Market Outlook: Dealer's Diary

Market Outlook
September 16, 2013
Dealers Diary
Indian markets are expected to open in green tracking gap up opening in almost
all the Asian indices, after Lawrence Summers dropped from the race to be head of
the Federal Reserve and investors wagered that U.S. monetary policy would stay
easier for longer should the other leading candidate for Fed chair, Janet Yellen, get
the job. In addition, US and Russia reached an agreement to secure Syrias
chemical weapons
The US markets rose on Friday, with the Dow industrials posting their best week
since January, as worries about Syria ebbed and as investors looked to monetarypolicy decision by the Federal Reserve. The Commerce Department released a
report showing 0.2% retail sales growth in the month of August following an
upwardly revised 0.4% increase in July. This disappointing data seemed to
generate some optimism that the Federal Reserve will delay plans to begin scaling
back its asset purchase program at this weeks meeting.
Meanwhile, the domestic markets a volatile session modestly lower on Friday,
weighed down by weak global cues as traders refrained from taking fresh positions
ahead of this week's FOMC meeting. Many analysts expect the central bank to
announce a modest reduction in its bond-buying program at the end of the twoday policy meeting slated to end Wednesday.
The trend deciding level for the day is 19,769 / 5,853 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,863 19,993 / 5,882 5,914 levels. However, if NIFTY trades below
19,769 / 5,853 levels for the first half-an-hour of trade then it may correct up to
19,639 19,546 / 5,821 5,791 levels.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.2)
Nifty
(0.0)
(0)
5,851
MID CAP
0.6
32
5,629
SMALL CAP
0.6
33
5,509
BSE HC
0.2
15
9,375
BSE PSU
1.9
101
5,574
BANKEX
0.1
15 11,589
AUTO
0.9
94 10,943
METAL
0.5
45
8,459
OIL & GAS
0.6
49
8,582
(1.4)
(113)
7,802
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
NASDAQ
FTSE
Nikkei
Markets Today
Indices
Domestic Indices
(49) 19,733
0.5
75 15,376
0.2
3,722
(0.1)
(5)
6,584
0.1
17 14,405
Hang Sang
(0.2)
(38) 22,915
Straits Times
(0.0)
(1)
3,120
Shanghai Com
(0.9)
(19)
2,236
Chg (%)
(Pts)
(Close)
INFY
(0.7)
(0.3)
$48.0
Indian ADR
S2
S1
PIVOT
R1
R2
WIT
(1.1)
(0.1)
$9.7
SENSEX
19,546
19,639
19,769
19,863
19,993
IBN
1.2
0.4
$30.7
NIFTY
5,791
5,821
5,853
5,882
5,914
HDB
0.6
0.2
$31.9
News Analysis
Advances / Declines
PMEAC revises FY2014 growth estimates

Metals sector update
Bosch to temporarily suspend production at Nashik plant
JSW Steel reported August crude steel production numbers
Net Inflows (September 12, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,778
2,820
958
6,472
65,685
552
538
14
(823)
(14,241)
FII Derivatives (September 13, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,266
2,260
12,674
Stock Futures
1,933
2,118
(184)
28,742
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
JPPower
17
8.0
Financial Tech
199
(8.4)
NHPC
19
6.5
Shriram City Uni
886
(3.8)
Oriental Bank
172
6.1
Wipro
455
(3.6)
United Brew-$
864
5.9
Pipavav Defence
45
(3.4)
19
5.6
Hindustan Zinc
126
(2.9)
GMR Infra
www.angelbroking.com
NSE
Advances
1,356
777
Declines
1,043
500
155
86
Unchanged
Refer detailed news analysis on the following page
MFs
BSE
Volumes (` cr)
BSE
1,856
NSE
11,035
Market Outlook
September 16, 2013
PMEAC revises FY2014 growth estimates

The PMEAC on September 13, 2013 pegged real GDP growth for FY2014 at 5.3%
higher than 5% in FY2013. It expects agriculture, industry and services growth at
4.8%, 2.7% and 6.6% in FY2014 as against 1.9%, 2.1% and 7.1% respectively in
the previous year. The Councils growth estimates have been revised lower from
6.4% indicated in April 2013. The reasons it states for lowering the forecast are
impact of currency related disruptions and corporate results remaining stressed.
However these estimates continue to remain higher than market expectations of
growth ranging between 4.5-5% during the fiscal year and lower than FY2013.
The three main reasons it cites for a higher growth rate as compared to FY2013
are 1) reflection of full impact of various measures taken over the last six months,
2) performance of key infrastructure sectors that lie in the public domain such as
coal, power, roads and railways and 3) Continuous efforts being made to remove
the bottlenecks in the implementation of projects.
Domestic savings rate is projected at 31% of GDP as against the estimated 30.2%
of GDP in FY2013. Investment rate is projected to be lower at 34.7% of GDP in
FY2014 as against the estimated 35% in FY2013.
It estimates WPI inflation by end March 2014 to be around 5.5 percent as against
the average of 7.4% in FY2013 and 5.7% at end March 2013. But we believe that
upside risks to inflation exist from the full pass-through impact of currency
depreciation and deregulating of administered fuels.
The Current Account Deficit is projected at US$70bn (3.8% of GDP) in FY2014
against an estimated US$88.2bn (4.8% of GDP) in FY2013. Merchandise trade
deficit is projected at US$185bn (10.1% of GDP) in FY2014 against an estimated
US$195.7bn (10.6% of the GDP) in FY2013. It also points to the likelihood of CAD
coming in lower than US$70bn if recent trends in exports and imports are
maintained through the year. However a note of caution is warranted despite the
improving CAD since it expects slower capital flows in the economy. Net Capital
inflows are projected at US$61.4 bn (3.4% of GDP) in FY2014 against an
estimated US$89.4bn in FY2013. This would entail a draw-down of US$8.6bn
from the countrys foreign exchange reserves. It is reiterates that for India, the
short-term problem is of financing the large CAD, while the medium term issue is
to compress CAD to a more sustainable level of around 2.5% of GDP and ensure
price stability.
On the fiscal situation it notes that containing fiscal deficit within the budgeted
estimate could be a challenge. The fiscal deficit during the first four months of the
current financial year has already reached 62.8%, and expenditure on major
subsidies 51.3%, of the budgetary provision for the full financial year.
Discretionary expenditure budgeted may need to be compressed, and subsidies
restructured, in the remaining months of the financial year in a growth friendly
manner to limit fiscal slippages.
It concurs that the current stance of monetary policy has to continue until stability
in the rupee is achieved. Thereafter, if the current trend in the moderation of
wholesale price inflation continues, which is in fact expected, the monetary
authorities can switch to a policy of easing. However it notes that the time frame
for this is very difficult to specify.
Market Outlook
September 16, 2013
Metals sector update

Global positives fuelling rally in metal stocks lately: Over the past one year, we
have seen declines in stock prices alongside frequent earnings downgrades for
Metals and Mining sector companies. This is because global and domestic metal
and base metal prices have broadly slid during CY2013 (upto August 2013).
However, Metals & Mining stocks have rallied by 5-35% over the past one month
on the back of positive news flows across the globe, especially China, alongside
INR depreciation against the USD.
Some gains for steel companies likely: For steel companies, these factors make a
case for increase in realizations and better volume growth (due to higher export
prospects and also import substitution due to INR depreciation). However,
domestic steel demand remains weak in the near-term. Steel consumption growth
declined to multi-year lows to 3.3% yoy during FY2013. Further, real steel
consumption in India rose by just 0.3% yoy during April August 2013 due to low
demand from construction and automotive sectors. Nevertheless, we expect a
3-4% improvement in realizations for domestic steel companies during 2HFY2014,
compared to announced price hikes of 6-7%.
Base metal stocks to benefit the most due to weak INR: Base metal companies
(mainly aluminium and zinc producers) price their products based on LME spot
prices which are dollar-denominated. These companies are likely to be the real
beneficiaries on the back of INR depreciation against the USD as there is high level
of consolidation in the aluminium and zinc sectors in India. Hence,
INR depreciation makes a strong case for increases in realizations of zinc and
aluminium companies, but not of steel companies where low domestic demand
coupled with fragmented domestic industry play a spoilsport.
We upgrade some stocks: For steel makers, a weakening rupee raises landed cost
of steel imports, thus giving higher pricing power to domestic steel players. It also
raises coking coal costs (a key raw material in steel making) which partially offsets
the impact of price hikes. Steel companies have also announced price hikes in the
range of 3-7% effective September 2013. However, weak domestic demand (AprilAugust real consumption grew only 0.3% yoy) alongside fragmented domestic
industry is likely to partially spoil the party; these hikes will be partially rolled-back
in the form of discounts, in our view. Nevertheless, we continue to like companies
with captive assets, strong visibility on earnings growth over the coming few years,
low leverage levels and inexpensive valuations. Tata Steel, Hindustan Zinc and
NMDC still remain our preferred bets.
Bosch to temporarily suspend production at Nashik plant

According to a filing with the BSE, Bosch has announced that it will suspend the
production at its Nashik plant for a period of three days starting from September
16, 2013. The company has announced the shutdown to avoid unnecessary
buildup of inventory and align the production as per the market demand. The
domestic automotive industry is the primary driver of companys revenue and the
weak domestic demand on account of sluggish economic growth, increasing fuel
prices and weak consumer sentiments is expected to impact the companys
operating performance in CY2013. Nevertheless, we remain positive on the long
term prospects of BOS due to its technological leadership and strong and
diversified product portfolio. At `8,284 the stock is trading at 19.6x CY2014E
Market Outlook
September 16, 2013
earnings. We maintain our Accumulate rating on the stock with a target price of
`9,096.
JSW Steel reported August crude steel production numbers

JSW Steel reported August crude steel production numbers from all the three
plants namely Vijayanagar, Salem and Dolvi. The crude steel production for
August stood at 0.98mn tonnes and the rolled flat and rolled long production
stood at 0.82mn tonnes and 0.13mn tonnes respectively. The capacity utilization
at Vijayanagar plant remains at ~80% due to iron ore shortage caused by
inordinate delays in opening category A and B mines even after Supreme courts
order to resume mining operations. The production numbers are however, not
comparable to the August 2012 numbers since these numbers comprises of the
production from the erstwhile JSW Ispats Dolvi plant which is now merged with
JSW Steel. We maintain our Neutral view on the JSW Steel stock.
Economic and Political News
Former U.S. treasury secretary Lawrence Summers withdraws name for federal
reserve chairman position
Government asks airlines to reduce cancellation, rescheduling charges
Narendra Modi formally anointed BJP's prime ministerial candidate
Petrol price increased by `1.63 a litre
PowerMin unveils model Bill on distribution responsibility
Corporate News
Bayer CropScience inks pack to sell its unit for `127cr

Biocon in strategic pact with CytoSorbents for management of sepsis
IL&FS Engg wins `244cr housing project in Haryana
ONGC to pre-empt Petrobras stake sale
Promoters set to infuse `1,000cr in PNB Housing
REC tax-free bond issue of `3,500 to close on September 16
RIL slams DGH move to snatch gas discoveries as arbitrary
Sun Pharma announces USFDA approval for generic Prevacid
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
September 16, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
September 16, 2013
12:00PM
India
% Change
Aug
5.79
5.70
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Aug F
1.30
1.30
6:45PM
US
Industrial Production
Aug
0.04
0.40
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
2.70
6:00PM
US
Consumer price index (mom)
% Change
Aug
0.20
0.20
6:00PM
US
Housing Starts
Thousands
Aug
896.00
920.00
6:00PM
US
Building permits
Thousands
Aug
954.00
950.00
11:30PM
US
FOMC rate decision
Sep 18
0.25
0.25
September 19, 2013
7:30PM
US
Existing home sales
Million
Aug
5.39
5.25
September 20, 2013
11:00AM
India
RBI Repo rate
Sep 20
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 20
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 20
6.25
--
7:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Sep A
(15.60)
(14.50)
1:00PM
Germany PMI Services
Value
Sep A
52.80
--
1:00PM
Germany PMI Manufacturing
Value
Sep A
51.80
--
September 24, 2013
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
81.50
81.00
September 25, 2013
7:30PM
US
New home sales
Thousands
Aug
394.00
425.00
September 26, 2013
2:00PM
UK
GDP (YoY)
% Change
2Q F
1.50
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q T
2.50
2.70
6:30AM
China
PMI Manufacturing
Value
Sep
51.00
--
2:00PM
UK
PMI Manufacturing
Value
Sep
57.20
--
Thousands
Sep
7.00
--
Oct 2
0.50
--
Thousands
Sep
169.00
--
September 17, 2013

September 18, 2013
September 23, 2013
October 1, 2013
Monthly Wholesale Prices YoY%
1:25PM
Germany Unemployment change (000's)
October 2, 2013
5:15PM
Euro Zone ECB announces interest rates
October 4, 2013
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
Sep
7.30
--
October 9, 2013
2:00PM
UK
Industrial Production (YoY)
% Change
Aug
(1.60)
--
October 10, 2013
4:29PM
India
Imports YoY%
% Change
Sep
(0.68)
--
4:29PM
India
Exports YoY%
% Change
Sep
13.00
--
4:30PM
UK
BOE Announces rates
% Ratio
Oct 10
0.50
0.50
October 12, 2013
4:29PM
China
Exports YoY%
% Change
Sep
7.20
--
October 14, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Sep
2.60
--
Source: Bloomberg, Angel Research
Market Outlook
September 16, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Mfg. PMI
60.0
8.1
7.3
7.2
7.3
Jul-13
Jun-13
May-13
(2.8)
Exhibit 4: Manufacturing and services PMI
(%)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(1.8)
(4.0)
Aug-12
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(1.0) (0.6)
(0.7)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
4.9
4.6
56.0
54.0
52.0
50.0
Source: MOSPI, Angel Research
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
15.0
46.0
Jun-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Sep-12
48.0
Oct-12
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
9.00
12.0
Reverse Repo rate
CRR
8.00
9.0
7.00
6.0
Source: RBI, Angel Research
Sep-13
Aug-13
Jul-13
Jul-13
Jun-13
May-13
May-13
Apr-13
Mar-13
Mar-13
Feb-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Source: Bloomberg, Angel Research
Jan-13
3.00
(9.0)
Jan-13
4.00
(6.0)
Dec-12
(3.0)
Nov-12
5.00
Sep-12
0.0
Nov-12
6.00
3.0
Oct-12
9.0
0.6
(2.0)
Source: CSO, Angel Research
2.6
1.5
Apr-13
4.7 4.8 4.4
Feb-13
5.1 5.4 5.2
Jan-13
6.0
3.5
2.5
2.0
Dec-12
6.5
Mar-13
7.5
Nov-12
7.7
Oct-12
8.6
8.4
8.0
9.9
Sep-12
9.5
3QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
September 16, 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
Agri / Agri Chemical

Rallis
Neutral
152
2,961
1,674
1,923
13.7
13.7
6.8
7.6
22.4
20.0
4.2
3.7
20.0
19.6
1.9
1.7
United Phosphorus
Buy
134
225
5,909
10,091
11,302
16.5
16.5
19.2
22.5
7.0
5.9
1.1
1.0
17.0
17.2
0.8
0.6
Amara Raja Batteries
Neutral
303
5,172
3,474
3,952
15.5
15.5
19.0
21.0
15.9
14.4
3.9
3.2
27.2
24.2
1.5
1.3
Apollo Tyres
Neutral
64
3,228
13,409
15,106
11.8
11.6
13.1
15.4
4.9
4.2
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
14
18
3,621
12,945
15,049
6.3
8.2
0.2
1.5
78.2
9.1
1.2
1.1
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
200
303
700
890
8.7
10.7
11.1
25.8
18.0
7.8
1.1
1.0
6.2
13.9
0.5
0.4
Bajaj Auto
Accumulate
1,978
2,115
57,244
22,042
25,399
19.3
19.3
121.1
141.0
16.3
14.0
5.8
4.6
39.4
36.6
2.2
1.8
Bharat Forge
Neutral
258
6,004
5,942
6,417
15.2
15.5
15.6
19.7
16.5
13.1
2.4
2.1
15.4
17.3
1.2
1.0
Bosch India*
Accumulate
8,284
9,096
26,009
9,301
10,895
16.8
18.0
339.9
423.1
24.4
19.6
4.1
3.5
16.6
17.6
2.4
2.0
CEAT
Buy
111
170
400
5,159
5,628
9.3
9.0
43.5
48.6
2.6
2.3
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
127
148
10,833
6,899
7,873
14.7
14.7
7.9
9.0
16.1
14.1
2.8
2.4
18.3
18.0
1.3
1.1
FAG Bearings*
Neutral
1,160
1,928
1,336
1,572
13.8
16.0
75.6
102.4
15.3
11.3
1.9
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Neutral
2,011
40,152
25,543
28,228
14.5
14.5
110.5
148.1
18.2
13.6
6.9
5.5
40.8
44.9
1.4
1.2
JK Tyre
Buy
89
152
365
7,376
8,262
10.0
9.8
56.0
60.9
1.6
1.5
0.3
0.3
22.7
20.2
0.4
0.4
Mahindra and Mahindra Buy
813
999
50,084
42,003
47,250
12.0
12.2
58.1
66.1
14.0
12.3
2.8
2.4
21.5
20.8
0.9
0.8
1,320
1,571
39,861
45,877
52,733
11.2
11.2
93.0
104.7
14.2
12.6
1.9
1.7
14.2
14.0
0.7
0.6
216
242
12,669
27,905
31,297
7.8
8.0
13.8
16.6
15.7
13.0
4.1
3.2
29.9
27.7
0.6
0.5
20
23
117
1,230
1,398
10.5
10.5
2.3
3.8
8.4
5.1
0.4
0.4
4.8
7.6
0.3
0.3
333
360
89,672 226,969 247,825
13.5
13.7
38.3
41.1
8.7
8.1
2.2
1.7
28.2
23.7
0.5
0.4
6.0
6.2
4.9
5.9
6.3
5.1
1.1
0.9
17.8
19.0
0.1
0.1
Auto & Auto Ancillary
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
31
36
1,451
7,659
8,528
ABB*
Sell
550
442
11,662
8,037
9,087
5.8
6.9
12.2
17.0
45.1
32.4
4.3
4.2
9.8
13.1
1.4
1.2
BGR Energy
Neutral
122
881
3,541
4,041
11.8
10.7
21.1
22.9
5.8
5.3
0.7
0.6
21.8
19.5
0.5
0.5
BHEL
Neutral
135
32,994
42,227
38,453
16.0
14.4
18.8
15.0
7.2
9.0
1.5
1.3
21.7
15.4
0.6
0.7
Blue Star
Buy
150
208
1,349
2,941
3,099
3.4
4.2
6.0
9.3
25.1
16.1
3.1
2.7
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
88
103
5,655
13,418
14,654
5.8
6.7
5.8
7.8
15.2
11.3
1.5
1.4
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
21
170
3,312
3,555
9.0
9.0
4.5
6.5
4.6
3.2
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
26
36
674
7,709
8,399
6.2
6.9
5.1
8.1
5.1
3.2
0.5
0.5
16.6
21.5
0.3
0.2
Thermax
Neutral
578
6,890
5,832
6,397
9.1
9.6
28.8
32.9
20.1
17.6
3.3
2.9
17.2
17.3
1.1
1.0
1,026
1,225
19,270
11,581
13,009
17.6
19.3
63.9
81.5
16.1
12.6
2.4
2.2
15.6
18.2
1.4
1.2
Capital Goods
Cement
ACC
Buy
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Cement
Ambuja Cements
Neutral
181
27,896
9,975
11,409
22.4
23.1
9.4
11.1
19.3
16.2
2.9
2.7
15.7
17.2
2.3
1.9
India Cements
Neutral
49
1,505
4,796
5,357
16.4
16.1
7.3
9.5
6.7
5.2
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
64
79
756
2,235
2,684
19.4
21.4
15.0
18.4
4.3
3.5
0.5
0.5
13.2
14.3
0.5
1.0
Madras Cements
Neutral
167
3,968
4,010
4,524
23.5
23.4
14.9
18.3
11.2
9.1
1.5
1.3
14.0
15.2
1.6
1.4
Shree Cement^
Neutral
3,865
13,466
6,316
7,162
26.5
25.7
294.6
340.5
13.1
11.4
2.9
2.3
24.0
22.7
1.6
1.3
UltraTech Cement
Neutral
1,751
48,025
22,021
25,274
22.0
21.6
99.5
113.3
17.6
15.5
2.8
2.4
16.7
16.6
2.2
2.0
49
60
774
1,912
2,131
21.0
21.5
5.0
5.5
9.8
9.0
0.7
0.7
8.8
7.6
1.7
1.8
107
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.0)
(16.1)
0.2
0.2
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
74
106
2,458
3,805
4,248
45.1
45.3
15.0
15.8
4.9
4.7
0.7
0.6
14.5
13.9
2.9
3.1
ITNL
Buy
118
156
2,290
7,423
7,970
27.5
28.7
30.3
32.0
3.9
3.7
0.6
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
12
380
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(7.5)
(6.3)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Neutral
38
8,510
12,946
14,897
24.7
25.6
1.2
2.7
31.2
14.3
0.6
0.6
2.0
4.3
2.5
2.3
Larsen & Toubro
Buy
814
1,002
75,288
68,946
78,040
10.0
10.0
49.0
55.2
16.6
14.7
2.4
2.1
14.9
15.3
1.2
1.1
Nagarjuna Const.
Buy
20
30
500
6,167
6,945
8.0
8.2
2.7
3.6
7.3
5.4
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
25
829
12,726
14,226
8.2
8.2
0.9
1.0
29.1
24.4
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
57
99
859
2,462
2,731
10.6
10.6
5.3
6.0
10.8
9.5
1.0
0.9
9.2
9.6
0.6
0.6
Simplex Infra
Neutral
65
323
6,237
6,908
9.1
9.0
9.9
13.9
6.6
4.7
0.2
0.2
3.7
5.0
0.5
0.5
Unity Infra
Neutral
20
145
2,146
2,339
12.9
13.0
9.3
9.6
2.1
2.0
0.2
0.2
8.0
7.7
0.7
0.7
Allahabad Bank
Neutral
77
3,865
6,843
7,528
2.5
2.5
26.0
30.1
3.0
2.6
0.5
0.4
11.8
12.4
Andhra Bank
Neutral
53
2,991
4,868
5,390
2.4
2.5
12.3
16.6
4.4
3.2
0.4
0.4
7.9
10.0
Axis Bank
Buy
1,021
1,218
47,875
19,280
22,886
3.3
3.3
130.7
157.1
7.8
6.5
1.3
1.1
17.3
18.1
Bank of Baroda
Neutral
521
21,935
15,896
17,947
2.2
2.3
95.4
124.4
5.5
4.2
0.7
0.6
12.0
14.2
Bank of India
Neutral
166
9,871
14,482
16,069
2.3
2.2
55.0
62.2
3.0
2.7
0.4
0.4
13.7
13.9
Bank of Maharashtra
Neutral
38
2,540
4,529
4,780
3.0
2.8
12.3
11.8
3.1
3.3
0.5
0.4
16.5
14.1
Canara Bank
Neutral
225
9,950
11,454
12,378
2.0
2.0
52.4
60.5
4.3
3.7
0.5
0.4
9.8
10.4
Central Bank
Neutral
58
6,079
8,196
9,202
2.4
2.4
6.1
15.9
9.6
3.7
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
270
4,135
5,641
6,083
2.0
2.0
82.7
98.1
3.3
2.8
0.4
0.4
12.6
13.5
Dena Bank
Neutral
51
1,787
3,307
3,531
2.2
2.4
17.5
21.6
2.9
2.4
0.4
0.3
11.9
13.2
Federal Bank
Neutral
297
5,078
2,798
3,250
3.0
3.0
38.1
51.9
7.8
5.7
0.7
0.7
9.8
12.3
Financials
Market Outlook
September 16, 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
Accumulate
816
908
126,897
8,679
10,350
3.6
3.6
37.5
44.7
21.7
18.3
4.5
4.1
30.1
30.7
HDFC Bank
Buy
636
743
151,955
27,392
33,264
4.6
4.6
36.3
45.1
17.5
14.1
3.5
3.0
21.9
22.8
ICICI Bank
Buy
951
1,126
109,778
25,727
29,969
3.2
3.2
83.2
96.7
11.4
9.8
1.5
1.4
14.9
15.4
IDBI Bank
Neutral
59
7,883
9,598
10,551
2.0
2.0
15.9
22.5
3.7
2.6
0.4
0.3
10.4
13.5
Indian Bank
Neutral
71
3,056
5,940
6,396
2.7
2.7
24.9
32.9
2.9
2.2
0.3
0.3
10.3
12.4
IOB
Neutral
45
4,140
7,692
8,627
2.2
2.3
8.1
15.2
5.5
2.9
0.4
0.3
5.9
10.5
J & K Bank
Neutral
1,179
5,715
3,038
3,370
3.7
3.9
214.2
202.6
5.5
5.8
1.0
0.9
19.8
16.3
LIC Housing Finance
Neutral
181
9,150
2,001
2,495
2.2
2.3
23.8
28.8
7.6
6.3
1.3
1.1
17.3
18.2
Oriental Bank
Neutral
162
4,734
6,918
7,459
2.6
2.5
46.7
52.5
3.5
3.1
0.4
0.4
10.8
11.1
Punjab Natl.Bank
Neutral
494
17,467
20,766
23,515
3.4
3.4
135.0
164.8
3.7
3.0
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
21
2,769
1,800
2,023
2.7
2.7
3.7
4.2
5.6
4.9
0.9
0.8
16.2
16.2
St Bk of India
Neutral
1,658
113,420
65,392
74,467
3.0
3.0
178.5
226.1
9.3
7.3
1.2
1.0
12.1
14.0
Syndicate Bank
Neutral
73
4,385
6,740
7,512
2.5
2.5
21.0
23.5
3.5
3.1
0.4
0.4
12.6
12.8
UCO Bank
Neutral
58
4,377
6,770
7,017
2.8
2.6
14.8
15.5
3.9
3.7
0.7
0.6
14.4
13.5
Union Bank
Neutral
119
7,102
10,458
11,809
2.5
2.5
32.0
40.6
3.7
2.9
0.5
0.4
11.6
13.4
United Bank
Neutral
33
1,237
3,386
3,884
2.3
2.5
12.4
20.0
2.7
1.7
0.3
0.2
10.0
14.7
Vijaya Bank
Neutral
38
1,888
2,718
2,941
1.8
1.9
7.0
9.0
5.4
4.3
0.5
0.4
8.2
9.8
Yes Bank
Neutral
281
10,132
4,417
5,486
2.7
2.8
42.9
49.5
6.6
5.7
1.4
1.2
23.9
22.8
Asian Paints
Neutral
438
41,984
12,332
14,524
16.3
16.1
13.9
16.0
31.5
27.3
10.0
8.0
35.2
32.5
3.3
2.8
Britannia
Neutral
746
8,942
6,422
7,367
6.9
7.3
24.2
29.7
30.9
25.2
10.9
8.4
39.6
37.7
1.4
1.2
Colgate
Neutral
1,219
16,575
3,588
4,130
18.9
19.4
41.2
48.4
29.6
25.2
26.3
20.4
100.0
91.0
4.5
3.8
Dabur India
Neutral
169
29,523
7,183
8,297
16.8
16.9
5.4
6.3
31.7
26.9
11.1
8.8
39.2
36.7
4.1
3.5
GlaxoSmith Con*
Neutral
4,748
19,966
3,617
4,259
16.1
16.4
122.2
148.7
38.9
31.9
12.1
9.7
34.1
33.7
5.1
4.2
Godrej Consumer
Neutral
846
28,789
7,801
9,017
16.2
15.9
25.1
29.7
33.7
28.5
7.3
6.0
24.9
24.2
3.8
3.3
HUL
Neutral
627
135,539
28,415
31,962
13.6
14.1
16.7
18.2
37.6
34.5
36.1
26.2
112.2
88.1
4.6
4.1
ITC
Neutral
336
265,992
34,294
39,991
36.8
37.0
11.3
13.3
29.8
25.2
9.8
7.9
36.1
34.9
7.4
6.3
Marico
Neutral
214
13,793
5,104
5,876
15.1
15.2
7.2
8.6
29.9
24.9
5.8
4.8
21.1
20.9
2.8
2.4
Nestle*
Neutral
4,973
47,951
9,330
10,860
21.8
21.9
123.3
149.7
40.3
33.2
19.8
14.5
56.4
50.3
5.2
4.4
Tata Global
Neutral
151
9,322
8,070
8,958
9.8
9.9
7.6
8.5
19.9
17.7
2.3
2.2
9.3
9.7
1.2
1.0
FMCG
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
IT
HCL Tech^
Neutral
1,074
74,834
32,266
35,103
23.5
22.6
69.7
74.0
15.4
14.5
4.2
3.4
26.5
23.0
2.1
1.9
Hexaware*
Neutral
126
3,774
2,273
2,575
22.2
21.5
12.4
13.4
10.2
9.4
2.6
2.2
25.4
23.5
1.5
1.3
Infosys
Neutral
3,064
175,952
48,731
52,962
26.9
27.1
180.8
200.3
17.0
15.3
3.7
3.1
20.4
19.3
3.0
2.6
Infotech Enterprises
Neutral
185
2,066
2,128
2,341
17.2
17.6
21.3
23.2
8.7
8.0
1.3
1.2
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
147
155
2,839
2,769
3,122
18.3
17.8
15.3
16.6
9.6
8.8
2.0
1.6
20.9
18.4
1.0
0.8
Mindtree
Neutral
1,060
4,404
2,871
3,110
20.4
20.7
102.6
111.2
10.3
9.5
2.5
2.0
24.8
20.3
1.3
1.0
Mphasis&
Neutral
439
9,221
6,826
7,373
18.1
17.2
41.1
43.5
10.7
10.1
1.6
1.4
14.3
14.2
0.9
0.7
NIIT
Neutral
21
353
1,144
1,267
9.0
9.1
4.3
5.4
5.0
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Reduce
605
570
2,419
1,590
1,774
23.5
23.8
48.5
56.9
12.5
10.6
2.0
1.7
16.4
16.1
1.1
0.9
TCS
Neutral
1,968
385,083
82,186
91,561
30.5
30.0
92.2
103.2
21.3
19.1
7.0
5.6
31.5
29.2
4.5
3.9
Tech Mahindra
Buy
1,310
1,531
30,438
17,823
19,729
22.5
21.4
113.1
117.7
11.6
11.1
3.4
2.7
27.9
22.1
1.4
1.2
Wipro
Neutral
472
116,442
43,610
47,320
21.6
22.2
30.0
33.0
15.8
14.3
3.5
3.0
20.7
19.4
2.2
1.9
D B Corp
Accumulate
251
267
4,606
1,783
1,968
23.8
25.0
13.6
16.0
18.5
15.7
4.5
3.9
22.5
22.9
2.5
2.2
HT Media
Buy
87
112
2,055
2,205
2,380
14.1
14.4
7.6
8.4
11.5
10.4
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
82
104
2,730
1,683
1,845
19.7
20.8
5.9
6.9
14.0
11.9
2.6
2.4
19.4
21.2
1.7
1.5
PVR
Neutral
432
1,716
1,359
1,540
17.3
17.4
17.2
21.6
25.1
20.1
2.5
2.3
10.3
12.0
1.7
1.5
Sun TV Network
Neutral
390
15,377
2,287
2,551
69.7
70.5
20.0
23.3
19.5
16.8
4.8
4.2
26.4
27.3
6.4
5.6
Bhushan Steel
Reduce
478
419
10,816
12,640
15,667
28.5
31.5
25.9
38.6
18.5
12.4
1.1
1.0
6.1
8.5
2.7
2.2
Coal India
Neutral
285
179,953
68,303
69,884
32.5
30.3
27.5
25.0
10.4
11.4
3.9
2.8
40.2
33.1
1.8
1.7
Electrosteel Castings
Buy
12
15
391
1,976
2,017
11.8
12.7
0.1
1.2
187.4
9.9
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
86
115
2,749
1,701
1,985
47.8
48.8
17.4
20.6
5.0
4.2
1.0
0.8
20.7
20.9
1.1
0.8
Hind. Zinc
Buy
130
151
54,824
12,652
13,537
49.3
51.9
15.7
17.5
8.3
7.4
1.5
1.3
19.1
18.3
2.2
1.7
Hindalco
Neutral
111
21,281
95,465 102,491
8.4
9.0
13.9
17.2
8.0
6.5
0.6
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
625
15,098
45,022
48,140
16.0
15.9
68.5
77.0
9.1
8.1
0.8
0.8
9.3
9.7
0.8
0.8
MOIL
Neutral
216
3,631
956
982
42.3
44.3
25.3
26.2
8.6
8.2
1.2
1.1
14.6
13.7
1.1
1.2
Monnet Ispat
Accumulate
127
139
810
2,199
2,575
21.6
22.8
30.7
38.6
4.1
3.3
0.3
0.3
7.7
8.9
1.4
1.1
Nalco
Neutral
33
8,492
7,270
7,521
13.6
13.8
2.8
2.9
11.9
11.4
0.7
0.7
5.9
6.0
0.6
0.6
NMDC
Buy
124
148
49,024
10,992
11,837
67.5
65.5
15.9
16.7
7.8
7.4
1.6
1.4
21.8
20.5
2.4
2.1
SAIL
Neutral
49
20,341
44,060
54,227
9.2
10.9
5.3
6.8
9.3
7.3
0.5
0.5
5.2
6.5
0.7
0.6
Media
Metals & Mining
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
54,283
3,817
5,781
12.1
17.7
27.0
29.6
6.8
6.2
0.8
0.7
12.9
12.5
15.0
9.9
29,423 153,862 167,209
9.4
10.5
32.8
53.5
9.2
5.7
0.8
0.7
9.0
13.2
0.5
0.5
Metals & Mining

Sesa Goa*
Neutral
183
Tata Steel
Buy
303
389
Sarda
Accumulate
89
98
320
1,323
1,398
17.2
17.9
25.3
27.8
3.5
3.2
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
32
37
436
2,486
2,637
15.2
15.0
13.7
14.2
2.4
2.3
0.2
0.2
9.1
8.7
0.4
0.4
Reduce
83
78
271
2,171
2,317
14.9
15.8
36.4
46.6
2.3
1.8
0.2
0.2
11.6
13.0
0.5
0.5
Cairn India
Accumulate
319
364
60,944
18,403
17,925
71.9
62.1
62.1
57.4
5.1
5.6
1.1
0.9
22.6
17.8
2.1
1.9
GAIL
Neutral
309
39,171
49,700
48,822
16.0
16.6
32.9
33.4
9.4
9.2
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
279
350
238,998 164,816 196,050
33.7
36.6
30.0
38.7
9.3
7.2
1.4
1.3
16.0
18.5
1.2
0.9
Reliance Industries
Accumulate
874
953
282,342 417,018 442,434
8.4
8.4
70.3
75.2
12.4
11.6
1.3
1.2
12.0
11.6
0.7
0.6
Gujarat Gas*
Neutral
212
2,715
3,270
3,414
12.8
12.6
22.6
23.1
9.4
9.2
2.5
2.2
28.2
25.6
0.7
0.6
Indraprastha Gas
Neutral
273
3,819
3,656
4,456
21.5
18.6
25.7
26.8
10.6
10.2
2.2
1.9
22.1
19.6
1.1
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
119
135
8,918
39,449
43,315
5.3
5.9
14.1
16.9
8.5
7.0
1.7
1.4
21.7
21.9
0.3
0.3
Buy
50
67
2,822
1,002
1,021
91.4
91.5
8.2
8.4
6.1
6.0
0.8
0.7
14.3
13.0
2.3
2.1
Alembic Pharma
Buy
136
165
2,571
1,736
2,008
17.1
18.9
10.5
13.8
13.0
9.9
4.0
3.0
34.4
34.7
1.6
1.3
Aurobindo Pharma
Buy
183
271
5,322
6,641
7,637
15.9
15.9
17.3
20.6
10.6
8.9
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,386
5,496
1,682
1,917
15.6
15.6
91.9
101.7
26.0
23.5
3.7
3.6
15.6
17.1
2.8
2.2
Cadila Healthcare
Buy
664
894
13,598
7,123
8,367
15.5
15.7
37.3
44.7
17.8
14.9
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Buy
438
504
35,128
9,274
10,796
23.1
23.1
21.0
23.8
20.8
18.4
3.3
2.9
17.2
16.8
3.5
3.0
Dr Reddy's
Accumulate
2,243
2,535
38,123
13,377
15,350
20.4
20.1
112.1
126.6
20.0
17.7
4.3
3.5
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
47
73
380
1,394
1,534
22.5
22.4
14.8
16.6
3.2
2.8
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,405
20,371
2,744
2,964
22.0
23.4
59.2
66.6
40.6
36.1
10.1
9.7
24.9
27.5
6.6
6.1
Indoco Remedies
Buy
66
78
608
747
906
15.3
15.3
5.9
7.6
11.2
8.7
1.3
1.2
12.5
14.4
1.0
0.9
Ipca labs
Neutral
695
8,771
3,296
4,087
20.5
21.7
36.8
48.3
18.9
14.4
4.5
3.5
26.5
27.3
2.8
2.3
Lupin
Neutral
866
38,787
11,576
13,855
22.0
22.0
35.8
43.0
24.2
20.1
5.9
4.7
27.1
25.8
3.4
2.8
Ranbaxy*
Reduce
457
426
19,345
10,400
11,331
6.6
8.4
11.4
15.2
40.1
30.1
4.2
3.7
11.1
13.1
2.0
1.7
Sun Pharma
Neutral
556
115,164
13,509
15,846
41.0
41.0
16.5
19.9
33.7
27.9
6.8
5.6
22.0
22.0
8.0
6.7
Power
GIPCL
Accumulate
59
65
889
1,444
1,482
33.4
33.0
13.7
14.8
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.4
NTPC
Buy
139
163
114,653
75,046
81,780
23.5
23.9
12.7
13.6
11.0
10.2
1.3
1.2
12.2
12.0
2.2
2.2
Buy
149
179
26,556
8,293
9,622
36.5
36.1
5.7
6.7
26.1
22.1
0.9
0.9
3.7
4.1
5.3
4.4
Real Estate
DLF
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Buy
417
483
1,703
888
1,002
27.0
29.9
33.9
42.1
12.3
9.9
1.2
1.1
9.9
11.2
2.5
2.2
Bharti Airtel
Accumulate
329
350
131,514
83,535
92,173
32.0
33.1
9.2
12.9
35.9
25.5
2.3
2.1
6.8
8.9
2.3
2.0
Idea Cellular
Neutral
164
54,278
26,717
29,443
30.6
29.8
5.5
6.7
30.1
24.3
3.3
2.9
11.1
12.0
2.4
2.1
Rcom
Neutral
141
29,144
22,050
23,647
30.6
30.8
3.2
5.2
44.2
27.1
0.9
0.8
1.9
3.1
3.0
2.7
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,379
1,628
2,931
1,788
1,996
12.5
12.7
71.7
81.4
19.2
17.0
3.9
3.3
21.7
21.2
1.4
1.2
Bajaj Electricals
Accumulate
166
184
1,653
3,885
4,472
4.0
5.8
6.8
15.4
24.6
10.8
2.2
1.9
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
506
613
640
631
797
14.5
13.7
42.6
51.1
11.9
9.9
2.8
2.3
26.5
25.3
1.0
0.8
Cravatex
Accumulate
267
307
69
248
284
6.5
7.3
27.2
38.2
9.8
7.0
1.6
1.3
15.7
18.5
0.4
0.4
Finolex Cables
Buy
52
68
791
2,563
2,899
9.8
9.8
10.1
11.3
5.1
4.6
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
301
349
392
2,304
2,649
3.1
3.6
28.0
43.7
10.8
6.9
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
303
345
698
1,458
1,542
8.3
9.0
32.3
37.0
9.4
8.2
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
116
153
315
1,080
1,199
8.9
9.1
18.3
19.1
6.3
6.1
1.1
1.0
19.2
17.0
0.4
0.4
Honeywell Automation* Neutral
2,525
2,232
1,842
2,131
7.7
7.8
111.1
130.9
22.7
19.3
2.9
2.5
13.3
13.9
1.1
1.0
IFB Agro
Accumulate
141
156
127
491
642
12.3
13.8
35.0
50.9
4.0
2.8
0.7
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
158
194
182
1,365
1,502
10.9
11.2
18.2
28.0
8.7
5.7
0.4
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
144
199
2,382
1,244
1,523
14.1
14.2
5.9
10.0
24.2
14.4
2.9
2.5
12.7
18.8
2.3
1.8
MRF
Buy
12,893
16,218
5,468
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,097
4,669
4,570
1,059
1,296
19.5
19.8
125.0
155.6
32.8
26.3
16.2
11.9
56.3
52.2
4.4
3.6
Relaxo Footwears
Buy
706
981
847
1,196
1,401
11.9
12.6
55.6
75.4
12.7
9.4
3.0
2.3
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
194
228
182
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.6
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
370
492
651
1,007
1,108
8.4
8.7
30.3
35.1
12.2
10.5
1.4
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
56
108
352
300
319
35.8
36.2
7.9
9.1
7.1
6.2
0.9
0.8
13.9
14.4
1.5
1.2
Tata Sponge Iron
Buy
275
371
424
814
849
17.0
17.6
64.6
69.2
4.3
4.0
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
505
632
392
416
481
4.5
6.1
16.2
25.3
31.2
19.9
3.8
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
236
297
850
153
194
53.0
52.8
12.4
15.6
19.1
15.1
2.3
2.0
11.8
13.1
5.7
4.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
183
230
140
1,591
1,720
6.1
6.4
30.5
38.3
6.0
4.8
0.8
0.7
13.5
15.5
0.3
0.3
2,561
37,216
12,294
14,162
12.0
12.0
42.1
67.7
60.8
37.8
4.3
3.9
9.1
10.7
3.4
2.9
355
439
721
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
5.2
0.5
0.5
7.6
9.4
0.7
0.6
HSIL
Buy
85
117
561
2,042
2,363
14.6
14.8
12.3
16.5
6.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 13, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.
Market Outlook
September 16, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Market Outlook

September 16, 2013

OIL & GAS

PMEAC revises FY2014 growth estimates

Net Inflows (September 12, 2013)

FII Derivatives (September 13, 2013)

Shriram City Uni

Refer detailed news analysis on the following page

PMEAC revises FY2014 growth estimates

Metals sector update

Bosch to temporarily suspend production at Nashik plant

JSW Steel reported August crude steel production numbers

Economic and Political News

Bayer CropScience inks pack to sell its unit for `127cr

Country Event Description

September 16, 2013

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

FOMC rate decision

September 19, 2013

Existing home sales

September 20, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Germany PMI Services

Germany PMI Manufacturing

September 24, 2013

September 25, 2013

New home sales

September 26, 2013

GDP Qoq (Annualised)

September 17, 2013

September 23, 2013

Monthly Wholesale Prices YoY%

Germany Unemployment change (000's)

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Industrial Production (YoY)

October 10, 2013

BOE Announces rates

October 12, 2013

October 14, 2013

Consumer Price Index (YoY)

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: RBI, Angel Research

Source: Bloomberg, Angel Research

Source: CSO, Angel Research

4.7 4.8 4.4

5.1 5.4 5.2

Agri / Agri Chemical

Amara Raja Batteries