAIL
Neutral
355
44,993
50,176
55,815
15.5
15.8
35.4
36.5
10.0
9.7
1.8
1.6
18.9
17.0
0.1
ONGC
Accumulate
273
312
233,565 147,139 154,821
33.9
33.7
30.7
32.3
8.9
8.5
1.5
1.4
18.3
17.2
1.3
1.2
Reliance Industries
Neutral
771
252,484 362,700 380,031
Gujarat Gas
Neutral
295
Indraprastha Gas
Neutral
241
3,371
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
158
176
11,843
78
4,395
Alembic Pharma
Buy
74
91
Aurobindo Pharma
Buy
116
156
Aventis*
Neutral
2,194
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
69
92
639
Ipca labs
Accumulate
431
475
5,438
Lupin
Accumulate
586
647
26,193
Orchid Chemicals
Neutral
109
770
Neutral
7.9
8.0
61.5
64.3
12.6
12.0
1.2
1.2
10.3
9.9
0.7
0.6
3,267
16.1
11.5
21.2
19.2
13.9
15.4
4.8
4.1
33.4
28.7
1.4
1.0
3,040
3,135
24.3
26.7
24.8
27.9
9.7
8.6
2.3
1.9
25.5
23.6
1.2
1.0
22,696
29,145
8.1
6.6
14.1
14.2
11.2
11.1
3.4
2.7
34.1
26.9
0.6
0.4
1,041
939
91.8
91.9
8.5
7.4
9.2
10.6
1.6
1.4
18.1
14.0
5.1
5.7
1,388
1,624
1,855
14.2
15.6
6.6
9.1
11.2
8.1
2.8
2.2
27.9
29.2
1.0
0.8
3,386
5,243
5,767
14.6
14.6
11.8
12.6
9.9
9.2
1.0
0.4
17.9
16.4
1.1
1.0
5,053
1,482
1,682
15.5
15.5
95.0
104.0
23.1
21.1
4.1
3.2
18.6
17.0
3.2
2.7
903
953
18,485
6,148
7,386
18.6
19.6
36.0
46.1
25.1
19.6
5.9
4.7
25.8
26.8
3.2
2.6
374
399
29,993
8,031
9,130
23.4
22.4
18.4
20.0
20.3
18.7
3.4
2.9
17.8
16.6
3.6
3.1
1,676
28,448
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.0
4.1
3.5
22.4
21.0
3.0
2.6
103
830
1,280
1,536
17.8
17.8
9.2
11.3
11.2
9.1
0.8
0.8
7.7
8.5
1.3
1.1
2,094
17,733
2,651
2,993
31.7
31.2
76.0
82.4
27.6
25.4
8.0
7.1
20.1
26.3
5.9
5.1
685
837
15.2
15.2
7.4
8.9
9.4
7.8
1.4
1.2
16.4
17.0
1.1
0.9
2,850
3,474
20.7
20.7
29.2
36.6
14.8
11.8
3.5
2.8
26.1
26.1
2.1
1.7
8,426
10,082
19.7
20.0
27.4
32.4
21.4
18.1
5.2
4.2
26.0
24.7
3.2
2.6
1,667
1,835
13.9
13.9
11.4
13.3
9.6
8.2
0.6
0.6
6.6
7.3
0.9
0.8
3,784
2,472
Market Outlook
September 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
Pharmaceuticals
Ranbaxy*
Neutral
554
23,372
12,046
11,980
18.0
15.8
35.7
29.8
15.5
18.6
6.0
4.8
39.1
28.9
2.0
2.0
Sun Pharma
Neutral
651
67,359
9,752
12,134
41.6
41.6
26.0
28.2
25.1
23.1
4.7
4.0
20.3
18.8
6.3
4.9
CESC
Accumulate
299
342
3,731
5,218
5,644
24.2
23.8
44.6
47.6
6.7
6.3
0.7
0.6
11.0
10.6
1.0
1.1
GIPCL
Accumulate
NTPC
Neutral
Power
69
77
1,050
1,557
1,573
29.3
28.7
10.8
11.0
6.4
6.3
0.7
0.6
10.8
10.2
1.2
1.0
169
138,936
74,111
85,789
23.2
23.6
12.4
14.0
13.6
12.0
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
43
78
1,275
657
875
52.0
56.1
8.4
12.7
5.1
3.4
0.3
0.3
6.3
8.9
3.2
2.4
193
32,773
9,878
12,033
44.7
46.1
9.6
13.4
20.1
14.4
1.3
1.2
6.4
8.7
5.9
HDIL
4.8
Buy
70
115
2,935
2,441
3,344
55.1
48.2
22.7
26.6
3.1
2.6
0.3
0.2
8.8
9.4
3.1
MLIFE
2.3
Buy
343
396
1,400
813
901
26.2
26.6
32.0
37.1
10.7
9.3
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
258
97,919
79,542
87,535
30.9
32.2
10.3
15.0
25.1
17.2
1.8
1.7
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
77
25,606
22,988
25,333
26.4
26.9
3.5
4.9
22.3
15.8
1.8
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
49
10,186
21,553
22,494
31.0
30.7
3.5
4.5
14.2
11.1
0.3
0.3
1.9
2.4
2.0
1.8
Abbott India
Neutral
1,595
3,390
1,602
1,833
10.4
11.8
54.7
71.7
29.2
22.2
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
173
234
1,721
3,569
4,172
8.1
8.8
16.3
21.3
10.6
8.1
2.2
1.8
21.7
24.6
0.5
0.4
Cera Sanitaryware
Neutral
345
436
396
470
16.7
16.5
28.0
33.2
12.3
10.4
2.5
2.1
23.8
23.1
1.2
1.0
Cravatex
Buy
419
785
108
302
364
5.7
6.0
49.0
71.0
8.5
5.9
2.5
1.8
29.8
30.7
0.5
0.4
CRISIL
Neutral
924
6,480
982
1,136
34.3
34.3
34.3
40.0
26.9
23.1
12.2
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
36
61
555
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
Force Motors
Buy
433
591
564
2,214
2,765
4.5
5.4
39.5
73.9
11.0
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Neutral
326
752
1,543
1,654
6.5
7.3
24.8
31.1
13.1
10.5
2.1
1.9
17.1
19.0
0.3
0.2
Graphite India
Buy
78
113
1,529
2,158
2,406
18.1
18.9
12.4
14.0
6.3
5.6
0.8
0.8
14.0
14.3
0.8
0.7
Greenply Industries
Buy
185
309
447
1,925
2,235
10.6
10.9
29.6
44.1
6.3
4.2
1.0
0.8
16.8
21.0
0.5
0.4
HEG
#N/A
201
Hitachi
Accumulate
116
130
267
868
977
3.9
6.6
2.7
10.9
42.4
10.7
1.5
1.4
3.7
13.6
0.4
0.3
Honeywell Automation
Buy
2,403
2,842
2,124
1,847
2,162
4.3
7.3
61.0
120.0
39.4
20.0
3.1
2.7
9.3
16.3
1.1
0.9
INEOS ABS India
Buy
602
744
1,059
1,056
1,081
8.1
10.6
33.8
46.5
17.8
12.9
2.5
2.1
14.7
17.5
1.0
0.9
ITD Cementation
Neutral
223
257
1,451
1,669
12.3
12.4
32.4
41.5
6.9
5.4
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Neutral
150
2,417
1,248
1,468
9.8
10.4
5.9
7.2
25.3
20.9
3.6
3.3
15.0
16.6
2.3
1.9
MCX
Buy
1,173
1,440
5,982
553
624
65.3
66.3
62.5
72.0
18.8
16.3
5.2
4.5
27.5
27.4
7.7
6.4
Telecom
zOthers
802
Market Outlook
September 06, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
10,039
12,884
4,257
11,804
12,727
10.4
10.5 1,289.9 1,431.3
7.8
7.0
3,006
3,353
887
1,108
18.3
18.6
95.0
120.9
31.7
24.9
FY14E
FY13E
PER(x)
FY14E
FY13E
P/BV(x)
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
1.5
1.2
21.3
19.4
0.5
0.4
16.5
13.4
57.4
59.5
3.8
3.1
zOthers
MRF
Buy
Page Industries
Neutral
Relaxo Footwears
Accumulate
628
684
754
1,019
1,208
12.3
13.0
51.0
68.4
12.3
9.2
3.3
2.4
30.3
30.2
0.9
0.8
Sintex Industries
Buy
55
79
1,512
4,751
5,189
16.3
16.6
13.6
15.8
4.1
3.5
0.5
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
285
392
267
1,042
1,173
12.4
12.5
66.3
78.5
4.3
3.6
0.8
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
18
38
526
7,279
8,290
20.5
20.5
13.4
16.3
1.3
1.1
0.2
0.1
12.3
13.1
0.6
0.6
SpiceJet
Buy
29
43
1,393
5,720
6,599
5.3
6.8
3.6
5.4
8.0
5.4
11.5
3.7
0.4
0.3
TAJ GVK
Buy
65
108
408
300
319
35.8
36.2
7.9
9.1
8.2
7.1
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
291
424
449
787
837
16.2
17.5
58.5
66.9
5.0
4.4
0.7
0.6
14.9
15.1
0.2
0.1
TVS Srichakra
Accumulate
319
335
244
1,476
1,643
7.1
8.2
24.7
42.8
12.9
7.5
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
1,014
13,265
10,289
11,421
13.5
14.3
31.0
42.9
32.7
23.6
2.6
2.3
8.1
10.3
2.0
1.8
Vesuvius India
Neutral
346
702
560
611
16.1
17.0
24.7
28.8
14.0
12.0
2.1
1.8
15.8
16.2
1.2
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 05, 2012
Market Outlook
September 06, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

(0.7) (127.5) 17,313

(1.8) (208.9) 11,293

OIL & GAS

(1.5) (284.8) 19,145

Public sector banks start reducing retail lending rates

Refer detailed news analysis on the following page

Net Inflows (September 4, 2012)

FII Derivatives (September 5, 2012)

Public sector banks start reducing retail lending rates

SBI cuts retail term deposit rates by 100 bps across

Economic and Political News

CBI widens coal probe, six more firms on radar

Jindal Steel arm acquires Canadas CIC Energy for US $ 115mn

Global economic events release calendar

September 06, 2012

Initial Jobless claims

Euro-Zone GDP s.a. (QoQ)

BOE Announces rates

ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Industrial Production (YoY)

Consumer Price Index (YoY)

September 10, 2012

September 12, 2012

Jobless claims change

Industrial Production YoY

Producer Price Index (mom)

FOMC rate decision

Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

September 07, 2012

September 09, 2012

September 13, 2012

September 14, 2012

September 17, 2012

RBI Reverse Repo rate

September 18, 2012

September 19, 2012

Existing home sales

September 25, 2012

September 26, 2012

New home sales

September 27, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

October 18, 2012

Real GDP (YoY)

November 15, 2012

GDP nsa (YoY)

September 20, 2012

October 01, 2012

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: MOSPI, Angel Research

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