July 1, 2013
Dealers Diary
Indian markets are expected to open flat tracking almost flat to negative opening in
most of the Asian markets while data showed that Chinese manufacturing activity
contracted in June as monthly manufacturing PMI for June dropped to 50.1 from
50.8 in May.
US markets, after moving modestly higher in early trade on Friday, ended with
losses as investors started to come to terms with the potential slowdown in the
Federal Reserves monetary stimulus program. Early in the day, some negative
sentiment was generated by a report from the ISM Chicago which showed that its
Chicago business barometer tumbled to 51.6 in June from 58.7 in May. Selling
pressure waned not long after the open, however, with a better than expected
reading on consumer sentiment helping to limit the downside for the markets.
Thomson Reuters and the University of Michigan reported that their consumer index
for June was upwardly revised to 84.1 from the preliminary reading of 82.7.
Meanwhile, Indian markets rose sharply on Friday, with energy stocks rallying after
the government approved a gas price hike for the first time in three years to help
boost domestic production and ease acute power shortages in the country.
Markets Today
The trend deciding level for the day is 19,307/ 5,815 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,521 19,647 / 5,880 5,918 levels. However, if NIFTY trades below
19,307/ 5,815 levels for the first half-an-hour of trade then it may correct up to
19,182 18,968 / 5,777 5,711 levels.
Indices
SENSEX
NIFTY
S2
18,968
5,711
S1
19,182
5,777
PIVOT
19,307
5,815
R1
19,521
5,880
R2
19,647
5,918
News Analysis
Domestic Indices
(Pts)
(Close)
BSE Sensex
2.8
520 19,396
Nifty
2.8
160
5,842
MID CAP
2.3
132
5,965
SMALL CAP
1.4
76
5,644
BSE HC
2.3
198
8,845
BSE PSU
3.5
210
6,163
BANKEX
3.2
409 13,258
AUTO
3.1
323 10,716
METAL
4.7
348
7,754
3.4
290
8,900
BSE IT
0.7
46
6,255
(Pts)
(Close)
Global Indices
Dow Jones
NASDAQ
FTSE
Chg (%)
(0.8)
(115) 14,910
0.0
3,403
(0.4)
(28)
6,215
Nikkei
3.5
464 13,677
Hang Sang
1.8
363 20,803
Straits Times
1.0
32
3,150
Shanghai Com
1.5
29
1,979
Chg (%)
(Pts)
(Close)
(0.5)
(0.2)
$41.2
WIT
1.3
0.1
$7.3
IBN
2.6
1.0
$38.3
HDB
1.1
0.4
$36.2
Indian ADR
INFY
Advances / Declines
Chg (%)
BSE
NSE
1,538
1,011
Declines
858
377
Unchanged
116
54
Advances
Volumes (` cr)
Purch
5,111
636
Sales
5,953
464
Net
(843)
172
MTD
(10,530)
(101)
YTD
71,306
(12,177)
Purch
3,838
2,271
Sales
2,146
1,582
Net
1,692
688
Open Interest
9,233
24,491
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
IFCI
Company
Losers
Price (`)
chg (%)
26
17.8
Gitanjali Gems
237
(10.0)
564
10.8
MMTC
103
(5.0)
Crompton Greav
87
8.9
United Spirits
2,171
(2.5)
Coromandel Intl
184
8.8
Ranbaxy Lab
310
(2.4)
5,140
8.2
HCL Tech
776
(2.3)
Piramal Ent
Glaxosmithkl Cons
www.angelbroking.com
BSE
1,986
NSE
14,659
Market Outlook
July 1, 2013
Kharif crops
Paddy (Common variety)
31.8
11.8
5.3
8.0
15.7
4.8
Paddy (A - grade)
30.4
11.4
5.1
7.8
15.3
5.1
Jowar (Hybrid)
40.0
0.0
4.8
11.4
53.1
0.0
Jowar (Maldandi)
38.7
0.0
4.7
11.1
52.0
0.0
Bajra
40.0
0.0
4.8
11.4
19.9
6.4
Maize
35.5
0.0
4.8
11.4
19.9
11.5
Ragi
52.5
0.0
5.5
8.8
42.9
0.0
Arhar (Tur)
29.0
15.0
30.4
6.7
20.3
11.7
Moong
48.2
9.5
14.9
10.4
25.7
2.3
Urad
48.2
0.0
15.1
13.8
30.3
0.0
38.9
0.0
0.0
12.0
28.6
2.8
47.8
0.0
0.0
10.0
18.2
2.6
Groundnut In Shell
35.5
0.0
9.5
17.4
37.0
8.1
Sunflower Seed
46.7
0.0
6.1
19.1
32.1
0.0
Soyabeen (Black)
48.4
0.0
3.7
17.9
33.3
13.6
Soyabeen (Yellow)
32.4
0.0
3.6
17.4
32.5
14.3
Sesamum
74.1
3.6
1.8
17.2
23.5
7.1
Nigerseed
94.0
0.0
1.9
18.4
20.7
0.0
We are thus positive on food inflation moderating going ahead owing to positive
factors including the onset of normal monsoon, decent rabi production in 20122013 season, increase in sowing of kharif crops and these reasonable MSP hikes.
In addition, the moderation in inflation is likely to lead to further easing of rural
wage inflation which has been softening to about 17.3% in April 2013 from 18.3%
in January 2013 thus breaking the wage-price spiral. We believe that the
governments stance on MSP is reflective of their firm commitment to fiscal
consolidation despite the upcoming elections. Earlier in December 2012, the MSP
for wheat was increased by Rs. 65 per quintal, lower than the agricultural
ministrys proposal of a hike of Rs. 100 per quintal. Other rabi crops witnessed
similar MSP hikes in the range of 5% - 20%.
www.angelbroking.com
Market Outlook
July 1, 2013
www.angelbroking.com
Market Outlook
July 1, 2013
Corporate News
Delhi Metro prepares taking over Airport Express Line from Reliance Infra-led
operator
Expect completion of Cipla Medpro takeover by mid July: Cipla
GAIL expects `1,300cr rise in profit on gas price increase
Oil India expects `1,000cr rise in profits after gas price hike
ONGC sees annual profit rising by `8,000cr on gas price hike
NTPC ties up 95mn euros loan facility with KfW
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
July 01, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
July 1, 2013
July 3, 2013
July 4, 2013
July 5, 2013
July 9, 2013
July 10, 2013
1:25PM
Value
Jun F
48.70
48.70
6:30AM
China
PMI Manufacturing
Value
Jun
50.80
50.10
2:00PM
UK
PMI Manufacturing
Value
Jun
51.30
51.40
6:00PM
US
Thousands
Jun 29
346.00
345.00
1:25PM
Value
Jun F
51.30
51.30
4:30PM
UK
% Ratio
Jul 4
0.50
0.50
5:15PM
Jul 4
0.50
0.50
6:00PM
US
Thousands
Jun
175.00
165.00
6:00PM
US
Unnemployment rate
Jun
7.60
7.50
2:00PM
UK
% Change
May
(0.60)
--
7:00AM
China
% Change
Jun
2.10
--
4:29PM
India
Imports YoY%
% Change
Jun
7.00
--
4:29PM
India
Exports YoY%
% Change
Jun
(1.10)
--
4:29PM
China
Exports YoY%
% Change
Jun
1.00
--
11:00AM
India
% Change
May
2.30
--
6:00PM
US
% Change
Jun
0.50
0.50
12:00PM
India
% Change
Jun
4.70
--
7:30AM
China
% Change
Jun
9.20
--
7:30AM
China
% Change
2Q
7.70
--
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
% Change
Jun
0.10
--
2:30PM
Jun F
1.40
--
6:45PM
US
Industrial Production
Jun
0.04
--
6:00PM
US
Housing Starts
Thousands
Jun
914.00
--
6:00PM
US
Building permits
Thousands
Jun
985.00
--
2:00PM
UK
% Change
Jun
(8.60)
--
7:30PM
US
7:30PM
7:30PM
US
2:00PM
UK
GDP (YoY)
7:30PM
US
Consumer Confidence
11:00AM
India
11:00AM
11:00AM
1:25PM
Million
Jun
5.18
--
Value
Jul A
(18.80)
--
Thousands
Jun
476.00
--
% Change
2Q A
0.30
--
S.A./ 1985=100
Jul
81.40
--
Jul 30
7.25
--
India
Jul 30
4.00
--
India
Jul 30
6.25
--
Thousands
Jul
(12.00)
--
% Change
2Q A
1.80
--
Jul 31
0.25
--
6:00PM
US
11:30PM
US
11:30AM
% Change
2Q P
(1.40)
--
2:30PM
% Change
2Q A
(0.20)
--
11:00AM
India
% Change
2Q
4.80
--
Market Outlook
July 1, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Apr-13
Jun-12
Mfg. PMI
58.0
7.5
Mar-13
(4.0)
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
Services PMI
8.1
7.3
7.3
7.2
7.3
7.3
56.0
5.7
4.9
4.7
54.0
52.0
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
48.0
Mar-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
50.0
Jul-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
9.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
(%)
9.00
15.0
CRR
8.00
7.00
6.00
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
5.00
4.00
www.angelbroking.com
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
(15.0)
Jul-12
3.00
Market Outlook
July 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
142
2,752
1,657
1,906
14.1
14.1
7.7
8.9
18.4
15.9
3.8
3.3
22.2
21.9
1.6
1.4
United Phosphorus
Buy
136
232
6,013
10,298
11,310
16.5
16.5
20.5
23.2
6.6
5.9
1.1
1.0
18.0
17.4
0.6
0.5
Accumulate
256
285
4,378
3,418
3,892
14.5
14.5
18.5
20.4
13.9
12.6
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
57
2,848
13,852
15,487
11.4
11.5
12.8
14.9
4.4
3.8
0.7
0.6
17.5
17.3
0.3
0.3
Ashok Leyland
Buy
20
27
5,348
14,038
16,442
7.6
8.7
1.1
2.2
19.2
9.0
1.7
1.5
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
228
345
834
965
9.3
10.6
17.3
27.1
13.2
8.4
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,917
2,056
55,485
22,684
25,908
18.0
18.5
117.3
137.1
16.4
14.0
5.9
4.7
39.9
37.2
2.1
1.7
Bharat Forge
Neutral
221
5,153
6,198
6,793
14.6
14.9
14.5
17.3
15.2
12.8
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,948
28,095
9,821
11,394
17.0
17.3
373.5
438.7
24.0
20.4
4.3
3.7
18.0
17.9
2.5
2.1
CEAT
Buy
106
170
362
5,325
5,974
8.4
8.3
40.8
48.5
2.6
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
121
150
10,319
7,053
8,061
14.2
14.5
7.8
9.1
15.5
13.3
2.6
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,420
2,360
1,525
1,742
14.5
15.7
88.4
109.5
16.1
13.0
2.3
2.0
15.5
16.5
1.4
1.1
Hero Motocorp
Accumulate
1,662
1,819
33,193
25,274
27,658
14.1
13.7
110.2
139.9
15.1
11.9
5.5
4.3
39.8
40.7
1.1
1.0
JK Tyre
Buy
103
154
424
7,972
8,754
7.1
7.1
37.5
44.0
2.8
2.4
0.4
0.4
16.4
16.6
0.3
0.3
967
1,090
59,529
45,254
51,197
11.4
11.7
61.2
70.2
15.8
13.8
3.3
2.8
22.7
21.9
1.1
0.9
1,538
1,847
46,460
48,455
55,723
11.2
10.9
107.8
123.2
14.3
12.5
2.2
1.9
16.2
16.0
0.8
0.7
198
222
11,643
28,442
31,493
7.5
7.8
12.5
14.8
15.8
13.4
3.9
3.1
27.5
25.8
0.6
0.5
Buy
22
30
132
1,479
1,685
10.0
9.9
5.5
7.5
4.0
2.9
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
281
347
13.3
13.6
36.2
41.5
7.8
6.8
1.7
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
33
41
1,558
7,715
8,584
6.0
6.1
5.0
5.8
6.6
5.7
1.1
1.0
18.1
18.5
0.1
0.1
ABB*
Sell
611
461
12,944
8,073
9,052
5.5
6.9
11.5
16.9
53.0
36.1
4.8
4.6
9.3
13.1
1.6
1.4
BGR Energy
Neutral
130
937
4,114
4,886
11.4
10.7
24.9
28.0
5.2
4.6
0.7
0.6
25.2
22.6
0.5
0.5
BHEL
Neutral
174
42,662
44,054
39,326
16.8
15.1
20.6
16.1
8.5
10.8
1.8
1.7
23.5
16.1
0.8
0.9
Blue Star
Buy
163
230
1,463
2,896
3,087
5.6
6.2
9.3
11.7
17.5
13.9
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
87
117
5,600
13,446
15,272
6.7
7.6
6.6
8.9
13.2
9.8
1.5
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
20
167
3,360
3,597
9.7
9.8
7.3
10.2
2.8
2.0
0.6
0.5
8.8
11.4
0.3
0.3
KEC International
Buy
32
63
827
7,709
8,399
6.7
7.2
6.1
8.5
5.3
3.8
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
597
7,108
5,780
6,430
9.5
9.6
29.8
33.0
20.0
18.1
3.4
3.0
17.9
17.4
1.0
0.9
1,223
1,361
22,970
11,979
13,254
19.7
21.3
77.1
91.4
15.9
13.4
2.8
2.5
18.7
20.0
1.6
1.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Accumulate
www.angelbroking.com
Market Outlook
July 01, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
187
28,822
10,232
11,762
23.5
24.5
10.3
12.2
18.1
15.4
3.0
2.7
17.2
18.6
2.3
1.9
India Cements
Neutral
57
1,746
4,929
5,434
17.4
17.1
8.9
10.9
6.4
5.2
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
97
143
1,140
2,247
2,742
21.0
23.1
17.8
21.8
5.4
4.4
0.8
0.7
15.5
16.4
0.4
0.9
Madras Cements
Neutral
228
5,433
4,234
4,788
23.9
24.0
18.5
22.8
12.4
10.0
2.0
1.7
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,668
16,262
6,540
7,452
27.4
26.6
319.7
369.9
14.6
12.6
3.6
2.9
27.5
25.4
1.8
1.4
UltraTech Cement
Neutral
1,876
51,435
21,947
25,049
23.8
23.8
106.1
119.8
17.7
15.7
2.9
2.5
17.7
17.3
2.4
2.1
190
255
1,000
1,928
2,234
21.0
21.5
18.0
22.2
10.6
8.6
0.9
0.8
10.2
10.1
1.9
1.9
174
2,281
2,492
5.9
6.9
0.7
2.0
13.8
4.7
0.3
0.3
2.3
6.5
0.3
0.3
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
96
157
3,194
3,997
4,312
45.5
46.4
15.7
16.6
6.1
5.8
0.9
0.8
15.2
14.5
3.2
3.5
ITNL
Buy
146
230
2,837
7,444
8,041
27.4
28.9
29.8
32.1
4.9
4.6
0.7
0.6
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
15
29
462
5,673
5,892
8.1
8.4
1.4
1.8
10.4
8.2
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
54
90
11,883
14,850
15,631
24.9
25.1
2.5
2.9
21.2
18.8
0.9
0.8
4.2
4.7
2.6
2.6
Buy
1,404
1,761
86,528
68,946
78,040
10.5
10.5
77.9
88.3
18.0
15.9
2.6
2.3
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
24
42
625
6,167
6,945
8.0
8.2
2.7
3.6
9.1
6.7
0.3
0.2
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
35
1,157
12,954
14,740
9.9
9.9
0.5
0.9
68.7
37.4
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
95
139
1,432
2,462
2,731
10.6
10.6
5.9
6.7
16.1
14.2
1.6
1.4
10.2
10.5
0.9
0.8
Simplex Infra
Buy
78
131
385
6,308
7,033
9.5
9.6
11.9
18.7
6.6
4.2
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
25
41
189
2,146
2,339
13.7
13.8
11.0
11.5
2.3
2.2
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
90
129
4,503
6,705
7,535
2.5
2.5
27.6
33.2
3.3
2.7
0.5
0.4
12.5
13.6
Andhra Bank
Neutral
82
4,583
5,195
5,834
2.7
2.7
19.2
23.1
4.3
3.5
0.6
0.5
12.2
13.3
Axis Bank
Buy
1,323
1,732
62,018
19,237
23,261
3.2
3.2
133.8
161.5
9.9
8.2
1.6
1.4
17.6
18.5
Bank of Baroda
Buy
575
761
24,201
16,287
18,707
2.2
2.3
120.6
144.6
4.8
4.0
0.7
0.6
15.0
16.0
Bank of India
Buy
232
292
13,819
14,459
16,176
2.3
2.2
55.2
68.2
4.2
3.4
0.6
0.5
13.7
15.1
Bank of Maharashtra
Buy
53
61
3,476
4,291
4,724
3.0
3.0
12.1
12.9
4.4
4.1
0.7
0.6
16.2
15.3
Canara Bank
Buy
360
437
15,964
12,045
13,495
2.1
2.2
76.7
86.4
4.7
4.2
0.7
0.6
14.1
14.2
Central Bank
Accumulate
62
69
6,445
8,406
9,546
2.5
2.5
12.6
18.7
4.9
3.3
0.6
0.5
10.6
14.3
Corporation Bank
Buy
350
436
5,356
5,554
6,156
2.0
2.0
94.9
104.9
3.7
3.3
0.5
0.5
14.3
14.2
Dena Bank
Accumulate
70
79
2,442
3,255
3,623
2.3
2.4
22.0
24.9
3.2
2.8
0.5
0.4
14.8
14.8
Federal Bank
Accumulate
409
455
6,997
2,802
3,274
2.9
2.9
49.8
56.6
8.2
7.2
1.0
0.9
12.7
13.1
Financials
www.angelbroking.com
Market Outlook
July 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
873
135,659
8,573
10,142
3.6
3.6
37.0
43.6
23.6
20.0
4.9
4.3
30.0
30.3
HDFC Bank
Accumulate
669
752
159,647
27,560
33,766
4.6
4.6
36.3
45.1
18.4
14.8
3.7
3.1
21.9
22.8
ICICI Bank
Buy
1,070
1,454
123,455
26,119
30,474
3.1
3.2
86.2
99.5
12.4
10.8
1.7
1.5
15.7
16.2
IDBI Bank
Accumulate
71
80
9,456
9,416
10,392
2.0
2.0
19.8
22.8
3.6
3.1
0.5
0.4
12.9
13.5
Indian Bank
Buy
115
141
4,947
6,077
6,845
2.9
2.9
35.2
41.0
3.3
2.8
0.5
0.4
14.2
14.8
IOB
Accumulate
50
53
4,611
8,027
9,204
2.4
2.6
12.5
19.7
4.0
2.5
0.4
0.3
9.1
13.0
J & K Bank
Accumulate
1,227
1,315
5,950
3,101
3,426
3.6
3.6
215.5
210.2
5.7
5.8
1.1
0.9
19.9
16.9
Buy
255
298
12,856
2,113
2,525
2.3
2.3
25.4
29.2
10.0
8.7
1.8
1.5
18.4
18.3
Oriental Bank
Accumulate
207
236
6,026
6,790
7,676
2.6
2.7
55.7
62.3
3.7
3.3
0.5
0.4
12.9
13.1
Punjab Natl.Bank
Buy
651
883
23,008
20,914
23,879
3.3
3.4
152.4
176.2
4.3
3.7
0.7
0.6
16.2
16.5
South Ind.Bank
Accumulate
23
24
3,076
1,795
2,054
2.8
2.8
4.0
4.3
5.8
5.3
1.0
0.9
17.2
16.5
St Bk of India
Buy
1,954
2,518
133,633
66,417
76,734
3.0
3.0
227.4
284.8
8.6
6.9
1.3
1.1
15.4
17.1
Syndicate Bank
Buy
109
136
6,567
7,125
8,188
2.6
2.6
27.4
27.9
4.0
3.9
0.6
0.5
16.2
14.6
UCO Bank
Neutral
62
4,651
6,545
6,859
2.7
2.6
14.8
15.7
4.2
3.9
0.8
0.6
14.4
13.6
Union Bank
Buy
186
243
11,115
11,101
12,543
2.6
2.6
39.3
47.4
4.7
3.9
0.7
0.6
14.1
15.2
United Bank
Buy
49
57
1,821
3,386
3,884
2.3
2.5
12.4
20.0
3.9
2.4
0.4
0.4
10.1
14.8
Vijaya Bank
Accumulate
45
49
2,232
2,714
3,046
1.9
2.0
9.2
10.8
4.9
4.2
0.5
0.5
10.7
11.6
Yes Bank
Accumulate
461
489
16,563
4,451
5,526
2.8
2.8
43.0
49.7
10.7
9.3
2.3
1.9
23.9
22.8
FMCG
Asian Paints
Neutral
4,630
44,411
12,332
14,524
16.5
16.3
141.6
162.7
32.7
28.5
10.3
8.2
35.4
32.2
3.5
2.9
Britannia
Neutral
672
8,041
6,417
7,502
6.1
6.3
23.2
27.9
29.0
24.1
10.0
7.8
38.3
36.4
1.2
1.0
Colgate
Neutral
1,353
18,406
3,588
4,130
20.5
20.9
44.2
51.8
30.6
26.2
29.8
21.7
108.6
96.2
5.0
4.3
Dabur India
Neutral
156
27,138
7,183
8,340
16.8
16.8
5.4
6.3
29.0
24.8
11.3
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
5,140
21,615
3,617
4,259
16.1
16.4
122.2
148.7
42.1
34.6
13.1
10.5
34.1
33.7
5.5
4.6
Godrej Consumer
Neutral
816
27,767
7,801
9,017
16.2
15.9
25.1
29.7
32.5
27.5
7.0
5.8
24.9
24.2
3.7
3.1
HUL
Neutral
585
126,515
29,167
33,164
13.6
13.7
17.1
18.4
34.2
31.8
32.9
23.8
113.4
87.0
4.2
3.7
ITC
Neutral
324
256,335
34,294
39,991
36.8
37.0
11.3
13.3
28.8
24.3
9.5
7.7
36.1
34.9
7.2
6.1
Marico
Neutral
209
13,457
5,273
6,044
14.8
14.9
7.3
8.7
28.8
24.1
5.6
4.6
21.4
21.0
2.6
2.2
Nestle*
Neutral
4,867
46,926
9,447
10,968
22.1
22.3
127.5
154.1
38.2
31.6
19.1
13.8
57.7
50.7
5.0
4.2
Tata Global
Accumulate
134
145
8,311
8,069
8,957
9.8
9.7
7.8
8.6
17.2
15.7
2.1
2.0
9.5
9.7
1.0
0.9
www.angelbroking.com
Market Outlook
July 01, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Accumulate
776
863
54,067
28,633
32,216
21.5
20.7
57.3
61.7
13.6
12.6
3.2
2.7
24.0
21.5
1.7
1.4
Hexaware*
Accumulate
87
96
2,589
2,091
2,289
19.0
18.8
10.6
11.3
8.2
7.7
1.8
1.6
22.8
21.7
1.1
0.9
Infosys
Neutral
2,493
143,171
43,338
47,244
27.5
27.7
169.4
182.6
14.7
13.7
3.1
2.6
20.8
19.3
2.7
2.3
Infotech Enterprises
Neutral
177
1,970
1,956
2,174
17.9
17.7
20.4
21.9
8.6
8.1
1.3
1.1
14.7
13.7
0.6
0.5
KPIT Cummins
Accumulate
122
135
2,355
2,513
2,819
16.1
15.5
12.6
14.0
9.7
8.7
1.7
1.4
17.9
16.6
0.9
0.7
Mahindra Satyam
Neutral
122
14,383
8,278
9,062
20.3
20.1
10.5
11.4
11.6
10.7
2.7
2.1
23.1
20.0
1.3
1.1
Mindtree
Accumulate
837
920
3,479
2,599
2,871
19.4
19.2
85.2
92.3
9.8
9.1
2.1
1.7
21.4
18.9
1.0
0.8
Mphasis&
Accumulate
371
395
7,805
6,096
6,646
17.6
17.4
38.1
41.6
9.8
8.9
1.4
1.2
14.2
13.7
0.8
0.6
NIIT
Buy
19
30
310
1,144
1,267
9.0
9.1
4.3
5.4
4.4
3.5
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
499
593
1,996
1,445
1,617
25.2
25.0
55.3
59.3
9.0
8.4
1.6
1.4
18.2
16.5
1.0
0.7
TCS
Neutral
1,518
297,184
71,833
81,893
28.4
28.0
78.5
88.0
19.3
17.3
5.9
4.8
30.2
27.9
3.9
3.4
Tech Mahindra
Accumulate
1,059
1,170
13,608
7,779
8,398
19.7
19.3
107.4
117.8
9.9
9.0
2.1
1.7
21.2
19.0
1.8
1.5
Wipro
Accumulate
350
385
86,185
40,173
43,697
20.4
20.6
26.2
28.5
13.4
12.3
2.6
2.3
19.7
18.4
1.6
1.4
D B Corp
Buy
240
290
4,401
1,750
1,925
25.1
26.6
14.2
16.8
16.9
14.3
3.7
3.1
23.4
23.4
2.4
2.1
HT Media
Buy
97
117
2,281
2,205
2,380
15.1
15.6
8.3
9.1
11.7
10.7
1.3
1.2
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
81
119
2,702
1,664
1,825
20.9
23.0
6.4
7.8
12.7
10.5
2.6
2.3
21.0
23.1
1.7
1.6
PVR
Neutral
322
1,276
1,359
1,540
17.3
17.4
17.2
21.6
18.7
15.0
1.9
1.7
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
380
14,975
2,287
2,551
69.7
70.5
20.0
23.3
19.0
16.3
4.7
4.1
26.4
27.3
6.2
5.4
Bhushan Steel
Neutral
464
10,519
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Accumulate
303
345
191,354
72,174
76,311
33.3
28.4
28.4
30.9
10.7
9.8
2.9
2.5
37.6
36.2
1.8
1.7
Electrosteel Castings
Buy
13
24
420
1,976
2,017
11.8
12.7
1.3
2.6
10.2
5.0
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
127
193
4,027
1,920
2,239
53.2
52.9
21.6
25.0
5.9
5.1
1.3
1.1
25.1
23.8
1.6
1.2
Hind. Zinc
Buy
102
145
43,288
12,358
13,659
51.4
51.6
16.0
17.6
6.4
5.8
1.2
1.0
19.4
18.4
1.2
0.7
Hindalco
Neutral
100
19,098
89,352
93,672
8.8
9.2
13.4
15.0
7.5
6.7
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
657
14,669
39,973
40,926
17.2
17.0
71.9
82.8
9.2
7.9
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
200
248
3,353
1,010
1,046
46.5
47.6
26.8
28.8
7.4
6.9
1.1
1.0
15.4
14.7
0.9
0.7
Monnet Ispat
Buy
125
193
797
2,326
2,709
21.4
23.1
33.3
43.1
3.8
2.9
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
29
7,448
7,656
7,988
13.1
13.5
2.6
2.6
11.3
11.0
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
106
156
41,927
10,461
11,892
71.6
72.6
16.3
17.6
6.5
6.0
1.4
1.2
22.1
21.4
2.2
2.0
Media
www.angelbroking.com
Market Outlook
July 01, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Neutral
Sesa Goa
Buy
51
20,919
44,060
54,786
9.4
11.5
5.2
7.2
9.7
7.1
0.5
0.5
5.2
6.8
0.7
0.6
143
166
12,411
3,742
4,426
32.9
32.8
30.0
29.8
4.8
4.8
0.6
0.6
14.3
12.5
4.1
3.4
Sterlite Inds
Tata Steel
Buy
84
100
28,062
44,462
45,568
23.2
24.7
18.1
20.2
4.6
4.1
0.5
0.5
11.3
11.4
0.6
0.5
Buy
274
378
9.7
10.8
30.9
47.6
8.9
5.8
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
95
153
341
1,494
1,568
19.1
20.3
31.3
36.5
3.0
2.6
0.3
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
29
45
387
2,615
2,776
12.1
12.0
9.8
10.4
2.9
2.8
0.2
0.2
6.5
6.5
0.4
0.4
Buy
74
102
241
2,344
2,509
14.9
15.4
38.7
47.0
1.9
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
290
345
55,303
16,482
16,228
69.4
53.3
53.3
49.6
5.4
5.8
0.8
0.8
16.5
13.6
2.0
1.7
GAIL
Neutral
313
39,703
52,102
52,876
15.7
16.1
34.1
35.7
9.2
8.8
1.4
1.3
16.4
15.3
0.3
0.2
ONGC
Accumulate
330
372
36.3
36.9
34.7
38.3
9.5
8.6
1.6
1.5
18.3
17.9
1.4
1.1
Reliance Industries
Neutral
862
9.9
69.3
69.3
78.0
12.4
11.1
1.2
1.1
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
190
2,443
3,707
3,850
11.7
12.4
23.7
25.7
8.0
7.4
2.2
2.0
29.6
28.2
0.5
0.5
Indraprastha Gas
Neutral
268
3,758
3,700
4,218
23.4
22.8
26.7
30.4
10.1
8.8
2.1
1.8
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
125
167
9,356
40,356
40,872
5.8
6.4
15.0
16.7
8.3
7.5
1.8
1.5
23.0
21.5
0.3
0.3
Neutral
57
3,227
1,171
1,287
91.9
91.9
10.1
11.3
5.7
5.1
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
133
2,499
1,736
2,008
17.1
18.9
10.7
13.9
12.4
9.5
3.9
2.9
35.0
34.7
1.5
1.3
Aurobindo Pharma
Buy
181
271
5,259
6,641
7,637
15.9
15.9
17.3
20.6
10.4
8.8
1.7
1.4
19.5
18.9
1.2
1.1
Aventis*
Neutral
2,421
5,575
1,682
1,917
16.6
16.6
92.4
99.1
26.2
24.4
3.7
3.7
15.7
14.8
2.9
2.4
Cadila Healthcare
Buy
773
929
15,836
7,280
8,640
15.5
15.7
38.3
46.5
20.2
16.6
4.3
3.6
23.5
23.5
2.5
2.1
Cipla
Buy
391
477
31,430
9,274
10,796
23.1
23.1
21.0
23.8
18.6
16.5
3.0
2.6
17.2
16.8
3.1
2.6
Dr Reddy's
Accumulate
2,215
2,535
37,644
13,377
15,350
20.4
20.1
112.3
126.8
19.7
17.5
4.2
3.5
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
57
168
461
1,394
1,534
22.5
22.4
15.0
16.8
3.8
3.4
0.4
0.4
11.0
11.2
1.0
0.8
2,339
19,810
2,854
3,145
28.6
28.6
76.6
83.3
30.5
28.1
9.1
8.3
31.1
31.0
6.1
5.4
64
78
588
760
922
15.3
15.3
6.1
7.8
10.5
8.2
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
658
8,296
3,243
3,826
20.5
21.5
36.0
44.4
18.3
14.8
4.3
3.4
26.0
25.4
2.7
2.3
Lupin
Accumulate
780
877
34,906
11,641
13,933
21.3
21.3
34.8
41.8
22.4
18.7
5.3
4.2
26.2
24.8
3.0
2.5
Ranbaxy*
Neutral
310
13,114
11,400
12,060
10.5
12.5
17.5
22.5
17.7
13.8
2.9
2.5
17.0
19.1
1.1
1.0
Sun Pharma
Neutral
1,009
104,277
13,509
15,846
41.0
41.0
33.0
39.8
30.6
25.3
6.2
5.1
22.0
22.0
7.2
5.9
69
78
1,038
1,444
1,482
33.4
33.0
13.7
14.8
5.0
4.6
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
www.angelbroking.com
Market Outlook
July 01, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Accumulate
144
163
118,487
76,734
86,680
24.5
24.3
13.4
14.5
10.7
9.9
1.3
1.2
12.8
12.7
2.2
2.1
DLF
Buy
181
236
32,187
8,293
9,622
36.5
36.1
5.7
6.7
31.7
26.8
1.1
1.1
3.7
4.1
6.0
5.0
MLIFE
Accumulate
421
476
1,720
888
1,002
30.6
30.6
38.8
43.4
10.8
9.7
1.2
1.1
11.2
11.4
2.5
2.2
Bharti Airtel
Accumulate
291
328
116,484
86,592
95,860
31.4
31.8
10.9
14.5
26.7
20.0
2.1
1.9
7.7
9.3
2.0
1.7
Idea Cellular
Neutral
141
46,882
25,122
27,663
27.0
27.2
4.0
4.8
35.6
29.7
3.0
2.7
8.3
9.1
2.3
2.0
Rcom
Neutral
118
24,376
22,801
24,628
31.0
31.3
3.6
5.3
33.2
22.4
0.7
0.7
2.2
3.1
2.7
2.3
1,464
1,659
3,110
1,863
2,081
11.8
12.4
71.2
83.0
20.6
17.7
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
172
237
1,714
3,885
4,472
5.4
7.2
11.0
19.7
15.7
8.7
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
496
562
627
630
795
14.4
13.6
42.8
51.1
11.6
9.7
2.8
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
305
459
79
248
284
6.5
7.3
27.2
38.2
11.2
8.0
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
49
68
756
2,563
2,899
9.8
9.8
10.1
11.3
4.9
4.4
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
270
437
351
2,304
2,649
3.1
3.6
28.0
43.7
9.6
6.2
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
301
345
694
1,458
1,542
8.3
9.0
32.3
37.0
9.3
8.1
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
125
177
340
1,053
1,169
6.3
7.1
13.8
17.7
9.1
7.1
1.3
1.1
15.0
16.7
0.4
0.3
2,525
2,233
1,842
2,131
7.7
7.8
112.4
132.4
22.5
19.1
2.8
2.5
13.3
13.8
1.1
1.0
Buy
143
198
128
495
651
12.7
12.9
29.3
39.5
4.9
3.6
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
153
234
176
1,430
1,573
11.1
11.0
19.1
26.9
8.0
5.7
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Accumulate
180
199
2,988
1,220
1,476
13.3
13.6
5.5
9.0
32.6
19.9
3.8
3.3
12.1
17.7
2.8
2.2
MRF
Accumulate
12,928
14,416
5,483
11,799
12,587
14.1
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,098
4,611
4,570
1,057
1,282
19.4
19.6
124.8
153.7
32.8
26.7
16.3
12.0
56.3
51.8
4.4
3.6
Relaxo Footwears
Neutral
796
955
1,146
1,333
10.9
11.4
45.9
60.9
17.3
13.1
3.6
2.9
23.0
24.6
1.0
0.8
Buy
230
343
215
1,158
1,322
11.9
11.9
72.9
85.7
3.2
2.7
0.6
0.5
19.9
19.6
0.4
0.4
Buy
395
617
695
1,068
1,223
9.6
9.6
38.1
44.1
10.4
9.0
1.4
1.2
14.5
14.7
0.6
0.5
TAJ GVK
Buy
60
108
375
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Buy
283
371
435
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
501
686
389
435
516
6.2
7.1
24.3
33.3
20.6
15.1
3.4
2.9
17.6
20.8
0.7
0.6
Tree House
Buy
242
297
869
153
194
53.0
52.8
12.4
15.6
19.5
15.5
2.3
2.0
11.8
13.1
5.9
4.5
TVS Srichakra
Buy
176
252
135
1,591
1,739
6.1
6.6
24.5
41.9
7.2
4.2
0.8
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,171
31,551
12,294
14,162
12.0
12.0
42.1
67.7
51.6
32.1
3.6
3.3
9.1
10.7
2.9
2.5
www.angelbroking.com
Market Outlook
July 01, 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 )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
366
439
743
600
638
20.1
19.4
35.7
36.6
10.3
10.0
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 28, 2013
www.angelbroking.com
Market Outlook
July 01, 2013
www.angelbroking.com