Market Outlook Market Outlook: Dealer's Diary

Market Outlook
August 23, 2012
Dealers Diary
Domestic Indices
Indian markets are expected to open flat, tracing flattish opening trades in the SGX
Nifty and mixed openings in the Asian indices. Asian stocks gained strength on
speculation that central banks in the US and China will ease monetary policy to
support the worlds biggest economies.
BSE Sensex
(0.2)
Nifty
(0.2)
(8.2)
5,413
MID CAP
(0.2)
(12.7)
6,160
SMALL CAP
Stocks in the US markets moved mostly lower in morning trading on Wednesday

but regained some ground in the afternoon before ending the day mixed. The early
weakness on Wall Street was partly due to some troubling economic news from
overseas, with a report from Japan showing that the country swung to a trade
deficit in July. Stocks subsequently regained some ground following the release of
the minutes of the Federal Reserve's latest monetary policy meeting, which
suggested that the central bank is losing patience with the pace of the fragile U.S.
economic recovery
Indian shares reversed early gains to end slightly lower on Wednesday, weighed
down by weak global cues as disappointing Japanese trade data added to
evidence that the global economy is slowing. Meanwhile host of important
economic indicators are due for release today (US initial jobless claims and new
home sales, Germany PMI manufacturing, Euro zone consumer confidence) which
could provide direction to the markets for the rest of the week.
Chg (%)
(Pts)
(Close)
(38.4) 17,847
(0.2)
(14.9)
6,635
BSE HC
0.4
27.6
7,364
BSE PSU
0.1
8.9
7,160
BANKEX
0.0
5.3 12,026
AUTO
0.2
METAL
(0.1)
OIL & GAS
(0.3)
(23.0)
8,516
0.1
8.2
5,719
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
NASDAQ
Chg (%)
(0.2)
23.1
9,672
(7.8) 10,429
(30.8) 13,173
0.2
6.4
3,074
FTSE
(1.4)
(83.3)
5,774
Nikkei
(0.3)
(25.2)
9,132
Hang Seng
(1.1) (212.3) 19,888
Straits Times
(0.5)
(16.3)
3,049
Shanghai Com
(0.5)
(10.6)
2,108
Chg (%)
(Pts)
(Close)
0.0
0.0
$43.5
WIT
(0.9)
(0.1)
$8.1
IBN
0.6
0.2
$35.4
HDB
0.9
0.3
$35.3
Markets Today
The trend deciding level for the day is 17,853 / 5,414 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,906 17,965 / 5,433 5,452 levels. However, if NIFTY trades below
17,853 / 5,414 levels for the first half-an-hour of trade then it may correct up to
17,794 17,741 / 5,394 5,375 levels.
Indices
SENSEX
NIFTY
S2
S1
PIVOT
R1
R2
17,741
17,794
17,853
17,906
17,965
5,375
5,394
5,414
5,433
5,452
News Analysis
Indian ADRs
INFY
Advances / Declines
BSE
NSE
Advances
1297
654
Declines
1,523
790
143
75
Unchanged
Ranbaxy Labs- Withdrawal of drugs

Result Preview- Shree Cement
Refer detailed news analysis on the following page
Volumes (` cr)
Net Inflows (August 21, 2012)
BSE
2,042
NSE
8,899
` cr
Purch
Sales
Net
MTD
YTD
FII
2,253
2,041
212
2,889
58,581
564
598
(33)
(459)
(8,929)
MFs
FII Derivatives (August 22, 2012)

` cr
Purch
Index Futures
1,118
Stock Futures
2,185
Sales
Net
Open Interest
935
184
17,169
2,399
(214)
26,001
Gainers / Losers
Gainers
Price (`)
chg (%)
64
4.5
Opto Circuits
Jet Air India
397
4.4
Reliance Comm
Ranbaxy Lab
535
4.1
Pidilite Inds
187
NMDC
187
Company
Indian Hotels
www.angelbroking.com
Company
Losers
Price (`)
chg (%)
138
(6.4)
54
(4.7)
United Brew-$
546
(4.4)
3.4
Reliance Power
86
(3.9)
3.3
Shree Renuka Sug
32
(3.9)
Market Outlook
August 23, 2012
Ranbaxy Labs- Withdrawal of drugs

With reference to development relating to withdrawal by Ranbaxy of 27 approved
ANDAs in the USA market appearing on US Regulator website, company has
clarified that the certain products with negligible commercial impact should be
withdrawn which according to the company would enable the organization to
focus resources on other applications that are of greater importance and value to
the US business and healthcare system. Further, according to the company, the
aforesaid ANDAs do not pertain to current business and will have a negligible
impact on the Companys business in USA. We recommend a Neutral on the
stock.
Result Preview
Shree Cement (CMP: `3,245 /TP: /Upside :-)
Shree Cement is expected to announce its 5QFY2012 results. We expect the
topline to grow by 33.7% yoy to `1,383cr due to healthy growth in revenues of
both the cement and power divisions. The growth in cement division is expected to
be lead by a double digit growth in volumes as well as improvement in realization.
Power division too is expected to post healthy revenues due to growth in volumes
aided by 300MW of additional power capacity on a yoy basis. OPM is expected to
grow by 95bp yoy to 26%. Net profit is expected to come in at `161cr (vs. `63cr in
1QFY2012). We remain neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Tonne*
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
5,519
24.5
546
157
22.3
20.8
4.2
7.2
105
FY2014E
6,293
23.7
785
225
26.0
14.5
3.4
5.9
Note: * Computed on TTM basis
Economic and Political News
Nearly `6.50 lakh trademarks applications pending with government

Four states may not buy power based on pooled coal price
PM must take responsibility on coal allocation issue: BJP
Corporate News
L&T seeks shareholders' nod to raise up to `3,200cr

Wockhardt gets tentative USFDA nod for anti-psychotic drug
Alstom gets `700cr contract for nuclear power gear
SC to hear Novartis patent case from Sept 11
Sachin Khandelwal quits ICICI to head Magma's home finance biz
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 23, 2012
Global economic events release calendar

Date
August 23, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
US
Initial Jobless claims
Thousands
Aug 18
366.00
365.00
Germany
GDP nsa (YoY)
% Change
2Q F
0.50
0.50
Germany
PMI Services
Value
Aug A
50.30
50.10
Germany
Value
Aug A
43.00
43.40
Value
Aug A
(21.50)
(22.00)
US
PMI Manufacturing
Euro-Zone Consumer
Confidence
New home sales
Thousands
Jul
350.00
365.00
August 24, 2012
UK
GDP (YoY)
2Q P
(0.80)
(0.60)
August 28, 2012
US
Consumer Confidence
Aug
65.90
65.00
August 29, 2012
US
GDP Qoq (Annualised)
% Change
S.A./
1985=100
% Change
2Q S
1.50
1.70
August 30, 2012
Germany
Unemployment change (000's)
Thousands
Aug
7.00
--
August 31, 2012
India
Qtrly GDP YoY%
% Change
2Q
5.30
--
September 01, 2012
China
PMI Manufacturing
Value
Aug
50.10
--
September 03, 2012
India
Imports YoY%
% Change
Jul
(13.46)
--
India
Exports YoY%
% Change
Jul
(5.45)
--
UK
PMI Manufacturing
Value
Aug
45.40
--
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
(0.20)
--
UK
BOE Announces rates
% Ratio
Sep 6
0.50
0.50
Euro Zone
ECB announces interest rates
Sep 6
0.75
--
UK
Industrial Production (YoY)
% Change
Jul
(4.30)
--
US
Change in Nonfarm payrolls
Thousands
Aug
163.00
--
US
Unnemployment rate
Aug
8.30
--
China
Industrial Production (YoY)
% Change
Aug
9.20
--
Euro Zone
September 06, 2012
September 07, 2012
September 09, 2012
China
Consumer Price Index (YoY)
% Change
Aug
1.80
--
September 10, 2012
China
Exports YoY%
% Change
Aug
1.00
--
September 12, 2012
UK
Jobless claims change
% Change
Aug
(5.90)
--
India
Industrial Production YoY
% Change
Jul
(1.80)
--
US
Producer Price Index (mom)
% Change
Aug
0.30
--
US
FOMC rate decision
Sep 13
0.25
--
Euro Zone
Aug
2.40
--
% Change
Aug
6.87
--
US
Euro-Zone CPI (YoY)

Monthly Wholesale Prices
YoY%
Industrial Production
Aug
0.65
--
US
Consumer price index (mom)
% Change
Aug
--
--
India
RBI Repo rate
Sep 17
8.00
--
India
RBI Cash Reserve ratio
Sep 17
4.75
--
India
RBI Reverse Repo rate
Sep 17
7.00
--
September 18, 2012
UK
CPI (YoY)
% Change
Aug
2.60
--
September 19, 2012
US
Housing Starts
Thousands
Aug
746.00
--
September 13, 2012
September 14, 2012
India
September 17, 2012
Source: Bloomberg, Angel Research
Market Strategy
August 23, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
9.8
10.0
9.4
7.5
8.0
8.0
9.2
8.5
9.0
6.0
8.2
7.4
6.0
8.0
7.6
3.4
5.3
5.0
2.5
2.7
2.5
6.1
5.9
6.0
1.0
2.0
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
9.9
Mfg. PMI
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Services PMI
58.0
9.5
7.7
8.0
Jan-12
(5.0)
60.0
10.0
(1.8)
(2.8) (0.9)
(6.0)
Exhibit 4: Manufacturing and services PMI
(%)
9.8
Dec-11
(4.0)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

12.0
Nov-11
Oct-11
Sep-11
(2.0)
3.0
Source: CSO, Angel Research
Aug-11
4.0
6.9
7.4
7.7
7.5
7.6
7.3
56.0
6.9
Source: MOSPI, Angel Research
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Sep-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
Jul-11
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
50.0
0.0
Oct-11
2.0
Sep-11
52.0
Aug-11
4.0
Oct-11
54.0
6.0
Aug-11
10.0
4.3
3.7
4.0
6.7
Jul-11
7.0
Exhibit 2: IIP trends
Exhibit 6: Key policy rates
Imports yoy growth
75.0
(%)
9.00
60.0
8.00
45.0
7.00
30.0
Repo rate
Reverse Repo rate
CRR
6.00
15.0
5.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Aug-11
(30.0)
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
(15.0)
Jul-11
0.0
Market Outlook
August 23, 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
128
2,492
1,466
1,686
14.8
14.8
7.0
8.1
18.3
15.8
3.9
3.3
22.6
22.5
1.8
1.5
United Phosphorus
Buy
109
170
5,013
8,421
9,263
16.5
16.5
15.0
17.0
7.3
6.4
1.1
0.9
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
381
402
3,253
2,844
3,225
15.4
15.5
31.7
36.6
12.0
10.4
3.1
2.5
28.8
26.2
1.1
0.9
Apollo Tyres
Accumulate
94
99
4,733
13,412
15,041
11.0
11.0
11.5
14.2
8.2
6.6
1.4
1.2
18.7
19.4
0.5
0.4
Ashok Leyland
Buy
22
30
5,880
14,920
16,850
9.0
9.3
2.2
2.8
10.2
8.0
1.9
1.6
13.3
15.6
0.5
0.4
Automotive Axle
Buy
342
430
516
993
1,140
11.6
11.5
36.9
43.0
9.3
8.0
1.8
1.6
21.2
21.3
0.6
0.4
Bajaj Auto
Neutral
1,726
49,936
21,285
23,927
18.2
18.3
108.5
121.3
15.9
14.2
6.6
5.3
46.1
41.3
2.0
1.7
Bharat Forge
Buy
291
351
6,768
7,004
7,985
16.2
16.4
20.3
25.1
14.3
11.6
2.7
2.2
20.0
20.9
1.2
1.0
Bosch India
Neutral
8,754
27,486
9,034
10,286
17.8
18.3
373.6
435.8
23.4
20.1
4.8
4.0
20.5
19.8
2.7
2.3
CEAT
Buy
121
164
413
4,989
5,634
8.7
8.5
32.7
41.1
3.7
2.9
0.5
0.5
15.8
16.9
0.3
0.2
Exide Industries
Buy
127
149
10,821
5,899
6,771
16.0
17.0
7.4
9.1
17.3
13.9
3.1
2.6
19.0
20.2
1.5
1.2
FAG Bearings
Neutral
1,600
2,659
1,505
1,747
17.7
18.0
111.5
130.0
14.4
12.3
3.0
2.4
22.8
21.7
1.5
1.2
Hero Motocorp
Buy
1,934
2,428
38,614
26,097
29,963
15.0
15.3
139.5
151.8
13.9
12.7
6.5
5.0
54.6
44.3
1.2
1.0
JK Tyre
Accumulate
121
135
498
7,517
8,329
6.1
6.3
26.2
38.5
4.6
3.2
0.6
0.5
13.4
17.2
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate

Maruti
Neutral
Motherson Sumi
Buy
Subros
Accumulate
Tata Motors
Buy
TVS Motor
Accumulate
784
879
48,124
36,536
41,650
11.6
11.5
49.3
54.9
15.9
14.3
3.3
2.8
22.1
21.1
1.1
0.9
1,183
34,180
42,887
49,079
5.5
6.6
66.8
87.6
17.7
13.5
2.0
1.8
12.1
14.1
0.6
0.5
184
216
7,229
23,342
26,366
7.8
8.2
13.3
18.0
13.9
10.3
3.3
2.6
26.2
28.4
0.5
0.4
30
34
181
1,230
1,378
8.8
8.6
4.5
5.7
6.7
5.3
0.6
0.6
9.8
11.8
0.4
0.3
248
292
66,068 195,096 219,428
12.8
12.8
39.0
43.9
6.4
5.7
1.8
1.4
32.6
28.2
0.4
0.3
39
43
1,869
7,545
8,301
6.2
6.1
4.9
5.4
8.0
7.3
1.4
1.3
18.8
18.2
0.2
0.2
Capital Goods
ABB*
Sell
764
498
16,195
8,760
10,023
5.5
7.5
12.4
20.7
61.5
36.9
5.9
5.2
10.1
15.2
1.8
1.6
BGR Energy
Neutral
272
1,962
3,669
4,561
11.0
11.0
24.7
29.6
11.0
9.2
1.6
1.5
15.3
16.7
0.6
BHEL
Neutral
232
56,833
47,801
43,757
19.4
19.8
25.7
23.9
9.0
9.7
1.9
1.7
22.7
18.3
1.1
0.9
Blue Star
Neutral
185
1,660
3,047
3,328
5.4
6.9
12.5
16.2
14.8
11.4
3.6
2.9
26.1
28.2
0.6
0.5
Crompton Greaves
Accumulate
120
128
7,717
12,691
14,096
7.0
8.5
6.5
9.1
18.5
13.2
2.0
1.8
11.1
14.2
0.6
0.6
Jyoti Structures
Buy
39
67
319
2,622
2,801
10.6
11.0
10.9
13.4
3.6
2.9
0.5
0.4
13.7
14.9
0.3
0.3
KEC International
Buy
59
69
1,513
6,858
7,431
7.5
8.3
9.0
11.5
6.6
5.1
1.2
1.0
26.9
27.2
0.3
0.3
LMW
Neutral
1,930
2,174
2,369
2,727
11.7
11.7
143.4
166.0
13.5
11.6
2.2
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
496
5,911
5,514
5,559
8.9
9.6
26.9
28.4
18.5
17.5
3.2
2.8
18.4
17.1
1.0
1.0
Market Outlook
August 23, 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
1,361
25,544
11,220
12,896
20.0
20.6
71.1
81.2
19.1
16.8
3.4
3.0
18.1
19.0
2.0
1.6
Ambuja Cements
Neutral
193
29,773
10,205
11,659
24.6
24.2
10.8
12.0
17.9
16.1
3.7
3.3
19.7
19.8
2.5
2.1
India Cements
Neutral
89
2,722
4,393
4,914
19.3
19.5
10.1
12.7
8.8
7.0
0.8
0.7
8.8
10.6
1.1
0.9
J K Lakshmi Cements
Neutral
96
1,175
1,964
2,278
19.5
20.4
16.3
17.9
5.9
5.4
0.9
0.8
14.7
14.6
0.8
1.1
Madras Cements
Neutral
182
4,330
3,608
3,928
27.4
26.9
15.6
18.1
11.7
10.1
1.8
1.6
16.8
16.9
1.8
1.6
Shree Cements
Neutral
3,260
11,356
5,519
6,293
24.5
23.7
156.6
225.3
20.8
14.5
5.2
4.4
22.3
26.0
1.8
1.4
UltraTech Cement
Neutral
1,736
47,574
20,167
22,752
21.7
23.0
90.8
107.8
19.1
16.1
19.1
16.1
2.0
1.8
260
304
1,367
2,014
2,293
22.4
22.4
22.6
26.7
11.5
9.7
1.2
1.1
11.4
11.9
2.5
2.8
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
15
270
2,262
2,522
6.7
7.5
1.5
2.7
9.8
5.5
0.4
0.4
4.4
7.5
0.4
0.4
Hind. Const.
Neutral
17
1,019
4,239
4,522
9.9
11.2
(2.3)
(1.0)
(7.4)
(17.4)
0.9
1.0
(11.4)
(5.6)
1.1
1.2
IRB Infra
Buy
124
166
4,111
3,964
4,582
42.3
40.2
15.5
16.9
8.0
7.3
1.2
1.1
16.6
15.8
2.6
2.5
ITNL
Buy
168
232
3,272
6,840
7,767
26.4
26.1
24.4
28.4
6.9
5.9
1.0
0.9
16.0
16.2
2.7
2.8
IVRCL Infra
Buy
43
61
1,155
5,510
6,722
8.8
9.0
2.5
4.6
17.1
9.5
0.6
0.5
3.4
5.8
0.7
0.6
Jaiprakash Asso.
Buy
77
91
16,416
15,259
17,502
25.7
24.7
4.2
5.0
18.2
15.4
1.5
1.4
8.5
9.3
2.4
2.1
Larsen & Toubro
Accumulate
1,457
1,553
89,417
60,474
69,091
12.1
11.5
79.7
85.4
18.3
17.1
3.1
2.7
16.3
15.1
1.6
1.4
Madhucon Proj
Buy
34
56
251
2,206
2,502
10.7
10.7
4.6
4.7
7.3
7.3
0.4
0.4
5.2
5.0
0.7
0.7
Nagarjuna Const.
Accumulate
39
45
1,005
5,804
6,513
8.0
8.6
3.0
3.5
12.9
11.2
0.4
0.4
3.2
3.6
0.6
0.7
Patel Engg.
Neutral
78
541
3,609
3,836
13.1
13.1
14.0
14.6
5.5
5.3
0.3
0.3
6.3
6.1
1.0
1.0
Punj Lloyd
Neutral
50
1,672
11,892
13,116
8.9
8.9
1.7
3.1
29.7
16.3
0.6
0.6
1.9
3.4
0.6
0.5
Sadbhav Engg.
Buy
134
182
2,016
2,789
3,147
10.6
10.7
8.4
10.4
15.9
12.9
2.2
1.9
15.0
15.6
0.9
0.8
Simplex Infra
Buy
205
265
1,016
6,732
7,837
8.1
8.4
23.5
29.4
8.7
7.0
0.8
0.7
9.6
11.0
0.5
0.4
Allahabad Bank
Neutral
127
6,333
7,233
8,579
3.1
3.3
40.5
40.9
3.1
3.1
0.6
0.5
19.4
17.0
Andhra Bank
Neutral
97
5,448
4,959
5,787
3.1
3.1
22.7
24.5
4.3
4.0
0.7
0.6
16.0
15.3
Axis Bank
Buy
1,111
1,373
46,026
15,961
19,583
3.1
3.2
117.3
143.1
9.5
7.8
1.8
1.5
20.1
20.8
Bank of Baroda
Buy
645
829
25,261
15,830
19,300
2.6
2.7
118.9
147.1
5.4
4.4
0.9
0.7
16.7
18.0
Bank of India
Buy
279
323
16,006
13,159
15,851
2.4
2.5
61.1
71.1
4.6
3.9
0.8
0.7
16.6
17.0
Bank of Maharashtra
Neutral
Canara Bank
Buy
Central Bank
Neutral
Financials
46
2,691
3,471
3,889
3.1
3.1
9.0
11.5
5.1
4.0
0.7
0.6
13.7
15.5
341
421
15,104
11,334
13,629
2.2
2.3
75.4
85.1
4.5
4.0
0.7
0.6
15.2
15.3
67
4,961
7,181
8,365
2.5
2.7
16.3
21.8
4.1
3.1
0.7
0.6
12.7
15.1
Market Outlook
August 23, 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
376
436
5,571
5,067
5,998
2.1
2.3
105.6
111.0
3.6
3.4
0.6
0.5
17.6
16.3
Dena Bank
Buy
90
107
3,149
3,177
3,595
2.8
2.8
25.2
25.4
3.6
3.6
0.6
0.6
18.9
16.4
Federal Bank
Accumulate
437
459
7,469
2,697
3,171
3.4
3.4
47.9
58.0
9.1
7.5
1.2
1.1
13.6
14.7
HDFC
Reduce
727
671
110,263
7,340
8,805
3.5
3.5
31.5
37.8
23.1
19.2
4.6
4.1
34.8
32.2
HDFC Bank
Neutral
597
140,761
21,936
27,454
4.4
4.4
28.7
36.0
20.8
16.6
4.0
3.4
20.7
22.0
ICICI Bank
Buy
974
1,169
111,904
22,356
27,157
2.9
3.0
68.7
82.0
14.2
11.9
1.7
1.6
14.2
15.5
IDBI Bank
Buy
87
101
11,071
7,952
9,876
1.9
2.2
18.5
23.6
4.7
3.7
0.6
0.5
12.8
14.7
Indian Bank
Accumulate
165
190
7,111
6,294
7,191
3.4
3.4
40.6
44.9
4.1
3.7
0.7
0.6
18.1
17.4
IOB
Accumulate
72
80
5,722
7,473
8,732
2.5
2.5
16.7
22.6
4.3
3.2
0.5
0.5
11.8
14.4
J & K Bank
Accumulate
951
1,026
4,609
2,625
2,921
3.6
3.5
194.4
191.9
4.9
5.0
1.0
0.8
21.2
18.0
LIC Housing Finance
Accumulate
254
279
12,806
1,867
2,338
2.4
2.4
21.1
28.5
12.0
8.9
2.0
1.7
17.5
20.4
Oriental Bank
Buy
235
278
6,842
6,518
7,458
2.8
2.9
61.3
65.1
3.8
3.6
0.6
0.5
15.2
14.3
Punjab Natl.Bank
Buy
710
950
24,077
20,116
23,625
3.3
3.4
152.8
173.9
4.7
4.1
0.8
0.7
18.2
18.0
South Ind.Bank
Buy
23
27
2,561
1,514
1,717
2.8
2.7
4.0
4.2
5.7
5.4
1.1
0.9
20.5
18.5
St Bk of India
Buy
1,913
2,270
128,347
64,470
75,940
3.5
3.5
224.4
258.7
8.5
7.4
1.4
1.2
17.6
17.8
Syndicate Bank
Buy
96
119
5,770
6,840
7,996
2.9
3.0
25.7
29.2
3.7
3.3
0.6
0.6
17.9
17.8
UCO Bank
Neutral
68
4,533
5,488
6,338
2.4
2.5
17.3
17.7
4.0
3.9
0.8
0.7
17.0
15.3
Union Bank
Buy
164
230
9,040
10,299
12,227
2.9
3.0
42.1
49.3
3.9
3.3
0.7
0.6
16.7
17.1
United Bank
Buy
53
79
1,908
3,634
4,194
2.8
2.9
18.2
23.0
2.9
2.3
0.4
0.4
15.0
16.7
Vijaya Bank
Neutral
52
2,569
2,579
3,028
2.1
2.3
8.8
11.6
5.9
4.5
0.7
0.6
11.1
13.3
Yes Bank
Buy
357
453
12,680
3,255
4,228
2.8
3.0
34.2
42.7
10.5
8.4
2.2
1.8
23.3
23.8
3,691
35,403
11,198
13,184
16.3
16.3
121.0
144.8
30.5
25.5
10.2
8.0
37.4
35.3
3.1
2.6
475
584
5,673
5,835
6,824
5.7
6.0
20.7
25.4
22.9
18.7
9.0
6.9
43.1
41.9
0.9
0.7
1,182
16,079
3,018
3,429
20.9
22.3
34.6
41.0
34.2
28.9
31.5
23.9
99.5
94.1
5.2
4.5
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
119
20,757
6,124
7,030
17.0
16.8
4.5
5.2
26.7
23.0
11.0
8.7
43.2
41.5
3.4
2.9
GlaxoSmith Con*
Neutral
2,859
12,022
3,124
3,663
17.1
17.6
104.5
123.8
27.4
23.1
8.5
6.8
34.4
32.8
3.5
2.9
Godrej Consumer
Neutral
666
22,679
6,097
7,233
18.4
18.6
21.9
26.5
30.5
25.2
6.8
5.6
25.5
25.4
3.9
3.2
HUL
Neutral
512
110,591
25,350
28,974
13.9
13.9
14.3
16.5
35.9
31.1
21.4
16.4
70.9
59.8
4.2
3.6
ITC
Neutral
262
204,913
29,513
33,885
35.4
35.8
9.3
10.8
28.2
24.3
9.3
7.8
35.6
35.0
6.6
5.7
Market Outlook
August 23, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
189
12,153
4,840
5,643
13.1
13.1
6.8
8.5
27.8
22.3
7.7
5.8
31.4
29.7
2.5
2.1
Nestle*
Neutral
4,580
44,163
8,610
10,174
20.9
21.2
114.8
139.8
39.9
32.8
24.1
16.8
71.2
60.3
5.2
4.3
Tata Global
Neutral
132
8,150
7,207
7,927
9.7
10.0
6.6
7.9
19.9
16.8
2.0
1.9
8.6
9.5
1.0
0.9
HCL Tech
Accumulate
553
585
38,368
24,400
27,049
18.6
17.5
41.1
45.0
13.5
12.3
3.0
2.6
22.7
21.1
1.5
1.3
Hexaware
Accumulate
123
133
3,635
1,947
2,161
22.0
21.4
11.4
12.1
10.8
10.1
2.8
2.4
26.4
24.0
1.6
1.4
Infosys
Neutral
2,429
139,504
39,151
41,743
31.6
31.9
161.9
174.5
15.0
13.9
3.6
3.1
23.8
22.1
3.0
2.7
Infotech Enterprises
Neutral
179
1,989
1,889
2,065
18.0
17.5
18.0
19.7
9.9
9.1
1.4
1.3
14.5
13.7
0.7
0.6
KPIT Cummins
Neutral
136
2,427
2,149
2,331
15.6
14.8
10.7
11.2
12.7
12.1
2.7
2.2
20.6
17.8
1.1
1.0
Mahindra Satyam
Neutral
99
11,668
7,574
8,062
19.6
18.4
9.5
9.7
10.5
10.3
1.7
1.4
16.1
14.1
1.1
1.0
Mindtree
Accumulate
673
708
2,744
2,341
2,513
18.6
17.1
66.5
70.8
10.1
9.5
2.2
1.8
22.3
19.3
1.0
0.9
Mphasis
Neutral
389
8,171
5,704
6,009
18.6
17.7
36.0
37.1
10.8
10.5
1.5
1.3
14.0
12.6
1.0
0.8
NIIT
Buy
34
40
567
1,162
1,304
14.8
15.1
7.1
8.8
4.8
3.9
0.8
0.7
16.7
18.4
0.3
0.2
Persistent
Neutral
380
1,521
1,193
1,278
25.6
24.3
42.6
44.3
8.9
8.6
1.5
1.3
17.2
15.5
0.9
0.8
TCS
Neutral
1,292
252,883
61,046
67,507
29.3
29.1
67.3
72.4
19.2
17.8
6.1
5.1
31.9
28.3
3.9
3.5
Tech Mahindra
Neutral
855
10,907
6,148
6,434
18.4
17.6
91.8
97.6
9.3
8.8
2.2
1.8
23.4
20.2
1.7
1.6
Wipro
Buy
354
420
87,177
43,492
48,332
19.4
19.3
25.1
28.0
14.1
12.6
2.6
2.3
18.6
18.0
1.7
1.4
D B Corp
Buy
185
236
3,399
1,597
1,785
22.9
24.2
11.1
13.9
16.7
13.3
3.2
2.7
20.2
22.1
2.0
1.8
HT Media
Buy
86
113
2,031
2,111
2,263
15.2
15.2
7.3
8.1
11.8
10.6
1.3
1.1
11.2
11.2
0.5
0.4
Jagran Prakashan
Buy
91
112
2,892
1,506
1,687
22.5
23.2
6.2
7.0
14.7
13.1
3.5
3.2
25.0
25.7
2.1
1.9
PVR
Neutral
188
488
625
732
17.4
17.1
13.3
15.6
14.1
12.0
1.5
1.4
13.2
13.8
1.2
1.0
Sun TV Network
Neutral
305
12,014
1,981
2,239
77.0
76.7
18.6
21.3
16.4
14.3
4.1
3.6
27.1
27.5
5.5
4.7
Bhushan Steel
Neutral
469
9,966
11,979
14,584
31.6
31.0
49.2
61.4
9.5
7.6
1.3
1.1
14.1
15.2
2.8
2.4
Coal India
Accumulate
355
385
224,452
69,808
75,550
27.4
27.4
26.0
28.3
13.7
12.6
4.0
3.2
32.5
28.1
2.3
1.9
Electrosteel Castings
Buy
19
23
657
1,984
2,074
11.2
12.6
2.5
2.9
7.7
6.6
0.4
0.1
5.1
5.7
0.5
0.5
Hind. Zinc
Accumulate
130
144
55,098
12,446
13,538
52.3
52.9
14.3
15.5
9.1
8.4
1.7
1.5
20.5
18.9
2.6
2.0
Hindalco
Neutral
113
21,596
84,855
92,446
8.7
9.3
13.2
16.2
8.5
7.0
0.6
0.6
7.8
8.9
0.6
0.6
JSW Steel
Neutral
720
16,056
38,740
41,459
17.3
17.0
79.9
89.4
9.0
8.1
0.9
0.8
10.4
10.6
0.8
0.8
MOIL
Accumulate
251
271
4,224
918
993
50.7
50.9
24.5
26.1
10.3
9.6
1.6
1.4
16.0
15.5
2.3
2.0
Monnet Ispat
Buy
292
379
1,878
2,511
3,303
23.8
26.0
46.3
57.3
6.3
5.1
0.7
0.6
12.4
13.7
1.7
1.2
IT
Media
Metals & Mining
Market Outlook
August 23, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
FY14E
FY13E
FY14E
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
52
48
13,505
7,401
7,841
16.7
19.2
3.4
4.1
15.3
12.8
1.1
1.1
7.4
8.4
1.4
1.3
187
214
74,219
12,934
14,266
79.4
80.1
21.1
23.4
8.9
8.0
2.4
1.9
29.6
26.5
3.9
3.3
SAIL
Sesa Goa
Neutral
85
35,068
47,252
60,351
14.2
14.8
9.6
11.7
8.9
7.2
0.8
0.7
9.4
10.6
1.2
1.0
Neutral
191
16,574
7,704
8,034
33.6
34.6
42.0
43.1
4.5
4.4
0.9
0.8
22.3
19.2
0.4
Sterlite Inds
Neutral
112
37,706
41,680
45,382
24.2
23.2
16.3
16.9
6.9
6.6
0.7
0.7
11.3
10.7
0.6
0.4
Tata Steel
Buy
393
481
38,130 145,799 150,431
10.3
11.2
48.6
63.3
8.1
6.2
0.8
0.7
10.5
12.4
0.5
0.5
Sarda
Accumulate
129
148
464
1,251
1,321
22.7
23.4
33.0
37.1
3.9
3.5
0.6
0.5
15.1
14.8
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
60
73
804
2,694
2,906
14.6
16.6
17.9
22.6
3.4
2.7
0.4
0.3
11.4
12.8
0.5
0.4
Buy
122
161
389
2,341
2,425
15.6
17.3
33.8
43.8
3.6
2.8
0.4
0.4
13.2
14.4
0.5
0.5
Cairn India
Accumulate
334
380
63,698
16,605
17,258
75.4
71.7
57.0
54.9
5.9
6.1
1.1
0.9
20.2
16.3
2.9
2.2
GAIL
Neutral
367
46,578
50,176
55,815
15.5
15.8
35.4
36.5
10.4
10.1
1.8
1.6
18.9
17.0
0.1
ONGC
Accumulate
286
312
244,815 147,139 154,821
33.9
33.7
30.7
32.3
9.3
8.9
1.6
1.5
18.3
17.2
1.4
1.3
Reliance Industries
Neutral
808
264,600 362,700 380,031
Gujarat Gas
Neutral
303
Indraprastha Gas
Neutral
260
3,641
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
151
176
11,318
74
4,156
Alembic Pharma
Buy
68
91
Aurobindo Pharma
Buy
107
156
Aventis*
Neutral
2,171
Cadila Healthcare
Accumulate
Cipla
Accumulate
Dr Reddy's
Neutral
Dishman Pharma
Neutral
GSK Pharma*
Neutral
Indoco Remedies
Buy
61
92
561
Ipca labs
Buy
400
475
5,049
Lupin
Accumulate
577
647
25,787
Orchid Chemicals
Buy
112
178
789
Neutral
7.9
8.0
61.5
64.3
13.2
12.6
1.3
1.2
10.3
9.9
0.7
0.7
3,267
16.1
11.5
21.2
19.2
14.3
15.8
4.9
4.2
33.4
28.7
1.5
1.1
3,040
3,135
24.3
26.7
24.8
27.9
10.5
9.3
2.4
2.0
25.5
23.6
1.2
1.1
22,696
29,145
8.1
6.6
14.1
14.2
10.7
10.6
3.2
2.6
34.1
26.9
0.6
0.4
1,041
939
91.8
91.9
8.5
7.4
8.7
10.0
1.5
1.3
18.1
14.0
4.9
5.4
1,280
1,624
1,855
14.2
15.6
6.6
9.1
10.3
7.5
2.5
2.0
27.9
29.2
0.9
0.8
3,119
5,243
5,767
14.6
14.6
11.8
12.6
9.1
8.5
0.9
0.4
17.9
16.4
1.1
0.9
5,000
1,482
1,682
15.5
15.5
95.0
104.0
22.9
20.9
4.1
3.2
18.6
17.0
3.2
2.7
876
953
17,941
6,148
7,386
18.6
19.6
36.0
46.1
24.3
19.0
5.7
4.6
25.8
26.8
3.1
2.6
360
399
28,925
8,031
9,130
23.4
22.4
18.4
20.0
19.6
18.0
3.2
2.8
17.8
16.6
3.4
2.9
1,677
28,456
10,696
11,662
20.7
21.0
83.7
92.9
20.0
18.1
4.1
3.5
22.4
21.0
2.9
2.6
90
723
1,280
1,536
17.8
17.8
9.2
11.3
9.7
7.9
0.7
0.7
7.7
8.5
1.2
1.0
2,089
17,695
2,651
2,993
31.7
31.2
76.0
82.4
27.5
25.4
7.9
7.1
20.1
26.3
5.9
5.1
685
837
15.2
15.2
7.4
8.9
8.2
6.8
1.3
1.1
16.4
17.0
1.0
0.8
2,850
3,474
20.7
20.7
29.2
36.6
13.7
10.9
3.2
2.6
26.1
26.1
1.9
1.6
8,426
10,082
19.7
20.0
27.4
32.4
21.1
17.8
5.1
4.1
26.0
24.7
3.1
2.5
2,117
2,434
17.7
17.7
16.7
22.2
6.7
5.1
0.6
0.6
9.5
11.5
1.0
0.8
3,883
2,472
Market Outlook
August 23, 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
Pharmaceuticals
Ranbaxy*
Neutral
535
22,570
12,046
11,980
18.0
15.8
35.7
29.8
15.0
17.9
5.8
4.7
39.1
28.9
1.9
1.8
Sun Pharma
Neutral
665
68,739
9,752
12,134
41.6
41.6
26.0
28.2
25.6
23.6
4.8
4.1
20.3
18.8
6.3
4.9
CESC
Accumulate
319
342
3,982
5,218
5,644
24.2
23.8
44.6
47.6
7.2
6.7
0.8
0.7
11.0
10.6
1.1
1.1
GIPCL
Buy
NTPC
Neutral
Power
65
77
988
1,557
1,573
29.3
28.7
10.8
11.0
6.1
5.9
0.6
0.6
10.8
10.2
1.1
0.9
172
141,410
74,111
85,789
23.2
23.6
12.4
14.0
13.9
12.2
1.7
1.6
13.0
13.5
2.6
2.4
Real Estate
Anant Raj
Buy
DLF
Neutral
46
78
1,357
657
875
52.0
56.1
8.4
12.7
5.5
3.6
0.3
0.3
6.3
8.9
3.3
2.5
215
36,484
9,878
12,033
44.7
46.1
9.6
13.4
22.4
16.0
1.4
1.4
6.4
8.7
6.2
HDIL
Buy
5.1
80
115
3,331
2,441
3,344
55.1
48.2
22.7
26.6
3.5
3.0
0.3
0.3
8.8
9.4
3.2
MLIFE
2.4
Accumulate
349
396
1,425
813
901
26.2
26.6
32.0
37.1
10.9
9.4
1.1
1.0
10.4
11.0
2.1
1.8
Bharti Airtel
Neutral
249
94,445
79,542
87,535
30.9
32.2
10.3
15.0
24.2
16.5
1.8
1.6
7.2
9.6
1.9
1.6
Idea Cellular
Neutral
76
25,006
22,988
25,333
26.4
26.9
3.5
4.9
21.8
15.5
1.8
1.6
8.1
10.2
1.5
1.3
Rcom
Neutral
54
11,208
21,553
22,494
31.0
30.7
3.5
4.5
15.6
12.2
0.3
0.3
1.9
2.4
2.1
1.8
Abbott India
Neutral
1,597
3,394
1,602
1,833
10.4
11.8
54.7
71.7
29.2
22.3
5.5
4.7
20.0
22.7
1.9
1.6
Bajaj Electricals
Buy
178
234
1,778
3,569
4,172
8.1
8.8
16.3
21.3
11.0
8.4
2.2
1.9
21.7
24.6
0.5
0.4
Cera Sanitaryware
Neutral
354
447
396
470
16.7
16.5
28.0
33.2
12.6
10.7
2.6
2.1
23.8
23.1
1.3
1.1
Cravatex
Buy
440
785
114
302
364
5.7
6.0
49.0
71.0
9.0
6.2
2.7
1.9
29.8
30.7
0.5
0.4
CRISIL
Neutral
923
6,477
982
1,136
34.3
34.3
34.3
40.0
26.9
23.1
12.2
9.7
50.9
46.9
6.2
5.2
Finolex Cables
Buy
39
61
595
2,334
2,687
8.8
9.3
7.6
10.2
5.1
3.8
0.7
0.6
13.7
16.1
0.2
0.1
Force Motors
Buy
438
591
571
2,214
2,765
4.5
5.4
39.5
73.9
11.1
5.9
0.5
0.5
4.4
7.6
0.1
0.1
Goodyear India
Accumulate
340
370
785
1,543
1,646
8.1
9.2
32.3
39.4
10.5
8.6
2.1
1.8
21.7
22.4
0.3
0.2
Graphite India
Buy
81
113
1,586
2,158
2,406
18.1
18.9
12.4
14.0
6.5
5.8
0.9
0.8
14.0
14.3
0.9
0.7
Greenply Industries
Buy
190
309
459
1,925
2,235
10.6
10.9
29.6
44.1
6.4
4.3
1.1
0.9
16.8
21.0
0.5
0.4
HEG
Accumulate
207
229
827
1,586
1,685
17.9
18.1
16.1
25.7
12.9
8.1
1.0
0.9
7.5
11.6
1.2
1.1
Hitachi
Accumulate
113
130
260
868
977
3.9
6.6
2.7
10.9
41.4
10.5
1.5
1.3
3.7
13.6
0.4
0.3
Honeywell Automation
Buy
2,425
2,842
2,144
1,847
2,162
4.3
7.3
61.0
120.0
39.8
20.2
3.2
2.7
9.3
16.3
1.1
0.9
INEOS ABS India
Accumulate
670
744
1,178
1,056
1,081
8.1
10.6
33.8
46.5
19.8
14.4
2.7
2.3
14.7
17.5
1.1
1.0
ITD Cementation
Neutral
232
267
1,451
1,669
12.3
12.4
32.4
41.5
7.2
5.6
0.6
0.6
9.4
10.9
0.6
0.6
Jyothy Laboratories
Accumulate
136
145
2,191
1,248
1,468
9.8
10.4
5.9
7.2
22.9
19.0
3.3
3.0
15.0
16.6
2.1
1.8
MCX
Buy
1,163
1,440
5,929
553
624
65.3
66.3
62.5
72.0
18.6
16.1
5.1
4.4
27.5
27.4
7.7
6.4
Telecom
zOthers
Market Outlook
August 23, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
10,996
12,884
4,663
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.5
7.7
3,176
3,542
887
1,108
18.3
18.6
95.0
120.9
33.5
26.3
FY14E
FY13E
PER(x)
FY14E
FY13E
P/BV(x)
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
1.7
1.4
21.3
19.4
0.5
0.5
17.5
14.2
57.4
59.5
4.0
3.2
zOthers
MRF
Buy
Page Industries
Neutral
Relaxo Footwears
Buy
576
684
692
1,019
1,208
12.3
13.0
51.0
68.4
11.3
8.4
3.0
2.2
30.3
30.2
0.8
0.7
Sintex Industries
Buy
60
79
1,632
4,751
5,189
16.3
16.6
13.6
15.8
4.4
3.8
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
298
392
280
1,042
1,173
12.4
12.5
66.3
78.5
4.5
3.8
0.9
0.7
21.1
20.8
0.5
0.4
S. Kumars Nationwide
Buy
24
45
711
7,279
8,290
21.0
21.0
15.0
17.6
1.6
1.4
0.2
0.2
13.7
13.9
0.7
0.6
SpiceJet
Buy
37
43
1,775
5,720
6,599
5.3
6.8
3.6
5.4
10.2
6.8
14.7
4.7
0.4
0.4
TAJ GVK
Buy
65
108
407
300
319
35.8
36.2
7.9
9.1
8.2
7.1
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
325
424
501
787
837
16.2
17.5
58.5
66.9
5.6
4.9
0.8
0.7
14.9
15.1
0.3
0.2
TVS Srichakra
Accumulate
318
335
244
1,476
1,643
7.1
8.2
24.7
42.8
12.9
7.4
1.6
1.3
16.6
24.8
0.4
0.3
United Spirits
Neutral
947
12,386
10,289
11,421
13.5
14.3
31.0
42.9
30.5
22.1
2.4
2.2
8.1
10.3
1.9
1.7
Vesuvius India
Neutral
355
721
560
611
16.1
17.0
24.7
28.8
14.4
12.4
2.1
1.9
15.8
16.2
1.2
1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 22, 2012
Market Outlook
August 23, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

August 23, 2012

Stocks in the US markets moved mostly lower in morning trading on Wednesday

OIL & GAS

(1.1) (212.3) 19,888

Ranbaxy Labs- Withdrawal of drugs

Refer detailed news analysis on the following page

Net Inflows (August 21, 2012)

FII Derivatives (August 22, 2012)

Jet Air India

Shree Renuka Sug

Ranbaxy Labs- Withdrawal of drugs

Note: * Computed on TTM basis

Economic and Political News

Nearly `6.50 lakh trademarks applications pending with government

L&T seeks shareholders' nod to raise up to `3,200cr

Global economic events release calendar

August 23, 2012

Initial Jobless claims

GDP nsa (YoY)

August 24, 2012

August 28, 2012

August 29, 2012

GDP Qoq (Annualised)

August 30, 2012

Unemployment change (000's)

August 31, 2012

Qtrly GDP YoY%

September 01, 2012

September 03, 2012

Euro-Zone GDP s.a. (QoQ)

BOE Announces rates

ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Industrial Production (YoY)

September 06, 2012

September 07, 2012

September 09, 2012

Consumer Price Index (YoY)

September 10, 2012

September 12, 2012

Jobless claims change

Industrial Production YoY

Producer Price Index (mom)

FOMC rate decision

Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

September 18, 2012

September 19, 2012

September 13, 2012

September 14, 2012

September 17, 2012

Source: Bloomberg, Angel Research

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

Source: MOSPI, Angel Research