Market Outlook 26th Dec

7/30/2019 Market Outlook 26th Dec

1/13

Market OutlookDecember 26, 2012

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat to positive following flat start of the SGX

Nifty and positive opening of most Asian indices.The U.S. markets ended on a negative note on Monday as concerns about the

looming fiscal cliff continued to weigh on investor sentiments. However trading

activity was relatively subdued ahead of the Christmas holiday. The weakness on

Wall Street reflected lingering concerns about the fiscal cliff after the lawmakers

expressed pessimism about their ability to reach a budget agreement. Globally,

while markets across the Asia-Pacific region moved modestly higher on Monday,

major European markets posted a mixed performance, with several markets closed

for the day.

Going ahead, traders are likely to keep a close eye on developments in the US as

fiscal cliff deadline approaches. The budget negotiations are likely to once againovershadow a batch of economic data, including reports on new home sales,

consumer confidence, and Chicago-area business activity.

Markets Today

The trend deciding level for the day is 19,280 / 5,857 levels. If NIFTY trades above

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

up to 19,323 19,390 / 5,870 5,885 levels. However, if NIFTY trades below

19,280 / 5,857 levels for the first half-an-hour of trade then it may correct up to

19,212 19,170 / 5,843 5,830 levels.

SENSEX 19,170 19,212 19,280 19,323 19,390NIFTY 5,830 5,843 5,857 5,870 5,885

News Analysis TCS bags deal from Russia's NIS JLR recalls vehicles in China over safety concerns Union Bank and Bank of Maharashtra, to raise money via bonds

Refer detailed news analysis on the following page

Net Inflows (December 21, 2012)

FII 3,533 2,560 974 17,693 122,713

MFs 460 551 (91) (2,595) (20,192)

FII Derivatives (December 24, 2012)

Index Futures 2,868 2,689 178 14,070

Stock Futures 7,470 7,152 319 36,060

Gainers / Losers

Lanco Infra 13 7.4 Exide Industries 137 (2.8)

IPCA Lab 518 6.4 Videocon Industries 210 (2.4)

Strides Arcolabs 1,159 4.2 Opto Circuits 105 (2.2)

Glenmark Pharma 520 4.1 Shree Cement 4,395 (1.9)

Zee Entertainment 230 3.5 Jindal Steel 446 (1.9)

BSE Sensex 0.1 13.1 19,255

Nifty 0.1 8.1 5,856

MID CAP 0.4 25.2 7,023

SMALL CAP 0.3 23.5 7,349

BSE HC 0.8 65.4 8,125

BSE PSU (0.1) (9.8) 7,177

BANKEX (0.0) (0.9) 14,150

AUTO 0.5 51.5 11,304

METAL (0.5) (58.8) 10,980

OIL & GAS (0.4) (36.1) 8,304

BSE IT 0.9 48.8 5,673

Dow Jones (0.4) (51.8) 13,139NASDAQ (0.3) (8.4) 3,013

FTSE 0.2 14.2 5,954

Nikkei (1.0) (99.3) 9,940

Hang Seng 0.2 36.3 22,537

Straits Times 0.2 5.2 3,169

Shanghai Com 0.4 8.7 2,162

INFY (1.7) (0.7) $41.9

WIT (0.9) (0.1) $8.7IBN (0.9) (0.4) $44.2

HDB (0.6) (0.2) $40.9

Advances 1,448 736

Declines 1,431 769

Unchanged 156 86

BSE 1,647

NSE 7,735


2/13



TCS bags deal from Russia's NIS

TCS and Russian firm Navigation Information Systems (NIS) signed a strategic

cooperation agreement to establish and strengthen technology partner relations

between the two enterprises in software development, systems integration,

professional services for and marketing of NIS products. The JV will serve as anindustrial base for hi-tech rotorcraft products from Russia to India and shall

contribute to the development of the domestic aerospace industry. The enterprise

will be eligible for implementing offset projects under various procurement tende`

in India.

JLR recalls vehicles in China over safety concerns

According to the General Administration of Quality Supervision, Inspection and

Quarantine, China, Jaguar and Land Rover (JLR) has announced a recall of 337

cars because of substandard fixings in their brakes and steering boxes. The recall

has been prompted by concerns that substandard fixings in the vehicles rear brake

calipers may lead to brakes failing and sudden tyre deflation. Further as per the

agency, there is a possibility of recalling another 147 Evoque vehicles (2012 and

2013 models) made between October 20, 2011 and September 18, 2012 due to

problems in steering boxes which poses security risks. We believe that the quantum

of the current recall is not meaningful. Nonetheless, repeated occurrence of such

events (third such instance over last three months) may lead to quality concerns

amongst consumers.

Union Bank and Bank of Maharashtra, to raise money viabonds

The boards of Union bank of India and Bank of Maharashtra, has approved fund

raising of not exceeding `1,500cr and `1,350cr, respectively via Tier-I and Tier-II

bonds, so as to improve their Capital adequacy ratio. While CAR for bank of

Maharashtra, remains one among the lowest at 10.7%, with tier-I at 7.1%, the

CAR for Union bank is on the lower side at 11.4%, with tier-I at 8.2%. At CMP,

Union Bank and Bank of Maharashtra trade at 0.9x and 0.7x FY2014E ABV,

respectively, we recommend Accumulate on both the stocks, with a target price of

`285 for Union Bank and `64 for Bank of Maharashtra.

Economic and Political News

India, Russia sign defense deals worth around US$3bn Advance tax collection up 10.4% so far in December 2012 Direct cash transfer scheme not a complex project: P Chidambaram Andhra Pradesh plans seven greenfield airports in PPP mode Plan panel sets US$100bn target for pharmaceutical sector by 2020 FDI in services sector up 5% in April-Oct 2012


3/13



Corporate News

IIFCL plans to raise up to `9,215cr through tax-free bonds Aurobindo Pharma receives USFDA nod for nausea injections HCC-Coastal JV bags `231cr contract Essar Ports commissions 16mn tonne terminal at Paradip Essar Ports sole bidder for `3686cr mega container terminal project Lanco Infra wins legal battle against Perdaman Chemicals in Australia ONGC achieves highest natural gas output from Gujarat Tata Power barred from cherrypicking R Infra consumers in Greater MumbaiSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


4/13

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

December 27, 2012 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 73.70 70.00

8:30PM US New home sales Thousands Nov 368.00 380.00

January 1, 2013 6:30AM China PMI Manufacturing Value Dec 50.60 51.00

January 2, 2013 2:25PM Germany PMI Manufacturing Value Dec 46.30 --

3:00PM UK PMI Manufacturing Value Dec 49.10 49.10

January 3, 2013 2:25PM Germany Unemployment change (000's) Thousands Dec 5.00 --

January 4, 2013 2:25PM Germany PMI Services Value Dec 52.10 --

7:00PM US Change in Nonfarm payrolls Thousands Dec 146.00 --

7:00PM US Unnemployment rate % Dec 7.70 --

January 8, 2013 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec (26.60) --

January 9, 2013 5:29PM China Consumer Price Index (YoY) % Change Dec 2.00 --

5:29PM China Industrial Production (YoY) % Change Dec 10.10 --

January 10, 2013 5:29PM India Imports YoY% % Change Dec 6.40 --

5:29PM India Exports YoY% % Change Dec (4.20) --

5:29PM China Exports YoY% % Change Dec 2.90 --

5:30PM UK BOE Announces rates % Ratio Jan 10 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Jan 10 0.75 0.75

January 11, 2013 3:00PM UK Industrial Production (YoY) % Change Nov (3.00) --

January 13, 2013 5:29PM China Real GDP (YoY) % Change 4Q 7.40 --

January 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Dec 7.24 --

11:00AM India Industrial Production YoY % Change Nov 8.20 --

January 15, 2013 3:00PM UK CPI (YoY) % Change Dec 2.70 --

7:00PM US Producer Price Index (mom) % Change Dec (0.80) --

January 16, 2013 3:30PM Euro Zone Euro-Zone CPI (YoY) % Dec 2.20 --7:00PM US Consumer price index (mom) % Change Dec (0.30) --

7:45PM US Industrial Production % Dec 1.05 --

January 17, 2013 7:00PM US Housing Starts Thousands Dec 861.00 --

7:00PM US Building permits Thousands Dec 899.00 --

January 23, 2013 3:00PM UK Jobless claims change % Change Dec (3.00) --

January 29, 2013 11:00AM India RBI Repo rate % Jan 29 8.00 --

11:00AM India RBI Cash Reserve ratio % Jan 29 4.25 --

11:00AM India RBI Reverse Repo rate % Jan 29 7.00 --

January 31, 2013 12:45AM US FOMC rate decision % Jan 30 0.25 --

Source: Bloomberg, Angel Research

December 26, 2012

Market Outlook


5/13



Macro watch

Exhibit 1 :Q uarterly G D P trends

Source: CSO, Ang el Research

Exhibit 2 :IIP trends

Source: M O SPI, Ang el Research

Exhibit 3 :M onthly WPI inflation trends

Source: M O SPI, Ang el Research

Exhibit 4 :M a nufacturing a nd services PM I

Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion

Exhibit 5 :Expo rts an d impo rts growth trends

Source: Bloomberg, Angel Research

Exhibit 6 :Key policy rates

Source: RBI, Angel Research

3. 5

5. 7

9. 0

7. 5

11.2

8. 5

7. 68 .2

9. 2

8. 0

6. 76. 1

5. 3 5. 5 5. 3

3. 0

4. 0

5. 0

6. 0

7. 0

8. 0

9. 0

10.0

11.0

12.0

4Q

FY09

1Q

FY10

2Q

FY10

3Q

FY10

4Q

FY10

1Q

FY11

2Q

FY11

3Q

FY11

4Q

FY11

1Q

FY12

2Q

FY12

3Q

FY12

4Q

FY12

1Q

FY13

2Q

FY13

(%)

6. 0

2 .7

1. 0

4. 3

(2.8)

(1.3)

2 .5

(2.0)

(0.1)

2. 3

(0.7)

8 .2

(4.0)

(2.0)

-

2. 0

4. 0

6. 0

8. 0

10.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

(%)

7 .7

6 .9

7 .4

7 .7

7 .5 7 .67 .6 7 .5

8 .0 8 .1

7 .5

7 .2

6 .2

6 .4

6 .6

6 .8

7 .0

7 .2

7 .4

7 .6

7 .8

8 .0

8 .2

Dec-11

Jan-12

Feb-12

M

ar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

O

ct-12

Nov-12

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar

-12

Apr

-12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

M fg. PM I Services PM I

(30.0)

(15.0)

0 .0

15.0

30.0

45.0

Nov

-11

Dec

-11

Jan

-12

Fe

b-1

2

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Exp orts yoy g ro wth Im ports yo y growth( %)

8.00

7.00

4.25

4.00

5.00

6.00

7.00

8.00

9.00

Nov

-11

Dec

-11

Jan

-12

Fe

b-

12

M

ar-

12

Apr-

12

M

ay

-12

Jun

-12

Ju

l-12

Aug

-12

Sep

-12

O

ct-12

Nov

-12

Repo rate Reverse Repo rate C RR(%)


6/13

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 150 - 2,910 1,466 1,686 14.8 14.8 7.0 8.1 21.4 18.5 4.5 3.9 22.6 22.5 2.1 1.8

United Phosphorus Buy 123 170 5,674 8,421 9,263 16.5 16.5 15.0 17.0 8.2 7.2 1.2 1.1 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Accumulate 244 270 4,171 2,911 3,321 16.2 16.2 17.3 19.8 14.1 12.3 3.9 3.0 31.1 27.6 1.4 1.2

Apollo Tyres Accumulate 87 96 4,367 13,713 15,341 11.2 11.2 12.5 14.8 6.9 5.9 1.3 1.1 20.2 19.9 0.5 0.4

Ashok Leyland Buy 27 31 7,064 14,490 16,606 9.5 9.6 2.2 2.9 11.9 9.3 2.2 2.0 13.6 16.1 0.6 0.5

Automotive Axle# Neutral 355 - 537 1,103 1,240 11.0 11.3 39.1 45.0 9.1 7.9 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 2,107 - 60,964 21,121 23,642 18.4 18.5 108.7 122.6 19.4 17.2 8.0 6.5 46.2 41.6 2.5 2.2

Bharat Forge Buy 254 324 5,922 6,754 7,565 15.5 15.7 18.8 23.2 13.6 11.0 2.4 2.0 18.5 19.7 1.0 0.9

Bosch India* Neutral 9,212 - 28,925 8,776 10,276 16.6 18.0 331.9 417.7 27.8 22.1 5.2 4.3 18.7 19.5 3.0 2.5

CEAT Buy 107 163 368 4,989 5,634 8.2 8.5 27.1 40.8 4.0 2.6 0.5 0.4 13.2 17.2 0.3 0.2

Exide Industries Accumulate 137 155 11,615 6,229 7,200 14.8 15.8 7.2 9.0 19.1 15.3 3.3 2.8 18.5 19.9 1.6 1.3

FAG Bearings* Neutral 1,714 - 2,848 1,489 1,750 16.5 17.5 103.3 126.9 16.6 13.5 3.2 2.7 21.3 21.6 1.7 1.4

Hero Motocorp Neutral 1,891 - 37,758 24,743 27,996 14.8 15.2 118.2 130.4 16.0 14.5 6.9 5.5 48.3 41.9 1.2 1.1

JK Tyre Buy 120 165 493 7,517 8,329 6.6 6.6 37.2 41.3 3.2 2.9 0.6 0.5 18.8 17.8 0.3 0.3

Mahindra and Mahindra Accumulate 937 986 57,509 40,035 46,272 11.5 11.6 54.7 62.8 17.1 14.9 3.8 3.2 24.3 23.4 1.2 1.0

Maruti Neutral 1,480 - 42,750 42,019 50,246 7.3 8.6 66.1 94.4 22.4 15.7 2.5 2.2 11.9 15.1 0.9 0.7

Motherson Sumi Neutral 197 - 11,599 24,285 27,317 6.7 7.2 8.1 10.6 24.5 18.7 5.2 4.2 22.9 24.7 0.6 0.6

Subros Buy 30 35 177 1,286 1,479 9.4 9.7 2.6 5.1 11.4 5.8 0.6 0.6 5.6 10.3 0.4 0.4

Tata Motors Neutral 307 - 81,742 192,330 219,770 12.8 13.1 37.0 44.5 8.3 6.9 2.3 1.8 31.2 28.9 0.5 0.4

TVS Motor Neutral 43 - 2,029 7,466 8,290 6.2 6.3 4.8 5.6 8.9 7.6 1.5 1.3 18.2 18.7 0.2 0.2

Capital Goods

ABB* Sell 690 573 14,629 7,796 9,907 4.8 7.8 9.2 22.0 75.0 31.4 5.5 4.8 7.5 16.4 1.8 1.5BGR Energy Neutral 263 - 1,894 3,605 4,542 11.8 10.7 25.1 27.9 10.5 9.4 1.5 1.4 31.1 27.1 1.0 0.8

BHEL Neutral 228 - 55,695 47,801 43,757 18.5 18.0 24.6 21.8 9.3 10.4 2.8 2.4 33.5 24.5 1.0 1.1

Blue Star Buy 185 242 1,667 2,763 2,948 3.1 5.6 2.6 8.6 70.5 21.7 4.1 3.6 5.9 17.6 0.7 0.6

Crompton Greaves Buy 113 145 7,226 12,370 14,277 5.2 7.3 4.0 7.8 28.2 14.4 1.9 1.7 6.9 12.6 0.6 0.6

Jyoti Structures Buy 44 53 363 2,794 3,048 10.6 10.6 9.2 11.7 4.8 3.8 0.5 0.5 10.9 12.5 0.4 0.4

KEC International Accumulate 64 73 1,654 6,858 7,431 7.1 7.5 8.3 9.8 7.8 6.6 1.3 1.1 25.1 24.0 0.4 0.4

LMW Reduce 2,213 1,992 2,493 2,369 2,727 11.7 11.7 143.4 166.0 15.4 13.3 2.6 2.4 17.4 18.4 0.6 0.4

Thermax Neutral 588 - 7,011 5,514 5,813 9.3 10.2 28.1 31.2 20.9 18.9 3.8 3.3 19.2 18.5 1.1 1.0


Market Outlook

Stock Watch

December 26, 2012


7/13



Cement

ACC Neutral 1,411 - 26,487 11,085 12,415 21.6 21.4 79.4 83.1 17.8 17.0 3.5 3.1 20.1 19.2 2.1 1.8

Ambuja Cements Neutral 200 - 30,875 10,272 11,884 26.4 26.1 11.5 12.9 17.5 15.5 3.8 3.4 20.8 21.1 2.6 2.1

India Cements Neutral 86 - 2,654 4,293 4,666 17.7 18.1 8.6 10.8 10.1 8.0 0.7 0.7 7.5 9.0 1.0 0.9

J K Lakshmi Cements Reduce 156 143 1,905 2,082 2,423 22.9 23.1 20.8 22.5 7.5 6.9 1.3 1.1 18.4 17.4 1.0 1.3

Madras Cements Neutral 234 - 5,560 3,814 4,045 29.3 27.5 18.7 19.2 12.5 12.2 2.3 2.0 19.9 17.4 2.1 1.9

Shree Cements^ Neutral 4,441 - 15,471 5,701 6,210 29.7 28.1 240.7 260.7 18.5 17.0 4.5 3.7 27.1 23.6 2.1 1.8

UltraTech Cement Neutral 1,956 - 53,632 21,368 24,043 22.5 23.5 103.5 121.4 18.9 16.1 3.5 3.0 20.2 20.1 2.5 2.3Construction

Ashoka Buildcon Buy 200 304 1,051 2,034 2,315 22.4 22.4 27.1 31.7 7.4 6.3 0.9 0.8 13.1 13.4 1.8 2.0

Consolidated Co Neutral 13 - 244 2,262 2,522 6.7 7.5 1.5 2.7 8.9 5.0 0.4 0.4 4.4 7.5 0.4 0.4

IRB Infra Buy 126 164 4,183 3,843 4,212 43.1 43.6 16.8 17.8 7.5 7.1 1.3 1.1 18.3 17.0 3.2 3.5

ITNL Accumulate 202 225 3,929 6,564 7,054 27.2 27.4 26.3 29.0 7.7 7.0 1.2 1.1 14.0 11.8 2.7 2.8

IVRCL Infra Neutral 44 - 1,352 4,249 6,897 7.8 8.2 0.3 3.3 142.8 13.3 0.6 0.6 0.4 4.4 0.9 0.6

Jaiprakash Asso. Neutral 96 - 20,540 13,842 15,863 26.9 26.4 3.7 4.6 26.2 21.0 1.6 1.5 6.2 7.3 2.9 2.7

Larsen & Toubro Accumulate 1,585 1,748 97,481 60,556 69,167 11.2 11.6 73.8 85.5 21.5 18.5 3.4 3.0 13.5 14.1 1.8 1.6

Nagarjuna Const. Sell 55 44 1,404 5,947 6,569 8.5 8.6 3.1 4.1 17.6 13.3 0.6 0.6 3.3 4.2 0.6 0.6

Punj Lloyd Neutral 58 - 1,911 11,892 13,116 9.0 9.0 1.8 3.2 31.8 17.9 0.6 0.6 2.5 3.7 0.6 0.5

Sadbhav Engg. Buy 136 168 2,050 2,344 2,804 10.6 10.7 7.2 8.7 18.9 15.6 2.3 2.0 13.0 13.5 1.2 1.1

Simplex Infra Buy 218 251 1,076 6,882 8,032 9.1 9.1 23.2 31.3 9.4 6.9 0.8 0.7 9.1 11.2 0.5 0.5

Financials

Allahabad Bank Accumulate 162 181 8,100 6,392 7,238 2.7 2.8 30.3 33.3 5.4 4.9 0.8 0.7 14.8 14.5 - -

Andhra Bank Neutral 115 - 6,416 4,731 5,431 2.9 3.0 21.5 21.8 5.3 5.3 0.9 0.8 15.2 13.8 - -

Axis Bank Buy 1,341 1,550 57,260 15,686 18,687 3.1 3.2 116.8 138.0 11.5 9.7 2.1 1.8 20.0 20.2 - -Bank of Baroda Neutral 847 - 33,174 15,436 18,208 2.5 2.6 111.8 137.4 7.6 6.2 1.1 1.0 15.8 17.0 - -

Bank of India Neutral 329 - 18,872 12,491 14,883 2.2 2.4 43.8 63.7 7.5 5.2 1.0 0.8 12.1 15.8 - -

Bank of Maharashtra A ccumulate 60 64 3,529 3,563 3,876 3.1 3.1 9.7 12.0 6.2 5.0 0.8 0.8 14.6 16.1 - -

Canara Bank Buy 472 544 20,930 10,699 12,213 2.1 2.2 67.3 80.1 7.0 5.9 1.0 0.9 13.7 14.6 - -

Central Bank Neutral 83 - 6,099 7,171 8,236 2.5 2.6 16.4 21.5 5.1 3.9 0.9 0.7 12.7 14.9 - -

Corporation Bank Accumulate 447 480 6,625 4,780 5,569 2.0 2.1 101.8 99.2 4.4 4.5 0.7 0.7 17.0 14.7 - -

Dena Bank Buy 113 132 3,950 3,087 3,453 2.7 2.8 25.9 24.1 4.4 4.7 0.8 0.7 19.4 15.6 - -

Federal Bank Accumulate 521 549 8,900 2,617 2,968 3.3 3.2 45.9 51.7 11.4 10.1 1.4 1.3 13.1 13.3 - -


Market Outlook

Stock Watch

December 26, 2012


8/13



Financials

HDFC Neutral 826 - 127,398 7,336 8,802 3.5 3.5 31.5 37.8 26.2 21.9 5.2 4.7 34.8 32.1 - -

HDFC Bank Neutral 675 - 159,726 21,696 26,811 4.4 4.5 28.7 36.0 23.6 18.7 4.5 3.8 20.7 22.0 - -

ICICI Bank Buy 1,121 1,296 128,910 22,271 26,690 3.0 3.0 69.2 83.1 16.2 13.5 2.0 1.8 14.2 15.7 - -

IDBI Bank Accumulate 109 119 13,871 7,684 9,264 1.8 2.1 15.6 22.0 7.0 4.9 0.8 0.7 10.9 13.9 - -

Indian Bank Buy 189 230 8,116 5,874 6,551 3.2 3.2 40.6 41.8 4.7 4.5 0.8 0.7 18.1 16.4 - -

IOB Neutral 84 - 6,703 7,050 8,313 2.3 2.5 12.3 19.9 6.9 4.2 0.6 0.6 8.8 13.1 - -

J & K Bank Neutral 1,299 - 6,296 2,762 2,885 3.6 3.6 226.7 193.0 5.7 6.7 1.3 1.1 24.4 17.7 - -LIC Housing Finance Accumulate 280 313 14,126 1,799 2,255 2.3 2.4 20.3 27.3 13.8 10.3 2.2 1.9 16.9 19.7 - -

Oriental Bank Accumulate 328 370 9,573 6,277 7,090 2.6 2.7 60.5 65.1 5.4 5.0 0.8 0.7 15.0 14.4 - -

Punjab Natl.Bank Accumulate 833 890 28,255 19,652 22,601 3.2 3.3 135.0 164.3 6.2 5.1 1.1 0.9 16.3 17.3 - -

South Ind.Bank Buy 26 31 3,414 1,556 1,750 2.8 2.7 3.5 3.9 7.4 6.6 1.2 1.1 19.1 16.9 - -

St Bk of India Accumulate 2,328 2,520 156,239 61,883 71,546 3.4 3.4 227.2 257.5 10.3 9.0 1.8 1.5 17.8 17.7 - -

Syndicate Bank Accumulate 128 139 7,693 6,756 7,783 3.0 3.0 26.3 27.1 4.9 4.7 0.8 0.7 18.3 16.6 - -

UCO Bank Neutral 77 - 5,115 5,234 6,097 2.3 2.4 11.8 14.7 6.5 5.2 1.0 0.9 11.9 13.4 - -

Union Bank Accumulate 264 285 14,521 9,912 11,536 2.8 2.9 40.4 46.7 6.5 5.7 1.1 0.9 16.1 16.4 - -

United Bank Buy 76 91 2,731 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -

Vijaya Bank Accumulate 61 66 3,005 2,354 2,754 2.0 2.2 7.4 10.2 8.2 6.0 0.8 0.7 9.3 11.9 - -

Yes Bank Buy 462 542 16,499 3,270 4,240 2.8 3.0 34.5 42.2 13.4 11.0 2.9 2.4 23.5 23.5 - -

FMCG

Asian Paints Neutral 4,361 - 41,827 11,198 13,184 16.2 16.2 123.7 146.4 35.3 29.8 12.0 9.4 38.1 35.4 3.7 3.1

Britannia Buy 490 584 5,862 5,627 6,581 4.9 5.7 18.3 24.7 26.8 19.9 9.8 7.5 39.1 42.7 1.0 0.8

Colgate Neutral 1,489 - 20,252 3,146 3,573 20.6 21.4 36.4 42.5 41.0 35.1 37.9 31.7 102.0 98.5 6.3 5.5

Dabur India Neutral 129 - 22,475 6,124 7,101 17.0 16.8 4.5 5.2 28.9 24.7 11.9 9.4 43.2 41.5 3.7 3.1

GlaxoSmith Con* Neutral 3,792 - 15,946 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 36.3 30.6 11.3 9.1 34.4 32.8 4.8 4.0

Godrej Consumer Neutral 737 - 25,067 6,355 7,548 18.4 18.6 22.8 27.6 32.3 26.7 7.4 6.1 26.4 26.1 4.1 3.4

HUL Neutral 531 - 114,724 25,350 28,974 13.3 13.5 14.7 17.1 36.0 31.1 28.5 20.1 84.5 75.8 4.3 3.8

ITC Neutral 287 - 226,107 29,409 34,060 35.7 36.1 9.3 10.9 30.8 26.3 10.2 8.5 35.8 35.3 7.4 6.3

Marico Neutral 220 - 14,187 4,840 5,643 13.1 13.1 6.2 7.8 35.7 28.3 6.8 5.5 25.4 22.6 3.0 2.5

Nestle* Neutral 4,838 - 46,650 8,529 10,079 20.8 21.1 113.1 137.8 42.8 35.1 25.7 18.0 70.5 60.2 5.5 4.6

Tata Global Neutral 161 - 9,935 7,207 7,927 9.7 10.0 6.6 7.8 24.3 20.6 2.5 2.4 8.6 9.5 1.3 1.2


Market Outlook

Stock Watch

December 26, 2012


9/13



IT

HCL Tech^ Neutral 635 - 44,096 24,214 26,772 19.5 18.1 44.0 48.0 14.4 13.2 3.4 2.9 24.0 22.0 1.7 1.5

Hexaware* Buy 87 123 2,565 1,924 2,116 20.7 19.8 10.7 11.2 8.1 7.7 2.0 1.7 25.3 22.8 1.1 0.9

Infosys Accumulate 2,319 2,573 133,162 39,174 41,580 29.5 30.4 159.2 171.6 14.6 13.5 3.5 3.1 24.1 23.1 2.8 2.6

Infotech Enterprises Accumulate 179 202 2,001 1,886 2,032 17.9 17.3 18.7 20.2 9.6 8.9 1.4 1.2 14.9 14.0 0.7 0.6

KPIT Cummins Buy 109 132 1,948 2,195 2,317 15.5 15.0 10.7 12.1 10.2 9.0 2.2 1.7 21.0 19.8 0.9 0.8

Mahindra Satyam Accumulate 102 115 12,058 7,597 8,141 20.0 18.8 9.7 10.4 10.6 9.8 2.9 2.3 27.5 22.9 1.2 1.0

Mindtree Accumulate 708 747 2,909 2,324 2,437 20.0 17.7 73.3 74.7 9.7 9.5 2.3 1.9 24.1 19.7 1.0 0.9Mphasis& Neutral 378 - 7,937 5,700 5,993 18.0 16.9 37.0 37.3 10.2 10.1 1.5 1.3 14.3 12.6 0.9 0.8

NIIT Buy 29 36 485 1,048 1,161 9.3 10.9 4.2 6.2 7.0 4.7 0.7 0.7 10.5 14.1 0.3 0.2

Persistent Accumulate 514 540 2,056 1,261 1,352 26.4 24.7 48.2 54.0 10.7 9.5 2.0 1.7 19.0 17.9 1.3 1.1

TCS Accumulate 1,263 1,410 247,236 61,053 67,313 28.7 29.1 69.7 76.2 18.1 16.6 5.9 4.8 32.6 29.1 3.8 3.4

Tech Mahindra Buy 904 1,070 11,548 6,603 7,150 19.8 18.4 92.9 102.0 9.7 8.9 2.3 1.9 23.7 21.0 1.8 1.6

Wipro Accumulate 386 421 94,990 43,219 47,241 20.0 20.0 26.1 28.1 14.8 13.7 2.8 2.5 19.3 17.9 1.9 1.6

Media

D B Corp Buy 222 259 4,070 1,581 1,784 23.3 25.0 11.6 14.4 19.2 15.4 3.7 3.2 21.0 22.3 2.5 2.1

HT Media Accumulate 101 113 2,368 2,111 2,272 15.0 15.2 7.4 8.3 13.7 12.2 1.5 1.3 11.3 11.4 0.8 0.7

Jagran Prakashan Accumulate 103 117 3,256 1,503 1,681 23.1 23.1 6.4 7.3 16.1 14.2 4.0 3.6 25.8 26.5 2.4 2.0

PVR Neutral 285 - 824 682 786 17.3 16.9 17.6 19.7 16.2 14.5 1.9 1.7 14.9 14.5 1.5 1.3

Sun TV Network Neutral 419 - 16,522 1,942 2,237 77.2 75.5 17.6 19.1 23.8 22.0 6.0 5.3 25.8 25.2 8.0 6.9

Metals & Mining

Bhushan Steel Neutral 457 - 9,713 11,307 14,287 29.5 29.1 45.1 51.0 10.1 9.0 1.2 1.0 12.2 12.2 2.9 2.3

Coal India Neutral 354 - 223,694 66,666 70,292 25.7 27.3 24.2 26.6 14.7 13.3 4.3 3.5 33.1 29.1 2.4 2.1

Electrosteel Castings Accumulate 26 29 887 1,984 2,074 10.6 11.6 0.8 2.0 30.7 12.7 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Accumulate 138 145 58,246 12,446 13,538 52.3 52.9 15.0 16.4 9.2 8.4 1.8 1.5 21.4 19.7 2.8 2.2

Hindalco Neutral 129 - 24,679 79,148 89,258 9.4 9.0 15.0 15.6 8.6 8.3 0.7 0.7 8.8 8.4 0.7 0.6

JSW Steel Neutral 809 - 18,039 39,586 41,459 17.6 17.0 78.7 90.1 10.3 9.0 1.0 0.9 10.2 10.7 0.9 0.8

MOIL Neutral 254 - 4,271 941 1,019 47.3 48.3 25.8 28.1 9.9 9.0 1.5 1.4 16.7 16.2 2.2 1.8

Monnet Ispat Buy 288 344 1,851 2,501 3,264 22.2 24.6 41.8 55.2 6.9 5.2 0.7 0.6 11.3 13.4 1.8 1.3

Nalco Reduce 50 44 12,964 6,898 7,841 9.9 14.7 2.0 3.2 25.4 15.8 1.1 1.1 4.3 6.8 1.4 1.3

NMDC Buy 159 198 63,158 11,209 12,525 78.4 78.3 18.5 20.6 8.6 7.7 2.1 1.7 27.0 24.6 3.7 3.1

SAIL Neutral 89 - 36,782 47,252 60,351 14.2 14.8 9.6 11.7 9.3 7.6 0.8 0.8 9.4 10.6 1.2 1.0


Market Outlook

Stock Watch

December 26, 2012


10/13



Metals & Mining

Sesa Goa Neutral 192 - 16,708 4,551 6,640 32.8 34.4 33.7 39.3 5.7 4.9 1.0 0.8 18.3 18.3 4.3 2.9

Sterlite Inds Neutral 115 - 38,681 43,185 45,442 23.3 23.7 16.8 17.9 6.9 6.4 0.8 0.7 11.6 11.2 0.9 0.8

Tata Steel Accumulate 428 463 41,612 145,725 154,108 8.3 9.5 22.0 44.5 19.5 9.6 0.9 0.9 4.9 9.3 0.6 0.5

Sarda Accumulate 137 153 491 1,442 1,494 17.6 17.3 27.2 28.7 5.0 4.8 0.6 0.5 11.5 11.0 0.7 0.7

Prakash Industries Buy 48 73 652 2,694 2,906 14.6 16.6 16.4 20.8 3.0 2.3 0.3 0.3 11.4 12.8 0.5 0.3

Godawari Power andIspat

Buy 116 143 369 2,342 2,470 13.7 15.3 27.7 33.8 4.2 3.4 0.4 0.4 10.9 11.4 0.6 0.6

Oil & Gas

Cairn India Buy 315 382 60,181 17,567 17,643 76.2 72.3 61.1 56.8 5.2 5.6 1.0 0.9 22.0 17.5 2.6 2.2

GAIL Neutral 351 - 44,543 46,652 54,142 15.7 15.7 34.0 35.3 10.3 10.0 1.8 1.6 18.5 16.8 0.7 0.5

ONGC Buy 256 312 219,192 147,139 154,821 33.9 33.7 30.7 32.3 8.4 7.9 1.4 1.3 18.3 17.2 1.2 1.1

Reliance Industries Neutral 820 - 268,513 362,700 380,031 7.9 8.0 60.0 63.3 13.7 13.0 1.3 1.2 11.1 10.6 0.7 0.7

Gujarat Gas* Neutral 306 - 3,918 3,128 3,707 13.2 11.7 22.8 23.5 13.4 13.0 4.0 3.6 33.2 29.2 1.1 0.9

Indraprastha Gas Neutral 252 - 3,533 3,213 3,643 23.3 23.5 24.3 25.7 10.4 9.8 2.4 2.0 25.0 22.1 1.2 1.0

Petronet LNG Buy 159 183 11,944 30,077 33,570 6.6 6.3 15.1 15.3 10.5 10.4 2.7 2.2 28.4 23.1 0.4 0.4

Gujarat State PetronetLtd.

Neutral 76 - 4,248 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.7 3.7

Pharmaceuticals

Alembic Pharma Buy 69 91 1,302 1,624 1,855 14.2 15.6 6.6 9.1 10.5 7.6 2.6 2.0 27.9 29.9 0.9 0.8

Aurobindo Pharma Neutral 194 - 5,654 5,243 5,767 14.6 14.6 11.8 12.6 16.5 15.4 2.1 1.8 17.9 16.4 1.6 1.4

Aventis* Neutral 2,352 - 5,417 1,482 1,682 15.5 15.5 95.1 104.4 24.7 22.5 4.4 3.4 18.6 17.0 3.4 3.0

Cadila Healthcare Accumulate 880 926 18,013 6,148 7,386 18.6 19.6 32.7 44.8 26.9 19.6 5.9 4.7 23.7 26.6 3.3 2.7

Cipla Neutral 418 - 33,578 8,151 9,130 25.0 24.0 19.5 20.9 21.5 20.0 3.7 3.2 18.8 17.2 3.9 3.4

Dr Reddy's Neutral 1,820 - 30,890 10,696 11,662 20.7 21.0 83.7 92.9 21.7 19.6 4.5 3.8 22.4 20.8 3.2 2.8

Dishman Pharma Buy 116 145 934 1,280 1,536 20.2 20.2 10.4 14.5 11.1 8.0 0.9 0.8 8.7 11.0 1.4 1.2

GSK Pharma* Neutral 2,080 - 17,614 2,651 2,993 31.7 31.2 76.0 82.4 27.4 25.2 7.9 7.0 20.1 26.3 5.8 5.1

Indoco Remedies Buy 64 89 586 685 837 15.2 15.2 7.4 8.9 8.6 7.1 1.3 1.1 16.4 17.0 1.0 0.9

Ipca labs Reduce 516 485 6,507 2,850 3,474 21.0 21.0 29.9 37.3 17.3 13.8 4.1 3.3 26.7 26.4 2.5 2.0

Lupin Accumulate 606 652 27,122 8,426 10,082 19.7 20.0 26.3 31.3 23.1 19.4 5.4 4.3 26.0 24.7 3.3 2.8

Ranbaxy* Neutral 504 - 21,293 12,046 11,980 18.0 15.8 31.3 29.8 16.1 16.9 5.5 4.4 39.1 28.9 1.8 1.7

Sun Pharma Neutral 741 - 76,566 9,752 12,134 41.6 41.6 26.0 28.2 28.5 26.3 5.3 4.6 20.3 18.8 7.1 5.5

Power

CESC Neutral 308 - 3,845 5,218 5,644 24.2 23.8 44.6 47.6 6.9 6.5 0.7 0.7 11.0 10.6 1.5 1.5

GIPCL Accumulate 69 78 1,044 1,523 1,568 30.3 30.3 5.4 11.5 12.8 6.0 0.7 0.7 5.6 11.3 1.2 1.0


Market Outlook

Stock Watch

December 26, 2012


11/13



Power

NTPC Neutral 154 - 127,228 74,111 85,789 22.7 23.1 12.1 13.7 12.8 11.2 1.6 1.4 12.6 13.2 2.3 2.2

Real Estate

Anant Raj Reduce 91 78 2,699 657 875 52.0 56.1 8.4 12.7 10.9 7.2 0.7 0.6 6.3 8.9 5.4 4.0

DLF Neutral 223 - 37,947 9,878 12,033 44.7 46.1 9.6 13.4 23.3 16.7 1.5 1.4 6.4 8.7 6.3 5.2

HDIL Accumulate 107 115 4,462 2,441 3,344 55.1 48.2 22.7 26.6 4.7 4.0 0.4 0.4 8.8 9.4 3.7 2.8

MLIFE Neutral 411 - 1,677 813 901 26.2 26.6 32.0 37.1 12.8 11.1 1.3 1.2 10.4 11.0 2.4 2.1

TelecomBharti Airtel Accumulate 309 352 117,287 81,984 90,718 32.1 33.8 10.9 16.9 28.3 18.3 2.2 2.0 7.6 10.6 2.1 1.8

Idea Cellular Neutral 99 - 32,733 22,234 24,161 26.9 27.7 3.3 4.9 29.9 20.0 2.3 2.1 7.7 10.3 1.9 1.7

Rcom Neutral 73 - 15,119 21,090 22,308 31.8 29.9 3.0 3.8 24.1 19.3 0.4 0.4 1.7 2.1 2.4 2.2

zOthers

Abbott India Accumulate 1,485 1,590 3,155 1,629 1,886 11.8 13.3 60.8 79.5 24.4 18.7 5.0 4.2 22.0 24.4 1.7 1.4

Bajaj Electricals Accumulate 206 217 2,055 3,497 3,968 6.6 7.6 9.8 15.5 21.0 13.3 2.7 2.3 12.7 17.4 0.6 0.5

Cera Sanitaryware Neutral 415 - 525 427 528 15.7 14.6 30.0 34.0 13.8 12.2 3.0 2.5 24.6 22.5 1.3 1.1

Cravatex Buy 454 545 117 272 308 7.2 7.3 37.5 45.4 12.1 10.0 2.9 2.3 23.7 22.7 0.5 0.5

CRISIL Neutral 1,042 - 7,318 982 1,136 34.3 34.3 34.3 40.0 30.3 26.1 13.7 11.0 50.9 46.9 7.0 5.9

Finolex Cables Accumulate 58 61 879 2,304 2,552 9.9 9.1 8.2 10.1 7.1 5.7 1.0 0.8 13.7 14.7 0.3 0.3

Force Motors Buy 457 537 596 2,318 2,700 5.0 5.7 45.0 67.0 10.2 6.8 0.5 0.5 5.0 7.0 0.1 0.2

Goodyear India Neutral 346 - 797 1,494 1,607 6.4 7.8 23.9 33.0 14.5 10.5 2.3 2.0 16.5 20.1 0.3 0.3

Greenply Industries Neutral 324 - 782 1,925 2,235 10.6 10.9 29.6 44.1 11.0 7.3 1.8 1.5 16.8 21.0 0.7 0.6

Hitachi Neutral 151 - 346 873 989 4.4 6.5 6.4 12.2 23.7 12.4 1.9 1.7 8.3 14.4 0.5 0.4

Honeywell Automation* Neutral 2,710 - 2,396 1,745 1,993 4.0 5.3 59.5 90.4 45.5 30.0 3.5 3.0 8.1 11.3 1.3 1.1

Styrolution ABS India* Neutral 747 - 1,313 1,059 1,116 8.5 9.5 36.0 42.0 20.7 17.8 3.0 2.6 15.4 16.0 1.3 1.2ITD Cementation Neutral 235 - 271 1,323 1,455 12.4 12.4 23.2 27.7 10.1 8.5 0.7 0.6 6.8 7.6 0.7 0.6

Jyothy Laboratories Neutral 157 - 2,525 1,228 1,443 9.0 10.9 3.9 6.4 40.3 24.5 4.0 3.7 10.1 15.6 2.6 2.1

MCX Neutral 1,480 - 7,546 553 624 65.3 66.3 62.5 72.0 23.7 20.6 6.5 5.6 27.5 27.4 10.7 9.0

MRF Neutral 12,597 - 5,342 11,804 12,727 10.4 10.5 1,289.9 1,431.3 9.8 8.8 1.9 1.6 21.3 19.4 0.6 0.5

Page Industries Accumulate 3,319 3,602 3,702 836 1,023 20.2 20.6 105.6 133.4 31.5 24.9 16.0 11.3 59.3 53.2 4.5 3.7

Relaxo Footwears Buy 749 933 899 1,019 1,208 11.0 12.5 47.0 66.7 16.0 11.2 4.0 3.0 28.2 30.1 1.0 0.9

Sintex Industries Buy 65 79 1,933 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.6 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 302 366 283 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5

S. Kumars Nationwide Neutral 14 - 413 6,765 7,393 18.1 18.0 6.4 7.5 2.2 1.9 0.1 0.1 6.1 6.7 0.7 0.6


Market Outlook

Stock Watch

December 26, 2012


12/13



zOthers

SpiceJet Neutral 44 - 2,141 5,720 6,599 5.3 6.8 3.6 5.4 12.3 8.2 17.7 5.6 - - 0.5 0.4

TAJ GVK Buy 72 108 450 300 319 35.8 36.2 7.9 9.1 9.1 7.9 1.2 1.1 13.9 14.4 1.8 1.6

Tata Sponge Iron Buy 310 384 477 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.3 0.2

TVS Srichakra Buy 268 335 206 1,476 1,643 7.0 8.2 32.6 55.9 8.2 4.8 1.3 1.1 16.8 24.8 0.4 0.3

United Spirits Neutral 1,917 - 25,078 10,289 11,421 12.8 12.8 26.0 45.3 73.7 42.3 3.4 3.1 5.8 7.6 2.8 2.5

Vesuvius India Neutral 332 - 675 560 611 16.1 17.0 24.7 28.8 13.5 11.6 2.0 1.8 15.8 16.2 1.1 1.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 24, 2012


Market Outlook

Stock Watch

December 26, 2012


13/13


Market Outlook 26th Dec

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