Market Outlook: Dealer's Diary

Market Outlook
July 31, 2013
Dealers Diary
Indian markets are expected to open in the red tracking negative opening trades in
SGX Nifty and most of the other Asian markets.
Domestic Indices
BSE Sensex
(1.3)
The US markets turned in a relatively lackluster performance over the course of the
trading day on Tuesday before ending the session roughly flat. Lingering
uncertainty about the Federal Reserve contributed to the choppy trading on the
day. The Dow ended the day down 1.38 points to 15,521, while the S&P 500
inched up 0.63 points to 1,686. Meanwhile, The European markets ended
Tuesday's session in positive territory. Investor sentiment received a boost from the
better than expected German GfK consumer sentiment report and the continued
gains in Eurozone economic confidence. Investors were also confronted by a large
number of earnings reports on Tuesday, the results of which were mixed.
Nifty
(1.3)
(77)
5,755
MID CAP
(2.0)
(112)
5,592
SMALL CAP
(2.0)
(108)
5,361
BSE HC
(1.1)
(101)
9,046
BSE PSU
(3.1)
(174)
5,421
BANKEX
(1.3)
(151) 11,656
AUTO
(2.1)
(220) 10,469
METAL
(1.9)
(131)
6,722
OIL & GAS
(3.9)
(341)
8,421
Meanwhile, Indian shares fell sharply on Tuesday as the Reserve Bank of India (RBI)
left its key interest rates unchanged, but lowered its growth projection for 2013-14
to 5.5 percent from 5.7 percent. The Indian rupee slumped below the
psychological 60 mark against the dollar after the central bank sounded more
dovish, saying the time available now should be used with alacrity to institute
structural measures to bring the current account deficit down to sustainable levels.
The RBI didn't give a specific timeline for rolling back the recent liquidity tightening
measures.
BSE IT
0.9
66
7,363
Chg (%)
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 19,450/ 5,788 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,571 19,794 / 5,828 5,902 levels. However, if NIFTY trades below
19,450 / 5,788 levels for the first half-an-hour of trade then it may correct up to
19,227 19,106 / 5,715 5,674 levels.
Global Indices
Dow Jones
3,616
11
6,571
Nikkei
1.5
209 13,870
Hang Sang
0.5
104 21,954
Straits Times
0.3
3,245
Shanghai Com
0.7
14
1,990
Chg (%)
(Pts)
(Close)
(0.2)
(0.1)
$49.7
Indian ADR
INFY
WIT
0.8
0.1
$8.5
(3.5)
(1.2)
$33.0
(4.8)
(1.7)
$33.3
S1
PIVOT
R1
R2
19,227
19,450
19,571
19,794
HDB
NIFTY
5,674
5,715
5,788
5,828
5,902
Net Inflows (July 29, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
MFs
2,171
326
2,381
684
(209)
(359)
(6,313)
(1,982)
64,993
(14,159)
FII Derivatives (July 30, 2013)

` cr
Index Futures
Stock Futures
Purch
1,733
1,756
Sales
2,592
1,910
Net
(859)
(154)
Open Interest
11,559
24,687
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Neyveli Lignite
Company
57
6.3
JPPOWER
230
4.4
400
Bharti Infratel
Wipro
Mahindra & Mah

Fin
Mphasis
www.angelbroking.com
Losers
Price (`)
chg (%)
11
(15.8)
Havells India
660
(12.6)
3.1
HPCL
199
(11.3)
149
2.8
TV18 Broadcast
17
(9.1)
420
2.8
BPCL
312
(8.4)
(1) 15,521
17
S2
Refer detailed news analysis on the following page
(0.0)
0.2
19,106
(245) 19,348
0.5
SENSEX
Constrained by impossible trinity, RBI maintains rates

CBI may close Aircel-Maxis case
Result Review: NTPC, DRL, Shree Cement, Petronet LNG, IPCA Labs, Sanofi
India, GMDC, PVR, Indoco Remedies,
Result Preview: Bharti Airtel, ICICI Bank, HCL Technologies, JSW Steel,
Motherson Sumi, United Spirits, Andhra Bank, Jagran, Dishman Pharma
(Close)
FTSE
Indices
(Pts)
NASDAQ
IBN
News Analysis
Chg (%)
Advances / Declines
BSE
NSE
Advances
677
295
1,593
1,022
140
70
Declines
Unchanged
Volumes (` cr)
BSE
1,753
NSE
10,265
Market Outlook
July 31, 2013
Constrained by impossible trinity, RBI maintains rates

The Reserve Bank of India (RBI) in its First Quarter Review of the monetary policy
maintained status quo on policy rates, in line with our and market expectations.
The Repo Rate stands unchanged at 7.25%, Reverse Repo Rate at 6.25% and the
Cash Reserve Ratio remains unchanged at 4.00% of banks NDTL. After cutting
rates thrice in 2013, the RBI maintained status quo on rates for the second time
since June in order to address macro-stability concerns owing to the sharp INR
depreciation. The policy came in the backdrop of recent hikes by the RBI in the
Marginal Standing Facility (MSF) Rate and Bank Rate by 200bp to tackle exchange
rate volatility and they continue to remain at 10.25%.
The RBI has revised its real GDP growth projection for FY2014 lower to 5.5% from
the earlier estimate of 5.7%. The trajectory for WPI inflation is expected to reach
5.0% by end-March 2014 on account of soft global commodity prices, good
monsoon and sluggish demand scenario. The RBI has amply indicated that given
the growth-inflation dynamics, it would in normal circumstances have supported
growth. However to revert to that stance, stability in currency remains key.
In its guidance on the monetary policy stance, the RBI concurs that it is constrained
by the impossible trinity trilemma. In the current context, with the policy-makers
not keen on letting the exchange rate be dictated purely by market forces, it is
monetary independence that RBI has acknowledged to sacrifice to an extent.
Simply put, the RBI has indicated that sluggish demand and growth conditions and
moderating inflation would have warranted a more growth-supportive stance.
However, the exchange rate volatility amidst a high current account deficit (CAD)
and risk of continued capital outflows due to the U.S Feds anticipated withdrawal
of QE have compelled it to increase short-term rates to elevated levels.
The RBI has tightened monetary conditions particularly at the short-end since
July 15, 2013 in order to contain exchange rate volatility. Following the
announcement of these measures, the bond yields have hardened by nearly
150bp on the short-end. With higher nominal rates and decelerating inflation, the
real interest rate is also on a rising trajectory. We note that the real interest rate
differential on 1-year paper between India and the US is at almost 6%. Such
considerable differential is expected to attract FII investments in the debt market,
boost capital inflows and thereby support the INR. The policy had some dovish
remarks regarding their eventual roll-back, possibly to manage medium-term
growth expectations.
Policy outlook
Overall, we believe the RBIs recent stabilization measures signal a reversal from
the RBIs earlier stance of supporting growth until the INR is at a comfortable level.
We believe that in the near-term, coupled with the growth-inflation scenario,
developments on the CAD front and capital flows (which depend on global
liquidity) would continue determining the monetary policy stance. The calibrated
withdrawal of the RBIs tightening measures is conditional on forex stability, which
itself could be challenging in the near-term due to global and domestic factors
unless there are sharper measures from the government to address imports and
exports. We believe that with these measures likely to continue over the next 1-2
months, we might see transmission of higher-than-anticipated interest rates into
broader segments.
Market Outlook
July 31, 2013
CBI may close Aircel-Maxis case

According to media reports, CBI has not received any useful information from
Malaysia in regards to Aircel-Maxis case. Hence, the agency may find it difficult to
file a charge-sheet and the case is likely to be closed. A final decision regarding
closing of case is expected in 2 months. This case has been an overhang on Sun
TV for some time. Hence, Sun TV stands to benefit if this case is closed. Till further
clarity emerges, we maintain our Neutral rating on the stock.
Result Review
NTPC (CMP: `138/TP: `163 /Upside: 18.1%)
For 1QFY2014, NTPC reported mixed set of results. The companys top-line
declined by 2.2% yoy to `15,613cr (compared to our expectation of `16,519cr).
Generation revenues fell by 3% yoy to `15,711cr as power generation declined by
3.2% yoy to 57,007GWH.
However, EBITDA margin has beaten our expectations and street estimates,
expanding by 457bp yoy to 27.3% (our expectation of 24.1%). Consequently, net
profit came in almost flat yoy at `2,527cr (our expectation of `2,515cr). NTPC is
currently trading at relatively cheap valuations of 1.2x 2015E BV. We recommend
Buy rating on the stock.
Y/E
Sales
March
(` cr)
OPM
PAT
(%)
EPS
ROE
P/E
P/BV EV/EBITDA EV/Sales
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E 76,734
24.5 11,039
13.4
12.8
10.3
1.3
8.9
2.2
FY2015E 86,680
24.3 11,933
14.5
12.7
9.5
1.2
8.5
2.1
DRL (CMP: `2179/ TP: -2535/ Upside: -16.3%)

DRL reported numbers lower than expected. The top line posted a growth of 11.9%
to `2845cr for 1QFY2014 14.8% lower than expectations of `3340cr.The Topline
growth was primarily driven by Global Generics, which grew by 15% yoy, driven
by USA ,which rose by 37% yoy. On the Other hand the PSAI segment, registered
a growth of 6% yoy.
Other key markets, like Europe dipped by 28%, mainly lead by Germany which
posted a dip of 26% yoy. The key markets which impacted the sales and
profitability was Russia and India. While Russia, posted a growth of 4% yoy, the
Indian markets remained flat during the period. The Russian market growth during
the quarter was impacted by the high base impact of the previous year, while the
Indian markets were impacted by the implementation of the new drug policy.
The OPM came in at 19.2% lower than expectation of 21.1% and a yoy dip of
280bps. The main reason for the dip has been the R&D expenses, which increased
by 55% yoy, to end the period at 8.5% of the sales V/s 6.2% of sales in
1QFY2013.The adjusted net profit came in at `322cr a growth of 11.9% yoy,
lower than estimated `453cr. The main reason for the same has been the
contraction in OPM. We maintain a buy on the stock.
Market Outlook
July 31, 2013
Y/E
Sales OPM
March
(` cr)
PAT
(%)
EPS ROE
(` cr)
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
13,377 20.4
1,903 112.3 23.5 19.4
4.1
14.6
3.0
FY2015E
15,350 20.1
2,149 126.8 21.8 17.2
3.4
12.8
2.6
Shree Cement (CMP: `4,313/TP:-/Upside:-)

For 4QFY2013 Shree Cement posted better than expected results on the bottomline front on account of higher other income and lower tax expense. Top-line fell
by 1% yoy to `1,442cr, with cement division posting a 9.7% decline in the top-line
to `1,141cr. Cement volumes were down by 5.9% yoy impacted by demand degrowth in the companys key markets in North India. However, power business
posted a top-line growth of 81%, aided by a 104% yoy growth in volumes to
794MU. OPM was down by 663bp yoy to 26.3% due to lower cement realization
and increase in raw material and freight cost. Although Bottom-line fell by 18.9%
yoy to `284cr, it was better than estimates on account of higher other income of
`92cr (up 184% yoy) and lower tax expense of `16cr (down 50% yoy). We
maintain our neutral rating on the stock.
Y/E
June
Sales
OPM
PAT
EPS
(%)
(` cr)
(` cr)
ROE
P/E
P/BV
EV/EBITDA EV/tonne*
(`)
(%)
(x)
(x)
(x)
(US $)
FY2014E
6,607
27.5 1,124 323
27.8
13.4
3.3
5.9
130
FY2015E
7,520
26.7 1,304 374
25.6
11.5
2.7
4.6
Note: *Computed on TTM basis
Petronet LNG (CMP: `115, TP: Under Review, Upside: -)

Petronet LNG reported 1QFY2014 numbers. The companys net sales grew by
20.1% yoy to `8,444 due to higher prices of LNG during the quarter. The volumes
for the company were flat yoy at 130TBTU mainly due to lower tolling volumes
from GAIL and GSPC. The cost of LNG re-gasified increased by 22.5% yoy to
`7,959cr and hence the EBITDA declined by 13.0% yoy to `398cr whereas the
EBITDA margin declined by 179bp yoy to 4.7% in 1QFY2014 due to higher
proportion of contractual volumes. The other income decreased by 42.7% yoy to
`15cr, while the tax rate increased to 34.2% in 1QFY2014, compared to 33.1% in
1QFY2013. Hence, the net profit declined by 16.8% yoy to `225cr. We maintain
our Buy rating on the stock but keep our target price under review.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA EV/Sales

(x)
(x)
(x)
FY2014E 39,582
5.4
1,052
14.0
21.6
8.2
1.6
5.3
0.3
FY2015E 43,315
5.9
1,287
17.2
22.2
6.7
1.4
4.1
0.2
IPCA Labs (CMP: `654/ TP: -/ Upside: -)

Ipca Laboratories reported numbers in line with the expectations. The topline
posted a growth of 25.7% to `793cr for 1QFY2014 2.2% lower than expectations
of `811cr.The Topline growth was primarily driven by formulations, which grew by
29% yoy, driven by exports, which rose by 47% yoy, while domestic sales grew by
12%, outperforming the Industry growth, which is expected to have grown around
7% during the period. API segment on the hand grew by 17% yoy, driven by the
both domestic and exports, which grew by 16% and 17% respectively.
Market Outlook
July 31, 2013
The OPM came in at 19.9% lower than expectation of 20.8% and a yoy dip of
190bps. The adjusted net profit came in at `107cr a de-growth of 7.0% yoy. This
was just in line with the expectation of `109cr during the quarter. Higher other
income compensated the lower than expected operating profit during the period,
thus aiding the net profit to come in line with expectations. We maintain neutral on
the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
3,243 20.5
455 36.0 26.0 18.0
4.2
13.0
2.7
FY2015E
3,826 21.5
560 44.4 25.4 14.5
3.4
10.3
2.2
Sanofi India (CMP: `2,375/ TP: -/ Upside: -)

Sanofi posted better than expected numbers. For 1QFY2014, Sanofi India, posted
a growth of 9.5% in sales to `410cr during 2QCY2013 V/s expectation of `421cr
.Its OPM came in at 15.2% an expansion of 120bps. This aided, the net profit to
come in at `51.2cr a yoy growth of 26.4%.We maintain our neutral on the stock.
Y/E
Sales OPM
Dec
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
CY2013E
1,682 16.6
213 92.4 15.7 25.7
3.6
17.3
2.9
CY2014E
1,917 16.6
228 99.1 16.7 24.0
3.6
14.1
2.3
GMDC (CMP: `93/ TP: Under Review/ Upside: -)

GMDC reported disappointing 1QFY2014 results. The company's net sales
declined by 25.4% yoy to `370cr due to poor performance from both mining and
power segments. The Company's EBITDA also declined by 36.0% yoy to `172cr
reflecting the fall in top-line. The other income grew by 90.0% yoy to `38cr and as
a result companys net profit declined by a lower rate of 30.4% to `119cr. We
maintain our Buy view on the stock but keep our target price under review.
Y/E
Sales
OPM
March
(` cr)
(%)
FY2014E
1,776
FY2015E
2,124
PAT EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(`)
(%)
(x)
(x)
(x)
(x)
52.7
653 19.9
23.3
4.7
1.0
2.3
1.2
52.6
776 23.6
23.0
3.9
0.8
1.6
0.8
(` cr)
PVR (CMP: `341/TP: -/Upside: - %)

For 1QFY2014, PVRs top-line came in at `335cr, beating our estimates as well as
street expectations due to good performance in movie exhibition business, with
many successful releases during the quarter. Cinemaxs financials have been
consolidated in the quarter and hence, the numbers are not comparable yoy. On
the operating front, PVRs EBITDA margin was in-line with our expectations,
coming in at 17.7% Consequently, Net profit came in at `14cr. At the current
market price, PVR is trading at 15.9x FY2015E consolidated EPS of `21.5. We
believe the stock is fairly valued and hence, maintain our Neutral rating on the
stock.
Market Outlook
July 31, 2013
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS
ROE
P/E
(` cr)
(`)
(%)
(x)
P/BV EV/EBITDA
(x)
(x)
EV/Sales
(x)
FY2014E
1,359 17.3
68
17.2
10.6
19.9
2.0
6.2
0.9
FY2015E
1,540 17.4
85
21.5
12.3
15.9
1.8
5.4
0.8
Indoco Remedies (CMP: `59/ TP: -78/ Upside: -32.2%)

Indoco Remedies announced numbers much below expectations. The topline came
in at `148cr, much below the expectations of `183cr, a yoy dip of 2.0%. The dip in
the topline was on account of exports which declined by 17.7% yoy , while
domestic sales grew by yoy 6.5%.
The OPMs also came in at 12.5% lower than expectations of 13.8% and 13.7% in
1QFY2013, a yoy dip of 120bps. Inspite of a lower sale the dip in OPM was not
significant as Gross Profit Margins came in at 59.7% V/s expectations 56.3%
(same as in1QFY2013). As a result, net profit came in at `9.2cr V/s expectation of
`14.4cr, a yoy dip of 11.3%.We maintain our buy with a target price of `78.
Y/E
Sales OPM
March
(` cr)
PAT
EPS ROE
(`)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
761 15.3
56
6.1 12.9
9.8
1.3
6.4
1.0
FY2015E
922 15.3
72
7.8 14.7
7.7
1.1
5.5
0.8
Result Preview
Bharti Airtel (CMP: `321/ TP: -/ Upside: -)
Bharti Airtel is slated to announce its 1QFY2014 results today. We expect the
company to record revenue of `20,859cr, up 1.9% qoq. In domestic mobile
services, MOU as well as ARPM is expected to go up by ~1.0% qoq each to
460min and `0.43/min, respectively. Africa business is expected to post ~3% qoq
growth in revenues. Consolidated EBITDA margin of the company is expected to
inch up by 49bp qoq to 32.2%. PAT is expected to be at `780cr. We maintain our
Neutral view on the stock.
Y/E
March
Sales OPM
(` cr)
PAT
EPS ROE
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(%)
(` cr)
(`)
(x)
(x)
(x)
(x)
FY2014E
85,489 31.9
3,883
10.2
7.2 31.4
2.3
6.6
2.1
FY2015E
94,229 31.9
5,553
14.6
9.4 22.0
2.1
5.7
1.8
ICICI Bank (CMP: `927 / TP: `1,131 / Upside: 22.0%)

ICICI Bank is scheduled to announce its 1QFY2014 results today. We expect the
bank to report a healthy NII growth of 23.9% yoy to `3,956cr. Non-interest
income is also expected to grow at a healthy pace of 19.6% yoy to`2,249cr, aided
by gains on treasury book. Operating expenses are expected to increase by 14.6%
yoy to `2,433cr. Provisioning expenses are expected to increase by 30.5% yoy to
`608cr. Overall, we expect the bank to report healthy PAT growth of 25.8% yoy at
`2,284Cr. At the CMP, post the recent correction, the stock trades at 1.3x
FY2015E ABV. We recommend a Buy rating on the stock, with a target price of
`1,131.
Market Outlook
July 31, 2013
Y/E
Op. Inc
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
26,119
3.1
9,943
86.2 634.0
1.6
15.6
10.8
1.5
FY2015E
30,474
3.1 11,481
99.5 698.0
1.6
16.2
9.3
1.3
March
HCL Technologies (CMP: `906/ TP: - Upside: -)

HCL Technologies is slated to announce its 4QFY2013 numbers today. We expect
the company to post revenue of US$1,232mn, up 3.5% qoq. In rupee terms, the
revenue is expected to grow by 9% qoq to `7,025cr. EBITDA margin is expected to
increase by 92bp qoq to 23.3%, aided by INR depreciation. PAT is expected to
come in at `1,071cr, up 3.0% qoq. Owing to recent run-up in the stock price, we
maintain our Neutral rating on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
P/E P/BV
(%)
(x)
(x)
EV/EBITDA
EV/Sales
(x)
(x)
FY2014E
29,424 22.6
4,187
59.5 24.6 15.2
3.7
8.7
2.0
FY2015E
32,837 22.0
4,459
63.3 21.7 14.3
3.1
7.6
1.7
United Spirits (CMP: `2,535/TP:-/Upside:-)

United Spirits is expected to declare its 1QFY2014 results today. We expect the
standalone top-line to grow by 12.5% yoy to `2,314cr. OPM is expected to decline
by 408bp yoy to 12.2%. Bottom-line is expected to decline by 29.9% yoy to
`102cr. We maintain our Neutral recommendation on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
12,294
12.0
612 42.1
9.1
60.2
4.2
27.9
3.4
FY2015E
14,162
12.0
983 67.7
10.7
37.5
3.8
24.0
2.9
Note: Consolidated financials are furnished in the table
JSW Steel (CPM: `534/ TP:-/ Upside :-)

JSW Steel is slated to announce its 1QFY2014 results today. The results are not
comparable with 1QFY2013 as JSW Steel has merged with JSW Ispat during
4QFY2013. We expect its standalone net sales to be `11,147cr. The operating
margin is expected to be 17.4% and the net profit is also expected to be `585cr.
We maintain our Neutral view on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
47,631
16.1
1,173 47.9
6.6
11.1
0.7
4.1
0.7
FY2015E
49,721
16.6
1,652 67.5
8.8
7.9
0.7
3.8
0.6
Motherson Sumi Systems (CMP: `199/ TP: `222/ Upside: 11%)

Motherson Sumi Systems (MSS) is scheduled to announce its 1QFY2014 results
today. We expect MSS to register a ~6% yoy growth in its consolidated revenues to
`6,665cr. The top-line is expected to be driven by a strong growth of ~24% yoy
(~4% qoq) in Samvardhana Motherson Reflectec (SMR) revenues, which is likely to
be aided by improving utilization levels. However revenues at Peguform
(accounting for ~50% of total revenue) are expected to remain flat yoy as well as
qoq. We expect EBITDA margins to improve by ~165bp yoy to 8.8% led by
Market Outlook
July 31, 2013
improvement in operating performance at SMR. This is expected to result in a ~6%

yoy growth in the adjusted net profit to `221cr. At the CMP of `199, the stock is
trading at 13.5x FY2015E earnings. Currently we have an Accumulate rating on
the stock with a target price of `222.
Y/E
March
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2014E
28,442
7.5
736
12.5
27.5
15.9
3.9
7.3
0.5
FY2015E
31,493
7.8
869
14.8
25.8
13.5
3.1
6.3
0.5
Dishman Pharma (CMP: `45/ TP: -168/ Upside: -270.5%)

We estimate Dishman Pharmas top-line to grow by 10.5% to `349cr for
1QFY2014. The OPM is expected to dip by 190bp yoy to end at 24.6%. The net
profit is expected to degrow by 13.4% yoy, on back of dip in OPM. We maintain
buy on the stock.
Y/E
Sales OPM
March
(` cr)
(%)
PAT
EPS ROE
(` cr)
(`)
(%)
P/E P/BV
(x)
EV/EBITDA
EV/Sales
(x)
(x)
(x)
FY2014E
1,394 22.5
121 15.0 11.0
3.0
0.3
3.9
0.9
FY2015E
1,534 22.4
136 16.8 11.2
2.7
0.3
3.2
0.7
Andhra Bank- (CMP: `69 / TP: - / Upside: -)

Andhra Bank is slated to announce its 1QFY2014 results today. We expect the
bank to report Net Interest Income (NII) growth of 4.0% yoy to `976cr. Noninterest income is expected to remain flat yoy at `235cr. Operating expenses of the
bank are expected to be higher by 11.1% yoy to `522cr, while provisioning
expenses are expected to increase by 7.4% yoy to `222cr. Overall, Net Profit is
expected to decline by 3.4% yoy to `350cr. At the CMP, the stock trades at a
valuation of 0.4x FY2015E ABV. Given the weak economic environment, we
believe that the asset quality pressures are unlikely to abate as quickly as was
anticipated earlier. Hence, we maintain our Neutral recommendation on the stock.
Y/E
March
Op. Inc
NIM
PAT
EPS
ABV
(`)
ROA
ROE
P/E
P/ABV
(` cr)
(%)
(` cr)
(%)
(x)
(x)
(x)
(x)
FY2014E
5,180
2.7
1,064
19.0 143.8
0.7
12.0
3.7
0.5
FY2015E
5,815
2.7
1,281
22.9 160.8
0.7
13.2
3.1
0.4
Jagran (CMP: `90/TP: `119/Upside: 32%)

Jagran is slated to announce its 1QFY2014 results. The companys top-line is
expected to grow by 8.1% yoy to `343cr. However, OPM is expected to contract by
232bp yoy to 22.5%. Consequently, Net profit is expected to decline by 6.7% yoy
to `52cr. At the current market price, Jagran is trading at 11x FY2015E
consolidated EPS of `7.8. We maintain Buy on the stock with the target price of
`119.
Y/E
Sales
OPM
March
(` cr)
(%)
PAT EPS
(` cr)
(`)
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
(%)
(x)
(x)
(x)
(x)
FY2014E
1,664
20.9
203 6.4
26.7
14.0
2.8
8.9
1.8
FY2015E
1,825
23.0
246 7.8
26.8
11.6
2.5
7.2
1.7
Market Outlook
July 31, 2013
Quarterly Bloomberg Consensus Estimate

Bharti Airtel Consolidated (31/07/2013)
Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
21,264
19,350
9.9
20,460
3.9
6,700
6,009
11.5
6,501
3.1
EBITDA margin (%)
31.5
31.1
Net profit
720
762
Net sales
EBITDA
31.8
(5.5)
509
41.5
HCL Tech Consolidated (31/07/2013)

Particulars (` cr)
4QFY13E
4QFY12
y-o-y (%)
3QFY13
q-o-q (%)
Net sales
6,772
5,919
14.4
6,451
5.0
EBITDA
1,560
1,301
19.9
1,439
8.4
23.0
22.0
1,061
854
24.2
1,044
1.6
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,233
1,815
23.0
2,304
(3.1)
EBITDA margin (%)

Net profit
22.3
ICICI Bank (31/07/2013)

Particulars (` cr)
Net profit
JSW Steel Consolidated (31/07/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
10,525
9,902
6.3
9,898
6.3
1,654
1,909
(13.3)
1,733
(4.6)
EBITDA margin (%)
15.7
19.3
Net profit
311
50
522.4
296
5.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
1,565
1,399
11.9
1,038
50.8
EBITDA
1,038
904
14.8
602
72.3
EBITDA margin (%)
66.3
3.0
Net profit
649
670
(3.1)
583
11.2
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
EBITDA
17.5
NHPC (31/07/2013)
Particulars (` cr)
58.0
United Spirits (31/07/2013)

Particulars (` cr)
Net sales
2,333
2,057
13.4
2,058
13.4
EBITDA
365
351
4.1
236
54.6
EBITDA margin (%)
15.6
17.0
Net profit
140
145
(3.2)
56
150.7
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
863
774
11.5
772
11.8
EBITDA
608
632
(3.8)
640
(5.0)
EBITDA margin (%)
70.5
81.7
Net profit
428
418
11.5
Adani Ports & SEZ (01/08/2013)

Particulars (` cr)
83.0
2.3
491
(12.8)
Market Outlook
July 31, 2013
Bank of Baroda (01/08/2013)

Particulars (` cr)
Net profit
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,082
1,139
(5.0)
1,029
5.1
Glenmark Pharma Consolidated (01/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,270
1,040
22.0
1,336
(4.9)
EBITDA
252
165
52.8
255
(1.0)
EBITDA margin (%)
19.9
15.9
Net profit
151
78
92.9
167
(9.5)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
6,347
5,502
15.4
6,027
5.3
EBITDA
1,786
1,436
24.4
1,673
6.7
EBITDA margin (%)
28.1
26.1
Net profit
395
234
68.6
308
28.0
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,264
1,241
1.8
1,128
12.0
EBITDA
213
232
(8.6)
194
9.6
EBITDA margin (%)
16.8
18.7
Net profit
173
181
Net sales
19.1
Idea Consolidated (01/08/2013)

Particulars (` cr)
27.8
Cummins India (01/08/2013)

Particulars (` cr)
Net sales
17.2
(4.2)
189
(8.2)
Power Grid Corporation (01/08/2013)

Particulars (` cr)
Net profit
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
1,077
870
23.8
1,109
(2.9)
Reliance Communication Consolidated (01/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
Net sales
5,776
4,878
18.4
4,985
15.9
EBITDA
1,884
1,595
18.1
1,392
35.3
EBITDA margin (%)
32.6
32.7
Net profit
230
162
27.9
42.0
303
(24.1)
y-o-y (%)
4QFY13
q-o-q (%)
Tata Global Beverage Consolidated (01/08/2013)

Particulars (` cr)
Net sales
1QFY14E
1QFY13
1,866
1,715
8.8
1,811
3.1
EBITDA
219
181
21.0
223
(2.1)
EBITDA margin (%)
11.7
10.5
Net profit
105
78
12.3
34.9
96
9.4
Market Outlook
July 31, 2013
Titan Industries (01/08/2013)

Particulars (` cr)
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
2,727
2,206
23.6
2,593
5.1
EBITDA
271
212
27.8
267
1.8
EBITDA margin (%)
9.9
9.6
Net profit
188
156
20.6
185
1.7
1QFY14E
1QFY13
y-o-y (%)
4QFY13
q-o-q (%)
636
512
24.4
789
(19.4)
Net sales
10.3
Union Bank of India (01/08/2013)

Particulars (` cr)
Net profit
Economic and Political News
Weak rupee to adversely hit fuel prices in coming months: RBI

RBI promises to roll back tough liquidity tightening steps
Fin Min may cut expenditure again to control fiscal deficit
Coal bed methane policy to be placed before cabinet
Corporate News
Cabinet may take up 10% IOC disinvestment proposal tomorrow

Maruti earmarks capital investment of `3,500cr for FY2014
SIDBI targets 10% loan disbursement growth in FY2014
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
July 31, 2013
Result Calendar
Date
July 31, 2013
August 01, 2013
August 02, 2013
August 03, 2013
Company
Bharti Airtel, ICICI Bank, NHPC, HCL Tech, JSW Steel , United Spirits, Motherson Sumi, Andhra Bank, Jagran
Prakashan, Dishman Pharma, HSIL
J & K Bank, Power Grid Corpn, Idea Cellular, Mundra Port, Bank of Baroda, Titan Inds., Adani Power, Rcom, Union
Bank, Cummins India, GlaxoSmith Con, Glenmark Pharma., Tata Global, Tree House
Siemens, Power Fin.Corpn., Sun TV Network, Suzlon Energy, Bank of Maharashtra
Coal India, BHEL, Grasim Inds, Canara Bank, Godrej Consumer, Divi's Lab., Oriental Bank, PTC India, Godawari
Ispat
August 04, 2013

August 05, 2013
Tata Chemicals, LMW, Graphite India, GIPCL, SpiceJet
August 06, 2013
August 09, 2013
Tata Power Co., Bosch India, Crompton Greaves, Unitech

Tata Motors, Ranbaxy, Lupin, GSK Pharma, Cadila Healthcare, Gujarat Gas, Apollo Tyres, Nagarjuna Const., Alembic
Pharma
NMDC, Adani Enterp., Rural Elec.Corp., Bharat Forge, IRB Infra, ITNL, Page Industries, Prakash Industries, ITD
Cementation
Sun Pharma, ABB, Aurobindo Pharma, TVS Motor, Finolex Cables, Goodyear
August 10, 2013
Sarda Energy
August 07, 2013

August 08, 2013
August 11, 2013

August 12, 2013
ONGC, HPCL, Marico, Indraprasth Gas, Britannia, India Cements, Jyothy Laboratories
August 13, 2013
IOC, M&M, Tata Steel, Hindalco, BPCL, GMR Infra., GSPL
August 14, 2013
Amara Raja Batteries, Simplex Infra
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
July 31, 2013
1:25PM
Germany Unemployment change (000's)
Thousands
Jul
(12.00)
--
6:00PM
US
GDP Qoq (Annualised)
% Change
2Q A
1.80
1.00
11:30PM
US
FOMC rate decision
Jul 31
0.25
0.25
6:00PM
US
Initial Jobless claims
Thousands
Jul 27
343.00
345.00
1:25PM
Germany PMI Manufacturing
Value
Jul F
50.30
50.30
6:30AM
China
PMI Manufacturing
Value
Jul
50.10
49.80
2:00PM
UK
PMI Manufacturing
4:30PM
UK
BOE Announces rates
5:15PM
Euro Zone ECB announces interest rates
6:00PM
US
Change in Nonfarm payrolls
6:00PM
US
Unnemployment rate
August 5, 2013
1:25PM
Germany PMI Services
August 6, 2013
2:00PM
UK
Industrial Production (YoY)
August 8, 2013
4:29PM
China
Exports YoY%
August 1, 2013
August 2, 2013
August 9, 2013
August 12, 2013
August 13, 2013

August 14, 2013
Value
Jul
52.50
52.80
% Ratio
Aug 1
0.50
0.50
Aug 1
0.50
0.50
Thousands
Jul
195.00
185.00
Jul
7.60
7.50
Value
Jul F
52.50
--
% Change
Jun
(2.30)
--
% Change
Jul
(3.10)
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Jul
2.70
--
11:00AM
China
Industrial Production (YoY)
% Change
Jul
8.90
--
4:29PM
India
Imports YoY%
% Change
Jul
(0.37)
--
4:29PM
India
Exports YoY%
% Change
Jul
(4.60)
--
5:30PM
India
Industrial Production YoY
% Change
Jun
(1.60)
--
2:00PM
UK
CPI (YoY)
% Change
Jul
2.90
--
Jobless claims change
2:00PM
UK
% Change
Jul
(21.20)
--
11:30AM
Germany GDP nsa (YoY)
% Change
2Q P
(1.40)
--
12:00PM
India
% Change
Jul
4.86
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
(0.30)
--
6:00PM
US
% Change
Jul
0.80
--
Monthly Wholesale Prices YoY%

Producer Price Index (mom)
Market Outlook
July 31, 2013
Macro watch
Exhibit1: Quarterly GDP trends
Exhibit2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
0.6
Exhibit4: Manufacturing and services PMI
(%)
Mfg. PMI
58.0
8.0
8.1
7.3
7.2
May-13
Source: MOSPI, Angel Research
Exhibit3: Monthly WPI inflation trends
8.0
(1.6)
Apr-13
Jul-12
Jun-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
(4.0)
(1.0) (0.6)
(0.7)
(2.0)
Feb-13
(0.1)
(2.0)
Jan-13
4.7 4.8
Source: CSO, Angel Research
9.0
1.9
2.0
5.1 5.4 5.2
Dec-12
6.0
3.4
2.5
2.0
Nov-12
6.5
Mar-13
7.5
Oct-12
9.2
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-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
7.3
7.3
7.3
Services PMI
56.0
7.0
6.0
5.7
4.8
5.0
4.7
4.9
4.0
54.0
52.0
Source: MOSPI, Angel Research
(%)
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
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit5: Exports and imports growth trends

Exports yoy growth
15.0
Mar-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
48.0
Sep-12
50.0
1.0
0.0
Aug-12
2.0
Apr-12
3.0
Exhibit6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
Reverse Repo rate
CRR
8.00
7.00
6.00
4.00
Source: RBI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
3.00
Sep-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
5.00
Aug-12
(15.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
0.0
Market Outlook
July 31, 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
142
2,763
1,674
1,923
13.7
13.7
6.8
7.6
20.9
18.7
3.9
3.5
20.0
19.6
1.8
1.6
United Phosphorus
Buy
137
225
6,084
10,091
11,302
16.5
16.5
19.2
22.5
7.2
6.1
1.1
1.0
17.0
17.2
0.7
0.6
Amara Raja Batteries
Buy
243
285
4,148
3,418
3,892
14.5
14.5
18.5
20.4
13.1
11.9
3.2
2.6
26.6
23.8
1.2
1.0
Apollo Tyres
Neutral
68
3,427
13,852
15,487
11.4
11.5
12.8
14.9
5.3
4.6
0.9
0.7
17.5
17.3
0.4
0.4
Ashok Leyland
Buy
14
22
3,619
13,450
15,853
6.5
8.5
0.4
1.9
35.6
7.3
1.2
1.1
2.3
11.0
0.4
0.3
Automotive Axle#
Neutral
219
331
834
965
9.3
10.6
17.3
27.1
12.7
8.1
1.2
1.1
9.5
14.0
0.5
0.4
Bajaj Auto
Accumulate
1,928
2,102
55,787
21,696
25,239
19.2
19.3
119.3
140.2
16.2
13.8
5.7
4.5
38.9
36.6
2.2
1.8
Bharat Forge
Neutral
200
4,648
6,198
6,793
14.6
14.9
14.5
17.3
13.7
11.5
1.8
1.6
13.6
14.7
0.9
0.8
Bosch India*
Neutral
8,902
27,953
9,821
11,394
17.0
17.3
373.5
438.7
23.8
20.3
4.3
3.6
18.0
17.9
2.5
2.1
CEAT
Buy
120
170
412
5,325
5,974
8.4
8.3
40.8
48.5
3.0
2.5
0.5
0.4
17.3
17.6
0.2
0.2
Exide Industries
Buy
126
148
10,702
6,899
7,873
14.7
14.7
7.9
9.0
15.9
13.9
2.7
2.4
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,365
2,269
1,336
1,572
13.8
16.0
75.6
102.4
18.1
13.3
2.3
2.0
13.4
15.8
1.5
1.2
Hero Motocorp
Accumulate
1,848
2,048
36,894
25,562
28,297
14.5
14.4
111.2
146.3
16.6
12.6
6.1
4.7
40.1
42.1
1.2
1.1
JK Tyre
Buy
98
154
403
7,972
8,754
7.1
7.1
37.5
44.0
2.6
2.2
0.4
0.3
16.4
16.6
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
897
1,103
55,242
45,254
51,197
11.4
11.7
61.2
70.2
14.7
12.8
3.1
2.6
22.7
21.9
1.0
0.8
1,342
1,648
40,553
45,862
52,647
11.2
11.1
94.6
109.9
14.2
12.2
1.9
1.7
14.4
14.6
0.7
0.6
199
222
11,719
28,442
31,493
7.5
7.8
12.5
14.8
15.9
13.5
3.9
3.1
27.5
25.8
0.6
0.5
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
284
347
76,620 215,016 237,404
13.3
13.6
36.2
41.5
7.9
6.9
1.8
1.4
24.6
23.2
0.4
0.4
TVS Motor
Buy
29
35
1,397
7,715
8,584
6.0
6.1
5.0
5.8
5.9
5.1
1.0
0.9
18.1
18.5
0.1
0.1
502
461
10,646
8,073
9,052
5.5
6.9
11.5
16.9
43.6
29.7
4.0
3.8
9.3
13.1
1.3
1.1
77
140
557
3,756
4,569
11.4
9.7
21.7
24.1
3.6
3.2
0.4
0.4
22.3
20.3
0.5
0.4
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Capital Goods
ABB*
Reduce
BGR Energy
Buy
BHEL
Neutral
153
37,363
44,054
39,326
16.8
15.1
20.6
16.1
7.4
9.5
1.6
1.5
23.5
16.1
0.7
0.8
Blue Star
Buy
154
208
1,387
2,941
3,099
3.4
4.2
6.0
9.3
25.8
16.6
3.2
2.8
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
85
117
5,462
13,446
15,272
6.7
7.6
6.6
8.9
12.9
9.6
1.4
1.3
11.4
14.0
0.5
0.5
Jyoti Structures
Neutral
17
138
3,360
3,597
9.7
9.8
7.3
10.2
2.3
1.7
0.5
0.4
8.8
11.4
0.3
0.3
KEC International
Buy
29
49
738
7,709
8,399
6.7
7.2
6.1
8.5
4.7
3.4
0.6
0.5
20.2
23.0
0.3
0.3
Thermax
Neutral
588
7,011
5,832
6,397
9.1
9.6
28.8
32.9
20.4
17.9
3.3
2.9
17.2
17.3
1.2
1.0
1,177
1,361
22,102
11,820
13,254
19.3
20.9
74.9
93.1
15.7
12.7
2.7
2.4
18.1
20.3
1.6
1.3
Cement
ACC
Buy
Market Outlook
July 31, 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
168
25,904
10,171
11,762
23.5
24.6
10.2
12.2
16.4
13.8
2.7
2.5
17.1
18.7
2.0
1.6
India Cements
Neutral
50
1,531
4,929
5,434
17.4
17.1
8.9
10.9
5.6
4.6
0.4
0.4
7.7
9.1
0.7
0.6
J K Lakshmi Cement
Buy
66
100
774
2,256
2,709
20.2
22.2
17.0
20.4
3.9
3.2
0.5
0.5
14.8
15.4
0.4
0.9
Madras Cements
Neutral
169
4,017
4,234
4,788
23.9
24.0
18.5
22.8
9.1
7.4
1.5
1.3
17.2
18.2
1.3
1.0
Shree Cement^
Neutral
4,313
15,027
6,607
7,520
27.5
26.7
322.8
374.3
13.4
11.5
3.3
2.7
27.8
25.6
1.6
1.2
UltraTech Cement
Neutral
1,866
51,175
21,947
25,049
23.8
23.8
106.1
119.8
17.6
15.6
2.9
2.5
17.7
17.3
2.4
2.1
53
84
837
1,928
2,234
21.0
21.5
6.0
7.4
8.9
7.2
0.8
0.8
10.5
10.8
1.8
1.8
148
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.7)
(22.2)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
74
157
2,469
3,997
4,312
45.5
46.4
15.7
16.6
4.7
4.5
0.7
0.6
15.2
14.5
3.1
3.3
ITNL
Buy
125
230
2,428
7,444
8,041
27.4
28.9
29.8
32.1
4.2
3.9
0.6
0.5
14.9
14.2
2.4
2.5
IVRCL Infra
Buy
12
29
370
5,673
5,892
8.1
8.4
1.4
1.8
8.4
6.6
0.2
0.2
2.0
2.6
0.5
0.5
Jaiprakash Asso.
Buy
38
53
8,377
12,946
14,897
24.7
25.6
1.2
2.7
30.8
14.1
0.6
0.6
2.0
4.3
2.5
2.3
Larsen & Toubro
Buy
850
1,128
78,573
68,946
78,040
10.0
10.0
49.0
55.2
17.4
15.4
2.5
2.2
14.9
15.3
1.3
1.1
Nagarjuna Const.
Buy
23
42
588
6,167
6,945
8.0
8.2
2.7
3.6
8.6
6.3
0.2
0.2
2.7
3.6
0.5
0.4
Punj Lloyd
Neutral
25
825
12,954
14,740
9.9
9.9
0.5
0.9
49.0
26.7
0.3
0.3
0.6
1.1
0.5
0.5
Sadbhav Engg.
Buy
77
139
1,169
2,462
2,731
10.6
10.6
5.9
6.7
13.2
11.6
1.3
1.2
10.2
10.5
0.8
0.7
Simplex Infra
Buy
64
131
317
6,308
7,033
9.5
9.6
11.9
18.7
5.4
3.4
0.2
0.2
4.5
6.7
0.5
0.5
Unity Infra
Buy
19
41
143
2,146
2,339
13.7
13.8
11.0
11.5
1.8
1.7
0.2
0.2
9.3
9.0
0.6
0.6
Allahabad Bank
Neutral
70
3,505
6,705
7,535
2.5
2.5
27.6
33.2
2.5
2.1
0.4
0.3
12.5
13.6
Andhra Bank
Neutral
69
3,858
5,180
5,815
2.7
2.7
19.0
22.9
3.6
3.0
0.5
0.4
12.0
13.2
Axis Bank
Buy
1,093
1,348
51,257
19,280
22,886
3.3
3.3
130.7
157.1
8.4
7.0
1.4
1.2
17.3
18.1
Bank of Baroda
Neutral
554
23,327
16,287
18,707
2.2
2.3
120.6
144.6
4.6
3.8
0.7
0.6
15.0
16.0
Bank of India
Neutral
174
10,378
14,482
16,069
2.3
2.2
55.0
62.2
3.2
2.8
0.5
0.4
13.7
13.9
Bank of Maharashtra
Neutral
45
2,957
4,291
4,724
3.0
3.0
12.1
12.9
3.7
3.5
0.6
0.5
16.2
15.3
Canara Bank
Neutral
261
11,560
12,045
13,495
2.1
2.2
76.7
86.4
3.4
3.0
0.5
0.4
14.1
14.2
Central Bank
Neutral
55
5,787
8,196
9,202
2.4
2.4
6.1
15.9
9.1
3.5
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
296
4,522
5,554
6,156
2.0
2.0
94.9
104.9
3.1
2.8
0.4
0.4
14.3
14.2
Dena Bank
Neutral
56
1,945
3,255
3,623
2.3
2.4
22.0
24.9
2.5
2.2
0.4
0.3
14.7
14.7
Federal Bank
Neutral
336
5,753
2,798
3,250
3.0
3.0
38.1
51.9
8.8
6.5
0.8
0.8
9.8
12.3
Financials
Market Outlook
July 31, 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
Accumulate
808
867
125,495
8,679
10,350
3.6
3.6
37.5
44.7
21.5
18.1
4.5
4.0
30.1
30.7
HDFC Bank
Buy
626
745
149,439
27,392
33,264
4.6
4.6
36.3
45.1
17.2
13.9
3.5
2.9
21.9
22.8
ICICI Bank
Buy
927
1,131
106,941
26,119
30,474
3.1
3.2
86.2
99.5
10.8
9.3
1.5
1.3
15.7
16.2
IDBI Bank
Neutral
65
8,630
9,518
10,468
2.0
2.0
15.5
22.1
4.2
2.9
0.4
0.4
10.2
13.3
Indian Bank
Neutral
86
3,715
6,077
6,845
2.9
3.0
35.2
41.0
2.5
2.1
0.4
0.3
14.1
14.8
IOB
Neutral
43
3,969
7,709
8,645
2.2
2.3
8.2
17.1
5.2
2.5
0.4
0.3
6.0
11.7
J & K Bank
Neutral
1,101
5,338
3,101
3,427
3.6
3.6
215.5
210.3
5.1
5.2
0.9
0.8
19.9
16.9
LIC Housing Finance
Neutral
173
8,705
2,180
2,732
2.4
2.5
26.3
32.1
6.6
5.4
1.2
1.0
19.0
19.9
Oriental Bank
Neutral
145
4,229
6,790
7,676
2.6
2.7
55.7
62.3
2.6
2.3
0.3
0.3
12.8
12.9
Punjab Natl.Bank
Neutral
566
20,000
20,766
23,515
3.4
3.4
135.0
164.8
4.2
3.4
0.7
0.5
14.4
15.7
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
22
2,888
1,800
2,023
2.7
2.7
3.7
4.2
5.8
5.1
0.9
0.8
16.2
16.2
1,724
1,979
117,904
66,417
76,734
3.0
3.0
227.4
284.8
7.6
6.1
1.1
1.0
15.4
17.1
Neutral
87
5,207
7,125
8,188
2.6
2.6
27.4
27.9
3.2
3.1
0.5
0.4
16.2
14.6
UCO Bank
Neutral
58
4,395
6,736
6,979
2.7
2.6
15.3
15.7
3.8
3.7
0.7
0.6
14.8
13.6
Union Bank
Neutral
124
7,409
11,101
12,543
2.6
2.6
39.3
47.4
3.2
2.6
0.4
0.4
14.1
15.2
United Bank
Neutral
39
1,445
3,386
3,884
2.3
2.5
12.4
20.0
3.1
1.9
0.3
0.3
10.0
14.7
Vijaya Bank
Neutral
40
1,975
2,714
3,046
1.9
2.0
9.2
10.8
4.3
3.7
0.5
0.4
10.7
11.5
Yes Bank
Neutral
349
12,551
4,417
5,486
2.7
2.8
42.9
49.5
8.1
7.0
1.8
1.5
23.9
22.8
Asian Paints
Neutral
510
48,943
12,332
14,524
16.3
16.1
138.9
160.4
3.7
3.2
1.2
0.9
35.2
32.5
3.9
3.2
Britannia
Neutral
697
8,349
6,417
7,502
6.1
6.3
21.3
25.5
32.8
27.4
10.6
8.5
35.7
34.6
1.3
1.1
Colgate
Neutral
1,349
18,349
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
4.2
Dabur India
Neutral
165
28,779
7,183
8,340
16.8
16.8
5.4
6.3
30.7
26.2
12.0
9.3
41.5
40.1
4.0
3.4
GlaxoSmith Con*
Neutral
4,727
19,881
3,617
4,259
16.1
16.4
122.2
148.7
38.7
31.8
12.0
9.7
34.1
33.7
5.0
4.2
Godrej Consumer
Neutral
823
27,994
7,801
9,017
16.2
15.9
25.1
29.7
32.7
27.7
7.1
5.9
24.9
24.2
3.7
3.2
HUL
Neutral
626
135,317
29,167
33,164
13.6
13.7
17.1
18.4
36.6
34.0
35.2
25.5
113.4
87.0
4.5
3.9
ITC
Neutral
351
277,173
34,294
39,991
36.8
37.0
11.3
13.3
31.1
26.3
10.2
8.3
36.1
34.9
7.8
6.6
Marico
Neutral
215
13,841
5,273
6,044
14.8
14.9
7.3
8.7
29.6
24.8
5.8
4.8
21.4
21.0
2.7
2.3
Nestle*
Neutral
5,328
51,373
9,447
10,968
22.1
22.3
127.5
154.1
41.8
34.6
20.9
15.1
57.7
50.7
5.5
4.6
Tata Global
Neutral
159
9,823
8,069
8,957
9.8
9.7
7.8
8.6
20.3
18.5
2.4
2.3
9.5
9.7
1.2
1.1
FMCG
Market Outlook
July 31, 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
IT
HCL Tech^
Neutral
906
63,126
29,424
32,837
22.6
22.0
59.5
63.3
15.2
14.3
3.7
3.1
24.6
21.7
2.0
1.7
Hexaware*
Accumulate
113
123
3,375
2,213
2,479
21.5
20.5
12.1
12.9
9.3
8.8
2.3
2.0
25.4
23.5
1.4
1.2
Infosys
Neutral
2,956
169,727
47,001
51,196
26.2
26.4
171.3
189.4
17.3
15.6
3.5
3.0
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
180
190
2,011
2,052
2,263
17.2
17.6
20.7
22.5
8.7
8.0
1.3
1.1
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
131
144
2,533
2,614
2,923
17.2
16.8
13.2
14.4
10.0
9.1
1.8
1.5
18.5
16.7
0.9
0.7
Mindtree
Accumulate
961
1,050
3,992
2,768
3,006
19.7
19.9
103.1
105.3
9.3
9.1
2.3
1.8
24.8
20.3
1.1
0.9
Mphasis&
Neutral
400
8,398
6,372
6,852
18.0
18.2
38.0
43.5
10.5
9.2
1.5
1.3
14.3
14.2
0.8
0.7
NIIT
Neutral
16
258
1,144
1,267
9.0
9.1
4.3
5.4
3.6
2.9
0.4
0.4
10.3
12.0
Persistent
Accumulate
523
595
2,091
1,505
1,677
25.9
26.2
53.6
59.7
9.8
8.8
1.7
1.5
17.7
16.7
1.0
0.8
TCS
Buy
1,791
2,060
350,509
79,005
91,576
29.7
30.0
88.6
103.1
20.2
17.4
6.4
5.1
31.5
29.2
4.2
3.6
Tech Mahindra
Accumulate
1,231
1,390
28,581
8,102
8,709
19.7
19.2
107.5
117.0
11.5
10.5
2.4
2.0
21.2
18.9
3.5
3.2
Wipro
Neutral
420
103,446
41,659
45,137
21.2
21.4
27.7
29.9
15.2
14.0
3.1
2.7
20.5
19.0
2.0
1.7
D B Corp
Buy
260
302
4,760
1,783
1,968
25.2
26.8
14.6
17.2
17.8
15.1
4.6
4.0
23.9
24.2
2.6
2.3
HT Media
Buy
98
117
2,291
2,205
2,380
15.1
15.6
8.3
9.3
11.7
10.5
1.4
1.3
11.6
11.6
0.7
0.5
Jagran Prakashan
Buy
90
107
2,997
1,664
1,825
20.9
23.0
6.4
7.8
14.1
11.6
2.8
2.6
21.0
23.1
1.9
1.7
PVR
Neutral
341
1,352
1,359
1,540
17.3
17.4
17.2
21.6
19.8
15.8
2.0
1.8
10.3
12.0
1.4
1.3
Sun TV Network
Neutral
373
14,688
2,287
2,551
69.7
70.5
20.0
23.3
18.6
16.0
4.6
4.0
26.4
27.3
6.1
5.3
Bhushan Steel
Neutral
460
10,425
13,794
17,088
30.9
33.5
49.3
66.6
9.3
6.9
1.0
0.9
11.3
13.5
2.4
1.9
Coal India
Buy
275
345
173,732
72,174
76,311
33.3
28.4
28.4
30.9
9.7
8.9
2.7
2.3
37.6
36.2
1.6
1.4
Electrosteel Castings
Buy
10
18
338
1,976
2,017
11.8
12.7
1.3
2.6
8.2
4.0
0.1
2.6
5.2
0.5
0.1
GMDC
Buy
92
155
2,929
1,920
2,239
53.2
52.9
21.6
25.0
4.3
3.7
1.0
0.8
25.1
23.8
1.0
0.7
Hind. Zinc
Buy
99
140
41,936
12,389
13,093
48.5
51.7
15.2
17.0
6.5
5.8
1.1
1.0
18.5
18.0
1.2
0.8
Hindalco
Neutral
86
16,542
89,352
93,672
8.8
9.2
13.4
15.0
6.5
5.8
0.5
0.4
7.3
7.6
0.5
0.5
JSW Steel
Neutral
534
12,899
47,613
48,385
17.4
18.8
81.8
109.6
6.5
4.9
0.7
0.6
11.1
13.4
0.6
0.5
MOIL
Buy
191
248
3,211
1,010
1,046
46.5
47.6
26.8
28.8
7.1
6.6
1.0
0.9
15.4
14.7
0.8
0.5
Monnet Ispat
Buy
111
193
708
2,326
2,709
21.4
23.1
33.3
43.1
3.3
2.6
0.3
0.2
8.3
9.9
1.3
1.0
Nalco
Neutral
28
7,255
7,656
7,988
13.1
13.5
2.6
2.6
11.0
10.7
0.6
0.6
5.5
5.5
0.4
0.4
NMDC
Buy
99
140
39,132
10,610
11,400
66.3
64.2
15.6
16.1
6.4
6.2
1.3
1.2
21.3
19.9
1.6
1.4
SAIL
Neutral
42
17,243
44,060
54,786
9.4
11.5
5.2
7.2
8.0
5.8
0.4
0.4
5.2
6.8
0.6
0.6
Media
Metals & Mining
Market Outlook
July 31, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Metals & Mining

Sesa Goa
Buy
124
166
10,773
3,742
4,426
32.9
32.8
30.0
29.8
4.1
4.2
0.6
0.5
14.3
12.5
3.7
3.0
Sterlite Inds
Buy
73
97
24,566
44,493
45,599
22.4
23.9
16.8
19.2
4.3
3.8
0.4
0.4
10.5
10.9
0.5
0.4
Tata Steel
Buy
210
378
9.7
10.8
30.9
47.6
6.8
4.4
0.6
0.6
9.6
13.4
0.5
0.5
Sarda
Buy
83
153
299
1,494
1,568
19.1
20.3
31.3
36.5
2.7
2.3
0.3
0.3
11.8
12.4
0.5
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
40
404
2,615
2,776
12.1
12.0
9.8
10.4
3.1
2.9
0.2
0.2
6.5
6.5
0.4
0.4
Buy
66
102
217
2,344
2,509
14.9
15.4
38.7
47.0
1.7
1.4
0.2
0.2
12.3
12.9
0.5
0.4
Cairn India
Buy
292
364
55,781
18,403
17,925
71.9
62.1
62.1
57.4
4.7
5.1
1.0
0.8
22.6
17.8
1.8
1.6
GAIL
Neutral
307
38,917
49,700
48,822
16.0
16.6
32.9
33.4
9.3
9.2
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
281
387
240,281 170,063 198,461
36.3
38.3
34.7
41.9
8.1
6.7
1.4
1.2
18.3
19.5
1.1
0.8
Reliance Industries
Neutral
859
277,370 397,546 421,695
8.9
8.7
72.3
76.8
11.9
11.2
1.2
1.1
12.3
11.8
0.7
0.6
Gujarat Gas*
Neutral
184
2,360
3,707
3,850
11.7
12.4
23.7
25.7
7.8
7.2
2.2
1.9
29.6
28.2
0.5
0.5
Indraprastha Gas
Neutral
265
3,714
3,700
4,218
23.4
22.8
26.7
30.4
10.0
8.7
2.1
1.7
22.7
21.8
1.1
0.9
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
115
167
8,618
40,356
40,872
5.8
6.4
15.0
16.7
7.7
6.9
1.6
1.4
23.0
21.5
0.3
0.3
Neutral
49
2,766
1,171
1,287
91.9
91.9
10.1
11.3
4.9
4.3
0.8
0.7
17.3
16.8
Alembic Pharma
Neutral
158
2,982
1,736
2,008
17.1
18.9
10.7
13.9
14.8
11.4
4.6
3.5
35.0
34.7
1.8
1.5
Aurobindo Pharma
Buy
165
271
4,809
6,641
7,637
15.9
15.9
17.3
20.6
9.6
8.0
1.5
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,375
5,470
1,682
1,917
16.6
16.6
92.4
99.1
25.7
24.0
3.6
3.6
15.7
14.8
2.9
2.3
Cadila Healthcare
Buy
732
929
14,995
7,280
8,640
15.5
15.7
38.3
46.5
19.1
15.8
4.1
3.4
23.5
23.5
2.4
2.0
Cipla
Buy
408
477
32,763
9,274
10,796
23.1
23.1
21.0
23.8
19.4
17.1
3.1
2.7
17.2
16.8
3.3
2.7
Dr Reddy's
Buy
2,179
2,535
37,049
13,377
15,350
20.4
20.1
112.3
126.8
19.4
17.2
4.1
3.4
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
45
168
366
1,394
1,534
22.5
22.4
15.0
16.8
3.0
2.7
0.3
0.3
11.0
11.2
0.9
0.7
GSK Pharma*
Neutral
2,384
20,194
2,854
3,145
28.6
28.6
76.6
83.3
31.1
28.6
9.3
8.5
31.1
31.0
6.2
5.6
Indoco Remedies
Buy
59
78
546
760
922
15.3
15.3
6.1
7.8
9.7
7.6
1.2
1.1
12.9
14.7
0.9
0.8
Ipca labs
Neutral
654
8,246
3,243
3,826
20.5
21.5
36.0
44.4
18.2
14.7
4.2
3.4
26.0
25.4
2.7
2.3
Lupin
Neutral
840
37,614
11,641
13,933
21.3
21.3
34.8
41.8
24.1
20.1
5.7
4.5
26.2
24.8
3.3
2.7
Ranbaxy*
Buy
280
384
11,841
11,400
12,060
10.5
12.5
17.5
22.5
16.0
12.4
2.6
2.2
17.0
19.1
1.0
0.9
Sun Pharma
Neutral
575
118,856
13,509
15,846
41.0
41.0
33.0
39.8
17.4
14.4
3.5
2.9
22.0
22.0
8.2
6.8
20,357 140,917 151,537
Power
GIPCL
Buy
61
78
918
1,444
1,482
33.4
33.0
13.7
14.8
4.4
4.1
0.5
0.5
12.3
12.0
0.7
0.5
NTPC
Buy
138
163
113,746
76,734
86,680
24.5
24.3
13.4
14.5
10.3
9.5
1.3
1.2
12.8
12.7
2.2
2.1
Market Outlook
July 31, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
EV/Sales(x)
FY15E
FY14E
FY15E
Real Estate
DLF
Buy
159
236
28,263
8,293
9,622
36.5
36.1
5.7
6.7
27.8
23.6
1.0
1.0
3.7
4.1
5.5
4.6
MLIFE
Accumulate
453
483
1,848
888
1,002
27.0
29.9
33.9
42.1
13.4
10.8
1.3
1.2
9.9
11.2
2.7
2.4
Bharti Airtel
Neutral
321
128,496
85,489
94,229
31.9
31.9
10.2
14.6
31.4
22.0
2.3
2.1
7.2
9.4
2.2
1.9
Idea Cellular
Neutral
157
51,955
25,640
28,459
26.9
27.2
4.0
4.9
39.1
31.7
3.3
3.0
8.4
9.4
2.4
2.1
Rcom
Neutral
127
26,162
22,751
24,628
30.9
31.3
3.4
5.3
37.0
24.1
0.8
0.8
2.1
3.1
2.7
2.4
Telecom
Others
Abbott India*
Buy
1,405
1,659
2,985
1,863
2,081
11.8
12.4
71.2
83.0
19.7
16.9
4.0
3.4
21.6
21.5
1.4
1.1
Bajaj Electricals
Buy
171
237
1,706
3,885
4,472
5.4
7.2
11.0
19.7
15.6
8.7
2.1
1.8
13.5
20.3
0.4
0.4
Cera Sanitaryware
Buy
500
613
632
631
797
14.5
13.7
42.6
51.1
11.7
9.8
2.8
2.2
26.5
25.3
1.0
0.8
Cravatex
Buy
283
459
73
248
284
6.5
7.3
27.2
38.2
10.4
7.4
1.6
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
54
68
831
2,563
2,899
9.8
9.8
10.1
11.3
5.4
4.8
0.8
0.7
14.3
13.8
0.2
0.2
Force Motors
Buy
257
349
335
2,304
2,649
3.1
3.6
28.0
43.7
9.2
5.9
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
314
345
724
1,458
1,542
8.3
9.0
32.3
37.0
9.7
8.5
1.8
1.5
19.5
19.3
0.3
0.3
Hitachi
Buy
112
191
304
1,080
1,199
8.9
9.1
18.3
19.1
6.1
5.9
1.1
0.9
19.2
17.0
0.4
0.3
Honeywell Automation* Neutral
2,382
2,106
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
139
198
125
495
651
12.7
12.9
29.3
39.5
4.8
3.5
0.7
0.6
15.4
17.6
0.4
0.3
ITD Cementation
Buy
157
234
180
1,430
1,573
11.1
11.0
19.1
26.9
8.2
5.8
0.4
0.4
5.4
7.1
0.5
0.5
Jyothy Laboratories
Buy
169
199
2,800
1,220
1,476
13.3
13.6
5.5
9.0
30.6
18.7
3.5
3.1
12.1
17.7
2.6
2.1
MRF
Buy
13,170
16,218
5,585
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.4
7.3
1.6
1.3
23.5
19.2
0.6
0.6
Page Industries
Neutral
4,503
5,022
1,057
1,282
19.4
19.6
124.8
153.7
36.1
29.3
17.9
13.2
56.3
51.8
4.8
4.0
Relaxo Footwears
Buy
781
982
937
1,196
1,401
12.3
13.4
58.3
81.9
13.4
9.5
3.3
2.5
28.2
29.8
0.9
0.8
Siyaram Silk Mills
Buy
218
311
204
1,158
1,322
10.8
11.2
62.1
77.8
3.5
2.8
0.6
0.5
17.2
18.4
0.4
0.4
Styrolution ABS India*
Buy
388
492
682
1,007
1,108
8.4
8.7
30.3
35.1
12.8
11.0
1.4
1.3
11.7
12.2
0.7
0.6
TAJ GVK
Buy
59
108
369
300
319
35.8
36.2
7.9
9.1
7.5
6.5
1.0
0.9
13.9
14.4
1.5
1.3
Tata Sponge Iron
Buy
245
371
377
814
849
17.0
17.6
64.6
69.2
3.8
3.5
0.5
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
520
632
404
416
481
4.5
6.1
16.2
25.3
32.1
20.5
4.0
3.5
12.6
18.1
0.8
0.7
Tree House
Accumulate
269
297
969
153
194
53.0
52.8
12.4
15.6
21.8
17.2
2.6
2.3
11.8
13.1
6.5
5.0
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
167
230
128
1,591
1,720
6.1
6.4
24.5
38.3
6.8
4.4
0.7
0.7
10.9
15.9
0.3
0.2
2,535
36,839
12,294
14,162
12.0
12.0
42.1
67.7
60.2
37.4
4.3
3.8
9.1
10.7
3.3
2.9
372
439
756
600
638
20.1
19.4
35.7
36.6
10.4
10.2
1.9
1.6
19.4
17.1
1.1
0.9
Market Outlook
July 31, 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
79
117
524
2,042
2,363
14.6
14.8
12.3
16.5
6.5
4.8
0.5
0.5
7.6
9.4
0.7
0.6
Others
HSIL
Buy
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 30, 2013
Market Outlook
July 31, 2013
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Market Outlook: Dealer's Diary

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Market Outlook: Dealer's Diary

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Market Outlook

July 31, 2013

OIL & GAS

Net Inflows (July 29, 2013)

FII Derivatives (July 30, 2013)

Mahindra & Mah

Refer detailed news analysis on the following page

Constrained by impossible trinity, RBI maintains rates

Constrained by impossible trinity, RBI maintains rates

CBI may close Aircel-Maxis case

P/BV EV/EBITDA EV/Sales

DRL (CMP: `2179/ TP: -2535/ Upside: -16.3%)

1,903 112.3 23.5 19.4

2,149 126.8 21.8 17.2

Shree Cement (CMP: `4,313/TP:-/Upside:-)

27.5 1,124 323

26.7 1,304 374

Note: *Computed on TTM basis

Petronet LNG (CMP: `115, TP: Under Review, Upside: -)

P/BV EV/EBITDA EV/Sales

IPCA Labs (CMP: `654/ TP: -/ Upside: -)

455 36.0 26.0 18.0

560 44.4 25.4 14.5

Sanofi India (CMP: `2,375/ TP: -/ Upside: -)

213 92.4 15.7 25.7

228 99.1 16.7 24.0

GMDC (CMP: `93/ TP: Under Review/ Upside: -)

PVR (CMP: `341/TP: -/Upside: - %)

Indoco Remedies (CMP: `59/ TP: -78/ Upside: -32.2%)

ICICI Bank (CMP: `927 / TP: `1,131 / Upside: 22.0%)

HCL Technologies (CMP: `906/ TP: - Upside: -)

59.5 24.6 15.2

63.3 21.7 14.3

United Spirits (CMP: `2,535/TP:-/Upside:-)

Note: Consolidated financials are furnished in the table

JSW Steel (CPM: `534/ TP:-/ Upside :-)

Motherson Sumi Systems (CMP: `199/ TP: `222/ Upside: 11%)

improvement in operating performance at SMR. This is expected to result in a ~6%

Dishman Pharma (CMP: `45/ TP: -168/ Upside: -270.5%)

121 15.0 11.0

136 16.8 11.2

Andhra Bank- (CMP: `69 / TP: - / Upside: -)

Jagran (CMP: `90/TP: `119/Upside: 32%)

Quarterly Bloomberg Consensus Estimate

EBITDA margin (%)

HCL Tech Consolidated (31/07/2013)

EBITDA margin (%)

ICICI Bank (31/07/2013)

JSW Steel Consolidated (31/07/2013)

EBITDA margin (%)

EBITDA margin (%)

United Spirits (31/07/2013)

EBITDA margin (%)

EBITDA margin (%)

Adani Ports & SEZ (01/08/2013)

Bank of Baroda (01/08/2013)

Glenmark Pharma Consolidated (01/08/2013)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Idea Consolidated (01/08/2013)

Cummins India (01/08/2013)

Power Grid Corporation (01/08/2013)