Market Outlook, 19th February, 2013

Market Outlook
February 19, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open flat to positive, mirroring SGX Nifty which is
trading marginally higher in the opening trades. The major Asian indices are
trading on a mixed note after the minutes of last months Bank of Japan meeting
indicated that Japans economy remains relatively weak.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
32.9 19,501
Nifty
0.2
10.8
5,898
MID CAP
0.4
27.8
6,655
SMALL CAP
0.7
46.6
6,587
The US markets were closed on Monday following the President's Day holiday. The
European markets traded mostly lower, amid no major announcement on the
earnings or economic data front.
BSE HC
0.0
1.4
7,901
BSE PSU
0.3
23.9
7,311
BANKEX
0.1
18.0 14,164
Back home in India, the domestic market moved in a narrow range before ending
modestly higher. Stocks pared early gains, tracking mixed European cues and
weak industrial metal prices. However, the underlying sentiment remained slightly
cautious as global ratings agency Moody's warned that a continued rise in India's
current-account deficit is credit negative for the country. It also stated that the
rising current account deficit and external debt may impact the nation's credit risk
profile. Going ahead, the domestic investors would be watchful of the
developments on the Union Budget front. The market participants would also keep
an eye on US economic data that is scheduled to be released in the week,
including reports on housing starts, existing home sales, and consumer and
producer price inflation.
AUTO
0.1
13.2 10,849
Markets Today
Shanghai Com
The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,549 19,598 / 5,913 5,928 levels. However, if NIFTY trades below
19,506 / 5,896 levels for the first half-an-hour of trade then it may correct up to
19,458 19,415 / 5,881 5,863 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
19,415
19,458
19,506
19,549
19,598
NIFTY
5,863
5,881
5,896
5,913
5,928
News Analysis
Telecom Commission allows 4G airwave holders to offer voice services

CEC recommends mining to restart in Karnataka
3QFY2013 Result Preview: GSK Pharmaceuticals
Net Inflows (February 15, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,610
3,090
520
20,016
42,246
486
499
(12)
(1,337)
(6,050)
FII Derivatives (February 18, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
578
993
(416)
10,259
Stock Futures
1,326
939
387
30,031
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
MMTC
600
8.7
JP Infra
48
Company
Price (`)
chg (%)
Jet Air India
571
(7.7)
6.0
Havells India
684
(2.0)
DLF
261
5.1
Jindal Steel
379
(1.8)
M&M Financial
211
4.7
Aurobindo Pharma
182
(1.8)
Canara Bank
457
4.4
Coal India
343
(1.8)
www.angelbroking.com
0.5
48.6
9,953
OIL & GAS
(0.0)
(3.1)
8,925
BSE IT
(0.5)
(32.0)
6,446
Chg (%)
(Pts)
(Close)
Global Indices
Dow Jones
0.1
8.4 13,982
NASDAQ
(0.2)
(6.6)
3,192
FTSE
(0.2)
(10.1)
6,318
Nikkei
Hang Seng
Straits Times
Indian ADR
INFY
2.1
234.0 11,408
(0.3)
(62.6) 23,382
0.2
5.1
3,288
(0.4)
(10.8)
2,422
Chg (%)
(Pts)
(Close)
(0.4)
(0.2)
$51.4
WIT
0.1
0.0
$9.2
IBN
(1.8)
(0.8)
$43.2
HDB
(0.3)
(0.1)
$39.8
Advances / Declines
BSE
NSE
1,245
906
Declines
860
592
Unchanged
874
71
Advances
Volumes (` cr)
Refer detailed news analysis on the following page
MFs
METAL
BSE
1,608
NSE
8,161
Market Outlook
February 19, 2013
Telecom Commission allows 4G airwave holders to offer voice

services
The Telecom Commission gave an approval to companies having internet service
licenses and holding 4G spectrum to offer phone calls services by paying
additional fee of `1,658cr each. The Telecom Commission decision, if finally
approved by Telecom Minister Kapil Sibal, will allow companies such as Mukesh
Ambani-led Reliance Jio Infocomm (RJI), Augere, and Tikona Digital among others
to offer mobile phone service using BWA spectrum that they won in 2010 auction.
The framework for new licenses will be ready by end of this financial year. In
2010, six private players - RJI, Bharti Airtel, Aircel, Qualcomm, Tikona Digital and
Augere had won BWA spectrum. This decision has a direct bearing on Reliance
Industries backed RJI, which had sought the Department of Telecoms permission
to offer voice services on top of its broadband spectrum. We continue to remain
Neutral on the telecom sector.
CEC recommends mining to restart in Karnataka

Central Empowered Committee (CEC) has recommended Supreme Court to permit
resumption of production of iron ore from category A mines. CEC has also
recommended that permission be given for mining operations for category B
mines after some specified R&R conditions are met by the miners. The speedier
commencement of production from mines in Karnataka is likely to be positive for
JSW Steel and Sesa Goa. However, we remain skeptical on the speedier
commencement of mining in Karnataka as we believe R&R compliance by miners
is likely to take some more time for category B mines. Until further update, we
maintain our Neutral rating on JSW Steel.
3QFY2013 Result Previews

GSK Pharmaceuticals (CMP: `2,095/ TP: -/ Upside: -)
For 4QCY2012, the company is expected to post net sales of `680cr. The Gross
Margins are expected to be around 57.4% and the OPMs are expected to come to
26.8%. Overall, the net profit came in at `132.4cr, a dip of 10.1%. We
recommend a Neutral on the stock.
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2012E
2,651
31.7
644 76.0
30.8
27.6
7.9
18.3
5.8
CY2013E
2,993
31.2
698 82.4
29.0
25.4
6.9
16.1
5.0
Note: Estimates for consolidated financials are furnished in the table
Market Outlook
February 19, 2013
Quarterly Bloomberg Brokers Consensus Estimate

Nestle India (20/02/2013)
Particulars (` cr)
Net sales
4QCY12E
4QCY11
y-o-y (%)
3QCY12
q-o-q (%)
2,216
1,955
13
2,156
EBITDA
469
410
14
452
EBITDA margin (%)
21.2
21.0
Net profit
273
231
18
267
4QCY12E
4QCY11
y-o-y (%)
3QCY12
q-o-q (%)
2,360
2,170
1,786
32
EBITDA
141
108
31
#DIV/0!
EBITDA margin (%)
6.0
5.0
Net profit
81
64
21.0
ABB (21/02/2013)
Particulars (` cr)
Net sales
0.0
27
21
Economic and Political News
India likely to take more steps to curb gold imports: MMTC

India allows 4G holders to offer voice services
Nearly 209 co-operative banks need to raise `4,024cr by 2014-15: RBI
Room for monetary easing limited, says RBI governor
Corporate News
Dabur launches new toothpaste

GAIL commissions `4,500cr Dabhol-Bengaluru gas pipeline
Unilever to set up EUR50mn deodorant plant in Maharashtra
Wipro Infotech bags 10 year contract from MIAL
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
286
Market Outlook
February 19, 2013
Result Calendar
Date
Company
February 19, 2013
GSK Pharma
February 20, 2013
Nestle, Abbott India
February 21, 2013
ABB, Gujarat Gas
February 22, 2013

February 23, 2013
February 24, 2013
February 25, 2013
Styrolution
February 26, 2013
Ranbaxy
February 27, 2013
Bosch India, Goodyear
February 28, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
February 20, 2013
February 21, 2013
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
(0.10)
0.60
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
3:00PM
UK
Jobless claims change
% Change
Jan
(12.10)
(5.50)
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
7:00PM
US
Building permits
Thousands
Jan
909.00
920.00
Initial Jobless claims
7:00PM
US
Thousands
Feb 16
341.00
355.00
February 22, 2013
12:30PM
Germany GDP nsa (YoY)
% Change
4Q F
0.10
0.10
February 26, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q P
--
--
8:30PM
US
Existing home sales
Millions
Jan
4.94
4.90
February 27, 2013
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Feb
58.60
59.80
February 28, 2013
8:30PM
US
New home sales
Thousands
Jan
369.00
385.00
2:25PM
Germany Unemployment change (000's)
Thousands
Feb
(16.00)
--
10:00PM
US
FOMC rate decision
Mar 20
0.25
--
March 1, 2013
6:30AM
China
PMI Manufacturing
Value
Feb
50.40
--
March 6, 2013
3:00PM
UK
PMI Manufacturing
Value
Feb
50.80
--
March 7, 2013
3:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
8:30PM
Euro Zone Euro-Zone Consumer Confidence
5:30PM
UK
BOE Announces rates
7:00PM
US
Unnemployment rate
7:00PM
US
Change in Nonfarm payrolls
7:00AM
China
Consumer Price Index (YoY)
11:00AM
China
5:29PM
China
March 8, 2013
March 9, 2013
March 11, 2013
% Change
4Q P
(0.60)
--
Value
Feb A
(23.90)
(23.20)
% Ratio
Mar 7
0.50
0.50
Feb
7.90
--
Thousands
Feb
157.00
--
% Change
Feb
2.00
--
Industrial Production (YoY)
% Change
Feb
10.30
--
Exports YoY%
% Change
Feb
25.00
--
Market Outlook
February 19, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.7
5.7
6.1
4.3
4.0
5.3 5.5 5.3
3.5
2.0
2.5
2.0
1.0
(4.0)
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
Jun-12
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
May-12
Apr-12
Mar-12
Feb-12
(2.0)
Jan-12
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Source: MOSPI, Angel Research
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Jan-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.3
8.0
9.2
9.0
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
30.0
Reverse Repo rate
CRR
8.00
8.00
7.00
15.0
7.00
6.00
4.25
Source: RBI, Angel Research
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
4.00
Jan-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.00
Dec-11
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
February 19, 2013
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
125
2,427
1,466
1,686
14.8
14.8
7.0
8.1
17.8
15.4
3.8
3.2
22.6
22.5
1.8
1.5
United Phosphorus
Buy
126
170
5,559
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
Accumulate
289
323
4,942
2,983
3,477
16.1
16.1
18.5
21.6
15.6
13.4
4.5
3.5
32.9
29.1
1.6
1.4
Apollo Tyres
Accumulate
87
97
4,388
13,066
14,503
11.5
11.8
13.0
14.5
6.7
6.0
1.3
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,159
12,910
14,836
8.8
9.6
1.5
2.2
15.6
10.4
2.1
1.9
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
334
504
934
1,103
10.2
10.7
24.5
34.3
13.6
9.7
1.7
1.6
13.2
16.9
0.6
0.5
Bajaj Auto
Neutral
1,951
56,454
20,775
23,889
18.5
19.0
107.6
126.4
18.1
15.4
7.5
5.9
45.8
42.8
2.4
2.0
Bharat Forge
Accumulate
224
242
5,222
5,973
6,707
14.4
15.2
13.4
18.6
16.8
12.1
2.2
1.9
13.6
16.9
1.0
0.9
Bosch India*
Accumulate
8,978
9,570
28,189
9,973
11,320
17.8
18.0
396.2
455.7
22.7
19.7
4.3
3.6
18.8
18.2
2.4
2.1
CEAT
Buy
100
163
344
4,822
5,403
8.2
8.3
29.8
40.8
3.4
2.5
0.5
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
129
10,969
6,016
7,026
12.7
14.4
5.8
7.8
22.1
16.5
3.3
2.8
15.4
18.2
1.5
1.2
FAG Bearings*
Accumulate
1,436
1,620
2,386
1,671
1,890
16.0
16.6
113.0
132.8
12.7
10.8
2.3
1.9
19.7
19.4
1.2
1.0
Hero Motocorp
Accumulate
1,696
1,923
33,866
23,990
27,038
13.8
14.6
105.8
120.2
16.0
14.1
6.5
5.2
44.3
41.0
1.1
0.9
JK Tyre
Buy
112
165
459
7,169
7,929
6.9
7.1
40.4
41.3
2.8
2.7
0.5
0.5
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
891
1,019
54,733
40,060
46,301
11.5
11.7
55.3
64.3
16.1
13.9
3.6
3.0
24.5
23.8
1.1
0.9
Maruti
Neutral
1,480
42,754
42,304
51,088
7.5
8.7
64.4
92.9
23.0
15.9
2.6
2.2
11.6
14.9
0.8
0.7
Motherson Sumi
Neutral
200
11,751
25,769
29,010
7.1
7.5
10.2
13.1
19.6
15.3
5.0
3.9
28.1
28.3
0.6
0.5
Subros
Buy
27
35
160
1,296
1,476
9.8
9.9
3.4
5.0
8.0
5.3
0.6
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
305
326
81,289 184,201 209,642
12.4
13.5
28.0
36.3
10.9
8.4
2.4
1.9
24.6
25.4
0.5
0.4
TVS Motor
Buy
40
47
1,907
7,019
7,827
6.0
6.3
4.3
5.3
9.4
7.6
1.5
1.3
16.4
18.0
0.2
0.2
Capital Goods
ABB*
Reduce
609
573
12,913
7,790
9,653
4.5
7.8
8.7
22.1
70.0
27.6
4.8
4.3
7.1
16.5
1.6
1.3
BGR Energy
Neutral
208
1,502
3,412
4,104
13.0
11.6
24.6
26.2
8.5
8.0
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
208
50,824
47,801
43,757
18.0
17.1
24.1
20.8
8.6
10.0
2.6
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
170
238
1,525
2,748
2,896
4.4
5.6
6.8
9.3
25.0
18.2
3.4
3.0
14.5
17.6
0.7
0.6
Crompton Greaves
Buy
100
129
6,405
12,136
13,790
3.8
6.3
3.3
6.9
30.2
14.5
1.7
1.6
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
37
49
302
2,802
3,074
9.5
9.8
7.7
10.9
4.8
3.4
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
55
75
1,410
6,909
7,723
6.2
7.2
5.4
8.4
10.2
6.5
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
2,077
2,340
2,369
2,727
11.7
11.7
143.4
166.0
14.5
12.5
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
577
6,870
5,529
5,798
9.0
9.6
27.1
30.3
21.3
19.1
3.7
3.2
18.6
18.2
1.1
1.0
Market Outlook
February 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,262
23,695
11,358
12,366
19.9
19.6
75.1
74.9
16.8
16.9
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
191
29,409
9,730
11,221
25.6
25.0
10.2
11.3
18.7
16.8
3.3
3.1
18.7
19.0
2.6
2.2
India Cements
Neutral
83
2,545
4,293
4,666
17.7
18.1
8.6
10.8
9.7
7.7
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
130
1,591
2,119
2,478
22.9
22.3
20.3
22.8
6.4
5.7
1.1
0.9
18.0
17.7
0.9
1.1
Madras Cements
Neutral
239
5,689
3,814
4,045
28.8
27.1
18.3
18.7
13.1
12.8
2.4
2.0
19.4
17.0
2.2
1.9
Shree Cements^
Neutral
4,397
15,319
5,678
6,251
29.0
28.6
288.1
334.0
15.3
13.2
4.3
3.3
31.7
28.4
2.2
1.8
UltraTech Cement
Neutral
1,905
52,225
20,466
23,017
23.3
24.3
100.0
117.1
19.1
16.3
3.5
2.9
19.6
19.5
2.5
2.4
216
268
1,135
20,466
23,017
22.5
22.5
24.4
27.0
8.9
8.0
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
237
2,262
2,522
5.9
6.3
0.9
1.6
14.0
8.3
0.4
0.4
2.7
4.6
0.4
0.4
IRB Infra
Buy
115
164
3,811
3,843
4,212
43.1
43.6
16.8
17.8
6.8
6.4
1.2
1.0
18.3
17.0
3.1
3.4
ITNL
Buy
196
225
3,809
6,564
7,054
27.2
27.4
26.3
29.0
7.5
6.8
1.2
1.0
17.0
16.3
2.7
2.7
IVRCL Infra
Buy
30
35
931
3,773
6,706
6.9
8.4
(3.9)
2.9
(7.8)
10.5
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
74
97
16,499
14,243
16,382
26.2
26.1
3.2
4.3
23.2
17.1
1.2
1.2
5.4
7.0
2.6
2.3
Larsen & Toubro
Buy
1,467
1,788
90,249
60,666
69,525
10.6
11.2
71.9
85.0
20.4
17.3
3.2
2.8
14.5
15.2
1.6
1.5
Nagarjuna Const.
Accumulate
41
44
1,052
5,863
6,576
8.1
8.2
3.1
4.1
13.3
10.0
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
48
1,589
11,892
13,116
10.2
10.2
(0.4)
3.0
(112.3)
16.2
0.6
0.5
3.8
0.6
0.5
Sadbhav Engg.
Buy
115
168
1,739
2,344
2,804
10.6
10.7
7.2
8.7
16.0
13.3
1.9
1.7
13.0
13.5
1.1
1.0
Simplex Infra
Buy
163
251
806
6,882
8,032
9.1
9.1
23.2
31.3
7.0
5.2
0.6
0.6
9.1
11.2
0.5
0.4
Unity Infra
Buy
36
59
266
2,180
2,455
13.7
13.4
13.3
15.0
2.7
2.4
0.3
0.3
12.5
12.5
0.5
0.5
Allahabad Bank
Buy
150
183
7,485
6,509
7,264
2.7
2.8
28.2
33.5
5.3
4.5
0.7
0.7
13.8
14.7
Andhra Bank
Neutral
103
5,755
4,795
5,475
3.0
3.0
21.8
21.9
4.7
4.7
0.8
0.7
15.4
13.8
Axis Bank
Buy
1,433
1,753
66,904
15,959
18,660
3.2
3.2
119.2
139.0
12.0
10.3
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
760
935
31,233
14,889
17,393
2.5
2.6
108.2
134.0
7.0
5.7
1.0
0.9
15.3
16.7
Bank of India
Accumulate
344
380
19,709
12,793
14,823
2.3
2.4
49.5
65.1
6.9
5.3
1.0
0.9
13.6
16.0
Bank of Maharashtra
Neutral
56
3,293
3,720
4,268
2.9
2.8
10.9
13.0
5.1
4.3
0.8
0.7
16.2
16.9
Canara Bank
Buy
455
517
20,176
10,783
12,000
2.1
2.3
64.8
82.2
7.0
5.5
1.0
0.8
13.2
15.0
Central Bank
Neutral
76
5,613
7,158
8,217
2.4
2.6
13.1
20.1
5.8
3.8
0.9
0.7
10.3
14.3
Corporation Bank
Buy
408
517
6,047
4,919
5,634
2.1
2.2
96.7
99.9
4.2
4.1
0.7
0.6
16.3
14.9
Dena Bank
Buy
102
124
3,579
3,090
3,462
2.7
2.7
25.6
24.6
4.0
4.2
0.7
0.6
19.2
15.9
Financials
Market Outlook
February 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
501
557
8,563
2,667
2,920
3.2
3.2
49.1
51.4
10.2
9.7
1.4
1.2
13.9
13.1
HDFC
Neutral
823
126,883
7,446
8,923
3.5
3.5
32.2
38.5
25.6
21.4
5.2
4.6
35.4
32.6
HDFC Bank
Neutral
675
160,199
21,724
26,578
4.3
4.3
28.7
36.1
23.6
18.7
4.5
3.8
20.7
22.1
ICICI Bank
Buy
1,122
1,404
128,991
22,317
26,217
2.9
3.0
72.0
84.6
15.6
13.3
2.0
1.8
14.9
15.9
IDBI Bank
Buy
99
122
12,688
8,196
9,305
1.9
2.1
15.4
22.3
6.5
4.5
0.7
0.6
10.7
14.1
Indian Bank
Buy
183
221
7,880
5,716
6,362
3.2
3.2
37.7
41.1
4.9
4.5
0.8
0.7
16.9
16.2
IOB
Buy
J & K Bank
Accumulate
LIC Housing Finance
76
88
6,053
7,231
8,369
2.4
2.5
10.2
20.2
7.4
3.8
0.6
0.5
7.4
13.4
1,286
1,406
6,236
2,784
2,932
3.7
3.7
229.2
199.6
5.6
6.4
1.3
1.1
24.6
18.2
Buy
246
328
12,397
1,799
2,255
2.3
2.4
20.3
27.3
12.1
9.0
1.9
1.7
16.9
19.7
Oriental Bank
Accumulate
299
336
8,732
6,360
7,004
2.6
2.8
48.1
59.4
6.2
5.0
0.8
0.7
12.1
13.5
Punjab Natl.Bank
Buy
850
1,053
28,823
19,202
22,040
3.2
3.4
146.8
167.9
5.8
5.1
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
34
3,387
1,583
1,789
3.0
2.9
3.5
4.1
7.3
6.3
1.2
1.1
19.1
17.7
St Bk of India
Buy
2,260
2,600
151,639
60,677
69,712
3.3
3.3
224.3
257.3
10.1
8.8
1.7
1.5
17.6
17.7
Syndicate Bank
Buy
128
153
7,711
6,673
7,644
2.9
3.0
32.0
27.9
4.0
4.6
0.8
0.7
22.0
16.5
UCO Bank
Neutral
66
4,397
5,388
6,262
2.4
2.6
9.0
14.9
7.4
4.4
0.9
0.8
9.1
13.8
Union Bank
Buy
234
286
12,894
10,006
11,558
2.8
2.8
36.4
47.0
6.4
5.0
0.9
0.8
14.6
16.6
United Bank
Buy
68
83
2,440
3,566
3,832
2.5
2.7
13.3
21.8
5.1
3.1
0.6
0.5
11.1
16.3
Vijaya Bank
Neutral
55
2,718
2,342
2,763
1.9
2.1
8.0
10.9
6.9
5.0
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
502
576
17,968
3,364
4,260
2.8
3.0
36.3
42.6
13.8
11.8
3.1
2.5
24.6
23.6
4,496
43,129
11,198
13,319
15.9
15.7
122.1
147.1
36.8
30.6
12.4
9.7
37.7
35.7
3.8
3.2
FMCG
Asian Paints
Neutral
Britannia
Buy
492
564
5,886
5,580
6,417
4.8
5.0
18.1
21.7
27.2
22.7
9.9
7.9
38.7
38.7
1.0
0.8
Colgate
Neutral
1,332
18,111
3,120
3,588
20.3
21.1
38.4
45.1
34.7
29.6
32.2
25.9
104.6
97.0
5.5
4.8
Dabur India
Neutral
132
22,954
6,196
7,183
16.3
16.8
4.5
5.5
29.2
24.0
12.1
9.4
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
3,773
15,868
3,084
3,617
15.3
15.5
101.2
118.3
37.3
31.9
11.4
9.2
33.5
31.9
4.8
4.0
Godrej Consumer
Neutral
745
25,358
6,386
7,743
15.7
17.0
20.8
27.1
35.8
27.5
7.7
6.3
23.7
26.4
4.1
3.3
HUL
Neutral
470
101,636
25,350
28,974
13.3
13.5
15.1
17.0
31.1
27.7
24.8
17.7
85.7
74.3
3.7
3.2
ITC
Neutral
300
236,698
29,148
34,191
35.7
36.1
9.4
11.1
32.0
27.1
10.7
8.8
35.9
35.7
7.8
6.6
Marico
Neutral
217
14,016
4,747
5,402
13.6
13.6
6.3
7.8
34.3
27.8
7.0
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,557
43,932
8,487
10,081
21.2
22.1
113.0
142.5
40.3
32.0
24.2
16.6
70.5
61.6
5.3
4.3
Market Outlook
February 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
142
8,775
7,272
7,998
9.1
9.5
6.9
8.1
20.7
17.5
2.2
2.1
8.9
9.8
1.1
1.0
HCL Tech^
Accumulate
691
765
48,006
25,325
28,476
21.7
20.7
51.0
52.8
13.6
13.1
3.6
3.0
26.8
22.9
1.8
1.6
Hexaware*
Buy
85
113
2,531
1,948
2,136
20.9
18.3
10.9
10.1
7.8
8.5
2.1
1.8
27.2
21.2
1.0
0.8
Infosys
Neutral
2,777
159,440
40,746
44,283
28.9
28.8
162.6
172.9
17.1
16.1
4.0
3.4
23.5
21.3
3.3
2.9
Infotech Enterprises
Accumulate
166
184
1,857
1,881
1,987
17.9
17.4
18.5
19.4
9.0
8.6
1.3
1.2
14.8
13.6
0.6
0.5
KPIT Cummins
Buy
110
140
2,127
2,234
2,477
15.8
15.2
10.9
12.8
10.1
8.6
2.2
1.7
22.2
20.6
0.9
0.7
Mahindra Satyam
Accumulate
114
125
13,412
7,711
8,683
21.6
20.3
8.7
11.3
13.1
10.1
3.1
2.4
30.6
23.7
1.3
1.1
Mindtree
Accumulate
799
868
3,309
2,357
2,580
21.0
19.3
84.4
86.8
9.5
9.2
2.5
2.0
26.8
21.7
1.1
0.9
Mphasis&
Accumulate
355
396
7,452
5,531
5,874
17.6
17.5
35.4
37.7
10.0
9.4
1.5
1.3
14.7
13.5
0.9
0.7
NIIT
Buy
25
36
411
1,048
1,161
9.1
10.9
4.1
6.2
6.0
4.0
0.6
0.6
10.3
14.1
0.2
0.1
Persistent
Neutral
529
2,116
1,297
1,433
25.6
24.1
46.5
54.0
11.4
9.8
2.1
1.8
18.5
18.0
1.3
1.1
TCS
Neutral
1,425
278,894
62,954
70,871
29.0
28.9
71.6
79.1
19.9
18.0
6.6
5.4
33.2
29.7
4.3
3.7
Tech Mahindra
Accumulate
986
1,105
12,616
6,789
7,609
21.0
19.6
95.8
110.7
10.3
8.9
2.5
2.0
24.3
22.3
1.9
1.7
Wipro
Accumulate
402
429
99,026
43,514
47,304
20.1
19.4
26.6
27.7
15.1
14.5
3.0
2.6
19.7
17.9
1.9
1.7
D B Corp
Accumulate
239
266
4,379
1,583
1,787
23.9
25.4
11.9
14.5
20.2
16.4
4.0
3.4
21.4
22.4
2.7
2.3
HT Media
Accumulate
104
113
2,435
2,061
2,205
14.0
15.1
6.6
7.9
15.6
13.2
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
103
125
3,243
1,511
1,698
23.2
23.4
6.4
7.3
15.9
14.1
4.0
3.5
25.9
26.6
2.3
2.0
PVR
Neutral
273
790
820
1,307
17.3
17.3
11.2
17.8
24.5
15.3
1.1
1.0
9.7
10.8
1.0
0.6
Sun TV Network
Neutral
440
17,352
1,942
2,237
77.2
75.5
17.6
19.1
25.0
23.1
6.0
5.4
25.8
25.2
8.5
7.3
Bhushan Steel
Neutral
464
10,508
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Accumulate
343
368
216,936
66,666
70,292
25.7
27.3
24.2
26.6
14.2
12.9
4.2
3.4
33.1
29.1
2.3
2.1
Electrosteel Castings
Buy
23
34
780
1,984
2,074
10.6
11.6
1.8
2.6
12.8
8.7
0.4
0.2
3.6
5.1
0.6
0.5
Hind. Zinc
Buy
122
149
51,739
12,002
13,759
49.7
50.8
14.7
16.4
8.3
7.5
1.6
1.4
21.1
19.8
2.4
1.7
Hindalco
Neutral
111
21,261
80,205
88,987
9.0
9.2
13.4
13.8
8.3
8.1
0.6
0.6
7.9
7.6
0.6
0.6
JSW Steel
Neutral
803
17,914
39,072
40,493
16.5
18.2
82.4
90.3
9.7
8.9
1.0
0.9
10.7
10.7
0.9
0.9
MOIL
Neutral
250
4,192
933
954
46.9
45.5
25.8
26.1
9.7
9.6
1.5
1.4
16.7
15.1
2.0
1.9
Monnet Ispat
Buy
247
344
1,574
2,501
3,264
22.2
24.6
41.8
55.2
5.9
4.5
0.6
0.5
11.3
13.4
1.7
1.2
Nalco
Neutral
46
11,971
6,630
8,357
11.4
14.5
2.1
3.3
21.9
14.3
1.0
1.0
4.6
6.9
1.1
0.9
NMDC
Buy
151
198
59,768
11,209
12,525
78.4
78.3
18.5
20.6
8.1
7.3
2.0
1.7
27.0
24.6
3.4
2.8
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
February 19, 2013
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(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
78
32,239
43,438
56,199
12.0
12.2
6.5
8.5
12.0
9.2
0.8
0.7
6.6
8.2
1.0
0.8
Sesa Goa
Accumulate
168
183
14,579
2,412
3,911
30.8
33.1
29.6
31.8
5.7
5.3
0.9
0.8
16.3
15.4
7.4
4.6
Sterlite Inds
Accumulate
101
110
33,943
43,185
45,442
23.3
23.7
16.8
17.9
6.0
5.6
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
385
463
37,421 145,725 154,108
8.3
9.5
22.0
44.5
17.5
8.7
0.8
0.8
4.9
9.3
0.5
0.5
Sarda
Buy
119
148
426
1,442
1,494
19.0
19.1
29.2
31.7
4.1
3.8
0.5
0.4
12.3
12.0
0.6
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
41
52
547
2,512
2,816
12.4
13.7
10.0
12.6
4.1
3.2
0.3
0.2
7.2
8.4
0.5
0.4
Accumulate
101
112
320
2,367
2,425
14.2
13.7
33.3
33.5
3.0
3.0
0.4
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
309
383
59,061
17,394
17,034
76.4
72.3
60.8
55.1
5.1
5.6
1.0
0.9
21.9
17.0
2.5
2.2
GAIL
Neutral
339
43,020
48,077
55,815
15.3
15.3
34.9
35.9
9.7
9.4
1.7
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
317
357
271,594 144,089 158,065
32.8
34.7
28.7
34.4
11.1
9.2
1.8
1.6
17.0
18.3
1.6
1.4
Reliance Industries
Neutral
847
273,549 362,700 380,031
8.9
8.9
68.1
71.5
12.5
11.9
1.3
1.2
12.4
11.8
0.7
0.7
Gujarat Gas*
Neutral
290
3,717
3,128
3,707
13.2
11.7
22.8
23.5
12.7
12.3
3.8
3.4
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
259
3,627
3,365
3,700
22.8
23.4
25.3
26.6
10.2
9.7
2.4
2.0
26.0
22.6
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
150
179
11,246
32,210
41,362
6.1
5.8
15.4
15.6
9.7
9.6
2.6
2.1
29.1
24.1
0.4
0.3
71
4,015
1,079
983
91.8
91.9
8.8
7.8
8.2
9.1
1.4
1.2
17.8
14.1
3.4
3.7
Alembic Pharma
Buy
77
95
1,447
1,490
1,714
16.2
17.1
7.4
9.5
10.4
8.1
2.8
2.2
30.7
30.2
1.1
0.9
Aurobindo Pharma
Accumulate
182
208
5,290
5,463
6,279
15.0
15.0
12.4
14.0
14.7
13.0
1.9
1.6
18.8
17.8
1.6
1.3
Aventis*
Neutral
2,304
5,306
1,482
1,682
17.5
16.6
82.9
87.8
27.8
26.2
4.4
3.5
16.3
14.8
3.4
2.9
Cadila Healthcare
Accumulate
755
817
15,449
6,148
7,386
15.3
18.0
24.6
39.5
30.7
19.1
5.8
4.6
18.4
25.1
2.9
2.4
Cipla
Accumulate
380
419
30,471
8,151
9,130
25.8
24.8
20.2
21.6
18.8
17.6
3.4
2.9
19.4
17.6
3.5
3.1
Dr Reddy's
Neutral
1,801
30,567
10,696
11,662
20.7
21.0
83.7
92.9
21.5
19.4
4.4
3.7
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Neutral
81
155
654
1,280
1,536
20.2
20.2
12.1
15.5
6.7
5.2
0.6
0.6
10.0
11.6
1.2
1.0
2,091
17,715
2,651
2,993
31.7
31.2
76.0
82.4
27.5
25.4
8.0
7.1
20.1
26.3
5.9
5.1
Buy
61
78
563
642
784
14.2
15.2
5.7
7.8
10.7
7.8
1.3
1.1
12.9
16.4
1.0
0.9
Ipca labs
Buy
471
559
5,937
2,850
3,474
21.0
21.0
29.9
37.3
15.7
12.6
3.8
3.0
26.7
26.4
2.3
1.9
Lupin
Accumulate
593
655
26,516
8,426
10,082
19.7
20.0
26.1
31.1
22.7
19.1
5.3
4.2
25.8
24.7
3.2
2.7
Ranbaxy*
Neutral
410
17,356
12,046
11,980
16.0
15.8
37.3
32.1
11.0
12.8
4.3
3.4
45.3
29.7
1.5
1.4
Sun Pharma
Neutral
788
81,452
10,111
12,563
42.6
42.6
28.9
29.8
27.3
26.4
5.5
4.7
22.3
19.2
7.4
5.8
73
78
1,101
1,502
1,535
32.1
31.9
11.4
12.5
6.4
5.8
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
February 19, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
151
163
124,548
72,809
81,951
23.4
24.1
12.2
13.6
12.4
11.1
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
261
44,412
9,878
12,033
44.7
46.1
9.6
13.4
27.3
19.5
1.7
1.7
6.4
8.7
6.8
5.6
HDIL
Neutral
70
2,912
2,441
3,344
55.1
48.2
22.7
26.6
3.1
2.6
0.3
0.2
8.8
9.4
3.0
2.3
MLIFE
Accumulate
410
446
1,674
786
888
26.3
26.7
31.0
36.3
13.2
11.3
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
314
350
119,185
80,521
87,160
30.5
30.5
6.4
10.4
49.1
30.2
2.3
2.1
4.6
7.0
2.3
2.1
Idea Cellular
Neutral
110
36,325
22,087
23,927
26.6
27.7
2.9
3.9
37.5
28.1
2.6
2.4
6.9
8.4
2.2
2.0
Rcom
Neutral
72
14,820
21,087
22,067
31.8
31.9
2.6
4.0
27.4
17.9
0.4
0.4
1.5
2.2
2.4
2.2
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,371
1,590
2,912
1,629
1,886
11.8
13.3
60.8
79.5
22.6
17.2
4.6
3.9
22.0
24.4
1.6
1.3
Bajaj Electricals
Buy
185
217
1,842
3,450
3,929
4.5
7.4
10.0
15.5
18.5
11.9
2.4
2.1
13.0
17.4
0.5
0.5
Cera Sanitaryware
Buy
416
495
526
460
596
16.4
16.2
34.7
45.0
12.0
9.2
3.0
2.3
27.7
27.8
1.2
1.0
Cravatex
Buy
355
545
92
272
308
7.2
7.3
37.5
45.4
9.5
7.8
2.3
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
958
6,725
982
1,136
34.3
34.3
34.3
40.0
27.9
24.0
12.6
10.1
50.9
46.9
6.4
5.4
Finolex Cables
Buy
51
61
782
2,304
2,552
9.9
9.1
8.2
10.1
6.3
5.1
0.9
0.7
13.7
14.7
0.3
0.2
Force Motors
Buy
416
550
542
2,027
2,299
4.6
5.1
35.3
50.0
11.8
8.3
0.5
0.4
3.9
5.3
0.1
0.1
Goodyear India
Buy
286
360
659
1,494
1,607
6.4
7.8
23.9
33.0
11.9
8.7
1.9
1.6
16.5
20.1
0.2
0.2
Greenply Industries
Sell
391
309
943
1,925
2,235
10.6
10.9
29.6
44.1
13.2
8.9
2.2
1.8
16.8
21.0
0.8
0.6
Hitachi
Neutral
136
311
905
1,025
4.8
6.0
7.7
12.4
17.7
11.0
1.7
1.5
9.9
14.4
0.4
0.3
2,560
2,842
2,264
2,117
2,491
8.1
7.8
140.5
157.9
18.2
16.2
2.8
2.4
16.3
15.8
1.0
0.8
1,030
1,059
1,116
8.5
9.5
36.0
42.0
16.3
14.0
2.4
2.1
15.4
16.0
1.0
0.9
Honeywell Automation* Accumulate

Styrolution ABS India*
Buy
586
744
ITD Cementation
Buy
209
334
241
1,455
1,630
12.4
12.6
29.8
40.5
7.0
5.2
0.6
0.5
8.2
9.8
0.6
0.6
Jyothy Laboratories
Buy
145
167
2,339
816
979
14.5
14.9
5.2
6.0
28.1
24.1
3.2
3.0
8.8
10.2
3.1
2.5
MCX
Buy
1,215
1,440
6,195
553
624
65.3
66.3
62.5
72.0
19.5
16.9
5.3
4.6
27.5
27.4
8.0
6.6
MRF
Accumulate
12,458
13,416
5,284
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.8
7.4
1.5
1.3
19.1
18.7
0.5
0.4
Page Industries
Accumulate
3,270
3,438
3,647
856
1,047
19.1
19.6
101.2
127.3
32.3
25.7
16.6
12.3
58.5
54.9
4.3
3.5
Relaxo Footwears
Buy
690
887
828
989
1,148
10.7
11.7
41.8
55.5
16.5
12.4
3.8
2.9
25.5
26.3
1.0
0.8
Sintex Industries
Buy
59
79
1,858
4,751
5,189
16.3
16.6
13.6
15.8
4.4
3.8
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
276
332
259
1,048
1,157
11.3
12.0
58.7
66.5
4.7
4.2
0.8
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
303
6,765
7,393
18.1
18.0
6.4
7.5
1.6
1.4
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Neutral
41
1,964
5,720
6,599
5.3
6.8
3.6
5.4
11.2
7.6
16.3
5.2
0.5
0.4
Market Outlook
February 19, 2013
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
zOthers
TAJ GVK
Buy
66
108
414
300
319
35.8
36.2
7.9
9.1
8.4
7.3
1.1
1.0
13.9
14.4
1.7
1.4
Tata Sponge Iron
Buy
304
379
467
782
818
16.5
17.0
61.8
65.4
4.9
4.6
0.7
0.6
15.7
14.7
0.2
0.2
TTK Healthcare
Buy
466
643
362
374
425
7.9
9.5
24.1
32.7
19.4
14.3
19.7
22.5
0.8
0.7
TVS Srichakra
Buy
224
276
172
1,461
1,591
5.6
7.1
6.9
39.4
32.4
5.7
1.3
1.1
3.8
20.6
0.3
0.3
United Spirits
Neutral
1,878
24,558
10,473
11,939
15.0
15.8
30.4
56.9
61.8
33.0
4.7
3.0
10.8
12.3
3.1
2.4
Vesuvius India
Neutral
323
656
560
611
16.1
17.0
24.7
28.8
13.1
11.2
2.0
1.7
15.8
16.2
1.1
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 18, 2013
Market Outlook
February 19, 2013

Market Outlook, 19th February, 2013

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Market Outlook, 19th February, 2013

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Market Outlook

February 19, 2013

Telecom Commission allows 4G airwave holders to offer voice services

Net Inflows (February 15, 2013)

FII Derivatives (February 18, 2013)

Jet Air India

OIL & GAS

Refer detailed news analysis on the following page

Telecom Commission allows 4G airwave holders to offer voice

CEC recommends mining to restart in Karnataka

3QFY2013 Result Previews

Note: Estimates for consolidated financials are furnished in the table

Quarterly Bloomberg Brokers Consensus Estimate

EBITDA margin (%)

EBITDA margin (%)

Economic and Political News

India likely to take more steps to curb gold imports: MMTC

Dabur launches new toothpaste

February 19, 2013

February 20, 2013

Nestle, Abbott India

February 21, 2013

ABB, Gujarat Gas

February 22, 2013

February 26, 2013

February 27, 2013

Bosch India, Goodyear

February 28, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

February 20, 2013

February 21, 2013

GDP Qoq (Annualised)

Industrial Production (YoY)

Jobless claims change

Monthly Wholesale Prices YoY%

Initial Jobless claims

February 22, 2013

Germany GDP nsa (YoY)

February 26, 2013

Existing home sales

February 27, 2013

February 28, 2013

New home sales

Germany Unemployment change (000's)

FOMC rate decision

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

Euro Zone Euro-Zone Consumer Confidence

BOE Announces rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Source: Bloomberg, Angel Research

Industrial Production (YoY)

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

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