Dealers Diary
Domestic Indices
The Indian markets are expected to open in the green today, tracking positive
opening in most of the Asian markets as stocks moved higher to take back some
losses made yesterday, when investors reacted to news that a bailout for Cyprus
would include a tax on bank deposits. A bailout of Cyprus announced over the
weekend included a controversial proposal to levy tax of up to 10% on all the
country's bank accounts, sparking widespread public anger and fears of a run on
some banks in the region.
Chg (%)
(Pts)
(Close)
BSE Sensex
Nifty
(0.6)
(37.4)
5,835
MID CAP
(0.3)
(18.4)
6,368
SMALL CAP
(0.7)
(41.7)
6,138
0.3
24.0
8,083
BSE PSU
(1.6) (113.2)
6,787
BANKEX
(0.7)
US stocks moved lower over the course of the day yesterday as markets responded
to news of a bailout agreement for Cyprus that raised concerns about a run on the
Mediterranean island's banks. Cyprus' parliament has postponed a vote on the
proposed bailout, which has generated significant opposition, as it is seen to
unnecessarily tax deposit holders. Meanwhile, the National Association of Home
Builders released a report showing an unexpected drop in US homebuilder
confidence in the month of March with Wells Fargo Housing Market Index coming
in at 44 as against 46 in February.
AUTO
METAL
(2.3) (216.3)
9,046
(1.2) (107.0)
8,781
BSE IT
(0.5)
(36.5)
6,864
(Pts)
(Close)
BSE HC
Global Indices
Chg (%)
(90.4) 13,476
Dow Jones
(0.4)
(62.0) 14,452
NASDAQ
(0.4)
(11.5)
3,238
FTSE
(0.5)
(31.7)
6,458
Meanwhile Indian markets fell yesterday, in tandem with the global sell-off in
equities and commodities as an unusual bailout proposal for Cyprus fuelled
concerns that Europe's debt crisis may deepen. However, shares ended off their
day's lows, as hopes of a rate cut by the RBI at its mid-quarter policy review to be
announced today helped to limit the downside.
Nikkei
Hang Seng
Straits Times
(0.9)
(29.6)
3,256
Shanghai Com
(1.7)
(38.4)
2,240
Markets Today
Indian ADR
Chg (%)
(Pts)
(Close)
The trend deciding level for the day is 19,290/ 5,833 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,348 19,403 / 5,852 5,869 levels. However, if NIFTY trades below
19,290/ 5,833 levels for the first half-an-hour of trade then it may correct up to
19,235 19,177 / 5,816 5,797 levels.
INFY
(0.7)
(0.4)
$53.2
Indices
S2
S1
PIVOT
R1
R2
Advances / Declines
SENSEX
19,177
19,235
19,290
19,348
19,403
NIFTY
5,797
5,816
5,833
5,852
5,869
Purch
Sales
Net
MTD
YTD
FII
3,223
2,650
573
6,715
51,067
475
583
(108)
(1,357)
(6,918)
Purch
Sales
Net
Open Interest
Index Futures
1,327
2,026
(699)
10,621
Stock Futures
1,298
1,319
(21)
26,173
Price (`)
chg (%)
Company
Price (`)
chg (%)
261
4.4
Coal India
303
(5.4)
Gainers / Losers
Gainers
Company
0.0
$10.0
(1.7)
(0.7)
$41.5
HDB
(0.2)
(0.1)
$38.5
BSE
NSE
Advances
1,091
503
Declines
1,757
985
121
87
Volumes (` cr)
MFs
0.4
IBN
Unchanged
News Analysis
WIT
Pidilite Industries
GMR Infra
Losers
21
4.4
Engineers India
171
(4.8)
Emami
624
4.1
National Alum
38
(4.7)
Indiabulls Finance
272
2.9
Lanco Infra
12
(4.6)
Shriram Transport
717
2.7
NMDC
138
(4.5)
www.angelbroking.com
BSE
1,756
NSE
8,589
Market Outlook
March 19, 2013
www.angelbroking.com
Market Outlook
March 19, 2013
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
March 19, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
6:00PM
US
Housing Starts
Thousands
Feb
890.00
915.00
6:00PM
US
Building permits
Thousands
Feb
904.00
923.00
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
2.80
11:00AM
India
Mar 19
7.75
7.50
11:00AM
India
Mar 19
4.00
4.00
11:00AM
India
8:30PM
3:00PM
UK
11:30PM
US
6:00PM
US
2:00PM
2:00PM
7:30PM
US
7:30PM
US
Consumer Confidence
7:30PM
US
3:00PM
UK
GDP (YoY)
2:25PM
6:00PM
US
April 1, 2013
6:30AM
China
PMI Manufacturing
April 2, 2013
2:00PM
UK
PMI Manufacturing
April 4, 2013
4:30PM
UK
5:15PM
6:00PM
US
6:00PM
US
Unnemployment rate
7:00AM
China
2:00PM
UK
4:29PM
April 5, 2013
April 9, 2013
April 10, 2013
Mar 19
6.75
6.50
Value
Mar A
(23.60)
(23.20)
% Change
Feb
(12.50)
(5.00)
Mar 20
0.25
0.25
Thousands
Mar 16
332.00
343.50
Value
Mar A
54.70
55.00
Value
Mar A
50.30
50.50
Millions
Feb
4.92
5.00
S.A./ 1985=100
Mar
69.60
70.00
Thousands
Feb
437.00
425.00
% Change
4Q F
0.30
--
Thousands
Mar
(3.00)
--
% Change
4Q T
0.10
0.60
Value
Mar
50.10
--
Value
Mar
47.90
--
% Ratio
Apr 4
0.50
0.50
Apr 4
0.75
--
Thousands
Mar
236.00
--
Mar
7.70
--
% Change
Mar
3.20
--
% Change
Feb
(2.90)
--
China
Exports YoY%
% Change
Mar
21.80
--
4:29PM
India
Imports YoY%
% Change
Mar
2.60
--
4:29PM
India
Exports YoY%
% Change
Mar
4.20
--
11:00AM
India
% Change
Feb
2.40
--
6:00PM
US
% Change
Mar
0.70
--
7:30AM
China
% Change
Mar
10.30
--
12:00PM
India
% Change
Mar
6.84
--
7:30AM
China
% Change
1Q
7.90
--
Market Outlook
March 19, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
11.2
6.0
(0.1)
(1.3)
7.6
Jan-13
Dec-12
Nov-12
58.0
7.6
Oct-12
Mar-12
(%)
7.5
(0.8) (0.5)
(0.7)
(2.0)
(2.8)
(4.0)
Feb-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
7.7
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
7.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
6.8
56.0
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
48.0
Feb-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Mar-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
9.0
8.4
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
(%)
9.50
30.0
15.0
CRR
8.50
7.75
7.50
6.75
6.50
www.angelbroking.com
4.00
4.50
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.50
Mar-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(15.0)
Mar-12
0.0
Market Outlook
March 19, 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
Neutral
123
2,398
1,466
1,686
14.8
14.8
7.0
8.1
17.6
15.2
3.7
3.2
22.6
22.5
1.7
1.5
United Phosphorus
Buy
124
170
5,499
8,421
9,263
16.5
16.5
15.0
17.0
8.3
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Buy
266
323
4,538
2,983
3,477
16.1
16.1
18.5
21.6
14.4
12.3
4.1
3.2
32.9
29.1
1.5
1.3
Apollo Tyres
Accumulate
87
97
4,385
13,066
14,503
11.5
11.8
13.0
14.5
6.7
6.0
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,026
12,910
14,836
8.8
9.6
1.5
2.2
15.3
10.2
2.0
1.9
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
290
438
934
1,103
10.2
10.7
24.5
34.3
11.8
8.4
1.5
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,853
53,605
20,775
23,889
18.5
19.0
107.6
126.4
17.2
14.7
7.1
5.6
45.8
42.8
2.2
1.8
Bharat Forge
Accumulate
222
242
5,172
5,973
6,707
14.4
15.2
13.4
18.6
16.6
12.0
2.2
1.9
13.6
16.9
1.0
0.9
Bosch India*
Neutral
8,617
27,056
9,717
11,092
16.2
17.0
354.7
423.3
24.3
20.4
4.2
3.6
17.2
17.5
2.5
2.1
CEAT
Buy
98
163
334
4,822
5,403
8.2
8.3
29.8
40.8
3.3
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
131
11,110
6,016
7,026
12.7
14.4
5.8
7.8
22.4
16.7
3.3
2.9
15.4
18.2
1.5
1.3
FAG Bearings*
Accumulate
1,490
1,569
2,476
1,619
1,879
16.0
16.6
108.6
130.7
13.7
11.4
2.4
2.0
18.8
19.1
1.3
1.1
Hero Motocorp
Accumulate
1,683
1,923
33,611
23,990
27,038
13.8
14.6
105.8
120.2
15.9
14.0
6.4
5.2
44.3
41.0
1.1
1.0
JK Tyre
Buy
102
165
417
7,169
7,929
6.9
7.1
40.4
41.3
2.5
2.5
0.5
0.4
20.5
18.0
0.4
0.3
928
1,019
56,959
40,060
46,301
11.5
11.7
55.3
64.3
16.8
14.4
3.8
3.2
24.5
23.8
1.2
1.0
1,405
1,563
40,592
43,381
52,411
7.5
8.9
65.6
97.7
21.4
14.4
2.4
2.1
11.8
15.6
0.8
0.6
204
11,987
25,769
29,010
7.1
7.5
10.2
13.1
20.0
15.6
5.1
4.0
28.1
28.3
0.6
0.5
25
35
151
1,296
1,476
9.8
9.9
3.4
5.0
7.5
5.0
0.5
0.5
7.2
10.2
0.4
0.4
291
326
12.4
13.5
28.0
36.3
10.4
8.0
2.3
1.8
24.6
25.4
0.5
0.4
35
47
1,644
7,019
7,827
6.0
6.3
4.3
5.3
8.1
6.6
1.3
1.1
16.4
18.0
0.2
0.1
Sell
574
487
12,168
8,073
9,052
5.5
7.2
11.3
17.4
51.0
33.0
4.4
4.0
8.9
12.8
1.5
1.3
Neutral
202
1,460
3,412
4,104
13.0
11.6
24.6
26.2
8.2
7.7
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
198
48,475
47,801
43,757
18.0
17.1
24.1
20.8
8.2
9.5
2.4
2.1
32.9
23.6
0.9
1.0
Blue Star
Buy
170
238
1,525
2,748
2,896
4.4
5.6
6.8
9.3
25.0
18.2
3.4
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
97
129
6,251
12,136
13,790
3.8
6.3
3.3
6.9
29.5
14.2
1.7
1.6
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
33
49
267
2,802
3,074
9.5
9.8
7.7
10.9
4.2
3.0
0.4
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
54
75
1,391
6,909
7,723
6.2
7.2
5.4
8.4
10.1
6.4
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,012
2,267
2,369
2,727
11.7
11.7
143.4
166.0
14.0
12.1
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
583
6,949
5,529
5,798
9.0
9.6
27.1
30.3
21.5
19.3
3.8
3.3
18.6
18.2
1.1
1.0
Maruti
Accumulate
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
ABB*
BGR Energy
Capital Goods
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Market Outlook
March 19, 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
1,252
23,499
11,358
12,366
19.9
19.6
75.1
74.9
16.7
16.7
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
188
28,991
9,730
11,221
25.6
25.0
10.2
11.3
18.4
16.6
3.3
3.0
18.7
19.0
2.6
2.1
India Cements
Neutral
84
2,590
4,439
4,789
16.7
17.2
6.8
9.1
12.4
9.3
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
120
143
1,407
2,119
2,478
22.9
22.3
20.3
22.8
5.9
5.2
1.0
0.9
18.0
17.7
0.8
1.0
Madras Cements
Neutral
263
6,261
3,960
4,270
27.4
27.0
18.6
21.1
14.2
12.5
2.6
2.2
19.7
18.9
2.2
1.9
Shree Cement^
Neutral
4,197
14,621
5,678
6,251
29.0
28.6
288.1
334.0
14.6
12.6
4.1
3.2
31.7
28.4
2.0
1.7
UltraTech Cement
Neutral
1,924
52,739
20,466
23,017
23.3
24.3
100.0
117.1
19.2
16.4
3.5
3.0
19.6
19.5
2.5
2.3
201
268
1,058
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.4
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
202
2,262
2,522
5.9
6.3
0.9
1.6
11.9
7.0
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
122
164
4,040
3,843
4,212
43.1
43.6
16.8
17.8
7.2
6.8
1.2
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
198
225
3,852
6,564
7,054
27.2
27.4
26.3
29.0
7.6
6.8
1.2
1.0
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
25
35
773
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.5)
8.8
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
74
97
16,477
14,243
16,382
26.2
26.1
3.2
4.3
23.2
17.1
1.2
1.2
5.4
7.0
2.6
2.4
Buy
1,507
1,788
92,708
60,666
69,525
10.6
11.2
71.9
85.0
21.0
17.7
3.3
2.9
14.5
15.2
1.7
1.5
Nagarjuna Const.
Accumulate
42
44
1,071
5,863
6,576
8.1
8.2
3.1
4.1
13.6
10.2
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
49
1,621
11,892
13,116
10.2
10.2
(0.4)
3.0
(114.5)
16.5
0.6
0.5
3.8
0.6
0.5
Sadbhav Engg.
Buy
115
157
1,731
1,642
2,642
9.7
10.1
3.2
7.2
35.8
15.9
2.0
1.8
6.0
12.1
1.3
0.9
Simplex Infra
Buy
137
197
679
6,026
7,135
9.1
9.3
14.1
24.6
9.7
5.6
0.5
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
32
58
233
2,180
2,455
13.7
13.4
12.9
14.8
2.4
2.1
0.3
0.3
12.1
12.5
0.5
0.5
Allahabad Bank
Buy
139
160
6,938
6,509
7,264
2.7
2.8
28.2
33.5
4.9
4.1
0.7
0.6
13.8
14.7
Andhra Bank
Neutral
99
5,537
4,795
5,475
3.0
3.0
21.8
21.9
4.5
4.5
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,342
1,678
62,756
15,959
18,660
3.2
3.2
119.2
139.0
11.3
9.7
2.1
1.8
20.3
20.1
Bank of Baroda
Buy
720
850
29,613
14,889
17,393
2.5
2.6
108.2
134.0
6.7
5.4
1.0
0.9
15.3
16.7
Bank of India
Accumulate
324
350
19,283
12,793
14,823
2.3
2.4
49.5
65.1
6.5
5.0
0.9
0.8
13.6
16.0
Bank of Maharashtra
Accumulate
52
56
3,060
3,720
4,268
2.9
2.8
10.9
13.0
4.8
4.0
0.7
0.6
16.2
16.9
Canara Bank
Accumulate
433
463
19,173
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
Financials
www.angelbroking.com
74
5,425
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.7
0.8
0.7
10.3
14.3
398
465
5,902
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
94
107
3,292
3,090
3,462
2.7
2.7
25.6
24.6
3.7
3.8
0.7
0.6
19.2
15.9
Market Outlook
March 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
490
536
8,371
2,667
2,920
3.2
3.2
49.1
51.4
10.0
9.5
1.3
1.2
13.9
13.1
HDFC
Neutral
817
126,115
7,446
8,923
3.5
3.5
32.2
38.5
25.4
21.2
5.2
4.6
35.4
32.6
HDFC Bank
Neutral
639
151,710
21,724
26,578
4.3
4.3
28.7
36.1
22.3
17.7
4.3
3.6
20.7
22.1
ICICI Bank
Buy
1,067
1,302
122,727
22,317
26,217
2.9
3.0
72.0
84.6
14.8
12.6
1.9
1.7
14.9
15.9
IDBI Bank
Buy
89
106
11,384
8,196
9,305
1.9
2.1
15.4
22.3
5.8
4.0
0.6
0.6
10.7
14.1
Indian Bank
Buy
178
208
7,652
5,716
6,362
3.2
3.2
37.7
41.1
4.7
4.3
0.8
0.7
16.9
16.2
IOB
Buy
71
85
5,663
7,231
8,369
2.4
2.5
10.2
20.2
6.9
3.5
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,303
1,406
6,316
2,784
2,932
3.7
3.7
229.2
199.6
5.7
6.5
1.3
1.1
24.6
18.2
Accumulate
241
257
12,180
1,722
2,080
2.2
2.2
19.9
24.6
12.1
9.8
1.9
1.6
16.6
17.9
Oriental Bank
Accumulate
276
314
8,051
6,360
7,004
2.6
2.8
48.1
59.4
5.7
4.6
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
798
957
27,082
19,202
22,040
3.2
3.4
146.8
167.9
5.4
4.8
1.0
0.8
17.6
17.5
South Ind.Bank
Buy
25
30
3,279
1,583
1,789
3.0
2.9
3.5
4.1
7.1
6.1
1.2
1.0
19.1
17.7
St Bk of India
Accumulate
2,262
2,514
151,767
60,594
70,439
3.3
3.3
221.9
257.4
10.2
8.8
1.7
1.5
17.4
17.7
Syndicate Bank
Accumulate
120
135
7,250
6,673
7,644
2.9
3.0
32.0
27.9
3.8
4.3
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
61
4,025
5,388
6,262
2.4
2.6
9.0
14.9
6.7
4.1
0.9
0.7
9.1
13.8
233
256
12,836
10,006
11,558
2.8
2.8
36.4
47.0
6.4
5.0
0.9
0.8
14.6
16.6
Buy
60
75
2,166
3,549
3,814
2.5
2.7
12.0
21.4
5.0
2.8
0.5
0.4
10.1
16.3
Vijaya Bank
Neutral
52
2,557
2,342
2,763
1.9
2.1
8.0
10.9
6.5
4.7
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
474
526
17,007
3,364
4,260
2.8
3.0
36.3
42.6
13.1
11.1
2.9
2.4
24.6
23.6
5,013
48,085
11,198
13,319
15.9
15.7
122.1
147.1
41.0
34.1
13.9
10.9
37.7
35.7
4.2
3.5
FMCG
Asian Paints
Neutral
Britannia
Neutral
541
6,463
5,580
6,417
4.8
5.0
18.1
21.7
29.9
24.9
10.8
8.7
38.7
38.7
1.1
0.9
Colgate
Neutral
1,314
17,869
3,120
3,588
20.3
21.1
38.4
45.1
34.3
29.2
31.8
25.5
104.6
97.0
5.5
4.8
Dabur India
Neutral
137
23,904
6,196
7,183
16.3
16.8
4.5
5.5
30.4
25.0
12.6
9.8
43.4
44.0
3.9
3.3
GlaxoSmith Con*
Neutral
4,200
17,664
3,084
3,617
15.2
16.3
103.9
123.0
40.4
34.2
13.0
10.7
34.9
34.3
5.3
4.5
Godrej Consumer
Neutral
747
25,431
6,386
7,743
15.7
17.0
20.8
27.1
35.9
27.6
7.7
6.3
23.7
26.4
4.2
3.4
HUL
Neutral
458
99,034
25,350
28,974
13.3
13.5
15.1
17.0
30.3
27.0
24.1
17.2
85.7
74.3
3.7
3.2
ITC
Neutral
302
238,344
29,148
34,191
35.7
36.1
9.4
11.1
32.2
27.2
10.7
8.9
35.9
35.7
7.9
6.7
Marico
Neutral
220
14,178
4,747
5,402
13.6
13.6
6.3
7.8
34.7
28.1
7.1
5.8
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,709
45,403
8,302
9,739
22.0
21.5
110.7
130.8
42.6
36.0
25.3
18.1
69.5
58.6
5.5
4.6
www.angelbroking.com
Market Outlook
March 19, 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
Accumulate
133
145
8,249
7,272
7,998
9.1
9.9
6.9
8.1
19.5
16.6
2.0
2.0
8.9
9.7
1.1
0.9
HCL Tech^
Neutral
792
55,011
25,325
28,476
21.7
20.7
51.0
52.8
15.5
15.0
4.1
3.4
26.8
22.9
2.1
1.8
Hexaware*
Buy
89
113
2,651
1,948
2,136
20.9
18.3
10.9
10.1
8.2
8.9
2.2
1.8
27.2
21.0
1.1
0.9
Infosys
Neutral
2,884
165,592
40,746
44,283
28.9
28.8
162.6
172.9
17.7
16.7
4.2
3.6
23.5
21.3
3.5
3.1
Infotech Enterprises
Accumulate
170
184
1,897
1,881
1,987
17.9
17.4
18.5
19.4
9.2
8.7
1.4
1.2
14.8
13.6
0.7
0.5
KPIT Cummins
Buy
105
134
2,018
2,234
2,477
15.8
15.2
10.9
12.8
9.6
8.2
2.1
1.6
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
130
15,280
7,711
8,683
21.6
20.3
8.7
11.3
14.9
11.5
3.5
2.7
30.6
23.7
1.6
1.3
Mindtree
Neutral
883
3,668
2,357
2,580
21.0
19.3
84.4
86.8
10.5
10.2
2.8
2.2
26.8
21.7
1.3
1.1
Mphasis&
Neutral
391
8,215
5,531
5,874
17.6
17.5
35.4
37.7
11.0
10.4
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
22
36
357
1,048
1,161
9.1
10.9
4.1
6.2
5.2
3.5
0.5
0.5
10.3
14.1
0.2
0.1
Persistent
Neutral
570
2,280
1,297
1,433
25.6
24.1
46.5
54.0
12.3
10.6
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,571
1,465
307,460
62,954
70,871
29.0
28.9
71.6
79.1
22.0
19.9
7.3
5.9
33.2
29.7
4.7
4.1
Tech Mahindra
Accumulate
1,102
1,205
14,098
6,789
7,609
21.0
19.6
95.8
110.7
11.5
10.0
2.8
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
441
108,598
43,514
47,304
20.1
19.4
26.6
27.7
16.6
15.9
3.2
2.8
19.7
17.9
2.2
1.9
D B Corp
Accumulate
247
276
4,532
1,583
1,787
23.9
25.4
11.9
14.5
20.9
17.0
4.1
3.5
21.4
22.4
2.8
2.4
HT Media
Accumulate
102
113
2,404
2,061
2,205
14.0
15.1
6.6
7.9
15.4
13.0
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
98
125
3,103
1,511
1,698
23.2
23.4
6.4
7.3
15.2
13.4
3.8
3.4
25.9
26.6
2.2
1.9
PVR
Neutral
295
1,167
820
1,307
17.3
17.3
11.2
17.8
26.4
16.6
1.2
1.1
9.7
10.8
1.5
0.9
Sun TV Network
Neutral
445
17,547
1,942
2,237
77.2
75.5
17.6
19.1
25.3
23.3
6.1
5.5
25.8
25.2
8.6
7.4
Bhushan Steel
Neutral
461
10,436
10,746
13,982
30.8
31.1
43.3
55.5
10.6
8.3
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
320
368
202,124
66,666
70,292
25.7
27.3
24.2
26.6
13.2
12.0
3.9
3.2
33.1
29.1
2.1
1.8
Electrosteel Castings
Buy
19
28
670
1,984
2,074
10.6
11.6
1.8
2.6
11.0
7.5
0.4
0.1
3.6
5.1
0.5
0.5
Hind. Zinc
Buy
119
149
50,387
12,002
13,759
49.7
50.8
14.7
16.4
8.1
7.3
1.6
1.3
21.1
19.8
2.3
1.6
Hindalco
Neutral
96
18,332
80,205
88,987
9.0
9.2
13.4
13.8
7.1
6.9
0.5
0.5
7.9
7.6
0.6
0.5
JSW Steel
Neutral
700
15,622
39,072
40,493
16.5
18.2
82.4
90.3
8.5
7.8
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Accumulate
230
246
3,869
933
954
46.9
45.5
25.8
26.1
8.9
8.8
1.4
1.3
16.7
15.1
1.7
1.6
Monnet Ispat
Buy
233
318
1,484
2,287
2,883
21.8
21.8
35.3
40.7
6.6
5.7
0.6
0.5
9.6
10.2
1.8
1.4
Nalco
Accumulate
40
46
10,399
6,630
8,357
11.4
14.5
2.1
3.3
19.0
12.4
0.9
0.8
4.6
6.9
0.9
0.8
NMDC
Buy
145
181
57,330
9,674
11,536
75.2
76.6
16.0
18.6
9.1
7.8
2.0
1.6
23.6
23.0
3.8
3.0
FMCG
Tata Global
IT
Media
www.angelbroking.com
Market Outlook
March 19, 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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Neutral
Sesa Goa
Accumulate
Sterlite Inds
Accumulate
Tata Steel
Buy
Sarda
Buy
112
148
402
1,442
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
38
52
510
Buy
90
112
Cairn India
Buy
293
GAIL
Neutral
324
ONGC
Accumulate
319
Reliance Industries
Neutral
844
Gujarat Gas*
Neutral
275
3,528
3,707
Indraprastha Gas
Neutral
263
3,686
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
147
179
65
Alembic Pharma
Neutral
Aurobindo Pharma
Buy
Aventis*
Neutral
2,488
Cadila Healthcare
Accumulate
744
Cipla
Accumulate
384
Dr Reddy's
Neutral
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
69
28,418
43,438
56,199
12.0
12.2
6.5
8.5
10.6
8.1
0.7
0.6
6.6
8.2
0.9
0.7
165
183
14,297
2,412
3,911
30.8
33.1
29.6
31.8
5.6
5.2
0.9
0.8
16.3
15.4
7.4
4.6
99
110
33,287
43,185
45,442
23.3
23.7
16.8
17.9
5.9
5.5
0.7
0.6
11.6
11.2
0.8
0.7
354
443
7.4
9.9
7.2
34.7
49.4
10.2
0.8
0.7
1.6
7.5
0.5
0.5
1,494
19.0
19.1
29.2
31.7
3.8
3.5
0.5
0.4
12.3
12.0
0.6
0.6
2,512
2,816
12.4
13.7
10.0
12.6
3.8
3.0
0.2
0.2
7.2
8.4
0.5
0.4
285
2,367
2,425
14.2
13.7
33.3
33.5
2.7
2.7
0.3
0.3
12.9
11.2
0.6
0.5
383
55,997
17,394
17,034
76.4
72.3
60.8
55.1
4.8
5.3
1.0
0.8
21.9
17.0
2.4
2.0
41,111
48,077
55,815
15.3
15.3
34.9
35.9
9.3
9.0
1.6
1.4
19.0
17.0
0.6
0.5
357
32.8
34.7
28.7
34.4
11.2
9.3
1.8
1.6
17.0
18.3
1.6
1.4
8.9
8.9
68.1
71.5
12.4
11.8
1.3
1.2
12.4
11.8
0.7
0.7
3,850
11.7
12.4
23.7
25.7
11.6
10.7
3.2
2.8
29.6
28.2
0.8
0.8
3,365
3,700
22.8
23.4
25.3
26.6
10.4
9.9
2.5
2.1
26.0
22.6
1.2
1.1
11,021
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.4
2.5
2.1
29.1
24.1
0.4
0.3
3,635
1,079
983
91.8
91.9
8.8
7.8
7.4
8.2
1.2
1.1
17.8
14.1
3.1
3.3
99
1,863
1,490
1,714
16.2
17.1
7.4
9.5
13.4
10.4
3.6
2.8
30.7
30.2
1.4
1.2
160
208
4,659
5,463
6,279
15.0
15.0
12.4
14.0
12.9
11.4
1.7
1.4
18.8
17.8
1.4
1.2
5,729
1,482
1,682
17.5
16.6
82.9
87.8
30.0
28.3
4.7
3.8
16.3
14.8
3.7
3.1
817
15,225
6,148
7,386
15.3
18.0
24.6
39.5
30.2
18.8
5.7
4.6
18.4
25.1
2.9
2.3
419
30,852
8,151
9,130
25.8
24.8
20.2
21.6
19.0
17.8
3.4
2.9
19.4
17.6
3.6
3.1
1,823
30,956
10,696
11,662
20.7
21.0
83.7
92.9
21.8
19.6
4.5
3.8
22.4
20.8
3.2
2.8
75
155
606
1,280
1,536
20.2
20.2
12.1
15.5
6.2
4.9
0.6
0.5
10.0
11.6
1.2
1.0
2,114
17,910
2,651
2,993
31.7
31.2
76.0
82.4
27.8
25.7
8.0
7.2
20.1
26.3
6.0
5.2
63
78
579
642
784
14.2
15.2
5.7
7.8
11.0
8.1
1.3
1.2
12.9
16.4
1.1
0.9
Accumulate
519
559
6,542
2,850
3,474
21.0
21.0
29.9
37.3
17.3
13.9
4.2
3.3
26.7
26.4
2.5
2.0
Lupin
Accumulate
610
655
27,288
8,426
10,082
19.7
20.0
26.1
31.1
23.4
19.6
5.4
4.4
25.8
24.7
3.4
2.8
Ranbaxy*
Neutral
439
18,559
12,253
11,400
14.1
12.5
31.2
21.6
14.1
20.3
4.5
3.9
37.9
20.6
1.5
1.5
Sun Pharma
Neutral
833
86,110
10,111
12,563
42.6
42.6
28.9
29.8
28.8
28.0
5.9
5.0
22.3
19.2
7.9
6.2
Neutral
75
1,135
1,502
1,535
32.1
31.9
11.4
12.5
6.6
6.0
0.8
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
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Market Outlook
March 19, 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
Accumulate
146
163
120,301
72,809
81,951
23.4
24.1
12.2
13.6
12.0
10.7
1.5
1.3
12.2
12.5
2.3
2.2
DLF
Accumulate
273
288
46,332
7,953
9,699
34.7
37.0
4.4
6.0
62.4
45.7
1.8
1.7
3.1
3.8
7.9
6.2
MLIFE
Accumulate
404
446
1,648
786
888
26.3
26.7
31.0
36.3
13.0
11.1
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
311
350
118,122
80,521
87,160
30.5
30.5
6.4
10.4
48.7
29.9
2.3
2.1
4.6
7.0
2.3
2.1
Idea Cellular
Neutral
112
37,161
22,087
23,927
26.6
27.7
2.9
3.9
38.4
28.7
2.6
2.4
6.9
8.4
2.3
2.0
Rcom
Neutral
67
13,746
21,087
22,067
31.8
31.9
2.6
4.0
25.4
16.6
0.4
0.4
1.5
2.2
2.4
2.2
13.1
13.5
79.0
90.8
17.0
14.8
3.7
3.1
23.7
22.8
1.2
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India
Buy
1,345
1,634
2,859
1,926
2,152
Bajaj Electricals
Buy
174
217
1,739
3,450
3,929
4.5
7.4
10.0
15.5
17.5
11.3
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
457
495
579
460
596
16.4
16.2
34.7
45.0
13.2
10.2
3.2
2.5
27.7
27.8
1.3
1.1
Cravatex
Buy
350
545
90
272
308
7.2
7.3
37.5
45.4
9.3
7.7
2.2
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
901
6,330
982
1,136
34.3
34.3
34.3
40.0
26.3
22.5
11.9
9.5
50.9
46.9
6.0
5.1
Finolex Cables
Buy
46
61
707
2,268
2,559
9.5
10.0
9.0
10.1
5.2
4.6
0.8
0.7
14.8
14.6
0.2
0.2
Force Motors
Buy
378
550
492
2,027
2,299
4.6
5.1
35.3
50.0
10.7
7.6
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
277
304
640
1,559
1,676
7.1
7.4
27.5
30.5
10.1
9.1
1.6
1.4
16.9
16.7
0.2
0.2
Greenply Industries
Sell
380
309
917
1,925
2,235
10.6
10.9
29.6
44.1
12.9
8.6
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
130
358
905
1,025
4.8
6.0
7.7
12.4
16.9
10.5
1.6
1.4
9.9
14.4
0.5
0.4
2,515
2,842
2,224
2,117
2,491
8.1
7.8
140.5
157.9
17.9
15.9
2.7
2.3
16.3
15.8
1.0
0.8
Buy
610
744
1,073
1,069
1,223
9.7
9.7
40.0
46.5
15.2
13.1
2.2
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
184
239
211
1,455
1,630
12.0
12.1
23.2
31.2
7.9
5.9
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
166
2,678
816
979
14.5
14.9
5.2
6.0
32.2
27.6
3.7
3.4
8.8
10.2
3.5
2.9
MCX
Buy
885
1,440
4,515
553
624
65.3
66.3
62.5
72.0
14.2
12.3
3.9
3.4
27.5
27.4
5.2
4.1
MRF
Accumulate
12,697
14,331
5,385
12,422
13,767
12.9
7.6
7.1
1.5
1.3
22.0
19.4
0.6
0.5
Page Industries
Neutral
3,304
3,686
856
1,047
19.1
19.6
101.2
127.3
32.7
26.0
16.7
12.4
58.5
54.9
4.4
3.6
Relaxo Footwears
Buy
631
887
758
989
1,148
10.7
11.7
41.8
55.5
15.1
11.4
3.4
2.7
25.5
26.3
0.9
0.8
Sintex Industries
Buy
57
79
1,782
4,751
5,189
16.3
16.6
13.6
15.8
4.2
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Buy
262
332
246
1,048
1,157
11.3
12.0
58.7
66.5
4.5
4.0
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
284
6,765
7,393
18.1
18.0
6.4
7.5
1.5
1.3
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
34
43
1,642
5,720
6,599
5.3
6.8
3.6
5.4
9.4
6.3
13.6
4.3
0.4
0.3
TAJ GVK
Buy
65
108
409
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.4
www.angelbroking.com
Market Outlook
March 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
17.5
19.1
0.7
0.6
Others
Tata Sponge Iron
Buy
309
379
476
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
440
655
342
393
439
5.9
6.7
21.1
26.7
20.8
16.5
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
193
276
148
1,461
1,591
5.6
7.1
6.9
39.4
27.9
4.9
1.1
0.9
3.8
20.6
0.3
0.3
1,958
25,608
10,473
11,939
15.0
15.8
30.4
56.9
64.4
34.4
4.9
3.1
10.8
12.3
3.1
2.4
325
355
660
591
623
17.5
17.2
29.0
29.6
11.2
11.0
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 18, 2013
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Market Outlook
March 19, 2013
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