Market Outlook: Dealer's Diary

Market Outlook
August 28, 2013
Dealers Diary
Indian markets are expected to open in the red today tracking negative opening in
the SGX Nifty which is down by 1.4%. Other Asian markets too are trading in the
negative territory.
United States (US) markets moved sharply lower over the course of the trading day
on Tuesday, extending the decline seen late in the previous session. Worries about
recent developments regarding the situation in Syria continued to weigh on the
markets. The decline in the markets was due to concerns that the US is moving
closer to taking military action in Syria in response to reports that the Syrian
government used chemicals weapons against civilians. Meanwhile a report from
Standard & Poor's showed that home prices in major US metropolitan areas rose
by a seasonally adjusted 0.9% in June after rising by 1% in May. Another report
released by Conference Board showed that consumer confidence unexpectedly saw
a modest improvement in the month of August. European markets too ended lower
concerned over the developments in Syria.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(3.2)
(590) 17,968
Nifty
(3.5)
(189)
5,287
MID CAP
(2.1)
(113)
5,278
SMALL CAP
(1.7)
(90)
5,200
BSE HC
(2.0)
(173)
8,584
BSE PSU
(3.8)
(198)
5,019
BANKEX
(5.3)
(570) 10,109
AUTO
(2.6)
(265)
9,983
METAL
(3.5)
(278)
7,620
OIL & GAS
(2.4)
(198)
7,958
0.2
12
7,629
(Pts)
(Close)
BSE IT
Global Indices
Chg (%)
Indian markets plunged on Tuesday on worries that the Food Security Bill, which
was passed in the Lok Sabha on Monday, would worsen the country's fiscal deficit
situation.
Dow Jones
(1.1)
NASDAQ
(2.2)
(79)
3,579
FTSE
(0.8)
(51)
6,441
Markets Today
Nikkei
(0.7)
(94) 13,542
Hang Sang
(0.6)
(131) 21,875
Straits Times
(1.6)
(50)
3,034
0.3
2,104
Chg (%)
(Pts)
(Close)
INFY
(2.4)
(1.1)
$46.4
WIT
(2.5)
(0.2)
$8.9
IBN
(5.7)
(1.5)
$25.5
HDB
(7.2)
(2.1)
$27.3
The trend deciding level for the day is 18,117/ 5,330 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,312 18,656 / 5,444 5,412 levels. However, if NIFTY trades below
18,117/ 5,330 levels for the first half-an-hour of trade then it may correct up to
17,773 17,578 / 5,232 5,177 levels.
Indices
S2
S1
PIVOT
R1
R2
SENSEX
17,578
17,773
18,117
18,312
18,656
NIFTY
5,177
5,232
5,330
5,385
5,483
Shanghai Com
Indian ADR
(170) 14,776
News Analysis
RBI issues discussion paper on Banking structure in India

Fuel supply pacts for 18 power projects to be signed by next week
Expansion at MSIL's Gujarat plant to be delayed due to the slowdown
Advances / Declines
BSE
NSE
Advances
701
267
1,567
1,053
Refer detailed news analysis on the following page
Unchanged
127
65
Declines
Net Inflows (August 26, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
2,260
2,813
(553)
(3,749)
61,649
BSE
2,065
558
611
(53)
1,307
(13,039)
NSE
12,078
MFs
FII Derivatives (August 27, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
6,445
6,987
(542)
17,921
Stock Futures
9,513
9,112
400
28,430
Gainers / Losers
Gainers
Company
Price (`)
Losers
chg (%)
Company
Price (`)
chg (%)
79
(16.6)
MCX
322
5.0
IDFC
Strides Arco
830
2.8
Yes Bank
236
(9.6)
Gitanjali Gems
78
1.6
BHEL
112
(9.5)
CESC
298
1.1
JPPOWER
12
(9.2)
Infosys
3,058
0.9
Jaiprakash Asso
33
(9.0)
www.angelbroking.com
Volumes (` cr)
Market Outlook
August 28, 2013
RBI issues discussion paper on Banking structure in India

RBI has issued discussion paper on Banking structure in India the way forward,
wherein it has reviewed the existing banking structure and has identified certain
building blocks for the revised banking structure with a view to address need of
enhancing competition, financing higher growth, providing specialized services
and furthering financial inclusion, while managing the trade off with financial
stability. Among other things discussion paper highlights following points for
elaborate discussion.
Continuous Licensing with stringent entry norms, better than current stop and go
policy: RBI highlights the case for reviewing the present stop and go bank
licensing policy and considering continuous licensing policy, as it would promote
competition. However, it also admits the need of keeping the entry norms
stringent, as it would attract only well-qualified entities, which would help maintain
the quality of the banking system.
Financial Holding Company model preferred model of Universal Banking: In
India, the universal banking model is followed with banks themselves as holding
companies. However, RBI highlights that the Financial Holding Company structure
may be a preferred model, as it has distinct advantages. Additionally it
acknowledges, need for niche banking and differentiated licensing, particularly for
infrastructure financing, whole sale banking and retail banking. RBI also
recognizes a need to promote investment banks.
Voluntary consolidation with established synergies should only be considered: RBI
highlights the need of consolidation as it would create stronger financial
institutions with the capacity to meet corporate and infrastructure funding needs. It
recognizes need of a measured approach towards consolidation and global
presence of Indian Banks, keeping in mind that while voluntary consolidation with
established synergies is welcome, it cannot be imposed on banks.
Government Ownership: RBI suggests various options of the reducing fiscal burden
on account of recapitalization of the Public Sector Banks like issue of non-voting
equity shares or differential voting equity shares, moving to a Financial Holding
Company structure and reduction of Government stake below 51% in conjunction
with certain protective rights to the Government by amending the statutes
governing the PSBs.
Small banks vs. large banks: RBI acknowledges the importance of Small local
banks with geographical limitations in the supply of credit to small enterprises and
agriculture, however it highlights that the performance of these banks in India
(Local Area Banks and Urban Cooperative Banks) has not been satisfactory. In that
case, RBI acknowledges need to address If small banks are to be preferred, the
issues relating to their size, numbers, capital requirements, exposure norms,
regulatory prescriptions and corporate governance need to be suitably addressed.
Four tier level structure for Indian Banks could emerge: After all the relevant
policies are in place, a re-oriented Banking system with distinct tiers of banking
institutions is likely to emerge. The first tier may consist of three or four large
Indian banks with global presence along with branches of foreign banks in India.
The second tier is likely to comprise of several mid-sized banking institutions
including niche banks with economy-wide presence, which would be capable of
offering a broad range of banking products and services to the domestic economy
Market Outlook
August 28, 2013
such as investment banking, wholesale banking and funding large infrastructure

projects. The third tier may encompass old private sector banks, Regional Rural
Banks, and multi state Urban Cooperative Banks. The fourth tier may embrace
many small privately owned local banks and cooperative banks, which may
specifically cater to the credit requirements of small borrowers in the unorganized
sector in unbanked and under banked areas.
Fuel supply pacts for 18 power projects to be signed by

next week
Coal India Ltd (CIL) will sign Fuel Supply Agreements (FSAs) for 18 new projects
totaling `73,772cr (of which disbursal is `30,313cr) by September 6 which were
earlier supposed to be signed by August 31. These projects were stalled due to
absence of coal linkages. The major beneficiaries would include Adani Power
Maharashtra Ltd, GMR Kamalanga Energy Ltd, Lanco Babandh Power, Talwandi
Power, Haldia Energy, Abhijeet MADC Nagpur Energy and Lanco Amarkantak.
Earlier, CIL was directed to sign FSAs for 60,678 MW of capacity which was the
projected requirement for 131 power plants commissioned or to be commissioned
by March, 2015. CIL has so far signed around 100 FSAs. We remain Neutral on
Power sector.
Expansion at MSIL's Gujarat plant to be delayed due to the

slowdown
Maruti Suzuki (MSIL) has announced that the commissioning of its new plant in
Gujarat will be delayed due to the ongoing slowdown which has had a severe
impact on the demand. The Gujarat plant which was scheduled to be operational
by end of FY2016 will miss its deadline now and depending upon the assessment
of the projected demand, appropriate decision would be taken in the future.
According to the Management, the company is yet to being the construction at the
Gujarat site. MSIL has ambitious investment plans of `4,000cr towards setting up
an 250,000 units /annum capacity at the Gujarat plant. Meanwhile, MSIL is on
track to commission its third assembly line at the Manesar plant which will increase
the annual installed capacity of the company to 1.5mn units from 1.26mn units
currently. Post the recent correction in the stock price (down ~25% over the last
two months), the stock is trading attractively 12x FY2015 earnings. We maintain
our Buy rating on the stock with a target price of `1,571.
Market Outlook
August 28, 2013
Economic and Political News
Railways to hike freight tariff in October

Cabinet likely to take up proposed PSUs reforms in September
No plans of diesel, LPG price hike now, says Moily
PM seeks $25 bn cut in oil import bill
Corporate News
RCom will collaborate with Reliance Jio Anil Ambani

RCom talks on for unit stake sale, says Anil Ambani
Empee Distilleries inks pact with USL for manufacturing IMFL
NMDC's Legacy Iron eyes zinc-lead-silver project in Australia
SBI to merge one associate this fiscal: Chaudhuri
L&T's container terminal near Chennai set to go on stream
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
August 28, 2013
Result Calendar
Date
Company
August 29, 2013
Mphasis
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country Event Description
Unit
Period
August 29, 2013
6:00PM
US
1:25PM
August 30, 2013
Bloomberg Data
% Change
2Q S
1.70
--
Germany Unemployment change (000's)
Thousands
Aug
(7.00)
--
5:30PM
India
Qtrly GDP YoY%
% Change
2Q
4.80
--
September 1, 2013
6:30AM
China
PMI Manufacturing
Value
Aug
50.30
--
September 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Aug
54.60
--
September 5, 2013
4:30PM
UK
BOE Announces rates
% Ratio
Sep 5
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Sep 5
0.50
--
2:00PM
UK
Industrial Production (YoY)
% Change
Jul
1.20
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Aug
162.00
--
6:00PM
US
Unnemployment rate
Aug
7.40
--
September 8, 2013
4:29PM
China
Exports YoY%
% Change
Aug
5.10
--
September 9, 2013
7:00AM
China
Consumer Price Index (YoY)
% Change
Aug
2.70
--
September 10, 2013
4:29PM
India
Imports YoY%
% Change
Aug
(6.20)
--
4:29PM
India
Exports YoY%
% Change
Aug
11.64
--
11:00AM
China
Industrial Production (YoY)
% Change
Aug
9.70
--
5:30PM
India
Industrial Production YoY
% Change
Jul
(2.20)
--
September 17, 2013
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
--
September 18, 2013
11:30PM
US
FOMC rate decision
Sep 18
0.25
--
11:00AM
India
RBI Repo rate
Sep 18
7.25
--
11:00AM
India
RBI Cash Reserve ratio
Sep 18
4.00
--
11:00AM
India
RBI Reverse Repo rate
Sep 18
6.25
--
7:30AM
China
Real GDP (YoY)
% Change
3Q
7.50
--
Last Reported Estimated
September 6, 2013
September 12, 2013
October 18, 2013
GDP Qoq (Annualised)
Market Outlook
August 28, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
11.4
6.0
4.0
2.0
(1.0) (0.6)
(0.7)
(4.0)
Mfg. PMI
60.0
7.2
7.3
Apr-13
Exhibit 4: Manufacturing and services PMI
(%)
7.3
(2.2)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends

8.1
May-13
(2.8)
Jun-13
(0.1)
Jul-12
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
Source: CSO, Angel Research
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
5.0
4.6
4.9
56.0
54.0
52.0
4.0
3.0
2.0
1.0
0.0
50.0
Source: MOSPI, Angel Research
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
Sep-12
Aug-12
Jul-12
Jun-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
15.0
12.0
9.0
6.0
3.0
0.0
(3.0)
(6.0)
(9.0)
(12.0)
(15.0)
46.0
May-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
48.0
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
9.00
Reverse Repo rate
CRR
8.00
7.00
6.00
5.00
4.00
Source: RBI, Angel Research
Aug-13
Jul-13
Jun-13
Jun-13
May-13
Apr-13
Apr-13
Mar-13
Feb-13
Feb-13
Jan-13
Dec-12
Dec-12
Nov-12
Oct-12
Oct-12
Sep-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
3.00
Aug-12
9.0
8.0
7.0
6.0
(2.0)
Mar-13
4.7 4.8
1.9
0.6
Jan-13
5.1 5.4 5.2
Dec-12
6.0
3.5
2.5
2.0
Nov-12
6.5
Feb-13
7.5
Oct-12
9.2
7.7
Sep-12
8.6
8.4
8.0
9.9
Aug-12
9.5
9.3
2QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY14E
OPM(%)
EPS ( )
FY15E
FY14E
FY15E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Agri / Agri Chemical

Rallis
Neutral
143
2,787
1,674
1,923
13.7
13.7
6.8
7.6
21.1
18.9
4.0
3.5
20.0
19.6
1.8
1.6
United Phosphorus
Buy
142
225
6,281
10,091
11,302
16.5
16.5
19.2
22.5
7.4
6.3
1.2
1.0
17.0
17.2
0.8
0.7
Amara Raja Batteries
Buy
242
305
4,132
3,474
3,952
15.5
15.5
19.0
21.0
12.7
11.5
3.1
2.5
27.2
24.2
1.2
1.0
Apollo Tyres
Neutral
62
3,110
13,409
15,106
11.8
11.6
13.1
15.4
4.7
4.0
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
13
18
3,329
12,945
15,049
6.3
8.2
0.2
1.5
71.9
8.3
1.1
1.0
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
203
307
700
890
8.7
10.7
11.1
25.8
18.3
7.9
1.1
1.1
6.2
13.9
0.5
0.4
Bajaj Auto
Buy
1,726
2,115
49,953
22,042
25,399
19.3
19.3
121.1
141.0
14.3
12.2
5.1
4.0
39.4
36.6
1.9
1.5
Bharat Forge
Accumulate
224
256
5,224
5,942
6,417
15.2
15.5
15.6
19.7
14.3
11.4
2.1
1.9
15.4
17.3
1.1
0.9
Bosch India*
Accumulate
8,151
9,096
25,594
9,301
10,895
16.8
18.0
339.9
423.1
24.0
19.3
4.0
3.4
16.6
17.6
2.4
2.0
CEAT
Buy
106
170
381
5,159
5,628
9.3
9.0
43.5
48.6
2.4
2.2
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
124
148
10,561
6,899
7,873
14.7
14.7
7.9
9.0
15.7
13.8
2.7
2.3
18.3
18.0
1.2
1.0
FAG Bearings*
Neutral
1,155
1,919
1,336
1,572
13.8
16.0
75.6
102.4
15.3
11.3
1.9
1.7
13.4
15.8
1.2
1.0
Hero Motocorp
Accumulate
1,901
2,048
37,951
25,562
28,297
14.5
14.4
111.2
146.3
17.1
13.0
6.3
4.9
40.1
42.1
1.3
1.1
JK Tyre
Buy
86
152
353
7,376
8,262
10.0
9.8
56.0
60.9
1.5
1.4
0.3
0.3
22.7
20.2
0.4
0.4
Auto & Auto Ancillary
Mahindra and Mahindra Buy
790
1,011
48,643
42,318
48,067
12.0
12.2
58.5
67.1
13.5
11.8
2.7
2.3
21.6
21.1
0.9
0.8
Maruti
Buy
1,259
1,571
38,024
45,877
52,733
11.2
11.2
93.0
104.7
13.5
12.0
1.8
1.6
14.2
14.0
0.7
0.5
Motherson Sumi
Buy
199
242
11,725
28,442
31,914
8.4
8.7
13.0
16.1
15.4
12.4
4.0
3.2
29.4
28.6
0.5
0.5
Subros
Buy
19
23
112
1,230
1,398
10.5
10.5
2.3
3.8
8.0
4.9
0.4
0.4
4.8
7.6
0.3
0.3
Tata Motors
Buy
290
355
78,196 215,043 240,077
13.5
13.7
35.1
39.4
8.3
7.4
1.9
1.5
26.2
23.3
0.4
0.4
TVS Motor
Buy
30
36
1,418
7,659
8,528
6.0
6.2
4.9
5.9
6.1
5.0
1.0
0.9
17.8
19.0
0.1
0.1
Capital Goods
ABB*
Reduce
473
442
10,014
8,037
9,087
5.8
6.9
12.2
17.0
38.7
27.8
3.7
3.6
9.8
13.1
1.2
1.0
BGR Energy
Neutral
101
727
3,541
4,041
11.8
10.7
21.1
22.9
4.8
4.4
0.6
0.5
21.8
19.5
0.5
0.4
BHEL
Neutral
112
27,425
42,227
38,453
16.0
14.4
18.8
15.0
6.0
7.5
1.2
1.1
21.7
15.4
0.5
0.6
Blue Star
Buy
137
208
1,234
2,941
3,099
3.4
4.2
6.0
9.3
23.0
14.8
2.8
2.5
12.9
18.0
0.5
0.5
Crompton Greaves
Buy
81
103
5,164
13,418
14,654
5.8
6.7
5.8
7.8
13.9
10.3
1.4
1.2
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
17
141
3,312
3,555
9.0
9.0
4.5
6.5
3.8
2.6
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
24
36
625
7,709
8,399
6.2
6.9
5.1
8.1
4.8
3.0
0.5
0.4
16.6
21.5
0.3
0.2
Thermax
Neutral
560
6,670
5,832
6,397
9.1
9.6
28.8
32.9
19.4
17.0
3.2
2.8
17.2
17.3
1.1
1.0
Buy
945
1,225
17,745
11,581
13,009
17.6
19.3
63.9
81.5
14.8
11.6
2.2
2.0
15.6
18.2
1.3
1.0
Cement
ACC
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Cement
Ambuja Cements
Neutral
159
24,614
9,975
11,409
22.4
23.1
9.4
11.1
17.0
14.3
2.6
2.4
15.7
17.2
2.0
1.6
India Cements
Neutral
47
1,450
4,796
5,357
16.4
16.1
7.3
9.5
6.5
5.0
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
58
79
684
2,235
2,684
19.4
21.4
15.0
18.4
3.9
3.2
0.5
0.4
13.2
14.3
0.4
0.9
Madras Cements
Neutral
141
3,349
4,010
4,524
23.5
23.4
14.9
18.3
9.5
7.7
1.3
1.1
14.0
15.2
1.5
1.2
Shree Cement^
Neutral
3,613
12,588
6,316
7,162
26.5
25.7
294.6
340.5
12.3
10.6
2.7
2.2
24.0
22.7
1.5
1.2
UltraTech Cement
Neutral
1,558
42,712
22,021
25,274
22.0
21.6
99.5
113.3
15.7
13.8
2.4
2.1
16.7
16.6
2.0
1.8
48
60
757
1,912
2,131
21.0
21.5
5.0
5.5
9.5
8.8
0.7
0.6
8.8
7.6
1.7
1.8
117
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.2)
(17.6)
0.3
0.3
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
65
106
2,170
3,805
4,248
45.1
45.3
15.0
15.8
4.4
4.1
0.6
0.6
14.5
13.9
2.8
3.0
ITNL
Buy
121
156
2,348
7,423
7,970
27.5
28.7
30.3
32.0
4.0
3.8
0.6
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
10
312
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(6.1)
(5.2)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Buy
33
41
7,223
12,946
14,897
24.7
25.6
1.2
2.7
26.5
12.2
0.5
0.5
2.0
4.3
2.4
2.2
Larsen & Toubro
Buy
705
1,002
65,240
68,946
78,040
10.0
10.0
49.0
55.2
14.4
12.8
2.1
1.9
14.9
15.3
1.1
1.0
Nagarjuna Const.
Buy
18
30
470
6,167
6,945
8.0
8.2
2.7
3.6
6.9
5.0
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
21
709
12,726
14,226
8.2
8.2
0.9
1.0
24.9
20.9
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
59
99
900
2,462
2,731
10.6
10.6
5.3
6.0
11.3
9.9
1.0
0.9
9.2
9.6
0.7
0.6
Simplex Infra
Buy
42
56
207
6,237
6,908
9.1
9.0
9.9
13.9
4.2
3.0
0.2
0.2
3.7
5.0
0.5
0.4
Unity Infra
Neutral
18
136
2,146
2,339
12.9
13.0
9.3
9.6
2.0
1.9
0.2
0.1
8.0
7.7
0.6
0.7
Allahabad Bank
Neutral
68
3,420
6,843
7,528
2.5
2.5
26.0
30.1
2.6
2.3
0.4
0.3
11.8
12.4
Andhra Bank
Neutral
52
2,885
4,868
5,390
2.4
2.5
12.3
16.6
4.2
3.1
0.4
0.4
7.9
10.0
Axis Bank
Buy
879
1,116
41,223
19,280
22,886
3.3
3.3
130.7
157.1
6.7
5.6
1.1
1.0
17.3
18.1
Bank of Baroda
Neutral
460
19,369
15,896
17,947
2.2
2.3
95.4
124.4
4.8
3.7
0.6
0.5
12.0
14.2
Bank of India
Neutral
137
8,179
14,482
16,069
2.3
2.2
55.0
62.2
2.5
2.2
0.4
0.3
13.7
13.9
Bank of Maharashtra
Neutral
37
2,471
4,529
4,780
3.0
2.8
12.3
11.8
3.0
3.2
0.5
0.4
16.5
14.1
Canara Bank
Neutral
202
8,955
11,454
12,378
2.0
2.0
52.4
60.5
3.9
3.3
0.4
0.4
9.8
10.4
Central Bank
Neutral
51
5,317
8,196
9,202
2.4
2.4
6.1
15.9
8.4
3.2
0.6
0.5
5.2
12.8
Corporation Bank
Neutral
252
3,847
5,641
6,083
2.0
2.0
82.7
98.1
3.0
2.6
0.4
0.4
12.6
13.5
Dena Bank
Neutral
44
1,551
3,307
3,531
2.2
2.4
17.5
21.6
2.5
2.1
0.3
0.3
11.9
13.2
Federal Bank
Neutral
268
4,575
2,798
3,250
3.0
3.0
38.1
51.9
7.0
5.2
0.7
0.6
9.8
12.3
Financials
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Financials
HDFC
Buy
687
821
106,783
8,679
10,350
3.6
3.6
37.5
44.7
18.3
15.4
3.8
3.4
30.1
30.7
HDFC Bank
Buy
561
713
134,019
27,392
33,264
4.6
4.6
36.3
45.1
15.5
12.4
3.1
2.6
21.9
22.8
ICICI Bank
Buy
803
980
92,727
25,727
29,969
3.2
3.2
83.2
96.7
9.7
8.3
1.3
1.2
14.9
15.4
IDBI Bank
Neutral
57
7,550
9,518
10,468
2.0
2.0
15.5
22.1
3.7
2.6
0.4
0.3
10.2
13.3
Indian Bank
Neutral
67
2,875
5,940
6,396
2.7
2.7
24.9
32.9
2.7
2.0
0.3
0.3
10.3
12.4
IOB
Neutral
39
3,558
7,692
8,627
2.2
2.3
8.1
15.2
4.8
2.5
0.3
0.3
5.9
10.5
J & K Bank
Neutral
1,082
5,243
3,038
3,370
3.7
3.9
214.2
202.6
5.1
5.3
0.9
0.8
19.8
16.3
LIC Housing Finance
Neutral
165
8,342
2,001
2,495
2.2
2.3
23.8
28.8
6.9
5.7
1.2
1.0
17.3
18.2
Oriental Bank
Neutral
129
3,762
6,918
7,459
2.6
2.5
46.7
52.5
2.8
2.5
0.3
0.3
10.8
11.1
Punjab Natl.Bank
Neutral
459
16,239
20,766
23,515
3.4
3.4
135.0
164.8
3.4
2.8
0.5
0.4
14.4
15.7
South Ind.Bank
Neutral
20
2,635
1,800
2,023
2.7
2.7
3.7
4.2
5.3
4.7
0.8
0.7
16.2
16.2
St Bk of India
Neutral
1,520
103,966
65,392
74,467
3.0
3.0
178.5
226.1
8.5
6.7
1.1
1.0
12.1
14.0
Syndicate Bank
Neutral
63
3,810
6,740
7,512
2.5
2.5
21.0
23.5
3.0
2.7
0.4
0.3
12.6
12.8
UCO Bank
Neutral
50
3,782
6,770
7,017
2.8
2.6
14.8
15.5
3.4
3.2
0.6
0.5
14.4
13.5
Union Bank
Neutral
107
6,365
10,458
11,809
2.5
2.5
32.0
40.6
3.3
2.6
0.4
0.4
11.6
13.4
United Bank
Neutral
33
1,238
3,386
3,884
2.3
2.5
12.4
20.0
2.7
1.7
0.3
0.2
10.0
14.7
Vijaya Bank
Neutral
35
1,712
2,718
2,941
1.8
1.9
7.0
9.0
4.9
3.9
0.4
0.4
8.2
9.8
Yes Bank
Neutral
236
8,499
4,417
5,486
2.7
2.8
42.9
49.5
5.5
4.8
1.2
1.0
23.9
22.8
Asian Paints
Neutral
411
39,380
12,332
14,524
16.3
16.1
13.9
16.0
29.6
25.6
9.4
7.5
35.2
32.5
3.1
2.6
Britannia
Neutral
690
8,264
6,422
7,367
6.9
7.3
24.2
29.7
28.6
23.3
10.1
7.8
39.6
37.7
1.3
1.1
Colgate
Neutral
1,212
16,483
3,588
4,130
18.9
19.4
41.2
48.4
29.4
25.1
26.1
20.2
100.0
91.0
4.4
3.8
Dabur India
Neutral
157
27,384
7,183
8,297
16.8
16.9
5.4
6.3
29.4
25.0
10.3
8.2
39.2
36.7
3.8
3.3
GlaxoSmith Con*
Neutral
3,997
16,809
3,617
4,259
16.1
16.4
122.2
148.7
32.7
26.9
10.2
8.2
34.1
33.7
4.2
3.5
Godrej Consumer
Neutral
818
27,831
7,801
9,017
16.2
15.9
25.1
29.7
32.5
27.6
7.0
5.8
24.9
24.2
3.7
3.1
HUL
Neutral
594
128,465
28,415
31,962
13.6
14.1
16.7
18.2
35.6
32.7
34.2
24.8
112.2
88.1
4.4
3.9
ITC
Neutral
297
235,395
34,294
39,991
36.8
37.0
11.3
13.3
26.4
22.3
8.7
7.0
36.1
34.9
6.5
5.5
Marico
Neutral
207
13,354
5,104
5,876
15.1
15.2
7.2
8.6
29.0
24.1
5.6
4.6
21.1
20.9
2.7
2.3
Nestle*
Neutral
4,717
45,482
9,330
10,860
21.8
21.9
123.3
149.7
38.3
31.5
18.8
13.7
56.4
50.3
4.9
4.2
Tata Global
Neutral
141
8,738
8,070
8,958
9.8
9.9
7.6
8.5
18.7
16.6
2.2
2.1
9.3
9.7
1.1
0.9
FMCG
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
IT
HCL Tech^
Accumulate
948
1,070
66,099
32,266
35,103
23.5
22.6
69.7
74.0
13.6
12.8
3.7
3.0
26.5
23.0
1.8
1.6
Hexaware*
Accumulate
127
134
3,804
2,273
2,575
22.2
21.5
12.4
13.4
10.3
9.5
2.6
2.3
25.4
23.5
1.5
1.3
Infosys
Neutral
3,058
175,607
48,731
52,962
26.9
27.1
180.8
200.3
16.9
15.3
3.7
3.1
20.4
19.3
3.0
2.6
Infotech Enterprises
Accumulate
175
190
1,955
2,128
2,341
17.2
17.6
21.3
23.2
8.2
7.6
1.3
1.1
14.9
14.0
0.6
0.4
KPIT Cummins
Buy
129
155
2,491
2,769
3,122
18.3
17.8
15.3
16.6
8.4
7.7
1.7
1.4
20.9
18.4
0.8
0.7
Mindtree
Accumulate
997
1,060
4,143
2,871
3,110
20.4
20.7
102.6
111.2
9.7
9.0
2.3
1.9
24.8
20.3
1.2
1.0
Mphasis&
Accumulate
395
450
8,294
6,827
7,342
21.0
21.2
47.0
51.3
8.4
7.7
1.5
1.3
14.3
14.2
0.8
0.6
NIIT
Neutral
20
329
1,144
1,267
9.0
9.1
4.3
5.4
4.6
3.7
0.5
0.4
10.3
12.0
0.1
Persistent
Neutral
575
2,299
1,590
1,774
23.5
23.8
48.5
56.9
11.9
10.1
1.9
1.6
16.4
16.1
1.1
0.9
TCS
Accumulate
1,837
2,015
359,551
80,353
91,576
30.0
30.0
91.0
103.2
20.2
17.8
6.5
5.2
31.5
29.2
4.2
3.7
Tech Mahindra
Accumulate
1,361
1,485
31,606
17,749
19,406
22.5
21.0
113.6
114.2
12.0
11.9
3.5
2.8
27.9
22.1
1.5
1.3
Wipro
Neutral
455
112,123
43,610
47,320
21.6
22.2
30.0
33.0
15.2
13.8
3.4
2.9
20.7
19.4
2.1
1.8
D B Corp
Accumulate
235
267
4,315
1,783
1,968
23.8
25.0
13.6
16.0
17.3
14.7
4.2
3.6
22.5
22.9
2.3
2.1
HT Media
Buy
91
112
2,145
2,205
2,380
14.1
14.4
7.6
8.4
12.0
10.9
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
84
104
2,791
1,683
1,845
19.7
20.8
5.9
6.9
14.3
12.2
2.7
2.5
19.4
21.2
1.7
1.6
PVR
Neutral
384
1,526
1,359
1,540
17.3
17.4
17.2
21.6
22.3
17.8
2.2
2.1
10.3
12.0
1.5
1.4
Sun TV Network
Neutral
377
14,841
2,287
2,551
69.7
70.5
20.0
23.3
18.8
16.2
4.7
4.1
26.4
27.3
6.1
5.4
Bhushan Steel
Reduce
454
419
10,285
12,640
15,667
28.5
31.5
25.9
38.6
17.6
11.8
1.0
1.0
6.1
8.5
2.6
2.1
Coal India
Neutral
260
164,289
68,303
69,884
32.5
30.3
27.5
25.0
9.5
10.4
3.6
2.5
40.2
33.1
1.5
1.5
Electrosteel Castings
Buy
11
15
347
1,976
2,017
11.8
12.7
0.1
1.2
166.5
8.8
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
82
115
2,606
1,701
1,985
47.8
48.8
17.4
20.6
4.7
4.0
0.9
0.8
20.7
20.9
1.1
0.7
Hind. Zinc
Buy
115
143
48,718
12,389
13,093
48.5
51.7
15.2
17.0
7.6
6.8
1.3
1.1
18.5
18.0
1.8
1.3
Hindalco
Neutral
99
19,002
95,465 102,491
8.4
9.0
13.9
17.2
7.2
5.8
0.5
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
517
12,485
45,022
48,140
16.0
15.9
68.5
77.0
7.6
6.7
0.7
0.6
9.3
9.7
0.8
0.7
MOIL
Accumulate
205
223
3,444
956
982
42.3
44.3
25.3
26.2
8.1
7.8
1.1
1.0
14.6
13.7
0.9
1.0
Monnet Ispat
Buy
104
139
665
2,199
2,575
21.6
22.8
30.7
38.6
3.4
2.7
0.2
0.2
7.7
8.9
1.4
1.0
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
30
7,719
7,270
7,521
13.6
13.8
2.8
2.9
10.8
10.3
0.6
0.6
5.9
6.0
0.5
0.4
113
142
44,682
10,718
11,514
66.6
64.5
15.5
16.1
7.3
7.0
1.5
1.3
21.2
20.0
2.1
1.9
45
18,585
44,060
54,227
9.2
10.9
5.3
6.8
8.5
6.6
0.5
0.4
5.2
6.5
0.7
0.6
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
14,562
3,817
5,781
12.1
17.7
27.0
29.6
6.2
5.7
0.8
0.7
12.9
12.5
4.6
3.1
26,441 153,862 167,209
9.4
10.5
32.8
53.5
8.3
5.1
0.7
0.6
9.0
13.2
0.5
0.5
Metals & Mining

Sesa Goa*
Neutral
168
Tata Steel
Buy
272
317
Sarda
Buy
85
98
304
1,323
1,398
17.2
17.9
25.3
27.8
3.3
3.1
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
30
37
398
2,486
2,637
15.2
15.0
13.7
14.2
2.2
2.1
0.2
0.2
9.1
8.7
0.4
0.3
Accumulate
73
78
239
2,171
2,317
14.9
15.8
36.4
46.6
2.0
1.6
0.2
0.2
11.6
13.0
0.5
0.4
Cairn India
Buy
309
364
58,985
18,403
17,925
71.9
62.1
62.1
57.4
5.0
5.4
1.0
0.9
22.6
17.8
2.0
1.7
GAIL
Neutral
293
37,173
49,700
48,822
16.0
16.6
32.9
33.4
8.9
8.8
1.3
1.2
15.9
14.4
0.3
0.2
ONGC
Buy
259
350
221,801 164,816 196,050
33.7
36.6
30.0
38.7
8.7
6.7
1.3
1.2
16.0
18.5
1.1
0.8
Reliance Industries
Buy
804
953
259,671 417,018 442,434
8.4
8.4
70.3
75.2
11.4
10.7
1.2
1.1
12.0
11.6
0.6
0.6
Gujarat Gas*
Neutral
194
2,488
3,270
3,414
12.8
12.6
22.6
23.1
8.6
8.4
2.3
2.0
28.2
25.6
0.6
0.5
Indraprastha Gas
Neutral
269
3,765
3,656
4,456
21.5
18.6
25.7
26.8
10.5
10.0
2.1
1.8
22.1
19.6
1.0
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
124
135
9,326
39,449
43,315
5.3
5.9
14.1
16.9
8.8
7.4
1.8
1.5
21.7
21.9
0.3
0.3
Buy
52
67
2,923
1,002
1,021
91.4
91.5
8.2
8.4
6.3
6.2
0.9
0.8
14.3
13.0
2.4
2.2
Alembic Pharma
Buy
135
165
2,543
1,736
2,008
17.1
18.9
10.5
13.8
12.9
9.8
3.9
3.0
34.4
34.7
1.5
1.3
Aurobindo Pharma
Buy
172
271
4,994
6,641
7,637
15.9
15.9
17.3
20.6
9.9
8.3
1.6
1.3
19.5
18.9
1.2
1.0
Aventis*
Neutral
2,435
5,609
1,682
1,917
15.6
15.6
91.9
101.7
26.5
24.0
3.7
3.7
15.6
17.1
2.8
2.3
Cadila Healthcare
Buy
654
894
13,400
7,123
8,367
15.5
15.7
37.3
44.7
17.6
14.6
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Buy
397
477
31,856
9,274
10,796
23.1
23.1
21.0
23.8
18.9
16.7
3.0
2.6
17.2
16.8
3.2
2.6
Dr Reddy's
Buy
2,162
2,535
36,757
13,377
15,350
20.4
20.1
112.1
126.6
19.3
17.1
4.1
3.4
23.5
21.8
2.8
2.4
Dishman Pharma
Buy
43
73
344
1,394
1,534
22.5
22.4
14.8
16.6
2.9
2.6
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,262
19,157
2,744
2,964
22.0
23.4
59.2
66.6
38.2
34.0
9.5
9.2
24.9
27.5
6.1
5.7
Indoco Remedies
Buy
62
78
575
747
906
15.3
15.3
5.9
7.6
10.6
8.2
1.3
1.1
12.5
14.4
1.0
0.8
Ipca labs
Accumulate
628
674
7,923
3,246
3,830
20.5
21.7
36.2
44.9
17.4
14.0
4.1
3.2
26.1
25.7
2.6
2.2
Lupin
Buy
757
904
33,913
11,576
13,855
22.0
22.0
35.8
43.0
21.2
17.6
5.1
4.1
27.1
25.8
3.0
2.4
Ranbaxy*
Accumulate
378
426
16,011
10,400
11,331
6.6
8.4
11.4
15.2
33.2
24.9
3.5
3.1
11.1
13.1
1.6
1.4
Sun Pharma
Neutral
497
102,954
13,509
15,846
41.0
41.0
16.5
19.9
30.1
25.0
6.1
5.0
22.0
22.0
7.1
5.9
58
65
881
1,444
1,482
33.4
33.0
13.7
14.8
4.3
3.9
0.5
0.5
12.3
12.0
0.7
0.4
125
163
102,656
75,046
81,780
23.5
23.9
12.7
13.6
9.8
9.2
1.2
1.1
12.2
12.0
2.1
2.0
Power
GIPCL
Accumulate
NTPC
Buy
Real Estate
Market Outlook
August 28, 2013
Stock Watch
Company Name
DLF
Reco
Buy
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
130
179
23,199
8,293
9,622
36.5
36.1
5.7
6.7
22.8
19.3
0.8
0.8
3.7
4.1
4.9
4.1
Market Outlook
August 28, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Accumulate
440
483
1,798
888
1,002
27.0
29.9
33.9
42.1
13.0
10.5
1.3
1.2
9.9
11.2
2.6
2.3
Bharti Airtel
Buy
294
350
117,623
83,535
92,173
32.0
33.1
9.2
12.9
32.1
22.8
2.1
1.9
6.8
8.9
2.1
1.8
Idea Cellular
Neutral
155
51,434
26,717
29,443
30.6
29.8
5.5
6.7
28.5
23.1
3.2
2.8
11.1
12.0
2.3
2.0
Rcom
Neutral
112
23,107
22,050
23,647
30.6
30.8
3.2
5.2
35.0
21.5
0.7
0.7
1.9
3.1
2.7
2.4
12.5
12.7
71.7
81.4
19.0
16.7
3.8
3.3
21.7
21.2
1.4
1.2
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,360
1,628
2,890
1,788
1,996
Bajaj Electricals
Buy
158
184
1,573
3,885
4,472
4.0
5.8
6.8
15.4
23.4
10.3
2.1
1.8
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
495
613
626
631
797
14.5
13.7
42.6
51.1
11.6
9.7
2.8
2.2
26.5
25.3
1.0
0.8
Cravatex
Accumulate
280
307
72
248
284
6.5
7.3
27.2
38.2
10.3
7.3
1.6
1.4
15.7
18.5
0.5
0.4
Finolex Cables
Buy
52
68
789
2,563
2,899
9.8
9.8
10.1
11.3
5.1
4.6
0.7
0.6
14.3
13.8
0.2
0.2
Force Motors
Buy
279
349
364
2,304
2,649
3.1
3.6
28.0
43.7
10.0
6.4
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Buy
300
345
691
1,458
1,542
8.3
9.0
32.3
37.0
9.3
8.1
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
110
153
298
1,080
1,199
8.9
9.1
18.3
19.1
6.0
5.7
1.1
0.9
19.2
17.0
0.4
0.3
2,267
2,004
1,842
2,131
7.7
7.8
111.1
130.9
20.4
17.3
2.6
2.3
13.3
13.9
1.0
0.8
Honeywell Automation* Neutral

IFB Agro
Buy
132
156
119
491
642
12.3
13.8
35.0
50.9
3.8
2.6
0.6
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
145
194
167
1,365
1,502
10.9
11.2
18.2
28.0
8.0
5.2
0.4
0.4
5.1
7.4
0.5
0.5
Jyothy Laboratories
Buy
154
199
2,558
1,244
1,523
14.1
14.2
5.9
10.0
26.0
15.5
3.1
2.7
12.7
18.8
2.4
1.9
MRF
Buy
12,922
16,218
5,481
11,799
12,587
14.1
13.5 1,792.0 1,802.0
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Buy
4,007
4,669
4,470
1,059
1,296
19.5
19.8
125.0
155.6
32.1
25.8
15.9
11.6
56.3
52.2
4.3
3.5
Relaxo Footwears
Buy
740
981
888
1,196
1,401
11.9
12.6
55.6
75.4
13.3
9.8
3.2
2.4
27.1
28.1
0.9
0.7
Siyaram Silk Mills
Buy
193
228
181
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.5
0.5
0.4
16.8
18.1
0.4
0.3
Styrolution ABS India*
Buy
346
492
609
1,007
1,108
8.4
8.7
30.3
35.1
11.4
9.9
1.3
1.1
11.7
12.2
0.6
0.5
TAJ GVK
Buy
55
108
345
300
319
35.8
36.2
7.9
9.1
7.0
6.0
0.9
0.8
13.9
14.4
1.5
1.2
Tata Sponge Iron
Buy
259
371
399
814
849
17.0
17.6
64.6
69.2
4.0
3.7
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
493
632
383
416
481
4.5
6.1
16.2
25.3
30.4
19.5
3.8
3.3
12.6
18.1
0.8
0.7
Tree House
Buy
228
297
820
153
194
53.0
52.8
12.4
15.6
18.4
14.6
2.2
1.9
11.8
13.1
5.5
4.2
TVS Srichakra
Buy
160
230
123
1,591
1,720
6.1
6.4
30.5
38.3
5.3
4.2
0.7
0.6
13.5
15.5
0.3
0.2
United Spirits
Neutral
2,119
30,798
12,294
14,162
12.0
12.0
42.1
67.7
50.3
31.3
3.6
3.2
9.1
10.7
2.8
2.4
Vesuvius India*
Buy
354
439
719
600
638
20.1
19.4
35.7
36.6
9.9
9.7
1.8
1.5
19.4
17.1
1.0
0.9
HSIL
Buy
80
117
528
2,042
2,363
14.6
14.8
12.3
16.5
6.5
4.9
0.5
0.5
7.6
9.4
0.7
0.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 27, 2013
Market Outlook
August 28, 2013
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
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Market Outlook

August 28, 2013

OIL & GAS

RBI issues discussion paper on Banking structure in India

Refer detailed news analysis on the following page

Net Inflows (August 26, 2013)

FII Derivatives (August 27, 2013)

RBI issues discussion paper on Banking structure in India

such as investment banking, wholesale banking and funding large infrastructure

Fuel supply pacts for 18 power projects to be signed by

Expansion at MSIL's Gujarat plant to be delayed due to the

our Buy rating on the stock with a target price of `1,571.

Economic and Political News

Railways to hike freight tariff in October

RCom will collaborate with Reliance Jio Anil Ambani

August 29, 2013

Source: Bloomberg, Angel Research

Global economic events release calendar

Country Event Description

August 29, 2013

Germany Unemployment change (000's)

Qtrly GDP YoY%

BOE Announces rates

Euro Zone ECB announces interest rates

Industrial Production (YoY)

Change in Nonfarm payrolls

Consumer Price Index (YoY)

September 10, 2013

Industrial Production (YoY)

Industrial Production YoY

September 17, 2013

September 18, 2013

FOMC rate decision

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Real GDP (YoY)

Last Reported Estimated

September 12, 2013

October 18, 2013

Source: Bloomberg, Angel Research

GDP Qoq (Annualised)

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

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

5.1 5.4 5.2

Agri / Agri Chemical

Amara Raja Batteries

Auto & Auto Ancillary

Mahindra and Mahindra Buy

78,196 215,043 240,077

Larsen & Toubro

LIC Housing Finance