Professional Documents
Culture Documents
July 2, 2013
Dealers Diary
Indian markets are expected to open in green tracking positive opening in most of
the Asian markets after upbeat manufacturing reports from the U.S. and the euro
zone signaled an improvement in the major developed economies.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.9
Nifty
1.0
57
5,899
US markets closed higher Monday supported by release of a report from the ISM
showing a modest expansion in US manufacturing activity in the month of June.
The ISM indicated that its purchasing managers index climbed to 50.9 in June from
49.0 in May, with a reading above 50 indicating an increase in manufacturing
activity. A separate report from the Commerce Department showed a slightly
smaller than expected increase in construction spending in May, although spending
still reached its highest level in well over three years.
MID CAP
1.8
108
6,073
SMALL CAP
1.9
110
5,753
BSE HC
1.2
108
8,954
BSE PSU
1.5
90
6,253
BANKEX
0.9
125 13,383
AUTO
1.9
199 10,915
METAL
2.0
152
7,906
1.6
139
9,039
(1.6)
(100)
6,155
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
0.4
65 14,975
NASDAQ
0.9
31
3,434
FTSE
1.5
92
6,308
Nikkei
1.3
175 13,853
1.8
363 20,803
Markets Today
Hang Sang
The trend deciding level for the day is 19,508/ 5,875 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,688 19,759 / 5,928 5,957 levels. However, if NIFTY trades below
19,508 / 5,875 levels for the first half-an-hour of trade then it may correct up to
19,417 19,257 / 5,846 5,793 levels.
Straits Times
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,257
5,793
19,417
5,846
19,508
5,875
19,668
5,928
19,759
5,957
News Analysis
Sales
5,953
464
Net
(843)
172
MTD
(10,530)
(101)
YTD
71,306
(12,177)
Purch
1,752
1,783
Sales
1,663
1,632
Net
89
151
Open Interest
10,327
25,257
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
JPInfratec
Company
25
17.0
Gitanjali Gems
824
14.1
MMTC
2,460
13.3
Gujarat Mnrl
Tata Comm
178
13.1
Apollo Hospital
Reliance Comm
133
12.2
Marico
United Breweries
United Spirits
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3,141
0.8
16
1,995
Chg (%)
(Pts)
(Close)
(0.4)
(0.2)
$41.0
WIT
0.7
0.1
$7.3
IBN
1.9
0.7
$39.0
(0.4)
(0.1)
$36.1
Shanghai Com
Indian ADR
INFY
HDB
BSE
NSE
1,584
1,041
Declines
786
324
Unchanged
136
80
Volumes (` cr)
(10)
Advances
` cr
FII
MFs
(0.3)
Advances / Declines
182 19,577
Losers
Price (`)
chg (%)
225
(5.0)
98
(5.0)
124
(3.4)
1,011
(2.6)
203
(2.5)
BSE
1,719
NSE
10,254
Market Outlook
July 2, 2013
Hero MotoCorp
Hero MotoCorp (HMCL) posted a 6% yoy (10% mom) decline in volumes to
502,000 units, which was lower than our expectations. Total volumes were
impacted by the slowdown in demand and also on account of higher dispatches
that had happened in the month of April and May. Going ahead, the company
expects normal monsoon forecast coupled with improving consumer sentiments to
revive the growth.
Maruti Suzuki
Maruti Suzuki (MSIL) posted a 12.6% yoy (flat mom) decline in total sales to
84,455 units, which was in-line with our expectations. Continued slowdown in the
domestic demand and macroeconomic uncertainty in key export markets attributed
to the weak performance. While domestic volumes declined 7.8% yoy (1.1% mom),
export volumes posted a significant decline of 43% yoy. The compact (down 7.2%
yoy), super compact (down 8.7% mom) and utility vehicles (down 11.4%) segments
which have been driving the growth over the last one year witnessed sluggish
performance on account of continued slowdown in demand and also due to
increasing competition.
Tata Motors
Tata Motors (TTMT) maintained its downward sales momentum in the domestic
markets as the commercial (CV) and passenger vehicle (PV) businesses reported a
decline of 10% and 31.5% yoy respectively. Consequently, total volumes registered
a decline of 18.1% yoy to 52,708 units. Within the CV space, domestic medium
and heavy and light commercial vehicle segments witnessed a decline of 12.1%
and 9.1% yoy respectively. While in the PV segment, utility vehicle and passenger
cars witnessed a decline of 40.4% and 29.2% yoy respectively. Exports too
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Market Outlook
July 2, 2013
registered a decline of 34.2% yoy during the month. On a mom basis though,
volumes posted a growth of 6.9% driven by 7.6% and 6% mom growth in the CV
and PV segments respectively.
TVS Motor
TVS Motor (TVSL) reported in-line volumes with total volumes registering a decline
of 2.7% yoy (flat mom) to 164,128 units. The company continued its sluggish
performance in the two-wheeler segment down 4.9% yoy and 1.3% mom) on
account of poor demand and increased competitive activity in the motorcycle
(down 3.7% mom) and scooter (up 1.4% mom, however up 14.6% mom due to
base effect) segments. The three-wheeler sales on the other hand continued its
strong momentum and posted a growth of 108.2% yoy (16.7% mom) driven by
exports. The overall exports registered a strong growth of 31.9% yoy (6.8% mom)
during the month.
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Market Outlook
July 2, 2013
including fire and hydraulic system for its underground stations under the phase-3
of the project. Also, the company has bagged orders worth `179cr from heavy civil
infrastructure and metallurgical & material handling businesses. We continue to
maintain our Buy rating on the stock with target price of `1,761.
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Market Outlook
July 2, 2013
Corporate News
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Market Outlook
July 02, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
July 3, 2013
Thousands
Jun 29
346.00
345.00
Value
Jun F
51.30
51.30
% Ratio
Jul 4
0.50
0.50
Jul 4
0.50
0.50
Thousands
Jun
175.00
165.00
Jun
7.60
7.50
May
(0.60)
--
2.10
2.50
Jun
7.00
--
Jun
(1.10)
--
% Change
Jun
1.00
4.00
% Change
May
2.30
--
% Change
Jun
0.50
0.50
India
% Change
Jun
4.70
--
China
% Change
Jun
9.20
9.10
7:30AM
China
% Change
2Q
7.70
7.60
2:00PM
UK
CPI (YoY)
% Change
Jun
2.70
--
6:00PM
US
% Change
Jun
0.10
--
2:30PM
Jun F
1.60
--
6:45PM
US
Industrial Production
Jun
0.04
--
6:00PM
US
Housing Starts
Thousands
Jun
914.00
--
6:00PM
US
Building permits
Thousands
Jun
985.00
--
2:00PM
UK
% Change
Jun
(8.60)
--
7:30PM
US
Million
Jun
5.18
--
7:30PM
Value
Jul A
(18.80)
--
1:00PM
Value
Jul A
48.60
--
July 4, 2013
July 5, 2013
July 9, 2013
July 10, 2013
6:00PM
US
1:25PM
4:30PM
UK
5:15PM
6:00PM
US
6:00PM
US
Unnemployment rate
2:00PM
UK
% Change
7:00AM
China
% Change
Jun
4:29PM
India
Imports YoY%
% Change
4:29PM
India
Exports YoY%
% Change
4:29PM
China
Exports YoY%
11:00AM
India
6:00PM
US
12:00PM
7:30AM
7:30PM
US
Thousands
Jun
476.00
--
2:00PM
UK
GDP (YoY)
% Change
2Q A
0.30
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jul
81.40
--
11:00AM
India
Jul 30
7.25
--
11:00AM
India
Jul 30
4.00
--
11:00AM
India
Jul 30
6.25
--
1:25PM
Thousands
Jul
(12.00)
--
6:00PM
US
% Change
2Q A
1.80
--
11:30PM
US
Jul 31
0.25
--
6:30AM
China
PMI Manufacturing
Value
Jul
50.10
--
2:00PM
UK
PMI Manufacturing
Value
Jul
52.50
--
11:30AM
% Change
2Q P
(1.40)
--
2:30PM
% Change
2Q A
(0.20)
--
11:00AM
India
% Change
2Q
4.80
--
August 1, 2013
August 14, 2013
August 30, 2013
Market Outlook
July 2, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Apr-13
Jun-12
Mfg. PMI
58.0
7.5
Mar-13
(4.0)
(%)
8.0
(1.0) (0.6)
(0.7)
(2.0)
Services PMI
8.1
7.3
7.3
7.2
7.3
7.3
56.0
5.7
4.9
4.7
54.0
52.0
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
48.0
Mar-12
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
50.0
Jul-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(0.1)
May-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
9.0
(2.0)
Jan-13
4.7 4.8
2.3
0.5
Dec-12
3.4
2.5
2.0
Nov-12
6.0
2.5
Oct-12
6.5
Feb-13
7.5
Sep-12
7.7
Aug-12
8.6
8.4
8.0
9.9
Jul-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
(%)
9.00
15.0
CRR
8.00
7.00
6.00
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
0.0
5.00
4.00
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Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
(15.0)
Jul-12
3.00
Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Neutral
144
2,796
1,657
1,906
14.1
14.1
7.7
8.9
18.7
16.2
3.9
3.3
22.2
21.9
1.6
1.4
United Phosphorus
Buy
139
232
6,152
10,298
11,310
16.5
16.5
20.5
23.2
6.8
6.0
1.1
1.0
18.0
17.4
0.6
0.5
Accumulate
257
285
4,387
3,418
3,892
14.5
14.5
18.5
20.4
13.9
12.6
3.3
2.7
26.6
23.8
1.3
1.1
Apollo Tyres
Neutral
60
3,034
13,852
15,487
11.4
11.5
12.8
14.9
4.7
4.0
0.8
0.7
17.5
17.3
0.3
0.3
Ashok Leyland
Buy
21
27
5,494
14,038
16,442
7.6
8.7
1.1
2.2
19.7
9.3
1.7
1.5
6.2
12.5
0.5
0.4
Automotive Axle#
Neutral
220
333
834
965
9.3
10.6
17.3
27.1
12.8
8.1
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,923
2,056
55,648
22,684
25,908
18.0
18.5
117.3
137.1
16.4
14.0
5.9
4.7
39.9
37.2
2.1
1.7
Bharat Forge
Neutral
224
5,220
6,198
6,793
14.6
14.9
14.5
17.3
15.4
13.0
2.0
1.8
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,907
27,966
9,821
11,394
17.0
17.3
373.5
438.7
23.9
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
106
170
362
5,325
5,974
8.4
8.3
40.8
48.5
2.6
2.2
0.4
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
123
150
10,447
7,053
8,061
14.2
14.5
7.8
9.1
15.7
13.5
2.7
2.3
18.1
18.2
1.2
1.0
FAG Bearings*
Neutral
1,441
2,394
1,525
1,742
14.5
15.7
88.4
109.5
16.3
13.2
2.4
2.0
15.5
16.5
1.4
1.1
Hero Motocorp
Accumulate
1,699
1,819
33,917
25,274
27,658
14.1
13.7
110.2
139.9
15.4
12.1
5.6
4.4
39.8
40.7
1.1
1.0
JK Tyre
Buy
105
154
432
7,972
8,754
7.1
7.1
37.5
44.0
2.8
2.4
0.4
0.4
16.4
16.6
0.3
0.3
982
1,090
60,505
45,254
51,197
11.4
11.7
61.2
70.2
16.1
14.0
3.4
2.8
22.7
21.9
1.1
0.9
1,605
1,847
48,491
48,455
55,723
11.2
10.9
107.8
123.2
14.9
13.0
2.3
1.9
16.2
16.0
0.8
0.7
197
222
11,552
28,442
31,493
7.5
7.8
12.5
14.8
15.7
13.3
3.9
3.1
27.5
25.8
0.6
0.5
Buy
23
30
135
1,479
1,685
10.0
9.9
5.5
7.5
4.1
3.0
0.4
0.4
11.1
13.7
0.4
0.3
Tata Motors
Buy
290
347
13.3
13.6
36.2
41.5
8.0
7.0
1.8
1.5
24.6
23.2
0.4
0.4
TVS Motor
Buy
33
41
1,584
7,715
8,584
6.0
6.1
5.0
5.8
6.7
5.8
1.1
1.0
18.1
18.5
0.1
0.1
ABB*
Sell
621
461
13,167
8,073
9,052
5.5
6.9
11.5
16.9
53.9
36.7
4.9
4.7
9.3
13.1
1.6
1.4
BGR Energy
Neutral
134
968
4,114
4,886
11.4
10.7
24.9
28.0
5.4
4.8
0.7
0.7
25.2
22.6
0.5
0.5
BHEL
Neutral
179
43,763
44,054
39,326
16.8
15.1
20.6
16.1
8.7
11.1
1.9
1.7
23.5
16.1
0.8
0.9
Blue Star
Buy
164
230
1,476
2,896
3,087
5.6
6.2
9.3
11.7
17.6
14.0
2.9
2.5
17.6
19.2
0.6
0.5
Crompton Greaves
Buy
90
117
5,757
13,446
15,272
6.7
7.6
6.6
8.9
13.5
10.1
1.5
1.4
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
22
178
3,360
3,597
9.7
9.8
7.3
10.2
3.0
2.1
0.6
0.6
8.8
11.4
0.3
0.3
KEC International
Buy
33
49
837
7,709
8,399
6.7
7.2
6.1
8.5
5.4
3.8
0.7
0.6
20.2
23.0
0.3
0.3
Thermax
Neutral
597
7,111
5,780
6,430
9.5
9.6
29.8
33.0
20.0
18.1
3.4
3.0
17.9
17.4
1.0
0.9
1,221
1,361
22,932
11,820
13,254
19.3
20.9
74.9
93.1
16.3
13.1
2.8
2.5
18.1
20.3
1.7
1.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
Cement
ACC
Accumulate
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Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
189
29,200
10,171
11,762
23.5
24.6
10.2
12.2
18.6
15.5
3.0
2.8
17.1
18.7
2.3
1.9
India Cements
Neutral
60
1,840
4,929
5,434
17.4
17.1
8.9
10.9
6.7
5.5
0.5
0.5
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
99
143
1,161
2,247
2,742
21.0
23.1
17.8
21.8
5.5
4.5
0.8
0.7
15.5
16.4
0.4
0.9
Madras Cements
Neutral
225
5,344
4,234
4,788
23.9
24.0
18.5
22.8
12.2
9.9
1.9
1.7
17.2
18.2
1.6
1.3
Shree Cement^
Neutral
4,758
16,577
6,607
7,520
27.5
26.7
322.8
374.3
14.7
12.7
3.7
2.9
27.8
25.6
1.8
1.4
UltraTech Cement
Neutral
1,926
52,802
21,947
25,049
23.8
23.8
106.1
119.8
18.2
16.1
3.0
2.6
17.7
17.3
2.4
2.1
185
255
974
1,928
2,234
21.0
21.5
18.0
22.2
10.3
8.4
0.9
0.8
10.2
10.1
1.9
1.9
10
182
1,928
2,234
2.4
6.2
(2.9)
(0.4)
(3.4)
(27.3)
0.4
0.4
0.5
0.4
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
99
157
3,294
3,997
4,312
45.5
46.4
15.7
16.6
6.3
6.0
0.9
0.8
15.2
14.5
3.2
3.5
ITNL
Buy
148
230
2,877
7,444
8,041
27.4
28.9
29.8
32.1
5.0
4.6
0.7
0.6
14.9
14.2
2.5
2.5
IVRCL Infra
Buy
17
29
525
5,673
5,892
8.1
8.4
1.4
1.8
11.9
9.3
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
56
90
12,360
14,850
15,631
24.9
25.1
2.5
2.9
22.0
19.5
0.9
0.9
4.2
4.7
2.6
2.6
Buy
1,450
1,761
89,350
68,946
78,040
10.5
10.5
77.9
88.3
18.6
16.4
2.7
2.4
15.5
15.6
1.4
1.2
Nagarjuna Const.
Buy
28
42
706
6,167
6,945
8.0
8.2
2.7
3.6
10.3
7.6
0.3
0.3
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
37
1,219
12,954
14,740
9.9
9.9
0.5
0.9
72.3
39.4
0.4
0.4
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
96
139
1,448
2,462
2,731
10.6
10.6
5.9
6.7
16.3
14.4
1.6
1.5
10.2
10.5
0.9
0.8
Simplex Infra
Buy
85
131
420
6,308
7,033
9.5
9.6
11.9
18.7
7.1
4.5
0.3
0.3
4.5
6.7
0.5
0.5
Unity Infra
Buy
27
41
198
2,146
2,339
13.7
13.8
11.0
11.5
2.4
2.3
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Buy
95
123
4,730
6,705
7,535
2.5
2.5
27.6
33.2
3.4
2.9
0.5
0.4
12.5
13.6
Andhra Bank
Neutral
84
4,726
5,195
5,834
2.7
2.7
19.2
23.1
4.4
3.7
0.6
0.5
12.2
13.3
Axis Bank
Buy
1,346
1,778
63,106
19,237
23,261
3.2
3.2
133.8
161.5
10.1
8.3
1.7
1.4
17.6
18.5
Bank of Baroda
Buy
590
761
24,854
16,287
18,707
2.2
2.3
120.6
144.6
4.9
4.1
0.7
0.6
15.0
16.0
Bank of India
Buy
242
270
14,394
14,459
16,176
2.3
2.2
55.2
68.2
4.4
3.5
0.6
0.5
13.7
15.1
Bank of Maharashtra
Buy
53
61
3,483
4,291
4,724
3.0
3.0
12.1
12.9
4.4
4.1
0.7
0.6
16.2
15.3
Canara Bank
Buy
385
422
17,033
12,045
13,495
2.1
2.2
76.7
86.4
5.0
4.5
0.7
0.6
14.1
14.2
Central Bank
Accumulate
63
69
6,607
8,406
9,546
2.5
2.5
12.6
18.7
5.0
3.4
0.6
0.6
10.6
14.3
Corporation Bank
Buy
356
436
5,441
5,554
6,156
2.0
2.0
94.9
104.9
3.8
3.4
0.5
0.5
14.3
14.2
Dena Bank
Accumulate
72
79
2,534
3,255
3,623
2.3
2.4
22.0
24.9
3.3
2.9
0.5
0.4
14.8
14.8
Federal Bank
Accumulate
417
455
7,137
2,802
3,274
2.9
2.9
49.8
56.6
8.4
7.4
1.0
0.9
12.7
13.1
Financials
www.angelbroking.com
Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Neutral
886
137,757
8,573
10,142
3.6
3.6
37.0
43.6
24.0
20.3
4.9
4.4
30.0
30.3
HDFC Bank
Accumulate
667
752
159,349
27,560
33,766
4.6
4.6
36.3
45.1
18.4
14.8
3.7
3.1
21.9
22.8
ICICI Bank
Buy
1,070
1,454
123,443
26,119
30,474
3.1
3.2
86.2
99.5
12.4
10.8
1.7
1.5
15.7
16.2
IDBI Bank
Accumulate
74
80
9,836
9,416
10,392
2.0
2.0
19.8
22.8
3.7
3.2
0.5
0.4
12.9
13.5
Indian Bank
Buy
119
141
5,127
6,077
6,845
2.9
2.9
35.2
41.0
3.4
2.9
0.5
0.4
14.2
14.8
IOB
Accumulate
51
53
4,745
8,027
9,204
2.4
2.6
12.5
19.7
4.1
2.6
0.4
0.3
9.1
13.0
J & K Bank
Accumulate
1,225
1,315
5,937
3,101
3,426
3.6
3.6
215.5
210.2
5.7
5.8
1.1
0.9
19.9
16.9
Buy
255
298
12,864
2,113
2,525
2.3
2.3
25.4
29.2
10.0
8.7
1.8
1.5
18.4
18.3
Oriental Bank
Accumulate
216
236
6,295
6,790
7,676
2.6
2.7
55.7
62.3
3.9
3.5
0.5
0.5
12.9
13.1
Punjab Natl.Bank
Buy
669
883
23,647
20,914
23,879
3.3
3.4
152.4
176.2
4.4
3.8
0.7
0.6
16.2
16.5
South Ind.Bank
Accumulate
23
24
3,083
1,795
2,054
2.8
2.8
4.0
4.3
5.8
5.3
1.0
0.9
17.2
16.5
St Bk of India
Buy
2,016
2,518
137,874
66,417
76,734
3.0
3.0
227.4
284.8
8.9
7.1
1.3
1.1
15.4
17.1
Syndicate Bank
Buy
113
136
6,802
7,125
8,188
2.6
2.6
27.4
27.9
4.1
4.1
0.6
0.6
16.2
14.6
UCO Bank
Neutral
65
4,896
6,545
6,859
2.7
2.6
14.8
15.7
4.4
4.1
0.8
0.7
14.4
13.6
Union Bank
Buy
193
243
11,500
11,101
12,543
2.6
2.6
39.3
47.4
4.9
4.1
0.7
0.6
14.1
15.2
United Bank
Buy
49
57
1,842
3,386
3,884
2.3
2.5
12.4
20.0
4.0
2.5
0.4
0.4
10.1
14.8
Vijaya Bank
Accumulate
46
49
2,289
2,714
3,046
1.9
2.0
9.2
10.8
5.0
4.3
0.5
0.5
10.7
11.6
Yes Bank
Accumulate
470
489
16,896
4,451
5,526
2.8
2.8
43.0
49.7
10.9
9.5
2.4
2.0
23.9
22.8
FMCG
Asian Paints
Neutral
4,698
45,063
12,332
14,524
16.5
16.3
141.6
162.7
33.2
28.9
10.5
8.3
35.4
32.2
3.5
2.9
Britannia
Neutral
688
8,237
6,417
7,502
6.1
6.3
21.3
25.5
32.4
27.0
10.5
8.4
35.7
34.6
1.2
1.0
Colgate
Neutral
1,349
18,350
3,588
4,130
20.5
20.9
44.2
51.8
30.5
26.1
29.8
21.7
108.6
96.2
5.0
4.3
Dabur India
Neutral
156
27,155
7,183
8,340
16.8
16.8
5.4
6.3
29.0
24.8
11.3
8.8
41.5
40.1
3.7
3.2
GlaxoSmith Con*
Neutral
5,364
22,559
3,617
4,259
16.1
16.4
122.2
148.7
43.9
36.1
13.7
11.0
34.1
33.7
5.5
4.6
Godrej Consumer
Neutral
833
28,342
7,801
9,017
16.2
15.9
25.1
29.7
33.1
28.1
7.1
5.9
24.9
24.2
3.7
3.1
HUL
Neutral
588
127,078
29,167
33,164
13.6
13.7
17.1
18.4
34.4
31.9
33.1
23.9
113.4
87.0
4.2
3.7
ITC
Neutral
326
257,639
34,294
39,991
36.8
37.0
11.3
13.3
28.9
24.4
9.5
7.7
36.1
34.9
7.2
6.1
Marico
Neutral
203
13,116
5,273
6,044
14.8
14.9
7.3
8.7
28.0
23.5
5.5
4.5
21.4
21.0
2.6
2.2
Nestle*
Neutral
5,100
49,167
9,447
10,968
22.1
22.3
127.5
154.1
40.0
33.1
20.0
14.5
57.7
50.7
5.0
4.2
Tata Global
Accumulate
142
145
8,750
8,069
8,957
9.8
9.7
7.8
8.6
18.1
16.5
2.2
2.1
9.5
9.7
1.0
0.9
www.angelbroking.com
Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
759
870
52,876
29,424
32,837
22.6
22.0
59.5
63.3
12.8
12.0
3.1
2.6
24.6
21.7
1.7
1.4
88
105
2,620
2,158
2,374
19.6
19.8
10.7
11.7
8.2
7.5
1.8
1.6
23.0
22.3
1.0
0.9
IT
HCL Tech^
Accumulate
Hexaware*
Buy
Infosys
Neutral
2,448
140,547
45,153
48,993
27.6
26.8
170.7
187.5
14.3
13.1
3.0
2.6
20.8
19.5
2.5
2.2
Infotech Enterprises
Accumulate
174
190
1,946
2,037
2,254
17.9
17.7
21.2
22.6
8.2
7.7
1.3
1.1
15.2
14.1
0.6
0.5
KPIT Cummins
Buy
118
144
2,287
2,614
2,923
17.2
16.8
13.2
14.4
9.0
8.2
1.6
1.3
18.5
16.7
0.9
0.7
Mahindra Satyam
Accumulate
120
135
14,071
8,590
9,324
20.9
20.6
10.9
11.7
11.0
10.3
2.6
2.1
23.7
20.3
1.3
1.1
Mindtree
Accumulate
835
925
3,469
2,707
2,978
20.3
20.2
87.4
97.0
9.6
8.6
2.0
1.6
21.8
19.5
1.0
0.8
Mphasis&
Accumulate
372
391
7,808
6,372
6,852
18.0
18.2
38.0
43.5
9.8
8.5
1.4
1.2
14.3
14.2
0.7
0.6
NIIT
Buy
19
30
316
1,144
1,267
9.0
9.1
4.3
5.4
4.5
3.6
0.5
0.4
10.3
12.0
0.1
Persistent
Buy
503
595
2,010
1,505
1,677
25.9
26.2
53.6
59.7
9.4
8.4
1.7
1.4
17.7
16.7
0.9
0.7
TCS
Accumulate
1,492
1,640
291,959
74,795
84,926
28.8
28.7
82.2
91.5
18.1
16.3
5.6
4.6
30.8
28.1
3.7
3.2
Tech Mahindra
Buy
1,034
1,250
13,288
8,102
8,709
19.7
19.2
107.5
117.0
9.6
8.8
2.0
1.7
21.2
18.9
1.7
1.5
Wipro
Accumulate
351
389
86,530
41,659
45,137
21.2
21.4
27.7
29.9
12.7
11.7
2.6
2.2
20.5
19.0
1.6
1.3
D B Corp
Buy
240
290
4,393
1,750
1,925
25.1
26.6
14.2
16.8
16.9
14.3
3.7
3.1
23.4
23.4
2.4
2.1
HT Media
Buy
96
117
2,246
2,205
2,380
15.1
15.6
8.3
9.1
11.6
10.5
1.3
1.1
11.5
11.4
0.7
0.6
Jagran Prakashan
Buy
81
107
2,693
1,664
1,825
20.9
23.0
6.4
7.8
12.6
10.5
2.6
2.3
21.0
23.1
1.7
1.6
PVR
Neutral
339
1,342
1,359
1,540
17.3
17.4
17.2
21.6
19.7
15.7
2.0
1.8
10.3
12.0
1.4
1.2
Sun TV Network
Neutral
392
15,428
2,287
2,551
69.7
70.5
20.0
23.3
19.6
16.8
4.8
4.2
26.4
27.3
6.2
5.4
Bhushan Steel
Neutral
464
10,508
13,794
17,088
30.9
33.5
49.3
66.6
9.4
7.0
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Accumulate
304
345
192,144
72,174
76,311
33.3
28.4
28.4
30.9
10.7
9.9
3.0
2.5
37.6
36.2
1.8
1.7
Electrosteel Castings
Buy
13
18
435
1,976
2,017
11.8
12.7
1.3
2.6
10.6
5.1
0.1
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
123
193
3,921
1,920
2,239
53.2
52.9
21.6
25.0
5.7
4.9
1.3
1.1
25.1
23.8
1.6
1.2
Hind. Zinc
Buy
105
145
44,387
12,358
13,659
51.4
51.6
16.0
17.6
6.6
6.0
1.2
1.0
19.4
18.4
1.2
0.7
Hindalco
Neutral
102
19,481
89,352
93,672
8.8
9.2
13.4
15.0
7.6
6.8
0.5
0.5
7.3
7.6
0.6
0.5
JSW Steel
Neutral
659
14,703
39,973
40,926
17.2
17.0
71.9
82.8
9.2
8.0
0.8
0.7
9.0
9.6
0.7
0.6
MOIL
Buy
203
248
3,412
1,010
1,046
46.5
47.6
26.8
28.8
7.6
7.1
1.1
1.0
15.4
14.7
0.9
0.7
Monnet Ispat
Buy
124
193
787
2,326
2,709
21.4
23.1
33.3
43.1
3.7
2.9
0.3
0.3
8.3
9.9
1.4
1.0
Nalco
Neutral
31
7,886
7,656
7,988
13.1
13.5
2.6
2.6
12.0
11.7
0.7
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
106
156
41,828
10,461
11,892
71.6
72.6
16.3
17.6
6.5
6.0
1.4
1.2
22.1
21.4
2.2
2.0
Media
www.angelbroking.com
Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY14E
FY15E
OPM(%)
EPS ( )
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Neutral
Sesa Goa
Buy
52
21,580
44,060
54,786
9.4
11.5
5.2
7.2
10.0
7.3
0.5
0.5
5.2
6.8
0.7
0.6
149
166
12,906
3,742
4,426
32.9
32.8
30.0
29.8
5.0
5.0
0.7
0.6
14.3
12.5
4.1
3.4
Sterlite Inds
Tata Steel
Buy
87
100
29,154
44,462
45,568
23.2
24.7
18.1
20.2
4.8
4.3
0.5
0.5
11.3
11.4
0.6
0.5
Buy
281
378
9.7
10.8
30.9
47.6
9.1
5.9
0.8
0.7
9.6
13.4
0.6
0.5
Sarda
Buy
97
153
346
1,494
1,568
19.1
20.3
31.3
36.5
3.1
2.7
0.4
0.3
11.8
12.4
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
31
40
416
2,615
2,776
12.1
12.0
9.8
10.4
3.2
3.0
0.2
0.2
6.5
6.5
0.4
0.4
Buy
76
102
250
2,344
2,509
14.9
15.4
38.7
47.0
2.0
1.6
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
293
345
55,914
16,482
16,228
69.4
53.3
53.3
49.6
5.5
5.9
0.9
0.8
16.5
13.6
2.0
1.7
GAIL
Neutral
323
41,004
52,102
52,876
15.7
16.1
34.1
35.7
9.5
9.1
1.5
1.3
16.4
15.3
0.3
0.2
ONGC
Buy
328
387
36.3
38.3
34.7
41.9
9.5
7.8
1.6
1.4
18.3
19.5
1.4
1.0
Reliance Industries
Neutral
883
9.9
69.3
69.3
78.0
12.7
11.3
1.3
1.2
11.5
11.7
0.7
0.6
Gujarat Gas*
Neutral
202
2,591
3,707
3,850
11.7
12.4
23.7
25.7
8.5
7.9
2.4
2.1
29.6
28.2
0.5
0.5
Indraprastha Gas
Neutral
281
3,931
3,700
4,218
23.4
22.8
26.7
30.4
10.5
9.2
2.2
1.9
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
127
167
9,548
40,356
40,872
5.8
6.4
15.0
16.7
8.5
7.6
1.8
1.5
23.0
21.5
0.3
0.3
Neutral
58
3,250
1,171
1,287
91.9
91.9
10.1
11.3
5.7
5.1
0.9
0.8
17.3
16.8
Alembic Pharma
Neutral
139
2,618
1,736
2,008
17.1
18.9
10.7
13.9
13.0
10.0
4.1
3.1
35.0
34.7
1.5
1.3
Aurobindo Pharma
Buy
187
271
5,443
6,641
7,637
15.9
15.9
17.3
20.6
10.8
9.1
1.7
1.4
19.5
18.9
1.2
1.1
Aventis*
Neutral
2,469
5,687
1,682
1,917
16.6
16.6
92.4
99.1
26.7
24.9
3.8
3.8
15.7
14.8
2.9
2.4
Cadila Healthcare
Buy
771
929
15,790
7,280
8,640
15.5
15.7
38.3
46.5
20.1
16.6
4.3
3.6
23.5
23.5
2.5
2.1
Cipla
Buy
397
477
31,884
9,274
10,796
23.1
23.1
21.0
23.8
18.9
16.7
3.0
2.6
17.2
16.8
3.1
2.6
Dr Reddy's
Accumulate
2,268
2,535
38,546
13,377
15,350
20.4
20.1
112.3
126.8
20.2
17.9
4.3
3.6
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
58
168
467
1,394
1,534
22.5
22.4
15.0
16.8
3.9
3.5
0.4
0.4
11.0
11.2
1.0
0.8
2,467
20,892
2,854
3,145
28.6
28.6
76.6
83.3
32.2
29.6
9.6
8.8
31.1
31.0
6.1
5.4
63
78
578
760
922
15.3
15.3
6.1
7.8
10.3
8.0
1.3
1.1
12.9
14.7
1.0
0.8
Neutral
659
8,309
3,243
3,826
20.5
21.5
36.0
44.4
18.3
14.8
4.3
3.4
26.0
25.4
2.7
2.3
Lupin
Accumulate
777
877
34,781
11,641
13,933
21.3
21.3
34.8
41.8
22.3
18.6
5.2
4.1
26.2
24.8
3.0
2.5
Ranbaxy*
Neutral
324
13,721
11,400
12,060
10.5
12.5
17.5
22.5
18.5
14.4
3.0
2.6
17.0
19.1
1.1
1.0
Sun Pharma
Neutral
1,004
103,817
13,509
15,846
41.0
41.0
33.0
39.8
30.4
25.2
6.1
5.1
22.0
22.0
7.2
5.9
69
78
1,047
1,444
1,482
33.4
33.0
13.7
14.8
5.1
4.7
0.6
0.5
12.3
12.0
0.8
0.5
Power
GIPCL
Accumulate
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Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Accumulate
148
163
121,786
76,734
86,680
24.5
24.3
13.4
14.5
11.0
10.2
1.4
1.2
12.8
12.7
2.2
2.1
DLF
Buy
189
236
33,664
8,293
9,622
36.5
36.1
5.7
6.7
33.1
28.1
1.2
1.1
3.7
4.1
6.0
5.0
MLIFE
Accumulate
434
476
1,773
888
1,002
30.6
30.6
38.8
43.4
11.2
10.0
1.3
1.1
11.2
11.4
2.5
2.2
Bharti Airtel
Accumulate
295
321
118,063
85,489
94,229
31.9
31.9
10.2
14.6
28.9
20.2
2.1
1.9
7.2
9.4
2.0
1.8
Idea Cellular
Neutral
144
47,811
25,640
28,459
26.9
27.2
4.0
4.9
36.0
29.2
3.0
2.7
8.4
9.4
2.2
2.0
Rcom
Neutral
133
27,348
22,751
24,628
30.9
31.3
3.4
5.3
38.7
25.2
0.8
0.8
2.1
3.1
2.7
2.3
1,439
1,659
3,057
1,863
2,081
11.8
12.4
71.2
83.0
20.2
17.3
4.1
3.5
21.6
21.5
1.4
1.1
Power
NTPC
Real Estate
Telecom
Others
Abbott India*
Accumulate
Bajaj Electricals
Buy
174
237
1,736
3,885
4,472
5.4
7.2
11.0
19.7
15.9
8.8
2.2
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Accumulate
495
562
627
630
795
14.4
13.6
42.8
51.1
11.6
9.7
2.8
2.2
26.6
25.2
1.0
0.8
Cravatex
Buy
305
459
79
248
284
6.5
7.3
27.2
38.2
11.2
8.0
1.8
1.5
15.7
18.5
0.5
0.4
Finolex Cables
Buy
51
68
778
2,563
2,899
9.8
9.8
10.1
11.3
5.1
4.5
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
271
437
353
2,304
2,649
3.1
3.6
28.0
43.7
9.7
6.2
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
306
345
705
1,458
1,542
8.3
9.0
32.3
37.0
9.5
8.3
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
125
177
341
1,053
1,169
6.3
7.1
13.8
17.7
9.1
7.1
1.3
1.1
15.0
16.7
0.4
0.3
2,482
2,194
1,842
2,131
7.7
7.8
112.4
132.4
22.1
18.7
2.8
2.4
13.3
13.8
1.1
1.0
Buy
146
198
131
495
651
12.7
12.9
29.3
39.5
5.0
3.7
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
157
234
181
1,430
1,573
11.1
11.0
19.1
26.9
8.3
5.9
0.4
0.4
4.9
6.3
0.5
0.5
Jyothy Laboratories
Accumulate
180
199
2,988
1,220
1,476
13.3
13.6
5.5
9.0
32.6
19.9
3.8
3.3
12.1
17.7
2.8
2.2
MRF
Accumulate
12,911
14,416
5,476
11,799
12,587
14.1
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,106
4,611
4,580
1,057
1,282
19.4
19.6
124.8
153.7
32.9
26.7
16.3
12.0
56.3
51.8
4.4
3.6
Relaxo Footwears
Neutral
796
955
1,146
1,333
10.9
11.4
45.9
60.9
17.3
13.1
3.6
2.9
23.0
24.6
1.0
0.8
Buy
229
343
214
1,158
1,322
11.9
11.9
72.9
85.7
3.1
2.7
0.6
0.5
19.9
19.6
0.4
0.4
Buy
401
617
705
1,068
1,223
9.6
9.6
38.1
44.1
10.5
9.1
1.4
1.3
14.5
14.7
0.6
0.5
TAJ GVK
Buy
60
108
374
300
319
35.8
36.2
7.9
9.1
7.6
6.6
1.0
0.9
13.9
14.4
1.6
1.3
Buy
287
371
441
814
849
17.0
17.6
64.6
69.2
4.4
4.1
0.6
0.5
14.5
13.8
0.1
TTK Healthcare
Buy
507
686
394
435
516
6.2
7.1
24.3
33.3
20.9
15.3
3.4
2.9
17.6
20.8
0.7
0.6
Tree House
Buy
252
297
906
153
194
53.0
52.8
12.4
15.6
20.3
16.1
2.4
2.1
11.8
13.1
5.9
4.5
TVS Srichakra
Buy
170
252
130
1,591
1,739
6.1
6.6
24.5
41.9
7.0
4.1
0.7
0.7
10.9
17.2
0.3
0.3
United Spirits
Neutral
2,460
35,756
12,294
14,162
12.0
12.0
42.1
67.7
58.4
36.3
4.1
3.7
9.1
10.7
2.9
2.5
www.angelbroking.com
Market Outlook
July 02, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
356
439
723
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
Others
Vesuvius India*
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 01, 2013
www.angelbroking.com
Market Outlook
July 02, 2013
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