Market Outlook, 27.02.13

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Market OutlookFebruary 27, 2013

www.angelbroking.com


Dealers Diary

The Indian market is expected to open flat tracking similar opening in SGX Nifty

and most other Asian markets.

The US market moved mostly higher over the course of the trading day on Tuesdayafter seeing some volatility in morning trading. This volatility came as Federal

Reserve Chairman testified before the Senate Banking Committee. The positive

sentiment was on the back of upbeat reports on new home sales and consumer

confidence. The US new home sales surged up by 15.6% in January 2013. With

this increase, sales rose to their highest rate since July 2008. Also, consumer

confidence index jumped to 69.6 in February 2013 from a revised 58.4 in January

2013. The European markets also showed significant moves to the downside on

the day due to the uncertainty created by the results of the Italian elections. After

two days of voting in crucial elections, Italy appears headed for political gridlock,

sparking fears of eventual comeback of European financial crisis

Meanwhile, Indian shares fell sharply on Tuesday, mirroring extremely weak Asianand European cues as inconclusive Italian elections stoked fears about the outlook

for the Eurozone economy. The underlying sentiment remained cautious as

investors await the upcoming Union Budget this week for directional cues.

Markets Today

The trend deciding level for the day is 19,095 / 5,783 levels. If NIFTY trades above

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

up to 19,213 19,412 / 5,817 5,873 levels. However, if NIFTY trades below

19,095 / 5,783 levels for the first half-an-hour of trade then it may correct up to

18,897 18,779 / 5,727 5,693 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 18,779 18,897 19,095 19,213 19,412

NIFTY 5,693 5,727 5,783 5,817 5,873

News Analysis Elections deadlock in Italy unfavorable for investor sentiments Railway Budget 2013 2014 2G spectrum auction: No applicant for GSM waves 4QCY2012 Result Review Ranbaxy, Vesuvius 4QCY2012 Result Preview BoschRefer detailed news analysis on the following page

Net Inflows (February 25, 2013)

` cr Purch Sales Net MTD YTDFII 2,537 2,271 266 22,471 44,701

MFs 348 312 36 (1,490) (6,204)

FII Derivatives (February 26, 2013)

` cr Purch Sales Net Open InterestIndex Futures 7,710 8,981 (1,271) 17,110

Stock Futures 7,790 7,382 408 30,570

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Idea Cellular 118 3.7 Jet Air India 448 (11.1)

Berger Paints 195 3.4 IFCI 31 (6.1)

Container Corp 1,013 2.2 Strides Arco 973 (5.7)

Oberoi Realty 283 1.8 Financial Tech 883 (5.2)

TCS 1,494 1.6 MMTC 488 (4.9)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (1.6) (316.6) 19,015

Nifty (1.6) (93.4) 5,761

MID CAP (1.8) (115.2) 6,414

SMALL CAP (2.4) (157.3) 6,318

BSE HC (1.9) (154.6) 7,867

BSE PSU (2.3) (164.0) 6,989

BANKEX (1.7) (232.2) 13,586

AUTO (2.8) (297.2) 10,488

METAL (2.3) (217.5) 9,240

OIL & GAS (3.1) (274.8) 8,690

BSE IT 0.9 59.7 6,788

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.8 116.0 13,900NASDAQ 0.4 13.4 3,130

FTSE (1.3) (84.9) 6,270

Nikkei (2.3) (263.7) 11,399

Hang Seng (1.3) (300.4) 22,520

Straits Times (1.0) (34.5) 3,254

Shanghai Com (1.4) (32.5) 2,293

Indian ADR Chg (%) (Pts) (Close)INFY (0.2) (0.1) $54.5

WIT (1.3) (0.1) $9.4IBN 0.2 0.1 $41.8

HDB 1.2 0.5 $39.2

Advances / Declines BSE NSEAdvances 774 423

Declines 2,072 1,083

Unchanged 115 65

Volumes (` cr)BSE 1,960

NSE 10,469
http://www.rttnews.com/Content/EconomicNews.aspxhttp://www.rttnews.com/Content/EconomicNews.aspx

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Elections deadlock in Italy unfavorable for investorsentiments

Elections in Italy have resulted in a deadlock as no political party has secured a

clear majority. But former Prime Minister Silvio Berlusconi (of centre-right political

bloc) has indicated that he might be open to a coalition with the center-left bloc,having a majority in the lower house. In the upper house, Senate, 158 seats are

required for a majority but the center-left is likely to get about 119 seats, higher

than 117 seats for the center-right bloc. This sentiment is largely coming from

opposition to anti-austerity measures adopted by Mario Monti which is adversely

impacting growth and employment in the economy. The economy has reported

double-digit growth in unemployment and it presently stands at 11.2%. A

prolonged political stalemate is likely to result in further risk aversion, coming on

the back of the unfavorable reaction of equity markets to the recently released

minutes of the United States Federal Reserves monetary policy meeting.

Railway Budget 2013 2014

The Railway Minister Pawan Kumar Bansal presented his maiden railway budget in

Lok Sabha and emphasized largely on financial sustainability. The Railway Budget

for FY2014 aims to focus on 4 areas namely safety, consolidation, passenger

amenities and fiscal discipline. However, the Minister refrained from hiking

passenger fares since the railways had already increased passenger fares across

the board in January 2013. This revision is likely to bring in an additional `6,600

cr for the railways in FY2014. However, the fuel bill in FY2014 is estimated to

increase by`5,100cr due to revision in HSD oil prices and electricity tariffs.

In this backdrop, the Railway Minister has proposed to segregate the fuel

component in tariffs such that the fuel adjustment component (FAC) adjusts to

changes in fuel costs and has proposed to implement this revision in freight tariff

from April 1, 2013. This is likely to result in an upward revision of about 5.0% in

freight tariff. Since no additional hike in passenger fares is implemented during the

budget, the railway ministry would absorb the impact of the expected burden of

`850cr.

Further, the Railway Minister has also proposed to increase charges for super fast

trains, reservation fee, clerkage charge, cancellation charge and tatkal charge but

enhanced reservation fee is abolished to simplify the fee structure.

Passenger earnings are budgeted to increase robustly by 29.9% in FY2014 over

the previous years estimates while earnings from freight are budgeted to increase

by a more modest 8.8% during FY2014. We believe that the FY2014 budgeted

estimates of passenger earnings appear optimistic particularly as even the revised

estimate for FY2013 indicates a decline of almost 10.0% over the budgeted

estimate in that period. It is thus likely overstating the gross traffic receipts (FY2014

BE of Rs. 143,742) to an extent.

The operating ratio is slated to be brought down to 87.8% in FY2014 from the

revised estimate of 88.8% in FY2013. The deceleration in the operating ratio from

the 95.0% level in FY2012 suggests an improvement in the financial health of therailways.

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For FY2014, the highest ever plan outlay of `63,363cr is likely to be financed

through Gross budgetary support of `26,000cr, road safety fund of `2,000cr,

internal resources of `14,260cr, market borrowing of `15,103cr and public

private partnerships of `6,000cr.

Going ahead the proposal for setting up of Railway Tariff Regulatory Authority, stillat inter-ministerial consultation stage, is a positive for the railways and we believe

its implementation would depoliticize railway tariff and ensure financial

sustainability.

2G spectrum auction: No applicant for GSM waves

The second round of 2G spectrum sale is virtually set to be a flop show as there is

no applicant for GSM band of radio waves while Sistema Shyam Teleservices

(SSTL) is the only firm for CDMA band at close of deadline for applying to take

part in the auction. While no application was received for the GSM band spectrum

at the close of deadline, SSTL was the lone applicant for the 800 MHz CDMA band

airwaves.

Government plans to conduct auction for spectrum unsold in November auction

along with spectrum that is held by operators whose licenses are due for renewal

in 2014. The government had expected to raise `40,000cr from the March

auction. This estimate is likely to come down to ~`3,000cr after SSTL pays for the

spectrum it has applied for, due to the lack of competing bidders. The Supreme

Court in February last year had cancelled 122 2G telecom licenses. The

government in November 2012 held auction for sale of partial spectrum vacated

by these companies. However, there was no bidder for CDMA spectrum and GSM

band radio waves in four circles (Delhi, Mumbai, Karnataka and Rajasthan) as

operators believed the reserve price was too stiff. We continue to remain Neutralon overall telecom sector.

4QCY2012 Result Review

Ranbaxy (CMP: `417/ TP: -/ Upside: -)

For 4QCY2012 Ranbaxy Labs posted numbers above expectations on the top-

line front, while it reported lower-than-expected numbers on the profit front.

On the sales front, the company reported a 28.8% decline to end the period at`2,671cr vs our expectation of `2,525cr. The main disappointment came on

the OPM front which came in at 3.4% vs our expectation of 9.3%. In addition

to this, contractual expenses along with the forex losses amounted to an

obligation of `506cr and `281cr respectively. This lead the company to post

an adj. net loss of around `154cr vs an expected net profit of `274cr. Wemaintain our Neutral view on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 12,046 16.0 1,572 37.3 45.3 11.2 4.3 9.3 1.5

CY2014E 11,980 15.8 1,356 32.1 29.7 13.0 3.5 9.0 1.4

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Vesuvius India (CMP: `332/ TP: `355/ Upside: 7.1%)

For 4QCY2012, Vesuvius India (VIL) reported better-than-expected results. Its top-

line grew slightly by 3.5% yoy to `154cr, and 10.6% higher than our expectation of

`139cr. For the full year CY2012, revenue grew by a marginal 3.8% yoy to

`564cr. EBITDA margin expanded by 298bp yoy to 19.3% for the quarter from

16.3% in 4QCY2011 mainly due to reduction in other expenses. Consequently,

the net profit for the quarter grew by 33% yoy from `13cr to `18cr in 4QCY2012.

As we roll over to CY2014E, considering current fall in stock price, we upgrade thestock to Accumulate with a target price of `355 based on a target PE of 12x forCY2014E.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 591 18 59 29 33.8 11.5 1.7 5.4 0.9

CY2014E 623 17 60 30 33.7 11.2 1.5 4.9 0.8

4QCY2012 Result Preview

Bosch (CMP: `8,851/ TP: `9,570/ Upside: 8%)

Bosch (BOS) is slated to announce its 4QCY2012 results today. We expect the

company to post a revenue growth of ~8% yoy to `2,202cr. The top-line growth is

likely to be restricted on account of the slowdown in the MHCV industry which is

the primary driver of the company's revenues. We expect EBITDA margins to

decline sharply by ~220bp yoy led by increasing cost pressures and unfavorable

currency movement. Hence, the net profit is expected to decline by ~29% yoy to

`199cr. At `8,851 the stock is trading at 19.4x CY2014E earnings. Currently wehave an Accumulate rating on the stock with a target price of `9,570.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDec. (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 9,973 17.8 1,244 396.2 18.8 22.3 4.2 13.6 2.3

CY2014E 11,320 18.0 1,431 455.7 18.2 19.4 3.5 11.4 1.9

Economic and Political News

Dual diesel pricing at same pumps difficult to implement: Finance Ministry DoT to start auction of CDMA spectrum from March 11, 2013 Goa loses `800cr in revenue due to mining closure Disinvestment proceeds to fund PSUs, banks, insurers: Finance Ministry

Corporate News

Suzlon gets 103 MW order from ONGC TCS to pay $30mn to settle wage dispute in California Posco sets target to start production from Odisha plant Jaguar launches XJ Ultimate priced at upto `1.9cr US-based Janus picks up 5.16% stake in Havells IndiaSource: Economic Times, Business Standard, Business Line, Financial Express, Mint

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Date Company

February 26, 2013 Ranbaxy

February 27, 2013 Bosch India, Goodyear

February 28, 2013 Mphasis

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

February 27, 2013 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Feb F (23.60) (23.60)

3:00PM UK GDP (YoY) % Change 4Q P -- --February 28, 2013 7:00PM US Initial Jobless claims Thousands Feb 23 362.00 360.00

3:30PM Euro Zone Euro-Zone CPI (YoY) % Jan 2.20 2.00

2:25PM Germany Unemployment change (000's) Thousands Feb (16.00) --

7:00PM US GDP Qoq (Annualised) % Change 4Q S (0.10) 0.50

11:00AM India Qtrly GDP YoY% % Change 4Q 5.30 4.90

March 1, 2013 2:25PM Germany PMI Manufacturing Value Feb F 50.10 50.10

3:00PM UK PMI Manufacturing Value Feb 50.80 51.00

6:30AM China PMI Manufacturing Value Feb 50.40 50.50

March 5, 2013 2:25PM Germany PMI Services Value Feb F 54.10 --

March 6, 2013 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P (0.60) --March 7, 2013 5:30PM UK BOE Announces rates % Ratio Mar 7 0.50 0.50

6:15PM Euro Zone ECB announces interest rates % Mar 7 0.75 --

March 8, 2013 5:29PM China Exports YoY% % Change Feb 25.00 --

7:00PM US Change in Nonfarm payrolls Thousands Feb 157.00 150.00

7:00PM US Unnemployment rate % Feb 7.90 7.90

March 9, 2013 7:00AM China Consumer Price Index (YoY) % Change Feb 2.00 --

11:00AM China Industrial Production (YoY) % Change Feb 10.30 --

March 11, 2013 4:29PM India Imports YoY% % Change Feb 6.10 --

4:29PM India Exports YoY% % Change Feb 0.80 --

March 12, 2013 3:00PM UK Industrial Production (YoY) % Change Jan (1.70) --

March 14, 2013 6:00PM US Producer Price Index (mom) % Change Feb 0.20 --

12:00PM India Monthly Wholesale Prices YoY% % Change Feb 6.62 --

March 15, 2013 6:00PM US Consumer price index (mom) % Change Feb -- --

6:45PM US Industrial Production % Feb (0.10) --

March 19, 2013 6:00PM US Housing Starts Thousands Feb 890.00 --

6:00PM US Building permits Thousands Feb 925.00 --

3:00PM UK CPI (YoY) % Change Feb 2.70 --

11:00AM India RBI Repo rate % Mar 19 7.75 --

11:00AM India RBI Cash Reserve ratio % Mar 19 4.00 --

11:00AM India RBI Reverse Repo rate % Mar 19 6.75 --

March 20, 2013 3:00PM UK Jobless claims change % Change Feb (12.50) --

10:00PM US FOMC rate decision % Mar 20 0.25 --


February 27, 2013

Market Outlook

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Macro watch

Exhibit 1:Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2:IIP trends

Source: MOSPI, Angel Research

Exhibit 3:Monthly WPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4:Manufacturing and services PMI

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

Exhibit 5:Exports and imports growth trends


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

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

(%)

1.0

4.3

2.5 2.0

8.3

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Jan-1

2

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

(%)

7.6 7.7 7.5 7.6 7.6 7.58.0 8.1

7.3 7.2 7.26.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

(%)

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Jan-12

Feb-12

Mar-12

Apr-12

Ma-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

No-12

Dec-12

Jan-13

Mfg. PMI Services PMI

(30.0)

(15.0)

0.0

15.0

30.0

Feb

-12

Mar-12

Apr-12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Exports yoy growth Imports yoy growth(%)

7.75

6.75

4.00

3.50

4.50

5.50

6.50

7.50

8.50

9.50

Mar-12

Apr-12

Ma-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oc-1

2

No-1

2

Dec-1

2

Jan-1

3

Feb

-13

Repo rate Reverse Repo rate CRR(%)

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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 120 - 2,327 1,466 1,686 14.8 14.8 7.0 8.1 17.1 14.8 3.6 3.1 22.6 22.5 1.7 1.5

United Phosphorus Buy 121 170 5,356 8,421 9,263 16.5 16.5 15.0 17.0 8.1 7.1 1.2 1.0 15.6 15.5 0.8 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 260 323 4,439 2,983 3,477 16.1 16.1 18.5 21.6 14.0 12.1 4.0 3.1 32.9 29.1 1.5 1.3

Apollo Tyres Accumulate 85 97 4,279 13,066 14,503 11.5 11.8 13.0 14.5 6.5 5.9 1.3 1.0 21.0 19.4 0.5 0.5

Ashok Leyland Buy 23 28 6,026 12,910 14,836 8.8 9.6 1.5 2.2 15.3 10.2 2.0 1.9 9.3 13.4 0.6 0.5

Automotive Axle# Neutral 331 - 500 934 1,103 10.2 10.7 24.5 34.3 13.5 9.6 1.7 1.5 13.2 16.9 0.6 0.5Bajaj Auto Neutral 1,922 - 55,613 20,775 23,889 18.5 19.0 107.6 126.4 17.9 15.2 7.4 5.8 45.8 42.8 2.4 2.0

Bharat Forge Accumulate 214 242 4,972 5,973 6,707 14.4 15.2 13.4 18.6 16.0 11.5 2.1 1.8 13.6 16.9 1.0 0.8

Bosch India* Accumulate 8,892 9,570 27,921 9,973 11,320 17.8 18.0 396.2 455.7 22.5 19.5 4.2 3.6 18.8 18.2 2.4 2.1

CEAT Buy 95 163 325 4,822 5,403 8.2 8.3 29.8 40.8 3.2 2.3 0.4 0.4 14.5 17.0 0.3 0.2

Exide Industries Neutral 126 - 10,680 6,016 7,026 12.7 14.4 5.8 7.8 21.5 16.0 3.2 2.7 15.4 18.2 1.5 1.2

FAG Bearings* Accumulate 1,439 1,569 2,391 1,619 1,879 16.0 16.6 108.6 130.7 13.3 11.0 2.3 1.9 18.8 19.1 1.2 1.0

Hero Motocorp Accumulate 1,690 1,923 33,751 23,990 27,038 13.8 14.6 105.8 120.2 16.0 14.1 6.4 5.2 44.3 41.0 1.1 1.0

JK Tyre Buy 106 165 436 7,169 7,929 6.9 7.1 40.4 41.3 2.6 2.6 0.5 0.4 20.5 18.0 0.4 0.3

Mahindra and Mahindra Accumulate 865 1,019 53,115 40,060 46,301 11.5 11.7 55.3 64.3 15.7 13.5 3.5 2.9 24.5 23.8 1.1 0.9

Maruti Accumulate 1,406 1,563 40,625 43,381 52,411 7.5 8.9 65.6 97.7 21.4 14.4 2.4 2.1 11.8 15.6 0.8 0.6

Motherson Sumi Accumulate 188 209 11,028 25,769 29,010 7.1 7.5 10.2 13.1 18.4 14.4 4.7 3.6 28.1 28.3 0.6 0.5

Subros Buy 26 35 154 1,296 1,476 9.8 9.9 3.4 5.0 7.6 5.1 0.5 0.5 7.2 10.2 0.4 0.4

Tata Motors Accumulate 289 326 77,087 184,201 209,642 12.4 13.5 28.0 36.3 10.3 8.0 2.3 1.8 24.6 25.4 0.5 0.4

TVS Motor Buy 40 47 1,888 7,019 7,827 6.0 6.3 4.3 5.3 9.3 7.5 1.5 1.3 16.4 18.0 0.2 0.2

Capital Goods

ABB* Sell 568 487 12,028 8,073 9,052 5.5 7.2 11.3 17.4 50.4 32.6 4.4 4.0 8.9 12.8 1.5 1.4BGR Energy Neutral 211 - 1,522 3,412 4,104 13.0 11.6 24.6 26.2 8.6 8.1 1.2 1.1 30.7 25.7 0.8 0.7

BHEL Neutral 202 - 49,466 47,801 43,757 18.0 17.1 24.1 20.8 8.4 9.7 2.5 2.1 32.9 23.6 0.9 1.0

Blue Star Buy 171 238 1,541 2,748 2,896 4.4 5.6 6.8 9.3 25.3 18.4 3.5 3.0 14.5 17.6 0.7 0.6

Crompton Greaves Buy 93 129 5,966 12,136 13,790 3.8 6.3 3.3 6.9 28.1 13.5 1.6 1.5 5.8 11.5 0.5 0.5

Jyoti Structures Buy 35 49 287 2,802 3,074 9.5 9.8 7.7 10.9 4.6 3.2 0.4 0.4 9.6 12.1 0.3 0.3

KEC International Buy 51 75 1,318 6,909 7,723 6.2 7.2 5.4 8.4 9.5 6.1 1.1 1.0 17.0 22.8 0.3 0.3

LMW Neutral 2,026 - 2,282 2,369 2,727 11.7 11.7 143.4 166.0 14.1 12.2 2.4 2.2 17.4 18.4 0.5 0.4

Thermax Neutral 580 - 6,912 5,529 5,798 9.0 9.6 27.1 30.3 21.4 19.2 3.7 3.3 18.6 18.2 1.1 1.0


Market Outlook

Stock Watch

February 27, 2013

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Cement

ACC Neutral 1,295 - 24,320 11,358 12,366 19.9 19.6 75.1 74.9 17.3 17.3 3.3 3.0 19.4 18.1 1.9 1.7

Ambuja Cements Neutral 197 - 30,420 9,730 11,221 25.6 25.0 10.2 11.3 19.3 17.4 3.5 3.2 18.7 19.0 2.8 2.3

India Cements Neutral 85 - 2,611 4,439 4,789 16.7 17.2 6.8 9.1 12.5 9.4 0.7 0.7 6.0 7.7 1.0 0.9

J K Lakshmi Cements Accumulate 126 143 1,537 2,119 2,478 22.9 22.3 20.3 22.8 6.2 5.5 1.1 0.9 18.0 17.7 0.9 1.1

Madras Cements Neutral 245 - 5,824 3,960 4,270 27.4 27.0 18.6 21.1 13.2 11.6 2.4 2.0 19.7 18.9 2.1 1.8

Shree Cements^ Neutral 4,331 - 15,087 5,678 6,251 29.0 28.6 288.1 334.0 15.0 13.0 4.2 3.3 31.7 28.4 2.1 1.7

UltraTech Cement Neutral 1,905 - 52,236 20,466 23,017 23.3 24.3 100.0 117.1 19.1 16.3 3.5 2.9 19.6 19.5 2.5 2.3Construction

Ashoka Buildcon Buy 208 268 1,095 20,466 23,017 22.5 22.5 24.4 27.0 8.5 7.7 1.0 0.9 12.3 12.1 0.2 0.2

Consolidated Co Neutral 12 - 216 2,262 2,522 5.9 6.3 0.9 1.6 12.8 7.5 0.4 0.3 2.7 4.6 0.4 0.4

IRB Infra Buy 115 164 3,827 3,843 4,212 43.1 43.6 16.8 17.8 6.8 6.5 1.2 1.0 18.3 17.0 3.1 3.4

ITNL Accumulate 198 225 3,843 6,564 7,054 27.2 27.4 26.3 29.0 7.5 6.8 1.2 1.0 17.0 16.3 2.7 2.8

IVRCL Infra Buy 28 35 852 3,773 6,706 6.9 8.4 (3.9) 2.9 (7.1) 9.6 0.4 0.4 (5.4) 4.1 0.9 0.6

Jaiprakash Asso. Buy 69 97 15,201 14,243 16,382 26.2 26.1 3.2 4.3 21.4 15.8 1.1 1.1 5.4 7.0 2.5 2.3

Larsen & Toubro Buy 1,367 1,788 84,142 60,666 69,525 10.6 11.2 71.9 85.0 19.0 16.1 3.0 2.6 14.5 15.2 1.6 1.4

Nagarjuna Const. Accumulate 37 44 953 5,863 6,576 8.1 8.2 3.1 4.1 12.1 9.1 0.4 0.4 3.2 4.2 0.6 0.5

Punj Lloyd Neutral 43 - 1,418 11,892 13,116 10.2 10.2 (0.4) 3.0 (100.2) 14.4 0.5 0.5 3.8 0.5 0.5

Sadbhav Engg. Buy 110 157 1,662 1,642 2,642 9.7 10.1 3.2 7.2 34.4 15.2 2.0 1.8 6.0 12.1 1.3 0.8

Simplex Infra Buy 159 197 788 6,026 7,135 9.1 9.3 14.1 24.6 11.3 6.5 0.6 0.6 5.6 9.2 0.5 0.5

Unity Infra Buy 33 59 242 2,180 2,455 13.7 13.4 13.3 15.0 2.5 2.2 0.3 0.3 12.5 12.5 0.5 0.5

Financials

Allahabad Bank Buy 143 183 7,155 6,509 7,264 2.7 2.8 28.2 33.5 5.1 4.3 0.7 0.6 13.8 14.7 - -

Andhra Bank Neutral 95 - 5,305 4,795 5,475 3.0 3.0 21.8 21.9 4.3 4.3 0.7 0.7 15.4 13.8 - -Axis Bank Buy 1,368 1,753 63,880 15,959 18,660 3.2 3.2 119.2 139.0 11.5 9.8 2.1 1.8 20.3 20.1 - -

Bank of Baroda Buy 726 935 29,850 14,889 17,393 2.5 2.6 108.2 134.0 6.7 5.4 1.0 0.9 15.3 16.7 - -

Bank of India Accumulate 329 380 18,849 12,793 14,823 2.3 2.4 49.5 65.1 6.6 5.0 0.9 0.8 13.6 16.0 - -

Bank of Maharashtra Accumulate 53 58 3,125 3,720 4,268 2.9 2.8 10.9 13.0 4.9 4.1 0.7 0.6 16.2 16.9 - -

Canara Bank Buy 427 517 18,932 10,783 12,000 2.1 2.3 64.8 82.2 6.6 5.2 0.9 0.8 13.2 15.0 - -

Central Bank Neutral 73 - 5,348 7,158 8,217 2.4 2.6 13.1 20.1 5.5 3.6 0.8 0.7 10.3 14.3 - -

Corporation Bank Buy 398 517 5,890 4,919 5,634 2.1 2.2 96.7 99.9 4.1 4.0 0.7 0.6 16.3 14.9 - -

Dena Bank Buy 95 124 3,329 3,090 3,462 2.7 2.7 25.6 24.6 3.7 3.9 0.7 0.6 19.2 15.9 - -


Market Outlook

Stock Watch

February 27, 2013

7/29/2019 Market Outlook, 27.02.13

9/14



Financials

Federal Bank Accumulate 494 557 8,440 2,667 2,920 3.2 3.2 49.1 51.4 10.1 9.6 1.3 1.2 13.9 13.1 - -

HDFC Neutral 772 - 119,199 7,446 8,923 3.5 3.5 32.2 38.5 24.0 20.0 4.9 4.4 35.4 32.6 - -

HDFC Bank Neutral 649 - 153,901 21,724 26,578 4.3 4.3 28.7 36.1 22.6 18.0 4.3 3.7 20.7 22.1 - -

ICICI Bank Buy 1,064 1,404 122,300 22,317 26,217 2.9 3.0 72.0 84.6 14.8 12.6 1.9 1.7 14.9 15.9 - -

IDBI Bank Buy 94 122 11,985 8,196 9,305 1.9 2.1 15.4 22.3 6.1 4.2 0.7 0.6 10.7 14.1 - -

Indian Bank Buy 178 221 7,654 5,716 6,362 3.2 3.2 37.7 41.1 4.7 4.3 0.8 0.7 16.9 16.2 - -

IOB Buy 73 88 5,802 7,231 8,369 2.4 2.5 10.2 20.2 7.1 3.6 0.6 0.5 7.4 13.4 - -J & K Bank Accumulate 1,282 1,406 6,216 2,784 2,932 3.7 3.7 229.2 199.6 5.6 6.4 1.3 1.1 24.6 18.2 - -

LIC Housing Finance Accumulate 240 264 12,132 1,722 2,080 2.2 2.2 19.9 24.6 12.1 9.8 1.9 1.6 16.6 17.9 - -

Oriental Bank Buy 275 336 8,009 6,360 7,004 2.6 2.8 48.1 59.4 5.7 4.6 0.7 0.6 12.1 13.5 - -

Punjab Natl.Bank Buy 827 1,053 28,042 19,202 22,040 3.2 3.4 146.8 167.9 5.6 4.9 1.0 0.9 17.6 17.5 - -

South Ind.Bank Buy 24 34 3,273 1,583 1,789 3.0 2.9 3.5 4.1 7.0 6.0 1.2 1.0 19.1 17.7 - -

St Bk of India Buy 2,199 2,597 147,563 60,594 70,439 3.3 3.3 221.9 257.4 9.9 8.5 1.7 1.4 17.4 17.7 - -

Syndicate Bank Buy 121 153 7,302 6,673 7,644 2.9 3.0 32.0 27.9 3.8 4.4 0.8 0.7 22.0 16.5 - -

UCO Bank Neutral 63 - 4,178 5,388 6,262 2.4 2.6 9.0 14.9 7.0 4.2 0.9 0.8 9.1 13.8 - -

Union Bank Buy 216 286 11,914 10,006 11,558 2.8 2.8 36.4 47.0 5.9 4.6 0.9 0.7 14.6 16.6 - -

United Bank Buy 66 82 2,383 3,549 3,814 2.5 2.7 12.0 21.4 5.5 3.1 0.6 0.5 10.1 16.3 - -

Vijaya Bank Neutral 52 - 2,582 2,342 2,763 1.9 2.1 8.0 10.9 6.5 4.8 0.7 0.6 10.1 12.6 - -

Yes Bank Buy 472 576 16,901 3,364 4,260 2.8 3.0 36.3 42.6 13.0 11.1 2.9 2.4 24.6 23.6 - -

FMCG

Asian Paints Neutral 4,396 - 42,166 11,198 13,319 15.9 15.7 122.1 147.1 36.0 29.9 12.2 9.5 37.7 35.7 3.8 3.2

Britannia Accumulate 490 564 5,852 5,580 6,417 4.8 5.0 18.1 21.7 27.1 22.6 9.8 7.9 38.7 38.7 1.0 0.8

Colgate Neutral 1,294 - 17,602 3,120 3,588 20.3 21.1 38.4 45.1 33.7 28.7 31.3 25.1 104.6 97.0 5.5 4.7

Dabur India Neutral 128 - 22,388 6,196 7,183 16.3 16.8 4.5 5.5 28.5 23.5 11.8 9.2 43.4 44.0 3.6 3.1

GlaxoSmith Con* Neutral 3,894 - 16,377 3,084 3,617 15.2 16.3 103.9 123.0 37.5 31.7 12.0 9.9 34.9 34.3 4.9 4.2

Godrej Consumer Neutral 718 - 24,449 6,386 7,743 15.7 17.0 20.8 27.1 34.5 26.5 7.4 6.1 23.7 26.4 4.1 3.3

HUL Neutral 453 - 97,834 25,350 28,974 13.3 13.5 15.1 17.0 30.0 26.7 23.8 17.0 85.7 74.3 3.7 3.2

ITC Neutral 291 - 229,169 29,148 34,191 35.7 36.1 9.4 11.1 31.0 26.2 10.3 8.5 35.9 35.7 7.6 6.4

Marico Neutral 219 - 14,135 4,747 5,402 13.6 13.6 6.3 7.8 34.6 28.0 7.1 5.8 26.0 22.6 3.1 2.6

Nestle* Neutral 4,611 - 44,457 8,302 9,739 22.0 21.5 110.7 130.8 41.7 35.3 24.7 17.7 69.5 58.6 5.4 4.5


Market Outlook

Stock Watch

February 27, 2013

7/29/2019 Market Outlook, 27.02.13

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FMCG

Tata Global Neutral 132 - 8,154 7,272 7,998 9.1 9.5 6.9 8.1 19.2 16.2 2.0 1.9 8.9 9.8 1.1 0.9

IT

HCL Tech^ Neutral 726 - 50,421 25,325 28,476 21.7 20.7 51.0 52.8 14.2 13.8 3.8 3.1 26.8 22.9 1.9 1.6

Hexaware* Buy 85 113 2,528 1,948 2,136 20.9 18.3 10.9 10.1 7.8 8.4 2.1 1.7 27.2 21.0 1.1 0.9

Infosys Neutral 2,960 - 169,980 40,746 44,283 28.9 28.8 162.6 172.9 18.2 17.1 4.3 3.7 23.5 21.3 3.5 3.1

Infotech Enterprises Accumulate 168 184 1,870 1,881 1,987 17.9 17.4 18.5 19.4 9.1 8.6 1.3 1.2 14.8 13.6 0.7 0.5

KPIT Cummins Buy 106 140 2,037 2,234 2,477 15.8 15.2 10.9 12.8 9.7 8.3 2.1 1.7 22.2 20.6 0.9 0.8Mahindra Satyam Accumulate 117 125 13,795 7,711 8,683 21.6 20.3 8.7 11.3 13.5 10.3 3.2 2.4 30.6 23.7 1.4 1.2

Mindtree Neutral 860 - 3,559 2,357 2,580 21.0 19.3 84.4 86.8 10.2 9.9 2.7 2.1 26.8 21.7 1.3 1.0

Mphasis& Accumulate 375 396 7,879 5,531 5,874 17.6 17.5 35.4 37.7 10.6 10.0 1.6 1.3 14.7 13.5 0.9 0.8

NIIT Buy 24 36 397 1,048 1,161 9.1 10.9 4.1 6.2 5.8 3.9 0.6 0.6 10.3 14.1 0.2 0.1

Persistent Neutral 564 - 2,256 1,297 1,433 25.6 24.1 46.5 54.0 12.1 10.5 2.2 1.9 18.5 18.0 1.4 1.2

TCS Neutral 1,494 - 292,468 62,954 70,871 29.0 28.9 71.6 79.1 20.9 18.9 6.9 5.6 33.2 29.7 4.4 3.8

Tech Mahindra Accumulate 1,025 1,105 13,111 6,789 7,609 21.0 19.6 95.8 110.7 10.7 9.3 2.6 2.1 24.3 22.3 2.0 1.7

Wipro Neutral 416 - 102,376 43,514 47,304 20.1 19.4 26.6 27.7 15.7 15.0 3.1 2.6 19.7 17.9 2.0 1.8

Media

D B Corp Buy 236 276 4,319 1,583 1,787 23.9 25.4 11.9 14.5 19.9 16.2 3.9 3.4 21.4 22.4 2.6 2.3

HT Media Accumulate 103 113 2,421 2,061 2,205 14.0 15.1 6.6 7.9 15.5 13.1 1.5 1.4 10.3 11.0 0.8 0.7

Jagran Prakashan Buy 100 125 3,163 1,511 1,698 23.2 23.4 6.4 7.3 15.5 13.7 3.9 3.4 25.9 26.6 2.3 2.0

PVR Neutral 257 - 747 820 1,307 17.3 17.3 11.2 17.8 23.1 14.5 1.1 1.0 9.7 10.8 1.0 0.6

Sun TV Network Neutral 423 - 16,680 1,942 2,237 77.2 75.5 17.6 19.1 24.1 22.2 5.8 5.2 25.8 25.2 8.2 7.0

Metals & Mining

Bhushan Steel Neutral 463 - 10,484 10,746 13,982 30.8 31.1 43.3 55.5 10.7 8.4 1.1 1.0 11.4 12.6 3.1 2.4Coal India Accumulate 315 368 198,997 66,666 70,292 25.7 27.3 24.2 26.6 13.0 11.8 3.9 3.1 33.1 29.1 2.1 1.9

Electrosteel Castings Buy 20 28 699 1,984 2,074 10.6 11.6 1.8 2.6 11.5 7.8 0.4 0.2 3.6 5.1 0.5 0.5

Hind. Zinc Buy 117 149 49,352 12,002 13,759 49.7 50.8 14.7 16.4 7.9 7.1 1.5 1.3 21.1 19.8 2.2 1.5

Hindalco Neutral 102 - 19,529 80,205 88,987 9.0 9.2 13.4 13.8 7.6 7.4 0.6 0.5 7.9 7.6 0.6 0.6

JSW Steel Neutral 763 - 17,031 39,072 40,493 16.5 18.2 82.4 90.3 9.3 8.5 0.9 0.9 10.7 10.7 0.9 0.8

MOIL Neutral 241 - 4,056 933 954 46.9 45.5 25.8 26.1 9.3 9.2 1.5 1.3 16.7 15.1 2.0 1.8

Monnet Ispat Buy 243 318 1,549 2,287 2,883 21.8 21.8 35.3 40.7 6.9 6.0 0.6 0.6 9.6 10.2 1.9 1.4

Nalco Neutral 45 - 11,585 6,630 8,357 11.4 14.5 2.1 3.3 21.1 13.8 1.0 0.9 4.6 6.9 1.1 0.9

NMDC Buy 139 181 55,228 9,674 11,536 75.2 76.6 16.0 18.6 8.7 7.5 1.9 1.6 23.6 23.0 3.7 2.9


Market Outlook

Stock Watch

February 27, 2013

7/29/2019 Market Outlook, 27.02.13

11/14



Metals & Mining

SAIL Neutral 73 - 30,070 43,438 56,199 12.0 12.2 6.5 8.5 11.2 8.6 0.7 0.7 6.6 8.2 1.0 0.7

Sesa Goa Accumulate 159 183 13,793 2,412 3,911 30.8 33.1 29.6 31.8 5.4 5.0 0.8 0.7 16.3 15.4 7.2 4.5

Sterlite Inds Accumulate 95 110 31,943 43,185 45,442 23.3 23.7 16.8 17.9 5.7 5.3 0.6 0.6 11.6 11.2 0.7 0.7

Tata Steel Buy 350 443 33,978 142,732 146,575 7.4 9.9 7.2 34.7 48.7 10.1 0.8 0.7 1.6 7.5 0.5 0.5

Sarda Buy 111 148 399 1,442 1,494 19.0 19.1 29.2 31.7 3.8 3.5 0.4 0.4 12.3 12.0 0.6 0.6

Prakash Industries Buy 36 52 488 2,512 2,816 12.4 13.7 10.0 12.6 3.6 2.9 0.2 0.2 7.2 8.4 0.5 0.4

Godawari Power andIspat Accumulate 95 112 303 2,367 2,425 14.2 13.7 33.3 33.5 2.9 2.9 0.3 0.3 12.9 11.2 0.6 0.5

Oil & Gas

Cairn India Buy 307 383 58,642 17,394 17,034 76.4 72.3 60.8 55.1 5.1 5.6 1.0 0.9 21.9 17.0 2.5 2.2

GAIL Neutral 340 - 43,071 48,077 55,815 15.3 15.3 34.9 35.9 9.7 9.5 1.7 1.5 19.0 17.0 0.6 0.5

ONGC Accumulate 306 357 262,055 144,089 158,065 32.8 34.7 28.7 34.4 10.7 8.9 1.7 1.5 17.0 18.3 1.6 1.4

Reliance Industries Neutral 824 - 266,010 362,700 380,031 8.9 8.9 68.1 71.5 12.1 11.5 1.3 1.2 12.4 11.8 0.7 0.7

Gujarat Gas* Neutral 280 - 3,597 3,707 3,850 11.7 12.4 23.7 25.7 11.8 10.9 3.3 2.9 29.6 28.2 0.9 0.8

Indraprastha Gas Neutral 263 - 3,676 3,365 3,700 22.8 23.4 25.3 26.6 10.4 9.9 2.4 2.1 26.0 22.6 1.2 1.1

Petronet LNG Buy 141 179 10,601 32,210 41,362 6.1 5.8 15.4 15.6 9.2 9.1 2.4 2.0 29.1 24.1 0.4 0.3

Gujarat State PetronetLtd.

Neutral 67 - 3,765 1,079 983 91.8 91.9 8.8 7.8 7.7 8.5 1.3 1.1 17.8 14.1 3.3 3.5

Pharmaceuticals

Alembic Pharma Buy 80 95 1,509 1,490 1,714 16.2 17.1 7.4 9.5 10.8 8.4 2.9 2.3 30.7 30.2 1.1 0.9

Aurobindo Pharma Accumulate 172 208 5,003 5,463 6,279 15.0 15.0 12.4 14.0 13.9 12.3 1.8 1.5 18.8 17.8 1.5 1.3

Aventis* Neutral 2,307 - 5,312 1,482 1,682 17.5 16.6 82.9 87.8 27.8 26.3 4.4 3.5 16.3 14.8 3.4 2.9

Cadila Healthcare Accumulate 765 817 15,668 6,148 7,386 15.3 18.0 24.6 39.5 31.1 19.4 5.8 4.7 18.4 25.1 3.0 2.4

Cipla Accumulate 362 419 29,026 8,151 9,130 25.8 24.8 20.2 21.6 17.9 16.7 3.2 2.7 19.4 17.6 3.4 3.0

Dr Reddy's Neutral 1,766 - 29,979 10,696 11,662 20.7 21.0 83.7 92.9 21.1 19.0 4.3 3.6 22.4 20.8 3.2 2.8

Dishman Pharma Buy 71 155 575 1,280 1,536 20.2 20.2 12.1 15.5 5.9 4.6 0.6 0.5 10.0 11.6 1.2 1.0

GSK Pharma* Neutral 2,092 - 17,721 2,651 2,993 31.7 31.2 76.0 82.4 27.5 25.4 8.0 7.1 20.1 26.3 5.9 5.1

Indoco Remedies Buy 66 78 611 642 784 14.2 15.2 5.7 7.8 11.6 8.5 1.4 1.2 12.9 16.4 1.1 1.0

Ipca labs Accumulate 492 559 6,210 2,850 3,474 21.0 21.0 29.9 37.3 16.5 13.2 3.9 3.1 26.7 26.4 2.4 1.9

Lupin Accumulate 597 655 26,711 8,426 10,082 19.7 20.0 26.1 31.1 22.9 19.2 5.3 4.3 25.8 24.7 3.4 2.8

Ranbaxy* Neutral 417 - 17,652 12,046 11,980 16.0 15.8 37.3 32.1 11.2 13.0 4.3 3.5 45.3 29.7 1.5 1.5

Sun Pharma Neutral 799 - 82,636 10,111 12,563 42.6 42.6 28.9 29.8 27.7 26.8 5.6 4.8 22.3 19.2 7.7 6.1

Power

GIPCL Accumulate 72 78 1,085 1,502 1,535 32.1 31.9 11.4 12.5 6.3 5.7 0.7 0.7 7.6 11.9 1.2 1.0


Market Outlook

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February 27, 2013

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Power

NTPC Accumulate 151 163 124,507 72,809 81,951 23.4 24.1 12.2 13.6 12.4 11.1 1.5 1.4 12.2 12.5 2.3 2.2

Real Estate

DLF Accumulate 269 288 45,754 7,953 9,699 34.7 37.0 4.4 6.0 61.6 45.1 1.8 1.7 3.1 3.8 7.9 6.2

MLIFE Accumulate 408 446 1,667 786 888 26.3 26.7 31.0 36.3 13.2 11.3 1.3 1.2 10.1 10.8 2.5 2.1

Telecom

Bharti Airtel Accumulate 311 350 118,217 80,521 87,160 30.5 30.5 6.4 10.4 48.7 29.9 2.3 2.1 4.6 7.0 2.3 2.1

Idea Cellular Neutral 118 - 39,091 22,087 23,927 26.6 27.7 2.9 3.9 40.4 30.2 2.8 2.6 6.9 8.4 2.3 2.1Rcom Neutral 68 - 14,004 21,087 22,067 31.8 31.9 2.6 4.0 25.9 17.0 0.4 0.4 1.5 2.2 2.4 2.2

zOthers

Abbott India Buy 1,362 1,590 2,895 1,629 1,886 11.8 13.3 60.8 79.5 22.4 17.1 4.6 3.8 22.0 24.4 1.6 1.3

Bajaj Electricals Buy 177 217 1,763 3,450 3,929 4.5 7.4 10.0 15.5 17.7 11.4 2.3 2.0 13.0 17.4 0.5 0.5

Cera Sanitaryware Buy 415 495 525 460 596 16.4 16.2 34.7 45.0 12.0 9.2 2.9 2.3 27.7 27.8 1.2 0.9

Cravatex Buy 350 545 90 272 308 7.2 7.3 37.5 45.4 9.3 7.7 2.2 1.8 23.7 22.7 0.4 0.4

CRISIL Neutral 967 - 6,794 982 1,136 34.3 34.3 34.3 40.0 28.2 24.2 12.8 10.2 50.9 46.9 6.5 5.4

Finolex Cables Buy 49 61 753 2,304 2,552 9.9 9.1 8.2 10.1 6.0 4.9 0.8 0.7 13.7 14.7 0.3 0.3

Force Motors Buy 415 550 541 2,027 2,299 4.6 5.1 35.3 50.0 11.8 8.3 0.5 0.4 3.9 5.3 0.1 0.1

Goodyear India Buy 287 360 662 1,494 1,607 6.4 7.8 23.9 33.0 12.0 8.7 1.9 1.6 16.5 20.1 0.2 0.2

Greenply Industries Sell 353 309 853 1,925 2,235 10.6 10.9 29.6 44.1 12.0 8.0 2.0 1.6 16.8 21.0 0.8 0.6

Hitachi Neutral 131 - 300 905 1,025 4.8 6.0 7.7 12.4 17.1 10.6 1.6 1.4 9.9 14.4 0.4 0.4

Honeywell Automation* Accumulate 2,590 2,842 2,290 2,117 2,491 8.1 7.8 140.5 157.9 18.4 16.4 2.8 2.4 16.3 15.8 1.0 0.8

Styrolution ABS India* Buy 606 744 1,066 1,059 1,116 8.5 9.5 36.0 42.0 16.8 14.4 2.5 2.1 15.4 16.0 1.1 1.0

ITD Cementation Buy 206 334 237 1,455 1,630 12.4 12.6 29.8 40.5 6.9 5.1 0.5 0.5 8.2 9.8 0.6 0.6

Jyothy Laboratories Accumulate 156 167 2,523 816 979 14.5 14.9 5.2 6.0 30.4 26.0 3.5 3.2 8.8 10.2 3.3 2.7MCX Buy 1,123 1,440 5,727 553 624 65.3 66.3 62.5 72.0 18.0 15.6 4.9 4.3 27.5 27.4 7.7 6.4

MRF Accumulate 12,181 13,416 5,166 13,030 14,405 10.3 10.6 1,418.1 1,677.1 8.6 7.3 1.5 1.3 19.1 18.7 0.5 0.4

Page Industries Neutral 3,296 - 3,676 856 1,047 19.1 19.6 101.2 127.3 32.6 25.9 16.7 12.4 58.5 54.9 4.4 3.6

Relaxo Footwears Buy 613 887 736 989 1,148 10.7 11.7 41.8 55.5 14.7 11.1 3.3 2.6 25.5 26.3 0.9 0.8

Sintex Industries Buy 57 79 1,783 4,751 5,189 16.3 16.6 13.6 15.8 4.2 3.6 0.6 0.5 12.9 13.2 0.8 0.6

Siyaram Silk Mills Buy 269 332 253 1,048 1,157 11.3 12.0 58.7 66.5 4.6 4.1 0.8 0.7 18.9 18.3 0.5 0.5

S. Kumars Nationwide Neutral 9 - 281 6,765 7,393 18.1 18.0 6.4 7.5 1.5 1.3 0.1 0.1 6.1 6.7 0.6 0.6

SpiceJet Buy 35 43 1,676 5,720 6,599 5.3 6.8 3.6 5.4 9.6 6.5 13.9 4.4 - - 0.4 0.4

TAJ GVK Buy 66 108 414 300 319 35.8 36.2 7.9 9.1 8.4 7.3 1.1 1.0 13.9 14.4 1.7 1.5


Market Outlook

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February 27, 2013

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zOthers

Tata Sponge Iron Buy 308 379 475 782 818 16.5 17.0 61.8 65.4 5.0 4.7 0.7 0.7 15.7 14.7 0.3 0.2

TTK Healthcare Buy 437 643 340 374 425 7.9 9.5 24.1 32.7 18.2 13.4 19.7 22.5 0.8 0.6

TVS Srichakra Buy 210 276 160 1,461 1,591 5.6 7.1 6.9 39.4 30.3 5.3 1.2 1.0 3.8 20.6 0.3 0.3

United Spirits Neutral 1,801 - 23,552 10,473 11,939 15.0 15.8 30.4 56.9 59.2 31.7 4.5 2.9 10.8 12.3 3.0 2.3

Vesuvius India Neutral 332 - 674 560 611 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 February 26, 2013


Market Outlook

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February 27, 2013

7/29/2019 Market Outlook, 27.02.13

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Market Outlook, 27.02.13

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