Market Outlook 30th April 2012

8/2/2019 Market Outlook 30th April 2012

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Market OutlookApril 30, 2012

www.angelbroking.com

Dealers Diary

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

Asian markets.

Globally, U.S. stocks moved mostly higher over the course of the trading day on

Friday due to some upbeat earnings news as well as a better than expected

reading on consumer sentiment index which came in at 76.4 for April compared to

the Marchs reading of 76.2. The Commerce Department reported U.S. GDP

numbers which increased by 2.2% (expected 2.5%) in the first quarter compared to

the 3.0% growth seen in the fourth quarter CY2011. Most European stock markets

also closed with weekly gains on Friday, after release of U.S. consumer spending

data.

Meanwhile, Indian shares ended another lackluster trading session on as the news

of Spain's credit rating and downgrade by S&P prompted investors to take a

cautious stance.

Markets TodayThe trend deciding level for the day is 17,133 / 5,189 levels. If NIFTY trades above

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

up to 17,244 17,353 / 5,224 5,258 levels. However, if NIFTY trades below

17,133 / 5,189 levels for the first half-an-hour of trade then it may correct up to

17,024 16,913 / 5,156 5,121 levels.

Indices S2 S1 PIVOT R1 R2SENSEX 16,913 17,024 17,133 17,244 17,353NIFTY 5,121 5,156 5,189 5,224 5,258News Analysis

4QFY2012 Result Reviews ICICI Bank, Axis Bank, HCC 4QFY2012 Result Previews BOI, Dabur, Godrej Consumer, Exide industries,

OBC, Vijaya Bank, KPIT

Refer detailed news analysis on the following page

Net Inflows (April 26, 2012)

` cr Purch Sales Net MTD YTDFII 1,861 1,929 (68) (749) 44,577

MFs 483 477 7 (409) (5,983)

FII Derivatives (April 27, 2012)

` cr Purch Sales Net Open InterestIndex Futures 1,955 2,058 (103) 11,536

Stock Futures 2,453 2,952 (499) 24,019

Gainers / Losers

Gainers LosersCompany Price (`) chg (%) Company Price (`) chg (%)Hindustan Copp 291 14.8 CRISIL 1,026 (1.8)

MMTC 744 10.0 Apollo Tyres 92 (1.6)

Lanco Infra 14 8.2 Thermax 444 (1.3)

Chambal Fert 78 5.1 ING Vysya Bank 362 (1.2)

Neyveli Lignite 85 4.5 Siemens 781 (1.2)

Domestic Indices Chg (%) (Pts) (Close)BSE Sensex 0.3 53.1 17,187

Nifty 0.4 18.4 5,209

MID CAP 0.5 31.5 6,272

SMALL CAP 0.4 28.3 6,726

BSE HC 0.4 26.0 6,778

BSE PSU 1.3 93.4 7,193

BANKEX 0.6 75.2 11,760

AUTO 0.5 47.0 10,575

METAL 0.7 78.9 10,969

OIL & GAS 0.1 4.3 7,882

BSE IT 0.1 4.2 5,572

Global Indices Chg (%) (Pts) (Close)Dow Jones 0.2 23.7 13,228NASDAQ 0.6 18.6 3,069

FTSE 0.5 28.4 5,777

Nikkei (0.4) (40.9) 9,521

Hang Seng (0.3) (68.3) 20,741

Straits Times (0.1) (3.2) 2,979

Shanghai Com (0.4) (8.4) 2,396

Indian ADRs Chg (%) (Pts) (Close)INFY 0.4 0.2 $47.1

WIT (0.4) (0.0) $9.8IBN 2.5 0.8 $33.3

HDB 1.6 0.5 $34.4

Advances / Declines BSE NSEAdvances 1,120 770

Declines 640 502

Unchanged 430 66

Volumes (` cr)BSE 1,451

NSE 9,948


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Result ReviewsICICI Bank (CMP: `869 / TP: 1,183 / Upside: 36.1%)ICICI bank delivered an all-round performance during 4QFY2012, both on the

operating and asset quality front. The banks domestic NIM improved by 27bp

qoq, leading to healthy sequential NII growth of 14.5%. The banks non-interest

income also saw traction during the quarter growing by 17.8% qoq (up 35.8%

yoy). The banks asset quality also improved during 4QFY2012 with both gross

and net NPA levels declining by 2.5% qoq and 9.1% qoq, respectively. Healthy

performances overall resulted in net profit for ICICI bank growing by a strong

31.0% yoy to `1,902cr (up 10.0% qoq). We recommend a buy on the stock with atarget price of `1,183.

Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 22,209 2.8 7,843 67.9 561.4 1.5 14.7 12.8 1.5

FY2014E 26,512 2.8 9,369 81.1 607.4 1.5 16.0 10.7 1.4

Axis Bank (CMP: `1,121 / TP: 1,587 / Upside: 41.6%)

Axis bank reported a healthy PAT growth of 25.2% yoy (up 15.9% qoq) to

`1,277cr, which were ahead of our estimates. The banks NIMs declined

sequentially on a qoq basis by 20bp, resulting in a lower operating profit than

estimated by us. However, the bank surprised positively on the asset quality front

with provisioning expenses declining by 67.0% qoq (down 45.2% yoy), resulting in

a healthy bottom-line. Both gross and net NPA levels were down sequentially by

5.7% qoq and 30.8% qoq, respectively. We recommend a buy on the stock with atarget price of `1,587.

Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 16,157 3.2 4,969 116.4 630.8 1.6 20.0 9.6 1.8

FY2014E 19,557 3.2 5,939 139.1 738.0 1.5 20.3 8.1 1.5

Maruti Suzuki (CMP: `1,397 / TP: 1,510 / Upside: 8.1%)

For 4QFY2012, Maruti Suzuki (MSIL) reported an in-line opearting performance;

whereas bottom-line was signifiacntly ahead led by steep increase in other income.

Net sales for the quarter registered a strong growth of 17.2% yoy (51.7% qoq) to

`11,727cr aided by 4.9% yoy (50.4% qoq) increase in total volumes (led by new

Swift and Dzire) and 11.7% yoy (1.4% qoq) increase in net average realisation

(driven by superior product mix - higher contribution of diesel vehicles and price

increases). On the operating front, EBITDA margins nosedived 281bp yoy to 7.3%largely on account of higher raw-material costs (up ~200bp yoy to 79.6% of sales)

due to higher outgo relating to vendor compensation. Employee expenses too

increased 66bp yoy impacted by higher variable pay during the quarter. As a


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result operating profit declined 15.3% yoy`859cr. Net profit however, was down

by only 3% yoy to `640cr as substantial increase in other income (up 155% yoy)

boosted the profitability.

At `1,397, MSIL is trading at 18x and 13.9x FY2013E and FY2014E earnings,

respectively. We maintain our Accumulate rating on the stock with a target price`1,510.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 42,752 7.1 2,246 77.7 13.9 18.0 2.4 10.6 0.7

FY2014E 49,296 8.0 2,908100.6 15.7 13.9 2.0 7.7 0.6

HCC (CMP: `20 / TP: - / Upside: -)

For 4QFY2012, HCC continued its poor performance on the numbers front as

expected. On the top-line front, HCCs revenue declined by 3.9% yoy to `1,156cr

against our estimate of `1,022cr. However, it includes ~`166cr (total arbitration

award `256cr) of arbitration award, excluding which it would have stood at

~`990cr. EBITDAM came in at shocking 7.6%, a dip of 680bp yoy and lower

than our estimate of 11.8%. On the earnings front, HCC reported a loss of `54cr

vs. profit of `23cr in 4QFY2011, against our estimate of loss of `23cr owing to

lower EBITDA margin and higher interest cost. Interest cost witnessed an increase

of 39.4% and 6.3% on yoy and qoq basis respectively. The total outstanding order

book stands at `15,336cr (excluding L1 orders of `1,713cr) with dismal order

inflow of `1,889cr (decline of ~44% on yoy basis) for FY2012. Owing to concernssuch as slowdown in order inflow, high debt and stretched working capital, weremain Neutral on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2013E 4,239 11.1 (109) (1.8) (9.5) - 1.2 11.7 1.3

FY2014E 4,522 11.7 (47) (0.8) (4.7) - 1.3 10.3 1.2

Hexaware (CMP: `130 / TP: - / Upside: -)For 1QCY2012, Hexaware reported a healthy set of results. Major highlightsof the results were whopping 6.6% qoq volume growth even in a seasonallysoft quarter for IT companies. The USD revenue came in at US$88mn, up4.7% qoq. In INR terms, revenue came in at `438cr, up 1.5% qoq. Thecompanys EBITDA and EBIT margins declined by 61bp and 77bp qoq to22.4% and 20.8%, respectively, majorly due to qoq INR appreciation againstUSD. PAT for the quarter stood flat qoq to `88cr. Hexaware has beenoutperforming in the mid-cap space since eight quarters by reporting ascorching 7.7% CQGR. Management has been outperforming its guidance

every quarter and has maintained CY2012 yoy USD revenue growth guidanceof at least 20%. We expect the company to continue its revenue growth on theback of increasing traction for enterprise services as well as continue itsoperational exuberance. We value the company at 12x CY2013E EPS of


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`10.7, which gives us a target price of `128. The stock price has run upsignificantly and we see limited upside from current levels. We maintain ourNeutral rating on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2012E 1,821 19.0 295 9.8 23.7 13.2 3.1 9.5 1.8

CY2013E 2,105 18.6 321 10.7 22.4 12.1 2.7 8.1 1.5

Result Previews

Bank of India

Bank of India is scheduled to announce its 4QFY2012 results today. We expect the

bank to report a decline of 6.5% yoy in net interest income to `2,157cr. The non-interest income of bank is expected to report a moderate growth of 10.4% yoy to

`909cr. Operating expenses are expected to decline by 35.0% yoy to `1,251cr

(high base due to employee provisioning related to pension) expenses in

4QFY2011), leading to 50.6% yoy growth in PPP. Provisioning expenses are

expected to rise by a substantial 76.2% yoy to `842cr, however the net PAT is still

expected to increase by a strong 42.6% yoy. We have a buy rating on the stockwith a target price of `392.

Dabur

Dabur is slated to announce its 4QFY2012 results. For the quarter, we expect

Dabur to post a 17.4% growth in its consolidated Top-line to `1,301cr, driven by

both higher volumes and better realizations. The OPMs are expected to contract by

106bp yoy to 17.5% due to input cost pressures. The Bottom-line is expected to

register a modest growth of 9.7% yoy to `161cr. We recommend a Neutral on thestock.

Godrej Consumer

Godrej Consumer (GCPL) is slated to announce its 4QFY2012 results. For the

quarter, we expect GCPL to post a strong 28.3% yoy growth in its Top-line to

`1,283cr, driven by healthy performance from both the domestic and international

businesses. The OPMs are expected to remain flat at 17.5%. The Bottom-line is

expected to register a growth of 13.0% yoy to `160cr. We maintain a Neutral onthe stock.

Exide Industries

Exide Industries (EXID) is slated to announce its 4QFY2012 results today. We

expect the top-line to grow by 8% yoy (healthy growth of 6% qoq) to `1,325cr led

largely pick up in the OEM sales. On the operating front, EBITDA margin is

expected to decline by 425bp yoy to 14.5% on account of price cuts carried out in


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September 2011 to counter competitive pressures. Hence, bottom line is expected

to post a 20% yoy decline to `130cr. The stock rating is under review.

Oriental Bank of Commerce

Oriental Bank of Commerce is scheduled to announce 4QFY2012 results today.

The Net Interest Income is expected to grow by a healthy 16.8% yoy (muted 3.9%

qoq) to `1,184cr. Non-interest income is expected to increase by 15.8% yoy

(17.6% qoq) to `347cr. Operating expenses are expected to increase by 21.5%

yoy (decline by 6.0% qoq) to `571cr. While pre-provision profit is expected to

increase by 13.8% yoy (16.0% qoq), Provisioning expenses are expected to decline

by 39.0% yoy and 10.2% qoq. We expect the net profit of the bank to increase by

25.3% yoy (18.0% qoq) to `418cr. At the CMP the stock is trading at 0.5x

FY2014E P/ABV. We recommend Buy on the stock with a Target Price of `296.

Vijaya Bank

Vijaya bank is scheduled to announce 4QFY2012 results. Net interest income is

expected to grow at a muted 2.8% yoy (3.6% qoq) to `492cr. Non-interest income

is expected to decline by 3.0% yoy (increase by 19.8% qoq) to `139cr.

Consequently, the operating income is expected to increase by 1.5% yoy (6.8%

qoq) to `630cr. The operating expenses are expected to decline by 36.6% yoy to

`324cr on account of higher pension related provisioning in 4QFY2011.

Reduction in operating expenses would aid pre-provisioning profit to grow by

178.3% yoy to `306cr. Provisioning expenses are expected to increase by 55.2%

yoy to `133cr (decline by 20.4% qoq). Consequently, the net profit is expected to

increase by 138.8% yoy (4.0% qoq) to `129cr. At the CMP, the stock is trading at

valuations of 0.7x FY2014E ABV. We recommend Neutral on the stock.

KPIT

KPIT Cummins Infosystems (KPIT) is slated to announce its 4QFY2012 results

today. We expect the company to post revenue of US$95.8mn, up 30.4% aided by

revenues coming in from Systime acquisition. In rupee terms, the revenue is

expected to come in at `481cr, up 27.0% qoq. EBITDA margin is expected to

expand to remain almost flat qoq at 15.4% as Systime had EBITDA margin in

single digits. PAT is expected to come in at `38cr. We maintain Accumulate ratingon the stock with a target price of `98.


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Quarterly Bloomberg Brokers Consensus EstimatesExide Industries - (30/04/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,353 1,226 10 1,250 8

EBITDA 209 222 (6) 166 26EBITDA margin (%) 15.4 18.1 13.2

Net profit 135 163 (17) 104 30

Bank of India Ltd - (30/04/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net profit 700 494 42 716 (2)

United Phosphorous Ltd - Consolidated- (30/04/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,915 1,805 6 1,872 2

EBITDA 348 317 10 348 (0)

EBITDA margin (%) 18.2 17.5 18.6

Net profit 164 217 (25) 112 45

Dabur India Ltd - Consolidated- (30/04/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 1,345 1,116 21 1,453 (7)

EBITDA 224 188 19 232 (3)

EBITDA margin (%) 16.7 16.9 16.0

Net profit 161 147 10 173 (7)

Titan Industries Ltd - (30/04/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 2,231 1,768 26 2,440 (9)

EBITDA 179 106 68 213 (16)

EBITDA margin (%) 8.0 6.0 8.7Net profit 134 84 60 164 (18)

Hindustan Unilever Ltd - (01/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 5,683 4,899 16 5,770 (2)

EBITDA 819 647 27 970 (16)

EBITDA margin (%) 14.4 13.2 16.8

Net profit 653 569 15 754 (13)


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Hero Moto Corp Ltd - (02/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 5,981 5,351 12 5,984 0

EBITDA 884 830 7 943 -6

EBITDA margin (%) 14.8 15.5 15.8

Net profit 620 502 24 613 1

Bharti Airtel Ltd - Consolidated (02/05/2012)Particulars (` cr) 4Q FY12E 4Q FY11 y-o-y (%) 3Q FY12 q-o-q (%)Net sales 18,937 16,265 16 18,477 2

EBITDA 6,264 5,444 15 5,964 5

EBITDA margin (%) 33.1 33.5 32.3

Net profit 1,232 1,401 (12) 1,011 22

Economic and Political News EGoM given sweeping powers on 2G auction Business confidence improves but input costs a worry: CII NHAI lines up new road maintenance deals

Corporate News

India Cements to invest `750cr in Tamil Nadu unit expansion Reliance-RTL JV to launch entertainment channel Thrill Rajasthan scraps power project tenders won by BHELSource: Economic Times, Business Standard, Business Line, Financial Express, Mint


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Date Company

May 02, 2012Titan Inds., Bank of India, Dabur India, Godrej Consumer, Exide Industries, Oriental Bank, United Phosphorus, Areva,Vijaya Bank, Punj Lloyd, KPIT Cummins, Automotive Axle, Taj GVK

May 03, 2012 HUL

May 04, 2012 Bharti Airtel, Hero Motocorp

May 05, 2012 Marico, Aventis, KEC International, Finolex Cables

May 06, 2012 Bank of Baroda, Corporation Bank, D B Corp, ITD Cementation

May 07, 2012 Grasim Inds, Allahabad Bank, IOB, Syndicate Bank, UCO Bank, United Bank, Bank of Maharashtra

May 08, 2012 -

May 09, 2012 HDFC, Bosch India, GlaxoSmith Con, South Ind.Bank

May 10, 2012 Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., CEAT

May 11, 2012 Punjab Natl.Bank, Ranbaxy, ABB

May 12, 2012 Lupin, Cadila Healthcare, Apollo Tyres, HEG

May 13, 2012 Dr Reddy's, Thermax

May 14, 2012 -

May 15, 2012 -

May 16, 2012 Mundra Port

May 17, 2012 -

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 01, 2012 China PMI Manufacturing Value Mar-12 53.10 53.60

India Imports YoY% % Change Feb-12 20.65 --India Exports YoY% % Change Feb-12 4.28 --

UK PMI Manufacturing Value Mar-12 52.10 51.50

May 02, 2012 Germany PMI Manufacturing Value Apr-12 46.30 46.30

Germany Unemployment change (000's) Thousands Mar-12 (18.00) (10.00)

May 03, 2012 US Initial Jobless claims Thousands 21-Apr-12 388.00 379.00

Euro Zone ECB announces interest rates % Apr-12 1.00 1.00

May 04, 2012 Germany PMI Services Value Apr-12 52.60 52.60

US Change in Nonfarm payrolls Thousands Mar-12 120.00 165.00

US Unnemployment rate % Mar-12 8.20 8.20

May 10, 2012 China Exports YoY% % Change Mar-12 8.90 9.10

UK BOE Announces rates % Ratio May-12 0.50 0.50

UK Industrial Production (YoY) % Change Feb-12 (2.30) --

May 11, 2012 India Industrial Production YoY % Change Feb-12 4.10 --

US Producer Price Index (mom) % Change Mar-12 -- 0.10

China Industrial Production (YoY) % Change Mar-12 11.90 --

China Consumer Price Index (YoY) % Change Mar-12 3.60 --

May 14, 2012 IndiaMonthly Wholesale PricesYoY%

% Change Mar-12 6.89 --

May 15, 2012 US Consumer price index (mom) % Change Mar-12 0.30 --

Euro Zone Euro-Zone GDP s.a. (QoQ) % Change Dec-11 (0.30) --

Germany GDP nsa (YoY) % Change Dec-11 1.50 --

Source: Bloomberg, Angel Research


April 30, 2012

Market Outlook


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Market StrategyApril 30, 2012


Macro watch

Exhibit1:QuarterlyGDPtrends

5.8 5.9

7.5

9.8

7.4

9.4

8.5

7.6

8.3

7.8 7.7

6.9

6.1

5.0

6.0

7.0

8.0

9.0

10.0

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

(%)

Source:

CSO,

Angel

Research

Exhibit2:IIPtrends

9.4

5.36.2

9.5

3.7 3.42.5

(5.0)

6.0

2.5

1.1

4.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Mar-

11

Apr-

11

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

(%)

Source:

MOSPI,

Angel

Research

Exhibit3:MonthlyWPIinflationtrends

9.7 9.6 9.5 9.4 9.810.0 9.9 9.5

7.76.9 7.0 6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Apr-

11

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

(%)

Source:MOSPI,AngelResearch

Exhibit4:ManufacturingandservicesPMI

48.0

50.0

52.0

54.0

56.0

58.0

60.0

Mar-

11

Apr-

11

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

Mfg. PMI Services PMI

Source:Market,AngelResearch;Note:Levelabove50indicatesexpansion

Exhibit5:Exportsandimportsgrowthtrends

0

15

30

45

60

75

90

Mar-

11

Apr-

11

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

Exports yoy growth Imports yoy growth(%)

Source:Bloomberg,AngelResearch

Exhibit6:Keypolicyrates8.00

7.00

4.75

4.00

5.00

6.00

7.00

8.00

9.00

Apr-

11

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

Repo rate Reverse Repo rate CRR (%)

Source:RBI,AngelResearch


10/16

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 Buy 114 133 2,217 1,570 1,884 17.9 17.9 9.8 11.1 11.6 10.3 2.8 2.3 25.9 24.3 1.4 1.1

United Phosphorus Buy 114 210 5,243 7,797 8,150 19.7 19.7 16.0 18.6 7.1 6.1 1.1 0.9 16.1 16.4 0.7 0.7

Auto & Auto Ancillary

Amara Raja Batteries Buy 294 345 2,508 2,691 3,032 15.6 15.5 29.4 32.8 10.0 8.9 2.4 1.9 26.5 23.6 0.9 0.7

Apollo Tyres Accumulate 92 100 4,652 13,580 15,007 10.1 10.2 10.5 12.5 8.8 7.4 1.5 1.2 21.8 30.7 0.5 0.5

Ashok Leyland Buy 32 37 8,408 15,008 16,906 9.5 9.5 2.6 3.1 12.3 10.2 2.6 2.2 15.5 17.0 0.6 0.6

Automotive Axle Neutral 526 - 795 1,211 1,390 11.6 11.4 48.1 55.3 10.9 9.5 2.7 2.2 26.8 25.2 0.7 0.6Bajaj Auto Buy 1,594 1,888 46,134 22,362 25,633 19.8 19.0 115.9 125.9 13.8 12.7 5.4 4.3 44.4 37.9 1.7 1.4

Bharat Forge Buy 316 372 7,361 7,173 7,998 16.3 16.5 22.3 26.6 14.2 11.9 2.7 2.3 21.0 21.0 1.1 0.9

Bosch India Neutral 8,670 - 27,222 9,335 10,564 18.3 18.3 394.5 439.3 22.0 19.7 4.4 3.7 20.1 18.7 2.6 2.2

CEAT Buy 110 140 378 5,057 5,620 5.4 5.6 22.2 31.1 5.0 3.6 0.6 0.5 11.9 16.8 0.3 0.3

Exide Industries Buy 128 155 10,850 5,812 6,710 16.2 16.5 7.6 8.9 16.9 14.3 3.1 2.7 19.4 19.8 1.5 1.2

FAG Bearings Neutral 1,550 - 2,576 1,531 1,748 18.8 18.5 118.0 132.8 13.1 11.7 2.9 2.3 24.0 21.9 1.4 1.2

Hero Motocorp Neutral 2,184 - 43,602 25,852 29,106 15.0 15.2 135.0 141.4 16.2 15.4 7.6 5.9 54.5 43.2 1.4 1.1

JK Tyre Buy 88 113 361 8,058 9,025 5.4 5.5 24.8 32.2 3.5 2.7 0.4 0.3 11.4 13.2 0.3 0.3

Mahindra and Mahindra Accumulate 715 802 43,884 35,095 40,213 10.7 10.5 44.6 48.7 16.0 14.7 2.8 2.5 18.8 18.1 0.9 0.8

Maruti Accumulate 1,397 1,510 40,364 42,752 49,296 7.1 8.0 77.7 100.6 18.0 13.9 2.4 2.0 13.9 15.7 0.8 0.6

Motherson Sumi Buy 180 216 6,988 23,342 26,366 7.8 8.2 13.3 18.0 13.6 10.0 3.2 2.6 26.2 28.4 0.5 0.4

Subros Neutral 32 - 194 1,225 1,393 8.5 8.2 4.2 5.0 7.7 6.5 0.8 0.8 10.3 11.8 0.4 0.3

Tata Motors Neutral 313 - 84,259 191,183 213,150 12.6 12.6 38.7 42.9 8.1 7.3 2.8 2.2 39.8 33.9 0.6 0.5

TVS Motor Buy 39 56 1,855 7,965 8,897 6.4 6.3 5.0 5.6 7.8 7.0 1.4 1.2 18.9 18.3 0.2 0.2

Capital Goods

ABB* Sell 808 503 17,119 8,926 10,220 7.7 7.5 18.6 20.9 43.4 38.6 5.9 5.3 14.5 14.5 1.9 1.6BGR Energy Sell 333 274 2,404 4,170 5,396 11.5 10.4 27.2 30.4 12.3 11.0 2.0 1.8 17.3 17.4 1.2 1.1

BHEL Neutral 229 - 56,136 46,344 46,916 18.3 18.6 23.5 24.1 9.7 9.5 1.9 1.7 21.3 18.9 1.1 1.0

Blue Star Buy 185 221 1,662 3,250 3,551 5.9 5.9 12.4 15.8 14.9 11.7 3.0 2.6 21.2 23.8 0.6 0.5

Crompton Greaves Buy 131 164 8,375 12,936 14,101 9.6 10.0 10.9 11.7 12.0 11.1 2.1 1.8 18.4 17.3 0.7 0.6

Jyoti Structures Buy 45 67 370 2,622 2,801 10.6 11.0 10.9 13.4 4.1 3.4 0.5 0.4 12.7 13.9 0.3 0.3

KEC International Buy 58 72 1,500 6,865 7,650 8.5 8.7 9.7 12.1 6.0 4.8 1.2 1.0 27.6 27.0 0.5 0.4

LMW Buy 1,653 2,609 1,862 2,663 3,130 12.8 12.8 185.0 217.4 8.9 7.6 1.8 1.6 21.2 21.7 0.2 0.2

Thermax Neutral 445 - 5,301 5,473 5,497 10.1 9.8 30.4 28.7 14.7 15.5 2.8 2.5 20.5 16.9 0.8 0.8


April 30, 2012

Market Outlook

Stock Watch


11/16



Cement

ACC Neutral 1,205 - 22,621 11,018 12,663 19.9 21.2 70.7 81.2 17.1 14.8 3.0 2.7 18.0 19.0 1.8 1.5

Ambuja Cements Neutral 149 - 22,851 10,035 11,504 23.5 23.8 10.1 10.6 14.7 14.1 2.9 2.6 18.5 19.4 1.9 1.5

India Cements Neutral 85 - 2,619 4,423 4,906 18.2 18.8 9.9 12.7 8.6 6.7 0.7 0.7 8.6 10.5 0.9 0.8

J K Lakshmi Cements Buy 66 79 804 1,880 2,201 19.0 22.6 12.2 16.4 5.4 4.0 0.6 0.5 11.9 14.3 0.6 1.0

Madras Cements Neutral 143 - 3,395 3,434 3,777 25.5 26.1 14.1 18.1 10.1 7.9 1.4 1.2 15.2 16.9 1.6 1.3

Shree Cements Neutral 2,799 - 9,750 5,552 6,193 25.7 26.0 130.3 182.0 21.5 15.4 4.4 3.8 19.1 22.3 1.5 1.1

UltraTech Cement Neutral 1,417 - 38,845 20,116 22,655 21.3 22.5 82.1 97.5 17.3 14.5 2.7 2.4 16.8 17.4 1.9 1.8Construction

Ashoka Buildcon Buy 214 302 1,127 2,014 2,294 22.4 22.4 28.4 30.8 7.6 6.9 1.0 0.9 14.1 13.3 2.4 2.6

Consolidated Co Neutral 16 - 289 2,526 2,792 5.7 6.6 1.8 2.8 8.5 5.5 0.5 0.4 5.6 8.2 0.3 0.3

Hind. Const. Neutral 20 - 1,231 4,239 4,522 11.1 11.8 (1.8) (0.8) (11.3) (26.0) 1.2 1.3 (9.5) (4.7) 1.3 1.2

IRB Infra Buy 170 228 5,644 3,821 4,582 42.3 40.2 15.0 16.9 11.3 10.0 1.7 1.5 16.3 15.9 3.1 2.8

ITNL Buy 189 265 3,672 6,619 7,263 23.8 24.2 24.7 26.2 7.7 7.2 1.2 1.1 17.0 15.7 2.1 2.2

IVRCL Infra Buy 62 79 1,645 5,758 6,860 9.2 9.2 4.7 6.0 13.2 10.2 0.8 0.7 6.0 7.3 0.7 0.7

Jaiprakash Asso. Buy 73 104 15,512 16,017 18,359 24.4 23.5 4.2 5.0 17.4 14.5 1.5 1.4 8.8 9.7 2.3 2.0

Larsen & Toubro Buy 1,220 1,641 74,716 60,258 69,900 12.1 11.5 70.7 76.3 17.3 16.0 2.6 2.3 16.1 15.2 1.4 1.2

Madhucon Proj Buy 51 84 375 2,503 2,903 10.7 10.7 5.8 6.6 8.8 7.8 0.6 0.5 6.6 7.0 0.7 0.7

Nagarjuna Const. Buy 51 76 1,302 5,790 7,022 9.2 9.5 3.5 5.4 14.6 9.4 0.5 0.5 3.7 5.6 0.8 0.8

Patel Engg. Neutral 104 - 729 3,609 3,836 13.1 13.1 14.0 14.6 7.4 7.2 0.5 0.4 6.3 6.1 1.1 1.1

Punj Lloyd Neutral 53 - 1,760 10,592 12,193 8.4 8.4 2.9 4.6 18.3 11.7 0.6 0.5 3.9 3.1 0.6 0.6

Sadbhav Engg. Buy 144 199 2,159 2,989 3,315 10.6 10.6 10.2 11.3 14.1 12.7 2.2 1.9 17.6 16.3 0.9 0.8

Simplex Infra Buy 234 316 1,156 6,732 7,902 9.3 9.6 27.2 35.1 8.6 6.7 0.9 0.8 11.0 12.6 0.5 0.5

FinancialsAllahabad Bank Buy 165 205 8,225 7,700 8,677 3.4 3.3 37.4 40.9 4.4 4.0 0.7 0.6 19.0 17.0 - -

Andhra Bank Neutral 115 - 6,438 5,284 5,998 3.3 3.2 23.6 27.0 4.9 4.3 0.8 0.7 16.5 16.7 - -

Axis Bank Buy 1,121 1,587 46,306 16,157 19,557 3.2 3.2 116.4 139.1 9.6 8.1 1.8 1.5 20.0 20.3 - -

Bank of Baroda Buy 764 943 29,926 16,013 18,849 2.7 2.7 131.4 153.3 5.8 5.0 1.0 0.9 19.7 19.2 - -

Bank of India Buy 337 392 19,356 13,139 15,255 2.4 2.3 50.0 65.4 6.8 5.2 1.0 0.9 15.1 16.5 - -

Bank of Maharashtra Buy 51 62 3,019 3,665 4,107 3.5 3.5 10.7 13.5 4.8 3.8 0.7 0.6 17.8 17.5 - -

Canara Bank Buy 430 532 19,058 12,120 14,009 2.2 2.2 85.7 95.4 5.0 4.5 0.8 0.7 17.2 16.7 - -

Central Bank Neutral 95 - 6,978 6,860 7,934 2.4 2.4 13.1 19.9 7.2 4.8 0.9 0.8 10.5 13.8 - -


April 30, 2012

Market Outlook

Stock Watch


12/16



Financials

Corporation Bank Buy 410 508 6,071 5,361 5,995 2.2 2.1 108.3 111.5 3.8 3.7 0.7 0.6 17.9 16.2 - -

Dena Bank Buy 91 118 3,184 3,003 3,366 3.0 2.9 23.2 25.6 3.9 3.6 0.6 0.6 18.0 16.9 - -

Federal Bank Neutral 417 - 7,125 2,766 3,163 3.4 3.3 49.5 57.2 8.4 7.3 1.1 1.0 14.0 14.5 - -

HDFC Neutral 677 - 100,092 7,244 8,625 3.3 3.3 31.2 37.2 21.7 18.2 4.3 3.8 34.2 31.3 - -

HDFC Bank Neutral 543 - 127,460 21,831 27,477 4.3 4.3 28.3 35.5 19.2 15.3 3.7 3.1 20.8 22.1 - -

ICICI Bank Buy 869 1,183 99,858 22,209 26,512 2.8 2.8 67.9 81.1 12.8 10.7 1.6 1.4 14.7 16.0 - -

IDBI Bank Buy 101 117 9,984 8,004 9,589 1.9 2.0 19.9 23.9 5.1 4.2 0.7 0.6 13.8 14.9 - -Indian Bank Accumulate 213 240 9,161 6,469 7,244 3.5 3.3 45.5 48.8 4.7 4.4 0.8 0.7 19.6 18.2 - -

IOB Buy 87 104 6,926 7,328 8,264 2.5 2.5 15.9 21.1 5.5 4.1 0.6 0.5 12.7 13.9 - -

J & K Bank Neutral 895 - 4,341 2,420 2,792 3.5 3.6 178.0 195.8 5.0 4.6 0.9 0.8 19.5 18.6 - -

LIC Housing Finance Accumulate 255 286 12,094 2,108 2,607 2.6 2.6 24.5 30.6 10.4 8.3 1.9 1.7 20.1 21.4 - -

Oriental Bank Buy 242 296 7,049 6,359 7,218 2.6 2.5 50.8 60.9 4.8 4.0 0.6 0.5 12.5 13.6 - -

Punjab Natl.Bank Buy 839 1,138 26,587 20,708 24,094 3.5 3.5 156.3 178.7 5.4 4.7 1.0 0.8 19.7 18.5 - -

South Ind.Bank Neutral 24 - 2,681 1,368 1,557 2.8 2.7 3.7 3.9 6.5 6.0 1.1 1.0 19.1 17.7 - -

St Bk of India Buy 2,131 2,593 143,003 69,568 81,445 3.7 3.7 220.9 269.8 9.7 7.9 1.6 1.3 18.9 19.1 - -

Syndicate Bank Buy 101 128 6,062 7,069 7,961 3.1 3.0 23.3 27.5 4.3 3.7 0.7 0.6 17.4 17.2 - -

UCO Bank Neutral 76 - 4,753 5,727 6,443 2.5 2.5 17.8 18.8 4.3 4.0 0.8 0.8 17.8 16.2 - -

Union Bank Buy 219 266 11,488 10,352 11,988 2.9 2.9 40.7 49.5 5.4 4.4 0.8 0.7 16.8 17.4 - -

United Bank Buy 65 87 2,352 3,666 4,128 2.9 2.9 18.4 21.7 3.5 3.0 0.6 0.5 15.9 16.0 - -

Vijaya Bank Neutral 57 - 2,680 2,678 3,010 2.2 2.2 9.5 11.5 6.0 4.9 0.8 0.7 12.1 13.2 - -

Yes Bank Buy 350 470 12,346 3,209 4,144 2.7 2.8 33.9 41.5 10.3 8.4 2.2 1.8 23.1 23.3 - -

FMCG

Asian Paints Neutral 3,540 - 33,954 10,961 12,773 16.3 16.3 120.3 142.5 29.4 24.8 9.8 7.7 36.9 34.7 3.0 2.5Britannia Buy 561 650 6,707 5,906 6,856 6.9 7.0 22.3 28.3 25.2 19.9 10.3 7.6 45.2 44.1 1.1 1.0

Colgate Neutral 1,120 - 15,233 3,007 3,417 21.1 22.1 37.7 42.6 29.7 26.3 35.4 28.6 129.4 120.1 4.9 4.4

Dabur India Neutral 111 - 19,250 6,010 6,929 17.4 17.6 4.4 5.2 25.0 21.3 9.4 7.6 41.4 42.1 3.2 2.8

GlaxoSmith Con* Neutral 2,872 - 12,078 3,111 2,687 16.9 15.8 100.6 86.1 28.6 33.4 8.7 10.6 33.3 33.8 3.6 4.1

Godrej Consumer Neutral 527 - 17,920 5,904 6,905 17.8 18.1 22.6 26.9 23.3 19.5 6.4 5.2 29.9 36.3 3.2 2.8

HUL Neutral 417 - 90,092 25,546 29,031 15.2 15.3 14.1 16.1 29.6 25.9 22.5 27.9 84.3 76.7 3.4 3.0

ITC Neutral 247 - 192,920 28,955 33,595 35.9 35.7 9.2 10.5 26.9 23.5 8.6 7.1 34.8 33.1 6.4 5.5


April 30, 2012

Market Outlook

Stock Watch


13/16



FMCG

Marico Neutral 179 - 11,032 4,669 5,467 13.0 12.9 6.8 8.2 26.5 21.9 7.2 5.6 30.5 28.8 2.4 2.0

Nestle* Neutral 4,710 - 45,415 8,731 10,539 21.0 21.4 119.3 147.9 39.5 31.9 24.2 16.5 73.0 61.6 5.2 4.3

Tata Global Buy 116 136 7,198 7,011 7,712 9.7 10.0 6.0 7.1 19.6 16.3 1.8 1.7 8.9 10.2 0.9 0.8

IT

HCL Tech Accumulate 510 560 35,304 22,792 25,743 17.4 17.4 37.8 43.0 13.5 11.9 3.0 2.5 22.3 21.3 1.5 1.3

Hexaware Neutral 129 - 3,823 1,829 2,099 18.7 18.3 9.3 10.4 14.0 12.5 3.0 2.6 22.0 21.6 1.8 1.5

Infosys Buy 2,397 2,792 137,631 37,615 42,491 31.1 30.6 158.5 174.5 15.1 13.7 3.4 2.9 22.5 20.8 3.0 2.5Infotech Enterprises Accumulate 160 177 1,788 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 Buy 84 98 1,496 2,042 2,139 15.2 14.9 9.6 10.9 8.8 7.7 1.5 1.3 19.2 18.0 0.7 0.6

Mahindra Satyam Buy 75 89 8,832 7,142 8,042 15.4 15.0 7.7 8.3 9.8 9.1 1.4 1.2 13.8 13.0 0.8 0.7

Mindtree Neutral 573 - 2,323 2,172 2,450 16.1 15.5 53.9 58.5 10.6 9.8 2.0 1.7 18.9 17.0 0.9 0.7

Mphasis Buy 367 433 7,702 5,904 6,320 18.3 17.9 38.7 41.2 9.5 8.9 1.4 1.2 14.9 13.7 0.8 0.7

NIIT Buy 44 61 726 1,105 1,200 16.4 16.9 7.5 9.2 5.8 4.8 1.0 0.9 17.6 19.0 0.4 0.2

Persistent Neutral 347 - 1,386 1,098 1,227 22.3 20.8 36.2 39.1 9.6 8.9 1.4 1.2 14.6 13.8 1.0 0.8

TCS Accumulate 1,203 1,360 235,444 57,294 66,696 29.5 28.9 62.5 69.8 19.2 17.2 6.3 5.2 32.6 29.9 3.9 3.3

Tech Mahindra Accumulate 693 750 8,830 6,030 6,511 16.3 15.7 81.1 87.0 8.5 8.0 1.7 1.4 20.1 18.0 1.4 1.2

Wipro Accumulate 406 463 99,924 43,249 48,043 19.7 19.3 27.1 30.3 15.0 13.4 3.0 2.6 20.2 19.3 2.0 1.6

Media

D B Corp Buy 204 274 3,748 1,656 1,869 26.0 26.8 14.0 16.1 14.6 12.7 3.4 2.8 24.8 24.1 2.2 1.9

HT Media Buy 129 170 3,031 2,255 2,555 17.8 18.3 10.0 12.0 12.9 10.7 1.8 1.5 14.7 15.4 1.1 0.9

Jagran Prakashan Buy 100 137 3,156 1,499 1,642 27.4 28.8 7.6 9.1 13.1 11.0 4.4 3.9 34.6 37.7 2.1 1.9

PVR Neutral 148 - 384 625 732 17.4 16.9 12.4 15.8 11.9 9.4 1.9 2.0 8.5 9.9 0.8 0.7

Sun TV Network Neutral 282 - 11,097 2,135 2,458 75.2 74.4 20.9 24.0 13.5 11.7 3.2 2.7 26.0 25.1 4.2 3.3Metals & Mining

Bhushan Steel Neutral 421 - 8,936 9,232 13,557 30.8 31.1 48.0 58.6 8.8 7.2 1.1 1.0 14.5 7.5 3.1 2.1

Coal India Neutral 351 - 221,925 65,654 71,756 26.8 27.3 24.0 26.3 14.6 13.3 4.0 3.3 30.4 27.0 2.4 2.1

Electrosteel Castings Buy 21 27 718 1,984 2,074 10.6 12.0 2.7 3.3 7.7 6.3 0.4 0.2 5.2 6.2 0.5 0.4

Hind. Zinc Accumulate 126 139 53,408 13,043 14,223 51.8 52.8 14.8 16.6 8.5 7.6 1.7 1.4 21.2 19.9 2.4 1.8

Hindalco Accumulate 120 136 22,936 84,638 88,753 9.6 10.5 15.2 17.3 7.9 6.9 0.7 0.6 8.7 9.2 0.5 0.5

JSW Steel Neutral 680 - 15,181 39,161 43,958 17.8 17.9 72.2 89.5 9.4 7.6 0.8 0.8 10.1 11.4 0.6 0.6

MOIL Neutral 261 - 4,391 979 1,061 45.7 46.8 24.5 26.6 10.7 9.8 1.6 1.5 16.1 15.8 2.3 2.0

Monnet Ispat Buy 482 585 3,101 2,986 3,908 22.1 28.9 50.5 83.4 9.5 5.8 1.2 1.0 13.5 19.2 1.9 1.3


April 30, 2012

Market Outlook

Stock Watch


14/16



Metals & Mining

Nalco Reduce 59 51 15,128 8,276 8,578 12.7 16.4 2.5 3.5 23.2 16.8 1.3 1.2 5.6 7.5 1.4 1.4

NMDC Accumulate 176 185 69,640 11,726 12,890 77.8 78.4 18.6 20.6 9.4 8.5 2.2 1.9 26.1 23.8 3.8 3.2

SAIL Accumulate 96 102 39,529 52,461 62,935 18.0 18.8 13.2 14.5 7.3 6.6 0.9 0.8 12.4 12.3 1.1 1.0

Sesa Goa Accumulate 185 206 16,113 9,067 9,316 35.7 35.5 44.5 44.3 4.2 4.2 0.9 0.8 23.5 19.5 0.4 0.1

Sterlite Inds Buy 106 123 35,522 45,805 49,029 21.2 23.5 16.5 19.1 6.4 5.5 0.7 0.6 11.5 12.0 0.4 0.3

Tata Steel Accumulate 463 503 44,982 141,358 142,265 11.1 13.7 45.8 58.9 10.1 7.9 1.0 0.9 10.0 11.7 0.6 0.6

Oil & GasCairn India Accumulate 338 372 64,473 15,513 16,074 74.0 69.7 51.1 48.6 6.6 7.0 1.1 1.0 18.3 14.8 3.0 2.3

GAIL Buy 330 392 41,885 50,472 55,503 15.3 15.6 35.4 37.0 9.3 8.9 1.6 1.4 18.7 17.0 0.5 0.4

ONGC Buy 264 319 225,737 148,157 150,563 37.6 39.5 31.0 33.6 8.5 7.9 1.5 1.3 18.8 18.1 1.2 1.0

Reliance Industries Buy 740 872 242,284 325,734 328,669 10.9 11.7 65.8 70.1 11.3 10.6 1.2 1.1 11.9 11.5 0.7 0.7

Pharmaceuticals

Alembic Pharma Buy 55 95 1,027 1,576 1,813 15.9 16.9 8.2 9.5 6.7 5.7 2.3 1.9 35.0 34.3 0.9 0.8

Aurobindo Pharma Buy 131 175 3,817 5,243 5,767 14.6 14.6 13.8 14.7 9.5 8.9 1.1 0.5 11.4 10.9 1.1 0.9

Aventis* Neutral 2,247 - 5,174 1,401 1,569 15.3 15.0 89.7 110.3 25.0 20.4 4.1 3.3 17.1 15.4 3.1 2.6

Cadila Healthcare Buy 740 1,016 15,149 6,196 7,443 18.5 19.5 43.3 50.8 17.1 14.6 4.4 3.5 25.4 24.8 2.4 2.0

Cipla Buy 311 380 24,943 7,006 8,164 20.0 21.2 17.0 19.0 18.3 16.4 3.3 2.9 16.8 18.2 3.6 3.0

Dr Reddy's Neutral 1,781 - 30,191 9,183 10,063 25.7 25.1 92.1 89.9 19.3 19.8 4.2 3.6 22.8 18.8 3.4 3.1

Dishman Pharma Buy 46 91 367 1,282 1,538 17.9 17.9 10.1 13.0 4.5 3.5 0.4 0.3 8.5 10.1 1.0 0.9

GSK Pharma* Neutral 2,209 - 18,711 2,788 3,148 35.6 35.2 87.9 96.7 25.1 22.8 8.2 6.8 34.8 32.1 5.9 5.1

Indoco Remedies Buy 470 665 577 685 837 15.2 15.2 55.5 66.5 8.5 7.1 1.3 1.1 16.4 16.9 1.0 0.9

Ipca labs Buy 347 443 4,363 2,907 3,541 21.5 21.5 32.7 40.6 10.6 8.5 2.7 2.1 27.8 27.7 1.6 1.3

Lupin Buy 540 656 24,121 8,272 9,929 19.7 20.0 29.7 32.8 18.2 16.5 4.7 3.7 25.0 22.9 2.9 2.4Orchid Chemicals Buy 178 270 1,250 2,143 2,508 21.8 21.8 28.3 38.1 6.3 4.7 1.3 1.0 19.3 23.4 1.5 1.2

Ranbaxy* Neutral 507 - 21,420 12,023 12,264 19.9 16.9 41.1 36.9 12.4 13.8 2.6 2.3 30.0 17.6 1.5 1.4

Sun Pharma Accumulate 599 634 61,717 9,272 11,080 40.3 36.3 26.7 28.8 22.4 20.8 4.6 3.9 22.1 20.8 5.6 4.6

Power

CESC Buy 250 342 3,129 4,927 5,429 23.8 23.9 41.0 46.2 6.1 5.4 0.6 0.6 10.4 10.7 1.2 1.2

GIPCL Buy 67 98 1,019 1,557 1,573 28.7 27.5 10.4 10.2 6.5 6.6 0.7 0.6 10.5 9.6 1.1 1.0

NTPC Buy 162 201 133,948 73,558 84,843 23.4 23.6 12.6 14.1 12.9 11.5 1.6 1.5 13.3 13.6 2.6 2.4

Real Estate

Anant Raj Buy 58 78 1,698 657 875 52.0 56.1 8.4 12.7 6.8 4.5 0.4 0.4 6.3 8.9 3.9 2.9

DLF Neutral 182 - 30,936 9,878 12,033 44.7 46.1 9.6 13.4 19.0 13.6 1.2 1.2 6.4 8.7 5.6 4.6


April 30, 2012

Market Outlook

Stock Watch


15/16



Real Estate

HDIL Buy 79 115 3,327 2,441 3,344 53.0 46.7 21.4 25.4 3.7 3.1 0.3 0.3 8.4 9.1 3.2 2.4

Telecom

Bharti Airtel Neutral 308 - 116,793 80,967 88,684 33.1 33.4 17.9 22.0 17.2 14.0 2.0 1.7 11.5 12.5 2.1 1.8

Idea Cellular Neutral 81 - 26,702 23,002 25,921 26.6 26.9 3.3 4.6 24.7 17.7 1.9 1.7 7.7 9.7 1.6 1.4

Rcom Neutral 74 - 15,356 21,899 23,740 32.7 32.7 4.2 6.7 17.6 11.1 0.4 0.4 2.1 3.2 2.1 1.7

zOthers

Bajaj Electrical Buy 199 245 1,984 3,670 4,384 8.5 8.5 18.3 22.3 10.9 8.9 2.4 2.0 23.9 24.3 0.5 0.5CRISIL Neutral 1,034 - 7,247 982 1,136 34.3 34.3 34.3 40.0 30.1 25.9 13.6 10.9 50.9 46.9 7.0 5.9

Finolex Cables Buy 33 60 505 2,341 2,656 8.5 8.8 8.0 10.0 4.2 3.3 0.6 0.5 18.1 20.2 0.2 0.1

Graphite India Buy 90 116 1,766 2,053 2,437 22.6 22.4 13.5 16.3 6.7 5.5 1.0 0.9 15.4 16.5 1.0 0.8

Greenply Buy 199 298 479 1,800 2,047 11.1 11.6 34.1 49.6 5.8 4.0 1.1 0.9 20.2 23.7 0.5 0.4

Page Industries Neutral 3,164 - 3,529 935 1,168 19.6 19.6 99.7 122.2 31.7 25.9 18.4 14.7 64.2 63.1 3.8 3.0

Sintex Buy 72 129 1,961 5,219 5,912 16.5 16.9 15.8 21.4 4.6 3.4 0.7 0.6 14.7 17.1 0.6 0.5

Siyaram Silk Mills Buy 254 439 238 1,045 1,173 12.3 12.4 61.5 73.2 4.1 3.5 0.8 0.7 20.2 20.4 0.5 0.4

SpiceJet Neutral 30 - 1,327 5,384 6,443 (1.0) 4.1 (3.4) 2.4 (8.8) 12.6 (12.2) 25.6 - - 0.4 0.4

Taj GVK Buy 61 116 380 322 355 36.3 35.8 8.3 9.6 7.3 6.3 1.0 0.9 14.5 14.9 1.5 1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 27, 2012


April 30, 2012

Market Outlook

Stock Watch


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April 30, 2012Market Outlook

Market Outlook 30th April 2012

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