Market Outlook Market Outlook: Dealer's Diary

Market Outlook
December 4, 2012
Dealers Diary
Domestic Indices
The Indian market is expected to open in the red today tracing negative opening
trades in the SGX Nifty and major Asian indices.
The US markets moved mostly lower over the course of the trading day on Monday
after failing to sustain an early upward move. The initial strength on Wall Street
came on the heels of positive manufacturing data out of China, with the PMI rising
to 50.6 in November from 50.2 in October. The downturn in the markets was
partly due to disappointing report on manufacturing activity in the US; the PMI in
the US fell to 49.5 in November from 51.7 in October, with a reading below 50
indicating a contraction in manufacturing activity. Meanwhile, a separate report
from the Commerce Department showing a bigger than expected increase in US
construction spending in October helped to limit the downside for the markets. The
European markets ended higher on mixed global reports. Eurozone finance
ministers will meet again in Brussels today, to discuss details of the buyback of
Greek bonds held by investors at a discounted rate.
Meanwhile, Indian shares ended a lackluster session modestly lower on Monday,
as investors took some profits off the table following a four-day rally, awaiting the
outcome of a voting in Parliament this week on the FDI in multi-brand retail issue.
Markets Today
The trend deciding level for the day is 19,326 / 5,875 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,395 19,486 / 5,895 5,919 levels. However, if NIFTY trades below
19,326 / 5,875 levels for the first half-an-hour of trade then it may correct up to
19,236 19,167 / 5,851 5,830 levels.
Indices
SENSEX
NIFTY
S2
19,167
5,830
S1
19,236
5,851
PIVOT
19,326
5,875
R1
19,395
5,895
R2
19,486
5,919
News Analysis
Vote on FDI in multi-brand retail in Lok Sabha

Auto sales numbers November 2012
TVSL expects to finalize a partnership with BMW by end of FY2013
Purch
8,459
660
Sales
6,799
1,192
Net
1,660
(532)
MTD
9,769
(2,475)
YTD
60,473
(11,796)
FII Derivatives (December 03, 2012)

` cr
Index Futures
Stock Futures
Purch
728
1,110
Sales
979
1,183
Net
(251)
(73)
Open Interest
10,987
30,141
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Videocon Inds
Company
Losers
Price (`)
chg (%)
239
12.2
Tata Comm
230
1,061
10.4
HDFC Bank
687
(2.4)
Pantaloon Retl
231
9.7
Gitanjali Gems
481
(2.3)
Adani Enter
259
8.2
Dish TV India
77
(2.3)
72
5.9
IDFC
169
(2.1)
CRISIL
Jain Irrigation
www.angelbroking.com
(Close)
(0.2)
Nifty
(0.2)
(34.6) 19,305
(8.9)
5,871
MID CAP
1.2
83.5
6,985
SMALL CAP
0.9
62.5
7,338
BSE HC
0.2
15.3
7,962
13.0
7,191
BSE PSU
0.2
BANKEX
(0.4)
(56.5) 13,895
AUTO
0.2
20.1 10,835
METAL
0.8
82.7 10,438
OIL & GAS
0.5
39.0
8,291
BSE IT
0.0
2.6
5,891
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
(0.5)
NASDAQ
(60.0) 12,966
(0.3)
(8.0)
3,002
FTSE
0.1
4.4
5,871
Nikkei
0.1
12.2
9,458
Hang Seng
(1.2) (262.5) 21,768
Straits Times
(0.1)
(4.2)
3,066
Shanghai Com
(1.0)
(20.4)
1,960
Chg (%)
(Pts)
(Close)
INFY
(1.0)
(0.4)
$44.0
WIT
(0.9)
(0.1)
$8.7
IBN
0.4
0.1
$41.1
HDB
(1.0)
(0.4)
$41.7
Indian ADR
Advances / Declines
BSE
NSE
Advances
1,672
938
Declines
1,255
588
124
72
Volumes (` cr)
Net Inflows (November 30, 2012)

` cr
FII
MFs
(Pts)
BSE Sensex
Unchanged
Refer detailed news analysis on the following page
Chg (%)
(3.7)
BSE
2,471
NSE
11,977
Market Outlook
December 4, 2012
Vote on FDI in multi-brand retail in Lok Sabha

The crucial debate on FDI in multi-brand retail is expected to take place in the Lok
Sabha today. With pressure from the opposition parties mounting for debate on
FDI with a vote, the speaker last week allowed debate under Rule 184 in the Lok
Sabha. Subsequently, voting on the issue in the Rajya Sabha will take place under
rule 168. Since the decision on permitting FDI in multi-brand retail up to 51% is an
executive decision, the vote on FDI is non-binding. However, the vote is key to
ending the logjam in parliament since it convened on November 22, 2012.
The government had earlier indicated that they are confident of their numbers in
case of a debate with vote. We believe that outside-supporters to the UPA
government BSP and SP are likely to refrain from the vote but they have so far
hesitated to take a clear stand. We believe that winning the vote would give a
further thrust to the governments reforms drive and encourage it to push through
difficult legislations.
Auto sales numbers November 2012

Ashok Leyland (AL)
Ashok Leyland (AL) reported lower-than-expected volumes in November 2012 with
total volumes registering a decline of 6.4% yoy (7.8% mom) led by continued
weakness in the medium and heavy commercial vehicle (MHCV) segment. The CV
volumes (ex. Dost) posted a steep decline of 36.5% yoy (9.6% mom) during the
month. However, Dost sales sustained its momentum and registered sales of 2,883
units (down 4.9% mom). Going ahead, while we expect the MHCV sales to remain
weak due to slowdown in industrial activity; we expect the sales momentum in Dost
to continue with it getting introduced across India (currently available in seven
states). At `28, AL is trading at 9.7x FY2014E earnings. We recommend
Accumulate rating on the stock with a target price of `31.
Bajaj Auto (BJAUT)

BJAUT reported in-line volumes of 372,293 units (flat yoy and down 9.5% mom)
primarily due to sluggish sales in the motorcycle segment. The motorcycle sales
declined 1.6% yoy (9.5% mom) led by weakness in the domestic as well as export
markets. Of the total motorcycle volumes, Discover and Pulsar accounted for
~70% of the volumes and continues to be benefitted from the new launches,
Discover 125ST and Pulsar 200NS. Three-wheeler segment registered a healthy
growth of 7.2% yoy (down 9.4% mom) during the month. Export volumes
registered a decline of 4% yoy (1.6% mom) as volumes in Sri Lanka are yet to
recover completely. The management indicated that the retail sales outpaced the
wholesale sales in November (sales of ~300,000 units) which resulted in inventory
correction at the dealer end. The company is planning to launch a new 100cc
motorcycle in January 2013 and expects the volumes to benefit from the new
launch. At `1,927, BJAUT is trading at 15.7x FY2014E earnings. We maintain our
Neutral view on the stock.
Market Outlook
December 4, 2012
TVSL expects to finalize a partnership with BMW by end of FY2013

The management of TVS Motor (TVSL) has re-iterated that the company is in talks
with BMW's motorcycle division, BMW Motorrad for a technology tie-up and
expects to finalize a partnership by end of FY2013. Earlier in July 2012, TVSL had
indicated that they are looking for technology collaboration with BMW Motorrad
with an intention to widen its product portfolio and focus on the high-end
motorcycles segment. While the exact nature of the partnership is not yet disclosed,
reports indicate that the partnership will likely involve a technology sharing pact
and may also extend to joint marketing.
We see this as a positive development for the company as the technological
sharing pact will help TVSL acquire technological know-how to develop more
powerful motorcycles and extend its premium product portfolio, where it currently
has the Apache (160cc and 180cc). While the development is certainly positive for
the company in the long run, it is unlikely to alter the current positioning of the
company in the domestic motorcycle industry in the near term as BMW currently
offers products in the greater than 600cc category which has a very limited
domestic market. At `40, the stock is trading at 7.2x FY2014E earnings. We
recommend Accumulate rating on the stock with a target price of `45.
Economic and Political News
November PMI accelerates to 5-month high at 53.7

Fitch warns on Indian economy, need for reform
Raise I-T exemption limit, restore excise, service tax to 8% levels: Assocham
FEMA amendments need to be passed by both houses, says BJP
Corporate News
Jagran Prakashan to raise up to Rs 150 cr via securities

Network18 to sell stake in Newswire18 for Rs 90 cr
GMR gets stay on Maldives airport contract termination
Airtel launches emergency alert service
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 04, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
December 5, 2012
2:25PM
Germany PMI Services
December 6, 2012
7:00PM
US
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
5:30PM
UK
6:15PM
Euro Zone ECB announces interest rates
3:00PM
UK
Industrial Production (YoY)
% Change
7:00PM
US
Change in Nonfarm payrolls
Thousands
7:00PM
US
Unnemployment rate
December 7, 2012
December 9, 2012
Initial Jobless claims

BOE Announces rates
Value
Nov F
48.00
48.00
Thousands
Dec 1
393.00
380.00
% Change
3Q P
(0.10)
(0.10)
% Ratio
Dec 6
0.50
0.50
Dec 6
0.75
0.75
Oct
(2.60)
(0.50)
Nov
171.00
90.00
Nov
7.90
7.90
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
1.70
2.10
11:00AM
China
Industrial Production (YoY)
% Change
Nov
9.60
9.80
December 10, 2012
5:29PM
China
Exports YoY%
% Change
Nov
11.60
9.00
December 12, 2012
11:00AM
India
Industrial Production YoY
% Change
Oct
(0.40)
--
3:00PM
UK
Jobless claims change
% Change
Nov
10.10
--
11:00PM
US
FOMC rate decision
Dec 12
0.25
--
December 13, 2012
7:00PM
US
Producer Price Index (mom)
% Change
Nov
(0.20)
(0.50)
December 14, 2012
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
7.45
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
7:00PM
US
Consumer price index (mom)
7:45PM
US
11:00AM
11:00AM
3:00PM
December 18, 2012
December 19, 2012

December 20, 2012
Nov
2.50
--
% Change
Nov
0.10
(0.20)
Industrial Production
Nov
(0.43)
0.30
India
RBI Repo rate
Dec 18
8.00
--
India
RBI Cash Reserve ratio
Dec 18
4.25
--
UK
CPI (YoY)
% Change
Nov
2.70
--
India
RBI Reverse Repo rate
Dec 18
7.00
--
7:00PM
US
Housing Starts
Thousands
Nov
894.00
--
7:00PM
US
Building permits
Thousands
Nov
868.00
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec A
(26.90)
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
2.70
--
8:30PM
US
Existing home sales
Millions
Nov
4.79
--
Source: Bloomberg, Angel Research
Market Outlook
December 04, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

(%)
(%)
8.0
11.2
6.0
6.0
9.2
9.0
8.5
7.6
7.5
8.2
8.0
5.7
6.1
5.3 5.5 5.3
2.7
2.0
2.3
2.5
1.0
(4.0)
(6.0)
Sep-12
Aug-12
(0.2)
(1.3)
(2.8)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
(2.0)
Oct-11
3.5
(0.4)
(2.0)
(5.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
Services PMI
9.5
7.7
6.9
7.4
7.7
7.5
7.6
7.6
7.5
8.0
7.8
58.0
7.5
56.0
54.0
52.0
Source: MOSPI, Angel Research
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Oct-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Nov-11
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
6.7
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 04, 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
167
3,238
1,466
1,686
14.8
14.8
7.0
8.1
23.8
20.6
5.1
4.3
22.6
22.5
2.3
2.0
United Phosphorus
Buy
125
170
5,783
8,421
9,263
16.5
16.5
15.0
17.0
8.4
7.4
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Neutral
253
4,320
2,911
3,321
16.2
16.2
17.3
19.8
14.6
12.8
4.0
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
84
96
4,234
13,713
15,341
11.2
11.2
12.5
14.8
6.7
5.7
1.2
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
28
31
7,383
14,490
16,606
9.5
9.6
2.2
2.9
12.5
9.7
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
359
542
1,103
1,240
11.0
11.3
39.1
45.0
9.2
8.0
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
1,927
55,748
21,121
23,642
18.4
18.5
108.7
122.6
17.7
15.7
7.4
5.9
46.2
41.6
2.3
1.9
Bharat Forge
Buy
267
324
6,205
6,754
7,565
15.5
15.7
18.8
23.2
14.2
11.5
2.5
2.1
18.5
19.7
1.1
0.9
Bosch India*
Neutral
9,051
28,418
8,776
10,276
16.6
18.0
331.9
417.7
27.3
21.7
5.1
4.2
18.7
19.5
2.9
2.4
CEAT
Buy
105
163
360
4,989
5,634
8.2
8.5
27.1
40.8
3.9
2.6
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
147
155
12,491
6,229
7,200
14.8
15.8
7.2
9.0
20.5
16.4
3.6
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,698
2,821
1,489
1,750
16.5
17.5
103.3
126.9
16.4
13.4
3.2
2.6
21.3
21.6
1.7
1.4
Hero Motocorp
Accumulate
1,821
1,956
36,357
24,743
27,996
14.8
15.2
118.2
130.4
15.4
14.0
6.6
5.2
48.3
41.9
1.2
1.0
JK Tyre
Buy
115
165
471
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.5
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Neutral
956
58,678
40,035
46,272
11.5
11.6
54.7
62.8
17.5
15.2
3.9
3.3
24.3
23.4
1.2
1.0
Maruti
Neutral
1,489
43,027
42,019
50,246
7.3
8.6
66.1
94.4
22.5
15.8
2.6
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
173
10,191
24,285
27,317
6.7
7.2
8.1
10.6
21.5
16.4
4.5
3.7
22.9
24.7
0.6
0.5
Subros
Accumulate
32
35
193
1,286
1,479
9.4
9.7
2.6
5.1
12.4
6.4
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Buy
272
319
72,504 192,330 219,770
12.8
13.1
37.0
44.5
7.4
6.1
2.0
1.6
31.2
28.9
0.4
0.4
TVS Motor
Accumulate
40
45
1,905
7,466
8,290
6.2
6.3
4.8
5.6
8.4
7.2
1.4
1.3
18.2
18.7
0.2
0.2
Capital Goods
ABB*
Sell
718
573
15,218
7,796
9,907
4.8
7.8
9.2
22.0
78.1
32.6
5.7
5.0
7.5
16.4
1.9
1.5
BGR Energy
Neutral
274
1,980
3,605
4,542
11.8
10.7
25.1
27.9
10.9
9.8
1.6
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
237
58,020
47,801
43,757
18.5
18.0
24.6
21.8
9.6
10.9
2.9
2.5
33.5
24.5
1.1
1.2
Blue Star
Buy
198
242
1,782
2,763
2,948
3.1
5.6
2.6
8.6
75.3
23.2
4.4
3.8
5.9
17.6
0.8
0.7
Crompton Greaves
Buy
115
145
7,400
12,370
14,277
5.2
7.3
4.0
7.8
28.8
14.8
2.0
1.8
6.9
12.6
0.6
0.6
Jyoti Structures
Accumulate
48
53
396
2,794
3,048
10.6
10.6
9.2
11.7
5.2
4.1
0.6
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
65
73
1,675
6,858
7,431
7.1
7.5
8.3
9.8
7.9
6.7
1.3
1.1
25.1
24.0
0.4
0.4
LMW
Neutral
2,094
2,359
2,369
2,727
11.7
11.7
143.4
166.0
14.6
12.6
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
606
7,216
5,514
5,813
9.3
10.2
28.1
31.2
21.6
19.4
3.9
3.4
19.2
18.5
1.2
1.1
Market Outlook
December 04, 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
1,434
26,927
11,085
12,415
21.6
21.4
79.4
83.1
18.1
17.3
3.5
3.2
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
210
32,310
10,272
11,884
26.4
26.1
11.5
12.9
18.3
16.2
4.0
3.6
20.8
21.1
2.8
2.3
India Cements
Neutral
89
2,737
4,293
4,666
17.7
18.1
8.6
10.8
10.4
8.3
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
138
1,687
2,082
2,423
22.9
23.1
20.8
22.5
6.6
6.1
1.2
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
201
4,786
3,814
4,045
29.3
27.5
18.7
19.2
10.7
10.5
2.0
1.7
19.9
17.4
1.9
1.7
Shree Cements^
Neutral
4,329
15,081
5,701
6,210
29.7
28.1
240.7
260.7
18.0
16.6
4.4
3.6
27.1
23.6
2.1
1.7
UltraTech Cement
Neutral
1,998
54,785
21,368
24,043
22.5
23.5
103.5
121.4
19.3
16.5
3.6
3.1
20.2
20.1
2.5
2.3
200
304
1,052
2,034
2,315
22.4
22.4
27.1
31.7
7.4
6.3
0.9
0.8
13.1
13.4
1.8
2.0
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
235
2,262
2,522
6.7
7.5
1.5
2.7
8.5
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
136
164
4,518
3,843
4,212
43.1
43.6
16.8
17.8
8.1
7.6
1.4
1.2
18.3
17.0
3.3
3.6
ITNL
Buy
195
225
3,792
6,564
7,054
27.2
27.4
26.3
29.0
7.4
6.7
1.2
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
43
1,317
4,249
6,897
7.8
8.2
0.3
3.3
139.1
13.0
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
97
20,764
13,842
15,863
26.9
26.4
3.7
4.6
26.6
21.4
1.6
1.5
6.2
7.3
3.0
2.7
Larsen & Toubro
Neutral
1,666
102,456
60,556
69,167
11.2
11.6
73.8
85.5
22.6
19.5
3.6
3.2
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
49
44
1,261
5,947
6,569
8.5
8.6
3.1
4.1
15.8
12.0
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
55
1,815
11,892
13,116
9.0
9.0
1.8
3.2
30.2
17.0
0.6
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
137
168
2,062
2,344
2,804
10.6
10.7
7.2
8.7
19.0
15.7
2.3
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Buy
180
251
891
6,882
8,032
9.1
9.1
23.2
31.3
7.8
5.7
0.7
0.6
9.1
11.2
0.5
0.4
Allahabad Bank
Neutral
147
7,340
6,392
7,238
2.7
2.8
30.3
33.3
4.9
4.4
0.7
0.6
14.8
14.5
Andhra Bank
Neutral
112
6,242
4,731
5,431
2.9
3.0
21.5
21.8
5.2
5.1
0.8
0.8
15.2
13.8
Axis Bank
Accumulate
1,319
1,476
56,288
15,686
18,687
3.1
3.2
116.8
138.0
11.3
9.6
2.1
1.8
20.0
20.2
Bank of Baroda
Accumulate
758
817
29,693
15,436
18,208
2.5
2.6
111.8
137.4
6.8
5.5
1.0
0.9
15.8
17.0
Bank of India
Neutral
281
16,100
12,491
14,883
2.2
2.4
43.8
63.7
6.4
4.4
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
56
3,319
3,563
3,876
3.1
3.1
9.7
12.0
5.8
4.7
0.8
0.7
14.6
16.1
Canara Bank
Neutral
463
20,495
10,699
12,213
2.1
2.2
67.3
80.1
6.9
5.8
1.0
0.9
13.7
14.6
Central Bank
Neutral
79
5,779
7,171
8,236
2.5
2.6
16.4
21.5
4.8
3.7
0.8
0.7
12.7
14.9
Corporation Bank
Accumulate
418
445
6,188
4,780
5,569
2.0
2.1
101.8
99.2
4.1
4.2
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
113
123
3,963
3,087
3,453
2.7
2.8
25.9
24.1
4.4
4.7
0.8
0.7
19.4
15.6
Federal Bank
Neutral
483
8,265
2,617
2,968
3.3
3.2
45.9
51.7
10.5
9.4
1.3
1.2
13.1
13.3
Financials
Market Outlook
December 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
836
128,788
7,336
8,802
3.5
3.5
31.5
37.8
26.5
22.1
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
687
162,518
21,696
26,811
4.4
4.5
28.7
36.0
24.0
19.1
4.6
3.9
20.7
22.0
ICICI Bank
Buy
1,102
1,270
126,716
22,271
26,690
3.0
3.0
69.2
83.1
15.9
13.3
1.9
1.8
14.2
15.7
IDBI Bank
Neutral
109
13,890
7,684
9,264
1.8
2.1
15.6
22.0
7.0
5.0
0.8
0.7
10.9
13.9
Indian Bank
Accumulate
185
202
7,961
5,874
6,551
3.2
3.2
40.6
41.8
4.6
4.4
0.8
0.7
18.1
16.4
IOB
Neutral
81
6,444
7,050
8,313
2.3
2.5
12.3
19.9
6.6
4.1
0.6
0.5
8.8
13.1
J & K Bank
Neutral
1,374
6,659
2,762
2,885
3.6
3.6
226.7
193.0
6.1
7.1
1.4
1.2
24.4
17.7
LIC Housing Finance
Accumulate
266
298
13,444
1,799
2,255
2.3
2.4
20.3
27.3
13.1
9.8
2.1
1.8
16.9
19.7
Oriental Bank
Neutral
333
9,719
6,277
7,090
2.6
2.7
60.5
65.1
5.5
5.1
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
783
843
26,541
19,652
22,601
3.2
3.3
135.0
164.3
5.8
4.8
1.0
0.8
16.3
17.3
South Ind.Bank
Neutral
St Bk of India
Accumulate
Syndicate Bank
26
3,454
1,556
1,750
2.8
2.7
3.5
3.9
7.4
6.7
1.2
1.1
19.1
16.9
2,203
2,437
147,851
61,883
71,546
3.4
3.4
227.2
257.5
9.7
8.6
1.7
1.4
17.8
17.7
Neutral
127
7,618
6,756
7,783
3.0
3.0
26.3
27.1
4.8
4.7
0.8
0.7
18.3
16.6
UCO Bank
Neutral
77
5,092
5,234
6,097
2.3
2.4
11.8
14.7
6.5
5.2
1.0
0.9
11.9
13.4
Union Bank
Accumulate
238
250
13,081
9,912
11,536
2.8
2.9
40.4
46.7
5.9
5.1
1.0
0.8
16.1
16.4
United Bank
Neutral
75
2,718
3,500
3,912
2.6
2.8
15.8
21.2
4.8
3.6
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
61
3,000
2,354
2,754
2.0
2.2
7.4
10.2
8.2
5.9
0.8
0.7
9.3
11.9
Yes Bank
Accumulate
448
492
15,962
3,270
4,240
2.8
3.0
34.5
42.2
13.0
10.6
2.8
2.3
23.5
23.5
4,350
41,729
11,198
13,184
16.2
16.2
123.7
146.4
35.2
29.7
12.0
9.4
38.1
35.4
3.7
3.1
495
584
5,918
5,627
6,581
4.9
5.7
18.3
24.7
27.1
20.1
9.9
7.6
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,463
19,893
3,146
3,573
20.6
21.4
36.4
42.5
40.2
34.4
37.2
31.1
102.0
98.5
6.1
5.4
Dabur India
Neutral
129
22,484
6,124
7,101
17.0
16.8
4.5
5.2
28.9
24.7
11.9
9.4
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,721
15,650
3,124
3,663
17.1
17.6
104.5
123.8
35.6
30.1
11.1
8.9
34.4
32.8
4.7
3.9
Godrej Consumer
Neutral
728
24,779
6,355
7,548
18.4
18.6
22.8
27.6
31.9
26.4
7.3
6.0
26.4
26.1
4.1
3.4
HUL
Neutral
536
115,891
25,350
28,974
13.3
13.5
14.7
17.1
36.4
31.4
28.8
20.3
84.5
75.8
4.4
3.8
ITC
Neutral
296
233,102
29,409
34,060
35.7
36.1
9.3
10.9
31.8
27.1
10.5
8.8
35.8
35.3
7.6
6.5
Marico
Neutral
224
14,416
4,840
5,643
13.1
13.1
6.2
7.8
36.3
28.7
6.9
5.6
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,688
45,203
8,529
10,079
20.8
21.1
113.1
137.8
41.5
34.0
24.9
17.4
70.5
60.2
5.4
4.4
Tata Global
Neutral
169
10,423
7,207
7,927
9.7
10.0
6.6
7.8
25.5
21.6
2.6
2.5
8.6
9.5
1.4
1.2
Market Outlook
December 04, 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
IT
HCL Tech^
Neutral
647
44,957
24,214
26,772
19.5
18.1
44.0
48.0
14.7
13.5
3.5
2.9
24.0
22.0
1.8
1.6
Hexaware*
Buy
109
135
3,220
1,944
2,159
21.8
21.1
11.4
12.2
9.6
8.9
2.5
2.1
26.4
24.1
1.4
1.2
Infosys
Accumulate
2,436
2,573
139,883
39,174
41,580
29.5
30.4
159.2
171.6
15.3
14.2
3.7
3.3
24.1
23.1
3.0
2.8
Infotech Enterprises
Accumulate
191
202
2,129
1,886
2,032
17.9
17.3
18.7
20.2
10.2
9.5
1.5
1.3
14.9
14.0
0.8
0.7
KPIT Cummins
Neutral
126
2,261
2,195
2,317
15.5
15.0
10.7
12.1
11.8
10.5
2.5
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
103
115
12,110
7,597
8,141
20.0
18.8
9.7
10.4
10.7
9.9
2.9
2.3
27.5
22.9
1.2
1.0
Mindtree
Neutral
717
2,947
2,324
2,437
20.0
17.7
73.3
74.7
9.8
9.6
2.3
1.9
24.1
19.7
1.0
0.9
Mphasis&
Neutral
401
8,423
5,700
5,993
18.0
16.9
37.0
37.3
10.8
10.8
1.6
1.4
14.3
12.6
1.0
0.9
NIIT
Accumulate
32
36
526
1,048
1,161
9.3
10.9
4.2
6.2
7.6
5.1
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
500
2,001
1,261
1,352
26.4
24.7
48.2
54.0
10.4
9.3
2.0
1.7
19.0
17.9
1.3
1.1
TCS
Accumulate
1,315
1,410
257,345
61,053
67,313
28.7
29.1
69.7
76.2
18.9
17.3
6.2
5.0
32.6
29.1
4.0
3.6
Tech Mahindra
Buy
891
1,070
11,384
6,603
7,150
19.8
18.4
92.9
102.0
9.6
8.7
2.3
1.8
23.7
21.0
1.8
1.6
Wipro
Accumulate
395
421
97,164
43,219
47,241
20.0
20.0
26.1
28.1
15.1
14.1
2.9
2.5
19.3
17.9
1.9
1.6
D B Corp
Buy
218
259
4,004
1,581
1,784
23.3
25.0
11.6
14.4
18.9
15.1
3.7
3.1
21.0
22.3
2.4
2.1
HT Media
Neutral
109
2,566
2,111
2,272
15.0
15.2
7.4
8.3
14.8
13.2
1.6
1.4
11.3
11.4
0.9
0.7
Jagran Prakashan
Accumulate
104
117
3,278
1,503
1,681
23.1
23.1
6.4
7.3
16.2
14.3
4.0
3.6
25.8
26.5
2.4
2.1
PVR
Neutral
325
937
682
786
17.3
16.9
17.6
19.7
18.4
16.5
2.2
1.9
14.9
14.5
1.7
1.5
Sun TV Network
Neutral
409
16,120
1,942
2,237
77.2
75.5
17.6
19.1
23.2
21.4
5.8
5.2
25.8
25.2
7.8
6.7
Bhushan Steel
Neutral
467
9,907
11,307
14,287
29.5
29.1
45.1
51.0
10.3
9.1
1.2
1.1
12.2
12.2
2.9
2.3
Coal India
Neutral
366
231,274
66,666
70,292
25.7
27.3
24.2
26.6
15.1
13.8
4.5
3.6
33.1
29.1
2.5
2.2
Electrosteel Castings
Accumulate
25
29
879
1,984
2,074
10.6
11.6
0.8
2.0
30.4
12.5
0.5
0.2
1.7
4.1
0.6
0.6
Hind. Zinc
Neutral
142
59,915
12,446
13,538
52.3
52.9
15.0
16.4
9.5
8.7
1.9
1.6
21.4
19.7
2.9
2.3
Hindalco
Neutral
118
22,515
79,148
89,258
9.4
9.0
15.0
15.6
7.9
7.6
0.7
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
752
16,784
39,586
41,459
17.6
17.0
78.7
90.1
9.6
8.4
0.9
0.9
10.2
10.7
0.8
0.8
MOIL
Accumulate
245
261
4,108
941
1,019
47.3
48.3
25.8
28.1
9.5
8.7
1.5
1.3
16.7
16.2
2.0
1.7
Monnet Ispat
Buy
266
344
1,709
2,501
3,264
22.2
24.6
41.8
55.2
6.4
4.8
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
49
44
12,551
6,898
7,841
9.9
14.7
2.0
3.2
24.6
15.3
1.1
1.0
4.3
6.8
1.4
1.2
165
198
65,398
11,209
12,525
78.4
78.3
18.5
20.6
8.9
8.0
2.2
1.8
27.0
24.6
3.9
3.3
82
33,746
47,252
60,351
14.2
14.8
9.6
11.7
8.5
7.0
0.8
0.7
9.4
10.6
1.2
1.0
Market Outlook
December 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Metals & Mining

Sesa Goa
Neutral
182
15,857
4,551
6,640
32.8
34.4
33.7
39.3
5.4
4.7
0.9
0.8
18.3
18.3
4.1
2.8
Sterlite Inds
Neutral
108
36,446
43,185
45,442
23.3
23.7
16.8
17.9
6.5
6.1
0.7
0.7
11.6
11.2
0.8
0.8
Tata Steel
Buy
391
463
8.3
9.5
22.0
44.5
17.7
8.8
0.9
0.8
4.9
9.3
0.5
0.5
Sarda
Accumulate
139
153
498
1,442
1,494
17.6
17.3
27.2
28.7
5.1
4.8
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
47
73
631
2,694
2,906
14.6
16.6
16.4
20.8
2.9
2.3
0.3
0.3
11.4
12.8
0.5
0.3
Buy
119
143
377
2,342
2,470
13.7
15.3
27.7
33.8
4.3
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Accumulate
332
382
63,483
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.9
1.1
1.0
22.0
17.5
2.8
2.4
GAIL
Neutral
349
44,219
46,652
54,142
15.7
15.7
34.0
35.3
10.3
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
263
312
224,624 147,139 154,821
33.9
33.7
30.7
32.3
8.6
8.1
1.5
1.3
18.3
17.2
1.3
1.1
Reliance Industries
Neutral
804
263,176 362,700 380,031
7.9
8.0
60.0
63.3
13.4
12.7
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
305
3,908
3,128
3,707
13.2
11.7
22.8
23.5
13.4
12.9
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
267
3,732
3,213
3,643
23.3
23.5
24.3
25.7
11.0
10.4
2.5
2.1
25.0
22.1
1.3
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
163
183
12,214
30,077
33,570
6.6
6.3
15.1
15.3
10.8
10.7
2.7
2.3
28.4
23.1
0.4
0.4
75
4,246
1,079
1,034
91.8
91.9
8.8
8.4
8.6
9.0
1.4
1.3
17.9
15.0
3.7
3.7
Alembic Pharma
Buy
66
91
1,250
1,624
1,855
14.2
15.6
6.6
9.1
10.1
7.3
2.5
1.9
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
191
5,560
5,243
5,767
14.6
14.6
11.8
12.6
16.2
15.2
2.0
1.7
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,221
5,115
1,482
1,682
15.5
15.5
95.1
104.4
23.4
21.3
4.1
3.2
18.6
17.0
3.2
2.8
Cadila Healthcare
Accumulate
844
926
17,270
6,148
7,386
18.6
19.6
32.7
44.8
25.8
18.8
5.7
4.5
23.7
26.6
3.2
2.6
Cipla
Neutral
414
33,201
8,151
9,130
25.0
24.0
19.5
20.9
21.2
19.8
3.7
3.2
18.8
17.2
3.8
3.3
Dr Reddy's
Neutral
1,832
31,094
10,696
11,662
20.7
21.0
83.7
92.9
21.9
19.7
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
120
145
965
1,280
1,536
20.2
20.2
10.4
14.5
11.5
8.2
1.0
0.9
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,024
17,141
2,651
2,993
31.7
31.2
76.0
82.4
26.6
24.6
7.7
6.9
20.1
26.3
5.7
4.9
Indoco Remedies
Buy
67
89
618
685
837
15.2
15.2
7.4
8.9
9.1
7.5
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
463
5,834
2,850
3,474
21.0
21.0
29.9
37.3
15.5
12.4
3.7
2.9
26.7
26.4
2.2
1.8
Lupin
Accumulate
586
652
26,197
8,426
10,082
19.7
20.0
26.3
31.3
22.3
18.7
5.2
4.2
26.0
24.7
3.2
2.7
Ranbaxy*
Neutral
501
21,170
12,046
11,980
18.0
15.8
31.3
29.8
16.0
16.8
5.5
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
705
72,906
9,752
12,134
41.6
41.6
26.0
28.2
27.1
25.0
5.1
4.3
20.3
18.8
6.7
5.2
CESC
Neutral
316
3,949
5,218
5,644
24.2
23.8
44.6
47.6
7.1
6.6
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
68
78
1,031
1,523
1,568
30.3
30.3
5.4
11.5
12.6
5.9
0.7
0.6
5.6
11.3
1.1
1.0
Neutral
37,941 145,725 154,108
Power
Market Outlook
December 04, 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
Neutral
161
132,463
74,111
85,789
22.7
23.1
12.1
13.7
13.3
11.7
1.6
1.5
12.6
13.2
2.4
2.2
Anant Raj
Sell
101
78
2,982
657
875
52.0
56.1
8.4
12.7
12.0
8.0
0.7
0.7
6.3
8.9
5.8
4.4
DLF
Neutral
211
35,781
9,878
12,033
44.7
46.1
9.6
13.4
22.0
15.7
1.4
1.3
6.4
8.7
6.1
5.0
HDIL
Neutral
114
4,772
2,441
3,344
55.1
48.2
22.7
26.6
5.0
4.3
0.4
0.4
8.8
9.4
3.8
2.9
MLIFE
Neutral
417
1,703
813
901
26.2
26.6
32.0
37.1
13.0
11.3
1.4
1.2
10.4
11.0
2.5
2.2
Bharti Airtel
Neutral
331
125,774
81,984
90,718
32.1
33.8
10.9
16.9
30.4
19.6
2.3
2.1
7.6
10.6
2.2
1.9
Idea Cellular
Neutral
97
32,120
22,234
24,161
26.9
27.7
3.3
4.9
29.3
19.7
2.3
2.0
7.7
10.3
1.9
1.7
Rcom
Neutral
72
14,758
21,090
22,308
31.8
29.9
3.0
3.8
23.5
18.8
0.4
0.4
1.7
2.1
2.4
2.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Accumulate
1,453
1,590
3,087
1,629
1,886
11.8
13.3
60.8
79.5
23.9
18.3
4.9
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Accumulate
205
217
2,041
3,497
3,968
6.6
7.6
9.8
15.5
20.9
13.2
2.7
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Reduce
434
411
549
427
528
15.7
14.6
30.0
34.0
14.5
12.8
3.2
2.6
24.6
22.5
1.4
1.2
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
408
545
105
272
308
7.2
7.3
37.5
45.4
10.9
9.0
2.6
2.0
23.7
22.7
0.5
0.4
1,061
7,450
982
1,136
34.3
34.3
34.3
40.0
30.9
26.5
14.0
11.2
50.9
46.9
7.2
6.0
Accumulate
55
61
840
2,304
2,552
9.9
9.1
8.2
10.1
6.7
5.5
0.9
0.8
13.7
14.7
0.3
0.3
Force Motors
Accumulate
474
537
618
2,318
2,700
5.0
5.7
45.0
67.0
10.5
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
330
360
761
1,494
1,607
6.4
7.8
23.9
33.0
13.8
10.0
2.2
1.9
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
305
736
1,925
2,235
10.6
10.9
29.6
44.1
10.3
6.9
1.7
1.4
16.8
21.0
0.7
0.6
Hitachi
Buy
125
146
287
873
989
4.4
6.5
6.4
12.2
19.7
10.3
1.6
1.4
8.3
14.4
0.4
0.3
Honeywell Automation* Buy
2,432
2,842
2,150
1,745
1,993
4.0
5.3
59.5
90.4
40.9
26.9
3.1
2.7
8.1
11.3
1.1
1.0
Styrolution ABS India*
Accumulate
694
744
1,221
1,059
1,116
8.5
9.5
36.0
42.0
19.3
16.5
2.8
2.4
15.4
16.0
1.2
1.1
ITD Cementation
Neutral
249
287
1,323
1,455
12.4
12.4
23.2
27.7
10.7
9.0
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
192
3,099
1,228
1,443
9.0
10.9
3.9
6.4
49.4
30.1
4.9
4.5
10.1
15.6
3.0
2.5
MCX
Reduce
1,563
1,440
7,969
553
624
65.3
66.3
62.5
72.0
25.0
21.7
6.9
5.9
27.5
27.4
11.4
9.6
MRF
Buy
10,899
12,884
4,622
11,804
12,727
10.4
10.5 1,289.9 1,431.3
8.5
7.6
1.6
1.4
21.3
19.4
0.5
0.5
Page Industries
Neutral
3,532
3,939
836
1,023
20.2
20.6
105.6
133.4
33.5
26.5
17.0
12.0
59.3
53.2
4.8
3.9
Relaxo Footwears
Buy
792
933
950
1,019
1,208
11.0
12.5
47.0
66.7
16.9
11.9
4.2
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
64
79
1,915
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
300
366
281
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
15
452
7,134
7,985
19.7
19.4
12.2
14.1
1.3
1.1
0.1
0.1
11.3
11.5
0.6
0.6
Market Outlook
December 04, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Neutral
43
2,102
5,720
6,599
5.3
6.8
3.6
5.4
12.0
8.1
17.4
5.5
0.5
0.4
TAJ GVK
Buy
73
108
456
300
319
35.8
36.2
7.9
9.1
9.2
8.0
1.2
1.1
13.9
14.4
1.8
1.6
Tata Sponge Iron
Buy
309
384
476
750
803
18.6
18.4
65.4
69.1
4.7
4.5
0.7
0.6
16.5
15.3
0.2
0.2
TVS Srichakra
Buy
267
335
204
1,476
1,643
7.0
8.2
32.6
55.9
8.2
4.8
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
2,000
26,156
10,289
11,421
12.8
12.8
26.0
45.3
76.9
44.2
3.5
3.3
5.8
7.6
2.9
2.6
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 December 03, 2012
Market Outlook
December 04, 2012

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

Vote on FDI in multi-brand retail in Lok Sabha

FII Derivatives (December 03, 2012)

OIL & GAS

(1.2) (262.5) 21,768

Net Inflows (November 30, 2012)

Refer detailed news analysis on the following page

Vote on FDI in multi-brand retail in Lok Sabha

Auto sales numbers November 2012

Bajaj Auto (BJAUT)

TVSL expects to finalize a partnership with BMW by end of FY2013

Economic and Political News

November PMI accelerates to 5-month high at 53.7

Jagran Prakashan to raise up to Rs 150 cr via securities

Country Event Description

Germany PMI Services

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

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Initial Jobless claims

Consumer Price Index (YoY)

Industrial Production (YoY)

December 10, 2012

December 12, 2012

Industrial Production YoY

Jobless claims change

FOMC rate decision

December 13, 2012

Producer Price Index (mom)

December 14, 2012

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

December 18, 2012

December 19, 2012

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

GDP Qoq (Annualised)

Existing home sales

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Neutral