Market Outlook 200612

7/31/2019 Market Outlook 200612

1/12

Market OutlookJune 20, 2012

www.angelbroking.com


Dealers Diary

The Indian markets are expected to open in green taking cues from flat to positive

opening in the Asia markets, after a strong finish on U.S. markets amid hopes for a

fresh round of stimulus to revitalize the economy. Asian markets closed on a mixed

note yesterday, as worries over Spain offset optimism over the Greek electionresults ahead of two key debt auctions by Spain.

US markets rose yesterday and ended at five-week highs after upbeat housing

data, as the Federal Reserve considered further moves to stimulate the economy. A

recent batch of disappointing U.S. economic data such as industrial production,

retail sales and jobless claims, has contributed to the optimism about further

stimulus to be announced following the conclusion of its two-day monetary policy

meeting on Wednesday, along with continued concerns about the impact of the

ongoing financial crisis in Europe

Meanwhile, Indian markets rose sharply yesterday as investors are now pinning

hopes that the latest move by Fitch Ratings to cut its credit outlook for India to

'negative' from 'stable' will spur some serious government action on policymaking.

Markets Today

The trend deciding level for the day is 16,811 / 5,089 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally

up to 16,939 17,019 / 5,129 5,154 levels. However, if NIFTY trades below

16,811 / 5,089 levels for the first half-an-hour of trade then it may correct up to

16,731 16,602 / 5,063 5,023 levels.

SENSEX 16,602 16,731 16,811 16,939 17,019NIFTY 5,023 5,063 5,089 5,129 5,154

News Analysis CCI set to impose fine on cement companies for cartelisation HCL Technologies signs US$200mn deal with DisneyRefer detailed news analysis on the following page

Net Inflows (June 18, 2012)

FII 1,714 2,307 (593) 248 42,186

MFs 469 507 (38) 384 (6,083)

FII Derivatives (June 19, 2012)

Index Futures 1,665 1,919 (254) 11,674

Stock Futures 1,682 1,692 (11) 23,257

Gainers / Losers

HPCL 320 6.4 Godrej Industries 223 (3.2)

GVK Power 14 5.2 Sesa Goa 177 (3.0)

Financial Tech 669 4.5 Tata Comm 204 (2.7)

Wockhardt 872 3.8 Apollo Tyres 76 (2.6)

Indian Oil Corp 250 3.5 Hexaware Tech 119 (2.5)

BSE Sensex 0.9 154.0 16,860

Nifty 0.8 39.6 5,104

MID CAP 0.2 10.1 5,905

SMALL CAP (0.0) (0.5) 6,307

BSE HC 1.1 74.0 6,609

BSE PSU 0.9 64.6 6,964

BANKEX 0.5 61.0 11,282

AUTO 0.2 21.8 9,177

METAL 0.2 15.3 10,305

OIL & GAS 2.1 166.2 7,921

BSE IT (0.1) (5.4) 5,712

Dow Jones 0.8 95.5 12,837NASDAQ 1.2 34.4 2,930

FTSE 1.7 95.2 5,586

Nikkei (0.8) (65.2) 8,656

Hang Seng (0.1) (11.1) 19,417

Straits Times 0.6 18.2 2,842

Shanghai Com (0.7) (15.3) 2,301

INFY (0.6) (0.3) $44.3

WIT 1.9 0.2 $9.1IBN 2.6 0.8 $30.1

HDB 1.8 0.5 $30.8

Advances 1,317 686

Declines 1,371 724

Unchanged 130 81

BSE 1,866

NSE 9,081


2/12



CCI set to impose fine on cement companies forcartelisation

Competition Commission of India (CCI) is likely to slap a fine on top cement

companies, ruling them guilty of forming a cartel and fixing prices. Theinvestigation has been going on for the past one year after builders had alleged

that cement makers have been colluding to raise prices, not allowing market

forces of demand and supply to work. However, companies have maintained that

prices reflect the rise in input costs, such as freight and coal costs. CCI can impose

a maximum fine of 10% of the average turnover of a company in previous three

years, if it is found guilty.

HCL Technologies signs US$200mn deal with Disney

HCL Technologieshas signed an IT outsourcing contract withWalt Disneyin a dealvalued at over US$200mn (~`1,100cr). According to media reports, Walt Disney

choseHCL Tech overIBMwhen theoutsourcing dealcame up for renewal

recently. Walt Disney gave IBM a seven year IT infrastructure management contract

in 2005 which was worth US$730mn.

Under this deal, HCL Tech will update technological infrastructure and update and

support software for the US$41bn company, including its theme parks and resorts

businesses. HCL Tech is known to be strong in total IT outsourcing, where it

undertakes both infrastructure services and application development and

maintenance.

As per media reports, IBM-post the termination of the Disney deal-laid off 2,000

employees in the U.S. who worked on that account. Indian vendors have been

winning many of the big deals coming up for renewal. Every year, about US$40-

50bn worth of deals come for rebidding, providing Indian players an opportunity

to outbid MNC firms and gain market share. This is benefiting Indian IT players

now when the IT market as a whole is almost stagnant.

Economic and Political News

Government to take tough decisions to revive economy: PM PM pledges US$10bn for debt-wracked euro zone Advance tax collection in Q1 up 5% at `33,089crCorporate News

BHEL commissions 500 MW unit for Vindhyachal Project Maruti, Tata Motors, Toyota stop production as demand slump continues Mindtree gains after coffee magnate (CCD) buys stake ONGC's Tripura plant to start generation from July end

Veritas downgrades RCom, puts target price at`

15

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint


3/12

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

June 20, 2012 UK Jobless claims change % Change MAY (13.70) (4.00)

US FOMC rate decision % JUN 20 0.25 0.25June 21, 2012 US Initial Jobless claims Thousands JUN 16 386.00 383.00

Germany PMI Manufacturing Value JUN A 45.20 45.20

Euro ZoneEuro-Zone ConsumerConfidence

Value JUN A (19.30) (20.00)

US Existing home sales Millions MAY 4.62 4.57

Germany PMI Services Value JUN A 51.80 51.50

June 25, 2012 US New home sales Thousands MAY 343.00 345.00

June 26, 2012 US Consumer ConfidenceS.A./

1985=100JUN 64.90 64.15

June 28, 2012 Germany Unemployment change (000's) Thousands JUN -- --

US GDP Qoq (Annualised) % Change 1Q T 1.90 1.90

UK GDP (YoY) % Change 1Q F (0.10) --

July 01, 2012 China PMI Manufacturing Value JUN 50.40 --

July 02, 2012 India Imports YoY% % Change MAY 3.80 --

India Exports YoY% % Change MAY 3.20 --

UK PMI Manufacturing Value JUN 45.90 --

July 05, 2012 UK BOE Announces rates % Ratio JUL 5 0.50 0.50

Euro Zone ECB announces interest rates % JUL 5 1.00 --

July 06, 2012 US Change in Nonfarm payrolls Thousands JUN 69.00 --

US Unnemployment rate % JUN 8.20 --

July 09, 2012 China Consumer Price Index (YoY) % Change JUN 3.00 --July 10, 2012 UK Industrial Production (YoY) % Change MAY (1.00) --

China Exports YoY% % Change JUN 15.30 --

July 12, 2012 India Industrial Production YoY % Change MAY 0.10 --

July 13, 2012 IndiaMonthly Wholesale PricesYoY%

% Change JUN 7.55 --

US Producer Price Index (mom) % Change JUN (1.00) --

China Industrial Production (YoY) % Change JUN 9.60 --

China Real GDP (YoY) % Change 2Q 8.10 --

July 16, 2012 Euro Zone Euro-Zone CPI (YoY) % JUN 2.40 --

July 17, 2012 UK CPI (YoY) % Change JUN 2.80 --

US Industrial Production % JUN (0.09) --

US Consumer price index (mom) % Change JUN (0.30) --

Source: Bloomberg, Angel Research


June 20, 2012

Market Outlook


4/12

Market StrateJune 20, 2012


Macro watch

Exhibit 1:Quarterly GDP trends

5.9

7.5

9.8

7.4

9.4

8.5

7.68.2

9.2

8.0

6.76.1

5.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(%)

Source: CSO, Angel Research

Exhibit 2:IIP trends

6.2

9.5

3.7 3.42.5

(5.0)

6.0

2.7

1.0

4.1

(3.2)

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

(%)

Source: MO SPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

9.5 9.4 9.810.0 9.9 9.5

7.76.9

7.4 7.7 7.2 7.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

(%)

Source: MO SPI, Angel Research

Exhibit 4:Manufacturing and services PMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

May-1

1

Jun-1

1

Ju

l-11

Aug-1

1

Sep-1

1

Oc

t-11

Nov-1

1

Dec-1

1

Jan-1

2

Fe

b-1

2

Mar-

12

Apr-

12

May-1

2

Mfg. PMI Services PMI

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

Exhibit 5:Exports and imports growth trends

(15)

0

15

30

4560

75

May-1

1

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-11

Nov-1

1

Dec-

11

Jan-

12

Feb-1

2

Mar-12

Apr-12

Exports yoy growth Impor ts yoy growth(%)

Source: Bloomberg, Angel Research

Exhibit 6:Key policy rates

Source: RBI, Angel Research


5/12

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

Agri / Agri Chemical

Rallis Neutral 130 - 2,520 1,432 1,647 14.7 14.7 7.0 8.0 18.5 16.2 3.9 3.3 22.8 22.3 1.8 1.5

United Phosphorus Buy 113 183 5,213 8,191 8,764 16.5 16.5 17.1 18.3 6.6 6.2 1.1 0.9 17.5 16.2 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 305 345 2,604 2,715 3,041 15.3 15.3 29.2 32.8 10.5 9.3 2.4 2.0 26.0 23.3 0.9 0.8

Apollo Tyres Buy 76 100 3,836 13,699 15,184 10.5 10.2 12.1 13.3 6.3 5.7 1.1 1.0 19.7 18.4 0.4 0.4

Ashok Leyland Buy 25 33 6,665 14,798 16,687 9.6 9.6 2.4 3.0 10.3 8.4 2.1 1.8 14.8 16.5 0.5 0.4

Automotive Axle Accumulate 460 514 695 1,211 1,387 12.1 11.7 50.3 57.1 9.2 8.1 2.3 1.9 27.8 25.7 0.6 0.5Bajaj Auto Buy 1,538 1,835 44,492 22,118 24,889 19.0 18.6 115.7 126.5 13.3 12.2 5.3 4.2 45.0 38.9 1.6 1.3

Bharat Forge Buy 301 372 6,999 7,173 7,998 16.3 16.5 22.3 26.6 13.5 11.3 2.6 2.2 21.0 21.0 1.1 0.9

Bosch India Accumulate 8,900 9,429 27,944 9,390 10,716 19.5 19.1 420.2 471.4 21.2 18.9 4.9 4.1 23.3 21.8 2.7 2.3

CEAT Buy 93 164 320 5,067 5,631 8.0 7.6 39.4 41.0 2.4 2.3 0.4 0.4 18.8 16.5 0.3 0.3

Exide Industries Accumulate 134 146 11,352 5,787 6,595 15.5 17.0 7.1 9.0 18.8 14.9 3.3 2.8 18.6 20.3 1.6 1.3

FAG Bearings Accumulate 1,463 1,594 2,432 1,531 1,748 18.8 18.5 118.0 132.8 12.4 11.0 2.7 2.2 24.0 21.9 1.3 1.1

Hero Motocorp Accumulate 2,007 2,221 40,081 26,106 29,296 15.0 15.2 140.3 148.1 14.3 13.6 6.8 5.2 54.8 43.3 1.2 1.0

JK Tyre Buy 85 135 349 7,950 8,904 5.5 6.0 25.1 38.6 3.4 2.2 0.4 0.3 12.1 16.4 0.3 0.3

Mahindra and Mahindra Buy 695 821 42,672 36,010 40,882 10.0 10.0 47.7 53.3 14.6 13.0 2.9 2.5 21.3 20.6 0.9 0.8

Maruti Buy 1,091 1,510 31,514 42,683 48,736 7.1 7.5 86.6 100.6 12.6 10.8 1.8 1.6 15.3 15.5 0.5 0.4

Motherson Sumi Buy 159 216 6,237 23,342 26,366 7.8 8.2 13.3 18.0 12.0 8.9 2.9 2.3 26.2 28.4 0.4 0.4

Subros Buy 31 36 186 1,244 1,402 8.4 8.3 4.5 5.1 6.9 6.1 0.7 0.7 9.9 11.0 0.4 0.3

Tata Motors Buy 238 299 63,509 189,676 210,905 12.5 12.6 39.8 45.2 6.0 5.3 2.5 2.0 44.3 41.6 0.4 0.3

TVS Motor Buy 33 44 1,546 7,690 8,459 6.1 6.0 5.0 5.5 6.5 5.9 1.2 1.0 19.0 18.6 0.2 0.1

Capital Goods

ABB* Sell 767 498 16,243 8,760 10,023 7.6 7.5 18.2 20.7 42.1 37.0 5.7 5.1 14.4 14.6 1.8 1.6BGR Energy Neutral 283 - 2,039 4,195 4,837 11.0 11.0 30.1 32.4 9.4 8.7 1.6 1.5 18.4 17.6 1.0 1.0

BHEL Neutral 212 - 51,779 46,344 46,916 18.3 18.6 23.5 24.1 9.0 8.8 1.8 1.6 21.3 18.9 1.0 1.0

Blue Star Neutral 162 - 1,456 3,047 3,328 5.4 6.9 9.6 16.2 16.8 10.0 3.3 2.7 20.7 29.7 0.6 0.5

Crompton Greaves Buy 114 142 7,342 12,451 14,265 7.9 8.3 8.0 9.5 14.3 12.1 1.9 1.7 13.9 14.9 0.6 0.5

Jyoti Structures Buy 39 67 319 2,622 2,801 10.6 11.0 10.9 13.4 3.6 2.9 0.5 0.4 13.7 14.9 0.3 0.3

KEC International Buy 55 73 1,406 6,686 7,200 8.5 8.8 10.6 12.2 5.2 4.5 1.0 0.8 25.9 24.0 0.3 0.3

LMW Buy 1,601 1,992 1,804 2,369 2,727 11.7 11.7 143.4 166.0 11.2 9.6 1.9 1.7 17.4 18.4 0.3 0.2

Thermax Neutral 455 - 5,417 5,514 5,559 9.8 9.6 29.7 28.4 15.3 16.0 2.9 2.6 20.2 16.9 0.9 0.8


June 20, 2012

Market Outlook

Stock Watch


6/12



Cement

ACC Neutral 1,228 - 23,051 11,018 12,663 19.9 21.2 70.7 81.2 17.4 15.1 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 171 - 26,264 10,035 11,504 23.5 23.8 10.1 10.6 16.9 16.2 3.3 3.0 18.5 19.4 2.2 1.8

India Cements Neutral 81 - 2,480 4,423 4,906 18.2 18.8 9.9 12.7 8.2 6.4 0.7 0.7 8.6 10.5 0.8 0.7

J K Lakshmi Cements Buy 64 79 785 1,938 2,246 19.1 20.1 14.6 16.1 4.4 4.0 0.6 0.5 13.4 13.6 0.5 0.9

Madras Cements Neutral 153 - 3,633 3,444 3,786 25.5 24.9 14.6 17.1 10.5 9.0 1.5 1.3 15.6 16.0 1.7 1.4

Shree Cements Neutral 2,639 - 9,195 5,465 6,249 24.3 23.7 151.5 222.1 17.4 11.9 4.2 3.6 21.6 25.8 1.4 1.1

UltraTech Cement Neutral 1,445 - 39,594 20,116 22,655 21.3 22.5 82.1 97.5 17.6 14.8 2.8 2.4 16.8 17.4 1.9 1.8Construction

Ashoka Buildcon Buy 195 273 1,028 2,014 2,293 22.4 22.4 22.6 26.7 8.6 7.3 0.9 0.8 11.4 11.9 2.3 2.6

Consolidated Co Neutral 14 - 254 2,526 2,792 5.7 6.6 1.8 2.8 7.5 4.9 0.4 0.4 5.5 8.1 0.3 0.3

Hind. Const. Neutral 19 - 1,134 4,239 4,522 11.1 11.8 (1.8) (0.8) (10.4) (24.0) 1.1 1.2 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 120 166 4,003 3,821 4,582 42.3 40.2 15.0 16.9 8.0 7.1 1.2 1.1 16.1 15.8 2.7 2.5

ITNL Buy 181 265 3,520 6,619 7,925 23.8 23.3 22.0 26.7 8.2 6.8 1.2 1.0 14.9 15.9 2.2 2.1

IVRCL Infra Buy 48 61 1,271 5,510 6,722 8.8 9.0 2.5 4.6 18.8 10.4 0.6 0.6 3.4 5.8 0.7 0.7

Jaiprakash Asso. Buy 70 88 14,864 15,259 17,502 25.7 24.7 4.2 5.0 16.5 14.0 1.4 1.3 8.5 9.3 2.3 2.0

Larsen & Toubro Buy 1,330 1,553 81,497 59,559 69,089 12.1 11.5 70.8 76.5 18.8 17.4 2.8 2.5 16.1 15.3 1.5 1.3

Madhucon Proj Buy 35 70 258 2,206 2,502 10.7 10.7 4.6 4.7 7.5 7.5 0.4 0.4 5.2 5.0 0.7 0.7

Nagarjuna Const. Accumulate 37 41 952 5,453 6,169 8.1 8.5 1.6 1.9 22.6 19.2 0.4 0.4 1.8 2.1 0.6 0.7

Patel Engg. Neutral 87 - 607 3,609 3,836 13.1 13.1 14.0 14.6 6.2 6.0 0.4 0.4 6.3 6.1 1.0 1.1

Punj Lloyd Neutral 46 - 1,516 11,592 12,993 8.4 8.4 1.8 3.2 25.4 14.3 0.5 0.5 2.0 3.4 0.6 0.5

Sadbhav Engg. Buy 133 182 1,992 2,789 3,147 10.6 10.7 8.4 10.4 15.7 12.7 2.1 1.8 15.0 15.6 0.9 0.8

Simplex Infra Buy 207 265 1,024 6,732 7,837 8.1 8.4 23.5 29.4 8.8 7.0 0.8 0.7 9.6 11.0 0.5 0.4

FinancialsAllahabad Bank Neutral 141 - 7,033 7,392 8,542 3.1 3.1 38.3 42.1 3.7 3.3 0.6 0.6 18.4 17.6 - -

Andhra Bank Neutral 114 - 6,402 5,151 5,843 3.2 3.1 22.4 25.7 5.1 4.5 0.8 0.7 15.8 16.0 - -

Axis Bank Buy 1,002 1,476 41,468 16,157 19,557 3.2 3.2 116.4 139.1 8.6 7.2 1.6 1.4 20.0 20.3 - -

Bank of Baroda Buy 671 925 26,257 15,993 18,918 2.6 2.6 127.3 149.9 5.3 4.5 0.9 0.8 17.8 18.2 - -

Bank of India Buy 335 389 19,242 13,558 15,551 2.5 2.4 61.6 70.8 5.4 4.7 0.9 0.8 16.8 16.9 - -

Bank of Maharashtra Accumulate 49 53 2,868 3,580 4,050 3.2 3.2 11.5 13.1 4.2 3.7 0.7 0.6 17.4 17.2 - -

Canara Bank Buy 405 493 17,950 12,061 13,906 2.3 2.3 83.1 92.7 4.9 4.4 0.8 0.7 16.7 16.4 - -

Central Bank Neutral 78 - 5,760 6,838 7,912 2.3 2.4 13.8 20.3 5.7 3.9 0.8 0.7 10.9 14.4 - -


June 20, 2012

Market Outlook

Stock Watch


7/12



Financials

Corporation Bank Accumulate 407 468 6,030 5,203 5,880 2.2 2.1 107.5 112.7 3.8 3.6 0.7 0.6 17.9 16.5 - -

Dena Bank Accumulate 96 107 3,371 3,149 3,522 2.8 2.8 23.3 26.1 4.1 3.7 0.7 0.6 17.7 17.0 - -

Federal Bank Neutral 428 - 7,318 2,743 3,131 3.4 3.3 49.7 57.4 8.6 7.5 1.2 1.0 14.1 14.6 - -

HDFC Neutral 643 - 95,085 7,393 8,844 3.5 3.4 31.7 37.9 20.3 17.0 4.1 3.6 34.7 31.9 - -

HDFC Bank Accumulate 537 567 126,342 21,831 27,477 4.3 4.3 28.3 35.5 19.0 15.1 3.7 3.1 20.8 22.1 - -

ICICI Bank Buy 826 1,174 94,986 22,209 26,512 2.8 2.8 67.9 81.1 12.2 10.2 1.5 1.3 14.7 16.0 - -

IDBI Bank Buy 89 113 11,333 8,004 9,589 1.9 2.0 19.9 23.9 4.5 3.7 0.6 0.5 13.8 14.9 - -Indian Bank Accumulate 171 190 7,358 6,312 7,119 3.4 3.3 41.1 43.7 4.2 3.9 0.7 0.6 18.2 16.9 - -

IOB Neutral 89 - 7,105 7,354 8,283 2.5 2.4 16.3 21.7 5.5 4.1 0.6 0.6 11.5 13.9 - -

J & K Bank Neutral 926 - 4,490 2,535 2,861 3.5 3.4 176.3 184.4 5.3 5.0 1.0 0.8 19.3 17.6 - -

LIC Housing Finance Accumulate 252 286 12,710 2,108 2,607 2.6 2.6 24.5 30.6 10.3 8.2 1.9 1.6 20.1 21.4 - -

Oriental Bank Accumulate 236 262 6,890 6,431 7,315 2.7 2.6 54.4 63.8 4.3 3.7 0.6 0.5 13.6 14.3 - -

Punjab Natl.Bank Buy 751 1,041 25,479 19,893 23,653 3.1 3.2 153.4 175.2 4.9 4.3 0.9 0.7 18.3 18.1 - -

South Ind.Bank Neutral 24 - 2,696 1,440 1,635 2.7 2.5 3.8 4.1 6.3 5.8 1.2 1.1 19.9 18.6 - -

St Bk of India Buy 2,103 2,469 141,127 68,311 79,649 3.6 3.6 230.4 273.4 9.1 7.7 1.5 1.3 18.2 18.8 - -

Syndicate Bank Buy 100 126 6,023 7,133 8,255 3.0 3.0 25.9 30.0 3.9 3.3 0.6 0.5 16.9 17.1 - -

UCO Bank Neutral 74 - 4,886 5,623 6,380 2.4 2.4 16.9 17.9 4.4 4.1 0.8 0.7 16.5 15.4 - -

Union Bank Buy 202 261 11,129 10,215 11,854 2.9 2.8 42.7 50.3 4.7 4.0 0.8 0.7 17.0 17.5 - -

United Bank Buy 62 78 2,222 3,551 4,128 2.7 2.8 18.8 22.6 3.3 2.7 0.5 0.4 15.5 16.5 - -

Vijaya Bank Neutral 58 - 2,854 2,668 3,001 2.2 2.2 10.6 12.2 5.4 4.7 0.8 0.7 13.3 13.8 - -

Yes Bank Buy 323 450 11,428 3,209 4,144 2.7 2.8 33.9 41.5 9.5 7.8 2.0 1.7 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,885 - 37,261 11,423 13,309 16.3 16.3 125.3 148.4 31.0 26.2 10.5 8.3 38.0 35.4 3.2 2.7Britannia Buy 520 633 6,214 5,835 6,824 6.3 6.7 20.7 27.5 25.1 18.9 9.8 7.3 42.7 44.3 1.0 0.9

Colgate Neutral 1,107 - 15,054 3,007 3,417 21.1 22.1 38.2 43.8 29.0 25.3 34.5 27.1 130.2 119.9 4.9 4.3

Dabur India Neutral 109 - 18,980 5,878 6,799 16.8 17.0 4.2 4.9 26.3 22.2 9.5 7.8 39.3 42.0 3.2 2.8

GlaxoSmith Con* Neutral 2,604 - 10,950 3,124 3,663 17.1 11.6 103.0 123.3 25.3 21.1 7.8 6.3 34.0 32.9 3.2 2.6

Godrej Consumer Neutral 559 - 19,011 5,973 7,000 18.4 18.6 22.8 27.2 24.5 20.6 6.7 5.4 31.3 38.4 3.3 2.8

HUL Neutral 449 - 97,041 25,350 29,309 14.3 14.4 14.1 16.4 31.8 27.4 23.8 18.6 82.7 76.2 3.6 3.1

ITC Neutral 249 - 194,757 29,638 34,159 35.4 35.8 9.3 10.9 26.7 22.9 8.6 7.0 35.3 33.8 6.3 5.4


June 20, 2012

Market Outlook

Stock Watch


8/12



FMCG

Marico Neutral 171 - 11,034 4,667 5,427 12.8 12.9 6.6 8.1 25.8 21.1 6.9 5.4 30.0 28.8 2.4 2.0

Nestle* Neutral 4,582 - 44,176 8,731 10,539 21.0 21.4 119.3 147.9 38.4 31.0 23.5 16.0 73.0 61.6 5.1 4.1

Tata Global Buy 105 136 6,487 7,011 7,711 9.7 10.0 6.3 7.5 16.7 14.0 1.6 1.5 9.5 10.9 0.8 0.8

IT

HCL Tech Buy 472 560 32,735 22,792 25,743 17.4 17.4 37.8 43.0 12.5 11.0 2.8 2.3 22.3 21.3 1.4 1.2

Hexaware Accumulate 119 128 3,518 1,821 2,105 19.0 18.6 9.8 10.7 12.1 11.1 2.8 2.4 23.7 22.5 1.7 1.4

Infosys Accumulate 2,479 2,792 142,326 37,615 42,491 31.1 30.6 158.5 174.5 15.6 14.2 3.5 3.0 22.5 20.8 3.1 2.6Infotech Enterprises Accumulate 160 177 1,786 1,758 1,972 17.0 16.6 16.8 18.6 9.5 8.6 1.3 1.1 13.6 13.2 0.6 0.5

KPIT Cummins Neutral 108 - 1,917 2,028 2,239 15.0 14.8 9.0 11.4 12.0 9.4 2.2 1.8 19.3 18.7 0.9 0.8

Mahindra Satyam Accumulate 77 86 9,044 7,097 7,812 16.2 16.0 7.5 8.0 10.2 9.7 1.4 1.2 13.2 12.3 0.9 0.7

Mindtree Neutral 615 - 2,501 2,172 2,450 16.1 15.5 53.9 58.5 11.4 10.5 2.1 1.8 18.9 17.0 1.0 0.8

Mphasis Accumulate 340 373 7,143 5,608 5,964 17.7 17.3 35.5 36.8 9.6 9.2 1.3 1.2 13.9 12.6 0.8 0.7

NIIT Buy 43 52 710 1,162 1,304 14.8 15.1 7.1 8.8 6.1 4.9 1.0 0.9 16.7 18.4 0.5 0.3

Persistent Neutral 374 - 1,497 1,109 1,224 23.3 22.4 37.2 40.1 10.1 9.3 1.6 1.4 15.4 14.5 1.0 0.9

TCS Neutral 1,274 - 249,311 57,189 66,329 29.3 28.7 63.2 70.9 20.2 18.0 6.2 5.0 30.5 27.7 4.1 3.5

Tech Mahindra Accumulate 685 725 8,740 5,880 6,314 15.6 15.2 75.9 82.2 9.0 8.3 1.8 1.5 20.1 18.1 1.4 1.3

Wipro Accumulate 399 452 98,201 43,150 48,541 20.0 20.5 25.9 30.1 15.4 13.3 3.0 2.5 19.1 19.0 1.9 1.6

Media

D B Corp Buy 194 269 3,547 1,652 1,863 25.7 26.3 13.5 16.1 14.4 12.0 3.2 2.7 24.1 24.4 2.0 1.7

HT Media Buy 97 148 2,273 2,255 2,555 16.3 16.7 9.0 10.6 10.7 9.1 1.3 1.2 13.4 13.8 0.6 0.5

Jagran Prakashan Buy 85 137 2,676 1,499 1,642 27.4 28.8 7.6 9.1 11.1 9.3 3.7 3.3 34.6 37.7 1.7 1.6

PVR Neutral 150 - 389 625 732 17.4 16.9 12.4 15.8 12.1 9.5 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 269 - 10,601 2,135 2,458 75.2 74.4 20.9 24.0 12.9 11.2 3.0 2.5 26.0 25.1 3.9 3.1Metals & Mining

Bhushan Steel Neutral 458 - 9,732 9,232 13,557 30.8 31.1 48.0 58.6 9.5 7.8 1.2 1.1 14.5 7.5 3.2 2.2

Coal India Neutral 344 - 217,251 68,841 74,509 25.3 25.3 24.1 26.1 14.3 13.2 3.9 3.2 30.4 26.8 2.3 1.9

Electrosteel Castings Buy 17 22 588 1,984 2,074 11.2 12.6 2.0 2.7 8.4 6.3 0.3 0.1 4.2 5.5 0.5 0.4

Hind. Zinc Buy 116 139 49,204 13,043 14,223 51.8 52.8 14.8 16.6 7.9 7.0 1.5 1.3 21.2 19.9 2.0 1.5

Hindalco Neutral 123 - 23,491 83,463 91,313 9.0 9.9 13.7 18.1 9.0 6.8 0.7 0.6 7.9 9.6 0.5 0.5

JSW Steel Neutral 634 - 14,140 39,592 44,910 18.0 17.7 74.7 88.9 8.5 7.1 0.8 0.7 10.7 11.6 0.7 0.7

MOIL Accumulate 268 296 4,501 1,007 1,091 56.6 56.9 29.4 31.9 9.1 8.4 1.6 1.4 19.0 18.2 2.3 1.8

Monnet Ispat Buy 355 447 2,283 3,115 3,748 22.1 25.1 59.1 66.8 6.0 5.3 0.8 0.7 15.6 15.3 1.5 1.1


June 20, 2012

Market Outlook

Stock Watch


9/12



Metals & Mining

Nalco Reduce 60 54 15,451 8,474 9,024 12.6 16.2 2.6 3.6 23.4 16.7 1.3 1.2 5.6 7.5 1.4 1.3

NMDC Accumulate 171 187 67,935 11,959 13,062 78.2 78.6 19.1 20.9 9.0 8.2 2.2 1.8 27.1 24.4 3.6 3.1

SAIL Neutral 91 - 37,588 50,914 60,785 14.6 15.1 9.4 10.5 9.7 8.7 0.9 0.8 9.2 9.6 1.2 1.1

Sesa Goa Buy 177 206 15,383 9,067 9,316 35.7 35.5 44.5 44.3 4.0 4.0 0.9 0.7 23.5 19.5 0.3 -

Sterlite Inds Buy 94 123 31,707 45,805 49,029 21.2 23.5 16.5 19.1 5.7 4.9 0.6 0.6 11.5 12.0 0.3 0.2

Tata Steel Buy 420 499 40,810 143,088 148,011 10.9 12.1 53.9 66.0 7.8 6.4 0.9 0.8 12.2 13.4 0.6 0.6

Oil & GasCairn India Accumulate 328 372 62,663 15,513 16,074 74.0 69.7 51.1 48.6 6.4 6.8 1.1 0.9 18.3 14.8 2.9 2.1

GAIL Buy 336 389 42,640 50,472 55,502 15.3 15.6 35.4 37.0 9.5 9.1 1.7 1.5 19.0 17.2 0.1 -

ONGC Buy 268 321 228,945 156,331 159,043 37.7 36.3 31.3 32.6 8.5 8.2 1.5 1.4 18.7 17.3 1.2 1.0

Reliance Industries Buy 737 897 241,416 316,404 319,119 11.2 12.0 63.5 68.7 11.6 10.7 1.2 1.1 11.7 11.4 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 52 91 981 1,624 1,855 14.2 15.6 6.6 9.1 7.9 5.7 1.9 1.5 27.5 29.2 0.8 0.7

Aurobindo Pharma Buy 105 156 3,064 5,243 5,767 14.6 14.6 13.8 14.7 7.6 7.2 0.9 0.4 11.4 10.9 0.7 0.6

Aventis* Neutral 2,116 - 4,873 1,482 1,682 15.5 15.5 95.0 104.0 22.3 20.4 4.0 3.1 18.6 17.0 3.1 2.6

Cadila Healthcare Buy 723 953 14,804 6,196 7,443 18.5 19.5 43.3 50.8 16.7 14.2 4.3 3.4 25.4 24.8 2.4 1.9

Cipla Buy 310 379 24,870 7,687 8,804 21.4 21.4 16.5 18.9 18.8 16.4 2.9 2.6 16.7 16.8 3.2 2.7

Dr Reddy's Neutral 1,544 - 26,194 10,696 11,662 20.7 21.0 83.7 92.9 18.5 16.6 3.8 3.2 22.4 21.0 2.6 2.3

Dishman Pharma Buy 55 92 441 1,280 1,536 17.8 17.8 9.2 11.3 5.9 4.8 0.5 0.4 7.7 8.5 1.0 0.8

GSK Pharma* Neutral 2,005 - 16,983 2,651 2,993 31.7 31.2 76.0 82.4 26.4 24.3 7.6 6.6 30.8 29.0 5.5 4.7

Indoco Remedies Buy 53 82 488 685 837 15.2 15.2 7.4 8.9 7.2 6.0 1.1 0.9 15.9 16.3 0.9 0.7

Ipca labs Buy 345 435 4,342 2,850 3,474 20.3 20.3 26.6 32.7 13.0 10.6 3.3 2.7 28.2 27.9 1.7 1.4

Lupin Buy 519 647 23,187 8,426 10,082 19.7 20.0 29.7 32.4 17.5 16.0 4.6 3.6 27.0 25.2 2.7 2.1Orchid Chemicals Buy 111 178 784 2,117 2,434 17.7 17.7 16.7 22.2 6.7 5.0 0.6 0.6 9.5 11.5 1.0 0.8

Ranbaxy* Neutral 482 - 20,327 12,046 11,980 18.0 15.8 35.7 29.8 13.5 16.2 5.1 4.1 43.1 28.1 1.7 1.6

Sun Pharma Neutral 598 - 61,619 9,272 11,080 38.6 38.0 22.7 22.6 26.4 26.5 4.4 3.9 17.9 15.6 5.0 3.9

Power

CESC Buy 273 342 3,406 5,084 5,512 24.2 23.8 45.2 48.5 6.0 5.6 0.6 0.6 11.2 10.9 1.1 1.1

GIPCL Buy 62 77 932 1,557 1,573 28.8 28.5 10.4 10.9 6.0 5.7 0.6 0.6 10.4 10.2 1.1 0.9

NTPC Accumulate 150 158 123,600 74,766 86,549 23.1 23.4 12.4 14.1 12.1 10.7 1.5 1.4 13.0 13.5 2.4 2.2

Real Estate

Anant Raj Buy 47 78 1,378 657 875 52.0 56.1 8.4 12.7 5.6 3.7 0.3 0.3 6.3 8.9 3.4 2.5

DLF Neutral 189 - 32,032 9,878 12,033 44.7 46.1 9.6 13.4 19.7 14.1 1.3 1.2 6.4 8.7 5.7 4.7


June 20, 2012

Market Outlook

Stock Watch


10/12



Real Estate

HDIL Buy 73 115 3,042 2,441 3,344 53.0 46.7 21.4 25.4 3.4 2.9 0.3 0.3 8.4 9.1 3.1 2.3

MLIFE Buy 309 376 1,260 814 897 26.9 27.0 31.3 33.9 9.9 9.1 1.0 0.9 10.2 10.1 1.9 1.7

Telecom

Bharti Airtel Neutral 315 - 119,527 80,961 86,705 33.5 34.0 17.2 20.8 18.3 15.1 2.1 1.9 11.5 12.3 2.2 1.9

Idea Cellular Neutral 77 - 25,566 22,558 25,326 26.4 27.5 3.2 4.7 24.0 16.3 1.8 1.6 7.5 10.0 1.6 1.4

Rcom Neutral 64 - 13,117 22,288 23,871 32.1 32.7 4.4 6.0 14.4 10.6 0.4 0.3 2.4 3.2 2.0 1.7

zOthersBajaj Electricals Buy 186 246 1,857 3,569 4,172 8.6 9.2 17.3 22.3 10.8 8.4 2.3 1.9 22.9 25.3 0.5 0.4

Abbott India Accumulate 1,443 1,628 3,065 1,661 1,918 9.7 12.0 60.7 90.4 23.8 16.0 4.9 4.0 22.0 27.3 1.6 1.3

CRISIL Neutral 1,070 - 7,508 982 1,136 34.3 34.3 34.3 40.0 31.2 26.8 14.1 11.3 50.9 46.9 7.2 6.1

Cera Sanitaryware Accumulate 260 288 329 385 444 17.2 17.4 28.9 32.0 9.0 8.1 1.9 1.6 23.4 21.1 1.0 0.9

Force Motors Buy 444 680 579 2,346 2,753 6.7 7.0 50.9 61.9 8.7 7.2 0.5 0.5 5.5 6.3 0.2 0.2

Finolex Cables Buy 41 61 633 2,334 2,687 8.8 9.3 7.6 10.2 5.4 4.1 0.7 0.6 13.7 16.1 0.2 0.1

Goodyear India Buy 320 374 739 1,511 1,692 7.9 9.0 31.5 41.3 10.2 7.8 2.0 1.7 21.2 23.5 0.3 0.2

Graphite India Buy 88 124 1,716 2,158 2,406 18.1 18.9 12.4 14.0 7.1 6.3 0.9 0.9 14.0 14.3 0.9 0.8

HEG Buy 201 242 805 1,746 1,946 16.5 17.7 22.5 32.9 8.9 6.1 0.9 0.8 10.4 14.2 1.1 1.0

Hitachi Buy 112 160 258 857 968 6.9 8.4 10.2 16.0 11.1 7.0 1.4 1.2 12.9 17.8 0.4 0.3

Honeywell Automation Accumulate 2,524 2,674 2,231 1,542 1,739 9.4 10.0 116.1 140.8 21.7 17.9 3.1 2.7 15.5 15.9 1.3 1.1

INEOS ABS India Accumulate 714 777 1,256 900 1,011 10.2 11.5 35.6 45.7 20.1 15.6 2.9 2.5 15.4 17.2 1.2 1.0

ITD Cementation Accumulate 215 236 248 1,535 1,842 11.1 11.1 27.3 38.3 7.9 5.6 0.6 0.6 7.9 10.2 0.6 0.6

Jyothy Laboratories Buy 221 268 1,784 1,315 1,568 8.6 11.1 6.4 10.9 34.7 20.4 2.9 2.7 8.4 13.9 1.7 1.4

MCX Buy 1,017 1,598 5,185 610 702 65.5 67.0 67.9 79.9 15.0 12.7 4.4 3.7 29.1 28.9 5.6 4.3

MRF Buy 10,105 13,106 4,286 12,390 14,400 10.4 11.3 1,334.6 1,638.2 7.6 6.2 1.5 1.2 16.5 17.4 0.5 0.5Greenply Industries Buy 210 309 507 1,925 2,235 10.6 10.9 29.6 44.1 7.1 4.8 1.2 0.9 16.8 21.0 0.5 0.4

Page Industries Neutral 2,807 - 3,131 887 1,108 18.3 18.6 95.0 120.9 29.6 23.2 15.4 12.5 57.4 59.5 3.6 2.8

Relaxo Footwears Neutral 475 - 571 1,019 1,208 11.0 10.8 44.9 53.1 10.6 9.0 2.5 2.0 27.2 25.0 0.7 0.6

Sintex Industries Buy 58 79 1,579 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.7 0.6 0.5 12.9 13.2 0.7 0.6

Siyaram Silk Mills Buy 261 392 245 1,042 1,173 12.4 12.5 66.3 78.5 3.9 3.3 0.8 0.6 21.1 20.8 0.5 0.4

SpiceJet Buy 32 40 1,535 5,647 6,513 3.5 6.5 1.9 4.9 16.3 6.5 38.3 5.5 - - 0.4 0.3

TVS Srichakra Buy 308 462 236 1,612 1,827 9.5 9.8 72.3 92.5 4.3 3.3 1.2 0.9 33.1 32.1 0.4 0.3

TAJ GVK Buy 59 108 371 300 319 35.8 36.2 7.9 9.1 7.5 6.5 1.0 0.9 13.9 14.4 1.5 1.3


June 20, 2012

Market Outlook

Stock Watch


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zOthers

Tata Sponge Iron Buy 345 420 532 757 875 19.0 19.1 63.5 72.9 5.4 4.7 0.8 0.7 16.1 16.1 0.3 0.1

United Spirits Accumulate 651 730 8,508 10,289 11,421 13.5 14.3 31.0 42.9 21.0 15.2 1.6 1.5 8.1 10.3 1.5 1.4

Vesuvius India Accumulate 366 413 744 628 716 16.4 16.5 29.8 34.4 12.3 10.7 2.2 1.8 18.8 18.6 1.0 0.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 19, 2012


June 20, 2012

Market Outlook

Stock Watch


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June 20, 2012Market Outlook

Market Outlook 200612

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