Market Outlook 210512

Market Outlook
May 21, 2012
Dealers Diary
The domestic markets are expected to open in red tracking negative cues from
global indices. World leaders confirmed their interest in Greece remaining in the
euro zone at a meeting of the Group of Eight leaders on Saturday, but they also
stressed the need for the debt-stricken nation to uphold its financial commitments.
Domestic Indices
US markets, after showing a lack of direction in morning trading on Friday, stocks

showed another notable move to the downside over the course of the afternoon.
The pullback by the markets came as traders were reluctant to hold positions going
into the weekend. Lingering concerns about the financial situation in Europe
continued to weigh on the markets, with the ongoing political uncertainty in Greece
adding to worries about the outlook for the euro zone.
Indian shares erased initial steep losses on short-covering, as the rupee recovered
from a record low of 54.91 versus the dollar. Investors, meanwhile, shrugged off
government data that showed India's April CPI inflation accelerated to an annual
10.36% from 9.38% in March.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.5
82.3 16,153
Nifty
0.4
21.3
4,891
MID CAP
(0.3)
(15.9)
5,865
SMALL CAP
(0.2)
(14.9)
6,255
BSE HC
(0.1)
(5.9)
6,618
BSE PSU
0.8
51.9
6,641
BANKEX
1.8
AUTO
184.2 10,727
(1.9) (179.2)
9,231
METAL
0.4
40.3 10,078
OIL & GAS
0.6
43.4
7,465
BSE IT
0.0
1.3
5,512
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(0.6)
(73.1) 12,369
NASDAQ
(1.2)
(34.9)
2,779
Markets Today
FTSE
(1.3)
(70.8)
5,268
The trend deciding level for the day is 16,056 / 4,863 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 16,303 16,453 / 4,937 4,983 levels. However, if NIFTY trades below
16,056 / 4,863 levels for the first half-an-hour of trade then it may correct up to
15,906 15,660 / 4,817 4,743 levels.
Nikkei
(3.0) (265.3)
8,611
Hang Seng
(1.3) (249.1) 18,952
Straits Times
(1.3)
(35.4)
2,787
Shanghai Com
(1.4)
(34.4)
2,345
Indices
S2
S1
PIVOT
R1
R2
Indian ADRs
Chg (%)
(Pts)
(Close)
SENSEX
15,660
15,906
16,056
16,303
16,453
INFY
0.9
0.4
$42.9
NIFTY
4,743
4,817
4,863
4,937
4,983
WIT
(0.3)
(0.0)
$8.7
IBN
0.7
0.2
$28.6
HDB
1.4
0.4
$29.1
News Analysis
4QFY2012 Result Reviews Coal India, SBI, Tata Steel, HT Media, Ashoka
Buildcon, Force Motors
4QFY2012 Result Previews Nalco
BSE
NSE
Advances
1,186
603
Refer detailed news analysis on the following page
Declines
1,534
820
Net Inflows (May 17, 2012)
Unchanged
115
75
Advances / Declines
` cr
Purch
Sales
Net
MTD
YTD
FII
2,300
2,258
42
(125)
43,336
Volumes (` cr)
382
277
106
(142)
(6,243)
BSE
2,024
NSE
10,581
MFs
FII Derivatives (May 18, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
2,093
Stock Futures
1,896
2,113
(20)
11,992
1,632
264
21,685
Gainers / Losers
Gainers
Company
Jet Air India
SBI
Losers
Price (`)
chg (%)
306
6.4
1,942
Company
Price (`)
chg (%)
Bharat Elect
1,240
(4.5)
5.1
Tata Motors
260
(4.1)
24
(3.9)
Pantaloon Retl
139
5.0
Manappuram
Finance
National Alum
60
4.5
Maruti Suzuki
1,165
(3.3)
Mangalore Ref
59
4.4
Amtek Auto-$
114
(3.0)
www.angelbroking.com
Market Outlook
May 21, 2012
Result Reviews
Coal India (CMP: `303/ TP: - / Upside: -)
Coal India reported standalone results for 4QFY2012. The companys net sales
were down 2% yoy to `154cr. During 4QFY2012, the companys other income
increased by 16.8% yoy to `1,538cr and net profit declined by 11.7% to `1,223cr.
Coal India will report its consolidated results on May 28, 2012. We maintain our
Neutral view on the stock.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
50,234
28.0
10,867
17.2
36.7
18.0
5.9
10.7
3.0
FY2014E
60,669
28.8
14,746
23.3
37.9
13.3
4.4
8.1
2.3
State Bank of India (CMP: `1,942 / TP: `2,511 / Upside: 29.3%)

State Bank of India reported its 4QFY2012results. The bank reported 45.2% yoy
growth in its NII to `11,704cr, in-line with our expectations, aided by NIM
expansion of 82bp yoy to 3.89%. Non-interest income increased by 33.0% on a
yoy basis to `5,264cr, mainly aided by higher fee income and increased dividend
income. The banks operating expenses increased by much lower 8.5% yoy (16.4%
qoq) to `7,371cr. Provisioning expenses decreased by 24.5% yoy (4.2% qoq) to
`3,140cr. Consequently, the bank reported net profit of `4,050cr in 4QFY2012 as
against `21cr in 4QFY2011. The banks asset quality improved on a sequential
basis, with gross and net NPA ratio declining by 17bp and 40bp qoq, respectively,
and PCR improving by 558bp qoq to 68.1%. We maintain our Buy
recommendation on the stock with a target price of `2,511.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
69,568
3.7
14,825 220.9 1,329
1.0
18.9 8.5
1.4
FY2014E
81,445
3.7
18,104 269.8 1,608
1.0
19.1 7.0
1.2
March
Estimates are subject to change
Tata Steel (CMP: `400/ TP: Under review)

Tata Steel reported a disappointing set of numbers for 4QFY2012 on account of
subdued performance from its European operations. Consolidated net sales
growth stood flat yoy at `33,999cr (in-line with our estimate of `33,437cr).
Standalone net sales increased by 13.8% yoy to `9,375cr. Consolidated sales
volumes stood at 6.22mn tonnes in 4QFY2012 compared to 6.65mn tonnes in
4QFY2011. Average realization/tonne increased by 9.7% and 7.3% to US$1,052
and US$1,103 in Tata Steel India and Tata Steel Europe operations, respectively.
Although realization increased yoy, higher costs resulted in a decline in EBITDA.
EBITDA/tonne decreased by 6.7% to US$330 in Tata Steel India. EBITDA/tonne of
Tata Steel Europe stood at US$8 in 4QFY2012 compared to US$75 in 4QFY2011
on account of higher raw-material costs. India operations EBITDA decreased by
3.3% yoy to `2,976cr. European operations reported EBITDA of US$29mn and
South East Asian operations reported EBITDA of US$21mn during the quarter.
Consequently, consolidated EBITDA decreased by 28.5% yoy to `3,419cr. Hence,
Market Outlook
May 21, 2012
Tata Steel reported net profit of `433cr in 4QFY2012 compared to profit of

`4,176cr in 4QFY2011. The companys net debt increased to US$9.4bn as on
March 31, 2012, compared to US$9.2bn as on December 31, 2011. Tata Steels
2.9mn tonnes brownfield expansion project in Jamshedpur was completed during
4QFY2012. We maintain our Buy rating on the stock; our target is price under
review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
EV/Sales
(x)
FY2013E
153,733
10.7
6,365
50.6
13.0
8.0
1.0
5.7
0.6
FY2014E
148,011
13.0
7,949
63.2
14.5
8.0
0.9
4.7
0.6
HT Media (CMP: `115/ TP: under review)

For 4QFY2012, HT Media consolidated net revenues grew by moderate 5.8% yoy
to `494cr. Top-line growth was driven by growth in advertisement revenues. The
companys EBITDA margin contracted by ~956bp yoy to 9.8% due to significant
increase in other expenses and newsprint costs on a yoy basis. Consequently, Net
profit declined by 53% to `23cr. Currently, the stock is trading at FY2014E price to
earnings multiple of 11.5x. We maintain our Buy view on the stock with target
price under review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,254
17.8
234
10
14.7
11.5
1.6
5.0
0.9
FY2014E
2,555
18.3
283
12
15.4
13.9
1.4
4.0
0.8
Ashoka Buildcon (CMP: `193 / TP: `302 / Upside: 56%)

For 4QFY2012, Ashoka Buildcon (ABL) reported a good set of numbers, in-line
with our estimates. ABLs top line witnessed decent growth of 16.9% (excluding
`200cr revenue in 4QFY2011 owing to change in accounting policy) to `468cr,
marginally lower than our estimate of `495cr. On the EBITDAM front, ABLs
margin came in at 20.0%, 30bp lower than our estimate of 20.3%. At the earnings
front, ABL reported decent growth of 21.9% to `47cr (excluding exceptional
income of `107cr in 4QFY2011), which was higher than our estimate of `34cr
owing to lower depreciation. During the quarter, ABL changed its deprecation
policy, resulting in lower depreciation for the quarter. Order book as of
4QFY2012 stood at `4,967cr. We maintain our Buy view on the stock with target
price of `302.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,014
22.4
149
28.4
14.1
14.1
0.9
10.3
2.3
FY2014E
2,294
22.4
162
30.8
13.3
13.3
0.8
11.6
2.6
Market Outlook
May 21, 2012
Force Motors (CMP: `465 / TP: under review)

Force Motors reported its 4QFY2012 results. The company's top line grew by 17%
qoq and came in at `611cr, better than our estimate of `522cr. Although
employee cost reduced by 10% qoq, owing to a substantial 14% increase in rawmaterial cost and 110% growth in other expenses, EBITDA declined by 3% to
`27cr, marginally lower than our estimate of `28cr. Other income for the quarter
came in at `960.1cr, which was due to stake sale in 50:50 JV with Man Industries.
Adjusted PAT came in `14cr post adjusting the tax on stale sale income. Annual
top line grew by 37% yoy and came in at `2,085cr, while EBITDA came in at
`122cr, 22% higher than the previous year. Post adjusting the other income for the
latest quarter, the company reported Net profit of `36cr for the year. We maintain
our Buy recommendation on Force Motors; our target price is under review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
2,346
6.7
67
51
5.4
10.6
0.6
3.0
0.2
FY2014E
2,753
7.0
81
62
6.2
8.7
0.5
3.3
0.2
Result Previews
Nalco
Nalco is slated to report its 4QFY2012 results. We expect the companys net sales
to decrease by 11.2% yoy to `2,524cr mainly due to a decline in aluminium
prices. EBITDA margin is expected to contract by 1,558bp yoy to 9.8% due to
lower realizations and rise in prices of key inputs (primarily coal). Hence, net profit
is expected to decrease by 62.5% yoy to `115cr. We recommend Reduce on the
stock with a target price of `51.
Market Outlook
May 21, 2012
Quarterly Bloomberg Brokers Consensus Estimate

Zee Entertainment Ltd - Consolidated (21/05/2012)
Particulars (` cr)
Net sales
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
753
798
(6)
755
(0)
(22)
216
(18)
EBITDA
177
227
EBITDA margin (%)
23.5
28.4
Net profit
126
188
28.6
(33)
139
(9)
Power Finance Corporation Ltd (22/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
785
607
29
1,108
(29)
Tata Power Ltd - Consolidated (22/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
Net sales
6,153
4,986
23
6,646
(7)
EBITDA
18
1,003
51
1,515
1,287
EBITDA margin (%)
24.6
25.8
Net profit
605
627
15.1
(4)
263
130
Tata Global Beverage Ltd - Consolidated (23/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,687
1,567
1,793
(6)
EBITDA
180
158
14
181
(1)
EBITDA margin (%)
10.7
10.1
70
85
Net sales
Net profit
10.1
(17)
64
10
Rural Electrification Ltd (23/05/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
759
700
770
(1)
Market Outlook
May 21, 2012
Economic and Political News
CCI clears state oil firms of cartelisation charges

Government to invest `73,000cr in ports
Retail inflation jumps to 10.32% in April on dearer vegetables
Retrospective amendment to I-T Act may impact FDI in India
Corporate News
Coal India board decides to exit ICVL consortium

Kingfisher Airlines owes `269cr income tax: Government
MMTC inks supply pacts with Japanese, South Korean steel companys
Odisha plant to be ready by early FY14, says Tata Steel
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
May 21, 2012
Result Calendar
Date
Company
May 21, 2012
Adani Enterp., Nalco, Zee Entertainment, Tata Comm
May 22, 2012
Tata Power Co., Power Fin.Corpn., Godawari Ispat
May 23, 2012
Rural Elec.Corp., Tech Mahindra, Tata Global, LMW, Jyothy Laboratories
May 24, 2012
Reliance Power, GSPL, TVS Motor, Madras Cements, Hitachi
May 25, 2012
ITC, NHPC, BPCL, Reliance Infra., Sun TV Network, Crompton Greaves, Suzlon Energy, MOIL, Jyoti Structures
May 26, 2012
Rcom, Jagran Prakashan, Sarda Energy, TVS Srichakra
May 27, 2012
May 30, 2012
Coal India, NMDC, IOC, Motherson Sumi, Bharat Forge, Britannia, Bajaj Electrical, Amara Raja Batteries, Indoco
Remedies, Subros
ONGC, Tata Motors, Sun Pharma, Power Grid Corpn, SAIL, HPCL, GMR Infra., Aurobindo Pharma, Ipca labs,
Nagarjuna Const., Prakash Industries, PVR
GAIL, M&M, Colgate, Tata Chemicals, Page Industries, BGR Energy , PTC India, Anant Raj, GIPCL
May 31, 2012
June 01, 2012
Mphasis
May 28, 2012

May 29, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
UK
Euro-Zone Consumer
Confidence
CPI (YoY)
US
Existing home sales
May 23, 2012
US
New home sales
Thousands
Mar-12
328.00
335.00
May 24, 2012
US
Initial Jobless claims
Thousands
12-May-12
370.00
370.00
Germany
GDP nsa (YoY)
% Change
Mar-12
1.70
1.70
Germany
PMI Services
Value
Apr-12
52.20
52.00
Germany
PMI Manufacturing
Value
Apr-12
46.20
47.00
UK
GDP (YoY)
Mar-12
--
--
May 29, 2012
US
Consumer Confidence
Apr-12
69.20
70.00
May 31, 2012
Germany
Unemployment change (000's)
% Change
S.A./
1985=100
Thousands
Apr-12
19.00
--
US
GDP Qoq (Annualised)
% Change
Mar-12
2.20
1.80
India
Qtrly GDP YoY%
% Change
6.10
--
US
Change in Nonfarm payrolls
Thousands
Apr-12
115.00
155.00
US
Unnemployment rate
Apr-12
8.10
8.10
China
PMI Manufacturing
Value
Apr-12
53.30
--
India
Imports YoY%
% Change
Mar-12
24.28
--
India
Exports YoY%
% Change
Mar-12
(5.71)
--
UK
PMI Manufacturing
Euro Zone
Euro-Zone GDP s.a. (QoQ)
Euro Zone
ECB announces interest rates
June 07, 2012
UK
BOE Announces rates
June 09, 2012
China
China
May 22, 2012
June 01, 2012
June 06, 2012
Euro Zone
Source: Bloomberg, Angel Research
Value
Apr-12
(19.90)
(20.50)
% Change
Mar-12
3.50
3.10
Millions
Mar-12
4.48
4.62
Value
Apr-12
50.50
--
% Change
Mar-12
--
--
May-12
1.00
--
% Ratio
May-12
0.50
0.50
Industrial Production (YoY)
% Change
Apr-12
9.30
--
Consumer Price Index (YoY)
% Change
Apr-12
3.40
--
Market Strategy
May 21, 2012
Macro watch
Exhibit1: QuarterlyGDPtrends
(%)
(%)
9.8
10.0
Exhibit2: IIPtrends
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.7
2.5
1.1
2.0
(6.0)
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
Source:CSO,AngelResearch
(4.0)
Jun-11
(2.0)
5.0
May-11
Apr-11
6.0
9.5
10.0
8.5
(3.5)
(5.0)
Source:MOSPI,AngelResearch
Exhibit3: MonthlyWPIinflationtrends
Exhibit4: ManufacturingandservicesPMI
(%)
9.6
9.5
9.4
9.8
10.0
9.9
7.7
8.0
Services PMI
58.0
9.5
7.4
6.9
7.2
6.9
56.0
Source:MOSPI,AngelResearch
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Apr-11
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
48.0
Sep-11
0.0
Aug-11
50.0
Jul-11
2.0
Jun-11
52.0
May-11
4.0
Jun-11
54.0
6.0
May-11
10.0
Mfg. PMI
60.0
12.0
Source:Market,AngelResearch;Note:Levelabove50indicatesexpansion
Exhibit5: Exportsandimportsgrowthtrends
(%)
Exports yoy growth
Exhibit6: Keypolicyrates
Imports yoy growth
Repo rate
(%)
9.00
90
75
Reverse Repo rate
CRR
8.00
8.00
60
7.00
45
30
6.00
4.75
5.00
Source:Bloomberg,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
4.00
Source:RBI,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Apr-12
15
(15)
7.00
Market Outlook
May 21, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
124
2,407
1,432
1,647
14.7
14.7
7.0
8.0
17.7
15.5
3.7
3.2
22.8
22.3
1.7
1.4
United Phosphorus
Buy
118
183
5,446
8,191
8,764
16.5
16.5
17.1
18.3
6.9
6.5
1.1
1.0
17.5
16.2
0.8
0.7
Amara Raja Batteries
Buy
275
345
2,346
2,691
3,032
15.6
15.5
29.4
32.8
9.3
8.4
2.2
1.8
26.5
23.6
0.8
0.7
Apollo Tyres
Buy
85
100
4,264
13,699
15,184
10.5
10.2
12.1
13.3
7.0
6.4
1.3
1.1
19.7
18.4
0.5
0.4
Ashok Leyland
Buy
25
33
6,665
14,798
16,687
9.6
9.6
2.4
3.0
10.3
8.4
2.1
1.8
14.8
16.5
0.5
0.4
Automotive Axle
Accumulate
486
514
734
1,211
1,387
12.1
11.7
50.3
57.1
9.7
8.5
2.4
2.0
27.8
25.7
0.7
0.5
Bajaj Auto
Buy
1,533
1,835
44,359
22,118
24,889
19.0
18.6
115.7
126.5
13.3
12.1
5.3
4.2
45.0
38.9
1.6
1.3
Bharat Forge
Buy
310
372
7,227
7,173
7,998
16.3
16.5
22.3
26.6
13.9
11.7
2.7
2.3
21.0
21.0
1.1
0.9
Bosch India
Accumulate
8,936
9,429
28,059
9,390
10,716
19.5
19.1
420.2
471.4
21.3
19.0
4.9
4.1
23.3
21.8
2.7
2.3
CEAT
Buy
94
164
320
5,067
5,631
8.0
7.6
39.4
41.0
2.4
2.3
0.4
0.4
18.8
16.5
0.3
0.3
Exide Industries
Buy
119
146
10,077
5,787
6,595
15.5
17.0
7.1
9.0
16.7
13.2
2.9
2.5
18.6
20.3
1.4
1.2
FAG Bearings
Accumulate
1,515
1,594
2,518
1,531
1,748
18.8
18.5
118.0
132.8
12.9
11.4
2.8
2.3
24.0
21.9
1.4
1.1
Hero Motocorp
Buy
1,871
2,280
37,354
26,106
29,296
15.0
15.2
140.3
148.1
13.3
12.6
6.3
4.8
54.8
43.3
1.1
0.9
JK Tyre
Buy
78
113
320
8,058
9,025
5.4
5.5
24.8
32.2
3.1
2.4
0.3
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
644
793
39,537
34,740
39,263
10.7
11.0
44.9
51.7
14.4
12.5
2.6
2.2
18.9
19.1
0.8
0.7
Maruti
Buy
1,165
1,510
33,661
42,683
48,736
7.1
7.5
86.6
100.6
13.5
11.6
1.9
1.7
15.3
15.5
0.6
0.5
Motherson Sumi
Buy
165
216
6,388
11,167
12,516
9.5
10.0
11.3
14.4
14.6
11.5
3.2
2.6
23.3
24.7
0.7
0.6
Subros
Neutral
29
176
1,225
1,393
8.5
8.2
4.2
5.0
7.0
5.9
0.7
0.7
10.3
11.8
0.4
0.3
Tata Motors
Buy
260
312
70,007 191,183 210,301
12.8
12.8
39.4
43.6
6.6
6.0
2.3
1.8
40.4
34.3
0.5
0.4
TVS Motor
Buy
33
55
1,565
7,982
8,816
6.4
6.3
5.0
5.6
6.6
5.9
1.2
1.0
18.9
18.2
0.2
0.2
ABB*
Sell
712
498
15,084
8,760
10,023
6.4
6.4
18.2
20.7
39.1
34.3
5.3
4.7
14.4
14.6
1.7
1.5
BGR Energy
Neutral
283
2,044
4,170
5,396
11.5
10.4
27.2
30.4
10.4
9.3
1.7
1.5
17.3
17.4
1.1
1.0
BHEL
Neutral
201
49,295
46,344
46,916
18.3
18.6
23.5
24.1
8.6
8.4
1.7
1.5
21.3
18.9
0.9
0.9
Blue Star
Buy
173
221
1,556
3,250
3,551
5.9
5.9
12.4
15.8
13.9
11.0
2.8
2.4
21.2
23.8
0.6
0.4
Crompton Greaves
Buy
115
164
7,396
12,936
14,101
9.6
10.0
10.9
11.7
10.6
9.8
1.8
1.6
18.4
17.3
0.6
0.5
Jyoti Structures
Buy
38
67
312
2,622
2,801
10.6
11.0
10.9
13.4
3.5
2.8
0.4
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
51
73
1,314
6,686
7,200
7.7
7.9
10.6
12.2
4.8
4.2
0.9
0.8
25.9
24.0
0.3
0.3
LMW
Buy
1,519
2,609
1,711
2,663
3,130
12.8
12.8
185.0
217.4
8.2
7.0
1.6
1.4
21.2
21.7
0.2
0.1
Thermax
Neutral
424
5,053
5,514
5,559
8.3
8.0
29.7
28.4
14.3
15.0
2.7
2.4
20.2
16.9
0.8
0.7
Capital Goods
Market Outlook
May 21, 2012
Stock Watch
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
Cement
ACC
Neutral
1,160
21,776
11,018
12,663
19.9
21.2
70.7
81.2
16.4
14.3
2.9
2.6
18.0
19.0
1.7
1.4
Ambuja Cements
Neutral
144
22,152
10,035
11,504
23.5
23.8
10.1
10.6
14.3
13.7
2.8
2.5
18.5
19.4
1.8
1.5
India Cements
Neutral
77
2,361
4,423
4,906
18.2
18.8
9.9
12.7
7.8
6.1
0.7
0.6
8.6
10.5
0.8
0.7
J K Lakshmi Cements
Buy
64
79
777
1,880
2,201
19.0
22.6
12.2
16.4
5.2
3.9
0.6
0.5
11.9
14.3
0.6
0.9
Madras Cements
Neutral
139
3,308
3,434
3,777
25.5
26.1
14.1
18.1
9.9
7.7
1.4
1.2
15.2
16.9
1.6
1.3
Shree Cements
Neutral
2,557
8,908
5,552
6,193
25.7
26.0
130.3
182.0
19.6
14.1
4.1
3.5
19.1
22.3
1.3
1.0
UltraTech Cement
Neutral
1,407
38,555
20,116
22,655
21.3
22.5
82.1
97.5
17.1
14.4
2.7
2.3
16.8
17.4
1.8
1.8
193
302
1,018
2,014
2,294
22.4
22.4
28.4
30.8
6.8
6.3
0.9
0.8
14.1
13.3
2.3
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
14
267
2,526
2,792
5.7
6.6
1.8
2.8
7.9
5.1
0.4
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
18
1,113
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(10.2)
(23.5)
1.1
1.2
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
113
166
3,757
3,821
4,582
42.3
40.2
15.0
16.9
7.5
6.7
1.1
1.0
16.1
15.8
2.6
2.4
ITNL
Buy
161
265
3,136
6,619
7,925
23.8
23.3
22.0
26.7
7.3
6.1
1.0
0.9
14.9
15.9
2.2
2.1
IVRCL Infra
Buy
45
79
1,195
5,758
6,860
9.2
9.2
4.7
6.0
9.6
7.4
0.6
0.5
6.0
7.3
0.7
0.6
Jaiprakash Asso.
Buy
62
104
13,184
16,017
18,359
24.4
23.5
4.2
5.0
14.8
12.4
1.3
1.2
8.8
9.7
2.1
1.9
Larsen & Toubro
Buy
1,162
1,553
71,139
59,559
69,089
12.1
11.5
70.8
76.5
16.4
15.2
2.5
2.2
16.1
15.3
1.3
1.2
Madhucon Proj
Buy
45
70
332
2,206
2,502
10.7
10.7
4.6
4.7
9.7
9.6
0.5
0.5
5.2
5.0
0.7
0.7
Nagarjuna Const.
Buy
32
76
819
5,790
7,022
9.2
9.5
3.5
5.4
9.2
5.9
0.3
0.3
3.7
5.6
0.8
0.7
Patel Engg.
Neutral
85
590
3,609
3,836
13.1
13.1
14.0
14.6
6.0
5.8
0.4
0.4
6.3
6.1
1.0
1.1
Punj Lloyd
Neutral
45
1,509
10,592
12,193
8.4
8.4
2.9
4.6
15.7
10.0
0.5
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
130
199
1,953
2,989
3,315
10.6
10.6
10.2
11.3
12.8
11.5
2.0
1.7
17.6
16.3
0.8
0.8
Simplex Infra
Buy
205
316
1,014
6,732
7,902
9.3
9.6
27.2
35.1
7.5
5.8
0.8
0.7
11.0
12.6
0.5
0.4
Allahabad Bank
Accumulate
145
166
7,233
7,392
8,542
3.1
3.1
38.3
42.1
3.8
3.4
0.7
0.6
18.4
17.6
Andhra Bank
Neutral
106
5,926
5,151
5,843
3.2
3.1
22.4
25.7
4.7
4.1
0.7
0.6
15.8
16.0
Axis Bank
Buy
949
1,587
39,263
16,157
19,557
3.2
3.2
116.4
139.1
8.2
6.8
1.5
1.3
20.0
20.3
Bank of Baroda
Buy
641
925
25,080
15,993
18,918
2.6
2.6
127.3
149.9
5.0
4.3
0.8
0.7
17.8
18.2
Bank of India
Buy
316
411
18,123
13,558
15,551
2.5
2.4
61.6
70.8
5.1
4.5
0.9
0.7
16.8
16.9
Bank of Maharashtra
Buy
48
55
2,812
3,580
4,050
3.2
3.2
11.5
13.1
4.1
3.6
0.7
0.6
17.4
17.2
Canara Bank
Buy
398
522
17,627
12,061
13,906
2.3
2.3
83.1
92.7
4.8
4.3
0.8
0.7
16.7
16.4
Central Bank
Neutral
75
5,510
6,838
7,912
2.3
2.4
13.8
20.3
5.4
3.7
0.8
0.7
10.9
14.4
Financials
Market Outlook
May 21, 2012
Stock Watch
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
Financials
Corporation Bank
Buy
404
486
5,977
5,203
5,880
2.2
2.1
107.5
112.7
3.8
3.6
0.6
0.6
17.9
16.5
Dena Bank
Buy
84
111
2,953
3,149
3,522
2.8
2.8
23.3
26.1
3.6
3.2
0.6
0.5
17.7
17.0
Federal Bank
Neutral
404
6,903
2,743
3,131
3.4
3.3
49.7
57.4
8.1
7.0
1.1
1.0
14.1
14.6
HDFC
Accumulate
635
670
93,783
7,393
8,844
3.5
3.4
31.7
37.9
20.0
16.7
4.0
3.6
34.7
31.9
HDFC Bank
Accumulate
500
567
117,514
21,831
27,477
4.3
4.3
28.3
35.5
17.7
14.1
3.4
2.9
20.8
22.1
ICICI Bank
Buy
805
1,201
92,524
22,209
26,512
2.8
2.8
67.9
81.1
11.9
9.9
1.4
1.3
14.7
16.0
IDBI Bank
Buy
Indian Bank
Accumulate
IOB
Buy
J & K Bank
88
117
11,275
8,004
9,589
1.9
2.0
19.9
23.9
4.4
3.7
0.6
0.5
13.8
14.9
180
197
7,742
6,312
7,119
3.4
3.3
41.1
43.7
4.4
4.1
0.8
0.7
18.2
16.9
80
96
6,336
7,354
8,283
2.5
2.4
16.3
21.7
4.9
3.7
0.6
0.5
11.5
13.9
Accumulate
857
960
4,152
2,420
2,792
3.5
3.6
178.0
195.8
4.8
4.4
0.9
0.8
19.5
18.6
LIC Housing Finance
Buy
242
286
12,210
2,108
2,607
2.6
2.6
24.5
30.6
9.9
7.9
1.8
1.6
20.1
21.4
Oriental Bank
Buy
216
274
6,305
6,431
7,315
2.7
2.6
54.4
63.8
4.0
3.4
0.6
0.5
13.6
14.3
Punjab Natl.Bank
Buy
721
1,066
24,468
19,893
23,653
3.1
3.2
153.4
175.2
4.7
4.1
0.8
0.7
18.3
18.1
South Ind.Bank
Neutral
22
2,491
1,399
1,596
2.6
2.5
3.5
3.8
6.3
5.8
1.1
1.0
18.7
17.5
St Bk of India
Buy
1,942
2,511
130,317
69,568
81,445
3.7
3.7
220.9
269.8
8.8
7.2
1.5
1.2
18.9
19.1
Syndicate Bank
Buy
89
131
5,336
7,133
8,255
3.0
3.0
25.9
30.0
3.4
3.0
0.5
0.5
16.9
17.1
UCO Bank
Neutral
67
4,437
5,623
6,380
2.4
2.4
16.9
17.9
4.0
3.7
0.7
0.7
16.5
15.4
Union Bank
Buy
197
276
10,332
10,215
11,854
2.9
2.8
42.7
50.3
4.6
3.9
0.8
0.6
17.0
17.5
United Bank
Buy
57
78
2,040
3,551
4,128
2.7
2.8
18.8
22.6
3.0
2.5
0.5
0.4
15.5
16.5
Vijaya Bank
Neutral
53
2,621
2,668
3,001
2.2
2.2
10.6
12.2
5.0
4.3
0.7
0.6
13.3
13.8
Yes Bank
Buy
312
470
11,030
3,209
4,144
2.7
2.8
33.9
41.5
9.2
7.5
1.9
1.6
23.1
23.3
3,708
35,571
11,423
13,309
16.3
16.3
125.3
148.4
29.6
25.0
10.1
7.9
38.0
35.4
3.0
2.6
524
650
6,264
5,906
6,856
6.9
7.0
22.3
28.3
23.5
18.6
9.6
7.1
45.2
44.1
1.0
0.9
1,219
16,580
3,007
3,417
21.1
22.1
37.7
42.6
32.3
28.7
38.5
31.1
129.4
120.1
5.4
4.7
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
106
18,388
5,878
6,799
16.8
17.0
4.2
4.9
25.5
21.5
9.2
7.5
39.3
42.0
3.1
2.7
GlaxoSmith Con*
Neutral
2,708
11,387
3,124
3,663
17.1
11.6
103.0
123.3
26.3
22.0
8.1
6.5
34.0
32.9
3.3
2.8
Godrej Consumer
Neutral
555
18,887
5,973
7,000
18.4
18.6
22.8
27.2
24.3
20.4
6.7
5.4
31.3
38.4
3.3
2.8
HUL
Neutral
431
93,140
25,350
29,309
14.3
14.4
14.1
16.4
30.5
26.3
22.8
17.8
82.7
76.2
3.5
3.0
ITC
Accumulate
239
252
187,017
28,955
33,595
35.9
35.7
9.2
10.5
26.1
22.8
8.3
6.9
34.8
33.1
6.2
5.3
Market Outlook
May 21, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
173
10,625
4,667
5,427
12.8
12.9
6.6
8.1
26.0
21.3
7.0
5.5
30.0
28.8
2.3
1.9
Nestle*
Neutral
4,698
45,296
8,731
10,539
21.0
21.4
119.3
147.9
39.4
31.8
24.1
16.4
73.0
61.6
5.2
4.2
Tata Global
Buy
106
136
6,527
7,011
7,712
9.7
10.0
6.0
7.1
17.8
14.8
1.6
1.6
8.9
10.2
0.8
0.7
HCL Tech
Buy
484
560
33,499
22,792
25,743
17.4
17.4
37.8
43.0
12.8
11.2
2.8
2.4
22.3
21.3
1.4
1.2
Hexaware
Accumulate
119
128
3,523
1,821
2,105
19.0
18.6
9.8
10.7
12.1
11.1
2.8
2.4
23.7
22.5
1.7
1.4
Infosys
Buy
2,385
2,792
136,977
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
2.5
Infotech Enterprises
Accumulate
164
177
1,823
1,758
1,972
17.0
16.6
16.8
18.6
9.7
8.8
1.3
1.2
13.6
13.2
0.7
0.5
KPIT Cummins
Reduce
124
114
2,209
2,028
2,239
15.0
14.8
9.0
11.4
13.8
10.9
2.5
2.0
19.3
18.7
1.1
0.9
Mahindra Satyam
Buy
71
89
8,314
7,142
8,042
15.4
15.0
7.7
8.3
9.2
8.6
1.3
1.1
13.8
13.0
0.8
0.6
Mindtree
Neutral
608
2,466
2,172
2,450
16.1
15.5
53.9
58.5
11.3
10.4
2.1
1.8
18.9
17.0
0.9
0.8
Mphasis
Accumulate
386
433
8,100
5,904
6,320
18.3
17.9
38.7
41.2
10.0
9.4
1.5
1.3
14.9
13.7
0.9
0.8
NIIT
Buy
40
52
665
1,162
1,304
14.8
15.1
7.1
8.8
5.7
4.6
1.0
0.8
16.7
18.4
0.4
0.3
Persistent
Neutral
TCS
Accumulate
Tech Mahindra
Wipro
IT
349
1,395
1,109
1,224
23.3
22.4
37.2
40.1
9.4
8.7
1.4
1.3
15.4
14.5
0.9
0.8
1,211
1,276
237,108
57,189
66,329
29.3
28.7
63.2
70.9
19.2
17.1
5.9
4.7
30.5
27.7
3.9
3.3
Buy
612
750
7,797
6,030
6,511
16.3
15.7
81.1
87.0
7.5
7.0
1.5
1.3
20.1
18.0
1.3
1.0
Accumulate
391
430
96,103
41,918
46,879
19.4
19.9
25.1
28.7
15.6
13.6
2.9
2.5
18.6
18.3
1.9
1.6
D B Corp
Buy
200
269
3,657
1,652
1,863
25.7
26.3
13.5
16.1
14.8
12.4
3.3
2.8
24.1
24.4
2.1
1.8
HT Media
Buy
114
170
2,683
2,255
2,555
17.8
18.3
10.0
12.0
11.5
9.5
1.6
1.4
14.7
15.4
0.9
0.8
Jagran Prakashan
Buy
85
137
2,682
1,499
1,642
27.4
28.8
7.6
9.1
11.1
9.3
3.7
3.3
34.6
37.7
1.8
1.6
PVR
Neutral
143
371
625
732
17.4
16.9
12.4
15.8
11.5
9.1
1.8
1.9
8.5
9.9
0.8
0.6
Sun TV Network
Neutral
267
10,514
2,135
2,458
75.2
74.4
20.9
24.0
12.8
11.1
3.0
2.5
26.0
25.1
3.9
3.1
Bhushan Steel
Neutral
435
9,229
9,232
13,557
30.8
31.1
48.0
58.6
9.1
7.4
1.2
1.0
14.5
7.5
3.1
2.2
Coal India
Buy
303
351
191,481
65,654
71,756
26.8
27.3
24.0
26.3
12.6
11.5
3.5
2.8
30.4
27.0
1.9
1.6
Electrosteel Castings
Buy
19
27
652
1,984
2,074
10.6
12.0
2.7
3.3
7.0
5.7
0.3
0.1
5.2
6.2
0.4
0.4
Hind. Zinc
Buy
116
139
49,204
13,043
14,223
51.8
52.8
14.8
16.6
7.9
7.0
1.5
1.3
21.2
19.9
2.0
1.5
Hindalco
Neutral
108
20,677
84,652
88,766
9.6
10.5
17.0
18.9
6.4
5.7
0.6
0.5
9.7
9.8
0.5
0.5
JSW Steel
Accumulate
600
663
13,379
39,592
44,910
18.0
17.7
74.7
88.9
8.0
6.7
0.8
0.7
10.7
11.6
0.7
0.6
MOIL
Neutral
255
4,287
979
1,061
45.7
46.8
24.5
26.6
10.4
9.6
1.6
1.5
16.1
15.8
2.2
1.9
Monnet Ispat
Buy
418
593
2,689
3,115
3,748
22.1
25.1
59.1
66.8
7.1
6.3
1.0
0.9
15.6
15.3
1.6
1.2
Media
Metals & Mining
Market Outlook
May 21, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
60
51
15,438
8,276
8,578
12.7
16.4
2.5
3.5
23.6
17.1
1.3
1.3
5.6
7.5
1.4
1.4
176
185
69,739
11,726
12,890
77.8
78.4
18.6
20.6
9.5
8.6
2.2
1.9
26.1
23.8
3.8
3.2
SAIL
Sesa Goa
Accumulate
90
102
37,237
52,461
62,935
18.0
18.8
13.2
14.5
6.8
6.2
0.8
0.7
12.4
12.3
1.1
0.9
Accumulate
193
206
16,782
9,067
9,316
35.7
35.5
44.5
44.3
4.3
4.4
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
101
123
33,925
45,805
49,029
21.2
23.5
16.5
19.1
6.1
5.3
0.7
0.6
11.5
12.0
0.4
0.2
Tata Steel
Buy
400
503
38,834 141,358 142,265
11.1
13.7
45.8
58.9
8.7
6.8
0.8
0.8
10.0
11.7
0.6
0.6
Cairn India
Buy
320
372
61,020
15,513
16,074
74.0
69.7
51.1
48.6
6.3
6.6
1.1
0.9
18.3
14.8
2.8
2.0
GAIL
Buy
317
392
40,268
50,472
55,503
15.3
15.6
35.4
37.0
9.0
8.6
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
249
319
212,818 148,157 150,563
37.6
39.5
31.0
33.6
8.0
7.4
1.4
1.3
18.8
18.1
1.1
0.9
Reliance Industries
Buy
689
872
225,502 325,734 328,669
10.9
11.7
65.8
70.1
10.5
9.8
1.1
1.0
11.9
11.5
0.7
0.6
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
49
91
928
1,624
1,855
14.2
15.6
6.6
9.1
7.5
5.4
1.8
1.4
27.5
29.2
0.8
0.7
Aurobindo Pharma
Buy
108
175
3,146
5,243
5,767
14.6
14.6
13.8
14.7
7.8
7.4
0.9
0.4
11.4
10.9
0.9
0.8
Aventis*
Neutral
2,121
4,885
1,482
1,682
15.5
15.5
95.0
104.0
22.3
20.4
4.0
3.1
18.6
17.0
3.1
2.6
Cadila Healthcare
Buy
786
953
16,097
6,196
7,443
18.5
19.5
43.3
50.8
18.2
15.5
4.7
3.7
25.4
24.8
2.6
2.1
Cipla
Buy
316
379
25,368
7,687
8,804
21.4
21.4
16.5
18.9
19.2
16.7
3.0
2.6
16.7
16.8
3.2
2.8
Dr Reddy's
Neutral
1,661
28,144
10,696
11,662
20.7
21.0
83.7
92.9
19.8
17.9
4.1
3.5
22.4
21.0
2.8
2.5
Dishman Pharma
Buy
46
92
374
1,280
1,536
17.8
17.8
9.2
11.3
5.0
4.1
0.4
0.4
7.7
8.5
1.0
0.8
GSK Pharma*
Neutral
2,048
17,345
2,651
2,993
31.7
31.2
76.0
82.4
26.9
24.9
7.7
6.8
30.8
29.0
5.6
4.8
Indoco Remedies
Buy
60
665
548
685
837
15.2
15.2
55.5
66.5
1.1
0.9
0.2
0.1
16.4
16.9
1.0
0.9
Ipca labs
Buy
341
443
4,295
2,907
3,541
21.5
21.5
32.4
40.6
10.5
8.4
2.6
2.1
27.8
27.7
1.6
1.3
Lupin
Buy
537
646
23,996
8,426
10,082
19.7
20.0
29.7
32.4
18.1
16.6
4.7
3.8
27.0
25.2
2.7
2.2
Orchid Chemicals
Buy
127
178
898
2,117
2,434
17.7
17.7
16.7
22.2
7.6
5.7
0.7
0.6
9.5
11.5
1.1
0.9
Ranbaxy*
Neutral
487
20,542
12,046
11,980
18.0
15.8
35.7
29.8
13.6
16.3
5.1
4.2
43.1
28.1
1.7
1.7
Sun Pharma
Accumulate
582
634
59,920
9,272
11,080
40.3
36.3
26.7
28.8
21.8
20.2
4.4
3.8
22.1
20.8
5.6
4.6
CESC
Buy
273
342
3,415
5,084
5,512
24.2
23.8
45.2
48.5
6.1
5.6
0.7
0.6
11.2
10.9
1.1
1.1
GIPCL
Buy
60
98
907
1,557
1,573
28.7
27.5
10.4
10.2
5.8
5.9
0.6
0.6
10.5
9.6
1.0
0.9
NTPC
Buy
145
201
119,765
73,558
84,843
23.4
23.6
12.6
14.1
11.5
10.3
1.5
1.3
13.3
13.6
2.4
2.2
50
78
1,483
657
875
52.0
56.1
8.4
12.7
6.0
4.0
0.4
0.3
6.3
8.9
3.5
2.7
186
31,624
9,878
12,033
44.7
46.1
9.6
13.4
19.4
13.9
1.2
1.2
6.4
8.7
5.7
4.7
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
May 21, 2012
Stock Watch
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
62
115
2,598
2,441
3,344
53.0
46.7
21.4
25.4
2.9
2.4
0.2
0.2
8.4
9.1
2.9
2.2
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
297
112,901
80,967
88,684
33.1
33.4
17.9
22.0
16.6
13.5
1.9
1.7
11.5
12.5
2.1
1.7
Idea Cellular
Neutral
82
27,021
22,558
25,326
26.4
27.5
3.2
4.7
25.3
17.2
1.9
1.7
7.5
10.0
1.7
1.4
Rcom
Neutral
65
13,375
21,899
23,740
32.7
32.7
4.2
6.7
15.3
9.7
0.3
0.3
2.1
3.2
2.0
1.6
220
245
2,193
3,670
4,384
8.5
8.5
18.3
22.3
12.0
9.9
2.6
2.2
23.9
24.3
0.6
0.5
zOthers
Bajaj Electrical
Accumulate
CRISIL
Neutral
1,050
7,370
982
1,136
34.3
34.3
34.3
40.0
30.6
26.3
13.9
11.1
50.9
46.9
7.1
6.0
Finolex Cables
Buy
35
61
540
2,334
2,687
8.8
9.3
7.6
10.2
4.6
3.5
0.6
0.5
13.7
16.1
0.2
0.1
Graphite India
Buy
91
124
1,773
2,158
2,406
18.1
18.9
12.4
14.0
7.3
6.5
1.0
0.9
14.0
14.3
1.0
0.8
Greenply
Buy
210
298
507
1,800
2,047
11.1
11.6
34.1
49.6
6.2
4.2
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
2,997
3,342
935
1,168
19.6
19.6
99.7
122.2
30.1
24.5
17.4
13.9
64.2
63.1
3.6
2.9
Sintex
Buy
53
129
1,440
5,219
5,912
16.5
16.9
15.8
21.4
3.3
2.5
0.5
0.4
14.7
17.1
0.5
0.4
Siyaram Silk Mills
Buy
262
439
245
1,045
1,173
12.3
12.4
61.5
73.2
4.3
3.6
0.8
0.7
20.2
20.4
0.5
0.5
SpiceJet
Neutral
30
1,429
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.7)
12.4
(11.9)
25.2
0.5
0.4
Taj GVK
Buy
57
108
359
300
319
35.8
36.2
7.9
9.1
7.3
6.3
1.0
0.9
13.9
14.4
1.5
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 18, 2012
Market Outlook
May 21, 2012

Market Outlook 210512

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Market Outlook 210512

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Market Outlook

May 21, 2012

US markets, after showing a lack of direction in morning trading on Friday, stocks

OIL & GAS

(1.3) (249.1) 18,952

Refer detailed news analysis on the following page

Net Inflows (May 17, 2012)

FII Derivatives (May 18, 2012)

State Bank of India (CMP: `1,942 / TP: `2,511 / Upside: 29.3%)

14,825 220.9 1,329

18,104 269.8 1,608

Estimates are subject to change

Tata Steel (CMP: `400/ TP: Under review)

Tata Steel reported net profit of `433cr in 4QFY2012 compared to profit of

HT Media (CMP: `115/ TP: under review)

Ashoka Buildcon (CMP: `193 / TP: `302 / Upside: 56%)

Force Motors (CMP: `465 / TP: under review)

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

Power Finance Corporation Ltd (22/05/2012)

Tata Power Ltd - Consolidated (22/05/2012)

EBITDA margin (%)

Tata Global Beverage Ltd - Consolidated (23/05/2012)

EBITDA margin (%)

Rural Electrification Ltd (23/05/2012)

Economic and Political News

CCI clears state oil firms of cartelisation charges

Coal India board decides to exit ICVL consortium

May 21, 2012

Adani Enterp., Nalco, Zee Entertainment, Tata Comm

May 22, 2012

Tata Power Co., Power Fin.Corpn., Godawari Ispat

May 23, 2012

Rural Elec.Corp., Tech Mahindra, Tata Global, LMW, Jyothy Laboratories

May 24, 2012

Reliance Power, GSPL, TVS Motor, Madras Cements, Hitachi

May 25, 2012

May 26, 2012

Rcom, Jagran Prakashan, Sarda Energy, TVS Srichakra

May 27, 2012

May 30, 2012

May 31, 2012

June 01, 2012

May 28, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

Existing home sales

May 23, 2012

New home sales

May 24, 2012

Initial Jobless claims

GDP nsa (YoY)

May 29, 2012

May 31, 2012

Unemployment change (000's)

GDP Qoq (Annualised)

Qtrly GDP YoY%

Change in Nonfarm payrolls

Euro-Zone GDP s.a. (QoQ)

ECB announces interest rates

June 07, 2012

BOE Announces rates

June 09, 2012

May 22, 2012