Market Outlook

September 2, 2013

Dealers Diary
Indian markets are expected to open flat to positive tracking a flat opening in SGX
Nifty whereas most of the other Asian markets are trading in the positive territory.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

1.2

US markets showed some volatility over the course of the trading day on Friday but
maintained a negative bias throughout the session. The weakness on Wall Street
came as traders expressed uncertainty about the situation in Syria and the
possibility of a U.S. attack over the three-day weekend. Moreover, traders digested
mixed reports from Commerce Department that the personal income edged up by
0.1% in July (expected increase of 0.2%) following a 0.3% increase in June and
MNI Indicators about Chicago business barometer edging up to 53.0 in August
from 52.3 in July.

Nifty

1.2

63

5,472

(0.0)

(0)

5,300

Indian markets witnessed a volatile session before ending the day in green
owing to downtrend in oil and gold prices for a second day and gains elsewhere

OIL & GAS

BSE IT

across Asia underpinning sentiment. Buying picked up late in the afternoon after
Prime Minister Manmohan Singh said the sharp fall in the value of the Indian rupee
has been especially because of large current account deficit and some other
domestic factors.

Markets Today
The trend deciding level for the day is 18,524/ 5,442 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,775 18,930 / 5,523 5,575 levels. However, if NIFTY trades below
18,524/ 5,442 levels for the first half-an-hour of trade then it may correct up to
18,369 18,117 / 5,390 5,309 levels.
Indices

S2

S1

PIVOT

R1

R2

SENSEX

18,117

18,369

18,524

18,775

18,930

NIFTY

5,309

5,390

5,442

5,523

5,575

Real GDP growth at 4.4% in 1QFY2014, lowest in 4 years

Auto sales update - August 2013
Taro Pharma in ties with NovaBiotics for co-development of an anti-fungal
drug
HMCL's Haridwar plant faced temporary labor problem
Refer detailed news analysis on the following page

Net Inflows (August 29, 2013)

` cr

Purch

Sales

Net

MTD

YTD

FII

4,988

4,909

79

(6,100)

59,298

882

1,026

(145)

1,025

(13,321)

MFs

FII Derivatives (August 30, 2013)

` cr

Purch

Sales

Net

Open Interest

Index Futures

3,239

3,394

(155)

9,996

Stock Futures

4,009

3,552

457

25,169

Price (`)

chg (%)

Company

624

11.1

Gainers / Losers
Gainers
Company

SMALL CAP

0.2

11

5,191

BSE HC

1.6

141

8,966

BSE PSU

0.6

30

4,990

BANKEX

1.6

161 10,304

AUTO

0.0

1 10,202

METAL

(2.1)

(163)

7,785

0.7

55

8,149

1.5

122

8,028

(Pts)

(Close)

Global Indices

Piramal Ent

Losers

Financial Tech

Price (`)

chg (%)

114

(19.3)

Mah & Mah Fin

253

7.8

Jindal Steel

222

(8.9)

Bank of India

142

7.0

Adani Enter

142

(6.0)

Madras Cements

153

6.3

Muthoot Fin

114

(5.5)

1,840

5.6

Federal Bank

257

(5.0)

Bajaj Auto

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Chg (%)

Dow Jones

(0.2)

(31) 14,810

NASDAQ

(0.8)

(30)

3,590

FTSE

(1.1)

(70)

6,413

Nikkei

(0.5)

(71)

13,389

Hang Sang

0.1

27

21,731

(0.3)

(9)

3,029

0.1

2,098

Chg (%)

(Pts)

(Close)

0.3

0.2

$46.4

WIT

(0.6)

(0.0)

$9.0

IBN

(0.6)

(0.2)

$26.0

3.9

1.1

$29.0

Straits Times
Shanghai Com
Indian ADR

INFY

HDB

News Analysis

MID CAP

219 18,620

Advances / Declines

BSE

NSE

Advances

1,137

672

Declines

1,085

621

186

97

Unchanged
Volumes (` cr)

BSE

2,953

NSE

16,681

Market Outlook
September 2, 2013

Real GDP growth at 4.4% in 1QFY2014, lowest in 4 years

Real GDP growth for 1QFY2014 came in at 4.4% largely in line with market
expectations, as compared to 4.8% in the previous quarter and 5.4% in
1QFY2013. On the demand-side, GDP at market prices continued to decelerate to
2.4% as growth in private consumption slowed and investment as well as exports
contracted during 1QFY2014. We believe that the liquidity tightening measures
taken by the RBI to contain exchange rate volatility have further dampened
consumption and investment sentiments and raised downside risks to growth. We
continue to believe that the near-term outlook for growth is likely to remain
challenging. We expect real GDP growth for FY2014 to range between 4.5-5.0%.
Trends in economic growth
Growth in agriculture and allied activities came in at 2.7% as against 1.4% in the
previous quarter and 2.9% in 1QFY2013. It was boosted by production of coarse
cereal, pulses and oilseeds during the rabi season while production of rice and
wheat declined during the period.
The industrial sector reported almost flat performance as compared to growth of
2.7% in 4QFY2013 and 1.8% in 1QFY2013. This can be attributed to the
contraction in mining and manufacturing sector during the quarter. Regulatory
issues plaguing the mining sector continued to result in a decline in production for
the third straight quarter. Manufacturing sector witnessed a 1.2% de-growth
despite a low base (1.0% contraction) during 1QFY2013.
Growth in the services sector which contributes 60% share to GDP remained at
6.6%, similar to growth in the previous quarter. The major disappointment comes
from the deceleration of growth in trade, hotels, transport and communication
category. It contributes to more than one-fourth of the overall GDP and has
slumped to 3.9% from the 6.1% in 1QFY2014. It clearly reflects the weakness in
consumption sentiment. Growth in community, social and personal services picked
up to 9.4%, the highest in 15 quarters on account of higher government spending.
This can be corroborated with the double-digit growth in government final
consumption expenditure during the period. We believe that growth in this
component is unlikely to be sustained since the government is expected to curtail
spending.
Near-term outlook remains challenging
We continue to believe that the outlook for growth is likely to remain challenging.
Our external sector vulnerability reflected in the INR depreciation has led to
economic stability gaining precedence over growth. The silver lining is that
agricultural growth is expected to gain momentum owing to a good monsoon. So
far, the area under sowing for kharif crop has increased by 8.0% as compared to
the corresponding period of the previous year. We believe that this is likely to
boost rural consumption. However, the overall consumption and investment
sentiments have dampened owing to tighter monetary conditions. Post the general
election in 2014 greater policy certainty is likely to boost investment sentiment.
Until then, a meaningful recovery in the capex cycle can be largely ruled out.

www.angelbroking.com

Market Outlook
September 2, 2013

Auto sales update - August 2013

Mahindra and Mahindra

Mahindra & Mahindra's (MM) automotive segment registered lower-thanexpected sales during August 2013 on account of the continued weakness in
the passenger vehicle (PV) segment. The PV sales witnessed a steep decline of
27.5% yoy (1.9% mom) due to the subdued demand environment and rising
competition amidst increase in excise duty which has impacted the company's
products the most. The four-wheeler pick-up and the three-wheeler sales too
witnessed a decline of 3.8% and 14.2% yoy respectively. Automotive exports
also declined by 9% yoy during the month. MM had announced production
cuts at its automotive plants in August to keep inventory under check.
Tata Motors

Tata Motors (TTMT) continued its poor sales performance as the domestic
commercial (CV) and passenger vehicle (PV) volumes maintained the
downward trajectory following weak consumer demand and slowdown in
industrial activity. Total volumes posted a sharp decline of 30.9% yoy (3.6%
mom) to 49,611 units with CV and PV segments registering a sharp decline of
26.6% and 48.2% yoy respectively. Within the CV space, domestic medium
and heavy and light commercial vehicle segments witnessed a decline of
43.8% and 18.2% yoy respectively. While in the PV segment, utility vehicle and
passenger cars witnessed a decline of 38.9% and 50.6% yoy respectively.
Exports however, posted a growth of 11.9% yoy (14.4% mom) during the
month.
TVS Motor
TVS Motor (TVSL) reported in-line performance with total sales posting a 1.2%
mom (flat yoy) growth to 155,532 units. The performance was led by the strong
growth in the motorcycle and three wheeler segments. which recorded a growth of
5.9% mom (14.2% yoy) and 0.8% mom (80.8% yoy) respectively. The scooter and
the moped segments however, continued its subdued performance led by the weak
demand and increasing competition. While scooter sales declined by 1.1% mom
(4.5% yoy); moped sales witnessed a 2.3% mom (13.9% yoy) decline during the
month. The exports performance on the other hand remained strong registering a
growth of 4.9% mom (52.9% yoy) driven by the strong performance of the twowheeler and the three-wheeler sales.

Taro Pharma in ties with NovaBiotics for co-development of an

anti-fungal drug
Taro pharma has entered into an agreement with NovaBiotics to license and codevelop Novexatin, a topical anti-fungal drug to cure toe-nail infections. Novexatin
is a topical treatment for fungal nail infections (onychomycosis). The active
pharmaceutical agent of this medicinal candidate is NovaBiotics novel, patented
antifungal peptide, NP213, which was developed specifically as a safe, fast-acting
nail penetrating fungicidal molecule from the companys proprietary antimicrobial
peptide platform.Novexatin is an investigational drug that is expected to enter a
multi-centre phase IIb study for mild-to-moderate onychomycosis in the US.

www.angelbroking.com

Market Outlook
September 2, 2013

NovaBiotics and Taro will jointly manage the study and other development
activities for Novexatin, with Taro as lead partner in the programme.NovaBiotics
and Taro will jointly manage the study and other development activities for the
drug with Taro being the lead partner of the program. The drug is currently in
Phase 2 (a) and will soon enter phase 2 (b).This is a very lucrative deal for both the
companies as the drug will be able to cure infections in just 28 days whereas other
drugs needed atleast 3 to 4 months and a course of one year to cure the fungal
infection completely. According to GlobalData, the onychomycosis market in 2012
had generic antifungal sales of USD$548.44 million and is expected to grow by
19.5% annually over the next decade and reach total revenue sales (US) of over
USD$3.26 billion by 2022.We remain Neutral on the stock.

HMCL's Haridwar plant faced temporary labor problem

Hero MotoCorp's (HMCL) Haridwar plant which faced temporary tool-down
agitation by the workers on Thursday night is expected to return to normalcy from
Monday as the workers have withdrawn the tool-down protest. The workers at the
plant had gone on a tool-down strike agitating against the wrongful suspension of
the two colleagues and were demanding their reinstatement. However, as per the
media reports, HMCL management has resolved the difference with the striking
workers in an amicable manner and the workers will resume the duties from
Monday onwards. The details of the agreement with the workers though is not
publicly available. While the production at the plant was affected since Thursday
night; we believe that the impact on the company will not be significant. More
importantly, the management acted swiftly to resolve the issue which is expected to
help HMCL ahead of the festival season. At the CMP price of `2,030, the stock is
trading at 13.9x FY2015 earnings. We recommend a Neutral rating on the stock.

Economic and Political News

Govt plans to set up bullion bank to mobilise idle gold

Fiscal deficit touches 63% of Budget Estimate in just four months
NABARD allocates Rs 900 crore to Karnataka under RIDF
Don't donate to trusts where directors hold post: RBI to UCBs
Govt. mulls raising import duty on non-essential goods

Corporate News

PFC to invite bids for 2 UMPPs worth Rs 40k cr

NCC to sell BOT assets to reduce debt
Production comes to a halt at Hero's Haridwar unit

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

www.angelbroking.com

Market Outlook
September 02, 2013
Global economic events release calendar
Date

Time

Country Event Description

Unit

Period

Bloomberg Data
Last Reported Estimated

September 2, 2013

1:25PM

Germany PMI Manufacturing

Value

Aug F

52.00

52.00

2:00PM

UK

Value

Aug

54.60

55.00

1:25PM

Germany PMI Services

Value

Aug F

52.40

52.40

2:30PM

Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

0.30

6:00PM

US

Initial Jobless claims

Thousands

Aug 31

331.00

330.00

4:30PM

UK

BOE Announces rates

% Ratio

Sep 5

0.50

0.50

5:15PM

Euro Zone ECB announces interest rates

Sep 5

0.50

0.50

2:00PM

UK

Industrial Production (YoY)

% Change

Jul

1.20

(1.70)

6:00PM

US

Change in Nonfarm payrolls

Thousands

Aug

162.00

180.00

6:00PM

US

Unnemployment rate

Aug

7.40

7.40

4:29PM

China

Exports YoY%

% Change

Aug

5.10

2.50

September 9, 2013

7:00AM

China

Consumer Price Index (YoY)

% Change

Aug

2.70

2.70

September 10, 2013

11:00AM

China

Industrial Production (YoY)

% Change

Aug

9.70

9.80

4:29PM

India

Imports YoY%

% Change

Aug

(6.20)

--

4:29PM

India

Exports YoY%

% Change

Aug

11.64

--

September 11, 2013

2:00PM

UK

Jobless claims change

% Change

Aug

(29.20)

--

September 12, 2013

5:30PM

India

Industrial Production YoY

% Change

Jul

(2.20)

--

September 13, 2013

6:00PM

US

Producer Price Index (mom)

% Change

Aug

--

0.10

September 16, 2013

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Aug

5.79

--

2:30PM

Euro Zone Euro-Zone CPI (YoY)

Aug F

1.30

--

6:45PM

US

Industrial Production

Aug

0.04

--

2:00PM

UK

CPI (YoY)

% Change

Aug

2.80

--

6:00PM

US

Consumer price index (mom)

% Change

Aug

0.20

--

11:00AM

India

RBI Repo rate

Sep 18

7.25

--

11:00AM

India

RBI Cash Reserve ratio

Sep 18

4.00

--

11:00AM

India

RBI Reverse Repo rate

Sep 18

6.25

--

6:00PM

US

Housing Starts

Thousands

Aug

896.00

--

6:00PM

US

Building permits

Thousands

Aug

954.00

--

11:30PM

US

FOMC rate decision

Sep 18

0.25

--

September 4, 2013
September 5, 2013

September 6, 2013

September 8, 2013

September 17, 2013

September 18, 2013

Source: Bloomberg, Angel Research

PMI Manufacturing

Market Outlook
September 02, 2013

Macro watch
Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

(%)
10.0

11.4
9.9
9.2

6.0

2.0
(1.0) (0.6)

Mfg. PMI

60.0
8.1
7.3

Apr-13

Mar-13

(2.2)

Exhibit 4: Manufacturing and services PMI

(%)
7.2

May-13

(2.8)

Jun-13

(0.7)

(4.0)

Jul-12

1QFY14

4QFY13

3QFY13

2QFY13

1QFY13

4QFY12

3QFY12

2QFY12

1QFY12

4QFY11

3QFY11

2QFY11

1QFY11

(0.1)

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

7.3

1.9
0.6

Jan-13

4.7 4.8 4.4

(2.0)

4QFY10

2.5

2.0

Dec-12

5.1 5.4 5.2

Source: CSO, Angel Research

9.0
8.0

3.5

4.0
6.0

Nov-12

6.5

Feb-13

7.5

Oct-12

7.7

Sep-12

8.6

8.4

8.0

Aug-12

9.5

3QFY10

12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0

7.3

58.0

7.3

7.0

5.8

5.7

6.0
5.0

Services PMI

4.8

4.9

4.6

56.0
54.0
52.0

4.0
3.0

50.0

2.0
48.0

Source: MOSPI, Angel Research

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Oct-12

Nov-12

Sep-12

Aug-12

Jul-12

Jun-12

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth

(%)
15.0
12.0
9.0
6.0
3.0
0.0
(3.0)
(6.0)
(9.0)
(12.0)
(15.0)

46.0

May-12

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

1.0
0.0

Exhibit 6: Key policy rates

Imports yoy growth

Repo rate

(%)
9.00

Reverse Repo rate

CRR

8.00
7.00
6.00
5.00
4.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Aug-13

Jul-13

Jun-13

Jun-13

May-13

Apr-13

Apr-13

Mar-13

Feb-13

Feb-13

Jan-13

Dec-12

Dec-12

Nov-12

Oct-12

Oct-12

Sep-12

Aug-12

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

3.00

Market Outlook
September 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

Agri / Agri Chemical

Rallis

Neutral

144

2,799

1,674

1,923

13.7

13.7

6.8

7.6

21.2

18.9

4.0

3.5

20.0

19.6

1.8

1.6

United Phosphorus

Buy

133

225

5,904

10,091

11,302

16.5

16.5

19.2

22.5

7.0

5.9

1.1

1.0

17.0

17.2

0.8

0.6

Amara Raja Batteries

Buy

256

305

4,380

3,474

3,952

15.5

15.5

19.0

21.0

13.5

12.2

3.3

2.7

27.2

24.2

1.3

1.1

Apollo Tyres

Neutral

63

3,173

13,409

15,106

11.8

11.6

13.1

15.4

4.8

4.1

0.8

0.7

17.9

17.8

0.4

0.3

Ashok Leyland

Buy

12

18

3,193

12,945

15,049

6.3

8.2

0.2

1.5

69.0

8.0

1.1

1.0

1.1

9.1

0.4

0.3

Automotive Axle#

Neutral

202

305

700

890

8.7

10.7

11.1

25.8

18.2

7.8

1.1

1.1

6.2

13.9

0.5

0.4

Bajaj Auto

Accumulate

1,840

2,115

53,229

22,042

25,399

19.3

19.3

121.1

141.0

15.2

13.1

5.4

4.3

39.4

36.6

2.0

1.7

Bharat Forge

Accumulate

241

256

5,609

5,942

6,417

15.2

15.5

15.6

19.7

15.4

12.3

2.3

2.0

15.4

17.3

1.1

1.0

Bosch India*

Accumulate

8,218

9,096

25,802

9,301

10,895

16.8

18.0

339.9

423.1

24.2

19.4

4.0

3.4

16.6

17.6

2.4

2.0

CEAT

Buy

104

170

375

5,159

5,628

9.3

9.0

43.5

48.6

2.4

2.1

0.4

0.4

18.4

17.5

0.2

0.2

Exide Industries

Buy

125

148

10,663

6,899

7,873

14.7

14.7

7.9

9.0

15.8

13.9

2.7

2.3

18.3

18.0

1.2

1.0

FAG Bearings*

Neutral

1,201

1,996

1,336

1,572

13.8

16.0

75.6

102.4

15.9

11.7

2.0

1.7

13.4

15.8

1.3

1.0

Hero Motocorp

Neutral

2,030

40,539

25,562

28,297

14.5

14.4

111.2

146.3

18.3

13.9

6.7

5.2

40.1

42.1

1.4

1.2

JK Tyre

Buy

84

152

345

7,376

8,262

10.0

9.8

56.0

60.9

1.5

1.4

0.3

0.3

22.7

20.2

0.4

0.4

Mahindra and Mahindra Buy

781

1,011

48,101

42,318

48,067

12.0

12.2

58.5

67.1

13.4

11.6

2.7

2.3

21.6

21.1

0.9

0.7

Auto & Auto Ancillary

Maruti

Buy

1,244

1,571

37,580

45,877

52,733

11.2

11.2

93.0

104.7

13.4

11.9

1.8

1.6

14.2

14.0

0.7

0.5

Motherson Sumi

Buy

195

242

11,449

28,442

31,914

8.4

8.7

13.0

16.1

15.0

12.1

4.0

3.1

29.4

28.6

0.5

0.5

Subros

Buy

20

23

117

1,230

1,398

10.5

10.5

2.3

3.8

8.4

5.1

0.4

0.4

4.8

7.6

0.3

0.3

Tata Motors

Buy

299

355

80,472 215,043 240,077

13.5

13.7

35.1

39.4

8.5

7.6

2.0

1.6

26.2

23.3

0.4

0.4

TVS Motor

Buy

31

36

1,449

7,659

8,528

6.0

6.2

4.9

5.9

6.3

5.1

1.1

0.9

17.8

19.0

0.1

0.1

Capital Goods
ABB*

Neutral

450

9,534

8,037

9,087

5.8

6.9

12.2

17.0

36.9

26.5

3.5

3.4

9.8

13.1

1.2

1.0

BGR Energy

Neutral

100

719

3,541

4,041

11.8

10.7

21.1

22.9

4.7

4.4

0.6

0.5

21.8

19.5

0.5

0.4

BHEL

Neutral

119

29,065

42,227

38,453

16.0

14.4

18.8

15.0

6.3

7.9

1.3

1.2

21.7

15.4

0.5

0.6

Blue Star

Buy

135

208

1,210

2,941

3,099

3.4

4.2

6.0

9.3

22.5

14.5

2.8

2.4

12.9

18.0

0.5

0.5

Crompton Greaves

Buy

81

103

5,196

13,418

14,654

5.8

6.7

5.8

7.8

14.0

10.4

1.4

1.2

10.1

12.5

0.5

0.5

Jyoti Structures

Neutral

18

148

3,312

3,555

9.0

9.0

4.5

6.5

4.0

2.8

0.2

0.2

5.6

7.7

0.3

0.3

KEC International

Buy

24

36

618

7,709

8,399

6.2

6.9

5.1

8.1

4.7

3.0

0.5

0.4

16.6

21.5

0.3

0.2

Thermax

Neutral

540

6,434

5,832

6,397

9.1

9.6

28.8

32.9

18.8

16.4

3.0

2.7

17.2

17.3

1.1

1.0

Buy

962

1,225

18,057

11,581

13,009

17.6

19.3

63.9

81.5

15.1

11.8

2.3

2.1

15.6

18.2

1.3

1.1

Cement
ACC

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Market Outlook
September 02, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

FY14E

Sales ( cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( )
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

Cement
Ambuja Cements

Neutral

171

26,383

9,975

11,409

22.4

23.1

9.4

11.1

18.3

15.3

2.8

2.5

15.7

17.2

2.1

1.8

India Cements

Neutral

46

1,419

4,796

5,357

16.4

16.1

7.3

9.5

6.3

4.9

0.4

0.4

6.4

8.0

0.7

0.6

J K Lakshmi Cement

Buy

57

79

670

2,235

2,684

19.4

21.4

15.0

18.4

3.8

3.1

0.5

0.4

13.2

14.3

0.4

0.9

Madras Cements

Neutral

153

3,633

4,010

4,524

23.5

23.4

14.9

18.3

10.3

8.4

1.4

1.2

14.0

15.2

1.5

1.3

Shree Cement^

Neutral

3,583

12,484

6,316

7,162

26.5

25.7

294.6

340.5

12.2

10.5

2.6

2.2

24.0

22.7

1.5

1.2

UltraTech Cement

Neutral

1,472

40,352

22,021

25,274

22.0

21.6

99.5

113.3

14.8

13.0

2.3

2.0

16.7

16.6

1.8

1.7

45

60

711

1,912

2,131

21.0

21.5

5.0

5.5

9.0

8.2

0.6

0.6

8.8

7.6

1.7

1.7

110

1,715

1,824

2.4

6.2

(2.9)

(0.4)

(2.0)

(16.5)

0.2

0.2

0.5

0.5

Construction
Ashoka Buildcon

Buy

Consolidated Co

Neutral

IRB Infra

Buy

62

106

2,071

3,805

4,248

45.1

45.3

15.0

15.8

4.2

4.0

0.6

0.5

14.5

13.9

2.8

3.0

ITNL

Buy

114

156

2,220

7,423

7,970

27.5

28.7

30.3

32.0

3.8

3.6

0.5

0.5

15.0

14.0

2.4

2.5

IVRCL Infra

Neutral

10

319

5,673

5,892

7.8

7.6

(1.7)

(2.0)

(6.3)

(5.3)

0.2

0.2

0.6

0.6

Jaiprakash Asso.

Buy

33

41

7,345

12,946

14,897

24.7

25.6

1.2

2.7

27.0

12.4

0.6

0.5

2.0

4.3

2.4

2.2

Larsen & Toubro

Buy

722

1,002

66,827

68,946

78,040

10.0

10.0

49.0

55.2

14.8

13.1

2.1

1.9

14.9

15.3

1.1

1.0

Nagarjuna Const.

Buy

17

30

448

6,167

6,945

8.0

8.2

2.7

3.6

6.5

4.8

0.2

0.2

2.7

3.6

0.4

0.4

Punj Lloyd

Neutral

21

692

12,726

14,226

8.2

8.2

0.9

1.0

24.3

20.4

0.2

0.2

1.0

1.2

0.6

0.6

Sadbhav Engg.

Buy

55

99

833

2,462

2,731

10.6

10.6

5.3

6.0

10.5

9.2

0.9

0.9

9.2

9.6

0.6

0.6

Simplex Infra

Buy

40

56

198

6,237

6,908

9.1

9.0

9.9

13.9

4.1

2.9

0.2

0.1

3.7

5.0

0.5

0.4

Unity Infra

Neutral

18

134

2,146

2,339

12.9

13.0

9.3

9.6

2.0

1.9

0.2

0.1

8.0

7.7

0.6

0.7

Allahabad Bank

Neutral

66

3,303

6,843

7,528

2.5

2.5

26.0

30.1

2.5

2.2

0.4

0.3

11.8

12.4

Andhra Bank

Neutral

50

2,787

4,868

5,390

2.4

2.5

12.3

16.6

4.1

3.0

0.4

0.4

7.9

10.0

Axis Bank

Buy

836

1,023

39,202

19,280

22,886

3.3

3.3

130.7

157.1

6.4

5.3

1.0

0.9

17.3

18.1

Bank of Baroda

Neutral

463

19,500

15,896

17,947

2.2

2.3

95.4

124.4

4.9

3.7

0.6

0.5

12.0

14.2

Bank of India

Neutral

142

8,477

14,482

16,069

2.3

2.2

55.0

62.2

2.6

2.3

0.4

0.3

13.7

13.9

Bank of Maharashtra

Neutral

38

2,487

4,529

4,780

3.0

2.8

12.3

11.8

3.1

3.2

0.5

0.4

16.5

14.1

Canara Bank

Neutral

202

8,969

11,454

12,378

2.0

2.0

52.4

60.5

3.9

3.3

0.4

0.4

9.8

10.4

Central Bank

Neutral

51

5,327

8,196

9,202

2.4

2.4

6.1

15.9

8.4

3.2

0.6

0.5

5.2

12.8

Corporation Bank

Neutral

250

3,824

5,641

6,083

2.0

2.0

82.7

98.1

3.0

2.6

0.4

0.4

12.6

13.5

Dena Bank

Neutral

44

1,532

3,307

3,531

2.2

2.4

17.5

21.6

2.5

2.0

0.3

0.3

11.9

13.2

Federal Bank

Neutral

257

4,398

2,798

3,250

3.0

3.0

38.1

51.9

6.8

5.0

0.6

0.6

9.8

12.3

Financials

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Market Outlook
September 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

718

111,618

8,679

10,350

3.6

3.6

37.5

44.7

19.1

16.1

4.0

3.6

30.1

30.7

HDFC Bank

Buy

594

692

141,880

27,392

33,264

4.6

4.6

36.3

45.1

16.4

13.2

3.3

2.8

21.9

22.8

ICICI Bank

Buy

804

951

92,843

25,727

29,969

3.2

3.2

83.2

96.7

9.7

8.3

1.3

1.2

14.9

15.4

IDBI Bank

Neutral

55

7,317

9,518

10,468

2.0

2.0

15.5

22.1

3.5

2.5

0.4

0.3

10.2

13.3

Indian Bank

Neutral

63

2,723

5,940

6,396

2.7

2.7

24.9

32.9

2.5

1.9

0.3

0.2

10.3

12.4

IOB

Neutral

40

3,655

7,692

8,627

2.2

2.3

8.1

15.2

4.9

2.6

0.3

0.3

5.9

10.5

J & K Bank

Neutral

1,111

5,387

3,038

3,370

3.7

3.9

214.2

202.6

5.2

5.5

1.0

0.8

19.8

16.3

LIC Housing Finance

Neutral

166

8,370

2,001

2,495

2.2

2.3

23.8

28.8

7.0

5.8

1.2

1.0

17.3

18.2

Oriental Bank

Neutral

127

3,708

6,918

7,459

2.6

2.5

46.7

52.5

2.7

2.4

0.3

0.3

10.8

11.1

Punjab Natl.Bank

Neutral

430

15,201

20,766

23,515

3.4

3.4

135.0

164.8

3.2

2.6

0.5

0.4

14.4

15.7

South Ind.Bank

Neutral

20

2,628

1,800

2,023

2.7

2.7

3.7

4.2

5.3

4.7

0.8

0.7

16.2

16.2

St Bk of India

Neutral

1,514

103,590

65,392

74,467

3.0

3.0

178.5

226.1

8.5

6.7

1.1

0.9

12.1

14.0

Syndicate Bank

Neutral

64

3,865

6,740

7,512

2.5

2.5

21.0

23.5

3.1

2.7

0.4

0.3

12.6

12.8

UCO Bank

Neutral

52

3,902

6,770

7,017

2.8

2.6

14.8

15.5

3.5

3.3

0.6

0.5

14.4

13.5

Union Bank

Neutral

102

6,066

10,458

11,809

2.5

2.5

32.0

40.6

3.2

2.5

0.4

0.3

11.6

13.4

United Bank

Neutral

28

1,038

3,386

3,884

2.3

2.5

12.4

20.0

2.2

1.4

0.2

0.2

10.0

14.7

Vijaya Bank

Neutral

35

1,722

2,718

2,941

1.8

1.9

7.0

9.0

5.0

3.9

0.4

0.4

8.2

9.8

Yes Bank

Neutral

243

8,761

4,417

5,486

2.7

2.8

42.9

49.5

5.7

4.9

1.2

1.0

23.9

22.8

Asian Paints

Neutral

419

40,166

12,332

14,524

16.3

16.1

13.9

16.0

30.2

26.1

9.6

7.6

35.2

32.5

3.2

2.6

Britannia

Neutral

703

8,421

6,422

7,367

6.9

7.3

24.2

29.7

29.1

23.7

10.3

7.9

39.6

37.7

1.3

1.1

Colgate

Neutral

1,208

16,426

3,588

4,130

18.9

19.4

41.2

48.4

29.3

25.0

26.0

20.2

100.0

91.0

4.4

3.8

Dabur India

Neutral

163

28,378

7,183

8,297

16.8

16.9

5.4

6.3

30.4

25.9

10.7

8.5

39.2

36.7

4.0

3.4

GlaxoSmith Con*

Neutral

4,051

17,037

3,617

4,259

16.1

16.4

122.2

148.7

33.2

27.3

10.3

8.3

34.1

33.7

4.3

3.5

Godrej Consumer

Neutral

808

27,504

7,801

9,017

16.2

15.9

25.1

29.7

32.2

27.2

6.9

5.8

24.9

24.2

3.7

3.1

HUL

Neutral

629

135,926

28,415

31,962

13.6

14.1

16.7

18.2

37.7

34.6

36.2

26.3

112.2

88.1

4.7

4.1

ITC

Neutral

308

243,707

34,294

39,991

36.8

37.0

11.3

13.3

27.3

23.1

9.0

7.3

36.1

34.9

6.8

5.8

Marico

Neutral

212

13,668

5,104

5,876

15.1

15.2

7.2

8.6

29.7

24.7

5.7

4.7

21.1

20.9

2.7

2.3

Nestle*

Neutral

4,901

47,257

9,330

10,860

21.8

21.9

123.3

149.7

39.8

32.7

19.5

14.3

56.4

50.3

5.1

4.3

Tata Global

Neutral

139

8,596

8,070

8,958

9.8

9.9

7.6

8.5

18.4

16.4

2.1

2.0

9.3

9.7

1.1

0.9

FMCG

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Market Outlook
September 02, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

FY14E

Sales ( cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( )
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

IT
HCL Tech^

Neutral

1,038

72,373

32,266

35,103

23.5

22.6

69.7

74.0

14.9

14.0

4.0

3.3

26.5

23.0

2.0

1.8

Hexaware*

Neutral

128

3,829

2,273

2,575

22.2

21.5

12.4

13.4

10.3

9.6

2.6

2.3

25.4

23.5

1.5

1.3

Infosys

Neutral

3,100

178,030

48,731

52,962

26.9

27.1

180.8

200.3

17.2

15.5

3.7

3.2

20.4

19.3

3.0

2.7

Infotech Enterprises

Neutral

186

2,077

2,128

2,341

17.2

17.6

21.3

23.2

8.7

8.0

1.3

1.2

14.9

14.0

0.6

0.5

KPIT Cummins

Buy

131

155

2,524

2,769

3,122

18.3

17.8

15.3

16.6

8.5

7.8

1.8

1.5

20.9

18.4

0.9

0.7

Mindtree

Neutral

1,033

4,295

2,871

3,110

20.4

20.7

102.6

111.2

10.1

9.3

2.4

1.9

24.8

20.3

1.2

1.0

Mphasis&

Accumulate

424

450

8,907

6,827

7,342

21.0

21.2

47.0

51.3

9.0

8.3

1.6

1.4

14.3

14.2

0.9

0.7

NIIT

Neutral

19

310

1,144

1,267

9.0

9.1

4.3

5.4

4.4

3.5

0.5

0.4

10.3

12.0

0.1

Persistent

Neutral

588

2,351

1,590

1,774

23.5

23.8

48.5

56.9

12.1

10.3

2.0

1.7

16.4

16.1

1.1

0.9

TCS

Neutral

2,023

395,975

80,353

91,576

30.0

30.0

91.0

103.2

22.2

19.6

7.2

5.7

31.5

29.2

4.7

4.1

Tech Mahindra

Accumulate

1,377

1,485

31,984

17,749

19,406

22.5

21.0

113.6

114.2

12.1

12.1

3.5

2.8

27.9

22.1

1.5

1.3

Wipro

Neutral

484

119,271

43,610

47,320

21.6

22.2

30.0

33.0

16.1

14.7

3.6

3.1

20.7

19.4

2.3

2.0

D B Corp

Accumulate

239

267

4,390

1,783

1,968

23.8

25.0

13.6

16.0

17.6

15.0

4.3

3.7

22.5

22.9

2.4

2.1

HT Media

Buy

90

112

2,115

2,205

2,380

14.1

14.4

7.6

8.4

11.8

10.7

1.3

1.2

10.7

10.7

0.6

0.5

Jagran Prakashan

Buy

82

104

2,718

1,683

1,845

19.7

20.8

5.9

6.9

13.9

11.9

2.6

2.4

19.4

21.2

1.7

1.5

PVR

Neutral

392

1,555

1,359

1,540

17.3

17.4

17.2

21.6

22.7

18.2

2.3

2.1

10.3

12.0

1.6

1.4

Sun TV Network

Neutral

390

15,356

2,287

2,551

69.7

70.5

20.0

23.3

19.5

16.7

4.8

4.2

26.4

27.3

6.4

5.6

Bhushan Steel

Reduce

456

419

10,323

12,640

15,667

28.5

31.5

25.9

38.6

17.6

11.8

1.0

1.0

6.1

8.5

2.6

2.1

Coal India

Neutral

251

158,225

68,303

69,884

32.5

30.3

27.5

25.0

9.1

10.0

3.4

2.4

40.2

33.1

1.5

1.4

Electrosteel Castings

Buy

11

15

352

1,976

2,017

11.8

12.7

0.1

1.2

168.9

8.9

0.1

0.1

1.9

0.6

0.1

GMDC

Buy

83

115

2,635

1,701

1,985

47.8

48.8

17.4

20.6

4.8

4.0

0.9

0.8

20.7

20.9

1.1

0.8

Hind. Zinc

Buy

124

143

52,352

12,389

13,093

48.5

51.7

15.2

17.0

8.1

7.3

1.4

1.2

18.5

18.0

2.0

1.6

Hindalco

Neutral

105

20,084

95,465 102,491

8.4

9.0

13.9

17.2

7.6

6.1

0.6

0.5

7.6

8.7

0.6

0.5

JSW Steel

Neutral

541

13,080

45,022

48,140

16.0

15.9

68.5

77.0

7.9

7.0

0.7

0.7

9.3

9.7

0.8

0.7

MOIL

Accumulate

209

223

3,519

956

982

42.3

44.3

25.3

26.2

8.3

8.0

1.2

1.0

14.6

13.7

1.0

1.1

Monnet Ispat

Buy

106

139

675

2,199

2,575

21.6

22.8

30.7

38.6

3.5

2.7

0.3

0.2

7.7

8.9

1.4

1.0

Nalco

Neutral

34

8,647

7,270

7,521

13.6

13.8

2.8

2.9

12.1

11.6

0.7

0.7

5.9

6.0

0.6

0.6

NMDC

Buy

119

142

47,140

10,718

11,514

66.6

64.5

15.5

16.1

7.7

7.4

1.6

1.4

21.2

20.0

2.3

2.1

SAIL

Neutral

46

19,040

44,060

54,227

9.2

10.9

5.3

6.8

8.7

6.8

0.5

0.5

5.2

6.5

0.7

0.6

Media

Metals & Mining

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Market Outlook
September 02, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

FY14E

Sales ( cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( )
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

16,278

3,817

5,781

12.1

17.7

27.0

29.6

6.9

6.3

0.8

0.7

12.9

12.5

5.1

3.3

26,636 153,862 167,209

9.4

10.5

32.8

53.5

8.4

5.1

0.7

0.6

9.0

13.2

0.5

0.5

Metals & Mining

Sesa Goa*

Neutral

187

Tata Steel

Buy

274

317

Sarda

Buy

83

98

296

1,323

1,398

17.2

17.9

25.3

27.8

3.3

3.0

0.3

0.3

9.5

9.6

0.6

0.5

Prakash Industries
Godawari Power and
Ispat
Oil & Gas

Buy

30

37

404

2,486

2,637

15.2

15.0

13.7

14.2

2.2

2.1

0.2

0.2

9.1

8.7

0.4

0.3

Accumulate

72

78

235

2,171

2,317

14.9

15.8

36.4

46.6

2.0

1.5

0.2

0.2

11.6

13.0

0.5

0.4

Cairn India

Accumulate

320

364

61,163

18,403

17,925

71.9

62.1

62.1

57.4

5.2

5.6

1.1

0.9

22.6

17.8

2.1

1.9

GAIL

Neutral

295

37,363

49,700

48,822

16.0

16.6

32.9

33.4

9.0

8.8

1.3

1.2

15.9

14.4

0.3

0.2

ONGC

Buy

249

350

213,288 164,816 196,050

33.7

36.6

30.0

38.7

8.3

6.5

1.3

1.1

16.0

18.5

1.0

0.7

Reliance Industries

Accumulate

852

953

275,097 417,018 442,434

8.4

8.4

70.3

75.2

12.1

11.3

1.2

1.1

12.0

11.6

0.6

0.6

Gujarat Gas*

Neutral

194

2,489

3,270

3,414

12.8

12.6

22.6

23.1

8.6

8.4

2.3

2.0

28.2

25.6

0.6

0.5

Indraprastha Gas

Neutral

257

3,599

3,656

4,456

21.5

18.6

25.7

26.8

10.0

9.6

2.0

1.8

22.1

19.6

1.0

0.8

Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals

Accumulate

121

135

9,105

39,449

43,315

5.3

5.9

14.1

16.9

8.6

7.2

1.7

1.5

21.7

21.9

0.3

0.3

Buy

50

67

2,800

1,002

1,021

91.4

91.5

8.2

8.4

6.1

6.0

0.8

0.7

14.3

13.0

2.3

2.1

Alembic Pharma

Buy

134

165

2,532

1,736

2,008

17.1

18.9

10.5

13.8

12.8

9.7

3.9

3.0

34.4

34.7

1.5

1.3

Aurobindo Pharma

Buy

182

271

5,290

6,641

7,637

15.9

15.9

17.3

20.6

10.5

8.8

1.7

1.4

19.5

18.9

1.3

1.1

Aventis*

Neutral

2,377

5,475

1,682

1,917

15.6

15.6

91.9

101.7

25.9

23.4

3.6

3.6

15.6

17.1

2.8

2.2

Cadila Healthcare

Buy

650

894

13,312

7,123

8,367

15.5

15.7

37.3

44.7

17.4

14.5

3.7

3.1

22.9

22.9

2.2

1.9

Cipla

Accumulate

417

477

33,478

9,274

10,796

23.1

23.1

21.0

23.8

19.9

17.5

3.2

2.7

17.2

16.8

3.4

2.8

Dr Reddy's

Accumulate

2,293

2,535

38,984

13,377

15,350

20.4

20.1

112.1

126.6

20.5

18.1

4.4

3.6

23.5

21.8

3.0

2.6

Dishman Pharma

Buy

43

73

346

1,394

1,534

22.5

22.4

14.8

16.6

2.9

2.6

0.3

0.3

10.8

11.0

0.9

0.7

GSK Pharma*

Neutral

2,348

19,887

2,744

2,964

22.0

23.4

59.2

66.6

39.7

35.3

9.9

9.5

24.9

27.5

6.4

5.9

Indoco Remedies

Buy

63

78

576

747

906

15.3

15.3

5.9

7.6

10.6

8.2

1.3

1.1

12.5

14.4

1.0

0.8

Ipca labs

Accumulate

620

674

7,821

3,246

3,830

20.5

21.7

36.2

44.9

17.1

13.8

4.0

3.2

26.1

25.7

2.6

2.1

Lupin

Accumulate

800

904

35,841

11,576

13,855

22.0

22.0

35.8

43.0

22.4

18.6

5.4

4.3

27.1

25.8

3.2

2.6

Ranbaxy*

Neutral

407

17,228

10,400

11,331

6.6

8.4

11.4

15.2

35.7

26.8

3.8

3.3

11.1

13.1

1.8

1.6

Sun Pharma

Neutral

520

107,656

13,509

15,846

41.0

41.0

16.5

19.9

31.5

26.1

6.4

5.3

22.0

22.0

7.5

6.2

Power
GIPCL

Buy

56

65

841

1,444

1,482

33.4

33.0

13.7

14.8

4.1

3.8

0.5

0.4

12.3

12.0

0.7

0.4

NTPC

Buy

131

163

107,809

75,046

81,780

23.5

23.9

12.7

13.6

10.3

9.6

1.2

1.1

12.2

12.0

2.1

2.1

Buy

130

179

23,093

8,293

9,622

36.5

36.1

5.7

6.7

22.7

19.2

0.8

0.8

3.7

4.1

4.9

4.1

Real Estate
DLF

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Market Outlook
September 02, 2013

Stock Watch
Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

FY14E

Sales ( cr )
FY15E

FY14E

OPM(%)
FY15E

FY14E

EPS ( )
FY15E

FY14E

PER(x)
FY15E

FY14E

P/BV(x)
FY15E

FY14E

RoE(%)
FY15E

FY14E

EV/Sales(x)
FY15E

Buy

402

483

1,640

888

1,002

27.0

29.9

33.9

42.1

11.9

9.5

1.2

1.1

9.9

11.2

2.4

2.2

Bharti Airtel

Buy

299

350

119,342

83,535

92,173

32.0

33.1

9.2

12.9

32.5

23.1

2.1

2.0

6.8

8.9

2.1

1.8

Idea Cellular

Neutral

160

53,001

26,717

29,443

30.6

29.8

5.5

6.7

29.4

23.8

3.3

2.9

11.1

12.0

2.3

2.1

Rcom

Neutral

123

25,408

22,050

23,647

30.6

30.8

3.2

5.2

38.5

23.6

0.7

0.7

1.9

3.1

2.8

2.5

Real Estate
MLIFE
Telecom

Others
Abbott India*

Buy

1,376

1,628

2,924

1,788

1,996

12.5

12.7

71.7

81.4

19.2

16.9

3.9

3.3

21.7

21.2

1.4

1.2

Bajaj Electricals

Buy

157

184

1,567

3,885

4,472

4.0

5.8

6.8

15.4

23.3

10.2

2.1

1.8

8.8

17.3

0.4

0.4

Cera Sanitaryware

Buy

482

613

609

631

797

14.5

13.7

42.6

51.1

11.3

9.4

2.7

2.2

26.5

25.3

1.0

0.8

Cravatex

Buy

266

307

69

248

284

6.5

7.3

27.2

38.2

9.8

7.0

1.5

1.3

15.7

18.5

0.4

0.4

Finolex Cables

Buy

51

68

787

2,563

2,899

9.8

9.8

10.1

11.3

5.1

4.6

0.7

0.6

14.3

13.8

0.2

0.2

Force Motors

Buy

277

349

361

2,304

2,649

3.1

3.6

28.0

43.7

9.9

6.3

0.3

0.3

3.1

4.7

0.1

0.1

Goodyear India*

Accumulate

302

345

695

1,458

1,542

8.3

9.0

32.3

37.0

9.3

8.1

1.7

1.5

19.5

19.3

0.3

0.2

Hitachi

Buy

107

153

291

1,080

1,199

8.9

9.1

18.3

19.1

5.9

5.6

1.0

0.9

19.2

17.0

0.4

0.3

Honeywell Automation* Neutral

2,380

2,104

1,842

2,131

7.7

7.8

111.1

130.9

21.4

18.2

2.7

2.4

13.3

13.9

1.0

0.9

IFB Agro

Buy

130

156

117

491

642

12.3

13.8

35.0

50.9

3.7

2.6

0.6

0.5

18.2

21.6

0.2

0.1

ITD Cementation

Buy

145

194

167

1,365

1,502

10.9

11.2

18.2

28.0

8.0

5.2

0.4

0.4

5.1

7.4

0.5

0.5

Jyothy Laboratories

Buy

155

199

2,572

1,244

1,523

14.1

14.2

5.9

10.0

26.2

15.6

3.1

2.7

12.7

18.8

2.4

1.9

MRF

Buy

12,889

16,218

5,466

11,799

12,587

14.1

13.5 1,792.0 1,802.0

7.2

7.2

1.5

1.3

23.5

19.2

0.6

0.5

Page Industries

Buy

3,999

4,669

4,461

1,059

1,296

19.5

19.8

125.0

155.6

32.0

25.7

15.8

11.6

56.3

52.2

4.3

3.5

Relaxo Footwears

Buy

725

981

870

1,196

1,401

11.9

12.6

55.6

75.4

13.1

9.6

3.1

2.4

27.1

28.1

0.9

0.7

Siyaram Silk Mills

Buy

184

228

172

1,158

1,322

10.6

11.0

60.5

75.9

3.0

2.4

0.5

0.4

16.8

18.1

0.4

0.3

Styrolution ABS India*

Buy

344

492

604

1,007

1,108

8.4

8.7

30.3

35.1

11.3

9.8

1.3

1.1

11.7

12.2

0.6

0.5

TAJ GVK

Buy

56

108

350

300

319

35.8

36.2

7.9

9.1

7.1

6.1

0.9

0.8

13.9

14.4

1.5

1.2

Tata Sponge Iron

Buy

261

371

401

814

849

17.0

17.6

64.6

69.2

4.0

3.8

0.6

0.5

14.5

13.8

0.1

(0.1)

TTK Healthcare

Buy

498

632

387

416

481

4.5

6.1

16.2

25.3

30.7

19.7

3.8

3.3

12.6

18.1

0.8

0.7

Tree House

Buy

220

297

791

153

194

53.0

52.8

12.4

15.6

17.7

14.1

2.1

1.8

11.8

13.1

5.3

4.1

TVS Srichakra

Buy

United Spirits

Neutral

Vesuvius India*

Buy

163

230

125

1,591

1,720

6.1

6.4

30.5

38.3

5.3

4.3

0.7

0.6

13.5

15.5

0.3

0.2

2,200

31,965

12,294

14,162

12.0

12.0

42.1

67.7

52.2

32.5

3.7

3.3

9.1

10.7

2.9

2.5

353

439

715

600

638

20.1

19.4

35.7

36.6

9.9

9.7

1.8

1.5

19.4

17.1

1.0

0.9

4.9

0.5

0.5

7.6

9.4

0.7

0.6

HSIL
Buy
80
117
527
2,042
2,363
14.6
14.8
12.3
16.5
6.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 30, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.

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Market Outlook
September 02, 2013

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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