Market Outlook 18-11-2014

Market Outlook
November 18, 2014
Dealers Diary
Domestic Indices
Indian markets are expected to open on negative note tracking SGX Nifty.
The choppy trading on Wall Street came as traders expressed uncertainty about the
global economic outlook following mixed developments overseas. Some negative
sentiment was generated by the release of data indicating that Japan has
unexpectedly slipped into a recession.
European stocks rallied Monday, storming back from early losses after European
Central Bank President Mario Draghi said he was willing to offer further stimulus,
including buying government bonds.
Back home, Indian markets erased early losses to end higher on Monday, led by
gains in auto, power, consumer durable and oil/gas stocks. Stocks turned positive
after government data showed India's trade deficit narrowed to $13.36bn in
October from $14.25bn in September on lower oil imports, presumably due to
falling prices.
Refer detailed news analysis on the following page
The trend deciding level for the day is 28,102 / 8,406 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 28,282 28,386 / 8,463 8,495 levels. However, if NIFTY trades below
28,102 / 8,406 levels for the first half-an-hour of trade then it may correct towards
27,998 27,817 / 8,374 8,317 levels.
Indices
S2
S1
SENSEX
27,817
27,998
8,317
8,374
NIFTY
PIVOT
41
8,431
10,248
SMALL CAP
1.1
121
11,338
BSE HC
(0.2)
(22)
14,818
BSE PSU
1.4
116
8,341
BANKEX
0.4
83
20,202
AUTO
1.4
267
18,927
METAL
(0.6)
(63)
11,339
OIL & GAS
0.8
90
10,927
BSE IT
0.3
31
10,923
Chg (%)
(Pts)
(Close)
0.1
13
17,648
(0.4)
(18)
4,671
Global Indices
FTSE
0.3
18
6,672
Nikkei
1.9
321
17,295
(0.2)
(45)
23,752
Straits Times
0.5
15
3,304
Shanghai Com
0.1
2,476
Chg (%)
(Pts)
(Close)
0.2
0.2
$68.0
(0.8)
(0.1)
$12.5
0.3
0.2
$58.1
(0.4)
(0.2)
$51.9
Indian ADR
INFY
WIT
IBN
28,102
28,282
28,386
HDB
8,406
8,463
8,495
Advances / Declines
Purch
Sales
Net
MTD
YTD
FII
4,994
4,318
676
8,283
92,195
857
866
(9)
(966)
14,121
MFs
FII Derivatives (Nov 17, 2014)

` cr
Purch
Sales
Net
Open Interest
Index Futures
853
1,088
(235)
19,588
Stock Futures
2192
2,665
(473)
50,619
Gainers / Losers
Gainer
Company
Loser
Price (`)
chg (%)
Company
Price (`)
chg (%)
HIRECT
73
20.0
RASOYPR
(19.9)
JSWENERGY
85
12.1
BALKRISIND
642
(7.0)
BAJFINANCE
3,278
10.4
PUNJLLOYD
38
(5.7)
336
10.3
PIPAVAVDOC
36
(4.9)
67
9.5
148
(4.9)
RECLTD
NCC
www.angelbroking.com
DEN
28,178
93
R2
` cr
131
0.5
R1
Net Inflows (Nov 14, 2014)
0.5
0.9
Hang Sang
Markets Today
(Close)
Nifty
NASDAQ
News: Trade deficit narrows to USD13.36bn in October 2014.

Sun Pharma recalls anti-depressant drug
(Pts)
MID CAP
Dow Jones
News Analysis
BSE Sensex
Chg (%)
BSE
NSE
Advances
1,608
857
Declines
1,458
700
82
53
Unchanged
Volumes (` cr)
BSE
3,399
NSE
17,087
Market Outlook
November 18, 2014
Trade deficit narrows to USD13.36bn in October 2014

According to provisional data released by the commerce ministry, the trade deficit
for October 2014 narrowed slightly to USD13.36bn from USD14.25bn in the
previous month, but widened as compared to last year (USD10.59bn in
October 2013). Exports have contracted by 5.04% yoy and 9.7% qoq to $26.09bn
with slowdown in global economy.
Imports during October 2014 came in higher by 3.6% yoy to $39.45bn, however
was down as compared to $43.15bn in September 2014. Higher imports were
mainly on account of non-oil imports, which was 18.9% higher over
October 2013. Oil imports during October 2014 were at $12.365bn, which was
19.2% lower over October 2013. Trade deficit for April-October, 2014-15 came
in at $83.76bn for April-October 2014 period.
Sun Pharma recalls anti-depressant drug

Generic drug major Sun Pharma has recalled about 68,000 bottles of its
anti-depressant venlafaxine hydrochloride, from the US market after they failed to
dissolve properly, said the US Food and Drug Administration. The FDA has called
it a Class II recall, which means use or exposure to the drug would cause
temporary or medically reversible adverse health consequences. This is the second
recall of this drug by Sun Pharma in last four months. In July, the company had
recalled about 40,000 bottles. Sun Pharma Global Inc, Dubai, United Arab
Emirates, started the recall on September 26. We remain neutral on the stock.
Economic and Political News
Centre to include GST compensation in Constitutional Bill

Oil Min to move Cabinet to allow private firm in CBM mining
RBI in talks with govt to increase gold import curbs: official
Corporate News
Adani group's Australian mine project cleared

Truck sales rebound on positive sentiments
Ashok Leyland bags orders worth $79.2 mn from Tanzania, Zimbabwe
Market Outlook
November 18, 2014
Result Calendar
Date
Company
November 25, 2014
Automotive Axle, Siemens
November 26, 2014
MRF
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
November 18, 2014
UK
CPI (YoY)
% Change
Oct
1.20
1.20
November 19, 2014
US
Building permits
Thousands
Oct
1,031.00
1,040.00
November 20, 2014
November 25, 2014
November 26, 2014
US
Housing Starts
Thousands
Oct
1,017.00
1,025.00
7:00PM
US
Initial Jobless claims
Thousands
Nov 15
290.00
282.00
2:00PM
Germany PMI Services
Value
Nov P
54.40
54.50
2:00PM
Germany PMI Manufacturing
Value
Nov P
51.40
51.50
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Nov A
(11.10)
(10.70)
7:00PM
US
Consumer price index (mom)
% Change
Oct
0.09
(0.10)
Existing home sales
8:30PM
US
12:30PM
Germany GDP nsa (YoY)
Million
Oct
5.17
5.15
% Change
3Q F
1.20
--
7:00PM
US
8:30PM
US
GDP Qoq (Annualised)
% Change
3Q S
3.50
3.20
Consumer Confidence
S.A./ 1985=100
Nov
94.48
95.52
3:00PM
UK
GDP (YoY)
% Change
3Q P
3.00
--
New home sales
8:30PM
US
Thousands
Oct
467.00
470.00
November 27, 2014
2:25PM
Germany Unemployment change (000's)
Thousands
Nov
(22.00)
--
November 28, 2014
5:30PM
India
Qtrly GDP YoY%
% Change
3Q
5.70
--
December 1, 2014
3:00PM
UK
PMI Manufacturing
Value
Nov
53.20
--
6:30AM
China
PMI Manufacturing
Value
Nov
50.80
--
11:00AM
India
RBI Reverse Repo rate
Dec 2
7.00
--
11:00AM
India
RBI Repo rate
Dec 2
8.00
--
11:00AM
India
RBI Cash Reserve ratio
Dec 2
4.00
--
December 3, 2014
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
3Q P
0.20
--
December 4, 2014
5:30PM
UK
% Ratio
Dec 4
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Dec 4
0.05
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Nov
214.00
--
7:00PM
US
Unnemployment rate
Nov
5.80
--
December 2, 2014
December 5, 2014
December 8, 2014
BOE Announces rates
China
Exports YoY%
% Change
Nov
11.60
--
December 9, 2014
3:00PM
UK
Industrial Production (YoY)
% Change
Oct
1.50
--
December 10, 2014
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
1.60
--
December 12, 2014
11:00AM
China
Industrial Production (YoY)
% Change
Nov
7.70
--
5:30PM
India
Industrial Production YoY
% Change
Oct
2.50
--
Market Outlook
November 18, 2014
Macro watch
Exhibit 2: IIP trends
(2.0)
Sep-14
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
56.0
7.5
Mfg. PMI
Services PMI
54.0
6.4
6.0
5.1
5.0
5.6
6.2
5.7
5.4
52.0
3.7
50.0
2.4
3.0
2.0
1.0
0.0
48.0
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Aug-14
Jul-14
Jul-14
Jun-14
CRR
May-14
May-14
Apr-14
Mar-14
Mar-14
Feb-14
Jan-14
Reverse Repo rate
Jan-14
Dec-13
Nov-13
Sep-13
Sep-14
Aug-14
3.00
Jul-14
(30.0)
Jun-14
4.00
May-14
(20.0)
Apr-14
5.00
Mar-14
6.00
(10.0)
Feb-14
7.00
0.0
Jan-14
10.0
Dec-13
8.00
Nov-13
20.0
Repo rate
(%)
9.00
Imports yoy growth
Oct-13
Exports yoy growth
Exhibit 6: Key policy rates
Nov-13
Exhibit 5: Exports and imports growth trends
Oct-13
Jul-13
May-13
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
(%)
30.0
Jun-13
44.0
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
46.0
Oct-13
8.0
7.0
6.0
5.0
4.0
(0.5)
(1.2) (1.3)
Aug-14
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
Source: CSO, Angel Research
0.5
0.4
0.1
Jul-14
5.7
4.5 4.6 4.4 4.4 4.4 4.8 4.6 4.6
Jun-14
5.8
2.5
1.1
May-14
6.5
Apr-14
7.0
Mar-14
7.6
4.3
3.7
Feb-14
9.6
8.7
5.6
Jan-14
6.0
5.0
4.0
3.0
2.0
1.0
(1.0)
(2.0)
(3.0)
Dec-13
(%)
Oct-13
(%)
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Nov-13
Exhibit 1: Quarterly GDP trends
Source: RBI, Angel Research
Market Outlook
November 18, 2014
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
France
Germany
USA
UK
Thailand
Malaysia
Indonesia
South Africa
China
India
Russia
(2.0)
Brazil
(1.0)
Japan (0.1)
0.4
0.1
1.0
0.8
1.0
(0.9)
2.0
3.2
3.0
0.8
4.0
5.1
5.7
5.0
2.6
6.0
6.4
7.5
7.0
Exhibit 2: 2014 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.0
6.0
5.0
4.0
3.0
1.4
Japan
1.0
France
1.7
Germany
2.8
USA
2.9
UK
2.5
Thailand
5.2
Malaysia
5.4
Indonesia
2.3
South
Africa
7.5
China
5.4
India
Brazil
Russia 1.3
1.0
1.8
2.0
Source: IMF, Angel Research
15.6
15.4
15.9
14.1
14.3
16.3
12.8
South
Africa
Indonesi
a
Malaysia
Thailand
UK
USA
Germany
15.3
9.3
China
Japan
16.7
India
14.2
4.6
Russia
France
10.3
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Brazil
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Market Outlook
November 18, 2014
Exhibit 4: Relative performance of indices across globe

Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
51,257
(10.6)
(9.0)
(0.8)
Russia
Micex
1,507
7.8
6.0
1.7
India
Nifty
8,431
6.6
8.8
32.3
China
Shanghai Composite
2,474
4.4
13.0
16.4
South Africa
Top 40
45,031
6.2
(1.7)
10.8
Mexico
Mexbol
43,372
1.3
(2.3)
8.5
Indonesia
LQ45
867
3.1
(1.8)
17.1
Malaysia
KLCI
1,806
1.0
(2.0)
0.5
Thailand
SET 50
1,046
2.9
1.7
9.0
USA
Dow Jones
17,648
8.2
5.6
10.6
UK
FTSE
6,672
3.8
(0.7)
(1.3)
Japan
Nikkei
16,974
17.1
15.4
22.9
Germany
DAX
9,306
4.8
0.3
0.9
France
CAC
4,226
2.4
0.3
(1.9)
Market Outlook
November 18, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY15E
OPM(%)
EPS ( )
FY16E
FY15E
FY16E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
Agri / Agri Chemical

Rallis
Neutral
224
4,365
2,020
2,365
13.9
13.9
9.0
10.5
24.9
21.4
5.2
4.4
22.6
22.4
2.2
1.9
United Phosphorus
Buy
358
424
15,355
11,850
13,627
17.3
17.3
29.9
35.3
12.0
10.2
2.4
2.0
22.2
21.7
1.4
1.2
Auto & Auto Ancillary

Ashok Leyland
Neutral
55
15,738
12,734
17,269
7.4
10.2
0.6
3.2
92.2
17.4
3.0
2.7
3.1
15.6
1.2
0.9
Bajaj Auto
Neutral
2,655
76,836
23,766
28,398
20.5
20.7
131.3
161.4
20.2
16.5
6.8
5.6
31.3
33.8
2.7
2.2
Eicher Motors
Neutral
13,846
37,525
11,026
13,997
15.6
16.6
399.0
547.0
34.7
25.3
11.0
8.2
31.3
32.0
3.2
2.5
Hero Motocorp
Neutral
3,028
60,459
29,378
34,898
13.9
14.7
148.4
184.1
20.4
16.5
8.6
7.5
42.3
45.4
1.9
1.6
L G Balakrishnan & Bros Neutral
680
1,067
1,276
1,484
11.5
11.5
42.6
50.4
16.0
13.5
2.9
2.5
18.2
18.1
0.9
0.8
Mahindra and Mahindra Accumulate
1,253
1,428
77,851
39,758
44,615
12.9
13.1
55.9
65.2
22.4
19.2
3.9
3.4
17.4
17.7
1.7
1.5
Maruti
Accumulate
3,333
3,750
100,694
49,994
62,656
12.7
14.3
122.0
187.5
27.3
17.8
4.3
3.7
15.6
20.7
1.8
1.4
Tata Motors
Neutral
545
146,855 277,024 324,026
14.8
15.5
50.4
60.7
10.8
9.0
2.2
1.8
20.2
19.8
0.7
0.6
TVS Motor
Neutral
235
11,184
10,521
12,856
6.3
7.9
8.5
15.0
27.7
15.7
6.5
5.0
23.7
31.5
1.0
0.8
Amara Raja Batteries
Neutral
700
11,964
4,308
5,251
17.6
17.4
26.4
31.7
26.5
22.1
6.9
5.5
26.0
24.8
2.7
2.2
Exide Industries
Neutral
162
13,791
7,289
8,383
13.5
14.0
7.1
8.5
22.9
19.1
3.4
3.0
14.7
15.8
1.6
1.4
Apollo Tyres
Neutral
233
11,858
15,021
17,026
14.5
14.1
21.6
24.0
10.8
9.7
2.2
1.8
20.2
18.4
0.9
0.8
Ceat
Neutral
944
3,395
6,202
7,386
12.5
12.0
91.0
99.2
10.4
9.5
2.6
2.1
24.8
21.7
0.8
0.7
JK Tyres
Neutral
532
2,186
8,229
8,982
11.7
11.4
73.5
76.8
7.2
6.9
1.6
1.3
22.0
19.0
0.6
0.6
Sterling Tools
Accumulate
365
397
250
342
394
47.5
54.8
27.4
33.1
13.4
11.1
2.2
1.9
16.2
16.7
0.9
0.8
Swaraj Engines
Accumulate
956
1,056
1,187
665
759
15.1
15.0
61.9
70.4
15.4
13.6
4.5
3.7
29.4
27.3
1.5
1.3
BGR Energy
Neutral
156
1,126
3,938
4,362
11.6
11.8
23.9
27.1
6.5
5.8
0.8
0.7
19.9
17.6
0.9
0.9
BHEL
Neutral
249
60,982
36,844
36,607
10.8
10.8
11.8
11.4
21.1
21.8
2.1
1.9
10.2
9.0
1.5
1.5
Blue Star
Neutral
365
3,286
3,211
3,689
5.0
6.2
10.3
13.8
35.4
26.5
6.0
5.0
18.0
20.6
1.1
1.0
Crompton Greaves
Buy
194
235
12,153
14,899
16,720
6.6
7.2
7.9
10.0
24.5
19.4
3.0
2.7
12.9
14.8
0.9
0.8
KEC International
Accumulate
98
109
2,528
8,657
9,879
7.2
7.5
7.1
9.9
13.9
9.9
1.9
1.6
22.9
24.7
0.5
0.4
Thermax
Neutral
1,058
12,611
6,091
6,988
9.4
9.7
29.5
35.6
35.9
29.7
5.4
4.8
16.0
17.0
2.0
1.7
ACC
Accumulate
1,496
1,623
28,094
12,249
13,960
14.9
15.6
56.1
69.1
26.7
21.7
3.4
3.1
13.0
14.9
2.0
1.8
Ambuja Cements
Neutral
228
35,240
10,116
11,296
21.8
22.9
8.5
10.2
26.9
22.3
3.5
3.2
13.3
14.9
3.0
2.6
India Cements
Buy
113
146
3,459
5,086
5,869
10.5
11.3
3.2
6.1
34.7
18.4
1.4
1.3
3.5
7.4
1.2
1.0
J K Lakshmi Cement
Accumulate
393
437
4,624
2,475
3,312
17.7
20.6
9.8
21.8
40.1
18.0
3.3
2.9
8.6
17.3
2.3
1.7
Mangalam Cements
Accumulate
316
337
843
1,001
1,189
13.4
15.0
16.7
29.9
18.9
10.6
1.6
1.4
8.5
14.1
1.2
0.9
Capital Goods
Cement
Market Outlook
November 18, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY15E
FY16E
FY15E
FY16E
FY15E
PER(x)
P/BV(x)
RoE(%)
FY16E
FY15E
FY16E
FY15E
FY16E
EV/Sales(x)
FY15E
FY16E
FY15E
FY16E
Cement
Ramco Cements
Neutral
353
8,405
4,251
5,018
17.4
19.5
9.6
16.4
36.7
21.6
3.1
2.8
8.8
13.6
2.6
2.2
Shree Cement^
Neutral
9,183
31,992
6,558
8,056
24.4
25.3
272.3
360.5
33.7
25.5
6.0
5.0
19.4
21.5
4.5
3.6
UltraTech Cement
Neutral
2,553
70,059
22,771
26,413
19.5
19.8
79.6
95.9
32.1
26.6
3.7
3.3
12.1
13.1
3.2
2.8
476
586
112,333
22,279
25,910
3.6
3.6
30.7
36.1
15.5
13.2
2.6
2.2
17.6
18.0
Financials
Axis Bank
Buy
Bank of Baroda
Accumulate
1,056
1,116
45,340
17,962
20,377
2.0
2.0
117.8
135.8
9.0
7.8
1.2
1.1
13.4
13.8
Bank of India
Buy
289
353
18,542
16,297
18,384
2.1
2.1
50.7
60.9
5.7
4.7
0.8
0.7
11.9
12.9
Canara Bank
Buy
411
481
18,976
14,057
15,709
2.0
2.0
59.9
71.0
6.9
5.8
0.8
0.7
11.0
11.9
Dena Bank
Buy
62
78
3,337
3,583
3,966
2.2
2.3
11.5
15.4
5.4
4.0
0.6
0.5
9.5
11.6
Federal Bank
Neutral
144
12,316
3,158
3,574
3.2
3.2
11.1
12.5
13.0
11.5
1.6
1.5
13.8
14.6
HDFC
Neutral
1,127
176,983
9,438
11,024
3.5
3.4
38.8
45.4
29.0
24.8
5.7
5.2
26.9
27.5
HDFC Bank
Accumulate
920
1,014
222,069
30,897
37,011
4.4
4.4
42.5
52.1
21.6
17.7
4.3
3.6
21.5
22.3
ICICI Bank
Buy
1,674
2,045
193,717
30,623
36,128
3.2
3.2
98.3
117.7
17.0
14.2
2.4
2.2
15.2
16.0
IDBI Bank
Accumulate
71
76
11,388
9,583
10,921
2.0
2.0
11.1
13.1
6.4
5.4
0.5
0.5
7.9
8.7
LIC Housing Finance
Neutral
421
21,261
2,567
3,073
2.4
2.4
30.3
35.6
13.9
11.8
2.5
2.2
18.9
19.1
Punjab Natl.Bank
Buy
964
1,114
34,898
22,911
25,755
3.0
3.0
112.8
152.1
8.5
6.3
1.0
0.9
11.3
13.8
South Ind.Bank
Buy
27
36
3,687
1,872
2,128
2.7
2.7
3.7
4.3
7.4
6.4
1.0
0.9
14.4
15.0
St Bk of India
Neutral
2,940
219,504
76,522
89,477
3.1
3.1
182.5
244.3
16.1
12.0
1.9
1.6
11.2
13.7
UCO Bank
Buy
88
101
8,884
7,817
8,725
2.9
2.9
20.1
22.0
4.4
4.0
0.8
0.7
16.8
16.1
Union Bank
Accumulate
221
235
14,028
11,499
12,840
2.4
2.3
35.3
42.2
6.3
5.2
0.8
0.7
11.9
12.9
Yes Bank
Buy
689
824
28,718
5,352
6,602
3.0
3.1
47.7
57.9
14.5
11.9
2.4
2.1
21.0
18.9
FMCG
Asian Paints
Neutral
692
66,353
14,498
16,653
16.0
16.0
15.6
17.7
44.4
39.1
12.9
10.4
32.4
29.4
4.5
3.8
Britannia
Neutral
1,646
19,745
7,056
8,065
9.7
9.6
40.4
47.2
40.8
34.9
15.7
11.6
45.1
38.3
2.7
2.3
Colgate
Neutral
1,947
26,476
4,165
4,836
17.7
18.4
43.5
50.5
44.8
38.5
38.6
29.4
94.1
86.7
6.2
5.3
Dabur India
Neutral
236
41,389
8,135
9,370
17.1
17.1
6.4
7.3
37.1
32.1
12.2
9.7
36.9
33.7
5.0
4.3
GlaxoSmith Con*
Neutral
5,599
23,546
4,259
4,919
15.7
15.9
143.2
168.3
39.1
33.3
11.7
9.4
33.1
31.4
5.1
4.3
Godrej Consumer
Neutral
982
33,443
8,777
10,168
15.4
15.6
26.1
31.1
37.7
31.6
7.4
6.2
19.7
19.7
3.9
3.4
HUL
Neutral
756
163,502
31,055
34,940
13.7
14.2
18.3
20.1
41.3
37.6
34.6
24.9
99.0
77.0
5.1
4.5
ITC
Accumulate
370
409
294,927
38,185
44,068
37.7
37.8
12.7
14.6
29.0
25.3
9.5
8.1
32.7
32.1
7.4
6.4
Marico
Neutral
330
21,282
5,406
6,351
15.7
15.7
8.6
10.4
38.4
31.8
11.8
9.2
30.7
29.0
3.9
3.3
Market Outlook
November 18, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FMCG
Nestle*
Neutral
6,264
60,399
10,356
11,691
22.0
22.2
138.0
160.9
45.4
38.9
19.1
14.5
48.0
55.0
5.7
5.0
Tata Global
Buy
160
186
9,888
8,615
9,562
9.5
9.5
8.1
8.9
19.8
18.0
2.5
2.4
9.1
9.4
1.1
1.0
HCL Tech^
Buy
1,619
1,968
113,568
37,265
41,535
24.7
24.0
97.2
109.3
16.7
14.8
4.4
3.5
26.9
23.9
2.7
2.3
Infosys
Accumulate
4,209
4,700
241,685
55,347
61,546
27.3
27.8
213.4
235.7
19.7
17.9
4.3
3.7
22.0
20.8
3.6
3.2
TCS
Accumulate
2,619
2,833
512,893
97,401 111,037
29.7
29.3
114.8
128.8
22.8
20.3
8.5
7.5
37.2
37.0
5.0
4.4
Tech Mahindra
Accumulate
2,596
2,887
61,139
21,636
24,359
22.3
22.8
135.9
164.0
19.1
15.8
5.1
3.7
26.2
23.0
2.5
2.0
Wipro
Buy
564
697
139,271
51,807
57,807
23.5
23.7
36.6
41.0
15.4
13.8
3.3
2.8
21.8
20.3
2.3
1.9
D B Corp
Neutral
362
6,646
2,007
2,241
26.9
26.8
17.7
19.8
20.5
18.3
5.0
4.3
24.4
23.7
3.3
2.9
HT Media
Buy
109
129
2,545
2,301
2,495
12.4
12.4
7.5
8.0
14.6
13.6
1.3
1.2
9.0
8.7
0.6
0.6
Jagran Prakashan
Accumulate
136
154
4,449
1,824
1,981
22.9
24.2
7.7
9.1
17.7
15.0
3.3
2.8
19.0
20.2
2.5
2.2
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
316
12,471
2,548
2,879
68.6
68.9
22.8
25.8
13.9
12.3
3.6
3.1
27.1
26.7
4.5
3.8
Neutral
224
1,645
831
941
19.4
19.0
15.8
17.0
14.2
13.2
2.3
2.0
16.2
15.0
1.5
1.3
Coal India
Accumulate
353
385
223,031
73,842
81,735
11.8
12.9
27.1
31.2
13.0
11.3
4.4
3.6
33.9
32.1
2.1
1.7
Hind. Zinc
Accumulate
163
179
68,661
13,881
15,410
47.0
48.9
17.0
19.0
9.6
8.6
1.6
1.4
16.9
16.4
2.8
2.3
Hindalco
Neutral
JSW Steel
Buy
NMDC
IT
Media
158
32,615
97,816 104,037
11.2
11.4
17.9
19.5
8.8
8.1
0.7
0.7
8.6
8.6
0.8
0.7
1,236
1,538
29,876
57,358
60,796
18.8
19.3
117.0
123.0
10.6
10.1
1.2
1.1
12.2
11.4
1.2
1.1
Neutral
152
60,363
14,551
16,453
67.4
67.7
19.2
21.1
7.9
7.2
1.8
1.6
21.9
20.8
2.7
2.7
SAIL
Neutral
85
35,271
52,835
56,944
13.3
14.4
7.9
9.8
10.8
8.7
0.8
0.8
7.4
8.8
1.1
1.0
Sesa Sterlite
Buy
238
290
70,544
86,780
89,360
32.2
30.4
19.3
21.2
12.3
11.2
0.9
0.8
7.9
6.5
1.0
0.9
Tata Steel
Accumulate
480
539
46,584 147,705 155,401
13.3
14.2
49.0
60.7
9.8
7.9
1.3
1.1
12.4
13.5
0.8
0.7
Cairn India
Buy
268
332
50,283
17,818
19,412
69.4
68.2
44.3
51.7
6.1
5.2
0.8
0.7
13.0
13.2
1.5
1.3
GAIL
Neutral
489
61,997
59,990
66,199
11.9
12.8
34.2
42.8
14.3
11.4
2.1
1.9
15.3
15.9
1.0
0.9
ONGC
Buy
397
469
339,311 177,311 201,041
31.2
35.4
30.4
44.7
13.1
8.9
1.9
1.7
14.2
17.8
1.8
1.5
Petronet LNG
Neutral
198
42,913
4.2
4.9
10.5
13.7
18.9
14.5
2.7
2.4
14.2
15.7
0.4
0.4
Reliance Industries
Accumulate
983
1,124
318,095 378,320 368,790
9.3
12.8
89.9
112.8
10.9
8.7
1.2
1.1
11.4
12.8
0.8
0.8
Oil & Gas
14,880
40,481
Pharmaceuticals
Alembic Pharma
Neutral
454
8,559
2,188
2,542
19.4
19.3
15.7
18.4
28.9
24.7
9.3
7.1
37.2
32.6
4.0
3.4
Aurobindo Pharma
Neutral
1,107
32,275
11,707
14,054
19.9
19.9
48.0
56.3
23.1
19.7
6.4
4.9
31.8
28.2
3.2
2.7
Aventis*
Accumulate
3,465
3,700
7,980
1,912
2,226
15.5
16.4
104.5
123.1
33.2
28.2
4.7
3.8
17.6
20.7
3.8
3.1
Cadila Healthcare
Neutral
1,540
31,532
8,505
10,176
16.7
17.2
49.8
61.9
30.9
24.9
7.4
6.0
26.5
26.5
3.9
3.2
Market Outlook
November 18, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY15E
FY16E
FY15E
FY16E
FY15E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
Pharmaceuticals
Cipla
Neutral
Dr Reddy's
Accumulate
613
49,215
11,233
13,106
17.7
19.3
19.4
24.1
31.6
25.4
4.3
3.7
14.5
15.7
4.4
3.7
3,440
3,723
58,578
15,747
18,477
23.3
24.2
148.1
186.1
23.2
18.5
5.2
4.2
24.8
25.0
3.7
Dishman Pharma
Buy
3.1
142
217
1,145
1,511
1,662
23.0
23.0
16.7
21.7
8.5
6.5
0.9
0.8
10.8
12.7
1.1
0.9
GSK Pharma*
Indoco Remedies
Neutral
2,850
24,137
2,640
2,853
19.7
20.5
54.5
59.4
52.3
48.0
12.3
12.3
23.4
25.7
8.4
7.8
Neutral
306
2,821
856
1,112
18.2
18.2
10.4
14.2
29.4
21.6
5.2
4.3
19.2
21.8
3.5
2.7
Ipca labs
Buy
677
817
8,537
3,503
4,213
18.6
20.9
36.2
48.1
18.7
14.1
3.7
3.0
21.2
23.3
2.6
2.2
Lupin
Neutral
1,445
64,880
13,623
15,775
26.9
26.9
51.9
59.8
27.8
24.2
7.1
5.6
27.8
26.1
4.7
4.0
Ranbaxy*
Neutral
642
27,264
12,024
13,228
8.2
8.8
10.8
13.3
59.5
48.3
7.2
6.3
12.9
13.9
3.0
2.7
Sun Pharma
Neutral
882
182,765
18,929
38,386
44.0
31.5
31.2
34.9
28.3
25.3
7.5
5.1
28.5
27.9
9.0
5.2
Power
Tata Power
Neutral
89
23,949
37,654
38,320
25.0
25.2
5.9
6.5
15.0
13.6
1.7
1.6
11.0
11.6
1.4
1.3
NTPC
Accumulate
146
163
120,095
74,675
80,198
24.9
26.1
10.9
12.7
13.4
11.5
1.3
1.2
9.7
10.6
2.2
2.0
Bharti Airtel
Accumulate
392
429
156,818
95,793 103,292
33.6
34.2
12.8
16.4
30.7
23.9
2.4
2.2
8.2
9.3
2.2
2.0
Idea Cellular
Buy
164
192
59,096
30,636
34,560
32.0
32.4
7.5
8.6
21.9
19.1
2.8
2.4
13.9
13.8
2.5
2.2
Telecom
zOthers
Abbott India*
Neutral
3,296
7,003
1,996
2,184
12.3
11.9
80.1
84.7
41.2
38.9
8.0
6.9
20.2
19.0
3.2
2.9
Bajaj Electricals
Neutral
231
2,331
4,677
5,458
6.2
6.4
14.4
19.0
16.1
12.2
2.8
2.4
17.4
19.4
0.5
0.4
Cravatex
Neutral
540
140
207
239
6.6
6.6
20.2
27.8
26.7
19.4
3.1
2.7
11.7
14.2
0.9
0.8
Finolex Cables
Neutral
256
3,918
2,527
2,815
11.1
11.4
14.4
16.8
17.7
15.3
3.0
2.6
17.1
17.0
1.4
1.2
Goodyear India*
Buy
649
830
1,498
1,785
1,943
10.5
10.7
53.1
59.3
12.2
11.0
2.5
2.1
22.1
20.7
0.6
0.5
Hitachi
Neutral
809
2,199
1,273
1,474
6.5
8.0
13.7
22.1
59.2
36.6
8.1
6.7
14.5
20.0
1.7
1.5
Jyothy Laboratories
Neutral
234
4,242
1,554
1,891
13.3
13.5
8.9
9.4
26.4
24.9
4.5
3.8
17.6
16.5
2.9
2.2
MRF
Neutral
32,621
13,835
13,118
14,312
14.3
15.1 1,988.2 2,444.3
16.4
13.4
3.1
2.5
20.8
20.8
1.1
1.0
Page Industries
Neutral
9,635
10,747
1,442
1,773
20.6
21.0
174.4
219.9
55.3
43.8
26.5
18.8
56.0
50.2
7.6
6.1
Relaxo Footwears
Neutral
526
3,156
1,462
1,756
12.0
12.3
14.8
19.8
35.5
26.6
8.8
6.7
24.7
25.0
2.2
1.8
Siyaram Silk Mills
Buy
830
1,065
778
1,536
1,810
10.9
11.4
85.4
118.4
9.7
7.0
1.8
1.5
19.8
22.8
0.6
0.5
Styrolution ABS India*
Neutral
643
1,130
1,172
1,288
7.0
7.0
29.7
33.3
21.7
19.3
2.2
2.0
10.5
10.7
1.0
0.9
Tree House
Neutral
445
1,663
206
246
54.7
54.7
15.9
19.2
28.0
23.1
3.9
3.5
14.1
15.1
7.8
6.4
TVS Srichakra
Neutral
1,714
1,312
1,923
2,167
9.3
9.4
114.0
137.1
15.0
12.5
4.7
3.6
31.5
28.7
0.8
0.7
Vesuvius India*
Neutral
700
1,421
688
758
17.8
18.0
35.4
39.8
19.8
17.6
3.1
2.7
16.8
16.4
1.8
1.6
HSIL
Accumulate
393
421
2,592
1,998
2,313
17.6
18.1
16.5
23.4
23.8
16.8
2.2
1.9
9.0
11.5
1.7
1.4
Market Outlook
November 18, 2014
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
Heritage Foods
Accumulate
Kirloskar Engines India
Accumulate
Ltd
M M Forgings
Neutral
319
350
740
1,910
2,153
5.2
6.2
21.4
31.8
14.9
10.0
3.4
2.6
22.5
25.8
0.4
0.4
268
290
3,871
2,421
2,651
12.4
12.6
14.1
16.1
19.0
16.6
2.8
2.5
15.3
15.8
1.3
1.1
550
663
493
581
22.5
22.9
44.2
55.0
12.5
10.0
2.7
2.2
24.2
24.0
1.6
1.3
ITD Cementation India
Neutral
434
673
1,386
1,636
11.1
11.3
9.4
28.2
46.3
15.4
1.2
1.1
2.6
7.3
0.9
0.8
Banco Products (India)
Accumulate
164
182
1,173
1,313
1,536
13.3
13.7
14.3
18.2
11.5
9.0
1.9
1.6
16.8
19.0
0.9
0.8
zOthers
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 17, 2014
Market Outlook
November 18, 2014
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.

Market Outlook 18-11-2014

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Market Outlook 18-11-2014

Enviado por

Direitos autorais:

Formatos disponíveis

Market Outlook

November 18, 2014

Refer detailed news analysis on the following page

OIL & GAS

FII Derivatives (Nov 17, 2014)

Net Inflows (Nov 14, 2014)

News: Trade deficit narrows to USD13.36bn in October 2014.

Trade deficit narrows to USD13.36bn in October 2014

Sun Pharma recalls anti-depressant drug

Economic and Political News

Centre to include GST compensation in Constitutional Bill

Adani group's Australian mine project cleared

November 25, 2014

Automotive Axle, Siemens

November 26, 2014

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

November 18, 2014

November 19, 2014

November 20, 2014

November 25, 2014

November 26, 2014

Initial Jobless claims

Germany PMI Services

Germany PMI Manufacturing

Euro Zone Euro-Zone Consumer Confidence

Consumer price index (mom)

Existing home sales

Germany GDP nsa (YoY)

GDP Qoq (Annualised)

New home sales

November 27, 2014

Germany Unemployment change (000's)

November 28, 2014

Qtrly GDP YoY%

RBI Reverse Repo rate

RBI Repo rate

RBI Cash Reserve ratio

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

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

BOE Announces rates

Industrial Production (YoY)

December 10, 2014

Consumer Price Index (YoY)

December 12, 2014

Industrial Production (YoY)

Industrial Production YoY

Source: Bloomberg, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Exhibit 4: Manufacturing and services PMI

Reverse Repo rate

Source: Bloomberg, Angel Research

Imports yoy growth

Exports yoy growth

Exhibit 6: Key policy rates

Exhibit 5: Exports and imports growth trends

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

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Exhibit 1: Quarterly GDP trends

Source: RBI, Angel Research